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financial
The
on1ttierri31
INCLUDING
Railway & Industrial Compendium
State & Municipal Compendium
VOL. 120.
rtitudv
Public Utility Compendium
Railway Earnings Section
SATURDAY, MAY 23 1925.
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he Credit Granted by the Federal Reser
Bank to the Bank of England.
The arrangement by which the Federal Reserve
Bank of New York has agreed to place $200,000,000
gold at the disposal of the Bank of England in order
to assist that institution in the maintenance of the
gold standard in Great Britain is a legitimate subject for discussion. More than that, now that enough
time has elapsed to permit consideration of the matter in a calm and dispassionate way, it ought most
seriously to be discussed—not, of course, from the
standpolat of the merit of the undertaking, as to
which there is no question, but as to whether the
Federal Reserve Bank has any right or power to
enter into any such transaction.
We observe that at the annual meeting of the
United States Chamber of Commerce this week at
Washington, Pierre Jay, Chairman of the Federal
Reserve Bank of New York,is quoted as having said,
in an address before the finance group, that one of
the greatest services rendered American business,
and in fact the entire world [we are using the
report of the speech published, in the New York
"Tribune], was in the action of the Bank in
making the $200,000,000 gold available to the Bank of
England. No one questions the advantages to result
from the arrangement. The whole community is of
one mind in that respect. Nor, on the other hand,
does any one doubt that J. P. Morgan & Co., who
have simultaneously arranged to extend a credit of
$100,000,000 to the British Government, and who
Bank and Quotation Seesien
Bankers' Convention Section,
NO.3126.
have won eminence and distinction in that line of
undertaking, could in conjunction with other bankers have made full provision for the additional $200,000,000, without any intervention on the part of the
Federal Reserve Bank, and thereby achieved the
same happy result. The question of services rendered, therefore, may well be left out of the account
and it is certainly entirely apart from the question as
to the authority of the Reserve Bank to act at all in
the premises.
The most serious criticism of the action of the Reserve Bank has come from Oscar T. Crosby, Assistant Secretary of the Treasury in the Wilson Administration, and one of the American financial advisers
abroad during the war. Mr. Crosby challenges the
authority of the Reserve Bank to act as it has. He
does not question the purpose in view and he takes
it for granted that everyone is in hearty sympathy
with the move by which Great Britain returns to the
gold standard, and also with-the determination of all
parties to extend assistance to the fullest extent
possible and permissible. He commends J. P. Morgan & Co. for their part in the transaction, but well
says that Governmental agencies engaged in the
financial field can scarcely be left that perfect freedom which should be enjoyed by private capitalists.
And he adds that "it remains for the American people to consider how far, and under what conditions,
they desire that their public resources should be
placed, for any period of time, at the disposal of foreign Governments, without resort to the illuminating, though vexatious, processes of discussion as
over a treaty."
To us these strictures seem to rest on a sound
basis. In fact, we would go much further than Mr.
Crosby seems inclined to go. We cannot persuade
ourselves that the Federal Reserve Bank possesses
any authority at all to engage in an undertaking to
place $200,000,000 gold at the disposal of the Bank
of England, however meritorious such a proposition
may be. In a matter of that kind the Editor, if he
followed his inclinations, would preferably remain
silent, keeping in mind merely the wonderful good
to be accomplished and overlooking the method by
which the end is to be achieved. It is for that reason
that we have withheld comment for the last three
weeks. But it seems to us that we would be recreant
in our duty if we closed our eyes to doings and per-
2596
THE CHRONICLE
[VOL. 120.
formances on the part of those high in authority for eral Reserve note issues. These are defined in Secwhich no adequate sanction can be found in law and tion 16 of the Reserve Act. This says: "The said
fraught with such serious consequences should they notes shall be obligations of the United States and
become a precedent.
shall be receivable by all national and member banks
If the arrangement should by any possibility fall and Federal Reserve Banks, and for all taxes, cusstrictly within legal technicalities it would yet have toms and other public dues." Bear well in mind the
to be held as being utterly out of accord with the fact that the Federal Reserve Banks when they put
spirit of the law. It is certainly alien to the purpose out Federal Reserve notes are putting out "obligaof the Reserve Act. No one would have fancied at tions of the United States," and that the notes carry
the time of the enactment of the Federal Reserve law such legal tender qualities that everyone is obligated
that it contained any power or authority on the part to accept them.
of anyone connected with the Federal Reserve SysIs it to be supposed that Congress in passing the
tem to use $200,000,000 of its gold holdings for the Reserve Act intended to endow the Reserve Bank
benefit of a foreign bank or a foreign Government, with authority to acquire gold in this country, to be
no matter what advantages there might be in such a placed at the disposal of an outside nation, and
course.
simultaneously flood this country with Reserve notes
The Federal Reserve Bank ot New York in explain- in order to acquire the gold? Have we not here the
ing in its"Monthly Review" for May 1 what had been reductio ad absurdum?
done, said that "under the arrangement between the
And if now $200,000,000 gold may be placed at the
Reserve Bank and the Bank of England the credit disposal of Great Britain, the latter paying for it
could be made operative in the various ways pro- with some of her bills, what is there to prevent the
vided by Section 14 of the Federal Reserve Act. same thing being done next week or next month for
Sterling bills could be purchased by the Reserve Germany and the following week or month for
Banks, a deposit balance could be created and main- France or for some of the numerous other foreign
tained with the Bank of England, or gold could be countries? And none of these suggestions can be
ear-marked or exported. The precise form of use, if regarded untenable when it is recalled that a year
any, would depend upon the needs of the situation." ago the Federal Reserve Board gave its sanction to
But these are simply incidental powers, necessary to open market operations in German bills on the part
the conduct of any great central bank. The Reserve of the Federal Reserve Banks. And to the full extent
banks could not function without them. What is that- such foreign assistance stould be granted, Fedthere in the granting of these indispensable func- eral Reserve notes, "obligations of the United
tions to warrant the assumption that the resources States," would be put afloat in increasing amounts.
of the Reserve Banks, whether in gold or in some The idea that the framers of the Reserve Act inother form, can be set aside, in whole or in part, for tended anything of the kind is too preposterous to
the benefit of another institution or another country. believe. It will be said that we must credit the ReIt is not the existence of these incidental powers serve authorities with the possession of ordinary
that is in question, but the way it is proposed to use prudence, but the very fact that such perversion of
them. And where is authority to be found for such power would be possible, if the power existed, shows
use. Remember, that the Reserve Banks are not that it was not intended to be conveyed at all; hence
engaged in operations for their own benefit but for cannot by any inference be supposed to exist.
the benefit of another party. The character of the
It is to be noted,furthermore, that in the explananot
is
It
an
ordinary, tions of the arrangement givea in the House of Comtransaction is not in dispute.
every-day banking transaction. Nor can it be said mons it was stated that the arrangement is a "revolvto grow, even remotely, out of the daily business of ing" credit and that it is to continue for two years.
the Reserve institutions. It is in every way distinc- This means, as we understand it, that the $200,000,tiveand exceptional. It is in fact sui generis. The 000 would have to be kept continuously good, that is,
power to do such an unusual, such an extraordinary if any of it was used, further amounts of gold would
thing, is not to be implied or inferred. There must have to be set aside to keep the $200,000,000 intact.
be a specific grant of authority for it. Where is such Our own belief is that only very limited drafts, if any
specific grant to be found?
at all, will have to be made upon this $200,000,000
The matter becomes of especial importance when gold credit. We are lost in admiration of the comwe consider how the Reserve Banks come into pos- prehensive way in which Great Britain has dealt
session of their gold holdings. The gold comes to with this subject of the,resumption of gold payments.
them in one of two ways. Either it constitutes the It is characteristic of the thoroughness with which
reserve of the member banks, in which case the Re- such matters are always dealt with in Great Britain.
serve Banks are supposed to hold it intact as far as The dollars needed to pay th2 next two installments
possible, putting out Reserve notes rather than the on Great Britain's indebtedness to the United States
gold itself, when the member banks want to borrow have been accumulated in advance, and every precauback any of their reserves, or the gold is obtained tion has been taken against weakness or attack from
directly by the issuance of Reserve notes, the gold in any direction and from every source.
Therefore, it seems unlikely that the Bank of Engthat case constituting the collateral behind the notes.
Now, consider the character and attributes of Fed- land will have to avail to any appreciable extent of
MAY 23 1925.]
TFTE CHRONICLE
the revolving gold fund which the Federal Reserve
Banks are putting at its command. But that has
nothing to do with the questi Ai whether Congress intended to clothe the Reserve Banks with any such
authority. If the authority exists, it must be deemed
to have been conferred by inadvertence and we for
one believe it ought to be speedily taken away. The
power to flood domestic circulation with "obligations
of the United States" for the purpose of extending
aid abroad, ought not to be vested in any body of
men, even though they be gifted with omniscience
and possess the virtue of saints.
Mr. Crosby, in his remarks, to which we referred
above, expressed the opinion that the Federal Reserve Board should be required to pass upon such
transactions. That would not change the situation
in the slightest degree. Neither the Federal Reserve
Banks alone, nor the Reserve Banks in conjunction
with the Reserve Board, should be vested with such
extraordinary powers. We would go even further.
Not even the Government itself, that is the President
and the Administration, should be vested with such
huge and prodigious attributes of authority—to exercise unchecked control in the putting out of "obligations of the United States"—to be used willy or
nilly and at blind discretion.
The affair goes to furnish one more reason why
the Reserve Banks should be deprived of their authority to issue Reserve notes against the acquisition of
gold, instead of merely upon the deposit of commercial paper, and why they should be deprived of their
other war amendments. Only moderate gold holdings are needed for their proper functioning, while
the right to acquire all the gold in the country is a
menace and certain to lead to abuse. There are over
a billion Reserve notes in circulation to-day which
would not be out if the Reserve Banks functioned as
they should, since the notes are not needed by trade.
As a consequence, another rampant speculation has
broken out on the Stock Exchange which will be attended by the same disastrous results as before. At
such a time the prospect of a further saturation of
note issues through the entry of the Reserve Banks
into the foreign field cannot be viewed with unconcern.
The Financial Situation.
The chief event of the week has been the advance
in sterling exchange on Wednesday to 486 3-16, or
within ys cent of par. This happened, too, at a time
when rates on many of the Continental centres declined, because, as alleged, of the pressure that the
United States is bringing to bear on the countries
indebted to it to induce them to begin to think seriously of negotiating some kind of a settlement of
such indebtedness. At the same time the Bank of
England in its weekly return this week showed a
net gain in its bullion holdings of £2,291,347, this
following the large loss of £1,066,399 last week. The
rise in sterling is a further circumstance going to
show the consummate skill with which Great Britain
has carried out and perfected the plans which have
brought it back to the gold basis. Another encouraging development has been the more favorable ac-
2597
counts that have come to hand regarding some
branches of domestic trade with the signs of revival
exceedingly faint however as yet.
Reports from the iron and steel industry are distinctly more hopeful, though it remains to be seen
whether tangible results are to follow. At the present the most that can be said is that the downward
tendency of prices appears to have been arrested and
that the shrinkage in production seems also to be
approaching its end. The wonderful activity of the
automobile industry continues unabated, and that in
itself is evidence at least of a satisfactory state of
employment. Otherwise the working classes would
not be in position to buy so freely. The output of
automobiles has been increasing month by month
this year, while last year the reverse was the case.
The official statistics for April have appeared this
week, and they show that the make of passenger cars
in the United States and Canada rose from 212,921
in January to 252,803 in February, then to 332,150 in
March and now to 391,301 in April. Last year, on
the other hand, the output was 293,824 in January,
343,460 in February and 357,045 in March, after
which there was a drop to 346,405 in April, to 286,324
in May and to 225,079 in June. In like manner the
production of motor trucks has been steadily increasing. It is confidently predicted, too, that the
May record will beat the April record at least by
20,000 cars. An unfortunate feature in this industry
is the great advance in the price of crude rubber.
This has the effect of raising the cost of tires. Crude
rubber took a further spectacular splurge upward
early in the week and touched 70 cents a pound, as
against only 17 cents about a year ago. The last
few days, however, the price has weakened again,
with a drop to about 60 cents. The activity of the
automobile trade has brought a great increase in
the demand for rubber, but at the bottom the trouble
lies with the Stevenson restriction policy.
The stock market is again furnishing occasion for
concern and alarm. Speculation on the Stock Exchange is once more becoming reckless. The last
three days transactions have averaged over 2,000,000
shares a day and the pace is becoming fast and furious. Many share properties of merit may even yet
be selling below their intrinsic worth, notwithstanding the great rise in them that has already occurred.
But as to the vast majority that is not the case.
Stocks are being whirled upward,not because of their
real worth, but because the speculator or the room
trader sees an opportunity for making a quick profit.
This week, for instance, the common and preferred
shares of the Milwaukee & St. Paul have been boosted
up several points. Whatever may be the result of
the investigation which the Inter-State Commerce
Commission has just ordered into the receivership of
that company, an assessment on these shares, and a
very heavy one at that, appears certain. Yet a sharp
advance in them has been engineered. The Federal
Reserve Banks by their policy of saturating credit
and currency alike, beyond the needs of trade, have
made the speculation possible, indeed inevitable. It
is a time for the exercise of the greatest discretion.
The settlement of inter-Allied war debts is the outstanding problem to which attention has been given
in the leading capitals. On May 15 "the French Cabinet charged Foreign Minister Briand and Finance
Minister Caillaux 'to study the solution of the ques-
2598
THE CHRONICLE
LvoL. 120.
tion of inter-Allied debts.'" The New York "Times" that the time seems to have arrived when concrete
-correspondent at that centre cabled the same evening negotiations looking to debt adjustment are in orthat "in Paris this is construed as formal French der." He explained that "Great Britain, Hungary,
-recognition of its debt to Britain and the United Finland, Lithuania and Poland have completed fund-States and therefore the action has basic importance. ing arrangements with the Debt Commission, a body
However, it would be easy to overestimate the sign!- created by Act of Congress. The nine nations which
licence of the action taken to-day, for it is learned in effect are now being called upon to follow the ex-that during the Cabinet discussion it was brought ample of these five nations are France, Italy, Bel-out that Ambassador Herrick has conveyed the wish gium, Greece, Rumania, Czechoslovakia, the King-of the American Government that France send a com- dom of the Serbs, Croats and Slovenes, otherwise
mission to Washington to negotiate a debt settle- Jugoslavia; Esthonia and Latvia. Russia, Armenia
ment in the near future. The majority of the Min- and Liberia, the other war-time debtor nations, do
isters expressed the opinion that no such action not figure in the present effort to produce an adjustcould be taken at present, and not before France had ment of indebtedness." Continuing to outline the
balanced her budget." He added that, "while it is situation according to his information, he said: "In
hoped that this will be done in the first days of June, confirming the fact that steps had been taken toward
it is well to note that the French would prefer to have debt settlements, Administration officials were careAmerican agents negotiate here rather than send a ful to point out that there has been no move having
delegation to America."
the color or suggestion of a peremptory demand.
The Paris representative of the New York "Herald According to officials, the State Department is conTribune" appeared to have much more direct and ducting exchanges on the subject through its Ambaspositive information as to what had been done. He sadors and Ministers in the capitals of the nations
said in part that "the first concrete official move affected and the function of our diplomatic representoward funding France's war c'ebts of $4,000,000,000 tatives is merely to carry out the wishes of the Debt
to the United States and $3,000,000,000 to Great Commission. While one statement made in an auBritain was made to-day when Premier Painleve's thoritative quarter to-day was interpreted as meanCabinet assigned Foreign Minister Briand and Fi- ing that this Government had sent a circular note to
nance Minister Caillaux to study means of beginning the nine debtor nations, expressing its conclusion
negotiations openly in the briefest possible time. Ap- that the time had arrived for definite funding operapointment of a French debt funding committee was tions, the fact appears to be that the procedure has
authorized by the Government, to deal directly with not taken on such a form, suggestive of a demand,
the American Congressional committee, and it is ex- but has been definite enough, in the representations
pected to depart for Washington without much delay. made by our diplomatic officers, to show that this
The Cabinet decided the debt question must be solved Government believes that a more concrete basis for
because it was handicapping France in her general discussing war-time and post-war debts should be
dealings." Continuing, the same correspondent reached."
field: . "The first difficulty confronting Briand and
.Although French Government officials had signiCaillaux is that they will be called on to deal simultaneously with the United States and Great Britain fied their determination to find a way to settle their
regarding debts. The latter already has accepted in war debts, the Paris representative of the New York
principle the proposed French method of paying her "Times"in a cablegram on May 17 indicated that the
obligations in ratio to her receipts from Germany French people are not of the same mind. He said
under the Dawes reparations plan. The United that "French official sentiment—which is not the
States has given no opinion of any system as yet, but same as French popular sentiment—appears to be
officials here professed to have some assurance that set upon a serious effort to satisfy the American and
Washington was ready to grant a moratorium of English creditors of France. While French popular
from five to fifteen years, or possibly eight to ten opinion is dead set against making a definite aryears. The French Government is aware it will be rangement for the foreign war debt before being
necessary to deal directly with a Congressional com- assured of payment by Germany, French political
mittee in Washington, and to this end it decided to leaders, realizing the enormous disadvantage inter-send a strong group, headed by a financier and rep- nationally under which the country labors as a
resentatives of the Senate and Chamber of Deputies. doubted debtor, are now prepared to make the best
Foreign Office and Treasury representatives will offer they think France can carry out." He added
that "in an effort to satisfy French opinion they will
complete the delegation."
try one way or another to lin.: payments to America
While French Government officials were reported and Great Britain with payments by Germany under
to have claimed that the Cabinet had acted wholly the Dawes plan. Experts of the Finance Ministry
upon its own initiative, Paris correspondents indi- have calculated that under tha normal working of the
cated clearly that the Cabinet had learned that the Dawes plan France can devota a maximum of 2,000 •
Washington Government had decided that the time 000,000 francs paper annually to liquidation of the
had come when the European Governments that had foreign debt, leaving it to the generosity and selfborrowed from this country should show what they interest of England and America to consent to an
intended to do about these obligations. That the arrangement to transfer those paper francs into forlatter information was correct was confirmed in eign money without damaging French exchange,
Washington dispatches on May 16. The New York it being reckoned that Americans would at least
"Times" correspondent at the national capital said grant a transfer arrangement similar to that recomthat "nine of the foreign Governments which bor- mended for Germany." As to the attitude of the
rowed from the United States during the World War Paris press, he said that "all the Paris papers to-day
and subsequent to the armistice have received more 1 display a dispatch from Washington saying the
or less pointed suggestions from this Government American Government has now formally called on
MAY 23 1925.]
THE CHRONICLE
its debtors to settle up. One finds to-day in the
French capital some confusion on the issue. Before
having full information Paris does not know whether
the summons comes from the Debt Funding Commission or the State Department. In his talks with
French officials so far, Amba3sador Herrick has been
speaking for the Debt Commibsion, but it is pretty
generally known here that Foreign Minister Briand
has taken the stand that Ambassadors should address themselves to him rath:r than to Finance Minister Caillaux. As might be expected, all the comment is not kind to America. A great many Frenchmen think the United States might have waited a
little while longer and not called on France at a time
when she faces the task of balancing the budget and
taking serious steps to put her domestic finances in
order, and also at the moment when important security negotiations make the French wish to be as completely independent as possible."
In outlining the latest developments in the situation in Paris that had become available, the representative of the New York "Herald Tribune" cabled,
also on May 17, that "Finance Minister Caillaux.
pressed by members of the Cabinet and leading bankers and industrialists, was considering to-night the
issuance of a candid, business-like statement setting
forth once for all France's stand on settling her war
debts to the United States and Great Britain." He
stated that "such a statement, unprecedented in the
history of France's debt discussions, would refrain
wholly from any of the previous sentimental appeals.
There would be no mention of France's losses in men
and money in the war, of the strugle to rebuild the
devastated area and of the inability to force Germany to pay reparations." Going still further, he
said that "Caillaux is considerably impressed with
this advice for a purely financial analysis of the
situation, and it was said to-night that he might
issue such a statement even before the way is paved
for sending the proposed debt funding mission to
Washington. This committee, it is said, will have no
power to make any arrangement for funding France's
$4,000,000,000 debt to the United States, but must
refer its negotiations with the American Debt Commission to Parliament for approval."
As to the effect in London of the Washington announcement relative to the European war debtors
of the United States, the London correspondent of
the New York "Evening Post" said in a dispatch
Monday evening that "the news from Washington
that the United States Government has asked its war
debtors to come forward and say what they intend
to do toward payment has caused widespread comment here. Newspapers thus far have declined to
editorialize because they did not believe that, at this
stage, it was any of England's business. If negotiations proceed, however, as President Coolidge suggests, there probably will be plenty of public comment to the effect that if these countries can make
arrangements, however lenient the terms, to pay the
United States, why cannot Great Britain collect
something that is owing to her?" Commenting upon
the situation further, he said: "The American suggestion is taken here as being aimed primarily at
France, and the news from all sources indicates the
other countries will wait upon France to become the
peacemaker." He added that "it is also interpreted
here, as emphasized in a dispatch from Washington
2599
to the 'Sunday Observer,' that Washington wants to
bring definitely to the notice of the European countries that they have obligations to meet, and they
should be met before more millions are turned into
war equipment. That idea is well received in London, but should France agree to pay the United
States anything and not make some debt arrangements with England, it simply will mean another
irritant between Paris and London. Some of thes
are beginning to spring up again and, notwithstwiding recent statements that France and Britain have
agreed upon the principles of a note to be sent to
Germany in answer to her security proposal, many
difficulties have arisen. Prime Minister Baldwin is
credited with the idea of 'give Germany a chance,'
while Foreign Secretary Chamberlain, without a
doubt, shares French ideas more strongly than any
other Cabinet Minister." It was stated in a special
wireless message from London to the New York
"Times" on the evening of May 18 that,"in the House
of Commons this afternoon, the Prime Minister Informed Mr. Erskine that the Government could not
see any advantage in adopting the suggestion of giving France and other Allied debtors a time limit in
which to formulate proposals for setlement of their
war debt obligations."
During the early days of the week definite information was not forthcoming in either French or
American official circles as to the exact nature of
the comunications that had been exchanged by the
Governments of the two countries as to the war debt
matter. In a cablegram Monday evening, the Paris
correspondent of the New York "Times" said that "it
was said at the Quai d'Orsay to-night that no debt
note had been received from Washington and none
was expected. It was added that information obtained by Paris from Washington indicated that
there had been exaggeration of the intentions of the
American Government." He added that, "however,
the French Government realizes America would welcome proposals and that it would be to the interest
of France to make them. Foreign Minister Briand
and Finance Minister Caillaux were last week named
by the Cabinet to work out plans looking to negotiations; in a word, they form a French Debt Funding
Commission which expects sooner or later to open
conversations with the American Debt Funding Commission. Within the next few weeks they will form
from among the Foreign Office and Treasury experts
and from among the Financial and Foreign Affairs
Commissions of the Chamber and Senate a commission to help them in the work of examining the whole
debt situation and reporting to them. On that report they will proceed to formulate their instructions
to the Commission, which will be sent to America to
conduct negotiations should it prove impossible for
Washington to send a commission to Paris. That is
as far as affairs have gone to date, and it may be
added that it is only the courtesy with which all
discUssion of the debt question has been hitherto
conducted by Ambassador Herrick and by the Government at Washington that has prevented the whole
matter from being embittered by repeated false reports of reminder notes and summonses from the
Debt Funding Commission."
According to an Associated Press dispatch from
Paris last evening, "the French Cabinet at a meeting to-day approved the preliminary measures of
Finance Minister Caillaux for the balancing of the
L 2600
[VOL. 120.
THE CHRONICLE
budget. Details were not revealed, but it is understood the plans include the levying of additional
taxation and the withdrawal of receipts from Germany under the Dawes plan payments from the
budget, so a part can be devoted to payment of interAllied debts. M. Caillaux reiterated that the French
Government had sent no note to Washington regarding France's debts to the United States. The finance
bill will be presented to the Chamber of Deputies
Monday."
Announcement was made in Brussels on May 18
by the Belgian Foreign Office that "the Belgian Ambassador to the United States, Baron Cartier de
Marchienne,is coming to Brussels to confer with the
new Premier, Aloys Van de Vyvere, who also holds
the portfolio of Minister of Finance, on the question
of Belgium's debt to the United States. He will sail
from New York on June 9."
The same day word came from Rome that "almost
simultaneously with the receipt of the report from
London through an English news agency that the
United States is calling upon debtor nations to begin
negotiations for adjustment, Tomasso Tittoni, President of the Senate and former Foreign Minister, in
a speech at Viterbo, made a strong plea for cancellation of inter-Allied indebtedness. Italy, he said,
must insist on the Allies granting to her conditions
at least as good as she granted to Hungary and Austria which were vanquished in the war, and then
immediately went on to explain that Italy not only
never received a single cent from these two States,
but indeed contributed heavily to the Austrian relief fund." According to a special wireless message
to the New York "Times" from the Italian capital,
"this opinion, however, is not shared by official circles which believe the payment of debts would result
in an increase of Italian credit abroad sufficient to
compensate for the fiscal sacrifi-es which such payments would entail. It is believed, in addition, that
if America is willing to deal leniently with the poorer
debtor Sates, Italy, if she can maintain her present
rate of progress, should be ab:.3 within a few years to
make a start in paying her debts without increasing
the present rate of taxation, which, averaging as it
now does, 25% of the total earnings of all classes of
the population, is considered to have reached the utmost possible limit."
of inferiority
nations.'"
with
respect
to
conquered
In an Associated Press cable message from Paris
Tuesday evening it was stated that "Premier Painleve, M. Briand, the Foreign Minister, and M. Calllaux, Finance Minister, went over the French financial situation together that evening and took under
advisement particularly the question of inter-Allied
debts. At the conclusion of the conference the official spokesman of the Quai d'Orsay announced to the
correspondents: 'The inter-Allied debts question
may now be said to have entered the state of real
official negotiations. If the negotiations are not
yet in an officially international state,internal study
of the question here makes it certain that they will
be within a few days. The Ministers of Foreign Affairs and Finance will confer again this week for the
purpose of drawing up suggestions to be presented
to the United States Government. M. Briand will
be assisted by competent Foreign Office authorities,
including M. Berthelot, General Secretary of the
Ministry, and M. Seydoux, Director of Political Affairs.'" The New York "Times" representative at
the same centre declared in a dispatch to his paper
the same evening that in endeavoring to find a way
to settle her War debts to the United States, "the
prime motive of the French is to regain their international independence." He added that "what is in
Briand's mind is that so long as France stands in
her present financial relation to America she is not
independent, for the reason that she cannot afford •
to antagonize America on international questions.
What Briand wants is to get France where she can
act freely with regard to American advice, and he
feels that she is not in that position now."
The assertion was made by the Paris correspondent of the New York "Herald Tribune" in a cablegram on May 20 that "Charles S. Dewey, Assistant
Secretary of the United States Treasury, who is en
route to Europe to clear up the war debt situation,
will be able to send to Washington soon after his
arrival in Paris a general indication of France's official views on paying the $4,000,000,000 she owes. A
concrete funding proposal from France is considered
here to be impossible until after passage of the
budget bill by Parliament, and all debt activity will
be suspended until Dewey has arrived and conferred
on
Senate
with Finance Minister Caillaux, Foreign Minister
the
in
speech
a
in
Mussolini,
Premier
recGovernment
and, possibly, Premier Painleve."
Briand,
Italian
"the
that
declared
May 20
shall
Italy
that
intends
and
debts
war
its
ognizes
The campaign in Morocco has been rather discourmake good its liabilities to the last cent permitted
The
situation."
aging
mic
from the French point of view. Quite severe
econ
future
and
present
its
by
New York "Times" correspondent in Rome said that losses are said to have been encountered, which ne"this st: tement was received with loud cheers by the cessitated the bringing in of re-enforcements. At
entire Senate," and added that,"amid renewed cheers home it is claimed that the Morocco war is making
the Premier continued: 'When the greatness of the political trouble for the present Ministry. On May
sacrifices we sustained in the war and the smallness 19 the Paris correspondent of the New York "Times"
of our national resources are taken into account, cabled that, "while on the Riff front little action is
however, it is evident that creditor States should reported, the political effect of the campaign is begrant us in return something more than a most ginning to have a serious outlook in Paris. On Monfavored nation clause. If we a..3 required to pay we day next the Chamber will meet again, and almost
must be placed in condition to be able to pay. It is at once it is expected there will be interpellations on
.equally evident that we must have a moratorium to the origin and conduct of the Riff war. The Comconsolidate our financial position, as then we will munists, who from the first have denounced the
be in a position to begin payments immediately. The whole expedition and openly advocated the indemoratorium, in addition, will have to be a long one. pendence of the Riffs, will lead the attack on the
It would indeed be painful if we should find our Government." The correspondent further declared
former allies wishing to place us in conditions that,"but what is disquieting now is that the Social-
MAY 23 1925.]
THE CHRONICLE
2601
ists and even the Radical Socialists, who form
the
Word came from Rabat, French Moro
Government majority, have begun to ques
cco, on May
tion the 21, through an Associated Pres
s dispatch that "the
soundness of the Government's actions and
leader- French have 50,000 men along the
125-mile front in
ship. To-day the Radical Socialist newspape
r 'Quo- the northern part of the French
zone, braced for an
tidie.n,' while not openly declaring against the
cam- early attack by the Riffians, who
it is believed will
paign, demands that the truth be told. The
Socialist aim at cutting the railway between
Fez and Oudja."
organs, which before the great war alwa
ys openly It was added that,"meanwhile
the French are trying
opposed colonial expansion by France
in North to liberate a number of their
advanced posts in the
Africa, are more frank in their criticisms
, and it is Taounat region, which the Riffi
ans have surrounded
reported in the Chamber lobbies that a
movement has and are besieging. The French
troops are not numerbegun among them to abstain from voting
confidence ous enough to hold a single, solid
line, and it is for
in the Government when a vote is taken on
the va- this reason that such small posts
are established.
rious interpellations." Going still further in
his out- The method is to advance, establish
the posts and
line of the situation, he asserted that "if
this should then retire, leaving the big masses
of troops free to
happen, and there are many indications
that it will act wherever necessary along the fron
t"
happen, the Government will be forced into
a position which is almost certain to cause Prem
ier PainThe opinion regarding the election of form
er Field
leve's resignation. When he took office it was
on the Marshal Paul von Hindenburg as Pres
ident of the
clear and definite undertsaing that he
would con- German Republic and regarding
his acts since the
tinue only if he held the support of the two
Left par- inauguration last week, has continue
d favorable in
ties combined. Should the Socialists abst
ain from the main, both in his own country
and abroad. Forvoting that support—and it is not unlikely
that some eign Minister Stresemann made
a speech in the
Radical Socialists will join them—the Prem
ier will Reichstag on Monday, in which
he outlined the forhave to depend on the votes of the Right
for a major- eign policy of Germany. The
Berlin representative
ity, and this he will not do. His resignatio
n within of the New York "Times" cabled
that "the theme of
a week of the reopening of Parliament is bein
g freely Herr Stresemann's speech, which
lasted more than
predicted, for as Premier and War
Minister he is an hour and a half, was containe
d in the following
doubtly responsible for the Moroccan affai
rs."
statement: 'The dispute between the
Entente and
Germany does not hinge on the fulfillmen
Premier Painleve, on May 20, issued
t or nona statement fulfillment of this or that claus
e of the Versailles
in which he denied severe French losses
in Morocco Treaty. It hinges on the question
of whether respect
and defended the campaign of Marshal
Lyautey, the and equality can be denied for an indef
Governor-General of French Morocco.
inite period
The Paris to a cultured nation of 60,000,000
souls.'" Conrepresentative of the Associated Press
said that "the tinuing to outline this feature of
the speech, the corPremier disclaims any idea of colonial
expansion, respondent said: "Though Germany
has not reand declares the Government's only end
is to main- .ceived an answer from the Entente
on her security
tain peace, which policy Marshal Lyautey
is pursu- pact proposals—which naturally
rather cramped
ing faithfully."
him in his speech to-day—Stresemann never
In discussing the situation caused by
theless
the trouble went deeply into the whole ques
tion of Germany's
in Morocco the Paris representative of
the New York foreign relations. Again he pain
ted for his audience
"Times" called attention to the foll
owing features: a picture of a disarmed, peaceful
Germany, thwarted
"Coming at the moment when peac
e compact nego- in her efforts to promote world
peace by unjustified
tiations with Germany have opened
most inauspi- suspicions held by the Entente.
He insisted that
ciously with Dr. Stresemann's claim for
full German Germany must have a voice in
the
regul
.liberty and revision of the treaty stipu
ation of her
lations con- affairs if European peace is
to be assured." He furcerning the Eastern frontier, it is at least
a misfor- ther said that, "referring to Germ
any's entry into
tune of very real magnitude, it is felt, that
the mili- the League of Nations, Herr
Stresemann repeated
tary strength of France should be in dang
er of de- what German spokesmen alre
ady have stated, viz.,
pletion through the necessity of sending
so many that a disarmed Germany cann
ot undertake any warmen to Morocco. Further, the financial
aspect of like move such as would
be possible to nations
the Riffian campaign is causing great uneas
iness. which have not disarmed. This
German view has not
For the transport of men and supplies
the French been taken into account
at Geneva by the League's
have to employ foreign tonnage. A consi
derable Council, he said." Accordin
g to the same correamount of the army purchases have
to be made spondent also,"Herr Stre
semann then reiterated the
abroad in countries where the exchange
is high, and German Government's
intention to carry out the
added to that is the cost of maintaining
the army, Dawes plan. So far,
Germany has fulfilled all of
even though largely composed of native
troops, in her obligations under the
plan, he said, and she
the torrid climate of Northern Africa thro
ugh the means to continue doing
so, despite changes in her
summer months in a district which is cut
off from Government He also took
up the recent improvethe seaboard and extremely difficult of access.
These ment in the relations betw
een Germany and other
two features of the campaign—its cost in man
power nations. Among these he
especially enumerated tl! •
and its cost in money—are becoming a matt
er of United States, Mexico and
Japan. The United
very serious concern to the Government, and
it is States, he declared, is the
most active nation in furlittle comfort to declare that the position is none
of thering the economic restoratio
n of Europe, adding
French seeking, but has been forced on them
by the that no nation could view
this American activity
failure of the Spaniards to keep control of their
part with more pleasure than Germany.
" As to relations
of Morocco and by the invasion by the Riffs
of the with the United States, he
said: "I am glad to state
French zone; with the consequent uprising amon
g that our relations with the Unit
ed States are entirely
some formerly well-disposed tribes."
satisfactory. The valuable credits
wherewith American finance has helped us recently
were most im
2602
THE CHRONICLE
Vol,. 120.
features overwhelmed the good. Passage of the bill,
he said, would disrupt the serenity of family life
without bringing any real social benefit. Deputy
Martire said nobody in Italy ever questioned the
spiritual equality between women and men, and it
was time to give tangible form to this feeling by
As early as last Wednesday opposition on the part now
g to women not only municipal but the full
grantin
Gerof the Socialists to the present Government of
political franchise."
many developed in the Reichstag. In a wireless mesYork
New
sage the Berlin correspondent of the
The Premier won another political victory on May
"Times" said that "the Socialists to-day brought for18. The Rome correspondent of the Associated Press
ward their motion for a vote of lack of confidence in
cabled on that date that "the Italian Senate to-day
the Government, based on the latter's tendency toadopted Premier Mussolini's army reform measure
ward the Right parties and on the protective tariff
by 160 votes to 28, after a sharp debate in which the
proposals submitted by it yesterday to the National
Premier and Thaon di Revel, ex-Naval Minister, were
Council. The motion was rejected by a vote of 214
the principal orators." It was added that "Admiral
to 129. Twenty-five members refrained from votdi Revel strongly criticised the proposed reform on
ing." Continuing his account of the proceedings, the ground that it gave too much power to the army
the correspondent said: "During the Reichstag deand made the navy take a secondary position in the
bate preceding the vote the Socialist Spokesman, Herr Italian armed forces. Premier Mussolini defended
Landsberg, declared that the Government did not
his bill by arguing that in any organization looking
inspire confidence because its conciliatory foreign
toward the greatest efficiency there must be a repolicy initiated by Chancellor Luther and Foreign
sponsible, indisputable head, and that this head
Minister Stresemann was incompatible with the
be embodied in the army because of the army's
strong Governmental tendency toward the Right. should
prestige."
ted
undoub
Referring to yesterday's Reichstag speech by Count
s of the Italian Parliament appear to
branche
Both
Westarp, the noted Right leader, Herr Landsberg
larly active in recent days in passparticu
been
have
asked: 'How can the world be expected to trust th2
by Mussolini. On May 19 it was
favored
bills
ing
foreign policy of the Government when the most imannounced that "by 304 votes to 0 the Chamber of
portant orator in the strongest Government party is
Deputies to-day approved Premier Mussolini's bill
diametrically opposed to the Foreign Minister?'
secret societies. There were no opposing
Herr Landsberg also announced: 'We Socialists against
votes because the Opposition in the Chamber—so
have no confidence in a plutocratic Government facalled to distinguish it from the Aventine Opposition,
voring an usurious bread tariff. Toward such a
which boycotted Parliament—headed by the three
Government we feel only distrust and hostility.'"
Premiers, Giolitti, Orlando and Salandra,
former
According to a special Berlin dispatch to the New
decided not to intervene in to-day's sitting. The
York "Herald Tribune" the same evening, "the vicOpposition wishes to have the whole responsibility
tory in the Reichstag to-day is expected to assure
for such an important measure borne by the Paseisti
its [the Luther Cabinet] life over the summer at
alone." The New York "Times" representative in
least."
Rome explained that "the measure makes it obligaupon all secret societies and associations to
Changes in political affairs in Europe, as well as tory
the police, on request, a full list of their memsupply
in the United States, are taking place in rapid
bers. It also prohibits all Government employees
sequence. Until a very few years ago it would not
from belonging to any secret society or any society
have been believed that soon women would be elected which requires its members to take an oath. The
to the British House of Commons, but they are there, Fascisti make no secret of the fact that it is aimed
of
and undoubtedly to stay. On May 21 "the House
against Freemasonry, which, in Italy, plays an imAsLord
80
to
78
of
vote
close
Lords rejected by the
sit portant part in politics and has assumed a decided
tor's bill to enable peeresses in their own right to
comes stand against Fascismo."
and vote in the House of Lords." And now
allow
Premier Mussolini of Italy with a decision to
Word came from Brussels last evening that "the
The
s.
women the right to vote in municipal election
grant- recently formed Cabinet of Premier Aloys Van de
Chamber of Deputies, on May 15, passed a bill
the Vyvere was overthrown to-day by a non-confidence
ing them suffrage to that extent. Apparently
corre- vote in the Chamber of Deputies of 73 to 98, with
bill did not go through smoothly. The Rome
that "the nine not voting. Van de Vyvere and the entire Cabispondent of the New York "Times" cabled
which numer- net presented their resignation to the King." It was
bill was passed after a lively scene in
Communist added that "Emile Vandervelde, Socialist leader,
ous Fascist Deputies rushed toward the
Sergeant-at- and Baron Charles de Broqueville attempted unsucbenches, but were prevented by the
Previously cessfully to form Cabinets. The stalemate was not
Arms from attacking the Communists.
n the relieved until May 13, when M. Van de Vyvere sucbetwee
there had been an exchange of insults
said that ceeded in forming a Cabinet. But it had been preCommunists and Fascisti." Continuing, he
in Pre- dicted that it would be overthrown, as it.was to-day,
"Deputy Manaresi expressed full confidence
to the as soon as Parliament was called upon to give it conmier Mussolini, but declared he was opposed
par- fidence. Burgomaster Max of Brussels on behalf of
bill on the ground that it did not admit of the
the the Liberals introduced the motion of non-confiticipation by women in the administrative life of
dence. The Socialists, led by Emile Vandervelde,
country. To show discipline to the Fascist Party,
who recently failed to form a Cabinet to succeed that
reahowever, he said he would accept the bill for the
of
former Premier Theunis, supported the motion.
The
ni.
sons previously expounded by Signor Mussoli
Liberals and Socialists voted solidly against
The
and
good
Deputy then discussed what he termed the
ment, which makes it seem probable that
Govern
the
bad
the
that
bad features of the bill and declared
portant to our exhausted economic elements. In
other directions also all signs point to the fact that
the understanding of Germany is increasing in the
great transatlantic republic."
MAY 231925.]
THE CHRONICLE
2603
Parliament may be dissolved and new general
elec- the year previous. The Bank cont
inues to report
tions called."
small gains in the gold item, the increase
this week
being 161,375 francs. The Bank's gold hold
According to a dispatch from Berlin, unde
ings are
r date of thus brought up to 5,546,52
0,575 francs, which
May 19, the German Gold Discount Bank, whic
h is compares with 5,542,770,378 fran
cs at the corresdistinct from the Reichsbank, has reduced
its dis- ponding date last year and with
5,537,242,485 francs
count rate from 8 to 7%. The Imperial Bank
of the year before; of the foregoing amou
nts 1,864,320,India has again reduced its discount rate—to
6%, 907 francs were held abroad in both
1925 and 1924
from 7%. Aside from these changes, offic
ial dis- and 1,864,344,927 francs in 1923
. During the week
count rates at leading European centres
continue
to be quoted at 9% in Berlin; 7% in Paris and Den- silver was increased by 38,000 francs. On the
other hand, decreases were registered in the
mark; 6% in Italy and Norway; 51/
various
2% in Belgium other items as follows:
Bills discounted, 431,457,000
and Sweden; 5% in London and Madrid, and
4% in francs; advances, 21,313,000
francs; Treasury deposHolland and Switzerland. In London the open
mar- its, 3,744,000 francs; and gene
ral deposits, 76,859,000
ket discount rates were a trifle easier and
finished francs. Comparisons of the
various items in this
at 4 9-16% for short bills and 45/s for three
months' week's return with the stat
emen
t of last week and
bills, as compared with 4 11-16@43
/
4% a week ago. corresponding date
s in both 1924 and 1923 are as
Call money at the British centre was firm earl
y in follows:
the week, but closed unchanged at 33
BANK OF FRANCES COMPARATIVE
/
4%. At Paris
STATEMENT.
the open market discount rate has not been chan
Changes
Status as of
ged
for Week.
May 21 1925. May 22 1924. May 24 1923.
from 6/
1
2%, nor in Switzerland from 23/03.
Gold Holdings—Francs
.
Francs.
Francs.
Francs.
In
France
Abroad
Inc.
161,375 3,682,199,668 3,678,449,470
3.672.897,557
No change 1.864,320,907 1,864,320,907
1.864,344,927
The Bank of England this week reported a gain
in Total
Inc.
161,375 5,546,520,575 5,542,770,378
.5,537,242,485
Silver
gold of no less than £2,291,347, which brou
Inc.
38,000
ght the Bills discounted..._ _Dec431,457,000 317,478,000 2199,108,193 292,255,536
4.272.464,000 4,053,717,995 2,409,9
stock of gold up to £155,908,211, as against £128,
94,257
Advances
Dec.21.313.000 3,063,389,000
181,- Note
2.611.015,162 2,122,380.781
circulation_ Dec241.369,000
411 a year ago (before the transfer to the Bank
42,749,847,000 39,402,908.935 36,386
,138,475
of Treasury deposits_ _Dec. 3,744,000 39,230,000 18,755
,017
England of the £27,000,000 gold held by the
33,553.785
Redemp- General deposits_ Dec.76,859,000 1,922,751,000 1,995,012.836 2.172,
885,207
tion Account of the currency note issue), and
£127,The Imperial Bank of Germany in
526,547 in 1923. Reserve expanded £2,656,000
its statement
, while issued as
of May 15 showed a further large
the proportion of reserve to liabilities adva
reduction
nced to in note circu
lation, accompanied by continued
24.08%, from 21.54% a week ago, 19/
1
2% last year tion
addito gold holdings. in detail the figu
and 201/
4% the year prior to that. The ratio is at
res show
that note circulation fell 116,974,000
the highest point as yet achieved this year
marks. There
and con- was also
a small reduction in loans from the
trasts with the low of 14.68% in January.
RentenCircula- bank, name
ly 5,261,000 marks. Other maturing
tion decreased £365,000. Public deposits
oblideclined gati
ons, however, increased 33,065,000
£1,678,000, but "other" deposits show
marks and
ed a gain of
other liabilities 19,649,000 marks. As
£73,000. The Bank's temporary loans
to the Bank's
to the Governassets, bills of exchange and checks decl
ment increased £2,050,000. Loans on
ined 75,336,other securi000 marks, while advances increased
ties, however, fell off £6,305,000. Rese
8,545,000 marks.
rve aggregates
Deposits abroad fell off 31,412,000 mark
£28,414,000, against £23,413,346
s. Reserve
in 1924 and £23,in foreign currencies increased
996,197 a year earlier. Loans amount
161,
000
marks and
to £72,025,000,
silver and other coins 1,405,000 mark
in comparison with £72,185,707 last
s. Holdings of
year and £69,notes on other banks likewise incr
604,314 in 1923, while outstanding note
eased-9,321,000
circulation
marks and investments 47,000 mark
stands at £147,241,000, compared with
s. Other assets
£124,518,065
fell 14,147,000 marks. Gold and
and £123,280,350 one and two years ago,
bullion holdings
respectively.
incr
eased 483,000 marks, to 1,014,754,
Clearings through the London banks
for the week
000 marks,
which compares with 442,836,000
totaled £699,888,000, comparing with £774
marks a year ago.
,337,000
Note circulation now outstanding
last week and £757,446,000 a year ago. The
totals 2,269,525,mini- 000
marks.
mum discount rate at the Bank remains at
5%. We
append herewith comparisons of the several
items of
The weekly statements of the
the Bank of England return for a series of year
Federal Reserve
s:
banks, issued at the close of
BANK OF ENGLAND'S COMPARAT
business on Thursday,
IVE STATEMENT.
1925.
1924.
revealed a loss in gold for the
1923.
1922.
1921,
entire System accomMay 20.
May 21.
May 23.
May 24.
May 25.0 panied by a smal
l reduction in rediscounting oper
Circulation
b147,241,000 124,518,065 123,280,350
a120,88
9.975 127,807,660
Public deposits
tions. At New York there was
15,746,000 18,367,124 12,577,058
18,562,305 16,419,417
a gain in *gold of $38,Other deposits
102,233.000 101.522,888 105.805,770
113,873,788 112,060,283 800,000, thro
Governin't securities 35,350,000 42,070
ugh additions to the Gold Sett
,403 42,576,180 49,187,648
lement
38,106,122
Other securities
72,025,000 72,185,707 69,604,314
74,593,141 89,139,884 Fund. Rediscounts at the
Reserve notes k coin 28,414,000 23,413,346
local bank substantially
23.996.197 26,440,867
18,991,887 decreased.
Coln and bullion...11155,908.211 128,181,411 127,52
In paper secured by Governme
6,547 128,880.842 128,34
9,547
Proportion of reserve
nt obligation
s
a
drop
of $3,900,000 was shown and in
to liabilities
24.08%
1934%
2031%
20%
"other"
14.75%
Bank rate
5%
bills of $8,800,000, so that total
4%
3%
4%
04%
bills discounted dea Includes, beginning with April 29 1925, £27,000,000
gold coin and bullion clined $12,700,000, to $59,
781,000, or only a little
Previously held as security for Currency Note Issues
and which was transfe
rred to over the total
the Bank of England on the British Government's decisio
at this time a year ago. Holdings
n to return to gold standa
rd.
b Beginning with the statement for April 29 1925,
of
Includes £27,000,000 of
Bank bills bought in the open market
of England notes issued in return for the same amoun
were
t of gold coin and bullion
redu
ced
$14,held up to that time in Redemption Account of
400,000. Earning assets decreased
Currency Note Issue.
$59,400,000 and
deposits $19,700,000. Member bank
reserve accounts
According to the weekly statement of the
Bank of decreased $20,100,000 and Federal
Reserve notes in
France a further contraction of 241,369,000
francs actual circulation $2,600,000. For
the banks as a
occurred in note circulation during the past
week. group the report showed a loss in gold
of $18,900,000.
The total outstanding is, therefore, now 42,7
49,847,- The volume of bills discounted rema
ined almost sta000 francs, contrasting with 39,402,908,935
francs tionary, there having been a falling off
of only $300.last year at this time and with 36,386,138,4
75 francs 000 for the week. Bill buying in
the open market
2604
THE CHRONICLE
[Vol_ 120.
s
Referring to money rates in detail, call fund
The
.
week
the
ruled almost stationary during
33'@,4%
range was 3%@4%, as compared with
call were
on
loans
all
y
a week ago, but practicall
was 4%,
high
the
ay
Mond
4%.
negotiated at 33
three
the
On
als.
renew
for
4%
4% with
the low 33
,
sday
Thur
and
y
esda
Wedn
day,
Tues
,
following days
being
this
d,
tion name
3% was the only quota
ruling figure for this
the
and
low
the
high,
the
before the
period. Friday the rate went up to 4%
, and
basis
wal
rene
the
close, but 3% was still
et
the
mark
ities
matur
date
Saturday's also the low. For fixed
e
Improvement was again shown in last
in
ampl
were
s
fund
Time
r.
affai
banks and was a dull, lifeless
return of the New York Clearing House
large
No
.
gible
negli
was
nd
dema
large addi- supply, but the
trust companies, which recorded another
conaction individual trades were recorded and quotations
contr
er
furth
by
tion to surplus, accompanied
for
ninety
were asso- tinued at 332@3%% for sixty days,3%
in both loans and deposits. The changes
six
and
five
for
large private days and four months, and 3%@4%
ciated with the completion of certain
$68,521,000. In months, the same as last week.
ged
financing operations. Loans fell off
Mercantile paper rates have not been chan
ne of $70,439,of
s
net demand deposits there was a decli
name
hs'
mont
six
to
exclusive of from 3%@4% for four
for
000, to $4,426,743,000. This total is
red
requi
still
,
34%
4@4
decline in the choice character, with
$23,899,000 in Government deposits, a
mill paper
On the other names not so well known. New England
.
9,000
latter item for the week of $5,57
be dealt
to
nue
conti
s
name
e
choic
increase— and the shorter
hand, time deposits showed a moderate
with
ted
repor
was
ity
activ
rate
Mode
of
.
in at 3%
vaults
$8,920,000, to $625,764,000. Cash in own
s.
buyer
decreased out-of-town institutions still the principal
members of the Federal Reserve Bank
trifle
a
were
s
ver, is not
Banks' and bankers' acceptance
*1,998,000, to $44,020,000, which, howe
ded
inclu
r and rates on the open market advanced X%.
ges
firme
chan
counted as reserve. Other minor
and
the reserves of A fairly active demand from both country
reductions of 316,000 and $106,000 in
not
were
ings
offer
as
but
iled,
own vaults and New York banks preva
State banks and trust companies in
modonly
ned
attai
ver
turno
Member banks large, the aggregate
in other depositories, respectively.
rs'
Reserve Bank, erate proportions. For call loans against banke
the
at
ves
reser
again added to their
tAccep
t was to bring up acceptances the posted rate of the American
this time $34,002,000; and the resul
.
week
%
last
33/2
gain for the week ance Council is now 33j%, against
surplus reserves to $65,676,640, a
rate
unt
disco
the
s
given for surplus The Acceptance Council make
of $42,373,750. The figures here
irements of 13% on prime bankers' acceptances eligible for purchase
requ
ve
are on the basis of legal reser
%
Reserve System, by the Federal Reserve bank 3h% bid and 338
for member banks of the Federal
and
bid
3%%
,
days
30
ing
$44,020,000 held by asked for bills runn
but not including cash in vault of
, 332%
last.
33'i% asked for bills running 60 and 90 days
rday
Satu
on
s
these member bank
days,
120
ing
runn
bills
for
d
aske
bid and 3V%
of the tech- and 3%% bid and 33/2% asked for bills running
Following the further strengthening
House banks, as dis- 180 days. Open market quotations follow:
nical position of the Clearing
SPOT DELIVER'
ment, and the
30 Days
au Days
90 Days
closed in last Saturday's actual state
33('43
3344334
nels of the mid- Prime align)
3% tit K
chan
l
usua
the
to
rn
retu
al
natur
et
ERY WITHIN THIRTY DAYS
mark
DELIV
local
the
in
y
mone
3% bid
month disbursements,
or banks
354 bid
rate for call loans was
on-member banks
was easy. The prevailing
te
repor
was
y
mone
time
in
ge
chan
4%, while no
/
33
Federal
notwithstanding
There have been no changes this week in
These conditions prevailed
ule
sched
the
is
wing
follo
The
.
k
rates
Stoc
Reserve Bank
trading in stocks on the New York
paper
of
es
us
class
vario
the
for
t
effec
an
y
in
Wednesda
of rates now
exceeded 2,000,000 shares on
,000 shares on at the different Reserve banks:
1,000
of
s
exces
in
well
were
day and
AL RESERVE HANKS IN EFIrECI
close to 2,000,000 DISCOUNT RATES OF FEDER
MAY 22 1926
Monday and Tuesday, and
seem that brokers'
shares yesterday. It would
Payer lila:urine-substantially this
ased
loans must have incre
After 90 After a
have
may
sales
g
takin
t
profi
but
ays, but
week. The, heavy
Within 9
Within
90
Days.
Within
speno
is
e
Ther
ly.
derab
consi
Months
Months
kept them down
llIDERAL SESEISVB
BA NN.
industry in this country, exCom'rclai Secured
cial change to report in
l
Aortei & b U. 8. Bankers' Trade Agricul.• clerica
lines in
g
urin
fact
manu
and
and
some
Accepin
ity
Livestock Govan': Accep°el
SSSSS
cept greater activ
L
ck
Livesto
Obliga- tomes. tances.
Paper
Paper. Paper
in new business. Large
Hons.
ILO.8.
steel, and some increase
the
in
made
944
been
84
have
344
344
to
834
334
said
are
iron
itoston
834
344
sales of pig
334
II%
334
354
icts.
York
New
distr
ia
816
delph
316
Phila
1134
344
334
344
Philadelphia
316
314
New York, New England and
314
314
316
314
nd
4
4
4
g forward on a large Clevela
6
4
4
Richmond
4
4
The automotive industry is goin
4
4
4
4
Atlanta
4
4
4
to the petroleum Chicago
4
4
ive
4
relat
es
advic
4
the
4
,
and
scale
4
4
a
4
Louis
4
4
4
currents as to Ht.
4
4
4
Minneapolis
4
4
trade, while indicating some cross
4
6
4
4
Kansas City
4
4
Other Dallas
4
.
main
4
4
4
the
in
uring
reass
316
3)4
814
price revisions, are
3%
144
344
San Francisco
apnot
do
ural purpose and secured
industrial, and likewise mercantile, lines
Including bankers' acceptances drawn tor an agricult
ings by•warehou
Offer
ge.
chan
&a.
,
receipts
al
se
speci
e
rgon
pear to have unde
of new securities have not been especially large. The
still
Notwithstanding continued inactivity the sterling
American market seems to be a little cautious
exchange market ruled strong and higher, and the
with respect to new European issues.
outstanding feature of an otherwise uneventful week
earning
was curtailed $6,900,000. Contraction in
its of
depos
in
and
0
00,00
assets amounted to $28,0
in
notes
rve
Rese
ral
Fede
of
nt
amou
$23,600,000. The
bank
er
circulation declined $19,700,000, while memb
reserve
to
As
0.
00,00
$35,8
off
fell
unts
acco
reserve
and
ves
reser
ratios, the effect of increased gold
New
the
of
ratio
smaller deposits was to raise the
System
York institution 4.9%, to 82.7%. For the
that
its,
depos
er
small
t
offse
y
the loss in gold so nearl
%.
77.8
to
,
0.6%
only
to
the increase amounted
MAY 23 1925.]
THE CHRONICLE
2605
day
is namely, 4 86 3-16 foldemand; the low for the
was an advance to 4 86 3-16 for demand, which
@
85%
4
at
d
range
ers
point and the was 4 85%, while cable transf
Y4 of a cent above the previous high
good
11-16;
83
4
83%@
4
at
4 86 7-16 and sixty days
highest rate quoted since the 26th of December 1914.
rebuying, mainly for London account, was held
the
and
quiet
very
g
In the early dealings trading was
takin
profit
at
s
Effort
th.
streng
the
On sponsible for
range of quotations was 4 85 3-16@4 85 9-16.
d
deman
d recession downward on Thursday and
Wednesday prices moved upward quite sharply, on cause
with
sold off a fraction, to 4 85 13-16(4)4 86 1-16,
brisk buying, largely, it was claimed, for London
and
5-16
86
transfers quoted at 4 86 1-16@4
account, and it was noted with renewed interest cable
t
marke
's
Friday
days at 4 83 5-16®4 83 9-16.
that the spread between the rate for sterling and sixty
to
rates,
in
ne
'decli
dull, with another small
parity was rapidly approaching the vanishing point. was
@4 85 15-16 for demand, 4 86 1-16®
13-16
4
85
appre
d
Cable rates from London, of course, showe
16 for cable transfers and 4 83 1-16@4 83 5-16
ciable gains and this had the usual stimulating in- 4 86-3days. Closing rates were 4 83% for sixty
fluence on values in this market. Some local buying for sixty
4 85% for demand and 4 863/i for cable transwas reported at times, but the bulk of the business days,
3,
Commercial sight bills finished at 4 85%
was apparently for British account. Bankers in fers.
at
days
y
ninet
rcial sixty days at 4 81%,
London stress the importance of the inquiry incidental comme
at
days)
(sixty
1 , documents for payment
to tourists' requirements and claim that it is assuming 4 81%
n
Cotto
853j.
4
at
seven-day grain bills
extensive proportions. Perhaps, however, the most 4 81% and
.
%
3
85
4
at
for payment closed
cogent reason for the rise in sterling has been the and grain
movement continues in abeyance and no
gold
The
nearly
are
which
smallness of commercial offerings—
were announced during the week either
always light at this season—and the marked falling engagements
import.
off in the sale of futures. Prior to Great Britain's for export or
mary
custo
been
had
it
basis,
restoration of the gold
was downIn the Continental exchanges the trend
for exporters when selling on a ninety-day basis (the
depressed.
was
tone
ward and the general under
form of sale most commonly in use) to protect themngton
Washi
the
that
ts early in the week
selves against possible losses through depreciation in Repor
steps
iate
immed
that
ding
ities were deman
d
exchange, by selling ninety day sterling bills. Since author
Unite
the
to
ted
indeb
ies
countr
taken by the
fluctuations downward in sterling have been prac- be
ling
unsett
to fund such indebtedness had an
tically eliminated, this practice is being allowed to States
markets,
, especially on the French and Italian
lapse. Still another reason for the decline in offering effect
francs
Hence
would be most vitally affected.
Paris
of futures is the discount that exists at present, which which
.
values
in
losses
7 3c., so that and lire sustained appreciable
s
on ninety-day paper amounts to about /
degree
by
off
sold
s opened at 5.2034, but
3
%,
an exporter would realize on his bills only, say, check
3.99
to
i
4.073/
from
5.1034. Lire decline
4 853/2, as against a cable rate of 4.86%. The belief to
the first
h closing above this level. After
thoug
is growing that the Bank of England is at least
be conto
began
it
off,
had passed
partly responsible for the imposition of the heavy shock
d, that
abroa
as
well
as
here
by bankers,
discount on futures, the idea being to prevent selling ceded
ean debt
ultimate effects of settlement of Europ
of futures against short time loans by American the
able to
favor
would undoubtedly prove
interests in London, which would inevitably consti- problems
general
quite
levels and the feeling was
tute a source of pressure against sterling values. exchange
mental
senti
on
decline had been based
During the initial stages of the return to a full free that the
nts
eleme
Other
ns.
than actual consideratio
gold standard, British authorities are said to be rather
s
franc
in
e
declin
the
figured prominently in
making use of every means at their disposal to main- which
on
emann
Stres
ter
Minis
utterances of Foreign
tain sterling levels. Doing away with the pressure were
France
ny's foreign policy and rumors that
Germa
which would be sure to accrue from liquidation of
t the
agains
ign
campa
her
in
suffered reverses
long accounts by speculative interests should prove had
the
in
d
share
francs
an
Belgi
co.
ns in Moroc
an important means to this end. In the late deal- Riffia
tion
the quota
ess, although in a minor degree,
ings, desultory attempts at profit taking sent prices weakn
ned by the
explai
was
This
.
points
only 4
down a trifle, but the close was only slightly under losing Belgium's financial position is much stronger
that
the best for the week. Announcement that South fact
ng arrangethat of France and a debt fundi
than
well
was
basis
gold
a
Africa had been restored to
it would
since
factor
ment would prove a bullish
received, but had no effect on actual market values.
terms.
better
dly
decide
t borrowing here on
The market was also impervious to the depressing permi
s to
applie
also
this
t
a somewhat lesser exten
influences that sent French and Italian prices To
ained
is
entert
ation
expect
France and Italy. No
tumbling.
payments on a large scale for a long time.
With regard to more detailed quotations, sterling of debt
adversely affected by a heavy volume of
exchange on Saturday last was quiet but steady with Lire were
on account of wheat and cotton imports,
demand bills virtually unchanged, at 4 85 3-16@ selling,
account. Shorts were
2, and and partly for speculative
4 853, cable transfers at 4 85 7-16@4 853/
have made a concerted effort to force prices
sixty days at 4 82 11-16@4 82%. On Monday said to
levels that would permit of covering operatrading continued quiet and featureless, though down to
profit. Of the minor exchanges there is
quotations were slightly higher, at 4 853@4 85 13-16 tions at a
exchange tended lower
2®4 85 9-16 for cable transfers very little to report. Greek
for demand, 4 853/
g, said to be for foreign account. Announceand 4 82%@4 82 13-16. Little or no increase in the on sellin
the Polish Minister regarding Polish mark
volume of business transacted was reported on ment by
failed to exert any influence on quotaTuesday and the range of quotations was exception- conversion
zloties. Exchange of the old Polish marks
ally narrow; demand moved between 4 85% and tions for
the new zloty currency will be discontinued
4 85 9-16, cable transfers 4 85%@4 85 13-16 and into
31, after which time the banknotes will be
sixty days 4 82%®4 83 1-16. Wednesday sterling May
The rate of exchange for Polish marks
ess.
valuel
rates shot up to the highest point since Dec. 1914,
2606
T H III CHRONICLE
[VoL. 120.
into zlotys has been fixed at 1,800,000 Polish marks
Far Eastern exchange followed the course of silver
for one zloty.
and reflected the ups and downs in the price of
the
The London check rate on Paris closed at 94.75, white
metal, but rate variations were not important.
against 93.22 last week. In New York sight bills on Hong
Kong closed at 54,950, against 55@553i;
the French centre finished at 5.1031, against 5.193';
Shanghai at 73V1@74Vi, against 73%@743'; Yokocable transfers at 5.1131, against 5.20; commercial
hama at 42@424,
1
against 42@423.,; Manila at
sight bills at 5.093.1, against 5.183/2, and commercial
499i@50 (unchanged); Singapore at 57@57h (unsixty days at 5.04, against 5.1334. a week ago.
changed); Bombay at 35.55@)36.75, against 36.55@
Antwerp francs closed the week at 4.99for checks
36.75, and Calcutta at 373/
2@36Yi (unchanged).
and at 5.00 for cable transfers, in comparison with
5.03 and 5.04 the previous week. Final quotations
Pursuant to the requirements of Section 522 of the
on Berlin marks were 23.81 for both checks and
Tariff Act of 1922, the Federal Reserve Bank is now
cable transfers, the same as heretofore. Austrian
certifying daily to the Secretary of the Treasury
the
krone likewise remain at the nominal levels, so
long prevailing, and closed at 0.00143/i unchanged. buying rate for cable transfers in the different countries of the world. We give below a record for
the
Italian lire closed at 4.05 for bankers sight bills
week just past:
and at 4.053 for cable remittances, against 4.05%
FOREIGN EXCHANGE RATES
CERTIFIED BY FEDERAL RESERVE
and 4.065
/i the previous week. Exchange on CzechoBANKS TO TREASURY UNDER
TARIFF ACT OF 1922,
MAY
16
1925
TO
MAY 22 1925. INCLUSIVE.
slovakia finished at 2.963j, against 2.96%; on
Bucharest at 0.473, against 0.48; on Poland at 19.20,
Noon Buying Rate for Cable Transfers in New York.
Monetary
Value in United States Money.
against 19.21, and on Finland at 2.53, unchanged. Country and
Unit.
May 16. May 18. May 19. May 20. May
21. May 22.
Greek exchange closed at 1.71% for checks and at
EUROPE$
$
$
$
$
$
1.72 for cable remittances. This compares with Austria, schIlling... .14056
.14066
.14069
.14067
.14068
.14054
Belgium. franc
.0504
.0504
.0502
.0501
.0501
Bulgaria. ley
1.823/ and 1.83 at the close of last week.
.007313 .007331 .007318 .007311 .007325 .0500
.007350
Cseehosloyakia, km.. .029625 .029634
.029633
.029623 .029626 .029626
Denmark, krone
1871
.1877
.1875
.1876
.1885
.1883
Hngland. pound sterling
4.8541
4.8545
.8564
4.8614
8608
Finland. markka
.025205 .025221 .025230 .025216 .025223 .8610
.025223
France, franc
0521
.0519
.0516
.0515
.0515
.0513
Germany,reichamark_ .2380
.2380
.2380
.2380
.2380
.2380
Greece. drachma
018137 .017690 .017702 .017415 .017429 .017238
Holland, guilder
4020
.4020
.4019
.4020
.4021
.4021
Hungary, krone
000014 .000014 .000014 .000014 .000014 .000014
Italy, lira
0108
.0408
.0403
.0405
.0407
.0404
Norway. krone
1672
.1677
.1671
.1677
.1686
.1684
Poland, zloty
.1918
.1918
.1918
.1918
.1918
.1918
Portugal. escudo
.0496
.0501
.0500
.0506
.0505
.0502
Rumania.leu
.004747 .004767 .004744 .004731 .004745 .004733
Spain, peseta
.1445
.1447
.1450
.1450
.1457
.1457
Sweden, krona
.2674
.2674
.2874
.2674
.2676
.2675
3witzeriand, Franc_ .1935
.1935
.1934
.1934
.1935
.1934
Yugoslavia, dinar
.016210 .016213 .016193 .016212 .016236 .108219
ASIAChinaCheefoo, tael
.7688
.7696
.7692
.7679
.7679
.7679
Flankow, tael
.7600
.7616
.7613
.7591
.7597
.7600
Shanghai, tael
.7404
.7417
.7413
.7396
.7400
.7411
Tientsin, tael
7758
.7775
.7763
.7746
.7758
.7758
Hong Kong, dollar. .5450
.5453
.5459
.5454
.5446
.5459
lviexlean, dollar
.5423
.5413
.5417
.5413
.5423
.5415
Tientsin or Pelyang,
dollar
5142
.5446
.5450
.5446
.5446
.5446
Yuan, dollar
5546
.5550
.5546
.5546
.5550
.5546
India. rupee
.3634
.3627
.3630
.3628
.3631
.3632
Wan, yen
4200
.4194
.4196
.4193
.4196
.4193
4InsaPore(8.3.),dol
.5633
.5642
.5633
.5633
.5638
.5638
NORTH AMER.
3snada, dollar
999902 .999862 .999871 .999890 .999912 .999890
Nba, peso
1 000130 1.000026 1.000052 1.000026 .999781 .999896
Vfexlco. peso
498667 .499083 .499083 .499083 .499083 .499083
Mewfoundland. do
.997448 .997630 .997334 .997630 .997734 .997760
MOUTH AMER.krgentina. peso (gold) .9008
.9019
.9045
.9168
.9191
.9196
Small, mfircis..
1000
.1004
.1007
.1017
.1033
.1055
Mile. peso (PaPer).... .1151
.1152
.1148
.1154
.1148
.1143
7rusrnay mmo
0011
0002
0002
CIAAA
0002
As to the former neutral exchanges, trading continued dull and rate changes comparatively narrow.
Dutch guilders and Swiss francs benef;ted by the
advance in sterling, though gains were limited to a
point or two. The Scandinavians showed no semblance of a revival of activity, though prices were
firmly held and Danish and Norwegian currency
gained about 12 points each. Spanish pesetas were
strong and moved up to 14.50, an advance of about
6 points. It is claimed that the unpleasant notoriety
brought about by discovery of the heavy speculative
pool being conducted in the Norwegian and Danish
kroner and in Spanish pesetas has forced heavy
liquidation in these currencies which has, of course,
prevented any further rise in values.
Bankers' sight on Amsterdam closed at 40.119,
against 40.173; cable transfers at 40.21, against
40.193/2; commercial sight bills at 40.11, against
40.093/2, and commercial sixty days at 39.75, against
39.733/b last week. Closing rates on
Swiss francs •One schIlling is equivalent to 10.000 paper
crowns.
were 19.333/ for bankers' sight bills and 19.343/ for
cable remittances. Last week the close was 19.343/i
The New York Clearing House banks, in their
and 19.353/2. Copenhagen checks finished at 18.76 operations with
interior banking institutions, have
and cable transfers at 18.80, against 18.71 and 18.75. gained $3,500,890
net in cash as a result of the curChecks on Sweden closed at 26.723/ and cable trans- rency movements
for the week ended May 21.
fers at 26.763/2, against 26.70 and 26.74, while checks Their receipts from
the interior have aggregated
on Norway finished at 16.783/i and cable transfers at $4,466,490, while the
shipments have reached $965,16.8232
/,in comparison with 16.75 and 16.79 the week 600, as per the following table:
previous. Spanish pesetas closed at 14.57 for checks CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
BANKING
INSTITUTIONS.
and 14.61 for cable transfers, as contrasted with
14.45 and 14.47 last week.
Into
Out of
Gain or Loss
Week Ended May 21.
Banks.
Banks.
to Banks.
In South American exchange interest continues Banks'interior
movement
54,466,490
8965,600 Gain $3,500,890
to centre around Argentine currency, which scored
As the Sub-Treasury was taken over by the Fedfurther important gains, but trading was only intereral
Reserve Bank on Dec. 6 1920, it is no longer
mittently active, though from time to time good
possibl
e to show the effect of Government operabuying developed on the belief that Argentina is to
tions
on
the Clearing House institutions. The Fedbe on a gold basis shortly. Pesos closed at 40.40,
an advance for the week of 40 points for demand, eral Reserve Bank of New York was creditor at the
and at 40.45 for cable transfers, against 39.60 and Clearing House each day as follows:
ES OF NEW YORK FEDERAL RESERV
39.65 last week. Brazilian milreis were steadier on DAILY CREDIT BALANCAT
E BANK
CLEARING HOUSE.
a scarcity of offerings and finished at 10.57 for deMonday, Tuesday, Wednesd'y Thursday,
mand and at 10.62 for cable transfers, against 10.05 Saturday,
Friday,
Aggregate
May 16. May 18. May 19. May 20. 3f
ay 21. May 22.
for Week.
and 10.10 a week earlier. Chile-an exchange was
3
$
easier and finished at 11.49, against 11.65; while 76,000.000 93,000.000 77.000,000 84,000.000 94.000,000 81,000,000 Cr.505,000.000
Note.-The foregoing heavy credits reflect the
huge mass of checks which come
Peru dropped to 4.12, against 4.14 last week.
to the New York Reserve Bank from all
parts of the country in the operation of
the Federal Reserve System's par collection
scheme.
0700
These large credit balances.
THE CHRONICLE
MAY 23 1925.]
2607
ing all of the debtor States to settle their accounts
must evidently be to compel the United States to
consider the debt problem as a whole. It is true that,
legally, the debts are not interdependent, and the
position that
The following table indicates the amount of bul United States has all along taken the
by itself,
settled
and
red
banks:
an
conside
each debt must be
lion in the principal Europe
sound,
is
le
princip
The
tion.
proposi
May 23 1924.
as a separate
May 22 1925.
the
and
far,
.Banks.of—
too
carried
be
e
practic
in
cannot
Total.
Gold.
but it
Total.
Silver. I
Gold.
would
s
summon
joint
to
c.
s
amount
what
of
e
issuanc
L
128,181,411
155,908,211128,181,411
England.155,908,211
that the rule may be somewhat temFrance a _ _ 147,287,987 12,680,000 159,967,987 147,137,018 11,920,000 159,057,018 seem to indicate
27,844,350
Germany c 46,189,750 d994,6001 47,184,350, 22,091,500 5,752,850
after
b2,000,000 pered in application. In any event we ought
b2,000,000 62,000,000
b
Aus.-Hun_ b2,000,000
101,444,000 25,802,000127,246,000101,264,000 26,216,000 127,480,000
Spain
and
debt,
French
the
about
35,508,000 3,356,000 38,864,000 35,369,000 3,423,000 38,792,000 this to hear a little less
Italy
809,000 45,093,000
Netherl'ds. 39,956,000 1,737,000 41,693,000 44,284,000
es.
countri
other
the
of
13,553,000
debts
Nat. Belg_ 10,891,000 3,003,000 13,894,000, 10,819,000 2,734,000
a little more about the
Switzerl'd_ 19,271,000 3,564,000 22,835,000 21,240,000 3,891,000 25,131,000
the
in
largest
loom
13,757,000
ss
13,757,000
doubtle
12,960,000,
will
Sweden_ _ _ 12,960,000
French debt
796,000 12,438,000 The
Denmark _ 11,636,000 1,054,000 12,690,000 11,642,000
8,182,000
8,180,0001 8,182,000
8,180,000
Norway
settlement, for it amounts to nearly four-sevenths
Total week 591,231,948 52,190,600643,422,548 545,966,929 55.541.850601.508,779 of the whole, but it is nevertheless the debts of EuFrey. week 587,421,402 52,359,600639.781,002 546,760,023 55.648.856002.408,873
not merely the debt of France, that ought
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 rope, and
,held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
now to be thought of and talked about.
year are exclusive of £4,547,950 held abroad. d As of Oct. 7 1924.
indiNaturally, it is for debtor nations, as it is for
proposi
their
with
d
forwar
vidual debtors, to come
The Request for Payment of the War Debts.
are
ls
proposa
such
until
The intimation from Washington, announced in tions of settlement, and
is adopted it would be
the press on Sunday in dispatches of the previous made or a different procedure
what terms may poseither
r
'day, that a settlement of the war debts was "ear- unprofitable to conside
United States may
the
terms
what
nestly desired" by the United States has at least the sibly be offered or
proposition that each
merit of fixing a new point of departure in a matter be disposed to accept. The
means, of course, if
which has been dragging its slow length along for debt is to be considered by itself
accorded to one
several years. Precisely what form the intimation it means anything, that the terms
as those acsame
has taken, or how earnest is the language in which country will not necessarily be the
, that
however
likely,
it is phrased, are questions that are left somewhat corded to another. It is hardly
been
have
which
those
than
in doubt. Washington dispatches report the Depart- terms more burdensome
other
by
offered
be
will
Britain
ment of State as denying that a formal note to the made with Great
ions less generous than
'delinquent Powers had been sent, or that the request Governments, or that concess
received will be insisted
was peremptory, and a Paris dispatch on Monday those which Great Britain
States. The terms of
quoted the French Foreign Office as saying that no upon elsewhere by the United
accordingly, may be looked
note had been received and that none was expected. the British settlement,
which other debtor nations
Apparently the Administration thought it well to upon as a kind of norm to
way at least, to congeneral
.convey to the Governments concerned an informal will be expected, in a
norm, if any are
that
from
expression of its wish, thereby securing the essential form, and variations
be in the way of
ably
presum
will
.advantages of a formal communication without seem- found desirable,
added obligation.
ing to deliver an ultimatum. The doubt that has mitigation rather than of
d, it is evident that
regarde
d
standar
the
Whatever
been expressed, chiefly, it appears, in France, as to
depend upon the ability
whether the Departmentof State or the Debt Funding the terms of settlement will
and that in considerCommission took the lead in the matter, is not to be of each debtor country to pay,
ic and political factors
taken too seriously. It is improbable that Mr. Cool- ing ability to pay both econom
account. It is clear,
idge would permit so important an issue to become a will have to be taken into the
of a request for payion
matter of rivalry between Government bureaus or for example,that the submiss
in no way imments
Govern
.departments, or that the accustomed proprieties of ment to all the debtor
United States
the
of
part
the
'diplomatic intercourse have been trenched upon. We plies a willingness on
the United
of
policy
The
debts.
may confidently assume that what has been done was to pool the war
declared,
times
several
been
has
point
'done with propriety, and also with full appreciation States at that
statement comes from Washof the feelings of the Governments to which the com- and until some contrary
stands.
ington, it must be understood that the policy
munication was sent.
nations
the
of
that some
Where does this action leave the United States in On the other hand, the fact
settlement are creditors
an
Americ
the
in
ed
it
concern
likely
is
relation to the debt question, and how far
indebted on war acto advance the settlement which the Administration, as well as debtors, mutually
United States, is an
the
and the people of the United States as well, un- count as well as indebted to
ration. France,for
conside
doubtedly desire? Of the nations which at the end element fairly to be given
an amount about
Britain
Great
of the war were indebted to the United States, five— example, owes to
United States, at the
Great Britain, Poland, Hungary, Finland and Lithu- equal to that which itowesto the
three-quarter million
ania—have already concluded funding arrangements same time that some two and
allies. The United
with this country. Three—Russia, Armenia and Li- dollars is owed to it by its former
the European
beria—are understood not to have been included in States can hardly undertake to advise
ng their war
adjusti
of
the recent notice. There remain nine nations— States regarding the best way
well ignore
cannot
it
but
ves,
France, Belgium, Italy, Greece, Jugoslavia, Czecho- debts among themsel
a would
Americ
with
ent
settlem
debt
a
slovakia, Rumania, Esthonia and Latvia—to which the fact that
debts
-Allied
of
inter
t
paymen
the
if
easier
the notice applies. The aggregate indebtedness, be vastly
hopewere
or
way
under
well
already
were
Europe
principal and interest, of these nine nations to the in
ated.
