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The.
allinurct31
financial
romde
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 120.
SATURDAY, MAY 161925.
Bank and Quotation Seals
Bankers' Convention Swiss
NO. 3125.
tirely certain that the stock level is dangerous.
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Trios. William Dana Seibert: See.Herbert D.Seibert. Addresses of all. Office of Co. that reflects a steady approach to the normal.
coming of these adjustments may be due to the passing from inflation to normal as in Germany, and the
passing out of depression to normal as in Great BritANOTHER ARTICLE FROM
ain. The advance in rubber, the higher level for
HARTLEY WITHERS
wheat and many farm products and the decline in
The Fourth Article from the pen of
wool and cotton are evidences of this further leveling
this eminent British economist appears
of maladjustments produced by the war. This
out
to-day on page 2484.
a process of reconstruction and advance, but it
all
is
Mr. Withers deals this time with the
is productive of violent fluctuations and heavy losses
important question of the effects on
here and there.
British Industry of the Embargo on
These strains are hardly as yet all relieved. The
Foreign Loans. For while Great Britain
has returned to the gold standard, this
advance in rubber, the price of crude having touched
Embargo has not yet been removed.
62 cents this week, has seemingly gone too far. Overproduction in 1920 led to the Stevenson plan, which
was devised to restrict shipments of rubber from Far
The Financial Situation.
Eastern plantations in the hope of maintaining the
Money conditions have continued easy, whereas price at about 30 cents, or double the price prevailing
there has been a hardening tendency in London. when the plan was devised. The plan limits shipNinety-day bankers' paper there commands about ments to definite percentages of plantation capacity
4% and here not much more than 31/4%. This con- with provision for increase with rising prices. A
43
dition fortifies the position of the pound sterling, 65% quota went into effect May 1, further advances
which without large gold exports continues at ap- are now warranted by price,butcan be made only 10%
proximate parity. Liquid American funds are evi- every three months. The plan is at present a barrier
dently seeking the higher. return of the London mar- between an eager world demand and a producing caket. On the other hand, there is growing pressure pacity equally eager to meet that demand. The presfor British investment funds to seek the higher re- ent level is artificially high and therefore unstable.
turn to be found in our markets for gilt edge bonds Here is a definite strain. Another case is that of
and stocks. This is probably one of many factors wool. One cannot be sure that wool is low enough
causing current high prices. The "Wall Street Jour- to stimulate sales of woolens and worsteds to a point
nal" average of 40 bonds has made further advance, at which there will be a satisfactory margin of profit
reaching 92.73% on Thursday, and the stock market for manufacturers. Furthermore, it took a high
level is approximately the same as before the break price for raw wool to stimulate production to the
necessary point. Too great a fall may reproduce the
which began in March.
is
an
market
in
stock
interesting position be- wool shortage. The world is troubled by too high a
The
accepted
commonly
indices are about as price for the finished product and a price that has
the
cause
high as they have ever been and because'brokers' been too low for the raw material. The toll levied
loans are thought to be large, and yet it is not en- by the import duties of the United States of 50% on
Xitz Throrxxcit
2468
THE CHRONICLE
[VoL. 120.
one-twelfth of the whole world's production, and ing evidence of this very thing, selective exchanging.
other tariffs, may be the cause of the trouble. In Most probably some recent notable advances have
eagerness to protect home wool growers we may have been because of this well-informed buying, other adlaid on the world's wool traffic a burden greater vances possibly have been engineered to make such
than it can bear. These things are complicated. They exchanging possible.
cannot be corrected easily or quickly. Sooner or
The announcement during the week of the formalater, however, economic forces will correct or destroy. At present we see such fundamentals as the tion of a new so-called super-power system in New
gold standard and currency systems going back into York State, is further evidence of the tremendous
normal order. These are producing shifts that ex- developments now going on in electrification of pracpose secondary problems. These problems are pres- tically all activities. The engineering progress that
ent and must be dealt with. All this is to say that we has made possible the transmission of power great
are in a period of recovery, but recovery is always distances without heavy loss, ic bringing about a
tying-in of widely scattered producers and distribslow and painful in some of its phases.
The fact, however, that such recent movements as uters of power. Great economies of service result.
those in rubber, wheat and wool can occur without This is accompanied by consolidations and further
greatly disturbing the security, markets, is evidence economies through reduction in management costs.
of sound financial and industrial conditions in im- All of this means lower costs to the public and more
portant places. However,the market is in a position certain profit to capital. The market for public utilwhere very careful discrimination is more than ordi- ity securities of this kind has been discounting a
narily necessary, and extensive moves in individual growing earning power. The basis is very real and
securities and also material changes in general level has been fortified by recent court decisions. Howcan be looked for. While doubtless prevailing prices ever, the stock market advances probably have not
of stocks of strong companies are hardly to be con- all been justified. Certainly many have been largely
sidered hazardous, when investment funds are plen- caused by very ill-informed buyers and some of the
tiful and bonds still advancing, caution must be ex- most notable advanc^s have been in stocks about
ercised in cases of stocks, which have been bid up in- which very little is generally known. The situation
dividually to prices not justified by values or are demands caution and discrimination. Probably
carried on borrowed money too extensively by specu- many stocks of this class are still very cheap, poslators. The investor may appreciate the services of sibly, also, some are at levels wholly unjustified
the speculator in bidding up stocks to a level com- or at which the future is discounted too far
mensurate with values, but he must always be on ahead.
guard against prices above values and be mindful
that if speculators are not able to sell to investors at
The foreign trade of the United States for the
advancing prices they eventually will sell at declin- month of April makes quite a satisfactory showing,
ing prices to whomsoever will buy. Large brokers' although it is smaller in volume, both as to exports
loans are evidences of large speculative holdings and and imports, than for the preceding month. It is
are, therefore, always a threat, but perhaps not considerably larger, however, as to exports than in
acutely so now because the banks are strong and April of other recent years. Merchandise exports
bankers are disposed to nurture business, particu- last month were valued at $400,000,000, these figures
larly in the weakened industries.
contrasting with $453,434,288 in March of this year
It is not improbable that the world must face the and with $346,935,702 in April 1924. For the ten
prospect of further settlement downward of many months of the fiscal year since July 1 last there have
commodity prices, although the recovery of industry been seven months in which the value of merchanin Europe and the more general employment of labor dise exports were $400,000,000 or more, and April
there will do much to offset or postpone this. Take this year is one of them. For the twelve months
copper z 3 an example. Discovery and invention are ending with June 1924 there were only two in
which
constantly developing new low cost production. This the value of merchandise exports
from the United
production is finding a demand by lowering of price. States was in excess of
$400,000,000 and none in the
The higher cost producers tend to continue opera- two preceding fiscal
years. Merchandise imports
tions as long as possible even without return on
last month were $349,000,000, contrasting with $385,capital, with the result that the market is flooded.
490,733 for March and 'with $324,290,966 for the corThis is likely to continue until the high cost producer
responding month of 1924. Of the past 45 months,
has been eliminated. Of course, the process may be
or
since July 1921 there are only four months in
checked by a rising demand, something that is just
which
imports were larger than they were in April
now suspected in respect to sugLi. and may also occur
this
of
year, and one of these months was March of
in copper to the necessary extent. It is clear, howthis
year,
and the other three March, April and May
ever, that the great developments in industry brought
1923,
when
there was quite an unusual movement of
reconabout by the war and by the requirements of
merchandise
into the United States from foreign
the
from
struction, and in some cases arising simply
improvements and discoveries of enterprising men, ports.
For ten months of the current fiscal year ending
are producing very keen competition the world over.
with
April, the total value of merchandise exports
Such competition forces low costs and narrow proffrom
the
its. Is there not a fair probability, therefore, that,
United States was $4,171,865,839, while imwith the return to the gold basis giving the world's ports for the same period of time were $3,174,485,079,
markets more immediate contact with each other, the excess of exports for the ten months being $997,there will be a further post-war elimination of price 331,760; for the corresponding "ten months of the
maladjustments and settling of price level? The in- preceding fiscal year merchandise exiiorts were
vestor who looks for anything of this kind will be $3,669,571,734 and imports $2,977,048,475, the excess
seeking out the low-cost producers, whether his hold- of exports then being $692,523,309. Exports for the
ings are in copper, automobile, textile, railroad or ten mdnths of the current fiscal year exceed those
any other kinds of securities. The markets are giv- for the ten months of the preceding fiscal year by
MAY 16 1925.]
THE CHRONICLE
$502,245,055, while imports were larger by $197,436,604.
The recent spurt of activity in gold exports continued in April, although there was a further reduction from the preceding month in the outflow, as
there has been each month since January. Gold exports last month amounted to $21,603,945, which
contrasts with $25,104,416 for March and only
$1,390,537 for April 1924. Since the recent movement of gold from the United States began, which
was about Dec. 1 last, total gold exports have been
$201,508,665, while for the ten months of the current
fiscal year gold exports amounted to $228,627,251,
these figures dontrasting with $9,345,636, the value
of gold exports for the first ten months of the preceding fiscal year. Gold imports in April were
$8,869,883, and for the ten months of the current fiscal year $118,326,164, the last mentioned figures contrasting with $350,770,871, the value of gold imports
for ten months of the preceding fiscal year. The
excess of gold exports for the current fiscal year to
date, ten months, is $110,301,087, while for the ten
months of the preceding fiscal year gold imports exceed'ed exports by $341,425,235, gold imports being
in excess of gold exports for a number of years during that period. April foreign tradeinsilver this year
was $9,322,618forexports,and $4,944,807for imports.
2469
suggestions made by the French Finance Minister."
In a dispatch to his paper Tuesday afternoon the
Washington correspondent of the New York "Evening Post" asserted that "the President and Secretary Kellogg have sent to Ambassador Herrick specific and quite vigorous instructions regarding *hat
he should convey to France as the attitude of the
United States on war debts."
Joseph Caillaux, the Finance Minister of France,
on Tuesday presented to the Finance Committee of
the Chamber of Deputies a rough outline of a plan
for rehabilitating the finances of his country. While
admitting that he had "evolved a plan for the rehabilitation of French money and for the refunding
of the domestic debt," declared that he "would not
go into details or even consider doing so as long as
France is not certain of having a fully balanced
budget and as long as the problem of inter-Allied
debts, which the Government is going to try to solve,
has not been settled." As to the general terms of his
plan as a whole, the Finance Minister said that "the
Dawes plan annuities that revert to France must be
used for the completion of the reconstruction of the
devastated regions and for the amortization of interkilled debts under some form to be determined later."
He said also that "Caillaux declared that 3,500,000,000 francs must be raised to balance the 1925 budget,
The question of France trying to find a way tct ar- and he added that France must be prepared to make
range her war debt to the United States again has heavy sacrifices, which he hoped would be only ma
occupied much space in Paris and Washington dis- mentary."
patches. The representative of the New York
Continuing his outline of the Finance Minister's
"Times" cabled Monday evening what appeared to be statement, the Paris representative of the Associated
a sensible and accurate statement of the French side Press said: "Carnal= said that among the receipts
of the matter, and to some extent of the position of shown by the 1925 budget was 1,240,000,000 francs
the United States. He said in part: "About a week from the Dawes plan, of which, owing to the heavy
ago and again three days subsequently, M. Caillaux proportion of deliveries in kind, only a small proportold Mr. Herrick he would like to undertake debt con- tion in cash was received by the French Treasury.
versations with America, but only after he had ob- The first effort of the Government, Caillaux declared,
tained the passage of a balanced budget. He pointed would be the immediate and final liquidation of war
out that France could not pay America and England damages through loan annuities, which were guaranunless Germany paid France and proposed to set teed by the payments expected from Germany. Cailaside one-third of the payments France received from laux gave the French internal debt as 150 billion
the Reich for a fund to care for France's foreign francs and consolidated loan at 130 billion. Shortdebts. Mr. Herrick referred to the repeated refusal term paper issue and the income tax cannot be inof America to accept German payments in lieu of creased, he said, but fraud will be eliminated. The
debt payments because she did not wish to be put in tax on salaries above 25,000 francs annually would
the position of collecting Allied claims on the Reich. be heavily increased, Caillaux told the committee.
M. Caillaux then said that while in the French mind Tobacco prices would be raised and insurance comthere must be a connection between payments to panies would be obliged to reinsure half of their
France and French payments to America and Eng- risks with the new Government monopoly instead of
land, yet he thought a formula might be found which patronizing foreign companies." The Finance MinAmerica would accept, and suggested that France ister went before the Chamber committee with concould commit herself to certain payments to America, fidence, inasmuch as a week ago to-day he was "emin view of the prospect of German payments under powered by the Cabinet to make his financial plans
the Dawes plan, it being understood that France's a question of confidence before Parliament." In a
ability to pay was not affected by Germany's execut- cable message to his paper later the same evening the
ing her reparations obligations. On this point Mr. Paris representative of the New York "Times" said
Herrick was unable to give a clear answer, and there- that "it is understood that he would use two-thirds
fore asked Washington for instructions, which have of the German payments to France for reconstrucnow arrived." With respect to the American instruc- tion and one-third for repayment of the foreign debt.
tions, the correspondent said: "Ambassador Her- This would mean about $110,000,000 a year availrick has received from Washington instructions to able for liquidation of the country's foreign obligaguide him in his conversations with Finance Minis- tions if the Dawes plan works. If the Dawes plan
ter Caillaux on the subject of France's debt to the does not work, that is if Germany does not pay,
United States. It is not exact that America has sent France's present plans do not include payment of
the French Government a note demanding that Paris England and America."
take steps to arrange the debt. The new communication from America comes as the result of a request • In his comment on the plan the Paris representaby Mr. Herrick for instructions relative to certain tive of the New York "Herald Tribune" declared
2470
THE CHRONICLE
[Vol,. 120.
that "the most drastic taxes in the history of the the situation as follows the same day: "The first
Third Republic were proposed by Finance Minister active negotiations for funding the French war debt
Caillaux before the Finance Commission of the to the United States will begin within 15 days, it was
Chamber of Deputies to-day as a means of balancing learned authoritatively to-day. 'Foreign Minister
the French budget and starting on the road to ulti- Briand and Finance Minister Caillaux are.in favor
mate national financial restoration." He added that of reaching an agreement with Washington regard"the taxation proposals which Caillaux will submit ing French debts without further delay. The form
to the Senate and Chamber May 25 include a consid- in which the negotiations will be conducted is undeerably increased annual tax on incomes above 25,000 cided, but it is indicated they will be directed
francs, a 25 to 50% raise in levies on property and through established diplomatic channels rather than
foreign securities and higher death duties. In addi- by a special French envoy to the United States. It
tion, there will be a 25-centime tax on every kilogram was confirmed in official circles that conversations
of sugar and similar duties on tobacco, alcohol and have been continuing ever since former Ambassador
other products." He declared that "suppression of Jusserand broached the debt question at Washingtax evasion will be sought by imposition of heavy ton, but these have been of rather intangible characpenalties and requiring declarations of foreign hold- ter. It is now anticipated definite propositions will
ings on pain of their seizure or of loss of civic rights." be formed before the end of the month."
Washington's attitude was presented in part tts
The Finance Minister insisted that, if the country's
finances were to be saved, it would be necessary to follows in a special dispatch to the New York "Herstop borrowing money for various purposes, although ald Tribune," also on May 13: "Cables from Paris
he nevertheless suggested that a loan might be to-day to the effect that the French Government will
needed to liquidate the war damage claims. Such a begin negotiations for funding the debt to this counloan would be guaranteed by future reparations py- try in 15 days were received with gratification by
ments from Germany."
officials here. The expected concrete proposition of
According to an Associated Press dispatch from 'France is awaited with intense interest. The news
Paris on May 13, "M. Caillaux's financial plans, as from Paris causes little surprise among those faoutlined by the Minister before the Chamber's Fi- miliar with the more or less informal exchanges
nance Committee, are accepted with resignation, if which have been going on between Washington and
not enthusiasm, by the French public, which con- Paris recently. President Coolidge and Secretary of
tinues its confidence in his ability to salvage the na- State Kellogg have been pressing the question of settion's finances." It was added that "members of the tlement of the debt insistently of late. Through Amcommittee are reported to have been, on the whole, bassador Herrick, there is reason to believe, this
favorably impressed with the outline of the Finance Government has made its position plain, that it feels
Minister's program, although the Socialists were dis- there has been enough delay and the time has come
appointed that their schemes were all disregard- for a settlement. The attitude of this Government
ed.
has been set forth courteously, but, it is said, none
the less clearly."
That Paris expects actual negotiations with reAccording to an Associated Press cable message
spect to a plan for settling France's debt to the from Paris last evening, "Finance Minister Caillaux
United States to begin at an early date was clearly and Foreign Minister Briand were authorized by
indicated in the following Paris dispatch to the New the French Cabinet to study the inter-Allied debt
York "Times" under date of May 13: "It is learned question in an attempt to find an acceptable solu, that it is the expectation of the French Government tion." It was added that "this decision of the Cabithat formal negotiations will be begun by the 1st of net was announced after a long discussion of the
June between Paris and Washington for arrange- problem this morning and the delivery of opinions
ment of the French debt to America. It is to prepare by both MM. Caillaux and Briand on what they
the ground for these negotiations that the private thought should be done."
conversations have been going on between Finance
Many notes have been exchanged between Paris
Minister Caillaux and Ambassador Herrick. While
regarding the American attitude as rather stiffer and Berlin and Paris and London relative to the conthan was hoped for, the French Cabinet believes tinued occupation of the Cologne bridgehead by
ground can be found in the next two weeks on which French and British troops. While the wording of
official parleys can begin. It is not yet decided the various communications has differed somewhat,
whether the negotiations can take place in Paris or the French have insisted all along that the troops
Washington. While the Debt Funding Commission, must remain until Germany actually disarms. Forwhich has exclusively the American power of making eign Minister Briand has prepared another note to
an agreement, is in Washington and it is not ex- Germany on this subject, and has sent a copy to the
pected that it will be willing to come to Paris, yet British Foreign Office in Paris and another to Brusmembers of the French Government point out that sels. The note was approved by the French Cabinet
in view of the possibility of difficulties in their pub- on May 12. Commenting upon the relative positions
lic opinion it is preferred that they have ati eye al- of Germany and France with respect to evacuation,
ways on the negotiations, and therefore it is hoped the Paris correspondent of the New York "Times"
here that America will agree to send delegates to the observed that,"so long as the Germans have not fulFrench capital for the discussion. It was said at the filled the disarmament clauses of the treaty, they
Quai d'Orsay to-day it was recognized that consider- are at a disadvantage in discussing the Rhineland
able difficulty would attend the making of a settle- peace, and their disadvantage is an advantage to
ment, but that for general political as well as for France, which M. Briand certainly is not willing t.)
financial reasons the French hoped for an arrange- give up so long as discussions continue." He also
ment before the end of the year." The Associated stated that"M. Briand does not question, as M.PoinPress correspondent in the French capital outlined care would have done, the German Government's
MAY 16 1925.]
THE CHRONICLE
good faith, but welcomes the proposals as guarantee
enough of good, pacific intentions. To the establishment of that end he welcomes the proposals and expresses willingness to negotiate at once." Continuing to outline the note, the "Times" representative
said: "In short, Germany is treated as an honest
citizen seeking an honest legal settlement which will
be supplementary to the engagements she has already
signed, or is about to sign, and not a revision of old
engagements. The whole tenor of the note is that
Germany is a suppliant seeking something which
France as a generous victor is perfectly willing'to
accord, provided, of course, legality is strictly observe.4.4-21,.:1 nl: Largains are kept. Yet as a victor—
and this is important—France, despite her generosity, must still maintain her right to protect her allies
in Eastern Europe and for that reason cannot entirely abandon her right to take action, if need be, to
protect them. Thus, while the Rhineland will be an
inviolable iron curtain between Germany and France,
there may be circumstances in which it may be within
France right and duty to cross that line."
The French Foreign Minister also has prepared "a
memorandum to the Council of Ambassadors on disarmament." The New York "Times" correspondent
in Paris said that "it consists of three parts," and
cabled the following outline of the communication:
"In the first he expounds the French point of view
on the question as influenced by the report of their
experts and in relation to the whole question of the
acceptance of treaty obligations as to peace. In the
second part he emphasizes the French thesis that
peace can be maintained only by such observation of
signed undertakings. In the third part he gives a list
of Germany's failures to fulfill her obligations under
the Treaty of Versailles which was signed by the different Allied delegations and checked by the Versailles Military Committee under the direction of
Marshal Foch."
The Council of Ambassadors was to have met in
Paris yesterday. The New York "Herald Tribune"
representative at that centre cabled on May 12 that
he was able to forecast that "the Ambassadors' Council will impose on Germany strict conditions regarding tht; manufacture of arms and munitions and the
organization of her police force as preliminary to
enabling the Allies to judge honestly whether the
treaty is being respected." He further asserted that,
"in other words, the Allies will charge indirectly
that Germany has not complied with the terms of the
treaty, and will make demands which, in the opinion
of experts, will require from ten months to a year for
execution. Until the expiration of this period, Germany, under the treaty, will not be eligible to elitethe League of Nations, and the Allies will not be required to evacuate the Cologne area." Commenting
upon the note in a message two days later, the same
correspondent said that,"although the note that the
Ambassadors' Council is scheduled to dispatch to
Berlin to-morrow regarding Germany's reported viotne disarmament clauses of the Versailles
lations
Treaty will state that Allied evacuation of the Cologne bridgehead should not be expected for a considerable time, it is believed to announce abandonment
of the system of searching throughout the Reich for
war materials-" He added that "the draft of the note
has been accepted by France as representing a minimum of ennoftqz!...ms by her, and Great Britain sees
in it the certainty that the Cologne area may be re-
2471
turned to German control within'a year. It is the result of concessions by both sides, France having
agreed to abandon the present rigorous control system, and Great Britain having yielded to extension
of her occupation of the Cologne zone." Up to the
time of going to press no word had been received as
to the results of the meeting of the Council.
Field Marshal Paul von Hindenburg was inaugurated as the second President of the German Republice at noon on Tuesday, May 12. The Associated
Press correspondent at the German capital cabled
that, "except for a brief shout of protest from the
Communists, the inauguration was carried out according to schedule, the Field Marshal being sworn
into office by Paul Loebe,President of the Reichstag,
before a crowded house." The yell of the Communists was "Down with the Monarchists! Long livethe Soviet!" The new President issued a manifestoto the German people in which he said: "True to the
oath, I will devote all my energies to guarding the
Constitution and laws. Let us strive through honest,
peaceful work to gain the recognition of other nations to which we are entitled, and to free the German name from the unjust stain which still lies on it
to-day."
Continuing his account of the inauguration in4
greater detail, the correspondent said: "The inauguration took place in the presence of the members of
the Reichstag, whose Socialist members wore red
carnations. Many of the other Republican memberswore the Republican colors. The entire diplomatic
corps, headed by Monsignor Pacelli, the Papal Nuncio, and including Lord d'Abernon, British Ambassador; M. de Margerie, French Ambassador, and theAmerican Charge d'Affaires, also were present, and
the galleries were packed. At the conclusion of theprogram in the Reichstag President Hindenburg left
the Chamber, accompanied by all the Cabinet Ministers. Then, in the presence of a large crowd outside
the building he took a salute from a regiment of
Reichswehr while the crowd chanted 'Deutschland
Ueber Alles.' After reviewing the regiment he reentered his motor car, and accompanied by Chancellor Luther rode to the Executive Mansion between
two squadrons of cavalry. The streets were lined
with thousands of cheering persons as he drove by."
As President-elect, the former Field Marshal left
Hanover at 1.38 o'clock Monday arernoon by special
train for Berlin. The Associated Press representative in von Hindenburg's home town said that "just
before he left Hanover, as he was saying good-bye to
Gustav Noske,President of the Province of Hanover,
von Hindenburg said: 'The time has come when the
German people, more than ever, must be united. With
unity, unity and again unity, I hope to succeed in
leading the German people to a brighter future."'
According to all the accounts, his arrival in Berlin
was a veritable triumphal entry. The New York
"Times" representative declared that "Presidentelect Hindenburg of the German Republic, the colors
of which are black, red and gold, was welcomed with
a roar to the capital of that republic this evening by
a crowd of several hundred thousand waving the old
imperial German colors of black, white and red.
From the beginning to the end of the five-mile route
traversed by Germany's new President, from the
Heerstrasse Suburban Railroad station, where he
alighted from the Hanover train, to the Chancellery
2472
THE CHRONICLE
in Wilhelmstrasse, the republican colors were utterly
swamped. Everywhere was the banner which waved
over the German armies when they poured through
Belgium eleven years ago. It is estimated that fully
500,000 persons lined up to-day along the route of
Hindenburg's entry. These included more than 100,000 members of patriotic and other societies. The
line stretched from the point of Hindenburg's arrival
to his ultimate destination at the Chancellery."
In his cable message relative to the Presidentelect's arrival, the New York "Herald Tribune" representative said: "Welcomed by the greatest demonstration for a monarchy that Berlin ever has seen,
Field Marshal von Hindenburg arrived here from
Hanover to-day fot his inauguration to-morrow as
President of the German Republic. A throng, estimated as high as 300,000, and with women and children comprising fully half the number, lined both
Sides of the five-mile route taken by Hindenburg's
speeding automobile, and, although the car bore the
flag of the republic, the welcomers waved the monarchist standard and cheered the Marshal as a representative of the old order. Republicans of the capital officially boycotted the arrival of the new President, leaving the field clear to the monarchists. A
delegation of the latter, representing German and
Prussian officialdom, headed by Chancellor Luther,
met Hindenburg at the railway station when his
train arrived at the end of the afternoon. So thorough was the republicans' boycott of the celebration
that it was difficult to pick out isolated republican
standards in the wildly waving sea of monarchist
flags. The throng consisted mainly of members of
notorious monas,chist, militarist and Fascist sOcieties, which have pledged themselves to destroy the
Republic and restore the Monarchy."
The Associated Press correspondent brought out
still other features, when he said that "even the enthusiasm of mobilization days in August 1914 did not
approximate in volume the popular acclaim which
to-day poured into the path of Marshal von Hindenburg, the nation's new Executive, and although the
proverbial Hohenzollern weather was denied him,
numerous manifestations of pre-War sentiments and
yearnings greeted him all along the route. Whether
von Hindenburg received a correct picture of the attitude of Berlin's populace remains an open question,
as the route chosen carried him through a section of
the fashionable West End, which nominally rolls up
Conservative majorities. The Socialist organs remind the income President that he is now living in a
City which gave Dr. Marx, his opponent in the recent
elections, a majority of 400,000. The American Embassy was among the first to hoist its national colors
in honor of the Field Marshal's arrival, and at noon
all the foreign missions lipid followed suit."
Cabling the following day, the representative of
the New York "Evening Post" in the German capital
declared that "Socialists as well as Republicans are
impressed with the sincerity and extent of von Hindenburg's efforts to display his determination to
serve the whole German people for peace and progress." According to another cable message from the
same centre, "Field Marshal von Hindenburg, in his
inauguration as President of the German Republic
yesterday went 'over the top' so far as the German
People are concerned. Of this there can be no doubt
When one mingles with the people or reads the comments even of the opposition press. Even the news
[VoL. 120.
paper `Vorwaerts,' aside from the Communists the
bitterest opponent of von Hindenburg, remarks that
while the election constituted a defeat for the Re
public, the inauguration means the Republic's victory."
Much importance has been attached to the position
taken by President von Hindenburg on the question
of meeting obligations to foreign countries, as outlined in the following Associated Press dispatch
from Berlin on May 13: "The Dawes reparations
plan was brought up before President von Hindenburg to-day for the first time when he received the
railway delegation. The Managing Director of the
German Railway Co., Karl Stieler, described to the
President the difficulties besetting the national railways, which, by the Dawes plan, are obliged to assume a large part of the burden of the Versailles
Treaty. The President expressed confidence that,
notwithstanding such difficulties, the Reich's• railways would succeed in accomplishing the double task
of deriving larger revenues to meet international
obligations, as well as improving the country's depressed economic conditions."
The next day the President received the members
of the foreign diplomatic corps and in his address
made a favorable impression by stressing his desire
to work with other nations and by asking for peace
and equality among all nations.
The British trade statement for April was not re
garded as favorable. The imports of £110,350,000,
compared with only £86,165,549 for the corresponding month last year, and were larger than for any
previous month this year since January. The exports of British products for April were £60,870,000,
against £62,866,926 last year and £70,303,279 for
March of this year. The net result for April was an
excess of imports of £37,070,000, which was in contrast with £29,781,217 for the previous month and
only £11,527,702 for April a year ago. The following
figures give a summary of the trade movements for
April and the first four months of this year compared
with the corresponding periods for 1924:
Aprf2
Jan. 1 to April 301925.
1924.
1924.
1925.
£110,350,000 £86,165,549 £462,266,038 £387,858,339
Imports
Exports, British goods
£60,870.000 £62,866,926 £269,554,168 £258,179,682
Re-exporta, foreign goods_ _. 12,410.000 11,770,921
52,327,796 51,013,423
.o. I
Total
A
exports
XCCtiii Imports
£73,280,000 £74,637,847 £321,881,964 £307,193,105
137,070,000 £11,527,702 £140,384,074 £80,665,234
The Bank of Norway has reduced its discount rate
from 6/
1
2 to 6%, according to London cable advices
on May 9. The 6/
1
2% rate had been in effect since
Nov.25 1924. Otherwise there has been no change in
official discount rates at Europeon centres from 9%
in Berlin; 7% in Paris and Denmark; 6% in Italy;
5/
1
2% in Belgium and Sweden; 5% in London and
Madrid and 4% in Holland and Switzerland. The
open market discount rates in London continue to
advance and this week closed at 4 11-16% for short
bills and at 43
4% for three months' bills,as compared
with 4/
1
2@45
/
8% for short bills and 4 9-16@4%% for
three months' bills last week. Money on call also
advanced, reaching 4/
1
2%, but reacted and closed at
334%, against 4%7
0 a week earlier. In Paris and
Switzerland open market discount rates remain as
heretofore at 61/
8% and 2%%,without change.
A further reduction in gold holdings of £1,066,399
was shown by the Bank of England's statement for
the week ending May 13, while reserve declined £385,-
MAY 16 1925.]
000, there having been another cut in note circulation
of £681,000. The proportion of reserve to liabilities
continues to fall, and now stands at 21.54%, as compared with 22.02% last week and 22.96% for the
week ending April 29. In the corresponding week of
1
2% and the same a year
1924 the ratio stood at 19/
earlier. Public deposits increased £6,404,000, while
"other" deposits were reduced £5,557,000. Loans on
Government securities fell £4,308,000. Loans on
other securities, however, expanded £5,597,000. The
bank's stock of gold is now £153,616,864, which compares with £128,182,792 last year (before the transfer to the Bank of England of the £27,000,000 gold
then held by the Redemption Account of the currency
note issue) and £127,525,004 in 1923. Reserve aggregates £25,758,000, against £23,391,267 in 1924 and
£23,798,509 the year. previous. Note circulation now
stands at £147,606,000,in comparison with £124,541,525 and £123,476,495 one and two years ago, respectively. The loan total is £78,330,000. A year ago it
stood at £72,589,177 and £72,226,346 the year preceding. Notwithstanding revival of rumors of an impending change in the discount rate, this was left at
5%. Clearings through the London banks for the
week were £774,337,000, as against £942,894,000 a
week ago and £744,949,000 last year. We append
herewith comparisons of the several items of the
Bank of England statement for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
1922.
1921.
May 13.
May 14.
May 16.
May 17.
May 18.
M47.606,000
Circulation
17,424,000
Public deposits
102,160,000
Other deposits
Governm't securities 33,300,000
78,330,000
Other securities
Reserve notes & coin 25,758,000
Coln and bullion. a153,616,864
Proportion of reserve
21.54%
to liabilities
5%
Bank rate
2473
TTTE CHRONICLE
124,541,525
17.359.039
102,440,759
41,522,755
72,589,177
23.391,267
128,182,792
123,476,495
15,660,255
106,723,312
44,131.180
72,226,346
23,798.509
127.525,004
121,070,755
12,970,528
126,091.310
55,447,646
75,101,943
26,258,472
128.879.227
128.194.750
16,517,045
105,296,418
39,931,122
81,010,236
18,615.804
128,360,554
19%%
4%
1934%
3%
1814%
4%
15.28%
614%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion previously held as security for Currency Note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
S 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.
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
64,000
Inc.
In France
No change
Abroad
COMPARAT/VE STATEMENT.
Status as of
May 14 1925. May 15 1924. May 17 1923.
Francs.
Francs.
Francs.
3,682.038.293 3,678,292,289 3,672,762,012
1,864,320,907 1,864,320,907 1,864,344,927
64,000
Inc.
Total
51,000
Silver
Inc.
Bills discounted_ _Dec.165,640,000
Dec. 91,372,000
Advances
Note circulation Dee.417,597,000
Treasury deposits_Inc. 30,818,000
General deposits .me. 87.798,000
5.546,359,200
317,440,000
4,696,921,000
3,084.702,000
42,991,216,000
42,974,000
1,999,610,000
5,542,613,197
299,022,148
4,367,143,218
2.610,084,213
39.739,206,030
13,229,404
1,916,623,431
5,537.106,940
292,174,547
2,402,226,535
2,178,273.670
36,692,072,740
57,593,562
2,098,752,146
The weekly statement of the Imperial Bank of Germany that was issued under date of May 7, made a
more favorable showing,in that note circulation was
reduced 65,273,000 marks. This was in part offset
by an expansion in other maturing obligations of 48,513,000 marks, but loans from the Rentenbank were
reduced 5,402,000 marks and other liabilities 6,041,000 marks. On the assets side, bills of exchange and
checks declined 3,954,000 marks, and advances 69,276,000 marks. In deposits held abroad, the change
was trifling, viz., an increase of 50,000 marks, while
reserve in foreign currencies increased 33,000 marks
and silver and other coins 666,000 marks. Increases
were also shown in holdings of notes on other banks
of 3,907,000 marks, in investments of 153,000 marks
and in other assets of 40,170,000 marks. The bank's
stock of gold and bullion increased 98,000 marks, so
that gold holdings now aggregate 1,014,271,000
marks, as compared with 441,830,000 marks last year
and 913,909,000 marks in 1923. Note circulation
now stands at 2,386,499,000 marks. The figures here
given are in gold marks,each gold mark being equivalent to a trillion paper marks.
Increased gold reserves and a falling off in the
volume of rediscounts were the features of both the
New York and the combined Federal Reserve bank
statements,issuedThursday afternoon. For the System as a whole, the report showed an addition to gold
holdings of $8,000,000. Rediscounting of Government secured paper was reduced 447,000,000, and of
"other" bills $24,800,000. The ret result was a reduction in total bill holdings of $71,800,000, to $338,722,000, which compares with $411,181,000 last year.
Holdings of bills bought in the open market were
larger, gaining $4,500,000. Earning assets, however,
declined no less than $63,000,000, while deposits fell
off $32,300,000. Federal Reserve notes in actual circulation decreased $6,700,000, while member bank
reserve accounts fell off $26,000,000. At New York
there was an* addition to gold holdings of $27,400,:
000, mainly at the expense of the other Reserve
banks, while rediscounting of all classes of paper
showed shrinkage of approximately $57,200,000.
Open market purchases were slightly larger, the total
of bills bought having increased $6,300,000. In total
earning assets the local bank showed a decrease of
$56,600,000; deposits decreased only $6,200,000. The
amount of Federal Reserve notes in actual circulation declined $4,200,000 and member bank reserve
accounts were reduced $3,400,000. The effect of combined additions to gold holdings and reduced deposits, was to advance reserve ratios both Wally and
nationally. For the New York bank there was an increase of 2.9%, to 77.8%. In the case of the banks
as a group, the ratio moved up to 77.2%, a gain of
0.9% for the week.
According to the weekly statement of the Bank of
France, note circulation took a favorable turn, a
contraction of 417,597,000 francs from the record
high figure of 43,408,813 francs registered last week,
having occurred. The total outstanding is thus
brought down to 42,991,216,000 francs, which contrasts with 39,739,206,030 francs at this time last
year, and with 36,692,072,740 francs in 1923. Just
prior to the outbreak of war, in 1914, the amount
was only 6,683,184,785 francs. A further small
gain of 64,000 francs is reported for the week in the
gold item. The Bank's aggregate gold-holdings
therefore, now stand at 5,546,359,200 francs, comparing with 5,542,613,197 francs at the corresponding
date last year and with 5,537,106,940 francs the
year previous; of the foregoing amounts 1,864,320,907
francs were held abroad in both 1925 and 1924, and
1,864,344,927 francs in 1923. During the week,
silver gained 51,000 francs, Treasury deposits rose
30,818,000 francs and general deposits were augmented to the extent of 87,798,000 francs. On the
other hand, bills discounted underwent a reduction
of 165,640,000 francs, while advances fell off 91,372,000 francs. Comparisons of the various items
Last Saturday's .return of New York Clearing
in this week's return with the statement of last
in
banks and ,trust companies was featured by
corresponding
dates
both
House
1924
and
and
week
heavy declines in loans and deposits and an increase
1923 are as follows:
2474
[VoL. 120.
THE CHRONICLE
in surplus of more than $23,000,000. These changes
were taken to indicate that funds had begun to return to the banks following the heavy strain imposed
through special financing operations a week or so
ago. The loan item was reduced $100,025,000. Net
demand deposits decreased $106,685,000, to $4,497,182,000, which is exclusive of $28,655,000 in Government deposits, a falling off in the latter item of
$3,412,000 for the week. As against this, time deposits increased $10,892,000, to $616,844,000. An increase was recorded in cash in own vaults of members of the Federal Reserve banks of $3,290,000, thus
bringing the total to $46,018,000, although this is not
counted as reserve. State banks and trust company
reserves in own vaults increased $537,000, but reserves kept in other depositories by these institutions
fell off $318,000. There was a further addition to
reserves of member banks in the Reserve Bank of
$9,197,000. This, in combination with the shrinkage
in deposits, resulted in an expansion in surplus reserve of $23,033,340. A week earlier surplus reserve
stood at only $269,550, but now the amount is $23,302,890. The above figures for r urplus are based on
legal reserve requirements of 13% for member banks
of the Reserve System but not including cash in
vault to the amount Of $46,018,000 held by these
member banks on Saturday last.
minimum. In time money the situation remained
without important alteration. Supplies of available
funds were fairly large, but the demand was quiet,
with 60 days still quoted at 3/
1
2@33
/
4%,90 days and
four months at 3/
3
4% and five and six months at 33
4
@4%, unchanged. Although a range of 3/
3
4(4)4%
was quoted for all the longer periods, it was reported
that the bulk of the business is passing at 37
/8%.
Commercial paper was moderately active, with
most of the inquiry still coming from country banks.
Fairly liberal offerings were noted and the undertone was a trifle easier, though actual quotations
have not been changed from 33
/
4@4% for four to six
months' names of choice character, with names less
well known at 4@41/
4%, the same as heretofore.
New England mill paper, and the shorter choice
names are still passing at 33
/
4%.
Banks' and bankers' acceptances remain at the
levels previously current. Trading was quiet and
featureless, with both city and out-of-town institutions in the market, but the turnover restricted by
scarcity of offerings. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council was yesterday advanced to 3/
1
2%,
4%. The AcceptanCe Council makes the disfrom 31/
count rate on prime bankers' acceptances eligible
for purchase by the Federal Reserve banks 31/
8% bid
and 3% asked for bills running 30 days, 3/
1
4% bid
and 3/
1
2% asked for bills running 60 and 90 days,
4% asked for bills running 120 days,
3%% bid and 31/
and 3%7
0 bid and 31/
2% asked for bills running 150
and 180 days. Open market quotations were as follows;
Call money in the local market was firmer, presumably in preparation for the mid-month disburse
malts, which were made yesterday. The only other
contributing cause of the somewhat higher rates was
the continued activity in the stock market. But acSPOT DELIVERY.
cording to estimates that were made public on Thurs60 Dap.
30 Days
90 Days.
day, the net increase in brokers' loans has not been Prime eligible bills
35408
834@3
34(6144
as large as might have been assumed. The loans were
FOR DELIVERY WITHIN THIRTY DAYS.
placed at $1,750,000,000 on May 14, against $1,700,- Mild
ember banks
84 bid
non-member banks
34 bitl
000,000 on April 3. These figures are in contrast
with the peak of $2,100,000,000 on March 6. The
There have been no changes this week in Federal
steel business on the whole apparently is still on the
Reserve
Bank rates. The following is the schedule
downward trend, although the United States Steel
of
rates
now
in effect for the various classes of paper
Corporation reported improvement in various direction. More than ordinary activity still characterizes at the different Reserve banks:
the automotive trade, while the crude oil industry DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
MAY 15 1925.
seems to be in better shape than for a long time. The
car loadings of 961,711 for the week ended May 2
Payer Maturtso—
made another new high record for this year. The
After 00 After 6
bat
flags. bid
Wahin 90 Days.
figures represented an increase of 22,486 cars over
Within 6 WitAi• 9
PRIMAL MEM!
Months Montle.
BANE.
the previous week and of 68,161 over the correspondCom'rcial kecured
Agree,& by U. S. Bankers Trade &priced.* deriesi
ing week of last year. Of course, with such a large
Livestock (Lnern't Auer,- Ampand
and
Paper
Oblioa- lances. lances. Livestock Weenie&
aggregate movement it cannot be said that the busin.e.s.
lions.
Paper. Payer.
ness of the country is bad. Money is still plentiful, Boston
34
84
84
34
8311 314
New York
34
34
84
34
84
834
notwithstanding the degree of activity indicated by Philadelphia
3434
34
34
3341334
Cleveland
34
'84
84
84
34
84
I
loadings,
and
so.
Ofthe car
promises to continue
Richmond
4
4
4
6
4
14
.Manta
4
4
4
4
4
14
ferings of domestic securities were on a fairly large Chicago
6
4
4
4
4 14
it. Louis
4
4
4
4
6
Ia
scale. European securities may appear in the Amer- Minneapolis
4
4
4
4
6
14
Kansas city
6
4
6
4
6
14
ican market again in the near future.
Dallas
4
4
6
4
4
4
Ian Francisco
Dealing with specific rates for money, call loans
covered a range during the week of 3/
1
2@4%, as
against 31/
2@41/
2% last week. On Monday only one
rate was quoted-31/2%,this being the high, the low
and the ruling level for the day. On Tuesday firmness set in and call funds renewed at 334%; the low
was 3/
1
2% and the high 4%. Wednesday, though no
loans were negotiated above 3%%, this was again
the renewal basis, and also the low. The range on
Thursday was 33
/
4@4%, with 3%% for renewals.
Increased strength developed on Friday and call
funds renewed at 4%,the maximum, with 33
4% the
814
3%
314
34
34
814
•Including bankers' accerdanoen drawn for an agricultural purpose and secured
ny warehouse recelpte.
Movements in sterling exchange during the we
just closed were comparatively narrow and somewhat
perfunctory. The trend of prices was again upward,
but the actual range up to Thursday was limited to
less than Y
i of a cent. After opening at 4 84%,
demand bills mounted by degrees to 4 85 5-16, which
compares with a high point of 4 85 7-16 last week.
Trading was desultory in character and inclined to
be spotty; that is, so far as local dealers are concerned. The speculative element seems.to be largely
MAY 161925.]
THE CHRONICLE
2475
out of it for the time being and to be waiting for continues to ship gold in small amounts to Europe;
something to turn up that will rouse the market but not to the United States.
from its present lethargy; although an undercurrent
Dulness continues the outstanding characteristic
of strong optimism is still plainly evident. Toward
the latter part of the week some buying developed, of trading in Continental exchange and the volume
ostensibly from Canada, where certain of the larger of business this week was unusually small, with rate
railroads were said to be preparing to meet dividend fluctuations in the leading European currencies conpayments to British constituents, with the result that fined to a few points in either direction. The most
the final range was close to the highest for the week. important event of the week, in fact, was the sensaIn London trading was reported as active with brisk tional rise in Argentine pesos which is discussed at
buying to meet tourist requirements; this has been length elsewhere in this column. French francs were
responsible for pronounced firmness in London cable listless and ruled the greater part of the week between
rates and coincidentally has had a strengthening 5.19 and 5.21, with the extremes 5.183/i and 5.223..
Uneasiness over the prospects of a protracted
effect on local values.
Talk has been revived of a possible increase in the Moroccan campaign as a result of the present Riff
Bank of England's discount rate. London money uprising served to render dealers extremely cautious
rates have been rising steadily of late, while prices in undertaking franc commitments. It is argued that
of so-called gilt-edged securities in London are the expenses involved in such an undertaking are
declining. It is claimed, however, that both of likely to prove a serious drain upon the French
these tendencies should have the effect of drawing Treasury in its present overburdened position. That
funds to the British capital and thus reducing the a more drastic decline did not take place was probably
necessity for a higher bank rate. Ninety-day bankers due partly to the sentimental influence of the negotiabills on London, which are usually in request by tions reported as being now under way between
American bankers who-wish to place short term funds Ambassador Herrick and Finance Minister Caillaux
4%, which over the funding of France's debt to the United
in London have been ruling at around 43
contrasts with about 33.% for bills of a similar char- States, and partly to the control exercised by the
acter here. Nevertheless, the profit from such trans- Bank of France over the franc market. Some of the
actions is regarded as too small to be likely to attract news developments of the past few weeks, on an open
a large outflow of funds from New York to London market, would undoubtedly have caused spectacular
just at present, especially as local bankers already gyrations in quotations. Italian exchange was
have considerable balances in London. What it steady but neglected, with quotations at the levels
may do is to induce them to renew these loans as prevailing during up till Friday, when a break of
they fall due rather than bring the proceeds back about 5 points occurred on selling against comto New York.
modity imports. Greek exchange moved within
As to the day-to-day rates, sterling exchange on narrow limits, at close to 1.84 for checks. GerSaturday last was easier and small recessions were man and Austrian exchange are still stationary at
noted that carried demand down to4 84/(4)4 84 11-16, nominal levels. These currencies are little used in
cable transfers to 4 84%@4 84 15-16 and sixty days the transaction of routine business. Settlements for
to 4 81%@)4 82 3-16; trading was light and fluctua- commodity purchases are generally made in either
tions narrow. Monday's market was dull but gener- sterling or guilders. In the minor central European
ally firm, with the range 4 84 9-16@4 84 13-16 for group, Rumanian lei took the lead in point of firmdemand, 4 84 13-16@4 85 1-16 for cable transfers ness and advanced at one time to 0.493
4, without
and 4 82 1-16@4 82 5-16 for sixty days. Inactivity specific reason being assigned therefor.
predominated on Tuesday tInd although prices were
The London check rate on Paris closed at 93.22,
maintained the day's range was limited to %c., comparing with 93.00 a week ago. In New York
namely 4 84%@)4 84% for demand, 4 85(4)4 853/i sight bills on the French centre finished at 5.193/
2,
/s. On Wednes- against 5.203/2; cable transfers at 5.20/
1 2, against
for cable transfers and 4 823@4 823
day a further small gain took place on quiet trading; 5.213,; commercial sight bills at 5.183/
2, against
demand bills sold up to 4 84 13-16@4 85 1-16, cable 5.19M, and commercial sixty days at 5.13%, against
transfers to 4 85 1-16@4 85 5-16 and sixty days to 5.143 last week. Closing rates on Antwerp francs,
4 82 5-16@4 82 11-16. Buying developed on Thurs- which followed the course of French exchange, were
day which sent rates up about Mc.,to 4 85@4 85 5-16 5.03 for checks and 5.04 for cable transfers, in comfor demand, to 4 853,@4 85 9-16 for cable transfers, parison with 5.04 and 5.05 a week ago. Reichsmarks
2@4 82 13-16 for sixty days; much of the finished at 23.81 for both checks and cable transfers,
and to 4 823/
to Canadian railroad interests without change. Austrian kronen continue to be
attributed
was
buying
accumulating funds to meet quoted at 0.00143/
be
to
said
s. Italian lire closed at 4.05% for
which are
dividend disbursements in London at the end of the bankers' sight bills and at 4.065
% for cable remitmonth. Friday prices were firmly held, though tances. Last week the close was 4.093
%.
4 and 4 103
%,
there was a falling off in the inquiry; demand was Exchange on Czechoslovakia finished at 2.963
2;
quoted at 4 85 1-16@4 853, cable transfers at against 2.963; on Bucharest at 0.48, against 0.483/
4 85 5-16(4)4 853/ and sixty days at 4 82 9-16© on Poland at 19.21 (unchanged) and on Finland at
% for sixty 2.53 (unchanged). Greek drachmae closed the week
4 82%. Closing quotations were 4 823
days, 4 853 for demand and 4 853/2 for cable trans- at 1.823,2 for checks and at 1.83 for cable transfers,
8, which compares with 1.843 and 1.85 the week
fers. Commercial sight bills finished at 4 853/
4
at
803/2,
docudays
ninety
previous.
sixty days at 4 81,
813
and
seven4
at
days)
(sixty
ments for payment
The neutral exchanges, formerly so-called, held
day grain bills at 4 84%. Cotton and grain for
own this week, but gave little indication of the
their
.
8
853/
4
at
payment closed
week,
this
sensational
reported
strength and activity noted a week
were
engagements
No gold
of
Bank
Guilders
England
were firm, but almost motionless.
earlier.
The
export.
or
import
either for
2476
THE CHRONICLE
The same is true of Swiss francs. In the Scandinavian group, Danish kronen opened strong but lost
ground on speculative selling pressure and declined
about 9 points. Norwegian krone were also subjected to attack and the quotation was forced down
from 16.88 to 16.69, though rallying before the
close. Swedish krona ruled easier, but chiefly as
a result of lack of buying demand. Spanish pesetas
were appreciably lower, declining to 14.40, about
15 points off, on profit taking and intimations that
Spain intended to lend a hand to France in her
struggle with the Riffians.
A report that received much attention was to the
effect that a number of foreign buyers have •been
steadily buying up large quantities of Spanish, Norwegian and Danish exchange far in excess of present
needs. This is regarded as a speculative venture
and many banks are refusing to buy any of this
exchange.
Bankers' sight on Amsterdam finished at 40.17/,
against 40.19;cable transfers at40.193/
2,against40.21;
commercial sight bills at 40.093/
2, against 40.11, and
commercial sixty days at 39.7332, against 39.75 last
week. Swiss francs closed at 19.343/
2 for bankers'
sight bills and at 19.353/ for cable transfers, as compared with 19.34 and 19.35 a week ago. Checks on
Copenhagen finished at 18.71 and cable transfers at
18.75, against 18.87 and 18.91. Swedish checks
closed at 26.70 and cable transfers at 26.74, against
26.711
4 and 26.753/2, while checks on Norway
finished at 16.75 and cable transfers at 16.79, against
16.87 and 16.91 a week earlier. Final quotations on
Spanish pesetas were 14.45 for checks and 14.47 fcir
cable transfers. A week ago the close was 14.553/2
and 14.573/2.
Dealings in South American exchange, while not
particularly active were featured by sensational
strength shown in Argentine paper pesos. Not
only were the gains made at the close of last week
maintained, but another new high record of 39.60
established, which is 18 points over the highest level
of last week. This was of course the direct result of
the action of the Buenos Aires authorities in announcing, as predicted, a resumption of gold exports, which
was followed by extremely violent fluctuations in
that market; at times the rate jumped as much as
30 points. As in the case of the British restoration
of a gold standard, certain restrictions are imposed,
so that when the embargo is removed on June 10,
it will apply to only about $22,000,000 held by the
banks, and not to the $450,000,000 in gold kept in
the Caja as a reserve against currency. For this
reason the decree does not really mean a return to
the gold standard on that date, since such action
would also take in resumption of free exchange of
paper circulation for the gold in the Caja at a parity
of $0.4245 per paper peso; something which evidently
is not to take place. Great improvement, however,
is expected to follow even the partial return to gold
payments. As to Brazilian exchange, milreis were
depressed by the break in coffee and declined to
10.05. Closing quotations on Argentine checks were
39.60 and on cable transfers 39.65, against 39.28
and 39.33 last week. Brazilian exchange finished
at 10.05 for checks and at 10.10 for cable transfers,
against 10.24 and 10.29 a week ago. Chilean exchange was strong and advanced to 11.65, against
11.42 a week ago, but Peru was unchanged at
4.14.
[Vor.. 120.
Far Eastern exchange was as follows: Hong Kong,
55@5514, against 5531(4)553.' last week; Shanghai,
733'(4),74, against 74@75; Yokohama, 42@4214,
against 423.i@,4214; Manila, 49U@50 (unchanged);
Singapore, 57@573 (unchanged); Bombay, 36.55@
36.75, against 363/
2@)36%, and Calcutta, 3614(4)
36U (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY F'EDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 9 1925 TO MAY 15 1925, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Monett.
Country and Monetary
Unit.
May 9. May 11. May 12. May 13. May 14. May 15.
EUROPE$
awaits. krone*
.14062
Belgium. franc
.0505
Bulgaria, ley
.007360
:1seettoslovalc1a, krone .029641
Denmark, krone_.- .1889
Bngland. Pound sterling
4 84S9
Finland. markka
.025225
France. franc
.0521
3ermany.relchsroark. .2380
Ireece. drachma_ ---. .018587
Holland. guilder
4019
Hungary. krone
.000014
Italy. lira
.0411
slorway. krone
.1691
Poland. zloty
1922
Portugal, escudo
.0601
Rumania. leu
.004837
loaln, peseta
.1455
Bweden. krona
.2675
Bwitserland, franc
.1935
Yugoslavia. dinar
.016170
ASIAChinaCheefoo, tadl
7704
Hankow.tael
7634
Shanghai. tadl
.7458
Tientsin, tael
7796
Hong Kong, dollar- .5484
Mexican, dollar_
.5455
Tientsin or Feint-Ili
dollar
.5488
Yuan, dollar
.5579
India, rupee
.3609
lama, yen
4192
iinga pore(SS.).Rolla .6625
NORTH AMER.Canada. dollar
1.000029
Chiba, peso
.999948
Mexico, peso
499083
Vewfoundland. dollar .997813
ROUTE AMER.4fRen1Ina. Peso (gold) .8957
Brasil, milrels
1016
Mlle, peso (DaPer)-- .1131
rirmmekv noon
0897
$
.14064
.0504
.007289
.029636
.1886
$
.14058
.0506
.007291
.029636
.1880
$
.14058
.0505
.007293
.029633
.1879
$
.14067
.0505
.007300
.029632
.1884
$
.14072
.0505
.007300
.029628
.1876
4.8485
4.8505
4.8536
4.8534
4.8510
.025210 .025213 .025213 .025221 .025220
.0520
.0522
.0520
.0522
.0520
.2380
.2380
.2380
.2380
.2380
.018588 .018388 .018417 .018389 .108261
.4018
.4019
.4019
.4080
.4019
.000014 .000014 .000014 .000014 .000014
.0410
.0409
.0411
.0410
.0410
.1686
.1676
.1677
.1679
.1685
.1919
.1918
.1921
.1920
.1919
.0499
.0497,
.0503
.0496
.0496
.004838 .004887 .004895 .004834 .004775
.1442
.1451
.1450
.1446
.1446
.2674
.2674
.2074
.2674
.2674
.1935
.1935
.1935
.1935
.1935
.016163 .016172 .016201 .016218 .016216.7708
.7638
.7440
.7804
.5472
.5435
.7692
.7619
.7427
.7779
.5461
.5427
.7658
.7594
.7400
.7746
.5455
.5417
.7663
.7597
.7404
.7767
.5453
.5410
.7692
.7619
.7416
.7779
.5458 '
.5404
.5479
.5575
.3616
.4195
.5833
.5442
.5538
.3626
.4196
.5642
.5458
.5563
.3630
.4200
.5633
.5442
.5546
.3626
.4195
.5642
.5442
.5546
.3829
.4195
.5633
.999926
.999870
.499083
.997734
.999917
.999922
.499083
.997448
.9006
.0999
.1149
WW2
.9010
.0996
.1151
0802
1.000092 1.000055 .969661
1.000208 1.000094 .999974
.499083 .499417 .499083
..997526 .997526 .997448
.8962
.1018
.1130
0810
.8940
.1007
.1138
anal
.9017
.1000
.1148
0880
•One[whining Is equivalent to 10.000 Paper Crowns.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,271,530 net in cash as a result of the currency movements for the week ended May 14.
Their receipts from the interior have aggregated
$4,564,530, while the shipments have reached $3,293,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended May 14.
Banks'Interior movement
Into
Banks.
84,564.530.
Out of
Banks.
Cain or Loss
to Banks.
$3,293,000 Gain 81,271,530
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
May 9. May 11.
Tuesday, Wednesd'y, Thursday, Friday,
May 12. May 13. May 14. May 15.
Aggregate
for Week.
$
67.000.000 80.000,000 69.000.000 80.000.000 90.000.000 89.000.000 Cr475..000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the Items payable in New York City are represented in
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted formn arriving at these balances, as such cheeks do
in3o
atdcmgir t
ch
orioec
uilihontlr
orC
Clearing
tlea
e
o
tbhaen Federal Reserve
butI are deposited
h account of the
MAY 16 1925.]
THE CHRONICLE
2477
The following table indicates the amount of bul ceipts may be divided between reconstruction and
foreign debts, M. Caillaux did not commit himself.
lion in the principal European banks:
M. Caillaux is undoubtedly wise in not counting
May 16 1924.
May 15 1925.
Banks of—
reparations payments as receipts until tl-ey are
the
Gold.
Total.
Silver.
Togal.
Silver.
Gold.
actually paid, and no objection can be taken to de128,182,792 voting a considerable part of those receipts to carry153.616,864128,182.792
England _ _ 153,616,864
France a _ _ 147,281,538 12,680,000 159.961.538147,130.731 11,960,000159,090,731
Germany.c 44,595.000 d994,600 45,589,600 22,091,500 5,752,850 27,844,350 ing through the work of reconstruction.
The atb2,000,000
b2,000,000 b2,000,000
Aus.-Hun b2,000,000
Spain_ _ 101,444,000 25,966,000127,410.000101,221.000 26,315,000127.536,000 tempt to tie the foreign debts to reparations, how35,587,000 3,361,000 38,948,000 35,369,000 3,423,000 38,792,000
Italy
786,000 45,070,000 ever, together with the suggestion that payments on
41,687,000 44,284,000
Netheads. 39,956,000 1.731,
Nat. BeIs_ 10,891,000 3,009.000 13,900,000 10,819,000 21150,000 13,569,000
3,564,000 22,835,000 21,245,000 3,866,000 25,111,000 the foreign debt are to be expected only if, as and
Switzettd_ 19,271,00
14,593,000
12,963,000 14,593,000
Sweden_ _ _ 32,963,00
796,000 12,438,000 when the reparations annuities are forthcoming, is
Denmark _ 11,636,000 1,054,000 12,690,000 11,642,000
8,182,000
8,180,00
8,182,009
Norway _ _ 8,180,000
a reversion to a plan which France has more than
Toal week 587,421,402 52,359,600639.781,002546.760.023 55,648,850602,408,873
Prey. week 588,425,83 52,301,600640,727,435 547,073,358 49,980,950 597,054,308 once put forward, and which the United States has
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 consistently rejected.
The position of the United
held abroad. b No recent figures. c Gold ho dings of the Bank of Germany this
year are exclusive of £6,118,550 held abroad. d As of Oct. 7 1924.
States in this matter is in no wise doubtful. The
United States has refused from the first to allow
payment of the French war debt to this country
Currents
of
European
Politics—M.
the
Cross
to be conditioned in any way by the certainty or
Caillaux's Financial Proposals.
The financial proposals which M. Caillaux out- amount of reparations paid by Germany, or to aclined to the Finance Commission of the Chamber of cept any scheme by which it would become, directly
Deputies on Tuesday leave, when taken together, or indirectly, a party to the enforcement of the obsomewhat of a confused impression. On the question ligations of the Dawes plan. There is no evidence of
of the budget, M. Caillaux was clear and direct. The any change of sentiment on this subject in American
balanced budget of his predecessor, M. Clementel, public opinion; on the contrary, the reiteration of
over which considerable felicitation was indulged in the suggestion by France, taken in connection with
until the situation of the Bank of France was uncov- the failure of France thus far to present any definite
ered, appeared to M. Caillaux on examination not to proposal for the settlement of the debt question, has
be a balanced budget at all, but, on the contrary, to tended rather to confirm American opinion in supshow a deficit for the present year of some three and port of the attitude which the Administration has
one-half billion francs. M. Caillaux reiterated his consistently held.
The fact that M.Caillaux,from whose management
previous contention that the balancing of the budget
of
French finances great things have been expected,
indispensable
first
step in the rehabilitation
was the
return to a suggestion from which the Washshould
finances,
and
French
went
straight
to
the
point
by
of
proposing to meet the deficit by imposing new taxes. ington Administration has definitely turned away,
What the new taxes were to be he did not, appar- can only be taken as indicating either that no real
ently, announce in detail to the Finance Commis- advance has been made by public opinion in France
sion, but increased levies upon salaries and tobacco in the consideration of the debt problem, or else
were indicated, together with special measures di- that M. Caillaux, for some reason, did not think it
rected against fraudulent income tax returns, a re- well to speak with the same directness about the fororganization of the railway administration designed eign debt that he showed in speaking about the
to take the annual deficit out of the list of general budget. A careful reading of the voluminous discharges, and the creation of a national fund in which patches from Paris which have appeared in AmeriFrench insurance companies would be required to can papers during the past week leads to the same
place 50% of their reinsurance premiums. Follow- conclusion. With the exception of the announceing the French custom where increased taxes are ment from Paris on Friday that the Ministry had
concerned, the new rates on tobacco, representing an authorized M. Caillaux and M. Briand "to study the
advance of about one-third over the present prices, inter-Allied debt question in an attempt to find an
were put into effect by Ministerial decree on Thurs- acceptable solution," the debt situation appears to be
day, in anticipation of approval of the rates by Par- still precisely what it has been all along. Obviously,
liament later.
threshing over the old straw of appeal and denial
Whether or not so considerable a sum as three or contributes nothing to a settlement of the business in
four billion francs, in addition to present revenue, hand. The difficult financial condition of France
can be obtained by taxation, only time will show, is well understood in this country, and there is, we
• but the proposed levies seem in general to be com- feel sure, no disposition whatever to intimate from
mendable, and the clear statement that nothing can what particular source the debt payments shall be
be done to readjust the huge domestic debt or im- derived. It is for France to get all the reparations
prove the condition of the franc r ntil the budget had that it can, and to use them in whatever ways seem
been balanced is in line with sound principles of to it good. But until a clear recognition by France
finance. What M. Caillaux had to say about repara- of the obligation of the war debt, wholly separate
tions and the foreign debt, on the other hand, was from any connection with reparations actual or prosless encouraging. The receipts from Germany under pective, is forthcoming, and a definite proposal for
the Dawes plan, M. Caillaux is reported to have an- paying the debt is made, a continuance of such disnounced, will no longer be regarded as income avail- cussion as has been going on of late is beside the
able for general purposes, but will be earmarked for mark.
meeting the further cost of reconstruction, and payMeantime the experience which France is undering the debts owed to Great Britain and the United going in the reorganization of its finances may well
States. As the receipts from reparations for the be turned into an argument for peace. The recent
present year under the Dawes plan are 1,200,000,000 financial performances which brought about the fall
gold marks,the 52% which is the French share of the of the Herriot Government and clouded the reputatotal, or about $158,600,000, represents the amount tion of the Bank of France have not been without
that might be available for the purposes named. As effect upon the good name of France, and until that
to the exact proportions in which the reparations re- burden has been lifted the Painleve Government will
2478
THE CHRONICLE
[VoL. 120.
have strong inducement to refrain from expensive now feel that the time has come for a great reconcommitments elsewhere, and to press, if need be, for structive step and with a single decisive act should
the continuance of peace in quarters in which it is restore the pound sterling which has long been the
already involved. The unfortunate Moroccan war, chief basis of the world's business to its normal
for which France is not directly responsible and value, is a fact that cannot fail to cheer men's hearts.
which must of course be carried through, promises
Whatever financial experts and doubters in gento be long and costly, and any reduction of the eral may think of the wisdom or the possible conseFrench military establishment will be out of the quences of the
act, lifting a cloud counts. Quickenquestion until the trouble is over, but the heavy ex- ing courage
and hope is an appeal to moral forces
pense which will be entailed just at a moment when
that run deep, and when they find expression often
financial reform is imperative is an impressive obsweep away difficulties and baffle the defeat which
ject lesson in the costliness of war. It is certainly to
be hoped that M. Briand, the French Foreign Min- other forces threaten.
Whatever may be the necessity of substituting
ister, whose draft reply to Germany's proposals
paper
money at times for gold, or whatever its imabout security is reported to be shrewdly designed
mediate
service, it creates a feeling of distrust and
to concede much in form while yielding little in subopens
the
door for varied and rampant dishonesty.
stance, will be able to reach an agreement, already
people
Quiet
instinctively realize that it undermines
too long delayed, with Great Britain that will also
their
possessions
and creates new and very real fuinsure German good-will, and that Dr. Benes, the
ture
uncertainties.
It presents temptation, promotes
spokesman for the Little Entente, who has been saying some sharp things to Austria and indulging in extravagance and blows the bubble of envisioned
rather high language about the permanent obliga- prosperity which "deflation" of the currency is
tions of the peace treaties, will not add to German pretty sure to burst. Hence the opposition!
This emphatic stabilizing of the currency is a stabirritation over its eastern boundaries. It cannot be
too often repeated that the crux of the European ilizing of.the established ways and the peace of the
situation, as far as the continuance of peace and a community, which has all the elements of a sound
return to normal conditions are concerned, is in the morality.
furtherance of a German recovery that shall be both
In this instance there is also an outstanding and
rapid and sound. The restrictive obligations of the much needed form of political and economic courage.
peace treaties are dimmer now than they were five To understand it we need to define the term. It is
years ago; they will continue to fade as a new Ger- distinct from rashness, which is boldness in action
many and a new Europe emerge. The success of through indifference to fact, or unwillingness to face
Germany in meeting the requirements of the Dawes the task of learning the truth. True courage is
plan will remove one of the cross-currents that have readiness for action in full view of all the facts and
long caused anxiety; the success of France in solving with just estimate of possible consequences. In the
its financial problems will go far to remove another, present instance those facts are the existing ecorordic
and the dignified and moderate policy to which and financial condition of both England aad the
President von Hindenburg appears to be committed world, and the possible consequences are a fail are
will help strongly towards the same end. It is the which would involve the prolonging
of evils now so
good fortune of France that M. Caillaux, however
serious and the confusion of all who have led the
much he may be constrained to yield to public opinnation to take this bold step. Instead of honor it
ion in his remarks about the debt question, is nevermight well bring disgrace. The moral value of the
theless a statesman of large 'international view who
courage under discussion appears in various relamay be counted upon, if given a free hand, to deal
tions. It has the support of understanding. Appeal
with the crucial issues of finance with an eye to the
is often taken to "common sense" and the untrustinternational as well as national interests of France.
worthiness of reasoning. Reason, or logic, is discredited as a guide to action only when its premises
The Moral Valuelof the Gold Standard.
are unsound. If they are complete and true the reaThe fear and the vigorous opposition which have soning applied to them justifies action, or constiappeared whenever "deflation" of the currency was tutes knowledge. Reason, in fact, is one of the basic
proposed in any of the European States in which elements of mind. It rests upon a conviction as natunredeemable paper money had banished gold, find ural to the thoughtful man as any other conviction
expression in the various forms of local criticism by which his course of life is shaped. It establishes
which at once broke out in England when her return his faith and guides his action when he determines
to the gold standard was announced.
what is right and what is wrong. Courage, thereOver against this the general jubilation in all the fore, may be the decision to follow a moral impulse
foreign markets and the all but unanimous approval guided by reason and knowledge, which is both ethof the British banks, and indeed the leading news- ics and conscience at their best.
papers everywhere, is significant. The expression
The value of courage, therefore, as it appears in
has not waited for argument, or even for assurance the instance at hand is that it tends to become a
of support. It is obviously evidence of a feeling that moral habit. Its immediate consequences appear in
is well-nigh universal among the people, and of cer- the life of the nation. It is an asset of no mean value
tain convictions that have wide acceptance.
in its relation to the citizens,strengthening their hold
The world is weary of the present distress, and the upon right ways of intercourse and increasing the
news of England's decision gave an instant sense of nation's ability to aid and protect them. It is an
relief. That the nation which has long been domi- asset also in increasing the nation's influence abroad.
nant in the world's commerce and the keystone of its It opens all the doors of national intercourse. The
finance, and which has shared with all the burden of nation can so far at least be trusted; and is pleasant
the war, and which while loaning large sums to oth- to deal with. In this act it is "understanded of the
ers, has participated in the heavy cost of disorgan people." Its general attitude becomes clearer; busiized business and a demoralized currency, should ness with it is safe; it has respect from others be-
MAY 16 1925.]
THE CHRONICLE
cause it respects itself and its own reputation. It
meets its obligations, and is honest as well as great.
All unconsciously it becomes an example and an inspiration.
This brings us back to the question as to how all
this appears in action to-day on the currency. The
resumption of the gold standard by England is obviously beset by difficulty. There is every reason to
believe in the permanence of the result, and for confidence in its wide influence. The gold standard is
universally accepted in general business. There is
authoritative opinion that nine out of ten people
so regard it. In any case long habit is in its favor;
people trust it East and West, and it makes business
everywhere safer and easier. At home it checks Government extravagance as the temptation to make appropriations which the printing press can provide
for is strong enough to break through ordinary oppo.
sition. It dignifies the budget, giving it accuracy
and assurance against change of conditions for the
period it covers. The currency cannot be depreciated
or the standard lowered unless the output of gold is
increased beyond possible consumption, which is not
a reasonab:e conception. There is no hope as yet of
"synthetic gold" for actual use, as it is at best only
a laboratory curiosity.
The maintenance of the gold standard as it was
practiced through the war by the United States and
Sweden, and the bold adoption of it the other day by
Great Britain with contemporary action by the Dominions and several small States, like Holland and
Switzerland, cannot fail to • affect the exercise of
courage in private business. Risk is to be encountered in all business, that is, in whatever of enterprise is called for in buying or lending, in investing
or trading. It has to be paid for, if not in visible
profits, at least in the pleasure and the stimulus of
its challenge. This stimulus occasioned by the presence of uncertainty and possible risk in all intercourse and enterprises shared by others is the condition of social happiness and progress, as well as of
stability and peace. In its more active form we call
it the spirit of adventure; and how dull life would
be without it. Courage in accepting it is a beneficent
and necessary feature of individual character if that
is to be seen at its best.
As human intercourse is the foundation of human
life when that is viewed in its larger relations, and
as business is essential to that intercourse, the courage it requires is discovered to be the same that is
highly valued when it appears in the individual. In
both relations it rests on the same convictions and
requires the same foundations of knowledge and of
moral purpose. It cannot be disregarded in the one
relation or the other without loss.
If the country wonders at the risk under, present
conditions at which the investments have been made
abroad by American business corporations and innumerable private firms, amounting to some ten billions of dollars (for various commercial and other
uses) it may be accepted as evidence of courage of the
same kind as that of the Governments which are today bracing themselves for the gold standard. It is
witness to the spirit that underlies the general movement toward better things and are-established world.
2479
sion of the "intrusion of the Government through
legislation into the business and private affairs of
the people." He said: "In so far as this is a reflection of an ideal, requiring and demanding a higher
tandard of conduct, we ought to rejoice at it and support it. But when we see that it is not wholly towcessful, we ought to remember that it is at best but
a temporary makeshift, an effort to make things better, and that we cannot expect through these methods to attain perfection. . . . There is only one
way in modern civilization with its broad privileges
of the franchise, with its representative legislative
bodies, to avoid the constant interposition of the
Government into practically all the affairs of the
people, and that is for the people to adopt a correct
course of action, to provide the proper standards of
conduct by their own motion. If they do not want
government. through public action, they must provide it through private action. That is the true ideal
of self-government."
We do not wish to be captious. The intent of these
words is good. The President has often given evidence of his opposition to the constant "interferences" by Government. But the words taken by
themselves do not ring quite true. They lay too much
blame upon the people in the conduct of business and
private affairs. They beg the question. Interferences with business do not by any manner of means
always arise because methods are essentially wrong.
They are the result of class efforts to better conditions by and for classes; they are the result of theoretical reformers seizing legislation to accomplish
their own ends, to fasten upon the people what they
think is the right. Too much the idea as here ex-"
pressed stresses the so-called laws of morality rathee
than the natural laws of economics. There is in the
language we have quoted an implied excuse for political action where no excuse exists.
Take the matter of the Golden Rule in business.
Reform here is not a question of bringing every business man to "think of the other fellow first." It is
not a matter of Sunday School teaching, though that
is never to be derided. It is the freedom of economic
law to surely triumph over practices and customs
that thwart the "mutual good" in all trade. To rush
in with statutory controls, standards, inhibitions,
does not correct the evils. And if we could interpret
the President's words to mean that a law not founded
in popular consciousness of right will not be obeyed,
will be a failure, there could be no objection. But
this would not be a fair interpretation. The standards of our conduct can never be too high. But a
large part of these "interferences" by Government
are due to the insistent wills of the few who use the
force of law to accomplish what wou4d not otherwise
naturally obtain.
Let us illustrate a little further. Many of these
laws of interference are directed against "big business." Yet bigness in business is not a crime. Its
laws of right conduct are essentially the same as
those of small business. The trouble with the "conduct" of the people here is that they do not cast the
beam out of their own eyes. In priportion as they
seem to grow better they demand more restrictions.
They want more room for themselves in their small
businesses, but to what purpose unless it be to grow
bigger? Truth demands the statement that the people can best correct big business by letting it
alone
Is Business Wrong or Is It Government?
to work out its own inevitable economic laws—they
President Coolidge, in a recent address at Wash- cannot correct it by psalm-singing,
inveighing
ing to the annual convention of the Daughters of the against the rich, and trying to split up
natural conAmerican Revolution, alluded to the current discus- solidations and aggregated corporations.
2480
THE CHRONICLE
But there is no reason for begging the question.
"Things as they are" are not necessarily wrong. All
business men, large and small, are not rascals. The
wonderful and intricate structure of modern commerce has infinitely more honesty in it than dishonesty. Whether it be business or private conduct the
good vastly preponderates. Schools and churches
have their place—a large place—in this ultimate result. But do we need a Federal Trade Commission
to act as "spotter" on business in general? How can
business conduct correct its own abuses while in the
straitjacket• of a Congressional law? It seems to
us not to the point to say if the people do not do it
the Government will. The people are doing it all the
time. But these laws penalize the many for the
benefit of the few. Credit, banking, merchandising,
manufacturing, in their contractual powers, how
strongly they portray the inherent honesty of the
people. Conduct is already high.
Half the trouble lies in the obstinacy and selfishness of the few rather than the many. Sections,
classes, blocs, the eradication of these is the problem.
A part of the people is not the whole. But this part
is self-important, ever-active. Millions go about
their daily vocations without a thought of law. Millions find in their own business sufficient for all
their toil and thought. These know,,not that "honesty is the best policy," but that trade is based on
confidence, that he who indulges in sharp practices
cannot hold his customers. They know that value
for value, and service for patrons,is the only road to
success. And they practice these things. And they
do not cease to practice them when the business
grows big. But certain theorists and reformers and
politicians, seeing things large, and seeing them
wrong, set up policies which they strive to engraft
into law for the direction and control of a commerce
that prospers by its own laws, laws natural and inherent in the necessities of trade. We may conclude,
therefore, that the people are already nearly right,
and that if business be let alone, be freed from the
interferences by Government, it will work out for
the right in its own time. The call, then, is not to
the people for a higher standard of conduct but for
relief from the egotism of the few.
We do not concede the position seemingly taken
by the President in this address. These political reformers who are responsible for so many of these
laws are not the people, nor are they the ones to declare what is right, what is wrong. That they are in
the saddle, self-constituted leaders, is not good evidence that business is in the wrong, that standards
are low, that their laws are a manifest of proper
methods. Rather are the interlopers to be suppressed. They te.aeh a false doctrine. For a quarter
of a century they have led the people into paternalism, into socialism. They are the ones to be cor-
[VoL. 120.
rected, chastised, not the people. They are the prosecution. The people need no defense. The people do
not need to be told their business conduct needs elevating. It would be more than marvelous if some
wrongful customs and practices did not creep in.
But this magnificent and munificent domestic trade
which the President does not fail to appreciate is a
natural growth—is the combined energies of freemen expended upon unparalleled resources—and
cannot be wrong in itself. It builded the civilization we now enjoy. It is guaranteed in its natural
freedom by our Constitution. It is only hindered,
oppressed, by fulsome laws born of fanaticism.
We note that the President draws a distinction,
or so we surmise, between selfgovernment and
self government. In this is the key to his real meaning, perhaps. The government by our individual
selves, not our collective selves. if this be so,the context is misleading. But again we are compelled to
assert that the cause of these ultra-reforms is not in
the business misconduct of the people, whether engaged in "big" or little business. What we need is
the elevation of our politics to its purpose—the conduct of our statecraft, not our business. We need
to make politics consonant with economics. We need
to quit experimentation in law-making. We need
the complete freedom of initiative and energy. we
need individualism, not socialism or communism.
We do not need to be told to elevate our conduct or
suffer the consequences. This is a confession by
avoidance—to say that if we do not do right we will
be made to do so by Government. What does Government know about the.right and wrong of business,
until it is informed by the people, not the superwise
few in the halls of legislation, but the practically
wise many in business?
Unles we stamp out this cringing to Government,
laws will multiply until they ruin us. We often say
that Government is now a business proposition. Let
it be so. But business is not a Government proposition. Dispense with many of these boards and corn•
missions. Let standards come about, as has the
"gold standard," by commercial growth and evolution. Give the reformers a rest. Show the politician
the way back to statesmanship. Teach the classes
and blocs the lesson of humility. But do not say we
must be "unco guid" or the laws will get us. Repeal
laws that are interferences, and let the people alone. •
Give business a chance and it will reform itself. Forget to fear so-called monopolies, they always dig
their own graves. Don't try to help the farmer by
giving him unlimited credit and making him the
slave of co-operative marketing associations. Remember, the merchant and manufacturer are worthy
of help also, if help is to be given. And teach labor
that quality and quantity rightly measure wages,
not laws and unions.
Railroad Gross and Net Earnings for March
Our compilations of the gross and net earnings of
United States railroads for the month of March afford further testimony to the unsatisfactory nature
of the exhibits at this time. The remark has reference to the country as a whole. Two portions of the
country form exceptions to the rule, namely the
South and the Southwest. There the comparisons
with a year ago are distinctly favorable in the case
of the great majority of roads. Apart from these two
sections of the country, the earnings make an unfavorable showing, in that the totals fall below those of
a year ago in gross and net results alike. That the
gross revenues should be less than a year ago indicates that the reports of the largest car loadings on
record, which have been coming with such uniform
regularity month by month and even week by week,
have been distinctly misleading as far as the revenue
returns are concerned, and the figures also go to
show that the volume of trade is not up to that of
1924, when it was by no means good. The truth is
that just as in 1924 trade activity kept diminishing
rfter the first two months of the year, so it has been
MAY 161925.]
THE CHRONICLE
diminishing the present year, though, of course,there
is no likelihood that the contraction now will eventuate in such a complete collapse as occurred last year.
At all events, the March showing of earnings,
speaking of the roads collectively, is the most disappointing of any month this year. The comparisons
have been far below expectations in all of the recent
months, we mean the expectations which the trade
revival that came with the election of Mr. Coolidge
early in November had encouraged, but whereas in
January there were increases in both gross and net
earnings as compared with the preceding year, on
the other hand in both February and March there
have been losses in gross and net earnings alike.
Furthermore, while in February the falling off was
subject to the qualification that it followed notable
gains in the same month of 1924, in March the 1925
losses are in addition to losses already experienced
in the previous year. That is to say, in February
our statement showed $24,441,938 falling off in gross
and $4,981,506 falling off in net, but this came after
$31,939,712 gain in gross and $33,387,370 gain in net
last year as compared with the year preceding. Now,
for the month of March we have $18,864,833 decrease
in gross and $5,447,665 decrease in net, following
$30,628,340 loss in gross and $2,914,076 loss in net in
1924, as compared with 1923. In brief, the losses are
now becoming cumulative, always speaking of the
roads collectively and treating the country as a
whole. In the following we furnish the comparative
totals for this year and last:
Morals of March (191 Roads).
1925.
1924.
inc.(+) or Dec.(—).
Miles of road
236,559
236,048
Gross earnings
Operating expenses
Ratio of expenses to earnings
Neteafalngs
+511 +0.22
485,498.143 $504,362,976 $-18,864,833 —3.74
376,268,057 389,685,225 —13,417,168 —3.44
77.50
77.26
$109,230,086 $114,677,751
—$5,447,665 —4.74
There is one gratifying feature in the comparisons,
namely the circumstance that the falling off in the
gross has been offset in considerable part by reduc#0118 in expenses, indicating growing efficiency of
operations. That has been the case the present year,
where $13,417,168 of the $18,864,823 loss in gross has
been made good by reduced expenses, and it was even
more emphatically true in March last year, when
only $2,914,076 out of a shrinkage of no less than
$30,628,340 in gross was not offset by reductions in
expenses. And the further back we go the more
striking the record becomes in that respect—barring
1923, when weather conditions were extremely unfavorable and a gain of $59,806,190 in gross brought
with it an addition of only $3,419,324 to net earnings
—which last, however, was the reverse of what happened in 1922, when a gain of $16,059,426 in gross
was attended by a reduction of $38,577,773 in expenses, yielding $54,637,199 gain in net, and the reverse also of what happened in 1921, when though
the gross revenues showed a decrease of $1,483,390,
the net recorded an improvement of $18,656,316. All
this merely indicates that as the country gets further and further away from the period of Government control of the railroads, with its lavish and extravagant expenditures, railroad managers are
once
more gaining control over the expenditures of the
roads and are able to effect important economies and
savings. As far as the volume of traffic is concerned,
the falling off in gross the present year indicates
that trade could not have been quite up to that of
1924, even allowing for some lowering of freight
rates in special instances. Certain traffic statistics,
which have just become available, tell a story to the
same effect. For instance, the Bureau of Railway
2481
Economics at Washington reports that freight traffic in the so-called Eastern. district, comprising the
New England States along with the Middle and the
Middle Western, in March the present year, according to incomplete figures, was about 6/
1
2% under that
for the corresponding month in 1924. On the other
hand, freight traffic on Southern roads in March
1925 was about 2% in excess of that for March 1924.
In the Western district, comprising the rest of the
country, freight traffic in the month the present year
is reported as having run approximately one-half of
1% higher than that in March 1924. We should
imagine, however, that in this last instance sharp
distinction must be made between Northwestern and
Southwestern roads, since the former all did poorly,
while on the other hand, Southwestern roads give an
unusually good account of themselves, as will appear further below, when we discuss the returns of
the separate roads.
Weather conditions, which in winter time often
play an important part in affecting railroad revenue,
both gross and net, cannot be said to have been a
drawback anywhere in any appreciable degree in
March the present year. In February, as will be remembered, similar exemption had been enjoyed. In
March 1924, too, the weather was mild, with hardly
any obstructions of a serious nature over large areas
from snow and ice or from exceptional cold, thus
holding down to a minimum extra outlays for keeping tracks clear and roads open. In that respect,
therefore, the two years stood on an even keel. In
March 1923, on the other hand, weather conditi
ons
were extremely adverse, the precise opposite of those
prevailing last year and this. Moreover, in 1923 the
winter was very severe also in January and February, with heavy snows, making the adverse effects
cumulative and entailing outlays of great magnitude
on that account. In discussing the .severity of the
winter weather in our review of March 1923 we
pointed out that in nearly the whole of the northern
half of the country quite unusual weather conditions
had prevailed. Here in the East in the last week
of the month the Weather Bureau in this city on several days reported the lowest March temperature
records during its existence. And the cold persisted
right up to the close of the month. On the night of
March 31-April 1, the latter being Easter, the official thermometer registered a temperature of as low
as 12 degrees above zero. Previously the temperature in this city on March 31 had never been blow
25. Furthermore, dispatches from Washington,
D. C., reported the coldest 1st of April ever experienced at many points east of the Mississippi River,
with the mercury in Washington down to 15 degrees,
7 degrees under the record set April 19 1875, and
lower than ever registered after March 21 in any
year since the establishment of the Washington
Weather Bureau in 1870. But the cold in 1923 was
not so much of a drawback as the snowfalls and
the
snow blockades. Added to the numerous snow
storms
in February, which had then so seriously
increased
operating costs, more particularly in New
England
and northern New York, there were, in 1923,
other
snow storms during March,some of these in
the West
attaining the dimensions of blizzards.
The result
was that virtually everywhere outside of
the South
operating costs were heavily augmented.
It was because of this that out of $59,806,190
increase in gross
earnings, $56,386,866 was eaten up by
penses,leaving only $3,419,324 increasaugmented exe in the net.
THE CHRONICLE
2482
It has already been noted that the loss in the net
in 1925 and 1924 comes after four successive years of
increase. In March 1920 likewise our figures showed
a gain in net. On the other hand, prior to 1920
March net had been steadily dwindling for a long
period past, until the amount had got down to very
small proportions. For instance, in March 1919
there was a loss in net of no less than $52,414,969 in
face of an increase of $10,676,415 in the gross earnings, and furthermore, March 1919 was the third successive year in which the March expenses had risen
to such an extent as to wipe out the gains in gross
receipts—hence producing a cumulative loss in net.
In the following we give the March totals back to
1906. For 1911, 1910 and 1909 we use the InterState Commerce figures, which then were slightly
more comprehensive than our own (though they are
so no longer), but for preceding years, before the
Commerce Commission had any comparative totals
of its own, we give the results just as registered by
our own tables each year—a portion of the railroad
mileage of the country being always unrepresented
in the totals in these earlier years, owing to the refusal of some of the roads then to give out monthly
figures for publication.
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year !Inc. (-I-) or
Preceding. Dec. (—).
Year
Given.
Year
Inc.(+)or
Preceding. Dec. (—).
March.
$
$
I
1906 _-_ 129.838.708116.861,229 +12.977.479 40.349,748 35.312.906 +5.036.842
1907 _ _ 141,502,502 128.600,109 +12.980,393 40,987,927 40,904.113
+63,814
1908..-- 141.193.819162,725,500-21,531,681 39,328.528 45,872,154 —6,543,631
1909 --- 205.700.013 183,509.935 +22.190,0M 69.613,713 55,309.871 +14,303,842
1910 --- 238.725,772205,838,832 +32.887.440 78,322.811 69.658.705 +8,864.106
1911 _ 227,584.915 238.829,705-11.264.790 69.209.357 78.357.486 —9,148.129
1912___ 237,564.332224,608,654 +12,955,678 69,038,987 88.190,493 +848,494
1913 -__ 249,230.551 238,634.712 +10.595.839 64.893.146 69,168.291 —4,275,145
1914 ___ 250.174.257 249,514,0911 +660.165 67.993.951 64,889,423 +3,104.528
1915 -__ 238,157.881 253.352,099-15.194,218 68,452,432 67,452,082 +1.000.350
1916 ___ 296,830.406 238.098.843+58 731 563 97,771,590 68.392.963 +29,378,627
1917 ___ 321,317.560294,1i68,34&+27.249,215 88.807.466 98.718.701, —7.911,240
362,761.238 312.278,881 +50.484.357 82.561,336 87.309,806 —4.748.470
1918
1919 -__ 375.772.750 165.098.335 +10.676,415 29.596.482 82,011,451 —52,414.969
08.582,467 147.090.277+61.492.190 40.872.775 27.202.861 +13,669.908
1920
1921 --_ 458.978.940 158,462.330 —1.483.390 58.538.958 39.882.60: +18,656,316
1922 -__ 473.433,885 157.374.460 +16,059.426 113.468.843 58.831.644 +54.837.199
1923 ...._533.553.19l, 173.747,009 +59,806.190 i17,117.122113.697.708 +3,419.324
1924 _ _ 504.016.114"334.644.454-30,628.340 114,754.514117.668,590 —2.914.076
1925 -__ 485.498.143304,382,978 —18.864.833 109.230.086 114,677,751 —5,447.665
Note.—Includes for March 96 roads In 1906; 94 in 1907 In 1908 the returns were
based on 152,058 miles of road; In 1909, 233.702; in 1910, 239.691; in 1911. 244,081;
In 1912, 238.218; in 1913, 240.510; In 1914, 245.200; In 1915. 246,848; In 1916,
247.363; in 1917, 248,185; in 1918. 230.336; In 1919. 226,086; In 1920, 206,319; In
1921, 234.832; In 1922, 234,986; in 1923, 235,424;10 1924, 235,715; in 1925, 238,559
miles.
Coming now to the returns of the separate roads,
a conspicuous feature is the favorable showing made
by the roads in the South and Southwest, in contradistinction from those elsewhere throughout the
country. Southwestern roads in particular stand
out prominently in that respect. Thus the Missouri
Pacific shows $1,003,051 addition to gross and $356,851 addition to net; the Atchison $511,188 increase
in gross and $314,918 increase in net; the Missouri
Kansas & Texas $467,561 increase in gross and $342,111 in net; the St. Louis-San Francisco $320,721 increase in gross and $190,491 increase in net, and the
Texas & Pacific $172,721 gain in gross and $58,468
gain in net. As we go further north, the returns become less favorable. The Rock Island, which has
more of its mileage in the Northwest than in the
Southwest, falls $213,848 behind in gross and $375,284 in net; the Union Pacific $1,676,209 in gross and
$941,130 in net; the Burlington & Quincy $1,158,981
in gross and $937,128 in net; the Chicago & North
Western $1,480,147 in gross and $973,248 in net; th
Milwaukee & St. Paul $965,588 in gross and $695,5P
in net; the Northern Pacific $403,176 in gross an l
$288,081 in net, while the Great Northern has $361,106 loss in gross, but $111,040 gain in net.
Southern roads, like Southwestern, are distinguished for their favorable results, though a few of
the roads running through the iron and coal districts
have sustained a falling off in gross which they were
[Von. 120.
.
able to offset by reduced expenses, so that virtually
all the important Southern systems have succeeded
in bettering their net of last year to an important
extent. -The Southern Railway has added $355,300
to gross and $589,913 to net; the Atlantic Coast Line
$1,173,330 to gross and $1,050,437 to net; the Seaboard Air Line $467,859 to gross and $319,954 to net;
and the Florida East Coast $421,914 to gross and
$53,078 to net. The Louisville & Nashville, on the
other hand, though falling $793,882 behind in gross,
shows $152,246 improvement in the net. In the East,
embracing the great manufacturing districts, losses
in earnings are the rule, usually more moderate,'lowever, in net than in the gross. The Pennsylvania
Railroad System, comprising all roads owned and
controlled, suffers a decrease of $3,316,629 in gross
and of $2,817,372 in net. The New York Central has
lost $2,678,749 in gross and $570,746 in net. This is
for the New York Central proper. Including the
various auxiliary and controlled roads, the result is
a loss of $4,443,847 in gross and of $1,760,774 in net;
the Baltimore & Ohio has lost $882,511 in gross, but
only $87,040 in net. The Erie shows $571,717 decrease in gross but$26,550increase in net. The Lehigh
Valley has lost only $97,668 in gross and has succeeded in converting this into a gain of $194,751 in
net, and the Reading Co. falls $551,577 behind in
gross and $176,603 in net. In the following we show
all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases,
and in both gross and net:
PRINCIPAL CHANGES IN CROSS EARNINGS FOR MARCH.
Decrease.
Increase.
$551.577
•
Atlantic Coast Lines_ ___ 81.173.330 Reading
550.452
1.003.051 C C C or St Louts
Missouri Pacific
903.176
511.188 Northern Pacific
Atch Topeka & S Fe (3)
385.669
467.859,NYNH& Hartford._
SeaboardAir Line
361.106
467.561 ' Great Northern
Missouri-Kan-Texas (2)_
357.177
421.914 Chic St Paul Minn & Om
Florida East Coast
353.407
3.55.300 Boston & Maine
Southern Railway
326.564
320.721 Grand Trunk Western
St Louis-San Fran (3)....
300.437
187.787 N V Chicago & St Louis_
Bessemer & Lake Erie_
294.426
181.548 Delaware St tuIson.
Central of Georgia
172.721 Los Angeles & Salt Lake
288.341
Texas &'Pacific
170.462 Pittsburgh & Lake Erie251.992
Yazoo & Miss Valley_ _ _
115.426 Buffalo Roch & Pittsb
249.615
Kan City Mex & Orient..
Chic R I & Pacific (2)-213.848
85.548.868 Delaware Lack & WestTotal (18 roads)
197.677
Chicago Great Western_
184.359
Decrease. N Y Ontario & estern_
178.806
a$3.367.652 Central New Jersey
Pennsylvania
165.959
52.678.749 Cincinnati North,rn_ _ _ _
New York Central
164.068
1.676.209 Southern Pacific (7) -Union Pacific (4)
160.157
1.480.147 Virginian
•
Chicago & North West
159.766
151.209
Chicago Burl & Quincy. 1.158.981 Chicago & East Illinois..
Chicago Milw & St Paul
965.588 Wheeling & Lake Erie
147.737
Baltimore & Ohio
882.511 Chicago & Alton
140.027
861.753 Wabash
139.435
Norfolk & Western
793.882 Western Maryland
126.900
Louisville & Nashville_
761.152 Minn & St Louis
114.881
Michigan Central
681.908 Rutland
102.121
Pere Marquette
607.044
Illinois Central
Total (53 roads)
571.717
323.538.1130
Erie (3)
Note.—All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any systenwwe have combined the separate
returns so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $3.367,652
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease in gross of $3.316.629.
b The New York Central proper shows $2678749 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c.. the whole going to form the New York Central System,
the result Is a loss of $4,443.847.
PRINCIPAL CHANGES IN NET EARNINGS FOR MARCH.
Increase.
Decrease.
Atlantic Coast Lines---- 81.050.437 Pennsylvania
a$2,812,772
Southern Railway
589.913'Chicago & North West_
973,248
Southern Pacific (7)
419.832 Union Pacific 4)
941.130
Missouri Pacific
356.8511Chicago Burl & Quincy_
937.128
Mo-Kansas-Texas (2)_
342.111 Chicago Milw & St Paul_
695.591
Seaboard Air Line
310.054 Michigan Central
573.800
5570.746
Atoll Topeka & S Fe (3)_
314.918 New York Central
Bessemer & Lake Erie__
301.796 Chic R I & Pacific (2)_.
375.284
324.548
Lehigh Valley
194.751, Pere Marquette
St LulsSan Fran (3)___
298.013
190.491 Illinois Central
288.081
Louisville & Nashville__
152.246iNorth ern Pacific
Union RR
281.185
144.0471Pittsburgh & Lake Erie_
268,494
Kansas City Southern_
137,252,C C C & St Louis
265.283
Yazoo & Miss Valley__
135.7841Chic St Paul Minn & Om
Norfolk & Western
235.747
135,744 , Los Angeles & Salt Lake
229.341
MStP&SSM
131,766 Chicago & Alton
176.603
Buffalo Roch & PIttsb„
119.3061 Reading
135.984
Great Northern
111.040 Boston & Maine
128.538
Richmond Fred & Potom
103.9291N Y Ontario & Western_
118.650
1Grand Trunk Western__
108.994
Total (30 roads)
$5,252,168 Minn & St Louis
104,300
Chicago Great Western_
1
810.843.460
Total (26 roads)
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louts and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $2 812.772
decrease. For, the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease ot $2.817.372.
S These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is a decrease of $1,760,774.
MAY 16 1925.]
2483
THE CHRONICLE
Jan. I to
Wheat
Flour
Mar. 2s. (bbls.)
(bush.)
Chicago4,417,000
1925____ 3,772,000
4,329,000
1924____ 2,981,000
Milwaukee262,000
811,000
1925.__
485,000
1924_
371,000
St. Louis1925____ 1,396,000 9.438,000
5,690,000
1924____ 1,322,000
Toledo1,042,000
1925__
1,605,000
1924-Detrott419,000
11,000
1925____
1924.._475.000
Peoria344.000
1925__.. 677,000
247,000
1924....... 598,000
Duluth6,619,000
1925._
SUMMARY BY GROUPS.
3,956,000
1924..___
Gross Earning
Minneapolisseaion or Group1925.
1924.
Inc.(+).or Dec.()
20.966,000
1925March19.423,000
1924
Group 1 (9 roads), New England____ 21,641.831 22,849,733 -1,207,902-6.07
Group 2 (33 roads). East MIddle____151,910,982 161,378,017 -9.467,035 -5.86 Kansas City8,205,000
_
1925Group 3(27 roads), Middle West____ 43,599,851 46.953,891 -3.354,040 -7.14
9,907,000
1924
Groups 4 & 5(34 roads), Southern__ 79,414,417 78.220.885 +1.193,532 +1.53
Indianapolis
Omaha
&
Groups6 & 7(29 roads), Northwest__ 89,041,321 96,219,439 -7.178,118 -7.46
4.797,000
1925____
Groups 8 & 9(49 roads), Southwest__ 74.280.270 71,645,240 +2.635,030 +4.38
4,137,000
1924..
Group 10(10 roads). Pacific Coast_ - 25.609,471 27,095.771 -1,486,300 -5.52
Sioux Cily486,000
1925_ Total(191 roads)
485,498.143 504,362,976 -18,864,833 -3.74
399,000
1924_ _.
St. JosexhNil Earnings
2,489,000
1925_ _ ---Mileage
1925.
1924.
Inc.(±) or Dec.(-)•
1,329.000
1924._
1925.
1924.
$
Group 1
7,321
7,383
5.016.634
5,397.145 -380.511 -7.05 Wichita2,278.000
1925_ --Group 2
34.605 34,672 29.220.147 32,462,674 -3,242,527 -9.99
1924__.._
15,988 15,990 11.618.039 12,990.469 -1.372.430 -10.55
Group 3
Groups 4 & 5
39,141 38,994 23,621.896 20,507,367 +3.114.529 +15.18
Groups 6 & 7
67.182 66.962 18,030.022 22.327,299 -4,297,277 -19.25 Total ail1925___ 6,118.000 62.311.000
Groups 8 & 9
55,299 55.095 15.832,952 14.494.517 +1.338.435 +9.23
1924._ 5,2721100 51.984,000
Group 10
17,023 16,952
5.890,396
6,498,280 -607.884 -9.36
When the roads are arranged in groups or geographical divisions, according to their location, we
find just what would be expected in view of what
we have already said. Every geographical division,
barring only the Southern and the Southwestern,
records losses in gross and every division, also, losses
in net with the two exceptions mentioned, which are
able to show moderate improvement in gross and
quite substantial improvement in net. Our summary
by groups is as follows:
Corn
(bush.)
(has
(bush.)
Barlett
(bush.)
Rye
(bush.)
27.701.000 12,955,000 2,710,000
33,536,000 17,366,0o0 2,569,000
717,000
708.000
3,271.000 3,273,000
3,702,000 2,078.000
459.000
510,000
3,874,000
7.067.000
7,305,000
12,702,000
9,618,000
8.668.000
156,000
242,000
17,000
77.000
1.282,000
1,689,000
,
138.000
979.000
1,194,000
1,055,00
1.000
29,000
40.000
345.000
469,000
876,060
37.000
4,000
76,000
1,000
6,944.000
4,398,000
2.927.000
2,796,600
320,000
452,uu0
15,000
3,000
174,000
5,719.000
2.880,000
1,079,000
302,000 1,990,000
124.000 2,073,000
9.729,000
6,957.000
8,944,000 5,165,000 1.104,000
6.040,000 3,106,000 1,550,000
8.918,000
8,665.000
1.771.000
2,415,000
11.587.000
17,143,000
5,573,000
6,106.000
1,901,000
3,239,000
864,000
1,208,000
3,170.000
2,825,000
320.000
290.000
1,097,000
152,000
14,000
12,000
5,000
13,000
83.820.000 50 938.000 11.978,000 4,423,000
105,119.000 51.607,1,00 8.616.000 4.970,000
The Western live stock movement was also smaller
than last year. At Chicago the receipts comprised
20,102 head in March 1925, against 23,484 in March
1924, and at Omaha 9,976, against 12,133, though at
Kansas City the receipts were 8,993, against 7,729.
As to the cotton movement in the South, the gross
shipments overland in March 1925 were 143,979
bales, against 76,701 bales in March 1924; 144;181
bales in 1923; 141,845 bales in 1922 and 205,891
bales in March 1921. At the Southern outports the
receipts the present year were 649,078 bales, against
237,789 bales in March 1924 and 321,706 bales in
March 1923. The receipts at the different ports for
the month and since Jan. 1 for the last three years
It remains to be said that Southern roads had the
are shown in the tab'e which follows:
advantage of a larger cotton movement while the RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND FROM
JAN. 1 TO MARCH 31 1925. 1924 AND 1923.
Western roads had to contend with a diminished
March.
Since Jan. 1.
grain movement. The receipts of grain at the WestPorts.
1924.
.1924.
1925.
1923.
1925.
1923.
ern primary markets for the four weeks ended March
74.425 793.194 467.046 373.559
185.238
76.376
Galveston
28 reached only 55,792,000 bushels the present year, Texas City, &c
26.582 620,870 191.152 152.276
180.170
47.183
64,359 114.196 492.704 315.950 368.695
138.210
Orleans
against 63,901,000 bushels in the corresponding four New
11.689
2.943
15.703
12,160
3.752
37.698
Mobile
2.231
3.232
896
763
4.486
1,115
Pensacola, &c
weeks of last year and every one of the leading grains Savannah
82.512 113.486
60.816 146,246
18,272
52.830
2.689
214
350
Brunswick
contributed to the falling off, with the exception of Charleston
43,353
26.731
9.879
17.027
84.070
26.144
40.274
12.236
17.379
9.765
16.401
1.761
Wilmington
barley. The details of the Western grain movement Norfolk
65.174
60.464
15.025 104.789
36,810
15.311
in our usual form are shown in the table we now Total
649.078 237.789 321.706 2.322.426 t.1PO,990 1.146.822
present:
Total
236,559 236.048 109.230,086 114,677.751 -5,447,665 -4.74
NOTE.-Group Z. Includes all of the New England States,
Group II. includes all of New York and Peunsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio sad In 11.1.11.1., all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII, combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis HMI Kansas City, also ail of Montana, Vi yoming
and Nebraska, toget her with Colorado north of a line parallel to the State But
passing through Denver.
Groups VIII and LX. combined include all of Kansas, Oklahoma, Arkansas and
Indian territory, Missouri south of St. Louis and Kansas City. Colorado south
of Deliver, the whole of Teter, and the bulk of Louisiana, slid that portion of New
Mexico north of aline running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks
Ended
Flour
Wheat
Corn
Oats
Barley
Mar. 28. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1925.___ 1,061,000
988.000
7.831,000
2,757.000
620.000
1924...._
895,000
1,506.000 8.527,000 5,314.000
756.000
Milwaukee1925__
72.000
401.000
1,258.000
710,000
757.000
__
122.000
1924%
144.000
2,678,000
1,092.000
551.000
St. Louis1925...._
391.000
2,657.000
2,181,000
2,726.000
1924.___ 409,000
1,487,000
2.603,000
2.396,000
78.000
Toledo1925____
109.000
398.000
211.000
l924.__
458.000
456,000
332,000
DetroU1925- ___
74.000
40.000
84.000
1924_
111,000
195,000
286,000
Peoria187.000
37.000
1925-_
1.917.000
837,000
118.000
1924.-- 208,000
68.000
1,027,000
636.000
70.000
Duilah1,884,000
1925144.000
32,000
119.000
1.305.000
1924_
2,879,000
251,000
15,000
Minneapolis5.623.000
1925._
2,333.000
2,517.000 1,463,000
7.403.000
1924_
2,145,000
1,788,000 1,049,000
Kansas City2,322.000
3,177.000
1925.
295,000
2,541,000
2,045,000
1924.....
662.000
Omaha & Indianapolis1,077,000
3,018,000
1925___
1.404,000
1,085.000
4.058,000
1924_
1,832,000
Sioux City129.000
398.000
1925._
232,000
2.000
72,000
630,000
306,000
1924..-4,000
St. Joseph599.000
855,000
110.000
1925513,000
968.000
1924 _
156.000
Wichita393.000
244,000
24,000
1925____
1924_
Rya
(bush.)
86.000
266,000
60,000
173,000
2,000
35,000
8.000
13,000
2.000
262.000
513.000
266.000
420,000
1.000
2,000
Total all1925__-- 1,711.000 16,293.000 23.794.000 11.939,000 3.079,000
687.000
1924__ 1,634,000 16,693,000 28,211,000 15,051,000 2,523,000 1,423.000
Gold Exports from New York During April Totaled
$20,000,000.
Regarding the gold movement during April the Federal
Reserve Bank of New York in its May 1 monthly review
says:
Exports of gold from the Port of New York during 29 days of April
totaled $20,000.000. Of the April shipments, 53.000.000 represented
shipments to India, following a lapse In the movement to that country in
March. and 515.000,000 was additional withdrawals by the Reichsbank
of gold earmarked here for Its account. As imports amounted to 35.300.000,
chiefly from the Netherlands, the net export movement from this port
of the period was approximately 315.000.000. In addition to shipments
from this port, however. $1,000.000 was reported sent to Australia from
San Francisco.
The final figures on the gold movement for the entire country for March
showed exports of 325.000.000. about half as much as was shipped in
February, and a third as much as in January. Imports during the month
totaled 37,000.000. chiefly from England and Canada. The following
table gives a detailed summary of the export movement by months and
by countries of pi incipal destination for the four months ended March 31.
During this period the net export balance totaled approximately $163,000.000.
Total Four
Dec. 1924. Jan. 1925. Feb. 1925. Max. 1925. Months.
Country.
S20.000.000 $17,500,000 $12.510.000 815.120,000 $65,130,000
Germany
5,674,000 36.466.000 16.228.000
British India
63.000 58,431,000
Australia
6.354.000 16.793.000 2,758.000 25,905.000
10.264.000 5.078.000 1.032.000
England
50,000 16,424.000
1,324.000 3.284.000 1,035.000
Netherlands
5.643.000
220.000
942,000
China & Hong Kong
2.815,000
540,000 1,113.000
1.001.000 1,003.000
Sweden
2.004.000
Poland
1,104,000
1.104,000
1,192.000 2,899.000 1.358.000 6.000,000 11449.000
All other
Total exports.... 39.675.000 573.526,000 550.600.000 $25,104,000 5188.905.000
10,274,000 5.038,000 3.603,000 7.337,000 26.252.000
Total Imports
Nat nynnrta
529.401.000 568.488.000 84,8907000 117 7,87 non It R2 632 non
2484
THE CHRONICLE
[vol.. 120.
British Industry and the Embargo on Foreign Loans.—Foreign Lending
Means British Exports
By
HARTLEY WITHERS.
[Oopyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
That lending abroad tends to stimulate exports, from the
lending country, of goods and services, is a commonplace
that need not be argued. Apart from shipments of the
precious metals, there is no other way in which the borrower
can take advantage of the credit so created except by buying something that is provided by the industry—using the
word in its widest sense—of the lending country. It need
not do so directly. For example, if a South American State
that is building a railway raises a loan in London, it may
spend the proceeds on steel rails made in Belgium and on
rolling stock manufactured in the United States; but the
Belgian and American sellers of the goods in question will
take payment in sterling drafts, because a sterling credit
Is all that the borrowing Government has got for making
payment for them; and either they, or someone else to
whom they pass the credit on, must buy something in England, for England is the country, and the only country,
where the particular kind of money that has been borrowed
passes current in exchange for goods and services; if it is
going to be spent at all—as it certainly is—it has to be spent
here finally, however often it may have in the meantime
changed hands abroad and been converted into foreign currencies.
"In actual practice," says Mr. Hobson, in his work on the
"Export of Capital," "all countries which export capital
send abroad a more or less wide range of commodities," and
It is a fact that has often been demonstrated from trade
statistics, that the years in which our foreign investment
has been on the greatest scale have been marked or followed
by the greatest activity in our exports of goods.
On these grounds there seems to be no doubt that the
embargo on foreign lending, which has been part of the
process of raising the value of sterling to something like its
pre-war value as measured by foreign rates of exchange, has
had the effect of diminishing the demand for British goods
abroad and so has assisted the depression that has been
prevalent in our great exporting industries. And at first
sight, if the considerations put forward above are correct,
there seems to have been little reason for it. If it be true
that foreign lending necessarily means an export of British
goods, then the export of goods must cancel the credit created by the loan, and there is no offer of sterling to turn the
exchanges against London and endanger the restoration of
the gold standard. But, as was shown above, the purchase
of British goods which follows the foreign investment need
not be direct or imediate; and until it takes place there is a
sterling credit on offer. In the long run, foreign lending is
implemented by exports; the lender creates a claim on England and the English seller of the goods meets it with a
claim on the foreign buyer of the commodities sold; but it
may take many months before the operation is thus com-
pleted, and the protection of sterling, which the embargo
was intended to effect, was presumably meant to steady its
value during the critical time through which it has lately
passed. Those who imposed the embargo could not act on
principles based on what is going to happen in the long run,
but on the exigencies of the present moment.
Nevertheless, one may be permitted to doubt whether the
object desired could not have been secured by some less drastic
measure and by one which could not have had the effect of
checking British exports'and increasing her trade depression. If it had been decreed by the authorities that all
money lent to foreigners, during the present critical period, •
must be spent on the purchase of British goods and must be
held by the issuing house responsible for the loan until
transferred to the sellers of the goods, then the exchanges
would not have been affected and British exports would not
have been checked.
It is, indeed, often contended that some such proviso
should always be made with regard to loans—or at least
with regard to part of them—that are at any time raised in
this country, as is done in other countries that lend abroad.
It seems to me that in ordinary times this restriction is unnecessary, and "bad business." Mr. Vickers lately put it
forward at the annual meeting of Vickers, Ltd., as an assistance to British trade. But since in the long run foreign lending means British exports and since our freedom from such
restrictions has in the past secured us a good deal of profitable lending business, the balance of advantage, in times
when we can afford to wait, seems to be strongly on the
side of freedom, especially in the eyes of those who have a
prejudice in favor of freedom for its own sake.
But at the present moment when every stone that can be
turned to help our depressed export industries and to relieve the burden of our unemployment, is well worth turning, there is much to be said for the encouragement of foreign lending; with the condition already suggested. By
attaching this condition we should prevent any offers of
sterling abroad in consequence of loan operations, and we
should at the same time secure that potential foreign buyers of our goods, whose pockets were empty but whose credit
was good, could be supplied by our investors with means of
payment.
It may be objected that such a restriction would be an interference with the freedom of our money market. So it would,
and therefore to be regretted as an unfortunate necessity
only justified by the fact that the times are out of joint.
But it is not nearly such a drastic interference with its freedom as the present embargo. And if the restoration of the
gold standard necessitates protective measures for its Mali,tenance, the milder restriction suggested is surely preferable to the indefinite continuance of the embargo.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 15 1925.
As in recent weeks, the weather is detrimental to trade.
It is too cold in most parts of the country. Even in the far
South the temperatures are unseasonably low. In parts of
the cotton belt they have been in the 40's. In the West temperatures have been too low for the crops. It is true that on
the other hand rains throughout most of the country have
been beneficial to grain and cotton, and they have accordingly fallen in price. But the cool, wet weather in many sections has kept down business. That is very apparent.
Wholesale business still keeps within very moderate and
certainly very safe bounds. It is noticed that collections
are not so prompt. Yet it is a fact that recently commodities
have advanced rather than declined. Double the number of
advances have taken place to the declines. Wool has declined further at the London sales and has been quiet in this
country, even though of late it has been reported somewhat
steadier. • Building (for the country as a whole) is running
ahead of 1924. Lumber sales are on a larger scale and the
movement to market is heavier than at this time in 1924.
With general trade slaCk and industries handicapped by
hand-to-mouth buying, it is not surprising to notice that the
jewelry business—in some sort a kind of index to commer-
MAr 16 1925.]
THE CHRONICLE
2485
has shown a downward tendency.
cial conditions, certainly in some degree, measuring the larity at times. Money
have
prosperity of the people—is noticeably dull. Also, the shoe Sterling exchange to-day was strongar. Rubber stocks
industrial securities dull.
and leather industries are quiet. Probably footwear is made been advancing in London, with
that a new London County Council loan
to last longer than in pre-war years. Habits of economy It was noticed, too,
2% was offered at as low as
1
grew up among the people during the high priced period of equal to about $30,000,000 at 4/
was somewhat stronger.
tone
the
to-day
Paris
In
.
2
1
/
94
to
possible
cities
is
big
it
other
and
York
New
In
war.
the
make footwear last longer by more frequent repairs at a Bonds have been in steady demand on this side of the water
high aververy moderate cost. The large number of mending establish- and the tendency of late has been towards a new
for
general
the
thus
quotations
The
year
far.
stock
on
age
quickand
people
the
for
accommodations
novel
ments with
ness of opertaion unknown before the war, are evidently tendency of foreign exchange has been upward. French
not without their effect on the shoe and leather industry. francs have advanced. The financial future of France is
The bituminous coal trade has been more or less unsettled evidently brightening. M. Caillaux, the new Finance Minpending the possible adoption of a new wage scale. But ister, need not be expected to perform miracles. And needthere has been a larger business in anthracite coincident less to say, is not attempting anything of the kind. To make
with a sharp increase in production in anticipation of a new the budget balance in fact, rather than in name, he seems to
output agreement this summer. It is noticed, too, that in understand plainly enough that taxes must be raised and
spite of complaints of slowness of business, car loadings expenditures reduced. Income must be increased and outgo
have increased. This is attributed partly to increased ship- decreased. In other words, homely common sense must be
ments of iron ore, coal and miscellaneous freight. Rubber brought to bear on the situation. There is no wizardry in
has further advanced, with trade, however, proceeding cau- such finance, but it is the only kind that will succeed. The
tiously here. Early in the week there was not a little ex- so-called balanced budget under the previous Ministry, it has
citement in the rubber market of London. Under artificial been demonstrated, really showed a deficit of about 4,000,conditions prices for it may be forced to a high level, but in 000,000 francs.
In connection with recent developments in Germany, one
the long run economic laws must decide the course of prices.
in
Such laws are as immutable as the law of gravitation. The of the signs of the times has been the noticeable advance
iron and steel industry is still more or less depressed. Trade the price of insurance stocks here accompanied by reports
has been light and prices have declined, while at the same that a cash settlement would be made of the amount due
time there has been some falling off in production. The from Germany to the United States Government and to
decreased output is gradually preparing the way for better American insurance companies for ships sunk during the
things. But as the case stands, buying, as in so many other war, the amount due being estimated at something like
branches of trade, is mostly in small lots to supply immediate $100,000,000. It is a sign of increasing confidence in the
growing prosperity of Germany and in the good faith of its
wants.
In cotton there has been a decline of $4 to $5 a bale, owing new Government. President Hindenburg seems to inspire
to a steady improvement in the crop outlook. That followed confidence among all classes in Germany, and there is no
generous rains on both sides of the Mississippi River. The idea that he will ever try to play the role of General Monk
Mississippi Valley had the best rains that it has had for in attempting to restore the monarchy in Germany, as was
many months past. Talk of drought was silenced. Fall done by Monk in England in the case of Charles II.
There is wide discussion of the possible reasons for the
River and Manchester were reported quiet and Worth Street
idle. But later in the week came an upturn in raw cotton failure of trade to arouse itself and develop the activity that
here, because of a surprisingly large consumption in the was expected to set in with the opening of 1925. Quick deUnited States in the month of April. It reached nearly 600,- liveries and small and fluid stocks kept at a safe level may
000 bales, the largest. indeed, for April on record. It seems be one explanation. The old time piling up of stocks and
a curious fact, too, that since the moilth of February there locking up of capital seems to be becoming obsolete. But,
has been a steady increase in the number of active cotton however that may be, there is a deep-seated obstacle to the
spindles in this country, coincident with an unending com- revival of trade on anything like the old-time scale in anplaint of dulness of trade. Not to put too fine a point on it, other direction. Labor costs are too high. Wages have in
caustic comments are made in some quarters about this loud effect already been reduced by short time or even absolute
pedaling of anything unfavorable in the situation, and the unemployment. Particularly is that the case in coal mining.
opposite on anything favorable. It is true that two big Mills That industry, after being over-stimulated by the war, still
in North Carolina during the past week have reduced their feels the post-war reaction. In the cotton manufacturing
operations to four days a week and a gingham mill to three industry wages in 1924 averaged 151% over the 1913 leveL
days. But every now and then come favorable reports from High wages have helped to keep up prices for those who buy
this, that and the other quarter, including, by the way, cotton goods. Many of the artisan class are far better off
Manchester, N. H. And if we take the Census Bureau re- than the great mass of urban wage earners, for instance in
port on American consumption as a guide, it is evident that offices, stores and so forth. Such unjust inequalities in the
the textile business in this country is at least much better in end operate to the disadvantage of all classes, artisans insome sections than it is in others. There are those who be- cluded. For what the artisans produce cannot so readily be
lieve, indeed, that the general condition of that branch of sold. Artisans tax artisans in rents, clothing, etc. The only
business is not so bad as many have supposed it to be. equitable thing is to reduce costs of all kinds, labor included,
There is no doubt, however, that the general opinion leans increase production, decrease prices, and increase consumpto the belief that the trend of prices for raw cotton is down- tion.
Fall River's business in print cloths this week amounted
ward, with the largest acreage on record to be planted and
the weather, despite some drawbacks, in the main not un- to only 30,000 pieces. It has kept to about that total for
favorable, especially now that the great drought has been many weeks. At Manchester, N. H., the cotton division of
relieved. In some parts of southwestern Texas of late the the Amoskeag mills has been placed, 1: is said, on an operattemperatures have been as high as 100 to 104 degrees, and ing schedule of five days a week. It was stated that divieven in one case up to 111. Texas temperatures are improv- dends of 43 American cotton mills in the second quarter of
ing and in the natural course of things they must soon be- 1925 averaged only .89 of 1%, the smallest in many years,
come more seasonable throughout the belt. In coffee there and that 23 mills had passed their dividend. At Willimantic,
has been a further collapse of prices. In one day they fell Conn., the American Thread Co. on May 11 resumed work,
some 85 to 100 points. Brazilian markets have dropped despite a strike of operatives, and threats of violence by
sharply and a firm in Frankfort, Germany, is reported to strikers. Later Hartford, Conn., wired that 12 arrests for
have suspended with liabilities of 7,500,000 marks. The assault and intimidation were made by State police on duty
great decline has carried prices at New York to a point now at the American Thread Co. in Willimantic, Conn., in cononly about 3cents above the quotation of a year ago, whereas nection with the strike at the mills, which does not seem to be
at one time it was 5 cents higher than in 1924. But jobbers successful. The City Council appealed to Governor Trumand other buyers continue to hold aloof, purchasing only bull for the withdrawal of 25 State police now on duty, defrom hand to mouth. Both consumers and coffee roasters claring that protection was not sought by city officials. Prohave been fighting the advance for many months past. And tection seems to be needed, politics or no politics.
now it is said in Paris, where some grades of coffee have
At Alabama City, Ala., the Dwight Manufacturing Co.
been costing the consumer $1 a pound, people are turning advanced wages of 1,000 cotton mill operatives 10%. The
mill is now running full time and several departments that
to tea as one substitute.
The stock market has on the whole given no bad account were recently electrified are running day and night. In the
of itself and to-day turned upward again after some irregu- Carolinas the Proximity and White Oak mills have curtailed
2486
THE CHRONICLE
[VOL. 120.
Coal loading totaled 149,218 cars, an increase of 1,888 over the preceding
operations to four days a week. Rumor said that some
week. Compared with the same week last year, the total for the week of
others would do the same. At Ozark, Ala., the Ozark mill is May
2 was an increase of 22,030 cars, but a decrease of 26,264 cars, comoperating at full capacity, running night and day, and has pared with the same week two years ago.
Coke
loading totaled 10,119 cars, 488 cars below the preceding week, but
enough orders to keep it running for several months. At
cars above the corresponding period in 1924. Compared with the same
Greensboro, N. C., it was reported to-day that a mill had 116
period in 1923, it was a decrease of 4,978 cars.
stopped operations. At Charlotte, N. C., it was reported
Compared with the preceding week this year, increases in the total loading
of all commodities were reported in all districts except the Pocahontas,
that the Highland Park mills had gone on a three-day
Southern and Southwestern. All districts also reported increases over the
schedule. At Manchester, England, the Federation of Mas- corresponding week last year
and all except the Eastern, Allegheny and
ter Cotton Spinners' Association has issued a letter urging Central Western districts reported increases compared with the corresponding
week in 1923.
members to be loyal to the present short-time scheme of 35
Loading
hours weekly. The letter complains that the Federation has follows: of revenue freight this year compared with the two previous years
hitherto failed to secure the adherence of all its members.
1923.
1925.
1924.
4,450,993
4,239,379
4,294,270
At Paterson, N. J. May 12, silk mills are very busy on Five weeks in January
Four weeks in February
3,414,809
3,631,819
3,619,326
orders for summer silks and are running at a rate far Four weeks in March
3,662,552
3,661,922
3,694,916
Four weeks in April
ahead of that of a year ago.
3,764,266
3,498,230
3,721,662
961,617
913,550
981,711
The total value of the building permitted, according to Week ended May 2
Bradstreet, in April at 170 cities was $406,158,937, which
Total
16,042,623
15,999,791
16,468,608
compares with a total at identical cities for March of $350,411,078 and with $297,237.088 for April a year ago. Here is
Automobile Models and Price Changes.
a gain of 15.8% over March and of 35.6% over April a year
The Willys-Overland Co. is introducing a new fourago, while the decrease from the peak month of March 1924,
cylinder two-door standard Overland sedan priced at $655
which included 178 cities, is only $11,866,168, or 2.8%.
Apropos of the recent great advance in rubber, an Akron, f. o. b. Toledo, according to reports on the 13th inst.
A special dispatch from Detroit on May 14 announced
Ohio, dispatch said that the rubber industry "will be seriously affected by the sensational rise in crude rubber. It that Graham Brothers have reduced the price of their oneremains to be seen whether the new price level will be main- ton truck chassis $80 to $1,095, and the 1%-ton chassis $95
tained, but it seems clear that there will be no return to the to $1,280. Other chassis prices were reduced proportionately.
level which prevailed when most of the automobile tires now
in use were manufactured."
Price of Crude Oil Shows Slight Change-Gasoline
The weather here grew warmer early in the week and
Prices Advance.
then became rainy and somewhat cooler. On the 11th inst.,
Crude oil prices showed little variation throughout the
however, it was 54 to 70 here. At the West and in parts of
week just ended, the changes that did occur being more or
the South it was cool. It was 42 to 50 at Chicago, 40 to 60 at
less sectional in nature. The most noteworthy advance in
Cleveland, 54 to 64 at Cincinnati, 40 to 62 at Detroit, 34 to 66
price was made by the Texas Co., which announced on May
at Minneapolis and St. Paul and 56 to 74 at Boston. Of late
9 that its posted price for Smackover heavy crude was 60
It has been 46 at Chicago, 44 at Milwaukee and 54 at Clevecents a barrel, an advance of 20c. over the previous price
land. But the tendency now seems to be toward warmer
posted. This price change followed that announced by the
weather. It has latterly been 100 to 111 in parts of Texas.
Standard Oil Co. of Louisiana, on May 8, noted on page
And it is also warmer in some other parts of the Southwest.
2353 of our issue of last week. Dispatches from Pittsburgh,
It Is still unseasonably cool, however, in the Atlantic States,
Pa. on May 13 stated that reports had been received advising
both north and south. It was 64 degrees at 4 p. m. here
that Salt Creek crude oil of Wyoming was being sold almost
to-day.
all over
the regular
More Cars Were Loaded with Railroad Revenue Freight
the Week of May 2 Than During Any One Week
So Far This Year-Also in Excess of All
Corresponding Weeks in Previous
Years.
With increases over the previous week for all commodities
except of live stock, coke and miscellaneous freight, which
showed slight decreases, loading of revenue freight for the
week ended on May 2 totaled 981,711 cars, according to reports filed by the railroads with the Car Service Division
of the American Railway Association. This is the largest
number of cars loaded with revenue freight during any one
week so far this year, exceeding the preceding week by
22,486 cars. It also exceeded by 68,161 cars the corresponding week last year and by 20,094 cars the corresponding week
in 1923. It was also considerably in excess of the corresponding weeks in 1920, 1921 and 1922. The increase over
the week before was largely due to increased shipments of
ore resulting from the reopening of navigation on the Great
Lakes. Merchandise and less than carload lot freight, together with forest products, coal and grain and grain products also showed increases compared with the preceding
week. The following additional particulars are also furnished:
Loading of merchandise and less than carload lot freight for the week of
May 2 amounted to 259,809 cars, an increase of 4,710 cars over the week
before and an increase of 10,036 cars over the corresponding week last year.
It also was an increase of 18,852 cars over the corresponding week in 1923.
Miscellaneous freight loading totaled 358,769 cars, a decrease of 2,338
cars under the week before, but increases of 26,434 cars over the same week
last year and 5,782 cars over the same week two years ago.
Ore loading totaled 59,146 cars, an increase of 16,652 cars over the preceding week and 15,898 cars over the same week last year. It also was an
Increase of 21,203 cars over the same period two years ago.
Forest products loading totaled 78,454 cars, 1,020 cars above the week
before and 2,886 cars above last year. Compared with the corresponding
week two years ago, it also was an increase of 6,277 cars.
Grain and grain products loading amounted to 35,858 cars, an increase of
1,832 cars above the week before but 7,510 cars under the same week last
year. It was, however, an increase of 1,695 cars over two years ago. In tho
Western districts alone, grain and grain products loading totaled 18,955
cars, a decrease of 5,508 cars under the corresponding week last year.
Live stock loading for the week totaled 30,338 cars, a decrease of 790
cars under the week before and 1,729 cars below the corresponding week last
year. Compared with the corresponding week in 1923, it was also a decrease
of 2,473 cars. In the Western districts alone, 23,706 cars were loaded with
live stock during the week, 1,188 cars below the same week last year.
the field on a gravity basis, although
market quotations are per barrel. The gravity sales were
made by private agreement and the price ranged as follows:
33 to 35.9 gravity oil $1.80 a barrel, 36 to 38.9 gravity oil
$2.00 and 39 to 41.9 gravity oil $2.25.
A general advance in both wholesale and retail prices of
gasoline was announced by the leading oil companies throughout the Middle Atlantic and New England States and in
some section of the Southern States. Record breaking
consumption is assigned as the reason for the rise in price,
as it comes at a time when the surplus stocks are smaller
than normally held at this time of the year in comparison
with the export demand. The stronger trend of prices in
the wholesale markets is shown by the reports from Tulsa,
Okla.,. which states that United States motor gasoline is
quoted at 11©11%c. a gallon in the (group 3) Oklahoma
refining market, a considerable amount being sold at 113c.
Retail prices of gasoline were increased on May 13 when
the Standard Oil Co. of New Jersey announced an advance
of 1 cent per gallon in the tank-wagon price of the fuel
throughout its territory. The new tank wagon prices
(exclusive of tax) are as follows: New Jersey, 18 cents;
Maryland, Virginia, West Virginia and North Carolina
19 cents; South Carolina 193/ cents. At the same time, the
company advanced all grades of export gasoline % cent a
gallon, making new prices as follows: Navy specification,
15% cents; 390 naphtha, 183 cents; 62-63 deodorized
naphtha, 19% cents; and 66-68 deodorized naphtha, 21 cents.
The Texas Co. and the Sinclair Refining companies met the
advance of lc. a gallon in gasoline made by the Standard
Oil Co. of New Jersey. Effective May 14 the Gulf Refining
Co. followed advance in gasoline announced by the Standard
Oil companies. Reports from Shreveport, La., May 13
stated that the Standard Oil Co. of Louisiana advanced the
price of gasoline lc. a gallon in North and South Carolina,
Louisiana and Arkansas. Gulf Oil Co. followed the advance.
The Standard Oil Co. of New York on May 14 advanced the
tank wagon price of gasoline one cent a gallon throughout
its territory, with the exception of Greater New York,
Springfield, Mass., and Stamford, Conn., where the price
will be advanced 2c. a gallon to 20c. Other companies
followed the advance, including the Gulf Refining and
Atlantic Refining.
THE CHRONICLE
MAY 16 1925.]
Opposition however to the advances is developing in
various sections of the country. From Chelsea, Mass., the
report comes that Mayor Quigley is going to open gas stations
in Chelsea, East Boston and Revere, selling gasoline at 20
cents a gallon. Dispatches from Lincoln, Nebraska, on
May 14 stated that Charles W. Bryan, former governor,
issued a statement to the effect that he would make another
campaign against what he calls the "oil trust" in that state.
He charged the present governor with aiding the oil dealers
by closing the State gasoline station which he (Bryan)
established while in office.
Further opposition is seen in the announcement on May
15 by President Beaty of the Texas Oil Co. that his company
would not meet the advance of 2 cents per gallon in price
just established by the Standard Oil Co. of New York.
Further Increase Recorded in Crude Oil Output.
According to figures compiled by the American Petroleum
Institute on May 13 the estimated daily average gross crude
oil production in the Smackover heavy oil field was 358,800
barrels, an increase of 46,000 barrels during the week of May
9. The daily average production in the United States for
the week ended May 9 was 2,238,350 barrels, as compared
with 2,182,850 barrels for the preceding week, an increase
of 55,500 barrels. Compared with the output during the
corresponding week of 1924, the current figure is an increase
of 279,000 barrels per day. The current daily average production in the United States, excluding Smackover heavy,
increased during the week ended May 9 by 9,500 barrels over
the preceding week. The daily average production east of
California was 1,640,350 barrels as compared with 1,586,850
barrels, an increase of 53,500 barrels.
California production was 598,000 barrels, as compared
with 596,000 barrels for the preceding week, an increase or
2,000 barrels; Santa Fe Springs is reported at 49,500 barrels,
no change; Long Beach, 114,000 barrels, no change; Huntington Beach, 43,000 barrels, no change; Torrance, 35,500
barrels against 36,000 barrels; Dominguez, 41,000 barrels
against 42,000 barrels, and Rosecrans, 19,500 barrels against
18,500 barrels.
The estimated daily average gross production of the MidContinent field including Oaklahoma, Kansas, North Texas,
Central Texas, North Louisiana and Arkansas, for the week
ended May 9 was 1,298,300 barrels as compared with
1,240,350 barrels for the preceding week an increase of
57,950 barrels. The Mid-Continent production, excluding
Smackover, Arkansas, heavy oil was 939,500 barrels against
927,550 barrels, an increase of 11,950 barrels.
The following are estimates of daily average gross production for the weeks indicated:
2487
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR MARCH 1924.
March 1924.
Production.
Association.
Shipments.
Milts.
Honked,. Softwds. Hardwds. &Mods.
M ft.
MIS.
MIS.
MIS.
California Redwood
15
California White & Sugar Pine Mfrs_ 31
Georgia-Florida Saw Mill
5
North Carolina Pine
43
North'n Hemlock & Hardw'd Mfrs
50
Northern Pine Mfrs
10
11
Southern Cypress Mfrs
182
Southern Pine
120
West Coast Lumbermen's
42
Western Pine Mfrs
7
Michigan Manufacturers
28
Non-members
51,907
2,863
7,021
10,723
48.724
55,151
4,153
42,257
18,002
25,941
16,083
410,337
393,934
140,228
2,149
38,780
34,459
3,130
3,427
9,210
39,083
63.883
4,427
43,139
19,710
39,659
15,358
381,560
408,879
128,404
2,109
40,141
544
Total
72,514 1,195,739
50,136 1,188.352
Total production: March 1925, 1 285,228 M feet; March 1924, 1,268,253 M feet
Total shipments: March 1925, 1,231,878 M feet; March 1924, 1,236,468 M feet
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
March 1925
Production.
Shipments.
Mills.
M ft.
AI.fl.
Alabama
35,379
25
33,975
Arkansas
21
44,539
39.132
California
34
87,826
108,139
Florida
30,973
29,338
16
Georgia
19,201
17
15,682
Idaho
17
64,840
58,956
Louisiana
55
133,746
128,592
Michigan
13,512
20,892
16
Minnesota
5
27,652
23,066
Mississippi
43
114,717
109,852
Montana
8
18,878
17,247
North Carolina
5.230
11
6,616
Oklahoma
9.331
3
8,015
Oregon
49
183,352
175.958
South Carolina
20
11,231
12.023
Texas
36
80,275
75.372
Virginia
19
19,928
18,268
Washington
77
259,245
265,912
Wisconsin
36
64,390
35.353
Others *
26
59,365
61,107
_
Total
534
1,231.878
1,285,228
• Includes mostly non-member mills, not distributed.
1925 Lumber Business Surpasses 1924.
With considerable gain in new business and shipments
last week, and a slight gain in production, as compared
with the same week of last year, the lumber industry closed
the first 19 weeks of the year with a greater volume of
business than for the same period of last year. Hitherto
1925 has not made so good a showing as 1924. The National
Lumber Manufacturers Association arrives at these conclusions from a summary of telegraphic reports received from
380 of the larger softwood mills of the country, which
contribute about 40% of the total annual output. With
16 more reporting mills than for the preceding week, there
was an apparent and probably an actual increase in production, shipments and new business.
The unfilled orders of 252 Southern Pine and West Coast
mills at the end of last week amounted to 634,348,742 ft.,
DAILY AVERAGE PRODUCTION.
(In Rarrels)May 9 '25. May 2 '25. Apr. 25 '25. May 10'24. as aga'nst 648,049,777 ft. for 256 mills the previous week.
Oklahoma
457.700
447.350
445.050
430,400
The 133 identical Southern Pine mills in this group showed
87.800
Kansas
89.450
69.950
95.650
90.000
North Texas
90,750
77,250 unfilled orders of 239,522,920 ft. last week as against 237,89.850
132.600
137.700
East Central Texas
130,250
146.650 681,080 ft. for the week before. For 119 West Coast mills
66.250
72.550
West Central Texas_ _ _
83,350
50,200
the unfilled orders were 394,825,822 ft., as against 410,52,150
50,800
North Louisiana
54,650
52,350
328,150
355.500
Arkansas
401.800
148,300 368,697 ft. for 123 mills a week earlier.
101,150
103,000
Gulf Coast
99.000
68.600
Altogether the 380 comparably reporting mills had ship48.650
47,250
Southwest Texas
48,850
37.700
102,000
103.000
Eastern
103,500
103,500 ments 100% and orders 95% of actual production. For the
91,850
Wyo., Mont.& Colo90.650
90,700
128,250 Southern Pine mills these percentages were respectively
597,000
California
596,000
598.000
643,900 102 and 105, and for the
West Coast mills, 107 and 100.
Of the comparably reporting mills 356 (having a normal
2.182,850
Total
2,156,450
2,238,350
1.959,250
production for the week of 223,735,840 ft.) reported production 107% of normal, shipments 108%, and orders
Lumber Production and ShiRments During March.
104% thereof.
The "National Lumber Bulletin," published monthly by
The following table compares the national lumber movethe National Lumber Manufacturers' Association of Wash- ment as reflected by the reporting mills of seven regional
ington, D. C., and Chicago, Ill., on May 7 1925, reported associations for the three weeks indicated:
March productions and shipments as follows:
Preceding
1925
Corresponding
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR MARCH 1925.
March 1925.
Production.
Association.
Shipments.
Hardwds. Softwas. Hardwds. Softwds.
MI:.
MI:.
M ft.
M ft.
15
California Redwood
27
California White & Sugar Pine Mfrs
9
Georgia-Florida Saw Mill
59
North Carolina Pine
North'n Hemlock & Hardw'd Mfrs_ _ 43
9
Northern Pine Mfrs
12
Southern Cypress Mfrs
178
Southern Pine
114
West Coast Lumbermen's
37
Western Pine Mfrs
8
Michigan Manufacturers
23
Non-members
Total
534
47,186
3,378
7,232
10,134
39,153
64,884
7,885
37,698
16,674
30,004
16,503
422,076
396,496
134,857
1,838
49.230
67.930 1,217,298
25.481
4,400
5,493
8,746
32,314
88,416
7,674
37,894
14,049
29,245
13,513
401.593
391,421
121,617
2,587
47,435
44.120 1,187.758
Mills
Production.
Shipments
Orders (new business)
Past
Week.
380
256,221,966
254,988,782
244,615.308
Week
1924.
366
240,048,000
223,229,381
196,993.060
Week
(Revised).
364
246,676.730
244.350,838
235.257.058
The following revised figures compare the lumber movement for the first 19 weeks of 1925 with the same period
of 1924:
1925
1924
1925 increase
Production.
4,557,356.147
4,489,769.447
Shipments.
4,511,643,118
4.510.923,871
Orders.
4,382.463,704
4,294,191,273
67,586,700
719,247
88.272.431
The mills of the California White & Sugar Pine Manufacturers Association make weekly reports, but for a considerable period they have not been comparable in respect
to order with those of other mills. Consequently the
former are not represented in any of the foregoing figures.
Eight of these mills reported a cut of 9,646,000 ft.; shipments,
THE CHRO ICLE
2488
7,185,000 ft. and orders, 6,887,000 ft. The reported cut
represents 23% of the total of the California pine region.
As compared with the preceding week, there was a decrease
'of 403,000 ft. in production; 2,358,000 ft. in shipments
and 10,866,000 ft. in new business. .
[VOL. 120.
Fresh inquiries of 15,000 tons include 4,500 to for a section of the New
York subway under Central Park West.
Sheets and cold-rolled strips are alike in that too many producers are
seeking to keep up a good-sized operation at the expense of prices.
Pipe mills, while having no large backlogs, are operating at 60% for
Independents and 75 to 80% for the Steel Corp.. tne latter having some
good-sized line pipe contracts. The Houston Oil Co.'s 200-mile line will
engage capacity in the larger eilzes for several months.
Western implement and tractor plants expect to maintain satisfactory,
If not full, operations through the summer, which is ordinarily their dull
season.
Price concessions on bolts and nuts are more numerous. Specifications
from implement and automobile plants hold up well.
Weekly Lumber Review of West Coast •Lumbermen's
Assotiation.
One hundred and twenty-three mills reporting to West
Coast Lumbermen's Association for the week ending May 2,
Another drop in the "Iron Age" pig iron composite price
manufactured 104,999,671 ft. of lumber;sold 100,293,477 ft., brings it to $19 71, the lowest since last November and
and shipped 108,400,863 ft. New business was4% below only 50c. above the lowest in more than three years. The
production. Shipments were 8% above new business.
decline since the end of February has been $2 79. Finished
Thirty-seven per cent. of all new business taken during the week was for
future water delivery. This amounted to 36.687.619 ft., of which 23,774.- steel is at 2.460c. per lb., the "Iron Age" composite price
206 ft. was for domestic cargo delivery, and 12,913,413 ft. export. New showing no change this week. It is $2 a ton below the Janbusiness by rail amounted to 1,875 cars.
level and $3 58 below that of one year ago. The usual
Thirty-eight per cent, of the lumber shipments moved by water. This uary
amounted to 41,615.005 ft., of which 30.138.931 ft. moved coastwise and composite price table is as follows:
Intercoastal and 11.476.074 ft. export. Rail shipments totaled 1.981 cars.
Local auto and team deliveries totaled 7.355,858 ft.
Unfilled domestic cargo orders totaled 157,834,500 feet. Unfilled export
orders 82.524.197 ft. Unfilled rail trade orders 5.667 cars.
Coast LumIn the first 18 weeks of the year, production reported to West
bermen's Association has been 1,783.691,836 ft. new business 1,796,499,916
ft., and shipments 1,822.834,143 ft.
Steel Corporation's Unfilled Orders Show Further
Shrinkage.
The United States Steel Corporation on Saturday May 9
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of April 30
1925 to the amount of 4,446,568 tons. This is a decrease
of 416,996 tons from the orders on hand March 31 and of
838,203 tons from the unfilled tonnage on Feb. 28. Last
year on April 30 the total of unfilled tonnage stood at 4,208447 tons and on April 30 1923 7,288,509 tons. In the following we show the figures back to the beginning of 1921.
Figures for earlier dates may be found in the issue of the
"Chronicle" for April 14 1923, page 1617.
January
February
March
April
May
June
July
August
September
October
Noverr ber
December
1925.
6,037,323
5,284,771
4.863,564
4,446,568
1924.
4,798,429
4,912,901
4,782.807
4,208.447
3,628,089
3,262,505
3,187,072
3,289.577
3,473,780
3,525,270
4,031,969
4.816.676
1923.
6.910,776
7,283.989
7.403,332
7,288.509
6,981,851
6,386,261
5,910.763
5.414,663
5,035.750
4.672.825
4,368.584
4,445.339
1922.
4,241,678
4,141,069
4.494.148
5.096,917
5,254,228
5,635.531
5.776.161
5,950.105
6,691,607
6,902.287
6,840.242
6.745,703
1921.
7,573,164
6,933,867
6,284,765
5,845.224
5,482,487
5,117,868
4,830.324
4.631.926
4,560,670
4,286,829
4.250,542
4.268,414
Further Curtailment in Iron and Steel Output-Pig
Iron Price Drops.
In evening up for the overproducton of the first quarter
of the year, says the "Iron Age" this week, the iron and
steel industry has taken further steps toward curtailment
in the past week. While the advance of spring has brought
increased consumption of steel in some directions, as for
. automobiles and for building, the scale of new buying and
of specifying on contracts has not been sufficient to support
the April rate of output, states the May 14 summary, which
we quote as follows:
average last month.
As against 79% of ingot capacity operating on the
five blast
the rate is now slightly under 70%. In the Pittsburgh district
are
furnaces have gone out in the week, and a number in other districts
scheduled tolollow in the next ten days.
under
The price situation in brief is that pig iron has declined again
larger sales; finished steel has continued unsettled; scrap has turned upward
In one or two markets, and coke has yielded because output could not be
quickly adjusted to the blast furnace suspensions.
get
Chicago and Pittsburgh district mills have continued their effort to
than is paid
$2 a ton more on small-lot business in plates, shapes and bars
bars
on
price
Pittsburgh.
2c.,
by large buyers, but in Eastern markets the
on plates.
Is general. while eastern Pennsylvania mills have gone to 1.90c.
The feature of the week is that in every pig iron selling centre apart
took
evidently
from the East, the prices fell about $1 a ton. All markets
England,
their cue from the sharp decline of the week previous in New
competition.
where Buffalo and eastern Pennsylvania furnaces were in
third
In several districts some large buyers have bought in part for the
quarter, recognizing that prices were approaching low point. At Chicago
quarter
third
the reduction has not started a buying movement yet for
iron, though one is thought to be not far off.
