The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial
The
mrrVitI lirtintrie
INCLUDING
Public Utility Compendium
Railway Earnings Section
Railway & Industrial Compendium
State & Municipal Compendium
SATURDAY, MAY 2 1925.
VOL. 120.
Xite Throntat
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advandt
12 Mos. 6 Mos.
Including Postage-$6.00
$10.00
Within Continental United States except Alaska
6.75
1150
In Dominion of Canada
7.75
13.50
Other foreign countries. U. S. Possessions and territories
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made
In New York Funds.
Subscription includes following Supplements-SECTIONS—
UTILITY
(semi-annually)
BANK AND QUOTATION (monthly)
PUDLIO
RAILWAY & INDUSTRIAL (11=1-8/1111.)
RAILWAY EARNINGS (monthly)
STATIC AND MUNICIPAL (semi-annually) BANZERS' CONYSNTION (yearly)
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO Orrics—In charge of Fred. H. Gray Western Representative,
208 South La Salle Street. Telephone Harrison 5616.
LONDON orrice—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager. William D. Itiggei
Treas.William Dana Seibert; Sec.Herbert]).Seibert. Addresses of all,Office of Co.
The Financial Situation.
The week has brought several events of the greatest financial significance. The license to the Bank
of England to export gold bullion heralds the culmination of a-national policy that has required mental and moral stamina, exercised steadily by a great
population over a period of five years, quite comparable in quality and quantity with that which won
the war. This achievement will have beneficial and
world-wide effects that can hardly be measured at
present. A further reduction in British taxation,
while less notable, should prove highly beneficial.
The election of von Hindenburg, although offending
the world's sensibilities, has actually demonstrated
that greater progress has been made in Europe than
most peeple had suspected, in that France has withstood the shock. The new French Government, with
its international point of view, has apparently not
been weakened, and there seem to be prospects of
rapid procedure in a policy of economy and sane
fiscal measures, with the necessary co-operation
from Germany. On Thursday French Finance Minister Caillaux went so far as to announce that regardless of cost France must follow Great Britain
back to a gold basis. Of like tenor to the political
calm in France is the action of the world's markets,
almost unaffected by the German election, and
rather surprisingly quiet in view of the constructive
news from London.
On Tuesday Winston Churchill, Chancellor of the
British Exchequer, in presenting the new budget,
announced that the Bank of England had been given
a special license to export gold bullion, effective at
once, pending the lapsing on Dec. 31 next of the war t
Bank and Quotation Stair
Bankers' Convention Seesaw
NO. 3123.
.time status prohibiting export. He also announced
that the,Government had on hand a gold reserve of
£153,000,000, or $744,650,000, had already accumulated the $166,000,000 covering the June and Dec.
installments on the debt to the American Government, and had obtained a credit in New York of
$100,000,000 from J. P. Morgan & Co. and had arranged with the Federal Reserve Bank of New York,
to place $200,000,000 gold at the disposal of the
Bank ..if England if desired.
This is in its main aspect a return to the gold
standard. The return, however, is not complete because for the time being the right to export gold bullion is confined to the Bank of England, and because
gold is not to be used in circulation. South Africa,
Australia and in fact the whole British Empire, as
also Holland, have likewise gone on a gold basis, as
noted on a subsequent page.
Immediately following the Chancellor's announcement, sterling, which had already advanced above
$4 82, reached $4 84%, or practical parity. The real
pax Is 4.8665, but it is figured that it will not pay to
import gold unless the pound falls below $4.829, nor
to export it from New York unless it rises above
$4.904, so that within these limits sterling will be
at practical parity. During the 30 years preceding
July 1914 the range was approximately within these
limits. In August 1914 the rush to sell British and
American securities and to remit the proceeds to
London caused the pound to rise to $7. Subsequently
the balance of trade against Britain caused the
pound to fall to $4 50. Then it was "pegged" by
means a American credits at about $4 76. With the
withdrawal of Government support on March 20,
1919, the pound began a long decline, reaching $3 18
on Feb. 4 1920. Since then it has pretty steadily
climbed except for a serious setback in 1923. Since
the election of the present Government last fall the
approach toward parity has been rapid.
The markets of the world have not adequately refleeted the real significance of the return of sterling
to practical parity, unless it be argued that the British act has somewhat more than neutralized the Hindenburg election, an event that otherwise might have
had a decided adverse effect. British bonds have
reached new post-war highs, American bonds have
equaled their high prices of 1922, European dollar
issues have all been strong,.British stocks have been
strong, and advances in New York stocks have more
than offset declines, the market on Friday being active and strong. Accompanying these movements
money has continuously become easier, call money
reaching 3Y2% in New York and time money has
been plentiful at or below 4%. But there has been)
2194
THE CH.RONICLE
no such spectacular advance as accompanied the
election of Mr. Coolidge, possibly because the event
had been expected and largely discounted, and yet
there is doubt if many investors appreciate the significance of this event or if the markets have yet
reflected its probable influence.
Much might be said as to probable effects, but the
whole thing boils down to this: British prices, as
expressed in pounds, the medium in which the British do business, will henceforth be on the same basis
as American prices. The two great trading nations
of the world are at last buying and selling on the
same stable plane. Another important circumstance
is that gold remains the world standard of value.
The United States, by far the largest economic unit
In. the world and also with the greatest world trade,
has kept its money steadily at gold parity. Most of
the other moneys of the world have been fluauating
below the dollar. The pound sterling has, but now
for five years it has been British policy to raise the
value of the pound. It matters not how this was
done, by high taxes or otherwise, the pound has been
rising in value. As the pound rose, British commodity prices expressed in sterling, relative to world
gold prices, have been falling. As world prices on
the average have been relatively steady since 1922,
British prices expressed in pounds have been actually, as well as relatively, falling. In other words,
British merchants have been doing business on a falling commodity market. This has been one factor in
breeding depression and unemployment, and depression has caused a further lowering of prices and a
narrowing of profits in an effort to gain trade. This
process should now be at or near an end. Price declines in Great Britain, as distinguished from world
price declines, should be a matter of the past.
This should stimulate British business and bring
about a gradual revival of trade and increase in
employment. Nothing is likely to be more beneficial to world conditions. The slack trade in Great
Britain has deprived the rest of the world of adequate orders from British merchants. An increase
in British trade will increase the business of merchants all over the world. It is trade, not stagnation, that we all want. The world is justified in anticipating a material improvement in business because the British pound is back at par and British
business likely to improve. To fear increased competition because of prospect of revival of trade in
Great Britain or Germany or elsewhere, is as mistaken as for a laboring man to fear that the laborsaving machine will take away his job. Just as
labor-saving machinery multiplies the demand for
labor and increases the rate of wages, so large trade
and strong conditions abroad will increase the trade
of American merchants and add to their margin of
profit. The present fear of increased foreign competition IA illogical. Such competition is inevitable
in order that other nations may pay for what they
must bey from us, but such competition is not de•
s- tructive, nor is it likely to be as powerful as home
competition. However, the real point is that increase in selling by Great Britain or any other foreign country will almost inevitably result in increase
in purchases of materials and goods from the United
States.
[Vol.. 120.
caused a great deal of resentment outside of France.
It would seem to be a needless flaunting in the faee
of the world of something Germany might be supposed to want to forget, but there is nothing alarming about it, as we indicate in a separate article,
dealing with the event, on a subsequent page. On
Wednesday Chancellor Luther announced that the
Government's foreign policy will remain unchanged
with continued fulfillment of the Dawes program
and effort to enter a security pact with the Allies.
We may note, too, that so able an observer as Dr.
Kuno Francke,founder and director of the Germanic
Museum at Harvard University, said during the
week,"The need of international understanding and
co-operation is so vital for all of Europe that no head
of a great nation can disregard it. And the personal
dignity, self-restraint and moderation of Hindenburg
make me trust that he will not be a German Poincare
or Mussolini."
A feature of the week has been the demoralization
of the wool market, due to the decision of the Australian wool interests to dispose of their reserve of
437,000 bales of raw wool which they had previously
sought to dispose of in small quantities without success. Li the case of cotton there was some weakness
on account of the breaking of the drought in Texas
and improvement in crop prospects, and on Tuesday
the July delivery dropped to 23.92 cents. The price,
however; ruled somewhat higher during the latter
part of the week. The Fairchild index of cotton
goods reached a new low for the year on Saturday,
April 25. A lower level for cotton is welcomed by
the mills as promoting a larger demand. For the
same reason recession in cotton goods prices are not
sternly resisted. With more abundant se,pplies of
raw material, a lower price level, and hope of removal of the influence of declining prices in Great
Britain, there is beginning to be seen a better reeling among the more sanguine textile men. The
Irving Fisher index of wholesale commodity prices
published Monday showed another marked drop,
this timc: to 155.7, at which figure comparison is
with 157.8 April 20 and 164.4 on Jan. 30. Copper
ruled firm around 13% cents. Silver was
strong,
reaching 67Y2 cents on Friday. Some of the larger
tire manufacturers on Wednesday advanced prices
from 5% to 15%, an increase not to be wondered at
after the spectacular advance in raw rubber from 17
cents in June 1924 to current level around 45 cents.
Sugar declined on Thursday to 2.50 cents for raws
in Cuba, an extremely low price, almost
as low as
just prior to the war, when prices were considered
sub-normal under conditions then existing. The
present level clearly is sub-normal. Sugar securities have reflected this movement by declining.
On Thursday prices of Dodge Brothers securities
weakened slightly. On Friday payment was passed
covering the purchase by Dillon, Read & Co. On
Friday also, members of both bond and stock syndicates were authorized to sell at market, but with
syndicate terms otherwise still in force. The closing
prices Friday night were in both cases about three
points below offering prices.
The election of Field Marshal von Hindenburg as
The election of von Hindenburg as President of the second President of the German Republic
came
Germany on Sunday, April 26, has not been wel- as a surprise in this country, and probably in
Europe
•comed generally, nor, on the other hand, has it also. It is true that the possibility of such a
result
MAY 2 1925.]
THE CHRONICLE
of the voting last Sunday had been quite clearly indicated in Berlin cable advices made public here on
both Saturday and Sunday mornings. It was suggested that he might be elected on the "stay-at-home
vote," and also that he might "profit by ballots cast
for complimentary or sentimental reasons." The
opinion was expressed also that no matter who won
it would not be by a large margin. This proved to be
incorrect. Of the 30,345,540 votes cast (as originally
reported) von Hindenburg received 14,639,399, former Chancellor Marx 13,752,640, or a plurality over
the latter of 886,759. Ernst Thaelmann, the candidate of the Communist Party, received only 1,931,591
votes. About 22,000 were declared invalid.
Naturally in Germany, in the leading European
capitals outside of that country and the United
States opinion has differed widely as to the probable
nearby and ultimate results, both at home and
abroad, of Von Hindenburg's victory. Some took an
extremely pessimistic view. On the other hand, however, the Associated Press representative in a long
cable message on Monday, the day after the election,
did not take a very radical view of the situation. He
said that "the result of the election does not necessarily mean the triumph of monarchism or militarism, because no other candidate than Hindenburg
could have brought the millions of indifferent electors to the polls. They voted,in the majority of cases,
not for the friend and loyal servitor of the Kaiser
nor for an anti-republican militarist, but for a
patriot who saved East Prussia and stood off the
Allies in the west. Had Reichstag control been at
stake in the election, the result probably would have
been quite different, and, after all, it is the Reichstag and the Cabinet, based on a parliamentary majority, which determine German policy. Thaelmann,
the Communist, ran well ahead of his vote in the indecisive election of March 29, receiving heavy accessions from dissatisfied Socialists, who declined to
vote for the Centrist candidate. These defections
would probably have insured victory for Dr. Marx.
In the Rhineland, where fear of international complications caused thousands to vote against the Nationalist candidate, Marx carried Potsdam and Hindenburg's home town, Hanover, but Hindenburg
proved the popular candidate in the towns of central
Germany. The biggest factor in Hindenburg's victory was the women's vote. They flocked to the polls
in millions—virtually balancing the male voters—
and a very large proportion of their ballots went for
Hindenburg. Germany voted in the rain. A steady
downpour was general in all parts of the country.
The heavy vote under these circumstances was evidence of the keen interest, not to say the bitterness,
developed since Hindenburg entered the struggle.
The electors here and in other cities not only turned
out to vote, but remained out in vast crowds, in sodden discomfort, to cheer their respective candidates
while awaiting the results. The manifestants were
in a very belligerent temper, despite the rain, and
the best efforts of the police to maintain order. Several shooting affrays were reported in Berlin."
In a special Berlin wireless dispatch to "The Sun"
last Monday afternoon even more emphatic language
of a reassuring character was used. The correspondent asserted that "Field Marshal von Hindenburg is
President of the German Republic. There is no reason, however, to fear that this astounding develop-
2195
ment foreshadows the Republic's fall or the return of
the former Kaiser from exile. Even the most bitter
antagonists of the President-elect concede that Germany will pursue her present course both at home
and abroad. Hindenburg's inauguration probably
will take place within a fortnight after the returns
have been verified by official accountants. He will
wend his triumphal way from Hanover to Berlin
and there take the oath of office and fidelity to the
republican Constitution, then establishing himself
in the Presidential residence in Wilhelmstrasse.
Chancellor Luther will offer him the resignation of
the Cabinet, in accordance with Parliamentary
usage, but almost certainly the new President will
retain all of the present Ministers. Stresemann,
therefore, will continue to direct the nation's foreign
policy along the lines based on the Dawes plan. Hindenburg would be powerless to install an exclusively
Nationalist Government even if he so desired, since
the Nationalists cannot control the Reichstag without the backing of the Catholic Centrist Deputies."
It was to have been expected that the feeling in
France would be especially keen. In an Associated
Press cable dispatch from Paris Monday afternoon
it was stated that "von Hindenburg's election to the
German Presidency may prove beneficial if it opens
the eyes of the world to the real sentiment of the German people. This was the opinion to-day in official
circles here, where the result of yesterday's election
caused no surprise." Continuing, the correspondent
said: "The large women's vote for the Field Marshal was deemed the most significant feature of the
election. The men, it was believed, had voted for
either Dr. Marx or von Hindenburg, in the greater
part, for party reasons, while the women's votes for
the war hero were chiefly sentimental. 'This,' said a
spokesman at the Foreign Office,'ought to open the
eyes of the world to the fact that there is no such horror of war and militarism among the German people
as has been thought in certain countries. This lesson
ought to be meditated upon particularly in the AngloSaxon countries, where there has been a marked disposition to give the German people credit for having
been converted to pacifism."'
According to a London cablegram on Monday afternoon the feeling there at that time was about as
follows: "Disinclination to say much for the present regarding the German elections was displayed
to-day in the British official world, but one official
opinion was that the choice of Hindenburg as President would not seriously affect German foreign relations, except possibly to make Germany's former
enemies less trustful of her. Last week official circles declared the choice of Germany's war idol would
increase the problem of reconstructing Europe into
a group of stable, peaceful countries. The election
result is considered unfortunate but not disastrous,
so far as the reparations question and future financial relations are concerned, it was stated at the
Treasury, where it was considered most improbable
Germany would attempt to evade fulfillment of her
agreements with the Allies. The election apparently
affected only the foreign bond section of the London
Stock Exchange, where German securities declined
1% and French bonds V2%. Other sections of the
Exchange ruled mostly dull but steady, being more
interested in the British budget, which Chancellor of
the Exchequer Churchill will announce to-morrow."
2196
THE CHRONICLE
In cable advices from Berlin the same afternoon it
was stated that "the election of Field Marshal von
Hindenburg to the German Presidency reacted unfavorably on the Bourse to-day, many of the industrials dropping 2 to 5 points on account of a feeling
of insecurity with respect to the immediate political
effect and the adverse editorial comment beginning
to come in from abroad."
[VoL. 120.
As to the feelimg existing in France, the Paris representative of thc New York "Herald Tribune" cabled
Monday evening that "the election of Field Marshal
von Hindenburg to the German Presidency was not
regarded in France to-day as the victory of a feeble,
78-year-old man, but as the defiant support of a symbol which spells monarchism and continued revolt,
not only against the armament and financial clauses
of the Versailles Treaty, but the document as a whole.
The election's result has changed the whole aspect of
French politics and its policy toward Germany. The
idea of diplomatic conciliation on the basis of equality has been swept away overnight. Instead of a security pact including Germany, French statesmen
must now be driven by public opinion to seek all
means of closer understanding with the Allies, beginning with Great Britain. Official circles to-night
did not conceal the hope that both Britain and the
United States now would begin to see the justice of
the French claims for security and the urgency for a
clear understanding regarding the Reich's observation of the disarmament provisions of the treaty,
with adequate control in the future. The first tangible effect of Germany's return to open nationalism
will be seen in the French municipal elections next
week, when it is almost certain that the Right Wing
elements will win an overwhelming advahtage. These
elections are most important, because the successful
candidates become Senatorial electors and the political complexion of the Upper House is determined by
this campaign."
It was not easy to get definite expressions of opinion in official Washington circles, particularly on
the day following the election. The correspondent
at that centre of "The Sun" said, however, that
"Field Marshal von Hindenburg's election as President of the German Republic by an overwhelming
majority yesterday is regarded by many persons in
official position here to-day as certain to delay the
recovery of Germany from the effects of the war by
increasing the fear of France and of a large element
in Great Britain of another European war." Continuing, he said,"but Senator Borah of Idaho, Chairman of the Foreign Relations Committee of the Senate, sees no reason for alarm and thinks the nationalistic feeling manifested in the election may be
beneficial to Germany and the world if directed
along the right lines. In several semi-official quarters the view is taken that the result of the election
is in itself not a bad omen but it discloses a sentiment
in Germany that may lead in the future to trouble
with her neighbors. Others regard the election as a
great blunder on the part of the German people.
Officially Washington was making no comment, but
The "official revised figures on the result of yesPresident Coolidge showed his interest in the elec[April 26] Presidential election," that were
terday's
tion by receiving the returns last night by radio on
Monday contained unimportant changes
made
public
the Presidential yacht Mayflower, which was on a
compared with those announced 24 hours before.
cruise down the Potomac River."
Von Hindenburg gained only 9,374, Marx 7,449 and
While no statement for publication was obtain- Thaelmann 44 votes.
able at either the White House or the State DepartIn the financial district of this city a generally
ment, Secretary of the Treasury Mellon was not
hopeful
view was taken of the von Hindenburg vicaverse to expressing an opinion. The New York
"Times" representative said in part: "Secretary tory. Reassuring statements were issued by Charles
Mellon does not think that the election of Hinden- E. Mitchell, President of the National City Bank;
burg is going to have any bad effect upon the move- Alvin W. Krech, Chairman of the Equitable Trust
ment to restore Germany economically. He believes Co.; Speyer & Co., and E. H. Gary, Chairman of the
that his election is not so important as the election Board of the United States Steel Corporation. Some
of a President of the United States because, as he of these statements are quoted on a subsequent page.
sees it, the President of Germany has no real power, J. P. Morgan & Co. and Kuhn, Loeb & Co. refrained
and the power that our President has is lodged from making a statement for publication. The ideas
chiefly in the Reichstag there. The only importance expressed in the foregoing statements were summarattached to the election of the old war lord by Secre- ized by the New York "Herald Tribune" as follows:
tary Mellon is that it is an indication of the trend of "With the assurance that General von Hindenburg's
German public opinion, which wants stability and election would in no way alter Germany's determinaconservatism. It is also a natural reaction among tion to meet its obligations abroad, the unexpected
people like the Germans, who have been living so victory • f the Nationalist idol was received here yeslong under a monarchy that they turn to such a man terday by political and business leaders as a hopeful
as Hindenburg at this time. But it does not mean, sign of orderly, constitutional progress and ultimate
in the opinion of Secretary Mellon, that the senti- recovery in central Etu ope. Leading bankers and
ment which elected Hindenburg would favor going financiers were virtually unanimous in the view that
back to a monarchical system. In Secretary Mel- it will have no adverse effect on economic conditions
lon's view, Marshal von Hindenburg's election does either in Germany or elsewhere. Germany's connot mean a change of German policy. He is commit- tinued adherence to its obligations under the Dawes
ted to economic restoration and the Dawes plan. Mr. plan was stated with almost official weight by
Mellon does not, therefore, see anything to be ap- Baron Ago von Maltzan, the new German Ambassaprehensive about, or any radical departure from the dor. He was the guest of honor at a private luncheon
policies which have been pursued by the German Gov- in the Bankers' Club and in the course of his address
ernment. In fact, the feeling of Secretary Mellon is he pledged his country to a program of fulfillment,
that Hindenburg's election will have a good effect although he did not refer to the Dawes plan by
in the unification of various forces in Germany under name." Stocks on the New York Stock Exchange
experienced a moderate decline in the early trading
a strong man."
MAY 2 1925.]
THE CHRONICLE
2197
on Monday, but rallied and closed with net gains for ing identified himself, through the Chancellor, with
the standard and more important issues.
the policy of fulfillment of the Versailles Treaty
terms and the carrying out of the Dawes plan obliIn outlining the latest activities of President-elect gations, with which the Reich Government has been
von Hindenburg, the Berlin correspondent of "The associated. Luther declared, however, that the evacSun" said in a dispatch on Tuesday afternoon that uation of the Cologne area should be effected speed"President-elect Hindenburg established initial con- ily in order to bring about stable European conditact with the German Government to-day in an in- tions." Continuing to discuss the situation, the
formal conference at his Hanover home with Chan- correspondent said: "In the opinion of the leading
cellor Luther. While the conversation was chiefly spokesmen of the People's Party, the Nationalists
concerned with the inauguration ceremony, tenta- committed great folly in forcing Hindenburg to actively fixed for May 9, the Field Marshal is under- cept the nomination. The Marshal, in the circumstood to have emphasized his intention of enforcing stances, will be compelled to adopt and carry out
absolute order throughout Germany during his seven the very policies against which the Nationalists hithyears of Presidency. 'Every German law must be erto have been fighting. He will be compelled to acobeyed or repealed,' von Hindenburg told the Chan- cept the Allies' disarmament demands, continue the
cellor. He also intimated his intention of instituting negotiations for a security pact, and, in the event of
a personal inquiry into the organization and status an agreement, put his signature to Germany's renunof the Reichswehr and the Schutzpolizei, or State ciation of her ambition to regain Alsace-Lorraine.
police. As Commander-in-Chief of the army he de- The paradoxical result may be, therefore, that Hinsires to know exactly what is the condition of that denburg's Presidency will mark the end of the monforce. There is considerable anxiety in Liberal and archists' hopes."
radical quarters lest Hindenburg's law and order
Discussing Chancellor Luther's speech, the Berlin
program may imply the advent of rigorously sup- representative of the- New York "Evening Post" depressive methods such as prevail in Hungary, Ru- clared that "Chancellor Luther's declaration for
mania and elsewhere. In newspaper circles a press President-elect von Hindenburg that the German
censorship is feared." On April 27 von Hindenburg foreign. policy will continue unchanged was more
was officially notified of his election and informed than a statement of policy. The official declaration
that "he should state before May 4 next whether he was an appeal to the German business worlii, which
is willing to accept the Presidency." His letter of is generally represented in the session of Chambers
acceptance was made public in Berlin on April 30.
of Commerce, trade and industi ial organizations
which the Chancellor addressed, to line up behind
Commenting upon the most recent developments this policy of peace fulfillment as the sole regime
in the political situation in Germany up to that time, under which healthy and prosperous business conthe Berlin correspondent of the Associated Press ditions can be restored to Germany. The speech was
cabled on April 29 that "Germany's foreign policy gall and wormwood to the reactionary superpatriots,
will not be changed, Dr. Hans Luther, German Chan- who had hoped that the Field Marshal, once safely
cellor, declared emphatically to-day in an address be- elected, would speak out as befits a true superpatriot,
fore the annual Congress of the League for German and that a Hindenburg victory would give them theit
Industry and Commerce. This declaration is under- innings. He added that "it started a lively discusstood to reflect also the viewpoint of President-elect sion among the fire-eater politicians in the Reichvon Hindenburg, with whom the Chancellor con stag. These hot-heads are very sore about the abferred yesterday. While Dr. Luther did not refer to sence 0 an ultimatum for immediate evacuation of
the recent election,it is understood he spoke with the the Rhineland, sorer still about the reiteration of the
full authority of von Hindenburg and the groups pro- security pact proposals, and sorest of all at this first
moting the Field Marshal's candidacy. 'The people indication since the election that Hindenburg would
of Europe desire the removal of uncertainty and lack not lend himself to theprovocative jingo policy-which
of clearness,' Dr. Luther had declared previously. they preach. There is a reason why Dr. Luther, not
'A policy having that end in view must naturally be Stresemann, made this declaration on foreign poligoverned by the law of continuity and cannot arbi- cies. If the Junker fire-eaters continue to attack it,
trarily change its direction.' Germany does not de- they will have to attack the head of a Cabinet in
sire war, was a further categorical declaration by which their party is largely represented, not a subthe Chancellor, who laid great stress on Germany's ordinate Minister from another party, as hitherto."
adherence to the security pact idea. 'Germany desires to protect herself by treaty, he observed, 'and,
According to a Berlin cable message to the New
as I wish to emphasize at this time, does not desire York "Times" yesterday morning,"he [Hindenburg]
to conduct war.' With regard to the failure to settle has stated he does not want the oath-taking to be an
the evacuation question, Dr. Luther declared: 'The elaborate ceremony and has expressed objection, it
whole European policy suffers from delay on this is understood, to being officially received as Comquestion. For more than three months we have mander of the Germany army and to having the
waited in vain for the reasons held to justify the non- 'Vaterlaendische Verbaendee—semi-military monevacuation.' Reverting to the security problem, the archistic organizations which were so active in helpChancellor reiterated: 'It is self-evident that the ing to elect him—parade in his honor when he comes
standpoint adopted by the Government remains un- to Berlin. Despite Hindenburg's decision that the
changed.' The Chancellor followed with a pledge for severest simplicity must be the keynote of the inauguinternational co-operation."
ration ceremonies, a bit of sentimentality crept in
when the former war lord requested that the guard of
Referring to Chancellor Luther's speech, the Ber- honor should be a company of the Third Guard Regilin correspondent of the New York "Herald Tribune" ment of infantry to which Hindenburg was first assaid that "the new President is thus regarded as hay- signed when he graduated from the military acad-
2198
THE CHRONICLE
emy. Hindenburg insisted the ceremonies must have
no touch of party politics and must honor the high
office, not the officeholder. Balls and banquets are
not listed in the program lasting three days. After
the oath of office at the Reichstag the President pro
tempore, Dr. Simons, will receive Hindenburg at the
Presidential Palace. Breakfast will be served for
members of the Cabinet, ending the ceremonies of the
first day. The second day, the President will receive members of the Reichstag, the army staff and
Prussian and Berlin officials. The President's Staff
will be received the following day. The Diplomatic
Corps will be received at a later date. Hindenburg's
program, rivaling Coolidge for simplicity, is the
greatest surprise for the Right organization, who
planned a royal reception, hoping to greet the new
President with pomp, pageantry and homage accorded monarchs at coronation."
In a dispatch to his paper under date of April 30
the Berlin correspondent of the New York "Herald
Tribtme" said that "Germany will be unable to meet
her reparations payments falling due under the
Dawes plan next year without again dislocating her
budget, according to Dr. Otto von Schlieben, Finance
Minister, addressing the Reichstag to-day. Asserting that cannot share the optimism prevailing in
recent months in Germany and abroad regarding the
Reich's financial condition,' Dr. Schlieben said the
country faced a budget deficit of about 250,000,000
gold marks this year, which, he declared, could be
met only by another increase in taxation. He said
it was proposed to increase the beer and tobacco
taxes. The Finance Minister estimated expenditures
for 1925 would total 4,900,000,000 marks, although
the revenue would be only 4,652,000,000 marks, and
continued: 'In 1926 will come reparations payments
of 495,000,000 gold marks, which in 1927 will rise to
675,000,000, in 1928 to 1,230,000,000 and in 1929 and
thereafter to 1,540,000,000 gold marks. Even under
the most favorable circumstances we must count on
beginning 1926 with a deficit which it will be hardly
possible to cover. Whether it will be possible in
1926 to obtain long-term loans sufficient to cover the
least extraordinary expenditures is extremely questionable.'"
As already noted, Winston Churchill, Chancellor
of the British Exchequer, presented the budget in the
House of Commons on April 28. It had been eagerly
awaited and widely discussed. The London correspondent of the Associated Press began his account
of the important event as follows: "Winston
Churchill, in his first budget, laid before Commons
to-day, placed the British Empire on a gold basis
and announced the reimposition of the McKenna duties on imported luxuries." Continuing his account,
the correspondent said: "In announcing Great Britain's return to the gold standard, Mr. Churchill declared there would be complete imperial unity in this
policy. Canada already is on a gold standard basis,
he said, South Africa had notified him of the intention to revert to the gold standard from July 1, while
Australia would from to-day abolish existing restrictions on free gold export and New Zealand would
follow a similar course. Mr. Churchill declared Holland and the Dutch East Indies, which are very important factors in the world's commerce, would act
simultaneously with Great Britain to-day in restoring the gold standard." Referring to the lifting of
[voL. 120.
restrictions on the exportation of gold bullion, the
correspondent added that "the Chancellor said the
restriction had been effected as of to-day by granting
a special license to the Bank of England tci export
gold bullion. The special license, Mr. Churchill
said, would operate pending the formal lapsing Dec.
31, of the 1920 Act prohibiting the export of bullion."
Other features of the budget were outlined in part
as follows: "The McKenna duties upon imported
luxuries will be reimposed July.1, under Mr. Churchill's proposal. Upon the completion of Chancellor
Churchill's statement on the budget, the House of
Commons voted to accept all of the proposed measures. The standard rate of the income tax will be
reduced by 6d. in the pound sterling, Mr. Churchill
announced. He said the existing 11s, super tax
would be reduced by the same amount as the death
duties were increased. Mr. Churchill said he was
making arrangements to obtain credits in the United
States for not less than $300,000,000, with possible
expansion of this sum. The American credits, he
said, would only be used if and when required, and
he did not escpect it would be necessary to use them.
The Chancellor announced that sugar would be restored to the list of commodities under the Imperial
preference plan, and that preference would also be
applied to dried fruits and heavy and sparkling
wines. The Imperial preference on tobacco will be increased from one-sixth of the full duty to one-fourth.
The Chancellor preceded his statement of changes in
the Imperial preference list by announcing the Government proposed to give effect to this preference, so
far as it would not involve taxing foods."
The following essential features and details of the
proposed plan for a return to the gold standard were
also presented: "With regard to the re-establishment of the gold standard, Mr. Churchill said he
would introduce a measure providing for internal
Treasury notes, as well as Bank of England notes,
which would be convertible into coin, but only at the
option of the Bank of England. The re-establishment of the gold standard, he said, did not necessarily mean a return to gold coinage. Churchill appealed to all branches of the people to continue the
use of notes. Simultaneously with these provisions,
he said, the Bank of England would be obligated to
sell gold bullion in amounts not less than 400 fine
ounces in exchange for legal tender, at a fixed price
of £3 17s..101/2d. per standard ounce. The accumulated gold 'reserve was 153,000,000 pounds sterling
(about $775,000,000), part of which was in dollars
to the amount of $166,000,000, the Chancellor announced. This dollar reserve, he said, would be required for the June and December American debt
funding."
Mr. Churchill's discussion of the national debt was
outlined in part as follows: "The interest on the
British national debt, Mr. Churchill announced, has
been reduced since 1920 by more than £60,000,000
sterling. It was most important, he said, that the
policy of debt repayment should continue. The nominal deadweight charge of the debt had decreased
from £7,680,000,000 on March 31 1924 to £7,646,000,000. Mr. Churchill said he proposed to raise the
sinking fund to the statutory limit."
The immediate effect upon the foreign exchange
market here was a further advance in demand ster-
RAY 2 1925.]
TTIF,
CHRONICLE
ling to 484, the highest in 10 years. The recovery
was carried still further later in the week, the peak
quotation for cables having been 484%. It may be
stated that Great Britain's step was widely approved in the financial district as another definite
advance toward the economic rehabilitation of
Europe. Another early impression in the financial
district was that the action of Great Britain would
go a long way, both in Europe and the United States,
toward counteracting the unfavorable impression
created by the election of Field Marshal von Hindenburg. Announcement was made by J. P. Morgan &
Co. that they had arranged to grant England a credit
of $100,000,000, if needed, while Benjamin Strong,
Governor of the Federal Reserve Bank of New York,
stated that,"in connection with the re-establishment
of a free gold market in London, the Federal Reserve
Bank of New York has completed an arrangement,in
which other Reserve banks will participate, to place
$200,000,000 gold at the disposal of the Bank of England, if desired. It is believed that this will be an
effective aid toward general resumption of gold payments."
The bill to "facilitate the return of Great Britain
to a gold standard" was introduced in the House of
Commons on April 29. It was added in a London
dispatch that "the Chancellor of the Exchequer
urged the House to act speedily upon the measure,
which was then read for the first time." It was not
to be expected that a budget containing as many
changes as that proposed by Winston Churchill
would go through the House of Commons without
some opposition. And that is what happened the
very next day. But these developments are dealt
with in our news columns on a subsequent page.
Word came the next day that "the text of the bill to
give effect to the proposals made by the Chancellor
to facilitate the return to the gold standard was published to-day. It authorizes the Treasury to borrow
for exchange operations within two years after the
passing of the Act, and it may guarantee securities
for this purpose. Any securities, however, must be
redeemed within two years of issue." It was added
in a London cable message to the New York "Times"
that "numerous inquiries were received to-day from
abroad as to the conditions under which gold can be
obtained. The position appears to be that the Bank
of England has a general license to export gold in
amounts of not less than 400 ounces, but holds discretionary power to refuse a license for export. After the passage of the new bill the bank will be placed
under statutory obligation to exchange notes for
gold, either in bars or in coin at the option of the
bank,in amounts of not less than 400 ounces fine."
2199
increase the value of the immense stock of gold held
in America. France, it was said, cannot continue to
struggle along with depreciated currency while all
the other important commercial and financial countries are working on a gold basis. It is generally recognized great sacrifices will be required and a difficult period passed through before French money can
be put on a basis of parity with the dollar and the
pound sterling, but financiers express the opinion
the time has come when it must be attempted. Finance Minister Caillaux is declared to be of the same
opinion."
The day before the Paris correspondent of the New
York "Times" had said that "Finance Minister
Joseph Caillaux has not lost any time trying to get
to grips with the situation. Though this year's
budget has not yet been passed he has begun planning next year's." The correspondent added that,
"in a letter to all his colleagues in the Cabinet to-day
M. Caillaux makes the request that within the next
20 days they will submit to him their estimates for
1926 and make these estimates in a most rigorous
spirit of economy and with the severest possible reduction of expenditure. He warns them that any
proposed expenditure beyond the strict necessary
limit will be handled severely by the budget framers
and would be an injury to the country in the present
grave situation. Further heavy sacrifices, he says,
will have to be asked from the country and no expenditure must be incurred which does not derive from
existing laws. This statement precludes possibility
of additional new social measures being added to f—ebudget, as was done in the case of the budget still to
be voted for the currealt year. Finally M Caillaux
summons his colleagues to see to it personally that
the number of Government employees of every rank
be kept down to a minimum and that there be no
more soft jobs in Government offices, but a full working day and plenty of work for all."
Commenting upon the idea of France going on a
gold standard, the Paris representative of the New
York "Herald Tribune" said in a dispatch on April
29 that, "while financial circles see the situation as
difficult for France, with a depreciated currency at
the mercy of British and American gold, the industrialists believe that English troubles will increase.
They feel the gold standard will have the effect of
hampering her trade, while France will be able to
take advantage of her own depreciated currency to
undersell the British competitors. Exports to England of automobiles, wine and fine silks especially
will be a great factor in French commercial prosperity, and this trade will be helped rather than
harmed by the change in the British financial status,
it is said. But it is generally realized that France
herself will be forced to fall in line and adapt herself to the gold standard, and the road to this end
will be strewn with serious difficulties. Dislike for
foreign financial domination will be the greatest
spur toward the achievement of this goal, which will
be sought through the slow process of stabilizing the
budget, cutting down expenses and the gradual rehabilitation of the currency."
One of the first effects of England's announcement of her return to a gold standard was the possibility of France attempting to take a similar step.
On April 29 the Paris representative of the Associated Press cabled that "the establishment of a gold
standard by Great Britain will necessitate France
taking the same step, in the opinion of the best
French financial authorities. Minister of Finance
Caillaux already is studying the question and has intimated it is necessary for the French people to make
sacrifices to accomplish the return to the gold standAccording to cable information received from
ard. The resumption of specie payments by Eng- London under date of April 25, the Bank of Austria
land,it was stated at the Bank of France to-day, will has reduced its discount rate from 13% to
11%.
be a good thing for the United States because it will Aside from this change, official discount rates at
THE CHRONICLE
2200
leading European centres continue to be quoted the
same as heretofore, namely 9% in Berlin; 7% in
2% in Norway;6% in Italy;
1
Paris and Denmark;6/
Sweden; 5% in London and
and
Belgium
in
2%
1
5/
Madrid and 4% in Holland and Switzerland. In
London the open market discount rate was a trifle
4@4 5-16% for
firmer and closed yesterday at 41/
4% a week ago, and at
• short bills, against 4 3-16@41/
4@4 5-16%
2% for three months, against 41/
1
4/
a week ago. Money on call was likewise strong
for a while and advanced to 4%%, but closed at
6% the previous week.
/
0, as compared with 37
3%7
In Paris and Switzerland open market discounts
/%, unchanged.
remain at 6/
2% and 23
1
The return of Great Britain to the gold standard
is reflected in this week's Bank of England statement. In accordance with the plan for the resumption of gold payments, the £27,000,000 gold coin and
bullion hitherto held in the Redemption Account for
the outstanding Currency Note issue has been turned
over to the Bank of England, the latter issuing a corresponding amount of its own notes in place thereof.
Accordingly, the weekly statement of the Bank of
England as of (late April 29 shows a large addition
to both its gold holdings and its note circulation—
the gold holdings increasing £27,008,901 and the note
circulation expanding £28,107,000. The reserve declined £1,099,000, while the proportion of reserve to
liabilities was lowered slightly, to 22.12%, from
22.96% last week. At this time a year ago the ratio
of reserve stood at 18%% and a year earlier at 19%.
Deposits were slightly reduced; public deposits fell
£10,000 and "other" deposits declined £289,000.
Loans on Government securities increased £40,000
and on other securities £716,000. The bank's stock of
gold now stands at £155,742,064, and compares with
£128,120,530 in the corresponding week of 1924 and
£127,520,900 the year before. Reserve amounts to
£27,103,000, as against £22,254,517 last year and £23,079,330 in 1923. Note circulation has reached a total
of £148,386,000, in comparison with £125,616,015 a
year ago and £124,191,570 the year prior to that,
while loans aggregate £76,243,000, against £74,345,545 and £70,130,283 one and two years ago. At the
regular weekly meeting of the bank Governors the
official discount rate of 5% was left unchanged, although it was suggested in London cable dispatches
yesterday that it might be found necessary to raise
it in order to check gold exports. Clearings through
the London banks for the week were £761,441,000,
against £723,786,000 a week ago and £940,785,000
Jest year. We append herewith comparisons of the
several items of the Bank of England return for a
series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
April 29.
8048,386.000
Circulation
17,047.000
Public deposits
105,482,000
Other deposits
Governm't securities 36,850,000
Other securities
76,243.000
Reserve notes & coin 27,103,000
Coin and builion_a155,742,064
Proportion of reserve
to liabilities
22.12%
Bank rate
5%
1924.
April 30.
1923.
May 2.
1922.
May 3.
1921.
May 4.
125,616.015
10.586.588
110.992.284
42.632,755
74,345,545
22.254.517
128,120,530
124,191.570
13,234,545
107,635,894
45,359,445
70,130,283
23,079.330
127,520.900
122,091,180
14,355,679
131,693,656
63.542.646
74,968,814
25.232.698
128,873,878
129,528,235
15,437,573
125,369,985
61.667,043
79,558,234
17.279,399
128,357,634
18K %
4%
19%
3%
17.25%
4%
12.27%
655%
a Includes, beginning with April 29 1925, .C27,000,000 gold coin and buillion
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 an unqualified
gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time in Redemption Account of Currency Note Issue.
[Vol.. 120.
The Bank of France in its weekly statement shows
an expansion of 387,505,000 francs in note circulation, bringing the total outstanding to the new high
level of 43,049,853,000 francs. The previous high
point reached by the circulation item was 43,004,762,000 francs on April 9, which exceeded the then
legal maximum of 41,000,000,000 francs. On April
15, however, the French Parliament raised the legal
limit to 45,000,000,000 francs. Last year at this
time the total outstanding was 40,020,828,325 francs,
which contrasts with 36,904,486,000 francs in 1923
and with 6,683,184,785 francs just prior to the
outbreak of war in 1914. A further small increase
of 2,475 francs for the week was reported in the gold
item. Total gold holdings are thus brought up to
5,546,262,125 francs, comparing with 5,542,449,192
francs at the corresponding date last year and with
5,536,861,275 francs the year previous; of the foregoing amounts, 1,864,320,907 francs were held abroad
in both 1925 and 1924 and 1,864,044,927 francs in
1923. During the week increases in the various
other items were registered as follows: Silver,
248,000 francs; bills discounted, 587,981,000 francs;
Treasury deposits, 23,831,000 francs, and general
deposits, 129,418,000 francs. Advances, on the
other hand, decreased 50,552,000 francs. Comparisons of the various items in this week's return with
the statement of last week and corresponding dates
in both 1924 and 1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Ayr. 30 1925. May 11924. May 2 1923.
for Week.
Francs.
Francs.
Francs.
Francs.
Holdings—
Gold
2,475 3,681,941.218 3,678,128,284 3,672,816,348
Inc.
In France
No change 1,864.320,907 1,864,320.907 1,864,044,927
Abroad
2,475 5,546,262,125
Inc.
Total
317,007,000
248,000
Inc.
Silver
Ine. 587,981,000 5,951,290,000
Bills discounted
Dec. 50,552,000 3,019,686.000
Advances
Note circulation _Inc. 387,505,000 43,049,853,000
28,320,000
Treasury deposits_Ine. 23,831,000
General deposits Inc. 129,418,000 2.077,036,000
5,542,449,192
298,761,656
4,943,505.552
2,534,811,004
40,020,828.325
16.720,241
2,280,547,823
5,536,861,275
292,082.400
3,234,785,000
2,129,018,000
36,904,486,000
8,109,000
2,285,777,000
Contin.ued contraction in note circulation, together with a gain in gold holdings, featured the
statement of the Imperial Bank of Germany, issued
under date of April 23. The actual figures show
that note circlation was redceud 165,556,000 marks,
although this was partially offset by an expansion
in other maturing obligations of 115,035,000 marks.
However, loans from the Rentenbank declined 642,000 marks and other liabilities 12,650,000 marks.
On the assets side, the bank reported another reduction in bills of exchange and checks of 155,803,000
marks, while advances fell 11,016,000 marks. Deposits held abroad declined 20,943,000 marks. Silver
and other coins increased 2,720,000 marks. There
were also increases in notes on other banks of 10,323,000 marks, in investments of 129,000 marks and
in other assets of 89,350,000 marks. Gold and bullion holdings expanded 363,000 marks, to 1,004,098,000 marks, which compares with 441,815,000 marks
last year and 919,009,000 marks in 1923. At the outbreak of the war the gold holdings of the Reichsbank
amounted to 1,253,199,000 marks, while on Dec. 30
1916 they stood at 2,537,780,000 marks, the highest
point on record. Outstanding note circulation aggregates 2,022,118,000 marks. The figures here given
are in gold marks, one gold mark being equivalent to
a trillion paper marks.
Gains in gold reserves, together with shrinkage in
the total of bills discounted, were shown in the
weekly statements of the Federal Reserve banks
MAY 2 1925.]
THE CHRONICLE
issued late Thursday afternoon. The report of the
System as a whole revealed an increase in gold of
$6,900,000. Rediscounts of paper secured by Government obligations were reduced $4,000,000. "All
other" declined $8,300,000, and consequently total
bills discounted fell $12,300,000, to $399,985,000, as
compared with $447,185,000 at this time a year ago.
Holdings of bills bought in the open market decreased $8,600,000. Total earning assets showed a
decrease of $25,100,000, while total deposits were
reduced $30,300,000 smaller. The amount of Federal Reserve notes in actual circulation declined
$3,800,000. As to the New York institution, an increase in gold holdings of $19,400,000 was reported,
while rediscounts of all classes of paper decreased
approximately $21,500,000 and open market purchases $6,600,000. Total bills discounted now are
$87,698,000, which compares with $47,861,000 in
1924. Declines were indicated in both earning assets and deposits—$32,200,000 and $12,300,000, respectively. Federal Reserve notes in actual circulation remained practically stationary. Member bank
reserve accounts declined $10,900,000 at New York
and $28,500,000 for the banks as a group. Reserve
ratigs this week reflected the additions to gold
stocks, as well as lessened deposits, and locally an
advance of 2.5%, to 82.4%, was indicated, while the
System reported a ratio of reserve of 77.3%, or 0.8%
up for the week.
2201
definite reports that the "bankers' shelves were bare
of new issues." Further offerings were made, but
in smaller volume in the aggregate than for some
weeks recently. While the United States Steel report for the March quarter was considerably better
than that for the preceding three months, reports of
further curtailment in ingot production, even by the
United States Steel Corporation, seems to have had
a somewhat depressing effect upon other lines of
business. Activity in the automotive industry apparently has not slackened, as record outputs were
reported during the week by at least two important
companies. Car loadings on the railroads are still
ahead of the corresponding period a year ago. Business is sufficiently large throughout the country to
cause a fairly active demand for funds, but no more.
Referring to specific rates for money, call loans
2@4/
1
0,the
27
1
covered a range during the week of 3/
same 'i's last week. On Monday a flat rate of 470
was quoted, this being the high, the low and the
ruling figure for the day. Tuesday, although renewals were still put through at 470, no loans were
negotiated above that level, and before the close
270 was named. Increased ease developed on
1
3/
Wednesday, and all loans on call wete placed at
2%,the only rate quoted. Thursday preparations
1
3/
for the month-end payments caused a slight stiffen2%; the low was
1
ing and sent the call rate up to 4/
470 and also the basis for renewals. Friday's range
2@470, with 470 the ruling quotation. As to
1
Reduced loans and a substantial increase in sur- was 3/
money, the undertone was a trifle firmer,
time
plus, despite additions to deposits, constituted the
actual quotations were not changed from
though
last
of
of
the New
features
Saturday's statement
0 for 90 days,
4% for 60 days, and 34@47
2@33
1
York Clearing House banks and trust companies, 3/
of fixed
months.
Offerings
six
and
five
four,
for
and indicated that the usual "recovery" had been and
deincreased
the
to
smaller,
owing
were
funds
date
accomplished. There was a decline in the loan item
settlements.
1
May
to
incidental
mands
of $39,095,000. Net demand deposits expanded $66,Commercial paper was quiet and without new
553,000, to $4,407,082,000, which is exclusive of $32,Country banks supplied most of the modfeature.
070,000 in Government deposits. Time deposits, on
There has been no change in rates,
demand.
erate
the other hand, declined $1,572,000, to $606,990,000.
3%@4% for four to six months'
at
remain
which
Other comparatively minor changes included an increase of $203,000 in cash in own vaults of members names of choice character, with names less well
47
0, the same as heretoof the Federal Reserve Bank, to $46,345,000. This known still requiring 4@41/
mill
paper
and the shorter
England
New
fore.
total, however, is not counted as reserve. The re0.
47
/
33
to
at
names
pass
continue
choice
serves of State banks and trust companies in own
at the
remain
and
bankers'
acceptances
Banks'
vaults decreased $598,000, although the reserves
preactivity
current.
Moderate
previously
levels
kept by these institutions in other depositories
conand
institutions
city
Both
out-of-town
vailed.
gained $585,000. There was an increase in the reserves of member banks in the Reserve bank of $43,- tinue in the market, but trading has been restricted
288,000; hence, notwithstanding larger deposits, sur- by light supplies of the best names, so that the turnplus reserve expanded $34,638,190, which, after elim- over for the week was not large. For call loans
inating last week's deficit-in-reserve, left excess re- against bankers' acceptances the posted rate of the
serve of $20,042,060. The above figures for surplus American Acceptance Council is down to 370 again,
2% last week. The Acceptance Council
1
are based on reserve requirements of 13% for mem- from 3/
the discount rate on prime bankers' acceptmakes
ber banks of the Federal Reserve System, but not infor purchase by the Federal Reserve
eligible
ances
cluding cash in own vault to amount of $46,345,000
and 3% asked for bills running 30
bid
870
/
31
banks
held by these member banks on Saturday last.
2% asked for bills running 60
1
4% bid and 3/
1
days,3/
8
/
33
4 asked for bills runbid
days,
and 31/
90
and
2% Wednesday afternoon,
1
After dropping to 3/
bid
2% asked for bills
0
31/
3%7
and
and
days
120
ning
call money at this centre renewed the next day at
market
and
Open
180
days.
quotations
2% before the close. Yester- running 150
1
4% and advanced to 4/
fellows:
as
were
270. The early ad1
day there was a reaction to 3/
SPOT DELIVERY.
vance naturally was closely associated with the ne60 Dam
90 Days.
30 Dap
for
arrangements
completing
May
1
dis- PrftneeIIgIb?eb1IlI
cessity of
3340314
33403
33403
bursements. Significance was attached to the fact
FOR DELIVERY WITHIN THIRTY DAYS
that even when the rate moved up the call money Eligible member banks
33( bid
334 bid
market was easier. The trend of time money was Eligible non-member banks
toward still greater ease, but there was no real
There have been no changes this week in Federal
change in quotations. That there is still an abundance of funds seeking investment was indicated by Reserve Bank rates. The following is the schedule
r
2202
THE CHRONICLE
[VOL. 120.
1 for cable transfers and to 4 78%@4 793/i for
/
of rates now in effect for the various classes of paper 4 821
sixty days; trading was unusually active for a half
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RFWFRVE BANKS IN EFFECT
day session; much of the buying was of a speculative
MAY 1 1925
nature. On Monday quotations ran off slightly at
Paper Maturing—
the opening as a result of the outcome of the German
After 90 After e
but
election, but later recovered on renewed buying to
Days. but
Within 6 WUhin 9
WeMtn 90 Days.
Montle
s, while cable
/
82% for demand; the low was 4 813
Month*.
4
511853'VE
PIEDBRAL
BANK.
Com'rcial Secured
4 82% and
and
81%
transfers
ranged
4
between
Ariel& by 0.8. Bankers* Trade AriCla.• Ayrirsu
and
and
Livestock Govern't Accep- ACCEPSterling
sixty
803'g.
4
days
and
between
78%
4
00liga- tances. lances. Livestock!mama
Paper
Paper. Paper
glans.
11.6.11.
rushed up to very close to par on Tuesday, following
334
84
344
834
34
334
floeton
announcement of England's return to a gold standard;
334
344
834
8
334
334
New York
3%
3%
lih
h
334
334
Made Phis
demand sold at 4 82@4 83 13-16, cable transfers at
84
334
334
334
Clevels d.
3;4
4
4
4
4
4
Richn ond
4 8214 s 4 84 1-16 and sixty days at 4 7932@
4
4
4
4
4
4
4
6
4
4
4
4
AtlantaChicaso
48
16. Wednesday additional gains were made,
4
4
4
4
4
4
St. Louis
4
4
4
4
4
MinncapoPs
carried demand rates up to 4 83%@4 84%,
4
4
4
a
a
4
$111:111all City
4
4
4
4
4
4
Dallas_
e
to 4 84@4 845
transfers
34
334
334
834
San Francisco
334
854
4 and sixty days to
•Including banters' acceptances drawn for SD agricultural purpose and secure
817
13@4
;
%
continued a feature.
active
buying
eye warehouse receipts. dte.
otwithstanding profit taking sales, increased firmness developed on Thursday; the range was 4 84%@
The sterling exchange market fulfilled even
4 84% for demand, 4 84%@4 84% for cable transmost optimistic expectations this week when r
after a strong opening,were rushed up to 4 4843/2for fers and 4 81%@4 81% for sixty days; trading was
demand, in response to what was probably the most less active. Friday's market was quiet though
important forward step that has taken place in steady; rates were slightly higher, with demand bills
2, cable transfers at 4 84%@
foreign exchange since the removal of the war-time at 4 813j@4 843/
the
of
restoration
%
843
sixty
4
and
days at 4 813
namely,
t@4 82. Closing
/
ago,
years
"peg" some
course,
of
is,
It
were
Britain.
8113-16
4
for
quotations
days, 4 84 5-16
sixty
Great
by
standatd
gold
recognized that certain qualifying restrictions remain for demand and 4 84 9-16 for cable transfers. Comfor the time being, i.e., the embargo on gold exports mercial sight bills finished at 4 84 3-16, sixty days
is not to be lifted until Dec. 31 next, and banks and at 4 80 1-16, ninety days at 4 79 9-16, documents
individuals in the interim will not be allowed to for payment (sixty days) at 4 80 5-16 and seven-day
export gold. This veto, however, is tempered by grain bills at 4 83 11-16. Cotton and grain for paythe fact that the Bank of England has been licensed ment closed at 4 84 3-16.
What seemed to be the inauguration of a fresh gold
to export gold immediately and given entire freedom
purchase
was revealed this week when it was anmovement
the
to
pertaining
in
judgment
all
matters
of
practically
the Farmers Loan & Trust Co. had
that
nounced
the
and
metal,
the
of
precious
sale
or
_
_
unanimous view taken by financial authorities here shipped $1,000,000 in gold bars for India; the
and abroad is that the move is a most gratifying one National Bank of Commerce $1,000,000 to Australia
in every respect. Establishment of a $200,000,000 and $300,000 to India. The Farmers Loan & Trust
gold reserve with the Federal Reserve banks and of Co. is also reported as having shipped $35,000 in the
a credit of $100,000,000 with J. P. Morgan & Co. form of coin for Singapore, to be used by the natives
for the purpose of strengthening and safeguarding for decorative purposes. This is said to be somethe Bank of England in its task elicited warm com- thing new. A consignment of gold is said to be on
mendation and proved the signal for a wave of buying, its way from France for the Bankers Trust Co.;
both for domestic and London account, that swept the exact amount is not known. Some months ago
prices up fully 6 cents over the low of last week. this firm received $15,000,000 in German gold in
According to responsible authorities, with a free gold adjustment of war claims. The New York Federal
market, when sterling sells below 4 8290, gold will Reserve Bank has shipped another $2,500,000 gold
be attracted from London to New York, while should to Germany for account of the Reichsbank, making
sterling advance above $4 9040, gold will in all $30,000,000 in all so far.
probability be drawn towards London. News that
Although the Continental exchanges were comAustralia had decided to follow the lead of the
overshadowed by the stirring developments
standard,
pletely
gold
mother country and return to the
the week's trading was under the influence
Holland,
sterling,
in
of
part
the
on
also a similar declaration
events, among them the German
noteworthy
was
trading
some
of
and
enthusiasm
general
added to the
apparent
the
sterling
and
easing of the political
election
in
rise
tone.
in
The
buoyant
both brisk and
together
France,
with
it
in
the announcement
when
tension
remarkable
more
the
all
be
to
may be said
followed
the
had
week
Holland
that
example
the
set by Great
of
event
important
the
that
remembered
is
a
to
until
returned
gold
and
Britain
basis.
Not
In the early
discounted.
largely
very
been
already
had
then
von
that
news
dealings,
Hindenburg
and
had
been elected
halt
a
to
come
advance
the
did
Thursday
the reaction was slight and purely the result of profit President of Germany caused considerable nervoustaking sales and of brief duration. The advance was ness and would undoubtedly have resulted in sharp
Soon resumed and the final quotation the best of declines had not the subsequent action of the British
the week. News of the unexpected_ result of the authorities in restoring the gold standard served as
German election of last Sunday exercised a depressing a counter influence, so that francs which had dropped
influence for a time, but was speedily forgotten when 4 points to 5.163 1, turned firm and recovered to 5.24.
Chancellor Churchill's speech before Parliament After the first shock of apprehension over the return
to power of a monarchial candidate had subsided,
turned out to be so extremely satisfactory.
Referring to rates from day to day, sterling ex- the situation was apparently viewed more calmly
.change on Saturday last was strong with a further and the utterances by Chancellor Luther, intimating
advance to 4 813/s@4_821foridemand, to 4 81/@ that the new President desired peace and innded
MAY 21925.]
2203
THE CHRONTCLB
carrying out the provisions of the Dawes plan, had commercial sight at 40.03%,against 39.92,and coma reassuring effect. It was pointed out that Germany mercial sixty days at 39.673/2, against 39.56 last Week.
is not in position at this time to contemplate another *Swiss francs closed at 19.363/2 for bankers'sight bills
war and -that ti,n3? disposition to adopt a war-like and at 19.373' for cable transfers. This compares
attitude would be quickly followed by retribution in with 19.36 and 19.37 a week ago. Copenhagen
the form of a curtailment in foreign credit accommo- checks finished at 18.69 for checks and at 18.73 for
dation for German business interests. Nevertheless, cable transfers, against 18.53 and 18.57. Checks
trading in the Continental exchanges was at no time on Sweden closed at 23.73 and cable transfers at
active and dealers evinced an inclination to keep 26.77, against 26.913 and 26.953/b a week ago,
away from active participation in market operations, while checks on Norway finished at 16.61% and cable
for the present at least. Reports at the end of the transfers at 16.653/2, against 16.32 and 16.36 last week.
'week that the franc was about to be placed on a gold Spanish pesetas finished at 14.603- for checks and at
basis, had little or no effect on market values, since 14.623/i for cable remittances, in comparison with
no mention of time was made. While Finance 14.30 and 14.32 the week preceding.
With regard to South American quotations a
Minister Caillaux is said to be planning an active
tone was noted and Argentine checks advanced
firmer
campaign to bring about that desirable result, bankers
and cable transfers to 38.61, against 38.26
such
38.56
before
to
feel that francs will have to be revalued
while Brazilian milreis finished at 10.70
38.31,
and
before
likely
is
change
no
that
a step is feasible and
at 10.75 for cable transfers, comparing
and
checks
for
no
had
in
Germany
changes
autumn.
Political
the
effect whatsoever upon the mark, which remained with 10.58 and 10.62 the previous week; trading,
fixed at the nominal level of 23.81. Austrian kronen however, was not particularly active and the advance
likewise were impervious to the lowering of the was sentimental rather than actual. Chilean exAustrian Bank rate. Italian lire were heavy, losing change was also firmer and closed at 11.35, against
4 for a while, but recovered 11.18, while Peru advanced to 4.16, against 4.15.
about 2 points to 4.073
Far Eastern exchange was unaffected by the
before the close on renewed rumors of negotiations
going on in other branches of the market and
changes
apparently
This
a
for the placing of loan for Italy.
strengthened belief that the Milan authorities are quotations remained steady and only slightly altered.
planning to stabilize lire and to this end seeking a Hong Kong closed at 543.'@.5534 against 5434@54%;
loan to assist in revaluation of Italian currency. Shanghai at 7334@7434, against 7334@7434; Yoko2. Manila at
, Greek drachmae and the exchanges of the minor Cen- hama at 4234@.423', against 4234@423/
tral European group ruled without important change. 4934@493', against 49%©49%; Singapore at
8@56%;Bombay at 363
%@36%,
The London check rate on Paris closed at 92.85, 56%@.57against 563/
as compared with 92.35 a week ago. In New York against 35%@3634, and Calcutta at 36%8@36%,
sight bills on the French centre finished at 5.2334, against 36@363.j. .
%; cable transfers at 5.2434, against
, against 5.183
Pursuant to the requirements of Section 522 of the
4; commercial sight bills at 5.2234, against
5.193
Act of 1922, the Federal Reserve Bank is now
Tariff
5.173
% and commercial sixty days at 5.17, against certifying daily to the Secretary of the Treasury the
5.123/ last week. Closing rates on Antwerp francs
for cable transfers in the different counwere 5.0734 for checks and 5.0834 for cable transfers, buying rate
world. We give below a record for the
the
of
tries
which compares with 5.0434 and 5.0534 the previous
past:
just
week
week. Reichsmarks finished at 23.81 for both checks
and cable transfers, unchanged. Austrian kronen con8. Lire closed at 4.1034
tinue to be quoted at 0.00143/
for bankers' sight bills and at 4.1134 for cable trans2.
fers. A week ago the close was 4.093/ and 4.103/
Exchange on Czechoslovakia finished• at 2.963A,
2,against 0.45;
against 2.96%; on Bucharrest at 0.463/
and
at
on Finland
19.25,
19.20,
against
Poland
on
Greek
exchange
closed at
2.53
(unchanged).
at
1.89% for checks and at 1.9034 for cable remittances,
% and 1.8534 a week earlier.
as against 1.843
The feature of an otherwise dull week in the
neutral exchanges, formerly so-called, proved to be
the restoration of Dutch guilders to a free gold basis.
,This action on the part of the Holland authorities
was immediately followed by a sharp rise in guilders,
which at one time mounted to 40.13, though on quiet
trading. Swiss francs were likewise strong and
touched another new high record of 19.39 in anticipation of a declaration by the Swiss Government
similar to that issued by Holland. Of the Scandinavian currencies,Danish and Norwegian remittances
ruled strong and higher, but the Swedish krone lost
ground on speculative selling. Spanish pesetas
scored a gain of 30 points to 14.60 on improvement
in Spain's internal finances which has followed termination of the Moroccan campaign.
2,
Bankers' sight on Amsterdam finished at 40.113/
against 40.00; cable transfers at40.13A,against 40.02;
FOREIGN EXCTIANGK RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
APRIL 25 1925 TO MAY 1 1925. INCLUSIVE.
,,astry and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United Stales Money.
Aprfl 25. April 27. April 28. April 21.AprU 30. May 1.
EUROPE.14061
.14059
.14050
.14058
.14037
.14081
tustrla, Crone*
.0508
.0507
.0508
.0505
.0505
.0503
lelglum. franc
.007289 .007288 .007272 .007311 .007257 .007300
4ulgarla, ley
Nechosloyakia. krone .029352 .029845 .029841 .029643 .029831 .029638
.1872
.1886
.1854
.1853
.1853
.1881
leumark. krone
Togland, pound ster
4.8455
4.8447
4.8197
4.83274 4.8140
hog
- - ...... 1.8204
025223 .025220 .025213 .025202 .025220 .025227
ertnland. markka
.0524
.0521
.0523
.0519
.0524
France, franc ...... .0521
.2380
.2380
.2380
.2380
.2380
Sermany. reichemark .2380
.01880
.018854
.018873
.018998
.018818
.018164
drachma_
3ree00.
.4013
.4013
.4013
4003
.4005
.4007
Rolland. guilder
.000014
.000014
.000014
.000014
.000014
.000014
Sumter/. krone
.0412
.0111
.0409
.0110
.0410
.0111
11411Y. hIrft
.1663
.1848
.1640
.1632
.1627
.1827
Vorway. krone
.1920
.1917
.1917
.1917
.1917
1922
sloty
Poland.
.0199
.0197
.0194
.0194
.0197
.0495
Portugal. escudo
.004491 .001476 .001473 .004472 .004478 .004532
Rumania.leu
.1482
.1457
.1440
.1433
.1434
.1432
Itialn. peseta
.2876
.2678
.2881
.2195
.2695
.2696
4weden, krona
.1938
.1938
.1939
.1938
.1939
.1939
_
franc._
4witserland.
.018075 .018056 .018127 .016211 .016185 .016169
To costa vbs. dinar_
481ACams.7650
.7600
.7808
.7598
7548
.7571
Cheefoo. tact
.7550
.7591
.7566
.7514
.7508
7481
Hankow.tact.
.7400
.7382
.7383
.7343
.7327
7308
Shanghai. tael
.7758
.7725
.7713
.7679
.7683
.7638
Tientsin, tact
.5449
.5460
.5451
.5430
.5413
Hong Kong. dollar. .5392
.5385
.5392
.5379
.5375
.5380
Me dean. dollar... _ .5348
Tie itsin or Pelyang
.5425
.5413
.5429
.5383
.5375
53.83
dollar
.5533
.5508
.5546
.5183
.5471
.5483
Yuan, dollar
.3601
.3595
.3590
.3582
.3580
.3576
rupee
India,
.4201
.4210
.4194
4185
.4180
.4186
lapan. yen
„wmoore(8.
.5625
.5800
.5829.5583
.5592
81.das .5550
NORTH AMER.999875 .999871 .999936 .999982 1.000009 1.000029
Canada. dollar
999714 .999740 .999813 .999583 1.000052 1.000188
3uha. peso.
498250 .498917 .499083 .499583 .499083 .499083
Wexler). peso
Vewfoundland. dolls .997083 .997835 .997398 .997396 .997604 .997552
SOUTH AMER..8725
.8728
.8733
.8757
.8760
trgentina, peso (gold) .8899
1055
.1058
.1055
.1057
.1062
mIlrele
.1062
.1122
.1127
.1130
.1131
.1132
.1132
"Mlle. peso (paper)
.9457
.9411
.9409
9463
.9402
Uruguay. peso
.9420
•One schilling Is equivalent to 10.0do wilier crowns.
2204
THE CHRONICLE
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,423,728 net in cash as a result of the currency movements for the week ended April 30.
•Their receipts from the interior have aggregated
$4,432,728, while the shipments have reached $1,009,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended April 30
Banks'interior movement
Into
Banks.
Out of
Banks.
24,432.728
Gain or Loss
to Banks.
81,009,000 Gain 23,423,728
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 FIESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Apr.25. Apr. 27.
Tuesday, Wednesd'y, Thursday, Friday,
Apr. 28. Apr. 29. Apr. 30.
May 1.
Aggregate
for Week.
$
$
72,000,000 84,000,000 58,000,000 73.000.000 84,000,000 91,000,000 Cr. 462.000,000
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 for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
May I 1925
May 2 1924.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
I
£
England__ 155,742,064
355,742,064128,120,532
128,120,532
France a__ 147,277,649 12,680,000 159,957,649 147,124,171 11,920.000159.044,171
Germany c 43,533,850 d994,600 44,528,450 22,090,750
64,300, 22,155.050
Aus.-Hun. b2,000.000
b
I 62,000,000 62,000,000
b
I b2,000.000
Spain ____ 101,444,000 25.819,000 127,263.000 101,177,000 26,144,000127.321,000
35,587.000 3,361.000 38,948,000 35,322,000 3,423.000 38,745,000
Italy
Nether!'d 41,000.000 1,721,000 42,721,000 45,332,000
816.000 46,148.000
Nat. Belg_ 10,891,000 3,015,000'i 13,906,000 10,819,000 2,771,000 13.590,000
Switzer'
'd 19,231,000 3,605,000 22,836,000 21.452.000 3,856,000 25,308,000
Sweden_ _ 12,992.000
12,992,000 15,039,000
15,039.000
Denmark _ 11,637.000
989,000 12,626,000 11,643,000
741,000 12,384,000
Norway __ 8,180,000
8,180,000, 8.182,000
8,182.000
Total week 539,515,563 52,184,600641.700,163 548,301,453 49.735,3 598,036,753
Prey. week W2,537,263 52,037.600614,574,863550,482,421 53,118.04 03,600,461
a Gold holdings of the Bank of France thls year are exclusive of £ ,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Ger ny this
year are exclusive of £O.671,050 held abroad. d As of Oct. 7 1924.
with a Monarchist Tinge—The
Election of President von Hindenburg.
The matter of fact way in which the news of Field
Marshal von Hindenburg's election as President of
Germany has been received in this country and in
most parts of Europe is an impressive illustration of
the extent to which war memories and war anxieties
have moderated or disappeared with time. A bearish demonstration on the New York Stock Exchange
on Monday did not last out the day, and none of the
European Exchanges registered signs of - grave
alarm. The British and American press, although
inclined to regard the election as a provocative error
of judgment on the part of the German people,
showed on the whole few traces of strong anti-German feeling, and even the French papers that were
talking excitedly on Monday and Tuesday were distinctly more moderate in their expressions later in
the week. The Washington Administration refused
to be disturbed, at least for publication, by the election of a former "war lord," and financial and industrial leaders in this city who allowed themselves to
be interviewed were all but agreed in their friendly
and undismayed utterances An event which, if it
had happened two years ago, would almost certainly
have set European Chancelleries by the ears and oc-
/Conservatism
[Vol.. 120.
casioned some sword rattling, passed off on Sunday
with no more disturbing after-effects than a slight
sensation of shock and some mild expressions of
anxiety about the future.
Something of this result is doubtless to be ascribed
to the favorable impression which was made in financial and business circles on Tuesday by Mr. Churchill's budget speech in the House of Commons,and the
announcement that Great Britain had returned to
the gold standard. Clouded skies are likely to be
soon forgotten when bright skies follow quickly.
The better explanation, however, is to be found in
Germany itself. Anyone who will,recall the nature
of the German Constitution will realize that the
President of the Reich, however aggressive he may
be by temperament or training, could do very little,
even if he desired to do anything at all, to upset the
existing political order directly, and that any indirect attack upon republican institutions conld not
go far without being detected. As in all con ttries
in which responsible constitutional government prevails, the real political head of the German State is
the Chancellor, who holds his office as the representative of the majority for the time being in the Reichstag, which body in turn is popularly elected. It is
of course true that a certain measure of influence in
policy and administration inheres in the Presidential
office, as was shown by the late President Ebert on
more than one occasion, but the measure of such
power is small, and any clear overstepping of the
constitutional bounds would almost certainly be resented both by the Reichstag and by the country.
Whenever the Getman people choose to change their
Constitution and form of government they can 41,, so,
as they adopted the present one, but until they act in
the matter in the way which the Constitution prescribes, any changes of fundamental method for
which President von Hindenburg may be held responsible will, we may be sure, be accomplished in
the way which the Constitution of the Reich directs.
This is not to say, however, that the election which
took place on Sunday may not presage a more or less
substantial change in the spirit of the German Government, notwithstanding that the cons1.1 utional
ystem remains intact and constitutional mkhods of
procedure are strictly followed. There appear to be
two ways in which the election may be interpreted.
Beyond question the election of former Field Marshal
von Hindenburg is a great personal triumph, a
sweeping popular victory for a candidate who is a
popular hero strong in the affections of large masses
of the German people. There should be no surprise
at this. We have only to recall the enthusiasm which
attended the nomination and election of Grant to
understand the feeling of Germany for the greatest
of its military leaders. In this sense the election is
perhaps to be regarded, as one of the most radical
of German newspapers describes it, as the triumph of
a person rather than of a cause. If it is, the outcome
is the more noticeable because of the very moderate
statements regarding public affairs which the Field
Marshal made during the campaign, his acceptance
of the Dawes plan, his expressions of loyalty to the
Republic, and his explicit repudiation of the notion
that he will allow himself, as President, to be bitted
and bridled by cliques or parties.
Beyond the element of personal triumph, on the
other hand, the election seems clearly to indicate a
conservative reaction in Germany, similar to that
which .has occurred during the past two or three
MAY 2 1925.]
THE CHRONICLE
2205
years in other countries, notably our own. After a dent,in a total vote of imposing dimensions, the canlong an4 varied experience with radicalism, and un- didate whom they wanted, notwithstanding and even
der disordered conditions such as are often thought because of his war record, and against their choice
of as peculiarly favorable to radical success, the Ger- it would be idle to think of lodging a protest. The
man people appear to have voted for stability in day of unrestricted pressure upon Germany has
government, for the establishment of something passed. It is well for the Allied Powers, and espeworthy to be respected as a normal order. Whatever cially for France, that this should be so, for the old
else the new President may or may not stand for, his policy of irritation, threat or coercion is out of date,
official and personal influence will assuredly be and a new policy of co-operation, respect and
mutual
thrown against disorder and violence, and against confidence is needed. If the action of
the Luther
subversive practices of any kind that hinder Ger- Government in pressing for the conclusion of a commany from getting on. That there is blended with mercial treaty with France is to be taken as
indicathis popular desire for stability a distinct feeling of tion of von Hindenburg's general attitude, as apparregard for monarchy as a form of Government, a ently it is, the election of the "war hero" as Presiclear criticism of the Republic as ill-adapted to the dent may turn out to be a good thing for all
the inpresentation of a strong front before the world is of ternational relations in which Germany is
concerned,
course, hot to be denied, and if that is the inevitable
as well as for the domestic prosperity of the German
trend, it is in that direction that Germany must go. people.
The point to be emphasized now, however, is not the
revival or accentuation of the monarchist spirit in
The Long Look in Business.
Germany, but the clear likelihood that the transition. Charles M. Schwab, speaking to the
New York
from a republic to a constitutional monarchy, if it Building Congress, on April 8, said: "I
believe the
were to make any progress at all under President next twenty years will see the greatest expansion
von Hindenburg, would progress in orderly and con- and the greatest accomplishment American
industry
stitutional fashion, without menace to German wel- has ever known." The Chairman of the
Board of
fare at home or abroad. Meantime, it should be the Bethlehem Steel Corporation said further
in his
pointed out that the monarchist trend with which remarks: "If I had my choice to be born again,
I
the election of von Hindenburg will certainly be iden- believe I would chose to be a young man to-day."
We
tified abroad, is not yet predominant, and that the find in these two statements a thrilling text
for every
political situation, as revealed by the vote on Sun- young business man of the present time. But
the
day, continues to be somewhat mixed. The main two statements must be coupled together in the
mind.
support for von Hindenburg appears to have come And they mean, if they mean anything, twenty years
from the industrialists, who are committed to the of opportunity and hard work. It is the long view
Dawes plan, from the large landowners in eastern in business. There is no savor of the get-rich-quick
Germany, from monarchist and Catholic Bavaria, scheme so prevalent in current years. Those who
and to a marked degree, it is said, from women. build great plants like the Bethlehem Steel works
Former Chancellor Marx, on the other hand, von plan for years ahead. They have faith as well as enHindenburg's principal opponent, carried Berlin and terprise. The mere physical task of erecting Ce
the labor vote of the Ruhr, while losing Bavaria, not- plant takes much time before there can be a dollar
withstanding that he is himself a Catholic. As the of income. Young men who begin in a small way to
total vote cast for von Hindenburg fell somewhat project an industry, it is true, must have returns
at
short of an absolute majority of the whole, it is ap- an earlier date. Laying the foundation wisely and
parent that if the entire von Hindenburg vote be securely, however, they are always in position to
classed as monarchist, which of course it is not, the "grow with the times." Vision and work are predesire for a return to monarchy is not yet the desire requisites of wealth. And how much the ambitious
of a majority of the German electorate.
young man should take these truths to heart! We
One other impressive lesson appears to be written confess to a feeling that great opportunity does not
large across the face of the German election. Ger- knock once at every man's door. But on the
other
many is recovering its political independence. It is hand, with our scientific education in the
industrial
not yet, to be sure, an entirely free agent in the con- arts the well-equipped young man can
look for an
trol of its affairs, and it cannot hope to be such for opportunity, and find it.
some time to come. Its only hope of economic salTwenty years is a long time. It is the span of life
vation, in the face of the demand for reparations lies from twenty to forty, from forty to sixty. In busia
in a loyal fulfillment of the terms of the Dawes plan, ness sense it would be more to the point to say it
is
and until that plan shall have passed its preliminary the span from thirty to fifty—from the first sense of
stages and begun to work fully and at its maximum real strength to the poise and wisdom of a time that
Germany will have to do substantially what the enables the doing of large things. And always it
is
Allied Governments direct in regard to it. The Gov- the time of growth, accumulation, the gathering of
ernment may argue or protest against such infringe- real power. Too much in our examples we turn
to
ments of sovereignty as the occupation of the the spectacular careers. But while Henry Ford,
as
Cologne area, and its protests and arguments will an instance, has built up a colossal fortune (yielding
have weight in proportion to their force in fact, rea- last year a hundred millions in growth) in a comparson or law, but its ability to resist pressure will not atively short time, hundreds of other industries,
more
be so great or so freely disposed, as the ability of the closely allied to strict necessities, have been growing
Allies to exert it. Yet Germany is already very much into power unnoticed. There is a marked
difference
freer than it was, and the election of Field Marshal in steel that goes into buildings and that which
goes
von Hindenburg is testimony to its wider liberty. into automobiles. We need not consider this. There
The German people, with the record of nearly five is a wide divergence in the nature of opportunities.
years of Allied pressure before them, have not hesi- The fact that Mr. Schwab would, by choice, be a
tated to test foreign opinion by choosing for Presi- young man now, is proof that the opportunity of liv-
2206
THE CHRONICLE
ing in this particular age of great things shows we
cannot, despite the injunction, make our own circi Instances in life. The circumstances converge about us
and we are enabled by virtue of life in a certain period of time to take advantage of them. It is seizing
the opportunity and building upon it that brings success. But this is far from taking the gambler's
chance to get rich.
We must note that this "steel magnate" sees opportunities where many despair. To many the riddle of
life increases. What is to become of the man in the
face of the machine? Many of the new things are
toys for "children older grown" to play with. We
have all but mastered the necessities of life so far as
the machine gives us mass production. Two avenues
for work seem always open. We can go back to the
farm and working with Nature produce edibles, may
we call them, undreamed of before. And we can turn
to production in the mental and spiritual fields.
No doubt fortune will accompany these endeavors.
But ever and always there will be a material base to
life. There will always be food, clothing and shelter
to provide. As indicated, food may take new forms.
Clothing may grow away from drab uniformity.
Shelter—what wonderful forms it is now taking!
The "tower efect" of a mere office building is becoming a "thing of beauty and a joy forever." Yet
when all is said the tombs and temples, that have
been the proud possessions of peoples more advanced
in art than we are to-day, in their crumbling grandeur denote the inevitabi:ity of decadence. What
must be coupled with material opportunity is spiritual growth.
And as we look upon fortune building in our own
time we observe a subtle change going on. Less now
than in decades past do men build for power. Responsibility is realized. While the future growths
may be greater, their purpose will change. A philosophic view might tell us that this will tend to make
men stop acquiring at an earlier age. It might suggest that the ownership of corporate stocks as a safe
providence for old age will increase. That many will
prefer a competence to the hazards of great wealth.
Mass production and the machine will go on, but the
man will turn to new employments. Fortune will
have a more spiritual measure. Growing closer to
the Source 9f All, man will find in what we now term
the "mysteries" a solace in worship and a joy in contemplation. The wise young man of the new age will
not "give all to the poor" and go out to eat husks
with the swine, if we may couple two separate homilies on right living; he will be an active or a latent
business man seeing wealth with a new purpose. Be
these things as they may, business opportunity is
taking on a new aspect. And we can no more forecast what the material side will be than the spiritual.
We do know that there are wonders in each, yielding
fortunes, just ahead.
Most important to the young man of to-day is
whether he will be master of business or slave. Here
is one opportunity at hand in every age. It is not an
altogether dreary thing to contemplate a life devoted to a mere clerkship. Here the long look ahead
brings elation or despair. In the changes of worldly
affairs it seems ordained that most men shall start
poor. It is possible through application and advancement to secure for old age a competence on
salary. And this is no mean endeavor. But as we
are in the habit of measuring, a fortune cannot thus
be acquired. The long look for the poor young man
[Vou 120.
in business is first, the acquisition of knowledge and
ability, complete mastery of a chosen business; second, saving and thrift to insure investment power;
third, "branching out" for himself, warily, cannily,
cautiously, vigilantly—in order to build up a going
concern that can stand on its own feet and earn a
competence. How many are now entering the lists
of these long contnders? How many are wasting
their salaries in riotous living? How many filled
with fear and despair at the long look are turned
aside by the false theories of speculators and politicians until they become beggars at the gates of
Government?
The long look in business brings to the young man
the comparative view of all things. Advance comprehends a constant change. So many men at -lome
time in their careers fail. It is very often from incompetence. It is often from taking the short view
of things. And sometimes it is because they any.
their plans are s- perceded by rapid and unlooked-tor
changes in manners and customs, in uses, in possibities of accomplishment. Weighing the chances for
loss and gain, the mere material success may fade in
the light of a higher and more aesthetic, though ti.is
is hardly the word, endeavor. Fortune, after all, it
will thus appear, is an incidental to a life of earnest.
honest work. Doing the task at hand and doing it
well is the highest duty. And no time is better for
that than now. We are veering away from the
strong, humble, constant endeavor, to a life of ease
and pleasure. We are growing to be an excitable,
an emotional people. Our young men and women are
being accused of inconstancy, flashiness, revet.y.
The long look from this standpoint of the meaning of
life discloses neither fortune nor peaceful, plentiful,
old age.
Young men for action, old Omen for counsel. It is
the law of the business life, of every life, professional or other. What we need most of all in our
popular thought is a realization that the wellrounded life is never spectacular. Fortune-hunting,
like big-game hunting, is the fad of sportsmen. It is
right to acquire and accumulate because thereby is
acquired power for good, not power for power's sake,
or for display. The speaker • we have referred to
threw out the statement that his workmen were superior to some employers he knew. Or an idea quite
like this seemed in his mind.. Few are the possessors
of great fortunes. They are as easily lost, with some,
as made. But the acquisition of character through
thought, work and contemplation, that is never lost.
And if anything survives after this life can anyone
doubt that it is this inner man formed by a lifetime
of righteous endeavor. Therefore we must always
consider the man among us who is not rich, and who
in the nature of things cannot be rich. And the
young man who takes the long look and discovers
this man can so order his life that he will not fail.
President Simmons of New York Stock Exchange
Before Milwaukee Credit Men UrgeirNationwide Organization to Drive Out
Security Swindlers.
Speaking before the Credit Men's Association of Milwaukee on April 9, President E. H. H. Simmons of the New York
Stock Exchange announced that "recently in Chicago I made
the proposal of a national organization to fight security
swindlers," and he said that "unless the business men of the
country undertake to create, or rather,.support such an organization, security swindling, with its money losses and
the cruel suffering which it imposes upon individuals, will
MAY 21925.]
THE CHRONICLE
continue." Further, he said, "unless a definite organization,
well supported, nation wide in scope, co-operative in every
sense of the word, backed by the Federal and State authorities and undeviating in its efforts to impose the law upon
crooks, is created this evil of swindling will grow and will
threaten the very life of the nation. It is a civic, moral and
economic cancer. Again, the difficulty in the situation is, I
may repeat, that it Is not recognized as such by the people."
President Simmons noted that the Exchange had organized
its more than 3.000 members. branch office managers and
correspondents into what might be called an investigating
and reporting body" and that "there have also grown up
through the country other organizations.backed by business
men which are designed to co-operate with the law enforcing
officials against frauds. There are many kinds of these," he
went on to say. "but I want to refer specifically to the Better Business Bureau. There are 44 in number at the present
time, and really there ought to be 444. . . . Just as the
Blue Sky law operates in the individual States so these Better Business Bureaus, being more or less isolated, are not
able to function fully in a national way. There should be
Better Business Bureau in every community, unqualifiedly
and wholeheartedly supported by the business interests and
the patriotic citizens." In conclusion Mr. Simmons said:
Let us, therefore, get it definitely in our minds that the bucketshop
keeper and the security swindler is a thief—a dangerous thief—and a
2207 •
menace. Let us insist upon law enforcement, the elimination of politics In
behalf of these thieves, the simplification of the laws instead of making
them more complex and the co-operation of the people with the authorities
In the suppression of these crimes and criminals. Let us organize on a
national scale and take a vital interest in a national movement to suppress
a national menace. The great proportion of business in the United States
is sound at the core and possibly five per cent, only is pernicious and
dangerous. Is it not worth the effort on the part of the other ninety-five
per cent, to clean their houses of all taint of fraud and drive out the criminals
who not merely utilize business for criminal purposes but bring business
into disrepute and bring danger to the nation?
There is a peculiar responsibility resting upon the character and initiative
of American business today, which arises from this country's pre-eminent
position financially in the modern world. The United States for the first
time in her history is the leading nation in the world with respect to furnishing capital and credit for foreign as well as domestic enterprises. The
world today is looking to this country to lead in the great task of placing
currency and credit again on the pre-war gold standard, as well as to restore
credit conditions throughout the world which have been so seriously impaired by the war. Flattering as this position of pre-eminence among the
nations which our country enjoys Is to all of us. it nevertheless entails a deepresponsibility, if American business in the future is to prove worthy of its
own past achievements. We cannot halt in smug satisfaction that we are
today the most wealthy and prosperous nation in the world. We must go.
forward to make the United States the easiest and safest country in the
world to do business in, the country whose credit conditions are on the
highest plane, the country which affords the greatest safety for the investment of surplus capital by the wealthy and poor alike. In the past, Americans have been noted for their consistent belief in their country, their
fellow-men and their national future. These things are the very heart of
sound credit. If our own generation can courageously and persistently
follow them into the future, not only will our national and private credit
be vastly improved. but the country itself will prove equal to the great
financial opportunities which destiny has in the past decade imposed npom
her.
Indications of Business Activity
,
st
THE STATE OF TRADE—COMMERCIAL EPITOME.
P'riday Night, May 1 1925.
With the weather unseasonably cold in parts of the West
and also at the South, not to mention the East, no great improvement in trade was expected and none has taken place.
In some lines there is a fair amount of business. In others
trade still lags. That is notably the case in the iron, steel,
and perhaps the textile industries, though some of the
Southern mills are said to be busy. Prices of iron and steel
show a downward tendency, with output also falling, but
stocks on hand apparently rather large. In New England
the textile business has been on a very moderate scale, where
it has not been actually dull. Fall River is a notable example. And the average price of cotton mill shares at the
South is said to be tile lowest in two years. Manchester's
trade is in the main quiet, though there is a little more inquiry for cloth. Singularly enough, too, there is complaint
among some of the aunts using American cotton to the effect
that not all of the members are keeping the agreement to
run on short time. The natural inference is that trade in
this department of Lancashire's business may be rather better than Is generally supposed. It was noticeable to-day, too,
that the trade in actual cotton in Liverpool was about double
what it has been lately. An illuminating comment at Lowell, Mass., is that trade is so dull that wages ought to be
reduced io order to put the mills on a better footing; that is
in better shape to compete for business. It is undeniable
that while pretty much everything else has been liquidated
since the war, labor has not been. It ought to be. The
great desideratum is to reduce costs, increase production
and further consumption. Meanwhile it is regrettable to
notice that the estimates of the winter wheat crop are between 150,000.000 and 200,000,000 bushels smaller than the
last crop, owing to bud weather. Light or killing frosts
within 48 hours have prevailed in Kansas and Missouri. It
is supposed that not a little of the winter wheat acreage will
have to be abandoned. In that case much of it may be put
Into corn. That is one of the reasons why the price of corn
has not risen so sharply this week as that of wheat. Owing
to these conditions, wheat advanced to-day some 8 to 9 cents
in Chicago, especially as there was complaint of drought in
Australia and of unseasonably cold and snowy weather in
Europe. Export business in wheat of late has not been
large, but it is understood that Spain is to take 2,000,000 to
3,900,000 bushels of American wheat. Moreover, European
markets are rising. In Liverpool there was an advance today of some 8 to 10 cents per bushel. It is evident that
Europe still needs to buy on a considerable scale. Grain
prices are higher than a week ago. The flour trade unfortunately still lags, owing partly to the volatile daily fluctuations it. wheat. A decline or an , advance nowadays of
5 or 6 cents a bushel or more daily is a commonplace.
Cotton has declined some $150 to $2 a bale this week,
owing largely to the breaking of the Texas drought. Copious rains have also fallen in Oklahoma. Some other parts
of the belt are beginning to need rain. Texas, unfortunately,
lost the winter rains and will need rather copious precipitations from time to time to make good this lack. Meanwhile exports of cotton continue on a noteworthy scale, and
are now about 2,400,000 bales larger for the season than
during the same period in 1923-24. To all appearances the
cotton acreage this year will be another high record, the estimates being some 43,000,000 to 44,000,000 acres. Coffee has
declined sharply, in conformity to falling prices in Brazilian
markets. Moreover, there is evidently something like a
consumers' strike in progress. Sugar has also fallen under
the weight of very large stocks, and a comparatively slack
demand. Later on. refiners' business will considerably increase, as usual during the summer. Rubber has advanced
about 2 cents during the week and has reached the highest
point in nearly five years, owing to the unprecedented consumption In the United States, and, it must be added, such
an artificial factor as the arbitrary restriction of production under British restriction laws. They prevent the output from equaling consumption. The enormous requirements of the automobile trade in this country account
largely for the higher prices. The British Restriction Committee, as is well known, keeps down exports of growers
under its control to 55% of the output as it stood for the
year ending Nov. 1 1920, which was about 330,000 tons. This
is of a piece with the arbitrary restriction of receipts of
coffee at Brazilian markets. That bit of paternalism no
doubt put up prices of coffee, which are now some 4 to 5
cents higher than a year ago. But of late coffee prices have
been falling sharply at New York. Sooner or later it will
be recognized that the laissez faire doctrine is the soundest in the end. Meet the market, produce for the market
and take the fortune of the market as it runs from year to
year. That in the long run has been found to be the wisest
policy, although for a time arbitrary measures may seem to
produce satisfactory results. The trouble is that in the long
run they prove to be delusive.
Meanwhile what this country now needs is warmer
weather. Fruit crops seem to have been damaged to some
extent by cold rains and frosts. Building will be promoted
as a matter of course by better weather conditions. Even as
it is there is a good demand for building materials, such as
builders' hardware, paints, etc. Anthracite coal has been
advanced by some of the railroad companies, but bituminous
remains dull, with large stocks at distributing points. Copper has recently sold rather more freely at some decline.
Wool has been dull and declining at home and abroad.. The
woolen business is depressed by the apparent refusal of
the
consumer to pay the high prices nearly seven years after
the
2208
TNE CHRONICLE
war. Sorao og the worsted mills in New Hampshire are said
to be running on shorter time. It may be added that the cotton mills of this country are to all appearances running on
a narrow margin of proft. Raw silk has just declined 5
cents here and in Yokohama. April car loadings make a
better exhibit. Commodity prices as a rule have latterly
shown a downward tendency. The stock market has been
more or less irregular, though to-day there was a sharp upturn in railroad and utility shares. And call loans dropped
to 3/
1
2%. Sterling exchange has sold at times at as high
2, or within two cents of par. There is noticeable
as 4841/
room for improvement in the gross earnings of the railroads.
It wouli not be surprising to see them increased later in
the year, under better weather and with a growing increase
in the buying power of the world, as the gold standard is
steadily restored.
Great Britain, and in fact the whole of the British Empire, as cell as Holland, have restored the gold basis. These
assuredly are big events. They will stimulate trade with
the increased buying power under the gold standard. That
is these nations buy to better advantage, reduce costs, sell
more cheaply and stimulate both production and consump1
2% in the British income tax is
tion. A reduction of 2/
another benefit. But in Britain the return to an international gold standard does not mean the adoption at once of
a gold coinage. That is unnecessary for an international
gold standard and impossible as yet, despite a credit of
6300,000,000 obtained by Great Britain in this country.
Neither Australia, New Zealand nor Holland, any more than
Great Britain, will substitute gold for notes as internal currency. Gold exports are permitted in all three countries.
Holland makes the stipulation that gold may be exported
only when the rate of exchange is above the gold level. All
this is a big stride back to the ways of peace and normal
trade. Canada is already on a gold basis. South Africa will
restore it by July 1. The Dutch East Indies returned to it
with Holland. So that the majority of the big trading nations of the world are back to the gold standard. Big events
crowd t'ai,history of these post-war years, fraught with good
for the civilized world. Between 80 and 90% of the international trade of the world, Mr. Hoover estimates, is now on
a gold basis. •
At Fall River the Osborn mills have passed their dividend. Fall River's sales of print cloths this week are again
estimated at only 30,000 pieces. New England mill shares
have declined noticeably in the last 60 days. Fall River
mill shares in some cases have recently sold at the lowest
prices on record. The passing of the dividend by the Lincoln mill was not expected. At Lowell, Mass., leading mills
in discussing the dulness of trade suggest that wages should
be reduced. At Manchester, N. H., owing to dulness of
trade, the Anaoskeag mill wool sorters were laid off for an
Indefinite period. It is expected, however, that the cotton
end of the business, the big end of the mill's production, will
continue for an indefinite period on Its present schedule of
five days a week. Maine mills are experimenting with the
Introduction of silk with cotton fibres to produce a new
brand of cloth.
At Charlotte, N. C„ despite dulness of trade and the fact
that very few of the mills of the Carolinas are yet on a dividend-payir.g basis, the industry as a whole in that section is
reported to be on a better footing than it has been during
the past IS months in Gaston, Cabarrus and other counties
in North Carolina, and in Greenville, Spartanburg and other
South Carolina counties. At Salisbury, N. C., the Salisbury
cotton mills, which have been operating day and night, have
discontinued night work. The mill makes pajama checks.
At Akron, Ohio, tire mills are, it is stated, running on a
24-hour basis. Manufacturers are said, however, to be buying less tire yarn and other cotton fabrics. At Akron, April
28, the Firestone Tire & Rubber Co. raised prices 5 to 15%,
effective May 1. Other tire makers have followed suit. At
Paterson, N. J., trade is good in silk goods.
Department store sales in this district In March were 5%
larger than in the same month last year. True, the sales
last year were comparatively small owing to the lateness of
Easter. And the percentage index for March is below that
for February by 9%.
It was 74 degrees here and in Boston on April 27, 58 in
Chicago, 68 in Cincinnati, 52 in Cleveland, 62 in St. Paul
and 80 in Philadelphia. On the 28th ult. it was cold and
cloudy here and the highest temperature was 57; in Chicago
and Cleveland the minimum was down to 42; in St. Paul
and Portland, Me., to 44, and in Helena, Mont., to 28. Tem-
[VOL. 120.
peratures were not seasonable. Central and southwestern
Texas :lad some beneficial rains, in addition to a heavy precipitation earlier in the week in the eastern and western
sections of that State and a complete breaking of the drought
in Oklahoma. Rains also fell elsewhere in the Southwestern
grain and cotton country, not excepting Texas, where the
drought was also broken. After 80 to 90 degrees last week
in the Central West, on the 29th inst. came snow flurries,
followed by a cold rain, with a possibility of frost in Indiana.
A sleet and windstorm in Minnesota did heavy damage to
wire facilities; St. Cloud had an inch and a half of snow
and killing frosts were reported in several sections of Minnesota, with the fruit crop menaced unless warm weather
should soon appear. A part of Texas was swept by a tornado; another was under a blanket of snow. San Angelo,
Texas, reported snow with the sixth day of rain, which
broke a drought of three months. Rains in parts of Texas
were reported of as high as 12 inches. Here in New York
came rains and colder weather on the 30th inst. To-day was
showery here and warmer, the temperature at 6 p. m. being
53, against 46 on Thursday, and to-night It is clear, with a
forecast of fair and a slowly rising thermometer. Latterly
it has been cool at the West and unseasonably cool at the
South, with frost in parts of that section and even as low as
32 in Louisiana. Light to killing frost occurred in Kansas
and Missouri northward.
Increase in Department Stores Sales in New York
Federal Reserve District in March This Year
as Compared With Year Ago.
According to the May 1 "Monthly Review of Credit
and Business Conditions" of the Federal Reserve Agent
at New York,"March department store sales in this district
averaged 5% larger than in March 1924, but," says the
bank, "as sales last year were comparatively small, due
partly to the lateness of Easter, this bank's index, which
allows for seasonal variation and normal growth, declined
from 107% of the computed trend, or normal, in February
to 98% in March." The Bank adds:
In March. as in January and February. about half the department stores
reported smaller sales than a year ago, but these decreases were more than
offset by substantial increases In some of the larger stores. Apparel stores
also showed large increases, even excluding stores which have considerably
increased their floor space.
Department store stocks of merchandise at the end of the month increased 5% over last year. the same increase as occurred in sales, and
the ratio of sales to average stocks valued at selling prices was the same
as a year ago, or 30%. The average amount of the individual sales transaction was $2 92, compared with $2 72 in March 1924.
Net Sales
Stock on Hand
P. C. Change
P. C. Change
March 1924
March 31 1924
to
to
March 1925.
March 31 1925.
New York
+5.8
+6.4
Buffalo
+2.5
-5.4
Rochester
+6.6
+6.9
Syracuse
+4.4
-0.1
Newark
+7.6
+8.1
Bridgeport
+2.7
+2.8
Elsewhere
-1.6
+1.2
Northern New York State
-6.3
Central New York State
-4.6
_ _
Southern New York State
-2.2
_ _
Hudson River Valley District
-1.6
Capital District
+4.9
Westchester District
-3.1
All department stores
+5.3
Apparelitores
+23.3
+37.1
Mall order houses
+12.6
During March, as shown by the following table, the chief increase in
business was in apparel lines which would be affected by the favorable
weather this year and the earlier date of Easter. Furniture and home
urnishings, however, also showed moderate increases over a year ago.
Net Sales
Stock on Hand
P. C. Change
P. C. Change
March 1924
March 31 1924
to
to
March 1925.
March 311925.
Women's and misses' ready-to-wear
+21.5
+1.2
Men's and boys' wear
+20.7
+3.7
Silk goods
.
-5.2
Hosiery
+11.6
-6.5
Shoes
+9.2
+5.0
Luggage and other leather goods
+4.7
+8.3
Furniture
+6.1
+0.1
Home furnishings
+4.6
woolen.goods
+4.2
Women's accessories
+3.6
-0.2
Toilet articles and drugs
+14.5
+3.2
Cotton goods
+0.2
+2.6
Silverware and Jewelry
+0.9
Men'sturnishings
+14.7
+0.8
Linens and handkerchiefs
-0.6
-0.2
Miscellaneous
+0.8
+3.3
Course of Wholesale Trade in Federal Reserve District
in March.
The May 1 "Monthly Review of Credit and Business
Conditions" issued by the Federal Reserve Agent at New
York reports that "March wholesale trade in this district,
while showing a considerable seasonal increase over February, averaged only 2% larger than in March 1924, when
sales were unusually small in some lines, due partly to the
lateness of Easter. This bank's index of wholesale trade,
THE CHRONICLE
MAY 21925.]
after rising to 100% of estimated normal in February, fell
to 95% in March, or close to the level of January." Continuing, the bank says:
This decrease was due chiefly to a 10% decline in grocery sales from
March 1924, following substantial decreases also in January and February.
In the cotton goods and apparel trades, on the other hand, sales were
generally larger than last year, and trade in silk goods was the largest
since early 1920. The following table shows the percentage changes in
these and other lines of trade compared with a year ago:
-Stock at end of MonthNet Sales
Percentage Change
Percentage Change
Feb. 1925 March 1924
arch 1924
Feb. 1925
to
to
to
to
March 1925 March 1925 March 1925 March 1925
Commodity+11.7
-10.2
+4.4
-7.0
Groceries
+11.3
+9.7
Men's clothing
+10.0
-0.5
Women's dresses
+55.3
+8.4
Women's coats and sults_ _
-16.2
+7.1
+2.8
Cotton-Jobbers
+20.9
+60.2
Cotton-Commission houses_
+32.4
*-14.4
+12.7
Silk goods
-10.9
+44.4
-6.1
-2.1
Shoes
-0.1
+6.8
Drugs
-19.9
+20.2
Hardware
+2.5
-12.3
Machine tools
+30.1
Stationery
+3.6
-6.4
+19.0
+1.2
Paper
(+14.0
+12.9
1-4i
Diamonds
-18.9
-14.7
Jewelry
+9.1
+2.3
Weighted average
+15.5
2209
ranging from 31 to 40% during the four-month period from last November
to March, and earning thereby the distinction of reporting the greatest proportional rent increase in the United States during that time.
Changes in Eastern Cities.
During the same period of four months ending March 31, the following
local fluctuations in rents took place:
Out of fifteen cities in the East, Passaic and Reading lead the list with increases ranging from 11% to 20%; in 13 other cities, among which Bridgeport, Buffalo, Camden, Lowell, Pittsburg, Rochester and Springfield,
Mass, are the largest, average increases of 10% or less occurred.
Decreases averaging 10% or less are reported from 13 Eastern cities including Baltimore, Boston, Cambridge. Jersey City, Newark, Syracuse,
Trenton and Wilmington, Del. Binghampton reports a decrease of between 11 and 20%. No change in rents is indicated in 33 other Eastern
cities.
In The Middle West.
The greatest number of decreases in average rents are reported from the
Middle West, the declines falling within 11% and 20% in Champaign.
Council Bluffs, Davenport, Flint, St. Joseph. Mo., and Terre Haute. In
21 cities average rents dropped 10% or less, including Chicago, Cleveland,
Des Moines, Detroit, Indianapolis. Milwaukee, Minneapolis, Omaha and
St. Paul. 27 Middle Western cities in all reporting rents declines, and 8
Increases of 10% or less, including Cincinnati, Columbus, Dayton and
Kansas City, Mo. No change was reported from 33 Middle Western cities
South and Far East.
Thirteen Southern cities reported changes in rentals, none exceeding 10%;
*Stock at first of month-quantity, not value.
Rents rose in El Paso, Ft. Worth, Jacksonville and Roanoke, and dropped
A comparison of the figures for the first quarter of the year indicates in Atlanta, Augusta, Beaumont, Chattanooga, Knoxville, Little Rock,
that in most lines sales fell below a year ago. The principal exceptions Mobile, New Orleans and San Antonio. 13 other Southern cities reported
to this were commission house sales of cotton goods. which were unusually no change. In toe Far West, Pueblo, San Francisco and Seattle reported
small last year, and sales of silk goods. Sales of men's clothing, diamonds, higher rents, while rents dropped In Los Angeles, Phoenix, Spokane-non
and drugs were equal to or larger than last year, but in other lines decreases of these changes exceeding 10%.
occurred ranging from 2% in women's coats and suits and dresses, to
19% in machine tools.
Increase in Chain Store Sales in Federal Reserve
District of New York in March.
"Continued rapid growth of chain store business is indicated by March reports, which showed 16% more stores
in operation than a year ago and an 18% increase in total
sales, says the May 1 "Monthly Review of Credit and
Business Conditions" of the Federal Reserve Agent at New
York. "The increase both in number of stores and total
sales was particularly marked in the cases of grocery and
dry goods systems, which showed substantial gains in sales
per store," the bank says, adding:
Ten-cent stores also reported sales keeping pace with store expansion,
but for tobacco and shoe chains sales per store showed considerable decreases. In drug and candy chains, the number of stores operated was
.than a year
about the same as last year, but sales of drug stores were larger
ago, while sales of candy chains were somewhat smaller.
The following table shows the percentage change from March 1924 in
the number of stores operated, in total sales, and in sales per store, of
reporting chain systems.
Percentage Change March 1924 to March 1925
Number of
Total
Sales per
Type of StoreStores.
Sales.
Store.
+18.9
+27.5
Grocery
+7.2
Ten-cent
+6.7
+7.9
+1.2
+4.2
Drug
-0.3
+4.5
Tobacco
-3.2
-8.6
+6.0
Shoe
+20.6
+7.6
-10.7
Dry goods
+23.9
+4.7
+18.3
Candy
-1.4
+1.1
-0.3
Total
+16.0
+18.2
+1.8
Rents Still at High Level Despite Lower Living Costs,
According to National Industrial Conference
Board.
Although the general cost of living has decreased nearly
one-fifth (19.2%) from the peak in July 1920, rents still
hover close to the highest level they ever reached, which was
in July of last year. Average rental rates, having climbed
last July to a point 86% higher than they were at the beginning of the war, today are still 82% higher, according to the
monthly cost of living computation of the National Industrial Conference Board, 247 Park Ave., New York. The
Board also has the following to say in a statement issued
April 27:
Although very slow and small, the decline in average rents during the
past seven months has been consistent. During the last four months including March, the greatest number of increases in rents are reported from
Eastern cities, while the preponderance of changes in the Middle West and
South was toward lower rents, according to the Conference Board survey.
Last to Feel Rise.
Usually the last item to feel the effect of a general rise in prices, rents during the war and up to January 1920 had risen only 43% over the July 1914
level, although the average cost of living during the same period had
amounted to 90.2%. Whits retail prices of commodities generally had
reached their peak in July 1920,six years after the war started, one year and
eight months after the armistice, rents kept climbing until July 1924, to a
level 86% above the pre-war figures. General living costs by that time had
dropped back considerably, to an average of 61.7% above that of pre-war
prices.
As rents, in contrast to other living cost items, are determined primarily
by local conditions, such as local supply and demand, local'taxation and
building construction, reacting only indirectly to outside influences, ren
fluctuations of course vary widely in different localities from the averages
cited for the country as a whole.
The Case of Billings.
A striking example of this is Billings, Mont., a small city where houses
today are actually cheaper than they were before the war, in 1914. However, Billings apparently is trying to catch up. scoring increases in rents
Factory Earnings in New York State in March ThisYear Less Than Those of 1924- Slight Increase
Over February.
Wages paid out to factory workers in New York State
totaled $36,300,000 for the week of March 15, according to
an estimate based on reports covering 40% of the employees
of the State. This is $1,800,000 less than in March, 1924,
the month before the last phase of the recession in industry.
The 2% gain over February followed the holiday in t it
month. Seasonal increases were the other factors in he
improvement, chiefly in automobiles, clothing and bui eing
materials says Commissioner James A. Hamilton, whose
statement made public April 27, continues:
Average Earnings Higher Than a Year Ago.
Average earnings show an increase in the year to year comparison however, as the loss in employment was proportionately greater. Weekly
earnings for March averaged $28.45, 30 cents more than a year ago, and
are above January and February when inventory and holidays cut into the
amount received by the workers. Men received $31.45 while women were
paid an average of $17.50. Average earnings are computed by dividing
weekly payrolls in the reporting factories by the number at work and are
used to relate payrolls to employees. They do not represent the wages
actually received by factory workers.
Metals and Textiles Uncertain.
Payrolls for all metal industries were 2% higher in March than in February. Part of this gain followed the February holiday and part was due
to the spring spurt in automobiles and increases in the smaller but important
cutlery and instruments divisions. Automobile workers averaged $1.40
more than in the previous month. Underneath the increase for the group
of metals, however,there were some significant losses. A small one appeared
In the steel and copper mills, the first since the beginning of the upward
climb at the end of the summer. Payrolls in the steel mills are now 11%
below March, 1924. Heating apparatus shops reported lower earnings as
well as reduced forces after the gain last month. Earnings in electrical
machinery were lower than in February and were $1.20 less than a year
ago, an unusually active period. Hardware and-stamped ware continued
to improve and iron foundries were near last year.
March brought another improvement in silk and cotton knit goods and
workers were able to earn more. Last month's large gain in worsteds.
however, was more than wiped out as conditions within the industry
remained uncertain. The strike continued in the cotton mills.
Building Materials Below 1924.
Less activity in the building industry in and around New York City
affected the producers of building materials. Payrolls in the brick yards
along the river were over 25% below-last year. House trim and plaster
were also much slower. On the other hand a good gain in March brought
cement to within 4% of last year and paint and varnish factories were
running above 1924. The only large decrease in earnings, however, was
In the brick yards where the men earned $3.60 less.
Household furnishings still form one of the important groups of industries
which are operating close to capacity. March brought a few more small
decreases, but payrolls for the group are from 1 to 4% behind last year.
Earnings in the furniture plants dropped from $27.85 to $27.30 during the
month. Carpet and rug factories continued to run at the high rate of the
past few months although the earnings of the workers averaged $1.30 less
than the maximum reached in March, 1924.
Wide fluctuations in the group of chemicals and oils are confined chiefly
to industrial chemicals. This branch has not recovered from the slump
of the summer as a 10% decrease in payrolls over the year period indicates.
The average wage, however, rose to over $34.00 as lower paid workers were
released. Drug factories were busier on the whole. Petroleum products
were still losing but average earnings were almost $1.00 higher
than a Year
ago. There was a net loss in photographic chemicals where the average
wage is also above last year.
Manufacturers of paper boxes and tubes showed an 8% reduction in
wage payments from 1924 to 1925. Publishers reported conditions about
the same as last year and earnings among newspaper men averaged more.
First Loss for the Buffalo District.
Buffalo was most severely affected by the tendency to slow up production
which was found in certain of the metal industries. Payrolls of the factories
reporting to the State were reduced from $1,885,000 to $1,835,000 during
2210
THE CHRONICLE
[You 120.
AVERAGE WEEKLY EARNINCS, MARCH 1825.
All Employees, Shop Employees.
Slate
Total
N. Y. Total
IndustryMen. Women.
Stale.
C y.
Stone. clay and glass products
16
06
1 $36 50 330 33 $15 39
22
36
Miscellaneous stone and mineral products
33 06 3
50
20
28 40 27
Lime, cement and plaster
1-8-2;
30 87
Brick, tile and pottery
16,28
23 22
30 15
2.24
Capital District Industries Uneven.
Glass
13 75
23 00 31 00
30 91
There was a very slight loss as improvement In a number of the factories Metals, machinery and conveyances
17 00
30 61
29 68 31 61
Gold, silver and precious stones
30 66
31 62 33 30 20 49
here was offset by one or two largo decreases in the metals. Earnings
Brass,
copper,
17 06
aluminum,
27
29
16
arc
97
27
42
trades
averaged $28.00, 75 cents less than a year ago. Men in the metal
Piz iron and rolling mIll products
22 12
_ __
34 17
33 37
received less but women benefited by increased activity In the collar
Structural and architectural33
31 17
•
iron work
08
36-67
Sheet metal work and hardware
factories.
28 34
26 87 30 73
Firearms. tools and cutlery
,81 2
26 82
"
Automobiles Forge Ahead in Syracuse.
Cooking. heating and ventilating apparatus___. 33 44
•
31 00 33 45
Syracuse factories reporting to the State showed a gain of over $30,000
Machinery (imitating electrical apparatus)
30 43 29 81
3007
16 73
Automobiles, carriages and aeroplanes
18 23
In wage payments as automobile production continued to expand. Weekly
33 38 35 30 33 47
Cars, locomotives and railroad repair chops_
32 12
22 95
28
12
7
32 10
3
26
earnings for March were $29.00. more than at any time in the last two years.
Boat and ship building
32 59 32 47 32 29
Automobile manufacturers paid an average of $33.60 this month, the highest
Instruments
Instr
and appliances
wage for any of the metal industries. There was a small gain in instrument Wood manufacturea
27 78
Saw mill and planing mill products
27 99
12 91
29 97
28 20
'factories as employment rose, but recently added employees pulled down
Furniture and cabinet cork
16 00
28032
64
3
28 13
'the average for other metal industries.
Pianos, organs anti other musical Instruments,,
2943 31 69
15 59
31 14
Those employed in the chemical plants received less than in February
Miscellaneous wood and allied prod uets
15 81
2,, 17
23 53 26 70
'but they were ahead in a year to year comparison. Operatives In clothing Furs, leather and rubber goods
16 63
2
26
23
77
4
29 06
28 00
Leather
13 86
2
4 37
'and shoe factories were better off than last month.
Furs and fur goods
34 84
3184
35 98 22 10
Boots and shoes
17 69
26 69
29 06
29 23
Rochester and Binghamton Gain.
Miscellaneous leather and canvas goods
14 98
25 44
29 23 29 31
Rubber and gutta penile goods
The improvement in Rochester was generally distributed throughout
17 45
25 93 25 61
27 86
Pearl, horn, bone celluloid. hair, &c
13 83
23 23 25 02 20 14
'most of its Industries. l'ayrolls of the reporting factories reached $1,185.000.
Chemicals, oils. paints, &c
21, 65 27 85
31 66
17 97
'only $16,000 behind March 1924. The average wage was $28.85, about
Drugs and chemicals
27 97
15 02
22 87
30 20
'90 cents more than a year ago.
Paints, dyes and colors
27 31
15 03
26 88 27 54
Animal and mineral oil products
Earnings fell off somewhat in railroad and machinery shops but in
28 24
16 89
30 06 31 48
Miscellaneous chemical products
30 24
19 08
34 07
27 87
instrument factories the average was the same as last month. Operatives
Paper
3
2
8
4
5
1
6
3
3
•
68
3
2
8
9
2
0
8
1
8
48
78
2
products.
increase
in
food
small
was
a
4n shoe factories were busier. There
Printing anti paper goods
Paper boxes and tithe!'
Factories In the Binghamton District are running above last year's schedule.
25 08
17 19
2 89
28 24
Employees averaged $26.25. $2.00 more than a year ago, largely because kliseellaneous paper goods
Sr 66
28 27
15 84
26 65
Printing and book making
37 00 39 51
40 82
20 05
of good conditions in the shoe industry.
Textiles
7
2
2
1
1
3
047
24
14
27
25
16 21
down.
payrolls
in
Utica
mills
kept
continued
cotton
strike In the
The
Silk and silk goods
21 28 23 15 30 25
15 68
Wool manu
es
Earnings averaged $23.20. The most conspicuous gain was in the knitting
25 71
factur•
16 63
29 18
Cotton
goods
22 23
14 87
mills where operatives received 75 cents more than in February. Earnings
Cotton anti woolen hosiery and knit goods
19 2:3
.in the metals were about even with February except in the copper mills
Other textiles and allied products
23 45 24 61
2
6
7
7
4
5
1
16
88
38
4
the
reduced.
Payrolls
fell
in
employment
was
Clothing, millinery, laundering. drc
where the average rose as
27 11
31 55
36 21
18 60
Men's clothing
dlothing shops.
29 18 35 12
33 53
16 02
Men's
shirts
and
furnishing
20 07
28 15
Seasonal Improvement in New York City.
30 25
15 85
Women's clothing
35 76
37 77
51 69
25 32
Women's underwear and furnishings
In New York City a7% gain in payrolls came after the holiday reductions
22 79
23 72
31 01
19 88
Women's headwear
31 13
31 13
In February. Greater production In some of the metals and seasonal
35 25
23 92
Miscellaneous sewing
19 88 20 27
28 55
1580
Increases in certain sewing trades were responsible for the good improx eLaundering. cleaning, dyeing, Ac
19 41
20
15
29
51
14 75
March.
ment in
Food, beverages and tobacco
25 57 2507
30 01
16 41
Flour, feed and other cereal products
Payrolls for the reporting factories reached $5.450.000. only 2% below
29 04 29 16
29 73
11 36
Fruit
and
vegetable canning anti preserving
24 19
24 89
211 19
March. 1924. Weekly wages were $30.20, about 80 cents more than a
12 70
Groeeries not elsewhere elatisitted
29 02 29 31
31 90
16 65
year ago. Those In the apparel trades, silk goods, some food products and
Meat and dairy pro/Meta.
29 20
31 94 28 45
16 41
while
Men
averaged
$33.50
printing benefited chiefly by the increase.
Bread and other bakery products
26 15
26 46
30 88
14 41
Confectionery and lee cream
22 C5 23 09
women received a little more than half of that. $17.50.
27 04
15 46
Beverages
33 79
38 44
33 08
8 50
Cigars and other l obacco producta
The tables of Commissioner Hamilton showing the course
18 41
19 38
26 72
1529
Water. light and power
33 76
33 34
33 86
•
of employment and the average weekly earnings for March
-- -Total
32841) $3020 83145 $1751
• Average weekly earnings not computed because number of
etnployeee too small.
COURSE OF EMPLOYMENT IN REPRESENTATIVE FACTORIES
MARCH 1925.
-Percentage of Change Prom- Increase in
Employment and Earnings in Selected
March 1924.
February 1925.
Em p1. Page. Ems!. Pay,.
IndustryIndustries in February.
--8.1
8.4
8.0
Stone, clay and glass products
--1.4
6.7
3.5
Miscellaneous stone and mineral products
Employment
in
inannfaetnring industries In the United
-10.4
17.2
12.6
Lime, cement anti plaster
--16.3 States increased 1.0% Ill
10.4
17.3
Brick, tile and pottery
February as compared with .in 11 11-4.0
-1.2
•
Glass
ry, while the aggregate earnings of employees
--7.7
2.0
0.6
Metals, machinery and conveyances
hie:eased
--8.7
1.1
-43.4
Gold, silver and precious stones
--3.0 6.6% and per capita earnings increased 4.9%. ''TI ese con1.2
-1.2
Brass, cooper, aluminum. tire
-0.7 -1.1 -8.6 --11.4 siderable gains in
Pig iron and rolling mill products
February." says the United States De--4.I
7.8
3.1
Structural and architectural iron work
2.2 -8 2 --6.7 partment of Labor, through the Bitrean of
2.1
Sheet metal work and hardware
Labor Statistics,
10.4 -16.0 --I3.4
6.4
Firearms, tools and cutlery
-7.2 -9.0 -7.6 --9.6 "Intl icate a decidedly Increased momentum in the
Cooking, heating and ventilating apparatus._
upward
--8.8
0.6
-0.6
Machinery (Including electrical apparatus)
12.9 -14.7 --11.6 trend of employment and employees' earnings which have
8.4
Automobiles carriages and aeroplanes.
--2.3
-0.3
-1.8
-1.2
Cara, locomotives and railroad repair shops
been in evidence since August 1924, and which
16.2
14.0
22.3
suffered a
6.8
Boats and ship building
5.2 -12.1 --12.8 slight setback in January, owing to the
1.9
Instruments and appliances
regularly existing
-5.9
0.1
-0.6
Wood manufactures
1.3 -12.3 --14.0 conditions of that season of inventories and repairs."
Sawmill and planing milt products
The
-1.7 -2.0 -2.0 --I.5 January
Furniture and cabinet work
figures appeared in these columns last week (page
--3.4
0.1
-0.4
Pianos, organs and other musical Instruments
--7.4 1679). With regard
2.7
1.6
Miscellaneous wood and allied products
to the February figures the Bureau
1.1
2.7
0.3
Furs. leather and rubber goods
-5.7 --11.8 --6.7 --14.9 says:
Leather
6.6
2.1
10.8
18.2
Fur and fur goods
These unweighted figures, presented by the United
7.0
4.2 --0.6
1.3
States Department
Boots and shoes
-1.1 -1.9 -11.6 --12.6 of Labor through the Bureau of Labor Statistics, are based on reports from
Miscellaneous leather and canvas goods
--14.3
-5.4 -0.6 -10.0
8,755 establishments in 52 industries, covering 2,7115,0r.8
Rubber and mitts penile goods
employees whose
•
-0.4 -0.6
Pearl. horn, bone, celluloid, hair, ese
total earnings during one week in February were
$73,664,326. The same
--3.0
1.6
21
Chemicals, oils, paints. ea
establishments
in
January
reported
2,722,124 employees and total payrolls
--5.2
-0.2 -2.0
Drugs and chemicals
0.9 of $69,115,408.
5.1
2.4
4.2
Paints, dyes and colors
3.6 -4.2 --3.2
1.7
Each of the nine geographic divisions shows increases
Animal and mineral oil products
in February, both
1.9
2.9 -4.3 --2.4 in
Miscellaneous chemical products
employment and in payroll totals, the increases in employment ranging
--4.6
1.8
2.9
Paper
from
2.5%
in
the
-2.4
South Atlantic States to 6.3% in the Nlounta in States,
0.1
2.4 -4.4
Printing and paper goods
3.3 --7.9 --7.5 and the increases in payroll totals ranging from 13%
0.2
Paper boxes and tubes
in the East North
0.8 Central
--2.6
0.2
•
Miscellaneous paper goods
States
to
1.2%
in the New England States.
--2.5
2.4
0.1
Printing and book making
-9.9
-9.4
0.9
0.1
Comparison of Employment in January and February 1925.
Textiles
6.0 -10.6 --3.4
1.7
Silk and silk goods
There were gains in employment in February as compared with January
-3.0 -2.9 -12.8 --14.6
Wool manufactures
--13.4
-8.1
1.0
in 11 of the 12 groups of industries, the one exception being
0.1
Cotton goods
in the food
--I0.3 group
4.6
3.6
Cotton and woolen hosiery and knit goods
which, however, lost only one-half of 1% of its employees. The in--3.3
0.2
-0.7
Other textiles and allied products
creases
were
approximately
I
or
each,
2%
4.5
except the increase In the paper
7.4
3.8
Clothing, millinery. laundering. dm
•
5.5 and printing group, which was only 1-10 of 1%, and
2.6
Men's clothing
that of the metal
6.4 products other than iron and steel group,
1.7
8.6
Men's shirts and furnishings
represented
by one industry only,
4.9
1.2
11.7
14.1
Women's clothing
which was 4.5%,
6.7
1.0
6.3
3.2
furnishings
Women's underwear and
Three of the twelve groups of industries show losses in amount
8.6
13.4 -5.3 --0.8
Women's headwear
of Pay3.2
6.1 -10.6 --1.7 roll, namely the paper and printing group, 0.1%; food and kindred prodMiscellaneous sewing
--2.2
1.0
-0.7
Laundering, cleaning, dyeing. Sec
ucts, 1.5%, and tobacco products, 6%. The increases among the remaining
3.2 -6.5 --6.5
04
Food, beverages and tobacco
1.4 9 groups ranged from 22.3% in the vehicles group to 3.5% in the textile
4.1
1.2
0.8
Flour, feed and other cereal products
5.3 group.
5.8
12.9
14.3
Fruit and vegetable canning and preserving
4.8 --6.0 -5.7
2.1
Groceries not elsewhere classified
All but 7 of the 52 separate industries increased the number of their
Meat and dairy products
--2.8 --5.8 -10.3 --10.5 employees in
February, the increases generally being substantial ones, while
5.4 -11.3 -8.0
Bread and other bakery Products
0.2
4.8 2 industries, cane sugar refining and stoves, reported very large gains,
5.5
6.3
Confectionery and Ice cream
-0.7
-6.6
1.9
Beverages
1.9
23.2% and 15.9%, respectively. Carriages and wagons, fertilizers, women's
--14.8
Cigars and other tobacco products
-0.4
1.6
clothing, chewing and smoking tobacco, pottery and agricultural implements
Water, light and power
0.2. -0.3 -0.1 ---0.7
made the next largest gains, the increases ranging from 8% to 5.81r.
The 7 industries reporting decreased employment were led by slaughter2.8 -5.8 -4.8
Total
1.0
ing and meat packing with a decrease of 6.1%, a fairly large decrease being
Unless otherwise indicated all changes are increases.
usual in this industry at thfa season following the high point of employment
•chosige of less than 0.05%.
March and are now 8% below March a year ago. heating apparatus,
'steel, electrical apparatus and machinery were prominent in the decline.
The largest increase came in automobiles where workers benefited by
longer working hours. The average wage for the district was $30.75. about
:
the same as in February.
Ts' E T,' 61 12 N
follow:
THE CHRONICLE
.1
Total
8,7552722124 27650 1
1.258,881
470.278
4.478.990
2,283.032
785.571
1.410.387
2.836.231
684.501
2.151.7:31
4,716,103
1.455.757
346.459
1.265.998
(.647,889
+1.5 2,195,264 2,283,619
+0.9 590.381
606.352
134.076
+7.7
136,984
+0.8 1.470.807 1.540,283
+1.3 2.491.103 2.653.595
-2.7
588.312 625.109
-0.2
+6.0
+3.3
690,475
297.335
914.981
+4.5
321,178
355.243
+4.5
+1.5
321.178
768,083
355.243
721.866
+6.0
+0.3
144.889
623,194
147.645
574,221
717.758
326.401
984,326
+1.1 11.946.995 14,608.341
+1.3 6,885.975 9,104.383
+8.0
51,329
57,772
+1.3 460.608
477.675
0.6 4,549,083 4.967.431
+2.0 6.217.407 6,482,327
+5.8
602.450
667,052
+0.1 2,632,349 2.683.698
-1.4
220,37:1
219.165
+4.3
431.299
439.176
+3.1 1.565.592 1,669.514
+3.2
765.344
803.712
+1.669.115.40873.864,326
Few England
978 372.896 356.832
vtIddle Atlantic
1.879 734.067 710.677
Oust North Central... 1.985r53,1326 788,189
rib at North Central...
617 117.685 115.681
30Pth Atlantic
73:3188.5:33 187.588
260 65.8661 65.444
fa 1, 8011th Central
250 56.425, 57.924
,V,at South Central__
101 19.941 19.576
if, untaln
425 93.525 84.616
Pa;Mc
--I
Total
7.228 2499570 2386527
-2.91
6042i.66A4 6
00-4NOW*
++10.111+1 1
wit
-4.8
9.016.177 8,632,705
10.258.384 19.772.276
26.094.391 23,907.39e
2.867.803 2.848.852
3.520.900 3.489.728
1.273.286 1.276.766
1.194.778 1,241.122
568.:360
557.031
2,529.434 2.365,807
-4.3
-2.4
-8.4
-0.7
-0.9
+0.3
+3.9
-2.0
-6.5
-4.567.323.513 a not Rex
-4.8
.I- a 5
Employment on Class I Railroads,
Employment on Class I Railroads.
1,772,396
----I
Oct. 15 1924
.1
1.720,356
Nor.15 1924
month.
for
one
a Amount of payroll
777711777
+1.11 9.422.851 9.540.511 +1.2
+ 1.8 22.440,798 23.101,627 +2.9
+1.5 23,063.353 26,068,995 +13.0
+1.3 3.374.477 3.537.759 +4.8
+2.5 4,294.776 4.520.788 +5.3
+1.3 1,764.219 1.831,522 +3.8
+ 1.4 1.470.862 1,552.147 +5.5
678,973 +8.3
+0.3 627,329
+1.6 2.656.74: 2,832.004 +6.6
+1.6 69.115.408 73.564 92
L46 Ovia
66i, 666. L.444,
+2.2 5,108,398 5.367.091
+1.4
838.213 873.043
+1.0
729,021
749,472
00
+2.217.533.92818.184.840
+ 1.9 8,805.156 8,930.090
+0.3
509.760
535,985
0
+1.9
739.955
753.523
+4.7 1,410.618 1,538,370
+3.8
338.955
361.980
+6.1
440.147
494,813
279.155
+4.8
288,258
4.46;•.;.4.4ix4,4.
Food and kindred
$
$
products
791 177.487168.545 -5.034.427.119E4.227.897
Slaughtering & meat
packing
81 89.879 83.022 -7.6 2,200.480 2.060.801
Confectionery
+0.7
278,829
283.948
109 14.998 15.101
-6.5
Ire creant
137.372
135,822
6; 4,341 4.267 -1.7
+2.2
Flour
355,965
249 13.790 13.472 -2.3 361.408
+2.8
Baking
278 43.911 43.031 -2.0 1.123.172 1,098,126
+2.9
Sugar refining. cane.
325.858
13 10.540 9.644 -8.5
293.235
-0.1
Text Iles & their prods_ 1,371 07.773 494.321 -2.6 10.556.863 10.294.723
+19.8
Cotton goods
27; 178.295 171.168 -4.0 3.150.001 2.899.843
-3.5
Hosiery & knit goods
191 66.33 63.92: -3.6 1.213.584 1.224,009
+0.9
Silk goods
180 48,961 50.621
+3.4 1.037.188 1.095.702
+8.0
Woolen
and
worsted
+6.9
goods
145 63.345 62,585 -1.2 1,513.454 1,493.603
Carpets and rugs..
20 20.564 20.218 -1.7
575,611
536.401
-2.6
Dyeing and finishing
-0.3
texttle
69 26,564 28.185 +6.1
634.046
704.005
Clothing, men's
189 53.714 50.282 -6.4 1.394:351 1.328,993
+1.8
Shirts and collars._
88 23.037 21.825 -5.2
338.506
333.813
+9.1
Clothing. women's.
142 14,586 13.951 -4.4
420.911
417.810
+6.8
Millinery
&lacegoods
70
279,211
260.544
12.369
11.558
-6.6
+ 12.4
+3.3 Iron and Steel and their
products
1.281 538.982514.753 -4.516.007.99515.317.109
Iron anti steel
170 253.331 247.422 -2.3 7.849.440 7.520.620
+3.7
Steuctural Ironwork.
136 17,616 16.376 -7.0
463,715
489.088
.
Foundry & machine+5.1
shop products
567 170.974 159.495 -6.7 4,934.495 4.710.751
Hardware
39 213.023 24.107 -7.4
627.457
596.119
+5.1
Machine tools
168 24,443 21.657 -11.4
706.003 641,160
+4.2
Steam fittings and
+2.1
steam & hot-water
heating apparatus
120 29.912 29,676 -0.8
916.199 920.185
464.559
Stoves
485.313
81 16.683 16.020 -4.0
+7.2
Lumber
&
Its
products.
875
180.616
178.414
-1.2
4.021.529
3.956.125
+27.4
Lumber,sawmill. ..
345 100,743 96.116. -'1......26.988 2.015.199
+6.7
Lumber, millwork_. 206 28.935 29.081
+0.5
702.194
711.185
+7.7
Furniture
324 50.93° 52.36
+2.8 1.192.347 1,229.741
+5.1
Leather & its products.
310 118.224 116.21
-1.7 2.776.053 2.732.810
+5.I
Leather
1 1 1 26.495 26.063 -1.6 685.355 670.323
+4.1
Boots and shoes_ _ _.
199 91,7211 90.14
-1.7 2.090.698 2.062.487
+4.1
Paper and printing_
684 126.815 128.06
+1.0 3.909.863 3.992.573
+4.E
Paper
and
pulp
143
44.494
45.05
+1.3 1.1137.221 1.204.009
-0.1
Paper hoses
142 14.965 14.87*
-0.6
310,169
306,916
+2.I
Printing,
Job
book
&
213
29.720
30.01
+1.0
987.555
994.762
-0.1
Printing, newspaper
186 37.636 38.11
+1.3 1.424,918 1,486.886
-2.1
and allied
-Fo.: Chemicals
products
169 48.821 46.532 -4.7 1,404,505 1,384.145
Chemicals
67 16.351 15.860 -3.0
443.407
442.131
+4.(
Fertilizers
64 6.117 5.287 -13.6
116.187
97.740
+2.1
Petroleum refining.
844.274
38 26.353 25.385 -3,7 844,911
+2.1
Stone. clay and glass
+4.1
products
528 87.018 82.140 -5.6 2.319.583 2,183.104
Cement
63 17.214 15,416 -10.4
480,938
444.720
+6.;
Brick tile and terra
+6.:
cotta
537,118
299 22,507 20,891 -7.2 578.621
Pottery
9,718 -2.4
285.041
263.446
43 9.951
+4.1
Class
123
37.338
36,115
-3.3
974,983
937.820
+9.1
Metal products, other
+7.1
than Iron anti steel_
36 13,283 12,420 -6.5
302.002
329,729
Stamped and enam+10.1
eled ware
38 13,283 12.420 -6.5 329.721
302,002
Tobacco products
172 33,514 32,999 -1.5 610.87
567,349
+10.1
Chewing & smoking
-6.1
tobacco and snuff
29 3,579 3.640 +1.7
59,193
57.766
Cigars & cigarettes.
509,583
143 29.935 29.359 -1.9 551.682
+1.1
Vehicles for land trans-7.1
portation
652441.777 394.532 -10.714.539.77512.922.696
Autornoblit%
166296.106247.091)-16.610.307.185 8,443,554
+22.1
Carriages & wagons
38 2,452 2.218 -9.5
56,662
63,818
+32.1
Car
building
and
re
+12.1
pal ri ngElectric rallroad . 165 15.807 15.262 -3.4 466,583 464,322
Steam rail road _ __ _.
283 127.322 129.953 +2.1 3.702.189 3.958.158
+3.'
Miscell. Industries._ ..
352 225.280217.59
-3.4 6,419.624 6,211.150
+9.:
657.637
Agricul. Implements
90 24.334 23.725 -2.5 671,097
+4.:
Electrical machinery.
+10.'
apparatus & sunlit
114 101.477 91.246 -10.1 2.893.908 2.590.849
216.197
Pianos and organs..
243.216
33 8.388 7.586 -9.6
+2.1
431.857
Rithber boots & sho
407.392
10 17.863 17.877 +0.1
-0,
5
Automobile tires._ _.
711 46.354 52.954 +14.2 1.428.204 1,623.105
+ I;
691.505
775.807
Shipbuilding steel...
35 26.864 24.211 -9.9
+6.15
±5.:3
Total
7,228 14995701386527 -4597.323.51364.091.683
+61
Recapitulation by Geographic aleisiona.
Recapitulation by geographic Divisions.
1.140 389,81F 194.122
2,241 818.828 533.420
Middle Atlantic
2,323852.42:3564.979
East North Central
70,141.972 143.797
West North Central__ _
915 232,333 238.096
South Atlantis
3711 92.379 93.626
East South Central...
324 70,285 71.295
Weet South Central__.
134 24.306 24.371
Mountain
529 99,780 101.35:
Pacific
1
R.755 2722124/765058
Total
of
'hang&
III' ++1++1 11++111+
-1.1 1.669.688 1,626,820
+0.5
623,011
621.214
1.174.117
369.261
4.194.1(15
2.119.403
741.746
1,336,956
2,709.972
657,476
2,052.496
4.719,086
1,423,333
349,029
1.301.411
1.645,313
February
1925.
-1.5
2,221.182 2,076.091
541.438
55:3,332
201.265
206.880
382.003
392.965
1.181.653 1,178.231
254.932
305.372
1,231.816 11.630.400
3.261.981 3.292,172
1.316,733 1.421.939
1,151,573 1.231.302
+2.2
+15.9
+ 1.6
+ 1.4
+2.0
+1.7
+1.8
+1.3
+1 9
+0.1
+1.9
+1.4
-1.8
-0.7
February
1924.
.40
-5.1
+2.3
+2.8
+1.3
+1.4
+23.2
+2.1
+ 1.0
+4.5
+2.6
Amount on Patpoll
of
hange
64. ;:s4.
S
S
-0.5 4,782,473 4,712,871
Vs. on Payroll
EatablireFeb.
Feb
1925
ment, 1924
WW0
'ooa and kindred
proditiets
1.039 191.217 190,250
Slaughtering & meat
packing
83 88,115 83.585
Confectionery
259 29.191 29,875
102 8.110 6.282
Ice cream
286 14.750 14,937
Flour
295 41.9117 45.538
Baking
14 8,144 10.033
Sugar refining. mine.
'extlles & their prods. 1,686 559.972 171.906
331 197.081 199.098
Cotton Cowls
Bomlery A knit goods
239 73.938 77.286
202 55.640 57.073
Silk goods
Woolen and worsted
163 69.915 69.156
goods
30 22,818 22.938
Carpets and rugs..
Dyeing and finishing
93 29.708 30.264
textiles
Clothing, men's...
274 58,475 61,208
94 22,599 23.454
Shirts and collars..
172 17,264 18.309
Clothing, women's
Millinery& lacegissis
81 12,525 13,120
ron and steel and their
products
1.513 597.519610.825
212 287,155 292,527
Iron and steel
148 18,856 18.920
Structural Ironwork.
I
Fou ndry & machine
698 178.996 182.867
shop prod nets_ _ _
59 34.026 34.514
Hardware
177 24,678 25,070
Machine tools
Steani fittings and
steam & hot-water
135 39.730 40.610
heating apparatus
84 14,078 16.317
Stoves
,umber a, Its products 1.047201.213 204,393
396 109.800 11.355
Lumber,sawmills...
260 32.011 32,649
Lumber, millwork__
391 59,40. 60.389
Furniture
,
eat her & its products
327 118,805 120.905
116 26,304 26.653
leather
211 92,501 94,252
130018 and shoes_ _..
780151.41(1151.628
,
aper and printing__
205 53,414 54.418
paper and pillP
150 16.321 16.55#
Paper Imes
Printing, book & Job
227 38.875 38,178
198 42.800 42.483
Printing. newspapem
7heinicals and allied
products_
248 76.9/311 78,1:37
Chembails
94 23,249 23.467
99 7,245 7.800
Fertilizers
• 55 46,495 46,870
Petroleum refining..
6Itone, clay and glass
603 98.625 99,887
products
80 22,255 21.655
Cement
Brick, tile, and terra
340 27.874 27.813
cotta
50 11.594 12.285
Pottery
133 36.902 38,134
Glass
detal products, other
44 14,083 14,718
than iron & steel.
Stamped and mum
44 14.083 14,71:
eled ware
193 42.687 43,308
Cohan° products
Chewing & smoking
34 8.835 9,369
tobacco and snuff.1
159 33,852 33.939
cigars & cigarettes._
lehicles for land tra
portation
I 894 446,381 451.315
Automobiles
I 212165.284 258.855
40 2,093 2,261
Carriages & wagons.
Car building and repairing173 15,536 15.732
Electric railroad
469 163,468 164.46
Steam railroad__
381 223,223227.78'
kflacel. indstrles
96 22,729 24.042
Agricul. Implements I
Electrical machinery.
a1,paratus&SliPPlI 127 94,972 95,073
pianos and organs.
35 7.816 7.706
11 17.4:10 18.181
Rubber boots& sh
71 52.947 54.566
1
Automobile tires
41 27.329 28.217
Shipbuilding, steel I
Industry.
W-4-4
EsNo. on Payroll
Amount of Payroll.
ate
ItehJan.
Feb.
of
Jan.
Feb.
of
mews. 1925. 1925. Change. 1925.
1925. Change.
COMPARISON OF EMPLOYMENT IN IDENTICAT. ESTABLISHMENTS
DURING ONE WEEK EACH IN FEBRUARY 1924 AND
FEBRUARY 1925.
-
Industry.
Comparigon of Emipinyment in February 1925 and February 1924.
Reports from 7.228 establishments are available for a co1npari5on of employment and employees' earnings between February 1925 and February
1924. These reports, front identical establishments in the two years, show
a decrease of 4.5% in employment in February 1925, a decrease of 4.8%
in the aggregate earnings of employers and a decrease of 0.3% in per capita
earnings. These decreases in employment and aggregate earnings are each
considerably less than were the corresponding decreases in January, showing
the improved] ,condition of employment generally.
As in January, the West South Central geographic division alone shows
an increase in both employment and payroll totals in the 12-month period.
Tne only other increase in either item in any of the 9 geographic divisions
was 0.3% in payroll totals in the East South Central States. The greatest
decreases in both items were iii the East North Central States-7.7% in
employment anal 8.4% in amount of payroll-followed by the decreases of
the Pacific States-6.5 in each item.
;1. 6,66 60
COMPARISON OF EM PLOYNI ENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN JANUARY AND FEBRUARY 1925.
creased payroll totala were: Carpets, baking and paper boxes, with decreases of less than 1% each and cigars and cigarettes, With the largest
crease of ally reported7.9%.
For convenient reference the latest figures available relating to all employees, excluding executives and officials, on Class I railroads, drawn from
Inter-State Commerce Commission reports, are given at the foot of the
first and second tables.
W
regularly attained at the end of each.year. The cement industry lost 2.7%
of ic employees, and hoe* and job printing, pianos, woolen goods, newspaper
printing, and the brick, tile and terra-cotta industry show decreases of from
1.8% to 0.2%.
Forty-four of the fifty-two industries show increased payroll totals in
. payroll being almost one-third greater
February, the automobile iiniustry
than in January, while the stove industry payroll was over 2:,% greater and
refining
payroll was nearly 20% greater. Other
industry
sugar
the cane
inilustrtes showing large increases in aggregate employees' earnings were:
Carriages, 12.8%; women's clothing, 12.4%; agricultural implements,
10.7%; stamped and enameled ware, 10.0%; pottery, 9.8%; steam railroad car building and repairing, 9.2%; men's clothing, 9.1%; hosiery, 8%;
sawmills, 7.7%, and glass, 7.6%.
Establisnments in the automobile industry were quite generally taking
Inventory during the January period reported, hence part-time work was
common and employees' total earnings therefore were decreased over 12%
In January despite additions of 4.5% to the number of employees. The
great increase in payroll totals in February, therefore, is attributable to a
resumption of full•time work for the Mete:met] number of employees reported
in January as well as to the increase of 1.3% in the number of employees
In February.
The decreases in payroll totals in 4 of the 8 industries reporting such
decreases are attributable to a decrease in the number of employees. The
indu,tries indicated are: Slaughtering and meat packing, book and job
printing, woolen goods and pianos. The 4 other industries showing de-
2211
bi.aeob,
MAY 2 1925.]
I
0228,932,416
0233,.204,494 I
+1.9
Dec 15 1924
Dec 15 1925
...._ .1
1.777.325
1.720.356
a Amount of payroll for one month.
I
_j
-3.
05227.595.296
0233,204,494
I
-1-11
2212
THE CHRONICLE
Eleven of the twelve groups of industries shows decreased employment
and payroll totals in this 12-month interval. The decreases in employment were from 1.2% in the lumber group to 10.7% in the vehicles group,
while the decreases in payroll totals were from 1.4% in the chemicals
group to 8.4% in the vehicles group. The paper and printing group gained
1% in employment and 2.1% in the aggregate earnings of employees.
Among the 52 separate industries were 12 only which show an increase
of employment in February 1925 over February 1924 and only 5 of these
show increases of over 2%. Automobile tires gained over 14% in employment, dyeing and flushing textiles over 6%, and silk over 3%.
The 40 decreases in employment were led by 16.6% in the automobile
industry, 13.6% in the fertilizer industry, 11.4% in the machine tool industry and over 10% each in the cement and electrical machinery industries.
Two of the thirteen industries showing increased payroll totals-automobile
tires and dyeing and finishing textiles--gained 13.6% and 11%, respectively,
while the 11 remaining industries gained from 6.9% to less than /
1
2 of 1%.
Among the 40 industries which show decreased employment in February
in this comparison covering an interval of one year, and among the 39 industries which show decreased payroll totals, there are 9 in each group
showing decreases of over 8%. In 8 cases the industries are identicalautomobiles, fertilizers, machine tools, electrical machinery, shipbuilding,
pianos, carriages and sugar-while the cement industry shows decreased
employment of over 10% and the stamped ware industry shows decreased
payroll totals of over 8%.
In the January comparison covering an interval of one year there were
15 industries, instead of only 9, which showed decreases in employment and
In employees' earnings of over 8%.
Time and Capacity Operation.
Reports in percentage terms from 6,550 establishments in February show
increases of 1% each in the average per cent of full-time operation and the
average per cent of full-capacity operation as compared with January. The
establishments in operation in February were employing an average of 83%
of a full normal force of employees instead of 82% as in January, and these
employees were working an average of 93% of full time instead of only 92%
as in January.
Two per cent of the reporting establishments were idle, 70% were operating on a full-time schedule, and 29% on a part-time schedule, while 43%
of the establishments had a full normal force of employees and 55% were
operating with a reduced force.
Over 2,000,000 employees are represented in the following table, and of
these over 1,400,000 were working on a full-time schedule and nearly 600,000 were working on a part-time schedule.
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
IN MANUFACTURING ESTABLISHMENTS IN FEBRUARY 1925.
4762
.. _ _
___
18
__
Total
29
2
70
6,550
a Less than one-half of 1%.
Per Capita Earnings.
81
45
40
32
53
61
51
45
43
40
45
67
71
45
58
95
52
51
31
59
41
29
52
38
52
60
54
53
65
57
45
53
68
75
65
73
78
75
91
60
67
46
37
48
55
56
59
54
33
28
55
42
5
39
54
32
44
44
32
32
33
46
48
66
15
46
31
44
56
56
68
68
63
27
34
52
21
17
73
61
48
79
79
85
69
59
31
27
31
41
69
71
34
54
26
17
66
46
88
74
83
93
43
55
13
000.4,Wv.4WWWWWWWWCOMW
CrIWNWOoP.C....4.1.0.WW0.0,10..44.-4N
ao
19
53
40
59
71
47
59
48
39
45
47
34
40
55
47
32
24
34
27
21
23
7
COCOWWWWWWCCtWW=WCCWWWWW0WWW
000.:AWOWV*W.W=0000WWWOUDOW
0000VCWC0,
00,
000,000D00,0.4ge0=W
4,14.W.OW4,..00.:100-4MOVW.CPOWCO
00000. COCCOMV.VICOW0=0C0tOCCOCOCCOWCO
LDC0b.,0 1.-.4.4..4.00,000W0,1WOW.WWW,nWOWCA
58
so
Ow-.1-4COW
..3.40,
0 C.-.40000-4
00,
10W. N-4004. NOCTIOCO
Automobile tires
Shipbuilding, steel
63
42
I
Rubber boots and shoes
OWWW0
000000M
YOJV
W..414.
0.4...
1=WCAMOMCA-4,
10WCZ-4WC000,..4M0.4.....1
430.
73 WOWCWo1WWWOW0,
1b:.00.4.00.C.P
39
784
1
Food and kindred products__
43
___
42
Slaughtering & meat packing_
47
199 ___
Confectionery
11
3
38
Ice cream
60
1
255
Flour
14
243 ___
Baking
Sugar refining,cane29
21
1,143
2
Textiles and their products
18
290
4
Cotton goods
20
122
1
Hosiery and knit goods
18
1
152
Silk goods
20
148
1
Woolen and worsted goods_
11
19 -__
Carpets and rugs
30
83
1
Dyeing & finishing textiles
25
Clothing, men's
162
3
16
51
___
Shirts and collars
24
Clothing, women's
72 -__
41
44 -__
Millinery and lace goods
33
1
Iron and steel and their products 1 ,208
39
1
166
Iron and steel
25
113 ___
Structural-iron work
34
1
Foundry & machine-shop prod 560
38
52
2
Hardware
25
1
150
Machine tools
Steam fittings and steam hot25
___
104
water heating apparatus
2
51
63
Stoves
28
1
873
Lumber and its products
1
30
342
Lumber, sawmills
29
1
206
Lumber, millwork
26
325 __
Furniture
29
249
1
Leather and its products
13
1
91
Leather
38
1
158
Boots and shoes
18
533 (a)
Paper and printing
22
1
137
Paper and pulp
34
109 -__
Paper boxes
17
170 -__
Printing, book and Job
117
Printing, newspapers
2
-26
184
Chemicals and allied products
21
1
73
Chemicals
3
38
65
Fertilizers
15
46
__
_
refining
Petroleum
14
27
457
Stone, clay and glass products
15
15
65
Cement
24
23
234
Brick, tile and terra cotta
61
41
Pottery
32
117
___
Giass
24
34 ___
Metal pro other than iron & steel
___
24
34
Stamped and enameled ware_
33
4
125
Tobacco products
Chewing and smoking tobacco
31
26 .. _ _
and snuff
33
5
99
Cigars and cigarettes
29
Vehicles for land transportation 691 (a)
52
140 ___
Automobiles
54
4
24
Carriages and wagons
Car building and repairing10
143 -__
Electric railroad
Steam railroad
26
384 33
Miscellaneous industries
269 (a)
26
Agricultural implements
1
77
Electrical machinery, apparratus and supplies
32
93 ___
Pianos and organs
15
26 -__
0010.W.CO tDOCPC
1.01,4.00W,WW10.0
...10,,,,
IMMOVW,
1MWWWas..4.4.4WWW014,M
4,
00MCC.N=tOO.O4W,I.
Industry.
Establish- % of Estab- Arm % of Estab- Awe
menu
lishments % of lishments % of
Reporting- Operating- Full Operating- Full
Ca pa
Time
Opercity
ated
Oper
In Es- Full Part In EsTotal Per
Nuni- Cent Full Part ab'ts Cams- Capa- tab'It
be?. Idle. Time. Time. Oper- City. city. Operating.