United States is slightly under $7,200,000,000, of fully to be anticip
of the United States, again,
refusal
ent
persist
The
at
$4,210,over
somewh
which amount France owes
of
the
French debt to be linked
n
the questio
400,000. One practical effect, accordingly, of invit- to allow
operations with the Clearing
,however, reflect only a part of the Reserve Bank's
York City are represented in
House institutions, as only the items payable in New
located outside of
institutions
on
checks
of
volume
large
The
the daily balances.
balances, as such checks do
these
at
New York are not accounted for in arriving
deposited with the Federal Reserve
are
but
House
Clearing
the
through
pass
not
House banks,
Bank for collection for the account of the local Clearing
E1
2608
THE CHRONICLE
[VoL. 120.
in any way to the question of reparati
ons has a dou- reminder may do good,and that
mutualfrankness and
ble bearing upon the ultimate debt
settlement. Not consideration may hold
the
bala
nce true when terms
only does it keep the United States
free of any obli- of settlement come actua
lly to be discussed.
gation, direct or indirect, to join with
other Powers
in enforcing the Dawes plan, but
it also serves to protect the United States in case
the execution of the
Repeal the Inheritance and Estate Taxes.
Dawes plan should at any time
be interrupted. The
If the estate tax is wrong in principle for the
second point is not less importan
Fedt than the first, al- eral Government it is wrong in principle
for the sevthough it is to the first that atten
tion has thus far eral States. We refer, of course, to the
semi-Socialbeen mainly directed. Some
recent discussions of ism involved, the penalizing of great weal
th, and the
the general financial situation
in Europe indicate a confiscatory element. The very fact
that States
doubt, among certain financial
authorities, regarding vary so much in the application of this
form of taxathe future of the Dawes plan
, especially when the tion is warrant for its discontinuan
ce if there were
comparatively small payments that
Germany is now no other. Exigencies of the business
life often rerequired to make shall have grow
n to the large sum quire removal from one State to anot
her. The advice
of 2,500,000,000 gold marks
per year, which the full of Horace Greeley: "Go West
, young man," is not
working of the plan contemplates
. A recent exam- yet without its force. And it were
better if the prinination of the subject by a comm
ittee of the Inter- ciples and forms of taxation were unif
orm throughnational Chamber of Commerce is repo
rted to have out the States. We have lately witnesse
d one State,
resulted in the conclusion ,that the prob
lem of trans- Florida, passing a constitutional amen
dment proferring to countries outside of Germ
any the large hibiting the Legislature from levying
an income or
reparations payments that the Dawe
s plan calls for inheritance tax. The alleged objec
t of this move is
ultimately has not been solved, and
that the possi- often said to be the inviting of rich
men to settle
bility of financial and business
disorder in connec- there. We have seen the snee
r in print that this is
tion therewith has yet to be guar
ded against. The the State wherein "dying has
been made cheap." But
crossing of this Dawes bridge may
perhaps be left it is as socialistic to take unduly from
until the bridge itself is reac
an estate in a
hed, some two years State as it is in the natio
n. There is no more reason
and more hence, but in the
meantime the transfer to penalize the accumula
tion of great wealth by a
to the United States of considerab
le sums on the war State than by a Federal
law.
Economy in taxation
debts account, if a settlement
is made, is a finan- is as vital to each Stat
e as to the United States. And
cial problem that will need
attention, as will the with a few exceptions
the range of taxation is as
problem, particularly difficult
in the case of France, wide for one as for
the other. Direct taxes are open
of raising by loans and taxa
tion the amount of the to the States that are
not open to the nation; and indebt annuities if reparations
payments are to be left direct taxes are open to the
latter that are prohibited
entirely out of consideration.
to the former. The fact is that States have resorted
It is perhaps not to be expected
that the American to this form of revenue-raising to
meet extravagances
reminder will immediately
produce anything more that often might have been
avoided. In the general
tangible than negotiations, alth
ough it is to be hoped overhauling that our taxation syst
ems need following
that the negotiations, when they
come, will leave the the war the estate tax may well
be dispensed with
clouds of protest and appeal and
come down to the everywhere.
solid earth of facts and concrete
proposals. PolitThe argument against this form of taxation needs
ically, however, there is evidence that
the reminder, to be impressed more strongly on the peopl
taken in connection with Amba
e. Too
ssador Houghton's much cannot be said upon
its influence upon the
recent speech at London, has made
a deep impression home and upon human chara
cter. In the hills of
in Europe and may have far-reachi
ng repercussions. Pennsylvania and Maryland and
other Eastern
The French Government is reported
to be busy with States are many old stone houses testi
fying, for one
plans for a debt settlement,
although M. Cail- thing, to the permanent interest
men had in their
laux still hopes, apparently, to
tie the debts generation. They builded of lasti
ng material a
in some way to the German
annuities. The "homestead," to become to their child
ren's children
French situation is nevertheless
greatly com- a gathering place where in the pride of
family they
plicated by the Moroccan war,
which is prov- might keep warm the love of kinship.
This is but one
ing an embarrassing expense as
well as a source example of one of the strongest trait
s in human naof political irritation, and the reported
intention of ture. To leave something to children and
heirs is
the Socialists and Radical Socialists
to oppose the one of the leading incentives to industry
and commerGovernment's war policy creates a difficult
situation cial activity. In this day of generous oppor
tunities
for the Painleve Ministry. Premier Musso
lini, in a this incentive takes on the nature of fort
une-buildspeech in the Italian Senate or Wednesda
y, declared ing; it may mean a great mercantile or
manufacturthat not only did the Government recognize
the war ing business, a railroad or steamship line,
a great
debts, but that it "intends that Italy shall make
good bank or trust company, a finely appointed and
ample
its liabilities to the last cent permitted by
its pres- farm, or other valuable going concerns
, or perhaps
ent and future economic situation.""Somethi
ng more the paper representatives of any of these
. The fact
than a most favored nation clause," howe
ver, he that at death a part of this (and how
large the part
added, would be necessary, and in addition a long
may grow we do not know but may easil conj
ecture)
y
moratorium. The reservations are significant. In is
taken over by the Government (in many cases now
Great Britain, on the other hand, the Governme
nt is by two or more Governments) is a deterrent enter
to
being urged to see that in the settleme
nt with Amer- prise, thrift and saving. Why
should any citizen
ica its own war credits on the Continen
t are not work ceaselessly for fifty year
s to leave property or
jeopardized. All these are things of which the
Ad- any portion of it to the State?
ministration will, in one way or another,
have to
He has paid taxes throughout his lifetime,
is not
take account. In the meantime
let us hope that the that enough? But fifty year
s building a business is
MAY 231925.]
THE CHRONICLE
2609
an uncommon career. The man of thirty or forty benefit of the wasters is that much taken by the
years of age has a growing family, he hurries, and too State from honest labor without justice or right.
often worries, to provide for them in the event of
For taking tithes from the living is not the same
death. If it was not for this love and forethought for thing as taking them from the dead. The latter canfamily, life insurance could not exist. But an estate not defend himself, is no longer a citizen. Again,
or inheritance tax puts a damper on all this care, we hear the exclamation—the tax takes from the
thought and work for loved ones. "Oh," you say, living who by virtue of the death of the owner be"what nonsense! There is a limit in the applica- come owners in the twinkling of an eye. You may
tion of the tax on the part of the Federal Govern- put it that way if you like—but why take therefrom
ment and the varying levies are not heavy on the simply because suddenly acquired? Is it the purpose
part of the States; the idea is to prevent the accumu- to prevent, in part at least, inheritance; or to raise
lation of fortunes that may become oppressive." To revenue not otherwise obtainable? If a man buy a
this we reply that the principle involved is un- valuable corner property in New York City and sell
changed. And further, we say that the history of all it at a hundred thousand profit, does he not come
tax levies is that they grow heavier once they become into possession and ownership of the profit sudfixtures. Furthermore, there is no line which can denly? Is that a reason for taxation? (We are not
be fairly drawn as to the extent of a fortune a man forgetting excess profits and surtax, that is another
may be allowed to accumulate. If men are to retire question, another wrong.) No; if the property is a
from business at the point where (as in the case of continuous thing, and it is, then the possession and
the Federal Government) an inheritance tax becomes changes do not afford a reason for the taxation. The
operative, then how much is business to be curtailed, real reason is that labor and property, regardless of
throttled, compelled to liquidate, by this form of tax? ownership, must be taxed to sustain Government
This insidious form of taxation is new. It has not and to maintain it. Unless we desire the State to
had time to fix its impress upon the home and fam- become owner of everything there is no justification
ily. In the formation of the Republic primogeniture for this tax.
was destroyed—but now the State, the Government,
We are quite confident that in the socialistic mind
takes the place of the first-born son. Shall the this tax is regarded as a means of slow escheat to the
parent slave a lifetime with no certainty as to what State. It is one of the piecemeal measures by which
he may leave to his heirs? Shall the child sacrifice ultimately we are to find established that which an
a life in care of parents only to find the State a large open revolution could not now obtain. And it ought
beneficiary? We repeat, the tendency of all taxa- not longer to continue on the statute books of State
tion is to increase. New wants, new needs, new agen- or nation. Born in envy or hatred of the rich, or a
cies of the free public life, all these increase—are feeling of prejudice against them, nurtured in the exnow increasing to an alarming degree. This inherit- pediency of turmoil, it can only grow in defiance
ance tax is itself a makeshift to pay for unusual de- of home and family, and may ultimately lead to the
mands. Once fixed in the policies of State and na- downfall of free institutions. For the right to betion and there will be rapid increase also. The home, queath is an inherent part of the right to own. As
the parental care, to say nothing of the exigency of well say a man has not the right to sell without
liquidating an estate in order to pay, all are borne dropping his tithe into the treasury. Destructive of
upon by this make-shift tax. It declares that a man ambition to accumulate, it strikes at the very root
cannot own the rewards of his labor and acumen of stability and increase in common taxation. An
either in life or at death. It pursues a man into his added burden at a time when taxes are paying for an
grave to collect a tax to ease the burden of building orgy of "improvements," it contributes to the evils
roads and schools and in like manner to pay for pub- of waste and extravagance.. Brought on after other
lic utilities for those who jazz along through life and means of raising revenue were well-nigh exhausted,
don't care. In time this impress of a burden at death it lacks a true cause for being and is founded in exwill enervate. There can be no other effect. The tremity rather than reason. Citizens cannot go on
time to abandon it is before it is a firmly fixed policy. ignoring these half-Concealed methods of taking from
Death comes in the natural order. Why should one who has to give to another who has not, without
the State make it an opportunity for taking over undermining a republican representative Governproperty that has paid a heavy tax during all the ment. It has ceased to be an argument in favor of
lifetime of the owner, and will continue to pay in the rightness of a measure to say it is the law of the
the hands of heirs? The basic reason for this law is land. Legislatures are too much influenced by the
confiscation. It is a capital levy, not in life but at clamor of cliques and blocs and sections that want
death. In time, if there were no increase in property something for nothing. Laws there are in abunthrough labor and enterprise of heirs, the whole of dance, and they must be obeyed until repealed. And
property would go over to the State. Then we would the inheritance tax law is an excellent example of
have State ownership in fact. Pushed to MI extreme one that ought to be repealed.
by war and extravagance State Legislatures have
Boston & Maine Reorganization—Abandonadopted the inheritance tax, often, we think, without
ing Light Traffic Branches.
serious analysis. It is a convenient form—it gets
The hearings during the week in Boston by Interthe money when other means are exhausted. And
some are so careless as to say,"What's the difference, State Commerce Commisioner Meyer and several
a man cannot take his gold with him. Let the heirs members of the Mass. P. U. Commision on the
work, we have to work!" The President has called discontinuance of certain lines of the Boston &
this tax socialistic, and it is that, and more. It is a Maine RR., calls attention to one of the most sigpenalty placed upon industrious, saving lives for the nificant developments in railroading during recent
benefit of idlers and wasters. Not that in the distri. years. The present Federal railroad law deals more
bution of the tax some good does not fall to the or less adequately with problems of rates, labor and
thrifty as well, but that all that does inure to the consolidations, remedying defects that had operated
2610
[VOL. 120.
THE CHRONICLE
for many years and all but destroyed railroad credit.
But vital as the relief brought by the Federal law of
1920, it has long been recognized that the railroads
have several other major problems, prominent among
which is the loss of traffic through competition of
the 'automobile, not only in trucks and buses, but in
the even more numerous privately owned machines.
This problem has been complicated by the rendering
wholly unprofitable of light traffic branch lines. The
Boston & Maine, occupying a comparatively thickly
settled territory with a large development in automobile roads, has suffered perhaps more than other
roads.
As a consequence, the Boston & Maine, notwithstanding a financial readjustment in 1919 on lines
which time has shown not to have been sufficiently
drastic, is faced with the necessity of a very thorough reorganization. The necessity is evidenced by
inability to meet heavy current maturities. It happens that a rather remarkable man has recently come
to the Boston & Maine.
Homer Loring, a resident of Boston, who has
served the community well in several different ways,
came into a successful railroad experience in working out the problems of the Eastern Massachusetts
Street Railway Co., which in 1919 acquired most of
the interurban electric lines in Eastern Massachusetts through reorganization of the old Massachusetts Electric Companies. So novel were Mr. Loting's moves and so successful his results, that he was
drafted by controlling Boston & Maine interests for
reconstruction of that system. He is giving his full
time, and acts as Chairman of the Executive Committee.
In December 1924, after six months' service, Mr.
Loring proposed a plan of reorganization. Immediately committees representing the various classes
of securities were formed and also a joint reorganization committee representing all recognized interests, particularly the savings banks, insurance companies and other large holders of bonds, and the
holders of the various classes of stocks. The committee also represented the management and the
bankers, who had distributed the company's securities. This committee has somewhat modified the
plan as originally proposed by Mr. Loring. The
modified plan, of which we published a full analysis
in our April 11 issue, pp.1876 and 1877,is now before
security holders and the various public authorities
for approval. The plan is dated March 31 1925. It
is primarily a plan of railroad reorganization as distinguished from financial readjustment. Its principal proposals are as follows:
main traffic routes, will very greatly cut operating
expenses and increase operating income. The company earned a substantial surplus over fixed charges
in 1924. It is thought that even though fixed charges
be not greatly reduced, income will expand to cover
dividends on the common stock. The plan of financial readjustment provides for maturities, simplifies
the capital structure, provides cash needed during
the next few years, and provides a medium for future
financing.
The present capital structure is very cumbersome
and confusing. It may be summarized as follows:
The table also indicates treatment in proposed plan.
Treatment.
Present Capttattzajton.
82,265,000 Undisturbed.
Divisional B. 8r M. bonds due_ _ _ _ 1930-1937
Undisturbed.
8,089,000
1938
Equipment Trust notes
2.750,000 Undisturbed.
1941-1944
Bonds of leased roads
Best arrangement
1 1910
71:
5,443,979
, 822
:1,
Bonds held by U. 5.,
possible with
65, secured under( 3,049,000 Oct. 1 1931
Government.
First de Ref. Mtge.i 5,894,000 Jan. 1 1934
i 5,000,000 June 1 1935
of 1919
48,685.479
To be renewed at
maturity at5% for
Bonds held by public, secured
15 yrs. and made
42,787,000
1925-1932
under 1st & Ref. M., maturing__
cony. into 7%
, P.P.stock.
Bonds held by public, secured
30,386,000 Undisturbed.
under 1st dr Ref. M., maturing_ 1933-1950
NS IV:I.%
8136,962,479
for Pfd.
First Pref. stock (5 issues, A-E, dive. 44-10%) 838,817,900 Exchanged for,
Corn.
3,149,800 Exchanged
Preferred stock,6% 14. C
39,505,100 Exchanged for,Com.
There are some 40 issues of bonds and 7 issues of
stocks. The plan proposes a very considerable simplification by way of a financial readjustment. The
principal points are summarized as follows by the
reorganization managers:
A. Extending to later dates of maturity at a reasonable
rate of interest the mortgage bonds maturing in the years
1925 to 1932, inclusive, which are outstanding in the hands
of the public, but with the privilege of conversion into the
new 7% Prior Preference stock, which is below referred to.
B. Securing such concessions as can be obtained from the
Federal authorities with reference to the outstanding 6%
mortgage bonds owned by the United States.
C. Creating a new class of 7% Prior Preference stock,
of which $13,000,000 will be issued at the time of the reorganization, to provide funds for additions and improvements
and will be offered primarily to the existing stockholders in
certain proportions, with the provision that those who fail
to subscribe will receive, as stated below, less stock in the
reorganized company than those who do subscribe. Future
Issues of additional stock of this class for cash may be permitted, and additional shares will be issued from time to
time to holders of extended bonds who elect to convert them
as stated above.
D. Consolidating the outstanding First Preferred stock,
Classes A, B, C, D and E, into one class of 7% Preferred
stock to be issued to present holders of Classes A, B, C, D
and E, in such amounts that each will receive the same preferential dividends as called for by his present shares, with
the proviso that holders who do not subscribe to a stated
amount of the $13,000,000 of Prior Preference stock will forfeit a certain percentage of their holdings: It is also to be
provided that under certain circumstances the holders of the
1. Discontinue 1,000 miles of worthless track; 45%, or new shares will be paid in the future a portion of the divimore than 1,000 miles of the 2,450 operated, produce only 3% dends now accumulated and unpaid on the old shares, and
of freight business. Only 600 miles of system has freight the new shares, unlike the old shares, will be preferred as to
density equal to average of other roads in Eastern rate assets as well as to dividends.
group. It is proposed that motor buses take over traffic on
E. The outstanding Preferred stock (6% non-cumulative)
abandoned lines.
will be abolished and the holders thereof will receive com2. Improve Main Lines. Road depends principally on mon stock in place of their present holdings. Those who
earnings of 600 to 800 miles. There is required more passing subscribe to a stated amount of the new Prior Preference
tracks, grade reductions, heavier locomotives and changes in stock will thus receive somewhat more than their present
bridges, engine houses, etc., and possible electrification.
holdings, while those who fail to so subscribe will receive
3. Rearrange Boston Terminals. Those are assessed at somewhat less than their present holdings.
$33,000,000 and cost $900,000 annually in taxes. Much propF. Holders of the outstanding Common stock who suberty can be sold and the whole rearranged with resulting scribe for a stated amount of the new Prior Preference stock
saving.
will receive the same number of shares of Common stock
4. Readjust Financial Structure.
which they now hold, but those who fail to so subscribe will
receive somewhat less than their present holdings.
It is expected that the abandonment of light trafThe following figures show the very great imfic lines, improvements in the Boston terminal arrangements and increases in the efficiency of the provement in earnings during the past four years:
MAY 231925.]
THE CHRONICLE
Income Account.
Total Net
Operating Income after
Ratio.
Rentals.
94.31
—5353,774
84.25
+7,093,297
87.31
+3,732,774
81.21
+9,438,514
2611
trial districts, were largely under Socialistic influence.
The middle class, with narrow ideals, was
921
1922
not
inter
ested in foreign policies. The aristocracy
1923
1924
and upper middle class were beginning to have large
r
Interest on bonds outstanding as shown above vision; and there was general prosperity and intelamounts to $6,836,710, about the same sum
as inter- lectual activtiy and a growing distrust of Governest is included at in 1924 shown above. By
refund- ment. The outbreak of the war startled all with new
ing the $42,787,000 bonds maturing 19251932, at conditions, which quickly became compelling.
their maturities, at 5%,interest would be
The first Fascio parlementare was a union of citiincreased
gradually by $267,330. If the $48,685,47
zens
created to combine the patriotic forces against
9 6% bonds
held by the Government should be refun
the
disloy
alty and defection produced mainly by Gerded at, say,
5%, interest would be decreased by
man
and
Sovie
t propaganda and the attitude of the
$486,854. It is
probable that the plan will reduce inter
Itali
Radic
an
als.
Similar unions organized in vaest charges
by $200,000 or more.
rious parts, but did not become active while the war
The company earned $9,438,514 in 1924,
or about lasted, as the men who were of their mind were
1.25 times fixed charges, with a balan
ce for stock of mainly in the army. After the various vicissitudes
$1,772,737, comparing with $910,000
required on the of the war the Italians with Allied aid won complete
7% Prior Preference stock proposed
victory Nov. 3 1918 and the Italian-Austrian-Hunto be issued.
The decline in operating ratio indicates
garian armistice was signed, and Italy reached
returning
efficiency. Many changes are now
going on which everywhere the frontiers assigned them by the Treaty
should further decrease this ratio and
increase in- of London. Her task was to deal with the disastrous
come. There is much probability that
this plan, if effect wrought by the war throughout the nation,
carried out, will greatly increase and
add to value of as indeed in all Europe. Obstacles were everywhere.
bonds and stock. The New York New
Haven & Hart- A crowd of men holding Government positions stood
ford Railroad, owning 28.3% of
total stock out- in the way. The Socialists whose internationalism
•standing, has consented to the
plan. The savings was in abeyance during the war,resumed their propabanks and insurance companies are
doing likewise as ganda immediately after the armistice, and with the
rapidly as votes can be passed, and
at present prac- labor unions and the new Communist Party, which
tically all interests seem to be behin
d this excellent were joined with them, took their orders from Rusplan.
sia, adopting the Soviet symbol, the sickle and hammer. They demanded that Government's control of
busin
ess should continue. Consequently prices rose;
The Awakening of Italy.
mone
depreciated; fixing the price of food below
y
Since our account of the political
situation in cost increased
Italy following upon Mussolini's
the deficit of the budget; an orgy of
address of Jan. 3,
extravagance followed; strikes were frequent; prothe crisis which then seemed to
threaten the Governduction slackened as wages were raised and the
ment passed, the opposition quiet
ed down, the GovRussian propaganda became more insistent.
ernment continued its vigorous
measures against its
The groups of the Fascio parlementare became
enemies, and the new election
proposed for April was
more necessary. The Government did little to stop
not ordered and no new date is
given. The dangers
disorder and lost all respect. Ex-soldiers joined
we then pointed out have
not ceased. People grow
with
the citizens in Northern Italy for common proaccustomed to any conditions; and
while time some- tectio
n and to provide volunteer workmen in case of
times justifies, it very seldom
conceals.
strikes. Mussolini originated the new movement,
It has been understood that a
small group of leadtaking the name Fascismo and fixing its object as
ing men of the younger class
epresented by four or
strictly patriotic. When in 1919 a great strike was
five important newspapers, of
which the "Corriere
threatened, it had gained sufficient strength to redella Sera" of Milan is the chief,
were waiting for ceive
the support of the Nationalist Party,and it was
the hour when Mussolini should
compromise or make
able to control the mobs. Meanwhile the Governa false step to attempt his
overthrow. The recent
ment showed little purpose to suppress violence, and
severe attack opened upon him
in the Senate by
the Socialists sought to divide up the land and deSignor Luigi Albertini, the owner
of that paper, and clare
d union with the Third International and Mosa man of the highest chraa
cter, may be significant.
cow. Their resort to violence and plunder forced
As a "pure" Liberal he had
withheld his support
the hand of Mussolini's Fascio di Combattimento,
from the Fascisti Government
at the beginning beas they were called, and in July 1919 they retaliated
cause "it did not conform to the
classical Liberal in kind. There
was practically no civil government,
tradition," but had accepted it as
necessary to deal and they
had no alternative. They threw all.their
with the existing evils.
strength against the railway strikes in 1920, and
In the midst of confused repor
ts and individual
won success in the November elections in Rome, Naopinions which conflict with the
obvious progress of
Florence, Venice, Genoa and Turin. The Red
ples,
Italy in all directions of prosperity
and peace, it is
victor
ies in Milan and Bologna resulted in such atroworth while to turn to a new book, Villar
i's detailed cious crime that
it proved the beginning of the end of
account of the whole movement, writt
en since the
the Red party. They planned a general massacre of
general election of April 1924.*
the bourgeoisie after Nov. 21 and the Fascisti drove
In 1914 the condition of Italy was this.
There them to cover. The people were with
was an active propaganda of the
the Black
Communistic So- Shirts .which becam
,
e their uniform, and their
cialists which had gone to such an
extent that it strength increased rapid
ly. They arose in almost
arrayed the better class of people against
them, and every town, united under
one leadership, and the war
with the aid of the Government had broug
ht them with the Communists
became fierce.
to a halt. The working classes, especially in
the indusThrough 1921 things went from bad to
worse. In
"The Awakening of Italy." Luigi Villari.
Geo. H. Doran Co.
Rome the Government proved more compl
etely its
Operating
Revenues.
$78,289,750
79,720,084
86,193,419
78,697,297
Fixed
Charges.
56,994,313
6,966,875
7,223,844
7,665,777
Surplus
for Stock.
—57,348,087
+126,422
—3,491,070
+1,772,737
2612
TILE CHRONICLE
[VOL. 1zu.
incompetence and became contemptible. The crash Government; but its policy is so determined and its
came in July. Bankruptcy was everywhere. The power so prompt and decisive in action that rioting
Fascisti arose in defense, appealing to the people for and violence are disappearing. It may be said that
support, and the march on Rome followed. Musso- "the new spirit of patriotism has penetrated deep
lini declared that Italy could not exist with two into the heart of the nation."
The new Parliament that was early summoned
Governments and that as the monarchy represented
the nation's history it was the best, and should be ac- assembled May 24 1924. The Government, according
cepted by all. The Directorate of the party gave him to this account, banded back to it its powers and defull authority; he came from Lombardy to join them clared that it had no purpose to encroach upon the
and offered them and himself to the King. The King fundamental principles of the Constitution. Full
summoned him to the Premiership and to form the freedom of action in the field of economics was given
new Cabinet. When he and they were accepted by to the public; and emphasis was laid upon the task
the King, saying "nothing could be worthier," the of Government as resting upon the Crown, the ExBlack Shirts immediately departed for their homes. ecutive and the Senate, no less than upon the ChamTheir discipline, it is affirmed, was perfect, and civil ber of Deputies, none to execute absolute authority.
The Government guaranteed the freedom of the balwar was escaped.
The Cabinet was made up of men from all parties lot box, and received practically a two-thirds vote in
except Communists. Mussolini proceeded now, this the April election. Professor Vitelli, a distinguished
book says, on strictly constitutional lines. The Lib- scholar, said: "To have broken that close network
erals who had disapproved his earlier methods by of intrigue and mean ambitions which characterized
which he had won his position saw its necessity in Italy's so-called political life during the last forty
view of the incompetency of the Government. It had years and more is a great merit, even if it has been
nourished Bolshevism, which now retreated to Rus- necessary to resort to illegality and violence."
sia. The country was with him, and the new GovernA number of the strongest and best men in Italy
ment had to clean house. This it did with strictly allied themselves with Mussolini. Signor Salandra,
Parliamentary methods. Mussolini sought and re- who had represented Italy in the Conference of the
ceived full power of action from Parliament, only Allies, was the most trusted leader of the nation, and
the second time of such occurrence in its history. The had refused to join Fascism° or to accept office, gave
Liberals admitted that Italy was saved from the his unreserved support to the movement as alone
Socialists, and when Mussolini was reminded that competent to save Italy from a false Liberalism. In
Cavour had declined to be dictator, his statement of supporting Mussolini he denied that his advent to
the reasons why he had to accept responsibility was power was unconstitutional, and said: "We intend
to serve not a man but the country."
received as satisfactory.
To-day the deficit of the national budget which for
The nation needed quiet and an opportunity to reestablish its normal industrious life. A factious revo- the year ending June 1923 was over three billion lire,
lutionary minority had been permitted to devastate was reduced for the year to June 1924 to 418 million,
the country. The position of the new Government, it with hope of further reduction this year. The interis claimed, was antagonistic, not to Liberal princi- nal debt, which stands at 92 billion lire, was reduced
ples, but to the degeneration of Liberal methods of by three billions during the past year. The foreign
administration. The Fascisti had had to fight debt is 22% billion gold lire, or four and one-third
against sabotage of the State's action. "His Majes- billion dollars. Approximately one-third of the exty's party of opposition"in the Legislature had never penditure for 1925 will be for interest on the interbeen able to unite a minority that could deal with nal debt. But little has been paid for interest on the
the situation. The leaders of all sections had fallen foreign debt, though the budget includes an approinto the disrepute if not the shameful incompetency priation of 1,200 million lire on that account. The
of the King's representatives. Now the Government improvement of the budget has stimulated economic
stood for an enlargement of the nationalism that had recovery among the people, which is already marked,
saved Italy in the war. That title was being as- and gives evidence of steady increase. Investment
sumed by groups of Radicals, and it must be pro- in industry and commercial enterprises has doubled
tected. Many of the extreme Left were still hostile, in the year ending June 1 1925 as compared with the
though some had broken away and were supporting previous year.
Villari, whose book gives Italy's history in detail
the Government, as were many of the party of the
1914, summarizes as follows: "No one who.
Adminsince
Church. This situation challenged the new
the state of Italy to-day with that of the
country
compares
the
that
istration and made it necessary
Fascismo's advent to power can for a
before
poldays
new
the
of
permanence
should be assured of the
the enormous improvement in every
deny
moment
icy and of peace.
the feeling that the country is moving
has
One
Though
field.
responded.
abundantly
has
nation
The
and surely and is shaking off the
rapidly
forward
economic
the
in
acting
as
accepted
were
Fascisti
the
the
bad
of
shackles
traditions by which it has been
Liberat
of
guidance
the
under
field
financial
and
principles, the Premier, who was still their head as bound for centuries."'
An emergency Government is expected to pass
well as head of the State, sought at once the merging
the emergency. Its success is a challenge to its
with
of the two organizations. With the success of the
and success always adds to their number.
had
critics,
types
movement Radicals and adventurers of all
of the Fascisti was to the youth of the
appeal
The
reorganized
joined the Fascisti. Mussolini promptly
title of their hymn is "Giovinezza," and
The
union
nation.
into
Shirts
the militia and turned the Black
with it, and the new arm has proved entirely ade- it has become the national anthem. Their prominent
quate to the situation. Officials of the Government men have nearly all fought in the war,many with disand the politicians no longer seek to avoid straight tinction. They have certainly awakened a new spirit
issues by trading with the truculent or juggling with and secured for the nation a new respect for itself.
parties. The new Government was an emergency Mussolini has proved himself an admirable organizer
MAY 231925.]
THE CHRONICLE
as well as a man of courage, intelligence and energy,
with many of the qualities of a statesman.
Whether the strength of the movement lies in the
hearts of the people, or in the man remains to be
seen, and will appear when he gives place, as he in
time must do, to his successors. In any case Italy
is experiencing the most remarkable awakening that
has followed the war.
Reserve System Inflation Power Needs Check.
[H. Parker Willis, in the "Annalist" for May 18.]
Chairman McFadden of the House Committee on Banking and Currency has acted wisely in publishing a statement of his views with regard to the so-called abolition of
the war amendments to the Federal Reserve Act. It is well
also that this statement should find its place of publication
in the official journal of the American Bankers Association.
Wise also is the decision to give publication at the same
time to a statement coming from a Reserve bank official of
the point of view of that organization on certain of the issues
that are raised by Mr. McFadden in his measure and in his
article.
The Two Main Points in Dispute.
The chief points covered in the McFadden bill, and now
very properly under discussion in serious and authoritative
prints, are two:
(1) The question whether we shall have our bank re
serves carried entirely in the vaults of the Reserve banks or
shall have them divided between those vaults and the vaults
of the member banks; and (2) the further question whether
our note currency shall be issued entirely upon a base of
commercial paper (of course with suitable gold reserves to
ensure redemption), or whether it shall be issued practically
as gold certificates rather than as "elastic currency." These
two issues have, from the very beginning of our banking history, aroused in one form or another the sharpest differences
of opinion between bankers and economists. While in most
countries the discussion has resulted in a community of view,
if has certainly not done so in the United States, as is shown
by the heat with which the present controversy is being
carried on.
Original Reserve Act Provisions.
' It may be worth noting, not as an argument on either side
of the case but in the interest of historical accuracy, that
the original Federal Reserve Act was distinct and consistent
with itself on both of the points which are now under debate. It required the placing of a little more than one-third
of the then required reserve in the vaults of Reserve banks,
a slightly smaller amount remaining in the vaults of the
members, while the balance was left to be deposited in one
place or the other, as circumstances required and as Reserve
bank discount policy directed. The Act also prohibited the
issue of Reserve bank notes except in proportion as Reserve
banks might rediscount actual short-term paper growing out
2613
of live business transactions, and might pledge such paper
dollar for dollar behind the Issues.
On both of these points the Federal Reserve Act followed
in a general way foreign practice. It is true that there was
not, and is not to-day, any central bank which required the
massing of all bank reserves in its vaults. Most of them
made no requirement whatever with regard to the deposit of
reserves in central banks, but some limited requirement of
this sort was seen to be necessary in the United States. This
was because (owing to our widely diffused system of independent banking) it was difficult to bring presure to bear
upon individual banks through the discount rate policy in
such a way to compel them to maintain central bank reserve
balances. That might have been practicable had our bankers been willing to give to the newly created Reserve banks
the power to deal directly and freely with the public. But
such a measure they were unwilling to consent to, and hence
the definite requirement of a small, moderate proportion of
the reserve in the Reserve banks was a measure of wisdom
and a safeguard against disaster.
The Reserve Act, moreover, followed the uniform practice
of banking countries in making the new notes rest upon
what were called "commercial assets." It recognized that
only in that way could inflation be guarded against, since
only in that way could note issues be restricted to the same
volume as new business transactions. The theory of commercial note issue recognizes the necessity of a foundation
of money in ordinary circulation sufficiently broad to provide for the basic minimum needs of the community for exchange. It holds that transactions above that level—those
produced by seasonal activity of business or by other temporary and passing influences—should be provided for
through the agency of banks which are entrusted with the
authority to test the soundness of the transactions, and only
in the event of approval to issue notes against them.
War Changes Provided for Inflation.
Both these fundamental ideas were given up during the
war. The reserve requirement was changed, quite frankly,
because of the desire to mass all reserves in the hands of
Reserve b-• , ani thus to provide a basis for the inflation
which was cc e553 Ily deemed necessary as a means of "winning the war" in a country where taxation could not be
made to cover the whole outlay. So, early in 1917, the old
reserve basis which had existed since the adoption of the
Reserve Act was abolished and the present one was put in
its place, while the percentage of reserve was reduced in
order to compensate the banks for the larger amounts of
funds which they must place with the Reserve banks. During the war, too, the commercial paper basis of the notes was
abolished, and they were allowed to issue as representatives
of gold coin, or, indeed, of Government bonds used as a basis
for discounts with the Reserve banks. The reason at thetime assigned for this action was the undoubted effect that
it would have in withdrawing gold from the circulation an&
so in providing a basis for greater credit inflation on the
Continued an page 2619.
The New Capital Flotations in April and for the
Four Months to April 30.
The purchase and financing of the Dodge
Brothers automobile properties by a syndicate headed by
Dillon, Read
& Co. raised the total of the new capital
flotations during
April to exceptional proportions. That
transaction added
$160,000,000 to the month's aggregate as indicated
more in
detail further below. Our tabulations, as always,
include
the stock, bond and note issues by corporations and
by States
and municipalities, foreign and domestic, and also
Farm
Loan emissions. The grand total
of the offerings of new
securities under these various heads during
April 1925
reached $607,128,553. This compares with
$505,369,807 in
March, with $664,632,971 in the short month of
February,
with $685,403,871 in January, with $557,168,130 in
December 1924, and with $427,218,524 in November, when
the
amount was relatively small, even though the
$100,000,000
French loan was brought out in that month. It also
compares with $733,665,611 in October 1924, when the
total included the American portion ($110,000,000) of the
German
loan, with $540,251,949 in September, with $454,483,973 in
August, with $428,299,766 in July, with $649,602,434 in June,
when the magnitude of the awards by States and municipalities acted to raise the total to unusual proportions (New
York City alone contributing considerably over $100,000,000
in that month), and with $627,050,947 in May 1924, when the
month's total was swollen by the offering of $150,000,000
new stock to its shareholders by the American Telephone &
Telegraph Co.
Aside from the Dodge Brothers financing, there were no
especially noteworthy features in the April financing.
No
foreign Government issues of considerable size were
brought
out during the month, nor did the Farm Loan issues
reach
any great size. The offerings of municipal bonds,
while by
no means small, fell well below the amounts for the
same
month of the previous year. They reached
$95,163,415, as
against $133,288,881 in April 1924; $81,426,486 in
April 1923;
$137,176,703 in April 1922 and $88,104,218 ha April
1921. The
2614
HE CHRONICLE
big increase is found in the new issues brought out by corporations-and for the reasons already given. Corporate
financing reached a grand total of $482,575,138, which compares with $275,705,600 in April 1924; $282,419,466 in April
1923; $337,614,000 in April 1922 and $393,801,500 in April
1921. Of the total of $482,575,138, $445,705,138 was of domestic origin and $36,870,000 foreign.
Offerings on behalf of industrial corporations dominated
the month's business, with a total of $312,560,938, of which
$160,000,000 consisted of the Dodge Brothers offerings already referred to and detailed further below. The total of
industrial issues for April was the largest of any month
this year, the previous record being $247,881,185 made in
January. Railroad issues brought out in April amounted
to $87,614,000, or more than double the March total of $38,833,000. In February, however, the railroad total was
$112,045,000, though in January- it was only $22,992,000. A
further decrease in the volume of new offerings by public
utilities occurred during April. In that month they amounted
to only $82,400,200, whereas in March they reached
$171,557,000, in February $205,324,225 and in January
$237,724,500.
Of the $482,575,138 corporate offerings in April, $318,427,500 were long-term issues, only $22,678,750 were short-term,
while stock issues totaled $141,468,888. The amount used
for refunding purposes was $71,134,000, or over 14%; in
March $70,251,000, or almost 20%, was for refunding; in
'February the amount was $53,382,000, or only 10%, while in
January $95,193,425, or over 18%, was for this purpose. In
April last year only $25,803,900, or less than 10%, was for
refunding purposes. Of the $71,134,000 raised for refunding
In April this year, $64,918,000 consisted of new long-term
obligations sold to refund existing long term, $700,000 was
new long term sold to refund existing short term, $200,000
was new short term to refund existing long term, $2,500,000
was new short term to refund existing short term, $1,110,000
was new stock to refund existing long-term bonds, $1,000,000
was new stock to refund existing short-term'issues and $706,000 was new stock to replace existing stock issues.
The foreign corporate issues aggregating $36,870,000 comprised the following: Canadian-$10,000,000 Andian National Corp., Ltd., 1st mtge. 6s, 1940, offered at par; $3,800,000 National Steel Car Lines Co. equip. trust 6s,"G," 1926-35,
sold on a 5.30% to 6.05% basis; $2,500,000 Granby Consolidated Mining, Smelting & Power Co., Ltd., deb 7s, 1930, offered at par; $1,000,000 Christie, Brown & Co., Ltd., 7%
pref. stock, offered at 98, to yield 7.14%, and $570,000 Wilder
1
2s, 1940, offered at
Realty Corp. (Montreal) 1st mtge. 6/
par; other foreign issues were: $14,000,000 Ujigawa Electric Power Co., Ltd. (Japan), 1st mtge. 78, 1945, offered at
91, to yield about 7.90%; $3,000,000 Tyrol Hydro-Electric
Power Co. (Tiwag), Austria, 1st mtge. 7%s, 1955, offered at
96/
1
2, to yield about 7.80%, and $2,000,000 Copenhagen Telephone Co. (Denmark) 25-year 6s, 1950, offered at 99%, to
yield about 6.03%.
The outstanding feature of the month's financing is found,
as already stated, in the offering of the issues of Dodge
Brothers, Inc. The initial issue was of 850,000 shares of no
par value preference stock (entitled to cumulative dividends
of $7 per share), offered at $100 per share and carrying a
bonus of one share of no par value Class "A" common stock.
This was followed by an offering of $75,000,000 15-year
Dodge Brothers, Inc., 6% deb's., due 1940, at 99, yielding
about 6.10%. Other industrial issues of importance were:
$10,000,000 Union Gulf Holding Co. 5% notes, due 1925-30,
offered at 100.72 to 100, and yielding from 4/
1
2 to
;
$7,250,000 Eitel Central Block (Chicago) 1st mtge. 6s, 192837, offered at 101 to 100, yielding from 5.62 to 6.00%, and
$7,000,000 Houston Oil Co. of Texas 10-year 6%s, 1935, offered at par.
Railroad financing during April was featured by the following: $45,000,000 Baltimore & Ohio RR., Southwestern
division, lst mtge. 5s, 1950, offered at 98, to yield 5.14%;
[Vol,. 120.
$25,000,000 Missouri Pacific RR. 1st mtge. Os, "E," 1955, offered at 99%, to yield 6.02%; $8,145,000 Baltimore & Ohio
RR. equip. trust 4%s, "B," 1926-40, offered on a 4.20% to
4.80% basis, and $7,224,000 Chicago & North Western Ry.
Co. equip. trust 5s, series "0" and "P," 1925-39, offered at
prices showing an average yield of 4.80%.
Public utility issues worthy of mention were as follows:
$10,837,200 capital stock of Commonwealth Edison Co. (Chicago), offered to stockholders at par; $10,000,000 Columbia
Gas & Electric Co. 3-year 5s, 1928, offered at par, and $6,500,000 West Penn Power Co. 1st mtge. 55, "E," 1963, offered at
97%, to yield about 5.18%.
Foreign Government financing in this market during April
was limited to one new issue, and this was $8,000,000 for the
City of Oslo (Norway) in the form of 30-year sinking fund
6% gold bonds, due 1955, offering of which was made at
99%, to yield about 6.03%.
Farm loan financing totaled $11,100,000 during April.
Seven separate issues of joint stock land bank bonds were
brought out for a total of $9,600,000, at prices ranging in
yield from 4.30% to 4%%, while one issue of Federal Intermediate Credit Bank 1-year 4%% debs. to the amount of
$1,500,000 was floated on a 3.75% basis.
-1
Offerings made during April, which did not represent new
financing by the company whose securities were offered,
and which therefore are not included in our totals, comprised the following: 150,000 shares of no par value Class
"A" shares of Stern Bros. (N. Y. City), offered at $55% per
share, with a bonus of 1-3 share of common stock; $2,500,000
National Distillers Corp. cony. 7s, 1930, offered at 101, to
yield 6.75%; 20,000 shares no par value common stock of
The Electric Controller & Mfg. Co., offered at $62% per
share and $100,000 Pittsburgh Crucible Steel Co. 1st mtge.
5s, 1939-42, offered at 101/
1
2, to yield about 4.90%.
The following is a complete summary of the new financing
-corporate, State and city, foreign Government, as well as
Farm Loan issues-for April and the four months ending
with April, of the current calendar year. It will be rbserved that in the case of the corporate offerings we subdivide the figures so as to show the long-term and the shortterm issues separately and we also separate common stock
from preferred stock, besides reporting the Canadian corporate issues and other foreign corporate issues as wholly distinct items.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT. FARM LOAN
AND MUNICIPAL FINANCING.
New Capital.
1925.
Refunding.
Total.
MONTH OF APRILCorporate-Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
$
219,439,500
19,978,750
106,349,000
31,303,888
15,370,000
19,000,000
$
65,618,000
200,000
1,706,000
1,110,000
2,500,000
$
285,057,500
20,178,750
108,055,000
32,413,888
17,870,000
19,000,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
411,441,138
8,000,000
6,400,000
71,134,000
482,575,138
8,000,000
11,100,000
89,812,968
5.350.447
9,240,000
1,050,000
95,163,415
9,240,000
1,050,000
516,704,106
90,424,447 607,128,553
888,155,775
102,678,750
256,286,300
125,530,348
63,370,000
121,350,000
200,528,425 1,088,684,200
65,600,000 168,278,760
3,389,500 259,675,800
2,692,500 128,222,848
81,120,000
17,750,000
121,350,000
' 1,557,371,173
78,500,000
64,225,000
289,960,425 1,847,331,598
28,000,000 106,500,000
71,925,000
7,700,000
Grand total
FOUR MONTHS ENDED APR. 30
Corporate-Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
4,700,000
401,173.985
4,808,000
4,050,000
2,110,128,158
12,965,632
19,240,000
414,139,617
24,048,000
4,050,000
357,866,057 2,467,994,216
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1925 with the corresponding figures for the
four years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
corporate offerings, showing separately the amounts for all
the different classes of corporations.
1925.
1924.
MONTH OF APRIL.
New Capital.
Refunding.
Total.
New Capital.
1923.
Total.
Refunding.
New Capital.
Refunding.
Corporate—
Long term bonds and notes___
Short term
Preferred stocks
Common stocks
Canadian
Other Foreign
$
219.439.500
19,978,750
106,349,000
31.303.888
15,370,000
19,000,000
$
285,057,500
20,178,750
108,055,000
32.413,888
17,870.000
19,000,000
S
171.183.923
33.150,000
28,922,777
15,645,600
1.000,000
$
16.375,677
1,291.000
5,637.223
2,500,000
$
187.559,600
34.441.000
34,560.000
18.145,000
1,000,000
$
111,909.000
20,996.000
40,065,000
68,692,466
$
35,912,000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
411.441,138
71,134,000 482.575,138
8,000,0008,000,000
6,400,000
4,7-00,000
11.100,000
249,901,700
77.500.000
4,300,000
25,803,900
275,705,600
77,500.000
4.300,000
988,500
1.050,000
133.288,881
1,050,000
2,285.000
27.842.400
494.129.481
354.084.552
Grand total
89,812,968
$
65,618.000
200.000
1.706.000
1,110,000
2,500,000
5,350,447
9,240.000
95,163.415
9,240,000
1.050.000
132,300,381
90.424.447
607.128.553
466.287.081
1.050.000
516.701.1061
2,285,000
1922.
Total.
New Capital.
Refunding.
1921.
Total.
New Capital.
3
188,848,300
31.956,000
9,382.000
18,410,000
2,020,000
21,360,000
$
65.667,700
4.630,000
215.000
$
147,821.000
20.996.000
44.695.000
68.907.466
$
254,516.000
31,956.000
9,382.000
18,410,000
2,020,000
21.360.000
$
136.872,000
2.075.000
11,027,500
21.450,000
241,662,466
40,757,000
282,419,466
65,667.700
10,000,000
55,032,000
87.750.000
337.644,000
53.700.000
4,950,000
172,424,500
32,718,000
271.976.300
43.700,000
4,950.000
79.704.086
1.722,400
6,000.000
81,426.486
6,000.000
134.838.067
22,436.650
250,000
2.338.636
100,000,000
137.176,703
122,436,650
250,000
103.511.400
457.595.952
478.151.017
178.006 336
656 157 353
Refunding.
Total.
$
219,377,000
2,000,000
3
356.249,000
4.075,000
11,027.500
21,450,000
221.377,000
393.801,500
86,673.218
3,000,000
2.750,000
1,431,000
88,104,218
3,000,000
2,750,000
304.847.718
222.808.000
527.655.718
1.000,000
[TUT8g ANN
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF APRIL FOR FIVE YEARS.
1.000.000
40,000,000
40,000.000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF APRIL FOR FIVE YEARS.
New Capital.
Long Term Bonds & Notes—
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing.._
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
33,398,000
40,860,000
1.150,000
4.000,000
75.000,000
7,465.000
27.000,000
49.986,500
2,500,000
Refunding.
1924.
$
54,216,000
5.593.000
1,000,000
2,935,000
1,874.000
11.450,000
Total.
87.614.000
46,453.000
2.150,000
4.000.000
75.000,000
10.400,000
27,000.000
51,860,500
2,500,000
New Capital.
46,803,100
69,454,223
2.250.000
5,000.000
1923.
Refunding.
Total.
1.936,900
11,638,777
2,500,000
4,576.600
3,165,000
27,435,000
New Capital.
48.740.000
81.093.000
4.750,000
5.000,000
37.061.000
28.860.000
15.435.000
1,300,000
4,576.600
3,165.000,
27,435,000
11,838.000
500.000
2,350,000
1,500.000
19.400.000
31,029,300
2,770.000
3,490,000
21.970,700
195,000
1,500.000
22,890.000
53.000,000
2,965,000
275.000
14,290,000
7.360,000
3.685.000
147,821,000
212,228,300
217.227,000
1.500,000
650,000
235,680,000
22,924.000
1.000.000
4,945.000
10,000,000
16,350,000
26,000,000
5,800,000
30,000,000
6,000,000
16,500.000
1,291.000
6,000,000
17,791,000
2,000,000
2,000,000
1,956,000
1,956,000
1,200,000
1.200,000
17.746.000
17,746.000
30,000,000
30,000,000
700.000
100,000
700.000
100,000
1,000,000
250,000
1,000,000
250,000
20,996,000
31,956,000
31,956,000
2,075,000
300.000
13,475.000
19.555,650
5,828.000
5.500,000
5.828.000
5,500,000
5,500.000
200,000
5,500,000
200,000
9,208.325
42,300,091
26,098.400
90.000
350,000
9,500.000
3.579.000
650,000
1.000,000
175.000
9.500,000
3,579.000
650.000
1,000.000
175.000
3.780,000
21,450,000
1.210,000
3,780,000
21,450.000
1,210.000
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other Industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
19,978,750
2,700,000
22,678,750
33,150,000
1.291,000
34,441,000
20.996,000
24,597,200
1,000.000
25,597,200
30,107,777
10,000,000
5,292,223
35.400.000
10,000,000
300,000
13,475.000
15.725,650
15,710.000
500,000
2,350,000
18,453.000
21,424,000
1,000,000
4.945.000
10.000.000
15.700.000
26.000.000
5,800.000
30.000.000
111,909,000
4,943,750
1,200,000
3,185,000
9,000,000
91,060.000
4,8.7.0,000
4,531,288
5,515,000
9,915,400
285,000
138,652,888
2.816,000
141.468,888
33.398,000
75,807,200
1,650,000
4,000,000
164,950,000
16,552,750
32,531,288
58,686,500
2,500.000
54,216,000
6.593,000
3.500,000
87,614,000
82,400,200
5.150,000
4,000,000
166,060,000
20.193,750
32,731,288
60,560,500
2.500,000
965.000
3,210,000
35,912,000
65,667.700
7,360,000
3,685,000
4,550,000
277,896,000
137,872,000
9,000,00
1,650,000
1.110,000
706,000
71.134,000
115.701,000
52,195.000
18,600,000
188,559,600
- 20r0r,066
21,365,400
11.945.000
26,567.000
1,500,000
Total.
16,375,677
10.350,000
3,000,000
411.441.138
103.756,000
25,628.000
17,100,000
Refunding.
172,183.923
2,500,000
Total
37.061.000
60.660.000
15,675,000
1,300,000
New Capital.
275.000
14,290,000
10,350,000
500,000
1,110,000
3,641.000
200,000
1,874,000
1921.
Total.
13,800,000
318,427,500
9,915,400
3,872,000
Refunding.
300,000
65,618,000
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
240,000
New Capital.
13,500,000
252,809.500
89,950,000
4,144,000
4.531,288
5,515.000
31W00-,6615
1922.
Total.
11,450,000
Total
Short Term Bonds & Notes—
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings. &c
Rubber
Shipping
Miscellaneous
4,943.750
1.000,000
3,185,000
Refunding.
1,650.000
'
2,845,060
965,000
6,055,000
285,000
2,225.000
44,567,777
8.137,223
52,705,000
108,757,466
52,803,100
116.062.000
12.250.000
5,000,000
9,965,000
7,786.600
3.165,000
29,085,000
1,936,900
18.222,000
2,500,000
54,740.000
134.284.000
14.750.000
5.000.000
9,965.000
10.631.600
3.165,000
29,085,000
9,208,325
41.285.091
26,098,400
90.000
350.000
21.365.400
13,785,000
300,000
14,085,000
37.361,000
44,335.000
31.160.650
1,300,000
9,208,325
53,123.091
44,344,400
2,440,000
350.000
1.275.000
16,765,000
482,575,138
249,901.700
25.803.900
275,705,600
241,662.466
2,845,000
3.830.000
1,015.000
4,550,000
219,377,000
357,249,000
2,000,000
2,000,000
75.000
75,000
2,000,000
4,075.000
2,225.000
1,560,000
1,560,000
337,500
337,500
113.602.466
27,792.000
27.792,000
32,477,500
32,477,500
103,756,000
33.412.000
22,600.000
115,701.000
59,979.000
24,100,000
4.-$$7.6513
37.361.000
76,135.000
35,230,650
1,300,000
9,208,325
58.010.091
44.344,400
2.440,000
350,000
1,275,000
16,765,000
18,453,000
26,924.000
1,200,000
4,945,000
11,200,000
19,480,000
48,150,000
7.110,000
30.000,000
40.757,000
282,419.466
271.976,300
4,845.000
31.800,000
4,070,000
11.000,000
22,979,000
61,679.300
3,770.000
175,000
7.360,000
5,245,000
11,945,000
26,567.000
1.500.000
3.490.000
21.970.700
195,000
65,667,700
11.000.000
26,469.000
83.650,000
3,965.000
175,000
7,360.000
6,245.000
337.644.000
217,227.000
3,500,000
--65-0r.15156
4,962,600
172,424,500
235.680,000
30.424,000
1.200,000
4,945.000
11.200,000
20.130,000
48,150,000
7,110.000
30,000,000
4,962,500
221.377,000
393,801.500
ariomioullo aiTz
1925.
MONTH OF APRIL.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
1925.
FOUR MONTHS ENDED
APRIL 30.
New Capital.
CorporateLong term bonds and notes___
Short term
Preferred stocks
Common stocks
Canadian
Other Foreign
Total
Foreign Government
Farma.oan Issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
1924.
Total.
$
$
$
888,155,775 200.528,425 1,088.684,200
102.678.750
65.600.000 168.278,750
256,286,300
3,389.500 259.675,800
125.530,348
2,692.500 128.222.848
17,750.000
63,370.000
81,120.000
121,350.000
121,350,000
1.557.371,173
78,500,000
64,225.000
401.173,985
4,808,000
4.050,000
Grand total
Refunding.
2.110,128.158
New Capital.
Refunding.
$
662,229,123
115.775,000
60,990,027
161,021,219
2,000,000
7,680,000
289.960.425 1,847,331,598 1,009,695.369
28,000,000 106,500,000
165,990,000
7.700,000
71,925.000
80,200,000
12,965.632
19,240.000
414.139.617
24,048,000
4.050.000
425.227,510
24,112,562
5,335,000
357.866,057 2.467.9P4.215 1,710,560.441
1923.
Total.
$
2
63,932,077 726.161.200
7,941,000 123,716,000
68,627,250
7,637,223
4,900.000 165,921,219
8,000,000
10,080.000
17.680,000
10.000.000
New Capital.
Refunding.
1922.
Total.
New Capital.
Refunding.
$
739.991,786
61.744,200
163,849,247
157,036.338
16.296,600
19,900.000
2
$
208,681,714 948,673,500
16,366,800
78.111.000
67.234.839 231,084,086
3.266.760 160,303,098
16.296,600
19.900.000
$
$
532,274,146 227,919,654
11,950,000
81,837,000
55,247,000
400,000
64,879,487
8,255,625
18,820,000
64,585,000
1,250,000
102.410.300 1,112,105,669 1.158,818,171
130,000,000 295,990,000
69,000,000
80,200,000
164,218,000
295.550,113 1,454.368.284
6.000,000 '75,000,000
55.032,000 219,250,000
3,620.908
4,050.000
428,848.418
28.162,562
5,335,000
320,075.820
21,153.000
321.000
240,081.208 1.950.641.649 1.733.585.991
7.925.160
14,941.679
328,000.980
36,094.679
321,000
1921.
Total.
New Capital.
Refunding.
Total.
$
760.193.800
93,787,000
55,647,000
73,135.112
18.820.000
65,835,000
$
430.156.020
106,542,166
30,344.300
87,090,090
19,150,000
15,150,000
$
$
339,188.980 769,345,000
14,000,000 120,542,166
31,119,900
775,600
87,090,090
19,150.000
15.150,000
817.642.633
232,400,000
109,640,000
249,775,279 1,067,417.912
10,000,000 242,400,000
109.640,000
688.432,576
79.600,000
40,000,000
353,964,580 1,042,397,156
79,000,000
40,000,000
420,233.135
52,172,650
5,250.000
9,004,858 429,237.993
102,250,600 154,422,650
5,250,000
288,639,239
14,222,000
3.250,000
379,448,952 2313.034,943 1.637.338.418
371.030.137 2.008.368.555 1.113.543.815
3,921,895
292,561.134
14,222,000
3,250.000
357.886.475 1.471.430.266
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
1925.
New Capital.
Long Term Bonds & NotesRailroads
Public utilities
Iron, steel, coal, copper. a‘tc
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
2
150,298.000
404,132,500
23,250,000
5,400,000
76,150,000
81.816,300
53,900,000
172,466,200
32,500,000
684,775
40,528,000
Refunding.
1924.
Total.
$
86,286.000
68,415,000
2.396,000
New Capital.
$
236,584,000
472.547,500
25,646.000
5,400.000
350,000
76,600,000
14.897,200
96.713,500
13.500,000
67,400,000
12.412.000 184,878,2.00
32,500,000
4,315.225
5,000,000
8,007,000
48,535,000
$
176.600.400
267,534.723
26,215,000
5,000,000
4,185.000
74,291.000
4.196,000
78,019,500
Refunding.
$
2,436,900
41,263.277
3,820,000
1923.
Total.
8,315,000
16.292.900
14,000
540,000
$
179,037,300
308,798,000
30,035.000
5,000.000
12,500,000
90,583,900
4,210,000
78,559.500
1.500,000
34,367,500
1,250,000
1.500,000
35.617,500
Total
1,041,125,776 210,578,425 1,251,704.200
Short Term Bonds & NotesRailroads
400,000
24,500,000
24,900,000
Public utilities
15,000,000
45,950,000
60.950.000
Iron. steel, coal, copper, &c
2,500,000
21,915,000
19,415,000
Equipment manufactures
1,150.000
1,150.000
Motors and accessories
Other industrial & manufacturing
--___
14,118,750
14.118,750
Oil
50,200.1100
57,200,000
7,000,000
Land, buildings, &c
11,820,000
11,820,000
Rubber
Shipping
5.000,000
5,000,000
Miscellaneous
3.725,000
3,725.000
671,909,123
73,932,077
745.841,200
7,800.000
56,325.000
675,000
1,000,000
9,000,000
1.090,000
35,500.000
2,385.000
6.000,000
9.291,000
650,000
13,800,000
65,616,000
1,325,000
1,000.000
9,000,000
1.090.000
35,500.000
2,385.000
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper. aze
Equipment manufactures
Motors and accessories
Other industrial & manufacturing
OH
Land, buildings. Zze
Rubber
Shipping
Miscellaneous
132,678.750
115.775,000
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufactures
Motors and accessories
Other industrial & manufacturing
Oil_
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
68,100,000 200.778.750
Refunding.
1922.
Total.
New Capital.
Refunding.
S
$
$
176,717,500
23.903,000 200,620,500
206,564,300
92.620,300 299.184,600
175.218.139
46,806,861 222,025,000
7,300.000
7,300,000
9,390.000
1,860,000
11,250,000
78,114.447
11,100,553
89.215,000
1,500.000
1,500,000
51.880.000----_-,r- 51,880.000
1,335,000
665,000
2,000,000
575,000
575,000
67,594,000 .31,726,000
99,320,000
$
285,090.630
95,480,400
50.800,000
$
73,771,270
63,837,000
1,750,000
$
358,861,900
159,317,400
52.550,000
3,250,000
57.076.881
40,429.300
23,650,000
18,348.119
68,220,700
195,000
3.250.000
75,425,000
108.650.000
23,845,000
7,860.000
41,041,935
3,047,565
776,188,386
984,870,100
604,679,146
12.565.000
1,000.000
31,951,800
8,506,000
404,200
208,681,714
5,652,200
1.000.000
6,912,800
15.046,000
9.454.000
24,500.000
Total.
7,860,000
44.089,500
229,169,654
833,848.800
459,431,020
339,188,980
798,620,000
11,950,000
31,951,800
20,456,000
404,200
10,405,000
40,000,000
13,600,000
24,005.000
40,000.000
$
355.181,000
121,382.000
17.227.000
5.495,000
11,700,000
7,485,900
94,300.000
25,500,000 131.350,000
10,250.000
650.000
30.000,000
1.835,000
19,900,000
73,000
38.496,000
16.700,000
200,000
30,000,000
1,450,000
16,700,000
200,000
30.000,000
1,450.000
3,200,000
500,000
40.700,000
3.645,000
2,000,000
1,000.000
550.000
1.000.000
550,000
125,000
3,500.000
125.000
3,500,000
150,000
9.592,166
400,000
150.000
9.992,166
15,941,000
131,716,000
61.744,200
16.366,800
78.111.000
92,837,000
11.950,000
104.787,000
108,192,166
14,000,000
122,192,166
5,292,223
26.823,737
92.909,950
10.840,000
300,000
90.444.086
23,729,710
10,926.000
4.896.760
300.000
101.370,086
28.626.470
675,625
19.155,325
92,858,383
44,638,573
90,000
350,000
44.065.775
17,906,250
2,500,000
9.500,000
21.735,577
21.379.510
3.035.000
4,175,000
10,667,490
3,125,000
3,127,000
56,693,100
33,083,180
1,193,357
1,600,000
43.390,150
17.906,250
2,500.000
9,500.000
21,735,577
13.399,510
3.035.000
4.175,000
163,508,425
5.640,000
91,659,000
50,592.485
9,866.288
17,890,000
750.000
2,250.000
43,973.950
1,110,000
6.593,500
895,000
92.769,000
57.185.985
9,866.288
18,010,000
750.000
2,250,000
44.868,950
8.278.145
49,319,508
35,525,000
84,844,508
4,485.000
383,566.648
11,282,000
394.848,648
222.011,246
12,537,223
234,548,469
320,885,585
70,501,599
391,387.184
120,126,487
8.655.625
174,798.000
611,027.425
48,305,000
6,550.000
167,809.000
146,527,535
70,766.288
202.176.200
33,250.000
7,934,775
88.226.950,
86,686,000
85,978.500
4,896.000
261,484,000
697,005,925
53,201,000
6,550,000
1.460,060 169,269,000
21.490,700 168,018.235
63.700.000 134.466.288
12,532,000 214.708.200
33,250,000
12,250,000
4,315,225
97,128.950
8.902,000
211,224,137
411,477.450
37,730,000
6,000,000
16,112,000
125,029,100
72,779.180
81,597,857
1,600,000
1,500.000
44.645.645
8,436.900
55,846,500
4,470,000
219,661,037
467,323,950
42.200,000
6,000.000
24.627,000
148,367,000
72.793.180
82.137.857
1,600,000
1,500,000
45,895.645
177.017.500
302,660,586
199,947,849
7.300.000
43,591.325
170,972,830
84,634.573
51,970,000
1,685,000
1.575,000
117.463,508
23.903,000 200,920.500
110,459,100 413.119,686
51,703.621 251,651.470
7.300,000
12,649,000
56,240.325
27,934,702 198,907,532
984.690
85,619.263
51.970,000
2.350.000
665,000
1.575,000
67,251,000 184.714,508
317,042,430
147.376,550
69,110.450
2.500,000
29,450,000
79,012.458
83,828,810
28,135,000
4.175,000
7.985,000
49,026,935
73.771,270
76.462,625
1,750.000
102.410.3001.112.105,669 1.158.818.171
295.550.113 1.454.368.284
817.642.633
200,000
7,045,000
8.278,145
1.557,371.173' 289,960.425 1.847,331,598 1.009.695.369
Refunding.
$
283,531,580
15.448,500
6,500,000
2,563,500
120,000
New Capital.
$
71.649,420
105.933.500
10.727.000
5,495,000
11,700,000
86,814.100
105,850,000
9,600,000
30,000,000
1.835,000
19,827,000
160,944,925
5,640.000
2,927.000
49,648.100.
33,083,180
1,193.357
1,600,000
1921.
Total.
38.496,000
2.000,000
26,823.737
87,617,727
10.840.000
New Capital.
8,515,000
23,337.900
14.000
540,000
1,250,000
1.335,000
16,834,149
984,690
20,490,325
109.692,532
45,623,263
90.000
350,000
7,980,000
2,582.000
18,637.400
77,700,000
1,510,000
3,200,000
500,000
40,700,000
3,645.000
10.667,490
3,125.000
525,600
2.582,000
19,163,000
77,700,000
1,510,000
4,485,000
6,587.500
250,000
6,837,500
128,782,112
120,809,390
775,600
121,584,990
380.813,700
223,839,175
70.860,450
2.500.000
29,450,000
18,348.119
97,360.577
76,200.700 160,029,510
28,330,000
195,000
4,175,000
7.985.000
3,047,565
52.074,500
249.775.279 1.067.417.912
WIOINOITHO 5IIII
FOUR MONTHS ENDED
APRIL 30.
71,649,420 283.531.580 355,181.000
127,005,990
29,048,500 156.054.490
53,852.000
60,352,000
6,500,000
5,495,000
5.495.000
17,482,000
_____-17,482.000
105,951,500
8.011.500 113.963.000
224,250,000
25,500,000 249,750,000
14,755.000
15,405,000
650.000
30,000,000
30,000,000
1,985.000____
1.985.000
36,006,666
--723,000
36,729,666
688.432.576 353.0R4 ARn 1 na9 307 156
u.D
MAY 23 1925.]
THE CHRONICLE
2617
DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL 1925.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Railroads$
750,000 Refunding; cap. expenditures
45,000,000 Refunding
8,145,000 New equipment
7,224,000 New equipment
1,095,000 New equipment
400,000 New equipment
25,000,000 Refunding; cap. expenditures
Price.
To Yield
About.
Company and Issue; and by Whom Offered.
97
6.25 Akron Canton & Youngstown Ry. Gen. & Ref. M. 65, "A," 1975. Offered by F. R. Sawyer
& Co., Boston, and Stroud & Co., Philadelphia.
5.14 Baltimore & Ohio RR. Southwestern Division 1st M. 55, 1950. Offered by Kuhn, Loeb &
Co.: Speyer & Co., and National City Co.
1100.29- 4.20 tof Baltimore & Ohio RR. Equip. Tr. 434s, "B," 1926-40. Offered by Kuhn, Loeb & Co.; Speyer
97.28
& Co., and National City Co.
4.801
4.80 Chicago & North Western Ry. Co. Equip. Tr. 55, "0" and "P." 1925-39. Offered by Kuhn.
• Loeb & Co. and National City Co.
Placed privately Long Island RR. Equip. Tr. bs. "G," 1926-40. Offered by Kuhn. Loeb & Co.
f 100.49- 4.00 to1 Minneapolis St Paul & Sault Ste. Marie Ry. Equip.Tr.58,"L," 1925-35. Offered by Minneapolis
5102.02
4.75)
Trust Co.
99)4
6.02 Missouri Pacific RR. 1st dic Ref. M.68. "E," 1955. Offered by Kuhn. Loeb & Co.
98
87,614,000
Public Utilities3,000,000 New construction
110,000 Additions and improvements
1,500,000 General corporate purposes
1,000,000 Additions, extensions, &c
94%
5.40 Alabama Power Co. 1st M. Lien & Ref. 55, 1951. Offered by Harris, Forbes & Co. and Coffin
& Burr, Inc.
7.00 Bear Valley Utility Co.(San Bernardino, Calif.) 1st M.7s,"A," 1944. Offered by G. Brashears
& Co., Los Angeles,
5.25 Binghamton Light, Heat & Power Co. 1st Ref.M.58, 1946. Offered by Halsey, Stuart & Co..Inc.
6.50 Central Power & Light Co. 1st Lien & Ref. M.6%s,1952. Offered by Howe,Snow dc Bertles,Inc.,
and Pynehon & Co.
6.50 The Columbus Delaware & Marion Electric Co. 10-Year Cony. Deb.68,"A." 1935. Offered by
Bedell & Co.
5.50 Commonwealth Telephone Co.(Wis.) let M.5%s,"A," 1945. Offered by Second Ward Securities Co., Milwaukee.
6.03 Copenhagen Telephone Co.(Denmark) 25-Year External 68, 1950. Offered by Guaranty Co. of
New York, and Dillon, Read & Co.
5.28 Electric Securities Corp. Coll. Tr. 58, 18th Series, 1955. Offered by Bankers Trust Co.; Jackson
& Curtis, and Parkinson & Burr.
5.53 Erie County Electric Co. Gen. dz Ref. 511s, "A," 1960. Offered by Arthur Perry & Co.. Boston,
5.50 Home Telephone & Telegraph Co. (Ft. Wayne, Ind.) 1st M. 5)1s, "B," 1955. Offered by
Chicago Trust Co. and Ames, Emerleb & Co.
.70 Illinois Northern Utilities Co. 1st & Ref. M.58, 1957. Offered by Halsey, Stuart & Co.,Inc.
6.35 Interstate Electric Corp. 1st Lien Coll, 6s, 1933. Offered by New York Empire Co., Inc., and
Beverly Bogart & Co.. New York,
6.10 Interstate Power Co.(Del.) 1st M.6s,"B," 1944. Offered by West & Co.; Spencer Trask & Co.:
Federal Securities Corp., and W.S. Hammons & Co.
6.00 Milo(Me.) Electric Light & Power Co. 1st M.65, 1945. Offered by Beyer & Small, Portland, Me.
6.00 Mountain States Power Co. 1st M.68, "11," 1938. Offered by H. M. Byllesby & Co.. Inc., and
Blyth, Witter & Co.
5.50 Otter Tall Power Co. Gen, M.5145,"D," 1945. Offered by Wells-Dickey Co.; Minneapolis Trust
Co. and Justus F. Lowe Co., Minneapolis,
6.50 Pennsylvania Electric Corp. deb. 68, 1955. Offered by E. H. Rollins & Sons; Edw. B. Smith &
Co., and Marshall Field, Glare, Ward & Co.
4 95-i Pittsburgh (Pa.) Rys. Car Trust 68, Series "B." 1926-40. Offered by Union 'Tr. Co.,Pittsburgh.
4.85f
7.80 Tyrol Hydro-Electric Pr. Co. (Tiwag). Austria 1st (Closed) M. 7148, 1955. Offered by F. J.
Lisman & Co.: Baker, Kellogg & Co., Inc.; Morgan, Livermore & Co.and A. M.Lamport& Co..
Inc.
7.90 InIgawa Electric Pr. Co., Ltd.(Uligawa Denki Kabushiki Kaisha). Japan 1st (Closed) M.7s,
1945. Offered by Lee, Higginson & Co.: Guaranty Co. of N. Y.;Stone & Webster,Inc.; Harris,
Forbes de Co., and Brown Bros. & Co.
5.1 West Penn Pr. Co.1st M.58."E," 1963. Halsey, Stuart & Co., Inc.; Union Tr. Co.of Pittsburgh:
W. A. Harriman & Co., Inc.; W. C. Langley & Co., and Dominick & Dominick.
100
97
100
1,250,000 Extension, other corp. purposes_
96
325,000 Additions. Improvements, &c
100
2,000,000 Extensions; other corp. purposes
99%
1.000,000 Acq. public utility securities
96
1,000.000 Additions; working capital, &c_ _ _ _ 99%
1,000,000 New construction
100
668,000 General corporate purposes
500,000 General corporate requirements.._ _
90
9711
2,500,000 Acq. Clinton G. & E. Co.; other 99
corporate purposes
200,000 Capital expenditures
100
2,000,000 Additions and extensions
100
1,200,000 Capital expenditures
2,500,000 Acq. notes of constituent cos
1,200,000 New equipment
3,000,000 Capital expenditures
14.000,000 Additions: working capital
6,500,000 Refunding:exhi..Impts.. dce
100
93
11011101H
96%
91
97)4
46.453,000
Iron, Steel, Coal. Copper,&c.
600,000 New plant;adans.; wkg.capital___ 10011
1,250,000 Refunding; development
300,000 Equipment;new construction
8.00 Compressed Coal Co. (Del.) 1st M. 88. 1940. Offered by Imbrie eic Co., Ltd., New York. and
King, Blackburn Co.. Atlanta. Ga.
5 4A} (Clement K.) Quinn Ore Co.(Duluth. Minn.) Secured 68, 1927-37. Offered by Northern Trust
Co.. Duluth; First WiSconsin Co., and Second Ward Securities Co.. Milwaukee.
7.00 Sweet Coal Co. of Utah 1st M. Endorsed 78, 1940. Offered by M. G. Chamberlain & Co., Salt
Lake City.
6
1100100
2,150.000
Equipment Manufacturers200.000 Finance lease of equipment
100-100.93
5)5-6 Conley Tank Car Co. Equip. Tr.68,"F," 1927-36. Offered by J. H.Holmes dc Co.and McLaughlin
MacAfee & Co., Pittsburgh.
5.30-6.05 National Steel Car Lines Co. Equip.Tr.68."G," 1926-35. Offered by Freeman de Co.; New York
Trust Co., and S. M. Vockel & Co., Pittsburgh.
3.800,000 Finance lease of equipment
4,000,000
Motors and Accessories75,000,000 Acquire Dodge Bros., Mich
99
Other Ineustrial Sr Mfg.1,500,000 Refdg ;ret, bank loans; wkg.cap_ _
750,000 Refunding
1017
.1;4-9734
750,000 Refunding; inapt& wkg. capital_ -1,000.000 Refunding
100
2,000.000 Extensions: working capital
1,900,000 Consolidation of properties
100
99
2,500,000 Working capital
100
6.10 Dodge Bros., Inc., 15-Year Deb. 68, 1940. Offered by Dillon, Read & Co.: National City Co.;
Guaranty Co.; Blair & Co., Inc.; White, Weld & Co.; Lehman Bros.: Brown Bros. & Co.: J. &
W.Seligman & Co.; Marshall Field, Chore Ward & Co.; BonbrIght & Co.. Inc.; Kissel. Kinnlcutt
& Co.; A. Iselin & Co.: A. G. Becker & Co.: Ladenburg. Thalmann & Co.; Hemphill, Noyes &
Co.; Continental & Commercial Trust de Savings Bank; First Trust & Savings Bank, Chicago:
Illinois Merchants Trust Co.; Union Trust Co., Cleveland,
5%-6 Bunte Bros. (Chicago) 68. 1926-40. Offered by the Foreman Trust & Savings Bank, Chicago.
531-6 Holland-St. Louis Sugar Co. let(Closed) M.5145. 1927-31. Offered by Continental & Commercial
Trust & Savings Bank, Chicago.