Foundry operations in and around Chicago are estimated to be about
10% less than those of six weeks ago.
In Cincinnati territory competition between southern Ohio and Lake
iron.
Erie furnaces brought out a price of $19 50 on Ironton foundry Pig
Tennessee iron also has sold in southern Ohio en the basis of $18. Birmingham.
Fair sized purchases of heavy melting steel in the Pittsburgh district
have stiffened the market, the supply appearing less plentiful. There
was an advance at Cleveland also of $1 a ton. In eastern Pennsylvania,
however, the present rate of steel works operation is less favorable to any
sustained advance in scrap.
The much-announced order for 5,500 cars for the Chicago Milwaukee
St. Paul has been distributed. The same road will close this week for
1,000 cars more, and will also contract for repairs for 1,000 stock cars.
The Norfolk & Western has placed 1,935 gondola bodies.
Structural awards were above 34,000 tons for the week, or close to the
tens.
weekly average for this year. A St. Louis theatre calls for 6,000
May 12 1925, Finished Steer. 2.460e. per Lb.
5 1925
2.460c.
i
Based on prices of steel bars, beams. tankMay
2.531c.
plates, plain wire, open-hearth rails, April 14 1925
2.639e.
black pipe and black sheets, constitut- May 13 1924
big 88% of the United States output- - _ 10-year pre-war average, 1.689c.
May 12 1925. Pig Iron, $1971 per Gross Ton.
$20 63
Based on average of basic and foundry May 5 1925
21 04
Irons, the basic being Valley quotation. April 14 1925
21 79
the foundry an average of Chicago. May 13 1924
10-year pre-war average. 15 72
Philadelphia and Birmingham
Finished Steel.-High: 1925, 2.560c., Jan. 6; 1924. 2.789c., Jan. 15;
1923, 2.824c., April 24. Low: 1925, 2.460c., May 5; 1924,2.460c., Oct. 14;
1923. 2.446c., Jan. 2.
Pig Iron.-High: 1925. $22 50, Jan. 13; 1924, $22 88, Feb. 26; 1923.
$30 86. March 20. Low: 1925, $19 71, May 12; 1924. $19 21, Nov. 3;
1923. $20 77, Nov. 20.
Evidence of greater acceptance by buyers of the present
level of iron and steel prices is spreading and is being expressed
by a moderate though perceptible enlargement of the volume
of the market observes the "Iron Trade Review" in its
weekly summary. Since the peak was reached in February,
steel prices have fallen approximately 2.5% on the whole,
and pig iron 11%. Sentiment has shown plainer improvement this week, all along the line and with it has come a
more general willingness to renew purchases, equally in
primary and finished materials continues this trade journal
on May 14, adding further facts of interest, which follow:
The market still is characterized by small orders individually and by
urgent pressure laid by consumers upon producers for quick deliveries.
With virtually all companies, the number of orders is much greater than a
year ago but the tonnage is less. The signs are growing, however, that the
ebb of tonnage and the curtailment of production are nearing a balance,
with consequent stabilization of conditions. Production is holding more
evenly at 70 to 75% of capacity.
Mill specifications are heavier notably in merchant bars, sheets and tin
plate. The automobile industry which, in the Detroit district, is now
operating at full capacity is responsible for considerable of this betterment.
The leading producer experienced the best inflow of sheets in six weeks and
in tin plate, booked 350,000 boxes in one day on advance mlll orders.
While steel ingot output in April fell 14.5% from March for the first
decline in nine months, the total was over 85% of Me high water mark for
any month which was in March, 1924. The April production was at the
annual rate of 42,910,000 tons for the entire industry. Furthermore, it
was 91% above the low point of last July when operations first turned
upward.
Scrap is showing the first signs of activity in several months. Heavier
sales have been made at Pittsburgh and Cleveland with higher prices
named. At Pittsburgh heavy melting steel has brought $17, or $1 above the
recent low spot.
A buying swell in pig iron appears to be getting under way. Both sales
and inquiries are heavier and continue to increase. Cleveland leads with
sales of 50,000 tons, Buffalo and New York each report 25.000 tons sold and
as much unclosed inquiry and Cincinnati booked 10.000 tons. At Chicago,
the business closed thus far in May exceeds the total for both March and
April. Prices have yielded again as buyers have offered orders. The
Chicago market has slipped to $21 with lower quoted to outside districts.
The Valley market is $19 for foundry, basic and malleable and $19.50 for
beasemer with equalizing prices named at Cleveland. Eastern Pennsylvania
is down 50 cents.
Plate undertakings are featured by the requirement of about 14,000 tons
for 40 barges for a West Virginia coal company, a large part of which has
been awarded. The Vancouver Engineering Works is low bidder on a
6000-ton pipe line for Vancouver.
Building steel has provided another good week. Awards of at:noturaLs for this purpose totaled 30,842 tons, the best reported since early
April. Concrete steel jobs placed aggregate 8682 tons, the fifth largest
week of the year. New work is coming out freely.
Railroad car buying ran up its largest total for any week of the year, with
approximately 7500. This was due chiefly to the closing by the St. Paul
of its inquiry for 5500 with 1000 more to be placed soon. Other important
car orders remain in prospect but locomotive orders are scant.
The plan to stabilize tin plate prices by Welsh tin plate manufacturers
has gone by the boards along with other British agreed price arrangements,
the keen competition for business forcing each producer to faro for himself.
The "Iron Trade Review" price composite of 14 leading iron and steel
products fell again, this week to $38.49. This is the most depressed figure
on record in almost three years, the next lowest average being the week of
Aug. 2 1922,
Census Report on Cotton Consumed and on Hand in
April, Also Active Spindles, and Exports and
Imports-Consumption for April and Season
Above a Year Ago.
Under date of May 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
THE CHRONICLE
MAY 161925.]
amounted
month of April 1925 and 1924. Cotton consumed
linters, comto 597,104 bales of lint and 59,036 bales of
linters
pared with 478,583 bales of lint and 42,080 bales of
bales
in April 1924 and 582,674 bales of lint and 58,845
there is an
that
seen
be
will
It
1925.
March
in
linters
of
increase over April 1924 in the total of lint and linters
combined of 135,477 bales, or 26.0%. The statistics of
cotton in this report are given in running bales, counting
in
round as half bales, except foreign bales, which are
equivalent 500-lb. bales.
spindles, and imports
Cotton consumed, cotton on hand, active cotton
and 1924, with statistics
and exports of cotton for the month of April 1925
exported for the 9 months ending
ot cotton consumed, Imported, and
April 30.
running bales, counting
(The statistics of cotton in this report are given in
In equivalent 500-pound
round as half bales, except foreign cotton, which is
bales.)
AND IN
COTTON CONSUMED AND ON HAND IN SPINNING MILLS
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
Cotton Consumed
During (Bales)Year
2489
decrease. In
opened under the 1917 scale. Union production is still on the
buyers, particularly
the Pittsburgh district more interest is being shown by
received, although the
large industrials, many more inquiries having been
Connellsville coke market
volume of business places has not been large. The
Is dull and prices .ower.
southern West VirThe output and prices remain virtually unchanged in
shipments to the lakes.
ginia, production in most districts being kept up by
part of the State.
There is no real change in the situation in the northern
and western
Production has been greatly curtailed in the Upper Potomac
unchanged. The
Maryland fields due to a lack of outlet, but prices are
condition of the coal
Virginia field is producing largely, considering the
limited. Prices in
markets in general, although open market buying is very
this field are the same as for several weeks previous.
ended May 2,
Tidewater business at Hampton Roads recovered in the week
Compared with
when a total of 369,859 net tons were dumped into vessels.
tons, or 41%. The
the preceding week, this was an increase of 107,764
increases of 32,793
chief factors contributing to the improvement were
to New England
tons and 66,648 tons, respectively, in cargoes consigned
and exports.
tons. In
6,796,336
totaled
2
Cumulative dumpings during 1925 to May
of the two preceding
comparison with the record of the corresponding period
a million tons.
years this was an increase of about three-quarters of
Cotton on Hand
April 30 (Bales)•
Cotton
Spindles
Acetic
In Public
In
9 Months Consuming Statageand Daring
April
Ending Establish- at Cornpresses. (Number).
merits.
April 30.
linTemperatures more like March than May continue to
if
-even
immense
the
to
West,
Middle
ger in portions of the
the May
only temporary-relief of the coal shipper, observes
14 "Coal Age," and continues as follows:
turn had come and overSome producers thoughi the long-awaited big
Indiana producing d13played the market, and as a result most Illinois and
Demand for prepared
tricts are buried under "no bills" of lump and egg.
that some operators are accepting orders
however,
active,
so
is
smokeless
33,412,650
*1,666,147
*1,514,514
1925 *597,104 *4.669,215
United States
Steam business is list1924 478.583 4,569,467 1,329,901 1,510,619 31,863,454 only on the basis of prices at the time of shipment
for several weeks, prices
less and though screenings are more plentiful than
838,134 1,345,722 16.962,656
Cotton-growing States_ 1925 399.465 3,194.887
Running time is still low in Illinois. Industrial
748,770 1,320:539 16,109,218 are holding fairly well.
1924 324,254 3.079,700
has eased off as a
131,401 14,762.066 demand is fairly active in Kentucky, but the lake demand
578,879
_ _ 1925 165,229 1.239,203
New England States .
99,378 14,100,632 result of supplies having to wait for vessels. Receipts at the head of the
594,518
1924 130,861 1,257,345
189.024 1,687,928
97,501
235,125
1925 32,410
movement off the docks is slow. Trade
MI other states
on 709 1 AnzanA lakes have tapered off somewhat and
7A A11
212 429
1024 21 4RA
in the West and Southwest is very quiet.
but a firmer
•Includes 18,532 Egyptian, 6,916 other foreign. 1,329 American-Egyptian and
Recent gains in Ohio markets not only have been maintained
5,404 American342 sea-island consumed, 65,602 Egyptian, 24,019 other foreign,
The Pittsburgh Coal Co. has closed four more
developed.
has
tendency
s,
and
Egyptian,
establishment
25.770
Egyptian and 3,161 sea-Island in consuming
Pittsburgh district, leaving only two in operation. As
14.059 other foreign, 3,743 American-Egyptian and 677 sea-Island in public storage. union mines in the
in evidence and prices are
Nine months'consumption, 138,251 EgypJan,65,150 other foreign, 16,104 American a result of the reduced output less distress coal is
markets reflect but
Egyptian and 3,125 sea-island.
a little stronger. New England and the other Eastern
Linters not included above were 59,036 bales consumed during AprilsIn 1925 and little change, competition being keen for the little business that is going.
same bales in 1924; 162.861 bales on hand in consuming establishment on April 30
that a more
significant
Is
it
trade,
the
1925 and 129,456 bales in 1924, and 49,662 bales In public storage and at compresses Despite the generally quiet aspect of
In 1925. and 81,533 bales in 1924. Linters consumed during nine months ending cheerful tone is evident.
1924.
bales
and
in
412,329
particularly
April 30 amounted to 466,788 bales in 1925
Notable activity pervades the anthracite market Stove is in
well. Though
good demand, egg continues to improve, and even pea is doing
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
number of
A
it,
for
call
good
chestnut has fallen behind stove, there is a
and rice at full
Imports of FOredget attOn (50045. Bales).
contracts are reported to have been closed for buckwheat
circular. Most of the larger companies are well booked ahead, but
9 Months Ending April 30. company
April.
independent domestic
Country of Production.
none find it difficult to move domestic sizes. Good
1925.
1924.
1924.
coals readily bring prices 10c. above company quotations.
1925.
coal rose four points
bituminous
of
prices
The "Coal Age" index of spot
147.700
175,537
corresponding price for
16,026
14,726
IfgYPt
during the week, standing on May 11 at 166, the
10,334
18.838
495
455
• which is $2 01.
35,962
22,032
13,266
3,728
China
week ended May 10,
43,304
26,380
1,513
165
Dumpings at Lake Erie ports receded during the
Mexico
were 605,25,505
15,087
8,545
2,822
British India
according to the "Ore Az Coal Exchange," cargo dumpings
when,
1,558
2,931
513
590
tons, compared
An other
482 net tons; steamship fuel, 39,442 tons-a total of 644,924
dumpings for all
255.943
269,225
40,435
with 684,408 tons in the previous week. Hampton Roads
22,409
Total
compared with
accounts in the week ended May 7 totaled 390,878 net tons,
Exports of Domestic Cotton and Linters--Running Bate. 355,739 tons in the preceding week.
(See Note for Linters).
Country to which Erported.
9 Months Ending April 30.
April.
Anthracite Output Gains as Bituminous Stays Almost
1924.
1925.
1924.
1925.
Locality.
April.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
122,715
40.046
63,421
108,373
85.563
28,672
23,765
67,188
36,042
27,660
92.097
62.474
23,206
12,107
2,415,159
840,583
629,796
1,685,273
857,173
793.664
222,927
1.538.067
634,935
475,606
1.075,379
603,332
513,392
162,420
472,555
320,774
7,444.575
5.003,131
Note.-Figures include 32 377 bales of linters exported during April In 1925 and
9,561 bales in 1924 and 162,479 bales for the 9 months ending April 30 in 1925 and
74.602 bales in 1924. The distribution for April 1925 follows: United Kingdom,
2.225: Netherlands, 1,721; Spain, 675; France, 2,152; Germany, 21,267; Belgium,
1,276; Italy, 2,396; Canada, 062; Cuba, 2; Honduras, 1.
WORLD STATISTICS.
of linters.
The estimated world's production of commercial cotton, exclusive
secured through the domestic and
grown in 1923, as compiled from Information
478
lint,
bales
is
01
18,969,000
pounds
Commerce
of
the
Department
of
staff
foreign
United States) for the
while the consumption of cotton (exclusive of linters In the
bales
of
478
lint.
19.982,000
pounds
1924
was
approximately
31
July
ending
year
The total number of spinning cotton spindles, both active and idle, is about
150,000,000.
Demand for Bituminous Coal Improves and Anthracite
Retains Strength.
The tidewater bituminous situation from Philadelphia
north has shown signs of improvement during the past week.
In New England, the tidewater market has firmed and,
although current orders are still light, stocks have been reduced materially and distributers are looking forward to
much better business in the very near future, states the current issue of the "Coal Trade Journal," and adds:
is, however, unchanged. The demand
The all-rail bituminous situation
expanding slowly, some of the larger consumers having
for anthracite is
has not commenced as yet. At New
trade
small
the
started to stock, but
slightly better, without any change in
York, the bituminous situation is
a spurt early the week, dropped back to the scope
price. Anthracite, after
the preceding week, without any changes in price.
of activity of
in Philadelphia and retail trade is
Domestic sizes of anthracite are active
sizes have eased off slightly. The demand for bituminous
good, but steam
receipts and tidewater prices are slightly stiff. At Baltimore
is light, as are
export and domestic trade is flat, there having been no
both bituminous
far this month. There was one very small
shipments abroad of this fuel so
Rico. Anthracite is moving slowly.
shipment of coke to Porto
of the central Pennsylvania district are
mines
Conditions in the non-union
expected, several mines that had been shut down having
better than had been
Stationary and Coke Falls.
The production records of bituminous coal, anthracite and
behive coke as reported by the Department of the Interior,
through the Geological Survey May 9 1925 show the rate of
bituminous output remained at about last week's level while
anthracite made a gain of 47,000 net tons. Coke, on the
other hand, showed a loss in production of around 10%.
The usual weekly report follows:
week ended
The rate of soft coal production underwent little change in the
indicate
May 2. Preliminary estimates based on the number of cars loaded
65,000 tons.
that the total output was 7,964,000 net tons, a decrease of
interrupted
Partial observance of May Day as a holiday appears to have
more
production the last of the week, and the attendant loss of production
than offset the earlier gain.
of
Preliminary telegraphic reports of loadings on Monday and Tuesday
g days
the present week show a slight increase over those of the correspondin
for the week
of the week before. It therefore appears likely that the total
will be approximately 8.000,000 tons.
about the
The average daily rate of output stands at 1,327,000 tons, or
date of 1921,
average of the last month and a half. At the corresponding
of that
the soft coal industry had started to emerge from the depression
level slightly
year, and for the next 4 months production remained at a
below that now prevailing.
Estimated United Slates Production of Bituminous Coal (Net Tons).
Including Coal Coked.
19244
1925-Week. Cal.Yr.toDate.b
Cal.Yr.toDale.
Week.
7,142,000
156,791,000
148,482,000
7616,000
April 18
1,190,000
1,659,000
1,566,000
1,253,000
Daily average
6,944,000
163,735,000
156,511,000
8 029,000
April 25-c
1,157,000
1,629,000
1,553,000
1,338,000
Daily average
7,063,000
164,475,000
170,798,000
7 964,000
May 2..d
1,177,000
1,540,000
1,604,000
1,327,000
Daily average
•Original estimates corrected for usual error, which In past has averaged 2%.
b Minus 2 days' production first week in January to equalise number of day in
the two years. c Revised since last repels. d Subject to revision,
ANTHRACITE.
The production of anthracite nearly touched the two-million ton mark
In the week ended May 2. Preliminary estimates based on the 37.939 Can
loaded by the 9 principal anthracite carriers place the total output at 1,984.000 net tons. This was an increase of 47,000 tons. Comparison with the
corresponding week of 1924 shows that the present rate of output exceeds
that of a year ago by more than 22%.
Cumulative production for the period Jan. 1 to May 2 stood at 29.752.000
tons,a decrease of slightly more than three million tonsfrom the corresponding record for 1924.
2490
April 18
April 25
May 2
THE CHRONICLE
Estimated United States Production of Anthracite (Net Tons).
1925
1924
Week.
Cal.Yr.toDate.
Week. Cal.YrdoDate.a
1 567,000
25,831,000
1.623,000
27.948,000
1.937,000
27.768,000
1,205,000
29,153.000
1.984,000
29,752,000
1,616,000
30.769.000
[VOL. 120.
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of March.
•
1924.
Nine MonthsEnded March.
1925.
1924.
Total meats dr meat Prod..lbs 82,062,590 69.240,075 820,312,676
Value
810.886,216 812,660,331 8113,777,311
Total animal oils and fats_ lbs. 125,405,676 95,655.495 1.024,587,141
BEEHIVE COKE.
Value
$14.961,131 814.555.208 $127,593,664
The production of beehive coke declined sharply in the week ended May 2.
Estimates based on reports from the principal coke carriers show that the Beef,fresh
lbs.
172.210
331,685
2,317.948
Value
$34.222
total output was 170,000 net tons, a decrease of 19,000 tons,or 10%. Every
$55,701
8389,500
Beef, pickled, dm
lbs. 1,630,385 2,264.690
16.375,845
producing district in the eastern part of the country with the exception of
Value
$172,140
$233.950
81.624,915
Virginia showed a loss. The principal decrease, however, occurred in Pork, fresh
lbs. 2,648.999 2,091.893
44,351,241
Value
Pennsylvania and Ohio, whore there was'a reduction of 13.000 tons. In
$329,918
8359.645
86,284,765
lbs. 2,522.133 2.015,631
the districts west of the Miccigsippi, the output was practically the same as Wiltshire sides*
7.514,229
Value
3320.446 • 8369.600
$982.177
in the week before.
Cumberland Mesa
•
lbs. 2.389,359 2.566.925
8,643,133
According to the Connelisville "Courier," production continued toplunge
Value
8317.364
$463.499
31,170.980
Hams
and shoulders
downward in the Connellsville district and the total output was reported as
lbs. 30.170.309 29,157,564 287,895,091
Value
$4,378.927 85,491,738 $44.720,959
98.930,000 net tons. The "Courier" stated further that 1,438 additional Bacon
lbs. 31,712,705 20.112,655 353,736.501
ovens had been put out of blast.
Value
$3,639,415 $3,683,443 $44.668,852
Pickled pork
lbs. 2,760,454 2,616.413
31.179.585
Estimated Production of Beehive Coke (Net Tons).
Value
$312,929
8412.280
83,595,465
Oleo oil
lbs. 8,088,681 13.534.944
Week Ended
1925
1924
67.782.881
Value
May 2'25.4 Apr.25'25c May 2'24. to Date. to Date.a
$1,072,905 81,582,548
88,353,710
Pennsylvania As Ohio
lbs. 100.726,290 63,280,809 819.468.430
129.000
142.000
160,000 3,218,000 3,862.000 Lard
Value
West Virginia
10.000
13.000
$12,302,988 510,802.600 3105.827,741
10.000
233.000
260.000
Neutral
Ma.. Ky., Tenn. dr Ca
lard
lbs. 2.228.714
15.000
18.000
18.000
388,000
364,000
969,546
16,891,419
Value
Virginia
7,000
7,000
161,000
8,000
157,000
8286,448
3174.516
82,335.972
Colorado & New Mexico
5,000
5,000
5.000
73.000
94,000 Lard compounds, animal
fats
Washington .4 Utah
lbs.
4.000
4,000
.4,000
601,740 1,176.633
78,000
73,000
5.249,593
Value
$79,984
$723,347
$176,060
United States total
170,000
189,000
205,000 4,151,000 4,810,000 Margarine, animal fats_ __lbs.
51,770
68,132
923,256
Value
Daily average
28,000
32,000
34,000
40,000
46.000
88,331
811,751
8148,388
Cottonseed oil
lbs. 3.999,820 4,754,259
32,729,975
Value
a Adjusted to make comparable the number of days covered in both years.
8393,366
$3,405,681
3488,535
Lard compounds, vegetable
b Subject to revision. c Revised from last report.
fats
lbs.
734.260
553,428
5,421,016
Cumulative production of beehive coke during 1925 to May 2 stands at
Value
8105.899
887.650
1789.143
4.151,000 net tons. Figures for similar periods in earlier years are as follows:
•Included in "hams and shoulders" prior to Jan. 1
1924.
1921
2,979,000 net tons
1923
7 197,000 net tons
a
Included in "bacon" prior to Jan. 1 1924.
1922
2,503.000 net tons
1924
4 810,000 net tons
Thus it is seen that from the viewpoint of beehive coke production, 1925
stands 14% behind 1924, 42% behind 1923. 66% ahead of 1922 and 40%
Exports of Canned and Dried Foods.
ahead of 1921.
a Less two days' production in January to equalize number of days in the two years.
Analysis of Imports and Exports of the United States
for March.
The Department of Commerce at Washington on April 28
Issued its analysis of the foreign trade of the United States
for the month of March and the nine months ending with
March. This statement enables one to see how much of the
merchandise imports and exports for 1925 and 1924 consisted of crude materials, and how much of manufactures,
and in what state, and how much of foodstuffs and whether
crude or partly or wholly manufactured. The following is
the report in full:
ANALYSIS OF IMPORTS INTO AND EXPORTS FROM THE 'UNITED
STATES FOR THE MONTH OF MARCH 1925.
(Values In 31.0004
Month of March.
Groups.
1924.
1925.
Value.
ImportsCrude materials_
8102,16
Crude foodstuffs and
food animals
34,464
Manufactured food
stuffs
67.294
Semi-manufactures _ 56.174
Finished
manuf
lures
58.87
Miscellaneous
1,511
Value,
Nine Months Ended March.
1924.
1925.
Value.
Value.
31.98142,211 36.9 8896,931 33.881,026,337 36.3
10.7
50,157 13.0
278,513 10.5
345,340 12.3
21.0
17.5
46,848 12.2
75,943 19.7
379,232 14.3
506,640 19.2
325,334 11.5
525,949 18.6
18.4
67.913 17.6
2.415
.6
569,919 21.4
.8
21,523
582,350 20.6
.7
20,393
.5
Total
8320.482 100.08385,487 100.082,652,758 100.052,825,703 100.0
Domestic Exports
Crude materials.... _ 885,60 25.88121,690 27.381,082,310 33.281,192,537 32.1
Crude foodstuffs and
food animals
14.976 4.5 31.102 7.0
164.372 5.0
391,510 10.6
Manufactured food
stuffs
49,782 15.0 55.597 12.5 447,582 13.7 453,821 12.2
Semi-manufactured _ 50,06 15.1 64,543 14.5 441,111 13.5 472,005 12.7
Finished
manufa
lures
130,60 39.4 171,553 38.5 1,122,915 34.4 1,192,969 32.2
Miscellaneous
626
.2
1,048
.2
4.950
.2
6,096
.2
Total domestic ex
5331,65' 100.08445 533 100.083,283,240 100.083,708.938100.0
ports
Foreign exports__ _
8,101 --__
7,901 _ _
59.403
62,879
Total exports_ _
8339,756 _
$453,434 - - $3,322,843 - -
83,771,817
1925.
545,320,826
887,940,940
830,270,936
$120,570,939
2.415.541
3378,145
17,337.788
81,771,304
24,020.216
$3,757,967
11,869,158
82,070,081
19,995,317
83,441.593
213,155,765
336.869,361
176.878,414
327.319,075
21,061,671
$2,798,426
77,908.871
$11,359,988
617,354,777
$93,539,048
16,184,460
$2,747,766
6,285.627
$910,619
565.699
894,843
43,138,841
54,604,284
4,782,250
8702.600
The statistics of exports of canned and dried foods for
March, show, in most cases, the characteristic seasonal drop,
according to a report made public on April 28 by the Department of Commerce at Washington. The bulk of these
products move between Oct. 15 and Feb. 15, although shipments in comparatively large volume are made throughout
the year. The continued high rate of exports of canned
salmon and sardines, and of raisins, are of interest.
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
•
Month of March.
1924.
1925.
Nine Months Ended March.
1924.
1925.
Total canned meats
lbs.
Value
Total dairy products
lbs.
Value
Total canned vegetables_ _lbs.
Value
Total dried and evaporated
fruits
lbs.
Value
Total canned fruits
lbs.
Value
2,038,650 2.139,972
$563.554
$603,915
13,569,145 12.044,970
$1,814,347 81.006,099
2.559.499 3,526,977
$242,006
$376,677
12,897,231
$3,736,199
181,538,336
822,445,667
36,840,287
$3,838,352
11,844,490
$3,381,414
147,464,390
$19,264,835
36.100,138
$3,991,583
42.693.183
$3,240,890
20,096,662
$1,885,952
254,441,881
$21,820,676
143,463,816
814.070,932
279,580,707
$21,748,477
187,699,040
819,572,309
Beef, canned
lbs.
Value
Sausage, canned
the.
Value
Milk, condensed, sweet'd_lbs.
Value
Milk,evap., unsweetened _ lbs.
Value
Salmon, canned
lbs.
Value
Sardines, canned
tbs.
Value
Raisins
lbs.
Value
Applies, dried
lbs.
Value
Apricots, dried
lbs.
Value
Peaches, dried
lbs.
Value
Prunes, dried
lbs.
Value
Apricots, canned
lbs.
Value
Peaches, canned
lbs.
Value
Pears, canned
lbs.
Value
Pineapples, canned
lbs.
Value
124,380
257,585
$18.760
872.437
339,578
434,494
896,719
8128.471
5,115,716 2,673,606
$758.655
5410.131
7,396,295 6.417,361
$676,711
$8621,120
3,889,135 4,814,283
8456,944
5773.340
4,798,079 7.701,662
5614,849
8383,608
5,230,014 6,918,474
$430,884
$522,651
3.058,674
577,609
5398,475
873.357
5,727.088
607.593
8697.978
$109,575
3,888,695
232.287
$306,160
825,908
22,761,328 7,040,801
51,227,820
8569,823
4,491.345 2.039,304
$330,245
8187,267
7,412,919 5,247,188
$629.419
$539,690
3,385,973 1.735,172
8360,463
$224,246
3,528,439 1,287,933
8123.230
8150.180
15,947,410
81,370,822
12.032,008
81,261,882
1,251,813
1,189,355
8281.192
$312,626
2.353,412
2.921,145
$670,340
8783,699
49,509,707
38,460,619
87,328,312
85,628,700
123,417.972
89,375,591
311,976,857
38,111,347
51,128,256
55,488,800
$7,244,463
38,365,013
32,786,535
44,679,167
82,805,638
33,646,023
71,170.835
76,591,077
86,591,565
$5,721,614
28,516,452
17,795,197
83,096,087
$2,143,194
32.265,645
12.058,222
$3,577,219
$1,798,205
10.786,499
3,712,257
8830,322
3353,504
98,516,909 159.320,319
56,466,320 $10,516,575
21,465,444
29,963,801
81,696,102
32,703.774
43,715,089
53,267,844
$3,823,130
$5,348,155
35.914,766
52,970,936
$3,877,641
86.325,544
20,457,092
22,366,800
$2,469,460
52.507.288
Domestic Exports of Meats and Fats for March.
Exports of meats and meat products for the nine months Exports of Grains, Grain Products, Feeds, and Hops.
ended March 1925 were 274,991,850 pounds, or about 34%
The Department of Commerce at Washington on April 22
less than for the corresponding period ending March 1924, 1925 issued its report on the
exports of grains, grain prodaccording to a report of the Department of Commerce issued ucts, etc. The following is the report:
on April 23. While total value decreased about $26,000,000,
During the nine months ended March 1925 the value of the exports of
the value per pound increased from an average of 13.9 cents grains and grain products was $231,000,000
greater than for the same
for the nine-months period ending March 1924 to 16.1 cents period a year ago. The exports for the month of March alone amounted
to over $39,000,000, or nearly $21.750,000 more than
for the same month
for the same period ending March 1925.
of 1924. As in previous months, the bulk of this
increase was attributable
Total arimal oils and fats for the nine-months period end- to the increased quantity and value of the wheat
exports during this period
ing March 1925, compared with the same period ending this year as compared to the same period last year. The value of the wheat
exports alone during March 1925 was nearly 816,000.000 greater than
for
March 1924, declined 19%, but the value per pound increased March 1924,
and for the nine months ended March 1925 the value was nearly
from 12.45 cents to 14.5 cents. These decreases, largely in $187,000,000 greater than for the corresponding
period last year. The
exports of hams, shoulders, bacon and lard, are ascribed by commodities whose export value was greater during the past nine months
than for the same months of a year ago and the relative gains, were as
the trade to increased domestic supplies in foreign markets follows: Rye, $31,362.000:
barley. $15,445,000; wheat flour, $6,163,000;
and to a disparity in American and European price levels. oats, $2,493,000; malt, $2,116.000; biscuits, $252,000; "other wheat
preparations,"
5237,000:
rice
flour.
$159,000:"other corn preparations,"5154,000:
The detailed data follow:
buckwheat flour,
$93,000; macaroni, $66,000.
The value of the exports of corn for the nine months,period was $8,000,000
less than for the corresponding period of 1924; of rice, $3.675,000 less; of
rye flour and oatmeal, over a million dollars less in each case. Other
lesser losses during this period were corn flour, $110,000; hominy, $134,000;
and cereal breakfast food not elsewhere specified, $322,000. During the
month of March 1925 the value of the corn grain exports was $2,500,000
less than for the same month of 1924; that of rice, 1470,000 less.
In the case of every grain and edible grain product, except that of macaroni, the average export value per unit was greater during the period of nine
months just ended than for the same period last year. The export value
of macaroni was 7.98 cents per pound in 1925 and 8.05 cents in 1924. The
following figures show the relative export values per unit for each commodity
for this year's nine months period as compared to last year's:
1925. 1924
1925. 1924.
$1.243 $0.925,
81.536 $1.112 Corn, bushel
Wheat, bushel
5.12 Hominy and grits, pound.. .0270 .0195
6.84
Wheat flour, barrel
.597 .5120
.802 Oats, bushel
1.237
Rye, bushel
.0437 .0343
4.15 Oatmeal,pound
6.00
Rye flour, barrel
.0561 .0430
.770 Rice, pound
1.115
Barley, bushel
.1440 .1362
1.155 1.012 Biscuits, pound
Malt, bushel
Over 10.2,000,000 bushels more wheat and nearly 22,000.000 bushels more
rye were exported during the past nine months than during the same time
a year ago. Other gains were as follows: Barley, 10,900.000 bushels; oats,
4,020.000 bushels; malt, 1.530,000 bushels; biscuits, 1,230,000 pounds;
macaroni, 875,000 pounds; "other wheat preparations." 2,674.000 pounds;
"other corn preparations," 1,696,000 pounds. On the other hand, there
was a loss in the amount of corn exported during these past nine months as
compared to 1924, of 10,700,000 bushels;rice.106.000,000 pounds; oatmeal,
51,000,000 pounds; hominy and grits, 11,500,000 pounds; wheat flour.
2,630.000 barrels; and rye flour,295.000 barrels. The detailed statement
of the Department follows:
EXPORTS OF GRAIN AND EDIBLE GRAIN PRODUCTS.
Month of March.
1924.
9 Months Ended March,
1925.
1924.
1925.
Total grains and preparations of $17,313,000 $39,056,000 $200,367,000 $431,454,000
bushels
Barley
Price
bushels
Malt
Price
bushels
Buckwheat
Price
pounds
Buckwheat flour
Price
bushels
Corn
Price
barrels
Meal and flour
Price
Hominy and grits_ _ __pounds
Price
Other corn preparations_lbs.
Price
bushels
Oats
Price
Meal and rolled oats-pounds
Price
pounds
Rice
Price
Flour, meal & broken.pounds
Price
bushels
Rye
Price
barrels
Flour
Price
bushels
Wheat
Price
barrels
Flour
Price
Bread, biscuits, eakes.pounds
Price
Macaroni,spaghetti__pounds
Price
Other wheat products.pounds
Price
Cereal breakfast foods, n. e. s.
pounds
Price
Other grains and preparations
pounds
of
Prier
2491
THE CHRONICLE
MAY 16 1925.]
864,000
$942,000
509,000
$636,000
47,000
$49,000
12,000
47,000
$1,000
$3,000
764,000
3,868,000
$3,629,000 $1,014,000
33,000
40.000
$204,000
$184.000
4,273,000 1,895,000
$50,000
$85,000
825,000
527,000
$61,000
$38,000
488,000
33,000
$299,000
$20,000
5,569,000 9,937,000
9474,000
$232,000
17,130,000 4,959,000
$322.000
$793,000
939,000 2,949,000
$88,000
223,000
299,000 2,391,000
$245,000 $3,716,000
3,000
11,000
$20,000
$49,000
2.958,000 9,961,000
$3,126,000 419,009,000
1,426,000 1,387,000
$7,265,000 511,635,000
1,913,000 1,937,000
$288,000
$219,000
783,000
522,000
$65,000
$39,000
967,000
1,012,000
$88,000
$66,000
969,000
$821,000
358,000
$372,000
9,542,000 20,444,000
$7,352,000 $22.796,000
3,861,000
2,330,000
$2,352,000 $4,468,000
159,000
82,000
$175,000
$82,000
228,000
221,000
$13,000
$13,000
5,923.000
16,620,000
$15,383,000 $7,359,000
268,000
374,000
$1,673,000 $1,563,000
24,617,000 13,111,000
$354,000
8489,000
5,785,000
4,090,000
$419,000
$264,000
5,081,000
1,062,000
5545,000 $3,038,000
129,731,000 78,811,000
$4,444,000 $3,436,000
172.485,000 66,677,000
$7,420,000 $3,745,000
32,354,000 28,936.000
$936,000
$777,000
9,995,000 31,811,000
$8,021,000 $39,383,000
44,000
338,000
$264,000
$1,401,000
67,260,000 170,127,000
974.805.000 9261,564.000
14,065,000 11,435,000
$72,027,000 $78,190,000
9,556,000 10,790,000
$1,301,000 $1,553,000
6,206,000
5,330,000
$496,000
$429,000
6,237,000
3,564,000
$518,000
$280,000
676,000
$66,000
363,000
$43,000
10,409,000
$992,000
6.783,000
$670,000
938,000
X:1,1(Inn
906,000
852.000
6.715,000
8314.000
11,175,000
5514.0011
Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the Merchandise imports and exports by
grand divisions and principal countries for the month of
March and the nine months ending with March for the years
1924 and 1925. The following is the table complete:
TOTAL VALUES OF IMPORTS AND EXPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Month of March.
Importsfrom
1924.
Grand EtioisiongEurope
North America
South America
Asia
Oceania
Africa
1925.
$85,205,116 $112,097,273
113,862,714 91,296,741
44,939.697 58,451,085
60.877.306 105,305,440
8,091,952
5,717,304
9,879,976 10,245,115
Nine Months Ending March.
1924.
$817,199,445
729,398,980
317,443.214
699,034,068
34.321,174
55,360,628
1925.
$891,702,273
692,350.179
379,335,904
755,896,466
43,528,593
62.889,960
$320,482,113 $385,487,606 $2,652,757,509 82,825,703,375
Total
Principal couniires$49,488,550
$52,458,691
$6,097,954 $6,606.756
Belgium
3,939.564
6,256,012
459.330
597,005
Denmark
119,637.712
110,827,323
13,249,827 14,152,957
France
112,515,835
116.870.203
9,483,252 13,080,289
Germany
19,954,555
6,386,647
1,865.040
1,207,460
Greece
67.241,678
62,899,736
9.512,400
5,401,816
Italy
60,877.998
53,233.510
7,397,416
5,529,266
Netherlands
16,685,147
16,927,113
2,459.607
2,936,561
Norway
6,135,094
4,121,167
1,259,806
680,499
Russia in Europe
21,456,622
22,791,198
2,428,325
1,873,374
Spain
35,932,753
29,602,419
3.502.358
2,040,658
Sweden
29,780,961
29.639,524
3,477,238
2,897,347
Switzerland
302,386,575
262,253.327
28,460,315 40,151,217
United Kingdom_e
300,117,497
317,708,400
35,749,764 34,444.332
Canada
25,243,893
21,894,720
4,343,376
4,359,215
Central America
134,292,798
110,321,687
17,081,297 19,430,381
Mexico
208,874,473
255,958,186
53,985,863 29,474,868
Cuba
4,435,924
7,061,848
606,809
615,144
Dominican Republic
57,087,174
55.361,055
8.583,535
11,359,077
Argentina
159,009,786
110.043.155
22,721,698
14,176,685
Brazil
71.004,430
69,867,714
10,339,246 12,905,589
Chile
43,568,334
36.095,054
7,136,143
2,953,799
Colombia
5,186,085
4,630,420
483,711
396,435
Ecuador
15,691,757
22,833,009
863,298
2,962,020
Peru
12,781,545
5,561,865
3,071,062
908,914
Uruguay
13,235,153
10,269,792
2.433,617
1.727,632
Venezuela
87.148.066
79,184,169
7,884,044 12,673.881
British India
98,971,623 .128,550.797
8,291,930 23,709,820
Straits Settlements
94,349,508
127,029,796
9,563,720 13,965.550
China
8,016,256
49.630.570
4,952,011
38,817.417
Dutch East Indies
274.027,488
251,601,465
28,291,210
16,113,329
Japan
68,710,274
55,210,095
8,519,409 11,948,509
Philippine Islands
29,819,367
24,264,736
3,901,167
4,491,174
Australia
11.436,326
8,152.861
4,034,602
1,029,726
New Zealand
5,580,409
6,046,715
570,452
1,397,464
British South Africa
29.850.328
22.504.733
3.914.321
5.144.714
Ervot
1925.
a Includes Irish Free State prior to Jan. 1
Month of March.
Exports to
1924.
Grand DivisionsEurope
North America
South America
A8111
Oceania
Africa
1925.
Nine Months Ending March.
1924.
1925.
$169,352,072 $251,823,030 $1,717,686,263 $2,131,589,280
846,932,964
785,146,837
86.170,238 100,297,263
257.633,557
205,627,619
23,216,872 33,547,694
362.211,765
451,303,790
45,187,432 44,436,555
117,656,095
116,498,025
11,447,870 14,524.876
55,793,178
46,380,548
8,804,870
4,380,747
$339,755,230 $453,434,288 $3,322,643,082 $3,771,816,839
Total
Principal countries$99,579,777
878,427.102
$8,810,259 813,693,061
Belgium
36,108,421
29,013,191
6.178,157
3,602,400
Denmark
231,089,091
217,066,807
21,879,055 25,690,014
France
379,905,287
299,148.838
36,056,951 51,386,225
Germany
19,384,525
7,147,173
3,000,083
447,315
Greece
174.580,657
136,948,643
13,127,366 26,062,503
Italy
132,756,133
90,365,531
11,747.191 13,202,546
Netherlands
22.153,253
16,212,967
2,861,445
1,732,099
Norway
33,373,474
7,454,292
2,999,940
7.353,265
Russia in Europe
52,029,740
58,971,567
7,734,917
3,986,340
Spain
31,651,251
33,902,140
4,101.317
4,706.632
Sweden
5,928,455
5.320.774
959,569
696,078
Switzerland
870,899,920
717,757,104
84,998,688
57,004,668
United Kingdom _a
471,540,305
457,459,011
49,230,147 51,178,552
Canada
53,774.218
43,320,273
7,648,409
5,098,118
Central America
110,423,076
89,114,507
9,405,135 14.977,099
Mexico
155,844,631
144,967,253
17,383,099 18,633,192
Cuba
13,458,490
10,408,830
2,185,890
1,029,699
Dominican Republic
99,423,941
79,959,971
8.295,462 12,211,521
Argentina
53,711,342
37,926,621
7,258,430
4,693,073
Brazil
24,938.301
22,959,974
2,956,272
2,436,382
Chile
-23,601.412
15,828,244
3,462,167
1,717,778
Colombia
3,790,312
3,168,273
473,498
488,909
Ecuador
17,604,474
16,994,875
2,066,830
2.074,283
Peru
13,828,172
12,664,188
2,133,997
1,542,915
Uruguay
14,474,914
10,772,839
2,163,797
1,286,602
Venezuela
25,594,202
24,792,032
3,985,829
2,409,105
British India
5,948,631
5.131,594
622,204
555.272
Straits Settlements
62,784,972
91,415,585
8,075,479
11,012,933
China
11,186,796
9,891.953
1,380,344
1,078,719
Dutch East Indies
185,815,852
243,804,470
21,629,474 21,388,170
Japan
46.251,500
41,345,360
4,733,667
6,024,944
Philippine Islands
93,742,211
95,987,232
8,970,035 11,711,021
Australia
22,374,431
19,201,574
2,457,737
2,675,591
New Zealand
28,433,76
22,848,519
1,567,344
4,466,086
British South Africa_ _
4.748.836
415715.016
714247
4154.146
Ravnt
a Inciades Irish Free State prior-to Jan. 1 1925,
Current Events and Discussions
:w1'. ';-Tic A
The Week With the Federal Reserve Banks.
' The consolidated statement of condition of the Federal
Reserve banks on May 13, made public by the Federal
Reserve Board, and which deals with the results-fo
-r the
twelve Federal Reserve banks combined, shows a decline
of $71,900,000 in holdings of discounted bills, partly offset
by increases of $4,500,000 in holdings of acceptances purchased in open market and of $4,300,000 in Govern'
securities. As a result total earning assets went down
$63,100,000, as compared with the increase of $48,900,000
reported the previous week. Cash. reserves increased $7,4)00,000 and non-reserve cash $3,000,000, while Federal
Reserve note circulation declined $6,800,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
The New York Reserve Bank shows a decrease of $57.300,000 In discount
holdings, other decreases being Chicago $5,900,000. San Francisco $4,300.000. Cleveland 13.400.000. and St. Louis $2,500,000. An increase of
$2,300.000 in discount holdings is reported by the Federal Reserve Bank
of Richmond and of 81,400.000 by Philadelphia, while the remaining banks
show smaller changes in this item for the week.
An increase of $6,400,000 in acceptance holdings is reported by the
Federal Reserve Bank of New York and of $3,800,000 by Kansas City and
decreases of 12,500,000 and $1,600,000, respectively, by the Minneapolis
and San Francisco banks. Acceptance holdings of the other Reserve
banks show relatively small changes for the week. The System's holdings
of Treasury notes went up $5,500,000 and of U. S. bonds $200.000, while
holdings of Treasury certificates went down $1.400,000.
The principal changes in Federal Reserve note circulation during the
week comprise a decrease of $7,000.000, reported by the Boston Bank, or
14,300,000 by New York, and increases of $6.200.000 and of $4,800,000
reported by Cleveland and Philadelphia. respectively.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 2519 and 2520. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 13 1925, follows:
2492
THE CHRONICLE
Increase (-I-) or Decrease (—)
During
Year.
Week.
Total reserves
+$7,000,000 —$247,100,000
Gold reserves
—285,000,000
+8.000,000
Total earning assets
+203.300,000
—63.100,000
Bills discounted, total
—71,900.000
—72,500.000
Secured by U. S. Govt. oblfgations-47.000,000
+5,700,000
Other bills discounted
—24,900,000
—78.200,000
Bills bought in open market
+207.600,000
+4.500,000
U. S. Government securities, total
+56.800,000
+4,300.000
Bonds
+66.900,000
+200,000
Treasury notes
+5,500,000
+29,300,000
Certificatesr of indebtedness
—39,400,000
—1,400,000
Federal Reserve notes in circulation
—6,800,000 —235.700.000
Total deposits
—32,300,000
+205,100.000
Members' reserve deposits
—26,000.000
+214,400.000
Government deposits
—4,500,000
—10,800,000
Other deposits
—1.800.000
+1,500.000
[Vol,. 120.
The House agreed to a duty of £4 a hundredweight on imported hops
for four years from next August. A Laborite amendment, seeking to limit
the duration of the duty to one year, was rejected 308 to 146.
The Chancellor of the Exchequer, Mr. Churchill, in the teeth of strong
Laborite opposition, procured the reimposition of the McKenna duties without modifications. These duties become effective July 1, and a Labor
amendment to cancel the duties on automobiles and motor cycles was rejected 320 to 159.
The debate was interesting mainly for a heated personal encounter between Mr. Churchill and Philip Snowden, who held the post of Chancellor in
the Labor Government Mr. Churchill had vehemently challenged the Laborite contention that any question of protection was involved in reimposing
these duties, and in declining to listen to proposals from the Conservatives
that commercial vehicles should be included in the reimposed duties (these
duties having to do with luxuries), frankly admitted that his only object
was to reverse the policy of the Labor Government, which last year abolished
the duties.
There is a permanent feud between the Laborites and Mr. Churchill, and
the Chancellor's remarks brought forth a hot rejoinder from Mr. Snowden:
"I can well understand that the Chancellor of the Exchequer is incapable of
understanding that any person can be moved by honest political convictions."
This provoked a storm of Ministerial protests and cries of "Withdraw!"
The noise was so great that Mr. Snowden was unable to continue his speech
for several minutes. He stood at the table and declared that he would follow the example which Mr. Churchill set last week and "withdraw'nothing,"
and he added: "I can tell the ,right honorable gentlemen that my action
in repealing the duties was not the price I had to pay for political apostasy."
This retort, an allusion to Mr. Churchill's recent change of parties, delighted the Opposition 'and excited renewed protests from the Government
side. But nothing further occurred.
The Week with the Member Banks of the Federal
Reserve System.
Changes during the week in the condition of 736 reporting
member banks in leading cities as shown by the Federal
. Reserve Board's consolidated statement issued as of May 6,
include decreases of $47,000,000 in loans and discounts, of
$1,000,000 in investments and of $20,000,000 in net demand
deposits, together with increases of $38,000,000 in reserve
Regarding the action on the silk duty, we quote the folbalances, of $35,000,000 in time deposits and of $22,000,000
in borrowings from the Federal Reserve banks. It should lowing from the copyright cablegram to the New York
be noted that the figures for these member banks are always a "Times" from London, May 11:
After several amendrients had been defeated the Finance bill was read
week behind those of the Reserve banks themselves. The
for the
time in the House of Commons to-night. A resolution imNew York City members reported reductions of $56,000,000 posing anfirst
excise duty on silk and artificial silk which has probably excited
in loans and discounts and of $85,000,000 in net demand more criticism, both within and without the Conservative Party, than any
deposits, and increases of $17,000,000 in investments and of other provision of Chancellor Churchill's budget, was carried by 328 votes
to 168, a majority of 160.
$45,000,000 in borrowings from the Federal Reserve Bank.
Six Conservatives voted against the Government on the silk duties, while
Further comments regarding the changes shown by these Captain Guest, a Liberal, supported it. A Liberal motion for the repetition
of the Finance bill has been prepared.
member banks is as follows:
Before the vote was taken, however, Mr. Churchill
Loans on stocks and bonds fell off 32.000,000, decreases of 320.000,000
in the New York district. 36.000.000 in the San Francisco district and
*4.000.000 in the Kansas City district being nearly offset by increases of
$10,000 000 in the Chicago district, $7 000 000 in the Boston district and
of $6 000 ono and $5 000 000 respectively in the Cleveland and Philadelphia districts. "All other," largely commercial, loans and discounts went
down in all districts except Chicago, where an increase of $34.000,000 was
reported. The largest reductions in this item,$34,000,000 and $17,000,000.
are shown for the New York and Boston districts respectively.
Of the aggregate reduction of 336,000.000 in holdings of United States
Government securities, $30,000,000 was reported by banks in the New
York district. Holdings of other bonds, stocks and securities went up
$45.000,000 in the New York district, this increase being partly offset by
a reduction of $8,000,000 in the Chicago district.
Net demand deposits fell off $81,000.000 in the New York district but
increased $41,800.000 in the Chicago district, $12,000,000 in the Philadelphia district, and $10,000.000 and $9,000,000 in the Atlanta and Boston
districts, respectively. Time deposits show a gain of $35,000,000 for the
week.$23,000,000 of which was reported by banks in the Chicago district.
On a subsequent page—that is, on page 2520—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
—$47,000,000 +$1,111,000,000
Secured by U.S. Government obligations —8,000,000
—17.000.000
Secured by stocks and bonds
—2.000.000
+937,000.000
All other
—37,00,0000
+191,000.000
Investments, total
—1,000,000
+894,000,000
U. S. bonds
+9,000.000
+566.000.000
U. S. Treasury notes
—41,000,000
—280,000,000
U. S. Treasury certificates
—4,000,000
+13,000,000
Other bonds, stocks and securities
+35.000,000
+595,000,000
Reserve balances with Fed'l Reserve banks +38,000,000
+187,000.000
Cash in vault
—4,000.000
—6,000.000
Net demand deposits
—20,000,000 +1,415,000,000
Time deposits
+35,000,000
+798,000.000
Government deposits
—17,000,000
—12.000,000
Total accommodation at Fed'I Res've.banks +22,000,000
+25,000,000
British House of Commons Adopts McKenna Duties on
Automobiles, &c.—Silk Duties Approved.
This, week, May 11, the British House of Commons approved the provision in the budget bill imposing an excise
duty on silk and artificial silk. On May 7, when the House
of Commons had concluded the report stage of the budget,
all the resolutions, except that relating to the silk duties,
were carried by large majorities. Action on the silk schedules, against which opposition had been voiced by silk interests, had been postponed until the present week. The new
budget, calling for the reimposition of the McKenna duties
on motor cars, clocks, watches, musical instruments, etc.,
was introduced in the House on April 28 by Winston Churchill, Chancellor of the Exchequer—details having been given
in these columns May 2, page 2219. On May 7 the Associated
Press advices from London, reporting the action of the House
of Commons that day, said:
thought it advisable to
explain that the Government was willing to adjust the detail of the tax so
as to relieve local industry.
Mr. Runicman, Liberal, delivered a most weighty Opposition criticism
of the tax on artificial silk, which was worked on 30,000 looms. He described the article as part of the ordinary attire of .women and certainly
not a luxury. The cost of the two both to industry and the country generally
would be appalling, he said, adding that £4,500,000 of export trade would
certainly go because foreign silk would be sent straight to its final destination.
Mr. Churchill began by reassuring the House that we wanted only a vote
on the principle of the scheme. He was ready to make all adjustments
later after consultation with the industries concerned whom he expected to
talk business and not polities, for the scheme was such that it would remain a permanent revenue duty on the so-called luxury trades to raise
£7,000,000 from the home consumer without disturbing the home or export
trade.
Artificial and natural silk, said the Chancellor, were the same industry.
Producing from his dispatch box some brightly colored silk handkerchiefs
and ladies' stockings to give point to his remasks, Mr. Churchill waved them
at Ramsay MacDonald as an invitation to succeed where a jury of ladies had
failed in distinguishing which were real and which were artificial.
In conclusion, he warned the House that he was on the watch for other
luxury articles to tax for the relief of the direct taxpayer.
Despite Mr. Churchill's explanations, approval was not universal even
among his own party, and three Unionist members in turn protested against
burdening one of the new vital industries of the country.
British Duty on Silk Is Attacked by French—Lyons
Chamber of Commerce Appeals to Foreign Office
to Have"Law Repealed.
Under date of May 1 the New York "Evening Post" reported the following copyright advices from Paris:
News of the duty imposed on raw and manufactured silks imported into
England has caused consternation at Lyons. it is pointed out that the silk
exports from Lyons annually total more than 3,000,000,000
francs, of which
250,000,000 goes to England.
Paris also is a big exporter of silk to England and Chancellor of the Exchequer Churchill's program may cost Paris another 500,000,000 francs.
The Lyons Chamber of Conunerce has appealed
to the French Foreign
Office to use its good offices with the British Government
in an attempt to
repeal the silk duties.
Fogere, President of the Lyons silk syndicate said: "While England
is active in preaching moderation toward
Germany on the pretext that
is necessary to help her build up credit to
enable her to meet her obligations to the Allies, this is how England helps France
during her efforts to
restore the devastated regions and establish financial equilibrium—dealing
France a terrible blow."
Plan to Amalgamate British Note Issue,---Not to Be
Merged Until Limit Is Fixed—"Currency
Note" Reserve.
•
Advices to the New York "Times" from London, May 3
(copyright), stated:
In regard to the amalgamation of the Bank of England and the currency
note issues, the committee appointed to examine this question recommended that the policy suggested by the Cnnliffe Committee should stand.
That policy, outlined in the Cunliffe "interim report" of August 1918, was
that "transfer of the existing currency note issue to the Bank of England"
ought not to be made "until the future dimensions of the fiduciary issue have
been ascertained," but that "during the transitional period new notes should
be issued, not against Government securities, but against Bank of England
notes." Consequently, the merging of these two issues will not be effected
until the amount of the fiduciary issues can be definitely fixed. The present
MAY
16 1925.]
THE CHRONICLE
committee believes that sufficient experience will have been gained in this
matter by the end of 1927, but it might be possible to accelerate the
transfer.
Now Closed on Saturdays for
Summer Period.
It was announced on Saturday, May 2, that beginning on
that day the Paris Bourse would be closed every Saturday
until the end of the summer.
Paris
Bourse
2493
Passes Finance Bill Removing 10%
Tax on Foreigners.
A special cablegram ap follows (copyright) was announced
from Berlin April 26 14 the New York "Times":
German
Reichsrat
The Reichsrat passed last week Finance Minister Schlleben's tax reform
bills without material changes. The Government has also sanctioned the
amendment authorizing the Finance Ministry to exempt from the income
tax the interest on foreign loans payable abroad.
The original bill had subjected to a flat tax of 10% such income when
drawn by foreigners resident abroad: but that provision had called forth
the protests of the business community,on the ground that it would frighten
off intending foreign lenders.
National City Bank Extends $25,000,000 Credit to
Sweden.
German Taxes Paid on 100 Separate Dates—Complaint
It was announced in Stockholm on May 7 that the National
of German Bank—Demand That Methods Be
Simplified.
City Bank had extended for one year is $25,000,000 credit to
Sweden. This extension followed negotiations with the
The following appeared in the New York "Times- of
Swedish Government. The credit in question was granted April 26:
last year, chiefly for exchange stabilization purposes. It is
The burden of German taxes on German trade and industry, the Darmmonthly bulletin, "has been particularly heavy
understood that the Swedish Government has thus far not stadter Bank asserts in its
owing to the methods used for levying taxation in 1924. Leaving the
exit
its
to
but
deemed
secure
advisable
made full use of it,
turnover tax—a burden on turnover without considering return—out of
account, the method of payments in advance maintained throughout the
tension in case need for the funds should arise.
year has led to taxation being paid out of capital, while industry, particularly in the first months of the year, was working at a loss. Nor must
all
It be forgotten how considerable is the unproductive work forced on
enterprises by the methods used for collecting taxation. It has been calcuof
dates
100
observe
lated that German taxpayers in the year 1924 had to
payment of taxes, whereas, English taxpayers on the average only needed
to observe 5 such dates.
A thorough simplification of our system of taxation must therefore be
carried out in order to bring about economies in Government departments
and in trade and industry. It is particularly desirable in this connection
that considerable reductionsjof taxation, as are to some extent proposed
in the new budget should be brought about in order to enable and to further
the concentration and unification of enterprises of similar type. It will
be necessary to strivelfor such combinations in order to secure the necessary
ncrease of production.
Poland Balancing Her Budget.
Optimistic predictions made by New York bankers who
are familiar with the efforts made by Poland to balance her
budget, have been borne out in the first quarter of the year.
Revenues in the quarter exceeded the expenses. The total
income of the Polish Government during the first three
months of 1925 was 570,000,000 zlotys. The expenses
aggregated 529,000,000 zlotys.
The preliminary budget for the entire year, as passed by
the Budget Committee of the Diet, estimates the revenues
for the entire year at 2,155,000,000 zlotys and the expenses IfiThelLGold Discount Bank—German Institution
at 2,177,000,000. According to information which has been
Resumes the Advancing of Credit to Importers.
received here from the Polish Government M.Zdziechewski,
The Gold Discount Bank has resumed the granting of
Chairman of the Budget Commission stated that this credit in sterling, said a copyright cablegram from Berlin
possible deficit for 1925 amounts to but about 1% of the May 3 to the New York "Times." It added:
budget and is so small that it is unnecessary to provide any
since October all but £3,000.000 out of the £14,000,000 of credits granted
by the bank haslibeen paid off. Henceforth the bank will grant credits
special financial measures to cover it.
six months/and in some cases for nine months, whereas. heretofore the
It is expected by the American bankers for the Polish for
longest periodjwas/threel'inonths.
materials
Government that this deficit will be covered by careful
As heretofore, these credits will be limited to importers of raw
application of the system of monthly budgetary allowances who can repay the bank directly out of their receipts from exports of
which gave such good results last year and which were of finished goods.
gieat assistance to the Government in getting on a balanced
Germany's Potash Sales Doubled.
basis.
The sales of the German Potash Syndicate for the first
months of 1925 totaled 580,000 tons, said Associated
four
German Treasury Low—Only 108,000,000 Gold Marks
cablegrams from Berlin May 5, which stated that
Press
Minister
Available,
Finance
Says.
Are
more than double the amount marketed during the
is
this
Supplementing his pessimistic statements a few days ago
of last year. A Paris Associated Press cableperiod
same
as to the probability of Germany being unable to meet her gram May 5 said:
obligations under the Dawes plan, Finance Minister von
Representatives of German potash interests arrived to-day to open
Schlieben to-day announced that there were only slightly negotiations with representatives of the Alsatian Potash Trading Co.
for future marketinglarrangernents.
over 100,000,000 gold marks in the German Treasury.
"That is an amount wherewith the orderly administration
Ruhr Coal Mines in German Combine.
of a great nation is scarcely to be accomplished," he said.
"Any further reduction of this balance by requisition of the
A radio message to the New York "Journal of Commerce'
1924 surplus for any objects except those designated by me from Frankfort on the Main May 5 said:
After prolonged negotiations an agreement concerning the new Rhenish
would mean collapse of the administration of the national
of all
Westphalian coal syndicate has now been signed by representatives
•
funds."
the Ruhr coal mines.
German
at
assets
Schlieben
reckoned
1,227,000,000
Herr
The new syndicate haslfive years to run.
gold marks, but added that of this sum 1,119,000,000 was
already earmarked, leaving 108,000,000 available.
Russian Mint Now to Begin Coinage of Gold—First
Issue to Be $20,400,000—Plans for Improvement of Railways.
•
German Rail Credit of $15,000,000 Never Used.
above
a cablegram from Berlin, May 3, to
the
head
Under
on
of
May
7
"Journal
Commerce"
York
published
The New
the New York "Times" (copyright) stated:
the following Associated Press cablegram from Berlin:
gold coinage, the
The Petrograd Mint has authorized the resumption of
The economical management of the German railways has thus far made
a value of
touch the American credit of $15,000,000 which was first issue provided for being 4,000,000 tchervontsi, having
it unnecessary to
40,000,000 rubles. The "Communications Commissariat" has submitted a
placed at the disposal of the Railway Administration, according to Karl
next five
the
during
plan for improvement of the railways under which,
Btleler, the Acting Director-General. This is despite the fact that restoraof
the Rhineland and the Ruhr, which were badly dis- years, 458,000,000 rubles will be spent on improvements and renewal
in
railways
the
of
tion
permanent way, and 1,005,000,000 on new rolling stock.
organized during the passive resistance campaign, cost $25,000.000.
to pay the reparation assessment
It is stated that, out of the total expenditure of 1,563,000,000 rubles,
The railways were also able promptly
1,045,000,000 will be provided by the annual operating surpluses, which it
against them, totaling 325,000,000, which fell due on March 1. Other
the railwajr administration during its second is estimated will rise from 147,000,000 rubles in the present year to 273,expenses falling heavily upon
to bridges and overhead construction 000,000 in 1929. By that time, the Commissariat predicts, passenger trafyear include repairing the damage
must be paid from the current receipts, fic will have risen to 95% of the pre-war figure on the same area, and
suffered during the war, all of which
freight traffic to 90%.
has no reserve funds.
as the administration
is any reason for alarm over the financial condiHerr Stieler denies there
railways.
tion of the
Russian State Bank Puts Ban on Canadian Dollars.
Commenting on the above, the paper quoted said:
the $15,000,000 credit for the German
Speyer & Co., who negotiated
confirmed the story that none of the money had
Railway Administration,
out, however, that the credit still had a
pointed
was
It
as yet been used.
run. In some banking quarters it is expected that a loan
few months to
proportions than the credit probably totaling $100,000.000.
of much larger
here some time during the year for the German railways.
floated
be
will
connected with such an offering, however, have
Bankers who might be
the possibility at this time
declined to comment on
The New York "Journal of Commerce" In a cablegram
from Moscow April 28 stated:
The Russian State Bank has issued orders against the acceptance of Canadian paper dollars by any of its branches. Thousands of dollars' worth of
counterfeit Canadian notes, originating apparently from Montreal, have
found their way into Sovietia during the last few weeks, with the result
that all Canadian paper money is regarded with suspicion.
2494
THE CHRONICLE
[VoL. 120.
Reds Break Flour Record with Canadian Purchase— Seven New Indictments Returned Against E. W.
$16,395,000 Order Keeps Nine Mills Rushed
Wagner, Former Head of Defunct Brokerage
Four Months and Fills 34 Ships.
House of E. W. Wagner & Co.—Enters
Special advices from Montreal, MAT 3, to the New York
Pleas of "Not Guilty."
"Herald Tribune" stated:
Seven additional indictments to the 30 returned against
What is said to be the largest flour export order has been completed by him on April 3 1924
by a New York County Grand Jury, were
payment of the final checks covering a total of $16,395,000 by the Amtorg
Trading Co., Soviet Russia's New York commercial agency, to the Maple handed up in the Court of General Sessions retently against
Leaf Milling Co. of Canada.
E. W. Wagner,former head of the New York Stock Exchange
The order, which has taken four months to fill, was loaded at New York,
house of E. W. Wagner & Co., of New York and Chicago,
Baltimore, Philadelphia, Portland, Me., and Halifax. As fast as bills of
which failed on Dec. 31 1921 for several million dollars. As
lading for the cargoes were received they were paid in cash.
The total shipment of flour was 2,629,000 bags of 140 pounds each, or 158 stated in the "Chronicle" of April 26 1924, page
1986, 30 intrain loads. Thirty-four vessels were required to carry the flour to Datum
and Leningrad. Nine mills were kept busy day and night for four months dictments were returned against Mr. Wagner and three other
members of the failed firm, namely Frank W. Donaldson,
grinding the order, which required 9,500,000 bushels of wheat.
former Manager of the main office of the firm in Chicago;
Charles A. Johnson, former Manager of the New York office,
Argentina to Permit Gold Exports June 1.
and Ernest Tiejens, formerly chief financial adviser of the
Under date of May 6 Associated Press cablegrams from firm, for alleged trading against the accounts of customers.
Buenos Aires (Argentina) said:
The seven new indictments, it is understood, are also for
The newspaper "La Razcm," announced to-day that the Argentine Govern- alleged trading against the orders
of customers..
ment intends soon to issue a decree effective June 1 permitting the exportaOn May 1 Mr. Wagner pleaded "not guilty" to these latter
tion of gold, which has been prohibited since 1914, and which has resulted
in the accumulation of $450,000,000 gold in the Bank of Conversion. The indictments in the Court of General Sessions before Judge
removal of the embargo is actuated, it is understood, by the return of Great Collins and later was released in $5,000
bail. In reporting
Britain to a gold standard.
the arraignment of Mr. Wagner, the New York "Times" in
its issue of May 2 said:
Benjamin B. Bachrach, one of the attorneys for Loeb and Leopold.
Gold on Account of Argentine Government in New
accompanied Wagner from Chicago and announced he would appear as
York Reaches $28,600,000.
counsel when the broker is called for trial soon on some of the thirty-seven
The Associated Press in cablegrams from Buenos Aires indictments that have been returned within the last year against him and
three other members of the firm. Max D. Steuer said he would assist
(Argentina), May 1, stated:
Mr. Bachrach at the trials. Wagner was released
The Argentine Government's scheme to permit deposits of gold abroad
as security for paper currency issued here, in order to relieve money
stringency, has resulted in the accumulation in New York of $28,500,000.
The period fixed for the making of deposits began on Feb. 19 and expired today. Various foreign banks with branches in Buenos Aires, including two
American concerns, deposited the greater part of the fund, which will be
shipped to Buenos Aires unless redeemed by the return of the currency issued
against it. Forty per cent of the currency must be returned within 90 days
of the date of the deposit, 30% within 120 days and 30% within 150 days.
The arrangements for deposits of gold in New York for the
account of the Argentine Government as a basis for the issuance of national currency was referred to in these columns
Feb. 21, page 894; Feb. 28, page 1033, and March 14, page
1277.
New York Stock Exchange Brokers' Loans Again
Increasing.
According to the "Wall Street Journal" despite the recent
upswing in many prices on the Stock Exchange, brokers'
loan accounts show much less expansion than might be
expected. Borrowings are estimated at $1,750,000,000, a
gain of about $50,000,000 over the amount on April 3.
The present figure is about $350,000,000 under the high
point of $2,100,000,000 March 6. The "Wall Street
Journal" adds:
Early this year many houses availed themselves of large linesoftime loans
of the longer maturities, which perhaps partly explains why there has not
been a sharper gain in the volume of loans in the recent strong stock market.
Following the peak point of street loans in March, when market prices receded, these houses began to employ surplus time funds in the call money
market. It will be recalled that in the early spring many houses were said
to be competing with the banks in the lending of -money on call. Undoubtedly some of the lending houses are again utilizing these funds.
Funds for Wall St. purposes are plentiful. The stability of industrial
progress has created a most orderly money market, with the result that
banks are eagerly catering to the street's requirements. Even now 90-day
loans are frequently obtainable at 3I.1%, some houses finding that figure
on accommodations of greater maturity, in some cases, as long as 4 and 5
months. While the banks' asking rate is 4%, it is not difficult to find
institutions ready to shade.
Brokers' loans now stand where they were at the beginning of the year.
Following is a comparison of borrowings at different periods this year to
date:
$1.750,000,000
Jan. 1
April 3
$1.700,000,000
2.100,000,000
Mar.6
May 13
1.750,000,000
Mar. 24
1,800,000,000
Bankers say the present volume of money being employed in Wall St. is
far from excessive. They point to the recent report of the New York Stock
Exchange showing total listings of $60,000,000,000.
New York Stock Exchange Election,
Peter J. Maloney, one of the independent candidates for
the Board of Governors of the New York Stock Exchange,
was elected at the annual election of the Exchange held on
May 11. The remainder of the regular ticket, which was
elected was: President, E. H. H. Simmons; Treasurer,
Warren B. Nash; Board of Governors for four years, John G.
Bates, Howard Butcher, Jr., Walter W. Hess, Walter L.
Johnson, W. Eugene Kimball, Charles Morgan, William B.
Potts, Joseph H. Seaman, Chalmers Wood; Board of
Governors for two years, Louis C. de Coppett; Trustee of
the Guaranty Fund for five years, Charles M. Newcombe,
and for one year, James B. Mahon.
in $5,000 bail.
Brokerage Firm of Kenney & Greenwood, Portland,
Me., Fails.
An involuntary petition in bankruptcy was filed in the
Federal District Court at Portland on May 2 against the
brokerage firm of Kenney & Greenwood of that city. The
liabilities are said to be $265,000. Judge John A. Peters appointed Arthur W. Jordan, Vice-President of the Casco
Mercantile Trust Co., of Portland, receiver. In addition to
its main office in Portland, the failed firm maintained the
following branches: Augusta, Lewiston and Waterville
(Me.); Berlin and Portsmouth (N. H.), and Boston, (Mass.).
Receiver Named for Detroit Brokerage Firm of F. L.
O'Neill & Co.
On Saturday, May 2, according to the Detroit "Free
Press" of tile following day, Arnold Zeleznik, a Detroit attorney, acting for three clients, instituted bankruptcy proceedings in the Federal District Court against the brokerage
firm of F. L. O'Neill & Co. and Judge Charles C. Simons
appointed the Union Trust Co. of Detroit as receiver for the
firm under a bond of $5,000. In regard to the failure of the
firm the "Free Press" went on to say:
While not one of Zeleznik's clients, John Duval Dodge is said to be one
of the creditors of the O'Neil company. Reports that he had last week
purchased a controlling interest in the concern were denied.
Quite aside from the bankruptcy and receivership proceedings was an
action started Saturday in circuit court by Miss Conn! Dubois, 3741
Hazelwood avenue, to recover a total of $3,500 alleged to be due her from
Frank L. O'Neil & Co., who have offices in the New Telegraph building.
Zeleznik's clients are James J. Reilley, George Slotter and Pearl B.
Hammel.
One of Attorney Zeleznik's petitions alleged that the defendant company
"has confirmed and purchased $900,000 worth of stock," and charges that
It is insolvent, and further, that "while insolvent they have assigned certain
of their assets to F. L. O'Neil, individually, with intent to hinder, delay and
defraud the creditors."
Frank L. O'Neil & Co. was suspended by the Detroit Stock exchange
about two years ago for "failure to meet requirements of the exchange."
but was reinstated. Last week the Michigan securities commission revoked
the firm's Menem to operate in this state.
Benjamin M. Anderson Jr. on Effect of Cheap Money
and Business.
Discussing "Cheap Money, Business and the Stock Market" before the American Business Management at Briarcliff Lodge, N. Y., on May 7, Benjamin M. Anderson Jr.,
Ph.D., Economist of the Chase National Bank of New York,
declared that "cheap money can very often make an active
stock market, but it takes more than cheap money to speed
up business." In saying this Mr. Anderson pointed out that
"business men do not borrow for amusement. Speculators
sometimes do." Mr. Anderson called attention to the fact
that "cheap money grew out of excessive gold, excessive open
market purchases by the Federal Reserve banks and (during
the summer of 1924) a business reaction," his remarks being
as follows:
There is a belief, widely held on both sides of the Atlantic, that good
business depends on cheap money, and that even moderate increases in money
MAY 16 1925.]
THE CHRONICLE
2495
G. Prather Knapp, Chairman of the Financial Advertisers' Group, introrates can turn good business into depression. It is a fantastic idea, unsound
between the banking
in theory and repeatedly refuted in economic history. The causal relation duced Mr. Pierre Jay. He said that the difference
rapidly; bankers have
between business and money rates is, for the most part, directly the reverse. profession and the advertising profession is lessening
and sometimes they have used the
Good business makes firm money and business depression makes cheap money, been known to be "bears" on advertising
basic realities of the
other things equal. To the extent that there is a causal connection, money word "bull" in connection with advertising. But the facilitating distribuvalue by
creates
rates are generally the effect of business conditions rather than the cause of two professions are much alike—each
business conditions. It seems worth while, however, to apply our American tion, and each has a background of confidence.
experience during the past two years to this doctrine, as we have been passJay Traces Changes.
ing through an exceptionally interesting test of the matter.
Mr. Pierre Jay considered in his talk the changes that have come over our
The theory underlying this notion is that cheap money will make a big business and banking since the installation of the Federal Reserve System in
increase in commercial and business borrowing and that, as business men 1914. He reminded us at the outset of his talk that in the law which creborrow money, they will spend it in such away as to raise prices and to ated this system it was expressly stated that rediscount rates and all the
make business active. The heart of the theory is that the volume of business operations of the Federal Reserve System "shall accommodate commerce and
and commercial borrowing is governed by the discount rates that business the business," and that is the underlying thought in all its operations.
men pay. The facts are, as business men and bankers know, that the volume
He told us first that the Federal Reserve System had created an elastic
of commercial borrowing is primarily governed by the expectations which currency in this country, which had not existed before. There were no depots
the
with
done
be
can
which
business
of
business men have as to the volume
from whien to get currency easily when needed by small banks. There was
money, and the profits which can be made. Business profits depend on the
no way of increasing and decreasing currency upon special needs, but now,
relation of costs to receipts. Money rates are among the elements of costs,
with the twelve Reserve banks linked together in one great system, currency
along with labor, raw materials, transportation, rentals, taxes and other
be increased and decreased at will. And at all times two and a half
can
a
items. If money rates go excessively high, they may make real difference
billion dollars of unissued Federal Reserve notes are carried in the vaults.
in profits. Within a wide range, however, anticipated volume of business
No bank in the country is twenty-four hours distant from a depot and 95%
is far more significant than money rates. If a large volume of business can
are overnight from one of the Federal Reserve depots.
be done with 6% or 6% money, profits may be much greater than they
Interest rates, as shown by the chart which Mr. Jay had prepared for us,
would be with a smaller volume of businesti done with 3% money, because
formerly fluctuated with the amount of currency available in the country,
of
units
of
number
larger
much
a
can
over
out
spread
be
overhead expenses
but since the installation of the Federal Reserve System the variation has
product, so that cost per unit is smaller with a large volume despite higher
decreased to within 2 or 3% of the yearly average and the banks no more
money rates. In the actual calculations of business men who are deciding
hold their money for a higher rate.
whether to borrow a larger or smaller amount from their banks, the rate to
Less Risk in Business.
be paid is very much less important than their anticipations as to the volume of business which can safely be undertaken.
"Faster, cheaper, safer settlement of business accounts has been made
Instead of being the dominant element governing business borrowing, dis- possible through checks accepted by the Federal Reserve System," said Mr.
count rates are merely one of many elements affecting the calculation.
Jay. "We have cut in two the time necessary to collect checks, thereby reIt is interesting to contrast the movement of commercial borrowing dur- ducing the risks of business. One-third of all the checks in the country
fairly
firm
from
to
1923
rates,
of
1924,
March
money
year
March
ing the
are now cashed through the Federal Reserve System, amounting to two hunwith the year of artificially low money rates from March 1924 to March dred billin dollars a year."
1926. During the first of these years, the range in rates on four to six
Mr. Jay also alluded to the wiping out of inland exchange markets exist2-%,% to a ing before 1914, because the Federal Reserve System provides for transfers
1
months' commercial paper, best names, was from a high of 5/
4%.5%.
the
from
year,
During
second
low of
March 1924 to March 1925, by wire all over the country, and thus another barrier between quick comthe high point (at the very beginning) was the low of the preceding year, munication is broken down.
namely 4%-5%. From this figure the rate dropped rapidly to 3%-4% for
He said that: "Another important development has been in creation of a
the week ending July 5, and to Sc for the week ending Aug. 16, and re- market in this country for bankers' acceptances, which was not possible be2% from the latter part of July to the fore the Federal Reserve, because our banks were not permitted to deal in
/
mained unchanged at from 3% to 31
end of the calendar year, stiffening moderately to 4% by the middle of this amount of prime paper. We had to arrange with London to finance the
March 1925. Call money on the Stock Exchange during the first of these movement of goods in and out of our country, but now the situation is
years ranged for the most part from 4%% to 51
2%. During the second of changed entirely and since 1914 we have been able to conduct 80% of our
/
these years the level was very much lower and there was a period of sixteen import and export business through United States banks.
weeks, from June 14 to Sept. 27, during thirteen of which call money stood
System is a Cushion.
unvaried at the mohey post of the Stock Exchange at 2%, with transactions
"The Feaeral Reserve System acts as a cushion between the amount of
outside reported at rates below this. Sixty-day time money on the Stock
shock away, as our expeExchange dropped as low as 2% in August 1924, while bankers' acceptances loans demanded and the gold supply. It takes the
when the banks received a great deal of
for a considerable period sold as low as 2% in the open market, since the riences in 1920 and 1921 showed,
able to pay it right into the Federal
New York Federal Reserve Bank was buying them at that figure. Call loans money from Europe in gold and were
Reserve Bank without inflating our currency. Of course," said Mr. Jay,
on acceptances went as low as 1%% in July, August and September.
the cushion is there. A gold export
What difference was made in commercial and business borrowing by these "there is a limit to this, but generally
disturb us as it would have before
differences in rates? The answer, on the face of the figures, is none at all! of great quantity now to Europe does not
established."
From March 21 1923 to March 19 1924 the "commercial loans" ("all other the 1914 Federal Reserve System was
loans and discounts") of the reporting member banks of the Federal Reserve System increased from $7,727,000,000 to $7,993,000,000, an increase Federal Reserve System to Be Discussed at Annual
of 3.4%. In the following year, the year of exceedingly cheap money, from
Meeting of United States Chamber of Commerce
March 19 1924 to March 18 1925 these same commercial loans increased
from $7,993,000,000 to $8,182,000,000, an increase of only 2.4%.
by Pierre Jay, Leonard P. Ayres and George
Normally, there would be an increase in commercial borrowing with the
A. Ranney—Other Discussions. .
normal growth of business in the country. Possibly commercial loans would
have increased somewhat more slowly than 2.4% during the second period
What ten years of the Federal Reserve System have
had money rates been stiffer, but certainly the excessively cheap money did meant to banking and other forms of business, will be one
not make a dramatic difference between the two years in the volume of
at the thirteenth ancommercial borrowing. It may be added that the reporting member banks of the principal topics to be discussed
possess about 55% of our total bank resources, and that their movements are nual meeting of the Chamber of Commerce of the United
fairly representative of the general banking situation.
States, to be held in Washington next week, May 19-22. The
What, then, did the exceptionally cheap money of the second year accomChairman of the
plish! The cheap money grew out of excessive gold, excessive open market speakers on this subject will be Pierre Jay,
purchases by the Federal Reserve banks and (during the summer of 1924) board of the Federal Reserve Bank of New York; Leonard
a business reaction. The banks had a great excess of idle money available
P. Ayres, Vice-President of the Cleveland Trust So., Cleveon very cheap terms. What was done with it? The answer on the basis a
International
the figures of these same reporting member banks is very clear. The excess land, and George A. Ranney, Treasurer of the
money went into investments, and stock and bond collateral loans. During Harvester Co., Chicago, Ill. Important developments in
the first of these years, the year of fairly firm money rates, stock and bond banking and credit durifig the past ten years, with special
collateral loans increased from $4,023,000,000 to $4,120,000,000, an increase
influence
of 2.4%. Between March 19 1924 and March 18 1925, however, stock and reference to the requirements of business, and the
bond collateral loans increased from $4,120,000,000 to $5,029,000,000, an of the Federal Reserve System will be reviewed. The topic
increase of 22%. During the first of these years the investments in secube dealt with at a special finance group session which
rities of the reporting member banks actually decreased from $4,74 000,000 will
on March 2J..-1923 to $4,507,000,000, on March 19 1924, a decrease
5%. will be held in the auditorium of the new building of the
In the fojl6wing year, however, from March 19 1924 to March 18 192 ,e Chamber of Commerce of the United States on the afternoon
invesin its of these banks increased from $4,507,000,000 to $5,518,000,0
of May 20.
an i9ease of 22%.
ierre Jay of Federal Reserve Bank of New York on
"Federal Reserve in Its Relation to Business."
Not a Panacea for all Business Ills—Cannot
Prevent Failures.
The statement that "the Federal Reserve System is not a
panacea for all business ills, as some of its enthusiastic
protagonists had thought when it was installed" was made
by Pierre Jay, Chairman of the Board of the Federal Reserve Bank of New York in an address on "The Federal Reserve in Its Relation to Business" at a luncheon of the Advertising Club of New York on April 8. Mr. Jay added:
It is an important influence, but it is not a cure-all. Be sure to remember
that it does not dictate to individual banks bow they shall operate, how
many loans they shall have out or to whom; it does not interfere with them
in any way. It is only a background for general operations. It lends to
banks and extends credit, but it cannot make good bankers out of bad bankers or prevent failures.
"Advertising Club News," from which the above extract
is quoted, also gave the following account of what Mr. Jay
had to say:
The work of the Board of Tax Appeals will also be prented at the finance group session by J. Gilmer Korner,
Chsirman of the Board of Tax Appeals, Washington. Among
the major subjects to be discussed at the annual meeting
will be the European Situation; American Business Conditions; Commercial Treaty Policy; Merchant Marine; Federal Trade Commission; Congress and the American Public, and Agricultural Conditions.
Prominent speakers will include Secretary of Commerce
Hoover, former Secretary of Commerce and Labor Nagel,
ex-Representative Samuel Winslow, Rear Admiral Leigh C.
Palmer, President of the Shipping Board; John N. Willys,
President Willys-Overland Co.; John H. Fahey, of Boston;
Harry A. Wheeler, of Chicago; Judge Robert W. Bingham,
of Louisville; Julius Klein, Director of the Bureau of Forand Domestic Commerce; F. de St. Phalle, Vice-President
Baldwin Locomotive Works; Carl Gray, President of the
Union Pacific System; W. D. B. Ainey, President of the
National Association of Railroad and Utility Commissioners;
former Representative Sydney Anderson, and W. E. Hum-
2496
THE CHRONICLE
phrey, member of the Federal Trade Commission. Richard
F. Grant, of Cleveland, President of the Chamber of Commerce of the United States, will preside at the annual meeting, during which the new headquarters building will be
dedicated.
[VOL. 120.
of the natural law of supply and demand of credit and imposes an impediment that defeats the ends for which it was created to serve.
Mr. McFadden declares that country banks are placed at
a disadvantage as compared with city banks by present reserve requirements. He suggests that country banks be permitted to carry part of their legal reserves in their own
Congressman McFadden Says Time Has Come to vaults or on deposit with their reserve city correspondent
banks instead of being compelled to keep them all on deposit
Demobilize Federal Reserve Banks—Would Restrict
with the Federal Reserve banks as at present. He says:
Note-Issuing Power to Meet Trade Demands
The agitation that many country banks have made for the payment of
Rather Than Speculative Needs.
interest on their reserve balances has been widespread, but it would be imThe declaration that the time has come to "demobilize the practicable for the Federal Reserve banks to meet this demand because they
Federal-Reserve Banks by repealing certain war-time amend- would have to engage in active competition with private banks to make
enough money to pay interest. However, my proposal would go part of the
ments that clothed them with extraordinary powers to con- way toward satisfying this demand and would do much to bring into the Fedtrol credits," is made by L. T. McFadden, Chairman House eral Reserve System hundreds of country banks that have held aloof on
of Representatives Committee on Banking and Currency, in account of the loss of Interest on these reserve balances.
an article to be published in the next issue of the "Journal"
of the American Bankers Association and made public May New York Cotton Exchange Takes an Active Part in
Southern Exposition at Grand Central.
11. Just before the recent adjournment of Congress, RepreThe exhibit of the New York Cotton Exchange at the
sentative McFadden Introduced a bill to repeal the war-time
amendments to the Federal Reserve Act; this bill was re- Southern Exposition at Grand Central marks a departure
ferred to in our issue of March 7, page 1154. In announcing from established traditions and the advent of a new day in
the article by Mr. McFadden, the American Bankers Asso- the relations of this commodity market with the public-atlarge. Heretofore, exchanges as institutions—commodity
ciation says:
Desirous of presenting both sides of each question, the "Journal" this
month is able to give the personal views of Hon. L. T. McFadden on certain
features of the Federal Reserve Act. As a probable forecast of one possible
trend of banking legislation in the next Congress they cannot fail to command the closest attention of the banking world.
Mr. McFadden argues that "we should go back to the
original plan where the Federal Reserve banks were directed
to supply only that credit which the i rivate banking system
could not supply." He says in part that Reserve notes
should be issued only against commercial paper in response
to trade needs "for, under the present system, the Reserve
banks may issue not against gold, thereby introducing a
rigid element in our currency system and acquiring the
means of extending excess credits that American business
does not need." He proposes to give the Reserve banks custody of only part of the member banks' reserves instead of
the whole, "so that the judgment of individual bank managers may be exercised to a greater extent in determining
how great a volume of credit shall be extended." Mr. McFadden says:
and security both—have, in a sense, held aloof from the
general public. They have avoided,or at least not attempted
to cultivate direct and personal relations with the public,
leaving this entirely to their membership as firms and
individuals. This attitude frequently has been subjected
to criticism.
In going before the public as an institution, as it is at the
Southern Exposition, the New York Cotton Exchange is
endeavoring to foster a better understanding and appreciation of the economic functions of the exchange and the all
important part it plays in the cotton industry as a whole.
It has no selfish purpose in view, "no axe to grind." Its
officers feel, and this feeling unquestionably is shared by the
large majority of the members, that as the function of the
Exchange becomes better known, there will be an increasing
appreciation of its importance which will be helpful to every
branch of the cotton industry.
"There seems to be a regrettable lack of understanding of
the economic functions which the New York Cotton Exchange
performs," said Edward E. Bartlett, Jr., president of the
Exchange. "Many persons who visit our booth at the
Southern Exposition and who have taken advantage of the
invitation to visit the Exchange have an idea that it is
purely a market place for raw cotton where it is bought from
the farmers and sold to the highest bidder, something on
It is my intention of asking Congress to repeal the war-time amendments
that have made it possible for the Reserve banks to use the gold, intrusted
to them as reserves of member banks, to pyramid credit. Indeed, there is a
substantial basis to-day for charging that the Federal Reserve banks have
saturated currency to the extent of one billion dollars and have contributed
to the glut of easy money and the resultant speculative movements.
We should go back to the original plan where the Reserve banks were
directed to supply only that credit which the private banking system could
not supply. The System was designed as a reserve banking system, to give the auction principle.
American trade and commerce the credit for which there was legitimate need
"When it is explained that the primary function of the
and to afford an elastic currency, which expanded or contracted to meet the
Exchange is to furnish a medium for trade insurance and that
changing needs for credit.
He points out that member banks a:-e now required to keep
their entire reserves, which have grown to over two billion
dollars, with the Federal Reserve banks, declaring that the
Reserve banks "have used more than one billion dollars to
make loans back to member banks in the form of rediscounts
and to engage in open market operatIons."
A Federal Reserve bank can take one million dollars in
gold, he says, combine it with commercial paper which it
can acquire in the open market, and issue 2/
1
2 millions in
Federal Reserve notes. The Reserve banks, he declares,
through their power to acquire gold by issuing Reserve notes
can theoretically get a much larger part of the nation's entire
1
2 billion dollars, addstock of gold, amounting to nearly 4/
ing:
Imagine what would happen if the Federal Reserve banks issued 21
/
2 times
the greater part of this gold in the form of reserve notes! Cheap money
would become even cheaper. These are possibilities rather than actualities.
But dealing with facts alone, we find that gold holdings of the Federal
Reserve banks April 1 were $2,845,934,000, and total deposits $2,188,978,000, while total of Federal Reserve notes in circulation was $1,709,870,000—
or more than a billion dollars in excess of the free gold. It may well be
asked to what extent this billion dollars in notes have contributed to the
ease in our money market and cut down the earnings of banks?
When one considers the powers invested in the Federal Reserve banks, it
is questionable whether such a vast amount of potential power should be
lodged in any group of men. In the first place they have the power of rediscount rates. By lowering the rediscount rates they can create cheaper
money and tend to bring about an expansion of business .by making credit
easily available at a low rate. By raising them they can effectually put the
brakes on business by increasing the coat of credit. By their open market
operations the Federal Reserve banks can bring about a condition that will
cause the banks either to rediscount with them or reduce the volume of
borrowings. The Reserve banks' operations in conjunction with the operations of the Trnasury, bring more than six billion dollars, which can be used
in control of interest rates within the Reserve banks' control.
I believe that it would be wise to restrict their powers so that they will
have power to issue notes on the security of commercial paper to meet trade
demands only, rather than speculative needs, and that 9,500 members of the
Federal Reserve System will have more to say as to how credit shall be extended. As now operated, the System sets up a barrier against the operation
it enables cotton merchants and mills to protect themselves
against large losses due to price fluctuations, visitors get a
new conception of the mission of the Exchange and the
service it renders to the cotton industry."
Simplicity and dignity mark the exhibit of the Exchange
at the Southern Exposition. There has been no attempt to
make an elaborate showing, or to attract attention by spectacular features. The keynote is educational. The effort
has been to acquaint visitors at the exposition with the basic
principles on which the Exchange operates and the service it
renders to the cotton industry.
Richard T. Haniss, Vice-President of the Exchange, and
Leigh M.Pearsall, of the Board of Managers, who were designated by President Bartlett to arrange for the exhibit,
spent a great deal of thought and time in choosing and preparing the various features and they did their work well,
judging by the interest which the Exchange booth arouses in
the visitors at the Exposition.
Among.some of the features which hold the major interest
of the visitors are the cotton standards, charts showing how
the experts of the U. S. Department of Agriculture teat
cotton, the boll weevil in various stages of development,
high pressure bales of cotton, &c. Official reports of the
Crop Reporting Bureau are also exhibited. During the
trading hours, prices are received by wire from the floor of
the Exchange and posted on a blackboard.
Every one who visits the booth receives a miniature bale
of cotton as a souvenir and a booklet containing a history of
the Exchange, and an explanation of how trading is conducted. Vice-President Harriss has a splendid article in
the booklet on the world importance of cotton and the problems which beset the production end of the industry.
Thomas Hale, Secretary of the Exchange, is in charge of
the exhibit during the afternoon session, and Frederic* F.
MAY 16 1925.]
THE CHRONICLE
Kuhlmann, Assistant Secretary, assisted by Miss Mabel
C. Wilson of the executive offices, is on duty in the evening.
Members of the board of managers act as a reception committee.
"Sterling" Must Be Pure—Court of Appeals at Albany
Rules Stamped Silver Can Contain No Other
Substance.
The following from Albany, May 6, is taken from the New
York "Evening" Post:
The Court of Appeals in a ruling to-day held, in effect, that articles
stamped "sterling silver" must be solid silver and not filled.
The case was that in which the court affirmed the conviction of William
Aisenstein, wholesale jeweler, and his clerk, Ida Altsitzer both of New York,
found guilty in the
of a violation of the silver stamping law. They were'
Court of Special Sessions in New York City and were fined $500.
Treasury Abandons Silver Dollar Drive.
The following appeared in the Washington (D. C.) "Post"
of May 2:
The Treasury has admitted defeat in its efforts to increase the circulation
of silver dollars. The American public, it has decided, apparently is determined never again to carry an amount of the old "cart wheels" in its money
pocket.
Some months ago, Assistant Secretary Dewey launched a campaign to increase the circulation of silver dollars as a means of saving the dollar bills
which since the war have been used so extensively that the Bureau of Engraving and Printing has had no time to print a surplus for seasoning. The
campaign promised success at the start and about $10,000,000 was fed out
from the Treasury, but it was not long before it came back. The circulation of silver dollars to-day is only about $50,000,000.
2497
tions as the outcome of the recent German elections, the somewhat unfavorable reception which met tentative Administration feelers as to the possibility of a new arms conference and like matters, does not appear because
of the general nature of the Ambassador's remarks.
There seems little doubt, however, that all these questions enter into what
the Ambassador described as the "confused and doubtful" answer to the
question in American minds as to whether "a time for destructive methods
and policies has passed in Europe."
Under date of May 5 these advices (Associated Press)
had the following to say as to the Washington attitude toward Ambassador Houghton's remarks:
Ambassador Houghton's maiden oratorical effort in London last night,
regarded by President Coolidge as a helpful interpretation of American
opinion on European questions although it was made wholly on the responsibility of the Ambassador himself, served to-day to enliven discussion in
official, Congressional and diplomatic circles in Washington.
There was no attempt to read into Mr. Houghton's remarks a construction
which would make it apply directly to any particular nation or any special
political development in Europe. It was made clear, however, that the
American helpfulness to which the Ambassador .made reference• was understood to be the expansion of private American loans to Europe, either to
Governments or to commercial interests.
In that connection the view of President Coolidge that American financiers could not fail to use discretion in determining which countries across
the Atlantic afforded the best investment market was again emphasized. The
President feels that the bankers are aware that, while American loans could
help to stabilize currency and exchange and thus aid commercial recuperation in those countries which are straining every nerve to help themselves
economically, in other countries such loans would be of very doubtful value,
due to the internal and external policies of the Governments involved.
From Berlin May 5 we quote the following from the Associated Press cablegrams:
In the course of an informal discussion of the subject an official of the
Foreign Office voiced the belief that this was America's final warning to
Europe, and that, as such, it was bound to "soak in." Reduced to everyday
he interpreted the Ambassador's message as a categorical notification
A. B. Houghton,Ambassador to Great Britain, Reminds terms,
to European nations, big and little, to "come to their senses or get along
Europe' That Time for Peaceful Upbuilding Has
without the United States," and that the process of "Balkanizing" Europe
must come to an immediate halt.
Come—United States Help Dependent on
The German Foreign Office, the spokesman averred, was in complete
Assurances That Destructive Methods
sympathy and accord with the program of pacification and reconstruction as
Have Passed.
outlined by Mr. Houghton, and had given tangible and continued manifestaof its sincere desire in this direction. He believed that practical
Speaking at the dinner of the Pilgrims' Society in London, tion heretoward
international sanity was impossible so long as a half dozen
progress
May 4, Alanson B. Houghton, who recently retired as Am- newly created States were permitted to conduct themselves like "a lot 0/
boys who have only just slipped into long pants."
bassador to Germany to become
Ambassador to Great Britain, undertook to explain the attitude of the American
people toward the reconstruction of Europe and declared
that "if human society is to function again as a whole that
good faith must at least be assumed." He noted that "when
we lent our savings to make it possible for the peoples of
central Europe to get to work it was because we knew that
only in this way could Europe, as a whole, be made to function economically. When we lent our savings to rebuild the
markets which had been destroyed it was because we knew
that in no other way could they again be enjoyed." He
pointed out that "we can undertake to help only those who
try to help themselves," and said:
The following further Berlin advices May 5 (copyright)
are from the New York "World":
German reactionaries have concluded that American Ambassador Houghton had only France in mind when, at the Pilgrims' dinner in London last
night, he intimated that the European family of nations must preserve
peace.
The "Lokal Anzeiger," chief of the Hindenburg organs, in its leading
article to-night, says former Premier Briand's rejection of the security pact
offered to France by Germany constitutes "the reason why the American
people cannot get an answer to their question if the time of destructive politics has passed. There is no question that throughout the world, and even
on the Seine, France will be recognized as the nation accused.
The article implies the hope that America will withdraw support from
France and let Germany's chief enemy go toppling over.
Democratic newspapers have not yet made up their minds to comment,
The full measure of American helpfUlness can be obtained only when the but to-morrow several of them will publish editorials the substance of which
American people are assured that the time for destructive methods and will be that both France and Germany must pursue policies conducive to
policies has passed and that the time for peaceful upbuilding has come. peace. They will assert that President-elect Hindenburg, as well as Briand,
was in Ambassador Houghton's mind when he made his appeal to reason.
They are asking themselves if that time has in fact arrived. . . .
Officially, the answer here to Houghton is that Hindenburg's election has
If the answer is peace, then you may be sure that America will help to
her generous utmost- But if—which God forbid—that answer shall con- not changed Germany's policy—that her security pact offer stands—that she
tinue confused and doubtful, then I fear that those helpful processes which abides by the Dawes plan—that she will obey the provisions of the Versants; treaty.
are now in motion must inevitably cease.
Ambassador Houghton took occasion to state that "in saying this we are not thinking specifically of any one nation.
but rather of a situation in which all are alike involved."
He indicated that what was hoped and prayed for by the
American people was"a peace which will deserve and receive
the moral support of mankind because it is just." The Associated Press advices from London, May 4, commenting on
the speech, said:
Ambassador Houghton's speech was as follows:
I rise, naturally, with some embarrassment. I realize that I have done
nothing to deserve this welcome. But I am cqmforted by the reflection
that no man receiving it could possibly appropriate it to himself. In behalf
of the President, who sends me here, and the great people I have the honor
to represent, as well as on my own behalf, I thank you.
It was Lord Lyons, I believe, who said that the proudest feather in his
cap was the fact that he had left America without making a single speech.
My own record is not so good. But I take a certain pride, nevertheless, in
the fact that I left Germany with only one speech to my credit, and that in
English. It is instances like these, after all, which make diplomacy so at.
Coming as it did from the former American Ambassador to Germany fol- tractive to the diplomat and to the people to which he is accredited.
lowing his recent visit to the United States and conferences with President
To-night, of course, it does not count. This dinner has come to be someCoolidge, the pronouncement was calculated to create a profound impres- thing more than a mere occasion of hospitality. It has became, in fact, a
sion upon the statesmen and diplomats gathered to hear the new Ambassador, significant, if unofficial, step in the routine whereby an American Ambassaand perhaps be regarded as among thelnost important delivered by Ameri- dor takes office. And I should be within tradition, I suspect, if I undertook
ca's envoys to the Court of St. James in years. Because of its importance now to say something about Anglo-American relations.
and the authoritative note which it sounded, it was assumed by those trained
But what is there to say? James Russell Lowell, in one of his essays,
in diplomacy that he must undoubtedly be voicing the views of the Admin- speaks of "the difficulty of beguiling a new melody out of the one-stringed
istration at Washington.
instrument upon which we have been thrumming so long." I take the quotaSpecial significance was attached to the fact that the statement comes at tion, of course, quite apart from the context. I am sure Lowell did not have
a time when considerable suspicion and distrust of Germany are being voiced this evening in mind.
in various parts of gurope, particularly France, because of the election to
But when I began to ask myself what I could say to you to-night, and by
the Presidency of Field Marshal von Hindenburg, who is asserted by some to some unconscious cerebration that long-forgotten phrase of his came to my
represent those reactionary forces which are inimical to the peace and mind, it did seem to describe a possible situation with some accuracy. I
interest of at least some of the Allies.
say possible, for I fancy that the mach-thrummed instrument still is someInterlocked with this idea, it has been commented, may be the fate of where about the premises; I could, I dare say, if pushed to it, essay a few
the security pact proposed by Germany and warmly seconded by England variations on its single string—and the audience is here and helpless. But,
as a great step toward the re-establishment of real peace. Indeed, there frankly, I see neither use nor propriety in such an effort; I am not enam.
has been some speculation as to whether the effective working of the ored of the obvious.
Dawes plan might be impaired by this fanning of the smoldering fire of
I cannot bring myself to think that you need assurance from me of Amer',
distrust.
can good-will and understanding; rather does it seem to me that there are.
Whether Ambassador Houghton had any of these things in mind was open relations between the English-speaking peoples which we may safely take for
to conjecture.
granted and regarding which a certain reticence is instinctive, and in my
poor opinion, desirable. I believe 'whole-heartedly that tangled up and'
In its Washington dispatches May 4 the Associated Press involved
in these friendly relations is the promise of a better and happier
commented in part as follows:
world.
It seems clear that MY. Houghton was voicing the fundamental conception
But, surely, the time is past when we need to dig up this friendship, as
of the Coolidge Administration as to the attitude America must take on it were, on festive occasions, to examine the roots and felicitate ourselves CM
European problems. Whether he was aiming directly at such specific ques- their growth and vitality. It is not a tender plant; it has endured through,
2498
THE CHRONICLE
[VOL. 120.
days which meant deeds rather than words. We have no reason to anticipate
Be assured that I take up my work among you in the full confidence that
its untimely demise. But I will confess to you that in moments of rare and any differences of opinion which may arise between our Governments will be
solitary self-communion I sometimes wonder if it were not well that it be met in that spirit of fairness and frankness which has characterized their
spared the scorching winds of after-dinner oratory.
dealings in the past, and which I believe merely reflects the desire of our
I am going to assume, therefore, that you will not expect me to refer spe- two peoples, like self-respecting neighbors, to get through the day's work
cifically to "Hands across the sea," or "Blood is thicker than water," or with a minimum of bickering overwhelmed by a maximum of good-will.
even to "Our common law." I hesitate, but I think we might perhaps use- Again I thank you.
fully include also "the language of Shakespeare," which neither of us uses.
No doubt there are others. With your permission I shall lay them all aside.
President Coolidge Would Have Business Forget
Attitude of American People Toward European Reconstruction.
Washington and Move Forward Without Fear
What I do want to say a word about is the attitude of the plain people
of Governmental Interference—Effect of
of America toward the reconstruction of Europe. I think that is important,
because the American Foreign Offices are in a very literal sense, the homes
President's Economies on Business.
of the American people, and because in these homes matters are discussed and
The desire of President Coolidge to have business draw
decisions reached which, in the end, determine the attitude of the American
its attention away from Washington and move forward
Government.
I feel the desire bemuse every now and then I either hear or read a state- without concern as to interference on the part of the Government which seems to imply that America's relation to the problem of recon.
ment was indicated in press advices from Washington on
struction is substantially that of a participant in a gigantic game of skill,
In which it behooves here to play her cards very warily, lest suddenly and May 1 and indorsement of the President's counseling has has
without their knowledge the American people find themselves subject to heavy been expressed by Senator Edge. As to the President's
penalties. I may say frankly that is not my own view.
I doubt if the American people look upon their ventures in reconstruction desires we quote the following from Washington May 1 to the•
in any such fashion. Their viewpoint is much more like your own. They, New York "Journal of Commerce":
like you, are contemplating the slow recovery of a world which has been
President Coolidge wants the business of the country to take its eyes and
badly hurt morally and physically by war. If material progress hitherto has ears away from Washington and concentrate upon its own affairs with the
been slow, we can at least congratulate ourselves that it has been sure.
assurance that there are to be no developments of importance In the GovernAs we cast our eyes backward over the past year, for instance, we note a ment for the nextfew months,it was said today. Spokesmen indicated that
really substantial advance. The fundamental necessity that the peoples of the President wants business to make the most of the opportunity afforded
Central Europe shall be enabled once again to go to work has been met; cap- by absence of Congress to forge ahead and It was tacitly promised that the
ital, without which the other factors of production could not be made to Administration would not develop any matters which might produce unceroperate, has been supplied; currency values have been largely stabilized. tainties in the commercial world.
Your own long-sustained and magnificent effort to place your money on a
Mr. Coolidge feels that during the summer dispatches from Washington
gold basis has been crowned with success.
should emphasize the unimportance to business of Government activities.
Order has been established, and while to some extent the disorganization He hopes that the country will think as little as possible about the governof international trade and markets, which came as a natural consequence of ment and give its more undivided attention to the development of private
the war, still persists, marked improvement has been shown even here. It business affairs. There will be several months while Congress is not in
has been a somewhat trying time. We have, no doubt, learned a good deal session, it was pointed out, and spokesmen reported that during the summer
in the process. That much at least we can put among our assets. But the there would be no large matters projected by the Executive.
heavy work is done, the foundations of a new prosperity have been laid.
That condition, the President thinks, should relieve the country from the
Nevertheless, what remains to be done is almost as difficult as what has necessity of looking to Washington every few days for indications of the
already been accomplished. It involves considerations which are more or less trend of Government activity as affecting business. Therefore the White
Intangible; it involves, in particular, a changed attitude of mind, for what House feels that business can look ahead without fear of uncertainties dethe war destroyed was not only human lives, dreadful as was the toll, nor veloping in the future and make commitments without the risk of the
property, nor the forces of government. It destroyed for the moment belief jeopardy of investments through sudden changes in the laws or other unIn one another's good faith, and good faith is the cement which binds civili- looked for developments in Washington.
zations together. Without it, units, whether individual or national, simply
The views of Senator Edge are given as follows in a special
fall apart.
dispatch to the New York "Times"from Washington May 2:
Peace Must Come From Within.
Senator Edge told President Coolidge today that he was much impressed
If human society is to function again as a whole, that good faith must with the attitude the President had assumed in giving to
business a freedom
at least be assumed. Peace cannot come from without; it must come from from talk about legislation and a respite from Congress and lawmakers.
within.
Senator Edge says business at times is very sensitive to talk in WashingNow, we in America, as you know, are not wholly without experience in ton, and now that there are no pressing domestic or international questions.
the kind of problems that have been tormenting Europe. We know the mean- he hopes that members of Congress will ffillow the lead set by President
ing of the wreckage and devastation a great war brings in its train; we Coolidge in remaining silent
know what it means to borrow capital under difficult conditions; we know
Senator Edge offered the advice to his colleagues to go on a real vacation,
the meaning of depreciated money, for we saw our paper dollar shrink in and spend the time between now and the convening of Congress to the silent
value until it took almost three of those dollars to buy one gold dollar.
study of legislation that will appear before them in December.
We know wholly the natural unrest and resentment which these unhappy
The administration feels that there has been too much casual talking
conditions create and foster. And that knowledge, naturally enough, has about Governmental affairs and discussion of prospective legislation that
taught us to look upon the aftermath of the war in Europe sympathetically might cause business men to readjust their affairs. There has been a reacand with an honest desire to help.
tion, it is reported, because of things the President himself has been saying
But—we, too, are a practical people. When we lent our savings to make about economy. The President has said nothing about individuals saving
It possible for the peoples of Central Europe to get to work it was because their money, bus has devoted himself entirely to urging economy in Governwe knew that only in this way could Europe as a whole be made to function ment In the hope that Federal taxes can be reduced radically in the next
economically. When we lent our savings to rebuild the markets which had Congress.
been destroyed it was because we knew that in no other way could they again
Reports are now reaching the White House In some volume that these
be enjoyed. That was necessary in the beginning; that was mere common talks, and especially the publication of stories to the effect that the President
sense. If we went at the job with a certain moral earnestness, let that go was not buying any new clothes and was having his old hats revamped, were
to our credit.
having a dampening effect on business. Many people, the reports say, have
It is natural for us to assume that those who have suffered so much from applied the lesson supposed to have been given by the President, and are
war should seek a settlement which so far as is humanly possible should be wearing only old clothes. The result, it is said, has been a good-sized
free from conditions leading directly to war. To that end and in that spirit buyers' strike.
Retail stores in some sections of the country,it is said, have felt the falling
we have helped. But we have never forgotten that there was a limit beyond
off in buying and some of them hold that the reports that the President was
which we could not go.
economizing
on his personal expenditures were responsible. That there is
U. S. Seeks Assurance That Time for Destructive Methods Have Passed.
some ground to these complaints is recognized in Administration circles, but
The full measure of American helpfulness can be obtained only when the that business is being injured thereby is denied.
American people are assured that the time for destructive methods and
In the next few months the governmental agencies intend to follow the
policies has passed and that the time for peaceful upbuilding has come. They advice given with much deliberateness by President Coolidge, and prospects
are asking themselves if that time has in fact arrived. And that question are that the dull Summer scares that have appeared heretofore will be absent.
they cannot to-day answer. The answer must be given to them. It must
President Coolidge is going away in another six weeks for a long rest, and
come from the peoples of Europe, who alone can make the decision.
Washington will settle down to a sultry routine from which no governmental
If the answer is peace, then you may be sure that America will help to statements will emerge to Injure business or disturb the orderly procedure of
her generous utmost. But if—which God forbid—that answer shall continue the outside world.
confused and doubtful, then I fear that those helpful processes which are now
President Coolidge believes that what is said of interest to other countries
In motion must inevitably cease.
should be carefully thought out,and that nothing should be said by American
We are not, as a people, interested in making speculative advances. We officials which would tend to embarrass countries seeking to right their
can undertake to help only those who try to help themselves. And in saying economical affairs.
this we are not thinking specifically of any one nation, but rather of a situaThe silence on domestic questions will be extended to foreign matters,
tion in which all are alike involved.
and governmental Washington intends to take a good rest and allow AmeriNow with the working out of that problem in its details, the American can business and foreign countries a breathing spell free from governmental
people have no will nor desire to meddle. They recognize that into it factors utterances.
enter with which they are only indirectly concerned. Their geographical
The contention that the personal economy policies of the
position alone frees them from considerations which other nations must
regard. They offer no advice. But I may say to you that they hope and President have had a deterrent effect on retail business has
that they fervently pray that a peace may soon be reached—not a peace of been made in some quarters, but in disputing this Lew Hahn,
mere contrivance and arrangement based primarily on force, for that would
Managing Director of the National Retail Dry Goods
merely be the prelude to another war, but a peace which contains the elements of permanency—a peace which will deserve and receive the moral sup- Association, had the following to say in a statement given out
port of mankind because it is just.
in New York on May 5:
And they believe that such a peace can come in only one way. It must
It is perhaps natural that some business men should hold the opinion that
be based upon the assumption of good faith by all who participate in it. newspaper stories concerning the alleged personal economies practiced by
That assumption may be larger, or it may be smaller, but in proportion as President Coolidge are hurting the retail business. Retail trade is a sensitive
men seek to eliminate it altogether their work will be in vain. For now, thing and frequently responds, either by slowing or quickening, to events
as always, peace can come only through mutual and hopeful endeavor. Peace which in themselves seem trivial.
is an adventure of faith.
President Coolidge has captured the imagination of the American people
Let me again express my warm and grateful appreciation of your generous to an unusual extent, and it may well be that here and there folks are refrainhospitality. Never before, I think, have the relations between our peoples ing from buying new things because they conceive that to be the course
been so closely and so firmly knit. I look forward with happy anticipation which the President Is following. If that is so, it doubtless is a good thing
to my life among you. I shall strive to carry on the noble traditions estab for those who are practising an unwonted economy. Polka who are as prulished by that long line of distinguished Americans who have Preceded me dent in their expenditures as the popular legend assumes the President to be,
here.
do not need to be exhorted to economy, nor are they likely to follow any
MAY 16 1925.]
THE CHRONICLE
President's examindividual's example. Thus it may be assumed that if the
more likely to be the impulple is keeping anybody from spending they are
A little economy
should.
they
than
more
sive ones who frequently spend
business.
won't hurt such folks and in the long run it won't hurt
Money cries to be spent, and those spenders who abstain from spending
of funds
for a little while inevitably find themselves with an accumulation
which frequently pushes them into a landslide of further spending.
There is no denying the fact that judicious spending leads to prosperity,
t and hard
and that hoarding, on the other hand, loads to unemploymen
not
times. Those merchants who have complained are doubtless actuated
unwarranted
any
fear
that
their
as
s
so much by purely selfish consideration
it may be
wave of niggardliness may bring about conditions from which
extremely difficult to extricate the country.
people
American
On the other hand, it should be borne in mind that the
have freely spent for a number of years. and that as the basis of any permaelenent prosperity we must have sound,thrify people. Probably the worst
ment in the situation is the talk about spending and refraining from spending.
it
discussion
It is my opinion that the least sa'd on this subject and the less
has in the newspapers the sooner will the country rally from any lull in business which may exist.
Assuredly there is nothing in the present situation in this country which
would justify pessimism. We have every right to expect substantial prosperity for some time to come and the more people there are taking a cheerful
point of view the better the business situation will prove itself.
President Coolidge has all along shown every disposition to assist business
he
to sound prosperity and business men may well recognize the fact that
would be the last willingly to do anything to hurt the situation. Business
applauds the sound economies in governmental affairs that have come from
President Coolidge's leadership and business men should be very careful not
to make a got of the President. It is a good thing to learn that prosperity
must be worked for and waited for.
2499
months of this year: Feb., $100,000; Mar. $200,000; April, $52,000, making
a total of$352,000.
"These results show that there is no drop in business; that conditions are
sound and the public is buying freely.. We must take into consideration that
in our line of endeavor merchandise is now selling 10 to 15% lower in price
than the identical qualities that were sold in 1924. Therefore, it requires a
great many more units to keep the same dollar volume."
President Coolidge, Speaking at Dedication of Jewish
Community Centre, Recalls Part Played by Jews
in Country's History from Earliest Colonial
Times.
Recalling the part played by the Jews during the Revolution, President Coolidge, in an address at the laying of the
cornerstone of the Jewish Community Centre in Washington
on May 3 observed that "from the beginning of the conflict
between the colonies and the mother country they were
overwhelmingly on the side of the rising revolution." Mentioning those who had signed the non-importation resolution
of 1765, the President stated that "not only did the Colonial
Jews join early and enthusiastically in the non-intercourse
program, but when the time came for raising and sustaining
an army they were ready to serve wherever they could be
most useful." The President described the Jewish faith as
predominantly "the faith of liberty" and he said "they have
Travelof
Council
come to us eager to adapt themselves to our instituthe
National
always
of
President
Loeb,
M.
A.
to take their
ing Salesmen's Associations in a statement on May 5 com- tions, to thrive under the influence of liberty,
full part as citizens in building and sustaining the nation,
mented in part as follows:
Entirely too much notice is being given to the rumored influence of the and to bear their part in its defense in order ot make a conCoolidge economy program in its alleged effect on the retail business of the tribution to the national life fully worthy of the traditions
country. I am in contact with the leaders of 1,000,000 commercial men of
the fact that
widely varied lines through our association connections, and I have found they had inherited." The President alluded to
no indication that retailers are concertedly holding back in their wholesale "our country has done much for the Jews, who have come
buying, as has been intimated.
to accept its citizenship and assume their share of the
True, there has been a bit of grumbling under the surface in certain lines, here
was
it
which
danger,
the
probable
regarding
ties in the world, but," he said, "I think the
trade,
clothing
responsibili
the
in
notably
feared by some, might result from the reported episode of the so-called "$65 greatest thing it has done for them has been to receive them
"news
fanciful
suit and reblocked Easter hat," but I cannot believe that this
them precisely as it has received and treated all
interest" story has actuated any great number of the buying public to "fol- and treat
low in his footsteps," any more than if the same newspaper story had said others who have come to it." He noted that "If our experithat President Coolidge bought four $165 suits and seven new Easter hats, ment in free institutions has proved anything, it is that the
that this would believably have caused a nation-wide stampede to do likegreatest privilege that can be conferred upon people in the
wise.
My personal experience is that the general public and the merchants re- mass is to free them from the demoralizing influence of
fleeting their wishes are tending to buy a higher grade of merchandise today privilege enjoyed by the few. In part he added:
and are
than they have in many years past. They are looking for quality,
willing to pay for it.
I do not doubt for a moment that the enforcement of Federal thrift is
hurting retail business in Washington, D. C. But what conceivable negative influence can Government economy in Washington have on retail business in New York City, Los Angeles or Sioux City, Iowa?
I am not one of those who fear that there can be any adverse trade consequence as a result of governmental economy, but I do fear and denounce this
unnecessary and unfounded tendency to spread rumors that may possibly be
accepted at their supposed "face value" by the general public.
It Unfortunately, there is lacking in the industrial and commercial fabric of
this country, and among its people, that thorough education and experience
in reading basic trade factors which is necessary to a full understanding and
appreciation of our national prosperity as a whole.
With the installation of William L. Radcliffe as President
of the Washington, D. C. Rotary Club on May 4, reports
were current that the economy policies of the President had
come in for criticism upon that occasion. From the New
York "Times" we take the following:
Rotary Club Head's Comment.
The attitude of Washington business men is reflected in a statement imputed to William T. Radcliffe, who recently assumed the Presidency of the
Washington Rotary Club, and by Representative Martin L. Davey of
Ohio. This statement, as reported by Mr. Davey, was:
"Over at the White House another President is preaching economy. I am
not going to follow his example, because I can't. The hardest job these
business associates of mine down at 907 16th St. have is to keep me from
spending all I earn. I believe in spending money as a matter of principle,
provided it is spent for something worth while. If everybody stopped
spending money the time would soon come when nobody would have any
money to spend. Hard times come when people are hoarding money, not
when they are spending it.
"I give you fair warning now that I am not going to try to save Rotary's
money. Neither am I going to see it wasted. Henry Castens has been appointed Chairman of a Budget Committee and this committee will undertake
its membership fees and dues can best
to find out how Rotary's income from
the largest possible returns in profit,
be expended to bring to its members
pleasure and happiness."
many sources I have heard the same sentiment
"In many places and from
expressed, a severe and sometimes almost bitter resentment concerning the
personal economy," commented Mr. Davey
rigid
of
President's advocacy
reputed words of Mr. Radcliffe. "The people seem to
in making public the
Government, but I have heard many busirejoice in the idea of economy in
New York speak in strong resentment concerning
ness men from Chicago to
say it is hurting business. It may or
They
this talk of personal economy.
business men are saying it just the same."
may not be true, but many
One of the retail stores which finds business improving is
Franklin Simon & Co., regarding which we take from the
the following:
New York "Times" of May 7
disagrees with some of the repreFranklin Simon,the dry goods merchant, there is a
slackening in busithat
sentations made in Washington recently yesterday a
statement that in his
Times"
to "The
ness. Mr. Simon gave
are good and that the public is buying, and in
opinion business conditions
company, Franklin Simon & Co.,
corroboration he revealed the sales of his
of $52,000 over the same month a year ago.
showing an increase for April
corporation showed an increase of $435,000 sales of
"In April last year our
$2,669,700,,,
and those of April, 1924, being
April, 1923, being $2,234,848 showing a continuous increase for the first 3
are
the statement said. "We
To go forward on the same broadening lines that have marked the national
.
development thus far must be our aim.
It must be our untiring effort to maintain, to improve and, so far as
may be humanly possible, to perfect those institutions which have proved
capable of guaranteeing our unity and strengthening us in advancing the
estate of the common man. . . .
In the advancing years, as those who come and go shall gaze upon this
civic and social landmark, may it be a constant reminder of the inspiring
service that has been rendered to civilization by men and women of the
Jewish faith. And as they ponder the assertion that "Hebraic mortar cemented the foundations of American democracy," they cannot escape the
conclusion that if American democracy is to remain the greatest licsie of
humanity it must continue abundantly in the faith of the Bible.
The President's address follows:
We have gathered this afternoon to lay with appropriate ceremony and
solemnity the cornerstone of a temple. The splendid structure which is to
rise here will be the home of the Jewish Community Centre of Washington.
It will be at once a monument to the achievements of the past and a help
in the expansion of these achievements into a wider field of usefulness in the
future.
About this institution will be organized, and from it will be radiated, the
influences of those civic works in which the genius of the Jewish people has
always found such eloquent expression. Such an establishment, so noble in
its physical proportions, so generous in its social purposes, is truly a part
of the civic endowment of the nation's capital. Beyond that, its existence
here at the seat of the National Government makes it in a peculiar way a
testimony and an example before the entire country.
This year 1925 is a year of national anniversaries. States, cities and
towns throughout all the older part of the country will be celebrating their
varied parts in the historic events which a century and a half ago marked
the beginning of the American Revolution.
It will be a year of dedications and rededications. It will recall the
libheroic events from which emerged a great modern nation consecrated to
erty, equality and human rights. It will remind us, as a nation, of how a
toweld
common spiritual inspiration was potent to bring and mold and
gether into a national unity the many and scattered colonial communities
that had been planted along the Atlantic seaboard.
In a time when the need of that unification, understanding and tolerance
which are necessary to a national spirit is so great, it will recall the fact
that the fathers not only confronted these same problems in forms far snore
•
difficult than they are to-day but also solved them.
Among the peoples of the thirteen colonies there were few •ties of acquaintance, of commercial or industrial interest. There were great differences in political sentiments, even within the local communities, while there
were wide divergences among the several colonies, in origin, in religion, in
social outlook.
If we would seek a fairly accurate impression of conditions at the beginning of the Revolution we must attempt a really continental view of North
America as it was in 1775. The group of new-born Commonwealths which
we commonly refer to as "the original thirteen colonies," and which in our
minds represent a considerable measure of nationality already achieved, did
not in fact even know that they would be thirteen in number.
No man, on the day of Lexington, could be altogether sure that the Revolution was more than a New England affair. It might or it might not draw
the Middle and Southern colonies into its armed array of resistance. On the
other hand, the thirteen might have been joined by Canada, which was
British in sovereignty but chiefly French in population; by Florida and
Louisiana, which were both mainly Spanish.
In short, there might have been fourteen or fifteen or sixteen original
colonies participating in the North American revolution against Europe, or
2500
THE CHRONICLE
there might have been less than a half dozen of them. At that time France
had no territory within continental North America. But this condition had
existed for only a short time since the end of the Seven Years' War. France
had by no means become reconciled to this exclusion from a part in the
North American empire; and only a little later, in the year 1800, under a
new treaty with Spain, resumed the sovereignty of the Mississippi Valley.
Three years after this, benefiting by the fortunes of the Napoleonic wars,
President Jefferson confronted and promptly seized the opportunity to buy
Louisiana from Napoleon. Even then, many years were yet to pass before
the last claims of Spain should be extinguished from this continent.
I have recounted these scraps of territorial history because unless we keep
them in mind we shall not at all comprehend the task of unification, of
nation building, that the Revolutionary fathers undertook when they not
only wared the power of Great Britain but set themselves against the tradition of the subordination to Europe of America.
As we look back we realize that even among the colonies of England there
were few and doubtful common concerns to bind them together. Their
chief commercial interests were not among themselves, but with the mother
country across the Atlantic. New England was predominantly Puritan, the
Southern colonies were basically Cavalier. New York was in the main
Dutch. Pennsylvania had been founded by the Quakers, while New Jersey
needed to go back but a short distance to find its beginnings in a migration
from Sweden.
There were well-nigh as many divergencies of religious faiths as there
were of origin, politics and geography. Yet in the end, these religious differences proved rather unimportant. While the early dangers in some colonies made a unity in belief and all else a necessity to existence, at the bottom of the colonial character lay a stratum of religious liberalism which
had animated most of the early corners.
From its beginnings the new continent had seemed destined to be the
home of religious tolerance. Those who claimed the right of individual
choice for themselves finally had to grant it to others. Beyond that—and
this was one of the factors which I think weighed heaviest on the side of
unity—the Bible was the one work of literaure that was common to all of
them. The Scriptures were read and studied everywhere. There are many
testimonies that their teachings became the most important intellectual and
spiritual force for unification.
[VOL. 120.
When de Kalb was fatally wounded in the thickest of the fighting at the
battle of Camden, the three officers who were at hand to bear him from the
filed were Major Nones, Captain de la Motta and Captain Jacob de Leon, all
of them Jews.
It is interesting to know that at the time of the Revolution there was a
larger Jewish element in the Southern colonies than would have been found
there at most later periods; and these Jews of the Carolinas and Georgia
were ardent supporters of the Revolution. One corps of infantry raised in
Charleston, S. C., was composed preponderantly of Jews, and they gave a
splendid account of themselves in the fighting in that section.
It is easy to understand why a people with the historic background of the
Jews should thus overwhelmingly have allied themselves with the cause of
freedom. From earliest colonial times, America has been a new land of
promise to this long-persecuted race.
Jewish Community of United States Second Most Numerous in World.
The Jewish community of the United States is not only the second most
numerous in the world, but in respect of is Old World origins it is probably
the most cosmopolitan. But whatever their origin as a people, they have
always come to us, eager to adapt themselves to our institutions, to thrive
under the influence of liberty, to take their full part as citizens in building
and sustaining the nation, and to bear their part in its defense, in order to
make a contribution to the national life fully worthy of the traditions they
had inherited.
The institution for which'we are to-day dedicating this splendid home is
not a charity to minister to the body, but rather to the soul. The 14,000
Jews who live in this capital city have passed, under the favoring auspices
of American institutions, beyond the need for any other benevolence. They
are planting here a home for community service; fixing a centre from which
shall go forth the radiations of united effort for advancement in culture, in
education, in social opportunity..
Here will be the seat. of organized influence for the preservation and dissemination of all that is best and most useful, of all that is leading and enlightening, in the culture and philosophy of this "peculiar people" who have
so greatly given to the advancement of humanity.
Our country has done much for the Jews who have come here to accept its
citizenship and assume their share of its responsibilities in the world. But
I think the greatest thing it has done for them has been to receive them and
Hebraic Mortar Cemented Foundations of American Democracy.
treat them precisely as it has received and treated all others who have come
I remember to have read somewhere, I think in the writings of the his- to it.
torian Lecky, the observation that "Hebraic mortar cemented the foundaIf our experiment in free institutions has proved anything, it is that the
tions of American democracy." Lecky had in mind this very influence of greatest privilege that can be conferred upon people in the mass is to free
the Bible in drawing together the feelings and sympathies of the widely them from the demoralizing influence of privilege enjoyed by the few. This
scattered communities. All the way from New Hampshire to Georgia they is proved by the experience here, not alone of the Jews, but of all the other
found a common ground of faith and reliance in scriptural writings.
racial and national elements that have entered into the making of this
In those days books were few, and even those of a secular character were nation. We have found that when men and women are left free to find the
largely the product of a scholarship which used the Scriptures as the model places for which they are best fitted, some few of them will indeed attain
and standard of social interpretation. It was to this, of course, that Lecky less exalted stations than under a regime of privilege; but the vast multitude
referred. He gauged correctly a force too often underestimated and his ob- will rise to a higher level, to wider horizons, to worthier attainments.
servation was profoundly wise. It suggests, in a Way which none of us can
To go forward on the same broadening lines that have marked the nafail to understand, the debt which the young American nation owed to the tional development thus far must be our aim. It is an easy thing to say,
sacred writing that the Hebrew people gave to the world.
but not so simple to do. There is no straight and smooth and posted highThe biblical influence was strikingly impressive in all the New England way into the vast, dim realm of the to-morrows. There are bogs and mocolonies, and only less so in the others. In the Connecticut code of 1650 the rasses, blind roads and bad detours.
Mosaic model is adopted. The Magistrates were authorized to administer
No philosophy of history has ever succeeded in charting accurately the
justice "according to the laws here established and, for want of them, ac- day of the future. No science of social engineering has been able to build
cording to the word of God.", In the New Haven code of 1655 there were wide and easy roads by which to bring up the van of human progress in
79 topical statutes for the Government, half of which contained references sure and easy marches. Tne race is always pioneering. It always has 'been
and always must be. It dare not tire of unending effort and repeated disto the Old Testament.
The founders of the New Haven colony, John Davenport and Theophilus appointments. It must not in any moment of weariness or inertia cease
Eaton, were expert Hebrew scholars. The extent to which they leaned upon from pressing on.
the moral and administrative system laid down by the Hebrew lawgivers was
Least of all can we indulge the satisfactions of complacency, imagining
responsible for their conviction that the Hebrew language and literature that the sum of useful progress has been attained. The community or the
ought to be made as familiar as possible to all the people. So it was that civilization that ceases to progress begins that hour to recede.
John Davenport arranged that in the first public school in New Haven the
The work of spiritual unification is not completed. Factional, sectional.
Hebrew language should be taught.
social and political lines of conflict yet persist. Despite all experience,
The preachers of those days, saturated in the religion and literature of society continues to engender the hatreds and jealousies whereof are born
the Hebrew prophets, were leaders, teachers, moral mentors and even po- domestic strife and international conflicts. But education and enlightenlitical philosophers for their flocks. A people raised under such leadership, ment are breaking their force. Reason is emerging.
given to much study and contemplation of the Scriptures, inevitably became
Jewish People Drawn Toward Charity, Liberty and Progress.
more familiar with the great figures of Hebrew history—with Joshua, SamEvery inheritance of the Jewish people, every teaching of their secular
uel, Moses, Joseph, David, Solomon, Gideon, Elisha—than they were with
the stories of their own ancestors sa recorded in the pages of profane his- history and religious experience, draws them powerfully to the side of
charity, liberty and progress. They have always been arrayed on this side,
tory.
The sturdy old divines of those days found the Bible a chief source of and we may be sure they will not desert it. Made up of so many diverse eleillumination for their arguments in support of the patriot cause. They knew ments, our country must cling to those fundamentals that have been tried
the Book. They were profoundly familiar with it, and eminently capable in and proved as buttresses of national solidarity.
It must be our untiring effort to maintain, to improve, and, so far as may
the exposition of all its justifications for rebellion. To them, the record of
the exodus from Egypt was indeed an inspired precedent. They knew what be humanly possible, to perfect those institutions which have proved capable
of guaranteeing our unity, and strengthening us in advancing the estate of
arguments from holy writ would most powerfully influence their people.
the common man.
It required no great stretch of logical processes to demonstrate that the
This edifice which you are rearing here is a fine example for other comchildren of Israel, making bricks without straw in Egypt, had their modern
munities. It speaks a purpose to uphold an ancient and noble philosophy
counterpart in the people of the colonies, enduring the imposition of taxation
of life and living, and yet to assure that such philosophy shall always be
without representation.
adapted to the requirements of changing times, increasing knowledge
and
developing institutions. It is a guarantee that you will keep step
Jewish Faith Predominantly Faith of Liberty.
with
liberty.
And the Jews themselves, of whom a considerable number were already
This capacity for adaptation in detail, without sacrifice of
scattered throughout the colonies, were true to the teachings of their own
essentials, has
prophets. The Jewish faith is predominantly the faith of liberty. From been one of the special lessons which the marvelous history of the Jewish
the beginnings of the conflict between the colonies and the mother country, people has taught. It is a lesson which our country, and every country based
on the principle of popular government, must learn and apply, generation
they were overwhelmingly on the side of the rising revolution.
by
You will recognize them when I read the names of some among the mer- generation, year by year, yes, even day by day. You are raising here a testimonial
to
the
capacity
of
the
Jewish people to do this.
chants who unhesitatingly signed the non-importation resolution of 1765:
In the advancing years as those who come and go shall
Isaac Moses, Benjamin Levy, Samson Levy, David Franks, Joseph Jacobs,
gaze upon this
'may it be a constant reminder of the inspiring
Hayman Levy Jr., Matthias Bush, Michael Gratz, Bernard Gratz, Isaac Franks, civic and social landmark,
Moses Mordecai, Benjamin Jacobs, Samuel Lyon and Manual Mordecai Noah. service that has been rendered to civilization by men and women of the Jewish
Not only did the colonial Jews join early and enthusiastically in the non- faith. May they recall the long array of those who have been eminent in
intercourse program, but when the time came for raising and sustaining statecraft, in science, in literature, in art, in the professions, in business, in
finance, in philanthropy and in the spiritual life of the world. May they
an army they were ready to serve wherever they could be most useful.
There is a romance in the story of Haym Salomon, Polish Jew financier pause long enough to contemplate that the patriots who laid the foundation
of
this Republic drew their faith from the Bible. May they give due credit
of the Revolution. Born in Poland, he was made prisoner by the British
forces in New York, and when he escaped set up in business in Philadelphia. to the people among whom the Holy Scriptures came into being.
And as they ponder the assertion that "Hebraic mortar cemented the
He negotiated for Robert Morris all the loans raised in France and Holland,
pledged his personal faith and fortune for enormous amounts, and personally foundations of Americus democracy," they cannot escape the conclusion that
advanced large sums to such men as James Madison, Thomas Jefferson, Baron if American democracy is to remain the greatest hope of humanity it must
Steuben, General St. Clair and many other patriot leaders, who testified continue abundantly in the faith of the Bible.
• .that without his aid they could not have carried
on in the cause.
A considerable number of Jews became officers
in the Continental forces. Freight
The records show at least four Jews who served
Rate Increase Sought by Western Railroads—
as Lieutenant-Colonels, three
as Majors, and certainly six, probably more, as Captains.
Position of Eastern Roads—Inquiry of
Major Benjamin Nonee has been referred to
as the Jewish Lafayette. He
Inter-State Commerce Commission.
came from France in 1777, enlisted in the Continentals as a volunteer,
served
on the dells of both Washington and Lafayette, and later was
It was reported this week that the railroads of the East
attached to
the command of Baron de Kalb, in which were a number of Jews.
are preparing to submit to the Inter-State Commerce Coin
MAY 16 1925.]
THE CHRONICLE
in the
mission about June 15 a statement of their position
under
general inquiry into freight transportation charges
New
The
.
Congress
by
passed
n
resolutio
-Smith
the Hoch
York "Evening Post" of May 5, in stating this, said:
will suggest that
Unless present intentions are altered, this statement.
the last few years by
numerous freight rate readjustments effected within
roads from further rate reducthose companies should exempt the Eastern
tions at this time.
the Interstate Commerce
The request of the Western railroads that
net operating
Commission consider steps that would bring the annual
% would be returned
Income of the railroads up to the point at which 54
le discussion in
yearly on railway property investment evoked considerab
official comment.
railroad and financial circles today, but brought forth no
n in which
The petition follows a recent statement filed with the commissio
the pursuance of the
the Western carriers advanced the proposition that in
freight rates under
order of the commission for a general investigation of
upward
the Hoch-Smith resolution, the railroads of the West require
Instead of downward rate revisions.
Fe Railway,
W. B. Storey, president of the Atchison. Topeka & Santa
the petition
said that company had joined others of the Western territory in
however.
filed yesterday with the commission. He declined to speculate,
, but
therefrom
result
might
that
upon the possibilities of rate increases
the country.
expressed the view that a general rate inquiry would benefit
was urgent.
It was plain, he added, that the need of some carriers for relief
the usual
The petition, it was pointed out in other quarters, was not in
ways and
regarding
s
suggestion
form of a proposal for rate increases with
that the
means of providing higher revenues, but was rather a suggestion
of issuing,
commission assume the powers and duties vested in it by law
property
on
after due investigation, the orders necessary to bring the return
58/4 %•
Investment up to at least
upon owing
decided
was
request
for
the
form
this
It is believed here that
likelihood
to the relationship of the question to the agricultural and to the
storm of
that an outright petition for higher rates would bring forth a
2501
Annual Return Rate.
years 1921
"The annual rate of return of your petitioners for each of the
materials and
to 1924, upon the book cost of road and equipment, including
supplies and cash, was as follows:
Including Switching And Terminal
Excluding Switching And Terminal
Companies.
Companies.
3.12%
1921
3.02%
1921
3.45
1922
3.43
1922
3.96
1923
3.91
1923
3.87
1924
3.62
1924
3.55%
"The average rate of return per annum for the 4 years was onlyyielding
rates
(3.61%. including switching and terminal companies). The
such low returns were and are confiscatory.
Steady Decrease in Rates.
decrease
"Your petitioners aver that since 1921 there has been a steady
figures.
in freight rates in the western district, as indicated by the following
territory:
that
ton
per
in
mile
per,
revenue
which set forth the average
Revenue.
Years
Revenue.
Years.
12.27 mills
1923
14.22 mills
1921
12.09 mills
1924
12.92 mills
1922
demonstrates
A comparison between 1919and 1924,the petition continues,
excess of the avthat the average revenue per ton mile is now but 10.2% in
erage for 5 years ago.
In a brief filed with the Inter-State Commerce Commission on April 21 asking for substantial increases in freight
rates, the Western railroads asked the Commission, which
of all
is engaged in preliminaries to a general investigation
railroad rates, to treat separately the study of the Western
railroad situation, to ascertain by additional inquiry whether
r
there are not particular classes of traffic and particula
d
increase
bear
cannot
which
products
l
industria
classes of
protest.
cannot
As to the request of the Western roads, we quote the fol- charges. The Western roads contend that they
4:
lowing from Washington to the "Wall Street Journal" May
maintain adequate transportation service under present
A request that the Inter-State Commerce Commission make another freight rates; they declare that reductions in rates on agrithat
attempt to make good the hope held forth by the Transportation Act
had "menaced the
of cultural products in recent years already
the railroads should have "as nearly as may be" an annual net return
of
transportation in
system
e
the
adequat
in
an
railroads
western
of
the
n
by
commissio
ance
the
mainten
%,has been laid before
form of a petition for an increase in revenues in their territory. The petition the West." The Associated Press accounts from WashingIs not in the usual form of a proposal for an increase in rates, and makes
April 21 stated:
no suggestion 'as to how the increased revenues should be provided, but ton
asks that the commission. "in pursuance of the powers invested in it and
the duties imposed upon it by the Interstate Commerce Act, after due
Investigation issue the necessary order or orders which will result in yielding
to the carriers operating in western district a net rate of return of not less
than 54 %."
Based on the results for 1924. when the western roads had a net railway
operating income of $378,080,991 or 3.87%, on their property investment,
000 to
It would require an increase in revenues of approximately $182.000,
3
4
bring the return up to the 5560.000,000 that would mean a 5 % return.
As the freight revenues of the western lines last year were $1,655,000,000.about
000, this would be equivalent to a general advance in freight rates of
11%,but the roads assert that the present prospects indicate a less favorable
advance
general
was
the
outcome for 1925. The petition shows that not only
in rates allowed by the commission in 1920 insufficient to produce the fair
return contemplated by the act, but that reductions in freight rates made
since have prevented them from realizing it as the result of increased
traffic.
The petition was filed with the Commission several days ago by a committee representing the western carriers, who conferred with Chairman
Aitchison on the subject, though it has not yet been made public by the
committee. It follows the statement recently filed by the western carriers
of their views in relation to the Commission's general rate structure investigation under the Hoch-Smith resolution, in which statistics were presented
to show that the present situation of the western lines calls for advances
In their rates, rather than reductions. It is signed by sixty-six roads, of
which six, the Chicago Milwaukee & St. Paul. Chicago & Alton, Denver &
Salt Lake, Minneapolis & St. Louis, San Antonio, Uvalde & Gulf. and
Trinity & Brazos Valley, are in the hands of receivers.
In support of the petition it is asserted the western roads since the passage
now
of the Transportation Act of 1920 "have never earned and are not
held
earning a fair return on the aggregate value of their railway property
they have
and used in the service of transportation, notwithstanding that
l managebeen and are now operated under honest, efficient and economica
and
structures
way,
ment and reasonable expenditures for maintenance of
equipment."
at
The average rate of return for the four years 1921 to 1924 is calculated
"The rates
3.61% and that for 1924 at 3.87% and the petition says:
is
it
earnings
such
Under
yielding such returns were and are confiscatory.
tion
impossible for your petitioners to maintain the adequate transporta
petisystem contemplated and directed by Congress. The credit of the
tioners has been impaired. It is now impossible to procure necessary
under
bonds
of
issue
the
by
capital by the sale of stock or to obtain money
reasonable terms."
n,
Referring to the reductions in freight rates ordered by the commissio
as well as the reductions made by the carriers compelled by commercial and
ton-mile
per
revenue
average
the
competitive conditions, it is shown that
mills in
in western territory has declined from 14.22 mills in 1921 to 12.09
parts 74, August 26
1924. or 16%% below the average prescribed in ex
mile
per
ton
per
1920, and only 10.1% in excess of the average revenue
immediately preceding the general advance by ex parts 74.
of earnings
Supporting the contentions, the brief contained estimates
return on railroad investment in the
intended to show that for 1924 the
with
compared
as
cent.,
s
per
hundredth
West was three and eighty-seven
cent, in the remainder of the United
four and thirty-three-hundredths per
railroads were given as 193 per cent.
States. The wage payments of Western
of their payments in 1916:
in 1914 were placed at 369% of their
The tax account of same railroads
the United ,States as a whole, the brief said,
tax accounts in 1911. while in
payments 334% of those of 1911. The
the increase had made the 1924
and St. Paul was cited.
receivership of the Chicago. Milwaukee
this district is desperate," the brief
"'I'he situation of other carriers in
of operation, they have
economies
rigid
most
proceeded. "In spite of the
railway operating Income, while there
been faced with a diminishing net
of Government authority to reduce the
has been no tendency on the part
of required expenditures for safer
tax burden or be less stringent in respect
operation.
ready, so far as we are
"Neither Is the shipping nor traveling public
service. We submit that in these
advised, to accept any impairment of
withstand, even for a limited
circumstances these carriers are not able to
"
time, further curtailment in their revenues.
loss of tonnage by reason
Western carriers, the brief said, had encountered
of Panama Canal competition.
suggested that the commisAs to the general rate investigation, the brief
nt and other Government
sion enlist the aid of the Commerce Departme
obtained to keep up the
be
may
branches to determine how revenues
brief were representatives of
earnings of Western lines. Signatories to the
every carrier now operating Went
65 Western roads, including practically
of the Mississippi River.
The same paper referred further on May 6 to the petition
of the Western roads as follows:
Interstate Commerce Commis-
Petition filed by western railroads with the
contends that revenue yieldsion, in addition to asking an increase in rates,
declared by the commission to be
ing even the 5%% on property valuation
ion. Sixty-seven roads
compensat
a fair return, would not provide just
all of the important carjoined in the petition to the commission, including
riers west of the Mississippi River.
railroads states, "that in fields
"Your petitioners show," the brief for the
l and industrial activity.earningsas
of other public service and of commercia
the courts as not unreasonable.
high as 6, 7 and 8% have been sustained by
returns below 6, 7 and 8%
The courts have declared to be confiscatory
tion Act, the Interstate Commerce
Under the provisions of the Transporta
the United States, has in
Commission, as the agent of the government of
at the rate of 6%. In view
numerous instances loaned money to carriers
that revenue yielding even 53•4 %,the
of these facts, your petitioners aver
Commission in accordance with
basis established by the Interstate Commerce
tion Act, would not provide just
the authority vested in it by the Transporta
compensation in these times.
the
From the New York "Times" of May 8 we take
following:
n had forced a
Complaining that the Interstate Commerce Commissio
put into effect
hardship upon Western railroads by the rate reductions
farmer. N. L.
since January. 1922. to alleviate the burden of the Western
the Chicago,
of
e
Committe
Amster of Boston. Chairman of the Executive
n should raise
Rock Island & Pacific, said yesterday that the commissio
from
freight rates "to save many of the most important Western railways
the plight of the St. Paul."
22%
wheat,
on
reduction
The orders by the commission effected a 13%
other than
on coarse grain, 20% on live stock 10% on all commodities
grain and grain products, and 9 cents a ton on iron ores.
n
"In ordering these reductions," said Mr. Amster. "the commissio
expressed the hope that it would stimulate traffic and the volume would
waited for
more than offset rate reduction. But the longer the carriers
increased volume the worse their plight became, until finally one of the
greatest of Western railroad systems could stand the drain on its earnings
no longer and collapsed.
"That awakened the other Western roads to the realization of the danger
that was threatening them also. They accordingly rushed for relief to the
commission, asking that it reinstate the 1921 rates, or as much of those
rates as is imperative to cover operating expenses and the 531% interest
on property investment.
"Obviously, it is up to the Interstate Commerce Commission to act
quickly in this case, having all the facts and being aware of the great
emergency to save many of the most important Western railways from the
plight of the St. Paul.