Ming
83
Per capita earnings increased in February 1925, as compared with January, in 35 of the 62 industries here considered and decreased in the remaining 17 indmtries.
[VoL. 120.
The one outstanding increase was 80.4% in the automobile
Indust*.
This change, as already noted, is due to the resumption Of full-time work in
various establishments which were more or less engaged in inventorying
during the January period reported, as was indicated by a decrease of 16.5%
in per capita earnings as shown in the January report. The next largest
gains in per capita earnings were 9.9%, in the stove industry; 9.2% In
the cement industry; 8.6% in steam railroad car building and repairing;
6.2% in sawmills, and 6% in the women's clothing industry. The largest
decrease in per capita earnings was 8.1% In the cigar and cigarette industry, followed by a decrease of 5.1% in the fertilizer industry. Generally
speaking, all of these changes were partly due to seasonal variations in the
several industries.
Comparing per capita earnings in February 1925 with those in February
1924, increases are shown in 27 industries and decreaies in 24 industries,
while the per capita earnings in the brick industry were unchanged.
The rubber boot and shoe industry shows an increase of 5.9% in the 12month period, and there were increases of over 4% each in the following
industries: Steam railroad car building and repairing, hosiery and knit
goods, shirts and collars, and dyeing and finishing textiles. Three industries-pottery, carpets and rugs, and cigars and cigarettes-show decreases
in per capita earnings in the year of over 5% and two other Industriescotton goods and chewing and smoking tobacco-of over 4%.
COMPARISON OF PER CAPITA EARNINGS FEBRUARY 1925 WITH
JANUARY 1925 AND FEBRUARY 1924.
% of Change,
% of Change,
February 1925
February 1925
Compared with
Compared with:
Industry.
Industry.
Jan.,
Feb.,
Jan.,
Feb.,
1925.
1924.
1925.
1924.
Automobiles
+30.4 -1.8 Car building & repairing,
Stoves
+9.9 -0.3
electric railroad
+2.4 +3.0
Cement
+9.2
+3.3 Chemicals
+1.8
+2.8
Car building & repairing,
Electrical machinery, apsteam railroad
+8.6
+4.7
paratus & supplies
+1.8 -0.5
Lumber, sawmills
+6.2 -1.6 Shipbuilding, steel
+1.7 -1.1
Clothing, women's
+6.0
+3.8 Flour
+1.6
+0.8
Stamped & enameled ware +5.8 -2.0 Machine tools
+1.2
+2.5
Steam fittings & steam &
Pianos and organs
+0.9 -1.7
hot water heating apPrinting, newspaper
+3.0
+0.9
paratus
+4.9
+1.2 Paper and pulp
+0.4
+0.1
Structural ironwork
+4.8
+2.0 Dyeing & finishing textiles (a)
+4.7
Agricultural Implements_ +4.7
+0.5 Ice cream
(a)
+0.6
Silk goods
+4.3 +2.2 Cotton goods
-0.1 -4.1
Brick,tile and terra cotter. +4.2
(") Confectionery
-0.2
+1.1
Carriages and wagons_ _ +4.2 -1.8 Iron and steel
-0.4 -1.9
Clothing, men's
+4.2
+1.8 Carpets and rugs
-0.8 -5.2
Glass
+4.1 -0.5 Printing, book and Job_
-1.0 -0.3
Petroleum refining
+3.9
+3.7 Millinery and lace goods -1.4 -0.1
Furniture
+3.8
+0.3 Slaughtering & meat pack. -1.5
+1.4
Lumber, millwork
+3.8 +0.8 Woolen and worsted goods -1.5
Potter
+3.6 -5.3 Baking
-1.7 -0.2
Automobile tires
+3.5 -0.5 Paper boxes
-2.2 --0.4
Hosiery and knit goods__ _
.
+4.7 Rubber boots and shoes_ - -2.3
+5.9
Boots and shoes
+2.9
+0.4 Sugar refining, cane
-2.7 --1.6
Shirts and collars
+2.9
+4.1 Chewing and smoking toFoundry & machine-shop
bacco and snuff
-3.9 -4.1
products
+2.8
+2.4 Fertilizers
-5.1 -2.8
Hardware
+2.6 Cigars and cigarettes_ _ _ _ -8.1
+2.7
-5.8
Leather
+2.7 -0.6
• No change.
a Less than one-tenth of 1%.
Wage Changes.
Wage-rate increases were reported for the month ending Feb. 15 by 37
establishments in 20 industries and wage-rate decreases by 33 establishments in 11 industries.
The increases averaged 6.2% and affected 5,152 employees, or 55% of
the employees in the establishments concerned.
The decreases averaged 10% and affected 17,088 employees, or 85% of
the employees in establishments concerned. Eighteen of the 33 establishments reporting decreased wage rates and 15,663 of the employees affected
were in the cotton goods industry, making 151 establishments reporting wagerate decreases to over 90,000 employees of this industry during the last 11
months.
WAGE ADJUSTMENT OCCURRING BETWEEN JAN. 15 AND FEB. 15 1925.
Establishments.
Industry.
Per cent of Itscrease or decrease in
wage rates.
Employees Affected.
Per cent of
employees.
NumIn estabber relishen'ts
Total port's
Total reporting In all ccnuns- incese Range. Aver- sum- increase tablIshber
or deage. kr.
or demasts
report- crease
crease in report's
lug. inwage
wage
Tales.
MOS,
Increases.
Confectionery
Baking
Cotton goods
Shirts and collars
Millinery and lace goods_ _
Structural iron work
Foundry & machine-shop
products
Steam fittings & steam
hot water htg. apparatus
Lumber, sawmills
Furniture
Leather
Paper boxes
Printing, book and job_
Printing, newspapers
Brick, tile and terra cotta_ _
Automobiles
Car building and repairing,
steam railroad
Electrical machinery, apparatus and supplies_ _ _ _
Pianos and organs
Automobile tires
259
331
94
88
148
1
2
6
1
1
1
698
3 6-10.0
9.4
135
396
391
116
150
227
198
340
212
3 6.7-8
1
10.0
1
5.0
1
10.0
1
12.0
3 2.8-10
4 3.3-10
1
10.0
2 5-10.0
469
2
127
35
71
1
295
1
1
6.0
10.0
2.9
6.5
5.0
6.3
6.0
27
10.0
22
2.9 1,765
6.5 1,004
5.0
106
6.3
43
100
10
96
100
16
28
(a)
167
16
(a)
7.6
10.0
5.0
10.0
12.0
4.3
5.4
10.0
5.3
9
546
14
900
12
38
152
25
67
18
100
24
100
12
34
20
28
16
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
3-8.0
4.9
204
21
(a)
0.5
15.0
12.5
0.5
15.0
12.5
26
15
10
18
15
9
(a)
(a)
(a)
10.0
55
12.0
3
10.1 15.663
56
10
99
(a)
(a)
19
100
95
31
29
38
41
(a)
(a)
)a(
(a)
74
fal
(a)
(a)
1
4
1
3
Decreases.
Confectionery
Baking
Cotton goods
259
295
331
Silk
Dyeing & finishing textiles_
Iron and steel
Lumber, sawmills
Furniture
Leather
Glass
Automobile tires
202
93
212
396
391
116
133
71
a Less than one-half of 1%.
3
10.0
1
12.0
18 110- i
112.5)
2
10.0
1
10.0
1
• 2.5
1
8.0
3 5-10.0
1
10.0
1
20.0
1
20.0
10.0
10.0
2.5
8.0
6.2
10.0
20.0
20.0
240
42
188
25
691
41
50
nti
8
1
(a)
(a)
2213
THE CHRONICLE
MAY 21925.]
Indexes of Employment and of Payroll Totals in Manufacturing Industries.
Index numbers of employment and payroll totals of February 1925 for
each of the 52 industries surveyed by the Bureau of Labor Statistics, together
with general indexes for the combined 12 groups of industries, appear in the
following table in comparison with index numbers for January 1925 and
for February 1924.
The general index of employment for February 1925 is 91.6 and the
general index of payroll totals is 95.1. These numbers represent an increase of 8% in employment and an increase of 17.7% in payroll totals since
July 1924, when the employment index was 84.8 and the payroll index was
80.8, this being the lowest point reached in employment since Bay 1922
and the lowest point reached in payroll totals since August 1922.
INDEXES OF EMPLOYMENT,AND OF PAYROLL TOTALS IN MANUFACTURING INDUSTRIES, FEBRUARY 1925, AS COMPARED WITH
JANUARY 1925 AND FEBRUARY 1924.
[Monthly average, 1923-1001
Wages in Brooklyn Higher in March Than in February.
•
Increase in Employment.
The industrial situation in Brooklyn showed a substantial
improvement in the month of March, according to figures
released April 26 by the Research and Statistics Department
of the Brooklyn Chamber of Commerce. Both the number
of persons employed and the average weekly wage were
greater during March than during January or February,
the Chamber reports. It adds:
Since last August, there has been a gradual increase in the number of,
persons employed in representative Brooklyn factories-no month except
January failing to show an increase over the preceding month. In February a gain of 3% was shown over January, and March shows a further
gain of more than 2% over the month of February.
1925.
1924.
The largest Increase in employment for March came in he metal, textile
and wood industries. The only decline of any importance was a seasonal
February.
January.
February.
Industry.
one in the light, heat and power group, where toe number of inployees
Entyry- Fayroll Empty- Payroll Ernyry- Payroll dropped 4%.
meal. Totals. men-I. Totals, meat. Totals.
Average weekly earnings in Brooklyn factories during March. as reported
by Brooklyn employers to the State Department of Labor, was $27.45.
90.0
99.4
91.6
90.0
95.1
96.6
3eneral index
This amount compares favorably with the average of $26.04 in February,
92.8
92.8
96.0
94.6
98.7 100.4
1Food and kindred products
of $27.12 in Marcn 1924 and $26.88 for the entire year of 1924. Only twice
97.6
95.1
99.9
90.2
91.2
Slaughtering and meat packing 100.9
during the past four years has any month shown a higher figure than this.
91.5
85.1
89.0
89.5
83.2
93.3
Confectionery
83.2
81.7
80.9
79.5
87.7
86.5
The largest increases for the month were In the metal industry, where the
Ice cream
98.7
95.7
99.3 101.1
95.9
94.5
Flour
average weekly wage increased almost $3.00, in the boot and shoe industry
99.8
99.6
98.3 100.1
102.1 104.0
Baking
where there was an increase of $2.50 and in the wood industry which showed
99.6
98.3
83.1
79.8
103.7 107.4
Sugar refining, cane
an increase of approximately $2.00. •
96.1
92.2
91.8
89.9
97.6 100.7
Textiles and their products
87.4
87.3
88.2
97.2
88.2
93.1
With both the number of employees greater and the wages higher, payCotton goods
96.5 104.1
96.4
92.4
99.1 103.0
Hosiery and knit goods
rolls naturally showed a substantial gain in March. An increase of almost
105.6
102.6
98.6
99.0
98.8
96.1
goods
Silk
94.0
96.6
99.8
95.1
97.2 8% wassnown over February, the biggest gain being in the metal industry
98.1
Woolen and worsted goods__
where payrolls increased 17%. The total payroll figure for March. was
97.7
97.6
97.2
97.3
100.6 102.5
Carpets
textiles
finishing
95.6
106.0
99.9
98.1
101.8
and
107.9
Dyeing
practically identical with that for March of last year.
91.0
90.6
101.8 101.5
83.4
86.5
Clothing, men's
87.4
94.6
85.6
95.4
81.9
82.5
Shirts and collars
90.9 102.1
90.9
85.7
103.8 107.6
Clothing, women's
Satisfactory Gains in Lumber Movement.
88.6
96.6
99.4
92.8
95.5
93.6
Millinery and lace goods
93.1
98.1
88.2
89.7
86.2
Iron and steel and their products_ 94.1
Reports received by the National Lumber Manufacturers
103.7, 110.8
98.2 103.9 100.0 105.3
Iron and steel
93.0
95.1
87.9
94.5
88.5
Structural ironwork
87.7
Association from 374 of the principal commercial softwood
78.2
Foundry& machine-shop prod- 87.3
78.4
82.2
86.7
80.2
98.7
92.3
100.4 104.9
94.7
Hardware
91.1
mills of the country for the week ending April 25, as com88.6
83.6
86.2
Machine tools
82.2
97.0
94.0
Steam fittings St steam & hot
with 383 mills reporting for the preceding week, indipared
95.4 103.1
96.2
water heating apparatus_ _ .... 96.4 102.5
93.4
cate a slight increase in production while shipments and new
90.7
87.3
92.5
71.2
7.3
97.2
Stoves
90.4
93.3
90.1
91.9
97.2 100.2
Lumber and its products
business show satisfactory gains. As compared with this
86.0
Lumber,sawmills
88.5
92.6
99.0
89.7
96.0
98.0
Lumber, millwork
97.6
99.5 103.8
101.3 103.6
last year, shipments and production have increased
time
Furniture
98.6 102.0 100.0
99.2 101.7 104.6
somewhat and unfilled orders are considerably above those
95.8
95.4
91.5
Leather and its products
93.8
97.1
96.5
96.7
92.7
92.9
Leather
91.5
99.4
95.1
of a year ago.
95.4
96.3
91.0
Boots and shoes
94.5
96.2
97.4
100.9 103.6 100.9 104.7 100.8 104.4
1Paper and printing
The unfilled orders of 251 Southern Pine and West Coast
Paper and pulp
92.4
94.2 100.7
97.4 101.1
98.4
98.5 103.0
99.8 102.2
99.9 102.1
Paper boxes
at the end of last week amounted to 657,479,343 feet as
mills
Printing, book and Job
102.8 105.4 105.6 109.1 103.7 106.1
against 632,540,320 feet for 250. mills the previous week.
103.4 104.8 105.2 106.7 104.5 107.0
Printing, newspaper
98.6
Chemicals and allied products_
90.5
94.0
97.1
92.3
90.9
The 129 identical Southern Pine mills in this group showed
Chemicals
91.6
98.7
92.5
99.5 102.7
96.1
109.6 103.4
Fertilizers
92.9
98.0
90.9
91.0
unfilled orders of 242,850,790 feet last week as against 245,Petroleum refining
89.2
89.3
89.6
93.1
85.2
88.8
92.0
529,830 feet for the week before. For 122 West Coast mills
,tone, clay, and glass products._ 94.8 101.4
90.1
98.0
91.6
89.8
87.4
97.5 100.2
Cement
89.8 ' 84.5
the unfilled orders were 414,628,553 feet as against 387,010,Brick, tile and terra cotta
90.6
92.0
86.7
87.5
87.0
86.9
106.8 118.0 .104.1 107.8 110.3 118.3
Pottery
490 feet for 121 mills a week earlier.
91.1 100.0
Glass
96.2 104.6
93.8
88.2
Metal products, other than iron
Altogether the 374 comparably reporting mills had ship88.1
90.9
101.9 102.2
79.6
and steel
87.0
ments 102% and orders 101% of actual production. For
88.1
90.9
79.6
Stamped and enameled ware
87.0
101.9 102.2
Tobacco products
89.3
92.8
95.8
91.9
98.6
97.4
the Southern Pine mills these percentages were respectively
Chewing and smoking tobacco
99.3 106.3
and snuff
93.7 104.3
107.8 114.2
108 and 104; and for the West Coast mills 111 and 113.
87.3
92.0
94.8
Cigars and cigarettes
91.7
96.8
95.8
87.3
78.9
Vehicles for land transportation
92.3
86.4
97.2
95.6
Of the comparably reporting mills 347 (having a normal
97.0
91.1
73.4
Automobile
89.9
109.5 115.0
production for the week of 222,296,848 feet) reported pro87.3
82.6
77.5
Carriages and wagons
76.5
97.0
87.3
Car building and repairing, elecduction 106% of normal, shipments 110%, and orders 109%
86.9
87.5
85.8
90.7
90.1
tric railroad
89.8
Car building and repairing,
thereof.
82.0
84.6
89.5
86.2
85.1
86.5
steam railroad
91.9
92.1
89.9
96.1
96.6 100.7
Miscellaneous Industries
The following table compares the national lumber move85.4
90.4
88.5
97.9
95.7 102.2
Agricultural implements
ment as reflected by the reporting mills of seven regional
Electrical machinery,apparatus
93.0
89.9
90.0
94.8
101.6 108.1
and supplies
associations for the 3 weeks indicated:
99.0 104.7
97.6 104.2
102.2 105.9
Pianos and organs
95.0
84.5
88.2
80.3
98.7
85.6
Rubber boots and shoes
Corresponding Preceding Week
109.8
98.0 102.9 103.0 106.1
93.6
Automobile tires
Past Week
Week. 1924
1925 (Revised)
86.0
98.9
87.7
88.7
95.0
92.1
Shipbuilding, steel
374
380
Mills
383
252,814,417
244,132.293
251,713,930
GENERAL INDEX OF EMPLOYMENT IN MANUFACTURING INDUS- Production
257,663,500
Shipments
246.254,701
241,809.475
TRIES, JUNE 1914 TO FEBRUARY 1925.
Orders (new business)_ _ _255,736,162
205,312,003
247,185,735
[Monthly average 1923=100.1
1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
0n4.6izace.o.o00,-a0l!
Month,
.
91.9 104.6 117.0
110.1 116.1 76.8 87.0 98.0 95.4 90.0
January __
103.2 115.6 82.3 87.7 99.6 96.6 91.6
92.9 107.4 117.5
February.
93.9 109.6 117.4
104.0 116.9 83.9 83.2 101.8 96.4
March_ ___
93.9 109.0 115.0
103.6 117.1 84.0 82.4 101.8 94.5
April
106.8 117.4 84.5 84.3 101.8 90.9
94.9 109.5 115.1
May
108.7 117.9 84.9 87.1 101.9 87.9
95.9 110.0 114.8
June
94.9 110.3 114.2
110.7 110.0 84.5 86.8100.4 84.8
July
95.9 110.0 112.7
109.9 109.7 85.6 88.0 99.7 85.0
August_ _ _
98.9 111.4 110.7
112.1 107.0 87.0 90.6 99.8 86.7
September
100.8 112.9 113.2
106.8 102.5 88.4 02.6 99.3 87.9 .......
October
103.8 114.5 115.6
110.0 97.3 89.4 94.5 98.7 87.8
November
105.9 115.1 117.2
113.2 91.1 89.9 96.6 06.9 86.4
70.rember_
The following tables show the general index of employment in manufacturing industries from June 1914 to February 1925 and the general index of
payroll totals from July 1922 to February 1925. The index numbers for
payroll totals for months and years previous to July 1922 are being coin.
puted and will be published in a subsequent report of Employment in Selected Industries.
GENERAL INDEX OF PAYROLL.TOTALS IN MANUFACTURING INDUSTRIES, JULY 1922 TO FEBRUARY 1925.
o
rOORROCOR
P4MN
N,
0000006
ianuarY
,ebruary
,.larch
tpril
1183,
ne
Fu
ruly
4ugeat
3eptember
)ctober
govember
cc
1922.
1923.
1924.
1925.
94.5
99.4
99.0
96.9
92.4
87.0
80.8
83.5
86.0
88.5
90.0
95.1
74.1
79.3
82.7
86.0
89.8
07 0
91.8
95.2
100.3
101.3
104.8
104.7
99.9
99.3
100.0
102.3
101.0
OR 0
01 7
The following revised figures compare the lumber movement for the first 17 weeks of 1925 with the same period of
1924:
1925
1924
1925 Increase
1925 Decrease
Production
Orders
Shipments
3,990.357.451 3,945,370,398 3,840,493.338
3.963.700.123 4,007.764,130 3.864.196,504
26,657.328
IS?fol.lei
i62,3113773.
The mills of the California White & Sugar Pine Association
makes weekly reports but for a considerable period they were
not comparable in respect to orders with those of other mills.
Consequently the former are not represented in any of the
foregoing figures. Ten of these mills reported a cut of 8,127,000 feet, shipments 9,382,000 feet and orders 10,201,000 feet.
The reported cut represents 29% of the total of the California Pine region. As compared with the preceding week,
there was an Increase of 783,000 feet in production, 1,694,000 feet in shipments and 1,161,000 feet in new business.
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and twenty-one mills reporting to West
Coast Lumbermen's Association for the week ending April
18, manufactured 104,757,470 feet of lumber; sold 110,138,837 feet; and shipped 102,072,519 feet. New business was
2214
THE CHRONICLE
[Von. 120.
5% above production.
business.
Shipments were 7% below new products are slow, says a dispatch from Tulsa, Okla. Producers of heavy crude in deep sand at Smackover are putting
Thirty-seven per cent of all new business taken during the week was for oil in storage as far as possible refusing to sell at the 40c.
future water delivery. This amounted to 40,845,922 feet. of which 30,578,- barrel price fixed
by buyers, according to reports on April 30.
397 feet was for domestic cargo delivery; and 10,267,525 feet export.
As a result premium paying is developing and contracts are
New business by rail amounted to 2,113 cars.
Thirty-eight per cent of the lumber shipments moved by water. This being made at 60c. a barrel, a 20c. premium. According to
amounted to 38,470,604 feet. of which 28,879,567 feet m3ved coastwise scout
reports,60c. is practically the accepted price, as little
and intercoastal; and 9,600,037 feet export. Rail shipments totaled 1,923
oil can be bought at posted prices. The Standard Oil Co. of
cars.
Local auto and team deliveries totaled 5,902.915 feet.
New Jersey on May I reduced its quotation of grade C
Unfilled domestic cargo orders totaled 136.201,306 feet. Unfilled
bunker oil 50. a barrel to $1 75. The cut was met by other
export orders 72.459.184 feet. Unfilled rail trade orders 5,945 cars.
In the first sixteen weeks of the year, production reported to West Coast local refiners. A further dispatch concerning payment of
Lumbermen's Association has been 1.572,313,123 feet; new business 1,576,- premiums is that dated May I from
Oklahoma saying that
852 feet; and shipments 1,596,016,233 feet.
one of the independent Mid-Continent refiners is offering a
premium of 25c. a barrel for 38 gravity crude oil in the Osage
New Prices and Models in Automobile Market.
district. This is the first premium in the last few weeks,
A new model in the Lincoln division of the Ford Motor according to the report.
Few changes of note took place during the current week in
Co. was announced at Detrcit on April 25 when a sport
touring car, priced at $4,500, was added to the line. During the gasoline markets of the country. It was reported on
the week two price reductions of interest were also announced, April 25 that the Standard Oil Company of Indiana reduced
the earlier being given out at Detroit on April 25 by the the tank wagon price of gasoline 2c.a gallon in South Dakota.
Hudson Motor Co., which made a reduction of $95 on the The new price is 15c. a gallon, plus the 3c. tax, the lowest
Hudson coach and $100 each on the five and seven passenger price so far this season. Independent retailers met the cut
sedan. The price of Essex cars is not affected. The re- immediately.
duction was effective midnight April 25, bringing the price
of Hudson cars to the lowest point yet reached. The Stude- Steel Production and Prices Both Lower—Pig Iron
Prices Also Fall.
baker Corp. has advanced the price of the standard six
The uniform report from iron and steel centres is that the
Berline $50 from $1,600 to $1,650 and of the special six
lull in buying continues. Consumers regard the recent
Berline $60 frcm $2,O6n to $2,120.
weakening of prices and the further efforts of selling forces
to get business by concessions as the natural sequel to more
Crude Oil Production Shows Further Increase.
Tie advance summary published by the American Pe- than three months of overproduction and have not abated
troleum Institute on April 30 reports that the daily average their caution, observes the "Iron Age," April 30, in it
3
production in the United States for the -a eek ended April 25 usual market review quoted herewith:
At
the
same
time
signs
of
curtailment
In
was 2,156,450 barrels, as compared with 2,080,650 barrels
secondary metal-workirg industries are lacking, and steel producers point to the frequency with which
for the preceding week, an increase of 75,800 barrels. The some buyers are ordering as proof
that overstocking has not been excessive
estimated daily average gross crude oil production in the or as general as some e:thrates have made it.
There was no such deliberate accumulation of semi-finithed steel this
Smackover heavy oil field was 284,800 barrels, an increase year
as the Steel Corporation carried
in the first quarter of 1024,
of 78,250 barrels during the week of April 25. The daily though a number of steel companies,and out
here and there a merchant pig iron
interest,
have
large
stocks of Iron. Rather the policy of life steel comaverage production in the United States, excluding Smackpanies is to bring production in line with consumption. Pregress has been
over heavy, decreased 2,450 barrels. The average pro- made
to the point of putting operations for the whole industry at 70 to
duction east of California was 1,559,450 barrels, as compared 75% of capacity this week.
As April orders of several large steel companies have exceeded those for
with 1,483,650 barrels, an increase of 75,800 barrels. The
March, a fairly close balance between output and orders seems to be near
total current output exceeds that of the corresponding week at
hand.
one year ago by 215,400 barrels per day. The following are
The Steel Corporation's earnings for the first quarter, at $39,882,000,
made
a highly favorable showing. March was the best month, with
estimated of daily average gross production for the weeks
$14,408,000, due to slightly higher priced shipments and larger volume.
indicated:
The second quarter promises some falling off in both
output and prices.
DA ILY AVERAGE PRODUCTION.
Chicago mills arefinding increasing pressure from Pittsburgh and Youngs(rn barrel's)
Apr. 25 '2.5. Apr.18'25. Apr.11'25. Apr.26'24. town in territory to the south and
southwest of Chicago. However, apart
Oklahoma
430.100
464,150
463.850
457.700
Kansas
69.750 from sheets, which are still sagging as mills continue to overproduce, no
85.800
85.600
87.800
North Texas
74.200 market has shown a definite price change this week.
88.100
89,100
90.000
East Central Texas
149.250
144.400
141.250
137.700
Orders for 175 cars, definite inquiries for some 1.000 cars and the likeliWest Central Texas
49.600 hood of early consideration
b54.150
65.050
66.250
of 7,000 cars, are the developments in the railNorth Louisiana
53.250
51.000
50.800
50.350
road
equipment field. Car builders greatly need work.
Arkansas
138.200
249.850
328.150
173.000
Gulf Coast
69.300
97,050
96.200
101.150
Tin plate buying includes 30,000 tons for containers tor export oil. The
Southwest Texas
27,300
548,300
48.450
47.250
Eastern
103.000 Standard Oil Co. of New Jersey bought 500.000 base boxed for delivery in
101.500
102,000
101.000
Wyoming. Mont. & Colorado 90.650
130.500 June and later months, and the Texas Co. covered for 100,000 boxes for
91.800
91.300
California
646.000 third quarter shipment.
5:16.000
597.000
597.000
Japan may close this week on 10,000 tons of rails.
Total
2.156.450 2.080.650 1.993.600 1,941.050
Another 25,000-ton week in fabricated structural steel for the larger size
projects
reported to the "Iron Age," makes the April weekly average 31,000
S Revised account Lytton Springs In Caldwell County included in Southwest Texas field.
tons against 30,000 tons per week in March. Philadelphia subway work
California production was 597,000 barrels, no change; accounted for 14,000 tons of the current purchases.
French cast iron pipe makers captured 3,000 tons of the 13,000 tons
Santa Fe Springs is reported at 49,000 barrels, no change; awarded
at Detroit. At $41 95 delivered, their bid for 30-inch pipe,
Long Beach, 113,000 barrels, no change; Huntington Beach, figured back to $34 03, Birmingham, or $2 28 below their previous price.
activity in pig iron in the East has put prices down $1 to
Increased
43,000 barrels, against 42,500 barrels; Torrance, 36,500
50. In the Central West, where buyers seem well supplied, prices have
barrels, against 37,000 barrels; Dominguez, 44,500 barrels, $1
moved but little. In the Birmingham district the deadlock continues,
against 46,000 barrels, and Rosecrans, 19,000 barrels, no making the $20 quotation nominal, while preparations are being made for
the
blowing out of at least four furnaces, and Tennessee iron is selling at
change.
$18 50.
The estimated daily average gross production of the
March exports of rolled and finished steel were 140,676 tons, or nearly
Mid-Continent Field, including Oklahoma, Kansas, North one-third more than the 106,451 tons of March 1924,and those of machinery
were
or nearly 35% over the $26,759,004 of March a year
Texas, Central Texas, North Louisiana and Arkansas, for ago. $35,962,076.
So far this year steel exports have been at a rate of over 1,500,000
compared
April
25
was
1,218,400
ended
barrels as
the week
tons a year and six times the imports, including cast iron pipe. On the
with 1,145,700 barrels for the preceding week, an increase other hand, exports of pig iron and scrap have been at an annual rate of
only
65,000 tons, against nearly 800,000 tons a year coming in. A year
of 72,700 barrels. The Mid-Continent production, excluding ago imports
of pig iron and scrap were at a 300,000-ton rate.
Smackover, Arkansas, heavy oil was 933,600 barrels, against
The "Iron Age" pig iron composite price is now $20 71, against $20 75
last week. To-day it is only 31 50 above the low of the last three years
939,150 barrels, a decrease of 4,550 barrels.
(Nov. 3 1924).
No change occurred in the prices which make up the "Iron Age"finished
steel composite; this remains at 2.474c. per pound, the lowest figure, except
Lower Prices for Crude Oil and Gasoline
various grades for a short period last fall, in more than two years.
Fewer changes were made in the prices
of the
of crude oil and gasoline during this week, but those which
did occur were all in the nature of reductions. The earliest
recorded was that announced at Shreveport, La. on April 25
when the Standard Oil Co. of Louisiana reduced Smackover
Crude below 24 degrees 20c. a barrel, making the new price
40c. for oil for current shipment. The Mid-Continent
refinery market on April 29 was reported as slowly slipping.
Refiners were asking 103'c.,to 11c., but marketers were moving the commodity at 97
4c. to 10Xo. Other petroleum
The usual composite price table is as follows:
April 28 1925, Finished &eel, 2.474e. per Pound.
Based on prices of steel bars, beams, tankril
1
21 1925
2 474c.
plates, plain wire, open-hearth rails, Mar. 31 1925
2.531c„
black pipe and black sheets, constitut- April 29 1924
2.853c.
lag 88% of the United States output__ 10-year pre-war average...1.689c.
April 28 1925, Pip Iron. $20 71 per Gross Ton.
Based on average of basic and foundry April 21 1925
21
0 54
75
$2
irons, the basic being Valley quotation, Mar. 31 1925
the foundry an average of Chicago, April 29 1924
21
5.5
Philadelphia and Birmingham
10-year pre-war average__ 15 72
Finished Steel.—HIgh: 1925, 2.560c., Jan, 6: 1924, 2.789e. Jan. 15; 1922.
2.824c. April 24. Low: 1925, 2.474c. April 21; 1924, 2.460c. Oct. 14
1923, 2.446c. Jan. 2.
MAY 21925.]
THE CHRONTCLE
Pig Iron.—High: 1925. $22 50 Jan. 13: 1924. $22 88 Feb. 26: 1923.
$30 86 Mar. 20. Low: 1925, $20 71 April 28; 1924, $1921 Nov. 3; 1923.
120 77 Nov. 20.
Indications that producers are making determined efforts
to restore confidence in the finished steel market are appearing in the final days of April says the "Iron Trade Review"
this week. The level of 2.10c, Pittsburgh, on plates, shapes
and bars, made effective by several large companies Tuesday,
is interpreted as an attempt to discourage the practice of
hand-to-mouth buying which now prevails. This action
doubtless is prompted by the fear that in adapting rolling
mill schedules to the conditions imposed by small lot purchases, it soon will be difficult to offer the delivery service
expected by consumers, continues the "Review" adding
further details as follows:
April has proved a disappointment to many producers in that the
volume of new business has been below expectations. However,a number
of companies have experienced an exceptionally good month. Shipments
of the Youngstown Sheet & Tube Co. in April up until Tuesday were
5% larger than in March and specifications were 10% above the corresponding period of the preceding month. Operations for the entire steel
industry are at about 75% of Ingot capacity with the Steel Corp. at
about 80%.
Railroad equipment buying appears more promising with probably
25.000 cars reported in the market at Chicago actively or tentatively.
The St. Paul is about to place 5.500 and then is expected to issue new
inquiries for 1.500 to 2.000 additional. The Union Pacific is figuring on
2.000 and the Minneapolis & St. Louis on 1,800. Another western road
still is expected to ask 8.000.
Important additions to the country's tube making capacity are provided
in announcements of new plants to be built at Weirton, W. Va.. and
Youngstown with the possibility of a third plant at the latter location or
in the West. The mills for the Youngstown plant which will be devoted
to the manufacture of seamless tubes of larger size than heretofore produced in this country, have gone to German builders. American engineering works will supply the auxiliary equipment.
The week in structural steel while not a large one in point of tonnage
placed, shows a good spreading out in inquiry especially in railroad
bridge work. Eight or ten different projects involving about 4.000 tons
are up this week. In addition a 5.500-ton highway span is pending for
Portland. Oregon. The largest single award of the week was 11.800 tons
for the Broad street subway. Philadelphia.
Orders for 500.000 boxes of tin plate for export have been distributed
among various mills by the Standard Oil Co. of New Jersey.
Wire prices continue to settle to the basis of last fall for both nails and
wire. Wire rods have been reduced from $48 to $46. Pittsburgh and
Cleveland. Sheet bar buyers are endeavoring to force prices down to
$35 from $7.50. Youngstown and Pittsburgh.
Puddlers' wages for May and June will be 25 cents per ton higher as
the result of the bimonthly examination of sales sheets. Bar iron prices
for March-April showed $1 per ton advance over January-February.
General softness in prices with corresponding increase in interest on
the part of buyers characterizes the pig iron market. Further price
reductions have encouraged moderate buying but many melters are
holding off for lower quotations. Foundry iron can be had as low as $19
Buffalo. $20.50 in eastern Pennsylvania and $19.50 valley. In most
market centres, prices are 50 cents lower than a week ago.
Foreign-made pipe finally is to go to fill part of the requirements of the
city of Detroit. 3.000 tons having gone to French shops. American
makers took the remaining 10,000 tons and also booked 6.600 tons on
the Pacific coast where foreign competition has been close.
A gas line from Kansas to Oklahoma fields by the Laratun Fuel Co.
requiring 16.000 tons of pipe is about to be placed.
The "Iron Trade Review" composite of fourteen leading iron and steel
products has fallen again this week to $38.77. Last week it was $39.05
and the average for all April $39.43. The market now is practically
back to the level that prevailed immediately after the presidential election
last_fall.
Pig Iron Association May Disband
The "Wall Street News" of April 17 was authority for the
following:
•
The Eastern Pig Iron Association, which has been in existence for more
than 30 years, has decided not to function as in the past, and a committee
has been appointed to devise plans for the future in connection with the
importation of pig iron into this country.
The difficulty in the association came about when it was proposed to take
steps tor combating importations, which included a proposal to seek a
higher tariff. Producers of pig iron favored the plans, but so many brokers
and merchants handling foreign iron hold membership in the association
that the matter was the subject of considerable dispute.
According to some authorities the producers favor organizing a separate
association, composed entirely of makers of pig iron, and it is probable this
will be done. The next step would be toward concerted action by the new
association to get a higher tariff as a protection against importations.
2215
virtually unchanged. The demand for steam slack Is in excess of the output. Connelisville coke market is a little more active, but at low prices.
The operations in the unorganized fields of central Pennsylvania have
increased, but in the sections where the Jacksonville scale lain force, operations are totally shut down in some localities and miners moving to fields
where there is work or going into other lines of activity.
In the Fairmont section of northern West Virginia there is a slight increase
in inquiry which, however, is not enough to raise prices. The railroads are
still buying "spot" and shipments to the Lakes are small so far. In the
Upper Potomac and western Maryland fields, production and prices are
still at a low point with no signs of immediate betterment while in the
Virginia fields the mines are still making a comparatively good showing
though spot demand is nil and contract volume below normal.
In spite ot increased shipments being made to the Lakes, there is still a
general dulness in the southern West Virginia fields. Smokeleps production.
is still about 50% of normal though with practically no coal moving on consignment. A slight increase in loadings is reported from the Logan and
Kanawha districts, principally to the Lakes and New River and Winding
Gulf output has gone up a little, principal movement being westward. The
production in the Pocahontas field has been stimulated by increase in orders
to the Lakes and to the West.
The price situation is better at Boston and Providence, but the all-mill
movement is still very slow. The retail anthracite demand is better though'
still slow for this time of year, but the wholesale market is still dull. F:gg'
and stove are running strong in New York but the smaller domestic sizes.
are not quite so active. Demand for steam sizes has eased oft slightly.
Sizes are not as active as they were last week as dealers are not sure as to'
what the price situation will be for next month with the companies,and most
of the independent companies are holding hack on any price announcement
for the above reason. Dealers seem to want to get in as much coal as possible before the end of the month and under present low prices,as they always
specify shipment within a few days instead of giving the seller a little longer
period.
There is an increasing demand for domestic anthracite at Philadelphia and
steam sizes are running strong. The spot market is quite active. Bituminous receipts are light bin sufficient to take care of the limited demand. At
Baltimore the soft coal market is flat and prices continue low. Export is at
a standstill. There is no snap as yet to the anthracite business. There if
not much change in either price or receipts at the southern loading piers.
With May at hand the outlook for bituminous coal producers is far from rosy with promise, each succeeding week
showing monotonous resemblance in dulness to its predecessor declares the "Coal Age" this week. Lake shipments
are gaining leeway, of course, the early run to the Northwest docks being unusually heavy, but the effect on the industry as a whole is limited. Shutdowns continue to be
reported in Illinois and Indiana and the Pittsburgh and
Consolidation coal companies have curtailed operations.
The failure of the union to make any appreciable headway in
the West Virginia strike has heartened some operators in the
Pennsylvania low-volatile field to try operating non-union,
and if the experiment is a success, there is expected to be a
general move in that direction, observes the "Age," giving
further details as follows:
While screenings are conspicuously strong in most fields, even these
weakened somewhat last week in the Middle West when a number of western
Kentucky and Indiana producers shipped an unexpected quantity of crushed
mine run. Contracting continues to be backward, many industrials showing a disposition to take a chance with the spot market.
Anthracite trade shows a notable influx of strength. Demand for stove Is
quite heavy and egg and pea also are moving well. Chestnut is not in such
insistent demand, but is far from sluggish. Steam sizes have improved
somewhat, No. 1 buckwheat moving with greater ease and rice and barley
holding their own. The present reduced rate of output is about sufficient
to take care of demand,so that further resumptions are unlikely at present.
Independent output is moving in fairly satisfactory volume and prices are
well maintained.
The "Coal Age" index of spot prices of bituminous coal stood on April
27 at 162, the corresponding price for which is $1.96. This compares with
161 and E1.95 respectively on April 20.
Dumpings at Lake Erie ports during the week ended April 28 increased
nearly 175.000 tons. According to the "Ore and Coal Exchange," cargo
dumpings were 627,604 net tons; steamship fuel, 30,136 tons—a total of
657,604 tons,as compared with 484,809 tons in the preceding week. Hampton Roads dumpings for all accounts in the week ended April 23 totaled
288,694 net tons, as against 369,746 tons in the previous week.
Output of Coal and Coke Declines.
A decline of about 381,000 tons of bituminous coal and
of around 156,000 tons of anthracite was noted in the
weekly report on the production of bituminous and anthracite coal and beehive coke issued by the Department of
the Interior, through the Geological Survey, April 25 1925.
A decrease of 11,000 tons occurred in the production of coke
Anthracite Coal Trade Improves, but Bituminous
also, according to the report, extracts of which follow:
Remains Sluggish.
The production of soft coal declined to 7,509,000 net tons in the week.
From the reports of the "Coal Trade Journal," corre- ended April 18. This decrease of 381,000 tons was due largely to the
spondents covering the eastern states, anthracite dealers, partial observance of Easter Monday as a holiday. Compared with the
corresponding week last year, there was an increaes of 367.000 tons.
wholesalers and jobbers are "sitting pretty" with more
Preliminary telegraphic reports of loadings on Monday and Tuesday
orders coming in than can be taken care of. Most all the of the present week (April 20-25) give no evidence of improvement in the
rate of output. In fact, the total loaded on those days was nearly
companies report outputs for this month sold and more inde- dailyless
than on April 6 and 7.
2%
pendent mines are opening up each week. Company prices
From an average daily output of 2,100.000 tons in the week ended Jan.
10:
are, of course unchanged, but those of the independent com- production has dropped to the low level of 1,251.000 tons. This was not
far
above
the
records
of
the
corresponding
weeks
of
1924
and
when
1921.
panies have gone up in some cases. This activity is expected production was practically at the
bottom of the declines of those years.
to last well through the summer, according to the "Coal The situation now is quite different from that in 1921. however.
In that
year
the
coal-consuming
industries
which
Journal"
were in a state of acute depression and
observations
makes
further
as follows:
Trade
ASregards:bituminouscoal productionin thePittsburgh district.itis heavily
curtailed on account of the Pittsburgh Coal Co.'s closing more of their mines
n that territory. Spot trade is the chief interesting factor and prices are
the rate of consumption had dropped as steeply as production. The incomplete data that are available on the current rate of consumption indicate no such decline, and some industries are burning coal at rates closer
to the maximum.
2216
THE CHRONICLE
[VOL. 120.
Estimated United States Production of Bituminous Coal (Net Tons) Including Coal.
. Coked.
1924a
1925
Week. Cal.Y1do Date.
Week. Cal.Yr.to Date.
142,666.000
7,041,000
Aprll 4
7546.000
133,124,000
1,280,000
1,729,000
Daily average
1,347,000
1,608,000
149,649,000
6,983,000
April the
7 890,000
141,014,000
1,691,000
1,164,000
Daily average
1 315,000
1,588,000
156,791,000
7,142,000
April 18_d
7 509,000
148,523,000
1.659,000
1,190,000
Daily average
1 251,000
1,567,000
a Original estimates corrected for usual error which in past has averaged 2%.
S Minus two days' production first week in January to equalize number of days In
the two years. c Revised since last report. d Subject to revision.
BEEHIVE COKE.
Curtailment of activity at the ovens in Pennsylvania was chiefly responsible for a decrease of 11,000 tons in the production of beehive coke
in the week ended April 18. The total output is estimated at 201,000 net
tons, against 212,000 tons in the preceding week. With the exception
of a few hundred tons in West Virginia, the entire loss centred in Pennsylvania and Ohio. According to the Connellsville "Courier" production
in the Connellsville region declined to 141 760 tons.
The result of the decline in the rate of coke production in recent weeks
may be seen by comparing the total production figures for earlier years.
Such comparison shows that 1925 now stands 13% behind 1924, 40%
behind 1923, 42% behind 1920, and about 48% ahead of 1922 and 1921.
ANTHRACITE.
Estimated Production of Beehive Coke (Net Tons).
Easter Monday was widely observed as a holiday at the anthracite
Week Ended-1925
1924
mines and the total production for the week dropped to 1,567,000 net tons,
Apr. 18 '255 Apr.11'25c Apr. 19 '24 to Date.
to Date.a
• decrease of 156,000 tons, or 9%. In the corresponding week last year Pennsylvania & Ohio
151.000
161,000
206,000 2,947,000 3,523.000
West Virginia
be output was 1,623,000 tons.
12,000
13,000
14,000
209,000
241,000
Ala., Ky., Tenn. dr Ga
22,000
327,000
Estimated United States Production of Anthracite (Net Tons).
Virginia
7,000
7,000
8,000
146,000
140,000
Colorado & New Mexico._ _
1926
4,000
1925-4,000
5,000
64,000
84,000
Week. Cal.Yr.to Date.a Washington & Utah
WeekEnded5,000
Week. Cal.Yr.to Date.
5,000
4,000
70,000
65,000
24,469,000
pill 4
1,548,000
22,541,000
1,482,000
United
States
total
1,856,000
26,325,000
201,000
pril 11
24,264,000
212,000
1,723,000
256,000 3,791,000 4,380,000
27,948,000 Daily average
pril 18
1,623,000
3$.000
1 567,000
25,831,000
35,000
43,000
41,000
47,000
a Adjusted to make comparable the number of days covered In both years.
a Less two days' production in January to equalize number of days in the two
b Subject to revision. c Revised from last report.
ears.
1
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 29, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows decreases
of $12,400,000 in holdings of discounted bills, of $8,700,000
in acceptances purchased in open market, and of $4,000,000
in Government securities, resulting in an aggregate reduction
of $25,100,000 in total earning assets. Total deposits went
down $30,400,000 and Federal Reserve note circulation
$3,800,000, while cash reserves increased $7,400,000. After
noting these facts, the Federal Reserve Board proceeds as
follows:
A decline of $21,600,000 in holdings of discounted bills is reported by
the Federal Reserve Bank of New York and of $4,600.000 by Boston, while
the Richmond Bank shows an increase of $6,400.000 in discount holdings
and Cleveland and Chicago show increases of $2,400,000 each. The seven
remaining banks report smaller changes for the week in discount holdings.
Acceptance holdings of the New York Reserve Bank went down $6.700,000 during the week. The San Francisco and Boston banks also report
decreases of $2,700,000 and $2,300.000. respectively, in this item, while
Chicago shows an increase of $2,500,000. The System's holdings of
Treasury certificates of indebtedness declined $2,000,000 and of Treasury
notes $2,200,000, while holdings of U. S. bonds increased $200.000.
The principal changes in Federal Reserve note circulation during the
week comprise increases of $2.800,000 and $1,500,000 reported by the
Cleveland and Philadelphia Reserve banks, respectively, and a decrease of
$1.900.000 reported by Richmond and of $1,500,000 by San Francisco.
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 2239 and 2240. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
April 29 1925, follows:
Increase(+)or Decrease(-)
During
Year.
Week.
+$7.400,000 -$229,500,000
Total reserves
+6,800.000 -269,300,000
Gold reserves
+154.400,000
-25,100.000
Total earning assets
-47,200,000
-12,400.000
Bills discounted, total
+54,700.000
Secured by U. S. Govt. obligations__ -4.100,000
-8,300,000 -101,900,000
Other bills discounted
+142,300,000
-8.700.000
Bills bought in open market
+47,400,000
-4.000.000
U. S. Government securities, total
+65,900,000
+200.000
Bonds
+20,200,000
-2,200,000
Treasury notes
-38,700,000
-2,000.000
Certificates of indebtedness
-3.800,000 -242,100,000
Federal Reserve notes in circulation
+182.000,000
-30,400,000
Total deposits
+189,6001.000
-28.600.000
Members' reserve deposits
-5,400,000
-3,400,000
Government deposits
-2,200,000
+1.600,000
Other deposits
The Week With the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's consolidated statement of
condition on April 22 of 736 member banks in leading cities
shows increases of $2,000,000 in loans and discounts, of
$24,000,000 in investments, of $33,000,000 in reserve balances and of $42,000,000 in net demand deposits, together
with a reduction of $39,000,000 in Government deposits.
Member banks in New York City report increases of $39,000,000 in loans and discounts, of $27,000,000 in investments, of
$46,000,000 in reserve balances and of $127,000,000 in net
demand deposits. It should be noted that the figures for
these member banks are always a week behind those of the
Reserve banks themselves.
Loans on stocks and bonds increased $71,000,000 in the
New York district, $11,000,000 in the Boston district, and
I
$9,000,000 and $8,000,000 in the Philadelphia and Chicago
districts, respectively, while "All other" loans and discounts
show substantial reductions in the following districts: New
York, $32,000,000; Boston, $25,000,000; Chicago, $20,000,000, and St. Louis, $7,000,000. Further comments regarding the changes shown by these member banks is as follows:
Investments in United States securities show but nominal changes in most
districts, the New York district, however, reporting an increase of $26,000,000, while the Philadelphia and Cleveland districts report declines of
$6,000,000 and $4,000,000, respectively. Investments in other bonds,
stocks and securities increased slightly in most Reserve districts.
Net demand deposits increased $122.000,000 in the New York district.
while the principal reductions were reported for the following districts
Boston, $22,000,000: Chicago, $17,000,000; San Francisco, $11,000,000:
Richmond, $8,000,000: and St. Louis and Kansas City, $7,000,000 each.
Withdrawals of Government deposits were reported by banks in all
Federal Reserve districts, the largest reductions being as follows: New York.
$8.000,000; Cleveland and Chicago, $6,000,000' each, and Philadelphia,
85,000,000.
The principal changes in borrowings from the Federal Reserve banks were
Increases of $16,000,000 in the Chicago district and $9.000.000 in the San
Francisco district, and decreases of $9,000,000 and $7,000,000, respectively,
in the Cleveland and New York districts.
On a subsequent page-that is, on page 2240-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 (-F) or Decrease (-
During
Week.
Year.
Loans and discounts, total
+$2,000,000 +$1,076,000,000
Secured by U. S. Gov't obligations
-2,000,000
-15,000.000
Secured by stocks and bonds
+99,000.000
+925.000,000
All other
-95,000.000
+166,000,000
Investments, total
+24,000,000
+953,000,000
U. S. bonds
+4.000,000
+603,000,000
U. S. Treasury notes
+24,000,000
-253,000,000
U. S. Treasury certificates
-10,000,000
+13,000,000
Other bonds, stocks and securities
+6,000,000
+590,000,000
Reserve balances with Fed'I Reserve banks +33,000,000
+195,000,000
Cash in vault
+5,000,000
-1,000,000
Net demand deposits
+42,000,000 +1,475,000,000
Time deposits
+12,000,000
+799,000,000
Government deposits
-39.000,000
+3.000.000
Total accommodation at Fed'l Res've banks +13,000,000
+10,000,000
Return of .Gold Standard of Great Britain-Gold
Exports to Be Permitted.
, Outstanding In a week of striking developments has been
the announcement of the decision of Great Britain to return
to the gold standard. The British Empire's intentions were
definitely made known by the Chancellor of the Exchequer,
Winston Churchill, with the presentation of his first budget
to the House of Commons on April 28, and although coming
after repeated reports of the likelihood of such a move, the
pronouncement was none the less of striking import. Of
similar importance has been the creation of banking accommodation aggregating $300,000,000, established by the Federal Reserve Bank of New York and J. P. Morgan & Co., in
behalf of the Bank of England to aid in the maintenance of
gold payments, further account of which will be found in
another item in this issue. In presenting the budget, Chancellor Churchill announced the reimposition of the McKenna
duties on luxuries, and a reduction in the income tax. These
are likewise the subject of another item. In his announcement regarding the resumption of the gold standard Chancellor Churchill said:
We therefore have decided that, although prohibition on the export of
gold will continue in form on the statute book until Dec. 31, a general
THE CHRONICLE
MAY 21925.]
2217
of a credit which the British Government has arranged with
J. P. Morgan & Co. The official announcements of both
I
steps have been confined merely to brief statements as
these
Adding that "returning to the international gold standard to the action in each case, that of the Federal Reserve Bank
does not mean that we are going to adopt gold coinage," the of New York; made public April 29, reading as follows:
Chancellor said:
In connection with the re-establishment of a free gold market in London,
license will be given to the Bank of England for the export of gold and
bullion from to-day. We thus resume our international position as a gold
standard country from the moment of the declaration that have made.
That is quite unnecessary for the purpose of the international gold
standard, and it is out of the question in the present circumstances. It
would be unwarrantable extravagance which our present financial stringency
by no means allows us to Indulge in.
the Federal Reserve Bank of New York has completed an arrangement,in
which other Reserve banks will participate, to place $200,000,000 gold at
the disposal of the Bank of England if desired. It is believed that this will
be an effective aid toward general resumption of gold payments.
In the case of J. P. Morgan & Co., the following announceThe Chancellor indicated that he would introduce a bill
made public the same day, was issued:
ment,
provide:
would
things,
other
which, among
the
of a.free gold market in London,
of
England
(1) That until otherwise provided by proclamation the Bank
notes and Treasury notes will be convertible into coin only at the option
the Bank of England, and
That the right to tender bullion to the mint to be coined shall be
confined in the future by law, as it has long been confined in practice, to
the Bank of England.
of
(2)
re-establishment
In connection with
the British Government has arranged a credit of
J. P. Morgan & Co.
$100,000,000
with
The Federal Reserve Bank of New York refers in its May 1
"Monthly Review" to the developments in which it has been
concerned respecting the restoration of the gold standard
A bill to this end was introduced •in the House of Com- basis by Great Britain, and says:
On April 28 the British Chancellor of the Exchequer announced that the
mons by Chancellor Churchill on April 29. On that date
Government proposed to introduce a bill granting a general license to the
London
from
advices
copyright
its
in
"Times"
York
New
the
Bank of England for the export of gold and bullion, effective immediately,
said:
and providing for the redemption of currency in gold bunion when the value
The text of the bill to give effect to the proposals made by the Chancellor
to facilitate the return to the gold standard was published to-day. It
authorizes the Treasury to borrow for exchange operations within two years
after the passing of the Act,and it may guarantee securities for this purpose.
Any securities, however, must be redeemed within two years of issue.
Numerous inquiries were received to-day from abroad as to the conditions
under which gold can be obtained. The position appears to be that the
Bank of England has a general license to export gold In amounts of not less
ounces, but holds discretionary power to refuse a license for export.
than
Alter the passage of the new bill the Bank will be placed under statutory
obligation to exchange notes for gold, either in bars or in coin at the option
ounces fine.
of the bank, in amounts of not less than
The restoration of the free gold market naturally aroused the expectation
that the embargo on foreign issues will soon be removed, but until the gold
standard has been firmly established there is little likelihood of its removal.
400
400
In announcing the conclusions of the Government on the
gold standard issue, Chancellor Churchill stated that in a
unanimous report the committee which had undertaken an
inquiry into the matter had "expressed a decided opinion
upon the question of the gold standard, and it sets forth its
recommendations as to the manner in which the return to
that standard should be effected." He added:
It contains a reasoned marshaling of arguments which convinced the
Government,and it sots forth a series of recommendations in which Mr.
Chamberlain, though he ceased to be Chairman on becoming Foreign
Secretary, has formally concurred and which his Majesty's Government
are intending to follow in every respect.
involved is not less than 400 fine ounces of gold. This action has the
effect of re-establishing a free gold market in Great Britain.
After quoting its own statement and that of J. P. Morgan
& Co., which we g;ve above, the Bank goes on to say:
As indicated by the statements, these two arrangements are quite different. The latter is a Government banking credit, while the former is an
arrangement between the banks of issue of the two countries. Under the
arrangement between the Reserve bank and the Bank of England the
credit could be made operative in the various ways provided by Section 14
of the Federal Reserve Act. Sterling bills could be purchased by the
Reserve banks, a deposit balance could be created and maintained with the
Bank of England, or gold could be earmarked or exported. The precise
form of use, if any, would depend upon the needs of the situation.
Simultaneously with the British announcement, Australia, New Zealand,
Holland and the Dutch East Indies announced the free export of gold.
As a result of the action of the British Government, certain other European
currencies which have been stabilized with reference to sterling will become
stabilized with reference to gold.
In another item in this issue will be found mention of the
action of Australia, Holland, 8r,c
Incidentally the following reference to the arrangements
was made by Chancellor Churchill in his statement in the
House of Commons on April 28, it is learned from the Copyright advices to the New York "Times."
Precautions have been taken, the Chancellor of the Exchequer declared
with emphasis, against possible attacks on the new British status. If
there were any such attacks, he said, those concerned would find themselves faced by the spear point of a gold reserve of £153,000,000 in Great
The Chancellor also announced that:
Britain, a credit of $300,000,000 in the United States and $188,000,000
The further steps which are recommended by the Currency Committee, which the Treasury already had bought and which was sufficient to pay al
note
Treasury
such as amalgamation of the Bank of England note and
debt charges to America until the end of the year. He said speculators'
Issues, will be deferred, as the Committee recommends, until we have operations would not, therefore, disturb the exchange market.
sufficient experience of the working of the free international gold market on
a gold reserve of approximately
The likelihood of funds being made available hereTto
further the gold standard movement by Great Britaitrra
been reported last week, and referred to in these columns,
Report of British Committee on Gold Standard.
page 2096.
While it was indicated a month ago in press accounts from
London that the British committee of experts named "to Bank of England Resumes Publication of Daily Gold
consider whether the time has now come to amalgamate the
Shipments Following Announcement of Return
Treasury note issue with the Bank of England note Issue,
to Gold Standard.
and if so, on what terms and conditions the amalgamation
In its copyright advices from London April 29, following
should be carried out," had turned in its report, it was only the preceding day's announcement by Chancellor Churchill
this week that its recommendations were made public. of the return of Great Britain to the gold standard, the New
Chancellor of the Exchequer Winston Churchill, in present- York "Times" stated:
ing his budget In the House of Commons on April 28 and anThe posting of the daily bulletin notice at the Bank of England was
nouncing at the same time the decision of Great Britain to resumed to-day after an interval of ten years. To-day's notice recorded
no
movement, but the movement may be shown to-morrow.
return to the gold standard, made known that the latter
With the start of gold shipments on April 30, the publicaconclusion was in accord with recommendations of the committee of experts, whose inquiry, said the Chancellor, "re- tion of the movements were begun; that day's announcement
solved itself mainly into an examination of whether, and showed £297,000 worth of bar gold was drawn, of which
in what manner, should we return to the gold standard." £281,000 was for Switzerland, £12,000 for Holland and
The report of the committee is signed by Lord Bradbury, £4,000 for Egypt. One hundred thousand sovereigns were
Gaspard Farrer, Prof. A. C. Pigou and Sir 0. E. Niemeyer— taken out, of which 87,000 were for India, 10,000 for Switzerland and 3,000 for Holland.
the latter Comptroller of Finance at the Treasury.
According to last night's advices to the New York "EvenPost," the Bank of England yesterday bought bar gold
ing
Great
by
of
Placed
at
Britain
Disposal
$300,000,000
valued at £10,000 and sold £414,000.
J. P. Morgan & Co. and Federal Reserve Bank of
New York to Maintain Gold Standard—
Authority for Action by Latter Under
Australia, Holland, New Zealand and Entire British
Federal Reserve Act.
Empire on Gold Basis.
Arrangements whereby an aggregate of $300,000,000 has
Holland and Australia this week followed the course of
been placed at the disposal of Great Britain were made Great Britain in restoring the gold standard. At the same
known in this city, coincident with the announcement by time the British Chancellor, Winston Churchilli indicated
the British Chancellor of the Exchequer, Winston Churchill, that the whole British Empire is now virtually on a gold
that England had decided to return to the gold standard. basis,—that in fact the majority of the principal nations of
Of the $300,000,000 set aside in this country to aid "in the the world are operating on that basis. On this point we
re-establishment of a free gold market in London" and quote the following from the April 28 cablegram] (copymaintain the pound sterling at par $200,000,000 represents right) to the New York "Times."
Simultaneous with the restoration of the gold
announced by
the amount which the Federal Reserve Bank of New York Winston Churchill, Chancellor of the Exchequer,standard,
in his first budget premake
available
to
banks)
sented to the House of Commons, Australia and New Zealand took similar
has arranged (with other Reserve
to the Bank of England. The other $100,000,000 consists action. Canada is already on a gold basis, and the Union of South'Africa
£150,000,000.
2218
THE f1HRONICLE
[VOL. 120.
has announced her intention of going on a gold basis on July 1. so that, as mer Chancellor of the Exchequer, will move
the Labor Party's official
Mr. Churchill stated, the whole British Empire is now virtually on a pre- amendment Inviting the House to declare
that it declines at present to
war footing in the value of its currency and the free export of gold and silver. assent to a second reading of the bill
re-establishing the gold standard with
Holland and the Dutch East Indies also returned to the gold standard undue precipitancy, as the latter
may aggravate the serious condition of
to-day, Mr. Churchill announced, and with the United States, Sweden, unemployment and trade depression.
Germany, Austria and Hungary on the same basis, the majority of the big
In the House of Commons tonight during the budget debate Walter
trading nations of the world have re-established their monetary standards.
Runciman, Liberal, expressed approval of the Government's gold policy,
The Associated Press advices from Melbourne April 28 but pointed out that the Chancellor of the Exchequer by restoring the
McKenna duties and placing a duty on silk was heavily taxing three chief
regarding Australia's action stated:
exports of France, namely, motors, wines and silk, whereby almost alone
Premier Bruce. In announcing to-day that Australia would return Im- France
would be able to rehabilitate her exchange.
mediately to the policy of free export of gold, explained that the Australian
Sir Frederic Wise, Unionist, noted financial expert, strongly criticized
Commonwealth Government did not intend to substitute gold for notes as Mr.
Churchill's precipitancy in restoring gold. Ile was disposed to think
Internal currency.
that it was a gamble. He had heard enormous figures mentioned as the
On April 29 the New York "Commercial" reported the amount of recent speculation in the Exchange market.
Nobody would
prevent speculators from taking their profits, he continued, and that would
following from Melbourne:
Prime Minister Bruce announced the completion of arrangements by the mean that gold would have to be found from Britain's srnall reserve. He was
Commonwealth concurrently with the British Government to return to sure the country was anxious to be protected from the possibility of getting
the free export of gold. He said that this would beneficially affect the trade any further into the hands of the United States.
Sir Frederic pointed out that India was a large buyer of gold and that
of the Commonwealth by stabilizing the exchanges, thus removing the
difficulties which have existed in securing exchange for Australian products when Sweden reverted to the gold standard last year she was obliged to
obtain
American credit because of gold leaving the country. India being the
sold abroad.
Mr. Bruce added that it would also avoid fluctuations of currency values buyer in Stockholm at 8 pence per ounce over the New York price. These
things
might
happen in England.
which caused inflation or deflation. "Gold will at once become available
Alluding to the Governmt tit's purchase of $166,000,000 for the American
for export," he said. "but it will not be submitted for notes as internal
currency. The latter course is unnecessary and would be disadvantageous. debt service, Sir Frederic remarked that surely, as Mr. Churchill knew, the
The example of Great Britain and Australia will be an Inspiration for gold standard was coming. It would have been wiser to watt and buy these
other nations and will bring appreciably nearer that stabilization of ex- dollars at a cheaper rate.
change upon which the economic restoration of the world depends."
From The Hague we give the following Associated Press
cablegram April 28 recording the action of Holland and the
Dutch East Indies,
Criticism by Sir Alfred Mond of Return to Gold
Standard—Says British Bank Rate is Made
Subservient To Wall Street.
The Netherlands Finance Minister announced to-day that prohibition
upon the export of gold had been rescinded as from April 29 and that
Declaring
that
"we are tying to a much greater extent our
measures had been taken to stabilize the financial situation created by the
change of policy. Ile announced that the Dutch East Indies had taken monetary system to that of America and milking the bank
the same course. Gold would not be put Into internal circulation, the rate much more subservient to Wall
Street than it has been
Minister stated, and export of gold would be allowed only if the rate of
In the past, and that the Government is doing all this in
exchange was above the gold level.
order to create a purely sentimental result," Sir Alfred
British Likely to Profit by Refunding Loans on Gold Mond, Liberal, in criticising in the House of Commons on
April 29 the return of Great Britain to the gold standard, Is
Basis.
quoted in a copyright London cablegram to the New York
Under the above head the New York "Journal of Com- —fillies"
as adding:
merce" had the following to say in Its April 30 issue:
The Bank of England already
The question of refunding some of Great Britain's internal obligations
and loans of the British Dominions at an early date was discussed quite
generally in Wall Street yesterday, now that the British pound sterling is
climbing back toward parity and aid to keep the exchange rate stable has
been extended. One of the probabilities is that the Canadian Government
will start negotiating without much further delay for new loans to replace
the $132.000.000 of maturities of the current year. On Sept. 15 there Is
a maturity of 590.000.000 45 and on Dec. 1 542.000.000 more bonds will
come due.
The question arose as to how much of this refunding business will be
handled by Canadian banks, how much New York will take care of and
what part British bankers will play in these operations. New York would
like to take a large share of the business In view of the strong demand for
Canadian bonds in this market as reflected in the sale this week of Province
of Manitoba twenty-year bonds, under a 5% basis.
With sterling back to par, English bankers will be in a better position
to compete for Canadian financing, and there are some bankers here who
expect that the British will be heard from on the forthcoming Canadian
business. Others question whether the British Government will care to
allow bankers a free hand In competitive foreign loans in view of the measures that were thought necessary in connection with the resumption of the
gold basis announced on Tuesday.
London Gold Premium Disappears.
From yesterday's issue of the New York "Times" (May 1)
we take the following:
has power to export gold antler license
when necessary. It is very difficult to control today the fluctuations of
prices not only in this country but also in a country which suffers from such
violent changes as the United :gates. If prim. rise In America and the
dollar depreciates we may be able to maintain our gold standard, but It
prices fall in America and the dollar appriciates, it may be very difficult
to do so unless we take extreme steps which would be harmful to our trade
and industry in order to maintain a policy which. once adopted, could not
be reversed.
As for the pensions scheme. Sir Alfred pointed out that industry was
already contributing £28,000.000 for health and .C12,000.000 for unemployment and could not pass on an additional £20,000,000 to the con-'
sinner in new duties. Besides being a rank apostasy the complicated
increase in death duties, he said, was taxation of capital and it would have
been wiser to keep on taxing income.
Sir Robert Home's Defense of British Budget.
Sir Robert Horne, Unionist ex-Chancellor of the Exchequer, defended the return to the gold standard as emphasizing the vital necessity of Great Britain's recovering her
export markets, said a copyright cablegram to the New York
"Times" from London, April 29, which further added:
“The stability of our exchange must in the end depend on our ability to
export." he declared. '"rhere is only one way to recover our export market
and that is by being able to sell at prices in external markets which will
compete with those of our rivals."
Considerable interest was taken in the statement by cable that bar gold
On the whole, the budget had a good reception in business circles. At the
sold yesterday in the London market at 84 shillings 1114 pence, which, if opening of business on the Stock Exchange the market was quite
firm,
correct, would be one halfpenny under the official parity price of 85 shillings. mainly on the reduction in the income tax. In the afternoon, however,
the
and therefore would appear on Its face to mean that gold was not only no market began to pay more attention to the stiffening of discount rates
and
longer at a premium in London. but had fallen to a slight discount. No to the possible developments in the monetary situation as a result of
the
explanation of this price was given in the cables. It was recalled on the restoration of a free gold market. There is no sign of an immediate
rise In
exchange market that under the gold standard before the war it was cus- the bank rate, but its possibility at a later period was not
ignored by the
tomary for Individuals depositing gold at the British Mint for coinage to market.
accept a price 114 pence per ounce less than the legal parity price: this
deduction being made In order to obtain immediate delivery of the coin British Banker Fears United
States Control in Return
Instead of waiting for the Bank of England to have the deposited bullion
to Gold—J. F. Darling of Midland Bank
minted. The British Bank Act of 1844 specifically provided that the Bank
Raises Question of Politics in Reserve
must make immediate delivery of coin If the bullion was tendered at the
lower price, which was assumed to be compensation to the Bank for Interest
Board.
over the normal period of coinage.
According to a cablegram from London, April 28, to the
New York "Times" (copyright), the return to the gold standDoubt in London as to Effect of Return to Gold
ard Is the subject of an article contributed by J. F. Darling
Standard.
to the May Issue of the "National Review." In its account
Associated Press accounts from London, April 30, stated of what Mr. Darling has to say, the
"Times" cablegram conthat reflection seems to have induced some doubts in the tinues:
minds of the financial and Stock Exchange community and
Mr. Darling, who is director and former managing
director of the Midland
In Parliament concerning the effect likely to follow the Bank, has peen invited to address the industrial group
In the House of
return to the gold standard. Continuing, these advices Commons on May 7 on this topic. In the article Mr. Darling says:
Last year the United States had a visible favorable trade balance, includState:
ing bullion, equal to £76,000,000
The fact that exchange failed to respond as expected by jumping to parity
Immediately on Chancellor Winston Churchill's announcement created fears
that it may become necessary to raise the Bank rate to prevent exports of
gold, which it is considered in the present state of the British gold reserves
cannot be afforded. Such raising of the Bank rate, it is contended, would
be bad for business and prove a setback to trade.
Opinions are by no means unanimous in approval of the Government's
decision. Some experts argue that the Government acted hastily.
The second reading of the measures for giving legislative effect to the
Government's proposals will take place next week. Philip Snowden, for-
compared with our unfavorable balance
of £344,000,009. This unfavorable balance was Z132000,000
greater than
for 1923, while if we take the first three months of
the current year as a
guide the unfavorable visible balance for 1925 will
likely reach some £400,000,000.
"Remove the embargo on gold and we give the world what is practically
a guarantee to maintain American exchange at $4 80.odd.
America's foreign
debtors in paying their interest and sinking funds (and America in loans
they are now making is very particular about sinking funds)
will naturally
follow, the line of least resistance and the tendency will be
for them to dump
down goods In free trade England and buy dollars with the
proceeds.
MAY 21925.]
THE CHRONICLE
"We have only begun to pay our first guarantee. Indeed, it is questionable
If as a nation we have paid anything, not even our interest, for in all likeli•
hood the equivalent amount has been borrowed again from United States
citizens, and on more onerous conditions. In the name of common sense why,
In our present economic condition, should we seek to give America another
guarantee? Immediately on the Federal Reserve Bank pulling its rate up
2% our bank rate is raised to 5%. If the bank rate had not been
/
to 31
raised, and some American balances had been withdrawn, what might have
happened would have been a fall in exchange, which has risen not on trade
conditions, but largely through these balances and American moneys in one
form or another coming here. But remove the embargo upon the export of
gold and the withdrawal of American balances could then be made in gold.
This Would be no mere transfer from one to the other of the big five, but
a diminution of their reserves on which their deposits rest.
"While these reserves no doubt are ample under our existing system, they
are perilously small on which to give a world-wide guarantee to pay out
gold. If we had a grave industrial or political crisis foreign business facilities might be availed of to the extent that export of gold would result, but
undoubtedly the greater danger lies in our indebtedness to America, to the
United States Government and to United States citizens, and of the two the
latter is the more dangerous. The pre-war gold standard was fortunately
free from political interference. This cannot be said of the Federal Reserve
banks, or rather of the Federal Reserve Board, which controls their policy.
The Federal Reserve Board is practically a political body sitting in Washington. Are we, then, prepared to tie the pound to what Sir Basil Blackett
has called the chariot wheel of the Federal Reserve?"
Dlr. Darling concludes:
"After all the sacrifices the war entailed in our fight for freedom one
may w..!11 ask, is the result to be that Great Britain is now to come under
financial, economic and it may be political domination of America? Economically, the United British Empire would present an economic front to
the world which neither the United States nor any other nation could dispute."
British Budget Presented by Chancellor Churchill—
Reduction in Income Tax—Reimposition of
McKenna Duties—Government Insurance
Plan—Attack by Laborites.
The presentation in the British House of Commons on
April 28 of the first budget to come from Chancellor of the
Exchequer Winston Churchill marked the announcement of
Uie return of Great Britain to the gold standard, detailed
reference to which is given in another article in this issue.
Chief among the disclosures in the budget were the announcement of a reduction in the income tax of six pence to the
pound, lowering the tax to four shillings, the statement that
the existing 11 shillings supertax would be reduced by the
same amount as the detah duties were increased, announ^^ment of the reimposition of the McKenna duties on mor
cars and other imported luxuries effective from July 1,
the levying of a basic duty of four shillings per pound on
raw silk, and a duty of £4 per hundredweight on hops, witn
a rebate of 3% to the Dominions—this latter is limited to
four years and is expected to yield about £250,000 annually.
The Chancellor also announced that sugar would be restored
to the list of commodities under the Imperial preference
plan, and that preference, too, would be applied to dried
fruits and heavy and sparkling wines. He likewise detailed
the Government's scheme of "contributory insurance" for
the working classes. The new taxation, the Chancellor
!mid, would yield £10,300,000 the current year, bringing the
estimated surplus up to £36,830,000. The new taxation, he
estimated, should yield in the full year approximately Z.10CO3,000.
Associated Press accounts of the presentation of the
budget stated:
2219
Contributory Insurance Scheme.
The Government's insurance scheme, Mr. Churchill admitted, represented a present capital liability on the State computed at £750,000,000.
It would, be explained, cost the taxpayers little until the third year of its
operation, when the charge on the State would be £4,000,000. But by the
tenth year the charge would be £15,000,000 by the twentieth year /24,000,000. Then,by the thirty-fifth year the burden would decline to £21,000,000.
The consuming power of the British people has been maintained,declared
Mr. Churchill.
He said he realized that the surplus of the former Chancellor's estimate
corresponded with remarkable accuracy to the budget's revenue from spirits.
the
Tobacco had fallen £2,000.000 below the last budget estimate, but on
other hand beer had advanced by 0,000,000.
Mr.
reparations,
While counting upon E9,500.000 sterling from German
Churchill said he was not budgeting any repayment of Allied debts to
England, which, he said, it they would be made would come as"additional
relief."
of
The imperial preference on tobacco will be increased from one-sixth
the full duty to one-fourth.
preferThe Chancellor preceded his statement of changes in the imperial
effect to
ence list by announcing that the Government proposed to give
this preference so far as it would not involve taxing foods.
existing
In his further announcements on taxation Mr. Churchill said the
11 shillings supertax would be reduced by the same amount as the death
duties were increased.
Upon the completion of Mr. Churchill's statement on the budget, the
House of Commons voted a resolution to accept all of the proposed measures.
Regarding the McKenna duties, we quote the following
from the New York "Times" of April 29:
The so-called McKenna duties. Inaugurated as a war measure, retained
as a necessary post-bellum expediency, and charged with being the entering
wedge for a protective tariff, were abolished in the budget of the MacDonald
Government submitted by the then Chancellor of the Exchequer, Philip
Snowden, a year ago lacking ta o days. The duties then repealed, and
which have now been restored by Mr. Baldwin's second administration,
were:
Corporation profits tax, which had already been reduced in the previous
year from one shilling to six pence.
Inhabited house duty.
Duties which had existed since Aug. 1 1923, on cinemategraph films,
clocks and watches, motor cars and motorcycles, and musical instruments.
Reductions were also made by the Labor Government in the following
taxation:
Tea duty, from 84. to 44. per pound; sugar duty,from E1 -5s. 8d. to 118.
84. per hundredweight; coffee duty.from Cl 8s. to 14s. per hundredweight;
cocoa duty from 4s. to 2s. per hundredweight: raw chicory duty, from fl
6s. M. to 13s. 3d. per hundredweight: dried fruits duty, from 10s. 64. to
7s. per bundredWeight. The entertainment tax was abolished or reduced
on cheaper seats. •
As to the effect on Stock Exchange values of the budget
proposals, the following comment appeared in the "Times"
advices (copyright) April 29:
Among the share values most affected to-day by the budget were those of
companies connected with the silk trade, particularly Courtaulds, which
for months past has been one of the most active shares in the Stock Exchange. Courtaulds. which closed Tuesday night at 103 shillings, when it
became known that a tax would be put on imports of artificial silk, rose in
first quite
the early dealings yesterday to 105. Dealers, however, did not at
,frasp the fact that an excise duty was also to be imposed on the home product,
sharply
reacted
Courtaulds
and later, when this was better understood,
to below 99.
motor
At one time to-day there were indications of strength in shares of
companies, but the early rises were not maintained. The re-imposition
profits
the
of the McKenna duties on imported cars is expected to increase
of British companies, though the market for some time has been a fairly
good one, as the financial results of companies have shown expansion since
the temporary removal of the duties.
Another share group that was influenced by the budget was the gold
producing companies.
The effect of the proposals on the market on April 30 were
indicated as follows in a special cablegram from London to
the New York "Journal of Commerce."
A feature of to-day's market was the wild fluctuation in Courtauld and
other artificial silk company shares. Courtaulds, which touched 1068.
94s. to-day on fuller recognition of the fact that the silk
Mr. Churchill faced a crowded House of Commons,his audience befitting yesterday, were
be accompanied by a home excise duty. This has caused
the great occasion and including no less than eight former Chancellors of import duty is to
surprise and disappointment, it having been hoped that the excise duty
the Exchequer.
exported silks.
Apart from its leading feature, the return to gold, the budget was of would be removed for
Oil shares were weak and practically every department of the market
vast importance, for it contained something for all classes--sixpence off
the income tax on earned incomes under £1,000 for the middle classes, was depressed.
The Stock Exchange closed to-day until Monday next, May 4, always
alleviation In the supertax for the wealthy and a big scheme of contributory
insurance for the working classes, which next year will give the widows of being observed by it as a holiday.
Insured men 10 shillings weekly for life. with 5 shillings weekly for the
eldest child and 3 shillings for each other child under the age of 14, and
also eventually old age pensions payable at 65 years, instead of 70, as Ambassador Daeschner on Financial Situation in
now,and without any test as to means.
France—Taxation and Rebuilding of
The total expenditure provided for in the budget is ,E799,400,000 and
Devastated RegiOns.
Mr.Churhcill estimated the revenue for the current year on the existing basis
of taxation, at £826,000,000. The interest on the British national debt
to make only brief reference a week
able
were
we
While
had been reduced £70,000,000 since 1920, and, the Chancellor declared,
It was most important that the policy of debt repayment should contiune. ago (page 2096) to the remarks of the French Ambassador,
A duty of 4 shillings per pound will be levied on raw silk, while made-up Emile Daeschner, at the luncheon given in his honor by the
silk will be taxed on an ad valorem basis. The reimposed McKenna
making room here for a more
duties will be effective July 1. The budget provides for a duty on hops Bond Club on April 17, we are
of ti per hundrel-weight, with a rebate of one-third to the Dominions.
extended account of his speech. As we indicated last week,
The Chancellor's explanations and comments on the country's financial Mr. Daeschner called attention to the fact that for the first
position were most interesting. Alluding to the fact that this year's
given an excess
expenditure exceeded the budget estimate by more'than £9,000,000, time since 1875 "our commercial balance has
which he characterized as "very disappointing," he remarked that the of exports over the imports." He likewise pointed out that
general elections had robbed the Tresaury of the opportunity of making
"the financial power of a country depends first on its ecoa searching examination of expenditure, thus indicating that he favored
still further retrenchment in the public services, although there is a general nomical position, adding:
opinion that rock-bottom has been reached at an annual expenditure of
In all times and in all countries the proceeds of tax collection have deapproximately /800,000,000.
pended on agricultural development and industrial and Commercial activity;
feel
justified
in
did
he
not
that
admitted
also
taking
Churchill
into and on the proceeds of taxes is based the balance of the budget which Is the
Mr.
consideration in his budget any substantial expansion of trade, which ad- basis of fin octal prosperity.
mission is regarded as rather pessimistic in view of the country's prospects.
In indicating the country's commercial activity, the folThe Government's new scheme of insurance is a very big subject and is
bound to provoke much criticism, as will also the institution of protective lowing statistics of foreign trade were submitted by Ambasduties on silk and hope. These will be points open to challenge from the
sador Daeschner:
Opposition side.
2220
TILE CHRONICLE
Since the year 1919 the figures, in francs, relating to Imports and exports
were the following:
Importations
Exportations
Difference
1920
49.904,897,000
26.894,438.000
—23,000.000,000
1921-.
22,067.908.000
19,772,512,000
—3.000,000,000
1922
23,930,328,000
21.378,943.000
—2,000,000,000
1923
32,608,012,000
30.431.510.000
—2,000,000,000
1924
40,132.574.000
41,454,137,000
—1.000.000,000
"And it must not be forgotten," said M. Daeschner, "that
the whole situation has been carried by France alone, with
her own means, when she relied to her disappointment on a
debtor whose haste in fulfilling its engagements is rather
slow. To realize the magnitude of the work done it is enough
to consider what the situation was in November 1918." Preliminary to his statements bearing on figures of taxation,
Ambassador Daeschner commented on the work of repairing
and rebuilding the devastated sections, and to the fact that
before the war they had a population of over 4% millions,
whereas at the time of peace it was reduced to two millions.
Discussing the financial situation, he said:
Firm. no.
"National and local taxation for 1925 in France shall consume about
257. of the resources of the people, which is even heavier
than the taxation
the British people have been bearing and is terrific compared with
America s
I repeat,these are quotationsfrom American,notfrom French,documents
I did not intend to try and make a complete exposition of the financial
situation of France: you all know how difficult it is at present. But it is
always good to look back to lessons of history, and the fianncial history
of the last century shows us several examples of cases in which the State
finances of France made splendid and somewhat unexpected recoveries.
In March 1814 the French 5% rente, which was the only existing
one.
went down to 45 francs. In October 1821 it had reached
90 francs. In
March 1824 it was above par in reaching 104.50 francs. In April
1848
the 3% which had been created in 1825. fell to its lowest price
of 32.50
francs, but in January 1849 It had returned to 44.90 francs, and in
1853
to 75 francs.
And when we come to more recent times, just after the war
of 1870.
we see that in March 1871 the same 3% was as
low as 50.35 francs; five
years later it reached 70 francs; in September 1880 reached
it
87.30 francs;
in September 1892 it reached 100.70 francs, and reached
its highest grade
in August 1897-105.95 francs. As to the 5% issued
in 1871 at 80 francs.
it was in September 1874 at 100.50francs and at 121.20
francs in March 1881
Why I did recall those figures, you
easily understand: They are a
practical exposition of ideas and possibilities
which are too easily forgotten.
Why should not the same results come
out of the same causes/ The
consequences of the late war have that particularity that
the country which
during the war had the heaviest burden to bear, shall
have also the heaviest
burden to bear after the victory.
But the work that country has done in those
last five years is a proof
of that power of recuperation which is so often
attributed to the French
prople—and rightly.
There were for France only two alternatives. If we were not to repair and
rebuild the devastated regions, it would have been depriving the State of a
mostimportant part of Its revenue;the devastated regions,as you know,constituted the most productive part of the country. The revenues they gave
the State were to the amount of 20% of the State's total revenue. If we
were to repair and rebuild, we would have to make repeated appeals to
private savings,and thus reduce the national wealth on which rates and taxes
Gener.al John J. Pershing was also a speaker at the banhave to bear. Still we followed the second alternative because we wanted,
even at the cost of difficulties easy to foresee, to restore as soon as possible quet, at which a notable gathering assembled, including
J. P.
the country's financial power in restcring the State's possibility of taxation. Morgan, George
F. Baker, Chairman of the First National
And there lies the primary cause of the present financial situation. But
now the task which we undertook,if it is not yet entirely finished is still very Bank; Edward P. Currier, President of the Bond Club;
far advanced; it is duo to be completed within 3 years if nothing blocks the Benjamin Strong, Governor of
the Federal Reserve Bank of
way. That delay will not seem long to those of you who visited the North New
York; Sir George Paish, the British economist; Charles
of France. We had to rebuild 742,000 houses or agricultural buildings, to
rebuild or refit 25,000 factories, to remake 50.000 miles of roads and 6,000 H. Sabin, Mortimer L. Schiff, Judge Elbert H. Gary, Charles
bridges.
E. Mitchell, A. C. Bedford, Dwight W.
Morrow, General
Those numbers have already frequently been given, but I fear they are
too often forgotten. And do not forget that at the same time the popula- Robert L. Bullard, James H. Perkins, Clarence Dillon,
tion of the devastated regions, which was before the war over 43 million Maurice Leon, Jerome J. Hanauer, Alvin
W. Krech and
of inhabitants, was at the time of peace reduced to 2 millions.
others.
But the work of rebuilding and reconstituting did not stop the collecting
_•-_---of taxes. Many people abroad seem to think (and I must confess that my
countrymen resent it strongly) tha: the part of a French taxpayer is highly a W. S. Culbertson, of Tariff Commission, Named by
privileged situation. Speaking from personal experience, I may declare
President Coolidge to Succeed Peter A. Jay
that I do not partake of that opinion. But let us return to figures—the
as Minister of Rumania.
total amount of expenses and receipts of the French State since 1920 sums
On April 28 Presidene Coolidge, in a recess appointment,
up as follows:
Year—
Expenses.
Receipts.
designated William S. Culbertson of Kansas as Minister to
1920
29.523.000.000
20.130.000,000
1921
35.093.000.000
22,840,000,000 Rumania to succeed Peter Augustus Jay, the latter having,
1922
34.386.000.000
22.903,000.000
1923
32.891,000,000
24,200.000,000 in March, been selected by the President for the post of Am1924
31.801,000,000
27,708,000.000 bassador to Argentina. Mr.
Jay has not, however, as yet
and for 1925, as you perhaps have already seen, the budget which is to
assumed his new post. Mr. Culbertson is Vice-Chairman of
be a single one and balanced, foresees a revenue of 33 billions.
Now, if you remember that in 1914 the French budget was hardly over the United States Tariff Commission.
Advices to the New
5 billions, and that in 1919, just after the war, the public revenue did York "Journal of
Commerce" from its Washington bureau
not reach 12 billions, you will at once realize that to-day, the French
taxpayer, as the depreciation of the franc is counted at 4, does pay 634 April 28, stated:
times more than he did ten years ago, and 3 times more than he did but
Mr. Culbertson's departure from the Tariff
Commission is expected to
five years ago.
be followed shortly by the retirement of
Commissioner Burgess, who has
But this is not all and I have to go further. It is often said that the already announced his intention
of returning to private life at an early
French taxpayer ought to do more and that he presently pays much less date. That contingency would
give
than those of other countries do. Perhaps I may give you a few explana- on the commission, which, together President Coolidge two places to fill
with the recent appointment of Comtions about taxes in France. In America as well as in England, the income missioner Dennis. would permit of
a virtual reorganization of the personnel
tax makes the greatest part of the State's revenue. If I judge from the of that body and probably obviate
a continuance of the three to three
annual report of the Treasury, it makes here 46% of the total receipts split, which has obtained for two years.
and 54% of the fiscal receipts. In France the income tax makes only
25% of the public revenue. This shows what a mistake is made when one
United States Seeks Settlement of Rumanian
compares the worldng ofincome tax in America, Great Britain and France.
In France we have a large quantity of other taxes. The French system
Indebtedness.
of raising money may meet or not with approval, but its particular charReports that steps to press the Rumanian
acter was always variety and diversity, and during the last century it
relief debt quesmade the French Treasury very prosperous. I counted, on the draft tion to early settlement have been
initiated at Bucharest in
budget for 1925, the number of taxes which are to be collected in France. behalf of the United
States Government by the American
You should never have guessed that they are more than 60, and even
more, as in my estimation, taxes of similar character have been counted Minister, Peter Augustus Jay, were contained in press adunder one single head, as the stamp duty, the registration duty, which vices from Washington, April 14.
The Washington "Post"
are in fact distinct from each other. Indirect taxation is in France very had the
following to say regarding the representations of
heavy. But now there remains to be seen what is the rate of taxation
and what burden it makes per inhabitant. Here again we may judge this Government in its issue of April 15:
from figures. Since last year the taxes on decedents' estates were raised
The amount involved aggregates nearly
S42,000,000, principal and
as much as to attain in some cases 95% of the estates—and the rate ap- interest, and the loan is viewed at
the State Department as a purely relief
peared so high that on various occasions heirs did prefer to give up the transaction, not to be confused with
the general war debt problem.
estate. As to the income tax, for an income of 550,000 francs (which
Views of the Washington government have
been presented at Bucharest
would be $28,000), it is now 60%. More examples could be given if it by Minister Jay in a formal
communication. It calls attention sharply
to
were not to take too much of your time. But it is extremely difficult the fact that Rumania has negotiated
refunding agreements with several
to make out an exact comparison of the burden of taxes between different other governments covering similar loans,
negotiated after the American
countries. You have to take into account the national general income. loans had been made and for smaller
amounts, but that the obligations to
which is extremely difficult to estimate. Then you have to sum up all the United States have thus far been
ignored.
rates and taxes, State or Federal as well as local or municipal taxes, which
Loans Made for Relief.
everywhere are different. As to France, ir you only refer to the fiscal
The note also emphasizes that the loans were
load per inhabitant, you would see that it passed:
not made as war measures
MOP le.: •
O'
but to relieve urgent necessities of the
Rumanian government and people
from 104 francs in 1913 I
after the war. On that ground, the Washington
to
524 francs in 1923
government holds that the
•
loan should be given priority in repayment
637 francs in 1924 and will pass
to
over any strictly war financing
to
800 francs In 1925. rA illaiims.111111MEIMPROcr''
operations.
But these are only theoretical numbers. Taxation is in itself a reduction
Mr. Jay, who has been appointed Ambassador
to the Argentine republic,
of the power of expenditure of the citizens—and its real weight is measured will remain at Bucharest indefinitely to
conduct negotiations as to loan
by the degree of restraint it imposes on them. To estimate the effort refunding and also to press for satisfactory
settlement of other pending
realized by the French taxpayer, it is necessary to compare what he pays questions, because of his special
qualifications to deal with Rumanian
and the resources which he may dispose of. To make the comparison. problems.
I will use American documents.
It is pointed out that it would merely delay
matters further if his successor
• And I will first turn to a survey recently published by the National relieved him now at Bucharest and was
Industrial Conference Board under title "Tax Burden and Public Ex- these questions before taking up actual compelled to inform himself on
negotiations with the Rumanian
penditure." If you just open the book at page 20, you may see that the foreign office.
author estimates the present burden of taxation at 11.59% of the national
Dissatisfaction Over De/ay.
revenue in America against 16.57% in France. The same conclusion is
Both the debt note and the decision to retain Mr.
Jay at Bucharest are
arrived at, still more energetically, in the "Wall Street Magazine" of believed to
represent increasing dissatisfaction at the State Department
March 14, last, which I content myself with quoting:
with the delay in settling pending questions with
that country.
MAY 2 1925.]
THE CHRONICLE
affecting
These include, besides the debt, the new Rumanian mining law
against
ell explorations, which has clauses regarded here as discriminatory
field.
legitimately acquired American private holdings in the Rumanian
by the Rumanian
In some cases application of that law has been modified
government, but it still has conflicting provisions which make it difficult
development of
for the American financed companies to proceed with the
the ground they hold.
with American private commercial
EyAnother point in conflict has to doRumanian
government in connection
and industrial advances made to the
large
with relief and reconstruction work after the war. These include
the International
Company,
Baldwin
Locomotive
sums owing still to the
Harvester Company and several other big American firms. In two or three
courts
cases, the companies have been compelled to go into the Rumanian
payments
to seek settlements, although through diplomaticpressurepartial
others.
some
and
company
Baldwin
the
have been obtained by
Land Payments Disputed.
IrStill another recent difficulty has arisen in connection with disposition
cases,
of foreign-owned lands under new Rumanian legislation. In most
the foreigners have been recompensed in gold, but in the case ofim American,
an attempt was made to pay him in depreciated national Rumanian
ssues.
2221
trots. In spite of the immediate unfavorable impression created here and
abroad, we believe that the weight of sober opinion will be quite completely
on the side that the manner in which Germany is working out her destinies
will not be affected by the election. We see in this election no basis for
pessimistic views regarding the solution of German difficulties and the reestablishment of a country whose credit will be strong. The fundamentals
have not been changed. Historically it is hard to find a progressive advance
without a check.
Funding-of:Indebtedness of Rumania to Great Britain
and France.
Press advices from Bucharest,
Associated
following
The
April 15, are taken. from the New York "Journal of Commerce":
Details of the debt consolidation arranged last autumn when Finance
Minister Bratiano visited Paris and London have never been published in
Bucharest. It is understood, however, that the agreement reached covered
long term funding of the so-called "relief bonds" owing Great Britain and
France, the British dominions and several European Governments, totaling
approximately $15,000,000. of which about $12,000.000 are held by the
British.
The bulk of Rumania's debt to the United States falls within the relief
bond category, but thus far the Rumanian Government has not offered
serious proposals for a settlement of the debt. Peter Augustus Jay. the
American Minister, refuses to discuss the contents of the latest note from
Washington to the Rumanian Government, but it is reported that the
United States demands an immediate declaration of Rumania's intentions
regarding the American debt.
The Cabinet had a long session yesterday, after which the newspapers
announced that Prince Stribey would leave Rumania shortly on an important
Saab
foreign mission.
Referring to Hindenburg's election, the following statement was given out by Speyer & Co.:
If President-Elect Hindenburg will follow the course adopted by his
predecessor with respect to Germany's observance of the recommendations
of the Dawes report, the American public will not concern itself with
Germany's internal politics. Should the newly elected President clearly
state from the outset that he intends to pursue this course and continue
a policy of conciliation with Germany's neighbors, American bankers wil
no doubt co-operate, as they have done since the adoption of the Dawes
report,in the financial and economic rehabilitation of Germany by giving
credits whenever the situation warrants it and in a general way do their
share in assisting Germany in its peaceful endeavor to regain its
old prosperity.
In the opinion of Alfred 0. Corbin, member of F. J.
Lisman & Co., the election of Field Marshal von Hindenburg as President of Germany is not unfavorable, and
probably will turn out to be a good thing. Mr. Corbin said:
Germany is a strong nation that want a strong Government. No one
knows better than von Hindenburg that war cannot make Germany. The
old general probably will be an excellent peniw maker, as has happened in
history many times.
Confirminglhis own impressions that the results of the
German elections were largely a triumph for the conservative
forces in German business and finance, and would make for
increased economic stability in the Reich, President Edward
C. Delafieldjof the Bank of America, this city, made public
several cabletdispatches received from the Bank's German
correspondents. They were all reassuring in character and
indicated that the leading financial interests in Germany
were well satisfied with the outcome.
•
Aemilius Jarvis, Sr., Former Toronto Broker, Completes
Six Months' Jail Term—Pays $60,000 Balance
of Revised Fine.
ReportediNegotiations for Loan to Rumania.
Bucharest (Rumania) Associated Press cablegrams April
At the expiration of his six months' sentence for con27 said:
spiracy to defraud the Ontario Government, Aemilius Jarvis
The newspapers here assert that Samuel Reading Bertron, of the New Sr.„former head of the Toronto banking and brokerage firm
York tanking firm of Bertron, Griscom & Co., who is now in Bucharest, of Aemilius Jarvis & Co., was released from the York County
has offered to loan the Rumanian Government $25,000,000 for recondition23. The preing the State railroads. It is stated the Government is considering the jail farm at Langstaff, near Toronto, on April
gain vious day payment was made for Mr. Jarvis to the Ontario
offer. Mr. Bertron today refused to discuss the report.
From the New York "Times" of April 16 we quote the fol- Government of $60,000, representing the balance that relowing:
mained of the $200,000 revised fine imposed on Mr. Jarvis
Although representatives of the Rumanian Government have sounded by the Court of Appeal. Mr. Jarvis and Peter Smith, forout the American market regarding a dollar loan, it was stated yesterday
mer Treasurer of Ontario, were convicted of conspiracy to
by bankers that no loan would probably be attempted for that country
the Ontario Government through bond transactions
Washington
from
defraud
Reports
up.
war
debt question had been taken
until the
that the United States Government was desirous of getting a line on Ru- and sentenced by Chief Justice Meredith on Oct. 24 1924 to
mania's attitude toward such debt attracted interest. Foreign financing
terms of six months and one day, and three
was said to depend, so far as the public market was concerned, upon the serve prison
governmental war debt solutions.
years and one day, respectively, and to pay a joint fine of
Rumania has no public loans in America. In England it has three out- $600,000. As noted in the "Chronicle" of April 11 last, page
standing issues, consisting of £23,811,000 of consolidation 4s, 1924-1968,
Court of Appeal in a decision
£1,535,400 of external 45, 1922-1942 and £9,613,212 of gold 4;is, 1913- 1835, a specially constituted
1954. In •dition, the country has outstanding ten public loans in France, handed down on March 23 cut the original fine in half and
the lar st consisting of 367,000.000 francs of 4s of 1925-1945.
apportioned it $200,000 against Mr. Jarvis and $100,000
against the former Provincial Treasurer, and stipulated in
iews Regarding Election of Field Marshal von Hinden- addition that in default of payment by either, he was to be
burg as President of Germany—C. E. Mitchell, E. imprisoned in the common jail of York County for a.term of
Speyer & Co.: Goldman, Sachs & Co., &c.
five years (unless the fine was paid before the expiration
The election last Sunday (April 26) of Field Marshal Paul of that period), to commence with the termination of the
von Hindenburg as President of the German Republic is not sentence he was then undergoing. As Mr. Jarvis had alviewed with very great concern by bankers, generally, here. ready paid $140,000 of the original fine, there remained but
Field Marshal von Hindenburg, who was elected to succeed $60,000 for him to pay.
Friedrich Ebert, the German Republic's first president, who
died Feb. 28. He was the candidate of the Nationalist-Monarchist forces; helentered_theintsidentialifieldiin opposition
to Wilhelm [Marx, [former Chancellor, candidate of the
Weimar or Republican element. The official provisional
figures of the Presidential election announced in the early
morning hours of April 27 were as follows:
Von Hindenburg
Marx
Thaelmann
Invalid vote
Totai
14,639,399
13,752,640
1,931,591
21,910
30,345,540
William Marko Expelled from New York Curb Market.
The New York Curb Market Association on April 29 expelled from membership William Marko. This action was
taken following a special meeting of the Board of Governors
of the Exchange held on the preceding day. Mr. Marko had
been a member of the curb since 1911. Violation of Article
XVI, Section 6, of the Constitution, was given as the reason
for his expulsion. This section refers to "reckless or unbusinesslike dealing, or conduct inconsistent with just and
equitable principles of trade."
President-elect Von Hindenburg will take the oath of
office and will be inaugurated as President on May 12.
Questioned regarding the result of the German election, Detroit Stock Exchange Finds Local Trading Is Promoted by Listing on New York Stock Exchange.
C. E. Mitchell, President of the National City Bank of New
A statement issued by the Detroit Stock Exchange under
York, said:
After a great war it is historically easy for a country to turn to a war date of April 17 points out that contrary to an Impression
hero as a leader, especially when there is an absence of strong individual which seems to have gained currency In some quarters, the
leadership among those generally regarded as the constructionists. In our
own history the election of General Grant did not mean that the North Detroit Stock Exchange is being benefited rather than
proposed to control the South by force of arms. The election of Von Hin- harmed by the listing of local securities on the New York
denburg does not mean that Germany will return to a militaristic state, nor
Stock Exchange. The statement goes on to say:
that she will attempt to work out her problems through monarchistic con-
2222
THE CHRONICLE
When a stock like Packard, for instance, is listed in New York there always results a much wider distribution than when such a stock is listed
merely at home. The resulting wider ownership is reflected in the demand
at home, and instead of New York taking business away from the local
Exchange, business here is actually growing instead. It seems to work out
like the opening of a new bank; all other banks do more business.
One of the chief reasons for the giowth of local trading other than that
stated above is that the average man likes to deal with a home institution,
and now that the Detroit Stock Exchange has adopted the same commission
scale as the New York Stock Exchange, there are advantages in the way of
Interest charges in dealing with the home broker. The Detroit Exchange
made this change in commission rates some weeks ago, but many of the general public seem to cling to the notion that it is cheaper to deal with a
New York house.
As a matter of fact, it is cheaper to deal at home. Stocks sold on the
New York Stock Exchange are subject to a two-day interest deduction if
payment is made on day of sale. Likewise, on delivery of stocks purchased
on the New York Exchange, the purchase is assumed to have been made in
New York and the purchaser must make funds available in New York when
delivery is ready or pay interest for the time elapsing between offer of
delivery and actual payment here.
In contrast to this, Detroit brokers point out that all sales and purchases
on the Detroit Exchange can be made at time stock is ready for delivery
without payment of any interest charges.
The following tabulation shows the rates of commission which are now in
effect on Detroit Stock Exchange, the same rates as apply on the New York
Stock Exchange for 100-share lots.
Stocks selling under $1.0
$7 50
Stocks selling from $10 to $25
12 50
Stocks selling from 25 to 50
15 00
Stecks selling from 50 to 75
17 60
Stocks selling from 75 to 100
20 00
There is also a saving in taxes by dealing with the Detroit Stock Exchange
members. New York is required to charge the seller $4, which is the New
York State tax, and also Federal tax for each $1,000 par value, or 100 shares
no par stock, whereas Detroit charges only the Federal tax of $2 per $1,000
par value or 100 shares no par stock.
The following is a list of popular stocks that are listed on both New
York and Detroit Stock Exchanges:
Detroit Edison Co.
General Motors
S. K. Kresge, corn. & pref.
Continental Motors
Motor Wheel
Packard Motor, ccm. & pref.
There seems to he an active movement toward increasing the local list, and
It is understood that a number of local favorites are lending a kindly ear to
the suggestion that they come into the fold and help maintain a very necessary and useful home institution.
Annual Conference of Partners and Branch Office
Managers of N. Y. Stock Exchange Firms—
Remarks of President Simmons.
In addressing on April 17 the annual conference of partners, branch office managers and representatives of Stock
Exchange firms, E. H. H. Simmons, President of the New
York Stock Exchange, pointed out that "the problems of the
Exchange are your problems; its prosperity is your prosperity," and that "Its progress is possible only through the
co-operative effort of every man identified with the Exchange." President Simmons described the Exchange as
"the financial nerve centre of the country," and added in
part:
It is not merely a barometer reflecting the fair weather of economic prosperity and the foul weather of economic depression; it is inevitably an influence in the regulation of our economic affairs just as it has been the sustaining force and driving power in the development of the country. The first
paragraph of our Constitution specifies that the purposes of the Exchange
shall be "to maintain high standards of commercial honor and integrity
among its members; and to promote and inculcate just and equitable principles of trade and business." The original Constitution was adopted in
1817 and the authors of the first draft have gone to their reward, but the
paragraph I have quoted, although not in the first draft, presents the vision
of the men of 1792 and the purposes of the men who followed them. Unless
we maintain high standards of commercial honor and integrity we shall not
long survive as a great institution, and unless just and equitable principles
of trade are continuously the purpose of every member of this institution its
future history wilt be but a sad reflection of a glorious past. . . .
The spirit which provided that the rules governing a member of this Exchange should be based on commercial honor and integrity, fair play and
equitable principlee of trade, visualized the necessary supplementary force
to civic legislation for the progress of the Exchange and the protection of
Its clients. . . .
It is absolutely necessary to have solidarity of understanding among all
those affiliated with the Exchange and for every one of us to realize that
the honor of the institution and the honor of its members must be maintained at all times. That can best be done by obeying and conforming to
the rules of the Exchange. These rules are just and are based on the years
of experience of its Governing Committee. To some the rules may seem
drastic, but they are necessary, and you must always remember that while
they are firmly enforced they are kindly enforced. No man who has wittingly or unwittingly violated a rule of this Exchange has failed to receive
the fullest opportunity to meet any charge. The enforcement of the rules
Is for the protection of the public as well as of the members, but the Ex.
change has another part to play in its protective policy.
It might be casually said that the Exchange should concern itself merely
with its own business and leave the protection of the public, or at least that
part of the public which does not deal through the Exchange, to others. The
Exchange is a national institution and it has grown to a position where it
has the confidence of the people. Therefore its attitude towards swindling
through the medium of securities should not be merely a passive one. All
financial and commercial interests in the United States should be concerned
with the limitation of fraud. That is the reason why the Exchange has
recently extended its fight against the bucket shops and the security swindlers throughout the country.
You are familiar, of course, with the fact that during the past year the
Exchange has organized in a national way to fight security swindlers and
has received the co-operation of our most prominent public officials and law
[VOL. 120.
enforcing officers throughout the United States. Last November I sent a
letter to all members, branch office managers and correspondents which you
received undoubtedly, calling attention to the fact that we were setting up
in the Exchange a bureau to fight these swindlers and crooks and asking for
the co-operation of all persona affiliated with the Exchange in this fight.
The response was most gratifying and hundreds of cases have already come
to our bureau here. What I want to emphasize particularly to-day is the
fact that this is not merely a temporary proposition, a step taken to meet
a momentary condition. It is a permanent policy of the Exchange, and it
is our purpose, with your co-operation, to increase its effectiveness and
enlarge its scope so that it will be an important factor in protecting innocent investors throughout the country.
You will hear from others here to-day on important matters concerning
the Exchange, but I ask you to carry back the thought that the Exchange
wants you to give your best efforts in this fight against security swindlers
and bucket shop thieves. Find out what is doing in your locality, see that
your customers and employees keep you informed of any suspicious cases and
report them promptly to the Exchange. If our three thousand members,
branch office manager and correspondents, with their friends throughout the
country, will undertake to act as the eyes of the Exchange, and to transmit
to us actual or suspicious eases of fraud, the Exchange will be.able to do a
great work in bringing to the attention of the proper authorities these cases
and helping to prevent or punish fraud. Look at this problem as'a local
one affecting your community and as a citizen of that community help to
clean out any crooks that may gather there. If you will bear this in mind,
you will be doing not merely a local but a national service. Remember also
that the Exchange is in deadly earnest in this effort.
Reference to the calling of last week's conference was
made in our issue of March 14, page 1284. In notifying members of the date of the meeting l'resident Simmons said:
For the past three years we have invited the members of Stock Exchange
firms together with their branch office managers to meetings at which we
discussed the various workings and problems of the Exchange. We believe
that such meetings have been most beneficial in bringing about a better
understanding of the Stock Exchange and its rules and regulations.
Richard Whitney, E. T. Tefft and Seymour L. Cromwell,
all members of the Governing Committee of the Exchange,
were the other speakers on the program.
Questionnaire Issued by New York Stock Exchange.
It was made known on April 1 that the New York Stock
Exchange had issued to a new group of firms the usual
questionnaire, requesting their financial position as of
March 31. We give the same herewith:
NEW YORK STOCK EXCHANGE.
Questionnaire for Registered Member NMI,
1. Total Bank Balances.—Enter separately, amount of contribution to
clearing fund of stock clearing corporation, and deposits with trust companies to guarantee cotton contracts, etc.
2. Total Money Borrowed, and Total Value of Collateral.—Enter separately, accounts carried for your firm by other banking or brokerage houses,
showing debit and credit money balances and value of securities both long
and short.
State ledger balances in the following accounts: Stock borrowed; stock
loaned; failed to deliver; failed to receive.
3. Mallet Value of Nego:iable Securities in Box and Transfer Books.—
Classify as follows: Listed on New York Stock Exchange. Market
value
over $5 per share; market value under $5 per share. Not listed
on New
York Stock Exchange. Market value over $5 per share; market value
under
$5 per share. (Note)—Do not include the value of any securities
in "Safe
Keeping," nor the value of any securities carried as "long"
if paid for in
full by customers.
4. Customers' Account. (All personal accounts other than
members of the
firm).—(a) Total ledger debit balances in customers' accounts.
Classify as
follows: I—Secured (state value of securities); 11—Partly
secured (state
value of securities); III—Unsecured.
(b) Total ledger credit balances in customers' accounts.
Classify as follows: I—Against market value of short sales of
securities (state value of
these short securities) ; 1I—Customers' credits as
margin on open contracts
In grain, cotton and other commodities (state equity
and deficit with these
contracts figured at the market); III—Free credit balances. (Note)—Do
in grain, cotton and other commodities (state equity
and deficit with these
Keeping" nor the value of any securities carried
as "long" if paid for in
full by customers.
5. Partners' Accounts (including capital
accounta).—Total debit balances
and total credit balances, also total value of long
securities and total value
of short securities in the following accounts: (a)
Partners' individual accounts; (b) Firm investments and trading accounts;
(c) Underwriting and
syndicate participation accounts. (d) Capital
accounts.
8. Profit and Loss Accounts.—Surplus and
undivided profits, including
balances in income and expense accounts (commission,
interest, expenses,
etc.) which will eventually be closed by journalizing
to a profit and loss
account. (Note)—This question may be answered by giving
one net amount,
specifying debit or credit.
7. Other Accounts.—State details (ledger
balances and value of securities) of any accounts which have not been included
in one of the answers
to the above questions, entering each account
separately. These accounts will
Include Exchange seats, office furniture and other
fixed assets, if carried on
the books, revenue stamp account, dividend
account, etc.
8. What Steps Are Your Firm Taking to
Comply With That Part of the
Resolution of the Governing Committee of July 27
1921, which declares:
"That an agreement between a Stock Exchange house
and a customer . .
does not justify the Stock Exchange house in
pledging or loaning snore of
such securities than is fair and reasonable in view
of the obligations of the
customer to the broker."
9. Contingent Liabilitics.—Give brief
description, in memorandum form,
of any contingent liabilities of the firm that are
not included in a ledger
account. Items of this nature may include: "When
Issued" contracts (total
commitments of customers); (total commitments of firm and partners).
Accommodation endorsements. Endorsements of puts and calls. Rediscounted notes. Participation in any proposition subject
to future demands.
10. Partners' Accounts in Other Offices—Have
any of the members of
your firm, individually or collectively, any security or commodity
accounts
or commitments carried by other banking or brokerage houses which
are
not reflected on your books? If so, state debit and credit balances, value of
securities long and short, and equity or deficit in open commodity contracts.
MAY 21925.]
THE CHRONICLE
Secretary of Treasury Mellon Urges Rechartering in
Advance of Federal Reserve Banks, Because of
Possible Political Attacks—Views Not Those
of Reserve Board.
he discusses the Federal Reserve
which
in
article
In an
System, Secretary of the Treasury Andrew W. Mellon makes
the suggestion that, action for the renewal of the original
charters of the Federal Reserve institutions (which still
have nearly ten years to run) "be taken well in advance of
the expiration of their present tenure, in order to avoid any
uncertainty as to policies and administration. Under the Arcumstances," says Secretary Mellon, "the questba as to the
future of these institutions has appropriately been raised."
The Secretary's article on the subject appears in the May
number of "The Nation's Business," published by the Chamber of Commerce of the United States, and coincident with
the promulgation of Secretary Mellon's views the Chamber
has made known the fact that it has submitted to a referendum vote of its members four proposals looking toward additional powers for national banks. This we refer to further
in another item in this issue. Secretary Mellon In warning
the public to be on guard against a political attack on the
• Federal Reserve System when the time comes to renew its
charters, declares that while there is little probability of
this opposition defeating renewal, there is always the possibility of the impairment of the System by changes benefiting
particular groups. The Secretary said:
2223
a few years before considering these questions in order to give the Federal
Reserve System a real chance to demonstrate its facilities unhindered by a
war or by the reconstruction period following upon a war. But this opinion
is not unanimous in official circles.
Meanwhile the Chamber of Commerce is going ahead with its plan for a
comprehensive survey of the Federal Reserve System with the idea of developing a composite business viewpoint as to what changes should be made
in the law and how the question of rechartering the Federal Reserve banks
should be handled. According to Richard F. Grant, President of the Chamber, that organization is the logical agency to make the study because it Is
non-politicaL
Chamber is Sympathetic.
So far as the Federal Reserve System may be concerned," he said, "the
Chamber has been written into history as a strong proponent of the System,
and from its outset has been a sympathetic and constructive critic. It is
important that the danger be avoided, as great now as ever in the history of
the System, of the adoption of ill-considered modifications of the Federal
Reserve Act. At the same time it may be determined that some changes is
the Act and in the policies and operations of the System will make it an
even more valuable auxiliary to business. For my own part I am confident
that a thorough-going appraisal of the System will result in an authoritative
determination of its great value to business and the country as a whole.
While the study committees will be organized by the Chamber of Commerce of the United States, and their work will proceed under its auspices
and with its assistance, they will in no way be empowered to commit the
Chamber. A final composite report may be the subject of consideration at
a political conference of business men, which the Chamber may call if later
deemed advisable. The final conclusions then may be made the subject of a
referendum of business men to be conducted by the Chamber."
In addition to the extracts given above from Secretary
Mellon's article, we also quote the following therefrom:
The System, of course, is still in its youth and lacks the experience of
European central banks. There will of necessity be changes from time to
time and constant adjustment to the needs of the country, but these changes
must be made by the friends of the System and in accordance with sound
banking principles, net by its enemies for partisan purposes. The prosperity
dependent upon the impartial and wise administration of
The effectiveness of such attack will depend largely upon the particular of the country is
unhampered by political or partisan domination.
phase of the business cycle which happens to prevail at the time. If the our banking system,
As to the suggestion that a substantial number of national banks may
country is then in the midst of a wave of prosperity the opposition to re
System, I am inclined to think that this Is not a serious
newel will be slight. If the country is passing through the low point of withdraw from the
System has demonstrated its value so conclusively to the
the cycle, however, the opposition will be more serious, because the discon- possibility. The
the country that they would be the first to resist any movement
tent which prevails at such periods is ever seeking some point of attack and bankers of
tending to weaken its position.
little discrimination is exercised in the choice of the object.
While the American banker has tended in the past to look at these quea.
While there is apparently little probability that such opposition would be
an individual viewpoint, the events in recent years have
able to defeat renewal except under unusual circumstances which cannot new tions largely from
him the close relationship of his institution to the general
be foreseen, there always exists the possibility of the impairment of the demonstrated to
and he has come to realize that his own interests are deSystem by changes benefiting this or that group, but which might prove to credit structure,
existence of a sound and well-managed credit system as a
be fundamental and seriously interfere with the proper functioning of the pendent on the
whole.
banks as reserve institutions.
This does not mean, of course, that the national bank can be made to bear
In stating that Secretary Mellon in his utterances did not inde(initely needless handicaps in competition with State institutions. Some
way of liberalizing and expandspeak in behalf of the Federal Reserve Board, the New York revision of the national banking law in the
ing the powers of the national banks is necessary, and it is to be regretted
"Journal of Commerce" had the following to say in advices that such legislation was not enacted during the session of Congress just
from its Washington bureau April 23:
closed. This matter will doubtless receive the early consideration of the
Secretary Mellon did not speak for the Federal Reserve Board in his recent next Congress.
The members of the Federal Reserve System at the present time have over
article urging that consideration be begun at this time on the question of
country, and
rechartering the Federal Reserve banks, it was stated officially to-day at 70% of the total resources of all commercial banks of the
unthe Federal Reserve Board. There Is some opinion in the Reserve Board that from the viewpoint of financial strength the position of the system is
consideration of new legislation affecang the System should be deferred for assailable. While additional membership would add little if anything to
nonthe
that
the strength of the System, it has been frequently pointed out
several years.
High Treasury officials explained to-day that in writing the article, which member State institution is not in position to serve its community as effecdeclared the present to be the time for discussion of the future of the Fed- tively as if it had direct access to the central reservoir. This is particularly
eral Reserve System Mr. Mellon was expressing his own views. However, true of the non-member State banks in agricultural communities.
officials added that! Mr. Mellon did not think that his statements were
Perhaps under normal conditions they have little need for rediscounting
against the opinions of the Federal Reserve Board. Opinion within the Re- facilities, but it is during emergencies that they need assistance in order to
serve Board of the subject is understood to be somewhat divided.
render the fullest service to the community. Furthermore, the requirements
doubtless lead to more cautious and far-sighted adminThe previous day the same paper announced the following of membership would
istration of these smaller institutions and better co-operation with the counfrom its Washington bureau April 22:
try's general credit policies. As time goes on and she System's merits beSecretary Mellon's article urging the rechartering of Federal Reserve come more fully sppreciated by the public doubtless an increasing number
banks, published this week, has given rise, it develops to-day, to a feeling of State institutions will apply for membership.
of uneasiness within the Federal Reserve System bordering on alarm. The
In spite of the great upheaval in the economic relations of the entire
Treasury Secretary, it appears, may even find it necessary to indicate that world, business in America has been able to readjust itself and continue in
his discussion of the Reserve System was the expression of personal opinions the line of orderly growth. America has escaped that chaotic condition of
rather than the views of the Federal Reserve Board, of which he is ex- her currency and credit which has characterized so many countries of Europe
officio Chairman.
In the post-war period, and now possesses a financial structure capable of
Despite the fact that a definite movement is on foot, led by the United maintaining sound business development. That this is true may be attribStates Chamber of Commerce, for a study of the Reserve System with a uted in a large degree to the operation of the Federal Reserve System.
view to early consideration of the 'question of rechartering the Federal ReThe Federal Reserve System is not a panacea for all economic and finanserve banks, the Federal Reserve Board has not yet committed itself as to cial ills and cannot entirely prevent business crises and depressions bat it
the propriety of taking up the subject at this time. In fact, it is under- can and has done much to modify them. It prevented the financial oriels
stood that there is some disposition in the Reserve Board to feel that the which followed the close of the war from degenerating into a panic. Some
question should be deferred for two or three years more, so that the System loss, some inconvenience and some mortality were experienced, it is true, but
could be judged on the basis of operation over a period of normal years no such disastrous fatalities occurred in business as would surely have rerather than subjecting it to examination so soon after the readjustment years suited without the System.
following the war.
This ability of the System to exercise a steadying influence on credit conDiscuss Future of System.
ditions is its most valuable function. The more carefully the credit faciliMr. Mellon's article, however, has precipitated discussion of the future ties are handled and the more orderly the development of business expansion
of the Federal Reserve System, and although Board members are disinclined the greater will be the duration of the periods of prosperity and the less
to comment upon his observations, it is evident that the Treasury Secretary severe will be subsequent reactions.
A thorough knowledge and development of credit control by those who
was not speaking for the Federal Reserve Board. Whether the Board will
decide to go along with the studies of the needs of the System which are to direct the System and an understanding of the same by the business public
the
Chamber of Commerce is ap- should lead to the maintenance of business on a more even keel in the future
be undertaken by special committees of
parently still to be decided, but there are indications that the Board as a than in the past and is the most important single factor in the future develwhole does not welcome the hastening of the consideration of the Federal opment of the Federal Reserve System.
The System has been the object of severe criticism during recent years.
Reserve Act by Congress, which would be the likely result of study of the
Much of this has been unfair and ill-advised, frequently founded on a lack
present law.
One reason for the apparent attitude of the Board may lie in the fact that of understanding of our credit structure and the functions of a reserve bank.
suggestions are being heard that the study of the Reserve System may lead Furthermore, there always exists a discontented element in the community
any kind.
to recommendations for a decrease in the number of Federal Reserve banks. which is opposed to existing institutions of
The recent price decline and depression in agriculture, for example, have
Some students of the System are of the belief that it might be possible to
reduce the number of these institutions from the present maximum of twelve been attributed by some elements to the Federal Reserve banks in spite of
to expand for six or eight months after
to the minimum of eight provided by the Act. It is pointed out that there the fact that bank credits continued
the expansion in agricultural districts
are something like 33 Federal Reserve institutions in the country, counting the price decline had begun and that
districts.
industrial
the
the Reserve banks and their branches and there is a question as to whether was more rapid than in
its most trying period, however,
through
passed
doubtless
has
The System
so many are necessary.
Some Changes Opposed.
and with the gradual return to more normal and more prosperous conditions
Furthermore, some of the suggestions which have been advanced for al- following the maladjustments of war, the people as a whole are beginning
which it has rendered the country by preventing
tering the powers of the Reserve banks ass not acceptable to all the members to realize the great service
from sinking into a financial panic of the old order.
of the Board. There is some opinion that it would be dangerous to the a period of depression
country's problems were something more than
the
that
too,
realize,
issue
to
They
currency against
System to deprive the Reserve banks of their right
problems and that the economic factors operating were worldgold or against bankers' bills. It is thought that it would be better to wait mere credit
2224
THE CHRONICLE
wide. The improvement in world markets and some adjustments in production have accomplished more for agriculture in this country than unlimited
extensions of credit or artificial measures of price control could ever have
done.
[VoL. 120.
course as a service which has come to be expected by their customers, and it
is generally recognized as a normal banking service, the committee says.
There exists, however, no definite authorization in law for the conduct of
this character of transaction. The committee holds that the investment business of national banks should be given a definite legal status.
The fourth recommendation deals with the question of permitting national
banks to make mortgage loans on city real estate for periods not in excess of
five years. At the present time national banks are allowed to make loans
on farm lands for five years, but on city real estate for a period of one year
only. Greater latitude, the committee says, should be given to national
banks in conduct of this class of business.
Four Proposals, Giving Additional Powers to National
Banks, Submitted to Vote of Members of U. S. Chamber of Commerce—Branches Among Issues.
The submission to a referendum vote of the business organizations making up the membership of the Chamber of
The referendum, it is announced, will be concluded in 46
Commerce of the United States, of four proposals which days.
would give additional powers to national banks was made
known by the Chamber on April 19. The recommendations,
Action by United States Government against
which were formulated in a report made by a committee of
Bethlehem Steel Corporation Growing Out of
the National Chamber, are as follows:
War-Time Contracts—Action by Bethlehem
That a national bank should be permitted, under regulation of the Comp.
Against Government—Defense of
troller of the Currency, to have branches within its own city if a State bank
Charles M. Schwab.
in the same city is permitted to have branches.
That national banks should be given indeterminate charters, subject to
Defense of Charles M. Schwab anent the Government proforfeiture for cause and termination at the will of Congress.
ceedings against the Bethlehem Shipbuilding Corporation,
That national banks should be authorized to deal in investment securities
on a basis not inconsistent with the generally recognized principles of sound Ltd., has come from Edward N. Hurley, former Chairman
banking practice.
of the United States Shipping Board, who expresed regret
That national banks should be authorized to make mortgage loans on city
that "our great Government . . . should question the sinreal estate for periods not in excess of five years.
The report upon which the referendum is based was pre- cerity of purpose and the methods of a man who rendered a
pared by the Advisory Committee of the Finance Department great service and whose integrity and honesty is believed in
by the American people." Mr. Hurley's statement was made
of the National Chamber, the members of which are:
Fred I. Kent, Vice-President of the Bankers Trust Co., New York, Chair. following the filing in Philadelphia on April 17 of the Govman; Arthur Andersen of Arthur Andersen & Co., Chicago; E. L. Carpenter, ernment's suit against the Bethlehem Shipbuilding CorporaPresident, Shevlin, Carpenter & Clarke Co., Minneapolis; Fred R. Fairchild, tion, Ltd.,
to recover $11,000,000 alleged overcharges on warProfessor of Economics, Yale University; W. F. Gephart, Vice-President,
First National Bank of St. Louis; Walter W. Head, President of the Omaha time ship contracts. Brief reference to this action was made
National Bank, Omaha, Neb.; Charles A. Hinsch, President, Fifth-Third In our issue of last week in our items under "General
InNational Bank of Cincinnati ; Felix M. McW hirter, President, Peoples State
vestment News" (page 2151), in which likewise we alluded
Bank of Indianapolis; Roy C. Osgood, Vice-President, First Trust & Savings
Bank of Chicago; Lewis E. Pierson, Chairman of the Board, Irving Bank- to the filing of the complaint in the United States District
Columbia Trust Co., New York; John J. Raskob, Vice-President. E. I. Court at New York by the Bethlehem Shipbuilding
CorporaDupont de Nemours Co., Wilmington; and Owen D. Young, Chairman of
tion, Ltd. (a subsidiary of the Bethlehem Steel) in a suit
the Board, General Electric Co., New York.
The committee points out that "It is a widely held view instituted in May 1924 against the United States Shipping
that the National Bank Act of 1863, which provided for the Board Emergency Fleet Corporation claiming $9,744,899,
organization of the national banking system, is in need of which the Bethlehem alleges is still owing to it on the warrevision In order to clarify and modernize it and to bring it time contracts with the Government. One of the principal
fully into alignment with the Federal Reserve Act." . The statements in the matter has been made in behalf of Eugene
G. Grace, President of the Bethlehem Steel Corporation, by
committee declares that:
The national banking associations of the country in an increasing number the attorneys acting for the latter—Cravath, Henderson and
are being attracted to organization and operation under State charters be- De Gersdorff, in which it is stated that "it is charged in the
cause of the relative illiberality in a number of important particulars of the Government's
suit that Mr. Schwab misused his powers as
national banking laws. This defection from the national banking system, as
well as its decreased attractiveness to new banks, is resulting in a lowering Director-General of the Fleet Corporation, which office he
of its prestige, a retardation of its growth and, by comparison with State held from April 11 1918 to Dec. 12 1918. It is not charged
banks as a whole, a relative decrease in its strength. At the same time it is that
he took any affirmative action in favor of Bethlehem.
working an appreciative change in the structure of the Federal Reserve
The charge seems to be that he should have taken some afSystem.
•
With reference to the growth of the State banking insti- firmative action against Bethlehem." It is pointed oat in
tutions and decrease in the number of national banks, the this statement that "Mr. Schwab, very much against his will
and at the urgent solicitation of the President of the United
committee says:
Whereas 40 years ago State banks controlled only 25% of the total bank- States Shipping Board, accepted the office of Director-Gening resources of the country and 20 years ago about 40%, they now control eral of the Fleet Corporation"
and that Mr. Schwab became
more than half. In the past year the resources of State banks and trust companies increased $2,000,000,000, while those of national banks during the Director-General "upon the express understanding, rdeuced
same period increased only $787,000,000. Whereas 40 years ago State banks to writing, that he would have nothing whatever to do with
in number were 38% of all banks and 20 years ago 64%, they are now 73%. the relations between the Emergency
Fleet Corporation and
In the past ten years the net increase in the number of national banks has
been less than 500, or 6%. In each of the past two years there has been an the Bethlehem interests." Mr. Schwab, it Is added; "faithactual decrease in the number of national banks. In the past two years there fully carried out this arrangement." The statement made
has been an actual decrease in the number of national banks. In the past in behalf of Mr. Grace follows:
seven years nearly 200 large national banks with resources in excess of
$2,000,000,000, or about one-tenth of the present total resources of all
national banks, have converted into State institutions. This represents average resources per bank of $10,000,000—obviously not the smallest banks.
Reserving the early situation State banks now lead both in number and
total resources our national banks and are outstripping the latter at an
accelerating rate. The steady decrease, however, during the past few decades in the relative strength• of the national banking system is not to be
understood to mean that its financial integrity or that of our existing national banks has been impaired or that individually they are not now in
sound condition.
As to the report and recommendations of the committee,
it is further stated:
In recommending that Congress should enact legislation permitting national banks to establish and operate intracity branches in States where
State law allows State banks to have branches the committee explains that
In 20 States branches may be operated by State banks. In some of them
branches are permitted not only within the city where the parent bank is
located but throughout the county or State itself. In those States particularly, it is stated, national banks feel the competition which results from
this difference and there has been a marked tendency away from the national
system in those States.
Another recommendation of the committee as set out in the referendum
Is that indeterminate charters should be granted to national banks. Originally national banks were chartered for 20-year periods. This term was
changed in 1922 to 99 years from that date, or from the date of organization,
whichever might be later. Because of their limited period, it is declared,
national banks with trust departments have been debarred from handling a
large number of so-called perpetual trusts. It is to meet this practical situation that the recommendation is made that national banks should be
granted continuing or indeterminate charter subject as at present to forfeiture for cause and termination at the will of Congress.
A third recommendation of the doramittee is "that national banks should
be empowered to deal in investment *sem:cities on a basis not inconsistent
with the general recognized principles of sound 'banking practice." National banks are now buying and selling investment securities in the natural
Ever since the completion of the ships which made up its part of the
Government's war shipbuilding program, Bethlehem has been trying to get
the GoMernment Fleet Corporation to pay the balances due Bethlehemon
account of the construction of these ships. After exhaustive negotiations
the Government finally referred the claim to the Honorable William Marshall Bullitt, formerly Solicitor General of the United States, who after a
full investigation awarded Bethlehem $5,500,000. The Shipping Board
repudiated this award. Thereupon Bethlehem sued the Fleet Corporation
in the United States District Court for the Southern District of New York
for about $9,000,000, the aggregate due Bethlehem under its contracts.
The Government has now countered by suing Bethlehem for the return of
about $11,000,000 on account of payments already made. The complaints
in both suits were filed today.
Bethlehem is advised by its counsel that the Government suit is without
merit, and that Bethlehem will sustain Its claim of which, as stated,$5,500.000 has already been awarded by Mr. Bullitt.
The Government's suit against Bethlehem is based upon the charge that
ccntracts between Bethlehem and the Fleet Corporation are invalid, although they were in form the same as was made with other corporations by
the Fleet Corporation and the Navy and War Departments during the War
when the fluctuations in the costs of materials and labor became so great
that contractors could not safely accept contracts on a lump sum basis and
after the Government had become dissatisfied with both the cost plus and the
fixed fee forms of contract.
Bethlehem's contracts were what is known as the fixed fee plus a percentage of savings contracts. Such a contract provides that the contractor
shall receive the actual cost of the ships to be built thereunder plus all
moderate fixed fee plus a percentage of any savings effected in the actual
cost of the ships below the estimated costs thereof specified in the contract.
Bethlehem, although favoring this form of contract, did not insist on it but
offered to accept contracts on any basis other than a lump sum basis that
might be prescribed by the General Manager of the Fleet Corporation.
The Fleet Corporation adopted the cost plus fixed fee plus a percentage of
savings contract, however, because it offered an incentive to the contractor
to keep down the cost of the ships.
Bethlehem was very successful in keeping down costs and on its entire program of 86 vessels built under that form of contract it effected savings below
MAY 2 1925.]
THE CHRONICLE
the estimated costs aggregating about $30,000,000,of which about $16,000,000 inured to the benefit of the Government and $14,000,000 increased
Bethlehem's profits.
In so far as has been ascertained:
savings
(a) No other shipbuilder wsa successful in effecting substantial
below estimated costs.
those
as
cheaply
so
like
design
of
ships
built
shipbuilder
other
(b) No
that were built by Bethlehem.
Other shipbuilders were settled with in full, but the Shipping Board now
seeks to penalize Bethlehem's success not only by refusing to allow the Fleet
Corporation to pay to Bethlehem the balance of the contract price, but by
suing to force Bethlehem to repay moneys already paid pursuant to the
terms of the contracts.
Bethlehem has been advised that its contracts are valid and that it will not
only defeat the Government's claim but will sustain its claim for the balance
remaining unpaid.
It is charged in the Government's suit that Mr. Schwab misused his
powers as Director General of the Fleet Corporation, which office he held
from Apr. 11 1918 to Dec. 12 1918. It is not-charged that he took any
affirmative action in favor of Bethlehem. The charge seems to be that he
should have taken some affirmative action against Bethlehem.
The facts are:
urgent solicitation
(a) Mr. Schwab, very much against his will and at the
the United States and the Shipping Board, accepted the
of the President of
office of Director-General of the Fleet Corporation at a time of a serious
national crisis.
ral of the Fleet Corporation upon
(b) Mr. Schwab became Director-Gene
, reduced to writing, that he would have nothing
the express understanding
whatever to do with the relations between the Emergency Fleet Corporation
and the Bethlehem interests.carried out this
arrangement.
(c) Mr. Schwab faithfully
All this is recognized by Mr. Edward N. Hurley, who was chairman of
the Shipping Board; Mr.Bainbridge Colby,a member of the Board who was
active in persuading Mr. Schwab to accept the post of Director General, and
Mr. Charles Pim who was the General Manager before, during and after
Mr. Schwab's incumbency as Director General.
Under these circumstances, there can be no basis of fairness or truth in
the charge now made 6 years after the event against Mr. Schwab, who at
great personal sacrifice rendered an important public service during an acute
national crisis.
Mr. Schwab made the following brief statement in the
2225
April 30, 1918.
;
_
To the President and Trustees of the United States. Shipping
Board Emergency Fleet Corporation.
Dear Sim—
The United States Shipping Board Emergency -Fleet Corporation, of
which I have been appointed director general,has,or may in the future have,
contracts or other business relations nct only with the Bethlehem Steel Corporation, of which I am an officer, director, and stockholder, but also with
certain of its subsidiary companies, in which I am directly or indirectly
interested.
I am of the opinion that it would be inadvisable for me to participate, as
such director general, in the transaction of any business between the Emergency Fleet Corporation and any of the said companies, with especial
reference to the making of contracts with or the giving of orders to such companies, and therefore request that all business between the United States
Shipping Board Emergency Fleet Corporation and the companies named
below may be handled entirely by such other officers or agents of the
Emergency Fleet Corporation as you may designate.
J
Ore Steamship Corporation.
Bethlehem Steel Corporation.
Saucon Land ez Improvement Co.
Bethlehem Steel Co.
Bethlehem Steel Bridge Corporation. Bethlehem Securities Co.
Bethlehem Shipbuilding Corp.(Ltd.)
Bethlehem Loading Co.
Fore River Shipbuilding Corporation. Union Iron Works Co.
Union Iron Works Dry Docks Co.
Co.
The Detrick .4c Harvey Machine
Bethlehem Steel Products Co.
Yours, very truly,
C. M. SCHWAB.
_
I hereby certify that the foregoing is a true and correct copy of an extract
copy of an extract from the minutes of a meeting of the board of trustees
of the United States Shipping Board Emergency Fleet Corporation on May
4Idi
2 1918.
J. PIERSON JAMES, Acting Secretary.
In introducing this letter In the testimony, Mr. Plea said'
It was finally arranged by resolution of the board that in all matter
relating to concerns in which Mr. Schwab was interested, reference should
be made for final decision to the board of trustees. That program was followed absolutely. We merely made recommendations. The board of
trustees approved of,or took final action on all contracts relating to concerns
in which Mr. Schwab was interested.
matter:
Mr. Hurley's statement defending Mr. Schwab as made
I have nothing to add to Mr. Grace's statement beyond giving out my
letter to the Government's Emergency Fleet Corporation stating the at Chicago on April 17, as follows:
Those
I
took
office.
which
under
Wilson
understanding with President
Charles M. Schwab entered the service of our Government at a critics
connected with the Shipping Board and the Fleet Corporation know that
correctly, all of the
I sedulously observed the arrangement that I would keep hands off relations reriod in the World War. If my memory serves me
before he
between the Fleet Corporation and Bethlehem. The charge now made contracts for the Bethlehem Steel Corp. for ships were made
Fleet Corporation.
that despite this understanding I should have affirmatively interfered in was appointed Director-General of the Emergency the
hearty aprroNal of
I appointed Mr. Schwab Director-General with
the relations with Bethlehem speaks for itself.
When the appointment was announced it heartened
The proceedings brought by the Government were sum- President Wilson.
the Germans
though
as
it
looked
when
time
a
our people and the Allies, at
marized as follows in a Philadelphia dispatch April 17, pub- were going to win the war—it had a remarkably depressing effect upon
the Germans.
lished in the New 'York "Evening Post":
I am not familiar with all of the details of the Bethlehem Steel Corp.'s
Suit for recovery by the Government of $11,000,000 to $15,000,000 from claim; but I am sorry that our great Government, in presenting its side
the Bethlehem Steel interests for alleged overpayments for war construction of the case, should question the sincerity of purpose and the methods
work was entered today in the United States District Court.
of a man who rendered a great service and whose integrity and honesty
The defendants named in the action by the Government are the Bethle- is believed in by the American people.
BethleLtd.,
Corporation,
Shipbuilding
Bethlehem
Corporation,
Steel
hem
Bainbridge Colby, formerly Secretary of State, who was
hem Steel Company, the Fore River Shipbuilding Corporation and the
Union Iron Works Company.
of the Shipping Board during the time referred to
member
a
The ship construction contracts on which the Government claimed overproceedings, has also defended the course of Mr.
payments exceeded $50,000,000. The suit is over the 10 per cent profit in the
Schwab in a statement as follows:
which the Government allowed contractors on war work.
The bill in equity stated that Charles M. Schwab was director general
the
time
the
at
same
and
dominating
Fleet
Corporation
States
Any one familiar with the facts must experience a feeling of great surprise
United
of the
that this suit should have been thought of, much less instituted.
figure in the Bethlehem concerns when the contracts were drawn.
to
I was a member of the United States Shipping Board, at the times
The bill also stated Mr. Schwab forced other ship builders limit their
profits to 10 per cent on ship construction and forced several of them to referred to in the suit, and among the first to suggest to my associates
return to the Government profits in excess of that amount. He took no on the Board that Mr. Schwab's help in our work should be secured. I
action to have his own companies adhere to the same rule of profits, the took the matter up very promptly with Mr. Schwab himself and I well
Government asserted.
recall the weeks spent in earnest discussion with him. in an endeavor to
In hurrying the ship work for the war,the companies paid their employees persuade him to put his great energies and abilities at the service of the
extra time and gave them bonuses, the bill stated, and then put on an Government.
When the United States entered the war every competent shipbuilding
extra charge on the wage costs upon the ground the overtime work increased
firm was loaded up with naval work. They could take no more contracts.
their overhead and decreased the efficiency of their employees.
paid
their
employe
companies
the
The Shipping Board was accordingly faced by the necessity of improvising
The bill set forth that for every dollar
a great technical industry. We had neither shipyards nor shipbuilders
as a bonus they charged the Government $2.06.offered to
compromise the nor plans nor drawings; and that inestimable thing called the "know how,''
The bill stated the Bethlehem Companies
$4,832,212 "improvement and betterment" item for $1,349,000, but the which give to British and German ship designers and workmen their great
to
court
determine how strength, was almost entirely lacking. It is to the vast credit of the
the
asked
it
Government was not agreeable and
States, because all the earnest men who constituted the Shipping Board, and the executive and
much of that sum should be refunded to the United
Improvements made were permanent.
technical staffs of the Emergency Fleet Corp. that this giant task was so
carried forward. But the actual deAt the same time the following press advices were pub- resolutely undertaken and so well were falling behind our expectatioos.
livery of completed ships lagged. We
lished in the "Post" from Washington:
The submarine destruction was gaining on us.
it
The serious movement of troops to France was about to begin with
The Shipping Board served notice on June, 1923, that would seek the
million dollars paid the aid of ships belonging to the English. It was apparent that when the
return from the Bethlehem Steel interests of several
casualty lists began to reach home public opinion would become aroused
out under war contracts.
Originally the corporation filed claims with the board for $8,500,000, and exacting and that would be little patience with excuses. It was also
were
but
these
overruled
Government,
the
from
fully realized that there is something in American psychology which makes
which it held was due
clause" in the contract under
we do not possess some
largely on the ground that the "economies 100 vessels was invalid. This us believe that no emergency can arise for which
than
man of adequate power to meet it. This has often proved true in the
which the company constructed more
any
savings
in
effected
the
in
interest
past and yet not always. It seemed to me that in view of the critical
clause would give the contractor an
situation the Shipping Board should call to its service the otstanding man
cost of work on hand. some
time ago turned the case over to the Depart- in the country whose name stood for success in large scale production.
The Shipping Board matter
has been a live subject of Congressional That man was Charles M. Schwab.
ment of Justice. The
Ile was very loath to undertake the work. He felt that his companies
discussion for two or three years.
could. They were working overtime and at top
filed by the attorneys acting for the were doing all that they
In the complaint
speed on war work. Mr. Schwab felt that he should not withdraw any
stated:
part of his energies from the prosecution of the important work already
Bethlehem Steel Corporation it is
and earnest effort to persuade him
the Government suit in so far as it affects Mr. Schwab In hand and it required persistent
The gravamen of
contracts between the Emergency that it was his duty to heed the call of his country and undertake the
porsotially is not that he made or approved
restoring the Allied shipping, which
vital
work
of
and
vast
the
of
Bethlehem Steel Company,but that he refrained from direction
Fleet Corporation and the Government in reference to such contracts. The the German submarines were sinking at the rate of 1,000.000 tons per
of
behalf
on
interfering
precedent to Mr. Schwab's becoming Director month.
facts are that a condition
In our determined effort to bring Mr. Schwab into the work I had
was that Mr. Schwab should take no part
him to meet President Wilson on a
General of the Fleet Corporation
business" between the Government body and finally made an appointment with
any
of
transaction
"in the
The facts on that point were set forth certain day at the White House at 2 o'clock in the afternoon. Up to that
subsidiaries.
its
of
any
or
Bethlehem
we had failed to be convincing, and I,well remember the luncheon
of Mr.Charles Piez, General Manager of the U.S.Shipping time with Mr. Schwab and his associate, Mr. Grace, at the Hotel WashI had
in the testimony Walsh Committee on Jan. 22, 1921.
Board, before the
ington prior to our appointment with the President. Mr. Grace earnestly
a letter from Mr. Schwab as protested that Mr. Schwab should not take up the work and I Quite as
That testimony embraces
earnestly brought forward such counter arguments as occurred to me.
follows:
2226
THE CHRONTCLE
Interview With President Wilson.
We had reached no agreement and the hour came when we had to keep
the appointment with Mr. Wilson. I vividly recall the interview. The
President, with whom I had fully discussed the question, and who was
entirely in sympathy with the effort to "requisition" Mr. Schwab,came out
of an inner room assuming that the matter was settled and that Mr. Schwab
was willing to undertake the work. He put out both his hands to Mr.
Schwab and spoke in acknowledgment of his sacrifices and of his patriotism
In a way that would have moved any man. It affected Mr. Schwab. and
in that instant his doubts and hesitation were gone and he agreed to be
drafted.
With the reaching of a decision, Mr. Schwab threw himself into the work
with all the ardor and energy which so remarkably characterizes him. He
visited the shipyards, traveling from the Atlantic to the Pacific Coast and
at once infused a now spirit into the workers, quickened the work in every
branch and began to turn out finished tonnage which at that time was the
most vital need of the world. There is not a man from top to bottom,
who was connected with the shipbuilding phase of our war effort who did
not admire him and was not grateful to him for his incomparable aid and
leadership.
During the entire period of his connection with the Fleet Corporation he
scrupulously abstained from any participation in any matter affecting his
companies, with which the Government was in the least degree concerned.
As a matter of fact, the contracts out of which the present suit of the
Government grows had all been entered into some time before Mr. Schwab
was invited to accept the direction of the Fleet Corporation. There was
no concealment of his relationships at any time. They were urged by himself In the preliminary discussions as constituting a possible disqualification.
We brushed this consideration aside. The country needed Schwab and we
reposed a trust in him which was always merited and has been completely
vindicated.
Matters of this kind require no suit, with its formal and necesslrily
unpleasant allegations. There has been the most complete willingness at
• all times to exhibit the data and records in the matter and whatever course
the case may take. eventually it can only reach a result by the processes of
.competent analysis and a candid comparison and judgment of facts.
One member of the Shipping Board—Frederick I. ThompSOn—has disputed Mr. Schwab's contentions
issued as follows on April 18:
in a
statement
[vot- 120.
enable them to go ahead with ship construction for the Government during
the war.
This large sum was deposited with the private funds of the companies and
they gained the interest upon it while in bank, but it is averred, they made
no report to the Government of the interest received, as they should have
done.
Schwab in a Dual Position.
Nearly all the contracts executed by the 5 companies under which the
Government bases its $15,000,000 claim were issued to them while Mr.
Schwab, who dominated them, was head of the Fleet Corporation, the bill in
equity states.
Mr. Schwab became Director General of the Fleet Corporation on Apr. 11
1918 and served until the following Dec. 12. He had authority to modify
existing ship contracts and award new ones, the bill states.
Referring to Schwab's dual private and public capacity, the bill states:
"During the period the aforesaid Charles M.Schwab was placed by the trustees of the Fleet Corporation in a position of power and authority over all
contracts for ship construction, under which he had the right and power to
discharge and remove any subordinate official of the Fleet Corporation who
did not carry out his commands, and was in a position of practical domination over the various officials of the Fleet Corporation, charged with the
duty of preparing and executing the shipbuilding contracts. At the same
time, through his office as Chairman of the Board of Directors of the defendants, his large holdings of stock and his dominating position, he had the
power and authority to direct the terms on which the said contracts should
be entered into by and in the name of the defendant Bethlehem Ship-building
Corporation."
In ad vices from Washington, April 19, the New York
"Journal of Commerce" stated :
Institution of proceedings against Bethlehem Steel, it develops, was held
up by the Government for almost a year after the preparations for the suit
were completed. The bill of complaint is dated for the June 1924 term
of
the court and is signed by Harlan P. Stone. as Attorney General, instead of
the present incumbent. John G. Sargent.
At a luncheon of the Pennsylvania Society held
at the
Waldorf-Astoria. this city, on April 21, at which Mr. Schwab
WIIs re-elected President for the
seventh time, resolutions
were passed in support of Mr. Schwab, who in
addressing
the gathering sa id :
As one of the commissioners of the United States Shipping Board, at one
period of such service having much to do with the settlement of shipbuilding
elaims, and as one urging the action of that body in Instituting suit against
It so happens that each time I appear before you I may have met
with
the Bethlehem Shipbuilding Corporation. It would appear to me as essential some criticism in other directions. But they all go
up in smoke when I am
that the elemental basis of the action be clarified and the injection of Mr. here with you.
Schwab's war service be separately considered.
The record evidences that Mr. Schwab, as Director General of the Fleet
D. Chauncey Brewer, of Order and Liberty Alliance,
Corporation, very properly and very soundly asserted that any profit In
Warns of Dangers of Socialized State at.Comexcess of 10% on ship construction was improper, and officially acted in
support of 18% on the contracts of the companies in which he was personally
memmoration of Battle of Concord.
interested.
Perhaps the most significant incident occurring at the
I cannot agree in the asserted position of Mr. Schwab that he could not
with propriety have concerned himself with the contracts of his own com- 150th anniversa ry of the Battle of Concord
was the gatherpany while serving as Director General of the Fleet Corporation. They
ing of the Order and Liberty Alliance at the base of the
were the first contracts he should have assured himself were within the
battle monument. An address by Daniel Chauncey Brewer,
earning limitation of the profit he set.
The service of Mr. Schwab to the Government in wartime is not of issue. President of the Order and Liberty
Alliance, featured the
That service is clearly recognized. But It was patriotic, not compensatory.
It would appear unfortunate and as unfair to Mr. Schwab to confuse the conference, Mr. Brewer In his remarks saying:
two issues. It would also be unfortunate if those charged with the responsiIt is well for us to remember as we meet at this shrine that from the beginbility of protection of the Government's interests in connection with war- ning of time the best men of all nations have taught that the Freedom that
time shipbuilding contracts be subject In such circumstances to criticism was here made possible is a God given right.
for doing what obviously was a duty.
If we bear this in mind,and let imagination dolts work, we shall see each
minute man as he answers the alarm cry of the morning of April 19, 1775,
In addition to the summary, given above, we quote from hurrying
to do the will of the races to which we severally belong.
the New York 'Males" of April 18 the following from
You have seen the electric current leap from cloud to cloud until it strikes.
Here the transmitted best thought of the ages, after lightning like darting
Philadelphia relative to the Government's action:
from Nation to Nation,found its object—and struck,
Co-defendants of the Bethlehem Steel Corporation are the Bethlehem
Here was born the America that we love. The America which realizes the
Shipping Corporation. Ltd., the Bethlehem Steel Company, the Fore River best thought of our sires. The America which is the hope of the
Nations.
Shipbuilding Corporation and the Union Iron Works Company.
How shall those of us who are gathered here today—the Slav, the Latin,
the Teuton, the Celt. the Oriental, the Anglo-Saxon, Americans all—honor
Seek One Item of $9,014.633.
the patriots of April 19 1775? I think of no more adequate way than by
The sums sought to be recovered from these companies include an item of following the example of these, our political forbears.