511-614 National Lumber & Creosoting Co. let M. 6145, "A," 1926-40. Offered by Wm. R. Compton
Co., New York.
6.00 Oregon Lumber Co. 1st M. 6s, 1935. Offered by Fidelity National Bank & Trust Co., Kansas
City, Mo.. and Lacey Securities Corp., Chicago.
6.00 Pacific Portland Cement Co., Secured 68. 1928-37. Offered by Mercantile Securities Co. of PAHL
6.60 Shur-On Standard Optical Co., Inc.. let (Closed) M.6)4s. 1940. Offered by Hemphill, Noyes
and Taylor, Ewart & Co. Chicago.
& Co.: Converse, Hough & Co.,
1931. Offered by Peabody.
Inc..
7.00 United Carbon Co. 1st (Closed) M.7s,
'
Houghtellng & Co.
10,400,000
Oil10,000,000 Pipe line; terminal facilities
7,000,000 New pipeline
10,000,000 Acquire oil securities
100
100
100.72-100
6.00 Andian National Corp., Ltd.(Canada), let M.68, 1940. Offered by Jessup & Lamont, N.Y.
6.50 Houston 011C.o.of Texas 10-Year 6348. 1935. Offered by Whitaker & Co.,St.Louis,and Mackublu.
Goodrich & Co., Baltimore.
4)4-5 Union Gulf Holding Co. Secured 5s, July 1 1925-30. Offered by Union Tr. Co. of Pittsburgh.
27,000,000
Land, Buildings,
125.000 Real estate mortgage
6.50 Alabama Baptist Hospital Board and Alabama State Convention let 6348, 1927-15. Offered
by Marine Bank & Trust Co.. New Orleans,
6.50 Allerton-Cleveland Bldg. 1st (Closed) M.6Hs, 1945. Offered by P. W. Chapman & Co., Inc.
5H-6 The Athletic Council of the Iowa State College6% Stadium Certificates of Indebtedness. 1926-40.
Offered by Metcalf. Cowgill dr Clark, Des Moines, Iowa, and Ames National Bank,
Iowa.
100,000 Real estate mortgage
100.96-100 514-614 Belnord Apts. (Detroit) let M. 6348, 1926-35. Offered by Fletcher-American Co.Ames,
and Breed,
Elliott & Harrison, Indianapolis,
6,200,000 Addition to building
5H-6.10 Book Bldg.& Addition (Book Bldg.,Inc.) let M.68, 1927-40. Offered by S. W.Straus & Co.,
Inc.
1,025,000 Finance construction of apartment
6-6.15 Brockelbank Apts. (San Francisco) 1st M.6s, 1928-41. Offered by S. W. Straus & Co., Inc.
375,000 Real estate mortgage
100
6.50 Browning Bldg., 12-14 West Washington St. Bldg. Corp. (Chicago) 1st M. Leasehold
630,
Hyney.
Emerson dt
1927-40. Offered by
Chicago.
275,000 Finance completion of buildings_
100
6.50 Buckner Bldg. Co.. Inc.(Detroit) let M.6148,
Co..
1935. Offered by Fenton, Davis & Boyle, Detroit.
500,000 Acquire and lease property
9814
6.25 Budd Realty Co. 1st M.66, 1935. Offered by Brown Bros.& Co.and Townsend, Whelen
dc Co.,Phll
200,000 Real estate mortgage
101-100
5.95-7 Campbell Apts.(Los Angeles) 1st M.78, 1926-35. Offered by Sutherlin.
& Co.. New Orleans.
220,000 Real estate mortgage
Price on applicarn The Cedar Hotel (Chicago) 1st M.6%s. 1926-34. Offered by ChicagoBarry
Trust Co.
150,000 Finance lease of property
100
6.00 Charminel Apts. (Columbus, O.) 1st Leasehold Mtge. 68, 1927-36.0ffered by Huntington Nat.
Bank, Columbus, 0.
145,000 Finance construction of apartment 100
6.50 Coles Bldg.(Chicago) let M.6145, 1927-32. Offered by Lackner, Butz dr Co., Chicago.
650,000 Finance construction of building_ _
6-7
Comeau Bldg.(West Palm Beach. Fla.) let M.78, 1927-37. Offered by Adair, Realty & Mtge. Co.
3,500,000 Real estate mortgage
4-5.40 Consolidated Investment Co. (St. Louis) 1st M. 58, 1925-45. Offered by First National
Co.:
St. Louis. and Harris Trust & Savings Bank. Chicago.
3,500,000 Finance construction of building
100
6.00 Court & Remsen Streets Office Bldg. (Brooklyn, N. Y.) 1st M. 68, 1940. Offered
by S. W.
Straus
&
Co.,
Inc.
135,000 Finance construction of apartment
5H-6H Cromwell Apts.(St. Louis) Ist M.6Hs. 1926-35. Offered by Waldhelm-Platt& Co., Inc.,
St.Louis,
40,000 Finance lease of property
7.00 Crystal Garage (Seattle, Wash.) 1st M.7e, 1926-35. Offered by Wm.P. Harper & Son,
Seattle,
Wash.
1,500,000 Refunding: construction
9914
6.04 Del Monte Properties Co. 1st M. 68, 1945. Offered by National City Co., Blair & Co., Inc..
and Binh, Witter & Co.
1,800,000 Finance lease of property
100
6.00 Detroit-& Buffalo Post Offices Corp. let M. 68, 1935. Offered by Love, Van Riper & Bryan.
St. Louis: McKinley & Morris. N. Y.; Stein Bros. & Boyce, and Robert Garrett & Sons.
7,250.000 New construction
101-100
5.62-6 Eitel Central Block (Chicago) 1st M.65. 1928-37. Offered by Greenebaurn Sons Investment
Co.
1,600,000 Finance construction of building
75,000 Additions to stadium
100
100
100.71-100
545
THE CHRONICLE
2618
To Yield
About.
Purpose of Issue.
Price.
Land, Buildings, &c.,(Con.)Finance construction of apartment
Real estate mortgage
Finance construction of apartment
Finance construction of building
100
100
100
100
6.50
6.00
6.50
6.50
135,000 Finance construction of apartment
estate mortgage
140,000 Real es
160
5.90-6.15
6.50
200,000 Retire bank loans; construction__ _
Amount.
135,000
525,000
200,000
340,000
100
6.00
260.000 Finance construction of apartment 100
100
115,000 Finance construction of bides
6.50
6.50
800,000 Real estate mortgage
450,000 Acquisition of property
100
7.00
13-6
125,000 Finance construction of hotel
100
6.50
825,000 Finance construction of building _
1,200,000 Real estate mortgage
100
7.00
55.1-5H
2.000,000 Provide funds for loan purposes_ _ _
750,000 Finance constr. of apartment
100
100
5.50
6.00
100
6.50
185,000 Finance construction of building... 100
110,006 Finance construction of apartment 100
6.50
7.00
900,000 Finance lease of property
100
6.50
800,000 Real estate mortgage
100
225,000 Additions to property
6.50
6-6Si
545,000 Finance construction of apartment
5-6
500,000 Pay off mtge.:additions
100.93-100
268.000 Real estate mortgage
100
6.50
110,000 Finance construction of building
185,000 Real estate mortgage
100
100
6.50
8.00
5-6
500,000 Finance constr. of hospital bldg..
7.00
6.50
6.50
75 000 Finance construction of apartment 100
137.500 Finance construction of apartment 100
100
400.000 Real estate mortgage
575.000 Finance construction of apartment6-6
6.50
ion
1,850,000 Refunding; improvements
2,900.000 Finance construction of apartment 100
8.00
57,000 Finance construction of apartment 100
100
400,000 Finance construction of building
6.00
6.00
[VOL. 120.
Company and Issue, and by Whom Offered.
Essex Court Apts. (Chicago) lot NI. 63,68, 1927-32. Offered by Cochran & MeCluer Co., Chicago.
1518-20 Locust Street (Phila.) lot M. 65, 1940. Offered by Janney & Co., Phila.
444 Belmont Bldg. Corp. lot M.63(s, 1926-33. Offered by the Straus Bros. Co., Chicago.
Gore Bros., Inc., lot (Closed) NI. 63.is, 1940. Offered by Banks, Huntley & Co. and M. II. Lewis
& Co.
Gramatan Parkway Apts. (Yonkers) lot M.65, 1927-35. Offered by S. w. Straus & Co., Inc.
Grand-Kolmar Industrial Bldgs. (Chicago) 1st NI. 654s, 1925-35. Offered by Lackner, Butz
& Co., Chicago.
The Grinnell College Foundation (Grinnell, Iowa). Offered by Des Moines National Bank
and Iowa National Bank.
Harrison Manor Apts.(Davenport,Iowa) 1st M.6 Ms, 1927-35. Offered by Garard & Co., Chicago
C. H. Harrison Co. 1st M. 6.5is, 1926-35. Offered by Backus, Fordon & Co. and J. G. Holland
& Co., Detroit.
Hotel Watson (Miami, Fla.) 1st NI. 7s, 1927-40. Offered by G.L. Miller & Co.. Inc., New York.
Katz & Besthoff, Ltd. (New Orleans) 1st NI. Gs. 1926-40. Offered by Canal-Commercial Trust
& Savings Bank, New Orleans.
Lorraine Hotel Co. (Portland, Ore.) lot NI. 634s. 1928-40. Offered by Western Bond & Mtge.
Co. and Lumbermen's Trust Co., Bank Portland, Ore.
Madison Office Bldg.(Memphis, Tenn.) lot M. 7s, 1927-40. Offered by G. L. Miller & Co Inc.
' Co.
Monogram Realty Co.(St. Louis) 1st M.65, 1926-35. Offered by Real Estate Mtge. & Trust
and Smith, Moore & Co., St. Louis.
company.
by
Offered
1935.
due
5%5,
Series 7s,
Mortgage Bond Co. of N. Y. 10-Year
97th Street & West End Ave.(N. Y. City) 1st M.68, 1927-33. Offered by Empire Bond & Mtge.
Corp., New York.
Oglethorpe University (Atlanta, Ga.) 1st M. 63,58, 1935. Offered by Hibernia Securities Co.,
New Orleans.
Oriel Bldg. Corp. lot M. 6)4s, 1927-35. Offered by The Straus Bros. Co., Chicago.
Oxford Apt. Hotel (Los Angeles) 1st (Closed) M. 78, 1926-35. Offered by Ralph G. Wolff Co..
Los Angeles.
Palace Theatre & Commercial Bldg.(South Bend, Ind.) 1st M. Fee & Leasehold 6345, 1927-37.
Offered by S. Ulmer dr Sons, Inc., Cleveland.
Park Fire Proof Storage Co.(Chicago) 1st M.634a, 1935. Offered by Caldwell, NIosser & Willaman, Chicago, and Ilenry C. Quarles Sr Co., Milwaukee.
Park Hill Gardens Apts.(Yonkers) 1st NI. 634s, 1927-35. Offered by American Bond & Mortgage
Co., Inc.
Penn Albert Hotel (Greensburg, Pa.) 1st (Closed) M. 88, 1926-45. Offered by First National
Bank, Sharon, Pa., and S. NI. Vockel & Co., Pittsburgh.
Wm. Penn Hotel Bldg.(Houston, Tex.) 18t Ni.650, 1927-41. Offered by San Jacinto Trust Co„
Houston, Tex.
Pine Block Bldg. Corp. 1st M. Ois, 1927-35. Offered by The Straus Brea. Co., Chicago.
Post Publishing Co.(West Palm Beach, Fla.) 1st M.8s, 1926-35. Offered by Palm Beach Guaranty Co., West Palm Beach, Fla.
Presbyterian Hospital Ass'n of Colorado 1st M.5555, 1927-41. Offered by Lorenzo E. Anderson
& Co., &ix & Co. and Mississippi Valley Trust Co., St. Louis.
The Gulnault Apts.(Seattle, Wash.) 1st 31,75, 1926-35. Offered by Wm.P.Harper & Son,Seattle
Ridgewood Manor Apts.(Chicago) 1st M.6 Sf,s, 1927-35. Offered by Cochran & McCluer Co„Chic.
Rockefeller Bldg.(Chicago) 1st Leasehold Mtge. 630, 1926-37. Offered by Krenn & Dato, Inc.,
Chicago.
The Roosevelt (Boston) lot M. 634s,1927-35. Offered by American Bond & Mtge. Co., Inc.
St. Charles Hotel (Atlantic City, N. J.) lot NI. 63.')s, 1945. Offered by F. J. Liman & Co., New
York, and Barclay, Moore & Co., Philadelphia.
1701 Locust Street Apt. Hotel (Philadelphia) lot M.6s, 1927-35. Offered by Greenebaum Sons
Investment Co.
6405 Lincoln Avenue (Detroit) 1st NI. 6s, 1927-32. Offered by American Trust Co., Detroit.
250 West 40th Street Bldg.(N. Y. City) 1st M.68, 1926-35. Offered by American Bond & Mortgage Co., Inc.
Union Court Apts.(Mt. Vernon, N.Y.) 1st M.88, 1927-35. Offered by S. W.Straus & Co., Inc.
5.90 to)
6.151
6.00 Wadsworth Bldg. (Cedar-William Street Corp.) 1st (C.) M.68, 1953. Offered by P. W. Chapman & Co..
6.50 Warren Bldg. Corp. 1st M. 65.0, 1926-32. Offered by the Straus Bros. Co., Chicago.
6.50 Wilder Realty Corp. (Montreal) 1st M. 6345, 1940. Offered by Fenton, Davis & Boyle and
Otis & Co.
160,000 Finance construction of apartment 1100.19
1 98.89
100
8,250,000 Finance construction of building
93,000 Finance construction of apartment 100
100
570,000 Real estate mortgage
61.860,500
Rubber1,750,000 Acquire fabric mills
750,000 Retire bank loam; working capital
Trust
6.20 Goodyear Fabric Corp. 1st M. 6s, 1935. Offered by Dillon, Read & Co. and the Union
Co., Cleveland.
York.
New
Co.,
&
Frazier
by
Offered
Co.
1035.
Rubber
75,
&
Tire
Norwalk
7.10
983's
991i
2,500,000
Miscellaneous101-100
1,500.000 New plant
1,750,000 Acquisitions, Impta., work. capital 97ji
5.45-6 Central Cold Storage Co. 1st M. Fee 68. 1927-40. Offered by Peabody, Houghteling & Co., Inc.
6.25 City Ice Co. (K. C., Mo.) 1st M. 65 "A," 1940. Offered by A. B. Leach & Co., Inc., and MIL
Joiner & Co., Chicago.
and Detroit Co., Inc.. Detroit"
100.90-100 5.10-8 Heineman Corp. lot M.68, 1926-35. Offered by First National Co.
800.000 Acquisitions
1927-40. Offered by The Tillot5.95-6.50 Interstate Terminal Warehouses, Inc., 1st NI. & Coll. Tr.6 Co-operative
2,200,000 Acquire constituent companies__ _.
Nat. Bank,Cleveland.
son & Wolcott Co.and Brotherhood of Locomotive Engineers
1926-31. Offered by Lacey
100.82-100 555-6 (John H.) Kirby (Pres. Kirby Lumber Co.) lot NI. Coll. Secured fis,
4,000,000 General purposes
Securities Corp„ Chicago; Whitney-Central Tr. & Sava. Bank, Interstate Tr. & Banking Co.,
Mortgage & Securities Co. and Marine Bank & Trust Co., New Orleans, and National Bank
& Trust Co., Kansas City, Mo.
Offered by Schoellkopt, Hutton &
7.00 Marine Elevator Co. (Buffalo, N. Y.) 1st M. 78, 1928-45.
100
900,000 New elevator
Pomeroy, Inc.. Buffalo Trust Co. and the Union Trust Co., Cleveland.Bond
Co., Los Angeles.
Southwest
7.00 Pasadena Electric Express Co. 1st (c.) M.76, 1935. Offered by
100
80,000 General corporate purposes
Bond Co.. Los Angeles,
7.23-11.80 Santa Fe Valley Land Co. 1st M. 78, 1938. Offered by Southwest
220,000 Working capital
Co.,
&
Cammack
Chicago.
by
Offered
1940.
"A"
6
NI.
6.50 Southwest Ice Service Co. 1st
200,000 Acquire constituent companies._ _ _ 100
11,450.000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities10,000.000 Acquisitions,extensions
350,000 Consolidation of properties. &c_
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
5.00 Columbia Gas S, Electric Co. 3-Yr. 5s, May 11928. Offered by Guaranty Co. of N. Y., J. & W.
Seligman & Co., W.E. Hutton & Co., Coggeshall &Hicks and Marshall Field, Glore, Ward & Co.
8.00 Nebraska Electric Power Co. 5-Yr. 68, Feb. 1 1930. Offered by Prelster, Quail & Cundy,Inc..
Davenport, Iowa.
100
100
10,350,000
Iron, Steel, Coal, Copper, &c.
100
2,500,000 Refunding
500,000 Improvements to property
100.24-97.87
7.00 Granby Consolidated Mining,Smelting & Power Co., Ltd., Deb. 78. 1030. Offered by company
to stockholders; underwritten.
5-6 Great Lakes Coal & Dock Co. lot M.048, 1925-30. Offered by Kalman, Gates, White & Co.
and Lane, Piper & Jaffrey, Inc.
3,000,000
Other Industrial & Mfg.1,250,000 Retire floating debt, work.cap„&e. 100
750,000 Working capital, add'ns & Mots_ _ 100
100.93-100
300,000 Working capital
cap 100
2,643,750 Retire outstand ing notes, wkg.
6.00 California Cyanide Co., Inc., 5-Yr. Convertible Deb, 6s, March I 1930. Offered by company
to stockholders; underwritten.
6.50 French Battery Co. 5-Yr. Cony. BYO, April 11930. Offered by Paine, Webber & Co.
51i-6 Phillips Co. (of Del.) Coll. Tr. 68, "A", 1926-30. Offered by Morris F. Fox & Co. and Marshall
& Ilsley Bank, Milwaukee,
7.00 Saco-Lowell Shops (Boston) 5-Yr. Convertible 78, 1930. Offered by company to stockholders.
4,943,750
Oil600,000 Fund bank loans; working capital_ 1100.24
1 97.87
1100.49
600.000 Refunding, additions, &c
I 97.89
1.200,000
Land, Buildings. &c.
100
150,000 General purposes
1,000,000 Improvements to property
100
40,000 Finance construction of building__
1,500,000 Finance sale of property
195,000 Real estate mortgage
300,000 Provide funds for loan purposes._ _
100
3.185,000
100
100
5.251 Foster Petroleum Corp. Coll,Tr.Sec. 5345, 1926-30. Offered by Commerce Tr. Co., Kan,City,Mo,
6.001
5.001 Indian Pipe Line Corp. lot (c.) NI. 61, 1925-30. Offered by Bond & Goodwin, Inc., Boston.
6.501
6.00 The Executive Board of the Louisiana Baptist Convention (for Louisiana College) Coll. Tr.
(is, reb. 1 1930. Offered by Mortgage & Securities Co., New Orleans.
6.00 First Mortgage & Bond Co.(Miami, Fla.) 1st M.Guar.6s "A," April 1 1930. Offered by Century
Trust Co., Baltimore; Westheimer & Co., J. S. Wilson Jr. & Co.. Frank B. Cahn & Co.. West
& Co. and Biddle & Henry.
6.00 Linwood and Cortland Ayes. (Detroit) 1st M.88, 1927-30. Offered by Guaranty Trust Co., Dot.
54-6.05 (Edith Rockefeller) McCormick Trust 1st (e.) M.65, 1926-29. Offered by Blyth. Witter & Co,
8.50 Seneca-Chestnut Bldg. (Chicago) M.634s, 1926-30. Offered by Lackner, Butz & Co., Chicago.
7.00 Virginia Bond & Mortgage Corp.(Richmond, Va.) Coll. Tr,78"A," 1925-30. Offered by Wheat:
Williams & Co., Inc., Richmond, Va.
1
MAY 23 1925.]
THE CHRONICLE
2619
STOCKS.
Par or
No.ofShares
•
a Amount
Price. To Yield
Involved. Per Share. About.
Purpose of Issue.
Public Utilities$
10,837,200 Extensions
4,000,000 Additions, improvements, &c
1.000,000 Refunding
4,000,000 Acquire constituent cos
•120,000shs C011801. of properties; capital exp..
•10.000shs. Additions and extensions
. $
10,837,200 100
4,000,000 98
1,000.000
4,000,000
95
97
2,520,000
.
21
990,000
99
•
1,250.000 Capital expenditures
1,250.000 100
1,000,000 Acquire additional properties
1,000,000
97
25,597,200
Motors and Accessories•850.000shs Acquire Dodge Bros.. Michigan
•198,000shs Acquire Gabriel Mfg. Co
.60,000 ahs. Refunding
85.000.000 100c
4,950,000
1,110,000
25
184i
Company and Issue, and by Whom Offered.
%
_ _ _ Commonwealth Edison Co.(Chicago)capital stock. Offered by co.to stockholders.
7.14 Georgia Ry. & Pow. Co. 7% Cum. 1st Pref. Series of 1925. Offered by Estabrook &
Co., Putnam & Co. and Marshall Field. Glore, Ward Sc Co.
7.36 Iowa Southern Utilities Co.(Del.). 7% Cum.Pref. Offered by W.C.Langley & Co.
7.22 Jersey Central Pow. & Lt. Co. 7% Cum. Pref. Offered by E. H. Rollins Sc Sons;
Blyth, Witter & Co., Eastman, Dillon & Co., Federal Securities Corp. and H. M.
Byllesby & Co., Inc.
..._ National Public Service Corp. Class"A"Common. Offered by Howe,Snow & Bertles;
Inc., A.L.Chambers& Co., Inc.. A.E. Fitkin & Co.and Mark C.Steinberg & Co.
7.07 New York Steam Corp. Pref. "A" Cum. $7 per share. Offered by National City CO.
and Cassatt & Co.
7.00 Peninsular Telephone Co.(Fla.) 7% Cum.Pref., Series "A." Offered by Coggeshall
& Hicks and Bodell & Co.
7.22 Public Service Co. of Oklahoma 7% Cum. Prior Lien stock
Offered by A. B.
Leach di Co.
7.00 Dodge Bros., Inc., Preference stock, cum., $7 per share. Offered by Dillon, Read Sc
Co., National City Co. Blair & Co., Inc., White, Weld & Co., Lehman Bros.,
Brown Bros. & Co., J. & W. Seligman & Co.. Marshall Field, Glore. Ward dr Co..
Dominick & Dominick, Bonbright di Co., Inc., Kissel, Kinnicutt & Co., A. Iselin Sc
A. G. Becker & Co., Cassatt & Co., Janney di Co., Edward B. Smith 6:. CO..
Co.,
W. A. Harriman di Co., Inc., Hemphill, Noyes & Co., Ladenburg, Thalmann Sc
Co., Paine, Webber Sc Co., J. G. White de Co., nc., Bernhard, Schiffer & Co.,
Clark Williams di Co., Anglo London Paris Co.;ind Scholle Bros.
___ Gabriel Snubber Mfg. Co. (Cleve.) Clam "A" Common. Offered by Otis & Co.
--- Motor Wheel Corp. Common. Offered by Chas. D. Barney & Co. and Otis & Co.
91,060,000
Other Industrial & Mfg.
250,000 Working capital
250,000 100d
1,500,000 Refunding;additions to property
1,500,000 100
1,000,000 Acquire baking business
1,000,000
350,000 Working cap.; organiz'n purposes
*50,000shs. Refunding;other corp. purposes_ _ _
98
350,000 100
1,750,000
35
4,650,000
(M3,020,859 Additions, extensions, &c
4,531,288
Land, Buildings, &c.5,000,000 Acquisition of building
5.000.000 100
116,000 Finance eoustr. Temple bldg
200,000 Provide funds for loan purposes_
200,000 Provide funds for loan purposes_
Miscellaneous3,175,400 Expansion of business
*50,000 slut. Liquidate bank debt; wkg. capital_
1,000,000 Retire bank debt; acquire bldg.._ _
*20,000 abs. General corporate purposes
15
___
Continental Oil Co. (Me.) Capital Stock offered by company to stockholders.
7.00 Equitable Office Bldg. Corp. (N. Y. City) 7% Convertible Cum. Pref. Offered bi
Dillon, Read dc Co., Hayden,Stole & C ., Dominick & Dominick, New York Empiri
Co., Inc., Chas. D. Barney & Co., Hemphill, Noyes & Co., Tucker, AnthonY il
Co.,Manufacturers Tr. Co. and Laird, Bissell & Moeda, N. Y.
115.000 50 (par)
6.00 Gary Masonic Temple Association 6% 1st Pref. stock, 1927-42. Offered by Breed
Elliott & Harrison, Indianapolis.
200.000 (Units of 5 ells.\ at Maryland Mtge. Co.(Del.)7% Cum.Prior Pref. Offered by Robert Garrett& Sons, Bali
200,000
each class 196
7% Cum. Pref. Offered by Robert Garrett Sc Sons, Baltimore.
1
5,515,000
3,175,400 50 (par)
2,425,000 4844
1,000,000 100
800,000
40
360,000 Conseil. of properties; wkg. capital.
350,000
9744e
500,000 Developments; working capital
500.000 100
$80,000811E1 Additional capital
7.00 Automatic Safety Appliance Corp. 7% Cum. Convertible Pref. Offered by J. MorriS
Coerr, New York.
7.00 (E. L.) Bruce Co. (Memphis, Tenn.) 7% Cum. Pref. Offered by G. H. Walker Sc
Co., St. Louis
7.14 Christie, Brown & Co., Ltd., 7% Cum. Redeemable Preference shares. Offered by
Spencer Trask di Co., Hitt, Farwell & Co., N. Y.. and Duncanson, White di Co.
7.00 (Geo. E.) Nissen Co. 744% Cum. Pref. Offered by Durfey & Marr, Raleigh, N. G.,
First Nat. Trust Co., Durham, N. C., Nash & Co., Raleigh, N. C., and R. S.
Dickson & Co., Goldsboro, N. C.
8.37 Nizer Corp.(Detroit) Convertible Partic. Class"A" Stock,cum.,$4 per share. Offered
by Prince & Whitely, Spencer Trask Sc Co., Watling, Lerchen & Co. and W. E
Hutton Sc Co.
1,665,000
5544
9.915,400
__ - Borden Co. Common. Offered by company to Preferred and Common stockholders.
- - - Cuyamel Fruit Co. capital stock. Offered by co. to stockholders; underwritten.
7.011 La Salle Extension University (of Ill.) 7% Cum. Convertible Pref. Offered le
Geo. H. Burr & Co and Shields & Co.
- -- Metropolitan Chain Stores, Inc., Common Offered by Geo. H. Burr & Co. an
Shields Sc Co.
7.18 New England Cities Ice Companies 7% Cum. Partic. Pref. Offered by C.D.Parke
Sc Co., Inc., Boston.
7.00 (Isaac) Silver & Brother Co., Inc., 7% Cum. Convertible Pref. Offered by Get
H. Burr Sc Co., New York.
- -. Stern Bros. (N. Y. City) Class "A" shares. Offered by Ladenburgh, Thalmalui I
Co., Hornblower Sc Weeks, Merrill, Lynch Sc Co., Tucker, Anthony Sc Co., H. M
Byllesby Sc Co., Inc., and Paine. Webber Sc Co.
FARM LOAN ISSUES.
Amount.
Issue.
Price.
1,000,000 BankersJoint StockLand Bankof Milwaukee
4445, 1935-55
10144
1,000,000 Denver (Col.) Joint Stock Land Bank 55,
1935-55
1,500,000 Federal Intermediate Credit Bank 1-Year
Deb.4446, April 15 1926
5,000.000 Lincoln (Neb.)Joint Stock Land Bank 444s,
1935-65
100,000 New York abd New Jersey Joint Stock Land
Bank of Newark, N. J., 5s, 1934-54
1,750,000 New York Joint Stock Land B.55. 1935-55- 250,000 Pacific Coast Joint Stock Land Bank of
Los Angeles Ss, 1935-56
500,000 Potomac Joint Stock Land Bank of Washington. D. C., 55, 1935-55
To Yield
About
Offered by-
103;4
1044(
4.30 Second Ward Securities Co., Henry C. Quarles Sc Co., First Wisconsin Co., Morris F.
Fox Sc Co., Marshall Sc Haley Bank, Edgar Ricker Sc Co. and Bankers Finance
Corp., Milwaukee.
4.60 L. F. Rothschild Sc Co., N.Y., Blodget Sc CO., N.Y., West Sc Co ,Phila., and Guardian
Trust Co., Cleveland.
3.75 Goldman, Sachs Sc Co., Salomon Bros. Sc Hutzler, Lehman Bros., F. S. Moseley Sc Co.
and A. G. Becker Sc Co.
4.375 Equitable Trust Co., N. Y., Central Trust Co. of Ill., First Nat. Corp. of Boston. Old
Colony Trust Co., Boston,and Brooke, Stokes & Co.
4.50 J. S. Rippel Sc Co., Newark, N. J.
4.45 Clark, Williams Sc Co.. New York.
103
4.625 Security Co., Los Angeles.
1034i
101
10344
4.56 Brooke, Stokes Sc Co., Philadelphia
11,100,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
8,000,000 City of Oslo (Norway) 30-Year Extl.6s, 1955_
Price.
99)4
To Yield
About.
Offered by-
6.03 Kuhn, Loeb Sc Co.
•Shares of no par value.
a Preferred stocks of a stated par value arc taken at par, while preferred and
common stocks of no par value are computed at their offering price.
S Each $1,000 bond carries a bonus of 10 shares of common stock.
C Each share of preferred carries a bonus of 1 share of class "A"
d Each share of preferred carries a hernia of 1 share of common common stock.
stock.
e A bonus of 1 share of common given with each 10 shares of preferred.
f A bonus of one-third share of common given with each share of class
"A" stock.
Reserve
System
Inflation Power Needs Check
Conducted from page 2613.
deposit side. The note issue plan, like the change in the
reserve situation, was put forward and was intentionally
and conscientiously advocated and accepted as an inflationary measure. There need be no controversy on this point;
it is a matter of historic fact. The Reserve Board recommended the two changes on the ground that they wopld enlarge lending power and concentrate gold.
Reserve Bankers Cling to Present Powers.
But memories are short and men's minds change their
points of view as time goes on. With the close of the war
and the vast accumulation of gold in Reserve banks, it was
humanly natural that Reserve bankers should begin to view
this great concentration of gold growing out of their anomalous war status as a kind of permanent trust-a mark of
their importance, a sign manual to the world at large of the
vast power of the Reserve System. So they began to defend
the war status as being a permanent measure of wisdom.
They came to advocate the permanent continuance of the
two fundamental changes which have been made in the
Reserve law, and to speak of themselves as rightly having
the deciding voice, which would always say with final
authority whether Inflation was or was not to be feared, or
to be incurrml. From this point cf view springs the present
2620
THE CHRONICLE
controversy, which Mr. McFadden has brought to a head by
his proposed till. Secretary Mellon has confirmed the issue
as an urgent matter by his discussion of the question of rechartering Reserve banks, whereby he has necessarily made
urgent the decision of the terms upon which recharter may
take place.
Not all of the "war amendments" are equally to be objected to, nor is repeal equally urgent in all of them. Public
opinion has properly concentrated itself upon the two whicl.
are here referred to and appropriately regards them as furnishing a test of the whole matter. As for Mr. McFadden
and his own bill, there are many who believe that the sincerity with which he has acted is to be measured by the
question whether he is willing to put back the old reserve
percentages and restore the old conditions of note issue. But
whether his particular bill be held satisfactory or not (and
it may parenthetically be remarked that there would seem
little reason to be fully satisfied with its terms), it has the
great merit of putting forward in concrete form a very real
issue.
Centralized Reserves Not Justified.
How should the average man view the questions already
outlined and thus brought to the front by the action of Secretary Mellon and Mr. McFadden, not collaborating, of
course, but reaching the same point of view through different, avenues of approach? Our banking system is a decentralized system. There is ,ro reason for completely centralizing its reserves, even within the individual districts.
Neither economy nor the spirit of our institutions calls for
it. Foreign experience is against any such measure. It is
properly asked what difference there would be in the situa-keep, say 13% of reserve against
tion if a bank, compelled to
$100,000 of deposits, should hold one-half in its own vaults
and one-half in the Reserve bank vaults, as against a condition in which the entire $13,000 was in the Reserve bank.
The answer to this question is found in a consideration
of the kind of paper which is discountable or available at
Reserve banks. Where a member bank must provide itself
with the means of maintaining $13,000 of reserves by rediscounting, it must largely conform to the requirements of the
Reserve bank as to the kind of paper it shall carry. Where
the bank, on the other hand, keeps its reserve partly in its
own vaults, or may keep one portion of it there and one portion at home or in the Reserve bank as it chooses, it has a
greater latitude of discounting. To put the case in a nutshell, it is much more likely to be in a position.to make local
loans if it maintains a reserve in its own vaults than it is
if that reserve be entirely carried in the Reserve bank. The
Reserve bank is able to maintain discipline over the member
banks through its discount policy, by which it attracts or
repels more or less reserves in contact with the open market,
just as does the Bank of England. The fact that we have no
discount policy in the United States is no reason why we
should not get one as soon as practicable.
[VOL. 120.
Way to Currency Inflation Should Be Blocked.
As for the note issue situation, there can be no doubt
whatever as to the interests of the average man, or the direction which his opinion should take. It is strongly to his
advantage that currency inflation be avoided. There is no
reason why he should trust the avoidance of inflation to a
Reserve bank or to a'central bank, especially where such institutions are at all subject to political influences. He finds
his real and .ultimate safeguard in the rigid enforcement of
the law which refuses to permit new note currency to issue,
except in proportion as actual business demands it through
the presentation of live paper for discounting. Restoration
cf the Federal Reserve note issue to a commercial paper
basis (with, of course, suitable specie reserves in vault)
therefor means that the average man is furnished one more
barrier against the hazards of political currency inflation—
a barrier which in some circumstances may be of the utmost
Importance to him. There is every reason why he should
thus be protected, particularly in a country which is so
amply provided and even overprovided with gold as is the
United States.
It is no answer to the call for a restoration of the older
principles, upon which the Federal Reserve Act was based,
to say that no harm is being done through the actual administration of the System on its present footing. It may well
be that the existing accumulation of gold and the present
method of issuing notes are being so handled as to cause no
immediate or direct disturbance of financial conditions. As
to whether that is true or not, opinions necessarily differ.
But whatever the answer to the question may be, it has no
necessary bearing upon the general point at issue.
Restoration of Safeguards.
There is every reason why the situation should be restored to a sound basis in which all possible safeguards
against danger will be provided, and in which there will be
the largest guarantees of careful and attentive banking management. The general methods that have commended themselves in other countries of the world are the ones which
naturally suggest themselves for our adoption, just as they
did when our Reserve legislation was first projected. It is
not necessarily true that the original reserve percentages
provided in the Reserve Act were the wisest. Lacking any
source of practical experience, they were unavoidably fixed
on a basis of estimate and conjecture. It is entirely possible
that a re-examination of the case might lead to the substitution of other reserve percentages. In short, the whole situation needs a resurvey from the standpoint of detail and a reinstitution of fundamental principle from the standpoint of
policy. Undoubtedly this is what Secretary Mellon has had
in mind in urging upon the public the study of the question
of rechartering the Reserve banks. We cannot escape this
call to action, either by defending present methods as noninjurious or by urging the doctrine of "let well enough
alone."
Indications of Busines,s Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, May 22 1925.
On the whole there is no marked improvement in business
where there is any at all. It keeps within very conservative
bounds. That is the outstanding fact of the times. Warmer
weather in parts of the country has made for rather better
trade conditions here and there, but as for any marked improvement, that is another matter. People for the most part
stick to the conservative policy in buying. Retail trade is
about equal to that of a year ago, which, of course, sounds
like condemning it with faint praise. On the whole, the
weather has been better for the grain crop, although the
Northwest needs rain. And of late there have been complaints of frost. The export demand for wheat has been on
a very fair scale and Spain will buy nearly 2,000,000 bushels
more. Canada has been buying wheat from this country
under unusual circumstances. That is to say, Canadian
millers have been buying American spring wheat in the
Northwest, said to be for the first time in the history of the
grain business of this country. American wheat prices have
moved upward during the week, partly under the stimulus
of rising European markets and also advancing prices in
Argentina. Even Portugal has been buying American wheat.
Unfortunately the winter wheat crop is not turning out so
well as could be desired. There is some tendency to reduce
crop estimates. One of them the other day put the winter
wheat crop at some 150,000,000 bushels smaller than the harvest of last year. The weather recently has not been favorable for the corn crop. Germination had been slow. But
warmer weather has now arrived at the West and the effects
will naturally be distinctly beneficial. Cotton prices have
advanced on the old crop some $250 to $5 a bale, partly
owing to a big demand from merchants and mills at home and
abroad. There is said to be a very large short interest, however, in July cotton here for account of straddles, hedges
and speculative selling. Considerable covering has been
done the past week, but the outstanding interests on the
short side for both home and foreign account is believed to
be large enough to be of distinct interest.
As regards the cotton crop, it has latterly been doing better, what with warmer weather and beneficial rains here
and there. A private report to-day put the condition at
77.5%, against 65.6 the Government condition about a year
ago and the 10-year average for May 25 of 71.9%. The acreage, it seems, will be increased at least 5%%, which will
bring it up, roughly, to 43,800,000 acres. Thus far there
has been little complaint of the boll weevil, though it has
appeared in southern Texas and also in Georgia, South
MAY 23 1925.]
THE CHRONICLE
Carolina and Alabama, especially in Alabama. It will be a
remarkable thing indeed if the cotton belt should escape the
weevil as it did last year. One can only hope that it may.
A tentative estimate to-day on the crop, based on present
conditions, was 14,900,000 bales of lint cotton in the report
just mentioned. If such an estimate should by good fortune
be verified by the event it would mean an increase of 1,300,000 bales over the last crop and some 4,750,000 bales over
that of two years ago. What the cotton trade of the world
needs more than anything else is a big crop in America and
a return to something like normal prices. It may be impossible to get back very soon to the pre-war level, but some
approximation to it would undoubtedly inure to the interests
of everybody concerned in the cotton business. Meanwhile,
although the consumption of raw cotton has been on a very
large scale there is some apparent justification for the belief that the consumption has been largely a matter of big
spinning by the mills rather than big buying by the actual
and ultimate consumer. So that stocks of goods at the mills
have been piling up. The effect is seen in retrenchment of
output both in New England and at the South. Some of the
New England mills are running only three and four days a
week. And big mills in North Carolina, notably denim mills,
are curtailing. New Bedford is running at about 80%, but
it appears that Fall River is not operating at much, if any,
above 50%. Mills in Rhode Island and also at Cohoes,
N. Y., are also cutting down their output. The effect of this
in the end will be distinctly beneficial. Mill stocks of
goods will gradually be reduced. Already there are hints
that the curtailment policy is having effect in steadying
prices somewhat for cotton goods here and at Fall River.
It is true that the sales at Fall River during the past week
have continued to be very small. But of late there has been
a somewhat better demand there, even if the bids were too
low to be acceptable. But in New York there has been a
fear that a good opportunity to buy goods at low prices
might escape them has led buyers to take hold more freely
and the sales of sheetings and other goods here have approximated some 100,000 pieces. Of late, too, yarns here
and in Philadelphia have been steadier. The policy of cutting down the output and ultimately strengthening the market is no doubt the true one in the big textile industries.
Wool has been quiet and has certainly shown no marked improvement as regards prices, if indeed any at all. The wool
and worsted industries are still, to put it mildly, in no very
good shape. The rayon or artificial silk industry seems to
be moving ahead very fast, and to some extent is competing
with cotton goods, if not with other fabrics.
Iron and steel have been for the most part quiet, and pig
iron prices are said to have been eased further. There is a
rather steady tone in steel, but the big railroad buying
whigh was once a cheerful feature has not been noticeable
for some time past. Structural steel has been in better demand. The output of steel is in the neighborhood of 70%,
which is a drop of 20 to 25% from the peak some months
back. Here again the reduction of output must in the end
prove of benefit to the trade. It may be a little slow, but
it will be sure. In coffee there has been a wild market.
That may be gathered from the fact that while on Thursday
there was an advance of 130 to 170 points there was a very
similar decline to-day. Recently there has been a rise,
strange as it sounds, of approximately 4% cents. That was
due, no doubt, to the fact that everybody had been selling
the market short, that American supplies had been allowed
to dwindle to a noticeably small total, the quantity in sight
for this country, in fact, being only about 430,000 bags, as
against 730,000 a year ago. Moreover, Brazil is now believed
to hold practically the bulk of the world stock. Trading at
the Exchange has been on a very large scale and it is of
Interest to notice that memberships have risen to $11,000.
The business there has been the largest for many months
past. Of course, a market that fluctuates 2% to 3 cents in
two days is a dangerous affair and it will be corrected, no
doubt, by a sharp falling off in speculative transactions
until something like an equilibrium of prices is restored.
Rubber prices have also been fluctuating on a big scale.
The trade Is naturally agitated by the artificial methods
pursued in regulating the supply to consuming markets.
On Monday there was an advance of 6 to 7 cents per pound,
but this inordinate advance was followed by a collapse, as
though rubber had been taking a leaf out of the book of the
coffee market. Artificial coffee and rubber markets, it
may be safely assumed, will sooner or later find their economic level. Sugar has not shown much change during the
2621
week. Building is going ahead on a large scale in parts of
the country and this fact has had a repercussion in some
Increase in the demand for structural steeL The bituminous
coal trade has been dull, with prices having something of a
downward tendency. But the anthracite trade has been
brisk. In some parts of the country the shoe manufacturing
business, notably in the West, is said to be more active.
Some of the establishments are reported to be running at
100% of capacity. But here in the East this branch of business is still quiet. The leather business is slow both here
and at the West. Furniture factories are active in some
sections and are running at only 66% in others. Prices of
crude petroleum have been advancing in the East, with a
better demand. This has offset reports of .a large production in the Western fields. Gasoline prices have shown an
upward tendency. The stock market has been strong, with
a renewal of activity, and the transactions on two days this
week have exceeded 2,000,000 shares. Foreign exchange
rates to-day were lower, but the general drift, taking it by
and large, is upward. At times during the week sterling
exchange has been at the highest rate for about 10 years
past. Money rates have been steady. And no doubt general
trade is in a better condition than it was a year ago. It is a
matter of record that the first quarter of the present year
showed the largest railroad business and the greatest total
of bank payments for any similar period in American history. Expectations of a big boom in 1925 have certainly not
been realized. People set their hopes too high. The country
is proceeding along conservative lines. But all the same the
aggregate trade of a population of 114,000,000 people, even
on a hand-to-mouth basis, is necessarily very large. The
foreign business of the country is on a noteworthy scale.
It will be recalled that for the nine months of the fiscal year
ended March 31 exports exceeded imports by some $945,000,000. In the first quarter of 1925 exports ran ahead of imports by over $200,000,000. Gold exports have fallen off
sharply. And gold imports are also small, because foreign
credits here obviate such imports. In a word, the business
of the country is in sound condition, even if there is nothing
about it at all spectacular. It needs more than anything
else a sharp reduction in the costs of labor. They are exorbitant. Relief in this direction.would'stimulate both output and consumption.
Nothing has happened to justify some recently uttered
opinions that the trend in Germany will be back to the monarchy from a fear that a republic will not be strong enough
to cope with Reds at home and Soviets in Russia, or to
secure revision of reparations and the peace treaty. One
of the German Ambassadors of the German Republic told
the truth when he was quoted by former American Ambassador to Germany Gerard as saying "War is no longer fashionable." The man who would deliberately attempt to foment war in Germany might possibly meet the fate there
that Napoleon is said to have feared in France if he should
have escaped from St. Helena. The German people wish to
consolidate the peace, regain prosperity and proceed quietly
on their way towards a restoration of their old standing in
the family of nations. Any other view of the situation from
present appearances seems far fetched. Certainly Berlin
financiers, supposed to be good judges, expect neither political troubles nor business disturbances. There is a disposition in the German Parliament to give the new President a
fair chance. It also seems to be becoming plain that he is
not to be in any sense a dictator. The Ministry from present appearances seems likely to continue to dominate the
situation, as it did in President Ebert's administration.
Stocks on the Berlin Exchange, it is true, declined at one
time owing to an increase in the rate of valorization on industral bonds. But average prices of railroad, insurance,
automobile and textile shares are higher than at the beginning of 1923. The index figure on Germany's prosperity is
shown to be considerably higher than a year ago, I. e. 76,
against 56 in 1924.
At Fall River curtailment is said to be increasing. Several mills shut down indefinitely. Others shut down additional looms. New Bedford is running at 80%. At Lowell,
Mass., he Massachusetts cotton mills closed on Friday to
reopen June 8. It is intimated that other Lowell mills may
close for a time. Boston wired: "Curtailment plans in line
with suggestions of the National Council of American Cotton Manufacturers are gaining headway. In Fall River the
Union Manufacturing Co. will close all three mills for about
ten days. Narragansett mills have shut down 350 looms.
The Troy Cotton & Woolen Manufacturing Co. has shut
2622
THE CHRONICLE
down. Indications point to further definite action by other
managements." Fall River mills as a whole are running
about 50% of normal, with the comparatively few fine goods
mills there operating at about 70%. Several other mills,
especially those engaged on the manufacture of the coarser
fabrics, have curtailed their operations recently from one to
two days a week, including the Otis Co. at Ware, Mass., the
Thorndyke mills at Palmer, Mass., and the Lockwood Co.
at Waterville, Me. In Massachusetts the majority of textile
mills are either running on part time schedules or with reduced forces. At Lonsdale, R. I., the Ann and Hope mills
closed down for the week owing to dulness of trade. In
Rhode Island silk and elastic webbing mills are operating
overtime and will continue on this basis for the next two
months. In Maine textile plants are working with reduced
forces. In New Hampshire practically all plants are running. The woolen industry is working overtime in certain
sections.. In Vermont industrial employment has slightly
improved. There is overtime in worsted mills. In Connecticut practically all industries are on full time, with overtime in the elastic webbing industry. At Middletown, Conn.,
the Russel Manufacturing Co., webbing manufacturers, is
operating on overtime schedules in a number of departments.
owing to the large volume of business.
Concord, N. C., wired: "Local textile men are more optimistic now than they were several months ago, and while
they would like to see their plants operating at capacity,
they are satisfied with present conditions, especially when
they consider the plight of some yarn mills in other sections
of the State." At Greensboro, N. C., the Revolution cotton
mill is operating on full time. The Pomona mills are also
operating full time. Four-day time for the White Oak and
Proximity mills and Proximity print works, starting May 18,
put 4,600 looms on curtailed time. The Cone group of mills
changed from six to four days a week running time.
At Charlotte, N. C., it is said that Southern mills are approaching a period of drastic curtailment which can only
be prevented by prompt and sharp demand for yarns and
goods. It is confessed, however, that mills are not yet piling
up stocks, and at present are carrying less yarn and goods
than for years past. Fine combed yarn mills in Gaston
County, N. C., are said to be carrying stocks estimated at
less than one pound per spindle. Most carded yarn mills
have orders for at least four weeks ahead. Gingham mills
are under order for 30 days. The Southern Yarn Spinners'
Association urges mill operation only on actual orders. The
"Southern Textile Bulletin" is urging curtailment while
stocks are yet small. At Durham, N. C., the Erwin chain of
cotton mills and at Duke will make no further reduction in
output at this time. Neither are the hosiery mills contemplating any immediate cut in production, according to C. M.
Carr of the Durham hosiery mill chain. A number of small
hosiery mills are still running on full time. There is no
disposition among any of the manufacturers, however, to
pile up stock and continuance of operation will depend on a
steady demand either for immediate delivery or for fall delivery. The Erwin mills are operating four days a week.
Other plants of the Erwin chain, however, are understood
to be running full time. The Erwin mills chiefly manufacture sheeting. The East Durham mill manufactures ginghams. Reports indicate that many more mills, particularly
the yarn mills, will soon begin to reduce output. At Danville, Va., mills are running at 10 to 15% below normal. In
South Carolina most industrial plants were said to be operating satisfactorily. Some textile mills were on an overtime basis. In Georgia several cotton-oil mills closed. Other
plants were operating on satisfactory schedules. In Kentucky there was a slight increase in employment in textile
mills. All plants were on full time. In Tennessee practically all textile mills were on full time, with an increase in
employment. In Alabama there was a slight increase to
forces engaged in textile mills. Full time operations prevail.
In Mississippi some of the textile mills were on part time,
with no apparent change in the number of workers employed.
In Louisiana some losses have occurred in textile mills, but
full time schedules prevail. In Arkansas a surplus of labor
existed in the textile industry. In Oklahoma textile mills
report full time operations, with this class of labor well
employed. In Texas slight decreases were evident in the
forces of textile mills. Garment industries, however, were
on full time.
At Cohoes, N. Y., the Harmony mills are curtailing to three
days a week, after running for several months on full time.
In Pennsylvania a number of textile lines showed improve-
[vol.. 120.
merit, notably in silk mills. Hosiery mills were quite active.
Some plants were working overtime. Employment in clothing factories continued satisfactory. In New Jersey textile
industries as a whole were quite active in April and in some
sections a shortage of workers was reported.
In Boston the Painting and Decorating Employers' Association announced that it had withdrawn all offers to the
Painters' "Union and will henceforth proceed on an open shop
policy. It offers a maximum of $1 10 an hour to experienced
painters. All further conferences with union committees
have been called off.
The "Automotive Industries," a trade journal, said: "The
throttle is open wide at the automobile factories and predictions are freely Made that April's new high production record of 420,373 cars and trucks will be exceeded by about
20,000 in May. Demand in virtually all sections of the country is proving ample to absorb this production. Stocks in
dealers' hands are still low and in the case of the most popular makes, shortages continue to be the rule. All grades of
cars are sharing in the prosperity. Several makers of lowpriced vehicles are behind in their orders."
It has been cool nights and mornings here at times, but 71
degrees in the middle of the day. In Chicago and Kansas
City of late it has been up to 76, in Cleveland to 72, in Cincinnati to 70, in Indianapolis to 74, and in St. Paul to 84. It
has been cool at nights throughout the South, that is in the
40's and 50's. On the 21st inst. the thermometer rose here to
79, and it was 78 in Chicago and Minneapolis, 86 in Cincinnati, 84 in Philadelphia and 72 in Portland, Me., and 90 at
Kansas City, but it was said that in parts of that section as
high as 100 was recorded.
Life Insurance Sales Break High Spring Records—
April Reports Show General Increase of
Seven Per Cent Over Last April.
Figures just made available by the Life Insurance Sales
Research Bureau of Hartford, Conn., show that the life
insurance sales record for April 1925 is 7% greater than the
volume written during April 1924, $711,504,000 having
been sold during the month. This is the highest total on
record with the exception of December 1924. Geographically divided, the national returns show that all but one
section made substantial increases. This is the Mountain
Section, which fell away 3% from its last year's April record.
The other sections report gains from 4% to 19%, as shown
in the following table:
New England
Middle Atlantic
East North Central
West North Central
Gain over Month of April 1924.
507 South Atlantic
707 East South Central
4 West South Central
15 °Pacific
6
7
19
9°
The fine showing from the West South Central and West
North Central sections is attributed to the revival in agricultural conditions, which is imparting a healthy tone to
•
business in general throughout this territory.
These figures, it is stated, are by no means evidence of a
merely temporary boom. In fact, the national average
increase during the first four months of 1925, as compared
with the same period in 1924, also shows a 7% increase—
and the year ending April 30 1925 shows a 5% gain over
the year ending April 30 1924. These sectional averages for
the first four months of 1924 show the following gains:
6 South Atlantic
New England
5
Middle Atlantic
6 East South Central
11
East North Central
West North Central
5 West South Central
10 ° Mountain
Pacific
20
4
7
The report says that this is concrete evidence that people
all over the country are daily becoming better educated as
to the need and purpose of life insurance, and that financial
conditions are such that there is more money available for
its purchase.
Canadian Life Insurance Sales Show Healthy Growth.
The April life insurance sales figures just published by the
Life Insurance Sales Research Bureau of Hartford, Conn.,
show a continued rate of increase over past records, $35,872,000 being written during the month. April 1925 has a
general total of 10% increase over April 1924 on the whole
of Canada, while the year ending April 30 1925 shows a 3%
general gain over the year ending April 30 1924. The first
four months of 1925 are 2% better than the corresponding
period in 1924, on the average returns from the whole of
Canada. Prince Edward Island has the best showing for
this period, with an increase of 15%.
For the most part, these gains are from the eastern sections.
Nova Scotia, Ontario, Prince Edward Island, Quebec and
Newfoundland run fairly close together with increases rang-
1924.
1925.
P. C. Inc. (+)
or Decrease
(-).
Apr.'25 Apr.'25
Mar. Apr. Mar. Apr. from
from
Mar'25 Apr'24
135
150
80
127
119
70
140
150
81
59 33 49
34
40 48
106 114 120
164 178 178
132 100 131
73
85 85
128 --8.6
128 -14.7
74
+0.8
+7.6
+5.7
41 --18.3 +24.2
38 +5.9 -25.0
122 +1.7 +7.0
196 +10.1 +10.1
107 -18.3 +7.0
73
0.0 --14.1
104
98
105
101
100
105
129
127
111
128
123
111
0.0
+26.7
+23.0
+5.7
25
147
161
66
23
147
164
72
20
137
154
72
21
137
154
72
+5.0
0.0
0.0
0.0
-8.7
-6.8
-6.1
0.0
149
124
146
121
158
130
158
133
0.0
+2.3
+8.2
+9.9
But•Plate'Pork
I
Rib
Slrfn
Year
Moak Roas Roesi Beef Chops1Baces1Ham LerdHoss Roos ter
ane! Month. Si
1924
154 149 144 129 110 130 138 166 118 162 158 160
January
152 148 143 128 110 127 138 165 114 165 144 187
February
153 148 144 129 110 128 134 164 111 169 101 151
March_
156 151 146 131 110 137 134 165 109 169 93 131
April
160 155 148 133 112 142 134 186 108 172 91 120
May
June
160.21156.1 142. 132.5109.1 143.8134.1 165.8 107.0 168.5 (14.6 126.9
160.2 155.2147.0 181.3 108.3144.3 134. 166.2108.2 188. 114.2 129.9
July
August
160.21156.1 147.1 181.3108.8 185.7 141 9173.2 122.2 183.4 129.8 125.1
168.31153.:146 • 130.6 109.1 170.6145.6 174.3 126.6 165.7150.4 128.5
September
155.9 151.1 144.4129.4108.3178.6148.5175.1125.4164.8173.0128.1
October
November ____ 152.4 147.5142.4 127.5109.1 150.5148. 174.7141.8 182.0197.4 127 7
150.4 145.3141.4 128.3 108.3139.5147.8173.2139.9 161.5202.3 137.1
December
Average for yr
192$.
January
February
March
April
155.9 151.6145.5 130.0109.1148.7139.8 168.4 120.3 165.7138.8 135.8
II•
152.4 147.1 143.9 128.1 109.9 146.2 149.3 177.0j144.3168.1 204.4 136.4
151.6 146.6 143.4 127.5109.1 144.3150.7178.8 144.9 169.5154.8 132.1
158.91150,7 147.1 131.3112.4 178.1 164.4 190.3 146.2 173.2113.. 144.9
159.11155.2150.1 135.6 114.1 175.2 172.6198.9 146.8 1V7.9110.7 139.2
Year
and Meath. Che MU •• :, -
Pole
Coromeal Mee toes
1924
189 180 156 135
January
188 157 155 139
February
166 158 155 139
March181 1.55 155 139
April
157 153 155 139
May
155.7 151.7155.4 139.4
June
155.7 151.7155.4145.6
July
155.7 153.9157.1 154.6
August
September ___.156.6 156.2167.1 164.5
157.5 158.2157.1 160.6
October
157.0 155.1158. 163.6
November
157.9 155.1 155.9189.7
December
AU Anfiiill
Col• fee Tea Cron)inad
Mttwato.-botlroi
Iron and Steet-Textiles--Automobiles.
Though higher than a year ago. industrial activity in April, as seen from
report made to the Department of Commerce by the iron, steel, zinc,
tin-consuming and silk textile industries, was lower than in March. Consumption of cotton by textile mills, on the other hand, was greater in
April than in either the previous month or a year ago. Exports of raw
cotton, though seasonally smaller than in March, were about half again
as large as a year ago, making a total of 7,444,575 bales exported during
the nine months ending April 30. Domestic consumption of cotton during
the same period totaled 4,669,215 bales. Automobile production, as
reflected by factory shipments, was larger than in either the previous
month or a year ago, while the April shipments of completed railroad
locomotives, though larger than a year ago, were smaller than in March.
Wholesale prices of iron and steel, and cotton and wool, and their proabseast ilsclihed from the March levels.
Trade and Finance.
Sales by mail-order houses and 10-cent chain stores were larger than in
either the previous month or a year ago, while bank clearings both in
New York City and for the rest of the country were smaller than in March
but larger than in April 1924. Loans, discounts, investments, and net
demand deposits of Federal Reserve member banks continued to mount,
while the earning assets of Federal Reserve banks were smaller than at
the end of March. Interest rates for both commercial and speculative
funds showed practically no change from those which prevailed in March.
Stock prices averaged lower than in March, while defaulted liabilities
of failing business firms, though smaller than a year ago, were larger than
in March.
BUSINESS INDICATORS.
(Relative Numbers-1919 Mo. Ave.=100.)
131
130
130
131
131
130.3
130.1
130.8
130.5
132.0
135.1
135.7
149
147
144
141
141
142.4
143.3
144.2
148.8
148.7
150.1
151.5
Average tor yr_ 159.7 155.1 157.1 148.5158.7 118.1 158. 167.3 145.3 131.
1921.
162.4 156.2184.. 181.8180.0 123.0 147.1 147. 173.2 136.4
January
164.7155.1 169.6193.918.3.3 124.1 152.9140.1 174.8140.6
February
. 125.3 147.1 140.1 175. 138.1
165.2 155.1 167.9.
March_
1R&2 155.1 187.9 187.9 183.3 126.4 141.2 136.4 174. 138.:
A nr11
145.9
k.b:ibt4b1,1
Preliminary Business Summary for April.
Under date of May 18 1925 the Department of Commerce
made public the following details regarding business during
April:
New Orleans, Omaha, Philadelphia, Salt Lake City, San Francisco and
Seattle, less than .5 of 1%. Fourteen cities increased: Denver and
Savannah, 2%; Atlanta, Baltimore, Charleston. S. C., Jacksonville,
Mobile and Richmond, 1%, and Birmingham, Columbus, Dallas, Houston, Norfolk and Washington, D. C., less than .5 of 1%. In Providence
there was no change in the month.
For the year period, April 1924 to April 1925. all of the 51 cities showed
increases: Houston. 12%; Louisville, 11%; Birmingham, Norfolk, Salt
Lake City and Savannah, 10%; Atlanta. Dallas, Mobile, New Orleans and
Peoria, 9%; Baltimore, Buffalo. Detroit, Jacksonville, Memphis, Richmond and St. Louis, 8%; Charleston, S. C., Cincinnati, Kansas City,
Little Rock, Minneapolis, Omaha, St. Paul, San Francisco, Scranton and
Washington, D. C., 7%; Chicago, Cleveland, Columbus, Philadelphia.
Pittsburgh, Seattle and Springfield, III.. 6%; Bridgeport, Butte, Denver,
Fall River, Indianapolis. Newark, New York, Portland, Ore., and Rochester, 5%; Boston, Milwaukee and Providence, 4%; Los Angeles and New
Haven, 3%; Manchester and Portland, Me., 2%.
As compared with the average cost in the year 1913. food in April 1925
was 61% higher in Birmingham, 60% in Richmond. 59% in Baltimore and
Chicago: 57% in Detroit and Washington, D.C.,56% in Charleston, S. C..
54% in Dallas, New York, St. Louis and Scranton. 53% in Buffalo, 52%
in Atlanta and New Orleans, 51% in Philadelphia and Pittsburgh, 50%
in Cincinnati and Milwaukee, 49% in Kansas City, Minneapolis, Omaha
and San Francisco, 48% in Boston, Cleveland and Providence. 47% in
Louisville, 46% in Jacksonville, 45% in Memphis, New Haven and Seattle,
44% in Mae Rock and Newark, 43% in Fall River, Los Angeles and
Manchester, 42% in Indianapolis. 37% in Portland, Ore.. and 35% in
Denver and Salt Lake City. Prices were not obtained from Bridgeport.
Butte, Columbus, Houston, Mobile, Norfolk. Peoria. Portland. Me.,
Rochester, St. Paul, Savannah and Springfield, Ill., in 1913; hence no comparison for the 12-year period can be given for those cities.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLE
OF FOOD IN THE UNITED STATES.
;:.18g8g8t
ing from 14% to 19% over the business of April 1924.
British Columbia, Manitoba and Saskatchewan made the
best showing in the west, although these western provinces
did not make as good a record in this present survey as they
did in the March figures. In the cities, Quebec and Toronto
report extremely encouraging margins of increase-51%
and 41% respectively.
Pig-Iron production
Steel ingots, Production
Unfilled steel ordersLocomotives:
Shipments
Unfilled orders.
Mail-order sales (two houses)
Ten-cent store sales (four chains)
Car loadings
Commeraial-paper interest rates
Security prices:
25 industrial stocks
25 railroad stocks
40 bonds
Federal Reserve banks:
Bills discounted
Total reserves
Ratio
Foreign exchange rates
Postal receipts:
50 largest cities
.50 industrial cities_ a
Business failures:
Number of firms
Liabilities
Imports, merchandise
Exports. merchandise
2623
THE CHRONICLE
MAY 23 1925.]
113 185 136
113 185 187
111 185 189
113 185 181
114 171 167
113. 194.1 150.9
114.9 194.1 152.7
117.2 152.9149.1
118.4 152.9158.4
119.5 141.2 160.1
120.7 129.4 160.0
121.8 136.3 160.0
154.3
151.4
151.1
150.8
338 317 346 360 +4.0 +13.6
1.034 518 360 394 +9.4 -23.9
98 100 118 107 -9.3 +7.0
53 89 81 -11.6 +15.1
51
Wholesale Prices in April 1925 Sharply Decline.
A sharp decline in the general level of wholesale prices is
shown for April by information gathered in representative
markets by the United States Department of Labor through
Retail Food Prices Slightly Lower in April.
Bureau of Labor Statistics. The Bureau's weighted inthe
The retail food index issued by the United States Departnumber, which includes 404 commodities or price series,
dex
ment of Labor through the Bureau of Labor Statistics shows
to 156.2 for April, compared with 161.0 for the predropped
that there was a decrease of about two-tenths of 1% in the
month, a fall of 3%. The report adds:
ceding
retail cost of food in April 1925, as compared with March
Among farm products there were pronounced price decreases in grains.
1925. The index number (1913=100.0) was 151.1 in March
hogs, sheep, eggs, potatoes, tobacco and wool, with smaller decreases in
and 150.8 in April. Details as to the course of prices, as cattle, cotton and hides. Foods also were lower, with declines in butter.
cheese, coffee, lard, rye and wheat flour, corn meal, salt and sugar.
made public May 15, are as follows:
ore, pig iron, steel
• 1920 monthly average equals 100. a 1922 monthly average equals 100.
Among metals there were substantial decreases in iron
billets, structural steel, copper,lead, tin and zinc, while lumber was responsible for a drop in the general price level for building materials. Other
commodity groups showing decreases from March prices were cloths and
clothing, fuel and lighting and chemicals and drugs. HousefurnishIng
goods were slightly higher and miscellaneous commodities were appreciably
higher than in March.
Of the 404 commodities or price series for which comparable data for
March and April were collected, increases were shown in 50 instances and
decreases in 187 instances. In 167 instances no change in price was reported.
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES (1913-100.0)•
1925----1924.
April.
April.
March.
Groups153.0
138.5
161.3
Farm products
154.0
137.1
158.9
Foods
189.9
189.1
190.7
Cloths and clothing
Changes in Retail Prices of Food, by Cities.
169.0
178.6
174.4
Fuel and lighting
128.7
products
138.7
133.7
metal
and
Metals
During the month from March 15 1925 to April 15 1925 the average Building materials
174.4
181.6
179.8
food
for
36
in
cities
decreased
as follows: Butte, Chemicals and drugs
128.4
133.6
family expenditure
134.2
170.5
goods
174.7
Angeles,
Housefurnishing
170.1
and
Peoria,
Milwaukee
2%;
Les
Boston,
Buffalo,
City,
Kansas
128.8
112.9
125.4
Chicago, Cleveland, Detroit, Indianapolis, Little Rock, Louisville,Mem- Miscellaneous
156.2
148.4
commodities
161.0
All
phis, Now Haven, New York, Pittsburgh, Portland, Me., Portland, Ore..
Comparing prices in April with those of a year ago,as measured by changes
Rochester, St. Louis, St. Paul, Scranton and Springfield, III., 1%, and
Bridgeport, Cincinnati, Fall River, Manchester. Minneapolis. Newark. in the index numbers,it is seen that the general level increased approximately
During the month from March 15 1925 to April 15 1925 13 articles on
which monthly prices are secured decreased as follows: Butter and Potatoes, 4%; flour and granulated sugar, 3%; pork chops and strictly fresh
eggs, 2%; leg of lamb, raisins and bananas, 1%, and oleomargarine, nut
margarine, wheat cereal and coffee, less than .5 of 1%. Nineteen articles
increased: Onions. 10%; oranges, 7%; cabbage, 6%; bacon, 5%; ham,
4%; round steak, chuck roast and hens, 3%; sirloin steak, rib roast and
plate beef, 2%; evaporated milk, rolled oats, rice, canned corn, tea and
prunes, 1%, and lard and vegetable lard substitutes, loss than .5 of 1%.
There was no change in the price of the following eleven articles: Canned
salmon, fresh milk, cheese, bread, cornmeal, corn flakes, macaroni, navy
beans, baked beans, canned peas and canned tomatoes.
For the year period, April 15 1924 to April 15 1925, the increase in all
articles of food combined was approximately 7%.
For the 12-year period, April 15 1913 to April 15 1925, the increase in
all articles of food combined was about 54%.
2624
THE CHRONICLE
[VOL. 120.
51i%. The greatest increase is shown for the group of miscellaneous com- last year as
well as 1.397 cars under the same week two years ago. In the
modities, including such important articles as cattle feed, leather. Manila western
districts alone. 21,216 cars were loaded with live stock during the
hemp, jute, lubricating oil, rope and rubber, in which prices were 14%
week, 3,162 cars below last year.
higher than in April 1924. Farm products averaged 1014% higher and foods
Coal loading totaled 154.214 cars, an increase of 4,996 cars over the
12 1-3% higher than in the corresponding month of last year, while smaller preceding
week. Compared with the same week last year, the total for the
increases were shown for cloths and clothing and chemicals and drugs. week of
May 9 was an increase of 18,033 cars but a decrease of 20,874 cars
On the other hand, prices in the groups of fuel and lighting materials, cars
compared with the same week two years ago.
metals and metal products, building materials and housefurnishing goods
Coke loading totaled 9,388 cars, 731 cars below the preceding week but
averaged lower than in April of last year.
379 cars above the corresponding period ES 1924. Compared with the
same period in 1923, it was a decrease of 5,927 cars.
Compared with the preceding week this year, increases in the total loading
Business in Minneapolis Federal Reserve District
of all commodities were reported in all districts except the Eastern and
During April Showed Seasonal Decline.
Southern. All districts reported increases over the corresponding week
The volume of business transacted in the Minneapolis Fed- last year and all except the Eastern and Allegheny districts reported
increases compared with the corresponding week in 1923.
eral Reserve district during April exhibited the customary
Loading of revenue freight this year compared with the two previous
seasonal decline as compared with March. Grain and live Years follows:
stock receipts and prices were both lower than in the pre1925.
1924.
1923.
Five weeks in
4,450,993 4,294,270 4,239.379
ceding month. Monufacturing, as reflected in the shipments Four weeks in January
February
3,619,326 3,631,819 3,414.809
of forest products, linseed products and flour, declined. Four weeks in March
3,694.916 3,661.922 3.662.552
Four
weeks
in
April
3.721,662 3,498.230 3,764,266
Total car loadings of all products, however, increased
Week ended May 2nd
981.711
913.550
961.617
slightly, due primarily to a very large expansion in ore ship- Week ended May 9th
908,203
974,741
981,370
ments to the head of the lakes in anticipation of an earlier
opening of navigation this year. The report also says:
During the month of April country banks drew heavily upon their city
correspondents for funds. As a result, banks in the larger cities sold securities, collected maturing loans, reduced their cash holdings and reserves, and
borrowed to a small extent from this Federal Reserve Bank. Federal Reserve notes outstanding declined.
The most promising fact contained in the April figures as compared with
March was an increase of approximately 75% in the valuation of building
permits granted in 18 representative cities located in this Federal Reserve
district. This is considerably more than the seasonal increase normally to
be expected at this time of year.
As compared with a year ago, April business exhibited a gain of 27%
in the total money value as reported by 17 selected cities in this district,
the greatest gains being shown at Duluth-Superior (50%) and South St.
Paul (39%). This increase in money value was accompanied by an increase
In physical volume, as car loadings were 7% greater than a year ago. Receipts in grain and live stock did not exhibit much change as compared
with last year, but there were increases in car loadings of ore, miscellaneous
freight, less than car lot merchandise and coke.
Manufacturing exhibited mixed trends, shipments of flour and forest
products showing declines and shipments of linseed products showing an
increase as compared with last year. Department store sales increased very
slightly. Speculative trading in grain was more than double that of a year
ago.
There was nearly a doubling in the valuation and a substantial increase
In the number of building permits granted at 18 representative cities reporting to this office. This is the most favorable fact contained in the figures for the month of April as compared with the same month a year ago.
Of these 18 representative cities, Butte and Eau Claire alone failed to show
an increase. Contracts awarded were greater than a year ago, with a noteworthy trend in the direction of increased residential and commercial building and pronounced declines in public utility, industrial and educational
construction.
There has been some damage to winter wheat and fruit in the western
portion of this district, but most of this acreage has been re-seeded. There
will be practically no abandonment of rye in North Dakota. The outlook
for the spring wheat crop is very good. Moisture conditions are as favorable
as they have been for years. The crop was put in about two weeks earlier
than usual. There will be some expansion over last year in the acreage
planted, and a large increase in the western half of the district.
Revenue Freight Loading for the Week of May 9
Amounts to 981,370 Cars and Exceeds All
Corresponding Weeks in Previous Years.
Loading of revenue freight for the week of May 9 totaled
981,370 cars, considerably in excess of any corresponding
week in any previous year, according to reports filed by the
railroads with the Car Service Division of the American
Railway Association. This was an increase of 73,167 ears
over the corresponding week last year and 6,629 cars in
excess of the corresponding week in 1923. It also exceeded
by considerable margin the corresponding weeks in 1920,
1921 and 1922.
Loading of revenue freight for the first nineteen weeks
this year-January 1 until May 9, inclusive-was the
heaviest on record for that period of the year, amounting to
17,449,978 cars. This was an increase of 541,984 cars or
3.2% over the corresponding period last year and an increase
of 432,614 cars or 2.5% over the corresponding period in
1923. Further details follow:
Ore loading for the week of May 9 totaled 64,664 cars, an increase of
5,518 cars over the preceding week and 19,425 cars above the same week
last year. It also was an increase of 5,048 cars over the same period two
years ago.
Loading of merchandise and less than carload lot freight amounted to
260,658 cars, an increase of 819 cars over the week before and an increase
of 11,550 cars over the corresponding week last year. It also was an
Increase of 17,044 cars over the corresponding week in 1923.
Miscellaneous freight loading totaled 352.399 cars, a decrease of 6,370
cars under the week before but increases of 31,018 cars over the same week
last year and 6,743 cars over the same week two years ago.
Forest products loading totaled 76,484 cars, 1.970 cars below the week
before but 2,738 cars above last year. Compared with the corresponding
week two years ago, it also was an increase of 2,056 cars.
Grain and grain products loading amounted to 35,915 cars, an increase
of 57 Cars Over the week before but 5.584 cars under the same week last
year. It was, however, an increase of 3,936 cars over two years ago. In
the western districts alone, grain and grain products loading totaled 19,840
cars, a decrease of 3.704 cars under the corresponding week last year.
Live stock loading for the week totaled 27,648 cars, a decrease of 2,690
cars under the week before and 4,392 cars below the corresponding week
Total
17,449,978 16,907.994 17,017.364
April Business in Illinois on the Down Grade.
The middle of spring finds business on the down grade in
Illinois. Without sufficient orders to Justify them in maintaining their working forces intact, Illinois employers continued to lay off help during April, so that by the middle of
the month there were fewer people in gainful employment in
the factories of the State than at any time during the current
year, says R. D. Cahn, Chief Statistician of the Illinois Department of Labor, and then adds:
One thousand one hundred and eighty-six manufacturers, who normally
employ about 40% of the factory workers of the State, had on the payroll
of the middle of April. 280.278 workers which was a drop of 1% in the
number the identical employers had for the same week in March. This
decline, following one of like extent during March, depreciated employmet
by 2.1% from the level of February. About 14.000 workers have been
added to the ranks of tne unemployed as a result. The state of industry
at this time, while slightly above that of April 1922, is about 10% below
that of a year ago. and 15% below the April 1923 level.
Declining industry is shown to be a general condition by other reports.
A preliminary statement issued to the press on May 9 by the New York
Department of Labor was that between 20.000 and 25,000 were thrown out
of work in April in that State.
The distribution of the lay-offs among the industries did not differ
widely from that of the preceding month, but there was a continuation of
the trend begun earlier. Small declines were quite frequent in the metal
industries-thus the change for the month in the payrolls of the twelve
industries making up the metal group was less than 1% from the March
figure. Included in this class were the steel mills. Some of the larger ones
continue to cut off a few workers each week-a practice that has been
followed for two months, following expansions in January and February of
this year. Machinery firms also laid off only small percentages of their
forces, but in electrical apparatus there was a sizable reduction in working
forces that, taken with earlier cuts, leaves employment at a rather low
point. Agricultural implement firms, in some instances, were laying off
help, depreciating the volume of employment in that industry by 2.9%,
although some of the plow companies in the tri-cities continued to add
workers, and now have more employees than at any time since early last
year.
Contrasting with declines in employment in the automobile industry in
April of last year, the reports for April 1925 to the Illinois Department of
Labor indicate expansion for the current year. The increase of employment for the month in this industry was 2.7%. The increase in the carbuilding industry of 2.8% was another favorable sign. However, at the
car shops, operated by the railroads, employment fell off by 2.1%. At
one of the largest shops, 250 persons were dropped and a short week is the
rule at some of the others.
The meat packing firms followed reductions in employment in March
with a cut that gave unemployment to 5.7% of the persons who were at
work in March. At some of the most important plants in this industry,
there are now fewer workers than at any time since the war. Operations
are also very light in the flour mills. Some of them have closed down
entirely, and as reported by 21 mills, there were 7.4% fewer workers employed in April than in March. Candy factories laid off nearly 10% of their
workers, and tobacco concerns reported that they had reduced their working
forces by a like percentage. Meanwhile the canneries were becoming
active, having one-sixth more people in April than in the month before.
There were similar seasonal increases among the ice and ice cream concerns.
Job printers have given out about the steadiest employment of any employers in the State, but they were obliged to reduce employment substantially during April. They discharged 15.7% of their women workers and
5% of their male workers during April. Rarely have there been changes
so precipitate in this industry.
Tanneries, which have been expanding for about six months, show in
their reports lessening activity in April. For the ten reporting employers,
the decline in employment during the month was calculated to be 3%•
Shoe factories generally had a few more employees in April than in March,
however. The chemical industries show a mixed trend. While the oil
refineries were adding to their forces, the paint factories and dye concerns
were laying off workers. Industrial chemical firms had about
2.3%
more workers in April than in March.