"Moreover, the commission has no right to institute rates that will not
yield at least the meagre 53.1% they saw fit to designate as a fair income on
railway investment.
"Therefore the rates they prescribed for Western territory are not only
constitutionality illegal and confiscatory to the railroads but are menacing
to the communities these railroads are serving. It is perfectly obvious that
on these rates the roads could not possibly receive enough revenue either to
maintain their proper physical condition or obtain credit with which to
expand and improve their service for the country's requirements."
The general freight rate structure in the Northwest,
especially in Idaho, was assailed by Senator Frank R. Gooding of Idaho in a statement filed on May 5 with the Inter-
2502
THE CHRONICLE
[VOL. 120.
State Commerce Commission in connection with the rate ferred to in these columns Feb. 7 1925. The Commission's
inquiry proposed under the Hock-Smith resolution, says announcement of the investigation ordered in compliance
the New York "Journal of Commerce" in advices from with the resolution was made as follows:
Washington May. 5. Continuing, it says:
ORDER At a General Session of the Interstate Commerce Commission.
Senator Gooding stressed the need for a general investigation of the rate
situation and that he be summoned as a 'witness.
The Senator in his statement said that an investigation of freight rates on
the Union Pacific in Idaho would show that the Union Pacific "always
charges the people of Idaho the peak of the freight rate for its service regardless of whether the freight is going East. or coming West, going 'North or
coming South, and I am sure an examination will show that there is hardly
an exception to this rule."
Demands a Hearing.
He declared a great emergency existed, requested that the commission
give him a hearing when its general rate structure is formerly begun and then
cited the following reasons for an investigation:
"The products of manufacture originating in Eastern and Southern markets destined to points in Idaho are blanketed as to points of destination, the
rates to points in Idaho being the same as to points several hundred miles
beyond,the products moving over the same line in the same direction.
"Products of manufacture originating in Western markets destined to
points in Idaho are blanketed as to points of destination, the rate to points in
Idaho being the same as the rate to points several hundred miles beyond,
while the property moving over the same line in the same direction at the
same time maintains a higher rate to intermediate branchline points.
Rates Ignore Distance.
Little or no consideration is given to distance or costs in fixing rates applicable to points in Idaho on products of mines, such as coal, destined to
points in Idaho.
Failure to give proper consideration to distance as an element in ratemaking to and from Idaho deprives shippers and receivers of freight in that
State of their geographical and natural advantage of location with respect
to markets.
•
Higher rates for longer than for shorter distances over the same line in
the same direction on like kind of property are maintained.
On April 30 it was stated in the same paper that restoration of the old rate structures in force prior to America's
entry into the World War is the weapon to be used by proponents of the Hoch-Smith resolution in demanding a new
order of things from the Inter-State Commerce Commission
in the matter of transportation charges, it developed from a
review of the record of the preliminary investigation now
being conducted by the Commission under the resolution.
These advices continued:
The old rate structures, which have undergone a maladjustment, with increases and reductions to meet the high costs of production, of manufacture,
maintenance and operation ofrailroads, may be revived If the Commission in
its future determination of rate cases views the economic situation generally
throughout the country, in the opinion of some officials of the commission.
These facts have been suggested by the record in the Commission's inquiry
into the rioch-Smith law. The consesus of opinion of shippers is to the effect
that freight rates are too high, but the carriers on the other hand believed
that a downward revision of rates would result in a loss of revenue, and incidentally cited the plight of the Chicago, Milwaukee & St. Paul.
The coal industry was also cited by some economists at the Commission
as being in a fearful state on account of there being too many mines in the
country,that the steel industry was only operating on a part time basis and
that many other industries were cutting down their production because of
lack of markets abroad.
High production costs are still prevalent in many industries,it was pointed
out, and freitht rates on raw materials were declared to be too high to meet
competition in many of the industries.
held at its office in Washington. D. C., on the 12th day of March.
A. 1). 1925. No. 17,000 Rate Structure Investigation. In the Matter
of adjustments in the rate structure of common carriers subject to the
Interstate Commerce Act, and the fixing of rates and charges.
It appearing, That by joint resolution of the Congress approved January
30 1925, the commission is authorized and directed to make a thorough
investigation of the rate structure of common carriers subject to the interstate commerce act, as follows:
(Public Resolution—No. 46---68th Congress)
[S. J. Res. 1071
Joint Resolution Directing the Interstate Commerce Commission to take
action relative to adjustments in the rate structure of common carriers
subject to the Interstate Commerce Act,and the fixing of rates and charges.
Resolved by the Senate and House of Representatives of the United Slates of
America in Congress assembled, That it is hereby declared to be the true
policy in rate making to be pursued by the Interstate Commerce Commission
in adjusting freight rates, that the conditions which at any given time
prevail in our several industries should be considered in so far as it is
possible to do so, to the end that commodities may freely move. legally
That the Interstate Commerce Commission is authorized and
to make a thorough investigation of the rate structure of common directed
carriers
subject to the interstate commerce act, in order to determine to what
extent and in what manner existing rates and charges may be unjust,
unreasonable, unjustly discriminatory, or unduly preferential,
imposing undue burdens, or giving undue advantage as between the thereby
various
localities and parts of the country, the various classes of traffic, and the
various classes and kinds of commodities, and to make, in accordance with
law, such changes, adjustments, and redistribution of rates and charges as
may be found necessary to correct any defects so found to exist. In making
any such change, adjustment, or redistribution the commission shall give
due regard, among other factors, to the general and comparative levels in
market value of the various classes and kinds of commodities as indicated
over a reasonable period of years to a natural and proper development of
the country as a whole, and to the maintenance of an adequate system of
transportation. In the progress of such investigation the commission shall,
from time to time, and as expeditiously as possible, make such decisions
and orders as it may find to be necessary or appropriate upon the record
then made in order to place the rates upon designated classes of traffic
upon a just and reasonable basis with relation to other rates. Such Investigation shall be conducted with due regard to other investigations or proceedings affecting rate adjustments which may be pending before the
commission.
In view of the existing depression in agriculture, the commission is hereby
directed to effect with the least practicable delay such lawful changes in
the rate structure of the country as will promote the freedom of movement
by common carriers of the products of agriculture affected by that depression, including livestock,at the lowest possible lawful rates compatible with
the maintenance of adequate transportation service: Provided, That no
investigation or proceeding resulting from the adoption of this resolution
shall be permitted to delay the decision of cases now pending before the
commission involving rates on products of agriculture, and that such cases
shall be decided in accordance with this resolution.
Approved. January 30 1925.
It is ordered. That an investigation of the rate structure of common
carriers subject to the interstate commerce act be, and it is hereby, instituted by the commission in order to:
(a) Determine to what extent and in what manner, if any, rates, fares,
and charges, and all classifications, regulations, and practices relating
thereto, hereinafter for brevity collectively termed rates, of such common
carriers for or in respect of the transportation or transmission by such
carriers in interstate or foreign commerce of the various classes and kinds
Of commodities and the various classes of traffic, including freight, passenger,
mall, and express, or any other, similar or dissimilar, may be unjust,
unreasonable, unjustly discriminatory, unduly preferential, or otherwise in
violation of any provision of law, including the joint resolution aforesaid.
(b) Determine to what extent and in what manner, if any, the rates, as
above defined, of such common carriers cause undue or unreasonable
advantage, preference, or prejudice as between persons or localities in
intrastate commerce on the one hand, and interstate or foreign commerce
on the other hand, or any undue, unreasonable, or unjust discrimination
against interstate or foreign commerce.
The following was reported to the same paper from
(c) Make, in accordance with law, such changes, adjustments, and
redistribution of rates, as anove defined, as may be found necessary to
Washington April 27:
correct any defects so found to exist, and to determine to what extent, if
The preliminary inquiry now being made by the I.-S. C. Commission in any, and upon what
classes and kinds of commodities or classes of traffic,
connection with the provisions of the Hoch-Smith resolution for a general If any, compensating
increases or other changes in rates, as above defined.
rate investigation struck its first snag today when oral arguments were may and shall lawfully
be required or authorized by the commission in order
begun before the full commission in the case involving a readjustment of the to offset or partially offset such reductions or other
changes in rates, as
rate structure on lake cargo coal moving from 57 producing districts in above defined, on other classes or kinds of commodities
or classes of traffic.
Pennsylvania, Ohio, Maryland, West Virginia, Virginia and Kentucky to giving due
regard, among other factors, to—
the lower Lake Erie ports for trans-shipment by vessel. '
ii) The conditions which prevail in the several industries of the country,
The commission, when arguments were opened by counsel interested in in RO
far as it is legally possible to do so, to the end that commodities may
the case, was warned by Examiner Gerry that the primary function of the fret
ly move;
commission was to deal with transportation matters. The resolution, the
The general and comparative levels in market value of the various
(2)
examiner said, directed the commission to consider, when making rates, the
clai ses and kinds of commodities as indicated over a reasonable period of
conditions that at the time prevailed in the particular industry concerned to
years;
the end that commodities may freely move. He declared that the case
(.I) A natural and proper development of the country as a whole;
before the commission presented a variety of aspects that must be given
(4) The maintenance of an adequate system of transportation;
their proper weight and that the case was not a proposition of equalizing the
Any other requirement of law laid upon the commission in respect of
(0)
economic advantages and disadvantages of rival shippers. He further
the initiation, modification, establishment, or adjustment of rates, as
pointed out that the commission has ruled in this regard many times before
above defined.
and that it cannot legally reverse itself.
(d) Make in the progress of the investigation such decisions and orders
Opposition by counsel to the findings of the examiner for readjustment of
as the COrnmksion may find necessary or appropriate upon the record then
the lake cargo rates was centered upon provisions of the Hoch-Smith resolumade in order to place the rates upon designated classes or kinds of comtion as a vehicle for the commission to dismiss the complaint before it and
modities or classes of traffic upon a just and reasonable basis with relation
make the whole case one of its subjects in the general rate structure investito other rates.
gation now being built up.
(e) Effect with the least practicable delay such lawful changes In the
The arguments as presented today by counsel for the complainant were
rate structure of the country as will promote the freedom of movement
those pointed out in their briefs filed 'with the commission. Counsel for the
by common carriers of the products of agriculture affected by the existing
Pittsburgh producers asserted that their local market has notexpanded in the
depression declared in said Joint resolution, including livestock, at the
past decade; that the district has no more than held its own in the Ohio
lowest possible lawful rates compatible with the maintenance of adequate
markets; that west of Ohio its shipments were inconsiderable, and that their
transportation service.
markets were lost to the preferred districts of West Virginia, Virginia, KenIt is further ordered, That all common carriers subject to the interstate
tucky and Tennessee.
W.S. Bronson,counsel for the C.& 0.,flayed the recommendations of the commerce act be,and they are hereby, made respondents to this proceeding
examiner. He cited a number of specific instances where, he said, the that this order be served upon each of said respondents that the several
differentials fixed by the examiner by shipments moved by his line were States of the United States be notified of this proceeding by sending copies
uneconomic. He also warned of possible loss in revenue to his line if the of this order by registered mall to the governor of each State, as well as to
recommendations are approved by the commission. E. J. McMann, A.0. the tribunal thereof, if any, having regulatory jurisdiction over such
Gutheim, and E. S. Ballard voiced some criticisms but as a whole favored common carriers that copies of this order be sent to the heads of the
executive departments of the United States and that notice of this proceedthe report of the examiner.
The arguments are expected to last until Wednesday. Commissioner ing be given to the public by depositing a copy of this order in the office of
the
secretary of the commission, at Washington, D. C.
Woodlock, for the first time since he was given a recess appointment, sat
And it is further ordered, That this proceeding be assigned for hearing
throughout today's proceedings.
such times and places as the commission may hereafter direct.
The resolution under which the present inquiry is being atBy
the commission.
the
Inter-Stat
by
made
e Commerce Commission was re[Seal.] GEORGE. 13, McGINTY, Secretary.
MAY 16 1925.]
THE CHRONICLE
2503
is contributing to the earnings of the
be said that in every practical sense she
nd.
husba
her
no Interest in those earnings until
It will not do to say that she has
husband dies, or she is divorced.
and
arts
useful
the advancement in the
It is probable that a large part of
l ambition of the wife.
Commerce the creation pf wealth is due to the naturaship;
e
-Stat
Inter
the
ng
endi
death or divorce merely give
comm
A resolution
which creates owner
ge
marria
the
It
is
f and her chilwhich all laws
st is not merely in support for hersel
Commission "as the proper agency through administered" possession. Her interethat
the creation of a fund.
by
ed
ty
is
fortifi
securi
her
fact
be
dren. It'sin the
governing the common carriers should
shall be available to her:
n of Com- which, in any contingency.
ed to the husband;is to unduly dimin
was recently adopted by the Chicago Associatio
To tax the income, as if it all belong
l the
"
erce
Comm
of
and in practical consequence, to compe
rnal
n
ish that fund; it is, in effect,
portio
her
merce, and according to the Chicago "Jou
her just'share and to tax
States Chamber
to pay an additional tax upon
her husband.
of April 15 is to be submitted to the United be adopted at wife
whole
under the disguise of a levy upon
it
that
on
dati
her husband has separate estate, the
of Commerce with a recommen
In practical effect, likewise, if
and the surtax upon the
in Washington, commu
held
be
r
to
e is added to his separate Income,
latte
incom
the
of
nity
ng
meeti
al
annu
s.
the
es the community accumulation
:
sum of the two further deplet
husband's
she is obliged to add that to her
May 19, 22. The resolution in partofreads
rce that it is the
If the wife actually earns money
Comme
thus pay
ation
Associ
go
Chica
the
product of his separate estate, and
"Be it resolved by
the
or
gs
ved
earnin
impro
be
either
e,
to
incom
are
on systems
sense of this body that if our transportati
the surtax on the combination.
rce,
comme
of
only if
needs
ng
nd
e can be taxed to the husba
and extended to meet the constantly growi
tuted
It seems to me that the whole incom
be vested in a properly consti
distinction according to truth and
the
apply
to
e,
nregulation of our common carriers must
incom
gover
nd's
it is that husba
the legislative branch of the
administrative body, rather than in
substance, without regard to form.
"pent and
Comrce
Comme
tate
One-Half Is Wife's.
Inters
the
"Be it further resolved, that the record of
gh
lf of the income really
as the proper agency throu
and substance is, that only one-ha
truth
the
And
mission is such as to commend that body
and
stered
and right and justice, to the
be admini
law
in
should
rs
half,
carrie
on
other
comm
the
the
nd;
ing
Which all laws govern
belongs to the husba
stration of the act to regulate
"Be it further resolved, that in the admini
lf ef her
wife.
file a separate return on one-ha
exercised upon the administracommerce, no political influence should be
Under the decision a wife must
the rights which she takes
tive branches of the government."
the court held, because of
e,
incom
d's
tive body by either the executive or legisla
husban
men,
ss
such a stand by busine
property law.
The importance to the Middle West of
ns sought
under the California community
a test suit ih which the Robbi
rce" was indicated in the statement
says the Chicago "Journal of Comme
Yesterday's decision comes as
than an exbe
might
that
pts
attem
any
on
water
d that a wife takes a real, rather
groun
the
on
taxes
of
ry
that it probably would act as cold
ty of hcr husband.
as the Gooding long and short recove
t interest in the community proper
made to revive interest in measures such
ss. The paper quoted continues: pectan
s Denied.
Return
haul bill, defeated by the last Congre
te
Separa
go
Chica
the
of
or
s, traffic direct
separate reThis measure, according to J. P. Hayne
nd and wife, attempted to file
t to take from the commission its
The
The Robbins, in 1918, husba
Association of Commerce, not only sough
ed,
lf for the husband's Income.
involv
one-ha
were
and
rates
wife
water
and
the
for
rail
lf
when
turns, one-ha
79 46. If
leeway In making railroad rates
ctly harmful to Government, however, refused the demand and collected $11,0
distin
been
have
would
that
ion
have
condit
but prescribed a
Robbins would
territory. The measure was separate returns had been filed, it wasscentended, the
se in
Chicago interests shipping to Pacific Coast
ation of surtaxes and the decrea
n country.
$6,788 03 through the elimin
the
saved
fostered by shippers of the intermountai
ged
infrin
have
would
d,
enacte
been
rates.
it
had
if
,
tax
for final
the ratio of
Another measure, 'which
United • States Supreme Court
ssion, was the Butler bill. This
The case will be moved to the
upon the rate making power of the Commi
the present rate adjustment to disposition.
d States
Unite
bill Mr. Haynes said, would have upset
For the Government,
on all imports and exports
a
Attorneys in yesterday's action were:
North Atlantic ports. It sought to place rate
Norfolk.
Internal Revenue; Frederick W
gh
of
or
throu
rate
Solicit
,
the
with
Gregg
parity
W.
a
A.
n
on
Assistant
Attorney Carr;
through the port of Bosto
ney-General of Washington, and
minatory.
Dewart, special Assistant Attor
The measure was depicted as highly discri
the local office.
Attorney Thomas .1. Sheridan of
States
d
Fleet:
Unite
Van
&
Robbins; Elkins
Pullman Surcharge Stand.
Lloyd
sco
The plaintiff's attorneys were
n & Preston, San Franci
ess upheld the ruling of the
Dunca
bill
on:
Congr
rge
Harris
&
surcha
an
r
Pullm
Phlege
the
ck,
ing
, Brobe
By reject
be reduced because the money Dunne
& Macnell of Los Angeles.
Tuller
en.
Millik
veny
commission that the surcharges should not
O'Mul
and
the Pullman company.
went to the railroads rather than
to comply with the provisions of the
The commission is now endeavoring
ds
Secretary of U. S.
by the last Congress. This deman
Death of George A. Sanderson,
Hoch-Smith resolution, passed
lture and livestock regardless of rates on all
•
agricu
for
te.
ent
Sena
treatm
l
specia
es this to be a policy of Congress.
other commodities, and declar
Secretary of the United
of all the tonnage of the
deorge A. Sanderson, for 6 years
"Agriculture and livestock approximated 21.2% the
rates on these com"If
s.
tment in Stoneleigh
Hayne
apar
Mr.
his
said
at
"
1923,
in
24
ads
April
e, died on
western railro
ent, it will impair the efficiency of the States Senat
judgm
our
in
d,
reduce
only one day and
ill
are
es
been
moditi
He had
now earning a fair return of 6i% on their Court, Washington, D. C.
d with
western lines, which are not
Commends InterChicago Association of Commerce
Proper Rate
as
on
issi
Comm
erce
Comm
e
Stat
cy.
Agen
ng
Maki
when lie was seize
was thought to have been recovering
e acute indigestion.
sever
with
d
a heart attack, complicate
ornia
in
Calif
erty
y
Prop
Income From State Communit
The Washington "Post" says: Ohio,75 years ago. He was gradand Wife For
investment."
May Be Divided Between Husband
Federal Income Tax Purposes—Decision
of Federal Judge to That Effect.
in a
On April 29 Federal Judge Partridge at California
of a
right
the
ld
uphe
date
that
on
ed
down
hand
ion
decis
r
unde
ns
retur
ate
file
separ
to
State
that
in
husband and wife
me tax purthe California Community Property Law for inco
The deciposes on the income from community property.
ins and
sion was made in a test suit brought by R. D. Robb
e of
the
estat
of
tors
execu
isco,
Franc
San
of
ins,
Robb
Sadie
nt,
al
rnme
Feder
Gove
the
st
again
sed,
R. D. Robbins, decea
me tax paid
in which they seek the recovery of $6,788 03,inco
nt was paid on
for the year 1918, on the ground that the amou
uled for final
is
sched
case
The
.
a community tax basis
disposition in the U. S. Supreme Court, and if the present
decision is upheld, it will, it is claimed, force the U. S.
Government to refund $77,000,000 in taxes already paid by
residents of California. We quote the following from the
with regard to the
"San Francisco Chronicle" of April 30
decision:
s for income tax
te
ton,
Mr. Sanderson was born in Hamil
the next two
Naval Academy in 1871,serving
uated from the United States
ssion to engage in the transportacommi
his
ed
years in the navy. He resign
o, which
Mexic
engaged in railroad construction in
tion business. In 1904 he
the Senate position. May 19 1919.
to
t
ntmen
appoi
his
until
he continued
Sonora ConstructIon Co.
He also was president of the
return
The right of a husband and wife to file separa
nity property was upheld in a decision
purposes on the income from commu
dge yesterday.
handed down by Federal Judge Partri
Partridge to be in conformity with an act of
The decision, held by Judge
ature of 1921 will, if upheld by the United States
the California Legisl
nment liable to the refunding of a sum in
Supreme Court, lay the Gover
in taxes already paid by residents of this State.
excess of $77,000,000
and Sadie Robbins,
The case was that of R. D. Robbins
ins,
Robb
deceased, and who
D.
R.
e
of
estat
the
of
executors
me tax paid for the year
sought recovery of $6,788 03, inco
nt was paid on a community
1918, on the ground the amou
tax basis.
case yeaterday Judge Partridge said:
In deciding the
a tax upon income. By the statute law of California,
The tax here is
by both husband and wife, as well as the products of
whatever is earned
e a part of the community.
community property, becom
e is produced by the industry and professional,
Generally, that incom
s.
rcial acumen of the husband; generally, but not alway
economic or comme
nd.
of
e
Husba
Incom
To
butor
Housewife Held Contri
fact, by her labor and ability,
sing number of cases, the wife in
In an increa
where the wife's contrithereto. But in the ordinary case,
ally
materi
dds
the care of the children, it can
conduct of the household, and
the
is
ution
b
a
as Solicitor-General of
Resignation of James M. Beck
es.
Stat
the United
as Solicitor-General of
Beck
M.
s
The resignation of Jame
n on April 30. Mr. Beck's
the United States was made know
dent Coolidge under date
Presi
to
red
resignation was tende
s to his previously exof April 15. In his letter he refer
from office because of
e
retir
to
ago)
year
(a
e
pressed desir
us amount of work
mino
volu
the strain on his eyesight of the
Acting Attorneyof
duty
e
doubl
the
in
him
to
which fell
that his resignag
askin
In
eral.
General and Solicitor-Gen
etion of the
compl
the
tion be made effective in advance of
Solicitor-GenJune
in
t
Cour
eme
Supr
the
present term of
to obtain a rest before
eral Beck makes known his desire
ington and New York.
Wash
in
law
of
ice
pract
the
resuming
30 President Coolidge
April
on
n
In accepting his resignatio
of the faithfulness and
makes "particular acknowledgment
have discharged the
you
h
whic
with
distinguished ability
s letter of resignaBeck'
duties of your high position." Mr.
tion follows:
April 15 1925.
Dear Mr. President:
41 years in the practice of my profes
Next month I shall have completed
service of the Government In the
the
to
given
been
have
15
sion, of which
4 years, it has been my great priviDepartment of Justice. During the last
a
United States. No position, to
lege to be the Solicitor General of the
I explain to you that I have had
lawyer, should be more enviable; but when Supreme Court during the last
in the
charge for the Government of 983 cases
circumstances, performed the douyear, and have at times, through force of
Solicitor General, you will appreble duty of Acting Attorney General and
strain to my eyesight, which has
ciate that the work has meant a very great
best.
the
never been of
I explained to you my desire
It was for this reason that about a year ago
to
it would be a great satisfaction
to retire from an office which, otherwise,
uently arose which made it
me to continue to hold. Circumstances subseq
period
trying
my office during the
a matter of loyalty for me to continue in
.
when the Department of Justice was under attack
2504
THE CHRONICLE
As that has now ceased, with the confirmation of the new Attorney General, I am writing to tender my resignation as Solicitor General of the United
States. As I want to be of any assistance that is in my power to the new
Attorney General in the first days of his administration, I suggest that my
resignation be effective at your convenience.
Under other circumstances, I should prefer to remain as Solicitor General
until the completion of the present term of the Supreme Court in June, but
after the hard work of the last 4 years I want to get a good rest before resuming the practice of my profession in Washington and New York.
With an abiding appreciation of your many courtesies to me and with the
hope and expectation that, in or out of public office. I can continue in some
way to serve your Administration and the public, I am,dear Mr. President;
Yours faithfully,
JAMES M. BECK.
To the President, The White House. Washington. b. C.
April 30. 1925.
[VOL. 120.
quiring, possessing and protecting property and seeking and obtaining happiness and safety."
More specifically on the subject of religious freedom, Article 1, Section 7,
of our State constitution says:
"All men have a natural and indefeasible right to worship Almighty God
according to the dictates of their own conscience. No person shall be compelled to attend, erect, or support any place of worship, or maintain any
form of worship, against his consent; and no preference shall be given, by
law, to any religious society; nor shall any interference with the rights of
conscience be permitted."
These pronouncements of independence were made possible for us by the
bravery and sacrifice of the revolutionary fathers, defended and maintained
by the noble veterans of the war of 1812. the Mexican war, the civil war, the
Spanish war and the world war at an incalculable cost of lives and blood,
without regard to race, creed or color. Ohio is not ready as yet to secede,
and it is to be hoped it never will, from the principles of civil and religious
liberty, which have made our government the model for the world.
The following is the President's reply:
I fail to understand the conflicting and contradictory vagaries of recent
My dear Mr. Solicitor General:
Ohio general assemblies with respect to policies of religion. Only two years
I have your recent letter, expressing once more your desire to retire from ago I had occasion to cite the aforementioned guarantees of our constitution
the post of Solicitor General as soon as may be convenient. On several in a message disapproving a bill which accepted as State property the John
earlier occasions within the past year you have indicated to me your wish to Bryan Farm of 500 acres on terms prohibiting forever any form of religious
retire, and I am, therefore, constrained to acquiesce, much as I regret your public worship thereon—a measure subsequently passed over my veto. In
loss from the public service.
concluding that message, I said:
Having in mind that there are some important cases which you have pre"I have recited some of the constitutional material with which our
pared for presentation in the Supreme Court, and recalling your generous fathera builded the community temple. They gave it to our keepingforeand
assurance to me of your willingness to remain until they may be urged, I passed on. Let us, in turn, see that it reaches our children enlarged, of
accept your resignation to take effect when your successor shall have been course, but unprofaned."
appointed and shall have qualified. This arrangement will insure to the
This sentiment I reaffirm now in disapproving the present bill, which
Government the advantage of having you represent it in the pending im- goes to the opposite extreme. In the one Instance, the general assembly forbade religious worship in a portion of our State. In the other, the assembly
portant matters.
In accepting your resignation, I wish to make particular acknowledgment seeks to compel the state to teach religion to all the school children of Ohio
of the faithfulness and distinguished ability with which you have discharged without regard to the teachings received at their mother's knee. It is my
the duties of your high position. Your record, as Solicitor General, will belief that religious teaching in our homes. Sunday schools and churches, by
stand as one of the notable proofs that the Government is so many times for- the good mothers, fathers and ministers of Ohio, is far preferable to compultunate in being able to enlist the most eminent of talents and highest fidelity, sory teaching of religion by the state.
The spirit of our Federal and State constitutions,from the beginning have
not because of the compensation, but because of the fine sentiments of patriotism which animate those who thus do honor to the public service. At a been to leave religious instruction to the discretion ofparents. Under existgreat sacrifice to yourself in everything save only reputation, you have elven ing Ohio law, as upheld by our supreme court, when the people of local comyour splendid energy and exceptional capac:ty to the furtherance of the munities desire or demand it, boards of education in their discretion may
national interests. Centemplating your record of achievement. I have require the reading of the Holy Bible in the schools. In other words, we
to express the hope that it may be alike an Inspiration and a model to many now have home rule in this respect and there is no necessity for this bill
others.
establishing State dictation in the matter of religion_
With every wish for your enjoyment of happiness, health and prosperity
As governor of all the people, sacredly pledged to uphold the spirit and
through a long future of like usefulness, I remain,
letter of the constitution, I can neither abridge nor compel religious worship
In any form,and, therefore. In the name of the founders of our free country.
Most sincerely yours.
and its soldier defenders, livingand dead. I must return this bill herewith to
CALVIN COOLIDGE.
Hon. James M. Beck. The Solicitor General, Washington, D. C.
the house of its origin, unapproved.
Gov. Donahey of Ohio Vetoes Bill, Supported By Ku
Klux Klan, Calling For Compulsory Reading
of Bible in Public Schools.
A bill passed by the Ohio State Legislature which Would
have made compulsory the daily reading of the Bible to all the
school children of the State was vetoed by Gov. Donahey on
April 30. In indicating his disapproval of the bill the Governor pointed out that "the founders of our country, having
in mind their own sacrifices in obtaining liberty of religious
thought and seeking to hand down to their children this hardearned freedom, unimpaired for all time, were careful to write
the doctrine of separation of Church and State into the
Federal Constitution. The makers of the Constitution of
Ohio did likewise and their action was ratified by the people.
All the States of the Union are in accord on this vital principle.
. . Ohio is not ready as yet to secede, and it is to be hoped
it never will, from the principles of civil and religious liberty
Which have made our Government the model for the world."
The Governor also said:
•
As Governor of all the people, sacredly pledged to uphold the spirit
and letter of the constitution. I can neither abridge nor compel religious
worship in any form, and therefore in the name of the founders of our free
country, and its soldier defenders, living and dead, I must return this bill
•
herewith to the house of its origin, unapproved.
Stating that "the bill was actively supported by Ku Klux
Klan members, of both branches of the Assembly" the Associated Press accounts from Columbus (Ohio) Apr. 30 added:
The Governor's disapproval of the bill marks the end of one of the bitterest
religious fights waged in the Ohio Legislature in recent years. The measure.
introduced by Representative Ross P. Buchanan, Carroll County farmer,
sought to compel all public school teachers of the State to read ten verses
from the Bible to the pupils every school day. It also would have compelled
every pupil beyond the fourth grade to memorize the Ten Commandments.
The following is the Governor's message as published in the
•
Ohio State Journal:
The message said:
To The General Aseembly;
I have before me house bill No. 14 seeking to make the State compel daily
reading of the Bible to all the school children of Ohio.
In considering this bill let us all remember that it was the hope and
desire for religious freedom that inspired the settling and founding of the
United States of America. Brave, liberty-loving men and women came to
the wilderness of the Colonies, each to worship according to the dictates of
his own conscience. They severed family ties and left the homeland to
escape the religious dictation of their native governments.
The founders of our country, having in mind their own sacrifices in obtaining liberty of religious thought, and seeking to hand down to their children
this hard-earned freedom, unhimatred for all time, were careful to write the
doctrine of separation of church and State into the Federal constitution.
The makers of the constitution of Ohio did likewise and their action was ratified by the people. All the states of the Union are in accord on this vital
principle.
Turning to the constitution of Ohio, we find in Article 1, Section I, this
fundamental expression of American liberty:
"All men are by nature free and independent, and have certain inalienable
rights, among which are those of enjoying and defending life and liberty, ac-
In our issue of Apr. 1 (page 1695) we referred to the signing
of a bill on Mar. 23 by Gov. Peay of Tennessee prohibiting
the teaching of evolution in the public schools of Tennessee.
As we indicated at the time, the Governor characterized the
bill as "a distinct protest against an irreligious tendency to
exalt so-called science and deny the Bible in some schools and
quarters."
District of Columbia Court of Appeals Rules Congress
Has Authority to Enact Law For Publicity of
Income Tax Returns.
A decision in which it is held that Congress had the constitutional authority to enact the provision in the Revenue
Act for the publicity of income tax returns was handed
down by the District of Columbia Court of Appeals on May 4.
The opinion, presented by Justice G. S. Hatfield, states that
"it may develop that Congress was very unwise in enacting
such provision, but such considerations, in no way affect
the constitutional authority of Congress in the premises."
According to the New York "Herald Tribune" of May
Internal revenue officials in New York were of the opinion
that the decision will not affect the newspaper publication
of income tax lists one way or the other. The paper quoted
added:
That question, It was agreed, could be settled only by the issue of the
suits against the "Herald Tribune" and two other papers now pending in
the United States Supreme Court.
The Court of Appeals, in an action brought by Gorham Hubbard. of
Boston, seeking an injunction against the Commissioner of Internal Revenue to prevent the publication of income tax assessments, ruled that Congress has a right to pass laws providing for such publication. The decision
did not relate to the cases pending against the newspapers, but was merely
an opinion of the court as to the powers of Congress.
The Collectors of Internal Revenue will make no move toward the publication of income tax figures, it was said, until explicit instructions to that
effect are received from Commissioner David H. Blair.
In its account, from Washington, May 4,of the conclusions
of the District Court, the "Herald Tribune" said:
The court held, In the suit of Gorham Hubbard, a Boston merchant, to
enjoin the government from publishing his tax return, that the publicity
provision of the tax law is undoubtedly within the legislative power of Congress and does not offend against the Fourth Amendment to the Constitution. Treasury officials, therefore, may not be enjoined from carrying out
the terms of the provision.
The decision was rendered on Hubbard's appeal from the ruling of the
District of Columbia Supreme Court denying the injunction. Hubbard
asserted his right of privacy was violated In the publication of his income
tax return.
In his decision to-day Judge Hatfield held against the contention of the
petitioner that the Fourth Amendment is violated because there had been no
search and seizure of his papers or effects. While it had been held that the
Constitutional guaranty of person and property should be liberally construed, Juilge Hatfield pointed out,such guaranties could not be extended to
include alleged rights pertaining neither to person or property, no matter
how unwise or mischievous an act of Congress might appear to the aggrieved
party.
MAY 16 19251
THE CHRONICLE
2505
l Bank's board
the 33d director to be elected by the Chemica
in its entire history of 101 years.
Education, has
George J. Ryan, President of the Board of
Savings
Island
Long
the
of
ent
-Presid
been elected a Vice
the newly opened
Bank of this city. He will be in charge of
. Mr. Ryan is
branch at Grand and Sixth avenues, Astoria
and educable
charita
l,
financia
us
connected with numero
the Long Island •Fiin
director
a
being
ions,
institut
tional
y Board of the
nance Corporation, member of the Advisor
trustee of St.
City,
Island
Corn Exchange Bank of Long
Catholic Orphan
l,
Roman
Hospita
City
Island
Long
Johns
-President of the SoAsylum of Brooklyn and Queens, Vice
Cruelty to Children of Queens.
of
ion
&C.
Prevent
NIES,
the
COMPA
for
TRUST
ciety
,
ITEMS ABOUT BANKS
of New
Hunter College, and the College of the City
Two New York Stock Exchange memberships were re- trustee of
of
member
,
Gardens
al
Botanic
trustee of the Bronx
ported posted for transfer this week, that of Newton E. York,
other organizavarious
of
and
Queens
of
Club
Stout, deceased, to Edward B. Carson, and that of J. Nelson the Rotary
in tions.
Borland to Harry Steele Roberts. The consideration
banker and former Italian
each case was said to be $104,000. An unchanged price from
Count Carlo C. Mariotti, priv- ate
Supreme Court Justice
.by
the last previous sale.
ed
sentenc
was
,
-Consul
Vice
on May 4 to an indePlains
White
at
Jr.,
In connection with the rum- ored merger of the American George H. Taylor
a half years in Sing
and
L. terminate term of from five to nine
Exchange National Bank and the Pacific Bank, Lewis
Mariotti pleaded
Count
last
2
March
instiOn
Sing Prison.
Clarke and 0. H. Cheney, Presidents of the respective
larceny in congrand
g
chargin
"guilty" to three indictments
tutions, said:
banks in White
private
his
purin
ons
practical
all
for
operati
been
years
his
nine
past
with
the
nection
Our institutions have for
by order
been going on
poses under a common ownership. Discussion of a merger has
Yonkers (closed three weeks previously
you will be Plains and
and since that time,
for several years, and when, and if, such a transaction occurs,
d),
Rowlan
Arthur
y
Attorne
District
of
provided with full details.
sentence had been postIt is understood, pronouncement of
of
order to give Mariotti
tration
in
adminis
times
How the safeguarding an- d proper
poned by the court several
cing senestate and trusts are becoming more and more com- an opportunity to make restitution. In pronoun
t interhe'migh
just
that
has
ed
which
intimat
study
a
in
Taylor
shown
plicated is graphically
tence on May 4 Judge
of the
ion
mitigat
to
of
New
been compiled by the Farmers' Loan & Trust Co.
cede with the Governor with the view
defendant's
the
by
booka
in
made
were
charted
are
study
this
efforts
of
results
The
further
City.
York
sentence if
New York
let which gives a detailed plan of the Steps that should be relatives and friends to make restitution. The
ing of the fortaken by an executor or trustee. "The duties of an executor "Evening Post" of May 4 reported the sentenc
or trustee in recent years," it is stated, "have become more mer banker as follows:
been the victim of circumstances. In
Count Mariotti, you appear to have
and more complicated, and the responsibility of properly
d suicide, the defalcations of
committe
partner
banking
your
when
administering estates and trusts has naturally increased 1921,firm
You attempted to make good this sum by
$75,000.
to
amounted
your
to some extent.
accordingly. To leave these numerous and special duties in stealing money from other people and you succeeded restitutio
n I will interin making further
If you or your relatives succeed
the hands of beneficiaries or unskilled persons is as unfair
in mitigation of this senthe Governor to see what can be done
with
cede
of
an
estate
rding
the
us
safegua
to
dangero
is
it
to them as
tence.
but my interest in the poor people who
or trust." The charts which have been prepared by the comI could have been more severe
that, if something is
of
money is such that I feel I must say
extent
and
the
their
nature
andable
lost
underst
easily
have
make
pany
behalf.
them hack I will intercede in your
pay
to
done
e
the
or
trust,
and
indicat
of
estate
an
the administration
dealt with only
Although the indictments specifically
necessity of designating executors and trustees who have
May 4 that the
on
stated
d
Rowlan
y
Attorne
District
both experience and facililies to enable them to perform $2.060,
$43,391.
to
ed
of Mariotti amount
properly the duties entrusted to them. Ten principal steps defalcations
in
rs
by
the
executo
taken
be
ry
to
as
necessa
ed
Blackford Jr. betabulat
are
Effective yesterday, May 15, Charles E.
Guaranty Co. of
handling an estate, and these are further subdivided into
&
Trust
s
People'
the
of
nt
came Preside
more than 25 definite details which must be taken into con- Hackensack, N. J., to succeed Courtlandt Linkroum, who
sideration. The final settlement of the estate, it is shown,
reated position.
became Chairman of the Board, a newly-c
is reached only after passing through a maze of legal and Since April 1918 Mr. Blackford has been a director and a
People's Trust &
financial problems which require, for sound solution a spemember of the executive committee of the
cialized knowledge backed by long experience. Particular Guaranty Co. and formerly was a Vice-President. He will
stress is laid on the importance of making the will or trust continue as a Vice-President of the Fidelity-International
instrument only under the guidance of a competent lawyer.
held since 1920.
Trust Co. of New York, a position he has
the Bedford
with
career
banking
rd began his
The Banco di Sicilia, organized with a capital of $500,000 Mr. Blackfo
Chemical Nathe
to
going
ently
subsequ
n,
Brookly
of
and a surplus of $50,000, opened for business on April 30 at Bank
LL.B.
Bank of New York. He received the degree of
487 Broadway. The new bank is affiliated with the Banco tional
Lawrence University,
of
St.
School
Law
n
Brookly
the
from
di Sicilia of Italy, one of the three Italian banks authorized
attorney
was admitted to the bar of New York State as
to issue currency. The following are the officers of the new and
of the
director
a
also
is
He
counsellor at law in 1914.
institution: Joseph D. Giorgio, Chairman of the Board; and
N. J.; the Fort
Park,
eld
Ridgefi
Co.,
Trust
Park
eld
Ridgefi
Salvatore Badami, President; Italo Palermo, Vice-President
Bank,
Trust Co., Fort Lee, N. J.; the Stapleton National
and Treasurer; Louis Costa, Vice-President; Luigi Scala, Lee
Resources CorReserve
the
and
Island,
Staten
on,
Staplet
Assistant Vice-President; A. di Marco, Assistant Secretary;
New York.
Louis Freiman, Assistant Manager of Foreign Exchange, poration of
the
to
ce
.
Referen
d
propose
Trust &
and Frank Gerard, Auditor
Edward Strong Tefft, Vice--President of the First
Onondaga
organization of the bank was made in our issue, of Nov. 20,
the
of
trustee
a
and
e,
Syracus
of
Co.,
Deposit
page 2495. The value of the stock is $100 and it is being dis- County Savings Bank, died on April 27 at the age of 72. Mr.
share.
per
$110
and the
at
of
posed
Tefft had been with the First Trust & Deposit Co.
Syraof
Bank,
l
Nationa
First
the
ion,
institut
of
which Julian predecessor
The National American Bank of this city,
having entered the employ of the
years,
53
past
the
a
opened
branch
for
office
at
has
72d
cuse,
nt,
Preside
is
M. Gerard
l at the age of 18. In 1897 he was elected
Street and First Avenue. Alfred K. Schwabach has been old First Nationa
and later was made its Vice-President.
bank
chosen as Manager of the new branch. • It will be recalled Cashier of the
nt of the New York State Bankers
Preside
was
.Tefft
by
te
headed
A.
Mr.
Chester
syndica
Braa
year
that early this
served as a member of the executive
and
1909
in
tion
Associa
man, President of A. D. Juillard & Co, and Barron G. Collier
an Bankers Association for three
Americ
of the institution, men- committee of the
and Lamar Hardy acquired control
years.
of
Jan.
24,
issues
our
416,
page
tion of which was made in
of
and Feb. 7, page 663.
A. A. F. Maxwell, Chief Clerk in the trust department
rehas
Co.,
&
Trust
l
Bank
Nationa
Phenix
m
Chatha
s
William A. Phillips, one of t- he senior partner of the firm the
on June 1 to take
on May 13 elected a director of signed that position and leaves for Detroit
of Dillon, Read & Co., was
n Trust Co.,
Guardia
in
ry
the
Secreta
nt
Assista
as
position
of New York. Mr. Phillips is a
the Chemical National Bank
Congress's Right Questioned.
was no contention
Attention was called by the court to the fact that there
of the private affairs
that Congress had not the right to require the divulging
that the publicity proof the individual for income tax purposes, but only
vision is in violation of the Constitution.
power to require the
the
"We are of the opinion that where Congress has
it has authority for
divulging of private information for a lawful purpose,
to require the giving of
the due and proper accomplishment of such purpose
publicity to the information thus secured," the court said.
n of lists contain"It appears to us that the provision for public inspectio
tax return and
ing the name and address of each person making an income
appropriate
the amount of tax paid by him was considered by Congress
and that such promeans of securing the enforcement of the income tax law
hardships
visions are plainly adapted to that end. They may cause many
and may prove to be injurious to many persons."
-2506
T-FrE CHRONICLE
a new institution just organized, Which at the start, it is
said, will be the fourth largest trust company in that city.
Savings deposits in all the Paterson, N. J., banks and those
located in Hawthorne increased during the period from Dec.
31 1924 to April 6 1925 $4,897,710, standing on the latter date
at $68,047,727. The total resources of the banks increased
during the same period $2,068,136 at the close of business
April 6 1925, standing at the high figure of $123,929,364. The
above figures were tabulated by Wessels Van Blarcom, Cashier of the Second National Bank of Paterson. The savings
deposits in the various banks are shown below, the figures
being taken from statements published in the local newspapers as at the close of business April 6 1925.
Paterson Savings Institution
United States Trust Company
The Second National Bank
The Paterson National Bank
Citizens Trust Company
Hamilton Trust Company
The First National Bank
National Bank of America
Labor Co-operative National Bank
The Franklin Trust Company
The Peoples Park Bank
The Totowa National Bank
Peoples Bank of Hawthorne
Riverside Trust Company
The Merchants TruA Company
The First National Bank of Hawthorne
[VoL. 120.
of the bank will be in the State Mutual Building on the Kilby
Street side. In regard to the bank's moving downtown,
Colonel William A. Gaston, who is a controlling factor in the
National Rockland Bank, was reported as saying that the institution merely is taking a step that seems dictated by
sound business judgment and that competition with other
banks will be friendly in every way. In view of the coming
changes, Frederick W. Rugg, the President, has had a number of improvements made in the present banking rooms
opposite the elevated terminal at Dudley Street, Roxbury,
In the expectation that business will grow much quicker in
the immediate future and that larger space will be necessary.
At the directors' meeting only one change was made in the
personnel of the institution, that being the election of Robert G. Rugg, a son of the President, as a Vice-President. Mr.
Rugg has just resigned as Treasurer of the Shawmut Corporation, a subsidiary of the National Shawmut Bank, and
assumed his new duties, it is understood, yesterday, May 15.
Deposits of the National Rockland Bank of Roxbury on
April 6 1925 totaled $8,842,525 and the institution's resources are now $10,015,682.
$22,661,696 29
10,226,725 64
8,871,211 49
7,355,032 31
5,092,838 01
6,019,594 27
1,988,460 80
1,796,470 83
1,258,674 74
1,080,624 61
892,092 89
769,488 03
Joseph C. Allen, for the past five years Bank Commis513,299 96 sioner
of Massachusetts, tendered his resignation to Gover359,371 84
151,508 43 nor Alvan T. Fuller on May 11, shortly before noon, when
10,647 79 notified of his election as a Vice-President and a director of
the American Trust Co. TA Boston. He will assume his new
duties next Monday, May 18. Mr. Allen prior to his appointMany responded to the invitations sent out by the First ment as Bank Commissioner in March 1920, was Vice-PresiNational Bank, of Hartford, Conn., at 50 State Street, that dent of the Union Trust Co. of Springfield, Mass., and precity, for the inspection of its new banking rooms on Monday, viously was Treasurer of the Hamden Trust Co. of that city,
May 11.
which was merged with the Union Trust Co. Mr. Allen's
letter of resignation to the Governor was as follows:
The Comptroller of the Currency has authorized the payM y dear Governor: It has been my desire for some time to be relieved
ment shortly of a second dividend, 15%, to the depositors of of the duties of this office, in order to engage in private business. The time
has
now come, in my opinion, when I may properly ask to be so relieved.
the defunct First National Bank, of Putnam, Conn., which
I therefore tender my resignation as Commissioner of Banks of the Comwas closed in August 1924 as the result of the embezzlement monwealth of Massachusetts, to take effect on Saturday,
May 16.
With deep appreciation of your many courtesies to me, I am,
of its funds by G. Harold Gilpatric, its Cashier, now serving
Respectfully and cordially yours,
a 15-year sentence in the Federal Prison at Atlanta. The
(Signed) JOSEPH C. ALLEN, Commissioner of Banks.
first dividend was paid in January 1925 and was for 40%,
In accepting Mr. Allen's ,resignation, Governor Fuller
consequently, upon the payment of the present dividend the
Issued the following statement:
creditors will have received 55% of their claims. Our last
The Governor accepts the resignation of Commissioner Allen, who has
reference to the affairs of the First National Bank of Put- given conscientious and valuable
service to the Commonwealth as Bank Commissioner, and it is but fair to state that we shall find it difficult to secure
nam was in the "Chronicle" of Jan. 17 1925, page 294.
$68,047,726 83
a man so well qualified for this position.
Mr. Allen leaves to take a re-
position with the American Trust Co., and he carries with him to
Bayard Tuckerman Jr. and John E. Thayer Jr., both for- sponsible
his new position the gratitude and best wishes of the citizenship of the State
mer directors of the Shawmut National Bank of Boston, who whose interests he has carefully guarded and watched over under three Govresigned about the time that Colonel William A. Gaston left ernors.
In commenting on the retirement of Mr. Allen as State
the Shawmut board, on May 12 were elected directors of the
National Rockland Bank of Roxbury, RoXbury (Boston), Bank Commissioner, in its issue of May 12, the Boston "Herat a special meeting of the stockholders and a meeting of ald" said, in part:
directors, held separately, according to the Boston "Tran- • In his pcisition as an officer of the Commonwealth he achieved an enviable
reputation for fearless honesty and at the same time everyone who had
script" of that date. Henry West, Treasurer of the Institu- business dealings
with him found that he was capable, courteous, genial and
tion for Savings in Roxbury, was made a director to fill the approachable. To the general public he will be known as the man who was
vacancy caused by the recent resignation of Louis K. Liggett, instrumental in closing five Boston trust companies wha,e financial condition
had become unsound. These were the Hanover, Tremont, Cosmopolitan,
a director of the National Shawmut Bank. Mr. Liggett was Prudential and the Fidelity.
As a mull of his investigations into the causes for the downfall of these
forced to resign as a director of the Rockland National, it
was stated, because that institution is about to move its banks, Mr. Allen drafted a number of amendments to the banking laws of
the State to prevent, so far as humanly possible, a recurrence of such an
main office to the downtown section of Boston and, as a re- epidemic of banking disasters and to punish those who
could be proved result, will come into competition with nearby downtown sponsible for wrecking a bank.
Mr.
Allen
is
both
well
and
favorably
known
on
State
Street, where his
banks, thus bringing into effect the provision of the Clayton work has been highly
regarded. He was born in Staten Island, N. Y., in
law that directors may not serve two competing banks. Mr. 1879, his parents moving to Springfield when he was three years old,
where
Tuckerman is connected with Obrien & Russell and Mr. he graduated from the public schools. He has always taken an interest in
civic affairs of a constructive or progressive nature.
Thayer is President of the Clinton Tzust Co., Clinton, Mass.,
and trustee of the Thayer estate. Besides these two men.
A special press dispatch from Boston to the New York
other directors added to the board were as follows:
"Journal of Commerce" on Thursday of this week, May 14,
Roger Amory, trustee of the Weld, Lawrence and Amory estates and of the stated that the Old
Colony Trust Co. of that city is presently
Provident Institution for Savings; Ralph E. Thompson, director and member of the executive committee of the Gillette Safety Razor Co.; John Gas- to take over the.busIness of the Pilgrim Trust Co. of Boston,
ton, trustee of the Institution for Savings in Roxbury and Its Vicinity; Fred which recently has been located on Salem Street, but is to
L. Morgan, President of Morgan Bros. Co., of Roxbury, which conducts a move
into new quarters on Summer St., near Dewey Square.
number of creamery chain stores, and Henry G. Lapham, capitalist and inThe dispatch further stated that the Old Colony Trust Co. Is
terested in a number of leading business enterprises. •
In anticipation of moving the main office downtown, the to operate the Sununer Street office as a branch, and also
stockholders voted to change the name of the institution to another office at Commonwealth and Massachusetts avenues, which was being established by the Pilgrim Trust as a
the National Rockland Bank of Boston and authorized also
branch.
the proposed increase in the capital florn $300,000 to $1,000,000, which will automatically raise the surplus of the instiThe centenary of the organization of the Southwark Natution from $700,000 to $2,500,000. As stated in these col- tional Bank, of Philadelphia (610-614 South Second Street),
umns in our issue of April 18 1925, the new stock consists of will be held on May 18, 19 and 20. The feature of the cele7,000 shares (par value $100), at. the price of $350 per share. bration will be the issuing of a souvenir check for the use of
Shareholders will be given until May 28 to take up their checking depositors. The first thousand
persons opening
rights to purchase the new stock, which must be paid for by new savings accounts of $5 or over during the celebration
June 1. It will be issued as of July 1 and interest at 4% will receive a book bank in addition to a souvenir pass book
Will be allowed on payments on account of stock, pending the and a souvenir pass book will also be presented to all new
Issuance of the certificates. The downtown or main office Checking depositors. Organized in May 1895 by a group of
MAY 16 1925.1
T-FrE CHRONICLE
2507
same
Cameron who in the evening of the
private dwelling at 266 forwarded to Mr.
or not to intervene
er
wheth
on
men gathered in the parlor of a
decisi
his
that
nced
grew steadily during the day annou
South Second Street, the bank
would be based on the report submitted.
with resources of more in the receivership
ution
instit
an
is
it
day
toyears until
10, a meeting of the Central Labor Union
May
On Sunday,
capital, surplus and undithan $12,000,000 and a combined
than 100 delegates, exJuly 1 next a cen- of Philadelphia, composed of more
vided profits of $1,400,000. On or before
members of organized
0
100,00
of
ent
sentim
the
nut
pressing
at 1515 Chest
tral city office will be opened by the bank
tion was unanimously
resolu
a
which
tors and friends. labor, was held at
Street for the convenience of its deposi
aum, President of
Mastb
5, on Mon- passed urgently inviting Jules E.
According to the Philadelphia "Ledger" of May
g real estate
leadin
the
of
one
and
ca
Ameri
of
to surplus, making the Stanley Co.
on of the
day, May 4, the directors added $100,000
litati
rehabi
the
in
assist
l dividend men in Philadelphia, to
that account $750,000, and declared a semi-annua
of the following day.
er"
"Ledg
the
to
ing
accord
nd
rsary divide
Institution,
of 8%, together with a special 100th annive
passed at the meeting reA resolution, it is said, was also
.of 2%.
embarrassed bank of
the
of
assuring the 7,500 depositors
May 11 Mr. MastOn
s.
the
zation
4,
May
organi
oon,
y
labor
aftern
k
Monda
of
the backing
Shortly before 4 o'cloc
bank's reorganithe
in
help
to
,
Philabaum accepted the invitation
Producers' & Consumers' Bank at 927 Chestnut Street
and
labor
said:
zed
by
so
organi
ed
doing
foster
ution
in
instit
e
and
zation,
delphia, a privat
predicament of the Producers' and Conwas
So far as I can learn the present of experience than to any other cause.
operated .on a co-operative and profit-sharing plan,
lack
the
to
more
due
is
Bank
of
sumers'
operator
ed that it is possible to re-establish the insti.closed by Albert M. Greenfield, a real estate
With this in mind I am convinc
All it seems to need is a proper start
Philadelphia, imediately after his appointment by Judge tution along lines of sound banking.business
methods.
ative
conserv
rary
of
tempo
as
ation
2
into
and a continu
-Gordon in the Court of Common Pleas No.
duties of reorganization, I shall enter In
the
into
actively
enter
I
Before
ership
both present and future.
receiver for the institution. The temporary receiv
study of the bank's requirements,
careful
detera
this work blindly and when I have
was asked for the bank by ex-Judge John M. Patterson, the other words, I am not going into
behind it to the
Vice- mined the proposition fundamentally sound, I shall get
its
ger,
J.
Eppin
Harry
of
behalf
on
l,
counse
bank's
Brotherthe limit.
by Warren E. Stone, of the
President and Treasurer, and followed a meeting of
of
Labor banks, such as those begun
Cleveland and New York, have proved
made
trustees, at which it was decided to take such action. Assets hood of Locomotive Engineers, inThe
Bank
Consumers'
and
rs'
Produce
ity.
to the commun
should
were set forth in the petition, it is said, as $2,732,607 and the great value
n in this city and the institution
the first step in the right directio
affairs. The
liabilities as $2,456,239. It appears that earlier in tke day have the support of all those interested in this phase of our civic
the
ry setback does not indicate that
(May 4) Governor Pinchot of Pennsylvania had signed an fact that the bank has had a tempora
It is certain that the
such an institution has failed here. had the advice of those
for
the
nt
ered
moveme
empow
which
Act
the
e
Bank
to
Privat
-amendment
ty and had this
bank gave every indication of prosperi
would not have
State Secretary of Banking to examine private banks which of mature experience in banking methods, I feel that it
heretofore had claimed the right of exemption from exam- been placed in its present condition.
his willingness to help,
ination and supervision by filing a bond with the Secretary
Upon Mr. Mastbaum signifying
May 12, said:
of Banking and of which class of banks the Producers' & Mr. Greenfield, according to the "Ledger" ofassist, that we will
is going to
um
t
Mastba
ntmen
g
the
of
Mr.
appoi
that
hearin
On
one.
now
was
that
Bank
mers'
Consu
I feel sure
I am pleased that he is
pay depositors 100 cents on the dollar.
of a receiver for the bank, the State Secretary of Banking, be able toco-opera
te with me.
to
going
Peter G. Cameron, in Harrisburg, issued the following stateGreenfield, it is understood,
Both Mr. Mastbaum and Mr.
ment:
in the re-estabPro. have said they are willing to aid with cash
I have just been informed of the appointment of a receivet for the
n of the instinatio
exami
lt
Philade
an
927-9
Street,
ng
ing
at
Chestnu
operati
provid
Bank,
rs'
Consume
bank,
ducers' and
lishment of the
.
action
such
nted
warra
phia.
is an unincorporated asap- tution's affairs and assets
This concern is not an incorporated bank, but
in
d
is
I
recorde
and
which
underst
trust
of
Secretary of the Federal
-elation operating under a deed
William A. Dyer, Cashier and
Philadelphia County.
been elected President
has
,
bank it was not subject to
Although engaging in the business of a private
Reserve Bank of Philadelphia
ent of Banking, it having
city as successor to
that
of
Bank
al
Nation
examination and supervision by the State Departm
unk
tion and supervision upon the of the Manay
Chairman of the
-claimed the right of exemption from examina
made
been
of Banking as provided by R. Bruce Wallace, who has
filing of a bond of $100,000 with the Secretary
into effect June 1.
go
will
es
chang
1911.
of
These
Act
Bank
ors.
Private
Direct
the
of
Section 8 of
d by Governor PInchot Board
The amendment to the Private Bank Act approve
banking career as an office boy in the
and was designed to empower Mr. Dyer started his
to-day removes this exemption from the Act,
1903 he became
rs' and Consumers' Bank Delaware County Trust Co., Chester, Pa. In
the Secretary of Banking to examine the Produce
that place and
of
on.
Co.
exempti
Trust
idge
this
Cambr
under
ng
the
and others now operati
with
the bill, I associated
dent and
-Presi
Vice
as
Upon learning this morning that the Governor had approved
ed
rs' Bank be instituted after 15 years of service resign
directed an examination of the Producers' and Consume
Secretary of the
and
r
Cashie
e
the
ated
quite
becom
likely
bill
precipit
to
the
.
1918
of
l
in
Treasurer
Tuesday morning. The approva
of Philadelphia, the
application for a receiver.
Philadelphia Federal Reserve Bank
The Banking Act of 1923 empowered the Secretary of Banking to take
e President of the
becom
to
uishes
relinq
now
bank
a
for
rewhich
he
private
position
possession of the business and property of a
has been President
ce
Walla
.
de
to
such
receiver
Mr.
and
superse
courts,
Bank.
the
-ceiver had been appointed by
Manayunk National
s
of
best
creditthe
the
interest
for
be
last seven years.
would
case
in
this
the
for
action
Whether such
of the Manayunk National Bank
ors remains to be determined.
director and George M.
Several hours after his appointment as receiver Mr. GreenW. Edwin Blair was elected a
Co. of
field issued. the following statement (as reported in the Gradel, Assistant Title Officer of the Mutual Trust
elphia
Philad
the
:
5)
May
of
to
rd"
ing
"Reco
Philadelphia
on May 8, accord
an examination of the books Philadelphia
I cannot make any definite statement before
has been purchased for "Ledger" of the following day.
bank
the
houses
which
g
The
buildin
made.
been
has
$1,000,000, and there are two mortgages totaling $837,000 outstanding
Burgettstown, Pa.,
in the shape
The Burgettstown National Bank,
against it. I hope that the assets of the bank, which are mostly
I
will
es.
a
not
leave
liabiliti
12) and a notice
the
cover
to
(May
nt
week
of loans, will prove sufficie
failed to open on Tuesday of this
for the depositors.
a National Bank
thing undone to get everything I can out of those assets
Byers,
W.
R.
by
signed
door,
the
on
posted
The closing of the labor bank, which specialized in small Examiner, stated that the bank had been closed by order of
,
ht
rnad
means
broug
conste
limite
of
people
from
ent of the Carnegie
nts
.accou
its directors. John A. Bell, former Presid
tion to many of the depositors. The Producers' & Consum- Trust Co., Carnegie, Pa., and the First National Bank of
ers' Bank, a "day-and-night" institution, began business on that place, which were closed on April 27 last, is a former
counderFeb. 1 1922 and was said at the time to be the first
of this institution also, resigning, it is
be started in the East President
BorH.
M.
by
ded
succee
being
operative and profit-sharing bank to
and
s
ago
few month
It was organized by stood, a
statement
and the second in the entire country.
T. P. Weaver, one of the directors, in a
land.
l Labor Union ofPhila.
said:
the Banking Committee of the Centra
printed In the Pittsburgh "Gazette" of May 13,
has been a spirit of
•delphia. According to the Philadelphia "Ledger" of Mny 5,
Since the closing of the banks at Carnegie there
ed that in the beat
representatives of 130 labor organizations which helped to unrest among our depositors and the directors concludleast
for the present
at
be
closed,
should
bank
the
ed
concern
all
conto
for
ge
ngs
of
s
arran
meeti
interest
•organize the bank, began to
in fairly good shape and it my opinion depositors will
are
affairs
bank's
The
as soon as they learned
if not entirely, 100% to our desider plans for aiding the depositors
fare all right. We expect to pay almost,
a telegram from Harrisburg on positors.
.of the closing. According to
know how soon that
Some way may be worked out to reopen, but I do not
the "Ledger" May 6, the State SecMay 5, which appeared in
directors have not decided upon another meeting to discuss
The
be.
may
(May 5) sent George A.
retary of Banking on that day
the affairs of the bank.
of Philadelphia, to the failed
ner,
say:
exami
bank
a
Jr.,
Brown
In reporting the failure the "Gazette" went on to
"When did the
endent investigation for the State
Mr. Bell, when asked concerning the institution, said:yesterday, he re'bank to make an indep
er or not Mr. Cam- bank close its doors? Informed the bank did not open
Banking Department to determine wheth
of the institution 'under plied:
s
affair
the
of
e
charg
nor was contake
eron shall
"That is news to me; I knew nothing concerning its failure,
e banks. The following day, May 6 suited by any of the board of directors. I resigned from the presidency of
the Act relating to privat
May 7), Mr. Brown and his the bank a few months ago and at that time the finances of the bank were
(according to the "Ledger" of
igation and a report was apparently in good condition."
invest
their
eted
compl
.assistants
2508
THE CHRONICLE
Deposits of the bank totaled $1,844,605, according to the
last statement
issued April 6. The bank is capitalized at $100,000 and
has surplus and
profits amounting to $134,377, according to the statement.
The following press dispatch from West Chester, Pa., on
May 13 with regard to the affairs of the defunct Parkesburg National Bank, Parkesbnrg, Pa., appeared in the Phil',
delphia "Record" of May 14. The closing of the bank on
Oct. 4 1924 was noted in the "Chronicle" of Oct. 11 1924,
page 1706, and its affairs were referred to in our issue of
April 25 1925, page 2108. The dispatch read:
Miss Isabel Darlington, receiver of the Parkesbur National
g
Bank, which
was wrecked several months ago, has been making
rapid progress in her
work and it is expected to be completed by the end
of May. The depositors
are to receive at once 50% of their money, with
more to come later. Miss
Darlington announced to-day that the checks for the
depositors and the
schedules have been forwarded to the Comptroller of the Currency
at Washington, D. C., and that former schedules already have
been approved.
The checks are expected to be sent back to Miss Darlington
within a feu
days for delivery to depositors. The number of depositors
is 906 and the
amount $339,659 40. The checks will range from ten
cents to $21,000 for
the highest depositor. The claim of.the Federal Reserve
Bank for notes rediscounted, $57,793 93, has been paid
According to the Baltimore "Sun" of May 9, B. S. Mace,
Superintendent of Insurance of the Baltimore & Ohio Railroad, and Herbert M. Hartman, President of the Fidelity
Motors Co., were elected directors of the Park Bank of that
city on May 8. Mr. Mace was chosen to fill the vacancy
caused by the recent death of George W. Walther, it was
stated.
The Detroit "Free Press" of May 3 stated that John
S.
Haggerty had been elected President of a newly organize
d
trust company which would shortly begin business in
the
United States Mortgage Building at Congress and
Shelby
Streets, that city, under the title of the United States
Trust
Co. Other officers chosen for the new instituti
on, It was
stated, were Edward A. Hoffman and John P.
Newderfer,
Vice-Presidents; Charles V. Hoff, Secretary and
Frank 0.
Ta wile, Treasurer.
[VOL. 120.
ing houses in the Middle West, after a prolonged
illness.
Mr. Becker was born in Warsaw, Ohio, in 1857 end
went to
Chicago with his parents as a child. In 1878 he became
a
partner In the firm of Herman Schaffner & Co. and in
1893
organized his own company. Among his other interests,
Mr.
Becker was a director of the Westinghouse Electric
& Manufacturing Co., St. Louis-San Francisco Railway
, Pressed
Steel'Car Co., Hammermill Paper Co., Hart, Schaffne
r &
Marx, Drexel State Bank and Greenebaum Sons
Bank &
Trust Co. He devoted much time to civic and
philanthropic
enterprises and was a trustee of the Art Institute
, of Hebrew
Union College and of Sinai Temple, a director of
the Jewish
Charities of Chicago and a member of the Chicago
Symphony
Orchestra Association.
Shortages totaling $97,000 have been found in the
books of
the First State Bank of Plainview, Minn., which was
closed
on March 4 four days after its President, E. L.
Sylvester,
had disappeared, according to the Minneapolis "Journa
l" of
May 10. G. L. Mikkelsen, it was stated, as the receiver
for
the failed bank, reported the shortages to a United
States
Commissioner at Winona, Minn., in a bankruptcy hearing
on
May 9. His statement was prepared as a result of
a creditors' bankruptcy action brought against the missing
President. According to Mr. Mikkelsen's report, irreiular
ities in
the bank's accounts ranging over a period of 18 years
have
been uncovered. Sylvester is still a fugitive from
justice.
We referred to this bank's affairs in these columns
in our
issue of March 14 1925.
The Minneapolis "Journal" of May 8 stated that
G. M.
Hopp, former President of the Merchants' & Farmers
' State
Bank of Hastings, Minn., which was closed Jan. 18
1924 by
A. J. Veigel, State Superintendent of Banking, on that
day
pleaded "not guilty" before Judge W. A. Schultz at Hastings
to two indictments, one for alleged third degree forgery
and
the other for alleged receiving of deposits after the bank
was
known to be insolvent, and was released in $5,000 bail for
each charge. The bank was closed because of depleted reserves, it was stated.
--4-A small Colorado bank, the Farmers' Bank & Trust Co., of
Fort Collins, failed to open on May 4 by order of its directors, according to a press dispatch from that place on May 4.
appearing in the New York "Journal of Commerce" of May
5.
In December last the bank had deposits of $312,846
, it was
stated.
The fiftieth anniversary of the founding of the
Northside
Bank of America, 709-711 Ohio St., Pittsburgh, was
observed
on April 30, acording to the Pittsburgh "Post" of
that date.
In commemoration of the event, the directors
declared a
"special dividend" of 10%, payable April 30 to stockhol
ders
of record April 29. The last published statement of the
bank
as of April 6, showed a capital of $200,000, with surplus
and
undivided profits of $566,008; deposits of $6,764,0
00 and
total resources of $7,797,284. The present officers of
the
Northside Bank of America are as follows: F. N. Hoffstot
,
-4-President; T. W. Friend, Vice-President; George G. Schmidt,
A contest for the securing of new business which
the emCashier, and Henry J. C. Breker, Assistant Cashier.
ployees f the National Bank of Commerce, in St.
Louis, and
its affiliated institution, the Federal Commerce
Trust Co.,
Announcement of the formation of a trust company as
an carried on for some weeks, was brought
to a very successful
affiliated institution of the Highland Park State Bank at
termination on April 15. The goal which the employe
es had
Woodward and Manchester avenues, Highland Park, Mich.
set for themselves was $6,000,000 by that date.
Long before
(a Detroit suburb), was made on May 2 by Frank E. QuisenApril 15, however, the $5,000,000 mark had been
passed (and
berry, the executive Vice-President of the Highland Park
this before a single word of the event, it is
understood, had
State Bank, according to the Detroit "Free Press" of May 3.
appeared in print), and when the closing date
arrived no
The approval of the Secretary of State has been secured and less
than $6,582,784 In new accounts had been secured,
or
the organization of the new bank, which will be known as $582,784
more than the sum aimed for.
the Highland Park Trust Co., will be completed in the near
future. Mr. Quisenberry said that in order to provide room
The death occurred in St. Louis recently of Herman
Hunfor the new trust company, construction would start imme- icke, a Vice-President and oldest employe
e of the Liberty
diately on an addition to the present building of the High- Central Trust Co. of that city, at the age
of 81. Death was
land Park State Bank. The new institution, it was stated, due to pneumonia. Mr. Huniche was born
in Bremen, Gerwould be the only trust company between the financial dis- many, and came to this country when he
was 13 years of
tricts of Detroit and Pontiac. With regard to the Highland age. He landed at New Orleans, but in 1861
went to St.
Park State Bank, the "Free Press" said:
Louis. After serving In the Civil War he entered the
GerThe Highland Park State Bank, which was organized 16
years ago, long man Savings Bank (the former name of the Liberty
Central
has been known as "The Ford bank," and is said to carry
large deposits of Trust Co.) as
a clerk. During the years he rose steadily
the Ford Motor Co., Henry and Edsel Ford; the estates of the
late John F.
and Horace E. Dodge; Senator James Couzens, Norval A. Hawkins, John from one position of trust to another
until he became a ViceW. Anderson, Horace E. Rackham, Charles A. Butler, President
of Morgan & Presid,ent, the position he held at the time
of his death. He
Wright, and Victor F. Dewey, President of the Detroit Steel Products Co.,
was active at the bank up to about two months before
are included among the stockholders of the bank, and,
his
it is understood, will
be interested in the trust company.
death. Mr. Hunicke was a member of the Frank T. Blair
Post of the Grand Army of the Republic, and was
one of the
At a meeting of the directors of the Northern Trust Co.
dest members of the Bank Clerks' Association of Missour
Bank, Chicago, T. C. King, a 2d Vice-President of the institution, was retired on April 21, under the pension plan of t
J. Ramsey Beauchamp, formerly a Vice-President
of the
bank at his own request, according to the Chicago "Jour'
Union & Planters Bank & Trust Co. of Memphis
, together
of Commerce" of April 22. Mr. King entered the servic of with William It. Pharr and J. L.
Robinson, cotton men, were
the trust company on Jan. 10 1890 and had served succes- indicted by the Federal Grand
Jury on March 31 as a sequel
sively as Assistant Cashier, Cashier and finally
as a Second to an investigation of various irregularities in the cotton deVice-President.
partment of that institution prior to the time when Frank
Hayden, the present head of the institution, and
his assoThe death was anounced in Chicago on May 14 of A.
G. ciates assumed control. According to the Memphis "Appeal
"
Becker, founder and head of the firm of A. G. Becker & Co., of April
1, Mr. Beauchamp (now said to be connected with
of Chicago, one of the largest underwriting and private bank- a
brokerage firm in New York) is named with Mr. Pharr
in
MAY 16 1925.]
2509
THE CHRONICLE
another indictone indictment, covering 19 counts, and in
The indictment with Mr. Robinson, covering nine counts.
funds of a
ments charge Mr. Beauchamp with misuse of the
RobinMr.
and
System
Reserve
Federal
the
branch bank of
abetting in the
son and Mr. Pharr with alleged aiding and
said:
misuse of funds. The "Appeal" in this regard further
by representatives of the
The indictments follow an investigation made
of the United States
Federal Reserve System and subsequently by officials
hundreds
Department of Justice. Beauchamp is alleged to have permitted
to be illegally used.
of thousands of dollars of the bank's funds
dishonesty on
The Union & Planters Bank & Trust Co. was bonded against
d that the court's decision in
the part of its employees, and it is understoo
will have a decided bearing on
the Beauchamp, Pharr and Robinson cases
company for the
the result of suit for $500,000 filed aganist the bonding
part of the
a
bank by Captain G. T. Fitzhugh. This amount is only small
were charged off
losses the bank is said to have sustained, all of which
when the present regime assumed control.
y Co. of
On March 5 Mr. Fitzhugh filed suit against the Globe Indemnit
in Chancery Court
New York and the Fidelity & Deposit Co. of Maryland
was transferred to
here for approximately $500,000. Last week this suit
$750,000 and sued
Federal Court. The bank claimed losses of approximately
p and It. S. Polk, askthe companies as sureties on the bonds of Beaucham
the 25% penalty
and
interest
ing for $360,000, the amount of the bonds,
allowed by law on contested bonds.
be that he at all times
Mr. Beauchamp's defense, it is understood, will
did he profit by
acted for the best interests of the bank and that at no time
by the three deentered
be
will
any of the transactions. Not guilty please
in this city and Mr.
fendants. Mr. Robinson is still in the cotton business
Pharr is in business in Chicago.
offibanking experience covered a period of 25 years. Other
John
were:
meeting
same
the
rs
at
directo
the
cers elected by
Elitch,
S. Horn, First Vice-President; C. A. Adams, M. P.
W. B.
ents;
-Presid
Vice
Marge,
W.
T.
and
Kahn
M.
Peter
is
bank
The
.
Cashier
d,
0.
0.
Morelan
Kent, Secretary, and
capitalized, it is understood, at $500,000.
At a meeting of the directors of the Morris Plan Bank, of
an
Toledo, on May 11, Gordon M. Mather, heretofore Chairm
ion to
of the Board, was elected President of the institut
board
succeed the late Walter C. Tousey, who died recently on
a vacathe French liner Rochambeau en route home after
The
tion trip, according to the "Toledo Blade" of May 12.
had
Mather
Mr.
which
Board,
the
of
an
office of Chairm
The
filled for many years, was left vacant, it is stated.
underonly other change made in the bank's personnel, it is
Manstood, was the promotion of I. W. Kinney from Credit
and H. C.
imer
S.
Ottenhe
L.
ry.
Secreta
nt
Assista
to
ager
instituTruesdell were continued the Vice-Presidents of the
The bank is
tion, and C. H. Speck as Secretary-Treasurer.
to occupy
erecting a new building on Erie Street and expects
the same by July 1 next.
l Bank
Leopold R. Morgan, New York Agent of the Nationa
receipt of the following cable
advises
Ltd.,
Africa,
ViceSouth
of
Senior
former
the
The R. S. Polk referred to was
his head office:
President of the Union & Planters Bank & Trust Co., who on from directors of the National Bank of South Africa, Ltd., announce the
The
ng
the
followi
himself
killed
and
ended March 31 1925 amount to £244,March 24 of last year shot
net profits of the bank for the year
brought forward from the prediscovery of a shortage in the institution's funds. The mat- 411. This figure, which includes £28,127
at after making adequate provision for bad and doubtarrived
of
is
cle"
year,
the
s
"Chroni
vious
in
column
these
in
to
d
ter was referre
on. The bank's investments have been
ful debts and for property depreciati
31 1925. While the
April 5 and April 12 1924, pages 1627 and 1742, respectively.
in under both cost and market price at March
The First State Bank of Bonham, Texas, with a capital of
200,000, has received permission from the Comptroller of the
Currency to convert to the State National Bank of Texas.
The conversion was approved April 10 1925 and became effective April 27 1925.
The Dallas, Tex., "News" of May 2 stated that announcement had been made the previous day by R. L. Thornton,
President of the Mercantile Bank & Trust Co., of the conversion, effective that date, of his bank from a State to a
national institution under the title of the Mercantile National Bank. Mr. Thornton also announced, it was said,
that application had been made to the State Banking Commissioner for a charter for an auxiliary institution to be
known as the Mercantile Trust & Savings Co., which would
take care of the savings and mortgage business of the parent
Institution, and that capitalization of the Mercantile National Bank would remain at $500,000 until the Comptroller
of the Currency had acted on its application to increase the
capital from that figure to $750,000. According to the
"News," Mr. Thornton will be President of both the institutions and Hugh Bass, formerly a Vice-President of the
Dallas Union Trust Co., will be Vice-President of the new
Mercantile Trust & Savings Co. Officers of the Mercantile
National Bank, besides Mr. Thornton, are: W. M. Holland,
Charles L. Sanger, E. 0. Daniel and J. W. Fred Hoopes, VicePresidents, and Milton F. Brown, Cashier.
taken
are satisfactory and compare favorably
results of the past year's trading
the directors do not consider
with the figure of the previous twelve months
to modify their declared policy, which is
that it would be advisable as yet
before resuming dividend distribution.
to establish an adequate reserve
meeting of the shareholders the
general
annual
next
the
at
ly
According
of the net profits for the past year as
directors will recommend that out
to the reserve fund an amount of
specified above, there shall be placed
an amount of £50,000, leaving a balance
£159,000 and to the pension fund
forward. The paid up capital of the bank now
of £44,411 to be carried
surplus and undivided profits to £344,411.
amounts to £2,075,500 and the
COURSE OF BANK CLEARINGS.
continue to show
Bank clearings for the country as a whole
ago, but the ratio of gain
year
a
with
ed
compar
as
e
increas
an
nary figures compiled by us,
is again more moderate. Prelimi
the chief cities of the
from
based upon telegraphic advices
to-day (Saturday
ending
week
the
for
that
e
indicat
country,
the United States
of
cities
the
all
for
es
May 16) bank exchang
weekly returns will run
obtain
to
possible
is
it
which
from
week last year. The
9.6% larger than in the corresponding
$8,359,124,096 for
total stands at $9,164,697,868, against
increase is 11.7%.
the
centre
this
At
in
1924.
week
the same
as follows:
is
week
the
for
Our comparative summary
A newly organized financial institution-the Federal
Trust Co. of Houston-will be opened for business in that
city in the near future, according to the Houston "Post" of
May 3. The new bank, which is capitalized at $200,000, with
surplus of $50,000, will occupy quarters on the ground floor
of the Sam Houston Hotel building, at the corner of Prairie
Avenue and San Jacinto Street. Chester H. Bryan, County
.1 adge of Harris County. Tex., will head the new bank, with
Murray B. Jones, of the law firm of Jones, Roberts & Monteith, as first Vice-President and Floyd Ikard as Vice-President and Cashier. Mr. Ikard, it is said, was formerly Manager of the Federal Reserve Bank and Manager of the Intermediate Credit Bank in Houston and has had twenty
years of banking experience.
At a recent meeting of the directors of the People's Bank
& Trust Co., Los Angeles, C. J. Shepherd, Manager and a
director of the Los Angeles branch of the Federal Reserve
Bank of.San Francisco, was elected President of the institution to succeed Walter F. McCaleb, who has not been connected with the bank for some time, according to the Los
Angeles "Times" of April 28. Mr. Shepherd was induced to
accept the presidency of the People's Bank & Trust Co., it
was stated, because of the progress which the institution
At
has made during the year it has been in operation.
present its resources are over $2,500,000. Prior to entering
the employ of the Federal Reserve Bank. Mr. Shepherd's
Clearings-Returns by Telegraph.
Week Ended May 16.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
13 cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
Tata' all cities for week
1925.
1924.
Per
Cent.
64,253,000,000 63,805,929,340 +11.7
526.788.415 +12.3
591,364,843
+8.0
424,000,000
458,000,000
+6.8
336,000,000
359.000,000
+2.0
103.849.320
105.830,513
-10.3
0
120.400,00
108,000,000
+0.8
149,600,000
150,668,000
+9.8
215,399.000
137,655,000
+0.4
65
133,487.5
134,053,002
126,370,843 +12.7
142,454,750
+11.5
3
93.182.92
103,909,447
79,660,092 +12.8
89,875,707
45,373.014 +15.9
52,604,930
86,686,416,192 86,070.040,512 +10.2
+6.1
895,896,235
950,840,365
+9.6
87.637,256,557 1.6.965,936,747
+9.6
1,393,187.349
1,527,441,311
+9.6
,096
88.359.124
868
607
EA 164
by the
Complete and exact details for the week covered
We cannot
foregoing will appear in our issue of next week.
ends to-day
furnish them to-day, inasmuch as the week
available
(Saturday) and the Saturday figures will not be
the last day
above
the
in
ngly,
Accordi
to-day.
noon
until
ed.
of the week has in all cases had to be estimat
, which we
In the elaborate detailed statement, however
complete
and
final
give
to
able
are
we
below,
further
present
9. For
May
ended
results for the previous week-the week
aggregate
that week there is an increase of 24.2%, the 1925
aggreof the clearings being $10,000,630,400, and the 1924
however,
gate ,050,755,833. Outside of New York City,
centre
the increase is only 13.7%, the bank exchanges at this
accordnow
cities
the
group
of
We
recording a gain 32.5%.
located,
ing to the Federal Reserve Districts in which they are
District
Reserve
in
the
Boston
that
it
appears
this
from
and
there is an improvement of 4.8%, in the New York Reserve
lphia
District (including this city) of 32.1% and in the Philade
2510
THE CHRONICLE
Reserve District of 16.8%. The Cleveland Reserve District
has a gain of 14.1%, the Richmond Reserve District of
13.6%, and the Atlanta Reserve District of 8.4%. In the
Chicago Reserve District the totals are larger by 18.9%, in
the St. Louis Reserve District by 2.3% and in the Minneapopolis Reserve District by 12.1%. In the Kansas City
Reserve District there is an increase of 12.3%, in the Dallas
Reserve District of 16.1% and in the San Francisco Reserve
District of 17.1%.
In the following we furnish a summary by Federal Reserve
districts:
[VOL. 120.
Wrek Ended May 9.
Clearings at
1925.
1924.
Inc. or
Dec.
1923.
1922.
$
• s
%
s
$
Seventh Fed er al Reserve D istrict-Chi cagoMich.-Adrian -228,801
236,931 -3.4
265,222
223,148
Ann Arbor..- 940,432
851,490 +10.4
839,642
646.534
Detroit
- - 153,052,356 145,348,815 +5.3 122,336,622
87,343,000
Grand Rapid5_
7,933,821
8,722,296 +18.0
6,861,354
6,735,222
Lansing _ _ -2,841,279
2,413,718 +17.7
2,245,000
1 648,000
Ind.-Ft. Way se
2,892,461
2,725,020 +6.1
2,752.937
2,139,047
Indianapolis_.17,720,000
18,918,000 -8.3
22,470,000
19,386,000
South Bend_ -3,159,700
2,584,000 +22.3
2.709,800
2,178,500
Terre Haute_._
5,156,084
5,885,419 -12.4
7,242,268
Wis.-M ilwaukee
42,644,201
39,116,788 +9.0
41,793,842
30,309,837
Iowa-Ced. Ra 72,760,767
2,282,483 +21.0
2,431,358
2,146,975
Des Moines...SUMMARY OF BANK CLEARINGS.
12,960,709
11,252,667 +15.2
11,133,441
9,8515,040
Sioux City...._
7,177,037
6,472,498 +10.9
6,715,921
6,230,840
Waterloo
._
1,385,667
1,773,403 -21.9
1,489,907
1,252,802
III.--Bloomingt In
Inc.01
1,385,524
1,519,661 -8.8
1,426,824
Week Ended May 9 1925.
1,106,029
1925.
1924.
Dec.
Chicago
1923.
1922.
._ 739,526,980 592,758,264 +11.0 645,107,091 534,476.103
Danville _ _ ._
a
a
a
a
Federal Reserve District..
a
Decatur _ - ._
1,401,493
1,262,511 +11.1
1,340,419
(let) Boston
1,088,327
11 eitle5 457,620,748 436,756,255 +4.8 428,224,223 346,222,407
Peoria
._
4,891,838
4,937,150 -0.9
4,640.978
4,193,850
(2nd) New York
11 " 3,076,173,352 4,599,755,692 +32.1 5,190,766,243 5,810,486,126
Rockford. ._
3,076,445
2,680,498 +14.8
2.620,234
1,904,882
(3rd) Philadelphia_ --.10 "
567,002,969 485,533,750 +16.8 494,826,064 422,888,049
Springfield...._
2,748,632
2,463,290 +11.6
2,713,174
2,345,146
(dth) Cleveland
S"
375,001,471 328,517,732 +14.1 378,919,106 279,915,228
(5th) Richmond
e - 200,981,836 176,964,961 +13.6 174,815,329 145,138,546
Total(20 dB s) 1,013,884,227 852,204,902 +18.9 889,136,034
715,208,282'
(6th) Atlanta
19 " , 195,407,178 180,237,931 +8.4 176,477,572 142,493,457
(7th) Chicago
20 " 1,013,884,227 852,201,902 +18.9 889,136;034 715,208,282
Eighth Fed sr al Reserve D lstrict-St. Louis(8th) St. Louis
a " 202,662,004 198,029,439 +2.3 69,179,642 57,141,071 Ind.-Evansvill 7.
6,282,528
5,501,988
+14.2
5,369,427
4,739,367
(911) Minneapolis__
7 "
120,057,00e 107,083,434 +12.1 114,830,682 101,129,565 Mo.-St. Louis ._ 133,300.000 131,700,000 +1.2
(10th) Kansas City_
12 "
244,203,290 217,461,118 +12.3 233,504,664 217,181,296 Ky.Loulsville _ ._
30,735,581
29,694,564
+3.5
30.480,240
24,899,468.
(11th) Dallas
5 "
65,475,328 58,401,151 +16.1 50,531,429 43,327,869
Owensboro... _
379,191
448,952 -15.5
431,384
314,888
12th) Ban Franciseo_ _17 "
482,160,99'. 411,809,468 +17.1 435,964,376 358,980,030 Tenn.-Mempb W
18,652,235
17,810,592 +4.7
18,966,202
16,780,809
Ark.-Little Ito k
11,183,801
11,107,904
+0.7
11,945,484
8,818,894
Grand total
127 cities 10000630400 3,050,755,833 +24.2 ,637,175,366 7,640,104,926 III.-Jacksonville
459,697
382,690 +20.1
384,879
329,079
Outside New York Cit7
4,038,349,929 1,552,198,200 +13.7 ,,564,539,602 2,928,714,926
Quincy
_
1,668,966
1,382.799 +20.7
1,602.026
1,258,566
Canada
29 cities 384,949,311 371,406,977 +3.6 373,412,264 352,800,712
Total(8 cities) _ 202,662.004 198,029.430 +2.3
57,141,071
Ninth Feder it Reserve DI.- trict-Min', ea pol i s 69,179.642
Dul-th d8.024.271
5.859,143 +36.9
We now add our de ailed statement, showing last week's Minn.5,591.928
5,909,449 .
Minneapolis_ _ _
75.793,381
64,052.487 +18.3
67,932,647
60,182,024
figures for each city separately, for the four years:
St. Paul
_
29,581,060
31.669,901 -6.6
34,430,927
28,442,794
No. Dak.-Far 0
1,842.171
1,536.285 +20.0
2.043,257
1,953,945 S. D.-A herdeen
1,416.11A
1,138,586 +24.4
1,252,58'
1,209,780
Week Ended May 9.
Mont.-Billings 596,579
532,941 +11.9
503,890
Clearings al582,446
Helena
_
2,803,408
2,293,386 +22.2
3,025,448
2.849,127
Inc. Os
1925.
1924.
Dec.
1923.
Total(7 cities) _ 120.057.003 107,073,434 + 12 I
1922.
Tenth Feder I Reserve DI- trict-Kan. as City - 114,830,682 101,129,565
$
$
Neb.-Fremont _
%
$
$
488.221
481,382 +1.4
First FedoraI Reserve Dist rict-Boston
583.47:
395.858
Hastings
.
651,480
535,608 +21.6
Maine-Bango'
560,477
.
704.533
777,908
842,852 -7.7
811,273
Lincoln
756,736
5.799,095
4.717,950 +22.9
Portland
4.440,972
4,021,480 .
3,655,215
2,848,122 +28.3
Omaha
3.492,294
*2,600.00o
43,224.439
38.091,865 +13.5
Mass.-Boston .. 404,000,000 392,000.000 +3.1
93.669,551
38,608,262
381,000.000 304,000,000 Ran -Topeka,.
4.291,828
3,205,248 +33.9
Fall River_
3,345.391
3,197,410
2,387,769
1,898,335 +25.8
Wichita
2,509,540
2,044,787
.
d7.608.567
7.285.371
+4.4
Holyoke
9.977,218
11,056,945
a
aa
Mo.-Kansas
Cit 7 127,930.640 113,602,701 +12.6 126,861,330 120.589,142
a
Lowell
1,263,885
1,254,000
St. Joseph _ •
10.8
1,590,160
1,222,015
d7,609,907
7.167,834
+6.2
Lynn
a
a
a
a
Okla.-Muskoge
a
a
a
a
New Bedford
a
a
1,582,402
1,189.961 +33.0
1,700,332
Oklahoma CB . d23,039,471
1,382.998
21,282,92P
+8.3
21.423,111
Springfield
18,844,469
6,015,987
5,390.102 +11.8
Tulsa
5.642.961
4,498,270
aa
a
Worcester_ _ _
a
a
4,255.474
3,618,000 +17.6
Colo.
4.056.000
-Col.
Spas
4,163.000
1,198,039
1.102.419 +8.7
1,255,847
Conn.-Hartfo d
1,020,751
19,585,893
11,945,432 +22.1
10,230,202
Denver
9,954.241
21.041.390
18.829.856 +11.8
20,455.571
18,032,067
New Haven_ _ _
7,365,635
6,406,642 +15.0
6,884.958
Pueblo
5,927,360
01.320.191
1,153.873 +13.9
951.702
R.0.-Providenta
763.379*
11,730,600
9,362,800 +25.2
10.306,506
9,583,000
Total(12 cities
244,203,290 217,461,115
' +12.3 233.504,664 217,184.296
Total(II citi 0 457,620.748 436,756,255 +4.8 428,224,223
Eleventh Fed ral Reserve District-4)w ,las346,222,407
Texas-Austin
3,045,559
1.331.067 +1755.7
1.695,265
2.015,124
Second Fed r al Reserve D Istrict-New YorkDallas
40,892,162
35.006,547 + 16.0
27,097.000
N. Y.-Albany_
22,563,633
6,282.987
5,932,091
+5.9
Fort Worth..
5,833.721
4,425,432
d10.319.177
10.201.741
10.470,046
+1.2
9.529,443
Binghamton_ _ _
1,182,300
1,023,900 +15.5
Galveston
1,256,200
1,208,600
6.130,551
5,178,954 +18.4
6,924,160
Buffalo
4,989.238
d49,325,063
42,626,825 +15.7
Houston
43,975,361
36,637,526
a
a
a
a
Elmira
a
994,687
784,955 +26.7
774,001
566,400 La -Shreveport.
5.087.879
4.682.340
+8.7
4.844.958
Jamestown_ _ _ _
4,230,431
c1,526,635
1,250,848 +22.0
1,305,909
3.738.102
New York _ _ _ 5,962,280,471 8,498,557,533 +32.5 1,072.635,764
Total (.5 cities).
1,711,400,000
65,475.328
56 401 151 +16 1
Rochester.....
43,327,869
13,449,819
11,193,549 +20.1
Twelfth Feder al Reserve D 'strict-San Fro nci co50,531,429
11,129,146
9,798,217
Syracuse
_
5,879,749
5.248.203 +12.0
4.841,034
4.241,918 Wash -Seattle..
37.781.944
34.733.232 +8.8
37.474,473
Conn.-Stamford
31,594,840•
c3,613,909
3,805,476 -5.0
Spokane
3,106,375
2,537,216
10,050,000
9,943,000 +1.0
N. J.-Montcla T
11,300,000
10,018,000
583,-51
556,513 +4.9
Tacoma
517,094
431,012
a
a
a
a
Northern N.J _
a
31,053,977
28,775,799 +7.9
Yakima
45,391,591
1,492,772
35,501,703
1.161.027 +28.5
1,358,076
1,230,275
Ore.-Portland _
37,309,149
37.359.120 -0.1
37.834,790
Total(11 citi ) 3,076,173,352 1,590,755,692 +32.1 1,190,766,243
28,678,778
18,499,382
4,810,486,126 Utah-Salt Lake
14.076 356 +31.4
14,338,363
13,194,496
Nev.-Reno
a
a
a
a
Third Feder ,1 Reserve DIs trict-Philo del ph i a
a
Ariz.-Phoenix ..
a
a
a
a
Pa.-Altoona .
a
1,545.799
1,484,804
Calif.-Fresno...
+4.1
1,673,905
3,105.423
1,015,708
3,135,803
-1.0
4,036.829
3,964,701
Bethlehem _ _ _ _
4,541,415
3,770,988 +20.4
Long
Beach...
4,815,674
7,191,506
3,337,787
6,899,191
+4.2
8,688,120
4,267,001
Chester
1,899,279
1,099,229 +72.8
Los Angeles... 146,473.000 126,030.0011 +16.2
1,198,450
1,094,716
134.638,000
07,140,000'
Lancaster.
__ _ _ _
2,996,635
2,618,220 +14.5
Oakland
3,022,794
2,804,189
21.587,010
15,914,814 +75.5
16.257,202
13,675,425
Philadelphia _. 533,000.000 456,000,000 +16.9 464,000,000 399,000.000
Pasadena
6,436,408
5,552,284 +15.9
5.666,547
4,550,396
Reading
.
4,111,243
3,653,119 +12.6
Sacramento...
3.906.067
2.925.232
d9,044,730
8,161.282 +10.8
6,570.983
6,300,022
Scranton
6,484.001
San Diego_ _ _ _
5,691 713 +13.9
5,731,492
4,911,610
5.447,931
3,816.169 +42.7
4,020,960
3.538,657
Wilkes-Barre _
d4,445,581
San
4,239,654 +4.9
Francisco.
3,418,694
168,903,000 137.700,000 +22.7 147,200,000 134,900,000
2,400,000
York
2,209,170
San Jose
1,756,427 +25.8
1,740,259
1,284,878
2,418,001
1,973,640 +22.5
2,418.001
2,257,801
N. J.-Trenton_.
5.769,846
Santa Monica_
5,219,596 +10.5
5,318,789
2,150.824
4,113,929
2.144.254
+0.1
a
Del.-Wilming a
Santa Barbara_
a
a
a
1,347,194
a
1.248,087 +7.9
1.295,034
1,143,838
Stockton
c2,983,700
1.958.300
+52.4
2,867.000
2.525,800•
Total(10 cities) 567,002,969 485,533,750 +16.8 494,826,064 422,888,049
Total(17 cities/ 482.160,994 411,809,468 +17.1 435,964,378
358.980,030
Fourth Fede r al Reserve I) strict-Clev eland
Grand total (127
Ohio-Akron _ _ .
d5,640,000
cities)
6,550,000 -13.9
10000630400 5,050,755.833 +24.2 7.637,175.366 7,640,114.026
7,665,000
5,901.000
Canton
3,746,407
4,127,483 -9.2
,106.300 -1.13 7 3 584 539 602 2.026.714.925'
5,132,166
2,727,475 Outside N.Y___ 4 035.349.029 "I 53.
Cincinnati
•
68,747,171
58,690,864 +17.1
64,675,133
53,279.247
Cleveland
• 110,951,940
92,260,306 +20.2 115,260,055
78,977.660
Columbus
Week Ended .ray 7
15,532,000
13,027,800 +19.2
17,745,200
14,742,100
Clearings alDayton
•
a
a
a
a
a
Lima
Inc. or
a
aa
a
1925.
1929.
Mansfield
Dec.
d2,018,009
1923.
1,840,238 -r9.7
1,836,829
1,228,998
1922.
Springfield .._
a
a
a
a
a
Canada$
Toledo
$
a
%
a
$
a
a
a
S
Montreal
128,298.106
123,573,755
Youngstown 5,281,688
4,229,835 +24.9
+3-8
129.104,843
3,828,101
4,058,748 Toronto
116.579,320 102,729,722 +13.5 101,721,307 127,743,905
Pa.-Erie
a
a
a
101,987,314
a
a
Winnipeg
55,502,717
65,716,993 -15.5
Pittsburgh
163,084.256 147,791,206 +10.3 162,776,622 118,000,000
64,426,118
44,381,139
Vancouver
17,560,107
15,786,444 +11.2.
14,390,187
13,912,086
Ottawa
12,313,402
11,247,651
Total(8 cities)
375,001,471 328,517,732 +14.1 378,919,106 278,915,228 Quebec
+9.5
13,199,518
13,766,948
6,982.547
5,625,564 +24.1
4,891.624
5,433,256
Halifax
3,188,222
Fifth Federal Reserve Dist rict-Richn. ond3,104.661
+2.7
4,668,482
3,339,195
Hamilton
5,686,061
5,496,276
W.Va.-Hunt'g'
+3.5
1,767,497
2,026,731 -12.8
6,064,496
2,073,316
5,918,299
1,623,755 Calgary
5,981.842
6,625,176
Va.-Norfolk
d8,423,392
_
-9.7
8,407,992 +0.2
4,839,732
6,935,108
7,300,369 St. John
4,682,601
3,188,783
2,864,274 +10.6
Richmond.
52,850,000
44,958,000 +17.6
45.234,000
2,686,861
2,884,597
40,630,827 Victoria
2.399,759
B.C.-Charleston
2,369,275 +1.3
d2,217,372
1.923,215 +15.3
1,808,038
2,004,783
2,256,526
2,222,212 London
3,071,432
3,364,004
Md.-Baltimore _ 106,670,944
-8.7
95,235,023 +12.0
73,178,341 Edmonton
3,306,073
94,942,697
3,097,355
6.321,870
3,647,787 +73.3
D.C.-Washing'n
29,052,631
24,414,000 +19.0
4,174,216
20,183,042 Regina
4,485,036
23,625,425
3,111,498
3,643,819 -14.6
3,048,666
3,088,485
Brandon
626,996
Total(6 cities). 200,981,836 176,964,961 +13.6 174,815,329 145,138,546
583,045 +7.5
584,321
522,952
Lethbridge
593,454
755.003 -21.4
495,464
472,461
Saskatoon
1,555,626
Sixth Federal Reserve Dist rict-Atlan ta1.700,564 -8.5
1,544,490
1,750,104
Moose
Jaw
1.180,525
Tenn.-Chatt
'ga
1,233,960 -4.3
d7,854,213
6.089,063 +29.0
1,074,464
1,048,995
6.756,075
4,684,607 Brantford
1,091,305
Knoxville
1,079,723 +1.1
3,200,000
1,101,084
3,195.072 +0.2
1,085,242
3,024,624
3,321,378
Fort William_ _ _ _
1,253,662
Nashville
1,022,005 +22.7
20,187,074
880,604
19,667,249
683,371
16,740,000
+2.6
20,980,711
gew
Westminster
Georgia-Atlanta
766,689
640,699 +19.7
60,307,060
51,449,382 +17.2
557,937
39,173,243
51,007.400
536,672
Medicine Hat_
339.767
Augusta
303,161 +12.1
1,746,279
1,811,994
276,625
330,528
1,783,759
-3.8
*2,000,000
Peterborough_
_
_
.
Macon
996,712
1,593,767
919,751
896.718 +11.2
861,006
1,205,985
1,302,732 +22.3
1,371,785
Sherbrooke
Savannah
1,053,431
1,038,006
a
+1.5
1,134,673
779,205
a
a
a
a
Kitchener
Fla.-Jack'nville
1,022,084
1,179,531 -13.9
21,459,832
1,243,475
1,231,400
11,253.191
15,613.226 +37.4
13,838,619
Windsor
Ala.-Birming'm
2,149,022
3,188,122 -32.6
24,630,286
3,125,748
3.650,003
27,419,846 -10.2
19,494,564
24,431,094
7rince Albert_ _ ._
Mobile
340,609
358.467 -5.0
1,963.301
1,715,990 +14.4
363,350
322,82.5
Moncton
Miss -Jackson._
852,799
846,233 +0.8
1,510,000
1,517,523
1,407,609
1.157,908 +30.4
785,505
1,160.581
Kingston
960,964
Vicksburg
786,340 +22.2
457,000
718,062
786.149
519,023 -11.9
364,481
385,272
La.-NewOrleans
50,498,366
50,296,451
+0.9
43,983,498
51.224,657
Total(29 cities) 384,949.311 371.406.977
.4.36 273 412 2f14 352.300.712'
Total(12cities) 195,407,178 180.237.931
a No longer report clearings. b Do not
-1-8.4 176 477.572 142.493.457
ended May 6. 6 Week ended May 7. e respond to requests for figures. c Week.
Week ended May 8. •Estimated.
2511
THE CHRONICLE
MAY 16 1925.]
43.4 points higher. The market continued strong on Friday,
THE CURB MARKET.
centering largely in high-priced industrials and speinterest
in
Public utility issued continued the centre of interest
ous by its remarkable
securities cialties. Mack Trucks was conspicu
the Curb Market this week. The market for these
n Can reached 1903/2
.
America
%
1663
to
points
of
rise
73/2
ial gains.
American and Baldwin
was broad and active and prices made substant
by
followed
closely
time,
first
the
for
underElsewhere trading was comparatively quiet with the
o established a new high
up some Locomotive, St. Louis-San Francisc
tone firm. Adirondack Power & Light com. sold
both common and preErie,
Lake
&
g
Wheelin
and
mark,
CommonElectric reached
12 points to 823/2 and reacted finally to 81%.
General
tops.
new
recorded
and ferred, again
wealth Power common advanced from 1283% to 146
d went into new high ground
preferre
rrow
Pierce-A
and
278,
Balt.
of
ends the week at 145. Consol. Gas El. Lt. & Pow.
4. The final tone was strong.
41%. at 613
E.
gained over six points to 443 and reacted finally to
TRANSACTIONS AT THE NEW YORK STOCK EXCHANG
points
ten
some
d
DAILY. WEEKLY AND YEARLY.
Elec. Bond & Share Holding Co. improve
s
Securitie
to 7234', closing to-day at 72. Lehigh Power
United
State,
Railroad,
Stocks,
.
SouthSlates
Municipal &
&c.
Number of
sold up from 1183/2 to 127 and down finally to 125%.
Week Ended May 15
Bonds.
Bonds.
Foreign
Bends.
dropped
but
Shares.
,
8
eastern Power & Light rose from 72 to 923/
$184,000
81.823,500
$5,175,750
900,700
finally to 89. PriCe changes in the industrial issues in the Saturday
629,700
2,848,000
8,741,000
1,691,728
Monday
1.238,000
3,246.000
10,007,000
1,636,288
main were narrow. Bucyrus Co. common rose from 142 Tuesday
744,100
3,028,500
10,011.000
1,476,556
Ale,
Wednesday
1,013,500
3,283,000
9,604,000
to 155 and closed to-day at 1543/2. Canada Dry Ginger
1,227,702
Thursday
733,000
2,941,000
and
former
10,571,000
the
for
125
to
1,333,000
100
lfrom
advance
Friday
A and B,stock
both
14.542.300
for
0
today
close
217.168.00
The
0
R 265 072 154.109.75
'Mtn]
from 97 to 124 for the latter.
first
Jan. 1 to May 15.
issues was at 120. Continental Baking A stock fell at
Week Ended May 15
at
Sales
4, with the
New York Stock
from 1193/2 to 1173/2, then moved up to 1213
1924.
1925.
1924.
1925.
Exchange.
Mengel Co. advanced from
final figure to-day 121.
89,997,738
155,972.550
3,454,452
8,265.972
shares_ _ _
4 and sold finally at 5334'. Pathe Exchange Stocks-No.
483/2 to 533
Bonds.
$400,231,000
$133,559,110
at Governmen
$4,542,300 $28,869,000
t bonds_ _ _
143,434,000
class A stock rose from 453/2 to M% and closed to-day
255.915.800
6,055,000
State and foreign bonds 17,168,000
54/3s. Victor Talking Machine advanced from 77 to 92, Railroad & misc. bonds 54,109,750 30,439,000 1.602,599.750 650,819,000
000
reacted to 82 and closed to-day at 84. Oil shares were
275.820,050 865.363.000 S1,472,074,660 81,194,484.
Total bonds
AND
LPHIA
PHILADE
very quiet. Cumberland Pipe Line sold up from 1453/2 to 148
BOSTON.
DAILY TRANSACTIONS AT THE
BALTIMORE EXCHANGES.
and down to 147. Humble Oil & Ref. improved from 493/2
d
advance
Refining
Sola
.
553
4
at
week
to 563% and ends the
Baltimore.
Philadelphia.
Boston.
216 to 229. Standard Oil (Ohio) common sold up from
Week Ending
BowlSelei
Shares.
BondSales.
Shares. Bond Sales. Shares.
May 15 1925.
from 349 to 362.
841.700
2,471
313,300
the
for
19,333
ions
$9,000
10,139
Saturday
A complete record of Curb Market transact
23.000
3,396
70,000
15.376
40,500
13,865
Monday
25,200
4,168
2535.
59,000
page
on
17,931
found
11:200
be
will
19,523
week
Tuesday
43.000
4,383
56,900
20,984
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended May 15.
Saturday
MondaY
Tuesday
Wednesday
Thursday
Friday
Ind.dbMis.
115,955
198.724
187,805
194.060
197,085
172,455
Oil.
44,910
115,890
125,260
125,435
92.370
72,970
Mining.
59,200
148,320
117.730
124,200
104.290
109.330
BONDS Par Value).
Domestic. For'n Gott.
$542,000
1,117,000
1,279,000
1,234,000
1,540,000
1.060,000
$26,000
20,000
22,000
26,000
26.000
47,000
Wednesday
Thursday
Friday
Total
Pray waffik revised
19,000
20.258
9,759
28,000
12,000
17,000
15,030
14,504
32,000
31,000
3.385
3,618
39,600
18,000
92,544
$117,700
103,158
8282,200
21,421
$190,500
104.240
1127.550
109.441
8225.800
25.575
8194.300
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
30 1924 are set out in the following. The figures are
April
8167.000
000
86.772
601 070
576.635
1.066.084
Total
States
taken entirely from the daily statement of the United
1925.
30
April
NGE.
of
EXCHA
y
STOCK
YORK
Treasur
NEW
THE
ON
WEEK
THE
CURRENT ASSETS AND LIABILITIES.
The course of prices on the Stock Exchange has again
GOLD.
ity
irregular
able
with
consider
though
upward,
been strongly
Assets-$
94 Gold certifs. outstand'g _1,555,050,699 00
560,967,011
coin
issues.
Gold
from day to day and with sharp fluctuations in many
3 120,264,792 77 Gold fund, F. It. Board
Gold bullion
(Act of Dec. 23'13, as
Many of the specialties climbed to new high levels. Railamended June 21'17)A,783,441,335 12
153,620,985 51
y
graduall
reserve
but
of
week,
the
Gold
road shares sagged in the forepart
189.118.785 08
Gold In general fund _ _
improved. Motor shares, particularly Mack Trucks, have
3,681.231,80471
Total
3,681,231,804 71
Total
gone consistently forward and oil and rubber stocks have
51,392,09701 'Treasury
Mts.-Reserved against /348,681,016 of U. S. notes and
Speculasecured by silver dollars
been generally strong at gradually rising prices.
notes of 1890 outstanding. Treasury notes of 1890 are also
session
In the Treasury.
r
in
two-hou
the
brisk
rly
was
particula
activity
tive
SILVER DOLLARS.
Lfabtitiftson Saturday, the total sales aggregating nearly a million
Assets00 Silver certifs. outstand'g 441,262,230 00
451,023,331
dollars
1,392,097 00
shares. It was the biggest Saturday turnover since Feb. 21. Silver
Treas. notes of 1890 out_
8.369,004 00
Silverdollars In goniumd
As a result of the higher crude rubber prices, several rubber
451,023.331 00
Total
451,023,331 00
tire issues advanced sharply to new tops. The market was
Total
GENERAL FUND.
generally reactionary on Monday, though the motor issues
$
Liabilitiesg
Assetscontinued their steady upward climb during the greater part Gold
189,118,785 08 Treasurer's checks out(see above)
06
1,926.393
standing
00
were
8,369,004
Silver dollars (see above)
of the session. Pierce-Arrow, Studebaker and Hudson
4,237,044 00 Depos. of Govt. officers:
United States notes_
15.108,31747
movethe
for
Dept
high
records
Office
now
hed
Post
50
and
establis
919,427
notes._
leaders
Reserve
Federal
the
Bd. of Trustees Postal
174,830 00
Res. bank notes_
ment. Railroad shares, especially the Southern group, were Fed.
Savings System 5%
18,041,024 00
National bank notes__
6,635,940 49
res've, lawful money
55
8,200,875
silver coin__
303,109 31
weak, Southern Railway receding nearly 6 points to 91 and Subsidiary
Other deposits
1,638,464 46
Minor coin
Curof
r
its
high.
from
g
points
Comptrolle
65
four
declinin
o
16,805,224
Francisc
bullion
n
Silver
St. Louis-Sa
for
agent
rency,
Uncl &gel f I e d-colleecreditors of insolv2,930,721 74
The market improved on Tuesday, American Can leading
tions, acc
1.078,87620
ent banks
Deposits In Federal Rehigh
new
record.
a
to
five-point
advance
a
with
upswing
the
Postmasters, clerks of
38,311,696 10
serve banks
disbursing
courts,
in
these
dethe
advance
special
but
In
d
active
Deposits
Motor shares continue
34,158,024 52
officers, ec
positaries account of
Deposits for:
shares was less marked than on previous days. Oil shares
sales of Treas. bonds
Fed.
of
Redemption
000
270,502,00
at certifs. of Indebtness
displayed a better tone and low-priced railroad issues were Deposits
Reserve notes (5%
In foreign de169.255,790 81
fund,gold)._ _
positaries:
prominent in the improvement. St. Louis-San Francisco
n of nail
Redemptio
18
113,899
To credit Treas. U.S.
bank notes (5%
To credit of other
rebounded four points to 81 and Southern rallied a point or
fund,lawful money) 28,206.761 19
289,943 59
Government officers
Retirement of add'i
more above its previous low. The trend of prices was mixed Deposits In nat'l banks:
circulating notes,
6,879,347 04
To credit Treas. U.S_
4.84000
on Wednesday, though many issues recorded substantial
Act May 30 1908._
To credit of other
56 Uncollected Items, ex23,292.638
were
in
again
shares
strong
officers
t
Railioad
day.
Governmen
the
for
s
advance
4,990.834 51
changes. des
Deposits in Philippine
Treasury:
demand at advancing prices, interest centering largely in
261,665,887 36
1.165,961 40
To creditof Treas.U.S.
Atchison, St. Paul, Wheeling & Lake Erie, and a few of the
329.324,999 29
Net balsam
other low-priced issues. The early rally on Thursday
590,990,886 8,5
Total
85
8
590,990,88
to
higher
levels,
day
but
.
as
the
Total
carried many active issues
Note.-Tbe amount to the credit of disbursing officers and agencies to-days was
as
d
there
and
were
quite
unsettle
became
are
list
government
the
of
foreign
which
obligations
for
credits
d
advance
2382,657.467 28. Book
by the United States amount to $33,236,629 05.
for
many declines as advances. Railroad shares improved, held
money
lawful
of
23
1913 deposits
Under the Acts of July 14 1890 and Dec.
national bank and Federal Reserve bank notes are
Chesapeake & Ohio, and Wheeling & Lake Erie coming into the retirement of outstanding
made
are
obligations
and
these
us
receipts,
as
miscellaneo
Treasury
the
ial gains. Mack Trucks con- paid Into
under the Acts mentioned a part of the public debt. The amount of such obligatione
the foreground with substant
the session with an ad- to-day was 893,567,659 50
tinued in strong demand and closed
in Federal Reserve notes and 817,987,393 In national bank notes are
Cast Iron Pipe & Foun- In5705.632
for
the Treasury in process of redemption and are charges against the deposits
vance of two'points. United States
three points and Da Pont closed the respective 5% redemption funds.
dry recorded a net gain of
2512
THE CHRONICLE
[VOL. 120.
Preliminary Debt Statement of U. S. April 30
1925.
Government Revenue and Expenditures.
The preliminary statement of the public
debt
of the
Through the courtesy of the Secretary of the Treasu
United States April 30 1925 as made up on
ry we
the basis of are enabled to place
the daily Treasury statements, is as
before our readers to-day the details of
follows:
BeadsGover
nment
receipts and disbursements for April 1925 and
Consols of 1930
$599.724,050 00
Panama's of 1918-1936
1924 and the ten months of the fiseal years 1924-1925
48,954,180 00
Panama's of 1918-1938
and
25,947,400 00
1923-1924.
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-194
7
Second Liberty Loan of 1927-194
2
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-193
8
Treasury bonds of 1047-19S
Treasury Bonds of 1944-195 2
4
49,800,000 00
28,894,500 00
11.995,88000
$1,951,520,150 00
3,104,561,100 00
2,885,377,350 00
6,324,488,350 00
$763,948,300 00
1,047,088,500 00
$76531601000
14,265,946,950 00
1,811.036.80000
Total bonds
Notes818,842.299,76000
Treasury notesSeries /3-1925, maturing
• $299,659,900 00
Series C 1925. maturing Dec 15 1925
406,031,000 00
Series A 1926. maturing June 15 1925
815,677,1)00 00
Series B 1926, maturing Mar 15 1928
15 1926
414.992.300 00
Series A-1927, maturing Sept.
Dec
15
1927
355.779.000
Series 8-1927. maturing
Mar 15 1927.
6e8.201.400 00
Adjusted Service Series, maturing
Jan. 1 1930
50.000 000 00
Treasury Certificates:
2,810.272,40000
Series TM-1925, maturing
Mar.
15
1025
8297.419.50000
Series TD-1925. maturing
Sept. 15 1925...- 219.462,00000
Adjusted Service series, maturing
Jan. 119211
47,600.000 00
584.481,50000
Treasury(War) Savings Securitie
sWar Savings Certificates:
Series 1921_a
11,278,689 93
Treasury Savings Certificates*
Series 1921. Issue of Dec
15 1921 0
1,805,323 90
Series 1922. Issue of Dec 15
97.402,276 25
Series 1922, Issue of Sept 30 1921 b
1922 0
15.177,57920
Series 1923. Issue of Sept
30
1922
0
135,189,246 65
Series 1923. Issue of Dec.
24.608,991 10
Series 1924, Issue of Dec. 1 1923 b
99,073,998 40
Thrift and Treasury Savings 1 1923 0
Stamps, unciatisl
fled sales, Ac
3,882,85277
388.418,75820
Interest bearing debt
820.045,472,41820
Mattrea Debt a,, H Men Interest
Has t.'easea
Old debt matured at
variouP dates prior to
April I 1917.
81.280,50026
Spanish War Loan of 1908-191
8
247,580 00
Loan of 192.5
2.296,50000
Certlfieates of Indebtedness
1,638,000 00
Treasury notes
5.778,30000
33% Victory Notes of 1922-192
3 ._. ......
44./% Victory Notes of
40.400 00
1922-1923Called for redemption Dee.
15 1922
2,500,500 00
Matured May 20 1923
4,902,800 00
18,680,580 28
Debt Beeville No
tinned States notes/weirs,2348,681,016 00
Les* gold reserve
153,620,985 51
.
Receipts.
Apr. 1925.
OrdinaryCustoms
44,642.408
Internal revenue:
Income and profits tax_ _ 45.801,7
Misc. Internal revenue. _ _ _ 59,214,635
50
Miscellaneous receipts:
• Proceeds Govt.-owned secs.Foreign obligationsPrincipal
Interest
475,000
Railroad securities
2.408,810
All others
'3,537,692
Trust fund receipts (real,proprlated for investm't) 4,089,508
Proceeds sale of surp. prop_ 3,480,000
Panama Canal tolls, dtc_ _ 2,801.35
9
Receipts from misc, sources
credited direct to appro's 2,608,638
Other miscellaneous
13,583,668
Total ordinary
Apr. 1924. 10 .1103. '24.• 10 .110s. '23..
45,695.809. 481,013,259
457,141,139
63,545,623 1,341,973,981 1,466306,144
66,533,462 697,308.343 803.451,352
78,661
485,892
1.130,115
421,931
4,238.001
6.789,857
2,684,629
2,326,690
20,377,562
23,208,081
90.489.918
138,230,714
10.835,463
61,069,867
91.713.968
42.380,555
6.795.745
28,281.131
28,353,774
18,938,772
42,528,903
19.959,675 . 22,923.876
24,273,009
143,811,851
24.865.896
174,725,228
182,641,468 214,306.223 2,998,322,197 3,220.056,245
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
121.144,261 257.518,616
Excess of total expenditures
chargeable against ordinary
receipts over ordinary receipts
142.037,129 112,695.600
Expenditures.
Ordinary (Checks and warrants paid, Ac,)General expenditures
156,026,821
Interest on public debt_ a _ _ _ _141,740,501 146,332,319 1,554,755,340 1,534,310.893
144,411.729 715,775.648 776,684,531
Refunds of receipts:
Customs
1.389.870
1.142.550
18.478,895
17,307.594
Internal revenue
16,540,496 17,456,461 113,871.200
85,437,282
Postal deficiency
10.733
162,536
23,216.784
12,638,850
Panama Canal
675,794
1.284,274
7,428,671
7,248,091
Operations in special accounts:
Railroads
r469,408
1.257.633
3,859,974
18,805,521
War Finance Corporation. y2,123,797
y913,502 y39,855.984 y49.599,756
Shipping Board
2.069.206
3,943,779
27,551.749
79.107,793
Allen property funds
3,863,951 y3.800,922
3,249.545
y5,413,170
Loans to railroads
1,900,00
0
12,971,000
Adjusted service certif. fund_
y55,562
c99,603.077
Investment of trust funds:
Government life insurance_ 4.022.806
4.204.573
27.466.626
26,160,340
Civil Service retirement_ __
910,594
10,117,708
7,526,760
District of ColumblaTeachers' Retirement
23.494
33,428
207.993
193,424
Foreign service retirement.
y111
91,064
General railroad contingent
43,208
372,265
606,511
628,265
Total ordinary
324.663,598 317,767,123 2.566,424.821 2,524,005,428
Public debt retirements charge6193,060,030 49
Deposits for retirement of
able against ordinary receipts:
and Federal Reserve banknational bank notes
notes
Sinking fund
93,567,659 50
Old domand notes and
8.887,450 218,374,000 295,837,350
fractional currency....
Purchases from foreign re2,048,443 18
payments
288.676.13317
330,500
38,509,150
Received from foreign govTotal gross debt
ernments under debt set820,912.829,12183
• Net cash r•aelnta ' Net
tlements
rsdemotion value o• certificates outstanding.
90,950,000
91,858,200
Received for estate taxes_
339,850
47,550
8,620.900
Purchases and retirements
from franchise tax rePublic Debt of United States
celpts
(Federal
Reserve
-Completed Returns
and Federal Intermediate
Showing Net Debt as of Feb. 28
Credit banks)
1925.
794,159
3.634,550
Forfeitures, gifts, Ac
10,000
The statement of the public debt
7.400
197,903
72,050
ings of the United States as officia and Treasury cash holdTotal.
10.000
9,234,700 310,753,113 438,532,200
lly
issued
b.
F
28
1925,
Total
expendit
delayed in publication, has now been
ures chargeable
received, and as interagainst ordinary receipts_ _324,678,596 327,001,822 2,877,17
7.935 2,962,537,627
est attaches to the details of availa
ble
cash
and
the
gross
and
* Receipts and expenditures for June reaching the Treasury in July
net debt on that date, we append a
are included.
summa
ry
thereo
f,
maka
The
figures
for
the month include 81.087.31402 and for the fiscal year 1925
ing comparisons with the same date in
to
date $8,985,018 78 accrued discount on War Savings Certificates
1924.
of
the Series of
1918. 1919 and 1920, and for the corresponding periods last year
CASH AVAILABLE TO PAY
MATURING OBLIGATIONS
32,374.648 82 and $22.031,931 99, respectively, for the Series of the figures include
1918 and 1919.
Feb. 28 1925. Feb. 29 1924.
b Excess of credits (deduct).
Balance end month by daily statement,
$223,333,548 $228,425,031
Add or Deduct-Excess or deficiency ofdm
c
The
variatio
n
above
in
amount
from
amount
receipts
appropri
over
or under disbursements on belated Items
for a small working balance in connection with certificate ated is due to necessity
payments by Veterans'
+2.755,026
+7,045,439 Bureau.
$226,088,574 $235,470,470
Deduct outstanding obligations:
•
Treasury warrants
$1,925,657
31.196,347
Matured Interest obligations
TREASURY MONEY HOLDINGS.-The
35,918,441
37,771,443
Disbursing officers' checks
following
62.093,512
59,147,767 compilation made
Discount accrued OD War Savings
up from the daily Government statements
Certificates
19,660.163
33.876.2
47
Total
8119,597.773 $131,791,804 shows the money holding& of the Treasury at the
Balance,deficit(-)or surplus
beginning
(+)
+$106,490,801 +5103,678.666 of business on the first of February,
March, April and May
INTEREST-BEARING DEBT
OUTSTANDING
1925:
Interest Feb. 28 1925. Feb. 29 1924.
Me of LamPasable.
$
a,Consols of 1930
Q -J. 599,724,050
Holdblos in
599,724,050
Feb. 1 1925 Mar. 11925. April 1 1925
45. Loan of 1925
May 11925.
Q.-F.
(I. S. Treasury.
118,489,900
2s of 1918-1938
Q.-F.
48,954,180
48,954.180
21 of 1918-1938
Q
Net
-F.
gold
25,947,4
25,947,4
coin and bullion_ 351,748.709 317,192.999
00
00
3s of 1961
335,993.181 342.739,771
Q.-M.
49,800,000
49,800,000 Net silver coin and bullion
32,026.558
38. Conversion bonds of 1946-1947
33,893.333
27.643,060
25,174,229
Q.-J.
28,894,500
28,894.500 Net United States notes..
4.160.545
Certificates of indebtedness
4,493.708
4.746.444
4,237,044
J.-J. 581,840,500
902,843.500 Net national bank notes..
17,218.242
3445. First Liberty Loan, 1932-194
17,229,476
15.224,426
18,041,024
7
J -J. 1,409,997,950 1,409.999,000 Net Fed'i Reserve notes_
45, First Liberty Loan, converte
681.355
681.483
623.537
919,427
d
J
Net
-D.
Fed'I
6,355,40
7,696,10
Res. bank notes
0
0
4415, First Liberty Loan, converte
100,032
87,156
146,165
174,830
d
4 -D. 531.677,150
530,388,500 Net subsidiary silver
7,726,900
40(e, First Liberty Loan,second converte
8,308,609
8.066,757
8,200,87
6
d-J.
Minor
-D.
coin.
3,492,15
3,492,15
Ace
0
0
45. Second Liberty Loan, 1927-194
5,822.742
4.753,752
4.317,86
4.569,18
8
2
6
M.-N.
25,171,250
30,965,500
40(s, Second Liberty Loan,
Total cash In Treasury
3,079,396,350 3,074.177,050
40(5, Third Liberty Loan ofconverted
419,485,
083 388.640.018 396.761,438 .404.056,387
1928
M.-S 2,885.380.850 3.153,051,600 Less gold reserve fund. _ _
152.979,026 153.620.086 153.620,986 153.620,
40(s. Fourth Liberty 1.oan of 1933-193
986
8
A.-0. 6,324,489,850 6,325,109,400
4045 Treasury bonds of 1947-195
2
763,948,300
763,952,300 Cash balance In Treasury. 266.506,057 233.019.
4s Treasury bonds of
030
243.140.
250.435,
452
401
1944-195
Dep.
4
In
onee'l depositories:
756,933,800
45 War Savings and
Thrift Stamps
Acct. ctfs. of indebt _
Matured 391,832,285
388.921,642
204e. Postal Savings
188,986.000 156.224,000 418,114,000 270.503,000
.0 -J
11,893,760 Dep. in Fed'i Res. banks..
11,995,880
6045t0 55Is. Treasurybonds
58.634,325
40.996,001
60.724.509
38.311.696
notes
J -D 3.132,578,200 4,046,398,000 Dep. In national banks:
Aggregate of Interest
To credit Tress U. EL _
-bearing debt
7.683.310
7.826,555
20,658,410,045 21,520,698,532
Bearing no interest
7,467.358
6,879,347
To credit dist). officers.
21,484,720
238,848,221 Cash In
21,391.159
303,534,239
Matured,interest ceased
22.746,431
23.292,639
1,252,098
1,085.849
18.641,930
23,107.560 DepositsPhilippine Islands
689,779
1,165,961
Total debt.
in foreign depts.
383.896
371,488
403.843
322,294
a20,980,586,214 21,782,654,313 Dep.In Fed'I Land banks_
Deduct Treasury surplus
or add Treasury deficit-- +106.49
0.801 +103.678.668
Net debt
Net
cash
in Treasury
020,874,095,413 21,678.975,647
a The total gross debt
and in banks
Feb.
542,930.206 460,914,080 753,204,823 590,990,887
$20.980,604,712 66, and the 28 1925 on the basis of daily Treasury statements was Deduct current
net amount of public debt redemption and
liabilities_ 256,029.904 237,580,532 262,471,125 261,665,
In transit, dm., was 518,49850,
receipts
888
bNo reduction is made on
Available cash balance_ 286.900.302 223.333,
account of obligations of foreign Governments
548490.7F37
other investments.
11/8
- 329,324,999
or
•Includes May 1,816,805,224 65 silver bullion
c Includes 85,871,3004% Loan of
and $1,638,464 48 minor coin.
1925.
Ac., not Included In statement "Stock of
Money."
MAY
2513
THE CHRONICLE
16 1925.]
THE ENGLISH GOLD AND SILVER MARKETS.
Lontrarrciat nudilliscellanconsBeWS
We reprint the following from the weekly circular of
of
Samuel Montagu & Co. of London, written under date
Breadstuffs figures brought from page 2579.-The
Ay r:I29 1925:
statements below are prepared by us from figures collected by
GOLD.
Asfrom yesterday,the United Kingdom has returned to the gold standard, the New York Produce Exchange. The receipts at Western
which had been temporarily suspended during the war period. Under the lake and river ports for the week ending last Saturday and
Gold and Silver Control Act of 1920. which expires on Dec. 31 next, the
of the last three years have been:
export of gold coin and bullion except under license was prohibited. The since Aug. 1 for each
Chancellor of the Exchequer, in his budget speech, announced the GovernCorn.
Wheat.
Rye.
Oats.
Barley.
ment's decision that there shall be no prolongation or renewal of the Act. Receipts at- Flour.
He further stated that, although the Act be nominally In force until the
60 lbs hush.56 lbs.bush.32 lbs. bush.48lbs.bush.56Ibs.
ush.
bbls.196Ibs.,
for
end of the year, a general license has been given to the Bank of England
84,000
495,000
636,000
123,000
199.000
470,000
Chicago
79,000
287.000
750.000
28,000
225,000
the export of gold coin and bullion as from yesterday. A bill will be intro- Minneapolis_
2,000
15,000
87,000
554,000
gold
594,000
sell
to
obligation
the
Duluth
under
England
of
Bank
the
duced "putting
12,000
43,000
150.000
171,000
38.000
44,000
bullion in amounts of not less than 400 fine ounces in exchange for legal Milwaukee...
6,000
39,0004
148,000
341,000
Toledo
tender at the fixed price of 77s. 10%d. per standard ounce." Based upon Detroit
6,000
6,000
24,000
96,000
52,000
179,000
this price, the points, when movements of bar gold between this country Indianapolis_
388,000
348,000
478.000
82,000
(due
follows
Louis_
as
St.
are
practicable,
approximately
become
A.
S.
and the U.
57,000
187,000
33,000
16.000
37,000
allowance being made for loss of interest at 5%,freight, insurance, pack- Peoria
48,000
222,000
307,000
Kansas City_
ing, &c.):
132,000
136,000
146,000
Omaha
10,000
94,000
35,000
New York to London_ _ _ _34.9067 at. Joseph_
London to New York_ _ _ _54.8480
34,000
78,000
Wichita
20,000
1,000
21,000 „
46,000
The effect of this pronouncement is that, from now, gold bullion will be Sioux City.
purchasable from the Bank of England at the fixed price of 77s. 10%d. per
386.000 3,186,000 1,910,000 2,104,000 622,000 731,000
oz. std., and will be available for export.
Total wk. '25
A bill will also be introduced, under which Bank of England and Treasury Same wk. '24 374,000 3,717,000 4,472,000 3,484,000 722,000 545,000
notes will be exchangeable into coin only at the option of the Bank of Eng- Same wk. '23 315,000 3,491,000 2,561,000 2,973,000 366,000 583,000
land. until otherwise provided by proclamation, and withdrawing from the
private individual the historic privilege of tendering gold bullion to the Since Aug.1Royal Mint for coinage into sovereigns. It is understood, however,that at
18.339,000 47.340,000204,233,000.227.187.00056,630,00052,519,000
1924
present the Bank intends to give out sovereigns for export only, for which
16,893,000187,891,000247,717,000195,574,000 36.006,00023.932,000
1923
R 215111110•250 297 111111100 071 'Inn 33 AAR nnn-tk Full one
10 741
1O9
purpose they will be available at par, but that gold coin will not be available as yet for domestic use.
moveregarding
bullion
of
Bank
England
the
by
announcements
Daily
Total receipts of flour and grain at the seaboard ports for
ments have been resumed as from to-day. To-day no movement was
reported.
week ended Saturday, May 9, 1925 follow:
the
was
South
of
African
gold
(nearly
£400,000)
consignment
This week's
all disposed of to India and the C mtinent at the hitherto prevailing price
the
dollar,
of
before
the
the
of
Chancellor
parity
gross
the
over
Rye.
Barley.
2d.
Oats.
Corn.
Wheat.
of
Flour.
Receipts atExchequer's pronouncement was made.
The Bank of England gold reserve against its note issue on the 22d inst.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
233,000
amounted to £126,906,015. as compared with £126,903,030 on the pre- New York_ _ _
14.000 1,312,000 697,000
178.000 1,366,000
132,000
vious Wednesday.
370,000
847,000
4,000
31,000
Philadelphia__
10.000
It was officially announced that India's foreign trade during March Baltimore_ _ _ _
126,000
12,000
76,000
24,000
154,000
was as follows:
1,000
N'port News_
Lacs of Rupees. Norfolk
2,000
19,85
Imports, private merchandise
9,000
45,000
43,000
54,000
New Orleans"
46.29
Exports, private merchandise, including re-exports
16,000
Galveston_ _ _ _
14,99
Net imports of private treasure-Gold
85,000 4,067,000
1,000 1,248,000
47,000 3,599.000
Montreal _ _._
2,05
Silver
42,000
70,000
79.000
77.000
9,000
St.John,N.B.
7
Currency notes
8,000
165,000
1,000
15,000
Boston
The total visible balance of trade in merchandise and treasure was
76,000 3,102,000 1,115,000 4.512.000
Rs.9.43 lace in favor of India. The balance of Government transfers of Total wk. '25 361,000 6,103,000
funds was Rs.1,12 lace against India.
Since Jan.1'2510,466,000 64,507,000 2,452,000 15,177,00010,418,00015.496,000
SILVER.
449,000
919,000
275,000
Week 1924... 446,000 10,322,000
The silver market has been quiet and prices sagged until 31 1-168. for Since Jan.i'24 9,864,000 66,073,000 10.841,000 13.150.000 3.580.
3.507.000
cash and 31d. for forward delivery were quoted on the 24th inst. The
cash quotation was the lowest since Sept. 3 1923. and that for forward
•Receipts do not include grain passing through New Orleans for foreign ports
delivery since Oct. 8 1923. Supplies have been obtained from America. on through bills of lading.
The lower level of prices attracted buying to cover bear commitments.
which caused a reaction and yesterday the price touched 31 gd. for both
The exports from the several seaboard ports for the week
positions. Owing to plentiful supplies of cash silver in the market the
premium for spot again disappeared on the 27th inst., when 31 Yid. was ending Saturday, May 9, 1925, are shown in the annexed
quoted for either delivery.
statement:
INDIAN CURRENCY RETURNS.
April 7.
April 15.
April 22.
(In Lacs of Rupees)
Barley. Peas,
Oats.
Rye.
Flour.
Corn.
Wheat.
Exports front18385
18259
18313
Notes in circulation
7640
7514
7568
Silver Coin and bullion in India
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels, Bushels.
Silver COW and bullion out of India
90,209 316,708
135,459 819,242
1 223,013
New York
2232
Gold coin and bullion in India
251,000
30,000
3,000
40,000
Boston
Gold coin and bullion out of India
64,000
564,000
6,000
761,000
Philadelphia
5713
5r
(Indian
Government)
i5
7
Securities
96,000
55,000
748.000
3,000
144,000
Baltimore
2000
2000
2000
Securities (British Government)
2,000
800
800
800 Norfolk
Bills of exchange
1,000
Newport News__
11,000
No silver coinage was reported during the week ending April 22.
New Orleans-- - - 932,000 128,000 38,000
32,000
188,000
The stocks in Shanghai on the 25th inst. consisted of about 65.400,000 Galveston
silver
771,000
bars,
593,000 83,000
as
27,000
compared
with
970
665,000
and
about
$48,500,000
Montreal
ounces in sYcee,
70,000 42.000
79,000
9,000
77,000
68,100,000 ounces in sycee, 147.500,000 and 980 silver bars on the 18th inst. St. John. N.B.__
-Bar Silver, p. oz. std.- Bar Gold,
Total week-- _ _ 4,030,013 128,000 266.4592,329,242 1,585,209 788,708
Two
Cash.
Mos.
yr. oz. fine.
Quotationsa 144. MR 250M1 255585 250 575 221451 2R 0011
waall. 1094
31%d.
313-168.
86s 5d.
April 23
31d.
31 1-168.
86s. 3d.
April 24
31%d.
31%cl.
The destination of these exports for the week and since
April 25
31%d.
31%d.
85s, 9d,
April 27
31 Yid.
86s.
July 1 1924 is as below:
31%d.
April 28
31 1-168.
311-165.84s.11%d.
April 29
31.114d.
31.1368.
858.10.5d.
Average
Corn.
Wheat.
Flour.
The silver quotations to-day for cash and two months' delivery are re- Exports for Week
fixed
a
those
week
ago.
below
168.
3
since
spectively Yid. and
Week
Since
Since
Week
Week
and Since
July 1
May 9
July 1
May 9
May 9 July I
July lie-
52,201
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:
May 9. May 11. May 12. May 13. May 14. May 15.
Wed,
Sac
Mon. Tues,
Thurs.
Fri.
d 31%
31%
311-16 313-16 313-16
31%
84.11% 84.113. 81.11% 84.11% 84.11% 84.11%
se%
56%
56%
56%
56
99%
nu%
99%
99%
99%
95%
95%
95%
9534
95 X
British.4% Der cents _______ _ _ _
44.90
44.90
44.90
fr.
Paris),
44.90
(in
44.90
French Rentes
54.50
54.50
54.50
54.50
5440
French WarLoan(inParis),tr.
London,
Week Ended May 15.
Silver, per on
Gold. per fine ounce
Consols. 2% per cents
British, 5 per cents
1924.
1925.
1925.
1925.
1924.
1924.
Bushels. Bushels. Bushels.
Barrels.
Bushels.
17.000
3,933,306 1,446,216 90,160,517
77,961
9,067.262 2.517,597 170,954,594
3,0000 1,263,830
715,300
51,000
879,543
98,000 1,644,310
139,950
5,000
1,236,997
21.000
6,135
3.900
10,200 1,617,527
8,170
537,551
Barrels.
United Kingdom_ 58,833
129.481
Continent
So.dt Cent. Amer_ 33,800
26,175
West Indies
Brit.No.Am.Cois_
Other Countries__
Total 1925
Total 1924
256,459 15,660,794 4,030,013 263,587.888
286,685 13.727.678 5.144.005 199.401.514
128.000 3,028,001
269,561 10,386,423
The world's shipments of wheat and corn, as furn'shed by
to the New York Produce Exchange, for the week
Broomhall
The price of silver in New York on the same day has been:.
ending Friday, May 8, and since July 1 1924 and 1923,
Silver in New York, per oz. (cts.):
67%
87%
67%
67%
67%
67%
voreign
are shown in the following:
-Victor See, formerly associated with Paine, Webber & Co., has joined
the trading department of L. D. Roberts dr Co., 141 Broadway, New York.
-Gidden, Morris & Co. announce that they have moved their offices to
at 5 Nassau,St., New York.
larger quarters in the same building
-Newman, Saunders & Co.Inc., of New Orleans and New York anYork
Office to 60 Broadway.
nounce the removal of their Nei,/
manager of the Bond Depart-James B. Van Vleek has been appointed
Bank, Chicago.
ment of the Standard Trust & Savings
the Liberty Nat'l Bank, has
of
cashier
assistant
formerly
-W. G. Elm',
Sons.
joined the bond department of Harvey Fisk &
the "Magazine of Wall Street," has
-Ralph Rushmore, formerly withJr.,
& Co.
become associated with J. K. Rice,
Co. is sailing next Saturday on the
&
Sachs
Goldman,
-Harry Sachs of
abroad.
S. S. Paris for an extended trip
-Dillon, Read & Co. announce the removal of their Chicago office to
1348. La Salle St.
Corn.
Wheat.
CURRENT NOTICES.
1924-25.
Week
May 8.
Since
July 1.
1923-24.
Since
July 1.
1924-25.
Week
May 8.
Since
July I.
Bushels.
Bushels,
Bushels.
Bushels,
Bushels.
26,000 1.110.000
North Amer_ 7,252 111 382,941,000 379,592.000
3,280,000 43,170,000
791,000 27,773,000
Black Sea_
Argentina__ 1,339,000 119,302,000 139,399,000 860,000143,614,000
3,184,00 101,964,000 64.338,000
Australia
8,000 35,056,000 12,456,000
India
1,840,000
1,438,000
Other countr.
Total
11.783.000642,543 1 1 I 640,795,000 1,677,
1923-24.
Since
July I.
Bushels.
12,242,000
31,429,000
86,294,000
15,370,000
173,935,000145,335,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard,ports Saturday, May 9, were as follows:
2514
GRAIN STOCKS.
Wheat.
Corn.
Oats.
United States,bush,
bush,
bush,
New York
623,000
47,000
652,000
Boston
1,000
21,000
Philadelphia
1,083,000
233,000
240.000
Baltimore
4,004,000
111,000
187,000
Newport News_ ___
69,000
New Orleans
1,016,000
151,000
189,000
Oalveston
804,000
Buffalo
4,256,000 1,220,000 2,048,000
" afloat
149,000
365,000
Toledo
982.000
181.000
260,000
Detroit
210,000
20,000
220,000
Chicago
- 3376,000 10,783,000 11,632.000
Milwaukee
220,000
570,000 1,070,000.
Duluth
10,261,000
126,000 9,199,000
Minneapolis
10,621,000
536,000 15,843,000
Sioux City
245,000
105,000
90,000
St. Louis
284.000
657,000
293,000
Kansas City
2,848,000 4,302,000
725,000
Wichita
915.000
50,000 "
2,000
St. Joseph, Mo
320,000
361,000
25,000
Peoria
45,000
105,000
Indianapolis
234,000
598,000
42.000
Omaha
566.000 1,152,000
345,000
On Lakes
221,000
100,000
On Canal and River__ 109,000
9,000
Rye.
bush.
187,000
380,000
206.000
1,129,000
Barley
bush
123,000
1,000
48,000
88.000
25,000
992,000
193,000
448,000
20,000
12,000
2,018,000
259,000
7,000
90,000
3.681,000
230,000
641,000 1,175,000
4,000
8,000
6,000
28,000
149,000
5,000
4,000
1,000
46,000
1,382,000
75,000
5,000
Total May 9 1925_ _. _43,351.000 21.257,000 43.725,000 11,500.000 2,166,000
Total May 2 1925___45,590,000 23,379..000 48,083,000 12,126.000
2,760,000
Total May 10 1924_ _48,118.000 17,495,000 9,304,000 19,720,000 1,059,000
Note.-Bonded grain not included above: Oats, New York. 388,000 bushels;
Baltimore, 53,000; Buffalo, 890,000; Duluth, 36.000; On Lakes, 120,000; total,
1,487,000 bushels, against 1,688,000 bushels in 1924. Barley, New York, 548.000
bushels; Boston, 164,000: Baltimore. 190,000; Buffalo, 377,000; Buffalo afloat,
313,000; Duluth, 34,000; On Canal, 567,000: On Lakes, 67.000; total. 2,260,000
bushels, against 193.000 bushels In 1921.
Wheat, New York, 1,175.000 bushels:
Boston, 79,000; Philadelphia, 1,170,000; Baltimore, 227,000: Buffalo, 2,097,000;
Buffalo afloat, 96,000; Duluth, 505,000; Toledo, 57,000; On Canal, 161,000; On
Lakes, 150,000; total, 5,717,000 bushels, against 11,767,000 bushels In 1924.
CanadianMontreal
2,147,000
122,000 3,438,000
324,000
748,000
Ft. William & Pt: Arthur_29,477,000
8,650,000 1.886,000 3,009,000
Other Canadian
4,486,000
2,645,000
209,000
462,000
Total May 9 1925_ _ _ _36,110,000
122,000 14,733,000 2,419,000
Total May 2 1925_ _ .34,413.000
131.000 15,244,000 2,469.000
Total May 10 1924_ _ _ _27,479,000
49,000 9,188,000 1.724,000
SummaryAmerican
43,351,000 21,257,000 43,725,000 11,500,000
Canadian
36,110,000
122,000 14,733.000 2,419,000
4,219,000
4,759,000
2,871,000
2,166,000
4,219,000
Total May 9 1925._ _79,461,000 21,379,000 58,458,000 13,019.000 6.385,000
Total May 2 1925._ _ _80,003,000 23,510.000 63,327,000 14,595,000 7,519,000
Total May 10 1924._ -.75.597.000 17.544,000 18,492,000 21,444,000 3,930,000
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports,
1924-25.
Customs Receipts
at New York.
Exports.
1923-24.
1924-25.
1923-24.
July
134,244,024 130,629,533 113.857,690 122,714,293
August__ 111,756,587 129,706.345 139,802.244 125,059,77
September 131,786,636 119.639.728141,844.404 127.967.562
October _. 154.424,252 149,561,943 168.984.882 133,087.943
November. 140,605,417 138.783,965138,892,978 133.197.081
December. 152,382,564 137.719,255127,785,237 125,679,53
January
156.923,263
, .
. .
. . •
February _ 160,460,910 155,554,139 123,210,344 139.028,108
March_ _ _ 183,494,498 149.384,1871175.312,931 133,687,771
1924-25.
1923-24.
25,426,49
24,565,320
28,765.865
28,358,873
23.732,26
23,551,575
26.121,25
26,072,503
27,666,955
24,680.863
25.936,476
26.350,449
30,468,926
27.253.543
23.605.874
24.779,787
28,444.581
27,625,870
TotaL__ 1326078151 1239361337,128600371
.
3 1187215960 234,261.101 239.146,369
Movement of gold and silver for the eight months:
Gold Movement at New York.
Month.
July
August -September.
October
November
December_
January
February
March_
•
[Vol.. 120.
THE CHRONICLE
Imports.
Saver-New York.
Exports.
1924-25.
1923-24.
1924-25.
15.222,422
14,279,486
1,028.986
16,070.991
15,798,143
6,827,266
1,029.134
612,614
3,662.342
24,412,425
26,481.917
24.352.110
24,119,994
35,348,491
29,055.994
35,558,071
28.514,809
27,968,134
80.512
1,703,671
2.167.626
1,710.347
4,452,45
39.070.707
66.002,262
33,520,792
21,435.084
1923-24.