$9.014,633, representing one-half the savings to the Government in the
Liberty under law, and full opportunity for self-expression is always
construction of ships below the "probable cost" of building.
menaced by tyranny. In 1775, this tyranny took the shape of an unreaAccording to the Government, representatives of the Bethlehem interests sonable King and his obsequious ministers.
upon entering into the bidding for the shipbuilding contracts explained that
Today it threatens in the form of a socialized State, which may at
any
it was impracticable to estimate the actual cost of constructing ships. Up- moment shackle and crush the individual spirit.
on their representations it was agreed that the builder should receive oneIf we are to honor the heroes of Concord and Lexington by following
their
half of any saving to the Government in the completion of a ship below the example, we must subordinate private interest to
that of the community;
estimated approximate cost.
balance eager discussion of public affairs by wise restraint, and seek to
check
The representations. it is alleged. were "knowingly false in that the Beth- the present drift toward socialism by consolidating
public opinion in favor
lehem Shipbuilding Corporation. Ltd., was in a position to know what would of the principles which underlie the Federal
Constitution.
be the approximate cost of constructing said vessels, and the said amounts
Action which follows such preparation frequently smacks of immortality
stated in said contracts were known by the representatives of said corpora- because it has the dignity of a decree of God.
tion to be very greatly in excess of any costs which could reasonably be
Besides the President, those present included delegates of
anticipated, based upon the wage scale then in effect and the existing costs
national societies representing ten of the great racial groups
of materials.
"Complainant (the Government) avers that said estimates and represen- which now form an important
factor in the citizenry of the
tations that were made for the purpose of enabling the Bethlehem Shipbuilding Corporation, Ltd.. to derive excessive, unreasonable and unconscion- United States. After the addresses, which were brief, but
able profits from said contracts."
which showed a happy unanimity in devotion to the Federal
Another item in the Government claim includes payments totaling Constitution, as is,
the delegates present in behalf of Ameri$4.832.212, which the Government asserts was paid without authority to
the Bethlehem interests for "improvements and betterments," to their plants can citizens of Italian, French, Scandinavian, Jewish, Finfor shipbuilding.
nish, Lettish, Lithuanian, Syrian, Russian and Greek racial
Compromise Offer Rejected
groups, and speaking for their following, pledged anew deThe bill states that the Bethlehem companies offered to compromise the
$4,832,212 "improvement and betterment" item for $1.349,000. but the votion to the cause of ordered liberty.
Government refused to settle on that basis and asks the court to determine
how much of that sum should be refunded, since the improvements made
are permanent and greatly enhance the value and productive capacity of the Spring Meeting of Executive
Council of American
plants.
Bankers Association—Federal Arbitrations Act and
A third item is an alleged overcharge by the ship companies of $942.863
Possibilities of Application of Principle to
for wages and bonuses to their employes. An example of the overtime and
bonus payments described by the Government is that for every dollar the
Banking—Non-Cash Items—Pre-War Gercompanies paid to their employes as a bonus they charged the Government
man Banks of American Banks.
$2.08. Miscellaneous alleged overpayments to the companies make up the
remainder of the claim.
The outstanding achievements of the many working units
In addition to the specific claims the Government demands an accounting
of the American Bankers Association not only in the service
by the 5 companies of the interest they received from banks and other
financial institutions on $8,000.000 the Government advanced to them to of organized banking, but also in behalf of
general public
MAY 2 19251
THE CHRONICLE
economic welfare, were presented in review at the annual
spring meeting of the Executive Council held in Augusta,
23.
Ga., at the Bon Air-Vanderbilt Hotel from April 20 to
the.
of
President
the
by
over
presided
were
sessions
All the
association, William E. Knox. The resolutions adopted at
the meeting were given in our issue of a week ago (page
2101), and at the same time we alluded to the appointment
of a sub-committee of the Economic Policy Commission,
which will "study all phases of the Federal Reserve System
and the amendments proposed to alter the Act under which
the System is now functioning." In announcing this the
Commission expressed the belief that "as the time draws
nearer when the charters of the Federal Reserve banks must
the
be renewed, there will be increased agitation to amend
Federal Reserve Act in various ways." The membership of
the sub-committee was indicated in our item of last week.
Executive Manager F. N. Shepherd. calling attention to
the fact that there are now 28.398 banks in tile country,
stated that members In the association now number 21.143,
or about three-fourths of all the banks in the United States.
He also brought out the fact that this high record of membership was maintained, although the number of bank failures in 1924 registered the high water mark in the history
•of the United States, 743 banks having gone under.
Thomas B. Paton, General Counsel, reviewed the unsuccessful fight at Washington to obtain the enactment at the
last Congress of the McFadden Branch Bank Bill with the
111111 amendments. Mr. Paton then told of the passage by
Congress of a Federal arbitration Act. saying:
lines; developing a better understanding and relationship
between State banks and the Federal Reserve System; coordinatnig the efforts being made to increase the efficiency
of State bank supervision, and co-operating with other
agencies In a nation-wide campaign to educate the public
in the elements of sound investment. Mr. Gordon continued:
In the field of state bank supervision and regulation, it has been observed
for years that state banking laws were increasing both In number and diversity, at an alarming rate. The officers of the Division have given a
great deal of study to the problem of developing in the several states more
uniformly efficient state bank supervision. A survey was made to bring
out the high lights of successful supervision and Indicate remedial weaknesses for formulating a model code of law governing state hank supervision.
The recommendations developed were to provide adequate salaries In bank
supervision departments: give to Bank Commissioner large discretionary
power In granting charters and enforcing bank regulations: remove the
office from partisan politics by rrovidIng for election or nomination of the
State Bank Commissioner by the bankers associations: provide for a sufficient number of examiners, with adequate pay, and free their appointment
from politics: give the banking department full authority to act as receiver
In the cases of failed banks: make Bank Commissioners' terms .5 years: make
requirements for Bank Commissioner eligibility not less than 5 years of
successf II banking experience and well recognized executive ability.
The adoption of that principle by Congress has tremendous possibilities
for the future in banking. Arbitration as a substitute for litigation has
many advantages. it saves expense and delay. Also the arbitrator is
selected by the parties. Is apt to be a man who is expert in the particular
line in which the dispute arose and to give a more correct and just judgment
than a jury of non-experts. This federal arbitration act makes agreements
for arbitration valid, enforceable and irrevocable. We have nearly 30.000
banks. The railroads submit all their contmversles between themselves to
arbitration. Why can not the bankers do the same thing? Why can not
you have agreements between bank and depositor on the deposit slip that
matters In dispute shall be submitted to arbitration? There are many
thousands of little cases, where it does not pay to go to law, where each side
thinks it is right, but would be glad to have the question settled.
The report of the association's Committee on Non-Cash
Items, J. W. Barton, Chairman. said:
After the annual convention of the Association In Chicago, when a resolution was adopted approving the action of the Executive Council opposing
collection of non-cash.items by the Federal Reserve Banks, our committee
appeared before the Federal Reserve Board in Washington. filing with the
Board a brief representing the position of the American Packers Association
In opposing the handling of these items by the Federal Reserve Banks. Our
committee was given a very courteous hearing by the Board and we are
assured that the subject would be given careful consideration. Later on.
we were informed by the Board, which has as yet made no ruling on their
position in this matter, that at a recent conference of the governors of the
banks a majority of the governors seemed to favor a continuance of this
practice. The Federal Reserve Board requested that the governors of the
several reserve banks should submit a brief in answer to the hrlef filed by your
Committee on Non-Cash Items and we are assured that when this brief
shall be submitted by the governors, your committee will he given an opportunity to present another brief in rebuttal. In view of the great interest In
this important subject and its effect upon so large a number of member banks
In the Federal Reserve System, and so large a number of member banks in
this Association, we respectfully request that this report be received and that
the Committee on Non-Cash Items he continued.
It was voted to continue the committee.
W. E. Knox, President of the Association, announced the
following new members of the Executive Council: Nebraska. J. R. Cain .1r.. Vice-President Peters National Bank,
Omaha; South Carolina, .1. M. Flannigan. Cashier Citizens
Bank, Stuart; Wycining. Harry B. Weston, Vice-President
American National Bank. Cheyenne: Louisiana, Eugene
Cazedessus, Vice-President Bank of Baton Rouge, Baton
Rouge.
The belief "that the publication of tax returns made by
Individuals serves no worthy purpose" was expressed In the
Trust Company Division report made by Lucius Teter, the
President. The report also said:
For the good of all, we are vitally interested In seeing the Gift Tax
abolished and a removal of the tax on the donor of a revocable trust. We
have been greatly concerned over the multiplicity of inheritance taxes by the
states and the Federal Government. The Executive Committee of the
Division approved the recommendation of the Special Committee on Taxation that for State Inheritance Taxes the reciprocal plan or the Matthews
Plan with certain modifications be placed In operation as far as possible.
The plan to have the Federal Government retire the field of inheritance or
death taxes was also approved. Our Executive Committee unanimously
voted that we recommend to this Council the securing for all state chartered
banks and tnist companies that are members of the Federal Reserve System, the same rights as are enjoyed by National Banks in respect to becoming depositories of Government Funds.
Our work of co-operating with the bar has revealed very clearly during
recent months that many lawyers object primarily to the business of trust
companies and corporate fiduciaries generally. Several bills designed to
restrict trust company operations and forbid the advertising of trust business were introduced in state legislatures. The attitude of the Division is to
oppose such legislation.
Senator Couzens's Criticism of Management of Pennsylvania RR.—Reply by President Rea.
. Criticism of the operating management of the Pennsylvania RR. made by Senator Couzens of Michigan In a statement issued at Washington. April 21. has been followed by
a statement by Samuel Rea, President of the company, in
which he points out that a steady increase in the operating
revenue of the road has occurred since Government control
was relinquished in 1920. With reference to Senator Couzens's statement, the Philadelphia "Ledger" of April 22 said:
The report of the Committee on State Taxation by Thornton Cooke, Chairman, said that the committee would issue a
questionnaire to bring out the way in which the legal provisions as to taxation are practically applied, whether with
fairness to the banks, and with what economic and financial
effect. The committee, he said, is still engaged in the collection of facts and data showing how tax laws operate in actual practice, especially in their application to banks, and
that in due time It hopes to formulate and recommend remedial legislation.
The report of the National Bank Division, presented by
President Edgar L. Mattson, said in part:
The work of stimulating Interest In the correct performance of trust administration and of assisting in various ways in the installation and operation of trust departments by National banks has gone on apace. The trust
work being done by members of the Division shows a very satisfactory
growth and pleasing results. The Division is engaged constantly in the
work of aiding individual banks with their trust departments. Through all
of this endeavor an effort is made to impress upon the members the soundness of one of the most wholesome tenets of the Division's creed—that no
trust department should be installed unless the bank is determined to equip
the department properly and completely to perform every trust that may be
offered: misadministration would reflect adversely not only upon the trust
department but upon every other department of the bank as well.migigui
President W. C. Gordon of the State Bank Division announced that the State bank membership has reached the
new high mark of 12,194 members. The Division, he said,
had centred chiefly on encouraging the development of cooperative farm marketing facilities along sound economic
2227
The statement was handed out by the publicity organization in Senator
Couzens's office at the Capitol without comment and no explanation
was offered by the Michigan Senator as to why he singled out the Pennsylvania as his latest target.
The fact that the so-called Mellon group of financial interests form a
controlling factor In the company, however, offers a reasonable explanation
to those in Washington conversant with the situation resulting from the
open feud between Senator Couzens and Secretary Mellon.
Follows Attack on Treasury.
Since his advent In the Senate Mr. Couzens has been at swords' points
with the Secretary of the Treasury over tax policies. and his fight on the
Treasury's views regarding surtax reductions resulted in the Couzens investigation of the Bureau of internal Revenue, obviously an effort to make
all the trouble-possible for Mr. Mellon and his administration.
Relation on the part of the Treasury Department in assessing Senator
Couzens with additional taxes totaling $10.000,000 as the result of a revaluation of the sale of Ford Motor Co. stock several years ago has not
worked to allay the intensity of the Senator's attacks on the Treasury.
Senator Couzens in his statement is reported as saying:
I was much interested in the report of the annual meeting of the Penn-
sylvania RR. held on April 14, which described President Rea as presiding
over the annual stockholders' meeting for the last time because of his retiring
this year on account of that age limit adopted for all employees of the
Pennsylvania RR.
The press reported that Mr. Rea had retired without any appreciative
resolutions being adopted by the stockholders. This is regrettable because
of Mr. flea's personal high standing, but I think it is significant and evidences a knowledge on the part of the stockholders that the Pennsylvania
R11. has been running down for some time and is not the great railroad
that it once was. The responsibility for this may have been technically
Mr. flea's, but I think it can be attributed to the direct operating management.
In developing its traffic from January 1921 to June 1924 the increase
for the Pennsylvania RR, was only 31.6%, while the other Eastern roads
had an increase of 39.2%. For the first six months of 1924 the increase on
the Pennsylvania compared with 1921 was only 14.7%, while the increase
for all other Eastern roads was 27.1%.
2228
TRF, CHRONICLE
Take the locomotive inspection by the Inter-State Commerce Commission.
It indicates that the percentage ordered out of service because of defective
condition shows an increase of 6.10% in the first quarter of 1921, to 30.2%
in the first quarter of 1924. In other words, one-third of all the locomotives were ordered out of service for serious defects.f
Let us examine the percentage of those inspected ordered out of service
and you will observe for the first nine months of the fiscal year ending
July 1924 the Pennsylvania shows 21.5%, the B. & 0. only 5.8% and the
New York Central 9.3%, while the average for all railroads was 9.5%.,gi
Take the number of accidents and casualties caused by the failure of
some part of appurtenances of the locomotive and you will notice that in
the case of the Pennsylvania RR. in the period above mentioned the increase over 1922 was 175.3%,in the case of the B.& 0. 10.6%, in the case
of the New York Central 68% and in the case of all railroads 80.80%.
• Perhaps better understood would be the ratio of operating expense to
revenue. For the twelve months ending Dec. 31 1923 for the Pennsylvania
RR.it was 81.9%,for the B.& 0. 78% and the average of all the railroads
was 78%. Take a mcre recent period—the first six months of 1924. The
operating ratio for the Pennsylvania was 80.7% and all railroads 79.3%.
[Wu 120.
Mr.. Clarke an engrossed set of resolutions expressing its
appreciation of his help in developing the public speaking
talent of The employees of the bank.
The Paris office of the Equitable Trust Co. of New York
is this week opening for the convenience of its women customers, a department which establishes a new feature in
European banking. It is stated that neither European
banks nor the branches of American banks in foreign cities
have ever attempted to operate special departments to
meet the entire banking needs of their women clients. Hereafter, women residing abroad will be given quick and efficient banking service in a department entirely devoted to
their needs, and women traveling abroad on business or
As to Mr. Rea's reply, we quote the following Philadelphia pleasure will find, it is stated, in this department every ataccount published in the New York "Commercial" of April tention and all commercial or tourist information, that may
be required. In addition to this travel service and attention
23:
the routine banking requirements of its women customers,
Replying to inquiries concerning Senator Couzens's statement respecting to
the Pennsylvania RR., Samuel Rea, President, said he had not seen a this department is also prepared to recommend reliable
copy other than the extracts published in the newspapers. He said, how- schools, hotels, pensions, doctors,
dressmakers, milliners,
ever, that his relations with Senator Couzens, while purely of a business
nature, had always been friendly in character, and, so far as he was con- .etc. Mail will be rapidly delivered and special facilities
cerned, nothing had occurred to change them.
have been provided to insure ease and facility in telephonThe operating and physical conditions and the reliability of the passenger ing and cabling.
The new quarters are located on the secand freight service of the Pennsylvania RR. at the present time, Mr. Rea
stated, were better than at any period since the war. He further called ond floor of the bank's premises, at 23 Rue de la Paix,facing
attention to the fact that conditions on the Pennsylvania RR. had been the Place de L'Opera.
fully dealt with by him in his statement to the stockholders at the annual
meeting on April 14, in which he gave the essential facts of the situation
as follows:
Road Shows Increase.
"The effect of the war has been fully set forth in your annual reports,
but the lesson must not be iorgotten tnat a system which in 1916 earned
net railway operating income cd over 4102,000,000, and in 1917 $78.000,000
was returned in 1920 without net earnings, nun with an operating ueficit.
*Under your management the year 1921, notwithstanding a severe depression, turned the large deficit of 1920 into $41,000,000 ot net raiiway operating income for 1921, in 1922 it reached almost 480,000,000, even with a
strike to overcome; in 1923 these net earnings were
up to 388,000.000, and in 1924, notwitbstanaing the Presidentialbrought
election, the net railway operating income earned was *84,000,000.
In 1924 we suffered a loss of operating revenues of 103-5 %,but operating
expenses were uecreasea over 12%. The operating ratio which exceeded
100% in 1920 was, by successive stages, reduced until In 1924, as shown by
the annual report, it was 81.1--/0 of tile revenues.
The company has again reached a folumation on which by continued
vigilant and constructive management the system should, unuer
anything
like normal conditions and under the active co-operative working of officers
and employees, grautiany but surely reach a commanding poshion of earning power. It will need at all times the continuing suppoit and strength
of pudic opinion, and fair legislation and regulation, auu it is
to have
the continued confluence of its stockholders who have reachedsure
the number
of over 14o,000. frau ownership represents citizens in all classes of life,
and their financial, educational, religious and charitable institutions.
Always Paid Interest.
"I dose my active career with the deepest confidence in the basic earning
power of the property which has paid a return on tile capital
stock in every
year since it was incorporated. It has done its duty by its owners and probably outranks every large corporation in the country in the total amount of
dividends it nas paid to its stoddmiders and at reasonably
fair rates. its
employees nave always receiveu as goon wages as the company could afford
to pay, aud, notwitoszanaing wars and pantos, they have always been
pain in cash and on the nate due.
The co.npany has been a strong factor in the promotion of manufacturing
and other industries in the butte of Pennsylvania, and has supported isv.te,
Federal and municipal uovernments as a large taxpayer,
and it. has prs'filed one of the greatest transportation systems of the country."
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Clarence Dillon, of Dillon, Read & Co., has been appointed
a director of the National Park Bank of New York.
The Corn Exchange Bank of New York announces the appointment as Vice-President of Edward S. Malmar, heretofore Cashier; John S. Wheelan, formerly Assistant Cashier,
has been' made Cashier. The following have been made
Assistant Vice-Presidpnts: John R. McWilliam, Ralph
Peters Jr., Edward B. MacKenzie, Frederick L. Lister and
John W. Ross.
Louis V. Bright, President of Lawyers Title & Guaranty
Co., and President of Lawyers Trust Co., has been elected a
director of the Globe & Rutgers Fire Insurance Co.
James H. Perkins, President of the Farmers Loan & Trust
Co. of New York, in calling attention to the services which
the company is prepared to extend in behalf of Americans
traveling abroad, through its Paris representatives, James
R. Barbour and Henry King Smith, its Vice-President in
London, and his associates, Kensington, Millett and Talbot,
says:
Travelers carrying the Farmers' Loan & Trust Co. letter
of credit are well
received in all parts of the world, and I feel that I can
safely say that the
services rendered to cur traveling clients in our office
in London and in the
office of our representatives in Paris are similar in execution
and spirit to
those rendered by this institution in all its three New
York offices.
Particular attention is called to the services of the
company's trust department, and that branch which
is devoted
to the care and safe-keeping of securities. Mr.
Perkins also
says:
Due to our policy and firm conviction that,
as a trustee, we should never
place ourselves in the position of a buyer and
seller of securities at the flame
time, we have never had a bond department.
Our whole security department
Is organized for the impartial study of
securities for the benefit of our
customers and not for the sale of bonds to
the public.
Because of the publication by some newspapers of unfounded rumors concerning a proposed merger of the Bank
of America and Manufacturers Trust Co., the latter in JusThe stockholders of the National
Butchers & Drovers
tice to both institutions issues the following denial:
Bank of this city will hold a special
meeting on May 6 to
Nathan S. Jones, President of the Manufacturers Trust Co., definitely states
that neither he nor the Manufacturers Trust Co. have any interest directly act on the question of increasing the capital stock from
or indirectly in the Bank of America; have had no conferences or negotia- $1,000,000 to $2,000,000. Reference
to the fact that the bank
tions, and are not contemplating either a purchase or a merger. The story planned to
enlarge its capital was made in our issue of Jan.
is without any foundation whatever as far as the Manufacturers Trust
Co. 24, page 416.
is concerned.
The stockholders of the Chelsea Exchange Bank of New
York City, approved on April 29 the recommendation of the
directors to increase the capital stock from $1,000,000 to
$1,500,000. The new stock will be offered to holders of record May 15 at $140 a share in proportion to their present
holdings. Subscriptions to the new stock are payable by
May 22. The $40 premium will be applied to surplus. The
bank plans to go on a dividend basis shortly, after a lapse
of five years.
Lewis L. Clarke, President of the American Exchange National Bank of New York, tendered a dinner this week to
33 members of the Public Speaking Class, of which Dr.
Lyman W. Crossman, the bank's physician, is instructor.
The dinner, which was direct from the bank's own kitchen,
was served in the marble lobby of the main
banking office.
Mrs. Lewis L. Clarke was present
as the honor guest and
made a graceful acknowledgment. Every
person at the
dinner was called upon to address the gathering,
five toastmasters introducing the speakers. The
guests were presented with sterling silver pencils and the organizati
on gave
The Federal Commerce Trust Co. of
St. Louis, which is
affiliated with the National Bank of Commerce
in St. Louis,
announces the opening of a permanent
office at 14 Wall
Street, New York, in charge of J. C.
Walker, Assistant
Treasurer. The Federal Commerce
Trust Co. Is the investment security end of the National Bank
of Commerce in St.
Louis, which has more than 2,000
correspondents located in
all parts of the United States.
Max Mitchell, the former President of
the defunct Cosmopolitan Trust Co., of Boston, on April 17
obtained the consent of the State Attorney-General and
the District Attorney to have all pending charges against
him nol prossed.
The trust company was closed by the
State Bank Commissioner on Sept. 25 1920, and on Jan.
31 1922 a Suffolk
County Grand Jury, after an exhaustive Investigat
ion into
the bank's affairs, returned five indictments against Mr.
Mitchell. In reporting the dismissal of the charges against
the former head of the trust company, the Boston "Herald"
of April 18 said in part:
The general impression is that the State and
county authorities are aware
that to attempt to convict Mitchell would be
futile in the face of the out-
MAY 2 1925.]
THE CHRONICLE
come of the trial which lasted four weeks and resulted in a disagreement,
with the jury standing 11 to 1 for acquittal. At that time the jury deliber
ated 20 hours and finally reported that no good would result from further
discussion of the issues.
When that announcement was made to the presiding judge, Attorneys
Michael L. Sullivan, Frederick M. J. Sheenan and James Ronan, representing
the defendant, asked permission to poll the jury and learn how it stood
regarding the questior. of guilt or innocence.
The foreman stated that difficulty was with one man from the start of
the deliberations. That juror revealed himself, on this statement, and when
asked why he held out for a conviction, remarked, "I knew too much about
the bank.'
The charges against Mitchell that were dropped yesterday include nine
counts of making false report to the Bank Commissioner and the Department
of Banking and Insurance, with intent to deceive the Bank Commissioner,
the stockholders and directors, and with intent to injure the bank ; three
counts of making false entries in the reports for the same purpose; 11 counts
of fraudulent use of the credit of the bank, one count of larceny of $40,000
and one count of fraudulent conversion of that sum.
2229
The deposits of the Plainfield Trust Co., of Plainfield, N. J., show an
increase of 18.25%, or $1,779,000
The Mutual Savings Fund Harmonia, of Elizabeth, N. J., a gain in deposits of $1,778,000.
The City National Bank, of Plainfield, N. J., which within the year will
be consolidated with the Plainfield Trust Co., shows an Increase of $1,411,000.
Union County Trust Co., Elizabeth, N. J., a gain of $1,067,000.
Summit Trust Co. of Summit, $610,000.
Cranford Trust Co., of Cranford, $607,000.
Linden National Bank of Linden, $571,000.
Elizabethport Banking Co., of Elizabeth, $489,000.
The National State Bank of Newark, N. J., announces
that the work on its new safe deposit vaults is progressing
rapidly; the vaults are expected to be ready for occupancy
within a short time. These vaults are the latest and most
approved type of safe deposit vaults and the boxes will be
rented at prevailing rates for boxes of similar type in the
downtown section of the city, at from $5 to $200 per box per
annum.
•
•___
The First National Bank of Hawthorne, N. J., on March
19 1925 appointed Thomas B. Haddow, of the Irving BankColumbia Trust Co., New York, to be its Cashier, the appointment to take effect April 1 1925. Mr. Haddow has been
engaged in banking for 17 years. In 1007 he entered the
employment of the former New York National Exchange
Bank, then at West Broadway and Chambers Street, which,
after several consolidations with other institutions became
the Irving Bank-Columbia Trust Co. of to-day.
William A. Gamwell,formerly Vice-President of the Rhode
Island Hospital Trust Co. of Providence, died on April 23
In his 77th year. Mr. Gamwell entered the Rhode Island
Hospital Trust Co. as a clerk in 1872 and after 46 years of
service retired as Vice-President in 1918.
•
Arthur B. Witherell has been elected Treasurer of the
Hampshire County Trust Co. of Northampton, Mass., succeeding Roger B. Wells, who resigned to become Cashier of
the First National Bank of Easthampton, Mass. Mr. Witherell had been Teller of the bank. At a meeting on April 24
a new office was created by the directors of the Hampshire
County Trust Co., that of Manager of the Savings Department, and Harold R. Newcomb was elected to the post. Mr.
The striking growth of the National Bank of America, of
Newcomb graduated from Northampton High School in 1919 Paterson, N. J., which has made new quarters imperative,
and has been with the trust compayn since 1921.
is also responsible for the bank's decision to remodel their
building, formerly the Colt Building (opposite the City
On April 14 the stockholders of the Riverside Trust Co. of Hall), for occupancy by July of this year. The bank was
Hartford voted to increase the capital of the institution organized in 1923 and opened for
business July 2 of that
from $150.000 to $300.000. At the same time it was decided year. Deposits reached the million-dollar mark eight weeks
to add $150.000 to the bank's surplus, the additional stock after the opening and the banking rooms in the Watson
being offered pro rata at $200 per $100 share, to stockholders Building were found inadequate. The acquisition of the
of record April 14, such right to be exercised on or before Colt Building involved a transaction of about a half million
May 11 1925, and the subscription threefor to be made in dollars and made the bank the possessor of what is said to
cash in four equal installments of $50 each, payable on or be the largest office building In town. Following the purbefore May 11, June 10, July 10 and Aug. 10 1925. The new chase of the Colt Building, Fred IV. Wentworth, architect,
shares will be issued as of Aug. 10.
and a director of the bank, started work on plans for the
Donald E. Jackson has been elected a director of the alterations of the building. Entrance to the bank will be
through tile present main doorway, which will also serve for
Rhode Island Hospital Trust Co. of Providence, It. I.
the office building lobby. A large opening on the left toward
Henry Brown Jr., who has been with the First National Ellison Street will lead into the main banking room—the
Bank of Jersey City since 1892, has been elected Vice-Presi- latter to be approximately 26 feet high. There will be 17
dent of that institution. He will also continue as Cashier, cages. The officers' section will be located at the front end
the position which he has heretofore held. Mr. Brown of the public space and a marble stairway will lead to the
started his career as errand boy at $4 a week and gradually safe deposit section in the basement. On tile second floor
advanced, becoming Assistant Cashier in 1911 and Cashier will be located the bookkeeping and other bank departments.
In 1916. Mr. Brown is President of the Rotary Club of JerJohn J. O'Connor, President of the Wireless Phone Corsey City, member of the Cartaret Club, Chamber of Commerce, Vice-President of the Montgomery Building & Loan poration, of Paterson, N. J., announced April 23 that PaterAssociation, and also took an active part in the recent son will have another radio station, the initials of which
Y. W. C. A. building campaign. Clifford A. Spoerl, who has will represent the name of the National Bank of America,
been with tile First National Bank for some years, and was of Paterson—WNBA—through special arrangements made
appointed Assistant Cashier in January 1922, just recently with William E. Walters, President of the bank. It is
has been promoted to the office of Vice-President. Mr. planned to have a 500-watt station, with a 244 meter wave
Spoerl went with the First National Bank of Jersey City as length; the location will be in the National Bank of America
junior clerk; he has served efficiently in the many positions Building, with a branch at 42d Street, New York City, for
assigned to him, and his promotion has been warranted on artists who cannot go to Paterson.
merit. He was one of the organizers of the Hudson County
The Franklin Trust Co. of Philadelphia announces the
Chapter of the American Institute of Banking, which is the
removal on April 27 of its Delaware Avenue office to the
educational section of the American Bankers Association,
historic site of the "Old London Coffee House," Front and
and was President of the Chapter last year; this year he Market
streets.
is Educational Director. Mr. Spoerl is also a director of the
the
of
member
Chamber
Bank,
Comof
National
Bergen
On April 25 the Security Title & Trust Co., of South Philamerce, Cartaret Club and Secretary of the Montgomery delphia, opened for business at 1601 South Broad Street.
Building & Loan Association. Reference to the election of The new bank has a capital of $125,000 and a surplus of
Kelley Graham as President of the First National, succeed- $25,000. The following are the officers: W. Archer Coale,
ing Senator Edwards, resigned, appeared in our issue of President; John A. Nagel Jr. and Salvatore Paolini, ViceApril 11, page 1843.
Presidents, and John H. Nagle, Secretary and Treasurer.
The institution was organized on Dec. 11 1923. Its stock, in
A survey recently made of ° the 40 banks and trust com- shares of $50 par, was placed at $60 per
share.
panies of Union and Somerset counties, New Jersey, reflects
On
condition.
Dec. 31 1923
a steady growth and a strong
The new bank building of the Frankford Trust Co., Frankthe deposits of the combined institutions amounted to $117,- ford Avenue and Unity Street, Philadelphia, will be opened
456,000, while the resources were $138,412,805. At the close for public inspection to-day (May 2) from 3 to 9 p. m.,
and
of business Dec. 31 1924 the deposits had increased to $133,- on Monday (May 11) the bank will open for business in the
in
gain
a
$152,040,365,
of
deposits
to
resources
627,506 and
new quarters.
$17,956,000, or 14.74%, and in resources of $19,062,000, or
The board of directors of the Tradesmen's National Bank
13.71%. It is stated that the largest increases were made by
of Philadelphia has declared the regular quarterly dividend
the following banks and trust companies:
2230
THE CHRONICLE
[VoL. 120.
of $350 per share, at the rate of 14% per annum, payable
The Fletcher American Co. of Indianapolis, advises us of
May 1 to stockholders of record at the close of business the promotion of the following as Vice-Presidents:
Gilbert
April 30 1925.
B. Clippinger, who had been Secretary of the company since
its organization; Wendell Sherk and Edwin J. Wuensch,
Referring to the recent purchase of the Northwest SavSales Managers. Thomas S. Hood was elected to succeed
ings Bank of Washington, D. C., by interests identified with
Mr. Clippinger as Secretary. The other officers of the comNational
Riggs
Bank
the
of that city (mentioned in these
columns in our issues of March 28 and April 11 1925), the pany are: George C. Forrey Jr., President; Elmer W. Stout,
Washington "Post" of April 14 stated that a special meeting President of the Fletcher American National Bank, and
Theodore Stempfel, Vice-Presidents; L. P. Robinson, Treasof the stockholders of the Northwest Savings Bank had been
urer; J. F. Shaughnessy, Assistant Treasurer, and B. M.
,•called for the purpose of voting on the question of increasBurnett, Assistant Secretary.
ing the capital to $200,000 and authorizing an application to
the Comptroller of the Currency for the conversion of the
Leo M. Butzel, a member of the law firm of Stevenson,
Institution to a national bank. The "Post" further stated Carpenter, Butzel & Backus, has been elected a
director of
,that when nationalization had been accomplished the Riggs the First National Bank in Detroit, succeeding the
late ElNational Bank would take over the institution; the present liott G. Stevenson, former President of the
Detroit United
Washington Heights branch of the Riggs National Bank Railway Co. William J. Gray, President
of the First Nawould then be merged with it, and the resulting institution tional Bank in Detroit, and Mrs. Gray recently
sailed on the
thenceforth known as the Washington Heights branch of SS. "La France" for Paris. While Mr. Gray will
visit his
the Riggs National Bank.
bank's correspondents in Paris and London, his principal
mission is to meet his son Donald S. Gray, Assistant GenOn Monday of this week (April 27) the Carnegie Trust
eral Manager of the Standard Oil Co. of India, and accomCo., Carnegie, Pa. (a Pittsburgh suburb) and the First Na- pany
him back for a six months' visit to the United States.
tional Bank of that place, both institutions controlled by
The Guardian Trust Co. is the name of a new institution
John A. Bell, of Pittsburgh, reputed multi-millionaire, coal
mine operator, banker and politician were closed. The com- which is being organized in Detroit, of which William Robbined deposits of the bank were in excess of $6,000,000. The ert Wilson will be President. Mr. Wilson was formerly
following notice was affixed to the door of the Carnegie Vice-President of the Irving National Bank of New York
Trust Co. after it had failed to open for business:
City and President of the Maxwell Motor Corporation of
Peter G. Cameron, Secretary of Banking of the Commonwealth of Penn. Detroit. The Guardian Trust Co. will be
located in the new
sylvan's, is in possession of the business and property of the Carnegie Trust
Buhl Building, corner Griswold and West Congress streets.
Co., Carnegie, Pa., under the Act of Assembly, approved June 15 1923.
It will begin business about June 1 and will have a capital
J. A. TAYLOR, Examiner.
Soon after the posting of the above notice on the door of and surplus of $1,000,000 each; the stock (par $100) being
the Carnegie Trust Go. the First National Bank, which had placed at $200 per share.
been open for about fifteen minutes, closed its doors and
The Security Bank of Chicago in announcing last
week
posted a notice which read as follows:
the formal opening of its new building located
at MilwauThis bank will not be open for business this morning. By roder of the
kee, Chicago and Ogden avenues, Chicago, stated
board of directors.
that total
During the course of the morning, however, this notice was resources of the institution have grown from $1,243,203 in
1910 to $9,147,623 in 1925. James B. Forgan Jr.,
removed and the following substituted:
Assistant
This bank is closed by order of the board of directors. (Signed) National Vice-President of the First National
Bank of Chicago, is
Bank Examiner in Charges, Ernest M. Furlee.
Chairman of the board of directors of the bank; J. 0. Hanse
Peter G. Cameron, the State Secretary of Banking, arrived is President, and
Arthur E. Suter and Norman B. Collins,
in Carnegie from Harrisburg the day the banks closed and Vice-Presidents.
appointed Frank W. Jackson a special deputy as agent to
The stockholders of the Lak- e View State Bank of Chicago
assist him in continuing or liquidating the affairs of the
Carnegie Trust Co. Mr. Cameron then issued the following have been notified that a special meeting will be held to-day
(May 2) to act on plans to increase the capital stock from
statement:
The reserve fund of the Carnegie Trust Co. has been below the legal re- $300,000 to $500,000. The stock will he offered to the stockquirements for some days. Although every effort has been made by the holders at $200
per share of $100. The premium will be
company to build up the reserve to the required amount it has failed to do
so, owing to the frozen condition of its assets, which, in turn, is a direct applied either to the surplus or used as a contingent fund.
result of the stagnation that has obtained in the bituminous coal industry in The increase will become effective about July 1.
The bank
Pennsylvania for some months, the Carnegie Trust Co. being the holder of on April 6
reported deposits of $7,693,777.
obligations of coal companies aggregating a considerable
sum.
Because of these conditions it was the duty of the Secretary of Banking
to take possession of the business and property of the trust company in
order that the interests of the depositors and other creditors might be
protected.
I have appointed Frank W. Jackson, of Apollo, special deputy as agent
to assist me in continuing or liquidating the affairs of the institution as
our further investigation may determine to be for the best interests of the
creditors.
Mr. Jackson is a bank examiner of years of experience and has assisted
the Department in the liquidation of several other banking institutions. His
appointment insures an honest, efficient and economical administration of
the estate.
According to its last statement, April 9, the Carnegie
Trust Co. Is capitalized at $225,000, with surplus and undivided profits of $503,019, and had total resources of
$4,964,552; while the last published statement of the First
National Bank (April 6) showed the capital of that institution to be $100,000, with surplus and undivided profits of
$163,028 and total resources of $2,127,882. Mr. Bell is President of both institutions. In a statement in regard to the
First National Bank made the day the banks closed, Mr. Bell
said: "The First National Bank of Carnegie is in fine shape
and will be reopened for business, but I cannot say when."
A special press dispatch from Pittsburgh to the Philadelphia
"Record" on April 27 contained the following in regard to
Mr. Bell's affairs:
Bell is declared to be a victim of the fact that the bottom has fallen out
of the bituminous coal industry, in which his holdings are large.
His financial difficulties—extending over a year or more—have been the
subject of study by the biggest financial and business brains of the country,
including Secretary of the Treasury A. W. Mellon, a fellow Pittsburgher,
and Harry F. Sinclair, the oil man, with a view to finding an answer stopping short of bankruptcy for Bell.
A group of bankers met late to-day (April 27) here and appeared confident
to-night of saving Bell.
Associated with Bell in his numerous business enterprises were a number
of politicians active here and throughout the State, and a number of these,
unless Bell's affairs are straightened out, may be dragged down with him.
The merger of Minneapoli
s Trust Co. and Wells Dickey
Trust Co. of Minneapolis, under the name of Minneapoli
s
Trust Co., became effective April 27, when the Wells
Dickey
Trust Co. moved to the banking rooms of Minneapolis
Trust
Co. at 115 South Fifth Street. The arrangement
of the
present banking quarters of Minneapolis Trust Co.
is being
altered to permit of additional room for the
banking business of the Wells Dickey Trust Co. The combined
deposits
of the two institutions exceed $14,000,000. The
total assets
are nearly $17,000,000. Reference to the proposed
merger
was made in our issue of April 18, page 1970. The
Minneapolis Trust Co. was organized in 1888. In 1913 it
became
affiliated with the First National Bank, the largest
bank in
the Northwest. The Wells Dickey Trust Co. was
formed
nine years ago by the Wells Dickey Co., an investment
house.
The parent organization will continue to operate
its bond
business under its present name and at its present
location
in the McKnight Building. Advices to us state:
The consolidation will effect greater economy
and efficiency in the
operation and management of the business of both
companies and will benefit
the trust estates now in the hands of each institution,
as well as those which
will be acquired in the future by the combined
It will bring to the clients of the Wells Dickey institutions. In addition,
Trust Co. a safe deposit service in the new vaults which Minneapolis Trust
Co. installed less than a year
ago in the basement of the First National Soo
Line Annex. The new institution will give to the public complete trust,
banking, investment, safe deposit and real estate management and loan services.
The closing of the First National Bank
of Crandon, Wis.,
was reported in the following press dispatch
from that place
on April 23 printed in the Chicago
"Tribune" of the following
day:
The First National Bank here was closed to-day
by National Bank Examiner Stevens. He would make no statement
other
amounted to $375,000, the surplus to $10,000, and than that the deposits
that the bank was cap.
italized at $50,000.
MAY 2 1925.]
VIE CHRONTCLE
The Kansas City (Mo.) "Times" of April 20 stated that
announcement had been made on the.previous day of. the
completion of plans for the reorganization of the New England National Bank of that city under the title of the New
England National Bank & Trust Co. In Kansas City. The
new institution, it was said, would be capitalized at $1,000,000, with a surplus of $500,000, and the change would go into
effect on that day (April 20). Under the reorganization
John F. Downing, founder of the New England National
Bank, and its President for 36 years, would become, it was
said, Chairman of the Board, and Joseph F. Porter, President of the Kansas City Power & Light Co., and for many
years a director of the New England National Bank, would
be President. Mr. Downing, it was said, would continue to
be active in the management of the bank's affairs, devoting
his entire time to it. The bank issued a statement with regard to the reorganization, which reads as follows:
The directors of the New England National Bank announce the conclusion
of certain changes in the organization of that institution which have been
under consideration for a considerable time past with a view to increasing
the facilities of the bank to meet the Leeds required of a present-day banking
institution. With that in view the bank has been reorganized into a new
national banking association under the title New England National Bank
& Trust Company in Kansas City." As such it will extend its trust company
operations, acting in all fiduciary capacities, in addition to carrying on the
functions of a conunercial bank of deposit.
The Kansas City "Times" also said:
2231
The American National Bank of Shreveport, La., and its
allied institution, the American Bank & Trust Co., both plan
to increase their capital stock. The capital of the American
National Bank, at present $150,000, will be increased to
$300,000, while that of the American Bank & Trust Co., now
$100,000, will be raised to $150,000. The new stock of the
National Bank (par $100) will be disposed of at $16250 per
share; the stock of the trust company (par $50) will be
placed at $8125. The stockholders will meet May 12 to
ratify the plans.
The South Texas National Bank, of Galveston, has increased its capital from $200,000 to $400,000. The additional
stock was authorized by the stockholders on March 11 and
the new capital became effective March 17. In its statement
under date of April 6 the bank reported a surplus of $150,000
and undivided profits of $22,493.
Halsey E. Poronto, President of the United States Cold
Storage Co., of Chicago, has been elected a director of the
Citizens' Trust & Savings Bank of Los Angeles. Recent
mergers have made this bank one of the leading financial
institutions of the Pacific Coast. As President of Central
Manufacturing District, Inc., of Los Angeles, and VicePresident of the Los Angeles Union Stock Yards and Los
Angeles Junction Railway Companies, enterprises founded
by Chicago men, Mr. Poronto has large Los Angeles interests.
Mr. Poronto is also industrial agent of the Central Manufacturing District of Chicago, an industrial community of
some 300 firms, Vice-President of the Chicago Union Stock
Yard & Transit Co., President of the Kansas City Cold Storage & Warehouse Co., Vice-President of the Central Manufacturing District Bank of Chicago, and a director of the
Stock Yards Banks of Chicago.
Architects' plans for increasing the physical facilities of the bank, in line
with the broadened activities contemplated, call for an expenditure of about
$300,000. This provides for the installation of safe deposit boxes, and in
addition to the extension of the trust department, contemplates active savings, bond and real estate departments.
Mr. Porter will continue at least for the time being as President of the
power and light company, although he will devote the greater part of his
time immediately to the bank. Mr. Porter has been a member of the board
of directors of the New England National Bank for several years. In his
direction of public utilities, he also has combined considerable banking
experience. In 1884 he was Cashier of a private bank at Woodbine, Iowa,
and shortly thereafter one of the organizers of the First National Bank of
Woodbine, of which he still is a stockholder. Dater he served as a director
of the Illinois State Trust Co. in East St. Louis. In 1906 Mr. Porter became a director of the American CoMmercial & Savings Bank of Davenport,
de lough, formerly an Assistant Cashier of
Cornelius
Iowa, then known as the German Savings Bank, serving as active Vicethe Anglo-California Trust Co., of San Francisco, and who
President until his removal to Kansas City.
The Mississippi State Banking Department on April 16
announced the closing of the Haddam State Bank at Haddam, Washington Co., that State, according to the Topeka
"Capital" of the following day. The bank, a small one,
capitalized at $15,000, was a member of the Guaranty Fund.
it was stated.
That the Richmond Trust Co., Richmond, had purchased
the business and good-will of the Hopewell (Va.) branch
of the Union Trust & Mortgage Co., of Petersburg, Va., was
reported in an Associated Press dispatch from the latter
place on April 15, which appeared in the Richmond "Dispatch" of the following day. It was further stated that the
transfer had gone into effect on that day (April 15) and
that R. T. Short, heretofore the Cashier of the Hopewell
branch of the Union Trust & Mortgage Co., would be temporarily associated with the now new branch at Hopewell of
the Richmond Trust Co.
The newly organized Alabama Trust & Savings Bank, of
Jacksonville, Ala., began business on March 20. C. A. Whitemore is President; Dr. 0. Sargent is Vice-President, and
R. L. Heffington, formerly of Cattanooga, Cashier. The in-.
stitution has a capital of $25,000 and surplus of $2,500.
The selling price of the stock, all of which has been disposed
of, was $110 per $100 share.
The G. L. Miller Bond & Mortgage Co., of Miami, Fla.,
has enlarged its scope and changed its name to the Trust
Company of Florida. The change went into effect March 23
1925. The capital of the trust company Is $200,000 and it has
a surplus of $300,000. The officers are G. L. Miller, President; P. G. Dusenbury and B. P. Richards, Vice-Presidents;
R. E. Kerby, Treasurer; F. W. Crozier, Secretary. We are
advised that the institution will continue to specialize as
before in the creation and sale of first mortgage bond issues
secured by income-earning buildings in the larger cities of
Florida.
A charter has been issued for the Citizens Bank of Miami,
Fla., of which J. R. Bozarth will be President. The bank
has been formed with a capital of $100,000 and surplus of
$20,000. President Bozarth will be associated in the management with Floyd M. Jeffords, Vice-President, and H. H.
Pounds, Cashier. Besides the foregoing, the directors include John A. Punds, G. Mentz Carden, Vice-President of the
Citizens Loan & Savings Co., and Dr. C. E. Tumlin. The
bank will begin business about Sept. 1.
had been in the bank's service for 15 years, was arrested on
April 10 for the alleged embezzlement of $10,500 of the institution's funds, according to the San Francisco "Chronicle"
of April 11. According to the police, the accused admitted
his peculations when questioned, and although the charge
against him involved but one item of $10,500, it was thought
probable his embezzlements would reach $54,000. The
"Chronicle" further stated that two months previously auditors had discovered a discrepancy in de Iongh's books and
he had been dismissed from the bank. Subsequently a complete audit of his books was made, together with an investigation of his activities as a result of which his arrest followed.
The death occurred in Toronto on April 24 of Sir Augustus
M. Nanton, K.C., President of the Dominion Bank, and one
of the leading financiers of western Canada, after an illness
extending over several months. Sir Augustus, who was in
his 65th year, was born in Toronto, the son of Augustus
Nanton, a well-known Toronto barrister. After receiving his
education in the Toronto Model School he began his business
career at the age of 13 in a real estate office. Later he entered the Toronto brokerage house of Osier & Hammond and
in 1884, when but 24 years of age, was taken into partnership and sent to open a branch of the business in Winnipeg,
which eventually developed into the new firm of Osier,
Hammond & Nanton, and of which he was the executive
head, it is understood, at the time of his death. From 1884
on his career was closely identified with the growth of Winnipeg, which when he arrived there was only a prairie town
and was suffering from the effects of the collapse of a boom.
During the critical period from 1894 to 1900 he was the
receiver of the Manitoba & Northwestern Railway Co., representing the English bondholders, whose interests he safeguarded. In 1908 he became President of the Winnipeg
Board of Trade and later President of the Winnipeg Stock
Exchange. In August 1924 he was elected President of the
Dominion Bank (whose head office is in Toronto), succeeding his former business colleague, the late Sir Edmund
Osier. Prior to that time he had been a Vice-President and
a director of the institution. In addition to the activities
mentioned above, Sir Augustus at the time of his death was
President of the Winnipeg Electric Co., director and Chairman of the Canadian committee of the Hudson's Bay Co.,
and a director of the Canadian Pacific Railway. He was
also a Vice-President of the Alberta Railway & Irrigation
Co., director of the Northern Trust Co., President of the
2232
THE CHRONICLE
Manitoba Cartage Co., director of the Toronto General
Trusts Corporation, director of North of Scotland Mortgage
Co., director of the Manitoba Bridge & Iron Works, director
of the Ogilvie Flour Mills Co., as well as other companies.
In recognition of his patriotic services rendered during the
war he was knighted in 1917.
The 26th semi-annual report of the Sumitomo Bank, Ltd.,
of Osaka, Japan (head office Kitahama, Osaka, Japan), has
just come to hand. It covers the six months ending Dec. 31
1924 and shows net profits for the period of yen 4,032,266,
which when added to yen 1,985,940, the balance brought forward from the preceding half year, made a total of yen
6,078,206 available for distribution. This amount was allocated as follows: Yen 2,500,000 to pay dividend; yen 1,500,000 credited to reserve fund; yen 150,000 contributed to pension fund,and yen 140,000 to pay bonus, leaving a balance of
yen 1,788,206 to be carried forward to the next half year's
profit and loss account. The total assets of the bank as of
Dec. 31 1924 are shown in the statement as yen 513,995.580
and deposits as yen 376.589,993. The Sumitomo Bank, Ltd..
has a paid-up capital of yen 50,000,000 and a reserve fund of
yen 20,500,000.
[voL. 120.
TRANSACTIONS Al' THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY
Week Ended May 1
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales al
New York Stock
Exchange.
Stocks,
Number of
Shares.
RaUroad,
,be.
Bends.
Stale,
Municipal &
Foreitnallonds.
425,400
861,620
805.702
978,920
1.174.064
1,276.200
53.919,000
5,897.500
8.081 000
8.785.000
7.687.500
12.847,000
$1,188.500
3.919.000
2,712.000
2.369.700
2.926,000
2.036.000
$254,500
1,446,300
1.192.300
651.750
1,350,000
1,379.000
5,521.906
$47,208,000
$15,151,200
$6,273,850
Week Ended May I.
1925.
Stocks-No. shares. _
Bonds.
Government bonds_ __
State & foreign bonds_
Railroad & misc. bonds
1924.
5,521,906
United
Stales
Bonds.
Jan. 1 to May I
1925.
1924.
4,085.929
138,773,799
83,572,338
$6.273,850 $22,717,000
15.151,200
9.026.000
47.208,000 38,267,000
$142,903,860
219.826,300
944.797.500
3348.805.000
130,238.000
585,214,000
Total bonds
$68,633,050 $70,010,000 $1.307,527.660 $1,064,257,000
DAILY TRANSACTIONS AT THE: liosToN.
PHILADELPHIA AND
BA LT1MORE EX ill ANDES
Week Ending
May 1 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Boston.
Philadelphia.
Shares. Bond Sate.s. Shares
9,036
14.705
12,116
10.860
13.813
12.066
$11,000
48.200
23,500
13,200
6.600
20,000
5.265
8,202
9.933
8.937
9.679
4.121
Baltimore.
Bond Sates. Shares. Bond Saks
59.100
30 000
22.000
42,800
53.000
65.000
562
1.395
2.115
1.922
1.766
3,819
$11,500
29,000
23.200
39,200
69,700
20,000
The condensed statement of the Chosen Industrial Bank,
Ltd., of Japan (head office Keijo, Chosen) for the six
Total
72.596 $122.500
46.137 $22L900
11,579 $192,600
months ended Dec. 31 1924, shows total assets as of that date
of yen 215,335,104, the principal items of which are: Loans Prey, week revised 98,586 $111.650 61.219 5270.500 11,085 5288.800
and advances, yen 165,606,000; capital unpaid. yen 15,000.000; bills discounted and call loans, yen 13.897.173; other
ENGLISH FINANCIAL MARKETS-PER CABLE.
assets, yen 4,835.997; bank premises, yen 4,586,411; cash on
The daily closing quotations for securities, &c., at London,
hand, yen 4,247,350, and bonds and debentures, yen 3.497,193. as reported by cable, have been as follows the past week:
London,
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
On the liability side of the statement debentures issued are
Week Ending May 1Ayr. 25. Apr. 27. Apr. 28. Apr. 29. Ayr. 30. May 1.
per on
d 3144
3141
311-16 31 3-16 315-16
3144
given as yen 118,800,000; total deposits as yen 46.560.747, Silver,
Gold, per fine ounce
86s.3d. 85s.9d. 8Ps.
848.114441.
57
and capital subscribed as yen 30.000.000. The bank's paid-up Consols. 214 per cents
57
57
Holiday
5744
Britt h. 5 per cents
10234 z10044
100
100
Holiday
capital is yen 15,000,000 and its reserve fund yen 2.553,270. Briti=h. 444 per cents
Holiday
French Rentes On Paris)_.fr.
20
1
20 9
45
5 % :g54
It maintains 57 branches throughout Chosen (Korea), be- French War.
Loan(in Parls)fr.
56.10
56.10
56.15
56.10
54.85
sides Tokyo and Osaka offices.
The price of silver in Now York on the same day has been:
Silver in N. Y., per oz. (cts.):
Foreign
6634
6634
67
67
6734
6744
THE WEEK ON THE NEW YORK STOCK EXCHANGE. z Ex-Interest.
Price movements in the New York stock market continued
COURSE OF BANK CLEARINGS.
irregular during the week and on some days it was difficult
Bank clearings for the country as a whole again show an
to discern any definite trend though the active list as a whole
increase as compared with a year ago. Preliminary figures
displayed an advancing tendency during the latter part of
compiled by us, based upon telegraphic advices from the
the week. On Saturday trading was dull and the movement
chief cities of the country, indicate that for the week ending
of prices very irregular. The market improved on Monday,
to-day (Saturday, May 2) bank exchanges for all the cities
vigorous advances following early losses, some specialties
of the United States from which it is possible to obtain
going briskly forward from 10 to 16 points. United States
weekly returns will run 6.3% larger than in the corresponding
Cast Iron Pipe & Foundry closed the session with a net gain
week last year. The total stands at $10,010,793,771,
of nearly 15 points above its low of the day. Reading
against $9,417,870,292 for the same week in 1924. At this
reached a new high for recent trading, and Seaboard common
centre the increase is 6.5%. Our comparative summary for
and preferred both advanced a point or more. The market the week is as follows:
continued to improve moderately on Tuesday, numerous
gains of a point or more occurring in the general list. Southern
Clearings-Returns by Te egrayh.
Per
Week Ended May 2.
1925.
1924.
Cent.
Railway, Atlantic Coast Line and Reading continued to
$4,993,000,000 54,688.364,502
advance to new high levels. In the motor shares, Maxwell, New York
+6.5
Chicago
636,274,721
592,282,861
+7.4
"B," sold as high as 7938. United States Cast Iron Pipe Philadelphia
432,000,000
399,000,000
+8.3
Boston
348,000,000
348,000,000
_ ___
made another forward spurt of 63/i points to 156-but later Kansas City
100.645,619
106.162.243
-5.2
St. Louis
111,700,000
111,000,000
+0.6
yielded 2 points to 154. Motor shares were the feature of San
Francisco
145,444,000
132,000,000 +10.2
120.475.000
the trading on Wednesday. Afaxwell "B" again leading Los Angeles
115,160.000
+443
Pittsburgh
140,898,116
131,333.668
+7.3
the upswing with a net gain of 6 points from its early low. Detroit
129,341,682
124,871,909
+3.6
Cleveland
86,726,945
82,388,288
+5.3
General Motors, Mack Trucks and Studebaker were also Baltimore
87,489,764
86,563,382
+1.1
40,880,896
53,095,556 -11.7
in strong demand at improving prices. Considerable interest New Orleans
$7,378,876.743 $6,970,222.409
Thirteen cities,5 days
was displayed in railroad stocks, Southern Railway advancing
+5.9
963,451.400
cities, 5 days
878,002.835
+9.1
two points, and Atlantic Coast Line going forward more Other
all cities, 5 days
$8,342.328,143 $7,848,225,244
+6.3
than a point. Trading was more active on Thursday, but AllTotal
1,668.465.628
cities. 1 day
1.569,645,048
+6.3
the market was unsettled, alternate periods of advances
Total all cities for week
$10,010,793,771 $9,417,870.292
+6.3
and declines occurring in numerous stocks, the price fluctua
for
details
exact
Complete and
the week covered by the
tions including both new tops and low levels in many of the
market leaders. Southern Railroad crossed 92. Motor foregoing will appear in our issue of next week. We cannot
stocks also improved, Studebaker going above 45 after the furnish them to-day, inasmuch as the week ends to-day
report for the March quarter was promulgated. Maxwell (Saturday) and the Saturday figures will not be available
Motors "B" maintained its lead in this group and at one until noon to-day. Accordingly, in the above the last day
period sold as high as 86, but the Dodge Brothers issues were of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
weak, the preferred stock declining nearly two points.
United States Steel common advanced more than a point. present further below, we are able to give final and complete
On the other hand, United States Cast Iron Pipe & Foundry results for the previous week-the week ended April 25. For
yielded nearly nine points from its high of the day. In- that week there is an increase of 8.3%, the 1925 aggregate
creased strength and activity and substantial advances in of the clearings being $8,983,665,214, and the 1924 aggregate
industrial and railroad issues were the features of the trading $8,294,134,706. Outside of New York City, however, the
on Friday. American Can led the upswing with a five increase is only 5.0%, the bank exchanges at this centre
point advance to 1763
%. Missouri, Kansas-Texas reached recording a gain of 11.0%. We group the cities now accorda new top on the present movement at 833/i and Union ing to the Federal Reserve districts in which they are located,
Pacific was up nearly five points from its recent low. The and from this it appears that in the New York Reserve District (including this city) there is an improvement of 11.0%
final tone was strong.
and in the Philadelphia Reserve District of 7.7%, but that
the Boston Reserve District shows a decrease of 7.7%.
In the Cleveland Reserve District there is a gain of 2.8%,
in the Richmond Reserve District of 5.3%, and in the
Atlanta Reserve District of 19.8%. In the Chicago Reserve
District the totals are better by 3.5%, in the St. Louis Reserve District by 7.4%, and in the Minneapolis Reserve
District by 8.1%. The Kansas City Reserve District has a
gain of 12.1%, the Dallas Reserve District of 16.7%, and
the San Francisco Reserve District of 5.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended May 11925.
1925.
1924.
168.0?
Dec.
Federal Reserve Districts.
11 cities 408,203,171 442,170,634
(1st) Boston
5,200,447,915 4,684,737,431
11
(2nd) New York
595,•59,119 552,739,832
(3rd) Philadelphia_ _ _10
38+,301,171 372,852,380
8
(4th) Cleveland
191,445,772 181,866,770
6
(5th) Richmond
206,059,3841 171,976,079
11
(6th) Atlanta
918,658,810 887,381,026
20
(7th) Chicago
203,915,2341 189,876,874
8
(8th) St. Louis
111,98,,214 106,319,513
(9th) Minneapolis__
233,466,3171 209,215,349
(10th) Kansas City. 12
62;482,711 53,439,660
6
(11th) Dallas
463,342,3% 441,457,158
17
(12th) San Franciseo
1923.
1922.
55
-7.7 438,612,258 352,041,989
+11.0 4,303,089,817 4,674,196,926
+7.7 486,620,288 437,374,955
+2.8 379,019,615 265,142,925
+5.3 161,191,6771 135,378,687
+19.8 156,160,458 124,219,431
+3.5 887,975,492 736,89,723
+7.4 62,809,0E5 48,555,138
+8.1 106,214,7921 93,536,005
+12.1 235,477,783 216,01'4,813
+16.7 49,057,844 41,195,278
+5.2 443,988,894 348,578,442
126 cities 8,931,6E5,214 8,293,134,7061 +8.3 7,711,247,983 7,473,528,112
Grand total
3,896,933,875 3,710,345,123 +5.0 3,516,501,337 2,889,911,517
Outside New York City
"spade
2233
THE CHRONICLE
MAY 2 1925.]
go Mt,P. 308,96,113 231,888,014 4.77 299,611,481 327.556,013
We now add our detailed statement, showing last week's
figures for each city separately, for the four yearsWeek Ending April 25.
Week Ending April 25.
Clearings at
1025.
1924.
Inc.or
Dec.
1923.
‘•
I
1922.
$
$
$
Seventh Feder at Reserve 13 strict-Chi cage177.810
262,878
Mich.-Adrian _ _
178,516
248,505 +5.8
563,342
670,818
Ann Arbor_ __ _
592,267
550,085 +21.9
96,147,388
172,364,337 159,780.622 +7.9 144.799.880
Detroit
5,456,621
6,700,322
6,037,021
6.391,590 +4.8
Grand Rapids_
1,624,541
2,193,552
2,095.827
Lansing
2,160,124
+1.5
1,788,463
2.459,332
2,404,475 +2.3
Ind.-Ft. Wayne
2.174,895
14,783,000
16,425.000
Indianapolis...
18,147.000
16,776,000 -11.9
2,075.250
South Ben& _ _
2,585,000
2,411.800
2,270,000 +13.9
5,056,572
Terre Haute_ _ _
5,154,930 -1.9
6,016.930
25,771.047
34,690,100
Wis.-M ilwaukec
33,458,230
32,289,248 +7.4
2,095,825
2,471,357
2,357,630
2.252,330 +9.7
Iowa-C441. Rap.
8,553,204
11,210,651
Des Moines_ _ _
10,628,760
10,069,104 +11.3
5,224,659
7,091,689
5,607,264
5,899,848 +20.2
Sioux city....
1,489,846
1,325.858
Waterloo
1.300,372
1,330,131 -0.3
1.385.259
1,415.332
Ill.-Bloomington
1,245,667
1,386.831
+2.1
643,183,981 618,004,334
Chicago
+4.1 640,784,787 560,053,504
a
a
Danville
st
aa
1,017,197
1,401,462
1,177,284
1,455,512 -3.7
Decatur
3,099.822
4,155,078
4,108,462
+1.1
4,240,131
Peoria
1.833,828
2,359,627
2,435,276 -3.1
Rockford
2,194,484
2,112,117
Springfield....
2,277,858
2,526,742
2.515.612 -9.1.
918,658,810
736,894,723
887,483,026
+3.5
887,975,492
Eighth Peden( 1 Reserve DIs trict-St.Le
5.926.185
4.678,551
Ind.-Evansville.
Mo.-St. Louis_ _ 134.200,006 125.300,005
28.610,802
30,931,429
Ky.-Louisville_ _
278,611
346.714
Ownesboro _ _
18,753,595
18,565,487
Tenn.- Mempht
10,667,905
11,955,355
Ark.-Little Ron
351.062
335.577
Ill.- Jacksonvilk
1.518,980
1,371,832.
Quincy
uis+26.7
+7.1
+8.1
-19.1
+1.0
+12.1
+4.1
+10.(
4,771,475
3,889,728
27,938.911
408.894
17,392.161
10,679,358
351,002
1,267.244
23.292,273
271,418
12,601.317
7,159,353
270,555
1,070.484
Total (8 cities). 203.915,234 189.876.87,
Ninth Federa Reserve Din trIct-Minn
d 8,118,685
5,132.635
Minn.-Duluth.
71,998,134
64,303,675
Minneapolis..
31.587,051
28.771,822
St. Paul
1,762.424
1,525,61,0
N. D.-Fargo..
1,231.901
S.D.-Aberdeen
1,198,894
508.215
387,711
Mont.-Billings
2.591,984
Mont -Helena..
2,183.889
+7.4
62,809,061
eapolis 6,354,824
+58.2
+12.8
61,470,837
-8.9
32,020,252
1,745,459
+15.:
+2.8
1,182,751
+31.1
490.387
2,950,282
+18.7
48,555.138
Total(20 cities)
4,358,567
55,619,754
27,472.118
1 649.678
1,151,428
458.721
2.825.739
Clearings at1925.
3
$
First Federal Reserve Ins act- Bost,
647,203
Me.-Bangor___.
764.271
Portland
2.791,49.
2.689.161
Mass.-Boston _
362.000.003 395,000,004
Fall River_ _ _
1,957.29;
2,100,194
S
Holyoke
a
Lowell
953,701
1,188,12:
a
Lynn
a
1.273,551
New Bedford_
1.201,131
Springfield_ _ _
5,166,334
5.:340.471
Worcester_ _ _ _
3.094,57:
3.824.841
11.892,13;
Conn.-Hartford.
13,336,963
6,215.46:
New haven...
6,524.731
111.-Providenci
12,211.456
10,200.701
Total(11 cities)
408,203,171
Inc. or
Dec.
1923.
%
n-15.3
+3.5
-8:
-6.1
a
-19.7
a
+6.1
-3.f
-19.1
-10.1
-4.7
+19.7
622,377
2,811.864
393.000.005
3.075,521
a
1,218,721
a
1,349,571
4,905,174
3,816,003
11.245,763
6,005,055
10.562,205
750.036
2.829.172
312.000.000
1,409,621
a
1,069,974
a
1,069,779
4,477,822
3,596,000
9,588.765
4,750.820
•10.500.000
-7.7
438,612,255
352,041,989
1924.
442.170,634
a
1922.
$
Second Feder 11 Reserve I strict-New York10,516,08
5,991,311
5.950.000
N. y.-Albany...
5,007,471 +1101
Binghamton__.
994,50(
950.50(
852.000
754,501 +31.5
36,833,915
Buffalo
d51.235,48.
46,359,612
44,518.713 +15.1
892.003
Elmira
705,901
439,937
657.53 +35.7
Jamestown._ _ .
c1,426,96:
1,100.25)
925,931
1,083,261 +31.7
New York_
1,085,721.33! 1,583,789,583 + 1 1.( 1,192,746.641 1,583,616,765
Rochester
10,252,487
8,266,746
10.106.001
9.611,761
+6.1
Syracuse
4.347,991
4,439,800
4,405.45:
4.255,273
+2.2
0.532,511
2,729.954
Conn.-Stamford
2,847.675
2,762,78' +27.5
453,381
453.61:
462,26) -1.8
494.282
N. J.-Montclair
Northern N. J.
30.075.154
38,422.837
29,947.596
31,834.261
-5.1
Total(11 cities) 1,200,447,91: 1,684,737,431
Third Federal Reserve Die act- Philo
Pa.-Altoona. _
1.442,931
1.366.741
Bethlehem _ _
4.164.842
4,066,512
Chester
1.289.595
1.137.581
Lancaster
2,963.85
2.872.633
Philadelphia _ 565.000,001 523.000.000
Reading
3,522,40:
4,590,625
Scranton
5.696,291
5,447.803
Wilkes-Barre..
3,293.664
d4,278,007
York
1.185.415
1.702.264
N.J.-Trenton..
5,491,966
5,185,812
Del.-WIlming'n.
a
a
Total(10 cities)
595,459.119
552,739,832
Fourth Feder ill Reserve D strict-Cle
_
Ohio-Akron
5371.000
7,664,006
Canton
3.831,441
4,486,313
_
Cincinnati
68,438.863
63,825,955
Cleveland
109.952,78' 103,526,444
Columbus
13,043,405
11,227,701
a
a
Dayton
a
Lima
a
Mansfield
1.716,382
d1,9213,25(
Springfield _ _
a
a
a
Toledo
a
Youngstown
3,978,744
3,829,941
a
a
Pa -Erie
Pittsburgh
176,948,667 176,575,640
Total(Settles)
+11.1 4,304,089,817 4.674,496,926
Jelphi a1,451,59(
-5.7
4.877.64)
+2.4
+13.4
1.130.577
2,761,201
+3.2
+8.( 459.000.005
3,465,891
-23.:
4,873,385
+4.1
3,085.992
+29.9
1,498,210
-1.0
4,475,746
+5.9
a
a
1,003,874
2,966.809
946.588
2,423.824
416.000.000
2,643,977
4,352,665
2.193.000
1,122,556
3,721,662
a
486,620,288
437.374,955
veland 6.278.000
-32.5
4,709,384
14.1
65,998,799
+7.2
+6.2 106,044,331
15,916,400
+16.2
a
a
a
a
1,657.860
+12.2
a
a
a
a
3.292,432
+3.9
a
a
+0.2 175,152,409
6,226.000
3,284,840
53,891,282
80.880,335
13.111,100
a
a
1.201,893
a
a
4.347.475
a
102,200.000
+7.7
372,852,380
+2.5
379,049,615
265.142,925
Fifth Federal Reserve Ems net - Rich
W.Va.-Ilunt'g't
1.831,775
1.352.07:
Va.-Norfolk__ _
6,536,863
d8,405.00:
50.142.001
52,495.005
Richmond _ _
to
d2.584,011
2.113,810
.C.-Charles97.952.31
103,993.027
Md
D.C._Wasbing'Il
24.969,59:
20,937.005
mond
-26.2
+28.1
-4.4
+22.1
+6.1
+19.2
1,954.381
6.274.485
42,925.005
2,184,530
88,174.19
19,679.087
1,195,500
6.802.581
38.049.197
2.363.079
69.057.012
17.901.318
181.866,770
+5.2
161,101,677
135,378.687
Total(6 cities)
383.301,171
191,445.772
Sixth Federal Reserve Disl rict- Atlan ta6.505,792 +15.2
d7,498.007
Tenn.-Chatt'ga
b
b
b
Knoxville
+1.4
20.899.054
21.205.571
Nashville
46,288.30' +40.1
64,858,245
Ga.-Atlanta_ _
*1,500,000 +20.3
1.803.912
Augusta
1,181,814 +21.4
1,434,282
Macon
aa
a
Savannah _
+75.5
14,828,324
26,026,675
!
nvin
-Jack'
Fla.
24,955.051' +9.4
27,289.810
Ala.-BIrming'm
+3.7
1,661,681
1,723.945
Mobile
863.829 +30.1
1,129,000
M iss.-JaCkson _
299.022
221.8•0 +34.8
Vicksburg
53.070,361 -0.5
52,790.872
La-New Orlean.,
6,415,345
b
20,545.643
41.695.061
2,012.692
1,048,831
a
12,230.155
22,852.353
1,753,240
769,583
214.705
46,622.838
5.014.810
b
15.063.197
32.040.976
1,718,117
900,671
a
9.699,959
17,720.751
1,453,14E
521,684
18.5.391
38,994.233
171.976.079 +19.8
156.160.458
124.219.431
Total(11 cities 3
206.059.384
93,536,005
Total(7 cities)
114,933,214 106,319,513 +8.1 106,214,792
1 enth Feders Reserve Dis crict-Kane as City 449.717
.Neb.-Fremont_
d326,312
409,(0,
579.433
482.51;
41 ,olf
405,183 -20.3"V'
+19.1
Hastings
3,817,841
4,372.021
Lincoln
3.758.991
3,436,701 +27.2
39,327,275
+8.1
Omaha
37.880.513
39.450,887
35.039,431
2,171,501
d3,469,735
2,815.573
2.533,251 +37.0
Kan.-Topeka
10,760.987
d7,194,00(
ichita
9,813,892
6,823,005
+5.4
125,793,711
+9.9 137,333,461 122.601.573
Mo.-Ran. City
114,434.004
5,991,201 +11.1
d6,658,662
St. Joseph.
a
a
a
aa
Okla.-Muskoge•
17,604,235
20,863,305
20,122,871 +28.1
Oklahoma Cit; d25,938,261
a
st
a
a
a
Tulsa
1,065,933
1,187,141
900.592 +31.5
1,049,414
Colo.-Col. Spgs
16,930,308
20,127,04)
18,801,524
18,258,861 +10.2
Denver
705.010
792,414
810,619 +20.9
01,036.37,
Pueblo
235,477,782
216,013.813
2,039,412
27,100,000
8,677,552
6,740,634
a
4,500,241
1,198,311
21,572.831
8,997.000
5,352,411
a
4,074,725
+16.7
49,057,844
Franc see38,008,572
+10.1
+4.2
10,056,001
a
a
1,274,162
+29.5
-4.1
38,340,834
+22.1
14,082,405
a
a
a
a
3,552,322
-17.0
-3.1,
8,249,251
+1.5 136,051,005
15,323,431
+28.1
4,862,111
+10.7
5,890,611
+2.1
3.325.483
+21.5
+5.5 158,200.005
2,330,391
+14.5
970.752
+25.1
-0.7
3,471,505
+9.1
41,195.278
Total(12 cities' 234.466,311 209,215,341 +12.1
Eleventh Fed( cal District -Dallas1,332,029 +13.4
1,510,734
Texas- Austin..
33.518,101 +19.1
40,050.987
Dallas
8,708,605 +11.1
d9,711,63)
Fort Worth .
5,201,493 +26.1
6,559,431
Galveston_ _ _ .
a
a
a
Houston
4,679,421 -2.5
4.549,925
La.-Shreveport.
53,439.661.
62,382,711
Total(Settles).
welith Feder 11 Reserve I *strict-San
35,292.675
39.041,931
wash -Seattle..
10,276.001
10,710.004
Spokane
a
a
Tacoma
1,303,754
1,004,741
Yakima
40,940,231
39,073,505
Ore.-Portland..
14,092,221
17,275,497
Utah-S. L. CIO
a
a
Nev.-Reno
a
a
Ariz.-Phoenix _
3,315.2E5
2,751,265
Cal.-Fresno _
7,316,785.
7,095.632
Long Beach
141,934.003. 139,498,001
Los Angeles15.490.161
19,918,98;
Oakland
5,273,00
5,835.564
Pasadena
7,146,421
d7,337,65,
Sacramento_
3,773,441
4.506,12(
San Dlego
159.261,005 150,100,005
San Francisco_
2.139,035
2,456,09;
San Jose
1,250,293
998,878
Santa Barbara.
2,014,475
2,007,60)
Santa Monica.
2,285,80(
c2,493,500
Stockton
Total(17 cities) 464,342,393 441.457,155
Grand total (126
8,983.665,214 3,294,134,701
ellles)
Outside N. Y._ _ _ 3.896,94:3.875 3.710.345 122
+5.2
443,988,894
29,907.996
8,892,000
1,366,900
29.942,607
10,739.457
a
a
4,857,643
4,019,372
96,173.000
12,500.543
3,703,602
5,789,534
2.718.419
133.000.000
2.003.425
1,046.145
2.017.800
348,678,442
+8.3 7,711,247,983,7,473,528,312
+5.0 3.518.501,33712,889.911,547
Week Ended April 23.
• Clearings at1925.
CanadaMontreal
Toronto
N% Innipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
1.ondon
Edmonton .
Regina
Brandon
Lethbridge
Saskatoon
M 009e Jaw
Brantford
Fort William
New Westmin.stet
Medicine Hat_ _.
Peterborough_ _ _.
Sherbrooke
Kitchener
Windsor
Prince Albert...
Moncton
Kingston
S
88,479.494
88,298,100
61,169,382
15,137,083
6,792,743
5,763,567
3,040,239
4,944,405
5,957,357
2.652,189
2.004.170
2.564,509
4,420.508
3,310,618
602,972
477,066
1,087,296
1,212,358
926,266
895,616
574,372
276,999
833.952
767,048
982,702
3,350,875
309,318
898,702
616,407
1924
3
68,465,407
66,628,521
47,818,705
12,718.11E
5,073,161
5,544,941
2,211,901
4,095,72,
5,477,361
2,133,021
2,054,881
1,957,45(
3,250,25,
2,330,681
425,14)
425,351
1,251,25',
904,544
747,06)
651,293
504,385
289,281
720,953
673,871
834,927
3,226,98:
247,507
732,703
492.571
Inc. or
Dec.
%
+29.2
+32.1
+27.5
+19.0
+33.1
+3.1
,
+37.
+20.1
+8.5
+24.7
-2.4
+31.5
+36.1
+42.(
+41.1
+12.2
+34.8
+341
+24.6
+37.)
+13.5
-4.4
+15.1
+13.5
+17.7
+3.5
+25.5
+22.1
+25.1
1923.
1922.
8
3
99,267.555 106,750.978
98,320,692 109,872.735
42,842.511
35,734.001
13,381,549
14,339,80
6,850,979
5.537,802
4,625,438
5,083,455
2,787,581
2,916,721
5,502.682
5,683,599
5,134,036
4,251,884
2,728,158
2,778,579
1,927,361
1,882,905
2,909,956
2,637.501
3,897.561
3,930,549
3,138,451
3,194,237
487,135
498,675
482,991
457,055
1,460,501
1,638,536
1,022,627
1,107,497
999,017
937,982
656,829
642,491
518,873
650,122
248,571
327,740
757,973
725,21E
835,685
816,351
1.095,446
1,018,025
4,107,344
3,842.251
329,246
339,433
1,028,389
1,074,541
633,111
518,492
Total Canada(29) 308.946.113 241.888.014 +27.7 299.611.481 327.556.013
a No longer report clearings. b Do not respond to equests for figures. c Week
ended April 22. d Week ended April 23. e Week ended April 24 •Estimated.
2234
THE CHRONICLE
THE CURB MARKET.
Trading in the Curb Market for a good part of this week
was quiet with price changes of no special significance.
On Tuesday, however, broad and active trading developed
in public utility issues and prices for these issues displayed
decided strength, the market generally showing improvement
under this leadership. Amer. Gas & Elec., common, sold
up from 74% to 8334, the close to-day being at 82. The
preferred gained over two points to 87. Amer. Power &
5 moved
Light, common, after early loss, from 543
4 to 53%,
3
up to 59,.g.
Commonwealth Power weakened at first from
1173
4 to 11634, then sold up to 118, the close to-day being
at 117. Lehigh Power Sec. eased off from 104 to 1024,
then ran up to 108,closing to-day at 1073
4. Nat. Power --&
Light, common, was conspicuous for an advance of some
thirty-nine points to 290, the close to-day being at 277.
United Light & Pow., Class A stock, advanced from 4734
to 5578, reaoting finally to 54. In motor shares Chrysler
Corp. was conspicuous for an advance from 75% to 8678,
with a final reaction to 84. Cleveland Automobile, common, improved from 22 to 24%. Dodge Bros. A stook,
after early advance from 25 to 263
4, weakened to 24, the
final figure to-day being 24%. Hazeltine Corp., due to
adverse action on the dividend, fell from 2034 to 15%, but
recovered finally to 183. De Forest Radio declined from
233 to 213. and Dubilier Radio & Condenser from 16%
to 143'. Continental Baking A stock was off from 118%
to 1165
% but recovered to 11734. Victor talking Machine
gained five points to 74, the final transactioni to-day being
at 73. Oil shares were quiet. Chesebrough,Mfg. advanced
from 583' to 66 and closed to-day at 64%. Continental Oil
gained two points to 25. Humble Oil & Ref. rose from
46% to 4934 and ends the week at 49%. A complete
record of Curb Market transactions for the week will be
found on page 2255.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS(No. Shares).
Week Ended May 1.
Ind.dbMis.
Saturday'
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Alining.
BONDS (Par Value)
Domestic. Por'n
58,614
93,149
112,067
112,032
146.248
161,742
144,340
148,840
100,870
103,180
58.710
106,790
50.610 $444.000
74,700
706,000
103,280 1,116,000
98.120
828,000
77.110
871,000
126,610 1,183.000
$5,000
24,000
25,000
32,000
21,000
19,000
683,852
662,730
530,430 35,148,000
$126,000
in Shanghai. The stocks on the 4th inst. consisted of about 70,800,000
ounces in sycee, 46,000,000 dollars and 1,330 silver bars.
-Bar Silver per Oz. Std.Bar Gold per
QuotationsCash.
2 Mos.
Oz. Fine.
April 9
313d.
31%cl.
April 14
31 11-16d.
31%d.
868. 5d.
April 15
31 9-16d.
31 7-16d.
86z. 7d.
Average
31.583d.
31.437d.
865. 60.
The silver quotations to-day for cash and two months' delivery are both
1-16d. above those fixed a week ago.
CURRENT NOTICES.
-Rutter & Co., 14 Wall St., New York, are distributing a circular on the
Southern California Telephone Company reviewing its growth and indicating its future relation to the Pacific Telephone and Telegraph System. A
list of current offerings appears on the last page of the circular.
-Edwin D. Blumenthal, member New York Stock Exchange, and Morton H.Blumenthal,formerly of William E. Lauer & Co., announce the formation of a partnership under the firm name of Blumenthal Bros. with
offices at 74 Broadway, New York.
Olomiarrcial and ThitsceInonsws
Breadstuffs figures brought from page 2317.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Sa.tuirAay and
since Aug. 1 for each of the last three years have beeil:
Receipts atChicago
Minneapolis_
Duluth
Milwaukee _
Toledo
Detroit
Indianapolis_
St. Louis
Peoria
Kansas City
Omaha
St. Joseph_
Wichita
Sioux City...
Total week '25
Same week '24
Same week '23
Since Aug. 1
1924
1923
1922
GOLD.
The Bank or England gold reserve against its note issue on the 8th inst.
amounted to £126,898,010, as compared with £126,894,455 on the previous
Wednesday. A moderate amount of gold came on the market this week
and was mostly taken by India. The output of gold in the Transvaal for
March 1925 amounted to 825,479 fine ounces, against 753.925 fine ounces
for February 1925 and 795,671 fine ounces for March 1924. The United
Kingdom imports and exports of gold during March 1925 were as follows:
Imports.
Exports.
Russia
£15,059
Netherlands
E12,371
141
Belgium
8.892
France
1.088
24,512
Switzerland
37,323
Spain and Canaries
9,475
Egypt
41.895
West Africa
95,373
800
United States of America
37,220
600,500
Argentine Republic, Uruguay and Paraguay
430
Other countries in South America
658
2.000
Natal
75
Rhodesia
175.750
Transvaal
1.536.989
British India
1.459.490
Straits Settlements
24.726
Other countries
3.032
789.342
Total
£1,862,481 £3.014,660
SILVER.
The market has again kept steady. China and India have bought but
not with keen appetite, business being naturally checked by the Easter
holidays. Assisted by some bear covering prices have been fairly well
maintained. America has sold with some regularity.
INDIAN CURRENCY RETURNS.
Mar. 22. Mar. 31. April 7.
18,373 18.419
18.385
7 629
7,675
7.640
Silver coin and bullion out of India
Gold coin and bullion in India
2.232
--2,232
2,232
Gold coin and bullion out of India
Securities (Indian Government)
5..713
5.713
5.713
- -Securities (British Government)
1.999
1,999
2 000
Bills of exchange
800
800
800
No silver coinage was reported during the week ending 7th inst. Owing
holldaysIno
to the
freshinews has been received asIto the stock of silver
(In Lars of Rupees)Notes in circulation
Silver coin and bullion in India
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs.bush.32 lbs. ush.48155.bush.tAilbs.
196,000
155.001
732,011
639,000
99,000 516,000
677,000
48,000
333,000
229,000
39,000
436,000
34,001
34,000
149,000
24,111
16,000
55,011
320.000 206,000
9,000
25.000
36,; s 1
52.000
3.000
8.000
18,111
2,000
27,000
18,00
167,001
188,000
91,111
291,00
324,111
699.000
30,000
3,000
200, II
233,111
5,111
226,1i •
173,000
196,000
58.000
77,000
222,001
77.000
163,000
12,000
52,000
37.000
6.000
11, .
40,000
70,1 i
1.000
341,001
381.1 $
365.000
1,952. II
2,752,000
5,036.000
2.054, II
4,b45,000
3,204,000
3,022,000
4,163.111
3,321 111
574,000
743,000
421,000
293,000
552,000 1,042,000
17,639,00$ 141,306,000200,018,000 222.478,000 55,452,00051.337,000
16,128,000 i81,341,000238,452.000 188,462,000 34.704,00023,193,000
19.020.I I 358.418.000253.321.001 184.591.00032.752.00044_405.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 25, 1925, follow:
Receipts al-
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 15 1925:
[VOL. 120.
Flour.
Wheat.
Barrels.
New York_ _. 219,000
Portland. Me_
60,000
Philadelphia.
32,111
Baltimore__ __
18,000
Newport Now
Norfolk
3.000
Mobile
New Orleans*
63,001
Galveston_
Montreal
16.000
St.John,N.B.
26,000
Boston
19,000
Port Arthur-
Corn.
Bushels.
Bushels.
1,152,000
11,000
365,000
850,000
2,000
13,000
16,000
48,000
13,000
43,000
124,000
Oats.
Barley. I
Rye. 4
Bushels.
Bushels. Bushels.‘
396,000
202.000
137,000
144,000
25,000
89,000
84,000
31,111
15,000
I
126,000
3,000
10,000
45,000
66,000
17.000
3,000
Total week '2.
456,000 2,608.000
Since Jan 1 '25 9,714,000 53,057,000
I
3,000
28,
67,
146,000
168,000
2.294,000
647,000
444,000
407,000
9,312,000 7,952,00010,041,000
Sarno week '24
552.000 2,119,000
201,000
598,000
289,000
181,000
Rinon Jan I '24 5 035 flan 40 2115 non in IRA 000 11 308 000 3 457
nun 9 5712 nnn
* Receipts do not include grala:passing through New Orleans for foreign
ports
on through bl is of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 25 1925, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels.
Bushels.
New York
830,590
135,587 246,273 577,387 213,318
-Portland, Me,._,. 365,000
60,000
25,000 144,000 .--Boston
6,000
20,000
18,000 109,000
---Philadelphia.
778,000
1,000
120,000
---Baltimore
112.000
4,000
20,0002,080,000 40:000 Norfolk
3,000
-----New Orleans_ _ _ _ 701,000 182,000 46,000
13,000
Galveston
285,000
28,000
---St.John. N.II__
124,000
26,000
66.000 148,000 28,000
----
Total week 1925_ 3,201,590
Same week 1924_ 3,093.402
182,000 303,587
28.000408,096
365,273 2.966,387 534,318
412.000 305.545 set 745
....-
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Exports for Week
and Since
July Ito--
Week
Apr. 25
1925.
Wheat.
Corn.
Since
Week
Since
Week
Since
July 1
Apr. 25
July 1
Apr. 25
July 1
1924.
1925.
1924.
1925.
1924.
Barrels. Barrels.
Bushels.
Bushels,
Bushels. Bushels.
United Kingdom_ 13,987 3.816,755
778.354 87,738,184
17,000
Continent
251,565 8.775.011 2,401.236 165,400.699
77,961
So.& Cent. Amer_ 14,070
804.798
22,000
652,300
76,000 1,198,830
Weet Indies
21,540 1,172.382
134,950 106,000 1,504,810
Brit.No.Am.Cols.
6.135
__ _
21,000
Other countries__ _
2,425
524,351
1,607,327
3,900
Total 1925
303,587 15,099,432 3,201,590 255,533,460 182,000 2,823,501
Total 1924
408.090 13.181.622 3.093.402 100.455 455
9R non 0 RIR any
MAY
21925.]
THE CHRONICLE
2235
CHARTERS ISSUED.
Apr. 18-12686-New England National Bank & Trust Co.
1.000.000
In Kansas City, Mo
President, Joseph F. Porter; Cashier, G. G. Moore.
25,000
Apr, 20-12687-The First National Bank of Matson, Texas_.
Succeeds the First State Bank of Millsap, Texas.
President. G. A. Holland; Cashier, M.D.Plundee.
125.000
Apr. 20-12688-The Hershey National Bank, Hershey. Pa
$ per oh.
$ per oh. Shares. Stocks.
President. John E. Snyder; Cashier, S. C. Stecher.
Shares. Stocks.
25,000
300 Automatic Tomato Peeler Corp.$1 lot Apr. 21-12689--The State National Bank of Karnes City, Tex_ 109 National Nassau Bank of N.Y.
$61 lot 127 Industrial Leaf Tobacco Co..
Conversion of the Guaranty State Bank of Karnes
in liquidation
lot
$350
par
no
Inc.,
common,
lot
Texas.
$5...82
City.
200 Silver King of Ariz., par
9 Ft. Smith Light & Trac. Co., pref 12
President, C. W. Rzeppa; Cashier, Roland C. Windell.
5 Barlow Foundry. Inc., let pref.A00
100.000
Steel, common__$1,025 lot Apr. 22-12690-The (Milton National Bank, Clifton, N. J
16 Barlow Foundry, Inc., 26 pref. 62K 500 Eastern
par_1$200
corn.,
no
President, John C. Barbour; Cashier, Arthur Bmnan.
6254 80 Towne Securities,
13 Barlow Foundry, Inc., corn.
40,000
f lot
National Bank of Windom, Texas
First
-The
24
pref
lot
Securities.
Towne
Inc.$10
-12691
Saver,
Fuel
22
Apr.
Kendall
Royal
123
Conversion of Guaranty State Bank of Windom, Texas.
President, W. Lee Dowlen; Cashier, John I. Wheeler.
By Messrs. B. L. Day & Co., Boston:
$ per oh. Apr. 23-12692-The Floyd County National Bank of Floydada,
$ Per Oh. Shares. Stocks.
Shares. Stocks.
50,000
Kansas
309
20-100 State Theatre Co., pref.scrip 75%
60 First National Bank
Conversion of the First State Bank of Floydada, Texas.
751(
Trust
Peoples
First
units
5
227
Bank
National
Jas. K. Green.
5 Atlantic
Cashier,
Stevenson:
S.
T.
President,
5K
Trust
Peoples
First
1 special unit
Calif 50,000
2 Webster & Atlas National Bank__210
90
Apr. 23-12693-The Citizens National Bank of Claremont.
55 Old South Building Assn
227
10 Atlantic National Bank
President, M. Abernethy; Cashier, Harry T. Belcher.
753
2654( 2 units First Peoples Trust
Hoisington,
5 Old Colony Trust Co
Bank,
National
Hoisington
-The
-12694
16
23
Apr.
2 Rockwood & Co., corn
50.000
10 B. M. C. Dude° Trust Co..
Kan.as
213
10 Merrimac Chemical Co., par $50 8854
Fall River
Conversion of the Farmers & Merchants State Bank,
107
3 special units First Peoples Trust_ 51(
107 Pepperell Mfg. Co
Kansas
Hoisington,
57
20 Greenfield Tap&Dle Corp., pf.8954-90
2 Everett Mills
President. T. C. Morrison; Cashier, J. L. Pieper.
97, ex-div
10 Hood Rubber Co., pref
40
13 Stafford Mills
Apr. 24-12695-The Bala-Cynwyd Bational Nank. Bala7054 7 American Brick Co., pref., par
50.000
7 Osborne Mills
Cynwid, Pa
25K,ex-d1v.
73(
$25
6 Merrimack Mfg.Co., pref
President. Henry B. McLaughlin.
128
1 Collyer Insulated Wire Co
Texas25,000
Handley.
of
Bank
24 Worcester Suburban Electric
National
First
-The
-12696
24
Apr.
45
65 Lockwood Greene & Co., pref__ 35
Cos., par $25
Succeeds the First State Bank of Handley., Texas.
$ Greenfield Tap & Die Corp., pref. 90
15 Fall River Gas Works, par $25,
Cashier, Ben T.-Merritt.
Beaty;
M.
J.
President,
__I55
Co__
Life
Ins.
59g. ex div. $ Columbian Nat.
Mich
25.000
Apr. 25-12697-The Dart National Bank of Mason.
10 Queens Run Refractories Co., pf. 35
Succeeds R. S. Dart & Co., Bankers, Unincorporated,
$ per right.
'
Rights.
3 Puget Sound Power & Light Co.,
Mich.
Mason,
2
2 Worcester Gas Light Co
84
e% pref
President. Rollin C. IDJart: Cashier, Doc 0. Dart.
25,000
Apr, 25-12698-The Kilgore National Bank of Kilgore, Texas_
By Messrs. Wise, Hobbs & Arnold, Boston:
Conversion of the Kilgore State Bank of Kilgore, Tex.
sh.
per
$
Oberthier.
Stocks.
Shares.
per
$
sh.
B.
J.
Cashier,
Stocks.
Shares.
President, F. D. Oberthier;
10 Converse Rubber Shoe Co., pref. 73K Apr. 25-12699-The State National Bank of Bonham. Texas- 200.000
309
10 First National Bank
22744 5 New Hemp.& Vt. Power, prefl$31 on
Conversion of the First State Bank of Bonham. Texas.
9 Atlantic National Bank
pref.
Af
cl.
Power,
Vt.
&
Hemp.
New
5
Bank_210K
National
President, T. B. Williams; Cashier, Neil Williams.
3 Webster & Atlas
25
206
10- Norwood Gas Light Co
-The Farmers & Merchants National Bank of
-12700
25
2 Old Colony Trust Co
Apr.
753f
40.000
20754-208 36 units First Peoples Trust
Hamlin, Texas
12 Nat.Shawmut Bank
309-310 4 Puget Sound Power & Light Co.,
Conversion of the First State Bank of Hamlin, Texas.
20 First National Bank
10654-107
prior pref
126
President. Guy McNeal; Cashier, Tate May.
20 Stevens Mfg. Co
61
7 Central States Elec. Corp., cora.- 7854
25 Ipswich Mills, pref
31 Jones, McDuffee & Stratton,
37
5 Hamilton Mfg. Co
48-5054
Inc., class A
Co
195
Cotton
Steam
Naumkeag
3
DIVIDENDS.
14 Fitchburg Gas& El.Lt., par 850.10154
91
23 Arlington Mills
26054
5 Great Northern Paper Co
40 Jones, McDuffee & Stratton
in two separate tables. In the
grouped
are
Dividends
Cent.
Per
Bonds.
48
A
class
Corp.,
255
$2,000 Peoples Gas & Electric 1st
together all the dividends announced the curbring
we
first
20 Algonquin Printing Co
9554
55. May 1930
25 Hood Rubber Co., pref _96K ex-div.
rent week. Then we follow with a second table, in which
$2.000 Nassau Light & Power 1st
1 Sou. Calif. Edison Co.. °rig: pref_118
100
55, Oct. 1927
we show the dividends previously announced, but which have
34-100 State Theatre Co., pref.... 75
5 Hartford Fire Ins., full paid rcts.561
not yet been paid.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
By Messrs. Barnes & Lofland, Philadelphia:
The dividends announced this week are:
8 per:!,.
8 per oh. Shares. Stocks.
Shares. Stocks.
5011. K. Mulford o., par $50-- 40
Books Closed.
Per
When
All right, title and interest of Angelo
16554
Ry
Pass.
and
Ridge
Ave.
in
42
of,
Plat:tied
Days Inglusioe.
Cent. Payable.
or Angelo L.
Name of Company.
193
10 Citizens Passenger Ry
to the estate of Joseph Plantieri,
deceased, real or personal_ ___$225 lot 12 Frankf. & Southw. Pass. Ry_ _24754
Railroads (Steam).
94
430
35 Hare & Chase, Inc. pf
154 June 1 Holders of roe. May 9
2 Philadelphia National Bank
Cleveland & Pittsburgh, reg. go.(qu.)__
554
21 Hare & Chase, Inc., corn., no par 25
1
June 1 Holders of rec. May 9
Special guaranteed (guar.)
12 Fidelity Trust Co
271
850..
par
of
135
Phila.,
Assn.
Fire
2
prof
1st
Pa..
.254 June 20 'Holders of rec. May 28
Co. (guar.)
Hudson
&
Delaware
3 Finance Co. of
120
400
50 Majestic Collieries
154 June 1 Holders of rec. May So
cont. (guar.)
Central.
Illinois
5 Fourth Street Nat. Bank
10
1 K June 1 Holders of rec. May 15
Guarantee Trust & Safe Dep. Co_166K 37 Hurricane Mineral Corp
Maine Central, pref. (guar.)
10
15
for Guar. Mtgs.20234 60 Mount Sterling Land Co
5Philadelphia Co.Co
N. Y.Chicago & St. Louis,com.(guar.). "154 July 1 *Holders of rec. May
39054 20 Bailey, Banks & Biddle, pref._ _100
*154
July 1 *Holders of rec. May 15
West End Trust
Preferred
16
Co
&
29
_271
Light
_
May
Transit
Reading
$50.
2
par
rec.
Phila.,
of
of
'Holders
19
,
1
*15
June
Western, corn. (guar.)
2 Fire Assn.
$1 lot Norfolk & Public Utilities.
10554 100 Revere Motor Co
Victory Ins. Co., par $50
566
2,776 Italian lire (curr.).$40.10 per 1,000 Blackstone Val. Gas& El., corn,(guard. *S1.25 June 1 *Holders of res. May 15
Franklin National Bank
Bank
42854
National
*3
June 1 *Holders of roe. May 15
Philadelphia
Preferred
13
Rights.
i per right. Brooklyn
•2 June 1 *Holders of roe. May 12
Corn Exchange National Bank...490
Edison (guar.)
551.4
Colonial Trust Co
Bank,
par
200
$50
Tacony
765i
Northeast
Gas, N.Y.,corn.(guar.).- "$1.25 June 15 *Holders of rec. May
0
6354 Consolidated
10 Colonial Trust Co
May 1 Holders of rec. Apr. 23
2
Gas & Elec. (guar.)
Lawrence
0 Producers & Consumers Bank, 10
Rights to subscribe to Colonial Trust Co. Pacific Gas & Elec., pref. (guar.)
154 May 11 Holders of rec. Apr. 300
par $o) Hill Title & Trust
as follows: 7 at 63: 10 at 6254;20 at 52;
Chestnut
Elec. Pow.. 26 pref.(guar.). _ _ *154 June 1 *Holders of rec. May 10
60
50 at 4854:10 at 4854; 60 at 47; 257 Portland
Co., par $50
Power, preferred (guar.).- 151 May 1 Holders of roe. Apr. 21
Portsmouth
at 4651.
*254 May 15 *Holders of ree. May 4
Co. (guar.)
0 Chestnut Mil Title & Trust 60
Per Cent. Tampa Electric
Bonds.
Fire Insurance.
Co.. Par $50
of Italy 6%
lire
Kingdom
60
30,000
850_
par
Trust,
&
Title
254 May 1 Holders of rec. Apr. 25
Mfrs.
(guar.)
& Shippers
0
3954 Bankers
consolidated, due 1937
81.50 Apr. 29 Holders of re*. Apr. 28
W.Phila. Title & Trust, par $50_221
Pacific (extra)
$400 City of Camden, N. J., 4548,
Miscellaneous.
56636 Street Title & Trust, par $50 60
series of 1913, No.3, regis., 1933_10054 Acme Wire, pref.(quar.)
2
May 1 Holders of rec. Apr. 22
6 Penna. Co.for Ins.on Lives, &c.71554
$2.300 City of Victor ref. 5s, series)
'2
May 9 'Holders of ree. Apr. 30
Alaska Packers Assce.(guar.)
20 Commonwealth Title Ins. & Tr.421
1920 and all sub630
1936
(Aug.
C,
Co
Trust
June
1 'Holders of roe. May 19
Provident
"750.
(guar.)
common
11
American Metals,
$300
l
_
coupons
sequent
attached)
173
Co
Trust
*1.54 June 1 'Holders of rec. May 20
8 Olney Bank &
Preferred (guar.)
$8.000 Trinchera Irrigation District( lot
corn. at corn. B (guar.). 41.75 June 1 *Holders of rec. May 9
Tobacco,
Amer.
16 Cinnaminson Bank & Trust Co.,
serial 65, 1930 (Dec. 1922 and sill
241
May 9 Holders of roe. Apr. 30
2
Riverton, N. J
Amparo Mining (guar.)
subsequent coupons attached) I
$60 lot
May 15 Holders of rep. May 1
100 Financial Credit Assn
Asbestos Corporation, corn. (guar.)-- 1
May 1 Holders of rec. Apr. 27
50c.
(guar.)
Co.
Best-Clymer
May 15'Holders of rec. May 5
Botany Consolidated Mills, Inc.. A (qu.) 41
2
May 15 Holders of rec. May 5
(guar.)
Mill
Butler
National Banks.-The following information regarding Campbell Soup, preferred (guar.)
154 June 1 Holders of rec. May 15
rec. May 7
national banks is from the office of the Comptroller of the Chicago Mill & Lumber, coin. (guar.)... *50c. May 15 *Holders of
*25e. May If 'Holders of rec. May 7
Common (extra)
Currency, Treasury Department:
rec. May 290
of
Holders
June
10
3
Childs Co., corn., $100 par (guar.)
60c. June 10 Holders of rec. May 29a
Common, no par value (guar.)
APPLICATIONS TO ORGANIZE RECEIVED.
rec. May 29a
of
Holders
10
154
June
Preferred (guar.)
"6254e June 29 "Holders of rec. June 3
Chill Copper(guar.)
Apr. 21-The Hawthorne National Bank, Hawthorne, Calif-- iN 000 Coca-Cola Co., corn. (guar.)
rec. June 15
of
*Holders
1
July
.$1.71
Correspondent: Carl W. Faucett, 515 National City
.354 July 1 'Holders of rec. June 15
Preferred
Bank Bldg., Los Angeles, Calif.
rec. May 15a
of
1
Holders
June
(qu.).Corp.,
pref.
Cigar
154
Consolidated
Savannah,
N.
Y.-25,000
Apr. 25-The National Bank of Savannah,
Preferred (acct. accum. dividends).- 5134 June 1 Holders of rec. May 15a
Correspondent, D. J. Oottin, Savannah, N. Y.
154 June 1 Holders of rec. May 15
Deere & Co., preferred (guar.)
May 15 Holders of rec. May 5
$1
APPLICATIONS TO ORGANIZE APPROVED.
Dow Chemical, common (guar.)
154 May 15 Holders of res. May 5
B.
Preferred (guar.)
250,000
Apr. 21-The Downtown National Bank of Jersey City, N.
Firestone Tire de Rubber,7% pref.(au.) 154 May 15 Holders of rec. May 1
Correspondent: Meyer Eichmann, 576 Newark Ave.,
$1.50 June 12 Holders of rec. may 15
General Motors, common (guar.)
Jersey City, N. J.
154 tug. 1 'Holders of rec. July 13
of Shamokin, Pa
Seven per cent preferred (guar.)
125,000
Apr. 21-The West End National Bank
Holders of rec. July 13
154 kug. 1'
Six per cent preferred (guar.)
Correspondent: Abe L. Snyder. Shamoldn, Pa.
of Raymondville, Texas
Six per cent debenture stock (guar.)... 154 Aug. 1 Holders of rec. July 13
50.000
Apr. 21-The First National Bank
May 15 Holders of rec. May 60
General Outdoor Advertising. Cl A (qu.) $1
Correspondent: Ira J. Dutton, Raymondville, Texas.
154 May 15 molders of rec. May So
National Bank of Ambridge, Pa
Preferred (guar.)
100,000
Apr. 23-The Economy :
Correspondent 0. Roy Kerr, care Valley Realty Co..
Globe Automatic Sprinkler, Class A (qu.) 6254e. May 1 Holders of rec. Apr. 20
•
Globe Automatic Sprinkler of Penna., pf. 354 May 1 Holders of rec. Apr. 20
Ambridge. Pa.
May 15 Holders of rec. May 8
National Bank of Ponder, Texas
25,000 Great Lakes Dredge & Dock (guar.)._ _. 2
Apr. 23-The Firstthe Ponder State Bank, Ponder, Texas,
Succeeds
Hale & Kilburn Corp.. pref.(No. 1)..., *50c. May I *Holders of rec. Apr. 21
June 15 'Holders of rec. May 29
.75c.
(guar.)
common
Wheel,
Correspondent: E. C. McElroy, Ponder, Texas.
Hayes
•174 Rine 15 *Holders of rec. May 29
Bank, Moran, Texas
Preferred (guar.)
25,000
Apr. 25-The Moran National
May 20 Holders of rec. May 4
I
Succeeds the Moran State Bank. Moran, Texas.
Hollinger Consolidated Gold Mines
134 May 15 Holders of rec. May 5
Correspondent: M. D. Bray, Moran, Texas.
Hoosac Cotton Mills, preferred (guar.).75e. June 1 Holders of rec. Nlay 154
Household Products, Inc. (guar.)
APPLICATIONS TO CONVERT RECEIVED.
154 Apr. 30 Holders of rec. Apr. 25
Imperial Royalties Co.(monthly)
National Bank of Blue Island, Ill
54 Apr. 30 Holders of rec. Apr. 25
200,000
Extra
Apr. 21-F1rst
June 1 'Holders of rec. May 15
*2
Conversion of the Commercial Bank of Blue Island,
Ingersoll-Rand Co., corn. (guar.)
Calif
of
Fullerton,
Bank
National
100
June 1 *Holders of rec. May 15
First
.6254c
000
(guar.)
-New
common
Inland Steel,
Apr. 25 Conversion of the Standard Bank of Orange County,
*15‘ July I *Holders of rec. June 15
Preferred (guar.)
Fullerton, Calif.
International Harvester, pref. (guar.)._ .0154 June 1 *Holders of rec. May 9
National Bank in Kaufman. Texas
100,000 International Paper,6% pref. (guar.).- "154 July 15 *Holders of rec. July 7
Apr. 25-Citizens
Conversion of the First State Bank. Kaufman, Texas.
Seven per cent pref.(No. 1)(quar.)._ •154 July 15 "Holders of rec. July 7
June
'Holders'Holders e
y 8
of rrecec:
Interstate Iron & Steel, pref. (quar.)_ _ _
APPLICATIONS TO CONVERT APPROVED.
1
*15‘ May 20
Corporation(No. 1)
*3754e
mMay
Kelvinator
Texas
National Bank of Bonham,
200,000 LIgg. dz Myers Tob.,com.& corn. B (qu.) 76c. June 1 Holders of rec. May 15
Apr. 21-State
Conversion of the First State Bank of Bonham, Texas,
June 1 Holders of rec. may 15
Lima Locomotive Works,common(Go.). $1
State National Bank of Robstown, Texas
50,000 Martin-Parry Corp. (guar.)
June 1 Holders of rec. May 15a
$1
Apr. 21-The
Conversion of the Guaranty Bond State Bank. Robs7.51. May 15 Holders of rec. Apr. 30
Mercantile Stores Inc. common
town. Texas.
y15'25). $1.75 May 15 Holders of rec. Apr. 30
(qu.Feb.16toMa
Pref.(No.11)
St.
of
Louis,
Bank
Mo
Ave. National
premfor period Feb. 1 to Feb.15 1925) 29c, May 15 Holders of rec. Apr 30
Apr, 95-The Grand of the Grand Ave. Bank of St. Louis, Mo. 200,000
Conversion
2236
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Munsingwear, Inc. (guar.) '
*750. June I *Holders of rec. May 18
Nashawena Mills(guar.)
2
May 5 Holders of rec. Apr. 28
Ontario Steel Products, corn. (guar.)... I
May 15 Holders of rec. Apr. 30
IN Preferred (guar.)
151 May 15 Holders of rec. Apr. 30
Quissett Mills (quay.)
May 15 Holders of rec. May 5
2
Radio Corp. of America, pref. (guar.)._
141 July 1 Holders of rec. June la
Rosenbaum Grain Corp.. pref. (guar.)._ *31
May 15 *Holders of rec. May 7
Savage Arms Corp.. first pref.(guar.).- *141 July 1 *Holders of rec. June 15
Second preferred (guar.)
•114 Aug. 15 *Holders of rec. Aug. I
Schulte Retail Stores, corn. (guar.)
•m2
June 1 *Holders of rec. May 15
Securities; Corp.General, 1st pref.(guar.) •81.75 May 1 *Holders of rec. Apr. 23
Shawmut Mfg., common (guar.)
*14 June 30 *Holders of rec. June 20
P Preferred (guar.)
*I% June 30 *Holders of rec. June 20
Southern Pipe Line (guar.)
21
June 1 Holders of rec. May 15
Standard Oil (California)(guar.)
•500. June If *Holders of rec. May 18
Standard Sanitary Mfg.,common(quar.) $1.25 May 15 Holders of rec. May 7
J. Preferred (guar.)
134 May 15 Holders of rec. May 7
Studebaker Corp.,common(guar.)
June 1 *Holders of rec. May 9
*El
Preferred (quar.)
•141 June 1 *Holders of rec. May 9
Union Tank Car, common (guar.)
111 June 1 Holders of rec. May ha
Preferred (guar.)
141 June 1 Holders of rec. May 110
U.S..11off-Man Mach'y,common (gu.). 50c. June 1 Holders of rec. May 21a
Preferred (guar.)
134 June 1 Holders of rec. May 21a
United States Steel Corp.. corn.(guar.). 134 June 21 May 29 to June 1
Common (extra)
K June 2f May 29 to Juno 1
Preferred (guar.)
151 May 24
May 5
U.S.Stores Corp.. prior cony. pref.(qu.) IK June 1 Holders of rec. May 15
Van Raalte Co.. first pref. (guar.)
141 June 1 Holders of rec. May 18
White (J. G.) Co., Inc.. pref.(guar.).- 14 June 1 Holders of rec. May 15
Wbite(J.G.)Engineering Corp..of- (911.) 134 June 1 Holders of rec. May 15
White (J. G.) Mgmt. Corp. pref (qu.). 134 June 1 Holders of rec. May 15
Will & Baumer Candle, corn. (guar.)
•250. May 15 *Holders of rec. May 1
Name of Company.
[voL. no.
Per
Cent
When
Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
American Linseed, pre!
134 July 1 Holders of rec. June 200
Preferred
194 Oct. 1 Holders of rec. Sept. 190
American Locomotive. common (extra). $2.50 June 30
Holders of rec. June 150
Common (extra)
$2.50 3ept.30 Holders of rec. Sept.140
Common (extra)
$2.50 Dec. 3 Holders of rec. Dec. 14a
Amer. Manufacturing, corn.(quar.).... 114 July
June 16 to June 30
Common (guar.)
134 Oct.
Sept. 18 to Sept.30
Common (guar.)
14 Dec. 3 Dec. 18 to Dec. 30
Preferred (guar.)
I% July
June
16 to June 30
Preferred (guar.)
134 Oct.
Sept. 16 to Sept.30
Preferred (quar.)
I% Dec. 3 Dec. 16 to Dec. 30
American Radiator, COM. (quar.)
$1
June 3 Holders of rec. June 150
Preferred (guar.)
154 May It Holders of rec. Apr. 30a
American Roiling Mill, corn.(guar.)._ _. •500.
July 15 *Holders of rec. July 1
Common (payable in common stock). •15
July 15 *Holders of rec. July 1
Preferred (quar.)
•141 July 1 *Holders of rec. June 15
American shipbuilding. corn (quse.)
tug I Holders of rm. July 16
Amer. Smelt. & Refin., pref. (guar.)... 194
June 1 Holders of rec. May 80
American Soda Fountain (guar.)
134 May 15 Holders of rec. Apr. 30
American Steel FoundriesCommon (See Note z)
Anaconda Copper Mining (guar.)
750. May
Associated Dry Goods Corp. 1st p1.(qu ) 114 June 211 Apr. 19 to May 20
Holders of rec. May 20
Second preferred (guar.)
14/ June 1 Holders of rem Slay 20
Babcock & Wilcox Co.(guar.)
1% luly 1 Holders of rec. June 20
Quarterly
151 Oct. I Holders of rec. Sept. 201
Quarterly
194 lanr 21, Holders of rec. Dec. 20
Quarterly
14 Apri'26 Holders rec. Mar scrsea
Balaban to Katz. common (monthly)._
26e. lune I Holders of rec. Apr. 200
Common (monthly)
250. lune 1 Holders of no. May soa
Common (monthly)
25C
luly 1 Holders of rec. June 200
Preferred (guar.)
134 lilly 1
June 21
Beacon Oil. pref.(guar.)
1.874 May 15 Holders of rec. May 1
Packing, common (guar.)... 60e. July It. Holders of rec. June 25a
Below we give the dividends announced in previous weeks Beech-Nut
Preferred, Class B (guar.)
July If. Holders of rec. July la
and not yet paid. This list does not include dividends an- Bethlehem Sloe!COM..8% prof.(guar ) 2134 July
1 Holders of rec. June 1
Seven per cent preferred (guar.)
1% July 1 Holders of rec. June I
nounced this week, these being given in the preceding table. Bond to Mortgage Guarantee
(guar.).3
May I! Hulders of roe. May 8
Borden Company,cure. ($50 par)
$1
Julie I Meiners of rec. May 15a
Preferred (gout.)
14 Julie IS Holders of rec. June la
When
Books rinsed.
Per
Brunswick-Balite-Coirr Co.. corn.((u ). 90e. May 11,
Holders of rec. May 5
Payabb
Days
Inclusive.
Name of Company.
Cent
Bucke)e Pipe Line (guar,)..
Juuuue 1. Holders of rec. Apr. 25
$1
Burns Bros., tour., el A (guar.)
82.541 may If Holders of rec. May la
Railroads (Steam).
Cominen,class B (guar.)
b0c
May 1! Holders of rec. May la
Atcb.Topeka & Santa Fe. corn.(guar.). I% lune I Holders of rec. May Is Bush Terminal, common
194 May 12 Holders of rec. May 20
Baltimore & Ohio. corn.(gear.)
114 lune ) Holders of rec. Apr. 18a Butler Bros. (guar.)
34 May 15 Holder, of rec. Apr. 30
I
rune 1 Holders of rec. Apr. 18a California
Preferred (quar.)
Packing Corp.(guar.)
$1.66 Jutie IS Holders of rec. May 290
May IS Holders of rec. May 6a Canada Cement, pref.
2
Central RR.of New Jersey (quar.)_
(Oust.)
1% May It Holders of rec. Apr. 30
Georgia Southern & Fla.. 1st dr 2d pref.. 234 May 2) Holders of rec. May 14
Canadian Converters (guar.)
1)1 May I. Holders of rec.
if
Holders
May
of
rec.
Gulf Mobile to Northern. pref.(guar.)
May
14
la Caacy-liedges Cu.,
30
common ((uar.)_... 24 May 15 Holders of rec. Apr.
3
Houston & Texas Central
July IL Holders of rec. July la
May 1
Comnion (quar.)
24 Aug. It Holders of rec. Aug. 1
Hudson to Manhattan, corn.(No. I)._
14 lune 1 Holders of rec. May Ila
Common
(guar.)
24
Nov.15
Holders of rec. Nov. I
International Rye. of Cent. Am.. pf.(qu ) 134 Qay 1! Holders of rec. Apr. 3fra
Preferred (guar.)
114
uly I
Louisville & Nashville
tug. It Holders of rec. July 15a
3
Preferred (guar.)
134 Oct. 1
Norfolk to western adj. pref.(guar.)
May I. Holders of rec. Apr 30a Celluloid Co., pref.
I
(guar)
2
May
If
Holders of rec. Apr. 304
75e. May 2( Holders of rec. May la Centrifugal Cast
Pennsylvania (quar.)
Iron Pipe
*374. May If *Holders of rec. May 7
Reading Company. common (guar.)... SI
May I. Holders of rec. Apr. laa C. G. Spring & Bumper. (gust.)
corn.
1st pref. (quiet)
500. June II Holders of rec. May 25a Chicago Yellow Cab (monthly)((limn)... 'Sc. May 15 *Holders of rec. May 7
33.se
rune I Holders of rec. May 200
St. Louis-San Fran. Ry.. pf., Ser.A (qu ) 14 tug. I Holders of rec. July 15a Childs Co
Preferred Series A (quar)
14 Nov. 5 Holders of rec. Oct. 15a
Column)(no par value)(extra)
BO
I irly 1 Holders of rec. Slay 29a
Wabash Railway. preferred A
134 May 2: Apr. 19 to May 18
Cotlllllon (no par value)(extra).
let. 1 Holders of rec. Aug. 250
- (0)
4.5 .
Western Pacific RR. Corp.. corn
Common (no oar value) (roil ra)____
le
flee.
(e)
of rec. Nov.28a
Corn.(towable in corn and pref stock) (1)
Cincinnati Tobacco Warehouse
21
May 15 Holders of rec. May 911
Preferred (account scoria). dividends) •31.58.)
Cities Service Co.
Preferred (payable in corn.& pref.stk.) (1)
Common (Muothly)
June
'Holders of rec. May 15
Coalition (payable in corn. 81.00k).... */.93 June
•Ltolders of rec. May 16
Public Utilities.
•3,.s J uue
Preferred and preferred 1.1 (monthly)._
*Holders of rec. May 16
Holders
Works
It
of
& Electric, corn. 30c. Nlay
re0. May I
American N'i,ater
City Ice & N'uer of (level/tad. num.(mud 600
lune
Holders of rec. May 12
144 May If Holders of rec. May Is
First preferred (guar.)
414,
Common (guar.)
600
Holders os rec. Aug 12
Six per cent participating stock (01.). 114 May 11 Holders of rec. May Is
Com llllln (vast.)
Deo,
500
Holders
of ree. Nov 11
Associated Gas & Electric Co.
Cleveland Slone ((Nat.)
14 lune
Holders of roe. May 1150
124. fray 1 Holders of reo. June 15
Preferred (guar.)
Quarterly.
14 And,
Holder, of rec. Aug UM
124. Mt. 1 Holders of rec. Sept. IS
Preferred (extra)
Cominerclal Invest Trust. tom,(g). 63e. May 15 Holder, of rec. Apr. 300
Preferred (extra)
124. Jan I*21 Holders of rec. flee. 18
Congoleuu.-Nairn, Inc., pref.(guar.)... 111 June 1 Holders of rec. May 160
June 1 Holders of rec. Apr. 30
Brazilian Tree.. Light & Power ord (qu) 1
Continental Can. Inc., corn.(guar.)._ $I
May 15 Holders of rec. May 60
Holders
of rec. Apr. 30
Cedar Rapids Mfg.& Power (guar.).._
134 May It
Copper Range Co.
$11
May 4 Holders of rec. Apr. Ihs
Chic. Rap.'Fran., prior pref.(monthly) 65c. June 1 Holders of rec. May igs Craddock-Terry Co., common (quar.).. 3
June 31, Holders of rec. June 16
Cleveland Elec, Ilium.,6% pref. WO.
134 lune I Holders of rec. May 154
Common (guar.)
3
Sept.36 Holder, of rec. Sept.16
Columbia Gas to Elec.. common (guar.) 650. May 15 Holders of rec. Apr. 3114
Common (guar.)
3
Dec. 31 Holders of rec. Dec. 15
Preferred. Series A (quar.)
$1.75 May 16 Holders of rec. Apr. 30a
Find and second preferred
3
June 30 Holders of roe. June 16
Connecticut Ry.& Ltg., corn.& pf.(qu.) 14 May 11 May 1 to May 15
First and second preferred
3
Dec.
31 Holders of rec. Dec. 15
Consumers Power.6% Pref.(guar.)
21.50 July 1 Holders of ree. June 15
Clasa C preferred
34 June 30 Holders of rec. June 16
6.6% preferred (guar.)
$1.66 July 1 Holders of rec. June 15
Class C preferred
Dec.
31
394
Holders of rec. Doe. 15
7% preferred (quar.)
I% July 1 Holders of rec. June 15
Cudahy Packing,corn.(guar.)
11, July lb July 7 to July
Six per cent preferred (monthly)._. 50o. lune 1 Holders of rec. May 15
Common (guar )
1% /et
Oct.
6 to Oct. 115
Holders
of
rec.
preferred
June 15
60c. luly 1
Six per cent
(monthly)
Davis Mills (guar.)
14 June20 Holders of rec. June 60
55c. lune 1 Holders of roe. May 15
6.6% preferred (monthly)
Decker (Alfred) & Cohn,Inc.,com(gu ) 50c. June 15 Holders of rec. June 64
6.6% preferred (monthly)
550. luly 1 Holdera of rec. June IS
Preferred (guar.)
1% June I Holders of rec. May 20a
',Continental Gas to Elec.. corn.(guar.). $1.10 fuly 15 Holders of rec. June 13a Diamond Match
(quar.)
2
June 15 Holders of rec. May 29a
1% July It Holders of rec. June I3a Dominion Bridge (guar.)
Prior preference (guar.)
1
May 15 Holders of rec. Apr. 30
Participating preferred (guar.)
134 July 16 Holders of rec. June 13a hair (The), common (monthly)
20e. June 1 Holders of rec. May 20
Participating preferred (guar.)
14 July 15 Holders of rec. June 13a
COIllmon (monthly)
20e. July 1 Holders of rec. June 20
14 July IS Holders of rec. June 1.15
Preferred (guar.)
Corrosion (monthly)
Alc. Aug. 1 Hold.re of rec. July 20
Eastern Shore Gas & Electric. pref.(qu.) 2
June I Holder, of rec. May 15a Fairbanks, Morse & Co., COM.(gu.)
65c. June 30 Bolder, of rec. June 130
1
lune 1 Holders ut rec. May au
Georgia Ry. & Power. pref. (guar.)._
Preferrtd (guar.)
1% June 1 Hondas of roe. May 150
I
rept. i Holdera or roc Aug. 20
Second preferred (guar.)
Famous Players Canadian Corp., 1s1.
I
)ec. 1 Holders of rem Nov 21.1
Second preferred (guar.)
reterrea (guar.)
2
June 1 Holders of rec. Apr. 30
3
Havana Elec. Fly., L. & P.. com.& prof
May If Apr. 23 to May 21
Foot Bros. Gear & Machine,corn.(qU.). 250. July 1 June 21 to
June 30
Illuminating & Power Secur., corn.(qu.) 45c. May 6 Holders of rec. Apr. 30
Common (quarterly)
250. act. 1 Sept. 1 to Sept.30
134 May IS Holders of rec. Apr. 30
Preferred (guar.)
Common (quarterly)
260. Janr2t, Dec. 21 to Dec.
31
Kaministigula Power (guar.)
2
May 15 Holders of rec. Apr. 30
Francisco Sugar (guar.)
$1.50 July I Holders of rec. June 20.4
$11
Keystone Telephone, pref. (guar.)
lune 1 Holders of rec. May 15
Q.airterly
Si ni 'St. I Holders of roe. Sept
2111
2
Massachusetts Gas Companies. pref.__
June 1 May 16 to May 31
Freshman (Chas.) Co., Inc. (quar.)___. 50c. May 25 Holders of
rec. May 5
Middle West Utilities, common (quar.)_. $1.25 May 15 Holders of rec. may 2
General Asphalt, pref. (quar.)
14 June
Holders; of rec. May 151
May It Holders of rec. Apr. 30
Montreal Light Heat & Pow.Cone.(go.) 2
General Cigar, pref. (quiet.)
141 June
Holders of rec. May 230
2
Montreal Light Heat & Power (quar.)
May I/3 Holders of rec. Apr. 30
Debenture preferred (guar.)
134 July
Holders of rec. June 230
624 May If Holders of rec. Apr. 304 Gibson Art Co., common (guar.)
Montreal Water & Power. corn
55c. July
Holders of rec. June 2011
34 May It Holders of rec. Apr. 300
Preferred
Common (extra)
10c. July
Holders
of rec. June 200
$1.50
Light.
(qua:.)..
lune 1 Holders of rec. May 15
corn.
National Power &
Gillette Safety Razor (guar.)
6241 June
Holders of rec. May la
May 4 Holders of rec. Apr. 24
Northern Mexico Power & Hovel.. pref.. 7
Extra
124c June
Holders of rec. May la
214 May 15 Holders of rec. Apr. 30
Pacific Lighting, common (guar.)
Goodrich (B. F.) Co., pref. forme
134 luliy
Holdere el rec. June 115a
134 May 15 Holders of rec. Apr. 30
Preferred (guar.)
Goesard (H. W.) Co.. corn.
250. tune
Holders of rec. May 2021
194 May 29 Holders of rec. May 15a Gulf States Steel, fired pref. (monthly).Pacific Tel. & Tel., corn. (qii.)(No. I).
134 July
(guar.)
Holder,
of rec. June 154
(qu.).
tug.
1%
I
Holders
pref.
of
Penn-Ohio Power & Lt.. 7%
rec. July 22
. First preferred (guar.)
I
)et.
Holders of rec. Sept.
2
Aug. I Holders of rec. July 22
1.1rel preferred (oliar.)
8% preferred (glute)
111 Jan 3.2n liolilere of ree. Dec. 154
15a
$1
May
16
Holders
corn.
Power,
of
rec.
Apr.
(quar.)
30
Harbison-Wal
Southern Canada
ker Refract., corn. (qu.).. '141 June I Holders
I
lune I Holders of rem May 15
Texas. Electric Re . common (fluter)...
Common (payable In common stock). 33 1-3 May 19 Holders of rec. May 2I0
of rec. Apr. 30
241 Oily 1 Holders of rem June 20
Tr-City Ry.to Light.common (qua:.)
Preferred (guar.)
134 July 20 Holders of rec. July 100
234 Oct. I Holders of rec. Sept.20
Common (gear)
Hart.Schaffner & Marx,Inc.. COM.(qpi.) •14 May itl 'Holders
of rec. May
214 lan1'21 Holders of rec. Dec. 20
Common (guar.).
Hercules Powder, pref. (guar.)
•134 May 15 *Holders of rec. May 18
8794' lune I! Holders of rec. May 29a Hibbard.Spencer,Bartlett & Co.(mthly
United Gas Improvement. prof.(gil.)- 36e. May 29 Holders of rec. May 5
)
22
United Rys. to El.(Bait.), corn.(guar.). 500. May I! Holders of rec. Apr. 250
Monthly
360. June 26 Holders of rec. June 19
141 May 15 Holders of rec. May 5a
Utica Gars & Electric, nref.(qmar )..-.
Extra
20e. lune 26 Holders of rec. June 19
1 A, May 1! Holders of rec. May 1
West Penn Co..7% pref (quart
Illinois Brick (guar.)
2.40 July lb July 4 to July 15
Wisconsin River Power. pref (guar.).- •$1.75 May 21. 'Holders of rec. Apr. 30
Quarterly
2.40 let. It Oct. 4 to Oct. 18
Indiana Pipe Line (guar-)
41
May 15 Holders of rec. Apr. irs
Miscellaneous.
Intertype Corpor Mien. corn.(gear.)..
250. May 15 Holders of rec. May la
A1163-Chalmers Mfg., root. (guar-)
$1.50 May 15 Holders of rec. Apr. 240 Iron Prod. Corp.(stk.of Essex Fdy. Co.) 120
May If Holders of rec. Apr. 154
Aluminum Manufactures. Inc..com.(gu) 37i4e lune 31 Holders of rec. June 154
Preferred (guar.)
$2 May 15 Holders of rec. May 1
Common (guar.)
374c Aept.:3( Holders of rec. Sept. 15a Jewell Tea, Prof. (guar.)
•141 July I *Holders of rec. June 20
Common (guar.)
3734c Dec. 31 Holders of rec. Dec. I50 Kinney (D. H.) Co.. common
•81
July 1 'Holders of rec. June 20
Preferred (guar.)
141 luly I Holders of rec. June 200
Preferred (guar.).
*2
• one I *Holders of rec May 20
Preferred (guar.)
134 Oct. I Holders of rec. Sept.200 Lake of the Woods mining, corn.(qur.) 3
lune I Holders of me. May 23
Preferred (guar.)
I% lanl'2( Holders of rec. Dec. 200
Preferred ((uar.)
111 June I Herders of rec. May 23
American Bank Note, common (quar.). $1.21 May If Holders of rec. May la Lehigh Coal dr Navigation
$1
(guar.)
May 29 Holders of rec. Apr. 300
American Beet Sugar. common (guar.)...
July 31 Holders of rec. July 114 Magma Copper
1
75e, July 15 Holders of rec. June 18
Common (guar.)
Oct. 31 Holders of rec. Oct. 10.1
Magnolia Petroleum (guar.)
1
Si
July 6 Holders of rec. June 19
Common (guar.)
lan3016 Holders of rec. Jan 9'Dia
Stock dividend
I
1
Oct.
American Can. common (guar.)
134 May 15 Holders of rec. Apr. 300 Menet, Sugar, common (guar.)
194 lune
Holders of rec. May ltra
Amer.La France Fire Eng..corn.(quar.) 250. May 15 Holders of rec. May la
Common(guar.)
134 4ept. 1 Holders of rec. Aug. 15a
Amer.Laundry Machinery. corn Omar 1 75c. June 1 May 23 to June 1
Massachusetts Cotton Mills (guar.).31.50 May 11 Holders of rec. Apr. 21
MAY 2 19251
Name of Company.
THE CHRONICLE
Per
Cent
When
Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded.)
15i Aug. 1 Holders of rec. July 20o
McCrory Stores Corp„pre!..(quar.)___
144 'Joy. I Holders of rec. Oct. 200
Preferred (quer.)
25c. June 1 Holders of rec. May la
McIntyre Porcupine Mines
250. Slay 15 Holders of rec. May is
Miami Copper (quar.)
June 2 Holders of rec. May 2
$I
Mohawk Mining (quar.)
Montreal Cottons, Ltd., common (qu.). I Si June 15 Holders of rec. May 31
1 M June 15 Holders of rec. May 31
Preferred (quar.)
Murray BodyCommon (payable In common stock)_. 11% July 1 Holders of rec. June 16a
Common (payable In common stock)... 11 34 Jct, 1 Holders of roe. Sept. 16a
Common (payable In common stock)_. 1134 lan.1'26 Holders of rec. Dec. lbo
The. July 10 Holders of rec. June 300
National Biscuit, coin. (guar.)
Preferred (quar.)
101 May 21, Holders of rec. Slay 15a
National Brick, 7% pref. (quar.)
.13 May IL 'Holders of rec. Apr. 30
144 June 1 Holders of rec. May 26a
National Cloak & Suit, pref.(quar.)
.1)4
June 1 'Holders of rec. May 15
Nat. Dept. Stores, 2d pref. (quar.) .
Nat. Comm°Hug & Stamping, pref.(qu.).
134 lune 31. Holders of rec. June 10
134 '1011. 31' Holders of rec. Sept. 1(1
Preferred (guar.)
1% Dee, 31 Holders of rec. Dec 11
Preferred (quar.)
144 lune 15 Holders of rec. May 220
National Lead. pref.(quar.)
National Refining, common (quar.)
I Si May 15 Holders of rec. May 1
National Supply. common (quar.)
The. May IS Holders of rec. May 5a
New Cornelia Copper (guar.)
2.50. May 20 Holders of rec. May 80
Slay 9 Hoiden; of rec. Apr. 20.
2
New Jersey Zinc (quar.)
luly I Holders of rec. June 100
New Yot k Air Brake, Class A (quar.)... Si
Orpeeurn Circuit, common (iumithly)_. I2c. tune 1 Holders of rec. May 20a
Common (monthly)
I5c. tidy 1 Holders of rec. June 201
Owens Bottle, mmunon (quar.)
750. July 1 Holders of rec. June 15a
Preferred ((luar.)
144 Idly 1 Holders of rec. JIIIIP lax
Packard Motor Car, preferred (ritual..
134 lune 15 Holders of rec May 29a
May I.5 Holders of rec. May 5
Petiman.s, Limited, common (quar )
2
Penn-Mex Fuel (No. 1)
50e. May 21 May 16 to
May 21
Pressed Steel Car. pref. (guar.)
134 Ione It Holders of rec. May 190
Preferred (guar.)
i St Sept. 8 Holders of rec. Aug. 180
Preferred (quar.1
134 Dec. S. Holders of roe NOV. 17n
Procter & Gamble ,common (quar.) _..5
May 15 Holders of rec. Apr. 25
Producers Oil Corp. of Ani.,com.(No. 1) .5c. July 1 'Holders of rec. June 15
Preferred (sour.)
2
May 15 Holders of rec. Apr. 30
Produeers A, Itonners Corp.. pref.(qu.). 87 tic May 4 Holders of rec. Apr. 170
Pullman Company (guar.)
2
May IS Holders of rec. Apr. 300
Punta ALrgre ,..,og,d• (quar.)
.,. tiay 14 Holders of rec. Slay la
2F
1 ;i
$
37
Pure Oil, continuo (guar.)
June I May 11 to June 5
Quaker Oats, pref. (quar.)
I Si tlay 21 Holders of rec. Slay la
Remington Typewriter, 2c1 pref.(guar ). 2
May 12 May 2 to May 12
Second pref. (account accurn. dlys.)_. 12
slay 12 May 2 to May 12
Richmond Radiator. pref (quar.)
i Sl July 15 Holders of rec. June 300
Rockl'd & Rockp't Lime Corp., pfd.(qu ) 134 Jct. 15 Holders of rec. Sept. 30a
Preferred (quar.)
i St m:115'26 Holders of rec. Dee 315
St. Joseph Lead (quar.)
man et June 10 to Jane 21
500
Quarterly
SM. 4ept. 2 I Sept 10 to Bent. 21
Quarterly
SOo. t me. 21 irec.10 '26to Dee 21 '25
St. Mary's Mineral Land
stay 21 Holders of rec. Apr. 20a
$3
Savage Arms Aceond preferred (quar.).
134 Slay 15 Holders ol rec. May la
Scotten-Dillon Co. (guar.)
3
Slay 14 May 7 to
May 14
Selberling Rub., pf.
. (acct. ammo div.). 112
slay IL Holders of rec. May 5a
Preferred (account section. dividend) 02
lune IL Holders of rec. June 5a
Shell-Union Oil, preferred ((mar.)
14i May 15 Holders of rec. May ra
Sherwin Williams Co.. common
50c. May 15 Holden" of rec. Apr. 30
Cont. (extra)
12 tic May 15 Holders of rec. Apr. 30
Preferred (guar.)
1 si tune 1 Holders of rec. May I50
Sinclair Consol. 011 Corp.. pref. (quar ) 2
May 15 Holders of rec. May la
Smith (A. 0.) Corp., cow. (quar.)
25e. May 15 Holders of rec. May 1
Preferred (quar.)
144 Slay 15 Holders of rec. May 1
Spalding(A.0.1 & Bros., 1st pref.(qu.)
134 tune 1 Holders of rec. May I60
Second preferred (quar.)
2
lune I Holders of rec. May I6a
Standard Milling, common (guar.)
1 Si Slay 21 Holders of rec. May ISO
Preferred (guar.)
134 May 21 Holders of rec. May ilia
Prof.
(mar.)
I 34 'nue 1 Holders of rec. Apr. 24
Standard I dl (,,t(o).
Stewart-Warner Speedom. Corp.(guar ) $1.25 Slay 15 Holders of rec. Apr. 30a
Swift Internacional
U0c. tug. it Holders otree. July 15a
Thompson (John R.) Co.. corn.(mthly.) 25e. lune I Holders of rec. May 230
Tobacco Produets Corp.. Class A (qu.).
I M May 15 Holders of rec. Slay la
Union-Buffalo Mills. 1st preferred
3)4 May 15 May 9 to Slay 15
Second preferred
2 Si May 15 May 9 to
May IS
Union 011 Associates (guar.)
45c. May 0 Holders of rec. Apr. 16a
Union Oil of California (quar.)
45e. May 9 Holders of rec. Apr. 160
Union Storage (Soer.)
2Si slay 1
Holders of rec. May 1
Quarterly
234 tug. I
Holders of rec. Aug. 1
Quarterly
Holders of rec. Nov. 1
234 'Joe. I
United Drug. common (quar.)
1)4 lune
Holders of rec. May 15a
Second preferred (quar.)
14 lune
Holders of rec. Muy 15a
United Dyewood, pref. (quar.)
Holders of rec. June 15a
134 I uly
Preferred (quar.)
114 /et.
Holders of rec. Sept. 150
Preferred (guar.)
144.1 jtn
iity
P2 Holders of rec. Dec. 150
United Fruit(quer.)
23.4
Butlers of rec. June 6a
Quarterly
234 let.
Holders of rec. Sept. 50
Quarterly
24 Ian 2'2
Holders of rec. Dec 50
U.S. Cast Iron Pipe & Fdy., pref.(qu.).
I M lune IL Holders of rec. June la
Preferred (extra)
2.511 lune IL Holders of rec. June la
Preferred (quar.)
I 51 'ept. 11. Holders of rec. Sept. la
Preferred (oliar.)
lee. 1: Holders of rec. Dem la
144
United States Rubber. 1st pref.(quer.)_. 2
May 15 Holders of rec. Apr. 20a
Warwick Iron & Steel
30e. May 15 May 1 to Islay 15
Weber & Hellbronerlune 3 Holders of rec. June 150
Com mon (guar.)
$1
Sept.3 I Holders of rec. Sept. 150
Common (quar.)
SI
Dec. 3 Holders of rec. Dec. 15
$I
Common (guar.)
Holders of rec. May 15
Preferred (quar.)
134 lune
Holders of roe. Aug. 17
Preferred (quar.)
114 -Sept,
Dec.
Holders of rec. Nov. 18
Preferred ((marl
IM
\lay
West Comstock Gold Mines(No. 1)
'Holders of rec. Apr. 22
Western Grocer. preferred
June 21
354 luly
to June 30
Preferred
334 tan I'2 14ec. 20 to Jan. I '26
Wilcox (11. F.) Oil & Gas (quar.)
lOc. slay r Holders of rec. Apr. I5a
Willys-Overland Co., preferred
I Sl May d9 May 1 to May 12
Winnsboro Mills. preferred (quer.)
144 tuly I
Wolverine Portland Cement (quar.)._
May 15 Holders of rec. May 5
2
Wrigley (Wm.) Jr.. & Co.Monthly
25e. lune I Holders of rec. May 20a
Monthly
25c. tidy I Holdera of rec. June 20a
Wrlght Aeronautical Corp.(quar.)
250. May 30 Holders of rec. May I 5a
Woolworth (1 . W.) Co., ('iutt. ittettr.)_
750
lune 1 May 2 to May 20
Yellow Cab Mfg.. Class B (monthly)._ . 21c. lune 1 Holders of rec May 200
York Manufacturing
_.
June 1 Holders of rec. May I
..__
2
• From unofficial sources. t The New York Stork Exchange has ruled that stock
will not be quoted et-dividend on this date an I not until further notice. z The
New York Carb Market As.sociation has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed fort his dividend. ti 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.
Annual dividend for 1925, all payable In equal quarterly installments on Aprli I,
July 1, Oct. I 1925 and Jan. I 192a. have been declared as follows: On Ihe common
Mock $4 40, quarterly installment $1 II): prior preference, 7%.quarterly Installment
Participating preferred. 7% regular, quarterly installment I M %; part idealing
preferred,2% extra, quarterly Installment 34%;preferred.6%.quarterly installment
13S%.
Payable in stock of the Essex Foundry Co.
r New stock Issued as a stock 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, whether
trOmmon or preferred,and are subject to ratification at a special stockholders' meeting
to be held Stay 11.
s Childs Company stock dividends are one share of no par value common stock
for each 100 shares no par value common stock held.
X American Steel Foundries stockholders on Apr. 22 approved the proposition to
Increase stock from $750,000 (533 1-3 par) to 1,000,000 shares of no par stock,
present common stockholders to recelys five shares of new common for four share;
of old.
134%:
7237
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 Apr. 25. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
New
Capital. Profits. Loans,
Reserve
Week Ending
Discount, Cash
vith
Net
Time Bank
April 25 1925 Nat'l. Dec.31 Investin
Legal Demand
De- armState, Mar.25 ments, Vault. Dcpool Deposits. posits. la&c.
(000 omitted.) Tr.Cos.Mar.25
tortes.
Members of Fed. Res.
Bank of N Y &
__ 4.000
Trust
10,000
Bk of ManhaP
Co.Istech & Met Bk 10,000
6.500
Bank of Americ
Nat City Bank_ 50.000
Chemical Nat__ 4.500
1,000
Nat Butch & D
Amer Exch Nat 5,000
Nat Ilk 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'l 2,100
First National._ 10.000
Irving Bk-ColTr 17.500
Continental._ _ _ 1.000
Chase National. 20,000
500
Fifth Avenue._
600
Commonwealth
Garfield Nat'l_ 1.000
Fifth National_ 1.200
Seaboard Nat'l_ .5,000
Coal & Iron Nat 1,500
Bankers Trust_ 20.000
U S Mtge & Tr. 3.000
Guaranty Trust 2.5.000
Fldellty-InterTr 2.000
10.000
N Y Trust
Farmers'l.n&Tr 10.000
Equitable Trust 23.000
Bank. Average Average Ammo
12,448
14,303
16,383
5,243
60,552
17,228
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
1,017
1,657
1.446
8,263
1,424
28.131
4,569
19.559
2.171
19,292
17.674
12,201
Average
Average 4v • ye
70.925
856 7,162
52,95
148.546 2.479 16,672
120.830 24
8..2
26
25
175,324 3,440 21,832
164.993 11,511
81.857 1,671 12,348
92,030 4.223
591.997 4,619 65,973 *618.640 111.207
118,899 1,229 14.93
111.789 4,257
10,469
121 1.094
8.305
380
107,459
898 13.147
94,995 10
7:7
73
75
3
326,853
858 37,733 287.258
32.748 1,0011 4,465
30.514
217,219 4,0971 24.055
172.164 40
122,145
549 13,75
107.660
205,755 6,175 26,030
191,965 28-..642
218,133
971 23.336
177.483 9,207
34.202 1,232 3.54
25.089 8,279
330,999
490 26,94
201,239 24.864
275,79
2,740 36,202
269.93( 32.460
7,878
1561
859
6,335
398
364,534 4,185 45.720 .359385 19,071
24,310
740 3,123
24.539
13.302
430, 1,343
9.438 3,293
16,721
472 2,822
373
16.497
194 2.482
20.893
18,351 1,170
106.988
937 13,844
105.307 3.115
20,734
335 2.420
17.645 1.952
314,981 1,028 35.772 .281,363 41,1
59.775
699 7.597
54,044 6.007
419,411 1,3541 45,471 .422.182 49.843
20.316
402, 2.402
17.893- 1.839
.541' 21.175
169,046
153.89) 25.996
149,130
432 15.082 .122.04) 21.879
249.221 1,431 30.083 .281,197 32.530
-548
iso
850
348
:
44
9_51
5.8§O.
3,535
494
3,203
"990
396
248
49
408
Total of averages 308,900480.741 5.031.571 46,762 580.033c4.296.56 I 538,48022,399
Totals. actual co edition'Apr. 25 1.001.143 46,345 592,925 c4.298,136,537.93522.333
Totals, actual condItion Apr. 18 1.011.322 46,142 549,637 c4.223.127539,62922,427
Totals, actual ccl edition Apr. 11 1.982.826 48.208589,793 c4,214,941537,46922,058
State Banks Not Members 4f Fed'I Res ve iBank,
Greenwich Bank 1,000 2,480
22,550 1,8381 2,144
22.2281 1,315
Bowery Bank_
250
90
5,325
371
396
2.8341 1,893
State Bank_ . 3,500 5,39( 100,599 4,176 2,142
34,529 62.650
Total of average.
4.750
8.782
128.474
6.3871
4,682
Totals, actual condition Apr. 27 128,649 6,538 4.537
Totals, actual co naltlen Apr. 18 128,372 6.352 4.591
Totals, actual co d Bon Apr. 11 127.502 6,935 4,562
Not Membt rs of Fed 'I Res ye Hank.
Trust Compani
Title Guar & Tr 10.000 16,501
61,178 1,549 4,452
Lawyers Trust_ 3.000 3,031
23.301
876 2.0811
59,621 65.85
59,7771 65,871
59.615 65,792
59,458 65,661
39.761
19.062
2,059
1.094
Total of averages 13,000 19,532
81,479
2,425
6.533,
58.8241
3.153
Totals, actual condition Apr. 2F
Totals, actual condition Apr. 18
Totals. actuate.edition Apr. 11
81,490
83,683
81,208
2,342
3,120
2.380
6,9311
6,292
5.828,
59,169
57,78
53,90
3.184
3.141
3.697
Gr'd aggr.,aver 326,650509.061 5,244.524 55.574591.248 4.415.006607,49122.399
Comparison with prey. week _ +19.2461 -662 +9.613, +63.424 +816 +167
Gr'd aggr., act' soed'n Apr. 25 3,214,282 55.225604,393 4,407.082 106,99022,333
Comparison wit It prey.week __ -39,095, -395+43873 +66.553-1,572, -84
Gr'd
Grit
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'lcond'n
emu.. act' condo
aggr., act' mnd'n
aggr.. act'! concien
aggr., act' condo
aggr., act' cond'n
Apr. IR 5,253,377
Apr. 11 5,191,536
Apr, 4 5,253,258
Mar.28 5.253,962
Mar.21 1,246.988
Star.14 .323.679
55.620560,5201 4.340.529 C08,56222.427
57,523600.1841 4,328.305 C06,82722.056
55,634 582.815 4,395,554 597,11921,804
56,327605.415, 4,388 851597,58521,537
55.9795583141 4.373.004598,20721,455
55,893610,210 4,495,352 565.057 21,395
Note.-U. S. deposits deducted from net demand deposits In the general total
above were as follows: Average total Aprli 25, 532,887,000: actual totals April 25,
532,070.000; April 18, $34,562.000; April 11, 545,252,000; April 4. $48,135.000;
Mar. 28. $48,135,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week April 25.5485.058,000; April 18. $619.266,000: April 11, $622,394,000; AprIl 4, $606,457,000; Mar. 28, 5617,258,000. Actual totals April 25, $570.903.000: April 18, 5638,568,000: April 11, $628,828,000; April 4, $627,739,000:
Mar. 28. $040,470,000
•Includes deposits In foreign branches not included in total footings as follows:
National City Bank, $141,478.000; Chase National Bank, $11.510,000; Bankers
Trust Co.. $20.040.000; Guaranty Trust Co., $81.416,000; Farmers' Loan & Trust
Co., $3,520.000: Equitable Trust Co., $63,244,000. Balances carried In banks in
foreign countries as reserve for such deposits were: National City Bank. 519,166.000;
Chase National Bank, $2,643,0130; Bankers Trust Co.. $2,346,000: Guaranty Trust
Co.. $4,711,000; Farmers' Loan & Trust Co.. $5,520.000: Equitable Trust Co..
57,479,000. 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 BANKS
AND TRUST COMPANIES
Averages.
Cash
Reserve
In Vault.
Members Federal
Reserve Bank_
State banks•
Trust companies •_.
6,387,000
2,425.000
Reserve
in
Depositories
Total
Reserre.
Reserve
Required.
5
580,033.000 580,033,000 574,707.330
4.682.000 11.039.000 10.731,780
6,533,000 8,958.000 8.823.600
Surplus
Reserve.
5,325,670
337.220
134.400
Total April 25_
8,812,000 591.248.000 600.030.000 594,262,710 5,797,290
Total April 18..,., 8,893.000 581,635,000 590,528.000
4,596,670
Total April ii.... 9.115,000 581,460.000 591.575,000 585.931,330 5,499.790
585.075.210
Total April 4
8 518 000 591 l'10 0e0 e1 Srat One ce5 e,ele oso 6.277.930
.Not medipern Of tederat ite.erve 11411K.
a This is the reserve required on the net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount In reserve required on net time deposits, which was as follows
April 18, $16,119,660; April 11, $15,991.890; April 4, $15,857,120; April 25, 816.154,400.
2238
THE CHRONICLE
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositories
Total
Reserve.
a
Reserve
Required,
Surplus
Reserve.
Members Federal
Reserve Bank_
State banks•
Trust companies •
$
$
592,925.000 592.925,000 573.595,730 19,329,270
6,538.000 4,537.000 11.075.000 10,759,860
315,140
2,242,000 6.931,000 9.273,000 8,875,350
397,650
April 25__
April 18_
April 11__ _ _
April 4_ _
8,880,000 604.393,000 613,273,000 593,230,940 20.042.060
9,478,000 560,520,000 569,998.000 584,594.130 -14,596,130
9,315,000 600.184,000 609,499.000 582.854.740 26,644.260
8.751.000 582,815,000 591,566,000 591,255,030
310,970
Total
Total
Total
Total
[VOL. 120.
BOSTON CLEARING HOUSE MEMBERS,
April 29
1925
Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the ease of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: April 25,
$16,138,050; April 18, 216,188,870; April 11.816.124.070; April 4, $15,840,210.
Changesfrom
previous week.
Capital
65,800,000 Inc.
Surplus and profits
87,059,000 Dec.
Loann, disc'ts & Investments. 892,220,000 Inc.
Individual deposit,.Incl. U.S.639,941,000 Inc.
Due to banks
131, 45.000 Dec.
Time deposits
183,951.000 Inc.
United States deposits
13,136.000 Dec.
Exchanges for Clearing House 26,097.000 Dec.
Due from other banks
99,928,000 Dec.
Reserve in Fed. Res. Bank_ 74,630.000 Deo.
Cash in bank and F.R. Bank. 10,198,000 Inc.
Reserve excess in bank and
Federal Reserve Bank_
852,000 Dee.
April 15
1926.
April 22
1925.