An analysis of the reports for the apparel industries shows a decided
downward trend. The declines were, of course, partly seasonal. Men's
clothing factories laid off 11.1% of their employees, and millinery concerns
a like amount. Changes elsewhere were of less extent. In the knit goods
factories, where women are chiefly employed, employment was sustained in
April at the March level.
The most favorable factor in the present industrial situation is the state
of the building industry. With the budding of spring building construction
was resumed and was humming at top speed by the first of May. The reports indicate general repair work is in progress, new projects are in the
hands of the architects and are being registered with the city building
offices, and road construction work, on a vast scale. Is progressing. With
favorable weather 199 building contractors added one-ninth More or,-'
MAY 23 1925.]
THE CHRONICLE
ployees in April than they had in March. The gathering of gangs for work
on the roads is indicated by the reports from eleven contractors who increased employment 200% during April. In practically all of the cities
of the State, the survey indicates that building workers are, or soon will be,
fully employed. Prospective building, as revealed in the building permits,
is very large. Of the twenty-four cities who report on the extent of the
building authorizations to the State Department of Labor, nine issued permits of a greater aggregate valuation in April than in April of one year ago.
In the remaining cities the estimated cost of projects does not run far
behind that of one year ago. The greatest increase in any of the cities was
at Freeport, where 32 projects were estimated to cost nearly $900.000. A
Year ago the total was only slightly above $100,000. In Chicago permits
for the month total $44,495.000, an increase of about $11,000,000 over
April a year ago. Since the first of the year $120,000,000 worth of work
has been registered in the city building office. Aside from the cities mentioned, permits are running high in Aurora, Cicero, Decatur, East St.
Louis, Evanston, Highland Park, Oak Park, Rockford and Springfield
The vast building program continues to visit prosperity upon building materials firms. Brick firms had 7.6% more workers during the month, and
in other building materials industries the increases were as follows: Lime
and cement, 12.9%; glass, 6%, and planing mills. 5%.
Public utilities also, which do a large amount of building work commencing
in the spring, were adding employees. With the coming of mild weather
a bad condition continues to exist In the mining industry with the closing
of additional mines, and slack work at these that continue to operate. Of
the mines reporting to the Illinois Department of Labor, 2.5% fewer people
were at work in April than in March, and pay-rolls dropped nearly 20%
with less regular work. 1.185 manufacturers paid out during the week
of April 15 $7,147,051, which was practically the same amount that the
identical employers paid out in the week of the middle of March.
The working people of Aurora. Danville. East St. Louis, Joliet, Peoria,
Rockford. Rock Island and Springfield had more money to spend in April
than in March, while the working people of Chicago, Bloomington, Cicero,
Decatur. Peoria and Quincy had a smaller amount of funds. Rock Island.
Springfield and Aurora pay-rolls expanded the most.
The labor market in April was relatively inactive, and, although there
was an improvement in the ratio of applicants to jobs at the Illinois free
employment offices when there were only 143 applicants per 100 jobs instead of 161 as in March. This improvement was, to a large extent. seasonal. There were more applicants after the jobs at the Illinois free employment offices than one year ago, and jobs were less plentiful. One of
the consequences was a smaller number of placements. In Chicago, where
the moving season always causes a spurt in the demand for labor, and gives
temporary employment to a largo number, the present year found the supply more than adequate to meet the calls made. The labor market met the
seasonal demand for help without a ripple, in contrast to the situation two
years ago, when industry was going full tilt. In April 1923, which was near
the high point of Industry of the past three years, the summary of the industrial situation by the Illinois Department of Labor contained this paragraph:
•
"Chicago employers facing emergency needs, such as for moving, went
Into the common labor market near Madison and Canal Streets,
near
the
close of the month and bid against each other for the services of the unemployed men found there, forcing the rate of common labor on some days
up to 70 cents per hour."
Thus, industry at the present time is far below a boom period. Operations of the factories in Illinois are 15% or more below full operations in
the utilization of man power and the labor market is glutted with an oversupply of men and women eager to find jobs.
Factories in New York State Curtailed Operations in
April.
Between 20,000 and 25,000 employees were dropped from
factory payrolls in New York State from the middle of
March to the middle of April, a loss of almost 2%. This estimate is based on reports received at the State Labor Department from about 1,500 manufacturers. The irregularities
and uncertainties which were characteristic of March and
the late winter months developed into a general curtailment
of manufacturing activity in April. Of the 55 industries
represented only 15 reported increeses, some of which were
very small. These 15 included seasonal gains in building
materials and some lines of apparel. The only conspicuous
Improvement was in the automobile industry, where seasonal
advances have been particularly large following a long
period of inactivity. This statement was issued by Industrial Commissioner,James A. Hamilton and was drawn from
payroll records covering almost half a million workers.
They represent the many industries and various industrial
districts of the State. The report proceeds as follows:
Severe Loss in Steel and Railroad Equipment.
All through the depression and the subsequent partial
recovery metals
and textiles have dominated the industrial situation. In April
textiles
fell off somewhat but it was the metal industries which were most
prominent in the decline. The contraction in the steel mills which had
begun
In March became general in April. Several'furnaces were blown
out and
two mills closed down. Sheet brass and copper also were less
active.
The other heavy loss appeared in the railroad shops. Large reductions
In equipment factories reporting to the State affected over 1,000 men.
Employment here fell below any month of 1924. Repair work was
lighter,
resulting in the dropping of hundreds of men.
Cutlery and tools, lenses, office equipment and instruments of
precision fell off somewhat, while castings, hardware and stamped ware were
Irregular. Decreases in these last, however, tended to outweight gains.
Electrical apparatus continued to lose except when allied to the automobile industry. The end of the season for agricultural implements
brought reductions in all the plants.
Standing apart from the rest of the metals was the automobile industry.
Here the February and March gains were repeated in April and over 1,000
workers were taken on in the reporting factories. This brings employment
only about 8% below April 1923, the most active year since post-war
expansion.
Building Materials Backward.
The tendency to slow up extended to building materials. Here the
Several
hundred workers were taken on in the brick
small.
gains were
yards but part-time and a shut down indicated the weakness of the market
for their products. Cement and plaster plants used more workers but
2625
the improvement in cut stone was limited to a few plants. Planing mills
stayed even.
Furniture factories were less active and a majority of the piano manufacturers employed fewer workers.
Textiles lost some ground in April. Cotton and worsted mills reduced
forces but the conclusion of the strike in the former brought up employment
for the division. Silk and knit goods were irregular with gains offsetting
losses. Finishing plants were on the whole less busy and trimmings.
located mostly in New York City, fell off.
The season was about over for most of the clothing trades with the
modistes and fur shops as exceptions. Men's clothing and women's
furnishings were uneven. While a few gains were reported both in New
York City and up-State shoe factories, several heavy reductions were put
into effect and there was a net loss in employment for the industry. Leather
factories curtailed operations further.
Again over a hundred workers were released from dye plants. Perfumes and soaps were less active but on the whole, chemicals, oil and
paints were relatively steady. There was a seasonal improvement in
fertilizers.
The loss in employment in food products was about 5%, a rather large
seasonal decrease. Cigar factories released about 1.000 workers this
month. estabashing a new low point in employment. Decreases appeared
in candy, chocolate and dry groceries including fur, salt and coffee. Meat
packing houses again reduced the number on their payrolls but dairy
products made a seasonal gain.
Metals Cause Loss in Capitol District and Buffalo.
The serious reductions In the metals, particularly in the railroad shops,
resulted in over a 4% decrease in employment for the Capitol district.
This brings the number employed in the factories to a point that is less
than 3% above the low point of August 1924.
About 2.000 metal workers were released from the factories reporting
to the State from March to April. Several repair shops and equipment
factories reduced operations sharply, and steel mills and some plants
making machinery and electrical apparatus adjusted their forces to meet
less active market conditions.
Fewer shirt and collar workers were employed although increases Were
more general than decreases among the factories. Certain textile operatives felt a slackening in the mills.
There was a net gain in paper goods, but printing remained fairly steady.
In spite of the downward movement in metals. Buffalo lost only a little
more than 1% in April. The seasonal improvement in automobiles which
was limited in March to a few factories became general in April. Over
300 workers were taken on in the factories reporting to the State. Allied
industries followed in line. Steel showed the same losses as in the other
districts and copper also, on a small Bade. Railroad repair shops and
heating apparatus plants reduced employment and working schedules.
One or two machinery plants were substantially busier but firms manufacturing for the radio trade showed the expected decrease.
The heavy loss in chemicals was limited to one or two plants. Widely
different paper goods factories and one or two printing establishments
released employees in April.
About 200 workers were dropped from food plants. There were seasonal
reductions in the flour mills and candy factories and biscuit and meat
packing houses curtailed operations somewhat.
Utica Gains as Textile Strike Ends.
The end of the wage dispute in some of the Utica cotton mills meant
the re-employment of between 1.500 and 2,000 workers. However, as
conditions improved for the textile workers of this district, men in the
basic metal industries were affected by lessened activity in the mills.
Lighter metal products also showed small decreases in April.
About 150 more workers were employed in the knitting goods factorleS,
but in other cotton mills and finishing plants working forces were reduced.
Manufacturers of men's clothing reported further seasonal decreases.
Further Improvement in Syracuse.
Again Syracuse leads the cities, this time with a 2% increase in employment. Automobiles were the determining factor in the gain, though other
metal industries made small advances. A few firms maldng castings and
office equipment were the only exceptions.
Changes in the chemicals were mostly small and tended to offset one
another. There were seasonal reductions in clothing shops and fewer
were at work in some of the food plants.
Unevenness Characterizes Rochester.
Employment in Rochester fell 1% in April as further reductions were
made in the men's clothing shops and as metals moved irregularly. While
the decrease in the metal industries amounted to less than 1%,the changes
involved hundreds of workers. Those employed in the manufacture of
instruments and appliances were affected by varying conditions among
the plants.
Decreases predominated in the shoe factories. Chemicals, furniture,
buttons, textiles and certain food products all showed losses from the
preceding month. There was a good increase in the number employed by
public utilities corporations.
Decrease in Binghamton.
A large loss in some of the shoo factories was responsible for the 3%
decrease in Binghamton. This is the first reduction since November,
when the shoe industry suffered a small setback. Metals and chemical
products gained a little, but the cigar industry here. as in New York City.
dropped off sharply. Furniture also lost.
Large Reduction in New York City:
New York City resembled the total State in the changes in employment
from March to April. Seasonal changes combined with a slowing up in
metals, leather goods and some food products produced a 3% decrease.
In the metals, makers of instruments of precision reported a decided
contraction after the partial improvement of February and March. Cutlery, electrical equipment and jewelry were included in the general decline
of the month. In stamped ware and hardware only the firms connected
with the automobile industry or with canning were busier.
All of the sewing trades reduced forces except the modistes and makers
of women's furnishings. Large decreases offset the few gains made in
some of the shoe plants. Furs were seasonally active.
Several hundred employees were released from the publishing houses reporting to the State, partly because of seasonal declines in catalogues.
Cigar factories suffered an 11% reduction in employment as conditions in
this industry failed to improve. Grocery and candy manufacturers reporting to the State released over 500 employees.
Factory Employment and Wages in Pennsylvania and
New Jersey in April Declined.
According to the Federal Reserve Bank of Philadelphia,
factory employment and wages in many Pennsylvania Indus-
tries declined during April. A net decline of 1.2% in employment and 2.8% in wages was reported by 646 establishments employing more than 250,000 workers. All of the
groups except building materials showed decreases of from
1 to 3% and many individual industries, notably clothing
factories and woolen and worsted mills, experienced much
greater losses. The building material industries expanded
operations somewhat, and activity increased substantially
in a few other industries as well. Employment was 8.5%
heavier at automobile factories and increased to a less extent in several other metal and textile industries. The report proceeds as follows:
In New Jersey the net change in employment was slightly upward, but
total wages paid, which reflect factory operations, decreased 2.7%; about
the same amount as in Pennsylvania. Most of the metal manufactures
In New Jersey showed increased employment, however, the net gain for
the group being 1.3%. The principal exceptions were shipyards and steel
works, which recorded losses of 5.9 and 7.7%, respectively. Textile industries as well generally showed gains, although total wages paid in these
industries, as in metal manufactures, declined. The cigar and tobacco
industry showed a very large decline in both employment and wages. Most
of the remaining industries reported losses in both employment and wage
payments: the largest declines in working forces were reported by glass
plants, musical instrument factories and establishments making rubber
tires and goods. The decline In wage payments in both States was at
least partially attributable to the curtailment of operations during the
Easter holidays.
EMPLOYMENT AND WAGES IN NEW JERSEY.
(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase or Decrease
Number ofApril 1925 over March 1925.
Plants EmployAverage
Total
Group and Industry-Reporting. mod.
Wages.
Wages.
324
All industries (37)
+0.2
-2.7
-3.0
93
Metal manufactures
+1.3
-2.4
-3.6
8
Automobiles, bodies and parts
+2.0
+2.5
+0.5
19
Electrical machinery and apparatus
+3.8
+3.6
-0.2
16
--1.4
Engines, machines and machine tools
-3.7
+2.4
14
-6.4
Foundries and machine shops
-6.8
+0.5
Heating appliances and apparatus
-0.9
3
-16.0
-15.2
5
-20.3
-7.7
-13.7
Steel works and rolling mills
Structural iron works
+1.8
+5.3
3
+7.2
Miscellaneous Iron and steel products
+2.1
17
+3.0
+1.0
4
-8.9
Shipbuilding
-9.9
6
Non-ferrous metals
+3.2
-3.2
77
Textile products
+1.3
-0.1
+2.0
3
Carpets and rugs
9
Clothing
+0.6
-15.2
6
+4.1
+22.8
Hats, felt and other
-4.3
13
Cotton goods
+0.4
-4.7
-4.2
18
Silk goods
+0.5
-5.1
Woolens and worsteds
-2.1
9
-0.4
12
+3.5
Dyeing and finishing textiles
+3.9
-16.4
7
Miscellaneous textile products
-8.1
-11.4
-3.5
9
Foods and tobacco
-4.2
5
+0.7
Canneries
-43.4 -32.4
-16.2
4
Cigars and tobacco
-4.0
23
+0.8
Building materials
+3.4
+2.7
-0.6
9
Brick, tile and terra cotta products
+3.8
3
Glass
-7.9
+3.0
11
Pottery
+1.0
+1.0
+0.0
43
Chemicals and allied products
+1.7
-3.6
23
Chemicals and drugs
+11.5
+9.2
+2.1
9
Explosives
8
Paints and varnishes
+0.9
-1.0
+1.8
3
Petroleum refining
--7.0
-5.0
-2.2
79
Miscellaneous Industries
--1.0
+0.6
-1.8
4
Furniture
-10.8
-6.1
5
Musicalinstruments
--6.6
-0.7
14
Leather tanning
--8.9
-5.9
+3.2
Boots and shoes
6
--1.9
-2.3
8
Paper and pulp products
-14.7 -14.6
-0.1
7
Printing and publishing
-0.3
-4.2
14
Rubber tires and goods
-4.4
0.0
9
Novelties and Jewelry
-7.3
-0.1
12
All other industries
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
of Labor and Industry. Commonwealth of Pennsylvania.)
Increase or Decrease
No. of April 1925 over March 1925.
Average
Total
EmployPlants
Wages.
Wages.
Reporting. meat.
Group and Industry-1.7
-2.8
-1.2
646
All hidustrIes(39)
-1.5
-2.5
-1.0
247
Metal manufactures
Automobiles, bodies and parts
Car construction and repair
Electrical machinery and apparatus
Engines, machines and machine tools
Foundries and machine shops
Heating appliances and apparatus
Iron and steel blast furnaces
Iron and steel forgings
Steel works and rolling mills
Structural iron works
Miscellaneous iron and steel products
Shipbuilding
Textile products
Carpets and rugs
Clothing
Hats, felt and other
Cotton goods
Silk goods
Woolens and worsteds
Knit goods and hosiery
Dyeing and finishing textiles
Foods and tobacco
Bakeries
Confectionery and ice cream
Slaughtering and meat packing
Cigars and tobacco
Building materials
Brick, tile and terra cotta products
Cement
Glass
Pottery
Chemicals and allied products
Chemicals and drugs
Paints and varnishes
Petroleum refining
Miscellaneous industries
Lumber and planing mill products
Furniture
Leather tanning
Leather products
Boots and shoes
Paper and pulp products
printing and publlahlng
Rubber tires and goods
[Vol,. 120.
THE CHRONICLE
2626
-4.9
-13.2
+10.1
-1.2
+1.8
-0.4
+1.5
0.0
+0.3
-0.4
13
12
42
9
29
3
153
12
17
6
14
39
18
39
9
65
19
18
11
17
54
12
14
24
4
27
16
6
5
100
8
16
18
4
21
-1.1
-2.6
-1.8
+3.0
-0.2
+1.4
-1.6
+1.2
-10.9
-0.9
-1.9
4-2.5
-7.1
-0.2
-15.3
-2.7
+0.1
-5.6
+1.3
-6.2
-10.4
-21.0
-13.3
-1.8
+0.4
-4.2
+1.0
-13.0
-0.9
-2.7
-3.7
-0.1
-4.6
-11.5
-11.3
-12.5
+0.2
-2.0
+1.9
+0.8
-1.8
-5.7
--3.7
-0.9
-1.9
-5.6
-2.9
-1.0
-6.9
-2.2
-4.4
+0.8
--4.0
-3.8
-12.2
+3.5
-1.6
+7.0
+3.5
-13.5
-0.9
-6.3
-3.5
+0.4
-4.5
+3.6
-15.5
-9.0
-7.4
-9.9
18
3
--0.8
+0.9
+1.6
-4.2
17
13
19
21
55
14
12
+8.5
-1.2
+1.5
-0.0
-3.0
-13.2
+1.9
--3.2
-3.0
-1.8
-5.9
-0.1
-1.8
+1.5
+0.4
+1.4
-1.0
-18.2
+1.3
--16.6
+2.7
-8.7
Record Building Volume in April, Says the
F. W. Dodge Corporation.
The April volume of building contracts was the largest
monthly total on record, according to F. W. Dodge Corporation. Contracts awarded last month in the 36 Eastern
States (which include about seven-eighths of the total construction volume of the country) amounted to $546,970,700.
This was an increase of 14% over March and 13% over April
last year. Last month's record included the following important Items: $256,414,300; or 47% of all construction, for
residential buildings; $95,432,400, or 17%, for public works
and utilities; $63,968,900, or 12%,for commercial buildings;
$46,567,900, or 9%, for industrial buildings, and $33,154,600,
or 6%,for educational buildings. Total construction started
during the first four months of this year has amounted to
$1,623,540,000, compared with $1,515,043,200 for the first
four months of last year. The gain is a little over 7%. Of
the $108,000,000 increase to date :his year, $52,000,000 represents the gain in public works and utilities projects. In addition to the big gains in actual work started there is also a big
gain in prospective work. Contemplated new projects reported in April amounted to $760,657,600, an increase of 25%
over the amount reported in April of last year. The detailed
analysis follows:
New York State and Northern New Jersey.
April building contracts in New York State and Northern New Jersey
amounted to $132,032.000. This was an increase of 57% over March, but
it was 22% under the total for April of last year. Last month's contracts
brought the total of work started during the first four months of 1925 up to
$390,442,800, a decrease of 29% from the corresponding period of 1924.
Last month's record included: 668,704,000, or 52% of an construction,
for residential buildings: 825,094,600, or 19%, for' commercial buildings:
$10,895,000, or 8%. for social and recreational projects: $9,098,900, or
7%, for industrial buildings, and $8.598,000, or 7%, for public works
and utilities.
Contemplated new work reported in April amounted to $167,788,800.
an increase of 2% over the amount reported in April of last year.
New England.
New .England's building contracts in April amounted to 839,774,100.
The increase over the preceding month was 14%; over April of last year.
18%. Total construction started in New England during the past four
months has amounted to 8123,201.900, which is an 18% increase over the
corresponding period of 1924.
Last month's record included: $18,400,700. or 46% of all construction,
for residential buildings; 84.834,200, or 12%, for commercial buildings:
$4,655,500, or 12%, for public works and utilities; $3,891,900. or 10%.
for industrial buildings, and $3,802,400, or 10%. for social and recreational
projects.
Contemplated new work reported last month amounted to 859,088,800.
an increase of 52% over the amount reported in April of last year.
Middle Atlantic States.
Construction started last month in the Middle Atlantic States (Eastern
Pennsylvania. Southern New Jersey, Maryland, Delaware, District of
Columbia and Virginia) amounted to $59,795,100. This was a drop of
8% from March and an increase of 29% over April of last year. During
the first four months of this year new construction has been started in this
district to the amount of 8179,902.500, an increase of 25% over the first
four months of 1924.
The principal items in last month's record were: 829.835.100. or 50%
of all construction, for residential buildings; $12,149,200, or 20%, for
public works and utilities: $6,435,600, or 11%, for commercial buildings:
$4.504,600, or 8%, for industrial buildings, and 83.352,300, or 6%. for
educational buildings.
Contemplated new work reported last month amounted to 392,131,300.
an Increase of 46% over the amount reported in April of last year.
Southeastern States.
Construction started last month in the Southeastern States(the Carolinas,
Georgia, Florida, Tennessee, Alabama, Mississippi. Arkansas and Louisiana) amounted to $50,813,400. This was loss than 1% over the preceding
month and about 6% under the total for April 1924. Total now construction started in these States during the first four months of this year has
amounted to 8189,020,900, which is an increase of 4% over the first four
months of last year.
Last month's record included: $20,849.900, or 41% of all construction,
for residential buildings: 812,580,800, or 25%.for public works and utilities:
87.265,300, or 14%, for commercial buildings: $2,196,400. or 4%, for industrial plants. and $2,182,800, or 4%, for educational buildings.
Contemplated new work reported in April amounted to 8141,835.500.
an increase of 33% over the amount reported in April of last year.
Pittsburgh District.
The April total for building Contracts in the Pittsburgh district (Western
Pennsylvania. West Virginia, Ohio and Kentucky) was $97,804,800.
-5.7 This was 7% below the very high March figure. but 68% over April of
last year. Last month's building volume brought the total of new con--13.9 struction
started from Jan. 1 to date up to $289,446,800, an increase of
-1.4
+2.6 70% over the first four months of 1924.
+2.0
Included in last month's record were the following Important items:
-2.9
buildings: 826,507,-10.5 $31,592,900, or 32% of all construction, for residential
+2.0 500, or 27%. for public works and utilities; 818.996,300, or 19%. for in-2.1 dustrial buildings: $7,721,200. or 8%, for educational buildings, and
+5.5 85.936.100. or 6%, for commercial buildings.
+1.6
Contemplated new work reported in April amounted to $93.460,000.
-14.2
+0.9 Although this was only slightly more than the amount of new work actually
-0.7 started, it was 28% over the amount of contemplated work reported in
+0.2 April
1924.
+1.2
-2.6
+9.5
-13.0
-8.1
-0.5
Highest Record Volume in the Central West.
Construction started in April in the Central West (Illinois, Indiana,
Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma and Nebraska)
amounted to $157,668,200, being the highest monthly total on record for
-7.8 the district. The April contracts brought the total of new construction
+3.7
of 25% over the first
+2.5 started since Jan. 1 up to $425,565,200. an increase
-5.0 four months of last year.
MAY 23 1925.]
THE CHRONICLE
Last month's record included: $82,242.500, or 52% of all construction,
for residential buildings; $30,115,600, or 19%,for public works and utilities,
$12,933,000, or 8%, for commercial buildings; $12,467,800, or 8%, for
educational buildings, and $7,356,000, or 5%,for industrial buildings.
Contemplated new work reported in April amounted to $190,864,500.
an increase of 24% over the amount reported in April of last year.
The Northwest.
April building contracts in Minnesota, the Dakotas and Northern
Michigan, amounted to $9,083,100. This was a 26% increase over the
previous month and a 4% increase over April 1924. Total construction
started in these States from Jan. 1 to May 1 has amounted to $25,959,900,
which is 4% less than the amount for the first four months of last year.
Included in last month's record were: $4,789,200. or 53% of all construction, for residential buildings: $1,469,900, or 16%, for commercial
buildings; $825,000, or 9%. for public works and utilities; $523,500, or
6%,for industrial buildings,and $484,300, or 5%,for educational buildings.
Contemplated new work reported last month amounted to $15.468,700,
an increase of 74% over the amount reported in April 1924.
Construction
Work First Four Months
Figured at One Billion and Three Quarteks.
Building
A billion and three-quarters is the value of America's
building construction for one-third of the present year, according to a report by the Indiana Limestone Quarrymen's
Association. "This approximate total," says Thomas J. Vernia, President of the association, "is based on reports from
several hundred cities and towns. These reports show tha
artificial optimism in industry has been deflated. They
show, too, an almost unprecedented soundness in business
generally and in the construction industry in particular."
Mr. Vernia continues as follows:
New York's very high level of construction last year has receded, with
the partial fulfillment of the emergency demand. But this decrease is
offset by other leading cities, three-fourths of which report Increases in
building construction. Some of these increases range as high as 200%.
Chicago's striking record for the first four months is the outstanding
feature of the national building program. Permits taken out exceed
$200,000,000, the high point being reached with the issuance of $2,000,000
In permits on a single day in April.
Other leading cities reporting unusual activity during April, in the
order of volume, include Philadelphia, Detroit, Los Angeles, Cleveland,
Baltimore, Boston, San Francisco, St. Louis, Kansas City, Seattle, Milwaukee, Pittsburgh, Indianapolis, Minneapolis, Dallas, New Orleans
and Atlanta.
Public works and utilities construction is on the upgrade. Educational
buildings show an advance over previous months, with commercial buildings
keeping pace, while the residential construction program is surpassing all
records.
There is every reason to expect a continued steady course by the building
Industry, with the total volume approaching last year's record figures.
Rapid population growth in many cities creates a stable demand that a
few years ago would have had all the earmarks of an unsound building
boom.
2627
The labor situation was well stabilized, with important wage questions
generally out of the way for the time being. In a number of cities longterm agreements at the former rates were negotiated. Many of these are
not terminating until 1927 and 1928, which is expected to have a salutary
effect on the industry. There were only a few isolated OMB of labor
trouble.
SUMMARY OF APRIL 1925 REPORT BY REGIONS.
No.
Cities. Regions.
April
1925.
April
1924.
March
1925.
rain or Loss, eain or Loss,
April-April. April-March,
103 Eastern_ - $217,186,147S138.883,653$191,638,027 $71222,
2094 +$25,548,120
116 Central__ 150,930,741 127,314,130 120.597,831
67 Southern_
38,759,905
35,716.961
35,738,839
79 Western__
50,293,176
43,182,181
49,266,824
23,616,611 +30,332,910
+19%
3,042,944 +3,021,066
+9%
7,110,995 +1,026,352
+16%
365 Totals__ _ $457,169,969$345,096,925$397,241,521 112,073,044 +559,928,448
+32%
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR APRIL 1925, WITH COMPARISONS.
Apr. 1925. Apr. 1924. Apr. 1923. Apr. 1922. March 1925.
$
$
8
1 New York—P.F.102,259,495 47,990,296 35,772,191 37,951,208 87,986,252
2 Chicago
44,494,900 33.493,605 61,814,965 17,076,560 29.553,400
3 Philadelphia
21,110,645 18,946,260 19,729,815 11,363,610 22,424,530
4 Detroit
17,493,276 20,128,862 11,927,760 6,227,387 18,641,371
14,498,031 13,224,568 15,352,944 12,959,686 14,714,002
5 Los Angeles
6 St. Louis
9,088,785 2,810,065 3,890,805 2,114,921 4,014,830
6,696,475 5,154,450 5,593,500 2,459,300 8,032,350
7 Cleveland
8 Washington,D.C. 6,334,344 3,408,130 10,402,846 3,614,122 5,379,916
9 San Francisco
6,102,731 5,036,673 5,173,801 3,993,720. 5,130,965
10 Baltimore
5,729,000 3,641,472 4,972,260 2,962,440 5,264,450
11 Seattle
5,593,820 2,329,805 2,141,385 1,632,175 3,477,820
12 Boston—P.F
5,009,563 5,472,551 4,417,368 8,106,887 5,962,261
13 Pittsburgh
4,885,039 3,584,333 4,191,487 2,127,510 2,816,907
14 Louisville
4,770,075 4,659,690 1.566,385 2,175.550 3,394,495
15 Newark, N.J._ 4,459,148 3,685,795 2,655,121 2,089,112 2,536,425
16 St.Paul
4,360,098 1.458.228 3,092,210 2,062,249 1.876,104
17 Milwaukee
4,314,930 4,998,903 5,719.888 3,005,591 2,836,085
762,300 3,113,372
18 Yonkers, N.Y. 4,224,266
958,100
788,500
19 Cincinnati
3,816.155 4,117,375 3,852,865 2,291,140 3,021,440
20 Rochester
3,633,863 1,688.300 2,627,350 1,400,670 2,724.581
21 Oakland, Calif
3,530,546 2,457,592 2,135,478 1,850,160 3,331,110
22 Minneapolis
3,435,405 3,221,480 3,882,840 4,959,860 2,311,060
23 Portland, Ore_
3,403.300 2,519,276 2,523,330 1,865,970 4,645,140
24 Dallas
3,343,282 2,221,390 1,926,566 1,326.197 2,058,841
25 KansasCity,Mo, 3,3.42,170 2,148,750 2,910,350 1,488,690 3,827,620
295,929,342 199,186,348 219,231,610 137,887,015 249,075,327
Richest States Have Most Mortgaged Homes—New York
and New Jersey Show Largest Percentages of
Encumbered Residences.
In New York and four other Eastern States there are more
mortgaged homes occupied by owners than those with no
encumbrance, while in practically the entire rest of the country the majority of owner occupancy is free and clear of
mortgage. This is revealed in a survey by the American
Bond & Mortgage Co., the results of which have just been
made public. "In checking up mortgage loan conditions,"
says W. J. Moore, President of the company, "we find that
April Building Permits, According to S. W.Straus & Co. in all of the States excepting New York, New Jersey, ConIndications are in evidence of a strong upward trend in necticut, Massachusetts, Rhode Island and North Dakota,
building activities throughout the United States during the there are far more homes free of debt than there are dwellcoming summer, says the Straus report, which continues:
ings carrying mortgages." Mr. Moore then says:
At no time since March 1924 has there been such a large volume of
building operations in immediate prospect, based on the official reports
of plans filed and permits issued in the leading cities and towns of the
country.
The magnitude of these declarations carries additional promise of a
sustaining Influence to general business activities by reason of the fact
that the exhibit Is consistently promising in all sections. Gains were sonfined to no region or section.
In 365 cities and towns reporting to S. W. Straus & Co. for the month
of April there was a gain of 32% as compared with April 1924. A year
ago the April reports showed a loss of 7% from April 1923.
Although there was a loss during the first quarter of this year in these
Berne cities. the April figures were of sufficient magnitude to develop a
gain for the four months' period. Thus, in volume of building plans filed
and permits issued, the first four months of 1925 establish a new high record
for the initial third-of-a-year period.
With the exception of March 1924, April reports were the largest for
any single month in the history of the country. It also was the first month
since September 1924 that every section of the country exhibited an increase over the corresponding period of 1924. The East, 103 cities reporting, gained 56%; the Central, 116 cities. 19%; the Pacific West, 79 cities,
16%; the South, 67 cities, 9%•
The total for the 365 cities was $457,169,969, an increase over April
1924 of $112,073,044.
Gains in Leading Cities.
Twenty-one of the twenty-five leading cities in point of building operations showed substantial gains, making the gain for the entire group 49%
ahead of last April.
New York City, which for several months had been slowing down BO
rapidly that the gains for the rest of the country were submerged, displayed
a remarkable change in tendencies. The increase over April a year ago
was 113%, each of the five boroughs participating in the surprising revival.
Chicago had a gain of 33% and Philadelphia 11%. St. Louis made a
gain of more than 223%. Washington, with an 86% increase, held eighth
position. Baltimore had a gain of 57%; Seattle. 140%; St. Paul, 196%.
and Rochester, 115%.
Yonkers, N. Y., carried off all the honors for monthly gains, exhibiting
an increase of 435%.
Material and Labor Situation.
Except for marked downward fluctuations in steel, April building material
prices remained fairly well sustained at levels established in March. The
break in steel was characteristic of all centres, and was largely due to the
excessive production in the industry since the beginning of the year. In
fact, it is reported that during April steel operations dropped to 77% of
capacity as compared with 92% in March. Lumber was quoted slightly
lower in both the Pittsburgh and Dallas markets and lime and plaster were
down in Louisville. Other changes were mixed and isolated.
The figures refer to homes occupied by owners and show that, taking
the country as a whole, 42% of such structures are mortgaged. In the
States cited, however, the percentages are much higher and compare as
follows: New York, 52%; New Jersey, 62%; Connecticut, 61%; Massachusetts. 57%; Rhode Island, 51%, and North Dakota, 53%•
The fact that the high ratios of mortgaged ownership prevail almost
entirely in the Eastern seaboard territory is surprising, but it should not
be taken to indicate a lack of prosperity or unwarranted extravagance
based on a sectional attempt at "keeping up with the Jones family."
Since these States are, for the most part, the richest in the Union, it is
probable that the prevalence of loans reflects the progressive spirit of the
residents who evidently prefer paying mortgage interest to collecting rent
receipts. Therefore, they assume an obligation that apparently is shunned
in other parts of the country.
In the South it was once considered more or lees of a blot on the family
record to have a mortgage on the home, and this attitude is mirrored in
the ratios for that section. Florida and Kentucky, for Instance, have only
22% of their homes mortgaged, while for Alabama the figure is 31%; in
New Mexico it is only 17%, which State seems to have the smallest proportionate number of encumbered homes.
Lumber Industry Increases Its 1925 Lead Over 1924.
Reports to the National Lumber Manufacturers' Association for the week ending May 16 from 377 of the chief softwood sawmills of the country indicate a drop in production
and shipments for last week as compared with the week before, and a gain in new business. As compared with the same
week of last year, the lumber movement shows increases in
all three factors, particularly in new business, partly due to
13 more mills reporting this year. Cumulative orders for the
first 20 weeks of 1925 exceed those of the corresponding period
of 1924 by 124 million feet.
The unfilled orders of 248 Southern Pine and West Coast
mills at the end of last week amounted to 642,584,401 feet
as against 640,104,492 feet for 252 mills the previous week.
The 133 identical Southern Pine mills in this group showed
unfilled orders of 247,727,480 feet last week as against
245,278,670 feet for the week before. For 115 West Coast
mills the unfilled orders were 394,856,921 feet as against
394,825,822 feet for 119 mills a week earlier.
[VOL. 120.
THE CHRONICLE
Altogether the 377 comparably reporting mills had shipments 98% and orders 100% of actual production. For the
Southern Pine mills these percentages were respectively 100
and 104; and for the West Coast mills 105 and 116.
Of the comparably reporting mills 351 (having a normal
production for the week of 221,592,077feet) reported production 104% of normal, shipments 103%, and orders 107%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional associations for the three weeks indicated:
Mills
Production
Shipments
Orders (New business)
Past Week.
377
247.923.920
241.913.725
249.056.359
Corresponding Preceding Week
1925(Revised)
Week 1924
364
237.713.096
228.616.479
209.917.994
Production.
1925
1924
1925.increase
Shipments.
U. S.
Canada.
U. S.
293,824
343,460
357.045
346,405
283.983
331.388
341,851
331,957
9,841
12,072
15,194
14,448
30,729
32,893
36,431
37.931
28,982
31,214
34,391
35,998
1,747
1,679
2,040
1,933
Total(4 mos) 1,340,734 1,289.179
January
February
March
April
May
June
July
August
September
October
November __
December
March
April
Total(4 snot)
Canada.
Total.
Total.
Total
383
256.512.966
1925.
255.636.682
244.973.308 January
February
The following revised figures compare the lumber movement for the first twenty weeks of 1925 with the same period
of 1924.
Trucks.
Passenger Cars.
1924.
51,555
137.984
130,585
7,399
271,033
214,322
235.925
249,796
256.940
254,524
198,381
174,899
15.291
10,757
8,619
5,436
6.588
6,357
5,962
7.200
35,298
29,057
26,378
28,629
31,951
32,457
27,897
27,530
33,545
28,107
25,271
27,749
30,600
31.187
26.816
25,840
1,753
950
1,107
880
1,351
1.270
1,081
1,690
3,262.764 3.144,999
117,765
377,181
359.700
17,481
204,620
242,024
319,136
375.786
8.301
10,779
13.014
15.515
28,142
34,394
45,068
47,664
26,577
32,701
42,979
46,092
1,565
1,693
2,089
1,572
nnn
A7 Ano
Inc 955
142240
6 919
286,324
225,079
244,544
255,232
263.528
260.881
204.343
182.099
212,921
252,803
332,150
391.301
1 150 175
1 Ill
Orders.
4,805.907.067 4.754,703.743 4.632.093.063
4.732.726.543 4.743.096.650 4.507.706.267
73.180.524
11.607.093
124.386,796
New Models in Automobiles.
This week the Maxwell Motor Corp. announced the addition to its line of a new coach model on the standard Chrysler
chassis, with hydraulic four-wheel brakes, balloon tires and
Fisher body. The price as listed on May 21 was $1,545.
A new five-passenger four-door sedan was introduced by
the Moon Motor Car Co. on May 18 to sell for $1,595.
The mills of the California White & Sugar Pine Manufacturers' Association make weekly reports but for a considerable period they have not been comparable in respect to
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 13,393,000 feet; shipments,
11,381,000 feet and orders 15,469,000 feet. The reported
cut represents 34% of the total of the California Pine region. Price Advances the Chief Feature of Crude Oil and
As compared with the preceding week, there was an increase
Gasoline Markets.
of 3,747,000 feet in production, 4,196,000 feet in shipments
Advances in the price of crude oil and gasoline during the
and 8,582,000 feet in new business.
week just closed were noteworthy as showing the trend of
the market. Competition in certain sections, however,
Weekly Lumber Review of West Coast Lumbermen's caused local price reductions,as, for example,that announced
May 15 by the Standard Oil Co. of California which reduced
Association.
the price of fuel oil, including diesel oil, ten cents a barrel
One hundred and nineteen mills reporting to West Coast at its tidewater refineries to meet competitive conditions in
Lumbermen's Association for the week ending May 9, manu- the fuel and diesel oil
markets. The general trend of prices,
factured 107,555,440 feet of lumber; sold 107,793,028 feet. however, was upward, beginning on May 19 with the report
and shipped 115,136,908 feet. New business offsets produc- from Shreveport, La., that the Standard Oil Co. of Louisiana
tion. Shipments were 7% above new business.
had advanced Smackover heavy crude 10 cents a barrel,
Thirty-nine per cent of all new business taken during the week was for
effective May 18. The new price is 70 cents a barrel. The
future water delivery. This amounted to 42,231,307 feet, of which 31,040,882 feet was for domestic cargo delivery; and 11,190,425 feet export. New Gulf Refining Co., Texas Pipe Line Co. and Louisiana Oil
business by rail amounted to 1,986 cars.
Refining Corp. followed the Standard Oil of Louisiana adForty-one per cent of the lumber shipments moved by water. This
vance of 10 cents in the posted price for Smackover heavy oil.
antounted to 47,415,187 feet, of which 33,094,465 feet moved coastwise and
intercoastal, and 14,320,722 feet export. Rail shipments totaled 2,058 Shreveport-Eldorado Pipe Line Co. and Atlantic Oil ProducMrs.
ing Co. also followed the raise, but made the new price retroLocal auto and team deliveries totaled 5,981,721 feet.
active to May 14. The reason advanced for the new price
Unfilled domestic cargo orders totaled 151,840,063 feet. Unfilled export
is the independent buyers' offer of from 10 to 15 cents a
orders 82,125,759 feet. Unfilled rail trade orders 5,362 cars.
In the first nineteen weeks of the year production reported to West Coast barrel above posted price.
Lumbermen's Association has been 1,891,247,276 feet; new business, 1,904,Increases ranging from 15 to 25 cents a barrel on various
292,944 feet, and shipments 1,937,971,051 feet.
prices of Pennsylvania crude oil were announced May 20 by
the purchasing agencies. The new prices are:
Old
New
Increasing Automobile Production.
GradePrices. Prices. Adv.
Lines
Penna.
grade
oil
in
N.
Y.
Transit
25c.
$3
40
$3
65
The Department of Commerce announces April production Bradford cllst. oil in National Transit Lines
25c.
365 340
grade oil in N.Y
Y.Transit Lines
355 3 30
25c.
of motor vehicles as 391,301 passenger cars and 47,664 trucks. Penna.
Gaines grade oil in N. Y.Transit Lines
15c.
330 3 15
355 3 30
25c.
This is the largest total of any month this year and compares Penna. grade oil in S. W.Pipe Lines
Penna. grade oil in Eureka Pipe Lines
350 3 25
25c.
with 346,405 cars and 37,931 trucks in April last year. Produc- Penna.grade oil in Buckeye Pipe Lines
340 3 15
25c.
2 20 205
Cabell grade oil in Eureka Pipe Lines
15c.
tion is segregated for the United States and Canada since Somerset
medium oil in Cumberland Pipe Lines
2 30 2 15
15c.
245 2 30
15c.
Jan. 1 1924 and the revised combined total for the production Somerset light oil in Cumberland Pipe Lines
of both United States and Canada is given from July 1921 to
Corning grade in Buckeye Pipe Lines and Ragland grade
Dec. 1923, segregated figures for this period being not yet in Cumberland Pipe Lines remained unchanged in price.
available. The table below is based on figures received from
Reports from Bowling Green, Ky., dated May 21 state
182 manufacturers for recent months, 73 making passenger that the Paragon Refining Co. has advanced Cumberland
cars and 127 making trucks (18 making both paisenger cars Monroe and Barren crude oils 15c. a barrel to $2 45. A
and trucks). Data for earlier months include 63 additional second advance in the price of Smackover heavy crude is
manufacturers now out of business, while April data for 18 indicated in a dispatch from Shreveport late on May 22.
small firms were not received in time for inclusion in this The report states that the Standard Oil Co. of Louisiana has
report. Figures on truck production also include fire ap- advanced Smackover heavy crude oil 10c. a barrel.
The prices of gasoline remained more or less stable during
paratus, street sweepers and buses.
thb current week with the few reductions caused by local
AUTOMOBILE PRODUCTION.
competition overshadowed by the advances on the seaboard
(Number of Machines.)
and in the South. On May 20 it was reported that the Gulf
Trucks.
Passenger Cars.
Refining Co. reduced the tank wagon price of gasoline 2e. a
1923.
1922.
1923.
1921.
1922.
1921.
gallon to 18c. in Greater New York, meeting the price of
Total.
Total.
Total.
Total.
Total.
20.567 Texas Co., which last week announced it would not follow the
10,034
January
228,872
84,201
23,339 advance of 2e. per gallon made by the Standard Oil Co. of
February
13,884
260.336
112,767
36,723
March
20,670
327,059
157,850
New York.
April
39,753
23,510
351,649
202.592
May
45.804
24,982
238.492
358,685
On May 21 the Standard Oil Co. of New Jersey advanced
June
42,552
27,061
268,526
344,022
July
31,802 the price of export gasolinec. per gallon. Kerosene for
22,580
11,503
169,632
228,479
303,544
32,278
August
25.351
13,744
170,325
252,824
318,888
September
29.704 export was reduced 3'6c. per gallon. The Humble Oil &
19,964
147,308
302,352
14,316
190,881
October
31,588
22,509
136,577
338,485
13,481
219.927
November _ _ _
29,241 Refining Co. on May 22 advanced tank-wagon gasoline lc.
22,579
107,621
10.833
217.958
288.813
December
28.961 a gallon
20,960
72,087
279,864
8,977
210,694
throughout its territory. Other marketers have folTotal
392,312 lowed the advance.
254,084
2,385,191 3.702,569
If-AY 231925.]
THE CHRONICLE
A report just received declares that the Standard Oil Co. of
N. Y. has reduced tank-wagon price of gasoline in New
York City 2c. to 18c. The reduction of 2c. a gallon affects
only New York City and is purely a local condition. It folows the refusal of the Texas Co. to meet the 2c. advance by
the Standard of New York last week, Texas claiming that its
principal competitors were selling gasoline to some dealers
for less than the published price. All big companies now
have the same tank wagon price in New York City.
Crude Oil Production Again Increases.
The American Petroleum Institute this week estimated
that the daily average gross crude oil production in the
Smackover heavy oil field was 406,550 barrels, an increase
of 47,750 barrels during the week of May 16. The daily
average production in the United States for the week ended
May 16 was 2,305,950 barrels, as Compared with 2,238,350
barrels for the preceding week, an increase of 67,600 barrels.
The daily average production in the United States excluding
Smackover heavy, increased 19,850 barrels. The daily
average production east of California was 1,703,450 barrels,
as compared with 1,640,750 barrels, an increase of 63,100
barrels.
California production was 602,500 barrels, as compared
with 598,000 barrels for the preceding week; Santa Fe Springs
is reported at 52,000 barrels, against 49,500 barrels; Long
Beach, 112,000 barrels, against 114,000 barrels; Huntington
Beach, 43,000 barrels, no change; Torrance, 36,000 barrels,
against 35,500 barrels; Dominguez, 39,500 barrels, against
41,000 barrels; Rosecrans, 19,000 barrels, no change, and
Inglewood, 13,000 barrels, against 8,600 barrels.
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, North Texas,
Central Texas, North Louisiana and Arkansas, for the week
ended May 16 was 1,351,400 barrels, as compared with
1,298,300 barrels for the preceding week, an increase of
53,100 barrels. The Mid-Continent production, excluding
Smackover, Arkansas, heavy oil was 944,850 barrels, against
939,500 barrels, an increase of 5,350 barrels. The following
are estimates of daily average gross production for the
weeks ended May 16, May 9, May 2 1925 and May 17 1924:
DAILY AVERAGE PRODUCTION.
(In Barrels)—
May 16 '25. May 9 '25. May 2 '25. May 17 '24.
Oklahoma
444.700
445,050
447.350
444.450
Kansas
100.150
95.650
89.450
70.950
North Texas
90.400
89.850
90,750
77,750
East Central Texas
130.400
130.250
132.600
141.600
West Central Texas—
85.000
83.350
72.550
50.650
North Louisiana
51.950
52,350
52.150
54.400
Arkansas
448.800
401.800
355.500
153.000
Gulf Coast
105,400
99.000
103,000
68.750
Southwest Texas
62.850
48.850
48.650
40,550
Eastern
104.000
103.500
103.000
103.500
Wyoming, Mont.ez Colo
89,800
90.700
91.850
127,350
California
602.500
598.000
596,000
639.700
Total
2,305.950 2.238,350 2,182.850
1.972,650
2629
Steel and Iron Markets Show Evidence of Better
Buying.
The balance of the week's developments in the steel industry is apparently on the side of improvement. Ingot
production is about holding its own at 70%, and prices of
finished steel are substantially unchanged. New business
in some products shows an increase, declares the "Iron Age"
this week in its market review, which we quote herewith:
It now appears that the Steel Corporation,following its policy of the early
months of 1924, though not to so great an extent, made more ingots and
semi-finished steel in the first 3% months of this year than it put through
its rolling mills. The result is that its output of rolled steel is now running
about 10% in excess of its ingot production.
At the same time blast furnace operations, which can be readily decreased or increased, are being slightly reduced, the corporation taking off
two furnaces in the Chicago district and one at Pittsburgh. An independent steel company furnace at Johnstown and one near Pittsburgh have
also gone out.
Thus far in May the Steel Corporation's new business has been from
2.000 to 3,000 tons a day more than for the same period in April, a rate
which, assuming the present operating percentage, will bring the May
decline in unfilled orders well below that of April.
Reports in several directions of more numerous orders for finished steel
relate chiefly to the activities of smaller buyers who rarely buy far ahead.
Inventories of large buyers are apparently decreasing, but such consumers
are waiting for a definite demonstration of a stiffening market.
Thus far none of the large car inquiry looked for from the Union Pacific,
Santa Fe and Chesapeake & Ohio roads has come out, but the total of cars
under consideration is put at 50,000. The New York Central has divided
10.000 tons of tie plates of a new design among three companies and the
Missouri Pacific will close soon for 2.500 tons.
Japan has bought 10,000 tons of rails in France at something under $34
delivered, American bids being several dollars a ton higher.
The automotive industry shows no sign of slackening its high pace, and
agricultural implement manufacturers quite generally are operating their
plants at capacity.
New inquiries for freighters have come to the Lake shipyards and those
now pending will call for 10.000 to 15.000 tons of steel plates and shapes.
Also of interest to plate mills is the Mokelumme pipe line in California,
for which 15,000 tons of plates will be needed.
Another fairly good week in structural steel brought awards of more than
33.000 tons. New projects total nearly 29.000 tons, of which 16,000 tons
Is for an office building in the New York financial district.
April sales of fabricated structural steel represented 77% of the country's
capacity compared with a March business of 69%. The four months of
1925 called for 757.000 tons, or less; than 5% under the 795,000 tons of the
corresponding period a year ago.
Sheet mills have succeeded at length in getting their raw material at $35,
Youngstown, or $2 below the last price. This offsets in part the inroads
the sheet industry has been making on its own market prices.
Bookings of steel castings for the first third of this year, according to
reports to the Department of Commerce, were 10% off from those for the
corresponding four months of 1924. Purchases in April were substantially
as large as in March.
Increasing competition and absorption of freight on Southern nut and
bolt business has resulted in making Birmingham, Ala., a basing point
on those products, in addition to Pittsburgh. Cleveland and Chicago.
The pig iron market gives more evidence of the imminence of low point,
but the buying is not yet on the scale of a major movement. though 75.000
tons Was booked at Chicago and 85.000 tons in the Cleveland district.
In the Middle West foundry operations are now expanding apart from the
railroad equipment trade. Foundry iron in eastern Pennsylvania and
Bessemer iron in the Pittsburgh district are 50c. lower.
To the surprise of the Lake iron ore trade, in spite of the sharp reduction
from 1924 made in the first sales for 1925, a further 25-cent concession was
brought out last week by the appearance of a Pittsburgh district inquiry
for 50,000 to 100,000 tons.
Pig iron, according the "Iron Age" composite price, has fallen to 219 63
from $19 71 last week, the ninth successive weekly decline from $22 13
on March 17.
Petroleum Exports in March.
The Department of Commerce at Washington has issued
Its monthly report showing the exports of petroleum in
March and the nine months ended with March for the years
1925 and 1924. The exports of crude petroleum are behind
The usual weekly composite price table follows:
those of last year, both for the month of March and for the
May 19 1925, Finished Steel, 2.460c. Per Lb.
nine months' period ended with March; 43,570,302 gallons Based on prices of steel bars, beams, tank May
12 1925
2.460c.
plates, plain wire, open-hearth rails, April 21 1925
2.531c.
having been exported in March 1925, as coMpared with 60,black pipe and black sheets,constituting May 20 1924
2.639c.
876,973 gallons in March 1924, while for the nine months 88% of the United States output.
10-year pre-war average, 1.689c.
•
May 19 1925, Pig Iron, $1963 per Gross Ton.
ended with March this year 480,786,657 gallons were exBased on average of basic and foundry May 12 1925
$19 71
ported, as against 583,596,449 gallons in the corresponding
Irons, the basic being Valley quotation, Apri121 1925
20 75
the foundry an average of Chicago, May 20 1924
21 04
period last year. On the other hand, however, the exports
Philadelphia and Birmingham.
10-year pre-war average, 15 72
Finished Med.—High: 1925, 2.560c., Jan. 6; 1924, 2.789c., Jan. 15;
of refined petroleum show a substantial indrease over last
1923,2.824c., April
year, 361,489,928 gallons having been exported in March this 2.446c.. Jan. 2. 24. Low:1925, 2.460c., May 5; 1924,2.460c., Oct. 14;
Pig Iron.—High:$22 50,Jan. 13; 1924.$22 88,Feb. 26:$30 86. March 20.
year, against 295,300,493 gallons in March last year, while Low:
1925,$19 63. l'vlay 19; 1924,519 21, Nov. 3; 1923,$20 77, Nov.20.
for the nine months ending with March this year 2,923,220,More movement is shown in various quarters of the iron
256 gallons were exported, as against 2,599,970,290 gallons and
steel market and the renewal of buying has gathered
for the corresponding period last year. The detailed report further definite, though
not large, momentum the past week,
as furnished by the Department is as follows:
declares the "Iron Trade Review" on May 21. Apparently
DOMESTIC EXPORTS OF COAL AND PETROLEUM.
the market is swinging away from the dead centre which has
—Month ofMarch— —NineMona.?End,
March- held it in a virtually static and listless position for some weeks.
1924.
1925.
1924.
1925.
Buyers seem to have readjusted their point of view to expect
Anthracite, tons
309,243
200,953
3,061,652
2.620,477 a continuing healthy and stabilized condition of business
$3,297,389 $2,251,833 $33,649,184
Value
$29,457,043
Bituminous,tons
1.135,284
918,746
13.453,704
10,855,228 in place of one of sweeping expansion which seemed to be
$5,727.821 $4,155,645 $68,370,553
Value
$49,174,220 in prospect at the beginning of the year. Sentiment gen52.729
Coke, tons
65,980
586,827
492,343 erally is more composed and cheerful, states
8458,213
Value
$499,462
this summary,
$5,553,157
$3,988,122
Petroleum and Refined Products—
adding further interesting details as follows:
60,876.973* 43,570,302 583,596.449
Petroleum, crude, gals
32,097,573 $1,624,344 $18,217,979
Value
Total refined petroleum. ga1e_295,300.493 361.489,928 2,599.970,290
$30,432,803 $40,085,918 8241,481,409
Value
Gasoline, naphtha and other
80,308,334 121,494,195 710,407,172
light products. gals
$12,050.977 318,450,111 599,364,600
Value
52.122,591 81,140,295 633,715,593
Oils—Illuminating, gala
35,861,650 58,149,250 $55,739,324
Value
122,452,928 121,485,655 1,001,450,133
Gas and fuel, gals
$3,915,865 $4.827,978 $29,244.676
Value
Lubricating, gals
40,416.640 37.369,783 254,397.392
38.594,611 38,658,579 357,132,809
Value
Paraffin wax, lbe
29,625,808 29,012,287 267,986,081
Value
11,254.534 81,661,384
39,844,773
480,786.657
317.412.255
2,923,220,256
3288,360,569
905,933,378
3124,419,137
687,027,289
$64.637,010
1,059.981.341
$38.354.011
270.278.248
860,950.411
263,866,025
314,096.266
Steel-making operations still show some fluctuation from week to week,
but the range is smaller. The Steel Corporation was able to net a
gain
of 1% to 75% total last week. The common average is 70 to
75%.
More earmarks of a genuine buying movement in pig Iron have
developed.
Cleveland furnace interests in the week disposed of 90.000 tons
additional
for third quarter and last half, making 150,000 tons in all sold In two
weeks.
Buffalo closed 25,000 tons, and there is a growing volume of
business at
Chicago, Philadelphia, Cincinnati, New York, New England
and other
chief market points. The feeling at Pittsburgh is that the
bottom of the
recent dump has been reached. Large buyers
are beginning to take notice
of prices as evidenced by the negotiation for 20,000 tons by
the General
Electric Co. Virginia pipe works have taken 12,000 to
15,000 to. The
2630
price situation is less erratic, but has not yet attained firmness. Quotations
of $18 50, Valley, have been made.
While steel prices are not firm, they show the effects of recent steadying
policies. A stronger effort Is being made to stabilize the sheet market at
2.40c. Pittsburgh for blue annealed, 3.30c. for black and 4.30c. for galvanized by paring production to more nearly accord with demand. Wire
products are subject to considerable shading. A more active buying of
scrap has paralleled that in pig iron. Recent purchases of heavy melting
steel and kindred grades by steel makers have totaled 75,000 to 100,000
tons, though dealers are disposed to pay higher prices than consumers.
Steubenville, Bethlehem, Midland and 1VIonessen have been in the buying
list. Some offers of $17 50 delivered have been made in the Pittsburgh
district and sales at that price are reported nearby.
Future contracting in coke his been inaugurated by the closing of one
negotiation for 15.000 tons monthly for the last half. The price is reported
around $3 25, ovens.
April's building steel bookings were the beet of the year and the largest
since December. Their total Is estimated at about 219.000 tons. New
Inquiry holds up heavily,especially at Chicago. The Equitable Trust building at New York, 16.000 tons, is up for bids. The week's reported awards
were 23,334 tons.
Prospects of large car purchases continue to be talked about. It is
roads, inreported 50.000 cars are in contemplation at present by larger
cluding 20,000 for the Nickel Plate system which is contingent upon GovIs not beit
time,
same
ernmental approval of its merger plans. At the
In
lieved the total car orders for the entire year will run above 150,000.
the
the first four months they were 17,000. Current railroad buying on
whole is not impressive. The Pennsylvania RR. has inquired for 367
passenger cars involving 510,000.000.
tie plates
The New York Central lines finally have given 10,000 tons of
to three makers.
to
Recent car purchases have been responsible for the placing of 30,000
at
35,000 tons of material with Chicago mills and 10.000 to 15,000 tons
Pittsburgh. Among now plate undertakings is a 15,000-ton riveted pipe
for oil tankline for Oakland, Calif., and an increasing number of inquiries
age. Several additional Lake vessels requiring 10.000 to 15.000 tons
have come up.
The "Iron Trade Review" composite of 14 leading iron and steel products
shows a further decline this week to 3841. A week ago the index was
$38 49.
Iron Ore Shipments from Lake Superior Ports Show
Large Increase.
The shipments of iron ore from Lake Superior ports during
April 1925 showed a gain of no less than 1,461,283 tons over
the movement for the same month last year, the season
being much earlier. Shipments during April 1925 aggregated 2,120,670 tons, while during the corresponding month
last year the movement totaled only 659,387 tons. In the
following we give comparisons by ports for April 1925 and
1924:
1924.
PortsEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Total
[voL. 120.
THE CHRONICLE
April 1925.
tons.. 288,823
53.197
235,289
534,137
683,604
325.620
April
98.342
12,117
72,028
224.064
136,847
115.989
tons_2,120,670
659,387
Stocks of clinker, or unground cement, at the mills at the
end of April 1925 amounted to about 9,731,000 barrels, compared with 9,962,000 barrels (revised) at the beginning of
the month.
PRODUCTION,SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1924 AND 1925, IN BARRELS.
Production.
Shipments.
Month.
1924.
January
February ___
March..
1925,
8,788.000 8,856,000
8,588,000 8,255,000
10,370,00011,034,000
1924.
1925.
Stks. at End of Month.
1924.
I
1925.
5.210,000 5,162,000 14.155,000 17,656,000
5.933,000 6,015.000 16,815,000 19,689,000
8,995.000 10,279,000 18.189,000 a20,469,000
1st quarter. 27,746,000 28,145.000 20,138,00021,456.000
April
May
June
11,726,000 13,807,000 12,771,000 14,394,000 17,159,006 19,882,000
16.403,000
14,551,000
13,777,000
14.903,0001
15.036,000
13,538,000
2d quarter_ 39,041,000
42,358,000
14,029.000
15,128,000
14,519,000
16,614,000
16.855,000
16,827,000
3d quarter_ 43,676,000
50.296.000
October
14,820.000
November _
13,141,000
December.... 10,435,000
17,160,000
10,289,000
5.506,000
July
August
September _
4th quarter 38,396,000
32,955,000
148,859,000
145,747,000
12,319.000:
10,666,000;
8,404,000;
6,073,000,
8,928,000;
13,913.000'
a Revised.
Increase in Postal Receipts at Fifty Selected Cities in
April.
The postal receipts at every one of the fifty selected cities
throughout the country for the month of April 1925 showed
an increase over the corresponding period last year. This is
no doubt due to the fact that the increased postal rates became effective on April 15 of this year and are included in
the statistics made public to-day by Postmaster-General
New. The total receipts for April 1925 were $29,083,231 51,
as against $26,918,448 79 for April 1924. This shows an increase in last month's receipts over those for the same
month last year of $2,164,782 72, or 8.04%. The city of Dayton, Ohio, led in the percentage of increase, amounting to
29.57%. Cincinnati, Ohio, came next with 21% increase,
while Salt Lake City, Utah, ranked third, showing an increase of 14.42%. The summary follows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF APRIL 1925.
P. C. P. C. P. C.
1925 1924 1923
Over
ever
over
Increase. 1924. 1923. 1922.
April 1924.
April 1925.
OfficesNew York, N. Y._ 85,833,391 52 *5,377,81008 $455,775 44 8.48 10.13 9.09
338.703 58 7.41 10.88 9.31
4,568,512 69
4.907,21627
III
Chicago,
Highest
the
Shipment
April Cement Production and
141.509 13 9.62 5.12 8.37
1.612,27788 1,470.768 75
Philadelphia, Pa
119.549 78 10.00 8.39 6.58
75
1,195.457
on Record.
Boston, Mass_ _
1,315,007 53
'77,94708 7.80 12.28 10.70
999.864 48
56
1,077,811
Louis,
Mo
St.
that
89.271 43 11.82 8.63 17.20
755.150 69
April production and shipments were the highest for
844,422 12
Kansas City, Mo.
69,436 48 9.78 15.34 7.86
711,586 55
781,023 03
Cleveland, Ohio
month in any year; stocks decreased slightly, but were San
81,952 71 13.49 9.68 8.68
607,451 56
689,404 27
Francisco, Cal
15,301 31 2.44 20.77 1.12
627,954 49
N.Y...643,255 80
higher than ever before except at the end of March, and are Brooklyn,
68,80008 9.63 21.52 15.51
714,541 09
783,341 15
Mich....
Detroit,
33,222 16 4.92 21.48 26.42
674,991 52
equivalent to the consumption for nearly 1.4 months at the Los Angeles, Calif. 708,213 68
3.06999 0.51 14.08 7.11
597,672 64
600,742 63
Pittsburgh, Pa.__
23,632 69 4.57 *0.47 12.59
517,368 65
present rate. The following tables, prepared under the Minneapolis, Minn 541.001 34
69 21.00 12.98 5.86
111.139
33
529,246
02
640,386
Ohio
the
Cincinnati,
direction of Ernest F. Burchard, of the Department of
45.540 26 10.07 5.61 9.89
452,036 77
497,577 03
Baltimore, Md._
18,685 66 4.54 10.16 14.51
54
reports
411,639
the
20
on
mainly
430,325
C.
based
D.
Washington,
are
Survey,
Geological
Interior,
36,645 98 9.55 0.63 17.89
383,569 66
420.215 64
Buffalo, N. y....
34,627 28 8.57 18.51 4.79
403,918 53
of producers of Portland cement. The April 1925 totals Milwaukee, Wis.. 438,545 81
21,704 16 6.40 8.34 18.21
339,390 60
361.094 76
Minn...
Paul,
St.
28,904 03 7.68 29.46 4.45
376,476 27
include estimates for one plant.
405,380 30
Indianapolis, Ind_
3,007 39 1.01 11.76 14.54
297,358 82
300,366 21
PORTLAND Atlanta, Ga
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED
23,575 26 9.00 7.87 8.41
261.834 11
285,409 37
AND 1925, AND STOCKS
Denver, Colo
CEMENT, BY DISTRICTS, IN APRIL 1924
4,980 24 2.00 6.37 10.60
248,522 09
253,502 33
Omaha, Neb
IN MARCH 1925 IN BARRELS.
34,146 88 12.03 16.49 12.84
283,833 42
317,980 30
Newark, N. J
13,329 49 5.33 1.07 20.34
249,843 40
263,172 89
Dallas, Texas_ _ _ _
Shipments.
Production.
238,264 01
6,553 38 2.79 18.77 5.11
244,917 39
Seattle, wash....
Stocks
Stocks
21.50079
9.17 5.53 13.55
66
234.544
45
256,045
CornIowa_
Moines,
Dee
at End
at End of April.
April
912 90 0.40 12.19 8.98
April
228,740 05
229,652 95
WIlf 0'
Portland. Ore__ _ _
of March
37
10.071 04 4.56 11.18 7.72
221,013
41
231,084
La
Diet.
Orleans,
New
1925.s
1925.
1924.
1925.
1924.
1925.
1,954 01 0.78 13.87 9.22
249,371 18
1924.
251,325 19
Rochester, N. Y..
10,544 16 4.81 13.48 2.13
219.225 41
229.769 57
Louisville, Ky_.
12,051 74 5.59 15.04 10.96
215,650 87
227,702 61
Columbus, Oblo
E.Pa..
9.04985 5.15 15.61.
173,873 38
184,923 23
N. J
3,808,000 4,392.000 4,571,000 5,042,000 Toledo, Ohio
13,742 22 8.98 5.96 11.03
152,996 20
166.738 42
&M. 3,024.000 3,337,000 3,361.000 771,000 1,301,000 1,232,000 1,272,000 Richmond. Va
613,04M
731,000
58 3.81 12.52 11.46
159.479
38
6,078
96
165,557
656,000
I
R.
Y_
Providence.
N.
162,327 72
12,885 00 7.94 4.13 21.28
175,212 72
Memphis, Tenn
Ohio,
.
14,944 24 9.84 6.34 17.56
152,371 91
167,366 15
Hartford, Conn.__
West*
9.12,0587
132,190 07
4.73 21.05
144,240 94
Tenn
Pa.&
1,918,000 2,017.000 2,017,000 Nashville,Ohio....
142,140 58
42,027 63 29.57 23.15 5.75
184,168 21 •
981,000 1,275,000 999,000 1,276,000
W.V
1,326,000 1,323,000 Dayton,
100.927 47
9,761 43 9.59'48.09 81.98
110,488 90
615,000 868.000 679.000 865,000 888,000
Ft. Worth, Texas_
Mich_
8,762 91 6.82 10.80 4.57
128,549 35
137,312 26
Syracuse, N. Y.__
Wls.b,
121,088 82
6,813 75 5.63 7.85 5.98
127,902 57
Houston,Texas...
M.,
58 8.62 6.32 12.51
120,365
08
10,374
66
130,739
Conn.
Haven,
Ind.&
2.701,000 3,555,000 3.739,000 New
14,282 48 12.18 11.53 5.06
117,297 36
131,579 84
Or. Rapids, Mich_
Ky.. 1,723,000 1,957,000 1,973,000 2,140,000
151 80 0.14 14.59 7.17
110,903 98
111,055 78
Jersey City, N.J.
V a .,
9.761 99 8.95 4.86 9.02
109,053 57
118,815 56
•
Akron, Ohio
Tenn.
99,460 28
14,340 07 14.42 4.07 15.98
113,800 35
Utah
Ala.&
755,000 682,000 708,000 S. Lake City,Mass_
1,134,000
933,000
38 8.19 19.97 4.83
57
8,441
95
103,061
1,111,000
111,502
Springfield,
886,000
Ga..
2,517 07 2.73 15.46 5.72
92,315 70
94,832 77
Worcester. Mass
E.Mo.,
10,600 69 14.17 9.07 14.83
74,830 34
85,431 03
Jacksonville, Fla._
Iowa,
Minn.
$29,083,231 51 E26,918,448 79 82,164,782 72 8.04 10.44 10.01
Total
& so.
3,303,000 3,271,000
Dakc 982,000 1,347,000 1,251,000 1,316,000 2.519,000
•Decrease.
W.Mo.
January 1925 over January 1924, 4.78%; Feburary 1925 over February 1924,
Neb.,
1.50%; March 1925 over March 1924, 5.91%.
1,596,000 1,562,000
&Okl
895,000 1,063,000, 1.036,000 1,029,000 1,124,000
342,000
295,000
Texas_
404,000 405,000 463,000 451,000 337.000
Colo.&
in Postal Receipts at Fifty Industrial Cities.
196,000 312,000 306,000 Increase
204,000 224,000 219,000 217,000
Utah
514,000
521,000
Call! _ 1,017,000 1,096,000 970,000 1,090,000 418,'''
receipts of the fifty industrial cities throughout
Postal
0re.,
Wash
the country for the month €f April 1925 showed an increase
&
375,000 of $310,475 73 over the same month for 1924, or 11.02%, ac339,000 393,000 274.000 297,000 610,000 47201f
Mon
19,882,00e-0.469.000 cording to figures made public to-day by Postmaster-General
11.726.00013.807,00612,771,00P 4,394,000 17.159,1 I 1
c Began pr000
New. For the last fifteen days of April 1925 the increased
a Revised. b Began producing and shipping June 1924.
Dec. 1924 and eh Wag Jan 1925.
MAY 23 1925.]
THE CHRONICLE
rates on postage were represented. The total receipts for
April 1925 were $3,108,131 98, as against $2,818,070 76 for
April 1924. The city of Springfield, Ohio, with a percentage
of 48.93, showed the greatest increase in receipts of the fifty
selected cities. Springfield, Ill., came next, with an Increme
of 34.87%, while Harrisburg, Pa., was third with an increase
of 29.37%. The summary follows:
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF APRIL 1925.
P. C. P. C.
1925 1924
over
over
Increase.
1924. 1923.
April
1925.
April
1924.
Offices$194,304 90
$130,467 97 $63,836 93 48.93 *3.47
Springfield, Ohio
20.673 29 20.08 0.22
123,636 90
102,963 61
Oklahoma. Okla
6,511 85 5.39 21.29
127,349 18
120.837 33
Albany, N.Y
*3,20277 *3.16 26.89
97,978 28
101,181 05
Scranton, Pa
82,799 88
24,317 80 29.37 6.72
107.117 68
Harrisburg,Pa
86,534 44
8,187 23 9.46 11.73
94,721 67
San Antonio,Texas
6,98809 8.56 6.79
88,631 31
81,543 22
Spokane, Wash
29,520 90 27.30 14.82
137,669 28
108,148 38
Oakland, Calif
13,501 67 12.97 15.73
117,556 80
104,055 13
Birmingham,Ala
4.44039 4.49 15.17
103,242 29
98,801 90
Topeka, Kan
79.15477
2.10381 2.66 9.94
81.258 58
Peoria, Ill
5,35206 8.15 7.80
65,637 28
70,989 34
Norfolk, Va
64,111 64
9.03100 14.09 8.96
73,142 64
Tampa, Fla
7,375 46 8.59 14.03
85,864 11
93,239 57
Ft. Wayne, Ind
3,428 92 5.10 0.96
67,262 09
70,691 01
Lincoln, Neb
64.206 24
1.051 00 1.64 9.03
65,257 24
Duluth, Minn
3.34469 5.05 0.47
69.56736
66,162 67
Little Rock, Ark
1,45503 2.19 4.89
67.932 42
66,477 39
Sioux City, Iowa
68,40554
2,616 19 3.82 10.94
71,021 73
Bridgeport, Conn
15.643 16 25.90 16.64
76,049 96
60,406 80
Portland, Me
56,100 02
2,19884 3.92 10.49
58,298 86
St. Joseph, Mo
58,393 99
20,360 71 34.87 11.84
78.754 70
Springfield, Ill
55,987 96
8,252 50 14.74 16.76
64,240 46
Trenton, N. J
56,967 86
146 86 0.26 16.47
57,114 72
Wilmington, Del
60,30033
2.65644 4.40 26.89
62,95677
Madison, Wis
62.729 23
55.671 73
7.057 50 12.68 19.03
South Bend, Ind
55.99052
6,911 06 12.34 19.10
62.901 68
Charlotte, No. Caro_
46.672 83
50,558 00
*3.885 17 *7.68 20.77
Savannah. Oa
42,93700
3,78712 8.77 4.85
46,704 12
Cedar Rapids, Iowa_ _
51,513 82
*1,968 17 *3.82 22.13
49,545 65
Charleston, W. Va
61,20820
804 02 1.31 14.73
62,012 22
Chattanooga, Tenn
45,884 25
2,782 20 6.06 36.27
48,666 45
Schenectady. N. Y
*2,55316 *6.06 31.68
39.60619
42,159 35
Lynn, Mass
39,941 71
38,766 83
1,174 88 3.03 16.19
Shreveport,La
2,25459 5.91 22.20
38,107 49
40,362 08
Columbia, So. Caro_
30,092 46
27.571 32
2,521 14 9.14 *3.62
Fargo, No.Dak
37.502 18
30.522 24
6,97994 22.87 10.96
Sioux Falls, So. Dak
36,28934
35,500 48
788 88 2.22 20.60
Waterbury, Conn
26,517 34
1,780 93 6.71 13.41
28,298 27
Pueblo, Colo
26.385 35
*1,951 39 *7.39 15.30
24,433 96
Manchester, N.H
1,95087 6.53 18.75
29,891 20
Lexington, Ky
31,842 07
24,906 87
3,507 52 14.08 13.84
28,414 39
Phoenix, Ariz
22,827 03
*479 57 *2.10 16.35
22,347 46
Butte, Mont
22,604 38
2,988 64 13.22 14.90
25,593 02
Jackson, Miss
23,516 00
.2,854 00 *12.14 28.60
20.66200
Boise, Idaho
2,19648 12.05 9.04
18,227 19
20,423 67
Burlington, Vt
13,784 28
15 16 0.11 13.50
13,799 44
Cumberland,Md
15,127 07
*1,033 13 *6.83 30.01
14.093 94
Reno, Nev
13,688 55
*278 70 *2.03 22.71
13.409 85
Albuquerque, N. Mex
11,332 67
9,12422
*2.20845 *19.48 *17.02
Cheyenne, Wyo
$3,108,131 98 82.818,070 76 $310,475 73 11.02 12.48
Total
• Decrease.
January 1925 over January 1924, 4.18%; February 1925 over February 1924,
4.68%; March 1925 over March 1924, 5.13%.
2631
ment for not more than one year, or both. The same penalty
is provided for the conviction of any person who "knowingly
or carelessly" delivers for transmission through the mails,
or in inter-State commerce by telegraph, telephone, wireless
or other means reports which are false or misleading or
knowingly inaccurate concerning crop or market information
or conditions that affect or tend to affect the price of grain.
The law furthermore requires that members of a contract
market, or the governing board thereof, shall provide for
making and filing of such reports of their trading operations
as the Secretary of Agriculture, by rules and regulations,
may require. The regulations which have been promulgated
by the Department of Agriculture necessitate the reporting
promptly to Federal enforcement officials any attempted
manipulation of prices or corners of any grain by dealers or
operators upon any board.
The present investigation has consisted thus far of making
a thorough examination of the records which members of
the Chicago Board of Trade and other contract markets are
required to keep under the terms of the law and the regulations of the Secretary of Agriculture. In addition to the statistics and documentary evidence obtained in this manner
officials of the Department of Agriculture, in co-operation
with specially designated representatives of the Department
of Justice, have made a search through the files of telegraph and telephone companies for documentary evidence
showing or tending to show concerted action or understanding on the part of principal operators or speculators to bring
about a manipulation in the market.
While this investigation is yet under way and, according
to the information placed before Secretary Jardine cannot
be concluded within the immediate future, it was stated by
officials of the Department of Agriculture that although
there were indications that evidence did exist which woul4
show an attempted or actual manipulation of the market,
proof necessary for the conviction of those who might be
charged with a violation of the Act had not thus far been
obtained.
In any event, the results clearly show that the wide fluctuations were due primarily to the heavy trading of a limited
number of professional speculators; likewise, that their
operations were facilitated to a considerable degree by the
large participation on the part of the public after material
advance in prices had occurred the last half of January.
While Secretary Jardine is determined to utilize the results of this investigation for the purpose of instituting
whatever prosecutions may be justified under the law, he is
concerned, it is stated, more particularly in the development
of some method by which a repetition of such erratic and
destructive price changes may be obviated.
With that purpose in mind he discussed on May 11 with
representatives of the Chicago Board of Trade, including
the President, Frank L. Carey, the desirability of that organization, if it is to continue to enjoy the benefits to be
derived from its designation as a contract market, of promulgating rules that will facilitate the operation and maintenance of Federal supervision, prevent the development and
dissemination of rumors in the nature of false, misleading
and inaccurate reports and statements, prevent actual or
attempted manipulation or cornering of the markets, and
discourage any tendency toward extensive over-speculation.
In brief, it is the Secretary's purpose to undertake by the
expercise of such authority as is conferred upon him by the
terms of the Grain Futures Act to bring about a condition
where the quotations in future trading will more accurately
reflect the prices incident to supply and demand. Secretary
Jardine feels that this can be done by appropriate action
on the part of the Board of Trade in the promulgation of
rules calculated to prevent over-speculative trading. The
suggestion was advanced by the Secretary that a rule limiting the spread in daily quotations would have this effect.