47,865
737,477
458,016
599,935
253,912
66.000
750
315.000
201.600
Imports.
Exports.
1924-25.
1924-25.
$
3.710,326
3.110,243
3,439,551
2,517.514
1,976.325
2.819.280
4.070.277
2,289,472
3,705,805
7.757.259
7.210.420
6.844,139
2,103,698
5,584,176
7.238,567
7,604,975
4,556,080
5,254,216
Total... 74,531,284255,811.945 170.093.454J 2,680,555 27,638,793 54,151,530
BANK NOTES-CHANGES IN TOTALS OF, AND
IN DEPOSITED BONDS, etc.-We give below tables
.which show all the monthly changes in national bank notes
and in bonds and legal tenders on deposit therefor:
Amt. &Is. on Deposit to
Secure Circulation forFed. Res.
National
Bank Notes. Bank Notes.
$
National Bank Circulation
Afloat onBonds.
Legal
Tenders.
7'001.
$
Apr, 30 1925_ 666,010,330
661,397,558 86,028,261 747,425,819
Mar.31 1925._ 665,608,330
661,613,281 93,597,406 755,210,687
Feb. 28 1925._ 666,943,330
663,324,911 100,532,366 763,857,277
Jan. 31 1925._ 725,171,780
722,092,263 47.748,139 769,840,402
Dec. 30 1924__ 731,613,630
727,175,641 44,871.176 772.046,817
Nev.30 1924_ 737,635,790
733,995,581 40,152,976 774,148,557
Oct. 31 1924._ 739,842,890
735,602,435 38,679,189 774.281,624
Sept.30 1924.- 741,239,890
736,557,660 39,269,184 775.826,844
Aug.30 1924._ 742,462,390
737,141,058 40,052,136 777,193,194
July 31 1924_ 746,611,640
740,549,740 36,537.849 777.037.589
June 30 1924._ 750,858,930
744.953,710 33,058,069 778,011,779
May 31 1924-- 750,113,430
545,900 745,029,518 32.460.609 777.490.127
April 30 1924-- 750,676,680
545,900 745,795,653 31,611.339 777.406,992
Mar.31 1924-- 749.974,180
545,900 745,171,676 31,162,366 776,334,042
Feb. 29 1924__ 748,875,180
545,900 743,454,758 30,964,444 774.419,202
Jan. 31 1924-- 747,256.230
545,900 742,670,537 30,126,232 772.796.769
Dec. 31 1923_ 746.577.780
545.900 740,521.752 31,045,227 771.566.979
Nov.30 1923.. 746.778,030
545.900 743,984.275 29,450,769 773,435,044
Oct. 31 1923_ 746,562,330
545,900 743.806,385 28,799,884 772,606.269
Sept.29 1923._ 746.780,830
545,900 742,184,915 28.137,092 770.322,007
Aug. 31 1923-- 745.585.080 4.543,700 740,323.568 28,621.244 768.944,812
July 31 1923-- 744,848.940 4,793,700 740.986.663 28,823.714 769,810,377
$7,653,103 Federal Reserve bank notes outstanding April 30 secured by lawful
money, against 811,581,170 April 30 1924.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on April 30:
U. S. Bonds Held April 3010 SecureBonds on Deposit
April 30 1925.
28, U.S. Consols 01 1030
4s, U.S. Loan of 1925
2s, U.S. Panama 01 1938
28, U. S. Panama 01 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
$
591,437,200
215,550
48,537,260
25,770.320
Total
Held
• .
591,437,200
215,550
48,587,260
25,770.320
666,010,330 666,010,330
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Apr. 1 1925
and My 1 1925 and their increase or decrease during
the month of
National Bank Notes-Total AfloatAmount afloat April 30 1925
Net decrease during April
Amount of bank notes afloat May 1 1925
Legal-Tender NotesAmount on deposit to redeem national bank notes April 1 1925
Net amount of bank notes redeemed in April
Amount on deposit to redeem national bank notes May 1 1925
$755.210,687
7.784,868
'5747.425,819
693,597,406
7.569,145
$86,028,261
National Banks:-The following information regarding
national banks is from the.office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Apr. 30-The Hamilton National Bank of the Town of Union,
N. J
100,000
Correspondent: Edward R. Westerburg, 912 Charles
St., West Hoboken, N..5.
May 2-The Prospect Park National Bank,Prospect Park. N. J50,000
Correspondent: Peter Horstra,. 152 Market St.,
Paterson, N. J.
May 5-The First National Bank of Eudora, Ark
330,000
Correspondent, M. Schwarts. Eudora, Ark.
May 5-The First National Bank of Lyons, Ill
25,000
Correspondent, Joseph W. Hruby, Lyons, Ill.
May 5-The First National Bank of Brighton, Mich
50,000
Correspondent, Thomas S. Leith. Brighton, Mich.
May 5-The Wastside National Bank of West Paterson, N. J
75,000
Correspondent, Reuben H. Reiffin, 152 Market St.,
Paterson, N. J.
May 6-Lincoln Park National Bank, Lincoln Park, Mich
100,000
Correspondent. Floyd W. Harrison, care W. S. McDow311, 1012 First Nat. Bank Bldg., Detroit, Mich.
May 8-The First National Bank of Dania, Fla
25.000
Correspondent, Arthur C. Ohea. Dania, Fla.
May 8-The Consolidated National Bank of New York, N. Y
200,000
Correspondent, George Eilperin, 51 Clark St., Brooklyn, N.Y.
May 9-The Farmers & Mechanics National Bank of Wichita
Falls, Tex
100,000
Correspondent, Stansell Whiteside, Morgan Bldg.,
Wichita Falls, Tex.
May 9-The Broadway National Bank of Newburgh, N.
100,000
Correspondent, DeWitt E. McKinstry, P. O. Box 273.
Newburgh, N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
May 5-The State National Bank of Grand Saline. Tex
$40,000
Succeeds the First State Bank of Grand Saline, Tex.
Correspondent, J. 0. Alsup, Grand Saline, Tog.
May 6-The Methuen National Bank, Methuen, Mass
100,000
Correspondent, John D. Emerson, Methuen, Mass.
May 6-Long Island National Bank of New York, N. Y
200,000
Correspondent, Benj. Jaller, 294 Steinway Ave.,
Astoria. L. I., N. Y.
APPLICATIONS TO CONVERT APPROVED.
May 5-The Citizens National Bank of Marlin. Tex
Conversion of the Citizens State Bank, Marlin, Tex. $100,000
May 5-The First National Bank of Melvin. Tex
25.000
Conversion of the First State Bank, Melvin, Tex.
May 5-The State National Bank of Terrell, Tex
200,000
Conversion of the First State Bank, Terrell, Tex.
CHARTERS ISSUED.
May 4-12709-The First National Bank of Odell, Tex
Succeeds the Farmers State Bank of Odell, Tex. Presi- $25,000
dent, J. M. White; Cashier, W. P. Starr.
May 4-12710-New First National Bank in Silver City, N.
President, F. K. Ricker; Cashier, C. C. Metcalf.Mex_ 100,000
May 5-12711-The Valley View National Bank,Valley View,
Tex. 25,000
Conversion of the First Guaranty State Bank of Valley
View, Tex. President, Ed Williams; Cashier,
0. M. Moore.
May 5-12712-The State National Bank of West, TexaS
Conversion of the First State Bank of West, Tex. 50,000
President. C. W. Holloway; Cashier, G. M.
Mann.
May 5-12713-The Farmers National Bank of Thornton,
Tex
Conversion of the Guaranty State Bank of Thornton, 25,000
Tex. President, T. M. Wilson; Cashier, E. L.
Gidden.
May 6-12714-The City National Bank of Grand Prairie. Tex
Conversion of the First State Bank of Grand Prairie, 40,000
Tex. President, C. B. Pool; Cashier, J. T. Yeager.
May 6-12715-The First National Bank of Reagan, Tex
25,000
Conversion of the First State Bank, Reagan, Tex.
President, J. G. Barganier; Cashier, H. Kirkpatrick.
May17-12716-The First National Bank of Genoa, Colo
25,000
Succeeds the Genoa State Bank, Genoa, Colo. President, J. N. Steichen; Cashier, Jesse E. Shryack.
May 7-12717-The First National Bank in Clifton, Tex
40,000
Conversion of the First Guaranty State Bank of Clifton, Tex. President, R. R. Waldrop; Cashier,
J. Wise.
May 7-12718-The First National Bank of Needville, Tex.- 50,000
Conversion of the Needville State Bank & Trust Co..
Needville, Tex, President, H. Hackstedt; Cashier,
E. L. Lehmann.
May 8-12719-The First National Bank in Cumby, Tex
50,000
Cdnversion of the Guaranty State Bank of Ctunby, Tex.
President, R. W. Harris; Cashier, 0. M. Patton.
May 8-12720-The First IVational Bank of Cassandra, Pa
50,000
President, B. Hendler; Cashier, Sherman D. Miller.
Conversion of the Cassandra Deposit Bank, Gassandra, Pa.
The Comptroller issued a certificate on May 7 authorizing the commencement of business of the Central Savings Bank, located at 710 Fourteenth St., N. W. Washington, D. C., a banking corporation organized
under the Code of Laws of the District of Columbia, with a capital of
$200,000, 50% of which has been paid in.
2515
THE CHRONICLE
MAY 161925.]
......ORANGE OF TITLE.
National Bank of Kilgore, Tex., to "The
May,5--12698--The'Kilgore Bank."
.
,•
Kilgore National
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).'
1 *Holders of rec. May 20
Central Indiana Power. pref. (quar.)... •154 June
11.50 May 14 'Holders of rec. May 11
Citizens Traction,,Pittsburgh
1 May 21 to June 1
June
1
Georgia Ry.& Power, common (quar.).
June If 'Holders of rec. June I
Laclede Gas Light, common (guar.)_ _ _ _ .2
'Holders of rec. June 1
15
June
•235
Preferred
'Holders of rec. May 29
Middle West Utilities, prior lien (guar.) .31.75 June 15
134 June 1 Holders of rec. may 16
Nebraska Power, pref. (guar.)
Securities
North American Utility
June If. *Holders of rec. May 29
First prof. allotment certifs. (guar.)._ 11.50 July
1 Holders of rec. June 15
155
Nor.Ohio Trac.& Light,6% pref.(gu.)1 Holders of rec. June 15
July
134
7% preferred (guar.)
ng,
50c. June 15 Holders of rec. May 29
followi
es,
the
common
(guar.)securiti
other
g
Power,
Falls
-Amon
Niagara
Sales.
Auction
Holders of rec. June 30
15
July
43416.
Preferred (guar.)
June 1 Holders of rec. May 20
not actually dealt in at the Stock Exchange, wore sold at auction
Northwestern Public Serv., pref. (guar.) 134 June
of
It Holders of rec. May 186
day
Wednes
50c.
on
(guar.)
lphia
pref.
corn.
Philade
and
Elec.,
ia
Boston
Philadelph
in New York,
June 1 "Holders of rec. May 16
Rothwter Gas & Elec.. 5% pref.(quar.) •154 June
1 'Holders of rec. May 16
'135
this week:
6% preferred (guar.)
1 *Holders of rec. May 16
York:
June
New
•15(
&
Sons,
Muller
II.
Adrian
(guar.)
7% preferred
By Messrs.
Cent.
Per
Bonds.
$ per sh.
Shares. Stocks.House, Inc., 2d 5s,
India
$1,000
2
Banks.
par
$10_
Inc.,
Roll,
Beach
.20-Paim
4 June • 1 May 20 to June 8
Ser."A." Feb. 161)46. Aug.'25
American Colonial Bank of Porto Rico
50 Camden FireS Ins. Co.. new,
June I May 20 to June 8
4
and subsequent coup. attached- _ 62
1555
Extra
,20 May 19 to May 20
1
Mal
Jan.
6s,
Corp.
Stores
254
Siegel
$1,500
92
$25_
(guar.)
par
National
Fifth
25 N.Y. Casualty Co.,
$12
lot
• 1 'Holders of rec. June 24
July
.2
deo
ctf.
of
.
1926
225
National (guar.)
Standard
15 Stuyvesant Imp. Co
'50c- July 1 'Holders of rec. June 24
51,380 Siegel Stores Corp.65.Jan. 1
95
Nat. Corp.. corn. (guar.)
284 Richmond Radiator, prof
1 'Holders of rec. June 24
$10 lot Standard
July
*
134
1926 ctf. of dep
Preferred (guar.)
VOLUNTARY LIQUIDATIONS.
•.Capital.
$25,000
Okla
May 5-10454-The Francis National Bank, Francis;
W.
Effective April 30 1925. Liquidating agent, F.
Okla.
Bean. Francis,
Bank of Massillon. Ohio_ 500,000
May 6-4286--The Merchants National
TagEffective Mail 1925. Liquidating agents. I. M.
, Ohio. Absorbed
Massillon
gart and J. 0. Haring,
by the Ohio Banking & Trust Co., Massillon, Ohio.
,
Boston:
By Mdssrs. R. L. Day & Co.,
Shares Stocks
S per sh.
Shares. Stocks. ,
427%
s9 Atlantic National Bank
113
- 54 Atlantic National Bank
10055
'3Federal National Hank
.13 Old Colony Trust Co...27055, es-di v.
&
div.
102
pref
Mffls,
Winnsboro
15
25 Bigelow Hartford Carpet Co.,
106
common
4 Naumkeag Steam Cotton Co....185
15%
15 Great Falls Mfg. Co
115H
5 Nashawena Mills
35%
2 Hamilton Mfg. Co
10 Manchester Trac., Lt. & Pow.
134-135
Co
74H
.9 Converse Rubber Shoe, pref
4154
8 units Queens Run Refractories
7594
19 units First Peoples Trust
8 special units First Peoples Trust_ 554
3455
pref._
Mfg.,
Knight
&
Groton
10
15 American Glre Co., common__ 4255
147H
13 raper Corporation
8 per sh.
10
33 D. E. McIntire, Inc
50 Palmer Foundr/ & Machine Co.,
$15 lot
pref., par $10
10 Palmer Foundry .4 Machine Co.,
$10 lot
co,nmon
178 Groton Granite Co., common_550 lot
121
2 Plymouth Cordage Co
9 1-3 Massachusetts Bonding &
190
Co
Insurance
5554
5 Towle Manufacturing Co
350 Orpin Desk Co.,com., par 520.550 lot
16 Cambridge Gas Lt. Co.. par $25. 70
71H
30 Tremont Building Trust
25 Worcester Gas Lt. Co., corn..
40
par $25
97
5 Hood Rubber Co., pref
427
Co
Insurance
5 Boston
i Per right.
Rights.
19 Washington Water Pow. Co__1 11-16
3 1-16
Co____3612 Lowell Gas Light
Trust Companies.
Manufacturers' (guar.)
4
July
1 Holders of rec. may 20a
Miscellaneous.
June 1 Holders of rec. May 19a
Abbott's Alderney Dairies, 1st pref. gu.) 154 tune 31, *Holders of rec. June 15
American Locomotive, common (guar.)_ 12
June 31 'Holders of rec. June 15
'134
Preferred (guar.)
11.50 June 31. 'Holders of rec. June 15a
American Railway Express (guar.)
July 2 'Holders of rec. June 1
Amer. Sugar Refining, pref. .3t4r.).__ _ '134 June 16 Holders of rec. May 296
$1
Atlas Powder, common (guar.)
May 15 'Holders of rec. May 14
.3
Botany Worsted mills (guar.)
$1.21 June I May 24 to May 31
Brill (J. G.) Co., common (guar.)
Holders of rec. May 11
May
$2
Brookside Mills
Holders of rec. June 10
154 June 1
Carter (William) Co., preferred (guar.)
Holders of rec. May 15
June
1
Cleveland Stone (extra)
Holders of rec. June 20a
I% July
Continental Can,Inc., preferred (guar.)
Holders of rec. June 20
3,
June
11.90
Coty, Ina
of rec. May 29
Holders
1
June
Cumberland Pipe Line (guar.)
Holders of rec. May 29
$1.25 July
Eastman Kodak,common (guar.)
of roe. May 29
Holders
.
July
The.
Common (extra)
Holders of rec. May 29
155 July
Preferred (guar.)
1 Holders of rec. May 210
Ely-Walker Dry Goods, corn.(quar.).. 25c. June
Holders of rec. JUDO 156
July
2
Famous Players-Lasky Corp.,corn.(gu.
Boston:
By Messrs. Wise, Hobbs & Arnold,
1% June 1. Holders of rec. May 25
$ per oh. Federal Mining & Smelting, pref.(guar.
$ per eh. Shares. Stocks.
Holders of rec. June I
1
June
Shares. Stocks.
$2
(guar.)
common
Co.,
n
5)4
Foundatio
2 special units First Peoples Trust_
227
26 Atlantic National Bank
. 50e. lune 1. Holders of rec. May 30
, common (quar.)
Petroleum
Lt.,
General
Edison
&
Gas
Bedford
50
New
208
Bank
Holders of rec. May 15
10 National Shawmut
4334;une
5354-5354
Preferred (guar.)
corn., par $25
,3 Webster S. Atlas National Bank_ _210
$3.51 June 2, Holders of rec. May 29
Elec. Light & Power_1905( Glen Alden Coal
10
Greenfield
309
Bank
Holders of rec. June 10
National
it
First
one
10
Great Atlantic & Pacific Tea, corn.(qu., 11.2. ,une
275% 10 Turners Falls Power & Elec. Co_129
Holders of rec. May 15
"134
5 Beacon Trust Co
Preferred (guar.)
12 Worcester Gas Light Co., corn.,
125
May 22 to June 1
une
;
10 Fall River Trust Co
2
40
Company, 2d pref. (guar.)
Higbee
$25
par
227%
Bank
National
f tine at May 29 to June 28
10 Atlantic
$6
97
Illinois Pipe Line
10 Hood Rubber Co., pref
310
'Holders of rec. June 15
284. July
5 First National Bank
Independent Oil& Gas(guar.)
Gas & Edison Lt.
Bedford
New
10
214
pref._
Inc.,
Knight,
Holders of rec. May 21
R.
acne
&
B.
25 B.
53% International Securities Trust, common. 65e.
Co., par $25
131
Holders of rec. May 21
une
10 Stevens Manufacturing Co
(guar.)
134
preferred
cent
per
&
Pow.
Seven
Light
12855 128% 2 Montpelier dr Barre
Holders of rec. May 21
une
155
15 Stevens Mfg. Co
preferred (guar.)
20-20%
634%
corn
Co.,
5034
Trust__
Building
Holders of rec. May 21
Trade
une
155
70 Bawd of
755(
Six per cent preferred (quar.)
3 units First Peoples Trust
Holders of rec. May 15
one
$1
(guar.)._
16 B.J. Baker dc Co.,com., Class A. 17%
Shoe
kle
evens-Shin
units First Peoples Trust_ 5H Johnson-St
8
special
corn.,
Co.,
of rec. June 24
Light
'Holders
Gas
uly
Worcester
..
'$1
25
Kuppenheimer (B.)& Co., common..
60 New Bedford Gas di Edison Lt.
40
'Holders of rec. May 23
one
par $25
•134
(guar.)
Preferred
5355-5394
Co.. Dar $25
Holders of rec. June 200
uly
50e.
14 Manchester Tree., L.& P. Co_ _132%
Ludlum Steel (guar.)
Bonds.
Holders of rec. May126a
une
194
5 Union Twist Drill Co., pref--66 & div
Mahoning Investment (quar.)
$5,000 Massachusetts & Northeastune 3 'Holders of rec. June 20
115c.
5 Utilities Power Co., pref., par $1. 85
ern St. Ry. 5s, July 1934_30%. tut Marland 011
755(
Holders of rec. May 5
11
lay
50c.
(guar.)._
6 units First Peoples Trust
aiedart (Fred) Manufacturing
une 1 Holders of rec. May 29
1%
, Philadelphia:
Mengel Company, preferred (guar.)
By Messrs. Barnes &$Lofland
of rec. June 15
'Holders
1
uly
"15c.
oh.
Per
$
Stocks.
per oh. Shares.
Michigan Sugar, common
Shares. Stocks.
une 15 "Holders of rec. May 31
•155
15 Philadelphia National Bank--420
321
Preferred (guar.)
28 Market St. Nat. Bank
I Holders of rec. May 9
une
Co.,
2
37x5
&
Trust
Title
Ave.
(guar.)
&
25
Girard
Title
preferred
Miller Rubber,
20 Continental Equitable
uly 1 "Holders of rec. June 20
222
Dar $50
225
Montg. Ward & Co., Cl. A,& pref.(qu.) 41.7 June 30
5* Trust Co., par 350
2 Holders of rec. June 12a
301
3 West End Trust Co
110
Motherlode Coalition Mines Co
100 Union Passenger Ry
Holders of rec. June 8
July
56H
134
par
Co.,
$50....
Trust
(guar.)
Phoenix
28
231
National Sugar Refining
5 Union Nat Bk
Holders of rec. June 19
15
55555 New York Transit(guar
784. July
10 Fidelity Trust Co
5 Broadway Trust Co., Camden,
1 Holders of rec. May 19
June
134
Co
55534
Trust
(guar.)
Fidelity
2
pref.
292
Mills,
Ogilvie Flour
N. J
of rec. May 210
Holders
I
June
Co
134
Hosiery, Inc., pref. (guar.)
7 Nat. Bank of Phoenixville, Pa_ _118 H 12 Fidelity Trust Co. of Pa., pref 55414
iossi Onyx
June 20 'Holders of rec. July 17
•2
2 Bell Telephone
Railway Steel-Spring, corn.(guar.)
10 Glenside Trust Co., par $50---- 58
of rec. June 6
"Holders
20
45
June
pref.
Co.,
•134
Iron
di
Coal
Rockhill
50
103
Preferred (guar.)
5 Phila. City Passenger Ry
May 20
134 June 1 Holders of rec. June
25 Rockhill Coal & Iron Co., pref..- 45
Reid Ice Cream Corp., pref.(guar.)
20
25 Frankford & Southwark Pass.
Holders of rec.
1
July
134
(guar.)
Cricket Club Golf Ass'a
pref.
20
Merlon
1st
247H
r,
Remington Typewrite
Railway
June 20
roe
of
Holders
1
lot
July
$1,650
154
par $50
170
prof., Series S (guar.)
First
2
June
20 2d & 3d Sta. Passenger Ry
rec.
of
June 12 Holders
2
84H 20 Horn di Hardart Co. of N. Y.,
Second preferred (guar.)
1 Autocar Co., pref
47
July 14 Holders of rec. July 3
h2
no par
(account accum. div.)
pref.
Second
4
Aug.
21 Philadelphia Bourse. pref., par
rec.
of
Holders
14
Aug.
h2
24% 12 Phila. Bourse, coca. par $50_ _ _ _ 2355
Second pref. (account accum. div.)
15a
` $25
65
50e. Jay 1 Holders of rec. June 10
Title d2 Trust
Simms Petroleum
June
30 Phila. Bourse, corn., par$50._ _ 2355 4 Jefferson
rec.
of
'Holders
600
20
June
*155
Bank
94)4 2 Girard. National
ield Steel & Iron, corn.(guar.)
June 20
52 Hare & Chase, Inc.. pref
Per cent. Sloss-Sheff (guar.)
•13j JulyIgy 1 *Holders of rec. June 10
Bonds.
Preferred
25 Hare & Chase, Inc., corn,, no par 25%
Holders of rec.
States Treasury 434s,
134
Porto Rico Sugar, COM. (guar.)._
South
June 10
25 Hare.4 Chase, Inc., corn., no par 25H $6,000 United
rec.
of
Holders
I
2
1,‘ July
2
series "B," March 15 1927...10 2-32
Preferred (qua,')
15
10 Ins. Co. of No. Amer., par $10
June 1 Holders of rec. Slay' 25
$1,500 Benevolent Protective Order
54
Spear & Co., preferred (guar.)
(full paid receipts)
May
rec.
of
*Holders
5
5
1
June
gen.
2,
No.
m
of Elks, Phila. Lodge
Oil of New Jersey,com.(guar.) '284..
25
Standard
7 Integrity Trust Co., par $50....493
May
rec.
of
*Holders
85H
6s, 1942
26H
Preferred (guar.)
29
4 Camden S. Burlington Co. RR
255 July 1 Holders of rec. May 15
$500 Benevolent Protective Order
311
011 (Ohio), common (guar.)._ *1.6 Aldine Toot Co
May
. Standard
n June 1 "Holders of rec. June
of Elks, Phila. Lodge No. 2, gen
preferred (guar.)
Products,
8 Aldine Mtge. Guarantee Co.,
I
Steel
1 May 21 to
85%
18
68, 1942
Tinaken-Detrolt Axle, pref. (quar.).... 134 June 5 Holders of rec. May I94
par $10
75e. June
49355 51,600 Wildwood & Delaware Bay
Roller Bearing (guar.)
5 Corn Exchange Nat Bank
196
Timken
May
rec.
of
5 Holders
e 15
25e, June
403
Short Line RR. let 55, 1940._ 63H
3 Fourth St. National Bank
Extra
Holders of rec. June 30
$ per Right. Tuckett Tobacco, common (guar.)
1 July 15 Holders
Rights.
482
7 Fourth St National Bank
of rec. June 30
5054
July
176 Colonial Trust Co
5 First National Bank of Phila....319
Preferred (guar.)
1 Holders of rec. June 6
75e.
Underwood Typewriter, corn.(quar.)
6 Quaker City National Bank...- _216
of rec. Sept. 5
Holders
1
Oct.
1u
75e.
Common (guar.)
6
July I Holders of rec. June
Preferred (guar.)
Holders of rec. Sept. 5
1
DIVIDENDS.
Oct.
134
(guar.)
Preferred
ma
June
rec.
of
Holders
30
June
1
2
Cigar Stores, common (quar.)
Dividends are grouped in two separate tables. In the United
Holders of rec. June 15a
Common (payable in common stock). f134 June 30 Holde
la
15 Holders of rec. June 15
e 30
13.4 June
first we bring together all the dividends announced the curPreferred (guar.)
of rec. June
*Holders
in
which
(guar.)
•40e.
table,
common
a
second
with
we
Gypsum,
follow
Then
23
U.S.
week.
May
rec.
rent
1 "Solders of
•51
Common (extra)
15
June 30 'Holders of rec. JUDO
,we show the dividends previously announced, but which have
•1ei
2*, Je
Preferred (guar.)
5
June 15 Holders of rec. June 5
common
paid.
Impt.,
6,
Realty
been
yet
S.
U.
not
of rec. June
Holders
15
July
u
fl
stock)
in
common
Common (payable
5
June
rec.
of
Holders
1
The dividends announced this week are:
1% Aug.
Preferred (guar.)
1 Holders of rec. June 12
17
Valvoline Oil, common (guar.)
May 20
rec.
of
*Holders
*1June
Books Closed.
Per
When
Vesta Battery, preferred (guar.)
July 2 Holders of rec. June 15
$1
.1u
Days Inclusive.
Cent. Payable.
Wabasso Cotton (guar.)
Name of ComPang.
July 1 *Holders of rec. June 25
Wahl Company, preferred (guar.)
Railroads (Steam).
25
rec.
May
29
of
355
Holders
June
ordinary
Southern,
weeks
Alabama Great
355 Aug. 17 Holders of rec. July 13
Below we give the dividends announced in previous ds
Preferred
255 June 30 Holders of roe May 29
paid. This list does not include dividen anyifp
Boston & Albany (guar.)
not
and
20
rec.
May
4
of
*75c.
June
"Holders
)
preceding table.
Chestnut Hill RR.(quar.
.2
May 20 "Holders of rec. May 19- nounced this week, these being given in the
Delaware & Bound Brook (guar.)
.2
July 1 "June 12 to July 5
Illinois Central, leased lines
18a
rec.
May
25
May
of
$1
Holders
Books Closed.
When
Per
North Pennsylvania (guar.)
WO_ "51.50 June 4 *Holders of rec. May 20
Days Inclusive.
Cent. Payable
Phila. Germantown 6, Norristown pref._
Name of Company.
51.50 June 1 Holders of roe. May 15
Pittsburgh Bessemer & Lake Erie,
of
200
rec. May
June 1 Holders
Pittab. Youngstown S. Ashta., pref.(en.) 134
Railroads (Steam).
155 July 1 Holders of rec. May 284
Holders of rec. May la
Southern Pacific Company (guar.)
Atch. Topeka & Santa Fe,corn.(quar.)_ I% June I
255 July 1 Holders of rec. June 1
IH June 1 Holders of rec. Apr. 186
Union Pacific, common (guar.)
Baltimore & Ohio, corn.(guar.)
I
Holders of rec. Apr. 1240
1
June
Preferred (guar.)
Public Utilities.
255 June 30 Holders of rec. June 16
Canadian Pacific, corn. (guar.)
June I Holders of rec. May 15
la% May 22 Holders of rec. May 146
stocks
American Power dr Light, corn.(quar.).. 25e.
preferred
,
Catawiesa
of rec. May 15
05
June 25 *Holders of rec. June 19
Common (payable in common stock). (w) June 1 Holders
Chicago Burlington S. Quincy
194 June 1 Holders of roe. May 9a
Associated Gas & Electric Co.
Cleveland & Pittsburgh, reg. go.(qu.)
1)(gu.)_ (z) June 1 Holders of rec. May 11
1
1 Holders of rec. May ga
June
(guar.)
d
guarantee
$6 dividend series pref.(No.
Special
85 June 1 Holders of rec. May 16a
Baton Rouge Elec. Co., common
2516
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Railroads (Steam) Concluded).
Colorado & Southern. 1st preferred
*2
Cripple Creek Central, preferred
1
Delaware & Hudson Co. (guar.)
254
Georgia Southern & Fla.. lot & 2d pref.._
234
Houston Jr Texas Central
Hudson & Manhattan, corn.(No. 1)._
134
Illinois Central, corn. (guar.)
154
Louisville & Nashville
3
Maine Central, pref. (guar.)
1%
New Orleans Texas & Mexico (quar.)._
154
N.Y.Chicago & St. Louis, corn.(guar.). 134
Preferred
134
Norfolk Jr Western, corn. (guar.)
154
Ad". pref.(guar.)
1
Pennsylvania (guar.)
75e.
Reading Company, 1st pref.(quar.). 50e.
St. Louis-San Fran. Ry., pt., Ser.A (qu.) 134
Preferred, Seder; A (guar.)
154
Wabash Railway, preferred A
154
Western Pacific RR. Corp., corn
•5
Corn.(payable in corn,and pref.stock) (9
Preferred (account accum. dividends). *81.588
Preferred (payable in corn.& pref.stk.) (I)
Books Closed.
Days Inclusive.
Name of Company
[vol.. 120.
Per
When
Cent. Payable.
Boats Closed.
Days Inclusive.
Miscellaneous (Continued).
Campbell Soup, preferred (guar.)
I% June 1 Holdeni of rec. May 15
Casey-Hedges Co., common (quar.)_ _
234 Aug. 15 Holders of rm. Aug. 1
Common (guar.)
234 Nov. 15 Holders of rec. Nov. 1
Preferred (guar.)
134 July 1
Preferred (guar.)
1% Oct. 1
Century Ribbon Mills, pref. (guar.).--134 June I Holders of rec. May 18
Chicago Flexible Shaft, pref. (guar.)... '154 June 1 *Holders
of rec. May 21
Chicago Yellow Cab (monthly)
33,6e. June I Holders of roe. May 204
Childs Co., corn.,$100 par (guar.)
3
June 10 Holders of rec. May 294
Common, no par value (guar.)
60e. June 10 Holders of rec. May 294
Preferred (guar.)
154 June 10 Holders of rec. May 296
Common (no par value) (extra)
(r) July I Holders of rec. May 294
Common (no par value) (extra)
(v) Oct. I Holders of roe. Aug 214
Common (no par value) (extra)
(o) Dec. 30 Holders of rec. Nov. 284
Chili Copper (guar.)
6254c June 29 Holders of rec. June 30
Cities Service Co., common (monthly).
June I *Holders of rm. May 15
Common (payable in corn. stock).
"IA June 1 *Holders of roe. May 15
Preferred and preferred B (monthly)_ _ .54 June 1
City Ice & Fuel of Cleveland, corn. (qtr.) 50e. June 1 *Holders of rm. May 15
Holders of rec. May 12
Common (guar.)
50o. Sept. 1 Holders of roe. Aug. 12
Common (guar./
50o. Dec. 1 Holders of me. Nov.11
Cleveland Stone (guar.)
134 June 1 Holders of roe. May DM
Quarterly
134 Sept. 1 Holder..! rec. Aug. laa
Coca-Cola Co.. corn. (guar.)
21.75 July 1 Holders of rec. June 15a
Public Utilities.
Preferred
Amer. Telegraph & Cable (guar.)
354 July 1 Holders of rec. June 15a
154 June 1 Holders of rec. Mayd29a Colorado Fuel &
Iron, pref. (guar.)._ _ _
2
Associated Gas & Electric Co.
May 25 Holders of rec. May ha
Congoleum-Nairn, Inc., pref. (guar.),._ _
154 June 1 Holders of rec. May 154
Preferred (guar.)
1234c July 1 Holders of rec. June 15
Consolidated Cigar Corp., pref.(qu.)_ _ _
134 June 1 Holders of rec. May 156
Preferred (extra)
1234c Oct. 1 Holders of rec. Sept. 15
Preferred (acct. accum. dividends)_. hi% June 1 Holders
Preferred (extra)
of rec. May 154
1254c Jan 1'26 Holders of rec. Dec. 15
'25c. June 15 *Holders of rec. May 16
Blackstone Val. Gas & El., corn.(guar.) _ $1.25 June 1 Holders of rec. May 15a Continental 011 (guar.) •
Converse Rubber Shoe. pref
334 June 1 Holders of rm. May 150
Preferred
3
June 1 Holders of rec. May 15a Craddock-Terry Co.,
common
(quar.)..
3
Brazilian Trite., Light & Power,ord.(qu) 1
June 30 Holders of rec. June 15
June 1 Holders of rec. Apr. 30
Common (guar.)
3
Brooklyn City RR.(guar.)
Sept.30 Holders of rec. Sept.15
20c. June 1 Holders of rec. May 15a
Common (guar.)
Brooklyn Edison (guar.)
3
Dee. 31 Holders of rec. Dec. 15
2
June I Holders of rec. May 13a
First
and
second
preferred
3
Central Arkansas Ry.& Lt., pref.(qu.)_
June 30 Holders of rec. June 15
154 June 1 Holders of rec. May 150
First and second preferred
3
Central III. Public Serv., pref. (guar.)
Dec. 31 Holders of rec. Dec. 15
*81.50 July 15 *Holders of rm. June 30
Class C preferred
334 June 30 Holders of rec. June 15
Cent. Miss. Vail. El. Prop.. Pf. (guar.). 1% June 1 Holders of rec. May 15a
Class
C preferred
Chic. Rap. Tran., prior pref.(monthly)_ 65c. June 1 Holders of rec. May 19a
331 Dec. 31 Holders of rec. Dee. 15
154 July 15 July 7 to July 5
Cleveland Elm. Ilium..6% pref. (qu.)... 134 June 1 Holders of rec. May 154 Cudahy Packing,corn.(guar.)
Common (guar.)
134 Oct. 15 Oct. 6
Consolidated Gas, N.Y., corn.(guar.)._ $1.25 June 15 Holders of rec. May 12a
Oct. 15
Cushman's Sons, Inc., corn.(guar.),_ _ _ 75c. June I Holders of to
Consumers Power,6% pref. (quar.)..
rec. May I50
$1.50 July 1 Holders of rec. June 15
Seven per cent preferred (guar.)
0.6% preferred (guar.)
I% June 1 Holders of rec. May 154
$1.65 July 1 Holders of rm. June 15
Eight
per
cent preferred (guar.)
2
7% preferred (guar.)
June 1 Holders of rm. May 15a
154 July 1 Holders of rec. June 15
Davis Mills (guar.)
154 June 20 Holders of rec. June 60
Six per cent preferred (monthly)
50c. June 1 Holders of rec. May 15
Decker (Alfred) & Cohn. Inc., com.(qu.) 50e. June 15 Holders
Six per cent preferred (monthly)
of rec. June 56
50c. July I Holders of rm. June 15
Preferred (guar.)
6.6% preferred (monthly)
134 June 1 Holders of rec. May 204
55cJune 1 Holders of roe. May 15
Deere dc Co., preferred (guar.)
151 June 1 Holders of rec. May 15
6.6% preferred (monthly)
55c. July 1 Holders of rec. June 15
Diamond
Match
(guar.)
2
{Continental Gas Jr Elec., corn.(guar.). $1.10 July 15 Holders of rec. June 130
June 15 Holders of rec. May 29a
Fair (The), common (monthly)
Prior preference (guar.)
200. June 1 Holders of rec. May 20
154 July 15 Holders of rec. June 130
Common (monthly)
Participating preferred (guar.)
200. July 1 Holders of rec. June 20
134 July 15 Holders of rec. June 130
Common
(monthly)
20e. Aug. 1 Holders of rm. July 20
Participating preferred (guar.)
34 July 15 Holders of rec. June 13a Fairbanks, Morse de Co., corn.
(qu.)_
65c, June 30 Holders of roe. June 13a
Preferred (guar.)
1% July 15 Holders of rec. June 130
Preferred (guar.)
Duquesne Light, 1st pref., ser. A (qu.)
134 June 15 Holders of rec. May 150 Famous Players Canadian Corp., 1st 151 June 1 Ilolders of rec. May laa
Eastern Shore Gas & Electric. pref. (q1.1.) 2
June 1 Holders of rec. May 15a
Preferred (guar.)
2
Federal Light & Trac., new corn.(qu.)_ _ 20c. July 1 Holders of rec. June 15
June I Holders of rec. Apr. 30
Foot Bros. Gear & Machine, corn,(qu.)_ 25c. July 1 June
New common (pay,in new corn. stk.). /15c. July 1 Holders of rec. June 15
21 to June 30
Common (quarterly)
25c,
Preferred (guar.)
Oct.
1 Sept. 1 to Sept.30
1% June 1 Holders of rec. May 15a
Common (quarterly)
250. Jan1'26 Dec. 21 to Dec. 31
Georgia Ry.& Power, 2nd pref. (guar.) 1
June 1 May 21 to
June 1
Francisco
Sugar (guar.)
21.50 July 1 Holders of rec. June 200
Second preferred (guar.)
1
Sept. 1 Holders of rm. Aug. 20
Quarterly
$1.50 Oct. 1 Holders of rec. Sept 210
Second preferred (guar.)
1
Dee. I Holders of roe. Nov. 20
Franklin Simon &
pref.(guar.),_ _ _
154 June 1 Holders of rec. May 18a
Hackensack Water, common
750. June 1 Holders of rec. May 27a Freshman (Chas.) Co.,
Co., Inc. (guar.).- 50c. May 25 Holders of rec. May 5
Preferred
8734c. June 1 Holders of rec. May 270 General Asphalt. pref.
(guar.)
Keystone Telephone, pref. (guar.)
154 June 1 Holders of rec. May 154
El June 1 Holders of rec. May 15
General
Cigar,
pref.
(guar.)
134 June 1 Holders of rec. May 230
Massachusetts Gas Companies. pref.._ _ _
2
June 1 May 10 to May 31
Debenture preferred (guar.)
151 July 1 Holders of rec. June 234
National Power & Light, corn.(guar.)_ _ 81.50 June 1 Holders of rec. May 15
General Development
25c. May 20 Holders of rec. May 110
Northern States Power of VL9., pf. (qtr.) 1% June 1 Holders of rec. May 19
General
Motors, common (guar.)
21.50 June 12 Holders of rec. May 18a
Oklahoma Gas & Elec., pref. (guar.)
1% June 15 Holders of rec. May 29
Seven per cent preferred (guar.)
Holders of rec. July 13a
134 Aug.
Pacific Tel. & Tel.. corn.(qu.)(NO. 1).... 131 May 29 Holders of rec. May 15a
Six per cent preferred (guar.)
Holders of rec. July 13a
134 Aug.
Penn-Ohio Power & Lt., 7% pref.(qu.)
1% Aug. 1 Holders of rec. July 22
Six
per cent debenture stock (guar.)._
Aug.
Holders
of rec. July 13a
134
8% preferred (guar.)
2
Aug. 1 Holders of rm. July 22
Gibson Art Co.,common (guar.)
56e. July
Holders of rec. June 206
Portland Elec. Pow., 2d pref.(guar.).- 134 June 1 Holders of rec. May 160
Common (esti%)
10c. July
Holders of rec. June 206
Southern Colorado Power, pref. (quar.). 1% June 15 Holders of rec. May 29
6254c June
Holders of rec. May la
Southwestern Power & Light, pref.(qu.) 154 June 1 Holders of rec. May 15a Gillette Safety Razor (guar.)
Extra
1254c June
Standard Gas & Elec.,8% pref.(guar.)_
Holders of rec. May la
2
June 15 Holders of rec. May 29a Goodrich (B.
F.) Co.. prof.(quar.)
I% July
Holders of rm. June 150
Texas Electric Ay..common (quar.)__
1
June 1 Holders of rec. May 15
Gossard (H. W.) Co.. corn.(monthly)_ 25c. June
Holders of rec. May 20.2
Tr-City Ry.& Light,common (guar.)_ _
234 July 1 Holders of rec. June 20
Guantanamo Sugar, pref(. guar.)
2
July
Holdere of rec. June 15a
Common (guar.)
2% Oct. 1 Holders of rm. Sept.20
Gulf States Steel, first pref.(guar.)
July
154
Holders
of rec. June I5a
Common (qua?.)
231 an1'26 Holders of rec. Dec. 20
First preferred (quar.)
154 Oct.
Holders of rec. Sept. 154
United Gas Improvement, pref.(qu.)_ _ _ 8734c June 15 Holders of rec. May 290
First preferred (guar.)
134 Jan 3'2 Holders of rec. Dec 15a
Wisconsin Power & Light, pref. (quar.)_ .$1.75 June 15 Holders of rec. May 31
Holders of rec. May 210
Wisconsin River Power, pref. (quar.)__. $1.75 May 20 Holders of rec. Apr. 300 Harbison-Walker Refract., corn. (qu.)_ _ rl Si June
Common (payable in common stock). 33 1-3 May I
Holders of rec. Apr.y30
Preferred (guar.)
154 July 2 Holders of rec. July 100
Miscellaneous.
6254c June
Holders of rec. May 190
Aluminum Manufactures,Inc..com.(qu) 3754c. June 30 Holders of rec. June 15a Hartman Corp.(guar.)
Hart,
& Marx,Inc.. com.(qu.) 154 May 2 Holders of rec. May I8a
Common (guar.)
3754c. Sept.30 Holders of rec. Sept.15a HayesSchaffner
Wheel, common (guar.)
75c.
June
1
Holders
of rec. May 29a
Common (guar.)
3734c Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
174 June 1 Ilolders of rec. May 29a
Preferred (guar.)
154 July 1 Holders of rm. June 200
tlett & Co.(mthlY.) 35o. May 2 Holders of rec. May 22
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept.20a Hibbard.Spencer,Bar
Monthly
35e. June 2 Holders of rec. June 19
Preferred (guar.)
154 Janl'26 Holders of rec. Dm. 200
Extra
20e. June 2 Holders of rec. June 19
Amer.Art Works.corn.& pref.(guar.)_ _
1% July 15 Holders of rec. June 30
Hollinger Consolidated Gold Mines
I
May 2 Holders of rec. May 4
American Beet Sugar,common (quar.)_ 1
July 3 Holders of rec. July Ila Homestake Mining (monthly)
500. May 2 Holders of rec. May 200
Common (guar.)
1
Oct. 3 Holders of rec. Oct. 100 Hood Rubber Products, prof.
(guar.).- *154 June
*Holders of rec. May 20
Common (guar.)
1
Jan3111 Holders of rm.Jan.9'26a Household Products, Inc. (guar.)
75c. June
Holders of rec. May 15a
American Hardware (guar.)
*75c. July
*Holders of rec. June 17
Illinois Brick (guar.)
2.40 July I July 4 to July 15
Extra
41 July
*Holden of rec. June 17
Quarterly
2.40 Oct. 1
Oct.
4 to Oct. 15
Amer.Laundry Machinery, corn.(quar.) 75e. June
May 23 to June 1
Imperial Oil, Ltd. (guar.)
25c. June
May 16 to May 31
American Linseed, pref
154 July
Holders of rec. June 206 Ingersoll-Rand Co., corn. (guar.)
2
June
Holders of rec. May 150
Preferred
I% Oct.
Holders of rec. Sept. 19a Inland Steel, common (guar.)
6234c June
Holders of rec. May 15a
American Locomotive, common (extra). 22.50 June 3 Holders of rec. June 15a
Preferred (guar.)
154 July
Ilolders of rec. June 15a
Common (extra)
$2.50 Sept.3 Holders of rec. Sept.14a Internat. Combustion Engineering (qu.) 50c.
May 3 Holders of rec. May 180
Common (extra)
$2.50 Dec. 3 Holders of rec. Dm. 140 International Harvester, pref. (quar.)_.
154 June
Holders of rec. May 9a
Amer. Manufacturing, corn.
1% Ally
June 16 to June 30
International Paper,6% pref. (guar.).. 154 July I Holder,
of rec. July 7a
Common (quar.)
134 Oct.
Sept. 16 to Sept.30
6% pref. (acct, accrued div.)
8331-3 May 1
Holders
of rec. May lb
Common (guar.)
1% Dec. 3 Dec. 16 to Dec. 30
Stamped preferred (guar.)
134 July 1
Holders of rec. July 70
Preferred (guar.)
138 July
June 16 to June 30
Seven per cent pref.(No. 1) (guar.). _ '134
uly I *Holders of rec. July 7
Preferred (guar.)
134 Oct.
Sept. 16 to Sept.30
Internat. Shoe, Prof.(monthly)
50e. June
Holders of rec. May 15a
Preferred (guar.)
134 Deo. 3 Dee. 16 to Dee. 30
Interstate Iron & Steel, pref. (guar.),_ _
15,1 June
May 21 to May 31
American Metals, common (guar.)
75c. June
Holders of rec. May 190 Jewel Tea, pref. (guar.)
134 July
Holders of rec. June 20a
Preferred (guar.)
154 June
Holders of rec. May 200 Kelvinator Corporation (No. 1)
375ic
May
2 Holders of rec. May 8a
Amer. Multigraph, corn. (guar.)
40c. June
Holders of lee. May 150 Kinney(G. R.) Co., common
$1
July
Holders of rec. June 200
American Radiator, corn. (guar.)
$1
June 30 Holders of rec. June 15a
Preferred (guar.)
2
June
Holders of rec. May 244
American Rolling Mill, corn.(guar.)
5.00. July 15 *Holders of rec. June 350 Lake of the Woods Milling, corn.
(guar.) 3
June
of rec. May 23
Holders
Common (payable in common stock). 5
July 15 Holders of rm. My I
Preferred (guar.)
154 June
Holders of rec. May 23
Preferred (guar.)
154 July 1 Holders of rec. June 15
Lanston Monotype Machine (quar.)__
154 Mayd2 Holders of rec. Mayd19a
American Shipbuilding, corn. (quar,)__. 2
Aug. I Holders of rec. July 15
Lehigh
Coal
&
Navigation (guar.)
$1
May 2 Holders of rec. Apr. 300
Amer. Smelt. & Refin., pref. (guar.)._ _
154 June 1 Holders of rec. May 80 Ligg.& Myers Tob.,com.&
corn. B (qu ) 75c. June
Ilolders of rec. May 15a
Amer. Tobacco, corn. & corn. B (guar.)_ 21.75 June 1 Holders of rec. May 9a Lima
Locomotive Works,common (qu.) El
June
Holders of rec. May 150
Anaconda Copper Mining (guar.)
75c. May 25 Apr. 19 to May 20
Ludlow Mfg. Associates (guar.)
22.50
June
Holders
of rec. May 6
Artloom Corp., pref. (qu.)(No. 1)
154 June 1 Holders of rec. May 200 Magma Copper
75c, July 1 'folders of rec. June
Associated Dry Goods Corp. 1st pf.(qu.) 134 June 1 Holders of rec. May 20 Magnolia
Petroleum (quar.)
Holders
rec. June 19
of
Second preferred (guar.)
0
Ju
ci
t
61
y
.
1
1% June 1 Holders of rec. May 2a
Stock dividend
Babcock & Wilcox Co.(guar.)
131 July I Holders of rec. June 20
Mans% Sugar, common (Mar.)
Holders of reo. May 16a
134 June
Quarterly
1% Oct. 1 Holders of rec. Sept.20
Common(guar)
131 Sept.
Quarterly
Holders of rec. Aug. 156
154 Janl'26 Holders of rec. Dec. 20
Manhattan Shirt, common (guar.)
373-4c. June
Quarterly
Holders of rec. May 16
154 Aprl'26 Holders rec. Mar 20'26a Martin-Parry Corp. (guar.)
81
Balaban & Katz,common (monthly)... 25c. June 1 Holders of rec. Apr. 200 May
June
Holders
of rm. May 151
Dept. Stores, common (guar.), _ $1.25 June
Ilolders of rec. May 15a
Common (monthly)
25e. June 1 Holders of rec. May 20a
Common (guar.)
81.25 Sept.
Common (monthly)
Holders of rec. Aug. 14a
25o. July 1 Holders of rec. June 200
Preferred
(guar.)
154 July
Preferred (guar.)
Holders of rec. June 15a
154 July 1
June 21
Preferred (quar.)
Beech-Nut Packing, common (guar.)-- 60e. July 10 Holders of rm.
Oct.
Ilolders of rec. Sept. 15a
June 250 McCrory Stores corn. (In corn. stock).
1c%. June
_ _ 40
Holders of rec. May 200
Preferred. Class B (guar.)
154 July 15 Holders of rec. July la
Common 11 (In Common B stock)...- 40c. June
Bethlehem SteelCorp..8% pref.(guar.) 2
Holders of rec. May 200
July 1 Holders of rec. June la
Preferred (guar.)
Seven per cent preferred (guar.)
Holders of roe. July 204
154 Aug.
154 July 1 Holders of rec. June la
Preferred (gear.)
Borden Company,corn.($50
of rec. Oct. 20a
Nov.
Holders
154
par)
June 1 Holders of rec. May 15a McIntyre Porcupine Mines
El
25o, June
Preferred (guar.)
Holders of rec. May la
1% June 15 Holders of rec. June la Merrimack Mfg., (guar.)
131 June
Brown Shoe,corn.(guar.)
IIelders of rec. May 7
1
June 1 Holders of rec. May 200 Mid-Continent Petroleum, pref. (guar.) $1
154 June
Buckeye Pipe Line (guar.)
Holders of rec. May 15a
June 15 Holders of rec. Apr. 25
$1
Mohawk Mining (guar.)
California Packing Corp.(guar.)
Holders of rec. May 2a
June
$1.50 June 15 Holders of rec. May 29a Montreal Cottons, Ltd., common
California Petroleum, common (quar.)_ _ '4334c June 1 'Holders
(qu.).
of rec. May 31
June
Holders
1
134
of rec. May 20
Preferred (guar.)
158 June 1 Holders of rec. May 21
Preferred (guar.)
•154 July 1 *Holders of rec. June 20
Munsingwear. Inc. (guar.)
75e. June
Holders of rec. May 18a
June 30 *Holders of rec. June 19
June 1 Holders of rec. May 15a
June 20 Holders of rec. May 280
May 28 Holders of rm. May 14
July 10 Holders of rec. July la
June 1 Holders of rec. May 146
June 1 Holders of reo. May 84
Aug. 10 Holders of roe. July 155
June 1 Holders of rec. May 15a
June 1 Holders of rm. May 150
July 1 Holders of rec. May I5a
July 1 Holders of rec. May 150
June 19 Holders of rec May 280
May 19 Holders of rec. Apr. 30a
May 29 Holders of rec. May la
June 11 Holders of rec. May 25a
Aug. 1 Holders of rec. July 15a
Nov. 2 Holders of rec. Oct. 154
May 25 Apr. 19 to May 18
MAY 16 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Cloud.
Days Inclusive.
Miscellaneous (Concluded).
Murray BodyCommon (payable in common stock)_. f134 July 1 Holders of rec. June 160
Common (payable in common stock)._ flSi Oct. 1 Holders of roe.
Sept. 16a
Common (payable In common stock).- 11% Jan.1'26 Holders of rec.
Dec. I60
National Biscuit, corn.(quar.)
750. July 15 Holders of rec. June 300
Preferred (quar.)
134 May 29 Holders of rec. May lba
National Cloak & Suit, pref.(quer.)._
134 June 1 Holders of rec. May 260
Nat. Dept. Stores, 2d pref. (guar.)._ _
134 June 1 Holders of rec. May 15a
Nat. Enameling & Stamping. pref.(qui. 134 June 30 Holders of rec.
June 10
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 10
Preferred (guar.)
191 Dec. 3 Holders of rec. Dec. II
National Lead, Prof.(quar.)
134 June 1
Holders of rec. May 220
New Cornelia Copper (quar.)
25c. May 2 Holders of rec. May 80
New York Air Brake, Class A (guar.)._
$1 July
Holders of rec. June 100
Northern Pipe Line
$3
July
Holders of rec. June 5
Orpheum Circuit, common (monthly)... 150. June
Holders of rec. May 200
Common (monthly)
15c. July
Holders of rec. June 200
Owens Bottle. common (quar.)
75c. July
Holders of rec. June 15a
Preferred (quar.)
134 July
Holders of rec. June 155
Pacific Mills(guar.)
75c. June
Holders of rec. May 15a
Packard Motor Car, preferred (Quar.)._
134 June 1 Holders of rim May 290
Pathe Exchange, Inc., pref. (quar.)
2
June
May 12 to May 31
Penn-Mex Fuel(No. 1)
50e. May 2 May 18 to
May 21
Phoenix Hosiery, let St 2d pref. (quar.) 134 June
Holders of rec. Mayd1.64
Pittsburgh Stet', pref. (quar.)
134 June
Holders
of
rec.
May
15
Pittsburgh Terminal Coal, pref. Mari_
114 June
May 21 to June 1
Pressed Steel Car, pie.(guar.)
134 June
Holders of rec. May 19a
Preferred (guar.)
1.34 Sept.
Holders of rec. Aug. 180
Preferred (quar.
134 Dec.
Holders of rec. Nov. 17a
Producers Oil Corp. of Am.,com.(No. 1) Sc. July
June 16 to July I
Pure Oil, common (quar.)
3734c June
May 11 to June 5
Quaker Oats, pref. (quar.)
134 May 2 Holders of rec. May la
Radio Corp. of America, pref. (quar.)_ _
134 July
Holders of rec. June la
Richmond Radiator, pref.(quar.)
134 July 1
Holders of rec. June 30a
Rockl'd & Rockp't Lime Corp., pfd.(qu.) 134 Oct. 1
Holders of rec. Sept.30a
Preferred (guar.)
134 Jan151 Holders of rec. Dec. 31a
St.Joseph Lead (quar.)
500. June 2 June 10 to June 21
Quarterly
50e. Sept.2 Sept. 10 to Sept.21
Quarterly
50e. Dec. 2 Dee.10'26to Dee.21 '26
St. Mary's Mineral Land
$3
May 2 Holders of rec. Apr. 200
Savage Arms Corp., first pref. (guar.)._ •1 M July
°Holders of rec. June 15
Second preferred (guar.)
•114 Aug. 1 °Holders of rec. Aug. 1
Schulte Retail Stores, corn. (quar.)
m2
June
Holders of rec. May 15a
Selberling RubberPreferred (account accum. dividend). 52
June 1 Holders of roe. June 50
Shawmut Nlfg., common (quar.)
134 June 3 Holders of rec. June 20a
Preferred (quar.)
134 June 3 Holders of rec. June 20a
Sherwin Williams Co.. preferred (guar.) 134 June
Holders of rec. May 15a
Southern Pipe Line (quar.)
61.
June
Holders of rec. May 15
Spalding(A. G.) AG Bros., tat pref.(qu.)_
134 June
Holders of rec. May 160
Second preferred (quar.)
2
June
Holders of rec. May 160
Standard Milling, common (guar.)
134 May 2 Holders of rec. May 190
Preferred (guar.)
196 May 2 Holders of rec. May 19a
Standard Oil (California)(guar.)
50c. June 1
Holders of rec. May 18a
Standard 011 (Indiana) (guar.)
* 621.5c. June 1 °Holders of rec. May 16
Standard 011 (Nebraska)
$5
June 2 May 21 to June 20
Standard Oil of N. Y.(guar.)
35c. June 1 Holders of rec. May 18
Standard Oil (Ohio). pref.(quar.)
134 June
Holders of rec. Apr. 24
Studebaker Corp.,common (quar.)
$1
June
Holders of rec. May 90
Preferred (guar.)
134 June
Holders of rec. May 90
Swift Internacional
900. Aug. 1 Holders of rec. July 15a
Thompson (John R.)Co.. corn.(mthly.) 250. June
Holders of rec. May 23a
Truscon Steel, corn. (guar.)
30c. June 1 Holders of rec. June 5a
Preferred (guar.)
134 June
Holders
of rec. May 210
Union Storage (guar.)
23.4 Aug. 1
Holders of rec. Aug. I
Quarterly
291 Nov.1
Holders of rec. Nov. 1
Union Tank Car, common (guar.)
lid June
Holders of rec. May Ila
Preferred (guar.)
134 June
Holders of rec. May lb
United Drug,common (guar.)
114 June
Holders
of rec. May 15a
Second preferred (guar.)
134 June
Holders of rec. May 15a
United Dyewood, pref. (guar.)
134 July
Holders of rec. June 15a
Preferred (guar.)
I% Oct.
Holders of roe. Sept. 15a
Preferred (guar.)
134J an 1'2 Holders of rec. Dec. 150
United Fruit(guar.)
234 July
Holders of rec. June 6a
Quarterly
214 Oct.
Holders of roe. Sept. 50
Quarterly
214 Jan 2'2 Holders of rec. Dec. 60
Upson Company, common
134 June I
Holders of rec. June 1
Preferred (guar.)
2
July
Holders of rec. June 15
U.S. Cast Iron Pipe & Fdy.. pref.(qu.)_
134 June 1 Holders of rec. June la
Preferred (extra)
2.511 June 1 Holders of rec. June la
Preferred (quar.)
134 Sept. 1 Holders of rec. Sept. la
Preferred (guar.)
134 Dec. 1 Holders of rec. Dec. la
U.S..Hoff-Man Mach'y,common(qui 50c.
June
Holders of rec. May 210
Preferred (quar.)
134 June
Holders of rec. May 21a
United States Steel Corp., corn. (quar.)_
114 June 2 May 29 to June 1
Common (extra)
X June 2 May 29 to June I
Preferred (quar.)
May 5
U.S.Stores Corp., prior cony. pref.(qu.) 134 May 2
Holders of rec. May 15
134 June
Vacuum Oil (quar.)
50c. June 2 Holders of rec. May 29
Extra
50c. June 2 Holders of rec. May 29
Van Raalte Co.. first pref. (guar.)
Holders of rec. May 18a
134 June
Warner Bros. Pictures, class A Mari .3714c June
*Holders of rec. May 1
Weber & HellbronerCommon (guar.)
$1
June 3 Holders of rec. June 15a
Common (quar.)
$1
Sept.3 Holders of roe, Sept.15a
Common (quar.)
$1
Dec. 3 Holders of roe. Dec. 15
Preferred (quar.)
Holders of rec. May 15
134 June
Preferred (quar.)
19j Sept.
Holders of roe. Aug. 17
Preferred (qua:.)
134 Dec.
Holders of rec. Nov. 16
Welch Grape Juice, pref. (quar.)
134 May 2 Holders of rec. May 20
Western Grocer. preferred
33.4 July
June 21 to June 30
Preferred
334 Jan 1'2 Dee. 20 to Jan.1'28
White (J. G.) Co., Inc., pref.(quer.)_ _
134 June
Holders of rec. May 15
White(J.G.) Engineering Corp.,pf.
.(qu.) 134 June
Holders of rec. May 15
White (J. G.) Mgmt. Corp., pref. (gu.)_
134 June
Holders of rec. May 15
White Motor (guar.)
$1
June 3 Holders of rec. June 200
Winnsboro Mills, preferred (guar.)
134 July
Wright Aeronautical Corp.(quar.)
25c. May 3 Holders of rec. May 150
wrigley (Wm.) Jr., & Co.
Monthly
25e. June
Holders of roe. May 200
Monthly
25c. July
Holders of rec. June 200
Woolworth (F. W.) Co., corn. (guar.)._ 75c. June
May 2 to May 20
Wurlitzer (Rudolph) Co., pref. (guar.). 2
June
Ilolders of rec. May 20
Yellow Cab Mfg.. Clam B (monthly).., 21e. June
Holders of rec. May1,20a
York Manufacturing
__
2
June
Holders of rec. May 1
• From unofficial sources. I' The New York Stock Exchange has
will not be quoted ex-dividend on this date and not until furtherruled that stock
z The
New York Curb Market Association has ruled that stock will not notice.
be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable
In stock.
IPayable in common stock. g Payable In scrip. h On account of accumulated
dividends. m Payable In preferred stock
n Payable In Canadian funds.
I Annual dividend for 1925, all payable in equal quarterly Installments
July 1, Oct. 1 1925 and Jan. 1 1926, have been declared as follows: On on Aprli 1.
stock $4 40, quarterly installment$1 10;prior preference, 7%,quarterlythe common
134%; participating preferred, 7% regular, quarterly Installment 134%; Installment
participating
preferred. 2% extra,quarterly installment 34%;Preferred.6%.quarterly
installment
114%.
Payable In stock of the Essex Foundry Co.
stock
issued
a
stock
as
New
r
dividend participates in this distribution.
(The stock dividends declared by Western Pacific RR. are one share of
common
and one share of preferred for every six shares of stock now outstanding,
nom. or preferred, and were ratified at a special stockholders' meeting held whether
May 11.
u Less 11 cts, a share account corporation Income tax.
o Childs Company stock dividends are one share of no par value common stock
for each 100 shares no par value common stock held.
w One-fiftieth of a share of common stock.
y New York Stock Exchange rules that Harbison-Walker Co. common stock
be
quoted ex the stock dividend on May 19.
z Payable either In cash or In Class A stock at the rate of 3-50ths of a share of
A stock for each share of $6 dividend series pref. stock.
2517
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 May 9. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that it, three ciphers (000) onsiiied.)
New
apltaLl Profits Loans,
Week Endin
Discount Cash
with
Net
Time
May 9 1925 Nat'l, Apr. 8 Invest-In
Legal Demand
DsState, Mar.25 merits. Vault. De
Deposits. posit.
r.Cos.Mar.25
(000 omitted.)
vtc.
tortes.
Members of Fed. Res.
Bank of N Y &
$
Trust Co..,. 4,000
Bk of Manhat' 10,0
Mech & Met B 10,000
6,500
Bank of Ameri
Nat City Bank.. 50,000
Chemical Nat_ 4,500
1,000
Nat Butch & D
Amer Exch Na
5,000
Nat Bk of Corn, 25,000
Pacific Bank... 1,000
Chat&PhenNa 13,500
Hanover Nat'l_ 5,000
Corn Exchange_ 10,000
National Park__ 10,000
East River Nat' 2.100
First National__ 10,000
Irving Bk-ColT 17,500
Continental.._ 1,000
Chase National_ 20,000
Fifth Avenue_
500
Commonwealth
600
Garfield Nat'l__ 1,000
Fifth National.. 1,200
Seaboard Nat'l_ LOGO
Coal & Iron Nat 1,500
Bankers Trust_ 20,000
US Mtge & Tr_ 3,000
Guaranty Trust 25,000
Fidelity-InterTr 2,000
10,000
NY Trust
Farmers'Ln&Tr 10,000
Equitable Trust 23,000
Bank. Average Average Average Average
12,44
14,303
16,383
5,243
60,552
17,22
307
8,383
39,979
1,710
12.548
23,827
13,995
23,786
1,963
68,011
12.536
1,066
26,015
3,016
1,047
1,657
1,446
8,263
1,424
28,131
4,569
19,559
2,171
19,292
17,674
12.201
69,438
151.449
179.413
85.567
611.549
119,394
10,398
110.259
344.368
32,338
215.943
122,252
208,035
215,216
34,718
327,212
276,607
7,760
374.116
24,318
13.276
16,277
20,393
108,221
20,827
332,120
60,441
433,168
21,373
179,654
165,075
253,941
851
2.561
3,292
1,725
4,303
1,172
125
923
864
1,083
2,944
525
6.624
928
1.181
501
2.762
153
4,374
652
457
444
223
894
290
987
734
1,262
396
471
416
1,329
6.699
16,941
22,597
12.395
70,440
15,069
1,080
13.046
39.285
4.386
25,204
14,182
25,586
23,091
3,615
26,114
37,533
953
46.836
3,332
1,339
2,876
2,352
13.978
2,254
38.147
7,133
47,931
2.408
23,564
16,245
30,369
Bank
Ciro.lotion
Agway Ay'ge
51,491 7.74
123,285 24,927
170,617 11,606
548
91,618 4,070
*647682102.137
850
114,187 4,122
347
8,204
399
492
99.210 7,151 4,944
298,798 12,012 ____
30,285 3,593
171.396 39,872 5-.73,-11;
107.997
188,551 28.927
176,009 9,320 3-,5325,649 8,356
495
194,560 27.108 3,711
281.907 25,923
398_
6,564
.365.284 20.039
988
24.949
9,373 3,435
16,173
395
370
17,582 1,197
247
106.176 3,171
49
410
17,097 1,907
.300.805 40.924 _ _
54,314 5,861
*444,351 50,559 --18,406 1,905
160.984 26,502 --_925,735 28,584 _
.282,852 32,83
_-_-
6
Total of averages 308,900,480.746 5.135,116 45,446596.98011c4,412,235534,95722,859
Totals, actual condition May 95,097,146 46,018 a 08,284Ic4,377.620 547.84522.982
Totals, actual condition May 25,194.980 42,728599,087 c4,481,793 537.077 22,825
Totals, actual condition Apr.255,001,143 46,345592,92504,298.136 537,93522,333
State Banks Not Me embers of Fed'I Res've Bank.
22,119 1,805 2,015
Greenwich Bank 1,000I 2,480
21,650 1,324
906
250
5,365
315
364
Bowery Bank2,895 1.895
34,265 62.713
State Bank.... 3.500 5,396 100,575 4,047 2,197
Total of averages
4,750
8,782
128,059
6,216
4,527
58,810 65.932
Totals, actual condition May 9 127,705 6,409 4,604
Totals, actual condition May 2 128,744 6,108 4,476
Totals, actual condition lApr. 25 128,649 6,538 4,537
Trust Companies Not Members of Fed 1 Res'v e Lank
62,262 1.531 4,648
Title Guar & Tr 10,000 16,501
24,527
885 2,086
Lawyers Trust.. 3,000 3,031
58,662 65,990
59.365 65,885
49,777 65,871
41,050
20,223
1.865
1,133
Total of averages 13,000 19,532
86,789
2,417
6.734
61.273
2,998
Totals, actual condition May
Totals, actual condition May 2
Totals, actual condition Apr. 25
86,326
87,467
84,490
2,427
2,191
2,342
6,799
7,245
6,931
60.900
62,709
59,169
3,009
2,990
3.184
Ged aggr.,aver_ 326,650509,061 5,349,964 54,079608,241 4,532,318603,88722,859
Comparison with prey. week..+47,706 -442 +5.673 +34,627 -333 +30S
Gr'd aggr., act oncrn May 95,311.176 54.854619,687 4,497,182616,844 22,982
Comparison with prey. week _.-100,025 +3,827 +8.879 -106,685 +10892 +157
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act' cond'n
aggr., act' cond'n
aggr., act cond'n
aggr., act' cond'n
aggr., act cond'n
aggr., acel cond'n
May 25,411,201 51,027610.808
Apr. 255,214,282 55,225604,303
Apr. 18 5,253,377 55,620560,520
Apr. 11.5,191,53657,5231600,184
Apr. 4 5.253,258 55,634552.8I5
Mar.285,253.962 56.327605.415
4,603.887605,95222.825
4,407.082606,99022,33
4.340,529 608,56222,423
4.328,305,606,827 22,057
4,395,554597.11921,806
4,388,851 597,585 21.534
7
Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total May 9. 330.384,000; actual totals May 9,
328.655.000: May 2, $32,067,000; April 25. 332,070.000; April 18, $34,562,000:
April 11, 345.252,000. Bills payable, rediscounts, acceptances and other liabilities;
average for week Mayo,$584,011,000: May 2, $574,113,000;
April 25,$586,058,000:
April 18, $619,266,000; April 11, $622.394,000. Actual totals May 9,3573,614.000;
May 2, 3583,714.000; April 25, $570,906,000; April 18, $638,568,000; April 11.
$628,828,000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $139,333,000: Chase National Bank. $11,022,000; Bankers
Trust Co.. $18,928,000; Guaranty Trust Co.. $81,842,000; Farmers' Loan & Trust
Co., $7,999,000; Equitable Trust Co., $60,732,000, Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank,$19,673,000;
Chase National Bank, $2,369,000; Bankers Trust Co.. $860,000; Guaranty Trust
Co.. $4,205,000; Farmers' Loan & Trust Co.. 37,999.000; Equitable Trust Co..
37,661.000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
•
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKB
AND TRUST COMPANIES.
Averages.
Cash
Reserve
In Vault.
Members Federal
Reserve Bank
State Banks*
Trust companies.- _
$
6.216,000
2,417,000
Reserve
00
Depositories
Total
Reserve.
Reserve
Required.
Surplus
Iceseroo.
3
$
596,980,000 596,980,000 589,639,260
4,527,000 10,743.000 10,585.800
6,734,000 9,151,000 9.190,950
7,340,740
157,200
-39,950
May 9-.....8,633.000 608,241,000 616,874,000 609,416,010
7.457.990
May 2..... 8,508,000 602,568,000 611,076.000 604,976,510 6,099,490
April 25---- 8,812,000 591,248,000 600,060,000 594,262.710 5,797,290
April 18._ -- 8,893,000 581,635,000 590,528,000 585.931,330 4,596,670
• Not members of Federal Reserve Bank.
a This Is the reserve required on the net demand deposits n the case of State banks
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!
May 9, 316,048,710; May 2. $16,066,140, April 25, 316,154,400; April 18, $16,119,660; April 11, 615,991,890.
Total
Total
Total
Total
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositories
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Members Federal
Reserve Bank_ '
State Banks.
Trust companies._ _ _
608.284.000 608,284,000 585,525.950 22,758,050
453,840
6.409.000 4.604,000 11,013,000 10,559,160
91,000
2,427,000 6.799.000 9,226,000 9,135.000
May 9-May 2____
April 25.___
April 18____
8.836.000 619,687,000 628,523.000 605.220.110 23.302,890
269,550
8.209,000 610.808,000 619.107,000 618,837,450
8.8811,000 604,303.000 513.273.0011 593,230.940 20.042,060
9,478.000 560.520,000 569.998,000 584,594,130 -14,596,130
Total
Total
Total
Total
[VOL. 120.
THE CHRONICLE
2518
• Not members of Federal Reserve Bank.
banks
a This Is the reserve required on net de,nand deposits in the case of State
and trust co npanies. but In aim case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Me.y 9.
$16,435,350: May -2, $16,112,310; April 25, 116,138,050; April 18, 316,188,870:
April IL $16.124,070.
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.
A pril 29
• 1925.
May 6
1925.
Changes Irons
previous week.
May 13
1925
65,800.000 65.800.000
65,800,000 Unchanged
Capital
43.030 87.031,000 87,059.000
87,048,000 Dee.
Surplus and profits
Loans,(Heels & Investments_ 889,123,000 Dec. 3,612,000 902,735.000 892.220,000
individual deposits.inel. U.S.650,114,000 Dec. 6,080.000 656.194.000 639,941..000
134,988,000 Dec. 5,058.000 140.046.000 131,945,000
Due to banks
187,968.000 Inc. 2,7 8,000 185,2211.000 183.951.000
Time deposits
11,577.000 Dec. 1,280.000 12,837,000 13,136,000
United Statee deposits
Exchanges for Clearing House 27,445,000 Dec.' 2,637.000 30,082,000 26,097,000
97,352,000 Dec. 18,095,003 115,457.000 99.928,000
Due from other banks
40.000 76.389.000 74.630.000
76,349.030 Dec.
Reserve in Fed. Res. Bank
130.030 9,979,000 10,198,000
Cash in bank and F. R Bank_ 10,100,000 Inc.
bank
and
In
excess
Reserve
852,000
881.000
104,000
777,0001Dec.
Federal Reserve Bank_ _
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 com- return for the week ending May 9, with comparative figures
panies in New York City not in the Clearing House as follows: for the two 'weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
STATEMENT.
HOUSE
CLEARING
IN
NEW YORK, NOT INCLUDED
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Ranking Department.)
Differences from is not a part of legal reserve. For trust companies not memPrevious Week.
May 9.
bers of the Federal Reserve System the reserve required is
$1,078,031,400 Dec.25,356,700
Loans and Investments
on demand deposits and includes "Reserve with legal
10%
Inc,
323,200
4.429,800
Gold
925.800 depositaries" and "Cash in vaults."
22,695,900 Inc.
Currency notes
Dec. 10,704,700
91,860,000
Deposits with Federal Reserve Bank of New York._
1,132,366,500 Dec.40,949,500
Total deposits
Week Ended May 9 1925.
Deposits, eliminating amounts due from reserve
Two Ciphers(00)
depositaries and from other banks and trust
1925
Trust
AIembers of
omitted.
companies in New York City, exchange and
Total.
1 071,725.500 Dec.40,734,400
F.R.System Companies
1.1. S. deposits
10,695,300
Dec.
161,645,800
deposits
Reserve on
841,841,0 35.000.0 846.841,0
Capital
Percentage of reserve. 20.6%.
RESERVE.
125.576,0 16,703,0 142,279.0
Surplus and profits
State Banks- -Trust Companies- Loans, disc'ts & I nvest'to. _ 813.092.0 47,842,0 860.934,0
$88,429,100 14.88% Exchanges for Clear.House 33,549,0
584.0 34,133,0
$32,556,600 15.99%
Cash in vault'
30,170,200 5.19%
16,0 106,319,0
106,303,0
Deposits In banks and trust cos.-- 12,489,900 6.13%
Due from banks
978.0 143,374.0
142,396,0
Bank deposits
$116,599,300 20.07% Individual deposits
815.046,500 22.12%
591,930,0 29,051,0 620.981,0
Total
2,915,0 94,043,0
91,128,0
Time deposits
825,454,0 32,944,0 858,398,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Total deposits.
17.381,0
U S. deposits (not incl.).
State banks and trust companies combined on May 9 was $91,860,000.
5,034,0
5,034,0
Res've with legal depos'les.
64.594,0
Reserve with F. R. Bank,. 64.594,0
1,314,0 10,980,0
9,666,0
Cash in vault •
6,348,0 80,608.0
74,260,0
Banks and Trust Companies in New York City.-The Total reserve & cash held._ 64.016,0
4.559.0 68,575.0
Reserve required
averages of the New York City Clearing House Banks and Excess
1,789,0 12.033,0
10,244,0
res. & cash in vault_
trust companies combined with those for the State banks and
• Cash in vault not counted as reserve for Federal Reserve
trust companies in Greater New York City outside of the
Clearing House are as follows:
GOMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Wilk MulaleIan. 10
Jan 17
Jan. 24
Jan. 81
Feb. 7
Feb.14
Feb. 21
Feb. 28
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
Resia, a
...Total Cash
in Vaults.
Loans and
Investments.
Demand
Deposits.
8
6.534,475,500
8,502,799,000
6,449,15.3.600
6.400,877,800
6.382,661.100
8,349,571.900
6.356.838.800
6.364,862,900
6,344,910.100
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
5.427.995.400
5
$ .
5,819.488,500
5.781.126.50.
5,693.929.300
5.605,108.000
5,612,344.600
5,573.095.200
5.525.329.600
5.512.101.700
5.524,265.800
5,525,702,500
5.452,289.100
5,349,637.400
5,422,329,800
5,359,115,500
5,402,569,400
5,519.884,000
5,610,150,900
6.604.043.600
94,214,000
87.350.900
82,585,000
82,041,200
81.537,700
85,221,200
83,100,100
82.787,900
81.257,500
83,304,800
80.044.200
81,472.700
80,546,900
83,591,500
81,882,200
81.268,000
80.397,700
81.204.700
Reserve in
Depositaries.
$
783,368,300
773,115,400
752.408 400
737,862,600
746,868.900
740.911.1013
731.974,800
727,617,600
726,004,500
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
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:
CLEARING
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
HOUSE.
Omitted.)
10001
(Stated in thousands of doUars-that is, three ciphers
Net
Capital.' Profits.
CLEARING
-MEMBERS
PION
Nat. bks. Dec.31
Week Ending State bks. Nov.15
cos. Dec. 31
Tr.
May 9 1925.
Loans,
Dl.counts,
Incestmeats.
&c.
Members of
Fed'I Heave Ban
Grace Nat Bank___
Average Average Average Average Average
$
$
$
s
$
5,022
3,992
723
45
i0_.S00
Total
State Banks
Not Members of
Fern Res've Bank
Bank of NV ash'n Ilts
Colonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
MechanTr,Bayonn
i
2
1.0001
2
1,736
Ntt
Net
Reserve
with Demand Time
Cash
in
Legal Deposits. Deposits,
Vault. Depositortes.
723
3,992
5,022
1.0001
1.736
10,800
43
200
1,200
512
2,447
7,885
29,000
764
3,141
366
1,470
6,101
26,000
2,349
3,703
1,400
2,960
36,885
3,905
1,836
32,101
6.052
8,939
359
89
2,964
6.024
89
2.964
6,024
2,648 a39,057
+926
+70
17,098
+89
838,131
837,790
637,790
237.379
17,009
17,002
17,002
16.938
500
I
I
5001
508
508
8,939
359
Grand aggregate_ _
2,9001
Comparison with pr ev. weell
5,205
56,624
+615
4,309
+206
Gr'd aggr.. May 2
Gr'd aggr.. Apr. 25
Gr'd aggr., Apr. 18
Gr'd aggr., Apr. 11
5.205
5,205
5.2o5
5 917
56,009
55,570
55,313
51 R-Ifl
2,578
4,103
2,634
4,181
2,634
4,048
30252825
Total
2.900
2,900
2,900
2600
a United States deposits deducted. $49,000.
Bills payable. rediscounts, acceptances and other liabilities. 8665,000
Excess reserve, 8119,530 Increase,
April 25
1925
May 2
1925.
346.841,0
142.251,0
863,584.0
37,111.0,
105,597.0'
140,955,0'
620.850.0
94,839.0
856,644.0
19,319.0
3,539.0
64,483.0
11,031,0
79,053,0
68,338,0
10.715,0
$46,841,0
142,251,0
866,930,0
37,458.0
106.968,0
139,389,0
626.570,0
94,511,0
860.470,0
19.302,0
3,272,0
63,797.0
11,530,0
78,699.0
68,648.0
10,151,0
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 May 13 1925 in
comparison with the previous week and the corresponding
date last year:
May 6 1925. May 14 1924.
May 13 1925.
$
Resources356,393,000
Gold with Federal Reserve Agent
7.675.030
Treasury_
Gold redemp. fund with U. S.
$
356,424,000
8.728,000
$
635,527,000
3,690,000
Gold held exclusively agst. F.R. notes_ 364,058,030
Gold settlement fund with F. R. Board_ 193,549,030
335.095,000
Gold and gold certificates held by bank
365.152,000
161,799,000
338,307.000
639,217,000
152.713,000
183,844,000
892,712,000
33,679.000
865,258,000
34,301,000
975,774,000
23,994,000
926,391,000
Total reserves
16.966.000
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations_ 44,744,000
27.765,000
Other Mils discounted
899,559,000
15.280.000
999,768,000
12,243,000
87.595,000
42,172,000
41,608,000
14,138,000
72,509.000
89,572,000
129,767.000
83,186,000
55,746,000
8,415,000
11,085,000
99.090,000
2,222,000
12,376,000
103,397,000
2,448,000
1,202,000
54,695,000
16,742,000
112,397,000
2,835,000
118,221,000
2,835,000
72,639,000
Total earning assets
277,313,000
334,009,000
136,800,000
Uncollected Items
Bank premises
All other resources
'175,483,000
16,710.000
6,984,000
137,923,000
16,594.000
6,581,000
162,740,000
14,697,000
5,740,000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes_
Certificates of indebtedness •
Total U.S. Government securities
Foreign loans on gold
1,419.847,000 1,410,216,000 1,331,988.000
Total resources
Liabilities334,064.000 338,326,000
Fed. Res. notes in actual circulation
2:0
47
34
,2
6.
0 836
000
77;0000
9:2654
Deposits-Member bank, reserve aoc't-- 834
Government
16,659,000
17,551,000
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
856,248,000
135,773,000
31,523,000
58,749,000
3,490,000
862,482,000
115,835,000
31,509,000
58,740,000
3,315,000
347.312,000
740,360,000
14:059882:000000
4,058,000
759,300,000
133,326,000
29,939,000
Ila:::
1,419,847,000 1,410,216,000 1,331,988,000
Total liabilities
Ratio of total reserves to deposit and
Fed. Has, note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
77.8%
74.9%
90.3%
11,036,000
11,522,000
7,529,000
CURRENT NOTICE.
-Paddleford & Lamy,Chicago, moved into their new and larger quarters,
Suite 976- 978- 980, at 208 South La Salle St., on May 11. Steadily
growing business necessitated larger quarters. This firm, which is a
consolidation of two concerns, was formed on July 15 1923. For many
years Fred A. Paddieford and Joseph F. Lamy have been active in the grain
trade. Mr. Lamy is former first vice-President of the Chicago Board
of Trade.
-A letter analyzing the present position of the New York New Haven
& Hartford RR. has been prepared by Prince St Whitely.
MAY 16 1925.]
ME CHRONICLE
2519
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, My 14, and showing the condith n
0 be twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
u 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 Re,erve 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 latear
week appears on page 2491, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERA T. RESERVE Ft 4,41,Cs AT THE CLostr
RMiT,VV.
, MAY 13 1925
lray 13 1925 Arai/ 6 1925 A pril 29 1925 ipr. 22 1925. Or/H.51925. April 8 1925. .4prtl 1 1925 Mar.25 1925 May 14 1924.
-
5
5
RESOURCES.
S
$
s
$
$
5
S
GoII with Federal Reserve agents.
1,531,014,0)5 1,564,821,005 1.547,193.009 1.563.377.005 1,554,000.000 1,513,503.000 1.588.335,00,, i .n0...4151.9110 2,133,212,000
GoId redemption fund with U.S. Treas.
47,963.0.10
49,114.000
51,345.000
50.639,00,1
54,419.000
50.428.000
51.891.000
54,811.00(1
35,911,000
3051 held exclusively eget. F. R notes 1,623,932.00) 1.613,935)61u 1,598,543,00 ) 1,614.016,00J 1,601.419)M 1,563.931)100 1.640.275.00(1 1.654.862 Om 2.171,123,000
00Id settlement fund with F. R Board_
614.236,0)) 611,3413,050 639.928,00) 632,337.00) 637,009,000 692.776.000 615.350.000 619.409.000 578,914.000
GoId and gold certlikatee held by banks. 610,267,0)3 619.750,600 615,631,0)0 597,910,031 599.055,000 582,675.000 590.300,000 593.059.0001 388,439.000
—
Total gold reserve,
',453,515,035 2,845,531.007 2,851,102.001 2,844,263,002 2,844.483.000 2.839.332.000 2.845.034.0110 2.807.33i).0161,3,138.476,000
serves other than gold
149,721,5)) 141,691.000 142.009,00) 141,491,00.1 141,044.000 137.226,000 136.747.0110 140.822.0001 132,810,000
Total reserves
5,991.235,9)) 2,937,222,001 2,993.111.001 2,985.754,0)1) 2,985.527.000 2,976.604.000 2,932,681.001) 3.0(18.152.00913.241,286,000
as-reserve cash
53,335,033
53,338,000
54,535.000
55.757,00)
56,630,000
51.673,0110
54,215.000
52,177,000
56,501,000
Is discounted:
5ecured by U.13 Govt obligationS,
161,233,055 209.263,000 215,871.00) 219,920.000 206.132,000 192.600.000 201,186061 214.570.000 155,536.000
Other bills discounted
177.459,02) 202,333,00) 184,114,032 192.455,005 189,170,000 198.689.000 195,739,000 163.071.000 255.645,000
Total bills discounted
Ills bought In open market
S Government securities:
Bonds
Treaeury notes.
Certificates of Indebtedness
Total U.S. Government securities_.
V reign loans on Sold
AlI other earning assets
334,722,0)) 410,602,00)
232,936,003 273,466,00)
399,935.000 412,375.00,
266,823 00) 275,501.032
395,302.000
274,053.000
391.289.000
310,685,000
399,925.000
316,378.000
377.641.000
306.905.000
411.181,000
78,361,000
85.377,033
270,933.0n
23,842,000
—
379.977,00)
10,5)0.003
1.403.002
85,227,005
235.527.020
24.920.0)0
85.138.056
241,930,092
21,921.000
84,896,000
214.780.000
28,156,000
82,631.000
250.177.000
29,432.002
81,942,000
245.970,000
29,922,000
81.696.000
233,728.000
28.327.0011
18,463,000
241.721,000
62,980.000
375,714,056
10.500,030
1,400,030
349.039,000 353.031.002 357,832,000 .362.240,000
10.500,001
10,503.020
10.500.00)
10.500.000
1.400.00)
1,902,0110
1 403,00)
1,652.000
357,831.000
10,500.000
1,902.000
313.751.000
10.500.000
1.902.000
323,164,000
84.930,00)
244,202.000
23,949.00)
551,000
Total earning assets
1,013,535.033 1,076.682.0011 1,027,752.000 1.052.857.00J 1.039,344.000 1,076.616,000 1.086.539.000 1.040.699.000 810,257,000
1; redetne fund eget F. R. bank note,
28,000
mollected items
693,032,035 601.598.000 592.804.00) 671.528,00) 786.206,000 602.618,000 607.198.000 602.247.0110 673.130,000
,nk premises
59,493.003
59.233.000
59.263.00)
59.241)100
59.266,000
58.967.000
58.863.000
56.687,000
58.816.0(10
I other resources
23,221.0))
22.715.00(1
23.378.00)
22,257.000
20.998,0
22,286,000
20.653.000
24,813.000
20,710.0410
Total resources1,835.933,033 1,800,833,000 1,749,755,000 1.848.537.00 4,949.205.000 4,790.022.000 4.807,607.000
4,787,125.0(l0 4.858.378,000
LIABILITIES.
R. notes In actual circulation
1,678,204,039 1,682,971,000 1,683.830,03) 1.687,690.03) 1,698,090,000 1.714,161.000 1,709,670.000 1.709,146,00011,911,875,000
R bank notes In circulation—net
332,000
0:Posits —
Member banks—reserve account
1,153,999,093 2,180,024.000 2,134.562.000 2463.116.003 2,141.443,000 2,140.760,000 2,132.779,000 2,118,581.000 1,939,598,000
Government
19,532,032
21.878.000
23,980,005
30.454.00)
37.027.000
34,377,000
27,059,0110
30,375.000
29,379.000
Other deposits
23,499,000
.
24,184,003
24,340,000
23,333,002
29,476.000
28,50l.000
25,764,000
24,961,000
36.309.000
Total deposits
2,233,033.030 2,232,337.000 2.187,385,000 2,217.754.001) 2,207,946.000 2,186.978,000 2,195,657,000 2,184.269,000 1.994,934,000
eferred availability Items
614,531,030 539,846,000 532.714.000 598.159.00) 698,694,000 514,276,000 553.250.000 549,438.000 604,329,000
'pita! paid in.
115.275,009 115,228,0011 115.207.003 114,693,00) 114,586.000 114,481,000 114.492.000 114.492,000 111,369,000
rplue
217,837,003 217.837,000 217.837.000 217.837,00) 217,837.000 217,837.000 217,337.000 217.337.000 220,915,000
1 other liabilities
13,056,030
12,671,00,1
12,239,00.1
12.404.000
12,052,000
11,701,000
12,732.030
11,624,000
11.943.000
-Total liabilities1,836, 33,030 4,800,888,000 4.749.755,000 4,848.537,000 4,949,205,000 4.790,022.000 4,807,607.000
4,858,378,000
4,787,125.000
etio of gold reserves to deposit and
F. R. note liabilities combined
72.6%
73•13%
72.8%
72.8%
72 8%
73.6%
72.8%
73 6%
80.3%
itio of total reservesto deposit and
F. R note liabilities combined
77.2%
76.3%
76.5%
76.4%
764%
77.3%
76.3%
83.0%
773%
)ntingent liability on bills Purchased
for foreign correspondents
42,828,000
45,337,000
44,897.000
43,485,000
45,231.000
47,656,000
50,384.000
51,743,000
25,763,000
DistrtStan
in hp Maturities—
S
$
$
$
$
$
$
$
$
15 days bills bought in open market
124,639.000 117,490,000
92,293,000 100,059,000
80,433,000 106.137.000
97,244,000
86.669.000
36,178,000
-15 days bills discounted
231,953,000 301,583,000 294,009,000 306,278,004) 294,842.000 289,091,000 296,809,000 238.426,000 224,458,000
-15 days U. B certif. of Indebtedness
557,000
542,005
1,339.000
1,223,000
1,391,000
61,000
2,817.000
535.000
-15 days municipal warrants
2,000
2,000
2.000
•
2,000
1 -30 days bills bought in open market__
60,242,033
56,847,000
53,633,000
6C1,478,000
61,997,000
54,126,000
57,817,000
54,769.000
22,003,000
15-30 days bills discounted
25,203,030
22,839,000
24,867,000
23,587,000
26,847.000
24,528.000
24,582,000
43.632,000
21,070.000
16-30 days U. S. certif. of Indebtedness
10-30 days municipal warrants
SI-60 days bills bought in open market
63,043.000
86,606.000
81,652,090
88,501,000
70,384.000
74,789.000
92,273.000
13,465,000
92,773.000
SI-60 days bills discounted
'33,253,000
40,693,003
32,719,000
36,694,000
35,439,000
33,079,000
38.264,000
36,922,000
67.281.000
-60 days U. S certif. of indebtedness
13.247.000
-80 days municipal warrants
51,000
01-90 days bills bought in open market._
30,751,030
29,120,000
41,184,000
33.698,000
47.558,000
32,881.000
60,930.000
3,448,000
64.381.000
01-90 days bills discounted
19,853,000
23,857,000
22,234,000
21,294,000
25,722,000
24,087,000
25,616,000
18,674,000
37,290,000
61-90 days fl. S. certif. of indebtedness
943,000
-90 days municipal warrants
rer 90 days bills bought In open market
4,296,000
4.625,000
5,966,000
7,202.000
8.011,000
5,068,00
8,064.0041
267,000
8.313.000
ver 90 days bills discounted
23,415,000
21,580,000
26,616.000
16,882,000
20,223,000
14,915,000
14,554.000
12,549,000
38,520.000
car 90 days certif. of indebtedness
23,045.000
24,418,000
22,558,000
26,817.000
21,860,000
28,209,000
27.105.000
27.792,000
48,790,000
yes 90 days municipal warrants
Federal Reserve Notes—
Itstrueding
1,986,076,000 2,000,009,000 2.000.635.000 2.017,175,000 2,025,361.000 2,020.173,000 2,019,963,000 2,018.223,000 2,419,055,000
all by banks
309,872,030 317,038,000 316,805.000 329,485,000 327,271,000 306,012,000 310,293.000 309.077.000 507,180,000
In actual circulation
1,676,204,000 1,682,971,000 1,633,880,000 1.687.690,000 1,693.090,000 1,714,161,000 1.709.670.000 1.709,146.000 1.911.875.000
Amount chargeable to Fed Res Agent 2,979,174,000 2,903,562,000 2,999,734,000 3,005,446.00) 3,007.407,000 3,008.943,000 3.005.024,0011
3.009,108,000 3,308,102,000
, hands of Federal Reserve Agent
993,093,000 993,553.000 999,049,000 988,271,000 982,046,000 988,770.000 985.061,000 990.885,000 939.047,000
—
Issued to Federal Reserve Banks.__. 1.986,078,030 2,000,009,003
2,000.685,000 2.017,175,00) 2.025.361.000 2,020.173.000 2.019,963.000 2.018.223.000 2,419,055.000
Bow Secured—
gold and gold certificates
232.316,053 276.316,000 275.816.000 277.316,000 277,316.000 274,916,000 274,916,000 275,416.000 335,864,000
r eligible paper
405,082,000 435,188,000 453,487,000 453.793.000 471,361,000 506,670,000 431,578,000 418.172.000 283,843,000
old redemption fund
103,400,000 102,622,000 115,266,000 108,898.000 117,518,000 107,181,000 109,526.000 110,274.000 112.704,000
Ith Federal Reserve Board
1,190,293,000 1.185,883,000 1,156,116,000 1,177,163,000 1.159,166.000 1.131,406,000 1,203,943.000 1,214,361,000 1,686,644,000
_
Total_
1.936,076,000 2,000,009,000 2.000.635.000 2,017,175,000 2,025,361,000 2,020,173,000 2.019,963.000 2.018.223.000 2,419,055,000
risible miner delivered to F R Agent
5897468.000 659.390.000 630 244 nnn 6514 511.000 641 013 000 675.040.000 677.6)21)00 64s5)14.000 462.253.000
I
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF
Two elphers (00) omitted.
Flitrai Reserve Rank Of--
Boston,
RESOURCES.
$
Gold with Fedora Reserve Agents 197,478.0
Gold recTio fund with U.S. Treat!. 5,462,0
—
Gold held excl agst.F.R.notee. 202,940,0
00111 settlet fund with F.R.1Trd 49,395,0
Gold snd gold ate. held by banke 23,419,0
—
Total gold reserves
275,751,0
Sleserves other than gold
14,287,0
Total reserves
290,041,0
Non-reserve cash
6,422,0
13111a discounted:
Bee. by U B. Govt. obligations 13,103.0
Other bills discounted
10,769,0
—
Tote (bills discounted
23,872,0
Bills bought In open market
29,365,0
U. B. Government eecurttles:
Bonds
1,962,0
Treasury notee
10,667,0
Certificates of Indebtedness_
3,295,0
Total 17 S. Govt securitles___
15,924.0
New York.
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 131925
Phita. Cleveland Richmond Atlanta Chirac°. St. Louie
--- —
-$
$
S
S
$
S
$
355,393,0 137,323,0 171,637,0 40,680,0 128,653,0
135,473,0 43,305.0
7,675,0 8,155,0 3,894,0 4,436,0 1,770,0
4,393.0 5,439,0
364,058,0 145,478,0 175,531,0 45,116,0 130,428.0
139.866,0 48,744,0
193,549,0 50,041,0 80,327,0 12,332,0
13,958,0
335,095,0 21,915,0 35,705,0 21,089,0 6,900,0 110,491,0 11,705,0
106,923,0 10,004,0
892,712,0 217.434,0 291.563.0 78.537,0 151,376.0
357.283,0
70,453,0
33,679.0 5,955,0 7,526,0 4,444,0 14,938,0
17,974.0 20,221.0
—
926,391,0 223.389,0 299,089,0 82,981,0 166,314,0
375,257,0
16,966,0 1,764,0 2,785,0 3,557,0 4,629,0 6,804,0 90,674,0
3,956,0
44,744,0 21.786,0 27.169,0 13,983,0 2,874,0 18,498,0
4,623,0
27,765,0 11,669,0 12,581.0 33.9643,0 16.622,0
19,614.0 9,988,0
72,509,0 33,455,0 39,750,0 47,949,0 19,496,0 38,112.0
89,572,0 25,273,0 22,306,0 9,597,0 10,603,0 36,969.0 14,611,0
9,297,0
11,084.0 1,178,0 10,502,0 1,552,0 2,123,0
2,710,0
99,091,0 21,093,0 19,721,0 2,727,0 5,077.0 21,041.0
25,843,0 14,850,0
2,222,0
155,0 5,581,0
63,0 1,022,0 2,878,0
408,0
112,397,0 22,426.0 35.804.0 43320 8992(1 41)709(1 1700041
Minnaap Kan Ott, Dallas. SanFran.
Total.
$
S
S
$
$
54,397,0 57,088,0 38,433,0 220,149,0 1,581,014,0
678,0 2,671,0 1,906,0 1.489,0
47,968.0
55,075,0 59,759,0 40.339,0 221,638,0 1.628.982,0
16,801,0 31,408,0 14,468.0 29,788.0 614,266,0
7,102,0 3,435,0 9,905,0 28.685,0 610,267,0
78,978,0 94,602,0 64,712,0 280.111.0 2.853,515,0
1,801.0 3,828.0 9.734,0 6,334,0 140,721,0
30,779,0 98,430,0 74,446,0 286,445,0 2,994,236,0
1,217,0 2,352,0 2,630.0 3,284,0
56,366,0
908,0
6,119,0
236,0 12.609,0
3,476,0 19.375,0
161,263,0
177,459,0
6,245,0 7,027,0
12,960,0 14,072,0
3,712,0 31.984,0
6,305,0 16,167,0
338,722,0
282,988,0
8,736,0 11,472,0 9,317,0 3.700,0
8,403,0 17,791,0 15,004,0 30,721,0
207.0 2,248,0
368,0 5.165,0
85,377,0
270.938,0
23.612,0
17 '50 A .11 811 n 03000A 00 coon
,,nn,..yn
730,0
5,515,0
[Vol.. 120.
THE CHRONICLE
2520
RENJURC118 (Coselsded)Two ciphers (00) otents5.
Bowes.
IFOtalgnioans on gold
Another earning assets__..
Totalearning assete.....
anoollecteditems
Ikenk premise"
.....
neither resources
Votelresources
LIABILITIES.
f.R. outer In actual circulation
D apoolto
Member bank- reserve seer
Ooyernment _
Other riepoeite
TotaideposIts
Deferred availability Items
CaDltal paid in
ilistrplus
Another liabilities
Totatlisbilitiee
Mernoranaa.
Ratio of total reservee to deposit
and F. It note liabilities corn
Dined. per cent
Contingent liability on bills ourehasedfor forelancorrespondi.
Cleveland Richmond Allow)
Phila.
New York
$
1,124,0
$
976,0
1,150,0
$
2.835,0
$
777,0
$
557,0
Clime
$
430,0
St Louis Misses), Kos 1 so
5
1,449,0
$
483,0
s
$
346,0
420.0
250,0
banns
•astrus
$
$
$
735,0
368,0
Tetsi
10,500.0
1,400,0
1,013,585,0
277,313,0 83,280,0 98,984.0 62,445,0 38,751,0 126,292,0 42,359,0 36,897,0 53,280.0 35,574,0 88,472,0 690,032,0
175,483,0 61,896,0 62.635,0 56,071,0 31,150,0 83,821,0 34,569,0 14.450,0 37.909,0 24,563.0 41,262.0
59,498,0
16,710,0 1,122.0 7,573,0 2,446,0 2,780,0 8.099,0 4,164,0 3.049.0 4,256,0 1,833,0 3,276,0
23,221,0
591.0 1,664,0 4.792,0
339,0 3,205,0
269,0
644.0 2,868,0 1,420,0
398,0
6,984,0
4,836,938,0
436,861,0 1,419,847,0 371,849,0 471,335,0 208,144,0 246,492,0 601,693,0 176,061,0 139,597,0 196,818,0 140,710,0 427,531,0
195,853.0 1,676,204,0
41,825,0
63,186,0
62,298,0
46,929,0
72,307,0
139,473,0
159,860.0
153.809.0200.981,0
334,064,0
205,619.0
159,477,0 2,153,999,0
140,528,0 836,242,0 127,779,0 173,805,0 62,575.0 66,842,0 315,664,0 77,381,0 51,536,0 84,502,0 57,668,0
19,532,0
738,0 1,291.0 1,134,0 2.110,0
4,347,0 1,349,0 1,436,0 1,740,0 2,613,0 1,158,0 1,149,0
467,0
26,499,0
5,082,0
204.0
489,0
857,0
279,0
170.0 1,243,0
195.0
1,198,0
717,0
15,659,0
406,0
166.669,02.200,030,0
141,401,0 856,248,0 129,845,0 176,439,0 64,510,0 69,625,0 318,065,0 79,387,0 52,553.0 86,282.0 59,006.0
614,531,0
40,403.0
64,528.0 135,773,0 56,428,0 57,314,0 52,859,0 23,139,0 76.060,0 34,127,0 12.984,0 33,551,0 27,365,0 8,170,0 115,270,0
31,523,0 11,216,0 12,950,0 5,993,0 4,609,0 15,543,9 5,107,0 3,245,0 4,329,0 4,235,0
8,350,0
217,837.0
58,749,0 20,059,0 22.462,0 11,701,0 8,950,0 30,426,0 9,971,0 7,497,0 8,977,0 7,592,0 15,071,0
16,382,0
13,066,0
687.0 1,365,0
493.0
540,0 1,020,0
774,0
696,0 1,739,0
492,0 1,189,0
3,490,0
581.0
4,836,938,0
436,861,0 1,419,847,0 371.849,0 471,335,0 208.144,0 246,492,0 601,693.0 176,061,0 139,597,0 196,818,0 140.710,0 427,531,0
69,938,0
66,223,0
4,190,0
47,0
,
83.6
77.8
1 992 A
11 11/2 A
.1
78.8
79.2
60.7
79.5
78.5
71.8
70.3
65.9
73.8
rico n
A RAO II
9 /112 A
I 722 A
2 (yin fl
9 AA/ A
I 4/7 A
I 7A0 n
t9A A
I ,
./
79.0
77.2
nio n
49 292 0
STATEVIEN r OF PROMO. REStinult AGIINT9 tccouNrs AT CLOSE OF BUSINBSS MAY 13 1925
Federal 11,480“. Amu at-
Cleve. Richard Atlanta Chicago
Boston Newyork Phila.
Eh. L.
Miss, K.Cite Dallas Sash
Tidal
S
S
8
S
IS
318,540I 43,600 42,500 21,574 65,831
458.1061187,950 216,750 85,744 155,108
$
$
$
$
$
5
5
266,807 25,660 23.891 27,873 21,372 69,700 993,098
1,986,076
232,014
47,474
72,332
53,115
65,327
170,441
186,698 6,000 8,780 2,000 8,000
28,695 11,934 12,857 3,385 7,658
141,000 119,389 150,000 35,295 113,000
101,713 50,627 45,113 45,064 26,450
40,228 1,105 16,477 11,447 2,741
283,316
16,011
12,975 13,052
4,829 2,330 1.345 4.728 3,422 17,539 108,400
130,644 28,000 40.000 52,360 19,0002(12,610 1,190,298
34,968 9,810 10,930 15,244 9,041 11,865 405.062
39,802 12,674 8,128 5,657 1,403 35,744 184,406
558,180 1,274,980,420,605 492,477 204,509 378,788
Total
LiabilitiesSO amount of Federal Reeerve notes received from
307,465 776,646 231,550 259,250 107.31822(1.939
Comptroller of the Currency
197,478 356,393 137.323 171,637 40.680 128,658
Collateral received fromlGold
53,237 141,941 51,732 61,590 56,511 29,191
Federal Reserve BanklEllgible paper
647,491 144,564 162,673 178,194 117,723 569,472 5,149,656
S
(In Therms& of Dollars)
lisswitess65,750
fsdeeal Reserve notes on hand
241,715
INderal Reserve notes outstanding
Collateral security for Federal Reserve notee outstanding
28,800
Gold and gold certificates
9,678
Gold redemption fund
159,000
Board
Gold Fund-Federal Reserve
44,237
Eligible PaPeriAmount required
9,000
lExoees amount held
Total
Federal Reserve notes outstanding
federal Reserve notes held by banks
Federal Reserve notes in actual circulation.
437.248 78.775 89,218 100,205 68,846 301,714 2,979,174
135,473 43,305 54,397 57,088 38,433 220,149 1,581,014
74,770 22,484 19,058 20,901 10,444 47,609 589,468
558,180 1,274,980 420,605 492,477 204,509 378,788
647,491 144,564 162.673 178,194 117,723 569.472 5,149,656
241,715
36,096
458,106 187.950216,750 85,744 155,108
124,042 34,141 15,769 13,437 15,635
170,441 53,115 65,327 72,332 47.474 232,014 1,086,076
10,581 6,186 3,029 9.146 5,649 36,161 309,872
205,619
334,064 153.809 200,981 72,307 139,473
159.860 46.929 62.298 63.186 41.825 195.853 1.676.204
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources'
a week behind
the liabilities of the 736 member banks from which weekly returns are obtained. These figures are always
in the statement
those for the Reserve banks themselves. Definitions of the different items in the statement were given
upon the figures
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board
for the latest week appears in our Department of "Current Events and Discussions," on page 2492.
District at close of business May 6 l925. Three ciphers (000) omitted
1. Data for all reporting member banks In each Federal R
Federal Reserve District.
Number of reporting banks
Loma and discounte. gross:
Secured by U.El Gov't obligations
Secured by stocks and bonds
All other loans and discounts-.
Total loan, and discounts
Investments:
U. S. pre-war bonds
U.S. Liberty bonds
U. S. Treasury bonds
U S. Treasury notee
U. S Treasury certificates
Other bonds.stocks and securities
Totalinvestmente
. . New York
Boston
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan. City Dallas. San Fran.
Tafel.
70
736
$
$
9,789
193,354
226,149 4,875,929
859,858 8,115,969
100
33
25
71
49
6,348
128,581
352,549
7,747
31,167
80.761 722,253
379.604 1,227,718
3
12,469
169,715
302,292
$
2,763
58,914
174,653
$
3.772
105,149
319.563
$
3,039
71,024
220,546
712,293 1,215,964
487,478
468,112 1,981,138
484,576
236,330
428,484
294,609 1,095.796 13,185,252
9,567
52,085
21,373
13,168
6,087
257.501
31,803
154,047
41.790
42,819
8,330
353,018
24,113
34,149
12,509
1,626
513
63,008
14,900
13,081
6,792
2.505
2,372
42,609
17,867
170,267
61,792
85,882
9,003
412,807
13,120
24,376
17,630
12,133
2,547
102,412
7,176
25,356
11,428
18,502
2.952
39,293
9,333
47.085
18,456
16,538
3,134
74,702
359,761
631,807
135,918
82,259
757,618
172,218
104,707
169,248
550.371 2.738,756
40,183 255,156
52,433
10,963
329,802 1,726,855
196,899 969,189
27,016
8,630
656,694
48.161
7,698
395,122
204,194
11.540
341,037
22,019
6,044
214,670
103,467
2,321
597.732
53,444
11,794
469,206
138,614
4,590
76
106
55
$
$
76,367
8,880
288,584 2,229,680
635.1582,541,903
$
12,211
339,359
360,723
18,802
455,760
741,402
932,622 4,847,950
39,836
9,573
75,395 603,397
22,212 173,408
7,438 170,281
55,990
2,885
199.341 1,185,469
316,844 2,228,381
42
s
1.249,466 7,076,331 1,072,054 1,847,771
Totalloans ana investments
85,643 120,898
90,230 756,230
Reserve balances with F. R. Bank_ _
30,218
15,450
77,696
20,596
Cash in vault
988,675
770,016
5,670,515
858,756
deposits
Nit demand
725,288
174,461
347,321 1,186,907
Time deposits
26,623
23,386
43,058
12,541
Government deposits
BIlla PaY'le & recite°. with F. R. Bk.
15,243
4,078
72,766
1,859
Secured by U.S.Gov't obligatione
8,546
4,064
35,308
7,621
All other
Bankers' balances of reporting member banks In F. R. Bank cities:
49,613
128.865 1,111,080 175,797
Due to banks
23.443
66.160
45.571 101.807
Due from banks
s
73
623,396
39,119
14,084
350,796
195,246
9,232
$
36
$
18,212
17,217
8,582
9,566
2,824
19,829
24,448
219,948
129,786 1,346,241
59,527
455,499
25,767
406,225
111,953
15,336
193.343 2.943,332
76,230
448,207 5,483,198
370,839 1.544,003 18,668,450
29,926 105.037 1,646,046
278,749
10,424
21.349
266.220 752,947 12,793,580
93,282 763,555 5,098.423
191,909
6,617
16,355
3,097
15,169
1,718
5,594
14,710
5,478
1.169
5,272
730
1,474
1.463
1,711
350
947
32,215
14.342
18,794
13,494
421,900
187,651
88.215
32.362
52,265
21.906
102,008
42,863
31,099
23.133
14,870
10,047
132,053
101,231
99.202 2,311,053
626.453
53.721
Chicago. and for whole country.
3. Data of reporting member banks In New York My,
An Reporting
Member Banks.
Reporting Member Banks fa N. Y. Chg. Reporting Member Banks Is Chicago.
May 6 1925. Apr1129 1925. May 7 1924. May 6 1925. April 29 1925. May 7 1924
48
67
46
96
65
65
752
$
3
3
$
$
$
$
25,828,000
78,744,000
75,727,000
24,212,000
23,637,000
71,488,000
210,577,000
3,939,329.000 1,993,543,0002,010,156.000 1,448,782.000 538,895,000 528,804,000 460,971,000
7,924,740,000 2,236,694,000 2,268,702,000 2,226,436,000 699,601,000 679.851,000 669,035,000
12,074,646,000 4,301,725,000 4,357,602,000 3,750,945.000 1,262.133,000 1,232,867,000 1,155,834,000
May 6 1925. April 29 1925. May 7 1924.
736
736
[Wernher of MP's:ling banks
5
$
Loans and discounts. gross:
200,943,000
193,354,000
Secured by U.S. Govt. obligations
4,875,929,000 4,878,309,000
Secured by stocks and bonds
8,115,969,000 8,153,040,000
All other loans and discounts
13,185,252,000 13,232,292,000
Total loan, and discounts
4,195,000
levertments:
1,933.000
29,159,000
39,637,000
1,934,000
29,109,000
271,427,000
220,215,000
219,948,000
U. S. pre-war bonds
52,892,000
81,565,000
505,437,000 471,289,000
82,101,000
1,346,241,000 1,339,354,000 1,113,096,000 510,402,000 152,128,000
4,707,000
U.S. Liberty bonds
27,001,000
18,643,000
26.870,000
157,598,000
71,812,000
453,186,000
455,499.000
U. S. Treasury bonds
77.245,000
61,748,000
60,559,000
685,746,000 153,869,000 192,036.000 324,388,000
447,374,000
406,225,000
U. S. Treasury bonds
13,484,000
3,773,000
53,830,000
3.779,000
54,477,000
24,788,000
98,835,000
115,699.000
111,953,000
B. S. Treasury certificates
2,348,295,000 905,366,000 860,865,000 645,817,000 191,474.000 198,629,000 168,445,000
Other bonds,stooks and securitlell. 2.043,332,000 2.907,916,000
1,810,821,000 1,793,455,000 1,524,562,000 366,717,000 374,640,000 320,968.000
4,589,211,000
5,483,198,000 5,483,744,000
Total investments
6,151,057,000 5,275.507.000 1,628,850,000 1,607.516,000 1.476,802,00
6,112,546,000
16,663,857,000
Total loans and Investments_. 18,668,450,000 18.716.036.000 1,459,466,000 698,079,000 701,552.000 616,823,000 176,320,000 159,843,000 145,293,C00
27,865,000
Reserve balances with F. R. banks- 1,646,046,000 1.607,683,000
27,535,000
62,291,000
63,618,000
26,726,000
65,462,000
285.141,000
282,713,000
278,749,000
001112 In vault
5,118,530,000 5,203,690,000 4,417.243,000 1,134,168,000 1,120,632,000 1,048,681,C00
12,793,580,000 12,813,923,000 11,378,807.000 825.758,000
Net demand deposits
821,365,000 653,927,000 480,058,000 462,853,000 376,798,000
4,300,615,000
5,063,339,000
5,098.423,000
Time deposits
12.345,000
15,988,000
14,939,000
33,489,000
49.707,000
204,162,000
36,000,000
209,433,000
191,909.000
Government deposits
Brno payable & rediscount. with
Federal Reserve Banks:
10,418,000
1,760,000
1,300,000
59,550,000
28,050,000
90,479,000
33,390.000
127,567,000
132,053,000
6,006,000
Secured by U.S.Govt.obligations.
185,000
1,086,000
3,155,000
32,118,000
117.583,000
13,263,000
83.527,000
101,231,000
All other
16,924,000
1.945,000
2,386,000
31,205,000
46,653,000
91,668,000
208.062.000
211.094.000
233.284.000
Total borrowingsfrost F.R.hks.
MAY 16 1925.]
THE CHRONICLE
54111/1"1 erg' (1;azettc
Wall Street, Friday Night, May 15 1925.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2511.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended May 15.
Sales
for
Week
Range for Week.
Lowest.
Par. Shares $ per share.
Railroads.
Buff Koch & Pitts pt 101
Buffalo & Susq
100
Canada Southern_..100
Caro Clinch( & Ohlo_100
Duluth So Sh & Atl_ _ 100
Preferred
1I I
Erie & Pittsburgh. _50
'Hocking Valley
1
III Cent Leased Line 100
Morris d3 Essex
50
Nat Rys Mex. lat pf_100
N Y Railways, pf tr ctfs•
Participating certifs_•
Pacific Coast
100
Pitts Ft W & C, pref..100
Reading rights
210 95
100 85
50 59
300 7754
1,100 219
1,500 5
100 62
41 127
I
76
21 80
100 5
1,900 94
103278
400 23
5 141
2,200 1759
Highest.
Range Since Jan. I.
Lowest.
per share. $ per share.
May12 95
May13 85
May14 59
May15 7854
May14 314
May 9 54
May15 62
May13 127
May13 76
May15 80
May15 5
May 9 11%
May12 294
May12 2334
May12 141
Mayll 1859
May12 86
May13 8454
May14 56
May14 754
May14 244
May14 354
May15 60%
May13 127
May13 734
May15, 774
May15 I 349
Mayll 94
Mayll 278
May12 23
May12 139
May14 1754
Highest.
per share.
Ap 99
Ja 105
Ja 59
Ap 784
Ap
4
A
654
Jan 62
Ma 127
Ap 70
Ja 80
Ap
6
Ma 1119
Ma 294
Ma 38
Ja 141
Ma 24
May
Jan
May
May
Jan
Jan
May
May
May
May
May
May
May
Mar
May
Jan
2521
To-day's (Friday's) actual rates for Paris bankers' francs were 5 12340
5 1454 for long and 5 18(4)5 1954 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.7334 for long and 40.0934 for short.
Exchange at Paris on London, 93.22 francs; week's range, 92.85 francs
high and 93.31 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days. Cheques. Cables.
High for the week
4 82 13-16 4 85 5-16
4 859-16
Low for the week
48134
4 8434
48434
Parts Bankers' FrancsHigh for the week
5.16
5.22 X
5.231.4
Low for the week
5.1234
5.1834
5.1934
Germany Bankers' MarksHigh for the week
23.81
23.81
Low for the week
23.81
23.81
Amsterdam Bankers' GuildersHigh for the week
39.75
40.19
40.21
Low for the week
39.73
40.17
40.19
Domestic Exchange.-Chicago, par. St. Louis, 15(P)25e. per 11,000
discount. Boston, par. San Francisco, par. Montreal, par. Cincinnati,
par.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-B.b.w
we furnish a daily record of the transactions in Liberty 190811
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. May 9 May 11 May 12 May 13 May 14 May 15
First Liberty Loan
(High 1003133 101.00 101.00 101
10143 101133
854% bonds of 1932-47-(Low. 100",, 100143 100"33 100 0n 1003131 1014:
(First 34s)
(Close 1003133 1003033 100343 100143 1003•33 10143
Industrial & Misc.
26
Total sales in $1.000 units__
58
65
84
92
100
Anumada Lead
1 2,000 11 - Mayll 1114 May15 934 Ap 12
Converted 4% bonds of (High
Apr
-- - - -__
- -- -- -- 10213,
---Amer Bank Note
50
100 178
Mayll 178
Mayll 161
Jan 206
1932-47
(Low
__
Feb
(First
____
__
41)._
__
__
__...
10243
-.Preferred
50
100 58
May12 58
May12 533-4 Jan 58
May
Amer Car & Foundry _ _• 10,100 105
May14 108% May 9 9754 Ap 1113.4 May
Total sales in $um units..
--- -------Am-La France Fire Eng
Converted 94% bonds (High 102333 102133 1023
.102131
102113 1023111
-7
100
100 97
May14 97
May14 9534 Feb 97
Jan
of 1932-47 (First 4345)11.0w. 10241
102182 102122 102% 102,
2
102'n
Amer Piano, pref._ _ _100
300 92
Mayll 93% May13 92
Ap 95
(Close 102122 102% 102122 1021.2 1021,22 102,122
Jan
American Snuff, pref _ 100
100 10054 May13 1004 May13 9854 Ma 10054
Total sales In 81,000 units__
16
21
40
25
May
34
118
Armour of Illinois A..25 9,200 20
Mayl 1 201911Mayl 20
May 2254 Mar
Second Converted 451%f Elligb
- _- - -_
- - __
--_ 101 1T.
Artloom
• 2,211 394 May14 42
May15 294 May 42
bonds ot 1932-47 (First( Low
May
- - -.
---- --- 101 14
- -__
Preferred
100
400 1014 May14 102% May15 10134 May 1024 May
434*)
Second
____ 10114
Barnsdall Corp rights_ _ _ 15,400
--I 6 May12
'II May13
Total sales in 81.000 untie..
II. Ma
su Apr
__ _ _
Briggs Mfg
---•38,600 3654 May 9 384 Mayl 3314
Ma 4054 Jan Second Liberty Loan
--------101",,
(HIV, --- - 101"ii
Brunswick-Balke-CoIrr • 6,400 2854 May 9 3254 Mayl 2714 Ma
-- 46
Jan
____ 1011122
4% bonds of 1927-42 ...(Low.
____
- - -- 101112
--Bush Terminal new
5,200 15
May14 1859 May15 15
Ma 184 May
(Second 4s)
I Clot*
__ __ 1011133
__ __
____ 10103
Debenture
2.300 80
May14 8134 May15 80
Ma
814
Total
sales
May
in
31.000
units _ .
___
Bush Terminal
100 4.200 104
Mayll 116
Mayl 86
Feb 116
Converted 459'
May
,
X bonds IMO 1011% 1011°22 10-11322 10-15.22 1011328 10-11,n
Bush Term Bldg pref 100
100 101
May14 101
May14 9644 Jan 101
of 1927-42 (Second
31.0w. 101%2 101822 101822 101922 101102 101011
May
Cert-Yeed Prod 2d pf 100
300 82
May13 83
May15 804 Feb 854 Mar
434a) _ _
!Close 101103, 101133 101133 101143 10114 1011131
Childs Co '
• 5,701 53
Mayl 1 54% May
4934 Ma 56% Mar
Total salsa in $1,000 units.
30
288
218 . 20
178
169
Coca-Cola pref
401 101
101
May12 101% May15 99
Jan 10154 Mar Third Liberty Loan
IMO 1011333 1011133 1011133 1011133 1011132 1013131
Crex Carpet
100
100 49
May 9 49
May
36
Ma 49
May
434% bonds of 1928 .....11.o,w 101111 1011133 10113333 10114 10114 101141
Devoe-Rayn'ds 1st pf100
5010054 May12 100% May12 9939 May 102
(Close 10103 1011133 1012133 10114 10114 101141
Mar
(Third 4595)
Dodge Bros class A_ _ _ _. 105100 2454
Mayl 2434 May 26
MaYll 26
27
May
Total sales in $1,000 units__ .
60
108
74
71
128
Preferred etfs
•94.700 7554 May 9 79
Mayll 7334 May 79
May Fourth Liberty Loan
(High 1020,2 10210w 1021133 10214 102113 1021131
Elea Power & Light Ws* 130900 26.4
May15 28% May13 1734 May 2934 May
434 7 bonds of 1933-38..( Low. 102133 1021n 102113 10214 1021,2 10214i
40% pref paid
5,011 104
May14 100
May12 105
Ma
105
May
(Fourth 44s)
(Close 102,
22 1021,22 1021122 1021.82 10214, 10211e
Full paid
1,70010434 May 9 106
May14 10054 Mar 106
May
153
35
Total sales in $1,000 units_
728
36
199
121
Emerson-Brant prat _100
600 9
May12
May13 9
An 15
Jan Treasury
(High 10503 105143 105"n 108112 106133 1061n
Essex Cott'n M let pf100 1,000 97
May 9 97
May 9 97
Ap 9739 Apr
Mow, 105113 105%2 105isw 105113 1051•3 1061n
419s, 1947-62
Fed Light & Trac pref101
1
86
Mayll 86
Mayll 85
Ja 87
(Cleat 105111 1051133 1051133 106113 106133 10641
New
6,800 324 May15 334 May14 3251 May 3339 Mar
May
Total sales in 81.000 units__
27
II
153
252
101
21
Fisher Body new
25 2.600 67
Mayll 67% May 9 6034 Feb 70
Apr
49
1944-1954
101123 1011133 1011133 10214 102133 102,
(High
88
Fisher Body Ohio pfd 100
200 107
May12 107
May12 10439 Mar 109
Apr
(Low. 101222 1011922 1011182 102"s 101343 102133
Great West Sugar pf _100
200 110
May13 110
May13 107
Ap
11154 Jan
(Close 101112 1012.21 101,1:2 102122 102122 102,
22
GulfStatesSteel 1st pf 10
10010151 May 1013i May 9 1014 May 10554
-22
Jan
.1
VI&
Hanna 1st pref C I A _ 100
300 61
May14 63
May13 58
Ap 89
Feb
Hayes Wheel pref. _ _ 100
10010434 May 910434 May 9 100
Jan 10454 Feb
Helme (G W)
Note.-The above table includes only sales of coupon
200 6734 May14 69
May13 66
May 83
Apr
Ingersoll Rand
100
58 219
May15 237
May 249
MaYll 219
Jan bonds. Transactions in registered bonds were:
Jones & L Steel, pref _100
20011334 May12 114
May14 11134 Feb 115
Mar
1011133 to 1011133 39 4th 41931
3 1st 44s
K C Pow & Lt, 1st pref_*
102113 to 10231n
300 100
May13 10054 May15 99
Jan 1013.9 Mar
101131 to 101133 5 Treasury 4348
Kresge(SS) Co, pref.100
1051133 to 105"82
100 115
Mayll 1104 Ma 11059 May 96 2d 44s
Mayll 115
1011133 to 1011133
Kuppenheimer, pref_100
200 100% May13 1004 May13 984 Apr 10054 May 19 3d 419s
Long Bell Lumber, A_ •
80 48% May15 49
May13 454 Ma 5254 Apr Quotations for U. S. Treas. Ctfs.
of Indebtedness, &c.
Loose-Wiles, 2d pref _100
200 1094 May12 110
May12 104
Fe 111
Mar
Maxwell Motors A Ws_ 4,500 109
nu,
May13 11019 May 9 10759 May 11034 May
Jul.
an
B certificates
Maturity.
Rate.
11,400 8634 Mayl 1 89
Bid. Asked.
May12 773.4 Ap 9034 May
Maturity.
Bid. A ked.
Rate.
Mid-Continent Petrol_
20,500 274 May12 29% May14 2854 Ap 2954 Apr
Preferred'
100
2
834 Ap 8054 may Mar. 15 1926... 454% 101133 10143 Dec. 161927... 44% 1011113 102
8754 Mayll 874 May
Montana Power, pref100
1 11234 May 911234 May 9 109
M 11234 May Dec. 15 1925_ 44% 1001118 1001132 Mar. 15 I927___ 434% 102
10241
Motor Wheel
• 9,800 184 May 9 2019 May15 18
1014 Sept. 16 1925.- 234% %Mt, 100
AD 2034 May Sept. 15 1926... 4 4% 101
Murray Body
• 1,800 36
A LA .7. 1 lin
111111A Ilar 15 102c
37
991$,. lun
an
Mayll 3234 Ap 4234 Mar .1.1na 1 5 1095
May
Nat Distill Products.* 5,1
Mayll
3434
May14
30
Ap 3554 Apr
3254
N tki & H Ry,G & E_100
600 6354 Mayll 65)4 May 9 52
Feb 6554 May
New York City Banks and Trust Companies
Nlag Lock & OP, pf _100
May14 107
100 107
May14 107
Feb 1074 Feb
Onyx Hosiery, prat_ _100
All prices dollars per share.
May14 7834 Ma 7834 May
100 86
May14 86
Orpheum Ciro Inept_100
May15 98
100 leo
May15 100
Jan 101
Mar
Banks-N.Y.
Bid
Ask
Banks
Bid
Trust Cos
Ask
Bid Ad
Otis Elevator, prof_ _100
2 10454 May12 1054 May15 101
Feb 101
May America •___. 298 302 Greenwich'.. 410 430
New York
Paige-Det Motor Car_ •11,300 17% May 9 1834 May14 1754 May
1754 May Amer Each,. 380 400 Hanover
980 1010 American__ --- .....
Panhandle P & R,pf_100
200 4534 May15 4554 May15 43
Jan 6054 F3b Amer Uniono_ 143 150 Harriman
480 495 Bank of N Y
Penick 313 Ford
• 3,200 2454 May12 25% May14 2434 May 28
Apr Bowery*
600 - Manhattan. _ 172
175
dr Trust C. 680 Penney (J C) Co, pf _100
I 105
May 9 105
Jan 1054 Jan Broadway Cen 185 .._ Meth &
May 9 105
Met. 395 402 Bankers Trus 470 480
Prod & Ref Corp pref_ 50
100 45
May13 4334 Jan 4714 Feb Bronx Bono.. 250
May13 45
__ Mutual.
416 .... Bronx Co Tr_ 185 19$
P S Elec & Gas prat_ _100
211 9234 May12 9254 May12 9254 May 95
Mar Bronx Nat.. 150
___ Nut American 165 .
Central Union 743 759
Pub Serv Elec pr pref 100
20010434 May12 10454 Mayl 1 10034 Jan 1 0434 Mar Bryant Park* 180
_- National City 449 453 Empire
305 818
Ry Steel Spring pref_100
300 11654 May14 118
Mayll 11459 Mar 120
Feb Butch & Drov 158
._ New Nab._ 198
_ Equitable Tr_ 255 259
Rels(Robt)&Co lstpf100 800 6
ay , 704 May15
Capitol
Nat190
Park
200
960 465 Farm L & Tr. 442 447
Rossia Insurance rights_
200 414 May14 454 May12
May Cent Nieman. '270 275 Penn Exch...._ 114 125 Fidelity Inter 245 263
Seagrave
• 2,8(10 144 May15 144 May15 63
14
44
3 May
MayMa y 7
105
44
54 May
N111 aa
413 417 Port Morris_ 190
Fulton
Shattuck (P G)
300 305
• 9,000 4954 Mayll 5419 May14 4054 Mar 5434 Apr Chase
Cbath Phenix
Public
450 460 Guaranty Tr. 322 326
Simmons Co pref _ _ _100
100 102 44 Mayll 10234 Mayl 1 1004 Jan 103
Nat Bk &Tr 297 302 Seaboard ...... 480 485 Irving BankSloss-Sheff St & Ir pf_100
100 934 May12 9314 May12 92 34 Apr 9844 Mar
Feb
Exch•
Chelsea
180
190
,Seventh
Ave. 115 125
Columbia T 244 248
Spear & Co
100 214 May15 214 May15 2134 May 2134 May
Chemical ____ 545 655 'Standard
300
Spalding Bros lot pf.
_ Lawyers Tr.. __- --.
_100
100 99
May12 99
May12 99
May 994 Apr Coal & Iron_ 276 290 State.
420 435 Mutual(WestStand Gas & Elea pr_ _50
500 51% May14 53
May13 5054 Mar 5339 Feb Colonial*
500
____
___
Trade.
144 150
symington temp ctfs__• 4.700 16 34 May13 1719 Mayll 1054 Jan
cheater) ___ II.5 19
Class A
• 1,900 21% May 9 2234 Mayll 2034 Mar 2334 Mar Commerce .._ _ 352 357 United States. 200 206 N V Trust._. 415 420
United Cigar Stores,.25 5,000 6754 Mavil 69% May13 6034 Jan 814 Jan CoMuwealth• 300 310 Wash'n Hts*. 300 ... Title Gu & T 635 540
Mar
Continental.. 220 230
US Mu;& Tr 247 353
Virginia-Carolina ctts_
100 149 May12 119 May12 14 Feb 254
Apr Corn Etch_ 468 475
Brooklyn
United States1590 1630
400 122
Ward Baking cl A__ _ _•
May12 128
May15 16
Apr 128
May Cosmop'tan•
. 155
Coney Island• 195 -_- Wenches Tr. 300 Class B
.28,200 44
Mayll 49
May15 374 Mar 49
May East River... 254 265 First
450
___
Brooklyn
Preferred
100 1,500 994 May12 10054 May13 944 Feb 1
Apr Fifth Avenue* 1725
___ Mechanics'* _ 225
___ Brooklyn Tr_ 70 -• 700 1054 May14 104 May 9 914 Apr 0034
West Rice Instr
14
Jan Fifth
295 320 Montauk• ___ 200
___ Kinga County 2200 2400
• 1,100 224 May 9 224 MaY11 1954 Mar 23
Class A
Jan First
2450 2550 Nassau
320 .-- Manufacturer 355 862
Wickwire-Spencer St et:818,200 414 May14 534 May15
May
May Garfield
335
- People's
275
People's
100 18
Wilson & Co pr ctfs.100
May15 18
700 --May15 43418
yr 45
2h
r (intham
_ _ _ 170
180 Oueenaboro. 1715 IRS
• No par value.
• Banks marked with (• are Stare banks. (z) Ex-dividend. (0 New stock.
(e) Es-rights
Foreign Exchange.-The market for sterling
was quiet
but firm; prices remained at close to last week's levels on
light trading. The Continental exchanges were inactive,
though fairly steady. In the South American group Argentine pesos constituted the feature of the week by.advancing
more than 30 points on.rumors of a return to the gold standard on June 10.
Bid
Alliance R'Ity 125
Amer Surety.' 135
Bond & M G. 23'
Lawyers Mtge 219
Lawyers Title
& Guarantee 246
To-day's (Friday's) mitual rates for sterling exchange were 4 82 9-161
4 82% for sixty days, 4 85 1-16@4 855i for cheques and 4 85 5-16
4 851i for cables. Commercial on banks, sight, 4 84 15-16©4 85 .
sixty days 4 80 13-16(414 81, ninety days 4 80 13-16(4)4 81, and documents
for payment (60 days) 4 81 1-16(414 8134. Cotton for payment 4 84 15-16
R4 8554, and grain for payment 484 15-16(4(48534.
The Curb Market.-The review of the Curb Market is
given this weekon page 2511.
A complete record of Curb Market transactions for the
week will be found on page 2535.
New York City Realty and Surety Companies.
price,
AU
dollars per share
Ask
140
245
224
250
Mtge Bond..
Nat Surety.
N Y Titled/
Mortgage.
US Casualty.
Title floar
Bid
128
206
Ask
135
210
348
320
227
351
335
235
Bid
Realty Assoc
(Bklyn)coin 217
let pref.
92
2d pref
8212
Westchester
Title & Tr. 286
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2522
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday.
May 9.
Monday,
May 11.
$ per share $ per share
Tuesday.
May 12.
Wednesday
May 13.
Thursday.
May 14.
Friday.
May 15.
per share $ per share $ per share
Sales
far
the
Week.
PER SHARE
Range for PrOVS0111
Year 1924.
PER SHARE
Range for Year 1925.
On basis of 100-share lots.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
Lowest
Highest
$ per share
5 Per share
Lowest
Highest
$ per share $ Per share
per share
Par
Railroads.
12 Apr 2278 Dee
100 22 Feb 17 3478May 8
1,700 Ann Arbor
33
32
*3112 33
34
34
3212 3214 33
25 Mar 4614 Dee
pref
100 40 Mar 24 6012Nlay 8
Do
1,300
5912 5734 58
59
58
5912 *5812 60
59
Jan 12034 Dec
974
2
Mar
Jan 16 1274
11878 11834 11914 119 12038 11812 11978 11812 11834 8,200 Atch Topeka & Santa Fe..100 11614 Feb
8612 Jan 964 Dee
17 96 Apr 20
100 9212
9512 9512 9518 9534 2,100 Do pref
9512 95
9534 9512 9.58
5 Dee
Feb
14
6
712Mar
14
Jan
3
&
Bin]]
Atlantic
At'ante
...100
518 538 6,500
518
5
514 514
558
518 538
Jan 15214 Dee
3 112
160 16014 160 161 12 2,100 Atlantic Coast Line HR..,100 14714 Jan 16 166 Mar 6
16112 162
160 162
161
8478 Dec
Apr
5218
Mar
8414
30
Mar
71
Ohio
100
&
Baltimore
13,200
1
76
7514
7718 7534 764 7558 761s 75 4 76
5614 Apr 6612 Dee
100 62N Apr 21 6612 Jan 6
6412 1,100 Do pref
64
64
64
64
64
634 6378 64
3934 Dec 4414 Dee
50 3514 Mar 23 4214 Jan 15
1,800 Bangor & Aroostook
3912 3912 3912 39,4 3914
39
40
404 39
Jan 05 Nov
86
5
Jan
9412
19
Feb
100
pref
90
Do
200
*90
*9014 914 *8814 92 I 918 9138
91
92
134 Jan 4178 Dec
45 Feb 10
404 404 4012 4012 4018 4012 8,000 Bklyn Manh Tr v t o___No par 3518 Jan 5
414 4012 41
7534 Dec
Jan
4854
14
Mar
4
813
2
Jan
8
727
o
t
par
v
No
pref
Do
500
7912
*77
7912
7912 77
7818 *76
7912 78
40 May 684 Dec
151 Buffalo Rochester dr Pitts_100 48 Apr 2 924May 2
8234 8234 8234 8234
81
8434 81
•82
8434 8112 8112 *81
Nov
15612
Mar
4
1423
8
Jan
8
1523
3
13612N1ar
100
3,900 Canadian Pacific
14112 14112 142 143
141 14212 142 143
14214 14212 141 142
Central RR of New Jersey_100 265 Mar 30 321 Jan 3 199 Mar 295 Dee
*278 290 .278 290 •280 290 '280 290 *278 290 *280 290
Dee
9814
Feb
4
673
15
Jan
4
3
98
30
Mar
8914
Ohio
100
&
Chesapeake
23,700
9758 9634 98
0614 96
9434 954 9538 964 95
9334 94
9912 Jan 10918 July
Do pref
100 10514 Apr 14 109 Feb 24
200
108 108
10734 10734 *1064 108 *107 108 *107 108 •10714 108
34 Apr 1012 Dee
9
Feb
8
105
24
Apr
34
57
100
Alton
&
Chicago
53
3,800
57
53
4
53
578
5
5
478 5
5
5
194 Dee
818 May
54 Apr 23 1912 Feb 21
100
Do pref
852 858 0,600
812 9
84 04
778 814
74 734
778 84
100 146 Apr 7 16412 Feb 11 100 Apr 15014 Nov
C C C & St Louis
*145 155 .145 155 *145 155 *145 152 *145 152 *145 152
38 Dee
May
21
13
ar
4
3618
293
30
Mar
RR
100
East.111
dr
Chic
3,900
34
4
344 333
3434 3414 3434 344 3414 34
3412 34
34
37 May 6278 Dee
100 40 Mar 30 5714 Jan 2
Do pref
700
4712 48
48
4812 4812 4812 4812 48
49
4912 49
*48
1178 Nov
4 Apr
1134 17,100 Chicago Great Western_ _.100
9 Jan 2 15 Feb 7
1178 11
8 12 . 1238 1134 1218 11
1214 1278 1214 12,
1012 June 314 Nov
6
Feb
324
30
Mar
100
pre(
1914
Do
8 261s 274 251 4 261s 2512 2678 29,700
2678 2838 2634 28,4 2634 27,
4 Nov
183
Oct
8
107
314 Apr 20 1638 Jan 7
758 94,700 Chicago Milw & St Paul...100
718
612 734
618 8
64
5
44 478
458 434
1814 Oct 3218 Nov
Do pre(
7 Apr 20 2812 J n 7
100
1238 1114 12 ,108,700
134 11
84 1078 11
838 88
8s 812
4 Dee
753
Jan
3
494
12
Jan
75
14
Apr
5418 5434 5311 5412 5312 6612 20,600 Chicago & North Western_100 47
5.5
5312 53
5338 5412 .53
Jan 11434 Dec
100 10134 Apr 14 117 Mar 5 100
Do prat
900
105 10641
10534 106 *10518 10534 10534 10534 *105 106 *105 106
Nov
50
Feb
2112
3
Mar
5414
4018
30
Mar
lig&
Chicago
Rock
Pacific_100
33,200
4712
4638 4734 4658 4814 4678 4778 4618 4718 46
474 485
7634 Feb 974 Dee
Do 7% preferred
100 92 Jan 2 9914 Feb 21
600
9712'
9718 *9612 97,2 *97
97
97
9714 9714 9714 9714 97
Jan 8712 Nov
654
3
8912Mar
Mar
82
Do
30
100
6%
preferred
1,200
88
8714
8
875
8714
8714
8714
87
87
87
8718 8718 87
Jan 574 Dee
29
Chic St Paul Minn & Om._100 334 Apr 22 5912 Jan 13
40
40 .38
•38
40
*38
42
*38
42
*36
42
36
6814 Apr 94 Dee
Do pref
100 7314 Apr 21 108 Jan 13
100
85
84 '79
•79
85
*79
80
80
84
*80
85
•76
Jan 49 Nov
20
8
18
Apr
Jan
6512
4418
100
Southern
&
Colorado
7,000
62
*61
6134
6034 6078 61
6012 61
*6012 6134 .6012 62
4 Dee
Jan 65,
50
Do let prof
100 60 Mar 26 64 Feb 9
400
62 ' 6238
*6112 62
62
*61
62 '6118 62
*61
*6118 62
Jan 59 Nov
45
Do 24 pre(
100 54 Jan 21 6034 Apr 17
*5912 61141 '5912 614 *5912 6114 .5912 6114 *5912 6l14 *5912 61 14
100 13312 Mar 30 155 Apr 6 10412 Mar 1395s Dec
4,900 Delaware & Iludson
14912 150
148 149
14714 149
14778 149
14878 14914 14712 149
Dee
135 13512 1.500 Delaware Lack & Western_ 50 125 Mar 30 1444 Jan 13 11054 Feb 1494 Dee
13458 135
135 135
•13412 13514 13434 13434 135 135
42 Dec 4312
1,000 Denver Rio Or & West pref 100 3613 Mar 24 60 Jan 12
38
38
38 2 384 .3812 39
39
33
38
3038 3938 39
14119
2
353
Jan
4
203
24
Feb
34
15
4May
263
100
Erie
17,000
28
4
263
2912
23
2934 30
2958 301* 2978 30
•3018 303
2858 Feb 4914 Dec
Do let pref
100 3512 Apr 27 4678 Jan 2
381s 3812 3714 3812 3718 3778 13,500
387
38513 38
3834 391e 38
2518 Jan 464 Dee
100 35 Apr 24 4334 Jan 5
Do 2d pref
500
3712
*36
37
3812 37
3812 *37
*3712 384 3712 3712 *37
Mar 75 Dee
534
8
713
8
Jan
24
Apr
60
prat
Great
100
Northern
6212 6234 6234 6332 6278 6314 6318 6312 6312 64s 12,100
6234 63
26 May 394 Nov
Iron Ore Propertles__No par 2738 Apr 22 4038 Jan 19
2812 2834 2,200
2934 2934 2912 2912 2812 29
2934 294 , 2934 30
Apr 2912 Dee
4
113
8
May
34
30
Mar
23
Nor
&
Mob
Gulf
100
14,800
3012
4
293
3212 3012 3058
3158 3212 31
3214 3314 3218 33
Jan 99 Dee
50
100 8912 Mar 30 10112 Jan 10
Do Prof
97 I 2,600
9612 9712 9712 9714 9734 *9634 9714 97
96
•9612 97
2914 Dee
2058 Nov
3212MaY 6
18
Mar
4
213
&
Hudson
100
Manhattan
17,800
te
313
8
305
30s
3012
8
317
3112
32
314
3112 3178
3134 32
Oct 6478 Doe
5714
6
May
70
18
Feb
6412
prof
Do
100
300
6812
6812
6912 6912 *6812 69
70
6812 6812 *68
•684 70
Dee
11778
Mar
10014
"
Jai
8
1195
100 111 Mar 31
1114 1114 1,500 Illinois Central
112 112
11218 11212 11112 112 I 112 11214 112 112
Do prat
100 11212 Apr 23 119 Jan , 104 Mar 11714 Dee
100
•113 117
11314 11314 *113 117 *113 117 '113 117 '113 117
Dee
73
Jan
64
17
Apr
74
6
Jan
8
705
_
A
Series
Sec,
_1,000
RR
Do
330
73
*72
73
7234 *72
714 72 '7114 72 1 .7514 764 72
184 Nov
1134 July
2312 2312 1,000 lot Rye of Cent America_ _100 18 Jan 8 2514 Apr 28
24
24
*2338 24
2312 2312 *2212 23
2358 24
4414 May 63 Nov
6012
25
Apr
Jan
65
2
100
pref
Do
65
.6212
65
*63
*6212 65
*6212 65
•6212 65 .6212 65
1234 Jan 39,4 July
1,000 Interboro Rap Tran v t c 100 1312 Nf ar 23 3412 Feb 9
20
*19
20
*19
20
2012 20
2078 197* 1978 •19
20
1734 Mar 414 Dee
100 284Mar 30 4012 Feb 21
3478 3334 3438 3278 3334 3312 3414 6,800 Kansas City Southern
3458 333* 3412 34
34
Mar 59,2 Dee
5114
24
15
Feb
Jan
3
595
57
100
pref
Do
600
5812
*58
58
58 I *5712 5834 5834 5834 58
5812 58
.58
Apr 85 Dies
63912
10
Jan
ao 69 Mar 30 8258
7812 7812 7812 7934 8.800 Lehigh Valley
7912 8038 7912 7912 7812 80,4 7812 79
875* Jan 109 Des
Mar 2
11714
16
Jan
106
100
dr
Louisville
Nashville
1,000
111
11014
112
11214 11238 110 11012 *110
•11012. 11212 110 110
Jan 85 Dee
42
200 Manhattan Elevated guar_100 85 Nlar 21 100 Jan 14
674 671 4
73
*68
7012 7012 *6714 75
75
•72
*7212 78
3012 Jan 514 July
100 321s Mar 23 5114 Feb 9
Do modified guar
434 427g 4278 3,200
4314 43
4314 43
421. 4312 4212 4212 43
1312 Jan
854 Mar
104 Jan 2
714 Mar 11
93
100
Market
Street
1,600
RY
98
912 94
012 958
378 378
9,2 312
34ct 42 Dee
20
034 94
100 20 Jan 13 34 Slay 8
Do prof
32
100
3214 3214 *30
35
*3214 35
35 .32
*32
35
*32
Jan
714
Nov
41
7
May
56
100 4314 Mar 20
Do prior prat
5114 5278 2,000
51
51
5234 5114 52
Jan
5314 5334 5212 5234 52
14 Mar 30
100 16 Mar 19 2412 Apr 25
Do 2d Prof
300
*24 25 *2334 25 *2312 2412 2312 2312 23 23 *23 24
Jan
4
Jan
8
13
6
Mar
4
5
Jan
212
100
3'1 7,000 Minneap & St L
258 23*
234 312
3
258 258
*258 234 .25g 234
2814 Mar 5312 Dee
304 Apr 4 5614 Jan 14
Marie_100
1313
&
Paul
St
Minn
35
*32
36
*32
37
*35
.35
37
37
*35
40
*35
SO June 75 Dee
100 40 Mar 30 71 Jan 9
Do prof
50
50 '45
*45
50
50
*45
50 .48
50 .48
*48
1012 May 344 Dee
par 2814 Jan 2 4014 Mar 4
3412 3558 3458 354 3458 3518 3338 347g 3418 34,2 20,200 Mo-Kan-Texas RR___ _No 100 7434 Jan 2 8734 Feb 5
35,5 36
294 Feb 7534 Dee
prat'
Do
4,200
824
2
823
8
823
8234 823* 8314 8214 8234 8134
8212 8234 82
934 Jan 3414 Nov
6
Feb
41
5
Jan
3053
100
Pacific
Missouri
3618 351s 3512 3518 3578 11,800
Jan 74 Dec
29
3514 3.534 344 354 345 3634 36
100 71 Star 3O 83,4 Feb 9
Do Prof
7918 21,500
78
79
81
8 795s 8118 7934 8078 7912 8018 78
118 July
3 Dee
Jan 12
4
23
3
Apr
8
17
_100
prof..