500,000 65,300,000 65,300,000
328.000 87.387,000 87,132,000
5.908,000 886,312,000 905,276.000
1,760,000 638,181,000 640,647,000
5,634.000 137,579,000 136,195,000
519,000 183,432,000 189,934.000
780,000 13,916.000 19.909.000
1,524.000 27.621,000 29,450,000
7.646.000 107,574,000 94.839,000
9.000 74,639,000 75,039.000
422.000 9,778,000 10,174,000
State Banks and Trust Companies Not in Clearing
117,000
969,000
421,000
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.—The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week
ending Apr.25, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differencesfrom to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not memApril 25.
Previous Week.
Loans and Investments
21,102.229,200 Inc.359,543.100 bers of the
Federal Reserve System the reserve required is
Gold
4.368,200 Inc.
168.600
Currency notes
21,325,800 Dec. 120.800 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York_ - 98.328.400 Dec. 1,499,500
depositories" and "Cash in vaults."
Total deposits
1,161,162,900 Inc. 50,367,600
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in New York City, exchange and
U. S. deposits
1,104,878.000 Inc. 53,890,600
Reserve on deposits
162,997,900 Dec. 3,480,000
Percentage of reserve, 19.9%•
RESERVE.
State Banks
—Trust Companies—
Cash in vault*
$31,631.800 15.87%
292.390,600 14.99%
Deposits in banks and trust cos_
11.515.000 05.78%
27.460,500 04.45%
Total
$43,146,800 21.65%
2119.851.100 19.44%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on April 25 was $98,328.400.
•
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits,
Week Ended—
Deo.- 27
Jan. 3
Jan. 10
Jan 17
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Feb. 28___,.
Mar. 7
Mar.14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
8,499,441.100
6,517.941,600
6.534,475,500
8,502,799.000
6.449.153.600
6,400,877,800
6.382.661.100
6.349.571,900
6.356.838.800
6.364.862.900
6.344,910,100
6.339,319.300
6.282.558,300
6.23.3.906.800
6,283.140,300
6.247.899.000
6,267,964,100
s
$
A.. OK
•
A 1dit 7A29nn
5.745.658.500
5.790.937,000
5,819.488.500
5.781.126.51k.
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
5,319.637.400
5.422.329.800
5.359,115.500
5,402,569,400
A AIR RRA nnn
*Total Cash
In Vaults.
Reserve in
Depositaries.
$
104,910.200
102.032,000
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
80.044.21)0
81.472.700
80.546.900
83.591.500
81,882,200
RI OAR nnn
$
766.067.300
783.386,400
783,368,300
773,115,400
752,408,400
737,882,600
746.868,900
740.011.100
731.974.800
727,617.600
7213.004,500
733.263.600
725.251,500
707.162.000
722.106.500
708.755,700
722.426,700
79R KAI onn
New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is. three ciphers 10001 omitted.)
Net
Capital.' Profits. DisCLEARING
counts,
NON MEMBERS.
Nat. bks. Dec. 31 InvestWeek Ending State bks. Nov.15 Junta.
April 25 1925. Tr. cos. Dec. 31
Members of
Fedi Reeve Bank
Grace Nat Bank__
Total
State Banks
Not Members of
Fed'i Reeve Bank
Bank of Waah'n Lit
Colonial Bank
Total
Trust Company
Not Member of
Fedi Reeve Bank
MecbanTr,Bayoun
Total
1.
1.736
10,55
200
1.200
512
2.447
7,926
28,2
1.400
2.960
36,126
689
3,773
4,988
692
3,078
359
1,498
5,987
25,100
2.287
3,656
3,770
1,857
31,087
5,943
508
8,886
356
88
2,930
6.071
508
8.880
356
88
2,930
6,071
Grand aggregate_ _
2.900
Comparison with prey, week
5,205
Gr'd aggr., Apr. 18
Gr'd aggr.. Apr. 11
Gr'd aggr.. Apr. 4
Gr'd aggr.. Mar. 28
5.205 55,313
5.217 54.846
5.279 54,519
5.279 55,003
2.900
2.904
2.700'
2.700
Net
Reserve
Net
with Demand Time
Legal Deposits. Deposits.
Depositories.
Average Average Average Average Average
$
$
10,55
689
4,988
3,773
1.736
500
Cash
in
Vault.
55,57
+257
4,12
4,048
3,925
3,988
2,634 a37,790
--19I
A-411
17,002
+64
2,825
2,973
2,674
2,499
16,938
16,831
16,858
16,797
037.37
a37,17
a36,227
a36,700
•United Stems deposits deducted 552,000.
Bills payable, rediscounts, acceptances and other liabilities, $644,000
Excess reserve. $221.750 decrease.
Week Ended April 25 1925.
Two Ciphers(00)
omitted.
Membersof
Trust
F.R.Systens Companies
1925
April 18
1925.
April 11
1925.
246,841,0
142,262,0
885.586,0
38,244,0
124.275.0
150.455,0
630.273.0
92.688,0
873,416,0
21.479,0
3.076,0
65.054.0
11,906,0
80.036.0
68.619,0
11,417,0
246,839,0
141,828,0
873.997,0
35,807.0
105,400.0
146,677,0
619.943,0
90,536,0
857.156,0
26,661,0
3,653,0
61.122.0
12.098,0
76.873,0
68,550.0
8,323.0
TOI0i.
Capital
$41.841.0 25,000,0 246.841.0
Surplus and profits
125,548.0 16.703,0 142,251.0
Loans, dise'ts & Invesrts__ 819,585.0 47,345.0 856,930.0
Exchanges for Clear.Bouse 36.768.0
690.0 37.458.0
Due from banks
106,952,0
16,0 106.94(8.0
Bank deposits
971,0 139,389,0
138.418,0
Individual deposits
599,768,0 26,802,0 626.570,0
Time deposits
91,576,0
2,935.0 94.511,0
Total deposits
829.762.0 30.708.0 830,470.0
U Ei deposits (not Incl.).19.302,0
Res've with legal deposles.
3.272,0
3.272.0
Reserve with F. R. Bank
63,797,0
63,797.0
Cash in vault •
1,475,0 11,530,0
10.055.0
Total reserve& cash held
73,852,0
4,747.0 78.599,0
Reserve required
64,442.0
4,206.0 68.648,0
Excess res & cash in vault_
541,0 10.151,0
9,410.0
•Cash in vault not calm ed as reserve for Federal Reserve
members.
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Apr. 29 1925 in
comparison with the previous week and the corresponding
date last year:
Apr. 29 1925. Apr. 22 1925. Apr. 301924.
Resources—
$
Gold with Federal Reserve Agent
356.495.000 356.546.000 635,651,000
Gold redemp. fund with U. 8. TreaanrY.
9,940,000
7,357,000
11,188.000
Gold held exclusively mist. F.R. notes. 366,435.000
Gold settlement fund with F. R Board_ 252.341.MM
Gold and gold certificates held by bank.. 335,647.000
387,734.000
242.617.000
324.582.000
Total gold reserves
Reserves other than gold
954,423,000
35,123,000
934,933.000 1,018,932,000
34,215.000
24,453,000
Total reserves
989,548,000
Non-reserve cash
14,252,000
Bills discounted—
Secured by U. 8. Govt. obligations___ 65.893,000
Other bills diseounted
21 805.000
969.148,000 1,043,385,00015.119.000
10.912.000
73,944.000
35,308.000
31,366,000
16,495,000
Total bills dlecounted
Bills bought In open market
U. S. Government eecurItles—
Bond.
Treasury notes
Certificates of Indebtedness
87,698,000
67,590.000
109,252.000
64,250,000
47,861,000
27,165,000
12,461.000
79,197.000
1.963.000
12,461,000
81,892,000
3,312,000
1,202,000
48,371,000
15,974,000
Total U. Government securities_
Foreign loans on gold
93
2:83
625
1.000
92
7:8
63
65:000
000
65,547,000
Total earnIng meets
241.744.000
274.002.000
140,573,000
Uncollected Items
Bank premises
All other resources
140.265.000
16,579,000
6,348.000
150.871.000
16.579.000
6.030.000
137,430,000
14,678,000
4.413,000
643,008,000
204,027,000
171,897,000
Total resources
1,408.734,000 1,431,749,000 1,351,391,000
Liabilities—
Fed. Res. notes in actual circulation
340,293.0013 340.130.000 352,005,000
Deposits—Member bank, reserve Reel— 840.804.000 851.754.000
763,689,000
Government
5,422,000
8.264,000
9,169,000
Other deposits
14,997.000
13,511,000
18,107,000
Total deposits
861,223,000 873.529,000 790,965,000
Deferred availability Items
113.537.000 124,660,000 116,494,000
Capital paid In
31.492.000
31,345,000
29,799,000
Surplus
58,749.000
59,929,000
58.749,000
All other liabilities
3.440.000
3,336,000
2,199,000
Total liabilities_
1,408,734,000 1,431,749,000 1,351,391,006
Ratio of total reserves to deposit and
Fed. Rm. note liabilities combined
Contingent liability on bills purchased
for foreign oorreePondeina
82.4%
79.9%
91.3%
12,743.000
10.709,000
8,210,000
CURRENT NOTICES.
—Danforth & Marshall, Members New York Stock Exchange, announce
the removal of their offices to 61 Broadway, New York, and change in
telephone number to Bowling Green 3061.
—Paul B.Roura,formerly of Boland & Prelm,and Williaxn L.Strong, Jr..
have formed the firm of Roura & Co. with offices at 120
Broadway, New
York, to deal in investment securities.
—William L. McCague, dealer in Investment Securities at Chicago, announces the removal of his office to Room 721, 39 S. La Salle St., Chicago.
Telephone Randolph 5683.
MAY 2 1925.]
2239
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon,April 30, and showing the condition.
41 she twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
m a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year_
Thesecond table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 2216. being the first item in our department of "Current Events and Discussions."
COMBINED REBOURCICS AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 29 1925
April 29 1925 Apr. 22 1925. April 151925. April 8 1925. April 1 1925 Afar.25 1925 Mar. 18 1925 Mar.11 1925.kprIl 30 1924
RESOURCES.
$
$
$
$
$
$
$
$
$
1,547,198,000 1,583,377,000 1,554.000,000 1,513,503,000 1.588.385,000 1.600,051,000 1,623,978,000 1,612,227,00012.088,317,000
Gold with Federal Reserve agents
51,345,000
50,639,000
54,419,000
50,428,000
51,890.000
Gold redemption fund with U. B. Tress_
54,811,000
48,005,000
57,195.0001 50.749,000
Gold held exclusively eget. F. R notee 1,598,543,003 1,614,016,000 1,603,419.000 1.563.931,000 1,640,275,000 1.654.862.000 1,871,983,000 1,669.422,000'2,139,066,000
636,928,003 632.337.000 637,009,000 692,776.000 615.359,000 619,409,000 624.265.000 625,399,000 610,622,000
Gold settlement fund with F. R. Board
615,631.033 597.910,033 599.055,000 582.675.000 590,300,000 593,059,000 577.593.000 579,921.000 370,701,000
Gold and gold certificates held by banks
Total gold reserves
Amerves other than gold
2,851,102,003 2,814,283.003 2,844,483,000 2,839.382,000 2,845,931,000 2.887,330.000 2,873,846,000 2.874,742,000 3,120,389,000
142,009,03) 141,491,003 141,044.000 137,228,000 136,747,000 140,822,000 136,748,000 135,969.000 102,220,000
2,993,111,002 2,985,754,030 2,985,527,000 2,976,603,000 2,982,681,000 3,008,152,000 3,010,594,000 3.010.711.000 3,222,609,000
Total reserves.
Non-reserve cash.
55,757,000
54,533.000
56,630.000
51,673.000
49,811,000
54,215,000
56,501,000
56.031,000
56,150,000
Bills discounted:
215,871.00) 219,920,000 205,132.000 192,600,000 204.186,000 214,570.000 181.615.000 246,598.000 161,164,000
Secured by U B Govt. obligations—.
184,114.03) 192.455.030 189,170.000 198.689,000 195,739,000 163,071,000 157,869.000 163,824.000 286,021,000
Other bills discounted
Total bills discounted.
61111s bought In open market
13 8 Government securities:
Bonds..
Treasury notes
Certificates of Indebtedness
399,985,003
238,828 033
412,375,003
275,501.003
395.302.000
274.058.000
391,289.000
310,685,000
399,925,000
318,378.000
377,641,000
306.905.000
339,484.000 410,422.000
276,711,000 301.354.003
447,185,000
85,133.000
241.930,002
21,921.030
84,930.003
244.202.000
23,949.000
84,896.000
244,780,000
28.156.000
82,631.000
250.177,000
29,432.000
81.942.000
245,970,000
29.922,000
81,698,000
233,728.000
28,327.000
79.260.000
222,171.000
128.819,000
19,269,000
221,771,000
Total U. S. Government neuritis.—
foreign loans on gold
AB other earning assets
349.039,033 353.031,003
10,503,0))
10,532,0)0
1.402.000
1.493,020
357,832.000
10.503,030
1,652,000
362,240.000
10.500.000
1,902.000
357,834,000
10.500,000
1,902.000
343,751,000 428.250.000
10.500,000
10.500.000
1,902,000
1.902,000
Total earning assets
a% redemp fund eget F
Uncollected items
Bank premises
All other resourcee
R. bank note*
Total resources
LIABILITIES.
If Et noted In actual circulation
F R bank notes in circulation—net._
Deposits—
Member banks—reserve account
Government
Other deposits
Total deposits
Deferral availability items
Capital paid In
Surplus.
All Other 1101111'1es
77.941,000
283,360,000
27,031,000
124,485,000
60,620,000
388.332.000 301,660,000
10.500.000,
51,1100
3,452.000
1,027,752,033 1,052,857,000 1,039,344,000 1,076,616,000 1.086.539.000 1,040,699,000 1,056.847,000 1.114.060,000
592,804,03) 671,529.030
59.213,013
59.283,000
22.288,0)0
23.378.000
788.205.000
59,241.000
22,257,000
602,618.000 607,198,000
59.863.000
58.967,000
20.653,000
20,998.000
873,381,000
28,00o
602,247.000 758,592.000 627.874,000 586,350,009
58.816,000
58.775.000
58.751,000, 56,494,000
20.710.000j 20,491,000
24.817.000, 22,530,000
1,749.755,00) 1.848.537.01 1,949.205,003 4.790.022.000 4.807,607,000
4.811203,000
4.787,125,00014,959,330,000 4,892,363,000
1,683,830,03) 1.687,690.030 1,698,090.000 1.714,181.000 1,709.670,000 1.709,146.000 1.720.369.000 1,730,684,00011.926,013Mo
343,000
2,134.552,033 2,163.116,033 2,141,443,093 2.140.760,0032.132.779.003 2,118,58I,00012,175,515.000 2,201.277.000 1,941,952,000
27,059.000
31,377,000
30.454.00.1
32,503,000
21.878,003
29.379,003
37,027,033
6,126,000
26.332.000
24,184,01)• 29.476,000
36,309.000
28,501.000
27,926,000
24,310,000
'25.784,011
29.364,000
27,929,000
-- —
2,137,335,0)) 2,217.751.00) 2,207,048,000 2,186.978.000 2,195,657,000 2,184,269.003 2,211.005.000 2.255.538,000 2,005,381,000
532.714,03) 593,159.0)) 894,894,030 514,276,003 558.250.003 549,438,000 684,375,000 562,750.000 533,466,000
115.237,02) 114,693.00) 114.533,00,3 114.481,000 114,492,000 114,492,000 114.450.000 114.254.000 110,927,000
217.337.034 217.837.001 217,837.000 217.837.000 217,837.000 217,837,000 217.837.000 217.837.000 220,915,000
14,158,000
11,701,000
12,289.000
11,943.000
12.732.03
11,294.000
12.404.0)0
11.300.000
12.052.000
Total liabilities
1,749.755,000 4,848.537.00) 1,949,205,000 4.790.022.000 4.807.607.000 4,787,125,000 4,959.330,000 4,892.363,000 4,811,203,000
Ratio of gold reserves to deposit and
728%
73 1%
79.4%
72.8%
F. R. note liabilities combined.
72.8%
738%
73.6%
72.1%
72.8%
!Maio of total reserves to deposit and
764%
766%
82.0%
F. R. note liabilities combined
76.5%
773%
75.5%
78.3%
77.3%
76.4%
Oontingent liability on bills purchased
for foreign correspondents
50,384.000
51.853,000
20,505,000
51,743,000
45,281.000
48,715.000
43.485.000
44,897.000
47,655,0)3
DtsfrOurfon by Afaitoittes$
$
$
s
s
$
$
$
$
63,564,000
86,669.000
95,578,000
97.244.000
73.193.000
1-15 days bills bought in open market.
92,293,000 103,059,000
80,433,000 108,137,000
1-15 days bills discounted
294,039,03) 300.278.040 294,842.003 289.091,000 296,809.000 288,426,000 249,721.000 326,761.000 245,805,000
535.000 100.500.000
2,817,000
1-15 days U. 8. certif of indebtedness
1,223,00)
2,223,000
1,391.000
1,339,000
61,00)
2.000
2.000
2.000
1-15 clays municipal warrants
2.000
2.000
2.000
24,120,000
54.789,000
57,817,000
.0-30 days bills bought In open market..
55.777.000
57.712.000
60.478.000
54,128,000
61,997.002
58,633,000
24,682,000
40,070,000
16-30 days bills discounted
21,070.000
24,867.000
22.587.000
24,528,00.1
21,849,000
23,537,000
26,347,000
205,000
18-80 days U. B. certif. of Indebtedness
10-80 days municipal warrants
29,141,000
01-80 days bills bought in open market..
92.773,000
92,273,000
85,048,000
88.501.000
88,958.000
86,606,000
74.739.00) 81,652,003
79.690,000
111-60 days bills discounted.
36,922.000
38.264,000
37,440.000
36,694,000
32.734.000
35,439,000
38.079.03) 32,710.002
11,822,000
31-60 days U. B. eartlf of indebtedness
11-60 days municipal warrants
60,980,000
7,228,000
64,381,000
01-90 days bills bought in open market
55,970.000
47,558,000
33,698.003
53,727.000
32.681,003
41.184.000
46,979,000
01-90 days Mlle discounted
18,674,000
24,037,00) 22,234.00) 21,294,000
18.180,000
18.127.000
25.616.000
25.722.000
943,000
51-90 days U. 8. certif. of Indebtedness
,
51,000
51-90 days municipal warrants_
432,000
Over 90 days bills bought In open market
8.064.000
8,313.000
6,723,000
5,966.00)
8,011.000
7,379.000
5053,('0)
7,202.000
14,554.000
34,641,000
Over 90 days bills discounted
14,915,000
12,549,000
23,223,00) 26,616.00)
11.556.000
10.951.000
16.880.000
Over 90 days certif. of indebtedness....
27.105.000
47,650,000
28.209,000
27,792.000
24.808.000
21,880,03) 22,558.003
26,319,000
25,317.000
Over 90 days munleipal warrants
Federal Reserve Noses—
f.latatandiria_
2.0)0.885.05) 2.017,175,01) 2,025,361,000 2,020.173,003 2,019,983.000 2,018,223.000 2.031.838.000 2.040.508.000 2,444,073.000
Held by banks
316,805.00) 329,485.03) 327,271.000 306,012,000 310.293.000 309.077,000 311.489,000 309.824.000 518,060,000
--in actual circulation
1,633,880,03)1.687,693,033 1.693,093.003 1,714.161,000 1,709,670,000 1.709,148,000 1.720.369.000 1.730.684.000 1,926,013,000
amount chargeable to Fed. Rea &Beni 1,999.731,0)) 1035,448,00) 1007,407,009 3.008,943,000 3.005.024,000 3,009,108,000 3.013,434.000 1030.974.000 3,379,820,000
r bands of Federal Reserve Agent....
999,049,03) 933.271,011 982,045,000 938.770.000 985,061.000 990.88.5,000 981,596,000 990.456.0001 935.747.000
Issued to Federal Reserve Banks
2.033,685,03) 2,017.175,03.) 2,025,361,030 2.020.173.000 2.019,983,000 2.018.223.000 2.031.838.000 2,040.508,000 2.444,073,0011
How Secured—
:--By gold and gold certificates___________
273.8111,03) 277.316,03) 277.318,003 274.916.000 274,916,000 275,416,000 275,416,000 277.918.000, 335.864.000
By eligible paper
453,467,0)) 453.793.003 471.351,003 505,670,00(9 431.578.000 418.172,000 407.880.000 428.281,000: 355.756.000
Geld redemption fund _
115,235,0)) 104.893.03) 117.518,000 107.181,000 109.526.000 110.274,000 110,794.000 105.587.000, 123,849,000
With Federal Reserve Board
1,158,116.03) 1.177.183.033 1.159.188,000 1.131,408,000 1,203.941000 1,214,361.000 1.237.768.000 1.228.724.000 I.628.534.000
2,0)3,635,00) 2,017,175.003 1.025.351.030 2.021173,000 2.019,963,000 2.018,223,000 2.031.838.000 2.040.508.0002.444.073,000
vitamin Dane? delivered I, r R oreer
—603 lit n-Ti
555 511
011
at I nig filo
575 04004W) 577 512 n(w) 044 554 000
Ref 7112 OM
1170 039
nnn
544.031.001
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 291925.
Two ciphers (00) 001/1440
Boston. New York. Phila. Oneida& Richmond &lawn Memo St. Louis Afinneap
federal Reserve Bank ofRESOURCES
$
$
$
$
$
$
$
$
$
(Wad with Evans& Reserve Agents 179,668,0 355,495,0 134,381,0 169,557,0 42,154,0 132,664,0 135,518.0 45,076,0 54,657,0
sSold redo fund with U S. Tress
1815,0
9,940,0 12.915,0 4,502,0 3,315,0 1,866,0 2,923,0 5,244,0
981.0
Gold held exm sgst.F.R.notee. 183,483,0 356,435,0 147,326.0 174,069,0 45,469,0 134,530,0 138,441,0 50,320,0 55,638,0
Gold settiel fund with F.R.Wrd 43,076,0 252,311,0 41,925,0 70,033,0 12,190,0 8.480,0 82,609,0 15,334,0 13,223,0
Gold and gold °tie held by banks 30,328.0 335,517,0 21,579,0 34,581,0 22,397,0 10,082,0 101,096.0 11,283,0 6,959,0
Ran. OW Dana*• San Fran.
7)104
$
$
5
$
56,555,0 39,783,0 200.700,0 1,547,198,0
2.117,0 1,709.0 1,088,0
51,345,0
58,672,0 41,472.0202.688,0 1,598,543,0
42,925,0 20,824,0 33,965.0 636,928,0
3,636,0 9,742.0 28,298.0 615,631,0
Total gold reserves.
Swerves other than geld
253,887,0 • 954,423,0 210,830,0 278,689,0 80,056,0 153,092,0 322.145,0 76,937,0 75,820,0 105,233,0 72,038,0 264.951,0 2,851,102,0
15,098,0
35,123,0 4,483.0 7,780,0 3,914,0 15,524,0 17,826,0 20,608,0 2,317,0 3,657,0 9,457.0 6,224,0 142,009,0
Total reserves
Hon-reserve cash
Bills discounted:
Bee by U S. Gov, obligati°
Other bills discounted
271,985,0
6,032,0
14,854,0
14,423,0
65,893,0 22,143,0 30,082,0 14,098,0 2,336,0 36.372,0
21,805,0 14,965.0 14,318,0 35,357.0 20,159,0 20,903,0
Tots bins discounted..
81115 bought In open market
07 8 Government seourItles:
Bonds
•
Treasury notes
IN!,rtiticates et indebtedness
29,277,0
32,993,0
87,698,0 37,108,0 44,380,0 49.483,0 22,495,0 57,275,0 18,130,0 '6,727,0 8,119,0
57,590,0 24,241,0 24,590,0 10,375,0 11,993,0 37,543,0 10,015,0 17,308,0 11,675,0
2,861,0
15,652,0
3.412,0
12,481,0 1,418,0 11,000,0
79,197,0 23.091,0 23,272,0
1.963,0
196,0 5,670.0
1,408,0
1,940,0
37,0
1,615.0 21,649,0
1,387,0 30,180,0
925,0 1,939,0
1,849.0
7,427.0
221,0
rota, Q8 Go et seeurltlee
21.7211.0
na
1 2050
20970 .53 7500
0907n
989,515,0 215,313,0 286,459,0 83,970,0 168.616,0 339,972,0 97,543,0 78,137,0 108,890,0 81,495,0 271,175,0 2.993,111,0
14,252.0 2,073.0 2,678,0 3,826,0 4,915,0 7.111,0 3,777,0 1,381,0 2,290,0 2,414.0 3.787,0
54,536,0
R21
n
24.7030
no 0190
0,752,0
9,378,0
2,223,0
4,504,0
1,932,0 . 348,0 18,880,0
6,187.0 3,083,0 19,022.0
215,871,0
184,114,0
3,431,0 37,882.0
7,094,0 21,411,0
399,985,0
268.828,0
8,764.0 10,710.0 8,682,0 3,123.0
8,371,0 13,609.0 11,385,0 26,566,0
211,0 2,001,0
281,0 5,065,0
8.5,138,0
241.980,0
21,921,0
17 %Din
911 990n
on 210n
.1, TICA A
sin nza A
[VOL. 120.
THE CHRONICLE
RESOURCES (Conclude4)—
Two ciphers (00) omitted.
Boston. New York.
$
777,0
Foreign 1081111 on gold
Another earning assets
Totalearning aseete
Uncollected Items
Bank premises
/Mother resources
Totaldepoelts
Deferred availability Beam
Capital paid In
larplue
ill other liabilities
$
976,0
1,150,0
$
1,124,0
$
557,0
$
430,0
$
1,449,0
$
483.0
h
346.0
$
420.0
250,0
$
368,0
$
735,0
Total.
$
10,500,0
1,400,0
241,744,0 88,181,0 110,036,0 63,780.0 38.845,0 150.035,0 35,925.0 41.727,0 46.684,0 31,241,0 94,782,0 1,027,752,0
140,265,0 53.902.0 52,722,0 50,130,0 32.649,0 74,902.0 32,561,0 12,072,0 34,368,0 22,194.0 33,735,0 592,804,0
59,266,0
18,579,0 1,122.0 7,573.0 2,446,0 2,780,0 8,099,0 4,121,0 3,049,0 4,200,0 1.833.0 3,274,0
629,0 2,897.0 1,237.0
259,0
338,0 3,092,0
547,0 1,679.0 4,808,0
22,286.0
6,348,0
373.0
84,772,0
53,304.0
4,190.0
79,0
Totairesourees
LIABILITIES.
10.R.noteein actual circulation
D'Cocotte:
Member bank—reserveacct
Government
Other deposits
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan. CUti Dallas. San Fran
Phila.
$
2.835,0
20,362,0 1,408.734,0 360.964,0 459,737,0 204,781,0 250,702,0 581.356,0 174,265,0 139,458.0 196,979.0 140,856,0 411,561,0 4,749,755,0
210,820,0
340,293,0 149,633.0 198,400,0 72,520,0 139,053,0 161,491,0 48,241,0 63.314,0 63,385.0 42,057.0 193,773,0 1,683,880,0
130,357,0
1,197,0
263,0
840,804,0 129,183.0 173,859,0 64,258,0 67,089,0 303.241,0 77,150,0 51,131,0 85.260.0 59,681,0 151,569,0 2,134,582,0
27,059,0
922,0 1,573.0 2,417,0 3,928,0
642,0 2,208.0 1,906.0 1,700,0 1,878,0 3,266.0
5,422,0
177,0
163,0 1,746,0 1,212,0
202,0 4,649,0
254,0
643,0
25,764,0
381,0 1,087,0
14,997,0
131,817.0
52,413,0
8.350.0
16,382,0
580,0
861,223,0 130,486,0 176,519,0 66,852,0 71,170,0 305,629,0 80.570,0 53.291,0 88,603.0 61,741,0 159,484,0 2,187,385,0
113,537,0 49,140.0 48,236,0 46,969,0 25,308,0 66.581,0 29.888,0 11.121.0 31,210.0 24.562,0 33,751,0 532,714,0
31,49270 11,176,0 12,956,0 5,987,0 4,613.0 15,541,0 5,104,0 3,247,0 4,337.0 4.230.0 8.174,0 115.207,0
58,749,0 20.059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,971.0 7,497,0 8,977.0 7,592.0 15,071.0 217,837,0
752,0
710,0 1,688,0
491,0
988,0
467,0
674.0 1,308,0
12,732,0
470,0 1,164,0
3,440,0
Totalliabillties.
420,362,0 1.408,734,0 360,964,0 459,737,0 204,781,0 250,702,0 581.358,0 174,265,0 139,458,0 196,979,0 140.856,0 411,561,0 4,749,755.0
Memoranda
Ratio of total reserves to deposit
B
and F R. note liabilities com76.4
60.2
79.9
72.8
75.7
67.0
71.6
78.5
77.3
bined, per cent
76.8
82.4
76.9
79.4 ,1
'contingent !lability on bills par.s..........,..................-....—a••. 9 eon n
lo 7.19 n
A Ade n
A 117n
9 ARRA
1 001 n
66(1(1(1
99(1(1(1
1 57510
1 012n
1 P7An 2 2,12n
47 OAR II
STATEMENT OF FEDERAL RESERVE AGRNTS' ACC:DUNES AT CLORE OP BUSINESS APRIL 29 1978
Boston NewYcirk1
Federal Reserve Agent al—
Total
BI.L
Minn
R. CRY Dallas Han Fr
Total.
$
$
3
271.207 25.660 24,032 28,373 22,872 66,500 999,049
170,022 54.386 86.446 71,999 47.305238.004 2,000,685
5,000
185.6931 6,033 8,780
28.797 13,992 10.787 3,859 5,164
141,033 114,339 150.010 38.295 122,500
110,414 49,777 45.213 45.884 28,069
20,6911 4,303' 22.457 13,6061 5,136
12.475
275,816
-__ 16,011
1.105 4.195 3.752 11,272
4,874 2,601 13,052. 115,266
130,644 30.000 40.500 52,360 20.000 182.428 1,156.110
34,504 9,310 11,78915,444 7.542 37.304 453,487
59.957 15,145 12,038 4,128 2,8621 21.403 185,757
542.193 1.273.049 421,039 493,617 211.937 388.812
—
671.208 149.577 168,952 176,497 120.344 563,911 5,186,178
Set amount of Federal Reserve notes received from
300.255
Comptroller of the Currency
Collateral received from I Gold
179,668
Federal Reserve Bank!Eligible paper
62,270
Total
1Phila. Cleve. Richm'd dtlatila Chicago
$
318.540 43.459 46,600 22,255 62.210
466.903 184,153 214,780 88,038 160.733
lessources-(Is Thousands of Dollars)
62,350
Federal Reserve notes on band
237,905
Federal Reserve notes outstanding
Collateral security for Federal Reserve notee outstanding
27,800
Gold and gold certificates
17.868
Gold redemption fund
134,000
Gold Fund—Federal Reserve Board
Eligible paper)Amount required
58,237
4,033
'Exams amount held
785.4491232,6031251.3301110.2931222,943
356,495 134.331 169,5671 42,154 132,664
131.105 54,030 67,670' 59.490 33,205
1
441,229 80,046 00,4781100,3721.70.177 304,504 2,999,734
135.518 45,076 54,657 56,555 39.763 200.700 1,547,198
04,461 24,455 23,827 19.570 10.404 58.707 639.244
542,193 1.273.009 421,019 498.617 211.937,388,812
671.208149.577 168.962 176.497 120,344 563,911 5,186.176
237,905I 488,909 184,153 214.780 88.038 160,733
27,035 126,6161 34.525 16.380, 15.5181 20,780
170.022 54.386 66.446 71.999 47,305 238,004 2.000,685
8,5311 6.145 3.132 8.614 5.248, 44.231 316.805
219.3'10' 341.193 149.333 103.405 72.501 139.953
161.4111 48,241 63,314 63.385 42,057 193.773 1,683,880
Federal Reserve metes outs•anding
/federal Reserve notes held by beat.
iranerhi RP1141•VS. note,. In runnel alrentarlon
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the prineipal item of the resource"
the liabilities of the 736 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statemei t
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523 The comment of t he Reserve Board upon the figure.
for the latest week appears in our Department of "Current Events and Discussions," on page 2216.
Morrie, ar close or hisginess Anril 22 1925. Three
1. Data for all reporting member banks In each Federal Re
nthllers (
.
0 81 omitted.
$
$
9.522
76,056
278.521 2,193,870
642.895 2,534,897
Cleveland Richmond Atlanta. Chicago. St. Louts /111nneay Kan. CV, Dallas 'an Fran. Total
-- ----- --- --—
73
36
4)
70
100
33
71
736
76
25
$
$
$
s
$
$
$
$
$
$
$
6,534
7.887
32,616
19,149
14,185
10.150
198,188
12,291
2,821
3,802
3,164
78,013 701.150 171,507
61.770 114.591
71.62, 230,996 4,807.328
333,311 444.132 127.843
365.896 750.510 353,085 383.648 6.197,148 306.984 178.837 317.731 225,090 867,917 8.124.624
930,939 4,804,833
711,498 1,213,791
487,442
9.442
39,317
74.791 805,283
21,685 175,551
7,491 222,707
6,135
55.694
194,583 1.127.417
9,587
52.154
23,686
13,062
6,018
260.152
31,577
153.161
44,424
47,459
8,125
353.721
.25.233
35,690
11,456
1,663
513
83,367
314,128 2.226.969
354.639
638,467
137.922
Total loans ann investments
1,245,067 7,031.802 1.076.137 1,852,258
Reserve balances with F. It. Bank_
89.468 772.168
80.342 121.357
Cash in vault
31.409
21,303
77,914
16,012
Net demand deposits
846.472 5,660,974 761,842 993,152
Time deposits
342,300 1,198,124 174,795 721,419
Government deposits
13.279
28,794
25,516
46,313
Bills payle redisc. with F. R. Bk.:
Secured by U.S.Gov't obligation!.
3,935
15,108
8,148
60.704
All other
14,220
7,994
26,156
5,266
Bankers' balances of reporting member banks In F.R.Bank cities:
Due to banks
130,454 1,060,245 178,955
48,976
' 49.77ft 109 002
69 591
21 44R
Due from banks
625.364
37.496
14,080
345,490
187,106
9,873
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds.
All other loans and discounts
42
Total loans and discounts
Investments:
U. S. pre-war bonds
U. S. Liberty bonds
U. B. Treasury bonds
U. S. Treasury notes
U. B. Treasury certificates
Other bonds, Mocks and securities
TotalInveetments
Phila.
106 Al
55
469,548 1,930,914
14,863
11.193
5.836
3.170
2,005
41.645
17,871
167,944
64,110
90,987
9,454
421.109
78,712
492,676
243,428
436,131
13,296
23.462
19.907
12,339
2.670
100,980
6,931
25,654
11,792
18,341
3,731
39,139
9,332
46,231
20,20:
16.501
3.41:
74.591
771,475
172,654
105,598
170.2"
548.200 2,702.389
38.683 233,391
10.742
53,588
322,739 1,691,982
196,294 946.479
9,273
28.987
665,330
46,280
6,935
399,062
204,222
12,412
349,020
25,927
5,734
225,670
105,0(9
2,618
CO 407
5s 9s
12.....,
480,79..
136.562
4,93(
299.871 1,109,063 13,130,140
18.221
17,891
8,621
9,032
3,671
20.271
24.448
220.104
130,452 1,344.906
56,550
463.830
25,694
408,455
17,344
118,782
192.456 2.889.431
77.72:
446,944 5.505,508
377.101 1,556.007 18,635,648
28.996 103,368 1,632,467
11,34:
20.886
282.318
273,241 763,229 12,764,742
93,971 757.754 5,064,103
7,361
17,586
206,954
4,364
16,299
2,967
6,582
30,903
4,142
1.788
5,310
1.590
1.1e(
1,71)
135(
392
30.082
13.356
17,726
14.042
379,623
171.599
85,482
29.871
51,710
18.031
105.52)
41.164
30.03:
25.501
19,520
8,947
149,333
98,613
92,011 2,210,830
52.956
613.154
2. Data of reporting member hank, In New York City. Chicago and for whole country
All Reporting Member Banks.
*porting Member Banks in N. Y Cl'),
Reporting Member Bombs in Chicago.
April 22 1925. April 15 1925. April 23 1924 4pril 221925. April 151925. April 23 1024 april22 1925 April 151925. April 231924.
67
65
65
751
Number of reporting banks
736
736
Loans and discounts, gross:
73,914,00(
75.354,000
71,152,000
213.052,001,
Secured by U. S. Govt. obligation,
198,188.000
200,093,000
Secured by stocks and bonds
4,807,328,000 4,708,150,000 3,882,241,001 1,952.700.000 1.878,908,000 1,421,250,001
All other loans and cilecounte_.... 8.124,624,000 8,219,978,000 7,958,772,001 1,231.626,000 2.261,917,000 2.263.787.001
46
24.862,000
519,887,000
683,155.000
46
48
23,200,000
20,347,000
516,259,000 439,319,000
892,644,000 670,085,000
Total loans and discounts
13,130,140,000 13,128,221.000 12,054,065,001. 1,255,478.000 4,216,179,000 3,758,951,001 1,227.904,000 1,232,103,000 1,135,751,000
Investments:
28,590,000
28,130,000
40,084,001
U. S. pre-war bonds
272,464,001
1.933,000
220,104,000
219,757,000
1,936,000
4,195,000
U.S. Liberty bonds
84.880,000
1,344.905,000 1,347,935,000 1,082.654.001 510,689.000 515,584.000 457,108,000
84,288.000
46,809.000
U. B. Treasury bonds
16,136,00(
70,293,001 159,133.000 154,855,000
27,583,000
463,830,000
457.172.000
29.393,000
4,709,000
U. S. Treasury bonds
721,621,001. 205.780,000 175,358.000 345.947,001
64.315.000
468,455,000
444,567.000
64.421,000
79,177,000
54,181,000
26,734,001
U. R. Treasury certificates
56,142,000
105,125.001
3,988.000
118,782,000
129,098,000
4,284,000
13,873.000
Other bonds.stocks and securities. 2,889,431.000 2,883,358,000 2,299,645,001 848,193,000 849,314.000 606.542.001 200,042,000 199,449,000 166,047,000
TotaUnyestments
Total loans and investments.,.
Reservebalances with F. R. banks,.
Clash In vault
Net demand detooelts
Time de pood ts
Government deposits
BUR payable & rediscounts with
Federal Reserve Banks:
Secured by U.S.Govt.obligations
All other
Total borrowingsfrom F.R.bka
5,505.508.000 5,481.887,000 4.552,802,001 1,806,566,000 1,779.383,000 1.492,551.001
382.741,000
383.771,000
314,810,000
18,635,848,000 18,610,108,000 16,605,837,001 3,062,014,000 5.995,562,000 5,251,502,001 1,610.645,000 1,815,874.000 1,450,561,000
1.632,467.000 1,599,356.000 1,437,810.001 713,077,000 667.097,000 617,259,000 163,467,000 156,992.000 135,747,000
63,867,001
283,254.001
63,132,000
61,888,000
27,686,000
282.318,000
277,084,000
26.634.000
29,508,000
12.734,742,000 12,722.521,000 11,289.398,001 5,105,539,000 4,979,657,000 4,405.068.001 1,114,888,000 1,114,770,000 1,006,434,000
5,084,103,000 5,052,176.000 4.265,014,001 824.971,000 816,484,000 659.132,000. 463,352,000 462,004,000 376.199,000
36,000,000
49,707,000
204,337,001.
42,552,000
208,954.000
15,988,000
246,230,000
19,177,000
12,381,000
149,333,000
98.613,000
134,104,000
100,549.000
101,658,000
136,121,000
47,690,000
25.947,000
47,575.000
32,937,000
10.550,000
9,487,000
11,158,000
619,000
6,967,000
620,000
8,023,000
2,680,000
247,946,000
234,653.000
237,779,000
73,637,000
80.512,000
20,037,000
11,777,000
7.587,000
10,703,000
tiarthers' (5azieth
Wall Street, Friday Night, May 1 1925.
Railroad and Miscellaneous Stocks.-The review of the
stock Market is given this week on. page 2232.
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 1.
2?41
THE CHRONICLE
MAY 21925.)
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Exchange at Paris on London. 92.85 weeks range, 92.45 high and 93.05
low.
The range for foreign exchange for the week follows:
Cables.
Cheeks.
Sixty Days.
Sterling Actual4 84%
4 8234
4 82
High for the week
481
48134
week
the
Low for
47834
Paris Bankers' Franc-I5.25
5.24
5.1734
MO for the week
Paris Bankers' Francs5.1734
5.1834
5.10
Low for the week
Germany Bankers' Marks23.81
23.81
nigh for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders-.
40.15
39.69
40.13
High for the week
40.03
40.01
39.57
Low for the week
Domestic Exchange.-Chicago, par. St. IAMB. 18025c. per $1.000
discount. Boston, par. San Francisco, par. Montreal, $0.3125 per
$1.000 premium. Cincinnati, par.
per share. $ per share per share.
per share.
Par. Share:
United States Liberty Loan Bonds and Treasury
Apr 99
may
May 1 86
Apr 30 99
Buff Roch & Pitta pf_100 4,500 87
Jan Certificates on,the New York Stock Exchange.-Below
May 1 873( May 1 8484 Jan 105
200 86
Buff & Susquehanna_100
Feb
58
Jan
56
30
Apr
574
10
3
Apr
100
5734
Southern._
Canada
we furnish a daily record of the transactions in Liberty Loan
AM 71% Apr
Apr 30 70
Apr 30 70
10 70
Cleve & Pittsburgh_ _150
100 434 Ape 25 4% Apr 25 3% Apr 6% Jan
bonds and Treasury certificates on the New York Stock
Dui 88 & Atl pref _ _100
May
754
Apr
733(
1
May
754
1
125 7434 May
Ill Central leased line 1
Exchange. The transactions in registered bonds are given
MStP&SSMleased
Apr 63
Feb in a footnote at. the end of the tabulation.
Apr 2 59
Apr 25 59
100 59
100
line ctfs
Apr
79
Jan
774
Apr 3
Apr 30 79
10 79
90
Morris& Essex
5% Jan
534 Apr 30 334 AD
Nat Rys Mex 1st pref 100 2,400 434 Apr 2
Apr.28 Apr.29 Apr.29 Mat 1
Jan 1014 May Daily Record of U. S. Bond Prices. Apr.25 Apr.27
Apr 30 1014 May 1 oe
30 101
N Y Lack & Western_100
Apr 4434 Apr
Apr 30 40
Apr 3 40
100 40
100
N Y State Rys
hs
1011,1
(High
,
101'n 101.12 101.00 101,
10111
Jan 7834 Apr First Liberty Loan
_50 600 78% Apr 27 7834 Apr 2 77
Northern Central
354% bonds of 1932-47_4Low. 101.n 101.,s 101.00 100..ss 100.4n 101.1n
Apr 2S 4834 May 1 34% Jan 5034 Mar
Pacific Coast 2d pref.100 300 44
101on
10001n
,s
,
101
101%
100..ss
101.n
ICIcee
3
(First
4e)
Jan 14034' Feb
59139% Apr 2£ 139% Apr 2 139
Pitts Ft W & Chic p1.100
14$
139
96
18
26
32
Total sales in $1,000 units...
Apr 30 1734 Mar 24% Jan
18
800 17% Apr
RzsdIng rights
Converted 4% bonds of (High
Industrial & MiscelL
Apr
Apr 25 1034 Apr 28 9% Apr 12
1 2,300 10
Ahumada Lead
Apr
Apr 25 9734 Apr 100
Am Car & Foundry new_ 1.100 9734 Apr 27 99
American-La France Fl
Converted 434% bonds (High 101.1,, 1024, 102.00 102.n 102.12 102.n
Jan
97
Feb
954
27
Apr
97
2
Apr
1
97
pref.
100
cum
7%
EM
of 1932-47 (Finn 448)4Low. 101..,, 101..,, 101", 101.'n 101..n 100.1n
Apr 95
Jan
Apr 29 92
Apr29 92
100 92
American Piano pref.100
In 102.n 102.00
(Clan 101..,, 102'n 101.4 101,
Mar 22)4 Mar
May 1 2034 Apr 25 20
Armour of III cl A25 4,000 20
9
1
6
34
7
32
Total sales in $1.000 anus_
Apr
Feb
164
13
29
Apr
14
29
Apr
14
100
pref
50
Sales
Auto
-------------(High
---44%
Converted
Second
AprM
34 Apr 29 5-16Apr30
35 Apr 5-16
Barnsdall Corp rights.. 6,300
--___
------____
---iLow_
bonds of 193247(First(
Apr 98% Feb
Apr 25 95
Apr 25 95
100 95
Bayuk Bros 1st pret.100
Second 434e)
•15,600 3634 May 1 3754 Apr 29 33% Ma 4034 Jan
Briggs Mfg
------------------Total sales in $1,000 units.-Jan
A 25 3234 Apr 46
Brunswick-Balke-Coll •18,300 3234 Apr 3 39
---- 1011,11
------------(High
Apr Second Liberty Loan
Feb 110
Apr 28 86
Apr 30 108
500 105
100
Bush Terminal
____
---- 10111n
-------ow_
L
i
1927-42....
of
bonds
4%
Mar
954
300 9434 Apr 30 954 Apr 30 894 Jan
Cert-teed Prod 1st p1100
(Second 4a)
• 3,100 504 Apr 2 52% Apr 27 49% Ma 56% Mar
Childs Co
37
____
____
---_
---__-Total sales in $1,000 units...
Cluett, Peabody & Co
454% bonds (High 101.,, 1011.ss 101.0s, 1011.rs 101.1n 101..sa
Converted
Feb
Apr 30 1034 Jan 108
Apr 30 107
100 107
100
preferred
1011,411
,
1019ss
101
101.3,
101.11
101.n
,,
(Low.
of 1927-42 (Second
Feb 1164 Feb
Apr 27 114
Apr 27 114
100,114
,
Cont Can Inc pref_ _100
(Close 101.3, 101 1.1, 101"11 101a11 101'11 101 11
44e)
Apr
Mar 46
Apr 30 36
May 1 46
100
2001 44
Crex Carpet
451
210
333
103
145
41
TOICa sales in $1.000 units...
34 Apr 1% Apr
34 Apr 25 134 Apr 30
Cuyamel Fruit rights_ _. 15,5003
102.00
102.01
102.00
102.00
1021,,
(High 101ln
Apr Third Liberty Loan
Apr 29 824 Jan 97
Apr 27 97
500 96
100
Deere & Co pref
4Low. 1012.,, 101,,,, 101",s 101.1,1 101..n 1011.111
434% bonds of 1928
36,100 9834 May 1 10034 Apr 25 9654 May1034 Apr
Dodge Bros pref
,, 102.00 101.•s, 101..,, 10114 101,1a
,
(Cline 101.
(Third 44s)
Jan
Api 15
Apr 30 934 Apr 2F 9
500 9
Emerson-Brant prei_100
311
205
316
110
286
52
sates in $1,000 units__
Total
Apr
70
Feb
604
1
May
30
Apr
6534
6734
6,900
25
Fisher Body new
'102.41 1021sn 1021.ss 10211n 1021,si
ss
,
102
(High
Loan
Liberty
Fourth
Apr
Apr 2f 104% Mar 109
Apr 28108
100108
Fisher Body Ohio pi_100
434% bonds of 1933-38..4 Low. 1024,1 102.,, 102.11 1020n 102.n 102'n
Franklin-Simon pref_100
30010354 May 1 103 3( May 1 101% Ma 104% Jan
,, 102,
,s 1029,2 102"s
(Close 102118, 102,31 102,
(Fourth 4%a)
Jan 12034 Apr
Gen Baking Co pre- _• 30012034 Apr 29 12034 Apr 29 119
201
3411
256
133
425
54
Total gales I* $1.000 units__
Apr 11134 Jan
Apr 28 107
109
108% Apr
Great Western Sug Pf100
Ie
(High 105.,, 10501,, 1051.1s 1051.n 10511,1 105,
Treasury
Mar
8934
Apr
1
May
58
6234
30
6234
CI
Apr
A..100
400
pf
1st
Hanna
%
1050
105.,1
10511ss
105.,,
2
,
10511,1
10511
Mow.
194742
ii,
h
4
Feb
10434
Jan
5 10334 Apr 3010334 Apr 27 100
Hayes Wheel pref. _100
.,
1051
1051.s
10510,,
1051.1,
1051.,,
1051,s,
(Close
Apr
Apr 89
Apr 29 83
Apr 29 89
100 89
Indian Motorcycle p1100
131
74
135
91
59
7
Total sales in $1,000 min.._
Elec Power & Light etfe *133500 1734 Apr 25 2334 May 1 17% Apr 234 May
____ 1011,s 10114n 1011,,, 1011,s 1011,si
[High
4a 1944-1954
May
35,300 10034 Apr 27 10234 May 1 100 Ma 1024
40% mei paid
____ 1011., 10111,1 1011%, 10111, 1011%i
4 Low_
May
May 1 100% Mar 103
30010131 Apr 2f 103
Pref full paid
--__ 10111,2 101"s, 101un 10111, 10119n
(Close
Aor 5234 Mar
Apr 30 40
200 4934 Apr 3 50
11
111
int Agricul prior pref.100
4.1i.
12•
5811
Tedn1 *Alma Sat, (1121 ems.
1001134 Apr 2711334 Arp 27 1103( Ma 1133( API'
Kresge(SS) Co. pref.100
Jan
93
Jan
88
25
Apr
90
25
Apr
90
101
St's,
p1.100
Kresge Dept
of
sales
coupon
only
includes
table
above
-The
Note.
Mar
100 98% Apr 2£ 9834 Apr 28 9834 Apr 100
Kuppenheimer, pref.10
Apr 30 5054 Apr 25 454 Mar 524 Apr bonds. Transactions in registered bonds were:
Long Bell Lumber A._ _• 2,100 49
Apr
Apr 30 102% Feb 107
Apr 3 106
100 106
McCrory Stores,pref.100
ft to 101wn
.
1011
101.,1 to 100.1,128 32 434s
Mar 13 let 3345
Mar 69
1
Mackay Cos. preL -100
6734 Apr 30 6734 Apr 30 66
s,
11 to 102,
102,
101.4n to 1012.s, 34 4th 454s
Apr 10 1st 434,
Hest
Jan
114,‘
115
1
1
May
May
115
500
pref
100
Macy Co,
101.ss
101.s,
to
4548
2d
58
May
May 1 774 Apr 86
Maxwell Motor 13 etfs___ 2,600 7934 Apr 29 86
Mid-Continent Petrol.-• 23.6
2634 Apr 27 294 May 1 2634 Apr 2934 Apr Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Apr 3 8584 May 1 83% Apr 8534 May
Iii
Preferred
400i 84
Jan
Mar 111
100111034 Apr 28 110% Apr 28 109
Montana Power,prei 100
151.
It,,.
Apr 19% Apr
Apr 2S 18
* 5,500j 1834 Apr 25 19
Bid. Asked.
Motor Wheel
Rafe.
Maturity.
Bid. Asked.
Rate.
Maturity.
Apr 30 32% Apr 4234 Mar
Apr 27 36
• 9001 35
Murray Body
Apr 3534 Apr Mar. 15 1926.-- 434% 101.1a 101.,, Dec. 151927..... 434% 102.1s 10211se
Nat Distill Products...'30,6001 3234 Apr 27 3434 Apr 25 30
Feb 634 Apr Dec. 15 1925.-- 434% 100% 10034 Mar. 15 1927___ 434% 1021,4 10211n
Apr 27 52
20 63
Apr27 63
N N de H Ry.G&Elec.100
Apr
Apr 27 824 Jan 95
300 9334 Apr 27 95
100
Preferred
1926-- 434% 1011to 101.14 Sept. 15 1925-- 254% 991.is 100
Mar 964 Apr Sept.15
100 96 34 Apr 3 9634 Apr 30 95
NY Canners, let p1_100
100hs
14 Deo. 15 1925-- 8% 100
10034 100,
Mar June 15 1925-- 434%
.Jan 101
200 9934 May 1 9934 May 1 98
Orpheum Circ. Inc.pf.100
50011034 May 111034 May 1 1104 Apr11134 Mar
Owens Bottle. pref _100
Apr
Apr 59
Apr 3 59
Apr 3 59
500 59
100
Pacific Mills
New York City Banks and Trust Companies.
Apr 2 1734 May 1834 Apr
Paige-Det Motor Car.' 5,500 174 May 1 18
Apr
Apr 2 2434 May 28
.40 prices dollars per shcwe.
• 3,500 244 May 1 26
Penick & Ford
Jan
105
1054
29
Jan
Apr
105
2
Apr
150105
Penney (.1 C) CO, pf..100
Ask
Jan Banks-N.Y. Bid
Bid
Trust Co. Bid Ask
Apr 23
Ask
Banks
Apr 28 1834 May 1 18
5 600 18
Phoenix Hosiery
Mar America ..... 298 302 Greenwich* _ _
Apr 86
Apr 27 84
New York
Apr 27 84
100 84
100
Preferred
980 1010 American..........
Hanover
100 444 May 1 4434 May 1 4334 Jan 4754 Feb Amer Each.. 375
Prod & Ref Corp, pt__eo
17
Mar 2754 Jan Amer Unions_ 143 150 Harriman....490 505 Bank of N Y
P S Corp of N J rights__ _ 3.400 2034 Apr29
Apr 95
Mar Bowery.
& Trust Co575 580
550
Apr 28 9334 Apr 30 93
172 175
Manhattan*
P S Elee & Gaa, pf _ _100 400 93
Feb Broadway Ce 170
Mech & Met. 388 392 Bankers Trust 456 481
30011634 Apr 30116% Apr 30 11454 Mar 120
Ry Steel Spring, pf._100
May Bronx Boro•_ 250
May 1 454 Apr 5
5
415
Mon: Co Tr. 175 190
Mutual*
Rossia Insurance rights_ 2,300 434 Apr 3
May 1 40% Ma
Apr 2: 51
Central UnIon 724 730
• 4,100 49
Marl 5434 Aor Bronx Nat... 145 165 Nat America 165
Shattuck (F 0)
Mar Bryant Park* 160
10010254 Apr 2710254 Apr 27 10034 Jan 103
National City 435 440 Empire
I 304 313
Simmons Co, pref....100
9254
9
27
Apr
Apr
Feb
924
27
Apr
924
834
7
187
.
157
1
Tr. 254 258
Drov
&
.100
198
Equitable
New
Neth•_.
pi_
Butch
I,
&
Sloss-Sheff
Apr 28 99% Jan 108
Mar Capitol Nat,.. 190 200 Park
Apr 28 103
100103
447 455 Farm L & Tr_ 439 441
So Porto Rico Sumpf.100
2:10 250
100 9934 Apr 28 9934 Apr 28 993( Mar 9934 Apr CentMercan- 270 275 Penn Each.._ 110 120 Fidelity In
Spalding Bros, lat pf.1
Apr 29 524 Apr 28 504 Mar 53% Feb Chase
297 305
Fulton
408 413 Port Morris_ 190
StandGas&Elec,prei.50 500 52
Apr 70
Apr 25 70
Apr Math Phenl
Apr 2 70
70
Public
440 460 Guaranty Tr_ 315 320
Stand Plate Glass pf..1
Mar
Irving Bank'
Nat Bk &T 295 300 Seaboard
Symington temp °Us- _• 4,300 1634 Apr 27 1734 Apr 28 1031 Jan 19
468
• 800 2134 Apr 28 2254 Apr 27 20% Mar 234 Jan Chelsea Each* 198 205 Seventh Ave_ 120 125
Columbia Tr 241 245
Class A
Apr 310
Apr 30 255
Jan Chemical
May 1 295
200 294
Lawyers Tr_ 225 232
642 650 Standard.... 300
Tex Par Land Trust_l
United Cigar Stores_ _ _25 2,500 6434 Apr 27 664 Apr 25 604 Jan 814 Mar Coal & Iron.. 276 290 State*
420 435 Mutual(W
25
Apr
10534
100
25
Apr1104
Apr
Mar Colonial*
cheater)'-.1 180
U El Tobacco, pre( _ -100 200 107
144 150
SOO
Trade.
Apr 28 116
Apr 126
Apr 30 117
Feb Commerce
409 415
Ward Baking, Class A_• 400 116
345 350 United States* 200 206 N Y Trust
Apr 27 3734 Mar 4534 Mar Com'nwealth• 300 310 Waah'n Hta•_ 300
• 1,800 3754 Apr 28 38
Title Gu & Tnt 520 535
Class B
500 9934 Apr 2 994 Apr 27 9434 Feb 10034 Apr Continental._ 220 230
1
Preferred
U S Mtg & Tr 355 365
Jan Corn Each... 472 477
West Elec Instrument..• 500 104 Apr 2 1034 Apr 29 954 Apr 14
United States1575 1625
Brooklyn
Jan Cosmop tan... 155
• 1,100 2134 Apr 29 2134 Apr 29 1934 Marl 23
Class A
Wenches Tr. 300
Coney Island* 195
Apr 30 18
Mar 42
Apr 30 20
Mar East River._ 240
100 20
Wilson & Co, pi ctfs.100
Brooklyn
450
First
Brooklyn Tr. 710 730
Fifth Avenue 1725
Mechanics'* _ 225
to
exchange
rose
the
-Sterling
highest
Exchange.
Foreign
Kings County 200 400
200
300 325 Montauk*
Fifth
320
Manufacturer 355 362
2400 600 Nassau
First
level in ten years, as a result of restoration of the gold stand- Garfield
335
People's
275
670 690
People's
ard by Great Britain, lthough the embargo on gold exports Gotham
165
175 Queensboro• _ 175 185
by private individuals will not be removed until the end of
December. Trading was very active and the undertone
buoyant and strong. The Continental exhcanges shared to
a lesser extent in the improvement and good gains were
scored by guilders (Holland having also returned to a gold
basis), Swiss francs, Spanish pesetas,and Norwegian and
Danish currencies. These, however, were largely sentimental, since trading was dull and narrow.
To-day's (Friday's) actual rates for sterling exchange were 4 81%0
482 for sixty days, 4 845404 8434 for checks and 4 84%©4 8434 for
cables. Commercial on banks sight, 4 843404 8434, sixty days 4 80@
48054. Ninety days 47054@4 7934, and documents for payment (60
cotton for payment 4 84%04 8434, and grain
days) 4 8034@4 80
for payment 4 843. 4 8454.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.16%0
German bankers' marks are
5.1734 for long and 5.2205.23 for short. Amsterdam
bankers. guilders
not yet quoted for long and short bills.
were 39.6634039.68 for long and 40.02%040.04 for short.
•Banks marked with (.) are State banks. (z) Ex-dividend. (1) New atock.
Ex-righte.
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid
125
135
240
204
Alliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
&Guarantee 225
Ask
243
207
235
Mtge Bond_
Nat Surety__
N Y Title &
Mortgage..1
S Casualty_
USTitleGuati
Bid
128
207
332
320
227
Ask
135 Realty Assoc
211
(Bklyn)coml
lat prei____
339
2d pref____
335 westceester
235
Title & Tr_
Bid
Ash
205
90
81
210
93
84
235
The Curb Market.-The review of the Curb Market is
given this week on page 2234.
A complete record of Curb Market transactions for the
week will be found on page 2255.
New York Stock Exchange-Stock Reccrrd, Daily, Weekly and Yearly
2242
OCCUPYING FIV/3 PAGES.
For sales during tbe week of stocks usually inactive. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
hafurdap.
April 25.
Monday.
April 27.
Tuesday.
April 28.
Wednesday
April 29.
Thursday,
April 30.
Friday,
May 1.
Sales
for
the
Week.
BTOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share S per share Shares.
I'87C aftA MK
Range for Year 1925.
On hasis or 190-Mare lots.
Lowest
Highest
$ per share
8 per share
PER SHARE
Rante foe PrefiOILI
Year 1924.
Lowest
Highest
S Per shwa 5 per share
Railroads.
Par
*22
2212 .22
2212 *22
2213 *22
2214 2214 2234
500 Ann Arbor.
100 22 Feb 17 27/
1
4 Jan 12
12 Apr 2278 Dee
61
51
51
51
51
51
*4312 50/
1
4 5033 5313 1,400 Do prat
100 40 Mar
5534 Apr 15
25 Mar 46/
1
4 Dec
11833 11973 119% 12012 119 12034 11813 11973 21173s 11833 19,200 Atch Topeka & Santa Fe_100 11614 Jan 24
id 127% Mar 2
971
/
4 Jan 12034 Dee
95
95
9513 2,500 Do pref
9434 9514 95
95
9412 9434 95
100 9212 Feb 17 96 Apr 20
8613 Jan 963 Dee
45
413 434 *41
/
4 434
45
434
434 434 4,400 Atlanta Birm & A t!antic _ 190
434
3 Jan 14
712 Mar 8
138 Feb
5 Dee
15313 1541
15578 1571
/
4 155 156
/
4 156 15714 15713 16012 7,600 Atlantic Coast Line RR_ _100 14714 Jan 16 166 Mar 3 112
Jan 15214 Dee
74
7438 7414 7413 7412 754 7413 75
75
7512 19,900 Balthnore & Ohlo
1110 71 Mar 30 8414 Mar 6
5218 Apr 847 Dee
6312 6312 6312 8312 63% 6318 6333 6334 *8314 6313 1.000 Do pref
100 6273 Apr 21 6619 Jan 6
5614 Apr 661
/
4 Dee
40
4013 4033 407
401 40% .40
42
4033 4034 2.800 Bangor dr Aroostook
50 3514 Mar 23 4214 Jan 15
39/
1
4 Dec 4414 Dee
*90
93
91
91
*90
9378 *90
9378 .90
200 Do pref
9378
100 90 Feb 19 9413 Jae 5
50
Jan 95 N08
40
413
41
4113 4114 4234 41
417
41
4113 18.500113klyn Manh Tr v t c___Ne par 351
/
4 Jan .5 45 Feb 10
1312 JanJ 4l72 Dec
*7412 7712 77/
1
4 7713 *77
78
7713 7712 *77
7814
600 Do pref v to
No par 7234 Jan 21 811
/
4 Mar 14
48/
1
4 Jan 75/
1
4 Dee
48
*36
1,46
48
48
48 .46
50
2.047 Buffalo Rochester & PItts.100 44 Apr 2 90 May 1
58
85
85
90
40 May 6811
/
4 Dee
141 14234 142 14234 14134 14334 14213 14318 14234 14312 14314 14413 11,000 Canadian Pacific
101 13612 Mar30 15238 Jan 8 14234 Mar 15612
285 285
280 280 *280 290 .280 290
280 280 - 280 280
600 Central RR of New Jersey.III)) 265 Mar :30 321 Jan 3 199 Mar 295 No*
Dec
9013 91
0014 9014 91
9178 923 93
911
/
4 9234 9212 93
3.200 Cbesapeake & Ohio
1011 8914 Mar31
9334 Jan 15
8734 Feb 9814 Dee
•106 10718 *10613 10718 *10612 10718 '10634107', 10634 10718 *10634 10713 1,000
Do prat
190 10514 Apr 14 109 Feb 24
9912 Jan 10913 July
378 438
334 418
378 4%
434 61
4
4121
13,600 Chicago & Alton
613 6
100
338 Apr 24 105* Feb 9
314 Apr 101
/
4 Dee
61
/
4 634
618 612
77
618 634
672 9 I
912 19.900
87
Do pref
934
.100
513 Apr 23 1912 Feb 21
818 May
1973 Der
•140 155 .140 155
140 155
148 155
148 155 .148 155
C C C A St Louls
1181 146 Apr 7 16413 Feb II 100 Apr 15014 Nov
*3114 3212 3134 3233 3214 3234 *3114 32
*3114 3214 *3114 3213
400 Chic & lEast.111 RR
1011 2974 Mar 30 3613 Mar 13
21 May 38 Dee
44/
1
4 447
45
45
4412 4412 447 45
*4414 4512 *4434 45
1,000
Do pref
100 90 Mar 31
5714 Jan 2
37 May 6273 Dee
913 934
10
9/
1
4 1034 10
10
10
934 98 104 1034 7,500 Chicago Great Western...100
9 Jan 2 15 Feb 7
4
Apr
1178 Nov
2113 2214 22
21% 22
2212 2173 2238 2214 24
2234 22
Do prat
10,700
1011 1914 Mar 31
3234 Feb 6
1012 June 3134 Nov
434 5
45
47
434 5
45
473 5
454 472
478 11,700 Chicago 511Iw & St Paul...10))
314 Apr 20 1638 Jan 7
1078 Oct 1834 Nov
8
734 8
84
8
834
734 8
778 813
813 812 17.900
Do pref
100
7 Apr 20 2812 Jan 7
1814 Oct 321g Nov
4818 4914 4938 5113 26,300 Chicago & North Western.100 47 Apr 14 755 Jan 12
4734 4914 018 493
49
4834 5014 48
4914 Jan 7534 Dee
105 107
104 104
107 107
104 107 .10134 10713 10414 10414 1,100
Do peel
100 10134 Apr 14 117 Mar 5 WO
Jan 11434 Dec
4218 43
4134 4234 4233 4314 4333 4414 4234 4312 4318 4434 18.400 Chicago Rock is1 h Pacific 100 40% Mar 30 5414 Mar 3
211
/
4 Feb 50 Nov
9434 9434 *9413 95
*9413 95
.9412 95
95
95
95
9512 1,300
Do 7% Preferred
100 92 Jan 2 9914 Feb 21
7634 Feb 9734 Dee
8473 847
85
8434 8434 85
85
8518 86
86
1,100
86
86
Do 6% preferred
100 82 Mar 30 8912M *r 3
65% Jan 8713 Nov
*33
33 •33
38
38 .33
37
33 .33
34
.33
34
200 Chic St Pau/ Minn & Om..100 3313 Apr 22 5912 Jan 13
29
Jan 5711 Dee
.70
85 .71
85 .71
85
*71
84
84 .71
.71
84
Do pref
100 7:314 Apr 21 108 Jan 13
8814 Apr 94 Dec
81
61
6014 61
6012 61
6013 61
6118 63
6212 634 2,600 Colorado & Southern
100 44% Jan 6 6512 Apr 18
20
Jan 49 Nos
61
61
.6012
*6014
61
62
61
*60'
*6013 61
.6012 61
200
Do let pref
100 80 Mar 26 64 Feb 9
50
Jan 6514 Dee
*5712 5912 *5712 5913 *58
5912 *5813 5912 5812 58/
1
4 .5813 5913
300
Do 241 pre!
1011 54 Jan 21 6034 Apr 17
45
Jan 59 Nov
14834 14934 14912 15014 14912 15138 3,000 Delaware a Hudson
1485* 14912 150 150
14814 149
100 13313 Mar 30 155 Apr 6 10412 Mar 1395
,Dee
.12812 131 .128 131 *12912 13012 13014 13634 130 130
131 13113 1,000 Delaware Lack & Western. 50 125 Mar 30 14434 Jan 13 11034 Feb 1493, Dec
3712 39
3712 3612 37
*36
3814 38
3834 3914 .37
39,4 2,100 Denver Rio Or & West pref 100 3612 Mar 24 60 Jan 12
42 Dec 4312 Dec
2734 2734 2734 2734 2834 2834 2834 2834 *2818 2828 2834 2918 2,400 Erie
100 2712 Mar 30 34 Feb 24
2034 Jan 3534 14us
3534 3714 37
37
37
37
37
*3612 368 3512 36
3838 11,700
Do Int prat
100 3513 Apr 27 467 Jan 2
2833 Feb 494 Dee
35
*35
36
36
36
*344 3512 35
•35
37
*36
Do 211 peel
3734
700
100 35 Apr 24 43/
1
4 Jan 6
251
/
4 Jan 464 Dec
6134 6114 8178 6112 02
6018 6134 6033 6114 01
6134 6314 20.900 Great Northern pre
100 60 Apr 24 7138 Jan 8
5314 Mar 75 Dee
2712
2713
28
1
4 2734 2733
28
2712 27/
2778 2813 2812 2834 4,400
Iron Ore Properties_No par 273 Apr 22 4088 Jan 19
26 May 3934 Nov
2512 2614 2618 2634 26
26
"2613 27
27
27
2714 2878 7,900 Gull Mob & Nor
100 23 Mar 30 2878MaY 1
1114 Apr
29/
1
4 Dec
93 *90
9213 .91
93 .90
93
.90
29213 94
*91
93
Do pref
190 8912 Mar 30 10113 Jan 10
700
50
Jan 99 Dee
3938 2978 304 297 3018 2978 3018 16,100 Hudson & Manhattan
3013 3014 2938 3014 30
100 2134 Mar 18 3034 Apr 24
20% Nov 2914 Dee
*6512 6614 .66
67
*66
67
.6514 67
6678 67
67
Do pref
67
1,000
100 641
/
4 Feb 18 67 Apr 30
574 Oct 6478 Dec
112 112
11214 11214 112% 11214 11112 112
.112 113
2,500 Illinois Central
112 112
100 111 Mar 31 11934 Jan 7 10014 Mar 11778 Dee
113 113 .112 117 .112 117
.111 117
113 113 .113 117
Do prat
200
11212 Apr 23 119 Jan 7 104 Mar 11714 Dee
7214 *711
/
4 73
7214 7214 7238 7233 .7214 73
73 .72
.72
130
Do It R Sec,Series A..1.000 705* Jan 8 74 A pr 17
64
Jan 73 Dec
2334 2334 2314 2418 2414 2514 2373 2414 2334 2334 *2313 24% 2.800 lot fly, of Cent America_100 18 Jan 8 2514 Apr 28
1134 July
18/
1
4 Nov
64 .64
64
65
64
65
64
65
*6214 6514 .13214 6514
Do prat
500
100 5912 Jan 2 65 Apr 25
444 May 63 Nov
18
19
1813 1928 1914 1913 1924 21
20
2034 2014 2012 13.300 Interboro Rap Tran v t c-100 1312 Mar 23 3412 Feb 9
1234
Jan
394
July
33
3214 3314 333 3313 32/
33
325* 33
1
4 334 3312 3414 5,200 Kansas City Southern
100 285s Mar 30 4012 Feb 21
1734 Mar 411* Dec
58
5712 5712 *57
*5712 53
Do pref
200
.5634 5712 *57
63
5712 5712
100 57 Jan 15 5934 Feb 24
514 Mar 59/
Dec
1
4
77
7712 *7812 7713 77
77
77
7718 76/
1
4 7714 77
7733 13.200 Lehigh Valley
50 69 Mar 30 8234 Jan 10 53912 Apr 85 Dec
10914 11034 10918 110
10933 10978 10912 1O99 110 110
110 11078 4,900 Louisville & Nashville
100 106 Jan 161 11714 Mar 2
875* Jan 109 Dee
75
*674 75
*6714 75
*6714 75 .674 75
Manhattan Elevated guar_1110 65 Mar 21 100 Jan 14
.6714 75 .68
42 Jan 85 Dee
394 3838 39
*3814 3812 38
Do modified guar
3814 3814 3713 3712 .33
900
3814
100 3218 NW 23 514 Feb 9
301) Jan 517 July
812 812
1
4
9
9
734 7/
.812 9/
9
10
9
1
4 *8
400 Market street RY
100
714 Mar 11
1012 Jan 2
834 Mar
1312 Jan
33 .28
33
.31
33 .30
pref
3034 3034 .28
Do
33
*27
3312
100 20 Jan 13 3134 Apr 24
100
20
3401 42 Dee
50
5014 49
50 .48
49 "48
50
*47
Do prior pref
49 .48
300
50
100 434 Mar 20 52 Jan 3
41 Nov
7113 Jan
23 .22
23 .21
23
*21
2412 2412 *20
Do 211 pref
23
100
*21
23
100 16 Mar 19 2412 Apr 25
14 Mar 30
Jan
1
4
212 212
213 212 *212 234 5211 234 .212 2/
400 Minneap & St L
258 258
100
213 Jan 5
4 Mar 6
11 Jan
4
Jan
*3212 40
*3213 35 .33
Minn St Paul & 8 S Marie _100 3038 Apr 4 5614 Jan 14
40
35
*32/
.35
1
4 3413
*3213 34
2814 Mar 5312 Dee
55 .4612 57
47
57 .45
47
*42
.46
*45
Do pret
52
55
100
100 40 Mar 30 71 Jan 9
50 June 75 Dee
28,100 Mo-Kan-Texas 11R_No par
2314 Jan 2 404 Mar 4
3218 327* 3134 325* 3233 3333 3273 3378 33
3434 343 35
10', May 3434 Dee
7812 7912 79
80
7934 818* 82
784 *7734 78
78
Do pref
8313 10,000
100 74/
1
4 Jan 2 87/
1
4 Feb 5
29/
1
4 Feb 75/
1
4 Dee
7
34
3312
Missouri
3413
344
34
3434
34
348
3433 34
Pacific
3334
35
8.100
100 305* Jan 5 91 Feb 6
914 Jan 344 Nov
774 7812 7612 7814 7634 7714 77
78
Do pref
7634 76
100 71 Mar 39 8314 Feb 9
76
7834 17.800
29
Jan 74 Dee
214
214
214 214
214 24
213
2
213 23
100
2/
1
4 Jan 12
13 Apr 3
23g
23g 2.700 Nat By,of Mex 26 pref
I% July
3 Dec
122 122
1,400 New Orl Tex & Mex
12134 123
.12033 12038 *12012 120% •12012 1205 12034121
100 11314 Feb 21 123 May 1
9312 Feb 1211
/
4 May
114 11478 11434 115% 11412 11512 1147 11614 115/
11412 115
100 114 Mar 30 12434 Jan 13
1
4 11678 57.200 New York Central
9913 Feb 11934 Dee
126 126
100 120 Mar 30 1374 Feb 24
125 125
125 12511 12678 1267s •125 130 *126 129
500 NYC&StLCo
7212 Feb 128 Dee
897
90
904 904 904 9012 9012 91
Do prof
91
100 8812 Jan 6 9214 Mar 3
700
8934 8934 *89/3
83 May 9373 Sent
1
4 3014 3114 3013 3134 3072 3114 3034 3133 15,100 NYNIlet Hartford
100 28 Mar 24 3633 Mar 2
3012 3013 30/
30
1413 Jan 33/
1
4 Dee
2118 2134 21
21
2118 21
21
21
21
100 205* Apr 4 2718 Jan 7
21
2278 3,800 NY Ontario & Western
21
16 May 2814 NOT
2614 27/
1
4 26
27
2612 274 30/
1
4 25
37,000 Norfolk Southern
2234 25/
1
4 30/
100 217 Apr22 34 May 1
1
4 34
1212 Apr 29 Nov
13014 13114 12973 13114 13012 132
10,200 Norfolk & Western
13014 13012 12914 13018 1304 131
100 123125110 30 13433 Mar 20 I 10212 Jan 1334 Dec
7712 *78
7713 x7612 7612 *75
400
Do prat
100 75/
7712 7712 7713 7713 .76
1
4 Jan 8 79 Apr 3
77
7244 Feb 80% June
100 5814 Apr 25 7134Mar 6
80
60
59
6112 21.800 Northern PaeBle
80
5814 5973 5812 5912 5912 608 59
477 Mar 73 Dee
4433 444 443
437 4414 44
44% 44
44
4438 x4332 437 16,400 Pennsylvania
50 4212 Apr 9 4878 Jan 5
4214 Jan 60 Dec
•1311 1513 *12
15 .12
15 .12
15
300 Peoria & Eastern
13/
1
4 13/
100 1334 Apr 30 207 Jan 12
1
4 15
1
4 14/
9/
1
4 Mar 2213 Nov
64 .64
200 Pere Marquette
64
6513 64
100 82/
.6318 6512 *6318 6512 *6412 6513 64
1
4 Mar 30 72 Feb 25
4012 Mar 73 Dee
100 7512 Apr 15 84 Jan 16
80
07712 80 .77
Do prior prat
*7712 80
80
*7712 80 .79
.77
80
711
/
4 Apr 85/
1
4 Aug
•6713 70
*67/
1
4 70 *6711 70
Do pref
100 6812 Apr 18 75/
1
4 69
1
4 Jan 10
*6734 6912 *67/
*6712 70
60
Jan 77 Aull
1,800 Pittsburgh & West Va
100 63 Mar 19 7373 Jan 2
6878 67
66 66
65% 66
67
38
6534 668 8612 87
67
Jan 7514 Dee
3
7514 7734 7812 7834 78
7918 78
79113 77
78% 7734 7814 84.600 Reading
50 694 Mar 30 8214 Jan 6
5178 May 7913 Dee
Do let pref
50 3578 Mar 18 397 Apr 29
3734 371* 3814 3812 38% 398 39
3918 5,100
38
3914 39
38
34
Oct 56/
1
4 Jan
39
4013 4034 411
39
/
4 4112 411
Do 26 pref
/
4 4114 415* 5,200
50 3614 Mar 18 4344 Jan 8 533/
39
*3812 387
1
4 Jan 80
Jaa
42 •42
45
43
4234 43 .40
100 42 Apr 24 6272 Jan 9
600 Rutland RR pref
43
.40
4334 445* 445g
32
Jan 66 Nov
73/
1
4 7412 723 74 8 73 8 7438 73
100 5713 Jan 18 7518May 1
7312 7513 63,000 St Louis-San Franclaco
74
7433 73
1918 Apr 65 Dee
811
/
4
*81
prof
*81
82
A
81
81
Do
81
100 78 Jan 20 84 Mar 3
400
.81
8134
8134 81
*81
4234 Jan 8212 Dee
46
4613 4514 4578 45/
100 4413 Mar 30 5334 Mar 2
04578 4612 457 46% 4512 46
1
4 4714 3,700 St Louis Southwestern
33 Jan 5578 Dee
*7118 7112 71,3 7118 71
Do prof
900
71
71
71
100 7012 Jan 19 75/
7034 71
1
4 Mar 11
71
577 Jan 74 Nov
7113
2714 2573 27
26
2534 2012 2614 27
59,100 Seaboard Air Line
100 2033 Jan 16 274 Apr 28
244 2412 2414 26
6/
1
4 Jan
24la Deo
445* 425* 4334 4313 4413 49,890
4014 41
43
Do pref
1
4 45
100 35 Mar 30 45 Apr 28
1414 Jan 45/
4012 43% 43/
1
4 Dee
1038 10334 103 10334 103 10334 23,500 Southern Pacific Co
100 985* Mar 30 10838 Jan 9
8512 Mar 10513 Nov
10318 1037g 1028 10312 1033 104
89
9033 90
100 775* Jan 2 9312 Apr 30
93/
1
4 9213 9312 63,300 Southern Railway
381
: Jan 79/
87,2 8834 8812 89
8813 89
1
4 Dee
Do peel
87
8712 8718 8712 8712 8734 3,800
100 83 Jan 2 92/
1
4 Feb 25
8612 8612 87
66/
1
4 Jan 85 Dee
85
8514 85
5112 52
5112 511
100 4314 Jan 27 58/
1
4 10,700 Texas & Pacific
/
4 5118 52/
1
4 Mar 13
19
515 5214 5034 5218 513 52
Jan 4834 Dee
1,300 Third Avenue
10
.912 10
100
*912 10
712 Apr 17 1434 Jan 12
98 10
8/
9/
1
4 9% 10
1014 1014
1
4 May 1812 July
63
500 Twin City Rapid Transit 100 58 Jan 22 8612Mar 7
*6213 6334 .6238 64
63
65
63
63 63 .6213 63
3912 34e1 66
Jan
20,100 Union Pacific
100 1334 Apr 24 15314 Jan 10 128% Mar 151118 Dec
,136% 13612 138
134 13533 13412 13534 13512 13612 13534 13638 1355
Do prat
1,500
100 72 Jan 30 78 Feb 28
1
4 7334 7334 7378 7378 737 74
7338 7338 7312 7312 7334 73/
70 Mar 761
/
4 Aug
300 United Railways Invest
*24
26
"25
27 .25
100 1814 Mar 19 29 Apr 24
26/
1
4 2714 .2513 2612 *2413 26
27
718 14pr 41 Dee
100 4812 51ar 23 71 Apr 24
1
4 66
6513 •62/
Do Pre
66
1,200
•64
6512 .62
65
6512 66
6712 68
2612 14pr 647g Dec
7,400 Virginia Railway & Power_100 6418 Jan 14 10234 Apr 29
9712 9933 98 102
100 102
10134 102'4 10112 10234 10113 102
36 Feb 72/
1
4 July
Wabash
11,400
2118 2052 2072 21
2114 21
100 1912 Mar 30 26'n Mar 12
2112 2118 21(2 21
21
2138
10/
1
4 Jan 2433 Dee
Do pref A
100 5534 Jan 20 67 Mar 21
6214 6112 6214 62
6234 6233 621* 617 6212 6218 6238 20,500
62
34
Jan 6034 Dee
Do pref B
4212 .40
100 3812 Jan 21 46 Mar 12
42 .40
*41
42 .40
42
42 .40
42 .40
2212 Jan 422, Dec
100 11 Mar 24 173 Jan 9
1214 1178 12
12
12
12
1214 1214 3.300 Western Maryland
12
1178 1214 .12
838 June 164 Dec
Do 2d pref
700
100 16 Mar 27 264 Jan 9
18
•1712 1814 1712 18 .1714 18
19
1
4 18
177 1773 *17/
1514 May 2614 Dee
3611 3812 357 3834 38
Western
18,900
Paelfie
4132
4012 4114 40% 4334
100 2114 Feb 17 55 Mar 11
4112 4012
1414 Jan 367 Dee
Do pref
8812 *8712 8812 88% 9238 *90
100 8412 Jan 6 100 Mar 11
92 .88
.88
90
905* 9234 1.900
58
Jan 861
/
4 Dee
1 123n 1214 1212 1212 1212
1234 1238 12,
1612 Jan 7
7/
'
1
4 Jan
1234 12'2 1273 1313 3.700 Wheeling dr Lake ErleRy 100 1034Mar 31
171
/
4 Dec
Do pref
2,400
22
2212 *2312 2412 *2313 2434 24
1 Jan 7
*23
25
24
100 22 Apr 2 31,
24
24
1414 Jan 3212 Dee
2212
*22
51
51
11934 12034
9514 9514
41
/
4 413
15314 153%
74
7473
6338 6333
40
40
.90
93
41
4134
7714 7738
Industrial &Miscellaneous
64115 64 "
3 6434 "6223
01251128 *125 128 *126
90
90
9014) 9014 90
15
15
•14IL,1 1518 .14
51
.50
.51412 5234 51
•Bld and asked prices.
6413 6412
67
67 .63
6434 .63
125 133
128
128 128
126 133
90
9012 9012
*9012 91
90
90
15 .1413 1514 15
1512 1514 154
52
51
61
52
1
4
5234 5234 52/
x Ex-dividend.
Ex-righte
400
100
2,400
1,400
1,000
Abitibi Power & Paper_Ne par 62
All American Cables
100 119
Adams Express
100 90
Advance RumelY
109 13
Do pref
100 47
Jan 6 67 Jan 10
Jan 5 128 Apr 29
Apr 16 10314 Jan 9
Apr 11 17 Mar 13
Feb 18 5412Mar 13
61 Dec 64 Dee
9612May 12212 Dee
7312 Jan 93/
1
4 Dee
6 June 18/
1
4 Dee
2814 June 54 Dee
New York Stock Record-Continued-Page
2243
For sates ,tortne the week of stocks u%uatty Inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER 811.41tE, NOT PER CENT.
-Friday.
Wednesday. Thursday,
Tuesday.
Monday.
Saturday.
May 1.
April 29. I April 30.
April 23.
April 27.
April 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SII ARE
Range for Year 1925.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Ranoe for Presiotss
Year 1924,
Lowest
Highest
per share $ per share $ per share $ per share
share $ per share' $ per share 5 per share Shares. Indus. & Miscell. (Con.) Par $863
$ per share 5 per share 5 Der
4 Jan 30 11112 Feb26
6714 Jan 93 Dec
1
9178 101 18 1094 10318 101 14 10172 14,600 Air Reduction. Ino____No par
9914 10314 9312 10234 91 101
412 May 1412 Dec
10 Mar 19 14 Jan 3
Alan Rubber, Ine____No par
17,600
1314
4
1312'
131
13%
13
13
13
8
127
8
127
1213 1234 12%
4 Feb
35 Jan 14
.15 Jan 2
.05 Deo
10
Alaska Gold Mines
III Mar
78 Jan
21
1
9
27
10
Jan
Mar
4
Min
Gold
Juneau
1-0.16 Alaska
153 158
-17T1
15* --178
85 Mar 8712 Dec
Dye_No par 80 Stir 30 9312 Mar 3
&
Chemical
Allied
*
1
1
6,230
8414
4
85
85
Ws
855*
85
8514
8518
855*
85% 8534 84
8 Dee
Apr 113,
100 117 Jan 9 120 Feb 26 110
Do pref
119 11914 11914 11913 .1134 11178 •11913 1195* 119,2 119'2 1,400 Allis-Chalmers Mfg
11378 119
8 May 7338 Dec
41,
100 7112 Jan 5 86,8 Mar 13
7734 5.200
76
7614 77
7414 77,2 7612 77
.76% 764 7513 77
Apr 10478 Dec
100 10314 Jan 3 107 Jan 20
90
prof
Do
'203
106
.105
105
106
.105
.105
109
10513
•105 105 *105 106
74 Apr 1718 July
1312 Mar 19 21% Feb I I
5,701 Amer Agricultural Chern._100
11% 19
1918 1912 20
19
1914
1918 195* 19
•1812 19
8 Jan
100 3912 Mar 23 557 Feb 10
1834 Apr 49,
Do pref
50
524 19,100
4114 5114 49% 5112 4914 51
4818 4812 4714 511
Mar 4912 Feb
36
43
7
19
Jan
Mar
8
363
Sugar
Beet
Aerlean
rn
3112
1.300
.3314
39
39
8
314 313
*3114 40
31
4012 39
.39
Dec
83
19
Oct
Jan
Jan
6812
8712
804
6
Do pref
109
•8312 81 .8)12 81
•3112 81
*8134 81
8134 8134 .334 81
22,4 Apr 3478 Jan
,40'; 21118 Mar 24 5412 Jan 3
235* 21
21
2/72 2.220 Amer Bosch Magneto__No 1p00
2/78 30
2134 30
2834 21
30
30
Dec
102
Apr
76
106
26
39
par
Feb
Mar
9014
F____No
&
Shoe
Brake
Am
4,630
101 106
103 101
102 102
9914 9314 .91 102
•9314 100
10713 Jan 12 11014 Mar 7 10414 July 110 Mar
Do pref.
•110
*110 __ •110
110 -- •110
.
16312 Dec
Jan 16 13512 Mar 6
15818
0
)
1
0
1
Apr
954
Can
American
14
165,200
172
176
417140
173%
172
173
725*
17112
170,4 17112 16314 171 18
Oct
Jan 119
100 115 Jan 29 119% Mar 9 109
Do pref
930
11314 11314 .113,4 11312 11S% 1195*
•11818 11812 11312 113'2 11512 415%
195 193
1,900 American Car & Foundry_.300 192 Jan 5 23214 Mar 6 15313 Apr 20014 Dec
19612 193
19714 4171, 113 113
19914 197
*19712 200
July
125
4
1183
12512
2
18
Feb
Apr
121%
100
AM'
pref
Do
124
500
121
124
121
*12234
12134 12114 .1224
123 124 .122 125
2132 Mar 25 Sept
503 American Chain. class A___ 25 2235 Apr 22 27 Feb 14
23
23
23
2314 23
234 .23
2314 .23
23 .23
23
1434 Apr 404 Dee
No par 37 Jan 27 62 Apr 13
51
54
5112 51 5 3,803 American Chicle
55
55
58
56
5514 5514
*5113 57
514
Feb 9312 Dec
94
101
5
21
100
Apr
Jan
prof.
Do
•91 107
*97 107 .9714 107 .93 107 .93 107 .91 107
23 Sept 39 Dec
No Par 37 Jan 7 5313 Apr 13
DO eertlfleates
700
5312
2
,
55
53
5314
59
•51
58
.53
55
.53
56
*55
June
312
7 (3134
22
17
10
Jan
Mar
4
63
Syndicate.
Druggists
Amer
4
,
5
1,903
5%
513
5%
51z
512 54 *513 5%
55* 5%
513 53*
Apr 16434 Dee
100 125 Apr 27 166 Jan 2
88
4,233 American Express
123 130 I 13012 13312 13134 1318 •I30 132
125 130
13314 136
& For'n Pox new_.Vo Par 2714 Apr 7 39 Jan 7
Amer
50.70)
35
4
3214
36,
4
273
3114
2314
23
313*
4
273
2734
2314 2314
No par 87 Jan 6 94 Feb 19
Do pref
4,100
8914 8138 9)% 8912 90
8334 8334 83,4 8312 8312 8313 89
9212 Mar 1554 -6-ei
11438 Apr 7 1271g Jan 7
Do 25% paid
700
124 125
116 11614 120 120 *120 123
•11512 119 .11512 116
9113 Apr 133 Dee
125 Jan 6 128 Jan 7
Do full paid
812
14
Jan
Mar
14
31
Leather_100
&
Hide
714 Apr 14% Dec
American
100
----------- -6;8 - -61; -;6C4 - -61-4 '074 10
-;5T4
757 Jan 14
5012 Jan 72% Dee
100 59 NI tr 31
Do pref
230
67
67 .6612 6712 67
6712 .65
6713 .65
65 .65
65
Feb
72
1
Aug 96
iy
M
103
113
100
Mar
83
Ice
American
10)12
10,300
103
4
1001
10112
93
1
91
955*
•951* 0512 9512 9512 97
7312 Nov
83 Feb
100 7412 Mar 17 83 Apr 29
Do pref
1,500
84
83
*78
82 .80
80
795* 794 80
77
7912 .
.77
1735 Mar 35% Nov
Corp...100 324 Mar 30 41 Feb 5
International
Amer
1,200
8
317
35%
35
.3112
35
35
35
8
317
35
.31
34
34
124 Jan
10 May
11.403 American La France F E._ 10 11 14 Jan 2 14 Jan 15
•1214 1234 .12% 1234 12% 1214 1214 12% 124 13,2 31278 13
1334 May 2834 Dee
3
b 30
0,
Fe
,44 5
9,
20
5 7
100 20
jaanr 22
53 M
26 I 291* 291* 261s 2374 2718 274 3,000 American Linseed
26
26
•2614 2718 26
Apr 5338 Dec
30
100
prat
Do
1,300
614
4
691
63
69
61
4
834
70,
8
643
64
6812 6312 63
704 Apr 10954 Dee
11912 12318 13,000 American Locom new-NO Par 10412 Jan 5 1444 afar 6
11914 12134 12012 121 I 1214 12134 119 121
12114 122
100 11812 Mar 20 124 Feb 16 11614 Apr 12012 Sept
Do pref
100
11314 11314 .113 120
•1174 11914 .118 120 .118 120 .113 120
2
Jan
3834 June 54 Dee
30
535*
par
Mar
4514
No
Metals
American
4514
5301
4614
45
.
471
451*
14 .4514 4914 •4514 47 .
*4534 4634 4534
100 III al ir 30 11611 Jan 8 10714 Apr 1154 Dec
Do pre(
•112 115 I•111 115 .111 115 1•110 11434 .111 11414 •11I 11114 2,800 American Radiator
9414 Apr 136 Doe
25 897 Jan 3 105 Jan 17
92
9214
9212
02
93121
92
9213
92
91
924
.9434 95 '
Oct
7713 Nov 83
200 Amer Railway Express___ _100 7734 Apr 27 84 Jan 13
*7712 731 •7712 7512
.773 7912 7734 7734 7734 7734 *7712 70
Jan 48 Dee
25
48 Jan 8 6614 Jan 17
100 American Republica___ no par
51
49
49
*47
59
*4012 59 i .40
59 I .4012 59
*51
1014 Nov
54 Apr
American Safety Razor_...I00 367 Jan 2 5914 Mar 12
7 .5312 54
2,000
54
51
53
5313
5312
5313
5312
52
5278 5314
104 Oct 15% Feb
1018 Apr 23 1412 Feb 28
1014 10,2 4,900 Amer Ship & Comm_ ..No par
1014 104 1011 1013 1018 1034 1014 1013 1014 101
5712 Jan 10038 Dee
8 Feb 10
493
92% 9212 7,000 Amer Smelting & Refining_100 90301 ar 3 106,
9478 917 93
91
92
9218 924, 91
Jan 10758 Dee
96
100 10511 Jan 5 11053 Feb 5
pref
Do
600
10614
1055*
8
1083
10614
107
107
1061
10611
107
•10612 107 I 107
3312 Apr 49 Dec
4714 48's 4314 4412 5,100 Amer Steel Foundries___33 1-3 46 Jan 30 5414 Mar 4
4314 4712 48 I 4712 43
4812 4313 48
10914 Nov
Apr
10114
112
7
Apr
Jan
18
100 108
Do prof
400
11034 11014 .110 11013 •110 110's 110 110
•110 111 1.11012 111
Oct 6154 Feb
38
601* 6114 23.800 American Sugar Refining 100 4755 Jan 16 7I 14 Apr 14
6012 62
6212 6234 615* 6234 61 18 6314, 6012 62
994 Feb
16
Oct
Jan
28
Feb
,2
77
9114
101
100
pref
Do
9814 9514 1,000
97
9534 954 9513 994 .95
97
9812 .95
•95
635 July 2812 Jan
7 Apr 21 2412 Feb 14
712 918 13,200 Amer Sumatra Tobacco...100
914 97
10
9
812 81*
814 9,8
735 812
Jan
89
Sept
2213
13
27
Feb
Apr
58
28
100
pref
Do
5,400
3618
8
,
30
381
36
40
2914 32
35
31
3018 313S 23
3814 Dec 4312 Jan
42
300 Amer Telegraph & Cable- -100 4014 Jan 8 47 Feb 25
.44
41
4112 41
4114 404 .41
.41 13 42 I *4112 42
Teleg
100 1301$ Jan 2 13878 Apr 21 12118 June 13434 Dee
&
Telep
Amer
9,300
13614
136
136
8
1357
13534
13618,
13514
133
136's
1351* 13614 1351*
50 85 Feb 17 93 Apr 20 136% Mar 16978 Nov
914' 92
9215 91 18 91's 9218 9218 3.400 American Tobacco
.9114 9112 905* 911* 91
Apr 10612 July
100 10412 Jan 5 1064 Apr 28 101
Do pref
700
10538 106% •10514 108,8 1051* 10538 10512 10512
106 108
•106 107
8412 Feb 17 921$ Apr 21 13514 Mar 16838 Nov
_50
B
common
Class
Do
7
8.800
8
917
9112
9118
9012
911*
9018 904 8912 9034 904 91 1 90
115 Sept
2
Jan
106
11214
Sept
22
Apr
103
Founders
100
Type
200 American
1034 10314 •101 10734 .101 10734
10378 I034 •104 103
•103 106
40 Feb 144 Dee
20 343 Jan 13 5334 Apr 30
36,100 Am Wat Wks & El
4374 48
5334 z5114 53
491 2 4914 535* 52
4612 434 47
101 Dec
Mar
8512
18
Feb
1113
9
Jan
100
100
Do
(7%)
Prof
1s1
10235
•10012 1025* •101 102 •10112 10235 •1002 10218 •10111 10218 •10112
Feb 102 Nov
66
100 9512 Jan 2 1034 Apr 3(1
Do panic p3(6%)
900
10212 10212 .102 10354 •103 10314 1 1034 10312 10378 10378 •101 103 4 34,100
5114 Sept 78% Jan
2 6434 Jan 6
Apr
35%
100
Woolen
American
333
3612
4014
31%
391*
3312
435* 37%
3953 3914 33% 31
Oct 102% Jan
90
100 75 May 1 984 Jan 20
Do pref
3,300
78
7973 7714 7912 75
7934 794 7914 791* 79
7978 791
7 July
113 Apr
712 Jan 3
212 Apr 2
312 412 •34 334 1,600 Amer Writing Paper pref 100
314 3731
34 312
334 314
3,4
1214 Dec
.3
Mar
7
1212 Jan 9
25
715 Apr 30
73
600 Amer Zinc. Lead & Smelt
7
714
718 738
714 734
714 713,
24 June 3678 Dec
735 7511 •714 7 3 .
39
9
Jan
1
8May
247
25
prof
Do
1,200
2515 244 248
255* 254' 255* 255* 25
255* 28
26 .
26
2813 May 4814 Dee
7,,
3,8
jjaapi 21 45
4 A
51,,
9206
3614 36
3614 8,400 Anaconda Conner Mining .50 3
34121 36
36% 36
365* 36
3812 3634 36
281/ Dec 29 Dec
Feb 13
400 Archer, Dan'Is MidI'd_No par
335* .323 3334' •3234 33% 3312 3312 *33
3314
43134 334 33
Dec 9112 Dee
r
pn
a
A
j
90
3
20
100
3
Do pref
400
97
9712 9712 .96
97
97
97
9712 97
9713 .96
1396
8314 June 9432 Dee
& Co (Del) prat I00 90'sMar3l 97 Feb 14
Armour
1
1
400
4
913
9014
4
90
•9014
905*
9012
4
9014
90
9034
•5018
.9014 90%
Jan
Oct 15
6
28
Jan
1212
5
Jan
8
par
No
0
9
Constle&Covtc
9
4812
Arnold
9
83
9
1,000
9
9
9
4
9
9
Jan 10412 Nov
79
100 128 Jan 5 193 Feb 28
800 Associated Dry Goods
184 184
18414 18413
13212 18212 134 185
•180 183 .180 134
834May 94 Nov
94 Jan 7 9938 Mar 12
100
pre
1st
2
Do
1,100
93
93
4
983
293
9312
9714
97
97
93
•96
•9612 98
Jan 10234 Dee
89
100 101 Jan 2 10814 Feb 7
Do 26 pref
100
1054 10514 *1014 108
•I05 107 .105 107 . •105 108 •105 103
2712 July 34% Feb
25 32 Mar 30 3912 Feb 2
35% 35
365* 15.100 Associated Oil
35
36
35
3178 35
35
3514 34
35
Mar 23 Deo
4
103
1
May
45
5
Jan
20
Line____100
WI
SS
&
Gulf
tl
A
413
3
45
26,500
4213
42'8
4234 43 2
415* 4134 43
4113 421s 40
1212 Jan 3112 Dee
100 31 Jan 5 4734 Mar 3
Do pref
8 4512 447 4612 5.400
4512 44,
4434 4234 4414 4438 45% 45
44
7813 July 1404 Jan
100 9512 Jan 2 11712 Feb 5
101 10178 10312 10313 104 10434 10214 10214 10412 1044 1,100 Atlantic Refining
•102 103
Oct 118 Feb
108
11514
6
19
Jan
Mar
11313
100
pref
Do
100
115 115 .11313 116 .11312 11534 •11312 1155 .11312 11534
•114 115
Apr 54% Feb
47
No par 47 Apr 14 5212 Feb 24
Atlas Powder new
4934
4934 .47
*47
49
4934 .47
4334 •47
49% *47
*47
Feb 93 Dec
8212
9
Jan
94
14
Jan
92
100
7
pref
1
Do
.92
4
9314
933
•92
*9134 93 4 .9134 93 4 .9234 9314
•9134 93
1141 Jan
5 Jun
918 Feb 16 13 Apr 28
No par
1238 9.112 1218 1214 1212 3,700 Atlas Tack
12
125* 13
1238 12% 1238 1234
1812 Mar 3312 Dee
2314 Apr 39 3212 Jan 12
2414
2314 2312 24
800 Austin, Nichols& CovtcNo pa
24
2412 24
2412 2418 2418 .24
.24
Nov
91
79
AD
4
Mar
924
27
Jan
100
8755
pref
Do
92
92 .89
90 .89
90 .89
*89
90 .39
90
.89
812 Jan
113 Nov
314 Feb 26
178 Jan 7
300 Auto Knitter Hosiery_.No pa
25* 238
.212 234 •212 234 .213 234 .212 234 .21z 234
104% May 134% Dec
26
Feb
148
30
Mar
Wks_100
107
Locomotive
Baldwin
112
11112
8
1093
11014
80,700
1103
11114
2
1113
8
1127
8
1135*
109% 111,4 1085*
10 109 May 1 11632 Jan 31 11013 Jun 1174 Nov
Do pref
400
110% III% 109 109
110 110
11014 11014 .109 111 •I09 110
2312 Dee
14 Fe
21 Mar 24 30 Mar 3
2
2113 22
22
2112 2234 2134 2214 2134 22% 3,100 Barnsdall Corp. Class A
2218 •21
22
1712 Dee
Jan
10
1614 Apr 22 23 Feb 6
2
B
Class
Do
•I7
18
•1712
1712
1614
500
16
1813
.1514
18
*1514
17
•16
Dee
39
No
2312
4
Mar
8
497
5
Jan
35
pa
No
Leather
Barnet
*3212 38 .3212 36 .3212 36
*3213 3614 *324 3614 .3212 36
Jan
3912 May 59
No pa
39 Apr 23 5314 Feb 14
Inc
Cigars.
3934
Bayuk
8
,
39
40
3914
2,400
4
393
3912
39
4
393
.3812
3953
40
40
4 Dee
723
Apr
4434
10
Jan
7413
23
Mar
2
Packing
60
Nut
Beech
.65
6612
661
4
643
900
6612
.65
6614
6614
65
65
66
66
Feb
6218
Oct
13
Jan
37%
5312
23
100
3834 Mar
3834 4014 3935 39% 14,300 Bethlehem Steel Corp
4012 404 4018 4012 4014 4012 40% 41
Co cum cony 8% Pref..10 109 Mar 18 11612 Feb 8 10114 AP 11014 Feb
300
10978 10978 *10912 11012 .10912 11012 11012 1101
•110 11012 110 110
8912 Jun
97 Feb
10
94 Apr 23 102 Jan 31
Do pre( 7%
9478 94%
95
95 .91
94
500
94
9113 94
9412 *93
•93
332 Jun
74 Jan
7 Jan 10
414 Apr 25
No Pa
5
•414 5
500 Booth Fisheries
.414 5
.414 44 •4
414 4,2 •414 5
6 Aug
114 No
26
Jan
3%
20
Apr
I%
100
Steel
Empire
212
British
•138
•1%
8
23
1%
•
4
•13
23*
•112
25*
25*
•113 24
Mar
54
333
Au
30
25
Feb
5
Jan
30
100
•27
Do lot pref
30 .2714 30
•2714 30
30 .2714 30
26
30 .
*26
1575 Jan
5 No
712 Apr 25 114 Feb 24
10
9
Do 2d prof
•7
*713 9
*712 9
100
9
.314
712 712 .
84 9
Dec
12414
Jun
10714
7
Jan
133
2
Jan
100
Inc
129
129
Edison.
129
129
12055
129
Brooklyn
12813
1,600
12812 12812 12812 12812 *12812 129
8 Apr 8234 Dec
56,
754 Feb 17 34 Apr 8
No Pa
82
8238 4,600 Bklyn Union Gas
8214 8114 824 .8114 82
82
8214 82,4 8033 82
39 May 7612 Dec
8
1
777
7914May
31
Mar
6412
10
75
Shoe
8
784
7914
Brown
Inc
4
77%
763
,
74
12,700
7312
3
737
73% 7312 73
9934 Dec
84 Jun
10
96 Mar 25 100% Jan 19
Do prof
200
100 100 .100 101 .100 101 •100 101
99% 9933 *9712 101
95 Dec 11212 June
9'212 Feb 11 10318 Jan 12
No pa
3,300 Burns Brothers
993 994 100 10214 10214 10234 102 10234 11110 101
9912 100
Fe
29 Nov
2
193
14
Jan
234
31
Mar
pa
No
221
17
corn
8
8
,
B
21
213
21
8
Class
214
213
new
Do
2118
204
2,700
20
20
20
19
994 May
9518 Ma
934 Jan 10 9718 Apr 16
10
944 97
Do prof
*9418 97 .9418 97 .9418 97 .9418 97 .
*944 97
6712 Oct
6234 No
Mar 15
8214
3
Jan
par
No
65
ach_
af
Add'g
80
80
80
80
Burroughs
80
80
80
79
1,100
79
79
79,2
479
914 Dec
3% Jun
5 414 Mar 31 884 Jan 2 17
5% 5%
8 1,000 Butte Copper & Zinc
53855
5 5,
5,
535 538
534 534 *535 534
Apr 253g Dec
100 1732 Apr 28 2834 Jan 3
.17
1712 1712 1712 1,100 I3utterick Co
2 17% 1712 1712 1738 175* 175* 17%
17,
14 May 2512 Dec
912May 1
2414 Jan 9
10
1014 104 10,8 10
9,2 934 5,900 Butte dz Superior Mining___10
1012 10
1012 104 1018
1 Nov414 Jan
238 Jan 12
12 Apr 25
24
84
•12
%
12
58
700 Caddo Cent Oil & Ref__No par
34
33
.
12
5*
12
*5/3
80 Apr 10614 Dec
No par 10013 Jan 27 110 Feb 21
10412 10534 10412 10514 104 10514 2,800 California Packing
105
.104
105
105
1054
1054
1912 July 2914 Feb
23% Jan 2 327g Mar 7
25
Petroleum
283
4
2834
4
293
2914
29%
California
8
293
4
283
2918
16,300
283*
2314
2853 2918
Jan
9212 July 107
100 100 Jan 2 11618 Apr 8
113 113
Do pref
.112 114 •112 114 .112 113
500
57 Jan
1134 11412 .113 114
212 May
434 Feb 19
10
25 Apr 23
2% 2%
234 234 2,200 Callahan Zinc-Lead
234 27
3 4%78
64
42
278 24
8 234
2,
4
413
Mar
Dec
5834
7
Jan
58
22
10
Apr
45
Mining
Arizona
4734
474
Calumet
47
4712
4613
46
1,300
4
,
4
47,
•461 47 •46
4 Mar
134 July
No par
Case (J I) Plow
134 May 1912 Dec
8 Jan 5
,
25 12% Apr 27 18
8 127s 13
;lila -11500 Calumet & /Leda
-124 -1278 -1172
'13-114
23
Mar
Jan
8
307
35
Dec
18
_100
_
Mar
24
Machine__
29
.27
Thresh
30
29
Case
29
29
30
600
29 .28
29 .28
.26
4114 May 77
Jan
7212 Apr 27
100 60 Mar II
.7012 71
Do pref
.7012 71
7113 .7012 71
*71
100
.7012 7212 7212 7212
7
Feb
Dec
5
94
2134
215
Mar
28
100
Mar
4
143
Leather
1614
1512
16
5
,
15
Central
•1512
16
16
16
800
16
16
1612
16
.
7
Feb
2914
66
Mar
Dec
Mar
584
4914
24
100
53
8
Do prof
53,4 52% 54
534 5312 534 53,
5,000
537 5414 5315 54
2534 Apr 3514 Nov
39
39
39
.3914 404 39
41
1,000 Century Ribbon Mills._No par 3112 Jan 5 4713 Mar II
3918 3938 .39
91
40
Jan 9513 July
•39
100 9512 Jan 3 9834 Jan 14
99 .96
•96
99
Do prof
99
96
.96
96
200
*9512 09
94
96
4934 Mar 5634 Dec
4514 454 4518 46
7,700 Corrode Pasco Copper_No par 43,8 Mar 24 5512 Jan 2
4534 4518 4534 4514 46
4514
46
454
par 40% Mar 24 4834 Mar 2
244 June 4412 Dec
Products_No
4314
43,
4314
Certain-Teed
4
44
8
43
433
43
43
1,700
433
8
4314 434 43
8 Apr 6
267 Nov 6613 Jan
3438 3434 3412 34% 34% 3434 6.400 Chandler Motor Car __.No par 2812 Jan 22 37,
3518 3434 35
344 3514 3412 84
7972 May 1007* Dec
83% 8412 84,2 8514 2,100 Chicago Pneumatic Tool_ _100 804 Mar 19 98% Jan 3
83% 85 .8412 85
8414 8412 83
3
18
Jan
Mar
55
par
3
No
elf
48
May 6112 Apr
39
tern
Cab
53
.4814
•4814
Yellow
53
53
Chic
63
4
*4312
.43
53
*484 53 .4814 3214
25 3012 Mar 30 37% Jan 2
8 Mar 3838 Dec
,
25
3214 3212 3218 3212 324 32% 32113 3238 7,500 Chile Copper
32
3212
.323*
5 19 Apr 23 2838 Feb 9
2012 1912 1912
Mar 29 Dee
15
•I912
Chino
Copper
20
2012
4
20
.193
600
2012
194 20 .20
100 5812 Mar 17 7134 Jan 12
Oct 7513 Jan
55
63,4 6314 6314 .6212 64
100 Cluett. Peabodi &Co
•6212 6314 '6212 63 '02
6
a
Ex-rights.
Et
I
this
011
day
gales
130
-dividend.
prices;
-•131d and asked
2244
New York Stock Record-Continued-Page 3
For sales during the week or stock. u.ualiy Inactive,
see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE,
PER SHARE
PER SHARE
NOT PER CENT.
Sales
STOCKS
Range for Year 1925.
Range for F`reoioris
for
NEW YORK STOCK
Monday,
On basis of 100-share lots.
Tuesday.
Wednesday. Thursday,
Year 1924.
Friday,
the
EXCHAN
GE
April 27.
April 28.
April 29.
April 30.
May 1.
Week.
Lowest
Highest
Lowell I Illehen
Ivor share $ Per share $ per share !per share
$ per share $ per share Shares. Indus. & Miscall. (Con.) Par
99
9954 9912 10112 101 10212 102 1034
$ Per share 5 per share
Per snare Per ohm
102 10278 103 10412 29.300 Coca Cola Co
No par 80 Jan 6 1011sMav I $ 61
3458 35
3334 3512 35
3512 3414 3538 34
Apr 8318 Dee
3412 35
3514 5,800 Colorado Fuel & iron
"47
100
48
3214 Apr
47
47 .47
4814
4734 '47
2478 Feb 544 Aug
48
47 .47
4734
600 Columbian Carbon v t c No par 45 Mar 21 514 Jan 13
5612 5738 564 574 5612 5714 564 5712 47
24
Jan 8
Sept
2565s
9
4
554 Jan
3
5312
5912
6218
Col
82,700
Gas
& Elec
No par 4534 Jan 21 6233May 1
10612 10612 10612 106.2 10634 10614 10612
33
10634 zIOS 105
48 Dec
105 10514 1,500
1)0 pref
100 10414 Jan 5 107 Jan 26 10314 Mar
61
61
.57
61
'57
62 •57
61
Dec
.5638
105
Dec
61
.57
61
Comml
100
Invest
Trust__N
•102 10334 '102 103 '102 103
o par 50 Jan 2 67 Feb 16
102 103 .102 103 .102 103
30$8
May
58
Nov
1)0 pref
90 104
100 102 Mar 19 10613 Jan 19
8114 93
98 102
100 103
93 May 103 Nom
92
97
9612 100
Commerci
6.300
al
Solvents
A
85 103
No
par
81
9934 9512 101
8114 Apr 27 1,111 Jan 29
9312
434 Jan 13114 Dee
9314 95
9934 10,930
Do "B"
2634 2712 2614 2712 2534 274 25 10234 95
No par 81 Apr 27 189 Jan 29
27
33
Jan 1291
: Dec
2558 26N 2618 2718 44,800 Congoleurn Co new __ ..Vo par
.278 3
3
3
25 Apr 29 4312 Jan 2
3
3
3
3
3238 May 66$4 Feb
3
3
.3
318
Conley
930
Tin
Folistam
pedNo
'2812 29
par
2834 2834 28
24 Feb 16 17 Feb 10
28
28
234 *2712 2812 27
May
4
1414
Deo
75
2712
2,100
Consolidated Cigar_
.83
No par 2612 Jan 2 324 Feb 19
87
8612 8612 88
83 .83
8314 *83
114 Mar 30 Nov
83
8534 854
ISo pref
400
512 5,2
_100 7934 Jan 2 897s Feb 14
512 614
534 64
511 5,400 Conaolidated Dlstrib'rs No
5N
Apr
5912
57
s
84
Jan
53
4
53
4
512
71378 7938 7812 794 7834 79
par
318 Jan 7
93* Feb 19
784 7878 7858 784 7878 7912 21,100 Consolidawl Gas(NY)
18 Jan
34 Dee
No par 74 18:Mar 30 7978 Apr 24
34 318
318 314
318 34
3
3
6078 Jan 794 Dee
3
318
3
3 I 6,100 Consolidated Tex t ile. _ No par
63 6314 6258 6312 63
278 Mar 19
514 Jan 7
6478 6114 6158 64
238 Apr
6178 6114 6134
8 Jan
Continental Can. lne_ _No par 6012 Mar 30
108 108
10912 10934 10934 11014 *110 11034 11012 11012'110 11012 12.000
6978 Jan 2
431: Apr 6958 Dee
1,200 Con,1 nen al Innti ranee
94 93*
938 9!
25 103 Jan 5 12012 Jan 241
914 912
94 93s
8918 Apr 10918 Dee
94 914
9
914 19,900 Cont'l Motors tern etfs_No par
814 Jan 2 103s Jan 13
6 Apr878 Dee
354 37
354 37
3678 374 3618 37
3534 3614 354 3618 29,103 corn Products Rena w 1.... _25 354
•120 122 .121 122 *12014
Apr 27 4158 Feb 25
123 .12912 122 .121 123 .121 12212
3112 Jan 4354 Nov
Do pref
11818
Jan
7
12312
Mar
____ ____ ...... ____ ____ ____. ______ Cosd en & Co
25 11518 Apr 12334 Aug
No 1/3a8r7
(
2818 Mar 30 354 Feb 2
2258 Sept 4014 Feb
Do pref
-11A 161100 83 Jan 2 9018 Feb 10
4 -Sis -4f 1-2 -aai4 -6-ffia -i4- -611; "iii4 8380 Dec 95 Feb
654 -13-j
8
141 _ ;i55
Crucible Steel of America...100 6412 Mar 30
*9212 93
*9212 93 "9212 93
7914 Jan 17
9212 9212 592
48 May 76 Dee
93 *9212 93 1
200
Do pref
•1134 12 .1134 12
1(10 9212 Apr 21 96 Jan 15
1112 12
104 114 104 11
88 May 98 Dee
11
11
7,2)0 Cuba Cane Sugar
No par 104 Apr 29 1458 Feb 9
524 5234 5178 5212 534 5258 474 514
101
: Oct 18 Feb
474 4912 36,903
Do pref
2834 2834 2838 284 284 2312 2314 234 4734 49
100 474 Aar 33 6258 Feb 26
535
23
8 Apr 714 Feb
2314
23
2318
5.600
Cuban-Am
erican
Sugar__10 23 Apr 33 33', Mar 3
•9614 98 .964 93 '9614 93 09614 93 .964 93
2814 Nov 3878 Feb
*9514 93
Do prat
.434 478
*434 5
100
9814
M
tr
24
434 434
101
Mar 13
434 434
96
Jan 10014 Nov
434 434
434 434 3,200 Cuban Dominican Sug_No par
*3812 40 '3812 39
4( Apr 3
6$8 Feb 27
3818 3312 3734 3734 "3812 3834 *3312 39
418 June
812 Feb
300
Do pref
'6312 67 '6312 67 '8112 67
100 374 Mar 27 441: Jan 6
*6112 67
38 Dec 52 Feb
*6112 67
6112 6112
100 Cushman's Sons
No
par
62
'524 5312 53
Mar
30 73 Jan 19
534 5318 5312 5312 5112 5312 5512 5114 5112 6,903 Cuyamel
564
Aug
763
4 Sept
Fruit
No par
.218 212 *218 212 '218 213
2
212
454 Nov 7412 Jan
212 212
218 24 1,303 Daniel Boone Woolen Mills.25 50 Feb 17 53 Apr 14
3234 3234 2918 3152 2312 31
178 Apr 23
778 Jan 9
2314 3914 274 30
8 Nov 3214 Mar
.2034 22 '2034 2234 '2058 224 "2034 2258 "2058 2258 2314 2312 20,400 Davison Chemical v t c_No par 2778 Apr 33 4954 Jan 23
3812 Nov 694 Jan
8 2218
De Beers Cons M Ines_ _No par 2014 Mar
11658 11658 •11558 11614 11612 11612 *11558 11612 116 11678 •205
18 244 Jan 28
1814 Jan 2214
116 116
1,000 Detroit Edison
.
134 1312 131 1312 1312 134 134 144 1358 14
100 110 Jan 5 119 Mar 7 101 14 Jan 1153 Dee
"1312
4 Dee
134
4,530
Dome
Mines.
Ltd
No
par
•1618 1612 16
1234 Apr 14
164 16
1612 Jan 19
16
16
16
.1534 1612 '1512 164
114
Nov 2014 Jan
430
Douglas
Pectin
No par 14 Feb
•107 10714 1074 10714 .107 10712 10714 10714 10714
938 June 18 Dee
10714 .107 10714
303 Duquesue Light 1st pref..100 105 Jan 16 17 Apr 15
1094 10914 101334 109 1 10878 109
7 10712 Apr 11 1001: Mar 10814 Sept
1034 109
10358 109
1034 101
2,103 Eastman Kodak Co.......No par 10318
'15
1578 154 1541 1514 1514 .15
Mar 19 118 Jan 19 1044 Apr 11478 Nov
1518 15
15
1412 1458 1,700 Eaton Axle & Spring
No par 1012 Feb 13 16 Jan 3
854 Sept 2418 Jan
•143 14312 140 1434 143 14312 142 14558 1434 14312
14134 1457s 7,000 El du Pont de Noes & Co 100 13414
•9614 9658 96
Jan 5 154 Mar 4 112 May 142 Dee
9614 96
96 .964 97
97
97
*96
9712
700
Do Orel 6%
100 94 Jan 23 9712 Mar 4
6258 63
62
6212 62
623.8 "6134 6212 62
62
85
624
Apr 96 Dee
6318
Elec
2,500
Storage Battery_ _No par 6014 Mar 30 703
*812 9
812 812
812 812
4 Jan 3
8
812
8
504 May 68 Dee
812 .8
12
200 Elk Horn Coal Corp.
50
•112 14 '
74 Feb 17 1012 Jan 22
113 14 •112 14
134 134
11
Dec
114
1
145e July
112
1,800
118
Emerson1
4
Branting
ham Co.100
6512 6512 6513 6512 6558 6558 65
1 18Mly 1
24 Jan 3
6512 654 6534 66
%June
312 July
66
1,103 Endicott-Johnson Corp.._ 50 634 Apr 2
•1133s 114
1134 1133s .11338 114 *1134 114 *11338 114 .11338 114
72 Jan 9
5578 May 7358 Dee
100
Do
pre!
100
•1612 17
11212 Jan 21 11634 Feb 16 10512 June 115
•1612 1678 1612 1612 164 1612 164 1618 .16
Jan
400
Exchange
1612
Buffet Corp_No par 151
:Apr 8 1972 Jan 3
112 312 •1 12 312 0112 312 0 112 312 '
18 Dec 2412 140il
14 312 0112 3'2
Fairbanks Co
25
3512 3512 3538 3578 36
214 Mar 27
3 Jan 5
36
3512 3618 3518 354 354 354
2 Dec
44
JaD
1,590
Fairbanks
Morse
par
No
3214 Jan 2 3834 Mar 12
9634 9738 9658 974 9734 99
97
9312 9678 9734 93
254 May 34 Dee
9334 21,400 Famous Players-Lasky-NO Par 9014 Feb
•10512 108 •105 108 •105 103 '106 103 •10612 103
17 10312 Mar 2
0106 108
61
Jan 9812 Dee
Do prat (8%)
100 10378 Feb 17 110 Jan 8
•13512 139 •137 139
133 14114 142 142
8778 Jan 10812 Dec
145 149
149
155
Federal
5,200
Light
Trao...Na
&
par 11412 Jan 3 155
'18
1612 1838 1618'
744 May 12212 Dee
16
1612 •1512 163* •15
164 .1512 1612
100 Federal Mining & smelt'g 100 1514 Mar 13 25 May 1
54
54
054
5414 54
Jan
19
51
5234 5312 .52
54 Apr 2434 Dec
54 '52
51
700
Do pref
100 4912 Mar 11 6414 Jan 15
157 157
159 162
16212 161
163 163
411: Jan 644 Dee
162 182 '160 163
1,320 Fidel Phan Fire Ins of NY 25 14712 Jan 6 16614
•1412 15 •144 15
Jan 12 118 Mar 146 Dee
1412 1413 "1412 1458 *1412 1434 101412 1434
100 Fifth Ave Bus tern etts.No par 12 Jan 8 15
Apr 7
94 Jan
1338 Jan
Fisher Body Corp
No par 239 Jan 2 280 Jan 12 163
-1%14 1413 14l -1112 l43 147
141* 1-414
Jan 240 Dee
1458 -iiTs -143 31,200 Fisk Rubber
No par
8514 8578 284
1012 Mar 24 1514 Apr 20
8512 8538 864 8512 8578 855*5885 8712 8512 853
54 June 1378 Dee
4,100
4
151
Do
pre!
7512
100
Jan
80
8114 8114 83
16 8712 Apr 30
821. 84
8314 8114 834 833s 834 8312 12,600 Fleischman Co
381s July 86 Dee
No par 75 Mar 19 146 II Jan 2
10734 10914 107 10814 108 10312 103 10914 10914 1094
444 Jan 9014 Nov
110 11132 11.5001 Foundation Co.
No par 90 Jan 6 11112 Apr 6
1138 1178 11
1158 114 114 11
11,4 11
664 Jan 945e Dee
1133 1034 1078 8,4001 Freeport Texas Co
No par
8 Mar 18 1214 Mar 23
74 Sept1372 Jan
11
1112
754 1072 10
1034 104 11
104 1118 1014 1012 9,800 Gardner Motor
No par
418 Jan 2 164 Mar 2
45
45
4434 4538 04412 46
54412 46 '4412 46
34 Oat
45
45
7 Jan
700 Gen Amer Tank Car
100
443
4
Apr
584
597
27
99
Jan
*97
10
3512
9314 •97
May 53 Dec
9814 '97
93,4 .97
9814 597
9814
Do pre!
100 9334 Feb16 99 Jan 19
4858 4858 4752 4812 4812 49,4 4938 5078 50
92 Feb 9913 Dee
4934
50
504
General
5,800
Asphalt
100 4212 Mar 30 6:1114 Jan 2
•91
9178 .91
914 9118 9118 91
3138 Apr 8358 Dee
91
.9038 91
9
91
Do pref
500
100 861:Mar 17 100 Jan 2
130 130
12934 12954 •129 130 •125 130 *129 130 •129 130
714 Apr 100 Dee
200 General Baking
No par 121 Mar 7 14734 Jan 2
894 8934 89
89 I 8878 89
93
Jan 160 Sept
884 8878 8814 8878 8738 88
2,600 General Cigar. Ins
100 8738May 1 10134 Mar 4
•1044 109 *10414 109 '10114 109 •10114 109 *10434 109
8214 Apr 984 Dee
*10414 109
Do pref
100 105 Jan 3 11114 Mar 1.2 10114 Mar 108 Dee
'106 109 •106 109 '106 109 4.106 109 *106
109 '106 109
Do
debenture
pret
100 10612 Apr 21 1091: 1. eb 25 100 Apr 109
26512 26754 2614 266
266 26814 26514 26734 264
Dee
26934 15.500 General Electric
100 22714 Feb 17 320 Jan 2 19312 Jan 322 Dee
1114 1114 11 18 1114 114 1118 1118 1114 1118 2654 267
1114 1118 1114 7,800
Do special
10 11 Jan 2 1114 Jan 3
7258 7312 724 73
104 Apr 114 July
7278 74
734 74
723
73
74
53,400
4
7312
General
Motors Corp.-No Par 645a Jan 5 79 Feb 10
"89
92 .8934 92 .8934 92 .90
5554 Oct 8671 Dee
92
*9012 92 .90
92
Do pref
100 90 Feb 13 944 Jan 21
.
89
91 .8912 92 '8912 92 .90
80 June 93 Dee
92
9112 9112 '90
92
Do deb stock (8%)
200
100 881
:Apr 21 94 Jan 13
•105 106
106 106
804
June 93:
1054 106
1 Dee
106 10638 10612 107
10634 10678 4,000
Do 7% pref
100 102 Jan 5 10878 Feb 2
50
505* 494 5012 504 51
951s July 1034 Dee
5038 514 5038 514 5058 514 25,400 General .Petroleum
25 42 Jan 16 574 Mar 3
44
44
4312 4312 43
3838 June 45 Aug
43
*421 43
*4234 43
43
4
433
General
600
Refractor
ies___No par 43 Apr 28 584 Jan 14
*4812 49
484 4812 48,2 4812 4878 487849
31 June 55
Jan
49
49
4938 1,200 Gimbel Bros
No par 47 Mar 16 57 Jan 13
•103 104 •103 104 '103 104 •10234 105 "103 104
4718 June 647s Dee
•103 104
Do pref
100 10214 Mar 14 10514 Jan 20
29
99
29
29
2922914 2914 29
Jan
107
Sept
2914 29
284
29
3,200 Ginter Co temp °Hs_ __No par 2234 Feb 13 304 Apr 16
1738 1734 1654 173* 174 1814 183s 2038 2014 294
21 Dec 2738 Nom
2014 2114 2338 143.400 Glidden Co
No par
1212 Mar 19 23321day 1
3912 3912 '3814 3834 3812 39
8 Jun
15 Nom
383* 3838 3814 3814 384 3814 1,000 Gold Dust Corp v t o No par
37 Mar 3 421e Jan 2
52
52
2812
5114 5258 5238 5318 5234 54
Apr 4378 Nov
5258 537s 5314 537s 19,100 Goodrich Co (13 F)__ No par 364 Jan 5 55ls Apr
6
17 Jun
38 Dee
974 9712 *9714 9831( *9714 9838 9712 9712 *9714
9
.7t2 9712
Do pre:
9734
400
100 92 Jan 3 99 Apr 16
•9512 96
704 May 92 Dee
954 9512 954 9512 9512 9534 9512 9578 9578 9578 4,700 Goodyear T & Rub pf
v t 0_100 8618 Jan 6 10114 Mar 6
10312 10312 103 103 •103 10312 *104 105
39 Jan 9058 Dee
103
•10334 104
Do prior pre!
700
100 103 Apr 27 10714 Mar 6
•1312 1434 "1312 144 *134 144 1412 10312
14
14
8814 Jan 1084 Dee
1412 '14
1414
200 Granby Cons Min Sm & Pr_100 13 Mar 30 2114 Jan 14
1212 Apr 217s Dee
Gray & Davis, Inc_._.No par
_
2
947 95
74 Jan 3
14-4 -WI 91324 Oct
4 -55i8 -Sit; 9384 -Ws 94
91 Jan
WI.; _ -5;06 Great Western Sugar tern ctf 25 9144 Jan
Jan 18 9914 Mar
12
12
•12
13 •I214 13
834 Oct 9678 Dec
1212 1212 1212 1212 1212 1212
Greene Cananea Copper_ _ _100 1134 Mar 19 1914 Jan 3
400
2
0514 5,2 '514 512 '5
10
May
54
5
217
8 D60
5
478
478 '434 5
Guantana
mo Sugar....No par
300
47s Apr 30
612 Jan 5
70
70
6914 6912 69 69
478 Nov
6914 6912 6712 6812 69
1018 Feb
69
2,100 Gulf States Steel
100 6718 Mar 24 947e Feb 5
2712 28
274 2712 2712 2758 2712 2874 2712 2812 2758
62 May 894 Feb
Hartman
Corporati
3,000
283
8
.No
on_
par 2534 Apr 24 3712 Jan 7
35
35
35
35
31 Sept 4414 Feb
3478 35
3412 35
3412 3458 3434 3434 2,300 Hayes Wheel
No par 30 Mar 14 434 Jan 3
"48
4612 4612 .464 47 '4612 47
47
324 May 5278 Feb
*4612 47
*4612 47
100 Hoe (It) & Co tern ctfs_No par 45 Apr 1 4878 Jan 9
44
44
4312 4312 44
4814 Dec 5178 Dee
44
44
4412 "4434 46
• 4414 4412 1,100 Homestake Mining
100 43 Jan 2 50 Jan 12
3534 3554 355s 36
354 36
35 July 5612 Jan
36
36
357. 357. 1,900 HousehProd,Inc,temetfNopar 3412 Jan 5 373
3578 36
8 Jan
5914 60
5934 604 60
313* Apr 38 Nov
604 60
6178 59
5978 5912 6034 3.700 Houston Oil of Tex tern ctfs.100 59 Apr 22 85 Jan 20
29
5178 5214 49
5158 511
61
/
4 5212 514 52
Apr 824 Feb
5012 504 5012 52
40,500 Hudson Motor Car........No par 3334 Jan 5 544 Apr 15
1634 1718 164 17
1634 17
20': May 38 Dee
1634 1678 1612 1678 16
1612 7,900 Hupp Motor Car Corp
10 1414 Mar 18 1914 Jan 5
Ills
May
18
Jan
Hydraulic
Steel
No par
1 Jan 5
•71.
114 Jan 8
•131. 9
*71.
4 Jan
•71.
258 Dee
Do pref
'718
100
8 Jan 5
24
Ng Apr 20
2412 234 2514 2412 254 2434 2614 2458 26
34
May
10
Dec
45,300 Independent 011 & Gas_No par
25
26
1312
Jan 5 3312Mar 6
174 174 17
17
164 1714 1512 1512 .1534 16
634 Sept 1614 Dee
1512 1512 1,100 Indian Motocycle
No par 13 Mar 24 20 Jan 3
'74 8
154 June 2514 Feb
734 754
734 734 5734 8
*734 8
.734 8
300 Indian Refining
10
513 Jan 2 1038 Feb 6
'70
854 •75
8518 '75
8518 *75
314 Apr
854 .75
718 June
8518 "75
Do pre!
8518
100 77 Mar 24 95 Jan 7
60 Mar 75 Dec
40
40
53912 40
3978 40
39
394 39
3834 3834 1,400 Inland Steel
No Par 3834MaY
60 Feb 2
•10514 10634 '10538 10614 10534 10534 10534 10534 .1054 39
3112
May 4834 Nov
Do prof
107 .10634 107
300
100 10412 Apr 13 110 Jan 22
2312 2312 23
.
2.35s22
1 23
Jan 107ts Dee
2238 2234 .2212 224 2278 2273 1,700 Inspiration Cons Copper
20 2214 Apr 22 3234 Jan 12 10114
°101 11
1018 1018 1058 1058 •1012 11
224 Feb 3378 Dee
11
1114 114 113* 1,600 Internat. Agricul
No par
74 Jan 7 131: Feb 5
11914 11034 11912 11912 11934 1225* 12113 12134 120
3 June
938 Jan
Int Business Machines_No par 110 Mar 30 125
1204
3,100
12014
1204
59
594 584 5812 5912 61
83 Apr 11878 Dec
6134 6234 62
6214 6178 6178 4.100 International Cement_.No par 52 Jan 5 6234 Feb 9
33
3312 3234 3334 34
Apr 29
4034 Apr 5912 Nov
3438 3334 3414 3314 3614 3558 354 23,700 Inter Combus Engine..No
3154 Jan 21 44 Mar 6
Par
10478 10478 10312 10412 '1044 106
22 Mar 39 Dee
106 108
10714 10814 107 108,4 7,800 International Harveeter_ _100 9618 Mar 25 1104
Jan 23
*11414 11514 '11414 11514 "115 11514 11514 11514 11512 11512 1151
78 Jan 11012 Dee
Do pref
300
.11512
100 114 Mar 3 11512 Apr 30 1043
11
11 '11
111
11
1158 117g 1178 *1134 12
Feb 11512 Nom
Mercantil
1
Int
1,600
117
e
8
Marine.
12
4
_._100
103
13
Apr
8
4012 4034 40
1478 Feb 5
,
8 4138 4112 4312 4134 4312 4134 4214 4178 43
634 Jan 1558 Dec
Do
pre(
16,200
,2
100 394 Mar 18 5234 Feb 5
3018 3058 2914 3018 2914 3012 2914
264 Mar 4738 Dee
2934 '2918 2912 2938 30
45,600 International Nickel (The).25 244 Mar 18 3034
Apr 24
*96
98
*96
9738 096
1112 May 2718 Dec
9712 .96
9738 •96
971. 9718 9718
Do pre(
100
100 94 Jan 6 9913 Feb 6
•52
53
51
52
52
7512 May 95 Nov
5314 52
53
53
56
5534 5714 25,200 International Paper
100 4814 Mar 19 62 Jan 13
*7212 7278 *72
73 .7214 7234 .7214 72
344 Apr 60 Dec
Do
7318
733
1,000
745
8
stamped
8
prof
743
4
100
71
Mar
9
7658 Feb 11
*125 --__ 125 125 '125 126
624 Mar 7478 Oct
125
500 International Shoe
_
No par 108 Feb 2 125 Apr 23
*1174 120 *1174 1194 .1174 11914 .1174 125 '125 ____ *126
73
11914 .11758 11914 .1174 11-914
Do pref
100 119 Apr 18 12058 Feb 28 11514 Apr 119 Nov
*8914 8934 884 894 89
89
8878 8912 8014 8912 89
May 1194 Dee
Internat
3,500
Telep
8914
&
Teleg_
100 874 Apr 3 974 Feb 19
*23
25 '2312 25
23 25 .23 25 23 25 .23 25
68
Feb 94 Dee
Intertype Corp
No par 22 Apr 9 264 Jan 5
2412 Dec 3212 Mar
Invincible Oil Corp
No
1512
par
Jan
2
223
168 Jan 9
101
:
July
1678 Jan
;
7
7
85
Iron
I
7"
Products
85
Corp
51814 19
10 82 Jan 2. 105 Feb 10
*1814 .19 .18
19 "18
394 Apr 10038 Dee
19 .18
19
19
100 Jewel Tea, Inc
100 1818 Mar 30 214 Feb 26
.107 108
107,4 10714 *10612 10734 .1064 10734 10714 10714 "10612 19
164 Apr 23,4 Jan
Do pre!
300
10734
100 10212 Jan 19 110 Feb 25
78 Mar 106 Dec
•Sid and asked Prim' no sales on this day
x ft-dividend. k Par value changed from $100 to $50 and prices on that basis
beginning June 3. a Ex-rights.
Satueday.
AprU 25.
New York Stock Record-Continued-Page 4
2245
C sales during the week of stocks usually Inactive. see fourth page preceding.
HIGH AND LOW 8ALB PRICES-PER SHARE. NOT PER CENT.
Saturday.
April 25.
Monday
novo/ay
April 27. I Apstt 28.
wedmsdaY
April 29.
Thursday.
AprU 30.
Friday.
May 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Pk'li Sti Aug
Range for Year 1925.
On basis of 100-share tots.
Lowest
Highest
I per share
Per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par
Per share $ Per share
1852 1872, 1814 1812 •11312 1814 *17
1812 19
177
16
16
1.200 Jones Bros Tea, Inc,stpd _ _100 16 May 1 2178 Feb 3
4612 47
4614 4312 434 4338 48
4312 47
4712 46/
1
4 4614 4,200 Jordan Motor Car
No par 42 Jan 27 5912 Mar 3
*38
41
*38
•1
4
/
4
12
12
*38
34
35
200 Kunnas & Gulf
10
ht
/
1
4 Apr 24
1 14 Jan 28
2212 2234 22/
•2234 23
1
4 2112 2112 2612 2513 2614 2512 2578 6,300 Kayser (J) Co v t o_-_-No Par 1834 Mar 17 2734 Jan 8
g85/
1
4 91 I .8618 91
•864 91
*8518 91
•864 91
Do 1s1 pref
*13618 91
No pa
83 Mar 30 90 Jan 13
1618 1612 154 1612 *16
164 164 17
16/
1
4 1738 164 17
4.100 Kelly-Spritigneld Tire
25 1214 Mar 24 17/
1
4 Jan 3
4912 4912 4312 431
: *4612 5018 *461
: 504 50
504 *4612 5018 1,000
Do 6
8.
1 o
pr,.
ef
f
100 41 Mar 25 511
/
4 Apr 20
*50
50
52
50 •47
52
51
51
*47
52
*47
52
200
100 43 Mar 25 53 Feb 4
*90
93
94
91
*91
96
96
•90
*83
Kelsey
96
•90
Wheel. 100
96
ROO
100 89 Mar 26 101 Jan 13
4712 47/
4712 4718 4738 4714 473
1
4 4634 474 47
4712 43
13.500 Kenner°.t Copper
NO Par 4612 Mar 30 5734 Jan 13
214 218
2 4 2l4
214 214 *21
2/
1
4
214 238
214
214 1,900 Keystone Tire & Rubb_No par
178 Jan 9
314 Feb 5
*7214 75
75
75
*7214 75 •734 7134 .7334 7454 744 75
400 Kinney Co
No par 72 Apr21 87 Jan 3
*38514 33912 370 335/
1
4 355 370
37.5 375 •375 330 *370 375
1.400 Kresge(SS) CO
1110 355 Apr 28 532 Mar 24
*3212 33
31 .32
*32
31
324 3212 *3212 34
*3212 34
Dept
Stores_ __No par 314 Jan 21
100 Kresge
4534 Jan 7
1554 161
*155 160
165 170
16; 166
160 165
164 170
4.100 Laclede (las L.(St Lau's).-100 11014 Jan 5 178 Mar 31
1234 1278 *1234 14
*1234 11
1314 1314 .1334 11
14
1.400 Lee Robber & Tire---NO Par 1158 Feb 20 15 Feb 5
14
*5112 61
*5912 61
•60
61
*67
61
60
60
59
1.300 Liggett & Myers Tob new_ 25 57 Mar 25 7112 Feb 6
60
•11612 120 •11612 123
1161
/
4 11514 *11614 120 *11634 120 *11634 120
Do pref
100
100 11613 Jan IS 120 Mar 3
581
: 58% 584 534 51
511
/
4 53
53
*59
5314 58/
1
4 5378 2.200
Do "B" new
25 551
:Mar 27 70/
1
4 Feb 8
•
•
6418 61
6118 61
64
61141 61
61,4 6334 64
par
Lima
1,500
63
Log,
/
1
4
6334
Wks
No
6114 Mar 31 7434 Jan 14
2812 287s 2318 2312 2334 21/
1
4 234 2912 2814 2378 284 2314 36,600 Loesit'a Ineorporated_No par 22 Feb 17 29/
1
4 Apr 28
84 8141
84 84
84 84
84 84
734 314
2,800 Loft Incorporated
734 8
8 Jan 28
94 Apr 6
NO Par
*83
82/
1
4 *82
82
85
83 I 82
81 1 8212 8213 55
1,700 Loose Wiles Biscuit
85
100 77 Feb 17 9718 Mar 7
3434 3434 3114 31/
1
4 3112 31/
1
4 3112 3134 31/
1
4 34/
1
4 3412 3434 3.300 Lorillard
25 3014 Jan 24 37/
1
4 Jan 13
*108 110 *103 110 •10412 1011
/
4 *10312 10134 *10312 110 *10312 110
Ito ore(
100 1081
/
4 Feb 27 112 Jan 12
17
17
1718 17
1714 1634 17
1734 16/
1
4 1714
161: 1714 16.100 Louisiana 011 temp etfs No par 14/
1
4 Mar 31
BM
Feb 3
3712 39
3712 3314 334 3314 37/
1
4 33181 37
38/
1
4 3718 3712 1,210
No par 3134 Feb 17 55 Mar 4
11618 1164 •11614 118 ,•1154 118 ' 117 117 *11614 11832
116 116
100 114 Mar 20 11712 Jan 24
300 Mackay Companies
14014 1434 13914 111
11314 1151 11214 11618 143 1454 14412 14814 103.800 Mack Trucks, Ins
No par 117 Jan 16 15214 Apr 18
•107 1084 •107 103
103 103 *10712 10312 *10734 1034 *10712 10312
Do 1st pref
100
100 104 Jan 27 10918 Feb 18
*10012 10212 *10012 10212 •10012 1021
: •991
:102
101 101
10112 10134
Do 2d pref
400
100 99 Jan 2 104 Feb 27
Do 2t1 paid
116 Jan 5 137 Feb 9
78
76
*7534 77
*7614 77
7712 77/
1
4 7712 7814 7812 8012 5.600 Macy(R H)& Co.Ina-No par 6912 Jan 3 841: Jan 10
3834 3914 3318 3114 3314 31
3334 31
3812 38/
1
4 384 3812 7,000 Magma Copper
NO par 34 Mar 31 4414 Jan 2
2612 2514 2614 2514 2634 264 274 2814 2714 26/
26
1
4 28
10,400 MallInson (H R)& Co_No par 211
/
4 Mar 30 3712 Jan 23
*9012 92 .9012 92 •93
92
90
90
9012 9012 *90
Do pref
200
91
100 81 Mar 16 92 Apr 15
*50
51
.50
5212 *50
51
50
50
*48
50 •47
200 Manati Sugar
50
100 50 Jan 5 531
:Feb 26
*794 81
*7978 82
•7978 82
*794 82
*79/
1
4 82
1
4
7978 79/
Do pref
200
100 7934 Mar 30 82 Feb 9
52 .51
5914 521
/
4 52
52
51
51
*5012 51
51
51
700 Manh Elec Stipp tem ettallo par 4218 Feb 16 59 Mar 10
*2312 24
1
4 24
*2314 21/
2114 *2312 208 *234 2414 2358 23/
600 Manhattan Shirt
1
4
25 2014 Mar 16 30/
1
4 Jan 3
4712 4334 4634 4314 47
4318 4534 474 47
4838 4634 48
18,700 Manila Electric Corp.-No par 2111:Mar 5 4912 Apr 24,
27
*26
26
2612 2618 2618 2534 2634 26
26
*2614 27
2,400 Maracaibo 011 Expl-No par 254 Apr 2 354 Jap 311
3618 3634 3558 3614 3514 3614 38/
1
4 3738 3658 3714 37
38
37.700 Marland 011
No par 30 Mar 17 4614 Jan 31
11 18 1114 *1114 1212 1214 1214 1114 1114 114 1112
•1114 12
No par 1038 Mar 13 1234 Jan 22
600 Marlin-Rockwell
*274 281
1
4 2712 2714 2712 27
: 2714 2714 27/
2933 2912 2978 1,900 Martin-Parry Corp
No par 2512 Mar 24 374 Jan 7
70
6312 63/
70
1
4 6712 61 I 6334 6314 *674 69
89
71l2 2.900 Mal Meson Alkali Wkstemat50 51 Jan 6 74 Apr 18
1074 10778 1064 107/
1
4 106/
1
4 107's 107 10314 10712 10314 10712 10778 10.500 Maxwell Motor Class A.-100 7458 Jan 27 111 Apr
20
7418
7812 7734 7978 774 8314 821: 8678 8358 87 240.000 Maxwell Motor Class B No par 3314 Jan 27
75
774
8978 Apr 18
10278 10278 102 10112 *10234 101 I 1021
/
4 1014 10112 105/
1
4 10334 105/
1
4 3.800 May Department Stores___50 101 Mar 23 1111
/
4 Jan 2
82/
1
4 824 *82
81
*82
8318 *82
8318 *82
83/
1
4 .82
100 McCrory Stores Class 13 No par 79 Mar17 944 Jan 13
83/
1
4
16/
1
4 16'8 16/
•1678 17
1
4 1678 17
17
16/
1
4 17
*1878 17
600 McIntyre Porcupine Mines..5 IS Jan 2 1818 Feb 24
•9618 9811 *961
: 934 *9614 9412 *95/
1
4 9312 •96/
1
4 9312 *97/
1
4 9312
Metro Edison Power pf.No par 971
:Apr 21 101 Mar 17
1978 194 1934 1914 1914 23181 2114 2314 20
20
20
20
2.100 Metro Goldwyn Pictures pf.27 18 Jan 3 224 Feb 5
1618 1612 1618 1612 17
17
1634 17
16
16/
1
4 16
1612 5.100 Mexican Seaboard 011__No par
Mar 17 221: Jan 6
9/
934 9/
1
4
9'
1
4
914
9
9/
1
4
9
918 x834 8/
1
4 6,400 Miami Copper.
5
8/
1
4May 1
241
/
4 Jan 13
34
34
si
34
34
34
15s Jan 13
34
/
1
4 Apr 16
34
34 5,300 Middle States 011 Corp ...._ 10
10014 10314 *100 101
*10014 101 •10014 101
10078 101 •10014 10034
300 Midland Steel Prod pref-100 96 Jan 2 10512 Mar 3
Midvale Steel
50 29 Feb 2 3018 Jan 10
;iii" -a; "ii" 16- 66 Wire "iii"
67
"ii 67 -6712 ---72 13.656 Montana Power
100 61 Apr 17 72 Jan 3
4718 4614 4714 4614 47141 467 4314 4712 48/
47
1
4 4838 501
/
4 66,630 Monte Ward & Co III corp..10 41 Mar 30 5558 Jan 13
253
4
2518
2512
254
2514 2534 25/
1
4 2514 25
2514 25
25
No pa, 22/
3.700 Moon Motors
1
4 Mar 19 2712 Apr 14
678 7
634 04
6/
1
4 7
61
/
4 614
658 634
8511 6/
1
4 6,700 Mother Lode CoalltIon No pat
6/
1
4 Apr 30
94 Jan 2
: 18
181
1838 •18
*18
13 I 18
1814 18
181: •18
181:
900 Mulling Body Corp.---NO Pat
l4'4 Feb 2 2112 Feb 20
*3012 31
*3)
31
*30
:
1 31 I *304 31
31
31
31
3118 1,700 Munxingwear Co.