The Secretary likewise clearly indicated that in the event
of the failure on the part of the Exchanges designatea as
contract markets to take some effective measures he would
be obliged, as a matter of public interest, to suggest additional legislation giving to the Department authority to meet
the situation effectively.
The Causes of the Recent Wide Fluctuationsin GrainPreliminary Report by Agricultural Department.
A preliminary announcement of the investigation by Secretary of Agriculture Jardine, under authority of the Grain
Futures Act, to ascertain the cause of the wide fluctuations
In the price of wheat during the past few months, was made
by the United States Department of Agriculture on May 13.
It was made following a conference between Secretary Jardine, Dr. J. W. T. Duvel, Acting in Charge of the Grain Futures Administration and directly in charge of the investigation, and other officials of the Department.
This investigation, launched several weeks ago, was for
the purpose of finding an explanation or a cause for the
unprecedented fluctuation in the future grain quotations
recorded throughout the period of trading beginning Jan. 2,
at which time May deliveries closed at $1 76% until April 3,
when May deliveries closed at $1 361,,2. The recorded high
quotations meanwhile were noted on Jan. 28, when the market reached the high of $205% and closed at $205. The
daily fluctuations were wide, several days showing 10 cents
or more, the greatest range being noted on March 13 and
March 30, when the range was respectively 13% and 13%
cents.
Under the Grain Futures Act the Secretary of Agriculture
Is authorized to designate contract markets on which future
trading may be done. According to the definition contained
In the Act, these must be markets where the volume of trading in cash grain is sufficient to reflect accurately the value
of the grain. They also must have facilities for proper inspection of grain. Before designation as a contract market
the Board of Trade must obligate itself to promulgate and
enforce rules which contemplate, among other things, the
prevention of manipulation of prices or the cornering of
grain by dealers or operators upon such boards.
The Act makes it unlawful for any person not the owner Transactions in Grain Futures During April on
Chicago Board of Trade and Other Contract
or grower of grain to enter into a future contract through
Markets.
agencies other than those under the control of contract marfigures
showing
the daily volume of trading in
under
carried
on
Revised
conditions
Transactions
other
than
kets.
those authorized by the Act are subject to a penalty of a grain futures, on the Board of Trade of the City of Chicago
fine, upon conviction, of not more than $10,000 or imprison- during the month of April 1925, together with monthly
2632
THE CHRONICLE
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
'Agriculture, are given as follows by J. W. T. Duvel, Grain
Exchange Supervisor. The figures listed represent sales
Only, there being an equal volume of purchases.
Expressed in Thousand Bushels, 1. e.. 000 omitted.
Wheat. Corn.
Oats. liye.Barley. Flax.
49.316 23,103 7,078
62,350 34,622 13,867
a
66.177 45,726 25,553
4
41,338 24,989 11,773
6 SUNDAY
6
46.499 26,040 9,696 1,756
7
54,338 30,631 9,383 1,771
52.170 22,569 7,191 2,636
9
40,411 19,434 5,664 1,308
10 HOLIDAY
11
57,241 21,127 7,526 2,449
12 SUNDAY
13
58,940 23,626 6,824 1,865
14
67,596 31,654 6,022 2,661
15
76.804 26,712 5,727 2,710
16
79,357 31,086 9,086 3,638
17
59.829 27,085 8.733 3,714
18
38,557 18.328 3,719 2.425
19 SUNDAY
/0
62,218 29.755 5,769 1,954
21
42,638 21.472 4,642 1,647
22
52,603 12,880 10,361 1,875
23
45,574 24,270 8,326 1,979
24
49.817 21,953 5,918 1.699
25
26.850 18,614 3,305 1,362
26 SUNDAY
---27
48,564 25,335 10.276 3,587
28
47,101 23,204 8,996 3,585 ---- --_41,424 18,733 7,866 2,138 ____
29
30
46,362 19,165 16,370 2,191
DateApr111 1925
2
Total.
82,455
113,888
142,185
80,429
83,991
96,123
84,566
66,817
88,343
89,255
107.933
111,953
123.167
99,361
63,029
99,696
70,399
77,719
80,149
79,387
49,931
87,762
82,886
70,161
84,088
Total, Chicago Bd.of Tr_1,311,874 622.113 219,671 62,013
2,215,671
_
24
Chicago Open Board
825
30,649 9,626
41,124
Minneapolis Ch. of C
36,896 3,628 2,980 883 125,253
80,866
Han. City Bd. of 'Tr__ 41,229 30,549
783
72,561
Duluth Bd. of 'Frade__ *9.886
10,123 --__ 1,458
21,467
St. Louis Mer. Exch__
6,322 5,511
11.,833
Milwaukee Ch.of Corn.
1,366 1,897 1,391
210
4,864
San Francisco Ch.of C.
87
Los Angeles Grain Ex_
8
Total all markets
1 482,192 669,696 259,566 75,998 3,075 2,341 2,492,868
Total all markets year ago 451,186 323,243 55,268 50,205 439 1,753 882.094
Chic. Bd. of Tr. year ago 364,922 295,807 47,741 21,708
730.186
•Durum wheat, with exception of 188 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR APRIL 1925.
("Short" side of contracts only, there being an equal volume open on "long" side.)
DateWheat.
Total.
Corn.
Oats.
Rye.
April! 1925
95,122.000 076,689,000 078.309.000 18.364,000 268.484.000
2
99.702,000 75,738,000 77.043.000 18,623,000 a271,106.000
3
a99,974,000 71,958.000 76.008,000 18,439,000 266,379,000
4
97,071,000 65.429,000 74,045,000 18,504,000 255,049,000
5 SUNDAY
a
96,864,000 64,513,000 72.384,000 18,778,000 252.539,000
7
93.156.000 64,291.000 70.706,000 18,708,000 246,861,000
a
92,010.000 65,021.000 70.995,000 a18,853,000 246,879,000
9
91.487.000 64,526,000 70,538,000 18,785,000 245,336.000
10 HOLIDAY
11
89,793,000 63,988,000 68,414,000 18,676,000 240,871,000
12 SUNDAY
13
92.001,000 85,760,000 68,385,000 18,718,000 244,864.000
14
93.257,000 66,786.000 67,733.000 18,613,000 245,389.000
15
92,913,000 66,266,000 67.487,000 18,342.000 245,008,000
16
91,904,000 67.429,000 67.132,000 17,641,000 244,106,000
17
92,318.000 66.769 000 66,995,000 17.508,000 243.590,000
18
92,796,000 67,281,000 66,553,000 17,464,000 244,094,000
19 SUNDAY
20
88,984.000 66.969,000 65.479,000 17,186,000 238,618.000
21
87,280.000 67.458,000 65,018,000 17.467,000 237,223,000
22
87,154.000 66,763,000 64,697,000 17,66a,000 236,282.000
84,130,000 63.524,000 62,698,000 17,587.000 227,939.000
23
24
88,790,000 63,200,000 61,500,000 17,806,000 229,296.000
25
85,113,000 62,043.000 59,792,000 17,676,000 224,624,000
26 SUNDAY
84,177,000 60.968,000 58,775,000 16,965,000 220.885,000
27
86,528,000 61,353.000 58.853,000 16.422,000 221.156,000
28
84,307,000 60,657,000 54,855,000 16.295,000 216,114.000
29
583,384.000 659,493,000 651,502.000 614,874,000 6209,253,000
30
Averages90,729,000
Apr. 1925
111,991,000
Mar.1925
114,181,000
Feb. 1925
117,119,000
Jan. 1925
124,209.000
Dec. 1924
119.173.000
Nov.1924
110.719.000
Oct. 1924
107,051.000
Sept.1924
113,674,000
Aug. 1924
a High. Stow.
65,755,000 66.556,000 17,838.000 240.78,000
83,546,000 96,067.000 19.805.000 311,409.000
81.762,000 110,530,000 22,886,000 329,379.000
73.860.000 103.716.000 22.363.000 317,058,000
74.800,000 91,413.000 23,889.000 314,311.000
67,044.000 76,459.000 29.116.000 291,794.000
63.703,000 74,227,000 24.196,000 272,846.000
53,906,000 53,697.000 22.665.000 237,320.000
54,419,000 41,637,000 23,549,000 233,279.000
J. W. T. DUVEL, Grain Exchange Supervisor.
Rule Limiting Spread in Daily Grain Quotations of
Chicago Board of Trade Proposed by Secretary
of Agriculture Jardine.
The intention of the Chicago Board of Trade to institute
measures to meet the "constructive suggestions" contained
In the preliminary statement bearing on wheat price fluctuations, made on May 13 by Secretary of Agriculture Jardine, as published above, was made known by President of
the Board, Frank L. Carey, on May 14. Secretary Jardine
in his statement said that while the investigation into the
"unprecedented investigation in the future grain quotation
recorded throughout the period of trading beginning Jan. 2,"
cannot be concluded within the immediate future, "the results clearly show that the wide fluctuations were due primarily to the heavy trading of a limited number of speculators." He stated it as his purpose to undertake, under the
authority of the Grain Futures Act, "to bring about a condition where the quotations in future trading will more accurately reflect the prices incident to supply and demand,"
which, he said, "can be done by appropriate action on the
part of the Board of Trade in the promulgation of rules
calculated to prevent over-speculative trading." He suggested that a rule limiting the spread in daily quotations
[VOL. 120.
Chicago Board of Trade as stating that immediate steps
would have this effect. In reporting President Carey of the
will be taken to bring the recommendations of the Secretary
of Agriculture to the attention af the members of the Exchange, the Associated Press dispatches fr.m Chicago, May
14, said:
The wide fluctuations in grain prices which caused Secretary Jardine to
order an investigation of the dealings of grain operators, had confronted the
Board with a situation entirely new in peace times, Mr. Carey said. He
also disclosed that representatives of the Board had conferred with the Secretary last Monday.
"When there has been opportunity to digest the full report," read Mr.
Carey's statement relative to Mr. Jardine's suggestion that excessive speculation must be curtailed, "the Exchange will at once set about to meet the
constructive suggestions which it may contain. This will be in line with
the policy followed by the Exchange since the enactment of the Grain Futures Act.
"The desire of the Exchange to solve its own problems has been clearly
shown over a period covering half a century. By the constant revision of
its rules, the Exchange has met the ever-changing conditions of world commerce. Long ago it'made impossible the old abuses that developed into what
were known as corners. For many years there have been no situations of
that character, for the Exchange itself promulgated rules that prevented
them.
"In the last six months there developed a situation that was wholly new
to the Exchange. Never before had the Exchange been called upon to meet
such wide price fluctuations in peace times.
"America had a bountiful wheat crop. All other countries, with the pos
Bible exception of Australia, suffered shortages. A buying power that was
world-wide was thrust upon the Exchange, and this buying continued unabated many weeks, and to a limited extent, is still present. Under the
stress of such unprecedented circumstances the Exchange functioned remarkably well. If abuses crept in they were strikingly few when viewed from the
greet volume of business transacted.
"Nevertheless, it is the genuine desire of the Exchange to correct any
abuse that may be found, just as it has done in the past. But in view of
the fact that the situation which developed is unprecedented, it is deemed
judicious to avoid hasty action that might be of a disturbing character, and
to deal with the question in a broad, thorough manner.
"During our conference Monday with Secretary Jardine, it became evident that he is desirous of lending full co-operation to the grain exchanges
of the country. I am confident, too, of his desire to co-operate with business generally in a constructive way. The views of Secretary Jardine will
be brought to the attention of the directors, who have for several weeks
been studying the general problem of price fluctuations."
Only a few days ago the Board of Trade took cognizance of public statements made by grain men to the effect that speculation had Interfered with
the normal flow of grain prices, and authorized an inquiry to receive any
information submitted by any of those who were quoted in the newspapers
to bear out their statements. Any such information received as to any excessive speculation or improper trading was to be submitted by the Board
to the Federal Grain Futures Administration.
Early the present month (May 6) it had been announced
that the Chicago Board of Trade had authorized an inquiry
by a special committee into published statements attributed
to George E. Marcy, Chairman, and E. F. Rosenbaum, member of the Board of Managers of the Grain Marketing Co.
The Associated Press accounts of that day said:
In a statement issued in Washington and published in last Sunday's newspapers, Mr. Marcy declared that the depression in grain prices last fall and
winter was caused by the huge holdings of speculators and that, but for the
artificial technical condition developed through speculative manipulations,
conditions had warranted a high price level for all grains this year.
One speculative account held such an enormous line of grain as "to constitute a menace," and the law of supply and demand has not been allowed
unrestricted play, Mr. Marcy asserted in the statement.
Statements published yesterday and attributed to Mr. Rosenbaum were to
the effect that there was manipulation in May rye and corn transactions.
Mr. Rosenbaum was out of the city when the statement was published and
confirmation could not be obtained from his office.
The Board of Trade, however, took cognizance of the published stories and
the directors instructed President F. L. Carey to appoint a special committee which should call on Messrs. Marcy and Rosenbaum in respect to the
statements attributed to them.
Under the Grain Futures law members of grain exchanges are required,
when they have evidence or even suspicion of any improper trading methods
to report to the Federal Crain Futures Administration and also to the Board
of Trade. It was under that provision of the law that the directors of the
Board of Trade authorized the inquiry.
North Dakota Grain Trading Act Declared Invalid by
United States Supreme Court.
The United States Supreme Court on May 4 declared invalid and unconstitutional the North Dakota Grain Trading
Act. The Act, which was one of the projects of the NonPartisan League of North Dakota, is the second of its kind
to be declared unconstitutional by the Supreme Court. After
an Act passed in 1919 had been held to be in conflict with
Federal law, the voters of the State in 1922 adopted the present statute, which the State contended was free from the
objectionable features of its predecessor. In reporting the
conclusions of the Supreme Court in its decision of May 4,
the Baltimore "Sun" said:
In a decision read by Mr. Justice Van Devanter, and to which Mr. Justice
Brandeis noted dissent, the court held the North Dakota statute was not
valid because it represented a "direct regulation of buying of grain in interstate commerce."
The decision took on an indirect political slant in that the highest tribunal
answered the contention of State officials that there existed evils which
justified the people of the State in enacting the legislation.
Power in Congress, He Says.
Justice Van Devanter held that there can be no justification of the exercise of a power not possessed, and that if the conditions suggested "are
real," then that "the power of correction rests with Congress, having im.
2633
THE CHRONICLE
MAY 23 1925.]
the States affected."
partial regard to the interests of all
North
F. Shafer, Attorney-General of
The case is known as that of George
Grain Co. of Embden, et al.
Farmers
Dakota, et al., appellants, vs. the
a
was
enforcement of the law, which
The suit was brought to restrain
and approved at a State elecLeague
Partisan
Nonthe
by
measure initiated
country
company, which owns and operates
tion Nov. 7 1922. The grain
the
brought suit to enjoin the enforcement of
elevators within the State,
such
and the Federal District Court granted
Act against the State officials
an injunction.
y
Court says the injunction was rightfull
To-day's decision of the Supreme
granted and affirms the lower court.
Inter-State Commerce Affected.
pointed out that the decisions of the
In his opinion, Justice Van Deventer
rule that a State statute which by its
Supreme Court have established the
with or burdens inter-State commerce
necessary operation directly interferes
which it was enacted. He holds the
for
purpose
the
of
s
regardles
Is invalid
rule.
North Dakota statute falls within the
to exercise a large measure of con"By it," he says, "that State attempts
her limits. About 90% of the buying is
trol over all wheat buying within
this buying and the shipping in connecin inter-State commerce. Through
wheat which North Dakota produces in
tion with which it is conducted the
126,000,000 bushels a year-finds a marexcess of local needs-more than
consumption in other States where the local
ket and is made available for
n. Obviously, therefore, the control of
needs greatly exceed the productio
people of other States as well as to those
the
to
concern
of
is
buying
this
of North Dakota."
Features Objected To.
the Act is designed to cover buying for
The court says it is conceded
out that the Act prevents buying by grade
points
It
.
shipment
inter-State
the State a grading license. The general
sinless the buyer secures from
separating the dockage from the wheat,
practice is to buy and ship without
to
right to both, but the Act requires the buyer
the price paid carrying a
it to the producer unless it be distinctly
return
and
dockage
the
separate
valued and paid for.
attempts to go much further than the
The court holds that the Act
Act.
United States Grain Standards
Crop
Final Estimates Regarding the India Cotton
Acreage Larger-Crop the Same.
mentary
Under date of Calcutta, April 23 1925, a supple
issued
been
has
1924-25
of
crop
cotton
the
on
memorandum
deals with
by the India Government. This memorandum
Madras Presithe final estimates of the cotton crop in the
ndum on
memora
general
final
the
dency and supplements
the crop issued on Feb. 19 1925.
which is 9% above the
The area is now estimated at 2.893.000 acres,
d at 553.000 bales as compared
area of last year. The yield is estimate
14%.
with 484,000 bales last year, or an Increase of
ed and yields are exIn the "Cocanadas" tract harvest has commenc
ted further as the
deteriora
Deccan
the
in
pected normal. The late crop
to drought, and low yields
black soils dried up earlier than usual, owing
ur. in Salem. Coimbatore
were obtained, especially In Beilary and Anantap
by drought as well as by insect
and Trichinopoly the crop has been affected
the first pickings of the early
pests. In the south rains in March delayed
will be stained. The rains
crop by a fortnight, and some of this cotton
the prospects of summer pickings
have benefited the late crop and improved
the Presidency works out to 94%
generally. The seasonal factor for
as against 89% in the previous year.
ons are:
The area and yield by trade descripti
Bales.
Acres.
Bales.
Acres.
Westerns&North'ns 1,313,000 129.000
619,000 162,000
Tinnevellys
257,000 48,000
Cocanadas
32,000
237,000
Salems
27,000 3,000
Others
440.000 179,000
Cambodias
and the
Consequent on the revised figures noted above
and certain States
receipt of later information from Gwalior
not forthcoming
In Central India and Raiputana, which was
the estimates in
t,
forecas
ary)
at the time of the final (Febru
Memorandum issued
l
Genera
Final
the
to
ed
append
table
the
revised totals
D., May 4, In February last require modification; and the
Associated Press dispatches from Fargo, N.
therefore stand at
will
1924-25
year
the
for
a
all-Indi
for
:
had the following to say in the matter declaring the North Dakota
ed with 23,decision
26,461,000 acres and 6,058,000 bales, as compar
The United States Supreme Court's
area
step in a long contest in
another
marks
acres and 5,162,000 bales last year. The total
636,000
Grain Grading Act unconstitutional,
purchase of grain.
yield 17% as
total
the
and
12%
of
e
the State to set up rules for
Increas
an
shows
an
up
thus
by the 1919 Legislature, setting
The original law on this was passed
d figures by
g purchase of grain. Dr. E. F. Ladd was compared with the preceding year. The detaile
elaborate set of machinery regulatin
passage.
bill's
this
following
provinces are given in the appended table:
named Chief Grain Inspector,
Agricultural College here, and
Headquarters were established at the State
governing grading, docking and storing of grain
an elaborate set of rules
purchased in the State was made.
either to return the dockage in grain or
The rules compelled the elevator
bushel for it.
pay the farmer a certain amount per
State, led by the Farmers Grain Co., of
A number of grain dealers in the
Embden, attacked the Act.
Court held this Act unconstitutional
After a long court battle, the Supreme
Grain Grading Act regulating Inter.
because it conflicted with the Federal
State Commerce.
Cottonseed Production During April.
Census issued the following
On May 19 the Bureau of the
d, crushed and on hand
receive
eed
statement showing cottons
ctured, shipped out, on hand
manufa
s
product
eed
cottons
and
months' period ended April
and exported, covering the nine
30 1925 and 1924:
ON HAND (TONS).
COTTONSEED RECEIVED. CRUSHED AND
State.
1924.
1925.
Alabama
Arkansas
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
On Hand at Mills
April 30.
Crushed
Received at Mills*
Aug. 1 to Apr. 30. Aug. 1 to Apr. 30
1925.
1923-24.
1924-25.
(Prostel Estimates.) (Final Figures.)'
Provinces
and
States.
Bombay _a
Central Provinces
and Berar
Madras_ b
Punjab.b
United Provinces b
Burma
Bihar and Orissa-.
Bengal-b
Aimer-Merwara.....
Assam
Northwest Frontier
Province
Delhi
Hyderabad
Central India
Baroda
Gwallor
Rajputana
Mysore
1924.
1925.
1924.
231,094 123.764 227.571 120,752
299,447 169,340 297,407 165,936
392.236 224,252 387,277 216,347
149,979 112,614 149,801 111,237
421.120 248,672 407,216 239.695
280,173 320,836 271,895 311,215
463,021 218,767 436.385 217,687
219,212 195,898 217.889 192,104
269,080 168,084 255,996 164.843
1,537,250 1,310.259 1.484,983 1.241,845
226,285 159,293 222,271 145,338
CROP OF INDIA.
FINAL ESTIMATE OF THE COTTON
4,812
2,090
8.875
178
14,656
8,630
26.875
1,822
13,735
57.911
4,687
3,464
3,850
8,825
1,381
9.475
9,917
1,279
4,433
1,297
76,545
9,654
liens.
Season,
Ors Hand
Aug. 1.
Produced
Aug. 1 to
April 30.
Shipped Out
Aug. 1 to
April 30.
On Hand
Close
April 30.
192425 *4,052,703 1322.123.943 1276,147,373 .70,503,679
Crude oil
5,103,348 923.019,017 865.833,977 73,369,309
1923-24
(Pounds)
a383,081,553
1924-25 0106.799.632 61131454 426
Refined oil
216.061,770
1923-24 138,112,489 747,646,621
(Pounds)
143,586
1,902,872
2,004,838
41,620
1924-25
meal
Cake and
137,799
1,343,998
1,432,031
49,766
1923-24
(Tons)
1.163,512
118,687
1,248,684
33,515
1924-25
Hulls
75,228
827,691
887,304
10,615
1923-24
(Tons)
90,086
804,123
840.799
53,410
1924-25
Linters
142,436
517,139
632.010
27,565
1923-24
bales).(500-1b.
10,215
66,201
76,416
192425
Hull fiber
341
37,849
30,925
7,265
(500-1b. bales)-. 1923-24
5,967
28,215
29,538
4,644
1924-25
Om
Grabbots, motes,
7247
16.961
22.703
1.605
1923-24
,Knnat. hsIss)
5,201.463 lbs. held by refining and manufacturing
• Includes 1,137,689 andand 16,712,632 lbs. In transit to refiners and consumers
302,000
and
establishments
1925. respectively.
Aug. 1 1924 and April 30
and 17,618,845 lbs. held by refiners, brokers, agents, and
a Includes 3,406.674 other than refineries and manufacturing establishments and
warehousemen at places
lbs. In transit to manufacturers of lard substitute, oleo7,970,451 and 3.685,955
1924 and April 30 1925, respectively.
margarine, soap, die., Aug. 1,735 lbs. crude oil.
1,232,891
b Produced from
PRODUCTS FOR NINE MONTHS ENDING
SEED
EXPORTS OF COTTON
APRIL 30.
Dem.
011, crude, pounds
011, refined. pounds
Cake and meal, tons
Linters, running bales
1925.
1924.
20,259,601 22,049,413
23,096,290 11,735,503
102,962
407,394
74.602
162,479
Yield,
Bales.
Area.
Acres.
Yield.
Saks,
Area,
Acres,
Yield,
Bales.
7,510,000 1.538,000 6,788,000 1,212,000 5,817,000 1,328,000
1,040,000
5,202,000 1,050.000 4,933,000 1,020,000 4.857,000
2,893,000 553.000 2,663,000 484,000 2,348.000 431,000
2,536.000 893,000 1,927,000 630.000 1,394,000 397.000
664,000 180,000
654,000 213.000
1,046,000 275,000
45.000
284.000
46.000
301.000
70.000
326,000
15,000
80.000
16,000
81,000
14.000
79,000
17,000
72,000
21,000
71.000
24,000
77,000
15.000
36.000
13.000
41,000
15,000
45,000
14.000
40,000
14,000
39,000
15,000
45,000
3,000
15.000
5.000
23.000
8,000
1,000
2,000
1.000
3,000
1,000
1,116,000
3.813.000
899,000 3.500,000 1,079,000
889,000 181,000
262.000 1,041,000 184,004
585,000 116,000
76,000
657,000
171,000
74,000
60,000 '523.000
500.000
145,000
76.000
302,000
73,000
330.000
89,000
24.000
83,000
15,000
84.000
36,000
5.073.000
0
21.804.00
0
.3.182.000
23.636.00
28.481.000 8.058 000
Tntsil
provincial authorities. a In• These are revised estimates as finally adjusted by States.
States. b Inc uding Indian
Indian
cluding Sind and
Note.-A bale contains 400 lbs. of cleaned cotton.
39.000
4,000
3,412,000
1,354.000
658,000
699.000
418,000
118,000
EXPORTS.
to foreign
The exports of raw cotton from India by sea
August)
to
mber
(Septe
years
cotton
five
last
countries in the
lbs. each):
were as follows (in thousand bales of 400
Iliffilitdin,
Countries.
United Kingdom
Germany
Belgium
France
Spain
Italy
China
Japan
Other countries
Total
1919-20
Bales.
1920-21
1921-22
1922-23
1923-24
Bales.
Bales.
Bales.
Bales.
38,000
149,000
95,000 238,000
222,000 194,000
27.000
65,000
39.000
68,000
231,000 148,000
148,000 316,000
1,648,000 1,149.000
77.000
76,000
tiotio:
r:deic;ol.mtor
tonmooc
mm
4.488,897 3.251,779 4,358,691 3,126,999 144,271 130,120
United States
not 21,711 tons and 12.786 tons on hand
•Includes seed destroyed at mills butreshipped
for 1925 and 1924, respectively.
Aug.1 nor 111,393 tons and 117,862 tons
D OUT AND ON
.
COTTONSEED PRODUCTS MANUFACTURED SHIPPE
HAND.
Area,
Acres,
1922-23.
(Final Figures.)*
223,000 288.000
245,000 209.000
234.000 257.000
130,000 173,000
62,000 136.000
309,000 602.000
376,000 243,000
1,759,000 1.384,000
135.000 158,000
2,702,000 2,226.000 5,170.000 3.473,000 3.450.000
season 1924-25,
The exports for the seven months of the
ed to 2,444,amount
1925,
March
to
1924
ber
Septem
1. e. from
the correin
bales
00
2,316,9
with
900 bales, as compared
sponding period of the previous year.
Activity in the Cotton Spinning Industry for
April 1925.
Commerce announced on May 21
of
ment
Depart
The
that, according to preliminary figures compiled by the Bureau
spinning spindles were in
of the Census, 37,804,654 cotton
place in the United States on April 30 1925, of which 33,412,650 were operated at some time during the month,
compared with 33,225,182 for March, 33,277,189 for February, 33,180,758 for January, 32,661,949 for December,
31,789,876 for November,31,078,804 for October, 30,122,384
2634
THE CHRONICLE.
for September, 28,945,605 for August and 31,863,4
54 for
April 1924. The aggregate number of active spindle
hours
reported for the month was 8,518,142,398. During April
the normal time of operation was 25 2-3 days,
(allowance
being made for the observance of Patriots' Day in
some
localities) compared with 26 days for March, 23 2-3 days
for February, 263' days for January, 26 for Decembe
r,
243 for November, 263 for October and
253/i for September. Based on an activity of 8.78 hours per day,
the
average number of spindles operated during April was
37,799,611, or at 100% capacity on a single-shift basis.
This percentage compares with 99.6 for March, 100
for
February, 96.4 for January, 90.4 for December, 87.5
for
November, 85.4 for October, 76.1 for September, 62.8 for
August, and 80 for April 1924. The average number
of
active spindle hours per spindle in place for the month was
225. The total number of cotton spinning spindles in
place;
the number active, the number of active spindle hours
and
the average spindle hours per spindle in place, by States,
are shown in the following statement:
spinning sPhittles.
In
Place
April 30.
Active
During
Active Spindle Hrs.for Apr.
Total.
Average per
Spindle
hi Mace.
United States
37,804,654 33,412,650 8,518,142,398
225
Cotton-growing States
New England States
All other States
17,457,918 16.962.656 5.131,160,059
18.380.340 14.762,066 2,993,818.750
1,966.396 1,687,928 393.163,589
1.430.654 1,405,656 402.550.448
1,273.324 1,034,028 230.734,680
2,829.566 2,730.226 796.080.978
1,113,448 1,100,218 219,954,440
11,615,592 8,901,044 1,730.918,025
1,445.734 1,200,250 241,233,667
512.356
477.084 103.302,437
997,950
817,370 197,369,934
5.960,170 5,773,244 1,832.993.906
161,610
134.558 30,512.373
2,787,434 2.381.718 544,313,188
5,294,094 5,256.730 1,629.385.732
452,994
440,064 123,763,542
234,708
219,324 64,074,790
708,314
691,354 160,002,315
986.706
849,782 210.951,943
294
163
200
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
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Activity of Machinery in Wool Manufactures During
the Month of March 1925.
The Department of Commerce has issued its report on
active and idle wool machinery for March 1925, based on
reports received from 906 manufacturers, operating 1,067
mills. This is exclusive of 11 which failed to report for the
month. Of the total number of looms wider than 50-inch
reed space, 41,891, or 69.8%, were in operation for some
part of the month of March 1925 and 18,102 were idle
throughout the month. The active machine hours reported
for wide looms for the month of March formed 70.8% of
the single-shift capacity; as compared with 75.2% for the
month of February 1925 and 71.4% for March 1924. Of the
total number of looms of 50-inch reed space or less covered
by the reports for March 1925, 12,488, or 71.4%, were in
operation at some time during the month and 5,011 were
idle throughout the month. The active machine hours for
these looms represented 67.5% of the single-shift capacity,
as against 69.4% in the preceding month and 66.3% in
March 1924. The number of carpet and rug looms reported
for March 1925 was 9,726, of which 7,966, or 81.9%, were in
operation for some part of the month, and 1,760 were idle
throughout the month. The active machine hours reported
for these looms represented 85.5% of the single-shift capacity
of the looms, as compared with 80.7% in February 1925 and
72.7% in March 1924. Further details are furnished as
follows:
month, the number reported on single shift and on
double shift, the active
and idle machine or spindle hours, the percentage
s active and idle, and
comparative figures for February 1925 and March
1924.
4
281
181
281
198
149
167
202
198
308
189
195
308
273
273
226
214
Spinning Spindles.
Of the total number of woolen spindles reported in March 1925, 1.900,869,
83.3%,
operation
were
in
for sonic part of the month and 381,906 were
or
idle throughout the month. The active woolen-spindle hours reported for
this month represented 91.9% of the single-shift capacity, as compared
with 89.6% in February 1925 and with 92% in March 1924.
The number of worsted spindles in operation during March 1925 was
1,769,027, or 67.5% of the total, and the number idle was 850,809. The
active worsted spindle hours were equal to 65.5% of the single-shift capacity.
In February 1925 the active worsted-spindle hours represented 73.6% of the
capacity, and in March 1924. 73.5%.
Cards and Combs.
Of the total number of sets of cards reported for March 1925. 5,933, or
84.8%, were in operation at some time during the month, while 1,061 were
Idle throughout the month. The active machine hours for cards were
equal to 94.2% of the single-shift capacity in March 1925,93% in February
1925, and 98.9% in March 1924.
Of the combs reported for March 1925, 1,944, or 73%, were in operation
for some part of the month and 720 were idle during the month. The
active machine hours for this month were equal to 77.2% of the single-shift
capacity, as compared with 87.5% in February 1925 and 90.6% in March
1924.
Detailed Report.
The accompanying table gives the total number of machines in operation
some time during the month of March 1925. the number idle for the whole
[VOL. 120.
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a
Wool Stock Report for March 31 1925 Shows Decline
from Dec. 31 1924.
Stocks of wools in and afloat to the United States on
March 31 1925, including tops and nolls, amounted to 305,957,541 pounds, grease equivalent, according to the quarterly
joint Wool Stock Report just released by the Bureau of the
Census, United States Department of Commerce, and the
Bureau of Agricultural Economics, United States Department of Agriculture. This compares with 359,612,017 pounds
on Dec. 31 last. This report is based on returns from 593
manufacturers, secured by the Bureau of the Census, and
395 dealers, secured by the Bureau of Agricultural Economic& The totals are exclusive of stocks held by 23 manufacturers and 12 dealers who have not yet reported.
The stocks, by condition, consisted of 161,034,128 pounds
of grease wool; 32,256,488 pounds of scoured wool; 19,648,67
5
pounds of pulled wool; 18,674,496 pounds of tops, and 8,431,60 pounds of nob.
Dealers held 95,355,090 pounds and manufacturers
117,584,201 pounds of raw wool. The figures "held by dealers"
represent wool in their possession in the form of stocks
owned by them or lots held by them awaiting delivery instructions, and wool owned by them which is in warehouses.
Stocks of wool held by wool pools and wool growers selling
organizations are also included in "held by dealers' figures.
Further details are as follows:
Of the total amount of raw wool
reported, 34.1% was domestic and
65.9% was foreign.
Of the raw wool reported 21.8% was fine.
10% s-blood, 17.2% %-blood,
15.4% 4-blood, 9.1% lower grades,
25%
are based on the total amount of classifiedcarpet. (These percentages
wool reported.) The time
"grade not stated" consisting of 3,230,754
lbs., constitutes either wool in
original bags, or ungraded or mixed wool upon
which the dealers reporting
could not accurately specify grade.
manufacturers was as
The distribution by sections of stocks held by
65,649.458 lbs.;
follows: New England, 61,063,348 lbs.: Middle Atlantic,
sections, 11,208,255 lbs.
Pacific Coast, 1,603,192 lbs.; and all other
Boston,
follows:
The holdings of dealers according to markets were as
lbs.: Chicago. 6,650,665 lbs.;
67,715,508 lbs.; Philadelphia. 14.285,018
lbs.; Pacific Coast cities,
New York, 5,227.128 lbs.: St. Louis, 1,925,449
1,225.057 lbs.: other cities, 3,492,315 lbs.
Dec.31 1924 follows:
A summary of the holdings on March 31 1925 and
TURERS ON
MANUFAC
AND
DEALERS
BY
HELD
STOCKS
WOOL
MARCH 31 1925 AND DEC. 31 1924.
(All quantities In pounds.)
Total.
Item.
2635
THE CHRONICLE
MAY 23 1925.]
Held by Dealers.
Held by Manufacturers
Mar. 31 '25 Dec. 31 '24 Mar. 31 '25 Dec. 31 '24 Mar. 31 '25 Dec. 31 '24
Total,inel.
tops and
24.253 158,697.213
nolls....- 40,045.393 91,350,941 100,521,140 32,653,728139,5
26,785,997 17,584,201 135.710,348
Raw wool. 12,939,291 262,496,34.5 95,355,090 98,631.458
95,121.610 113,026,778
Grease__ 161,034,128 211.658,236 65,912,518
15,315,113
Scoured 32,256,488 33,690,666 16,818,908 18,375,553 15,437,580
7,925,011 7,368,457
Pulled _ _ 19,648,675 17,147,443 12,623.664 9,778,986
18,674,49E 19,542,578 2,753,973 3,284,964 15,920,523 16,257,614
Tops
8,431,606 9,312,018 2,412,077 2,582,767 6,019,529 7,629,251
Nona
Tot,grease
59,612,017 126,713,954 160.156.674 179.243,555 199,455,343
305,957,541
_
equiv_
wool, tops, or foils is conIn computing the greas4 equivalent, 1 lb. of scoured
equivalent to
sidered equivalent to 2 lbs. In the grease, and 1 lb. of pulled wool
the
grease.
In
1 1-3 lbs.
HELD BY DEALERS ON MARCH 31
STOCKS OF WOOL,TOPS AND NOILSCITIES.
1925, BY
in pounds.)
quantities
(AU
these quantities would amount to 45,853,420 pounds. The
grease equivalent for February 1925 was 46,415,269 pounds
and for March 1924 47,630,291 pounds.
Consumption by Grades.
8,029.666
Classified according to grade, the total for this month includes
pounds conpounds of fine wool, which may be compared with 9,030.525
1924
March
in
consumed
sumed in February 1925 and 8,912,633 pounds
in February 1925
3,891.584 pounds of 1.4 blood as against 4,235,746 pounds
of % blood as
and 4,225,137 pounds in March 1924 5.809.420 pounds
pounds in
against 5,872,186 pounds in the month preceding and 6,022.075 pounds in
6.298.333
March 1924 5,610,729 pounds of X blood, as against
pounds of
February 1925 and 6.850,005 pounds in March 1924 2,135.656 pounds in
low X blood, common, braid, and Lincoln as against 2,221,666
pounds
February 1925 and 2,115,184 pounds in March 1924 and 13.666,926
month and
of carpet wool, as against 12,198,505 pounds in the preceding
1924.
12,220,270 pounds in March
Domestic and Foreign Wool.
rers during the month
Of the total quantity of wool used by manufactu
wool, and 22,of March 1925, 16,832,301 pounds, or 43%, was domestic
carpet wool was all of
The
wool.
311,680 pounds, or 57%, was foreign
69.1% of the fine wool, 81.7%
foreign origin. The United States produced
of the X blood and 30.2%
of the % blood, 74.6% of the % blood. 56.1%
of the low X blood.
Geographic Distribution of Consumption.
1925 (amounting to 39,143,981
Of the total consumption of wool in March
44.8%, were reported from the New
pounds). 17,546,433 pounds, or
Atlantic States, 1.1% from the
England States, 46.5% from the Middle
other sections of the United States.
Pacific Coast States and 7.6% from the
Imports of Tops and Noils.
one element which
on of foreign tops and noils constitutes
consumpti
The
on reports since the
67,715,50: 46,357.44312,787,411
Boston
not been possible to include in the consumpti
has
it
2,555,719
9,880,637
14,285,018
Philadelphia
between foreign and domestic
manufacturers would be unable to distinguish
6,650,665 1,683,290 685,300
Chicago
not necessarily month by month,
though
182,87(
run,
long
4,002,882
the
5,227,12
In
noils.
and
York
tops
New
The imports of wool and hair,
1,925,449 1,925.44
St. Louis
this element must be equal to the imports.
79,500 418,275
13,447 pounds and
Pacific Coast cities 1.225,057727,282
150,894 advanced, including tops, for the current month were
12,000
1,465,784
528,102
1,335,53
3,492,315
cities
Other
for the current month were
for 1925, including March (were 133,554) noils
77
2,844,625. The exports of tops
100,521,14065,912,518 16,818,908 12,623,6642,753,9732,412,0
Total
899,708 and for 1925, including March,
negligible.
were
noils
TURERS
and
BY
MANUFAC
HELD
NOILS
AND
STOCKS OF WOOL, TOPS
Detailed Statement.
ON MARCH 31 1925, BY SFCTIONS.
consumed, classified
(All quantities In pounds.)
The following tables show the quantities of wool
figures for foreign
according to condition, grade and class, with separate
are also given for March 1924,
Nails.
Tops.
Grease. Scoured. Pulled.
Total.
Section.
and domestic wools. Comparative figures
to March,
January
and totals for the months
881,334 February 1925 and 1924,
New England.... 61,063,348 0.720,631 7,427,1582,983,947 7,050,2782,
452.761
inclusive.
7,063,3692,
2,954.083
3,833,592
49,345,653
65,649,458
Middle Atlantic__
SECTIo
22,835 55,981
1.603,1921 1,025,509 417,591 81,276
Pacific Coast
CONSUMPTION OF WOOL BY GEOGRAPHIC
AR other
11.208,2551 4,029,817 3,759,238 1.005,705 1,784,041 629,453
Grease
139,524,253 95,121,610 15.437,580 7,025,011 15.920.5236.019.529
Total
• Total.
Pulled. Equivalent,
Scoured.
Grease.
Section1925
31
ON
STATES
MARCH
UNITED
FOREIGN WOOL AFLOAT TO THE
796,011 20,845,882
17,546,433 13,716,310 3,034,112
BY GRADE.
New England
18,201,557 15,601,357 1,562,843 1.037,357 20,110,186
(All quantities in pounds.)
Middle Atlantic
720,578
44,832
265,170
130,460
440,462
Pacific Coast
134.278 4,176,776
2,955,529 1,644,763 1,176,488
Grease. Scoured Pulled. Other sections
Total.
Grade.
City.
Total.
Grease.
Scoured.
Pulled.
Tops.
Nods.
4,429,6362,717,260 1,423,758
1.040,848 24,713 783,101
53,000
4,229,075
1,324
1,040,046
201420111 Si 009 Run
Fine
34-blood
%-blood
14-blood
Low 84-blood
Lincoln
Carpet
Grads not stated
Total
4,434,382 4.112,265206,117 116,000
---223,600 9,386
232,986
1,205,865 1,119,165 52,500 34,200
963,462 15,065 26,800
1.005,327
---766,410 784,193 2,217
391,447 25,000 25,000
441,447
7,030,529 6,814,091 10,000 208,438
------_
189,000
189,000
15.305.946 14 577 223 320 285 408 438
A ORRA13 201247245 RA2/90
AND FOR FEBRUARY 1925.
WOOL CONSUMPTION FOR MARCH
(All quantities in pounds.)
Total for March.
Class et Grade.
Total
Domestic
Foreign
Bankers Appoint Delegates to Brussels Conference of
International Chamber of Commerce.
Delegates representing the American Bankers Association
at the third general meeting of the International Chamber
of Commerce to be held at Brussels, Belgium, June 21-28,
are announced as follows:
1925.
1924.
Total for February. Total Jan. to Mar.,Ind.
1924.
1925.
1924.
1925.
9,143,981 0,345,30439,856,961 12,928,392 123,542.101129,471,668
16,832,301 17,061,094 18,678,111 18,056,245 57,147,341 55,772,222
+2,311,680 3,284.21021.180,8l024,872,147 66,394,760 73,699,443
18,185,586' 0,081.45620,782,0119 22,440,788 63,180.433 68,242,130
7,291,469 8,043.578 6,876,387 8,103,751 21,723,713 24,647,441
8,029,666 8.912,633 9,030,521 9,098,191 27,679,600 27,701,562
Fine, total__
Combing:
3,984,298 4,001,065 4,370,808 4,033,049 13,642,622 12,563,882
Domestic
2,274,262 3,063.723 2,711,369 3,241,441 8.203,537 9,428,934
Foreign
Clothing:
1,561,277 1,368,518 1,678,266 1,435,510 4,999,248 4,424,644
Domestic
834,193 1,284,102
209,829 479,327 270,082 388,19(
Foreign
13,678.198 14,320,957
Chairman, F. I. Kent, Chairman Commerce & Marine Commission, Amen. 34-blood,total- 3,891,589 4.225.137 4,235,746 4,258,228
York;
Combing:
can Bankers Association and Vice-President Bankers Trust Co., New
9,508,683 8,379,354
Domestic- 2,206,845 2,361,787 3,097,939 2,305,655
Vice-Chairman, W. I. Bullard, Vice-President Merchants National Bank, Bos589,413 778.740 315,324 935,732 1,450,635 2,849,127
Foreign
New
Bank,
National
Exchange
American
ton ; Lewis L. Clarke, President
Clothing:
971,600 883,809 739,080 893,019 2,424,006 2,599,526
Domestic
York; Clay H. Hollister, President Old National Bank, Grand Rapids, Mich.;
492,950
294,879
83,908 123,822
123,726 201,101
Foreign
Clifford P. Hunt, Vice-President Chemical National Bank, New York; 34-blood,
total- 5,809,420 6,022,075 5,872,186 6,783,388 17,846,230 20,041,143
George T. Mortimer, Director American Trust Co., New York; H. C. RobinCombing:
2,270,709 2,035.117 2,999,672 2,302,536 8,238,376 6,973,714
son, Vice-President Guardian Savings & Trust Co., Cleveland, O.• B. Frank
Domestic
1,197,195 1.718,062 763,657 2,054,346 2,676,111 6.042,599
Foreign
Saul, Vice-President American Security & Trust Co., Washington .o. 0.;
Clothing:
and F. N. Shepherd, Executive Manager American Bankers Association, New
2,060,686 1,816,705 1,834,984 1,827,123 6,040,68.5 5,436,789
Domestic..
891,058 1,588,041
York.
280,830 454,191 273,873 599,383 18,920,654
Foreign
24,334,849
od,total_ 5,610,729 6,850,005 6,298,333 8,188,818
84-blo
divimajor
three
the
into
divided
be
will
ce
The conferen
Combing:
8,474,224
7,076,124
3.022,791
2,252,494
2,358,013
In
2,100,340
Domestic
sions of finance, industry and trade, and transportation.
1,936,205 2,359,533 2,488,089 2,955,036 6,958,496 8,864,028
Fore.,.
addition an outstanding event will be the report of the Clothing:
3.182.017 4,070,578
Domestic.-- 1,047,664 1,272,978 1,007,896 1,289,605
1,704,017 2,926.019
special committee on economic restoration, relating particu526,520 859,481 549,854 921,388 4,434,292
Foreign
3,871.429
1,650,705
1.473,689
1,497,609
1,309,393
D.
54-blood
larly to the problem of transfers of reparations under the Low
Combing:
893,794 1,370,624
447,438
359,236
403,062
200.121
plan.
Domestic
Dawes
2.537,965 1,342,441
760,813 599,406 754,197 743,035
Foreign
Clothing:
806,716
528,636
291,446
176,048
312,282
195,510
_
Domestic
351,646
473,897
Wool Consumption Report for March Increases.
152,949 182,859 184,208 168,787
Foreign
840.521
420.083
131.733
143.175
143,813
198,539
alc
1
ce
May
on
Common,tot
public
made
of
Commer
252.815
The Department
126.109
36.440
84,472
37,808
68,965
Combing
294,974
287,706
95.293
58,703
129,574 106,005
Clothing
the following statistics with regard to the consumption of
252,086
72.629
76,346
17,058
104,241
34,712
c
total
48.775
145,486
80,960
9,70i
46,828
wool, by manufacturers in the United States during the Braid,
22,375
Combing
23,854
106,600
25,386
7,357
57,417
12,337
_
Clothing
1,732,022 1,947,482
357,130
month of March, based on reports received from 556 manu- Lincoln,
587,744
369,517
total d 593,01
1,682,608
1,692,500
312,334
578,616
Combing- 574.045 320,312
facturers. This is exclusive of 21 who failed to report the
264,854
39,522
44,796
12.128
49,205
18,987
Clothing
12,383.85338.637,955 36,582,094
consumption of wool for this month. The total quantity of Carpet,
total d_ 13,666,926 12,220,270 12,198.505
16,660,011
19,361,945
5,663.435
6,882,320 5,621,801 6,090,298 6.720.418 19,276,010 19,922.083
Combing
wool entering into manufacture during March 1925, as
6,984,606 6,598,468 6,108.207
Filling
reported, was 39,143,981 pounds, as compared with 39,856,961 pounds in February 1925 and 40,345,304 pounds for
March 1924. The consumption shown for March 1925
included 31,092,890 pounds of wool reported as in the
grease; 6,038,613 pounds of scoured wool, and 2,012,478
pounds of pulled wool. Reduced to a grease equivalent
Combing a
Clothing a
Total, reduced
16.415,26950,632,884 143,703,539 152,108,199
grease equiv./. 5,853,42047,630,291 23,042,7282
2,978,563 70,670,336 69,974,092
Domestic _ .; 1,422,131 21,671,431 23.372.84127,684,331
73,033,203 82,134,101
,958,881
4,43l.28925
Foreign
to July 923 include "Common"
a Bxcluslye of carpet wools. 5 Figures previous
the grease equivalent,
and "Braid." c All domestic. d All foreign. e In computing
to 2 pounds in the grease, and
1 pound of scoured wool is considered equivalent
grease.
2 pound of pulled to- 1 1-3 pounds in the
2636
T H PI CHRONICLE
CONSUMPTION OF GREASE, SCOURED AND
PULLED WOOL
FOR MARCH.
(All quantities in pounds.)
Grease.
Class et Grade.
1925.
Scoured.
1924.
1925.
1024.
IMPORTt3 AND EXPORTS OF MERCHANDISE,
BY MONTHS.
Pulled.
1925.
1024.
Total
Domestic
Foreign
[Vol,. 120.
Imports.
July
August,,..
September,,
October
November,,
December _
January.
February_ _
X1arch
April
)lay
tune
1924,25.
1923-24.
1922-23.
1921-22.
1913,14.
$
278,593.546
254,542,143
287,144,334
810,751,608
296.147,998
333,192,059
346.165,289
333,457.369
385,490,733
349,000,000
$
287.433,769
275,437,993
253,645,380
308.290.809
291.333,346
288,304.766
295,506.212
332,323,121
320,482.113
324,290,966
302.987,791
274,000.688
$
251.771.881
281.376,403
298.493,403
276.103,079
291,804.826
293.788.573
329.253,664
303,406,933
397,928,382
364.252.544
372,544.578
320,233,799
$
178.159,154
194.768,751
179,292.165
188.007.629
210.948.036
237,495,505
217.185,306
215,743,282
256,177,796
217.023,142
252,817,254
260,460,898
$
139,061.770
137.651,553
171,084.843
132.940,302
148,236.536
184,025,571
154,742,923
148,044,776
182,555,304
173,762.114
164,281.515
157,529,450
31,092,8
31,402.20 6,038.613 6,455,928
_ 11,514,983 11,517,80' 4,226.086 4.143.873 2,012,478 2,487,176
1,091,232 1,399,416
19,577,907 19,884,39' 1,812,527 2,312,055
921,246 1,087,760
Combing a_ _ 16,837.417 18,580,244
755,113 882,078
593,056
619.134
Clothing
1,642,521 1,749.50 4,750.02 5,186,593
898,923 1,107,482
Fine, total
6.751,14
7,520.29 1,087,408 1,115,523
191,114
276,811
Combing:
Domestic _ _ 3.852,633 3.769,22
87.662
135,661
44,003
96,178
Foreign
2,266,334 3,059,154
3,706
2,846
4,132
1,723 1 Onus,end. 3,174,485,079 2,977,048,475 3,088,180,588
Clothing:
2,094,800,856 1,572,114,692
April_ _ _ _
Domestic
617.314
567,107
807,807
625.191
136,156
12 mos.end.
176,220
Foreign
14,86
124,81'
188,143
351,825
6,823
June_
2,690
.4-blood,total_ 2,941,32- 3.180,10
3.554,036,054 3,780.958,965 2,608.070,008 1,893,925,657
729.011
688,340
221,248
356,697
Combing:
Exports.
Domestic _ _ _ 2.160,911 2,245,18
34,002
;Lily
39,921
11,032
76,677
276,849,055 302,186,027
Foreign
685.222
752.74.
20
20.830
2.991
kugust _ _... 330.659.566 310,965,891 301,157.335 325,181,138 160,000,778
5,163
Clothing:
leptember.. 427,459,531 381,433.570 301,774.517 366.887,538 187.909.020
Domestic _ _ _
186.63
313,196.557 324.863.123 218,240.001
122.06
616,073
495,647
168,890
)ctober
264,893
Foreign. _ _ _
527,171.781 399.199.014 370.718,595
7,55'
59,19'
77.836
131,942
38.335
qovember.
9.964
. 493,572.921 401.483.872 379,999.622 343,330.815 271,861,464
34-blood, total_ 3.435,01
3,561,93 1.851,296 1,825,405
523,111
tocember. 445.748.393 426,665.519 344,327,560 294.092.219 245,539.042
634,740
Combing:
296.198.373 233,195,628
armory.
446,443.088 395,172,187 335,416,506 278,848,469 204,066,603
Domestic __ _ 1,971,023 1.708,221
95,144
98,011
203,942
rebruary
228,885
_ _ 370.678,216 365.774,772 306,957,419. 250,619,841
Foreign
1,157.571 1.660.30
28,204
173.920,145
36.304
11,420
larch
19,362
453,434.288 339,755,230 341,376,664 329,979,817 187.499.234
Clothing:
k pril
400,000,000 346,935,702 325,492,175 318.469.578
Domestic _299,371
141,687 1,528,739 1,346,511
232.576
328,507
Foreign
335,098,701 316,359,470 307,568,828 161.732,619
162,5WIay
6.44
61,716
344,489
199.209
75,173
une
57,986
34-blood, total_ 3.824.29
306,089,006 319.056.953 335,116.750 157.072,044
4.752,791 1.355.179 1,708,827
431.252 388,387
Combing:
0 mos.end.
Domestic
1,789.197 2,129,296
214.406
146,874
96,737
April__ _ _ 4.171,816,839 3,669,571,784 3,320,416,950
81,843
Foreign
1,603.00
3,128.470,911 2,045,774,485
2.138,734
123,044
149,539
2 mos.end.
210.159
71.260
Clothing:
June_
_ _..
4.311.650.401 2.956.722.272 2.771.156.480 2.264.579.146
Domestic __ _
350,94
334,434
588.51
835.033
108.212
103.511
Foreign
81,15
150,327 429.219 577,381
16.144
131.773
Low Xi-blood
915.1 11
938,216
364,94
494,041
29,345
65,352
GOLD AND SILVER.
Combing:
Domestic _ _ _
171,625
245.003
22.893
143,645
5,603
14,414
Foreign
670,241
528.08
April.
89,912
10 Months Ending April.
51,321
660
20,000
Clothing:
Increase(-F).
Domestic _
64,270
151,981
1925.
134,566
1924.
133,413
1925.
6.674
1924.
Decrease(--).
26,888
Foreign
18,964
13,147
117,577
165,662
16.408
4,050
Common ,totalc
Gold.
40,007
49,029
3
82,352
$
93,384
3
76,180
s
s
1,400 Imports
Combing
35,007
8,869,883 45,418.115 118.326.164 350,770,871 -232,444,707
31.630
33.558
5,769
400
400 Exports
Clothing _
5.00
21,603,945 1,390,537 228,627,251 9.345,636 4-219,281,615
17,390
48,794
87,615
75.780
1,000
Braid, total c_ _
20,45
53.663
13,032
50,582
1,227
Combing _
Excess of imports.
20.453
42.06
44,027,578
695
4.765
341,425,235
1,227
Clothing
Excess of exPorts_ 12,734,062
11,600
110,301,087
12,337
45,817
Lincoln, total d
552.59
273,710
21,912
92,569
18,502
3,229
Combing
Silver.
652,598
270,581
20,607
46,502
750
3,229 Imports
Clothing
4,944,807 3,907,745 63.299,117 69.430,014 --6,130,897
3,138
1,215
46.067
17,752
Exports
Carpet, total d 12.612,95 11,072,45
9,322,618 7,801.689 93,770,474 80,450,570 -I-13.319.904
533,475
387,257
520.499
760,560
6,374 351 5,453,83
Combing
131.842
63,854
176,127
104,109
Excess of imports_
Filling
6.238.601 5,618,61
401,633
323.403
344.372 656.451
. Excess of exports_ 4.377.811 3.893.044 30.471.357 11.020.556
Total for Feb__ 32.022.801 33.404,88 5.920,382
6,704,982 1,913,778 2.728.530
IMPARTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
Total, Jan. t
March, lncl,l 99,495,0851101,557,024 18,218,6.
19,907,480 5,828.366 7.917,161
Gold.
Silver.
a Exclusive o carpet woo s. S Figures previous
to July 1923 include "Common'
and "Braid." c All domestic. d AU foreign.
1924-26.
1923,24.
1922-23.
1924-25. 1923,24. 1922,23.
Imports.
3
$
$
3
$
3
July
18,834,423 27.929,447 42.986,727 7.127.613 10,066.463
August....,. 18.149.981 32.856,097 19.092.208 7,041.630 6,465.949 6.957,298
The Country's Foreign Trade in April-Imports and September
. 6.066,155 27,803,061 24,464.235 7,082,962 8.517.971 4,943,762
6,370,279
October
19.701,640 29,795,185 20,866,156 5.828,572 6,929.311 3,940.349
Exports.
November. 19.862.884 39,757,436 18.308.087
5,269,173 5,855.405
The Bureau of Stistics of the Department of Commerce December . 10,274,040 82.641,226 26,439,677 6,481.416
5,863.802 8.172,301 7,847,570
5,037.800 45.135,760 32,820,163 7.338,559 5.979.758
at Washington on May 13 issued the statement of the January
February _ - 3.602.527 35,111,269 8,382.736 4,928.916 7,900,409 5,824,637
3,792,387
March
7,337.322 34,322,375 15,951.357 6,660.750 6.220.934
Foreign trade of the United States for April and the ten April
8,869,883 45,418,115 9,188,470 4,944,807 3.907,745 4,626,376
4,261.869
months ending with April. The value of merchandise May
41,073.650 46,156,195
5.639.582 4,461,146
June
25,181,117 19,433,539
4,870,389 6,065,947
exported in April 1925 was $400,000,000, as compared
10 mos.end.
with $346,935,702 in April 1924. The imports of merApril_ _ 118,326,164 350.770,871 218,499.816 63,290,117
69,430,014 54,419,932
mos. end.
chandise were $349,000,000 in April 1925, as against 12June
417,025,638 284,089,550
79,939.985 64,947,025
$324,290,966 in April the previous year. This left a trade
Exports.
balance in favor of the United States on the merchandise fuly
327,178
522,826
643.714 9,190.362 6.233.163 6,268,953
kagust
2,397,457 2.200.961
955.853 8.632.067 7,032.221 3,861,180
movement of $51,000,000 for the month in 1925, as com- September
. 4,579.601
862,697 1,398,607 10.345.205 8,123.460
3.735.175
... 4,125,268 1,307.060 17,591,595 9,465.023
pared with a favorable balance for the corresponding month 3ctober
7.522,845 3,268,731
govember _ 6.689,182
746.794 3.431,065 9,401.406 8,775.474 6,599.171
>ember
1924
in
of only $22,644,736. Imports for the ten months
. 39,674,653
711.529 2,709.591 11.279.630 9.521.083 6.913.200
Ianusry
73.525.943
280,723 8,472.198 11,384,799 8,208,644 6,921.002
of 1924-25 have been $3,174,485,079, as against $2,977,048- February
50.599.708
505,135 1.399,089 6.832.647 8,878,713 2,191,059
..- 25,104,416
817.374 10,392.100 7,916.717 8,355,278 4,731,705
475 for the corresponding ten months of 1923-24. The darch
kpril
21,603,945 1,390,537
655,235 9,322,618 7,801,689 4,336.338
merchandise exports for the ten months of 1924-25 have day
593,290
824,444
9,686,617 3.499,358
hane
268.015
548,484
8,648,499 3.581.081
been $4,171,816,839, against $3,669,571,784, giving a favor0 mos.end.
able trade balance of $997,331,760 in 1925, against $692,523,April .. _ _ _ 228,627,251 9,345.636 47,640,047 93,770,474
80,450,570 48.826.517
rnos. end.
309 in 1924. Gold imports totaled $8,869,883 in April 1925, 2Juno
IA 00110.11 An no, n'm
04 700 K411 Cr,niut nica
against $45,418,115 in the corresponding month the previous
year, and for the ten months they are $118,326,164, as
against $350,770,871. Gold exports in April 1925 were
$21,603,945, against only $1,390,537 in April 1924. For the
ten months of 1924-25 the exports of the metal foot up
$228,627,251, against but $9,345,636 in the ten months of
1923-24. Silver imports for the ten months of 1924-25 have
been $63,299,117, as against $69,430,014 in 1923-24, and
silver exports $93,770,474, against $80,450,570. Some
comments on the figures appeared last week in our article
on "The Financial Situation." Following is the complete
official report:
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES
(Preliminary figures for 1925, corrected to May 12 1925.)
MERCHANDISE.
dynag.
1925.
Imports
Exports
10 Mange Ending April.
1924.
1925.
1924.
Increase(+).
Decrease(--).
$
$
$
$
2
349.000.000 324,290,966 3,174.485,079 2,977,048.475 +197.436,604
400.000,000 346,935,702 4,171,816,839 3,669,571,784 -I-502,245,055
Excess Imports
Excess exports 51,000.000 22,644.736
997.331,760
692.523,309
Situation in Coal Markets Remains Practically
Unchanged.
That there seems to be a better feelingin general throughout
the producing and consuming districts of the east is the
opinion of the "Coal Trade Journal" as expressed in its
May 20 market review. Buying is still on a hand-to-mouth
basis but this has increased slightly in volume and inquiry
for contract is more frequently heard. In the central
producing region of Pennsylvania most of the production
is from the mines operating on the 1917 wage scale, loadings
for this month so far being about the same as for the corresponding period in April. Prices are still at rock bottom
continues the "Journal," adding:
In the Pittsburgh district most of the coal trading is on a spot basis
and
on West Virginia coals on account of their lower price. There is a
fairly
steady Call for steam slack but other sizes are inactive. Gas grades
are
moderately active in the spot market. Practically no coal is going
to the
Lakes from this field. Coke demand has lessened and this has been
reflected
In the prices.
Sales of smokeless and also of high volatile coals have increased in
southern
West Virginia with'higher prices prevailing in the west than in the
east.
MAY 23 1925.]
2637
THE CHRONICLE
Price quotations are, however, unchanged. In the Fairmont section
neither the market nor price situation has changed. The railroads are still
buying on the spot market and, from present indications, are liable to
continue this way until well on into the summer. At Toronto there is a
fairly steady trade in single cars of slack and lump coal. General conditions
In Ontario are gradually improving and a better demand for fuel is expected
In the fall. Dealers are pushing the sale of anthracite hard.
Scotch and Welsh anthracites have advanced 75 cents a ton in Montreal
and their sale is rapidly increasing. The first shipment of 2,000 tons
received was sold before the vessel was unloaded and 15,000 more are
due to arrive.
The market In the Upper Potomac and western Maryland fields is stagnant
and the limited production more than sufficient to take care of the small
demand existing, all of which keep prices at their former low levels. However, a great deal of coal is moving from southwestern Virginia, mostly on
contract, and prices are firm.
The export movement at the Virginia Piers was unusually heavy and prices
are holding firmly, though some low priced sales were made during the past
ten days. At Baltimore the soft coal situation is flat and uninteresting with
supplies sufficient. .Exports of coal this month have declined but those of
coke have increased greatly. Anthracite is about normal for this season
of the year and little stocking is being done. Domestic anthracite is fairly
active in Philadelphia but the demand for steam sizes is dull. Retail demand
continues to improve slightly. Bituminous is a little more active but trading
Is ohly in small lots. At New York all sizes of anthracite are moving well
with the exception of chestnut, which will come into its own later in the
summer. Stocks of bituminous on hand are not large and incoming shipments curtailed on account of the shutting down of some of the mines and
strikes, all of which improves the tone of the market. Buying is still on a
hand-to-mouth basis.
There has been an advance of 5 cents in the price of high grade smokeless
coals at both Boston and Providence, due to the fact that there is less
distress coal on hand and that arrivals have been light. All-rail factors,
after being biassed with a little busy spell are having difficulty in delivering
certain special coals on account of certain mines having shut down. Anthracite is dull for this season, the city and state business being practically
the only bright spots.
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES.*
Net Tons.
•
By-Product Coke.
Beehive Coke.
2,565,000
1,646.000
2,379,000
3,133,000
2,833,000
1,748,000
462.000
714,000
1,615,000
806,000
4,313,000
2,108,000
3,093,000
4,748,090
3,639,000
3,125,000
a3,456,000
a 318 nen
1,054,000
1,006.000
gns min
4,179,000
a4,462,000
1920 monthly average
1921
"
1922 "
"
"
1923 "
1924 "
February 1925
March 1925
Anril
•
102A
Total.
4122000
* Excludes screenings and breeze. a Revised since last report.
The coal required to produte the coke made during April
amounted to 6,035,000 tons, of which 4,764,000 tons were
consumed in by-product ovens and 1,271,000 tons in beehive
ovens. Consumption during the first four months of 1925
has been at the rate of 75,000,000 tons a year.
ESTIMATED MQNTHLY CONSUMPTION OF COAL FOR MANUFACTURE
OF COKE.
Net Tons.
Consumed in
Beehive Ovens.
3,684,000
2,401,000
3,421,000
4.523.000
4,060,000
2,665,000
706,000
1,107,000
2,507.000
1,272,000
6,349,000
3,107,000
4,528,000
7,030,000
5,332,000
4,490,000
a4,968,000
A 704 nen
1,662,000
1,587,000
1 271 009
6,152,000
a6,555,000
6.035.000
1920 monthly average
1921 "
"
1922 "
"
1923 "
"
1924 "
February 1925
March 1925
Anril
Total Coal
Consumed.
Consumed in
By-Product Ovens.
109;
a Revised since last report.
Of the total output of by-product coke during April, 2,776,The Weekly Review issued by the "Coal Age," New York, 000 tons was made in plants associated with iron furnaces
reports the coal market this week as follows:
and 540,000 tons in merchant or other non-furnace plants.
Patience is the badge of the coal producer these days, and he needs it. The relative proportions were the same as the revised figfor even the least favorable development seems to last only long enough to
engender hope that a turn for the better is at hand, when business eases ures for March.
1925,
1924.
1023.
1922.
1921.
1920.
FurOWi FurFur-j
FurFurFur/Mee. Otee. Otha
nace. Other sacs. Other sacs. Other *ace
84.8 15.2
1
-V82..
17.2
82.8
17.6
82.4
16.9
83.1
20.2
January
19.3 82.3 17.7 83.3 16.7 82.3 17.7 83.6 16.4 83.6!16.4
February
18.9 81.3 18.7 83.3 16.7 82.6 17.4 84.0 16.0a83.7 16.3
March_
18.9 80.3 19.7 83.7 16.3 82.6 17.4 83.6 161 83.7 16.3
April
18.0 81.1 18.9 85.5 14.5 82.7 17.3 80.0 20.0 __ _
May
17.7 82.6 17.4 85.7 14.3 83.1 16.9 80.8 19.2----June
17.8 81.2 18.8 86.0 14.0 83.3 16.7 80.8 19.2 _ __ _ __
July
18.0 83.0 17.0 80.3 19.7 82. 17.3 79.5 20.5 _ _ __ __
August
18.9 83.8 16.2 82.7 17.3 82.2 173 82.0 18.0_ _ ._
September....
18.7 84.0 16.0 83.3 16.7 82.2 17.8 82.0 17.1 _ _ __ _ __
October
18.9 84.2 15.8 83.1 16.0 82.2 17.8 83.4 16.6 _ _ _ _
November ---.
84.9 15.1 82.9 17.1 52.6 17.4 84.6 15.4._ __ __ __
17.5
December
81.4 18.8 82.7 17.3 83.6 16.4 82. 17.41 82.31 17.7._ _ _ .-Iqqq•-!q
tc0WWWw0OWMWMoo
Production of Coke During April.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUOT COME
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS,1920-1925.
°q
back into the old rut. The Midwestern markets are unusually quiet.
Eastern non-union coals having gotten a hold that threatens to be lasting.
A crumb of encouragement is seen, however, in some orders by mail.
General business conditions are improving, too. Though little change has
taken place in the situation in Kentucky, business is as good as at this time
last year and the outlook is considered brighter. Less labor unrest in that
field and wages at the 1917 level in most mines enable the operators to
compete with Northern fields despite freight differentials.
What little business is being done at the head of the lakes is spot, as
contracting is dead, industrial consumers holding off in the hope that
prices will drop. Coal receipts continue light. Trade in the West and
Southwest is almost at a standstill, operation being limited largely to filling
contracts. An attempt to start up in the Henryetta (Okla.) field at the 1917
*wage scale is being watched with interest.
Ohio markets, in general, are slow, due partly to hand-to-mouth buying
while awaiting a hoped-for-reduction in freight rates. The only exception
was a slight spurt at Cincinnati, which was of only minor effect. There is
hardly any inquiry in the open market at Pittsburgh, business consisting
mostly of the usual trade with regular customers. The trade in New
England and the other Eastern markets continues to wrestle with the
problem of forcing coal on reluctant consumers-not with glittering success.
The anthracite market retains most of its recent brisk aspect. Line
companies are well booked with orders and independent output is moving
well. Stove is in strong demand, those insistent upon obtaining this size
being at times forced to wait for deliveries. Chestnut Is moving well and
egg and pea are in unusually good demand. Steam sizes are doing fairly
well for this time'of the year.
The "Coal Age" index of spot prices of bituminous coal receded five
points during the last week, standing on May 18 at 161, the corresponding
price for which is $1.95.
Dumpings at Lake Erie ports rose again during the week ended May 17,
when,according to the "Ore & Coal Exchange,"cargo dumpings were 662,424
net tons; steamship, 42,928 tons-a total of 715.352 tons, compared with
644.924 tons in the previous week,Hampton Roads dumpingsfor all accounts
In the week ended May 14 totaled 404,320 net tons, compared with 390,878
Ions in the preceding week.
a Revised since last report.
Output of Bituminous Coal and Anthracite Gains,
But Coke Decreases.
The production of bituminous and anthracite coal and
beehive coke during the week ended May 9, according to reports issued by the Department of the Interior, through the
Geological Survey, May 16 1925, shows increases in the first
two fuels but a continued decline in coke output. The usual
weekly tables give the following:
Production of soft coal turned upward slightly during the week of May 9.
From the number of cars loaded the total output, including lignite, is estimated at 8,281,000 net tons, an increase of 3.8% over the preceding week
and the largest in any week since the beginning of the coal year.
Preliminary telegraphic reports from the American Railway Association
of cars loaded on Monday and Tuesday of the week ending May 16 show an
increase of 4% over the corresponding days of the week before.
Production in 1925, after lagging behind 1924 in February and March
has been above the 1924 rate since April 1. The output for the month of
April 1925 is estimated at 33,690,000 tons, against 30,404,000 in April
1924. The production of the week of May 9 also shows an increase of
12.5% over the corresponding week of 1024.
The cumulative output for the year to date now stands at 172,768,000
tons, or 5,390,000 tons behind ,1924, but considerably ahead of 1919, 1921
and 1922.
Following closely the trend of pig Iron production, the
output of by-product coke declined slightly in April. The
total production for the month was 3,316,000 tons, an average of 110,500 tons per day. In comparison with March, the
daily average shows a decline of 0.9%. With the exception
of February and March, however, the daily output of April,
a 30-day month, was the highest on record, and the total
production has been exceeded only thrice before. ProducEstimated United States Production of Bituminous Coal (Net Tons).
Including Coal Coked.
tion was between 85 and 89% of maximum capacity of the
-1924a
1923
were
68
active, 6 Idle, and
Week. Cal.Yr.toDate.b
Week. Cal.Yr.to Date.
plants in existence. Of 75 plants,
163.735,000
6,944,000
8010,000
156,512,000
- ell 25_e
A
1,629,000
1,157,000
1 338,000
1,553,000
one is in process of rebuilding, reports the United States Daily average
170,798,000
7,063,000
164.487,000
7,975,000
Mav 2-c
1,604,000
Geological Survey.
1,177,000
1,329,000
1,540,000
average
Dolly
178,158.000
8,281,000
172,768,000
7.360,000
9_4
The production of pig iron declined from 3,564,000 gross May
1,583.000
1 380,000
1,532,000
1,227,000
Daily average
a Original estimates corrected for usual error, which in past has averaged 2%
tons in March to 3,259,000 in April. The decrease in monthly S Minus
two days' production first week in January to equalise number of days in
the two years. c Revised since last report. d Subject to revision.
output was 8.6% and in average daily output 5.5%.
Production of beehive coke, however, dropped to the low
•
ANTHRACITE.
level of 806,000 tons, a decline of nearly 20% in comparison
Production of Pennsylvania anthracite continued to increase and during
with March, and the smallest output in any month since last the week ended May 9 passed the 2,000,000-ton mark. Preliminary reports
loadings by the nine carriers serving the region indicate a total of 38,941
November. Of the total production of all coke in April- of
cars, from which the total production, including dredge and washery coal,
but
contributed
20%
and
ovens
beehive
-the
4,122,000 tons
mine fuel and local sales, is estimated to be about 2,036,000 net tons. In
comparison with the preceding week this was an increase of 2.6%.
the by-product ovens 80%.
2638
THE CHRONICLE',
Estimated United States Production of Anthracite Wei Tons).
1026
1924
Week EndedWeek.
Cal.Yr JoDate.
Week, Cal.Yr.toDate.a
April 25
1,937,000
27,768,000
1,205,000
29,153,000
May 2
1 984,000
29,752,000
1,616,000
30,769,000
May 9
2 038,000
31,788,000
1,924,000
32.693,000
a Less two days' production In January to equalize number of days in the two
years.
BEEHIVE COKE-WEEKLY PRODUCTION.
The steady decline in production of beehive coke, which began last
March, still continues. In the week ended May 9 the output was 141,000
tons, a decrease of 28,000 from the preceding week. In comparison with the
corresponding week of 1924 the current output shows a decrease of 21%.
IF
[Vor.. 120.
Estimated Production of Beehive Coke (Net Tons.
Week Ended
1925
1924
May 9'25.b Malt2'25.c May 10'24. to Date. to Date.a
Pennsylvania & Ohio
101,000
128,000
133,000 3,319,000 3,995,000
West Virginia
11.000
10,000
9,000
243,000
269,000
Ala., Ky.,Tenn.& Ca
14,000
15,000
19,000
402,000
382,000
Virginia
6,000
7,000
167,000
7,000
164,000
Colorado & New Mexico_
5,000
5,000
5,000
79,000
99.000
Washington & Utah
4,000
4,000
5,000
82,000
78,000
United States total
Daily average
141.000
24,000
169,000
28,000
178,000 4,292,000 4,987,000
30,000
39,000
45,000
a Adjusted to make comparable the number of days covered In both years
Subject to revision. e Revised from last report.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of, the Federal
Reserve banks on May 20, made public by the Federal
Reserve Board and which deals with the results for the
twelve Federal Reserve banks combined, shows decreases
of 821,600,000 in holdings of Government securities, of
$7,000,000 in acceptances purchased in open market and
of $300,000 in discounted bills. Total earning assets went
down $28,000,000 to $985,600,000, Federal Reserve note
circulation declined $19,700,000 and gold reserves $18,900,000, while reserves other than gold went up $5,300,000
and non-reserve cash $300,000. After noting these facts,
the Federal Reserve Board proceeds as follows:
A further decline of $12,700,000 in discount holdings is reported by the
Federal Reserve Bank of New York. The Cleveland Bank reports a reduction of $3,300,000 in discount holdings, San Francisco of $2,200.000 and
Richmond of $2.000.000, while Boston reports an increase in this item or
$5.800.000. Chicago of $4,200.000, St. Louis of $4,000.000 and Atlanta
of $3.200.000. Smaller changes in discount holdings are shown by the
remaining banks.
The Federal Reserve Bank of New York reports a decline of $14,500,000
in acceptance holdings, and the Chicago and St. Louis banks report increases of $2,800,000 and $2.000.000. respectively. In this item. Acceptance holdings of the other Reserve banks show smaller changes for the
week. The System's holdings of Treasury notes went down *19.900.000
and of certificates of indebtedness $1,900,000, while holdings of United
States bonds increased $200.000.
All Federal Reserve banks show declines in Federal Reserve note circulation, the principal decreases being: Cleveland. $4,900.000; Philadelphia, $3,800,000; Boston, $3,700,000. and New York, $2,600,000.
$44,000,000 in the New York district and remained practically unchanged
at reporting banks in other districts.
Increases in net demand deposits of $27,000,000 in the Chicago district, of
$16,000,000 in the San Francisco district and $14,000,000 in the Boston
district were partly offset by a decline of $331,000,000 in the New York
district.
Of the increase of $36,000,000 in time deposits, 317.000.000 was reported
by banks lathe New York district and $11,000,000 by banks in the Chicago
district.
The principal changes in borrowings from the Federal Reserve banks WM
a decrease of $58,000,000 reported for the New York district.
On a subsequent page-that is, on page 2658-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 (+)orDecrease (-)
During
Week.
Year.