2d
Meg
of
Rys
Nat
600
238 238
233 238
213
214 214
214 214
24 238 *214
9312
121'2 May
8
Feb
8Nl3y
1233
21
Feb
11314
100
200 New On Tex & Max
123 123 •12212 124 '12214 124 *12214 12312 *122 12378 •121 1224
9918 Feb 11934 Del
114 Nlar 30 12434 Jan 13
100
Central
York
New
43,200
117
4
1173
8
1177
11634
1184
117
11714 11778 1161 4 11734 116313 118
7212 Feb 128 Dog
100 120 Mar 30 13714 Feb 24
1,500 NYC&StLCo
124 124l *122 124
•12514 12614 12534 12534 '12512 12612 125 125
83 May 9378 Sept
100 8812 Jan 6 9214 Mar 3
Do prat
1,200
•9I38 914 9112 9112 9114 9112 9112 9112 915g 9134 x901 4 904
1412 Jan 334 Dec
24 3638 Mar 2
Mar
28
100
Hartford
NYNH&
35,000
324
8
317
8
8 3214 3134 3234 3134 3238 3134 323
18 May 2814 Nov
3134 32,4 31,
20.400 N Y Ontario & Weetern...100 2058 Apr 4 2718 Jan 7
Apr 29 Nov
124
1
2318 2318 23,4 23,4 2312 2312 2311 243* 2414 2534 2512 26,4 6,000 Norfolk Southern
May
34
100 214 Apr 22
3112
3134 31
31
3112 3034 31
31
32
3114 31
31
20 10212 Jan 13314 Dec
8Mar
1345
30
12312Mar
100
Western
&
Norfolk
13058
9,800
12914 13078 129 1301 4 12912 13014 12914 13018 130
•13014 131
4
723
Feb 8018 June
3
Apr
79
8
Jan
7512
100
Do prat
300
57712 SO
7734 7784
80
*78
80
80 •77
77 .77
77
474 Mar 73 Dec
100 5814 Apr 25 713451ar 6
21,600 Northern Pacific
8
623
6118
4
62
613
6012
62
8
607
6034
614
61
6112
6118
4214 Jan 50 Dee
50 4212 Apr 9 4878 Jan 5
11,900 Pennsylvania
4334 4418 4334 44
4334 44
4314 4312 4312 4378 4312 44
94 Mar 2212 Nov
100 1334 Apr 30 204 Jan 12
600 Peoria & Eastern
18
1712 . 1812 •1712 1814 1612 l612
18 •17
*15
18
•16
4012 Mar 73 Deo
100 6234 Mar 30 72 Feb 25
Marquette
Pere
1,900
61
6312
66
6612
66
66
6512
6512
7813 Apr 15 84 Jan 16
7112
66,4 66,4 6514 66
Apr 8512 Aug
100
prof
prior
Do
500
80
80
81
*77
79 •7714 81
79
80
80
Jan
77 Aug
60
100 6812 Apr 16 754 Jan 10
Do pref
200
72
.69
72
7012 71
72
*69
*69
72
*69
•6912 72
7514 Dee
Jan
38
Mar 19 734 Jan 2
63
100
Va
West
dr
Pittsburgh
2.800
4
,
68
68
6612 6714 6712 6834
•671.. 6834 6712 6878 6758 68
7912 Dee
6
May
Jan
514
8214
6914
30
5
Mar
Reading
11,400
Jan
5612
7858 7878 7818 7834 784 7914 7818 7878 7858 7914 7878 7912 1,100
Oct
34
50 354 Mar 18 394 Apr 29
Do let pref
3914
38
3778 38
38 •37l2 38
Jan
58
*3712 3812 3754 374 '37
Jai
8334
6
Jan
4354
18
50
Star
3614
pref
24
Do
200
4112
4112 *41
*40
41
4078 41
1112 *40
•4014 4114 *41
Nov
66
9
Jan
Jan
8
32
627
24
Apr
42
100
RR
prof
115 Rutland
4918 4918
50
*4612 49,2 4958 494 *47
51
*47
50
•46
1959 Apr 65 Del
5712 Jan 16 83 May 15
.100
Francisco...
Louis-San
St
84,600
83
82
80
82
8018
4
813
7834 7814 811s
77N 783s 77
4258 Jan 8212 Dee
100 76 Jan 20 8478May 15
Do pref A
844 2,600
8334 8412 8438 844 81
8378 84
84
83
S4
•83
Jan 5578 Dee
33
100 4412 Mar 30 534 Mar 2
4834 4812 41312 2,100 St Louis Southwestern
484 4878 4912 4878 4912 48
4812 4912 48
34
574 Jan 74 Nov
75
11
19
Jan
Mar
7012
100
pref
Do
100
4
,
72
*72
72
72,4 .72
7212 72
73,4 .72
7214 *72
•72
Jan 2418 Dee
614
353
16
ay
Jan
8N1
8
203
9
Line
100
Air
324 334 39,800 Seaboard
3412 334 344 3338 344 3218 3338 443
3412 3538 33
1414 Jan 4512 Dee
100 35 Mar 30 48 May 7
Do prof
4534 14,200
475
4514 4638 45,4 4612 444 45,4
4734 45
10512 No,
47
Mar
8512
1084
9
30
Jan
Mar
984
100
Co
Southern
Pacific
29,600
8 10214 103
1014 10214
10212 10234 102 102s 1024 1024 10238 1033
3812 Jan 7934 Dee
100 7758 Jan 2 9638May 5
8 90711 914 37,800 Southern Railway
9084 914 914 9212 911 4 9212 9034 91,
93
91
Jan 85 Dee
6654
2
25
Feb
Jan
4
923
83
100
prat
Do
1,700
8614
8614
87
87
87
87
8678
87
8634 8714 8634 87
Jan 484 Dee
19
100 4314 Jan 27 5834 Mar 13
52,8 5212 5238 534 8,200 Texas & Pacific
51
53
54
53
5418 5212 53
1812 July
53
834 May
100
*of, 10
712 Apr 17 144 Jan 12
1,200 Third Avenue
958 10
5912 10
10
10,8 10
10
Jan
.634 10,4
66
'set
3912
6612
7
22
Jan
Mar
58
_100
Transit_
Twin
Rapid
200
City
64
64
6134
6434 *64
644 *64
644 *64
6418 644 *64
100 13314 Apr 24 1534 Jan 10 1264 Mar 15158 Dec
138
4 137,4 13634 13778 21,000 Union Pacific
137
1353
13714
8
136,
13712
136
Aug
7612
N1ar
13718
137
70
100 72 Jan 30 76 Feb 26
Do pref
900
74
74
•7334 7438 7334 74
74
74
7378 74
Dee
*7334 75
74 14pr 41
100 1814 Mar 19 3212MaY 15
3212 5,300 United Railways Inveet
2834 2812 2912 2934 3112 31
2814 28,4 2878 2878 *26
2612 4pr 6478 Dee
100 4812 Mar 23 75 May 15
Do pref
4,600
7212 75
73
743
69
4
7212
67
67
69
.66
Feb 7234 July
69
36
69
lr
11914Nlay
14
Jan
644
Power_100
dr
Virginia
Railway
11412
7,100
1194
115
11314
11334
113
114N
110
13.3G
4 113eo
38
0
24
110 11134 109 109
ION Jan 6,
100 1912 Mar 30 273851ay 7
33,800 Wabash
2612 2558 2638 2512 26
Jan
34
254 2634 2514 2618 254 2634 26
Do prof A
100 554 Jan 20 6712May 7
644 654 23,700
66
6614 65
661 4 6634 6518 66,4 6514 664 6512 47
2212 Jan 4238 Dec
12
Mar
21
Jan
46
LI
3812
Do
47
100
200
Prof
*45
47
*44
*45
46
46
46
*45
1614 Dee
47
'45
838 June
100 11 Mar 24
173* Jan 9
1458 1478 1458 154 22,800 Western Maryland
1414 14N
144 147
1514 May 2614 Doe
144 15,8 1458 15
2212 3,400
100 16 Mar 27 2614 Jan 9
Do 24 prof
21
21
21
21
3678 Doe
Jan
1434
2118 2118 2034 2134 2014 204 2018 4438 4134 434 42
11
Star
55
17
4214
Feb
2114
Western
100
Pacific
14,000
445 4258 444 4278
Jan 864 Dee
4278 4438 43
58
91
Do Prof
100 8413 Jan 6 100 NIar I 1
800
9134 92,4 91
93
93
174 Dee
9218 9234 *9112 9212 *9212 93
712 Jan
1734May 15
174 74,700 Wheeling dr Lake Erie RI..100 1014Mar 31
1538 1512 1678 16
1414 14
1418 14
Jan 324 Dee
1414
1412 144 14
15
May
33
100 22 Apr 2
Do prof
3078 33
21,600
2912 31
8
293
27
2712
27
274
274
8
273
2612
3312
33
59
•58
11812 11834
9518 9518
510 5N
•16212 16312
7758 7734
*6312 64
40
*38
93
•91
4178
41
80
•78
*3012
57
11838
9514
5,8
160
7518
*6312
3978
91
4058
*78
Industrial & Miscellaneous
6638
67
6714 67
6714 6714 6714 67
13012 13012 *131 132 *131 132 •131
132
9234 .91
92
9114 92
97
*91
95
1712 1812 1778 184 1734
163g 1714
1614
5734
58
58
59
5634 5612 5812 58
Ex-rights
0
Ex-dividend
x
prices.
asked
•Bid and
6714
67
67
•129 132 .129
*90
95
•92
1512 1512 16
551. 551* 56
6612
132
0134
18,4
5734
1,300 Abitibi Power & Paper_No
100 All American Cables
7.490000 Adams Express
Advance Rumely
Do pref
2,800
par 62
100 119
100 90
100 13
100 47
Jan 6 68 May 7
Jan 5 13012Nlay 12
Apr 16 10314 Jan 9
1812MaY 13
Apr II
Feb 18 59 May 13
Dec 64 Dec
61
9612 May 12212 Dee
7312 Jan 93[4 Deg
We Dee
0 June
Dec
'2814 Juno 64
New York Stock Record-Continued-Page 2
2523
For sales during the week of vtocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 9.
Monday,
May 11.
Tuesday,
May 12.
Wednesday. Thursday,
May 13.
May 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share lots
Friday,
May 15.
Lowest
Highest
S per share $ per share
Per share $ per share
Per share 5 per share Shares. Indus. & Miscall. (Con.) Par
Per share
101 102
10018 10012 10114 10358 101 10278 101 10112 10218 104
8,400 Air Reduction, Ino____No par 88% Jan 30 $1
1
F
Feb
sharA
26
12% 1312 1312 1378 1334 14% 1414 14% 14
14% 13% 1414 47,700 Ajax Rubber, Inc____No par 10 Mar 19 144May 12
Alaska Gold Mines
.15 Jan 2
10
14
21y
21,
17
2
-;17
2
2
2
.2
1 Jan 6
178
218
178 ---600 Alaska Juneau Gold Min
10
2%14 Mar 27
8712 8812 8734 8814 88
8934 8912 9113 8914 9114 9018 9034 32,200 Allied Chemical & Dye_No par SO Mar 30 9312 Mar 3
1197
8 120 120 *11934 120
11978
11934 11934 *11958 11934 119% 11958
Do pref
100 117 Jan 9 120 Feb 26
500
79
8014 82
8014 7934 8014 79
80
79
7914 79
79% 5,300 Allis-Chalmers Mfg
100 7112 Jan 5 8618 N1ar 13
•105 107 •l0514 107 •10514 107 •105 107 •105 107
Do pref
10512 10512
100 1034 Jan 3 107 Jan 20
200
20
1912 1912 19
20
1912 1834 19
1818 19
19
1918 4,900 Amer Agricultural Chem 100 1312 Mar 19 2178 Feb 11
52
.51
51
5018 5112 51
50% 5012 50% 51
Do pref
5038 51,8 4.400
100 3612 Mar 23 5578 Feb 10
40
*3812 3934 *381; 40
40
3812 38% 39
3918 39
39
600 American Beet Sugar
100 36% Mar 19 43 Jan 7
84
•82
84
*82
*83
84
*83
84
•83
84
84
*83
Do pref
100 804 Jan 19 8711
314 3134 3114 3234 314 3214 3178 32
31
31% 3112 31% 5,600 Amer Bosch Magneto_ _No par 2618 Mar 24
•10612 1073s 106 10612 10612 107
10612 10812 106 106
106 106
800 Am Brake Shoe & F___No par 9014 Mar 30 10
5
10
9
4 N.1
:1a
uy
nn 15
4
36
•11014
*1104 -- *11014 - - - - *11014 11214 11012 11012 *11012 11214
Do pref
100
100 10712 Jan 12
18414 186
18418 186
185 18912 *8812 18914 18512 188
1861. 190% 172,300 American Can
Jan
15818
16
100
19034May
15
*11818 119
11812 11812 11834 11834 11834 11834 *118% 119
119 11914
Do pref
600
100 115 Jan 29 11934Mar 9
American Car & Foundry..100 192 Jan 5 23214 Mar 6
*12512
*Hi3
Do pref
12513 12512
100
100 12034 Apr 2 12512 Feb 18
2312 231, 2312 2312 2312 23% 2334 2434 2412
24
24
25 22% Apr 22
2,800 American Chain. class A
248
5334 5334 53
5318 53/
1
4 5318 5312 54
5212 5318 53
No par 37 Jan 27 2
3,200 American Chicle
54
67
2 F
Aepbr 18
4
•I03 10978 *103 10978 •103 10978 •103 10978 *103 1097
104 104
prat
100 94 Jan 5
Do
400
*49
*49
50
51
*49
52
50
50
52
53
Do certificates
No par 37 Jan 7 15S
07123.A
SOO
5212 53
lapyr 18
8
538 5%
5% 5%
5% 5%
8
612
64 634
638 612 10.600 Amer Druggists Syndicate_ 10
514 Mar 17
6% Jan 22
•133 137 *1334 139 •13334 138
135 135 .13234 134
133 131
100 125 Apr 27 166 Jan 2
400 American Express
3434 3512 3412 35% 34
3512 3434 36
3434 3512 35
36% 15,800 Amer & For'n Pow new No par 2714 Apr 7 39 Jan 7
88
8834 8812 89
89
8918 898 90
904 90
89% 90
No par 87 Jan 6 94 Feb 19
Do pref
5,600
.120 125
12112 12112 .120 125 •121 125
12234 12234 125 125
Do 25% paid
114% Apr 7 12718 Jan 7
900
125 Jan 6
Do full paid
1084
'1Ô12
10;
1
1034 11
11 -1-1-3-4 -11 If
1114 1114 _ 72-,W.H5 American Hide & Leather_100
813 Mar 31
6912 7014 7038 7112 7114 7238 7134 7218 7012 71
71
100 59 Mar 31
Do prof
72
6,900
107 107
107 101312 10712 10812 10713 109
108 10834 1075 108
100
American
4,400
83
Mar 18 18
Ice
1
72
10
2
5483778
4%.1j
ia
lan
Y
nyn 117
7
447
83
.82
8178 82
81
81
81
82
*8112 82
8112 8112 1,100
100 7412 Mar 17
Do pref
*3414 35
35
35
347 347
3412 3758 365* 3778 36
20,900 Amer International Corp 100 3218 Mar 30 41 Feb 5
3612
1218 1218 1234 13
1234 13
13
1314
13
1314 13
1318 5,100 American La France F E.. 10 1114 Jan 2 14 Jan 15
28% 29
2834 2912 2812 29
2834 2914 .2812 29
29
100 20 Mar 25 304NlaY 6
29
3,300 Amert,an Linseed
70% 71,8 7058 704 7012 70
70
7012 70
7014 .70
1
Do pref
100 53 Jan 2 714May 7
2,700
71
122 12234 12134 122
12034 12158 11978 12012 11778 12018 11938 121 4 14,000 Arne,lean Locom new_No par 1044 Jan 5 14
24% NFI br ifi
o
*118
*121 12412 *118 121 .118 120 .118 ____ •118
Do pref
100 11812 Mar 20
122
*4812 4912 4813 49
48
48
4713 4712 48
par
483
4
Am.
Metals
Haan
No
45%
Mar
1,100
30
383
533
4
8
Jan
2
383
4
•111 115 •110 11434 *110 114 .110 11434 .110 114
*110 114
100 111 Mar30 11612 Jan 8
Po pref
92
92% 92
9234 9218 9214 9212 93
9312 9454 95
25 89% Jan 3 105 Jan 17
5,400 Am,rican Radiator
97
7634 7834 7813 77
7612 7612 764 7614 *76
7612 765* 7612
6614 Jan 113
900 Amer Railway Express__ 100 7614MaY 13 84
7
•4012 59
*4012 59
*4012 59
*4912 59
*40
American Republics.. no par 48 Jan 8
59
*41
59
Jan
5312 55
534 54
5312 54
5334 5434 *5314 54
FF bb 2
5318 5312 2,200 American Safety Razor__ _100 3678 Jan 2 5914 Mar
1108
2
ups 1018 104 1014 1018 1018 1018
1034 1034 1178 1014 1034 8,100 Amer Ship & Comm..,N0 par
1018 Apr 28 100.
14'z
9334 9434 9212 937
9234 937
9314 9412 9312
36,000 Amer Smelting & Refining_100 90% Mar 30
110612 10712 *10634 108 .10634 10734 10718 10718 10714 9512 9412 97
100 10512 Jan 5 110% Feb 5
Do pref
10714 10714 10714
500
4912 4934 4912 4934 4978 50
495* 50
4912 4912 4812 49
2,500 Amer Steel Foundriee___33 1-3 46 Jan 30 5414 Mar 4
*109 111 *10912 112 *10912 111 .10912 112
110 110
100 108 Jan 7 112 Apr 18
Do pref
110 110
200
63 6312 6134 63
6112 63
8112 6314 8212 6378 83
American Sugar Refining. _100 4758 Jan 16 13
6312
15,500
6
7sg1:41\N
,
14 a
ay
pyr 111
14
1
9612 9612 *96
98
9678 9678 97
97
98
100 9114 Jan 16 101 12 Feb 28
9812 9812 9812 1,100
Do pref
714 10
734 9
814 9
812 812
6 May 6 2413 Feb 14
75* 814
813 813 20,400 Amer Sumatra Tobacco...100
4334 50
4934 6914 55
64
56
62
53
59
60
100 28 Apr 27
Do Pre!
6318 15,600
*41
4114 4114 .41
42
42
*41
42
42
42
40
4118
900 Amer Telegraph & Cable_100 40 May 15 47 heb 25
13838 13812 13814 13834 13812 13834 13838 13834 138
100 130% Jan 2
13834 13734 13834 10,802 Amer Telep & Teleg
9212 93
9234 933* 9318 9318 9212 9314 9214 9314 9212 93
50 85 Feb 17 9138Nlay 7
6,000 American Tobacco
•106 107 *106 107
10612 10612 1067 1068 *10612 10678
100 1044 Jan 5 10678 Apr 28
Do pref
300
1083* 10638
92
92
9134 924 9153 9214 92
9234 92
9
B____50
8412 Feb 17
Class
common
9214
Do
5,900
234
925*
*105 109 *106 110 *109 110
109 109 *108 109 .108 109
100 American Type Foundere_ _100 103 Apr 22 11214 Jan 2
5412 56
544 56
50
5612 54
5578 534 55
5412 56
20 34% Jan 13
17
21,600 Am Wat Wks & El
2
8
•1005s 103 .10058 103 .1005* 103 .10034 10234 *1005
,10234 .10038 10234
100 100 Jan 9 103 Feb
Do 1st pref (7%)
•10114 102
10178 102
102 102
102 10212 103 103
10134 10312 3,600
Do partic p1(6%)-100 954 Jan 2 103
96718
3 j
Aa
l:3
20
0
3758 3838 378 3334 3712 35
375* 3834 3734 38
377 3938 21,400 American Woolen
100 3434MaY 6 67
4514
2 Jan 3
6
' 7634 77
7612 77
768 77
78
7958 7712 787
7812 7938 3,100
100 8912may
Do pre:
8314 412 .312 412 .312 4
334 334
312 37
Amer
33
4
Pre!
Paper
Writing
_100
212
Apr
1,000
33
2
4
714
714
712 712,
73
7
738 •71A
738 8
8
25
814 1,000 Amer Zinc. Lead & Smelt
7 May 12 1212 Jan 9
*2512 2612 *25
2612 .2512 2612 *2512 2612 2613 2834 2
25 2478May 1
Do pref
39 Jan 9
700
83* 283,
3618 365* 3614 3678 36
377
3812 36
3634 36
3714 3753 16,500 Anaconda Copper Mining. 50 3514 Apr 21
48 Jan 3
32
324 *32
33
*3214 321. .3214 33
3214 3214 *3214 33
Mided_No
par
28
Dan'is
Archer.
Jan
300
7
3514
Feb 13
*98
9712 .96
9712 *96
9712 •97
9712 *9612 9712 •9612 9712
100 984 Jan 5 9712 Apr 20
Do pref
9034 90341 9034 9034 914 9118 9038 90es .9033 9118 9012
9012
800 Armour & Co (Del) Prat _100 9018 N1ar 31 97 Feb 14
.884 94 .854 912 .834 94
9
9
*878 9
833 854
8 Jan 5 124 Jan 28
200 Arnold Const'le&Covtc No par
*199 200 I 200 20234 200 201
200 201
201 201 *201 203
2,400 Associated Dry Goods
100 128 Jan 5 20234May 11
.98
9912 9834 9834 .98 100 .98 100
99
99 .98 991
00 94 Jan 7 993* Mar 12
Do 1st pre(
200
•104 106 *104 106
105 10.1 *10412 105
105 10512 .10413 10512
Do 2d pref
400
100 101 Jan 2 1084 Feb 7
3558 36
38
36
36
3614 36
3658 3612 37
3634 3712 22,300 Associated Oil
25 32 Mar 30 3913 Feb 2
4638 4714 4534 465* 4518 4613 4478 46
43
4514 4253 45
15,000
Gulf
I
20 Jan
SS
&
Line._
Atl
W
__100
4812NtaY 6
1
4 45
4412 45/
4514 45
4512 4434 45
4434 4412 4434 2,600
44
Do pref
100 31 Jan 5 14
17
7:
13 Na
Flebr 5
3
•105 106
105 10634 10518 10738 10613 107
106 10612 10518 106
2,400 Atlantic Refining
100 9513 Jan 2
*11412 116 .11412 11512 11514 11514 .115 116 *11514 116 .115 116
100
Do pref
100 11312 Jan 6 11514 Mar 19
.49
4934 *49
493
49
49
*4812 4912 49
49
.4712 4934
200 Atlas Powder new
par 47 Apr11 5
No 100
01: 24
28
1212
3 F
Ae
•92
94
*9212 94
*92
94
.9212 94
*9213 94
*9212 91
Do pref
92 Jan 14 94 Jan 9
1112 1112 1114 1112 1114 1114
1112 1112 1112 1112 1112 1134 1,700 Atlas Tack
No par
94 Feb 16
2312 2312 2338 .2334 24
2412 2413 26% 2612 2734 264 2634 10.700 Austin, Nichols& Covt eNopar
2314 Apr 30 32
griy 12
934 Jia
*89
90 .89
90
*89
90
93
*89
898 9112 92
92
Do pref
1,200
100 87% Jan 27
14
2% 3
*212 3
*212 234
234 415
414 414 .312 4
1% Jan 7
414May 14
112 1131 1 11012 11212 11112 11314 1095 11234 110 11112 11114 11414 3,900 Auto Knitter Hosiery_ No par
90,200 Baldwin Locomotive Wks_100 107 Mar 30 146 Feb 26
•110 11014 .110 11014 110 11014 .110 11014 11012 11012 .110 11214
300
Do pre(
100 109 May 1 11658 Jan 31
2212 22
2255 2231 22
2212 2214 2212 2214 2212 22
22
4,500 Barnsdall Corp, Class A
25 21 Mar 24 30 Mar 3
1778 1778 1712 1713 .17
18 .1712 18 .174 18
1712 1712
Do Class 13
300
25 164 Apr 22 23 Feb 6
•3212 40
5
*3213 40
3614 40
.3212 40
*3213 40
*3213
Barnet Leather
No par 35 Jan 5 4
74
9,
78
3 J
10
4
4012 4012 4034 4034 4034 4112 .404 4354 *4034 433 *4034 40
433
600
Bayuk Cigars. in,
No par 39 Apr 28 5314 Feb 14
6512 6612 66
68 .6512 6612 6518 6012 .
6512 8814 .
86
66
,
2
1.700
Beech
Mar
60
23
MarJan
Nut
Packing
3
5
39
4018 3912 40
3918 39
3953 4034 395* 40
3934 405 11,800 Bethlehem Steel Corp
100 38% Mar 23 5313 Jan 13
*112 114 *112 11318 .112 1134 *112 1134 •112 11318 *112
11318
Co cum cony 8% pref_ _100 109 Mar 18 11612 Feb 8
*94
95 .94
95 .94
95 .94
95
9478 g5
95
95
300
Do
pref
100 94 Apr 28 102Jan
7%
31
28
3,3
*412 5
5
5/
1
4
54 54
515 518
5
5
.413 5
500 Booth Fisheries
No par
44,Nlay 4
7 Jan 10
214 214
214
214 *2
23* •134 218 *134 218 *134 218
200 British Empire Steel
100
158May
Jan
4
•24
30
*25
30
*2512 30 ._ _ _ _ 30
*24
27 '- -- _ 301
Do 1st pre!
00 30 Jan 5 8
3
,
37
38
4\F
ia
eb
y2
15
1
*712 8
.73s 77
.714 8
.738 738 •73s 7% •712 734
Do 2d pref
100
712 Apr 25 11 14 Feb 24
131 13158 131%13219 13218 133 z130%13112 13138 13113 132
4,800
13212
Brooklyn
Edison.
Inc
100
1205
8
Jan
2
Jan 7
133
8734 8912 88
897s 89
8912 8812 8958 875 8918 88
8812
Union
Bklyn
28,100
Gas
ar
No
1
p
00
7513
Feb 17
.7512 78
77
78
78
7934 794 83
8312 853
8412 8514 10,400 Brown Shoe inc
6412 Mar 31 8534May 14
•100 105 *100 105 .100 105 *100 105
10214 1024 .100 105
100 96 Mar 25
Do pref
100
107 10912 108 109
105 108
107 10718 *108 10718 1064 1064 5,300
Brothers
Burns
No par 9212 Feb 11 109
2142Nla
aY 141
2512 27% 2712 2812 2518 27% 2514 2634 2614 2638 257 26
9
1 1,800
Do new Class B com No par
17 Mar 31 2812May 11
•9613 97
*951; 96
•9418 97 .9418 96
*9418 96 .944 98
Do prat
100 9318 Jan 10 9718 Apr 16
.79
SI
8012 .78
*79
8012 79
79 .70
SO
.79
80
100 Burroughs Addeg Mach_No par 65 Jan 3 8214 Mar 15
512 512
558 534
5% 514
534 54
534 534
534 572,100 Butte Copper & Zinc
5
•1814 1838 1814 1814 *18
414 Mar 31
8% Jan 2
184 17
17
1
4 18
1753 18/
1838
1,600 Butterick Co
100 17 May 13 28% Jan 3
818 814
8
812 912
812
938 1034 11
1212 11,8 1112 13.100 Butte & Superior Mining_ _10
812May 5 2414 Jan 9
58
34
34
54
8
12
.
1
12
12
12
58
5s 1,800 Caddo Cent Oil& Ref _.Vo par
12 Apr 25
2% Jan 12
108 10812 10834 111
107 10712 107 108
11078 11334 11012
2a5r 10012 Jan 27
No par
3038 2934 3034 2938 3014 2914 11214 10.400 California Packing
294 2912 2918 2912 29
3018
25,200 Califoruia Petroleum
2378 Jan 2 112
33%
3NN11.1Y
r 14
71
•111 113 *110 11212 11078 11134 11134 112
11212 11212 11212113
1,300
100 100 Jan 2 11618 Apr 81
Do pref
213 2%
212 258
212 212
258 2%
2% 2%
234
278 _ il,_60_ Cas
inlo,-RLead
anoZp
alleahij
10
212May 8
454 Feb 19
48
48
48
4812 47
48
48
4813 4812 50
49
49
10 45 Apr 22 58 Jan 7
2,200 Calumet Arizona Mining
____ ____ ___
_
____
No par
;15- -1-01; ;ii- IiC2 *13
134 .1318 131-4 131318 -154 134
800 Calumet & Hach
12% Apr 27 18% Jan 5
3012 •27
*27
31
3014 *27
•27
3014 .27
3014 .27
3014
Case Thresh Ntachine___ _100 24 Mar 18 30% Jan 23
71
71
71
71
73
72
•70
7338 73
73
73
73
Do pref
2,100
100 60 Mar 11 7338Nlay 13
1634 1714 1714 177
1834 205* 19
175* 183
20
1918 697,,
1912 3
100 14% Mar 28 211
3.100 Central Leather
28
/
4 Feb 7
5914 5914 6118 5918 6012 59
5634 5612 57% 57
55
Do pref
,200
100 4914 Mar 24 66 Feb 7
37
37 .3612 38
36
3612 38
36
36
36 .3512 39
700 Century Ribbon Mills..No par 3112 Jan 5 4712 Mar 11
.
96
98
*9612 98
*96% 98
98% 98
*9634 98
*97
98
100 954 Jan 3 98/
Do pref
1
4 Jan 14
474 4718 4714 4714 4734 475 49
474 4714 47
4811 493* 11,500 Cerro de Pasco Copper_No par 434 Mar 24 5512 Jan 2
*41
42
42
4212 42
42
4234 4334 4312 44% 4312 46
26.800 Certain-Teed Products_No par 4034 Mal 24 eel% Mar 2
3434 :1512 353 374 3512 367
3514 36
35
3514 345 3514 17,700 Chandler Motor Car_ __No par 2812 Jan 22
37% Apr 8
*9212 9312 9212 93
9312 9312 9212 93
*92
9212 92
943 111100I Ch lceagc
o Pneumatic Tool_ _100 8014 Mar 19 98% Jan 3
497 *48
*48
497 *4814 50
•48
4978 .
3
4%
2
3
43
9%
78 3
43
8
48
3
338
14
Chic Yelolopw
DeC
rab tem cti No par 48 Mar 18 55 Jan 3
3234 3234 32% 323* 3212 3238 325 327
C2
hi l
5 3012 Mar 30 37% Jan 2
1912 1912 .19
20
20
21
*20
21
2014 214 2134 2218 2,400 Chino Copper
5 19 Apr 23 28% Feb 1,
.62
62 .60
64 .60
62
63
63
*60
63 .60
63
400 Cluett. Peabedy & Co.
100 584 Mar 17 7114 Jan 12
•131d and aeatel :Moos. no gales on tills thy
a Ex-rights.
z Ex-dividend.
PER SHARE
Range for Precious
Year 1924.
LOtredi
If
per share $ per shwa
6714 Jan 93 Dee
412 May 1412 Dee
14 Feb
.05 Dec
ill Mar.
78 Jan
65 Mar 8712 Dec
110 Apr 118% Dee
4158 May 7358 Dee
90
AIM 104% Dec
74 Apr 174 July
18% Apr 4958 Jan
36 Mar 4913 Feb
6812 Oct 83 Dec
2214 Apr 38% Jan
76
Apr 102 Dee
10414 July 110 Mar
95% Apr 16312 Dee
109
Jan 119
Oet
15312 Apr 2004 Dee
118% Apr 125 July
2138 Mar 25 Sent
14% Apr 4078 Dec
514 Feb 9312 Dee
23 Sept 39 Dee
312 June
7
Oat
Apr 10434 Dee
88
9213 Mar 152i4 -fie;
9112 Apr 133 Dee
1458 Dee
74 Apr
5012 Jan
7238 Dec
72 A ng 96
Feb
734 Nov
83 Feb
1738 Mar 35% Nov
10 May 1214 Jan
13% May 28% Dee
Apr 5338 Dec
30
704 Apr 10934 Dee
11614 Apr 12012 Sept
3834 June 54 Dee
10714 Apr 11512 Doe
94/
1
4 Apr 136 Dee
7712 Nov
83
Ore
Jan 48 Dee
25
5% Apr 1014 Nov
1018 Oct 15% Feb
$74 Jan 10058 Dee
96
Jan 10758 Dee
334 Apr 49 Dec
10114 Apr 10914 Nov
36
Oct 6154 Feb
77
Oct 9978 Feb
6% July 2812 Jan
2212 Sept 69
Jan
3814 Dec 434 Jan
12111 June 13454 Dee
13658 Mar 16978 Nov
101
Apr 10611 July
13514 Mar 18838 Nov
106 Sept 115 Sept
40 Feb 144 Dee
8912 Mar 101 Dec
66
Feb 102 Nov
511
/
4 Sept 78% Jan
Oct 102/
90
1
4 Jan
14 Apr
7 July
7 Mar 1214 Dee
24 June 3678 Dee
2813 May 4814 Dee
2812 Dec 29 Dee
90 Dec 914 Dee
834 June 94% Dee
Jan
6
Oct 15
79
Jan 10412 Nov
834 May 94 Nov
Jan 1924 Dee
89
274 July 3458 Feb
1034 Mar 23 Dee
3113 Del
1212 Jan
7812 July 14018 Jan
oat 118 Feb
108
47
Apr 54% Feb
8212 Feb 93 Dee
5 June 1118 Jan
1811 Mar 3312 Dee
Apr 91 Nov
79
112 Nov
813 Jan
104% May 13438 Dee
,
11012 June 1174 No
Feb
14
2312 Dee
Jan
10
1712 Dee
234 Nov 39 Dee
Jan
3912 May 59
4434 Apr 72% Dee
37/
1
4 Oct 8218 Feb
10114 Apr 1104 Feb
894 June 97 Feb
358 June
74 Jan
6 Aug
114 Nov
30 Aug 54 Mar
5 Nov
1578 Jan
10714 June 12414 Dee
5658 Apr 8234 Dee
39 May 7612 Dee
1
4 Dee
84 June 99/
95 Dec 11212 June
19% Feb 29 Nov
954 mar 994 May
62% Nov
6712 Oct
358 June
914 De0
17 Apr 25% Dee
14 May 2512 Doe
1 Nov
414 Jan
80 Apr 1064 Dee
1912 July 294 Feb
9212 July 107
Jan
212 May
57 Jan
4134 Mar 588 Dee
12 Mar
154 July
134 May
194 Dee
14 Mar 35 Dec
4114 Nlay
77
Jan
97 Mar 2158 Dee
294 Mar 5814 DOO
2554 Apr 3514 Nov
91
Jan 9512 July
4034 Mar 563 Dee
247 June 4412 Dee
2612 NOV 6612 Jan
797g May 10078 Dec
39 May 8111 Apr
25% M
3888 Dee
1
Mar 29
Dee
Cot. 75i. Inn
65
New York Stock Record-Continued-Page 3
roe sales during the week of steaks usually Inactive, see third page preceding.
2524
PILCH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
danerday.
May 9.
Monday.
May 11.
Tuesday.
May 12.
Wedisesday.IThursday,
May 13.
May 14.
Pridam,
May 15.
Bales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Prestos.
Year 1924.
Lowest
Highest
Per share $ per share
Par 8 Per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & MIscell.(Con.)
Apr 8318 Dee
61
No par 80 Jan 6 108%May 12
107 10878 10712 10812 10734 108% 10758 10814 9.000 Coca Cola Co
107 10714 10612 107
2474 Feb 6414 Aug
13
Jan
4814
21
Apr
3214
100
3934 27,100 Colorado Fuel & Iron
39
40
39
3814 4114 4038 4134 3912 41
3812 39
55% Jae
Sept
39/4
500 Columbian Carbon v 1 o No par 45 Mar 24 5134 Jan 8
*4634 47% *4674 474
4734 47
47
4712 4712 4712 4712 47
33 Mar 48 Deo
No par 4334 Jan 21 6634May 8
64
65ss 614 6434 6314 64% 6318 6418 6234 6334 6234 6418 60,500 Col Gas& Elea
Dee
105
Dec
10314
11
May
10414
Jan
5 108
100
Do prof
700
10712 10712 108 108
10714 10714 10714 108
10634 10834 •10678 108
3033 May 58 Nov
Comml Invest Trust__No par 50 Jan 2 67 Feb 16
*5618 6012 *5618 6018 *5638 60
*5618 63 .5638 6014 *6034 6012
Nov
103
May
93
19
Jan
10614
19
Mar
102
100
Do pref
*102 10312 *102 10314 *102 10334 *10212 10312 *102 10334 •102 10314
434 Jan 13114 Dec
400 Commercial Solvents A No Par 814 Apr 27 190 Jan 29
93
93
97
*91
95
*90 100
*90 100
9434 9512 *88
33 Jan 1294 Dee
No par 81 Apr 27 189 Jan 29
Do "B"
400
88
88
95
*90 100 *90 100 .90
*90
95 •88
95
2
Jan
3234 May 6634 Feb
4314
29
Apr
24,100 Congoleum Co new___ _No par 25
2812 2713 28
2714 2614 2658 2618 2688 2578 263s 2518 26
734 May 144 Dee
17 Feb 10
16
Feb
4
23
par
FolletampedNo
Tin
Conley
*3
312
3
318 *---33,3
1134 Mar 30 Nov
12
sMay
2
Jan
367
2614
par
Cigar____No
Consolidated
35,100
35% 36
3678 3512 367g 3434 36
33
3412 3312 351s 35
Apr 84 Jan
594
100 7934 Jan 2 89% Feb 14
Do pref
200
87
*82
88
*88
90
*88
8912 58714 8814 8812 8812 88
334 Dee
Is Jan
94 Feb 19
34 Jan 7
4,300 Consolidated Diatrib'rs No par
5
5
518
518
5
5
5
5,4
514 514
5
514
Jan 7971 Dee
4
13
May
7
60
85
30
Mar
par
7434
83% 8414 8332 8432 41,200 Consolidated Gas(NY) No
8318 8418 8358 8414 38314 8378 8318 85
8 Jan
234 Apr
514 Jan 7
19
8Mar
par
27
Textile___No
Consolidated
27,800
8
3
3
34
3
3
3
3
312
3
8
27
3
3
283
434 Apr 621s Dee
6974 Jan 2
6614 6534 • 6638 6512 6612 18,300 Continental Can 1nc__No par 6012 Mar 30
6678 6712 6614 6718 66,8 671s 66
Dee
1091s
Apr
8914
26
Jan
25 103 Jan 5 1204
*109 11012 *10912 11012 110 110 *110 11011 111 11312 11334 11712 4,300 Continental Insurance
874 Dee
6 Apr
814 Jan 2 1134May 9
11
1118 II
10% 1018 1012 125,000 Cont'l Motors tern otfe_No par
1118 1012 1114 10
1034 10
3114 Jan 434 NOV
4134 Feb 25
3478 353s 3478 3512 3514 3534 49,700 Corn Products Refin wi____25 3414May 12
351s 351s 3412 3514 3414 35
100 1184 Jan 7 12312 Mar 25 1154 Apr 12314 Aug
Do Ord
200
*121 123 *121 123 *121 123
121 121 *121 12212 12112 12112
224 Sept 404 Feb
30 3534 Feb 2
par
Mar
264
No
Co
&
Oosden
-- -- 80 Dec 95 Feb
100 83 Jan 2 904 Feb 10
Do prof
48 May 76 Dee
7084 Jan 17
6934 67l 68's -ail, WA 10,500 Crucible Steel of America 100 6414 Mar 30 96 Jan 15
-(i812 6914 67 6814 -6814 694 68
86 May 98 Dee
8
May
92
100
pref
Do
100
95
*93
95
*93
95
*93
*93
95
95
9312 9312 *93
1014 Oct 18 Feb
9
Feb
4
/
141
29
Apr
par
No
1034
121s 6,100 Cuba Cane Sugar
11
1234 12
1114 1114 11
1114 1114 1138 1134 12
534 Apr 71% Feb
100 4714 Apr 30 6214 Feb 26
Do pref
50
5014 4912 50
5112 5112 52% 5134 5312 5114 5114 13,400
50
2814 Nov 3874 Feb
3
Mar
3313
6
May
27
__10
Sugar__
n
Cuban-America
28
28
288 281s 2818 28ss 2812 2878 2818 2814 2918 29,4 4,250
Jan 10014 Nov
96
100 99:2May 5 101 Mar 13
Do prof
9712
9712 .
9712 •96
96
9712 *96
9712 *96
97% *96
*96
812 Feb
47g June
614 Feb 27
434May 13
3,500 Cuban Dominican Sug_No par
418 412 *458 5
•41g 5
*412 478
41: 458
412 412
62 Feb
Dee
88
6
Jan
444
11
May
100
36
Do pref
100
3714
3734 *35
3714 *35
3714 *35
*35
36
3714 36
*36
4 Senn
964
763
Aug
No par 62 Mar 30 78 May 15
3,300 Cushman's Sons
78
275
74
68
*6812 70
70
70
68
.674 70 .168
454 Nov 7411 Jan
No par 60 Feb 17 59 Apr 14
1,000 Cuyamel Fruit
54
5314 5314 5334 5378 *53
Mar
5378 537s 5218 5212 *5214 54
3214
Nov
6
9
Jan
7%
23
Apr
1%
212
100 Daniel Boone Woolen Mills_25
212 *2
212 *2
212 .2
214 24
213 •2
*2
394 Nov 6913 Jaa
Jan 23
34,4 33% 3414 3214 3334 3218 3312 12,000 Davison Chemical v t e_No par 27% Apr 30 4934 Jan 28
3414 3478 33
3414 33
2214 Dee
Jan
1814
244
18
Mar
2014
Cons
minee No Par
De Beers
201s 22% *1934 2234 *1914 223
*201g 2212 *20g 2212 *20ss 2212 .
Dee
100 110 Jan 3 119 Mar 7 10114 Jan 11614 Jan
11814 11814 118 11814 1.700 Detroit Edison
116 110
11618 117
11712 11778 118 118
114 Nov 2014
No Par 124 Apr 14 164 Jan 19
1334 1334 1334 1378 1314 1334 •1358 1334 *1358 1332 1334 1334 1.400 Dome Mines. Ltd
Dee
19
June
4
3
9
1912May
12
16
Feb
14
No par
1912 1812 1912 18s8 187s 9.700 Douglas Pectin
1912 19
1818 1818 1878 19
18
10814 Sept
500 Duquesne Light 1st pref___100 105 Jan 7 110 May 14 10014 Mar
10914 110 •107 10712
108 108 .10734 110
10814 10814 *108 110
Jan 19 10414 Apr 11471 Not
10918 1091g 10912 10912 10912 10958 10914 10912 10912 10978 10978 1097s 2.900 Eastman Kodak Co .No par 1084 Mar 19 118
241s Jae
Sept
4
3
8
4812May
15
*1418 144 141 151
1512 , 1612 1512 15% 1578 1812 23,400 Eaton Axle de Spriny.. No Dar 1014 Feb 13
1512 161
5 154 Mar 4 112 May 142 Dee
14612 149
14714 149
147 1481g 148 15234 15112 15368 32,400 E I du Pont de Nem & Co--100 13414 Jan 23
14612 148
Ain 96 Dee
85
9714Mar 4
100 94 Jan
Do pref 6%
600
9712 9712
9714 *9612 971
*97
97
96,4 96,4 9612 9712 97
504 May 66 Dee
64
3,000 Elea Storage Battery__No 17a7 6074 Mar 30 7034 Jan 3
837s 6378 6312 6314 6318 631a 6314 6414 6378 6438 64
14e4 July
Dec
11
74 Feb 17 1011 Jan 22
50
Elk Horn Coal Corp
812
81
81
*8
*8
*8
81
812 *8
*8
34 July
74 June
24 Jan 3
118May 1
214 1.900 Emerson-Brantingbam Co_100
178 2
214 214 *2
114 2
Dia 111-4 *114 2
Dee
734
May
4
9
Jan
557
72
2
Apr
50 6334
2,100 Endicott-Johnson Corp
68
68
69
68
6712 68
67
671g 68
*6512 6612 *66
Jan
1054
115
June
100 1124 Jan 21 1164 Feb 16
Do pref
11234 114 *11214 114
*11234 114 •11234 114 *11214 114 *11214 114 .
14515
2414
Dec
18
3
Jan
4
7
19
8
Apr
154
par
Corp_No
Buffet
Exchange
200
1834
183 •17
17 •17
18
17
•17
*1612 1812 17
17
Jan
Dec.413
2
12
414May
214 Mar 27
25
600 Fairbanks Co
412 *334 51
418 418 *4
*312 534
4
312 4
4
2512 May 34 Dee
No par 3214 Jan 2 3834 Mar 12
3412 3478 1,800 Fairbanks Morse
3512 3434 343
3512 351s 3512 3512 3512 35
*35
Jan 9814 Gee
61
2
10014 10158 29,800 Famous Players-Lasky_No par 9014 Feb 17 10314Mar
99 100
10018 10114 10078 10234 100 10118 100 101
8
Jan
877s Jan 10812 Dee
100 10374 Feb 17 110
Do pref (8%)
700
10814 109
10812 10812 •10812 109 •10812 109
10814 10814 *10812 109
741s May 1221s Dee
7
May
168
3
Jan
1144
&
Light
Trac_Noyar
Federal
1,400
16112 16412 *162 165
164 165
16314 16312 16214 16312 163 163
5% Apr 244 Dee
Federal Mining & ElmelTg_100 154 Mar 13 25 Jan 19
15,4 1514 •15,2 1612 1632 1613 *1512 15I2 •151z 1612 •1512 1612 2,900
4114 Jan 641s Dee
100 494 Mar 11 6414 Jan 15
Do pref
5512
5518 54
54
54
5312 5314 5514 *53
5312 5312 53
Mar 146 Dee
118
15
May
175
6
Jan
1474
25
Y__
N
of
Ins
Fire
Phan
Fidel
3,600
16414 16414 165 1701g 17112 175
*160 162
161 165 *162 165
94 Jan 1814 Jan
1538May 11
600 Fifth Ave Bus tern ctfs_No par 12 Jan
1514 15
•15
153* 1518 1515 *1414 1518 •1418 1534 •I414 1512
Jan 240 Dec
280 Jan 12 163
Fisher Body Corp
No Par 239 Jail
512 June 137s Dee
14 17:4May 13
n2
014 Mar
15
par 7
No liv
1618 1678 164,500 Fisk Rubber
1812 1712 1613 17
15
1418 15
86 Dee
1583 1534 17
35111
881a
9214May 13
Do 1st pref
9112 9112 3,500
8734 8912 9114 9214 *9112 92
86
8612 8612 87
444 Jan 9014 Nov
No par 75 Mar 19 me Jan 2
17,200 Fleischman Co
8478 8538 8518 8614 8578 86
9414 Dee
8214 8214 8312 8412 8414 85
Jan
6612
1135
Jan
8MaY
15
90
No par
11012 11034 11012 11112 111 11314 11114 11314 113 113% 13,900 Foundation Co
11014 111
71s Sept 137s Jan
8 Mar 18 18121May 11
No Dar
39.100 Freeport Texas Co
1518 1612 16% 1812 1678 17% 1578 1734 151s 1614 14113 16
7 Jan
Oct
314
1614 Mar 2
41a Jan
No par
1012 4,000 Gardner Motor
978 10,4 *10
1012
934 118s 1014 1114 1014 1012
*10
334 May 53 Dec
584 Jan 10
1
Aepbr 2
334 F
243
100 4
Gen Amer Tank Car
*4612 48
4712 •46% 4778 *4614 48
*4718 48 •47
Dee
994
*471g 48
Feb
92
19
Jan
99
100
Do pref
99
*97
99
99
99 •97
*97
99 •97
99
*97
*97
3138 Apr 634 Dec
100 4213 Mar 30 6314 Jan 2
5212 5212 5314 10,600 General Asphalt
52
53
53% 52
52
5114 52
Hat
100
5114 52
Apr
71%
2
Jan
100
1
Mar
8614
100
Do pref
100
94
94
*92
94
*92
94 .92
*92
93
93
93
*92
Jan 160 Sept
93
14734 Jan 2
No par 121 Mar
2,500 General Baking
13534 14012 14014 140,4 140 143
135 136
•131 135 •130 135
8214 Apr Ms Dec
10134Mar 4
100 8412May
8938 8938 8914 9014 9038 9034 9013 907s 8914 894 1,900 General Cigar.Inc
89
89
Mar
10114
106 Dec
12
Mar
1114
Do pref
•10434 109 *10434 109 *104 199 *104 109 •104 109 •104 109
ja r 2 10914 Feb 25 100 Apr 109 Dee
8813 Apn
8 106
Do debenture pre/-100
•104 109 •104 109 *104 109 •104 109 •104 109 *104 109
Dec
1934
322
2
Jan
Jan
320
1
Feb
22714
100
24,800 General Electric
27312 27612 274 278
275 27834 27512 28112 27414 278
27658 280
1014 Apr 1113 July
1134May 7
Do special
1118 11% 1118. 1114 1114 113* 1114 11,4 1114 1114 1114 1135 2,900 General
Dee
4
5534
667
10
Oct
Feb
n
Jan
ja
79
4
11
643
par
8
Cory__No
Motors
82,500
7478 7512 7478 7518 7478 7512
748 751g 7472 7512 7478 76
80 June 93 Dec
100 90 Feb 13 9413 Jan 21
Do pref
100
9212 *89
92
90
_ .
*91
94
*92
93
93
8014 June 9313 Dee
Apr 21 94 Jan 13
8812
(6%)____100
stock
deb
Do
9212
*89
9212
*90
9212
*90
*909212
*91
*89
9212 *9112 93
9514 July 10314 Dee
100 102 Jan 5 10874 Feb 2
Do 7% pref
3,000
10614 10614 10612 10612 10612 10612 10612 10614 10612 10614 10612 10634 35,500
3834 June 45 Aug
25 42 Jan 16 5714 Mar 3
General Petroleum
5278 5158 5212 5155 52
5118 5214 5118 5234 52
5114 52
Jan
994 Jan 14
31 June 65
28
Apr
43
par
Refractories...No
General
4412
700
*4418
45
4312 4312 *4418
44
44
44
4612 4612 44
Jan
57
13
474 June 6474 De(
16
Mar
47
par
No
3,300 Gimbel Bros
50
5018 50
50,8 *50
5014 50
50,8 50
50
50
50
Jan 107 Sept
99
10214 Mar 14 1054 Jan 20
_..100
pref
Do
105
*103
105
•103
105
*103
105
*10314 105 *103 105 *103
21 Dec 274 Not
4012 387s 40s 36,400 Ginter Co temp atfit___No par 2234 Feb 13 40781May 15
3814 38
3378 3372 3514 351s 367g 37
• 33
8 June 15 Nov
No par 1213 Mar 19 2338May
2014 2078 2034 2114 2014 2118 2112 221s 95,800 Glidden Co
2014 2018 2014 21
4374 Nov
2814 AP
3 421s Jan 2
Mar
37
part
No
c
t
v
Cor-,
Dust
Gold
8,300
42
3912
40s
8
407
4018 391g 40
3912 397g 3978 •39
*39
5514
5
June 38 Dec
Apr
Jan
17
364
6
par'
No
F)
(B
Co
537g 26,000 Goodrich
5314 5478 5318 53% 53
5358 5414 5414 55 I 5414 55
Dec
3
16
Jan
92
Apr
92
99
100'
May
7014
pre!
Do
200
98
98
*9712 9812 49712 9818 9813 981s *9712 99,8 *9712 98
8614 Jan 6 10114 Mar 6
Jan 601s Dee
39
9738 9678 97% 4,400 Goodyear T de Rub Of v t 4).100
967s 9718 9678 9714 967g 9734 97
Dee
97
97
27 10714Mar 6
Apr
10814
Jan
103
100
8814
pref
prior
Do
1,800
10334 10334
10312 10312 1037s 10378 10378 10379 10378 104
*103 104
124 Apr 2174 Dec
800 Granby Cons Min Sm & Pr-100 13 Mar 30 2114 Jan 14
94 Jan
*1312 1412 *1312 1412 1414 1414 1434 1514 1514 1512
•1312 14
44 Jan 2
718 Jan 3
24 Oct
Gray & Davis. Ine____No par
25 91 Jan 18 9914 Mar 3
834 Oct 967s HOC
WI; _ 1:ioo Great Western Sugar tern ctf100
64; Ws; -6ii4 945* 9412 9412 94 8 94 * -6,112 94 2 -942
1134 Mar 19 1914 Jan 2
10 May 2178 H00
1212 1312 1318 1318 1,600 Greene Cananea Copper
*1212 13
1212 1212 *1212 13
•I212 13
1014 Feb
614
Jan
4% Nov
5
6
Par
--No
44MaY
Sugar-Guantanamo
700
55% 514
5
478 47:
5
*412 478 •412 478 .413 474
May 8914 Feb
674
24
100
Mar
62
94%
Feb 5
22,600 Gulf States Steel
80
8034 78
7912 8114 8012 8134 79
7612 76723 7512 78
Sept 4414 Feb
2514 Apr 24 3714 Jan 7
par
o
31
Corporation-N
Hartman
7,600
4
303
2914 2912 2938 297a 2978 3038 30% 30% 3014
30
30
No par 30 Mar 14 4314 Jan 3
3214 May 5274 Feb
3,100 Hayes Wheel
35% 36
36
3612 3614 367g 35
36
3512 36
36
*35
4814 Dec 5178 Dee
300 Hoe(R)& Co tern otfs_No par 45 Apr 1 4874 Ian 9
47
46
4612 4612 .
*4612 4614 *4612 4614 4612 4614 *4612 47
2
Jan
43
100
July 5612 Jae
12
Jan
35
50
Mining
Homestake
1,200
46
4412 44
4414 *4414
4478 4478 4412 4412 4418 4418 44
314 Apr 38 Nov
2,100 HousehProci.Inc,temctiNopar 344 Jan 6 3734 Jan 20
36
361g 3619 3619 3614 3614 236
3618 36
36
36
36
Apr 8211 Feb
tern ctf3_100 59 Apr 22 85 Jan 29
61
Tex
011of
Houston
3,100
63
63
64
6314
63
63
6212 6212 64
62
83
63
Jan 5 5578May 11
20% May 90 Dee
5312 5414 49,200 Hudson Motor Car_ _ __No par 3334
54
5318
5514
5412
54
5312
8
557
5412
Jae
5412
18
18
May
Mar
1914 Jan 5
5314
1114
83,100 Hupp Motor Car Corp._.. 10 1414
1738 18
1858 1712 18
18
1634 181z 1838 1918 1838 19
231 Dec
4 Jan
1 Jan 5
No par
114 Jan 8
Hydraulic Steel
Dee
10
,z5
May
Jan
334
6
100
26
- Apr
4
Do pref
73
7I
*718 /1-2
*7 a
713 *718 -71-5 -*Da -/1-2 57'b
*7l
Jan 5 3313Mar 6
534 Sept 16(4 Dee
8 28% 54,300 Independent Oil & Gas.No par 1314
2612 273s 2614 267E 2618 2778 2714 281g 2773 2834 277
1514 June 2514 Feb
No par 13 Mar 24 20 Jan 3
173s 2,000 Indian Motocycle
17
17
74 June
1712 17. 17,8 •16
1612 1612 17
*1634 17
2
Jan
513
334 Apr
10
103s Feb 6
712 712 3,300 Indian Refining
814 5,712 784
8
778 774
8
8
714 8
100 77 Mar 24 95 Jan 7
60 Mar 75 Dee
Do prof
900
81
81 '78
*78
80
79
77
77
77
85 '75
175
No par 3834MaP 1 60 Feb 2
3114 May 4814 Nov
23978 39% 3,300 Inland Steel
40
4014 4012 40
40
4034 40
4012 4012 40
100 10412 Apr 13 110 Jan 22 10114 Jan 1074 Dec
Do pref
10714 109 *10812 109 .10812 109 *10812 109
*107 108 .107 108
e 33% Dec
224
2 13234
t 22
u;
1 An
3 3Feb
3 4 Jan 12
2:
20 221
_ pw.
N
Copper
6
Cons
Inspiration
0
0
6
4.00
241a
5
237
9% Jan
234 23% 23% 2314 2478
2338 2338 2338 233* 23
June
Feb
1178 1178 4,800 Internat Agricul
*1112 12
12
118% Dee
•1013 11
1238 1158 1218 12
11
i 306
lt;
u
2 M
10
Int Business Machines_No par 16
0
0
5
1;4
4
12112
11812
119
*11812
594 Nov
12034 12034 1195* 12012 11952 11958 1184 1184
7
r
1
par
11)
No
4
0
3
2
1
9
Cement
1g21243
International
64% 64%
64
89 Dec
6412 64
65
65'3 6412 6534 6412 64% 64
Inter Combus Engine No Par 3114 Jan 21
404 384 3934 3814 3914 77,800 International Harvester___100 9618 Mar 25 144
1101% Dec
3912 4034 395 4138 3912 404 39
Jan 23
Ja
1078 Mar
2,600
12 11511 Nov
107 107
106 107
*106 10714 107 1074 107 108
107 107
b
8
sr
e
Il
.
F
M
100
28
76
2
10
114
3
Mar
117
17
May
pref
Do
300
116 116 *11512 11612 *11534 11612 11612 11612 3.800 Int Mercantile Marine...--100 104 Apr 13
Jan 1558 Dee
115% 11512 *11514 118
Feb
1034 11
105* 1112 114 1134 1034 11
11
11
11
11
8 Mar 47% • Dee
213%
100 394 M ar 18 5124374s Feb 5
Do pref
13,300
4214 4214 41
27% Dec
4214 4118 424 4114 434 414 4378 4218 424 31,400 International Nickel (The)1_25
Jan4Mlt
2344
6
2:
18
00
r
b
p
e
A
F
ii1
i
2
4
5i
1
1
2
0
3
2
95 Nov
2912 29
2912 2834 298* 2812 291g
2912 99
294 29
29
Do pref
*9614 99
*9614 99 '9614 99
60 Dec
98 '9614 99
*9614 99
*96
100
4814
19
Jan
Mar
3
62
13
Paper
:4
1
:
41
r
1
International
14,800
5734
57
57
5714 57'2 5612 5674 56
7474 Oct
5814 5612 58% 56
100 71 Mar 9 7712May 6
62
Do stamped prof
600
*7534 7612
76
7614 7614 76
7634 7614 •76
76
7512 76
73 Apr 119 Nov
No par 108 Feb 2 136 May 4
400 International Shoe
1194 Dee
12914 12914 '131 135
136 136
•136
134 134
135 135
May
115%
119
28
18
100
Apr
8
1205
Feb
Prof
Do
100
120 120 '120 125
*119% 116- '11913 120 *11934120 '11934120
66 Feb 94 Dee
100 8712 Apr 3 9754 Feb 19
Internat Telep & Teleg
9112 917s 9158 9212 9134 9212 4,900 Intertype Corp
924 9112 92
9314 91
92
244 Dec 324 Mar
No par 22 Apr 9 281: Jan 5
211,
187: Jan
2112 *19
2112 *19
23 *19
2112 •19
•19
2112 •19
1014 July
9
'2
1514 Jan
225* Jan
Invincible Oil Corp-- No par
394 Apr 10038 Dec
10 82 Jan 2. 105 Feb 10
Iron Products Corp
Jan
2314
90 ;72- -iiii. ;ii- IC ;ii- IC ;ii- -ii- ;ii- -ii•72
Feb
Mar
21
1814
30
100
2014 194 1914 2.200 jewel Tea, Inc
20
19
1812 184 1874 1874 19
/,Ifirr 106 Dee
181
Ira'
*18
rb
100 10214 Jan 19 11078
Do ore!
200
10812 10812 *10612 109
1074 10712 .107 109 *107% 109 *10712 110
-rights.
$50 and prime on that basis beginning June 3. a Es
•UM and ailed corker no sales on this di.). e $x-illvIdend. 3 Par value clanged from $100 to
13
New York Stock Record-Continued-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
AW11,S08.
May 9.
Monday,
May 11.
Tuesday.
May 12.
Wednesday
May 13.
Thursday.
May 14.
Friday.
May 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share iota.
2525
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Mace'''.(Con.) Par $
Per share $ Per share $ per share per shore
1614 1614 1614 1614 16
16% •15% 1638 16
16
•1618 16% 1,300 Jones Bros Tea. Inc,stpd_ _100 16 May 1 21% Feb 3
14% Sept 27% Jae
4814 49
48% 49% 46% 4914 45% 4612 45
4612 46
46% 10,600 Jordan Motor Car
No par 42 Jan 27 5914 Mar 3
218* May 52% Dec
*38
*38
12
12
14
37
*3s
12
*38
12
•311
12
300 Kansas & Gulf
10
14 May
14May 14
114 Jan 28
Jan
I
2512 25
*25
2538 2512 2534 25% 2678 26
2718 27% 2912 6,100 Kayser (J) Co v t e.-No Par 1814 Mar 17 2912May 15
16% Aug 3838 Jan
•86
96
*87
90 .
87
90
*87
90
90% 92
9412 1,000
94
Do 1st pref
NO par 83 Mar 30 9412May 15
77 Aug 10212 Feb
16% 18
18
1858 1814 1912 1812 19% 18
18% 1818 1858 51,600 Kelly-Springfleld Tire
25 1214 Mar 24 I912MaY 12
9% June 35
Jan
484 50
52
51
5234 5334 53
543s *51
54
Do 8% pref
100 41 Mar 25 5438May 13
5334 53% 3,000
33 June 88
Jan
.50
53
52
53
56
57
56
56
•54
57 .
56
52
Do 6% prof
1,000
100 43 Mar 25 67 May 12
40 June 78% Jan
'90
95
95 102
99% 10412 100 10214 *9812 99% *9812 9912 5,300 Kelsey Wheel,Ino
100 88 Mar 26 10412May 12
76 May 104 Dee
48% 49
48% 4918 4834 49
49
4934 49% 5014 49% 501s 24,700 Kennecott Copper
NO Par 4614 Mar 30 57114 Jan 13
344 Jan 6714 Dee
212 234
2% 278
234 3
234 3
2% 278
2% 234 21,300 Keystone Tire & Rubb_No par
Vs Jan 9
314 Feb 6
114 Oct
414 Jae
*75
76
77
78
79
82
8012 81
81
81
81
8312 4,100 Kinney Co
No par 72 Apr 21 87 Jan 3
5214 May 8814 Dee
•375 385 *370 38514 375 375 38514 38514.
380 396 .
380 385
200 Kresge(55) Co
100 355 Apr 28 532 Mar 24 28712 Jan 47514 Dec
*35
37
3734 .35% 3712'
35
373g 36
3514 3712 37
Kresge
39
Dept Stores_ ---No Par 3112 Jan 21 4514 Jan 7
2.400
4212 Nov 6214 June
•157 165 *157 164 *150 160 •I50 160 •150 159
160
Laclede Gas L (St Louls)_.100 11014 Jan 5 178 Mar 31
Jan 113 Nov
79
14
1412 1438 1412 145* 147s 14% 1434 1438 14% *150
14
1414 5.400 Lee Rubber dc Tire_ __No par 11% Feb 20 15 Feb 5
8 May 174 Jan
6112 6134 6114 6114 62 627* 6212 63
62% 63
x62
6238 4,500 Liggett& Myers'rob new. 25 57 Mar 25 7112 Feb 5
50
Mar
6814 Dee
*119 121 •119 121 "119 121
120 120 '118 122 •I18 122
Do Intl
100
100 11611 Jan 16 120 Mar 3 11414 July 121 June
61
611g 6012 61
61
621s 62 62% 62% 62% *6158 6278 9.200
Do "B" new
25 5512 Mar 27 7034 Feb
48% Mar 1384 Dee
64
8412 6412 64
6312 6278 63
63% 6334 63
z62
6238 1.900 Lima Loo Wks
No par 6114 Mar 31 7438 Jan 14
56 June 71 Dee
2878 29
2834 2934 2834 2912 2834 291s 28% 2878 2812
No par 22 Feb 17 2934May 11
2878 16,900 Loew's Incorporated
15% June 26 Der
8
8
758 734
712 712 .711 8
'75
8
8
No Par
6 Jan 28
9% Apr 6
712 712 1,700 Loft Incorporated
512 Apr
814 Jae
86
86% 87% 8934 89
9312 911
/
4 93
8978 90
89
89
Loose-Wiles Biscuit
77
7,300
100
Feb
17
97%
Mar
7
50
Mar 84 Nov
343g 355g 35
35
3438 3478 34% 34% 34% 35% 35
3514 3,000 Lorillard
25 3014 Jan 24 373* Jan 13
113% Dec 4014 July
•108 110 •109 110 *109 110 •109 110
*108 110 *108 110
Do pre!
100 10818 Feb 27 112 Jan 12 112 Nov 117 Feb
1714 1712 17
17% 17
18
17% 183g 1778 1834 1818 19
32,300 Louisiana Oil temp ctfs No par 1458 Mar 31 234 Feb 3
37
373s 37 37
3612 37
35% 3614 3418 36
347g 3638 12,000 Ludlum Steel
No Par 3134 Feb 17 55 Mar 4
17 Oct lift Wei
•118 11934 118 118 •118% 119
11812 11812 •118 119% •11712 11912
300 Mackay Companies
100 114 Mar 20 11812May 13 107 Jan 119 Aug
154 15614 152% 155% 154 158% 15434 15712 155
158% 158% 16638 139,200 Mack Trucks. Inc
7524 Apr 11878 Dee
NO Par 117 Jan 1 16618MaY 15
•108 109 •108 109 •108 109
109 109
109 109
10914
Do
lat pref
500
100 104 Jan 27 10912May 15
9514 Jan 10714 Dee
102 102 •101 102
102 10214 103 10314 "10212 104 *103 10912
104
Do 2d pref
1,400
100 99 Jan 2 104 Feb 27
87 Apr 10114 Dee
Do 2d paid
116 Jan 5 137 Feb 9
93 Oct 115 Dec
7812 781
-i0- 79
Vili
-iSi4 7887917
4
'78
500 Macy(R H)& Co.Ino-No Par 6912 Jan 3 8414 Jan 10
59 May 714 Dee
3978 39% 3978 40% 3934 40% 3934 40%
40% 40% 4014 41% 9,400 Magma Copper
No par 34 Mar 31 4414 Jan 2
2618 June 4514 Dee
2812 29
2814 2834 2814 2812 28
2812 2734 28
2838 29% 3,300 Mallinson (H R)& Co-No Dar 213s Mar 30 3712 Jan 23
18 Mar 414 Dee
*90% 92
*9014 9112 *9012 9112 •9012 9112 "90%
9114 *9014 9114
Do pref
100
Mar
7834 July 93 Dee
16
81
92
Apr
15
•46
50
*46
50 .
46
50 .46
46
50
49
z4978 50
700 Manati Sugar
100 46 May 14 5312 Feb 26
45 July 6914 Met
*80
82 *80
82 .
80
82 •80
82 '80
82
.80
82
Do pref
100 79% Mar 30 82 Feb 9
78 Oct 87 Mar
*5312 54
53
53 •5312 5414 *53
54
*5314 5412 4
•55
314 5
200 ManhElec&MPtem oUsNo par 42% Feb 16 59 Mar 10
25
47
14
2
3314 Mar 4914 July
24% 2478 2434 25% 23% 25
2434 2478 24% 2434
2,100 Manhattan Shirt
25 2014 Mar 16 3034 Jan 3
.4512 4612 4534 46
26% Dec 44
Jan
45% 4534 44
451g 42% 4412 - 42
4512 12,000 Manila Electric CorP-No Par 2812 Mar 5 4912 Apr 24
21334 Dec 314 Dee
27
27 •2614 27
26% 28% 2612 2734 2612 2634 26
2612 7,200 Maracaibo 011 ExPl---No Par 2514 Apr 2 351s Jan 31
24% Oct 3714 Jae
401g 4078 3934 41
4012 4214 4214 43
4117 4278 4112 4212 139,400 Marland OH
NO par 30 Mar 17 4614 Jan 31
29 May 42 Feb
.3'1114 12
1
12
12,
12
12
12
12 •11
_
12
12
No par 1035 Mar 13 1234 Jan 22
900 Marlin-Rockwell
8 Jan 1714 Mw
'2718 28
275* 285* 28
2814 28
28
2814 -2814 •2712 29
Martin-Parry
3,600
2512
Cor0
Mar
Jan
24
NO
7
3718
Par
3118
Nov 3714 Jab
71
71
*70
71
71
72
71
71
73
74
77
8,200 Mathieson Alkali Wkstem ctf50 51 Jan 6 77 May 14
2938 May 5834 Dee
110 11034 11014 11012 *1081 11014 10834 72
1083
4 •10834 110
109% 10912 1,600 Maxwell Motor Class A.._100 74% Jan 27 111 Apr 20
Apr 8418 Dee
38
87
8838 861* 88
8712 8912 8712 89
13714 8812 8614 9812 40,700 Maxwell Motor Class B No Par 3314 Jan 27 91 May 5
10% Apr 39$4 Dee
105 10512 10512 10614 106 106
10414 1051 10412 10434 z105 105
2,200 May Department Stores...50 101 Mar 23 11114 Jan 2
8212 Apr 115 Dee
.85
87
86
86
86% 87
88
89
88
88
8812 89
4.500 McCrory Storm Class B No par 79 Mar 17 9412 Jan 13
86 Oct 106% July
178 178 175* 175* 1758 17% •17%
600 McIntyre Porcupine Mines_6
Jan
18% Feb 24
14% Dec 1814 Jan
•99 10014 *99 10014 *9912 10014 9912 171 •1714 17% 1714 1714
*99
100
*Ws 10014
200 Metro Edison Power pt_No par 9
1712
6 A pr 21
2 101 Mar 17
9014 Apr 101 Dee
2038 2034 2034 207
, 20% 2118 2078 2078 2078 100
2078 207g 21
5,800 Metro-Goldwyn Pictures 61_27 18 Jan 3 2214 Feb 5
16 Sept 19 Dee
1634 1634 1614 1634 1614 1678 1614 167
161s 1634 161g 16% 6.600 Mexican Seaboard Oil_ -No par
2212 Jan
1418 Jan 2514 Sept
818 83s
81s 814
8
818 814
814
814 918
11'M
93s 934 11,600 Miami Copper
Ma
5 18
;
a 17
20 May 25 An
2 24% Jan 13
8
8
34
34
34
34
34
3
58 Apr 16
%
34
15s Jan 13
34
34 4,100 Middle States 011 Corp_. 10
1 Aug
672 Jan
10312 10312 *10412 107
106 107
106 107
106 106
10712 10734 1,400 Midland Steel Prod pref __ _100 96 Jan 2 10734May 15
914 June 98 Nov
Midvale Steel
50 29 Feb 2 3018 Jan 10
Oct
2311
34%
Feb
8134 8334 81 13-1-4
7734 82
7514 7812 -7784 16- 9
100 64 Apr 17 8614May 8
- -5:666 Montana Power
6114 June 74% Dee
51
5178 51
53
535
5414 5212 531
51% 53
521
. 53% 73,700 Monte Ward & Co III corp_ _10 41 Mar 30 555, Jan 13
4
May
215
48%
Dee
2518 258 253* 26
2538 257s 25% 2838 2712 2814 27% 281s 42,700 Moon Motors
No Par 2234 Mar 19 2838May 13
1712 Oct 2712 Feb
634 634
634 7
67s 7
6% 7
6% 718
7
71g 11,000 Mother Lode CoalitIon_No par
6 May 4
9% Jan 2
6 May
914 Feb
•1711 18
18
18
18
18
17% 17%
700 Mullins Body Corp_._No par 14% Feb 2 211s Feb 20
9 Mar 1814 Dee
*3112 3212 *3112 321i *3113 3212 *3158 3212 17% 1712 *1714 17%
3112 3212 32
.
32
No par 30% Apr 23 34 Jan 23
100 Munsingwear Co
29% July 3914 Jan
.352 356
360 374
375 375
375 375 *368 370
374 374
1,300 Nash Motors Co
No Por 193% Jan 5 375 May 12
96% Apr 204 Dee
'
105 ____ .105
105 105 •105 106 •105 1053s •105 106
33
14
100 104
106 Feb 28
100,1 Do met
9814 July 10458 Nov
5
5
*412 512
538 5%
5
5
5%
612
6
6
5.1001
stamped__
__10
M
ja
a
Acme
National
2
4
1
7%
Jan
13
3% Oct 1018 Jan
6612 6678 66
6612 65% 66
66
661s 66
6612 6534 66
so% Mar 7714 Sent
3,1001 National Biscuit
25 6512 m
Ap
ar 25
9 75 Jan 2
12817 12812
___ *12812
_
12
17
28
1
•17
•1281
•12812
100
100
pref
12311
Do
Mar
11
12812May
9
Jan 12614 Dee
120%
72
72 .1281271
7234 7118 72%
72
72%
2-743
-75
4 74
7.400 National Cloak & Butt..
100
78 Jan 26
44 June 7074 Dee
•100 102 .10012 10112 *100 10112
•10012 101
10118 10112 •10117 102
500
100 99 Jan 13 104 Jan 29
Do pref
9114 Mar 10078 Dee
5212 53
521s 5234 52% 53
5212 53
52% 54
54% 12,600 Nat Dairy Prod tern ottallo Pox 42 Jan 2 5478May 15
53
30118 Apr 4414 Dee
413, 4138 41
4112 41
41
4112 4112 41
41
4138 41% 2,100 Nat Department Storm No par 38% Jan 2 43 Mar 12
9714 9714 97
36% Oct 43
Jan
9712 97
97
97
9712 •97
9734 *9634 97%
600
pref
Do
100
96
102
Apr
92%
Jan
15
June 101 Dee
2
•65
6534 6434 65
6512 6512 *6512 66
6512 6434 65
10001 Nat Distil Prod pf tern ctf No par 52% Jan 8 6814 Feb 21
.27
2912 2712 2934 *27% 2912 •2712 2912 •65
30% Aug 54 Dee
27
.
28
30
30
500 Nat Enam & Stamping _100 25 Apr 30 36% Jan 21
1812 Sept 4474 J111)
7934 798 *71
79
*71
79 .
71
80 .
*71
80
75
80
100
Do pref
100
8914 Jan 12
67 Sept 89
Jas
•14612 1471k *14217 148 *14212 148 •14212
•14212 147
144% 14412
78
91
14
2NA
100 National Lead
1apYr 27
100 13
9 16678 Jan 9 123% Apr 1694 Ana
*11612 11778 *11612 11712 *11612 11712 11712 147 •
11712
11612
.11612
100
Do pref
100 116 Jan 5 118 Mar 4 1114 May 118 Sept
*6212 6312 6234 6234 6234 6234 63
64
6212 63 •62 -6114 2,000 National Supply
5412 Oct 7214 Feb
50 6158 Apr 2 71 Jan 29
1214 1238 1214 125* 12
12
12% 123s 1214 1234 12% 12% 4,700 Nevada Consol COPPer-___ 5 1134 Apr 27 1638 Jan 7
11% Jan
NA Der
4634 471g 4614 4614 •46
47% *46
47 •46
4614 46
46
800 NY Air Brake tern otfa-No Par 4234May 1 es% Jan 3
Apr 57 Dee
36%
•521 53 '52% 53
*52% 53 •5212 53
5234 5234 53
53
100
Do Class A
No par 51 Mar 19 67 Jan 7
4714 Jan 67 Dee
3534 357
357k 357 "3512 36
35
3518 3512 3512 *3412 35
900 N Y Canners temp otts_No par 3134 Mar 30 39% Apr 18
une 37 Dee
32
2634 2634 "2512 2612 .2512 2612 *2512 2612 '2512 2612 '25% 2612
100 New York Dock
100 5
jan
ar 2
14 3118 Apr 14
12814 M
Jan 3714 May
19
*6217 6512 .8212 6512 "6212 6512 .
6212 6512 '60
6512 '63
6512
Do pref
100
4111 Feb 5514 May
67 Apr 13
*
65
65
'65
'66
69
*6512
80
69
1,000 Niagara Falls Power___No par 4514 Jan 5 69 May 15
42 Sept 47 May
•281g
58-2814
-2818 2818 283g 183, 2818 -2118 •28% 2814 2818 2814
900
Do pref new
25 28 Jan 5 29 Jan 2
27 June 29 Sept
4834 4934 4812 4912 4812 49% 4812 49
4814 49
4812 49
32,100
North
American
Co
41%
Jan
10
5038May 7
22 Jan 45 Dee
4834 4834 49
49
49
49
4878 49
4834 49
49
49
1,200
Do pref
50 46% Jan
49
Mar
4
4314 Jan 5014 J1117
91
912
.9
92
•9
912 *9
912
9
9
'9
912
500 Nunnally Co (The)
.__No par
ph Dee
8 Jan 1
7 Apr
101s Jan 30
*512 6
.512 6 '
*5% 6
512 6
'512 6
*512
6
Ontario
Sliver Min new No par 18542 JanJan 2
7% Feb 26
484 Mar
85* 1:141
.23% 251g •2318 2518 25% 25% •2518 34 .
26
34 .2714 30
100 Onyx Hosiery
No par
May
251sMay
Jan
18
12
30
277
, 2778 *2734 28
2734 2734 28
2778 28
28
28
28
600 Orpbeum Circuit. Ino
25% Jan 1
2938 Feb 27
18 Feb 29 Dee
11434 11434 114 11517 114 11412 11334 114
11312 11312 113
1,400 Otis Elevator (a)
ao
8758 Feb 2 11812 Apr 17
6814 June 92 Dee
1018 1012 1017 1114 1114 1134 10% 1112 1034 11% 11 113
1133 38,200 OW Steel
No par
8 Marl
11% Jan 31
64 Nov 1114 Jan
56
57
58
58
69
59
59
6034 60
60
*59
598 2.500
Do pref
100 5014 Marl
44 Oct 7414 Mar
66% Feb 2
46
4614 46
4612 4813 46% 4614 46% 46% 467
4618 4678 2,500 Owens Bottle
25 42% Mar 1
50% Jan 3
3914 May 4714 Jan
10814 10814 *10612 10834 *108 10814 108 108 •10712 108 •1073 108
200 Pacific Gas & Electric
100 102% Jan
91
10934May 7
90% Jan 105 Dec
912
912 912
9% 101s *10
10
10% 10
10
10
1,900 Pacific Mall Steamship-- 5
512 Apr 1
7 Apr 1034 J1111
1014 Feb 5
57
57% 5612 5714 56% 5812 5818 59
58% 591
5834 5938 86.700 Pacific Oil
No par 5214 Mar 30 6514 Jan 31
46 Apr 5814 Feb
2212 2278 2234 225* 21% 23
2178 22% 217g 22
2134 225* 47,600 Packard Motor Car
10 15 Jan 1
2338 Apr 8
914 May 164 Dee
111 111
1098 110
110 110
110 1101s 1101,11018 '110 111
1.500
Do pref
100 10214 Jan
89% Apr 10214 Dee
111 May 1 1
7714 7712 76% 7612 7612 7712 7614 7717 7612 7738 763 7714
8,300
Petr & Trans- 50 • 84 Jan
4414 Feb 65 Dec
8378 Mar 3
77
7814 7634 777
7738 78% 7712 78% 773 7838 7738 7838 62,600 Pan-Amer
Do Class B
50 6338 Jan
4114 Feb 64% Dee
8412Mar 3
312 33 '314 412 .312 412 •312 412 .3% 41
*312
412
300 Panhandle Prod & Ref _No par
3
Jan
112 Sept
Ps
*15*
44 Jan
Feb
26
17
178 •1% 1%
*15g
112 1% •158 178 *158
178
100 Parish & Bing stamped.No par
84 July
112 Jan 1
114 Dee
178 Feb 11
2612 27
2612 2612 •2612 2712 2712 2712 *2712 28 .27
28
800 Park & Tilford tern etfs_No par
24 Sept 3514 Dee
3512 Jan 10
•1234 1318 '1234 1318 •13
1318 1318 1318 1318 13% *13% 15
200
Penn
Coke
Coal
50
&
2
1
6
2
5
14
2Ma
A
pY
138 1%
Nov
2638
r
1814
Jan
2
301a
2
Jan
11
/
4 112
1%
112
112
13g
112
13*
13
112 13.000 Penn-Seaboard St'll vto No par
114 Mar 3
3 Jan 9
1% Oct
414 Jan
11614 11614 115% 116
115 115
116 116
116 118 .11512 116
900 People's0 L & C (Chlo)
100 112 Jan 1
121 Feb 11
92% Apr 11912 Dee
• 57
5712 57
58
57
57% 5612 57% 55% 5634 5538 5718 9,700
Philadelphia Co (PIttsb) 60 5
37
13
14
2m
4278 May 571, Dee
M:18
6 5978Nlay 7
48 .46
4712 4712 .46
48
*46
47 •47
48
*47
48
Do prof
100
42% Jan 47
50 4513 Jan 5 47% Mar 3
Jae
3838 38% 3878 39
41
38
3914 39% 3878 3918 38% 403s 12,200
Phi's,& Read C & I ___No yce
52% Jan 9
34%
Mar 5414 Dee
39
40
•38
41 .
*3812 40 .
39
41
*39
40 .38
42
Certificates
of
int_
--No
483
s
Mar 5212 July
Po
Feb
,
13
5012
35
Jan
23
6212
, 6212 .60%
•603* 6212 •605
•6058 8112 •60% 8112 60% 6038
pa,
200
-..No
Corp
_
Phillips-Jones
60 Apr 3 90% Jan 12
44 May 88 July
1438 1412 143g 1518 15
16
15% 1512 15% 1514 1518 15% 13,400
Phillip Morris & Co. Ltd_ _ _ 10 1234 Mar 19 16% Jan 5
11 July 23% his
405* 40% 4114 40% 4112 41% 4214 4114 4218 4078 4112
40
51.000 Phillips Petroleum
No par 36% Mar 30 4638 Feb 2
2812 Oct 4214 spy
1712 1814 1812 1933 1714 19% 17% 183g 17
18
177s 2012 110,600 Pierce-Arrow Mot Car-No Pat 10% Mar 30 2012MaY 15
6% May 16
Die
5934 5714 5934 56
5934 58
58
5712 55% 5634 57
6212 32,400
Do Prof
100 43 Mar 24 6212May 15
18% May 54 Dm
10034 102
95
99 102
97
100 102
100 10034 102 108
4,600
Do prior pre?
No par 85 Mar 18 108 May 15
5912 June 95 Dec
17g
178 2
17s
2
2
178
178
178 2
1% 2
7,100 Pierce Oil Corporation
25 32:
11113444mJ
Jaan
an
y 2
I% Apr
22
3% Feb 6
412 hip
*3212 35 "3212 35
•32% 35
32% 3312 *3212 35
34% 35
Do pref
900
100
40 Feb 26
20 Mar 36
Jam
6% 7
6% 6%
634 7
612 7
634 6%
6% 758 57,400 Pierce Petrol'm tern etie_No par
584 Jan 2
814 Feb 5
438 Oct
41% 4134 45
4012 4012 41
53
4 Dee
43
4434 42
42
42
42
4,400 Pittsburgh Coal of Pa
100
5412 Jan 13
4778 Dec 63% Mar
8212 8212 83
•84
85
8334 84
86
*84
86
*84
86
pref
Do
800
100
80
99
May
4
Jan
5
9474 Aug 100
97% *96
*96
98 •96
99 •96
98
A In
98
98 •96
98
100 Pittsburgh Steel pref
100 94 Mar 26 102% Jan 8
95
Jan 103 Aug
38
.
36
378 3734 37% 39% "36
39
*37
39
*37
39
1.300 Pitts Term Coal
100 30 Apr 27 63% Jan 17
6878 Dec 6314 Dee
83
83 *80
•80
83
*80
*80
83 •80
83
*80
83
100
pref
81
Do
Apr 30 88 Jan 8
83 Dec 8714 Dec
1534 1618 15% 1578 1514 15% 1478 16
1512 1638 1512 16
914 Jan 16% Dec
145* 1434 1411 1412 1412 1412 14% 14% 1414 1414 14% 1414 10,800 Pittsburgh Utilities pref---10 1214 Mar 24 1838May 8
1.600
Do prof certificates_ -.-10 1214 Mar 20 16 Jan 15
1151 11512 1141* 11434 115 115
Feb 164 Dec
115 117
11478 115
115 11614 2,100 Post'm Cer Co Inctem cttNo pa
9314 Feb le 11814 Apr 17
_
484 Ape 10314 Dee
Do 8% pref temp etfs__10 11514 Feb 3 117 Jan 13 110 Feb
117
Ow
•Bid and asked Prices; no sales on this day.
2 Ex-dividend.
a En-new Halite.
a No par.
•Ex debts.
New York Stock Record-Continued-Page 5
2526
Per sales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 9.
Monday,
May 11.
Tuesday,
May 12.
Wednesday, Thursday,
May 14.
May 13.
Friday,
May 14.
Sales
for
the
Ireek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 1C,,)-share lots
Lowest
Highest
PER SHARE
Range for Presioiu
Year 1924.
Lowest
Highest
share $ Per share $ per share $ per shars
Indus. & Miscall.(Con.) Par $
39 Aug 62 Jan
:
2l
100 5pe
30 69 Jan 23
Pressed Steel Car
67 Aug 90 Feb
100 82 Slay 4 924 Jan 3
Do pref
2234 Apr 4312 Jan
Producers & Refiner,Corp_ 50 22 Mar 30 3258 Feb 3
39 Mar 70 Dee
PubServCorp of NJ newNo par 62%Mar 30 7234 Mar 12
9613 Mar 10118 Deo
100 99 Jan 7 102 Jan 27
Do 7% pref
9914 Apr 115 Deo
100 108% Apr 1 1124 Jan 28
Do 8% pref
100 129 Star 30 15134 Jan 3 11312 Apr 151% Deo
Pullman Company
3738 Dec 67% Mar
50 394 Jan 2 4714 Jan 7
Punta Alegre Sugar
20 June 3014 Dec
25 25% Apr 17 3334 Feb 4
Pure Oil (The)
Jan 10514 Deo
92
100 10212 Jan 5 10614 Feb 2
Do 8% pref
25% Oct 6678 Dec
Radio Corp of Amer___No Par 48% Star 27 77% Jan 2
50 Deo
Oct
8
457
4
Feb
4934
54
5
Jan
50
Do prof
Jan 1374 Deo
100 1224 Feb 17 14134 Jan 5 106
Railway Steel Spring
Jan 334 Nov
30
No par 3378 Jan 7 3814May 1
Rand Mines, Ltd
1712 Deo
9 Mar
7 17% Feb 9
1)nr 22
4 .A36
%
13
16
Ray Consolidated Copper_ 10 4
3214 Jan 5412 Dee
7234Mar 6
Remington Typewriter_ _ _ _100
Deo
99%
July
9014
2
21
Jan
Apr
105
pref
100
100
1st
Do
904 May 110 Dee
100 108 Mar 30 11313 Apr 29
Do 2d pref
200
74 June 2314 Nov
No par 1318 Mar 30 2314 Jan 13
7,100 Replogle Steel
42 June 6338 Dee
100 424 Apr 30 6438 Jan 3
7,500 Republic Iron & Steel
82 June 95 Mar
100 86 Apr 22 95 Jan 13
Do pref
400
978 May 2234 Jan
No par 12 May 4 18 Jan 5
8,700 Reynolds Spring
6138 Mar 79% Deo
4,600 Reynolds(R J) Tob Class 13 25 7214 Mar 24 7838 Feb 10
100 11978 Jan 8 122 Apr 29 1154 Mar 121 June
Do 7% pref
100
86 Mar 96 Sept
25 91 Apr 24 9713 Feb 20
200 Rossla Insurance Co
4038 Sept 5912 Feb
9,700 Royal Dutch Co(NY shares). 4814 Mar 24 57% Jan 31
Jan 45% Deo
22
10 3934 Feb 17 3112Mar 14
7,500 St Joseph Lead
32% Jan 8878 Dee
14
2May
3
Mar
108%
Arms
551
CorporatIon.100
Savage
23,600
9634 1411r 1294 Aug
7,600 Schulte Retail Stores__No par 10812 Apr 21 11678 Feb 9
100 110 Jan 6 115 Feb 19 105 May 11234 Dee
Do pref
400
7834 May 155 Dee
100 1474 Mar 30 1727 Jan 13
10.800 Sears, Roebuck & Co
64 Jan
4 May
1% Jan 5
No par
Is Feb 20
Seneca Copper
8 July
Apr
4
3
Jan
8
7
7
22
10
Arizona
Apr
Copper__
Shattuck
514
400
6
6
-"Us
6
6
614
614 .6
614 *6
•6
Deo
42
Jan
33
Jan
4
453
£2
30
Shell Transport & Trading_
.3912 41
.3912 41
•4018 4134 .4018 4134 .3934 4134 .3913 41
1384 July
224 Deo
2\J
2718
29
5 28% Feb 4
3I 6
.
ia;
No par 3
2412 2458 30,200 Shell Union 011
2478 254 2412 25
2453 2434 2413 2434 2413 25
994
Deo
Jan
9112
Jan
9912
10134May
2
12
100
pref
Do
400
•101 10134 10113 10112 10134 10134 .101 10134 •101 10134 1014 10158
1038 Jan '14 Dec
10 194Mar 17 2634 Jan 12
Simms Petroleum
2334 2278 2358 2338 2334 2314 2334 2314 234 23,200 Simmons Co
2318 2313 23
22 Apr 37 Dee
No par 3114 Mar 17 3812 Feb 6
9,300
3614 364 364 37
3633 3634 3613 3658 3638 37
364 37
July 2718 Jan
15
6
Jan
8
17
217
par
2
Feb
Corp_No
Oil
Cons
1912 1978 29,700 Sinclair
194 20
1934 1958 20
1913 19
1938 1958 19
Jan
Oct 90
75
100 7834 Jan 2 944 Feb 3
Do pref
87 .8412 86 .8413 85,2 .8412 86
87 I "84
87 .84
.84
July 29 Feb
1718
4
213
3012
25
30
3
Mar
Feb
Co
011
Skelly
17,700
2638
2612 26
2612 2534 2613 2614 2653 26
2613 2612 26
Deo
84%
May
52
1,500 Sloss-Sheffield Steel & Iron 100 8014 Mar 30 97 Feb 5
85
8358 74,4 84
86
8313 8313 8412 8478 .85
85
85
Oct 9578 Mar
58
300 South Porto Rico sugar.._100 62 Jan 6 73 Mar 2
67
67
67
67
69
69 •64
69 .64
69 .64
.67
20 Deo
738 Jun
15
Feb
1512
2214MaY
par
17
No
Spicer
Co
Mfg
36,600
3
243
22,4
204 2012 2134
19
1978 2012 1812 20
1912 20
9814 Dee
July
78
1
14
y
Apr
100
pref
1
A
445
3
2
9
6
DO
1034MaY 15
9778 9778 9813 10134 103 103,4 10338 10338 1,300
98
98
98
.97
3112 May 4138 Dec
par 4014 Jan 2 5214May 7
Co_No
El
&
Gas
Standard
39,700
1
4912
8
485
4912
4858
4813
4
49
5018
40
4912 5033 4914 50
334 May 7334 Deo
7412 Mar 2
100
400 Standard Milling
6534 6534 6612 6678
68
69 .66
69 .66
69 .66
.68
70 July 85 Mar
20 8.518Slay 7
154 J11 3
86
100 6
Do pref
87
87 .84
87 •84
87 .84
87 .84
87 .84
.84
6812 Jan
AP
554
2
Mar
Feb
674
of
25
011
Standard
California_
12,600
1
4
59,
584
5814 5834 5813 5834 5813 5913 5834 5912 5834 59 4
May 4214 Jan
33
30
3
Mar
Feb
New
4712
of
25
1
Oil
Jersey
4
16
Standard
1383
4413 4418 4434 4378 4458 4312 4414 85,400
4334 43
4314 4334 43
119 Feb 24 115% Ma 1194 Aug
prof non-voting __100
Do
:
2,100
1181
1184
8
1185
11812
119
11834
11812
118 11814 11814 11814
11812
134 Oct 3514 June
16 Jan 16
Stand Plate Glass Co_ _No par 10 Feb 11
1118 1118 1113 1113 1153 1112 1158 1178 1178 1112 1112 1,300 Sterling Products
11
6518 Noy
5512 AD
No par 6214 Mar 25 65 Jan 23
1,500
6378 64
64
64
64
6312 6313 .6312 64
64
64
64
4813 July 10078 Jan
77% Jan 3
Stewart-Warn
par
18
Mar
Corp_No
Sp
55
15,300
6914
67
694 6612 674
68
694 714 6858 6934 6834 69
8478 Jan
May
5412
Jan
7934
3
par
18
Mar
Stromberg
Carburetor_No
61
8,800
7414
7238 73
7134 6912 7112 70
71
71
69
.68 59
304 May 4614 Deo
Corp(The)new No par 4114 Jan 28 47 May 11
4634 4514 4618 444 4512 4478 4512 141,iool Stubeb'r
46
4513 45% 4514 47
Jan
115
No
8
1097
4
May
115
13
pref
Star
112
100
Do
100
114
•112
114 114 *112 114
•10834 114 .112 114 .112 114
1238 Deo
6 No
No par
812 Apr 27 12 Mar 6
4,100 Submarine Boat
9
9
942 04
918
9
94
918 914 •9
94 912
818 Aug
233 Jan
Feb 9
par
4 Mar 18
64
011
No
Superior
5,300
4%
418
414
44
8
43
44
414
418
413 41:
418 438
35 Deo
23 Jul
4138 Jan 10
700 Superior Steel
100 20 May 1
2212 2212 2212 2212
23
22
22
22
2213 .2018 25
•20
Jan
3
57g Star
134 Sep
9 11% Jan 7
10
a,3
60 1134
200 Sweets Co of America
7
614 612 .614
7
*8
7
.6
7
.6
7
*6
14% Dec
614 Jun
7
Feb
15
200
par
_No
__
_
Telautograph
Corp
13
•1212
13
1212
.1213
1212
1212 1212
•1234 13 .1212 13
9% Jan
Ma
634
1
14
Apr
113451ay
par
7e8
No
Tenn
C
dr
COPP
55,600
938 912
912 1112 1118 1112 1114 1134 1138 1134 13.300 Texas Company (The)_ ___ 25 4234 Jan 5 49 Feb 2
94 9,2
4538 Jan
3734 Jun
4434 45
4538 4434 45
45
4458 4518 4458 4514 45
45
5714 AD 110 Dec
10 91711122 JanFeb 175 11334Mar 13
10513 10612 10514 10634 106 10814 28,800 Texas Gulf Sulphur
10434 10678 1054 107
10614 107
Oct 154 Feb
8
23% Feb 6
10
15,300' Texas Pacific Coal & OIL
15
15t2 1478 1513 1478 1533 15
15
1434 1518 1434 15
100 122 Star 30 152 Feb 27 11614 Oct 151 Feb
1,200 Tidewater 011
13834 13878 13814 13834 13812 13914 138 138 .131 138
•13712 139
Jan
3112 May 41
13
Mar
Feb
4412
par
18
4
373
Timken
Bearing_No
Roller
34,500
4238
4218
4278
42
4338 4234 4338 4212 4318
4178 4218 42
73% Deo
52 AP
n2
571N43y2
3
70
2 8012 Mar 4
132
75
75,2 7512 76,4 10,700 Tobacco Products Corp_ 100
7514 76
7534 7618 7614 7614 7512 76
Oct
9312
Ma
8314
2 9912 Apr 24
4 Jan93
100
2,000; Do Class A
9734 98
98
9734 9734 9814 9814 98
98
9773 9778 98
614 Jan
334 Apr
578Maty 9
478 54 30,200; Transc't'1011temctf new No par
54 512
538 534
538 54
514 578
514 57
Jan
3518
Oct
8
283
10
Jan
35
par
700 Transue & Williams St'l No
27
2514 2514 .25
2514 26
.2513 27 .2618 27
•2512 27
Jan
43
3618 Sep
8,500 Underwood Typew _ _._ __.25 384 Mar 26 42 Jan 15
3912 4014 4034 42
4012 41
4058 41
41
41
4078 407
8 Feb
643
Sep
334
20
Apr
4
4.53
1
Apr
36
_100
_
Corp
Union
Paper
&
Bag
1,200
44
42
41
•4318 4358 •43
44
*43
44
*43
44
•43
Apt
38
Fe
1,
3
28
Jan
1.eb
.21
100
No par
33 1,400 Union Oil
38
38
33
38
1
%
38
*38
38
33
35 Nov 39 Nov
25 364 Apr 27 43% Feb 5
3738 3878 37,4 8,600 Union 011, California
3773 3718 3734 37
3738 37
37
374 371
Jan 13278 Sept
94
100 11812 Jan 17 12814 Feb 27
100 Union Tank Car
123 123 .123 124 •12234 124
.124 12614 .12234 125 •12234 124
100 113% Feb 18 1171sMaY 6 1064 Feb 11634 July
Do Prof
116
4
•1143
116
*11434
116
4
•1143
116
116
.11434
4
3
.114
•11612 11712
Oct 37 Feb
20
8
367
4
Mar
Alloy
United
Steel
Dar
NO
1,500
244
254 2412 244 2418 2412 2418 2118 24
•2434 2512 .25
71 May 12138 Dec
Staye 1; 12712May 14
100 1210478Feb
29,700 United Drug
12033 1204 121 12234 12214 12534 125 12714 125 127,2 z125 126
464 May 53 Deo
52 Jan 16 5412 Jan 12
50
let
Do
Prof
300
54
54
5418
5418
5418
544 5418 544 *54
5418 .54
.54
Jan 2244 Aug
100 204% Mar 31 231 Jan 3 182
600 United Fruit
212 212
21134 21134 212 212
210 210
48 Deo
.210 212 .21014 212
13 July
3231 17.800 Universal Pipe & Rad_.No par 2612 Apr 27 50% Feb 11
31
2834 2978 2914 32
2912 2913 30
2938 3053 28
474 Oct 79 Dec
Feb 11
94
27
Apr
6612
100
pref
Do
1,500
4
743
7213
72
7114 7114 71's 7113 7078 7078 71
Deo
169%
Feb
7134 72
64
11
Feb
250
2'
Apr
13114
100
Fdy
Pipe&
Iron
Cast
8
17
149 15512 17,300
144 149
146 149
148 150
143 150
147 152
8178 Jan 10414 Oct
100 10012 Apr 29 11212 Feb 27
Do pref
200
10212 10213 .10112 103 •102 10334 10212 10213 .10112 103 •102 103
2111 May 42 Dec
17
Jan
4
3
39
par
30',
No
ctf
tern
Corp
DIstrlb
US
6,400
: 3312
3278 321
3118 3112 3178 32
31
32
31
.3113 32
98 July 168 Deo
154 Jan 8
I
MO 130
Do pref
100
13014 1304 .124 150 .124 150 .130 150 .125 150
130 150
.
16% Mar 2438 Oeo
3014 Apr 21
1,100 US Hoff Mach Corp v t o No par 23 Jan
4
293
4
*283
29
29
29
29
2814
2814
4
283
2814
6118 May 874 Dee
.2812 2912
90 Slay 4
100 76 Mar 1
8858 8653 8712 8653 8834 38,400 U S Industrial Alcohol
874 8778 8658 8878 8753 8878 87
Jan 106% Deo
98
1
2May
29
Jan
1081
105
100
Pre
Do
100
109
90 June 14312 Dec
.107 10712 10712 10712 .107 109 .107 109 .107 109 .107 1373
s
3 14734May 12
41i:24
_100 113
3:
8 48.200 U S Realty & Improv't
145 14712 14314 14734 141 196,4 13712 13978 13534
14314 147
Jan
142 May 4 100 June 143 Deo
12214
100
pref
Do
100
136
136
2212 May 42% Jan
.146 149 514512 146
4734May 12
100
454 4612 110,400 United States Rubber
-,ThT4 17-3;
6;
4634 -4.
461378
46
46
664 May 9574 Dec
100 9214 Mar 30 10034MaY 13
Do 1st prat
7,400
9934 9914 9934 9912 10018 9912 10034 9813 9913 9834 99
184 Mar 414 Deo
7
Jan
98
e17
39
r
pb
A
F
Mtn
&
44
30
Ref
50
Smelting,
US
5,200
3578 3534 36
35
3434 35
35
•3372 3412 .334 3412 34
3712 Mar 4678 Dee
18 454 Jan 5
50
Do pref
500
4412 4412
45
45
45 .44
45
45
46
*45
45
9414 June 121 Dec
45
112% Mar 3 12953 Jan 23
_100
Corp_
Steel
States
United
63,700
11614
115,8 1154 115 11638 11412 11534 115
115 11512 11478 116
12638 Jan 26 11838 Feb 123 July
100 12218Nlay
Do pre(
3,600
12278 123
Jan 88ai Dec
12212 12212 12233 12258 12238 12212 12234 123 •12234 123
92 Jan 15
64
10 82 Mar 1
Copper
8512 871 3 87,4 8714 1,800 Utah Securities
7
16% Jan 46 Dec
17
Feb
8612 864 .8512 8612 *8512 8534 8512 86
12712May
414
100
Utah
4,700
11612 11812
118 121
334 Feb
June
3
Jan
11813 12212 117 11914 117 12034 12012 123
314
1918
4
8May
253
par
No
27
264 2718 27
2678 2712 274 2718 2,600 Vanadium Corp
27
*2634 2712 27
1534 Oct 334 Jan
No par 16jSlay 13 2112 Jan 3
700 Van Raalte
20
1634 18 .17
18
19,2 18
18 .16
Jan
1912 •16
Sept 80
5
•16
53
Jan
6518
1
23
r
a
ip
A
tgi‘
2
60
100
pref
lot
Do
6714
6714 .60
6714 .60
67,4 .60
6714 .60
6714 .60
14 June 10% Jan
.60
5 Apr 17
4,300 Virginia-Caro Chem__.No par
4
4
438
4
414 458
458 458
434 434
414 434
June 3434 Jan
212
Jan
17
Apr
8
203
100
prof
Do
7.300
161*
1534 1612
15
Jan
7
1814 174 1818 1612 1738 1638 17
18
38 June
212 Apr 13
5
17
8112
No par
Do "B"
178
173 •138
178 "138
178 *138
178 •138
154 Jan
178 •138
•138
434 July
714 Jan 13 15% Apr 15
No par
4,700 Vivadou (V) new
1338 14
1314 134 1314
13
13
13
13
NOT
1318 13
Apr
20
13
8
197
14
3
Jan
par
11
1512May
No
System
Waldorf
3
1614 8,300
16
16
113
1558 1613 1512 1578 1558 1578 151 16
400 Weber & Ileilbr, new _e No par 51 Apr 17 52 May 5
52
5212 .52
5213 52
52 .52
5213 52
5212 .51
•52
5 Oct 124 Nov
1 124 Jan 5 1312May 15
500 Wells Fargo
1234 1312
•1213 1234 .1212 1234 *1212 1234 *1212 1234 *1218 123
100 11314 Jan 9 117 May 12 111% Apr 117 July
600 Western Elea 7% pret
11612 11612 11612 11612
117 117
117
8
1167
117
•11612
May 11834 Dec
106
8
1167
2
23
Jan
Apr
11614
135
1164
•1304 13034 130 13012 13012 132% 8,600 Western Union Telegraph100
Jan 111 Deo
132 13218 13112 13278 13013 1314
84
50 97 Apr 9 11378 Jan 7
200 Weetinghouse Air Brake
10112 .100 10012 *100 10012
May 76 May
•10112 1024 100 100 *100 102 *100
3
Jan
84
554
28
Mar
6614
50
Mfg_
&
Eleo
Westinghouse
72% 11,700
71
71
1
703
4
713
704
1
4
71
71
72
Jan 82 Deo
7013
7218
707
72
50 7913 Mar 30 86 Jan 5
Do 1st pref
87
*8278 87
*82
87
*82
474 J811 127 Dec
8113 87 .8112 87 .8112 87
.
2 125 May 8
Apr 3
24 Star
No par 105
400 West Penn Co
12214 12214 11714 11714 .115 120 •118 122
97 Deo
120 120
Apr
123 123
874
1
97 Feb
Do 7% pf tern ctf new _100
800
9658 9853 9512 97
9512 96
96
96
234 May 2938 Feb
*9412 9512 *9512 96
No par 254 Mar 31 3134 Feb 2
2612 2612 2,800 White Eagle 011
27
2714 264 274 2653 2718 27
Apr 724 Dec
2678 2718 27
5012
13
Jan
r
a
1
5731
76
0
0
3
3
60
Motor
White
24,600
66,4 654 6712
6634 65
65
Jan
14 Oct
5
6212 6253 6314 6312 6358 86
138 Jan 10
Jan
700 Wickwire Spencer Steel _No par
12
12
*12
58
%
•12
13
I.
13
58
.12
24 Dee 24 Dee
_
Do pref
100 1878 Feb 24 32 Jan 19
Jan
1414
May
6%
11
2412May
26
918 Jan
0
2iI4 22'A 914,560 Willys-Overland (The)
1E13 228
s
-22- -2-3lJan
-267-8 2134 -2A -2-41; -24
51', May 88
100 7214 Jan 28 10278May 12
Do pref
49,500
Jan
9753 99
9838 9913 9913 1024 10014 10233 100% 10178 10038 101
28
May
418
7
Mar
4
133
par
28
Apr
8
55
&
No
Wilson
Inc
2,100
Co,
6% 612
612 612
612 612
613 612
612 613
Jan
6'4 512
72%
Aug
11
100 18 Apr 24 60 Mar 7
Do pref
500
23
22
22
*21
23
23
23
23
24
2338 2338 .22
724 Apr 12634 Dec
5
1281251ay
28
Jan
11214
(F
Co
3olworth
W)
W
25
9,900
8
1243
126
124
12312
Dec
12358 12512 12334 12434 124 124%
81
12512 126
June
2314
2
Jan
4
793
100
8 3734 4012 15,400 111 orthington P & M
4312 4313 4012 4314 4114 423* 3872 4212 3634 387
68 July 894 Dec
9 AI) 11
7
6 88 Jan 9
1631NL
100 :
Do pref A
200
8412 *81
8412
82 .81
82 .82
844 82
584 Jan 75% Deo
8312 82
81
.
100 65 Apr 7 7634 Feb 11
Do pref B
200
66
66
67 .6513 69 .6513 6618 6534 6534 .6512 6534
66
.
9% May 23% Dec
2
16 Star 30 23% Jan
2112 6,000 Vi right Aeronautical _ __No Par
214 2134 221
2138 2212 2153 2213 2158 2214 2112 22
35 Apr 46% Dee
7
Feb
5278
4513
par
30
Mar
Maley
lir
Jr)
300
(Wm
No
50
50
50
*4934
4934 50
4918 494 .
*4934 497 *4918 50
Nov 85% Mar
32
3
Jan
42
18
Feb
3313
1,900 Y.llow Cab Mfg tom Ws__ 10
36
3518 35
35
36
354 3513 3518 36
so% Oct 72 Dec
•3518 364 35
500 Yo ungatown Sheet & T No par 63 Mar 27 764 Feb 13
65,2 65,2 6514 6514
i55I1 .6513 67
61
4451z 67 .654 67
e New Molt On 11..) hisls of 1 new share for three old shares.
•Bld and a iked prices. au sales on this day.
per.share $ per share
$ Per share $ per share $ per share 5 per share
54
*53
54
55 .53
54 .53
5478 5478 54
55
54
85
85 .83
.83
84
84
85
*83
85
*83
85
.83
25
25
2534 2434 25
2412 24
25$8 25
24
24
.24
7014 71
7038 714 7034 71,4 7118 7158
7014 6934 70
70
•10018
1004
.10018 10118 1004 10018 .100 '10018 •100I8 10078 *1004 1004
112 112
111r8 11112 11158 112
111 11138 .111 1114 111 111
.
138 13814 137 13734 13512 137,4 136 138
138 13858 13734 139
4012 4038 4112 4013 414 4012 41
3934 4013 40
4013 41
2734 2778 2734 284 28
2814 2818 2813 2818 2838 2734 2818
10412 10412 .1044 105
.10313 105 .103 105 *103 105 *10313 105
5513 5712 554 5714 5234 5712 5314 5514 5278 544 534 554
.5018 5012 5018 5018 .5018 .5012
5034 5034 "5013 51
.5018 51
128 128
12712 12712 125 12614 125 12518 .126 128
128 128
*3718 3778 374 37,8 •3678 37 "3634 37 .3613 37 .3638 37
1134 1214 1212 1334 1333 1378
1134 12
1214 1258 1178 12
6534
644 64
63
65
6312 6212 6412 6413 6513 61
63
610014 105 •10014 105 .101 105 •100 10014 •102 1041 2 •102 10412
110
110
110
.10912
110
•10914
10
10913
110
•10714 109
•108
913
1412 154 1412 144 144 15
1538 15
1514 1478 15
15
43% 4412
4378 4358 4353 4413 4578 4312 44
4313 434 43
8614 8614 "8612 88
8658 88
*8612 88
•81312 83 •8613 88
1278 1338
1253 1314 13
1212 1278 1234 13
1313 1258 13
754
7512 7512 7513 7513 7518 7512 7514 754 7514 7514 75
8 122
•12l3
122
8
.1213
122
*12138
1214
•12012 12112 •121 12113 12118
94
94 .92
94
9214 9214 .92
94
92
.92
4512 50
4978 5014 4934 924
5018 4914 5038 5018 5012 494 50
484
4
473
8
485
48
8
483
4813 4834 4734 4814 4814
49
48
5512 5912 5618 6234
5934 62
6512 62
6578 6112 64
65
4
1103
3109
11112
111
4
1113
111
4
1113
1104
111
110
1114 11112
.11112 11212 11113 11113 11112 11112 .111 1124 *111 11214 •111 11214
166 16813
168 17034 16812 17078 167 168,2 16514 167
16714 168
Shares
400
100
3,600
17,800
100
1.100
4,600
5,400
13,900
100
80.600
200
1,200
100
40,400
6,200
New York Stock Exchange—Bond Record Friday Weekly and Yearly
2527
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"--except for income and defaulted bond/.
BONDS
N. Y. STOCK EXCHANGE
Week ended May 15.
Price
Friday
ifay 15.
iVeek's
Range or
Last Sale
55
U. S. Government.
Bid
Ask Low
High No.
First Liberty Loan8%% of 1932-1947
J D 101144 Bale 100.1s2 1013:: 425
Cony 4% of 1932-47
.1 D 10153310113n 1027:: 10271,
1
Cony 434% of 1932-47
J D 102544 Sale 1021:: 10213:: 264
26 cony 434% of 1932-47
I D 1011041 Bale 10111:: 10117::
1
Liberty
Loan—
Second
is of 1927-1942
M N 10143 011,44 10111::
3
Cony 434% of 1927-1942
M N 101144101"n 1013:: 10114:: 603
Third Liberty Loan431% of 1928
M 8 1015/41 Sale 10117:110 01:: 473
Fourth Liberty Loan471% of 1933-1938
A 0 102,543 Sale 10241 1021544 1608
Treaeury 4318
1947-1952 A 0 1061144 Sale 105,541 1081543 467
Treasury 48
1944-1954.7 D 1027:: Sale 1011*44 1021144 184
Panama Canal 38 gold
1961 Q M
9712 Oct'24
State and City Securities.
N Y City-4Ma Corp stock_1960 M 8 10113 10112 101% 1011g
6
Registered
M S
10014 Jan'25
47£8 Corporate stock
1964 M El 10318
102% Apr'25
431s Corporate stock
1972 A 0 1034 1-0334 10314 May'25
Ois Corporate stock
1966 A 0
102% Apr'25
4728 Corporate stock
1971.7 D
frii14
106/
1
4 Feb'25 1728 Corporate stock_July 1967.7 J 107% Sale 10778 107%
5
4748 Corporate stock
1905J D 10734 Sale 10714 10734 15
4135 Corporate stock
1963 M 5 10714 -- 107% 107%
2
4% Corporate stock
1959 M N 9934 1004 9934
9934 16
Registered
M N
- - - - -- 984 Mar'25
A% Corporate stock
1958 M N 9934 --- - 9914 Apr'25
4% Corporate stock
1957 M N 9934
100 Apr'25
4% Corporate stock
1956,M N 9914
9834 Mar'25
Registered
1M N ---- -- 984 Feb'25
4% Corporate stock
1955'M 4 9914 9814 Mar'25
Registered
MN
98 Jan'25
634% Corporate stock_ _ _1957 MN 10634 1073s 106% Apr'25
6/4% Corporate stock___ _1957 MN 10634 107/
1
4 10612 Apr'25
Registered
M N
105 Feb'25
374% Corporate stk.May1954 MN -55i2 911 90%
1
90%
354% Corporate stk ..Nov 1954 M N 9012 911 9012 May'25
New York State Canal Cm-401951 J 7
102% Apr'25
48 Canal
1942 .7 J
10118 Mar'25
4348 Canal inapt
1964 I J
114% May'25
_
4s Highway impt register'd1958 ____
103 Feb'25
Highway Improv't 4%6_1963 M S
113
113
3
Virginia 2-3s
1991 J J 6414 --- 7612 Feb'25
Rang.
Since
Jan. 1.
Low
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 15.
t
ND,
Price
Friday
May 15.
Week's
Range or
Last Sate
High
Bid
Ask Low
High No,
Panama (Rep) 57‘str rects-1953 J D 1024 Sale 102
10212 24
100"n 011 as Peru (Rep of) esti 8s
1944 A 0 10014 Sale 994 10012 76
1011183 0243 Poland (Rep of) g 68
1940 A 0 6934 Sale 67
6934 47
10148 02"43
Ext'l s f g &interim rects_1950 J J 95 Sale 95
9514 961
101 01141 Porto Alegre (City of) 8s
1961
p 94
96 944
5
9412
Queensland (State) ext f 7e 1941 A 0 112 Sale 1058 112
63
1005430213n
25-year 6s
1947 F A 10412 Sale 0358 105
85
100553801"n Rio Grande do Sul 13s
1946 A 0 9612 Sale 9512
9
9612
Rio de Janeiro 25-yr f 88-1946 A 0 94/
1
4 Sale 9412
34
95
101143 102
25-yr exti 88
1947 A 0 944 Sale 9312
35
Rotterdam (City) external 681964 M N 10212 Sale 02
194
02314
4 65
101,1
/
44 02,543 El Salvador (ReP) 88
1948
14
J 10334 Bale 0334 104
104,341 0815n Sao Paulo (City) f 8s
1952 M N 99 Sale 9812
9958 24
1001.12 021144 San Paulo (State) ext f S&.19303
1004 Bale 00
10054 69
—
External s 8s lot rects
1950 3 J 994 Sale 9913 100
23
Seine (France) ext 7e
1942 3 J 88 Sale 86
86
88
10058 10112 Serbs. Croats & Slovenes 88-1962 M N 88 Sale 87
88 211
100,
85
4 1001
8412
1936 M N
41
85
/
4 Soissons (city) fla
1014 1025
4 Sweden 20-year
3 03/
1
4 103/
19393 D 10312 1-(13-71
4 36
102 10314
External loan 5348
1954 MN 10012 Sale 9918 101
446
10114 10238 Swiss Confeder'n 20-yr f 88 1940
J 11414 11434 1378 11412 34
1661
/
4 106/
1
4 Switzerland Govt ext 5)48-1946 A C: 10212 Sale 0134 102,2 121
105/
1
4 10778 Tokyo City 56 loan of 1912
67 68 6714
6814 33
M
10613 10734 Trondhlem (City) esti 6340-1944 J J 99 Sale 99
994 14
1052s 107/
1
4 Uruguay (Republic) ext 86-1946 F A 10878 110 0812 109
46
98 9934 Zurich (City of) a 1 fie
7
1945A 0 110 Sale 0912 110
984 9814
Railroad,
5
98/
1
4 9934 Ala Ot Sou let cons A 58-1943 J D 101 102 0118 10113
98 100
4
10012 10158 0153 1011
/
4
Ala Mid let guar gold 5s 1928 M
9814 9834 Alb & Suaq cony 3348
84 May'25
1946 A 0 8312
984 9814 Alieg & West let g 48 gu
2
1998 A 0 8312 filtrie- 8312
83,2
9834 9834 Alleg Val gen guar g45
1
9312
1942 M 8 9312 Sale 9312
9774 98
Ann Arbor 1st g 4a___July 1995Q .1 7114 Sale 71
74
72
106% 107
Atch Top & S Fe—Gen g 412_1995 A 0 92 Sale 9112
9212 102
10518 10634
4
Registered
90%
A 0
90%
105 105
8458 1
Adjustment geld 4s_-July 1995 Nov -Bii/ 6Z.- 845,
Kul 90%
8414 57
Stamped
July 1995 M N 841, 8414 844
90 9013
Registered
MN 7934 ____ 8012 Apr'25
1023, 10314
Con! gold 4s 1909
1955 J D 834 ____ 8414 May'25
10118 10113
19553 D 84 ____ 8358
2
Cony 481905
8358
11234 11414
50518
2 _5_5
.
4 8
Cony g 4s issue of 1910-1960 J D 8
99
3118
2 Feb'25
4
103 103
30
East Okla 131v lat g 48.--1928 M El
11134 113
Rocky Mtn Div 1st 48......-1965 J J 86% 87 May'25
Trans-Con Short L 1st 48_1958 J J 85 8-9- 8834
7613 76,2
8814 10
9454 95 95 May'25
"A"1962
ref
M
Cal-Ariz
4
8
%Is
let
&
Foreign Government.
M
8
Registered
913
8
Jan'25
884
Argentine (Govt) 7s
1927 PA 1023, Sale 10214 102/ 108 10114 10314 Atl Knoxv & Cm n Div 40—.1955 M N 9112
911
/
4 10
916*
Argentine Treasury 55.Z
8858 Sale 861s
1945 M
863
17
8112 8634 Atl Knoxv & Nor 1st g 5s---1946 J D 10214 __ 103 Apr'25
Sinking fund 6s Ser A
1957 MS 9838 Sale 964
97
259
95 9714 Atl&CharlA L lst A 4%8_1944 J .1 97 Sale 9578 • 97
16
Extl 68 ser B temp. Dec 1958 3D 9638 Sale 9614
9634 365
9434 9634
1
4 10358 1034 . 1034
1
lat 30-year 5a Series B—__1944 J J 103/
Austrian (Govt) s f 7s
1943 3D 983, Bale 97
310
9373
98'2
Sale
M
5
93%
48./81952
Line
9812
1st
36
9312
con
Coast
93
/
1
4
All
Belgium 25-yr ext s f 7145 8-1945 JD 1094 Sale 10812 1091 112 107 110
1930 M N 107 Sale 107
14
26
113-year secured 7s
107
20-year a f 8a
1941 VA 10714 Sale 107
10734 31 1065, 109%
1964 J D 9314 Sale 9318
General unified 4Ns
9314 27
25-yr ext 6%e interim rcts_1949
S 943 Sale 9312
9434 194
92 9434
L & N coil gold 48.--Oct 1952 MN 8834 Sale 8812
8918 27
Esti a f lia inter raft
1955'3 8734 Sale 857
873 590
41
1948.7 J 7838 80 7834
8312 88
79
Atl & Danv 1St g 48
Bergen (Norway)8 I 88
1945 MN 113
113
ll3Sg 10 1084 11314
6
88
19483
6812
684
J
684
2d
46
25-year sinking fund 68
40 98 Sale 971g
43 55 98
98
3
Atl & Yad Ist g guar 48-1949 A 0 7812 82 78
794
Berne (City of) s f 88
1945 MN 1094 Sale 109% 10914 45 105 11112 A & N W 1st gu g 58
_
19413 J 99
_-- 99 May'25
Bolivia (Republic of) 88
9313 101
1947 MN P312 Sale 93
99/
1
4 1-00 99/
2
923, 9312 Bait & Ohio prior 334e
19253
J
1
4
100
Bordeaux (City of) 16-yr 68_1934 MN 8474 Sale 84%
847
58
50 8534
July 1925 Q .1
9973 Apr'25
Registered
Brazil VS.external 88
1941 JD 984 Sale 9614
953, 967s
987s 302
9134 84
1st 50-year gold 41„July 1943 A 0 -£/iNI Sale 9034
78 (Central RY)
1952 3D 8234 Sale 5014
83 160
2
8014 8414
July1948 Q J 9118 911
/
4 904
Registered
9014
77/s(coffee secur) (flat).1952 AD 10514 Sale 10534 10584
9373 198
6 1031/ 1071/
1933W 5 9353 Sale 954
10-year cony 4758
Buenos Aires (City) ex 1634,
1955 ii 97 Sale 9612
97
248
47
J D 9018 Sale 8912
954 9712
A.1995
Series
gen
5a
Refund
&
90
,
2
Canada(Dominion or) g 5s I926 *0 1006* Sale 1001, 10034 82 10012 10234
1948 A'0 10338 Sale 103
103/
1
4 216
lst g 5s int ctfs
53
1931 *0 10218 1021 102% 102's 19 1014 103
126
1929 J J 10318 Sale 102/
1
4 104
10-year ea
10-year 5344
1929 PA 103 Sale 1027e 1031
36 102 10334
temp_1995 J
1044 Sale 10314 10434 242
genes
ser
C
&
Ref
as
1952 MN 104 Sale 10334 10434 150 10134 10434
1
9934
P Jet & M Div 1st g 3)48_1925 MN 9978 ---- 9934
Carlsbad (City) i f gs
973
1954 I
9712 98
96
9814
89/
9834 36
1
4 Bale 89
49
PLE&W Va Sys ref 48-1941 M
90
Chile (Republic) esti at 8a_ _1941 PA 109 Sale 1084 1091
175 10614 10914
9834 Sale 9978 100
19
Southw Div 1st gold 3)48-1925 J
External 5-year a 8ti
10314
192e AO
Sale 103
1031± 10 102 1034
1950 J J 984 Sale 9833
Southw Div 1st 5s
99/
1
4 302
20-year eat! 7/1
1942 MN 101 Sale 101
9834 103
102
61
Tol & Cin Div 1st ref 48 A-1959 J J 7518 Sale 75
7534 27
25-year a f 88
1946 MN 10914 Sale 10812 10914 23 10614 10914 Battle Cr & Stur 1st KU 38.-1989 J D 62 6253 6212
1
6212
Chinese(Hukuang Ry)6a...._1951
D 48 Sale 413/
1
4
/
4 4812 Beech Creek let gu g 48-1936 J J 9318 9612 9314 Apr'25
481
63 411
Christiania (Oslo) f 8s
1945 40 11012 Bale 11012 1101 - 36 10934 1104 Beech Cr Ext 1st g 3)4e
7754
1951
____
A
8112
0
Mar'25
80-year s f 68
1951 MS 9912 Sale 9912 100
19443 D 86
_ 8613 May'25
Big Sandy let Is
4
:
Colombia (Republic)674s 1927 40 100 Sale
412
:
14
100
1001
2
72
B & N Y Air Line let 4s.—1955 F A 71 -7-2-12 72
Copenhagen 25-year s 5348.1944 J
1.00
Sale 9714 100
Bruno W let gu gold 45 1938 J
9312 ___ 9353
1
93/
1
4
Cuba Se of 1904
1944 MS 981a Sale 9712
981,_1
Buffalo
10012
It
&
1
P
03
gen
10012
1
gold
58-1937
10012
.
.
7
M
2_
Ell
lea
Eater debt 681914 ger A_ _1949 VA 96
98 97 May'25
1957 M N 85 Sale 85
Consol 43411
8758 156
External loan 4741
1949 PA 86 Sale 86
2 84 87
8814
M N
Registered
- 8258 May'25
5%8
1953
3 9912 Sale 99
9934 300
6
9813 9934 Burl C R & Nor 1st 58
1934 A 0 101's 101 lops 10012
Czechoslovak (Repub of) 85_1951 A0 10014 Sale 99/
1
4 10014 66
2
9814 10112 Canada Sou COM gU A 5a---1962 A 0 10234 ____ 10234 10358
Sink fund 88 Ser B int ctfe_1952 40 997 Sale 9814 100
97 9734 10034 Canadian North deb
74-1940 J 13 117 Sale 116/
54
1
4 117
Danish Con Munich)Be "A".1946 PA 110 Sale 10934 11014 18 109 11034
11814 Sale 11814 118% 21
deb
670
a
f
19463
J
20-year
Series 13 e f fle
1948 PA 10934 Sale 10934 11014 29 108/
1
4 111
Canadian Pao Ry deb 48 stock_ J J 8014 Sale 797
8014 135
Denmark externals f 8a
49 109 111
1945*0 11012 Sale 11012 Ill
1
4 ____ 9378 May'25
1932 M 8 83/
Carb & Shaw let gold 43
20-year 6a
10214 Sale 10112 10234 128
1942 .1
994 103 Caro Cent let con g 48
D 8018 8252 7934 May'25
1938
Dominican Rep Con Actin e f 54'58 PA _
1031± 10312 10334 146 101 10334 Caro Clinch &0 let 3-yr 58-1938 J D 1_003
.
4 10114 10C34 1007s
3
Custom Administr 5348....1942 M
6412 9512 9314
95
123 92 95
1952J D
1st & con g 6s ser A
1074 10812 71
Dutch East Indies ext Os__ _1947 J J 1024 Sale 10218 10214 288
9884 103 Cart & Ad lat gu g 411
1981J D 861g 8712 84 Jan'25
40-year Os
10218 Bale 102
10212 146
1962 M
9873 10212 Cent Bmnch P lat g 48
1948 J D 7712 80
2
7912
80
30-year ext 5%,
934 10014 Cent New Eng lat gu 48
1953 MS 100 Sale 9958 10014 103
1961
J 68 Sale 66
6824 26
30-year ext 5%a
9234 100/
1
4 Sale 9912 10038 424
1953 MN 100/
1
4 Central Ohio Reorg 4748-1930 M S 95l 99
991
/
1
4 984 Apr'25
French Repub 25-yr ext 88..1945 M
1034 Sale 1014 103 467
9834 104/
1
4 Central of Ga 1st gold 58-91945 F A 101% ___ 10234 Feb'25
20-yr external loan 770._1941 3D 9953 Sale 9714
99/
1
4 604
93 10112
5 M N 10112 102 '10112 10112 14
Consul gold as
External 78 of 1924 temp..1949 3D 914 Sale 89/
9158 34
1
4
86 92/
1
4
M N 971
Registered
___ 9918 Apr'25
Finnish Mun L'n 8;3s A___.1954 40 874 Sale 85/
8712 19
1
4
8513 91
13
June 1929 J D 10324 1-04 10358 104
10-year secur 68
External 6348 Series 13_1954 40 87
8512
8714 36
88
8512 91
Ref 42 gen 5%8 ser B
1959 A 0 10114 Bale 10134 10214 21
Finland (Rep) ext Os
86 Sale 86
874 34
534 5712
1945 M
pur
money
g
48_1951
Div
J
Chatt
D
85
Mar'25
98
844
External a f 78 lot °Hs_ _1950 M
944 Sale 94
9414 1075
94
943,
Mac & Nor Div Ist g ta 1946 J J 9934 _68__ 9914 Apr'25
German external loan 7s rets_1949 *0 95 Sale 9414
9518 807
9134 954
Mobile Division Se
1946 J J 10018
9
'
624
19
00
6 Dec
01 Brit & Irel (UK of) 530.1937'A 10758 Sale 10738 10758 2235 104/
1
4 10734 Cent RR & B of Oa coll g 58.1937 M N 9618
1
Registered
105 Mar'25
VA
_
- 105 105 Central of NJ gen gold 5a_ilv
,
14
4
9X(
10938 Sale 1094 10938
10-year cony 57/1
4
Sale
11712 11734 182 11513 11778
1929 PA 1173
Registered
10714
Apr'25
10812
10772
Registered
1157g
11512 115% Cent Pac let ref go g 46— _1949 F A 8912 Sale 89
894 170
Greater Prague 734,
9212 84
1952 MN 9212 Sale 9052 Mar'2589 92/
1
4
7
Mtge guar gold 3)48
A1929 J D 96 Sale 96
96
Greek Govt 71 int rcta
1964 MN 864 Sale 86
8634 81
83 8812
12
lot
Through
St
L
gu
48.__1954
A
0
88
88
Sale
88
Haiti (Republic) 68
9413 120
1
4
1952 40 94% Sale 93/
9114 tmle Charleston & Savannah 78_.19363 J 11612
11212 Feb'25
Hungary (Kingd of) Cf 7348_1944 PA nO Sale 89
9014 269 87 901: Chee di Ohio fund & Impt 58_1929
11
J 10012 1-014 10034 101
Ind Bank of Japan 6% notes 1927 FA 9924 sale 993/
9978 179 98% 997
4
1St C00801 gold 58
1939 M N 10212 103 10212 1024
Japanese Govt £ loan 45..193i J
8314 Sale 83
8312 164
81 8312
Registered
Nov'24
M
101
N
4
1939
____
1033
30-year a f 6)4s
1954 PA 935 Sale 9314
94 1306
90
9414
82
General
gold
1992
434,
M
9112
Sale
90%
917
e
Oriental Development 68_1953 M
8512 Sale 8512
8612 14
83% 8714
Registered
4
1992 M
9
8734
18 69
61
08 8
9%
14 May'25
Lyons (City of) 15-year 612_1934 MN 85 Sale 8414
8514 103
803 lope
783
20-year convertible 4)4s._1930 F A
Marseilles (City of) 15-yr 68.1934 MN 85 Sale 84
85
86
50 555,
30-year cony secured to— _1946 A 0 107 Sale 1047s 10714 2108
Mexican Irrigation 4748__ _1943
2118 May'25 - N
197 24
Registered
A0
10412 Mar'25
Assenting s f 474s
1943
24
Jan'25 - 23 24
Craig Valley 1st g 58
1940
J 8
98
44 1-00 984 Mar'25
Mexico(U 8) esti 58 of'99 £ 1946 QJ
45 Feb'25 - 45 4512
Potts Creek Branch 1st 48_1946 J J
__ 83 Mar'25
373k Sale 37
Assenting 5s of 1899
1945
38
17
327a 41
R & A Div lot con g 48_1989 J
84
/
1
4 -851-2 8458 Apr'25 __-Assenting Is large
_
May'25
3712
38 3713
5
2d consol gold 48
19893
8134 _
81
8134
Assenting 59 small
37,2 May'25 ____
35 3712
Warm Springs V let g 56-1941 M
93/
1
4
977s Jan'25
Gold deb 4, of 1904
22
1964 J
224
4
1913 25
Chic
A
23
0
&
38-1949
Alton
RR
ref
g
641
4
Sale
6412
6518
Assenting 48 of 1904
2178 Bale 211
/
4
2238 57
184 243,
A 0
Registered
8 ---5
60
1182 Jan'25
Assenting 4s of 1904 large
2714 Sale 2612 Jan'25 - 201, 2614
20
Certifs dep and Oct 1924 int ---- 61
Assenting 4e of 1904 small_ _.
2414
2412 12
20 2412
stmpd
lot
Certif
Apr
1925
dep
5
2
58
12 Feb'25
8
Assenting 48 of 1910
241-2 2412 May'25 ____
23 2412
Railway
first
lien
443
3
74a_
—1950
Sale
Assenting 48 of 1910 large
26/
1
4
2714
2
2218 3034
Ctrs dep Jan 2362sub coup-- -- 5134 53 5118
6
5212
Assenting 4s of 1910
-2
.5/
1
4 Sale 2314
2438 41
2012 28/
1
4 Chic Burl & Q—III Div 374s-1949 J J 8812 Bale 85.
8812 57
Tress 13s of '31 a.ssent(large)'33
4018 ____ 41
41
11
364 gg
J J 8012
Registered
843, Apr'25 ---4014
Small
4014
5 35 43
19493 J
11111018 Glyislon 48
9341
2
1952 Jo 9234- Sti.le 92
Montevldeo 7s
93
17
88 93
Nebraska Extension 48_1927 M N 599931581'82 S-9
bum 22
a
i
lesi 9
5
93
1911
106 Sale 106
Netherlands 68 (flat prices)..1972 M
10614 86 10234 107
General 48
1958 M
Sale
9214 34
30-year external 6s (flat)..,1954 *0 10334 Sale 10334 10414 171 1004 10414
M 8
Registered
8934 Feb'25 - —
Norway external el f 8a
1
4 11114 95 11014 11313
1940 40 111 Sale 110/
1971 PA 1011
1st & ref 58
/
4 Bale 1011
/
4 10218 15
1943 FA 100 Sale 9912 10014 130
20-year ext1 (is
97% 100
Chic City & Conn Rye fa.....1927 A 0 5112 Sale 471
t
11
20-year external 68
1944 VA 100 Sale 9912 10034 367
974 100% Chicago & East Ill lat 68-1934 A 0 10718 1074 1071, 1074
1
30-year ext164
251
1952 AO 10012 Sale 9934
97%10014 C& E III RR (new co) gen 521_1961 75 N 75 Sale 75
76% 140
•$5
a Due Jan. 5 Due July. k Due Aug p Due Nov s Outi..n sale.
„,,
,112
Ras
Macs
Jas. 1.
Low HOB
1003,103
9773 1021is
6633 79
95 96
94 9613
109 112
10113 1054
94 98
93 974
92 98
100 103
103 105
97 101
100 10314
9913 10014
824 91
84 90
82 884
103 10434
984 10034
113 117
9814 103
6414 6814
97 100/
1
4
10614 110/
1
4
108/
1
211112
1004 10114
101 101%
82 84
8115 83%
91
94
6314 72%
88/
1
4 92/
1
4
8614 90%
8112 8434
82/
1
4 8434
797, 80/
1
4
811
/
4 8414
8113 8414
814 83/
1
4
98 100
84 88
88 8874
92 95
9134 9134
884 92
1023,103
95 97
102 10334
89 944
105% 108
90/
1
4 93,4
864 894
76/
1
4 80
62/
1
4 7012
75
79,8
98/
1
4 9912
99/
1
4 1004
9914 9974
8524 9214
851s 904
891s 93%
8524 9012
100 104
102% 104
100% 104%
994 9934
8322 9014
99/
1
4 10024
9S34 9971I
6812 78
60/
1
4 6212
924 981a
784 814
85 87
67 73/
1
4
93 93/
1
4
100/
1
4 10212
8012 88/
1
4
82 8514
99% 1004
10011 1033s
115 117%
116 118%
79 8534
93 93%
78 8314
100 101%
105/
1
4 1084
84 84
7431 80
644 69
9714 9814
1013,1023,
9914 1011
/
4
98 9914
10112 104111
99 10212
84 8414
9914 100
95 98
1074 109%
1064 10814
so, 8912
95% 9612
85/
1
4 88
11212 117%
98% 101
1014 1034
877 917
,
941g 11114
1014 10914
10334109¼
97/
1
4 Mg
82148$
8312 8424
79 81/
1
4
9772 9772
63 66
6012 6012
58/
1
4 8234
604 62%
444 5814
46 654:
8114 8612
84% 84%
88% 9415
99 100
88% 9214
8934 8934
1001e 102%
48 63
10514 1074
744 7914
New York Bond Record-Continued-Page 2
2528
BONDS.
N. Y. STOCK EXCHANGE
Week ended May 15.
12
it
..n.
Price
Friday
May 15.
Week's,Range
Since
4
Range or
Jan. 1.
01
Last Sale
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 15.
1
tI
B
...e.
Price
Friday
May 15.
Week's
Range or
Last Sale
in
cut
Range
Since
Jan. 1.
Mel
High No. Low
Ask Low
ata
High
High No. Low
Ask Low
Sid
84 84
Jan'25 ---4 1004 Erie & Pitts gu ft 330 e____1940 y y 8438 ____ 84
1
99/
1982 MN 100 10012 100% May'25 _
Ohio & Erie 1st gold 55
Oct'24 ---- -22- --j j 84% ____ 84
Series C
593 65%
6412 345
Dhicago Great West 1st 414_1959 M S 6312 Sale 6314
_ 100
Jan'25 ---- 100 100
Fla Cent & Pen let ext 551.1930 j j
3 10914 111
110
Dhlo Ind St Loulev-Ref 68_1947 J .1 10914 ____ 110
98% 99%
9912 9-93-4 9912 May'25 ---1943 j 3 100Consol gold 5e
9912 1004
.100 May'25 Refunding gold 5e
1947 3 1 100
_4211
9214 9
1
9313
Florida East Coast 1st 448_1959 1 D 9312 ____ 9311
8584 87
Refunding 4s Series C
1997 J 1 88_ _ _ _ 87 Apr'25 -- -90 1
Sale
991
93 '
9512
341
4
4
1
/
5
9
s
m
58
A
ref
1974
&
903
Series
let
87
4
9034 21
1966 M N 90 Sale 90
General 56 A
157 10278 115%
8 1014 10334 Fla West & Nor 7e Series A 1934 881 N 11476 Sale 11438 115
103
May 19863 j 103 Sale 10234
Generale* B
8418 73
23
70
771s 7912 Fonda Johns & Glov 410.__1952 MN 68 Sale 88
2
7914
Ind & Louisville let gu 48_1958 .1 j 798 80% 7914
8911 90
2
90
Fort St U D Co let g 44e-1941 j y 8938 ____ 897*
861s 88
DIM Ind & Sou 50-year 48-1956 J J 8718 -___ 88 May'25 ____
10434 Apr'25 - - _ _ 10938 10971
--4
g
8
let
93
C
j
9312
1043
Den
4
&
D
W
Ft
5343_1961
8
1
93
4
3
93
Mile L 8 & East let 4348_..1969 J 13 9334
9218 97
24
97
98
Bale
9834
j
j
g
1st
Or
411_1928
Rio
&
4312
Worth
Ft
58%
228
4834
D M & Puget Bd let gu 4s._.1949j J 4858 Sale 4414
1084 18 10712 10914
From Elk & Mo Val let 68_1933 A 0 107/2 10912 10712
7014 79
15
78
3h M & St P gen g 48 Bar A-e1989 j J 78 Sale 7734
9 100 1001
10012
100
Sale
100
N
as
-1931
SAM
&
67
56.-OH
let
P
&
6914
4
87
6612
General gold 334e Bar B__e1989 3 J 6612 69
9978 1004
4
100
1931 j j 100 Sale 100
2d erten! 58 guar
7718 87
78
87
Gen 414* Belles C__ _May 1989 J J 86 Sale 8534
90% 95
94 May'25 ---94
Galv Hone & Hand let 58_1933 A 0 93
4312 54
696
51
Gen & ref Series A 44sa2014 A 0 51 Sale 46
2 10014 109%
10314
10314
104
10314
j
j
1957
let
5858
5e
f
441s
River
e
608
Genesee
51
Gen ref cony Bar B 5e___a2019 F A 4512 Sale 4678
93
18
10284
9514
9512
Sale
9512
9612 10314 Ga & Ala Ry let cone _ _o1945 j j
10314 176
1934 j j 10314 Sale 1023s
let sec Be
9918 9978
997
4
58 1929 J J 9934 Sale 99%
5844
6012 Ga Caro & Nor let gu g
420
51
1932 ji D 51 Sale 47
Debenture 4 34e
6414 6612
2
4
653
65
35
1946
1st
Sale
A
4
3
65
48
Midland
7812
0
473
Georgia
51
1925 1 D 5034 Sale 4634
Debenture 48
- - - -44
1942j 13 9934 -- -- 9834 Feb'25 --5614 Gouv & Oswegatch 58
281
51
1934.5 J .51 Sale 48
25-year debenture 4s
a or,
a96
9418 99
Or R & I ext let gu g 4efs1941 j j 96 Sale 96
Chic & Mo Ely Div 581926 j J 9712 9818 9758 May'25 ____
4 117
1
/
115
77
117
4
1163
Sale
8
1167
0
983
Can
0
deb 76_1990 A
1
100% Grand Trunk of
9912
Mk & N'weet Ext 40__1888-1928 F A 98% 9934 9912
10838 26 10688 1083*
8958 9918
1936 m s 10818 Sale 10778
2
15-years f 88
9858
Registered
1886-1926 F A 9811 9914 98%
110
90 10812 111
8
1085
Sale
10912
j
75
j
7318
A1936
Series
Nor
75
12
gen
Great
75
743
75
1987 MN 74
General gold 3e4s
4
1
92/
91
9214 40
72
7214
let & ref 44s Series A.....1981 j J 9512 Sale 91
- Q F --------72 Feb'25 ____
Registered
1952 1 J 10118 Sale 10034 10112 98 10014 10212
General 534e Series B
8112 86
8414 27
1987 MN 8414 Sale 8338
General 95
9518
92
83
94
92%
Sale
94
j
j
82
1973
85
58
C
6
Series
General
84%
1987 MN 83% 8478 8414
Stamped 4s
78
72
Apr'25 ---3 1011s 10434 Green Bay & West deb MU"A"-- Feb 7218 757 76
10212
1987 MN 10258 10312 10212
General 58 stamped
4 1618
1
12/
1512 92
2 104 10412
Debentures cas "B"
Feb 1512 Sale 1414
1879-1929 A 0 10412 Sale 10912 10412
Sinking fund ee
8718
86
5
8712
____
8712
104
86%
103
Greenbrier Ry let gu 48__1940 m 4
A 0 103 104 103 May'25 ____
Registered
981s 101
_ 10018 May'25
7 100% 10084 Gulf & S I let ref & t g 55..51952 ,1 j 10110
100%
1879-1929 A 0 10412 Sale 10018
Sinking fund 58
80 84
-- - May'25
84
85
4
let
843
100
Cbes
N
10012
m
Pt
&
R
45._1954
---Harlem
May'25
1879-1929 A 0 9912 ---_ 100
Registered
4 91
1
89/
11
91
9934 103
Hocking Val let cons g 4348_1999 j j 91 Sale 9058
997 --1933 M N 997 Sale 9978
88
Sinking fund deb 56
88
89% 88 Mar'25 -___
101
1999 .1 .1 88
Registered
1933 M N 99 100 101 Mar'25 - - -- 101
Registered
10071
9912
2
10018
100%
102
100
105
j
11218
j
H
1937
23
&
g
let
guar
C
T
Int
1930 1 D 10634 Sale 1065* 107
9851
10-year secured 755
96
2
98
9814 98
11012 16 107 11212 Houston Belt & Term let 58_1937 j j 98
1938 M El 11012 Sale 10934
I5-year secured 648 g
9958 100
Jan'25 ---99
9112 109
95
Houston E & W Tex let g 58_1933 M N 9912 -- -- 100
e2037 J D 95 Sale 9418
8
997
let dr ref g be
s
997
7
--Jan'25
99
__
-9312
N
m
82% 86
1933
52
Mt guar 58 red
88
Mc RI & P-Railway gen 481988 .1 3 85% Sale 84%
9218 94/
4
1
9412 May'25 -- -82 83
Housatonic Ry cons g 58
1937 MN 9412 98
J J 8212 83% 82% May'25 - Registered
8618 9214
477
9214
4
903
Sale
92
A
&
A
F
Hud
Serles
1957
Manhat
58
89%
4
/
31
8
565
8878
1934 A 0 885* Sale 8818
Refunding gold 48
678* 7614
7614 344
864 864
Adjustment Income 5s,...1957 A 0 761s Sale 7514
AO --------8604 Apr'25 -___
Registered
2 9118 94
94
-- -_ 10112 103
Illinois Central let gold 48_1951 y y 9218 ____ 9314
Mk Bt L & N 0 gold 5s____1951 .1 D 10112 ____ 10234 Apr'25
9012 9011
---Apr'25
9012
-___
10112
103
____
Registered
10112 Jan'25
1951 J J 9114
J 13 10114
Registered
8184 8344
83 Apr'25 ---7938 7914
1st gold 334*
1951 3 j 8938
793* Jan'25 ---1951.7 D 7884
Gold 334s
83 8312
3
Mar'25
8312
84
835*
s
857
83s
J
Registered
-.