/
4 Apr 23 34 Jan 23
No Pa, 301
351 3534 355 359
350 358 350 350
333 353 358 361
1,700 Nash Motors Co
No pas 19312 Jan 6 36812 Apr 18
•1044 105 *10158 105
105 105 .1011
:105 *10113 105
Do prof
105 105
2,900
'
100 103/
1
4 Jan 21 106 Feb 28
5/
1
4 5/
1
4
/
4 *54 514 *54 514
51
/
4 51
5
514
434 43
1.200 National Acme stamped____10
44 Mar 24
7/
1
4 Jan 13
6512 6512 654 6518 *6514 6512 65
6514 65
66
65
6634 4.000 National Biscuit
25 65 Apr 29 75 Jan 2
•12514
/
4
- -,*1211
•12514
-,•12514
_ •1254
Do prof
100 12312 Mar 11 1261
/
4 Feb 10
•12412-14
69 -70 I *63 -70 I •63 -61-1: 69 1934 6914 16- -2;1566 National Cloak & Sult
70 -70
100 684 Mar 5 78 Jan 26
101 101 1'100 10112 *100 102 •100 102
*101 102 *101 102
Do pref
200
100 99 Jan 13 104 Jan 29
81t2 52
5012 5112 5112 52/
1
4 52
5114i 50/
1
4 5324 51
5214 29,600 Nat Dairy Prod tern ctfeNo par 42 Jan 2 544 Apr 29
1
4 414 441
/
4 4158 41/
4112 411
/
4 4112 411: 4138 411
/
4 *4114 413
1,800 Nat Department Stores No par 38i2 Jan 2 43 Mar 12
96
96 I 95
96
96
96
*9614 9712 *9612 9712 •9612 971
Do pref
500
100 96 Apr 15 102 Jan 2
6518 855s 6112 6734 65
613
67
66
6513 6534 6514 6514 4.100 Nat Distil Prod pftem ctt No par 5212 Jan 8 6814 Feb 21
•27
29
*27
29 I *27
23
2738 27/
1
4 25
27
2534 27/
1
4 1.900 Nat Enam & Stamping-100 25 Apr 30 3678 Jan 21
*80
*130
83
83 I 81
81
*80
83
80
*75
80
81
Do pref
200
100 80 Apr 30 89/
1
4 Jan 12
13312 11334'141 143 *142 145
140 140
141 142
140 140
2.500 National Lead
100 13312 Apr 27 16678 Jan 9
:119 *11612 119 *1161e 119 *11612 119 *11612 119 •I1812 119
*1161
Do prof
100 116 Jan 5 118 Mar 4
63/
1
4 64
*6334 6134 62121 63/
1
4 624 6278 6212 6252 6258 6238 2,200 National Supply
ao 6112 Apr 2 71 Jan 29
*12
1234 1134 111
/
4 1134 12
12
12
12
12
12
12
1,900 Nevada Como)Copper____ 5 111
1
4 Jan 7
/
4 Apr 27 16/
444 44/
1
4 4312 4418 44
41
434 4334 43
43
4224 423
2.300 NY Air Brake tern cUs_No pat 4214May 1 5612 Jan 2
*5234 54
*5234 51
05234, 51
5234 5234 5278 53
5234 523
No par 51 Mar 19 67 Jan 7
Do Class A
500
3614 374 3614 3712 363 . 37
361
: 3634 3612 3613 3614 3614 2,700 N Y Canners temp ctfs_No par 3134 Mar 30 39/
1
4 Apr 18
*2612 27
2534 2534 261
/
4 2714 23
23
2614 264 27
1.000 New York Dock
273
100 18 Mar 24 314 Apr 14
*6312 6512 *6314 68
63/
1
4 6334 *6312 66
*6312 68
6534 653
Do pref.
200
100 5218 Jan 14 67 Apr 13
*55
57 •____ 57
•____ 57
57
Niagara Falls Power---NO Par 4518 Jan 5 58 Feb 24
•2838 2812 •2838 2812 2312, 2312 2812 2812 281
: 2812 2812 281
Do pre: new
1,700
25 28 Jan 5 29 Jan 2
45
1
4 461 26,600 North Americana)
4514 4434 45
4444. 454 4458 4514 4434 454 48/
10 4118 Jan
49 Mar 4
4838 4812 4812 481
1
4 •4812 49
4812 48/
48/
1
4 4858 484 CP
2,800
ao 4658 Jan
Do prof
49 Mar 4
*9
912 *9
*9
91
912 *9
91
912 *9
Mutually Co (T100....No par
94 *9
8 Jan 1
101
/
4 Jan 30
•812 51
*534 612 *54 64 *512 612 *54 6
*54 61
Ontario 811ver Min new No par
512 Jan 2
714 Feb 26
•2238 23
02238 23 •2218 23
*2218 23
23 .2238 243
23
100 Onyx Hosiery
No par 1838 Jan
23
Mar 2
*271: 28 •2712 28
*2734. 28
•2778 28
*2774 28
27/
1
4 273
600 Orpheum Circuit, Inc
2534 Jan 1
2938 Feb 27
117 117
112 115
115 . 115/
1
4 11614 11614 *112 114
113 1141
2,400 Otis Elevator (k)
50 8758 Feb 2 1181
:Apr 17
10
1018 10
10
10
10
10
1018 10
1014 10
101 10.200 Otis Steel
No par
8 Marl
1178 Jan 31
58
57
554 5514 *5512 56
*5512 57
56
56
*5512 57
500
Do Prof
100 5014 Mar 1
6634 Feb 2
454 454 46
46
4512, 464 4614 4614 46
46
4614 47/
1
4 7,000 Owens Bottle
25 4234 Marl
50
/
1
4 Jan 3
1054 10518 105 105
1
4 106 106
10514 105/
10514 1054 *10512 106
700 Pacific Gas & Electra°
100 10213 Jan
10812 Feb 11
758 9
9
914
9
914
912 9/
914 912
1
4 4.200 Pacific Mall Steamship.... 5
934 91
/
4
Apr 1
1014 Feb 5
512
5518 56
54/
1
4 5534 5514. 558
1
4 56
5514 56/
.563
57
4 571 32,200 Pacific 011
No par 5214 Mar 3
6514 Jan 31
21
211
/
4 2034 2118 20/
1
4 21
2034 21
204 2078 2058 207 14,700 Packard Motor Car
10 15 Jan 1
2338 Apr 8
10958 10958 •10958 111
•109/
1
4 111
10934 10934 .10958 III *10958 111
Do pref
00
100 1024 Jan
109/
1
4 Apr 29
1
4 7334 7312 754 7314 74
7212 7234 711: 72'± 73/
731
: 751 14,600 Pan-Amer Petr & Trans... 50 64 Jan
834 Mar 3
/
4 7318 7312, 744 731
7258 7314 711
: 75/
1
4 7312 7112 73/
1
4 753 75.500
Do Class B
ao
63118 Jan
844 Mar 3
*34. 4
4
1
4 *3
*34 44 •314
3/
1
4 3/
41
*314
100 Panhandle Prod & Ref-No par
3 Jan
5/
1
4 Feb 26
134
/
4 *lam
158, 11
*11
/
4 11
/
4 *158
11
/
4 *158 11
/
4 •158 17
400 Parish & Bing stamped-No par
112 Jan 1
/
4 Feb 11
11
28
28
2812 •28 . 29
28
28
28
2712 27h 2718 283
1,500 Park & Tilford tern etfa_No par 2718May
3512 Jan 10
*1312 15
1312 1312 1234 1234 *1212 1312 *121: 131
•1312 15
200 Penn Coal & Coke
50 1234 Apr 2
2638 Jan 2
138 11
138 . 112
•1/
1
11
4 112
/
4 112
114
11
/
4 138 9.500 Penn-Seaboard St'l vto No par
112
11
/
4 Mar 3
3 Jan 9
115 11714 11634 1171
11412 11412 *11412 115
: 11534 11614 115 1161
4,300 People's0 L & C (Chic)-100 112 Jan 1 121 Feb 11
5412 , 5434 5418 5412 54
5414 5553 5418 543
5434 5434 547
6,900 Philadelphia Co (PIttab)
51)
514
Jan 7
574
Mar
18
465
8
1
4
.461
/
4 46/
4612 464 4838 46/
1
4 46/
1
4 *46
47
*46
47
Do pref
500
ao 4512 Jan 5 4712Mar 3
3878 3878 3858 3914 394 .3918 3914 3914 39
39
3858 391
3,900 Phila & Read C &I .No par 38/
1
4 Mar 28 5211 Jan 9
1
4 41
*3834 4038 *3814 40
*3812 4014 *3812 401 .38/
*384 40
Certificates of Int___No pa
483s Feb 13 504 Jan 23
*6034 64
63
61
*62
63
*601
64
: 63
*63
*6012 63
100 PbIllips-Jones Corp..-.No Par 60 Apr 3 9018 Jan 12
13/
1
4 14
1
4 14 •1334 14
*13/
13/
*1334 14
1
4 1412 •134 14
1,300 Phillip Morris & Co, Ltd- _10 12/
1
4Mar 19 11314 Jan 6
38/
1
4 3878 381
381: 39
3812 391
: 3934 3834 3938 3914 401 39,500 Phillips Petroleum
No par
/
4 Feb 2
1514 1514 1518 1538 14
1
4 157
1458 1378 1438 21,700 Plerce-Arrow Mot Car_No par 3614 Mar 30 461
1478 154 14/
10/
1
4 Mar 30 1738 Apr 20
5578 54
54
5512 53
/
4 5434 511
5538 511
5538 54
/
4 521 11,100
Do prof
100
43
Mar
24
603
4 Apr 20
96
*93
95
95
95
*93
95
99
99
*93
*93
95
200
Do prior prof
No par 85 Mar 18 99 Apr 20
184
134
134 17
1/
1
4
178
11
/
4 13
/
4
134 11
134
2,300 Pierce 011 Corporation
13
25
3/
1
4 Feb 5
11
/
4
Jan
2
3118 311 *32
*3212 34
32
35
321
: 3212 .321
321
: 35
400
Do pref
100 2512 Jan 2 40 Feb 28
612 6/
612 611
1
4
612 63
612 612
638 67 20,000 Pierce Petrol'm tern ctfs_NO Pa
612 678
534 Jan 2
84 Feb 5
401
404 404 3912 4014 39
3912 37/
4012 40
*40
1
4 38
3,000 Pittsburgh Coal of Pa
100 3734MaY 1 544 Jan 13
85
: *8534 86
85$ *85
83s 85
851
82
8312 2,500
*8534 861
Do prof
100 82 May 1 99 Jan 5
*95
97
*95
97
97
095
*95
97
*95
98
*95
97
Pittsburgh Steel pref
100 94 Mar 28 10212 Jan 8
*32
32
38
30
*3212 38
*32
35
*32
38
38
35
500 Pitta Term Coal
100 30 Apr 27 6334 Jan 17
83
8114 811 .81
8114 81*4 81
82
824 8311 1,100
81
*81
Do pref
100 81 Apr 30 88 Jan
1
4 1312 131
138 13/
134 1312 1358 1334 •1358 1334
•1334 14
900 Plttaburgh Utilities prof... 10 1278 Mar 24 1512 Jan
2
133 .13
134 *13
133 •13
•1314 1334 •1314 133 *13
1334
Do prat certineates____10 12/
1
4 Mar 20 15 Jan 15
1131
:114
11312 114 •11314 1134 2.600 Post'm Cer CoInc tern etfNo pa
11234 11412 114 115/
1
4 114 114
934 Feb18 11858 Apr 17
*11618 11712 *116 1171 *116 1171 •11618 11712 *11818 11712 *1164 11712
Do 8% pref temp etfs.-10 11512 Feb 3 117 Jan
13
• Bid and asked Prices. so sales on this day.
s 1119-11vIdend.
0 Ex-new right.
No par.
a Ex-rights
PBX .1H Atte
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ Per Shan
1434 Sept 274 Jan,
2144 May 5242 Dee
/
1
4 May
1
Jan
1614 Aug 3838 Jan
77 Aug 10212 Feb
9/
1
4 June 35
Jan
33 June 88
Jan
40 June 7818 Jan
78 May 104 Dee
344 Jan 6734 Dee
14 Oct
4/
1
4 Jan
5214 May 864 Dee
2874 Jan 4754 Dee
4212 Nov 827s Julie
79
Jan 113 Nov
8 May 174 Jilt
50 Mar 68/
1
4 Dee
11478 July 121 June
48/
1
4 Mar 68:
1 Dee
56 J,,ne 71 Dec
1518 June 25 Dec
512 Apr8/
1
4 Jaz
50 Mar 84 Nov
333s Dec 404 July
112 Nov 117 Feb
17
Oct 3834 Dec
107
Jan 119 Aug
75/
1
4 Apr11878 Dee
9512 Jan 10714 Dee
87 Apr 10114 Dec
93 Oct 115 Dee
59 May 714 Dec
2618 June 4558 Dec
18 Mar 4112 Dec
7834 July 93 Dec
45 July 6934 Mai
78 Oct87 Mat
3314 Mar 4934 July
261: Dec 44
Jan
2634 Dec 315* Dee
2418 Oct3712 Jan
29 May 42 Feb
8 Jan 1734 Mat
8118 Nov 3758 Jam
2958 May 58/
1
4 Dec
38 Apr 8418 Dee
1018 Apr 39/
1
4 Dee
8212 Apr 115 Dee
86
Oct 10634 July
14/
1
4 Dec 1814 Jan
904 Apr 101
Dec
15 Sept 19 Dee
1418 Jan 2534 Sept
20 May 26 A in
1
Aug
678 Jam
9112 June 98 Nov
2312 Oct 3414 Feb
811
/
4 June 74/
1
4 Deg
211
/
4 May 481: Dot
1712 Oct 2712 Feb
6 May
94 Feb
9 Mar 184 Dec
2918 July 3914 Jae
Ms Apr 204 Dec
9814 July 104/
1
4 No
3/
1
4 Oct 1018 Jan
504 Mar 7714 Sept
1204 Jan 12634 Dee
44 June 7078 Dee
9112 Mar 110078 Dee
3018 Apr 444 Dee
3614 Oct 43
Jan
92/
1
4 June 101 Dec
304 Aug 54 Dee
1812 Sept 4478 Jan
67 Sept 89
Jam
12312 Apr 16914 Aus
11112May 118 Sept
544 Oct 7212 Feb
111
/
4 Jan 1634 Dee
3618 Apr 57 Dec
474 Jan 67 Dec
32 June 37 Dec
Jan 374 May
19
411e Feb 554 May
42 Sept 47 May
27 June 29 Sept
32 Jan 45 Dec
4378 Jan 504 July
7 Apr
912 Dec
4/
1
4 Mar
838 Oct
18 May 30
Jam
18 Feb 29 Dee
6858 June 92 Dee
1114 Nov 1178 Jar
44 Oct 74/
1
4 Mat
8914 May 474 Jan
9018 Jan 105 Dec
7 Apr 1034 Jan
45 Apr 5814 Feb
9/
1
4 May 161: Dec
894 Apr10214 Des
444 Feb 85 Dec
4114 Feb 6452 Dec
112 Sept418 Jan
/
1
4 July
11
/
4 .Dee
24 Sept35/
1
4 Dec
1814 Nov 301s Jan
11
/
4 Oct414 Jan
9234 Apr 1194 Dec
42/
1
4 May 5712 Dec
424 Jan 47
Jan
344 Mar 54/
1
4 Dec
35 Mar 52/
1
4 July
44 May 88 July
11 July
2354 Jan
284 Oct4312 Apr
018 May 16 Dec
184 May 54 Dec
5912 June 95 Dee
14 Apr
4/
1
4 Jim
20 Mar 36
Jar
43s Oct
534 Dec
4
97
5
/
1
4 Dec
jan
Mar
94/
1
4 Aug 100 Apr
1063334
58/
1
4 Dec 63/
1
4 Dec.
83 Dec 8734 Dec
9/
1
4 Jan
1678 Dec
114 Feb 154 Dee
4812 Apr 1034 Dee,
110 Feb 117
OM,
New York Stock Record-Continued-Page 5
2246
Pot sales during the week of stocks usually Inactive, see fifth page preceding.
HIOH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Aprit 25.
Monday,
April 27.
Tuesday.
Aprtl 28.
Wednesday, Thursday,
April 29.
April 30.
Friday.
May 1.
Sales
for
the
Week.
PER SHARE
Range for Year 1925.
On bast. of 1(.4-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Shares. Indus. & Miscall.(Con.) Par
100
300 Pressed Steel Car
Do pref
101)
5,600 Producers & Refiners Corp_ 50
14,500 PubServCorp of NJ nowNo par
Do 7% pref
100
100
Do 8% pref
300
100
2,600 Pullman Company
50
3,300 Punta Alegre Sugar
25
8,400 Pure Oil (Tile)
Do 8% prof
100
97,800 Radio Corp of Amer_ __No par
Do pref
50
400
100
800 Railway Steel Spring
No par
109 Rand Mines, Ltd
6,400 Ray Consolidated Conner, 10
1,500 Remington Ty pewriter____100
Do lst pref
100
100
Do 2d prof
400
No par
6,900 Replogle Steel
Iron
&
Republic
Steel
100
7.000
Do pref
100
200
No par
15.700 Reynolds Spring
7,000 Reynolds(11J) Tob Class B 25
Do 7% pre(
100
303
25
2,700 Rossla Insurance Co
7,000 Royal Dutch Co(N Y sbares)_
10
7,100 St Joseph Lead
16,500 Savage Arms Corporation_ 100
1,900 Schulte Retail Stores..No par
Do prat
100
300
100
30,100 Sears, Roebuck & Co
Seneca Copper
No par
800 Shattuck Arizona Copper._ 10
612 "6
64
64 633' 64 6141 "6
6
-111.54 6
200 Shell Transport & Trading_ .E2
*401 42
'4012 4238 4014 4014 4114 4114' *4038 4213' *4014 42
Shell Union Oil
No par
11,100
2353
233
4
2378
2314 23,2 2314 234 2314 2334' 234 2334 2313
Do pref
100
300
•10012 10112 19058 10058 1004 1034 101 101 1.3101 10112 '101 10112
Strains
Petroleum
10
2313
14,009
2234
2258
23
233
8
227
8
223
4
2212
2213
2214
2212
2212
No par
1,400 Simmons Co
35
35
35
35
35
35
35 I 35
35
3518 351
/
4 35
184 1858 1814 1812 1812 1812 1333 194 1858 194 1878 1912 17,600 Sinclair Cons 011 Corp_No par
Do pref
100
8314: "87
8312 "87
8812
89 •874 8834 '87
89 '88
*88
25
9,400 Skelly 011 Co
234' 234 23341 2314 234 2318 24
2318 2313 23
_
Sloss-Sher
field
Steel
&
Iron
100
1,200
813
4
81,
8114
4
8114
I
*8114
8312'
83
83
"81
81
'82 -8312
200 South Porto Rico Sugar_ __ 100
*64
70
*64
*64
70
70
6613 70
4,664 67
*6612 70
No par
1822 1858 1814 1814 1818 184 1818 194 1834 194 184 1914 26,600 Spicer Mfg Co
100
400' Do pre(
9714 *97
9713 974 974 9434 97
*9613 98 "9612 974 .96
Co_No
par
Standard
Gas
&
El
20,600
46
467
46
8
45
1
4 45,4 45131
1
4 4512 45/
4558 4614 4514 45/
Standard M Ming_ _____ 100
6912
70 I *5713 6913 *66
*6712 70 "67
*67
70
70
*66
pref
Do
100
100
*81
8412
1
'84
8112
'84
841*
.84
84
2
8412
'84
84
84
5558 5814 58/
1
4 5814 5834 584 5873 8,400 Standard 011 of California_ 25
5353 58
5814 5834 58
414 18,400 Standard 011 of New Jersey 25
1
4 4134 414 4134 4118 4134 41,8 4113 41
4078 4113 40/
Do pref non-voting._ _ _100
1,400
•1175
8
117
/
1
4 11712 11778 118 118
1175
8
1171
/
4
1
4 11778
1
4 117/
11778 117/
2.700' Stand Plate Glass Co..No par
1011 104 104 104 1058 11
1012 11
11
1114 1012 11
900 Sterling Products
No par
*634
6313
6318
6312
6318
6312
6314
634
63
63
6313
*625s
6434 6514 19,600 Stewart-Warn Sp Corp_No par
6578 263
65
624 6278 654 64
6212 61
62
100 Stromberg Carburetor_No par
66
"64
66
66 '64
66 '64
66
64
*64
66
66
4538 4412 4512 59,4001 Stubeb'r Corp(The)new No par
45
4533 4413 4514 4434 4513 444 4512 44
100
Do pref
200I
114 114 *112 115 *112 115
•112 114 '112 115 *112 115
8,5001 Submarine Boat
No par
9/
1
4 10
912 10
834 834
87s 934
812 853
84 858
Superior
par
011
No
2,100,
4
414
4
418
433
414 44
44 44
4
*4
414
6001 Superior Steel
100
20
23 *204 23 "2014 2213 20
*2014 2312
*2318 25
Sweets
Co
of
America
50
8
'6
712
"6
8
'6
8
"6
8
.6
*6
8
800 Telautograph Corp__ _.No par
13
1312 13
13 '13
13
13
1234 1234 *1212 1313 13
No par
9,4 9,2 4,900 Tenn Copp & C
9
914
9
914
914 924
9
94
9
914
44
4412 12,800 Texas Company (The).... 25
43
43$2 4314 4312 434 434 437s 44
4334 44
10
1054 10114 17,900 Texas Gulf Sulphur
10134 106
1
4 10534 10512 10714 10612 107
10458 10534 103/
134 1434 1418 1478 13,900 Texas Pacific Coal & 011- 10
14
144 1334 1458 1412 1434 1414 15
Tidewater
011
900
100
133
130
13114
134
130
134
13213
13212
133
133
•133 134
4078 4112 10.000 Timken Roller Bearing_No par
4058 41
4034 414 404 41
4012 4013 4018 41
75
7512 2,700, Tobacco Products Corp...100
75
75
754 7413 75
75
74/
1
4 7514 7413 75
Do Class A
100
•9872 9912 9913 9913 994 994 994 9912 9938 9938 29714 971 3 1,100
3/
1
4 418 13,900I TranscT1011 tern ctf new Nopar
3/
1
4 413
41
372 4
4
45*' 4
4
4
par
500
Transue
&
Williams
St'l
No
26
*2513
2618
27
254
*2618
•26
2718
2618
264
.2618 274
25
4012 1,300 Underwood Typew _
3918 3918 40
41
'39
40
*40
39
39
39
39
1,200, Union Bag & Paper Corp_ _100
42 '4012 42
41
43 •40
41
40
401s *40
404 41
No
par
4,100
Union
011
2
3
12
3
8
12
33
*3s
12
12
25
3638 364 3618 3612 364 3612 3614 361z 3638 3638 364 364 6,800 Union 011, California
100
500 Union Tank Car
12378 12378 *12212 12312
12112 12212 '121 124
122 122
122 122
Do
pre(
100
100
*11612
11612
11712
•116 11712 •116 11712•116 11722 *116 11713 11612
No par
900 United Alloy Steel
"25
2513
2534 25
25
25 I •25
25
26
25 '25
25
100
11834 11934 3,800 United Drug
118/
1
4 120
120 12012 120 121
12018 12014 11912 120
Do
1st
pref
50
500
54
5312 5313 *5314 5441 5314 5314 *5312 5418 *5334
*5314 55
100
300 United Fruit
20012 210 •212 21312 "208 214 "209 212
211 211
*208 212
Rad__No
par
Universal
Pipe
&
16,400
275
8
2912
2978
27
29
3
4
285
8
294
3014
29
2914 2612 2953
100
Do pref
7012 6834 684 2.700
69
1
4 694 6912 70
664 6912 68/
69
•68
44,800 US Cast Iron Pipe & Fdy 100
144 150
142 153
153 156
148 156
135 13712 134 150
pref
100
Do
100
103
10012 10012 .100 103 '100
*100 102 *1004 103 •10012 103
1
4 3114 3112 3212 4,800 US Distrib Corp tern ea No par
3238 32
32'8 318 3141 30/
3213 3212 32
Do
prat
100
150
'130
150
'130
150
1.130
•130
150
150
4.130 150 •130
3,700 U S Hoff Mach Corp v t o No par
2934 30
2914 2938 2818 291s 2858 2912 '2958 294 2934 30
Aloohol___100
Industrial
8914 78.900 U S
8633 854 8612 8434 88,4 86
8358 8434 83
8414 85
100
Do pref
200
106 107 •108 10813 10812 10812
•10512 107 .10512 107 •106 107
100
15,900 US Realty & Improv't
13614 13834 13818 139
135 13958 13514 13914 1374 13878 137 138
100
Do pref
100
138 138
States
United
Rubber
100
20,200
41
4012
3912
39
4018
100
Do lst, pref
*95
95
95
9518 9518 9514 1,800
95
9478 94/
1
4 9434 944 95
50
400 US Smelting, Ref & Mln
34
34
3414
*33
34
34 '32
3312 3312 •32
*3312 34
pref
50
Do
100
3
.443
8
4412
*44
45 "4438 444 4412 4412
45
*44
45 '44
1
4 11338 11438 106.600 United States Steel Corp 100
1154 11534 11434 11528 11278 114/
11334 115
11414 115
100
Do pre:
3,200
/
4 1234 12318 12312 12312 12358 12412 12412 12334 124
*123 12334 1231
10
300 Utah Copper
8314 834
8358 8353 8312 8312 '83's 8313 *8318 8334 "8334 85
100
Utah Securities
22,200
94
102
101
10412
9113
8812
88
84
/
1
4
81
834
7834 80
par
Vanadium
Corp
No
600
'26
2618
2618
2612
264 264 *2613 2673 2614 2614
*2614 27
No par
Van Raalte
1912 •16
1912
•I8
20 •16
*1512 20
*1512 20
"1513 20
100
Do 1s1 pref
.500
62
62
*60
62
*60
62 "60
674 6018 604 •130
*60
.No
par
Virginia-Caro
Chem..
3.400
412
44
412 413
44 413
44 434
414 413
4/
1
4 418
100
Do pref
6,200
173
4
1814
174
183
8
185
8
18
19
18
1914
184
17
1812
par
No
Do
'43"
200
'11
/
4
214
*15
8
*17
8
214
214
2
2
•158 213 •158 212
No par
1238 1312 15.100 Vivadou (V) new
134 1214 13
13
1334 14
13:4 14
14
14
No par
/
4 1614 1614 1612 1618 1618 1618 1613 1618 164 3,600i Waldorf System
1618 164 161
Weber
&
Hellbr,
new_c
No
par
5412
5412 '5112 5412 *5113
5412 .51
5234 '51
*51
54
*51
Wells Fargo
1
•1212 13
•1212
*1212
123
4
123
4
*1212
123
4
•1214
123
4
*1212 124
100
300 Western Elee 7% pref
11678 11678 •11612 11678 11658 11658 1164 1164 "11613 11678
*11512 117
Western
Union
Telegraph100
7,100
8
130
13118
1317
1314
132
132 13234 13134 13218 130 13278 130
1,200 Westinghouse Air Brake.- 50
99
9834 9934 09
*9914 100
•99 100
99 100
*9913 100
1
4 5,500 Westinghouse Ele0 & Mfg- 50
6712 6733 67/
6714 6712 67
6714 6734 6612 6713 6712 6712 *8112
Do lot pref
85 "8113 85
50
*8112 85
*8112 85
*8113 8612 *8112 85
No par
11412 11512 112 11618 11214 11214 3,200 West Penn Co
114 114
110 110
110 112
9613
9612
900
Do 7% pf tern ctf new_100
295
953
3
96
96
96
96
96
.96
9612 96
No par
800 White Eagle Oil
263s 2614 2614 2614 2614
"26
2612 "26
2612 2534 2534 26
5.100 White Motor
50
6034 61
6112 62
62
61
6012 61
61
61
13033 61
*13
52
1,100 Wickwire Spencer Steel_NO par
12
12
5/1
13
/
1
4
34
58
*58
12
Do pref
Will ys-Overland (The)
5
1-6;
8 -144 16
/
4
-1 -1178 15
-1T5
153* -1-(f113,600
Do pref
91
100
9112 90
9234 289
91
9113 91
9214 92
9214 92
par
5,600
Wilson
&
No
618
613
Co.
Inc
53
4
612
5
5
8
53
4
6
64 618
6
54 6
Do pref
22
1,000
100
2112 22
21
20
18/
1
4 1838 1813 19
1912 1912 •19
17,700 Woolworth Co(F W)
25
120 12012 1194 1204 12114 12134 12118 12234 12153 12238 212134 122
100
19,800
Worthington
4318
4514
P
&
M
43
454
4512
42/
1
4
4612 444 4512
4214 4513 46
Do pre! A
100
81
85 .
84
•81
*8113 84 '814 8412 *8113 8412 '8112 84,3
Do pref B
100
200
67 67 .
684 6838 •6712 6834 *6713 6913
*6613 70
6713 70
8,600 Wright Aeronautical....-No Par
1
4 21
1812 18/
1
4 18/
1
4 1813 18
1812 184 18711
184 1834 18/
No par
700 Wrigley (Wm Jr)
•48/
1
4 49
4878 4878 4812 4812 "4812 4834 4834 4834
"484 50
700 Yellow Cab Mfg tern otfs__ 10
35
35
36
3613 '35
3612 •35
•3413 36 '35
3612 '35
900 Youngstown Sheet & T No Dar
*6412 66
6413 6413 65
6514 6412 6412 6314 6314 *6312 65
$ per share $ per share I $ per share $ per share S Per share $ per share
5258 53
53
*53
56 .53
5434 53
56
53
55 .
*54
83
83
*82
*82
83
*82
*82
83
82
83
83 .
*82
24
2312 2312 24
2313 234 2312 24
23
*2212 2313 23
684 68
6878
6478 6518 6412 6513 644 6534 66
6514 66
1
4 *100 10078
100 101 '100 101 "100 10078 "100 10134 "100 100/
.
1
4 11038
110 110 .110 11038 *110 11018 *110 11018 110/
•108 110
131 1314
13312 13312 *134 1344 134 13113 213112 133
•13312 134
4278 4113 42141 4138 4238 24014 41
1
4 4278 42
4238' 424 42/
2614 20
2614
8 2641 2578 264 2618 264
264 2614 26
*103 105 "103 104 "103 104 "103 10312 "103 10312 *103 10312
/
4 5913 6034 594 6058
5913 6133 5358 6118 59/
1
4 6158 5912 601
*5012 51
51
*5012 51
*5013 5112 51
514 5078 51
"51
123 12312
12313 12313 12318 12318 123 123
*123 124 *123 124
3814 3514
*3378
"3333 40
*3314 40
*394
*3733 38
12
1158 124
1214 12
1214 12
1214 1.2
1238 12
12
6612
5613
6514
66
66
6714 60
6613 67
6534 6534 66
•I00 106 *100 106 *101 105 *10112 106 "101 105 *101 105
103
113
2103
11312
"111
4
1113
4
11312
•103
112
1113
112
•108
134 1378
/
4 1334 144 1314 14
134 134 1314 1313 1312 131
4218 4314 424 4314
1
4 434 4434 4312 44
4313 4334 4258 43/
86
*8558 8612 86
88
*8538 88
86
86
*813
'8558 87
1
4 1378 1434
14
1314 1378 1314 1378 1312 14/
1414 1414 13
7414 7418 7414 744 7412' 7413 7434 744 7434
74/
1
4 74
74
____ *121
____ 122 122 I 12134 12134 *12934 ---•121
0121
9312 9312, 9312 95
*93
05
95
1
4 9413 9613 93
*9412 95/
4913 4913 4814 4918 4934 5018 494 494, 4858 4353I 4912 4912
47
43
4513 4613 46/
1
4 47131 4634 47
461
/
4 4614 4513 46
6634 6512 6618
6912 6658 6811 65
6413 66
66
6514 66
10912
10918
10012
8
10913
10912
109
I
1085
109
15913
4
•10914
10834 1083
110 110 I 11112 11112 '110 112
112 112 *110 113 *110 112
16212 1554
153 15314 153 15334 15334 1544 15434 15913 15913 165
- 618
201,
-io4 163-4 -io- -411-4 491
-554 10-1-8
-1534
-161-8 -la-
•81d and asked Drives: no sales on this day. z Ex-tUvidend.
-80-.665
wo
$ per share
521. Mar 30
83 Mar 25
22 Mar 30
6258 Mar 30
99 Jan 7
1084 Apr 1
129 Mar 30
391
/
4 Jan 2
25/
1
4 Apr 17
10212 Jan 5
434 Mar 27
4954 Jan 5
12212 Feb 17
3373 Jan 7
1138 Apr 22
4614 Jan 27
100 Jan 2
108 Mar 30
13,8 Mar 30
4218 Apr 30
83 Apr 22
12/
1
4 Mar 30
7214 Mar 24
11978 Jan 8
91 Apr 24
4814 Mar 24
3934 Feb 17
6212 Apr 9
10812 Apr 21
110 Jan 6
14713 Mar 30
18 Feb 20
5,4 A pr 22
4018 Mar 31
2212 Jan 6
9912 Jan 2
1913 Mar 17
31 14 Mar 17
17 Jan 8
7834 Jan 2
2134 Mar 30
8014 Mar 30
62 Jan 6
1512 Feb 17
92 Apr 1
4014 Jan 2
6818 Feb 17
81 Jan 20
515-" Mar 30
564
353* Mar 30
1 164 Jan 31
10 Feb 11
6214 Mar 25
55 Mar 18
61 Mar 13
41 14 Jan 28
112 Mar 13
812 Apr 27
4 Mar 18
20 May 1
54 Mar 19
1134 Mar 30
74 Alm 1
424 Jan 5
9713 Feb 17
114 Jan 6
122 Mar 30
3734 Mar 18
70 Jan 2
9318 Jan 2
3/
1
4 Jan 2
2512 Mar 31
3818 Mar 20
36 Apr 1
.21 Jan 3
361 Apr 27
1184 Jan 17
1134 Feb 18
2414 Mar 31
1104
1I07 Feb 4
52 Jan 16
2044 Mar 31
2612 Apr 27
6612 Apr 27
1314 Apr 22
10012 Apr 29
304 Feb 17
130 Mar 9
23 Jan 3
76 Mar 19
105 Jan 29
11413 Mar 30
1224 Jan 2
334 Mar 30
9234 Mar 30
30 Feb 17
44 Apr 16
11238Mar 30
12213 Feb 16
82 Mar 19
4118 Feb 17
26 Mar 18
1712 Mar 19
60 Apr 1
218 Mar 23
818 Jan 5
I Jan 17
714 Jan 13
1534 Mar 23
51 Apr 17
1212 Jan 5
1134 Jan 9
1161
/
4 Jan 2
97 Apr 9
6614 Mar 28
7912 Mar 30
105 Mar 2
94 Apr 3
2558 Mar 31
57,8 Mar 30
/
1
4 Jan 30
1878 Feb 24
94 Jan 26
724 Jan 28
54 Apr 28
18 Apr 24
11214 Jan 28
4214 Apr 27
79 Apr 6
65 Apr 7
16 Mar 30
4512 Mar 30
331
/
4 Feb 18
63 Mar 27
C New stock on the basis of 1 new share for three old shares.
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ Per share $ Per share
Jan
69 Jan 23
39 Aug 62
9212 Jan 3
67 A ug 90 Feb
2234 Apr 4312 Jan
3253 Feb 3
39 Mar 70 Deo
7234 Mar 12
102 Jan 27
9613 Mar 10114 Dec
11213 Jan 28
9914 Apr 115 Deo
15134 Jan 3 1134 Apr 1514 Dec
4714 Jan 7
3733 Dec 674 Mar
20 June 3014 Deo
3334 Feb 4
1(1614 Feb 2
92
Jan 10514 Dec
77/
1
4 Jan 2
25/
1
4 Oct 6678 Deo
54 Feb 4
45/
1
4 Oct 50 Deo
14134 Jan 5 106
Jan 1374 Dec
Jan 3313 Nov
30
3314MaY 1
9 Mar 1712 Dec
174 Feb 9
7234 Mar 6
3214 Jan 5413 Dec
101 Apr 21
9014 July 9934 Dec
11312 Apr 29
9012 May 110 Dec
714 June 2314 Nov
23,4 Jan 13
42 June 6338 Deo
6433 Jan 3
82 June 95 Mar
95 Jan 13
18 Jan 5
9/
1
4 May 2234 Jan
611
/
4 Mar 794 Deo
784 Feb 10
122 Apr 29 11514 Mar 121 June
86 Mar 96 Sept
9713 Feb 2()
571
/
4 Jan 31
4038 Sept 5913 Feb
Jan 45/
1
4 Deo
51 12 Mar 14
22
32/
1
4 Jan 88/
1
4 Dec
10838 Mar 3
11678 Feb 9
9634 lor 12914 Aug
115 Feb 19 105 May 11234 Dec
7834 May 155 Dec
17273 Jan 13
13 May
64 Jan
138 Jan 5
4
Apr
8 July
1
4 Jan 3
7/
33
Jan 42 Deo
4534 Jan 30
1534 July
221s Dec
2838 Feb 4
10113 Jan 24
91 12 Jan 9912 Deo
2634 Jan 12
104 Jan 24 Dec
22 Apr 37 Deo
3813 Feb 6
214 Feb 2
15 July 2718 Jan
Jan
Oct 90
914 Feb 3
75
3012 Feb 3
1718 July 29 Feb
97 Feb 5
52 May 8478 Dec
73 Mar 2
58 Oct 95/
1
4 Mar
19/
1
4 Jan 7
738 June 20 D00
9718 Apr 30
78 July 98/
1
4 Del
47 4 Mar 10
314 May 411
/
4 Dec
7412 Mar 2
3912 May 7354 Dec
84 Feb t6
Mat
6714 Feb 2
70 jAup
5513
lY 6818
Jan
85
4713 Feb 3
33 May 4214 Jail
119 Feb 24 11534 Mar 11918 Aug
10 Jan 16
1318 Oct 3514 June
65 Jan 23
Apr
7778 Jan 3
6
48
624 July 10057184
6
NovJ
7934 Jan 3
5412 May 844 Jan
464 Jan 2
May
114/
1
4 Jan 19 1097'11
15Jan
6 Dee
30 Nov 14'4
12 Mar 6
6 Nov
618 Feb 9
2/
1
4 Jan 1818
2% Au
p:
e
4138 Jan 10
23 July 35 Deo
114 Jan 7
134 Sept
3
Jan
15 Feb 7
614 June 14/
1
4 Dec
9/
1
4 Jan 31
934 Jan
634 Mar
49 Feb 2
374 June 4533 Jail
11334 Mar 13
5714 Apr 110 Dec
233s Feb
Feb
152 Feb 27
68
OctOe16
11614 Oct
151'4 F
FebF
441
:Feb 13
Jan
3112 May 41
8012 Mar 4
9912 Apr 24
62
Ap
8314 Ma
93
73%
13 Dee
Oot
51
/
4 Jan 12
35 Jan 10
Oct
54
28
33
3 A
p
: Jan
3851
an
42 Jan 15
3618 Sept 43 Jan
4534 Apr 20
FD
3312 Sept
1 00 eb 28
4 Feb
APT
4338 Feb 5
35 Nov 6
39
4:s. Nov
1281
/
4 Feb 27
94
Jan 132/
1
4 Sept
11618 Jan 13 10614 Feb 11684 July
364 Mar 4
20
Oct
Feb
12312 Apr 16
71 MB', 12
37 Drieb
541z Jan 12
464 May 53 Deo
231 Jan 3 182
Jan 2244 Aug
5073 Feb 11
13 July 48 Dec
94 Feb 11
4712 Oct79 Deo
250 Feb II
84 Feb 1694 Deo
11212 Feb 27
8178 Jan 10414 Oct
3934 Jan 17
214 May 42
154 Jan 8
98 July 168 :
I
D)
304 Apr 21
16/
1
4 Mar 2438 Oct
8914May 1
614 May 871 Dec
10812May 1
98
Jan 10634 Dec
139/
1
4 Apr 25
90 June 1434 Dec
138 Apr 27 100 June 143 Dee
4438 Feb 15
3
622112
6 2 May 44271
6)31
974 Jan
May
39 Jan 7
1812 Ma
Dec
464 Jan 5
374 Mar 46/
1
4 Deo
12958 Jan 23
9414 Jun 121 Dec
12658 Jan 26 118/
1
4 Feb 123 July
92 Jan 15
84
Jan
10412May 1
164 Jan 8
46
8s4 Dec
311
/
4 Jan 3
19'sJune 334 Feb
214 Jan 3
15:4
6518 Jan 5
53 Sept
5 Apr 17
JO
uric
3
130%
38 j
Jan
2033 Apr 17
212 Jun
8
30
4/
4
1 Jan
n
24 Apr 18
/
1
4 Jun
7 Jan
1534 Apr 15
434 July
1518 Jan
19/
1
4 Jan 3
14 APr 20 Nov
51 Apr 17
13 Jan 31 11678 Apr 22 11184 Apr 117 July
135 Apr 23 105 May 11884 Dee
113/
1
4 Jan 7
84
Jan 111 Dec
84 Jan 3
554 May 75 May
86 Jan 5
72
Jan 82 Deo
120 Feb 7
474 Jan 127 Dec
97 Feb I
8713 Apr 97 Dec
3134 Feb 2
231s May 294 Feb
76 Jan 13
5013 Apr 724 Dec
11
/
4 Jan 10
04 Oct
5
Jan
32 Jan 19
24 Dec 24 Dec
1634 A pr 17
8/
1
4 May 1424 Jan
9414 Apr 16
6112 May 88
Jan
13/
1
4 Mar 7
418 May 28
Jan
60 Mar 7
11 Aug 7218 Jan
12578 Jan 7
724 Apr 1264 De0
7934 Jan 2
2314 June 81 Dec
88 Jan 9
68 July 894 Dec
7634 Feb 11
5812 Jan 7534 Dee
234 Jan 2
94 May 2333 Deo
524 Feb 7
35 Apr 4634 Del
42 Jan 3
32 Nov 8558 Mar
764 Feb 13
59/
1
4 Oet 72 Dee
5 "Zia Ihlj Nov
New York Stock Exchange—Bond Record, Friday Weekly and Yearly
2217
Jan 1 1909 the Erchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted hands.
ti
BONDS;
..,. ?
,
..
Price
eel's
Friday
30
Range or
N. 1'. STOCK EXCHANGE '
May 1.
Week ended May 1.
Last Sale
..... a.
—
SW
U.S. Government.
Aek Low
High No.
First Liberty Loan—
Sale 100,4410 11%4 449
34% of 1932 1947
J D 101
Cony 4% of 1932-47
J D 101,441023n 1011.4:Mar'25
Sale 101,1132 10234: 197
Cony 44% of 1932-47
j D 102
2d cony 44% of 1932-47
J D 1001332101'1(n 1011.32Apr'25
Second Liberty Loan48 of 1927-1942
M N 101144 Sale 10111,2 101"32 37
Cony 41(% of 1927-1942
MN 101 1•44 Sale 1011132 1011,42 1283
Third Liberty Loan44% of 1928
1202
M S 1013,41 Sale 101,44 102
Fourth Liberty Loan44% of 1933-1938
A 0 102022 Sale 102.42 1021'n 1416
1947-1952 A 0 105144 Sale 1051132 10513,2 289
treasury 445
'Treasury 45
1944-1954 j 13 101,121 Sale 1011132 101.32 1201
Registered
J D
- 105-0a2A0r125
Panama Canal 3s gold__ ....1961 Q M
9712 Oct'24
State and City Securities.
N Y City-44s Corp stock_1960 M s 101
10118
10118
7
Registered
M
10014 Jan'25
1964 m , 10238
41(o Corporate stock
102%
10238
1
44s Corporate stock
1972 A 0 10258 103 103
10
103
445 Corporate stock
10238 Apr'25 -1966 A 0 10238
4348 Corporate stock
1971 J El 10718
10678 Feb'25 44s Corporate stock _July 1967 J j 10678 ___ _ 107
Feb'25 - _
44s Corporate stock
1965 .1 D 10634 10711 10034 Apr'25 -4342 Corporate stock
1963 M S 10634
10634
107
17
Corporate
stock
4%
1959 M N 9934 -- 9934 Mar'25
Registered
M N
9814 Mar'25 -4% Corporate stock
1958 M N 9934
9934
99%
1
4% Corporate stock
1957 M N 10612 10718 100
Apr'25 -4% Corporate stock
1956Im N 9934
9834 Mar'25 Registered
NI N
9814 Feb'25 1955 NI N
4% Corporate stock
9834 Mar'25
Registered
SI N
Jan'25
98
Corporate
stock_
___1957 NI N 10658 Sale 100%
4(4%
454% Corporate atock____1057 pd N 10612 10718 10612 106%
10612
5
Registered
M N
105 Feb'25
334% Corporate atk_May1954 ivi N 9014 --- - 9012 Apr'25
3(4% Corporate stk _Nov 1954 M N 9014 9058 90 Feb'25
'New York State Canal lin- 481V
2 I j ---- - - - - 10258 Apr'25
Is Canal
- — 10118 Mar'25
1964 1 1 ---- -- - - 11234 Mar'25
4(4s Canal impt
48 Highway impt register'd 1958. _ __ _ ---- -- - - 103 Feb'25
Highway Improy't 448_1963 M S ---- --- 11234 Mar'25
Virginia 2-38
19911j j 6414 -- _ - 7012 Feb'25
Foreign Government.
Argentine ((lovt) 78
1927 F A 10238 Sale 10214
10212 73
Argentine Treasury Es_ E
1045 114 8 8234 Sale 8212
3
824
Sinking fund 88 Ser A_ _ _1957INI S 9612 Sale 9618
9634 143
see
13
temp.
Extl Os
_Dec 1958 j D 9614 Sale 96
9658 289
Smarten (Govt) 2(7s
1943 j I
9418 Sale 9318
9412 94
Belgium 25-yr extol 7348 g_1945:j D 10814 Sale 108
10812 102
20-years f 88
1941IF A 10634 Sale 10658 107,2 67
25-ye ext 6 548 Interim rcts. 19491m s 9278 Sale 9212
9314 43
Esti s f (38 Inter rcts
1955,1 J 8434 Salo 84
8514 162
Bergen (Norway) a f Ro
1945 NI N l'1214 ____ 113 Apr'25
_
25-year sinking fund Gs97% 20
Berne (City of) 9(88
1945'
'
'
l,!1 0
N 1C
98
712
14 Sale
al 108
2
97% 10812
Bollvla (Republic of) 88
1947 M N 93 Sale 9258
61
93
Bordeaux (City of) I5-yr 68_114
1 11
Ni o
N 8234 Sale 8214
36
83
Brazil US,external 823
96 Sale 9518
86
96
78 (Central Ry)
1952 1 13 8038 Sale 8038
50
81
occur)
(coffee
E
(flat)
.1052 A 0 10512 Sale 10518
7548
10534 13
Buenos Aires (City) ex 16(481955-1 J 96 Sale 9534
9614 44
Canada (Dominion of) g 58_1926 A 0 10058 Sale 10012 1007
s 70
be
10212 Sale 10214
10212 26
10-year 5413
Mil t 'CA) 10234 Sale 10212
103
37
58
1952 NI N 10358 Sale 10334
104
141
Carlsbad (City) a f 8s
1951 J J 97 Sale 9612 '07
4
Chile (Itepnblic) extl 8 f 85_119
944 F
A A 10734 Sale 107
107% 47
External 5-year 8 I 88
0 10234 103 10212
103
7
20-year mitt 78
1942 (N1 N 101 Sale 10012
Haug 102
25
1946 NI N 10712 Sale 107
-years f 85
1074 12
Chinese (Ilukuang Ry)513_1125
1 JA 0
1) 4412 Sale 4318
44,2 15
ChrUAlanla (Oslo) 8 f 8s
11018 Sale 11018
11012 23
30-year s f 68
1954 M S 9912 Sale 9912
993
4 41
Colombia (Republic)6 Hs_ _1927 A 0 100 10012
10018 10
Copenhagen 25-year.f 548_1944 j .1 9714 Sale 100
97
74
973
4
Cuba be 01 1904
1944 m s 9738 98
9712
972 12
Eater debt 58 1914 See A_ _1940 F A 96
97
96
13
96
External loan 4348
1949 F A 8434 86
85 Apr'25
64s
1953 j .1 9834 Sale 9814
9914 71
Czechoslovak (Repub of) 88_1951 A 0 99
Sale 9834
9934 61
Sink fund 8a Ser II int ct15_1952 A 0 9812 99
99
9934 25
Danish Con Municip 88 "A"_1946 F A 11012 Sale
10934
110,2 13
(Series 13 of 8s
1946 F A 109 110 169,2
24
III
Denmark externals I 88
1945 A 0 111 Sale 11012
75
III
20-year fla
1942 J J 1007s Sale
4
101,2 72
Dominican Rep Con Adm 8 159'58 F A 102 103 1603
10238 Apr'25
Custom Admlnistr 542_1942 IR 9 9212 9312 93
9312 71
Dutch East Indies ext(4_ _1947 J J 10114 Sale 101
10112 43
40-year 6s
1982 M 9 10134 Sale 101
1613
4 112
30-year ext 5548
1953 NI S 9812 Sale 98
9812 38
30-year ext 554s
1953 NI 24 9814 Sale 98
9812
67
French Repub 25-yr ext Es_ _1945 Si S 101 Sale 10012
101% 505
20-yr external loan 730_1941 J D 97 Sale 95
534
9734
External 75 of 1924 temp.1949 J 0 8814 Sale 8714
88,2 691
Finnish Mun L'n 614s A_....1954 A 0 8612 8714 8012
87
External 64s Series B
1954 A 0 8612 8714 8612
1
86
,2
Finland (Rep) ext Os
1945 M S 86 Sale 86
8
863s
External 8(78 Int MI5_ _1950 M 9 94 Sale 94
9414 19
German external loan 7s rcts _1919 A 0 937 Sale 9134
9412 2553
Gt Belt & Irel (UK of) 5543_1937 F A
10734 Sale 10634
10734 567
Registered
F A --------105 Mar'25
10-year cony 5548
1929 F A 11734 Sale 11678
1177s 199
Registered_ 115% Mar'25
Greater Prague 734s
1952 M N 90 Sale 89
9014 38
Greek Govt 75 lot rcte
1964 M N 85 Sale 834
85
102
Haiti (Republic) 65
1952 A 0 94 Sale 93
94
52
Hungary (Kingd of) St 7348_1944 F A 89% Sale 87
8714 93
Ind Bank of Japan 6% notes 1927 F A 9912 Sale 9914
99,2 86
Japanese Govt £ loan 48
1931 J J 8258 Sale 82
83
103
30-years f 63.4s
1954 F A 9134 Sale 9114
92
461
Oriental Development 68_1953 M S 8412 Sale 8412
8513 19
Lyons (City of) 15-year 6s 1934 NI N 823 Sale 8214
8334 130
Marseilles (City of) I5-yr 65_1934 M N 8234 Sale 82
83
52
Mexican Irrigation 454s
1943 MN 2112 Sale 197s
217
30
Assenting s f 454s1943
_ ____
24
Jan'25
Mexico(US)anti 59 of'99£ 1945 Q
.J 3914 ---3934 45 Feb'25
Assenting 52 of 1899
1945
3712 Sale 313
3912 153
Assenting 5s large
39 Sale 36
Apr'25
Gold deb 45 of 1904
1954 J D 25 Sale 25
25
10
Assenting 4s of 1904
2212 Sale 1912
2212 141
Assenting 45 of 1904 large
___ _ _ 2612 Jan'25
Assenting 48 of 1904 small
, 22 Sale 22
22
2
Assenting 45 01 1910
J J
26
26% 24 Feb'25
Assenting 4s of 1910 large
2912 Sale 25
2934 202
Assenting 4s 0( 1910 small_ _ _ _
28 Sale 2214
2612 241
Tress Os of '31 assent(large) '33 i-i 42 Sale 42
4212 11
Small
4134 Sale 3914
42
91
91
013
8 sale
Montevideo 78
1952 J D
9158 12
Netherlands 69 (fiat prices)_111172 MI El 10514 Sale 10412
10514 16
30-year external 68 (flat) 1954 A 0 10312 Sale 10312 10358 157
Norway external s f 88
1940 A 0 1113 Sale III
11112 103
1993 F A 9912 Sale 994
20-year extl 65
9934 68
20-year'external 68
1944 F A 9912 Sale 9914
9934 85
1952 A 0 9934 Sale 9938
30-year extles
9934 60
• 254--4. a Due Jan. 5 Due July. k Due Aug. p Due Nov.
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 1.
I
t
Price
Friday
May 1,
IVeek'8
Range
Range or '
Since
g
Last Sale
Jan. 1.
a4,53
Low
High
/Rd
Ask Lore
High No. Low
Hqk
Panama (Rep) 5348 tr rects_1953 110 101 102 10134
5 1 10014 103
102
1003,44 01244 Peru (Rep of) mai 88
1944 A0 9912 Sale 9812 100
38
977 10934
191044 01,44 Poland (itep of) g 68
1940 AO 6634 6712 67
6712 1105
6634 79
101332 02842
Exel *1 g 8sluteritn rects_19511
96
j 95
Sale 95
16
95
96
0130. Porto Alegre (City of) 85_ _ .1961 Jo 94
101
9412 94
9412
94
5
96%
Queensland (State) ext of 78 1941 AO 111 Sale 109 4
111
38 109 112
100",,01"11
1917 FA 10314 Sale 10314
25-year 68
45 10114 10534
104
10020.101 041, Rio Grande do Sul 88
1946 40 95 Sale 9414
9512 211 94
98
Rio de Janeiro 25-yr 5 f 88_1946 A0 9414 Sale 93
9712
93
9434 23
1.0134, 102
1947 AO 9212 Sale 9213
25-yr act! 85
93
28
92
96
Rotterdam (City) external 601964 MN 10212 Sale 1015*
10212 61, 1(10 103
101 140021'n El Salvador (Reel 88
1948 J
8 103 105
104
10334
1041.45 053141 Sao Paulo (City) 8 t 88
1952 Ni N 9812 Sale 98
9878 34
97 101
10104,, 01.731 San Paulo (Stale) eats f 88_ _1936 J J 10014 Sale 100,2
10934 30 100 1(1314
100310 00"82
1950 J J 9912 9934 9912
External a f 8s w I
9934 13
9912 100
8614 226
1912 J J 85 Sale 8412
Seine (France) ext 75
8214 91
Serbs. Croats & Slovenes 88_1962 MN 8612 Sale 84
8634 217
84
90
100% 101% Soissons (City) 85
1936 Ni N 82% Sale 8234
8
832
82
8612
10014 10014 Sweden 20-year 68
1939 J D 103% Sale 10314
10334 24 103 10134
10114 102%
External loan 514s inter ctts '54 MN 9934 Sale 99,8
9912 148
9834 10034
103
192
Swiss Confeder'n 20-yr 8 f Se 1940 J J 114 115 11378
11434 15 113 117
101 14 102% Switzerland Govt ext 5 4s .1996 AO 10134 Sale 101 14
10134 87
981,103
11,678 1067 Tokyo City 5s loan of 1912
NI S
6414 67%
6712 10
6612
l0572 107
Trondlijem (City) esti 648_1944 J
___ 9934 9912
99341 10
97 10014
10612 106% Uruguay (Republic) ext 821_ _1946 FA 10912 Sale 10814
109121 19 10614 11012
10532 107
Zurich (City of) 5 f 85.
1945 AO 10914
10938' 10 10838 11112
109,4
98
99%
984 9814
Railroad.
9832 9934 Ala Ot Sou 1st cons A 55___1943 JO 101
101
Apr'251 --- 10034 10114
98 100
Ala Mid lot guar gold 5s. 1928 MN 10012 101% 10158 Apr'25
101 1011
/
4
,44 Alb & Soso cony 348
9
98;8
54 9
1946 40 83
983
83%
82
8334 8234
9
83 I
9834 9834 Alleg & Wt
1998 40 82% 83,4 8134 Mar'25
es let g 45 gu
81 14 8134
Alieg Val gen guar g 48
1942 M
93
2
91
9334 93
93
94
97% 98
Ann Arbor 181 g 4s___July 1995 Q
22
67 Sale 6314
67
6314 6711
10638 107
Atch Top & S Fe—Gen g 48_1995 A0 91% Sale 903g
9132 270
8814 9134
10512 14634
Registered
895
8
895
4:
22
A 0
8614 8934
105 105
Adjustment gold 48__July 1995 Nov 94
9014 84
84
8112 8434
8
8912 9012
Stamped
July 1995 MN 84 Sale 837
8234 8412
8412 30
90
90
Recast'Ted
_
NI N 7912
8012 Apr'25 - 79% 80%
102% 103,4
1119)5555 ID 8318 8414 83,4
Cony gold 48 1909
81% 8414
1
83141
101 18 101,8
Cony 4,1905
3
84141
81 14 8414
D 8338 8414 8334
1123 11234
Cony g 4s issue of 1910_ _ _1960
8112 8312
D 83% _ _ 8312 Feb'25 -103 103
1928 MS 99% Sale 9934 100
Dolt Okla Div Ist g 48
21
98 100
11134 11234
Rocky Mtn Dly 1st 42
_1965
5
84
86
J
7012 7612
Trans-Con Short L. let 421.195S .1 1 8812 89
8
8812
813
887s
8872
Cal-Art. lot & ref 454s"A"1962 MS 94
15
9414 933
92
94
95
Registered
91% 9132
MS 884 ____ 913s Jan'25 - - 10134 103% AU KI)OK V A Cm Div 4s____1955
- MN 91% 92
30
92
91 18
8838 92
8112 8954 All Knoxv & Nor let it 5s_ _1946 JO 10214 ____ 1113
Apr'25 -- 10214 103
95
9714 Atl & Chart A L lot A 445_1944 J
9558 9634 9018 Apr'25 - wail
95
9434 9634
30
4J
1st 30-year 58 Series B.._ _ _1194
10234 103 10234 Apr'25
- 102 102%
93,8 9734 All Coast Line 1st con 4...51952 M
9418 Sale 9318
9412: 23
89
9412
107 11014
10-year secured 78
MN 10634 107 10634
107 1
9 10534 108
10638 109%
1964 J
General unified 4345
9314
923
9234 19
90% 0/3
92
9412
,
2 MN
194
5
L & N coil gold 4s __ _Oct ,
8814 Sale 8734
8814 12
8618 464
83% 88
Atl & Dany 1st g 45
9
79
.1 .1 783 Sale 783
763s 80
10818 11334
1
948
2d 48
6812 68
Apr'25 -J J 68
62114 7012
95
,
98
9 40 7612 7712 7658
2
Atl & Yad lot g guar 48___ _ 194
774 12
75
7734
108 111 12 A & N W 1st go g 513
1941 J 1 9878 100
99
99
2
98% 9914
9232 9312 Balt & Ohio prior 334s
997
9
J J 997 Sale 997
99% 101118
July 1925 @ 1
80
8534
Registered
99% Apr'25
99% 9978
8 40 91 Sale 8912
043
9514 94
1st 50-year gold 4s_July 1193
89
91
8534 91
July1948 Q 1
8032 84%
Registered
8814 Apr'25
8518 89,4
10312 10712
10-year cony 434s
MS 9318 Sale 9234
89% 93%
9312 253
9512 9712
Refund & gen 55 Series A_1995
89
0 8834 Sale 88,4
175
8534 90
10012 10234
let g Saint ars
A0 10212 Sale 101%
10212 132 100 10212
10112 103
1192
49
8 J J 103 Sale 10234
10-year Os
10314 114 102% 10312
102 10334
Ref & gen Os set C temp _ _1995 JO 103 Sale 10214
348 10034 10314
103
10134 104
993
P Jet & Ni Div 1st g 348_1925 MN
9934 _ _ _ 9934
3
99% 9934
96
9814
FL E& W Va Sys ref 45_ _1941 MN 8812 Sale 8778
8812 77
83% 8812
southw Div 1st gold 3 46_1925 J
10614 10812
100 Sale 100
10038 101
99% IOU%
102 10312
Tol & Cln Div 1st ref 4s A.1959 J J
7412 Sale 74
684 75
7412 35
9834 10112 Battle Cr & Stor 1St go 38.-1989 JO 694 6212 61
Feb'25__
60% 61
1084 10803 Beech Creek 1st gu g 45
1936 J
9314 Apr'25 -9214 9312
194
954
i 40 7712
4139 4312 Beech Cr Ext lot g 34s
_ 1812 Mar'25
7814 8112
10914 111 14 Blg Sandy 1st 45
J D
86 Mar'25 _
85
87
9512 9978 iS & N Y Air Line IA 45_ 1955 F A 8934 71
73% Apr'25 -67
7314
9914 10012 Bruns & W 1st gu gold 4s....1938 .1 .1 9314 9412 93 Apr'25 -93
93
9414 97% Buffalo It & P gen gold 58_ _1937 Ni S 10014 1017g 102
10212 10
10212
9512 98,
1957 MN 8612 Sale 8034
Consol 454s
637
88
80,2 8812
9314 96
Registered
9252 Sale 82
MN
8234 31
82
8514
87
84
1934 AD 10018 101 10014 Apr'25
Burl C It & Nor 1st 58
9932
10012
-9612 9934 Canada Sou cons gu A 59...1962 A0 10214 10212 102'i
10012 10272
10214
6
9814 101.2 Canadtan North deb 5 f 7s)._1940 JO 11612 117 11612
11678 19 115 117%
97% 10034
1946 J J 11734 Sale 11712 118
20-ye.sr s f deb 645
28 116 11838
109 110% Canadian Par Ry deb 45 stoc1938
k . J J 8014 Sale 795
$f85
79
8014 128
108,2 111
Garb & Shaw 1st gold 45_
.__1932 MS 9314
9314 Apr'25 - - - 93
934
109 111
g
45
con
181
Ca
Cam Cent
3D
78
Apr'25
83%
78
9912 103
Caro Clinch & 0 1st 3-yr 55_1938 J
10034 ____ 101 14
3 100 101%
10114
101 102%
1952
1st & eon g 6s ser A
D 10734 Sale 10734
14 10578 108
108
92
1981 JO 8518 8712 84
9412 Cart & Ad 1st 80 g 49
Jan'25 - 84
84
9831 103
Cent Branch U P 1st it 45_ 1948
D 70
784 7834 Apr'25 - - -.
74% 7912
0872 102,2 Cent New Eng let gu 4s.......1961 J J 65
6414 69
66
65
6
6514
934 9914 Central Ohlo Reorg 4 3-4s
1930 Ni S 9834 9912 9814 Apr'25 - - - 97,4 98,4
9234 9914 Central of Ga 1st gold 5s_ _91945 F A 10112 ----b023 Feb'25 - - 1011s
102%
9834 104%
1945 M N 101 18 Sale 10078
Como] gold 513
41
1014
99,
4 10134
93 10112
Registered
SI N 975 ____ 9918 Apr'25 - 98
9914
86
June 19293 D 10334 Sale 10312
10-year secur 65
92%
10334 19 103 104%
8512 91
Ref & gen 534s ser B
19594 0 10178 Sale 101 14
10178 37
99 10212
804 91
Chatt Div put money g 48_1951 J D 833
8414 Mar'25 -84
8414
8314 8742
Mac & Nor Div 1st it 58_1946
9978 ____ 9934 Apr'25
9932 100
-94
1946 j j 10018 ____ 100 Dee'24
Mobile Division 58
9412
91% 9642 Cent RR & B of Ga coll g 58_1937 M N
9634 9734 974 Apr'25 - 95
98
104% 107% Central of N J gen gold 58_ _1987 j
109 Sale 10812 109
6 1074 109
105 105
Registered
81987 Q J 10734 10812 1077 Apr'25 -- 10614 108,4
11512 11778 Cent Par lot ref gu g 45_ _1949 FA 8918 Sale 8838
4
8918 28
86% 89%
11512 11578
Mtge guar gold 3)s...81929 ID 96
9614 96
9812 20
9512 96%
89
Through St L 1st go 4s___1954 40 863 87
9278
17
87
863/1
85% 87
83
8812 Charleston & Savannah 78_1936 J J 11632 ____ 11212 Feb'25
11214 11731
6114 9414 Cites & Ohio fund & impt 58_1929 .1
10014 101 10014
1
98% 100%
100,4
87
NE,
1939 m N 10118 1035* 103
1st consol gold 55
2 101% 103%
10318
9858 99%
Registered
1939 M N
10112 101 Nov 24 ---81
83%
General gold 454s
1992 es
90 Sale 90
9038 11
-5637,
90
92
Registered
1992 st
8012 8714 8618 Jan'25
857
, 8714
8312 86%
20-year convertible 4548_1930 F A 97,8 Sale 907s
97l 122
9434 974
80% 8812
secured
cony
58
30-year
1946 A 0 104 Sale 103
: 264 10178 10914
1041
80
85%
Registered
10412 Mar'25 -- 10314 10614
A0
1978 24
Craig Valley bat g 58
1940 J .1 9814 100
9814 Mar'25,-9712 9934
23
24
Potts Creek Branch IA 45_1948 J .1 8358 ____ 83 Mar'25 -8214 83
45
4512
R & A Div tot con g 45_1989 J J 8434
8458 Apr'25
83,2 8458
82% 41
24 consol gold 45
1989 1 j 79 Sale 79
1
79
79
80
36
36
Warm Springs V 1st g 5a 1941 M S 9312 9212 9778 Jan'25
97% 97%
1912 25
Chic & Alton RR ref g 3s
1949 A 0 6314 63% 83
6312 12
62
66
1812 24%
Registered
A 0 _ _
(1012Jan'25
6012 6012
2614 2612
Certits dep stpd Oct 1924 Int......
7
61
68% 02%
20
24
Cent( dep stinpd Apr 1925 int
61
8378 6212 Feb'25
6014
62,2
23
24
Railway first lien 334o___1950 J J 5334 Sale 52
74
54,
44% 684
2218 30%
Ctfs dep Jan '23&sub coup______
52 Sale 51
52
89
45
5524
2012 28% Chic Burl & Q-111 Div 3543_1949 J J 85 Sale 84%
8512 53
81,4 86
3612 43
Registered
J J 8012 _ _
8432 Apr'25
84% 84%
36
43
Moots Division 48
1949 J J 9314 Sale 92
94% 38
8814 94,8
88
93
Nebraska Extension 4s
1927 M N 99% 101
99%
9952
1
99 100
102% 107
General 48
1958 M S 92 Sale 911s
9134 57
88%
9134
10018 104
Registered
894 Feb'25 1M 5
89%
8934
11014 11312
1971 F A 15112 Sale 101
lot & ref 58
10178 87 10012 10212
9712 10014 Chic City Az Conn Rys 5s..1927 A 0 46
48
482
47 I
7
46
63
9712 10034 Chicago & East III lot (is__ _1934 A 0 10718 10714 107
Apr'25 - - 10514 10714
9712 10014 C & E III RR (new co) gen 58_1951 M N 75 Sale 75
7534 190
7418 79%
a Option sale.
ai
0034
2248
New York Bond Record—Continued—Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week ended May 1.
t
..,t.
Price
Friday
May 1.
Vat's
Range or
Last Sale
22
Range
Since
Jan. 1.
B01../S.
N.Y STOCK EXCHANGE
Week ended May 1.
"E
Price
Friday
May 1.
Feek's
Range or
Last Sale
Mph No. Low
Bid
Ask Low
Bid
Ask 1,ow
Ptah No
9912 10034 Fzie & Plus gu g 334a B____I940 J J 8414
Chic & Erie let gold be
1982 MN 99% 1004 997s
9978
1
84
Jan'25 ---59/
1
4 6532
Chicago Great West 181 4e. _1959 MS 02% Sale 62
Series C
6234
2
84
Oct'24 -J J 8414
Kla Cent & Pen let ext g 59_1930 J J 100
Chic Ind de Loulov— Itet 614_1947
.1 10914 -- -- 110
110
3 10914 Ill
_ 100
Jan'25 -9912 1004
Refunding gold be .
CIIIII401 gold be
1947 .1
100
10018 Apr'25
4 9914
14143 J J 991
/
4 -991
99,41
3
8534 87
Florida East Coast let 430 1959
Refunding 4e Series C___ 1947
j 87
Apr'25
87
0338 Apr'25
f)
901
.
87
1966 MN 90 Sale 90
General be A
6
let tr ref 59 Seriee A
9018
1974 M 5
0514
95%; 36
General Sc 14
May 14016
10234 10312 10314
10312 16 1111% 1033, Fla West A Nor 78 Series A_1934 MN
112
11312, 57
771g
79,
2
F la 201in9 & GI". 4143_1952 M N
Ind & Loulevtile let gu 4e 1956
79
7758 79
79
6841 13
67%
85,8 88
Fort
U 0 Co let it 4 4421_1941
Oblc Ind & 84,,, 50-year 48. 1956
1
88
88
87% _
J
89% Apr'25 ---9312 93% Ft W & Den C Ist R 5l43_11/61 •
Chic L 8 & East 1st 44-48___1969
_9234 _
1-118091-14
9334 Apr'25
972;
8
4
2
41t- S696aL;07111e:4-4 10414 Apr'25
J
4312
581. t Worth A Itlo Gr let g 48__1924
CM & Puget 214 ist au 48_ __1949
4414 54
9414 -9-51
.1 44 Sale 4312
8
3 0412
9412,
711,4 7772 Fret', Elk& Mo Val let 63_193:4 JA0 10712 10812 10914
77% 113
CB M &Sl P gen g 1s Ser A eliBit;
-2 7718 Sale 7514
Apr'25 - 6612
8812
2
6214
6812
Oil
General gold 34eSer 14 e11189
&
S
A M & P 1st bs___.1931 MN 100 10012 100
661
:Sale
100 I 13
7718 85
142
Oen 4 32e eerier. C.. May 1089
24 exlens 53 altar
85
85 Sale 83%
1931 1 2 9974 100
9978 Apr'25 ---4313 64
Oalv Hotta & Henri let 59_1933 * 0 9312 94
Gen & ref Series A 4 418..02014 A 0 4513 Sale 4434
4512 172
9414 Apr'25
5$5
,.
44,8
131
Genesee River let a f 66.-1957
Geti ref cony Sec B 58___a2014
46
A 48 Sale 4512
10314 104 10314
104 I 14
6612 10212 Os & Ala By let cons 58_01945 II .1
1934
let see 63
10212 62
102 Sale 102
9314 94
941g Apr'25 -J
1304
44
Debenture 414s
1932
024
Caro
&
46%
102
Nor let gui g be _1929 1
46 Sale 45%
9912 100
0912
1
99,2
46
7812 4:twain Midland 1st 38
46% 268
Debenture 48
.3
192.5
4613 Sale 4618
19411 * 0 16
05:
7 Sale
e 65%
13334I
A
561
. Gouv & Oswegateh 58
44
25-year debeniure 48 _1934
45% 81
454 Sale 443s
1942 2 I) 9934
0834 Feb'25
99
9415
9758
Mn
29
Or it & 1 ext let ella 430 _1941 1 I 9514 -9-64 054
Chic &
Illy Div 58...1124
97% 98
974
95,41
1
993s
27
Grand Trunk of Can deb 78_1940 * 0 11618 Sale 11614
99
Chic & N'wemt Ext 4s. _1886-112
A 99 Sale 9838
11638 13
9812 99%
104
Reglatered
1886-1926
15-year f fle
99
A 99 Sale 9812
4528
7
1158
3 2788
:
0
9094
MS
106
3
4
731s 75
Great Nor gen 7s Series A 119
General gold 334s
1987 MN 734 7434 7318
7318
I
93
36
8 .1 1 10913 Sale 10914
10034' 55
72
721
.
Registered
72 Feb'25
let & ref 4 4e Series A
1961
9114 Sale 91
Q
J
814 86
General 4e
General 654s Series B____1952
8218 16
1987 MN 8218 Sale 8218
100% Sale 10034
J
82
85
General 55 Series C
82
3
1987 MN 824 8512 82
Stamped 48
1973
94 Sale 93%
J
17 101 18 10434 Green Bay & West deb ctfe "A"_. Feb 70
102
1987 MN 10134 Sale 101 1e
General Sc stamped
811
76 Apr'25 --1879-1929 A0 10414 105 10414 Apr'25 ---- 11)4 10412
Shaking fund 642
Debentures ctfs "B"
14% Sale 13
29
Feb
Jan'25 -- -- 104 104
Registered
Greenbrier Ry let gu 48____1940 MN
AO 103 135 104
8614 Apr1'42%
2 100,4 10044 Gulf & S I let ref & t g 53_61952 J J 8
waking fund 5a
10014
1879-1929 AO 10014 Sale 100,4
90
9%
18 1118
112 9912 Apr'25 -10014
1879-1921 A 0 100
Harlem R & Pt Chet) let 49_1954
Registered
_ 10013 Jan'25 ---- 100,2
83 I
83 Sale 83
2
N
Hocking Val let cons g 4343_1999
1933 MN 100 101- 10113 Apr'25 ---- 10012 103
Sinking fund deb be
9313 Sale 9018
J
9034
9
101 Mar'25
19:13 MN
- 1111 101
Registered
Registered
1999
2 8
98
7
0
88
9,78 88 Mar'25
1930 215 10634 Sale 19634 10714 31 111.5 11214 H & T C let g Int guar
10-year seeured 7s g
1937
J 100 192 100 Apr'25
110
15-year secured 6348 11
100 107 11212 Houston Belt & Term let 58_1937 I
1936 MB 110 Sale 1084
98
08 I
1
9112 102
9312 89
Houston E & W Tex let g 58_193:4 MN 1001e
e2037 215 93 Sale 9112
let & ref g be
_ 100
Jan'25 -82% 8434
8418 47
let guar be red
Chic RI & P—Railteas gen 481988 J J 8418 Sale 8378
_ 9978 Jan'25 -MN 10018
821z Housatonic- Ry cons g 58_1
82
Registered
821
J 2 8214 8211 824
: 5
19
90
3 St N 93% 96
9334 Apr'25
8778 291, 8314 88% Hurl & Manhat Ets Series A 1957 FA
1934 * 0 87/
Refunding gold 45
1
4 Sale 87%
90% Sale 8912
914 287
86% 81334
A0
Registered
86% Apr'25 ---Adjustment Income 68....1957 AO 7
0564:332;i1,88:
868 8 4 Sale 724
7434 597
10112
103
1C234 Apr'25
Illinois Central let gold 411_1951
Chic I31 L & N 0 gold be____1951 ID 1023*
92
Apr'25
-J
Registered
101 14 -- 10111 Jan'25 ---- 1014 103
Registered
1951 J J
9114 -11-i- 9013 Apr'25 -.-79% 7932
7933 Jan'25
1951 J D 7913
Gold 3346
let gold 314e
1951
!
.•
83 Apr'25
857
8
83%
Memphis Div let g 48_1951 J D 844 -8512 8512
854
3
Registered
• .1
83 Mar'25 1014 103
Apr'25
:103 103
0 St L & P let cons g ba
1932 * 0 1011
Extended 1st gold 330...1951 * 0
8212 Feb'25
100% 1111113a
Registered
AO 10038
. 10038 Jan'25
Registered
1951 * 0 8078
8012
June'24
1034 29 109% 1(1812
CbICS1PM & 0 cons 6s___1930 J o 102% Sale 102%
let gold 3e sterling
1961 M
-7-2"- 62 Feb'25' - 9214 924
Cons 68 reduced to 3348_1930 J O 921
: 94
9212 Apr'25
Collateral trust gold 46_1952 AC) 88
22
88
105
96
,
4
Debenture be
1930 MS 96 Sale 96
9814 27
Registered
* 0 85% 87
85% Apr'25 - 994
98
Stamped
96 Sale 98
let refunding 4s
984 12
92 Sale 91 1z
1955 SIN
41
92
804
75
Chic T II & So East let 66_1961 J O 8314 Sale 79%
Purchased lines 334e
8012 06
1952 J J
9358 18
- 8214
6712 1851 55 68,4
Inc gu 5e
Dec 1 1960 MS 6712 Sale 6418
Registered
J J 78114
794 Apr'25 9134 93
Chic Un Stan let gu 43-49 A 1963 J 2 9234 Sale 9214
93
7
Collateral trust gold 45___1953 MN 85 S
:"3-1-e- 84%
85
37
:
.14.
1)121
9
1
1
3
07
1
1
251
10218
10218
J
be
Series B
J 10214 111,24
1963
let
Registered
80,13
51 N
82 Mar'25 - 9915
: 99i8 145'
1944 J O 994 Sale 981
Guaranteed g 58
Refunding 58
S-a-l-e- 10515
1955 Si N
10618
1
118
117i8
4
1963 J J 11634 Sale 11614
let 6)4e SerteeC
15-year secured 5145
1934 • .1 11121 Sale 10218
10318 12
1053 10534
10534 Apr'25
01fic & West Ind gen g 644_91932 Q M 111.514 _ _
I5-year secured 6345 9_1936 JJ Ill 112 111
3
111
784 an
Cairo Bridge gold 4e
79
16
1952 1 J 79 Sale 784
Coneol 50-year 48
19501 D 89,4
8934 Apr'25 -974 984
1st& ref 5122 eer A temp_1962 M S 9814 Sale 97%
Litchfield Div let gold 38_1951 .1 J
9814 149
71%
701
: Feb'25'
993 1001,
N 100 191 10914
Louis)
10014
, Div & Term g 33-413 1950 J .1 80%
Choc Okla & Gulf cons be_ _1952
80
Apr'25
9312 944
934
2
934
Cin H & D 24 gold 434e_ _1937 J J 924 _ _
Omaha Div let gold 3s...1951 F A
73 ... _ _ 73
73
1
91%
93
1
St Louis Div & Term g 3e.1951 J .1 7212 ii:
11930 Q F 93 Sale 93
93
0 1 St I. & C let 2 48
i_-3_4 723* Apr'25 -Apr'25 ---Gold 334s
11936 Q F 91 9134 91
Registered
1951 1 .1 804
10
81
8078
8
9'
171118 8
99
1,1
N 8712 -894 Apr'25
ClnLeb&Nnrgu4eg
1942
Springfield Dtv 1st g 330.1951 1 J
81
80 Apr'25 -- -9934 997
Western Lines 1st g 43
99%
1928 .1 .1 997a —
99%
CIa S & Cl cone let g Se
1951 F A
804 - - -- 88 Mar'25 - - -8134 8414
12
83
Registered
8314
- 8213
Cleve Cm n Ch & St 1. gen 48_1993 JO 83
84
84
Apr'25'---96
98
28
III
Central
97%
J
J 97% Bale 9734
1931
&Chic St L & NO1951
- F A
20-year deb 43-4.
i 9014 -_ i
9918 10153
loint let ref 58 Series A—I963 J 0 0934 Sale 9
1993 J 0 10113
lellz Apr'25
General be Series B
9834
0
83
14
4
9
20
93
,4
4 77
Ind III dr Iowa let g 45
1929 J J 10312 Sale 1C318
10312 31
b
1950 I
Ref & Imp! 6e Series A
10
0334 11/7
434 1,t4 Union Ry gen 5e Ser A 1965 .1 .1 100 100% 1001g
1
1941 J 2 10414 105% 104% Apr'25
69 Series C
10018
9412 9812
Gen & ref 55 Series B
1963 J J 9814 Sale 98
984 115
1965 1 J 100
— - - 100 Mar'25 ---::
58 Series I)
8914 91
int & On Nor let 63 Sec A 1952 I .1 104 Sale 1031: 10412 41
Apr'25 -1939 J J
_ _ 91
Cairo Div let gold 48
80
82
Adjustment 6e, Series A 1952 Aprl
8034
8013 811.- 804
717 Sale 7014
C.'443 W k 141 Div let g Is_ _1991 J J 00717g 519
814 84,2
3
Stamped
N
831
: 841i
78
5324 _7_5.78
.. 6
A rl 6
75
7
St L Div let coil tr g g 48_1990
87
88/
1
4 8912 Int Rye Cent Amer let be
: Apr'25
23
1
-.- 891
1940 MS 883
1972 IN N.
Elpr & Col Div let g 4s
79
Iowa Central let gold bs____1938 J I) 61
6012
6012
7.
72
4 88
8734 Jan'25
1940 J J 8834W W Val Div tel K 4s
100,4 102,4
108 Apr'25
tges
old
of4deepordt
1934 • J 107%
60
C & I gen eons g de
6034 ,,6
4
933 AO 1003* 10178
1951 al s 20% Sale 1938
Refunding
102
. 102
W con IN g NJ
010V Ur
204 A?
983s 97
2
James Frank & Clear let 48.1959 .1 D 88% ---- 8834
97
97 Sale 97
1935 MN
01 & Mar let gu g 434s
88%
9814 99% Ka A & 0 R let gu g bs
19351 22 100
991s 10
9913
1938 J .1 10012 ---_ 100 Nov'24 -Cleve & Mahon Vali R 5s
Kan & M 1st gu
1942 AO 9918 ____ 8411 Aug'24
1990 A 0 8112 843* 8158
CIA P gen RU 4349 Sec B
815* ___2
"ides -66'4 2d 20-year be g 4s
1942 J J 99
99% Apr'25
1927 J J 9978 100 1004 Apr'25
Berle* A
8512 86'8 K C Ft S ir M cons g 68-1928 IN N 103 1034 10312 Apr'25
6
857s
1948 MN 8512 Sale 8512
Soles C 33413
84
£1534 K C Ft S & M Ry ref g 48_1936 A 0 8538 Sale 8434
85% Mar'25
1950 FA 81
8618 -iii
Series D 334s
9533 984 K C & M R & B 1st gu 56_1929 A 0 98% 99,2 9812 AP,g,
4 97% Apr'25
Cleve Bhor Line let gu 4348_1961 * 0 9712 -90315 ---ii
01
812
% KaRnsaa
09
4% 10
4 19
er &Cim
106
ityptS5s
ou let gold 3a_1950 A o 7234 Sale 72
Cleve Union Term 534s-1972 * 0 10534 1064 106
1007g 35
91 8 14
10
91 Sale 9012
5
Apr 1950 .1 J
1973 * 0 10074 Bale 1003e
letef5eSerB
8314
6
804
J
O
Term
let 4e
4
Kansas City
841
: 85
8412
1960 J .1 854 Sale
844
1945
Coal River Ry let gu 4s
961
/
4 WA Kentucky Central gold 48..1987 J J 8514 88
98% 51
854 Apr'25 ---Colorado & South let g 4s-1929 FA 9812 Sale 984
90% 95
Keok dt Des M 59 ctf dep___1934 A 0 84% -- -- 86 Nov'24 ---94% 40
Refunding & exten 434s_.1935 MN 5414 Sale 9373
mi2 8634 Knoxville & Ohio let g 69_1925 J 3 100 100% 100
AD
pr:2
25
5 ---1948 AO 88% 8714 8634 Apr'25
Col & H V 1st ext 42
8414 8414 Lake Erie & West let g 53-1937 .1 J 100 --__ 100 Apr'25 ____
2
8414
8414
1955 FA 8334
Col & Tol let ext 43
!oft Bi.a
2d gold ba
811
/
4 Jan'25
1941 J 3 954 9513 9518
-—
Conn & Possum Illy let 48..1943 * 0 7813 84
8312
87
/
1
4
Lake Shore gold 334s
38
87
1997 .1 D 80 Bale 7913
53
8612
80
Cuba RR let 50-year 5438_1952 J J 8612 87
10212 106
11
Registered
ID
104
104
781/
-.
781
:
1997
Apr'25
.1
D
Sale
034
---1936
714e
ref
let
89
93,4
Debenture gold 43
1928 M S 9858 Sale 98%
1966 J J 9112 Sale 91
9134 35
98% 99
Cuba Northern Ry let 5a
96
974
97 Bale 9634
25-year gold 48
1931 M N
9718 86
Day & Mich let cons 43-0-1931• J 964 974 97 Apr'25
8813 92
Registered
9412 ---- 951 Jan'25 ---1931 111 N
3114 67
Del& Hudson lat & ref 4s..-1943 MN 9114 Sale 9012
1024 40
10714 164 10114 108% Leh Val Harbor Term 55_1954 F A --------102
1935 AO 10714 Sale 061s
30-year cony be
Leh Val N Y let gu g 4343_1940 J .1 9718 98
9714
1937 MN 10138 101% 014 10134 10 101 103
98
8
15-year 53-45
8 107 110
Registered
1940J J 95% ---- 93
Jan'25...1930 J D 10813 Sale 084 1083s
10-year aecured 78
Lehigh Val (Pa) cone g 45_2003 M N 8034 8114 81.14
8134 ___1!
1936 FA 9338 ____ 94 Dee'24
RR & Bdge 1st pru 4s g
Registered
M N ---- ---- 7878 Apr'25
182
84
Den & R 0—let cons g 48-1936 J J 84 Sale 831s
-81; -8
179614
/
89% 904 90
General cone 434s
2003 M N
9012
1936 J J 864 8778 8634 Apr'25
4
Gonsol gold 434e
95
99
Lehigh Val RR gen 531Series.2003 6,1 N 1004 Sale 1003s
148
99
19
101
Improvement gold bs___ _1928 J D 984 Sale 9734
Leh V Term Ry lat gu g 58_1941 A 0 102 -_ 10178
1
1017
Farmers L & T dep rota for
59
70
Registered
1941 A 0 9935 __-- 9934 Nov'24 -- -451
: 6014 6118 Feb'25
Aug 1 1955
Ist & ref 58
Leh & N Y let guar gold 4s.._1945 51 6, 8314 ____ 854 Apr'25 ____
Bankers Tr Co ctfs dep
59
53
6912
&
Lox
East
0
1st
10612
50-yr 55 gu 1965 21
10713 10614 Apr'25 -___
Jan'25
4513 63 60
Anent to June 15 '23 agree
564 704 Little Miami 48
4513 67 6234 Feb'25
84
Apr'25 ---Stamped
6033 607s Long Dock consol g 6s
N 10814 ____ 108 Apr'25 ____
55
2A
MO
193
80% Feb'25
Am Ex Nat Bk ctfe Feb '22
Long Isld 1st con gold 55_61931 Q J 101
____ 1015
597s Dee'24
5
1013*
Am Ex Nat Bk ctfs Aug '22
55 -66i
1st consol gold 48
5912 230
51931 Q J 933* ---- 9412 Mar'25 ---1955 MN 58% Sale 5738
West 53
Den & R
391
: 47
General gold 4s
1938 J D 8934 Sale 8934
454 14
1
1935.12 45 Sale 45
8934
Des M & Ft D let KU 4s
7
45
4539
Gold 4s
1932 J D 90
93 9014 Mar'25 ---45%
4533
V Temporary ctfs of deposit
9314 9312
Unified gold 4e
1949 M 8 837s 8434 8414
9312 Feb'25
6
844
Des Plaines Val let 434e....1947 M N
73
73
Debenture gold 5s
1934 J D 97
98
9634 Apr'25 ---Dot & Mack—let lien g 43-1995
D 7214 7314 73 Feb'25
85
674
20-year p m deb be
1937 M N 8812 8938 893
j995J D 65
874 65 Apr'25
8934
2
Gold 45
91
9214
Gtiar refunding gold 4s
1949 M 8 8312 Sale 83
b
9214
8312
1961 MN 91% 9214 9134
Oct RI, Tun 434,3
102 104
Nor Sh B 1st con g fru 5,1_31932 Q J 99
9912 9912 Apr'25 ---104 Apr'25
Dul Malabo & Nor gen 5s 1941 22 10214 _ _
10013
10212
Louisiana
&
Ark
NI
S
18
let
1927
AO
993
4
g
5s
100
101%
10158 Sale 101%
9934
Dul de Iron Range let 59
9934
1
1937
824
90
Lou & Jeff Bdge Co gu g 48 1945 M S 85
7
84
8512 10
85
514 Ap
io
Dul Sou Shore & Atl g 5s
r5
'25 _ ___
I937 J J 84 Sale 834
88
9014 Louisville & Nashville 5E4_1937 M N 10434 __ _
1
East Ry Minn Nor Div let 49.'48 AO 9038 9112 9014 Apr'25
9914 1004
Unified gold 4s
1940j2 .1
9538 Sale 943
100,4 Apr'25
East Tenn reorg lien g 53- —1938 MS 10018
953* 39
Registered
104012 .1 914 ---- 9134 Dee'24 - - -East T Va & Ga Div g Ne_1930 2J 97% -- 100% Mar'25
r0038 10
11
Collateral trust gold 58_1931 M N 10078 10114 01
44
101
Cons let gold 159
1956 MN 10118 102 10034 Apr'25
10-year secured 7e
1930 M N 107 Sale 106%
10218 10 101 1023s
Elgin Joliet & East let g 511-1941 MN 101 102 10134
107
6
993s 1005*
1st refund 534s Series A2003IA o 108 Sale 1067
El Paso &SW let be
1965 A0 10012 Sale 100,2 100% 10 107
108
9
108%
let & ref 58 Series B
20031A 0 10418 Sale 104
9
Erie let consol gold 79 ext_1930 MS 10813 10834 10812 10812
10534 24
70
721
: let de ref 434s Series C
2003 A o 9434 Sale 9412
let cons g 48 prior
707s 78
95
137
1996 J J 70% Sale 7038
674
1381
:
N
0
A
NI
1930J
J
10414
let
gold
63
107
Mar'25
J
J
Registered
1044
6738 694 684
1996
Feb'25 -6134 6134
2d gold 6s
J 62 Sale 62
193012 J 1035* ____ 1033* Dec'24 -let control gen lien g 481996
(124 98
8214 67
Paducah & Mem Div 48_19461F-A 897 ____ 894 Feb'25 __
6214 Feb'25
Registered
1996• J
9511
98
St
Louis
Div
38._1980
M
S
9
6213
24
gold
Penn coil trust gold 4s...1951 F A 9534 Sale 9534
Sale 62
9534
6212 31
LA N AM & M 1st g 43413.1945 M 8
021
: 69
50-year cony 4s Sec A 1953 A 0 8514 Sale 644
4 -- - - 974 Mar'25 ---6512 42
6058 6
79
534
L & N South joint NI 45_1952 J 1 833* 837s 833s
6514
3
1953 A 0 6478 6534 65
do Series B
8334
3
68
July 1952 Q J
Registered
Gen cony 4s Beres D
71
I 953 *10 71 Sale 69%
20 1014 106,4 Loulsv Cln & Lex gold 430-1932 M N
994 9978 ggis
1955 J J 104 Sale 104
99i81
4
ErloAjeree)' let, 168
105
,8077,38, L.8)P34
a Due Jan, S Due Feb
c Due June
e Due May. S Due July, 1 Due Aug. II Due Sept. o Due Oct.
y Due Dec. s Option sale.
Range
Since
Jan, 1.
Low
84
HO)
84
idr jar
9838 99/
1
4
92/
1
4 944
93 9534
10278 1164
641
: 73
89% 894
10438 113472
924 9634
108 10914
Hai 100%
99% 100%
9018 95
10014 104/
1
4
93 102%
994 9934
0414 684
9584
94
1151r 11673
10838 1077a
109 111
91
9212
10014 10212
92 9514
72
78
Ills 164
88 8534
981a 101
80 8312
894 907.
88
88
9912 100/
1
4
96
9852
9962 100
99/
1
4 9972
921g 94
8812 913a
5734 7434
9112 9914
9011 0012
8142 8334
83
83
8012 824
-a- .62 8618 88
85/
1
4 85/
1
4
88 92%
78/
1
4 83/
1
4
79
7912
83
8612
81
82
10312 1081s
102 103%
10912 11112
8814 8924
71112
70
774 807e
7012 73
71% 72%
79
82
79% 80
861
: 88
84 87
964 9934
8712 6014
100 101
12 1002
67n78,„
66
75
674
57
5,,,,
984 6634
.
10
1 34 2
13414
1
g
03611
:
1
-t4
80025•14
:
- 11-8
lits :
1 4114
11
8844 9
86
138
83
84
884
166' i0(13-4
9934 100
9518 9614
7814 8014
764 784
974 98/
1
4
951g 9712
957g 994
1004 102/
1
4
90
98
93 93
75
911 8
78
17
38
4
88 9012
988s 101
1011g 1024
-iiIrs -8
.2.10311 10613
8314 84
10778 108
9934 101%
944 9413
894 90
897a 904
8214 841s
9511 974
874 903s
82
8312
981* 1001s
994 10111
83 87
100 10512
917g 951
/
4
iciiiia jai:
105% 1071
10414 1081s
101% 10534
92
95
1044 10412
8914 9018
611
: 03
96
974
8111 844
,
083* .991i .
New York Bond Record-Continued-Page 3
2249
Range
Price
Week's
"
Since
Friday
Range or
140
Jan. 1.
..., t
a. May I.
Last Sale
te.a
High
High
Ask Low
High Nn Low
Bid
Rid
Ask Low
High No, Low
703
6678 76
40
7j
F A
J 5
700
99 10114 1 Y 51181) & w let ref 58-__116
93
36
8 Sale
le 6
Mahon Coal RR let 5s
1934 .1 j 10134 103 10118 Mar'25 ____
6112 68
24 gold 412s
1937 F A
5918 6634 6414 Ma7
r2
P15
4 26
61
2
5912 6134
Manila RR (South Lines) 48 193!
6018 6178 61
60
68
6')
3
General gold 5a
lst 4a
6512 Apr'25 _
6312 6512
1959 i"
mN
N 60
93 94
Terminal 1st gold 55
1043 m N 95
96
9312 Apr'25 -9734 100
Manitoba Colonization 5a
1934 J o 9812 9914 9812 Apr'25 _
5978 7014
6512 69
NI V Arches & B 1st Ser 1448.46 j 2 6512 Sale 6412
1941 J j 8238
84 Mar'25 ____
82% 84
Man GB&NW let 3129
7912 84%
8114 16f)
1950 A 0 81 Sale 80%
101
10078 101
Nord Ry at 012s WI
Michigan Central 56
1931 m s 10012
Feb'25.
7038 76
. Norfolk Sea
1 Sale 73
Registered
_
ou 1st & ref A 5a _ _1961 F A
75876
1931 Q m 10014 ____ 99 Dec'24 ____
9434 9615
_?!.
48
& Sou let gold 5s
194( j
91 14 Mar'25 ____ -91-1-4 -.91-14
1941 M N 96,8 ____ 96% Mar'25..2
Apr'25 --- - 111658 108
Registered
1931 M N 10718 10812 108
1940 j
8934 ____ 8612 Sept'24 ____ -___ ____ Norf & West gen gold 6s
J LA Slat gold 3149
Improvement & ext 6s
1934 F A 1077s ---- 10838 Apr'25 _- 1083* 10838
1951 m s 7734 ____ 7718 Apr'25 ____
1932 A 0 10712 ____ 108 Mar'25 __-- 106 108
let gold 314s
-if- -ig New River 1st gold
8434 Apr'25.
1952M N 8512
88
917s
5n
5
917
. 29
40_1996
A 0 9178 Sale 913
-year
debenture
46
9
9612
98
let
g
20
1929 A 0 9712 97
9718
97
N & W Ry
cone
1996 A 0 8712 ---- 86
Jan'25 --- M1d of N J let ext 5e
1940 A 0 88
9112 88 Mar'25 _
Registered
9112 12
t„ 44 j 9112 Sale 9038
94
8814 1(811313
'z
8
DWI 1st lien & gen g 4si,12
Milw L & Whit Imp g 58_1929 F A 9912 10058 10014
10014
1 100
0:
8
51142 18
0
6
34
2224
6
13974 31 18
k111 &Nor let ext 4 4s(blue)1934 J
10
-year cony68s 13078 Sale 129
8512 8934
8512
_ 8512 Apr'25 ____
91
93%
92 Apr'25 ---Cons ext 412s (brown)_1934 .1 13 8512 -86
Pocah C & C joint 411_1941 j o 9112 92
- - 8.512
8512
1
8258 9112
1
Mil Spar & NW 151 gu 49_1947 M
1974
102
Apr'25
Apr'25
____
863
4
89%
Nor
Cent
gen
&
ref
55
A
M
9
102
4
1025*
883
4
8814
878
94
86
1
North Ohio 1st guar g 5.3
87
Milw & State L let gu 346_1941 j
80-5*.. _ 8612 July'24 ___1945 A 0 8634 8712 87
83% 8612
n 9978 103- 9958
Minn & St Louis 1st 75
1927
1
Nor Pacifie prior lien 4s
1997 Q 2 85 Sale 8414
85
113
29 -i85;111.100
82%
8418
let Congo) gold 5s
83
11
513
4
621a
8414
83
8314
12
1934 M N 5934 61
60
Registered
60
60 62
1949
s 2034 Sale 1934
6314 Sale 694
let & refunding gold 4a
1934 26
General lien gold 39
a2047177
6934 37
2034 36
5918 60
Ref & ext 50-yr Ser A
1312 21 14
Registered
a2047 Q F 5934 ---- 5918
1962 Q F 1338 1438 1312 Apr'25 ____
59%
2
8338 8711
8318
1
MEEP&SEIMcong4sintgu'Uj 2 8534 Sale 8412
Ref & impt 4148 ser A____2047 j j 833* Sale 8338
8534 11
8412 91)
8534 85%
let cons 55
1938 .1
9178 111071.
Registered
.i)
..1_6_ 854 Feb.25
9518 9612 9479
3
9514
1 J io5i4 s
Ref & hoot (is ser 13
10-year coil trust 64s
71 Iti212 10434
105% 106% 102 105% 10812
1931 M S 1035* Sale 1035* 1037
9534 9771
let & ref 69 Series A
.
.1 9534 961g 96
Ref & bunt its ser C
1946 1 J 100 Sale 100
10034 22 BM 103
9534 98
25-year 5%o
96 Sale 96
83% 9012
Ref & Pont 5s ser D
9
968'5 23
144$ M
1
8412 Sale 84
8478 16
let Chicago Term f 4s__ _1941 NI N 9212 ____ 9212 Dec'24 __ _ _
6
4
31:
1
8
)i 10012 __._ 9'114 Mar'24
St Patti & Duluth let 56_1
84% 86% 841 1 Jan'23
4 -i1;1-1 1(10ad SS NI & A 1st g 4s Int gu_11126
1st consol gold 4s
100
J 100 Sale 100
1091, 10011
Nor Pac Term Co 1st g 6e193 32 j 1095* _ _ _ 10912 Apr'25
DAIssisalppi Central let 58. _ _1949 .1 2 9338 9378 94
91
91
Apr'25 --- - 1
No of Cal guar g 55
8014 84
27
1938 A 0 10312 105 10314 Mar'25 ____ 102 10314
Mo Kan & Tea-let gold 49_1990
1.) 8318 Sale 8212
84
103% 10412
9134 North Wisconsin 1st 65..---1930 1 J 100
____ 10334 Apr'25
Mo-K-T RR-Pr 1 5.3 Ber A_1962 J J 9434 Sale 9314
86
9434 112
7112 73%
40-year 4e Series B
1962 j
og & I. Cham 1st gu 4s 9_1)
78
65
71 14 78
1441 ,..t4 j 7214 73
7214
7214
1
7734 Sale 7512
s 9078 ____ 9034 Dec'24
10-year 68 Series C
1932 2 J 10334 Sale 10312 10334 24 101 11 10414 Ohio Conn Ry 4s
0814 993*
Cum adlitet 55 Ser A Jan 1967 A 0 86 Sale 8358
763
7634 89
O
____ 9834 Apr'25
ItR let g 53
86
1936 2 in 100
Missouri Pacific (remit Co)
General gold 55
99 I
2, 99 100
101%
83 8812 ore & Cal 1st guar 555
let & refunding 5. Ser A..1965 F A 8712 Sale 8612
8712 110
12
147
7
1 10114
984 Sale
--- - 1093
99 4 101141 55 100%
8814 89%
89 I
3
let & refunding 55 Ser C._1926 F A 10018 Sale 10018
Ore RR & Nay con g 48
10012 15 1110 1111
1946 j DI 89 Sale 887
99 1112 1t. ore Short line-tat cone g58.'46 .1 j 106 10612 106
18(i))
106
let & refunding 6a Ser D 194)1 F A 10034 Sale 100
10034 137
73,
1s.21 :
336
1 1) 11.3% 106%
103% 106
General le
6212 661z
(Soar 1011855
i ro
j 10
06
7
1975 M
6434 208
19
602
40 j
6434 Sale 633g
96% 9778
.1939 NI N
84% 895*
Sale12 10966%
Mo Par 3d 7s ext at 4%
Guar reined 45
8714 Mar'25 ____
8134 83%
Mob & fir prior lien g 55_ _1945 .1
Sale 83
9812
_ 9818 Dec'24 -_ - _ .... __. ttregoti-Wit.911 191 & ref 413
1961 J J
82
94
791 7512
nil
6
76
Mortgage gold 45
1945 .1 J 79 --7813 Peon,coast Co ist g 5s
1946 J D 9012 92% 93 Apr'25 ..._ _
90% 98%
Mobile & Ohio new gold 68. 1927 .1 D 10312 104 10312 10312
5 10234 11.312 Pac RR .11 Mo let ext a 48
91 I
I
1938 F A
91
9134 91
9814 9932
let extended gold 66_51927 Q J 10212 10312 10212 Apr'25 ____ 102 104Apr'25
24 extended gold 55
9932
1938 ,1 .1 9912
941s 95%
8112 90
General gold 44
Paul urah & 1115 1st e r 4 WI_ _1955 J J 9514 9814 9514 Apr'25
1938 NI S 8612 ____ 90
Apr'24 ____
7012 80%
Montgontery Div let 558.1947 F A 9934 S de 9938
9618 9934 Parls-Lyon5-Med RR 68
9934 19
1958 F A 75 Sale 74,2
76 1 151
8014 89
Wu He I.,
1927 .1 D 9912 9918 100 Mar'25 S f external is
St lAmis 11), 5.
1958 M S 83% Sale 8312
8412 10)
8011 90
48
Paris-Orleans RR et 7e
Mob & Mar 1st
1991 NI S 8514 95
Feb'25 84% 85
85
1954 NI S 82'8 Sale 82
8414 35
97 100
go tis
111134 11117a 'taunter' Ity 75
Mont C
1937 1
11038 11212 11034 Feb'25
1942 M S 98,4 99
9812
99
4
917s 95
let guar gold 5.11037 I
10214
2 101% 193
10138 10334 10124
Petinsylvanta ER-cons g 4111943 M N
s)4
9418 Sale 9318
23
Ctair
atig.,e,i
86% 94
7)134
4s sm
tild 48
,1
2000.1 D
7934
7634 81 12
9418 Sale 93
M & E let gu 34.
7934
1
1948 M N
948
:8
12
3
90% 93
2 10012 1112
Naahv Chat! & St L lat 58_1929 ( 10178 Sale 101%
10178
9218 95
9234 Apr'25
May 1 1948 M N
9814 100
10078 101
.1937 F A 101 104 101 Mar'25
Comm)44s
N Fla & S 1st 4cu a 58
1960 F A 100 Sale 9934
100
3
93
96
Nat Sty of Men or lien 449 _1957 1 J
30 Sept'23 ---- - - - - .. .
General 412s
1965 J 1) 93% Sale 93,2
9414 135
19
July 1914 coupon on.
3
19
General 55
19
19
19694 0 10234 Sale 1021g
10234 3) 111 1 18 16334
1412 2134
10-year eeetired 78
1930 A 0 108 Sale 10712
Assent I red June coup on _
1812 47
18 Sale 1612
10818 106 10712 110
Guaranteed 70-year 148_1977 A0
-8718 July'23 -__--------15-year secured 610
1936 F A 110% Sale 1103*
11012 69 10934 11111
40- year gold .59
97% 9884
April 1914 column on .....
18 May'24 ---- -.---.
1964 M N 97% Sale 97%
97% 181
1412 191,. Pennsylvania CoGen f 43 assenting red
-ii1.2 18
6
17
17
Guar 3 45 coll trust refs A.1937 INI S
8434 Dec'24
_
Nat R R Met prior lien 4 48.1926
3812 June'23 --_ - _ ___.
833*
83
Guar 345 coil trust Ser 13_1941 F A
834 841 8314 Apr'25
July 1914 coupon on
25 July'24 ---82% 82%
31t1 26 ii- "iii;
Goar 3125 trust ate C
8218 Apr'25
. 31 Sale 3072
Assent with July '24 coup on
1942 J D 8214 84
82
8212
Guar 3125 trust Wm D
8214 Apr'25'__ _
1951 A 0
1944 J D
28
Apr'24 --_ _ ---- --- Let consol 48
9414 95%
Guar 15-25-year gold 48_1931 A 0 9512 9578 9514
April 1914 coupon on
_
9512
36
Jan'25 ---- ____ - _ _.
4
85
21)
86%
Guar 4/1 Set E
8514 87
8618 Apr'25
29
15
1952 M N
Assent with Apr 1924 coupon .
18
1734 Sale 1534
7712 7972
80
79
79
Peoria & East let con 845_1114
Naugatuck RR 181 45
1954 M
9)
1; 5pO
79
A r
1
7818 -___ 66 May'23 - -__
31% 381a
15
32
32 Sale 315*
1945 1 J
"i_i2-2 -(i_g_1.2 flue/Me 46
9512 Feb'25
9414
New England cons 59
99 1093a
9914 9912 9914
1945 1 J
9914
1
8112 7878 Dec'23 --___ - 1 '81 eon, Pekin Lill 1St 51.48 .....1974 A .
Consul 4^
97% 100
____ .... Pere Marquette let Set A 5a.1956 J J 100 Sale 9911 100
guar 1st 4s. _ _ . 19811 F A
49
8212 86
83 Sept'24 --__
N June
81% 85
90
89
2
1st 45 Ser II
1956 .1 J 8312 8418 84
8412 10
NO&NE ott ref & Imp 4 45 A '52 J
8938 91114 893s
893g
92% 94%
8014 84
MI5 Balt & W let e 49
94
15
94
1
1943 M N 9214 _
84
New Orleans Term let 4s. _ .1953 .1 1 825* 847 813*
Gen 55 Series B
10614 14 104 10634
1974 F A 10612 Sale 10614
bi 0Texas & Mexico 1st 6a 1925 J II 1005* 101 1005 Apr'25 ____ 10192 11)1',
49
44%
9238 9618 Philippine Ry 1st 30-yr 8 f 4819372 .1 4314 Sale 413*
1935 A 0 9612 9658 96
431 1
12
Non-cu nn income 59
9672 154
9012 953* Pine Creek regstd tis
10512 Mar'25 _ _ _ _ 10518 105%
1954 A o 9558 Sale 9412
1932 .1 D 10712
9538 181
let 56 Series 11 temp
96
99%
98 101
P CC & 51 1, all 448 A
94Sa1
8„.
Sale
13 9
\
6
0
96
1940 A 0 952
9118
4
101 68
5
4
let 5148 Series A emp___ _1954 A o 101 Sale 10038
96
9634
Series Is 412s guar
N & c ochre gen gu 448...A945 J J 9334 95
1942 A
93% 9334
9334
1
9334
9612 90%
9914 1191
Series C 4)48 guar
NYBAMB 1st con g 53_1935 A 0 9934 Sale 993s
1942 NI N 9414 __ 9612 Mar'25
4
9934
Series D 45 guar
8934 91%
91 Mar'25
1945 M N
10712 1143 10618 11712
N Y Cent RR cony deb (is 1935 M N 10712 Sale 10618
9012 914
5)-des E 312s guar gold_1949 F A
91 14 ____ 91 14 Mar'25
Registered
M N
106% 43 106 11618
106
8234 8614
Series F guar 45 gold
1998 F A
8614 50
19532 D 91 14 ____ 8914 N W24
Consol 48 Series A
8512 Sale 8518
Series G 45 guar
"skii 902,
887/ 92
41
1957 M N 9114 ____ 9(112 Feh'25
917
Ref & Impt 4 45 "A" _2013 A 0 91% Sale 9114
91
99 10414
Settee H 4s
92
1960 F A
9112 ____ 92
Apr'25
Ref h Imp) 55 Series C_.2013 A 0 10218 Sale 10034 10214 243
95
9618
Series 1 cons guar 4125
1963 F A 9514 96
Registered
953* Apr'25
A 0
10118 Apr'25 ____
9912 102
9412
Series
Hudson
J
445
9451
Central
&
1964
M
9412
Sale
9412
River
N
9412
4
Y
N
7914
9812 101
75
General 5s Series A
1970 J f
9918
9938
1997 J
100
9
7914 Sale 787
7914 13
Mortgage 3145
74
78
Phis & L Erie 2d it 5e
997/ 101
Registered
1997
J 78
01928 A 0 10018 10078 997g Mar'21
781 77% Apr'25.
Pitts MeK & V 1st gu 65____ 10
9314 96
Debenture gold 46
10472 ____ 105 Dec'24
1934 M N
932
34 4
9478 Sale 947
J
95% 21
9214 9234
24 guaranteed 65
Registered
103
M N
____ 98331 Aug'24
9214 Mar'25 _
9212
91
9238 Pitts Sh & L E ha 555
i60.1-2
1942 J J
1940 A 0 10058
10058 Mar'25
9138 10
30-year debenture 48
9112 9238 91(4
93
93
1st (1011W)) gold 58
101 101
Registered
1943 J
10018 10112 101
Jan'25
93 Feb'25 _
Pitts V h Ash tat cons 58_1927 M N 10014 _- 10(1
too 100
7434 77
7634 26
Jan'25
7634 Sale 76
Lake Shore coll gold 349.19981 F A
7.5%
Isi gent 4s series A
87
87
74
Registered
1998 F A
1948 J II 88 -___ 87 Mar'25 _ _ _ _
4
75
76
755*
753*
ml gen 5s series IS
75
77%
1962 F A 10034 101)2 10934
7788 Mar'25 ____
1111
31 111014 102
Mich Cent coil gold 348_11198 F A
7512 80
7518 74-5* Providence Sector deb 4a
53% 57
11199 g A
7518 Apr'25 ____
1966
1057 M
Registered
I0i N
s 511g 57
5514 Apr'25
_
91
1
945* Providence Tertn let 45
811 Sept'24
945*
835* _ _
N Y Chic & St L 1st g 4a__1937 A 0 925* 9334 94%
,iz !wading Co gen gold 45
11311 96
9
14L 8:
1937 A o 8912
9514 Sale 9514
Jan'25 _ 3
19974 .1
Registered
89
9514 51
Registered
9412 9514
48
1931
debenture
M
N
9412
943
4
943
8
943
4
12 J 9434 _ _ _ _ 1 9412 Apr'25
_
-year
26
6 111212 1114.2
Jersey Central coil g 48_1951 A 0 89 Sale 8834
88
96
1931 M N E;318 Sale 10318 10358
C
8934 15
65 Series A
9378 9611.
(Sell & ref 4125 See A
92% 904
1974 A (
11197 J .1 94
9412 46
9578 Sale 9538
9618 200
9434 94
Ref 512s Series A
93
Iticlott 22 I Mtn, deb 55 stpd 1927 A 0 10038 ____ 10012 Apr'25 _ _
911
A.1953 F A
99% 100%
9234 Sale 0238
9278 48
NY Connect let gu 4
89
89
1214.1i & Meek 1st R la
7412 7514
Apr'25 ____
89
75
89
92
1948,M N
79 ' 7,514 Fe3'25
& Erie let ext g 48.... 11.47 M N
N
1933 M ,
5 1001a 101
__ 96 May'24 ____ ---- -- - - ith litu Term Ry let gu 59
1952,1 J 10038 Sale 1003*
34 ext gold 412a
9314
1005*
99
9914 1th. Grande illlle let gu 55_ _1939 2 0 9478 Sale 9414
19.10 A o 10014 ____ 99 Alar'24 __
92% 96111
94% 23
4th ext gold 5s
7
5
1928 1 0
Apr'25
9714 Dec'24 __ _ _ ---- ___ . Rill Grande Sou let gold 48_ _1949 J .1
7
5th ext gold 4s
91
9212
Cluaranteed
_
1946 M
Apr'24 _
91
194)).3 J
7 Dec'24
8414
N Y & Green go 13 5a
757a 7812 itto Grande West 1st gold 45.1939 .1 J 8512 Sale 85%
21109 M N
821s 88 85% 23
7918 ____ 7578 Feb'25 ____
NY & Harlem g 3145
7118 75
9812 Nov'24 __ - - - --Singe & con trust 4s A
N
735* 16
1949 A 0 7312 Sale 7314
NY Lack & W let & ref 59 197:3
85
8811
4 It 1 Ark & Louis 1st 4 45_193
1973 M N ionig -_-_-_-_ ic012 Fcb'25 ____ 1001; 1.193.
87% 26
414M
0)
., 1 8712 Sale 87
let & ref 448.
74
m
74
n
1st gu g 4s
_
72
74
74 Mar'25
KYLE& W 1st 78 ext____1930 Nt S 14678 1.3712 10712 Apr'25 ____ 1116 111712 it-Caada
993
4
8514
997
8
8611
Rutland
1st
con
3
Mar'25
_
pc
4
149
853
8
86
581943
J
997
8
1941
86
Sale
impt
.1
10018
J
Dock &
7512 77%
99% 100% Si Jos & Grand 151 g 48
77%
2
1932 F A
1
9934
9934
1947 J .1
7714 Sale 77%
995e 100
NY & Jersey let fie
94
5g
-...
---st
2j
1
.
,
,
aw
g.rd
s
95%
Feb'25
_
gen
g
49
Dec'24
____
dir
1996
9518
Branch
1941.51
9014
let
g
55
J
9314
9.5
&
Long
-___
1
905*
NY
101 101
Jan'25
6s
101
1996 A 0 102
NYNH& Hartford1
61
68
St L & Cairo guar g 4e
_
1947 M s 65
94
95%
9434 9538 9412 Apr'25
1931 J J
6612 67 Apr'25
Non-cony &ben 48
60
69
St L Ir NI & Sean con g 56..1931 A 0 100 Sale 997
99% 100%
100
20
IM S
Jan'25 -__ _
60
67
Registered
91% 96
5538 1104.
Untitled & ref gold 48
9518 81
5812
5812 30
1929 J 1 953* Sale 95
Non-cony ehen 348._1947 M S 5818 61
9112 93
65
1)
Registered
6
55
11
93
55 Apr'25 ___ i
J J
Non-cony deben 312e____ 19541 A 0 5414 56
8378 5812
Ely & (1 Div 1st g 45
e82162 -2
-0
-2
1055 1 1 J 6112 63
1933 M N
88% Sale 8714 A P8
6318
6312
Non-cone deben 48
63
36
58 65,5 Al L NI Bridge Ter 5115 55_1930 A 0 9912 10014 10014 Apr'25
99% 10012
_
1958 M N 63 Sale 63
Non-cony deben 49
L
&
San
5912
At
71
7612
6515
Fran
(reorg
753
3
co)
45
1950
Sale
753
4
7612
_
_
1956
,J
J
56
5514
55%
J
2
77%
tire
31.03.
5514
debent
Cony
8614 92
Registered
7412 7412
19482 J 8818 Sale 8614
.1 J
883* 56
745* Apr'25
Cone debenture 6s
Prior nen Ser B Ss
9134 253
8514 91%
1350 J J 9134 Sale 99
1.1 J 85
90
8712 Apr'25
Registered
93
01.,
Prior lieu Ser C 58
8
9011'; 9
10318 46 1017a 103%
1940 A 0 90% Sale 9012
11
19.9t .1 J 10234 Sale 102%
91
Collateral trust as
97 10014
Prior lien 5%s Ber D
93% 9914
1942 1
9914 Sale 0814
99,4 117
9912 Mar'25 ___
Is European loan dollars.11125 A 0
____
96 11,0,1.
Corn adjust item A 65__h1955 A 0 9014 Sale 8834
Mar'25
9014 429' 8434 90%
frams_1925
A
0
100
10/01
European
78
Income Serial A 65
11
53% 13912
5514
51960 Oct
84% Sale 8318
8434 575
1957 M N 55 Sale 547
7614 8434
Debenture 4s
--- - -. St 1.01115 & 9au Fran Ry gen (Is '31 J
10434 10514 105
__ 44
Apr'23 ____
Apr'25 _
10434 105%
Cons Ry non-conv 4a____1930 F A
55
64
General gold Is
10034 ____ 10018 Apr'25:____ 111018 101
1954 J J 6314 ____ 6318 Mar'25 ____
Non-conv 4s
St Louis & 9 F RR cons 48_119
j 6314 ____ 6314 Apr'25 ____
62 64
99
36
11
J
9038 ____ 80471382 Dec24
Non-cony deben
62 64
Soul bw Div 1st g 55
1947 A 0
6312 Mar'25 ____
Dec'24
J 6314 64
Non-cony deben 49._ 195.,
02
3,8 A0
11)0 101.12 At L Pro & N W let gu 58-1948 J 3 109 10312 10
10
1.2
102 jail;
20
NY & Northern lel R 5a.....1927 A 0 1005 10078 10012 Apr'25 ____
65 6934 tit Louls Sou 1st gli g 48
1931 M S 9318 9412
6714 12
67 Sale 67
9235 93%
NYO&W ref 1st g 45.June 1992 M
6312 10
03 6913 20 1.8 W let g 48 bond etts_1989 M N 82 Sale 8112
74
1955 .1 I) 63t2 sale 6312
8
80
82
25
General 48
73
74%
J D
65
65
10
65
24 g 4s Income bond ctfs_p1989 J J
65
Apr'25
72% 74
Registered
Ws 8612
Consul gold 43
Sale 885*
1042 A 0 8678
8612 Feb'25 _
8538 90
8912 91
N Y Prov & Holston 4s
terminal
&
unifying
58.1
1
9
9
:
L
2
87
3
82% 87
1 D 8
N y & Putnam let, eon gu 45.93 A 0 87 Sale 8512
1st
13'5
6
7 Sale 86%
555*
87
81% 87%
23
100 Feb'25 ____ 100 100
St Paul &KC8111.1at 43,4e.1941 , F A 84 Bale 8312
1927 M S 100
86
80
84
88
NY&RB lat gold 58
St Pau! F. Or Trunk 4 48_1947 J J 99/
1
4 9414 9112 Apr'25
9112 91%
BONDS
N. Y.STOCK EXCHANGE
Week ended May 1.
t
t
Price
Friday
May 1.
Range
"
Veek's
RangeSince
07
112
Jan. 1.
Last Sale
BONDS
N. Y. STOCK EXCHANGE
Week ended May 1.
2
•Due Jan. 5 Due July. P Due Nov. I Option sale,
New York Bond Record-Continued-Page 4
2256
BONDS
N.Y.STOCK EXCHANGE
Week ended May 1.
H
St Paul Minn & Man 4a___1933 J A
lit consol g 611
1938 J A
1933 J J
fle reduced to gold 4)314
Registered
1933 J J
Mont ext let gold 48
1937 J D
Registered
J D
Pacific ext guar 4s___ _1940 J J
St Paul Union Depot 5a____1972 j j
S A & A Pass let gu g 4(3_1943 J J
Santa Fe Pree & Pben 5a___1942 M 9
Say Fla A, West 1st g 6s__ -1934 A 0
1st g Is
1934A 0
Scioto V & N E 1st gu g 4a 1989 MN
Seaboard Air Line g 45
1950 A 0
Gold 413 stamped
1950 A 0
Adjustment 58 •
Oct 1949 F A
Refunding 4s
1959 A 0
let & cons fis Series A
1945 M S
MI & Birm 30-yr let g 4a_d1933 M 8
Seaboard & Roan lit 5a
1926 J J
8 & N Ala cons gu g 58
1936F d
Gen CODS guar 50-yr 5a_ 1963 A 0
So Pac Col 48(Cent Pac col)k1949 J 13
Registered
J D
20-year cony 4s
June 1929 M 8
20-year cony Se
1934 J D
20-year g 5s
1944 M N
San Fran Terml let 46_1950 A 0
Registered
A 0
So Pac of Cal-Gu g 5a
1927 MN
So Pac Coast let gu g 4a....._1937 J 1
So Pac RR let ref 411
1055J .1
Southern- 1st cons g 5e
1994 J J
Registered
.1 D
Develop & gen 45 Set A__1956 A 0
Develop & gee Si
1956 A 0
Develop dt gen 6338
1956 A 0
Mem Div let g 4 138-5s_ _1996 J J
St Louis Div 181 548
1951 J J
Mob & Ohio coil tr g 4s
193(4 M S
So Car & Ga let ext 5 As_ _ _1929 MN
Spokane Internat. 1 At g 5s .19551 1
Term Assn of St L 1st g 4438_1939 A 0
let cons gold 5a
1944 F A
Gen refund e f g 48
1953.3 J
Tex & N 0 con gold 5s
1943J 1
Texas A Pac let gold 5a_....2000 .1 I)
2d gold income 5s
2001 Mar
La Div B L Ist it 5a
1031.3 J
Tex Pac-Mo Par Ter 540_1964 M S
Tol & Ohio Cent 1st gu 58_1935 J J
Western Div let g 58
1935 A 0
General gold 511
1935 J D
Toledo Peoria & West 4s
1917 J J
Tol St L & W pr lien g 342e 1925 J J
50-year gold 4s
1950 A 0
T0IWV&Ogu443sA
1931.3 J
Series B 434s
1933.3 J
Series C 4a
1942M S
Tor Ham dr Buff let g 4a1946 1 1)
Ulster at Del let cons 558- _1928 J 0
let refunding g 48
1952 A 0
Union Pacific 1st g 448
1947.3 J
Registered
J .1
20-year cony 45
1927.3 .1
Registered
J 1
lit & refunding 48
e2008 M 8
let lien & ref Se
e2008 M 8
10-year perm secured 66_1928 J J
U N J RR & Can gen 43_1944 M 8
Utah & Nor gold 55
1926 J .1
1933 J .1
let extended 441
Vandal's cons g 4a See A_1955 F A
Como! 48 Series B
1957 M N
1934 J J
Vera Cruz & Pie, gu 4)4e
July 1914 coupon on
Assenting let 440
1934 1926M S
Verdi V 1 & W let g 58
Virginia Mid Series E 58_1926 M 8
1931 J J
55 Series F
General 58
1936 M N
.▪ 1
Va & Flouthw'n let gu 55-2003
let cons 59-year 521
1958 AO
196I al N
Virginian let 5e Series A_
1939 M N
Wabash lot gold 5s
2c1 gold 55
1939 F A
Ref a 15148 ser A temp__ _1975 m S
Debenture B 6s registered _1939 M S
let lien 50-yr g term 48
1954
1941 J
Dot & Ch ext let g 56
Des Moines Div let g 48..1939 .3.3
1941 AO
Om Div let g 3438
1941 M
Tol & Ch Div g 4e
Warren let ref gu g 334e,.,.,2000 FA
1948 QM
Wash Cent let gold 48
1945 FA
Wash Term let gu 314s
1945 FA
let 40-year guar 45
W Min W & N W let gu 58_1930 FA
1952 AO
West Maryland let 548
1937
West N Y & Pa let g 58
Gen gold 4e
1943 A 0
Apr 1 1943 Nov
Income g 5e
Western Pao let Ser A 5a_1946 PA 8
1946 M S
B 135
2361 J J
West Shore let 48 guar
2361 J J
Registered
Wheeling & L E 1st g 56_ ... _1926 AO
Wheeling Div let gold 58_1928
(193 OF
Exten & [rapt gold 6s_
Refunding 413s Series 4_19)16 MS
1949 MS
RR let coneol 45
1942 J D
Wilk & East let gu g 68
1938.3
D
lat
gold
5a
Will & 8 F
1961) J J
Winston-Salem 8 B let 4s
WM Cent 50-yr lot gen 4a_ 1949 J .1
Sup & 3')111 dly A term hit 48'36 M N
INDUSTRIALS
Adams Express eon tr g 4s._1948 M 8
Ajax Rubber let 15-yr e f 8s_1936 J D
Alaska Gold M deb lis A___ _1925 M 8
1926 M S
Colay deb 6s Series B
Am Aerie Chem 181 58
1928 A 0
1941 F A
let ref a f 743e g
American Chain deb s 1 6s 1933 A 0
Am Cot 011 debenture 58__ _1931 M N
Am Dock & Impt gu Si
1936 1 1
1939A 0
Am Mach & Fdy s f 6s
Am Republic Corp deb (te_ .1937 A 0
Am Sm & R 1st 30-yr 5r serA 1947 A 0
let M 68 series B
1947 A 0
Amer Sugar Ref I5-yr 6s_ _ _1937 .1 1
Am Telep & Teleg coil tr 4s 1929 J J
1936 M S
Convertible 42;
20-year cony 444e
1933 61 S
30-year coil tr 58
1946
35-yr e f deb 54 temp
1860.3 J
20-year a f 5150
1943 M N
7-year convertible fle
1925 F A
Am Wat Wks & Elec Se__ _1934 A 0
Price
Friday
May 1.
Week's
Range or
Last Sale
02,
2
High No.
Apr'25
Apr'25
9812
Apr'25
4
94
Jan'25
8912
1
8
10134
8334 26
Feb'25
Mar'25
Nov'24
Apr'25
2
77
7812 73
80 1627
275
70
9334 827
1
87
2
io5F8 16612 100
100%
10334 10412 10218 Jan'25
6
10618
10618 Sale 106
85% 87
8678 41
86
Jan'25
8138 8312 81
9718 171
97 Sale 97
10034 102 10038 Apr'24
_
10034 10034 16
ii
8
.718 Sale 8634
8634
7814 ____ 8312 Mar'25 ---10338
_ 10314 Feb'25
9314
9412 Jan'25
147
91% gale 9114
92
10312 Sale 10212 10312 22
9812
99% Apr'25
7914 232
7914 Sale 7734
10612 Sale 10518
10612 93
11012 Sale 10912 11012 68
1
100100% 100,8
86,8
7
85% -8-612 8514
84
8434 84
8412 12
102 103 102
Apr'25 - - 83% 12
83% Sale I 8314
9638 9634 961
96%
5
Apr'25
101101
8312
8
8314 837
; 8312
98
10
98
99 1 98
10218 17
10218 Sale 10112
90 100 I 90 Dec'24
99
Apr'25
9938 99
99
4
99
9914 99
1001
___ 100 Apr'25 9912
4100 1 99% Apr'25 ---9812 9934 9812 Apr'25 ---27,4 3178 30 Apr'25
9934
2
9934 997 9934
Apr'25 ---855 8578 86
9614
96% Dee'24
Jan'25 ---96% ____ 97
8912
89% Jan'25
Apr'25 -854 ____ 86
6
9112
89 Sale 89
20
52 Sale 515
52
82
94
94 Sale 9313
9212 - - - - 9234
9234
1
99% 44
9938 Sale 9918
Jan'25
98
31
89
89 Sale 88
12
10614 10634 10612 107
10418 22
10334 Sale 10334
925 9412 923 Feb'25 --10014 1005 10118 Jan'25 ---93% -- 03 Aug'24
8612 ---- 86% Feb'25 -86% ---- 86%
8638
2
Oct'24
_ 20
20 Dec'24 ---2014
2 ____ 2412 Jan'25,---10018 10012 100% Mar'25 ---10014 10012 10014 Apr'25 ---9734 ____ 9912 Jan'25 ---10014 10138 10014 Apr'25
2
101 1
100 101 10034
9012 41
9012 Sale 872
100141 386
10014 Sale 9912
12
101 Sale 10078 101
9612 20
9612 Sale 96
95381 107
9538 Sale 9518
-8334 Feb'25
8378
1
80 -837i 83%
1
100%
10114 10112 10078
2
84%
____ 847
84
7534 7534
75
75%
1
8512 8614 85 Apr'25 8012 ---- 77% Oct'24 ---8112 84
8418 Jan'25
8238 23
823 Sale 815
89% ____ 893 Mar'25 ---9612 ____ 9612 Mar'25 -6412 40
6414 Sale 63%
10012 ____ 10012 Apr'25 -8038 11
8014 Sale 8014
45 Feb'25
3514 46
9434 207
9412 Sale 937
10234 10314 10212 10314 22
83% Sale 82%
8312 72
1
80
8112 8214 80
10012 1007 10012 10012 10
99% 997 101
Apr'25 ---972 ____I 9934 Mar'25 - - -72 Sale 69
72
59
1
74
7314 743 7314
6572
4
65
6512 6512
10212 104 ,10214 Feb'25 ---8212 8312 8234 Mar'25 - -79% 59
7812 79
7812
84% 85
8412 Apr'25
Bid
Ask Low
95
9614 96
10818 10934 10814
98% Sale 9812
98
9912 9712
94 Sale 93
92
8634 88
8912
10134 Sale 101%
8334 Sale 8278
10014 - - -- 10034
10834 111 111
101%
10114
90
91
8934
7634 7812 77
7814 Sale 7714
7934 Sale 77
6938 Sale 67%
93 Sale 91%
87
85 Sale 85
10088 Sale 9814
4
7% 13%
4
738 638
9912 ____ 10018
998 Sale 9912
9718 Sale 9718
9334 Sale 9334
107 108 10634
9812 9912
9614 Sale 96'8
9812 Sale 9734
10612 107 106
1014 Sale 10112
97 Sale 9678
9088 Sale 90
9513
94% 95
10138 Sale 10088
96% Sale 9534
10318 Sale 10234
12712 129 12812
9538 Sale 9438
Range
Since
Jan. I.
High
Low
9414 9618
107% 10912
95% 100
97% 98
9234 9512
92
92
88
8938
100 102
84%
81
100% 101
10712 111
8734 "tiel
74 80
80
74
79
73
5913 70
84% 9334
8372 88'8
9934 101
1024 10218
103 10618
84
87
81
81
9612 9734
9924 1021s
100 10034
8414 8714
8514
83
103 10314
9438 9412
0818 92
100% 10312
99%
99
73% 79 4
103 10613
10634 11012
9912 10018
8514 8712
82% 85
10012 102
83,4 8_71z
9514 97'2
100 101
82,8 84,4
9634 98
9978 1021.
99 -664
08% 10014
9054 101
99%
96%
30
9912
8218
97
89% 80%
8418 8612
92%
89
5033 92
9034 9412
8918 93
9204 99%
98
8414 90
10418 107
10312 104%
9214 9212
101% 101%
883s 6"
80'8 8652
241; ii1-2
99% 100'8
10018 10012
9612 9012
100 10012
9312 101
8414 91
95 10()34
10014 101%
94% 9611
9412 96%
93% 93/8
7712 83%
99% 10072
8134 85'
8
7634
74
8412 85'2
"ails
81% 8512
8928 8938
9534 96114
63% 07'4
99/
1
4 10012
7912 82'8
45
45
9014 95%
100% 104%
81 14 83'2
7924 8114
10012 10138
99:8 101
9934 9934
68
72
7412
72
6314 6712
102 10214
8238 8711
78% 81
82% 87 4
85
8712
66
85
9412 100%
100% 13
3%
6%
Apr'25 _
4
678
Apr'25
9814 101 18
101
3
9454
108
100
13 94
98
11
3 91% 94
9334
Apr'25 ---- 10612 10812
100
2
12 97
004
95%
9812
1
98 2
8
106,2 M 103% 108'
10312
3g
9714 17
17
9088 9218
91
95% 1 15
Apr'25
142 100 102
102
9412 967.3
967 889
10318 259 101 103%
12914 13 125 130%
9512 _30
9212 96%
38 N
821Z1312
a Due May. e Due June. b Due July. k Due Aug. a Option Bale.
100
9934
30
99%
86
BONDS
N. Y. STOCK EXCHANGE
Week ended May 1.
Price
Friday
May I.
Week's
Range or
Last Sale
Rano
Sinai
Jan. 1.
lifOb
Bid
Ask Low High No. LOW
km Writ Paper a f 7-6a
44
65
5418 43
51
1930
5
0112
50
Temp Interchangeable etfa dep.
43
5514
53
34
Sale 5112
9918 101321
Anaconda Cop Min lot 68_1953
221
99% Sale 9912 100
15-year cony deb 7s
9934 104
10034 91
1938
10012 Sale 100
Andes Cop Min deb 7825% pd'43
94 100%
95
141
9413 Sale 9413
91% 94%
Antilla (Comp Azuc) 7438 1939
15
9111 9212 92
92
Ark & Mem Bridge& Ter 58_ 196
91
9214
35
4 ra
m s 91
9112 91% Apr'25
85
Armour & Co let real eel 44381939 J D
90
87
8814 75
94
Armour & Co of Del 543e1943 j J
91
91
9214 83
Associated Oil temp Se
10
982
2814
4 10
SaleSa2
l e34 10214 10234 18 10134 10318
Atlanta Gas L lot 58
9734 9714
1947 J D 9834 -- -- 9734 Jan'25 _
26
Atlantic Fruit 75 etre dep
18
1934 J O 19
26 Mar'25
27
22
Stamped etfe of deposit
22
Jan'25 -39% 22
993
Atlantic Refg deb 5s
9734 9912
24
-9914 Sale 9018
Baldw Loco Works lst 5s..„1
102 10514
19
10514 Apr'25
94
30
7I
M -N
J 102% _ _
Baragua(Coup Az)743s
1937 J
10612 21 103 10612
106 Sale 106
Barnsdall Corp s cony S% A1
194
10514 14 10212 10514
39
1j
J
105 Sale 1047
Bell Telephone of Pa 5s
10112 Sale 101
102
47 10014 10238
Beth Steel let ext s f 59
194
926
2J
m N
10014 100%
J 104012
0
8 10014 10114
1st & ref 5a guar A
93% 97
Sale 95
9518 18
30-yr p m & Imp s f 5s
90
92%
1936
90% Sale 9034
91
58
Cons 30-year 68 Series A._1948 F A 9414 Sale 9334
9334 9713
9412 101
85
8912
Cons 30-year 543e Series B 1953 F A 85% Sale 85
8512 26
Booth Fisheries deb e f 68
7018 85
73
23
1926 A 0 73 Sale 7018
Brier 11111 Steel let 5435_ _1942 A 0 9918 Sale 9834
97 100
9918
6
7514
B'way & 7th Av 1st c g 5.1_19431.2 D 71
68
7134
8
71% 71
Ctrs of dep stmpd Dec '24 int _
6734 7518
70
72
7012
7012
2
Brooklyn City RR 5s
90% 93%
92 Apr'25
92
93
_
99% 1013e
Bklyn Edison Inc gen 58 A 1
119
094
439
00
1I o
i
j
J 10114
_z_. Sale 10034
10138 96
General 60 &flee B
105 10538 105
105
1 104 10512
General 7s Series
Seri D
Nov'24
__
8214 "i13-4
Bklyn-Man It Tr Sec 6a
8638 268
1968 .1 .1 8612 Sale I 86
6178 71
Bklyn Qu Co & Sub con ltd 53'4IIm N 65 Sale 64
65
7
80
80
1st 5s
1941j .1 7018
80 Feb'25
Brooklyn Rapid Trans g 5s 1945IA 0' -90 Nov'24
Trust certificates
96 June'24
let refund cony gold 48_2002 .7 .1 5618
81 Dec'24
3-yr 7% secured notes____19211J .;
10912 Sept'24
120 Mar'24 _
Certificates of deposit
121 121
121
Apr'25
Ctfe of deposit stamped...90
0
_ F A_
____
8112 84%
13klyn Un El ist g 4-5s
83 -8338 8212
S3's 13
8112 85
109
84
Stamped guar 4-5e
1950 F A 83% Sale 83%
101
Bklyn Un Gas 151 cone g_19
15' 9914 10132
193
45
88
2 isi
m N 100% Sale
155 15334
Mar'25
10-yr cony deb 7e
13514
1st lien & ref 60 Series A 194
6 10714 1104
52
7m
A o
N 10912 111 10934 110
9113 93%
2
92
Buff & Susq Iron ills
97
234
1932.3 D 92 Sale 8
84
8734
2
8734
Bush Terminal let 48
8734
85% 89%
5
89
Consol 5s
195.5.3 J 89 g;.1-e- 88
93% 9934
9712 22
Building 58 guar tax ex _1961)
9 70
A1 O
N 9612 Sale 9534
98 101
8
Cal G & E Corp 5s
10012 Sale 10012 10034
10314 18 10034 1034
Cal Petroleum 6340 temp....,1933 A 0 10314 Sale 10218
9212 11, 92)2 9513
9212
Camaguey Sug lot s f g 70__ _1942 A 0 9212 95
9614 9912
10
98
Canada SS Lines let coil of 7s '42 NI N 97%
10014 1014
10114
a9
Cent Diet Tel lot 30-yr 5s
1e18 10
90
7334
4
1943 J D 10114 S9
95
97
97 Feb'25
Cent Foundry 1st 8 f 68
1931 F A 9278
Cent Leather 1st lien s f 6s._1945
9588Sa1e 9912 10018 103' 974 10012
J 100
6' 110 114
111
Central Steel 88
1941 MN 11012 111 111
4' 9814 100111
10018
Ch G L & Coke 1st
10018 10012 10018
75% 88
Chicago Rye Ist
77% 83
gu g 58-9
192
37 'I
F A
j 76% Sale 7612
105 1114
106
65
Chile Copper 88 Ser A
Sale
1
014
00
5
%
1932 A 0 105%
984 101,4
101 14 20
Cinch] Gaa & Elec let & ref 5056 A 0 10078
10312 11 10012 10312
543e Ser B due Jan 1
,
1 23_
1961 A 0 10314 Sale
Clearfield Bit Coal let 48„ _1940 .1 .1 80,4
87s 93
02
8
Colo F & I Co gen
5s
1943 F A 91% Sale 9112
8314
Col Indus let & coil 58 gu_1193247
8134 18 80
9 F A
J 8112 Sale 8112
82
82
82 Feb'25
Registered
12 100% 10113
Columbia & E let 58
1927.3 .1 101 Sale 10038 101
Stamped
1927.0 J 10012 10034 100% 10034 13 100 101%
9,4 12
Jan'25 _ _
Col & 9th Av 1st gu g Se__1993 M S
14
12
9
984 994
Columbus Gas let gold 50
1932 J J 99
9912 9978 Apr'25
71% 78
Commercial Cable lets 4s 2397 Q J 7212 7312 7212 Apr'25 _ _
98
9912
Commercial Credit s f 6s
9834 19
1934 M N 9878 9914 9812
974 10112
e 10
01
03
12
4 100% 52
Commonwealth Power 6a
1947 M N 10012
5 10114 10418
10212
Computing-Tab-flee e f 6a_ _1941 J J 10212 Sale
90% 9013
Conn Ity & L, 1st & ref g 440 1951 J J 91
Mar'25 _ _
89
92%
91
1
Stamped guar 444s
9
S93
1
1 12
: 9
99
1'2
4
1951 J J 91- :
8114 90
Cons Coal or Md let & ref 56_1950 J D 817o
8414 (19
Consol Gas(N Y)deb 543e 1945 F A 10234 Sale 102% 103
660 10114 103
Cons'd Pr & Ltg let 6438_1943 M
Sal
ale
e 10
99
234 103% 34 10018 10312
102%,
8713 9212
Cont Pap & Bag Mills6)0_1944 F A 8834
88%
2
9912
5
9434 9934
Consumers Gas of Chic gu 631936 J J 9938 Sale 9938
9034 96
96
115
Consumers Power let 5a
1952 M N 96 Sal_ e .24
July'24 ___
Corn Prod Refg s f g 58
1931 MN 100
1st 25-year 8 f 53
i(16410238
8 10214 Apr'25
11134 MN 101 1-02-374
80
Crown Cork & Seal 138
78
14
1943 F A 77 Sale 77
9338 98
Cuba Cane Sugar cony 7a___1930 J .1 95 Sale 95
96
22
9914 10213
Cony debea stamped 81:4-1930 J .
41
1 9912 Sale 0913 100
Cuban Am Sugar 1st coil 88_1931 M 8 10734 108 10734 108
18 107% 110
96% 9812
Cuban Dom Sug let 7345_1944 MN 9714 Sale 97
9712 53
9912 44
97
Cumb T & T let & gen 6e._ _1937 J J 9912 9934 9913
9912
99
99
Cuyamel Fruit 1st Os Mit ate '40 A 0 99
9912 99
99
8
9212 944
Den Gas& E L let&ref s f g be '51 MN 94'8
94
40
75
82
21e78 9
Dery Corp (I) G)7s
78
1942 M S 7612 139
318
7612 16
9934 10214
Detroit Edison lot coil tr 50_1933 J J 101 Sale 100% 101
24
lot & ref 58 Series A_July 1940 M 8 10098 9
9913 101%
Sa
ale 19
101
09
034
17
Gen & ref 5s Series A
1949 A 0 99
97% 99%
99
31
1st & ref 68 Serlee 11.. _July 1940 M
10734 Sale 10734 108
19 106% 10812
Del United let cons g 434o.i932J J 9034 91
884 93114
90%
9118 35
Dodge Bros deb &int rcts_1941 M N 95% 8
9412 9912
,
a7
le 8
90
43
14
3
9912 2181
Bold (Jacob) Pack let 621_1942 M N 86
82
8814
86
6
Dominion Iron & Steel 5s_1939 J J 5014 527 6234
50 6%
53
5
Donner Steel 78
8834 9114
19423 J 90 Sale 90
9014
8
du Pont(El) Powder 4%9_1938 J D 9438 ____ 9438 Apr'25
9012 94%
duPontdeNemours&Co 744e 1931 M N 107% Sale 10712 10734 137 10638 10812
M N_ 10718 Jan'25 _ _
Regletered
10718 10714
Duquesne Lt let & coil fis_ ...1499• J joilz 8ile 10512 106
180 104% 107
let coll trust 5345 Series B_1949• J 10478 10534 1047
10534 63 104 106
East Cuba Sug I5-yr a f g 7438 '37 M S 103 Sale 103
10518 139 103 1064
Ed El 111Bkn lit con g 4o...3939 J J
90% 94
94 Apr'25
Ed Elec III let cons g &L....1995 J
9912 ____ 1022 Mar'25 _ - 10114 102%
Klee Pow Corp(Germany)64321'50 M S
89
8714 88
,
1411
92 89
8734 68
77
14
2
Elkhorn Coal 8% notes
98% 100
1925 J D _
Apr'25 _ _ _ _
Empire Gas dr Fuel 744e_ _1937 M N 10334 Sale 103
97% 104
10334 328
Equit Gas Light 58
M El 9934 ---- 9934
993
4 10014
9934
1
Federal Light & Tr let 58_1
194
932 M S 9414 Bale 9414
88
96
9414
8
let lien Si stamped
95% 102
1942 M 8 10014 Sale 10014
102
21
Federated Metals 5 f 7s
1939 .1 D 10218 Sale 10218 10212 26 101 107
Fisk Rubber 1st s 188
1941 M S 111 Sale 1103s 11334 21 108 11334
7613 79
Ft Smith Lt & Tr let g 58
-___ 79
1936 M
7878
79
5
8614 95
Framerle Ind & Dev 20-yr 740'42 J J 9138 Sale 9012
9114 63
M N 1061067 106
10812
Francisco Sugar 73-4e
10312
106,2
5
Gas & El of Berg Co cons g 581194
981a 9812
49
2 .1 D 9918' 9934 9812 Feb'25
__
Gen Asphalt cony 60
1931 A 0 102 103 10214 10278
4 101 103
General Baking 1st 25-yr 614.1936 J D 105% 10534 10518 Apr'25 _ _ 104% 105%
Gen Electric deb g 354e
1942 FA 835 ____ 8312
84
83
84
7
M S 105 Sale 105
Debenture 5e
10514
6 10112 105%
Gen Refr 1st a f g 88 Ser A
19
95
52 F A 10012 10134 10012 10012
5 100 10211
German Gen Elec 7s temp..1945 J J 9338 Sale 9314
93% 133
9314 9414
Goodrich Co 643e
1947 J J 10578 Sale 105/2 106
51 100% 106
Goodyear Tire & Rub let e 1941
12012
12(34 128 119 12034
M
F N
A 10
28
10-years f deb g 8a
9'8
38 8ale
ale 10813 109
110 108% 10934
Granby Cone MS & Peon 68 A'28
19 MN 9913
95 1001$
1C012 Mar'25
__
100
Stamped
1928
93% 98%
__
0838 Mar'25
M NN 99 1-60-14
Cony debenture Si
1925 PA
93 10014
- 100
100
7
F
A
Gray & Davie 7e
1932
95
9312 Sale 9312
92
93%
4
Gt Cons El Power(Japan)7e_1944• A 8834 Sale 8712
8714 9111
89% 74
Great Falls Power let if 68_1940 M N 10118 10188 10078
994 101,
2
2
10078
Hackensack Water 48
1952 J J 84
83% 85
8414 Apr'25 _
Havana El Ry L & P gen 543 A154 M S 8628 Sale 8612
8512 87%
8714 39
New York Bond Record—Continued—Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week ended May I.
On
b•
Havana Elec consul g 5s____1952 FA
Hershey Choc lets I g 65____1942 Ni N
Hoe (It) & Co 1st 6148 temp_1934 AO
Holland-Amer Line 6s (lid).1947 MN
Hudson Co Gas lot g 5s____1940 MN
Humble Oil& Refining 5148_1932 j j
Illinois Bell Telephone 5s___1956 in
Illinois Steel deb 4145
1940 40
1936 MN
Ind Nat Gas & Oil 58
1952 MN
Indiana Steel let 55
Ingersoll-Rand 1st 58
1935 J J
Interboro Metrop coil 4148_ _1956 A0
Ctf dep stpd asstd 16% sub__ _
Interboro Rap 'Fran let 5s 1966 JJ
Stamped
10-year 68
1932 AO
10-year cony 7% notes__ _1932 NI S
lot Agric Corp let 20-yr 55 1932 MN
Stamped extended to 1942_ __ _ MN
Inter Nlercan Marine 81 be_ _1941 AO
International Paper 58
1947 J J
1st & ref Is B
1947
j
jurgene Works 68(fiat price)_1947 j j
Kansas City Pow & Lt 5a_ 1952 MS
Kansas Gas & Electric 65
1952 MS
Kayser & Co 78
1942 FA
Kelly-Springfield Tire 85
1932 MN
Keystone Telep Co let 55
1936 J J
1937 AO
Kings County El & P g 5s
Purchase money 65
1997 40
Kings County Ni let g 48_1949 P A
Stamped guar 45
1949 P A
Kings County Lighting 513_1954 .4 j
1954
j
6Se
1936 ID
Kinney Co 7145
Lackawanna titel fet
_ _1950 MS
A..55 1931 40
Lac Gas Lot St I. ref&ext
Coll & ref 53.48 Series C_.._1953 P A
Lehigh C & Nay e t 414. A _ _1951 ▪ j
Lehigh Valley Coal let g 58_1933 1 .1
let 40 year Int red to 4%_1933 .1 J
Lex Ave & P F 1st gu g 5s_ _1993 NI S
Liggett & Myers Tobacco 78_1944 A 0
Registered
AO
1951 F A
68
Lorillard Co (P) 78
1944 AO
Registered
AO
1951 h A
58
Louisville Gas & Electric be.1952 MN
con
58
roulsy Ry lst
1930 J J
Lower Austrian Ilydro-Elec Ce—
let Cl614s
1994 FA
Magma Cop 10-yr cony g 78.1932 J D
Manati Sugar 714e
1942 AC
Manhat fly (N Y) cone g 44_1991) 40
2d 48
2013
D
Manila Electric 75
1912 MN
Manila Elec Ry & Lt 5 f 58_1953 MS
Market St Ry 78 Series A
1940
J
Maxwell Motor 8? 78
19:14 M
Metr Ed 1st & ref g 69 Ser B.1952 FA
9153 JJ
1st & ref be Series C
Metropolitan Power 68
1953 J O
Met West Side El (Chic) 48_1938 P A
Mid-Cont Petr 1st 614s_-_ _1940 MS
Midvale Steel &0 cony 8 f5s 1936 Ni S
3,111w Elec Ity & Lt cons g 53.1926 FA
Refunding & eaten 4148_ _1931 JJ
General 55 A
1951 JO
1961 J D
1st ba 13
1st & ref g 65 Series C
1953 MS
Milwaukee Gas Lt let 48_1927 MN
Montana Power 191 Es A.. _ _1943
Montreal Tram 1st & ref 50.1941 Ji
Morris & Co Islet 4 14s_ __ _1939 ii
Mortgage-Bond Co 48 Ser 2.1966 AO
10-25-year Os Series 3_..1932 JJ
Murray BotlY let 6)45
1934 J O
Mu Fuel Gas 1st tn g 58._ 1047 51 N
Mut Un ltd bonds ext 4%..1941 MN
Nassau Elec guar gold 4a_.1951 JJ
Nat Enam & Stampg 1st 5;,_1929 in
National Acme 7145
1931 J I
Nat Starch 20-year deb Ps_ _1930 J
National Tube 1st 58
1952 M N
Newark Consol Gas 55
1948 J 0
New England Tel & Tel 5s_ _1952 J 0
N Y Air Brake let cony 65_1928 M N
N Y Dock 50-year 1st g 88.1951 F A
N Y Edison 1st & ref 6 11e A_I941 A 0
let lien & re' 58 II temp. _1944 A 0
N Y Gan El Lt & Pow g 5e...1948 3 D
Purchase money g 45
1949 F A
Vi'est C &RR 5140 1942 M N
NY L
NY Monte Ry lets f bs A 1968 .1 J
1939 F
N y Q El L & P 1st g 58
N y Rya let R E ref 4s_ _1942 J J
Certificates of deposit
30-year ad) Inc 59_ _Jan 1942,A 0
CertIfIcatee of deposit
Ny&RiehGaslslSs
1951 M N
N Y State Rye 1st cons 4148_1962 MN
Registered
NI N
1962 51 N
1st con 6145 series 11
NY Steam 1st 25-yr 68 Ser A 1947 M N
N Y Teel)
- let & gen s f 4148_1939 M N
30-year deben 8 16w. _ _Feb 1949 F A
20-year refunding gold 68.1941 A 0
Niagara Falls Power 1st 58..1932 J J
Jan 1932 A 0
Ref & gen 68
Niag Lock & 0 Pow 1st 60_1954 51 N
1955 A 0
& ref 58 ser A WI
Refunding 68 Series A....1958 F A
Edison
68
M S
Amer
1952
Nor
Secured a f g 1.48 Ser 11_1948 M
Nor Ohio Trac & Light (18 .1947 M
Nor States Pow 25-yr be A 1941 A 0
Registered
A 0
let & ref 25-yr fle Ser Ft__ 1941 A 0
Northwesen Bell T 1st 75 A_1941 A A
North W T Ist fd g 4148 gtd.1934 J J
Ohio Public Service 714s A 1946 A 0
1947 F A
1st & ref 78 series B .