Loans and discounts, total
-$19,000,000 +$1.112.000,000
Secured by U. S. Govt. obligations
-2.000,000
-28,000,000
Secured by stocks and bonds
-48.000.000
+940,000.000
All other
+31,000,000
+200,000,000
Investments, total
-35,000.000
+795,000,000
U. S. bonds
+548,000,000
+7.000.000
U. S. Treasury notes
+1,000,000
-272,000.000
U. S. Treasury certificates
-1.000.000
+17,000,000
Other bonds, stocks and securities
-42,000,000
+502.000,000
Reserve balances with Fed. Reserve banks_ -30,000.000
+167.000,000
Cash in vault
+7,000,000
+2,000,000
Net demand deposits
+22.000,000 +1,320,000,000
Time deposits
+36.000,000
+831,000.000
Government deposits
-7.000.000
+2,000.000
Total accommodation at Fed. Res. banks- -74,000.000
-19,000,000
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 2657 and 2658. A
summary of changes in the principal assets and liabilities Gold and Silver Imported Into and Exported From
the United States, by Countries, in April.
of the Reserve banks during the week and the year ending
The Bureau of Foreign and Domestic Commerce of the
May 20. 1925, follows:
Increase (+) or Decrease (-) Department of Commerce at Washington has
made public
During
its monthly report, showing the imports and exports of gold
Week.
Year.
Total reserves
-$13,600,000 -$259,400.000 and silver into and from the United States during the month
Gold reserves
-18.900.000 -303,500,000 of April 1925. It will be noted that the gold
exports were
Total earning assets
-28,000,000 +190,100,000
again lighter than in previous months, reaching only $21,Bills discounted, total
-300.000 -76,200,000
Secured by U. S. Govt. obligations- _ - _
-400.000
+11.200.000 603,945. The imports were $8,869,883, the greater part of
Other bills discounted
+100,000 -87.400,000 which came from the Netherlands
and Canada. Of the outBllls bought in open market
-7,000.000 +220.300,000
flow of the metal, 70% went to Germany, $15,129,820 being
U. S. Govt. securities, total
-21,600,000
+33,700.000
Bonds
+200.000
+66.000,000 the exact amount. British India took $3,012,632, Venezuela
Treasury notes
-19,900.000
+9.400.000 $1,210,010 and Australia $1,020,144.
Certificates of indebtedness
-1.900.000 -41.700.000
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
-19,700.000 -230.000.000
-23.600,000 +191.100,000
-35,800.000 +176,900,000
+13,200,000
+13,700,000
-1,000.000
+500.000
The Week with the Member Banks of the Federal
Reserve System.
Changes during the week in the condition of 736 reporting
member banks in leading cities, as shown by the Federal
Reserve Board's consolidated statement issued as of May 13,
include decreases of $19,000,000 in loans and discounts, of
$35,000,000 in investments, arid of $74,000,000 in borrowings from the Federal Reserve banks, together with increases
of $22,000,000 in net demand deposits and of $36,000,000
in time deposits. It should be noted that the figures for
these member banks are always a • week behind those of the
Reserve banks themselves. The New York City members
reported reductions of $39,000,000 in loans and discounts,
of $33,000,000 in investments, of $37,000,000 in net demand
deposits and of $51,000,000 in borrowings from the Federal
Reserve Bank. Further comments regarding the changes
shown by these member banks is as follows:
Loans on stocks and bonds fell off *63.000,000 in the New York district
d $10.000,000 in the Philadelphia district, these decreases being offset
n part by an increase of $21,000,000 in the Chicago district. "All other,"
largely commercial, loans and discounts went up *20,000.000 in the New
York district, $6,000,000 in the Philadelphia district and $5,000,000 in the
St. Louis district.
Investments in United States securities show but nominal changes during
the week. Investments in other bonds, stocks and securities fell off
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE
UNITED STATES. BY COUNTRIES.
--Gold
Silos
Total Value- -Refined BullionTotal Value
Imports. Exports. Imports. Exports. Imports. Exports.
CountriesDollars.
Ounces.
Dollars.
Ounces.
Dollars.
Dollars.
France
5,725
62,416
Germany
1.528 15.129.820
1.909,538
653 1,278,423
Italy
806
1,764
Netherlands
5 041,364
Poland & Danzig242,200
Spain
12,516
32,331
25,099
Sweden
220
864
United Kingdom_
13,130
2.616,479
31,903 1,753,470
Canada
2,054,007
102,885 446,294
138,623 390,625
172,073
Costa Rica
50,022
1,980
1,332
Guatemala
24,994
15
10
3,200
Honduras
11,179
'20,580
13,867
Nicaragua
46,469
12
8,062
Panama
19,114
75,654
50,963
Mexico
815,814
454.535 2,117,801
3.661,424
137,078
Bermuda
115
590
Trinidad&Tobago 22,552
72
49
1,275
Other Br. W.Ind.
7,251
Cuba
3.157
286
162
15,800
Dom. Republic
40,000
Argentina
100.000
Brazil
7,350
Chile
6,429
267,744
Colombia
119.073
7,012
6,621
Ecuador
133,290
8.309
BrItishGulana_
354
500
Dutch Guiana_ _ _
5.947
225
20
14
Peru
12,631
34,757
266,501
39,600
Venezuela
38,681 1,210,010
134
89
British India_
3.012.632
5,041,181
7,491,691.
Straits SettlemIs
119,513
China
24,851
613,602
20
915,277
Java, Madura. &
0th. Dutch East
Indies
218,692
7.500
16,350
109,140
Hongkong
402.000
Philippine Islands 146,487
5,000
2,218
Australia
1.020,144
New Zealand_ _ _ _
15,707
19
Portuguese Africa 18,132
18.711
Total
8 869.883 21.603.945 2.720.967 13,072.108 4,944,807 9.322.618
MAY 23 1925.]
2639
THE CHRONICLE
maturity. The offer to the public was by a country-wide
group, composed of the 12 Federal Land2Banks, investment
houses, institutions and upwards of 1,000 dealers. The
banking group was headed by Alex. Brown & Sons of Baltimore, Harris, Forbes & Co., Brown Brothers & Co., Lee,
Higginson & Co., The National City Co. and the Guaranty
Co. of New York. The bonds are exempt from Federal,
State, municipal and local taxation, are dated Jan. 1 1925
and are due Jan. 1 1955. They are not redeemable before
Jan. 1 1935, but are redeemable at par and interest at any
time after 10 years from date of issue. They are in coupon
and registered form, interchangeable, in denominations of
$10,000, $5,000, $1,000, $500, $100 and $40. Interest is
payable Jan. 1 and July 1 at any Federal Land Bank or
Federal Reserve Bank.
Figures made public in connection with the new offering
show that in seven years of active operation the 12 Federal
Land Banks have been built up until on Mar. 31 1925 their
capital was $50,905,040 reserve, $6,688,900; undivided profits, $3,706,251, and total assets, $1,031,710,233. Every
bank shows a surplus earned from operations. The holdings
of the United States Government in the capital stock of the
Federal Land Banks have been reduced from $9,000,000, at
the time of the inauguration of the System, to about $1,500,000, as of Mar. 31 1925. During the same period the Farm
acquired approximately $49,000,000 capiHungarian Revenue Receipts—Agricultural Credits Loan associations
the proceeds of which was used to retire
of
part
stock,
tal
Proposed.
the Government as required by the Farm
by
owned
stock
Hon. Jeremiah Smith, Jr., Commissioner-General for Loan Act. The United States Government has purchased
Hungary, in his March report to the League of Nations,
$100,000,000 Federal Land Bank Bonds.
6% and now holds over
,
states that the receipts for the revenues pledged for the 7)
are not Government obligations, and are
Bonds
these
While
Loan were about $12,865,000 for the first quarter of 1925, or
not guaranteed by the Government, they are the secured
about three times the amount for the corresponding period of obligations of Banks operating under Federal charter with
1924. The receipts for the first 9 months of the current fiscal Governmental supervision, on whose boards of direction the
year were about $34,500,000, or five times the interest and Government is represented. The Supreme Court of the
sinking fund requirements for the whole year.
United States has held that these banks were legally created
Latest advices from Hungary state that the outlook for the
part of the banking system of the United States and that
as
crops this year is favorable, and that the Government is takbonds issued by the banks are instrumentalities of the
the
ing steps to establish a system of farm or agricultural credits.
States Government and are exempt from Federal,
United
of
prosperity
mean
much for the
Hungary, as it
This should
and local taxation. The bonds are accepmunicipal
State,
is primarily an agricultural country.
States Treasury as security for GovernUnited
the
by
table
About a year ago, Hungary arranged for the funding of its
Postal Savings funds, and the
including
deposits,
ment
relief obligations to the United States, which debt was conAct provides that the bonds shall be lawLoan
Farm
Federal
tracted immediately after the world war.
ful investment for all fiduciary and trust funds under the
jurisdiction of the United States Government. The ConsoliBerne (Switzerland) $6,000,000 Sinking Fund Loan of dated balance sheet is as follows:
1920 To Be Called for Redemption May 1 1926.
ED STATEMENT OF CONDITION OF THE TWELVE
Speyer & Co. have been notified that the City of Berne, CONSOLIDAT
FEDERAL LAND BANKS AT CLOSE OF BUSINESS
MARCH 31 1925.
Switzerland, has decided to call for redemption per May 1
1926, at 107% and accrued interest, all outstanding bonds of
[From Official Reports of the Farm Loan Board.1
its $6,000,000 8% Sinking Fund Gold loan of 1920. Official
Assets.
$954,265.311 60
Net mortgage loans*
notice of redemption is to be published in the fall.
Poland Completes Funding U. S. Debt.
Funding of the debt of the Republic of Poland to the
United States was formerly completed on May 21 at the
Treasury with the delivery to Acting Secretary Winston of
Polish bonds amounting to $178,560,000. Minister Wroblewski of Poland turned over the bonds to the Treasury and
received in exchange the original demand obligations given
by his Government for surplus war supplies purchased from
the War and Navy Departments, relief supplies furnished
through the American relief administration, flour obtained
from the United States Grain Corporation and for services
rendered by the Shipping Board. The Polish settlement
was approved by Congress last December, but final steps
Involving the exchange of the old for the new securities was
temporarily delayed. With this exchange, however, the
settlement terms become operative and payments hereafter
will be made semi-annually over a period of 62 years, or
until the debt is liquidated.
Poland is one of the 5 governments which have completed
, the funding of its debt to the United States for war or postwar loans and relief supplies. The others which have reached
agreements are Great Britain, Hungary, Finland and
Lithuania. Negotiations are virtually completed with
Esthonia.
14.747,549 32
Interest accrued but not yet due on mortgage loans
42.025,778 28
U. S. Government bonds and securities
307.789 23
F. J. Lisman & Co. Advices Regarding Austria—No Interest accrued but not yet due on bonds and securities- 3.25834
Other interest accrued but not yet due
Need for Loan.
99
11,251.990
Cash on hand and in banks
15
1.701,928
&c
&
Lisman
Co. have received the following cable from Notes receivable, acceptances,
F. J.
748,427 96
Accounts receivable
the Associated Banks of Vienna under date of May 8:
1,288.523 56
Installments matured (in process of collection)
The control committee of the League of Nations, which has been holding
2,013.674 17
Banking houses
a session in Paris to consider reports from Commissioner Zimmermann in Furniture and fixtures
272,089 16
charge of Austrian reconstruction as Commissioner of the League of Nations,
2.706.631 08
Sheriffs' certificates, Judgments,&c.(subject to rodemp.)
its
of
free
use
good
trade
offices
in
promoting
way
bethe
to
decided
has
377.281 50
Other assets
tween Austrian and other succession States. Each of the States can help
the other; materially in this way, and at the same time enable one another to
34
$1,031,710,233
Total assets
save a huge expense in the way of maintaining customs guards at railway
•ITnplodged mortgages (gross), $57,996,969 44.
borders.
all
along
their
crossings,
and highway
Liabilities.
The committee has likewise decided there is no reason for Austria to bor$950,323.405 00
row $20,000,000 offered by American bankers for railroad electrification, as Farm loan bonds outstanding
15,444,064 57
there is a $40,000,000 balance of the proceeds of the League of Nations Interest accrued but not yet due on farm loan bonds
the
finance
to
Austrian
Government defi- U.S. Government deposits
loan, which has not been required
145.255 80
cits, anticipated at the time the loan was floated. These funds are avail- Notes Payable
5,5.61644
able for the electrification, which will further increase coal importations, a Accounts payable
15.805 04
Other interest accrued but not yet due
heavy burden on Austria.
57
487,922
Material progress in hydro-electric development has now greatly reduced Due borrowers on uncompleted loans
54
1.452.526
recent
The
in
New
expense.
financing
York
the
importation
paid
advance
in
Amortization installments
Austria's coal
572.662 03
market of such a development in the Province of Tyrol is regarded as a Farm loan bond coupons outstanding
829,644 72
material accomplishment which will go far in the rehabilitation of Austria. Dividends declared but unpaid
976.640 01
The company will produce a surplus which can be marketed in Bavaria and Other liabilities
the
the
balance,
export
to
accomplishment of
Italy, adding considerably
72
$970,303,542
country.
the
of
salvation
economic
liabilities
Total
which means the
Unemployment is showing continual decrease. Paper mills are working
Worth—
Net
most of the export trade they enjoyed
at full capacity and have regained
Capital stock:
before the war. The railroads have reduced excursion rates and have suc- Held by.
traffic, which brings a great deal of
tourist
foreign
ceeded in increasing
$1,513.045 00
United States Government
money into the country.
National Farm Loan Associations__ - 48,978.430 00
411,980 00
Borrowers through agents
1.585 oo
Individual subscribers
$26,500,000 New Offer of Federal Land Bank 4.1 2%
Bonds.
Public offering was made on Monday of a new issue of
2% bonds
$26,500,000 ten-thirty year Federal Land Bank 43/
yield
to
about
interest
to the
4.15%
and
102%
of
at a price
redeemable date 1935 and 04% thereafter to redemption or
Total capital stock
Reserve (legal)
Surplus, reserves. &c
Undivided profits
Total liabilities and net worth
$50.908,040 00
6,688.900 00
106,50000
3.706,250 62
$61.406,690 62
81.031.710.233 34
2640
THE CHRONICLE
Payment by Mexico of Debts Arising from Commercial
Transactions.
The Financial Agency of the Mexican Government on
April 29 issued the following statement relative to the payment by Mexico of debts originating from commercial transactions:
The economic condition of the National Treasury of Mexico being very
satisfactory at present, the President of the Republic ordered on the 23d
Inst. that the indebtedness to the merchants be paid in accordance to the
following instructions that the Secretary of Finance issued to the National
General Treasurer.
"The salaries pending from the years of 1923 and 1924 having already
been paid to the officials and employees of the Federal Government, the
President of the Republic orders that your Department proceeds to pay the
different debts originated from commercial transactions made in previous
fiscal years in the forms and terms expressed hereunder:
"L On the 28th of this month 50% will be paid the creditors whose
credits amount up to 20,000 pesos and 10% to those whose credits exceed
said amount.
"II. On May the 13th next the rest of 50% on credits amounting up to
20,000 pesos will be paid, as well as 15% of all other credits.
"III. The 75% pending in favor of creditors having credits of more than
20,000 pesos will be divided in three equal payments that will be made on
the 13th day of June, July and August of this year.
"IV. The drafts issued by the National General Treasury in previous
years against the Financial Agency of the Government of Mexico at New
York will be paid in four monthly payments of 25% each that will be made
On the 13th day of the months of May, June, July and August of this year.
"New York, April 27 1925."
The drafts referred to in the last paragraph will be paid by the Financial
Agency of the Mexican Government, located at 7 Dey Street, beginning May
13 next, as stated.
New York, April 29 1925.
[Vol,. 120.
assessed Valuation (1923)
$573,672,307
Internal Debt
$21,808,652
External Debt,Including this issue
8,367,087
Total Debt
$29,975,739
It is provided by the Provincial Constitution that the Consolidated debt
shall be limited to an amount the annual service of which shall not exceed
25% of the revenues.
Debt Record.
In the decade following the Baring crisis in 1890 several of the principal
South American republics, including Argentina. were obliged to make
funding arrangements with their bondholders. Various local governments,
including the Province of Cordoba, were automatically affected on account
of the fiscal policy of the Argentine Federal Government at that time and
were therefore unable to meet the service of their debt. In 1897 the Argentine Government resumed full interest payments in cash and in that and
the following years took steps to regulate the financial situation of the
Argentine provinces by taking over their debt. In 1899 the Province of
Cordoba received bonds of the Argentine Republic which the bondholders
of the Province accepted in settlement of their claims, including principal
and arrears of interest. To amortize the debt to the nation it was agreed
that the Province would make annual payments to the National Government on a sliding scale and the amounts called for by this scale have from
time to time been changed by mutual arrangement between the Government
of the Province and the National Government. The amount of this debt
as fixed was acceded to by the Province at the time of the readjustment
following the Baring crisis and the National Government has signified its
Intention and in actual practice has refrained from instituting any burdensome method of payment, which is natural in view of the national causes
which brought about the financial situation almost 35 years ago. The
Minister of Finance of the Argentine Nation states that all financial arrangements between the National Government and the Province are in a satisfactory condition. For the past twenty-five years payments of principal
and interest on all bonds of the Province in the hands of the public have
been promptly made. (All pesos have been converted at parity into
U. S. Dollars).
Field Marshal von Hindenburg Elected President of
Germany by Plurality of904,000.
Offering of $5,943,000 Bonds by Province of Cordoba,
The following message from Berlin shows the final
Argentina.
Harris, Forbes & Co., the First National Corporation of count on the Von Hindenberg election.
The final count of the votes in the Presidential election of April 28, which
Boston and Kissel, Kinnicutt & Co., this week offered at
will be officially announced to-morrow, show a gain for Hindenburg of
95 and interest, yielding over 73/
2% to matur.ty $5,943 000 16,367 and a loss for Marx of 1,025 votes from the previously announced
Province of Cordoba, Argentina External 17%-Year 7% figures. The final count is:
Total valid votes cast
30,351,948
Sinking Fund Gold bonds of 1925. The issue was overFor Hindenburg
14,655,766
subscribed. Dated Jan. 1 1925, due July 11942. Interest
For Marx
13,751,615
For
payable January 1 and July 1. Principal and interest payable
Thaelmann
1,931,151
Scattering
13,410
in New York City in United States gold coin of the present
According to these official figures, Hindenburg's plurality was 004,151.
standard of weight and fineness without deduction for any
The election was referred to by us May 2, page 2221.
Argentine national or loc,a1 taxes present or future, when
held by other than residents or citizens of the Argentine
Republic. Coupon bonds in denominations of $500 and
Austria's Loan Plea Refused by League.
$1,000, registerable as to principal only. Redeemable by
The following advices from Vienna, May 6 (Associated
lot for sinking fund purposes, on July 1 1925, or on any Press), are from the New York "Journal of Commerce":
The Austrian Government's request for permission to float a special loan
interest date thereafter on not less than 15 days' notice at
finance electrification of the railroads has been refused by the League of
par and accrued interest. Kissel, Kinnicutt Sz Co., New to
Nations' Control Committee for Austria, it is officially announced. Austria
York, and The First National Corporation, of Boston, was informed that she must obtain
the funds out of the balance of the interFiscal Agents. A minimum cumulative annual Sinking national loan in the hands of the League Commissioner, Dr. Zimmerman.
Fund of 3% is provided for the retirement of bonds by
semi-annual drawings at par and accrued interest and may
Austrian Crown Reaches Par.
be increased on three months' notice. The following is
A wireless message, as follows, from Vienna, May 5,.is
summarized from information received by cable and furnished reported
by the New York "Times":
the bankers by Dr. Luis Achaval, Minister of Finance, and
One of the most important events in the recent economic evolution of
Central Europe took place to-day when the London Stock Exchange quoted
from official and other sources:
Province of Cordoba.
Cordoba is the second largest province of Argentina, with an area of
85,175 square miles or greater than the combined areas of the States of
New York. Connecticut. Massachusetts and Rhode Island. The Province
is served by 2,457 miles of railroad. The population has increased from
477,880 in 1908 to 929,100 in 1924. The City of Cordoba, the provincial
capital, has a population of 179,932.
Purpose of Issue.
The act authorizing this loan provides that the purpose thereof shall be
for the construction of administration buildings, school buildings, a court
house, roads, public parks, and other public improvements.
Security.
These Bonds are the direct obligation of the Province of Cordoba, which
pledges its full faith and credit to the punctual payment of principal and
Interest. In addition the issue is specifically secured by a first charge,
(subject only to a maximum charge of $555,898 which diminishes semiannually and is extinguished in eight years) on the revenues derived from
certatn taxes which, for the year 1924, produced $1,866.558. This sum is
sufficient to pay the maximum prior charge mentioned and leave an amount
equal to over 22% of the par value of this loan. During the past four
years the revenues from these specific taxes increased each year and
averaged for the period $1,314,306 per annum.
Under the terms of the loan contract, the Bank of Cordoba, the tax
collecting in agency of the Province, will collect these specific taxes and will
set aside a special fund an amount monthly, which will be sufficient to
provide for the service of this loan.
the Hungarian and Austrian crown at par. This development was an
inevitable sequel of the English pound having almost reached par. Thus
once more Austria and Hungary have a common currency unit in peace time.
Berne to Retire Loan.
The following is from the New York "Evening Post" of
May 0; '
Arrangements for retiring the 1920 dollar loan are said to have virtually
been completed by the City of Berne The amount of the loan outstanding
is $5,700,000, and it bears a coupon interest rate of 8%. The plans include
an issue of 30,000,000 to 40,000,000 franca in internal bonds bearing 55,
coupons, to be offered at 94 or 95, to take care of the calling of the dollar
lean on May 1 1926 at 107 and interest.
Death of F. W. Thorsson, Formerly Finance Minister
of Sweden.
Former Finance Minister of Sweden F. W. Thorsson, recently elected to succeed the late Premier Fljalmar Branting as head of the Social-Democratic Party, died at Stockholm on May 5. He was 60 years old and had long been
prominent in the Labor Party. Mr. Thorsson underwent an
operation for cancer last fall and about a week prior to his
death a second operation was performed. The New York
"Times" says:
Mr. Thorsson, as a youth, learned his father's trade of shoemaker. By
hard study and by his character he gained an enviable cs nmetence as a financier and the confidence of the rising Swedish Social Democratic Party, ranking second only to Hjalmar Branting as a political leader. He was a mem-
Finance.
The official reports of the Province, which reflect Its growth, state that
the total receipts from all sources rose from $7,848,310 in 1920 to $11,945,998 in 1924. The average annual receipts from all sources for the past
five years were $9,129,271 and total disbursements $9,433,896, or an average
annual deficit of $304;625. In January 1924. an amendment to the Con- ber of all three Branting Cabinets.
stitution was enacted providing that no expenditures shall be voted without
In his early days he was active in the Socialist movement, and his elohaving available or creating corresponding revenues. This resulted in a quence soon gained for him the leadership of his
home district, that of
surplus for the year 1924 of $267,056. During the past five years the the extreme south. In 1902 he was elected to the
Riksdag from Ystad, and
expenditures for public improvements aggregated $4,796,927, or an annual after that was never defeated. In December
1917 he became Minister of
average of $959,385.
Finance in the coalition Cabinet headed by Ernst Eden, and later
received
Bar 23 1925.]
THE CHRONICLE
the same post in the Labor Government formed by Branting. He was strong
in debate.
John B. Stetson, Jr., Named as U. S. Minister to
Finland.
son of the hat manuPhiladelphia,
of
Jr.,
Stetson
B.
John
facturer, has been appointed Minister to Finland. Announcement of the appointment was made at Washington
on May 7 after word of his acceptability had been received
from the Finnish Government. Mr. Stetson will succeed
Charles L. Kagey, resigned.
Esthonia to Fund Debt to U. S.
According to Washington Press dispatches May 4, negotiations for a debt funding agreement between the United
States and Esthonia are being carried on between the Treasury and legation officials. Esthonia owes the United States
between $40,000,000 and $50,000,000 on advances made as a
relief measure in 1919 and subsequent years. It is stated
that the British debt settlement forms the basis of discussion, with the matter of a possible moratorium or reduced
Interest rate for the first years of payment the immediate
question at issue.
2641
-fiscal year, according to cable to the Department of Commerce by Assistant Commercial Attache Miller, Berlin.
Total expenditures are estimated at 7,205 million marks, of
which Federal expenditures amount to 4,900 million and allocation of provincial Governments to 2,305 million marks.
The net deficit of 678 million marks is to be covered in part
by the sale of railway securities amounting to 430 million
marks. The remaining deficit will be covered by the flotation of a Government loan.
The new budget is drawn up, it is stated, with the same
conservatism shown in the budget for 1924, when actual
revenues were 40% above estimates. It is considered probable that with the continuation of present business activity,
the actual deficit will be considerably less, with the possibility of a surplus.
As a result of labor arbitrations, average wages were
increased 2.5% as compared with the February figures,
which were for unskilled labor 55.5 pfennig and for skilled
labor 77.7 pfennigs per hour. Increases were most marked
in the textile and paper industries, while other raises included the metallurgical, chemical, woodworking, building
and rubber industries. The seasonal decrease in unemployment due to agricultural activity has brought this figure
down to the lowest level since the early part of 1923. Time
money in Berlin is now at 9.4% per annum plus commission
charges that average 4%. This decline is attributed in part
to the reduced stock exchange activities and to the influence
exerted by the Reichsbank towards lower interest rates.
Wholesale prices continue to fall, while the Frankfurter
"Zeitung" stock index has dropped from 3,000 to 2,900 during the past week.
Jugoslavia Not Yet Ready to Pay Debt to U. S.
The Government of Jugoslavia is reported in a Washington dispatch, May 6, to the New York "Journal of
Commerce," as having transmitted to the United
States Debt Funding Commission a comprehensive statement of financial conditions of that eountry, designed to
show that while it is making rapid progress in fiscal rehabilitation, it is not yet ready to proceed to the refunding of its
Returns
debt to the United States, it was learned in an official quar- J. G. Geddes, of Union Trust Co., Cleveland,
from Europe—French Tax System Defective.
ter. The dispatch also says:
J. G. Geddes, Vice-President of the Union Trust Co., CleveIt Is understood that the Jugoslavian authorities anticipate that another
period of perhaps twelve months will be necessary before definite proposals, land, returned recently from a business trip to London and
for refunding can be made without serious interference with plans for the
Paris, where he was able to gain an interesting Insight into
rehabilitation of the Balkan nation.
Credits resulting from the loan recently undertaken in the United States national views and tendencies. Mr. Geddes was in London
are to be used primarily for railways and port improvements regarded as at a time when it was expected the country would return to
necessary to put the country on a sound economic footing.
and income taxes would be reduced—a situThe formation of the new Government, it is asserted, will involve no a gold standard
change in foreign policy, and virtually none in internal policies, though a ation which has since been accomplished. Mr. Geddes
new era of internal agreement is expected as a result of the adjustment of stated that it was generally expected that these changes in
differences with the Croatian element.
national policies would bring about a decided return of business confidence and tend to reduce unemployment. He said
Foreign Capital to Be Tax Exempt—Jugoslavia Plans
In part:
to Aid Business Concerns in Borrowing Money
Although the return to the gold standard and the reduction of income
Abroad.
taxes in England is bound to have a good moral effect upon the whole European situation, yet there is a feeling in England particularly that the next
The following is from the New York "Times" of May 8:
of
must be made by France through the
The Government of the Kingdom of the Serbs, Croats and Slovenes has
amended the finance law, providing that the Minister of Finance shall be
empowered to exempt all foreign capital loaned to Jugoslavian corporations
or industrial or commercial houses from all Government taxes or supertaxes.
Announcement to this effect was made in New York yesterday by Captain
Gordon Gordon Smith of the Legation of the Kingdom of the Serbs, Croats
and Slovenes. It was stated that this exemption from taxation on their
capital borrowed abroad would be accorded to all corporations and commercial and industrial houses disposing of the capital of 10,000,000 dinars, about
$166,500. The announcement says:
"This important measure is one of the latest in the scheme of financial
reforms in the Kingdom of the Serbs. Croats and Slovenes which has already
led to the consolidation of the State rail finances,the balancing of the budget,
the adoption of a far-reaching program of railway construction and the
drawing up of the revised railway tariff. Parliament has just authorized
the Government to promulgate the new customs tariff which will furnish
protection for domestic industry.
"Article 70 of the Finance law accords to foreign investors all the rights
and privileges enjoyed by the State Mortgoge Bank regarding the security
of its investments and the enforcement of its claims. The Government is
confident that the adoption of Article 70 of the Finance law will open up
a new era in the relations of Jugoslav industry and commerce toward foreign
capital."
confidence
step toward restoration
working out of some plan to fund her existing indebtedness. France has
not begun adequately to tax the ability of her people to pay, and has contented herself by putting high taxes on the things which tourists buy. Rates
2%.
/
at tourist hotels, for instance, are taxed 121
In proof of the truth of this situation, tax return statistics in France
show that the great bulk of small farmers pay no taxes at all on their
profits.
In 1923 the agricultural profits tax yielded 25 million francs, whereas the
income tax and other direct taxation together produced 2,800,000,000
francs. The limit of exemption on the agricultural profits tax is so high
that in the main the farmers who work less than 75 acres of land are practically tax-free. Yet the great mass of French farmers are small land owners. In fact, on the above basis, only about 200,000 farmers are subject to
tax, while over 5,000,000 farmers are not.
In short, the situation is one in which the chief industry of the country—
namely agriculture—has yet failed to bear anywhere near a fair share of
the burden of taxation, largely because this industry is split up into such
small units. Although this year the French Government is proposing an
increase of the agricultural profits tax on the higher ranges of assessments,
it nevertheless seems probable that even in this case many farm owners
who make fair profits will escape taxation entirely.
.the burden throughSome plan of taxation which would equitably distribute
out the entire population, including the farmers, and some progress toward
funding the French war debts, would go far toward improving the economic
situation in France and would also tend to increase confidence generally
throughout Europe.
In regard to France being able to put the franc back on a pre-war gold
basis, most economists and practical international financiers hold out little
hope--it appears that the consensus of opinion is that it may be stabilized at
some point not far from present quotations.
Adoption of Gold Gramme as Basis for Money Values
Urged at Interparliamentary Commercial Congress at Rome.
According to Associated Press cablegrams from Rome,
Italy, April 17, at the meeting that day of the Interparliamentary Commercial Congress Senator De Frontin of Brazil
presented a resolution, which was unanimously adopted,
urging the countries to adopt the gold gramme as a basis for
computing international money values. The cablegram also Reports That Italy Might Float Loan Through J. P.
Morgan & Co., Denied by T. W. Lamont—Views
said:
of Luigi Criscuolo.
It recommended that the gold gramme should be 900-1,000th pure, this
universal unit to be adopted for statistics to be published by the InternaW.
In
T.
Lamont as denying rumors of negotiareporting
various
the
of
gold
units
tional Institute of Commerce, instead of the present
countries. The resolution stipulated that values should be computed in mul- tions looking toward a loan on behalf of Italy, the "Wall
Street Journal" of May 5 had the following to say in advices
tiples of the gold gramme.
from London:
Thomas W. Lamont, of J. P. Morgan_sit Co., who is in London en route
German 1925 Budget Deficit of 678,000,000 Gold Marks
for New York, insists that his trip has been a holiday and he has transacted
—To Be Met by Sale of Railway Securities and
no business. He has no European loans in view. Ile stated that Italy does
Flotation of Government Loan.
not need and did not ask for a loan. Mr. Lamont saw French Finance Minand made friendly visits to bankers in London.
Official budget estimates for the fiscal year of 1925, dat- ister Caillaux
the likelihood of a flotation of a loan to Italy
of
Reports
6,527
million
of
receipts
tax
ing from April 1, provide for
States figured in newspaper accounts several
In
United
the
1924
for
the
million
5.243
with
compared
as
marks,
gold
2642
THE CHRONICLE
[VOL. 129.
weeks back. One of these is taken as follows from the New
Resolved, That the Committee on Library may admit to the floor of the
Exchange on Wednesday, May 27, under conditions prescribed by the ComYork "Journal of Commerce" of April 18:
A $50,000,000 Italian Government loan, it is reported in banking circles, mittee on Library, with the concurrence of the Committee of Arrangements,
may be floated here early in the summer by a group headed by J. P. Morgan delegates from banks in New York State.
& Co. Thomas W. Lamont, one of the Morgan partners, has been in Italy,
where he met Premier Mussolini. Before Mr. Lamont left this country he
declared that he was simply going to motor through Italy. The bankers Condition of National Banks Under Call of Comptroller
have thus far declined to comment further on Mr. Lamont's statement
of Currency for April 6.
Recently reports have been current that J. P. Morgan & Co. have extended
Acting
Comptroller
of the Currency Collins issues the fola small private banking credit to Italy. This, however, never could be confirmed. In financial circles the talk of this credit extension was construed lowing statement to-day, with respect to the condition of
as a possible opening for the banking house to become the American fiscal reporting national banks;
as reflected by the compilation of
agents for the Italian Government.
Another international banking group is also declared to be negotiating statistics shown by reports of condition, to the Comptroller's
with the Italian Government, with the idea of offering a dollar loan of the office, as of April 6 1925:
•
Government later. Efforts to identify this group have met with little sucThe combined resources of these banks amounted to $23,832,463,000, on
cess.
the date indicated, and were $1,769,575.000 in excess of the amount Mar.
An issue of Italian bonds was sold in this market successfully several 31 1924.
years ago. The foreign bond market has improved with the turn in events
Loans and discounts amounted to
In the French situation and it would not be surprising if efforts were made $516,549,000 in excess of the amount$12,468,836,000, April 6 1925 and were
a year ago.
to offer more European securities.
.Holdings of United States Government securities and other miscellaneous
bonds
and
securities,
likewise
In its issue of April 30 the "Wall Street Journal," stating
showed noticeable increases in the year.
United
Government securities amounting to $2,614,185,000, show an
that "discussions relative to an Italian loan have become increaseStates
in the year of $119,872,000 and other bonds and securities amountmore active," said that "investment houses are talking of a ing to $3,139,255,000, an increase of $627,618.000.
Balances on the books of these banks, due from other banks and bankers,
loan of $100,000,000, whereas until recently expectations
including lawful reserve and items in process of collection with Federal
had been for a loan of half that amount."
reserve banks, show an increase since Mar. 31 1924 of 4510,254,000, and
Luigi Criscuolo, of Merrill, Lynch & Co., this city, was amounted to $3,272,517,000 April 6 1925. Cash in vault, amounting to
$361.671,000
at the date of last report was $18,702,000 more than a year
quoted as saying recently that Italy needs $200,000,000, or ago.
an equivalent of about 5,000,000,000 lire at the current rate
The paid in capital stock of national banks was increased from $1,335.
of exchange. Mr. Criscuolo (who was the founder of the 572,000 Mar. 31 1924 to $1,361.444,000 April 6 1025 while surplus funds
and undivided profits were increased in this period from $1,581,268,000 to
Italy American Society), discussing the loan question with $1,597,001,000.
the "Wall Street Journal," was quoted by that paper April
The liability for circulating notes, due to the retirement of 4% bonds of
1925, subsequent to Feb. 1 last, was reduced in the year $77,036,000 and
27 as saying in part:
amounted
to $649,447,000 April 6 1925.
Irrespective of the fact that many of the best men in Italy prefer not to
The total deposit liabilities amounted to $19,382,947,000 April 6 1925 and
borrow money abroad, for a sound business reason—economy—there are other
reasons why Italy could profit enormously by placing a loan in the United were $1,784,251,000 greater than a year ago. Included in the deposit liaStates now, even at a higher interest rate than that prevailing at home. bilities are the items of: $3,418,841,000, representing balances due to other
banks and bankers, including certified' checks, and cashiers checks outItaly should profit by the experience of other countries which have borrowed here not only to obtain funds but to interest American business men standing, which exceeded the amount a year ago, by $404,242,000; demand
deposits, including United States deposits; aggregating $10.178.895.000,
In their political as well as economic problems.
which show an increase in the year of $703,768.000, and time deposits, inBenefits in Loan Properly Placed"!ere.
cluding postal savings deposits, to the amount of $5.785,211,000, which
The placement of an Italian dollar loan here under proper auspices would were greater than the amount a year ago by $676,241,000. The gain in
individual deposits (demand and time) exclusive of United States deposits.
have the following benefits:
1. It would give the American public a greater personal interest in since Mar. 31 1924 was $1,307,357,004:).
Of the total liabilities for money borrowed amounting to $445,795,000,
Italian international affairs. If an American investor holds Italian bonds,
he will naturally be interested in Italian politics and economic conditions, April 6%925, $160.143,000 represented bills payable with Federal Reserve
banks and $110,334,000, notes and bills rediscounted with these banks.
and will hope for their improvement
2. It would create a greater economic interchange between the two The reduction in these combined liabilities in the year was $64.738,000.
The percentage of loans and discounts to total deposits, April 6 1925 was
countries, aside from purely commercial transdctions, which would increase
64,33, compared with 67.92 Mar. 311924.
as a matter of course.
•
3. The placement of a large loan in this country would have the effect
of advancing the quotation for the lira to the point where it belongs by reaJullge Gary on The Diseases of Business.
son of Italy's progress in the past three years.
The question of a large loan has been recently discussed, and late reports
In speaking at the annual meeting yesterday of the Ameristate that Italy does not want to borrow abroad. However, it must not be can
Iron & Steel Institute at the Hotel•Commodore, in this
overlooked that Mussolini may change his mind at any moment; also that
the agitation against Finance Minister de Stefan' over the Stock Exchange city, Judge Elbert H. Gary declared that the iron and steel
regulations may result in his resignation. Italy is not well provided with business in the United States at present is prosperous, as comfinancial geniuses and a new man may mean a new policy.
pared with the latter part of 1913, for instance, and many
.•
$50,000,000 Loan Would Not Be Beneficial.
other
temporary periods that might be mentioned, yet it,is
Whoever has been hazarding a guess that there may be an Italian loan•
has perhaps speculated modestly as to the size of the loan. Fifty million not in some respects entirely satisfactory. It is not quite as
dollars would not benefit Italy. It would simply create more bonds to be good as it ought to be when one considers the underlying
sold and traded in here. Fifty million dollars, in the form of bonds or as a conditioqs of the country.
Notwithstanding it has been the
credit, would not suffice for ordinary purchases here, except for a short
time. Such a sum would have no material effect in stabilizing the lira or in inclination and effort of the leaders in this industry, or many
causing an advance in the quotation to where it should be, if what we hear of them at least, so far as they legitimately could, to encourabout Italy's progress be true and not merely propaganda.
age stability and confidence, there are witnessed, from time
Italy has in the past been ruled bY men who tried to make her masquerade
as a great nation. This policy made Italy spend billions for armaments and to time,fluctuations and hesitations in thtnatural progress of
to maintain a "front," when it should have spent money for industries, business that are unreasonable and uncalled for. This is
public improvements and education. Italy's greatness lies in the individual to be deplored he thinks. It is unhealthy
and adversely
genius of her people. These people need capital to develop their industries.
If Italy is to adjust her internal finances, stabilize her foreign exchanges affects the whole business structure. Judge Gary than proand create a strong interest in her internal affairs, it cannot be done by a ceeded to discuss reasons and remedies, as follows:
We cannot fail to bear in mind that the ill effects of the late stupendous
trivial $50,000,000 loan. Men in Italy who are in a position to know her
needs of to-day feel that if financing is to be done here it must be done on world wars are still evidence throughout the universe, although the extent
must
has
net
it
not and cannot as yet be fully appraised. The influence of those wars
scale;
be
large
a
mere
a
temporary expedient It must be an
operation along broad lines which will establish a permanent connection of upon the political, the social, the financial, commercial, and industrial
life of the entire world, of which we are an important part, will be felt for
benefit to all parties.
many years to come, but it is hoped with lessening degree. The disease of
Italy Needs $200,000,000.
Italy needs $200,000,000, or an equivalent of about 6,000,000,000 lire at war was infectious and became epidemic. In this best of all countries we
suffer In many particulars from its effects. We properly may charge
still
the current rate of exchange. With this sum to her credit she could immediately begin negotiations toward refunding her war debt to the United against war and its influences many unhealthful conditions, moral, mental
States. This debt must be refunded, and no delay will be tolerated by and physical.
Next, we have had good reason to complain of political situations. It is
Washington. There may be concessions as to the amount, but delay will be
fatal to Italio-American relations. This debt amounts, with accrued inter- to be hoped they will be improved. If not, it is fundamentally the fault
the people generally; the voters, men and women. No reasonable
of
$2,000,000,000.
If America wants to be generous to an ally
est, to about
and debtor, steps can be taken to adjust the matter. But, taking the debt person will find fault with the action of another who occupies a political
at its maximum principal amount with interest at even only 3%, $60,000,060 position of personal responsibility, if and when he or she acts strictly in
accordance with his or her best judgment and moral perception; but
would be required to pay interest for one year.
there is
always an.obligation to make practical application up to'the full limit
So the fallacy of a $50,000,000 loan is evident unless Italy has no intention
of
conscience
and
of
duty,
sense
having
in
mind
the
public
weel
and subordinaof refunding her obligations now. Italy needs $60,000,000 for interest on
personal
ting
benefit,
political
or
otherwise.
Not
intending
$100,000,000
to
minimum
of
to
finance
and
a
debt
purchases
of steel,
disregard or
her war
copper, coal, cotton, grain and other raw materials in the United States, as minimize the efforts, the Integrity or the ability of the vast majority of the
splendid occupants of seats in the halls of'our Congress, it may properly
be
well as to stabilize and eventually advance the lira. Any other sort of
financing would not solve the financial problems which confront Italy at this observed that there is much done and also much undone in the Congress of
the United States which is wrong, unnecessary and injurious to the
business
•
time.
of this country. There are political parties, well known, with formulated
platforms, discussed, considered and then adopted. It is the duty of
the
Delegates from New York State Banks to Be Admitted adherents of these parties respectively to vote and act In
accordance with
these platforms except and unless moral conscience prevents.
to Vloor of Stock Exchange May 27.
Likewise
It is
because established by our form of government and practice
The Governing Cotimittee of the New York Stock Ex- underexpected
it, that a majority will determine the questions considered. All this
change on May 6 passed the following resolution authorizing is proper and necessary to good government and orderly, effective procedure.
the admission of delegates from New York State banks to This is the business part or Congress; a vital part of it.
There would seem to be no reasonable doubt that during the late years
the floor of the Exchange on May 27:
there has been in the minds of some of the members of the Congress an
Ago,
MAY 23 1925.]
THE CHRONICLE
2643
it
The iron and steel business Will be all right if we who are conducting
the best interests of
attitude inimical to the principles already stated and to
This we pledge to the best of our ability.
part.
our
do
Shall
good,
been
may
have
cases
some
our people generally. The motives in
and
in others questionable. Some have disregarded their party platforms
President on
even their professed party. Some have antagonized the
Redemption of Treasury Notes Before Maturity—June
questions settled or voted upon by the large majority of the voters. Some
15th Securities May Be Cashed Now.
able
of
efforts
and
honest
have opposed or overlooked the well considered
Reserve Bank of New York on May 18
Federal
governmental representatives. Some have assailed and abused worthy
The
action
members of their own party. Some have obstructed or postponed
in accordance with Secretary Mellon's
that
d
announce
concerning proper and necessary legislation; they have ignored the welfare
to have statement made public on that day, it would until further
and defied the wishes of a large majority of the voters, and seem
and unworthy. They
redeem in cash before June 15 1925, at the holder's
acted from motives which were personal, selfish
an notice,
have in part succeeded, but whether this disposition, which has become
,at par and accrued interest to the date of such
,
option
obsession with some men, will be permitted to continue in the future
redemption, Treasury notes of Series C-1925, dated
opti
deserves attention.
Concerning the specified subjects, all the iron an,d steel industry requests D
15 1922, maturing June 15 1925.
mber
benefit
or desires is that congressmen of all parties will subordinate personal
the majority
and desire to the general good of the nation, as determined by
me-Up to Defend Federal Reserve—Bankers Preparin
when ascertained by vote, and in accordance with conscience and deliberaadvantage;
tive Judgment. We do not intend to be a bloc seeking personal
to Meet Attacks on System in Next Session of
we do not believe in minority blocs which seek to dominate the affairs
Congress—McFadden's Proposed Bill Would
the majority. They have been too common.
"The next cause of business disease to be mentione
taxes," says Mr. Gary. "They are much too high, whether
levied by National, State, municipal or, in fact, any public
organization possessing the power to levy and collect taxes.
They include emphatically income and inheritance taxes;
and they embrace all direct taxes and in instances indirect.
They have become a terribly heavy burden in the United
'States. They have almost become chronic." Judge Gary
then proceeds as follows:
Cause Inflation, then Deflation, It Is
Charged.
Public sentiment is evidently becoming deeply aroused on
the question of depriving the Federal Reserve banks of their
war powers. In dealing with the matter, the New York
"Times" discusses the subject In its issue of May 18 in the
following interesting fashion In Its financial news columns:
Lines are being formed in the banking world to defend the Federal Reserve
System against legislative attacks that are regarded as inevitable in the next
session of Congress. The opening.gun in the campaign to amend the Fedof
We know oy personal experience, or at least by the statements reliable eral Reserve Act has been fired by Representative L. T. McFadden, Chairinfrebusiness men. that business activities have been decreased and not
man of the House Committee on Banking and Currency, with the announceof taxation. This
quently abandoned as the result of the heavy burdens
ment that he will introduce a bill "to demobilize the Federal Reserve banks
memand
by
the
President
and
force
vigor
with
subject has neon discussed
by repealing certain war-time amendments that clothed them with extraorwho
Persons
they
said.
have
that
all
we
endorse
and
bers of his Cabinet,
dinary powers to control credit." Demands for amendments are expected
do not realize
have been unreasonably standing for high and higher taxes
from other quarters when the session gets under way.
that they are buildinc up conditions which have been or will be detrimental
The committee snaking the study is headed by Evans Woollen of Indianto themselves. Business generally sorely needs and therefore respectfully apolis, who is also Chairman of the Economic Policy Commission of the
very
are
it
with
those
All
connected
taxation.
of
rates
lower
demands
American Bankers Association. Its report will be made at the meeting of
grateful for what has already been done and said and attempted in this direc- the association in At/antic City in'September and is regarded as certain to
tion.
furnish the subject for spirited discussion.
One topic of 'discussion has been the $200,000,000 Federal Reserve credit
Again, the high costs of living hi the United States and in
extended to the Bank ea England. Every banker appears to believe
other localities have become or are becoming a serious if not• recently
that this operation was wise and necessary and that it will have a helpful
incurable disease.
in stabilizing the trade of most of the world. But there are a few
every influence
Not yet have the people generally awakened to a realization that
who believe that the credit should have been arranged through the banks
and
than
is
Mere
reasonable
receives
and
who
demands
one, great or little,
rather than through the Federal Reserve machinery. They
until themselves,
Just is a spoke in the vicious circle which progressively moves around
a numberasf syndicates could easily have been formed that would
that
declare
the belief that
it covers every one. The average person seems to entertain
capable of handling this operation and would have been very glad
affecting have been
he or she can add to hip or her price for what is furnished without
to do so.
are
paid
and
prices
cases
of
demanded
large
majority
others. Hence in a
They make the point oda) that this operation would have resulted in a
extortionate. This is especially true in cases where the, amounts involved moderate commission to the banks, whereas the Reserve Bank of New York
which involve
are severally small; and It is still true in many of the trades,
Reserve banks co-operating with it in this credit will receive
It is not necessary to be and other
the cost of building and add to the rent schedules..
nothing unless the credit is actually called upon by the Bank of England.
present
in
to
inquiry
regard
careful
one,
making
specific. Ana one, every
cases also in which the Reserve banks have taken commercial busias much detail as necessary. There are
and past prices may ascertain the facts in
certain of the banks had expected to obtain.
which
ness
in the larger units of
Prides are not, as a rule, proportionately increased
Defenders of the Reserve System's policies answer that everything that has
business. They are usually higher than they were before the war, but this been done has been along the lines of sound banking and in the interest of
of the
is because the wag.e rates have doubled and more since the beginning
country's financial structure and of the nation at large.
the the welfare of the
war. This results from the high coat of living, and this has followed
They oppose any ehanie in the present law on the ground that any amendextortionate, unnecessary and unreasonable demands, the high taxis, etc., ments would be bound to have an unsettling effect; that much of the work
etc., heretofore referred to. The large units generally, it is believed, are of the system is necessarily of a pioneering character in which so far it has
mit receiving as much in net returns of business on the capital employed as done very well.
before the war. Certainly this is the fact in the iron and steel industry,
Announcement of Survey.
and in many others that could be mentioned.
Various viewpoints were presented at the spring. meeting of the Executive
Business needs to be readjusted so as to bring all lines and divisions into
human Council of the American Bankers Association in Augusta, Ga., and it was
fair and reasonable proportion and comparison Just as much as the
action,
then that the national survey was decided upon. In announcing this
body which has been bruised and dislocated.
Woollen said:
Possibly the worst disease that afflicts the business structure of the United Chairman
"The Economic Policy Commission has continued to busy itself primarily
States at least is die abnormal, unnecessary, timid and ill-poised mental
with problems pertaining* to the Federal Reserve System. The Commission
attitude of.the managers themselves, including ourselves.
if both be- believes that as the time draws nearer When the charters of the Federal
If the medical expert, or his patient, becomes, or especially
for improve- Reserve banks must be renewed, there will be increased agitation to amend
the
chines
lethargic,
hopeless,
despondent,
alarmed,
come,
Reserve Act in various ways. In order to be fully prepared to
ment 11 poor indeed.. With hope and belief, determination and energy;-the the Federal
We meet any contingencies that may arise, the Commission has voted to appoint
case is much better. We know this from observation and testimony.
man and the affairs under his a sub-committee out of its own membership to study all phases of the Fedalso realize that all tlias applies to the business
ns, substance asnA manner eral Reserve System and the amendments proposed to alter the Act under
cbuversatio
The
attitude,
supervision.
care and
and future prdspecto of busi- which the System is now functioning."
conditions
the
present
concerning
statements
of
and success. Indeed they not inBesides Mr. Woollen, the members of the sub-commIttee making the study
ness often materially affect its progress
up are Nathan Adams of Dallas, Texas; Leonard R. Ayres of Cleveland, Ohio;
frequently lead to one thing and'another, until they become contagious
that is, the one who looks So the Craig II. HazIewood of Chicago; it. S. Hecht of New Orleans, Walter Lichtto the point of panic. The real pessimist,
talking about it, is very likely to enstein. of Chicago and Paul M. Warburg of New York.
upon
insists
and
everything
of
side
worst
and bursgng himSince the McFadden hill is the most important one in the offing that may
become a pest; to be a party in pulling deign his own house
policies
same time starting a conflagration.
affect the Federal Reserve System, supporters of Federal Reserve
self In the ruins, and at the
way of stating a fact for consideration have made a careful study of the measure and have prepared data which they
There is a right way and a wrong
McFadthe
It is just as proper to say: "We con- declare 'refute all of Mr. McFadden's arguments. They declare
by those who are not well advised.
to 75% of producing capacity," as it is to say: den proposals would cause first inflation and then deflation, and would be
sider business &good; it is up
bad; It is down to 75% of producing capacity." distinctly harmful to the country at large.
"We consider business
of
lathe same-6 or 7% profit. The
The chief purpose of Mr. McFadden's bill is to revoke amendments
Whichever expression is used, the result
will not be different, but the psychological effect on June 21 1917 in the two following respects:
net returns of business
legal
present
their
of
different.
It would allow member banks to maintain 40%
those who hear may be quite
•
$
.5
reserves as cash in their vaults, instead of requiring 100% of such reserves
•
been
have
which
mentioned
be maintained in the Federal Reserve banks as at present
advantages
to
the
Does any one hero believe
If you answer in the
Its intent is to prevent the issuing of Federal Reserve notes against gold
that he can think of
outweigh the disadvantages
for the diseases of business and or acceptances purchased in the open market and to permit them to be
affirmative, you have a cure or an antidote
any of you believes the disadvantages are greater, issued only against discounts and advances for member banks.
If
optimist.
an
you are
Change in Requirements.
pessimist. And if such condition of mind has overtaken you.
then you are a
It should be noted, proponents of the Reserve System point out, that in the
for you to embark in business for a while in Ressia. in
to the
it would be good
Germany, Great Britain or any other foreign country. Re-- first-mentioned proposal the bill does not effect a complete return
Italy, France,
would consent to your making the trim. we status before the amendments al 1917. When these amendments provided
us
of
none
however,
member,
banks
and we need your association, your friendship and your that all legal reserves should fas maintained at the Federal Reserve
like you too well,
go.
instead of partly in member banks' own vaults, they also reduced the reserve
assistance too much to let you
for
be near enough to being a pessimist temporarily to requirements for each clam of banks as follows, in order to compensate
At times you may
misgivings and begin to prepare yourself to meet the situa- not counting cash in vault. as reserve:
look forward with
a
e
only
are
optintiat,
conservativ
covers your case you
RESERVES REQUIRED ON NET DEMAND DEPOSITS.
tion. If this fully
best and the safest kind. Your President, who is a proPrior to 1917
Of whiehAfter 1917
and such are the
m;
in
in
being
conservatis
believes
States,
United
the
amendments. must be in vault, amendments.
nounced optimist on
this does not imply that at any time
Decidedly
.
emergencies
18
13
6
prepared for
Central reverse city banks
products at prices below cost or beyond reason, because
10
15
5
Reserve city banks
we should sell our
trouble and in the end injures the seller and the cus7
precipitates
12
4
only
banks
Country
that
tomer both.
2644
THE CHRONICLE
[VoL. 120.
i
8
4
.
...
a
...do.
....
d4,163,828,338
Rees. Against
United States
Notes
1(and Treasury
Notes
o11890).
Held for
Federal
Reserve
Bangs•
and
Agents.
e .6
MONEY HELD IN THE TREASURY.
4,776,167,142
4,760,113,559
5,628.427.732
4,11'0,590,704
3,402.015,427
816.266.721
4,725,190.705
41.99
42.33
52.36
39.54
34.35
18.92
1'1:
I
MONEY OUTSIDE OF THE TREASURY.
The required reserve on time deposits was 5% before 1917 and 3% after.
The McFadden bill would allow banks to count their cash in vault as part moneys held in the United States Treasury and by Federal
of the required reserve to the extent of 40% of such reserve, but the bill's Reserve banks and agents. The figures
this time are for
critics point out that it does not restore the old reserve requirements which May 1.
They show that the money in circulation at that
were in force prior to 1917, because the latter required a certain percentage
date (including, of course, what is held in bank vaults and
of cash to be carried in vault at all times.
Opponents of the McFadden bill regard as an inflationary measure the pro- the reserve that the member banks of the Federal Reserve
posal to allow 40% of reserve to be maintained as cash in vault. They state System
keep with the Federal Reserve banks) was $4,725,their case thus: The four consolidated statements of 1924 show that, on
the average, member banks held $531,000,000 of cash in vault, not counted 190,705, as against $4,776,167,142 April 1 1925 and $4,760,as reserves. Consequently it was an addition to the legal reserves maintained 113,559 May 1 1924 and comparing
with $5,628,427,732 on
with the Federal Reserve banks. The new bill would allow the banks to
count a large part of this $531,000,000 as reserves. In country banks the Nov. 1 1920. Just before the outbreak of the European war,
cash in vaults tends to average more than 40% of the total required reserves. that is, on July 1 1914, the total was only $3,402,015,427.
In the aggregate it averages about $71,000,000 more than 40% of their The following is the statement:
total reserve requirements. In other groups of banks it averages less than
40%. After making various allowances and qualifications opponents of the CIRCULATION STATEMENT OF UNITED STATES MONEY-MAY 1 1925*
bill declare it seems clear that under the McFadden program member banks
s 'a
would immediatley find themselves with at least $400,000,000 of free recOa.7.6e:.
serves which they could use as a basis for additional extensions of credit.
vvo...m
g
An increase in bank reserves, supporters of the System declare, always
.-:" 41.- 0
.11
co
ce a t- ei. o>
4 t!,
te
..
leads to an increase in total bank credit considerably greater than the in0..000V
.4
....
crease in reserves. For every $10 of bank credit outstanding about $2 of
001...W.
.C.C..000
0
i
qq*.1
0.1•
0
I1
'9
currency is required and $1 of bank reserves; hence, for every expansion in
It .•
00000
0
NNV
CP .
kg.
V
.
reserve money of $3 there will normally be a $10 increase in the total
I
C.)
amount of bank credit outstanding. Thus an increase of $400,000,000 in
MOV0
C-OV.C.0
0.0
00C-0.1V0
free bank reserves will normally result in an increase of about $1,500,000,000
i
or-no
cloo.o.-.
in bank credit outstanding. Any expansion of bank credit of this size, it is
6-7,..7a 0.M.Vt...00
.
a.:ia.i66
-Co.
held, would tend to increase commodity prices, wages and the cost of living.
00
.11
W t0
.0
.N O,
1
4
MOCTV0
.-7.10.01
:
, 0
The reduction in the reserve requirements of member banks by about
0.01.%
0005.
0
VO
M
NNW_
0
$400,000,000, it is contended, would be approximately the equivalent of importing into the country at one shipment $400,000,000 of gold. These points,
000V
000.00
00100
0
C. .N
NOW.V
M
C.000
....
opponents of the bill declare, show how inevitably the measure would lead
vv....
.08
.00.k
eictetqw cl
ras
,
a
v
e•
4v••6
inflation.
to
••••••4
0...c.
5p2i
'43
M et v. M 00
M .M
.
.
M
.
CO
101.41
Reserve System adherents see possible danger in the McFadden proposal
i'ttlet.2
kik... 01"0
MailtiM
eZ.-4 CO
-.
07
001.m.
to prevent the issue of Federal Reserve notes against gold and acceptances
.00
00000
"g
0
..
NO
M
V
W.W.°°
purchased in the open market and to limit them to notes of member banks
..
.
0000
with Government securities as collateral, rediscounts of commercial papn
t
.
.....N.c.t
....C.Nm..,
N
000m
Nr.00040
0=C-0==
V
000N
q.o,-.or-. m
and rediscounts of acceptances. They declare that presumably the reason
'9.^tv:w 41
acz.a.6
.,;.i.6. .5
i
acceptances purchased in the open market were not originally made availNmm..0
OVVWC.0
N
"00°N
... W
.W
..1. W.
"
0
.el
.. W
.W
able as collateral for Federal Reserve notes was that at the
.C10
'
'
4
passage if the
000;.. .000
0.0000.10
.C.:0
6
.00V
hvO
0
MV.00.
Act there were no acceptances and it was difficult to foretell now the perV
V
t.
..0
NM0
t... .
.--00.0.50
.4
mission to create them would be used.
cl
0
4600005
v...
By 1917 the creation o facceptances on sound lines had been developed.
2
S
gvNmN
822.T.32
g
,
11C.
g
11.0.".00.
The acceptance represents a movement of goods to market; it bears an addi-0.0.0.-1..t.
Cc
.6
I!
2,..a4.
•406coor:
.... 0
tional banking name as compared with the promissory note, and, critics of
o..t•-•• 6
.0N .-.1,-..
co
06,-.
o
00.10.40
0
qg
erogoclo
the McFadden bill declare, it should be eligible for use as collateral against
Cl'
0)0.,
Federal Reserve notes whether rediscounted or purchased in the open market.
NNM.....
U
The exclusion of acceptances purchased in the open market, they declare,
0
000
m
would have been serious in 1920, and it might become serious again.
2
Mm0
q
.
°clot
.
1
Gold Provisions.
The provisions of the McFadden bill regarding gold, Federal Reserve adgag
herents declare, would not accomplish the purpose they are designed to
aad
2
2
000
effect. But, assuming that there were further amendwents which would
t.
t.
.
PI CIM
.
.
.0.
bring about the objects which the bill has in mind, its opponents describe
2
2AAR§§
its effect thus:
§
ogoo
0.
o
There are now outstanding $1,731,000,000 of Federal Reserve notes. The
ii.
e> e; c•I'g g
ci
a
Nt...t....C.
a
.
00
amount of paper discounted which would be proper security for Federal
W.
°.0
.
0
.°. .0
.
CINNN.0.8
Reserve notes under the McFadden bill is now $410,000,000. Thus, if the
r‘i
2
........
.
.
bill were effective fin its purpose, there would have to be retired $1,321,000,000 of Federal Resetve notes, and these notes would be replaced in circulaC3
IN.
0
MN0000
0,
N
aNP:12
...Z .
us
,
tion by, gold certificates drawn from the gold holdings of the Federal Rew000
.00
g
.
.,,.
...s.
pg
M
ci.i4mcc7c4
serve banks.
o
o
0
C..0001--0
r4 1 t
To the extent that note circulation was replaced by gold certificates, there
o ei tal !• t.:
0
..•
would be a net loss of gold to the Federal Reserve System. Together with
ileh
tovc“voes
67'
ctvlosa.
• .
_
g
the withdrawals by the member banks incident to the excess reserves con4g
....
CV00.
templated by Mr. McFadden, it is estimated that the total net loss of gold
MO NC.m N
074
2
C...000
t...MC.000
0
W
000*.00
from the Federal Reserve System would be more than $1,700,000,000, which
000.0M5'
would reduce the reserve percentage of the System from 75 to 57%, and
CI
N
Om...t..v
NWOMON
N00.0.
69,
1
g
1
would reduce the amount of free gold from about $1,529,000,000 to about
Cl' .
m
6
cp,;•;cimei
VD
V0 V
$465,000,000.
Ct
.
-0*V.
0
......v0WN
Ci
It is pointed about that as a result of the economic events of the war and
.
C"
,
...., bb .
0
the post-war period this country absorbed $2,100,000,000 of the world's
C- 000
C.C.....mm.
V•001,..C.
gold supply. Much of this gold is now urgently needed throughout the
VOWO
00
.00
.
.0
0
W.'-','"1.055'.
world as a basis for restabilization of currency and banking systems. Under
.omc,, Nacoo.nci ...,
N t•• CO
C000
C
,
'
0 CO 0 '
C. CI CI arlmv
o
the Federal Reserve System as it now exists this gold is maintained in avail0 -0 - .1.
0
.
- • •
0S0Ca061.able form where it may be restored to other nations as rapidly as they are
Mt...0.0.0
11
CO
.
0
.•• 01 4 „ ci •ro rMt...0Mt
able to reach comparative stabilization, balance their budgets and pay for
the gold.
The McFadden bill, if effective in achieving its intent, would dissipate
... , .
o
2
0.1.00-vo
. ,.:::ee
CO , , 4a
.,
these large gold reserves and make us unable to provide gold to meet the
t. •
.
.
22,
z.
w
tig;185t
0
needs of the world without the forced retirement of large amounts of gold
D•
-9,4% 8 v Omm .'i '11.
from the circulating medium or large decreases in bank deposits releasing
811.Ei:22
2.1
..Q
bank reserves. Either of these would mean drastic deflation, for the power
g21.0,.'w•
4. - o..3totti-o
kC
of expansion of the Federal Reserve System would be too limited to meet any
1'11 4 u5• . . ; ;, R
g°
"
I
mm
large need for gold. The free gold for export would be under $500,000,000
m WWZ i
0
Opponents of the McFadden bill summarize their position by saying that
a Includes United States paper currency in circulation In
foreign countries and the
the first effect of the adoption of the amendments would be a period of in- amount held by the Cuban agencies
of the Federal Reserve banks.
flation as member banks were given large excess reserves, but that in the
b Does not include gold bullion or foreign coin outside of vaults the Treasury.
of
course of time, as other countries began to draw on us for gold, the crippled Federal Reserve banks, and Federal Reserve agents.
C These amounts are not included in the total since the money held in trust against
Federal Reserve System would be unable to furnish this gold in any large
and silver certificates and Treasury notes of 1890 is included under gold coin
amounts and it could only be secared by drastic deflation. The tendency, gold
and bullion and standard silver dollars, respectively.
they declare, would be to upset the relative stability the United States has
d The amount of money held in trust against gold and silver certificates and
recently enjoyed, first in one direction and then in the other, working Treasury notes of 1890 should be
deducted from this total before combining it with
great hardship on this nation.
total money outside of the Treasury to arrive
at the stock of money In the United
Officials of the Federal Reserve Bank of New York refuse to comment on States.
e This total includes 318.867,855 of notes In process of redemption. $168,550,159
the legislative situation. Persons close to them say it is their position that
of
gold
deposited for redemption of Federal Reserve notes, $10,219,368 deposited for
the Federal Reserve Act has worked well, and is working well, and that they redemption
of national
notes, $4.840 deposited for retirement of additional
should be left free of meddling to work out a financial policy for the bene- circulation (Act of Maybank
30 1908), and $6,635,940 deposited as a reserve against
fit of the whole country. Their friends declare that the Reserve Bank execu- postal savings deposits.
IIncludes money held by the Cuban agencies of the Federal Reserve banke of
tives have surrounded themselves with experts who have as comprehensive
a grasp of the large phases of finance and economics probably as anybody In Boston and Atlanta
Nofe.-Gold certificates are secured, dollar for dollar, by gold held in the TreasurY
the country and that they can be trusted to make the proper decisions on
for their redemption; silver certificates
are secured, dollar for dollar, by standard
issues that may be of world-wide importance. They regard their work as silver
dollars held in the Treasury for their redemption; United states notes are
largely unselfish and feel that no legislative halters should be placed on their secured by a gold reserve
of $153,620,986 held in the Treasury. This reserve fund
efforts, particularly at this time, when so much of their work coasists in may also be used for the redemption of Treasury notes 011890. which are also secured.
dollar for dollar, by standard silver dollars held In the Treasury. Federal Reserve
the breaking of new ground.
notes are obligations of the United States and a first lien on all the assets of the
Issuing Federal Reserve bank. Federal Reserve
notes are secured by the deposit
with Federal Reserve agents of a like amount of gold
of gold and such discounted
or purchased paper as is eligible under the terms of theor
Stock of Money in the Country.
Federal Reserve Act. Federal
Reserve banks must maintain a gold reserve of at least 40%. Including the gold
The Treasury Department at Washington has issued its redemption fund which must be deposited with the United States Treasurer, against
Reserve notes In actual circulation. Federal Reserve bank notes and
customary monthly statement showing the stock of money in Federal
national bank notes are secured by United States Government obligations, and
fund for their redemption is required to be maintained with the Treasurer of the
the country and the amount in circulation after deducting the 5%
United States In gold or lawful money.
•
MAY 23 19251
THE CHRONICLE
President Coolidge Seeks to Cut Annual Budget
3300,000,000—Chairman of Congressional Appropriation Committees Oppose President's Course.
In his efforts to effect a further substantial cut in the
annual budget, President Coolidge, it is stated, hopes for as
great a reduction as $300,000,000, making total estimates to
be submitted to the next Congress around $3,000,000,000.
Present budget estimates for the year beginning next June 30
are for $3,267,000,000, exclusive of the Post Office Department, but including public debt requirements. These appropriations already have been made. Referring to the President's efforts to further curtail appropriations, the Assodated Press accounts from Washington, May 6, said:
2645
will pass through the Clearing House machinery. This, if the present
rate of business holds up. was expected to contain the possibilities of
hoisting the figures to a still higher level. In explanation of yesterday's
high run of exchanges and clearings, bankers said the May financing was
the principal cause. Many dividend and interest cheeks are row going
through.
Record Chicago Clearings.
From the "Wall Street Jourr al" of May 2 we quote the
following:
New York was not alone Friday, May 1 in scoring a record on bank
clearings. Chicago also reached a new high at 5192,400,000, against a
record of 8183.700.000 July 1 1924.
Budget Director Lord is returning to Washington Saturday, after a month's
tour in which he carried the President's economy program in speeches direct
to thousands of taxpayers. Upon his return he will begin drafting the next
budget. in conference with the President
Preliminary estimates already have been turned over to the budget by
several Governmental branches, and although final estimates are not due
until September, it has been Lord's policy to begin the work early in order
to arrive at a figure from which reductions can be made.
The Treasury soon can supply the Budget Director with additional figures
for the probable surplus for the current fiscal year, a surplus that now promises to be about $100,000,000. It likewise will be in a position to forecast
more definitely the receipts that may be counted on from taxes in the fiscal
year beginning July 1. The Treasury already counts on a cut of about $60,000,000 in expenditures through additional retirement of war bonds.
The question of tax reduction is intimately connected with the •surplus.
Unofficial estimates at the Treasury now indicate that the total volume of
tax receipts may be out by 12%. The method will be determined by Congress, but Secretary Mellon has su7.ested reduction of surtaxes and elimination of or material reduction in the rates on estate taxes.
The June budget meeting, to be addressed by the President, will provide a
rather definite outline of what the Administration hopes to do both with
expenses and taxation.
The Administration's pronouncement probably will be conveyed direct to
many millions of taxpayers through the medium of a coast-to-coast hook-up
of radio broadcasting stations.
Record April Bank Clearings at Pittsburgh Clearing
House.
According to the "Wall Street News" of May 1.—Bank
exchanges passing through the Pittsburgh Clearing House
during April were the highest for any April in history,exceeding by a very substantial margin even those of the boom
year in 1920. Figures for month aggregate $740,502,192.
These compare with $712,294,193 in March, a gain of
$28,208,001. Clearings for April, 1924, amounted to
$680,793,739.
Clearings of San Francisco Clearing House for 1924
Highest on Record.
Frederick H. Colburn, Manager of the San Francisco
Clearing House Association, in his annual report for the
year ended Dec. 31 1924, issued under date of Feb. 11,
report d that the year's figures reached a new high record,
exceeding the total for the year 1920 by the sum of $244,165,719. In only four cities in the United States, said
Mr. Colburn, did the 1924 clearings exceed those of San
According to the New York "Evening Post," the Presi- Francisco. The transactions of the San Francisco Clearing
dent's proposed budget slash is likely to encounter strong House for 1924, as compared with 1923, were as follows:
38,366,230,636 14
resistance when it is presented to Congress. Advices from Total clearings for the year 1924
8,049.583,490 74
Total clearings for the year 1923
its staff correspondent at Washington, May 8, says:
Unless the President can find a way of making the surgery painless to
Senators and Representatives facing next year's campaign, he will have
difficulty in getting House and Senate to approve his economy program.
With an overwhelming public sentiment behind him, however, Administration leaders are confident he will win.
Congress thinks it can cut taxes without cutting expenditures further.
A surplus is to appear in the Treasury by magic, apparently, and then Congress will joyfully apply the pruning knife to the tax rates.
Appropriation., Chairmen Cry "Enavgh."
Already the cry is beginning to go up from the Capitol that "economy has
reached the limit."
Two outstanding spokesmen of this theory are Senator Warren of Wyoming, Chairman of the Senate Appropriations Committee, and Representative
Martin Madden of Illinois, Chairman of the House Appropriations Committee. Both are of the opinion that while a few further minor economies are
possible, the curtailment of Government expenditures on a large scale has
reached "rock bottom."
The time has passed, said Senator Warren in an interview, when great
slashes can be made in the cost of any one Department, and the Bureau of
the Budget and Congress have found that only by making small decreases here
and there can the figures be cut down.
"I am of the opinion, however," the Senator said, "that because of the
rapid growth and importance of the nation we probably have reached, or
have very nearly reached, the bottom in rate of annual expenditures—at
least too much must not be expected along these lines.
Pre-War Levels Impossible.
"We cannot get back to the pre-war rate of expenditures, when billiondollar appropriations were unheard of. Interest on war debts, the decreased
value of the dollar and the ever growing extent of the Government's activities all are factors in maintaining costs of Federal administration at close
to the present level.
"The appropriations that will be needed for roads may be expected to
increase annually. We have gotten far behind in appropriations for public
buildings, many of which have been authorized, but for which no funds have
been made available.
"Rivers and harbors are demanding increasing funds. Development of the
air services of the army and navy and other naval construction is going to
cost great sums.
"Thus, while I concur heartily in applying the strictest economy to all
Governmental activities, I also concur in the belief of Mr. Madden that expenditures in Government must be expected to keep pace with the growth
of the nation and its expanding trade."
Being an increase of 3.93%
Daily average of clearings 1924
Daily average o clearings 1923
*316.647,14540
827,887.435 45
26,742,802 29
$1,144,633 18
Being an average daily increase of
Balances.
Total balances in 1924 were 19.82% of the clearings,
81,658,206,304 41
and amounted to
$5.527,354 35
Average daily balance for 1924
• 5,231.811 88
Average daily balance for 1923
Being an average daily increase during 1924 of
8295,542 49
At the annual meeting of the San Francisco Clearing House
Association on Feb. 11, officers were elected as follows:
President, Jas. J. Fagan (Vice-President Crocker National Bank);
Vice-President, E. Avenali (Vice-President & Cashier First National
Bank; Secretary, R. R. Yates (Vice-President & Cashier United Bank
& Trust Co.
The meeting elected as members of the Clearing House
Committee:
Messrs. Fagan, Avenall and F. L. Lipman, President Wells Fargo Bank
& Union Trust Co.; 0. K. McIntosh, President the Bank of California,
N. A.; C. F. Hunt, Vice-President Anglo & London Paris National Bank:
John EL Drum, President Mercantile Trust Co. of Califoren.
Mr. Colburn continues as Manager. The Assistant
Manager is Thos. P. Burns.
Record Detroit Bank Clearings.
From its Detroit Bureau the "Wall Street Journal" of
May 2 reported the following:
Detroit bank clearings for April exceeded all previous monthly records.
Total reported by Clearing House Association was 5672,460.728, Increase
of approximately $50,000,000 over April. 1924.
Deposits show increase of $85,000,000 over corresponding date last
year. Debit transactions of member and associated banks of the association
averaged 5275.000,000 per week through April, and for week ended Apr1
24 totaled $305,850,000, largest ever reported.
Clearing House Association Organized
in Petersburg, Pa.
It was announced in a special dispatch from Petersburg,
Va., April 25, to the Baltimore "Sun" that the Petersburg
Clearing House Association, composed of the banks of that
city has been organized with the following officers: President,
W. D. Franklin, Vice-President of the National Bank of
Petersburg; Vice-President, L. H. Fairbanks, manager of
Morris Plan Bank, and secretary and treasurer, Wallace D.
Blanks, Cashier American Bank and Trust Company.
The dispatch says:
With exchange of checks at the New York Clearing House totaling
It is anticipated that for the present daily clearings will be made in the
51.697,000,000 yesterday, the highest on record and bettering by $32,-
New High Record For Bank Exchanges at New York
Clearing House.
With exchanges totaling $1,697,000,000 a new high record
was established at the New York Clearing House on May 1.
The previous record of $1,665,000,000 established on Jan. 2
of this year was referred to in these columns Jan. 3, page 37.
In indicating that the new record was not occasioned by
the $146,000,000 check which figured in the transfer of the
stock of Dodge Brothers & Co., Inc. (referred to in another
item in this issue) the New York "Times" of May 2 said:
000,000 the former record figure (touched on the year-end impetusof
.uch exchanges Jan. 2), Wall Street awaited with interest the report to
tie made this morning. To-day the 5146,000.000 Dodge Brothers check
directors' room of the National Bank of Petersburg.
The formation of this association is regarded as one of the most important
taps that has been taken In business circles here for a number of years.
2646
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Felix A. E.
Sommerhoff to Hugh B. McIntyre and that of Richard H.
Halsted, deceased, to George G. Haven Jr., the consideration
being stated as $106,000 and $105,000, respectively. Last
previous sale was for $104,000.
The New York Cotton Exchange membership of Grover
0. Pittman was reported sold this week to H. L. Goss for a
consideration stated to be $29,500.
The last previous
transaction was for $30,100.
The New York Curb Market membership of George B.
Buchanan was reported sold this week to Murray Thompson
for a consideration stated to be $12,500. The last previdus
sale was for $9,500.
The New York Coffee & Sugar Exchange membership of
Alfred Alden was reported sold this week to J. S. Bache for
$11,000. The last previous transaction was for $10,000.
A membership on the Montreal Stock Exchange was
reported sold this week for $23,000. Last previous sale
was stated to be $18,000.