.1
-Apr'25
8512
85
1951 J D 84
Memphis Dl, let 9 4e
4 8458
1
/
80
8
8
843
8312
Sale
8312
0
Extended let gold 348_1951 A
I 10118 103
10118
1932 A 0 1011* 102 1011s
)et L & p let cone a CAL
--- ------ 8012 June'24 ---1951 A 0
Registered
_ 10038 Jan'25 --- 1008e 1003s
A 0 10018
Registered
-62 62
---Feb'25
62
72
831s64
4
1
/
8
108
10218
17
01
1951
sterling
38
gold
let
4
1033
)hic St P M & 0 cons 6e_1930.7 D 10214 10312 10278
861s 11918
8812 19
9214 9285
Collateral trust gold 4s......1952 A 0 8812 Sale 88
9212 Apr'25 --- 94
Cons fie reduced to 3348.-1930 1 13 92
8558 8558
8511 Apr'25 -- -A 0 8558 87
9912 10514
Registered
7
96
987 9534
1930 M S
Debenture 58
88 9258
47
92
9114
Sale
9114
96
4
99%
1955 M
let refunding 95
4 May'25 --1
9814 96/
96
Stamped
7838 8814
2
8214
8218 ____ 8214
75
4
1
/
j
82
122
Purchased
j
3148
1952
lines
8214
*
807
Sale
894
D
3
Mc T II & Bo Emit 1st 58-1960
79 83
r
May'25
83
_
4
8
-73
781
.1
55
291
j
73
Registered
6978
Sale
Dec 1 1960 M El 72
Inc gu 58
4
1
86/
83
30
4
1
/
85
8512
s85
8514
9411
4
918
Collateral trust gold 4e.._ .1953 MN
945* 67
71110 Un Sta'n let gu 4345 A.I963 1 J 9458 Sale 94
82
81
10212 13 100 1024
Registered
MN 80% ____ 82 Mar'25 ---1963 3 J 102 Sale 101%
1st 5e Series B
103141061.
---May'25
10818
____
1061s
10014
9714
1955
53
58
Refunding
10014
MN
19443 D 100 Sale 9978
Guaranteed g55
15 116% 118_
117
1934 3 J 10234 Sale 10212 10278 60 102 10381
15-year secured 5448
89633 J 117 118 117
lst 64s Series C
4 10912 1114
11112
10512
1 10512 105%
__ 10512
15-year secured 610 g
1936 j .1 1115s 112 11114
Mile & west Ind gen g 68„p1932 Q M l0512
8814 8934
D 893s 907s 89% Apr'25 ---j
4e
Bridge
1950
gold
Cairo
805
4
1
/
76
s
167
808
1952 J J 80 80-le 798
Consol 50-year 95
70 73
_ _ 73 May'25 ---j j 721
36_1951
4
1st
995
121
Litchfield
Div
gold
974
9912
9914
Sale
9912
S
M
temp-1962
A
ear
1st& ref 5120
7718 82
---May'25
81%
101
8214
8805*
9934
j
10
348
g
19533
Term
di
Louisa
131v
101
101
73
Moe Okla & Gulf cons 5...1952 M N 10034 ---704
--Apr'25
4_
F
3
73
7312
gold
_1951
A
____
182
Omaha
Div
4
/
9312 941
1937 J J 9212 ____ 9312 Apr'25 ---:11n H lc D 2d gold 440
7134 72%
7258 Apr'25 ------_
6
7
j
j
91%
93
30_1951
g
---Term
&
St
Div
Louis
Apr'25
93
k1938 Q P 9154
7 I St L &C 1st g 98
79 82
---May'25
15
4
813
---_
7
j
91
3
9012
1951
Gold
Apr'25
---34e
-91-3-4 91
k1936 Q F 91
Registered
7978 82%
.871s 8912
Springfield Div 1st g 34e-1951 J .1 8314 ---- 8278 May'25 ---8912 Apr'25 ---_
1942 MN 8712
Xn Leb & Nor gu 48 g
4 88
1
88/
____ 88 May'25 ---9945 997
1951 F A 87
Western Lines 1st g 4s
8 May'25 --87
Mn S & Cl cons 1st g 58---1928 J J 9812 1-0-0 997
84
---Apr'25
84
---84
844
4
3
815
1951 F A
8418 10
Registered
Neve CM Ch & St L gen 48.19933 D 8418 Sale 83
9812 12
96
0
9
N
&
84
&
L
Bt
Central
Chic
III
98
4
/
981
J
.1
98
1931
20-year deb 434e
10058
140
964
Sale
4
1
/
99
1003*
10158
100
4
1
/
99
D
J
--let
1983
Series
Apr'25
58
A
Joint
ref
10112
19933 D 10114 ____
General 58 Series B
8712 9112
1
9112
1950 3 J 903 9112 9112
Ind Ill dr Iowa let e 48
8
1034 52 103 104
I929 J J 10312 Sale 1033
Ref & impt 86 Series A
1 100 101
__
10084
1033, lose Ind Union Ry gen 58 Bar A1965 1 j 100 10034 10034
1941 1 j 10414 ___ 10412 May'25
se Series C
10084
100
---Mar'25
100
__
100
941k
8
j
987
ia
J
_,1965
58
B.
ref
984
&
Series
Gen
dale
1963.7 J 9858 98%
58 Series D
1034 31 100 10951
- 10314
- 8
8914 91
Jut & art Nor 1st 8s Ber-A 1952 J J 10312 1037
Apr'25 ---1939 J J 9014 _ _ 90
78
Cairo 131v let gold 49
66
4 210
3
73
7212
Sale
4
8212
723
80
Aprl
3
Series
Be,13s
A...1952
Adjustment
82
82
8238
67
Cin W & M Div lst g 48_1991 J J 82 67
8118 85
25
Aprl --------67 Apr'25 -__
Stamped
85
St L Div let coil tr g g 4s 1990 MN 85 Sale 834
4
1
/
80
4
1
/
76
25
79
8818 8912 lot Rye Cent Amer let 58.-1972 M N 78% Sale 7812
1940 M A 8912-_ 8912 Apr'25 -- -Bpr & Col Div lets 411
57 65
8 Iowa Central let gold 5e__1938 J D 61 Sale 61
11
62
87
875*
---Jan'25
W W Val Div 1st g 48---1940 .I 1 8634 -8-8 8734
4
605
5954
2
_
4
603
8018
6o54
_
Certificates of depoelt __
108 May'25 --- 10784 108
1934 J J 10734 _
198s 9614
)C & I gen cons g 68
2112 61
iiii iii il 2012 -21-7; 203*
4 10014 1024
Refunding gold 40
101
- 101
89
Nest Lor & W con lets 511_1933 A 0 10012 1-01-72
s
8
86
--_
May'25
89
9012
8914
D
97
4s19593
&
5
968
James Frank
Clear let
1935 M N 968 ____ 97 May'25 --8 & mar 1st gu g 434e
9814 9958 Ka A & G R let gu e 5e
99% Apr'25 ____
1938 J 1 10012 ____ 100 Nov'24 -----------Neve & Mahon Vail g s...19383 J 9934 ____
.
80 94
1
8184
1990 A 0 8134 Sale 8134
____ 8412 Aug'24 --2 -2-- -22 - Kan & al let gu g 48
1942 A 0 99
11 & P gen gu 4345 Bar B
9914 10088
- 10012 May'25 ---10273 J 10012
24 20-year 55
9919
99
2
991s
19423 J 99 Sale 99
Series A
10312 95 10218 male
8512 801 K C Ft 8.0 M cones 8s._.,1928 MN 1033* Sale 10314
8512 May'25 ____
____
81
MN
1948
Series C 345
82
8018 88
88
8534 K C Ft Iii & M Ry ref g 48_1936 A 0 8714 Bale 87
84
85% Mar'25 ---1950 F A 81
Series 13 334s
3 98 100
9934
- 991z
955 984 K C & M R & B 1st gu 55_1929 A 0
2
98
4 -9914 978
1
4 74
1
70/
Neve Sher Line 1st gu 446_1961 A 0 98/
12
74
- 7314
7414
994-4
738
0
A
38_1950
gold
1st
Sou
City
Kansas
10712
8
1045
35
107
1065*
Dave Union Term 534e-1972 A 0 107 Sale
4
/
4 Bale 911
/
9212 103
8814 9212
9912 102
Apr 1950 3 j 911
33
Ref & impt 58
102
1973 A 0 10114 Sale 10114
8358 87%
1st 8 i be Bar B
8778 20
8614 Sale 8512
8314
J
8612
J
4e___1960
let
2
Term
Kansas
City
85
84%
85
854
D
l945J
41..
87
gu
84
42
87
/nal River By let
9678 9884 Kentucky Central gold 4s..19873 .1 8614 8812 86
9812 47
9812
_
iolorado & South let it 91_1929 F A 9812 984
-_ 86 Nov'24 __
9953 9512 Keok & Dee M 55 ctf dep.. 1934 A 0 84
3
9512 84
s
i
o
N
Refunding & exten 414t..1935 M N 9538 Sale 94
kid
100
I
11114112 100
4 8634 Knoxville & Ohio let g 68-A925 J J 100%/
861
1
Ws
1948 A 0 8652 ____ 8614
46 & H v let ext g 48
)
4
/
9984 1001
8414 844 Lake Erie & West 1st g 68_1937 3 J 10014 101 10018 May'25 - - _
_ _ 84% Apr'25 ---1955 F A
9518 ma
6
4
/
951
gd gold 52
so! & Tol let ext 4s
8158 8158
1941 J J -------- 952, 1
-2Jan'25
81%
84
0
A
78
8334_1943
4m_
1st
Riv
27
7814 81
81
7958
81
form & Passum
79%
D
19973
873
4
1
/
83
4
Lake
348
38
gold
Shore
8712
8712
4
865
J 8714
1952
4
1
tuba RR let 50-year 58 g
19973 D 7712 __ -- 7812 Apr'25 - 767e 78/
Registered
4 108
1
2 102/
104
D 104 Sale 1035
1936
9751 987e
9858 30
let ref 714e
1928 M S 9812 Sale 9812
934
89
9158 53
Debenture gold 45
J 91 Sale 91
1966
9518 9711
9634 39
Sale 9638
4
Juba Northern Ry tin 58
963
MN
1931
9712
4s
gold
-year
25
96
1931 3 J 9614 ____ 9712 May'25 ---9578 99%
9578 Jan'25 ___
)ay & Mich let cons 4eks
8818 92
1931 MN 9417
lteglstered
9112 10
4
1027
3 1004 10275
eel& Hudson let & ref 48_1943 MN 91 Sale 9038
360 10114 1085e Leh Val Harbor Term 14-1954 8 A 10234 Sale 10234
107
1935 A 0 10814 Sale 1055
98
96
3
97%
a
97
4
973
30-year cony be
97%
1
J
410._1940
103
g
N
101
gu
Val
let
Y
Leh
57
102
1937 M N 102 Sale 10134
93
93
Jan'25 --15-year 634e
19403 .1 --------93
Registered
2 107 110
10858
1930 J D 10814 1085s 10814
79
815* .46
815
815* Sale 80%
10-year secured 7s
MN
94
48_2003
g
(Pa)
94
Val
cons
Lehigh
-_
May'25
- - - - 94
7872
7812
Apr'25
8
787
1 RR & Bdge 1st 90 48 g._.1936 F A 9384 Sale
---N
M
82 854
Registered
8478 130
843*
91
91
55
88
pen & et 0-1st cons g 48-1936 J J 8418
_- 8 904
-913
MN 91
2003
cons
44e
General
4
/
891
1
7
85
3
8712
4
1
/
87
8812
4
/
871
J
J
1936
10012
10118 23
Sale
9838
10114
4
1003
Canso! gold 448
4
M
Series_2003
goose
RR
Lehigh
Val
99
95
98% 97
4
/
1021
6 10118 113218
Improvement gold 58.-- 1928.7 D 9812 Sale 98
Leh V Term Ry 1st gu g 58_1991 A 0 10115 ____ 10134
Farmers L & T dep rots for
1941 A 0 993s --- - 9934 Nov'24 - --.1 __ ._
70
Registered
69
4514 6014 6112 Feb'25
Aug 11955
___.86
8612
3, 84% 89
8614
S
1st& ref 58
hi
4s..1945
gold
guar
let
Lab
NY
&
107
18 10318 107
Bankers Tr Co Ws dep
59% 6911 Lax & East 1st 50-yr Se gu _1985 A 0 10834 Sale 10858
Jan'25 - ___
4 83 60
1
/
Apr'25 _- -____ 84
8314 84
84
Aunt to June 15'23 agree --- 45
MN
1952
7914
5618
48
Miami
Little
____
Feb'25
6234
4514 68
Stamped
1935 A 0 10812 ____ 108 Apr'25 ____ 107%108
8038 60% Long Dock consol g 13e
____ ____ ____ 60% Feb'25 -___
10112
2
9934 101%
ABS Ex Nat Bk ctfs Feb '22 ------------59
___.- - - - Long Led 1st con gold 50..51931 Q J 10112 ____ 10112
7 Dec'24 ____
94 May'25 ---94
MI
Am Ex Nat Bk etre Aug '29
51931 Q J 935
55 6611
1st consol gold 48
5912 252
1955 MN 5812 Sale 5818
91
___ 9034
24
89% 91
Pen & R 0 West 55
19383 D 91
4 98
1
39/
General gold 414
6
48
47
47
.1
J
4s......_1935
9014 Mar'25 -- --93
90
89%
9014
D
lee M & Ft D let gu
J
1932
4538
4
463
95
15
Gold
484
4812
50
8214 8411
6
8478 84
8412
Temporary ctfs of deposit _ ___ _ ---- 48 -96
1949 M 8 84
9314 93/
4
1
Unified gold 4e
9312 Feb'25 ____
9714
4
1
97/
7
98
9512 98
48 plaines Val let 434e._1947 MN 90
1034.3 D 97
Debenture gold 58
4
/
731
re
7712 7312 May'25 ---D 75
1
915*
92
871 9158
89
9158
N
M
1937
let & Mack-let Hen g 48..1995 J D
Cis
deb
6712
m
20
p
-year
65
6812 65 Apr'25 ---65
19953
8514 22
82 851
Gold 48
Guar refunding gold 48_1949 M B 84% Sale 84%
94
91
3
94
93
94
93
N
M
1981
9912 May'25 _ --9858 1004
J 99 100
Q
let Riv Tun 434.4
58_81932
1st
gu
B
Bb
cone
104
Nor
102
---Apr'25
104
____
9934 Apr'25 - -99% 1011k
101 Missabe & Nor gen 5s1941 .1 J 102% Sale 10134
1927 M S 994 100
4 Louisiana & Ark 1st g 5s
1
10184 10 1001, 102/
1937 A 0 10134
_ _ 858 May'25 --- 83 87
ed & iron Range 1st 58
Lou & Jeff Bdge Co Rug 48_1995 M 1387
4 90
1
82/
4 22
1
87/
Sale 85%
- - 10434 May'25 ---, 100 105/
1937 M N 102 10414
Ittl Sou Shore & All g 5s_ _1937 J J 8712 __-- 907 May'25 - lie
Nashville
&
4
1
Louisville
8
907
88
ii
Alt By Minn Nor Div 1st 4E'48 A 0 9078
99% 10114
19403 J 9512 lisle 95
917 9518
4 99
1
95/
Unified gold 48
10012
5
10018
-___
1001
S
Al
_
Mt Tenn reorg lien g 591938
J .1 --------9184 Dec'29 ____
1940
101
Registered
100
--Mar'25
4
1003
__
1930 J J 9988 __
.
ast T Va & Ga Div g 58
Collateral trust gold 5s___1931 M N 101 10112 10114 May'25 ____ 10612 joi
1 1005* 1015s
1015s
1956 MN I0110138- - -- 10111
Cone let 5014 58
4 47 105% 10711
/
1071
1930 M N 10714 Sale 107
10-year secured 7e
un58 12 101 1023e
101
den Joliet & East let 9 58_1991 M N 10158 Sale 10012
8 Sale 1067s
1067
0
10712
5
A
2003
A
10414
Series
101
54s
refund
let
4
1
/
108
995*
44
101
1965 A 0 101 Sale
3 Paso & SW let 531
105
16 10154 1053
2003 A 0 104 10514 10438
let & ref 58 Series B
3 107 10814
10812 10811
9512
92
'xle let consol gold 78 ext _1930 M S 108% Sale 713
9512 193
2003 A 0 9518 Sale 1 9918
Series C
re(
&
let
4
1
/
72
434s
70
63
4
1
/
721
72
19963 J 71% Sale
1st cons g 98 prior
1 10414 10978
1045*
19303 J 1041s 107 1045s
N 0 & M 1st gold Os
6784 8812
- -1998 1 J 8758 6912 6812 Mar'25
Registered
1930 1 .1 103% ____ 10338 Dec'24 ____ ....
24 gold fie_
4
/
61% 661
6488 102
4 Sale 633*
let con8o1 gen lien g 4e 1998 1 J 833
___
4
1
/
89
9014
Feb'25
'
A
__-_
48
F
Div
1946
Mem
&
8914 1
67
Paducah
064
6214
__
------0214
Feb'25
1998 .1 J -Registered
10
64
6113 64
St Louis Div 2d gold 30. _1980 M S 6412 -65 I 63%
4 98
1
95/
2
9534
Penn coil trust gold 414_1951 F A 9534 9612 954
98 97%
9712
97
S
____'
M
48.1945
32
&M
M
6212
&
Init.&
66%
N
5
69
L&
9712
6614
Sale
50-year cony 48 Ber A 1953 A 0 6634
_ _ 84
85
1952 J 1 85
4
8118 85
L& N South joint M U
60 69
55
67
1953 A 0 6612 Sale 6514
do Bailee B
___ 77
Jan'25-July 1952 Q J 761
Registered
6958 7585
72
73
1953 A tO 72 Sale 72
On cony 4e Beres D
100
299%
-are
9912
994
4
4
M
448.1932
gold
Lex
&
Cln
Louise
1061*
4
1
/
101
11
8
1097
104
'OARS 1 1041,Sale
Ma k loran. Int.5 nn
/Due Aug. n Due BepL o Due 013. p Due Dec. s Option sale.
a Due Jan b Due Feb. c Due June, e Due May h Due July
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ended May 15.
1
Price
Friday
May 15.
Weer:
Range or
Last Sate
iv
4
-
Rano
Since
Jan. I.
BONDS
N. Y.STOCK EXCHANGE
Week ended May 15.
V
2529
Pries
Friday
May 15.
Week'.
Range or
Last Sate
Ranee
Since
Jan, 1.
Bid
A4 Low
High No, Low
High
Bid
Ask Low
High NO, Low
HOG
Mahon Coal RR let Si
1934j 2 10134 103 1014 Mar'25 ____
99 1014 NY W'ches & B let Ser 1 434s'46 J .1 6712 Sale 6612
68
165
5978 704
Manila RR (South Lines) 4s 1939 MN 611s 53 62
8212
8
5912
6212
Nord
Ry
a
f6He w i
1950 A 0 8234 Sale 8
79% 844
7
89
78
234
1%
% 6
84
7
lea 44
1959 M N 60
6512 Apr'25 ____
63% 6513 Norfolk Sou 1st & ref A 58-1981 F A 78
7834
7038 79,2
_Slanitoba Colonisation 5e
1934 3 0 985c 99
99
99
2
9734 100
Norfolk & Sou 1st gold 5a
1941 M N 9618
9618 Mar'25 -9434 98%
'Man0 B & N W let 3)41_1941 3 y 82%
84 Mar'25 ____
1121,8 84
Nor(& West gen gold 6e
1931 M N 10634 108
-108 Apr'25 ---- 106% 108
Michigan Central 55
1931 m s 100% 162 101
Feb'25 _--- 10078 101
Improvement & ext 8a
1934 F A 107%
10838 Apr'25 ---- 108% 108%
Registered
1931 Q es 10014
99 Dec'24
New River let gold
1932 A 0 107%
_ _ 108 Mar'25 -.- 106 108
1.1
1940J J 91
9114 Mar'25 ____ -91'14 9114
N & W Ry let cone g 4s
9113
1996
A
9112
0
Sale
92
19
88 92%
3 L & S let gold 331e
1951 m s 7734
7718 Apr'25
Registered
1996 A 0 87% 89
8712
8712
1
let gold 334.
86 871:
1952 al m 8558
8434 Apr'25 ____
81
85
Div.] let lien & gen g 48_194 43 J 9112 92
91
92
44
92
8814
20-year debenture 4e
1929 A 0 97% Sale 9758
9734 12
9612 98
10-year cony 6a
1929 M S 129 131 129
12914 25 1254 134
Mid of N J let ext 5e
1940 e 0 9013 91
88
88
9312
Pocah C & C joint 4a_1941 J D 91118 92
Mew L S & West imp e 58._1929 9 s 10014 -__- 100 Mar'25 __-91
9314
100
9
100
100% Nor Cent gen & ref 5e A
1974 M S 8634 8834 915310214 May
9
'
1215
4 ____1 1011a 10234
1111& Nor let ext 4 He(blue)1934 3 D 8734 -- 8734
874
2
8512 94
North Ohio lit guar g Se.__,1945 A 0 8678 Sale 86%
8678
86
7
Cons ext 434e (brown)_1934 j D 868k 87
94
73 86 May'25 ____
8253 9112 Nor Pacific prior lien 4a
1997 Q .1 86 Sale 8434
86
97
83% 8618
MU Spar & N W let gu 46_1947 rg 8 88%
8812 88%
8818
8
8634 8935
Registered
1997 Q J 8358 Sale
8418
824
1.111w & State L let gu 3348_1941 j j 8053
8612 July'24 -___
General Hen gold 3s
a2047 Q F 6112 Sale 831,6038
6
83
1534 9
18
5
60 62
Minn & St Louis let 7s
1927 3 o 101 Sale 101
101
10 -.1i.i4
- jar
Registered
5934 May'25
a2047 Q F 5918
5918 60
let oonsol gold M
1934 m m
595e Sale 5958
5918
5
514 821
. Ref & Impt 434e ser A2047 J J 8514 Sale 8312
8514
34
let & refunding gold 41
8713
83%
1949 rg 8 2118 22
20%
21% 32
194 24
Registered
8534 Feb'25 __ _. 8514 3534
J J
Ref & ext 50-yr See A
1962 Q v 145 17
15
1
15
Ref & impt 65 ser Et
1353 2114
2047 J J i0634 dale- lomi 10678 200 105% 10813
Id Bt P &88 M cone 48 int gu'38 j j 85/8 Sale 85
85118 72
8412 90
Ref & leapt Si ser C
9812 55
2047 3 J 98 Sale 953
904 9786
let cons 5e
1938 3 j 9512 Sale 9518
96
25
947 100%
Ref &!met 5sser D
9514 gg
96H 20
2047 .1 J 964 Sale 9514
10-year coil trust 8 34... __.l931 M 5 10314 Sale 103
10312 38 102% 10414
St Paul dt Duluth let 56_1931 Q F 100/8
_ 9914 Mar'24 -let & ref 6s Series A
1946 3 3 16018 Sale 10318
10014
18
843
let
100
8
consol
_87
gold
844
4s
103
Jan'23
1
D
-1968
"dise
'
do's
25-year 614.
11)49 rd 8 86
8611 8618
8612
2
8334 9011 Nor Par Term Co let g 6s._1933 J J 10912 .... 1095, 1095*
1 10914 10958
let Chicago Term if 4e
1941 M m 9212 - - -- 9213 Dec'24 __
- No of Cal guar g Es
____ 1034 Mar'25 -- -- 102 10314
1938 A 0 104
.6113SM & A late 4sint gu_1926 3 3 994
9938
9934 10 .
100
fif11
8
.
1
0015
100
1033
Wisconsin
4
North
____
Apr'25
let
__
6s
-1930 1 J
10384 10412
Mlaaleelpol Central let 58
1919 .7 1 9338 Sale
9353
3
91
20
94
75
7111 75
Os & L Cham let gu 4s g. _1948 J J 73% Sale 73/8
?do Kan & Tax-let gold 48_1990 3 0 8478 Sale 9353
85
8014 85
63
Ohio Conn Ry 45
9034 Dec'24 -_
1943 M S 91
1.10-K-T RR-Pr I tet Ser A.1962 .1 3 9412 Sale 84
94
8
947
8
126
86
95 4 Ohio River RR let g 53
WI;
19361 D 102 1-03 10138 May'25 --- _
Nisi
60-year 4e Series B
1962 3 3 79 Sale 7834
79
27
7114 80
____ 99 Apr'25 ___ _
General gold 5a
99 100
1937 A 0 99
10-year Ils Serlea C
1932 3 J 10334 Sale 10312 104
37 10113 10414 Ore & Cal let guar g M
10138
10033 10173
1927 J .1 101 Sale 101
Cum adjust 50 Ber A Jan 1967 A 0 8512 Sale 8538
87
863
7634 89
Ore RR & Nay con g 48
8814 9014
8934
1948 J D 9014 91
00'4 57
Miesouri Pacific (reorg Co)
Ore Short Line-let cone g 56246 J J 106 10878 106
12 103% 107
107
let & refunding 58 Ser A1965 F A 89 Sale
8914 80
83 8914
888
Guar cons Se
3 103% 107
19463 J 10613 Sale 106
10612
let & refunding 58 Ser C1926 F A 10018 Sale 10018
10638 26 100 10114
Guar refund 48
9738 Sale 973
9712 101
9838 9775
let & refunding 6a Ber D I949 F A 10135 Sale 10118
101% 154
99 102% Oregon-Wash let & ref 4e-1
80
84
814 84
J D
J 8378 Sale 8312
19
96
29
1j
General 4e
1976 m 5 6534 Sale es%
684 564
6213 6612 Pacific Coast Co let g 561946 .1 D 9012 93
9312
1
9118
82
94
Mo Pax 3d 7s ext at 4%
1938 MN 85%
8714 mien ____
3434 89% Par RR of Mo let ext g 4a
es% 988$
_
___ 92 May'25
1938 F A
Mob & Mr prior Hen g 54._1945 J J
0011 --- 100
100 I
5 100 100
2.3 extended gold 58
9953 100
9912May.25
1938 3 1 919814 99,2
Mortgage gold 4a
1945j 3 787 --- 7934
8012 16
76
8012 Paducah & Ills let a 1 4;0_1955 3
96 Sale 96
10
96
9413 96
Mobile & Ohio new gold 6s .i927 J D 10234 1031 10234 May'25
__ -- 102/4 111312 Parie-Lyons-Med RR 64_1958 F.
274
14 78 Sale 754
78
7012 80%
let extended gold 68_321927 Q 3 10212 1037 10212
Apr'25 ---- 102 104
El f external 7s
8614 Sale 8414
8014 89
85,4 124
General gold 4e
1938 M S 90
90 Apr'25 811 90
Paris-Orleans RR-31 f 78
8514 Sale 8338
195
M
8M
8514 47
8012 90
Montgomery Illv let g 58.1947 F A 9912 ---- 994 May'25 -- -98% 994 Paulista Ry 7s
9814 99
1
9814
97 100
9814
St Louis Div Si
1927 3 D 100 Sale 100
997 10012 Pennsylvania RR-cons g 4s 19
1
100
94
42
3 M N 9234 Sale 9212 May'25
4
91% 95
Mob & Mar tel eu e 4s
1991 MS 8514 95
85 Feb'25 844 85
Consol gold 45
,
234
1948 M N 9234 _9_3_3! 9
92
2%
34 25
864 9418
Mont C 1st Ku a 6e
1937 J J 11053
11054 11075
11034 Feb'25 4s stewed
May 1 1948 M N
7
9014 93
let guar gold Si
1937 J J 10218 103% 10214
10214 10 10118 103
Consol 434,
1960 F A iiii- Sale 9958 100
134
9814 100
M & E 1st gu 3He
2000J D 8034 81
8
10
718
2
82
8
17
218
..
7
ii
.
8
3
4
.
.
8
1
i
penn8
Geny
General
e
i
r
v
a
a
1965 .1 D 9335 Sale 93
l
931* 154
95
93
ni
4:
C
a
oWashy Chatt dt St L 1st Es..1928 A 0 10134 10234 101% 1015
8
7
10018
102
General
10178
Sale 10134
56
1968 J D
10214 32 10118 10334
N Fla & S let gu g 55
1937 F A 101
101%
10134
2 1007s 10134
1930 A 0 10853 Sale 108
108/5 49 10718 1113
10-year secured 2,1
Nat Ry of Mex pr lien 430_1957 J 3 -------- 30 Sept'23
- ___
1936 F A 11013 Sale 11014
15-year secured fille
11034 57 10934 11118
July 1914 coupon on _______ ___
19 Apr'25 ---27
1964 M N 97/8 Sale 9714
40-year gold 5e
975* 191
9718 9834
- jilt's 1753
Assent a f red June Coup on _
1413
Guar 70-year & f 48
1977 A--0
- ---- ---: 8718 July'23 - ___ ..... -_ _ 8434 Dec'24
Guar 3He coil trust reg A_1937 M
April 1914 coupon on
18 May'24 - ___
834 8412
- 8314 Apr'25
Guar 3He colt trust Ber B.1941 F A 8683 - 83l
Gen et 48 assenting red.......
-1Wit -I/14 1714 May'25 --- Guar 334* trust ars C
1942 J D 824 84
8218 Apr'25
8218 82%
Nat RR M ex prior lien 4315_1926 i--3
---- --- - 3812 June'23 ___ ...... --- Guar 334*
1944 J D 814 __ 824 May'25
trust ctfs D
8214
82
July 1914 coupon on...................
25 July'24 ------------Guar 15-25-year gold 48_1931 A 0
_ _ 958
95%
9414 9538
Assent with July '24 coup on
31 May'25 ____
3
l
Guar 4a Ser E
8514 871952 M N 954s
85
864
861s Apr'25
let consul 45
1951 .s- -CI - - - - --- 28 Apr'24 _ _ __ ---- ..--- Peoria as East lit con 848_1940 A 0 7914 Sale 7918
44
797
771g 7974
April 1914 coupon on
36
Jan'25 _
Income 44
1990 Apr. 3314 343 34
3412 35
3134 86's
Assent with Apr 1924 coupon ___
1512 1613 1534
1634 23
20 Pee& Pekin On 1st5He
15
1974 A 0 10011 Sale 9978
30
101
99 101
Naugatuck RR let 4s
1954 M N 73% _ _ 66 May'23 _._ _
9978 Sale 9978
Pere Marquette 1st Ser A 55 -1956 J
10034 69
9738 1004
New England cons 5e
1945 J J 95 -98- 9513 Feb'25 -ii13 ifil-3
8378 8458 837
1st 1s See B
1958 J
9
84
8133 85
Consul 4.
1945 3 J 8134 8312 7878 Dec'23 Phil& Bait.4%9
1943 MN 9494
.1841344
7
94
92% 94%
NJ Juno Le guar let 48.- 1986 F A 82% 86
86
88
4 -i6 - 88
1974 F A 10613 1-6i/i 10613 10612
Gen 5e Series 11
4 104 •10834
N 0& N E flare(&Imp 4%0.4'52 J J 90% 9112 9018
9018
5
86
9018 Philippine Ry let 30-yr il f 45 19373
42 Sale 4118
42
43
40
44%
New Orleans Term let 4e. 1953 J J 83
84% 8253
8218
8014 84% Pine Creek regstd 68
5
J D
_ 10512 Mar'25
10512 10513
NO Term & Mexico lit 65 1926 J D 10018 Sale 10018
1C018
2 100i8 1014 PC C & &Lau 4344 A
1940 A 0 1071297
9712
- - 97
11
97
96
9918
Non-cum income 58
1935IA 0 9634 Sale 9634
973
8
31
9253
974
Series
B 434s guar
1942 A 0 9614 ____ 9678
1
96
96%
967s
let 55 Series B
1954 A 0 9634 Sale 9612
9718 98
9012 971s
Series
M
guar
N
C
1942
_
434e
9613
96%
lat 510 Serie/ A
1954 A 0 10118 Sale 1014 10178 58
98 1017s
Series D 4s guar
1945 MN
894 9114
Temporary
/A o 10188 Sale 10113
1949 F A
Series E 3145 guar gold
114
9013 914
N & C Odra gen gu 4116...A9451J J 937 _ _ _ _ 9334 '10114 43 10014 10175
Apr'25 ____
14
9318 9334
1953 3 D
Series F guar 45 gold
14
_
Nys&mBieteon
eseA935 A 0 100
994 May'25 ____
9914 100
Series 0 45 guar
1957 M N
NY Cent RR cony deb 60_1935 MN 1081 1-0TI- 10814
1 lkire 9353
153
10938 35 106% 117%
3
Series H 45
1980 F A
15
Registered
91
9214
N
10678 Apr'25 ____ 106 116%
Series I cone guar 049_1963 F A
Consol 48 Series A
11
95 9678
1998 FA 87 Sale 85
87
96
823
4
87
Series 34348
1964 M N
9412 9416
Ref & impt 4He"A"
2013 AO 93 Sale 9214
9318 51
88% 934
General M 5a Series A
34
1970 J D
9813 101
Ref & impt 55 Series C__ 2013 AO 10178 Sale 1014
4
10214 184
99 10214 Gen mtge 58 Series B
1975 A 0 9918 Sale 99
Registered
172
99
9914
AO
101% Apr'25 ____
99% 102
Pima & L Erie 2d e as
7
9 9 9 _8
4 3 3 39548
4:
4 66
al928 A 0 1001
N Y Central & Hudson River:_:8
0:10
:-_-1-e-i:_-7
,8
:1
- --_ 9 9 79 9 9 869 4239 984 2 May'25NMNI
Mar'259990943rr:.9023222
M aftr 2715
5
5442
9978 101
Pitts McK & Y lst fru 6a__-_1932 J .1 10478 ________ 105 Dec'24
Mortgage 334.
1997 3 J 79% Sale 7834
7912
40
75
7
9%
guaranteed
2d
68
1934
103
Registered
1997 3 J 784
78% May'25 7853 Pitts Sh & L E let e Si
74
19401A 0 101 10112 10
Debenture gold 4e
98
1 318
4 Aug
10.1214
1
icift;
14
1934 M N 9514 Sale 9418
9512 41
9314 96
let consul gold 58
1943.3 J 10014 Sale 10014
Registered
1 10014 101
10014
M N 9213
9214 Mar'25 _
9214
924
Pitts Va & Char 1st 4s
1943'M N 90
____ 9114 May'25
80-year debenture 45
9114
9114
1942 J J 91% 9212 9158 May'25 ____
9253 Pitts Y & Ash 1st eons 5s
91
1927 MN 10014 ____ 100
Registered
100 100
Jan'25
93 Feb'25 _
93 93
1st gen 4s series A
1948.5 D 88
Lake Shore coil gold 334e_1998 F A 78 Sale
__
87 Mar'25
87 87
77
78
76
7484 78
let gen .58 series B
1962 F A 10114 1-02 - 101
Registered
Apr'25
10014 102
1998 F A 7614 Sale 75/8
764 13
74 7
_614 Providence &cur deb 4a
1957 M N 5118 ____ 57 May'25
Mich Cent coil gold 3348._1998 F A 7653 78
6318 57
7653
77
6
75
17% Providence Term let 421
1958 M S 8138 ____ 80 Sept'24
Registered
1998 F A 7512 80
75%
Apr'25
-___
7518 75511 Reading Co gen gold 4e
14 Y Chic & St L lat g 44.-1937 A 0 92/8 9334 92/8
19971 J 95
____
95
95
2
96
931k
9258
7
91
94%
Registered
J J 9434 ____ 947 May'25
Registered
944 9514
1937 A 0 9114
89
Jan'25 --- 89 89
Jersey Central coil g 48_1951 A 0 98 Sale 8912
25-year debenture 44
10
90
1931 M N 947s 95
88
95
94%
9434 33
9278 9618
Gen & ref 4345 Ser A
ed 6e Series A B 0
J J 95
95% 95
36
1931 M N 10338 Sale 103%
96
9218 96
10312 69 10213 10412 Mehra & Danv deb 5s stpd 1997
Ref 510 Series A
1927 A 0 10014 ____ 10012 Apr'25
1974 A 0 9634 Sale 9553
9934 10018
9634 275
937k 9634 Rich & Meek let e 4s
1948
MN
NY Connect let gu 434e A_I953 F A 9234 93
773
4
_
_
79%
79
2
7418 7938
9214
93
25
90
93
Term Ry let gu 55_ _ _1952 J J 10058 101- 100% May'25
Riches
N Y & Erle let ext a 40.-- 1947 M N 89
10018 101
____ 89 Apr'25 i i i
89 89
Rio Grande June lit gu Se 1939 J D 9414
ad ext gold 431e
May'25
9518
1933 M S 9314
923
8 9638
9512
1
95%
9512 9513 Rio Grande Sou lit gold 48_1940 J .1
4th ext gold 55
1930 A 0 10014 ____ 99 Mar'24
Apr'25
6
7
99
9914
Guaranteed
5th ext gold 45
1940 J J 86 sale 86
1928 1 D 98 ---- 9714 Dec'24
7 • Dec'24
if
_
-- -iirs Rio Grande West let gold 48_1939 J J
N Y & Green L eu st 58
WC.
1946 M N 91
38
8912
..8912
91
Apr.24 _ ___
Mtge di coil trust 45 A._1949 A 0 75 Sale 7438
N Y & Harlem e 3He
2000M N 7915 82
71% 75
15
75
757 Feb'25
---757k 7813 R I Ark & Louie let 4He
1934 M S 8834 Sale 88
N Y Lack & W let & ref 55_1973 M N
85 89
213
9812 Nov'24
-Canada 1st gu e 48
Rut
let & ref 434i
1949.5
72
1973 M N
J
8
7412
74
9
12
7314
75
31
74
10012 Feb'25 -_ 1941 J J 8518 8614 8558
N Y L E & W let 75 ext
1930 M S 10618 ____ 10712 Apr'25 - -. WI; GA Rutland Ist con g 4He
1
8.514 8813
8553
---St Jos & Grand Isl g 4s
Dock & impt 5e
1947 J J
1943 J J 10018
29
75% 8112
9978 Mar'25 - 19 19
9
96
94
3:
0
d wimrl.46
,
91
09
St2La
1st g 58
1998 3 j 931, 9538 95'8 Fe
NY & Jersey let M
1932 F A 10012 Sale 10018
94
:
l8;2,
15
9518
8
4
10014----19
68
96
NY & Long Branch gen a 481941 M 5 908 ____ 9014 Dec'24
1996 A 0 10114
Jan'25
101
101 101
..-. ---- St L & Cairo guar g 45
19311 J 9458 9514 9438
N Y N It & Hartford2
94
94%
954
St L Ir M dt Seen con g 5a1931 A 0
Non-cony deben 4s
1947 M 8 65
22
9914 100%
67
6612 May'25 ____
01
68
Unified & ref gold 4s
Registered
19293 J _9_0_58_ Sale_ 9514
M S
102
91% 98
96
60
Jan'25 ____
60 603
Non-cony deben 334,_l947 M 8 5812 6134 61 May'25 ____
J
93 Apr'25
91% 93
555
8
81
Itlitegis
red
v
&
G
te
D
iv
let
g
45
deben
331a____1954 A 0 56
1933 MN 8918 Sale 88%
Non-cony
8378 897s
8913 245
5634 56
56
4
85 60
St L M Bridge Ter irti g 5e
19551 J 6118 6418 65 May'25
1930 A 0 10012 10017 10014
Non-cony deben 48
2
10014
99% 10012
60 85
StL& San Fran (reorg co)4e 1950 J 1 7758 Sale 77
1956 M N 63 Sale 63
Non-cony deben 48
71
78
7734 678
6378
5
56
85%
Registered
J J
Cony debenture 3348-1958 .1 J 5514 57
74% Apr'25
7412 7412
56 May'25
5518
5912
Prior lien Ser B 5s
1950 3 J 9212 Sale 9134
1948 J J 91 Sale 89
Cony debenture 6.
9212 251
8514 9218
91% 510
92
8614
Ser
Prior
C
lien
5e
19283
Registered
103
J
J J 87 Sale 87
9% s
Sale102%
103,4 24 10178 103%
87
10
8312 90
Prior lien Slit; Ser D
1942.5 J
Collateral trust 6e
1940 A 0 93% Sale 9014
99% 149
99
93/8 99%
931s 154
9014 9358
Cum adjust Ser A 6a_31955 A 0 9158 Sale 9012
Debenture 4.1
1957 M N 5834 60
325
84% 92%
58
92
5912 26
534
60%
Income
Series
A
65
h1960 Oct. 8718 Sale 8614
Cons It! non-cony 4s_ _1954 J 1 6314 ____ 8314 May'25 ____
757
88
7614 88%
55
64
ran Ry gen 68 '31 3 3 105 10612 10578
Sa
Lo
wn6F
eu
niesra
u
&lic
StG
Non-conv deben 44-1955 J J
1057
8
2
104%
63 May'25
1054
82 64
1931 J J 10034 Sale 10034 10034
Non-conv deben 4a--1956 J J 6312 Sale 63H
3 100% 101
8312
2
62
64
Louie
F
RR
&
S
cons 45_1996 J J 903s ____ 84% Dec'24
St
N Y & Northern 1st e M -.1927 A 0 10038
_ _ 10012 Apr'25 ____ 100 10012
Southw Div let g Sa
1947 A 0 9938
N Y0& W ref let e 4s-Jtine 1992 M S 6913 70
9738 Dec'24
6834
70
21
65
7012 St L Peo &N vir let gu 5a_ - _1948 3 J 104
General 4s
1955 J D 66 Sale 6534
____ 10312 10412 24 Ric 1641;
6634 19
83 6912 St Louis Sou lit gu g 48
1931 M S 938 ____ 933 Apr'25
Registered
J D 5618
_ _ 65 Apr'25 ____
9234 9373
65 65
as L SW 1st g 45 bond ctfa_1989 MN 8268 8314 8218
1942 A 0 8718 _ _ _ 8613 Feb'25 ____
N Y Prey & Boston 45
83
15
80 83
8618 8613
2d g 48 income bond ale-91989 J J
N Y & Putnam let con gu 4/1293 A 0 85
78
78
2
8714 8714 May'25 ____
72%
18
8214
8714
Consol gold 45
1932 J D 9014 Sale 8912
N Y & R B let gold 5e
1927 M S 100
____ 100 Feb'25
9014 105
85% 9011
100 100
1st terminal & unifying 55.19521 J 8812 89
N Y Buse & W 1st ref 158.---1937 J J 71% Sale 7153
87H
37
811
1
883
881
4
4
7134
8
664
78
St
Paul & IC C Sh L 1st 4)0_1941 F A 86/
1
4 Sale 8512
2d gold 4348
1937 F A 5918 6634 6414 Mar'25 ____
80 8612
8612 211
6112 68
St Paul E Or Trunk 4340_ -1947 J J 9058 ____ 9112 Apr'25
General gold Se
1940 F
5914 60
60
9112 9813
60
1
60
66
1943 M N 95
Terminal let gold 58
97
9312 Apr'25 ____
98
94
•Due Jan. 5 Due July. V Due Nov. s Op ion sale
2530
BONDS
N.Y.STOCK EXCHANGE
Week ended May 15.
New York Bond Record-Continued-Page 4
Price
Friday
May 15.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Price
Friday
Matt 15.
BONDS
N. Y. STOCK EXCHANGE
Week ended May 15.
Week's
Range or
Last Sale
13
c.Q
Rands
Mee
Jan, 1.
Ask Low Nigh No. Lae High
Bid
MOB
High No. Law
Ask Low
44 5878
Bid
558 67
944 9614 kin Writ Paper 6 f 7-68
1930 2_2_ 5578 Sale 4912
9614
May'25
____
43 I 56
9612
con
A
48.19332
Man
66
dt
56
St Paul Minn
56 Sale 5012
Temp interchangeable ctfs den
9412 9412
944 May'25
9918 10138
227
J J 92
Registered
9934
Sale
10014
10014
Cop
Min
let
F
68_1953
Anaconda
A
10912
10712
9934 104
244
1933 .1 A 10814 Sale 10814 10814
lit mom' g (18
101
Sale
1013
4
15-year cony deb is
1938 F A 10114
9512 100
4
9834
9834
94 10018
193
65 reduced to gold 4%8_1933 J J
98
9634 Sale 9534
Andes Cop M In deb 78 25% pd '43 J
9713 98
91% 944
9912 9712 Apr'25
5
1933 J .1 98
Registered
92
9112
92
9114
.1
73.48
_1939
1
9234 9512 Antilla (Comp Azuc)
9312
93
91
52
1937 .1 D 92% 95 9312
Mont ext let gold 48
93
Ark & Mem Bridge& Ter 58_1964 M 8 93 Sale 917
92 92
2 D 9012 94 92 Jan'25
Registered
89 123 86 90
88 8918 Armour & Co 1st real est 4)01939 J D 8812 Sale 8812
94
91
185
Pacific eat guar U.__ -_1940 J J ____ 8812 8912 Apr'25 23 100
93
9214
Sale
9273
Armour & Co of Del 5348_1943 j
102
22 10134 1034
St Paul Union Depot 58„...1972 J J 10134 Sale 10112 10178
10234 Sale 10234 103
7
35
8514 Associated Oil6% gold notes 194
8514 64 81
9734 9884
_
S A & A Pass let go 548_1943 J J 8412 Sale 8412
4 May'25
1
4 ____ 98/
1
Atlanta Gas L 1st 55
3 D 98/
10034 101
18 26
_
Santa Fe Pres & Phen 5s..„1942 M S 100% - - 10034 Feb'25
26
Mar'25
2012
Ill
Atlantic Fruit 78 ctfe dep_1934 J D 1912
22 22
397 22 Jan'25
Say Fla dr West lot g 6s_ __1934 A 0 10878- Ill 111 Mar'25
____
deposit
of
etre
Stamped
_ 10114 Noy'24
99%
973
1934 A 0 102%
19
lst g 58
99%
9912
Sale
9934
1937
Refg
Atlantic
;
a-deb 58
8784 id10
90
5 102 105
103
Scioto V & N E let gu g 46_1989 M N 90 Sale 90
Baldw Loco Works let 58_1940 M N 103 Sale 103
74 81
103 1064
8034 81 May'25
1950 A 0 80
Seaboard Air Line g 48
10614
10413
1
10612
10614
7
_
Az)
s_
%
_1937
J
(Coup
Baragua
J
8212
74
59
81
1950 A 0 80 Sale 80
Gold 4s stamped
7 10212 10514
10518 1051410518 10513
73 8312 Barnsdall Corp s f cony 8% A1931 J
8312 399
10258
Oct 1949 F A 82 Sale 8114
Adjustment 58
1948 J J 10212 Sale 10218 102% 82 10014
234
5912 7114 Bell Telephone of Pa fts
71
19014 1014
17
.1959 A 0 70% Sale 7014
10012
10014
Refunding 48
10012
10014
1st
ext
1926
Steel
t
J
ibi
a
Beth
J
N
58
8413 95
94% 193
97
9318
24
let & cons 65 Series A_ _1945 M S 9412 Sale 94
95
9414
Sale
95
1942
let & ref 58 guar A
8378 8934
4 11
1
89/
90 92%
90 Sale 8812
9112 61
Atl & Birm 30-yr let g 48_51933 M
9914 101
30-yr p m & imp 8 f 56...-1936 J J 913 Sale 9118
10012 10012
934
9712
8
3
8
Seaboard & Roan let 58__1926 J J 100%
9412
872
94
9414
Sale
A
1948
F A
Cons 30-year es Series
10218 10334
1936 F A 10324 10412 10334 May'25 12 103 10612
6 85 894
& N Ala cons gu g 5s
1
Cons30-year 5)6s Series B 1953 F A 8638 8612 ma
7018 85
Gen cons guar 50-yr 5s_ _ _1963 A 0 10612 10712 10612 16612 19 84
7758 May'25 - -74
7978
f
A
8714
debt)
Booth
68_1926
0
Fisheries
8634
So Pac Col 4e (Cent Pao col)51910 .1 D 8612 Sale 8612
9912 55 97 100
9612 9734 Brier Hill Steel 1st 53.58
1942 A 0 9913 Sale I 9918
97% 45
6 68 7514
June 1929 M 8 9714 Sale 9714
20-year cony 48
74
9914 1021s B'way & 7th Av 1st cg 55-1943 J D 7312 Sale 7338
4
67% 75%
__
1934 .1 D 10034 Sale 10034 10134 17
May'25
20-year cony fus
7214
72
72
int
'24
of
Dec
dep
Ctfs
stimpd
10034
1944 MN 9912 -.- 10012 10034 10 100
2 9058 93%
20-year g 55
93
9212
9412 93
1941 3
8414 88
Brooklyn City RR 53
87%
103 289 99% 103
San Fran Terml let 4s.....1950 A 0 8758 Sale 87
10114
103
Sale
9
0
3
4
Edison
9
1
2
3
gen
A
Bklyn
1
Se
Inc
5
8514
83
1
83
A 0 7814 84 83
6 104 1054
10518
Registered
105 Sale 105
General 613 Series B
103 10314
10314 Feb'25 - 1927 MN 103%
8734 243 8214 8834
So Pac of Cal-Gu g 5s
4 Sale i 8718
1
9418 9412 Bklyn-Man R Tr Sec es__1968 J J 87/
2
1215
'
,
9412 Jan
6178 71
1937 .1 J 9412 95
1
6312
6312
So Pac Coast let gu g 48
65
62
92
Qu
&
58
con
ggis
M
Co
gtd
Sub
Bklyn
'41
N
80 80
19552 .1 9112 Sale 91169
So Pao RR let ref 48
10014 10358
let 58
1941 J J 727 ---- 80 Feb'25 ---29
10318
Sale
1028
10318
.1
J
1994
Southern-let cons g 5e
99 9918 Brooklyn Rapid Trans g 55-1945 A 0 ---- ----I 90 Nov'24
_
_ 1_3
2 _2
70275
9918 A1)1'
---J D
June'24
Registered
96
certificates
Trust
80
7318
---Develop & gen 45 Sec A__1956 A 0 7958 Sale 79
81 Dec'24
let refund cony gold 45-2002 J J 564
107 213 103 107
1958 A 0 10658 Sale 106
_ Sept'24
Develop & gen es
10912
secured
J
7%
2
1:
3
notee____1921
11
3-Yr
1,7
80
1
:
4
611
059
189
78
1956 A 0 11013 Sale 11014 11118
Develop & gen 6265
122 Mar'24 _
Certificates of deposit
1004 Apr'25 --Mem Div let g 434s-58_1996 J J 102
- --- 121 Apr'25 -- 121 121
Ctfs of deposit Stamped_________
2_
'215
88
2 May
6718
85
8612 87 8
8112 8512
19513
St Louis Div lst g 48
8512 45
84/
8512
4
1
Sale
1950
El
Bklyn
Un
Ist
g
4-56
8612
15
82%
8112 8512
Mob & Ohio coil tr g 46_1938 M S 8612 Sale
8512 84
A 8512 Sale 8434
1950
Stamped guar 4-5s
4 19913 10212
1024
99% 1011s
1
101
So Car & Ga let ext 548.._1929 M N 10212 103 10212
101
10058
101
4
19
M
„A
8712
2
193-193
5
let
Un
N
Gas
Bklyn
g
cons
834
8
8612
16644
155
Spokane Internet 1st g 5e..1955.1 J 8612 Sale 85 May'25 155
Mar'28
13514_
7s
98
cony
deb
954
10-yr
98
110%
Term Assn of St L Ist g 4348_1939 A 0 964 _ _ 101
,
1st lien & ref 65 Series A._I947 M N 110 11014 110 May'25 _- 10714
814
212 101
00
2 18
101
911s 93%
1944 F A 101 Sale
let cons gold 58
92
-May'25
91
94
&
58
J
at
Buff
Sung
D
1932
Iron
22
854
84%
8734
84
19532 J 8578
Oen refund s f g 4a
-Apr'25
873
go% 98
Bush Terminal let 4s
1952 A 0
8618 90
19433 J 9712 9812 98 Apr'25
18
90
Tex & N 0 con gold 58
19562 J 8978 Sale 8878
9974 10218
Consol 58
4
1
10212 33
93% 99/
Texas & Pac lstgoid5a.2000J D 10214 Sale 102 Dec'24
Sale
97
ez
tax
guar
0
1960
A
fts
Building
90
98 101
2000 Mar 90 100
812 101
90
2d gold income 58
1007
99 8 139
G &E Corp unit & ref 55_1937 MN 10
Cal
99'i
99
May'25
9912
10312
99
4
993
4
1
/
100
J
19312
La Div B L 1st g 56
10338 36
9818 10014 Cal Petroleum 63,48 temp..1933 A 0 10312 Sale 103
12
997
914 9518
24
92
Tax Pac-Mo Pac Ter 546_1964 M S 9912 9934 9918 10014
995g 101
Camaguey Bug let s f g 7s_._1942 A 0 9112 9312 9112
1
96% 99%
12
Tol & Ohio Cent let gu 58_1935 J J 10014 - - 10014
98
100 Canada SS Linea 1st coll if 7e '42 MN 977k 9812 98
9958
2
100
100
100
Sale
1004 1014
1935 A 0
1
May'25
Western Div 1st g 25
10134
10034
10218
D
RN
J
Tel
9934
Cent
let
Dist
30-yr
58_1943
2
9812
94 97
19353 D 9812 99 9812
General gold 55
95_
944
95
95
1931F A
28 30 Cent Foundry 1st f es
1
28
9738 10034
10034 84
Toledo Peoria & West 48_1917 J J 28 Sale 28
5 994 997 Cent Leather let lien e f es_ _1945 .1 .1 10014 Sale 10014
99%
110 114
5
Ill
11015
11112
112
Tol St L & W pr lien g 3%5_1925 J J 9978 100 99%
MN
8s_
1st
_1941
_
_
get
Steel
Central
8612 22 8218 8612
10012
984
1950 A 0 8578 86% 8534
____
50-year gold 48
10014
9
10012
Ch L & Coke let gu g 59_1937 ,J J 10035
7558 88
- 9678 Dec'24
19313 J 9614
7912 190
To1WV&Ogu4348A.
A 79,4 Sale 76%
A0
7F
22
93
19
97 If- Chicago Rye let 5s
111%
97 Jan'25
105
19333 J 9618
162
10712
Sale
10612
10714
Series B 420
89%8913 Chile Copper ea Ser A
8913 Jan'25
1942M5 8912
7 9gig 10112
Series C 49
84% 8612 Cincin Gas & Else let & ref 58'56 A 0 1011s__ 10134 10112
4
1
6 1004 108/
10312
10314
Ei;le
Tor Ham & Buff 1st g 46„-.1946 J D 86,4 ---- 86 Apr'25
10314
1*
Jan
1
due
0
B
A
Ser
1961
5348
92
8 88
8912
80 80
Ulster & Del 1st cons g 58 1928 J D 89 Sale 8812
5938 62 Clearfield Bit Coal let 48_1940 .1 J 8018 8712 80 Jan'25
12
53
93
53
67%
5318
56
2
0
1952
A
92
let refunding g 48
90/4 944 Colo F & I Co gen s f 58___ _1943 F A 92 Sale 92
9414 35
1947 J J 9414 Sale 9318
8212 17 80 8314
anion Pacific let g 48
ggis 93 Col Indus let & coll 58 gu _1934F A 8212 Sale 8112
82 83
93 Sale 9234 Apr'25 -_
• J
215
'
Registered
_
8 32 Feb
F A
9824 9913
Registered
59
10012 10112
9912
9914
Sale
9914
1927 J J
20-year cony 48
98 98 Columbia 0 & E 1st 55
1927 J J 101 Sale 100 4 l01 2 45
100 10113
98 Jan'25
.1 3
36
101
Registered
4
1
/
Sale
100
10078
1927 2 J
8414 90
Stamped
49
914 14
89
4
8714 88% 88%
14
e2008 M
1212
30
let at refunding 48
Col & 9th Av let go g 55_ _ ._1993 M S 14
60 1041g 107
9812 99%
1
e2008 MS 106% Sale 10634 107
9912
1st lien & ref 58
J 99%-- 9912
10312 1044 Columbus Gas let gold 55._1932
71% 7712
7742
28
76
10-year perm secured (4_1928 J J 10334 Sale 103% 103% 66
9214 9212 Commercial Cable let g 48_2397 Q J 9
98 9912
92% Feb'25
19
6 -9114 9834
99
U N J RR & Can gen 4s_-_1944 M S 9213
1934 M N 7912
3 10014 10118 Commercial Credits f 65_
97% 10114
51
19263 J 10014 1004 10014 10014
Utah & Nor gold 5s
Commonwealth Power es_ _1947 M N 101 Sale 10034 10114
_
10114
Aug'24
1041s
93
9358
7
J
1933
J
10213
413
10212
Sale
extended
10212
let
Computing-Tab-Rec a f St..1941 .1 J
-- 86% Feb'25
90% 9012
_
Mar'25
1955 F A 8612
Vandalla cons g 49 Sec A
8658 8613 Conn Ry & L 1st & ref g 4,34s 1951 J J 9113 9313 9012 May'25
89 9218
86% Apr'25
1957 M N 8613 _91
93
9113
Como! 48 Series B
J
19513
Stamped guar 43.4e
81
90
Oct'24
20
54
84
824
Vera Cruz & P lat gu 4;0_1934 J J
Cons Coal of Md 1st & ref 58_1950 J D 8334 Sale l027s
20 Dec'24
10312 641 10114 10312
July 1914 coupon on
(N Y)deb 5litt_ _1945 F A 10314 Sale
2412 Como'
2413.
2412 Jan'25
39 10018 105
12
5
8
8
10
1934
4
5
1
41
8
0
18
:
Sale
881
.
2
1
1
4
7
88a
0
9
18
Assenting let 448
2
9913 1004 Cons'd Pr & Ltg let 634e.__1943 M S
10018 1001s
12 87h 9212
1926M S 10018
VerdIVI&Wlstgee
10018 10012 Cent Pap & Bag Mtlls 6413_1944 F A
4 927s 1007s
10012 May'25
Virginia Mid Series E 58.---1926 M 8 10012
4 - - - 9934 100
1
994 100 Consumers Gas of Chic gu 55 19363 1 99/
1
9044 98
100
81
100
100
98
.1
19313
4
1
/
96
F
5s Series
1952 M N
100 10012 Consumers Power let 5s
10014 May'25
_ 9058 July'25
1938 M N 10014
100
General 58
MN
1931
g
at
Se
Rag
Prod
Corn
101
934
igis Ma
14
'
s:
101
100
Apr'25
102
6i
1
101
N
M
Va & Southw'n let gu 58-2003 2 .1 10014
1934
8414 .924
let 25-year s f 55
23
92
2 74 80
77
1958 A 0 92 Sale 8912
F A 7612 Sale 7612
23
let cons 50-year 56
gg 10034 Crown Cork & Seal 65
4 93% 98
96
1961 M N 1001s Sale 10018 10014 165 10014 10178 Cuba Cane Sugar cony 78_ 1193403
96 Sale 95
Virginian let 58 Series A
9
9914 10212
10178 54
10014 21
1939 M N 101% Sale 101
Wabash let gold 58
Cony deben stamped 81,(4.1930 J .1 10014 Sale 100
9712
9412 974
10734 108 10712 1074 38 10712 110
1939 F A 974 100 97
2d gold 58
9412 9613 Cuban Am Sugar let coil 813.1931 M S 97ll Sale 97
4 9834 •
1
96/
40
9614 131
s
9534 Sale 9534
973
1975 M
M
1944
Refs f 5)65 ser Alemp
Ms
7
let
9334 93% Cuban Dom Bug
97 10014
9334 Feb'25
Debenture B es registered-1939 M
T let & gen es_ _1937 J J 100 10078 99% 10014 15
&
T
8
7
83
Cumb
774
3
99
99
8018
86
9912 99 May'25
letlienSo-yrgterm4i.__1954J.1 10114
99% 100% Cuyamel Fruit 151 (35 int ctfs '40 A 0 99
9212 97
80
10112 100% Apr'25 - 97
1941 J J
g 156 '51 MN 0612 Sale 9534
Det & Ch ext 1st g 5s
851s Den Gas & E L Ist&ref
8113
82
76
May'25
85
85
12
84
Sale
76
7734
1942 M S 77
Des Moines Div let g 45-1939 J J
74 77 Dery Corp(DO)7s
4
9934 10214
77
4
1
29
1941 A 0 7614 7714 75/
Om Div lst g 3%15
Detroit Edison let coll tr 56_1933 J J 10112 Sale 10112 102
844 86
1024
9911
May'25
86
106
8514
Sale
10214
101
1021t
M
8
1941
43
g
S
Tol & Ch Div
let & ref 58 Serial A_July 1940 M
7738 Oct'24
63 97% 100
1949 A 0 9912 Sale 9912 100
Warren 1st ref gu g 3%52000 F A
Gen & ref 55 Series A
Wig -Ws
50 106118 10812
4 Sale 10714 108
1
1948 Q M 8112 84 8418 Jan'25
Wash Cent let gold 49
1st & ref es Series B_July 1940 M S 107/
gits 8512
87% 93%
8214
May'25
_
82%
27
A
91
F
9114
1945
91
9034
Wash Term 1st gu 3%s
Nag 8918 Det United let eons g 4%8..1932 J J
9414 9912
9714 516
1945 F A 89% -- 8938 Mar'25
rcts_1941 MN 97 Sale ge
Int
es
deb
Bros
let 40-year guar 48
Dodge
964
9514
88%
82
Mar'25
9612
____
8
963
11
A
F
Sale
87
87
58-1930
8612
gu
1st
W
N
N
M
&
W Min W
63% 6714 Dold (Jacob) Pack 1st es....1942
214
50 68%
8
667
Sale
6614
6634
8
52
53 51
1952 A 0
West Maryland let g 48
99% 10013 Dominion Iron & Steel 58_1939 J J 51
2
88% 91%
10012 ---- 10012 10012
28
19373
Sale
89
9014
9014
J
J
WeetNY&Pa lets 58
1942
75
ref
let
Steel
Donner
8218
7912
90% 94%
8134 8014 May'25
1
1943 A 0 80
94%
94%
gg 45 du Pont(El)Powder 4%8_1936 J D 94%
Gen gold 4s
75 1064 10815
Apr 1 1943 Nov 3514 46 45 Feb'25
9044 9414 duPontdeNemours&Co 7345 1931 M N 10778 Sale 10712 108
Income g 55
125
9514
94%
107%
Sale
107%
94%
S
M
5s..„1946
107%
Jan'25
A
Ber
N
let
M
Registered
Western Pac
5 10014 1044
103 104 102% 103
1946 PA
10512 10578 153 104% 107
8114 8414 Duquesne Lt let & coil 68_ _A499 J -1 10584
1st gold es Series B
8414 47
12 104 106
J 8418 Bale 8312
23612
Sale
105%
10512
10514
guar
J
J
48
lst
)3_1949
5%8
Series
truitt
coil
1st
Shore
West
4 82
1
79/
16
82
2381 .1 .1 8134 82 8134
S 10334 Sale 10314 10434 88 103 106%
Registered
2 Ng% 10158 East Cuba Bug 15-yr s f g 7%8'37
4 94
1
90/
10014 10034 10034 10034
4
91%
Ed El Bkn 1st con g 48_1939 J J 9112 92% 91%
9938 101
Wheeling & L E let g 56„..1926 A 0
99% 101 Apr'25
994
.1
58-1928
10218 Mar'25 - -- 1014 10218
gold
let
.1 9912
J
Div
III
55____1995
1st cons g
99% 9934 Ed Else
Wheeling
8814
Mar'25
9934
8714
-97%
A
54
F
1930
8814
4
1
7413 Else Pow Corp(Germany)6%8'50 M S 88 Sale 87/
88
Etet'n & impt gold 55
85
74%
9834 100
74% Sale 7113
19253 D 974 9% 9878 Apr'25
Refunding 4245 Series A.-1966 M S
9714 104
72 77 Elkhorn Coal6% notes
23
77
Sale 76
77
S
-aoi
M
1949
8
1037
Sale
10314
103%
48
6314 6712 Empire Gas & Fuel 7%s....1937 M N
RR let consul
6
6534
4 10012
1
99/
4 Sale 6512
1
19423 D 65/
100
9934
9934
102 10214 Egult Gas Light Si
Wilk & East 1st gu g 58
8 88 96
19382 D 10214 10314 10214 Feb'25
9414
B 92% Sale 92%
M S
2 SI
42
93
19
8234 8712 Federal Light & Tr let 58_1 _1
1
Will & B F lst gold 5s 4s......1960
964 102%
8312
8312
85
8312
1
102%
1942 M 8 102% Sale 102%
7812 81
1st lien es stamped
Winston-Salem S B let
8012 13
8012 Sale 7812
10214 19 101 107
4 102 102
/
1939 D 1011
8213 874 Federated Metals f 79
1
Wis Cent 50-Yr let gen 4s...1949
85
8534 85
34 108 1124
N 85
113
11212 Sale 112
Fisk Rubber 1stf
Sup & Dul div & term let 48'36 M
7612 79
7812 17
M S 7714 Sale 7714
1M
36
INDUSTRIALS
94
19
85 8712 Ft Smith Lt & Tr let g 58_ _1
2
8512
8914 95%
854 Sale 8512
36
81
93
411._1948
9178
Sale
93
g
tr
./
coil
944
7%8'42
10212
Framerie Ind & Dev 20-yr
Adams Express
28
10612
10212
10212
10134
10312
101%
9
8.3_1936
10512
105 Sale 105
312 678 Francisco Sugar 734a
1
Max Rubber let 15-yr s f _1925
5
5
9818 9812
4
6
N 9938 -- 9812 Feb'25
2 D
942 51
1949
678 Gas& El of Berg Co cone g 581
4
Alaska Gold M deb 85 A___ 1926M
6% Apr'25
103
4
7%
101
1
s
1027
10278
Sale
10278
9844 10134 Gen Asphalt cony es
Cony deb 611 Series B
7
4
1
105/
10112 Sale 10112 10134
1928 A
B 1054 10514 1054 Apr'25 _- 104%
9484 10112 General Baking let 25-yr 68.119
A D
931 J
Am Aerie Chem let 58
4 10113 105
1
83 84
2
10114 Sale 100/
F
84
1941
84
83%
85%
A
F
1942
4
1
/
99
Gen
Ist ref I 7)58 g
42
Electric deb g 3318
9618
99
98
105%
Sale
9818
1014
2
A
10512
65_1933
105 1054 10514
Debenture 5s
9118 945
American Chain deb St
94% 16
2 100 10212
N 9458 Sale 94
10012
S 10012 10112 10012
MA
52 F
95
_ 10012 10812 Gen Refr let e f g es Sec A__ _119
Am Cot Oil debenture 55_1931 M J 10658 10734 107 May'25
9314 94%
1936
93% 64
4 Sale 9324
1
German Gen Eleo 7s temp_ _1945 J J 93/
Am Dock & Impt gu es
98 100
30
9912
99
100% 10614
89
9912
9812
0
8
A
104% Sale 104/4 1055
Am Mach & Fdy 51es3A
914 9712 Goodrich Co 6)413
9712 26
79 119 120%
96% 9712 9612
4
1203
12014
Sale
120%
91
47.1
41
9
lets
Am Republic Corp deb 6e..1937199
1
f
Tire
9912
& Rub
9513
Goodyear
9912 59
9914 Sale 9812
10912 Sale 108% 109% 132 1043,10934
10812
10-year s f deb g 8s
Am fim & R 1st 30-yr 55 serA 1947 A 0
39
934 10018
10018 Mar'23
1947 A 0 10712 Sale 1074 10812
A 9912 _
F N
1M
d938
lot M 65 series B
9912 10412 Granby Cons MS& P con 681'2
10212 64
Sale 102
934 9812
8
1023
J
_1937
100 ___ _ 9812 Mar'25 11
_
N
65_
96%9724
15-yr
Ref
1928
Amer Sugar
Stamped
204
4
973
9718
Sale
95 10014
97%
100
.1
100
1925 M N
Am Tele9 A Teleg coil tr 42.19293
Cony debenture 8s
904 924
1
9078
1
92 95
9312
9312
- -- 90%
1936 M S
Sale
9312
441932
Convertible 4s
Power(Japan)7i..19
&
115
Gray
a
Davis
2
94%
95
128
95
8714 9113
9378
96
2
603
B
4
3
M
89
Sale
9014
A
F
20-year cony 4%a
Gt Cons El
100 102
99
101%
11
101
99% 102
Sale
10112
102
- 10114
1946 J D
30-year coil tr 55
9411 9712 Great Falls Power hats f 58-1940 M N
9712 1134
88s 95
May'25
85
15602 3 9713 Sale 97%
86
8512
10235-yr s f deb 58 temp
145 101 1033s Hackensack Water 48
4
1033
17
103
8512 90
90
88
Sale
10312
1943 M N
M i 90 Sale
2.1t
1954
20-year f 5tts
131% 53 125 13118 Havana El Ry L & P gen 5s A'5
1925 F A 131 Sale 131
7-year convertible (is
9214 9614
9,54
50
964
9614
Sale
0
A
&
58_1934
Am Wat Wks Elec
Aug. 5 Option sale.
a Due May. * Due June, 5 Due July, 8 Due
107„
-
ie5;
6i-de"
103%
4
New York Bond Record-Continued-Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 15
t
Price
Friday
May 15.
Week's
Range or
Lasi Sale
ca,
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended Play 15.
ts
t
za.
t
2531
Price
Friday
May 15.
Week's
Range or
Last Sale
;
C"..1
43,53
Rangy
802[41
Jan. 1
Bid
Ask Low
High No Low
High
Bid
Ask Low
11(56 No. Low
Mob
Havana Elec cense! g 58__1952 FA 9412 95
9438
14
96
9212 96
Peep Gas & C lot cons g 611_1943 A0 10914 110 10834 Mar'25
-77.7 107 108/
1
4
Hershey Choc let s f g 6s___ A942 MN 10334 Sale 10314
104
19 103 105
Refunding
1947 MS 9778 9812 9712
9812 120
Hoe(R)& Co let 648 temp_1934 AO 10158 10218 10158 10218 12 10038 10314 Philadelphia gold 55
9812
943
4
Co coil tr 68 A_1944 PA 1047e Sale 1041
/
4 105
Holland-Amer Line Os Wat).1947 MN 88 Sale 865/3
38 10158 105
79
8812 74
882
15-year cony deb 554s_
1938 MS 9878 Salo 98
9334 99
99
Hudson Co Gas 1st g 5s____1940 MN 10018 1011
18
/
4 10018
10018
9 981
/
4 10018 Phila & Reading C & I ref 55.1973 J J 10014 Sale 100
10014 25
9934 10134
Humble 011 & Refining 534a.1932 44 1011
/
4 Sale 10112 10178 75
9912 10218 Pierce-Arrow Plot Car deb 881943 MS 10212 Sale
99/
1
4 10212 396
91 10212
Illinois 13011 Telephone 58___1956 JD 10012 Sale 10058 10034 100
97 100.14 Pierce 011 8 f 8s
1931 JD 10612 Sale 10612 11812
Illinois Steel deb 444e
1
4 107
6 162/
1940 *0 9634 Sale 9512
9234 9614 Pillsbury 11 Mille 20-yr 6e..1943 AO 1011
9634 95
/
4 10134 1011
/
4 10158 12
99/
1
4 102
Ind Nat Gas & 011 5a
1936 MN 91
93
911
/
4 May'25
8712 9214 Pleasant Val Coal 1st g f 58.1928 J
98
99
9712 Apr'25
Indiana Steel let 56
97
98,
4
1952 MN 10234 Sale 10258
10318 28 10114 10318 Pocah Con Collieries lets 1581957 .1 .1 92
93
/
1
4
9234
9312
Ingersoll-Rand let 58
4
9212
94
1935 .1 .1 9934 101
9914 Feb'25
9914 9914 Port Arthur Canal & Dk 68 .1953 FA 100 Sale
100
Interboro Metrop coil 4%s_ _1956 AO 11
9912 101,
4
101 14
13
3
11
Apr'25
10
11
Portland
Elec
Pow
6811.1937
1st
MN 9712 Sale 97
9712
Ctf dep stpd asstd 16% sub_
9612 9 12
8
612 _7
1012 1012 Portland Gen Elec lst 5s
.- 1012 Mar'25
1935 J J
_ 9934 Apr'25
Interboro Rap Tran 1st Es 1966 JJ 66 Sale 6538
983s 95.4
1
4 7434 Portland Ry 1st & ref 5s___ _1930 MN
6618 81
59/
99149434 9514
- - 941
/
4
95
4
Stamped
9212 9612
6438 Sale 64
7312 Portland Ry Lt & P let ref 581942 PA 89,8
59
6434 191
88,4
8912
29
897s
8414
1(1-year 65
9014
1932 AO 671
/
4 Sale 67
611
/
4 80
6934 41
lot I & ref its ser B
1947 MN 9734 Sale 9714
98
10-year cony 7% notes_ _ _1932 Si S 871
9912
33
94
/
4 Sale 8712
8838 122
95
85
let & refund 7 SO Ser A 1946 MN 105/
1
4 10612 10558
106
2 10518 107
lot Agric Corp let 20-yr 5s_ A932 MN 73 Sale 73
73
73
67
10
Porto Rican Am 'Fob 8s
19
04
1,2,
193I
Sa
a
i
l
MN
e
,
1
04
112
1,4
0134
1
8
2
Stamped extended to 1942____ MN 6518 691
108
101
/
4 6812
6212 7078 Pressed Steel Car 58
69
6
1933 .3.1
Inter Merean Marine s f 58_1941 AO 89 Sale 8834
93/
1
4 97
9112 Prod & Rets f 8s(witti waente)'31 JD 11212 114 11212
88
89,2 100
113
International Paper 58
3 104 11514
1947 j j 0134 Sale 9018
8712 9134
9134 112
Without warrants attached. _ _ 40 11018 Sale 11018
11012 11 110 111
1st & ref 58 11
1947 j j
84 Mar'24
Pub
Serv
Corp
of
NJ
104
/
1
4
gen
5s_1959
AO
1041
/
4
1045
8
May'25 -- 10438 10518
Jurgene Works 9s (flat price)_1947 j
9914 Sale 9918
9912
88
9912 85
Secured g 13s
1944 FA 9834 Sale 9834
99
140
Kansas City Pow & Lt 5e_ 1952 PI
99
95
9914 Sale 98/
1
4
95% 9934 Pub Serv Elec & Gas lst 55281959
9912 91
104
4 0 104 Sale 102
162
Kansas Gas & Electric 68_1952 M
9878 104
10218 Sale 10114
9814 10.114
10214 83
5145
lot
&
ref
10318
1924
Sale
10218
AG
103/
99/
Kayser & Co 75
1
4 10312
1
4 123
1942 PA 10312 Sale 10314
10312 14 10112 10378 Pub Serv El Pow & Ltg 65_1943 A0 10434 105 1041
/
4 105/
Kelly-Springfield Tire 8s_1932 MN 100 Sale 9938 10012 248
1
4 38 10212 1061
/
4
90 10034 Punta Alegre Sugar 75
1937.3' 10512 Sale 10518
105/
1
4 10; 10234 10712
Keystone Telep Co let 55
1936 J J 86
87
86
6
82 • 87
86,2
Remington Arms (Is
1937 MN 8912 Sale 8912
211 8612 92
90
Hinge County El & P g 5s
1937 AO 10134
10158 May'25
10012 10134 Repub 1 & S 10-30-yr Sea L.1940 A0 9.53
9434
10' 9312 9534
95
Purchase money 65
1997 AO
Sale 11814
2 11412 11912
11912
Ref & gen 5148 ser A_,.1953
4-02
J 9112
911
/
4
92
Hinge County El 1st g 4s
3
901
/
4 94
1949
7814
78'4 80
A
78
78
75
78
3
Rime Steel let 78
1955 FA 8812 Sale 8838
8858
126
8838 90
Stamped guar 4s
1949 FA 7514 77
74
74
77
27
7834 Robbins & Myers s 78
1952
D
Kings County Lighting 58...1954 j j 971
6418 7311
/
4 Sale 9714
89 10114 Rochester Gas & El 7s ser
971
/
4 10
16
41'82 17
190314
13_1946 M S 10
8I1663
10 4
11034
BYO
8 110 11084
1954 j j 10638
10614 May'25
10358 10614
Gen Mtge 5 tis series C_ _ _1948
/
4 105
S 10434 ____ 105 May*25'7-- 1031
Kinney Co 7 Sis
1936 JO 10718 Sale 10718
10718
4 10614 1081
/
4 Roch dr Pitts Coal & Iron 58_1948 MN
9134 ___ 90 Aug'24
Lackawanna Steel 5e A_ .__1950 MS 9312 Sale 9234
8958 9434 Rogers-Brown Iron Co
9334 14
7s
1942 MN 64 Sale 64
67
6 64 83'l
Lac Gas Lot St L. ret&ext 58 1934 AG 10012 Sale 10038 10012 20
9814 10012 St Joe Ry Lt lit & Pr 58
1937 MN
9114
8518 9112
Coll & ref 634s Series C
9112 10
1953 FA 10114 Sale 10118
9514 10134 St Joseph Stk Yds 151
10134 115
9512 ____ 9512 Apr'25
4348_1930 J J
9512 9512
Lehigh C & Nav a 1 434s A...1954 J J 9918 9912 9914
9554 10J
100
16
St L Rock Mt & P55 stropd _1955 J
8012
Salo
Lehigh Valley Coal 1st g 53_1933 J J 10012 Sale 10012 101
8012
80
/
1
4
771
/
4 8112
100
101
14
St Louis Transit 5a
___ 81
1924 AO 705
8112
lot 40-year int red to 4% _1933 J J
Feb'25 -74
8958 Sept'24
St Paul City Cable 5s
1937 .1 .1 95 8-96
Lex Ave & P F 1st gu g 58_1993 M S 4112
0678 May'25 -97
95
4119 Apr'25
3912 43
Saxon Pub Wks(Germany) 7s '4.5 FA
92
Sale
Liggett & Myers Tobacco 78_11)44 AO 11834
92
92
9214
46 116 120
---- 11812 119
Saks Co 75
1942 MS 10612 Sale 106
Registered
10
96
21142 738 104 1073s
11734 Apr'25
AO
11734 11734 San Antonio Pub Ser
102 Sale 1011
10
/
4 102
5e
1951 FA 10012 gale 10014
9313 102
0704 10978 Sharon Steel Hoop let Os..._.1952'4 106
10012 76
88 ser A '41 MS
/
1
4 107 107
Lorillard Co (P) 7s
107
3 10578 10712
1944 AO 11518 Sale 115
11558 14 11414 11788 Sheffield Farms 6
1942 AO
Registered
10814
107
5 105 10712
AO
115 Mar'25
115 115
Sierra
&
San Fran Power
9412 95
9314
55
90
18
95
95
1951 FA 9714 Sale 97
9812 79
9514 0812 Sinclair Cons 011 15-year 58_1949 PA 10778_1937 MS 9134 Sale 911
Louisville Gas & Electric 58_1952 1%.1 N 9712 Sale 97/
/
4
9214 70
88 95
1
4
90% 98
301
98
1st In coil tr 65C with warr 1927 JO 10838 Sale 107
Louise Ry 1st con 5s
10918 308 10434 117
1930 J J
94
91
93 Mar'25
93 93
let lien 614e Ser B
86/
1
4 8714 86
1938 J
Lower Austrian Hydro-Elec Co87
83
82/
1
4 9034
Sinclair Crude 011 3-yr 6s A 1928 FA 10034 Sale 10014
1st s t 6%s
100/
1
4 149
9914 101
1944 FA 8512 Sale 8518
8512 43
8518 861%
3-yr 6% notes B Feb 15 1926 PA 10012 Sale 10038 10058 62
Magma Cop 10-yr cony g 78.1932 JD 12212 Sale 118
1001
10015
/
4
1327
113
8
122
65
Sinclair Pipe Line 58
1942 AO 8614 Sale 851
Maned Sugar 734s
/
4
8614 131
8614
82
1942 AO 9934 Sale 9934
99 102
10012 27
Skelly 011 6 % notes
1927 AO 11054 Salo 110
Mantua Ry (N Y)cons g 48.1990 A0 8178 Sale 8114
11212 159 10672 12053
5712 64
62
68
South
Porto Rico Sugar 73_1941 JO 105 Sale 10404
105
2d 4a
8 102 10514
2013 3D 54
5412 54 May'25
56
51
South Bell Tel & Tel 1st s f 5a1941 J J 10112 Sale 101 18
Manila Electric 7s
1021
/
4 154
99 102/
1
4
1942 MN 10234 Sale 10212 10234 12
9714 10234 Sweet Bell Tel 1st & ref 58_1954
PA 10058 Sale 10014
Manila Elec Ry & Lt at 5a 1953 M
100/
1
4 218
91 Sale 8934
10074
91
92
85
7
Southern Colo Power 65
9612 97
.A947 J
9514
Market St Ry 7s Series A
97
136
9314 9712
9958 Sale 9914
1940 Q
997, 76
9713
10
0
Spring
Val
Water
g
9712
55
MN
1948
9712
Apr'25
Maxwell Motor s 75
9658 9712
1934 M
105
105 10514 Stand Gas & El deb g 814s_ A933 MS 121 Sale
Jan'25
120
Metr Ed let & ref g 65 Ser B_1952 PA 10413 Sale 104
1241
/
4 71 10812 12634
10412
9 10112 10412 Standard Milling lot 55
991
/
4 Sale 9978
N
1930
100
let dr ref 58 Series C
2
9912 10034
9153 J J 85 Sale 9414
9112 9814 Steel & Tube gen 5 f 78 Ser C 1951
95
25
10712
Sale
J
J
10712
10758 25 105 108
Metropolitan Power 68
1953 JD 102/
1
4 Sale 10278
10278
8 10032 104
Sugar Estates (Oriente) 78_1942 MS 96 Sale 96
96
Met West Side El (Chic) 40_1938 FA 72
4
9512 97/
1
4
80
7112 May'25
7014 80
Superior 011 let a f 7a
9738 97 Apr'25
1929 FA-I 96
Mid-Coot Petr lot 614s-__ _1940 MS 9712 Sale 9612
99
97
9514 9734 Syracuse Lighting let g 58_ A951 J0 1001
9754 203
___ 100
9712 10014
10014
Midvale Steel &0cony a f58 1936 51 S 9218 Sale 9114
9
8718 9218 Tenn Coal Iron & RR gen 58_1951 J J 10112
9218 104
4102 10238 Apr'25
_ 10078 102/
Milw Elec Ry & Lt eons g 58_1926 FA 1001
1
4
/
4 Sale 10018
10014
5 100 10112 Tennessee Cop 1st cony 6s_ _1925 Pt N 10014 10138 10112 10112
2 100 102
Refunding & eaten 4 Ae 1931 J J 951
/
4 Sale 9514
95
96
96
19
Tennessee Elec Power let 68_1947 JD 102/
1
4 Sale 101
10212
243
General 58 A
9914
10214
1951 JO 9812 Sale 97/
1
4
94
9858 25
9£158 Third Ave 1st ref 48
1960'.3 5534 Sale 5534
57
50
1st 5.2 13
51
5812
1961 .1
9012 Sale 9038
91
8478 91
94
Ad) inc 58 tax-el N Y
a1960 AG 3714 Sale 37
381
/
4 40
let A, ref a Os Series C_ _1953 M 13 10218 Sale 10134
3414 5014
10218 62
9834 102,8 Third Ave Ry let g 58
1
4 9534 93/
1937 J J 93/
9358
1
4
Milwaukee Gas Lt 1st 4s__ _1927 MN 9918 Sale 9918
2
935
2 96
9614 9912 Tide Water 011 10-yr 630_1931 FA 1031s Sale 103
9914
3
Montana Power 1st 55 A__ _1943 J J 9934 Sale 9934
10312
93
1021
/
4 1041
/
4
9758 10058 Toledo Edison let 78
10012 15
S 10934 Sale 10934
1941
Montreal Tram let & ref 55_1941 J
110
98 Sale 9714
94
981s 62
9818 Toledo Trac Lt & Pr 6% notes'25 PA 10014 10038 10014 May'25 67 10812 110
Morris & Co 1st at 45.4s_ _ _ _1939 .3.1 84 Sale 8234
10018 10014
7818
84
31
843
4
Trenton
G
&
El
1st
g
MS
5s.__
_
1949
Mortgage-Bond Co 4s Ser 2_1966 AO
9878 Apr'25 -08
98/
1
4
__ _ 7718 Mar'25
77
7718 Twenty-third St Ry ref 58 1962 J J 995918 61- 66
10-25-year 55 Series 3
Feb'25 - - 8512 70
1932 J J 7797
9712 96 May'25
9558 9638 Underged of London 434s._1933 J J 911
/
4
Murray Body let 634s
9012 Apr'25 -9012
89
1934 JO 9718 Sale 971
97
/
4
985
973
4
4
15
Income
65
1948 J J 8818
Mu Fuel Gas let go g 5a_
89
Apr'25 _ _ _ _
8612 89
1947 MN 9714 .9512 9734 Union Bag & Paper let P168_1942 MN
7- 97 May'25
9712 Sale 9512
Mut tin gtd bonds ext 47; 1941 MN 993
97/
1
4 40
9412 9712
4 10
- -0 993
97% 99
9934
3
Union Elec Lt & Pr let g 58_1932
S 101 Sale 10014
Nassau Elec guar gold 45_ _1951 .3.3 60 Sale 59 4
101
11
9934 10118
63
5712
60
22
Ref dr ext 58
MN 10014 ____ 10014
1933
Nat Enam & Stampg 1st 58_1929 40
10014
9814
1
100,8
98
9934 Apr'25
9934
9914
1st g 5Sis series A
1954 J J 10314 Sale 103
National Acme 7345
104
32 100 104
1931 JD 85
-853-4 83
94
80
86
27
Union Elev fly (Chic) 53_1945 AO
77
Nat Starch 20-year deb 5s 1930 J J
7634 Apr'25
7714
75
9934 1011
_- 9954 Feb'25
/
4 Union 011 let lien a f 5s_ _1931 J J
loo
National Tube let 58
10012 6 9934 10012
1952 MN 10212
9918103
10212 10212 10 1001
/
4 10212
30-yr 6e Ser A
May 1942 FA 104
____ 10334 May'25 - - 102/
Newark Consol Gas 58
1
4 104,2
1948 JD
_ _ 99/
1
4 May'25
98's 100
Union
Tank
Car eaulp 78__ _1930 FA 10412 Sale 10418
New England Tel & Tel 58_1952 JO 1001410434
3 10312 10514
101 6ale 10012 101
0034 101
18
United Drug 20-yr 6s _Oct 151344 AO 104
N Y Air Brake 1st cony 66..1928 MN 100 10312 10312 10312
104
55 10014 104
2 10312 10434 United Fuel Gas let a I 6s_ _1936 J J 10018 Sale 103
10034 100
N Y Dock 50-year 1st g 4e 1951 PA 81
100/
1
4 19
98 101
8214 8053
7734 81
8058
6
United Rye by 58 Pitts issue 1926 MN 9934 100
N Y Edison 1st & ref 6348 A_1941 AO 11434 Sale 11414
9934
1
4 27
99/
99 10012
11473 82 112 115
Stamped
991
/
4 Sale 9934
1st lien & ref .58 B temp_ _1944 AO 10078 Sale 10034
9934 19
9914 1001s
101
9958 101
192
United
Rye
St
L let g 4s____1934 J J
N Y Gas El Lt & Pow g 58_1948 JO 10318 10314 103
70
69
70
4
69
7414
10314
5 10018 10314 United SS Co 15-yr 68
1
4 94
Purchase money g 48
1937 MN 93/
9358
9412 22
91
9538
1949 FA 8918 Sale 8858
8918 27
88
891
/
4 United Stores Realty 20-yr Os '42 AO 10314 Sale 10318
N Y L E&West C &RR 5;481942 MN 10012
10312 21 10212 105
10012 Apr'25
10012
10012
-US Rubber let & ref 58 ser A 1947 .1
N Y Muni° Ry let e t 58 A1966 .1 J 8058 _ _
8814 Sale 861
/
4
85
8814 79
8814
8112 Apr'24
10-yr 754% sec notes
N Y Q El L dr P lst g 5a_1930 FA 10012
1
4 Sale 10578
1930 FA 106/
10834 67 10412 107/
10038 May'25
1
4
9912 1-60
.1-2 U S Smelt Ref & H cony
NY Rya 1st R E& ref 4s
68_1926 PA 101 10114 10118
10118
1 100/
1
4 102
1942 J J 37
1
4 May'25
_ 48/
45
5412
U S Steel Corp(coupon_ _.d1963 MN 10618 Sale 10534
Certificates of deposit
1061
/
4 217 10414 1063s
5134 53
51
5234 47
4258 54
at
10-60-yr
80-year ad) Inc 5s_ __ _Jan 1942 AG
N
5siregistered_41
963
10512 May'25 -_ _ 10378 10512
512
412 5
5
41
/
4 6
7
Utah I.t & Tree 1st & ref
Certificates of deposit.. -.
AO 8834 Sale 8814
83/
1
4 8934
8912 104
5
1
4
538 4/
5/
1
4 74
3/
1
4 534 Utah Power & Lt let 58_1944 F
NY Rye Corp Inc (Is _ __Jan 1965
1944
A 9714 Sale 9614
9712 177
3058 Sale 3014
9712
91
3258 1022
2812 3233 Utica Elec L & Pow 1st58.
N Y & Rich Gas lst 68
a
100
f 58.19504 J
-___ 991
/
4 Dec'24 _ _ _
1951 MN 9912 -- 9912
9912
2
9912
100
Utica Gas & Elec ref & ext 5e 1957
NY State 11.312 1st C011e 4343_1962 MN 6734 Sale 6612
9978 Sale 997t
100
39
9814 100
68
25
64 8814 Victor Fuel let of 58
Registered
5512
J
1953
.1
80
555
8
N
Apr'25
Si
-7-53
5555
63 Apr'25
63
63
Va-Care Chem let 75
1st con 6348 series B
1947.3 D 9112 Sale 91
216
4
N 90 Sale 90
92
1962
93
73
9014
2
88
97
Certificates of deposit.......... 90 Sale 90
N Y Steam let 25-yr Os Ser A 1947 MN 10138 Sale 100/
7112 92
1
4 102
18
97/
1
4 102
Certificates of depoeft stmpd
N Y Telco let & gen f 4;0_1939 MN 9734 Sale 9712
853
4 Sale 8534
8812
89
17
88
98
81
95
98
7345 with & without war 1937 -30-year deben si 8s ....Feb 1949 PA 10935 Sale 10958
J 11) 6212 63/
1
4 6234
6358 57
43 6334
59 107/
1
4 110
110
Centre of dep without warr ---- 6212 ____ 6
20-year refunding gold 88_1941 AD 10712 Sale 10712
5312
8 Ape
83
215
2
4212 58
10814 117 10614 10838
Certife
of
Niagara Falls Power 1st 5a 1932
dep
with
14
J 10038 101 10038
6312
41
100/
1
4
7 1001
/
4 10214 Va Iron Coal &Coke letwarrants
Ref & gen 6s
g 5a 1949
90 11-53 91
Jan 1932 A0 106 Sale 10512
1
91
9034 95
109
5 103/
1
4 106
Va Ry Pow let dc ref 59
Nlag Lock & 0 Pow let 5a__1954
9712 Sale 9718
9814 49
N
10978 Apr'25
9314 9858
10412
110
Vertlentes
Sugar let
1st & ref 5s ser A at rects_1955 AO 9914 Sale 9834
.8 9112 Sale 9112
19
94
43
2 1 13
9212
6
9112 9412
99/
1
4 190
9812 9938 Warner Sugar Refin ref 75_ _1
Refunding tie Series A____1958 FA 10978
1st 7s._1941 J
97 Sale 9534
53
97
10972 May'25
89/
1
4 9912
10438 110
Warner Sugar Corp 1st 7s
Nor Amer Edison 68
1
4 32
1952 M
1939
10134 Sale 101
83/
J 8314 Sale 8012
7718 8712
10134 87
987
8
10214
Wash Wet Power e f 58
Secured 5 f g 634s Ser B 1948 M 8 105 Sale 10414
10058 Sale 10058
1939
J
.1
8
1005
2
105
993
4 191
31
10034 105
Weetches Ltg g 58 et mpd gtd 1950 J D 1011
/
4 ____ 10058 Apr'25
Nor Ohio Trac & Light 68 1947 MS 96 Sale 9512
98 102
96
92
9218 96,2 West Ky Coal let 78
102 Sale 10134
Nor States Pow 25-yr 5a A1941 AG 9818 Sale 9714
102
14 10012 10234
9812 92
93
9812
West Penn Power Ser A 515_119
9912 9858
Registered
99
94
46
4 MS
AG
M N 99
11
9314 Jan'25
9334 9918
93/
1
4 9314
1st 40-year Os Series C_ A958 J D 105/
1
4 106 105/
let & ref 25-yr Os Ser B__ _1941 A0
1
4 10634
1 10432 10714
Sale 10412 10458 53 103 10714
hat 7s Series D
Northweern Bell T let 75 A.1941 AA
1
4 Sale 10612 107
1948 M S 105/
10
10712 Jan'25
1053
4 10738
1073
8
1071
/
4
1st 58 Series E
North W T let fd g 4348 gtd_1934 J J -9E3 9714 95
1963 M S 9834 Sale 98
9834 24
Apr'25
9318 9834
941
/
4 95
lat 5 Sis Series F
1941
/
4 11 1003
1953 A 0 10414 Sale 10312
Ohio Public Service 7145 A 1946 AO 11218 Sale 11112
11218
4 10414
8
108
11212
West Va C & C 1st 65
91 Sale 9034
lot & ref 7s series 11
1947 PA 110 Sale 10812
91
34
110
9034 96
11 10738 11110 Western Electric deb 58_219 9j
.1 10014 Sale 10014
93
44 A 0
Ohio Rtver Edison let 88_1948.3, 10234 104 10178
10012 101
104
98
56
9812
/
4
104
Western
Union
coil
tr cur 58_1938 .1 J 10112 Sale 10112 10112
1944 FA 9712 Sale 9714
Old Ben Coal 1st (114
3 9918 1001
9712 31
102
9634 99
Fund & real estate 841.58.1950 M N 9612 Sale 95/
Ontario Power N F 1st 58
1
4
1943 PA 10014 101 10014
9612 16
10034 17
9258 9612
98 10034
15
-year
111
6548
F
1936
A
g
11112
Ontario Transmission 5a
111
MN
1945
9958 _ _ _ _ 9918 Apr'25
11112
3 10912 112
97
9918 Westinghouse E & M 7a
1931 M N 10718 Salo 107
1941 FA 9912 Sale 9938
01.5 Steel ge
107/
1
4 92 10614 10814
100
28
9534 10012 Wickwire Spen Steel let 7a_ ,1935J J 841
/
4 Sale 8314
1st 26-yr si g 7348 Ser B....1947 FA 9412 95
8518 21
9412
95
44
78
891
/
4
91
9514
Certificates
of
deposit
80
Salo 80
Pacific G dc El gen & ref 58_1942 J J 9714 Sale 9718
80
27
9734 79
7812 88
93,2 9734 Willys-Overland S f 6545___ _1933 PI S 1017g Sale 10014
9938 Sale 99
1Pao POW & Lt letdrret 20-yr 514'30 F A
10178 24
9912 35
98
9912 10178
9934 Wilson & Co let 25-yr 51 68_1941 A 0 9858 Sale 98
1937 .1 J 10112 Sale 10114
Pacific Tel & Tel 1st 55
987
10158 64
86
991
/
4 1011
9158 981
/
4
/
4
Registered
Ref M 58 series A
1952 M N 981
95 Feb'25
/
4 Sale 9712
8
99
246
921
/
93
4 99
93
10-year cony a 1 6s
1928.3 D
7218 Sale 70
Pan-Amer P & T 1st 10-yr 78 1930 F A 106 10612 106
7212 113
10612 20 10412 1061
55
7612
/
4
Certificates
of
deposit
______
7214
Sale
Cony a f (is
1934 M N 112/
72
1
4 Sale 111
113
7214 14
491 103 11858
53
75
conv s f 73is
y1
19
94
31 Ili 71 Sale 70
Pack-Lox st leasehold 6%/i 1953 .3
95 Sale 9434
7134 119
9518
6
9412 97
53/
1
4 77
Certificates of deposit______
9914 _
70/
1
4 711
Pat & PassAic & El cone 5a 1949M
/
4 70/
1
4
9918 Apr'25
7118
9
96
593
8
991
/
4 WInchester Arms 7345
741s
-1 10114 Sale 10134
102
55 10014 10218
Young'n Sheet & T 20-yr 65.19433
9878 Sale 0812
99
125
9514 9912.
a Doe Jan. 4 Due April y Due Dec. s Option sale.
532
RecordBONDS
BOSTON STOCK EXCHANGE--Stock
CENT.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
Friday,
Thursday,
Tuesday, Wednesday.
Monday,
Saturday,
May 15.
May 14.
May 13.
May 12.
May 11.
May 9.
Rake
/or
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
Lowest
Highest
PER SHARE
1 18940111
Range for .
Year 1924.
Lowest
Highest
Railroads
Mar
100 156 Feb 18
197 Boston & Albany
158 158
158 159
1574 159
65
2 1745151 A rg 18
ett
6434 *J1an 7
4 1133t
15854 159
159 159
100 7514 Mar 17 186
159 159
Boston Elevated
387
7812
78
78
78
874 Dec 9614 Ma,
774 78
7723 7
93 Jan 16 97 Jan 3
7713 7712 774 78
100
Pre:
Do
15
9512 954
*95 _
Dec
Jan
107
Jan
95
95 .95
1164
16
11413
31
Mar
49433 9513 •9412 95
100
109
pref
Ist
40 Do
11234 11234
112 112
•112
92 Sept 10114 Dec
_ *112
*111
100 94 Mar 20 102 Jan 9
138 Do 2d pref
98
9812 98
984 9-812 98
99
84 Jan 2514 Nov
9812 98
100 10 Apr 17 2018 Feb 26
-ogi2 1412 98
577 Boston& Maine
1512 1434 1412 141 1414
20
15
1512 15
25
12 Jan 2672 Noy
Feb
24
15
Apr
15
1112
1412 15
100
69 Do Prof
1514 15%
19 •____ 18
17 *16
13 June 3714 Nov
17
19
•1712 19 •17
1st pref__.100 17 Apr 27 30 Feb 28
A
Series
Do
2312
1712 Jan 48 Noy
2314 2314 2314 22
2313 2312 2312 23% 23
75 Do Series B 1s1 prat _100 29 Apr 27 40 Mar 4
3612
36
37
36
16 Feb 41 Nov
36 .
36 Feb 25
36
*35 37
*3512
175 Do Series C 1st pref-100 25 Apr 25
---34
32 •31
23 Jan 62 No4
3012 32 *31
Apr 25 55 Feb 26
3512
33 •30 32
•31
pref-100
1st
I)
Series
Do
238
---4612 48
.446
43 Jan 172 Noy
4612 4714 47 47
•47 48
100 187 Feb 26 175 May 9
38 Boston & Providence
175 175 .175 180
18 May 384 Dee
173
.
30 May 4 39 Feb 11
175 11/S*
3534 37 1.749 Enid Mass Street By Co.-100
36
35
33 35
584 Jan 71 Dec
3213 33'2
2 71 Apr 3
Feb
65
31
100
31
prof
let
Do
90
68
88
69
48
Jan
May 6112 Noy
12
624
87 67 .68
23
Jan
57
67 *____ 6712 "..._ _ 67
100
485 Do prof B
60
60
60
60
28 May 4514 Dee
59 59
60 60 •__ 80
61
100 39 May 6 48 Mar 10
3430
1,440 Do adjustment
434 44I2 4312 44
43
41
25 June 3712 Apr
41
4113 41
41
100 25 Mar 26 374 Jan 29
394 40
Central
Maine
55
25
25
26
Jan 3314 Dee
14
.25 _ _ _ _ .25
25 *2.5
100 28 Mar 30 3814 Feb 25
25
328g 1.488 NYNH& Hartford
62 Jan 81 Nov
323k 317 324 317 3234 32
324 32
70 Feb 16 78 Apr 9
3152 3212 31
--_- ...... Northern New Hampehlre_100
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14
80
May
77 78 *____ 78
113
13
Jan
100
'78 80 31712 80 '
pref_100
40 Norwich & Worcester
____
*109 ____ 113 113
15110 112 *109
724 Jan 98 Nov
100 96 Jan 2 105 Mar 12
Colony
1670Id
103
103
103
103
84 Nov
Mar
34
103 104
100 4514May 1 634 Jan 2
103 103 '10112 103 102 102
100Rutland prof
-- - - - 494 50
70 Jan 9312 Not
51
4658 41352 *47
......Vermont & Mas8achusette_100 87 Feb 24 93 Jan 16
94
*93
94
'93
93
•924
29212
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414 Dec
1 Nov
44 Jan 7
24 Mar 25
185Amer Pneumatio Service. 25
.234 3
12 Jan 204 Dee
3
1934May 7
34 34 3.27
ao 164 Mar 25 1383
•34 3% .34 332
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19
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19
_100
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&
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138
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574 Oct 83 Jae
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1384 13812 13814 13858 13812 13834 13814 13834 138 13812
243Amoskeag Mfg
65
69 Oct 79 Aug
65 6514 65
654 66
66 67
66 66
No par 7014hlay 11 78 Jan 15
210 Do prof
714 72
13 Aug 16 Feb
704 7012 7112 72
7014 71
•714 74
Ina- 10 14 Jan 16 15 Feb 25
Metal
Construe,
1lArt
6 June 1014 Jan
- 14 ____ •I4
ar
9% Jan 6 13 Apr 28
w
1414 1414 •I4
50Atlas Tack Corp
*1114
-nit
Dec 108 July
-14
11
100
12
1114
1112
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511
103 Jan 17 108
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.05 Dec .20 is:
par
_No
1074 10712 10712 10712 108 108 *10714
True_
Pet
Me:
Boston
......
.07'-----07
Dec 284 Mar
204
2
2312May
26
Jan
•_
20
10
589Connor (John T)
22
224 2112 224 22
244 May 35 Sept
4 2212 *22
1
*22 2254 2212 224 22/
50Dominion Stores. Ltd__No par 2814 Jan 30 35 Feb 13
33
33
Jan 884 Dee
*3234 33 "3234 33
84
324 3212 "3212 35 "3212 35
100
Do pref A
3 Feb
4,96
2 Sept
_
3 Jan 2
14 Apr 30
10
1,330East Boston Land
214 212
812 Feb
218 214
4 Oct
Jan 24
24 218
634
*24 214
11
2
2
Apr
5
34
Manufacturing435Eastern
412
*4
4
4
11514 Mk/
4
4
Jan
438
38
*4
13
4
Feb
4
55
9
Mar
4 4
1
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42
25
SS Lines, Ino
865Eastern
5012
50
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4912
40
50
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4
1
/
49
4912
50
4612
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3412
51
50 5034
No par 35 Jan 15 3814May 4
135 Do prof
38
38
4 38
/
3734 38 *371
8512 Jan 93 Mar
4 38
1
3714 38 '37/
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100 89 Jan 3 95 May 7
10 lst preferred
95
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'91
20412
95
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95
16312
95
21
95
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Apr
5
95
2078
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100 200 Jan
885Edison Electric Blum
5 Des
24 Jan
512 Mar 16
4 205 20412 205 20412 205 2044 20514 206 20614 Zoa- 206
1
204/
34 Feb 2
10
100 Elder Mfg Co (v t .
312 334
338 334
3% 334 •332 334 .338 334 .
*338 4 '
13 Jan 41 D
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3284
1(g
,
i
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Galveston
32 I
64 Jan
354 Sept
3234 '30 32 *30
33 •31
33 '31
4 Jan 8 16 Apr 4
*31
to
......Gardner Motor
_
100 11554 Feb 27 11554 Feb 27 11314 Mar 11612 Sept
...... Georgia fly & Elea
11554 - --80 Jan
Aug
79
*HA ::*HA
27
Feb
78r2
7934
Apr
15
"11534 - 100
prefnon-cum
5%
Do
__
•7812
554 Oct 5812 Oat
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• •7812
5712 Jan 2 704 Apr 16
6734 68 ...705 Gillette Safety Rum- No Par
11 -11£1 - 6712 68
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77
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74
75
124 Nov 15% Jan
68 -rigrsil *6
6814 69
25 11 May 12 1514 Jan 24
540 Greenfield Tap & Die
Mar 80 Dec
114 1112 1112 •1113 1212
46
8
11
1212 114 12
Jan
584
6
May
par
'12
52
No
Hood Rubber
*5912 56 *5212 58
41 Apr 59 Noy
par 524 Jan 5 8214 Apr 30
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......
8312 6412
8 Dee
564 65 .
2 Jana .10 Feb
4 •6412 6512 *6412 6512 '
1
*6434 65/
par .35 Apr 1
Producta_No
International
•.50 1
".50 1
5.50 1
'
•.50 1
•.50 1
100
5 Apr 29 1012 Jan 9 .25 Feb 14 Dee
....50 Do pref
7
Kidd r, Peabody Acceptance
80 Jan 8812 Dee
100 824 Jan 6 92 Apr 14
30 Corp Class A prof
...„
91
84 Dee
91
4 June
91
91
0% Jan 7
614 Apr 18
*9012 92 •9012 92 *9012 92
10
406 Libby, McNeill dr Libby
678 7
714
70 Jan 71 Nov
7
7
7
7
7
20 70 Mar 18 704 Mar 2
Insurance
634 7
Lincoln
Fire
Dec
13
Mar
9
5
Jan
1372
17
Feb
1112
7014 *---- 7014 '---- 7014 •____ 7014 *---- 7014
25
12 ...750 Loow's Theatre('
12
12
1218 12
66 Nov 81 Feb
12
12
1212 124 1212 12
•12
396 Massachusetts Gas Cos_ 100 68 Feb 3 75 Mar 6
71
71
71
71
62 June 70 Jan
4 704 71
/
701
9 6712 Feb 14
70
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6312
100
•6912 70 "694 70
prat
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396
64
x64
71/4 Dec
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r 17
684 67
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66
5 150
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7 188
66 661
4 66 66
/
66114 67
210 Mergenthaler Linotype_..l00 167 Jan 4
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184 184 "18312 186
Jan
84 Apr
10
183 183 183 183 18312 18312 18312 18312 •____
820 Mexican Investment, Inc
12
12t2 12
1213
19 Feb 3614 Dee
15
4812May
2
Jan
36
I00
*1214 1212 1214 1214 1214 1254 *12 46
River
Power_
Mississippi
912
484
4712
Sept
48
4512
90
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4558
80
46
21
Apr
4512
8713
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10
93
4512
45
100
4454 46
10 Do stamped prof
93
93
534 Noy
93
2 Apr
93 "91
834 Jan 13
93 '91
4 Apr 22
93 *91
10
1591
4 1,274 National Leather
1
5/
5
434 5
512 Apr
43s 472
433 48
172 Jan 6 .50 Dec
418 418
4 412
1
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850 New England Oil Corp tr (Ale_ .20 Feb 9
Ds
1
*1
118
118
118
114
•1
4 114
/
11
112
•1
6 Dec 311 Mr
514 Apr 7 10 May 14
100
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10
10
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98 Dec 11511 Jan
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99 Apr 21 10772 Mar 6
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4 2,259 New England Telephone...100
1014 102 ioi- 1-613103
4 Dee
1
2112 Dec 22/
11
2612May
18
Mar
19
par
Ino_No
1004 10034 10012 10072 101 103 102
Theatres,
Olympia
2,610
2512 2512 254 2534
14 Jan 284 Dee
3
4 26
1
2514 2512 2534 264 25/
Orpheum Circuit, Inc- 1 2554 Jan 16 29 Mar 13
2811 •271z 2812
694 Oct87 Feb
Apr 14 8112 Jan
55
100
•2712 284 •274 284 •274 2812 *2712
Mille
Pacific
778
...
594 60
4 Jan 17 July
/
111
4 5958 60
1
5918 5958 594 59/
10 1584 Feb 24 18 Apr 3
5978 60
80 Reece Button Hole
17 *1612 1712
3 Jan
17
212 May
17
234 Jan 8
1712 17
214 Apr 9
174 *17
45 Reece Folding Machine- 10
*17
4 258
1
4 •2/
1
10 Got 40 Feb
4 214 .238 2/
1
2/
214 214
.214 212
6
_.Simms Magneto
....
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Dee
118
100
6
Feb
mu
•
120
Apr
22
20 *
100
404 Swift & Co
110 1104 110 11012
8534June 52 Dec
10934 110
10934 110
25 4512 Apr 13 51 Jan 14
10934 110
544 Torrington
5014 5014 5014
6 Dec 10 Feb
23
Jan
5014 50 504 50
713
4
Mar
7
4934 4978 504 50
5
.49
Drill
Twist
...... Union
7
34 Jan 4384 Dee
19 46 Feb 14
4184 12-- 2.526 United Shoe Maar Corp- 25 4114 Mar
24% Feb 284 Noy
424 4134 421s 4134 42
4134 424 42
42
25 2612 Jan 13 28 Jan 16
42
415 Do pref
2714
2712 27
27 "27
27
2713
1914 Oct27 Jaz
24
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.27
25
3
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2714
1912
*27
2714
5
2714
3,365 Ventura Conso1011Fields
214
4
1
/
22
22
22
198
22
2214
13% Apr 20 Nov
8
2212
Jan
2134
igi2May
11
2212 2212 224 2234
1618 1,006 WaldorfElye.lno,new eh No Par
4 15/
1
4 16
1
612 Jan 104 Feb
4 1512 1558 15/
1
6
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8
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8
Par
B
Cl
com-No
1618 1614 1512 1512 154 15/
Watch
Walth
528
17
17
17
17
17
234 Feb
14 Jun
12
4
1
/
"1634
2912May
17
17
3
17
Jan
174
17
17
100
17
55 Do prof trust °tie
2812 2812 "2812 294
6212 Dec 73 Feb
65 Jan 6 7612 Apr 1
100
pref
"2812 2913 '2812 2912 2912 2912 .76
prior
Do
5
"76
8
1812 Juno 22 Feb
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20%
____
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11
1
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76
17
76
zo
76
ManufaattulngWalworth
.
25
4 '1714 18
/
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4 1714 -1-71
1
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1712 17/
ao 37 Jan 2 48
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4 45*3 46e 3,315 Warren Bros
1
4 4512 .4434 45/
1
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4 4512 45/
1
10 43 Feb 7 8454 Apr 41
ao 37% Jan
4512 4534 454 4512 45/
35 Do 1st prof
42
42 "41
*41
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42
88
2
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46
17
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42
404
42
ao
43
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b2
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8 25 Jan 25 .15 Dec .51 Dee
16
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•.25 .50 '5.25 .40
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5.25
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'
.50
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25
5.25
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6 June
3 Jan 10
11
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1
15
438 Arcadian Consolidated-- 25
----114 1% *132 112
8 Jan 16 Dee
4
/
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114 11
114 114
4
1
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Arizona
114 138
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a 1032 *1012 11
3152
103
10
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93
14
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11
10
10
3814
5
2834MaY
10
10
10
1012
1,640 Bingham Mines
.10
3014 3014 3078 3014 3012 1,047
30
135* May 19% Jan
25 125* Apr 22 1872 Jan 2
3014 304 30% 31
Calumet & Heels
3014 31
3 Feb
1312 1234 1314 1312 1314
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5
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1314 13
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1
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Hill
138 1332 13
13
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13
700
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1812 June 3334 Dee
5 33 Jan 10
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2118 21- 1,490 Copper Range Co
.78 Feb 6 .30 Dec .70 Mar
1 ..0430414mMjaanayr
2012 2078 2038 2034 204
Davis-Daly Copper
20% 21
•.04 .06
.07
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•
2
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4
14
64
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0.04
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980 East
".04 .06 ..04
312 334
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314 334
1
112 Jan 24 .40 May
4 312 •314 312
/
25
312 312 *31
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•.75 1
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112 Jan 13
4 1714 1714 1712 1712 1712
/
34 Feb 5 .80 May
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25
100 Helvetia
1734 1734 *1714 18 •1714 18
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2
2
944 Apr 142 Nov
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1 121 Mar 28 140 Feb 5
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12912 130
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100
12912
129
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128
SKI
9
1 9412May 4 9834Mar
129
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129 12912 129 129
96 •96
96 - - - - 96
12 June 2212 Dee
4 Apr 22 2012 Jan 7
1
9/
25
96 .96 97 .
545 Isle Royal Copper
9612 96
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112
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132
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•1112 1212 •1112
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/
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14 Jan 10 .50 Jan
134 *114 11
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314 Dee
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a 133 Apr23 224 Jan 13
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/
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2812 28
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28
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183
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254
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86 June 40 Mar
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7 25 Apr 2
3
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446
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___ 28
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574
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8
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28
80
100
____ 28 •____
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514
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118
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345
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198
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154
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5
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11 .19
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4 1212 •1134 1212 *1134 124 *1134 1212 22
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2812 Apr 21 48 Jan 12
25
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211
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3112 3112 31
14 Jan 9 .30 Apr
32
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25
.50 .50 ".50 .75 *.50 .75 '.55 .72
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5.25 .75
21A Dec
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214 Jan 27 .90 Jan
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25
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2 Jan 5 .25 Aug
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632
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572
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1
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4
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638 612
1 .43 Jan 43 98 Jan 29 .14
6% 652
700 Utah Metal & Tunnel
1 Aug
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31
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25 10 Mar 3 48 Jan
.35 .60 *.35 .60 •.35 .65 •
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290 Winona
.15 .15
.15 .15
10 July 2* JUIS,
ill1 I
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.25
.10
•
.25
•.10 .25 •.10
Assessment paid. g Price- on new basis.
-rights. b Ex-cliv. and rights. z Ex-div. 0 Ex-stock div. I
Bid and asked prices: no sales on this day. 8 Ex
MAY 16 1925.]
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are • and nterese except where marked
Standard Oil Stocks Pare Bid. 'Ask.
Railroad Equipments PerCt.iBasis
Anglo-American 011 new-1 •2448' 247s Atlantic Corot Line Its
5.25 5.00
Atlantic Refining
100 106
Equipments 348
5.00 4.75
Preferred
100 11514 118 Baltimore & Ohio 6s
5.35 5.05
Borne Serymeer Co
100 205 210
Equipment 4348 A Si.
5.00 4.80
Buckeye Pipe Line Co.__ 50 *61
62 Buff Hoch & Pitts equip
5.00 4.75
Chesebrough Mfg new
25 *59
62 Canadian Pacific 4548 Les. 5.05 4.80
Preferred_
100 114 115 Central RR of N J 8s
5.25 5.00
Continental Oil new. _ _ 25 *25
254 Chesapeake dr Ohio Os
5.30 5.05
Rights
Equipment 634o
.83c 85c
5.10 4.85
Crescent Pipe Line Co-- 50 •1114 11M
Equipment 55
6.00 4.75
Cumberland Pipe Line_100 146 147 Chicago Burl & Quincy Bs_ 5.25 5.00
Eureka Pipe Line Co.__.100 78
78 Chicago & Eastern iii 534,. 4.50 4.10
Gaiena Signal OU com_ --100 6412 56 Chicago & North West 68
5.35 6.05
Preferred old
100 112 113
Equipment654,
5.15 4.90
Preferred new
100 10412 108 Chic R I & Pao 4%a & 58.- 5.15 4.90
Humble Oil& Ref new.. 25 *554 5512
Equipment 68
5.55 5.25
Illinois Pipe Line
100 14312 145 Colorado & Southern 68-- _ 5.45 5.20
Imperial 011
25 *14312 146
Delaware & Hudson &
5.25 5.00
New when issued
I 2934 3014 Erie 454s & 5e
5.35 5.05
Indiana Pipe Line Co.- 50 *71
Equipment68
73
5.50 6.20
International Petroleum.(I) 2518 2514 Great Northern ea
5.31 6.10
Magnolia Petroleum-- .100 141 142
Equipments.
5.00 4.75
National Transit Co.:12.50 *2214 2212 Hocking Valley So
5.05 4.80
New York Transit Co--100 60
64
Equipment
5.40 4.80
Northern Pipe Line Co--100 8212 84
Uhinois Central 4548 & 50._ 4.95 4.70
Ohio Oil new
25 *6482 6514
Equipment68
5.25 5.00
Fenn Me:Fuel Co
25 *3112 35
Equipment 78 & 348.___ 5.05
Prairie Oil & Gas new... 25 *5414 5484 Kanawha dr Michigan 88_ _ 5.45 4.80
5.20
Prairie Pipe Line new..-100 118 119
Equipment 4348
5.20 5.00
Solar Refining
100 223 229 Kansas City Southern 5548. 5.35 5.05
Southern Pipe Line Co 100 81
82 Louisville & Nashville Os. _- 5.25 5.00
South Penn OU
100 166 168
Equipment 6140
5.00 4.75
Soutnwest Pa Pipe Lines 100 *67
69 Michigan Central 58 & 88._ _ 5.20 4.95
• Standard Oil (California) 25 *584 59 Minn St P & 88 M 454s & 58 5.30 6.00
Standard Oil (indiana)-- 25 *847 65
Equipment 634. & 78_ _ _ _ 5.35
Standard Oil (Kansas)__ 25 *3314 3312 Missouri Kansas & Texas 6s 5.85 5.00
5.35
Standard 011 (Kentucky) 25 *11914 11984 Missouri Pacific Rs 0:
. 5.65 5.25
Standard 011(Nebraska) 100 241 246
Mobile & Ohlo 434,& 5a _ 5.00 4.80
Standard Oil of New Jet. 25 *434 4334 New York Central 450 & tai 4.90 4.70
Preferred
100 11814 11812
Equipments,
5.25 5.00
Standard 0110f New York 25 *444 4412
Equipment 7s
5.05 4.85
Standard 011 (Ohlo)---100 355 359
Norfolk & Western 454e.... 4.80 4.80
Preferred
100 120 121
Northern Pacific 78
6.15 4.90
Swan & Finch
100 17
1712 Pacific Fruit Express 78._ _ 5.10 4.90
Union Tank Car Co..-.100 12244 124
Pennsylvania RR eq 58 & 88 4.90 4.75
Preferred
100 11444 116
Pitts & Lake Erie 8348
5.10 4.90
Vacuum 011 new
25 *87
8712 Equipment 88
5.60 5.20
Washington 011
10 *30
35
Reading Co 4%s & 5s
4.75 4.50
Other Oil Stocks
St Louis & San Francisco 5e. 5.15 4.90
Atlantic Loboe 011
(I) *34 34 Seaboard Air Line 534s & 88_ 5.80 5.25
Preferred
60 *9
10 Southern Pacific Co 4148„ 4.85 4.50
Gulf 011 new
25 *3814 40
Equipment 78
5.00 4.85
Mountain Producers-- 10 *66
6612 Southern Ry 434a & 68.... 5.05 4.80
Mexican Eagle 011
5 *4
5
Equipment(4s
5.40
5.10
National Fuel Gas
100 11312 11412 roiedo & Ohio Central Rs__ 5.35 5.10
Bait Creek Cons011
10 *714 784 Union Pacific 70
5.00 4.80
Belt Creek Producers-- 10 *2612 284
Public Otliitiss
Tobacco Stocks
Amer Gas dr Elec new ---(2) 581
82 American Cigar common 100 7412 7612
6% pref new
(I) *87
8812
Preferred
99
100 96
Deb fis 2014
MAN 9612 9712 Amer Machine & Fdry__100 185
Amer Light &'Frac com.100 162 164 British-Amer Tobac
ord. el *274 2814
Preferred
100 95
Bearer
El 02712 28
Amer Power & Lt e0111111011__ x81
82 Imperial Tob 080 B & Irel'd 23
24
Preferred
100 88
90 lot Cigar Machinery_ ___100 75
80
Deb 68 2016
FMB 95
96 Johnson Tin Foil & Met.100 65
Amer Public Util com. .100 87
90 MaeAndrews & Forbes...100 157 159
7% prior preferrod_._100 87
91
Preferred
100 100 103
4% partic pref
100 79
81
Mengel Co
52
100 50
Associated Gas & El P8--U)52
54 Porto Rican-Amer Tob._100 40
45
Secured gold 6%8'54_J&J 102 104 Universal Leaf'rob
42
com.100 40
Blackstone VaiG&E com 50 *79
81
Preferred
92
100 90
Carolina Pow & Lt cam__
400 415 Young (J
Co
100 127 132
Cities Service Co com_.100 181 182
Preferred
100 103 106
New stook
20 *37
3712
Preferred
8218 Rubber Stocks (Cleveland)
100 82
Preferred B
10 *758 778 Am Tire & Rub corn
1012
Preferred B-B
100 .7744 7814
Preferred
30
Cities Service Bankers Shares *174 18 Firestone Tire & Rub coin 10 *116 118
Colorado Power common 100 35
8% Preferred
99
100 98
Preferred
100 93 96
7% preferred
100 964 99
oom'w'Ith Pow Corp coma) *143 144 General Tire& Rub cony_ 50 *235
245
Preferred
100 82 83
Preferred
100 1014 103
Elea Bond & Share pref_100 103 104 Goodyear Tire & R com.100 31
314
Elec Bond & Sh Secur 70
12 7112 Goody'r T & R of Can pf 100 794
Elec Ry Securities
_-(15 *15
18 Mason Tire & Rub com_a) *21
34
Lehigh Power Securitiee-(2) *124 126
Preferred
100 18
22
Mississippi Rh'Pow corn 100 47
Miller Rubber
100
126
Preferred
Preferred
100 91
93
100 101 102
First mtge 58
.J&J 991 994 Mohawk Rubber
100 30
35
SF g deb 78 1935„M&N
Preferred
1951.10212
70
80
Nat Power dc Lt com---(I) *298 295 Selberling Tire & Rubber (I) *231 2412
Preferred
Preferred
a) *99 10012
100 101 103
Income 78 1972
J&J 10212 10312 Swmehart Tire & Ft com.100 _
North Stately Pow com-100 111 115
Preferred
100
Preferred
100 97 100
Nor Texas Elea Co com.100 43
Sugar Stocks
49
Preferred
100 63 69 Caracas Sugar
50 •3
412
Pacific Gas & El lot pref.100 934 9444 Cent Aguirre Sugar corn- 20 *83
84
Power Securities com___(2)1 •18
Fajardo Sugar
21
100 11412 118
Second preferred
(n! .34 38 Federal Sugar Ref corn. 100 45 52
Coll trust Ss 1949.....l&D .92
Preferred
94
100 75
90
Incomes June 1949._F&A *79
82 Godchaux Sugar, Inc...(3) .6
8
Puget Sound Pow & Lt..100 52
Preferred
55
100 41
45
8% preferred
100 83 86 Holly Sugar Corp com_(t) *52
55
Preferred
7% preferred
1001 104
100 93
97
lot & ref 534s 1949__J&D 0912 10012 Juncos Central Sugar. _100 90 125
Republic Ry & light___100 52
54 National Sugar Reffning.100 10112 10212
Preferred
100 7712 79 New Niquero Sugar__ -100 86
90
South Calif Edison com_100 107 109 Santa Cecilia Suit Corp pf100
112 3
8% preferred
Savannah Sugar corn.. (I) •100 102
100 120
Preferred
Standard G&El 7% Pr pf 100 97 16
100 100 102
Tennessee Elec Power.--(I) *6212 6312 Sugar Estates Oriente p2.100 88
90
Second preferred
With warrants
80
(I) ns
96 100
Western Power Corp__._100 40 41
93 IndustrIsl&Miscoll
Preferred
100 91
92 American Hardware....100 88
90
West Missouri Pr 7% pfr __
90
Babcock & Wilcox
Short Term Securities
100 133 135
Anaconda Cop Min 811'29J&I 10312 194
Bliss(E W)Co new
(I) .15
17
88
Preferred
Federal Sus Ref '33_11e&N
9312 9412
50 .52
58
Hocking Valley 6s 1928 MAR 10012 1004 Borden Company corn..(3)•140 144
_
Preferred
C Term Ry 6 As '31 J&J
100 109 112
1926 10184 IOUs Celluloid Company
11141
100 28
30
184 Preferred
Lehigh Pow Sec as '27 F&A 10114
100 82
85
'25.F&A
Childs
10214
Os
B&I
Company pref _100 115 117
10112
Sloes-Shen
Hercules Powder
178 Rubber 7101930-F&A 10612 107
100 107 110
Preferred
Joint Stk Land Bk Bonds
100 106 108
Chic Jt Btk Ld Bk 64-1951 10214 10314 International Sliver pref _100 107 110
10212 10312 Lehigh Valley Coal Balm 60 •78
61 1952 opt 1932
80
10212 10312 Phelps Dodge Corp
Si 1963 opt 1933
190 100 105
10414 10512 Royal Baking Pow oom-100 143 146
6,4s 1951 opt 1931
10112 10212
Preferred
4140 1952 opt 1932
100 101 103
100 101
Binger Manufacturing
4,46 1952 opt 1932
100 237 240
1004 10112
4148 1964 opt 1934
10112 10214
4141 1963 opt 1933
Pee Coast of Portland. Ore._
J&J 1024 1037s
58 1954 opt 1934
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange May 9 to May 15 both inclusive.
1
•Per share. 3 No par value. B Basis. d Purchaser also pays accrued dividend.
!New stock. IFlat pries. I Last sale. n Nominal. z Ex-dividend. y Ex-righta.
Sale price.
Canadian quotation. v Ex-Interest.
0Ex-stock dividend
2533
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Nice. Low.
High. Week.
Bonds-
Ail Gulf & WISS L 581919 68% 68
Chi Jet Ry &U B Yds48'40 86% 86%
5s
1940
9834
1936 104% 104
Hood Rubber 7s
K C Clin & Spr 1st 58.1925
99%
1934
92%
K C Mem & B 48
1934
Income 5s
9634
Mass Gas 43.48
1929 98% 98%
Miss River Power 5s 1951
98%
New England Tel 58..1932
100
Pennsylvania 434s...1965
93%
Pneumatic Scale 8s..1936
102%
1941
Rutland 4348
8554
1944 99% 99%
Swift & Co 5s
Warren Bros 754s....1937
150
Western Tel& Tel 58..1932
10034
Wickw Spencer Steel 73235 70% 69%
Range Since Jan. 1.
Low.
High.
68,4
86%
98%
105
9934
92%
98%
98%
99%
100%
93%
102%
$2,500 63
Jan 70
3,000 84
Feb 8634
1,000 96
Feb 99
13,000 101% Jan 105
1,000 98% Jan 19002
17,000 91
Apr
15,000 95% Mar 96%
1,000 97% Feb 99%
9834
8,500 96% Jan
5,000 99% Jan
15,000 93% May
500 102% May 10
902
31 H
M
8554 2,000 8514 May 85%
100
14,500 97,4 Jan 100
500 123
150
Jan 150
100% 5.000 99,4 Jan 100
79)4
4
70,4 12.000 85,4 May
MayaMa3
May
Apr
.1an
Mar34
May
Mar
Apr
M
Mjaa
a yyn
May
May
May
Ni
Fe
ab
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, May 9 to May 15, both
inclusive, compiled from official sales lists:
Sales
Last Week's Range for
ofPrices.
Sale
Week.
WO Wirer. Price. Low. High. Shares.
AM .Friday
A
Stocks-
.
Range Since Jan. 1.
Low.
Alliance Insurance
10 4954 4934 5014
543 3754
Amer Elec Pow pref..100
152 96
100 101
American Gas of N J._ _100 164
181 164
819 135
Amer Gas of Pa v t c_
50
47
179 45
47
10
American Milling
10 1034
1034 1054
• 5754 55% 58
American Stores
16,718 4534
Bell Tel Co of Pa pref
130 82
8834 82
8834
100
Brill(J G)Co
95105
•
1,383 95
100
Preferred
loo • leo
44 100
Cambria Iron
50
3834 39
22 38
Congoleum Co Inc
•
120 2634
2634 27
100
Eisenlohr (Otto)
27
140 27
28
Preferred
82
100
82
25 82
100 6154
Electric Storage 13att'y_100
6434 64%
53
15 46
55
Giant Portl Cement pf _50 55
Insurance Co of N A____10 55% 54
5854 1.027 463.4
Recta full paid
735 493.4
5454 533.4 5454
Keystone Telephone_ -50
8
6% 854
100
4
8110
4
Lake Superior Corp.._ _100
454
50 9534 9154 953.4 9.086 8034
Lehigh Navigation
50
12 7434
7854 78%
Lehigh Valley
10 22
169 21%
2154 2234
Lit Brothers
109 51
5134 52
Minehill & Schuyl Hav_ _50
55 60
Penn Cent Light & PoW__* 63% 62% 8334
3,859 4254
Pennsylvania RR
611
4354 44
195 70
7234
Pennsylvania Salt 1.11g_ _ 50 723.4 72
102 102
10 102
50
Ph& City Pass Ry
Philadelphia Co(Pitts)47
47
179 45
Preferred (cumul6%)-50
25 3854 3834 3934 8,942 3754
Phila Electric of Pa
25 38
38
3814 3.437 3754
Preferred
594 49
Piffle Rapid Transit_ _ _.50 44% 4434 45%
156 67
Philadelphia Traction..-50 58% 58% 5854
1554 1654
345 15
50
Phila & Western
50 36
36
3834 1,400 3554
Preferred
79
79
50
100 74%
Reading Company
55 96
Scott Paper Co pref_ _100 9754 9734 98
1
Tono-Belmont Devel_
%
9-16 3-18 7.535
1
3
4
27,385
134
Tonopah Mining
50 4054 3954 40% 1,125 3934
Union Traction
50 8954 88
8.549 7934
90
United Gas Impt
5834 3,404 5654
50 5834 58
Preferred
43.4 434
4
200
Victory Park Land Imp_10
6
6
848
8
Warwick Iron & Steel-10
37
37
207 36
West Jersey & Sea Shore_50 37
46
48
150 43
Westmoreland Coal
50 46
3554 36
50
65 3554
York Railways pref
BondsAmer Gas & Elea 53.-2007
Amer Gas of NJ 7s....1928
Control Trac NJ 5s...1932
Elec & Peoples tr Ws 48'45
General Asphalt 88_1939
Keystone Teiep 1st 58_1935
Lehigh CAN cons 4548 '54
Registered 4,48_._ _1954
Lehigh Val gen cons 482003
, Lehigh Val Coal 1st 5s 1933
Market St Elev 4s_ _1955
1)letrop Edison 5a...1958
Peoples Pass tr ctts 48.1943
Phila Co cons & stpd 5s'51
1960
Phila. Elec 58
1966
1st 58
1947
53411
1953
554s
1941
&
Phila & Reading Coal 58'73
Wilmington Gas 58._ _1949
•No par value.
8234
10234
87
101
97
10234
10854
10634
10734
10034
9354
91
181 163
73
73
82
823.4
10254 10234
8834 87
9934 9954
99
99
8034 80%
101 101
8554 85%
10034 10034
65
8534
9654 97
100% 10054
102 102%
106 10854
10654106%
107% 10734
10034 10034
9254 923.4
$7,200
3,200
2,000
7,000
15,000
10,000
39,000
3,000
1,000
3,000
1,000
2,000
3,000
16,000
25,000
35,700
7,000
6,000
18,500
3,000
1.000
87
138
73
80
100
82%
96
9834
80
10034
8534
10034
65
9334
99
10014
10334
104%
106
10054
9254
High.
Jan
Jan
Jan
Apr
May
Jan
May
Mar
May
Mar
Apr
May
May
Apr
Jan
Feb
Apr
Jan
Apr
Mar
Jan
May
Jan
Jan
Apr
May
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Apr
Mar
May
Feb
Apr
Jan
May
Feb
Jan
Jan
Jan
May
Jan
Mar
May
May
Mar
Jan
Mar
Jan
Jan
Feb
Jan
May
MAY
5054
10454
21734
47
12
58
8854
109
110
40
41
41
85%
7054
55
70
5454
7
734
100
81
23%
52%
64%
4834
8554
102
MuY
Apr
Mar
Mar
Feb
May
May
Jan
mar
Jan
Feb
Feb
Feb
Feb
May
Jan
May
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Ape
47
Mar
4734 Feb
45
Feb
Mar
51
8354 Mar
1854 Jan
Mar
37
82
Jan
98 . Mar
15-16 Feb
4 May
44
Mar
9634 Mar
5854 Mar
4% may
7% Jan
Jan
40
57
Jan
3814 Jan
9334
215
7854
65
103
87
9934
99
8054
101
85%
10034
70
97
10054
102%
10634
1063.4
10734
100%
9234
May
mar
Mar
Mar
Mar
Apr
May
May
May
May
May
May
Jan
May
Apr
May
May
May
Mar
May
May
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange May 9 to May 15, both inclusive, compiled from official lists:
Stock,-
Friday
isates
Lan Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High Shares.
Amer Wholesale pref.._ _100
Armstrong Cotn 8% pf_100
Arundel Corp new stock.-•
Atlan Coast,L(Conn)._ _50
100
Baltimore Brick
Baltimore Trust Co-__50
100
Baltimore Tube
*
Benesch (I) common
25
Preferred
Central Fire Insurance..10
60
Century Trust
Ches & Po Tel of Balt_100
•
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas,EL & Pow..*
100
654% preferred
100
7% preferred
100
8% preferred
Consolidation Coal...._100
*
Davison Chemical
•
Eastern Rolling Mill
Inn
40
2354
120
19
11234
2334
2434
41%
124%
423.4
110
96
40
2334
185
734
11934
19
39
2654
36
122
112
2334
2454
25
38
107
111
12334
36
33
109
98
42
24
18534
734
120
19
39
2634
36
1223.4
11234
2334
2454
2534
44
10734
1113.4
124%
43
33
112
11R
1111
80
13
2,67.
20
100
153
160
25
64
22
7
28
474
132
18
9,337
69
34
445
480
200
143
211
Range Since Jan. 1.
High.
Low.
9234
38
203.4
160
6
11134
19
383.4
283.4
34
106
11054
2234
24
243.4
32
105
109
122
38
33
103
111
Jan
Apr
Mar
Jan
Jan
Feb
May
Jan
Feb
Jan
Jan
Jan
Mar
Apr
Apr
Jan
Apr
Mar
Mar
May
May
Apr
A...
9834
57
2454
170
73.4
121
32
40
2854
40
12234
11234
28
2534
2634
44
10734
11134
125
72
33
115
Mar
Jan
May
Mar
may
Apr
Jan
May
Apr
Feb
May
Feb
Jan
Jan
Jar
May
MN
May
Mai
Jar
May
Pat
2534
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Low.
m .m
-.
m
89
1834
9
8114
67
25
53
2334
2234
2134
8234
115
1534
2034
1334
934
55
4234
7634
12634
110
12
614
1534
179
554
11
5134
0800§080§§§000000§0800000
g0 0 0
800000 0 00000
- .,-.
Bonds.
Balt Electric stpd 5s..1947
10034 10034
85
85
Balt Sparr Pt C 4%s_ _1953
Banheimer-Leader 78_1943
10434 10434
Consol Gas gen 434s_ _1959 9434 9434 9416
Cons GEL &Pser A 68'49 10734 10756 10734
110 110
1951 110
Series D 6163
93
93
Consol Coal ref 414s_ _1934
99
9934
Davison Gel& Phos6s 1927
9714 973.4
Elkhorn Coal Corp 68_1925
93
93
Fair & Clarks Trac 58-1938
1931
9734 9734
Fairmont Coal 55
9854 9834
Ga South & Fla 5s_ _ _1945
8134 8136
Macon Dub ,,S, Say 5s_1947
97
97
Md Electric Ry 614s_ _1957
Norf & Porta Trac 5s.. _1936 9634 9634 9634
98
98
Norfolk Street By 58__1944
9914 993-4
North Bait Trao 5s._1942
11036 11034
1936
Penns, RR 6165
6934 70
United Ry & Elec 48_ _1949
51
5134
1945 51
Income 4s
1936
7034 71
Funding 55
1949 95
9414 95
65
1927 9834 9814 9814
6s
Va Mid 5th series 5s_ _ 1921 10034 10034 10034
5934 60
Wash Balt & Annan 5s 1941
.4. .
95
96
1814 1834
954 956
85
85
76
76
25
25
53
5336
2334 24
2234 2234
2134 22
9454 9516
136 136
1516 1515
22
2234
1534 16
1234 1234
63
6534
4434 48
7834 7914
137 14434
11114 11154
1634 1634
8
9
18
183-4
192 195
634 654
1234 13
52
52%
Range Since Jan. 1.
00000=.00.0NOM..00t-ON800t-.00t-,.
0MM. MCOCO.M.0.1...1,4..t,OMWMVNM
Fidelity & Deposit
50 96
Finance Service, Class A 10
10
Preferred
Ga South & Fla lst pf _ _100
2d preferred
100
Humphryes 4r Co
•
Manufacturers Flnance_25 5336
25
1st preferred
25
2d preferred
25 22
Trust preferred
Maryland Casualty Co_ _25 95
Merch & Min Tr Co---100 136
Merch Mtge& Credit Co_*
Monon Vali Trae prat---25 2234
Mortgage dr Accept
* 16
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Gas Co_10 48
Northern Central
50
Penna Water dr Power 100 138
Security Mtge Co
100
Silica Gel Corp
•
Union Trust rights
8
United Sty & Electric--50 18
US Fidelity & Guar_ _ _ _50 195
Wash Bait & Annap___50
50
Preferred
West Md Dairy,Inc, pf_50 52
ioo
85
10356
9236
10434
109
92
9814
9734
93
9616
9754
7516
97
92
9716
9934
11034
6856
49
69
93
'9816
9934
58
High.