Ohio River Edison let 68....1948 J J
1944 F A
Old Ben Coal let 65
Ontario Power N F 1st 55_1943 F A
1945
M N
be__
Tranemlselon
Ontario
1941 F A
Otis Steel Rs
Ser
B_
_1947
F A
710
r
g
6
25-Yr
1st
Pacific 0& El gen & ref Sa._1942 J J
Pee Pow & Lt Ist&ret 20-yr be '30 F A
1937 J J
Pacific Tel & Tel let be
1952 M N
Ref NI 55 series A
1930 F A
is
I0-yr
let
T
&
P
-Amer
Pau
IM N
Cony f 68 1934 temp
j
Park-lex et I wutehold 11445._1953 .4
1949
M 8
cons
be
El
&
Pat & Pa.seale
Due Jan. d Due April
Price
Friday
May I.
Bid
Ask Low
High
9312 9334 93
93
10334 Sale 10312 104
10214 10212 10134 10178
8312 Sale 8314
86
9958 _
9934 Apr'25
102 Sale 10134
102
100 Sale 99%
100
95ls
95% Sale 9412
9012 91% 9134 Apr'25
102% Sale 10238
103
9934 _ _ _ _ 9914 Feb'25
11
11
13
11
612 —__ 1012 Mar'25
6514 Sale 6412
6512
6412 Sale 6352
6458
6812 Sale 6712
6918
88 Sale 87
8819
7212 Sale 7212
7212
67 Sale 67
67
8812 Sale 8818
88%
8834 Sale 8814
88%
84 Nlar'24
96 Sale 9555
97
9838 Sale 9838
9834
10634 Sale 10058
101
10212 103 10212 103
9812 Sale 9658
99
87
8612 88
87
10158
_ 101%
10158
11712 Sale 11638
11712
7618
78 Apr'25
75
78
7654
7738
9614 _ _ _ _ 96
9634
10614 107 10614
10614
10718 Sale 10718
10738
9314 Sale 9212
9314
10018 Sale 99%
10018
10014 Sale 100
10012
9734 _ _ _ _ 9712 Apr'25
10034 10112 101
101
8958 Sept'24
4118
4118
4118
119 Sale 119
119
11734 Apr'25
9912 10014 100
100%
11558 Sale 115
11534
115 Mar'25
9634 Sale 9633
9634
95 Sale 9458
95%
91
94
93 Mar'25
8512 Sale 8512
114 116 11418
9012 Sale 9914
60 Sale 5912
.5212 54
53
102 Sale 101
91 Sale 8834
9734 Sale 9734
105
10234 Sale 10312
9334 Sale 9318
10258 104 10234
71
7112 71
9614 Sale 9538
9012 Sale 9018
10058 Sale 10038
9512 Sale 9512
97% Sale 972
8814 Sale 8734
10018 Sale 100
9858 993 9914
10018 Sale 9934
9614 Sale 96
8234 83
8234
7712
7718
96 Sale 96
9714 9734 9712
96
9658 957
993 101
99
60 Sale 5712
9914
9934
80
8112 80
_ 9934
1013
98124 102
- - 10178
9934 ---_ 9912
100 Sale 9934
104 Sale 104
81 Sale 80
114 Sale 11334
10038 Sale 10018
10258 ___ 10214
88 Sale 8712
10012 ____ 10012
8058 ____ 8112
10038 10012 10012
4878 Sale 98%
49 Sale 4812
4
478 412
4
9 Sale
9912
9934
66 Sale 6514
63
88
00
90
10034 Sale 10012
9758 Sale 9714
1093 Sale 10912
1073 Sale 10712
10012 101 1007
10514 10534 10512
1097s
9858 Sale 0812
10978
101 Sale 10014
104 Sale 10379
96 Sale 9512
964 Sale 9612
93%
10434 Sale 10414
10712
9512 __ 95
11012 11112 11114
10818 Salo 10818
10134 Sale 10112
9712 Sale 97
100 Sale 9958
99t..._ 99%
9812 97
97
92% Sale 9134
97 Sale 0634
99% 9912 99
10034 1007s 10012
9618 Sale 9618
105 10514 10518
.Sale 10712
1091
9514 9518
95
9958 10018 9918
11 Due Dec
Range
Stnce
Jan. 1.
Week's
Range or
Last Sale
High
No Low
9212 94
3
10 103 105
9 100% 10314
79
57
8714
98% 9934
9912 102
97
97 10012
102
9234 95%
85
8712 9214
18 10114 103
99,4 99%
10
11
4
1012 1012
59% 7434
136
59
221
7312
6134 80
88
85
95
154
67
5
73
6212 70%
3
9112
88
53
8712 9058
44
_
97
88
207
9558 9834
98
9814 101%
40
10112 103%
90 10034
147
82
2
87
3 10012 101%
5 11412 118
75
78
74% 7834
384
89 101,4
28
1 10353 10614
5 10614 108%
8952 9434
7
9814 10018
24
155
95% 10012
9534 98
1 100 101
1
5
42
7
16
80
8534 62
11778 53
997
20
6012 23
1
53
10212 31
34
91
9814 62
Jan'25
10412
9
9618 13
10334 10
1
71
9612 52
9034 123
10034 11
9512
4
9734 13
8812 21
10018 18
9914
1
10014 27
9634 19
32
83
Mar'25 9618
4
4
98
Apr'25
Apr'25 - 3
60
993
10
82
7
Feb'25 - - - 10212 15
1
9912
10014 68
104
8
5
81
11412 34
10012 307
10214 45
8818 68
Apr'25
Apr'24 -Apr'25
2
49
4912 83
412
2
434 154
9934 10
32
66
Apr'25
Apr'25
__
10034
9
9734 93
1097
31
70
108
101
16
10534 16
Apr'25
-Wit 37
10978
1
1013s 114
10414 30
65
96
9634 86
Jan'25
10412 23
Jan'25
Apr'25 - - - _
11112
3
10818
7
45
102
9712 35
22
100
Apr'25
9778 14
9278 13
9714 85
99
3
7
10034
9634 42
16
10514
10934 445
11
9514
9918
2
t OD ion sale.
3012 43
116 120
11734 11734
97% 10078
11414 117%
115 115
95% 9734
90% 9552
93
93
8514 8612
113 132714
99 102
5712 64
51
58
9714 10212
85
92
9712 100
105 10514
10112 10413
91 12 96%
10052 104
7014 80
95% 97%
8715 91,4
100 101 12
95
9534
94
9812
84% 8914
9834 101
96'4 9912
97% 10014
94
96,
78,2 84%
77
7718
95
,
8 96,
2
97
9234
9812 9612
97% 99
5712 63
98
9934
80
94
993, 10112
10054 10212
9812 100
99% 10058
109 10434
7754 81
112 115
9958 10012
10912 10258
96
88%
10012 10012
9912 11;111-2
45
5412
4258 64
414 6
3% 5%
9912 100
64
6814
63
63
88
97
97% 101 12
95
9734
107% Ill)
10614 108
10018 10214
103% 10534
10412 110
9812 9858
104% 11()
9678 10112
100% 104%
9218 9612
93
97
9314 9314
103 10714
10738 107%
94% 95
108 11212
10738 11014
98,2 103
9634 09
98 100
97
9918
95% 10012
89% 95,4
93% 9714
98
9934
99,8 10078
9212 97
1041 2 10658
103 11858
95
07
96
9914
BONDS
N. Y. STOCK EXCHANGE
Week ended May 1.
Sn
2251
Price
Friday
May 1.
Ireek's
Range or
Last Sale
Range
Since
Jan. 1
ROL
Bid
High No. Low
Ask Low
Peop Gas & C let eons g 6s__ 19
94
47
3 40 10812 109 10858 Apr'25 ____ 107 10858
Refunding gold 58
51 S 9312 Sale 9614
9434 97
6
9612
Philadelphia Co colt tr 68 A.1914 FA 1045 Sale 104% 10434 26 10158 105
15-year cony deb 51is
9714 87
1938 MS 97% Sale 9814
938 9714
Phlta & Reading C & I ref 5s_1973• j 10014 10012 10014
10,34 47
9934 10154
Pierce-Arrow Mot Car deb 881943
91
S 9578 Sale 90
9814
967
52
Pierce 011 s f 8s
6 10258 107
107
1931 J D 107 Sale 105
Pillsbury Fl Mills 20-yr 68_1943 A0 10112 10134 1017e
2
9958 102
102
9712
1
971,
97
Pleasant Val Coal 1st gel 55.1928• j 9712 98
9858
Pocah Con Collieries 1st s f 581957 3,
9212 Apr'25 ____
9212 94
9912 10112
10112 19
Port Arthur Canal & Dk 6s .1953 FA 101 Sale 10014
973
14
9612 9734
Portland Elec Pow 1st (Is 13_1947 MN 97 Sale 97
Portland Gen Elec 151 58_1935 J J 9914 ____ 9934 Apr'25 ____
98% 9954
9534
Portland Ry let & ref 5s
2
9212 9612
1930 MN 95 Sale 95
8918 14
Portland Ry Lt & P lot ref 581942 FA 8918 Sale 8818
84% 9014
9912
94
9712 40
1st 1 & ref 68 ser B
1947 MN 967 Salo 9634
1 10518 107
106
1st & refund 7148 Ser A._1046 MN 10558 107 106
Porto Rican Am 'rob 8s
10278 10312 Mar'25 ____ 10312 106
1931 MN
Pressed Steel Car 58
J J
12
334 19
15
714
1951'
12
14
213 Sale
8
1 14
le 19514
Prod & Ref 5? 8s(with waents1)
9
'31
33 J O 19
8 110 111
11014
11014 Sale 110
Without warrants attached._ _ J
Pub Sery Corp of NJ gen 55_1959 AO 104% 105 10412 10412 18 10458 10515
98
174
95
08
Secured g 68
1944 FA 9734 Sale 9712
Pub Sery Elec & Gas 1st 51481959 14 0 101 Sale 10112 10212 21
9878 10217
94
9953 101
101
Sale
1003,
1011s
let & ref 5,%(q
40
1954
24 10212 10614
Pub Sem, El Pow & Ltg Os..1948 AO 10458 Salo 10458 105
10934 41 10234 10712
Punta Alegre Sugar 78
1937 1 J 10434 Sale 104%
8612 92
873
Remington Arms 6s
32
MN 87 Sale 8812
9312 953
947
6
Repub 1 & S 10-30-yr 585 f_1
1940
937 40 9478 Sale 9458
9158 35
9034 94
Ref & gen 5148 ser A ._ _ _1953 J J 9114 Sale 91 14
89
41
8878 90
Rime :Steel let is
89 Sale 89
FA
3 65
7312
66
Robbins & Myers of 76
D 65 Salo 65
195
952
111112
1 110 11017
Rochester Gas & El 73 ser 13_1946 Ni S 11012 Salo 11012
9 10312 10412
10412
Gen Mtge 5145 series C._ _1948 Si S 10412 Sale 10412
9138
911 Aug'24
Roth & Pitts Coal & Iron 55_1946 MN
65 1372
66
3 --Rogers-Brown Iron Co 75
1942 MN 68 Sale 6578
8.118 9112
91
91 Sale 90
15
St Jos Ry Lt lit At Pr 58
.1937 MN
St Joseph Stk Yds let 4 sst1930 .1 .1
95,2 9512
9558 ____ 9512 Apr'25
77% 511t
8058
St E. Rock Mt & P 58 stmpd..1955 J J 8012 8114 8058
2
8112
74
Feb'25 ____
_ 81
St Loula Transit 59
1924 40 7052
97 Apr'25 ____
95
97
96
St Paul City Cable 55
1937 .1 3 95
92
9214
92
57
92 Sale 92
Saxon Pub Wks(Germany) 7e '45 F
6 104 10758
10578 Sale 10578
1063,
Saks Co 7e
M
1(4112
,
4
9912 101 8
10134
San Antonio Pub Ser
_11952
42 1 3 10112
111578 107
10712 108 1063 Apr'25
Sharon Steel Hoop 1st 88 ger A '41 M
Sheffield Farms 614e
AO 106 107 10612 Apr'25 ___ 105 10712
90
9212
9218 17
92 sale 9114
Sierra & San Fran Power 58.119
9449
2P A
9178 54
88 95
Sinclair Cons 011 15-year 78_1937 MS 9158 Salo 91 18
10678 2115 1043,117
10612 Sale 10512
lot In coil tr 68C with warr 1927 J
87
8614 Sale 8513
67
1st lien 6148 Ser B
8258 9034
1938 J
9914 101
10012 71
Sinclair Crude 011 3-yr (Is A 1928 F A 10014 Sale 10014
10014
101)14 43 10014 100,2
3-yr 6% notes It Feb 15_ _1926 F A
881,
82
85
123
Sinclair Pipe Line 58
1942 AO 8558 Sale 84%
Skelly 011 634% notes
192
47
2 AO 10812 Sale 10712 10858 64 1067 1 2058
10414 13 102 105,4
South Porto Rico Sugar 7e. _1041 Jo 104 10412 104
101
48
99 101 14
South Bell Tel h Tel let of 5811)41 J J 101 Sale 10058
9618 1007
100
168
S'west Bell Tel 1st & ref 55_ _1954 FA 100 Sale 9958
9314 9712
20
J 9513 Sale 9514
96
Southern Colo Power 6s
1947
9712
9712
1
9652 9712
MN
Spring Val Water 158
115
Stand Gas & El deb g 6%s..1933
48 Ni S 11412 Sale 114
003,
9934
994 10
9984 100
Standard Milling 1st 58
3 121 12412
1930 M N
05,2 ,
1071
82
Steel & Tube gen s I 7s Ser C 1951 • .1 10712 10734 10712 1073, 11 1,
06
96
Sugar Estates (Oriente) 7s...1942 NI S 96
97
FA-I
9814
97
96
Superior Oillst e 178
1929
Syracuse Lighting 1st g 58_ _1951 1 1)
Tenn Coal Iron ac RR gen 58.1051 J
82 1!
0
9
99
70;
2
299
10
„
99990,4
Tennessee Cop 1st cony 6w..1925 M N 10
S
(1
-2)1 11i
9929
138 1-0
42
2
6
:
25
3-4
8 110
99
00
93
1232
38'73
2 A:
1:10
10
9997
1312
,
15
Tennessee Flee Power let 68_1947 J D 103
01 18 Sale
51
5812
Third Ave let ref 4s
5358 14
19611 1 3 5358 Sale 52%
Ad) int 55 Lot-ex N Y„..a196
34,4 45%
39% 75
60
9 AO 3758 Sale 3712
J 94 Sale 937
93% 96
Third Ave Ry 1st g 5s
68
94
1937
Tide Water 011 10-yr 6i48_.1931 FA
e12
Toledo Edison let 78
110
1941 M S 10934 Sale 109%
Toledo Trac 12 & Pr 6% notes'25 P A 10014 Sale 10014
10014 32 10012 10034
Trenton G St El let g 5s
9878
1
98
98,s
1949 MS 9834 ____ 9878
Twenty-third St Ry ref 55..1962 J J
5958 61
65,2 70
_
66
Feb'25
9012
1
89
Underged of London 4148..1933 1 J 903* ____ 9012
9012
Income 65
8658 8812
8758 ____ 8812 Feb'25
1948 J J
Union Bag & Paper 1st. NI 68.19421M .
8
9411 97
9534
9534 Sale 0512N
Union Elec Lt & Pr 1st g 58.1932IM
71
7:
934 10
10058 Sale 1003s
9
75
10114 16
Ref dr ext bs
9814 100
21
100
1933 M N 100 Sale 993
lat g 5SO series A _
161_38
0
_
S
7
a
7
le
17
WO
0
6
13
1
,11t
75
1954
14 64,26
10
r2
Union Elev Ry (Chic) 53_1945 A 0
Union 011 let lien o f bs. _1931 J J 100
____ 100
100
10
29
2 °
30-3r 68 Ser A
02
May 1942
5A 19414 104
A103
10414
Union Tank Car eoulp 75...1930 " A 10412 Sale 10412 10472
3 10312 10558
United Drug 20-yr 6s_Oct 1.51944 A 0 103 Sale 10215
22 100,4 104
103
United Fuel Gas 1st a f 6s_ _ _1936 J
98 101
10014 Sale 9934
10038 47
United Rys lay bs Pitts issue 1926 M. 9_3
99 10512
18
.
4 100
100
0958
Stamped
991
9914 10058
9
9952 t3072 9958
69% 74%
United Rye St L let g 4s____1934 J
4
7034
70
60%
United SS Co 15 -yr Cs
93 Sale 92
1937 M N
United Stores Realty 30-yr 6e '42 A0 103 10358 103
9
057
12
92
4
1,
12 110
3
,
3 10
10
93
358 5
U S Rubber Ist & ref Sc eer A 1947 J J 8633 Sale 86
8718
85
634
58 137
18
06
10-yr 714% sec notes
1930 P A 10512 Sale 10512
US Smelt Ref & M cony 68_1926 FA wits 10114 10158
4 100% 102
1013
U S Steel Corp(coupon _ _ _d1063 MN 10558 Sale 105
10558 1247 10414 106
5 f 10-60-yr 581registered_51963 Si N 105 Sale 10434
3 10372 1051:
105
Utah Lt & Trac 1st & ref 514_ _1944 A 0 8634 Sale 86%
8358 88
8678 27
Utah Power & Lt 181 55_ _ _1944 F A
91
26276
8 _12_7_
4534
8 ma9
953
9514 Sale 98
J 997 ____
Utica Nice L & Pow 1st cf 514_1950
94% 9858
Utica Gas & Flee ref & ext 5s 1957 J
Victor Fuel 1st a f 5s
59384 5
95
91
5
e9
258
5 - - -9
lo 5
95
95
58
8 Ap9
a0
1953 J 1 9958.5558 P6
Va-Caro Chem 1st 78
93
73
434
93
1947 J O 9214 Sale 9158
Certificates of deposit
7112 92
2
9134
92 Sale 9114
8812
CertItleates of deposit etmnd
68
8812 24
8511 873, 87
730 with & without war_ _1937 JO 6212 Sale 59
92512
9,
43
;6
6212 73
4212 5612
Certite of deg with warrants
2
68
6212 ____ 5612
Certifs of dep without wurr
6212
41
8212 23
2%
Sale
, 6212
60
Va Iron Coal & Coke let g 5s 1949
Apr'26 ---00 9158
9314 9758
Va Ry Pow let & ref 5s
J 1 97 Sale 9638
97% 46
Vertlentea Sugar 1st ref 78..119
9112 9412
93% 27
0234
943
42 J lj 92% 94
Warner Sugar Rent) 1st 7s 1941 J 13 94 Sale 9334
1%
12 15
9
84
13
If7)713
2 :314
Warner Sugar Corp 1st 7s
1939 J I 80 Sale 80
Wash Wat Power e f 58
9
0
00
9
583
544
4 10
00
371158
2
1939 J J 10012 __ 10012 Mar'25
Westches Ltg it 58 stmpd gtd 19541 J 0 10034
1
98 102
10058
10058
10212 26 10012 10234
West Ky Coal let 7s
1944 M N 10218 Sale 102%
9872
98
West Penn Power Ser A 512_1946 M S 98
14
l
9713
94
1st 40-year 65 Series C...19514 J D 10578 106 106
17 104% 10714
107
let 78 Series D
1946 M S 10612 10712 10654 10634
1st Se Series E
53
98
93% 9834
9712 Sale 9712
1963 M
1st 514:4 Series F
111 1
1053 A 0 10312 ____ 10312 10312 5
West Va C & C Ist 6s
96
01
28
92
19.5
50
3 ▪ J 9112 Sale 91
Western Electric deb be__ 1944 A 0 10014 Sale 100
10058 125
98 10052
Western Union coil tr cur 58_1938 J J 10158 Sale 101
10158 17
99% 102
947 Sale 9458
Fund & real estate g 41413_1950 M N
95% 10
9258 96
I5-year 6 1413g
1113, 16 10912 1113,
1936 F A 11114 11134 111
Westinghouse E & Pt 7a__1931 M N 10718 Sale 10718
10734 78 107% 10858
Wickwire Seen Steel 1st 75_1935
8212
8314
7
75
91
8158 84
Certificates of deposit
7914 21
7612 88
. 100
Willys-Overland s f 6 Sis_ _ _1933 S1-S
0_1! 9912 1001,
00
79
37
F0
11,9
7
82
,
12 ..13
Sa1
81e
1
.7
et 199
7
97
93
14
4S
0
Wilson & Co 1st 25-yr a f 68_ 1,2
1% 312
Sale
93
948
1 A
Registered
10-year cony 8 f 63
73
260, 55
-.7212 gale- 6814
7772
Certificates of deposit 91,31
5.3
7311
F- A 72385
10-yr cony s f 7148
2 8 S7
a3
le 6789
1, 53'4 77
72
3a4 2097
Certificates of deposit
5938 74%
72% Salo 68%
72% 31
Winchester Arms 714e
12 10012 102%
102
1041 A 0 102 Salo 10014
Young'n Sheet AT 20-yr 64.1943 J J
9514 99
9814 Sale 98
9812 71
_9
2252
BOSTON STOCK EXCHANGE-Stock Record seeTtitlage
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 25.
Monday,
Aprtl 27.
Tuesday,
April 28.
Wednesday, Thursday,
April 29.
April 30.
Friday,
May 1.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
1.5614 15614 15612 15612 *15612 ---- 15612 15612 15614 15612
100
151 Boston Ss Albany
7714 7734
77
*77
78
7778 77
100
437 Boston Elevated
77
77
77
77
77
•92
95 •94
95
*9412 95
100
12 Do pref
95
*9412 95
95
•112 113
11234 11234 112 11234 112 112 11112 113
100
60 Do 1st pref
98
*98
99
9813 98
98
100
(412
63 Do 20 pref
98
98
98
98
98
*1112 12
1114 12
11
100
14
15141
853 Boston& Maine
12
1112 1134
•1112 __
1112 1112 *1112
100
45 Do pre(
1 11112
3 12
1 1 12
Do Series A 1st pref_100
1712 1712 17
1712 1712 18
1758 175
1738 20
29
291s 29
Do Series B 1st pref _100
30
32
30
30
30
30
30
Do Series C 1st pref__ 100
25
25
25
25
2512 2512
2612 2612
3512 37
37
215 Do Series 13 1st pry......100
3712 •
____ 113712
3912 42
_
.168
*168
*16712
100
'16712
_
------ Boston & Providence
34 -3-A3170 East Maas Street Ry Co I00
35
34
34
4 3434 3434 *34
*33 -3-5
Do 1st pref
.67
69 .
65
68 •____ 69
100
•_ _ 69
•58
61
1358
61 •__ 61
100
5 Do pref B
66 oo
43
43
49 Do adjustment
43
43
42
100
*41
42
42
*41
42
5 Maine Central
.25
O25 __
26
100
27
.25 ____
1125
27
27
.2934 3014 •30
101 N Y SI FT & Hartford
100
3112
3012 113053 3078 31
1131
31
57 Northern New Hampshire_ 100
76
7712 7712
76
35 Norwich & Worcester pref_100
'jai116- 1O:14 1;114 4701
1710
7 •108 110
•10313
146 0111 Colony
100
31104 105
10412 104121 101 10112
10312 104
10312 104
4514 48
100
Konodt &
PrM
et assachusetts_100
_ R
Veur1m
9
_9
;ii" 94 ;5i- "ii- 41
;5 - -6i- *92 94
Miscellaneous
210 Amer Pneumatic Service__25
273 272
234 234 •252 3
234 234 •258 278
Do pref
136
50
1718 1718 *17
1712 1712 1734 1734 1734 174 1714
13414 13578 13514 13534 13514 13534 13534 138
4 1,811 Amer Telephone & Teleg 100
13514 1367s 13578 1-3-61176 Atuoskeag Mfg
No par
6212 64
62
62
6134 62
8212 8212 62
6212 *6112 62
5 Do pref
No par
.72
72
"71
72 '71
72
"72
72
Art Metal Construe, Inc__ 10
11214
*214
____ .214
z
*14
503 Atlas Turk Corp
No par
1234 -111,
4 1234 13
12
12
"1134 1214
4 1234 12
116 Boston Cons Gas Co pref_100
1110634 10734 10634 10634 *10634 10734 10634 10614 10734 107,
4
4 10734 1-673Boston Men Pet Trus...No par
.07
..07
40 Connor (John T)
10
;
2.
1341__
__
__
134 2214 2112 2153
-- '
Dominion Stores. Ltd__No par
'33
35 '33 -3E*334
'334
_
1
*334
Do pref A
100
'96
*96
_ _
10
•____
325 East Boston Land
14
134
134 •- 2
3
112 2
203 Eastern Manufacturing
6
-;3C2 -44
4
'312 4
*312 4
*313 412 •4
4121
4,710.Eastern SS Lines, Ins
25
4812 4914 4912 51
49
4712 4734' 47
4814 48
49
48
No 1pgor
910! Do pref
37
37 1 37
37
•313
37
37
37
3658 3858 3634 3718
I 1st
prefd
_
"90
890_ '90 ____ .90
__
100
201
202 666 202 20212; 201 202 -'
803 Edison Electric Ilium
20034 20113 250i2 ioi $ 14 4 I *314 4
*314 4
Elder Mfg Co (v t e)
10
• 1
4
*34 4
30 Galveston-Houston Eleo ._100
*3212 3412 •3212 344 "3212 3412 *3212 3412
3234 33
Motor.
Gardner
No 1p1ar
8,
Georgia Ely & Elea
.iiLi4
'11534
'11534
3
I Do 5% non-cum pref 100
*7813 ____ *7813 ____ .78124
*7812
*7813
653 -66 6512 -68 6612 6738 6718 6712 6612 -6-71-4 26614 6614 1,232 Gillette Safety Raaor....No Par
315 Greenfield Tap & Die ...... 25
01112 1212 .1112 1212 1112 1134 •1112 12
1112 1112
No par
93 Hood Rubber
•55
56
*5518 56
"5518 56
56
56
55
554
40 Intermit Cement Corp-No Par
59
*59
5934 .58
*5912 6012 .62
;
63
6214 6214 617s -61-7
500 International Products-No Par
_
1
114
.50 •_-_ .50
.75 .75
100
*i 7 *5 7 *5 7
10 1/0 pref
5
5
*5
7
Kidd r. Peabody Acceptance
100
.28912_
•28912
91 Corp Class A pref
•29012 --- 9012 9012 *29012 92
136 1 Ibhy, SleNelll & Libby
10
•638 -7
638 _-6-34
7
738
7
7
11714 8
11.1nroln Fire Insurance
•____ 704 •___ 7012 •_. _ 704 *._-- 7014 *---- 704
20
1112 12 1 12
12 1•21134
25
4 11,
4 la- -1-214 1,395 I OeVeR Theatres
100
*z6912 70
72 Massachusetts Gas Cos
6934 6934 6912 6912 .28912 6934 6912 6912
2
461 Do pref
66
6634 66
66
66
66
66
66
Iiii- -6-616534 66
10 SIergent haler Linotype
1(
0
8
•179 181 *179 181 •180 181
181 181 *180 182 "18112 183
10
810 Mexican Investment, Inc
10
10
.9
1012 "9
1012 10
10
10
1112 1114 1134
99 Mississippi River Power
100
•4112 42
*4112 42
4153 4153 4112 414 4158 4158 414 41.12
91
100
93
1391
50 Do stamped pre!
1•91
93
3'5112 93
91
91
91
*9112 93
251 National Leather
•418 433
414 414
412
10
4
4
414 414 •4
4
412
1
1,125 New England 011 Corp tr Mrs_
1
1
1
•1
114 *1
114 .1
114
812 912
1301 Do met (tr ctfs)
*8
9
118
9
*8
9
*8
9
812 81
_ 11811
9914 99
99
9938 99
994 4,541 New England Telephone10
99
994 99
9914 99
991
1,165 Olympia Theatres, Inc_No par
2334 2334 2353 2333 •23
24
2312 2312 2338 24
100 Orphetim Circuit, Inc__ I
.22712 2812•z271: 284 28
28 *22712 2812..22712 281
59
5912 59
537 Paelfic Mills
100
69 1 59
60
59
59
59
5512
5934 59
35 Reeve But ton Hole
10
1712 1712 1712 1117
17
17 1 1117
171
1712 3117
'Reece Folding Machine
10
*214 2121 *214 212 *214 212 '214 24] *214 21
'SIMMS Magneto
5
•
.2
.20 •
.20 •
220 Swift & Co
100
10913 10912 16914 10978 155F2 10912 10934 110 1•10912 110
16512 1-1-0
25
47
9 Torrington
4612 4712 46
4612 4714 *4612 4714 *464 471
11 nion Twist Drill
5
7
-4134 42 - 2.291111nIted Shoe Mach Corp
25
4234 4312 48 43 1 4234 43 1 4134 4234 4134 42
2871 1/0 pref
25
2714 '27
2714 2714 2734
273s 2782 2714 2738 2714 2714 .27
2214 23
4,075 Ventura Conan]011 Fields- 5
2212 2234 224 2212 2218 2253 224 2212 2214 221
16
346 WaldorfSys.Inc.new nh No par
163s 16
1838 1638 16121 1614 1614 164 1618 16
16
345 Waith Watch ('1 13 corn _No par
17
1612 1612
18 •164 18 1 1614 1614 1612 1612 *16
*16
100
1261 Do pref trust Ws
28 .2714 28
28
29
29
29
2812 2812
•27
911 Do prior pref
100
74
75
75
75
76
1175 ____ '75
74
610 M'alworth Manufacturing_ 20
1734 17
17
1714 18
173s 1732 1117
171s
7,575 Warren Bros
80
4514 46
4434 46
457s 4614 4512 4578 4512 46
4553 ili 95. Do 1s1 pref
_42
._ _4_2
._
50
43
42
42
42
42
42
3141
4112 42 •41
4512
100 Do 2d pref
50
44
44
*44
4512 1144
4512 *43
43
44
.
Mining
I
!Adventure Consondated___ 25
1.25 .50 *.26 .50 •.25 .50
•.15 .30 13.25 .50 *.26 .50 '
IAlitomab Mining
25
.20 ".20 .30
95 Arcadian Consolidated__ 25
112 1.4 1%1 *114
112 14 1.4 11114
112
1 i(a 1 %1
395 Arizona Commercial
5
10 1 10
1110
1012 1014 1014
1014 1018 1018
1014
545 Bingham Mines.
10
8 2912 2912
3112 3112 •3012 3112 3034 3034 3078 307s 3018 30,
25
13
13 1 13
134 1312 2,772 Calumet & Beefs
1318 134 127 1312 13
1318 13
,Carson 11111 Gold
1
•.10 .25 •.15 .25 11.15 .25: •.15 .25 ".15 .25 13.15 '
25
928 Copper Range Co
217s 2234 22
2212 2218 2238' 22
224 2112 2112 2112 2158
s.04
_--_
____
II/at/la
Daly
Copper
I
•.03 .07 •.04 .07 *.04 .071 ".04 .07 ".04 .07
East Butte Conner Mining. 10
*312 4
*312 4
*312 4
*312 4
*3
312
*312 4
25
1 *a.50
1
*3.50
1 *3.50
1
.50 .60
.95 .95 *a.60
1ki,141,u1, Consolidated__ 25
13ralli1c
9
15
21
.75 .75 '.1 .75
1
114
1
'
1.75
114 '1.75
114 *.75
.1.75
1
155 Hardy Coal Co
18
•1734 19
*1734 19 1 *1734 1812 1812 1834 18
.1734 19
100 Helvetia
25
113 112 •112 2
2
112
112 •112 2
•112 2
'1
1
101 Island Creek Coal
12534 126
125 125 1 126 126
12514 12512
123 123 .123 125
I
411 Do pref
98
*9412 96 •__ _ _ 95 '94
96
95
95
9512 *95
96
25
245 Isle Royal Copper
12
12
12
12
12
12
v1112 1212 *1112 1212 *1112 13
15 Kerr Lake
5
138
134
134 "138
138 *138 134 •I38
•132 134' •13/3 134
25
15 Keweenaw Copper
".75
1
1
.75 .75
1
•.75
1 1 •.75
1
13.75
•.75
25
1 1lake Copper Co
•14
1
1
1
1
134
*114
134 *114
134 •14 134
la
Salle
Copper.
100
25
13
4
*118
•1
•112
18
114
13
4
•114
114
11
1.12
13
4
134
114
112
100 Mason Valley Mine
•138 134
5
112 *114
112 •114 112 •114
138 132 •14
25
100 Maas Consolidated
.60 .60 •.60 .80 •.60 .80 '.60 .80
•.60 .80 *.50 .80
4481 134nynower-Old Colony.... 25
1
1
118
14
114 14
114 *114
14
114
114
14
575 Mohawk
25
292812 2812 22712 2712
2912 2918 2912 29
3812 29
21)
885'New Cornelia Copper
5
1912 1912 1914 1912 1934 1934 1912 1934
1934 1934 1958 20
New
Dominion
600
Copper
.21
*.20
.30
•:20
.30
•.20 .30
.21
.20 .20
New River Company
100
26 *.___
28 *-_-_-_-_ -2-8-26 •____ 28
_
Do pref
100
*42
58
•40
58
*42
58
*40
58
58 .
58 •48
40
690 Nits:wing Mines
54 538
5
6.
6
534 572
534 54
534 534
512 558
)jour:whay
N
Butm
teining
44 124
5(
5
17
38
15
14
1
132
112
112 •13i3
112 112
112
112 112
25
1
11.50 .90
.55 .55 ".51 .90 *.51 .90
220 old Dominion Co
19
25
19
2.
0
*1.9
20 1 *19
20
19
1914 .1914 20 •19
25 Park City Mining & Smelt_ 5
•412 478
412 412 "412 478 *412 478 *412 472
413 412
/00 Pd Crk Pocahontas Co-No par
•1134 1214 •1134 13
1212 1212 1212' "1134 1212 •1134 1212
*12
530 Winer
25
21
2212 224 23
2118 2118
2212 2234 21
510 St Mary's Mineral Land_- 25
3134 32
32
3212 32
*3012 32
3112 U121
32
300
10
•.55 .65 •.55 .70 '11.55 .75 •.55 .75 ".55 .75
.50 .70
Sihrt h911./4
9 ite
25
•.25 .75 *.25 .75 '.25 .75 11.25 .75 13.25 .75 *.25 .75
Superior
25
- -.-7-5 -77.5
io surwrior & Boston Copper_ 10
-;!9-8 1
'.98 --I-.v.-9-8
614 638 64 63s 618 614 61,2 614 818 64 64 632 2,845,Utah-Apex Mining
1
.55 .55
.59 .60 2,200Illtah Metal & Tunnel
.50.50
.55 .60
.50 .80
.50 .55
50 Victoria
25
•.35
. 9 .60
.60
.40 .40 •38 .60 11.40 .60 41.4
3751 Winona
.18
25
..15 .25
.15 .15
.15 .15 •.15 .25 •.15 .25
Wyandot
25
•.10 .25 •.10 .25 •.10 .'
• 10
25 '.10 .25 •.10 .25
iia-
374
__'115
Es Us
.60 ..35
•Bid and naked prices; no sales On this day.
I Ex-rIghts. b Ex-div. and rights. a Ex-div.
Ex-atooR dl,
Range for Year 1925.
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
156 Feb18
7514 Mar 17
92 Jan 18
109 Mar 31
94 Mar 20
10 Apr 17
1112 Apr 24
17 Apr 27
29 Apr 27
25 Apr 25
3512 Apr 25
167 Feb 26
32 Jan 20
65 Feb 2
57 Jan 23
41 Jan 27
25 Mar 28
28 Mar 30
70 Feb 18
100 Jan 13
98 Jan 2
4514May 1
87 Feb 24
16434 Jan 7
86 Jan 2
97 Jan 3
11412 Jan 16
102 Jan 9
204 Feb 26
20 Feb 25
30 Feb 26
40 Mar 4
38 Feo 25
55 Feb 26
172 Jan 16
39 Feb II
71 Apr 3
6212 Jan 12
48 Mar 10
3712 Jan 29
3614 Feb25
74 Apr 9
110 Mar 10
105 Mar 12
6312 Jan 2
93 Jan 16
14578 Mar
7134 Aug
874 Dec
107 Dec
92 Sept
84 Jan
12
Jan
13 June
1712 Jan
16 Feb
23 Jan
Jan
43
18 May
584 Jan
48 May
28 May
25 June
14
Jan
62
Jan
80
Jan
7212 Jan
34 Mar
70
Jan
164 Deo
85 Deo
9614 May
11614 Jan
10114 Dee
2514 Nov
21378 Nov
37N Nov
48 Nov
41 Nov
62 Nov
172 Nov
384 Dec
71 Dee
6112 Nov
4614 Dee
371 Apr
334 Dee
81 Nov
108 Nov
98 Nov
64 Nov
03N Nov
212Mar 25
414 Jan 7
1612 Mar 25 194 Jan 7
130
,
4 Jan 2 13678 Apr 30
6134 Apr 30 77 Jan 13
71 Mar I 1
76 Jan 15
14 Jan 18 15 Feb 25
978 Jan 6 13 Apr 24
103 Jan 17 10734 Apr 13
2314 Apr 2
35 Feb 13
414 Dec
1 Nov
12
Jan 2014 Dee
121 June 13412 Dec
Jan
5712 Oct 83
69
Oct
79 Aug
16 Feb
13 Aug
6 June 1014 Jan
100 Dec 108 July
20
818 m
Jaany
8
20
818 D
irle
ec
e
2412 May 35 Sent
112 Apr30
3 Jan 2
312 Apr II
634 Jan 24
42 Mar 9 65 Felt 13
35 Jan 15 3712 Jan 22
89 Jan 3 93 Feb 28
200 Jan 6 20714 Apr 21
314 Feb 2
512 Mar 16
3234 Apr 25 38 Jan 7
4 Jan 8 16 Apr 4
11334 Feb 27 11514 Feb 27
7812 Apr 15 7914 Feb 27
5753 Jan 2 7012 Apr 18
1112 Apr 24
1514 Jan 24
5212 Mar 26 584 Jan 9
5213 Jan 5 6214 Apr30
2 Jan 3
.35 Apr I
5 Apr 29 1012 Jan 9
84
Feb
te
2 Sj
eapnt 93
9111 D
4
84 Feb
Oct
38
Jan 551 Mar
3418 Jan 40 Feb
8513 Jan 93 Mar
18312 Jan 20413 Des
24 Jan
5 Dee
13
Jan 41 113*o
334 Sept
64 Jan
11314 Mar 11812 Sept
79 Aug 80
Jan
5512 Oct 5812 Oct
1218 Nov
1572 Jan
46 Mar 60 Dee
41
Apr 59 Nov
.10 Feb
3 Dec
.25 Feb 14 Deo
8214 Jan 6 92 Apr 14
614 Apr 16
1:138 Jan 7
70 Mar 18 7014 Mar 2
1113 Feb 17
1374 Jan 5
68 Feb 3 75 Mar 6
6312 Jan 9 6712 Feb 14
167 Jan 7 186 Mar 5
812 Apr 4 IAN Ian 15
36 Jan 2 4IN A pr 22
93 Apr 21
8712 Jan
4 Apr 22
634 Jan 13
17s Jan 8
20 Feb 9
812 Jan 8
534 Ago 7
99 Apr 21 10778 Mar 6
19 Slur 18 2534 Jan 113
2534 Jun 16 29 Mar 3
55 Apr 14 8112 Jan 13
154 Felt 24 18 Apr 3
234 Jan 8
214 Apr 9
10914 Apr 22 120 Feb 6
4512 Apr 1:3 61 Jan 14
712 Jan 23
7 Mar 4
41 14 Mar 19 45 Felt 14
2612 Jun 13 28 Jan 16
1912 Jan 3 25 Feb 24
1534 Mar 15 1934 Jan 3
8 Jan 6 lale Apr 29
174 Jan 3 29 Apr 28
65 Jan 6 7602 Apr I
2034 Jan 3
17 Mar II
37 Jan 2 48 Star 6
3758 Jan 10 43 Feb 7
4012 Jan 17 46 Mar 2
80
Jan 8812 Deo
4 June
8N Deo
70
Jan 71 Nov
9 Mar 13 Dee
66 Nov 81
Feb
62 June 70
Jan
150
Apr 172 Dec
614 Jan 173 Feb
19 Feb 3814 Deo
80
Jan 90 Sept
2 Apr
532 Nov
.50 Dec
512 Apr
8 Dec 31 14 Mar
98 Dee 11512 Jan
214 Der 2218 Dec
14
Jan 2812 Deo
6918 Oct 87 Feb
1134 Jan 17 July
253 May
3 Jan
10
Oct 40 Feb
100 June 118 Deo
354 June 52 Deo
5 Dec 10 Feb
34
Jan 438 Deo
2458 Feb 2814 Nov
1914 Oct 27 Jan
1374 A pr 20 Nov
64 Jan
1012 Feb
14 June 234 Feb
624 11e(
73 Feb
154 June 22 Feb
Me Jan 3934 Nov
348 510 41
Jan
38 Mar 42 Jan
15 Feb18 25 Jan 28
10 MnI 3 25 Jan 2
3 Jan 10
1 Is Mar 24
912 Mar 28 1538 Feb 8
213 Apr 2 3614 Feb II
1253 A pr 22 1872 Jan 2
70 Jan 5
30 Situ I I
201s Apr 22 33 Jan 10
04 Mar 4 .78 Feb 6
614 Jan 2
312 Mar 25
40 Jan 7
138 Jan 24
.75 Apr 8
1 14 Feb 6
1734 Apr 22 23 Jan 24
112 Jan 6
312 Fell 6
121 Ma r28 140 Feb 5
95 Apr 25 9334 Mar 9
•978 Apr 22 204 Jan 7
IN Apr 4 v.,. teb 4
.75 Jan 29
114 Jan 10
1 April
3 Jan 2
234 Jan 10
1 14 Alm 27
138 Apr 23
234 Jan 13
.50 Apr 6
1 14 Jan 2
1 Apr 4
3 Jan 2
257a Apr 21
41 Jan 13
18 Mar 30 26 Jim 2
20 Apr 2 RA Felt 18
25 Apr 2 25 Apr 2
54 Jan 12 60 Jan 3
512 Apr 30
634 Jan IP
I Mar 17
314 Jan 14
35 Apr"12
llg Jan 11
1814 Apr 22 27 Jan III
412 Apr27
512 Felt 19
19t Apr 1
1412 Jae 24
19 Apr 22 3912 Jan 10
2812 Apr 21 48 Jan 12
.50 May 1
112 Jan 9
.18 Dee .81 Deo
.10 June .25 Deo
5 June
34 Dee
8
Jan
16 Dee
14 June 3132 Dee
1358 may 1972 Jan
37 Nov
3 Feb
1812 June 3332 Dee
.30 Dee .70 Mar
314 July
672 Dee
.40 May
1
Jan
30
Oct
2
Jan
1912 Dec 2812 Jail
.30 May
234 Deo
9414 Apr 142 Nov
90 June 100 Sept
12 June 2212 Deo
24 Feb
1 12 Mar
.50
Jan
114 Nov
.90
Apr
314 Deo
.70 June
3 Deo
114 Oct
234 Deo
50
Jan
134 Aug
80 Apr
5 July
2312 June 41 Dee
164 Jan 25N Dec
234 Apr
40 Dee
35 Jump 40 Mar
5712 Dec 75 Mar
61 Dec
534 Jan
632 July
172 Oct
40 June
1 Noy
15
Jan 2812 Deo
518 Feb
312 Jun
1034 ililY
1512 July
14 June 3434 Dec
26 JlIne 49 Des
30
Apr • 14 Sept
2 Jan 3
.75 May 1
378 Jan 2
.43 Jan 43
35 Apr 16
10 Mar 3
05 Apr 14
914
9 jJualn
y .72
9
20
25 Aug
218
378
178 June
14 June .70
15
Apr
1
.13 Feb .71
.10_ July .25
20 Jan 26
2814 Jan 30
214 Jan 27
2 Jan 5
811, J35 23
98 Jan 29
114 Jan 31
48 Jan 7
21 Feb 11
I Assessment paid.
• Price on new basis
i
D
%
Dee
Dec
July
Aug
July
July
MAY 21925.1
THE CHRONTCLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bend prices are sea 'merest- except where marked "L"
1
Bonds-
Atl Gulf & W I SS L 5s 1959
684
E Mass St RR ser A 44848
70
Series B 5s
1948 7534 75
6s
1925-1929
994
Series D (is
1948
87
Hood Rubber 7s
1936 10334 103
K C CI & Spr tat 5s 1925
9914
K C Mem & B 4s
1934
92)4
Mass Gas 444s
1929
9844
434s
1931 954 9534
Miss River Power 5s..1951 9934 9834
New England Tel 58_ _1932
1004
Swift & Co 5s
1944 9914 9844
Western Tel & Tel 55_1932 9934 9934
Wirkwirr-Snenerr St 7s '35 RR
fiR
Range Since Jan. 1.
Low.
High.
684
70
75%
994
87
1034
994
92)4
984
9534
994
51.000 63
Jan 7044
2000,
64
Jan 72
5,600 70
Jan 78
200 99
Mar 100
2000.
8034 Jan 8834
16.000 1014 Jan 103%
1.000 9844 Jan 100
6.000 91
Apr 924
11,000 9734 Feb 9844
3.000 9444 Jan 964
17.700 9634 Jan 9934
tot 10.000 994 Jan 101
994 28.500 974 Jan 994
100
3.000 9934 Jan 10014
fiR
4.000 fiR
May 701-i
Mar
Feb
Mar
Apr
Feb
May
Mar
Jan
Mar
Jan
Apr
Jan
Feb
Feb
Mar
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Apr:1 25 to May 1, both inclusive, compiled from official lists:
Stocks-
Frittay
sales
Las Week's Range for
Sale
ofPrices.
Week
Par Price Low. High. Shares.
Amer Wholaiale pref.. 100
A rmst rong-Cator 83; p110))
Arundel Cori/01%1110n ____ 50
Atlan Caast L(Conn). .60
Baltimore Trust Co
50
Benesch (I) preferred.. _25
Czntral Teresa Sug Ord-10
Ches & Po Tel of Balt_ _100
Commercial Credit
•
Preferred
25
Preferred B
25
Consol Gas, E L & Pow_.•
634% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal
100
Eastern Rolling Mill
•
8% preferred
100
Equitable Trust Co
25
Fidelity & Deposit
50
Ho -aton 011 prof ctfs_ _100
Mfrs' Finance Ist pref
25
211 preferred
25
Trust preferred
23
Maryland Casualty Co._25
Merch & Min Tr Co_..100
Monon Vail Trac pref.
...25
Mtge & Accept common. •
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Gas Co_10
Northern Central
50
Pena Water & Power_ __100
United Ry & Electric__ _50
_50
U S Fidelity & Guar
Wash Bait d: Annap_ _50
Preferred
50
West Md Dairy, Inc, p1_50
40
23
119
11174
23)4
35
110%
124
38%
103
113
94
80
23
944
1044
634
4414
131
16
BondsAlabama Co gen 6e_ _ _1933
Commercial Credit 68_1934
Consolidated Gas 5s_ _1939
1954
General 4 448
Consol G. E L & P 448.35
1952 .
Series E 5348
1949
Series A 65
Consol Coal ref 43413. _1934
Elkhorn Coal Corp (35_1925 9744
Fairmont Coal 5s
1931 98
Ga South & Fla 5s. ..1945
Lexington (KY) St 5s_1949
Norf & Ports Trac 5s_ _1936
Penn Water & Pow 55_1940
Potomac Valley 1st 50_1941
Ral & Augusta 1st6s 1926
United EL & P 440_1929 9844
United Ry & E 4s_ _ __1949 69
1949 494
Income 48
1936
Funding 58
1927
68
1949 94
65
Va.Mid 5th series 58 .1926
Wash Balt & Annan 581941
9544 96
40
40
2234 234
164 164
119 120
2614 263-4
14 I%
11154 11134
23
23-4
24)4
24
25
25(4
344 .35
1064 10544
11034 11034
12334 124
3834 4434
103 103
113 113
53
53
9314 94
80
80
24
24
23
23
22)4 224
9134 9434
131
132
214 214
15
153
:
1044 1034
6334
62
44
44'4
78% 7834
1294 131
154 164
191 191
6
6
12
12
52
52
100 100
984 98%
10044 1004
9444 9434
964 9634
10:3 103
10734 10714
92
9234
974 9734
974 98
9714 97%
9244 924
944 9434
10034 10034
100% 10034
10044 1004
98.4 984
69
69
49
4944
70
69
984 9834
9314 94
1
100)4
5/3
58(4
0034
...N4044.M0t..N..MCC.......
...,
NN. .
..
N
Friaay
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High . Week.
N
No par value. 0 Basis. d Purchaser also pays accrued dividend.
•Per-share.
/New stock. f Flat price. I Last dale. It Nominal. z Ex-dIvIdend
r elx-r guts.
oEx-stockelividend
I dele urea. r Cauadisu quotatioa.
Ex-interest.
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange April 25 to May 1, both inclusive.
N
Standard OH Stocks Par Bid. Ask. 1
Railroad Equipments Pere). Basis
Anglo-American 011 new_LI *247s 25
Atlantic Coast Line (ie
5.25 5.00
Atlantic Refining
100 104 10412
Equipment 6445
5.00 4.75
Preferred
100 11612 11712 Baltimore & Ohio 6e
5.35 5.05
Scrymser
Co
Borne
100 200 1210
Equipment 434e & Es____ 5.00 4.80
Buckeye Pipe Line Co
50 *593 60 Buff Roeh di Pitts equip 13e. 5.00 4.75
Chesebrough Mfg new.. 25 *6412 66 Canadian Pacific 44e & f3s_ 5.05 4.80
Preferred
100 113 115 Central RR of N J 68
5.25 5.00
Continental Oil new.... 25 *2478 25 Chesapeake & Ohio 13e
5.30 5.115
Rights
*83c 85c
Equipment 644s
5.10 4.85
Crescent Pipe Line Co.. 50 *1012 1112
Equipment 5e
5.00 4.75
Cumberland Pipe Line...100 143 14412 Chicago Burl & Quincy 6s
5.25 5.00
Eureka Pipe Line Co....100 7712 78 Chicago & Eastern III 5448.. 4.50 4.10
Galena Signal 011 cora _ _100 53
55 Chicago dt North West 6s
5.35 5 05
Preferred old
100 112 113
Equipment 6 4s
5.15 4.90
Preferred new
100 1111 14 104 Chic RI & Pat 4 As &(58.-- 5.15 4.90
Humble 011 de Ref new.. 25 *4914 4912
Equipment 68
5.55 5.25
Illinois Pipe Line
100 14312 144 Colorado & Southern M._ 5.45 5.20
Imperial 011
25 *14312 144
Delaware & Hudson 6e
5.25 5.00
New when issued
Erie 4448 & 58
1 *2934 30
5.35 5.05
Indiana Pipe Line Co.__ 50 *71
72
Equipment 68
5.50 5.20
International Petroleum_(I) *2334 24 Great Northern 6s
5.31 5.10
Magnolia Petroleum...A(10 135 136
Equipment 55
5.00 4.75
National Transit Co...12 50 *22
2378 Hocking Valley 56
505 4.80
New York Transit Co__ _1181 6412 65
Equipment fie
5.40 4 Rn
Northern Pipe Line Co..101) 8212 84
Illinois Central 440 & 53„ 4.95 4.70
Ohio Oil new
25 *64
6412
Equipment 65
5.25 5(10
Penn Mex Fuel Co
25 *31
38
Equipment 79 & 6 Sis____ 5.05 4.89
Prairie 011 d: Cat. new... 25 *5412 55
Kanawha & Michigan 6s___ 5.45 5.20
Prairie Pipe Line new...1)1)) 11812 119
Equipment 414e
5.20 5.00
Solar Refining
100 212 215 Kansas City Southern 54412. 5.35 5.05
Southern Pipe Line Co..100 8138 82
Louisville & Nashville 68...... 5.25 5.00
South Penn 011
100 168 169
Equipment6 4s
5.00 4 75
Southwest Pa Pipe Lines 100 •67
711
Miehlean Central 55 & M.__ 5.20 4.95
Standard 011 (California) 25 •584. 5878 Minn St PASS M 4348 A 5s 5.30 5.00
Standard 011 (Indiana)._ 25 *63
6318
Equipment 6(4s & 78_ _ _ _ 6.35 5.00
Standard 011 (Kansas)._ 25 *3012 31
Misermr1 Kansas & Texas 68 5.65 5.35
Standard 011 (Kew neky) 25 *11734 118
Missouri Pealfie its A ii 348
5.65 5.25
Standard 011 (Nebraska) 100 240 245
Mobile A Ohio 44s &
6.00 4811
Standard 011 01 New Jer. 25 *41 12 4134 New York Central 444s58
& 58 4.90 4.70
Preferred
100 11738 118
Equipment 68
5.25 5.00
Standard On of New York 25 •4238 4234
Equipment 7s
5.105 4 85
Standard Oil (Ohio)....100 345 350
Norfolk & Western 444e
4.80 4.60
Preferred
100 118 ,120
Northern Pacific 7s
5.15 4.911
Swan & Finch
100 17 ' 1712 Pacific Fruit Express 7s.... 5.10 4.90
Union Tank Car Co
1(10 12212 12312 Pennsylvania RR eq Ni & 6s 4.90 4 75
Preferred
100 11612 11712 Pitts & Lake Erie 64e
6 10 4.90
Vacuum 011 new
25 *8514 86
Equipment Os
5.611 5.20
Washington 011
10 •30
35
Reading CO 4 .48 & fie
4.75 4 50
Other 011 Stocks
Si LOOM & San Francisco 58. 5.15 4.90
Atlantic lobos 011
Seaboard Air Line 5 48 h RS_ 5.511 5.25
Preferred
(t
)
e :1;1"
4 Southern Pacific
Co 4348._ 4.85 I 50
Omit 011 new
25 •36
42
500 4 85
Equipment 719
Mountain Producers.... 10 .64
65 Soil hern Ry 444e & 58
5.05 4.80
Mexican Eagle 4111
5 *334 434
Equipment Os
5.411 5 10
National Feel (Ine
100 III 114 Toledo A Ohio Central 68___ 5.35 5 10
Salt Creek CO11,1011
Iii •738 712 Union Pacific 7s
5.00 4.80
Bait Creek Produeere___ 10 *2578 26
Public 41111181es
Tobacco Stocks
Amer Gas & Elee new
Ili *81
83
A merieett Cigar common 100 74
76
6% pref2014(V
new
*8612 8712
Preferred
99
100 97
Deb fie
MAN
9614 9714 Amer 51nehine & FrIry 100 165 185
Amer Light & Tree corn. 100 151 153
Brit inh.A mer Tobac ord. LI .2734 2812
Preferred
100 9512 96
Bearer
tI *2712 2814
AMe• Power & Lt common
59
60
Imperial Tob of0 B & Byrd 2338 24
Preferred
100 8712 89 Int Cigar Machinery. -100 75
80
Deb (is 2016
M&S 95
06 Johnatin Tin Foll & Met..100 65
Amer Public URI rom___101) 74
NI tie A rid rews & Forbes_ _100 1.55 157
7% prior preferred.__ _100 87 -91
Preferred
100 100 103
4% partic pref
100 77
Mengel Co
44
100 42
Associated Gas & El pf..(:) 52
54
Pomo Rican-Amer Tob_ _100 40
45
Secured gold 6 4s'54 .I&J 102 194
Unlvereal Leaf Tob corn 100 39
42
Blackstone VaIG&E corn 50 *79
81
Preferred
91
100 89
Carolina Pow & Lt te)m._. 340 345 Young (.I 14) Co
In)) 127 132
Cities Service Co corn...100 179
Preferred
100 103 106
New stock
20 *3534 -3-1C14
Preferred
100 8212 82% Rubber Stocks (Cleveland)
Preferred B
10 •738 77s Am Tire & Rub coca
10
Preferred B-11
100 *7714 7734
Preferred
30
Cities Serviee Banker(Shares •1778
_
Flrestone Tire & Rub corn 10 *114 115
Colorado Power common 100 3312 15
6% preferred
100 9812 99
Preferred
100 93
7% preferred
100 9614 987s
Com'w1th Pow Corp com(I) •117 118 General Tire& Rub corn. 50 *230 249
Preferred
100 81
8134
Preferred
100 101
Klee Bond & Share pref.
.100 101 103 Goodyear Tire & R corn.100 3134 3214
Elec Bond & Sh Occur
_59 60 Gore-1v%. T & R of Can p1100 93
Ry
Mee
Securities
14
(U •12
Mason Tire & Rub corn.(f) *234 314
Lehigh Power SeeitHtles_(:) *106 108
Preferred
22
100 18
Mississippi Itiv Pow eoni 100 40
42
Mtller Rubber
100 120 125
Preferred
100 90
93
Preferred
100 102 104
First Mtge 5s 1951 ....LW 99 100
Mohawk Rubber
100 30
35
SF g deb 7s 1935 .MAN 102
_
Preferred.
68
75
Nat Power & Lt
*279 in- - Seiherling Tire & Rubber (I) *21
22
Preferred
WI *98
99
Preferred
100 100 103
Income 7e 1972
J&J 9812 100 Swinehart Tire & R corn.11)0 ---North States Pow corn..11)0 108 109
Preferred
100 ---Preferred
100 96
98
Nor Texas Elee Co com_1001 40
45
Sugar Stocks
Preferred
109, 64
69 Caracas Sugar
50 *312 412
Pacific Gas & El ist pref.1(101 95
96 Cent Aguirre Sugar corn. 20 *81
83
Power Securities eom__.(() *8
13
Pained() Sugar
113 115
100
Second preferred
(I1 •25
Federal Sugar Ref corn. 100 46
29
51
Coll trust Os 1919....JAD *89
02
Preferred
100 80
90
Incomes June 1949..FAA - *71
74 Godehaux Sugar, Ine_. (1) ee
8
Puget Sound Pow & Lt....100 60
52
Preferred
100 42
46
6% preferred
Ion 83
Hotly Sugar Corp coin..f
86
*36
7% preferred
100 104 107
Preferred
100 95
lot & ref 534s 1949....1&11, 99
9912 Juntas Central &leer...100 90 125
Republic Ry & Light... 1111)' 52
54
National Sugar Renning.100 100 102
Preferred
100 7712 7812 New N bittern Sugar._ ..1110 86
90
130Uth Calif Edison com_ lee 107 108 Slants Cecilia Slug Corp p1100
113 3
8% preferred
100 118
Savannah Sugar corn....0)•100 103
Standard °AEI 7% pr pi 100 96 -66Preferred
100 99 102
Tennessee Rice Power...0) *5812 5912 Snail r Est ales Oriente p1.100
90
95
Second preferred
(I) *76
77
With warrants
98 100
Western Power Corp _100 32
34
Preferred
100 8912 0012 IndustrIal&MIseell
West allesourl Pr 7% pfr ._ 90
92
A merlean (lord Ware-...100 8712 89
Short Term Securities
lialo•ork h Wileox
100 1'32 134
Anaconda Cop Miii tis
10:118 10'312 Illim (E W) Co new
(21 •16
17
9.313
Federal Sue Ref 41* 31 MAN 93
Preferred,
so *52 58
Hocking Valley 5s 1926 Wire) 10012 101373 .....den Company com (4)•144
146
K C Term Ity 6)4,31 Pt.1 101
Preferred
100 108 110
.. 1926 10112 111-7-e Celland Company
le 614s
1011 25
35
Lehigh Pow Sec 6s '27.FAA 10138 10134
Preferred
100 82
85
Sloss-Sheff Ski fle '25 FAA 10112 102 Childs Company pref.__.100 114
116
US Rubber 7 Sip 1930. FAA 10512 106
I lerettles Powder
100 104 107
Joint Stk Lend RA Bonds
Preferred
100 10612 10812
Chic Jt 8th IA Ilk 58..1951 10214 10314 International Silver peel.100 107 110
10214 10314 ',high Valley Coal Sales 50 •79
res 1952 opt 1932
81
10212 11)4
58 1963 opt 1933
helm Dodge Corp
100 102
6341311)51 opt 1931
10412 10512 Royal Baking Pow corn 100 141 108
14.5
101 12 10214
445 1952 opt 1932.
1-referred
1110 101 103
100 1 101
yis 1952 opt 11132
Singer Manufacturing-100 240 243
10034 10112
434s 1964 not 11131
10112 10214
444e 1063 opt 1933
Pm Coast of Portland.(ire .
J&J 1C238 10378
651964 opt 1934
2253
Range Since Jan. 1.
Low.
924
36
2044
160
111(4
264
1(4
11014
2234
24
2444
32
105
109
122
383(
103
III
52
89
78
24
22)4
2244
8244
115
2014
1334
944
5,5
424
7544
1261-4
1534
179
544
12
5144
High.
Jan 9844
Apr 57
Mar 24
Jan 170
Feb 121
Feb 26%
2
Jan
Jan 1124
Mar 26
Apr 2514
Apr 264
Jan 3544
Apt 10734
Mar 111
Mar 125
May 72
Apr 115
Apr 120
Jauu 54
Jan 95
Apr 97
Feb25
Apr 2444
Apr 24
Apr 9444
Jan 136
Jan
2234
Jan 154
Apr 15
Mar 66
Jan 45
Jan 784
Jan 133
19%
Apr
Jan 1984
84
Apr
Apr 1944
Mar 5344
9944 Jan
984 Apr
Jan
924 Jan
9334 Mar
102 1
Jan
10434 Jan
Apr
92
9734 Apr
96)4 Apr
9734 Mar
92
Jan
92
Jan
Jan
100
10034 Apr
10054 Mar
9834 Jan
6844 Apr
49
Apr
69
Apr
984 Apr
Apr
93
994 Jan
58
Apr
too
4
101
9934
100)4
9434
9734
103
10734
98
100
9834
98
93
9434
1004
100%
10044
9834
7034
5244
74
9934
964
1004
6644
Mar
Jan
Apr
Mar
Apr
Apr
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Mat
Mar
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Feb
Feb
May
Mar
Jan
Mar
Jan
Jan
Feb
Apr
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jam
Jan
Pet
Mal
AM
Api
Pet
Jam
Jar
Jam
mu
Api
Fet
Api
Apt
Jar
Jar
Jar
Jai
Jar
Jar
Jar
Fel
• No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, April 25 to May 1, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks-Par.Price. Low. High. Shares
Alliance Insurance
10
Amer Eiez Power prof.__100
American Gas of N J-100
10
American Milling
American Stores
•
Bell Tel Co of Pa prof
100
Brill (J G) Co prof
Buff&Susq Corp pf v t c 100
50
Cambria Iron
•
Congoleum Co Inc
East Shore G&E 8% pf_25
100
Ei3enlohr (Otto)
Electric Storage Batt'y_100
50
Fire Association
Giant Portland Cement_50
50
Preferred
Insurance Cool N A_ - __10
Rects full paid
Lake Superior Corp_ _ __100
50
Lehigh Navigation
10
Lit Brothers
At inehill dr Schuyl Hay 50
50
Northern Central
so
Pennsylvania RR
Pennsylvania Salt Mfg._50
50
Phila City Pass Ry
Philadelphia Co (Pitts)_60
Prefe••ed (cumul 6%)_50
Phila I le itric of Pa-25
25
Preferred
158
5334
274
31
55
524
89
2244
794
71
384
374
4934 4914
10044 10034
15434 158
1114 1141
5334 544
10934 1094
100 100
50
50
394 3934
264 274
26
26
31
31
62% 63
274 274
31
31
52
52
5234 55
51
5234
4
444
88
904
224 2244
5144 5144
7934 7944
4334 444
71
72
102 102
553( 5514
4134 4634
3734 38%
3734 3734
Range Since Jan. 1.
Low.
10 37%
12 96
546 135
100 1014
5,955 4534
213 1074
35 96
6 50
76 38
130 264
10 25
50 30
60 6134
20 227
58 17Si
10 46
574 464
1,390 494
4
687
875 8034
703 22
51
35 764
3,469 42%
345 71
24 102
100 524
25 45
4,130 374
36 374
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Apr
Mar
Apr
Feb
Apr
Apr
Jan
Jan
Jan
Feb
Apr
Apr
Mar
Apr
Jan
Feb
Apr
Mar
Apr
Mar
Apr
Apr
Apr
High.
50
10444
21744
12
57%
110
100
53
40
41
414
26
Mar
Apr
Mar
Feb
Mar
Mar
Feb
Jan
Jan
Feb
Feb
7034
280
3234
52
70
54
734
100
2334
79
5234
x
Feb
Mar
Apt
Apr
Jan
Mar
Feb
Jan
Jan
Fob
May
48% Jan
8534 Jan
Apr
102
5744 Jan
/
4Feb
4ar
47
534 11
Feb
45
8634
9834
10034
10154
108
10034
89
9234
155 155
6254 8255
59
59
8655 87
17
17
9855
98
6534 6534
9515 9535
100 10034
10134 10134
10415 105%
10515 106
10734 10734
10034 10051
9334 9334
Low.
4634
40
57
' 15
3534
7411
98
34
I%
3934
7955
5834
27
4
6
36
3534
o o
47
46
59
15
3535
7834
9734
34
2611
3974
8734
9734
27
4
615
36
36
0000000000000000
0000000000000000
Bonds—
Amer Gas & Elea 55.... 2007
Amer Gas N J 75_ _ _ _ 1928
Elec & Peoples tr Mrs 45'45
Inter-State Rys coil 45'43
Keystone Tel 1st 58_ _1935
Lake Superior Corp 59 '24
Lehigh C&N cons 4558 '54
Peoples Pass tr ctts 45 1943
Phila Co cons & stpd 5s'51
1960
Phil& Electric 55
1966
1st 5s
1947
5548
1953
5558
1941
88
Phila & Reading Coal 5s'73
1937
York Rvs 1st Si
•No par value.
4614
4311
5834
15
3534
7734
9751
A
234
39%
8434
5734
27
4
6
36
38
o
ow o.
...00w.w.o.00w w
bbbb-cobin'obbln.'o
Phila Insulated Wire_ _ _ _• 4634
phila Rapid Transit_ _ _ _ 50 4451
Philadelphia Traction_50 59
50
Phil& & Western
50
Preferred
50
Reading Company
Scott Paper Co prof _ _100
Tono-Belmont Devel_ _ _ _1
1
Tonopah Mining
50 3936
Union Traction
50 87
United Gas Impt
50 5734
Preferred
United Rys, San Fran - - ______
Victory Park Land Imp _10
Warwick Iron & Steel_ _ _10
West Jersey & Seashore_50
York Railways pref____50 36
Range Since Jan. 1
.wco.0.4owm0Ww0mW.W
00000W=0500000.
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
87
136
60
5034
nyi
17
96
65
9314
99
10034
10334
10434
106
10051
92
May
Jan
Apr
Mar
Jan
Mar
Jan
Jan
Afar
Mar
Mar
Mar
Apr
Apr
Apr
Mar
Feb
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Jan
May
Jan
High.
5134 Jan
Mar
51
63% Mar
1834 Jan
Mar
37
Jan
82
Afar
98
15-18 Feb
255 Feb
Mar
44
9634 Mar
5835 Mar
Apr
27
Apr
4
734 Jan
Jan
40
3655 Jan
9234
215
65
60
87
23
9835
70
9534
100%
102
10534
106
10734
10034
9454
Apr
Mar
Mar
Apr
Apr
Feb
Jan
Jan
Mar
Apr
Jan
Apr
Jan
Mar
May
Mar
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange April 25 to May 1, both inclusive,
compiled from official sales lists:
W.00W,00.WWowo...a
ov.-40.t..0o.osenwoopen
moo
,
-,
o.
w.o.bln. Oomo
0.
.w
.o
.
o
W
.
to
.. ow
a.00O
o.lowim-4. .0..A. 'eo w .
72
73
16
17
44
4434
2934 2934
9151 9134
57
57
3934
39
613
6734
28
26
100 100
654 751
10134 toix
38
3834
89
88
9655 97
10234 103
134
135
3834
38
9934 9955
4334 4655
124 124
4
436
393.4 4055
2534 26
9034 9334
9354
93
1454 1534
gi
55
1934 20
5336 5554
117 11755
11834 11734
95
9534
10854 108%
9534 96
10334 105
5411 5754
16
1734
2455
24
4855
48
5151 52
8134 86
10934 110
25% 2834
4515 46
66
6754
351
3
4836 56
ssg 60
85
82
49
4934
151 15834
115% 11515
4.0
21
2154
91
92
50
50
9031 91
8554
84
20
2034
354 4
59
53
100 100
436 434
27
3734
26
2634
815 9
8636 88
8934 8934
51
%
354 4
30
3934
133 13355
454
4
3
3
954 931
11434 11455
9735 9855
234
2
95
9734
120 120
15
15
2055
20
2534 2634
3255 33
104 10455
13
12
5% 7
8 . 834
2835 2834
122 122%
29
29
106 10755
Movo'-.1.b.kn000.
All America Radio el A_ .5
Amer Pub Serv pref. __ _100
American Shipbteig. _100
Armour & Co(Del) pi_ _100 9054
100 8534
Armour & Co prat
Common class A•t c.25 2034
V
Armour Leather
Balaban & 1Catz•t a_ _ -.25 53
100 100
Preferred
' 455
Beaver Board•t e B.- —
Bendix Corp class A__ _ _10 3755
" 2634
Borg & Beck
9
Bridgeport Machine Co..'
Central III Pub Serv pref..' 88
Central Ind Power prat _100
Chic City & Con Ry pt sh_•
•
Preferred
Chicago Fuse Mfg Co_ _ _ _•
Commonw'th Edison_ _100 13334
434
Rights
20
Consumers Co
9%
•
Continental Motors
Crane Co, preferred__ _100
Cudahy Packing Co.. _ _100 9734
255
Daniel Boone Wool Alills 25
100
Deere & Co. pref
100
Diamond Match
Eddy Paper Corp (The). •
• 20
Elec Research Lab
5
Evans & Co, Inc. CI A
• 3255
Fair Co (The)
100 10454
Preferred
Foote Bros(G & M)co: 13
Gill Mfg Co
Godchaux Sugar
Coward Co (H W)
Great Lakes D & D..-100 122
Hammermill Paper Co_ _10
100
Preferred
Hibbard,Spencer.Bart25 73
lett & Co
10 16
Hupp Motor
" 4436
Hurley Machine Co
100
2934
Brick
Illinois
Illinois Nor Utilities pf _100
Indep Pneumatic Tool •
Kellogg Switchboard_ __ _25 39
25 67
Kraft Cheese Co
Kup'heimer & Co (B)Ine.5
100 100
Preferred
Libby,MeN&Libby,new.10
734
Lyon & Healy,Inc,pref _100 10134
McCord Radiator Mfg .9...•
Middle West Utilities_ - __.
100 9634
Preferred
Prior lien preferred_100 10234
I%
Rights
Midland Steel Products-' 3834
lien_100
prior
Util
Midland
Morgan Lithograph Co_ -• 4434
Nat Carbon, pref. new_100
434
10
National Leather
[Czar Corp con par A I w a 40
A•
CI
Car,
American
NOrth
Nor West UM prim pref 100
Dtnnibus pref A w I__ -100
15
Voting trust ars w I a_ _*
Philipsborn's, Ins. tr etf.._1 i 55
1934
--10
Co.
dr
Pick (Albert)
5 5355
Pines Winterfront A
• 11751
Pub Serv of Nor III
Pub Serv of Nor III____100 11754
100
Preferred
100
7% preferred
100
Quaker Oats Co
100 104
Preferred
Real Silk Hosiery Mills_10 5834
10 1734
Reo Motor
25 2434
Ryan Car Oo(The)
Standard Gas& Electrio_ -• 4615
50 52
Preferred
Stewart-Warn Elpeedom__• 65
100 10934
Swift & Co
15 2836
Swift International
25
Thompson (J R)
Union Carbide Jr Oarbon_* 8734
United Iron Works•t 0_50
United L & P oomol A w 1 a• 54
Common cl B is I a_ _ _ _* 60
Preferred cl A w I a_ ___• 8434
Preferred,c1 B w La__ •
2, 17.4
U.'S Gypsum
Preferred
w.
.
.o.
wOlWo r A.a•-o-4. *0
0. .o
—...,
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
. 000....4o..7.4050014.4...-..=
,
00.WWcAN0.0,.cn0WMC0Mmo.e0-100.1
po.p.m,w0cpc.w0Qo..4..-.W.00,
00..W0. 0.0,p0.0..000*00.00oco
,
00.0000.0
,
00...0..0c/...000000C.0c.00C.
Ov,
00v,
00....0.0.000c.c,
Stocks—
[VOL. 120.
T H t1 CHRONICLE
2254
Range Since Jan, 1.
Low.
High.
2034
89
49
90
84
1934
351
5011
95
415
24
2434
855
84
89
%
334
2834
13015
335
51
834
113
79
134
83
11534
15
15
2334
31%
104
12
4
3
2655
9434
29
105
Apr
Mar
Apr
Mar
Apr
Mar
Jan
Feb
Jan
May
Mar
Mar
Apr
Jan
Feb
Apr
Apr
Mar
Apr
Mar
Jan
Jan
Apr
Jan
Apr
Jan
Feb
Apr
Mar
Mar
Apr
Mar
Apr
Jan
Jan
Jan
Jan
Apr
Feb
3634
93%
60
9634
94
24
551
5534
100
7
36
2834
9
9155
92
136
955
3951
139
454
3
1034
118
10854
734
9754
122
25
3754
3034
3515
109%
1634
6
9
3034
129%
29
10754
Feb
Mar
Jan
Feb
Feb
Feb
Jan
Mar
Jan
Apr
Jan
Feb
Apr
Mar
Feb
Jan
Jan
Apr
Jan
Mar
Mar
Jan
Feb
Feb
Jan
Apr
Apr
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Apr
Apr
Apr
68
1455
4134
2934
85
50
39
35%
26
9834
655
99
3754
8215
9135
98
1%
3215
9834
42
120
4
37
2534
90
90
1434
• %
1915
5136
10755
108
92
10455
95
10254
48
1454
21
4034
50
5.534
10955
2534
45
65
%
4455
49
81
42
112
112
Jan
Mar
Mar
Apr
Jan
Apr
Apr
Jan
Feb
Mar
Apr
Mar
Apr
Feb
Jan
Jan
Apr
Jan
Apr
Mar
Feb
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Apr
Apr
Jan
Mar
Feb
Mar
Jan
Apr
Jan
Feb
Jan
7454
1955
56
3015
9231
70
48
70
2814
100
Feb
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Mar
Mar
Mar
Apr
Mar
Mar
Feb
Jan
Jan
Apr
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Mar
Feb
Feb
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Apr
Feb
Jan
AM
Jan
Feb
Mar
Apr
Jar
sg
10534
42
102%
98%
10314
154
42
10034
47
124
051
4154
29
95
9554
17%
I%
2314
74
118
11834
98
10734
400
105
7535
2255
33
47
5334
7731
12034
38
48
7336
5
56
60
8854
50
158%
116
Sales
Friday
Last Week's Range for
Week.
oi Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
United Paper Board_100
Linty Theatres Cone cl A_5
Utilities Pow & Lt el A_*
*
Vest Battery Corp
Wahl Co
*
Ward(Montgomery)&Co10
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)*
1854
4115
2515
14
1551
46%
11114
731
734
II%
4815
3434
4854
1855
42
26
14
1654
5034
111,31
8
8
12
49
35
4851
Bonds—
Chleago,City Ry 5s._1927
75
Chic City & Con Rys 5s 27 4634 4651
Chicago,Rys 45 Ser 13.1927
38
Commonw Edison 5s_1943 100
100
First 138
10934 tog
Swift & Co 1st 5 f g 5s _1944 9934 99
7551
4634
38
101
10934
9936
4115
28
1615
5034
714
12
4834
35
4855
Range Sines Jan. 1.
High.
Low.
220 1814 Apr 2234
750 3936 Mar 53
1,570 2234 Mar 28
Mar
110 14
Jan B54
900 15
Mar 5514
4,375 41
180 1111; Apr 123
5% Jan 1034
555
Jan 10
6
180
Apr 1434
225 11
1,255 4614 Jan 5254
830 3234 Feb 43
Mar 5515
1,845 48
Feb
Jan
Jan
Jan
a
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Apr 8474 Mar
611,000 74
Mar
Apr 63
21,000 46
Apr 4634 Mar
5,000 35
May 10915 Apr
14,000 100
1,000 10931 May 10934 May
Jan 9934 Apr
11,000 98
•No par value.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange April 25 to May 1, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
21
20
Am Vitrified Prod com_ _50
90
89
Am Wind Glass Mach_ _100 89
95
95
100
Preferred
112 112
Am Wind Glass Co pf _ _100
651
534 854
Arkansas Nat Gas corn_ _10
Carnegie Lead & Zinc_ _ _ _5
574
53.4 574
190 192
100
Colonial Trust
Duquesne Light pref_100 10736 107 10736
90
90
Exchange Nat Bank _ _ _100
234 331
50
Indep 13rewing com
8
50
734
Preferred
11255 113
Jones & Laughlin prat __25
3934
38
25 39
Lone Star Gas
1334 1334
Nat Fireproofing, com_50
50 33
Preferred
3274 3315
31% 32
25 32
Ohio Fuel Corp
13
13
1
Ohio Fuel Co
2951
Oklahoma Natural Gas_ _25 2934 29
255
2
234
Pittsburgh Brew, com50
735 8
734
50
Preferred
Pittsburgh Coal. pref..1008534 8555
5e
50
Sc
Pittsb & Aft Shasta Cop. _1
278 279
Pittsburgh Plate Gia.ss_100 279
220 220
Pittsburgh Trust Co _ _ _100
734 734
734
10
Salt Creek Con Oil
4c
40
1
San Toy Mining
93
92
Stand PI Glass pr prat
72
70
100
Preferred
Standard San Mfg com_ _25 10854 107 109
105 105
50
Superior Fire Ins
10
10
10
Tidal-Osage 011
14
15
25
U S Glass
West-house Air Brake...50 9934 9934 100
West Penn Ry pref—See N ote bel ow
Bonds—
Monon Itiv C C & C 6s'49
Waet Pon n Dam as
lost
109
109
OR t4
Aft 14
175
130
65
20
4,130
3,170
412
248
10
370
440
145
3,915
50
505
2,588
160
885
99
142
14
5,000
185
10
690
7,600
70
100
531
20
60
160
550
Range Since Jan. 1.
High.
Low.
1954
88
94
112
536
4
190
10536
89
tg
4
11155
32
1136
3134
31
12
26
134
6
8615
5o
257
220
755
4e
92
70
102
105
815
13
97
$1,000 10851
lone 0554
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jun
Jan
Apr
Mar
Jan
Mar
Mar
Apr
Apr
Jan
Jan
Feb
Feb
Apr
Apr
Feb
Apr
Jan
Apr
Apr
23
100
110
115
851
834
200
10754
90
351
734
114
40
1455
3534
3434
1651
3154
215
8
9954
90
295
220
9
80
98
79
138
1103.4
I334
2014
113
Jan
Mar
Feb
Jan
Feb
Mar
Feb
Apr
Apr
Apr
Apr
Mar
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Apr
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jam
Jan
Jan 109
Jan 99
Apr
Arm
Note.—Sold last week and not reported: 10 West Penn Ry. pref. at 89.
•No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange April 25 to May 1, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Las Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Par.
Bank Stocks—
100
Boatmen's Bank
First National Bank _ _ _100 208
Merchants-Laclede Nat 100
Nat Bank of Commerce 100
144 144
208 20955
268 268
14714 148
Trust Company Stocks
Mississippi Valley Trust100
3)8
Mining Stocks—
Granite Pi-Metallic
_10
398
25c
32c
Miscellaneous Stocks— I
47
47
American Credit Indem.25
21
21
•
Berry Motor
41
40
•
Boyd-Welsh Shoe
99
100
Brown Shoe pref
3834 3854
•
13ruce E L com
93% 9334
Certain-teed Prod 181 pf100
2834 2634
Chicago Ry Equip pf__25
2436
24
Ely & Walker D G com_25 24
3531 3534
•
Fulton Iron Works
100 100
100
Preferred
3834 42
Huasmann Refr corn- _ _ _• 42
3155 32
•
Huttig S & D
10055
100
10034
Preferred
7
7
Hydraulic Press Brick _ _100
100 8974 8934 8974
Preferred
• 12631 125 1263.4
International Shoe
11955 120
100
Preferred
4234 423.4
•
Johansen Shoe
140 140
Johnson-S. St S. Shoe__ _•
30
•
3015
corn
Medart
F
4754 50
Mo Portland Cement_ 25 50
1615 1634
Mo. Ills Stores corn
9415 9554
100 95
Nat Candy corn
4315
• 4354 43
Pedigo-Weber Shoe
10835
10855
_100
pre(
lot
0
I)
Rice-Stix
100 10131 10151
28 preferred
100 101
100
Scullin Steel pref
42
•
42
Securities Inv corn
3754
38
•
Skouras Bros A
Southwest Bell Tel 0(.100 10934 10914 110
37
35
• 35
Wagner Electric com
8155
Wagner Elee Corp pref _100 ------81
Street Railway Bonds
Alton Gran fir St L Tr 58'44
East St L & Sub 5s. _1932
United Railways 45....1934
Miscellaneous Bonds—
Allasouri Edison Elec 55'27
•No nar value.
5
32
25
25
Low.
400
30
10
320
30
55
20
10
495
15
5
392
365
10
6
55
585
35
90
5
30
992
620
67
243
50
5
5
10
1.089
319
260
30
High.
Jan
Feb 147
143
Mar
Jan 210
205
Apr
Jan 264
260
14315 Jan 15055 Feb
30 398
6315 6334 $4.000
8415 8435 2.000
70
7015 12,000
10011
Range Since Jan. 1.
25
3854
21
40
9836
38
87
26
2231
3534
100
3751
3114
100
6
81
115
11715
40
118
30
4134
1834
9455
40
107
10115
101
41
36
10734
2634
84
Mar 400
Feb
32
Apr
Apr
Jan 60
Apr 24
Apr 5015
Jan 10036
Apr 3815
Jan 9434
Jan 27
Jan 25
45
Apr
Apr 10254
Mar 45
Apr 40
Apr 102
854
Jan
Jan 95
Feb 12854
Mar 12034
Mar 5234
Jan 140
Apr 3434
Feb 50
1654
Apr
Apr 107
Mar 4535
Jan 110
Mar 103
Apr 10234
Feb 4455
Apr3734
Mar 11055
Jan 50
Mar 91
Feb
Feb
Jan
Mar
Apr
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Apr
Mar
Jan
Apr
Feb
Apr
Apr
Jan
Jan
Mar
Mar
Mar
Jan
Apr
Mar
Feb
Feb
Apr 6754 Feb
61
Feb
8454 Apr86
Jan
6934 Mar 74
2.000 100
Feb 10034
Apr
MAY 21925.]
THE CHRONICLE
is a record of the
transactions in the New York Curb Market from April 25 to
May 1, both inclusive, as compiled from the official lists.
As'noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
New York Curb Market.-Below
Week Ended May 1.
Stocks-
Frida
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
p.
Indus. & Miscellaneous
Adirondack P & L com-100 5754
100
7% preferred
5%
•
Allied Packers,corn
100 53%
Prior preferred
Amer Gas & Eleetno
82
Common
• 87
Preferred_
Amer Lt & Trao,corn.-100 15254
3
Warrants
Amer Pow & Lt cora new.' 59%
100 88
Preferred
Amer Rolling Mill corn. _25
Am.hiteel Found new w 1_•
Am Supe.rpow Corp.CI A-• 30
• 30%
Class B
25
Prior preferred
American Thread pref.._ _5
25 25%
apco Mfg class A
Arizona Power corn_ A00
Armour & Co (Ills) comB25 12
100 84%
Preferred
artloom Corp,corn
100
Preferred
Amos Dry Goods new w L 46
Assoc G & E Class A____• 28%
Atlantic Fruit & Sug---•
100 14531
Borden Co common
Corn new (ex-stk div).50
Botany Cons Minitel A 50 4655
Bridgeport Machine cora...
8%
Brit-Ail Tob ord bear_ ..E1 28%
Ordinary registered. -CI
10
Brooklyn City RR
Brown & Will Tob cl B_10
Bucyrus Company corn 100 13031
Buffalo General Else new.. 5155
Burroughs Add Mach pf100
Campbell Soul)pref. -100
Canada Dry Ginger Ale A • 100
•
Class B
5
Car Ltg & Power corn.._25
Carolina Power & Light 100 340
Cent Aguirre Sugar
20
CentTeresa Sugar corn..10
10
Preferred
Centrifugal Cast Iron Pipe' 14%
• 23%
Chapin-Sacks Inc
10 21%
Chatterton & Son
Chic Nipple Mfg,Class A50
60
Class B
84
Chrysler Corp w 1
Glues Service. corn....100 179
20 36
New when issued
100
Preferred
Bankers shares
Cleveland Automobilecom• 24%
100 98
Preferred
Colombian Syndicate
Com'w'th Edison Co---100 134%
Com'wealth Pow Corp...' 117
Preferred
81%
Warrants
30
Cons Gas,E L&P Bait new' 35
Continental Baking,00mA• 117%
• 25%
Common B
8% preferred
100 96
Continental Tobacco....' 20
Coty, Inc, wI• 3734
Cuba Company
Cuban Tobacco v t
25%
Curtiss Aeropl & M corn..
15%
Preferred
10 60
De Forest Radio Corp__ _• 21%
Del Lack & Weat Coal..50
Dodge Bros Inc, Cl A w I-• 24%
Doehler Die-Casting
• 13%
DubllierCondsr& Bad new* 14%
Dunhill International_
•
Durant Motors, Ino
• 17%
Dus & Co, Inc. Class A..* 24%
Eke Bond & Share,pref 100 103%
Else Bond & Share Sec Cot 6234
Elea Invest without wane 45%
Elec Ry Securities
• 14%
Eureka Vac Cleaner
•
Federal Lt at Tr new w 1_15 30%
Federated Metals Corp..' 32
Film Inspection Machine.'
Ford Motor Co of Can_100 480
Franklin (It Ii) Mfg cont.* 19%
Preferred
83
Freed-Eisemann
7
• 12
Freshman(Chas)Co
Gabriel Snubber wI• 264
•
Oared Corp
2%
Goal Outdoor Adver'g Inc
• 21%
Common v C o
•
Class A
Gillette Safety Razor_ • x66
• 128%
Glen Alden Coal
Goodyear Tire & R.com100 32
Grennan Bakeries Ina-..• 19%
Grimes(D)Ita & Cam Rae
Hall Switch et 811C pre-100
Happiness Candy St el A.•
754
• 1854
Hazeltine Corp
Hercules Powder prat_ _100
•
Hoyden Chemical
•
lIorn & Hardart Co
Imperial Tob of 0 B & Ire 23%
Intercontinental Rubb_100
7
39%
Inter Match non-vot pf
• 4354
lot Utilities class A
734
•
Class 11
Inter Ocean Radio Corn- •
1%
Jones(Jos W)Radio Mfg..
• 25%
Kelvinator Corp _
10
Keystone Solether
25 67
Kraft Cheese
Landover Holding Corp A 1 18
Lehigh Power Securities_ _• 10771
Lehigh Valley Coal Sales 50 795(
57
100
5
50
59
10155
554
54
5,200
90
400
900
74% 8354 10,200
84% 87
2,900
151% 15654 15,475
22
2,289
53% 59% 8,850
86% 88
640
51
51
100
37
38
3,400
28% 30
1,100
28% 30% 3,500
2551 25%
100
4
4
1,200
24% 25%
200
21
21
100
12
12% 7,500
84
8434
20
38% 39
300
98% 98%
400
46
48%
500
28% 28% 1,000
900 980
1,300
14474 146
130
7351 73%
100
46
4631 1.100
831 854 1.800
27% 28% 1,400
27% 27%
100
8% 854
500
11
1114
200
129 130%
100
51
52% 1,100
104 104
100
110% 110%
10
90 100
50
80 100
40
45( 5
13,100
340 344
70
84% 84%
40
500 50c
100
155 131
500
1454 15% 4,500
22% 23% 8,700
20% 21% 2,950
29% 29%
200
13% 13%
200
7554 86% 10,600
17554 180
610
35% 36
2,400
8154 82
600
17% 17%
500
22
24% 13,300
9354 98
260
1% 1% 43,900
13454 134%
10
116% 118
2,150
81
81%
225
30
34
375
34% 35% 5,900
116% 118% 4,000
25
2675 29,700
95
96
2,400
20
20%
300
37% 37% 1,400
35% 37
500
24
2574 1.500
1554 15%
200
60
60
100
2131 2351 2,100
122 12254
150
24
26% 40,300
13
13%
700
1454 16% 5,600
25
27
1,500
17
17% 5,400
20% 2434 5,400
102% 10351
640
5571 62% 23,500
41% 4551 17,600
13% 14%
200
49
4955
500
28% 31% 5,300
31% 33
2,200
5% 7.
400
476 480
50
16% 19% 1,850
79
83
225
854 2,300
7
1074 12
1,900
26
27% 30,600
234 255 3,100
33
99
5
50
Feb 59
Apr
Jan 101% Apr
Apr 10
Feb
Mar 67
Jan
68% Feb
83% Apr
187 • Jan
3
Apr
48% Feb
Apr
84
50
Apr
37
Apr
26% Mar
27% Mar
2455 Feb
3% Jan
24% *Jan
17% Jan
11% Apr
Apr
84
38
Apr
98% AP
46
Apr
2554 Mar
80o Jan
133
Jan
68
Mar
4334 Mar
4% Feb
25% Jim
21% Feb
Jan
8
10
Jan
121
Jan
50
Apr
103
Jan
110
Mar
90
Apr
Apr
80
1% Jan
300
Feb
7951 Jan
50o AP
154 Apr
10
Ma
1654 Jan
12
Feb
29
Apr
1354 Apr
7534 Apr
175
Ma
35
Ma
81% Jai
17% Ma
1954 Feb
89
Feb
600 Jai
133
Jan
106
AP
79% Jai
2534 Feb
31% Jan
108
Jan
21% Jan
91% Jan
Ma
20
3754 AP
3534 AP
694 Jan
13
Feb
Mar
55
1834 Ma
119
AP
23% AP
10
AP
12% Ma
25
AD
15
Feb
20% AP
10134 Apr
55% Apr
Jai
40
12% Mar
Ma
49
28
AD
81% AP
554 Apr
Mar
482
1634 Apr
Apr
76
Apr
7
9% Mar
26
Apr
2
Alm'
21
2174
600 20% liar
4574 46% 1,800 4534 Apr
65% 67% 3,800 5755 Jan
127% 12854
700 117
Feb
29% 32% 30,800 24% Jan
17%. 19% 8.000 1534 Mar
12% 12%
200
9
Mar
2734 28
200 2755 Apr
654 7% 3.800
634 Jail
1554 20% 5.400 1534 Mar
105 107
50 10435 Feb
1% 174 1,000
154 Apr
49
100 49
49
Apr
23% 2351
100 21 ' Jan
654 7
2,700
6% Jan
39
1,200 37% Jan
40
41
May
4551 1,300 41
7% 9% 3,400
7% May
5
571
200
874 Mar
1% May
6,600
131 2
24
25% 3,400 18% Feb
60,3 600
200 490 Jan
66
700 66
67
Apr
1454 16% 1,600
834 Jan
101% 108
6,500 82
Feb
79% 7051
350 7954 Apr
2255
Friday
Sates
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
of Prices.
Week.
(Concluded). Par. Price Low. High. Shares
Lab Vali Coal otta new
3654
Libby. McNeil dr LIbby_10
Liberty Radio Ch Storm_ _•
9
Marconi Wire]Tel of Land
Mengel Co
100 43
Mesabi Iron Co
•
Middle West Utilities own. z8851
Prior Benstock
100 103%
Preferred
100
Midvale Co
Moore Drop Forging cl A-•
Motion PletureCon)
17
Music Master Corp
• 10
National Leather
10
Nat Power & Light. oOra-• 277
National Tea
New Mex & Ariz Land-1
654
N Y Telen 635% vref__100 112%
N Y Transportation_ _ _10
Nickel Plate corn, new, w L
Preferred, new, w
Nizer Corp Class A w l___• 39%
Northern Ohio Power Co_•
No States Pow Corp pf _100
Nor States Pow Del war'nts
9%
Omnibus Corp v t c
• 14%
Series A preferred_..100
Oppenhelm, Collins & Co.* 42
Pathe Exchange Inc el A-• 45%
Pittsburgh Plate Glass_100 278
Portland Electric
45
Power Corp of NY,corn.* 42%
•
Power Securities corn_
Pratt & Lambert. Inc_ •
Pro-phy-lac-tic Br com___• 39%
Puget Sd P & L,com_100
Purity Bakeries claase A_25 42
Class B
100
Preferred
10
Pyrene Mfg
Reid Ice Cream Corp evm •
Rem NolselessTypew,CI A•
100
Preferred
Reo Motor Car
10 17%
Rosenb'm Grain Corp pf 50
Bova Radio Corn tr ctfs •
Royal Baking Powd P1-100
Safety Car Heat & Ltg-100
• 3634
St Regis Paper corn
•
Seagrave Corp,coin
Serv. El. Corp. Cl A. w i.. 10%
Sierra Pacific Else com_100
Silica Gel Corp.corn. v t 0.•
Sleeper Radio v t
Sou Calif Edison corn_ _IOC
7% preferred Ser A__ 100
6% pref, Series B._ --100 9231
5
6o
Southern Coal & Iron
S'eastern Pr & Lt corn..' 69
Southw Bell Tel.7% PLUM 110
Spear St Co
100
Preferred
Standard Motor Constr.10
Stand Publishing CI A...26 2534
Stutz Motor Car
100 10954
Swift & Co
15
Swift International
Tenn Else Power, cora_ •
Second preferred
Thermiodyne Radio
755
Thompson(RE)Radio vto•
334
Tob Prod Export Corp...'
Todd Shipyards Corn _ -•
5
Tower Mfg Corp
Union Carbide & Carbon_• 6734
United G & E torn new_10 32%
United IA & Pow corn A • 54
Preferred Class B
United Profit Sharing....
US Lt & Ht Corp, com.10
10
Preferred
Utah Power & Light pf_100
Utilities Pr & Lt el A........• 25%
Van Camp Packing pref... ......
Victor Talking Machine100 73
• 10%
Ware Radio Corp
Warner Bros Pict cl A..10 1631
Western Pr Corp. com_100 34
104
89%
Preferred
White Rock Mln161461 corn* 30
Vot tr etre for corn stock• 29
3%
Wickwire-Spencer87com-6
13%
SVilson & Co (new) w i.
32%
Class A w I
Preferred w
72%
Yellow Taxi Corp N 'Y _• 12
83% May
8831 Mar
159
Apr
40
Feb
6754 Jan
89
Jan
Jan
57
Apr
38
Jan
38
36% Jan
26% Mar
4% Feb
2654 Mar
24% Feb
15
Feb
9434 Feb
53% Mar
101% Mar
47
Apr
Apr
30
1% Mar
15434 Mar
7334 Apr
48% Jan
9
Apr
2834 API'
2831 Apr
934 Feb
1154 Apr
142
Mar
52% Apr
10554 Jan
111
Jan
Apr
100
Apr
100
Apr
5
Mar
360
8734 Mar
61c Jan
134 Apr
274 Jan
23% Apr
2154 Apr
3331 Jan
1674 Jan
86% Apr
212
Feb
43
Feb
8254 Feb
21% Feb
24% May
Apr
98
2% Feb
Mar
136
126% Jan
82% Mar
Jan
50
35% Feb
125
Mar
2934 Mar
99
Mar
26% Jan
3954 Mar
4034 Mar
Mar
26
17% Mar
Feb
66
34
Feb
Feb
130
2651 Apr
20% Jan
8551 Jan
Jan
31
21
Jan
33
Feb
Rights.
104
Mar Borden Co w 1
9151 Feb Commonwealth Edison__ ......
48% Jan Continental Oil w 1
15% Jan Middle West Utilities
50% Mar St Regis Paper
1
31% May
42
Feb
Former Standard 011
1154 Jan
Subsidiaries
524
Feb Anglo-American (AL
24%
19% May Buckeye Pipe 1,
50 60
111e
83
25 6434
Apr Chesebrough Mfg
3354 Jan
100
Preferred
28
Jan Continental 011 v tow 1-- 25
2754 Apr Crescent Pipe Line
25
1754 Jan Cumberland Pipe Llne_100
100
Eureka Pipe Line
24% Feb Galena-Signal Oil,com-100
47
Apr
Old preferred
100
70% Apr
New preferred
100
138
Mar Humble Oil& Refining-26 49%
35% Mar Illinois Pipe Line
100 145
19% Apr Imperial 011 (Can) new
2931
19% Jan Indiana Pipe Line
50 71
28
Apr Magnolia Petroleum_ _100 134
734 Jan National Transit....12.64i 22%
61% Jan New York Transit
100 65
108
Jan Northern Pipe Line_ _ _100
3
Jan Ohio 011
25 64
58;4 Mar Penn Mex Fuel
25 3454
2434 Apr Prairie Oil& Gas
25 5435
734 Apr Prairie Pipe Line
104 119
4354 Jan Solar Refining
100
46% Jan South Penn 011
100 189
17
Jan Southern Pipe Line_ _100
14
Jan Standard Oil (Indiana)_25 6354
9
Jan Standard Oil (Kansas)_25 30%
8031 Mar Standard Oil (Ky.)
25 117%
1% Feb Standard 011(Neb)_ _100
88
Apr Standard Oil of N Y._ _26 42%
16% Apr Stand 011 (Ohio) corn..100
117
Jan Swan& Finch
100
Jan Vacuum Oil
87
25 8554
Range Since Jan. 1.
Low.
High.
35
3631 4,900 33
Mar 6034 Jan
7)i
7
200
934 Jan
654 Apr
851 9
6,500
Jan
7% Jan
9
834 8%
600
Jan
854 Apr 10
43
44
500 30
Jan 5154 Mar
2% 2%
500
4% Jan
2% Apr
8754 89% 3,650 8254 Feb 102% Mar
10271 103%
690 98% Jan 10334 Mar
96% 96%
200 91
Jan 9631 Apr
24
24
400 24
Jan 284 Jan
65
65
200 6334 Mar 66% Feb
17
17%
600 17
Mar 1854 Apr
10
1054 1,900
854 Mar 2134 Jan
4
4
100
4
Apr
654 Jan
240 279
5,640 184% Feb 279
Apr
238 244
170 230
Jan 247
Jan
6% 7
2,600
6% Jan 11)( Feb
112% 112%
525 11054 Jan 114
Feb
50
50
200 3834 Jan 50
Apr
8334 835(
200 8254 Mar 9054 Feb
82
8254
300 8154 Mar 87% Jan
39% 40% 3,100 37
Apr 41% Apr
7% 7% 5,000
834 Mar
8
APT
9651 98
170 94% Feb 99
Feb
9% 9% 1,350
6
Feb 11% Apr
14% 15
1.800 14% Apr 17% Jan
93
93
300 89
Apr 96
Feb
42
4254 1,000 4054 Mar 48
Feb
45
4554
150 42% Mar 49% Jan
278 279
20 278 May 279 May
45
45
100 45 May 50
Mar
42
4354 1,600 83
Jan 45
Mar
1334 1354
100 1354 Apr 28
Jan
4354 44
400 40
Feb 44
Apr
39% 3954
600 39% Apr 44
Jan
49
5054
120 49
Mar 5114 Apr
42
42
100 35
Apr 46
Mar
3454 34%
100 34
Mar 37% Mar
94
94
100 93
Apr
Mar 95
1054 10%
200 10% Apr 12% Mar
38
38
300 35
Jet. 43
Jan
4051 40%
700 37
Mar 43
Mar
108 108
25 9674 Mar 110
Apr
1654 1754 7,800 15% Apr 23
ma
4854 49%
600 4754 Feb 4354 Feb
4% 6
1,100
4% Apr 1434 Jan
100 100
10 100
Apr 105
Mar
11154 11154
10 111% Apr 121
Feb
3654 3655
100 36% Apr 3654 Apr
13
13
1,000 13
Mar 1474 Jan
1054 11
2,400
9% AP
113( Mar
17
17
100 1654 Apr 20% Jan
12% 13
300 1254 Mar 21
Jan
574 6%
100
5% Apr 19% Jan
10754 10735
90 10154 Jan um
Apr
106% 107
195 104)4 Mar 107
Feb
92
93
1,030 88
Jan 93
Apr
50
7e 88.600
Sc Mar 100 Jan
62% 70
2,170 52% Feb 70 May
109 110
30 106% Mar 110 May
21
2251
700 21
Apt 283( Feb
91
92%
500 91
Apr 94% AD
,
451 4%
300
53( Mar
35( Jan
25% 26
2.100 25% Apr 2734 Feb
6
654 1,400
6
Apr 10
Jan
10955 110
60 109
Mar 120
Feb
2554 2654 3,900 25% Apr 3534 Jan
58% 59
500 48% Feb 61
Apr
75% 76%
135 73
Jan 76% Apr
7
1,900
634 Mar 22% Jan
8% 7% 1,500
6% Ma
Jan
25
33( 354
900
351 Apr
614 Jan
40
400 38
4034
Mar 42
Mar
734 7%
200
5
Mar 24% Jan
66
6734 3,400 65
Ma
73% Feb
29
32% 1.300 25
Feb 38
Jan
47% 55% 11.600 4454 Ma
5514 Apr
50
50
100 41
Jan 50
Ayr
7
734 1,500
554 Jan 1154 Mar
88o 88e
100 750 Jan
134 Jan
2% 234
400
134 Jan
231 Jan100 100
10 95
Jan 100
Apr
25
26
9,100 22% Mar 26
Ape
25
25
25 22
Apr 32
Apr
69
74
1.650 65
Jan
AD 105
10% 1035
300
9
Jan
Mar 40
1554 163( 3,200 14% Apr 16% Apr
33
3454 1,400 30
Ma
3834 Jan
8954 9051
180 8534 Jan 9234 Apr
29
30
1,200 18
Fe
303( Apr
28% 30
3,100 16
Jan 3054 Apr
3)5 3% 2,500
7% Jan
354 Apr
11% 13% 5,800 1154 Apr 15
Apr
26% 3254 8.800 2654 Apr 35
Apr
7154 7254 3.400 7154 Apr 75% Apr
12
13
600 12 May 22
Jan
134 2
354 3%
790 90o
154 1%
1
1
3.000
100
9,200
6,600
100
134
3%
70c
1%
1
Apr
Apr
Mar
Apr
May
2471 25%
60
61
58% 66
114 114
23
25
1054 11
143 145
78
78
54
5454
113 113
103 103
4651 4934
144 145
28% 2914
6971 71
132 135
22
2254
64% 65
8234 8351
63% 64
33% 3454
54
55
11631 119
21454 215
163 169
8154 81%
6154 63%
3051 3154
11734 118%
240 242
4154 42%
345 347
17
1754
845( 86
27.100
180
2,800
30
37,800
200
33
20
300
20
18
60
4854
110
21%
10
132
r78
64
108
100
42%
127
2751
69%
130%
22
6434
81)4
6231
3375
50%
106
202
139
81
69%
305(
114%
240
41
328
16
80%
Jan
Apr
Jan
Mar
Mar
Feb
Mar
Apr
Apr
Apr
Feb
Jab
Jai)
Mar
Apr
Apr
Apr
Apr
Jan
Mar
May
Mar
Jan
Jan
Jan
Apr
Mar
Apr
Ma
Apr
Apr
Jan
Ma
Jan
50
18,100
70
5,700
360
260
40
180
230
1,100
700
2,700
1,490
40
500
8'
28,600
1.600
3.000
30
8,700
120
190
2,800
234
4%
17,1
1%
1
Mar
Apr
Mar
May
May
26% APT
Jan
72
66 May
Apr
114
3134 Feb
15% Feb
150
Feb
96
Jan
65
Feb
113
Jan
105
Feb
4934 May
164% 24p
3354 Jan
84
Jan
159
Feb
2554 Jan
79
Jan
88
Feb
7554 Feb
4454 Mar
654 Jan
126
Jan
254
Jan
197
Jan
103
Jan
70
Feb
46
Feb
12454 Feb
270
Jan
4834 Feb
369
Jan
27
Jan
96% Feb
2256
[Vol.. 120.
THE CHRONICLE
Friday
Sales
Las! Week a Range for
Sale
ofPrices.
Week.
Par Price. Low. High Shares.
Other Oil Stocks
1
Allen 011
Amer Maracaibo Co
11
Arkansas Nat. Gas
Atlantic Lobos 011 corn.._.•
Preferred
•
Carib Syndicate
Creole Syndicate
•
Derby 011 & Ref coin_
Euclid Oil
Gibson Oil Corp
Gilliland Oil corn v t c__
21
Gulf On Corp of Pa
International Petroleum...
Invaders 011 of Del
Kirby Petroleum
Lago Petroleum Corp___ •
1
Latin American Gil
Livingston Petroleum__ _ •
Margay Oil Corp
Marland Oil of Mexico.... i
1(
Mexican 1': III') (i11.
Mexico Oil Corp
11
Mountain Prodtwert
II
.
New Bradford till
New England Fuel 011 w I.
New York Oil
2'
Ohio Fuel Corp
.21
Oklahoma Natural Gas__
Peer 011 Corp
•
Pennock 011 Corp
Red Bank 011
2
Royal Can 011 Syndiente •
Ryan Consol Petroleum_.•
Salt Creek Consul (M.__ I(
Salt Creek Prodiivers
United Cent Gil Corp.._ _.•
Venezuelan Petroleum...
Western States Oil & Gas_l
Wilcox Oil a Gas
Woodley Petroleum Co.. •
50c
7%
50c
640
7%
5%
334
8
4%
13%
4%
96c
2%
134
65
24%
6c
334
6%
11c
1%
1
4
60c
12c
2034
531
74
9%
31%
2934
131
2234
28
2
6%
734
26
10
4%
13c
6%
5
2,800
22,700
800
3,000
100
4,700
13,300
200
1,200
5.500
100
2,100
18,700
1,000
1,100
43,900
252,800
1,500
100
2,500
500
1,000
2,800
1,300
20(
400
30(
1(
2,600
406
1,101
33,80C
1,70(
400
3,30(
2,80(
11.70(
1.00C
10,00(
80C
200 240
20(
Arizona Globe Conner__ _1
90 110
11,
Big Jim Consolidated
334
lr
3
Conan" Comte,
3% 3%
1
Chief Consul Mining
84c 89c
89(
Chino Extension
1
23,
1 2%
Consol Copper M
40
40
4e
Consol Nevada Utah.
134.
Continental Mines Ltd_ _If
9c 10e
1
Cortez Sliver Mines
334
Cresson Cons(101d NI&M p
3i•
4c
30
Diamond Ill Butte Reora
45e 45c
45r•
Dolores Esperanza Corp_
25c 25c
Dundee Arizona
42% 66%
52!
Engineer Gold MIttee.Ltd I
120 150
14c
Eureka Craving ----200 20c
First Thought Gold ines]
32e 37c
Forty-nine Mining
50e 50e
Gadsden Copper
Sc
Sc
5e
10,
Gold Zone Divide
170 21e
19c
Hawthorne Mine,. ine_
25.
13% 14%
14%
Hecia Mining
20
2e
Hilltop Nevada Mining__ i
13% x1431
X14-%
Hollinger Consol G
Howe Sound Co
•
15% 16%
16
New vot trrtfs
35e 35e
35c
Iron Blossom Corn Mining
134
15!
Jerome Verde Devel..
134
2% 2%
2%
Kay Copper Co
1% 15(
Kerr Lake
IC
10
•
10
Knox Divide
20
Sc
2c
Lone Star I '011801
4c
4e
Marsh Mining
1%
1%,
Minion Valley Mines
350 35c
35e
McKinley-Darragh-Say_.
80 12c
5.
120
National Tin core
20
20
20
New Cornelia Copp Co
It
182 18834
183
New Jersey Zinc
Nipissing Mines
5%
534.
750 83c
80e
Ohio Copper
200 320
Parmac Porcupine Mining
70
(le
Peterson Lake Sliver.. _ _
320 33c
Plymouth Lead Mines
2% 2%
Premier Cold Mining. 1,t,
2% 2%
Prender Gold
130
60
Be
Rochester Silver Corp
le
ic
Silver Dale Mining
5e
Sc
ac
Spearhead Gold Mining.
140 16c
14c
Standard Silver-Lead
150 15c
I5c
Success Mining
1%
Teek Hughes
• 52c 55c
Tonopah-Belmont Devel.
2% 2%
234
Tonopah Extension
2% 231
2%
Tonopah Mining
50r
224 23%
United Verde Extras
100 110
S Continental Nilnes...5 110
550 60c
6
Unity Gold Mines
634 6%
5
6%
Utah Apex
4%
434
Wenden Copper Mining...!
40
Sc
White Caps Extension_ _I
14,001.
2,001
11.101
30(
16,400
701
2,001
10(
3,00(
501
15,001,
1,00(
1,00(
31,40(
46,00(
1,001
61,001
10(
25.001
35,001
4,00(
1,00(
1,301
334
8
4
12%
234
23%
631
9c
131
12c
20%
5
29%
1%
28
1%
6
7%.
26
10
434
53,
5
2%
8
4
12%
4%
90c
231
134
64
23%
(30
3%
6
7c
1
1
334
60e
120
2034
5
7%
9%
3131
2934
1
22
27
1%
6
711
2534
634
4%
13c
5%
4%
Low.
High.
Apr
Apr
Feb
Jan
Jan
Feb
Apr
Feb
Jan
Feb
Mar
Feb
Feb
Apr
Jan
Apr
Apr
Feb
Mar
Feb
Fen
Mar
Mar
Mar
Apr
Mar
Feb
Feb
Feb
Jan
Jan
Apr
Niar
Star
27% Apr
10 Slay
A pr
Feb
20c
73( Jan
Mar
7
5
20
750
50c
1
600
10c
18%
3%
734
831
31
28
1
1731
16
990
35§
6%
24
2%
331
10e
53
4
3%
Apr
Jan
Apr
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Apr
mar
Mar
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Apr
Feb
Mar
Feb
Feb
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Mai
700
8
8%
4
10%
434
14%
7
97c
3%
3%
71
28%
(ic
5%
731
lle
134
134
4 31
Dt.
370
2134
5%
734
10
:3434
30
13i
25
3234
2
9%
70
fic
334
331
40e
234
40
134
Or
331
30
350
22e
1434
7e
120
50
50e
20
80
12%
lc
13%
Jan
Apr
Feb
Mar
Jan
Mar
Apr
Apr
Apr
Jan
Apr
Jan
Feb
Jan
Jan
Apr
Jan
Apr
Apr
Fel
Apr
Feb
Mar
360 Feb
lle May
4.4 Jun
3111. Feb
89c May
Feb
4
60 Apr
1% Apr
Feb
257
Feb
4
80
Jan
Feb
75
250 Apr
56% Apr
23e
Feb
Jan
58c
Apr
37c
530 Mar
80 Jan
Apr
230
16% Feb
3c Mar
15% Jan
48e
2%
5
2%
6%
33i
831
4%
870
1%
1%
6334
22%
6e
234
1.401
1534
1.000 290
1.301 980
1%
65,30(
701
134
lc
2,001
2e
15.001
40
1,001,
134
600
13e
1,001
70
19,00(
400 1831
731 182
6,406
534
8,201 750
10,006 150
(30
6.000
2,000 250
2
901.
2%
200
Sc
19,00(
10
10.000
40
13 000
80
3.000
fle
2,000
1%
1,400
1.700 52c
2114
1,900
Pis
10,806
800 20%
80
8.00C
1.700 50c
600
43-4
16,10(
20
20,001
Apr 21% Feb
Apr
Jan 3oo
Jan
2
Apr
Jan
2% Jan
Apr
1% Feb
Jan
Apr
30
Jan
Mar
80
Apr
(ic Mar
Mar
2% Jun
Jan 40c Mar
Jan
lac Mar
Mar 24% Jan
Jan
Apr 199
May
631 Jan
Mar
1% Jan
Jan
Feb 52e
Apr 10c Mar
Apr 850 Mar
Jan
234 Jan
Apr
2% Apr
Jan
Apr 140
Feb
40 Feb
Jan
Feb
90
Jan 30c Apr
Jan 170 Slur
Jan
131 Feb
Apr 85c Mar
Apr
3314 Feb
Mai
234 Feb
2931 Jan
Apr
16e Mar
Jai
Jan
77e
Mat
Jai
8% Jan
Apr
Jai
6
4c
Jan
Apr
Bonds-
Mar
356,006 74
Mai
47,00C 84
Mar
13.00C 91
7,001. 10631 Jar
4 Apt
9.001 1013,
13.000 9634 Jan
Jar'
170,001 95
Ma.
128,001. 103
84%
9431
91%
107%
102%
101%
97%
109%
Feb
Feb
Mar
Alm
Jan
Feb
Feb
May
9.554
95%
102%
98%
104
103%
104%
103
Feb
Mar
Apr
Apr
Feb
Jan
Apr
Apr
79
90%
91
107%
101%
97%
96%
106
80
91%
91
107%
101%
9831
97
109%
95%
95%
102%
90
103%
103%
103
102
95%
9531
102A
95%
103%
10334
10434
103
3000€
42,001
49,000
19.000
9,00(
61.001
41,001
93%
95
too
88%
10234
1112%
103
102
Jar
Mat
Jar
Apr
Jar
Jac
API
Apt
83
83
21%
21
68% 69%
69
98
98%
9834
93% 94%
9931 9931
98% 98%
98%
103% 103%
86% 87
86%
111% 111% 112
93
93
10134 10134
117 11731
117
101% 102
102
93
9331
9334
16.00C
4,00C
26,000
194,00(
13.00C
5,00C
42,001
20,00(
3,000
45,000
1,000
4,00C
7,00(
79.000
87,000
81
18%
62
98
88
9731
9731
1113
8234
10834
92A
100%
111
98%
92
84% Mar
Fel
Mar
27
Jar
Jar
70% Mar
98% May
Apt
Jar)
96
Jar
99.A Apr
Jar
98% Feb
Fel
Mtn 104% Jan
Apr
88
Mar
Jai 112% Apr
Jar 94% Jan
Jan 101% Jan
Feb
Jar 128
Jan Ma% Feb
Feb 9434 Mar
80
9131
98
96%
109
95%
953
1023
94
1033
1033.
95.006
Sales
for
Week
Cons GEL&P Balt-1951
6%s Series D
Its
1941)
5 k6s, Series E
1952
Consol Textile 8s
1941
Cuba Co 68
1935
Cuban Telephone 73-48 1941
Cudahy Pk deb 5%8_1937
5s
194(
Deere (St Co 7%s
1931
Det City Gas 68
1947
Detroit Edison 68__ _193'2
Dunlop T&R of Am 78 1942
Fs' RR of France 7s __1954
Federal Lt & Trac 68.1954
1931
Federal Sugar (Is
(lair (Robert) Co 7a...1937
Galena-Signal Oil 7a.. _1931.
General Petroleum (1)5_192
Grand Trunk Ry 48-1931
Gulf Moh& Nor RR 5%s'IC
Gulf 01101 Pa 5s
1937
Gulf Oil of Pa, nor 5%s 1925
!lore] Rubber 78
1931
Iniernat Paper 68w 1_1955
Italian Power 6348_ _192f
Ran City Term Ry 5348'2(
Krum,(Fried) Ltd Is 1921
Lehigh Power Secur 65 152;
Libby, MeN At Lib 78_1931
Liggett Winchester 78_194:
Manitoba Power 78_ _1941
Tlissouri Par RR 5s...192:
1931
Nlorrls & Co 7 Sig
Nat Distillers Prod 78.1931
National Leather 88_192.
New (Sr! Pub Serv 55...195
Nor States Pow 6 %s._193
634% gold notes_ _193
Ohio Power 58 Ser R..1951
Oklahoma Gas & El 5s 195(
l'enn l'ower & Light 58 '5:
195:
5sseries T)
196i
Phila Electric 58
194;
545
1115:
5 iAs
ThIllIps Petrol 7338
1931
Pills Cin Chic & St L 58'75
1933
Pure 011 Co 644
Shawsheen MIti.t 78_ 1931
Simians & Halske 75 192t
1931
78
Sloss-Sheff St & I 6s__192!
1934
Solvay & Cie 61
South Calif Dilson 58 1944
Stand Gas & El 6348_1954
Stand Milling 514s___ 1945
Stand (111()1 N Y 6%8_1933
1931
Sun 011 5%s
Swift & Co 58_ _Oct 151932
Thyssen(Attg)l&SW 75 '31
Toho El Pow (Japan) 7851
Trans-Continental Oil 78'3(
193f
CnIon Oil Cal 50
United 011 Prod Rs_ .....1931
United Rysof Hay 7301931
U S Rubber Ser 6148__192(
Serial 6 4
1 % notes_ _192;
Serial 634% notes_1921Serial 6%% notes...1924
Serial 6%% notes_1931
Serial 634% notes_1931
Serial 1114% notes__1931
Serial 634% notes__193:
Serial 634% notes_1934
Serial 634% notes__193:
Serial 634% notes__1931
Serial 6,14% notes.... 1937
Serial 634% notea__193f
Serial 6%% notes_ _193!
Serial 6)4% notes__194(
VfleIIIIM Oil 78
1931
Webster Mills 6Sis
193:-
109% 110
110
107% 107 107%
103% 10334
8534 86
86
91% 91% 9231
106.34 10731
9134 92%
92
91
92
104% 104% 105
103% 106
105
114% 116
10131 102
102
82
83
8234
91% 91%
92% 933:
9334
oog 101
9934
105 105
105
101% 101%
108% 108%
9931 9934
99%
99
99%.
99
101% 10131
103
10234 103
96
96
96
9834 983.
101% 101%
91
92
923,,
1013 101% 1013,
1033 103 103%
107% 107%
1023 10234 103
1003 100 100%
100% 102%
101
101
102
101
101
10134
8934 90
89°
106 106%
106
10134 101%
93% 94
95
95
9531 96
95% 9634
96!
100 100
106 106
.0534 105%
0434 104%
99
99
4)0 100%.
100
00% 10134
101 9835 99
983
96
96%
01% 102
102% 103
103
95% 953.
95
11934 1231123;
9534 9534
95,
107% 107%
95% 96%
9634
96%
95% 96%
97
98%
98
90% 90%
90%
99% 9931
96
96
3134 33%
31%
10911 10934
100% 101%
101
101% 100% 10131
101% 1003/ 102
99% 10134
100
99% 100%
9934
9731 9931
9831
99
97
97
963
% 9834
96%
9631 9834
8634
96
9834
9634
963. 95% 98%
9531 97%
95%
95% 95% 973•
95% 9531 96%
9534 97
95%
105% 10634
106
98
9834
9,000
20,001.
1,0(8,
3.001
130,001
4,001
38,000
16,000
11,000
77,00C
8.001
110,001,
170,001
12,00C
23.001
12.001
2,001.
7,00(
10,001
25,00(
39.001
1,00(
5.00(
59.00(
2,00(
40.00(
96,00(
11,001
32.00(
3.00(
24,001
144.001
12.00(
13 001
7,001
33 001
74,00(
27,00(
34,00(
6.001
31.00(
34.001
11.001
3 001
3 00(
3 001
5.001
47.00(
36,001
21,001,
26,000
7,000
26,001
7.001
386 001
11 000
65 000
60 00(
95.00(
149 00(
73.00(
1 001
26,00(
7.00(
6.001.
20.00(
38.00(
82.00(
65.00(
49.00(
45.001
40.00(
36 001!
49.00(
58.001
93 00(
73.001
136,001
71.001.
57,00(
68,001
56,00(
Range Since fan. 1.
Mining Stocks-
Allied Pack cony deb 611'34
_1939
85, Series
Alpine Montan St 7s. 1955
Aluminum Coot Am 75 '33
1925
7a
Amer Beet Sugar 6s. _ .193r
Amer CI & E deb 68_2014
American Ice is
American Power & Light68 old without warr 201.
6s, new
Amer Rolling NilIl 68 .1938
Amer Simla t Toi)7 148_192!
American Thread 68.. _1928
Anaconda Cop kiln as_ 1112.
Andian Nat Corp 68..1940
Assoc Gas & Elec 63481954
Assoe'd Simmons HardWitr(
193:.
6As
Atlantic Fruit Rs
All G & W I SS I. 5s_ _1954
Bait & Ohio SW Div 5s'50
Beaver Board Co fts_
Belgo-Can Paper (is_ _1943
Bell Telep of Can 5s_ _1950
Beth Steel equip 7g_ ..1931;
Boston & Maine RR 681933
Canadian Nat Ryg is 1935
4%8
195
Chic RI & Pac 514s. _1926
Cities Service 7s Ser C.1906
Cities Service 78 Ser 13 1996
Cities Saw Pr & Lt 68.1944
Bonds (Concluded)-
Friday
Lest Week's Range
ofPrices
Sale
Price. Low. High
Range Since Jan. 1.
Low.
10831 Jan
1044 Jan
10131 Jan
Apr
80
oig Apr
Jan
106
8934 Jae
90
Apr
Jan
104
10234 Jan
11031 Jan,
10034 Jan,
783i Apr
90% Apt
92% Apt
99
Apr
10434 Jae
100% Jan'
105 ts Jai
99% Alt
883-4 Jan
101% Mar
102
Jar
Mar
95
97% Jai
101% Mai
Apr
92
100% 3.1u!
Jai
102
1073i Jar
98% Jai
99% AM
9834 Jar
Jai
100
101
API
86% Jai
10534 Jai
99% Jar
Jar
89
Mat
95
Jai
93
Ain
95
99
Ain
104
Jar
104% Jar
103% Jar
Mar
99
9734 Jeo
Apr
1110
0834 Apt
Ain
96
101
JUI
100
Jar
92
Jar
10631 Jar
95% MD?
1063-S Jai
95% Jar
94
Jai
Apt
97
9014 Mar
9931 API
9534 Mar
Jan
28
1073i Mar
10031 AM
100% Apt
100% Apt
991( Apt
994: Apt
9731 API
Mar
97
9631 Apt
9631 Apr
Apt
96
9534 Apr
9514 API
95% API
9514 AM
9531 Ma!
1115% Apt
9734 Mat
High.
110
10731
103%
95
98
107%
95
92
105
106
11734
104%
88%
9234
99
102%
105%
101%
109
100
99%
102
103%
9631
98%
10234
9931
101%
103%
108%
103
100%
111434
102
102
9031
I(1a 34
102%
94
95
96
96%
100
106
1053.4
104%
9931
10134
104
9934
9634
102
103
95%
125
96%
108
97
95%
99%
90%
100
96%
35%
110
102%
102
102%
101%
100%
100
99%
98%
98%
98%
98%
98
97%
97%
98
10731
103%
Feb
May
Apr
Jan
Mar
Apr
Feb
Feb
Feb
May
Mar
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Apr
Mar
Jan
Apr
Apr
Mar
Jan
Jan
Mar
Apr
Jan
Apr
Fel}
Feb
Apr
Jan
Apr
Mar
Mar
Apr
Solar
Apr
May
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Feb
Feb
Jan
Feb
May
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Mar
Mat
Mar
Mar
Mar
Apr
Mar
Ape
Apr
Mar
Jan
Jan
Foreign Government
and Municipalities
Bogota (Colombia)8s 1941
Gratz (City) Austria 88 '54
Denmark (King)68.....1971
French Nat Mall SS 78 1941
Inditst Mtge BR of Finlane
1st M roll s f 7s..... 194
Netherlands(KIng(1)6813'71
Oslo (City of) 65 iv I.. _1951
Peru (Republics of) Rs 193:
Russian Govt 6345 etre 'If
1921
5%s
Switzerland Clove 6148 1921
External 5% notes...192(
94%
97
79%
94
97
98%
78%
9234
104%
99%
9934
12%
13%
10134 101%
100%
93
106
95 320,001
27.00(
98
99% 24.001
80
69.001
93
97
98%
7734
97M Jan
Mar
Mar
Ma) 98
Feb
Mat 100
Jan
Apr 91
93
32.001 9234 Mat
106
4,000 102% Mar
9934
6,00(
99% API
99
Ja)
5,00(
100%
1234 Apr
123.
7.00(
13%.
133.4 Apr
1.00(
Jar
101% 19,00( 101
100% 13.001 10034 Man
95
107
Jan
Feb
F
Apr
100%4%
9
F
jan
eb
17% Jan
102
Jan
10
11
7%
Listed on the Stock Exchange this week, where
• No par value. k Correction.
additional transactions will be found. o New stock. a Option sale. to When
Ex-rights. z Ex-stock dividend.
issued. z Ex-dividend.
CURRENT NOTICES.
-Austin, Grant & Co., Inc. of New York announce that Theodore I.
Canney has become associated with them as their New England Representative. with headquarters at 60 State St.. Boston.
-Otis announced by J. W. Davis & Co., 111 Broadway, New York City,
members of the New York Stock Exchange, that Andrew Morrison is now a
member of their firm.
-Bonbright & Co. announce the appointment of Fred Loomis as their
Pacific Northwest representative with offices at Hoge Building, Seattle.
Wash.
-Lawson & Co., dealers in bank and trust company securities, announce
the removal of their offices from 115 to 111 Broadway, New York.
-Irving Bank-Columbia Trust Co. has been appointed Transfer Agent
of the Preferred stock of The Brunswick-Balke-Collender Co.
-Eastman, Dillon & Co. announce the removal of their offices to the
Equitable Building, 120 Broadway. New York.
-Hawkins & Silliman, Certified Public Accountants, announce the renaoval of their offices to 49 Wall St.
-Stagg, Mather & Co., Accountants, are now in their now quarters at
141 Broadway, Now York.
-Lyman D. Smith 5c Co. have removed their offices to 44 Pine St., New
York.
Xnurstment ani glailroatt intellignuto
Latest Gross Earnings by Weeks.-In the table which
follows we sum up seaprately the earnings for the third
week of April. The table covers 16 roads and shows 2.77%
decrease from the same week last year.
Third Week of April.
1925.
1924.
$
Ann Arbor
108.876
Buffalo Rochester & Pittsburgh_
292.924
Canadian National
3.870.491
Canadian Pacific
2,669.001
Duluth South Shore & Atlantic_
95.737
Georgia & Florida
27.151
Great Northern
1.657,001,
Mineral Range
10.852
Minneapolis & St. Louis
247.522
Mobile & Ohio
360.332
Nevada Calif. & Oregon
4.311
St. Louis-San Francisco
1.760.611
St. Louis Southwestern
435.801
Southern Ry
3.784.151
Texas & Pacific
595,628
Western Maryland
369.018
Total (16 roads)
Net decrease (2.77%)
Increase. Decrease.
$
3
111,339
293.27C
4.277.76C
2.941,000
107,977
31,500
1,623.533
10.016
267.625
397.351
5.130
1.693.783
449.983
3,606.093
578.184
360.424
178.058
17.444
8.594
16.289.411. 16.754,973
305,22C
$
2.463
346
407.269
272.000
12.240
4,350
33.467
831
20.103
37,024
811
66.827
14.183
770,789
465 563
In the table which follows we also complete out summary
of the earnings for the second week of April.
Second Week of April.
1925.
1924.
Increase. Decrease.
Previously reported (14 roads)_ _ 16,009.894 16.959.922
Ann Arbor
103.862
116.576
Minneaplls & St. Louts
271.168
270.931
149.325 1.099.353
12.714
237
Total (16 roads)
Net decrease (5.55%)
149.562 1.112 067
962.505
16,384.924 17.347.429
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week January (16 roads)
24 week January (16 roads)
84 week January (16 roads)
4th 11470k January (IC road.)
let week February (16 rmuis)._
2d week February (16 roads)....._
3,1 week Fei,c0ary (1.) re))(..) _
9th week February (16 roads)_
1st week Mareli (16 roa•Is)
2nd week NI arch (16 r• Is)
3rd week March (16 reels)
9th week March (16 roads)
1st week April 6 roads)
2d week April 16 roads)
3d week April 16 roads)
Previous
Year.
Increase or
Decrease.
15.199.51715.512.801 --313.210. 2.20
15.731.316
•
..
--577.357 3 54
16.863.185 17.375.859 --512.674 2.91
22.78.1.700 23.080.725 --296.025 1.29
16.669.351 17.205.585 --536.231 3.11
17.244.485 17.670.26S --425.783 2.40
7T'
--3 a .1' 1
16.957.292 19.300.342 -2.343.050 12.13
16.543.761 18.225.812 -1.702.078 (I :13
18.002.499 19.134.428 --1.131.929 5.91
16.9.10.753 17.990.532 -1.019.779 5 67
23.153.22824.130.086 --976.858 4.0
16,570.80817.191.341 --620.533 3.58
16.384.924 17.347.429 --962.505 5.55
16,289,410 16,754,973 --465,563 2.77
We also give the follow ng comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive, they
include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Month
1925.
1924.
Increase or
1)ecrease.
Net Earnings.
1925.
1924
Increase Or
Decrease.
Jan -- 483,1115,64: 1417,329,229 +15.888.417 101.022,458 83.680.754 4-17.341.704
Feb _ 454,009.661, 178.451.607 -24,441.938 99.460,389 104,441,895
-4,981.506
Note.-Percentage of Increase or decrease In net for above months has been
January, 20.73% Inc.: February. 4.77% 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.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway--Net from
1925
1924.
1925.
$
$
Akron Canton & Youngstown246.349
March
254.727
92.413
From Jan 1. 697.212
701.263
249,393
Alabama & VicksburgMarch
304,826
296.112
104,438
From Jan 1 - 852,296
860,253
235,979
American Railway ExpressJanuary _ _ _12,092,000 12.781,000
Ann Arbor462.029
March
508,543
107.285
From Jan I_ 1.358.151 1,353,315
320.606
Atch Topeka & Santa Fe14,602.756 14,657,342 3.011,359
March
From Jan 1.43,793,160 43.569.739 11,196,104
Panhandle & Santa Fe762,307
698,611
March
105,471
From Jan 1_ 2,538,628 2.272,312
825,047
Gulf Colo & Santa Fe2,406,382 1,904.304
March
398,242
From Jan 1_ 7,231.994 6.099,087 1,659,027
Atlanta & West Point274,708
246,106
March
66,364
762,171
744,456
From Jan 1_
156.635
Atlantic City285.998
285,083 -36,751
March
779,813
739,278 -230,040
FromJan 1_
Atlantic Coast Line9,455,543
8,282,213 3,919.138
March
FromJan 1_25,322.018 23,859.884 9.362,672
Baltimore & Ohio18.793,465 19,675,976 3,808,671
March
From Jan 1.53,980.997 56,623,704 9,973,042
B & 0 Chic Terminal306,995
292.784
4,226
march
874.411
847,445
From Jan 1_
37,774
Railway- -Net after Taxes
1924.
1925.
1924.
113,912
299,469
79,008
210,233
101,453
257,976
60,730
150,213
70.904
149,304
37,609
84,921
79,000
85,000
128,037
256,356
100,042
269,278
106,727
192,360
3,115.011
9,511,851
1:2aNg g:Ag:S2
73,692
562,723
86,583
707.771
49,022
486,343
11,451
630.198
310,038
1,400,318
-73,976
374.062
66,823
185,409
52,196
115.254
49,321
143,211
-45,061 -59,447 -65,177
-230,991 -298,128 -291,022
2,868,701
8.259,609
1:NLIN MS22
3,985,711 3,050,568 3,119,691
9,722.099 7,434,830 7,114.449
3455
-3,097
--31.295 --26.939
--78,496 --114,447
2257
-Gross from Railway-- -Net from Eailwag--Nei after Taxes
1924.
1925.
1925.
1924.
1925.
1924.
$
$
$
$
$
$
Bangor & AroostookMarch
748.940
834,301
242.085
297.762
365.880
306,497
From Jan 1_ 2,091,348 2,179.033
549.755
757,482
596.692
730,294
Bellefonte CentralMarch
10.291
7,539
675
-1,073
845
--873
From Jan 1_
27,703
26,745
2.073
308
2.583
908
Belt Ry of ChicagoMarch
566,359
600.781
149.921
188.536
192,450
152,957
From Jan 1_ 1,701,842 1,724.649
413,543
534.324
361.366
475,224
Bessemer & Lake ErieMarch
825,409
1,013,196
209.845 --97.675
246,680 --55.116
From Jan E 2.685,002 2,387.074
370,130 -392,300
467.006 --264.678
Bingham & Garfield55,244
March
38,759
4.612
15.583
-275
10.219
154,398
From Jan 1_
112,095
39.063
--7,812
7.120
23,160
Boston & Maine6.508,769 6,862,176 1,194,252 1.330,238
March
933.177 1,105,102
From Jan E19,000,093 19,479,750 3,130.785 2,897.420 2,345,291 2393.801
Brooklyn E D Terminal131,748
March
54.382
133.000
46.661
57.3C8
48,466
From Jan E 358,983
146,541
131.834
367.550
124,877
153.540
Buff Rochester & Pitts-1,253,956 1,503,571
March
38.575
155,881
120.879
1,350
From Jan 1_ 3,752,152 4,459,614
225,210
535.279
119,619
430,265
Buffalo & Susquehanna171.719
169,670
March
9,418 -10.110
6.018 -15.460
From Jan 1_ 534,498
40,521
596,628
18.463
28.321
-5.991
All & St Lawrence225.657
March
-5.164
265,968
31.886 -27.813
21,690
From Jan L. 674,776
723.707
16,866 -30.897 -35.045 -76,373
Dot G H & MilwaukeeMarch
620,038
527.453
160,876
184,780
1711.335
154,664
From Jan 1_ 1,403,856 1,651.794
357,096
425.039
341.103
409,780
Canadian PacificMarch
12,931.547 14,812,928 2.117.212 2.510.799
From Jan 1_36.614,771 41,288.483 3.855.682 4,449.048
Clinchifeld768,044
March
294.145
751,827
223.799
239.127
173,701
From Jan 1_ 2.246,920 2,145,177
600.777
838,170
673.151
450,651
Central of Georgia2.679.919 2,498,371
March
774.334
701.744
642.109
570.225
From Jan 1_ 7,204,285 6,839,428 1.621.880 1.623.313 1.298.872 1,281,498
Central RR of N J4,593,635 4.759.594 1.061.557
March
977.952
700.463
648.074
From Jan 1.13.257.548 13,263,448 2.992.793 1,769.080 1.936.111
647,586
Central New England634,250
667.765
March
213.039
203.595
187.539
177.894
From Jan E 1,908,066 1,985,755
650.262
591.596
573.750
514.389
Central VermontStarch
83,914
794,953
700.040
133.447
84,818
114.589
From Jan E 1.895.164 2,105.098
125.663
303.372
68.237
246,788
Charles & West Carolina444,449
381,870
March
196,688
100.898
178,642
83.294
350,728
209.715
From Jan E 1.085,586 1,004,898
290.573
156,999
Chess & Ohio Lines8,848,938 8,911,765 2,000.401 2,041,765 1,580.624 1.659.566
March
From Jan 1_26.639,007 25,576,387 6.160.115 5.848.137 4.810.885 4,704,449
Chicago & Alton487,913
2,382.299 2.522,326
March
717.254
389.165
623,855
From Jan 1. 7,231,781 7.554.287 1.535,777 1.688.816 1.238.104 1,416.530
Chicago Burl & Quincy12.129,252 13,288.233 2.990,256 3,927.384 2.103,363 3,038.529
March
Frorn Jan 1_36,959.664 39,547,355 8.212.767 9,624,138 5.706,645 7.046,244
Chicago & East Illinois2,080,880 2,232,089
204.074
March
176.102
103.570
76,184 "
765.628
902.193
From Jan L 6,450.390 7,203,904
453,587
589.835
Chicago Great Western304.019
1,865,808 2,050,167
408,319
March
225,728
335,047
960.735
From Jan E 5,695.250 5,853,183 1,017,256
767.529
726.339
Louisville
Ind
&
Chicago
433,100
1,464.001 1.482,193
March
402.222
350,811
324.483
From Jan 1_ 4,132.588 4,261,288 1,053,186 1,665.842
860,948
862,241
Chicago Milw & St Paul12.152,162 13.117,750 1,960,991 2,656,582 1.202.578 1,851.506
March
From Jan 1_36,671,695 38,445.499 6,651.766 6,980,406 4,377,888 4,603,922
Chicago & North Western10.871,904 12,352,051 1,602,138 2,575,386
March
797.089 1,815,351
From Jan 1_32,633.329 35,873,787 5,085,522 6,561.714 2,67.5,664 4,278,989
Chicago River & Indiana579.852
163,009
630,233
March
224.899
125,663
194.971
541,719
From Jan 1_ 1,737.330 1,880.071
708.476
416,080
576,767
Chicago R I & Pacific9,728.064 9.995.394 1,674,147 2,017,352 1,150,018 1,497.770
March
From Jan 1.29,106.233 29,048,920 5.655.270 5,845,611 4,082,087 4,287,461
Chicago Rock Island & PacificChicago R I & Gulf474,972
528.454
112,574
March
144,653
99,487
131.986
From Jan 1_ 1,579.850 1.484,477
411.552
425,648
372,746
387,834
Chicago St Paul Minn &0
2.104,656 2,461.833
March
374,564
639.847
246,603
507.720
From Jan 1_ 6,587.001 7.022.750 1.426.264 1.438,030 1,041,850 1,054,990
Cinc Indiana & Western389.917
359.743
March
62.740
44,649
45,176
27,114
From Jan 1_ 1,161,197 1,090,117
200,118
181.175
141,008
123,057
Southern
Colorado &
Ft Worth & Denver City838,607
744.825
March
256.555
193,534
196.730
152,368
From Jan 1_ 2.800,825 2,433,656
993.586
777,894
815.413
655.853
Trinity & Braze Valley200,856
213.977 -11,769 -17,576 -19,689 -24,867
March
558,772
From Jan 1_ 1.017.560
260,780 -100,806
236,948 -122,444
Wichita Valley115,848
144,540
34,876
March
52,948
24,140
45.501
431,722
499,416
From Jan 1_
233.625
176,186
144.890
210,013
Columbus & Green 130,029
126.255
March
2,150
-326
29,512
28,007
391.061
382.469
From Jan 1_
16,187
73,289
10.603
68.783
Delaware & Hudson3,639,132 3.933,558
March
502,976
497,427
390.621
394,727
From Jan 1_10,985,237 11,151,053 1,634,243 1.145.269 1,296.781
835,998
Delaware Lackawanna & Western7.204,383 7,402,060 1,755,240 1,810,117 1.183.675 1.254.671
March
From Jan 1_20,770,507 21,164,377 4,621,338 4,643,934 2,973,195 3,010,742
Denver SC Rio Grande Western2,317,031 2,354,256
March
519.667
431,078
Denver & Salt Lake133,848
170,800 -26,892 -36,463 -35,952 -45.470
March
766,744
587,525
106,196 -62,931
From Jan 1_
79.110 -89,938
Detroit & Mackinac128.708
173.761
March
14,340
51.728
4.187
42,164
372,660
426,720
27,985
From Jan I_
49,667
-2.474
20,812
Detroit Terminal220,826
191,956
56.486
March
55,536
36.911
33,467
534.525
608.764
157,076
From Jan 1_
173.484
9,357
111,358
Detroit Toledo & Ironton1.112,752 1,163,998
March
417,385
515.661
371,278
492,719
From Jan 1- 3,195.546 3,115,801 1,272,716 1,356,945 1.134,588 1,302,552
Detrolt & Toledo Shore Line304,797
March
373,287
148,831
185.216
159,491
128,196
994,515 1.039,412
From Jan 1_
516,608
480.908
446.278
405,183
TEM CHRONICLE
2258
-Grossfrom Railway- -Na from Railway- -Net after Taxes
1924.
1925.
1924.
1924.
1925.
1925.
$
$
Duluth & Iron Range183,415 -197.140 -187,575 -204,523 -198,832
110,640
March
538,525 -528,902 -559,264 -552,093 -591,706
From Jan E 353.529
Duluth Missabe & Northern147,861 -345,398 -382,899 -111,202 -495,449
102,064
March
404,615-1.029.831-1,146,030-1,228,254-1,482,181
299,953
From Jan 1_
Dul So Shore & Atlantic59,639
60,618
444,951
488,212
89,639
89,623
March
148,429
165,277
234,510
254,282
From Jan L. 1.340,338 1,386,612
Dul Winnipeg dz Pacific77,798
68.522
245.748
89,654
241,811
80,431
March
186,989
157.814
222,101
From Jan 1_
710,825
666,706
190,783
East St Louis Connecting79.670
78,381
89,177
189.124
83,577
March
186,204
251,706
268,380
280,094
284,576
617,123
From Jan 1_ 608,749
Elgin Joliet & Eastern705,637
601.469
787.659
690,714
2,325,621 2,233.755
March
From Jan 1 _ 6,794,017 6,382,476 2.268,046 1,925,816 2,003,573 1.679,851
Erie Railroad902.761
782,772
March
8,508,782 9.152.678 1.150.616 1,248,983
From Jan 1_24,027.405 26337.618 2,430,893 3,635,872 1,363,512 2,588.363
Chicago dc Erie392.836
520,765
445,562
577.472
1.325,823 1,251,354
March
From Jan 1_ 3,491,921 3,677,156 1,314,250 1,333,278 1,153,671 1,175,086
Evans Ind & Terre Haute20,688
50,055
24,938
57,167
135,304
198,254
March
134,181
187,105
149,225
212,084
488.707
From Jan 1_ 603,399
Florida East Coast888,955
927,723
987,959
March
2,711,487 2,289,573 1,041.037
From Jan 1_ 7.730.765 6,332,556 2,854,422 2,639.281 2,508,093 2.344.823
Ft Smith & Western8.362
21,382
14,162
26.882
135,855
141,119
March
1,093
98,933
19,438
115,635
390,740
451,216
From Jan 1_
Galveston Wharf-3,939
36,278
13,061
53.278
92,701
158,899
March
19,620
141,899
70,595
192,942
316,919
522,721
From Jan 1_
Georgia & Florida43,939
38,022
50,428
44,574
170.655
160,174
March
60,743
115,484
96,070
80,483
457.832
From Jan 1- 398.148
Grand Trunk Western334,746
215,527
408,250
289,600
1,455,285 1,781,849
March
705,142
376,705
914.140
599,207
From Jan 1_ 4,019,380 4,868.476
Great Northern System749,347
825,099
7,179,078 7,540,184 1,551,223 1,440,183
March
From Jan 1_21,085,902 21,133,586 4.453,610 3,765,067 2,274.557 1,751,404
Western
&
Green Bay
36,519
25.650
44,038
33,150
134,991
122,698
March
82,C84
98.172
75,672
105.208
384.271
365.324
From Jan 1_
Gulf Coast Lines.407,931 .475,324
1,312,275 1,324,231
March
'895,780 "1,025,272
From Jan 1_ 3,594,111 3,394,416
Northern
Gulf Mobile &
163,846
131,307
132,916
165,749
546,592
545,508
March
341,675
330,797
427,104
422,207
From Jan 1_ 1.547,557 1,515,766
Hocking Valley283,112
189.695
244.112
143.854
1,241,933 1,241,396
March
885,801
606.496
706,740
905,713
From Jan 1_ 3,711,592 3,728,999
Illinois Central System14,249,688 14,716,270 3,600.606 3,762,835 2,427,687 2,719,126
March
From Jan 1_42,750,022 44,642,832 10,667,359 11.209,733 7,306,949 8.078,995
Illinois Central Co12,332,615 12,969,659 3,062,607 3,360,620 2,018.743 2,432,247
March
From Jan 1-37,038.317 39,391,414 8,994,929 9,867.033 0,019,599 7,082,543
Yazoo & Mississippi Valley286,879
408.944
402,215
537,999
1,917,073 1,746,611
March
996,452
From Jan E 5,711,705 5.251,418 1,672,430 1,342,700 1,287,350
Northern
Great
International
219,200
226,062
191,028
286,191
1,449,798 1,366,141
March
514,644
727,121
619,286
867,647
From Jan 1.. 4.264,993 3,993,126
Kansas City Southern235,959
372,105
329,109
466,361
1,535,852 1,484,526
March
859,074
880,953
From Jan E 4,362.761 4,499,512 1,163,159 1,139,227
Texarkana dr Fort Smith133,743
92,247
149,606
108,149
267,373
226,390
March
332,713
265,666
379,620
313,175
719,084
From Jan 1_ 693,026
Kansas Oklahoma & Gulf14,146
24.674 -17,370
-8,713
188,029
173,456
March
48,957
80.391 -39,658
576.002 -12,098
512,029
From Jan 1
Ishpeming
&
Superior
Lake
78,781 -25,060 -15,247 -36,460 -25,494
67,830
March
230,769 -63,710 -69,264 -97.814 -100,007
217,522
From Jan 1
Lake Terminal91,408
87.803
March
242,417
266,791
From Jan 1_
River
Hudson
&
Lehigh
302,750
255,081
March
818,176
749,349
From Jan 1_
Lehigh & New England419,726
384,414
March
From Jan 1 1.139,425 1,226,475
Lehigh Valley6,625,860 6,723,528
March
From Jan 1_18,198,409 18,534,379
Los Angeles & Salt Lake1,873.170 2,161,511
March
From Jan 1_ 5,524,611 6,141,119
Louisiana & Arkansas324,398
323.971
March
938,704
962,999
From Jan 1
Louisville & Nashville11.243,633 12,037,565
March
From Jan 1-34,231,002 34,165,655
Louisville Henderson & St. Louis-1
312,658
321,760
March
924,156
993,903
From Jan 1
Maine Central
1,848,891 1,921,666
March
From Jan E 5,125,498 5,331.506
Minneapolis & St Louis1,197,173 1,312.054
March
From Jan 1_ 3,813,494 3,840,836
Mississippi Central150,168
130,535
March
457,910
386,339
From Jan 1
Missouri-Kansas-Texas2,736,164 2,643,916
March
From Jan 1 8,265,844 7,843,192
Missouri & North Arkansas130,011
137,708
March
369,190
From Jan 1
387,551
Missouri PacificMarch
10,712,493 9,709,442
From Jan E31,777,896 28,625,277
Mobile & Ohio1,666,910 1,706.971
March
From Jan E 4.688,161 5,071.214
Monongahela Connecting234,624
221,545
March
624,978
From Jan E 649,305
Nashv Chatt & St Louis2,089,031 2,106,886
March
From Jan E 5,951,623 5,996,638
-656
11,894
3.468
-16,065
-6,890
-6,808
-2,937
-35,279
68,113
191,754
116.087
252,101
54,705
154,484
101,662
208.825
83.685
200,395
40,478
182.746
69.816
164,244
29,575
145,411
1,779,842 1,585,091
3,726,609 3,177,184
1,410,594 1,354,816
2,814,352 2.481,853
327,547
922.156
563,294
1,275,491
189,087
507.313
433,117
887,127
90,484
256,783
84.469
253.522
62,876
174.235
r62,605
183,034
2,238.577 1,867.750
5.591,044 5,721,951
1,794,363
4,301,848
2,390,823
7,289,870
113,269
354,764
82,926
269,703
'93,897
294,460
69,815
231.099
493,166
1.105,566
403.323
922,114
92,737
804,291
300,942
615,090
65,290
533.338
174.284
566,553
900
335,130
108,248
306,134
44,847
105,221
41,144
122,681
32,353
78,590
34,644
103,163
728,380
776,949
906,717
965,972
2.906,157 2.399,149 2,302,712 1,889,143
17,325
44,482
14,003
19,048
14,958
37.027
10,856
9.010
2,140,612 1,783,761 1,716,577 1,406 ,173
6,429,913 5,096,653 5,162,023 3,964.695
487,333
1,236,536
443,753
1,336,154
401,677
977,317
357.585
1,090,061
33,648
86,450
36,136
73,418
28,784
71,802
30,533
57,272
410,333
1.136.910
399,658
907,922
351,126
956,388
339,522
726,566
[Vou 120.