The board of directors
of the American Exchange National Bank of this city has passed resolutions recommending the consolidation of the Pacific Bank with the American
Exchange National Bank under the latter's charter, the consolidated national banking association to be known as the
American Exchange-Pacific National Bank. According to
present plans, the merger will be effective about Aug. 1
1925. In a circular to its customers, signed by Lewis L.
Clarke, its President, the bank says:
[VOL. 120.
evidence that "America is neither owned nor controlled by
a small group of rich men who take a disproportionate toll
out of the earnings of the poor." The President further
wrote: "Your institution is also another evidence of our
economic democracy. It symbolizes the realization of the
hope of America." The full text of President Coolidge's
letter follows:
The White Houle, Washington, April 10 1925.
My dear Mr. Brady: It would certainly be a great pleasure if I could
come to New York to participate in your celebration of the second anniversary of the founding of the Federation Bank, but it is impossible for me to
do so. I should like to come because I am interested in the work you are
doing.
It is another strong piece of evidence of the fact, which every one knows
who makes any investigation, that the people of this country own the property of the country. America is neither owned nor controlled by a small
group of rich men who take a disproportionate toll out of the earnings of the
poor.
It would be more nearly correct, considering all of the present conditions,
to say that our country is owned and controlled by the people themselves.
Your institution is also another evidence of our economic democracy. It
symbolizes the realization of the hope of America.
Under our institutions it has been the promise that opportunity, success
and prosperity were open to all of those who would make the ordinary efforts
necessary for their attainment. We have reached that condition where many
of our large corporations have more stockholders than employees, more owners than they have wage earners.
Now that you have entered into the field of banking, it is exceedingly important that you should make your enterprise a success. Banking in a great
city is a highly specialized and difficult operation. I notice that you put
some emphasis on the amount of your deposits. They are important, for
they indicate the growth and size of your institution. But the main emphasis
in banking is to be put on the investments. Your deposits represent the
amount that you owe. Your investmwits represent the value of your assets.
You are peculiarly well equipped to secure deposits. I trust it may not
seem presumptuous if I dwell upon the necessity of securing sound financial
experience to take charge of your investments. It may seem easy to borrow
money, for that is what your deposits represent, but all experience shows
that it is very far from easy to invest money in such a way that you will be
prepared at all times to meet the necessary requirements of those who have
put their money in your keeping.
On account of the nature of your depositors, you have one of the greatest
responsibilities of any banking institution in your locality. It must be a
success.
With every good wish for your prosperity, I am,
Very truly. yours,
CALVIN COOLIDGE.
President Peter J. Brady, Federation Bank, 84th Street and Eighth Aven4te,
New York City.
For 87 years the American Exchange National Bank has been serving its
customers from a single office. With the passage of time, however, the restricted business district of New York City of 25 years ago has changed and
new commercial centres have arisen—a great one in the neighborhood of
42d Street and others of importance both above and below that section.
Having this development in mind and being unable legally to establish
branches of our own, we acquired some years ago through the American ExSecretary of the Treasury Andrew J. Mellon also sent a
change Securities Corporation control of the Pacific Bank, a well-known
State institution founded in 1850, having offices at desirable locations in message of regret that he was unable to participate in the
New York City. We believe that the time has now arrived when these celebration. His message, as reported
in the New York
banks should actually merge and thus permit the American Exchange National Bank to function to the fullest extent through the operation of the "Times" of May 20, was, in part, as follows:
The steady growth of this institution, both in financial resources and in
branches in these new centres.
confidence of the business world, is a source of great satisfaction to all
The consolidated institution will have capital, surplus and the
of us who realize the significance of this new venture in
It
undivided profits aggregating approximately $20,000,000, means that organized labor is able not only to make money butbanking.
to save and
invest
it
wisely.
which is about 50% in excess of that now possessed by the
We have been concerned in this country in the past chiefly with making
American Exchange National Bank. There will be no money,
rather than saving it. But the habit of saving and sound investment
changes in personnel, and the main office will continue to be is becoming more general and soon, perhaps, may be an ingrained
part of
our
national
character. Institutions such as the Federation Bank of New
at 128 Broadway. The board of directors and executive
York bear reassuring testimony that the average man and woman are learncommittee will be enlarged so as to have the benefit of rep- ing the necessity of
saving and accumulating capital if they would get the
resentation from the uptown district. The merger will add comforts of life for themselves and their families.
a completely equipped bank in the Pershing Square Building
Governor Smith was another who was unable to attend.
at 42d Street and Park Avenue as well as five other branch He was represented by State Senator Hon. James J. Walker.
offices now belonging to the Pacific Bank located at advan-. The Governor was the first depositor in the labor bank when
tageous sites in New York City.
It opened for business on May 19 1923. Mr. Brady announced that the institution which began with a capital of
The Harriman National Bank declared a special dividend
$500,090 now has resources in excess of $11,078,828. In
Thursday,
of 50%
May 21, upon its capital stock, payable to making
this statement he was reported as saying:
stockholders of record at the close of business. This diviWe are now on the dawn of a new day for labor, and we firmly believe,
dend is in consummation of the organization of the Harri- as a result of our experience and influence, also the dawn of a new era beman Securities Corporation, approved by the board of direc- tween the wage earners and their employers and capital and labor.
That great weapon of credit that dominates
industrial and agricultural
tors of the Harriman National Bank at their regular meet- life, has been entrusted to individuals—until our
recently to powerful bankers.
We
began
to study it out. We organized labor banks with trade union
ing held April 7 1925.
We have been advised tha-t the $500,000 increase in the
capital of the Chelsea Exchange Bank of this city, raising
the same from $1,000,000 to $1,500,000, and approved by the
stockholders of the institution on April 29 last, would become effective after May 22, probably to-day, May 23. The
new stock was offered to shareholders of record May 15 at
$140 a share in proportion to their holdings of old stock.
The second anniversary of t- he founding of the Federation
Bank of New York—said to be the largest labor bank owned
by the unions of the American Federation of Labor—was
celebrated at the Manhattan Opera House last Tuesday
night, May 19. Peter J. Brady, President of the Federation
Bank, presided and addresses were made by William Green,
President of the American Federation of Labor; General
James E. Drain, National Commander of the American Legion; Arthur Brisbane and Suffragan Bishop A. S. Lloyd of
the New York Diocese of the Episcopal Church. Mr. Brady
read a letter from President Coolidge, in which he expressed
regret that it was impossible for him to be present at the
celebration and declared that the bank's success was strong
ownership and control, dealing with conditions as we found them.
It marks, as the labor bank everywhere does, a new trend and
a new discovery. Labor wakened to the fact that the great weapon of credit,
which
rules industrial, commercial and agricultural life, was
entrusted to a few
individuals and to great bankers. Labor was depositing its
money in places
where it was not always—to put it mildly—used for the
benefit of labor.
Now, each year a total wage of $30,000,000,000 is
paid to industrial
workers, and from $6,000,000,000 to $7,000,000,000 are
saved in many ways
—a considerable portion of these savings going into
the banks. It is this
large Kiln that labor banks hope to eventually control,
so that it will be
used for the service of the many, rather than for the
enrichment of the few.
Among those who accepted invitations to the celebration
were the following:
Dwight Morrow of J. P. Morgan & Co., Lewis E. Pierson, Chairman of
the
Board, Irving Bank-Columbia Trust Co.; Benjamin
Strong, Governor Federal Reserve Bank; Senator Copeland, Nicholas Murray Butler, Edson
S.
Lott, President United States Casualty Co.; Owen
D. Young, William D.
Baldwin, H. F. Gurney, Walter S. Faddis, Lawrence B. Elliman, Lawrence•
McGluire, Comptroller Charles L. Craig, Joseph A. Guider, President
of the
Borough of Brooklyn; Julius Miller, President of the Borough of Manhattan,
John W. Davis, Jesse Isidor Straus of R. H. Macy & Co., Franklin Simon,
Bernard F. Gimbel, Hugh Frayne, Rear Admiral C. P. Plunkett.
Stockholders of the Manufacturers Trust Co. of this city approved on Tuesday of this week (May 19) the proposal of the
directors to increase the capital from $8,000,000 to $10,000,000 in connection with the merger of the Gotham National
MAY 23 1925.]
THE CHRONICLE
and the Fifth National banks with the trust company. The
stockholders of the Gotham National Bank on Monday afternoon approved the proposal of the board of directors to
merge with the Manufacturers Trust Co. The stockholders
of the Fifth National Bank will vote next Monday (May 25).
The new stock, 20,000 shares of the par value of $100 per
share, will be apportioned as follows: 10,000 shares to the
stockholders of the Fifth National Bank; 7,500 to the stockholders of the Gotham National Bank, and the remaining
2,500 shares will be disposed of at the discretion of the directors of the Manufacturers Trust Co. at not less than $360
per share.
The "Wall Street Journal" says that Charles E. Mitchell
and a party of National City Bank officials have been down
In Havana to attend the opening of the City Bank's new
Cuban head office building. The structure, which cost in the
neighborhood of $1,000,000, is described as the finest banking building in Latin-America and the formal opening last
Sunday, it is stated, was the occasion of a celebration in the
Cuban capital, for which numerous invitations to officials
and business people had been sent out. The building occupies a conspicuous place on O'Relly Street, where a convent
stood for upwards of 300 years. The City Bank now has 22
branches throughout Cuba, of which four are in Havana, including the head office. Other New York officers of the
National City Bank who accompanied Mr. Mitchell to Cuba
were G. S. Rentschler, director and assistant to the President; G. E. Roberts and Lee E. Olvvell, Vice-Presidents. The
"Wall Street Journal" says that Mr. Mitchell did not stay
for the inauguration of the new Cuban President, but had to
hasten to Atlanta to speak at ceremonies marking the breaking of ground for the new Lowry ,chool of Banking & Commerce at Oglethorpe University. The school was the gift of
the late Colonel Robert W. Lowry, the Georgia banker, an..:
,
his wife.
2647
H. Higgins, Treasurer, and C. W. Dibble, Assistant Treasurer.
The West End Trust Co. of Philadelphia recently purchased a controlling interest in the Suburban Title & Trust
Co. at Bywood Avenue and Garrett Road, Upper Darby, Pa.,
and aims thereby to give greater financial service in the
69th Street section of Philadelphia. The acquired bank, it
Is understood, will continue in operation as a separate bank,
but its directorate will include representatives of the West
End Trust Co., J. Willison Smith, President of that institution, to be one of the new directors. The capital of the Suburban Title & Trust Co. will be increased from $125,000 to
$250,000 and its surplus (now $35,000) also increased, by
the issuance of new stock at a price proportionately above
its par value of $100 per share. The company's deposits
approximate $1,000,000. George Wilcox, its President, and
some of the other officers and directors will retain their
positions with the institution, it is said. The West End
unTrust Co. is capitalized at $2,000,000, with surplus and
$19,divided profits of $2,252,297; it has deposits of nearly
000,000 and total resources of more than $22,000,000.
The Fox Chase Bank of Philadelphia has changed its name
capital
to the Fox Chase Bank & Trust Co., and increased its
results
stock from $50,000 to $125,000. The change in name
departfrom the proposal to include in its operations a trust
stockment. The increase in capital was authorized by the
5 1925.
holders on April 5 1921 and became effective May
was disThe par value of the stock is $50 and the new stock
d by
posed of at $100. The change in name was authorize
on
the stockholders on April 7 1925 and became operative
May 5 1925.
of
Mr. C. A. McIlhenny, heretofore an Assistant Cashier
was
20
May
on
hia
Philadelp
of
the Federal Reserve Bank
vacancy
appointed Cashier of the institution to fill the
was rewho
Dyer,
A.
William
of
on
resignati
caused by the
k National Bank of
Manayun
the
of
t
Presiden
elected
cently
in
the capital of the East River National
The increase
Mr. McIlhenny entered the employ of the
Bank of this city from $2,100,000 to $2,500,000, authorized Philadelphia.
Bank in 1917.
Reserve
Federal
ers
on
7
13
Jan.
May
stockhold
1925,
became
effective
by the
Auditor of
1925.
George Francis Wright, former Cashier and
heart
Bank of Pittsburgh, N. A., Pittsburgh, died of
the
The 73d anniversary of the First National Bank, at
May 4. Mr.
on
months,
two
of
illness
an
g
followin
disease,
with the
Broadway and Havemeyer Street, Brooklyn, N. Y., was
Wright, who was 75 years of age, became affiliated
celebrated on May 13. The institution was organized in 1852
in his early twenties.
still
while
h,
Pittsburg
of
Bank
City
Iron
organization
as the Williamsburgh City Bank, three years before the City
He worked himself up to the presidency of that
h, N. A.,
of Brooklyn was incorporated. On March 21 1865 it became
when it was absorbed by the Bank of Pittsburg
and
a national bank with its present title, being one of the first
years ago.
seven
retired
He
Cashier.
and
Auditor
was made
banks in the country to receive a charter under the National
of PittsBank Act. One of the first banks in what was scarcely more
The stockholders of the Polithania State Bank
of
question
the
on
19
voted
May
on
present
meeting
size
the
of the bor- burg at a special
than a village, compared with
The
ough, it has kept pace through the years with the trade and increasing the capital stock from $50,000 to $200,000.
be
commerce which has developed around it. In the past nine par value of the stock is $50 and the new stock will
years the business of the institution has shown marked disposed of at $60 per share.
growth, deposits having increased from $4,960,721 to $16,of the Union
A. E. Mason,of the stock tra- nsfer department
173,000. Last year its banking quarters were extensively
been elected Assistant Secretary
has
d,
Clevelan
of
Co.
Trust
remodeled in order to provide increased facilities to meet the
the Union
the institution. Mr. Mason has been with
needs of its constantly increasing business. In addition to of
ing
bookkeep
the
in
for 14 years, having started
providing all the customary banking services for its patrons, Trust Co.
It maintains a trust department which renders much fidu- department.
- Detroit Co. of Detroit, a subciary service. The present officers of the bank are as folLast Saturday the Guardian
lows: Joseph Huber, President; John W. Weber and Wil- sidiary of the Guardian Trust Co. of Detroit, both newly
liam S. Irish, Vice-Presidents; Ansel P. Verity, Cashier; organized Detroit companies, took over the municipal bond
Frederick W. Krueger, Russell C. Irish, Austin Tobey Jr. business of Keane, Higbie & Co. at both its New York and
and John W. Bargfrede, Assistant Cashiers, and William J. Detroit offices, and on Monday last the New York office of
business at
Ahern, Trust Officer.
the Guardian Detroit Co. opened its doors for
of Keane,
quarters
York
New
the
former
in
120 Broadway
Thomas H. Robb, who in February of this year resigned Higbie & Co., while the Detroit office of the Guardian
his position in the Discount Department of the Hartford- Detroit Co. started business in the Buhl Building on SaturConnecticut Trust Co., Hartford, to become Treasurer of the day, May 16. The parent organization, the Guardian Trust
Hamden Bank & Trust Co., of Hamden, Conn., has been Co. of Detroit, will not be ready to open for business until
Building are
elected a director of the latter.
its banking rooms on the main floor of the Buhl
be until the middle
not
will
is
it
expected
which
d,
complete
The National Shawmut Bank of Boston announces the
June. Charters for the two companies were filed in
election of Joseph E. O'Conell as Assistant Vice-President of
Mich., last week. The Guardian Detroit Co. was
Lansing,
of the institution.
d
formed to do the underwriting of new securities purchase
its
with
former,
the
because
Co.
Trust
The North Adams Trust Co., North Adams, Mass., on May by the Guardian
•••
charter, could not sell securities in New York
18 opened a savings department in order to offer its patrons Michigan
ement of the opening of the Guardian DeAnnounc
the same facilities as its competitors. According to its last State.
y was made on Monday, May 18, in
Broadwa
120
at
Co.
troit
of
close
the
6
April
(at
business
1925)
condition
statement of
words:
g
followin
the
the institution had total resources of $1,924,863 and deposits
discontinuKeane, Higbie & Co., Buhl Building, Detroit, announces the
of $1,542,907. The bank's capital is $200,000, with surplus ance of its New York office as of May 16 1925. Its municipal bond departthereafter
will
and undivided profits of $176,705. The officers are J. D. ment, together with the personnel of its New York office, Announcem
ent
Guardian Detroit Co.
Hunter, President; W. P. McCraw, Vice-President; George continue at its present address as the
2648
THE CHRONICLE
[vol.. 120.
is made of the formation of the Guardian Detroit Co., with
offices at 120
Broadway, New York, and Buhl Building, Detroit, to transact
a general
business in municipal and corporation bonds.
Thomas S. Durnin, Secretary and a director of the Marine
National Bank of Milwaukee, died in that city on May 18 at
The Guardian Trust Co. of Detroit will have branches or the age of 62. He began his connection 'with the Marine
agencies in all parts of the world and do an international National Bank in 1895.
business. The formation of the trust company has been
The- City Commercial Savings Bank of Mason City, Ia.,
going on for several months, and it has been rumored it
was reported closed in the following press dispatch from
would be the largest financial institution in the Middle West.
that place on May 13, which appeared in the Minneapolis
The stockholders number about 25, it is said, all young men
"Journal" of the same date. The dispatch read:
of Detroit, of whom Edsel Ford, son of Henry Ford, is the
The City Commercial Savings Bank, the second largest bank here, with
most prominent. William Robert Wilson, formerly a Vice- total resources of $2,427,843, is closed to-day
(May 13) under order of H. L.
President of the Irving Bank-Columbia Trust Co. of this city, Brown, State Bank Examiner.
The bank was closea because of frozen assets and lack of cash, according
who served as President of the Maxwell Motors. Corporation to the Bank Examiner.
during its reorganization, has been selected as President
The closing of the institution followed a meeting of representative busiand John C. Grier Jr., who heretofore was Manager of the ness men. The bank has a capital of $400,000 with deposits of approximately
$2,000,000.
New York office of Keane, Higbie & Co., will be a Vice-President. Ernest Kanzler, Vice-President of the Ford Motor Co.,
The Garfield National Bank of Enid, Okla., with a capital
and brother-in-law of Edsel Ford, is a member of the board of $100,000, has gone into voluntary liquidation
and will be
of the New York subsidiary, the Guardian Detroit Co. The succeeded by the Garfield County Bank. The
liquidation
officers of the Guardian Detroit Co. are Jerome E. J. Keane, was approved by the stockholders on April 10 and
became
Chairman of the Board; John C. Grier Jr., President; How- effective April 13.
ard M. Smith and Archer H. Brown, Vice-Presidents, and
According to the New Orleans"Times-Picayune" of May 14,
Steuart L. Pittman, Vice-President, Treasurer pro tem. and
Secretary. The most extensive statement that has been a shortage of $38,000 was found recently in the accounts of
made about the whole operation was issued in Detroit. It J. E. Johnson, Manager of the Le Breton Market branch of
the Canal-Commercial Trust & Savings Bank of that city.
read:
Announcement was made Saturday by the organization committee of the Johnson, who has been in the bank's employ for many years,
Guardian Trust Co. of Detroit that the charter of that company and of the admitted the defalcation to J. S. Brock,
the State Bank ExGuardian Detroit Co. had been filed at Lansing. The Guardian Detroit Co.
aminer, who discovered the shortage. In this regard the
started business on May 16, but the Guardian Trust Co. will not be ready to
open for business until its banking rooms on the main floor of the Buhl "Times-Picayune" went on to say:
Building are completed, which, it is expected, will not be until the middle
of June.
On Saturday the Guardian Detroit Co. took over the municipal bond business of Keane, Higbie & Co. at both its Detroit and New York offices. This
action will at once place the new corporation in the front rank of similar
institutions, as Keane, Higbie & Co. has long had a nation-wide distribution
for municipal and other high grade bonds. Keane, Fligbie & Co., with offices
in the new Buhl Building, will continue as underwriters and wholesalers of
investment securities.
The organization meeting of the Guardian Detroit Co. has been held and
the following officers elected; Jerome E. J. Keane, Chairman of the Board;
John C. Grier Jr., President; Howard M. Smith, Vice-President; Archer
H. Brown, Vice-President, and Steuart L. Pittman, Treasurer pro tern and
Vice-President and Secretary. These with Henry E. Bodman, attorney;
Ernest Kanzler, Vice-President of the Ford Motor Co., and William Robert
Wilson, President of the Guardian Trust Co., of Detroit, constitute the board
of directors.
Mr. Grier's election to the presidency of the new corporation is in the
nature of a promotion. He came to Detroit from Pittsburgh in 1919 and
associated himself with Keane, Higbie & Co. He was subsequently made
Vice-President of the company and transferred to New York City, where
he became Manager of the firm's New York offices. He returns to Detroit
not only as President of the Guardian Detroit Co., but as Vice-President of
the Guardian Trust Co.
With regard to rumors that have been current that the
organization of the Guardian Detroit Co. was the entrance
of the Ford interests into Wall Street affairs, the New York
"Times" of May 19 said in part:
The story of Johnson's defalcation is the old one of "playing the ponies,"
according to Mr. Brock, to whom, it is alleged, he told of heavy losses at
the race tracks, where he unsuccessfully sought to recoup his reverses by
gambling with funds of the bank. Johnson, heavily involved, according
to
Mr. Brock, permitted friends and associates wide leeway with the bank's
funds. Their withdrawals brought the total of the shortage charged
to
Johnson to almost double.
"The shortage," Examiner Brock said, "came to my attention during
a
regular examination of the Canal-Commercial Trust & Savings Bank, which
is now in progress.
"The defalcation, however, was disclosed two or three days asp by the
auditing department of the bank while our force of examiners were busy in
the main office. It was made known to me immediately and I started an
investigation in co-operation with the auditing department. Our investigation so far, discloses a shortage amounting to approximately $38,000.
"When confronted with a record of various false entries, Johnson readily
admitted that he was short in his accounts.
"The bank, of course, suffers no loss as Johnson was under a surety bond."
According to a special press dispatch from Corsicana, Tex.,
on May 12 to the Dallas "News," the State National Bank
of that place will increase its capital from $200,000 to
$300,000, thereby giving the institution combined capital,
surplus and undivided profits of more than $400,000. This
Increase, according to an official of the bank, will become
effective about July 1 1925. The enlargement in the capital
is required, it is said, by the growth of business. A new
eight-story bank building for the institution is said to be
under construction.
There have been many reports of a contemplated Ford invasion of Wall
Street, and a few months ago there was a report that Mr. Ford was to buy
control of a large New York bank. This report never was categorically denied, but neither has it been confirmed.
A new financial institution—the North Texas National
An Associated Press dispatch from Detroit last night (May 18) said that
Stewart L. Pittman, Vice-President and Secretary-Treasurer of the Guardian Bank—opened in Dallas on May
18 as successor to the SouthDetroit Co., had issued an emphatic denial that its establishment indicated
in any way the entrance of Henry Ford or the Ford interests into Wall Street west National Bank, whose assets and liabilities were taken
financial affairs. He said that the fact that Edsel Ford is a stockholder in over by the new organization at midnight, May 16. The
the Guardian Trust Co. of Detroit, the controlling company, and that Ernest new institution Is capitalized at
$1,000,000, with surplus of
Kanzler Vice-President of the Ford Motor Co., is a director of the Guardian
Detroit'
firm, could not be interpreted as a move by Ford interests to gain a $200,000, all of which has been paid in in cash, it is said. It
occupies the former quarters of its predecessors in the Magfoothold in Wall Street.
The general impression in Wall Street yesterday was that the present en- nolia Building.
Its officers are as follows: Everett S.
terprise was not of the character that was expected when the bank purchasing talk was current. It was believed that the promoters of the new Owens, President; Charles S. Mitchell, J. W. Royall, E. H.
trust company and its New York subsidiary, a young and energetic group, Cary and W. B. Head, Vice-Presidents; Stanley A. Longhad been able to obtain the backing of the Fords, much the same as the Mer- moor, Vice-Pr
esident and Cashier, and Gus Ayers, First
chants National Bank of Detroit, with very small beginnings, obtained backing from the Dodge interests and grew to be a great institution in a few Assistant Cashier. Warren P. Andrews,former President of
years. Bankers were wondering if this bit of history was to be repeated in the Southwest National Bank, is not conected
with the new
New York in the present enterprise.
'institution, it is understood. According to the Dallas"News"
John C. Grier Jr., who was Manager of the New York office of Keane,
Higbie & Co., is the President of the new Guardian Detroit Co. His office of May 17, Mr. Owens, the President of the new bank, is conwas a scene of excitement yesterday afternoon when the interests behind the sidered one of the most progressive
and successful of the
new venture became known and a steady stream of callers besieged him.
city's business men of the younger generation. He is PresiMr. Grier, distinctly of the young business man type, was not at all displeased by the new publicity that centred around him and said it should be dent of the North Texas Trust Co. of Dallas. The "News"
great for the bond business. But he refused to discuss any of the plans of quotes him as saying on
May 16 in regard to the acquisition
the Guardian Detroit Co. Mr. Grier was sent to New York several years
ago by Keane, Higbie & Co., and much of his previous business experience of the Southwest National Bank:
I shall devote my best thought and energy to the new bank. I believe in
was in Detroit and Pittsburgh.
progress with safety first. In taking over the interests of the old instituThe Citizens National Bank of Evansville, Ind., has se- tion, it is proper to say that interests of the present stockholders in the
National Bank will be carefully safeguarded, to the end that they
cured Charles E. Howard, formerly of the National City and Southwest
may receive every dollar to which they are entitled on their stock after
Illinois Merchants Trust Co. of Chicago, to take charge of liquidation. We welcome all depositors,
large and small, in the old instiIts bond department, which engages in the distribution of all tution as members of the North Texas National Bank family. We are anxious
accommodate them with the best service possible. The ambition of my
to
types of general market issues. The Citizens National Bank associates
and myself is so to conduct the
of the new institution as to
has been the leading financial institution of southern In- merit the fullest confidence and good-willaffairs
of the general public.
diana for some time and is serving a large following of customers and banks.
The Bank of Alaska at Skagway, Anchorage, Cordova and
Wrangell, has purchased the Bank of Anchorage. The pur-
MAY 23 1925.]
THE CHRONICLE
chase was authorized on Jan. 13 and reported and approved
on April 16. The Bank of Anchorage ceased to exist as of
March 1. The capital stock of the Bank of Alaska is $140,000. H. D. Walbridge, 14 Wall Street, New York, is Chairman of the Board; E. R. Tarwater, Cashier at Anchorage;
T. S. Scott, Cordova, and A. E. Gurr, Wrang411, Vice-Presidents and Managers of Bank of Alaska at their respective
locations. G. F. Mumford, Anchorage, H. Atchison, Cordova, and J. R. MacMillan, Skagway, are Assistant Cashiers.
Albert W. Austin, since 1919 Vice-President of the Dominion Bank (head office Toronto), was elected President
of the institution on May 19 to succeed the late Sir Augustus
M. Nanton, whose death occurred recently. Mr. Austin,
who is a son of the founder and first President of the Dominion Bank, has been connected with the institution as a
director since 1897. He is President of the Consumers Gas
Co. of Toronto and the Canada Northwest Land Co. and is
associated with many other corporations. C. A. Bogert, who
joined the Dominion Bank in 1881 and has been its General
Manager for almost 20 years, was elected Vice-President in
place of Mr. Austin, but will continue to hold the position of
General Manager as well. He was President of the Canadian
Bankers Association in 1920-1921 and President of the Toronto Board of Trade in 1918. Another appointment was
that of C. S. Blackwell as Chairman of the board of directors. Mr. Blackwell, who was made a director in 1921, is
recognized as a very successful Canadian of outstanding
ability and wide experience. For many years he was engaged in the packing business, retiring in 1919. He is associated with many organizations, is Vice-President of
the
Toronto General Trusts Corporation, President of the Casualty Insurance Co. and Chairman of the Board of
the
Toronto General Hospital.
2649
moderately, particularly in the low priced issues. In the
latter group Wheeling & Lake Erie reached its highest level
of the year. Under the leadership of the railroad shares the
market continued its upward swing on Friday. Interest
centred in the standard dividend payers including Delaware
Lackawanna & Western, New York Central, Norfolk &
Western, and Canadian Pacific. Pittsburgh & West
Virginia was particularly active and reached new high ground
at 72g. Motor shares were also in strong demand at
advancing prices, Mack Trucks and Pierce Arrow common
and preferred scoring substantial advances. The final tone
was buoyant.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended May 22
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
Sales at
New York Stock
Exchange.
Stocks,
Number of
Shares.
Railroad,
&c.
Bends.
state.
Municipal &
Foreign Bond,.
639,376
1,388,652
1,700,057
2,126,792
1,996,692
1.898,900
$4,643,000
7,076,000
9,668,000
12.927,000
12,231,000
11,836,000
31,568,500
3,110,500
4,778.000
3,940,000
3,054.000
2,529.000
0.780.480
S59.291.000
118.980.000
Week Ended May 22
Stocks-No. shares_ _
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad dr misc. bonds
Jan. 1 to
United
States
Bonds.
$273,150
751,500
1430,500
2,858,500
1,306,950
965,000
17.983.600
may 22.
1925.
1924.
9,750,469
3,244,647
165,723,019
93,242.385-
$7,983,600 $20,988,000
18,980,000
5425,000
58,381.000 39,083,000
$161,542,710
274,895,800
1,660,980,750
6421.209.000
149.259,000689,893,000
1925.
1924.
Total bonds
$85,344,600 $65,896,000 $2,097,419,260 $1,260,361,000,
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ending
May 221925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Boston.
phuadaphics.
Baltimore.
Shares. Bow:1502es. Shares. Bond Sales. Shares. Bond Sales
17,133
30,392
29,089
34,647
31,680
18,529
$13,050
27,000
29,000
30,550
32,000
16,000
15,103
14,643
16,856
11,001
13,615
6,819
814,000
225,100
73,280
47.200
63,300
40,000
2,458
2,789
3,512
5,268
4.517
2,915
89,600
35,000
29.800
49,500
58.900
51.900
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Total
161,470 $147,600
78,037 $462,880
21.459 8232,700
Great activity has again developed on the Stock Exchange Prey week
revised
99.4166 1108.608 109.544 5279.200
21.412 119.4.100
and many further advances in prices to new high records
have occurred. Public utilities have come to the front with
COURSE OF BANK CLEARINGS.
many new tops and the motor and oil shares have also
Bank clearings for the country as a whole continue to
been prominent. The two hours of business on Saturday
show an increase as compared with a year ago, and this
showed comparatively small net changes at the end of
the time the gain is a satisfactory one. Preliminary figures
session. After early strength many issues, particular
ly compiled by us, based upon telegraphic advices from the
Mack Trucks, American Can, and Baldwin Locomoti
ve chief,cities of the country, indicate that for the week ending
yielded a point or more. United States Steel common
to-day (Saturday, May 23) bank exchanges for all the cities
advanced to 1173(, but later in the day slipped
back a of the United States from which it is possible to obtain weekly
point. Public utility stocks were in active demand
at returns will run 16.8% larger than in the corresponding week
steadily rising prices and railroad securities were
strong, last year. The total stands at $9,425,361,361, against
Chicago & North Western advancing nearly a point
and a $8,070,501,786 for the same week in 1924. At this centre
half. On Monday the gains were quite general, many
new the increase is 19.1%. Our comparative summary for the
high figures being established before the close of the
session. week is as follows:
Oil shares continued strong, numerous issues registerin
g
substantial advances, and railroad shares, notably
Clearings-Retunis by Telegraph.
Per
ChesaWeek Ended May 23.
1925.
1924.
Cent.
peake & Ohio and St. Louis-San Francisco, were the
strong New York
84.316,000.000 $3,623,260.673 +19.1
features of the day. Another notable feature
was the Chicago
569400.206
486,511,949 +17.1
Philadelphia
continued strength of Mack Trucks, which advanced
479,000,000
415,000,000 +15.1
more Boston
369,000,000
308,000,000 +19.8
Kansas City
than 8 points to 173. Public utility stocks were again
108,309,156
97.711,617 +10.8
in St. Louis
124,000,000
116,800,000
vigorous demand, particularly American Water
-1-6.2
Francisco
156,900,000
Works, San
125,000,000 +25.5
Los
Angeles
128,703,000
which crossed 60 for the first time. Industrial specialtie Pittsburgh
116,411.000 +104
s Detroit
141,220,954
132,358,736
+8.7
were prominent on Tuesday and several spectacular
159,336,833
141,389.840 +12.7
gains Cleveland
99,238,542
83,333,366 +19.1
were recorded in this group. Notable among these
Baltimore
90,241.877
80,071,228 +12.7
gains New Orleans
64,469,838
51.899,516 +24.2
were Mack Trucks, which was up 9 points at its high
for
cities,
13
5
days
the day, though it reacted later nearly 5 points, and United Other cities, 5 days
66,806,020.406 $5,777,747,925 +17.8
1448,447,395
947,670,230 +10.6
States Steel common, which improved 2 points.
General
Total all cities, 5 days
$7,854,467,801 $6,725,418,155 +16.8
Electric was also conspicuous for its brisk advance of
1,570,893,560
1,345483.631 +16.8
over All cities, 1 day
5 points. Motor shares under the leadership of Maxwell
Total all cities for week
19.425 3R1.3111 18 nyn 501 756 .4-16.8
B
moved sharply forward and recorded substantial gains,
Complete and exact details for the week covered by the
and railroad issues with Wabash in the foreground did equally
foregoing will appear in our issue of next week. We cannot
well. On the other hand, United States Cast Iron Pipe
& furnish them to-day, inasmuch as the week ends
to-day
Foundry receded sharply to 149, and the oil shares fell off
(Saturday) and the Saturday figures will not be available
a point or more. Many stocks set new high records in the until noon
to-day. Accordingly, in the above the last day
early trading on Wednesday, though a sharp downward of the
week has in all cases had to be estimated.
reaction late in the day forced several of the leaders to lower
In the elaborate detailed statement, however,
which we
levels. American Can crossed 193, but closed 2 points lower, present
further below, we are able to give final and complete
declined
Trucks
more than 3 points from its early results for
and Mack
the previous week-the week ended May 16. For
high. Oil shares were again active under the leadership of that week there is
an increase of
Marland,
American
and
,
Phillips,
Pan
and motor shares of the clearings being $9,427,41 9.8%, the 1925 aggregate
6,677, and the 1924 aggregate
with Nash at their head improved very materially. Oil $8,586,080,573. Outside
of New York City the increase is
shares continued in the foreground on Thursday and United 8.3%, the bank exchanges
at this centre recording a gain of
States Steel common crossed 120 for the first time in over 11.0%. We group the cities
now according to the Federal
two months. Mack Trucks maintained its prominent Reserve Districts in which they
are located, and from this
sharp
advance
points
of
a
to 179. Motor shares it appears that in the Boston
3
position by
Reserve
District there is an
became more active as the day advanced, though most of improvement of 6.2%, in the
New York Reserve District
the gains were fractional. Railroad stocks improved (including this city) of 11.0%, and
in the Philadelphia Re.
serve District of 8.7%. The Cleveland Reserve District
has a gain of 3.8%, the Richmond Reserve District of 11.8%
and the Atlanta Reserve District of 12.1%. In the Chicago
Reserve District the totals are larger by 11.0%, in the St.
Louis Reserve District by 1.4%, and in the Minneapolis
Reserve District by 23.3%. In the Kansas City Reserve
District there is an increase of 4.6%, in the Dallas Reserve
District of 17.1%, and in the San Francisco Reserve District
of 5.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended May 16 1925.
1925.
1924.
Inc.or
Dec.
$
$
Federal Reserve Districts.
12 cafe'. 496,852,626 468,021,714
1st) Boston
11 " 5,349,926,927 ,,820,531,735
2nd) New York
594,651,684 547,080,270
3rd) Philadelphia_ _ _ _10 "
391,347,653 379,888,704
8 "
4th) Cleveland
201,112,599 179,815,381
5 "
5th) Richmond
210,306,158 187,550,610
11 "
43th) Atlanta
998,383,085 899,57E1,900
20 "
7th) Chicago
222,756,298 219,589,483
8 "'
8th) St. Louis
134,918,100 109029,832
9th) Minneapolis_ _ _.7 "
238,280,979 225,905,055
12 "
10th) Kansas CIty
68,890,217 58,821,665
5 "
11th) Dallas
518,990,051 489,936,223
17 "
12th) San Franelseo
V.
+6.2
+11.0
+8.7
+3.8
+11.8
+12.1
+11.0
+1.4
+23.3
+4.6
+17.1
+5.9
1923.
1922.
$
S
496,472,801 398,644,034
3,613,499,697 1,423,997,92C
569,196,221 451,227,209
409,803,556 289,859,758
180,231,800 160,924,672
177,726,548 147,064,032
901,898,236 740,843,015
73,033,147 59,605,442
123,600,708 102,806,640
242,021,341 226,830,392
53,441,273 48,323,505
467,928,997 368,391,326
126 oittee 9,427,416,677 9,586,080,573 +9.8 8,308,854,327 7,418,517,945
Grand total
1,197,753,981 3,875,302,148 +8.3 3,822,962,710 3,097,317,945
hitside New York City
nee nne nen
nnnnAn nCA
n n
.............. .51r nnnIrice nnA InAnInni
•
I
I
•
.___ -_
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending May 16.
Clearings al1925.
1924.
$
First Federal Reserve Dist rict-Boston
742.261
814.846
Me.-Bangor__ _
3.012.790
3.212.374
Portland
0
416,000.00
0
436.000,00
_
_
-Boston
Mass.
2,689,816
2.263,549
Fall River_ _
a
a
Holyoke
1,306,290
1,272,779
Lowell
a
a
Lynn
1,348.657
1,770.170
_
Bedford_
New
5,242,852
6,459,510
Springfield _ _
3,741,861
3.650,564
Worcester
12.301,056
17,755,102
Conn.-Hartford
6,734,611
6,909.512
New Haven_ _
14,153.500
16.009.300
R.I.-Providence
748,040
734.920
N. H.-Manche'r
Total(12 cities)
496.852.626
468.021.714
Inc. or
Dec.
1923.
1922.
715,393
+9.8
3,286.143
+8.6
+4.8 444.000,000
2,570,087
-15.8
a
a
1,490,935
-2.6
a
a
1.493.294
+31.3
4.586,639
+23.2
4.132.000
-2.4
11,078,033
+44.3
7,299.734
+21)
15.002,800
+13.1
817,743
-1.8
824,134
3,353.936
355,000,000
2,052,058
a
1,209,636
a
1,752.427
5.157,127
3.565,000
9,018.313
5.763,915
10,255,000
692,488
496,472,801
398,644.034
+6.2
Second Feder al Reserve D Istrict-New
6.099,445
6,531.257
N. Y.-Albany._
1,037,900
1,402.900
Binghamton__ _
46,442,910
d54,665,468
Buffalo
916.709
982,471
Elmira
1.434,396
1,549.000
Jamestown_ _ _ _
25
4,710,778.4
96
5,229.662.6
_
_
York._
New
13.015.006
13,129,778
Rochester
5,179,706
5,860.301
Syracuse
3,360.906
c3,518,902
Conn.-Stamford
694.734
606,362
N. J.-Montclair
31.571,598
32,017.792
J_
N.
Northern
York
5,088.573
5,373,101
+7.1
922.900
1.256,200
+35.2
40,151.882
51.966,754
+177
517.590
843.632
+7.2
1,228.971
1,264,039
+8.0
+11.0 1,985,891,617 4,321,200.000
9,660.650
11,817,698
+0.9
4,304,796
4,734,175
+13.1
2,523,896
3,257.784
+4.7
432,574
525,497
-12.7
37,966.088
46,569,300
+1.4
Total(11 cities) 5,349,926,927 4,820,531,735
Third Federal Reserve Dist net-Phila
1,605,185
1,527,134
Pa.-Altoona._
3,747,115
4,300.864
Bethlehem_ _
1,478,893
1,565,715
Chester
2,707,973
2,838.372
Lancaster
560,000.000 515.000.000
4,007,074
4,109,702
Reading
6,376.218
6,691,678
Scranton
3,669,387
d4,239.988
Wilkes-Barre
1,741,701
2,193,875
York
6,746,724
7,184,356
N J.--Trenton_
a
a
Del.-Wilming'n.
delphi a1,736,743
-4.9
4,546.950
+14.8
1,489,214
+5.9
2,855.445
+4.8
+8.7 537.000,000
3,836,425
+2.6
6.252,648
+4.9
3,636.558
+15.6
1,985,605
+26.0
5,856,633
+6.5
a
a
1,048,396
3,007,570
1,038.684
2,348,666
427,000.000
2,921.766
4.631.754
2,700.000
1,243,053
5,287,320
a
+11.0 4,613,499,897 4,423,997,920
+8.7
569,196,221
451,227,209
ev eland
Fourth Feder al Reserve D istrict-Cl
7,868.000 -26.4
d5,789.000
Ohlo-Akron_. _
+41.1
5.095,398
7,190,281
, Canton
68.500.448 +5.3
72.108,058
Cincinnati
+9.9
113.789,580
125,041,323
Cleveland
14,835,700 +10.8
16,435,300
Columbus
a
a
a
_Dayton
7
a
a
Lima
1,977,173
d2,010,197
I Mansfield
a
a
a
a
a
a
1-Toledo
4,935,273 +14.7
4
5,662,32
n
Youngstow
I.
a
a
a
Pa.-Erie
160,111,170 162,887.132 -1.7
Pittsburgh__
8,257,000
5.726,856
72.386.802
134,060.565
14,646,800
a
a
2.163,229
a
a
4,476,420
a
168,085,886
7,227,000
3,555,399
60.449,134
90,969,511
12,981,600
a
a
1,455,227
a
a
3,221,887
a
110,000,000
379,888,704
+3.8
400,803,558
289,859,758
Fifth Federal Reserve Dist rict-Mehra
1,961,007
1,723,283
W.Va.-Hunt'g'n
7.625,871
d7,450.528
Va.-Norfolk.__ _
51,319,200
53,135,000
Richmond
S.C.-Charleston
96.216.303
Md.-Baltimore _ 111.415,474
22.693,000
27,388.314
D.C.-WashIng'n
mond
-12.1
-2.3
+3.5
2,214,005
6,935,108
48,878,000
1,569,871
7,111.416
42,722.408
+15.8
+20.7
97.763,735
24,440,952
89.226.962
20,294,015
179.815,381 +11.8
180,231,800
160,924,672
6,986.234
3.028,245
21,409,604
54,566.648
1,776,858
1,867,832
a
14,679,284
22,925,754
6,065,865
2,602,582
17,328.000
42,085,285
2,034,244
1,136,575
a
10,555,721
20,100,666
860,659
284.169
49,341,261
801,593
370,003
43,983,498
177,726,548
147.064.032
Total(10 cities)
594,651,684
547.080,270
r
Total(8 cities)
Total(5 cities).
394,347,653
201,112,599
Sixth Federal Reserve Dist rict-Atlant a6,383,502 +20.2
d7,671,289
Tenn.-Chatt'ga.
3.342,729 -0.1
3,338.254
Knoxville
+5.3
22.231.535
23,400,574
Nashville
57.298.283 +15.3
65.883,703
Ga.-Atlanta_
*1,400.000 +16.2
1.627,215
Augusta
1,466,575 +10.0
Macon
1,612,579
a
a
a
Savannah
16,209,381 +52.2
24.663,725
23,957,6543 +3.9
24,897,225
Ala.-BIrming'm.
Mobile
1,208.112 +39.1
1,680.000
Miss.-Jackson_ _
19.2
370.112
299.167
Vicksburg
53,712.725 +2.8
55,232,477
La.-NewOrleans
Total(11 cities)
[VoL. 120.
THE CHRONICLE
2650
210,306,158
187,580,610 +12.1
Week Ending May 16.
Clearings at
1925.
1924.
Inc.or
Dec.
1923.
$
%
3
$
Seventh F .der al Reserve D 'strict-Chi cago233.876
254,034 -7.4
235,139
Mich.-Adrla
812,724
842,377 +19.0
1.002,430
Ann Arbor. _
Detroit.. _ -_ 172,172,641 152,769,503 +12.7 145,124,543
7,882,404
7,398,614 +10.5
8,177,351
Grand Rapids_
2.420,000
2.415,000 +12.0
2.706,000
Lansing_ _ - -2,607,485
3,316,623 -4.1
3,179,739
Ind.-Ft. W yne
23,047,000
22,573.000 -18.7
Indianapoll L.
18,350,000
2,735,500
2.758,600 +3.0
2,842,000
South Ben [..5,752.834
5,535,382 +17.1
6.484,550
Terre Haut
37,704.791
39,595,526 +6.1
42,001,723
WIs.-MllwatiLkee
2.632,958
+14.9
2,488.855
RajAds
2,859,242
11,246,731
10,507.909 +9.7
11,522,684
Des MoinesI...
6,477,599
6,530.079 +11.4
7,272,742
Sioux City.-- 1,640,666
1,631.630 -2.2
1,595.697
Waterloo _ _ -_
1,411,269
1,441,735 +7.7
1,553.063
Ill.-Bloom!' :ion
9
639,531,37
+12.3
8
626,933,51
703,942,086
Chicago
-a
a
a
a
Danville _ _ _ -._
1,234,670
1,750,675 -3.9
1,682,730
Decatur. - - 4,049,900
+1.8
5,008,551
5,099,951
Peoria
2,865,265
+5.7
2,942,156
3,110,884
Rockford..- - _
2,487.147
2,785.133 -6.9
2,592,433
Springfield.- --
1022.
$
186,581
651,537
114,147,000
6,282,254
1,538,000
1,897,135
19,313,000
1,982,800
30,020,021
2,016,213
9,220,742
5,566,810
1,403,301
1,166.679
536.686,967
a
990.230
3,785,192
1,822,201
2,166,352
740,843,015
899,478,900 +11.0
901.898,236
Eighth Fed era I Reserve DIs trict-St.Lo Wa5,717,857 +3.0
5,890.591
Ind.-Evansv ne.
810.-St. Lou s- - 147/1500.000 146,300,000 +0.8
35,221,941 -0.6
35,025,268
Ky.-Loulsvil e...
471,163 -16.1
395,115
Owensboro.
18,425,101) +4.2
19,195,276
Tenn.- Mem Mis
11,722,170 +6.9
12,528.127
Ark.-LittleR ock
325,692 +29.5
421,610
III.-Jacksonv Ille
1,405,554 +28.1
1,800,311
Quincy_ .... -- -
6,179,669
4.572,712
33.122,399
448,078
20,186,304
11,266,437
393,947
1,436.313
26,316,169
290,836
17,693,313
9,211.935
286,821
1,233,656
73,033,147
Total(8 clti s)_ 222,756,298 219,589,483 +14
Ninth Fed ral Reserve Die tact - Min neapol Is7,109,370
+40.8
6,340,258
11...
ut
48,928,975
Minn.-Dul
72,501,896
68,627,449 +24.9
85,696,941
Minneapolis-.36,928,953
28,524,730 +17.0
33,368,587
St. Paul__ _ - -2,082,914
1,711,586 +15.7
1,980,913
No. Dak.-FaMe
1,361.572
1,208,376 +18.0
1,426,050
S. D.-Aberdeen.
452,332
562,833 +28.5
723,409
Mont.-Billi 5.
3,163.671
2,454,601 +13.8
2,793,530
.-_
Helena
59,605,442
Total(7 eines). 134,918,400 109,429.833 +23.3 123,600,708
Tenth Fede ral Reserve Dis trict- Kan sas Cit y419,177
524,306 +9.8
d575,470
Neb.-Fremon1._
532,744
524,625 +16.4
610.421
Hastings....
4,252,461
4.558,225 +16 7
Lincoln
.-5,318,000
43,455.749
+11.9
38.515.357
.__
Omaha
43.115,673
3,071.306
2.818.910 +19.6
Kan.-Topeka
43,372,169
9,870.897
6.473,225 +10.0
Wichita _ _ - 47.123.177
135,821,650
-0.3
124.185,112
Mo.-Kan. CI .3,- 123,809,068
6,816,376 +2.4
St. Joseph_
d6,979,171
a
a
Okla.-Musko M'ca
22,498.089
-r6.9
20,937,329
Oklahoma Clty d22,387,755
a
a
a
a
Tulsa
1.272.497
1,220,835 +18.7
1,449,048
Colo.-Colo.S 403
19.806,850
18,425,782 +9.8
20,239,570
Denver
1,019,921
905,078 +43.6
e1,301,457
Pueblo
102,806,640
Total(20 citles)
998,383,085
Total(12 MI 7.9) 236,280,979 225,906,055 +4.6 242,021,341
Eleventh Fede ral Reserve District-D alias1,458,000
1,379,551 +70.2
2,348,422
Texas-Austin 29,384,000
37.247,383 +13.5
42.265,718
Dallas
11.257,998
+6.1)
10.084.919
Fort Worth_ _ d10.780.904
6,801,995
4,688,358 -21.5
8,365,566
Galveston...-a
a
a
a
Houston _ _ -_
4,539,280
-5.4
5,423.454
5,129.607
La.-Shrevepo 1_
5,314,815
59,687,736
30,876,049
2,029,053
1.266,288
580.780
3,051,019
428,939
575,410
4,602.809
39.659.047
2,438.864
10,821,418
129,175,635
a
18,834,273
a
998,917
18,554,066
741,014
226,830.392
1.424,794
24.600,000
10,192,445
6,613,391
a
5,492,875
48,323,505
53,441,273
58,821.665 +17.1
68,890.217
Total(5 citIes4.
Twelfth Fed er al Reserve D Istrict-San Francl sco31,002,076
40,132.478
40,866,469 +2.0
41,703.861
Wash.-Seattle- 9.758,000
10,602,000
11,376,000 +2.5
11,663,000
Spokane_ - _--a
a
a
a
a
Tacoma _ _ _ _ _
1,390.200
1,163,535
1,061.491 +18.9
1,262,229
Yakima
25,292,063
39,489.502
+24.7
33,347,371
41.591,597
Ore.-Portland12,169,173
15,020,639
15,320,283 +2.9
15,763,443
Utah-S. L. C tY
a
a
a
a
a
Nev.-Reno_ _
a
a
a
a
a
Ariz.-Phoenix ...
4,041,350
3,992,268
2,996,646 +11.4
3,337,047
Calif.-Fresno.
4,450,516
8,602,398
-21.5
9,462,638
7,428,020
Long Beach_ -105,364,000
Los Angeles._ 164,471,000 149,404,000 +10.1 141,695,000
12,863,000
17,338,565
17.458,873 +23.1
21,492.510
Oakland.....3,841,276
5,141,368
+4.3
6,062.295
6,325,396
Pasadena _ _ -5,983,712
7,014,645
8,315.173 +13.4
d9,429.052
._
Sacramento..
2,700,191
4,319,788
+16.5
4,757,007
5,542.436
__
San Diego_
144,500,000
166,700,000
-0.5
San Francise 3_ 179,921,871 180,900,000
1,780,907
2,538,309
2,123,530 +23.5
2,622,737
San Jose.._ _
939,262
1,288,402
1,358,489 +20.8
1,641,921
Santa Barbar t.
2,489,808 -11.7
2,197,431
Santa Monlc i.
2,309,600
-1.5
2,890,100
2,636,200
2,596,500
._
Stockton__
7 368,391,326
Total(17eiti s) 518,990,051 489.936,223 +5.9 467,928.99
Grand total (1 16
7.418,517,945
27
8,308.854.3
+9.8
73
_ 9.427,416.677 8,586,080.5
cities)
10 3,097.317.945
Outside N. Y _ 4397,753,981 3,875,302,148 +8.3 3.822.962,7
Week Ended May 14.
Clearings at1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat....
_ _
Peterborough_ .
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
$
99,018,083
97,909,395
51,940,382
15.188,767
6,787.267
5,771,266
2,996,608
4.713,172
4,997,112
2,524,175
1,986,165
2,416,950
3,714,300
2,766.518
555,824
410,306
1,352,614
863,421
876,066
935,382
585,138
254,243
902.793
686,470
857,484
3,238,964
283,185
804,561
661,345
1924.
$
108,141,978
08,849,672
47,574,912
16,865,730
6,357,706
4,912,672
2,665.879
4,708,287
6,6243124
2,581,214
1,859.620
2,698,163
4,553,583
2,801,527
529,433
462,803
1,428,182
894,129
829,330
938,793
652,552
388,376
877,917
787,884
1,011,631
3,190,371
296,544
763,581
603,428
Inc. or
Dec.
%
-8.6
-1.0
+9.2
-9.9
+6.8
+17.5
+12.4
+0.1
-24.5
-2.2
+6.8
-7.0
-18.4
-1.2
+5.0
-11.3
-5.3
-3.4
+5.6
-0.4
-10.3
-34.5
+2.8
-12.9
-15.2
+1.5
-4.5
+6.4
+9.6
1923.
1922.
$
$
117,657,699 132,194,770
94,026,284 101,783,406
46,553,683
43,933,651
12.873,794
14,046,463
9,970,378
9,204,145
5,460,050
5,789,438
3,248,474
2,964,443
5,824,677
6.328,036
5,537,140
4,256,214
4,295,617
2,962,409
1,980,522
1,872,910
2,953,338
2,809,504
4,930,600
3,521,500
2,892,569
2,865,364
559,554
527,061
492,695
453,157
1,407,512
1,351,535
979,839
959,005
1,149,210
1,143,313
689,393
677,436
502,295
608,706
330,364
261,315
766,969
863,620
828,287
955,695
1,111,650
1,060,574
4,344,562
4,114.554
313,577
347,568
1,168,959
1,554,514
631,478
626,241
355.775,362
Total Canada. 315,997.956 324.749.971 -2.7 327,742.354
for figures. c Week
a No longer report clearings. b Do not respond to requests 15. •Estimated.
May
ended May 13. d Week ended May 14. e Week ended
MAY 231925.]
•
THE CHRONICLE
2651
coinage may he furthered by the effective resumption of the gold standard
THE CURB MARKET.
by the United Kingdom and the Dominions overseas, for they may,as they
gradually
Curb
The
Market was active and strong this week. currency. follow our example, desire also to regularize their subsidiary
INDIAN CURRENCY RETURNS.
Speculation in public utility issues was continued and
(In Lacs of Rupees)Anti/ 15, April 22. April 30.
further substantial gains were recorded. Late in the week Notes in circulation
17961
18259
18313
Silver coin and bullion in India
7514
7417
7568
oil shares assumed prominence and heavy buying of these Silver coin and bullion out of India
Gold coin and bullion in India
Mai
-3
2232
shares being accompanied by advance in prices. Adiron- fold
coin and bullion out of India
Securities (Indian Government)
''iia'
dack Power & Light, pref. sold up from 1023
fl5
5713
4 to 1063% and Securities
(British Government)
2000
1999
2000
closed to-day at 106. Amer. Light & Tr. corn, gained Bills of exchange
600
800
800
No silver coinage was reported during the week ending 30th ult.
eight points to 172 and reacted finally to 1683%. CommonThe stocks in Shanghai on the 4th inst. consisted of about 65.400.000
wealth Power corn, ran up from 142 to 173, with the final ounces in sycee, 50,000.000 dollars and 1,230 silver bars as compared witzi
about 65,400,000 ounces in sycee, 48,500.000 dollars and 970 silver bars on
transaction to-day at 166. Elec. Bond & Share Securities the
25th ult.
was heavily traded in up from 723% to 803
4 and down Statistics for the month of April 1925 are appended.
-Aar Silver Per Oz. Std.Bar Gold
finally to 743
4. Lehigh Power Securities inproved from
Cash.
per Oz. Fine.
2 Mos.
Highest price
31 11-16d. 313.4d.
125 to 132, but dropped back to 1233
86s. 7d.
4, the close being Lowest
31 1-16d.
31d.
.84s. 1l 3d
at 124. South Eastern Pow. & L. was conspicuous for an Averageprice
31.372d.
31.296d.
865. 2.9d.
Quotations
advance from 883% to 107 followed by a drop back to 87,
April 30
31 Md.
31 Md.
84s. 11Md.
the close being at 913%. United Light & Pow., class A, May 1
31 M d.
31 5-16d.
84s. 11Mcl.
May 2
3l7-16d.
31 M cl.
84s. 11)d.
sold up from 57 to 693% and down,to 655
%, the final figure May 4
31 5-16d.
21 54 d.
845. 113d.
5
31 Md.
3134d.
84s. i1 id.
to-day being 665
%. Western Power com,, advanced from May
May 6
3141d.
31 7-16d.
84s. 11Sid.
31.385d.
31.343d.
84s. 11.4d.
393% to 533% and finished to-day at 52. Heavy trading Average
The silver quotations to-day for cash and two months' delivery are
in oil shares towards the close of the week was a feature of respectively
5-16d. and %d. above those fixed a week ago.
the market. Humble Oil & Ref. sold up from 553% to 65
and at 633% finally. Magnolia Petroleum moved up from
ENGLISH FINANCIAL MARKETS-PER CABLE.
1413% to 155, and rested finally at 152. Ohio Oil gained
The daily closing quotations for securities, &c., at London,
about five point.to 69, and ends the week at 683
4. Prairie as reported by cable, have been as follows the past week:
Oil & Gas improved from 54 to 623% and sold finally at 62.
London.
May 16. May 18. May 19. May 20. May 21. May 22.
Week Ended May 22Mon. Tues.
Wed. Thurs. Frt.
Sat.
Solar Refining was up some nine points to 237, the close Sliver,
Perez
313-16 3131
d 3134
3134
31 1-16 31 1-16
84s.11 30.84s 34d.84s.115d.848.1134d.84s.11qd.8413.1
to-day being at 235. South Penn Oil advanced from 167 Gold, per fine ounce
1),(d.
.1
Consols, 234 per cents
5634
5644
5634
5634
5634
to 180 and closed to-day at 174. Standard Oil (Indiana) British,5 per cents
9934
100
100
100
100
British, 434 per cents_ _ _ _
955i
9534
9534
9534
9534
rose from 643% to 683% and ends the week at 683%. In the French
Rentes (in Parts), fr_
44.80
Holiday 44.70
44.80 44.80
__
54.35 54.35
Hollday 54.20
54.35
industrial list Victor Talking Machine jumped from 82 to French War Loan(inParis)
The price of silver in New York on the same day has been:
100, then dropped to 85, the final figure to-day being 87.
in N.Y., per os.(eta.):.
Mengel Co., after an advance of ten points to 64, dropped Silver
Foreign
6734
6734
6734
6714
8734
6734
to 56 and finished to-day at 56%. Chrysler advanced from
873% to 96 and ends the week at 95. National Tea rose
ommercial and Btiscenancons
from 269 to 305 and reacted finally to 298. Chapin-Sacks
corn. moved up from 24 to 273% and sold finally 273
4.
Breadstuffs figures brought from page 2708.-The
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
statements below are prepared by us from figures collected by
STOCKS (No.pares).
BONDS Par Value). the New York Produce Exchange. The receipts at Western
Lake and river ports for the week ending last Saturday and
Week Ended May 22.
041.
Mining. Domestic. For'n Govt.
Ind.&Mis.
since Aug. 1 for each of the last three years have been:
gem
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
128,100
283,795
270,950
266,615
201.000
223,745
35,740
93,110
150,825
166.750
171,065
166,595
50,200
60,020
112,000
167,130
78,680
108,510
1.374,205
F84,085
576.540 $7,023,000 $360,000
$562,000
1,114,000
1,411,000
1,359,000
1,292.000
1.285,000
$17,000
35,000
68,000
124.000
29.000
24,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 6.1925:
GOLD.
The Bank of England gold reserve against notes on the 29th ult,amounted
to £153,906,315 as compared with E126.906.015 on the previous Wednesday,
the increase being accounted for by the transfer of £27,000,000 from the
Treasury note reserve, in accordance with the Chancellor of the Exchequer's
announcement,.
The movements of gold to and from the Bank of England up to the
5th inst. were:
Withdrawn.
Received.
April 30
£397.000
Nil
May 1
414,000
£10.000
May 2
2.000
Nil
May 4
Nil
Nil
May .5
231,000
Nil
Since the resumption of daily announcements by the Bank there has
been a net outward movement of £1,034,000. Of the
the
destination of £442,000 was announced. namely. £291,000 withdrawals
for Switzerland,
£87,000 for India, £40,000 for South America. £15,000 for
Holland, and
f9,000 for Egypt.
About £130,000 worth of bar gold from South Africa came on
offer this
week and was absorbed for India and the Continent at
84s. 11 Md. per
fine ounce-a fraction below the Dank of England selling price.
In the House of Commons on Tuesday it was stated officially that, as
part of the safeguards arranged with regard to the effective working
the
gold standard, two revolving credits had been opened in New Yorkofwith
the Bank of England, one of 3200,000,000 with the Federal Reserve Bank
of New York for two years from May 10 or the date of the British Government guarantee, whichever was the later, the other with a syndicate headed
by Messrs. J. P. Morgan for 3100,000,000.
The Southern Rhodesian gold output for March 1925 amounted to 45.858
ounces as compared with 48,284 ounces for Feb. 1925 and 53,407
ounces
for March 1924. The following advice was received from Bombay under
date the 17th ult.:
"The gold market has been steady during the week as a good deal is
absorbed from the huge stock in Bombay and it is believed thut after the
April settlement, which is now going on, a surplus of 22.00.000 tolas
(equivalent of about 825,000 ounces), will remain in this market.
As the
Bazaar has not been importing gold for some time, it is believed that
they will have to commence making fresh purchases in the near future.
There has been a good deal of speculative activity in the Bazaar and large
transactions were frequently reported. Banks have been both buying and
selling in this market during the "week. Up-country demand for the
metal is about 60.000 tolas per day.
SILVER.
The market has been quiet and supplies fairly scanty until yesterday,
when America, hitherto loth to sell, offered rather freely
Hence the rising
tendency caused by bear covering was checked. Looking broadly at the
future the better offtake in India-3.50 bars a day-holds out hope of a
better demand here later on. Chinese operators naturally cannot find
much encouragement for bear speculation with a nearly stabilized U. S.
exchange. They have large bear accounts open here which they may prefer
to liquidate rather than prolong. The prospect of Continental silver
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.106195. bush.60 lbs.bush.56 lbs bush. 32 lbs bush.48Ibs.bush.561bs.
193,000
470,000
393,000
32,000
532,000
4,000
Chicago
642.000
Minneapolis
50,000
298,000 200,000
38,000
37.000
735.000
Duluth
15,000 100,000 586,000
69,000
24,000
19,000
Milwaukee
333,000 211,000
26,000
35,000
55,000
Toledo
68,000
4,000
31,000
Detroit
28,000
137,000
50,000
Indianapolis_
154,000
401,000
St. Louis_ _ _.
93,000
630,000
298,000
6,000
35,000
118,000
214,000
25,000
Peoria
9,000
Kansas City_
46.000
213,000
167,000
125,000
Omaha
206,000
123,000
St. Joseph..
8,000
103,000
155,000
Wichita
71,000
2,000
16,000
54,000
28,000
Sioux City_
1,000
Total wk. '25
Same wk. '24
Same wk. '23
390,000
369,000
352,000
2,879.000
3,532,000
3,616,000
1,728,000
2,931,000
1.481,000
2,492,000
2,873,000
2,844,000
568,000
566.000
390,000
659,000
742,000
384,000
Since Aug.18,729,1 e 1 450,219,000205,961,000229,679,00057,198.000 53.178,000
1924
17,262,000 191.433,000 50,648,000 198.447,00036,572,00024.674,000
1923
1922
0.093.000 369.834.000260.808.000193.815.00033.926.00045.985,000
Total receipts of flour and grain at the seaboard, ports for
the week ended Saturday, May 16, 1925 follow:
Receipts atNew York _ _ _
Philadelphia_
Baltimore_ _._
N'port News_
Norfolk
New Orleans•
Montreal _......
Boston
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
155,000 1,468,000
16,000 1,400,000 535,000
113,00
38,000
748,000
6,000
28,000 105,000
360,000
24,000
114,000
18,000
93,000
2.000
2,000
1,000
52,000
38,000
36,000
12,000
36,00' 1,483,000
119,000
721,000 315.000 670,000
27,000
7,000
3,000
45,000
20,000
Total wk. '25 335,000 3,854,000
Since Jan.1'2510,801,000 68,361,000
202,000 2,606,000 925,000 888,000
2,654,000 17,783,000 11,343,000 16,384,000
a me wk. '24 495,000 8,437,000
381,000 1,846,000 239,000 639,000
1 nce Jan.1'24 10.359.000 74.510.000 11.222,000 14.996.000; 3.819.000 4,146,000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through 1311s of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 16 1925, are shown in the annexed
statement:
Wheat, Corn, Flour,
Oats,
Rye,
Barley, Peas,
Ezports from- Bushels. Bushels. Barrels Bushels. Bushels. Bushels. Bushels.
1,417,105
New York
113,759 1,405,339 212,285 642,868
Boston
1,000
90,000
715,000 43,000 1,000 554,000 219.000
Philadelphia
25,000
134.000
Baltimore
5,000
102,000 130,000
Norfolk
1,000
Newport News
2,000
New Orleans.- 302.000 93,000 41,000
18,000
112,000
Galveston
1.000
2,112,000
Montreal
35,000 1,900,000 1.142,000 156,000
--0
Total week 1925_ 4,792,105 136,000 200.759 3.877,339 1,675,285 1,043.868
Same week 1924_ 5.643,985 290,745 340,056 862.760 763.305 178.212
2652
Vol.. 120.
THE CHRONICLE
Auction Sales.-Among other securities, the following,
National Banks.-The following information regarding not actually dealt in at the Stock Exchange, were sold at auction
national banks is from the office of the Comptroller of the in New York, Boston and Philadelphia on Wednesday of'
this week:
Currency, Treasury Department:
By Messrs. Adrian H. Muller & Sons, New York:
APPLICATIONS TO ORGANIZE RECEIVED. Capital.
N. J_May 13-The East Newark National Bank, East Newark.
Correspondent: Frank H. Palardy, 161 Grant Ave.,
.
East Newark, N. J.
May 15-The American National Bank of Guttenberg, N. J____
Correspondent: Mathias Hauerstein,52 Bergenline Ave.,
Guttenberg, N. J.
May 15-The First National Bank of Slickville. Pa
Correspondent: Joseph F. Tomajko, Slickville, Pa.
Succeeds the Slickville First Bank, Slickville, Pa.
May 15-The First National Bank of Burlingame, Calif
Correspondent: Roger H. Waite, 1106 Burlingame Ave.,
Burlingame, Calif.
APPLICATIONS TO ORGANIZE APPROVED.
Y
May 11-The National Bank of Patchogue, Patchogue, N.
Correspondent: Joseph J. Slechta, Patchogue, N. Y.
at
Germantown,
in
May 12-The Queen Lane National Bank
Philadelphia, Pa
Stephen
904
Blackburn,
E.
t:
Clarence
Corresponden
Girard Bldg., Philadelphia, Pa.
May 12-The First National Bank of Levelland, Texas
Correspondent' Jno. H. Doyle, Levelland, Texas.
$ per oh.
Shares. Stocks.
25 Gotham Safe Deposit Corp., par
$240 lot
$10
Far Rockaway Strand Theatre,pf.92
100,000 10
10 Far Rockaway Strand Theatre,
40
corn., no par
100 Peoples Collateral Pledge Soc.,
25,000
$2 lot
N. Y., pref., par $1
25 Peoples Collateral Pledge Soc.,
$1 lot
corn., par $1
100,000 8714 Mitchel II. Mark Realty
10214
Corp., pref
100 Mitchel H. Mark Realty
235
Corp., corn
100 Mitchel H. Mark Realty
235
Corp., corn
50,000 100
Mitchel H. Mark Realty
235
Corp.. corn
100 Mitchel II. Mark Realty
235
200.000
Corp., corn
150.000
Percent.
Bonds.
$4,000 South Bend & Southern
59%
Michigan Ry.58, due 1927
By Messrs. R. L. Day & Co., Boston:
25,000
APPLICATION TO CONVERT RECEIVED.
100,000
Heights. Mich
May 15-The First National Bank of Muskegon Bank,
Muskegon
Conversion of the First State Savings
Heights, Mich.
APPLICATIONS TO CONVERT APPROVED.
.60.000
Texas
May 12-The State National Bank of Lamesa.
Conversion of the First State Bank of Lamesa, Texas.
100.000
Calif
May 15-New First National Bank of Fullerton,
Conversion of the Standard Bank of Orange County.
Fullerton, Calif.
50,000
Texas
May 15-The Gouger National Bank of Robstown,
Conversion of the State Bank of Robstown, Texas_
25,000
Texas
Rosenberg,
of
May 15-The First National Bank
Conversion of the Farmers State Bank of Rosenberg.
Texas.
50.000
Texas
May 15-The State National Bank of Santa Anna,Anna,
Texas.
Conversion of the First State Bank,Santa
CHARTERS ISSUED.
May 11-12721-The Northwest National Bank of Washington, 200,000
D. C
Conversion of Northwest Savings Bank of Washington.
D. C., with one branch located within the limits of
the City of Washington, D. C.
President, Milton E. Ailes; Cashier, Gregg C. Burns.
25,000
-The First National Bank of Blackwell, Texas_ _
11-12722
May
Conversion of the First State Bank of Blackwell, Texas.
President, L. T. Youngblood; Cashier, J. T. Harmon.
25,000
Texas
May 11-12723-First National Bank in Bronte,
Conversion of the Guaranty State Bank, Bronte, Texas.
Glenn.
Carrie
Cashier,
Youngblood;
President, L. T.
30,000
Josephine, Texas_ _
May 11-12724-The First National Bank of Josephine,
Texas.
Succeeds the Josephine State Bank,
President. 0.11. Yeatts; Cashier, L. Coffman.
25,000
Bank of Sudan, Texas_ _ _ _
May 11-12725-The First National Bank
of Sudan, Texas.
Conversion of Sudan State
Barron.
C.
J.
Cashier,
Furneaux;
President, Wm. H.
of Paterson, N.J. 200.000
May 12-12726-The Broadway National Bank
President, William B. Mackay; Cashier. D. G. Smith.
25,000
Texas_ _ _ _
Moran,
Bank,
National
Moran
May 12-12727-The
Succeeds the Moran State Bank, Moran, Texas.
President, B. S. Walker; Cashier, Dodd Price.
Bank of Denison, Texas_ 100,000
May 12-12728-The Citizens NationalBank,
Denison, Texas.
Conversion of Citizens State
President, W. B. Munson Jr.; Cashier, Henry Etter.
Texas
50,000
Robstown,
of
Bank
National
State
May 12-12729-The
Conversion of the Guaranty Bond State Bank of Robstown, Texas.
President, W. H. Daimwood; Cashier, A. E. Russ.
Stephenville.
May 13-12730-Farmers-First National Bank of
100,000
Texas
Conversion of the Farmers Guaranty State Bank of
Stephenville, Texas.
President, W. H. Frey; Cashier, Jno. W. Frey.
100.000
Bank of Bowie. Texas
May 13-12731-The Security National
Bowie, Texas.
Conversion of the Security State Bank ofMoss.
J.
F.
Cashier,
Thomas;
President, Cecil
of North Bergen,
May 14-12732-The First National Bank
100,000
N. J
President, James Nolan; Cashier, John J. Roe.
200,000
_
_
_
Texas_
Terrell,
of
May 14-1733-The State National Bank
Texas.
Conversion of the First State Bank of Terrell,
Nicholson.
E.
D.
Cashier,
Jr.;
President, L. E. Griffth
Wells, Tex- 100,000
May 14-12734-The City National Bank of Mineral
ells,
of the Security State Bank of Mineral Wells.
Texas.
President, L. E. Seaman; Cashier, I. R. Preston.
in Pasadena, Calif_ 200,000
May 15-12735-National Bank of Commerce
President. Harvey 0. Riggs; Cashier, W. R. Coy.
in Dallas, Texas 1,000.000
May 15-12736-North Texas National Bank
President, Everett S. Owens; Cashier, Stanley A.
Longmoor.
100,000
Bank of Marlin, Texas
May 16-12737-The Citizens National
Conversion of the Citizens State Bank of Marlin, Texas.
President, J. C. Fountain; Cashier, J. W. Powers.
Bank of Collinsville. Tex. 25,000
May 16-12738-The Security National
Conversion of the Security State Bank of Collinsville,
Texas.
President, J. B. Farr; Cashier, Joe B. Cobler.
VOLUNTARY LIQUIDATIONS.
200,000
Bank of El Centro, Calif_
May 12-9350-The First National
Effective April 23 1925. Liquidating agent, E. C.
Aldwell, San Francisco, Calif.
Absorbed by the Bank of Italy, San Francisco, Calif.
25,000
Bank of Morrill, Neb
May 12-9653-The First National
Effective March 31 1925. Liquidating agent, H. C.
Karpf, Morrill, Neb.
Succeeded by First National Bank in Morrill, Neb.,
No. 12625.
100,000
May 12-10202-The Enid National Bank, Enid, OklaEd FlemEffective April 13 1925. Liquidating agent.
ing, Enid, Okla.
Succeeded by the Enid Bank & Trust Co., Enid. Okla.
25,000
May 12-11061-The First National Bank of Froid, Mont
Effective May 2 1925. Liquidating agent, First State
Bank, Froid, Mont.
Absorbed by First State Bank of Froid, Mont.
50,000
Bank of Savannah, Mo
May 14-5780-The First National
Effective at close of business April 18 1925. Liquidating agents, re. D. Cross and P. C. Breit, Savannah,
Mo.
Absorbed by First Trust Co. of Savannah, Mo.
8 Per oh..
Shares. Stocks.
12116 Mitchel H. Mark Realty
235
Corp.. corn
12 Mechanics & Metals Nat. Bank_40434
9 Morris & Essex RR., par $50--- 78
300 Scotts Preparations, Inc., no par
$325 lot
90
50 Phelps Dodge Corp
450 Peoples Collateral Pledge Soc.,
$10 lot
corn., par $1
1,800 Peoples Collateral Pledge Soc.
$65 lot
pref., par $1
8 Amer. Exchange Cigar Co., corn. $101
5 Amer. Exchange Cigar Co., pref. lot
10 Credit Discount Corp., corn.... $110
10 Credit Discount Corp., pref.... lot
$ per sh.
$ per oh. , Shares. Stocks.
Shares. Stocks.
122%
9 First National Bank, Boston_ _ _.30916 I 3 Plymouth Cordage Co
433
6 Boston Insurance Co
8 Webster & Atlas National Bank--210
20734 1 Maas. Lighting Cos., 8% pref 11234
57 National Shawmut Bank
147
20736 9 Draper Corporation
1 National Shawmut Bank
12 Boston R.E.Tr., par 51,000.957.1mM,3 Webster & Atlas National B ank--211
75
Trust
Peoples
First
units
Plym6
Bank,
National
Colony
13 Old
71
158 60 Tremont Building Trust
outh, Mass
5 Puget Sound P. dc L.,6% pref---6436
13 Plymouth National Bank, Plymouth, Mass
14534 SO Worcester G. L. Co., corn.,
4136-41 3-15
$25
61
4 Granite Mills
8514
50 50 Olympia Theatres, pref
6 Davol Mills
so
Co
Machinery
Sullivan
5
1 Troy Cotton & Woolen Manufac75
10 units First Peoples Trust
150
tory, par $500
_128
Co.
P.
&
L.
'Frac.,
15
Manchester
92
Mills
Arlington
25
133 300 Excel. Stone Saw Co., par 625_65 lot
8 Lyman Mills
lot
7 Naumkeag Steam Cotton Co.,_.18734 25 Leffler Elec. System, par $10-.85
102
5 New England Co., 2d pref _8336 & div.
1 Old Colony RR
36 3 Merrimack Hat Corp.,pf.,par 650. 3636
1 Chatham Railroad'
70
10834 10 North Boston Ltg. Prop., corn
12 Nashua & Lowell RR
13236
I Merch.& Min.Transp. Co
Per right.
No. Rights.
4 Quincy Market Cold Storage &
3'Is
8934 & div. 21 Lowell Gas Light Co
Warehouse Co., prof
Per cent.
Bonds.
50 Dennison Mfg.Co., let pf_132g & div
70 $1,000 Mt. Pleasant & Sea View
23-100 State Theatre, pref
City RR., 1st 6s, July 1 1922.
9 Columbian Nat. Life Ins. Co_ _ _ ..160
coupon July 1 1893 & sub, at188
17 Essex Co., par $50
$10 lot
tached
47
25 American Glue Co.. corn
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
$ per oh. Shares. Stocks.
Shares. Stocks.