96
1934
916
85
76
25
5634
25
2434
24
96
136
1514
2234
16
15
66
48
7934
14434
11154
22
9
1934
19834
814
1934
5334
May
Jan
Apr
May
May
Jan
Feb
Jan
Feb
Feb
May
Mar
May
Jan
May
Jan
Jan
May
May
May
May
Jan
May
Jan
Jan
Feb
Jan
Feb
mar mini
Ian
Feb
Feb
May
May
Mar
Feb
Feb
Jan
Jan
Jan
May
May
Mar
May
Apr
Feb
May
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
May
Jan
Feb
Jan
Jan
May
May
Apr
May
Apr
Jan
May
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Mar
May
May
Apr
Jan
Apr
May
Mar
May
Feb
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Apr
Mar
Jan
Apr
Jan
Jan
Jan
May
Apr
Apr
Apr
Apr
May
Jan
Apr
8814
10414
9416
107%
110
98
9956
100
95
9814
9834
8134
100
9634
98
9934
11034
707-4
5216
74
9634
9954
10034
6616
* No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange May 9 to May 15, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Am Vitrified Prod, com_50
50
Preferred
Am Wind Glass Mach...100 89
100
Preferred
611
Arkansas Nat Gas. com_10
5%
Carnegie Lead & Zino_ _..5
Diamond Nat Bank ..100
Duquesne Light pref__ -100
Fidelity Title & Trust-100
Indep Brewing, corn....50
714
50
Preferred
Jones & Laughlin pref 25
25 38%
Lone Star Gas
100
Marine Nat Bank
Nat Fireproofing, corn _.50
50
Preferred
25 3234
Ohio Fuel Corp
1
Ohio Fuel Oil
Oklahoma Natural Gas...25 29
3
Pittsburgh Brew. com--50
9
50
Preferred
Pittsb & Mt Shasta Cop_ _1
_5
Pittsburgh Oil & Gas
Pittsburgh Plate Glass_100 279
Pitts Term W'h'se & Transf
10
734
Salt Creek Con Oil
1
San Toy Mining
Stand Plate Glass pr pref.
stand plate Glass pref.100
Stand Sant Mfg com_ __ _25 106
Superior Fire Ins Co__ _50
10
Tidal Osage 011
25
U S Glass
West'house Air Brake__50 10134
tsr.5*, r,Linn Rya nrPf Inn
213-4 22
8714 8736
89
89
9334 95
63.4 616
516 574
350 350
108 108
410 410
3
3
7
73.4
113 11316
3834 39
125 125
1316 13%
3274 3334
3134 3234
1214 1334
29
2916
23.4 3
9
8
5c
Sc
634 . 634
279 280
3834 3814
755 7%
4c
4c
9334 9316
70
70
106 108
105 105
93.4 1234
153.4 16
10134 102
91
9159
275
60
162
20
2,645
1,070
108
20
10
50
442
94
614
25
150
390
2,218
215
580
739
389
1,000
200
189
10
382
5,000
20
40
223
10
420
305
190
61
•No par value.
Range Since Jan. 1.
Low.
High.
bates
Frzaay
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
20
19
All America Radio cl A__5 20
9216
92
Amer Pub Serif pref _ _ _100 92
8034
8016
_100
Amer Pub UM pref_ __
87
87
Amer Shipbldg pref._ _100
9034 9134
Armour dr Co(Del)pref_100 91
8534
100 8534 85
Armour & Co pref
2034
20
Common cl A v't c__25 20
1154 1134
Common el B v t c__25
354 354
316
15
Armour Leather
62
58
Balaban & Katz v t o...25 58
10056 10034
11* Preferred
100
24
22
Beaver Board pref ctfs_100
27
3334
Bendix Corp cl A
10 32
2614 273-4
Borg & Beek
• 27
954 1014
Bridgeport Machine Co...* 1014
93
91
Central Ind Power pref_100
51
51
Chicago City Sty
100
16
%
Chic City & Con Ry pt sh.*
54
7
*
7
4
Pli Preferred
29
29
Chicago Fuse Mfg Co_ •
1
1
Chicago Rys part cif ser 2_
%
X
*. Part ctf series 3
%
5
5
Corn Chem of Tenn el B.,"
Commonwealth Edison_100 1353-4 13414 136
20, 314 316
Consumers Co
32
32
100
Preferred
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High Shares.
•
Continental Motors
25
Crane Co
Cudahy Packing Co__ _100
Dan Boone Wool Mills_.23
100
Deere & Co pref
Elec Research Lab
5
Evans & Co Inc el A
Fair Co(The)
100
Preferred
.5
Foote Bros(G & M)Co.
Gill Mfg Co
Godchaux Sugar
Gossard Co(H W)
Great Lakes D & D___100
Hammermlli Paper Co_ _10
100
Preferred
Hart Schaffner & Marx _100
10
Hupp Motor
*
Hurley Machine Co
100
Illinois Brick
Illinois Nor Utilities pf-100
Indep Pneumatic Tool._ -*
Interstate Power pref. *
Kellogg Switchboard.._25
25
Kraft Cheese
Kup'heimer & Co(B)Inc_5
La Salle Ext Univ. (I11). _10
Libby,McN &Libby,new 10
Lyon & Healy, Inc, of _100
McCord Radiator Mfg A.
*
McQuay-Norris Mfg
*
Middle West Utilities100
Preferred
Prior lien preferred_ _100
Rights
Midland Steel Products- _*
Midland UM prior lien-100
Morgan Lithograph Co-*
Nat Carbon pref new__I00
Nat ElecPow p1(5W A)100
10
National Leather
Nicer Corp con par A SW a_
Omnibus pref A W L...100
Voting trust ctfs w la..."
Philipsborn's,Inc, tr al--I
100
Preferred
10
Pick (Albert) & Co
Pines Winterfroot A
Pub Serv of Nor Ill
Pub Serv of Nor 111___ -100
100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
Real Silk Hosiery Mills_ _10
10
Reo Motor
25
Ryan Car Co(The)
Sears, Roebuck & Co- _100
Standard Gas dr Electric_ -*
50
Preferred
Stewart-Warner Speedom *
100
Swift & Company
15
Swift International
25
Thompson (J R)
Union Carbide & Carbon.*
United Iron Wks v to...50
United Light & Power*
Common ci A wia
Preferred cl A w I a__
•
Preferred cl B w I a_
United Paper Board_.100
20
U S Gypsum
US Stores Corp pref-100
Univ Theatres Cone Cl A.5
Utilities Pow & Lt el A. -•
Class B
•
Vesta Battery Corp
Wahl Co
Ward (Montg) dr Co..._10
100
Preferred
Class A
•
Wolff Mfg Corp
Voting trust certificates*
Wolverine Portland Cem 10
•
Wrigley Jr
Yellow Cab Mfg el B_ _10
Yellow Cab Co Inc (Chic) *
1016
97%
2%
1834
27
33%
1314
8%
118
18
52%
3116
55
61%
20%
6%
38%
96
104%
216
40%
99%
48
5%
14%
19
11734
95%
111%
103%
55
49
52%
69%
11014
2616
6816
3
11%
10
58
56
96% 97%
254 254
97% 9714
16
19
26
27
34%
33
104% 104%
13% 13%
7
6
8%
8
29% 30%
118 120
2914 29%
108 108
118 118
16% 19
47
53
29% 31%
90% 9016
55
56%
94% 9416
40% 4054
6614
60
25% 2516
16% 21%
6% 7
104 106%
38
39
14
15
93
90
96
9851
104% 107%
1% 216
40
42
99
99%
47
4856
124 124
95
95
43.4 5%
3916 3934
95
95
14% 15%
56
14
25% 27
19
19%
53
53%
117% 118
117 117%
95%
95
107 107
100 112
103% 104
56
54
17% 17%
23% 24
16654 16655
49
5054
53
52
6654 70%
109% 11011
2814
26
4414 45
68%
68
3
3
15,375
100
665
350
.10
1,000
525
10,150
10
100
571
700
5'
460
100
100
200
35,580
4,840
7,565
20
65
707
22
2,205
100
23,925
1,180
60
720
1,972
480
1,388
1,345
14,333
1,470
40
4,165
25
100
4,255
125
10
1,458
1,100
50
945
100
212
490
175
10
710
115
4,975
1,733
300
15
675
556
29,300
2,405
4,565
610
8,335
275
Range Since Jan. 1.
High.
834 Jan
51 May
Jan
79
134 Apr
Jan
83
Mar
15
2334 Mar
3134 Apr
Mar
104
Apr
12
Jan
4
Jan
3
2634 Jan
9416 Jan
Apr
29
Feb
105
Jan
111
143-4 Mar
4134 Mat
28 May
Jan
85
Apr
50
9434 May
Apr
39
35% Jan
2534 May
15 May
614 Apr
Mar
99
3734 Apr
Mar
13
8254 Feb
9116 Jan
Jan
98
114 Apr
323-4 Jan
9814 Apr
Mar
42
Feb
120
95 May
Apr
4
Apr
37
Jan
90
1454 May
X Jan
Apr
25
19 May
5134 Apr
10714 Jan
Jan
108
92
Jan
10414 Jan
Apr
95
10214 Jan
48
Mar
1414 Mar
Mar
21
150
Mar
4034 Jan
Jan
50
5516 Mar
10915 Apr
253.4 Apr
4494 May
Mar
65
14 Feb
1174 May
Feb
70
10834 Feb
715 Jan
9716 Apr
373.4 Jan
30% Jan
3514 Mar
109% Mar
1634 Mar
7 May
Mar
9
3034 Mar
129% Apr
2934 May
108 May
Jan
125
1936 Jan
Jan
56
3154 May
9214 Apr
Jan
70
9434 May
Jan
48
Mar
70
2854 Jan
2114 May
934 Jan
10634 May
Feb
42
1734 Jan
102% Mar
983-4 Mar
10734 May
236 May
Mar
42
10034 Mar
4914 May
Jan
124
95 May
634 Jan
4136 Apr
9516 Feb
1714 Mar
114 Jan
Jan
34
233-4 Jan
Jan
74
Apr
118
11814 Apr
Apr
96
107% Mar
Mar
400
Feb
105
7534 Feb
2234 Mar
Jan
33
16654 May
52 May
5374 Feb
773-1 Jan
12016 Feb
Jan
36
Apr
48
7334 Feb
Jan
5
56% 5514 59% 4,835 4414 Mar 5914 May
Jan
Apr 8634 Feb
85% 85
8634 1,105 81
Feb
Jan 53 May
51
490 42
49
Mar
100 1834 Apr 223.4 Feb
1834 1816
Feb
15914 May
Feb
3,645
112
146
158
152
Feb
20 9514 May 9716 Jan
9714 9716
Mar
Jan
53
May
39
42
1.000
39
Apr
485 2234 Mar 2834 May
26% 2514 26%
May
340 1334 May 1434 May
1414 13% 1436
May
Jan
Mar 24
19
20% 1,705 14
Apr
14
3,225 11 May 2314 Feb
12% 11
Apr
Jan
Mar
41
5534
3,615
54
51
53%
Mar
275 1123.4 Apr 116 May
116 116
Feb
Jan
666 110 May 123
11114 111 11154
May
514 Jan 10% Mar
8
10% 4,225
914
Feb
Feb
Jan 10
1,700
6
10
8
Jan
Apr 1474 Jan
170 11
11% 11% 12
Feb
3,470 4614 Jan 5236 Feb
4914 50
50
Mar
Jan
995 3234 Feb 43
3414 35%
35
Feb
Mar 553-4 Jan
1,295 48
49
48% 48
May
May
Bonds.
Feb
Apr 8434 Mar
Feb Chicago City Sty 58.. _1927 7814 76% 7816 32,000 74
Mar
Apr 63
Feb Chic City & Con Rys 58'27 51% 48% 5156 46,000 46
79
5,000 7756 May 85% Feb
79
Apr Chicago Railways 5s_ _ 1927 79
Mar
46%
Apr
35
4s Series B
1927 3951 37% 3914 14,000
Feb
Mar
40% 4014 40% 5,000 4031 May 43
Purchase money 5s
Feb
May
Jan
100%
12,000
98
9914
100%
10056
Jan Swift & Co lots f g 58_1944
Feb
* No par value.
Jan
Jan
St. Louis Stock Exchange.-Record of transactions at
Feb
Jan St. Louis Stock Exchange MIty 9 to May 15, both inJan
lists:
Feb clusive, compiled from official sales
sates
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
ofPrices.
Sale
transactions at
High.
Low.
Par. Price. Low. High. Shares.
Stocks-
1934 Jan
85 May
Jan
88
93 May
534 Apr
Jan
4
Apr
350
10514 Jan
Feb
390
134 Mar
Feb
4
11134 Jan
Jan
32
125 May
1134 Jan
3134 Jan
Apr
31
Mar
12
Jan
26
134 Mar
Mar
6
5e Apr
634 Apr
Jan
257
3816 May
736 Feb
4c Feb
Apr
92
Apr
70
Feb
102
Apr
105
854 Jan
Apr
13
Apr
97
Apr
89
23
89
100
110
814
834
350
108
410
314
734
114
40
125
143.4
353-4
3436
1634
3134
3
9
9c
834
295
39
9
8e
98
79
136
11014
1334
2034
113
95
Chicago Stock Exchange.-Record of
Chicago Stock Exchange May 9 to May 15, both inclusive,
compiled from official sales lists:
Stocks-
[VOL. 120.
THE CHRONICLE
Range Since Jan. 1.
Low,
High.
1,390 19 May 3634 Feb
Mar 9334 Mar
217 89
Apr 8514 May
20 75
Feb
89
July
70 8534
Mar 9634 Feb
262 90
Feb
Apr 94
845 84
Feb
2,510 lag Mar 24
Feb
10 1134 Apr 15
Jan
5%
110
33-4 May
7,725 5034 Feb 6356 May
Jan 10015 May
18 95
60 22 May 3914 Jan
Jan
Mar 36
8,050 24
3,530 2416 Mar 2834 Feb
814 Apr 1014 May
1,850
Feb 93 May
675 89
53 51 May 51 May
134 Jan
14 Apr
830
994 Jan
4,350
336 Apr
10 2814 Mar 3914 Apr
Mar
2
/6 May
100
14 Apr
14 Mar
100
Apr
6
334 Mar
50
Jan
1,565 13034 Apr 139
334 May
54 Jan
170
Mar 497-4 Jan
50 30
Bank Stocks100
Boatmen's Bank
First National Bank_ _ _100
Nat Bank of Commerce 100
144 144
211 211
14516 14515
Trust Company Stocks
100 398
Mercantile Trust
100 275
Miss Valley Trust
398
275
Street Railway Stocks
United Rys old ctf dep_100
Miscellaneous Stocks
American Credit Indem_25
Berry Motor
•
Boyd-Welsh Shoe
100
Brown Shoe tom
105
Preferred
•
E L Bruce com
100
Preferred
__NO
Emerson Electric pref.
Ely & Walker D GI com-25
100
lst preferred
100
2d preferred
Fred Medart Mfg corn...*
*
Hussmann Refr corn
*
Huttig S & D'com
100
Preferred
Hydraulic Press Brick _ _100
100
Preferred
International Shoe com_ •
160
Preferred
_ •
Tnhanapn Rhne
85
9615
8434
3234
9214
58 398
1 242
414
150
47
47
25
23
4134
41
7534 85
10034 10036
40
4334
100 100
9614
96
24
24
10294 10234
8431 85
3256 33
42
42
32
32
100 10034
7
7
9034 93
13536 137
11934 12016
46
46
25
325
20
125
12
655
2
15
170
10
75
120
15
150
12
160
462
83
107
115
43-4
43
398
275
Jan
Apr 147
20 143
May
Feb 211
36 205
57 14334 Jan 15014 Feb
Apr 400
Feb 280
Feb
Apr
7
Feb
60
25
5034
85
10011
433-4
100
10016
25
104
85
3434
45
40
102
83-4
95
138
12034
5214
Feb
May
Jan
May
May
May
May
Feb
Feb
Apr
May
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Jan
434 Apr
3616
21
40
69
9834
38
100
96
2234
102
84
30
3754
3136
100
6
81
115
11734
40
Jan
May
,Apr
Mar
Apr
Apr
May
May
Apr
Jan
Apr
Apr
Mar
Mar
May
Apr
*Jan
Feb
Mar
Mat
THE CHRONICLE
MAY 16 1925.]
Friday
Sales
Last Week's Range for
Sale
ofPrices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Laclede Gas Light pref_100
100
Laclede Steel Co
McQuay-Norris
Mo Portland Cement_ _ _25
100
Nat Candy corn
•
Pedigo-Weber Shoe
Rice-Stlx Dry G 1st ofd 100
100
2d preferred
Scruggs-V-B D G com_100
100
Scullin Steel pref
Securities Inv corn
*
Skouras Bros "A"
*
Southwest Bell Tel p50_100
Wagner Electric corn_ _•
Preferred
H10
Mining StocksGranite III-Metallic
10
Street Railway Bonds
Alton Gran & St L Tr 58'44
E St L & Sub Co
_1932
StL & Sub Ry gm
5s_58e-d'23
United Railways 4s_ _ _1934
Ctfs of dep _ _1934
54%
44 •
108
101
38%
110%
39%
88
88
132% 132%
14% 15
51
55
99 100
43% 44
108 108
102 102
109 109
100% 101
41
41%
37
38%
109 111
36% 43%
84
84
35c
350
35c
64
63%
84
79
69%
68
64
84
79
70
69
25
41
250
1,965
22
650
2
25
5
210
20
1;700
114
1,367
10
200
$6,000
3,000
6,000
24,000
37,000
Range Since Jan. 1.
Low.
High.
81
132%
14%
4174
99
40
107
100%
104
10031
41
36
107%
2634
80
Jan
May
May
Feb
May
Mar
Jan
Apr
Feb
May
May
Apr
Apr
Jan
Apr
88
146
15
55
106
4534
110
103%
110
102%
43%
38%
111
50
91
May
Jan
May
May
Feb
Mar
May
Mar
Mar
Mar
Jan
May
May
Feb
Feb
25c
Apr
35c
May
61
84
79
69%
68
Apr
May
May
May
May
6715
86
8314
74
7331
Feb
Feb
Feb
Jan
Jan
•No par value.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from May 9 to
May
15, both
inclusive, as compiled from the official lists.
2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
As noted in our issue of July
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Week Ended May 15.
Stocks-
Indus. & Miscellaneous
Adirondack P & L com_100 8134 70% 82% 27,800
150
7% preferred
100 10234 100 102%
Allied Packers,corn
•
100
6% 6%
Prior preferred
100
100
50
50
500
8% 9%
Amalgam Leather, corn_ _•
954
45
100
45
Preferred
100
Amer Gas & Eleotno '
Common
• 8134 80% 82% 5,900
88% 87% 8834
Preferred
600
*
9
American Hawaiian SS...10
800
9
9%
162% 174% 14,870
Amer Lt & Trao,com-100 163
98
100
50
98
Preferred
300
Amer Multigraph, corn_..* z1934 19% x19%
x6114 061% 63% 27,000
Amer Pow & Lt corn new
56
88% 89
100 89
Preferred
Amer Rayon Products•-• 2854 26% 28% 10,700
10
51
51
Amer Rolling Mill corn._25
Am Superpow Corp.Cl A..• 3354 33
34% 2,800
13,90
33% 35
Class B
• 3434
Prior preferred
25 2534 25% - 2534
30
American Thread prat
4
4% 2,00
_5 x4
Apco Mfg class A
23
25 25
30
25
Arizona Power corn..._100
300
2434 25
Armour & Co (Ills) comB25 12
12
12
2,800
Preferred
100
84
130
85%
Artloom Corp, corn
400
39
39%
Preferred
100
101 101
300
Assoc Dry Goods new w I. 50
50
51% 6,080
Aseoo & E Class A__ _• 28% 28% 29
4,400
Atlantic Fruit & Sug____• 90c
90e 940
2,60
Atlas Portland Cement_ _ _
Newwi
• 4734 47
48
Borden Co common_ _ _ _100 00144 xy144 149
350
Corn subscrip stock__ 50
68% 69% 1,200
Preferred
100 y10814 y108% 110%
2
Botany Cons Mills, cl A 50 4534 45% 46%
800
Bridgeport Machine corn_• 1014
9% 10% 4,10
Brit-Am Tob ord bear__ 21
2874 2834
300
Ordinary registered _LI
2874 28%
300
10 z7.4
7
Brooklyn City RR
7% 8% 1,90
Brown & Will 'rob cl B-10
1274 12%
50
Bucyrus Company com 100 15434 142 155
700
Buffalo Gen Elea new corn* 6734 60% 70
7,400
Burroughs Add Mach pf100
104% 104%
50
100 125
Canada Dry Ginger Ale A * 120
280
• 120
Class B
97 124
195
5
5% 15,600
Car Ltg & Power corn_ _ _25
534
391 420
Carolina Power & Light 100 410
410
100
Celluloid Co, pref
80
81
40
Centrifugal PIM Corp -_• 15% 14% 17
2,800
• 24
23% 25
Chapin-Sacks Inc
8,600
10 2334 22% 23% 3,100
Cluttterton & Son
• 8734 86% 89
Chrysler Corp w I
3,100
181 185
Cities Service, com---100 z182
1,090
20 x36% 36% 37% 7,500
New when issued
100
Preferred
81% 82%
600
10
7% 7%
• Preferred B
900
• x18
18
18%
Bankers shares
900
Cleveland Automobilecom• 2434 24% 26
19,100
1% 2.% 123,600
Colombian Syndicate
231
135 137
Com'w'th-Edison Co-_-100
40
128% 146
Com'wealth Pow Corp-.• 145
21,100
82
100 83
83
875
Preferred
57
40
59% 6,595
Warrants
Cons Gas,E L&P Balt new* 4174 38% 44% 59,800
117% 121% 8,700
Continental Baking.comA• 121
• 2634 2474 26% 59,000
Common B
100 9731 96% 97% 1,700
8% preferred
20
700
Continental Tobacco- ___.• 1931 19
4334 39% 43% 6,000
Coty, Inc. w
37%
•
3834
39
1,200
Company
Cuba
25
24% 26
1,600
Cuban Tobacco v t 0
97
100
97
100
Cudahy Packing
Curtiss Aeropl & M corn--• 1854 17% 19% 11,500
14111 68
68
68
300
Preferred
25
2551
300
Curtiss Aeropl Assets Corp
Be Forest Radio Corp...• 2214 21% 22% 2,700
126 129%
400
Del Lack & West Coal_ _50 128
13% 13%
•
300
Doehler Die-Casting
16% 6,300
DubillerCond&r& Rad new. 16% 14
3% 4
400
Duplex Cond & Rad v t 43..•
700 70c
100
Du Pont Motors, Inc- •
Durant Motors. Inc
• 16% 15% 17% 24,100
300
Dos & Co.Inc. Class A_ _• 22% 22% 23%
• 7114 71
71%
500
Elec Auto-Lite Co
103% 104
660
Elea Bond & Share,pref 100 104
62% 7214 85,900
Elect Bond & Share pee--• 72
4714 54
75,900
Elea Invest without war'ta• 54
100
• 15% 15% 1514
Elec Ry Securities
49% 2,800
• 47% 46
Eureka Vac Cleaner
32
3334 6,900
Federal Lt de Tr new w 1-15
31
700
32%
Federated Metals Corp_•
1,000
Range Since Jan. 1.
Low.
High.
33
92
5
50
8%
42
Feb 8234 May
Jan 102% May
Apr fl)
Feb
Mar 67
Jan
Apr 1014 Jan
Jan 45
May
61334
83%
8%
137
94
18%
48%
84
2614
50
26%
27%
24%
314
23
17%
11%
84
38
981(
46
25%
800
Feb 83,4 May
Apr 88% May
May 13% Feb
Jan 174% May
Jan 98
May
Mar 22
Jan
Feb 6734 Jan
Apr 89
Jan
May 29 may
Apr 57
Jan
36
Jan
Ma
Ma
36% Jan
Feb 26% Mar
Jan
4% Feb
May 26% Mar
Jan 25 May
Feb
Apr 15
Apr 9414 Feb
Apr 53% Mar
Apr 101% Mar
Apr 51% May
Mar 30
Apr
Jan
1% Mar
44% Apr
133
Jan
67% Mar
Jan
106
4314 Mar
4% Feb
25% Jan
2134 Feb
7% May
10
Jan
121
Jan
Apr
50
103
Jan
90
Apr
80
AD
1% Jan
300
Feb
80 May
10
Ma
16% Jan
12
Feb
7534 Apr
175
Ma
35
Ma
81% Jan
714 Ma
17% Ma
1934 Feb
600 Jan
133
Jan
106
AP
79% Jan
2334 Feb
81% Jan
108
Jan
2114 Jan
91% Jan
19
May
3714 Apr
3534 AP
614 Jan
80
Jan
13
Feb
55
Ma
1834 Ma
1814 Ma
119
Apr
10
Apr
12% Ma
3,4 Ma
50c May
15
Feb
2034 Apr
71
May
10134 Apr
55% Apr
40
Jan
12% Mar
46
May
28
Apr
304 May
48 May
154% Mar
6974 Apr
111
May
48% Jan
10% May
2834 Apr
2831 Apr
9% Feb
12% May
155 May
70
May
105% Jan
125 May
124 May
534 May
430 May
97
Jan
21% Jan
25 May
23% May
91
May
212
Feb
43
Feb
82% Feb
7% Feb
21% Feb
26
May
2% May
137
May
May
146
83 May
5934 May
4454 May
125
Mar
29% Mar
99
Mar
26% Jan
43
May
40% Mar
26
Mar
10834 Feb
19% May
68 May
25% May
34
Feb
130
Feb
2034 Jan
35% Jan
17 Jan
1% Jan
21
Jan
33
Feb
71% May
104
Mar
9134 Feb
54 May
16
May
5014 Mar
33% May
42
Feb
Stocks-
2535
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Ford Motor Co of Can_100 495
Franklin(H H)Mfg corn.' 20
Preferred
Freed•Eisemann Radio- •
P'reahman(Chas)Co
• 1034
• 2734
Gabriel Snubber w I
Garod Corporation
•
General Gas & Elec, com_•
Convertible preferred_ __ 100
Preferred Class B
•
Oen'l Outdoor Adver'sf Inc
Common v t0•
• 45
Class A
Gillette Safety Razor-- • 6774
• 128
Glen Alden Coal
Goodyear Tire & R.com100 31
Great Atl & Par Tea, pf.100
Grennan Bakeries Inc__ _• 1814
Grimes(D)Ra & Cam Roc*
HabishawEICable new cowl 19
Hall Switch & Sig, com_100
sappiness Candy St al A.
Founders shares
• 1714
Hazeltine Corp
•
Heyden Chemical
* 47
Horn & HardartCo
Intercontinental Rubb _100
lot Concrete Ind Fdrs shrs 1131
Inter Match non-vol of
•
Int Utilities class A
• 1031
Class B
Inter Ocean Radio Corp._
Jones(Jos W)Radio Mfg_•
• 2331
Kelvinator Corp....•
Keystone Solether
10
25 64
Kraft Cheese
Landover Holding Corp A I
Lehigh Power Securities_ _• 125%
Lehigh Valley Coal Sales 50
Leh Vail Coal ett's sew -_ 3734
831
Liberty Radio Ch Stores_.•
131
MaeconiWirel Tel of Can _l
834
Marconi Wirel Tel of Load
10u 5331
Mengel Co
Mesabi Iron Co
•
734
Michigan Sugar corn_ _ _ _10
Middle West Utilities corn* y92
100 y10434
Prior lien stock
100 1,9434
Preferred
• 24
Midvale Co
Moore Drop Forging el A_• 6734
1734
Motion Picture Corn
•
Music Master Corp
10
National Leather
Nat Power & Light, com.• z295
Preferred
• 268
National Tea
934
New Mex & Ariz Land__ _1
N Y TeleP 6 A % pref-I00
_
_10
'Transportation__
NY
Nickel Plate corn, new, w1.. 8634
Preferred, new, w 1
_• 3931
Nizer Corp Class A w
Northern Ohio Power Co..• 1134
No States P Corp,com_100 114
100 9734
Preferred
Nor StatesPow Del waents
• 174%
Omnibus Corp v t c
Series A preferred_ _ _100
OPpenheim, Collins & Co.'
Pathe Exchange Inc el A.• 54%
Penna Water & Power_100
Philadelphia Elec pref _ _ _25 z37
Pittsburgh Plate Glasa_100
Power Corp of N Y. coin.* 5034
Power Securities corn_ _ _•
Pratt & Lambert.Inc--• 42%
Pro-phy-lac-tic Br corn_ _ _•
Puget Sd P & L, com_ _100 523.4
Purity Bakeries class A_25 45%
• 37
Class B
10 10%
Pyrene Mfg
Reid Ice Cream Corp corn •
Rem NoiseleasTypew,CIA• 4131
100
Preferred
10 1734
Boo Motor Car
5
Repetti, Inc
Rosenb'm Grain Corp p150
4%
Rova Radio Corp tr etfs •
• 4834
St Regis Paper corn
•
Corp.
corn
Seagrave
Seiberling Rubber, com_• 24%
Serv. El. Corp. cl A. w 1_ _ 10
Silica Gel Corp,corn. v to.' 17
•
Sleeper Radio v t c
Sou Calif Edison corn_ _100 y10734
7% preferred Ser A__ 100
6% ',ref, Series B__ _ _100 Y0214
Sc
Southern Coal & Iron__ _.5
S'eastern Pr & Lt corn..' 89
Southw Bell Tel.7% p1.100 110
•
Spear & Co
100
Preferred
534
Standard Motor Constr-10
Stand Publishing Cl A-25 2334
•
Stutz Motor Car
100 11014
Swift & Co
15 2531
Swift International
Tenn Elec Power, corn...' 6231
• 82
Second preferred
•
ThermlodYne Radio
8
63.4
Thompson(RE)Radio NM&
334
Tob Prod Export Corp_ _ _•
3834
Todd Shipyards Corp__ •
5
7
Tower Mfg Corp
Union Carbide & Carbon_• 6834
United G & E com new_ _ 10 4134
United Lt & Pow com A • 5634
714
United Profit Sharing-A
20
U 5 Gypsum, corn
US Lt & Ht Corp. com_10
10
Preferred
Utilities Pr & Lt cl A_ _• 27
Victor Talking Macbine100 84
•
Ware Radio Corn
Warner Bros Pict, com_ •
10 1551
Class A
Western Pr Corp. com-100 40
100
Preferred
White Rock Mln Sive corn' 34
Vot tr ctfs for corn stock. 3431
Wickwire-Spencer St con2.6
Wilson & Co (new) w 1---- 14%
31%
Clasa A w I
70
Preferred w I
Yellow Taxi Corp N Y - •
Rights.
Borden Co w 1
Middle West Utilities
St Regis Paper
2
Range Since Jan. 1.
Low.
High.
480 498
40 462
Mar 524
19% 20% 5,500 1614 Apr 20%
81
84
200 76
Apr 84
7% 8% 1,900
7
Apr 33%
10% 10%
300
9% Mar 28
2654' 27% 10,600 26
Apr 27%
2% 2%
900
2
Apr 17%
98
98
70 80 • Jan 98
100 100
20 80
Jan 100
98
98
25 97
Apr 98
21%
45
6754
12554
3034
11514
18%
22
1,200
46
900
68% 3,400
128
600
32
15,000
11514
10
2034 14,900
600
13%
19
100
19
4
4
300
1,300
6% 7
100
554 5%
16% 18% 1,500
1% 115 1,100
46% 47%
800
8% 9% 4,200
1014 1114 1,900
42% 4214 4,100
40
40
300
8% 10% 6.400
3% 4%
500
1
1,4 1,400
23
23% 1,500
1,100
50o 50c
64
900
6614
2,800
2054 23
118% 127
15,300
78
79
335
36% 38% 3,900
8% 8% 2,200
300
134 1%
500
8% 8%
48% 54
2,210
2% 2%
100
714 7%
800
90
93
4,620
104% 107
560
y94% 97
190
24
24
300
6714 68% 1,300
17
600
1754
9
934 1,200
414 4%
100
288 298
4,020
99
99
10
261 268
235
8% 914 7,000
11114 112
350
49% 50
600
8514 8734 4.700
82% 84
900
39% 40
2.1'00
10
1114 49,400
11314 120
100
9714 97%
50
16% 18% 4,319
14% 15
1,200
95
94
500
41% 41%
300
45% 54% 3,800
140 14514
610
037
37
100
280 280%
20
7
45
36,300
17% 20% 1,600
42% 43%
800
40
40%
400
40
50% 5331
45
46
60
35% 3934 4,000
10% 10%
200
38% 38%
100
39% 41% 1,000
109 110
320
17
17% 3,100
52c 52c
200
49
49
100
4
4%
500
41% 49% 9,200
1314 1414
900
23% 24%
800
9% 10% 4,200
15
17
1,300
4% 5
300
107% 108
90
107% 107%
30
92% 9334
90
4c
Sc 27,000
72
92% 18,100
110 110
200
19
2114
600
03
90
900
4% 514 2,400
23% 25% 1,900
7
734 1,700
110 III •
460
25% 2815 2.400
59
65% 8,300
78% 82
800
7% 8
1,800
6
614 1,700
600
3% 334
100
38% 3814
7
714
400
6874 2,400
68
32% 43
29,100
5634 59% 5,700
700
7% 7%
150 150
10
900 98c
700
23( 2%
800
25% 27
10,190
92
77
6,000
10
10
500
14% 14%
100
15
17% 5,300
39% 44% 20,100
93
90
530
30
34% 7.000
29% 35
5,200
4% 574 18,400
15
14
5,200
3114 32% 4,100
70
70% 1,800
12% 12%
100
1%
114
1%
2
11,700
2
12,500
2% 5,300
Feb
May
May
Jan
Jan
May
Jan
May
May
May
2054 Mar 2434 Feb
4434 May 47
Apr
5714 Jan 7074 Apr
117
Feb 138
Mar
24% Jan 3534 Mar
111
Jan 11554 May
1514 Mar 2151 May
9
Mar 1954 Jan
19 May 19
May
314 Jan
534 Feb
614 Jan
714 Jan
53.4 Feb
6% Jan
1554 Mar 5114 Jan
134 Apr
3
Jan
46 May 5874 Mar
554 Jan
93.4 May
7
Mar 1254 Jan
3714 Jan 4314 Jan
40 May 4634 Jan
Jan
674 May 17
Jan
354 May 14
9
Jan
1 May
1854 Feb 3034 Mar
49c Jan
13.4 Feb
Apr
64 May 68
834 Jan 23 May
82
Feb 127 May
78 May 87
Jan
33
Mar 5031 Jan
734 Jan
9
Jan
134 Apr 1 11-16 Mar
814 Apr 10
Jan
May
30
Jan 54
2% Apr
4% Jan
774 May
754 May
8254 Feb 10254 Mar
9814 Jan 107
May
91
Jan 97 May
24
Jan 2834 Jan
6334 Mar 6854 May
17
Mar 1834 Apr
83.4 Mar 2154 Jan
4
Apr
63.4 Jan
18414 Feb 302 May
95
Jan 99
Mar
280
Jan 268 May
fig Jan
Mt Feb
11094 Jan 114
Feb
3814 Jan 50
Apr
8254 Mar 9014 Feb
8111 Mar 8794 Jan
37
Apr 4154 Apr
634 Mar 1254 May
10254 Jan 117 May
9434 Feb 99
Feb
6
Feb 1934 May
1414 Apr 1734 Jan
89
Apr 96
Feb
Feb
4034 Mar 46
4214 Mar 5494 May
127
Jan 14534 May
z37 May z37
May
278 May 28054 May
33
Jar/ 5414 May
Jan
1334 Apr 26
40
Feb 44
Apr
Jan
3854 May 44
49
Mar 5394 May
35
Apr 46
May
34
Mar 8914 May
103.4 Apr
1214 Mar
85
Jan 48
Jan
87
Mar 48
Mar
9834 Mar 110
Apr
15% Apr 23
Mar
Mc Jar 75e Mar
4794 Feb 4934 Feb
4 May 1414 Jan
3654 Apr 4934 May
13 Mar 1474 Jan
2254 May 25 May
9% Apr 113.4 Mar
Jan
1234 Mar 21
4 May 1954 Jan
10134 Jan 108
Apr
10434 Mar 10751 May
88
Jan 9334 May
4o May 10c Jan
5234 Feb 9234 May
10894 Mar 110 May
19 May 2854 Feb
90 May 94% Apr
334 Jan
534 Mar
2334 May 2731 Feb
Jan
6
Apr 10
Mar 120
Feb
109
2514 Apr 8514 Jan
4834 Feb 6534 May
Jan 82 May
73
634 Mar 2234 Jan
6 May 25
Jan
834 Apr
534 Jan
Mar
38
Mar 42
5
Mar 2414 Jan
65
Mar 73% Feb
25
Feb 43 May
4414 Mar 5954 May
534 Jan 1134 Mar
115
Feb 150 May
75o 'Ian
13.4 Jan
131 Jan
234 Jan
2274 Mar 27 May
65
Apr 105
Jan
9
Mar 4034 Jan
14
Feb 1634 Feb
1431. Apr 1714 May
80
Mar 4434 May
8634 Jan 93 May
16
Feb 3454 May
16
Jan 35
May
354 Apr
734 Jan
1134 Apr 16
Apr
2654 Apr 35
Apr
70 May 7554 Apr
12 May 22
Jan
154 Apr
134 Apr
1
May
254 Mar
2% May
254 May
2536
THE CHRONICLE
Anglo-American 011_ _ _ _ £1
2434 2434 2534
Buckeye Pipe Line
60 61
5931 62
Chesebrough Mfg
25
614 6131
Preferred
100 114% 11431 114%
Continental Oil v t OWL. z25
2434 254
Crescent Pipe Line
25 1131
1034 1131
Cumberland Pipe Line_100 147
1454 148
Eureka Pipe Line
100 7631
76
764
Galena-Signal Oil, corn.I01
5434 5531
New preferred
100
104 104
Humble Oil& Refining_ _25 5534 4934 5634
Illinois Pipe Line
100 14331 140 145
Imperial Oil (Can) new_.3034 30
3134
Indiana Pipe Line
6
72
7134 72
Magnolia Petroleum___10b 141
140 144
National Transit__ __12.51
2234 2234
New York Transit
60
62
100
Northern Pipe Una_ _ _100
83
83
Ohio Oil
21 6534 6434 6634
Penn Mex Fuel
33
36
25 33
Prairie Oil& Gas
54
5554
25 5431
Prairie Pipe Line
118 12134
104 118
218 229
Solar Refining
100
166 170
South Penn 011
104, 188
Southern Pipe Line_ _ _ _100 -----81
82
4 6334 6534
Standard Oil (Indiana) _ _21 847
Standard 011 (Kansa8).._2E 334 3334 3354
Standard Oil (Ky.)
20 1194 118% 120
244 246
Standard 011 (Neb)_ _ _10(
4434 4334 45
Standard 011 of N Y_ _ _ _21
349 362
Stand 011 (Ohio) com_100
119 12034
Preferred
100
17
17
100 17
Swan & Finch
8834
Vacuum 011
20 8731 87
Other Oil Stocks.
Allen 011
I
Amer Maracaibo Co
10
Arkansas Nat. Gas
Atlantic Loboa 011 cam_ __•
•
Preferred
Carib Syndicate
5
Creole Syndicate
Derby 011 & Ref pref
•
Euclid OH
Gibson 011 Corp
1
Gilliland Oil corn v t e_ _.•
Gulf 011 Corp of Pa
25
International Petroleum__•
Kirby Petroleum
•
Lago Petroleum Corp_ _ _ ..•
Livingston Petroleum_ _ .
Margay 011 Corp
•
Marland 011 of Mexico_ _1
Mexican Panuco Oil__ -10
Mexico 011 Corn
10
Midwest 011 pref
Mountain & Gulf 011
1
Mountain Producers____10
Nat Fuel Gas
•
5
New Bradford Oil
25
New York 011
Noble(CF)011 & Gascom 1
26
Ohio Fuel Corp
•
Peer Oil Corp
•
Pennock 011 Corti
2E
Red Bank Oil
Royal Can 011 Syndicate_
Ryan Canso!Petroleum_.•
Salt Creek Consol OIL _ _10
Salt Creek Producers__
Tidal Osage 011 vot stock _•
•
Non-voting stock
Tide Water 011, new, w I__
United Cent Oil Corp_ _ _ _•
Venezuelan Petroleum. _ _
Ventura Conso1011Fields_5
Wilcox Oil& Gas
I
weortray Petroleum Co_•
'Y" Oil as Gas
-1
74
631
334
434
12
950
2%
-_-6831
2534
5%
56c
15e
331
2131
54
110
135
2331
131
35
1034
434
531
20c 200
734
754
8
84
34
3
9
10
4
434
12
1231
2431 2434
95c 96c
2% 334
14 24
64
6634
2334 2531
3% 331
54 6
1
134
1
1
3% 4
560 60c
140 150
334
331
154 134
2134 21%
1144 11431
535 534
935 934
11c lie
32
324
131
900
23
2334
26
2635
14 134
5
6
734
734
2634 27
9
9
934 9%
35
3531
1034 11%
434 434
2234 2234
5% 6
431
434
Sc
50
6,000
480
100
10
44,600
700
370
40
850
10
43,400
525
8,500
110
1.200
100
90
30
2,200
600
4,100
1,190
SO
360
70
54,000
1,100
1,900
50
17.400
260
40
210
3,200
18
584
484
110
2134
10
132
76
54
100
4244
127
2734
69%
13031
22
60
8134
6234
33
5034
106
202
139
81
594
304
114%
240
41
338
1174
16
803.4
Jar
May
Jan
Mar
Mar
Feb
Mar
May
Apr
Feb
Jab
Jab
Mai
Apt
Apt
AIM
May
Jan
Mar
May
Mat
Jar.
Jan
Jar
Apr
Mar
Apr
Mal
Apr
Apr
Jab
Jan
Mar
Jar.
284
72
6834
114
314
1534
150
96
65
105
5634
1543.
3334
84
159
2531
79
88
753.(
4431
654
126
254
197
103
70
46
124%
270
48%
389
123
27
9634
Al)?
Jan
May
Apr
Feb
Feb
Feb
Jan
Feb
Feb
May
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Feb
1,000 20e May 70e Apr
26,700
24 Jab
8
Apr
1.200
5
Apr
834 Feb
4,400
Jan
24 Mar
4
400
6% Mar 1034 Jan
5,000
44 Feb
331 Mar
11,600
834 Jan
1434 Apr
100 23
Apr 27
Feb
Jan
Jan 970
1.500 87c
10,500
131 Jar,
334 Feb
360
134 Apr
33.1 Mar
4,000 8331 Mar
71
Feb
34,100 2231 Mar 2834 Feb
1.700
2% Jan
534 Jan
734 Apr
Feb
47,500
5
1,300 750
Jan
134 May
200 50c
1% Mar
Jan
600
14 Jan
434 Feb
400 56c
Pis Feb
Apr
2,000 10c Feb 37c Mar
:114 May
100
334 MaY
2,300
2
Mar
14 Jan
12,100 1854 Jan
2134 Mar
20 106
Mar
Jan 122
1,300
54 Mar
334 Jan
Mar
300
84 Feb 10
1,000 10c
Feb
Jan
13c
300 31
Mar 3434 Feb
90c May
2,300
1% Feb
3,300 1735 Jan 25
Jan
600 16
Mar 3234 Jan
15,300
Apr
990 Apr
2
700
331 Jan
934 Mar
831 Mar
400
634 Jan
5,600 24
Jan
2734 Apr
Feb
200
9
1534 Feb
100
84 Jan 104 Feb
May 354 May
300 35
9,400
1134 May
214 Jan
10.100
4.4 Apr
3% Jan
200 2234 Mar 24
Feb
74 Jan
1.500
5% Apr
Mar
7
1.100
314 Mar
7c Feb
Jan
14,000
Sc
,
Mining Stocks380 Feb
23c 19,100
Jan
20c
70
Arizona Globe Copper- -1
19c Feb
100
10c 1,000 10c May
Butte di Western Miaing_l
435 534 21,200
5% Slay
10
331 Feb
Canada Cooper
534
31118 Feb
100
3% 334
334 Mar
1
Chief Corwol Mining
98e May
99c
94c
1
Jan
11,200 400
Chino Extension
310 1,000 31c May 500 Apr
31e
Comstock Tun & Drain_
Feb
4
3
231 3
231 Mar
4,400
Consol Copper Mines_ __I
Feb
4
34
331 34
314 Jan
Cresson Cons Gold M&M_ I
500
Jan
4c
4c
4c 2,000
2c Mar
1
Divide Extension
44 Mar
300
331 May
331
331
East Butte
May
57
Engineer Gold MinuaLtd 5 4834 484 5134 6,100 1434 Jan
14c
I4c 1,000
Jan 230 Feb
70
Eureka Croesua
I
40c 45,000
Jan 400 May
350
35c
Forty-nine Mining
1
5c
80 Mar
Jan
Sc
Goldfield Coruyol Mines_ _1
6c 3,000
lc
80 Jan
40
10c
Apr
4c 4,000
2c
Gold Zone Divide
18c Jan
Sc
10c
Marini!'Divide
9c 12 000
7c May
19c
18e
19c 10.000
Feb 230 Apr
Hawthorne Mines Inc_ _I
8e
1834 Feb
1434 1431 2,600 1234 Ayr
!fascia Mining
3c Mar
2c
Feb
2c 2.000
lc
Hilltop Nevada Mining..!
COO 134 Mar 1531 Jan
Hollinger Consol0M____6 1534 1434 1534
Howe Sound Co
•
1534 1634
1,200 1534 Apr 2134 Feb
New vot tr °Us
Apr
2
14 14
Jan
600 980
Jerome Verde Devel
3c
3c
3c May
Jan
1
1,000
2c
Extension
Jumbo
I
234
251 May
234 24 94,800
134 Jan
Kay Copper CO
5
134
1% Feb
136 14
1% Apr
500
Kerr Lake
Jan
3c
lc
Apr
lc 1,000
10c
lc
Knox Divide
80 Jan
3c
1
3c 7,000
20 Mar
Lone Star Como!
Jan
131
234
131
1%
Mar
100
1%
5
Mines
Valley
Mason
30c
32c 4,000 13c
Jan 40c Mar
McKinley-Darrah-Sav__ _1
180 Mar
8c
50c 10c
11c 23,000
Jan
70
National Tin Corp
19
300 183.4 Mar 24% Jan
1954
New Cornelia Copper Co_5 19
Jan
May 199
1814 184%
100 184
270 181
New Jersey Zino
636 Jan
5
4%
4%
2,700
Nipissing mines
431 May
134 Jan
890
80e
94c 15,300 750 Mar
I
Oblo Copper
Jan
29e
32c 11,000 16e
Feb 520
Parmac Porcupine Miningl 320
34c
37c 61,000 250 Feb 850 Mar
Plymouth Lead Mines....! 370
234 Jan
Jan
231s Vie 2.200
2
254
Premier Gold Mining. Ltdl
Jan
Feb 48c
20c
22e 3,000 20c
1
Red Warrior Mining
Jan
7c
7c 1,000
50 Apr 140
Rochester Silver Corp
40 Feb
lc
lc 3,000
lc Feb
Silver Dale Mining
234 234
100
Jan
24 Mar
South Amer Gold & Plat...1
12e May
7e
12c 90,000
4c Feb
Spearhead Gold Mining-1 100
Jan 300 Apr
16c
16e
8c
Standard Silver-Lead
16c 2,000
134 Feb
1
300
154 1%
Teak Hughes
134 Jan
Apr 85c Mar
Tonopah-Belmont Devel_ _ ...... 65c
75c 7,300 52c
Jan
21c
1
23c 2.000 210 May 39c
Tonopah Divide
2
3•Is Feb
1
11344 234 19,700
11314 May
Tonopah Extension
May
1
4
234 4
334
18,100
Me Mar
TOnOPah Mining
Jan
7c
7c 1,000
10c
70 May 13c
TO-Bullion S & D
Jan
25c
10c
10c 1,000 10c May
Trinity Copper
Feb
630
52c
Jan
1,600
MinIng__1
50c
39e
Eastern
United
2234 2334
500 204 Apr 2954 Jan
United Verde Extent'. 50c
160 Mar
Sc
Sc
lie 12,000
Jan
Sc
U SContinental Mines--6
Jan
50c
50c 2,500 60c Mar 77e
6 60c
Unity Gold Mines
isc
5%
au
34
631
44
70c
Bendstilled Pack cony deb 139'34 8134 784 824
8a. Series B
1939 92
91
92
Alpine Montan St 79_ _1955
91
91
Aluminum Co of Am 78 33 10734 107% 107%
7s
1925
10154 1014
timer Beet Sugar 68---193t
97
9834
Amer CI 414 E deb 6s.. _2014 9734 0034 9714
American Ice 7s
111
1104 11234
American Power & Light135 old without warr 2012 95% 95
9534
88, new
. 9554 95
9554
Amer Rolling Mill Cs .1938 10231 10231 10234
Amer Sumac Tob 748_192h
92
91% 95
American Thread es_ _1928
1034 10331
Anaconda Cop Min ffs_1929
103% 103%
Andian Nat Corp 6s_ _1940 116
107 117
Without warrants
100
100 10034
Assoc Gas & Elec 631s 1954 10231 10234 102%
Amoe'd Simmons( Hardware
6 31s
83
1935
83
Atlantic Fruit 8s
2031
2034 2054
AUG J. W ISSL 58_1959 6834 68% 69
Bait & Ohio SW Div 5850
9834 98%
Beaver Board Co 88_1933
93
9334
Beaver Products 748_1942 107
106% 107
Bell Telep of Can 58 1956
993
'
4 9931
Beth Steel equip 78_1935 103% 1034 103%
Canadian Nat Rya 78 1935
111% 112
Chic It I & Pac 5348_ _ 192E 10134 10131 1013i
Cities Seri,7s Ser B_ _ _1966
163 163
Cities Service 7s Ser C_1966 11831 117% 11831
Cities Service 7a Ser D 1966 101% 10135 102
Cities fiery Pr & Lt 68.1944 9231 92
93
100 100
Cleve Elec Ill 58
1954
Cons0 EL&PBalt110 110
1951 110
645 Series D
10734 10731
1949
Ca
54s, Series E
1952 1034 10231 10331
854 85%
Canso! Textile 8s
1941
1935 9331 93
Cuba Co 6s
9311
106% 10734
Cuban Telephone 7461941
Cudahy Pk deb 546_1937 9134 9131 92
9331 94
1946
5s
Deere & Co 74s
1931 10454 1043410454
Del City Gas 68
1947 10534 105 1064
Detroit Edison . _ _1932 11734 115 11734
102% 105
Am 7s 1942 105
Dunlop T&R of 6sEst RR of France 7s _ _1964 8434 8234 8431
92
92
Federal Lt SC Tract 6s..1954
1933 9431 9434 94%
Federal Sugar 68
Gair (Robert) Co 75-1937 100% 10031 101
Galena-Signal 011 7s 1930 10534 10434 10534
101% 101%
General Petroleum 66.1928
Grand Trunk Ry 648_1936 10854 108% 10811
10034 10131
Gulf Mob &Nor RR 5413'50
994
99
Gulf Oil of Pa 69
1937
101% 101%
1927
Serial 5315
104 104
Flood Rubber 7s
1936
96
intermit Paper 68 w 1_1955 96
9634
92
Krupp (Fried) Ltd 75 1929 92
9234
10134 101%
Lehigh Power Secur 681927
10334 1034
Libby, McN & Lib 78_1931
10731 107%
Liggett Winchester 78_1942
Manitoba Power 7a _ -.1941 10234 102% 103
10031 10054
Missouri Pac RR 5s__1927
1955 10134 100% 1014
6s Series E
10134
101
193E 101
Morris & Co 734s
Nat Dist Prod 78-1920 101% 10131 101%
91%
New Ori Pub Sera 58.._1952 9131 91
11131 114
Nor States Pow 631s...193a 113
6315 gold notes__ _ _1933 10131 10134 102
964
Ohio Power 55Ser B_ _ 1952 9534 95
95
95
Oklahoma Gas & El 58 1950
100% 1004
Pennok(MCorp es_ _ _1927
97
Penn Power & Light 5a '52
9735
97
973.4
5s series D
1953
Phila Electric 5s
1960
1003-410034
107 107
es
1941
97
97
Phila Rap Transit 65..1982 97
Pure Oil Co Olin
100% 101
1933 101
Shawsheen Milla 7s....1931 101
10034 101
9831 984
Siemans dr Halake 73_192b
98
96
75
1935
10154 102
Bloss-Sbeff Bt sw I 65..1929 102
103 10335
Solvay & Cie 61
1934 103
South Calif Edison 58_1944 9634 98
964
128 133
Stand Gas 4e El 64s-1954 132
Stand Milling 5%a_
1945 9634 95% 964
Stand 011 of N Y 648_1933 10734 10734 10734
9634 97
Bun 011 531a
1939
Swift & Co 5a_ _Oct 15 1932 96% 96% 96%
96
Thyssen(Aug)1&SW 78 '30 9234 92
Tidal Osage Oil 7s. _ _ _1931 ------104 10434
Toho El Pow (Japan)78'55 9031 9031 90%
10334
Trans-Continental 01176'30 1014 101
944 98
1933 95
Union 011Cal ba
United Oil Prod 85_ _ _ 1931 ---_-- 304 31
United Rysof Hay 7-481936 ------10934 10934
10131
U S Rubber Ser 648_192E 1014 101
Serial 84%.notes_1927 1014 10134 101%
Serial 64% notes_ _1928 101% 10031 102
Serial 831% notes1929 10031 10031 10131
99% 10034
Serial 64% notes1930
99
99%
Serial 634% notes...1931
Serial 834% notes _ _ 1932 98% 97% 9831
Serial 631% notes_ _1933 9834 9654 984
Serial 634% notes_1934 ------0634 9834
9631 98
Serial 6 Si% notes__1935 97
Serial 631% notes_ _1936 9734 964 9754
Serial 64% notes_1937 974 9554 9734
97
98
Serial 631% notes_ _1938 97
96
9734
Serial 831% notes_ _1939
9731
Serial 634% notes_ _1940 96% 95
1936 105% 105% 106
Vacuum 011 78
98
98
Webster Mills 634s. 1933
Foreign Government
and Municipalities
944 95
Bogota (Colombia) 8s.11145
Gratz (City) Austria Ea '54 9834 9731 984
98% 99
Denmark (King)66_1970 99
French Nat Mail BS 7s 1945 814 7934 82
Indust altge Bk of Finland
1944 9334 9334 9331
1st M coil s I
98
98
Medellin (Colombia) 88 '48 98
108 108
Netherlands(Kingd)8aB'72
Oslo (City of) 68w L.1955
9935 9931 9931
9934 10011
Peru (Republic of) 88_1932 10031
Russian Gov 631a ctfs.1919 1231 12
124
II 14 1131
1921
5318
Switzerland Govt 545 1929 10134 10134 101%
External 5%. note,. 1926 10034 10034 100%
.
,,,
Former Standard Oil
Subsidiaries
531
334
70c
poo
coo
mall Apex
5
Wenden Copper Mining_ ..1
White Knob Copper prat__
c.o.
to.
o
0,
0w =m
cw
bbb-.
-0-01,0
coop000p
cocoa-con°
High.
.0.0.N.w&w...w........o0oo.om10.o..N.
mo. ... .-otooto .-2 w.
.Noo
too.
.. too.No... CO .
.
.
pc.
.
.m...cc..
bompoo-o-t.wwowtoo-totv-opcopm.cooto.cto-otobomocc0000-tc.oc.wo
lowo.c&cap-Ito..mow-t.p.0.&cco
,...0,oc,N0,Nw .0p0wmpw.m,
w,m,,,,,,,,,,,
ObbbbbbbObbbbbbObbbbbbbbbbbbbbbbbbbbbgbbbbbbbb§bbbbbbbbbbbbbbbbbb;a1bbbbbbbbbbbb bbbbbbbb -obbr,b bbbbbbb-,,b
0000ccooc000coccoc000coc000pococc0000cocconoocc c0000tcc000000c000000 oc0000000000
oocc000coocooct000c0000ccoc0000c000cc000000000co omooccoccooPooccococ 000noccococc coPococ0000 opo n00000poo
000cocco.coo Ono ooncocoen
Low.
Friday
Sales
Las Week's Range for
Sale
Week.
ofPrices.
Mining (Concluded) Par. Price. Low. High. Shares.
Range Bin Z Jan. 1.
Low.
44 Jan
Jan
2
670 Apr
High.
834 Jan
Apr
5
70c May
74
84
91
10634
101%
9634
95
103
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Mar
8454
9434
9134
10754
10231
10134
9754
114
Feb
Feb
Mar
May
Jan
Feb
Feb
May
9331
95
100
80
1024
1024
103
98
100%
Jan
Mar
Jan
May
Jan
Jan
'Apr
May
May
9531
9534
102%
98%
104
10334
117
10014
103
Feb
Mar
May
Apr
Feb
Jan
May
May
Apr
81
1835
62
98
88
10634
9734
103
10834
10034
15035
111
98%
92
9934
Feb
Jan
Jar,
Apr
Jan
May
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
844
27
704
9931
96
107
9934
1044
11234
10134
1784
128
10034
9434
100
Mar
Mar
Mar
May
Jan
May
May
Jan
Apr
Jan
Feb
Feb
Feb
Mar
May
1084 Jan 11034 May
104 4 Jan 1074 May
10134 Jan 10334 Apr
Jan
Apr 95
80
Mar
9134 May
98
Jan 10734 Apr
108
Feb
95
894 Jan
90
Apr 94 May
Feb
104
Jan 105
10234 Jan 106% May
11034 Jan 11734 May
May
10031 Jan 105
784 Apr
8834 Feb
9034 Apr 9234 Jan
Mar
9231 Apr 99
Apr 102% Feb
99
1044 Jan 10531 Feb
100% Jan 10134 Feb
Mar
105% Jan 109
994 Apr 1014 May
9834 Jan 10134 May
10154 Jan 101% Jan
May
Jan 104
102
95
Mar 9634 Apr
Apr 994 Jan
92
100% Mar 10134 Mar
Jan 104 May
102
1074 Jan 10834 Jan
9834 Jan 103
Apr
May
99% Apr 101
1004 Slay 1014 Slay
Feb
' 10434
984 JR,
Apr
Jan 102
100
8634 Jae 9134 May
10534 Jan 11631 May
994 Jan 10234 Mar
Jan 9831 May
89
Mar
Mar 95
95
Jan 10034 Mar
97
93
Jan 9731 May
95
Apr 9734 May
Apr 10031 May
99
Feb
Jan 107
106
Mar
May 99
97
9734 Jan 10134 Apr
Jan
Apr 104
100
9814 Apr 9934 Feb
Apr 964 Feb
96
Jan
Jan 102
101
Jan 10331 May
100
Jan 984 May
92
10854 Jan 1354 May
9534 Mar 9634 Mar
Feb
1064 Jan 108
Jan
9531 Jan 97
Jan 9654 Feb
94
May 994 Feb
92
103
Jan 10434 Jan
90
May 9031 May
9931 Apr 10351 May
944 MaY 984 Mar
28
Jan
3534 Jan
10734 Mar 110
Jan
10034 Apr 10214 Mar
100% Apr 102
Mar
10034 Apr 102% Mar
9934 Apr 10154 Mar
9934 Apr 100% Apr
Mar
974 Apr 100
Mar 9934 Mar
97
9634 Apr 98% Mar
963i May 98% Mar
Apr 9831 Mar
96
954 Apr 9831 Apr
95% May 98
Mar
9534 Apr 9734 Apr
9531 May
9734 Apr
9534 May 98
Mar
10534 Apr 10734 Jan
974 Mar 10334 Jan
-oww
cwwoo
bbbb
000to
Poo°
Range Since Jan. 1.
[Vol.. 120.
93
97
984
7731
ot
tow .
wc....c,00,No
bbbb-bbbbb
coop0000p
0000toocoo
"'rump
sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (concluded) Par. Price. Low. High. Shares.
11234
98
10254
99%
99
12
1134
101
10031
Mar 9734
May 9831
Mar 100
Apr 91
Mar
Jan
Mar
Apr
Jan
May
May
Jan
Mar
95
98
107
9934
10031
17
174
102
10114
Jan
May
Feb
Jan
Jan
Jan
Feb
Apr
Feb
Feb
Jan
Jan
Jan
•No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. w When
Issued. s Ex-dividend. y Ex-rights. s Ex-stock dividend.
kmestutent an
aikorati intelligettq.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first
week of May. The table covers 13 roads and shows 1.36%
decrease from the same week last year.
First Week of May.
1925.
$
106,284
Ann Arbor
266,018
Buffalo Rochester & Pittsburgh
4.303.754
Canadian National
2,880.000
Canadian Pacific
107.147
Duluth South Shore & Atlantic_
Georgia & Florida
29,000
Great Northern
1,961,000
Mineral Range
9,881
Minneapolis & St Louis
250,885
Mobile & Ohio
349,556
St Louis Southwestern
442,800
Southern Ry System
3.668,211
Western Maryland Ry Co
346,303
Total (13 roads)
Net decrease (1.36%)
1924.
Increase. Decrease.
$
103,236
288,394
4,171,144
3,281,000
122,325
32,550
1,809.641
6,888
259,207
377,319
447,948
3,671,018
353,561
$
3,048
132,610
$
22,376
401,000
15,178
3,550
151,359
2,993
8,322
27.763
5,148
2,807
7,258
14,720.839 14,924.231
290,010
493,402
205302
In the table which foliows we also complete our summary
of the earnings for the fourth week of April:
Fourth Week of April.
1925.
1924.
Increase. Decrease.
$
$
$
Previously reported (14 roads)_ 21,643,981 21,944,283 403,493
Nevada California & Oregon___
5,811
6,596
Texas & Pacific
739,898
726,199
13,699
Total (16 roads)
Net decrease (1.26%)
22,389,690 22,677,078
417,192
$
703,795
785
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
tat week January (16 roads)
15,199.517 15,542.805 -343.288 2.20
2d week January (16 roads)
15.731,346 16.308.703 -577.357 3.54
Bd week January (16 roads)
16,963.185 17.375,859 -512.674 2.91
4th week January (16 roads)
22.784,700 23.080.725 -298.025 1.29
Week
let
February (16 roads)
16,669.351 17.205,585 -536,234 3.11
2d week February (16 roads)___. 17.244.485 17.670,268 -425.783 2.40
3d week February (16 roads)..__. 16.855.777 17,219.271 -363,494 2.11
4th week February (16 roads)
16.957.292 19.300.342 -2,343.050 12.13
let week March (16 roads)
16.523.764 18.225.842 -1,702.078 9.33
2nd week March 6 roads)
18.002.499 19.134.428-1.131,929 5.91
3rd week March 16 roads
16.940.753 17.960,532 -1,019,779 5.67
4th week March 16 roads
23,153,228 24.130.086 -976,858 4.04
1st week April pi roads)
16.570.808 17,191.341 -620.533 3.58
2d week April 16 roads)
16.384.924 17.347,429 -962,505 5.55
3d week April 16 roads)
16.289.410 16.754,973 -465,563 2.77
4th week April (16 reads)
22,389,69022.677,078 -287,388 1.26
lit week May (13 roads)
14,720,839 14.924.231 -203.392 1.36
We also give tlie following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive, they
include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gress Earnings.
Mouth
1925.
1924.
Increase or
Decrease.
Net Earnings.
1925.
1924
Increase or
Decrease.
$
Jan__ 483.195,642 167,329.225 +15,888,417 101,022,458 83,680.754 +17.341,704
Feb_ _ 4.54,009.869 178,451,607 -24,441,938 99,480,389 104.441.895 -4,981,508
Mar__ 485.498.143 504,382,978 -18,884,833 109,230,086 114,877,751 -5.447.665
Note.-Percentage of Increase or decrease in net for above months has been
January, 20.73% Inc.; February, 4.77% dec.; March. 4.74% dec. In January the
length of road covered was 236.149 miles in 1925. against 235,498 miles in 1924; in
February, 236,642 miles, against 236.031 miles; in March, 236,559 miles. against
236,048 miles.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Na from Railway- -Net after
ing&
1924.
1924.
1925.
1925.
$
$
$
$
S.
International Rye of Central America509,000
457,493
April
242,725
1,084,875
g From Jan 1 2,252,900 1,883,461
Tam1924.
$
229,983
953.897
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings-L.-Net Earnings-Current
Previous
Current
Previous
Year.
Year.
Companies.
Year.
Year.
$
$
$
$
cAmer Pow & Lt Co___ _Mar 4,117.315 3,790,921 *1.724.719 *1,492,848
12P05 ended Mar 31- 45,639,037 41,713,937*19,565,737•16,970,213
482,742
447,643
171,784
Central Power & Lt March
150.921
5,024,962 4,102,570 1,769,305 1,430388
From Jan 1
oSouthw Pow & Lt Co_ _Mar 1,030,853 1,048,782 *467.606 *471,279
12 mos ended Mar 31- 12,858,816 11.966.047 *6,152.605 *5,569,894
March 10,033.000 9,119,000 *1,271,000 *936,000
Western Union
28,580,000 26,777,000 *3.279.000 *2,899.000
6 From Jan 1
•After taxes. a Earnings from operation of the properties of subsidiary
of the Southwestern Power & Light Co.
earnings
the
companies and not
c Earnings for subsidiary companies only.
Gross
Net after
Fixed
Balance.
Earnings.
Charges.
Taxes.
Swiftis.
$
Companies.
$
647,636 c225,453
152,179
Adirondack Pow & Apr '25
73,274
'24
587.448 c233,848
116.156
117,692
Si Light Corp
816,795
12 mos ended Apr 30 '25 7,655.950 c2,424,372 1,607,577
'24 7.087,127 c2,193,207 1,220,182
973,025
I. ala
Balance;
Net after
Gross
Surilus.
Earnings.
Taxes.
Companies.
99,803
84.391
317.414 *184,194
Apr '25
Appalachian Pow
84,904
64.445
'24
272,401 *149.349
Co
970,959 1,203,446
12 mos ended Apr 30 '25 3,773,652 *2.174.405
691.565 1.065,958
'24 3,515.620 *1.757,523
139,629
121,102
771,202
260,731
Associated Gas & Mar '25
48,970
51.815
270,627
'24
100.785
Electric Cos
12 mos ended Mar 31 '25 7,171,833 2,721.458 1,125.284 1.596,174
689.678
582.656
'24 3,409,415 1.272.334
3,195
37,207
240.291
40.402
Lake Shore Electric Feb '25
11,251
35,239
46,490
255,264
'24
Railway System
13.774
74.424
504,928
88.198
2 mos ended Feb 28 '25
26,452
514,992
70,759
97,211
'24
90,848
41,241
132,089
292,079
Manila Elec Corp Apr '25
96,489
36.951
133.440
288,967
'24
491,448 1,125,624
12 mos ended April 30'25 3,747.903 1,617,072
447.835 1.126,978
'24 3,634,831 1.574,813
117.502
79.331
838,505 *196.833
Market Street Ry Apr '25
117.227
77,080
824.709 *194.307
'24
58.501
181.031
239.532
950,146
Apr'25
Northern Ohio
14.380
164.928
179.308
852,188
'24
Power
274,602
729.834
4 mos ended Apr 30 '25__ 3,823,405 1,004.436
147,216
652,787
800.003
'24 3,302,967
994.096
Apr'25 7.830.952
P S Corp of N J
463,539
'24 7,156,828
(lnel subs)
7.909,322
12 mos ended Apr 30 '25 89,845.768
6.281,678
'24 80,222.579
39,028
35.277
74,305
203,325
Texas Electric Ry Mar '25
58,233
35.945
94.178
233,956
'24
621,988
426.121
1,048,109
2,713,864
'25
12 mos ended Afar 31
840.066
437,963
'24 3.035,918 1,278.029
110.922
37,911
133,105 *148,833
Wisconsin Electric Dec '24
48.971138,396
124,643 *185,367
'23
Power Co
*1,539,660
1,522,328
'24
31
Dec
ended
mos
12
872.925
'23 1,301,501 *1.347.966
* Includes other income. c After depreciation.
mgi 949,9"
704,580
947 9124
Week.
2537
Fixed
Charges.
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
May 2. The next will appear in that of May 30.
The New York Chicago & St. Louis Railroad Co.
(Second Annual Report-Year Ended Dec. 31 1924.)
This company, formerly a part of the Vanderbilt System,
passed in July 1916 under the control of Cleveland interests,
who bought the holdings of the New York Central RR.,
0. P. Van Sweringen becoming Chairman of the board.
The present company was formed in 1923 as a consolidation
of the New York Chicago & St. Louis RR., Chicago & State
Line RR., Toledo St. Louis & Western RR., Lake Erie &
Western RR. and Fort Wayne Cincinnati & Louisville RR.
The report for the fiscal year ending Dec. 31, signed by
Chairman 0. P. Van Sweringen and President J. J. Bernet,
will be found on subsequent pages of this issue, together
with the income account and general balance sheet as of
Dec. 31 1924. Our usual comparative income account was
given in V. 120, p. 2263.
GENERAL STATISTICS FOR CALENDAR YBARB.
1924.
1923.
911,959
757,887
Passengers carried
101
3
.
'49
8
125
9
681.82
77.325.679
Passengers carried one mile_ 66,950,033
3.08$1cts.27.
3.13 cts.
3.07 cts.
Rate per passenger per mile_
31.37
$1.20
Earns, per passenger train mile_
21.089,006
25,034,211
22,332.761
Revenue freight (tons)
Rev. freight (tons) one mile-- A.879.490.000 5.260,378,000 4.537316,236
1.035 cts.
cts.
1.004
cts.
1.024
mile
per
Rate per ton
GENERAL BALANCE SHEET DECEMBER 31.
1923.
1924
1923.
$
Assets8254..742 182,040,048 Preferred stock_ 32,720.010 32.720,000
Road & equip't_1921,303
56,778 Common stock_ 46,247,900 48,247,900
67,870
Leased line impt.
Investments _ 19,484,799 8.613,640 Funded debt_ _ _113,688,000 86,033,000
211,911 Accts. & wages_ 2,990,084 6,452,751
341,060
Sinking fund_ _
Interest, elbeds,
DePos. in lieu of
&c., unpaid.. 1,331,722 1.338,914
118,801
6,000
Property sold_
Misc.phys.prop. 750,176 1,025,058 Interest, div'ds.
808,874
dre., accrued_ 1,076,283
3,489,481
3,953,108
Cash
4,672,328 4,963,551 Loans and bills
Inventories
5,000 4,273.381
payable
708,23,2
582.955
Agts.&cond.bal _
Special deposits_ 1.331,727 3,062,993 Traffic balances
1,828,449 1,861,425
payable
Traffic,&c., bal. 1,745,531 1.286,419
998,324
802.067
Misc. accounts_
Int., div., loans
699.985
301,764
421,735 Other liabilities_
584,579
& bills reedy811.315 10,488.248
Drafts & does_ 2,500,000 1,833,397 Def'd liabilities_
199,600 7,275,269
438,649 Approp.surplus.
236,180
Other assets_ _
Misc. accounts_ 1,100,009 1,350,267 Other unadJust8.496,759 5,329,193
34,643 9,775,609 ed accounts
Deferred assets_
338,620 Deprec.(equip.) 8,983,683 7,570,246
Disc.on fund.dt. 2,793,574
Other unach.deb. 27,452,444 28,268,015 Profit and loss 45,793,113 35,883,602
260,022.726 247,981,205
Total
-V. 120, p. 2263, 2009.
Total
260,022,726 247,981.205
Western Maryland RR. Co.
(16th Annual Report-Year Ended Dec. 31 1924.)
Chairman Lawrence Greer, Baltimore, Md., March 27,
wrote in brief:
Results.-Operating revenues for 1924 amounted to $19,135.562, a
decrease of $3.919,473 over the preceding year. Operating expenses
amounted to $14,165,409, a decrease of$3.551,024. Net operating revenues
amounted to $4,970,153. a decrease of $368,448 over the preceding year.
The surplus for 1924, after all charges, amounted to $574,148. as against
31,671,169 for the preceding year.
Freight Tonnage.-The total freight tonnage handled for the year amounted
to 15,035.797 tons, as compared with 17.926.196 tons for the previous
year, a decrease of 2.890,399 tons, or 16.12%•
There was a substantial decrease in the tonnage represented by "products
or mines," which for 1924 amounted to 10,156.619 tons, as against 12,668.603 tons for the preceding year.
Funded Debt.-During the year 3115,000 of 1st Mtge. bonds of the
Hazard Wharf Co. were paid and retired, and $56.600 of bonds of the
Railway company were acquired through the operation of sinking funds.
Equipment Trust Obligations.-$1,271,887 were retired during the year.
During 1924 35,658.000 of 1st & Ref. Mtge. bonds were authenticated
by the trustee of the mortgage and covered into the treasury of the company
in partial reimbursement of capital expenditures theretofore made out of
income.
2538
THE CHRONICLE
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1924.
1923.
1922.
1921.
Miles of rd. oper. (aver.)
804.44
804.44
804.44
801.14
No. pass. car, earn. rev.. 1,174,264
1,412,211
1,445,865
1,680.206
No. pass. car'd 1 mile__ 30,778,983 35,922,398 34,594,414 .40,209,437
No. pass. car. 1 M. per
mile of road
57,476
43,004
67,081
50,190
Total passenger rev
8817,157
$959.474
$975,595 $1,152,428
Av.rev.rec.fr.each pass_ 69.589 eta. 67.941 eta. 67.475 eta. 68.588 eta.
Av.rev. per pass. p. m
2.655 cts. 2.671 eta. 2.820 cts. 2.866 cts.
No. tons car, of freight
earning revenue
15,035.797 17,926,196 13.529,749 11.578,111
No. of tons car's 1 mile_2017697510 2420133.657 1779161,128 1691624,845
No. tons car. 1 m.perm.
of road
2,508.201
3,008,470 2,211,675 2.111,522
Total freight revenue_ _ 317,404,950 $21,030.920 816,454,780 $15,507,930
Av.rev. rec. for each ton
of freight
$1.15757
$1.17319
$1.33942
$1.21619
Av. rev, per ton per mile
$.00863
$.00869
$.00925
$.00917
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1924.
1922.
1923.
1921.
Freight-Coal & coke._ _ $8,282,877 $11,410,424 $7,347.283 $8,543,289
Miscellaneous
9,122.073 9,620.496 9,059,092 6,948,360
Passenger
817.157
959,474
973,058
1.155.707
Mail
91,267
88,333
94,440
92,863
Express
108,498
120.501
90,762
43,320
Milk
152,629
176.713
181,652
172,072
Other revenue
169,802
163,399
129,323
108.661
Total transport. rev__$18.744,304 $22,539,343 $17,875,610 617.064,272
Grain elevator
266,470
374,742
600.383
428,985
Other incidental rev
123,956
138,681
98,185
123.850
Joint facll. op. rev
833
2.270
1,172
2.864
Total oper. revenues_ _$19.135.563 $23,055.036 $18,575,350 $17,619,972
Maint. of way & struc__ $2.942,390 $2.919.972 $2,787,713 $2.297,413
Maintenance of equip__ 3,987.192 5,882.271
4,052.903 3.914.703
Traffic expenses
437.753
439,528
425,051
346,597
Transportation expenses 6,112.632 7,736.945 6,658,125 6.427,701
Miscellaneous operations
152,179
193.655
258,761
221.789
General expenses
534.548
546,928
549,034
614.254
Transp. for investment.
Cr1,286
Cr2,865
Cr1.430
Cr1,792
Total oper. expenses.. _814,165,409 $17,716,434 $14,730,157 613,820.664
Net rev, from ry. oper_- $4,970,154 $5,338,602 $3,845,193 33,799,308
Tax accruals
915,000
1,004.140
605,000
777.462
Uncollec. railway rev
1,574
224
528
1.601
Miscell. operations
Cr314
Cr3,734
Dr.1.571
Cr940
Total oper. income__.. $4,057,314 $44,334,552 $3,238,094 $3,021,186
Hire of equipment
Dr$258.780
$43.932
$581,360
$213,876
Joint facil. & oth. rents_
60.939
57.819
99,048
96,803
Dividend income
7,001
2.813
19,690
18,917
Income from fund. secs
724
897
Income from unfunded
securities & accounts_
39,712
63,163
104.358
85.944
Miscellaneous income
14,977
Dr17,530
408.192
31,154
Total other income___Dr$136,151
$794,380
$192,150
3824.628
Gross income
$3_,921,163 $5,128,933 $3,430,244 •83,845,814
Joint facility rents
6255,608
$318.846
$226,694
$232,577
Rents for leased roads
65,130
65.130
65.130
65.130
Miscellaneous rents_ _
4,71,3
5,142
4,876
3,495
Int. on funded debt....
2,611,867 2.642,036 2.602,968 2,500,370
Int. on equip. ctfs
402.697
413,739
420.532
423,743
Int. on unfunded debt._
76,239
5,956
122.727
5.530
Federal income taxes_
28.500
MISC. income charges_
1,002
1,051
626
814
Settlement of U. S. RR.
Admin. accounts
Cr16,348
Dr53,231
Total deductions
$3,347,013 $3,457,764 $3,380.498 $3,424,517
Net income
$421,296
$49.745
8574,148 81.671,169
BALANCE SHEET DECEMBER 31.
1924.
1923.
1923.
1924.
AssetsLiabilities$
$
$
Cost of property
Common stock_ 49,426,098 49,426,098
owned
150,567,873 149,670,047 1st Pref.stock__ 17,742,050 17,742,050
Cash
660.276
801.656 2d Pref. stock__ 9.999,000 9,999,000
Time drafts and
Funded debt._ _ 58,283,366 58,455,091
deposits
550,000 1,300,000 Equip.tr. obits- 6,488,163 7,760,051
Special deposits_
4,440
979,957 L'ns & bills Day36,675
36.675
Traffic & car serTraffic & car service bal. rec
98,501
147,571
584,524
vice bal. pay_
519,498
Net balance rec.
Audited accts. &
from agents &
wages payable 1,878,147 3,199,902
conductors __ _
465,912
237,565 Misc.accts. pay.
119,797
91,442
Misc,accts. rec_
910.129
902,315 Int. matured_....
82,719
82,144
Mat'l & supplies 2,605,680 2,925,219 Unmat.int.accr.
849,341
827,346
0th. curr. assets
107,836
124,665 Unmatured rents
Work. fd. advs_
11,675
1,090
15,025 accrued
1,366
1nsur. premiums
27,847
45,102
Other.
curr. Bab_
Paid ln ad v_ _ _
67.779
14,990
8,196 Other def'd Bab_
69,220
Other unadjust.
994.465
Tax liability... _ 1,027,695
debits
608,116
113,150
953,378 Oper.reserve......
260,261
Accr'd deprec'n
equipment.. _ _ 3,073,426 2,849,067
0th. unadj. cred 2,117,311 1,845,622
Profit dc loss_ _ _ _ 4.572,099 3.976,349
Total
156,605,437 158,065.594
-V. 119, p. 2644.
Total
156,605,437 158.065.594
Wisconsin Central Railway.
(Report for Year Ended Dec. 311924.)
RESULTS FOR CALENDAR YEARS.
1924.
1921.
1922.
1923.
Average miles operated1,126.82
1,154.51
1,130.28
1.148.18
Freight, iron ore
$237.077
$1.118,718 $1.131,112 $1,040,055
Freight, other
13,758,613 14,487.696 13.172,829 11,706,447
Passenger
2,826.662 3.195.876 3,008.377 3,239.704
Mail
291.763
231,947
251.234
203,321
Express
340,586
412,730
491,292
443,810
Miscellaneous
502.780
520,186
514,899
533.668
Incidental
241,278
351.801
392,757
361,480
Total
819,220,666 $20,388,242 $18,840,165 $16,559,636
Maint. of way & struct- $2,501,066 $2,403,060 $2,480,368 $2,485,892
Maint. of equipment__ _ 3.478.966 3.488,645 2,776.666 3.913.465
262.336
Traffic expenses
332,248
310,738
306,328
Transportation expenses 8,545,663 8,860,385 8,502,128 8,113.294
Miscellaneous operations
131.367
125.064
147.948
141,752
539,812
General expenses
522,040
576.068
556.943
Transp. for invest.--Cr.
16.681
29,408
52.052
31.083
Total
$15,552.552 $15,726,030 814,664,951 815,429.484
93.1
Percent. of exp. Le earns.
80.9
77.8
77.1
Net earnings
83,668,114 $4,662,212 $4,175,214 $1.130.152
Inc. from other sources_
358,588
172,217
318,094
230.999
Total
$33,986,208 $4,893,211 $4,347,431 $1.488,740
Fixed charges, taxes and
4,254,254
terminal rentals
4.809.824 4,459,647 3.851,061
Surplus income
-V. 120. p. 1455.
def$823,616
6433.563
8496,370df$2,765,515
St. Louis-San Francisco Railway Co.
(Annual Report-Year Ending Dec. 311924.)
The remarks of President J. M. Kurn, together with the
income account and comparative balance sheet, will be found
under "Reports and Documents" on subsequent pages.
[VOL. 120.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1924.
1922.
1923.
No.of passengers carried 7,971,033 9,457,960 9,414.895 11,337,765
Pass. carried 1 mile____535,578,906 590,517,191 547,863,811 621,092.497
Rev, per pass. mile____
3.44 eta.
3.49 eta.
3.46 eta.
3.49 cts.
Freight moved (tons)__ 25,090.794 24,102.790 20.542,247 19.266,914
Tons moved 1 mile___4,715.158,269 4439507279 3602864505 3502727271
Rev, per ton mile
1.69 cts
1.60 eta.
1.41 eta.
1.39 eta.
Rev, per train mile
86.127
$6.135
65.968
85.676
Rev, per mile of road...... $12,463.34 $11.913.86 $10,975.03 $11,241.92
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1924.
1922.
1923.
Aver, mileage operated_
5,256
5,258
5.246
5,246
Freight revenue
$65,528,873 862,498,060 857,578,629 $59,088,309
Passenger revenue
18.545,040 20,597,709 19,121,518 21,360,570
Mail revenue
1,943,916
1,590,958
1,533,767 1,520,110
Express revenue
2,125,738 2,301,765 2,299,499 1,943.402
Miscellaneous revenue.._ 2.357,810 2.313,846 2,134,467 1,256,390
Other revenue
699,996
353,800
388,005
360,719
Total oper. revenue....$90.509,139 $89,633.152 883,008,023 $86,292,584
Maint, of way & struc_ _$11,751,796 $12,280,066 $12,449,271 $11,173,741
Maint, of equipment__ 15,111,670 15.731,277 12.963,789 14,081.244
Maint, of equip.-Depr. 2,877,848 2,637.858 2,405.997 2,308,146
Traffic expenses
1,274,682 1,235,363 1,085,360 1,067,089
Transportation expenses 30,757,896 31.993,099 31.590,514 33,336,212
Gen. & misc. expenses
2,591,747 2,548,857 2,452,098 2,689,653
Transp. for invest.-Cr.
270,378
273,628
315,198
491,901
Total oper. expenses-564.092,011 $65,934,620 $62,631,731 $64,385,707
Net operating revenue $26,417,127 $23,698,532 $20,376,291 $21,906,878
Operating ChargesRailway tax accruals...... $4,631,330 $4,289,337 $3,726,684 $3,672,703
Uncoil. railway revenue_
33,848
61,142
60,498
31,757
Hire of equipment-net..
427,981
439,322
479,996 1,051,832
Joint facility rents, net..
237,602
174,799
213,087
243,560
Operating incom e_ _ _ _$21,072,890 $18,653,881 $15,361,834
Other. income
494,650
611,063
451,827
Gross income
821.683,953 819.105,708 $15,856,484
Deduct-Rentals
$196,036
$239,497
$236,307
Misc,income charges_
167,381
171,163
161,977
Miscellaneous taxes
13,002
16,368
13,429
Sink. & other res. fds_
295.160
245,244
271.927
Separ. op. prop.-loss
82,601
Bal.for bond int., &c_821.012,374 $18.339,467 $15,184,212
Interest onFixed charges
$10,439,740 $10,039,232 $9,887,795
Cum.adjust. bonds
2.432,112 2.427,656 2,431,884
Income bonds
2.110.320 2,109,720 2,111,520
Preferred dividend
104.628
$17,534,742
397.980
$17.932,723 •
$226,934
15,111
164,984
130,865
$17,394,829
$9,665,879
2,391,750
2,111,520
Balance ofincome___- $5,925,574 $3,762.859
$753,013 $3,225,680
Note.-The transactions of the Kansas City Clinton & Springfield By..
which company is operated separately, are not included in the above, but
the amounts advanced by the Kansas City Ft. Scott & Memphis RI. to
meet the interest on the Kansas City Clinton & Springfield Ry. bonds have
been charged against income.-V. 120, p. 2398, 1878.
Florida East Coast Railway Co. (Flagler System.)
(Annual Report-Year Ended Dec. 31 1924.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1924.
1922.
1923.
1921.
Average miles operated763
764
764
764
Tons freight carried........ 3,300,453 2,504,779
1,878,372 1,633,025
Tons carried one mile_ __728,361,701 556,630,650 422,728,890 420,862,937
Avge.rev. per ton per m. 1.641 eta.
1.691 eta. 1.892 eta. 1.860 eta.
Passengers carried
1,044,508
964,624
851,996 1,075.222
Pass,carried one mile.... _154,561.740 122,431,351 100,366,132 104,191,894
Av.rev. per pass. per m. 3.701 cts. 3.753 eta. 3.758 eta. 3.849 eta.
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1922.
1921.
.
Freight
311,953.838 39,409,907 37.998,757 57,828,835
Passenger
5,719,600 4,595.452 3,771,812 4,010,329
Mail, express, &c
1,516,896
1,298,660
1,140.489 1,075,130
Incidentals, &c
916,576
719.977
516,567
664,812
Total open revenues_ _$20.106,910 $16,023,998 $13,427,625 $13,579,109
ExpensesTransportation
$6,478,865 $4.881.988 $4,200.801 $5,112,881
Maintenance of way,&c. 2,976,212 2.570,184 2,163,518 3,002,692
Maintenance of equip...... 3,060,187 2,662,824 2,468,414 2.518,669
Traffic, &d
754.831
656,333
584,395
599,092
Total oper. expenses_ _$13.270,096 310.771.329 $9,431,825 $11,218,635
Net earnings
$6,836,815 $5,252,668 83.995,800 $2.360,474
Taxes
$1,318.892 $1.352.468
3805,448
$769,374
Uncollectible revenue.._
6,460
Cr.348
4,170
6,085
By. oper. income...... $5,511,463 $3,896,031 33,220.341 $1,555,374
Rents, &c
843,613
$35,742
$26,265
$26,930
Inc. from lease of road....
152.024
Inc.from funded secs__ _
6,750
22,137
4,300
4,250
Inc.from unfund. sees....
337,196
81.190
256,297
41,115
Miscellaneous
30,027
313,198
27,239
24,695
Non-oper. Income...... 3417,586
$442,789
$475,602
$96,991
Gross income
55.929,050 34,371,632 $3.317,333 31,998,163
DeductHire of(Mears (deb.bal.)
993,311
391,326
665.100
454,254
Joint facility rents
58.725
47,648
54,004
50,871
Int. on funded debt__ _ _
583,833
869,219
609.890
575.333
Rents. &c
51,563
91.525
46.756
42,884
Miscellaneous charges....
398,778
157,088
238.209
202,118
Total deductions
$2,411.557 $1,613,959 81,325,461 81.231.459
Net income
$766,707
$3,517,492 32.757,673 $1,991,872
GENERAL BALANCE SHEET DEC. 31.
1924.
1923,
1923.
1924.
Assets$
$
$
Liabilities$
Inv In rd.& equip.68.975,047 60,259,932 Common stock_ _ _37,500,000 12,500,000
Dep.In lieu of prop
8,694
7,245 Equip. obligations 3,975,000 2.400,000
Miscel. pity's. prop 178,428
191,850 1st Mtge. bonds_ _12,000,000 12,000,000
Impts. on leased
1st & Ref. M.bds_15,000,000
railway property
25,000.000
5,042
3,537 Gen.Mtge. bonds_
Inv. In affil. cos.:
3,245.000
Loans & bills PayStocks
224,699
224,699 Traffic & car eery.
60,582
Advances
301,534
299,611
balances payable 321,563
Other investments 2,159,247 1,909,404 Audited accts. and
Cash
9,417,953 1,143,494
wages Payable.. 1,678,758 1,643,438
Cash with Bankers
4,927
3,892
Int, mat'd unpaid_
Trust Co
18,494
20,417
45,532 1,267,009 MIscell, accts. pay
Time drafts & dep. 1,000.000
665,813
Unmat'd int. accr. 299,500
Loans & bills recle 1,654,681 1,812,564 Unmat.rents seer_
10,988
10,988
Traffic & car serv.
U. S. Govt. del.
91
balances reale
1,044
180,695 liabilities, &c.,..
Agts.& conductors 278,018
149,860 Other deferred liaMlscell. accts. rec_ 682,928
198
706,583 bilities
Mat'l & supplies. _ 2,888.821 2,289,663 Accr. deprec. rd.. 701,483
328,963
& diva.reedy..
3,036
7,378 Accr.deprec.on eq 2,271.142 1,959,957
Rents receivable
441,923
431,923
8,750
8,750 Tax liability
Working fund adv.
223,846
3.853
3,765 0th. unadj. credits 206,576
U. B. Govt. Wig_
891 Additions to propUnadjusted debits 1,401,242 1,329,468 erty through in161,929
come & surplus. 192,416
Profit and loss_ _ _ _14,622,807 11,130,229
Total
89,237,509 71,796,380
-V. 120, p. 2142, 1199.
Total
89,237,509 71,796,380
MAY 16 1925.]
THE CHRONICLE
Pacific Oil Company.
(4th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Paul Shoup, together with the
income account and balance sheet as of Dec. 31 1924, will be
found under "Reports and Documents" below.
INCOME ACCOUNT YEAR ENDED DECEMBER 31.
1924.
1923.
1922.
1921.
Gross earns.from °per-823,448,932 $19,876,001 $21,422,004 $30,853,257
Operating expenses
9,821.341
8,806.340 7,222,671 11,204.604
Taxes (excl. l'ed'l inc.)_ 1,161,148
1.233,900
990.152
822,507
Total op. exp. & taxes 810,982.489 $10,040,239 $8,212,823 $12,027,111
Net profit from oper___$12,466,443 89,835,762 $13,209.182 818,826,146
Other income
3,230.979 2,564,045 2.217,198
1,388,257
Gross income
215,697,422 $12,399,807 $15,426,380 $20,214.403
Deprec. & deplet. res've $3,133,850 $2,904,579 $3,094,975 $3,153.111
Reserve for Federal tax_
669.805
557.116
509,306
800.000
Dividends (per share)-($2)7,000,000($2)7000,000($3)10500000($3)10500000
Loss on retir.phys.prop306,170
66,761
89,873
430.095
Miscellaneous charges_
29.873
Balance, surplus
14,587,595 $1,871,351 $1,202.353 $5.331.198
Previous surplus
8,443.876 6,606.767 5,384,534
49,217
Net profit on securs
68,528
Profit on physical prop_
loss34,242
19,880
4,119
Profit and loss surplus $13,099,999 $8,443.876 86,606.767 $5.384,534
BALANCE SHEET DECEMBER 31.
1924.
Assets$
Oil lands and stock
of Assoc. Oil Co_ 32,209,558
Investments in and
advancestoaffillated companies_ 19.695,190
Oillands and leases
acquired, field
impts. & equip_27,477,004
10,276,768
Cash
Special deposits
Marketable secure. 600,059
Accts..&c.,receiv. 3,439,072
Mat'l dr supplies__
226,491
Oil on hand,&c._ _
792,902
Rents & insurance
premiums paid.. 549,597
Other unadj.debits 119.141
1923.
32,199,508
18,556,189
24,822,724
6,618,044
1,244,238
1,498,157
2,776,037
244,281
433,457
1924.
Capital stock_ _ _x52,500,000
Accts. payable.. _ _ 1,681.127
Untnatured dividends declare& 3,500,000
Other curr. Babas. 459.785
Def'd Habil. Assoc.
Pipe Line Co.
stock owners__ _
432,830
Special liability to
Assoc. 011 Co
Tax liability
472.645
Federal taxes and
contingencies.... 2,203.454
Insurance reserves
87,334
Deprec.&depl.res.20,948,606
Profit and lossbalance
13,099,999
1923.
52,500.000
1,844,348
3,500,000
1,266,470
256,723
1,244,238
495,154
1,533,648
120,960
17,919,974
2539
property are almost wholly due to the conditions prevailing in the coal
Industry.
Our through passenger,or long-haul business,remains good; but our local,
or short-haul business, is rapidly disappearing. This is due principally,
because a large amount of travel has left the railroads and gone to the automobile or bus lines. The second reason for the shrinkage in passenger earnings in 1924 was the cold and unseasonable weather in the northern resort
states, resulting in less pleasure and resort travel from the southern states.
GENERAL TRAFFIC STATISTICS FOR CALENDAR YEARS.
1924.
1922.
1923.
Miles operated
1,051
1,050
1,050
Passengers carried
2.597.651
2.796,142 2,575,081
Passengers carried 1 mile
194,946,321 205,847,761 179,623,143
Rev. perpassenger per mile
3.299 cts. 3.332 cts. 3.379 cts.
Rev,freight carried (tons)
12,616.257 13.507.046 10,143,898
Freight carried 1 mile
2183640,744 2436637,051 1802180,400
Rev, per ton per mile
.993 cts.
.986 as. 1.056 cts.
Rev, per mile of road
$20.627
$18.118
$22,874
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
[Corporate and Receivers.]
Operating Revenues1924.
1923.
1922.
Freight
821,675,681 $24,027.397 819,031,174
Passenger
6,431.465 6,858,010 6,068,799
Mail and express
1,461.184
1,480.529
1,335,479
Incidental, arc
1.285,699 1,222,258
1.158,472
Total operating revenues
$30.854,030 $33,588,193
Maintenance of way and structures $4.169.311 $4.558,105
Transportation expenses
11,325,215 11.393.592
Maintenance of equipment
7,011,157 8,102,878
Traffic expenses
777,106
708.794
General expenses
708,685
673,813
Miscellaneous operations
262,469
258.844
Transportation for investment
Cr.360,475 Cr.306,798
Total operating expenses
Net operating revenues
Taxes
$27,593,925
$3,700.886
11,263,611
7,178.553
666.717
687,010
253,160
Cr.102.348
$23,893.469 $25,389.228 $23.647,591
$6,960,561 $8.198.965 $3,946,335
1.275,521
1,243,085
969,612
Railway operating income
$5.717,476 $6.923,444 $2,976.722
Non-Operating IncomeRents from use of road
$8,559
$1,297
$1,323
Miscellaneous rents
66,937
63,840
56,608
Miscellaneous income
53,049
•
Dr.805,078
65,088
Dividends on stocks owned
2.250
2,880
350
Interest on bonds and notes owned_._
11,098
125
5
Interest on loans and open accounts....
83.709
122.442
106,003
Total income
$5,074,607 $7,166,327 $3,217,192
Deduct-Hire of equipment-balance_ $905.519 $1,181,646
$972,471
Joint facility rents-balance
412,342
413.618
469,708
Miscellaneous rents
6.109
13,631
6.668
Total
95,385.782 89.125,392
Total
95,385,782 89,125,392 Miscellaneous charges
18,147
23.380 Cr.33,380
x Capital stock authorized and Issued, 3,500,000 shares of no par value. Interest
on funded debt
3.629.522 3,359,814 3,324,756
-V. 120, p. 2157.
Interest on loans & open accounts_ _ _ _
750.644
713,032
613,672
Amort. of disc, on funded debt
133.679
96.792
101.000
Pure Oil Co. & Subsidiaries.
Guar. dive.& int. on secs, of subs
253,886
250.024
250,024
610,212
122,545
8,443,876
•
•
(11th Annual Report-Year Ended March 31 1925.)
The remarks of Pres. Henry M. Dawes, together with
income account and balance sheet as of March 31 1925, will
be found in the advertising columns of this issue.
' The usual comparative income account was published
in V. 120, p. 2412.
BALANCE SHEET MARCH 31.
1925.
1924.
1925.
1924,
Assets$
$
Liabilities5
8
prop.,equip.,&c.178,246.438 149,210,263 Preferred stock_ 23,000,000 23,000,000
Other investm'ts 2,987,927 20,583,685 Common stock_ 71,504,900 70,091,425
316,000
Stock in treasury
316,000 Preferred stk. of
19,331
Marketle secur.
69,002
Moore Oil CO..
800,000
800,000
3,198,614
Cash
8,521,451 Funded debt_ •20.813,500 28,055,000
Accts.receivable 5,192,619 5,330,962 Acct. payable_ 2,841,778
2,297,449
Notes and tr. acNotes payable__ 9,100,000
7,375,100
ceptances rec.
456,427
3,165,479 Accrued taxes_ _
460.668
283,310
Finished oils_ _ _ 8,055,506 6,661,416 Accrued interest
355,240
417,544
14,088,371 12,748,959 Comp.Insur. res
Crude oils
166.550
75,000
Materials &supp 3,578,691
2,901,898 Depr.& depl. res 35,585,094 29,698,915
Deferred charges 1,670,123
1,981,742 Other reserves_ _
53,677
117,374
Profit & lass,sur 53,128,541 49,279,739
Total
217.809.948 211,490,856
__47. 120, p. 2412, 1469.
Total
217,809,948 211.490,856
Chicago & Alton RR. Co.
(19th Annual Report-Year Ended Dec. 31 1924.)
W. W. Wheelock and W. G. Bierd, receivers, report in
substance:
Net income
1°3381.035,242 $1,117,1451033$2490,482
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
1924.
LiabilitiesAssetsRoad & equip_ _135,399,390 130,937,979 4% cum. prior
lieu & part.stk
Impt. on leased
868,700
7,361,148 Non-cum. 4%
railway prop_ 7,797,949
pref.
. stock_ 19,544,000
Depos. In lieu of
10,307 Common stock.. 19,542,800
10,307
mtg.prop.retir
1,260,379 Grants in aid of
Misc. phys. prop 1,259,779
coastruction_
31,263
Sec. of attn. cos :
4,027,745 C. & A. RR.
4,027,745
Pledged
185,475
202,975
(old) 3s
Unpledged
45.350,000
9,732 0.&A.Ry. 334s_ 22,000,000
25,862
Misc. sec. unpl.
314,389 C. & A. RR,
269,961
Other invest_ _ _
gen. mtge. 65.. 16,834,000
Cash in banks ac
2,291,513 Equip.tr. oblig_ 7,643,065
2,414,399
on hand
120,781 Reedy. certifs... 1,000,000
102,080
Cash in transit_
251,762 3,457,906 Non.-negot.debt
Special deposits_
27,837
95,995
MM.cos
Loans & bills rec.
3,408
Loans and bills
Traffic & car ser.
375,877
462,443
Payable
bal. receiv.._ _
2,326,060
Traffic & car ser.
Net bal. rec. fr.
821,993
541.115
agts. & coed.
bal. payable_ _ 1,043,238
1,302,239 Aud. accts. and
Misc. accts. rec_ 1,078,199
1,876,637
Mat'l & supplies 1,717,996
wages payable 4,377,966
439 Misc, accounts
8,180
lot.receivable
140,293
137,031
0th. curr. assets
payable
108,819
Int. & diva. maU. S. RR. Adm.
3,046,218
Stand.return
tured unpaid_ 13,555,377
1,111,410 Funded debt maCash Dec.31 '17
Agts. & conduc.
9,000
tured unpaid..
788,995 Unmatured int.
bal. Dec.31 '17
502,912
Agts. & conduc.
& rents accr_ _
3,610 Other curr. nab_
bal.Feb.29'20
177,608
Material & suPP.
U.S. RR.Adm.:
1,500,790
Demand loans
Dec.31 '17_
Assets Dec. 31
Corp.tmnsac.
2,111,980
'17, collected.
Add. AC bet'ta_
591,849
Equip. retired. _
"Jab. Dec. 31
3,572
Work,fund adv.
1917 paid_ _
1,209
Fed. Ilabil. paid
Rev, prior to
Deprec. accr. on
Jan. 1 1918
1.103,724
Federal books
Exp. prior to
Ad'Idepr.claim.
Jan. 1 1918
408,056
due fr. U.S.G.
Fed. material
Road prop.retir.
& sun. Feb.
& not replaced
29 1920.......
146,322
Federal assets
by U.S.Govt.
collected......
U. S. guaranty
1,385,524 Tax liability_ _ _ 1,348,124
Period claim_
7,598
6,505 Other def. Habil_
.
12,672
Work,fund adv.
28,797
4.5,444 Accr.depr.equip 6,116,971
Other def. assets
0th. unad). cred a1,489.977
insur. Premiums
39,004
41,127
Paid in adv...
1,205,406
Disc. on fd. debt 1,071,727
742,695 21,284,364
Oth. unadj. deb.
P.& L. deficit.. 6,192.968 8,057,048
1923.
$
868,700
19,544,000
19.542,800
31,283
45,350,000
22,000,000
16,834,000
8.282,419
1,000,000
2,326,060
1.257.937
3,923,425
190,721
11.640,819
1,000
581,196
171,547
Restet:.-Oper'g. rev, and oper'g. expenses decreased account decrease in
volume of business handled. Hire of equipment-balance decreased
account
equipment purchased in 1924. While there was an actual increase in
1,625,000
prop2,327,969
erty taxes Federal income tax accruals were decreased to a greater extent.
Interest on loans and open accounts (receipts), decreased due to interest
3,211,266
allowed on payments made for leased equipment in 1923 not under lease in
3,665,925
1924. Interest on funded debt increased account obligations in the amount
of $5,400.000 being issued for purchase of new equipment. Interest On
28.5,423
loans and open accounts (disbursements), increased due to interest on
deferred payment of General Mortgage coupons. Amortization of' discount
1.033,893
on funded debt increased account discount sustained in sale of Equipment
Trust Certificates, Series "A."
Freight revenue decrease $2,351,715 or 9.79%; decrease of 10.38% in
revenue ton miles, due to decline in business generally as compared with
2,159,082
1923, which was the largest year in the history of the property, and particularly is that true with respect to soft coal traffic.
44,206
Passenger revenue decreased $426.545 or 6.22%; decrease in number
1,161,784
of
passengers carried one mile 5.30%,due to lighter tourist travel and increased
45,935
.5.991.717
use of automobile.
2,297.938
Other revenue increased 868,531 or 16.16%; due to proportion of undistributed net income of the Kansas City Terminal Ry. Co. prior to 1921,
credited in 1924.
Maintenance of way and structures expenses decreased $388,794 or 8.53%;
due principally to charges appearing in 1923 account retirement of old freight
handling facilities at Chicago and decrease in rail, ballast and other track
163,885,960 177,365,829
163,885,960 177,365,829
material used in 1924.
Total
Total
Maintenance of equipment expenses decreased $1.091.721 or 13.47%;
a $2,440,866 appearing in receivers assets under other unadjusted debits
abnormal maintenance in 1923 account condition of equipment resulting and corporate liabilities under other unadjusted credits eliminated from
from shopmen's strike in 1922.
combined figures.-V. 120, p. 1744. 827.
Traffic expenses increased $68,312 or 9.64%;due to additional solicitation
and advertising. Transportation expenses decreased $68,376 or .6%; ac- U. S. Realty & Improvement Co.-Geo. A. Fuller Co.
count decrease in volume of business handled. General expenses increased
$34.872 or 5.18%; principally account increased legal expenses in receiver- (21st Consol. Annual Report-Year Ended April 30 1925.)
ship proceedings.
The remarks of President R. G. Babbage, together with
Funded Debt.-$121.100 of Equip. Trust Notes, eeries 1920, were paid off
and cancelled during the year. The principal under the Standard Oil Co. the income account and balance sheet as of April 30 1925,
Equip. Contract was reduced $118,254.
Receivers' Obligations.-There were issued during the year, $1,000.000 18- will be found under "Reports and Documents" on subsequent
Months notes, dated Dec. 311924, maturing June 30 1926, bearing interest pages.
at rate of' 55i% per annum. Eighteen months'6% notes aggregating 81,000,000 maturing May 15 1924, were paid off and cancelled. 8400,000 of STATISTICS OF GEORGE A. FULLER CO. FOR YEARS END. APRIL 30.
Equip. Trust Obligations, Series"A" were paid off and cancelled during the
1924-25.
1923-24.
1922-23.
1921-22.
year.
Unfinished business beOutlook -Three months of 1925 having passed, we are now able largely
$18,352,729 $23,862,634 $14.569.256 $19,185.214
ginning of year
to foresee the business conditions of the year, therefore the prospective earn- New business
38,840,214 22,937,529 29,631.080 18,662,694
ings of the company for 1925. The outlook is not at all favorable there
having been a steady decline in both freight and passenger revenues for the
$57.192,943 $46.800.163 $44.200,336 $37.847,907
Total
first 3 months of the year, because of the general decline in all branches of Work executed
22,082,854 28,447.434 20,337,702 23,278,651
trade and commerce. It is apparent that there is a restricted buying on the
part of consumers, as well as restricted building and improvement programs. Unfinished business at
unfavorable
-The
results
Results.
of
1924
in
the
1924
operation of the
end of year
$35,110,089 $18,352,729 $23,862.634 $14,569,256
2540
THE CHRONICLE
[voL. 120.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED APRIL 30.
Standard Oil Co. of New Jersey.
x1921-22.
y1924-25. y1923-24. x1922-23.
Income from invest'ts:
(Annual
Report-Year Ended Dec. 311924.)
Real est,net oper.inc_ $2,435,491 $2,486,449 $2,491,242 $2,511,032
Less interest on mortChairman
A.
C.
Bedford, New York, May 15, reports in
gages thereon
673.764
611,321
639,275
601.146
Net from said invest't. 81.796,216 $1,885,302 $1,879,921 $1,837,268 brief:
In
the year 1924 the sales of petroleum products exceeded in volume
Other investments
546,706
711,374
1,767.989
1,190,148
Bldg., &c., contr't profit 1,552,774
1,617,936 those of any previous year; the production of crude by subsidiaries was
1,305,053 •1,239,634
slightly less than in 1923 but as this shrinkage occurred in the production
Real estate profits
a139,825
110.811
416,060
of heavy crudes the value of the gross production was greater than in
Carrying charges on prop13,117 that year.
erty sold
The earnings of this company are derived from two sources-first,
Miscellaneous
220,448
355.407
its oil
and second, its subsidiaries, some of which are oil comTotal income
$5,256,804 $4,491,315 $4,602,395 14.235,474 panies,business
others natural gas companies and others carrying on enterprises
Deductionscollateral to the oil business. The results of the natural gas business
Gen.& corp. exp., Fed.
those of the subsidiaries engaged in collateral activities were, in 1924.
tax res., depr n, &c__{ b1,032.716
1,034,073 and
1,019,232
897,288
as in previous years, more satisfactory than the results arising from the
Int.on debenture bonds
496.750 oil
369,416
106,513
business itself. The earnings of the Standard Oil CO. (N• J.) from
Int. on Pref. stock subits own business of refining, shipping and marketing, Including interest
scriptions & expenses..
192,216
on investments, were $20,266,952. equivalent to 4.5% on its net assets;
Preferred dividends_ _ _(7%)270.961(8X)707,122
the earnings of its subsidiaries were 660,749,618, or a return of 11.34%
Common dividends_ _(8%)).144.982(10)1616.280(3%)484.884
on the investment in these subsidiaries and the combined earnings of the
Balance, surplus
$2,808.145 $1.042,167 $2,658,591 $2,704,651 Standard Oil Co. (N. J.) and its subsidiaries, after deductions for depreciaa Including profit on sale of securities. b General and corporate expen- tion and income taxes, were $81.016.570, equivalent to 8.22% on the net
ses, including interest on 5% Debenture bonds and provision for all Federal assets of $985,535,641. After the payments of dividends of $13,998,103
on the Preferred stock the earnings on the Common stock were $3 30 per
and State taxes and depreciation on buildings and equipment therein.
x Includes U. S. Realty & Improvement Co., Geo. A. Fuller Co. and share, which compares with $2 10 per share earned in 1923.
Excessive competition, arising from an overproduction of crude and
Trinity Buildings Corp. of New York.
y Includes foregoing companies and Plaza Operating Co.-V.120,p.2281. the resultant overaccumulation of finished products, which has caused
many of these products to be forced upon the market at prices below
their value, has seriously militated against the prosperity of the petroleum
Associated Oil Co. and Proprietary & Affiliated Cos. industry
in the past four years. This general situation is well illustrated
by the results of the operations of this company since 1921. In the four
(Annual Report-Year Ended Dec. 31 1924.)
intervening years the Standard Oil Co. (I( J.) earned by $56,165,673.
Pres. Paul Shoup, San Francisco, March 20, reports in including interest from its manufacturing, marketing and shipping activities.
or a return of 3.189' on its net assets and the combined earnings of the
substance:
Results.-Compared with 1923. business earnings increased from $12,- Standard 011 Co. (N. J.) and its subsidiaries for this period were $217.400,219,
or 5.85% on their aggregate net assets.
369.776 to $14,190.239, an increase of $1.820,463, or 15%. The total
It is manifest that the profits of this company in 1924, as in the three
business earnings of Associated Oil Co.. proprietary companies, and com- years
preceding,
failed to reach the level of what would be a commensurate
816,452,019,
compared
with
interests
were
which
it
has
stock
panies in
return upon its investment in a business subject to the vicissitudes char$14,129,403 in 1923, an increase of $2,322,616, or 16%•
Refined oil sales increased in volume 61% over 1923. Refinable crude acteristic of the petroleum industry. Though unsatisfactory, the earnings
and fuel oil sales were substantially equal to those of the previous year. exceeded those for 1923, as that year in turn showed improvement over
There were 34,934,119 barrels of all products sold during the year. Taxes 1922. The improvements financed through the reinvestment of a subother than income were 6977,645. as compared with $756,910 for 1923. stantial part of the company's surplus earnings were reflected in these
The burden of local taxes continues to increase, demonstrating the need gains, made notwithstanding the depressing effect of a continuation of
for economy,in the expenses of government. Interest on funded debt overproduction of both crude and finished products. Better results should
increased from $613,276 to 81.440,000. This increase is due to issue of attend our operations when the industry is relieved of this problem.
There has been a gratifying increase in the number of shareholders since
$24,000,000 12-Year 6% Gold notes in September 1923. Reserved for
Income taxes, $534,002; in 1923. 8281.378. Reserve for depreciation and the segregation of the properties in 1911. We then had 6,078 stockholders.
and
there are now 26.829 Common stockholders and 39.143 Preferred
depletion, $4,650,525: in 1923. $4,712,334. The balance, after deducting
stockholders, or a total of 65,972. Upon the termination of our employee
all charges and reserves, is $6,405,330; in 1923. 85,950.683.
Additions to Property.-During the year there were acquired 12.075 stock acquisition plan there will be added approximately 15.000 holders
acres of prospective and proven oil lands in fee and by lease, and a royalty of the Common stock.
interest in 36,149 acres in California and Texas. $1,013,139 was expended
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
during the year for oil lands and leases.
Drilling and Other Field Development.-For this work $4,016.616 was
1921.
1924.
1923.
1922.
expended.of which drilling expense, $2,241,260, was charged to operations,
$
$
Sales
and 81.755.355 to investments.
409.995,806 367,334.410 328,216„827 443.444,110
There were 23 wells completed in various fields, as follows: Midway 5, Miscellaneousincome_
8,360,933
Elk Hills 4, Coyote 1, Huntington Beach 1, Redondo 4, Santa Fe Springs 3,
Gross earnings
Ventura 5, and on joint account with Pacific Oil Co. a total of 11 wells
x409,995,806x367.334,410x328.286.827 451.805.043
located in the following fields: Dominguez 4, Rosecrans 2. and Texas 5.
Costs & oper. charges_ _ _377,642,143 340,306,941 305,792.577 469,300.449
On Dec. 31 1924 there were 8 uncompleetd wells drilling, as follows: General taxes
862,718 2,351.664
970.964
1.148.080
Midway 1, Southern California Fields 4. and Ventura 3, and on joint Depreciation
8,083,253
10,292,977 10,172,876 11,407.025
account with Pacific Oil Co., 4 in Rosecrans Field, 1 at Newhall, 2 in General expenses
9,461,108
10,608,199
7,772,530
8,689,777
Dominguez Field, 1 in Alaska.
Net income
2,451,976d137.391.431
Refineries and Distributing Stations.-The amount expended for dis10,481,523 7.016.736
tributing plants, service stations, equipment, additions to refinery and Inc. from other sources.. 8,768,044
8,265,677 10,404,084 43.152,924
additional storage at refinery was 63,138,560. A distributing plant was
Gross income
established during the year at Manila, P. I.. and an agency was opened
5.761,493
19,249.566 15,282,413 12.856,060
at Shanghai, China. There were installed during the year 19 service Divs, from other than
stations and distributing plants, as follows: California 10, Oregon 2.
affiliated cos
1.742,504
1,017,386
31,680
224.568
Washington 6, and Manilia P. I. 1. There are now 176 service stations Proportion of earnings of
and 54 distributing plants in operation. There are now 500 trucks and
affil,cos. aft. Fed. tax. 60,749,618 40,788,300 33,354,695 26,341,932
411 automobile trucks in sevrice.
Pipe Lines and Storage.-$480,448 was expended during 1924 for additional
Total income _ _ ___
81,016,570 56,295,282 46.242,436 33,845,929
pipeline and storage facilities. The pipe line system in Southern California Pref. diva.(7% per ann.) 13,998,103 13,998.103 13.855.205 13,767,362
has been extended to the new Rosecrans and Dominguez Fields. Additions Common divs
(4%)20,181.570(4)20013,718(20)19842485(20)19701910
were made to gathering lines in San Joaquin Valley Fields and Ventura Field.
There were completed during the year 22 steel tanks of a total capacity of
Balance, surplus
46,836,897 22,283,461 12,544,746
376,657
1,815,000 barrels. The total storage capacity on Dec. 31 1924 was Previous surplus
231,424,069 209,140,608 594,525,562 594,148.903
23,536.000 barrels.
Stk. div.on Com.(400%)
397.929,700
Marine Department.-$182,302 was expended for the acquisition of new
vessels and other marine equipment. The company on Dec.31 1924 owned
Prof.& loss surp.,incl.
10 tankers with a combined carrying capacity of 461,900 barrels.
res, for annuities.,. _278,260.966 231.424,069 209,140.608 594,525,562
Crude Oil Production.-Gross crude oil production during the year was
x Gross income from operations with all departmental transactions
11,771,655 barrels, a decrease of 5.127,659 barrels as compared with eliminated.
previous year. This decrease was caused by the falling off of flush proCONSOLIDATED BALANCE SHEET DEC. 31.
duction in Santa Fe Springs and Huntington Beach Fields. The combined gross production of Associated 011 Co. and affiliated companies was
1924.
1923.
1922.
Assets15.361,858 barrels, a decrease of 7,627,631 barrels.
Real estate, plant & equipment: $S
The company has developed jointly with the Pacific Oil Co. a daily
12,118,480
12,709,676
13,203,446
estate
Refinery-Real
production as of March 15 1925 of 7,200 barrels in Dominguez Field and
113,313,568 106,609,774 102,449,669
Plant and equipment
1,400 barrels in Rosecrans Field. These two new fields were opened late
4,284,404
2,523,276
3,482,379
Incomplete construction_ _ _ _
in 1924. Development in Ventura Field has been very satisfactory, the
285,096
271,378
249,901
Furniture and fixtures
daily production increasing from 3,000 barrels on Sept. 30 1924 to 9,400
4,849,105
3.975,997
2,446,896
Marketing-Real estate
barrels on March 151925.
7,377.081
Plant and equipment
10,407,947
9,304,633
Crude, fuel, and refined oil stocks on Dec. 31 1924 were 13,159.462
2,655,971
Incomplete construction__ _
2,124.125
990,042
barrels. All stocks are carried at values very much less than those deterFurniture and fixtures_ _ _
259,238
201,080
237,876
mined by present market prices.
Total
148,726,925 137,790,560 130,613,550
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
43.672,221
Less-Reserve for plant deprec_
55,885,660
49,788,325
1921.
1922.
x1923.
x1924.
Calendar Years869.859,166 866.093,690 836,776,769 $49,610.133
Operating income
Total real estate and plant_ _ _
92,841,265
87.041,329
88,002,235
1,086,520 3,877.427
1,173,302
Divs.,int., Sm..received 1.670.291
Float, equip. after depree
42,942,639
49,424,249
51,692,357
*71.529,457 867,266,992 $37,863,290 $53,487,560 Stable and motor equipment__ _
Total receipts
2,023,810
1,575,083
1,889,927
DeductionsLoan delivery equipment
3,645,928
4,359,491
4,217,192
40,769.413
29,405,712
57,159,952 53.973,561
Operating expenses
Iron barrels, cans, &c
296,032
480,553
378,141
1,005,103 Furniture & fats., gen. office
877,968
1,511.647
1,038,287
Taxes
268,537
205.169
209,638
419,259 Miscellaneous equipment
340,394
613,276
Interest on funded debt- 1.440.000
24,345
13,385
16,736
366,201 Real estate, plant and equip142,973
923,655
179,266
Miscellaneous interest.._
80
562
71
Other items
ment of affiliated companies_ 332.663,774 320,627,340 296,868,341
48,670
43,288
55,125
182,738
Disc, on bonds sold, &c..
Stock inv.in 0th. than affil. cos. 15,304,034
33,846,178
14,971,726
2,861,826 y2,720,883 U.S. & foreign Govt. bonds and
Depreciation & depletion 4.650.524 4.712.334
2,385.343
2,385.345
2.632.672
3.360,000
Dividends (6%)
38,351,021
other marketable investments 68,562,683
53.916,256
23,885,159
19,669,759
$68,484.127 863,948.981 636,058,067 $47,714,951 Stock inv. in affiliated cos
Total deductions
1,-6-0-871
1,789,448
1,424.174
13.045,330 *3.318.011 81.805,223 $5,772,609 Concessions, patents, &c
Surplus for year
1,995,864
Miscellaneous property
2,815,303
2,634,991
x Exclusive of Amalgamated Oil Co. y Depreciation only.
41,640,072
Stocks owned by affiliated cos_ _
43.889,775
38,555,703
CONSOLIDATED BALANCE SHEET DEC. 31.
Govt.securs.& other marketable
Proprietary
Cos.)
(Associated Oil Co. &
17,330,487
invest. owned by affil. cos_ _ _
21,824,755
21,849,36*
1923.
1924.
Inven. of mdse.(at cost or less):
Real estate, dm..x40,518,002 34,534,563
94,889,447
Standard companies161
Oil Co.(N. J.)
Improvements__x62,131,925 59,640,078
65.113,397
80,075,
Affiliated companies
x12,317,280 12,043,472 Capital stock.-- 56,000,000 56,000,000
Securities
173,988,944 165,832,977 168,310,576
Due fr. still. cos. x4,748,809 4,081.023 6% gold notes__ 24,000,000 24,000,000 Accts.rec.-Stan. Oil Co.(N.J.) 216,682,311 184,843.933 181.408,011
87,813.982
Loses dc notes
Affiliated
83,044,352
Other invest'ts_ x682,309
130,329,345
750,000 2,633.000 Cash-Standard Oil Co.(N. J.)
7,480,812
payable
1,258
4,144,170
Sinking funds_ _
2,120,347
7.098,338
Res.for depr.debx24,383,876 20,065,421 Accts. payable_ 2,429,904 2,873,494
Affiliated companies
6,942,816
9,008,409
Rector depl.debx14,954,120 10,584,506 Wages pay., Ate_ 5,216,884 5,031,530
1,033,500 1,547,000
Total assets
Cash
4,300,824 4,749,731 Due &MI.cos
1,244,940,055 1.148,004,953 1,123,760,890
L'ns & acc'ts roc 8,723,871 8,801,379 Accr. int., diva.,
Liabilities1,345,836 1,337,613 Capital stock-Preferred
Mat'ls & suppl.. 3,564,559 3,550,382
dte
199,972,900 199,972.900 199,972,900
216.671
238,380
COMMOD
Merchandise
507,301,775 502,099.206 498.587.125
15,488,977 16,264,726 Deferred liabil806,186 Accts. pay.-St. Oil Co.(N.J.) 81,731,884
1,241,742
64,061,466
Int., diva., Acc
57,182,013
0,358 Unadj. credits
7,515
See ":"
Deferreil assets_
458,539 Deprec. reserve.
Affiliated companies
628,640
164,205,054 147,673,623 141,550,770
4,378,093
24,679,768 22.346,455 Res.for taxes-S.0. Co.(N.J.)
lined). debits
3,579,390
3,161,298 3,306,767 Surplus
2,403,215
2,816,782
Affiliated companies
2,151,765
6,447,244
Total
116,936,014 116.791,951 Marine insurance reserves
3,253,146
3,921,993
Total
4,617,018
116,936,014 116.791,951
274,509,390 228,067,414 206,168,996
x Investments account, which inc uded items,"Real estate, Alc." "Im- Surplus
2,971.613
3,356,655
Reserve for annuities
3,751,575
provements," "Securities.""Due from affil. cos.'and "other investments"
shown above), and which totals $120,398,325, 18 before deducting reserve
1,123.760.890
Total
1.148,004,953
liabilities
$14,954,120
1,244,940,055
depreciation
of
of
depletion
r
$24,383,875, and reserve for
-V. 120, p. 596.
-v. 120, p. 1588.
ro
MAY 16 1925.]
THE CHRONICLE
2541
Reading Coal St Iron Co.executed under date of Jan. 2 1924 a new mortgage
California Petroleum Corporation, Los Angeles, Calif. 'to
the Central Union Trust Co. of New York, trustee. This new mortgage
and deed of trust executed as security for the issue of the "Ref. Mtge.5%
(Annual Report-Year Ended Dec. 311924.)
Sinking Fund Gold bonds" to the amount of $31,542,333 1-3, constitutes a
Subsidiary Companies.-These include: American Petroleum Co., Amer- lien, subject
to the prior lien of the Gen. Mtge., on all the property of the
ican Oilfields Co., Petroleum Midway Co., Ltd.; Midland Oilfields Co., Philadelphia
& Reading Coal & Iron Co., subject to the Gen. Mtge. The
Ltd., and Niles Lease Co.
Ref. Mtge.5% Sinking Fund Gold bonds of this company have, therefore,
President R. L. Peeler, Los Angeles, March 9, wrote in in accordance with the decree of the U. S. District Court, been Issued only
upon the surrender of Gen. Mtge. bonds and upon the terms and conditions
substance:
as outlined in offer of the company dated Jan. 10 1924, above mentioned.
Production.-The production for 1924. including 59% of the Red Star
During 1924 there were issued "Ref. Mtge.5% Sinking Fund Gold bonds"
Petroleum Co.'s production, aggregates 14,914,574 barrels, or an average to the amount of $30,838,666 2-3. This amount, together with the obligaof 40,862 barrels per day for the year. This production exceeds that of tion of the Philadelphia & Reading Coal & Iron Co. on the unexchanged
any two former years combined, if we exclude the "Gusher" year of 1923. Gen. Mtge. bonds on Dec. 311924. amounting to $703,666 2-3, constitutes
Our production seems to be fairly well stabilized now at over 36,000 barrels the original liability of the Philadelphia & Reading Coal & Iron Co. of
daily. We completed 107 new wells in 1924.
$31.542,333 1-3, as fixed by the final decree.
Storage.-A couple of years ago the management adopted a policy of
Production, &c.-The total production of anthracite coal from lands
storing oil. Necessity was largely responsible for this, to care for the over- owned, leased and controlled by the Philadelphia & Reading Coal & Iron
production of the Gusher year of 1923. The policy has since been con- Co. for year ended Dec. 31 1924, was 10,579,001 tons, compared with
tinued against an anticipated increase in the price of crude. This policy 11,488,513 tons mined during the previous year. During the year this
was justified by a 25c. increase Feb. 4 1925. 'We had three increases in company mined 9,421,957 tons and sold 8,707,598 tons as compared with
the price of oil during 1924: Jan. 22, Feb. 5 and Sept. 24. The first two 10,222.202 tons mined and 9,835.474 tons sold the previous year. To
(25c. and 15c. per barrel raises), affected all the oils-the latter having to unfavorable market conditions and the effects of the storm of late Septemdo with the higher gravities only.
ber is attributable the loss of production for the year 1924. The decrease in
Comparative storage follows: Dec. 31 1924, 4,696,156 bbls.; Dec. 31 sales was the result of a lack of demand for anthracite for 1924, especially
1923, 3.767,470 bbls.: increase in 1924, 928,686 bbls.
did this prevail in the steam sizes.
The amount of steel tankage constructed was increased 22.7% during
Agreement with Employees.-The present agreement, under which the
1924 and now amounts to a total capacity of5,549,000 barrels, also 1.063,482 employees of the Coal & Iron Co. are working, will expire on Aug. 31 1925.
barrels of earthen reservoirs in Kern County.
Reading Iron Co.-Final settlement was made April 21 1924 covering the
Refinery and Pipe Lines.-The year 1924 has been a year of construction purchase of the stock of the Thomas Iron Co., in pursuance of an agreement
and expansion. In November a new topping unit of 7,500 barrels between the Reading Co. and the Iron Co., entered into prior to the segrecapacity was installed at Watson-the combined capacity of both units gation of Reading Co., et al. This property consists of a blast furnace,
now being 12.000 barrels daily. Our pipe lines in the Los Angeles Basin
at Hokendauqua. Pa., and an iron ore property at Wharton, Morris
now measure 158.72 miles, from 3 in. up to 16 in. in size, including shipping located
County, N. J. The blast furnace is fully equipped, its product being gray
lines out of Watson. We shipped 103 full cargoes out of Los Angeles forge,
foundry,
basic and malleable pig iron. The iron ore property comHarbor in 1924.
prises 486 acres ofland, together with a full equipment of mining machinery,
Holdings.-The company owns in fee 4,254.56 acres,and in leases 5,807.30 houses and concentrating mill. The ore is used in the blast furnaces of
acres; total acreage, 10,061.86 acres, about one-half being in the San Joaquin Thomas Iron Co. and Reading Iron Co. and any excess production is sold.
Valley Fields, and one-half in the Los Angeles Basin.
The pig iron produced by Thomas Iron Co. is largely used by Reading Iron
New Pools.-The pool near Dominguez in the Los Angeles Basin developed Co. The production above the Reading Iron Co.'s needs is marketed.
during the year into a major pool, with 45 producing wells, producing
Dec. 31 1924 about 63,000 barrels. A second pool, known as the RoseCOAL PRODUCTION YEARS ENDED DECEMBER 31.
crane-Athens Pool, in Los Angeles County, also developed in 1924, and
From Lands From Lands From Other
there 16 wells are producing about 9,000 barrels, and has the ear marks of
Year.
Total.
Mined byOwned.
Controlled.
Lands.
a good pool. The third pool discovered during 1924, known as the IngleCompany
1924
7,894,486
418,682
1,108,788 9.421,956
wood Pool. near Culver City, looks to be a productive pool of heavy oil,
1923 8,651,383
445,145
1,125,672 10.222,201
but of shallow depth. In both the Athens and Inglewood Pools we have Company
centrally located acreage, and are now drilling new wells thereon.
Decrease
800,245
756.897
26,463
16,884
New Contract.-Last year's contract with the Standard Oil Co. of New
1,157,044
1924
1,003.828
153,215
Jersey proving unsatisfactory, by mutual consent same was canceled and Tenants
1,266.311
Tenants
1923
1,125.431
140,880
a new contract covering part of our production and output of crude and
fuel oil was entered into with this company, upon a much more satisfactory
Decrease
109,266
121.602 inc.12,335
basis, and running until Dec. 31 1928. The Standard Oil Co. of New
Co. & tenants_ - _ _1924
8.898,315
571.898
1,108,788 10.579.001
Jersey is also a heavy buyer of our tops for 1925.
Co. & tenants_ -- _1923
9,776,814
586,025
1,125,672
11,488.513
Red Star Petroleum Co.-Net earnings were $184,435 in 1924. Cash
dividends amounting to $240,000 were declared in 1924. Surplus unDecrease
878,4r9
909,511
14,127
16,884
distributed, $152,169, The California Petroleum Corp. owns 59% of the
INCOME AND PROFIT AND LOSS ACCOUNT YEAR ENDED DEC.31.
Red Star Petroleum Co.'s stock.
1924.
1923.
1922.
1921.
Marketing
Enters
Field.-The year just closed witnessed the passing of
$83.511.650 $89,195.635 $52,786,120 $71,088.983
the California Petroleum Corp. from the ranks of a producing company, Coal sales
only, and our entrance into the broader field of the marketing end of the Operating & other exp.
(less rentals, &c.).._ - 77.641,497 78,682,660 50,524,705 63,897,354
game. With our increased refining facilities placing us in a position to
reach out for some of the worW's oil business, with our new contracts already
Operating revenue
$5,870,153 $10,512,975 $2,261,415 $7,191,628
with
a
stlfaning
into,
and
entered
demand for petroleum and its attendant
612,406
1,270,936
937,479
755,512
increase in price the company should receive a much better average price Other income-int.&divs
for its products in 1925 than that received for the year just closed.
.
$6,482,559 $11,783,911 $3,198,893 $7,947,140
Gross income
The usual comparative income account was given in
DeductDepletion of coal lands
V. 120, p. 1590.
•
1,504,503 31.623,974
$729,421 $1,195.341
and leasehold
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUB. COS.).
4,784,651
2,530,502 2,353,268
Fed% State & local taxes 2,346,771
33.608
1924.
Interest on funded debt.. 1,610,692
1,306,592
32,400
1923.
1924.
1923.
AssetsLiabilities$
$
$
81.020,593$ 4,068,694 loss393,430 $4.364,925
Property meta._648,830,697 45,904.531 7% Pref. stock.--11,955,100 12,589,926
Net income
Invest'ts, at cost.. 153,250
100,000 Common stock_ -.17,377,000 17,377,00.5 Previoussurplus(adJ.)-- 66,241,025 36,898,570 29,167,217 25,685,428
Pref,stock owned_
b78,983 64% Gold bonds_ 7,200,000 8,000,000 Sum. arising from segreBonds owned
gation of Reading Co_
28,519,578
c374,000 Cap, stock of sub.
Bond sinking fund 255,872
288,291
co,: outstanding
13,351
35,579
Cash
Gross surplus
$67,261,618 $69,486,842 $29.973,786 $30,050,354
1,116,399 4,302,150 Am.Oilfields 6s_ - 692,600
766,100
Acets receivable._ 1,244,104 1,303,373 Acc'ts payable_ _ _ _ 997,961 1,640.860
Adj. Applic. to Prior YearsOR inventories__
3,873,497 2,432,185 Divs. pay. Jan. 2- 207,814
Dr.883,138
213,875 Add'i depl n of coal lands
Other inventories. 1,458,802 2,650,994 Res. for Fed. taxes
Profit and loss charges_ _xCr.676.431
3,476.057
Deferred charges
630,421
727.024
& 0th.
844,719 1,865,610 Add deficits ofsub.cos__
4,919 Dr.230,240
Approp. surplus... 3,196,374 2,613,405
Capital surplus.-- 2.783,051 2,757,512
Profitand loss surplus.$67,933,130 $66,241.025 $29,073,786 $29,167,217
Unapprop. surplus12,295,072 10,301,660
x Consisting of profit from sales of property, $401,779; profit from sales
Total
57,583,043 58,161,532
Total
57,563,043 58,161,532 of securities, retirement of bonds, &c., $274,651.
BALANCE SHEET DECEMBER 31.
a After deducting $14,073.451 for reserve for depreciation and depletion.
1923.
1924.
1924.
b Represents 804 shares held for retirement. c Represents $400,000
1923.
LiabilitiesAssets$
" 64% gold bonds held for retirement.-Y.120, p. 1590.
$
$
Prop, acct., coal
Capital stock &
Bayles
b73,533,130 71,841,025
& timber lands
a90,042,631 88,627.824 Funded debt.__c31,796,333 32,372,333
&c
Philadelphia & Reading Coal & Iron Corp. & Subs.
367.306
Cap,stock subsc 3,218,552 5,600,010 Notes payable... 1,767,306
2,999,101 7,542,149 Due to Read.Co. d3,216,552 5,600,000
Cash
(Annual Report-Year Ended Dec. 31 1924.)
95,329
115,264 Payrolls & accts.
Special deposits_
Secs.(at market) 8,688,664 6,258,325
Payable
3,779,867 3,439,760
President W. J. Richards, April 30, says in part:
Depletion
Notes & accts.
‘11,746,8785 8,845,410
Philadelphia & Reading Coal & Iron Corp.-As provided by decree of
receivable.... 8,391,812 6,942,752 Depr. of prop...I
k 1,878,271
U. S. District Court, filed June 28 1923. and subsequent agreement with Accts. rec. from
Ins. & conting
1,280,178 1,511,533
Reading Co.dated Dec. 28 1923,Philadelphia & Reading Coal & Iron Corp.
177,043 Accrued interest
sund. debtors 1,354,125
during the y,ear ended Dec.31 1924 issued to Wilmington Trust Co.,trustee, Iron &steel prod 2,720.967 2,727,318
and taxes._ .. 5,174,055 4,659,236
of the total of 1,400,000 of its no par shares, 595,862 shares in the manner Coal on hand,,.... 7,923,184 3,280,166 Miners' benefiprovided in said decree. There was received in payment therefor $2,383,- Supp. & mans_ 6,589,785 6,494,090
cial fund
30,142
50.069
448. This amount was paid to Reading Co. on account of the purchase Accrued interest
81,742
110,680 Workmen's cornprice of the capital stock of the Philadelphia & Reading Coal & Iron Co.
918,309
fund_
Pens'n fund.... 1,633,465 1,731,182
Advices from Wilmington Trust Co., trustee, state that during the year Depletion
Workmen's fund 1,633,465 1,731,182 Minority interended Dec. 31 1924, of the above 595,862 shares issued to it, 498,697 shares Fire insurance_ 194,347
60,329
77,471
59,881
est in subside_
had been issued to holders of certificates of interest'who had filed affidavits Deferred Items_ 2,085,883 1.555,860 P. & L. surplus_ Scab
See b
the
required
by
terms
as
of the decree.
The consolidated balance sheet of Dec. 31 1924 and the summary of
134,017,587 132,156,455
134,017,587 132,156,455
Total
Total
consol:dated income and profit and loss for the year so ended, which is
meanddeVhihaer
con
a
Ft:
dsialp
aerres
ations of the
a Coal lands and other property of the Philadelphia & Reading Coal &
nd
subsidiaries,
Iron Co. and subsidiaries. b Represented by 1,400,000 shares of no par
value. c Reading Co. and the Philadelphia & Reading Coal & Iron Co..
Philadelphia c% Reading Coal & Iron Co.
Mint general mortgage 4% bonds, due Jan. 1 1997. $31,542,333, less exGeneral Mortgage.-The decree of the U. S. District Court filed June 28 changed
for Philadelphia & Reading Coal & Iron Co. Ref. Mtge. 5s. due
liability
the
of
the Philadelphia & Reading Coal & Iron Co. in Jan. 1 1973. $.30,838,667; less canceled and retired through sinking
1923, fixed
fund,
respect of the principal of the Gen. Mtge.4% bonds of Reading Co. and the $546,000: Philadelphia & Reading Collateral Sinking Fund 4% bonds.
Philadelphia & Reading Coal & Iron Co. outstanding Nov. 30 1922, to be 1892-1932. $750,000; First Mtge. bonds of subsidiary coal companies,
$31,542,333 1-3; and provided that the Philadelphia & Reading Coal & $50.000. d Due to Reading Co. for purchase of Capital stock of PhiladelIron Co.should execute a new mortgage constituting a lien on the company's phia & Reading Coal & Iron Co..-V. 120, p. 714. 462.
property, subject to the General Mortgage, and providing for a new issue
of bonds limited to the aggregate principal amount of $31,542,333 1-3,
Duluth & Iron Range Railroad.
said new bonds to be issuable only upon the surrender of Gen. Mtge. bonds.
The Philadelphia & Reading Coal & iron Co. accordingly on Jan. 10 1924
Report-Year Ended Dec. 31 1924.)
(Annual
joined with Reading Co. in offering to the holders of the Gen. Mtge. bonds
The Minnesota Iron Co., a subsidiary company of the 17. S. Steel Corp..
the right to surrender their Gen. Mtge. bonds and receive n exchange:
stock
capital
of the Duluth & Iron Range RR. See "Railway
the
owns
$666 2-3 of Gen. & Ref. Mtge. 434% Gold bonds. Series "A," of Reading
CO.. and $333 1-3 of Ref. Mtge.5% S'inking Fund Gold bonds of the Phila- & Industrial Section,
delphia & Reading Coal & Iron Co. for each $1,000 of Gen. Mtge. bonds
TRAFFIC STATISTICS FOR CALENDAR YEARS,
so surrendered.
1924.
1923.
1922.
In accordance with the decree of court, this offer was kept open until Freight carried-Iron ore-gross tons 4,862,036
6,547,197 6.027,359
then,
with
the
approval of the court, renewed for a Misc. freight-net tons
April 10 1924, and
999,766
1.135,681
571,454
period to be governed by a further order of the U. S. District Court.
ore carried one mile-gross tons-351,255,596 466.690,056 420,850,121
During 1924 the holders of the Gen. Mtge. bonds availed themselves of Iron freight-net tons
59.306,016 64,957.811 36,192,776
this offer to the extent that only $703,666 2-3 of the $31,542 333 1-3 above- Misc,
revenue
per
ton
per
mile
Average
mentioned liability of the of the Philadelphia & Reading Coal & Iron Co.
Iron ore-gross tons
1.190 cis.
1.204 cts. 1.252 ate.
•
under Gen. Mtge. bonds remains Dec. 31 192400 unexchanged Gen. Mtge.
Misc. freight-net tons
1.867 as. 1.935 cts. 2.125 cis.
bonds.
Passengers carried
112.970
163,656
159.298
Refunding 5% Sinking Fund Mortgage.-Pursuant to the provisions of the Passengers carried one mile
4,366,274 6,489.221
6,264,157
decree of the U. S. District Court aforementioned, the Philadelphia & 'Average revenue per pass. per mile
13.133 cis. 3.336 eta. 13.353
Timsrizsetohael knrrnocnia
Co.
2542
THE CHRONICLE
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1922.
1924.
1923.
15,285.905 $6,878,454 $6,037,527 $4,247,788
259,223
210,098
216,496
136,797
104,793
109,242
•
102.321
95.892
359,653
460.783
441,249
570.241
1,005
1,056
1,128
1.305
Freight revenue
Passenger revenue
Mail. express. &c
Incidental
Joint facility
Total oper. rev.
$5,960.971 $7,768,817 $6,818,657 $4.972.513
Operating ExpensesMaint. of way & struc__ $1,156,998 $1,189,547 $1,096,678 $1,095,754
Maint. of equip
1.459,021
1,555,635 1,309.873 1,141,195
14,207
14.249
Traffic expenses
13,983
15,012
Transportation
2,004,309 2,429,785 2,004,926 1.887,633
222,273
General
219,863
264,602
257,030
8,482
Miscell. operations
3.577
5,896
5,705
Transp. for invest.-Cr_
305
4.790
7,013
Total operating exp-- 14,897.606 $5,448,117 $4,648,861 $4,369,544
Net rev,from ry. oper_ - $1,063,365 $2,320,700 $2,169,795
$602,969
By. tax accruals
298,852
518.524
609,440
808,800
Uncoil. railway rev
329
402
1,308
185
Net oper. Income_ _ _ _ $254,380 $1,709,953 $1,650,869
$303,787
Total non-oper. Income_
479.981
376.197
423,622
503.021
Gross income
3679,985
$678.002 32,212.974 $2,130,850
Int. on funded debt_ _ _ _
407.550
407,550
407.550
407.550
Int. on unfund. debt dre..
25,262
35,046
28.176
29,704
Misc.Inc. chges-Cr_ _ _ _ 1,254,447
dr3,441
6
Amor, allowances
99.055
183,069
147.047
190,750
Net income
1144.676
31.349,675 31,584,962 31.505.183
Inc. appl. to res
xCr1,254,447
Dividends paid
975,000
1,625.000 1.300.000
975,000
Balance
eur.$1,629.122 def.$40,038 mm3205,183 def.$830,324
x Income applied to sinking and other reserve funds-adjustments
(credit).
GENERAL BALANCE SHEET DEC. 31.
1923.
1924.
1924.
1923.
AssetsLiabilitiesRoad & equipm't.81,070,980 30,848,074 Capitalstock
6,500,000 6,500,000
Misc. phys. prop_ 1,888,820 1,951,442 Grants in aid of
Liberty bonds_ __ 4,856,480 4,797,980 construction_
2,071,382 2,071,382
101 mtge. notes_ __
8,151,000 8,151,000
34,697
8,410 Funded debt
Cash
454,583
1,352,046 2,453,911 Current liabilities_ 396,011
Special deposits
328
2,575 2,453,911 U.S.Govt.def Alab _
Material dr suppl_ 823,858
21,889
5,824
916,504 Other def. Habit's_
Accts.receivable 4,392,538 4,174,259 Accrued tax Habil_ 261,947
511,052
Agents & conduct_
24,886
26,156 Prem.on fund.debt
Miscellaneous __
338,102
973
1,341 & insur.reserve_ 357,022
Interest receivable
45,368
45,368 Equip.& dock repl_ 6,213,488 5,818,551
Work fund adv.
3,528
3,526 Other unadj.accts. 405,349 1,665,113
Deprec.,insur., &c 1,470,875 1,324,104 Capital amort. M. 9,192,292 9,045,244
Land department_ 764,422
869,134 Approp. surplus_ _ 4,749,034 6,003,481
Other unadjusted
Swamp land grant_ 1,141,803 1,208,668
debts
84,014
61,669 Profit and loss... 7,370,909 5,696,108
Total
40,816,061 47,485,503
-V. 119. p. 578.
Total
46,816,061 47,485,503
Texas & Pacific Railway Co.'
(Annual Report-Year Ended Dec. 31, 1924.)
President J. L. Lancaster, Dallas, Texas, Mar. 18 wrote
in substance:
Operating Revenues.-Total operating revenues were $33,784,580, an
increase of 11.192,091 or 3.66% compared with the previous year.
Freight revenue was $23,930.347. an increase of $1,447,855 or 6.44%
'over the previous year. Tons of revenue freight handled increased 5.64%
and ton miles increased 13.86%. The average rate per ton mile decreased
6.51%, being 1.480 cents for the year compared with 1.583 cents in 1923.
The principal increases In tonnage handled were in products of agriculture
and mines and in manufactured and miscellaneous articles.
Passenger revenue for the year was 37.150,275, a decrease of $423,581,or
5.59%, compared with 1923. 1.905.858 passengers were handled, a decrease of 376.620 or 16.50%. The average passenger journey rose to 107.28
miles, compared with 95.55 miles the previous year. Other revenue aggregated $2,703,958 67,an increase of $167,816 90 or 6.62%.
Operating Expenses.-Operating expenses for the year were $25.242.323.
an increase of $260.665 or 1.04%.compared with the previous year. They
consumed 74.72% of revenues, compared with 76.65% in 1923. Maintenance expenses amounted to 311.312,163 for the year and consumed 33.49%
of revenues. Of this amount $4,841,082 was for maintaining roadway and
structures and $6,471,080 for equipment.
The standard of maintenance of the property was materially raised. 747,057 cross ties were inserted during the year, of which 442,918 were creosoted,
compared with 758,979 the previous year, of which 403,739 were creosoted.
A total of 119 pile trestle bridges, having an aggregate length of 10,356 feet,
were renewed in kind during the year. A program of reconstructing fences
on right-of-way lines was carried forward during the year. 217 miles of line
being refenced.