. -Gross from Railway- -Na from Railway-- -Na after Taxes
1924.
1925.
1924.
1925.
1925.
1924.
8
Newburgh & South ShoreMarch
6,884
168,237
173,444
40.810
28,020
20,482
From Jan E 523,254
9,153
498,587
49,198
135.008
96,025
New Orleans Gt NorthernMarch
64,048
239,880
65.592
46,307
252,021
82,121
From Jan 1
173,563
719,793
218,155
731,742
158,750
225,233
New Orleans Texas & MexicoMarch
61,944
272,766
59.299
81,351
266.087
69,116
From Jan 1_
170,189
819,024
756,515
250,403
184,007
235,202
Beaumont Sour Lake & WesternMarch
255,207
121,739
274,795
92,572
85,694
129,421
From Jan 1. 637,025
247,623
676,541
182,515
167,854
265,375
St Louis Brownsville & MexicoMarch
381,755
757,267
768,621
348,024
420,060. 316,096
From Jan E 2,063,166 1.907,901
803,841
720,421
810,470
879,346
New York CentralMarch
30,325,243 33.003,992 7,279.212 7,849,958 5,066,293 5,783,810
From Jan 1_88,117,778 92,708,759 18,904,783 20,541,360 12,868,662 14,722,405
Indiana Harbor BeltMarch
951,191
988,627
217,016
275,489
229,388
255,309
From Jan 1_ 2,732,750 2,753,659
573,393
646,091
660,199
751,721
Michigan CentralMarch
7,382.858 8,144,010 2,097.590 2,671,390 1.656,487 2,187,890
From Jan 1_21,002,585 22,796,829 5,900,137 6,712,050 4,639,472 5,384,733
CCC&StL01114March
7,111,924 7,662,376 1.792,765 2,061,259 1,356,822 1,615,243
From Jan 1_21,787,640 22,184,923 5,704,214 5,066.773 4,375,544 3,884,663
Cincinnati NorthernMarch
336.971
160,966
78,113
501.037
100,354
187.083
From Jan 1_ 1,088,636 1,321,470
389,692
346.911
277,905
460,159
Pittsburgh & Lake ErieMarch
2,867,594 3.119,586
685,844
597.082
423,091
878,267
From Jan 1_ 8,639,899 9,168,148 1.872,117 2,136,312 1,328,957 1,602,683
New York Chicago & St LouisMarch
4,604,142 4,904,579 1,441,836 1,384,749 1,193.661 1,156,448
From Jan 1_13,336,935 13,895,024 3.594.044 3,337,600 2,848,752 2,622,581
New York ConnectingMarch
230,646
254,215
148,351
165.826
124,576
181,051
From Jan 1
691,573
737,994
419,428
484,829
364,579
528,828
Hartford
NYNH&
March
10,509,799 10,955,468 2,625,081 2,672,584 2,295,106 2,258,861
From Jan 1_30,516,991 30,666,742 7.373,248 6,524.618 6.206,489 5.276,207
New York Ontario & WesternMarch
758,993
47,924
937,799 -32,531
96,007 -78,637
From Jan 1_ 2,581.739 2.743.399
-2,057
29,206
142,209 -109,012
N Y Susq & WesternMarch
381,034
377,722
59,527 --26,865
29,876 -56,044
From Jan 1_ 1.185,521 1,133,591
165,214 --11,604
80,094 -104,671
Norfolk SouthernMarch
918,432
925,136
305,878
295,700
257,696
252,788
From Jan.1 _ 2,241,116 2,425,534
507,433
600,964
636,516
480,448
Norfolk & WesternMarch
7,846,360 8.708.113 2,340,181 2,168,437 1.704,003 1,592,618
From Jan 1_23,908,618 23,840,351 7,460,448 4,946,870 5,659,631 3,220,842
Northern PacificMarch
7,017.433 7.420,609 1.270,944 1,559,025
602,919
883,387
From J an 1_20,408,977 21,291,196 3,605.041 4.258,001 1,604,588 2,211.945
Northwestern PacificMarch
50,141
525,484
497,062
4,215
74,302
28,980
From Jan 1 1,388,988 1,493,7/1
144.466
5,425 -11,555
125,381
Pennsylvania SystemPennsylvania Co-March
52.522,631 55,890.283 8.279.446 11.092,218 5,894,628 8,951,209
From Jan 1155648,580 159335,823 24.010,736 28,742,419 18,240,747 23,583,949
Bait Cites & Atlantic89,246 -23,806 -18,756 -26.774 -21,860
100,074
March
262,014
From Jan 1
259,057 -97,318 -57,070 -97,357 -57,070
Long Island335,278
365.921
306,954
March
388,379
2,627.977 2,580.588
729,944
858,847
726,856
From Jan 1 7,445,487 7363,203
843,308
Monongahela154,435
465,580
154,139
141,511
426,140
170,556
March
From Jan 1 1,374,826 1.541,099
560.279
522,365
573,324
524,982
Toledo Peoria & Western36,968 -29,570
170,264 -23,570
123,820
March
25,468
463,869 -28,950
50,622 -46,963
412,417
From Jan 1
19,080
West Jersey & Seashore48,088
99,586
83,355
901,382
926.715
March
32,555
114.264
114,100
11,278
From Jan 1 2,560.790 2,501,034
11,035
Peoria & Pekin Union52,536
161,854
52,520
168,393
30,536
March
40,020
159,443
154,559
495.308
106,559
From Jan 1 . 533,117
121,943
Pere Marquette3,849,961
710,180
1,034,728
3.168,053
March
590,118
892,498
From Jan 1_ 9,341,032 10,479,692 2.133,344 2,387,799 1,723,112 1,943,200
Perkiomen88,120
90,754
27,134
43,826
March
22,056
39,390
116.490
282.757
299.521
From Jan 1
116,966
101,077
107,808
Pittsburgh & Shawmut12,352 -20,707
77,772
98,108
March
12,047 -20,855
265,943
41,135 -35.964
From Jan 1 - 304.857
40,492 -36,962
Pittsburgh Shawmut & Northern23,595
118,468
145,920
March
3,339
480
20,020
321,712
83,344 -26,856
From Jan 1. 437,850
75,361 -35.188
Pittsburgh & West Virginia303,951
112,580
356,556
March
87,784
50,986
73,093
937.146
381,235
From Jan 1_ 1,097,453
249,819
260,576
135,950
Port Reading84,979
174,240
181,843
March
71.986
65,392
55,596
315,900
509,148
614,503
From Jan 1
165,660
265,589
129,055
City
Kansas
&
Omaha
Quincy
94,290 -43.888
70,092
March
12,386 -48,521
8,324
277.827 -58,562 -12,892 -72,460 -25,091
203,720
From Jan 1
Reading Company7,537,578 8,089,155 1,568,808 1,745,411 1,206,957 1,357,506
March
From Jan 1_22.718,369 23,510.838 5,389,272 4.923,044 4,280,182 3,762,917
Rutland605,057
60,468
502,936
March
111,892
38,702
146,569
87,820
From Jan E 1,460,799 1,607,891
167,236
22,134
248.209
St Louis-San FranciscoMarch
7,026,060 6,764,603 2,024,978 1,878,820 1,665,842 1,529,448
From Jan 120,900.162 19,922,998 6,203.304 5,552.614 5,080,194 4,504,685
St Louis-San FranciscoSt Louis-San Francisco of Texas113,527
34,952
161,793
-2,635
March
-448
32,614
396,911
562,407
181,369
68,810
From Jan 1_
75.180
174,038
Ft Worth dr Rio Grande101,492
4,878
-7,911
112,490
March
786
-4,055
344,247
19,529
358,011
38,101
From Jan 1
25,951
31.074
St Louis Southwestern396,452
430.914
March
1,558,569 1,556.586
379,020
469,049
From Jan 1_ 4,634.291 4,644,249 1,391,265 1,503,546 1,208,508 1.298,914
St LouisSW of T605,378 -28,728 -52,204 -56,286 -77,996
626,597
March
-1.903 -36,941 -83,411 -113,883
From Jan 1 1,946,969 1,906,071
St Louis Transfer65,411
5,255
62.949
9,934
9,551
6.199
March
27,547
224,718
39.919
38,658
29.171
From Jan E 219,553
Seaboard Air Line5,688,049 5,220,190 1,761,431 1,441,477 1.530,161 1,250,384
March
From Jan 1_15,441,471 14,798,887 3,780.433 3,656,064 3,108,747 3,083,507
MAY 2 1925.]
THE CHRONICLE
-Gross from Railway- -Net from Railway- -Net after Taxes
1925.
1924.
1925.
1924.
1925.
1924.
$
Southern Pacific System16,818,164 17,136,702 4,255.962 4,116,952 2,843,355 2,777,401
March
From Jan 1 45,820,749 48,619,704 9.680,779 10,985.611 5.554,342 7,087,437
Galv Harris & San Antonio2.015,212 2,096,151
March
394.999
348,669
357,180
280.837
From Jan 1 5,774,751 6,129,874 1,127,467
862,006
943,757
663.054
Houston & Texas Central1,234,360 1,169,844
March
218,916
127,760
165,070
87,250
From Jan 1 4,097,838 3,454.496 1.061,604
332,400
805,554
189,704
Houston E & W Texas266,486
March
274,195
55,516
11,656
45,676
3,056
743,012
773.565
From Jan 1_
106,274
-9,560
76,807 -35,577
Louts Western331,944
March
334.431
53,350
81,279
35,116
54,322
995.189 1,077,280
From Jan 1
191,681
283,309
123,328
194,028
Morgans La & Texas688.560
March
693,336
-3,288
41,735 -55,742
1,921
From Jan 1 2,077,943 2,067,590
84,561
69,461 -68,416 -66,815
Texas & New Orleans945.849
March
756.123
227.183
54,755
195,117
25,787
From Jan 1 2,613,726 2,222,289
492,472
32,748
395,704 -55.155
Southern Railway SystemSouthern Ry Co12,604,504 12.249,204 3,863,481 3,273,568 3,108,827 2,622,405
March
FromJan 1_35,595,766 35,004,748 9,812,600 8,536,879 7,708,467 6,849,353
Ala Great SouthernMarch
895,074
868.146
287,245
253,694
247,605
221,891
From Jan 1_ 2,468,571 2,479,755
671,773
576,485
536,494
476,565
Cin N 0 & T 1'
1,898,058 1,959,371
March
639,925
609,102
566,076
539,847
From Jan 1_ 5,601,110 5,525,313 1,922,538 1,555,655 1,681,059 1,372,818
New Orleans & Northeast524,723
483,830
March
200,470
151,562
152,939
114,197
From Jan 1 1.456.378 1,474,178
522,399
434.853
386,646
321,315
Tennessee Central252,950
March
231,437
62,550
53,472
57,463
47,662
733,491
650,952
From Jan 1_
123,684
137,663
112,102
119,891
Term Ry Assn of St Louis425,928
397,851
March
113,150
85,153
52.433
21.731
From Jan!. 1,296,192 1,225,134
448,943
248,410
272,537
61,577
St L Mer Br Term410,631
440,515
March
125,823
129.424
101,550
101,720
From Jan 1_ 1,248,637 1,302.406
357.204
339,856
274,174
261,320
Texas & Pacific2,796,175 2,623,464
March
578,797
520,329
438,612
380,467
From Jan 1_ 8,237,580 7,978,407 1,852,895 1,882,204 1,431,844 1,460,609
Ulster & Delaware83,344
March
99,624
-3,607
4,214
-9,107
-1,288
256,220 -34,739 -15.201 -51,239 -31,782
From Jan 1_ 229,428
Union Pacific7,548,869 8,426,342 2,367,446 2,784,353 1,698,133
Mgrch
2,125,928
From Jan 1_21,905,747 24,572.004 6,358,724 7,923,938 4,316,211 5,949,755
Oregon Short Line2,459,727 2,989,401
March
459,726
808,048
214,409
530,230
From Jan 1_ 7,459,324 8,625,934 1,821,391 2,250,760 1,084,738 1,416,948
Nay
Co
Ry
-Wash
&
Ore
2,130,636 2,398,424
March
288,757
473,774
118,512
302,600
From Jan 1_ 6,116.753 7,096,824
866,126 1.643,301
355,867 1,132,474
Union RR (Penn)
931,281
912,164
March
145.276
1.229
134,276
--9,771
From Jan! 2,687,019 2,552,210
164,147
118,411
131,147
85,411
UtahMarch
126,667
96,291
395.863
From Jan!. 463,810
Vicksburg Shreve & Pacificmarch
359,193
358.394
975,379 1,043.538
From Jan 1
Virginian1,433,570 1,593.336
March
From Jan 1- 4,756,048 4,857,020
Wabash5,596,112 5,735.547
March
From Jan 1_16,129,067 16,214,067
Maryland
Western
1,625,211 1,752,111
March
From Jan!. 4,802,131 5,078,437
Wheeling & Lake Erie1,521,553 1,669,290
March
From Jan 1_ 4,270,677 4.733,964
36,454
161,569
12,812
92,325
27,112
138,956
5,621
67,752
93,293
167,578
64,007
161,273
67,297
100,728
45,610
103,870
482,515
451,467
368,192
307,753
1,779,948 1,709,466 1,412.636 1,272,880
1,273.134 1,355,323 1,040,329 1,118,673
3,498,894 3,358,306 2,800,494 2,654,105
438,787
463,129
373,787
1,364,467 1,341,124 1,179,467
463,129
1,071,124
389,331
947,867
363,015
265,220
249,268
1.090,047
610,082
751,947
Income.
Charges.
Balance.
Georgia & Florida
Mar 1925
18,580
13,268
5,311
1924
29,930
11.673
18.257
Jan 1 to Mar 31 1925
20,100
39,263 -19.163
1924
60,836
34,977
25.859
NYNH& Hartford
Mar 1925 *2,378,898 1,924,719
454,179
Jan 1 to Mar 31 1925 *6,856,506 5,754,13
9 1.102,367
Western Maryland
Mar 1925 *310,873
252.956
57,917
1924 *382,039
259,193
122,846
Total Net
Income.
St Louis Southwestern (incl Mar '1925 *330,754
St Louis Southw of Texas)
1924 *314,893
From Jan 1 to Mar 31 1925 *1,109,488
1924 *1.184,684
Fixed
Charges.
230.496
231,974
696,265
684,205
Balance.
100,258
82,919
413,222
500,479
_Grossfrom Railway- -Available for 1sI.-NetIncome
1925.
1924.
1925.
1924.
1925.
1924.
$
$
$
$
MIssouri-Ransas-Texas LinesMarch _____ 4,587,221 4,119,660 1,043,509
860,725
448,462
226,820
From Jan 1_13,908,618 12,575.664 3,086,453 2,496,404 1,251,205
594,348
-Gross from Railway- -Available or Int.- -Surplus after
Cho.
1924.
1925.
1925.
1924.
1925.
1924.
$
$
8
$
$
8
(includin
Francisco
g
linea)sub
St Louis-San
march _____ 7,376,585 7.030,367 1,660,871 1,466,246
401.083
237.262
From Jan 1_22,063,706 20,854,654 5,124,906 4,504,574 1,343,465
812,347
Gross
Net
Interest & Balance,
Earnings. Earnings.
Taxes.
Surplus.
$
$
Bellefonte Central Mar '25
'24
From Jan 1 to Afar 31 '25
'24
7,539
10,291
25,703
26,745
-873
845
908
2,683
200
170
600
510
-1,073
675
308
2,073
income.
•Includes other
Electric Railway and Other Public Utility Net
Earnin gs.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
CoMpanies.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
cAmer Pr & Lt Co_ _February 4,020.408
3,671,653 *1.785,804 *1.472,128
12 mos ended Feb 28_-_ _43.039,678 39,322,538'18.285,012'15,817,104
Corp_Ma
rch
5,667,53
5,782,87
2
Affil
1 *1,713,189 *1,662.111
&
Co
Phila
17,555,912 17,995,684 *5,970,027 *
5,257.482
From Jan 1
Companies.
2259
-Gross Earnings--Net Earnings
---Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Southern Canada Power Co,
Ltd. and Subs
March
95,320
88.124
52,105
6 mos ended March 31__
576.021
532.252
309,692
Winnipeg Elec Co
Mar'25
474.448
456.634
*126.394
From Jan 1
1,438,816 1.445,337 *407.489
* After taxes. c Earnings for subsidia
ry companies only.
Companies.
American Water
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
49.903
298.629
*98.707
*356,018
Balance,
Surplus.
Mar'25
Wks & El Co dc Subs '24 3.419,162 1.605,054 11.069.031
536.023
3,276.923 1,425.860
1951,111
'2 mos ended Mar 31 '25 38,796,0
474,749
71 17,336,4
'24 37,623.172 16.261,978111,927.873 5,408,605
33110.556.957 5,704,977
xBangor Hydro-Elec Mar'25
136,286
66.360
26,153
Co
40,207
'24
138.853
67.270
25.124
12 mos ended Mar 31 '25 1,545.08
42,146
4
813,223
309.017
504,206
'24 1,555.090
789.789
290,795
498,994
Binghamton Lt, Ht Mar'25
132.389
c43.256
& Pr Co & Sub Cos '24
117,127
c40,068
12 mos ended Mar 31 '25 1,472,94
1 *e.528,688
258.932
269,756
'24 1,235,134 *c430.722
155.787
274,935
Commonwealth Pr Mar'25 2,772.42
1 1.166,656
Corp
'24 2,803,760 1.134.927
12 mos ended Mar 31 '2531,531,305
13,009.620
'24 31.246,624 12,361,614 7,266.795 5,742.825
6,391,822 5.969,792
Consumers Power
Mar'25 1,656,223
798,427
Co
'24 1,601,032
765,414
12 mos ended Mar 31 '25 18,455,2
16 8,842.376
'24 17,680,522 8.128.373 2.670.278 6.172,098
2.250,154 5.878,219
Eastern Shore Gas & Mar'25
60,652
23,091
11.298
Elec Co
11.793
'24
48.380
18,248
8,587
12 mos ended Mar 31 '25
9,661
661,648
246,760
114.259
132,501
'24
580,261
217.485
103,677
113,808
Florida Public
Mar'25
83,091
20,484
Service Co
'24
71,125
27,419
12 mos ended Mar 31 '25
810,518 *222,784
170,645
52,139
Ft Worth Power & Mar'25
226,220 *119.035
16.814
102,221
Light Co
'24
268,153 *124,792
18,715
12 mos ended Mar 31 '25 2,975,57
106,077
4 *1.416,019
202,827 1,213,222
'24 3,075,311 *1,370.465
223.138 1,147.327
Kansas City Power Mar'25
834,198
404,375
98,709
& Light Co
305,666
'24
822.344
403,093
93.815
12 mos ended Mar 31 '25 9.597.94
309,278
8 4,797,350 1,084,667 3,712,68
3
'24 9.038,327 4.441,428 1,000.58
1 3.440,847
Kansas Gas & Mee Mar'25
543,361
*192.320
97.269
Co
95.051
'24
511.307 *175.314
90,358
12 mos ended Mar 31 '25 5,734.563 *2.069,2
84,956
22 1.142,225
916,997
'24 5,582.737 *1.779.651 1.053,46
9
726.182
Manchester Trac, Lt Mar'25
212,354
93,553
23.067
& Power Co. & subs '24
70,486
216,603
87,909
22,300
3 mos ended Mar 31 '25
65,609
691.895
294.084
71,169
222,915
'24
682,145
285.830
67.068
218,762
Metropolitan Edison Mar'25
693,153 a298.918
Co & Sub Cos
'24
657,378 a214,368
12 mos ended Mar 31 '25 8,058,746•513,474.
345 1.626,790 1,847,555
'24 7.831,985*a2,820,500 1.390.22
7 1,430,273
Municipal Service Feb '25
491,396
196,858
69,137
Co and Subs
127,721
'24
456,674
183.602
65.717
117.885
12 mos ended Feb 28 '25 5,292.590 1,952.96
1
799.835 1,153,126
'24 4,845,433 1.847.333
782,323 1,065,010
Nebraska Power Co Mar'25
329,125 *177,727
68,685
109,042
'24
328.237 *157,764
53,534
104,230
12 mos ended Mar 31 '25 3.975.740 *2,056,1
12
712,286 1,343,826
'24 3,875,705 *1,792,516
654,468 1,138,048
Nevada-Calif Elec Mar '25
470,242 *198,721
105,903
92,818
Corp & Sub Cos
'24
357,882 *120,717
89.632
31,086
12 mos ended Mar 31 '25 4.614.022 *2,071,1
50 1,198,386
872,764
'24 4,227,473 *2,137.387 1.049,19
5 1.088,192
New England Co
Mar '25
655.714
255,589
116.181
Power System
139,408
'24
598,857
203,862
115,375
88,487
12 mos ended Mar 31 '25 7.415,009 2.608,85
7 1,402,725 1.206.132
'24 7.437.596 2,140,162 1,119,93
1 1.020,231
New JerseK Power Mar'25
95.244
a28,164
86.614
020,742
12 mos ended Mar 31 '25 1,116,555 •a337.88
3
159,752
178.131
'24 1,027.867 *a263.589
127,604
135,986
New York Dock Co Mar '25
272,057 5147,065
k99.811
47,254
'24
273.407 5158.298 k106,972
51,326
3 mos ended Mar 31 '25
815.580 5436,627 k300,883
135,744
'24
791.697 5452,230
8320,518
131.712
North Carolina
Mar'25
149,505
39.027
Public Service Co '24
118,830
34.686
12 mos ended Mar 31 '25 1,771.482
*566,372
280.341
2136,031
Northern Ohio
Mar '25
941,924
251.176
Power Co
'24
867,997
209,256
12 mos ended Mar 31 '25 10,503,477
2,377,197
247,406
'24 9,876.176 2,269,187 2.129,791
1.907,330
361,857
Pacific Power &
Mar'25
263,705
65,326
Light Co'24 241,37. *96,263
30.937
60,509
12 mos ended Mar 31 '25 3.215.556 Z'97.560
37,051
*1,428.306
748,454
679,852
'24 3,205,922 *1.562,223
707.177
855,046
Penna Coal & Coke Mar '25
475,197
*2,544
33,364 c-30,910
Corp & Subs
'24
547,353
*21,738
33,512 c-11,774
3 mos ended Mar 31 '25 1,552,432
*-55.757
102,928
c-158,685
'24 1,774.615 *104,887
103.885
c1.002
Pennsylvania Edison Mar'25
233.500
068,440
Co & Sub Cos
'24
252.754
068,825
12 mos ended Mar 31 '25 2.947.45
8*a1,120,272
511,547
608,725
'24 3,161,364*a1,002,504
443.288
559,218
Portland Electric
Mar '25
943,847
385,108
205.526
Power Co
205,526
'24
951,875
393.497
177,280
12 mos ended Mar 31 '25 10,828,0
177,280
61 4,317,962 2,329,498 1.988,46
4
'24 10,947,317 4.243.405 2,084.15
2 2,159,253
Portland Gas &
Mar'25
320,204
*88,789
41,655
Coke Co
47,134
24
394,055
*90,541
37.978
12 mos ended Mar 31 '25 3.830,198 *1,370,3
52,563
15
474.413
895,902
'24 3,453,552 *1,248,247
461.781
786,466
Reading Transit Co Mar'25
255,744
a24.538
& Sub Cos
'24
265,782
a23,685
12 mos ended Mar 31 '25 3.027,549 *a278,96
6
86.794
192,172
'24 3,104.606 *a281,854
84,802
197.052
Rutland Ry, Light Mar'25
35,328
58,678
& Power Co
'24
46.843
514,137
12 mos ended Mar 31 '25
515,516 *5157.717
93.890
63,827
'24
545.868 *5170.471
95,229
75.242
Sayre Electric Co
Mar'25
22,889
a5,974
'24
17,737
a6,308
12 mos ended Mar 31 '25
237,010 *a80,022
30,806
'24
49,217
213.980 *a60.247
23.170
37,076
Tennessee Electric Mar '25
907,561
439,293
Power Co
183,474
'24
255,819
796,296
395,749
12 mos ended Mar 31 '25 9,889,928
153.842
241.907
4,696,01
2.030,557
'24 9,240,107 4.359,214
9 1.778,657 2.665,457
2,580,562
Texas Power &
Mar'25
521,673 *217,281
Light Co
82,866
'24
134.415
552,520 *233,785
12 mos ended Mar 31 '25 6,572,99
66.251
167.534
3
98
$
871,240 2,070.156
'24 5,844.973 *2,941,3
*2,475,787
720,607 1,755.180
[Vol.. 120.
THE CTTRONTCLE
2260
Gross
Earnings.
Net after
Taxes.
Companies.
Third Avenue Rail- Mar'25 1.224.937 *216.012
'24 1.238 920 *223.202
way System
9 mos ended Mar 31 '25 10.783 857 *1836305
'24 10.842,905 *2,009.185
Mar '25 1,201.719 *428.988
United Gas &
'24 1.181.477 *417.448
Electric Corp
12 mos ended Mar 31 '25 13,745.122 *4.913.810
'24 13.197.561 *4.650.562
623.851
Mar'25
54.946
Vermont Hydro627.088
'24
61.955
Electric Corp .
710.202 *6291.754
12 mos ended Mar 31 '25
'24
733.979 *6249.1380
253.107
429.644
Washington Water Mar'25
250.507
431.456
'24
Power Co
800.089
3 MO8 ended Mar 31 '25 1.359,329
772.810
'24 1.335.474
West Penn Co
Mar'25 2.255.763 61.015.272
6928.525
'24 2.252,902
12 mos ended Mar 31 '25 25.537.669610.794.006
'24 25,129,217610.288,378
Fixed
Charges.
Balance.
Surplus.
-9.368
225.380
-2.411
225.613
2.027.342 -191.037
2,020.683 -11.498
277.038
151.950
271.243
146.205
1.755.985 3.157.825
1,629.196 3,021.366
127.322
164.432
98.088
151.792
201.225
51.882
199.613
50.894
645.217
154.872
622.862
149.948
504.808
1510.464
448.287
1480.238
16.073.109 4.720.897
15,581.265 4.707,113
a After depreciation and rental. b After rentals. c After depreciation.
f Includes preferred dividends of subsidiaries. 5 Before taxes. k Includes
taxes. x As of March I 1925 the business of Bangor Railway & Electric
Co. and subsidiary companies was ssumed by the Bangor Hydro-Electric
Co.: figures prior to March 1 1925 aro the consolidated figures of these
former companies.
New York City Street Railways.
Gross
Companies.
Feb '25
'24
2 mos ended Feb 28 '25
'24
Brooklyn Heights Feb '25
'24
(receiver)
2 mos ended Feb 28 '25
'24
Feb '25
Brooklyn Queens
'24
Co and subsids
2 mos ended Feb 28 '25
'24
Feb'25
Coney Island &
'24
Brooklyn
2 mos end Feb 28 '25
'24
Feb '25
Conev Island
'24
& Oravesend
2 mos ended Feb 28 '25
'24
Feb '25
Nassau Electric
'24
2 mos ended Feb 28 '25
'24
Feb '25
South Brooklyn
24
'
2 mos ended Feb 28 '25
'24
Feb '25
Manhattan
'24
Bridge 3c Line
2 mos enclixl Feb 28 '25
'24
Interboro Rapid TransitFeb '25
Subway Div
'24
2 mos ended Feb 28 '25
'24
Feb '25
Elevated Div
24
'
2 mos ended Feb 28
'24
Feb '25
New York
'24
Rap Transit Corp
2 mos ended Feb 28 '25
'24
Feb '25
Third Avenue
'24
Railway System
2 mos ended Feb 28 '25
'24
Feb '25
New York
'24
Railways (receiver)
28 '25
Feb
ended
2 mos
'24
Feb '25
Eighth Avenue
'24
28 '25
Feb
ended
mos
2
'24
Feb '25
Ninth Avenue
'24
2 mos ended Feb 28 '25
'24
Feb '25
New York &
'24
Harlem
2 mos ended Feb 28 '25
'24
Feb '25
Second Avenue
'24
(receiver)
2 mos ended Feb 28 '25
'24
Feb '25
New York &
'24
Queens
2 mos ended Feb 28 '25
'24
Steinway Railways Feb '25
'24
(receiver)
2 mos ended Feb 28 '25
'24
Feb '25
Long Island
'24
Electric (receiver)
2 mos ended Feb 28 '25
'24
Feb '25
New York &
'24
Long Island (rec)
2 mos ended Feb 28 '25
'24
Feb '25
Ocean Electric
'24
2 mos ended Feb 28 '25
'24
Manhattan & •
Feb '25
Queens (receiver)
'24
2; mos ended Feb 28 '25
'24
Feb '25
Richmond Light
& Railroad Co
'24
2 mos ended Feb 28 '25
'24
Brooklyn City
Revenue.
160.476
191.572
884.698
918.502
1.831.958
1.914.050
1.560
6.337
3.135
13.007
200.813
192.104
416.242
400.079
196.160
203.211
405.313
423.638
4.965
5.235
10.048
10.717
433.674
429.108
893.822
891.099
93.699
88.689
198.330
176.354
19.346
20.990
39.950
43,947
390.005
7.142
8.711
14.370
16.862
32.355
37.617
48.796
92.923
23.125
46.065
43.605
92.045
--1.077
--8.582
-3.503
-8.836
54.708
82.804
116.098
189.431
19.192
22.958
44.431
46,422
286
462
--81
1,902
3.249.793
3.260.444
6.906.199
6.737,094
1.455.202
1.493.941
3.063.142
3.111.041
2.404.275
2.181.660
5.035.783
4,525.557
1.079.107
1.119.731
2.223.743
2,331.439
563.154
657.040
1,135,569
1.392.871
78.773
89.735
158.668
188.317
34,131
36,745
68.200
78.652
103.209
120.170
212.377
254.292
75,076
83.290
148.606
173.561
60,655
48,711
126.437
102,708
12,389
57,536
72.956
119,899
30.153
27,438
61,594
57.990
32,444
29.301
66,721
68.584
15.636
15,469
30,783
33.453
29,953
28,544
60.276
60,674
94.126
59.561
160,502
123.742
1,422.113
1.431.268
3.115.195
2,946.124
337,106
348.261
701.407
800.353
787.834
575.713
1,536.824
1.163.193
158.379
177.473
311,259
377.093
105.000
30.148
182,747
81.710
-11,005
-8.424
-47,263
-20,310
--13.108
--16.540
--37.742
--24,913
104.210
127.926
205,175
258.000
-2,080
6.108
--13,548
11,512
9.713
2,635
11,856
9.984
2.359
• 2,662
2,809
6.713
4,124
-2,630
5.150
-8.399
1,772
-3.538
349
-9.367
-2,030
797
-4.894
552
5,750
3,073
8,100
8,579
--13,899
188
-16,385
4,731
-Deficit. * Includes other income.
*Net
Revenue.
289.430
Fixed
Charges.
42.751
43.410
92.536
87.197
57.954
58.232
115.908
116.448
53.591
50.882
105.483
101 301
32.275
27.815
62.323
55.430
13.515
13.552
27.039
27.096
94.920
93.664
186.944
184.321
25.308
24.210
50.613
48.168
297
327
593
659
Net Corp.
Income.
117.725
148.162
196.894
302.808
-50.812
-49.521
--101.538
-99.586
--21.236
--13 265
--56 687
--8.378
--9.150
18.250
-18.718
36.615
-14.592
--22.134
-30.542
--35.932
--40.212
--10.860
--70.846
5.110
--6.116
--1.252
--6.182
--1,746
--11
135
-874
1.243
345.715
1.076.398
372.238
1.059.030
961.565
2.153.630
826.448
2,119.676
688.748 --351.642
624.474 --276.213
1,378.162 --676.755
1,248.969 --448.616
494.340
293.494
94.175
481.538
547.969
988.855
963.175
200.018
225.584 --67.205
224,947 --47.474
450.481 --139.222
451.339 --74,246
211.290 --106,290
212.817 --182,669
451,259 --268.512
439.206 --357.496
1.937 --12.942
9,998 --18.422
4,165 --51,428
21.781 --42.091
4.126 --17,234
1.498 --18.038
8.301 --46.043
3,100 --28.013
54.671
49,539
78.503
49,423
105.499
99.676
158,857
99.143
17,402 --19.482
18,325 --I2,217
34,935 --48,483
36.650 --25.138
25.068 -15,355
25.376 -22,741
49,644 -37,788
50,831 -40.847
--1,793
4,152
--1,397
4.059--6,872
8.787
--1.622
8.335
435
3,689
--13.112
3.482
--2.225
7.375
7,023 --15,422
-4,895
6,667
-9,938
6,400
13.414 -13,065
14,323 -23.690
--5,112
3,082
--2,231
3,028
6.061 --10.955
--6.297
6,849
-3,954
9,704
-6,988
10.061
19.487 --11,387
20,389 -11,810
14,200 --28,099
-9.418
9,606
25.080 --41.465
17,894 --13,163
Month of March- -12 Months Ending March 31Surplus
Surplus
aft. Chges.
Net.
Gross.
aft. Chges. Gross.
Net.
$
Puget Sound Power & Light Co.
1925
1.045.562
415,182
235.320 12,564,456 4,643,580 2,614.567
1924
1,056,828
249.475 12,521,169 4,870.932 2,971,516
407,982
Baton Rouge Electric Co.
199.794
1925
259,442
60,225
20.245
14.722
720.774
184.257
1924
215.369
59,693
21.522
18,575
653.840
Blackstone Valley Gas & Electric Co.
1925
403,532
149,624
115,635 4,728,071 1.675,246 1,226,909
1924
364,841
87,000
55,566 4,554.461 1,569,635 1,220.266
Cape Breton Electric Co., Ltd.43,918
1925
112.337
48,229
5,589
-138
638,246
60,034
128,093
1924
60,630
13,920
712,522
8.206
Central Mississippi Valley Electric Properties121.909
1925
160,357
48,176
11.913
598.2g0
8.725
122,641
1924
161,519
46,557
11.026
7.798
585,776
Columbus Electric & Power Co.
765.201
1,031.670
1925
217,798
83,834
61,366 2,381.592
880,002
1924
201,201
98,851
76,034 2,279,001 1,151,392
Eastern Texas Electric Co.
623.614
837.810
191,355
1925
46,757
32,718 2,438.308
611,181
1924
806,961
176,432
50.034 2,120,622
67,229
Edison Electric Illuminating Co.of Brockton604.716
602.108
1925
142,735
53,675
54,247 1,607,653
543,388
556,410
1924
128.481
32,311
31,096 1,576.197
The Electric Light & Power Co.of Abington & Rockland62.799
66.082
1925
448,215
38,247
4,841
4.451
65.824
68,600
1924
454,369
33,691
3,233
3,090
El Paso Electric Co.(Delaware)
632.188
847.154
204.331
1925
64,104
48.475 2.441.430
673,119
878,578
1924
204,162
73,622
56,397 2,420,663
Fall River Gas Works Co260.671
261,949
1925
79,516
15,969
15,909 1.008,620
235.519
235,723
1921
77,587
10.948
10,660 1.03E969
Galveston-Houston Electric Co.
516,093
327,414
1925
83.319
36,553 3.950.730 1,013.473
205,834
704,475
288,150
1924
62,795
19,672 3.361.716
Haverhill Gas Light Co.148,456
148,815
624.594
45.645
1925
5.815
5,659
125,037
126,775
8,233
47,531
1924
7,691
572,728
Houghton County Electric Light Co89.342
138.491
41.620
11,879
7.798
607.029
1925
85,313
134.467
43,343
12,937
8,856
522,345
1924
Keokuk Electric Co66.228
106,850
7.615
4,194
32,951
422,r01
1925
70,460
109.544
4,876
8,162
420.343
34,666
1924
The Key West Electric Co64.968
94.883
6,031
8.485
244.932
21.801
1925
90.916
60,559
20.145
7,777
5,651
241.358
1924
The Lowell Electric Light Corp.519,000
530,497
47.431
47.140 1,554,856
136.662
1925
556.620
574,254
48,752 1.598.010
51,486
131.107
1924
Mississippi River Power Co130,630 3.190,017 2.428,194 1,249.064
228.534
291.750
1925
126.335 3.072,910 2.206.789 1,009,342
225,747
285.370
1924
Northern Texas Electric Co550,844
889.669
49.886 2,628.694
78,818
224.936
1925
644,646
976,294
70.539 2,887,345
98,602
253.697
1924
Paducah Electric Co72,474
184,703
7,896
629,378
17,131
53.748
1925
96,763
203,993
11,916
621,320
19.378
54,660
1924
Savannah Electric & Power Co339,692
715.157
22.477 1.805,438
53,799
156,198
1925
312.387
663,288
27,411 1,852,920
58,143
161.838
1924
Sierra Pacific Electric Co352.874
426,779
34,586 1,117,369
40,409
89,018
1925
426.212
493,060
39,087 1.033,063
44.889
87,496
1924
Tampa Electric Co112.905 2.514.576 1,095,804 1,040,942
117,394
254,863
1925
889,538
950,971
86.225 2,195.433
90.914
198,717
1924
12 Months Ending Feb.28Month of February
Tampa Electric Co123,382 2,458,430 1,069,324 1,014,262
127,843
258,567
1925
874,715
937.785
95.634 2,183,291
100,332
206,547
1924
.
-Deficit.
FINANCIAL REPORTS.
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including April 4 1925.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
Page.
Steam Roads-(Concluded)Page
Steam RoadsAkron Canton & Youngstown fly .1815
1742
Alabama & Vicksburg RY
3137
Alabama Great Southern RR
Atch. Topeka & Santa Fe Ry_2004, 2032
1740
Bangor & Aroostook RR
2142
Belt fly. of Chicago
1737
Boston & Maine RR
Boston Revere Beach & Lynn RR--2142
1873, 1904
Central & Georgia fly
1877
Central New England fly
2142
Central Vermont fly
2142
Chespeake & Ohio fly
Chic. Indianapolis di Louisville Ry_1741
Chicago Great Western RR__ _1877. 2006
Chicago & Western Indiana RR _ _ _ _2142
Delaware & Hudson Co_1737, 1872. 1895
Delaware Lackawanna & Western
2136, 2161
RR
2142
Detroit dr Mackinac fly
2005
Erie RR.Co
2142
Florida East Coast fly
2142
Fort Smith dr Western fly
1877
Georgia dr Florida fly
2008
Hocking Valley fly
1739
Hudson & Manhattan RR
2005, 2027
Illinois Central RR
Kansas City Southern Ry___ .1739, 1872
2008
Lehigh & Hudson River fly
1744. 1782
Lehigh Valley RR
2008, 2139
Long Island RR
Louisville dr Nashville RR_ _1766, 1735
1740
Maine Central RR
2137
Missouri-Kansas Texas RR
Nash. Chattanooga & St. Louis Ry-2143
1878
New York Connecting RR_
New York New Haven & Hartford
1735
RR
1735, 1761
Norfolk & Western fly
2005
Northern Pacific fly
1870
Pennsylvania Railroad
2009
Peoria & Pekin Union fly. Co
2143
pere Marquette fly
aiittsburgh & West Virginia Ry--- -2139
St. Louts Southwestern fly
2137
Ulster & Delaware RR
2144
Vicksburg Shreveport dr Pacific fly 1743
Virginian fly
2143
Wabash Railway Co_ _ _ _1739, 1872, 1889
West Jersey & Seashore RR
2140
Western Pacific RR
1745, 1879
Public UtilitiesAlabama Power Co
1879
American District Telegraph Co__ _ _2144
American Public Service Co
2144
American Tel. & Tel. Co
2009
American Water Works dr Electric
1873
Co.,Inc
Annan.& Chespeake Bay Power Co_2010
Associated Gas At Electric Co_1745, 2010
Asso. Tel. Co., Long Beach, Cal...2144
1880
Berkshire Street fly
Binghamton Light Heat& Power Co.2144
1880
Birmingham (Ala.) Electric Co
2145
Boston Consolidated Gas Co
1745
Brooklyn Borough Gas Co
1875
Brooklyn Union Gas Co
2010
Cape Breton Electric Co., Ltd
2010
Central Illinois Light Co
Central Mass. Light & Power Co__ -1880
2145
Central Power Co.,(Del.)
1880
Central Power & Light Co
1880
Central States Electric Co
2141
Chicago City fly. Co
2141
Chicago Rys. Co
1881
Chickasha Gas & Electric Co
2137, 2164
Cities Service Co
2145
Citizens Gas Light Co_
Coast Counties Gas & Electric Co...2145
2145
Columbus Gas & Electric Co
Coast Valleys Gas & Electric Co_ -- _2010
2010
Go....1746,
Electric
&
Gas
Columbia
Commonwealth Power Corporation
1746
(and subsidiaries)
1881
Connecticut Company
2010
Consumers Power Co
__2011
CorpElectric
&
Gas
Continental
MAY 2 1925.]
THE CHRONICLE
• Public Utilities (Concluded)Industrials (Continued)Page
Page
Copenhagen Telephone Co
2145 Burroughs Adding Machine Co
_2015
Dakota Central Telephone Co
1881 Bush Terminal Co.(& Subs.)
2015
Detroit Edison Co
2146 Calumet & Arizona Mining Co
1751
Dom. Pow,& Trans. Co., Ltd
2011 Calumet & Heels Consol. Copper 00.1751
East Bay Water Co.. (Calif.)
2140 Canada Dry Ginger Ale, Inc
2015
Eastern Mass. Street Ry
2011 Canadian Canners Ltd
2015
Eastern States Utilities Co
1746 Central Leather Co
2152
Empire Gas & Electric Co
2146 Century Ribbon Mills, Inc
2152
Erie County Electric Co
2011 Chicago Yellow Cab Co., Ine_1884, 2152
Federal Telegraph Co
1746 Christie Brown & Co., Ltd
2152
General Electric Co
1742 City Ice & Fuel Co
1884
General Gas & Electric Corp., (and
Cleveland, (0.) Worsted Mills Co_1752
Subsidiaries)
2005,2011,2039 Clinchfield Coal Corp
2152
Georgia Ry. & Power Co....i872. 1902 Cockshutt Plow Co.. Ltd
2015
Greenfield Elec. Light & Power Co-2146 Colorado Fuel & Iron Co
2152
Honolulu Rapid Transit Co
2146 Colts Patent Firearms Mfg. Co_ _1884
Houston Lighting & Power Co
2012 Columbia Steel Corp
1752
Illinois Power Co
2012 Commercial Investment Trust Corp_2152
Illinois Power & Light Corp_ _1746, 2146 Compania Cubans,
1752
Indianapolis Light & Heat Co
1747 Congoleum-Nairn, Inc., (& Subs.)_1752
Interboro. Rapid Transit 00_1747, 2146 Connecticut Mills Co
2153
International Tel. & Tel. Corp.,(&
(John T.) Connor Co
2153
Subsidiaries)
2012, 2146 Consolidated Textile Corp
1752
Iowa Ry. & Light Co
2147 Corn Products Refining Co
2153
Iowa Southern Utilities Co.. (Del.)-2012 Coty Inc
1752
Jersey Central Power St Light Co-...1747 Crane Co.. Chicago
1752
Key System Transit Co
2147 Crown Cork & Seal Co
2153
Keystone Telephone Co. of Phila._ _2147 Cushmans Sons, Inc
2153
Knoxville Power & Light Co
2012 Cuyamel Fruit Co
1885
Lehigh Valley Transit Co.(& Subs.)_2147 Dodge Bros., Inc
1885
London, (Ont.) Street Ry
2147 Doehler Die-Casting Co
1753, 2016
Louisville Gas & Electric Co
Dome
2012
Mines, Ltd
2153
Massachusetts Gas Cos
2147 Dominion Canners, Ltd.
2016
Michigan Gas & Electric Co
2147 Douglas-Pectin Corp
2154
Mississippi Valley Power Co
2012 Dwight Mfg. Co
2016
Missouri Gas & Electric Service Co-1747 Eastman Kodak Co
1873
Monongahela West Penn. Public
Eaton Axle & Spring Co
2154
Service Corp
1747 Electric Auto-Lite Co
1886
Montana Power Co
2148 Engels Copper Mining Co
1753
Mountain States Power Co__ -2012, 2147 (E. S.) Evans& Co., Inc
2154
Nebraska Electric Power Co
2148 Ewa Plantation Co., Honolulu
2154
Nevada-California Electric Corp...2148 Fairbanks Morse & Co
2016
Nevada-California-Oregon Ry
2148 Federal Electric Co., Inc
1753
New Eng.Fuel& Transportation Co.2148 Federated Metals Corp
1753
Newport News & Hampton Ry. Gas
Flintkote Co., Boston
2154
& Electric Co. & Sub
2148 Ford Motor Co., Detroit
1753
New York At Stamford Ry
1881 Galena Signal Oil Co
1887
New York Steam Corp
1881 General Asphalt Co
1887
New York Telephone Co
2012 General Refractorlis Co
1754
New York Transportation Co
1881 Gimbel Bros., Inc
1754
Niagara Falls Power Co
2149 Ginter Co., Boston
2017
Niagara Lockport & Ontario Power_2012 (B. F.) Goodrich Co
2017
North West Utilities Co
2149 Goodyear Tire & Rubber Co. of Ca1.2017
Northern Ohio Traction & Light 00_2149 Granby Consol. Mining Smelting &
Northern States Power Co
Power
2012
Co., Ltd
2017
Nova Scotia Tramways & Power
Grennan Bakeries. Inc
1753. 1887
Cc., Ltd
2149 Gulf States Ste 1 Co
2154
Oklahoma Gas & Electric Co
1882 Haiku Fruit & Packing Co., Ltd...2155
Olean.(N. Y.) Elec. Lt.& Pow.Ce_1882 (M.A.) Hanna Co
1887
Omnibus Corp
1882 Hartman Corp
1887
Pacific Gas & Electric Co_ _ _ _1882. 2013 Hawaiian Sugar Co
2155
Philadelphia Company
1748, 1775 (R.) Hoe & Co., Inc
2155
Philadelphia Electric Co
1748 Holly Sugar Corp
1754
Philadelphia Rapid Transit Co....2149 Holt Mfg. Co
2018
Pittsburgh,(Pa.) Rys
2013 Holt, Renfrew & Co., Ltd
1754
Porto Rico Rys. Co
1882 Honolulu Consol. Oil Co
2155
Quebec Ry., Light, Heat & Power
Honomu(T. H.) Sugar Co
2155
Co., Ltd
2149 Houston Oil Co. of Texas__ _ _1-754, 2156
San Diego Consol. Gas & Elec. Co_2013 Hudson Motor Car Co
2018
San Francisco-Sacramento RR
2149 Humble 011 & Refining Co
1754
Southern California Edison Co_ _ _1748 Hupp Motor Car Corp
1754, 2156
Southern Colorado Power Co
2013 Hurley Machine Co
1887
Southern Counties Gas Co
1882 Independent Oil& Gas Co
2018
South. Ind. Gm & Elec. Co.2013, 2149 Ingersoll-Rand Co
1887
Southern Wisconsin Electric Co_ _ 1882 Inland Steel Co
1754
Southwestern Power & Light Co.--2013 Intercontinental Rubber Prod.Corp.
Spring Valley Water Co
2150
(& Subs.)
2018
Standard Gas & Electric Co_2005, 2034 Intercontinental Rubber Co
2018
Suburban Electric Securities Co__ _2149 International Cement Corp
2156
Tennessee Electric Power Co. (.3z
International General Electric Co. 1755
Subsidiaries)
1748, 2149 International Harvester Co..1735, 1772
Third Ave. Ry
2150 Internat. Paper Co.(& Subs.).1888,2018
Twin State Gas & Electric Co
2150 International Salt Co
1755, 2156
Ujigawa Elec. Pow. Co., Ltd. (MtIntertype Corp
1888
gawa Denki Kabushiki Kaisha)
Iron Products Corp
1755
Japan
1748 Island Creek Coal Co
1888
United Elec. Rys., Providence, R.I.1749 Isle Royale Copper Co
1755
United Gas & Electric Corp
2150 Jefferson&Clearfield Coal & Iron 00.2018
United Gas Improvement Co_ _,_2150 Jones Bros.. Tea Co., Inc
1755
United Rye. & Elec. Co. of Bait.,.2013 (Anton) Jurgens United (Margarine) •
United Rye. Investment Co
1749
Works
1888
Virginia Ry. de Power Co
1749 Hellos Switchboard & Supply Co_ _2019
Washington Water Power Co.1749,
Kennecott Copper Corp
• 2156
1883, 2013 (G. R.) Kinney Co
1888
Westchester Street RR
1883 (B. 13. & R.) Knight, Inc
1755
West Kootenay Power & Light Co.,
(S. S.) Kresge Co
2156
Ltd
2150 Kresge Department Stores, Inc_ _2019
West Penn, Company
1749 Landers Frary & Clark
1888
West Penn. Rys. Co. (& Subs.).. 1740 Lehigh & Wilkes-Barre Coal Co_ -.2019
West Penn. Power Co.(& Subs.)..1780 Libby McNeill & Libby
1888
Western States Gas & Electric Co_ _2013 Long Bell Lumber Co
1888
Western Union Telegraph Co
2014 Louisiana 011 Refining Corp
1888
Winnipeg Electric Co
2150 Ludlow Mfg. Associates
1756
IndustrialsMcCord Radiator & Mfg. Co
2019
Advance-Rumely Co
1740 Magnolia Petroleum Co
2019
Ahumada Lead Co., (Del.)
1883 (R. 11.) Macy & Co., Inc
1756
1750 Mahoning Investment Co
Ajax Rubber Co., Inc
2019
2150 Marland Oil Co.(& Subs.)_2137, 2156
Alameda Sugar Co., (Calif.)
1735 Martin-Parry Corp
Allied Chemical & Dye Corp
1889
1883 Mathelson Alkali Works, (Inc.). _ _ _2156
Allied Packers Inc
Allis-Chalmers Mfg. Co
2105, 2037 Maul Agricultural Co., Ltd
2156
1883 Maxwell Motor Corp__ _1889, 2137, 2167
American Bank Note Co
1750 Mengel Co. (& Subs.)
American Bosch Magneto Co
1889
1750 Mercantile Stoves Co., Inc
American Chain Co.. Inc
2019
2150 Metro-Goldwyn Pictures Corp
American Chicle Co
2156
American Coal Co. of Alleghany 00_2150 Metropolitan Chain Stores. Inc.__ _1889
2014 Miami Copper Co
American Express Co
1889
2151 Midland Steel Products Co
American International Corp
2156
2014 Miller Rubber Co
American Linseed Co
1889
Express
Mohawk
Co
Mining
Railway
1750
Co
American
1890
2014 Moon Motor Car Co
American Road Machinery Co
2020
American Steel Foundries Co_2140, 2151 Motor Wheel Corp
2020
(Phila.)
1750 Mystic Steamship Co
American ROW% Co.,
2157
2014 (A. I.) Namm & Son
1890
American Type Founders Co
American Zinc Lead & Smelting 00_2151 Nash Motors Co
1890
2157
Anderson Engine St Foundry Co..-2014 National Acme Co
2014 National Biscuit Co
2020
Armour Leather Co
American Zinc Lead & Smelting 00_1750 National Department Stores, Inc- _1756
1884 National Sugar Refining Co., N.J-1890
Arnold Constable & Co
Atlantic Fruit & Sugar Co. & Sub3_2151 Nevada Cense'. Copper Co-- -1890. 2020
1756
Atlantic Refining Co.(& Subs.).---1875 New Cornelia Copper Co
1884 New England Coal & Coke Co
2157
Austin-Nichols & Co
1756
Balaban & Katz Corp.,(CW850)-1750 New England Fuel Oil Co
2151 New England Steamship Co
1890
Barnet Leather Co., Inc
2151 Nizer Corp., Detroit
2020
Ilayuk Cigars, Inc
2151 Norton Co
1890
Beech Nut Packing Co
1884 Norwalk Tire & Rubber Co
2157
Benjamin Electric & Mfg. Co
2151 Ohio 011 Co
1890
Bethlehem Steel Corp
2152 Olympia Theatres, Inc
2157
Braden Copper Mines Co.
1884 Onomea Sugar Co
2157
(J. G.) Brill Co.(
2157
Brompton Pulp & Paper Co., Ltd-1751 Ontario Biscuit Co
Brunswick-Balke-Collender Co
2014 Onyx Hosiery Inc
2020
Orpheum Circuit, Inc
1890
Bunker 11111 & Sullivan Mining &
1751 Otis Elevator Co
Concentrating Co
1757, 2021
•
2261
Industrials (Continued)Page
Industrials (Concluded)Page
Owens Bottle Co
1890 Submarine Boat Corp
1758
Pacific Coast Co
1890 Stromberg Carburetor Co. of Amer_1893
Pacific Coast Steel Co
1890 Superior Oil Corp
2023
acitic Oil Co
2157 Swedish Match Co
1893
Pacific Portland Cement Co
1891 Sweets Co. of America
2023
Paige Detroit Motor Car Co
2021 Symington Co
2159
Paragon Refining Co
1891 Tennessee Copper & Chemical Corp_2159
Pan-American Petroleum & TransTexas Gulf Sulphur Co., Inc
2159
port Co
2021 Texas Pacific Coal & 011 Co
1893
Peabody Coal Co
1891 Tobacco Products Corp
1884
Phelps-Dodge Corp
1891 Tonopah Mining Co
2159
Phillips Petroleum Co_ 1735, 1774, 2157 Transconintental Oil Co
2024
Peerless Truck & Motor Corp
2021 Union Carbide & Carbon Corp
1758
Piggly Wiggly Stores Inc
1891 Union 011 Co. of Calif
1894
Pierce 011 Corp
2021 United Alloy Steel Corp.(& Subs.)_2024
Pierce Petroleum Corp.(& Subs.)_ _2021 United lee Service Co
2024
Pioneer Mill Co., Ltd
2158 United States Glass Co
1758
. 2022 United States Gypsum Co
(Thos. G.) Plant Co
2024
Postum Cereal Co., Inc
2022 U. S. Industrial Alcohol
1758
Prairie Oil & Gas Co., (Kan.)
2022 U. S. Light dr Heat Corp
2024
Prairie Pipe Lime Co., (Kan.)._ _2022 U. S. Printing & Lithograph Co_ _ _ _1768
(Clement K.) Quinn Ore Co
2022 U.S.Smelting, Refin.& Mining Co_2024
Ray Consolidated Copper Co_1891, 2022 Universal Pictures Co.. Inc
1759
R bt Rels &
2158 Universal Pipe & Radiator Co. (5:
Remington Typewriter Co
1735
Subsidiaries)
1894
Republic Iron & Steel Co
2022 Utah-Idaho Sugar Co
2159
Robbins & Myers Co
1892 Utah Copper Co
2007
Koch. & Pitts. Coal & Iron Co
2022 Vacuum Oil Co
1759
(Win. A.) Rogers, Ltd
2022 Vanadium Corp. of America
1894
Rolls-Royce Co. of America, Inc_ _ -2158 Vesta Battery Corp
1759
St. Joseph Lead Co
2023 Virginia Iron, Coal & Coke Co
2160
St. Maurice Paper Co., Ltd
1892 Vulcan Detinning Co
1759
St. Regis Paper Co
1892 Watalua Argicultural Co Ltd
2160
Safety Car Heating & Lighting Co_1758 Walluku (maul) Sugar Co
2160
Salt Creek Prod. Assn., Inc_2137, 2168 Waldorf System Inc
2160
Schulte Retail Stores Corp
1758 Waltham Watch & Clock Co
1894
Scott Paper Co
1892 Ward Baking Corp
1759
Shur-On Standard Optical Co., Inc_2158 Warner Sugar Corp
2160
Silver (Isaac) & Brother, Co., Inc_2195 Washington Oil Co
1759
Sinclair Consolidated 011 Corp
2138 Weber & Hellbroner
1759
Southern Phosphate Corp
1892 Westinghouse Air Brake Co
1739
(C. G.) Spring & Bumper Co
1892 Westmoreland Coal Co
2025
Spicer Mfg. Corp
2023 White Eagle 011 & Refining Co
2160
Standard Motor Construction Co.--1758 Wickwire Steel Corp
1894
Standard 011 Co.(of Oblo)_1758, 1892 Wilson & Co., Inc
1737
Standard Screw Co
1759. 1875
1758 Willy s-Overland Co
Steel Co. of Canada, Ltd
1893 (Wm.) Wrigley. Jr., Co
2160
Stern Bros.(N. Y. City)
1893 Youngstown Sheet & Tube Co. (&
Stewart-Warner Speedometer Corp_2159
Subsidiaries)
2026. 2160
Stover Mfg. & Engine Co
1893
Union Pacific Railroad.
(28th Annual Report-Year Ended Dec. 31 1924)
The text of the report, signed by Chairman Robert B.
Lovett, together with comparative income accounts, comparative balance sheet and other statistical tables, will be
found on subsequent pages of this issue.-V. 119, p. 943.
Reading Company.
(27th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Andrew T. Dice, together with
comparative income account tables and balance sheet for the
fiscal year ended Dec. 31 1924, will be found under "Reports
and Documents" on subsequent pages.
TRAFFIC STATISTICS-YEAR ENDED DEC. 31.
1923.
1924.
Average miles operated
1.148
- 1,149
Number tons merchandise freight carried
28.8.59,386 32.155.450
Number tons anthracite coal carried
13,050.187 14.933.342
Number tons bituminous coal carried
19,291,092 23.071.798
Number tons all freight carried
61,200,665 70,160,581
Average revenue per ton per mile
0.01241 eta. 0.01204 eta.
Number passenger carried
24.858.448 25.996.453
Number passengers carded 1 mile
413.497.696 429.682.502
Average distance per passenger (miles)
16.63
16.53
Total passenger revenue
$10,187,574 $10,635.380
Average fare per passenger per mile
2.464 as.
2.475 eta.
GENERAL BALANCE SHEET DEC. 31 1924.
1929.
11923.
1924.
x1923.
Assets5
$
Liabilities-8
$
Inv.in rd.& 04.264,660601 251,871,576 1st pref. stock_ 27,991.200 27,991.200
Impts. on leased
26 pref. stock-. 41,970,650 41.970,650
ry. property- - 20.888,359 20,015,181 Common stock_ 69,989,100 69,989,350
Dep. in lieu of
Long-term debt_126.376,863 130,478,548
ridged. Prop.
Traf. & car eery.
846,628
sold
780,598
bale. payable- 3,069,710
2,884.523
Misc. phys. prop 11,841,922 17,703,705 Aud. accts. &
Inv.in attn. cos.:
wages payable 5,212,372
8,079,139
21,201.158 44,054,756 Misc.accts. pay.
Stocks
615,477 4,188,911
7,167,845
Bonds
7,157,079 Int. mat'd unpd. 1,415,313
51.320
Advances _ --- 9,982,199
8,500,274 Divs.mat'd unpd
557
637
Notes
13,300 Fund.dt. mat'd
Other invetit'ts_ 39.016.884 14.806,794
unpaid
88,556
57,889
9,866,059 17,192,621 Unmat'd diva.
Cash
Special deposits_
38.951
51,920
declared
1,819,488
1,819,693
282,916
Loans& bills rec.
295,566 Unmat'd interest
Trot. & car eery.
accrued
803,410 2,063,270
1,444,100
bats. rec
2,267,572 Unmat'd rents
Net bal. rec. fr.
accrued
265,044
265.1344
sale & cond.- 2,077.354
2,289,463 0th. cum liabil228,374
250,266
Misc. accts. rec. 2,817,975
2,236,017 Def'd liabilities278,299
153.323
Mat'ls & suppl. 9,033,028 9,716.901 Unadj. credits
41,591,825 36,915,634
942,033
Int. dc dive. rec.
829,175 Addne. to prop.
Rents receivable
29.354
29,132
through inc.
0th. curr. assets
9,275
639,847
and surplus 69.874,416 63346.626
Deferred assets_
666,813
1,137,605 Fund. dt. ret'd
Unadj. debits
3,952,061
6,264,989
through inc.
and surplus
1,738,000
1.738.000
P.& L. balance_ 13,592.508 15,644.404
Total
406.765,519 407,854,071
406.765,519 407,854,071
Total
a After giving effect to the merger of Philadelphia & Reading Ry. and
other subsidiaries.-V. 120, p. 2009. 700.
Chicago Rock Island & Pacific Railway Co.
(45th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President J. E. Gorman, together with the
comparative balance sheet and income account, will be found
under "Reports and Documents" on subsequent pages. The
usual comparative tables were published in V. 120, p. 1446.
GENERAL
STATISTICS FOR CALENDAR YEARS.
Revenue Freight Traffic- 1924.
1923.
1922.
1921.
Average miles operated8.073
8.096
8.116
8.123
Tons carried
30,561.383 29.668,929 25.939.134
Revenue for tons carried.$95.185,730 $93,109,327 $87,718,340 25,924,576
$98,830.547
Av.rate per ton per mile.
1.21 eta.
1.25 eta.
1.32 cts.
1.44 eta.
Aver.load in tons p. mile
444.59
412.76
402.12
400.41
Revenue Pass. TrafieNo.of passengers carried 16.284,874 17,190,914 17.662.942
18,772,t14
Rev,for pass.carried_ -$25.886,047 $27.458.813 $2
7,650,134 $30,584.984
Aver.rate p. m.per pass.
3.09 cts.
3.09 cts.
3.17 eta.
3.20 cts.
-V. 120, p. 2142, 1455, 1446.
2262
THE CHRONICLE
Erie Railroad Company.
(30th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Frederick D. Underwood,
together with the comparative income account and balance
sheet and other statistical tables, are given under "Reports
and Documents" on subsequent pages.
A comparative income account was given in V. 120,
p. 2005.
CALENDAR YEARS.
OPERATING STATISTICS FOR
1921.
1922.
1923.
1924.
mdse.
freight carried___ 24,084,670 26,287,956 21,679,949 17.082,957
tons
No.
17,609,360
14,621,415
24,149,762
No. tons coal de coke carried_ _ _ .. 19,020,258
34,692,317
Total No. tons all freight carried_ 43,104,928 50,437.718 36,301,364
Total No. tons all freight carried
8574212.099
8277801,171
9880512589 11363376567
one mile
0.966 cts. 0.957 eta. 1.021 eta. 1.065 eta.
Avge. revenue per ton per mile
$8.1379
$7.90089
38.38553
88.23067
Freight revenue per train mile_
763.23
772.88
87.5.44
850.93
Avge. No. tons freight In each tr'n
31,640,061
30,273,963
31,168,094
30.637,754
No. of passengers carried
683,421,951
648.420,585
No. passengers carried 1 mile.... _666,139.095 680,537,156 2.139 cts. 2.198 cts.
2.095 cts. 2.160 cts.
Average fare per pass, per mile
82.29162
32.38281
82.52769
Passenger train rev. per train mile 82.40137
351,214.43 857,200.15 $46,277.38 $49,115.30
Gross revenue per mile of road
2005.
p.
-V. 120, 2008,
Missouri-Kansas-TexasRailroad.
(Annual Report-Year Ended Dec. 31 1924.)
The remarks of President C. E. Schaff, together with
comparative income account and balance sheet and other
on
tables, will be found under "Reports and Documents"
subsequent pages. A comparative income account was
published in V. 120, p. 2137.
31.
COMMODITIES CARRIED FOR YEARS ENDED DEC.
Forests. Mfrs..&r.
Africulture. Animals. Mines.
(All in Tons)213.993
.
5
673.312
.398.899 570.705 3.22l.205
1924
1.943.514 619.067 2.965.940 653.25 *5.048.986
1923
4.659.761
673.443
3.100.008
516.412
1.895.923
1922
2.472.928 438.274 3 265.018 656.272 4.583.827
1921
5.789.868
2.203.846 552.512 3.871.630 844.611 4.313.923
1920
2.463.314 710.028 4.837.662 975.020
1919
897.862 4.077.230
4.510.078
704.985
2.685.712
1918
2.329.886 603.115 4.624.013 944.994 4,218,965
1917
GENERAL STATISTICS FOR YEARS ENDING DEC. 31..
1921.
1922.
1923.
1924.
3.784
3.737
3.360
3.193
Average miles operated_
5.605.478
3.918.058
3.530.823
3.041.445
Passengers carried
412.495.644
319.262.865
335.121.955
_311.585.006
Pass. carried one mile_ _
3.37 cts.
3.43 cts.
3 37 cts.
3.36 cts.
Revenue pass, per mile
Revenue tons carried_ _ _ 11.978.114 11.231.232 10.845.547 11.416.319
2,761.318
2,546.598
2,789.306
do 1 mile(000 omit)_ 3,068 947
1.59 eta.
1.54 ets.
1.43 eta.
1.38 cts.
Rev, per ton per mile_ _ _
$16,656
314.725
316.664
317.948
Rev, per mile of road_ _
-V. 120. p. 2137. 211/68.
Missouri Pacific Railroad Co.
(8th Annual Report-Year Ended Dec. 311924.)
The remarks of President L. W. Baldwin, together with the
income account and comparative balance sheet, will be found
under "Reports and Documents" on subsequent pages.
For.. 120.
Northern States Power Co. of Delaware and Subsids.
(Annual Report-Year Ended Dec. 31 1924.)
The remarks of President John J. O'Brien, together with
the income account and balance sheet, will be foud under
"Reports and Documents" on subsequent pages of this issue.
-V. 120, p. 2012, 1748.
International Cement Corporation.
(6th Annual Report-Year Ended Dec. 311924.)
The remarks of President Holger Struckmann, together
with the comparative income account and balance sheet, will
be found on subsequent pages. A compalative income
account was published in V. 120, p. 2156.
Hayes Wheel Co., Jackson, Mich.
(16th Annual Report-Year Ended Dec. 311924.)
The remarks of President C. B. Hayes, together with income account and balance sheet as of Dec. 31 1924, will be
found under "Reports and Documents" on a subsequent
page.
CONSOL. INCOME ACCOUNT PERIOD ENDING MARCII 31 1925.
3 Mouthy.
March.
51.571,388 53,780.362
Sales
3.399.250
1.377.319
Cost of sales
Gross profit from operations
Discount on purchases. &c
8194.069
6,698
3381.112
21.276
Total gross profit
General administrative expenses
Advertising
Cash discount allowed
Interest and discount on bonds
Preferred dividends
Common dividends
8200.767
39.453
5.223
1.313
5.562
8402.388
107.067
20.228
3.675
17.333
34.467
147.783
$149.216
$71,835
Balance,surplus
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
515.366.493 319.737.725
Sales
14.456.538 18.225.117
Cost of sales. &c
Gross profit
Other Income
Total income
Interest charges. &e
Cash discount on sales
Federal taxes
Subsid companies' profits deducted
Preferred dividends (5%)
Dividends ($3)
3909.954 81.512.609
110.297
100.038
$1.009.992 $1.622.907
121.755
114.166
9.085
23.933
190.000
85.000
71.629
91.911
591.132
591.132
8710.934
$32,221
COMPARATIVE BALANCE SHEET.
Dec.
31'24
Mar.
31'25
LiabilitiesMar.3125 Der. 31 '24
AssetsLd., bldgs., &6__43,648.044 53.819,874 7% cum. pref. stk _S1,838,200 81.838.205
1,973.950
_
_
x1,973.955
stock.
Common
Plant at Flint de
960.500
300,000 1st M.s. f. bonds_ 819.050
300.000
St. Johns
523.860
1 Accts. payable. __ 569.514
1
Pats. & good-will
40.899 Accrued payrolls.
40,429
Investments
TRAFFIC STATISTICS FOR YEARS ENDED DEC. 31.
167,221
191,324
&c___
royalties,
111.410
with
trusteeCash
1921.
1922.
1923.
1924.
2.046.484 2,327,816 Res. for 1924 Fed.
Inventories
97.500
36.713.004 32.715.582 26.149.053 27.045.162 Cash
72,940
taxes
Rev. freight (tons)
993,272 1,313,164
6432331.381
5995683.688
100,000
Res. for corning_
Rev,tons carried 1 mile_8773081.103 7416475,588
37.296
Advances
per
mile
1
Fed.
car.
1925
for
Res.
tons
Rev,
890,901
881.098 Accts.& notes rec_ 1,655.927
825.649
1.024.981
1.191.999
32,050
taxes
mile of road
1.270 eta. Amts, owing by
1.232 eta.
1.159 eta.
3,412,789 3,373,003
2.948 Surplus
Av. amt. rec. per ton m_ 1.094 cts.
officers & empl_
11.069.179
9,239.522
10.277.948
9.198.614
carried
passengers
No
of
value
surr.
Cash
558.590.224
489.342,361
111,567
No. pass. carried 1 mile_511.952.827 547.304.201
life insurance_.. 121.848
31.73/42
S1.8290
$1 8457
Si 9052
Tot.(each side) _$8,909,822 59.034,239
65.660
66.522
Av. rec. from each pass..
3.44 cts. Def'd charges____
3.45 eta.
3.47 eta.
Av.rec. per palm mile..... 3.42 eta.
reserve for depreciation. x Represented
32.182.407
deducting
After
a
YEARS.
CALENDAR
FOR
p. 2018. 1336.
ACCOUNT
120,
COMPARATIVE INCOME
by 197,044 shares of no par value.-V.
1921.
1922.
1923.
1924.
7.300.36
7.261.78
7.235.72
United States Steel Corporation.
Average mileage operated 7.359.97
Oiperaiing Revenues(Quarterly Report-3 Months Ended March 311925.)
395.949.391 585.961.414 573.918.551 381.600.401
19.240.495
16.898.650
17.525.200 18.970.393
Passenger
3.342.350
INCOME ACCOUNT FOR QUARTER ENDING MARCH 31.
2.631.406
2.854.093
2.989.954
Mall
1922.
1923.
2.124.735
1924.
1025.
3.174.580
2.882.702
Net after Taxes. At.2.901.920
Express
1.807.729
1.917.157
513.027.058 314.771.103 310.561,241 34,654,134
2.006.868
January *
2.279.219
Miscellaneous
9.527.181
1.257.275 February*
6.180.685
16.238.867
1.182.925
12.357.801
1.707.280
1,771.640
Incidental
312.087 March *
8.505.166
198.061
14.408.133 19.065.475 14.691.647
225.196
230.398
Joint facility
$99.921.331$109,745,072
Total ry. oper.revs _ _$123.647.724E114.607.948
x below)__ 339,882.992 $50,075,445 $34.780,069 $19,339,985
(see
Total
Operating ExpensesDeduct317.282.957 $18 130.665
Maint.of way and struc..$18.916.235 $16.464.182
324.816 20.996.699 22.938.189 For sinking fund. deprec.
8.364.289
Maint. of equipment_.. 25.843.403 30
and reserve funds_ --- 13.848.770 13.274.972 12,252.744
1.924.433
1.841.419
2.019.098
2.566.671
4,866.464
4.751.774
4,631.637
4.505.931
Traffic
41.152.481 45,317.689 Interest
200.000
257.500
250.000
Transportat'n-Rail line 46.725.525 45.101.683
323.000
redeem_
bonds
on
547.397
Prem.
532.175
873.278
1,073.394
!Memel]. operations
3,385,081
3,085.979
3.385,243
3.713.741
518.156.609 517.262.018 813.430.753
General
518.677.701
deductions
Total
201.899
232.797
228,335
372,604
Transp.for inv.-credit_
$21.205.291 $31.918.836 517.518.050 85.909.232
392.042.456 Balance
6.304.919
6.304.919
6.304.919
Div. on Pref.(l5%)... 6.304.919
Total ry. oper. exps- -$98.466.365 397.939.966 384,658.915
15,262.416 17.702.616 Div. on Com.(14 %)-- 6.353.781
16,667.982
6.353.781
6.353,781
6.353.781
25.181.358
oper_
ry.
from
rev.
Net
2,541.512
44,279.882
2.541.512
extra
(.%),.
14.015.318
do
Railway tax accruals_._ $4.6907480 14.430.589
57.857
40,665
51.975
45.414
revs_
Uncollect. railway
36,005.079 816.718,624 $4.859.351 df$6.749.468
Balance. surplus
$13,364.877
Total oper. Income......$20.445.484 $12.185.417 811,206.433
*After deducting interest on subsidiary co.'s bonds outstanding. viz.:
Non-Oper. Income1922.
1923.
1924.
1925.
$152.534
$132,819
$147.326
$183.760
Rent from locomotives__
5656.248
$698.547
8685.765
204.425 January
8655.853
178.508
190.603
232,257
Rent from pass. train cars
656.958
698.070
1.352
684.507
655.698
323
February
73
Rent from floating equip
650,441
60.550 March
697,989
684.022
655,221
38.862
46.442
46.040
Rent from work equip__
those
comprising
to
operations,
incident
390,876
expenses
all
deducting
x
After
473.069
361.098
383.297
it. facility rent income__
16.974 for ordinary repairs and maintenance of plants, estimated taxes (incl. esti17.040
17.374
17.392
Inc. from lease of road__
139.584 mate for Federal income taxes) and Interest on bonds of subsidiary co.'s.
175.699
162.754
213.074
Miscell, rent income_ _ _ _
122,980
No intimation is given as to the amount reserved from the earnings of
119.488
113.120
114.227
Misc. non-op. phys. prop
1,082.247 the quarter for Federal taxes. For the entire fiscal years the reports have
566.632
1.807.325
1.756.248
Dividend income
883.574
deductions as follows:
shown
986.554
1,039.768
1921.
Inc.from funded sec.__ 1,172.729
1922.
1923.
493.802
1924.
Taxes Entire Year596.058
269,988
289,966
Inc.from unfund.sec_
,
1845.276,855 855,082,523 835,798.450 837,683,727
Ordinary....
Inc. from sinking, &c.,
I
taxes
Fed.
Estimated
2.034
382
103
296 2.386.368
805
3.121
Unfilled Orders as Previously Reported (V. 120, p. 1826).
Miscellaneous income-$24.857,679 $16,332.478 314,493.800 $19,300.143 Mar.31 1925. Dec. 311924. Sept. 30 1924. June 30 1924. Mar.311924.
Gross income
4,782,807
3,262,505
3,473,780
4.816,676
4,863.564
Deductions2,189.594
1,652.236
1,893.376
Piro offgt. crs-deb. bal. 3,375.832
144.391 -V. 120. p. 2159. 1894.
70.138
245,038
137.002
Rent for locomotives_195,867
212.194
304,422
Rent for pass. train cars345,537
667
919
255
Studebaker Corporation, South Bend, Ind.
930
Rent for floating equip
52,064
28,342
52.739
50.946
Rent for work equip
1,707.653
(Report for Quarter Ended March 31 1925.)
1,819.153
1.541.884
Joint facility rents
1,562.986
139.491
145,352
163.469
Rent for leased roads...
148.992
Pres. A. R. Erskine April 28 said:
68,197
57.737
42.944
49.466
Miscellaneous rents
26.495
Results this year slightly exceeded those of last year, both in the numbe
23.913
20.396
19.961
Miscell. tax accruals_
35.563 of cars sold and in the amount of net profits, which were $I 84 per share
88.655
loss92,554 loss62,696
Separately over. prop
11,152.933
the Common stock. Plant operations, which were under curtailment
on
11.667.276
Int. on funded debt_
12,268.266 11,815.499
190.622 in January and February. were increased to capacity in March. Cars In
31,315
19,039
285.682
Int. on unfunded debt
on April 1
2,416,681
stocks and In transit to them, including demonstrators,
110,282
dealers'
49.372
16.307
Miscall. income charges_
In 1923.
were 46% less than the same date in 1924 and 25% less than
paid
were
stocks
Common
and
Total deductions from
The regular dividends on the Preferred
818,320,220
stock completed the tenth
gross income
818,354.462 816.211.132 315,907,512
5979,923 March 1, which action in the case of the latter
$121,346d111,413.712
$6,503,218
Net income
consecutive year of dividends.
-V.120, p. 2008, 1744.
Surplus
THE CHRONICLE
MAY 2 19251
The balance sheet shows substantial increases in cash and decreases in
inventories, plant investments, and liabilities.
All plants are now operating at capacity, and production for the second
quarter will exceed 40.000 cars. Demand greatly exceeds output, and
cars are therefore being distributed among dealers on a pro rata basis.
April collections will be about 115.000,000. Generally speaking. conditions with us were never better.
RESULTS FOR THREE MONTHS ENDED MARCH 31.
1924.
1922.
1923.
1925.
29.435
29.937
22.801
38.211
No. automobiles sold_ __
$35,205.221 135.603.490 543.278.454 127.816.818
Net sales
4.575.837
7.085.454
4.036.620
Net profits, before taxes 4,113.817
494.361
508,036
505.955
914.483
Lees reserve for inc. taxes
Net prof.. all sources_ 43.605,781 13.542.259 56.170.971 14,069,849
x After deducting Pref. div. of 194%. amounting to 1147,000 and
Conunon div. of $1 per share, amounting to 11,875.000, the balance carried
to surplus amounted to 11,583,781.
CONSOLIDATED BALANCE SHEET MARCH 31.
1924.
1925.
1924.
1925.
AssetsLiabilities$
s
S
8,934,681 5,131,188 Preferred stock_ 8,400,000 8,600,000
Cash
Sight drafts out_ 9.907.478 6.001,377 Common stock_ 75,000,000 75.000.000
Investments__
1,384.343 2,175,314 Curr. acct's pay. 6,548,287 7,127,754
Net rec.fless res) 9.590.204 8,100.107 Depos. on sale
26,158,848 30.419.435
Inventories
of eontr
457.973
Deferred charges
336,171
459.218 Notes payable._ 4,000,000 4,000.000
Plants& prop'y. 57,971,916 52,427,802 Res. for taxes__ 2,045,201 3,728,794
Housing devel__ 1,469,274 1,505,239 Reserves-DealTrade name and
em'dism&dep.
454.050
good-will
19,807,277 19,807,276 Other pay'le res. 2.312.346 1,060.865
Special surplus_ 5,265.000 4,860.000
26.531.384 21,190.493
Surplus
Total
130.560,191 126,021,956
-V.120, p. 1198.
Total
130,560,191 126,021,950
Southern Pacific Co.
(41st Annual Report-Year Ended Dec. 31 1924.)
INCOME ACCOUNT FOR CALENDAR YEARS.
[Southern Pacific Co. and Proprietary Companies.]
1924.
1922.
1923.
1921.
Operating Income$
$
Freight
193.692.958 199.591.192 180.438.952 181.409.692
Passenger
56.566.134 62.158 876 59.003.550 63.442.251
Mall
11,649.0541 3.864.973
3.581.755 3.617.146
Express
7.653.473 8.318.458
1 7.748.345
All other transportation_ 7.430.607
5.638.563
6.802 889
5.797.645
Incidental
6,459.204
6.921.630
6.958.344
5.878.419
Joint facility-Credit_
181.099
175.771
166.169
216.139
facility-Debit_
Joint
_74.946
56.258
59.04,1
50.763
Total railway op.revs.275,904.111
Railway Oper. Exp.Maint. of way St struc
39,367,717
Maint. of equipment_ 47.213,23S
Traffic
5.239.731
Transportation
99.119.568
Miscellaneous operations 4.105.406
General
9.399.614
Transp. for invest.-Cr_ 1.393.945
287.204.635 262.519.170 269.494.365
41.235.817 36.806.129 42.198.883
50.451.491 48.264.068 49.188.143
4.182.340
4.417.409
4.990.768
98 559.831 92.454.185 104.744.036
4.153.651
3.928.319
4.347.543
8.590 865 8.323.359 8.521.539
529.013
416.330
1.009.728
Total railway op. exp_203 051.329 207.166 588 193 664.456 212.572,263
Net rev, front ry. oper_. 72 852.782 80.038.047 68.854.713 56.922.103
Railway tax accruals__ _ 19.867.104 20.365.328 18.859.356 15.539.469
Uncollectible railway rev
144,539
57.738
124.566
127.593
Equipment rents-net
4.802.215
5.555 374
5.154.544
3.815.727
Joint facility rents-net_ Cr.62.492 Cr.198.417 Cr.170.810
156.733
Net railway oper. Inc- 48,101,416 54.225.023 46,222.846 35,946.791
Non-Operating IncomeInc. front lease of road
159.053
88.144
90,657
45.436
Standard return
852.740
1.587
M laced. rent income
1,110.185
1,153.023
883.317
1,009.653
Misc.non-op.phys.prop 261.024
370.177
281.621
300.461
Separately operated properties. profit
30.510
16.889
49.561
Dividend income
2.787.677
3.174.044
4.443.170
7,996.538
Income from funded secs 5.852,059 6.045.373
3.252.044
2.557.148
Income from unfunded
securities & accounts_ 1,084.931
509.276
875.035
1.965.145
Income from sinking,&c.,
reserve funds
887.573
925.102
803.605
848.925
U. S. Govt. guaranty
3.648.602
Other miscell. income...
86.396
81.050
385.440
def91.393
Gross income
60.598.491 67.609,607 55.815.379 55.297.377
DeductionsRent for leased roads
232,968
239.108
238.399
204.436
Miscellaneous rents_
762.002
743.735
656.088
639.525
Miscell, tax accruals..
130.092
542.567
478.234
680.010
Interest on funded debt.. 23,091.183 21,175.721 21,202.672 22,480.147
Int. on unfunded debt
97.122
107.103
392.905
159.432
Amortization of discount
on funded debt
72.737
87.419
76.563
100.490
Maint. of invest't org'n_
28.276
23,390
23.376
25.365
Misc, income charges
140.665
152.180
421.923
389.189
Total deductions
24.844.076 23.057.125 23.215.229 24.678.599
Net income
35,754,415 44,552,482 32.600.150 30.618.778
Disposition of Net IncomeIncome applied to sinking, &c., funds
1,203,379
1,165,183
1,128,116
1,081,559
Income appropriated for
invest. in 13hys. prop
191.308
372.348
22.000
Dividends (6%)
20.942.854 20,662.854 20.662.854 20.639.196
Balance
13.416,875 22,352,097 10,809.180
8.876.023
-V. 120, p. 2143, 1878.
Fonda, Johnstown & Gloversville RR.
(54th Annual Report-s•Year
Y
Ended Dec. 31 1924)
RESULTS FOR CALENDAR YEARS.
Operating Revenue.1924.
1923.
Freight revenue
$454,615
1569 014
1457,220
.
Passenger, steam divLs._
39.038
51,811
42,105
Passenger, elec. divis722.405
778.124
816,465
Mail, express, &c
63,807
72.269
63,858
1921.
3456,243
43.087
806.870
49.460
Total oper. revenue.- 11.279.865 31.471.219 51.409,648 81.355.660
Operating EcpensesMa nt. of way & struc._
3164.159
5165.596
1166.202
1168.442
Maint. of equipment-147,509
157.015
129.941
122.663
Traffic expenses
7,518
7.581
9,187
8,399
Power
70.880
88,571
74.870
84,387
Transportation
361,643
394,409
368.181
403,004
General Expenses
84,172
85,523
82.100
78,350
Total open expenses_
1898.695
3835.882
1830,481
3865,245
ry.
oper.
rev,
from
Net
$443.983
2572.524
$579,167
2490.415
Railway tax accruals_
92,235
94.713
76.265
71.065
Railway oper.Income_ $351,748
$477,811
1502,903
1419.350
Miscellaneous income
21,439
18,791
18.440
11.569
Non-operating income
50,315
62,479
62,347
53,350
Gross income
$432,886
3571.657
1561,728
$484,269
Deductions
377,588
392,259
352.642
383.147
Divs,on preferred stock_
30.000
30,000
30,000
30,000
Balance to profit & loss_
$25,298
$139,469
$150.014
371,122
-V. 118, p. 2174.
2263
New York Chicago & St. Louis RR.
(Preliminary Earnings-Years Ended Dec. 31 1924.)
RESULTS FOR CALENDAR YEARS.
Calendar Years1924.
1922.
1923.
Railway operating revenues
353.992.435 157.477.379 550.948.425
Railway operating expenses
40.276.956 43.938.162 39.060,667
Net revenue from railway oper___ _113.715.479 113.539.217 $11.587.758
Railway tax accruals
2.737.033
2.552.483
2,604,454
Uncollectible railway revenue
18.730
5.891
7.690
Railway operating income
Equipment rents (net)
Joint facility rents (net)
Net railway operating income
Non-operating income
Gross income
Deductions
510.959.716 110.679.044 59.277.413
1.193.482
1.305.171
815.956
176.599
175.019
87.612
59.589.636 39.198.854 18.373.845
1.456.580
1.243.510
564.757
511.046.515 110.442.364 18.938.602
5.177.268
4,111.022
3.598.639
Net income
55.869.247 36.331.342
Income applied to skg.& oth. res. fds_
195.184
$98.482
Dividend appropriations
3.361.775
3.556.648
Income bal. transf. to profit & loss_ 12.409.288 32.676.211
Previous balance
35.883 692 17,421.930
Diset. on bonds purchased & retired_
6.816
10.517
Profit on road and equipment sold
8.695
987.131
Unrefundable overcharges
11.193
4.496
Donations
9.310
Miscellaneous credits & adjustments_ 7.836:9702 16.637.422
Total surplus
146.165.259 137.247,019
Dividend appropriations
798.110
Surp, approp. for inv. In phys. prop.
8.670
9.310
Debt disct. exting. through surplus
68.775
228.604
Less on retired road and equipeient
60.086
134.478
Premium on equip. trust certificates_
1.370
Miscellaneous debits
234.615
191.454
Profit and loss balance
-V. 120, p. 2009, 1745.
35,339.963
198.226
1.499.365
33.742.372
12.114.477
20.340
18.506
20.442
2.211.854
118,127.992
20.442
55.692
141.767
458.314
345.793.113 135,883.692 517,421.747
Hocking Valley Railway.
(Annual Report-Year Ended Dec. 311924,)
INCOME ACCOUNT FOR CALENDAR YEARS.
Revenues1924.
1923.
1922.
1921.
315.021.470 115.156.748 111.637.209 111.924,979
Freight
Passenger
898.981
1.113.924
1.076.466
1.270.021
87.651
Mall
81.790
78.762
87,558
Express
138.329
176.312
129.018
82.575
Miscellaneous
1,296.961
1.014.628
934.009
727.839
Total
317.443.399 317,563.402 $13.855.464 $14,093.001
ExpensesMaint. of way & struc._ 51.896.334 31.734.736 11.381.538 $1.686.611
Malec of equipment- -- 5,337.946
6.476.072
4.157.351
4.366.047
168.161
Traffic
159.443
139.802
131.599
Transportation
5.344.105
5.219.2.53
4.706.930
4.972.440
433.978
General
442.015
372.361
417.470
2.022
Transport for invest. Cr
5.231
10.849
1.773
Total
113.178.503 814.027,18' 310.747.133 111.572.394
Net revenue
$4.264.896 *3.536.213 33,108.331 12,520.607
1.219.610
Ry. tax accruals
1.074.399
978.009
811.788
Uncollected ry. revenue_
441
984
1.709
274
Operating Income_.33.014.815 82.460.830 52.128.613 11.708.545
Equipment rents (net)... Cr399.144 Dr191.699 Cr531.541 Dr$215.494
74.091
Joint facility rents (net).
58.936
84.914
67,691
656.817
Other income
289.558
253.261
256.089
d eb84.856 deb81.309 deb75.348 deb79,201
Less rents, &c
Gross income
Interest on debt
Dividends
14.090.011 32.662.317 $2.422.950 11.737.629
$1.759.957 11.739.476 $1.737.018 51,723.323
(4%1439.980 (4)439.980 (4)430.980 (2)219.990
Balance, surplus
11.890.104
1452.861
3245.982 def$205.684
The income account for 1924 contains a credit of $453.631 for the amount
received from the U. 8. Govt. In full and final settlement of the guaranty,
for the six months' operation from Mar. 1 to Aug. 31 1920. under Sections
209 and 212 of the Transportation Act, 1920: also a net credit of $66.578
on account of adjustments of reserves and other accounts for the same
period.-V. 120, p. 2008, 1744.
Texas & Pacific Railway.
(Annual Report-Year Ended Dec. 31 1924.)
OPERATING ACCOUNT FOR CALENDAR YEARS,
Operating Revenues1924.
1923.
1922.
1921.
Freight
123.930.347 122.482.491 121.738.482 124.346.031
Passenger
7,150.275
7,573.856
7.279.004
8,868.959
Mall
794.916
733.475
645.494
835.984
Express
1,047.445
934.413
945.643
736.776
Miscellaneous
314,414
302.309
216.987
317.960
Incidental, &c
547.183
565.945
556.185
676.763
Total
533.784.580 532.592.489 331.351.795 535.600,474
Rev, per mile operated_
$17.301
116,691
316.071
$18,246
Operating ExpensesMaintenance of way.&c. 14,841.083 84.571.382 55.051.050 35.748.559
Maintenance of equipt
6.471,081
7.273.178
6.544.264
6.712.086
Traffic expenses
700.031
625.094
586.305
611.309
Transportation exp..._ 11.589,114 11,485.278 11.893.491 13.777.591
General expenses
1.767.690
1,157,622
1.225.780
1.269.503
Transportation for iv.. Cr420,705 Cr443.753 Cr 76.123
Cr50.975
Miscellaneous operations
294.629
312.857
319.319
356,831
Total oper. expenses_125.242.324 324,981.658 $25.494.086 128.424.905
Net earnings
18,542.256 17.610,831 15.887.710 $7.175,570
Tax accruals, &c
1.876.696
1,457.832
1.239,339
1,448.182
Operating income
56,665.560 $6,152.995 14.648.370 $5.727,387
Other operating income_
714.804
693.367
621.590
650.432
Total oper. income
17,350,364 36,846.365 35.269.960 36.377.819
Hire of equipment
926.314
979.935
1,029,132
1,253,238
Rentals, &c
652.438
628,1396
611,356
578.892
Net inc. bet. fix. chgs- 35.801.611 35.237.535 53.629.473 $4,545,689
Non-operating income
346.103
371.812
316.130
341,322
Gross income
46.147.714 $5.609.347 33.945.603 14,887,011
Int. on funded debt_ _._ 2,170.339
1.778.841
1,755.682
1.792,166
Int. of unfund. debt....
26.375
235.987
272.785
253.116
Misc, rents, taxes, &c
72.407
161,407
144.550
101,005
Net Income
53.878.591 13,433,111 11,772,584
12,740,724
Pref. dividend
707,798
Inc. appr. for inv. in
physical property_
2.871,610
1.262,025
2,089.447
Misc. approp. of inc.
561.501
510.559
332.650
Income balance
13.170.793
$318,627
-Nr. 120, p. 1455.
•
2264
THE CHRONICLE
General Asphalt Company.
(32d Annual Report-Year Ended Dec. 31 1924.)
President Arthur W.Sewall, April 6, wrote in substance:
Finance.-The 6% debentures due April 11925 were called and redeemed
at par on Oct. 1 1924. The 8% Convertible bonds due in 1930 were called
and redeemed at 105 on Dec. 11924. utilizing in part the proceeds of a new
Issue of $5,000.000 8% 15-Year Convertible bonds, dated Oct. 1 1924,
which is now, the only debt of company and its subsidiaries. As a result
of the year's business and of this financing, the position of the company
Is excellent, with enlarged cash resources and no floating debt.
Native Asphalt and Crude Petroleum.-Shipments of native asphalts from
Trinidad Asphalt Lake in Trinidad and from Bermudez Asphalt Lake In
Venezuela In tons of 2.240 pounds (crude equivalents) were 287.016 tons.
compared with 254,405 tons the preceding year. Company's production
of crude petroleum in Trinidad was 361,337 barrels, as contrasted with
335.952 barrels in 1923.
Receipts of crude petroleum from Royal Dutch-Shell Group under
Venezuelan royalty contract were 572.693 harries. as compared with 360.081
in 1923 subsequent to the date in June when the contract became operative.
For the first quarter of 1925 206.618 barrels have been delivered under the
contract. The production of crude oil from the Western Venezuelan
properties to which the royalty contract is applicable will increase to the
extent that the Royal Dutch-Shell Group is from time to time able to add
to its facilities for transporting the production.
Having In view the decline in domestic production as contrasted with
home consumption, and the shrinkage in the output of the Mexican oil
fields, the future of the company's petroleum business is encouraging.
Accordingly it has taken active steps further to develop the production and
shipment of asphaltic oil from the .Eastern Venezuelan properties possessed
by it under direct concession from the Government of Venezuela.
It is anticipated that the company's subsidiaries will utilize advantageously the entire production of crude oil from its several available
sources: namely,from the Western Venezuelan properties under the royalty
contract, from the Eastern Venezuelan properties held solely by the company,from properties in Trinidad owned by the company,and from properties in Trinidad leased from the Colonial Government.
The Trinidad holdings have been augmented by the addition of approximately 1.850 acres of Crown oil lands and oil rights under former Crown
lands granted in connection with a new mining lease of the famous Asphalt
Lake, executed under date of Feb. 19 1925.
By the terms of the new mining lease of the Trinidad Asphalt Lake, the
company acquires the exclusive right to mine and ship asphalt from the
lake until 1951, or 21 years from the expiration of the present concession
(which was originally granted in 1888 for 42 years and expires in 1930)•
This new mining lease of the Trinidad Asphalt Lake differs from the present
concession in form, though in operating under it, the total charges for
royalties and export duty will not exceed the charges of like nature payable under the existing concession.
Mining. Manufacturing and Sales.-All departments have been maintained in a high state of efficiency, with constant effort toward improvement
and
In the productivity of asphalt deposits and mines, manufacturing plants
distributing facilities, both to keep pace with and to anticipate the growing needs of the business.
In 1924 there were record sales of roofing materials and allied products,
with Indications of a continuing favorable market for these products. The
1925.
demand for native lake asphalts for paving is expected to increase in
Foreign business again shows an increase over the preceding year.
YEARS.
CAL.
COSSUB.
INCLUDING
COMBINED RESULTS,
1921.
1922.
1923.
1924.
Income fromSales of asphalt and as$12,377.966 810,958,792 $8.883.414 $7,176.944
phalt products
800.780
1.222,793
1,632.041
1.870,902
Foreign sales
1,425,102
1.199,470
825.064
Income from paving_ - 1,109,836
machinpaving
of
Sales
314,630
512.530
324.850
534,154
ery. &c
198.335
241,739
274.905
217,204
Miscellaneous income$16,110.063 $14.015,653 $12,059,946 89,915,790
Total income
ExpensesasCost of asphalt and
$10,142,886 69.240,990 $7,700,578 $6.339,828
phalt products
706.463
824.709
1,123,592
1,302.404
Cost of foreign sales1,297,970
1,241,684
812,836
917.663
Cost of paving roads, &c.
289.724
527.444
292,868
Cost of paving mach., Occ. 411.691
293,702
314.462
293,046
305.613
Depreciation
332,618
232.109
234,898
208,267
Miscellaneous
42,195
28,556
35,818
15,595
Sundry branch expenaes_
813.304.121 $12,034,050 $10,869,543 $9,302,500
Total expenses
$613,290
82.805,942 $1,981,603 $1,190.403
Net trading profits
38.540
34.692
57.407
57.278
Interest received
14,983
24.538
136,544
215,680
hit. & div. on investm'ts
19,210
60.296
est.
real
of
Int.rec.fr.sale
Int. rec'd from sale of
443.201
sec., adj. of int., kc_
[Vol,. 120.
reimburse the treasury for expenditures already made upon additions to
and improvements of the property; for advances made to the Virginian
Terminal Ry. for construction purpeses: and to retire loans, aggregating
84.000.000, which had been made to company by the Director-General of
Railroads and the U. S. Government. The proceeds remaining were deposited with the trustee of the mortgage for withdrawal from time to time
to pay for future additions and improvements.
On Jan. 18 and Aug. 1 the I.-8. 0. Commission granted authority to
the Virginian Terminal Ry. to issue 81.796.000 and 81.109,000. respectively,
of its 1st Mtge. 5% 50-Year gold bonds, which bonds were issued to and
accepted by the company at par value for application upon the indebtedness of the Terminal company to this company for advances made by this
company for additions, betterments and improvements of the Terminal
company property.
On Sept. 29 the Commission granted authority to the Virginian & Western
Ry. to issue $1.352.000 of its 1st Mtge. 5% gold bonds. Series A. which
bonds were issued to and accepted by this company at 95% of their face
value in _partial reimbursement for advances made to the Virginian &
Western Ry. for construction or its property.
The total issue of bonds outstanding, amounting to $47.844,000, has been
listed on the New York Stock Exchange.
Coal Pier.-The new electrically operated coal pier at Sewalls Point, Va.,
was practically completed and will be placed in operation early in the
year 1925.
Electrification.-The electrification of company's lines between Roanoke,
Va., and Mullens, NV. Va., authorized in the spring of 1923. progressed
continuously, during 1924. By the end of the year all major contracts
for materials and constriction for the power plant, lines and equipment
had been made. For tne power plant at Narrows. Va., the building
u structural
aodpgre.en
ion
dipnlgtfoua
Er
clouni
datm
nn
inc
ocp
tr
ml,an
stee
ea
pm
ciculis
tiicA worrilet.;istea
afd
b(
ntr7lo
ed
an
ch
been installed. The steel towers for the transmission line west of Narrows
on a new right of way had been erected and most of the wires had been
strung. East of Narrows. 62% of the right-of-way required for the transmLssion line had been secured, and for 24% of the distance the right-of-way
had been cleared and the steel towers erected. All steel poles for supporting the catenary trolley system had been delivered and those between
Elmore yard and Micajah, for a distance of about 13 miles, had been
erected, and for half of this disthnee the cross supporting wires had been
strung. Grading had been completed for all transformer stations, and the
foundations placed for the transformer station at Princeton.
Tne mechanical parts of the first electric locomotive, consisting of three
units, had been completed and shipped to the works of the Westinghouse
Electric & Manufacturing Co. to have tho electric equipment installed.
The mechanical parts of the 11 other electric locomotives on order are
expected to follow at the rate of one locomotive every three weeks. The
electric equipment for all locomotives had been more than 24% completed.
The power plant and lines will be sufficiently completed to permit the
operation of the first electric locomotive when received, which,it is expected,
will be in May 1925. Electric service between Roanoke and Mullens
should commence in November 1925.
At the close of the year there had been expended on account of the electrification $4,853,994, of which 84.703,630 was spent in 1924.
Capital Account.-Capital account was charged during the year with
expenditures amounting to $10,627.691, as follows:
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1923.
1924.
1921.
530
541
545
526
Average mileage
8.399,933
7,843.521
7.397,025
6,376,648
Tons (revenue) carried
2,984.215
2,531.936
2,308.050
1,000 tons carried 1 mile_ 2,881.002
Rate per ton per mile_ _ _ 0.0586 cts. 0.0606 cts. 0.0670 cts. 0.679 cts.
1,117.341
1.293.800
1,192,207
1.255.608
Passengers carried
Passengers carried 1 mile 25.155,484 28,202.706 24.424,468 28,099,539
3.39 cts.
3.40 eta.
3.40 cts.
3.37 cts.
Rate per pass. per mile
$35,861
$37.571
$34,261
$34.843
Open. revenue per mile
INCOME ACCOUNT YEARS ENDED DEC. 31.
1923.
1921.
1924.
1922.
816.873,194 818,093.633 816.956,023 815.681,361
Freight revenues
1.133,681
970.592
1,089.195
Passenger, mail & express 1,014,575
1,253,801
1.101.034
1.082.829
Other transportation- _ _ 1,100,669
Railway oper. revenue 818,988,439 820,328348 819,009,444 $18,024,357
$2,490.590 82.219,868 $2.193,206 82,547.898
Maint. of way & struct
5,344.302
3,902,349
4,838,605
Maint. of equipment_ _ _ 4,077,656
5,536,112
4.902,969 • 5,540,613
Transportation,rail line_ 5,141.383
499,817
511,139
414,868
504.610
Other expenses
Net railway oper. rev_ 36.778.992 $6.716,927 86.570,052 $5,618,629
1,390,228
1.181,790
1,043,175
1.528.916
Taxes
916
2,426
Uneollectible ry. rev__
370
291
Railway oper. income_ 155,387.848 $5,532,711 $5.040.845 $4.575,084
71,174
72.940
Rent of tracks, &c
63,727
82.854
51,697
36.697
Dividend income
21.486
301,265
102,049
293,359
Hire of equip. (net)
118,396
303.278
1,336,065
541,936
Other income
316,202
473,825
36,948,833 $6,477,643 $5,922,289 35,374,675
Gross income
$666,812
$3.139,196 $2,194,764 $1,692,834
Total net income
2.156.243
Int, on funded debt, &c_ 2,818,537
2,126,709
2.096,863
Deduct114.452
notes
&
bonds
on
69.466
Disc,
77,219
74,511
$71,309
$124,861
$159,307
$241.613
Branch office discounts_
665.026
am
tracks,
of
557.621
Rent
215,438
325,242
609,798
293.451
321,830
492,846
General expenses
35,676
Tax on bond int. & misc_
22,869
17,576
17,639
120,000
80,000
75,000
289.000
accts_
of
Res've for depr.
127,298
153.613
83.118
28,447
Int. on loans and mtges_
83,315,141 83,671,445 83.408,033 85,245,827
Net income
419,842
393.065
372,897
373,678
Debenture interest, &c-50.396 Preferred dividends__(6%)1,677.300 (6)1.677.300(8).()2306088 (6)1,677,300
31,588
92,030
133,750
Capital stock & Inc. tax9.112 Cotmnon dividends_ _-(84)1.250,860(84)1250,860
5,130
12.475
7.332
Other expenses
8386.981
8743,284 61.101,745 $3,368.527
Balance, surplus
81.407.755
51,081,709
1.566.666 81,116,657
Total deductions
$611.126 loss$740,942
BALANCE SHEET DEC. 31.
81,572.529 $1,078,107
Net profits
maintain1923.
1924.
Excess cost of
1923.
1924.
40,153
28,678
$
8
ing pavements
AssetsLiabilities-$
$
Reserve for debenture reProp'ty invest _•123,814,147 113,186,456 Common stock. 31,271,500 31,271,500
demption ofNew Trini14,674,618
cos_
MM.
In
12,302,672
Preferred
Inv.
27,955,000
stock.
27,955,000
117,719
132.706
756,437 Long term debt_ 57,219,700 47,228,400
dad Asphalt Co., Ltd.
investmls 2,547,208
374.430 Other
$370,804
370.804
370.800
868,747 Traffic, &c., bal.
Dividends on Pref.(5%)
820,937
Cash
144,337
68.300
Accts. & wages_ 1,886,276
219,125
226,462
Misc,
rec.
accts.
1,914,269
$78,938df$1,273,244 Int. & dive. rec.
6707.303
$1,201,729
Balance, surplus
98,085 Misc.accts. pay.
154,002
1,833
3,199
1,352 Other curr. nab_
43,959
M Ise.phys.prop.
3,283
7,990
COMBINED BALANCE SHEET, INCL. SUB. COMPANIES DEC. 31. Deposits
576,250 Interest accrued
16,079
492,771
518,815
1923.
1924.
1923.
1924.
185
208 Rents accrd,&e.
Special deposit.
63,408
110,150
$
$
LfabitifiesAssets194,868 Deferred Ilab___ 1.021,843
239,404
281,776
Preferred stock__ 7,416,000 7,416,000 Traffic, Ozc., bal.
Property account-36,235,044 35,988,209 Common
330,936
214,768 Unadfd credits_ 5,740,118 5,099,056
23,584.000 Bal. from agents
stock......23,584,000
bonds
Stocks and
1,195,000 Materials, &c._ 3,743,184 2,658,088 AdtPns through
G. A. Co. debens.
of outside com61,676
80,047 surplus
634,094
740,568
48,715 Conv.bds.G.A.Co. 5,000,000 3,682,200 Othercurnassets
48,715
panies
Profit and loss.. 19.992,993 19,582,370
U. IS. Govt. depavefor
Reserve
Venezuela royalties
793
assets..
ferred
31,719
28,677
ment maint'ce643,704
637,977
contracts
11,712
51,712
991,429 0th. def'd assets
273,518 Notes & accts. pay. 770,022
Prepaid expenses_ 764,989
118,977 Unadjus'd debits 2,189,236 1,123,205
for Fed. taxes 299,624
Inventory at cost_ 3,314,317 2,995,927 Res.
1,884,100 1,241,876 Reserve for 8%
Cash
Total
Total
146,534,461 134,672,098
317,800
146,534,461 134,672,098
cony. bonds__
Notes and accts.
a Includes investment in road and equipment: Cost of road, $93,124,097;
Special reserve__ _ 1,511,102 1,511,102
receivable and
208,252 equipment, $30,690,050.-V. 120, p. 2143.
433,985
reserve__
Conting.
2,149,240
81,763,403
securities
50,000
50,000
Res've for pensions
Claims& sects. due 202,184
5,757,323 4,555,594
Surplus
8% bond sinking
320,884
fund
44,850,734 43,662,075
Total
44.850,734 43,662.075
Total
81.290,6641
STEAM RAILROADS.
a Includes notes receivable, $340.827; accounts receivable,
above,
securities, 8228,983; total, $1,860,475; less reserve, $97,067; balance
New Equipment.-Class I railroads during the first three months this
81,763,408.-V. 120. p. 1887, 1465.
year placed in service 44,163 freight cars, according to reports filed by the
railroads with the Car Service Division of the American Railway Association.
This was an increase of 6,511 cars over the number placed in service during
The Virginian Railway.
the corresponding period last year. Of the total number installed during
(15th Annual Report-Year Ended Dec. 31 1924.)
the first quarter in 1925. box cars numbered 22,665; coal cars 15,995 and
refrigerator cars 2.384. Freight cars on order on April 1 this year, deThe annual report, signed by Pres. C. W. Huntington liveries
of which are being made daily, totaled 46,126, a decrease of 23,162
compared with the number on order on April 1 1924, at which time there
(now resigned), says in substance:
were
were
Of the freight cars on order on April 1 this year. box cars
share,
69.298.
Dividends.-During the year, dividends of 3%, or $3 per
totaled 24,434: coal cars 16.482 and refrigerator cars 1,933. The railroads
paid on Feb. 1 and Aug. 1 on the $27.955.000 Preferred stock and on Dec.31 during
the first three months in 1925 also placed in service 430 locomotives,
ptgtil of the a decrease of 231 compared with the number installed during the correontig:ps
hairltir
8'
ev,
'
der/Fer;.3g1217greto
,vseillalllilnoithJetm
4Tuilir
period last year. Locomotives on order on April 1 1925 totaled
1.-S. C. Commission, which was given on Aug. 1 310.000.000 1st Mtge. sponding
in part to 315 compared with 520 during the first three months in 1924. Complete
used
0-year 5% gold bonds, Series A. The proceeds were
GENERAL INVESTMENT NEWS.
THE CHRONICLE
kLiy1925.]
reports show that the railroads in March alone placed 16,043 freight cars
in service of which 8.874 were box cars. There were also 5,750 coal cars
and 426 refrigerator cars installed during the same period. They also
installed 138 locomotives. These figures both as to freight cars and
locomotives include new, rebuilt and leased equipment.
Ann Arbor RR.-Bonds.The I.-S. C. Commission on April 17 authorized the company to procure
authentication and delivery of not exceeding $432,500 Impt. & Ext. Mtge.
bonds, to be held subject to the further order of the Conuntssion.-V.
120, p. 2142, 1876.
Atlanta Birmingham & Atlantic Ry.-Earnings.Gross
Calendar
Other
Net, after
Interest,
Earnings.
YearIncome.
Taxes.
Rents. &c.
$44,810,482
$263,829 def$22.795
1924
$4485.935
def86,968
87,514
4.638.689
1923
397.298
4.017,228
def379,662
1922
393.258
79,850
3,201,634 def1,697,430
1921
82.911
386,873
-V. 120, P. 1199.
Balance,
Deficit.
$244.901
396.752
693.070
2,001,391
Atlanta & West Point RR.-Annual Report.-
Calendar YearsRailway operating revenues
Railway operating expenses
1924.
1923.
1922.
$2,939,380 $2.950,513 $2,606.415
2.241.784
2,283.862
2.109.885
Net revenue from railway operat'ns
Railway tax accruals
Uncollectible railway revenues
5697,596
166,254
645
$666.651
171,756
962
$496,530
153.724
1,667
Railway operating income
Non-operating income
$530,697
$493,932
219,027 ' 249,729
8341,139
253,385
Gross income
Deduct-Hire of equipment
Joint facility rents
Interest on unfunded debt
Miscellaneous income charges
Dividends
1749.724
8187,216
105,478
854
Balance, surplus
-V. 118, p. 2178.
$743,661
$594,524
5172.951
1153.238
110.085
89,592
111.625
73.708
Cr.33
(7%)172,452(6%)147,816(6%)147,816
$283,723
$201,218
$130,169
Baltimore & Ohio RR.-Equip. Trusts Sold.-Kuhn,
Loeb & Co., Speyer & Co. and National City Co. have sold
at 3rices ranging from 97.28 and int. to 100.29 and int., to
yield from 4.20% to 4.80%, according to maturity (or an
average price for equal amounts of all maturities of 98.43,
being an average yield of 4.75%), $8,145,000 4% Equip.
Trust certificates, Series "B.'
Maturing in equal amounts in annual installments from May 1 1926 to
May 1 1940. both incl. Denom.$1.000 O.
Dividends payable M.& N.
Issuance.-Subject to the approval of the I.-S. C. Commission.
r Security.-These certificates are to be issued by the Girard Trust CO.
of Phila., trustee. There will be vested in the trustee title to new equipment costing not less than $10.860,000,including the following: 3.00070-too
steel gondola cars. 2.000 50-ton steel box-cars, 10 steel passenger
coaches,
10 steel passenger coaches, electrically equipped. and 5 steel dining cars.
Guaranty.-The principal of the trust certificates and dividends thereon
will be unconditionally guaranteed by endorsement thereon
by the Baltimore & Ohio RR.
Earnings.-The total income of the company for the year ended
31
1924, applicable to the payment of interest on Its bonded debt,Dec.
rentals
and other fixed charges, amounted to $45.726,613, while interest, rentals.
taxes, &c.(other than Federal income taxes) for the same period
amounted
to $27,421,924.
Bonds.The I.-S. C. Commission on April 15 authorized the company (1) to
sell at not less than par and int. $8.910 of Southwestern Division
1st Mtge.
% Gold bonds; and (2) to extend from July 1 1925 to July 1 1950 the
date of maturity of $45,000,000 of Southwestern Division 1st Mtge.
334%
bonds,
bearing company's obligations to pay additional
Gold
the rate of 134% per annum. See offering in V. 120, p. 1743. interest at
Boston & Maine RR.-Voting Trust Terminated.The voting trust agreement dated Jan. '23 1923 has been terminated.
The Boston Stock Exchange has stricken from the list voting trust
certificates for Preferred, and Classes A, B, C, D and E First Preferred
shares.
New Haven RR. Assents to B. & M. Plan.-
The Boston Railroad Holding Co., which holds the New Haven's Boston &
Maine investments, has filed its assent to the financial readjustment
plan
of the Boston & Maine RR. The New Haven is the largest
owner of
Boston & Maine stock, its holdings amounting to 28.3% of single
the total stock
outstanding.
2265
The report will be cited more fully another week.-V. 120,
p. 2008, 827.
Delaware & Hudson Co.-To Lease Buffalo Rochester &
Pittsburgh Ry.-See that company above.-V. 120, p.1877,
1872.
Duluth South Shore & Atlantic Ry.-Annual Report.Colander Years-
1924.
591.30
teev.
enntlileage operated
AvARe
Freight
1923.
591.30
1922.
591.30
Iron ore
Passenger
Mail
Express
Miscellaneous
53,660,733 53,643.543 $2,733,741
222.759
580,363
468.162
1,083,944
1,125,739
1,210,969
77.913
77,214
77.789
71.774
96,133
85.206
305.679
365.179
375,532
Total
ExpensesMaint. of way & struc
Maintenance of equipment
Traffic expenses
Transportation expenses
Miscellaneous operations
General expenses
Transportation for investment
51,008,596
938,980
76.302
2,560.890
67,840
135.714
Cr.1,879
Total
Net operating revenue
Taxes accrued
Uncollected railway revenue
54,786,372 $4,694,925 $3.961,793
$1,118,988 51,166.277
8534,019
367.354
347,636
383,618
104
306
128
15.905,360 55.861,203 $4,495,812
Operating income
Non-operating income
$827,019
899.411
79,325
2,679.663
69.953
141.943
Cr.2,387
8729.395
688.551
80,715
2.264,069
65,972
135,079
Cr.1,989
$751,530
196,217
5818,513
96,166
$150,094
56,525
Gross income
Interest, rentals, &c
8947,747
1,192,072
$914,678
1,095,174
$206,619
933.829
Net deficit
-V. 120, p. 1877.
$244,325
$180.496 ,
$727,209
Gulf Mobile & Northern RR.-Bonds.-The I.-S. C. Commission on April 18 authorized the company to ISS1.10
not exceeding 54.000.000 1st Mtge. Series B. 5.4% bonds, to be exchanged
for a like amount of 1st Mtge. 6% Series A bonds, all of which are owned
by the company. The Series A bonds will thereupon be canceled.
The Series 13 bonds will be sold to Kuhn, Loeb & Co. at 96.75 and int.
to date of delivery. At this price the annual cost to the company will be
approximately 54%. The proceeds will be used to liquidate certain
obligations to the United States and to several trust companies, aggregating
52,191.747, to purchase equipment consisting of five steam locomotives
and one motor-equipped passenger-train car costing in the aggregate
approximately $307.050. and to make additions and betterments chargeable
to capital account totaling 51,374.909. (See offering in V. 120. P. 1582.)
-V. 120. p. 2142.
Gulf Texas & Western Ry.-Final Valuation.The I.-S. C. Commission has placed a final valuation of 51.668.000 on
the total owned and used properties of the company, as of June 30 1G17.V. 112, p. 652.
Louisiana Railway & Navization Co.-Earnings.Gross.
Cal.Yrs-$44,144,232
1924
3,892.094
1923
3.604.118
1922
3.683.969
1921
4,275,8:34
1920
3,542,034
1919
Other Inc. Int.,Taz.,&e. Bal.,Def.
Net.
$435,810
$88,638 $1,225,643
$701,195
400.400.
.
.134
16,089
422.908
43'1,996
407.863
524,859
434,974
821.793 sur138,040
61,787
677.921
775,819
36.131
530,02S
104,360
634.338
Louisville Henderson & St. Louis Ry.-Report.-Calendar YearsRailway operating revenues
Railway operating expenses
1922.
1924.
1923.
53,449,889 53,464.744 $33.274,808
2,638.465
2,516,677
2.333.067
Net revenue from railway oper_ _ -Railway tax accruals
Uncolleetible railway revenues
$811,425
176.025C
5918.067
152.897
405
$941,741
229.531
103
Railway operating income
Non-operating income
5635.399
45.557
$764.764
58.996
$712.106
89,108
5680,958
127,910
160,000
(4%)80.000
$823.760
191.777
160.000
$801,214
198.029
160.900
Gross income
Miscellaneous deductions
Interest on funded debt
Preferred dividends
Loses Suit OverBonds
Net income_
$313,046
5442.234
$471.983
A decision that the company has no defense to suits by owners of
which have matured was handled down April 21 by Supreme Court bonds -v. 118, p. 2179.
Proskauer in an action by Margaret J. Whitcomb, who holds twoJustice
bonds
Manila Railroad Co.-Earnings.for $5,000 each, dated in 1905, when the railroad sold an issue of 8500.000
Income Account for Fiscal Year Ended December 31 1924.
at 334% interest, which became due on Feb. 1 last. The Court directed
judgment for Mrs. Whitcomb for $10,000 with costs and struck out an
Southern
Northern
All
answer by the railroad company.
Lines.
Lines.
Lines.
Total railway operating revenues......56,178,399 55.221.765 $11,400.165
Still Protesting Bus Competition.3.936.934
7,336,960
The road has filed a bill in equity in the Mass. Superior Court against Total railway operating expenses_ _ _ _ 3,400,026
Franklin L. Hart of Boston to enjoin him from operating a line of motor
Net revenue from railway operation 82.778,373 $1,284,832 54.063,205
buses between Boston and Fitchburg unless he secures licenses from each Total
taxes, accruals, &c
70.699
59.530
130.229
city and town through which his line passes. The petition states that the
value of the property of the B. & M. between Boston and Fitchburg is
Railway operation Income
52.707,675 51.225.302 53.932,976
$35.000.000, on which it pays taxes of $928,000 each year to the cities and Total
non-operating income
73.122
66.925
140.047
towns along the line. The present value of the property on that part of its
road used for passenger service is $12,800,000. The value of equipment - Gross income
52.780.797 $1,292.227 54,073,023
used on that line is $2.700,000. The petition states that operation by Hart
Total deduction
1,274,982
1,462.863
2,737.84$
has already decreased its passenger revenue considerably.
185.159
92.429
92,729
This is the second such petition filed by the road recently, the first being Approp.of net inc. for sink,fund purp
one in protest of a line between Boston and Lawrence.-V. 120.
p. 2007.
Balance to profit & loss accounts.- $1.225,204 loss$75.185 $1,150.019
Note.-Values are expressed in Philippine currency: 1 peso equals 50 cents
Buffalo, Rochester & Pittsburgh Ry.-Directors ApU. S. A. currency.-V. 118, p. 431.
prove
Proposal to Lease Road to Delaware & Hudson.-The
directors have approved a proposal to years.ol lease the property to
the Delaware &udson
J
Co.
999
Mineral Range RR.-Annual Report.Calendar YearsAvge. mileage operated
Freight
Copper rock
Passenger
Mall
Express
Miscellaneous
1924.
88.97
$241,504
209,621
2.627
4,445
9,908
16.121
1923.
92.85
5255.439
178,297
2.891
3,600
9.964
21.943
1922.
98.36
5182.050
112.240
3,809
4.390
8,741
16,435
The L-S. C. Commission on April 16 authorized (1) the Central Pacific
By. Co. to issue $2,600.000 4% Pref. stock, (par $100) said stock to be
delivered to the Southern Pacific Co. for deposit with, the trustee under
its 4% mortgage (Central Pacific stock collateral), in exchange for a like
amount of bonds to be issued under that mortgage. (2) The Southern
Pacific Co. to issue 82.600,0004% Mtge.(Central Pacific stock collateral)
bonds, to be delivered to the Central Pacific Ry. Co. in exchange for a
like amount of Prof. stock to be deposited with the trustee under the
mortgage.-V. 120, p. 325.
Total
ExpensesMaintenance of way & structure.- Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Transportation for investment
$484,227
$4472,133
5327.665
8.99.655
116.332
3,903
206,558
13,474
Cr.85
593,655
90.169
4.152
213,192
14,517
Cr.242
595,192
61.085
4,120
187,239
13,533
Cr.16
k
Total
Net operating revenue
Taxes accrued
Uncollec. railway revenue
$439,837
544.390
57.388
$415,433
5361.154
$56,700 det133.489
52.013
67,110
56
Operating income
Other income
def$12,998
57.416
$4,631 def$100.599
45.520
25,989
Gross income
Interest, rentals, &c
544.478
83.681
550.151 def574.609
34.392
87.038
Net deficit
-V.'118. p. 2304.
$339.203
534.240
The proposal provides for a rental sufficient to pay 6% net,
dividends on the $6000000 outstanding Preferred and 810,500,000annual
outstanding
Common stocks, the payment of all fixed charges and assumption
of
its
maturing obligations. The proposition will be submitted to the stockholders in due course.-V. 120. p. 1320. 698.
L. Central Pacific Ry.---Preferred Stock.-
Chicago & North Western Ry.-Annual Report.-The
pamphlet report for the year ending Dec. 31 1924 has just
been issued. The income account was given in V. 120, p.
827. The report will be cited more fully another week.V. 120, p. 2142.
Chicago, St. Paul, Minneapolis & Omaha Ry.-Annual
Report.-The pamphlet report for the year 1924 has just been
issued. The income account wasIgivan in V. 120, p. 827.
5161.648
[VoL. 120.
TELE CHRONICLE
2266
Minkler Southern Ry.-Bonds.--
The I.-S. C. Commission on April 16 authorized the company to issue
one registered let Mtge. 6% Gold bond, Series A, in the denom. of
$2.500,000; said bond to be delivered to the Atchison Topeka & Santa Fe
By. Co. in satisfaction of a like amount of indebtedness for advances for
capital purposes.
Minneapolis & St. Louis RR.-Time Extended.The holders of the Minneapolis St St. Louis RR. let Consul. Mtge. 5%
gold bonds due 1934 and Des Moines & Fort Dodge RR. let Mtge. 4%
gold bonds due 1935 have been notified the certificates of deposit issued by
American Exchange National Bank, depositary, are now listed on the
New York Stock Exchnage. The time for deposit of additional bonds
without penalty has been extended to May 23 1925. After that date the
bondholders' committee may refuse to accept bonds for deposit except
subject to a penalty.
Action towards foreclosure of the respective mortgages under which the
above bonds were issued has been commenced.-V. 120. p. 2143.
Minneapolis, St. Paul & S.S.Marie Ry.-Annual Report.
Soo Line. Wis. Cent. Ry. System.
128.724.694 119,220,666 $47,945.360
21.261.303 15.552,552 36,813.855
Calendar Year 1924Gross earnings
Operating expenses
Net earnings
Income from other sources
$7.461,391 $3,668.114 $11.131,505
1,127,018
318,094
808,924
Total income
Fixed charges, taxes. &c
Addition to Surplus
-V. 119, p. 1064, 811.
18.272,315 13,986,208 $12,258,523
120,825
4,801 824
$844.442
7.427.873 def$823,616 12.237.697
Missouri-K sas-TexPs RR.-ExPetdive Committee.L. F. Loree, Moritz Rosenthal and Sir William Wiseman have been
elected members of the executive committee.-V. 120, p. 2008, 2137.
Muscatine, Burlington & Southern RR.-Final Val.-
The I.-S. C. Commission has placed a final valuation of 1856,495 on
the total owned and used property of the company as of June 30 1918.
-V. 119, p. 75.
New Orleans Great Yorthern RR.-Earnings.Net aft. Taxes Other Inc.
Cal.Yrs.- Gross.
$29.609
$648.602
12.925.031
1924
78.902
716.656
2.841.010
1923
98.528
660.162
1922
2.547.750
59,457
2,528,529
93.179
1921
Rentals.ekc. Bal..Sur.
179,501
1508.710
219,554
576.003
186,570
572,120
558,402 def405,766
New Orleans Texas & Mexico Ry.-Bands.-
The I.-S. C. Commission on April 20 modified its previous order so as to
extend the time within which company may issue $13,500,000 1st Mtge.
5% bonds, Series B, to and including June 30 1926.
By its order of May 23 1924 the Commission authorized the company to
Issue not exceeding 113,500.000 let Mtge. 5% bonds, Series B, dated
April 1 1924 and maturing April 11954, to be exchanged from time to time,
to and including June 30 1925. par for par, to retire a like amount of 5%
Non-cumul. Income bonds then outstanding. As of April 6 1925,
17.826.100 of let Mtge. Series B bonds had been exchanged.-V. 120,
p. 1878. 1745.
tion of 1230,000: 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.
St. Paul Union Depot Co.-Balance Sheet Dec. 31 1924.AssetsLiabilitiesRoad and equipment___ -$12,606.855 capital stock
1912.400
Cash
15,500,000
2,215,784 Funded debt
Special deposits
388,695 Non-negotiable debt to
2,000
Accounts and balance reaffiliated companies..
ceivable
87.509
211,533 Loans and bills payable
153,722
Material and supplies
291 Acc'ts & wages payable
3868:269165
Other, deferred assets_ __ _
100 Interest matured
Other unadjusted debits- 1,684.746 Dividends
4,417
Accrued items
171
Other current liabilities10,830
Other deferred liabilities_
Total (each side)
22,252
117108004
, ,
Unadjusted credits
-v. 119. O. 1396.
Santa Fe & Los Angeles Harbor Ry.-Bonds.The I.-S. 0. Commission on April 17 authorized the company to issue
one registered First Mortgage 6% gold bond. Series A. in the denomination
of 11.600,000: 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. 115, p. 2159.
Southern Pacific Co.-Bonds Authorized.see Central Pacific Ry.-V. 120, p. 2143. 1878.
South Plains & Santa Fe Ry.-Bonds.The I.-S. C. Commission on April 15 authorized the company to issue
one registered First Mortgage 6% gold bond. Series A. in the denomination
of 11.100.000: 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.-V. 120. p. 2009.
Texas & Gulf Ry.-Bonds.The I.-S. C. Commission on April 20 authorized the company to issue
one registered First Mortgage 6% gold bond, Series A,in the denomination
of 1779.000. said bond to be delivered to the Atchison Topeka & Santa Fe
By. in satisfaction of a like amount of indebtedness for advances for capital purposes.
Western Railway of Alabama.24Annual Report.Calendar YearsRailway operating revenues
Railway operating expenses
1923.
13.150.930 $3.042.220 12.7
1412
92..
539
2.283.751
2.318.894
2,057.939
Net revenue from railway operation
Railway tax accruals
Uncollectible railway revenues
1876,179
149,419
863
$723.326
176.653
296
1683.600
175,567
418
Railway operating income
Non-operating income
$725,897
269.495
$546,378
256,250
$507.614
300,422
Gross income
Deductions from gross income
Dividends
7
V
ak131
1178.
$12',12
11
‘7%)210.uuu(6%)180.uuu(6%)180.uou
Balance, surplus
1468.117
$212,120
$265.934
-V. 118, p. 2181.
New York Central Lines.-Freipment Trusts.•
The New York Central RR., Michigan Central RR. and Cleveland,
the
asked
have
Cincinnati Chicago & St. Louis Ry. in a joint application
I.-S. Commerce Commission for authority to issue $10,530,000 45.5%
PUBLIC UTILITIES.
Equip. Trust certificates. The New York Central expects to sell the cerMotormen and Conductors of Northern Ohio Traction & Lighting Co.
tificates to J. P. Morgan & Co. at 96.43%. The proceeds are to be used to
purchase 3.000 box cars. 15,000 coal cars. 500 refrigerator cars. 39 passenger Vote to Strike Unless Bus Operators are Allowed to Join their Union.
cars. 22 diners and 45 baggage cars at a total cost of 114,179.385. The "Wall Street News" May 1, p. 2.
ears will be distributed among the three lines.-V. 120, p. 827.
American Gas Co., N. J.-Details of Merger With United
Pennsyli ania R P.--Increase in Indebtedness Approved.- Gas Improvement
Co.-In a letter to the stockholders dated
April 22 President M. W. Stroud says:
The stockholders on April 28 voted to increase the authorized indebtedness of the company by 1100.000.000. No immediate financing is in
prospect, it is said. The additional authorization is for the purpose of
giving the board the necessary latitude of action in handling requirements
of the company from time to time.
Results for March and Three Months.
The company has issued its earnings statement for the month of March
for
three
months
and
ended March 31 1925, compared with similar periods
of 1924. The total operating revenues for March '152,522.631] declined
1$3.367.6521 6% and for the three months period 113.687.2431 2.3% compared with 1924. Freight revenue '136.518.0771 declined 112.901.4611
7.4% and for the period only 112.901,0281 2.6%. The chief cause lathe
decreased shipments of coal, the other general freight traffic continuing to
move in fair volume. The passenger revenues for the month 1111,161,9391
also show a decrease of 11580.2851 4.9% and for the three months 151.279.8321 3.6%. due to the reduction in the passenger business and increased
competition from buses and private autmobiles.
The operating expenses for March decreased 11554.8801 1.5% and for
the three months period increased [11.044,4401 less than 1%. A notable
feature of the expenses is the decrease 112.056 9961 of 9.1% in transportation expenses for March. and 1$4.574.9311 6.9% for the three months.
Reduced transportation expenses reflect a real saving, which for the three
months period amounted to over 14.500.000. This reduction in transportation expenses was utilized by the management for maintenance, the
company following the policy of getting a large part of its maintenance
work done in the early months of the year. so as to have the property in
full working condition for the heavier business season. Another significant decrease was in hire of equipment, which for March decreased almost
$800,000. or over 44% below last year. For the period hire of equipment
decreased over 11,279.000. or over 27% compared with the similar period
In 1924.-V. 120. p. 2009, 1870.
Quebec Central Ry.-Annual Report.Calendar YearsGross revenue
Oper. exp. and taxes
1921.
1922.
1924.
1923.
12,828.861 $3.112.420 12,770.687 12,838,926
2,199.945 2.298,017
2,494,877
2.234.880
Net revenue
Other income
1593,981
47.646
1617,543
44,831
1570.742
43,548
1540.909
94,381
Total income
Interest charges
Dividends
1641,627
363,628
169.080
$662,374
359,177
169.080
1614.290
334,044
169,080
1635.290
322,067
169.080
Balance, surplus
-V.118, p. 2180.
$108,919
$134,117
1111,166
$144,143
Richmond Fredericksburg & Potomac RR.-Report.-Calendar YearsRailway operating revenues
Railway operating expenses
Railway tax accruals
Uncollectible railway revenues
Equip, and joint facility rents
1922.
1924.
1923.
111,836,355 112,077.813 110,975,811
7,234,904
7,936.776
7,895,344
632,490
674.717
667.206
785
227
1,261
654.758
644.670
Net railway operating income
Non-operating income
12.627.874 12.811,335 13,107.632
568,552
172.646
160,429
Gross income
Interest on funded debt
Other deductions
12.788.303 12.983,982 $3,676,184
384.455
378.833
373,211
1.196,818
308.114
9,272
Net income
$2,405,819 $2,297,035 $2,094,911
Income applied to sink, and other
300.000
reserve funds
300,000
692,731
Cash dividends
x968,604
936,601
Balance, surplus
11.442,218 11,028.431 $1,102,180
x In May 1923 a 100% stock dividend was also paid, amounting to
15,417,400.-V. 119, p. 694, 580.
Rio Grande El Paso & Santa Fe Ry.-Bonds.-
The I.-S. C. Commission on April 13 authorized the company to issue
one registered General Mortgage 6% gold.bond, Series A. in the denomina-
As previously notified (V. 120. p. 1455) the directors have recommended
to the stockholders a plan for the acquisition of such stock by United OM
Improvement Co. This plan contemplated the declaration of a stock
dividend of 22%% to the stockholders of record as of March 31. of American
Gas Co.(N. J.), which has already been accomplished and stock certificates
therefor delivered.
The plan further provides that the stockholders of American Gas Co.
(N. J.) shall be offered the right to exchange each share of their stock,
(par $100) for 2 shares of stock in American Gas Co. (Pa.) of the par value
of $50 per share, to be represented by voting trust certificates. In the
event that 75% of the outstanding capital stock of American Gas Co.(N.J.)
has been exchanged as above, the plan then provides that American Gas
Co. (Pa.) and United Gas Improvement Co. shall be merged under the
laws of Pennsylvania into one corporation to be called The United Gas
Improvement Co. on the basis of an exchange of one share of stock of
United Gas Improvement Co. for one share of stock of The American Gas
Co. (Pa.) it being further provided that the merger may be proceeded
with at tlie option of The United Gas Improvement Co. If a majority only
of the stock of The American Gas Co.(N. J.) has been exchanged. Upon
such merger becoming effective, the aforesaid shares of stock of The United
Gas Improvement Co. will be immediately distributed to the holders of
voting trust certificates at the rate of one share of stock of The United Gas
Improvement Co. for each share of stock of The American Gas Co. (Pa.)
represented by such voting trust certificates, and the voting trust dissolved,
The voting trust certificates will provide inter alio that until the merger
becomes effective, dividends will be paid on the stock represented by the
voting trust certificates when and as the same are received by the voting
trustees equal in amount to the dividend received on the stock of The
American Gas Co. (N. J.) exchanged therefor, without deduction for any
cost or expense whatsoever. The voting trust certificates will also provide
that the voting trustees may, in their discretion, terminate the Agreement
at any time prior to June 11926. and shall terminate the same in the event
the merger does not become effective on or before that date. Upon such
termination, the holders of voting trust certificates shall be entitled to
receive one share of stock of American Gas Co.(N. J.) par $100 per share
for each 2 shares of stock of American Gas Co. (Pa.) par 150 per share
represented by voting trust certificates.
Upon the successful carrying out of the plan, stockholders of American
Gas Co. (N. J.) availing themselves of the proposed exchange will be
entitled to receive for each share of stock of American Gas Co. (N. J.)
upon which regular dividends at the rate of $6 per annum are now being
paid, two shares of stock of United Gas Improvement Co. upon which
regular dividends at the rate of 14 per annum are now being paid, or a total
of $8 per annum.
Upon the approval of the merger by the stockholders of each company
and the Pennsylvania P. S. Commission and based upon the acquisition
of all the stock and convertible bonds of American Gas Co. (N. J.), The
United Gas Improvement Co. will have an issued capital stock (all COM
mon stock) of about 182,000.000, with assets conservatively estimated at
over $163,000,000. yielding annual net earnings applicable to dividends to
United Gas Improvement Co. and other corporate purposes of $11.500,000.
Every stockholder of The American Gas Co. (N. J.) is entitled to
exchange his stock under the foregoing plan, and stockholders desiring to
make such exchange should inunediately deliver their certificates of stock
at the office of Girard Trust Co., depositary, Philadelphia, Pa. Application
will be made to list such The American Gas Co. (Pa.) voting trust certificates on the Philadelphia Stock Exchange.
The right to participate in the foregoing plan and to exchange stock
thereunder will cease on June 1 1925. unless extended with the consent of
United Gas Improvement Co.-V. 120. p. 2144. 2009.
Associated Gas & Electric Co.-Exchange Offer.The company, in a notice to the holders of Secured gold bonds, 64%
Convertible Series of 1924. offers (a) to deliver 36 shares of its Class'A
stock in exchange for each 11,000 of Secured gold bonds, 634% Cony.
Series of 1924. but only for $500.000 principal amount thereof which are
first presented for such exchange; accrued interest on such bonds to be
adjusted in cash at the time of exchange; and (b) to deliver 20 shares of its
Original Series Preferred stock in exchange for each $1,000 of said bonds,
ut only for 1500,000 principal amount thereof which are first presented for
such exchange: accrued interest on such bonds and accrued dividend on such
Preferred stock to be adjusted in cash at the time of exchange.
MAY 2 1925.]
THE CHRONICLE
Any holder desiring to avail himself of this offer must present his bonds
to Chase National Bank, New York, trustee, on or before July 1 1925,
which will deliver in exchange therefor certificates for the Original Series
Preferred stock or Class "A" stock. This offer expires on July 1 1925 and
applies only to the 81,000.000 principal amount of such bonds which are
Mat presented and delivered for exchange on or before that date.-V.
120, p. 2144, 2010.
Boise Valley Traction Co.-Earnings.Calendar YearsGross earns,from oper-Oper. exp., incl. taxes--
1924.
$250,627
258.989
1923.
$296,101
281.830
1922.
8340.051
311.632
1921.
$397.911
355.299
Net earns, from oper- def$8,362
Other income
$14.271
545
$28,419
3.156
$42.612
2,182
Total income
def$8,362
Int. on bonds and notesx85.700
Other int. & deductions_
15.385
Renewal& replac't res've
6,140
$14,816
x85.700
16.047
6,140
$31.575
85.880
10.101
6.140
$44,794
86.491
6,736
6.140
'Balance, deficit
893.071
8115.587
854,573
870,546
x This represents 12 months interest on 8750.000 10-Year First Mtge.5%
notes and 8964.000 Boise & Interurban Ry. Co., Ltd., First Mtge. 5%
bonds. No interest on the former issue has been paid since Jan. 1 1923,
and interest on the latter issue was defaulted April 1 1923.-V. 116. p. 1759.
Central Arizona Light & Power Co.-Farnings.-
Calendar YearsGross operating rev
Oper. exp., incl. taxes
1924.
1923.
1922.
1921.
$1,328.165 $1.141,864 $1.099.601 $1,162.480
881.016
768.156
755.436
812,748
Net operating rev
Other income
$447.149
10.635
$373.708
10,053
$344.165
12.256
$349.732
4.375
Total corporate inc___
Interest deductions
Divs, paid or accrued
$457.784
105.939
51.054
8383.761
93.882
119.668
8356.421
111.649
93.634
$354.107
97.451
68.526
Balance, before deprec x$300.791
$170,209
$151.138
8188.130
x Before deducting $96,130 for reserve for renewals and replacements.
-V. 119, p. 2285.
Cities Service Co.-Split in Common Shares on Basis of
Five for One Approved.•
At the annual meeting
held April 28, the stockholders voted to change
the par value of the Common stock from $100 to $20 a share. Each outstanding share of the Common stock, p.sr $100, under the plan recommended by the board of directors (V. 120, p. 451), and adopted by the
stockholders, is exchangeable for five shares of Common stock of $20 par
value. Cities Service Bankers'shares in denomination of $10 are exchangeable two for one share of the new $20 par value Common stock.
In January of this year the directors announced the redemption at par
of all of the Common cash and Common stock scrip dividends which had
theretofore been issued in lieu of cash and scrip, and this redemption
increased the amount of Common stock outstanding to 571,000,000.
Net earnings in the 12 months ended with March were $17,042.532.
This compared with $16,136,533 in the year ended March 31 1924.
The transfer books for Guaranty Trust
of New York Interim Certificates for Cities Service Co. $20 par value Common stock were permanently closed at the dome of business April 30 1925. Between May 1
and May 15 1925, and the 1st and 15th of each month thereafter, the
Guaranty Trust Co. will dell er Cities Service Co. $20 par, value Common
stock in eachange for the interim certlficates.-V. 120. p. 2137.
Citizens Gas & Electric Co. of Council Bluffs.-
Earns.-Cal. Yrs.Gross earns, from oper-Oyer. exp., Incl. taxes__
1924.
8784.462
627.157
1923.
8752.083
597.998
1922.
$711.817
564.281
1921.
$647,589
523,159
Net earns, from operOther income
$157,305
10.051
8154.085
95
8147.536
95
8124330
27
Total income
Interest on bonds
Other int. & deductions_
Renew. & replace. res
8167,356
28.513
32.766
30,000
8154.180
28.908
14.627
30.000
8147.631
29.309
10.331
30.000
$124,457
29.897
8.816
20.000
$76,077
$80,645
$77,991
$65,744
Balance, sumlus
Consumers Gas Co. of Toronto.-Stock Offered.-Dickson, Jolliffe & Co., and Watson, Wallace & Co., Toronto,
are offering at market, to yield nearly 6%, the unallotted
balance of 20,000 shares Capital stock (par $100).
Dividends at the rate of 10% per annum are payable quarterly. Under
existing income Tax laws of the Dominion of Canada dividends on this
Stock are free from normal Federal income tax.
Capitalization as at April 17 1925 (no Bonds or Pref. Stock).
Authorized
Issued
Capital Stock (Par $100)
$12,000,000
810.000.000
Company.-Incorp. by Special Act of the Ontario Legislature March 23
1848. and enjoys a Franchise without time limit in the City of Toronto and
in the Townships of York, East York, North York, Forest Hill, Etobicoke,
Vaughan, Markham and Scarboro'. Company manufactures and distributes gas, entirely without competition, to a population of approximately 575.1160. Its customers number at the present time nearly 143,000.
Purpose.-Proceeds will be used to extend the existing distributing
facilities and for the construction bt a modern gas and coking plant. This
plant will have a daily capacity of 5,000.000 cubic feet of gas and will
produce approximately 10,000 tons of coke per month.
Guarantee of Dividends.-The Agreement between the City of Toronto
and the company provides that the price charged for gas shall be sufficient
to ensure the payment of dividends at the rate of 10% per annum on all
the Capital stock outstanding after providing for all expenses, depreciation
and renewals. This Agreement is embodied in an Act of the Legislature of
Ontario passed in 1887.-V. 120, p. 828. 701.
2267
$10 new Pref. stock and one share of new Corn. stock. Likewise each shareholder of the Denver Tramway Co.is assessed
$6 per share and will receive $6 new Pref. stock and 3-5
share new Common stock.
Holders of certificates of deposit for Denver City Tramway Co. First &
Ref. Sinking Fund Mtge. 5% Gold bonds issued by any of the depositaries
under the protective agreement, dated April 11 1921; and holders of certificates of deposit for Denver Tramway Co. 7% Collateral Trust Gold notes
issued by either of the depositaries under the protective agreement, dated
April 18 1921; and holders of certificates of deposit for stock of Denver &
Northwestern Ry.and for stock of Denver Tramway Co.issued by any of the
depositaries under the deposit agreement, dated Dec. 27 1922, who shall not
withdraw their deposited obligations or shares of stock on or before May 20.
will be conclusively presumed to have accepted and assented to the plan and
will become parties thereto and bound thereby, without the issue of new
certificates of deposit.
Holders of the above obligations and stocks who have not already deposited them with one of the protective committees, may become parties
to the plan by depositing their obligations and stock certificates with one
of the respective depositaries of the protective committees, and all such
deposits must be made on or before June 1.
Holders of Denver & Northwestern Ry. First & Collat. Mtge. 5% Gold
bonds may likewise become parties to the plan by depositing their bonds,
with all coupons thereto pertaining due on 1\"ov. 1 1920, and subsequently,
with Bankers Trust Co. as depositary, 16 Wall St., New York, on or before
June 1.
Joint Reorganization Committee.-Claude K. Boettcher, George 0. Clark,
Jr., Samuel M. Perry, with B. W. Jones. Sec., 16 Wall St. New York, and
It. L. Stearns, Asst. Sec.. First National Bank Building, Denver, Colo.
Committee for Denver City Tramway Co. First & Refunding Sinking Fund
Mortgage 25-Year 5s.-J. C. Mitchell. Chairman, C. K. Boettcher, H.
Martin Brown, James C. Burger. C. M. Clark, Donald G. Geddes. 0. C.
Parks, with B. W. Jones, Sec., 16 Wall St., New York. and R. L. Stearns.
Asst,
First National Bank Building, Denver, Colo. Depositaries.
Bankers
Sec..
Trust Co.. New York; International Trust Co., Denver, Colo..
and Industrial Trust Co.. Providence, R. I.
Commillee for Denver Tramway Co. 7% Collateral Trust Gold Notes.George C. Clark, Jr. Chairman. J. C. Bullock, E. W. Clark. Amos 0.
Sudler, with J. Avered Clark, Sec., 51 Wall St., New York,and C.L.Green.
Asst. Sec., Denver National Bank. Denver, Colo. Depositaries: The Bank
of America, 44 Wall St., New York, and The Denver National Bank.
Denver, Colo.
Committee for Stock of Denver & Northwestern Rs. and Denver Tramway Co.
-S. M. Perry, Chairman; W. N. W.Blayney. Hume Lewis, C. R. Martin.
Henry M. Bull. Address of committee. P. 0. Box 838. Denver, _Colo.
Depositaries: The International Trust Co., Denver, Colo.; Illinois Merchants Trust Co., Chicago. Ill., and Industrial Trust Co., Providence, R. I.
Treatment of Deposited Bonds and Notes.
Holders of Denver City Tramway Co. First & Ref. Sinking Fund Mtge.
5% Gold Bonds, due 1933, for each $1,000 of principal and accrued and
unpaid interest represented by coupon due Nov. 1 1920 and subsequent
coupons, will receive: (a) $500 New 3% Series bonds. and (b) $758 33 New
Preferred stock.
Holders of Denver & Northwestern Ry. First & Collateral Mtge.5% Gold
bonds. due 1932. for each $1.000 of principal and accrued and unpaid interest represented by coupon due Nov. 1 1920 and subsequent coupons, will
receive: (a) $500 New 5% Series bonds, and (b)$75833 New Pref. stock.