Transportation expenses were 311.589,114 for the year, an increase of
of $103,835 or 0.9%. compared with 1923. The transportation ratio of
34.30%,compared with 35.24% for the previous year, was the best obtained
in over a decade.
Taxes.-Tax accruals for the year were $1,837,500. compared with
81,430.000 in 1923, an increase of $407,500. or 28.5%. Ad valorem taxes
increased $33,100. and Federal taxes increased $374.400.
Capital Stock.-Capltal stock outstanding was increased during the year
823.703.000 by issue of non-cumulative preferred stock exchanged for a like
amount of second mortgage income bonds as provided in the plan of readjustment. A dividend on preferred stock at rate of 5% from May 26 1924.
date of issue, was declared and paid to holders of record on Dec. 311924.
Funded Debt.-At the close of the year $46.504,913 of funded debt was
outstanding, compared wirk $59,432.560 at the close of 1923, a decrease of
$12,927.647.
Road and Equipment.-Charges for additions and betterments made to
the property during the year, aggregated $4.086,516.
Federal Valuation.-Conferences were had with the engineering section of
I.-S. C. Commission. Bureau of Valuation, during the year, resulting in a
number of corfections in reports previously rendered. The 1.-S. C. Commission will probably render its tentative valuation report early in 1925.
New Industries.-During the year, 59 additional industries were located
on the line, for which an aggregate of 5.40 miles of track was constructed.
Four industry tracks were rearranged and extended an aggregate of 639
feet. $53,598 was received during the year from rents of miscellaneous
property, principally industrial sites, and 33,034 was received in royalties
from oil wells on property of the company.
Litigation.-The I.-S. C. Commission, on Jan. 19 1925 held a hearing at
Midland.Tex.,on the application of the company to abandon and dismantle
the line of the Midland & Northwestern By., acquired at foreclosure sale
to protect a debt. The decision of the Commission is pending.
TONNAGE OF COMMODITIES CARRIED.
Mines.
Forest.
Animal. Agricultural.
Mfg.,&c.
1,684,905
1924
1,732,867
3,479,472
271.598
2,225,767
1.613,492
1923
1,717,805
244,674
2.018,201
3,298,810
1922
1.206,427
3,017,828
1,298.630
204,439
2,005,578
1921
1,350.938
2,920,115
1,080,870
244,742
2,412,320
1920
1,609.868
3.931,805
1,518.736
320,015
2.288,000
1919
1.878.521
1,658.980
3,233.945
416.745
2,182,959
1918
1,306,125
2,543,928
1,409,155
475,227
2.429,317
1917
1,500,584
2,220,995
1.297,592
504.489
2.091,630
STATISTICS OF OPERATIONS FOR CALENDAR YEARS.
1921.
1922.
1924.
1923.
Miles operated
1,951
1.953
1,953
1,953
OperationPassengers carried
1,905,858 2.282,478 2.469,382 3,235.159
Pass.carried one mile.._.204.469,505 218,098.487 208,716,654 252.043,929
Rate per pass. per mile
3.44 cts.
3.48 cts.
3.49 cts.
3.47 cts.
Freight (tons)
9,394,609 8.892.982 7.732.902 8,008,985
Tons one mile
1616722.258 1419938,241 1379504.935 1393434,831
Av.rate per ton per mile 1.480 cts. 1.583 cts. 1.576 cts. 1.747 eta.
Av. train-load (revenue)
417
450
442
475
[VOL. 120.
A comparative income account was given in V. 120, p.2263.
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
1923. Liabilgies19 4.
$
$
$
$
Inv. In road and
Common stock_ 38,755,100 38,755,110
equipment --.136,684,234 132,597,718 Preferred stock_ 23,703,000
Dep. In lieu of
Fd.debt unmat_ 46.504,913 59,432,560
mtgd. prop_
2,979,420
79,910
12,072 L'ns & bills payMis. phys. prop.
270,419
70,767 Traf.& car eery.
Inv.In MM.cos_ 1,490,702 1,945,765 balm. payable553,139
778,798
Other investm'ts
58,081
59,597 Aud. accts. and
Cash
4,509,716 2,552,058 wages payable 2,421,854 2,266,381
Time drafts and
Miscel. accounts
deposits
72,730
2,500,000
109,915
payable
Special deposits_ 2,878,422
168,499 1,609,521
170,015 Int. mat'd unp'd
Traffic and car
Fund, debt mat.
serv. bats. rec
3,870
384,879
3,870
320,511
unpaid
Agts.& con. bal.
260,590
269,827
326,775
125,592 Unmat.Int. seer
Misc.accts. rec., 1,137,123 1,268,748 Unmat'd rents
Mat'l & suPp _ _ 4,072,950 4,681,830 accrued
31.595
39,077
Int. es dive. rec.
53,434
1,093
113,068
6,369 Other,
curr. nab_
0th. curr. assets
58,843
57,560 U. S. Govt.
Work. td. adv..
1,400,000
11,784
196,883 agreed settl't_
0th. def. assets_
32,081
59,857
225,020
363,047 Other del. liab
Rents and insur
521,322
657,065
Tax liability
prems. prep'd
17,225
24,639 Accrued deprec.,
Disc't on funded
6,306,865 5,799,678
equipment _
debt
641,303
94,722
26,205 Oth.unadj.cred. 1,469,138
Oth.unadi.debt
757,893
779,686 Add'as to prop.
thr.inc.& stir. 30,275,125 30,272,760
573,567
P.& L.-cr.bal. 3,809,915
Assets-
Total
155,502,845 145,259,063
155,502,845 145,259,063 Total
Note.-(a) The following securities are not included in assets shown:
Securities issued or assumed, pledged $5.500,000: securities issued or assumed, unpledged, $2,507,200; securities issued, in sinking funds $27,000;
total, $8,034,200. (b) The following capital liabilities, held by or for the
company, are not included in liabilities shown: Capital stock $8,700,funded
debt-unpledged $8,025,500: total 38,034,200.-V. 120, p.2263, 1455.
Nashville, Chattanooga & St. Louis Ry.
(74th Annual Report-Year Ended Dec. 31 1924)
President W. R. Cole reports in substance:
Results -Revenue from the transportation of freight represented 72.22%
of the total operating revenue. Almost 60% of the freight tonnage originated on line. Revenue received from the transportation of passengers
represented 20.4% of the total revenues, which is the same as in the previous
year, despite the fact that there has been a steady loss in local travel, due to
the competition of motor-bus lines. The increase in through travel met this
loss.
A higher operating efficiency is reflected in the table of earnings which
shows an increase in both the train load and the gross tons moved per train
hour. While a considerable reduction was made in maintenance expenses,
this has not been done to the detriment of the roadway, as the condition of
the roadway and structures is believed to be better than at any time since the
beginning of Federal Control. Constant efforts have been made to obtain a
higher efficiency in the work of the mechanical department and although
there has been some increase in the number of units of equipment in bad
order, the increase is not in proportion to almost$600,000 reduction in maintenance of equipment expenses.
Valuation of Property.-The tentative valuation by the I.-S. C. Comm.
of the properties owned and used for transportation purposes omitted such
substantial values and elements of value as to cause a formal protest to be
entered. Hearings on this protest were begun in Jan. 1925. and will be
resumed in May.
Capital Stock.-No change has been made ijtlitatanthng cap !.S.
'Funded Debt.-The funded debt was decreased,by the payment of notes
under Equip. Trust No.42 for $86,500 and Series "II" for $120,000, and the
annual installment of $12,500 on May 1 1924 to the U. S. Government on
the purchase of 5 decapod locomotives.
, Additions and Betterments.-Rxpendltures for improvements were made
during the year as follows: Roadway, $1,118.955; equipment, 3292,633:
total, $1,411,589.
OPERATING STATISTICS FOR CALENDAR YEARS.
1924.
1921.
1923.
1922.
1,258
Average miles operated_
1,259
1,258
1,259
Revenue tons carried__
6,935,048 7,336,264 5,994,427 5,277,759
Tonsrev. frt. car. 1 m_1311457.197 1377145,903 1197443,204 975,446,834
Tons carried 1 mile per
836,294
m. of road (density)-- 1,124,793 1,100.752 1,029,238
$271
Aver. rev. per rev. ton__
$246
$246
$268
Av.rev, per mile of road
313,539
$11,381
314.326
$12,757
No.ofrev. pass. carried_ 2.571,439 2,916,708 2,859,270 3,103,723
No. of rev, passengers
carried one mile
136,849,020 145,094,797 134,651,804 146,999,164
Ro. of rev. pass. carried
116,805
1 mile per mile of road
106,990
108,701
115,293
Aver, amount received
31 65
from each passenger
31 74
$1 63
$1 64
3.48 eta,
Av.rev, per pass. mile
3.52cts.
3.47 cts.
3.49 cts.
34,065
Av.rev, per mile of road
$3,825
$3.717
$4,021
- INCOME ACCOUNT FOR CALEND7rYEARS. --Operating Revenues1921.
1924 .
1923.
1922.
Freight
$17,044,426 $18,027,477 316,055,719 $14',323,243
Passenger
4,815,185 5,060,565 4,678,037 5,115,363
598,001
Mail
624.489
592.827
580,876
341,189
Express
600,348
564,525
620,381
546,806
Miscellaneous
517.198
474,606
500,537
•
Railway oper. revs_ _ _323,601,646 $24,801,787 $22,353,763 $20,924,602
Operating ExpensesMaint. of way & struc $3,573,811 • $4,405,882 $3,339,580 $3,065,616
Maint. of equipment_ _ _ 5,325,381
5,919,108 5,464,098 5,501,899
833,828
Traffic
914,280
818,197
883.475
Transportation
8,806.185 9,466,281
8,820,897 9,465,005
63,276
Miscellaneous
65,356
74.815
73,233
679,788
General
708,899
811,831
742,181
2.135
Transport. for inv.-Cr_
9,339
25,334
37,113
Operating expenses_ _ _319,480,969 $21,453,047 $19,207,688 $19,607,276
Net rev.from ry. oper
$4,120,676 $3,348,740 $3,146,075 $1,317,326
550,000
Tax accruals
420,000
651,900
701,900
8,687
Uncollectibles
16,991
3,673
4,671
$758,638
Operating income
$3,465,103 $2,642,169 $2,709,083
Non-Oper. Incomecr$17
87:137
48
Hire of equip
Dr149,752 Cr$Egg
Joint facility rents, &c__
207,291
113,098
Inc.from lease of road-01
m:81
801
801
Miscel. phys. property__
48,630
Inc. from fund. securs__
63,879
111,497
Inc.from unfund. secs__
08
1
3
107,4
14
8:85
1
77,411
lq!!!
,514
1
8
4,130
Dividend income
10,610
Miscellaneous income_
Gross income
$3,723,975 $3,399,454 $3,556,326 $1,641.571
Deductions$141,904
Jointfacility rents
$149,747
$806,506
Rent for leased roads _ $806,506
$806,506
$806,508
1,448
734
Miscellaneous rents_ _ _ _
1,580
1,067
16.480
17,884
Miscel. tax accruals_ _
18,100
18.100
892,894
Int. on funded debt_ _
9001113
943,699
940,556
42,141
Int.on unfund.debt_ - _ 1,723
1,276
Dividends (7%)
1,120,000 1,120,000 1,120,000 1,120.000
Total deductions
82.888.466 32,890,648 32,995,804 $3,021,371
3560,522df$1,379,802
Net income
$508,806
1835.509
crsmig
MAY 16 1925.]
Assets-
THE CHRONICLE
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
1924.
Liabilities-
Road Ss equip't.._48,041,814 46.957,777
Impts. on leased
railway property 2,447,636 2,120,084
Sinking funds_ _ _
9,000
16,000
Deposits In lieu of
mtged.prop.sold
2,486
2,486
Misc. phys. prop__ 603,463
537,331
Inv.in affil. cos.__ 1.035,068 1,028,534
Other investments 1,257,061 1,372,540
Cash
1,737.475 1,684,002
Dem.ins & dopes.
10,000
10,000
Time drafts& dep_ 760,000 1,050,000
Leans & bills rec
8,465
6,178
Traf.,&c., bal. rec. 274,073
273.625
Bal. from agents
193,210
289,547
Special deposits_
33.226
Misc.accts. rec..,. 950,012 1,032,644
Mans & supplies- 2,597,932 3,059,809
Other curr. assets.
29,966
28,409
Work, fund adv..
31,095
32,696
Other def. assets._
59,898
87.451
0th.,unadj. debits 725,737
796,969
1923.
2543
New York Telephone Company.
(Annual Report-Year Ended Dec. .31 1924.)
Capitalstock
16,000.000 16,000,000
President J. S. McCulloh, May 5, wrote in substance:
Prem.on cap.stk_
10,480
10,480
Fund, debt unmat18.674,000 18.893,000
Earnings.-Net income for 1924 was over 9 times the amount necessary
Traffic, &c., bals_ 312,249
320.475 to provide'for
dividend requirements of their investment. Despite this
Vouch. & wages 2,073,089 2,000.975 fact, it cannotthe
be said that financial results of operation were satisfactory.
Misc. accts. pay__
44.969
59,142 Due to continuing inadequate rates, net profits fell short by a substantial
Interest matured_
12,360
17,850 amount of meeting the sum necessary to pay the usual dividend on the
Divs. matured_ _ __
2,504
3,906 common stock and this deficit was made up by an appropriation from surplus
Funded debt mathat had been accumulated in past years. Net telephone earnings for the
tured, unpaid__
9,000
16,000 year amounted to only 3.76% on the average book cost of the telephone
Unmat.int. accr'd 247,486
251,695 plant and equipment.
Other curr. Habil__
44,889
40,895
Surcbarg. New York City.-The computation of net earnIngsindudes as
Def'd liabilities. _ _
8,315
8,842 operating
revenue the sum of $3.875.362 received by. the company as a
Tax liability
203,651
965,379 result
of the 10% surcharge upon local rates in New 'York City permitted
Prem.on fund.dt_ 101,395
101,395
Accr. depr.equip._ 6,749,162 6.294.141 under an order of the U. S. District Court and put into effect on May 1
1924. This increase was granted as a temporary measure pending final
Accr. deprec., rats.
of a suit in equity brought to restrain the further enforcePhysical prop'ty
38,663
31.698 determination
ment of rates prescribed by the New York P. S. Commission and, under
0th. unadi.credits 899,643
855.936 the
usual form of court order in such Cases the company has given security
Addns.to property
thru. Inc. & Bur_ • 362,987
361,540 to return to subscribers the amount of the surcharge so collected in the
Profit and loss._ _ _14,979,571 14,185,960 event that the company does not succeed upon the trial. This suit is
referred to again later in this report.
Rotes.-It is no new condition that the company tams at present but
Total
60,774,394 60,419,312
Total
60,774,394 60,419,312
steadily for several
Note.--Contingent liabilities:(a) L. & N.Terminal Co.50-Year 4% Gold rather the result of a trend that has been developing
Some time ago our revenue reached a point that would have been
years.
bonds outstanding endorsed by N. C & St. L. Ry. and L. & N. RR. Co.,
and far below the amount
$2.601,000. (b) Memphis Union Station Co. let M.5% Gold bonds guar. deemed inadequate in any successful business
of the property.
by N. C. & St. L. By. and other interested railroad cos., $2,500,000. (c) needed to provide a fair return on the valuealmost
constantly before the
For the last 5 ,years the company has been
Paducah & Illinois RR. Co. 1st M.434% Gold bonds endorsed by N. C.
& New York P.Ss Commission in an effort to secure rates that would provide
St. L.
C.B.& Q.RR.Co.,$4,428,000. (d) Fruit Growers' Express adequate
has failed to make
however,
Commission,
compensation.
The
Co.'s ob gations for purchase of facilities
es and lease of cars.5annual installments of 19,509 with interest at 6% guar. by N. C. & St. L.(maximum proper allowance for the changed purchasing power of the dollar and to
affairs
Is due.
state
of
present
measure
the
in
a
large
this
fact
principal liability), $97,543: grand total. $9,626.543.-V. 120, p. 2143.
It is obvious that more dollars are now necessary to pay for almost
everything than was the case in pre-war times. Commodities in general
Fonda, Johnstown & Gloversville RR.
are up over 50%; the cost of living is up about 65%: the wages we pay(44th Annual Report-Year Ended Dec. 31 1924.)
and this factor is important since 58 cents of every dollar we receive for
service is consumed by wages-are over 90% higher.
President J. Ledlie Hees reports in substance:
Our construction, maintenance and operation all cost us considerably
Revenues.-Gross revenues for the year were $1,279,865, a decrease of more than they did formerly but the level of the rates we are now allowed
$191.354 compared with the previous year. Nearly all classes of revenue to charge for local service in New York City, including the surcharge of
showed a decrease due to generally unfavorable business conditions and the 10%, is today actually only 13% higher than in 1914. Throughout the
unusual depression in glove, leather and textile industries in Gloversville, territory in which the company operates the average increase in rate level
Johnstown and Amsterdam, cities served by company. Freight revenues over that of 1914 is only 17.7%.
amounted to $454,615, a decrease of $114,399 or 20% through a decrease of
Comparing the present and former purchasing power of the dollar, our
36.987 tons of coal and 38,010 tons of merchandise handled. Passenger rates are now substantially lower than they were 10 years ago. We have
revenues on the steam division showed a decrease of $12.773 or 24.6%, had to meet the changes in money value in all of our expenses but we have
while passenger revenues on the electric division decreased $55.719 or only not been allowed to make anything approaching a like adjustment of the
7.2 0. Express revenues showed a decrease of 85.066 or 11.74%.
charges from which we derive our income.
Expenses.-Operating expenses, including charges of $42,839 to
It is necessary for the company to provide telephone facilities reasonably
tion reserves, amounted to $835,882, a decrease of $62,813. Thedepreciasufficient
to meet the needs of the public. Since the close of the war there
"Fuel for train locomotives" in steam division expenses showed a account,
has been an abnormal demand for service and it has been necessary in the
decrease
for the year of $14.509.
last 5 years to spend approximately $278000000 for new plant. The
Wages.-The company's payroll amounted to $599,070 or 47% of gross work had to be done in a period of excessively high costs, which still
revenue, a decrease of 813,039.
continues. As a result, the average investment involved in each telephone
Taxes.-Taxes were $92,235, a decrease of $2.478. U. S. Government has gradually become larger and with rates only slightly increased the net
Internal Revenue taxes decreased $9.800, but other taxes increased $7,322. return from operating each station has diminished.
Surplus.-Income available for interest charges amounted to $370,539,
In the next 5 years we expect to add 800.000 telephones to our system.
While after deducting interest charges of $315,241, the net income
will eost about 8312,000,was Necessary additions to plant for the same period
$55,298. Corporate surplus on Dec. 31 1924 amounted to $421,189 and
000. To finance this program we must compete with other enterprises
depreciation reserves $645,009.
seeking funds from investors and our net earnings must be sufficient to
Financial.-During the year company sold $300,000 1st Consol'd Gen. insure an adequate amount of new money at reasonable cost.
Ref. 434% Mtge bonds. Company now has outstanding
4%
Pending Rale Cases.
bonds and $6,200.000 434% bonds, none of which mature $800,000
before 1947.
No securities other than those above mentioned have been issued
State of New York.-(1)In the report for 1923 attention was called to the
during the
year.
suit which the company was compelled to bring in the U. S. District Court
Additions and Betterments.-Durinst the year there were charged to invest- for the Southern District of New York to•enJoin the further further enforcement, road and equipment expenditures for additions and betterments
ment of the rates prescribed by the New York P. S. Commission which
amounting to $74,178.
became effective March 11023. In that suit the court granted a preliminary
and, pursuant to its terms, the company has since May 11024.
A comparative income account was given in V. 120, p.2263: Injunction,
collected a 10% surcharge upon its local exchanee rates in New York City.
GENERAL BALANCE SHEET, DEC. 31.
In granting the injunction the court. conposed of three Federal judges,
found that the Public Service Commission had committed several errors of
Assets1924.
1923.
Liabilities1924.
1923.
law in the procedure which it followed in fixing the rates complained of
8
Inveut. In rd. and
by the company, and that the company was justified in complaining of
Common stock__ 2,500.000
such procedure. This injunction will continue in effect until the final
equipment
10,201,097 10,126,919 Preferred stock-- 500.000 2,500,000
500,000
determination
of the suit, which is now on trial before a Special Master
Imprvts. on leased
Funded debt
7.000,000 6,700,000 appointed by the
court.
railway Prop
24,379
24,379 let Cons. gen'i ref.
above suit was bought to prevent further enforcement of the existing
The
phys. prop 439.686
384,542
434, (in treas.)300,000 rates, but that the power of the Commission to fix other rates in the place
Invest. in attn.co. 227,044
279,990 Lns.& bills pay_ _ _ 110,000
235,000 of those complained of remains unaffected by the suit. Therefore, the
Other Invest
.8.600
8,600 Acc'ts payable_ _ _ 140.894
163.454 proceeding looking to the fixation of new rates which was commenced
Cash
49,796
60,157 Ace. habil'ties_ _ _
72,447
70,939 before the commission in Jan. 1924. Is also still pending and undetermined.
Loans & bills rec._
12,237
10,827 Unadj. credits._
1r.5,994
D7.1.976
The company will do everything possible to bring these cases to an early
Meta reeble
56,913
62,174 Ace. deprec
645,009
611,297 conclusion
and endeavor to obtain a rate order from the Commission which
Materials & sup_. 112,961
122,378 Surplus
421,189
396,028 shall have due regard to the principles of law stated by the Federal court
Deferred assets___
15,425
16.375
In the opinion above referred to.
Disc,on fund.debt 164.601
64.287
State of New Jersey.-(2) The schedule of increased rates referred to in
Unadj. debits__ _
70,804
14,113
the report for 1923 was suspended pending an investigation of their reasonSecurities issues or
by the Board of Public Utility Commissioners. This investigation.
ableness
assumed
300,000
which was commenced in March. 1924, was not concluded by the board
until
Dec.
31 1924. when it made an order disapproving the proposed
Total
11,383,545 11,474,741
Total
11,383,545 11,474,741 increase.• Counsel
for the company believe that this order is illegal and
-V. 120. 2263, 214.i.fla
would, if enforced, confiscate the property devoted to the rendition of the
service. Acting upon this advice the company on Jan. 29 1925. commenced
Chile Copper Company.
a suit in equity in the U. S. District Court for the District of New Jersey
Annual Report-Year Ended Dec. 31 1924.)
to restrain the Commission from enforcing its order, and have asked for a
Preliminary injunction pending the trial of the suit. The application for
CONSOLIDATED INCOME ACCOUNT (INCL. SUBS COS.)
such Injunction was argued at Trenton. New Jersey, on March 16 and 17
FOR CALENDAR YEARS.
1925, before a special three-judge court, but no decision had been announced
1924.
1923.
1922.
1921.
up to the time that this report went to press. 1Federal Judges Rellstab,
Copper produced (lbs.)_211,644.026 204,897,590 134,568,506
Copper sold & del. (lbs.)213,418.044 203,801.420 144,588,097 54,008,065 Joseph Buffington and Hugh Morris on May 12 signed an order restraining
67.823,964 the company increasing its rates in New Jersey. Increased rates wli go
Gross prices delivered-- 13.255 cts. 14.677 eta. 13.540 cts. 13.7993
cts.
effect May 31. The order provides that the company post $2,000,000
Operating revenue
$28,289.013 $29,911,105 $19.576,635 $9.359.266 Into
as surety pending final ruling-Edi
Operating costs
11,812.500 12,394,688 10.411.116
6,595.449
Additions to Plant.-In 1924 construction of new buildings and the
Deliv., selling, &c.. exP1,257.701
829.068 Installation of cable and apparatus were continued on the same emergent
Net operating Income..$16,476,513 $17,516,417 $7,907.818 $1,934.749 scale and with maximum speed. As a result our facilities became adequate
Dividends Chile SS. Co_100,000
to meet requirements and at the end of the year we were able to provide
Interest & disc. received
576,375
678,211 new service without delay in all but a few localities. A reasonable amount
Other income
1,297,008
1.108.611
of reserve plant is gradually becoming available and one of the most pressing
104.156
68,491
Profit on undelivered
and difficult problems ever faced by the company finally has been surcopper sold
1,810,637
mounted.
Total income
During 1924, 473.706 telephones were installed and 264.982 disconnected.
$17,773.521 $20,435.665 $8,588,350 $2.781,451
Federal taxes, &c
leaving a net gain of 208.724. This is the largest number ever added to
1.781.508
1,214.255
553.384
615.284
Interest on bonds
the
company's system in a single year. As it included deferred as well
2.240,000
2,384.093
3,148.012
3,150.000
Deprec'n plant & equip't 2,399,075
2,116,053
2.856,568 2,984,115 as current applications, it will probably stand as a record at least for the
Amortization
next
few !succeeding years.
140.000
140,000
Depletion
The building program which made this accomplishment possible included
2,852,884
1,338.520 the
Plant superseded or _
following items: New buildings completed 7: existing buildings enlarged
abandoned
406,110
232,474 17: new central offices completed and opened 34; additions to existing
(10%) 10,977,650 10.908,800
Dividends
central offices completed 251.
Miles of wire added: In underground cable 1.390.822; in aerial cable
Balance,surplus
8375,288 $3,812,464 df$1,368,608 df$5,678942
186.783: in submarine cable 3,850: in open wire, aerial 15.985.
CONSOLIDATED BALANCE SHEET DEC. 31
The net cost of these and other additions to plant in 1924 was over
$76,000,000.
1924.
1923.
1924.
1923,
Service.-On Dec. 311924. the total number of stations in the company's
$
AssetsLiabilities$
$
Prop.investm'tx125,216,030 123,828,108 Capitalstock._.109,778,500 109,776,500 system was 2,250,356. With over 200,000 more stations In operation
than
in the previous year, the work of all departments was proportionately
chges.
Incl.
Def.
Coll.trust bonds 35,000,000 35,000,000
greater and the number of employees reached a total of 59.709 at the end
disc, on bonds 3,075,691 2,469,820 Res. for renewls
of the year. Volume of traffic increased to a daily average of well over
& rept., Ins.,
Suppl. on hand &
and the addition of each new central office increased the
10 million
&c
exp. prepaid_ 7,177,187 6,463.555
520,153
746,935 complexity calls*
of operation. Despite these facts, it is gratifying to report
Int.& taxes accr
Copper In proc.
738,824 1,226,708 that
at no time in the history of the company have our operators set so
& on hand.,, 1,646,025 1,936.386 Accts. & wages
high a standard of preformance in speed. accuracy and courtesy, the
payable
Accts.receivable 5,117,329 5,660,374
3,943,635 3,441,311 essentials
of good service. In proportion to the millions of connections
10,571,438 10,571,438 Surplus
Securities
7,164,095 6,788,807 established,
operating errors and irregularities have been comparatively
Cash & call loans 4,339,508 6.050,580
Infrequent. Difficulties due to mechanical and equipment troubles have
been
materially
lessened and the property has been maintained at a high
157,143,208 156,980,261
Total
Total
157,143,208 156,980,261 state of
efficiency•
x Property investment $99,275,136; plant and equipment at mines,
Machine Switching.-At the end of 1924. 184.986 telephones in our
plants,
railroads,
power
steamships.
reduction works,
etc., $43,000,955: system were of the dial type which provides service by means of machine
less reserve for deprec. of plant and equip. $17,060,060.-V. 119. d. 1846. switching equipment. During the year 115,693
telephones of this type
R li
2544
THE CHRONICLE
were installed. 13 mechanical central offices were put into service and
11 existing offices were substantially enlarged.
The new offices include one serving a part of the financial district of
New York City which is, telephonically and otherwise, one of the busiest
localities in the world.
Financing.-There were no new issues of securities during the year.
Additions to property were financed by (I) Final installment payments for
Preferred stock which had been subscribed for under an installment plan
adopted in 1922; (2) sale of securities of other Bell System and associated
telephone companies, owned by the company;(3) loans from the American
Telephone & Telegraph Co.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
Operating Revenue-1922.
1923.
1924.
Exchange service
$109.629,221 $95,793,602 $83,483,313 $76,253,404
Toll service
31.495,029 28,805.107 25,836,316 23,177,770
177.094
Miscellaneous
292.991
259,975
213,981
Total
$141,338,231$124,858,684$109,612,620
Operating ExpensesGeneral
$3,659,135 $3,212,279• $3,201,233
Operation
63.719,975 57,708.573 52,010,102
Maintenance
43,885.585 35.460.077 30,626.428
Rentals
3,601.966 3,235.953 2,861,732
Insurance
123,906
153,220
145,631
Taxes
8,634,023 8.344.462 6,915.395
$99,608,268
*2,540.810
49,884.659
27,007,158
2,605.147
113.823
6,052,152
Net earnings
*17,691.917 $16,744,119 $13,873.822 $11,404,519
Div. & interest earnings 6,869.157 9,588,477 11,109,158 9.403,050
585,467
630.026
Miscellaneous earnings
48.757
44,060
Total net earnings_ $4.605,134 $26.381,353 *25.613,006 *21,393.036
Interest
$9.674,422 $8,390,850 $8,643,174 $8,148,493
Surcharge N. Y. City- x3.875.362
440,731
1,198,581
Preferred dividends_- 1,593,521
Common dividends__ -- 16,375.360 16,375.360 16,375.360 12.841.247
[Vol.. 120.
Inspiration Consolidated Copper Co.
(Annual Report-Year Ended Dec. 31 1924.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
6 8
1,7
924
:115 151,17
2
834
Copper co
pro
duced (lbs.)_ 90,832,927 88,881,012 691.92
pper
Sates
$12 430 177 $10.779,320 $10,236,894 $8,636,498
$728,919
.cetxp
lnu
Red
M
. (incl.
ion
expenstrsvt
ci-. $3,485.526 $3,589.940 $3,025,064
l.)
in
850,720
tramp. of ore)
4..32,872 4.426,137 3,377,512
Ref. & sell. exp. (Incl.
492,628
transp. of metals)
1,771,350 1,674,739 1,548,751
166.224
399,941
289,262
Admin.exp. & Fed.taxes
267,188
9,746,476
2,799,021
Copper on hand Jan. 1.. 3.008,272 1,520.481
Cr2,799,021
Cr1,520,481
Cr3.008,272
on
Copper
hand Dec.31_Cr2,360,492
166,593
314,254
399,965
Depreciation
408,748
97,415
37,794
Interest paid
48,617
Balance
*1.668,096 11,887,067
66,235
Interest received
130,710
Income from investment
35,497
$254,938 def$813,456
Net income
81.703,593 $2,084.012
Dividends paid
(l0%)2363934
Suspension expenditures
$255,247 def$701,355
309
229,081
112,101
1,089,066
$26,166df$1,790,421
$1.703,593 def$279,922
BALANCE SHEET DEC. 31.
1923.
1924.
1924.
1923.
$
$
LiabilitiesAssetsCapital stock_ ___:23,639,340 23,639,340
Mines, min. claims
& lands
17,560,792 17,424,556 Res. for deprec_ .. 4,561,675 4,128,163
Bldgs. & equip_ _ _13,599,498 12,554,503 Accts.& wages pa-y 1,356,986 1,614,897
Inv.In sundry cos_ 1,008,350
972,521 Divs. Pay. Jan. 7
590,984
Suppl. & prep. exp 1,096,872 1,682,148 1924
7,696,066 5,992.473
Copper In process
Surplus
and on hand (at
cost)
2,360,492 3,008,272
238,810
147,991
Accts.receivable
Cash & cash assets 1,480,073
85,047 Tot.(each idde)_37,254,068 35,965,857
x Capital stock,authorized. 1,500,000 shares of$20 each;issued 1,181,967
shares.-V. 120, p. 1336.
Balance, surplus
$403.296
$416,562
*153.741
Balance, surplus_ __defif3.913,530
x Subject to possible refund.
BALANCE SHEET DECEMBER 31.
1923.
1923.1924.
1924.
$
S
LiabilitiesAssets$
$
Real estate
61,720,218 51,783.617 Preferred stock_ 25,000,000 21,885,600
Telephone plant.417,331,122 331,680,639 Common stock_204,692,000 204,692,000
140.869
164,217
Prem.on cap.stk.
Construction in
The American Gas Co., Philadelphia.
progress
25,394,332 44,797,348 Bonded debt_ _ _136,255,580 437,494.075
113,500
83,350
Real est. mtges_
Furniture, fixReport-Year Ended Dec. 31 1924.)
(Annual
11,554,797
11,382,461
pay.
Bills&accts.
tures, tools,
Itc '
Pres. Morris W.Stroud, March 1, wrote in substance:
11,737,321 10,362,929 Accr. liabilities_ 4,941,161 8,136,990
Cash & deposits 8,245,853 5,608,186 Adv. from sysResults.-Company and its subsidiaries for the
1924, after all charges.
Adv, to system
tern corp'ns__ 43,831,554 30,711,654 earned 14.2% on the average outstanding stock,year
of which $237,577 was left
corporations _ 5,112,239 5,062,239 Services billed in
of the subsidiary companies,$487,741 was paid in dividends
332,923 in the surpluses
537,481
Bills and accts.
advance
on the stock of this company, and $538,613 was added to surplus.
receivable__ _ _ 18,088,058 16,214,432 Reserve for empl.
The statement of earnings shows an increase in operating revenue of
Stocks & bonds_ 36,639,281 87.719,480 benefit fund_. 4,500,000 4,500,000 the subsidiary companies of $671,674.
107,881,948
reserve122,799,811
Sinking funds_ _
258,751 Deprec'n
261,025
Mainlenance.-There has been spent by the subsidiary companies for
ng. reserve 5,393,502 1,518,141
ntlius
Cuorp
Unamortiz.debt,
,905 s
28.333,703 29,504,546 maintenance or credited to retirement reserve a total of $1,617,834, being
disct. & exp._ 3,732,584 3,956
of the gross revenue, an increase of $41,845 over the amount so
15.3%
Prepaid expenses 1,651,908 1,022,414
charged in 1923.
Subsidiary Co.-Early in the year the board felt it wise, owing to
of
Sale
558,466,944
587,914,821
Total
587,914,821 558,486,944 Total
the unsatisfactory local situation, to dispose of the Consolidated Light &
--D. 120, D. 2012, 829.
Power Co. of Kewanee, Ill., which, considering the conditions, was done
on satisfactory terms.
Duluth Missabe & Northern Ry. (U. S. Steel Corp.).
Acquisltions.-During the year we purchased the Northern Iowa Gas &
Electric Co. and subsequently merged it with the Citizens Gas & Electric
1924.)
(Annual Report-Year Ended Dec. 31
Co. of Waterloo, Iowa,into the Central Iowa Power & Light Co. This was
a desirable addition to the Iowa properties, and by its acquisition our situaSTATISTICS FOR CALENDAR YEARS.
tion in Iowa Is very much strengthened.
1922.
1923.
•
Freight1924.
Conversion of Bonds.-To Dec. 311924, inclusive, of the $3,122,000 7%
Iron ore (gross tons)
13,326,076 22.043.456 13.870,642 Convertible
bonds maturing in 1928, there had been converted $832,900,
1,440.410
2,009.524
Miscell. freight (tons)
1,459,592
the amount of Common stock outstanding as of that date 94,333
making
All frt. 1 mile (net tons)
1168543.883 1838289.870 1194981.781 shares.
$0.7835
Aver,revenue per ton
$0.7522
*0.7792
New Plant.-The limit of the capacity of the Luzern° County Gas & Elec1.11 cts.
Aver, rev, per ton per mile
1.09 cts.
1.09 cts.
station had been reached and in order to meet
$1727 tric Co.'s electric generating
Aver. rev, per train mile
$1896
$1890
the demands made on us for additional power, it was decided to erect a
PassengerLuzerne County, on the Susquehanna
Township,
new
Hunlock
in
plant,
257.686
Passengers carried
148.791
93,416
about six miles below our present electric plant.
Pass. carried one mile
3.912,856 6,094,708 12.180,041 River,
A contract was made in June with Stone & Webster to erect buildings
Aver, revenue per pass
$1 3116
81 4392
81 6336 sufficient
to install machinery of 50,000 k.v.a: capacity, connected by a
3.46 cts.
Average rev. per pass pft• mlle
3.51 cts.
3.13 cts.
plant. The initial installation will be a
81 39 66,000-volt line to our present
Av. pass. rev, per train mile
81 86
$0 69
25,000 k.v.a. machine. This will involve an expenditure of about $5,500.INCOME ACCOUNT FOR CALENDAR YEARS.
000. The financing of this plant has been accomplished and the money is in
bank, being drawn down as the work proceods. It is confidently expected
1922.
Operating Revenues-1923.
1924.
Frefgh,t-Iron ore
111,413.036 $18,157,851 $11.768,196 the work will be completed this year. Our present thought is another
Freight-Miscellaneous
1,925.603 1.532,764 25.000 unit will be required within 18 months.
1,354.284
Customer Ownership.-The campaign to sell Preferred stock under the
420,958
Passenger
214.141
122,527
318,968 customer ownership plan by the employees of the subsidiary companies has
Mall, express, &c
405,401
302.798
935,925 been extended to include the Central Iowa Power & Light Co. and Rockford
Incidental & joint facility
1,550,558
663.454
Gas Light & Coke Co., although in the latter company a debenture bond
Total operating revenues
$13,856.099 *22,253.554 $14,976,811 drawn in much the same form as Preferred stock has been used.
During the current year 22,719 shares of Preferred stock of the subsidiary
Operating ExpensesMaintenance of way and structures... $1,986,951 $2,013,573 $1.899.053 companies have been sold to 2,315 subscribers, making the total amount
1,855,429 outstanding Dec. 31 1924. 49,306 shares held by 5,936 subscribers. and
2,214,228 2,331.335
Maintenance of equipment
Extensions.-During the year *4,389,283 has been spent on extensions
39.374
37,927
38.857
Traffic
2,966,326 4,448.157 3,494.403 improvements, which will bear fruit in the coming year. This indicates
Transportation
8,407
13,487
20,541 a healthy growth in the various districts; there is every indication that this
Miscellaneous operations
271,820
244,129 growth will continue.
292,417
General expenses
Total operating expenses
87,507,186 $9.0'17,748 $7,551.484
Net revenue from railway operations.. $6,348.913 *13,155.806 $7.425.328
876.729
2.491,715 2,479,572
Railway tax accruals, /cc
Total operating income
Total non-operating income
83,857,198 $10,676,232 $6,548.599
529,785
617,892
788.024
Gross income
84,645,223 $11,324,124 $7,078.384
16,276
21,185
616
Hire of equipment (net)
264,930
282,515
269,893
Joint facility, leased roads, &c., rent..
471.483
421.631
448,651
Int. on funded and unfunded debt,.,.
253,395
258,314
396.357
Miscellaneous income charges
Total deductions
Net income
Dividends paid
$971,024 $1,128,140 $1,006,083
3,674,198 10,195,983 6,072.300
3.290,000 4,112,500 3.084,375
$384,198 *6,083,483 82,987,925
Balance. surplus
GENERAL BALANCE SHEET DECEMBER 31.
1923.
1924.
1923.•
1924.
$
$
LiabilitiesAMU4,112.500
4,112,500
stock
Capital
44,038,427
Road & equIpm't_44,755,584
297.335 Gen. mtge. bonds_ 8,251,000 8,794,000
Misc. phys.prop__ 295,559
418,733
Liberty bonds_ _ 335,100 3,177.804 Accts. & payrolls_ 337,378
133,277
60,693
Misc, accts. pay_
Trustees of bond
75,567
55,426
129,883 Traffic, &c., bats_
sinking fund_
8196,892
220,125
206,300
matured_
Interest
3,345,016
Cash
449,930
71,437
47,572
220,125 Other curr. Habits_
Special deposits_ _ _ 206,300
28,623
11,088
Other def'd liablls_
'Traffic, &c., balances
13,296 Accr. tax Habits_ 1,094.075 2,248,496
2,888
4,476
4,212
Premium on bonds
Miscell. accounts
433,832
receivable
16,283,703 18,182,003 Insur.fund reserve 465,769
34,022 3,377,976
Agents & conduoOther unadj.accts.
tors
37,607 Equip, and docks
38,763
Materials and ffUDdepreciation_ _ _ _ 8,570,371 8,063,051
Plies
1 703,421 1,291,211 Amortization fund 5,989,265 5,743,701
Other assets
82,700
83,985 Surplus Invested In
Insurance & other
sinking fund_b_ 2,208,032 2,208,032
funds
3,325,572
455,235 Approp'd surplu.s..12,261,309 11.773,325
Unadj. debits. _
and loss. __ _23,976,839 23,564,778
Profit
12,428
67.685.841 71,271.929
Total
67,685,841 71,271,929 Total
•Represents $5,721,000 par value of company's own bonds redeemed with
sinking fund, but held by trustees, not treated as an asset. b Being net
income appropriated for payment of bond sinking funds.-V 119, p• 578.
The usual comparative income account was given in
V. 120, p. 1324.
COMBINED BALANCE SHEET DEC. 31 (INCL. SUBSIDIARY COS.)•
1923.
1924.
1923.
1924.
LiabilitiesAssetsCap.stk.,A. G.Co 9,443,000 7,804,100
Plant,
&c..
Investment
69,620,298 59,444,954 Pref. stock (sub.). 8,023,814 6,159,810
kept..
Cash
2,168,332 1,589,945 Subscrip's to Pref.
19,862
61,554
Accts.receivable._ 1,691,750 1,209,124 (subsidiary) ___
Bonds outstanding
Trustee account 5,084,263
7,768.700 6,139.000
Real estate InvestA. G. Co
merits
389,318
Subsidiary cos...39,375,400 28,848.300
Notes receivable._ 409,689
440,401 Real estate mtge._ 175,000
Int.& dive. receiv.
146,357 Accounts payable. 810,910 1,085,803
Stock & bond Inv_ 2,863,431 3,287,195 Notes payable.... 1,725,250 4,197.834
Sundry investm'ts. 105,064
71,711 Consumers'deposit
606,918
705,277
Materials and supaccounts
335,982
plies
1,708,897 1,966,070 Accrued taxes.... 335,582
713,320
Prepaid accounts_
42,868 Accr.int.,rentsolic. 915,914
20,864
28,588
47,749 Divs. on Pref. stk.
47,876
70,881
Sinking funds..,.
52.081
172,870
28,565 Sundries
Special deposits_
Escrow account__
&
fla
El.
643,000 East Pa. G
450,000
Mlscell. accounts_ 749,066
588,247 Co. notes& bds..
156,388
Contrib.for exten_ 247,350
89,949
168,785
Miscell. reserves_
Capital stock,sub.,
9,5gIA:
10,032,790
all owned
4
Contingent reserve 1,378,131 2,811.841
3,493,551
Total(each side)..84,881.754 69,486,186 Surplus
-V. 120, p. 2266.
Deere & Company.
(Annual Report-Year Ended Oct. 31 1924.)
Pres. Win. Butterworth, Moline, Ill., Jan. 12, wrote in
substance:
Sales.-Sales were about 4% leas than a year ago, and resulted in a
somewhat smaller income from operations. But the not income for the
year shows a slight increase by reason of a reduction in administrative
expenses and Interest charges.
Working Capital.-The net working capital shows an increase during
the year.
Inventories were reduced $3,468.285 during the year, and asTusual,
were priced on a very conservative basis (at cost or market, whichever
MAY 16 1925.]
THE CHRONICLE
2545
cable Is expected to have a capacity of over 1,900 letters per minute,or three
times that of an old type cable.
While devoting considerable attention to the study of high speed cables for
the future, engineers are not unmindful of the possibilities of increasing the
capacity of your present cables, and considerable has already been accomplished in this direction. The recent successful installation on cables
lopetween Weston. Eng., and Waterville. Ireland, of the Pernot and Rich
system of superimposing Mx additional circuit in the present cables, thus
giving three circuits in each cable where but two existed before, is an important and far reaching step in the direction of securing increased facilities without substantial additional capital investment.
In the light of all of the above, the trustee;cannot emphasize too strongly
that the recent developments in the field of cable engineering, as set forth
in this report, looking to greater speed, increased capacity and more economical methods of operation, assure that the cable will continue its preeminence in the field of trans-oceanic electrical communication over any
other form of communications' servir.
As mentioned in previous reports. The Commercial Cable Co. has a contract with the German Atlantic Cable'Co. providing for the restoration of
direct cable service between Germany and the TJnited States via the Azores.
This work has been delayed by the necessity of securing landing rights at
the Azores from the Portuguese Government. but such rights were finally
3958,202 secured a few months ago after protracted negotiation lasting over three
89,847.360 38,889,158
Total
preThe reserve for depreciation is intended to cover the invisible wear and years. The German Atlantic Cable Co. is now engaged in experiments
it is expected
tear and the obsolescence of property and equipment, and does not include paratory to making up the specifications for its cable, which
will be manufactured and laid by this Fall. The laying of this cable will
any amounts for maintenance.
The reserve for losses in current assets is intended to meet all possible restore direct cable communication between North America and Germany,
cable
losses in customers' accounts, including allowances for cash discounts. which has been interrupted since the beginning a the war in 1914.
It is believed that those reserves are sufficient for these requirements. communication with Germany since the close of the war being had via Enga
but
The company charges off all of its uncollectible accounts each year.
land and France.
of its
reserve is considered necessary on account of the long terms granted in
The Italian Submarine Cable Co. is expected to complete the laying
enroute
the implement business, and by reason of the fact that poor crop con- new cable between Rome. Italy, and the Azores Islands, touching
ditions in some localities might result in unexpected losses.
at Malaga, Spain. by the middle of March next. That company had made
Acquisitions.—During the year the company purchased the Kansas an arrangement with the Western Union Co. for the exchidve exchange of
City. San Francisco and Portland warehouses which have been occupied traffic at the Azores. On the other hand, this company has for a number
Co. of Lonby the branch houses in those cities under long-term leases. These were of years past, had an arrangement with the Eastern Telegraph
that
practically the only capital expenditures made, aside from the purchase don. England, under which it exclusively received certain traffic from
Western
the
and
company
and installation of some equipment in the factories with a view to securing company. As a result of negotiations between
these exclusive privigreater economies in operation.
Union Co. it has been arranged to reciprocally waive
the
Preferred stockholders at the close of the year numbered 4,984, as com- leges so that both companies will be on an equal competitive basis for
Italian
pared with 5.214 at the close of the previous year.
transmission of messages to and from the territories served by the
Outlook.—Company is continuing to operate on a conservative basis, Cable Co. and the Eastern Telegraph Co. This plan will avoid the nacosbut is looking forward to a gradual increase in business. Crop conditions •sity of company making largo capital expenditures for the duplication of
crop prices over most of the country were favorable to the farmer during cable facilities to Italy, with a consequent saving of annual maintenance
the latter part of the year. and resulted in an increased volume of'sales and fixed charges, and is a very satisfactory arrangement.
of the
during the last few months. These conditions should bring about a
Steps have been taken during the year to strengthen the agencies
gradual improvement in the implement industry, both in volume of business Cable Company throughout Europe, in order that it may share in the inthings.
of
order
new
the
profits.
from
and in
creased cable business which is resulting
comBritain is the only European Country which allows the cable
The usual comparative income account was given in Great
delivery
panies to open offices anywhere in the country for the reception andthe
cable
V. 120, p. 709.
directly from and to the public of cable business. France allows
office in Rottercompany one public office in Paris, and Holland one public
CONSOLIDATED BALANCE SHEET OCT. 31.
and throughout the rest
dam. In all the other cities in France, Holland,are
1924.
1924.
1923.
1923.
not permitted to lease
Europe, the cable companies
of
Continent
the
of
Liabilities—
$
$
Assets—
receive or deliver cablegrams from and to the public,
Preferred stock_ _y33,000,000 35.000.000 wires or to directly
government control. As a conReal estate. bidgs.,
all telegraph and cable offices being under
and equipment-21,037,017 21,213.837 Common stock. z17,904,400 17,904,400 sequence,
for the Cable Company to maintain agents in all
necessary
is
it
business houses of their respecTimber lands, do_ 3,911,250 3,249,056 10-Year 734% gold
the
solicit
cities throughout Europe to
notes
which routing is
7,516,000 9.583,500 the
Trade-marks, patcities to mark their cablegrams "via Commercial."
ents&good-will-17,904.400 17,904,400 Dividends payable 247,500
262,500 tive
such cable business reaches
and
governments
respective
by the
there93,300 1.083,000 Accounts payable_ 1,402,666 1,291,660 recognized
importance,
The
France.
Pref. stock owned_
at the termini in England and
443,350 Accrued taxes__
641.908 your cables
485.015
European countries is recogCom, stock owned 448,750
of the best possible representation in allbetween
x13,588,194 17,159,133 Reserve
companies,
cable
the
a9,847,360 8,889,158 fore,
Inventories
competition
keen
and because of the
9,759,456 8,940,617 nized,
Deferred charges__ 826,107 1,043,124 Surplus
every effort to secure the
the company, as stated heretofore, is bending
7,060.518 4,921,921
Cash
The trustees take this opporhighest class of representative in this field.
Governments on the
various
the
Notes receivable 8,380,222 9.208,070
that
to say that it is unfortunate
Tot.(each side)_80,162,397 82,513,744 tunity
of Great Britain and permit
Accts. receivable 6,905.639 6,287,854
Continent a Europe do not follow the examplein
direct wires
maintain
and
offices
own
their
the cable companies to onen
x Inventory at lower of cost or market, $17,031,207, less reserve for to the principal cities in Europe. Under the present arrangement the cable
possible losses. $3,445.013. y Pref. stock issue,d $37,828,500, less stock companies
over Continental European cable traffic beyond
control
no
have
In treasury, 84.828.500. z Common stock issued, $21,572,800, less stock the European cable termini (except traffic to and from Paris and Rotterheld in treasury. 33,888.400. a Reserves: Against property and equip- dam). The cabling public both onVorth America and Europe would secure
ment 86.997.474; against current assets, 81.891,197; against insurance and a vastly superior service if the Cable Companies were permitted to deal
in Continental
pensions, 8588,689; against contingencies, $370.000.
directly with the public in the handling of cable messages
Note.—Undeclared cumulative dividends on the 7% Preferred stock Europe.
almost idle to
seems
it
amounted at Oct. 31 1924 to 13%. or 34,290.000.—V. 120, p. 709. 588.
past
the
in
said
In view of what has already been
competition on the cable
again say anything with regard to the effect ofradio
on
statements
authoritative
Mackay Companies.
repeated
notwithstanding
and telegraphs, but
our shareholders and others
this subject, the question constantly recurs todevelopments
(Annual Report—Year Ended Dec. 31 1924.)
in the radio art
sensational
almost
and
rapid
the
of
by reason
The trustees and all other authorities not only
Pres. Clarence H.. Mackay, New York, Feb. 16, wrote in as applied to broadcasting. but
in the radio as well, are still of the opinion
in the cable and telegraph,
substance:
never supplant the cables. On the contrary.,
will
competition
that the radio
beScope of Sustem.—The Mackay Cos. owns the whole or part of the capital the radio has actually stimulated the use of electrical communications
their
stocks of cable, telegraph and telephone companies with lines extending tween the continents and in this the cables are getting more than
Company
Cable
the
that
fact
the
of
Comstock
by
entire
capital
the
including
to every continent on the globe,
share of new business as is evidenced
ever
mercial Cable Co., and the various land line companies making up what is in 1924 carried over its cables the largest volume of cable messages
Then, too, the recent farknown as the Postal Telegraph System.
carried, despite the competition of the radio.
and
construction
cable
of
art
profits
of
the cable and reaching developments in the science and
Results Satisfactory.—The gross receipts and net
land line systems in 1924 were satisfactory, considering the drastic cut in apparatus, and the consequent increase in the capacity of long submarine
that
assurance
additional
an
is
report,
rates
made
in
cable
1923.
this
trans,Atlantic
cables, as set forth previously in
the past 50 years, the prinCables
the cables will remain, as they have for overcommunication
between the
of electrical
The year 1924 has marild far-reaching developments in the European .cipal and most reliable means
economic situation of great interest to the shareholders in Atlantic cable continents.
trustees feel that the
the
situation,
cable
the
to
regard
with
up
sum
is
To
companies
largely
measured
more
companies, because the prosperity of these
communication to the world is being emphasized
cable have
by the state of trade between the North American and European continents. importance of cable
the close of the war 32.000 miles of submarMe
have been
miles
During the past year the first comprehensive steps have been taken looking and more. Since
6,700
mileage,
this
Of
world.
the
of
to the replacement of order for chaos in Europe. Confidence has been re- been laid in all partsAmerica and Europe, 4,411 miles of which have been
laid between North
Germany,
stored by the acceptance of the Dawes Plan.
Co. With the completion of the new cable to
North
This far reaching plan with its mastery of the most intricate international laid by the Cablethis
year, all of the pre-war cable connections in the
economic problems, holds out great hope of peace and tranquillity in Europe. which is expected
one more
means
cable
have been restored. The new Italian
The faith of the American people in the eventual economic restoration of Atlantic will
In the
States.
United
the
with
cable
by
directly
linked
country
of
foreign bonds in European
Europe has been shown by the success of the flotations
in cable construction and methods go on
this country, since the acceptance of the Dawes plan. In the meantime, meantime, the improvements
indications point to a constant expansion and developthe people a both the United States and England have decisively declared apace. Hence, all
interest of the trade and commerce and good
the
in
service
for conservatism in public administration. All this finds reflection in the ment athe cable
great increase in exports from the United States since August last which will of the world.
Land Lines
trade.
foreign
would indicate a new boom in our
to increase year by
As a consequence of all of the above the volume of cable messages in 024
The gross receipts of the land line system continue
of the
believe
This
is
we
cables.
your
over
true
also
handled
ever
was the largest
year, and 1924 showed the greatest gross receipts in the history
of all other Atlantic cable companies, and the company was particularly company.
Paso,
El
via
line,
-Continental
fortunate in having anticipated the great increase in foreign trade by comtrans
new
company's
1924,
On Sept. 15,
pleting the laying of its 6th cable in December, 1923. We believe the volume and Los Angeles,a distance of 3,041 miles, was completed,giving the system
of cable business will continue to grow faster than the growth of foreign Its third distinct route between the East and the Pacific coast. As stated,
trade, because business is making more and more use of the cable to con- this new trans-Continental route is important and essential for two reasons.
weather consummate transactions.
first to give a route across the continent which will avoid the
Proof of the more intensive use of the cables by the bankers and mer- ditions to which company's other two trans-Continental lines are subject.
the
found
is
in
fact
from the
that
Europe
while
and
and
to
America
business
between
North
of
chants
and secondly, because of the increasing telegraph
the years 1910 and 1923 the volume of trade between the United States Pacific coast. The new route has already proven its value during the late
and European countries increased 115% theincomparative volume of cable fall and early winter storms, which on several occasions seriously impaired
spite of the competition of
did not in any way
traffic increased 199% in that period, this
of the 2 older trans-Continental routes, but
a concompanies to the increase in foreign the operationnew
the radio. The contribution of the cable
Southern route, thus giving almost a guarantee
disturb the
are
rates
today
cable
substantially
because
which has not
lower
than
one,
coast
small
no
Pacific
is
trade
service between the East and the
and in addition various forms of deferred service tinuity of been
they were before the war,
company.
the
by
enjoyed
heretofore
substantial wire additions
have been introduced at exceedingly low rates, which are being very heavily
In addition to the new trans-Continental route,
availed of by the cabling public. Then, too, the ingenuity of the code have been made upon existing pole line routes to give increased facilities
makers in making it possible for senders of cablegrams to condense a great between points in need of them. More than 3,000,000 lbs. of copper wire
in making for a very
establishment of the circuits above referred
many words into a very few is an important factor
the circumstances an increase in the present were used during the year in the
low cost of cabling. Under alljustifiable.
to.
cable rates would be entirely
with the installation on all
Company is continuing as rapidly as possible
What trustees consider the most important and far-reaching developapparatus, which obviatesIthe
inception 75 years ago is that the era of of its principal circuits of multiplex printeron the part of the operator, the
ment in the cable industry since its
code
of a knowledge of the Morse
of the
high speed long cables has at last arrived, thus assuring as nothing else could necessity
transmitting telegrams by utilizing a keyboard similar to that
the permanence of the cables against any other form of communications' latter
and the messages automatically appearing In type at
competition. The first step in this was taken by the companies by the com- standard typewriter,
In
to
delivery.
addition
for
ready
station on telegram forms
pletion in Dec., 1923, of its heavy conductor cable, which is capable of the distant
installation
of operation and greater accuracy in transmission, the
transmitting 1,200 letters per minute-600 in each direction simultaneously economy
one
but
where
circuits
two
gives
wire
any
on
given
printer
at the time the above of a telegraph
—a capacity nearly twice that of any other long cablewas
by installing
a big step forward. existed before, so that the additional wire facilities obtained
only in capital investcable was laid. This departure in caiale manufacture
have been experimenting with these telegraph printers means a very great saving not
In the meantime various research laboratories
wires.
such
of
maintenance
The Western Electric Co., ment for new wMes, but in the
the so-called "loaded" type of cable. . .'
devices to reduce the cost
of this "loaded" cable idea, and
Other technical improvements and labor savingeffected,
among others, has been engaging in a study
and this is very
the business are constantly being
in conjunction with the Telegraph Construction & Maintenance Co.. of of handling
of the cheaper forms
public
the
the face of the increased use by
London, Eng.has recently completed such a "loaded" cable between New necessary in
These low priced
Letter.
Night
the
and
Letter
the
Day
as
such
service,
cable
Atlantic
companies. ThLs of
York and the'Azores for one of the other
was lower). The company still maintains a considerable reserve against
possible losses in the inventories through falling material prices.
Collections have been good during the year. By reason of this fact.
of inventories. the company has
and on account of the large reduction retirement
of $1,500,000 10-Year
been able to provide the funds for the
$1,000,000 If Preferred
notes on Nov. 1 1924; also to purchase an additional
stock and add it to the stock already held in the treasury.
as reOn Feb. 1 1924 the company retired $500.000 of 10-Year notes issued
required in the trust agreement covering the 810.000,000 of notes
for
notes
of
purchased
has
$484.000
it
date,
that
Since
1921.
1
on Feb.
retirement on Feb. 1 1925, at which time an additional $500,000 must be
cancelled.
Cash.—Company's cash position is strong and will enable it to go through
the manufacturing season with only a small amount of borrowing.
Reserves—The reserve accounts carried by the company were as follows
at the close of the fiscal year:
Increase.
1923.
1924.
8699.091
$6,997,474 86,298,383
Res. for depr. of property &
292,194
1,599,O3
1,891.197
Res. for losses in current assets
370,000
370.000
Reserve for contingencies
621,772 Dec.33,083
588.689
Insurance and pension funds
2546
THE CHRONICLE
[VOL. 120.
forms of service are only made possible by the improved methods in teleEarnings for Calendar Years.
graph operation, and hence the public, rather than the telegraph comGross
Inc. Avail.
:Net
Tot. Fixed
panies, is receiving the benefit of the advance in the telegraph art.
Oper. Rev.
for Chges.
Income.
Charges.
The long distance telephone service which the land line system gives in 1921
$13,579,109
$1,507,626
$740,921
$766,705
certain parts of the country continues to grow in volume And is a profitable 1922
13.427.625
777,451
2,769.323
1,991,872
and important part of its business. This telephone service is conducted 1923
16.023.998
3,605.772
2,757,673
848,099
over wires simultaneously carrying telegraph business and is, therefore, 1924
20.106,910
3,517.492
4,564,946
1,047.454
a by-product. The quality of service given is excellent, as is attested by the
x Available for int, on income bonds replaced in 1924 by capital stock.
fact that the public demands for its extension' exceed the ability of the
Company's net income available for dividends in 1924, after giving effect
company to keep pace with that demand. As is the case with all forms of
electrical communications, the use of the long distance telephone is in- to the change in capital structure made in that year, was equivalent to
creasing, and the possibilities for considerable expansion in this field by the over 8.10% on the $37,500,000 par value of capital stock now outstanding.
Security.-The first and refunding mortgage is a direct first lien on
land line company are very attractive indeed.
194 miles of road (including 12 miles under construction), and a second
The usual comparative income account was given in V.120, lien on 616 miles, subject only to 812,000.000
1st (Closed) Mtge. 434%
bonds. The mortgage will also be a first lien on the new 29-mile cut-off,
p. 957.
making the total mileage under the mortgage 839 miles, of which 223
BALANCE SHEET DECEMBER 31
miles will be covered as a first lien.
1924.
Bond Issue.-Company executed its first and refunding mortgage, dated
1923.'
1924.
1923.
Assets$
Sept. 1 1924, for the purpose of providing funds for capital expenditures
8
Liabilities$
$
Investments
93,219.804 93,304,989 Preferred stuires50,000,000 50,000,000 made or to be made on the company's property, to refund bonded debt
Cash
295,368
198,412 Common sbares41,380.400 41,380,400 and for other corporate purposes. The total amount of bonds authorized
2,134,772 2,123.002 to be outstanding under the mortgage at any one time is limited to $150,Surplus
000,000. After bonds, additional to the 830,000.000 Series A bonds to be
Total
93,515,172 93,503,402 Total
93.515.172 93,503,402 presently outstanding, have been issued in the amount of $10,000,000 for
-V. 120. p. 957.
other than refunding purposes, bonds may not be issued other than for
refunding purposes for more than 80% of the cost of work done or of
property acquired. Bonds may be issued in series under the mortgage.
each series bearing such rate of interest, maturing on such date and subject
to redemption before maturity at such time and at such price as the company may determine in regard to each series.
Capitalization.-Will consists of $12.000,000 1st Mtge. 4%% bonds:
STEAM RAILROADS,
due 1959 (mortgage closed), $30.000.000 1st & Ref. Mtge. 5% Gold bonds:
Car Surplus.-Class I railroads on April 30 had 337,181 surplus freight Series A. $5,175,000 Equip. Trust obligations, and $37,500,000 of capital
cars in good repair and immediately available for service, according to stock.
reports filed by the carriers with the Car Service Division of the American
Listing.-Application will be made in due course to the New York Stock
Railway Association. This was a decrease of 7,017 under the number Exchange for the listing of these bonds.
[The 1.8.C. Commission on April 25 issued a certificate authorizing the
reported on April 22. Surplus coal cars in good repair on April 30 totaled
160,913, a decrease of 12.542 cars within approximately a week, while company to construct an extension of its line of railroad, or cut-off, from a
surplus box cars in good repair totaled 131,212. an increase of 5.181 during connection with its main line at St. Augustine southerly to a connection
the same period. Reports a'so showed 21.036 surplus stock cars, an with its main line at or near Bunnell, a distance of approximately 29 miles,
increase of 778 over the number reported on April 22, while there was a all in St. Johns and Flagler Counties, Fla.1-V. 120, p. 2142, 1199. decrease of 56 during the same period in the number of surplus refrigerator
Great Northern Ry.-Equipment Trusts Sold.-J. P.
cars, which brought the total for that class of equipment to 15,786.
Car Shortage.-No car shortage is being reported.
Morgan & Co., First National Co. and National City Co.
GENERAL INVESTMENT NEWS.
Alabama & Vicksburg Ry.-10076 Stock Dividend.- have sold privately on a 43
4% basis for all maturities
$4,250,000 43'2% Serial Trust Certificates, Series "D."
President Larz A. Jones says:
In accordance with the action of the stockholders and directors of the Issued under the Philadelphia plan.
company, a stock dividend of 100%. represented by 21,000 shares of $100
each, has been declared, with the approval of the I.-S. C. Commission, to
stockholders of record Jan. 2 1925.
In order to secure this dividend, it is necessary that stockholders send in
the presently outstanding stock to one of the two transfer agents; namely,
the National Park Bank of New York. 214 Broadway. N. Y_ . City, or the
Canal-Commercial Trust & Savings Bank, New Orleans. La.
In those cases in which the stock has been acquired since Jan. 2 1925.
it will be necessary that the assignment of dividend rights obtained
from the stockholders of record Jan. 2 1925, be lodged with the transfer
agent, together with the presently outstanding stock certificate, in order
that new certificates may be issued.-V. 120. p. 2007.
Ann Arbor RR.-Definitive Notes Ready.Definitive 5-Year 6% Secured gold notes are ready for exchange for
Interim receipts at the Seaboard National Bank, 115 Broadway, N.Y. City.
(For offering of notes, see V. 120. p. 1322.)-V. 120, p. 2397.
Bangor & Aroostook RR.-Final Valuation.The I.-S. C. Commission has placed a final valuation of 821.030,000 on
the owned and used properties and $3,850,084 on the used but not owned
properties of the company, as of June 30 1916.-V. 120. p. 1740.
Barton County & Santa Fe Ry.-Bonds.The I.-S. C. Commission on April 29 authorized the company to issue
one registered 1st Mtge. 6% Gold bond, Series A, in the denomination of
$800,000; said bond to be delivered to the Atchison Topeka & Santa Fe
Ry. Co. in satisfaction of a like amount of indebtedness for advances for
capital purposes.
Boston & Maine RR.-New Director.Frank D. True of Portland. Me., has been elected a director, succeeding
Judge Norman L. Bassett of Augusta. Me., who resigned because of his
'recent appointment as AssociatedJustice of the Maine Supreme Judicial
Court.-V. 120, p. 2265. 2007.
•
Central RR. of New Jersey.-Equipment Bonds.-
The I. 0. S. Commission on April 30 authorized the company to issue
% Equip. bonds, series "L," said bonds to be sold at not
$1.500.000
less than 98% and int. and the proceeds used in the procurement of equipment.-V. 120, p. 2008.
Dated Jan. 1 1925. Serial maturities of $283,000 per annum, Jan. 1
1926 to Jan. 1 1935, inclusive, and of $284,000 per annum, Jan. 1 1936 to
Jan. 1 1940. inclusive. Dividends payable J. & J .at First National Bank,
New York, trustee. Denom. $1,000.
Issuance.-Authorized by the Inter-State Commerce Commission.
The certificates are to be issued to provide for part of the cost of the
following standard new railway equipment: 900 steel underframe automobile box cars, 100 authomobile box cars, 500 all-steel ore cars, 40 all-steel
automatic dump cars, 1 all-steel spreader, 600 steel underframe box cars,
500 stock cars, 25 steel underframe caboose ears, 20 all-steel tank cars,
1 all-steel crane and ditcher and 4 freight locomotives.
The foregoing equipment is to cost approximately $5,668,700, of which
25%,or $1,418,700, has been paid by the company in cash to the trustee.
V. 120. p. 2397.
Gulf, Beaumont & Great Northern Ry.-Bonds.-
The I. S. C. Commission on April 25 authorized the company to Issue
one registered general-mortgage 6% bond. series A, in the denom. of
$400,000; said bond to be delivered to the Atchison, Topeka & Santa Fe
Railway in satisfaction of a like amount of indebtedness for advances for
capital purposes.
Hereford Ry.-Control by Maine Central RR.
-
The I.-S. C. Commission on May 1 authorized the acquisition by the
Maine Central RR. of control ofthe Hereford By., by purchase of capital
stock.
The Commission also issued a certificate conditionally authorizing the
Maine Central ER.. upon its acquisition of the capital stock of the Hereford
Ry., to abandon operation of that portion of the railroad of the latter
company in Coos County, N. H., 0.67 mile. Company proposes to
abandon that portion of the line extending from a point on the international
boundary line between the State of Vermont and the Dominion of Canada
in a general northerly direction to Lime Ridge, Province of Quebec, a
distance of 52.85 miles (of which 0.67 mile in Coos County, N. 11., is the
only portion of the line within the United States).
Huntington & Broad Top Mountain RR.& Coal Co.Earnings Calendar YearsOperating income
Other income
Total income
Chesapeake & Ohio Ry.-Tentative Valuation.The I.-S. C. Commission has placed a tentative valuation of 8189.257,789, Operating expenses, &c
Interest,
depreciation, &c
properties
and
8182,687.175
on the total owned properties
on the total used
of the company, as of June 30 1916. These valuation figures do not include
Balance
the C. & O. of Indiana, which owns 261 miles of line between Cincinnati
-V. 120, p. 639, 449.
and a junction near Chicago.-V. 120, p. 2393, 2142.
Del. & Northern RR.-Abandonment of Andes Branch.The I. S. 0. Commission on April 28 issued a certificate authorizing the
abandonment, as to interstate and foreign commerce of the Andes branch
of its line of railroad, extending from a connection with the main line at
Andes Junction is a general northerly direction to Andes, a distance of
8.45 miles, all in Delaware County, N. Y.-V. 115, p. 2045.
Grand Trunk Ry. of Canada.-Tentative Valuation.-
1924.
$677.758
35.626
1923.
$990,081
152.919
1922.
$804.707
58.849
$713,384 $1,143.000
586,682
794,103
303.875
307,522
$863,556
747,763
181.674
loss$180,820 sur$45,021 los465,881
Jasper & Eastern Railway.-Bonds.
-
The I. S. C. Commission on April 24 authorized the company to issue
one registered 1st mtge.6% gold bond,series A. in the denom. of $1,425,000:
said bond to be delivered to the Atchison, Topeka & Santa Fe Ry. in
satisfaction of a like amount of indebtedness for advances for capital
purposes.-V.83. p. 323.
Long Island RR.-Equipment Trusts, etc.-
The I.-S. C. Commission on May 6 authorized the company to assume
The I.-S. C. Commission has placed a tentative valuation of $23,327,346 obligation and liability
in respect
$1,095,000 Equip. Trust certificates,
on the total used properties, and $4,432,500 on the total owned property Series "G," to be issued under an of
agreement dated Jan. 1 1925, and sold
of the company, located in the United States, as of June 30 1917.-V. 119, to Kuhn, Loeb & Co. at not less than
99.25 and diva, in connection with the
p. 3006.
procurement of five ten-wheel passenger locomotives and forty steel electric
passenger cars.
Florida East Coast Ry.-Bonds Sold.-J. P. Morgan motor
The company on May 11 announced the resignation of Ralph Peters,
& Co., First National Bank and National City Co. have Superintendent, effective May 15. who has been made Assistant Vice4 and int. to yield 5.30%, $15,000,000 add'l President of the Corn Exchange Bank.-V. 120. p. 2143, 2139, 2008.
sold at 943
Louisville & Nashville RR.-Tentative Valuation.1st & Ref. Mtue. 5% Gold bonds. Series A.
The 1.-S.C. Commission has placed a tentative valuation of $321,169,838
Dated Sept. 11924: due Sept. 11974. Bearing int. from March 1 1925.
Payable M. & S. in N. Y. City. Red.. all or part, on 90 days. notice, on on the total used property of the system, and $304.895.070 on the total
any int. date, as follows: On or after Sept. 1 1944, and prior to Sept. 1 owned property, as of June 30 1917.-V. 120, p. 1744, 1735.
1971 at 105 and int.: on or after Sept. 1 1971 at 100 and int. Bankers
Trust Co. and Bethune W. Jones. trustees. Denom. 011,000. $500 and
Minneapolis & St. Louis RR.-Receiver's Certificates.$100 and 011,000, and authorized multiples thereof.
The I.-S. C. Commission on May 6 authorized the issuance of $750.000
Issuance.-Authorized by the I.-S. C. Commission.
6% receiver's certificates to fund certificates of a like amount maturing on or
about April 30, May 5 and May 20 1925. The certificates to be funded
Data from Letter of Wm. R. Konen Jr., Pros, of the Company.
Company.-Owns810 miles ofroad. Including 12 miles under construction. were sold at face value for cash as follows:
To Whom Issued.
Its main line extends from Jacksonville, where connection is made with the Date Issued.
Amount.
Atlantic Coast Line, Southern Ry. and Seaboard Air Line systems, to Nov. 5 1924 Midland National Bank of Minneapolis
8150.000
Key West. It is the only railway providing transportation facilities Oct. 30 1924 First National Bank in Minneapolis
250.000
along the east coast of Florida and furnishing facilities, by car ferry steamers, Nov.30 1924 Lane. Piper & Jaffray, Inc.. Minneapolis, in various denominations aggregating
for through freight traffic between points in Cuba and the United States.
350.000
The physical condition of the railway and of its equipment is excellent. All
Total
the viaduct and bridge construction on the Key West Extension, extending
$750,000
about 125 miles from the mainland at Florida City to Key West, is of -V. 120. p. 2266. 2143.
steel and concrete.
Minn. St. Paul & Sault Ste. Marie Ry.-Equip. Trust.Purpose.-The entire proceeds are to be applied to a comprehensive
The I.-S. C. Commission on May 6 authorized the company to assume
program for the improvement of the company's property, including the
construction of a 29-mile double track cut-off on the main line between obligation and liability in respect of $400.000 Equip. Trust certificates.
St. Augustine and Bunnell, and approximately 93 miles of new second Series "L," to be issued by the Minneapolis Trust Co. under an agreement
main track. This new construction will complete the double-tracking to be dated may 11925. and to be sold to Lane, Piper & Jaffray at not less
of 184 miles of the main line and, it is estimated, will increase the carrying than par and diva. in connection with the procurement of 250 75-ton all-steel
ore cars at a total cost of approximately $574.875.-V. 120, p. 2266,2316.
capacity of the line by at least 150%•
When these improvements are completed, more than $85,000.000 cash,
Missouri Pacific RR.-Definitive Notes Ready.including the proceeds of these bonds, will have been spent upon the
construction and improvement of the property, as contrasted with a total
The Irving Bank-Columbia Trust Co., 60 Broadway, New York, is
outstanding funded debt, including this issue, of $47.175,000.
prepared to deliver definitive Missouri-Pacific RR.15-Year 7% Sinking
k
MAY 16 1925.]
THE CHRONICLE
Fund notes, New Orleans Texas & Mexico Ry. Co. stock collateral, due
June 1 1939, in exchange for temporary notes outstanding. (See V. 120.
120, p. 1744.)-V. 120. P. 2397.
Norfolk (Va.) Termindl Ry.-Final Valuation.-
The I. S. C. Commission has placed a final valuation of $995,000 on the
owned and used property of the company, as of June 30 1914.-V. 118.
p. 795.
Norfolk & Western Ry.-Purchase of Line.-
The I. S. C. Commission on April 25 issued a certificate authorizing the
Norfolk & Western Railway to acquire and operate a line of railroad (0.3
mile) of the Kermit-Warfield Bridge Co. in Mingo County, W. Va. The
commission also approved the acquisition by the Norfolk & Western
Railway of control, by lease, of the railroad of the Buck Creek RR. (1.24
miles) in Martin County, Ky.-V. 120, p, 2143.
Oil Fields & Santa Fe Ry.-Bonds.The I.-S. C. Commission on April 29 authorized the company to issue
one registered 1st Mtge. 6% Gold bond, Series A. in the denomination of
$830.000; said bond to be delivered to the Atchison Topeka & Santa Fe
Ry. Co. in satisfaction of a like amount of indebtedness for advances for
capital purposes.
2547
The Warrensburg plant holds franchises in the towns of Warrensburg and
Caldwell, Warren County, and the Knoblauch plant serves in the towns of
Bolton, Chester, Hague and Horicon, Warren County. The Commission
fixed the value of the Warrensburg plant at $60,296, and the Knoblauch
plant at $111.560.-V. 120. P. 1745. 1200.
American Gas Co. of Pennsylvania.-Listing.-
The Philadelphia Stock Exchange on May 9 authorized the list
of
$2,318,700 (46,374 shares) additional voting trust certificates. issued against
the deposit of a like amount of Capital stock deposited under voting trust
agreement, dated April 22 1924. in connection with the acquisition of the
Common stock of the American Gas Co.(N.J.) by the United Gas Improvement Co., making the total amount of voting trust certificates listed
$2,709,000. representing 54,180 shares American Gas Co.(Pa.) deposited.
The Exchange has also authorized the listing of $26,200 additional Common stock, issued in exchange for $26,200 10-Year 7% Cony. Gold bonds.
due 1928. converted, making the total amount of stock listed at this date
$13,872,500, and reducing the amount of 10-Year 7% Cony, bonds listed
to $381,400.-V. 120, p. 2266.
American Power & Light Co.-Stock Dividend.-
The directors have declared a dividend of 1-50 ofa share in Common stock
in addition to a regular quarterly cash dividend of 25c. per share on the
Osage County & Santa Fe Ry.-Bond Authorized.- Common stock, both payable June 1 to holders of record
May 15. A
The I. S. C. Commission on April 27 authorized the company to issue stock distribution of like amount was made on Dec. 1 last.
The Common stock was recently split into no par Common shares at
one registered 1st mtge.6% gold bond.series A,in the denom.of $1,200.000;
said bond to be delivered to the Atchison, Topeka & Santa Fe Railway the rate of 10 for 1. On the old Common stock, the company during 1923
In satisfaction of a like amount of indebtedness for advances for capital and up to and including Spet. 1 1924, paid quarterly cash dividends of
%,and in addition on June 1 and Dec. 1 1923 and June 2 1924 paid
purposes.-V. 117, p. 782.
stock dividends of 2% each.-V. 120, p. 2398.
Quanah Acme & Pacific Ry.-Tentative Value.-
The 1.-S. C. Commission has placed a tentative valuation of $1,862,258
on the total used property and $1,669,358 on the total owned property
of the company as of June 30 1918.-V. 107. p. 1838.
Shreveport, Houston & Gulf RR.-Final Valuation.-
American Telephone & Telegraph Co.-Listino.The New York Stock Exchange has authorized the listing of $125,000.000
35-Year Sinking Fund 5% gold debentures, due Jan. 1 1960.-V. 120.
p. 2009. 1880.
Associated Gas & Electric Co.-Initial Dividend on $6
Dividend Series Preferred Stock.-The directors have declared
Southern Pacific RR.-Bonds Sold.-Mention was made an initial quarterly dividend of $1 50 per share on the $6
in V. 120, p. 2398, of the sale at 91 and int. of $6,425,500 Dividend Series Preferred stock, payable June 1 to holders
1st Ref. Mtge. 4% Gold bonds, due Jan. 1 1955, by Kuhn, of record May 11. Holders may at their option receive payLoeb & Co.
ment either in cash or in Class "A" stock at the rate of 3-50
•
Guaranty.-Guaranteed as to principal and interest by endorsement by share for each share of $6 Dividend Series Preferred stock.
Southern Pacific Co.
Denom. $1,000c*&rs. Int. payable J. & J. All or any part are subject On the basis of the present market value of Class "A" stock,
to redemption at the option of the company at 15 and int. on any int. payment in stock is equivalent to about $1 70 per share, or
date, on three months' previous notice. Both principal and int. payable $6 80 per share
annually. Secretary M. C. O'Keeffe says:
without deduction for any tax or taxes which the company may be required
The 1.-S. C. Commission has placed a final valuation of $92,578 on the
owned and used property of the company, as of June 30 1918.
to pay thereon or retain therefrom under any present or future law of the
United States of America or of any State, county, or municipality therein.
Company therefore pays the Federal income tax of 2% when deductible
at the source.
Issuance.-The sale and guaranty of these bonds have been approved
by the 1.-S. C. Commission.
Legal Investment for Savings Banks in the States of New York, Massachusetts, New Jersey, Connecticut, and elsewhere.
Listing.-Application has been made to list these bonds on the New
York Stock Exchange.
Data from Letter of Chairman J. Kruttschnitt of Southern Pacific Co.
Security.-Bonds are to be issued under the 1st Ref. Mtge. dated Jan. 3
1905, and will be secured by a direct lien on 3,085 miles of railroad (on
736 miles of which they are a first lien) and upon the equipment, terminals, depots and other appurtenances, subject to $13.485,500 Prior
Lien bonds which may not be renewed or extended and for the retirement
of which 1st Ref. Mtge. bonds are reserved. The lines covered by this
mortgage comprise all of the main lines of railroad owned by the Southern
Pacific BE.in the States of California. Arizona and New Mexico.
Purpose.-To reimburse the treasury of the Southern Pacific Co. for its
purchase of the bonds which were issued on account of additions to and
betterments of the lines covered by the mortgage.
Bond Issue.-Total authorized limited to $160,000,000, of which $143,745.500 will be outstanding after the present issue; $269.000 have been
issued and subsequently retired by the sinking fund; $13,485,500 are
reserved to retire a like amount of prior lien bonds; and the remaining
$2.500,000 are reserved for use in, or to aid in the refunding or retiring of
prior lien bonds (any balance not required for such purposes to be used
for other lawful corporate purposes of the company).
Control -The capital stock of the Southern Pacific RR., all of which
Is owned by the Southern Pacific Co., amounts to $160,000,000 par value,
on which dividends are being paid at the rate of 6% Per annum.
Earnings.-The total net income of the Southern Pacific Co. and its
proprietary companies for the year ended Dec. 31 1924, amounted to
$35,754,415 over all charges.-V. 120, p. 2398.
Certificates for Class "A" stock or scrip certificates for fractional shares
thereof will be mailed to such holders as do not by written order, received by
Seaboard National Bank, 115 Broadway, New York City, on or before
May 25, request payment in cash. Arrangements have been made for the
sale of additional scrip certificates sufficient to make up full shares at the
price of El per full share above, and the purchase of scrip certificates from
stockholders desiring to sell the same at the price of $1 per full share be`ow.
the last sale price for Class "A" stock on the day preceding whichvrritten
request for such sale or purchase is received.-V. 120, p. 2399.
Barcelona Traction, Light & Power Co., Ltd.The London Stock Exchange has granted an official quotation to f2,800.000 Consolidated 615% Prior Lien Bonds.-V. 120, p. 1585.
Buffalo General Electric Co.-Merger.-
See Buffalo Niagara & Eastern Power Corp. below.-V. 120, p. 1585.
Buffalo Niagara & Eastern Power Corp.-Merger of
Four Western New York Power Comp2nies Announced.-
Production and distribution of electrical energy by direct and interconnecting transmission lines over a territory embracing 17 counties in
western, central and northern New York; south into the coal fields of
western Pennsylvania and west to Erie. Pa. will come under control of
one corporation through merger announced May
' 11 of the Buffalo General
Electric Co., Niagara Falls Power Co.. Niagara Lockport & Ontario
Power Co. and the Tonawanda Power Co. The new company will be
the Buffalo Niagara & Eastern Power Corp.
The consolidation of the four companies involves between $150,000,000
and $200,000.000.
The directors of the four merging companies meeting in their respective
general offices, approved the plan for unification and at the same time
Issued a formal recommendation of the plan to the holders of the Common
stock of all the companies. Immediate application is to be made to the
New York P. S. Commission by the new company for authority to acquire
tile stock of the four companies. It is planned to make the consolidation
effective July 1 if permission of the Commission can be had by that time.
Sugar Land Ry., (Texas).-Final Valuation.As a holding company the new corporation
the Common
The 1.-S. C. Commission has placed a final valuation of $467.500 on the stock of the four existing companies through will acquire
of shares of the
owned and used property of the company, as of June 30 1916, and $5,714 new company for shares of Common stock of theexchange
operating
companies.
on the used but not owned property.-V. 116. p. 1761.
The new company will issue Pref. stock having a liquidating value of
$25 a share. This will be entitled to dividends at the rate of El 60 per
Virginian Ry.-New President, &c.annum and will issue Common stock without par value.
C. H. Hix has been elected President succeeding H. W. Huntington, who
According to the statement issued by Charles R. Huntley. Pres. of the
resigned recently. Adrian H. Larkin has been elected Chairman of the Buffalo General Electric Co., in announcing the consolidation,
the proposed
board of directors. Mr. Hix will make his headquarters in Norfolk, Va., basis of exchange will be 1.1 shares of Pref. and an equal amount
of Common
while Mr. Larkin's headquarters will be in N. Y. City.
stock of the new company for each share of the Common stock of the
stockholders
will
The
vote May 25 on the proposed lease of the road to Buffalo General Electric Co.; 1 i shares of Pref. stock and an equal amount
the Norfolk & Western Ry. The stockholders of the Norfolk & Western of the Common stock for each share of Common of Niagara Lockport &
Ry. (V. 120, p. 2143) meet on May 23.-V. 120, p. 2264, 2143.
Ontario Power Co.; 1 share of Pref. and an equal amount of Common
for each share of dommon stock of the Tonawanda Power Co., and 1
Wabash Ry.-Notes.shares of Pref. and 1 Yi shares of Common for each share of Common stock
The I. S. C. Commission on April 29 authorized the company to issue of the Niagara Falls Power Co.
$1,500,000 6% secured gold notes in subdivision of a note for the same
The Canadian Niagara Power Co., Ltd., a subsidiary of the Niagara
amount heretofore issued to the Director General of Railroads and sold Falls Power Co., now owns certain shares of the Common
stock of the
by him. The Application of the company to pledge as collateral security Niagara Lockport & Ontario Power Co., and these shares will first be
therefor $729,000 of Consol. Mtge. 4% bonds of the Chicago & Western segregated for the benefit of the holders of the Common stock of the
Niagara
Indiana RR. Co. and 1.217 shares (par $100 each) capital stock of the Falls Power Co. upon reimbursement to the Canadian company
of the
American Refrigerator Transit Co. was dismissed. In view of the fact capital cost to it of such shares.
that the Company has not assumed any obligation or liability in connection
Under this proposed plan the ownership and control of the new company
the
bonds
of
Chicago
& Western Indiana RR., or the stock of the will be in the present owners of the Common stock of the four operating
with the
American Refrigerator Transit Co., the authorization of the commission
compani.
es
of such pledge is not required by law.-V. 120, p. 1872.
Charles In Huntley, Pres. of the Buffalo General Electric Co., will be
of the board of directors and chief executive officer of the new
chairman
Western Pacific RR. Corp.-Plan to Amend Articles of corporation.
J. F. Schoellkopfof Niagara Falls Power Co., will be chairman
Incorporation so as to Provide that the Pref. Stock 'Shall be of the executive committee. Paul A. Schoellkopf, V.-Pres. of the Niagara
Co.,
will be President of the new company and Fred D. Corey.
Power
Falls
Cumulative to the Extent of Two Years' Dividend, Irrespective Pres. of Niagara Lockport
& Ontario Power Co., will be 1st V.-Pres. Other
will be: William R. Huntley, 2d V.-Pres.; Alfred 11. Schoellkopf,
of Earnings, Approved.-The stockholders on. May 11 ap- officers
V.-Presr; Morris Cohn, V.-Pres.; Walter P. Cooke, Sec., and Horace
proved the plan of the management (a) to make the Pref. 3d
L. Mann, Treas.
Directors vrill be: Charles R. Huntley, Walter Cooke, George Urban Jr.,
stock cumulative to the extent of two years' dividends,
William R. Huntley, Nisbet Grammer, Carlton Smith, William C. Warren
and (b) to'declare a cash dividend of $5 on the Common and and
Daniel J. Kenefick of the Buffalo General Electric Co.: J. F. Schoell$1 558 on the Pref. stock, in addition to a stock dividend of kopf, Paul A. Schoellkopf, Morris Cohn, J. J. Albright, Alfred H. Schoellkopf, C. P. Hugo Schoellkopf and George F. Rand of the Niagara Falls
one share of Common and one share of Pref. stock for each Power
Co.; Fred D. Corey, George T. Bishop. Cleveland, Ohio, of the
six shares of either Common or Pref. stock held. (For full Niagara Lockport & Ontario Power Co.; L. S. lEieGmff, Horace L. Mann
and J. F. Schoellkopf Jr. of the Tonawanda Power Co.
details, see V. 120, p. 1583.)-V. 120, p. 2398.
Wisconsin Central Ry.-New Director.-
Mr. Huntley, in announcing the merger, said:
It is the unanimous judgment of the officers and directors of these
H. P. Gallagher, Vice-President of the Northwestern Consolidated companies, after the most careful consideration of every. phase of the
Milling Co., has been elected a director, succeeding Leroy Baldwin.- subject, that the proposed affiliation of these companies will be in the
public interest as well as in the interest of the stockholders of the companies.
V. 120, p. 1455.
The companies serve contiguous territory in which the distribution of
electric energy per capita is greatly in excess of the distribution per capita
anywhere
else in this country.
PUBLIC UTILITIES.
'Phe companies now serve nearly 200,000 ultimate consumers and In
electric current to many electrical distributing companies
supply
addition
Adirondack Power & Light Corp.-Acquisitions.which in turn serve more than 150,000 ultimate consumers.
The corporation has acquired the Warrensburg Electric Light Works,
emphasize that the control and management of the unified
We
wish
to
owned by M. Leigh Runner, and the Bolton Light & Power Co.. which was properties remain in effect unchanged, namely, in the hands
of persons
owned by Henry G. Knoblauch. The New York P. S. Commission has who are closely identified with the locality served,
and that the main
approved the deal.
purpose of the unification is better and more efficient service.
2548
THE CHRONICLE
Chippewa & Flambeau Improvement Co.-Bonds
Offered.-H. M. Byllesby & Co., New York; Morris F. Fox
[Vol.. 120.
bonds are further secured by deposit and pledge with the trustee of the entire
outstanding Common stocks, except directors' cualffying shares, of such
subsidiary companies. In effect, therefore, the First Mtge. Coll. Gold
bonds are a first mortgage on the properties at all of the subsidiary companies.
Sinking Fund.-The agreement provides for an annual sinking fund for
Series D bonds, beginning to accure Jan. 11026. of 27 of the total amount
of Series D bonds issued, lass bonds retired otherwise than by this sinking
fund, Co be used to purchase or redeem Series ID bonds or to finance additions
at company's option. No additional bonds can be issued for additions or
improvements paid for out of sinking fund money.
Preferred Stock Offered.-Spencer Trask & Co. and Whitaker & Co. are,also offering at 95 and dividend, to yield
about 7.40%, $750,000 7% Cumul.First Pref. (a. & d.)
stock. Par $100.
Dividends payable Q.-F. Redeemable, all or part, on any dividend date
on 30 days' notice at 110 and dividends. Transfer agent and registrar:
Liberty Central Trust Co., St. Louis.
Book Value and Equity of First Preferred Stock.-The consolidated balance
sheet, after giving effect to the issue of this First Preferred stock,$1,750,060
First Mtge. Collateral Gold bonds, Series D, and $300.000 8% Cumul. '
Participating 2d Pref, stock, shows net tangible assets equal to $165 Per
share of 7% Cumul. First Pref. stock outstanding, including this issue,
after deducting the par value of the outstanding subsidiary company Prof.
stock.
Data from Letter of President Wiley F. Carl, St. Louis, May 11.
Company.-Incorp. in Illinois April 1922. Owns the entire outstanding
Common stocks, except directors' qualifying shares, and all the outstanding
bonds of the Missouri Utilities Co., the Arkansas Utilities Co., the Community Power & Light Co. of Texas and the Kansas Utilities Co. and has
arranged to acquire, as of June 1 next, all the outstanding securities of the
Texas Utilities Co. Through these subsidiaries company will serve 169
communities located in four States-Missouri, Arkansas, Texas and
Kansas. Company's subsidiaries will serve a population of approximately
250.000. Electric light and power will be furnished to 92 communities
centred around and including Cape Girardeau, Poplar Bluff, Charleston.
Eldon and California, Mo.: Helena and Paragould. Ark.; Mexia, Marlin,
Plainview and Lubbock, Tex., and Fort Scott, Kan. Gas service is furnished to 49.000 population,including three of the communities above mentioned, and Columbia, Mo., while ice service will be furnished to over 93,000
.reIrlia
ntioonne.. Water service Is also furnished in three communities and steam
& Co., and First Wisconsin Co., Milwaukee, are offering at
963/i and interest, to yield 5.90%, $400,000 First Mtge.
53/2% Gold bonds.
Dated May 1 1925; due Nov. 1 1937. Redeemable, all or part, at any
time on 30 days' notice; until and incl. Nov. 1 1927, at 102M and interest,
the premium decreasing 35% for each two years thereafter to Nov. 1 1935;
and thereafter at 100 to maturity. Denom. $1.000 Cs. Interest payable
M. & N. in New York and Chicago, without deduction for any normal
Federal income tax, not in excess of 2%. Continental & Commercial Trust
& Savings Bank. Chicago, trustee.
Issuance.-Authorized by the Railroad Commission of Wisconsin.
Compony.-Imorp. in Wisconsin. Owns property and water rights in
Wisconsin and plans to construct a reservoir, with necessary dams and headworks, on the upper Flambeau River near the junction of the Turtle and
Manitowish rivers. Upon completion, the reservoir will impound water for
use for power purposes by the various water power owners named in the
paragraph on "Equity" below.
Capitalization to Be Outstanding.
First Mtge. 535% Gold bonds, due Nov. 1 193.7 (this issue) ----$400,000
Capital stock
588.700
Earnings.-Under the laws of Wisconsin the company is authorized to
charge tolls for use of water at a rate which, after deduction of all operating
expenses, including taxes and depreciation, will permit earnings of 65 on
the investment. Under the Wisconsin laws the tolls, until paid, are a direct
lien upon the properties of the power owners benefited by the improvement.
Purpose.-The proceeds from the sale of these $400,060 First Mortgage
5;5% Gold bonds, together with funds to be provided by the sale of other
securities of the company, will be used in the construction and installation of
the reservoir with the necessary dams and headwork equipment.
Security -These bonds will, in the opinion of counsel, be a direct first
mortgage on all the property of the company now owned or hereafter acquired.
Control.--All ofthe stock to be outstanding will be owned by the Northern
States Power Co. of Wisconsin. the Lake Superior District Power Co., the
Cornell Wood Products Co., the Ilambeau Paper Co., the Flambeau Power
Co., the Great Western Paper Co. and the Eau Claire Dells Improvement
Co.
Sinking Fund.-Mortgage will provide for the payment to the trustee of
the amount of $48,000 per annum, payments to be made semi-annually
beginning Nov. 1 1926. This amount will be applied,first, to the payment
power plants have a total installed generating capacity of 15.677
ofInterest on outstanding bonds, and, second, the balance to be used for k.The
w., and additions now being made will bring the total generating capacity
the retirement of bonds by purchase in the open market or by call.
to over 19,600 k. w.
Cincinnati Gas Transportation Co.-Plans to Issue Capitalization upon Completion of the Present Financing (Including Subsidiary Companies Outstanding in the Hands of the Public).
New Class "B" Common Stock and Retire Funded Debt.$500,000
The company has submitted to its stockholders for approval a plan to First Mtge. Coll. Gold bonds, Series A 7 he, 1942 (closed)
do
Series B 64s. 1938 (closed)
925,000
issue a new Common stock to be known as Conunon stock, Class "B," to
do
Series C 6Sis. 1933 (closed)
2,760,000
redeem the present outstanding 1st Mtge. bonds and to pay for the new
do
Series D 6s. 1950 (including this issue)
4,000,000
gas pipe line from John's Hill, Ky., to the East End Gas Works. Cincinnati.
do
7;.‘% and 7% Serial Short Term Notes
545,000
It is proposed to issue 18,500 shares of Common stock, Class "B," par
12,000
WO, which is to pay dividends of 5 7 per annum and which will share a Versailles Light, Milling & Power Co. 1st M.8s. 1925 and 1926
Cumul,
7%
First
Prof.
stock
(authorized
2,500,000
55,000,000)
equally with the present Common stock in any additional dividends after
Cumul,Particip. 2d Pref. stock (authorized, $2,600,000)_ _ _ _ 1,000,000
the present Common is paid 10%, per annum and which after June 30 1938 8%
Common stock (authorized, $3,000,000)
1,595,000
is to be alike in every respect with the present Common stock.
b301,300
The plan also contemplates the redemption of $1,420,000 outstanding Kansas Utilities Co. 7% Cumul. Preferred stock
a Funds have been deposited with the trustee for retirement of the entire
1st Mtge. 5% bonds. It also is intended to repay to the Columbia Gas & amount
of these bonds outstanding. h Outstanding Feb. 28 1925.
Electric Co. approximately $265,000 which has been advanced to it for the
Purposes of Issues.-The proceeds from the sale of this $756,000 7%
construction of the new gas pipe line.
First Pref, stock, together with the proceeds from the sale of
The stock is to be offered pro rata to the stockholders of the Cincinnati
$1,750.000
Cumul.
First Mortgage Collateral Sinking Fund Gold bonds, Series D.
Gas Transportation Co. The Columbia company,as owner of the Preferred
0 Cumulative Participating Second Pref, stock, will be
stock, already has agreed to take its proportionate share of the new stock. and $300.000 87
used to finance the acquisition of control of a group of valuable properties
The Provident Savings Bank & Trust Co., trustee, Cincinnati. Ohio, in
the
Texas
Panhandle,
serving Plainview, Lubbock and surrounding
will until May 20 receive bids for the sale to it of 5% bonds, dated July 1 territory,
and also to finance the construction of substantial transmission
1908. to an amount sufficient to exhaust $103,224.-V. 120. p. 1881.
line extensions in Texas.
Valuation of Properties.-The combined properties have a conservative
Colorado Power Co.-Tenders.--The Irving Bank-Columbia Trust Co., successor trustee, 60 Broadway, present value, after making liberal deductions for depreciation, of $13,070,371.
N. Y.city, will until May 20 receive bids for the sale to it of 1st Mtge.5%
Gold bonds, due May 1 1953. to an amount sufficient to exhaust $27.836 Consolidated Earnings of the Company and Its Subsidiary Companies (Includat a price not exceeding 105 and int.-V. 119. p. 1175.
ing Earnings Accruing to Prior Owners) 12 Months Ended Feb. 28.
1924.
1925.
Columbus & Ninth Ave. RR., N. Y. City.-Reorg. Plan. Total consolidated income
82,611,117
A plan for the reorganization of the property covered by the 1st Mtge. *Oper. exp., &c. (incl. maint. and local taxes)__- - 1,597,767 $2,930,469
1,774,450
5% bonds dated Aug. 24 1923. and the indenture supplemental thereto,
securing the bonds, has been adopted by the committee (below) and has
Net income available for funded debt int., Fed'I
been deposited with Irving Bank-Columbia Trust Co., as depositary, 60
income taxes, diva., deprec'n & amortization_ _$1,013,350 $1,156,019
Broadway, N. Y. City. If a sufficient number of the bonds shall be Annual
interest requirements of funded debt outstanding upon
deposited and the plan shall be declared operative, each depositor will
completion
of present financing
554,460
receive $416 66 principal amount of intorno bonds (or scrip) and 2% shares Federal income taxes (estimated)
42,591
of Prof. stock (or stock trust certificates, or scrip) of New York Rys. Corp.
for each $1.000 principal amount, with all unpaid coupons, of the deposited
Surplus available for dividends, depreciation & amortization
$558,968
bonds, without liability on his part for any portion of the compensation Annual
Pref.
stock
(incl.
div. requirements of $2,801,300 7%
or expenses of the Columbus committee, or of the trustee under the Colum$301,300 Prof. stock of Kansas Utilities Co.)
196.091
bus mortgage,and without payment of any cash subscription or assessment.
Approximately two-thirds of the bonds have heretofore been deposited
Balance
$362.877
Those
committee.
bondholders
who
have
not
already
deposited
with the
* includes interest on miscellaneous notes amounting to $11,641 In
their bonds are urged to deposit the same forthwith. Deposits will be
and $6,525 in 1924.
accepted up to and including June 15 1925. The plan will not be declared 1925
The
earnings since March 1 have shown substantial increases in both
in
an
aggregate amount deemed gross and
operative unless bonds shall be deposited
net as compared with the same period of last year and it is conby the committee to be sufficient for the carrying out of the plan.
estimated that the properties now owned are capable of showing
committee.-George E. Warren, Chairman; C. Robert Adams, Frank servatively
a
gain
25% in sales by the end of 1926. Of this gain, at least
of
at
- 60% should least
Coenan, with Arthur N. Hazeltine, Sec., 60 Broadway, N. Y. City.
be left after operating expenses and taxes as many economies
V. 117, p. 1774.
are still to be effected from capital expenditures now being made.-V.120.
Commonwealth Power Corp.-Offers to Acquire Control D. 452. 328.
of Tennessee Electric Power Co. Through Exchange of Stocks.George E. Hardy, Pres. of the corporation, states that the directors have
authorized submission of a plan for the acquisition of control of Tennessee
Electric Power Co. by exchange of stocks, under which on consummation
the Second Preferred stock of the Tennessee company will receive Pref.
stock of the Commonwealth Corporation on the basis of share for share,
and the Common stock of Tennessee company will receive for each share
35-100ths of a share of Prof. stock and 25-100ths of a share of Common
stock of the Commonwealth corporation.
Mr. Hardy further states that holders of substantial amounts of the
Tennessee stocks have already agreed to exchange under such a plan, which
is now in process of preparation and will undoubtedly be issued in the near
future.-V. 120. p. 1746, 1325.
Community Power & Light Co.-Bonds Offered.-Spencer Trask & Co., New York, Wm. L. Ross & Co., Inc., Chicago, Whitaker & Co. and Liberty Central Trust Co., St.
Louis, and Bauer? Pond & Vivian, Inc., New York, are
offering at 98 and interest, to yield about 6.15%, $1,750,000
First Mortgage Collateral Sinking Fund Gold bonds, Series
D-6%.
Dated Jan. 1 1925; due Jan. 1 1956: Interest payable J. & J. at Guaranty
Trust Co., New York, at Central Trust Co. of Illinois, Chicago, or at Liberty Central Trust Co., St. Louis, trustee. Denom. $100, $500 and
81.000 c*. Redeemable, all or part, on any interest date on 60 days notice,
as follows: On or before Jan. 1 1930 at 105 and interest; after Jan. 1 1930 and
on or before Jan. 1 1935 at 104 and interest; after Jan. 1 1935 and on or before Jan. 1 1940, at 103 and interest; after Jan. 1 1940 and on or before
Jan. 1 1945, at 102 and interest; after Jan. 1 1945 and on or before Jan. 1
1949 at 101 and interest; after Jan. 1 1949 at 100 and interest. Company
agrees to pay interest without deduction for any Federal Income tax not
exceeding 2%. Penna. 4 mills tax and Mass. income tax on interest not
exceeding 67
0 of such interest per annum, refunded.
Security.-The First Mtge. Collateral Gold bonds, of which there will be
$8,125,060 outstanding upon completion of this financing, are secured by
deposit and pledge with the trustee of First Mtge. bonds of subsidiary corporations, which have been approved by the re,gulatory bodies in the various
States, and which, wito $12,000 bonds issued by the Versailles Light. Milling & Power Co., constitute the entire funded debt of such corporations, in
an aggregate principal amount equal to 125% of the total amount of First
Mtge. Coll. Gold bonds outstanding, and under the terms of the agreement
of assignment and pledge this ratio must always be manitained. These
Consolidated Gas, Electric Light & Power Co. of
Baltimore.-Denies Consolidation Rumors-Earnings.President Herbert A. Wagner on May 12 issued the following statement:
"It has been brought to our attention that certain rumors are current
to the effect that a plan is under consideration for the consolidation of the
Pennsylvania Water & Power Co. with the Consolidated Gas, Electric Light
& Power Co. of Baltimore. These rumors have become so persistent that
we feel it incumbent upon us to make a positive denial at this time. No
plan is under consideration or under contemplation for a consolidation or a
closer affiliation with these or any other Baltimore or out of the State
interests."
Income Account for Quarter Ended March 31.
1924.
1925.
Gross revenue
$6.090.006 $5,910,427
Expenses and depreciation
3,928,595
3,750,949
Operating income
Other income
$2,339,057 $1,981,832
49,400
44,721
Gross income
Fixed charges
Preferred dividends
Common dividends
82.383,778 $2,031,232
774,778
759,040
134,236
199,184
347.894
347,645
Surplus
-V. 120, p. 1457.
81.077,909
$774,324
Detroit United Railway.-Management-.
The receivers for the company have engaged the A. L. Drum Co.,
consulting engineers, to assist in the management of the road. The A. L.
Drum Co. was employed recently by the receivers to make a complete
survey of the system.-V. 120, p. 1881.
Dominion Traction & Lighting Co., Ltd.-Tenders.
The Union Trust Co., Ltd., trustee, Toronto, Canada, will until June 1
receive bids for the sale to it of 30-Year 5% Gold bonds, dated May 1 1913,
to an amount sufficient to absorb 515,300.-V. 100. D. 1917.
Denver Tramway Co.-Reorganization Plan.-A plan of
reorganization of the Denver Tramway Co. and the Denver
& Northwestern Ry. has been adopted by the Joint Reorganization Committee. The plan briefly referred to in V. 120,
p. 2267, calls for an assessment on the stockholders of both
,
MAY 16 1925.]
THE CHRONICLE
25491
(5) All real estate now
by Consolidated Securities & Investing
companies, as outlined below. The names of the com- Co., the title to which mayowned
be vested in a subsidiary corporation.
In regard to items (4) and (5) the plan contemplates that the indenture
mittees were also given in V. 120, p. 2267.
securing the 3-Year 7% Coll: Trust notes shall be foreclosed, or that the
What the Reorganization is Intended to Accomplish.
held thereunder shall be sold, and that the noteholders protective
(1) The termination of the receivership as soon as the reorganization can collateral
committee shall cause the $1.370.000 Denver City Tramway Co. 1st &
be consummated.
Ref. Sinking Fund Mtge.5% Gold bonds which are now part of the collateral
(2) The recapitalization of the street railway system on a conservative to
be deposited under the plan, and shall likewise cause items (4) and (5)
basis as between bonds carrying a fixed charge and Preferred and Common
be conveyed and transferred by Consolidated securities & Investing Co.
stock, and within the valuation fixed by the Federal Courtfor the city lines. to
to
the new company, or, in the case of the real estate, to a subsidiary
funded
debt
from
$17,521,700
to
reduction
of
$11,078,350,
and
The
(3)
adjustment of 13.953,337 arrears of interest, a total reduction of debt in corporation.
Securities and Stock to be Issued by the New Company.
the amount of $10,396,687.
(1) New Mortgage Bonds.—A new mortgage will be created by the new
(4) The reduction of annual interest charges from $953.015 to $580,848,
upon all its street railway property and appurtenant real estate
and of annual sinking fund charges from $332,911 (for 1924) to a maximum company
and franchises, subject to the respective liens of the existing mortgages
of $114,433 on the funded debt outstanding on consummation of the re- securing
the underlying bonds, which are not being distrubed in the reorganization.
There will also be pledged under this new mortgage $2,670.(5) The creation of a new mortgage,subject only to $4,635,000 underlying organization.
Consolidated Tramway Co. 1st Consol. Mtge. 40-Year 5%
Denver
000
provide,
among
other
outstanding,
to
things,
for
refunding
such
bonds
(Pending the completion ofthe foreclosure of Denver
Gold
bonds,
due
underlying bonds, of which more than 50% mature in 1927, and for new & Northwestern1933.
By. 1st & Coll. Mtge., the joint reorganization comcapital requirements from time to time.
mittee
may
also
cause
to
be pledged under the new mortgage all of Denver
of
new
money
by
provision
of
$612,468
stockholders
or
under
(6) The
Northwestern By. 1st & Coll. Mtge. 30-Year 5% Gold bonds, which the
writers for purposes of the new company and of effecting the reorganization. &
committee may control; and in such case the new mortgage will contain
An introductory statement ,to the reorganization plan suitable provisions permitting the bonds to be used in the completion
of foreclosure.)
states:
The new mortgage will permit the issuance of bonds, par for par, to
Denver Tramway Co. System.—Owns and operates the entire street railway
any or all of the underlying bonds, or bonds of any series previously
system of Denver, consisting of 203.22 miles of electric lines within the city refund
Issued under the mortgage, and will also permit the
of additional
limits and 23.73 miles of electric railway between Denver and neighboring bonds without limit as to amount for not exceedingissuance
of expenditures
towns, together with a power plant,sub-stations,terminals, &c. Company by the new company for additions, betterments and 75%
improvements to its
was incorp. March 30 1914, acquiring by purchase all the railway properties street railway system made after the date of the mortgage.
bonds
and franchises of Denver City Tramway Co., Denver & Northwestern Ry., may be issued in series, at such rates of interest, and having The
such dates
Denver Tramway Power Co. and Denver Tramway Terminals Co., and
maturity, not, however, earlier than 25 years from the date of the
assuming all the funded debt and other obligations of these companies. of
as the directors may determine at the time of authorization.
Company also owns the entire $500,000 capital stock of the Consolidated mortgage,
Provision will be made for the immediate issuance of bonds of a 5%
Securities & Investing Co., which in turn()WM certain real estate in Denver series
the amounts required for the purposes of the plan. Such 5% series
and vicinity, and other assets, including all outstanding mortgage notes bondsin
will mature in 25 years and will be redeemable initially at 102 •
& Intermountain RR., which owns and operates 24.93 which price
and stock of
will decrease as the
approach maturity. Provision will
miles of interurban lines. The stock of the Consolidated Securities & also be made for the immediate bonds
issuance of 1500.000 additional 5% series
of
the
pledged
as
part
collateral
security
for
Denver Tram- bonds to be taken into the treasury
Investing Co. Is
of
the
new company so as to be available
wayCo. 3-Year -7% Collateral Trust notes.
for general purposes without restrictions.
Of the $10,000,000 Common stock, all but $208,300 is owned by Denver
A
sinking
fund
three years after
will
also
be
provided
for,
& Northwestern Ry., a holding company, and pledged as part security for date of issue (or sooner if dividends are paidcommencing
upon the Common stock) at
that company's 1st & Coll. Mtge. 30-Year 5% Gold bonds. The Denver the rate of 1% per annum of the amount of bonds
at the beoutstanding
has
outstanding
in
the
By.
hands
of
the
Northwestern
public
&
$5,999,100 ginning of each year, and to be used to purchase bonds or to redeem bonds
capital stock.
by lot if they cannot be purchased at or below the redemption price: any
Debt
&
Funded
Outstanding
Capitalization
of Denver Tramway Co. bonds so acquired to be cancelled. The mortgage will not preclude the
Present
System.
company from effecting the further extension of any of the underlying
Denver Consol. Tramwa Co. 1st Consol. M.40-Year 5s, 1933_a$1,167,000 bonds if circumstances make this desirable. The amount of 5% aeries
Denver City Tramway Co. 1st Mtge (Extended)
9 6s, 1 27W - 2,000,000 bonds to be presently issued under this new mortgage Is $6,943,350, includDenver & Northwestern By.1st & Coll. Mtge. 30 -Year 5s, 1932_
b261,100 ing $500,000 to be held in treasury of new company.
(2) 7% (5% Cumulative) Preferred Stock.—The Preferred stock is to be
Denver Tramway Power Co. 1st Impt. Mtge.(Ext.) 6s, 1927..693000
Denver City Tramway Co. 1st & Ref. S. F. M.25-Yr. 5$, 1933_c10,125,600 preferred as to dividends up to 7% per annum, of which the first 5% shall
Denver Tramway Terminals Co. let M.5% Serial Gold bonds,
be cumulative at all times, whether earned or not, and the remaining 2%
1925 to 1938
775.000 shall be cumulative only when earned in any year, but not paid. In the
Denver Tramway Co.3-Yr.7% Coll. Tr. notes,due April 1 1922 2,500,000 event of liquidation or dissolution such Preferred stock is to be preferred
Interest unpaid and in default to Dec. 31 1924
3,252,433 as to assets to the extent of the amount in par value thereof outstanding
Sinking Fund payments in default to Dec. 31 1924
921,450 and dividends at the rate of 7% per annum. The Preferred stock shall
Denver & Northwestern By. Co. Capital stock
5,999,100 have full voting power at all times and shall have sole voting power in the
Denver Tramway Co. Common stoc
08,300 election of directors whenever, and as long as, any accumulated dividends
Consolidated Securities & Investing Co. Capital stock
d500,000 thereon are in arrears for one year or more. Preferred stock shall be
a $2,670,000 additional bonds of this issue are pledged under Denver redeemable at any time, in whole or in part, at par and dive. at the rate
per annum. Amount of Preferred stock be be issued in reorganizaCity Tramway Co. 1st & Ref. Sinking Fund Mtge. b 15,738,000 additional of 7%$10.318,145.
This amount of Preferred stock will be increased by
bonds of this issue were exchanged for Denver City Tramway Co. 1st & tion.
Ref. Sinking Fund Mtge. 25-Year 5s and are deposited under the mortgage any additional amount, which may be applied in settlement of claims of
creditors,
estimated
not to exceed *150.000 par value.
general
issue.
c
$1,370,000
additional
bonds
of
that
this
securing
issue are pledged
If a later date than July 1 1925 should be fixed by the joint reorganizaunder the trust indenture securing the 3-Year 7% Collateral Trust notes.
as the date from which the new mortgage bonds shall draw
d This stock Ls pledged under the trust indenture securing the 3-Year 7% tion committee
interest, the amount of new Preferred stock to be issued in respect of the
Collateral Trust notes.
Receivership—The properties have been in the hands of Ernest Stenger, accrued and unpaid interest on the bonds which are being reaAjusted will
equal to the interest on such bonds at 5% Per
as receiver appointed by the U. S. District Court since Dec. 24 1920. This be increased in an1 amount
from July 1925 to such later date.
was brought about by company's failure to obtain relief in the way of a annumCommon
Stock.—This stock will be without par value. It will have
(3)
compensatory rate of fare and a general strike, following demands for
increases in wages which the company was unable to meet. Revenues full voting power except that, whenever and as long as, any accumulated
stock are in arrears for one year or more, the
being inadequate to meet expenses and the losses incurred by reason of the dividends on the Preferred
are to have sole voting power in the election of
strike the company was unable to meet its interest obligations falling Preferred stockholders
dividend
is paid on the Common stock prior to the
any
directors.
If
1
due Oct. 1 and Nov. 1920, thereby precipitating the receivership.
Thereafter in March 1921 the Court entered an interlocutory decree date fixed in the new mortgage for the sinking fund to begin to operate.
begin to operate immediately, and no dividend shalt
enjoining the city from enforcing a 6-cent fare and authorizing the receiver such sinking fund shall
to collect fares not in excess of 8 cents for adults, with a 7)4-cent ticket be paid upon the Common stock in any year until the sinking fund payfare. The receiver has operated and is now operating the properties on ment for that year shall have been paid or set aside and until the dividends
on the Preferred stock for that year, at the rate of 7% per annum, and any
this fare basis.
Valuation Proceedings.—The city appealed from the above interlocutory unpaid accumulated dividends thereon, shall have been paid or set aside.
decree, but such decree was affirmed by the U. S. Circuit Court of Appeals. Common stock to be issued in reorganization, 61,240 shares.
Table of Exchange of Old for New Securities.
Thereupon,for the purpose offinal hearing and decree, the Court appointed
a special master, who took testimony as to the values of the different classes
Will Receive
Securities—
composing
the
Existing
Outstanding. New Bonds. Pref. Stock. Com, Shs.
property
company's
electric
entire
street railway system
of
T T
rramway
C
City
within the city. The master reported the valuation of such property as
x$11,495,600 $5.747,800 *5,747,800
hefound it, and held that a 734% return to the company upon such valuation DenvertRef.
Each 11,000
500
758.33
would be fair and reasonable, and that the 6-cent fare sought to be enforced
Denver & Northwestern
by the citY did not afford such return and was confiscatory.
261,100
Reviewing _the master's report, Judge Robert E. Lewis, in a decision
1st & Coll. 5s
130,550
130,550
Each $1.000
500
758.33
filed in the U. S. District Court for the District of Colorado on Dec. 13
1924, increased certain items in the valuation, fixing it at $23,514,769 for 100% of accr. & unpaid
int. from Nov. 1920 to
the part of the system within the city limits, and sustained the conclusions
July 1 1925 on above
of the master as to the rate of return to which the company is fairly entitled
3.034.587
bonds
3,034,587
and as to the confiscatory nature of the fare sought to be enforced by
3-Year Coll. Tr. notes_ _ 2,500,000 See footnote s
the city.
Each $1 MOO
500
732.69
In its opinion the court also refers to the franchise ordinances of 1885
&All the $1.000,000 cap.
and 1888 as perpetual easements in the streets.
stk. & *496.500 1st M.
While an appeal has been taken by the city from the final decree entered
notes of Den. & Interupon the said decision of the Court, which appeal involves among other
mountain RR. & all
things the question whether a contract exists with the city limiting the fare
red estate owned by
to 5 cents, and also the duration of the franchises of 1885 and 1888. the
Consol. Sec. & Inv. Co
respective protective committees consider, and have been advised by
565MOO
792,800
counsel, that the present situation of the litigation affords a basis upon Den. & N.W. cap. stock
on pay't of 110 per sh_ 65,999.100
599,910 59.991 shs.
which to predicate a plan of reorganization, although the Court's valuation
amount
contended
$100
the
for
by
Each
the
company.
10
1 sh•
Is less than
Den. Tram. Co. Corn.
• Digest of Reorganization Plan Dated April IS 1925.
stk. on payment of $6
Underlying Bonds Undisturbed in the Reorganization, Total $4,635,000.
share
per
6208,300
.
6 1.249 abs.
12,498
Denver Consol. Tramway Co. 1st Consol. M.40-Yr. 5s, 1933_ _a$1,167,000
Bach $100
3-Sell.
Denver City Tramway Co. 1st Mtge.(Ext.) as, 1927
2,000,000
z Includes 91.370,000 bonds deposited under the trust indenture securing
Denver Tramway Power Co. 1st Impt. Mtge.(Ext.) Cs, 1927..
693.000 the $2,500,000 3-Year 7% Collateral Trust notes. aThe plan contemplates
Denver Tramway Terminals Co. 1st Mtge. 5s (Serial), 1925-38775.000 that the indenture securing the Coll. Trust notes shall be foreclosed or that
a $2,670,000 additional now pledged under Denver City Tramway Co. the collateral held thereunder shall be sold and that the noteholders proFund
Mtge.
will
Sinking
remain
outstanding
and
will
Ref.
be
pledged tective committee shall cause the $1,370,000 D. C. T. let & Ref. S. F. M.
1st &
mortgage.
under the new
5$. which are now a part of the collateral, to be deposited under the plan
Securities ($14,256,700) and Stock ($6,207,400) to be Rea_djusted Under Plan. and also cause the 11.000,000 stock
and $496,500 notes of Denver & InterDenver City Tramway Co. 1st & Ref. S. F. Mtge. 25-Year 5s,
mountain RR. now owned by the Consol. Securities & Investing Co. to
due 1933 (incl. $1,370,000 bonds deposited under this trust
be conveyed to the new company, or in the case of the real estate to a subthe
3
-Year
7%
Coll.
securing
Trust
notes)
•
indenture
$11,495,600 sidiary company. b Holders of stock and of certificates of deposit for
.
benver & Northwestern By. 1st & Coll. Mtge. 30-Yr. 5s, 1932_
261,100 stock of the companies will be required to pay 20% of the payments on
Denver Tram'y Co. 3-Yr. 7% Coll. Tr. notes,due April 1 1922 2.500,000 assenting to the plan (to be returnei if the plan shall not be declared operaNorthwestern
By.
Co.
Capital
stock
Denver &
5.2
99800
9:3
100 tive), and the balance as and when called for by the joint reorganization
208,300 committee after the plan shall have been declared
Denver Tramway Co. Common stock
operative.
The reorganization committee reserves the right to issue stock scrip to
Method of Effecting Reorganization.—The plan contemplates the foreclosure of Denver City Tramway Co. 1st & Ref. Sinking Fund Mtge. and cover fractions of one share of new Common stock to which holders of
Ry. 1st & Coll. Mtge. and the organization of stock of the Denver & Northwestern By. or the Denver Tramway Co.,
of Denver & Northwestern
will acquire, through foreclosure and receiver's sales or certificates of deposit therefor, may become
entitled under the plan.
a new company, which
following
property and assets:
the
otherwise,
The plan makes no provision for any holders
stock of the Denver &
and
railway system and franchises which are now subject to Northwestern By. or of the Denver Tramway of
Co. who do not deposit
(1) The street Tramway
Co. 1st & Ref. Sinking Fund Mtge. and to the their stock under the 'plan and make the payments
City
above referred to.
the DenverNorthwestern
Ry. 1st & Coll. Mtge.—to be acquired subject to Any new stock which would be deliverable under the plan
Denver &
to sdch holders.
of the mortgages securing the underlying bonds, which had they participated therein, may be sold by the joint reorganization
the respective liens
in the reorganization, which underlying bonds committee for the purPeses of the reorranization.
are not being disturbed
company;
new
the
by
iren.ents
of
assumed
the
Cash Rem
Plan.—The plan does not contemplate any
are to be
(2) The 12,670.000 Denver Consolidated Tramway Co. 1st Consol. Immediate sale of bonds by the new company to provide casn, as it is
Mtge. 40-Year 5% Gold bonds which are now pledged under the 1st & estimated that the cash in the hands of the receiver and the Payments
required of the stockholders under the terms of the plan, taken as a whole,
Re. Sinking Fund Mtge.:
(3) All unmortgaged assets in the hands of the receiver, subject to will suffice for operations until the new company takes over the property,
liquidation of the obligations and expenses of the receivership and other and for the liquidation of the obligations and expenses of the receivership
and other claims, and for the expenses of the reorganization and,of carrying
(4) All of the $1,000.000 capital stock and $496.500 1st Mtge. notes of out this plan, and will leave the new company a leala nee estimated at not
Denver & Intermountain RR., which are now owned by Consolidated less than $750.000 for working capital and for c.rielt;11 expenditures contemplated for 1925 and 1926.
Securities & Investing Co.;
2550
THE CHRONICLE
This estimate does not Include any provision for any cash payment on
any of the Denver City Tramway Co. 1st & Ref. Sinking Fund Mtge. 25Year 5% Gold bonds, or of the Denver & Northwestern By. lst & Coll.
Mtge. 30-Year 5% Gold bonds, or of the Denver Tramway Co. 3-Year
7% Collateral Trust Gold notes, which may not be deposited under the plan.
Estimated Funded Debt &Capitalization & Annual Charges After Reorganlza'n.
Annual
BondsAmount.
Denver Consol. Tram. Co. 1st Cons. M.5s. 1933- $1.167.000 Charms.
$58.350
Denver City Tramway Co. 1st M. Ext. 6s. 1927._ 2,000.000
120.000
Denver Tram. Pr. Co. let Inapt. M.Ext. 6s, 1927_
693.000
41.580
Denver Tramway Term. Co. 1st M.Ser, 55, 192538.750
775.000
New 5% Series bonds
322.168
6.443.350
Total
811,078.350 a$580.848
Sinking Fund charges
50.000
[VOL. 120.
Municipal Gas Co., Albany, N. Y.-Public Utility
Merger Reported Nearing Completion.-
A merger of the Municipal Gas Co. of Albany with the Adirondack Power
& Light Corp. and other gas and electric companies serving the Capitol
District is under way, according to the Albany "Knickerbocker Press of
May 7:
"The Municipal Gas Co., Troy Gas Co., Cohoes Light & Power Corp ,
Fulton County Gas & Electric Co.. Utica Gas & Eleetric Co., and the
Northern New York Utilities Corp.. are other public utilities which are to
be Mined in the merger.
The name of the new corporation to hold the merged companies. It is
understood, will be the Mohawk & Hudson Power Corp. It will be owned
In the ratio of 35% by General Electric interests or the Adirondack Power &
Light Corn., which they control: 15% by the Power Corp. of New York:
15% by United Gas improvement Co. Interests; 7% by the Brady Estate:
and new securities to be sold publicly in the amount of 28%. The latter
3630,848 are to be offered first to stockholders of the Adirondack Power & Light Corp.
Add'l Sk. Fd. payments to commence in 1928 (or sooner if
The proposed merger of the Buffalo General Electric Co.. Niagara Falls
dila:. are paid upon the Com. stock)-one year's payment
Power Co., Niagara Locknort & Ontario Power Co. and the Tonawanda
based on new bonds presently outstanding
64,433 Power Co. (see Buffalo Niagara & Eastern Power Corp. above) is looked
Storksupon as the Initial step in the grouping of a number of New York State
7% Preferred stock
power companies into a huge super-power system, according to the "Wall
310.468.145
Street Journal."
It is exnectecl that this consolidation will be followed In the near future
321,546.495
by the bringing In of a number of properties now held by the Brady Estate
*61.250
*Shares of Common stock without par value. a This compares with in the linear part of New York State. the Adirondask Power & Light group,
annual interest charges of $953.015 under the present funded debt.
Properties controlled by the Power Corp. of New York and several companEstimated Earninas Apelirable to Annual Charges After Reorganization. ies operating in New York controlled by the United Gas Improvement Co.
The receiver reports that the net income of the Denver Tramway Co. Such a grouping would result in one of the largest and strongest companies
system,after deducting operating expenses,taxes, depreciation and franchise in the conntry. Already the Niagara Falls Power Co.. Niagara Lockport &
payments, available for interest, sinking fund and dividends, for the 3 Ontario Primer Co.. Buffalo General Elect-ic Co.. Utica Gas & Electric Co.,
years ended Dec. 31 1922. 1923 and 1924 was as follows:
the nremertles of the Power Corn. of New York and the Adirondack Power &
Net income year ended Dec. 31 1922
$1.379,737 Light Corp are inter-connected.
Net income year end's' Dec. 31 1923
The four companies merged under Buffalo Niagara & Eastern Power
1.215.204
Net income year ended Dec. 31 1924
1.292,365 Corp. are primarily wholesalers of power, while these of the Brady group
and other conmanies to be taken in are retailers. Thus, the grouping when
Average net Income-3 years
$1.295.768 finally completed will bring together five lams hydro-electric power comDeduct-One year's interest on underlying bonds_ $258 6811
panies and a number of retail power companies in a homogeneous unit.
One year's interest on new 5% series bonds____
V. 120. D. 1204.
322.168
Total Interest charges
Municipal Service Co.(Maine).-Notes Offered.-E. H.
580.848
Leaves available for sinking fund and dividends
Preferred stock dividend requirement at 5%
-V. 120. p. 2267.
3714.920
523.407
Rollirs & Sons, Blvth. Witter & Co. and Eastman Dillon &
Co. s.re offar'ng at 99% and int., to yield 6.15%, 13,250,000
31/-Year 6°4- ,
r n1d rntps,
Dated Max 1 1e25. Due Nov. 1 1928. Red. on 30 days' notice at par
Eastern New Jersey Power Co.-Meroer Approved.The New Jersey P. IL Conmilsaion has authorized the company to and int., plus a premium of 14% for each year or portion thereof of unexacquire, through merger, the Electric Light Sr Power Co. of Hightstown, pired term. int. payable M. & N. in New York. without deduction for
any normal 7ederll income tax not exceeding 2%. reno.n. *1,000e5.
N. J., and Jamesburg (N..1.) Electric Co.-V. 120. p. 329.
Guaranty Trust Co., New York. trustee. Penna. 4 mills tax, District of
Electric Power & Light Corp.-Acquisition of Southern Columbia 5 mills tax, California personal property tax not exceeding 4 mills
per
annum.and Massachusetts income tax not exceeding 6% p. a.,refunded.
Power de Iloht Co. Preposed
Data from Letter of A. E. Fitkin. Pres. of Nat. Public Service Corp.
See Southern Power & Light Co. below-V. 120, p. 1326. 1457.
Comm:mt.-Mcrae. in Maine. Owns or controls operating companies
located in prosperous rommunities of Pennsylvania. Verginla, Ohio and
Federal Light & Traction Co.-Listing.The New York Stock Exchange has authorized the listing of (a) 39.374 fteorgia. as follows: Edison Light & Power Co., York Railways. Glen Rock
Electric
light & Power Co.. Citizens light & Power Co.. Citizens Traction
shares (auth. 151.000 shares) Cum. Pref. stock (dividend cumulative 3(1 per Co..
Bainhridge Tee co.. Titusville right & Power Co. Chester Valley
annum) without par value, on official notice of issuance, share for share.
co., Alexandria Light & Power Co.. Youngstown & Suburban
In exchange for outstanding and listed shares or Pref. stock. par X100 each. Electric
Ry.. Valdosta lighting Co.. Ware County I ight & Power Co., and will
and (hi 31.784.375 Common stock, par $15 each (auth. 315.000.000). on aenuire
all
the Common stork of Keystone Public Service Corp. with the
official notice of issuance in exchange for outstanding and listed shares of
of this !ague of notes.
Common stock without par value (5 shares of Al 5 par value stock for each proceeds
The electric light and power properties comprise electric generating stashare without par value).-V. 120. p. 2400. 2267.
tions with an aggregate installed capacity of 55.66g h. p., and with contracts
Gloucester Gas Light Co.-To Issue Additional Stock.- fsr the purchnee of power adermate to meet increasing demands. This
The company has applied to the Massschusetts Department of'Public Includes the installation of an smen h. n. turb generating unit, which has
Utilities for authority to issue 2,900 additional shares of Capital stock Jost been completed at the On fitv plant of the Citizens Traction Co.
(par $50) at t55 a share. The proceeds will be used to retire floating debt A A.600 h. n. unit is being Installed in the Alexandria plant of the Alexandria
Incurred for plant and equipment and for further additions to plant.-V.77. light & Power 00. Sleetyic light and Power Is furnished, without compee
tlx,
tinenect
. 2
P72
- 5
.0
40
,0
1.
26 electric customers. serving a population estimated to
p. 2283.
Great Falls (Mont.) Power Co.-Tenders.T+'e comblred companies operate re miles of transmission lines. The
The Bankers Trust Co., trustee. 10 Wall St., N. Y. City, will until r Inroad nropertles onerate a total of 255 miles of track and during 1924
June 10 receive bids for the sale to it of 1st Mtge. bonds dated May 11911. there were earried 70,213.517 passengers. BIN pas.engers during the year
to an amount sufficient to exhaust $44.609. at a price not exceeding 107% wore 1.677.510. The ice eompanles haves combined capacity of 202 tons
and interest.-V. 120. p. 1458.
per day and an annual output of over 32.500 tons.
Cap iniketionAntharizrd. Outstanding.
Interborough Rapid Transit Co.-Again Seeks Inerease. Collateral
Trust 5% bonds. due March 1 l942___$20 000.000 34,554.700
The company renewed on May 14 its agitation for a 7-cent fare and 3%-Year g% gold notes (this issue)
through James L. Quackenbush. its general counsel, filed a brief with the 10-Year (1% Debenture bonds, dun rec. 1 1028
r.sleons,no
ed)n 3.0
6
27
58.
,000
Transit Commission, denying its obligation to pay any of the (Nast of length- 5
-Year edesg,,6;erLal Cockoupon notes. due 1925-1928
pr
5.0
4nen.0
000 2s.9
33
530:2
000
ening the platforms of local subway stations. It offered, however, to agree
to the lengthening if the Mayor. the Board of Estimate and the Commis- Common stock (no par value)
100.000sbtu. 3.73.500 shs.
sion would agree to an increase in the fare on its lines from 6 to 7 cents.
x e50.000 retired. y Substantially all the Common stock is being purIn making his 7-rent fare suggestion. James L. Quackenbush, counsel chased by National Public Service Corp.
for the 1. R. T., said in part:
The subsidiary companies will have outstanding in the hands of the
"The Interborough is willing to agree to the proposed platform lengthening public S15.2:15.000 of bonds: A1.150.00e of notes, which are non-interestprovided that the Mayor and the Board of Estimate shall. with the approval o
be
fac
rionm
gm
un
pnto
40
.Ic
aun.
. 1 1926: 31.609.000 of Preferred stock, and $206.050
of the Transit Commission. amend Contract 3 and the allied certificate by
changing the rate of fare from 5 cents to 7 cents so that the credit or the
Purpass.-proreeds will provide funds with which to purchase control
Interborough may be restored to enable it to rai e the necessary money to of Keystone Public Service Corp.
do its share of the work. It is further willing that one cent of such increase Control. Stat-ment up‘mComplrtionof this Financing, 12 Mos.End. Feb. 28'25.
shall be paid to the City of New York and that the remaining cent be Gross earnings of subsidiaries
59.307.616
Impounded and disbursed under restrictions which will prevent the receipt Operating expenses, taxes, &c
6,170.398
by the Interborough of any profit greater than It would be entitled to under
Its existing contracts and also that the surplus, if any, above such amount
Net earning.;
$3,137,218
shall be payable to the city; or the 1nterborough will accept any substitute Prior charges of subsidiary companies
1.414,729
method which may be proposed for disposing of the increase in the fare so
long as the method shall be adequate to restore its credit to the point where
Balance
31,722,489
It can raise necessary new money on reasonable terms."-V. 120. p. 2146. Interest of bonds, debentures and notes of Municipal Service
Co., Including this issue
1747.
484.380
International Ry. Co. (Buffalo).-Income Account.-
Balance for dividends. &c
$1.238.109
Valuation.-These notes will be a direct obligation of the company, whose
properties have been appraised and, according to recent reports of Day &
Zimmerman as to the former Municipal Service Co. property, and reports
of A. L. Drum & Co. as to Keystone Public Service Corp.'s property,
Operating income
$227.670 have a value of 342,447.874, or approximately 1 % times the amount of all
$186.958
3260
5..2
821
67
Non-operating income
7.863 bond and note indebtedness of Municipal Service Co. and its subsidiaries.
8.494
This amount does not include
which Is being provided for
Gross income
3235,534 Improvements and betterments 31.500.000
$195,452
$266.049
through the sale of Common stock.Income deductions
375.848 V. 120, P.
392.172
381.233
1881.
Net deficit
3140,315
3196.721
$115.144
National Electric Power Co. (Me.).-Pref. Stock Offered.
Note.-Because of the strike in 1022 and its effect on the revenue and
operating costs of the year 1923. the calendar year 1921 Is used for com- -A. C. Allyn & Co., Inc., Howe, Snow St Bertles, Inc.,
parative purposes.-V. 120, p. 1747, 1202.
and G. E. Barrett St Co. Inc., are offering
95 and div.,
Three Months Ended March 31Operating revenue
Operation and taxes
1921.
1925.
1924.
52.568,452 82,599.338 32.725.159
2.497.489
2,412.380
2,308,261
at
Kentucky-Tennessee Light & Power Co.-Acquisition. to yield over 7.35%, $1,500,000 7% Cumul. Pref. (a. St
stock.
The company has purchased the municipal water and light plant at
Mayfield, Ky., for $6.5.000.-V. 120, p. 211.
Lawrence Gas & Electric Co.-To Issue Additional Stock.
The Mass. Dept. of Public Utilities has authorized the company to issue
3800.000 additional Capital stock (par $25) at 530 per share. The proceeds
are to be used to pay notes outstanding Jan. 31. There will be outstanding
34.000.000 Capital stock after issuance of the above.
The Massachusetts Department of Public Utilities has also authorized
the company to issue $1,500.000 20-Year 5% First Mtge. bonds, dated
Aug. 2 1920. The proceeds of this issue will be used to refund an equal
amount of 7% bonds which will be called Aug. 1 next.-V. 120, p. 1881.
Metropolitan Edison Co.-Stock Increased, &c.
-
The stockholders on May 5 approved the plan to increase the authorized
Common and Preferred stocks, to classify the Preferred stock into 3 classes
and to increase the authorized Indebtedness of the company, as outlined
In V. 120, p. 1327.
Mexican Light & Power Co. Ltd.-Bond Interest.-
Notice is given under date of May 15 that a half-year's interest (coupon
No. 12, dated Dec. 11917) on the 5% Second Mortgage 50-Year bonds will
be paid on June I at the Bank of Scotland, London. Eng.; at the Canadian
Bank of Commerce, Toronto and Montreal, and at their agency In New
York.-V. 119. p. 2411.
Dividends exempt from present normal Federal income tax. Mass.
6% income tax refunded. Divs. payable Q.-J. Red. all or part on any
city. date on 30 days' notice at II() and dive. Transfer agents, Seaboard
National Bank. New York; State Street Trust Co.. Boston; Central Trust
Co. of Illinois. Chicago. Registrars: Equitable Trust Co. of New York.
First National Bank of Boston. Northern Trust Co., Chicago.
Data From Letter of Victor Emanuel, Vice-President of the Company.
Cornpany.-Owns over 98% of the Common stock of Cumberland County
Power & Light Co. and the entire Common stock (except (lirectors' qualifying shares) of Northwestern 'Public Service Co., which together serve with
electric light and power a population estimated at 310 000. the territories
embracing a total of 123 communities. Gas is manufactured and distributed in 5 of the communities served, and the street railway system In
and about Portland. Me., is operated under lease expiring 2011.
The territories served by the operating companies include the important
Industrial. shipping and manufacturing district within a radius of 40 miles
of and including Portland, Me., the largest city in the State; a rich agricultural district in the eastern half of South Dakota, and also the important
cities of North Platte and Columbus, Neb.
The operating subsidiaries are believed to be, respectively', the largest
electric light and power companies in the States of Maine and South Dakota.
and have a normal installed generating capacity of 66,949 kva. of which
22.750 kva. is hydro-electric.
MAY 16 1925.]
THE CHRONICLE
Earnings 12 Months Ended Dec. 31 1924.
[Consol. earns. of above subsidiaries, incl. earns, of leased properties.]
$5,420,925
Gross earnings
Oper. exp. (incl. maint. & deprec. computed at 12;4% of gross
earnings, amortization of disct. of funded debt and all taxes,
3.615.055
including Federal income taxes)
$1,805,870
Net earnings
Balance of net earns. applie. to sec. of sub. cos. owned by
National Electric Power Co., after deduction of int, charges
on funded debt & dive. on Pref. stocks of sub. cos., & net
848.447
earns. applic. to Corn, stocks of sub. cos. held by the public..
225,000
Annual interest charges on 6% Secured Gold bonds
2551
Dividends accruefrom April 11025 and are payable quarterly. Callable all
or part at 105 and div. Transfer agent, Montreal Trust Co.; registrar,
Eastern Trust Co.
Issued.
A ta horized.
Capitalization$1,560.000
1st M.63 % Sink. Fund Gold bonds, due 1949-- 35.000.000
760,G00
7% Cumul. Pref. stock, par $50 (this issue,____ Loon GOO
25 Of,0 shs. 20,000 shs.
Common stock (no par value)
Company.-Incorp. under the laws of the Dominion of Canada. Owns
and operates 5 hydro-electric plants, located on the North, Rouge and
Blanche rivers, all tributary to the Ottawa River. Company supplies
light and power to 40 municipalities located in the diwrict bordering on the
St. Lawrence and Ottawa Rivers.about 30 miles west ofthe city of Alen treat.
Company owns five hydro-electric plants with a total capacity of 11.000
h.p., 135 miles of high-tension transmission lines and 68 miles of distribution
system. All water rights are owned in fee simple and the company's plants
are all located in the Province of Quebec. To more effectively serve its
customers, a portion of the proceeds of this issue will be expended to Interconnect the different plants. In addition to its own power supply the
company has a long-term contract, on favorable terms, with the Montreal
Light, Heat & Power Consolidated.
Earnings.-Proceeds of this issue will be used for the acquiring of additional properties and extensions to the transmission and distributing systems
of the company. Earnings for the current year will therefore show a marked
advance. Current earnings available for dividends on this stock are at
the rate of $65 00( per annum, as against the required amount of $52,500.
-V.119, p. 205.
$623.447
Balance
105,000
Annual div. requirements007% Cumul.Pref.stock (this issue)_
Capitalization.
150.000 abs.
Common stock (no par value)
$1.000.000
*7% Non-Cumulative Preferred stock
1,500.000
7% Cumulative Preferred stock (this issue)
3,750.000
20-Year 6% Secured Gold bonds
*The 7% Non-Cumul. Pref. stock may be converted into 7% Cumul.
Pref. stock upon vote of the board of directors of the company, whenever
net earnings applicable to the Pref. stock for 12 consecutive months within
the immediately preceding 15 months, shall be not less than 4 times div.
requirements on the Clumul. Pref. stock outstanding and the 7% NonCumul. Pref. stock then to be converted.
Philadelphia Electric Co.-To Retire Pref. Stock.There are outstanding in the hands of the public not exceeding 560 shares
The company announces that the Preferred stock will be redeemed at
of no par value Common stock, $4,812.200 par value of Preferredi stock, and $28 per share on Sept. 151925. Of the $15.000 000 the Preferred stock will
$13.101,500 par value of funded debt of subsidiary companies.
be redeemed at $28 per share on Sept. 15 1925. Of the $151.00.000 Pref.
Management.-General operation of properties is under the supervision week oeiginally authorized, there remains outstanding approximately
of Albert Emanuel Co.. Inc.. New York. Compare also V. 120. p. 1586. $5.000.060.
1459.
If the Preferred stockholders desire to avail themselves of the privilege
of conversion, par for par. into Common stock, twice of their desire to do
Nashville Gas & Heating Co.-Bonds Offered.-Cald- so
must be filed with the company on or befoee'May 15 1925 for conversion
on Sept. 15
well & Co. are offering at 904 and int., to yield 5.40%, on June 15 1925. and on or before Aug. 15 1925 for conversion
1925, on which latter date Preferred stock not converted will be redeemed.
$200,000 1st Mtge. 5% Sinking Fund Gold bonds, dated -V.
120. p. 1882. 1748.
May 11912, due May 11937.
,
-Notes Called.-
Philadelphia Rapid Transit Co.
Issuance.-Authorized by the Tennessee Railroad and Public Utilities
AS of the outstanding 2-Year 6% Secured Gold notes. dated Dec. 11923,
Commission.
100% and int. at the Bank of North
Data From Letter of S. E. Linton, Vice-President of the Company. have been called for payment June 1 atPa..
or at the office of Dillon, Read
Company -Incorp. July 5 1911 in Tennessee. Supplies gas to the city America & Trust Co., trustee, Phila..
2149.
2270.
p.
120,
-V.
City.
Y.
N.
Co.,
&
of Nashville for light, heat and power purposes. Company owes and
operates a modern and efficient combination water-gas ana coal-gas plant.
Philadelphia Suburban Water Co.-Bonds So'd.with daily capacity of 1.900.000 cu. ft. of gas. Company owns 193 miles
of gas mains and supplies 12.735 customers. Franchise contains no burden- Drexel & Co., Philadelphia, Lay • sold at 9714 and interest,
some restrictions and operates until Oct. 10 1951.
First Mtge. Gold bonds,
Security.-Bonds are a part of a total outstanding bonded indebtedness to yield over 5.15%, $10,000,000
of 32.265.000, and are secured by a first mortgage on all of company's 5% Series, duo 1955.
property, rights and franchise. now or hereafter owned, having a present
In payment for the new bonds, the following bonds in bearer form with
value or approximately $5.000.000.
all unmatured coupons attached will he accepted at the prices indicated
Earnings.-N et earnings for 1924 were $260,427, or 2.30 times the bord below: Springfield Water Co. Consol. Mtge.5% bonds. due Sept. 1 1926. all
Interest requirements.
100.607 and interest. and North Spriagfield \Filter Co. First Mtge. 5%
Management.-Company is owned and operated by United Gas Improve- bonds, due July 1 1928. at 101.430 and interest: and the following bonds at
ment Co. of Philadelphia.
the prices indicated less 34% bank discount from the date when such
Purpose.-To make extensions and improvements to the company's plant bonds are received in payment to their next interes
@FedFRASER