Holders of 1)enver Tramway Co.3-Year 7% Collateral Trust Gold notes,
due April 1 1922 (who will also liquidate for their own benefit the balance
of their collateral. after complying with certain requirements of plan) for
each $1.000 of principal and accrued and unpaid interest represented by coilp.m due Oct. I 1920, and subsequent coupons, will receive: (a) $500 New
5% Sssrles bonds, and (b) $732 69 New Pref. stock.
Treatment of Deposited Stock.
Holders of stock and of certificates of deposit for stock of Denver &
Northwestern Ry., complying with the conditions of the plan and making
payment of $10 per share, will be entitled to receive. in respect of such
payment and of each share held:(a)$10 New Preferred stock and (b) 1 share
New Common stock.
Holders of stock and of certificates of deposit for stock of Denver Tramway Co., complying with the conditions of the plan and making payment of
$6 per share, will be entitled to receive, in respect of such payment and of
each share held:(a)$6 New Preferred stock,and (b)3-5 share New COMMOB
stock.
Earnings, rte.-The report of E. Stenger, receiver of the
company, to the U. S. District Court shows:
PeriodRevenue from transportation
Other operating revenue
Aecumul. Dec. '24 20 tS
Dec. 31 '24. Dor. 21 '23.
$18,645,658 $14,136.741
710.009
514.900
Total
Operating expenses
119.355,667 $14,651,641
9.802.256
12.853.129
Net operating revenue
Miscellaneous income
86.502.538 $4,849.385
36,462
61,735
Gross income
Dedul-Taxes
Franchise payments
Interest on funded debt, &c
86.564.273 84,885.847
1,136.566
1.537.966
241.210
181.210
2.920.190
3.875.916
Net income
$647.881
$909.181
General Balance Sheet Dec. 311924.
Assets.
Liabilities.
Road & equipment
$30,270.077 Common stock
$10.000.000
Sinking fund
417 Funded debt
19.532,839
Misc, physical property..
474,725 Accts. & wages payable_
127,997
abs.
C. S. & I Co.
5.000
Miscel. accts. payable4
stock
500.000 Matured int. (unpaid)_- 2,669,056
Liberty bonds & miscel
41,337 Accr. int., diva. & rents
Cash
1,026.640
payable
198,145
Special deposits
77.900 Other def'd liabilities__
8
Accounts receivable
30.785 Tax Habil.(accr. taxes)._
390.522
Mat'ls & supp.(incl. fuel)
660.018 Operating reserves
70,315
Accr. int. receivable_ ___
608 Accrued depreciation
769.923
Consumers Power Co. (Mich.).-Earnings.Other deferred assets- _-_
65.588 Other unadf. credits.....
76,020
12 Months
-3Months
- Ins. prem. pd. in adv..
28,667 Due associated cos
13.157
Period End. Mar. 31- 1925.
Taxes
1924.
paid
in
1925.
advance__
1924.
467 Profit and loss balance._
906,082
Gross earnings
$5.166,649 $5,039,584 $18.455.216 $17,680.521 Other unadjusted debits_
39,922
Oper. exp., incl. taxes &
Securities iss, or assumed:
maintenance
2,682,802 9,612.840
2,684,612
Unpledged
9,552,148
76.450
Pledged
1,370.000
Gross income
82.482.037 82,356.782 88.812.376 $8.128.373 Due from associated cos_
Total (each side)
90,438
$34.754,069
Fixed charges
2,670.277
2,250.154 -V. 120, p. 2011. 329.
Preferred dividend
1.709.839
1.251,955
Prov. for replac. & depr_
1,324.000
1.167,000
East Penn Electric Co.-Annual Report.Calendar Years1924.
1922.
1923.
1921.
Balance
$3.138.260 $3.459.263 Operating revenue
$3,164.772 82.943.987 82.414.320 $2.446.203
-17. 120, p. 2010, 1089.
Oper.exp.,taxes & rentals 1,678,339
1.775.812
1,491.161
1,517.929
Interest on bonds
416.652
295.855
270.595
267.187
Denver & Northwestern Ry.-Reorganization Plan.Other deductions
44.483
23,270
17,208
32.491
Replace.& renew.res_
See Denver Tramway Co. below.-V. 116, p. 720.
400.749
245.568
235.365
225.250
Denver Tramway Co.-Reorganizcition Plan.--A plan,
dated April 15 1925, for the reorganization of Denver Tramway Co. and Denver & Northwestern Ry., has been adopted
by the joint reorganization committee constituted under the
plan. The respective protective committees (below) have
approved and adopted the plan and recommend its acceptance by the respective depositors and by the holders of the
obligations and stocks which they respectively are organized
to represent.
Under the plan each shareholder of the Denver & Northwestern Ry. is assessed $10 per share and will receive therefor
Net income
-V. 120. p. 453. 86.
$624,549
$603,482
$399.991
$403,346
Federal Light & Traction Co.-Stock Changes.-
The stockholders on April 28 approved a plan to
structure of the company. The plan provides (a) thatchange the capital
of the 100,000
shares of authorized but unissued 8% 1st Pref. stock andall
all of the 55,000
shares of 6% Pref. stock, of which 3J,374 shares have been
are outstanding, be changed into one class of no par value issued and
bearing dividends at the rate of $6 per annum and having, Pref. stock
in substance,
the same rights, privileges and preferences as the present
6% Prof. stock:
and (6) that the present authorized 85,000 shares of
no par value Common
of
which
stock,
77,125 shares have been issued and are now outstanding,
be increased to 1.000,000 shares of the par value of
$15 each and that
there be issued in exchange for each outstanding no
par value Common
share five shares of the new Common stock, par 815.-V.
120. 1)• 1746.
THE CHRONICLE
2268
Indiana Bell Telephone Co.-Earns. Cal. Year 1924e--
Fifth Avenue Coach Co.-Earnings.-
1923.
Telephone operating revenues
Telephone operating expenses
Uncollectible operating revenues
Taxes assignable to operations
Net non-operating income
Rent and miscellaneous
Interest
Calendar YearsTotal operating revenue
Total operating expenses
Taxes assignable to operation
$5.680,767
$6,301.097
.
4,518,458 4,017,988
611,185
619,986
Operating income
Non-operating income
$1,162.654 $1,051,594
127,324
118,4)36
Gross income
Balance at beginning of year
Dividends
Net adjustments
Balance, surplus
$1,281.590 $1,178,917
$6,062,961 $5.126,803 -V. 120. p. '2012.
$320.000
5320,000
Interstate Power
Cr77,241
Dr. 48,225
Balance at close of year
$6,976,327 $6,062,961
Comparative Balance Sheet Dec. 31.
1923.
1924.
1924.
1923.
LiabilitiesAssets$50,000
$50,000
Fixed cap. (net)-33,371,249 $2,682,373 Capital stock
256,558
U. S. Govt. seem% 2,177,864 2,340,627 Taxes accrued_ _ _ _ 259,467
Working adv. due
Corp. stock (City
1.358
3,553
78,501
27,575
assoc. cos
of New York)_ _
139,157
115,199
115,199 Misc, accts. pay__ 244,242
Real estate
271,496
Due for wages &
Miceli. Inv
64,694
35,285
215,925
127,798* salaries
•
Cash
318,072
338,414
624.440 Cas. & Ins. res__
Bills .S: accts. rec__ 462,277
12.675
50,853
21,619 Other optional res
21,932
Int. & diva. rev.....
Mat'ls & supplies_ 1,089,733
906.007 Corporate surplus_ 6,976,327 6,062,961
59,849
Misc. temp. debits 153.962
87,958 141 36,905,486
Total
-V.119, p. 1848. 1287.
Total
$7,958,141 $6,905,486
Fort Worth (Texas) Power & Light Co.-Earnings.1921.
1922.
1923.
Calendar Years1924.
Gross earns, from oper__ $3,070,510 $3,000,224 $2,562,537 $2,560,636
1,318,765
1,279,558
1,725,293
Oper. exp.. incl. taxes__ 1,682,247
Net earns, from oper_ *1,388,263 $1,274,931 $1,282,979 $1,241,871
4,213
50,087
43,304
Other income
36.146
Total income
$1,424,409 $1,318,235 $1,333,066 $1,246.084
174,500
174,500
174.500
Interest on bonds
174,500
48,074
26.078
49.922
Other int. & deductions_
33,915
104.556
124,418
112.075
139.446
Divs. on Pref. stock_ _ _ _
250,000
200,000
Renew. & replace. res
180,000
200,000
Balance, surplus
-V.117, p. 330.
$896,548
$769,395
$748,417
$740,950
Georgia Railway & Power Co.-Pref. Stock Offered.Estabrook & Co., Boston, Putnam & Co., Hartford, Conn.,
and Marshall Field, Glore, Ward & Co., New York, are
offering at 98 flat, yielding 7.15%, $4,000,000 7% Cumulative First Prof. (a. & d.) stock, series of 1925.
Dividends payable Q.-J. Preferred as to dividends, and in liquidation
entitled to par and dividends if involuntary, and 115 and dividends 1.
voluntary, before any payment is made upon any other class of stock.
Not redeemable before Jan. 1 1938, redeemable thereafter at 115 and divsf
Dividends exempt from the present normal Federal income tax. Transfer
agents: Old Colony Trust Co., Boston: Atlanta Trust Co., tlanta; Fidelity
Trust Co., Philadelphia. Registrars: American Trust do., Boston; Trust
Co. of Georgia. Atlanta; Philadelphia Trust Co., Philadelphia.
Data from Letter of Chairman H. M. Atkinson, Atlanta, Ga.
Company.-Company and its subsidiary and leased companies operate in
the northern portion of the State of Georgia. serving a population of over
760,000. This territory with its diversfication of manufactured and agricultural products affords a broad and growing market for the power produced
by the company. The six developments of the company on the Tallulah
and Tugaio rivers-of which three are completed and in operation, namely,
Tallulah Falls development, the 88,000 h. p. Tugaio
the 108,000 is.
development andp'the 30.000 h. p. Terrors development-will have a total
installed capacity of 280,000 h.p. with an estimated average annual output of
531.000 000k.w.h ours. The total developed,partially developed and undeveloped hydro-electric capacity of the properties is in excess of 539,500 h. p.
Company operates under a 999-year lease the properties of the Georgia
Railway & Electric Co., which company owns and controls the properties
doing the electric light and power, gas, street railway and steam heat business in the city of Atlanta and vicinity. The lessee under the terms of the
lease pays the fixed charges, the dividends on the stocks and maintains the
property of the lessor.
Property Values.-The value of the properties owned by the company and
its subsidiary and leased companies, appraised, as of Jan. 1 1922, by Parsons, Klapp, Brickerhoff and Douglass, and the William A. Baehr Organization, engineers, together with additions to the property since that date
(including the' proceeds from this stock), is in excess of $104,800,000.
Equity.-The Second Preferred and Common stocks of the company,upon
which 4% dividends are now being paid, have a market value of approximately $18,250,000.
Purpose.-Proceeds will be used in payment for additions and improvements made and to be made by the company to the property owned or
leased by it and for acquiring additional property useful for the company's
PurPoses•
Capitalization Outstanding in the Hands of the Public upon Completion of the
Present Financing.
[Georgia R. & Power Co. and Its Subsildary and Leased Companies.).
$2,400,000
Georgia By.& Electric Co.5% Preferred stock
8,514,600
do Common stock (paying 8%)
Georgia By. & Power Co. Cumulative First Preferred, 7% - -- 6,500,000
3,900,000
do Cumulative First Preferred 8%
do Non-Cumulative Second Preferred (now paying 4%L _ _ 10,000,000
15,000,000
do Common (now paying 4%)
2.785,000
Atlanta Gas Light Co. bonds
400,000
Atlanta Northern Ry. bonds
16,233,000
Georgia By. & Electric Co. bonds
' 27.804,500
Georgia By. & Power Co. bonds
Consolidated Earnings Twelve Months Ended. Dec. 31.
1923.
1924.
$14,089,803 $13,590,957
Gross income
8,329,519 8,374.105
Operating expenses and taxes
2,583,324
Flied charges incl. diva, on leased companies'stocks 2,993,383
Balance available for diva., deprec'n dr surplus__ $2,766,901 $2,633,528
Dividend requirement on Cumul. First Prof. stock,
$767,000
Including this issue, requires
-V. 120, p. 1872. 2146.
Hackensack (N. J.) Water Co.-To Create New Issue of
7% Cum. Pr'cf. Class "A" Stock.issue
The stockholders will vote May 11 on creating an authorized
of $6,000.000 7% Cumul. Pref. Class "A" stock (par $25). This stock
shall be callable at 104 and divs, on any dividend date after three years
from the issue thereof.
The company at present has authorized $10.500,000 capital stock (par
$25) consisting of $5,000,000 Common stock, $500.000 Preferred stock,
and $4.000.000 7% Preferred stock.-V. 120, p. 2146.
Idaho Power Co.-Annual Report.-
1921.
1922.
1923.
Calendar Years1924.
Gross earns,from oper__ $2,805.556 $2,516,130 $2,446,253 $2,298,741
1,065,517
1.142.796
1,230,624
Oper. exp., incl. taxes__ 1,381,309
Net earns, from oper_ $1,424,247 $1,585,506 $1,303,457 $1,233,224
166.846
91,826
Other income
93,302
57,231
Total income
$1,481,478 $1,378,808 $1,395,283 $1,400,070
518,917
530,000
642,889
Interest on bonds
670,442
144,329
177.502
Other interest & deduc_ _
122,123
95,789
89.491
Dividends on Pref. stock
90,545
141,931
238,000
1,050
Divs. on 2d Pref. stock_
200,000
Renewal & replace't res.
250,000
200,000
205,000
$446,283
$347,236
• Balance, surplus
$271,865
$272,247
-v. 120, p. 1458.
[VOL. 120.
$9,612.762
7,065,541
66,775
860,864
Cr.139,418
155,536
1.253,621
$349,843
Co. (Del.).-Bonds sold.-West &
Co., Spencer Trask & Co., Federal Securities Corp. and
W. S. Hammons & Co. have sod at 99 and int., to yield
about 6.10%,$2,500,000 1st Mtge. gold bonds, Series B,6%.
Dated July 11924: due July 11944. Principal and int. (J. & J.) payable
at Chase National Bank, New York; int. also payable at the Continental
& Commercial Trust & Savings Bank, Chicago, without deduction for any
Federal income tax not exceeding 2%. Penna.and Conn.4 mills and Maryland 4 mills taxes and Mass,income tax on int. not exceeding 6% of such
interest per annum and New Hampshire income tax on int, not exceeding
3% of such int. per annum refunded. Denom. c* $1,000. $500 and *100
and r* $1,000, $5,000, $10,000 and $25,000. Red. all or part on 60 days'
notice on any int, date on or before July 1 1934 at 105: thereafter on or
before July 1 1937 at 104; thereafter on or before July 1 1940 at 103; thereafter on or before July 1 1943 at 102: and thereafter on or before Jan. 1 1944
at 101; together with int. in each case. Pennsylvania Co.for Ins. on Lives
& Granting Annuities. Phila., trustee.
Data from Letter of H. L. Clarke, President of the Company.
Company.-Company and its Wisconsin subsidiary furnish electric light
and power to 95 cities and communities throughout Southern Minnesota,
northeastern Iowa and southwestern Wisconsin. and in addition, supply gas
to four of these cities and furnish steam heating service to two.
Company also owns all of the outstanding Common stock and 933 shares
of the Preferred stock of Dubuque (Ia.) Electric Co. The latter company
does all the electric lighting and power business in Dubuque and surrounding
communities, serving approixntately 12.000 customers. It also operates
a street railway in the City of Dubuque'and suburbs. Through a controlled company it serves 13 neighboring comxnunities in Iowa with electric
light and power.
Company is now acquiring the properties of Clinton Gas & Electric Co.,
which does all of the electric lighting, power and gas business in Clinton, Ia.
The total population of the territory served by the properties owned or
controlled by company and subsidiaries, including Clinton Gas & Electric
Co..is estimated to be in excess of 338.000. The combined annual electrical
output is over 67,000,000 k.w.h.
The physical connection of the principal properties of company will be
presently completed, thereby effecting large economies and opening a
market for all the power generated annually in the company's hydroelectric plants. Company and its Wisconsin subsidiary own 5 steam electric
generating plants and 4 gas plants. There are 92 substations with a capacity of 18,000 k.v.a.. 1,100 miles of high tension transmission lines and
about 1,750 miles of distribution systems.
In addition, Dubuque Electric Co. owns a power plant with a present
capacity of 10.500 k.w. in modern steam turbines, 22 miles of street railway
and about 1,275 miles of transmission and distribution lines.
The properties which are being acquired from Clinton Gas & Elec. Co.
include a modern steam electrical generating plant with an installed capacity
of 6,200 k.w. and a gas plant with a capacity of 1.300,000 Cu. ft. daily.
Purpose.-Proceeds will be used in the acquisition of the properties of
Clinton Gas & Electric Co. and for other corporate purposes.
Security.-Secured by direct first mortgage on all of the plants, transmission lines, franchises and other fixed property and by the pledge of
bonds constituting a similar first mortgage on the properties of the Wisconsin subsidiary, together with its entire capital stock.
Valuation.-The properties which thus constitute the security for these
bonds have been valued by Day & Zimmermann. Inc., engineers, as
July 1 1924 and Jan. 11925. at not less than $15,000.000.
CapitalizationAuthorized Outstanding.
First Mortgage gold bonds. Series A and B, 6%,
due July 1 1944 (incl, this issue)
$8,500,000
a
General Mortgage 7% bonds due July 1 1934
2,500,000
$3.500,000
Preferred stock (no par value)
200.000shs. 40.000 shs
Common stock (no par value)
100.000shs. 100,000 shs.
a Issuance of additional bonds restricted by provisions of the mortgage.
In addition there will be outstanding not owned by Interstate Power Co..
$3.200.000 1st Mtge.6% gold bonds of Dubuque Electric Co. (due April 1
1942) and $707.600 par value of its 6% Cumulative Preferred stock.
Earnings Years Ended Dec. 31.
1922.
1923.
1924.
xGross earnings
$2,898.802 *3,456.235 $3,725,820
yOperating expenses and taxes
2.084,617
2,339.725
2,276,541
Net earnings (before depreciation
and Federal taxes)
$814,185 $1,116.510 $1.449,279
Annual int. requirements on 1st Mtge.and Gen. Mtge. bonds-$685,000
x The properties which, upon completion of this financing, will be owned
by the Interstate Power Co., Dubuque Electric Co. and their subsidiary
and controlled companies. y Exclusive of Federal income taxes, but ind.
full year's interest on bonds and dividends on Prof. stock of Dubuque
Electric Co. and subsidiaries in hands of public.
Net earnings available for interest, depreciation and Federal taxes for
the 12 months ended Dec. 31 1924 were equal to over twice the annual
Interest requirements of the total funded debt.including this Issue.
Management.-Utilities Power & Light Corp. owns Common stock.
Kansas Gas & Electric Co.-Annual Report.1924.
Calendar Years023.
1922.
1921.
xGross earns.from oper_ $5.651.591 $5.558,121 $5,111,157 $4,737,554
Oper. exp., incl. taxes__ 3,967,992
3,988,244
3,373,411
3.312,355
Net earns. from oper_ $1,683,599 $1.569,877 $1,737,746 $1,425.199
Other income
375,309
201,290
31,942
2,450
Total income
82,058,908 $1,771.167 $1,769,688 $1,427,649
Interest on bonds
1,020,000
915.500
652,748
373,680
Other int. & deductions_
117.682
73.662
145,196
367,376
Dividends on Prof. stock
354,337
275,019
184,529
165,020
Renewal & replac't res've
200,000
200,000
200.000
200,000
Balance, surplus
$366,889
$306,986
$587,215
$321,573
x Gross earnings were derived from electric power and light and natural
gas service as follows:
Calendar Years1924.
1923.
1922.
1921. .
Electric power and light_ $4,025,541 $3,947,007 $3.465,938 $3,288,1100
Natural gas
1.626.050
1,611,114
1,645,219
1,449,554
Total
$5,651,591 $5.558,121 $5,111.157 $4,737,554
-V. 119, p. 2529.
Kentucky Hydro-Electric Co.-Bal. Sheet Dec. 31 1924.
AssetsFixed capital
$7,700,262
Cash
9,619
Accounts receivable
9,010
Interest receivable
6,027
Subscribers to Capital stock
102.898
Advances on account of uhcompleted construction_ _
350,000
363,261
Miscellaneous assets
Deferred debits
689.210
LiabilitiesPreferred stock
$2,937,600
Common stock
x1,726,730
Preferred stock subscribed_ _
238,600
First Mortgage 6% bonds....4,000,000
Notes payable
44,060
Accounts payabl •
Interest accrue'
81Iscell unadlustcd
Total
$9.230,288
Total
89
x Represented by 40.000 shares of no par value.-V. 120, p. 1747.
Kings County Lighting Co.-New Control.-
See Long Island Lighting Co. below.-V. 120, p. 2147.
Long island Lighting Co.-Seeks Control.-
The company has applied to the New York P. S. Comntission for authority to acquire all or not less than two-thirds of the Common stock of the
Kings County Lighting Co., of which 50.000 shares are outstanding, at
$91 a share. In this connection, it is proposed to make a collateral trust
MAY 2 1925.]
THE CHRONICLE
2269
indenture to secure an issue of Long Island Lighting Co. 6% Secured gold
bonds, amounting to $4.000.000, and to issue now the full amount of the
bonds secured thereby at not less than 94, a well as $790.000 7% Cumulative Preferred stock at par.-V. 120, p. 703.
Sinking Fund.-Beginning March 1 1926 the company will annually pay
to the trustee as a sinking fund in bonds or cash an amount equal to 134%
of the largest amount of bonds outstanding during the preceding year.
104,617
117,319
1924
168,825
211,534
1923
163,588
118.916
1922
148,588'
79,465
1921
85,297
184.258
1920
Compare, V. 120, P. 2147.
paid from Feb. 1924 to Feb. 1925, incl.-V. 120, p. 582.
Montreal Light, Heat & Power Consolidated.-InMassachusetts Gas Companies.-Sub. Co. Earnings.creases Dividend Ratefrom 7% to 8% Per Annum.- •
Combined Net Earnings of Subsidiaries (Available for Dividends).
The directors have declared a quarterly dividend of 2% on the capital
Month of March
-3 Months,Ending March 31- stock,
payable May 15 to holders of record April 30. This increases the
Miscell.
Gas.
Total.
Gas.
Miscell.
Total.
$113,365 $102,505 $215,870 $485,702 $310.203 $795,905 annual rate to 8% as compared with dividends at the rate of 7% per annum
1925
221,936
380,359
282,505
228.056
267,555
365,704
590,815
507,631
465.122
370.216
452,933
818.637
648,085 1,238,900
231,319 783,950
304.352 769.474
442.730 812,946
Melbourne (Australia) Electric Supply Co., Ltd,Sole to Government.The holders of the 25-Year 71.5% Gen. Mtge. Sinking Fund Gold bonds,
Series A, will meet at the offices of Lee, Higginson & Co., 43 Exchange
Place, New York, on May 9 for the purpose of confirming (1) an agreement
dated June 18 1924 for the sale, free from encumbrances, of the company's
undertakings to the State of Victoria, and (2) a deed entered into between
the company and the trustees for all the outstanding Debenture stocks
and the trustees of the trust deed securing the Gold bonds.
'
Stocks and Bonds at Present Outstanding.
5 1st Mtge. Debenture Stock
/212,726
Debenture
stock
5% Consol.
/209.829
25-Yr. 73 % Gen. Mtge. S. F. Gold bonds, Series A
$2,476,000
6% Redeemable Gen. Mtge. Debenture stock
/297,000
6ii% Debenture stock (1924)
£300,000
7% Debenture stock (1925)
£400,000
These stocks and bonds rank in the above order as regards priority
Under the trust deed securing the Gold bonds the holders of the Gold
bonds have a specific charge on the freehold properties of the company in
Australia and a floating charge on the rest of its undertakings. The
undertakings of the company under the company's orders in council are
purchasable by the local authorities as to those in Melbourne on Nov 12
1925 and as to those in Geelong on Feb. 19 1929 at prices to be settled by
arbitration and questions have been raised as to the right of the company
to continue its business after the said dates.
As the result of prolonged negotiations with the State Government the
agreement dated June 18 1924 which the Gold bond holders
are now asked
to confirm was entered into and it provides among other things:
(1) That the company's undertakings shall be purchasable by the
State instead of by the local authorities and that the year of purchase
instead of being 1925 or 1929 shall be 1930 at the option of the State or
the company, or 1933 at the option of the State only or after 1935 at latest
and that the company's franchises shall be extended until the date of sale.
(2) That the purchase price instead of being left to arbitration shall be
calculated in manner mentioned below.
(3) That from Nov. 12 1925 to the date of sale the company is to charge
such prices for electricity as the State Electricity Commission shall fix,
• provided that such prices shall be sufficient to enable the company
after
payment of interest and sinking fund on its Debenture stocks and bonds
(including the Gold bonds) to have available for dividend
on its share
at
the
sum
a
capital
rate of /99.042 per annum. The State covenents
to make good any deficiency and is entitled to any surplus.
(4) That the purchase price shall be the sum of the following items:
(a) The nominal amount outstanding on the date of sale in respect of the
5% 1st Mtge. Debenture stock, the 5% Consol. Debenture stock,
Gold bonds and the 6% Red. Gen. Mtge. Debenture stock, the amountthe
in
respect of the Gold bonds being calculated in sterling at the
rate of
4.86 2-3 dollars to the pound. This rate of exchange has been fixed as
company
between the
and the Government but it does not in
affect the right of the Gold bond holders to be paid in dollars. any way
(b) The book cost of the company's physical assets less depreciation
at an agreed rate less the amount payable by the State in respect of the
Debenture stocks and bonds referred to in the last preceding paragraph
plus £120,000. (c) The book value of unused stores and a proportion
of the value of any partly used stores.
(5) The purchase price shall be payable as to: (a) The nominal amounts
of the above-mentioned Debenture stocks and Gold bonds whenever they
respectively become repayable in _pursuance of the terms of the relevant
trust deeds. (b) The value of toe physical assets, calculated as shown
In clause (4) (b) above, on the date of sale with the exception of £700.000
'which will be payable on Oct. 3 1935 (the date for redemption
of the abovementioned £300,000
% Debenture stock 1924, and
7% Debenture stock 1925). (c) The value of the stores at the/400,000
date of sale.
The agreement has been confirmed by an Act of the Victorian Parliament
subject to confirmation by the Debenture stockholders and the share.the company.-V. 120. p. 2012.
holders of
Minnesota Power' & Light Co.-Annuql Report.-
Consol. Statement for Calendar YearsGross earnings
Operating expenses and taxes
1924.
1923.
54,888.345 54.247,107
2,562,182
2,523.825
Net earnings
Earns. for 12 Mos. End. Dec. 31 (co. only)Gross earnings from operation
Operating expenses and taxes
$2.326,163 $1.723,282
1923.
1924.
$2,252,397 $2,970,686
1,353,770
1,658,546
Net earnings from operation
Other income
Total income
Interest on bonds
Other interest and deductions
Dividends on Preferred stock
Dividends on 20 Preferred stock
Renewal & replacement reserve
Balance, surplus
119, p. 1964.
$898,627 $1,312,140
845,278
$2,157,418
640,667
281,778
281,461
455,000200,000
$298,512
Milo (Me.) Electric Light & Power Co.-Bonds Offered.
-Beyer & Small, Portland, Me., are offering at 100 and int.,
$200,000 First Mtge. 6% bonds. Legal for Maine savings
banks.
Dated Jan. 1 1925: due Jan. 1 1945. Denom. $1,000 and $500. Int.
payable J. & J. at Atlantic National Bank,Boston, trustee. Callable at
105 on any int, date on 60 days' notice. Company assumes normal
Federal income tax up to 2%.
compan.-Serves with electric light and power the towns of Milo,
Derby, Sebec and Barnard in Piscataquis County and the Town of Lagrange
In Penobscot County. Its franchises give authority to serve several
surrounding towns. From a generating capcity of 85 h. p. and gross
earnings of about $5,000 in 1913 the company has grown to its present
generating capacity of 1,600 h. p. and gross earnings of $56,931 in 1924.
Contracts recently executed, notably with the Canadian Pacific fly.,
subject to the approval of the Public Utilities Commission, should increase
the gross earnings over $10,000 annually.
power is generated at two hydro-electric plants, formerly leased, but
recently purchased from the Boston Excelsior Co., with an aggregate
capacity of 1,600 h. p., located on the Sebec River below Sebec Lake.
The company s lines are connected with the Central Maine Power system
by a 33,000-volt transmission line.
CapitalizationAuthorized. Outstanding,
$600,000
$200.000
1st Mtge. 6.s (this issue)
Preferred stock
200.000
Common stock
Actual. •Adj.80
E,arninas
191T.
Gross earnings
$64.431
52586.'9
15
35
1
operating expenses and taxes
23354
,
7.312
Depreciation
8.000
$21,464
$33,077
Net earnings
$12.000
Bond interest requirement
of purchase of property previously leased from
*.AdJusted to show effect sale
Boston
to
of
and
power
Co.
Excelsior
Excelsior
Co.
under
Easton
terms of new contract.
Nebraska Power Co.-Annual Report.Calendar Years1924.
1923.
1922.
1921
Gross earns from oper__ $3,939.010 $3,807.567 $3,503.765 $3,092,538
Oper. exp., incl. taxes__ 2.107.858
2,174,883
2,159.319
2,044,165
Net earns, from oper_ 51.831,152 $1,632.684 $1,344,446 51.048.373
Other income
144,445
78,070
75,082
78.694
Total income
$1,975.597 $1,710,754 $1,419,528 $1,127,067
Interest on bonds
632.000
607.000
529.060
439.623
Other in & deductions_
45,002
50,830
91,553
125,157
Divs. on Pref. stock_ _ _ _
335.747
280,000
218.750
210.000
Renew.& replace. res.....
300,000
300,000
150,000
100,000
Balance, surplus
$662,848
$472,924
$430,165
$252.287
-V. 120. P. 829.
New England Tel. & Tel. Co.-Quarterly Report.3 Months Ended Mar. 31Operating revenues
Operating expenses
Taxes and uncollectibles
Total operations, inclusive
Net non-operative revenues
Total gross Inc
Interest on fund. debt
Other interest
Rent, &c
Dividend appropriation
Balance
-V. 120. p. 824, 703.
1925.
1924.
1923.
$12,268.472 511,324,666 $10,975,746
9.967.535
8,778.780 7.922,141
740,813
719,801
836.840
1,560,124
182,270
1,826,085
197,467
2.216.763
229.176
$1.742,394 $2,023,552 $2,445,939
583,262
583,222
572,499
497,320
317.081
17,651
131,701
112,702
116,322
1.660,508
1,329,524
1,329.524
def.$1.130.397 def$318,977sur.$409,942
New York-New Jersey Superpower Connecting Corp.
-Commission Denies Application to Buy Staten Island Stock.The New York P. S. Commission on April 27 denied the application of
the Co. for consent to purchase the capital stock of the Staten Island
Edison Corp. It is said that such purchase is prohibited under section 70
of the Public Service Commission law, which forbids a foreign stock corporation holding the stock on a domestic gas or electric corporation operated
within the territory formerly under the jurisdiction of the first district
Public Service Commission.
The New York-New Jersey Super-power Connecting Corp. was chartered
this spring under New Jersey laws with an original capital of $1.000. It
filed a certificate of statement and designation in the office of the Secretary
of State March 5 to enable it to do business in this state. Company is
controlled by Associated Gas & Electric Co. with offices at 61 Broadway.
-V.120, p. 1460.
New York Railways.-Properties Transferred to New
Company.-Effective May 1 the properties were turned over
to the new organized company,the New York Railways Corp.
Reorganization Plan Declared Operative.The reorganization committee. Harry Brenner, Chairman, under the
plan and agreement July 18 1924, on April 28 declared the plan and agreement operative as to the following classes of securities and claims:
(a) New York Railways 30-Yr. 1st Real Est. & Ref. Mtge.4% gold bonds.
New York Railways Adjustment Mtge. 30-Year 57 Income bonds.
)Lexington Ave. & Payouts, Ferry RR. 1st Mtge.5% gold bonds.
L Stocks of (1) 42d St. & Grand St. Ferry RR.(2) Sixth Ave. RR.:(3)
Broadway & Seventh Ave. RR.(4) Bleecker St. & Fulton Ferry RR.: (6)
23d St. Ry.;(6) Christopher & 10th St. RR.
(e) General unsecured claims (including tort claims for damage to property) presented and allowed in the New York Railways receivership proceedings.
On April 30 1925 there was ready for distribution the following new securities: The Income bonds, the Prior Lien bonds and Sixth Ave. Purchase
Mtge. bonds of New York Railways Corp., the new operating company
organized pursuant to the plan, the participation receipts for holders of old
Refunding bonds (in the form of stock trust certificates representing shares
of stock of a new company known as New York Railways Participation
corp. and also shares of Common stock of the new operating
company),
the stock trust certificates representing the Preferred stock of the new
operating company, and the voting trust certificates representing stock of
the Pavonia Building Corp. (for holders of old Lexington Ave. bonds).
For all fractional interests in the above named bonds bearer scrip certificates will be delivered.
Holders of certificates of deposit for the bonds, the stock and the claims
above mentioned, in order to obtain the new securities to which they are
respectively entitled, must surrender their certificates of deposit to the
depositary which issued the same.
It is expected that notice will be published later by the reorganization
committee as to the conversions and exchanges proposed in the plan and in
the agreements supplemental thereto with reference to the following securities: (1) Broadway Surface RR. 1st Mtge. 5% bonds: (2) South Perry
RR. 1st Mtge. bonds; (3) Central Cross-Town RR. Co. of New York
1st Mtge. 6% bonds.
The reorganization committee under date of April 24 1925 published a
notice addressed to holders of certificates of deposit representing tort claims
for personal injuries.
Irolders of bonds and stock who have not heretofore deposited under the
plan may participate in the reorganization by depositing their securities
under the plan on or before May 10 1925.
Lc)
Securities Approved by Transit Commission.-
Final approval of the various security issues in connection with the reorganization was announced April 24 by the Transit Commission. Details
of the proposed issues have been made public from time to time.
Officers of'New Operating Company.-
The officers of the New York Railways Corp. are: Hugh J. Sheeran.
Pres.; W. G. Strait. V.-Pres.• R. B. Hull, Gen. Attorney; F. B. Flahlve.
Asst. to Pres.; F. B. Gordon,
'
Sec. & Asst. Treas.; J. S. Dunham, Treas. &
Asst. Sec.; G. V. Owen, Auditor.
The Transit Commission has nominated Samuel L. Martin and George B.
Gibbons to represent the public authorities on the directorate of reorganized
company.-V. 120, p. 2148.
Northern Ohio Power Co.(& Subs.).-Earnings.
-
Period End. Mar.31-1925 -3 Mos.-1924x 1925-12 Mos.-1924
Gross earnings
$2,873.258 $2,450,778 510.503,477 59.876.176
Oper. exp., incl. taxes &
maintenance
2,108,354
1,830,084
8,126.280
7.606.989
Gross income
$764,904
$620.694 $2,377,196 $2,269,187
Fixed charges (see note).
548.804
487,858
2,129.790
1.907.330
y Net income
$216,100
$132,836
$247.406
$361,857
Note.-Fixed charges prior to Feb. 1 1925 have been computed
for
comparative purposes to include interest of the Northern Ohio
Power Co.
for expired periods of 1925 and for year 1924 and include interest
charges
and divs, on outstanding Pref, stock of subsidiary companies.
x In February 1924 earnings were adversely affected by non-operation
of Akron City lines for 27 days. y Available for
and corporate purposes.-V. 120, p. 958. 705. replacements, depreciation
Northern New York Utilities
Utilities, Inc.-Stock
Increased.The company has filed a certificate
the secretary of State at
Albany. N. Y., increasing its authorized capital stock
from $14,000,000
to 520,900.000.-V. 119, p. 2648.
•41
"Vol. 120.
THI CHRONICLE
2270
Gold bonds, dated April 1 1925, and due April 1 1945, the same to be of
New York Railways Corp.-Succeeds (Rcl COMpany.--"B" and to bear interest at the rate of 6% per annum, the initial
The New York Railways Corp. was recently incorporated at Albany. Series
thereof being $1.200 000.
N. Y., to succeed to old New York Rys. Co. per reorganization plan of issue
The stockholders also authorized the bonding of the company's property.
July 18 1924. The old company emerged from receivership on May 1.
rights, privileges and franchises, both present and future-acquired, to an
P The Central Union Trust Co. of New York has been appointed trustee aggregate principal amount not exceeding
$6.000.000, including the $1,717,for the $300,000 New York Rys. Corp. securing Sixth Ave. purchase 500 Series "A" bonds already issued and now
outstanding, and the $1,200.mortgage 40-Year.5% Gold bonds due Jan. 1 1965.
000 of Series "B" bonds above mentioned: and to this end authorized the
directors from time to time in their discretion to issue bonds in such installPacific Gas & Electric Co.---Stock
and series as they may deem advisable, but within the limitation as
The California RR. Commission has authorized the company to issue ments
aggregate principal amount herein specified.
on or before March 30 1926 at not less than $104 per share. 23.570 shares to The
proceeds from the sale of the *1.200.000 of Series "B" 1st & Ref.
of Common stock (par $100 per share), and to use the proceeds thereof to Mtge.
will be used to retire $1.000.000 of 6%% Coupon notes, due
finance additions, betterments, extensions and improvements.-V. 120. July 1 bonds
1925.
a bank debt of 5185.000, incurred for additions and improvep. 2013.
ments to plant.-V. 120. p. 1748.
Pacific Power & Livht Cci.---ilmaizai Report.---
1921.
1922.
Calendar Years1923.
1924.
Gress earns, from oper-- $3.181.736 $3.127.068 $3.007,058 $2.866.419
1.582.449
1.616.496
Oper. exp.. Incl. taxes__ 1.758.254
1.642.088
Southern California Edison Co.-Rights.
-
The company is offering to its Preferred and Common stockholders of
record May 15 the right to purchase on or before May 29 new Series "B"
6% Preferred stock at X92 a share In the ratio of one share for each eight
Net earns, from oper_ $1.423.482 $1,484.980 $1.390.562 $1.283.970 shares of stock held. No fractional shares will be issued.-V. 120. p. 1748.
74.866
33.216
Other Income
22.748
26.848
Total income
$1,450,330 $1.507.728 $1,423,778 $1,358.836
542.787
555.948
555.950
Interest on bonds
555.910
128.192
112.774
Other int. & deductions_
133.823
176.928
250.425
292.245
312.676
Divs. on Pref. stock
339.514
120.000
200.000
Renew.& replace. res
320.000
260.000
Balance, surplus
-V. 119. p. 2763.
$117.938
$185,279
$262,811
$317,432
Peninsular Telephone Co. (Fla.).---Stock
& Hicks and I3odell & Co., New York, have
sold at 103 ani ((iv. $1,230,0JJ 7%()timid. Pref.(a. &d.)
Stock, Series "A."
Dividends payable Q.-F. Red. all or part on any div. date on 60 days'
notice at 110 and diva. American Exchange National Bank, New York,
transfer agent. Divs, exempt from present normal Federal income tax.
Authorized. Ouleandirg.
Capitalization$1.500.000 a$972.400
1st Mtge. 6s. Series "A" or Series "B"
(Closed)
100.000
West Coast Tel, Co. 1st Mtge. Series "A" 8s_
b
1.250.000
10-Yr. Cony, Deb. Gold bonds. Series "A," 6%)3.
1 5.000.000 12.000.000
7% Cumulative Preferred stock
11.500 000
Corn. stock (paying cash divs. at rate of7% p. a.)-)
a $995.000 of Series "A" and $250.000 of Series "B" have been certified
and issued, but the Sinking Fund has purchased $141.500 of Series "A"
and 8131.100 of Series "B." Only $255.000 more of these bonds can be
issued. b Series "A" Is limited to $1,250.000. Is convertible at option of
bondholder into Common stock from 3-31-26 to 3-31-31, and the Issuance
of additional debentures is subject to the restrictions of the trust agreement.
Company.-Inccup. in Florida in 1901. Owns and operates, without
competition, the central station telephone systems in Tampa, St. Petersburg, Port Tampa and 15 surrounding cities and towns, all of which are
connected by toll lines of the company. The toll lines also extend to 11
other nearby cities and towns of south Florida. Connections are made
with the long distance lines of the American Telephone & Telegraph Co.
under favorable contract. Population served. Including St. Petersburg, is
over 294.000, showing an increase of over 64% since 1915.
On Dec. 31 1914 the company operated 9.422 telephones and on Dec. 31
1924 it operated 32.931 telephones, an increase of over 249% in 10 years.
In the 11 years ended Dec. 31 1924 the gross revenue Increased 343% and
the net income 295%.
Earnings.-A statement of gross revenue and net income (Including St.
Petersburg. from date acquired Oct. 31 1923) available for interest, amortization of discounts, dividends and depreciation, follows:
Net
Gross
Net
Calendar
Gross
Calendar
Income.
Revenue,
Income.
YearsRerenue.
Years$241.714
5611.611
$261,970
5114.633 1921
1913
298.312
703.071
312.922
143.427 1922
1915
372.158
852.058
367.181
169,676 1923
1917
452,369
a
147.547 1924
1.161,653
1919
a Government operation for larger part of period.
Earnings 12 Months Ended Feb. 28 1925.
$1,219.6%2
Gross revenue
738,085
Operating expenses, maintenance and taxes
147.594
Annual Interest on outstanding bonds
Balance
Dividend on $2,000.000 of 7% Pref. stock (Incl. this issue)
$333.973
140.000
Balance available for depreciation and Corn, stock dividends-V. 118. p. 2835.
$193,973
Peoples Gas Light & Coke Co.-Rights.The directors have voted to offer stockholders of record June 17 the
privilege of purchasing *3.850.000 additional Capital stock at par (8100)
in the proportion of 10% of their holdings. Application has been made to
the Illinois Commerce Commission for permission to issue the additional
Capital stock. The funds derived from the sale of this stock will be used
for extensions of property, &c.-V.120. p. 829. 824.
Philadelphia Rapid Trarsit Co.-Certificates Ready.The temporary 514%, Equipment Trust certifleates. Series "H." due
Dec. 15 1925 to Dec. 15 1934 incl., are now exchangeable for definitive
certificates at the office of the Pennsylvania Co for Insurance on Lives. &c..
Phlla., Pa. (See offering in V.119. P. 28794-V. 120, p.2149.
Portland (Ore.) Gas & Coke Co.-Annual Report.1921.
1023,
1924.
1922.
Calendar YearsGross earns. from °per_ _ $3.748.510 $3.402.192 $3.383.536 $3.427,475
2.574.082
taxes
2.218.457
2.186,496
exp.,
incl.
2,423.898
Oper.
Net earns, from oper_ $1,324,612 $1,183.735 $1,197.040
42.413
39.187
10.088
Other income
$853.3^3
5.029
$1,367.025 $1,222.922 $1,207.128
Total income
420.221
425.748
425.748
Interest on bonds
41.340
23.638
23.338
Other int. & deductions_
226.840
356,868
203.319
Divs. on Preferred stock
350,000
200,000
325.000
Renewal & replac't res've
$858.422
394.3'0
51.677
196.067
$211,529
$216,288
Balance, surplus
$193.069
$280,517
-v. 119. P. 2763.
Power Corporation of New York.-Rarnivas.-
The system, one of the leading factors in the $50.000,000 deal reported
under negotiation for acquisition of certain important New York State utility properties, issued April 20 its report for the first quarter of the current
year showing substantial increases over a year ago.
Gross earnings of the system for the three months ended Mar. 31 last
were $1.252.677, and net earnings, after operating expenses, including maintenance. subsidiary interest, amortization, &c., amounted to $599,993.
The balance for Common dividends and surplus after allowing for all charges.
including Federal taxes, depreciation and Preferred stock dividends, Paid.
was 5326,505.-V. 120. p. 1461. 1205.
Public Service Co. of Colorado.-Bonds
Certain Denver Gas & Electric Co. Gen. Mtsre, 5% Gold bonds, dated
May 1 1903. aggregating $58,700, have been called for payment May 1 at
105 and interest at the Equitable Trust Co.,37 Wall St., New York City.
V. 120, P. 1090.
Radio Corp. of America.-Quarterly Earnings.Income Account-Quarter Ended March 31 1925.
$15.229.923
Gross income from sales. &c. (incl. other income)
13.301.594
Exp., deprec., patents, amortization and Federal tax
51,928,329
Net profit
-V.120. p. 1090. 594.
Savannah (Ga.) Electric & Power Co.-Bonds Authned.
The stockholders have authorized_an additional series of lit & Ref. big10.
Southwestern Bell Telephone Co.-Quarterly Report.-
Three Months Ended March 31Total revenue.;
Total expenses, including taxes
Interest
Dividends
Surplus
-V. 120, p. 830.
1923.
1925.
1924.
$12.402.977_$11.371.889-$10,690.968
8.773.933
8.507.593 7,570.356
743.926
614.763
797.805
1,714,275
1.881.105
1.875,209
$1,004,013
$374,324
$608,532
Tennessee Electric Power Co.(& Subs.1.-garninos.-
Period End, Mar.31. 1925-3 Mos.-1924,
1925-12 Mos.-1924.
Gross earnings
52.715.880 $2.306.734 $0.889,928 59,240.107
Op.exp..incl.taxes&mall 1.337.121
4.880.888
1.221.149
5.193.914
Gross income
51.378,759 51.175,585 54.696,014 54,359.219
Fixed charges
1.778.657
2,030.557
Divs.on let Pref.stock &
Nashville Ry.& Lt.Co.
Pref. stock not owned
by Tenn. El. Pow.Co
703.981
815.223
Depreciation
829.795
859.310
Balance
-V. 120. p. 2149, 1748.
$990,924 $1,046.785
Texas Power & Light Co.-A renal Report.-
Calendar Years1024.
1923.
1922.
1921.
Gross earns, from oper__ $6.446.603 55.604.125 $4.918.148 $4.870.847
Oper. exp., incl. taxes__ 3.713.466
3.322.535
3.132.446
2.960.404
Net earns, from oper_ 52.733.226 $2,281.5^)) $1,957,744 $1.738.401
Other income
110.596
54.709
70,928
33.525
Total Income
52,843.823 $2.336.249 $2,028,672 51.771.926
Interest on bonds
723.139
630.250
674.052
598,252
75,507
Other int. dr deductions_
1003.319
91.884
151.365
Divs. on Pref. stock - - 353.606
314.874
283.063
280.000
Renewal & replac't res've
300.000
300.000
100.000
250,000
Balance, surplus
81.355.669 51.015.578
-V. 120. p. 1091. 830.
5879.673
5492,309
Tyrol Hydro-Electric Power Co. (Tiwag).-Bonds
Offered.-F. J. Lisman & Co., Baker, Kellogg & Co., Inc.,
Morgan, Livermore & Co., and A. M. Lam:oft & Co. Inc.,
are offering, at 961A and interest, 83,000,000 71A% (Closed)
irst Mtge. 30-Year Sinking Fund Gold bonds. UncondiF
tionally guaranteed, jointly and severally, as to principal,
sinking fund and interest, by endorsement on each bond, by
the State of Tyrol and the city of Innsbruck.
Dated May 1 1925: due May 1 1955. Redeemable by a cumulative N.
sinking fund of 14% per annum. commencing May 1 1928. which will
redeem the entire issue in 30 years. This sinking fund is to operate up to
May 1 1933 by purchase In the market or drawings at 105; thereafter up
to May 1 1938 by purchase in the market or drawings at 103. thereafter by
purchase in the market or drawings at par. Not callable before May 1
1928. Then callable as a whole wpm 60 days' notice on May 1 1928 until
May 1 1931 at 105 thereafter until May 1 103,4 at 103. thereafter at par.
Denom. 51.000 and $500 c*. Principal and Interest (M. & N. payable
without deduction of any present or future Austrian taxes. In U. S. gold
dollars of the present standard of weight and fineness in New York at the
New York Trust Co.. trustee and F. J. Lisman & Co.. as well as in Vienna
at the Niederoesterreiehische Escompte-Gesellschaft. the Allgemeine
Oesterreichisehe Bodenkredit-Anstalt. and the Oesterreichische CreditAnstalt fur Handel und Gewerbe.
Comnany.-Generally known as "Tiwag" was formed-under the auspices
of the powerful banking group for the purpnse of developing the water-power
of the State of Tyrol. Austria. and of supplying electric power to Innsbruck and other cities and industries in Tyrol. and In adjacent Southern
Bavaria and Northern Italy, as well as to the Austrian Federal Railways.
The "Tiwag" has an exclusive franchise for sixty years to develop all
water power of this State not developed at the time of its organization.
Immediately above Innsbruck. the capital and largest city of Tyrol. at
an altitude of about 3 000 ft. Is located a lake of world-wide fame. called
"Achensee"-Lake Arhen-five miles long, of approximately 75.000.000
sq. ft. area. and 15.000.000.000 Cu. ft. of water. Its greatest depth Is
440 ft.
This lake is fed by springs and by the run-offfrom the mountains enclosing
It: it forms a natural reservoir which on account of its topography can be
easily dammed and by tunneling 3 miles through the mountains a head
(fall of water) of 1.240 ft. can be produced at only $40 per h. p. to supply
water power companies throughout the winter when all streams of Tyrol are
low. There are a number of smaller and larger electric plants in Tyrol with
an aggregate capacity of about 75.000 h. p. During the winter when the
demand is at its highest the actual capacity of these plants, however, dedined to about one-third of the summer capacity.
The development of the "Achensee" super-power Installation with its
transmission lines connecting with all these plants will change completely
the entire economic and industrial picture of Tyrol. Apart from this,
existing Industries in adiacent Southern Bavaria and Northern Italy are in
dire need for uninterrupted supply of electric energy and anxious to close
contracts with the "Tiwag." which should have no trouble disposing of all
its power before completion.
Property Acquired by the "Tirnfla."-Upem formation the "Tiwag" acquired
from the City of Innsbruck: The world-famous "Achensee" (Lake Achen);
three large pleasure steamers: three Important hotels; 41 14% of the stock
of the Jentsach-Achensee By. (connecting Achensee with the Austrian
Federal Railways at Jenbach Station). additional ground for "Tiwag"
buildings, together with numerous privileges, such as the rights of navigation. fishing. hunting, running the hotels, all of which are very valuable In
a country frequented during the summer and winter by thousands of
tourists.
In order to further the interests of the "Tiwag" as well as those of its own
inhabitants and of Tyrol at large. Innsbruck turned over this property,
worth at least $3,000.000. for less than half of this amount. Innsbruck
also transferred to the "Thvag" the provisional contracts with the Austrian
Federal Railways-since closed for 20 years and 24.000 h. p. per annumto supply energy for the lines east and south of the city. Payment in shares
of the 'Tiwag' was accepted for the entire amount.
Works in Progress.-(1) A low and short (steel, concrete and timber) dam
at the northern end (Scholastika) to turn the lake into a reservoir. On
account of the natural formation of the lake the cost of this dam should
be less than $2,000. (21 Intake works in concrete at the southern end
of the lake. to deal with 890 Cu. ft. per second outflow. (3) A horizontal
3-mile lined tunnel cut through the mountain. (4) A pressure tunnel
(connecting to the 3-mile tunnel) through the rock, lined with steel plate,
and with a surge tower at the top.
(5) A horizontal tunnel (connecting with the pressure tunnel) to carry
the water to the penstocks (steel pipes supplying the turbines). (6) A
MAY 2 1925.]
THE CHRONICLE
power house situated near the exit of the horizontal tunnel completely
equipped with turbines and alternators, switch-gear and transformers. &c.,
and with a total capacity of 100.000 h. p. (7) A tailrace channel connecting
from the power house to the River Inn. near Jenbach. (8) A transmission
lines on steel towers to Innsbruck and other consumers. (9) A transformerstation at Innsbruck.
(10) A pumping station at Achenkirch (near Achensee) to deliver to the
Achensee 200 gallons per second through the whole year. (11) All necessary accessory buildings for staff and men. workshops. &c., &c.
A considerable amount of this work has already been done; the money
for this was obtained by the sale of stock.
The "Achensee" power house now under construction will be large
enough to install machines to generate 100 COO h. p. The first unit installed
will be 60.000 h. p. and should be completed at the latest by Jan. 1928.
After that it will be an easy matter to install the second unit of 40.000 h. p.:
the cost of this should be only the expense of putting in the machinery, and
should be defrayed out of the sale of stock of the "Tiwag."
The Innsbruck transformer-station will have a capacity of transforming
48.000 h. p. It Is intended to build an additional transformer station at
Kufstein. The Austrian Federal Railways will build their own transformer
stations.
When completed the "Tiwag" will have an up-to-date installation with a
capacity of 100.000 h. p. The cost of this installation should be less than
$40 per h. p.. as against $inn to $250 for American hydro-electric enterprises.
Revenues-Contracts.-The city of Innsbruck has guaranteed a minimum
purchase of energy of $420,000-about one-half of the "Tiwag's" initial
capacity-equal to 1Si times annual interest and sinking fund charges on
the present issue of bonds. This is 60-year contract.
Company has just closed a 20-year contract for supplying a minimum of
24.000 h. p. to the Austrian Federal Railways, which contract alone will
cover the annual interest and sinking fund charges on the entire issue of
bonds.
Apart from this there is a constantly growing demand for power, also from
adjacent Bavaria and Northern Italy. the first being not more than 15 miles
from the power station, the latter 18 miles from Innsbruck or 40 miles from
the power station, and the entire capacity should be contracted before the
plant will be in full operation, The increase of revenues through this
should naturally be very considerable.
Security.-A closed first mortgage on the property of the "Tiwag" with
all future Improvements thereon. Less than $2.000 will turn the "Achensee" into a reservoir the replacement value of which Is hard to estimate.
The President of the "Tiwag", however. has Informed the bankers that it
would cost at least $2.600.000 to reproduce such a reservoir in Austria.
Purpose.-Proceeds from the sale of bonds will be deposited in trust with
the bankers and can only be withdrawn as work progresses and after approval by consulting engineers of the bankers.
United Electric Securities Co.-Tenders.-
The company, at Its office. 31 Nassau St., New York City, will until
May 4 receive bids for the sale to it of Collateral Trust 5% bonds of the
23d. 25th and 28th series, to an amount sufficient to exhaust $33,346.
Utica, (N. Y.), Gas 8z Electric Co.-Annual Report.Calendar YearsGross sales (gas and electricity)
Other income
1923.
19114.
$4.218 392 $4,045,906
22.956
73.596
Gross earnings
$4.291.988 $4,068.862
Oper. exp., incl. taxes, retirement, and other
Oper. exp.. Incl. taxes, retire., and other deductions 2.637.245 2,660.367
Interest deduction
677.020
600.359
Net income avail, for div. & surplus
$977,722 $808,137
-Ir. 120. p. 1205.
2271
CapitalizationOutstanding
Authorized
Preferred stock,7% cumulative
a$12,707.700
525.000.000
Common stock
14.100.000
20,000.000
1st Mtge. Gold Bonds (incl. this issue)
34,500.000
b
First Equipment Trust Notes of 1920_ _ _
125.000
75,000
a Including 3.211 shares being purchased on installment plan.
b Authorized issue limited by the restrictions of the Trust Deed.
Company has also outstanding an obligation of $754.500 to the United
States Government. the Government having made advances to the company during the War toward the cost of construction of the Springdale power
station on the Allegheny River, together with the necessary transmission
lines. Under the terms of the contract, the sum of $754.500 is to be repaid
to the Government by the Company with interest at from 5% to 6% in
annual installments from 1926 to 1930, inclusive. Company has entered
into an indemnity bond for its faithful performance of this contract and
such bond is secured by a second mortgage on its properties.
Purpose -Proceeds will be used to provide funds for the retirement of
$5.593,000 1st Mtge. as Series "C." for extensions and improvements, and
for other corporate purposes.
Earnings, 12 Months Ended March 31 1925.
Gross earnings, incl. miscell. income
$14.291,427
Oper. Exp. (excl. of reserve for renewals and replacements),
maint, rentals and taxes
8.155,717
Net earnings
$6.135,710
Annual interest on 1st mortge. bonds (incl. this issue) requires_ 1,882.500
Growth of Business, Calendar Years.
Sales
Gross
Net
K.IV.M.
Earnings
Earnings
1916
177.597,465
53,022.257
11.371.917
1918
307,323.721
2,004,637
5.670.767
1920
403,417.811
8.314.220
2.572.063
1922
519.296.013
10.339.071
3,925.290
1923
655.219.229
13.028.701
5.191.273
1924
685,050.967
14,157.804
5,987.322
-V. 120. p. 2150.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.-On April 27 Federal reduced price 5 pts. to 5.70c.
per lb.. and Arbuckle announced business would be accepted for May 2
shipment at 5.70c, per lb., a 5 pt. reduction. On April 28 American,
National and Warner quoted 5.80c. per lb., against previous price of
5 60015.85c. per lb. Federal made further 5 pt reduction to 5.65c. On
April 30 Federal again reduced 5 pt.s. to 5.60c. per lb.; Warner to 5.70@
5.75c. per lb., and McCahan 5 75c, per lb. On May 1 Arbuckle Bros.
reduced price 10 pts. to 5.60c per lb. and Revere Refinery 5 pts. to 5.70c.
Automobile Tire Prices Adranced.-Firestone Tire & Rubber Co. announced increases of 5% to 15% in price, as follows: Solid tires. 10% to
15%; tubes, 10%; straight side pneumatic and balloons. 5%, all effective
May 1. B. F. Goodrich, Goodyear Tire & Rubber, Kelly-Springfield and
U. S. Rubber all made similar advances. "Wall St. Journal" Apr. 29. p. 14.
Carpenters in Northern New Jersey Strike for Wage Increase.-II.000
carpenters In Essex County. N. J.. strike for increase of 75c, per hour.
Present wages are $10 50 for S hours work. Members of General Contractors' Association offered to renew agreement for 2 years at present
wage, hut men held out for $11 25 per day. Now York "Times." May 1. p.21
American Bras' Co. Adrances Price'.-Sheet brass, copper wire and brass
tubing Sic. and brass products Sic. per lb. "Boston News Bureau" Apr. 25.
Mattrr, Covered in "Chronicle- April 25.-(a) New capital flotations In
March and for the first quarter of the year. p. 2080-2086.
Air Reduction Co.-Ouarterly
Utah Light &
Traction Co.-Annual Report.3 Mos. end. Mar.31- 1025.
1924.
1923,
1922.
Calendar Years1924.
1923.
1922.
1921.
52.349.138 52.448.779 $2.381.519 $1,369.673
Gross income
Gross earns, from oper__ $1.852.762 $1.8.57.747 51.979.380 $2.048.978 Operating
1,548.096
expenses
1.574.609
908.718
1.500.619
Oper. exp., incl. taxes__ 1.479.155
1.467.590
1.498.811
1.595.291 Addition to reserves_ _ _ _
284.956
271.750
227.899
256.127
expenses
Bond
int.
&
5.387
40.785
35.562
Net earns, from oper- $373.607
$390.157
$460.569
$453687
Other income
536.755
382.797
495.998
398.932
Net prof. bet. Fed. tax 1516.086
5597.033
5589.212
5192.270
-V. 120, p. 960. 951.
Total income
$910.362
$863.366
$852.619
$886.155
Interest on bonds
841.765
841.765
841.765
821.633
Allerton-Cleveland Building.-Bonds Offered.-P. W.
Other int. & deductions_
82.757
59.577
34.089
46.453
Chapman & Co., Inc., are offering at 100 and interest,
Balance, deficit
$14.160
$15,187
$24.852
$3,112 $1,600.000 First (Closed) Mtge. Leasehold 63/2% Sinking
-V. 118. p. 3199.
Fund Gold bonds.
Utah Power & Light Co.-Annual Report.Guaranty.-Principal and interest guaranteed by written
rind. Western Colorado Power Co.-Inter-Company Charges Eliminated) endorsement
on each bond hv the Allerton Corporation,
Calendar Years1924.
1923.
1922.
1921.
Gross earns, from oper__ $9331444 $8 543.405 $7.125.089 $6.746.642
Oper, exp., incl. taxes__ 4.716 022
3.612.341
4.253.372
3.502.637
Net earns, from oper- $4.615.422 $4.290.033 $3.512.748 $3.244.005
Other income
386.140
183.749
201.219
133.135
Total income
$5.001.562 $4.473.782 $3,713,967 53.377.140
Interest on bonds
1.957.350
1.574.919
1.854.933
1,277 845
Other int. & deductions_
173.346
2863194.5
440.896
Dividends on Pref. stock 1,142,945
867.837
786.402
660.221
Divs. on 2d Prof. stock
70.000
216.930
116.930
288.050
Renewal & replacement
(depreciation) reserves
725.000
600.000
725.000
600.000
Balance, surplus
$932,921
$249,404
$614.550
$110,128
-V. 120, p. 1883, 1461•
Western United Corp.-Annual Report.Consolidated Income Account for Fiscal Years Ended Jan, 31.
1925.
1924.
1923.
Operating income
$5.913.169 $4.427.109 13.632.213
Operating expenses
3.548.051
2.954.696
2.48-1.279
Depreciation and depletion
295.971
245.636
211.724
Taxes (except Fed. income taxes)_
210.855
168..567
172.571
Income from invoice, &c
Cr.94.321
Cr.35.433
Cr.48.779
Interest on funded debt, &c. (net)__
773.837
644.071
559.741
Net earnings
x$1.179.124
$449.632
$452.677
xBefore deducting $7,677 for bad debts. $72 898 for cost of drilling
gas
wells that proved "dry:" $137,313 reserved for Federal income tax • $83.260
for dividends on Preferred stock of subsidiaries: $236.866 for dividends
on Preferred stock of corporation -V. 120. p. 960.
Western United Gas & Electric Co.-Annual Report.Income Account-Year Ended Dec. 31 1924
Total income
Expenses and taxes
Taxes (except Federal tax)
Preferred on merchandise
Interest. Sze
Reserve for income tax
Preferred dividends
Balance surplus
-V. 119. P. 336?
53.992.185
2.633.159
137.200
Cr.31.000
585.795
83.379
125.000
$458,651
West Penn Power Co.-Bonds Offered.-Halsey, Stuart
& Co., Inc., New York; Union Trust Co. of Pittsburgh;
W. A. Harriman & Co., Inc.; W. C. Langley & Co. and
Dominick & Dominick, New York, are offering at 97 and
interest, yieldin about 5.18%, $6,500,000 First Mtge. 5%
Gold Bonds,Series "E." Dated March 1 1926; due March 1
1963.
Data from Letter of Pres. A. M. Lynn, Pittsburgh', April 24.
F Company.-Organized in Pennsylvania in March, 1916, and supplies
electricity for light, heat and power to 412 cities, towns and communities
located In the Pittsburgh district of Pennsylvania, at distances of from
three to sixty miles from_that city.
Dated May 1 1925: due May 1 1945. Principal and Interest (M. & N.)
payable at office of New York Trust Co.. New York, trustee. Denom.
$1.000. $500 and 1100 c5. Redeemable in part for sinking fund purposes on
any interest date upon 30 day 's notice, to and including May 1 1230. at 103
and interest: thereafter to and including May 1 1935. at 102 and Interco:
thereafter to and including Nov. I 1944. at 101 and interest. Redeemable
as a whole, but not in part, on any interest date upon 30 days' published
notice. at 101 and interest. Interest payable without deduction of any
Federal income tax not in excess of 2%. Refund of Penna.. Conn., Calif.
and Kansas tax not to exceed 4 mills. Mich. 5 mills exemption tax, Maryland 414 mills tax. Kentucky and District of Columbia 5 mills tax. Virginia
5)4 mills tax and Mass, income tax not to exceed 6%.
Building-Willconform In quality of construction and design to that high
standard already established in six similar well-known properties now located
in New York City and Chicago and operated by the Allerton Corp. The
building will be of brick and fireproof construction throughout, consisting
of 16 stories and a basement. Location of the building, southwest corner
of Chester Ave. and East 13th St.
Sererity.-Secured by a first closed mortgage on the leasehold estate,
extending about 161.13 ft. on East 13th St .and about 171.8 ft. on Chester
Ave.. comprising about 24.764 sq. ft.. together with the building to be
erected thereon. The lease to the ground property extends to May 30
2021, at an annual ground rent of $25.000, is renewable in perpetuity at the
same ground rent, and contains favorable and advantageous terms.
The total property, exclusive of furniture and fixtures, has been Independently appraised by competent authorities as having a value upon completion of not less than $3.077.000, making this Issue less than a 53% loan.
Allis-Chalmers Mfg. Co., Inc.-Earnings, &c.Net Pratt after Pros. for
Month ofJanuary
February
March
-Sales Billed1925.
1924.
52.419.833 52.252.104
2.279.596
2,413.802
2.297.317
2.287.631
Federal Taxes.
1925.
1924.
5276.836
$283.567
281,455
275.977
288.762
271.637
Total
5847.053
57.130.952 56 819,331
5831.181
Unfilled orders on hand as of March 31 1925 amount to 510.146.675.
Deducting $288,703 for the quarter's dividend on the preferred stock.
leaves a balance of $558.351 for the common which is equivalent to $2.17
per share compared with $2.10 per share in the first quarter of 1924.
The bookings for the current quarter aggregated $7.153.599 compared
with $5.695.355 for same period a year ago, an increase of $1.458,244 or
about 26%.-V. 120, p. 2005, 1750.
American Bosch Magneto Corn.-Quarterly Earninas.-
Three Months Ended March 31Total sales
Operating profits
Depreciation
Interest charges
1925
1924.
1923.
$2.950.655 $3.095.764 $2.661.905
$171,268
$245.503
$147,255
549.636
350 474
45.000
47,500
$50.000
Balance before taxes
576.632
5147.529
$97.256
Bank loans as of March 31 were $900.000 compared with
51.410,000 a
year ago. Compared with March 31 1924. there has been
a reduction of
$814,429 in current liabilities and $162.500 in funded debt.-V.
120, p. 1750.
American Car & Foundry Co.-Listing.110
The New York Stock Exchange has authorized the listing
of 600.000
shares. Common stock without par value, on official
of issuance in
exchange for outstanding certificates for its Common notice
stock, par $100 Per
share, at the rate of 2 shares of Common stock without
par value for each
share of Common stock par $100.
2272
THE CHRONICLE
Output, Fiscal Year Ended April 30.
Rebuilt cars, pass.
New cars, pass.
freight, &c.
freight. &c.
2,795
50,006
1920
18.610
27,012
1921
13.362
22.712
1922
20,017
40,870
1923
11,902
45,645
1924
-V. 120. p. 1208.
[VOL. 120.
dependents, and to distribute any of the property of the company in specie
among its members, provided that no distribution.amounting to a reduction
of capital shall be made except with such sanction as may be required by law.
The directors have provided that holders of share warrants resident in the
United States may attend the meetings in person or by proxy, and vote by
depositing their share warrants at least 14 days before the date of the
meeting with the Guaranty Trust Co. of New York.
Record of Cash Dividends Paid from 1914 to 1924, Inclusive,
1914. 1915. 1916. 1017. 1928-21. 1922. 1923. 1924.
Regular(%)
15
15
15
20 a20
15 30 yrly. 15
American Glue Co.-New Director.Extra(%)
5
5
5
10
Z.
T.
the
late
succeed
elected
a
been
director
to
a The last cash dividend paid was 73 % in Dec. 1924-(or 35 cents per
Cyrus Sargeant has
share, U. S. currency.)
Hollingsworth.-V. 120, p. 1092.
The company at present has outstanding £3,000.000 Ordinary stock, par
American Hardware Corp., Hartford.-Extra Divs.- £1 per share.-V. 120.
p. 1588.
The directors have declared two extra dividends of 4% ($1 each), the
Armour & Co. (Illinois).-President on Packers Decree.first payable May 15 to holders of record April 29 and the other payable
Pres. F. Edson White authorizes the following in connection with the
July 1, together with the regular quarterly dividend of 3% (75 cents a
decision of the Supreme Court of the District of Columbia suspending the
share), both payable to holders of record June 17.-V. 120. p. 1330.
packers Consent Decree:
American-La France Fire Engine Co., Inc.-Earnings. "While we have not yet seen the Court's decision and cannot therefore
speak with full knowledge of what it contains, it is apparent that the Court
1922.
1923.
1925.
1924.
Quarters End. Mar.31.
has sustained the contention we have always insisted on, namely, that
$222,061
$205.217 the
Operating profit
$198,957
$201,235
decree was not based on any violation of the law.
3,222
9.168
14,623
Less-Interest
x42,908
"The Court's opinion states that the decree was entered without the
taking
of any proof and without the admission of any facts and that there
y$196,049
4218,839
Net income
$158.327 3,8184.334
was no proof to show that the defendants had violated or were about to.
x Including taxes. y Before taxes.-V. 120, p. 2014. 1092.
violate any of the laws of the United States.
"This we have repeatedly pointed out was the fact and that the decree
American Republics Corp.-Earnings.
Itself so stated." •
1923.
1924.
1925.
3 Months Ended March 31$7,264,217 $6,981,198 $5,176,392
May Appeal Packers' Decision.Sales
5,483,524 4,227.625
5,952,417
Cost of sales
Attorney-General Sargent has asked the District of Columbia Supreme
397,816 Court
443.308
527,097
Expenses
for its formal opinion handed down in the big 5 packer case, which
nullifies the 1920 court decision limiting the packers to partici$550,951 virtually
$784,702 $1.054.366
Net profit
the meat business. It is possible the Government will appeal
159,402 pation only in
237,652
36,394
Other charges and taxes
to a higher court, although it was declared the course of action has not
yet
been
determined.
-V. 120. p. 2151.
$391,549
$816,714
$651,458
Surplus
-V. 120. p. 832, 586.
Armour Leather Co.(& Subs.).-Consol. Balance Sheet.
Dec.27'24 Dec. 29'23
Dec.27'24 Dec.29'23
American Ship & Commerce Corp.-Consol. Report.AssetsLiabilities1921.
1922.
1924.
1923.
Calendar Years$25,971.683 $27,991,140 $23,719,372 $27,924,693 Property account_ 9,136,069 9,618,174 Common stock_ .x15,000,000 15,000,000
Total revenue
Cost & oper. expenses.. -12,084,692 14,801,685 12,558,848 15,843,046 y Inv. In sub. cos_ 4,464,525 4,137,629 Preferred stock .x10,000,000 10,000,000
12,760,812 15,682,285 Founders' stock__ x500,000
5,682,219 Inventories
500,000
9,539.145 6,237,466
Oper. exp. of steamships 12.714,870
272,516 Accts. & notes rec_ 2,690,583 2,024,232 Notes payable____ 6,540,000 14,121,000
Oper. expenses of piers_
1,331,881 2,662,878 For'n drafts pay__ 611,507
Cash
3,064,729
48,045
142,344
110,467
charges
Other
102,844
securities...69,244
Accounts payable. 182,289
Misc.
216,151
264,872
454,337 Armour& Co
7,213,047 4,125,828
$24,799,563 $24.483,174 $18,906,781 $24,862,510 Deferred charges_
Total expenses
9,377,421 9,427,431 Coating. reserve
48,563
98,584
$1.172,120 $3,507.966 $4,812.591 $3,062,184 Deficit
Net profit
1,412,939
1,294,805 2,177.571
1,140,294
Deduct-Depreciation
40,095,406 44,109.608
Total
Total
40.095,406 44,109,608
965.058
972,016
401.529
1,048,550
Interest
x Capital stock includes (a) 250,000 authorized shares 7% Cumul. Pref.
631,000
Taxes
stock a $100 each, 100.000 shares issued; (b) authorized and issued, 1,000.shares Common stock, $1.5 each, and (c) 100,000 shares founders' stock
000
loss$711
A45
$2,545.770
profit
$1.046,476
Net
loss$669,702
of no par value. y Investment in
Leather Co. Common stock.
Net loss aipport. to Am.
A comparative income account for 1923 and 1924 was published in
Sh. & Corn. Corp.- 4930.406 sur$680,501sur$1 790610 $1,045,984
V. 120, p. 2014.
x Excluding all intercompany dividends.-V. 119. p. 3012.
Wheels, cast.
bar iron, &c.
336,716 tons
279,792 tons
169.791 tons
287,059 tons
286,391 tons
American Steel Foundries.-Statement Regarding Change
in Common Shares.-Secretary F. E.Patterson says in subst.:
Atlantic Gulf Oil Corp.-New Directors.Galen L. Stone and Andrew Fletcher have been elected directors to
succeed Hubert E. Rogers and to fill a vacancy.-V. 117. p. 1890.
The Common stockholders on April 22 approved a change and increase
of the authorized Common stock from 750,000 shares, par $33 1-3 per
Atlas Portland Cement Co.-Bonds Called.share, to 1.000,000 shares of no par value.
All of the outstanding Gen. & Ref. S. F. 25-Year 8% Gold bonds, due
The directors authorized the issue in due course of 902,745 shares of the Nov.
1 1939, have been called for payment May 1 at 105 and int. at
‘
the
new stock to be exchanged for the outstanding shares of the present stock
N. Y. City.-V. 120, p. 1331. 1093.
in the ratio of 5 shares of new stock for each 4 shares of the present stock, Bankers Trust Co., 10 Wall St.,
shares
of
new
stock.
issue
of
full
so far as can be accomplished through the
Automatic Safety Appliance Corp.-Preferred Stock
No fractional shares of the new stock will be issued, but stockholders
who would otherwise be entitled to such fractions when exchanging their Offered.-J. Morris Coerr, New York, are offering at 100
present stock will receive in lieu thereof cash for them at a price per share
of new stock equal to 4-5ths of the price of the last transaction in the present (with a bonus of one share of Common stock), $250,000 7%
stock on the New York Stock Exchange prior to the closing (permanently) Convertible Cumulative Preferred stock.
of the transfer books on May 14. The company does not deal in its own
Dividends payable M. & S. Red. at 110 and diva. Preferred stockStocks ar d s, therefore, neither a buyer nor seller; hence stockholders' pur- holders, at their option, may convert into Common stock one share for two
chases or ales can only be made in the open market. The present stock is shares during 1925 and 1926, and share for share during 1927 and 1928.
listed on the New York, Boston and Chicago Stock Exchanges and either Registrar and transfer agent. Registrar & Transfer Co., New York.
purchase or sale can be readily arranged through bankers or stock brokers.
Data From Letter of Thornton N. Motley, Vice-Pres. of the Company.
-V. 120, p. 2151.
-Incorp. in Delaware. Owns exclusive licenses throughout
American Trustee Share Corp.-Diversified Trustee theCompany*
United States to manufacture and sell under valuable patents covering
safety devices for gas utilities.
Shares Offered.-Throckmorton & Co., New York, are automatic
Capitalization.-Preferred stock authorized and presently outstanding,
offering, at $14 50 per share, diversified trustee shares repre- $250.000. Of the total 50.000 shares of Common stock authorized 45,000
will be presently outstanding and 5,000 shares are reserved in the
senting a participating ownership in 24 leading American shares
for conversion of Preferred stock.
industries, including railroads, public utilities, industrials treasury
Purpose.-Proceeds will be used entirely for working capital.
Earnings -In the opinion of the officials of one of the largest gas comand Standard Oils.
panies, none of the gas appliances now installed is equipped with any
The price of Diversified Trustee shares varies with the aggregate market device
that absolutely assures against accidents and said officials have
price and amount of accumulated dividends on the stocks deposited. adopted these valves as standard equipment to be declared effective in the
Certificates for Diversified Trustee shares are in 5,10.25, 50 and 100 share near future. Using only 1% of the gas appliances now in use and 5% of'
dividend
semi-annual
with
form,
non-voting
bearer,
denominations, in
the estimated output for the ensuing year, it would require 367,000 valves,
coupons attached.
which would reflect net profits in excess of $250,000.
The corporation is incorporated in New York. Its object is the creation
capital
ownership
in
the
participating
of Trustee shares representing a full
Barnsdall Corp., New York.-To Reduce Outstanding
stocks of leading American corporations. Diversified Trustee shares offer
to the investor, whether large or small, a well balanced diversification of Bonded Indebtedness-Offers 177,134 Shares of Additional .
railroads,
investment and interest represented by shares of capital stock in 6
Class "A" Stock.-President Robert Law Jr., April 25, in a
6 public utilities and 12 industrials, including 5 Standard 011 companies.
letter to the stockholders, says in part:
whose success and influence is national in scope of operation.
Security.-The trust agreement with Chatham Phenix National Bank
We announced In our annual report for the year 1924 (V. 120, p. 1320)
& Trust Co. provides that as security for each 1,000 Diversified Trustee as follows: "The officers and directors have, during the past year, followed
shares certified and outstanding, the trustee shall receive and hold as a conservative policy calling for the liquidation of the entire indebtedness
security 141 shares of the capital stock of 6 railroads, 6 public utilities, of the corporation. Stockholders will again note that the bonded debt
7 industrials and 5 Standard Oils.
of this corporation and subsidiary companies in 1921 amounted to $12,Additional units, each in the same amount, ratio and security as above. 539.500. On Dec. 31 1924 the outstanding bonded indebtedness amounted
must be deposited by the corporation against every additional 1,000
$6,408,200, a reduction in the 4-year period of $6,131,300. The proto
paid
fully
stocks
are
Diversified Trustee shares issued. The deposited
at present outlined, contemplates the disposition of such propChatham gram, as are
and non-assessable and are held by and registered in the name ofagreement
isolated from the general activities of the corporation, but
erties as
trust
under
a
&
Trust
Co.,
trustee,
Bank
National
Phenix
such values that they may be disposed of at a profit. It is
which
have
represents
dated March 16 1925. Every Diversified Trustee share issued interest, the intention to apply the proceeds of such sales to the liquidation of in. a 1-1000th interest in a unit of stock deposited: 50 shares a 1-20th
debtedness and it is hoped that an announcement may be made at an early
100 shares a 1-10th interest, &c.-V. 120, p. 1883.
date to the effect that the bonded indebtedness of the corporation has been
liquidated."
Anglo-American Oil Co., Ltd.-33 1-3% Stock Dividend
By June 1925, throuTh the operation of sinking funds a further reduction
of 5608.400 will be made, making the total outstanding bonded debt of the
Proposed on Ordinary Shares-To Expand.corporation and its subsidiaries $5,799.800 and the bonded debt of corwould
which
resolution
approving
a
May
20
on
vote
will
stockholders
The
is in poration itself $5,234 800 of that amount.
permit the company at any time when no dividend on Preferred stock"any
Various unauthorized statements have been made, from time to time,
arrears, to capitalize and distribute among the Ordinary shareholderscredit
about negotiations pending relating to the disposition at a satisfactory
the
standing
to
undivided
profits
the
part
of
forming
sum or sums (a)
price
of certain of the somewhat isolated subsidiaries of Barnsdall Corp.,
profits
in
of any reserve account of the company; or (b) being undivided net
of Out such negotiations have not as yet been consummated into a satisfactory
the hands of the company; or (c) any sum carried to reserve as the result
of sale. The officers and directors of the company will continue
contract
part
any
company
or
a sale or of the revaluation of the property of the
In their policy as outlined in the annual report, and from time to time
thereof."
stockholders of the consummation of any substantial reduction
notify
the
summarized
resolution
June
5.
provided
the
on
meeting
special
At a second
the bonded debt.
above is passed, the following resolution will be voted upon:"That the sum in The
stockholders are vitally interested in prospective dividends, and the
of £1.000,000, part of the sum now standing in the books of the company relationship
the bondei debt to such dividends is readily, recognized,
to the credit of the company's reserves under the heading 'Capital Reserve.' especially inof
view of the fact that under the terms of the 'bonded debt
be capitalized and appropriated to and amongst the holders of the issued
$900000 cash per year is required for sinking fund purposes,
Ordinary shares ratably in proportion to the amounts paid up or credited as approximately
the outstanding bonds. To that end, it
paid up on the Ordinary shares held by them, respectively, and that the In addition to 8% interest upon
officers of the corporation to suggest to the
directors do apply such sum in paying up on their behalf 1,000,000 Ordinary has seemed advisable to the in
the retirement of such debt, provided such
shares of £1 each in the capital of the company to be issude without any stockholders that they assist
be given upon such an attractive basis that any money
right of voting and distribute the same so paid up as aforesaid among the assistance could
received from stockholders ought to eventually receive a substantial profit.
holders of the issued Ordinary shares ratably as aforesaid."
Accordingly
at
the annual meeting of the stockholders authority was
meeting
special
the
Other resolutions to be considered and voted upon at
of record May 6 1925 the right to purchase
on May 20 would alter the articles of association in a manner to permit the given to offer to the stockholders
A capital stock on or before May 27, on the basis
company to engage in the business of refining oils, metals, minerals, and 177,134 shares of classshares
of
either
of
one
share
4
for.
each
class A or class B capital stock then
propermineral
animal or vegetable products, to acquire and develop oil and
ties, and to manufacture and deal in oil cookers, lamps, heaters, pumps, held by such stockholders, payment to be made at the office of the cormotor vehicles, &c. Other proposed resolutions would permit the company poration, 41 East 42d St.. N. Y. City. The par value of the stock of this
offering attractive the corto promote subsidiary companies for any purpose which may seem directly corporation is $25 per share, but to make such
the offering be made to stockholders at $22 50
or indirectly calculated to benefit the Anglo-American Oil Co. to establish poration has arranged thatnon-assessable.
fully
paid
and
per
share,
their
and
company
support
the
organizations to benefit employees of
and
THE CHRONICLE
MAY 2 1925.]
Interests identified with the corporation have agreed to take the rights
to which they are entitled and pay for the stock represented thereby.
Such interests have therefore agreed to take 84.677 shares of the total issue
of 177,134 shares, and have further agreed, inasmuch as they are purchasing
such stock for investment, that they will not place the same, or any part
of it. upon the market for at least a year. If all of such rights are exercised, the result to the corporation will be $3,985.515 net in cash, and it is
the intention of the management of the corporation to use said funds so
received in liquidation of indebtedness.
While the figures for the first 3 months of 1925 are not fully available
at this time, it is certain from those already at hand that the corporation
has started the year 1925 at least earning at the rate which should net the
corporation considerably in excess of $2,000,000 for the year, and when there
is added to this earnings that will result from the wells that are coming
in at an early date in the Rosecrans Field, where 19 wells, in which Barnsdall
Corp. has various interests, will soon be in, it is safe to predict earnings
largely in excess of such figure.
If we can accomplish our purpose during this year, of complete retirement of the outstanding bonds, making available the sinking fund and
interest which has heretofore been required to be paid thereon semi-annually,
the officers and directors of the corporation feel that the dividend period
of the corporation is not far away. -V. 120, p. 2014.
Beech Nut Packing Co.-Earnings.3 Mos.End. Mar.31Net profits (before Fed.
tax prov.)
Dividends
1925.
1924.
1923.
1922.
$665,294
243,798
$562.258
244,670
$595,737
169,670
$392.291
48.441
Balance, surplus
$421,496
$317,588
$426,067
Comparative Balance Sheet.
Mar.31'25
Mar.3125 Dec.31'24
Liabilities$
$
5
AssetsCommon stock'___ 7,500,000
Real estate, build4,600
4,459,346 5,115,131 Pref. stock, Cl. A_
ings, &c
Pref. stock, Cl. B. 1,119,500
Mtges.and secured
81,312
70,433 Min. stk. cont. cos
loans on real eat.
43,800
43,800 Notes & accts. pay 117,016
Pref. treas. stock_
Short term notes
Patents, trade-mks
1
88
mat'd or called_
623
&c _
903,200 Divs. payable_ _ _ _ 243,798
1,671,886
Securities owned
793,663 1,457,228 Expenses & taxes_ 298,376
Cash
623
623 Res. for deprec___ 1,256,602
Cash for red. notes
56,670
132,660 Fed, tax reserve__
Securities
767,399 Other reserves_ _ _ _ 183.730
Accts.& notes rec. 862,502
Inventories (cost). 5,262,659 4,675,502 Deferred liabilities
Surplus paid in.. _ 104,035
, Due from sub. cos_ 248.103
116,482
406,154 Earned surplus__ _ 2,768,867
Deferred assets_
13,597,046 13,572,218
Total
-V. 120, p. 2151, 1751.
Total
$343,850
Dec.31'24
$
7,500,000
4,500
1,119,500
82,450
87,364
623
243,904
185,626
1,390,053
313,149
159,871
4,754
104,035
2.376,387
13,597,046 13.572,218
(C. L.) Best Tractor Co.-Merger.-
2273
Calumet & Hecht Consolidated Copper Co.-Earnings.
Earnings statement Three Months Ended March 31.
ReceiptsCopper sales
Custom milling and smelting
Dividends
Interest
Miscellaneous
1925.
1924.
$2.672,844 $2,688.924
14.091
35,818
54,365
3.714
6,098
18,320
6.722
45.112
Total receipts
DisbursementsCopier on hand Jan. 1
Pro
selling, adm. and taxes
Depreciation and depletion
Miscellaneous
55.866,909 $4,816,495
2,253,644
2,119.592
966,862
977.637
23.030
53,016
Total expenditures
Less copper on hand March 31
$8.987.168 $8.090,017
6.111,175
5.198,235
Net expenditures
Loss for quarter
-V. 120, p. 1751. 587.
$2.875.993 $2,891,781
$71.261
$150.506
52.804.732 $2,741,276
Canadian Consolidated Felt Co., Ltd.-Annual Report.
Calendar YearsNet sales
Costs & gen. exp., &c
Int. on bonds, &c
1924.
$620,457
619,924
30,909
1923.
$818,365
788.331
30,034
1922.
$768.523
716,887
51.636
1921.
5852,790
x840.964
50.070
Balance, deficit
$30,376
$1.048 sur.$16,597
$38,244
P. & I. sur. Dec. 31.. $268,584
$319,943
$320,991
$304,394
xIncludes provision for reduction of inventory values and sundry adjustments, $53.422.-V. 106. p. 1580.
Canadian Consolidated Rubber Co., Ltd.-Report.Consolidated Income Account for Calendar Years.
1924.
' 1923.
1922.
1921.
Net sales
813,749,497 $14,590,433 $13,221,575 $14,593,606
Expenses and Interest.. _ 13,009,041 13,684.389 13,793.451 15,354,120
Preferred dividends...._
210.000
210,000
210.000
210.000
Inventory provisions_ _
964,981
Balance,surplus
$530,456
$696,044 def$781.876 df$1.935,495
Consolidated Balance Sheet, December 31.
1924.
1923.
1924.
1923.
Assets5
S
Liabilities$
$
Property, .kc
11,144,885 13,549,078 Common stock__ 2,805,500 2,805.500
Good-will, Am_ _
4,203,702 4,203,702 Preferred stock___ 3,000,000 3,000,000
Cash
108,398
148,357 Bonded debt
10,600,000 10,600,000
Accts.receivable 1,445,713 1,444,877 Accts. pay., rte.__ 497,215
512,702
Loans receivable 1,847,866
652,480 Accept. pay.. &c
7,074
69,035
Inventories
3,981,384 4,626,389 Accrued interest
38,982
38,982
Investments
604,250
611,145 Contingent reeve_
21,754
19,749
Def., Am., assets
524,891
629,803 Res, for dep. rec.
2,583,677
Surplus
6.828,604 6,298.147
The stockholders will vote May 5 on approving the sale of all the assets
of the company to the Caterpillar Tractor Co. of California, formed for the
purpose of acquiring all the assets of the Holt Mfg. Co. and C. L. Hes%
Tractor Co. Subject to the action to be taken at this meeting and a similar meeting of the stockholders of the Holt Mfg. Co. (see below), company
Total
23,861,089 25,865,834
Total
23.861,089 25,865,834
will receive as a consideration for the sale of its assets 88,308 shares of new
company capital stock, the new company in addition agreeing to assume -V. 118, P. 2184.
liabilities.
outstanding
Company's
serial
gold
notes
will
all
be
6%
%
all
Caterpillar Tractor Co. (of Calif.).-Acquisitions.called for payment on June 1 1925.
See C. L. Best Tractor Co. above and Holt Mfg. Co. below.
It is then planned to dissolve the company, distributing the 88,308 shares
holders
the
of
the
shares
of
Best
to
58,872
capital
stock
in
the
of new stock
Chicago Mill & Lumber Co.-Extra Dividend.ratio of 1% new shares for one old share. See also Holt Mfg. Co. below.
-v,120, p. 1207.
The directors have declared the regular quarterly dividend of 50c. a
share and an extra dividend of 25c. a share on the outstanding $0,000,000
Boomer-Du Pont Properties Corp.-Trustee.- .
Common stock, par $100, payable May 15 to holders of record May 7.
The Empire Trust Co. has been appointed trustee of an issue of $3,000,000 -V. 120, P. 1208.
collateral-Trust S. F. 10-Year 5%% gold notes dated Jan. 1 1925.
(E. L.) Bruce Co., Memphis Tenn.-Preferred Stock
'
Louis, on April 13 offered
Offered.-G. H. Walker & Co., St.
at 100 and dividend, $1,500,000 7% Cumulative Preferred
(a. & d.) stock, with the privilege of subscribing to Common
stock at $36 50 per share in the ratio of one share of Common
for every two shares of Preferred purchased.
Dividends payable Q.-J. Red. all or part on any div. date on 30 days'
notice at 105 and div. up to and incl. July 11928; 107% and div. up to and
incl. July 1 1931. and 110 and div. thereafter. Beginning July 1 1926.
congany agrees to set aside as a sinking fund a suns equivalent to 20%
of e net earnings of the company for the preceding year, to acquire the
Preferred stock by purchase or call at not exceeding the redemption price;
such sinking fund is, however, not to be in excess of 5% of the maximum
amount of the Preferred stock at any time outstanding. St. Louis Union
Trust Co.. St. Louis, Mo., transfer agent and registrar.
CapitalizationAuthorized.
Issued.
$1,500,000
7% Cumulative Preferred stock (par $100).$2,500,000
Common stock (no par value)
100,000 abs.
100,000 shs.
Data From Letter of R. G. Bruce, President of the Company.
Comppny.-The original Bruce Co. was incorp. and commenced the
manufacture of oak flooring March 1 1911, with a capital of $35,000;
doing at that time an annual business of $150.000; producing 3,000,000 ft.
of flooring and had 50 employees. To-day the company is the undisputed
leader in the industry, owning and operating plants at Memphis and Nashville. Tenn., and Little Rock and Prescott. Ark., all free of mortgage
debt or lien. Produces 120,000,000 ft. of oak flooring annually, with sales
over $6.250,000 annually and has 2,000 employees. This growth has been
financed almost exclusively out of earnings.
Purpose.-Present financing will provide the necessary capital to retire
the old Preferred stocks of the Bruce Co. and the Nashville Hardwood
Flooring Co., aggregating $500,000, and to finance the purchases of additional timber lands.
Listing.-Both issues listed on the St. Louis Stock Exchange.
Consolidated Net Earnings for Calendar Years.
[After deducting all exp., incl. deprec. & Fed, taxes based on present law.
1923.
1922.
1921.
1920.
1919.
1924.
$498.542 $1.193,710
$316,087
$506,043
$737.909
$364.999
Net earnings for the first three months of 1925 are more than 2% times
the year's Preferred dividend requirements.
Consolidated Balance Sheet Dec. 31 1924 (After New Capitalization).
I LiabilitiesAssets$1,500.000
Plant and equipment----$1,466,918 Preferred stock
,
219860
Corn. (100.000 shs., no par)3,115,638
Cash
Notes payable
Customers notes & trade
349.375
133,501 Accounts payable
acceptances
160,825
Officers & empl. balances_
Customers accts. rec., less
39,342
791,864 Accrued wages, taxes, &c.
reserve
50,012
68,391
receivable_
_
64.229 Res. for Federal taxes_
Miscell. accts.
2,305,886
Inventories
59,930
Prepaid int. limn, &c
48,826
Empl. install. notes red..
cos.,
&c
oth.
192,569
of
stk.
in
Inv.
Total (each side)
$5,283,584
Buckner Building Co., Inc., Detroit.-Bonds Offered.Fenton, Davis & Boyle, Detroit, are offering, at 100 and int.,
$275,000 First Mtge. 634% Sinking Fund Gold bonds.*
Dated April 1 1925, due April 1 1935. Int. payable A.& 0.at American
Denom. $1,000 and $500 c*. Int. payable
Trust Co., Detroit, trustee.
without deduction for normal Federal income tax up to 2%. Red. all or
part on 30 days' notice at 102 and int. for the period ending April 1 1930.
thereafter to maturity.
and 101 and int,first
mortgage on 89 houses and a brick and steel building
Secured by a
containi 8 stores, now nearing completion, located in and directly adjoinMich.,
on the south and adjacent to Woodward Ave.
Birngham,
ing
buildings and lots has been made by two officers of the
An appraisal of the
American Trust Co.of Detroit, who value the land and buildings at $550,549
sale value of this property is in excess of $625.000.
Hy contrast to this, the
which indicates the conservatism of the blond issue at $275.000.
_
Chicago Pneumatic Tool Co.-Earnings.-
Quarter Ended March 31Mfg. profit, after exp.,dep.& Fed. tax
Other income
1923.
1924.
Total income
Interest
1925.
$136,063
11,783
$147,846
14,062
Net profit
-V. 120, IL 1333.
$179,317
$159,284
$133,784
Childs Co.-Earnings Quarter Ended March 31 1925.Gross sales, $5,864,186: gross rentals, $273,428; Gross income_ $6.137.615
Cost of sales and gen. expen., incl. provision for all taxes
5,738,059
Operating income
Other income
$399,555
84,061
Total income
Depreciation, (estimated)
483,617
150.000
Netincome
-V. 120, p. 1884, 1752.
$333,617
Coca-Cola Co.-Earnings.1925.
1924.
1922.
3 Mos. End. Mar. 31
1923.
Gross receipts
$5,785.799 $4.730,145 $5,068,561 $3,265.088
Mfg. & general expenses 4,081,257
3.807,685 3,573,897
2.258,123
Operating profits..... $1,704,542
Miscell.deductions
127,109
Net income
-V. 120, p. 963, 833.
51.577.433
$922,460 $1,494.664 51,006.965
507
41,850
5922,460 $1,494.157
$965,115
Comeau Building, West Palm Beach, Fla.-Bonds
Offered.-Adair Realty & Mortgage Co. are offering at prices
to yield from 6% to 7%, according to maturity, $650,000
7% 1st Mtge. Serial Gold bonds.
The site for the building is in the very heart of the business and financia
section. The site is one of the most valuable pieces of property in the city
and has been appraised by the Palm Beach County Real Estate Board at
$550,000. For the purpose of this loan the value of the land was appraised
by the Adair Realty & Trust Co. at $475.000. The building will be 10
stories in height. Actual cost of the completed structure has been figured
at $772,125.
Consolidated Cigar Corp.-13
%% Back Dividend.The directors have declared a dividend of 1 j% on account of accumulations in addition to the regular quarterly dividend of 1%% on the Preferred
stock, both payable June 1 to holders of record May 15. This will reduce
accumulations on the Preferred shares to 3%%.-V. 120. p• 1209. 963.
Consolidated Textile Corp.-Earnings.
The company reports net profit of $56,458 for the first quarter of 1925
after all expenses and reserves for depreciation, interest and sinking fund.V. 120, p. 2153. 1752.
Corn Products Refining Co.-Earnings.1925.
1924.
3 Mos. End. Mar.31.
1923.
1922.
$2.234,177 $3,943,457 53,583.545 $2,621.287
Net earnings*
Other income
364.731
258,059
240,488
198.020
52,598.908 $4,201,516 $3.824.033 $2.819,307
Total income
819,618
Interest & depreciation_
969,456
778.804
655,918
437.500
Preferred diva. (1% %)..
437.500
434.473
434,472
Common diva. guar_ -(2%)1,265,000(2)4)1250000 (1)497,840 (1)497,840
extra
do
04)248.920 G4)248.920
576.790 51,544,560 $1,863.996
Surplus
$982,157
*N et earnings from operations, after deducting charges for maintenance
and repairs and est, amount of Fed. taxes, &c.-V. 120, p. 2153, 1590.
THE CHRONICLE
2274
Continental Oil Co. (Me.)-Time Extended.The directors have voted to extend the time for holders of fractional
warrants under the recapitalization plan to deposit their warrants from
April 25 to May 6. The warrants should be deposited with the New York
Trust Co. In exchange for full shares.-V. 120, p. 2015.
'Corona Typewriter Co., Inc.-Annual Re ort.1923.
1924.
Pr Calendar YearsEarnings after Federal taxes
Depreciation
Amortization
Preferred dividends paid
Common dividends
Balance
-V. 119, p. 1960.
1922.
$328.157
$282,719
579.5.38
$99.007
23.396
23.396
97.000 (abt.)98,210
28.598
$284.117
101,961
23.396
94.846 •
38.120
$34,718
$25.794
$127,013
Court & Remsen Streets Office Building, Brooklyn,
N. Y.--Bonds Offered.-S. W.Straus & Co., Inc., are offering
at par and int. $3,500,000 1st Mtge. Sinking Fund 6%
coupon gold bonds. Safeguarded under the Straus Plan.
Dated April 28 1925: due April 28 1940. Int. payable A. & 0. at the
offices of S. W. Straus & Co., Inc. Derwin. $1.000. $500 and $100 c*.
Red.for sinking fund at 101 and int. Callable all or part in excess of sinking fund requirements at 103 and int. up to and Incl. April 28 1936: thereafter at 102 and int. 2% Federal income tax paid by the brorower. 22
Court St.. Inc.
Security.-First mortgage on land owned in fee and new 28-story steel
frame, fireproof office building, to be the tallest and finest office hulking
In Brooklyn. The site is the best corner in Brooklyn for an office building
(the northwest corner of Court and Remsen streets), in the heart c f the
financial district, directly fronting on Borough Hall Park. with exceptional
transportation facilities.
Va uation.-lndependent appraisals value the land and completed
building as follows:
Total Value
Value
Completed Property. % Loan.
Land*.
Appraiser72.9
*4.800.000
Joseph M.May
$1.800.000
69.3
5,043.863
John F. James & Sons
1.998 700
It will be noted that the value of the land alone is more than half the total
bond issue.
Barnings.-The net annual income of the property, estimated on a rental
basis which is less than the actual schedule will be $520.000. This sum is
almost 2X times the greatest annual interest charge and more than $230.000
in excess of the greatest combined sinking fund and Interest requirements.
Sinking Fund.-Bonds are protected by annual retirements of principal
and monthly dep-sits of principal and interest. The date of maturity of all
the bonds is April 28 1940. but under the 'provisions of the trust mortgage,
out of the total issue of $3.500.000. $1 278.500. or over 36% of the entire
Issue will be retired before maturity. though the operations of a sinking
fund created in accordance with the usual provisions of the Straus Plan.
Cream of Wheat Co.-Coin plaint.-
The Federal Trade Conunission has issued an order In which the company,
whose principal office Is in Minneapolis. Minn. is required to discontinue
certain practices in maintaining prices which the Commission found to be
unfair methods of competition.
The Commission found that the respondent used various methods to
enforce its system of standard resale prices for its products. Some of these
methods were: refusing to sell to "collective purchasers" or buying pools
of independent stores as distinguished from recognized "chain stores"
under one ownership; refusing to sell its product in carload lots and at
carload prices when such purchases were for the purpose of dividing the
shipments with other customers. The respondent, according to the findings, co-operated with its customers and others in securing Information as
to dealers cutting prices on its products and acted on such information by
refusing further sales to such offending dealers, unless they agree to maintain respondent's prices thereafter.
The findings state in demil the general conduct of the respondent's
business, including methods of purchasing purified middlings from which
Its product is made: prices to retailers and wholesalers, and data having
to do with margins of profit and prices under varying conditions.
The findings state that respondent's policy of naming and enforcing
adherence to minimum resale prices for its product, in connection with its
nation wide advertising and its dominating position in the market for
package cereals, has had the effect of substantially lessening price competition among producers of cereals prepared from purified wheat middlings,
and to enhance the price ofsuch cerealfoods to ultimate consumers.-V.110,
p. 2389.
Cuyamel Fruit Co.-Quarterly Earnings.1925.
5646.478
275.025
100.948
250,000
Quarter Ended March 31Net operating earnings
Amortization and depredation
Interest
Dividends
1924.
$438.924
307.333
98.346
250.000
$20.505 def.5216.754
Surplus
-V. 120, P• 1885, 1753•
Deere & Co. of Moline, Ill.-Larger Preferred Dividend.-
The directors have declared a quarterly dividend of I % on the 7%
15.
Curnul. Pref. stock. par $100. payable June 1 to holders of record May
On March 2 last a dividend of 1% was paid, while from Dec. 1921 to
Dec. 1924. inclusive, quarterly dividends of X of I% were made on the
Preferred shares.-V. 120. p. 709. 588.
Dodge Bros., Inc.-Estimated Earnings.-
F. J. Haynes, Pres., is quoted as follows: "I estimate earnings for first
not
6 months of 1925 will be $14,000,000 before Federal taxes. This does
include profits of approximately $600.000 from the sale of real estate."
2015.
p.
1924.-V.
120,
the
full
$19.965,440
for
year
compares
with
This
Donner Steel Co.-Quarterly Earnings.Quarter Ended March 31Net profit after expenses, taxes. &c.._
Net income after Interest and deprec'n
-V. 120. p. 1209. 1095.
1925.
*589.995
$321,851
1924.
*593.635
$307,544
1923.
$329,108
[VoL. 129.
Eastern Dairies, Inc.-Stock All Sold.-Spencer Trask &
Co. announce that an issue of 10,000 shares of Pref. stock
of no par value, together with a limited amount of Common
stock, underwritten by them, has all been sold, the Preferred
at $99 and the Common at $31 per share. The Pref. stock
is preferred as to assets and accumulated dividends at the
rate of $7 per share per annum.
Entitled on voluntary liquidation to $110 per share and dividends, and on
Involuntary liquidation to $100 per share and dividends before any distribution to Common stock. Dividends payable Q.-F. Redeemable In
whole or in part upon 30 days' notice. at 110 and dividends. Transfer
agent. New York Trust Co., New York, N .Y.; registrar. Seaboard National
Bank. New York. Beginning Sept. 1 1927, a sinking fund will provide for
the retirement of the Preferred stock, by purchase or by call, out of earnings
or surplus, at the rate of 3% per annum of the greatest amount at any time
outstanding.
CapitalizationAuthorized. Outstandina.
Cumulative Preferred stock (this issue)
25.000 shs.
10.000 she,
Common stock (without par value)
200.000 shs. 130.757 shs.
Data from Letter of Charles G. Morris, Pres., New Haven, Apr. 26„
ann pan y
being formed under the laws of the State of Massachusetts
as a consolidation of New Haven Dairy Co., operating in Connecticut,
Tait Bros., inc.. operating in Massachusetts. Coon Ice Cream Co.. operating in New York Vermont. New Hampshire and Maine, and Dolhey Ice
Cream Co., operating in Rhode Island. Companies are engaged in the
manufacture and distribution of lee cream and in the gathering and distribution of milk and other dairy products The ice cream business is almost
exclusively wholesale and the plants are so located as to enable the company
to operate efficiently throughout all of the New England States. The lee
cream departments contribute about 60% of the sales. The milk departments distribute milk in Springfield. Mass . and vicinity, and also In
New Haven.('onn.. and vicinity. Cream and other dairy products are ellstributed throughout all of the New England states. Company will operate
over 30 plants. The principal plants are located in 17 important New
England cities
Purpose of Issue.-Of the 10.000 shares Cumul. Pref. stocg presently to he
Issued, 3.000 shares will he reserved for e,change for Preferred stock and
mortgages of the old companies now outstanding and the proceeds of the
sale of the remaining 7.000 shares Preferred stock will be used to retire
notes payable and other mortgages and to increase working capital.
Rarnings.-Consolidated sales and net profits of the companies which will
constitute Eastern Dairies. Inc.. after all charges hut after giving effect to
Federal taxes at present rates, for the four years ended Dec. 31 1924, have
been as follows:
&Ms. Net Profits.
Sales. NetProfits.
1921
$6,132.348 *434.93611923
ARS 5696,401
6.516.627
492.525 1n24
8.140.173
450.766
19Annual
22
dividend requirement on 10.000 shares Cum. Pref. stock amounts
to
5i
5rk10400nna -Beginning Sept. 1 1927. a Ringing fund will provide for
the r.tirement of the Preferred stock, by purchase or by call, out of earnings
or surplus, at the rate of 3% per annum of the greatest amount at any
time outstanding.
See New Haven Dairy Co. below.
$8.454
Eastern Steamship Lines, Inc.-Annual Report.-
Income Statement for Calendar YearsTotal gross revenue
Operating expenses
Interest on bonds, &c
Rentals
Sinking fund appropriations
Federal income and other taxes
Dividends
Balance,surplus
Profit & loss balance, January 1
Miscellaneous credits
Prof. on Liberty bonds, &c., sold
361
.9
54
24
4..292 36.17
98
2
0
3.'427
5.402.167
5,332.166
. ,
100.521
339.043
285.026
1.930
11.524
193,337
159.448
196.475
499.889
$95.311
4,338.509
1.522
5648.595
4.152.629
1.536
64.265
Total
$4,435,342 $4,867,025
Deductions85.254 no ire pref. stk, capitalized at $5 per share_
426,270
Adjustments account of sale of property, &c
102,246
Miscellaneous debits
317
Profit & loss balance, December 31
-V. 119. p. 2069.
54,435,024 $4,338,509
Eaton Axle & Spring Co.-Quarterly Report.Income Account for Quarter Ended Mar. 31 1924.
Sales $1.931.693; cost of sales $1,655,500; gross profits
Commercial expense
5276.193
135.630
Operating profit
Other income
3140.563
12,635
Net profit before Federal taxes
$153,198
Comparative Balance Sheet.
Mar. 31 '25 Dec. 31'24
Mar. 31'25 Dee. 31'24
Assetss
$
Liabilities$
s
Fixed assets
4,522,231 4,542,397 Capital & surplus_x6,808,245 6,655.046
391.249
391,249
Sank loans
Patents
150,000
68,341 Accts. pay.. &a... 628,154
114,432
Cash
384,044
81,025 Der. pur. obligts__ 128,098
U.S. Lib. bonds_
130.496
623.857 Customers' dep.Notes & accts. rec. 754,499
20,000
Inventories
1,914,499 1,724,823 Res,for cont., &c).. 234,025
235,155
52,764
20.263
Other assets
81,348
90,286
Deferred charges
Total
Total
7.798,521 7,574,742
7,798,521 7,574.742
xIncludes a declared value of 51,000.000 on the 229,500 no par common
shares outstanding.-V. 120, p. 2154. 1465.
Eureka Vacuum Cleaner Co.-Earnings.-
Du Pont Viscoloid Co.-Incorporated.
Dover, Del., to take over the
Three Months End. March 31Machines sold to customers
Net sales
Manufacturing and selling expenses
Miscellaneous expenses
Federal taxes
Duz Company, Inc.-Sales Increase.-
company.
1925.
1924.
60,410
This company, recently incorporated at
52.337,237 $2,0fIRM
Leominster.
of
Viscolold
Co.,
Inc.,
the
by
conducted
heretofore
business
1,880.820
1,691.352
Pont de
Mass.. and the Pyralin business heretofore conducted by E. I. du business
32,219
6.302
Nemours & Co. (see latter co. in V. 120, p. 1886), will start doing
53,025
V.-Pres.,
45.988
Jr.:
F.
B.
Davis
follows:
Pres.,
as
officers
are
on May 1. The
directors are:
B. W. Doyle; Sec., M. D.Fisher: Treas., W. M.Moore. The
Net
profits
$371.173
$321,918
F. W.Pickard. Chairman;F. B. Davis Jr., W.S. Carpenter Jr., B. W.Doyle -V. 120, p. 1591, 1334.
and Ludwig Stross.
of which $5,000.000 is
The new company is capitalized at 515,000,000,The
Electric Controller & Manufacturing Co.-Stock
plants of the comPreferred stock and $10.000.000 Common stock.
N. J.. and Norwich, Offered.-Otis & Co. and Chas. D. Barney & Co. are offering
pany are located at Leominster, Mass.. Arlington.distributor
of certain
Conn. The Pacific Novelty Co. of New York,
for at $62 50 per share 20,000 shares no par value Common
products of the Viscoloid Co., Inc.. will continue in the same capacity
stock. This offering involves no new financing by the
the new company.
Capitalization No Bonds)Authorized. Outstanding.
For the first quarter of 1925 company reports gross sales of $523.548.
Cumulative Preferred stock
$494.000
**380.300
This compares with $156.921 for the same period a year ago, an increase 7% par
Common stock
100.000 abs. 59,049 dm
of approximately 333%. Gross business for the month of April, from No*$113,700
retired.
present indications, should exceed $200,000.
Company.-Incorp. In Ohio in 1899, with an original capital of $500.
Robert D. Scott, Vice-President of the Chemical National Bank, has Business
has been built up practically entirely out of earnings and to-day
been elected a director.-V. 120. p. 2016.
it occupies a 5-story plant with approximately 170.000 8C1. ft. of floor
Financing.
space,
at Cleveland. Company manufactures many forms of eleclocated
Dwight Mfg. Co.-To Recapitalize-New
trical apparatus, including automatic controllers, automatic compensators,
The stockholders on April 28 approved a plan for the readjustment of the
of
lifting
magnets,
reduction
switches, motors, starters, rheostats, &c., for use in steel
the
provides
for
capital structure of the company. The plan
shops, &c. The "Dlnkey" controller.
the par value of the present 24,000 shares from $100 to $25 a share, for the mills, automobile plants, machine
equipment for overhead cranes in rolling mills,
Issuance of one new share of $25 par value for each share (par $100) held, which is practically standard known
As
a
is
one
of
the
company's
best
products.
share.
and for the sale of 96,000 shares of new stock at par ($25) per
Mos. et Fed. Taxes (at current rate)
result of this, the company will have a capital of $3,000,000, consisting of Net Earns. After All Charges. Ind. Pref.
Calendar
Years.
120.000 shares of $25 par.
stock 1916
5605.33211919
$550.13511922
$377,993
It is understood that J. P. Morgan & Co. will underwrite the newvalue.
532,995 1920
1917
622,312 1923
873,266
to be offered for a commission of not more than 5% of the total par
738,608 1921
1918
1088267,341 1924
409.583
-V. 120. p. 2016.
MAY 21925.]
THE CHRONICLE
Dividends.-Dividends at the rate of $5 per share annually are now being
paid on the Common stock. During the 9 years ended Dec. -31 1924.
company paid cash dividends an amount equivalent to an average of $5 66
per share on the Common stock now outstanding.
Shares are listed on the Cleveland Stock Exchange and application will
be made to list on the New York Curb Market.
Condensed Balance Sheet as of Dec. 311924.
AssetsLiabilitiesCash
$63.148 Preferred stock
$380.300
U. S. Treas. notes & Fed.
Common stock & surplus_x1,790.567
Land Bank bonds
732.291 Accounts payable
99.267
Notes & accept. receivable
12.718 Unpaid dividends
80.467
Accounts receivable
218.931 Accrued taxes. &c
35.399
Inventory
628.168 Res. forest.'24 Fed. taxes
60.000
Land, bldgs.. equip., &c
800,015 Res. for gen. contingencies 125.000
Other assets
93.293
Deferred assets
22.436
Total (each side)
$2,570,999
Represented by 59.049 shares of no par value.-V. 118, p. 1142.
2275
General Leather Co.-Bonds Called.Certain
1st Mtge. 15-Year 634% S. F. Gold bonds, dated May 1 1924,
aggregating $52.000, have been called for payment May
1 at 105 and
Interest at the American Trust Co., 135 Broadway,
N. Y. City.--V. 119,
p. 1961.
General Motors Corp.-Delco-Light Co. Sales, &c.
The Delco-Light Co.. a subsidiary. is rearranging part of its plant
to
double the output of Frigidaire. the electrically
operated ice box. There
are now 15 models in the complete Frigidaire line,
ranging
in
price
from
$190 to $750. Sales of Fridigaire for the first three months of
this year,
and orders on hand upon which the increased volume is based. Indicates
the
sale of over 50.000 Frigidaires this year.
1924 sales were 21.000 units,
compared with 5.000 in 1923 and 2.200 InIn
This business by DelcoLight does not include its sales of electric1922.
light and power plants, water
pumps and washing machines.
The directors on April 27 declared a
of 21 50 Per share on
the Common stock. payable June 12 to dividend
of record May 18. A
similar distribution WAR made on March 12holders
last, compared with a dividend
Federated Metals Corporation.-Earnings.--of $1 25 per share paid on Dec. 12 1924 (see
also V. 119. p. 21851.
The directors also declared the rezular quarterly
Consolidated Profit and Loss Account for Seven Months Ended Dec. 311924.
dividends of 134%
each on the 6% Preferred and 6% Debenture
Net sales
stock, and the quarterly
$20.921.194 payment of 13(
%
on
the
7% Preferred stock, all payable Aug. 1 to
Cost of sales, including manufacturing, expenses and depree'n
holders
18.654.778 of record July 13.
Selling expenses. $471.483; admin.& gen. exp.,$684,119: total
1.155.602
Number
of
General
Motors Stockheders.Net profit from operations
$1.110.813
On March 12 General Motors mailed dividend checks to 39.799 Common
Misc. income from int., diva., profit on foreign exchange. &c_
43.138
stockholders of record Feb. 19. The total number
of stockholders Is new
Total income
$1.153,951 60,458, compared with 66.097 in the preceding quarter.
Deduct-Int. to banks.Sm.$59.806:disc,on bonds (proportion),
Total Number of General Mofors Stockholders by Quarters.
910.111: total
69.917
Calendar Years1st Quar. 2d Quer. 3d °liar. 4th Qua?.
Interest on bonds
143.111
1.927
2.525
Federal income taxes
2.699
2,902
117.615
3.918
3.737
3.615
4.739
8.012
12.523
12.358
Net income
18.214
$823.308
24.148
26.136
-V. 120. P. 1753.
31.029
36.894
1921
49.035
59.059
65.324
66,837
70.504
72.665
71.331
65.665
Fleisch mann Co.-Earnings.11992232
67.115
67.417
68.281
68.063
Consolidated Income and Profit and Loss Account, Quarters Ended March 31. 1924
70.009
71,382
69,427
66.097
1925
p60.458
1924.
1925.
Increase.
* Senior securities of record Jan. 5: Common, Feb. 19 1925.-V.
Net sales
$10.539.443 $12.594.232 $2.054.790 2017.
120. P•
Cost of sales
3.669.496
4.717.464
1.047.968
Selling, administrative & selling exp.. 4.548.578
4.809.123
260.545
Geoeral OutAnnr AAvert;sing Co.. inc.-initial Dies.
Initial quarterly dividends of 134% on the 6% Cumul. Pref. stock
Net profit from operations
$2,321.369 $3.067.646
and
$746.277 of $1 per share on the
(lass "A" stock of no par value, have been
Other income credits
191.909
246.861
54.952 declared, both payablePartic.
May 15 to holders of record May 5. See also
V. 120. p.835. 1210.
Gross income
$2.513.278 $3.314.506
$801.229
Deduct income charges
31.113
76.330
45.216
Ginter Co., Boston.-Report for First Quarter.Federal and Canadian taxes
291.566
399.204
107.638
.
Income Accou a-Quarter Ended March 311925.
$3,1163924.2.59
Net income
$2.190.598 $2.838.972
Sales
$648.375
.411.668
$3
Profit and loss credits
12.271
6.769
dec.5.501 Operating profit
239.
.294
864
220.341
Less-Depreciation
33.588
Gross surplus
$2,202.868 $2,845.742
Taxes
$642.873
25.070
21.320
Deduct-Pre. on Pref. stock purch
2.262
699
dec.1.564
General insurance reserve set aside_
Final net profits
69.711
59.366
dec.10.345
$175.500
$165.433
Miscell. profit and loss charges...
20.261
-V.
120.
p. 1335. 2017.
17.336
dec.2.924
Preferred dividends
19.425
18.618
dec.807
Common dividends
1.125.000
1.500.000
Goodyear Fabric Corp.-Bonds Sold.-Mention was
375.000
Surplus for period
$966,209 $1.249,722
$283,513 made in V. 120, p. 2154, of the sale at 983" and int. of $1,-V. 120, p. 2154, 1334.
730.000 1st (Closed) Mtge. 10-Year
1811
1818
Freeport Texas (Sulphur), Co.-Operations.is announced that the
It
company will resume operations
Bryanmound
approximately May 15. Operations at Bryanmound have at
been suspended
for more than a year. pending disposition of large accumulated stocks.
suspended,
this property was producing at the highest rate for many
When
years. Mining operations at Hoskins Mound will continue
as heretofore.
-V. 120. D• 1987.
Gabriel Snubber Manufacturing Co., Cleveland.
Stock Sold.-Otis & Co. have soli at $25 per share, Class
A Common Stock (no par value).
Dividends exempt from present normal Federal income tax. Transfer
agents: Bankers Trust Co.,'New York: Union Trust Co., Cleveland.
tzars: Guaranty Trust Co. of New York; Cleveland Trust Co., Cleveland,
Capitalization (To Be Authorized and Outstanding)
Common Stock Class A (no par)
198.000 shs.
Common Stock Class B (no par)
2.000 shs.
Class A and Class B shares are identical except that Class B shares
have
exclusive voting power.
Data from Letter Furnished to Bankers from Claude H. Foster,
President of the Company.
Company.-Is being organized in Ohio to take over the assets and business
of the Gabriel Manufacturing Co. originally started in 1904 with a capital
of $1,500. Company in 1911 began the manufacture of Gabriel snubbers.
which now constitute its only product. The business has been built up
entirely out of earnings.
It is estimated that the company manufactures and sells 75% of all
snubbers and shock absorbing devices sold in the world. Company
sells
its products to automobile manufacturing companies and 59 distributors
who cover the entire country through 3,000 sub-distributors and dealers.
Gabriel snubbers are standard equipment on various models of 33 makes
of automobiles, including such cars as: Cadillac, Packard, Pierce Arrow,
Buick, Hupmobile, Jordan, Overland, Paige, Peerless, Studebaker, WillsSt. Claire and Willys-Knight, as well as 11 foreign cars. including Mercedes,
Maybach, Crossley, Morris-Cowley and Morris-Oxford. Gabriel snubbers
are made in five standard sizes, special snubbers being manufactured for
Ford cars and for busses and trucks. The frames of 25 additional makes of
cars are drilled to facilitate the attaching of Gabriel snubbers.
Approximately 40% of the company's business is with car manufacturers
for original equipment, 60% is sold through the distributing organization.
Gabriel snubbers are protected with basic patents.
Company's plant at Cleveland, 0. is one of the best in the country,
modern throughout and equipped for highly economical quantity production.
Earnings.-Sales and net earnings of the predecessor company which was
under the sole ownership of Claude H. Foster, after all charges including
Federal taxes figured at the present rate, for the 5-year period ending
Dec.
31, 1924, were as follows:
Sales.
Net After Taxes.
1920
$2,493,333
$698,158
1921
1,751,426
569.959
1922
2.657.347
1,161.751
1923
3,61-8.605
1,237.594
1924
3.830,703
1,086.195
Average annual net earnings for the 5-year period given above were
$950,731. or $4.75 per share of Common stock to be outstanding. Such
average net earnings for the last three years were $1.161,846.94. or $5.81
per share.
Shipments for the first three months of 1925 were in excess of those for
the first three months of 1924. In 1924 the company produced 1,701,976
snubbers.
Dividends.-It is planned to place the no par Common stock now being
offered on a $2.50 annual dividend basis, payable quarterly, first payment
to be made July 1, 1925. to stockholders of record as of June 15, 1925.
Balance Sheet (Showing Approximate Condition) as of May 1, 1925.
Assets.
Liabtlides.
$150.00C Accounts payable
Current Assets-Cash
$160,000
400.00t Capital stock (200,000 shares
Accounts receivable
500,00( no par value)
Inventory
1,000,000
3urplus
Fixed Assets510,941
Real estate, plant and equip.. 366,001
254,940
Patents
1 Total (each side)
Goodwill
$1,670,941
As property will not be turned over to new corporation until May 1
exact figures of current assets and liabilities will not be available until book;
of the old company are closed as of April 30, 1925.
bonds by Dillon, Read & Co.
6% Sinking Fund Gold
Dated April 1 1925. due April 1 1935. Callable all or part by lot on
any int. date on 60 days' notice, to and incl. April 11930. at 10234 and int.;
thereafter to and incl. April 1 1931 at 102 and int., thereafter to and incl.
April 11032 at 10134 and int.. and thereafter to maturity at 101 and int.
Callable for sinking fund at 100 and int. nenom. $1,000 and $500 c*.
Prin. and int. (A. & 0.) payable at office of Central Union Trust Co. of
New York. trustee, without deduction for Federal normal income tax not
exceeding 2%. Pennsylvania and Connecticut 4-mill taxes and Massachusetts income tax not exceeding 6% refundable.
Data From Letter of G. M. Stadelman, President of Goodyear Fabric
Corp. and Also of Goodyear Tire & Rubber Co.
Property.-The entire capital stock of Goodyear Fabric Corp. is owned
by a wholly owned subsidiary of Goodyear Tire & Rubber Co. The
corpmation was organized in Nov. 1924 to acquire certain cotton fabric
mills at New Bedford, Mass., as an additional source of supply for tire
fabric used by Goodyear Tire & Rubber Co. The normal requirements of
the latter company considerably exceed the capacity of these and other
mills now controlled by it directly or indirectly through stock ownership.
The mills at New Bedford assure a steady source of tire fabric supply at
costs which are expected to result in material savings to Goodyear Tire &
Rubber Co.
The plant of Goodyear Fabric Corp. is a complete manufacturing unit
for the production of tire fabric. The land, mill buildings, machinery and
equipment are all owned in fee, with the exception of a small space on one
floor of an adjoining building held under lease. The entire plant (exclusive
of the leased floor space) was appraised by Charles T. Main, Boston, as
of Nov. 10 1924, to have a depreciated replacement value of $2.573.678.
The mills have a total of approximately 57.450 spinning spindles. 16,400
twisting spindles and 102 heavy automatic looms.
Lease.-The Goodyear Tire & Rubber Co. will lease from Goodyear
Fabric Corp. for 11 years from April 1 1925 the entire fixed property of
the latter, and'by the indenture of lease will agree to pay to the lessor as
rentals amounts equal to interest and sinking fund requhements of these
bonds and all other charges of the lessor.
Sinking Fund.-Mortgage will provide a semi-annual sinking fund, beginning Oct. 1 1925, sufficient to retire $175,000 of these bonds each year,
lay purchase at not exceeding 100 and int. or, if not so obtainable, by call
by tot for the sinking fund at that price. The sinking fund will, with the
payment of one-twentieth of the bonds at maturity, be sufficient to retire
the entire issue of bonds by maturity.
Listing.-There have been placed on the Boston Stock Exchange list
temporary bonds for $1.750,000 1st Mtge. 10-Year 6% Sinking Fund Gold
bonds.-V. 120, p. 2154.
Goodyear Tire & Rubber Co., Akron, Ohio.-Earnings.
of Goodyear Textile Mills Co. (A Subsidiary) for 12 Months
ended Dec. 31, 1924.E. G. Wilmer, President of the Goodyear Textile Mills Co., Los Angeles,
Calif., says:
"Profits, before Federal taxes, were $259,592,and net profits after Federal
taxes and available for dividends, were $225.893. Surplus increased d
the year to $189,284 after payment of regular dividends on the Preferrea
stock amounting to $133.1.
72
"Our mills operated substantially to capacity during the most of 1924,
and the present demand for fabric indicates satisfactory operations in 1925."
[The company on Dec. 31, 1924 had outstanding $1,0130.000 Common
stock (all owned by the Goodyear Tire & Rubber Co.) and $1,910,300 7%
0umul. Prof. stock.1-V. 120, p. 1591.
Gorham Mfg. Co.-Annual Report.-Chairman Henry J.
Fuller says in part:
The corporate structure has been simplified and the financial condition
has been improved b the elimination of the Silversmiths Co., the Mount
Vernon Co. and the 'Whiting Mfg. Co. The Kerr and Durgin companies
have also been taken into the Gorham Mfg. Co., although operated as
separate plants from a manufacturing standpoint.
A year ago the total indebtedness of the companies to all of the banks was
$2.511.232, and it is now $770.000. This has been achieved by the sale of
our Fifth Avenue buildings, economies in operation, and reduction in inventories and accounts receivable. Negotiations are now pending to lease the
plant of the Whiting Mfg. Co. on a satisfactory basis, with option to purchase. The distinctive products of the Whiting Mfg. Co. will be manufactured at the Providence plant.
A rearrangement of the Providence plant and a marked improvement
in operation also have been accomplished, but business will have to be substantially increased before the large amount of floor space can be properly
used.
2276
THE CHRONICLE
[Vox,. 120.
P New lines of product, designed to meet the changed requirements of the exchange their stock by that time will receive cash on dissolution. Compublic, are being produced, which should reflect an increased volume of pany has arranged with Peirce, Fair de Co., San Francisco, to effect such
exchanges.
business.
The management of the new company will be largely in the hands of
The new retail store at Fifth Ave. and 47th St.. New York, is, we believe,
those
men responsible for the development of the two constituent compermits
of
a
more
to
the
needs
of
the
company
and
suitable
way
In every
panies. Based upon the combined sales of the two companies for the first
economical handling of its business there.
Net profit for the year, after provision for depreciation of plant properties quarter of 1925, the operating economies already effected in anticipation
and obsolescence of other assets, was $325,902, exclusive of extraordinary of the consummation of present plans and the constantly increasing demand
losses and expenses charged to reserves created at Jan. 31 1924 in anticipa- for caterpillar tractors, the new management anticipates that combined
tion of the corporate merger, charges in connection therewith, and losses due net earnings for the year 1925, before Federal income taxes, will be in
to prior years operations. No provision has been made for Federal income eiscess'of $2.250,000.
It is expected that the management of the new company will be able
taxes, losses in prior years offsetting any liability therefor.
to place the new stock on an annual dividend basis of $5 per share payable
Consolidated Balance Sheet January 31 (Incl. The Gorham Co.)
quarterly. Total annual dividend requirements for the entire 260.000
plan
in
effect
to
in
the
V.
118.
reorganization as outlined
[After giving
shares. of $25 par value, of new company stock to be presently issued,
would on such a basis total $1,300.000, a figure little more than one-half
1924.
1925.
1925.
1924.
the estimated net earnings before Federal income taxes for the year 1925.
$
Liabilities.$
Assets-V.
120, p. 2018.
N. Y. cap. stock_ _x5,449,100 5,520,000
Plant Property__ _ 2,609,316 _ _3,038,247 N
770,000 2,511,232
Bank loans
457,914 1,622,114
(F. M.) Hoyt Shoe Co., Manchester N. H.-Defers Div.
Cash
530,708
Accts pay., &c.._ 291,097
1,990,634 2,103,274
Notes
The directors have decided to defer payment of
quarterly dividend of
871,920 WI% usually paid May
871,920
3,297,038 3,973,740 6% deb. notes_ _ _
Inventories
1 on the 7% Cumul. Pref. shares. Dividends had
38,000 been paid on this issue since 1919.-V.
30,000
17,791
1st mtge. 5%,ass_
Accr.Int.(not due)
109,
p.
582.
894,692 1,742,361
726,189
828,646 Reserves
Investments
Contingent Habil.
Coto. stk. in treas.
Hudson Navigation Co.-Reorganization Plan.247,843
273,367
(see contra)_ _ _
69,600
(13,920 shares)_
New issues of $750,000 in 63%% 10-Year Real Estate Mortgage bonds,
433,706 $2,000,000 6% 30
605,487
69,714
81,905 Capital surplus_ _
Deferred charges._
-Year Gen. Mtge. bonds, $348,225 in 6% Cumul. Pref.
y 325,902
Profit & loss sur
Contingent assets
stock, par $100, and 9,941 20-100 shares of Common stock of no par or
247,843
(see contra)_ _ __ 273,367
$100 par, as may be determined later, are provided for in the plan for
reorganization of the company, now in receivership, which has been an9,511,564 11,895,769 nounced by Geller, Rolston & Blanc
9,511,564 11,895,769
Total
Total
and Graham, McMahon, Buell &
x Represented bu-$3,829,100 77 1st Pref. stock, par $100: $800 6% Knox, counsel for the reorganization managers, Frederick J. Fuller, who
Pref. stock, par $100: $34,900 7% Pref. stock, roar $100, and 108.000 shares is a Vice-Pres. of Central Union Trust Co. of New York; William B. Carof Common stock, no par value (valued at $15 per share); less $35,700 for dozo, who is a Vice-Pres. of the Farmers' Loan & Trust Co., and Frank P.
1st Pref. and Corn. stocks held by depositary, being the equivalent of 6% McCarthy, of Troy, N. Y.
The plan which has been approved by the committees representing holdand 7% Pref. stocks not deposited.
ers of the 5% and 6% mortgage bonds and the 5% collateral trust bonds.
y For the year ended Jan. 31 1925.-V. 118. p. 1142.
contemplates the formation of a new company, with such powers as may be
Hale 8c Kilburn Corp.-Initial Preferred Dividend.determined by the reorganization managers, foreclosure of the New Jersey
The directors have declared an initial dividend of 50c. per share on the Steamboat and Hudson Navigation mortgages, all property, assets and
7% Cumul. Pref. stock (par $100), payable May 1 to holders of record funds covered by these mortgages or belonging to the company or in posApril 21. Accumulated dividends on the $2,882,266 outstanding Pref. session or control of the receiver, to be turned over to the new company
except as used for other purposes of the reorganization.
stock amounted to $46 a share on Dec. 31 1924.-V. 116, p. 2015.
Holders of the old securities mentioned may share the benefits of the plan
Hazeltine Corporation.-To Suspend Dividends.and agreement entered into between the reorganization managers and those
dividends
on
the
capital
The directors on April 30 decided to suspend
associated with them in behalf of the bondholders by depositing their securistock. An initial quarterly distribution of $1 25 per share was made on ties on or before June 15. The depositaries named are: For the New Jersey
Feb. 24 last. A statement to the stockholders explaining the action Steamboat 55, Farmers' Loan & 'Trust Co., New York; for the Hudson
stated in part:
Navigation 6s, National Commercial Bank & Trust Co., Albany; for the
"In view of the acquisition by the company of 80% of the 4tock of the Hudson Navigation Collateral 5s, Equitable Trust Co. of New York.
recently formed Latour Corp. for $275,000, which was paid In cash out
The new issue of $750,000 in 6%% real estate mortgage bonds maturing
of earnings and certain guaranties, totaling $50,000, it was decided to in ten years is to constitute a first lien solely upon the property vested in
omit the dividend for the present quarter. The directors are unanimous the new company represented by Pier 32 and its appurtenances.
A syndiin the opinion that the Latour inventions will have a far-reaching effect cate, consisting of McCarthy, Geer and Englis, is announced in the plan as
In the radio industry and that the purchase thereof will ultimately prove underwriting these bonds at 90. Proceeds of the 63%% issue are to be used
acquisition.
profitable
for the purposes of the reorganization.
to be a
The $2,000,000 issue of 6% Gen. Mtge. bonds will constitute a second
"The directors were further influenced in omitting the dividend by tie
fact that the industry is passing through a process of stabilization. This lien on Pier 32 and its appurtenances and a lien upon substantially all of the
sequence
of
an
natural
unprecedented
and
development.
It
rapid
other _property of the new company. Practically all of the 6% issue, $1,is the
Is not surprising and need not shake confidence in the future."-V. 120. 940,5°0, are for exchange the existing Hudson Navigation 6s and Collateral
54 to the extent of 85% of the principal of these old issues.
p. 1210.
The $348,225 issue of Non-Voting Preferred stock is wholly for use in
Hercules Powder Co.-Quarterly Report.partial exchange for the existing New Jersey Steamboat 55 and interest
thereon.
1925.
1924.
1922.
Quarters end. Mar. 31.
1923.
The exchange plan is as follows: For each $1,000 of New Jersey Steamboat
$5,503,369 $5,171,399 $5,503,261 $4,243,659
Gross receipts
604,225
375,847 54. $1.000 in cash and $250 of new Preferred stock; for each $1,000 of
433,828
679,899
xNet earns., all sources_
182,010
179.369
177,160
160,834 Hudson Navigation 6s, $850 of new General Mortgage bonds and 4.35 shares
Pref. div.(1)(%)
of new Common stock; for each $1,000 of Hudson Navigation collateral 5s,
$422,215
$502,740
Balance, surplus
$254,460
$215,013 $850 of new General Mortgage bonds and 4.40 shares of new Common stock.
Outstanding issues of the company are: $1.392.900 New Jersey Steamboat
xAfter deducing all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation, 54, $2,080,000 Hudson Navigation 6s, $203.000 Hudson Navigation 5s and
$7,998,000 Capital stock. The company has been in receivership since
taxes, &c., also interest on Aetna bonds.
Feb. 17 1921.-V. 117, 1)• 2116.
Consolidated Balance Sheet March 31
1925.
1924.
1924.
1925.
Industrial Sugar Co.-Sale Cancelled.$
Liabilities$
$
$
AssetsDistrict Judge F. E. Houck on April 6 at Denver affirmed his decision
Plants & property _24,702,156 23,824,984 Common stock__ _14,300,000 14,300,000 of Nov. 21 1924, cancelling the sale of the Fort Lupton factory of the
10,294,900
Preferred
stock....
_10,406,100
1
507,235
1,624,103
Cash
3 464,275 3,688,875 Industrial Sugar Co. to the Independent Sugar Co.-V. 120, p. 1887.
Accts.receivable_ _ _3.490,536 3,541,746 Aetna bonds
316,510
Collateral loans... 500,000 1,930,000 Accounts payable_ 368,544
Inland Steel Co.-Earnings.-Pref.
div.
payable_
91,053
90,080
securiInvestment
Three Months Ended March 311925.
1924.
31,456
15,142
2,136,689 2,241,534 Deferred credits__
ties
$1,715,872 $2,775,753'
307,711 Net profits after expenses
3,933,008 1,438,814 Federal taxes (est.) 291,497
Liberty bonds..
Depreciation
and
depletion
537,301
309,014
3,392,608 2,887,927
Mat'is & supplies_ 2,935,694 3,517,738 Reserves
150,000
296,250
9,102,374 8,644,950 Interest and Federal taxes
Finished product_ _2,110,013 2,307.523 Profit and loss
Preferred
dividend
175.000
175,000
119,674
charges__
130,575
Deferred
Common dividend
739.249
739,249
41,445,907_40,546,096
41,445,907 40,546,097 Total
Total
Balance,surplus
$114,321 $1,256,240
-v.120, p. 825, 710.
-V. 120, p. 1754, 591.
Hill Manufacturing Co.-New Financing,&c.-
International Business Machines Corp.-Quar. Earns.
3 Mos.End. Mar.31- 1925.
1924.
The stockholders have authorized the issuance of $1,250,000 1st Mtge.
into new stock at the Net after bond interest,
63 % 10-Year Convertible bonds, to be convertible
res. deprec., &c
$747,481
$658,410
rate of 25 shares for each $1,000 bond. The stockholders also increased
'
Fed.tax93,481
82,410
the authorized capital stock by 31,250 shares to provide for bond conversion, Estimatedes
and changed the par value of the stock from $100 to no par value. The
Balance, surplus
$654,000
$576.000
bonds will be offered to stockholders at 98%.
Creditors have agreed to accept $120,000 bonds in part payment for pur- -V. 120, p. 1592, 459.
chase of machinery, and the directors of the company have agreed to take
International Paper Co.-Declared
120,000. The remaining $1,010,000 not taken by the stockholders will
e underwritten. After liquidating floating debt the company will have New 7% Cum. Pref. Stock-To Pay
net quick assets of $800,000, it is said.-V.120. p. 2018.
g
Hodenpyl, Hardy Securities Corp.-Securities Company
Organized.-
Announcement is made by Hodenpyl, Hardy dc Co., Inc., of the founding
of a new corporation to be known as Hodenpyl, Hardy Securities Corp.,
which will engage in the purchase and sale of investmentsecurlites, This
corporation will succeed to the business of the Bond Department of Hodenpyl, Hardy & Co., Inc., with greatly enlarged facilities for underwriting
and distributing securities of a high investment character. The personnel,
policies and business principles will remain unchanged.
Hodenpyl, Hardy & Co., Inc., have been prominent in the operation
the Central
and financing of large public utility situations throughout
West for nearly 25 years. Included in the properties are Commonwealth
Co.,
Power Corp., Consumers Power Co.(Michigan), Central Illinois Light
Illinois Power Co., Illinois Electric Power Co., Ohio Edison Co., Southern
Indiana Gas & Electric Co., Grand Rapids By.. Electric Railway Securities
Corp., Northern Ohio Traction 3c Light Co., Tennessee Electric Power Co..
&c.
The officers of the new organization will be: Pres., George E. Hardy:
V.-Presidents, Harry M.Tingle, James McMillen, Fred W. Hoover; Sec. &
Treas., Anton G. Hardy; Asst. Secs. & Asst. Treas., James S. Hastings,
0. Bruenmelster and C. H. May.
Offices will be maintained at 14 'Wall St., New York, and 231 So. LaSalle
St.. Chicago, with largely augmented private telephone and telegraph connections with all principal markets.
Holt Manufacturing Co.-Merger.-
1923.
1922.
$558,063
110,063
$40
52,37
0 74
4
$448,000
$352,000
Initial Dividend on
Accrued Dividends,
Amounting to 33 1-3%, on theWnstamped 6% Pref. Stock.-
The directors on April 29 declared an initial quarterly dividend of 1%%
on the new 7% Cumul. Pref. stock, payable July 15 to holders of record
July 7. The regular quarterly dividend of 13%% on the 6% Preferred
stock was also declared payable July 16 to holders of record July 7. This
dividend applies to both the stamped and unstamped 6% Prof. stocks.
An additional dividend was also declared of 33 1-3% on the unstamped
6% Preferred stock, payable May 18 to holders of record May 11. This
additional dividend represents the amount of dividends accumulated and
unpaid on this stock prior to Oct. 1 1916. Early in 1917 the company made
an offer of settlement for the accumulated dividend by toe payment of 14%
in Preferred stock, 12% In Common stock and 73%% tn,cash (V. 104, p. 563,
1049,2321). This offer has been accepted by over 97% of the 67,i Preferred
stockholders. The declaration of the 33 1-3% cash dividend will complete
the payment of all accumulations on the unstamped 6% Preferred stock
so that after making the payment only one class of 6% Preferred stock will
be outstanding, the stamped and unstamped stock being on the same basis.
(See also V. 120, p. 1211, 1592.).-V. 120, p. 2018.
International Petroleum Co., Ltd.-Dividend
No. 8.
A dividend of 25c. per share (in U.S. currency) has been declared payable
April 30 to holders of record April 27 upon presentation and delivery of
the coupons No. 8 attached to the bearer share warrants at the following
banks: The Royal Bank of Canada, 60 Church St., Toronto, Canada;
the Farmers' Loan & Trust Co., 16-22 William St., New York; the Farmers'
Loan & Trust Co., Ltd., 15 Cockspur St. London, S. W., England, or at
the offices of the International Petroleum do., Ltd.,56 Church St., Toronto,
Canada. A dividend of like amount was paid on June 30 and on Nov. 29
1924.-V. 119, p. 2538.
The stockholders will vote May 4 on approving the sale of all the asset
of the company to the Caterpillar Tractor Co. of California. formed for the
purpose of acquiring all the assets of the C. L. Best Tractor Co. (see above)
Jones Brothers Tea Co., Inc.-Earnings.and the Holt Mfg. Co.
Three Months Ended March 31The Holt company will receive as a consideration for the sale of its
1925.
1924.
in
company
new
Store
sales
stock,
the
capital
assets 171,683 shares of new company
$5,569,368 $5,509,106
Jobbing sales
addition agreeing to assume all outstanding liabilities.
248,759
1,027,059
Holders of 1st Pref. stock are entitled to receive $110 per share, together
Total sales
with dividends accrued to such time. To provide cash for this purpose
$5,818,127 $6,536,165
the company will sell a portion of the new stock received in consideration Net, after charges but before Federal taxes
$48,493
$77,526
for the sale of its assets, distributing the balance of such stock, subject -V. 120, p. 2018. 1755.
stockCommon
to the rights of the original Preferred stockholders, to
Kelvinator Corp. (Mich.).-Initial Dividend.holders.
The directors have declared an initial quarterly dividend of 3734 cents
piThe directors wish to offer holders of 1st Pref, stock the privilege of exchanging their stock for stock of the new company on the flat basis of per share, payable May 20 to holders of record May 8. (See also offering
4.7 shares of new stock for each share of 1st Pref. stock. The exchange of 50,000 shares of capital stock of no par value in V. 120, p. 711.)
privilege will expire on May 2 1925 and all stockholders who have failed to -V. 120, p. 2019.
THE CHRONICLE
MAY 2 1925.]
Keystone Tire & Rubber Co.-Annual Report.Calendar YearsGross loss on sales
Operating, &c., expenses
. 1924.
$141.586
103459
1923.
$59:664
260.509
1922.
$110.131
364.785
1921.
$60.899
514.765
Operating loss
Miscellaneous income_-
$245.045
12,572
$320.173
18.572
$474,916
32,322
$575.664
57.364
$232,473
Loss
45.380
Interest, taxes, &c
3,036,067
Dividends
Previous deficit
Refund of Fed.taxes.&c. cr. 8.489
Reserve for doubtful ac- 51.168
counts, &c
3301.601
106,146
$442.594
456,712
$518.300
159,739
2.538,578
1,468.128
384,624
89.742
171.144
495.485
Profit & loss Dec.31__ $3.356,599 $3,036.067 $2,538,578 $1,468,128
(John H.) Kirby.-Notes Offered.-An issue of $4,000,000
1st Mtge. Collateral Secured Serial 6% Gold notes, dated
April 1 1925 and due serially, 1926-1931, of John H. Kirby
(Pres. Kirby Lumber Co.) is offered by Lacey Securities
Corp. at prices yielding from 5.50% to 6%, according to
maturity.
2277
The net profits for the 3 months ending March 31 1925 were larger by
1630,729, or 13.3%, than for the same period in 1924. Management
estimates that net profits available for Common stock dividends during
1925 will be in excess of $330,000. This is equivalent to $1 74 per share
on the Common stock. This does not give effect to the increased business
which should ultimately be derived from additional branches now under
consideration.
Purpose.-Proceeds will be devoted, in part, to increasing working
capital to permit contemplated expansion of the business of the company
into certain cities on the Pacific Coast not at the present time directly
served by existing branches.-V. 110, p. 171.
Magma Copper Co.-Bonds Called.All of the outstanding 10-Year 7% Cony. Gold bonds, dated June 1 1922,
have been called for payment June 1 at 105 and interest at the Chase National Bank, trustee, 57 Broadway, New York City. The right to convert
these bonds into Common stock shall cease on May 22.-V. 120. p. 2019.
Maracaibo Oil Exploration Corp.(& Subs.).-Report.-
Consolidated Balance Sheet Dec. 31.
1923.
1924.
1924.
1923.
LiabilitiesAssets$
$
Cap.stk.& surplusz3,790,912 3.333,927
:Property, plant &
equipment _ _ _ _y$2,480,324 $2,312,270 Accts. payable...
537
2,009.
Cash
1,211,481 1,425.453 Accr. Int. on deb__
8,604
21.875
6.441 Funded debt
Accts. receivable
6,551
295,000
743,000
55,136
60,876
John H. Kirby is President of the Kirby Lumber Co., which is one of Materials & suppl_
295,771
the largest producers of lumber in the Southwest, its mills making an Deferred assets_ _ _ 340,561
ft.
the
comproductive
capacity
of
over
300,000,000
Earnings
of
annual
Total
Total
4.095,053 4,100,811
$4,095.053 $4,100,811
pany for six years ending Dec. 31 1924, available for sinking fund and
x After reserve for depreciation. y In 1924,also after deducting $800,000
Interest charges, have averaged $2,640,233 per annum.
received from South American Gulf Oil Corp. z Represented by 300,500
shares of no par value: amount paid in $2,605,800, due to property reLever Bros., Ltd., England.-Earnings.Dividends Paid
To
Carried valuation, $1,104,900; due to net earnings accumulated to Dec. 31 1924,
.Net
Preferred. Pref. Ord. Ordinary. P.C. Co-Part. Reserve. Forward $80,212.
Yr. Profit.
1920-£3,270,091 £2,158,483 £373,817 £456.000 20% £276,855 £4,936
Maryland Mortgage Co. (Delaware).-Stocks Sold.397,593 228,000 10% 219,715 250,000 £54,127
1921_ 4,035,516 2,886,080
1922. 4,625.018 2,889,208 1,000,043 233,918 10% 196,479 250.000 55,371 Robert Garrett & Sons, Baltimore, have sold $200,000 7%
1923_ 5.071.978 2,924,503 1,402,355 240,000 10% 197,427 250,000 57,693 Cumulative Prior Preferred stock and $200,000 7% Cumula1924_ 5,476.167 3.204,910 1.505,355 240,000 10% 219,589 250,000 55,312
tive Preferred stock, subject to allotment, in units of five
• After deducting debenture Interest -V. 119. p. 1402.
Loew's, Incorporated.-Earnings.-
shares of each issue, at $96, and dividend per share (with the
right to purchase four shares of the Common stock (no par
Sept. 1 '24 to Sept. 1 '2310 Sept.1'22 to Year End.
PeriodMar.15'25. Mar. 9 '24. Mar.11'23. Aug.31 '23. value) at $10 per share with each unit of ten shares of the
Gross IncomeTheatre receipts, rentals
Preferred stocks allotted).
and sales of films, &c_$28,760.836 $10,362,964 $9,495.754 $16.860,161
Pref. stock divs, payable semi-annually (J. & J.). The Prior Pref.
875.471
899,032
Rentals ofstores & offices
977.452
1,363.238
Booking fees & commis_
286,627
394,306
251,203
623,623 stock is red. at 105 and div., and the Pref, stock at 110 and div.. upon
60 days' notice. On the 7% Pref. stock the company agrees to refund.
Divs. rec. from cos, less
346,882
356.604
515,657 upon proper application. State, county and city personalty tax up to
than 100% owned__
Miscellaneousincome_ _ _
254.187
96.713
121.316
271.678 55c. per $100 assessed value in any State, or, in lieu thereof. State income
tax up to 45c. per share, wherever held. Exempt from normal Federal
$30,177,121 $12,099,898 $11,202,329 $19,634.355 Income tax. Registrar, Union Trust Co. of Maryland, Baltimore.
Listing.-Application will be made to list the Preferred issues on the
ExpensesTheatres & office bldgs_ -$14,425.942 $4.792,240 $5,055,425 $8,320,486 Baltimore Stock Exchange.
3,335.600
1.870,688
1,257,850 2,958.355
Data from L
@FedFRASER