60
22834 25 Lovell & Covel, pref
5 Atlantic National Bank
pf.106)(
prior
Lt.,
dr
Pow.
Sound
Puget
6
Bank
310
5 First National
7 Worcester G.L.Co.,com., par $25 42
15 Metropolitan Trust Co. (First
75
Nat. Bank certif. of deposit)... 15 3 units First Peoples Trust
264-265
128 55 Algonquin Printing Co
20 Stevens Manufacturing Co
3916 12 Waltham Bleach & Dye Works__ 48
25 Hamilton Manufacturing Co
10 United Elec. Lt. Co. of Sprined333
69
10 Ipswich Mills, pref
102
1.21
5 Dennison Mfg. Co., 2d pref
15 Kilburn Mills
6
85, ef-div. 20 Fairbanks Co., 1st pref
6 Lancaster Mills, corn
_195
Co__
Pow.
&
Lt.
El.
Greenfield
80 50
7 Elder Mfg. Co., 1st pref
12 Laconia Car, pref., Undep.stock. 76
17 Pittsfield & North Adams RR 85
65
1 W.L. Douglas Shoe Co., pref.-- 8334 8 Laconia Car Co., 1st pref
40
10 Craton de Knight Mfg. Co., pref. 37 8 Multibestos Co., 1st prof
60 Worcester G. L. Co., corn., par
20 Randolph & Holbrook Pow. &
4114-42
$25
31
Elec. Co., par $25
10 Blackstone Valley Gas & Elec.
8 Per HOS.
8036 No. Rights.
Co., corn., par $50
336
1223.6 16 Lowell Gas Light CO
9 Plymouth Cordage Co
Percent.
Bonds.
10 Worcester Gas Light Co., corn.,
42 $1.090 Wayne Coal Co. 65, March
par 825
30
1937, certificate of deposit
75
4 units First Peoples Trust
By Messrs. Barnes & Lofland, Philadelphia:
8 Per Oh,
Shares. Stocks.
5 Enterprise Manufacturing Co__- 17
16 Phila. Bourse, corn., par $50____ 2334
5 Amer. Cone & Pretzel Co., 1st pf_ 1916
2 First Nat. Bank of Norristown,Pa235
20 H. K. Mulford Co., par 850-- 4034
19934
50 Citizens Passenger Ry
199
7 Citizens Passenger Ry
25 Frankford 5c Southwark Pass.Ry24716
170
1 2d & 3d Ste. Pass. RV
170
25 2d & 3d Ste. Pass. Ry
107
3 Ridge Avenue Passenger Ry
9434
50 Hare & Chase, Inc., pref
9416
141 Hard & Chase, Inc., pref
30 Hare & Chase, Inc., corn., no par 2534
69 Hare & Chase, Inc., corn., no par 2534
1 Library Co. of Phila. (1925 and
2034
1928 dues paid)
20 Merlon Cricket Club Golf Assn.,
$1,550
par $50
SO
5 Autocar Co., prof
20 Victory Insur. Co., par $50_ ...i07
25 Commercial Truck Co., let pref. 6
33
15 Crane Ice Cream Co., pref
192 Horn & Hardart Co. of N. Y.,
4734
no par
6 First National Bank of Phila.- _ _324
60734
2 Girard National Bank
607
6 Girard National Bank
5 Drov.& Merch. Nat. Bk., par $50 1034
3 Drov.& Merch. Nat.Ilk. par $50 10
$ per oh.
Shares. Stocks.
56834
8 Central National Bank
342
1 Southwark National Bank
11 Northeastern Title & Trust Co
65
par $50
29 Cobbs Creek Title & Trust .00..
65
par 850
15 Bank of North Amer.& Tr. Co..2973(
60
5 Phoenix Trust Co., par $50
11534
8 Republic Trust Co., par $50
6 Continental Equitable Title &
220
Trust Co., par $50
6 Colonial Trust Co., par $50, full
15534
paid receipts
4 Colonial Trust Co., par $50, full
156
paid receipts
10414
25 Mutual Trust Co., par $50
Camof
Bank
Nat.
State
First
13
318
den, N. J
18 Bucks Co.Tr. Co., Doylestown,
125
Pa. ($60 paid)
18 Farmers Nat. Bank of Reading,
162
Pa., par $30
4 Reliance Insurance Co., par $50_105)4
10 Peoples Nat. Fire Insur. Co...... 28 ,
$ per right.
No. Rights.
14034
36 Nat. Bank of Germantown
Per cent.
Bonds.
$100 Benevolent Protective Order of
Elks (Philadelphia Lodge No. 2)
85
gen 6s, 1942
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
334 July 10 Holders of rec. June 16a
Atlantic Coast Line RR., common
July 10 Holders of rec. June 15a
Corn. (extra) from non-operat. inc. 1
*2
July 1 *Holders of rec June 2
common
Chesapeake at Ohio,
g July 1 *Holders of rec. June 2
Preferred, Series A
Consolidated RRs. of Cuba, pref. (cm.). 116 July 1 Holders of rec. June 15
81.30 June 30 Holders of rec. June 25a
Cuba RR., common (quar.)
'873.4c June 10 *Holders of rec May 29
Erie & Pittsburgh (quer.)
June 30 *Holders of rec. June 2
*2
Hocking Valley Ry
$1.25 June 1 Holders of rec. May 23a
Midland Valley RR.. preferred
July 1 *Holders of rec. June 1
*2
Mobile & Birmingham, preferred
Reading Company, 2d liref. (quar.)_ _ .50c. July 9'Holders of rec. June 22
St. Louis-San Francisco, corn. (guar.). _ '134 July 1 *Holders of rec. June 15
Western Pacific RR. Corp., pref. (OIL)- '134 June 29 *Holders of rec. June 15
MAY 23 1925.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities.
American Telephone & Telegraph (gu.)- 234
Bell Telephone of Pa., pref. (quar.)__
•1%
8134
Boston Elevated Ry., corn.(guar.)
*4
First preferred
6.334
Preferred
Cons. Gas El.Lt.& Pr.,Bait., com.(qu.) *50e.
Preferred A (guar.)
*2
Preferred B(guar.)
"13(
Preferred C(guar.)
*1%
Continental Pass. Ry., Philo
613
Frankford & Southwark Pass. Ry.(gu.) 54.50
Grafton Co.El. L.& Pow., pref.(qu.).- 2
Kentucky Hydro-Elec. Co., pref. (gu.)_ *13(
Maseoma Light &Power,cons.(guar.).- 2
Preferred (guar.)
134
Massachusetts Lighting Cos., corn.(qu.) 75c.
Midland Utilities, prior lien (guar.).
*1%
Nat. Pub. Serv. Corp., com.A (No.1)
400.
New England Telep. & Teleg. (quar.)-- "1
New York Telephone, pref. (quar.)- -- *1%
Northern Texas Elec. Co., corn.(guar.)- 2
Pennsylvania-Ohio Elec. Co., pref. (gu.) •1%,
Second & 3d Sts. Pass. Ry., Phila.
53
Southern New Eng. Telep. (guar.)
*2
West Penn Company, corn. (guar.). _ al
West Penn Rys.,6% pref. (guar.)
134
July 15 Holders of rec. June 20
July 15 *Holders of rec. June 20
Jury 1 *Holders of rec. June 18
July 1 *Holders of rec. June 18
July 1 *Holders of rec. June 18
July I 'Holders of rec. June 15
July 1 'Holders of rec. June 15
July 1 *Holders of rec. June 15
July 1 *Holders of rec. June 15
June 30 *Holders of rec. May 29
July 1 June 2 to June 30
June 1 Holders of rec. May 13
June 30 *Holders of rec. June 20
June 1 Holders of rec. May 19
June 1 Holders of rec. May 19
June 3 *Holders of rec. June 15
July 6 *Holders of rec. June 22
June 15 Holders of rec. May 27
June 30 *Holders of rec. June 10
July 15 *Holders of rec. June 20
June 1 Holders of rec. May 20a
June 1 "Holders of rec. May 21
July 1 June 2 to June 30
July 15 *Holders of rec. June 30
June 30 Holders of rec. June 15
June 15 Holders of rec. June 1
Banks.
Harriman National (special)
May 21 Holders of rec. May 21
Trust Companies.
Equitable (guar.)
50
3
June 30 Holders of rec. June 19a
Miscellaneous.
Adams Express (guar.)
*81.50 June 30 "Holders of rec. June 15
Ahumada Lead Co.(quar.)
734c. July 2 Holders of rec. June 15
Extra
1734c July 2 Holders of rec. June 15
American Stores (guar.)
*40c. July1 *Holders of rec. June 15
Anglo-American 011, Ltd
6034c May 25 Holders of coup. No.29
Armour & Co., Ill., corn., cl. A (guar.)_ *50c. July 1 *Holders of rec. June 15
Preferred (quar.)
• •1% July 1 "Holders of rec. June 15
Armour & Co., of Del., pref.(quar.)_. 6.1% July 1 *Holders of rec. June 15
Atlantic Terra Cotta. pref. (quar.)
1
June 15 Holders of rec. June 5
Belgo-Canadian Paper, corn. (quar.)..- 1% July 2 Holders of rec June 12
Preferred (guar.)
134 July 11 Holders of rec. June 30
Bendix Corporation (guar.)
'50c. July 1 'Holders of rec. June 15
Bingham Mines (guar.)
50e. June 30 Holders of rec. June 200
Borg & Beck (guar.)
*50c. July 1 'Holders of rec. June 20
Brandram-Henderson,Ltd., prof.(guar.) 134 July 1 Holders of rec. June 1
British-Amer.Tobacco,Ltd., ordlnary__ (s) June 30 Holders of coup.No.1068
Burroughs Adding Mach., cons.(guar.)- 75e. June 30 Holders of rec. June 15
Preferred (guar.)
1% June 30 Holders of rec. June 15
Calumet & Arizona Mining (guar.)._- *50c. June 22 *Holders of rec. June 15
Extra (from res. for deprec. & depl.)- '50c. June 22 'Holders of roe. June 15
Certain-teed Products Corp., corn. (gu.) $I
July 1 Holders of rec. June 16
First and second preferred (quar.)
1% July 1 Holders of rec. June 16
Chesebrough Mfg., corn. (guar.)
82340. June 30 Holders of rec. June 12a
Preferred (guar.)
1% June 30 Holders of rec. June 120
Chicago Yellow Cab (monthly)
331-3c July 1 *Holders of rec. June 20
Monthly
331-3c Aug 1 'Holders of rec. July 20
Monthly
* 331-3c Sept. 1 *Holders of rec. Aug. 20
Cities ServiceCommon (monthly)
"X July 1 *Holders of rec. June 15
Common (payable in common stock). V% July 1 *Holders of rec. June 15
Preferred and preferred B (monthly)._
6 34 July 1 *Holders of rec. June 15
Commercial Solvents Corp., 1st pref.(qu) 2
July 1 Holders of rec. June 19
Class A (guar.)
Si
July 1 Holders of rec. June 19
Crane Co., corn. (guar.)
134 June 15 Holders of rec. June 1
Preferred (quar.)
1% June 15 Holders of rec. June 1
Crucible Steel, pref. (guar.)
1% June 30 Holders of rec. June 15a
Cuba Co., corn.(guar.)
June 1 Holders of rec. May 23a
$t
Cuban-American Sugar, corn. (guar.)._ 75c. July 1 Holders of rec. June 3a
Preferred (guar.)
1% July 1 Holders of rec. June 3a
Cumberland Pipe Line (guar.)
•
'3
June 15 "Holders of rec. May 29
Douglas-Pectin Corp. (guar.)
*25c. June 30 *Holders of rec. June 1
du Pont(E.I.) de Nem.& Co.,corn.(qu) 23.4 June 15 Holders of
rec. June 5
Debenture stock (guar.)
1% July 25 Holders of rec. July 10
du Pont (E.I.) de Nem.Powd.,com.(qu.) '134 Aug. 1 *Holders of
rec.
July 20
Preferred (guar.)
'134 Aug 1 *Holders of rec. July 20
Eagle-Picher Lead Co.,corn.(guar.)_ _ _ _ 40e. June 1 Holders
of rec. May 15
Empire Brick & Supply (quar.)
134 June 16 Holders of rec. June 10
Fifth Ave. Bus Securities (guar.)
*16c. July it '
,Holders of rec. July 2
Gabriel Snubber, corn. (gu.) (No. I)
"623.4c July 1 *Holders of rec. Juno 15
Gamewell Company, common (guar.)._ 81.25 June 15 Holders
of rec. June 5
Preferred (guar.)
1% June 1 Holders of rec. May 21
General Electric, common (guar.)
'2
July 15 'Holders of rec. June 3
Special stock
•15c. July 15 *Holders of rec. June 3
Hecla Mining (quar.)
50c. June 15 Holders of rec. May 9
Hudson Motor Car (guar.)
*75e. July 1 *Holders of rec.
International Harvester, corn. (guar.)._ •134 July '15 *Holders of rec. June 15
June 25
International Salt (guar.)
134 Alb' 1 Holders of rec. June 15a
Kennecott Copper Corp.(guar.)
75c. July 1 Holders of rec. June 5
Korach (S.) Co., preferred (guar.)
1% June I May 24 to May 31
Kraft Cheese, corn.(guar.)
'134 July I *Holders of rec.
Common (payable in common stock). •f134 July 1 *Holders of rec. June 18
June 18
Preferred (guar.)
*1% July 1 *Holders of rec. June 18
Lake Shore Mines, Ltd. (guar.)
5
June 15 Holders of rec. June 1
Bonus
5
June 15 Holders of rec. June 1
Lancaster Mills, corn.(guar.)
23.4 June 1 Holders of rec. May 21
Lehigh Valley Coal Sales (guar.)
"12
Ally 1 "Holders of rec.
11
Libby-Owens Sheet Glass, corn.(guar.). *50e. June 1 *Holders of rec. June
May
Preferred (guar.)
•1% June 1 *Holders of rec. May 22
22
Lord & Taylor. corn. (guar.)
234 July 1 Holders of rec. June 16a
McCahan (W.J.) Sug.Ref.&M.,pf.(gu.) 1% June 1 Holders of rec.
May 21a
Mergenthaler Linotype (nmar.)
23.4 June 30 Holders of rec. June
Metro-Goldwyn Pictures Corp,PL(W.) 1% June 15 Holders of rec. May 3a
29
Metropolitan Paving Brick, corn.(guar.) 2
June 1 Holders of rec. May 15
"750. July 1 *Holders of rec.
Nat. Dairy Products(guar.)
June 25
2
National Lead, corn.(guar.)
June 30 Holders of rec. June 12
National Surety (guar.)
234 July 1 Holders of rec. June
National Transit
*50c. June 15 *Holders of rec. May 190
29
New York Canners. Inc., corn. (guar.). *50c. June 15 'Holders of rec. June 3
North Atlantic Oyster Farms, cl. A (qu.) 50e. June 1 Holders of rec. May 20
"2
Corporation,
(guar.)._
pref.
Omnibus
July 1 *Holders of rec. June
Pacific Oil
41.50 July 20 Holders of rec. June 20
15
•134 July 1 *Holders of rec.
Pure Oil Co.. 514% pref. (guar.)
June 10
*2
Eight per cent preferred (guar.)
July 1 *Holders of rec. June 10
"134 July 1 *Holders of rec.
Six per cent preferred (quar.)
June
*75c. July 15 *Holders of rec. July 10
Quaker Oats, corn. (guar.)
1
'134 Aug. 31 'Holders of rec. Aug. 1
Preferred (guar.)
1% July 1 Holders of rec.
Republic Iron & Steel, pref. (quar.)_ _ _ _
June
17
50e. July 1 Holders of rec. May 29
St. Regis Paper, common (guar.)
134 July I Holders of rec. June 15
Preferred (quar.)
Sherwin-Williams Co., Can.,corn.(qu.)_
13.4 June 30 Holders of rec. June 15
134 June 30 Holders of rec. June
Preferred (quar.)
15
"5
June 20 *May 30 to
Solar Refining
*S1.75 June 15 *Holders of rec. June 10
Texas Gulf Sulphur (guar.)
June 1
*50e. June 15 *Holders of rec. June 1
Extra
Underwood Computing Mach., pf. (qu.) 1% July 1 Holders of rec. June 13
1% Oct. 1 Holders of rec. Sept.
Preferred (guar.)
19
*S1.25 July 1 *Holders of rec. June 5
Union Carbide & Carbon (guar.)
% July 1 Holders of rec. June
United Paperboard. Inc., common
5a
6
July 1 Holders of rec. June 5a
Preferred (annual)
15e. July 1 Holders of roe. June
United Profit-Sharing, corn. (guar.)._
8a
*23.4 June 15 *Holders of rec. May 29
U. S. Title & Guaranty (guar.)
Waldorf System. Inc.. corn. (guar.)_ _ _ 31 X c July 1 Holders of rec. June 20
20e. July I Holders of rec. June 20
First and Prefer ed (Mar.)
134 June 15 Holders of rec. May 20
Wanututta Mills (guar.)
Name of Company.
Miscellaneous (Concluded.)
Ward Baking, preferred (guar.)
Yellow Cab Mtg., Class B (monthly)_ _
Class B (monthly)
Class B (monthly)
2653
Per
When
Cent. Payable.
•1%
*21e.
"21e.
•21e.
July
July
Aug.
Sept.
Books Closed.
Days Inclusive.
1 *Holders of roe. June 15
1 *Holders of rec. June 20
1 *Holders of rec. July 20
1 *Holders of rec. Aug. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable
Books Clewed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary
33.4 June 29 Holders of roc. May 25
Preferred
334 Aug. 17 Holders of rec. July 13
Atch. Topeka & Santa Fe, corn.(guar.). 134 June 1 Holders or rec. May la
Baltimore & Ohio, corn.(guar.)
134 June 1 Holders of rec. Apr. 18a
1
June 1 Holders of ree. Apr. 18a
Preferred (guar.)
Boston & Albany (guar.)
23.4 June 30 Holders of rec May 29
234 June 30 Holders of rec. June la
Canadian Pacific. coin. (guar.)
75c. June 4 May 21 to June 3
Chestnut Hill RR. (guar.)
5
June 25 Holders of rec. June 190
Chicago Burlington & Quincy
1% June 1 Holders of rec. May 94
Cleveland & Pittsburgh. reg. gu. MO_
1
June 1 Holders of rec. May 9.
Special guaranteed (guar.)
2
June 30 June 20 to June SO
Colorado dc Southern, 1st preferred
June 1 Holders of rec. May 154
Cripple Creek Central. preferred
1
Delaware & Hudson Co.(guar.)
2)4 June 20 Holders of rec. May 28.
Georgia Southern & Fla., hat & 2d met-. 234 May 28 Holders of rec. May 14
July 10 Holders of rec. July la
Houston & Texas Central
3
Hudson & Manhattan, eons.(No.
13.4 June 1 Holders of rec. May 14s
Illinois Central, corn. (guar.)
134 June 1 Holders of rec. May Si
July I June 12 to July 5
2
Leased lines
Aug. 10 Holders of rec. July 15a
Louisville & Nashville
3
Maine Central, pref. (guar.)
134 June 1 Holders of rec. May 15a
New Orleans Texas & Mexico (guar.).
134 June 1 Holders of rec. May 15a
N.Y.Chicago& St.Louis,corn.(guar.)_
134 July 1 Holders of rec. May 15a
Preferred
134 July 1 Holders of rec. May 15a
Norfolk & Western. corn. (guar.)
134 June 19 Holders of rec May 29.
North Pennsylvania (guar.)
$1 May 25 Holders of rec. May 18a
75e. May 29 Holders of rec. May la
Pennsylvania (guar.)
Phila. Germantown & Norristown (qu.). $1.50 June 4 May 21 to June 3
Pittsburgh Bessemer dz Lake Erie. pref
$1.50 June 1 Holders of rec. May 15
Pittsb. Youngstown & Ashta., pref.(gu.) 1% June i Holders of rec. May 294
Reading Company, let prof.(guar.)._
50c. June 11 Holders of rec. May 25.
St. Louis-San Fran. By., pf Ser.A (qu.) 134 Aug. 1 Holders of rec. July 15.
Preferred. Series A (guar.)
134 Nov. 9 Holders of rec. Oct. 154
Southern Pacific Company (quar.)
134 July i Holders of rec. May 286
Union Pacific. common (guar.)
234 July 1 Holders of rec. June la
Wabash Railway, preferred A
134 May 25 Apr. 19 to May 18
Western Pacific RR.Corp.. corn
July 15 "Holders of roe. June 30
*5
Corn.(Payable In corn.and prof.stock) (0 July 15 'Holders of rec. June 30
Preferred (account accum. dividends). 611.588 July Is *Holders of rec. June 30
Preferred (payable In corn.& pref.stk.) (0 July 11 'Holders of res. June 30
Public Utilities.
American Power & Light, corn.(quar.).. 25c. June i Holders of rec. May 15
Common (payable in common stock)_ (8) June I Holders of rec. May 15
Amer. Telegraph & Cable (guar.)
1% June 1 Holders of rec. May 294
Associated Gas & Electric Co.
1234e July 3 Holders of roe. June 1.8
Preferred (guar.)
Preferred (extra)
1234e Oct. 1 Holders of rec. Sept.15
Preferred (extra)
1234c Jan l'2( Holders of rec. Dec. 15
$6 dividend series pref.(No. 1)(qui
(Y) June I Holders of rec. May 11
Baton Rouge Elec. Co.. common
$5 June 1 Holders of rec. May 16m
Blackstone Val. Gas& El.,com.(guar.). $1.21 June 1 Holders of rec. May 15a
June 1 Holders of rec. May 150
Preferred
3
;Lc:
Brazilian Tree.. Light & Power,ord.(qu) 1o. June 1
. 30
15a
Holders of
May
Brooklyn City RR.(guar.)
20
June
oItlders
Brooklyn Edison (guar.)
o. 5,fa
M ay
y 156
3s
rto
ne II
1
2 % Jo
Holders f roe.
Central Arkansas Ry.& Lt.. prof.(011.)ro of rec
roo:
Central III. Public Serv.. Pref. (quar.)-- 11%
1 :Holders
.50 Julyo 15
.1
M
9a
ne
y3
29
0
Central Indiana Power. pref. (guar.) Cent. Miss. Vail. El. Prop., pf.(guar.). 134 June 1 Holders of rec. May 156
Chic.Rap. Tran., prior pref.(monthly)_ 6
355
11e
..
23 ..jj
fluou
uollnyyo
e 13
1 Holders of rec. May 19a
Cleveland Elec. Illum..6% pref.(qu.)
134 .J1ulnye 1 Holders of rec. May 15a
Holders of rec. May 12a
Consolidated Gas, N.Y., corn.(guar.)
Consumers Power,6% pre! (quar.)_
1 Holdersof rec. June 15
50
1 Holders of rec. June 15
% preferred(guar.)
$1.65
7% preferred (guar.)
1% July 1 Holders of rec. June 15
Six per cent preferred (monthly)
50e. June 1 Holders of rec. May 15
Holders of rec. June 15
Six per cent preferred (monthly)
50c.
56e. June 1 Holders of rce. May 16
8.6% Preferred (monthly)
1 Holders of rec. June 15
6.8% preferred (monthly)
55e. July 15
Holders of rec. June 131
IContinental Gas & Elec.. corn.(guar.). 81.10 July
15 Holders of rec. June 136
I% July 15
Prior preference (guar.)
Participating preferred (guar.)
1% July 15 Holders of rec. June 13a
Holders of rec. June 134
Participating preferred (guar.)
)5
Holder,of rec. June 130
Preferred (guar.)
i34 July 15 Holde
Duquesne Light. 1st pref., ser. A (qu.) _ 1% June 15 Holders of rec. May 15e
July 1
Eastern Shore Gas dr Electric. pref.(qu.) 2
June
1 Holders of rec. May 15a
1 Holders of rec. June I5a
Federal Light & Trac., new corn.(qtr.)._ 20e.
fuune
e 1 Holders of toe. June 15a
New common (pay,in new cons.stk.)_ flbc. J
July
Holders of roe. May 15a
Preferred (guar.)
134
May 21 to June I
Georgia Ry.& Power, common (guar.). 1
Second preferred (quar.)
1
June 1 May 21 to June 1
Second preferred (guar.)
1
Sept. 1 Holders of roe. Aug. 20
Second preferred (guar.)
1 • Dec. I Holders of rec Nov.20
Hackensack Water, common
755. June 1 Holders of rec. May 27.
Preferred
8734c.June 1 Holders of rec. May 27a
Keystone Telephone, pref. (guar.)
Si
June 1 Holders of rec. may 16
Laclede Gas Light, common (guar.)
"2
June 15 *Holders of rec. June 1
Preferred
'234 June 15 "Holders of rec. June 1
Massachusetts Gas Companies. pref
2
June 1 May 16 to May 31
Middle West 'Utilities, prior lien (guar.) 511.50
.75 Jfo
une 11
5 Holders
15 9
of
1 rec. May 2
National Power & Light, COM.(quar.).
5
Al
lay 2
12
8.
Nebraska Power, pref.(guar.)
1 %Hoollddeersrs
1% Jo
n 15
Jrro
of rroe.
Niagara Falls Power, common (guar.)._ 50e. June 15
Preferred (guar.)
4334e. July 16 Holders of rec. June 301
North American Utility Securities.A
fl
()
of
f rc
ooc..
ua
oe
y2
19
5
First pref. allotment certifs. (guar.)_ $1.50 d
Joi
nnye 151
Holders
Nor.Ohio Trac.& Light,6% pref.(qu.)
1%
7% preferred (guar.)
I% July 1 Holders of rec. June 15
Northern States Power of Wis., pf.(qu.) 134 June 1 Holders of rec. May 19
Northwestern Public Serv., pref.(guar.) 134 June 1 Holders of rec. May 20
Oklahoma Gas & Elec., pref. (guar.)._ _
134 June 15 Holders of rec. May 29
f rec.
Pacific Tel.& Tel.. corn.(gu.)(No. 1)_
y 2
12
5a
1
IXay 99
Penn-Ohio Power & Lt., 7% pre/. (qu.)_
Aug. 1 Holders of roe. July
2
Aug. 1 Holders of roe. July 22
8% preferred (qukr.)
Ho
aolyy
delfrei oftfrooec. A
Philadelphia Elec., corn. & pref. (guar.) 50
rara
t:4 133/1134
5 rara
11%
. Juno
J.1un
ne
ee 111
Portland Elec. Pow.. 2d pref.(guar.)._
134 June 1 Holders of rec. May 166
Rochester Gas & Elec. 5% pref.(guar.)
6% preferred (quar.)
7% preferred (quar)
134 June 1 May 17 to
May 31
Southern Colorado Power, pref.(guar.)_
134 June 15 Holders of rec. May 29
Southwestern Power d: Light, pref.(qu.) 1% June 1 Holders of rec. May 15.
Standard Gas & Elec.,8% prof.(quan). 21
olfders
ra o
Juneune15
of r
1 Ho
May
s•exas Electric Ry..common (quar.)___.
el. May 2
19
59
Tri-City fly.& Light.common (guar.)._
214 July 1 Holders of rec. June 20
Common (guar.)
2)4 Oct. 1 Holders of rec. sept.20
Common (guar.)
8$2
71.
g
m75e i
HoldersHo ders 0
jjauix
nnt l'
ee 211655 Holders
00f rec.
froe.e0.fDo
s c.
y2
320
2du
United Gas Improvement, pref.(qu.)._ _
May
Wisconsin Power & Light, pref.(guar.)_
.
*9
14
Banks.
American Colonial Bank of Porto Rico_ _
4 June,
Extra
4 June
Standard (quar.),,
2
July
Standard Nat. Corp., cons. (guar.)
50c. July
Preferred (guar.)
1% July
1
1
1
1
1
May 20 to June 8
May 20 to June 8
Holders of rec. Juned284
Holders of rec. Juned26a
Holders of rec. Juned266
Name of Company.
Trust Companies.
Manufacturers' (quar.)
When
Per
Cent. Payable.
4
July
Books Closed.
Days Inclusive.
1 Holders of rec. May 20a
Miscellaneous.
May 19a
Abbott's Alderney Dairies. let pref. qu.) 131 June 1 Holders of rec.
June 153
Aluminum Manufactures,Inc.. com.(qu) 3734c. June 30 Holders of rec. Sept.15a
rec.
of
Holders
30
Sept.
3734c.
Common (quar.)
37540. Dec. 31 Holders of rec. Dec. 150
Common (guar.)
1% July I Holders of roe. June 20a
Preferred (quar.)
131 Oct. 1 Holders of rec. Sept.200
Preferred (quar.)
131 Janl'26 Holders of rec. Dec. 20a
Preferred (guar.)
1%
_
July 15 Holders of rec. June 30
(guar.)
pref.
Sr
com.
Works,
Art
Amer.
July 31 Holders of rec. July 110
American Beet Sugar, common (guar.)._ 1
Oct. 31 Holders of rec. Oct. 100
1
Common (guar.)
Holders of rec.Jan.9'260
Jan30•26
1
Common (guar.)
750. 4June30 June 18 to June 30
American Hardware (guar.)
$I dJune30 June 18 to June 30'
Extra
Amer. Laundry Machinery, com.(quar.) 750. June 1 May 23 to ' June 1
131 July 1 Holders of roe. June 200
American Linseed, pref
131 Oct. 1 Holders of rec. Sept.19a
Preferred
June 30 Holders of rec. June 15a
American Locomotive, common (quar.). 42
12.50 June 30 Holders of rec. June 150
Common (extra)
30 Holders of rec. Sept. 14a
Sept.
$2.50
Common (extra)
12.50 Dec. 31 Holders of rec. Dec. 14a
Common (extra)
1% June 30 Holaers of rec. June 15a
Preferred (guar.)
154 July 1 June 16 to June 30
Amer. Manufacturing, com.(guar.)._
154 Oct. 1 Sept. 16 to Sept.30
Common (guar.)
114 Dec. 31 Dec. 16 to Dec. 30
Common (quar.)
111 July 1 June 16 to June 30
Preferred (guar.)
1% Oct. 1 Sept. 16 to Sept. 30
Preferred (quar.)
134 Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
The. June I Holders of rec. May 19a
American Metals, common (guar.)
131 June 1 Holders of rec. May 203
Preferred (guar.)
40o. June 1 Holders of joe. May 15a
Amer. Multigraph. corn. (guar.)
June 30 Holders of rec. June 15a
31
American Radiator. corn (guar.)
$1.50 June 30 Holders of rec. June 15a
American Railway Express (guar.)
American Rolling Mill, corn (guar.)._ _ _ 50c. July 15 *Holders of rec. June 304
July 15 Holders of rec. July 1
5
Common (payable In common stock)_
114 July 1 Holders of rec. June 15
Preferred (quar.)
Aug. 1 Holders of rec. July 15
2
American Shipbuilding, com (qua?.)...
Amer. Smelt. & Refin., pref. (guar.)... 1% June 1 Holders of rec. May 8a
Amer. Sugar Refining, pref. quar.)._.. 131 July 2 Holders of rec. June la
Amer. Tobacco. com. & com. B (guar.). $1.75 June 1 Holders of rec. May 90
75c. May 25 Apr. 19 to May 20
Anaconda Copper Mining (quar.)
131 June 1 Holders of rec. May 200
Artloom Corp., Prof. (On.)(No. 1)
154 June 1 Holders of rec. May 20
(qu.)
pf.
Corp.
1st
Goois
Dry
Associated
1% June 1 Holders of rec. May 2a
Second preferred (sitar.)
June 10 Holders of rec. May 29a
11
Atlas Powder, common (quan)
131 July 1 Holders of rec. June 20
Babcock & Wilcox Co.(guar.)
134 Oct. 1 Holders of rec. Sept. 20.
Quarterly
13( anr 26 Holders of rec. Dec. 20
Quarterly
134 Aprl'26 Holders rea, Mar 20'26a
Quarterly
Balaban & Katz,common (monthly)._ 250. June 1 Holders of rec. Apr. 200
25c. June I Holders of rec. May 200
Common (monthly).
25c. July 1 Holders of rec. June 200
Common (monthly),
June 21
134 July 1
Preferred (quar.)
Beech-Nut Packing, common (quar.)--- 60c. July 10 Holders of rec. June 25a
131 July 15 Holders of rec. July 10
Preferred. Class B (guar.)
uly 1 Holders of rec. June la
Bethlehem Steel Corp. 8% Pref.(guar.) 2
134 July 1 Holders of rec. June la
Seven per cent preferred (guar.)
June I Holders of rec. May 150
11
Borden Company, corn. MO Par)
114 June 15 Holders of rec. June la
Preferred (guar.)
$1.25 June 1 May 24 to May 31
Brill(J. G.) Co.. common (quar.)
1
June 1 Holders of rec. May 200
Brown Shoe.com.(guar.)
June 15 Holders of rec. Apr. 25
11
Buckeye Pipe Line (guar.)
$1.50 June 15 Holders of rec May 290
California Packing Corp.(guar.)
June 1 Holders of rec. May 200
4334c
(guar.)._
California Petroleum, common
131 July 1 Holders of roe. June 206
Preferred (guar.)
131 June I Holders of roe. May 15
Campbell Soup, preferred (quar.)
1% June 15 Holders of rec. June 10
Garter (William) Co., preferred (guar.)
2% Aug. 15 Holders of roe. Aug. 1
Casey-Hedges Co., common (guar.)
254 Nov.15 Holders of rec. Nov. 1
Common (guar.)
1% July 1
Preferred (guar.)
154 Oct. 1
Preferred (quar.)
1% June 1 Holders of rec. May 18
Century Ribbon Mills, pref. (guar.)._ _
•151 June 1 *Holders of rec. May 21
Chicago Flexible Shaft, pref. (quar.)
33Isc June 1 Holders of roe. May 20e
Chicago Yellow Cab (monthly)
3
June 10 Holders of rec. May 290
Childs Co., corn., $100 par (guar.)
600. June 10 Holders of rec. May 290
Common, no par value (guar.)
June 10 Holders of rec. May 29a
134
Preferred (guar.)
(e) fuly 1 Holders of rec. May 29a
Common (no par value) (extra)
(o) Oct. 1 Holders of rec. Aug. 2110
Common (no par value)(extra)
(v) Dee. 30 Holders of rec. Nov 28a
Common (no par value)(extra)
6254e June 2 Holders of rec. June 3a
Chill Copper (guar.)
•H olders of rec. Islay 15
34 lune
.
(monthly).
common
Cities Service Co..
41S4 June
*Holders of rec. May 15
Common (payable in corn. stock)._
*Holders of rec May 15
14 June
Preferred and preferred B (monthly)._ .
Holders of rec. May 12
June
50e.
City Ice & Fuel of Cleveland, cow.(qu.)
Holders of rec. Aug. 12
50o. Sept.
Common (quar.)
of roe. Nov. 11
Holders
Deo
50o.
Common (guar.)
Holders of roe. May 156
154 June
Cleveland Stone (quar.)
Holders of rec. May 15
June
1
Extra
Holders of rec. Aug. 15a
154 Sept.
Quarterly
Holders of rec. June 15a
$1.75 July
Coca-Cola Co., corn. (quar.)
Holders of rec. June 153
354 July
Preferred
May 2 Holders of rec. May Ila
Colorado Fuel & Iron, pref. (quar.)____ 2
Holders of roe. May 15a
151 June
Coogoleum-Nairn, Inc., pref. (quar.)_
Holders of rec. May 15a
June
1%
_
(qu.)
pref.
Consolidated Cigar Corp.,
Holders of rec. May 15a
Preferred (acct. accurn. dividends)___ 81% June
Holders of rec. June 20a
Continental Can. Inc., preferred (guar.). I% July
of roc. May 16
*Holders
1
June
*25c.
Continental Oil (guar.)
Holders of rec. May 150
314 June
Converse Rubber Shoe, pref
of rec. June 20
*Holders
3
June
*$1.90
Aoty,Inc
June 3 Holders of rec. June 15
Craddock-Terry Co.. common (guar.).- 3
rec. Sept.15
of
Holders
30
Sept.
3
(guar.)
Common
Dec. 31 Holders of rec. Dec. 15
3
Common (Quar.)
June 30 Holders of rec. June 15
3
First and second preferred
3
Dec. 31 Holders of rec. Dec. 15
First and second preferred
3% June30 Holders of rec. June 15
Class C preferred
Dec. 31 Holders of rec. Dec. 15
334
Class C preferred
1,1 July 15 July 7 to July 5
Cudahy Packing, com.(guar.)
134 Oct. 15 Oct. 6 to Oct. 15
Common (guar.)
June 15 Holders of rec. May 29
3
Cumberland Pipe Line (guar.)
750. June 1 Holders of rec. May 150
Cushman's Sons, Inc.. com.(quar.)
June 1 Holders of rec. May 150
1%
(guar.)
preferred
cent
Seven per
June 1 Holders of rec. May 156
2
Eight ner cent preferred (guar.)
1% June20 Holders of rec. June 6a
Davis Mills (guar.)
June 15 Holders of roe. June 5a
50c.
com.(qu.)
Decker (Alfred) & Cohn, Inc..
134 June 1 Holders of rec. May 20a
Preferred (quar.)
151 June 1 Holders of rec. May 15
Deere & Co.. preferred (guar.)
June 15 Holders of rec. May 29a
2
Diamond Match (guar.)
$1.25 July 1 Holders of rec. May 29a
Eastman Kodak, common (guar.)
July 1 HI:riders of rec. May 29a
750.
Common (extra)
1% July 1 Holders of rec. May 20a
Preferred (Quar.)
Ely-Walker Dry Goods, com.(guar.).- 250. June 1 Holders of rec. May 21a
20c. June 1 Holders of rec. May 20
Fair (The), common (monthly)
200. July 1 Holders of rec. June 20
Common (monthly)
200. Aug. 1 Holders of rec. July 20
Common (monthly)
650. June 30 Holders of rec. June 130
Fairbanks. Morse & Co., corn. MI131 June 1 Holders of rec. May 15a
Preferred (guar.)
Famous Players Canadian Corp., 181
June 1 Holders of rec. Al)?. 30
2
Preferred (guar.)
July 1 Holders of rec. June 156
Famous Players-Lasky Corp., corn.(qu.) 2
Federal Mining & Smelting, pref.(guar.) 1% June 15 Holders of rec. May 25
Foot Bros. Gear & Machine, corn,(qu.) 25e. July 1 June 21 to June 30
25e. Oct. 1 Sept. 1 to Sept.30
Common (quarterly)
25c. Jan 1'26 Dec. 21 to Dec. 31
Common (quarterly)
June 15 Holders of rec. June 1
$2
Foundation Co., common (guar.)
$1.50 July 1 Holders of reo. June 20a
Francisco Sugar (guar.)
$1.50 Oct. I Holders of rec. Sept 210
Quarterly
1% June 1 Holders of roe. May 18a
Franklin Simon dc Co., pref.-_
I50c. May 25 Holders of rec. May 5
Freshman (Chas.) Co.. Inc. (guar.)....
[Vol,. 120.
THE CHRONICLE
2654
Name of Company
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
1M June 1 Holders of rec. May lba
General Asphalt, pref. (guar.)
151 June I Holders of rec. May 23a
General Cigar, pref. (guar.) •
July 1 Holders of roe. June 230
151
Debenture preferred (quar.)
$1.50 June 12 Holders of rec. May 18a
General Motors, common (quar.)
134 Aug. 1 Holders of rec. July 130
Seven per cent preferred (quar.)
134 Aug. 1 Holders of rec. July 13a
Six per cent preferred (quar.)
Six per cent debenture stock (qua?.).. 134 Aug. 1 Holders of rec. July I3a
June 15 Holders of rec. Mayd31
50c.
_
General Petroleum, common (guar.)...
'4334c June 1 *Holders of rec. May 15
Preferred (guar.)
550. July 1 Holders of roe. June 200
Gibson Art Co., common (guar.)
100. July 1 Holders of rec. June 2048
Common (extra)
6254c June 1 Holders of rec. May 10
Gillette Safety Razor (guar.)
1254c June 1 Holders of rec. May 148
Extra
1.3.50 June 20 Holders of rec. May 29
Glen Alden Coal
If( July 1 Holders of rec. June 15a
Goodrich (B. F.) Co.. pref. (guar.)
June 1 Holders of rec. May 200
250.
Gossard (H. W.) Co., corn,(monthlY) Great Atlantic & Pacific Tea, corn.(qu ) 81.25 June 15 Holders of rec. June 10
Preferred (guar.)
134 June 1 Holders of rec. May 15e
July 1 Holders of rec. June 150
2
Guantanamo Sugar. pref(. guar.)
fi July 1 Holders of rec. June 15a
Gulf States Steel, first pref.(guar.)
Oct. 1 Holders of rec. Sept. 150
134
First preferred (guar.)
114 Jan 3'26 Holders of rec. Dee 150
First preferred (guar.)
June 1 Holders of rec. May 21a
Harbison-Walker Refract., com.(qu.)_. riJ
154 July 20 Holders of rec. July 100Preferred (guar.)
62140 Juno I Holders of rec. May 196
Hartman Corp.(guar.)
Hart,Schaffner & Marx. Inc., com.(qu.) 154 May 29 Holders of rec. May 1848
75c. June 15 Holders of rec May 290
Hayes Wheel, common (quar.)
134 Juno 15 Holders of rec. May 250
Preferred (guar.)
May 29 Holders of rec. May 22
35c.
HIbbard.Spencer.Bartlett & Co.(mthlY.)
35cJune 26 Holders of rec. June 19
Monthly
20e. June 26 Holders of rec. June 19
Extra
June I May 22 to June 1
2
Higbee Company. 2d pref. (guar.)
50c. May 25 Holders of rec. May 2048
Homestake Mining (monthly)
131
June 1 May 21 to June 1
(guar.)._
pref.
Rubber
Hood
Products,
75e. June 1 Holders of rec. May 15a
Household Products, Inc. (guar.)
2.40 filly 15 July 4 to July 15
Illinois Brick (guar.)
2.40 Oct. 15 Oct. 4 to Oct. 15
Quarterly
June 30 May 29 to June 28
$6
Illinois Pipe Line
25e. June 1 May 16 to May 31
Imperial 011. Ltd.(guar.)
25c. July I Holders of rec. June 150
Independent Oil & Gas(guar.)
lune 1 Holders of rec. Mill' 150
2
Ingersoll-Rand Co., corn. (guar.)
Juno 1 Holders of rec. May 1543
6254(
Inland Steel. common (guar.)
131 July 1 Holders of rec. June 150
Preferred (quar.)
Internat. Combustion Engineering (qu.) 500. May 31 Holders of rec. May 180
International Harvester, pref. (quar.).. 131 lune 1 Holders of rec. May 90
134 July 15 Holders of rec. July 70
International Paper,6% pref. (guar.).15-4 July 15 Holders of rec. July 7a
Stamped preferred (guar.)
Seven per cent pref.(No. 1) (quar.).. •131 July 15 *Holders of roe. July 7
International Securities Trust, common_ 65e, June 1 Holders of rec. May 21
131 Juno 1 Holders of rec. May 21
Seven per cent preferred (guar.)
194 June 1 Holders of rec. May 21
634% preferred (guar.)
154 June 1 Holders of rec. May 21
Six per cent preferred (guar.)
50c. -lone I Holders of ree. May 150
Internat. Shoe, Prof.(monthly)
131 lune 1 May 21 to May 31
Interstate Iron & Steel, pref. (guar.)._
131 July 1 Holders of rec. June 200
Jewel Tea. pref. (guar.)
June 1 Holders of rec. May 15
Johnson-Stevens-ShInkle Shoe (quar.)-. II
July 1 Holders of rec. June 2041
II
Kinney(G R.) Co.,common
June 1 Holders of rec. May 200
2
Preferred (guar.)
July 1 Holders of rec. June 240
Kuppenheimer (B.)& Co., common.... $1
131 June 1 Holders of rec. May 238
Preferred (guar.)
June 1 Holders of rec. May 23
Lake of the Woods Milling, com.(guar.) 3
134 lune 1 Holders of rec. May 23
Preferred (guar.)
Lanston Monotype Machine (guar.).- 15-4 May 29 Holders of rec. May 190
$I
May 29 Holders of rec. Apr. 300
Lehigh Coal & Navigation (guar.)
Liss.& Myers Tob..com.& com. B (qu.) 75e. June 1 Holders of rec. May 1150
June 1 Holders of rec. May 150
Lima Locomotive Works,common (qu.) Ii
$2.50 JUne 1 Holders of rec. May 6
Ludlow Mfg. Associates (quae.)
50c.
July I Holders of rec. June 200
(quar.)
Ludlum Steel
750. July 15 Holders of rec. June 15
Magma Conner
July 6 Holders of rec. June 19
Magnolia Petroleum (guar.)
21
1
Oct. 5
Stock dividend
134 June 1 Holders of rec. May 26a
Mahoning Investment (guar.)
134 June 1 Holders of roe. May 15a
Manatt Sugar, common (quar.)
134 Sept. 1 Holders of rec. Aug. 15a
Common(guar.)
3750. June 1 Holders of rec. May 16
Manhattan Shirt, common (guar.)
June 30 *Holders of rec. June 20 •
•75c.
011
AIarland
June 1 Holders of rec. May 155
$I
Martin-Parry Corp. (guar.)
$1.26 June 1 Holders of rec. May 150
May Dept. Stores, common (qua?.).
$1.26
9ept. 1 Holders of rec. Aug. 140
Common (guar.)
134 July 1 Holders of rec. June 15a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
McCrory Stores com.(in corn. stock)- 400. June 1 Holders of rec. May 200
. Common B (in Common B stock).- 400. June 1 Holders of rec. May 200
134 Aug. 1 Holders of rec. July 206
Preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 20a
Preferred (guar.)
250. June 1 Holders of rec. May Ia
McIntyre Porcupine Mines
134 June 1 Holders of rec. May 29
Mengel Company, preferred (qua?.)
134 June 1 Holders of rec. May 7
Merrimack Mfg., (quar.)
July 1 Holders of rec. June 15
15c,
Michigan Sugar, common
114 June 15 Holders of rec. Mayd29a
Preferred (quar.)
Mid-Continent Petroleum, pref. (quar.) 131 June 1 Holders of rec. May I5a
June 1 Holders of rec. May 9
2
Miller Rubber, preferred (quar.)
June 2 Holders of rec. May 2a
SI
Mohawk Mining (guar.) '
Monts. Ward & Co., Cl. A,& pref.(au) *S1.75 July 1 *Holders of rec. June 20
Montreal Cottons, Ltd.. common (qu.). 134 June 15 Holders of rec. May 31
134 June 15 Holders of rec. May 31
Preferred (guar.)
3754c. June 30 Holders of rec. June 12e
Motherlorie Coalition Mines Co
750. June 1 Holders of rec. May 18a
Munsingwc.ar, Inc. (guar.)
Murray BodyCommon (payable in common stock)_ /I% July 1 Holders of rec. June 100
Common (payable in common stock).. II% Oct. 1 Holders of rec. Sept. 160
Common (payable in common stock)... /1 14 Jan.l'26 Holders of coo. Dec. lea
750. July 15 Holders of rec. June 30a
National Biscuit, com.(guar.)
1% May 29 Holders of roe. May 15a
Preferred (quar.)
134 June I Holders of rec. May 260
(quar.)...._
National Cloak & Suit. pref.
154 June 1 Holders of rec. May 15a
Nat. Dept. Stores. 2d pref. (quar.)._
June 30 Holders of rec. June 10
134
(qu.).
pref.
Stamping,
&
Enameling
Nat.
134 sept.ao Holders of roe. Sept.10
Preferred (quar.)
13-4 Dec. 31 Holders of rec. Dee. 11
Preferred (guar.)
I% June 15 Holders of rec. May 2248
National Lead, pref.(guar.)
194 July 2 Holders of rec. June 8
National Sugar Refining (guar.)
250. May 25 Holders of rec. May 80
New Cornelia Copper (guar.)
$I July 1 Holders of roe. June 100
New York Air Brake, Clan A (qua?.)..
75c. July 15 Holders of rec. June 19
New York Transit (quar.)
July 1 Holders of rec. June 5
$3
Northern Pipe Line
154 June 1 Holders of rec. May 19
Ogilvie Flour Mills, pref.(guar.)
1% June 1 Holders of rec. May 210
Onyx Hosiery, Inc., pref. (guar.)
Orphetim Circuit, common (monthly).. 15o. June 1 Holders of rec. May 200
15o, July 1 Holders of roe. June 200
Common (monthly)
750. July 1 Holders of rec. June 15a
Owens Bottle. common (quar-)
134 July 1 Holders of rec. June 150
Preferred (quar.)
760. June 1 Holders of rec. May 15a
Pacific Mills(guar.)
Packard Motor Car. preferred (qua?.).. 154 June 15 Holders of roe May 290
2
June 1 May 12 to May 31
Pathe Exchange, Inc., pref. (guar.)._ _
Phoenix Hosiery, let & 2d pref. (quar.) I% June 1 Holders of rec. May 10a
134 June 1 Holders of rec. May 15
Pittsburgh Steel. pref. (guar.)
Pittsburgh Terminal Coal, pref. (guar.). 154 June 1 May 21 to June 1
134 June 9 Holders of roe. May 19a
Pressed Steel Car, Pref.(qum.)
13-4 Sept. 8 Holders of rec. Aug. 18a
Preferred (quar.)
lit Dec. 8 Holders of ree. Nov. 17a
(011ar.)
Preferred
Producers 011Corp.of Am.,com.(No. 1) 5o. July 1 June 16 to July 1
375-Ic June I May 11 to June 5
Pure Oil. common (guar.)
134 May 29 Holders of rec. May 10
Quaker Oats, pref. (guar.)
Radio Corp. of America, pref. (quar.)„ 131 July 1 Holders of rec. June 10
June 30 Holders of rec. July 17a
2
Railway Steel-Spring, com.(guar.)
134 June 20 Holders of rec. June 6a
Preferred (guar.)
Remington Typewriter, let pref.(qar.) 154 July 1 June 21 to July 1
First prof .Series S (guar.)
134 July 1 June 21 to July 1
June 12 June 3 to June 12
2
Second preferred (guar.)
July 14 July 4 to July 14
Second pref.(account accum. div.)..- 82
Aug. 14 Aug. 5 to Aug. 14
82
Second pref.(account aecum. div.)
MAY 23 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Reid Ice Cream Corp., pref.(quar.)__ •134 June 1 Holders of rec. May 20
1% July 15 Holders of rec. June 300
Richmond Radiator. pref.(quar.)
Rockl'd dr Rockp't Lime Corp., pfd.(qu.) 134 Oct. 15 Holders of rec. Sept.300
134 lan15'26 Holders of rec. Dec. 316
Preferred (quar.)
500. June 20 June 10 to June 21
St. Joseph Lead (guar.)
50o. SePt.21 Sept. 10 to Sept.21
Quarterly
600. Dec. 21 Deo.10'Vito Deo.21 '25
Quarterly
1.34 July 1 Holders of rec. June 150
first pref.(quar.)
Savage Arms
(quar.)
Corp.,
133 Aug. 15 Holders of rec. Aug. la
Second preferred
m2
June 1 Holders of rec. May 150
Schulte Retail Stores. corn.(quar.)
Selberllng RubberJune 15 Holders of rec. June 50
Preferred (account accum. dividend)_ h2
Shawmut Mfg.. common (quar.)
134 June 30 Holders of rec. June 200
134 June 30 Holders of rec. June 200
Preferred (quar.)
Sherwin Williams Co.. Preferred (guar.) 134 June 1 Holders of rec. May 15a
Simms Petroleum
50c. July 1 Holders of rec. June 154
Sloss-Sheffield Steel & Iron, corn.(guar.) 134 June 20 Holders of rec. June 10a
Preferred (quar.)
134 July 1 Holders of rec. Juner20a
Southern Pipe Line (quar.)
June 1 'folders of rec. May 15
$1
133 July 1 Holders of rec. June 100
South Porto Rico Sugar. corn. (quar.)_
Preferred (quar)
2
July 1 Holders of rec. June 100
Spalding(A.G.) dr Bros.. let pref.(au.). 134 June 1 Holders of rec. May I60
2
Second preferred (guar.)
June I Holders of rec. May 160
134 June 1 Holders of rec. May 150
Spear dr Co.. preferred (qua?.)
Standard Milling, common (quar.)
134 May 29 Holders of rec. May 190
134 May 29 Holders of rec. May 190
Preferred (quer.)
50c. June 15 Holders of rec. May 180
Standard Oil (California)(quar.)
Standard 011 (Indiana) (guar.)
62330. June 15 Holders of rec. may Ha
Standard Oil(Nebraska)
85
June 20 IMay 21 to Juno 20
35c. June 15 Holders of rec. May•18
Standard 011 of N. Y.(qua?)
Stand. 011 of N. J., corn. ($25 par) (qu.) 250. June 15 Holders of rec. May 25
1
Common ($100 par) (guar.)
June 15 Holders of rec. May 25
Preferred (quar.)
134 June 15 Holders of rec. May 25
134 June 1 Holders of rec. Apr. 24
Standard 011 (Ohio), pref.(quar.)
134 June 1 Holders of rec May 150
Steel Products, preferred (quar.)
Studebaker Corp.,common (quar.)
81
June 1 Holders of rec. May 9a
134 June I Holders of rec. May 90
Preferred (quar.)
90c. Aug. 15 Holders of rec. July 15a
Swift International
Thompson (John R.1Co.. corn.(mthly.) 250. June 1 Holders of rec. May 230
Timken-Detroit Axle, pref. (quar.) . 134 June 1 May 21 to June 1
75e. June 5 Holders of rec. May 19a
Timken Roller Bearing (quar.)
25e. June 5 Holders of rec. May 19a
Extra
Truscon Steel, corn. (quar.)
30o. June 15 Holders of rec. June ba
Preferred (quar.)
154 June 1 Holders of rec. May 210
Tuckett Tobacco, common (quar.)
1
July 15 Holders of reo. June 30
Preferred (quar.)
194 July 15 Holders of rec. June 30
Underwood Typewriter, corn.(guar.)._ 75c. July 1 Holders of rec. June 60
Common (quar.)
75e. Oct. 1 Holders of rec. Sept.dla
Preferred (quar.)
134 July 1 Holders of rec. June da
Preferred (quar.)
154 Oct. 1 Holders of reo. Sept.dla
Union Storage (quar.)
234 Aug. 11 Holders of roe. Aug. I
Quarterly
234 Nov.11 Holders of tee. Nov. 1
Union Tank Car,common (quar.)
134 June 1 Holders of rec. May 110
Preferred (quar.)
134 June 1 Holders of rec. May 116
United Cigar Stores, common (quar.)_ 2
June 30 Holders of rec. June 15a
Common (payable In common stock). 1134 June 30 Holders of rec. June 15a
Preferred (quar.)
134 June 15 Holders of rec. June la
United Drug,common (quar.)
11.4 June 1 Holders of rec. May 15a
Second preferred (quar.)
134 June 1 Holders of rec. May 150
134 July 1 Holders of rec. June 150
United Dyewood, pref. (guar.)
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 154
Preferred (quar.)
130 an 1'26 Holders of rec. Dec. 150
294 July 1 Holders of roe. June 80
United Fruit(quar.)
Quarterly
234 Oct. 1 Holders of ree. Sept. ba
Quarterly
234 Jan 2'28 Holders of rec. Dee. ba
U.S. Cast Iron Pipe & Fdy., pref.(cm). 134 June 15 Holders of roe. June la
Preferred (extra)
2.511 June 15 Holders of rec. June la
Preferred (quar.)
134 Sept. 16 Holders of rec. Sept. la
134 Dec. 15 Holders of rec. Dee. la
Preferred (guar.)
*40o. June 30 Holders of rec. June 15
U.S. Gypsum.common (quar.)
Common (extra)
June 1 Holders of rec. May 23
*El
Preferred (quar.)
'134 June 30 Holders of rec. June 15
U.S_Hoff-Man Mach'y,common (qu.)_ 50c. June 1 Holders of rec. May 210
Preferred (guar.)
134 June 1 Holders of rec. May 210
2
June 15 Holders of rec. June 56
U. S. Realty & Impt. common
Common (payable in common stock). 110
July 15 Holders of rec. June 5a
Preferred (quar.)
154 Aug. 1 Holders of rec. June 5a
United States Steel Corp., corn.(guar.). 134 June 29 May 29 to June 1
Common (extra)
34 June 29 May 29 to June 1
Preferred (qua?.)
134 May 29
May 5
U.S.Stores Corp., prior cony. pref.(qu.) 194 June 1 Holders of rec. May 15
17pson Company, common
134 June15 Holders of rec. June 1
(quar.)
Preferred
2
July 1 Holders of rec. June 15
Vacuum Oil (quar.)
50o. June 20 Holders of rec. May 29
Extra
60o. June 20 Holders of roe. May 29
Valvoline Oil, common (quar.)
134 June 17 Holders of roe. June 12
Van Raalte Co.. first pref. (quar.)
IM June 1 Holders of roe. May 180
01,‘
Vesta Battery, preferred (quar.)
une 1 *Holders of rec. May 20
Wabasso Cotton (guar.)
$1
July 2 Holders
•1,4 uly 1 *Holders of rec. June 15
Wahl Company, preferred (quar.)
of rec. June 25
Warner Bros. Pictures. class A (guar.)... 87)4c une I Holders of rec. Mayd20a
Weber & HellbronerCommon (guar.)
$1
June 80 Holders of rec. June lba
COMM:in (quar.)
$1
Sept.30 Holders of roe. Sept.lba
Common (quar.)
21
Dec. 30 Holders of rec. Dec. lb
134 June 1 Holders of rec. May lb
Preferred (quar.)
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 17
Preferred (quar.)
lid Dec. 1 Holders of rec. Nov. 113
Welch Grape Juice. pref. (quar.)
May 29 Holders of rec. May 20
Western Grocer, preferred
334 July 1 June 21 to June 30
Preferred
334 Jan 1'28 Dec. 20 to Jan.I'26
133 June 1 Holders of rec. May 15
White (J. G.) Co., Inc., pref. (quar.)
White(2.0.)Englneering Corp.,Pf.(qu.) 134 June 1 Holders of rec. May 15
White (I. GO Mgmt. Corp., pref.(qu.). 134 June 1 Holders of rec. May 15
White Motor (quar.)
21
June 30 Holders of rec. June 200
Winnsboro Mills, preferred (qua?.)
13( July 1
260. May 30 Holders of rec. May 150
Wright Aeronautical Corp.(quar.)
Wiliam,(Wm.) Jr., & Co.
260. June 1 Holders of rec. May 200
Monthly
Monthly
260. July 1 Holders of rec. June 200
750. June 1 May 2 to May 20
Woolworth (F. W.) Co.. corn. (guar.)
Wurlitzer (Rudolph) Co., pref. (guar.). 2
June 1 Holders of rec. May 20
Yellow Cab Mfg., Class B (monthly)... 210. June 1 Holders of tee. May 204
2
June 1 Holders of rec. May 1
York manufacturing
• From unofficial sources. t The New York Stock Exchange has ruled that stock
wul net be quoted ex-dividend on this date and not until further notice. s The
New York Curb Market Association has ruled that stock Will not be quoted
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
Payable in common stock. g Payable in scrip. 8 On account of accumulated
n Payable in Canadian funds.
dividends. m Payable In preferred stock
Annual dividend for 1925, all payable in equal quarterly installments on April 1.
July 1, Oct. 1 1925 and Jan. 1 1926. have been declared as follows: On the common
stock $4 40. quarterly installment$1 10:prlor preference. 7%.quarterly installment
7% regular, quarterly installment 194%: participating
131%:participating preferred.
preferred.2% extra,quarterly installment 34%;preferred.6%.quarterly installment
11.4%.
Payable In stock of the Essex Foundry Co.
r New stock issued as a stock dividend participates in this distribution.
all transfers received In order in London on
O Dividend is 10 pence per share and
time for payment of dividend to transferees.
or before June 11 will be in
declared by Western pacific RR. are one share of common
t The stock dividends
preferred for every six shares of stock now outstanding, whether
and one share of
ratified at a special stockholders'meeting held May 11.
corn, or preferred, and were
of no par value common stock
o Childs Company stock dividends are one share
value
common stock held.
par
no
shares
for each 100
common stock.
re One-fiftieth of a share of
y Payable either in cash or in Class A stock at the rate of 3-50ths of a share of
dividend series pref. stock. _
A stock for each share of $6
134
2655
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 16. 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
0yital.1 Profits
Loans,
Discount
at% Apr. 6 InvestState, Mar.25 Meta',
(000 omitted.) r.Coe.Mar.25
Ac.
Week Rodin
May 16 1925
Members of Fed. Res.
Bank of N Y &
Trust Co__ -- 4,000
Bk of Manhat'n 10,000
Mesh & Met Bk 10,000
6,500
Bank of Americ
Nat City Bank. 50,000
Chemical Nat_ _ 4,500
1,
Nat Butch & D
5,000
Amer Exch Na
Nat Bk of Corn_ 25,000
Pacific Bank... 1,000
Chat& PhenNa 13,500
Hanover Nat'l _ 5,000
Corn Exchange. 10,000
National Park_ _ 10,000
East River Nat'l 2,500
First National_ 10,000
Irving 13k-ColT 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
1,5
Coal & Iron Na
Bankers Trust_ 20,000
U S Mtge & Tr_ 3,000
Guaranty Trust 25,000
Fidelity-InterTr 2,000
10,000
N Y Trust
Farmers*Ln&Tr 10,000
Equitable Trust 23,000
It
Cash
with
Net
Time Bank
In
Legal Demand
CircaVault. Deport Deposits. posits. latortes.
Bank. Average Average ,
4eeragel
$
$
12,448 68,085
908 6,89
14,303 155,261 2,683 17,401
16,383 176,948 3,401 22,196
5,243 84.570 1,747 11,979
60,552 595.443 4,237 66,670
17,228 119.927 1,233 15,01
307
10,378
129 1,232
8.383 109,457 1,00 13,067
39,979 338,118
937 38.532
1.051 4.604
1,710
32.49
12,548 214,57
2,56 24,147
23,827 120,934
572 14.275
13.995 206,856 6,593 26,74
23,786 184,69
1,022 18,49
2,240
1,223 3,68.
34,96
68,011 316,77
459 28,646
12,536 271,106 2,801 36,270
1,066
7,755
167
869
26,015 371,552 4,380 48.532
3,016
23,962
722 3,23
1,047
399 1,437
13,406
1,657
482 2,531
18,792
1,446
20,150
196 2.453
8,283 107,430
91 13,69
,1,424
20.460
258 2,31
28,131 337.541 1,067 38.156
4,569
727 7.40
82.034
19,559 425,055 1,398 48.192
2.171
412 2.863
21,257
19,292 184,028
502 22,201
17,679 156,74
439 16,425
12,201 253,193 1,504 29,489
Average Average oto • ge
$
50,806 7,87
126,751 25.4
166,286 11,74
548
89,85
4.207
*626.556 101,662 "iio
112,972
348
8,88
399 496
97,9
7,3
4,934
295,080 15,819
30,851 3.51
168.588 39.93 5;iii
106.770
189.362 29-Al
139,934 9,437 3.685
25,98
8.376
494
214,115 26,751 3,903
272,064 28,344
6,548
39
987
*363,56 21,471
24,493
9,724 3.507
895
16.3.56
371
245
18,145 1,19
49
104,380 3,17
17,143 1,922 412
*301,309 44.41
56,013 5.881
O432,269 52,69
1,901
19.17
161,443 29,282
•127,992 28,461
*279,91 33,364
Total of averages 309,300 481,023 5,061,9481 46,083587,462c4,344,234 552.288 3.077
Totals, actual co nditIon May 16 5,027,142 44,020642.286 c4,306.262,556.589 3,076
Totals, actual to ndition May 9 5.097.146 46.018608.284 c4,377.820547.84 2,982
Totals, actual co ndltion May 25.194.990 42.728599,087 c4,481,793537,077 2,825
State Banks Not Me mberS of Fed'I Res've Bank.
1.846 2,167
Greenwich Bank 1,000 2.480
21,882 1,327
22,17
5.382
351
250
322
Bowery Bank__
906
2,893 1.893
3,500 5.396 101,633 4,093 2,281
35,335 62,809
State Bank_
4,750
8,782
4,770
60,110 66,029
Totals, actual condition May 16 130,503 6.283 4,743
Totals, actual condition May 9 127.705 8.409 4,604
Totals, actual c ndition May 2 128,744 6,108 4,476
Trust Companies Not Membe rs of Fed I Res'v e Lank
Title Guar & Tr 10,000 16,601
61,81
1,549 4,526
Lawyers Trust. 3,000 3.031
861 2,029
23,034
61,416 66,042
58,662 65.990
59,365 65,885
Total of averages
129,190
Total of averages 13,000 19.532
Totals, actual condition May 16
Totals, actual e dition May
Totals, actual c. ndition May 2
85,010
86,326
87.467
Gr'd aggr.,aver. 327,050 509,338 5.275.98
Comparison wit prey. week. _ --73,97
6,290
40,41
18,491
1,917
1,084
2,410
6,555
58,90
2,981
2,237
2.427
2,191
6,554
8,799
7,245
59.06
60.!II
62,701
3,133
3,009
2,990
54,783598,787 4,463,253621,39: 3,077
+7O4-9,454 -69,065 +17411 +218
Gr'd aggr., act' cond'n May 16 5,242,65 52.54&653.583 4,426,743625.764 3,078
Comparison wit prey. week _ _ -68,521 2,314 +33896 -70.4391+8,920 +94
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act' cond'n
aggr., act''cond'n
aggr., act' cond'n
aggr., act',cond'n
aggr., act cond'n
aggr., articond'n
May 95,311.176
May 2 .411,201
Apr. 255,214,282
Apr. 185.253.377
Apr. 11 5,191,536
Apr. 45,253,268
54.854619.687
51.027610,808
55.225604.393
55,620 560,520
57.523600.184
55,634582.815
4,497,182 18.844 2,982
4,603,867.605,952 .826
4.407.082608.990 .833
427
4,340,529,608.562
4.328.305606.827 .056
4,395.554597,119 1,804
Note.-il. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total May 16;$27,923,000; actual totals May 16.
$23,899,000; May 9, $28,655,000; May 2, 532,067,000: April 25, 832,070,000;
April 18, $34,562,000. Bills payable, redlscounts, acceptances and other liabilities,
average for week May 16, $547,741,000; May 9, $584,011,000; May 2, $574,113,000:
April 25,$588,058,000; Apr1118,$819,266,000. Actual totals May 16,5601,666,000;
May 9. $573,614,000; May 2, 5583.714,000; April 25, $570,906.000; April 18,5638,568,000.
• Includes deposits in foreign branches not Included in total footings as follows:
National City Bank. $137,964,000; Chase National Bank. $12,175,000: Bankers
Trust Co., $18,745,000: Guaranty Trust Co., $79,224,000: Farmers' Loan & Trust
Co., $8,484,000; Equitable Trust Co., 860.503,000. Balances carried In banks In
foreign countries as reserve for such deposits were: National City Bank,$17,736,000:
Chase National Bank, $3,085,000; Bankers Trust Co., $842,000; Guaranty Trust
Co., $3,300,000: Farmers' Loan & Trust Co., $8,484,000; Equitable Trust Co.,
$7,233,000. 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
Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank _
State banks*
Trust companies*. _ _
Total May 16_
Total May 9.Total May 2--Total April 25_.__
Total
Reserve.
Reserve
Reguired.
Surplus
Reserve.
587,462,000 587,462,000 581.319,060
4,770,000 11,060,000 10.819,800
6,555,000 8,965,000 8,836,350
6,142,940
240,200
128,650
8,700,000 598,787,000 607,487,000 600.975,210
8.633,000 608,241,000 616,874,000 609.418,010
8.508,000 602,568,000 611,076.000 604.976,510
8.812.000 591.248.000 600.080,000 594.262,710
6,511,790
7,457,990
6,099,490
5.797,290
6,290,000
2,410,000
• Not members of Federal Reserve Bank.
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:
May 16, $16,568,640: May 9,316,048.710: May 2, $16,066,140; April 25, 516.154,'400: April 18, 816,119,660.
Actual Figures.
I Reserve
Cash
in
Reserve I
in Vault. Depositories
Members Federal
Reserve Bank_
State banks.
Trust companies._ __
[VOL. 120.
THE CHRONICLE
2656
a
Reserve
Required.
Total
Reserve.
&ONUS
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:
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
I
642,286,000 642,286,000 576,511.730 65,774,270
--28,880
6,283.000, 4,743.000 11,026,000 11.054.880
--68,750
2,237,000, 6,554,000 8,791,000 8,859,750
May 13
1925.
Changesfrom
Previous week.
May 20
1925
May 6
1926
$
$
65,800,000 65,800.000
Capital
65,800,000 Unchanged
50.000 87.048,000 87,091.000
Surplus and profits
87,043,000 Dec.
Loans, dlsols & Investments_ 901,910,000 Inc. 2,787,000 889.123,000 902,735,000
Individual deposits,Incl. U.S.655,012.000 Inc. 4,898.000 650.114,000 656,194,000
Due to banks
136,982,000 Inc. 1,994,000 134.988,000 140,046,000
•Not members of Federal Reserve Bank.
'lime deposits
190,074,000 Inc. 2,106,000 187,968,000 185,220,000
a This Is the reserve required on net demand deposits In the case of State banks United States deposits
9,806,000Inc. 1,771,000 11,577,000 12,837,000
includes
Bank
Reserve
and trust companies,but in the case of members of the Federal
Exchanges for Clearing House 32,160,000 Inc. 4,715.000 27,445,000 30.082,000
also amount of reserve required on net time deposits, which was as follows: May 16, Due from other banks
102,875,000 Inc. 5,513,000 97,362,000 115.457,000
25,
April
$16,138,050:
$16,112,310;
May
2,
$16,697,670: May 9, 516,435,350;
27,000 76,349.000 76.389.000
Reserve In Fed. Res. Hank_ 76,376,000 Inc.
AprIl 18, 516,188,870.
18,000 10,100,000 9,970,000
Cash in bank and F.R. Bank. 10,118,000 Inc.
1
Reserve egress In bank and
881.000
777,000
74,000
Federal Reserve Bank._
703,000 Dec.
Total May 16_ _ _ Total May 9_ _ _ Total May 2_ _ _ _
Total April 25_ -__
8,520,000 653,583,000 662,103,000 596,426,360 65,676,640
8,836,000 619,687,000 628,523,000 605,220.110 23,302.890
269,550
8,299,000 610,808.000 619,107.000618,837,450
8,880,000 604,393,000 613.273,000 593,230,940 20,042.060
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending May 16, with comparative figures
follows:
as
House
Clearing
the
in
not
panies in New York City
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differences from is not a part of legal reserve. For trust companies notmernWeek.
Previous
May 11.
bers of the Federal Reserve System the reserve required is
81,057,271,700 Dec.$20,759,700
Loans and Investments
legal
189,300 10% on demand deposits and includes "Reserve with
4,619,100 Inc.
Gold
103,400 depositaries" and "Cash in vaults."
22,799,300 Inc.
Currency notes
Inc. 1,333,100
93,193,100
Deposits with Federal Reserve Bank of New York
1116,532,400 Dec. 16,834,100
Total deposits
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies In New York City, exchange and
1 060,328,600 Dec. 11.396,900
F U. S. deposits
158,525.900 Dec. 3,119,900
Reserve on deposits
Percentage of reserve, 20.6%•
RESERVE.
-Trust Companies--State Banks
$86,922,400 15.60%
533,689,100 16.12%
-Cash in vault.
25,731,600 01.62%
12,182,800 05.82%
Deposits in banks and Lust cos
$45,871,900 21.94%
Total
$112,659,000 20.02%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on May 16 was 893,193.100.
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
Week Bladed-JIM 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
Apr. 25
May 2
May 9
1,... IA
•Total Cash
in Vaults.
Loans and
investments.
Demand
Deposits.
S
8.602,799,000
6,449,153.600
6,400,877,800
6.382,661.100
6,349.571,900
6.366,838,800
6,364,882,900
6.344.910.100
6,339,319,300
6.282,558,300
6.238.906.800
6.283.140.300
6,217.899.000
6,267,964,100
6,346,753.200
6,405,646,100
6,427,995,400
A 000 onn -Inn
$
5,781.126,0o
5,693.929,300
5,605,108,000
5,612,344,600
5,573,095,200
5,525,329,600
5,512,10E700
5,524.265,800
5,525,702,500
5,452,289,100
5.349,637,400
5,422.329,800
5,359.115.500
5,402,599,400
5,519,881,000
5,610,150,900
5,604,043,500
n c99 ;521 nnn
Reserve in
Depositaries.
8
$
87.350,900 773,115,400
82,585,000 752,408.400
82,041.200 737,862,600
81.537.700 746,868,900
85,221,200 740,911,100
83,100,100 731,974,800
82.787.900 727,617,600
81,257,500 726,004,500
83,301,800 733,263,600
80,044,200 725.251,500
81,472.700 707.162,000
80,546,900 722,106,500
83,591,500 708.755,700
81,882.200 722,426,700
81,268,000 728.551,900
80,397,700 749,032,400
81,204.700 742.761.100
790 $104 Ann
As so' Ann
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
CLEARING
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
HOUSE.
(Staled in thousands of dollars-that is, three ciphers [000) omitted.)
Loans,
bitwunts.
Investwants,
etc.
Members of
Res've Bank
Grace Nat Bank__
Average Average Average Average Average
$
5,018
4,293
766
42
10,993
Total
Trust Company
Not Member of
Fedi Res've Bank
MeehanTr,Bayonnt
Cash
*51
Vault
Net
Net
Reserve
with Demo02 Time
Legal Deposits. Deposits.
Depositories.
1,000
1,736
1.000
1.736
10,993
42
766
4,293
5,018
200
1.200
512
2.447
8.033
29,300
852
3,237
380
1,532
6,334
26,300
2,365
3,731
1.400
2.960
37,333'
4,089
1,912
32,634
6,096
5118
8,953
379
90
3,011
6,005
see
508
8,953
379
90
3,011
6.005
2,900
Grand aggregate
Comparison with pr ev. week
6.205
57,282
+658
4,510
+201
2,768 239,938
+881
+120
17,119
+21
(led aggr.. May C
Grit aggr.. May 2
Ord aggr . Apr. 25
Gr'd aggr.. Apr. 18
5.205
5.205
5.2o5
5.205
56.624!
50,009,
55,570,
55,313
4,309
4,103
4,181
4,018
2,648
2,578
2,634
2,634
a39,057
a38.131
a37,790
a37,790
17.098
17,009
17.002
17,192
2.900
2,901)
2.91)0
2.900
a United Suites deposits deducted $14,000.
Bills payable. rediscounts. acceptances and othe• liabilities, $188,000.
Excess reserve, $182,000 Increase.
May 9
1925
1925
Total.
May 2
1925
--$46,841,0 546,841.0 546,841,0
142,279,0 142,279,0, 142,251,0
859,816,0 860.934,0 863,584,0
36,108,0 34.133,0 37,111,0
116,024,0 106,319.0 105,597,0
145,217.0 143.374,0140,955.0
629,791,0 620.981,0 620,850,0
93.851,0 94,043,0 94,839.0
868,859,0 858,398,0 856,644.0
14,761,0 17,381,0 19,319,0
3.539,0
5,034,0
3,150,0.
65,139,0 64,594,0 64,483,0
11,031,0
10,980.0
11,438,0
79,727,0 80.608,0 79.053,0
68,801,0 68,575,0 68,338,0
10,926,0 12.033,010,715,0
•Cash in vault not coun 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 May 20 1925 in
comparison with the previous week and the corresponding
date last year:
1925. May 21 1924.
May 20 1925. May 13
$
Resources356,321,000 356,393,000
Gold with Federal Reserve Agent
7,675,000
6.345.000
Gold redemp. fund with U. S Treasury.
635,475,000
1,956,000
Gold held exclusively agst. F.R. notes 362.666,000
Gold settlement fund with F. R. Board. 231.684.000
Gold and gold certificates held by bank
337.242.000
334.038,000
193,549,000
335.095.000
637,431,000
171,569,000
184,550,000
931,592,000
34,727,000
892,712.000
33,679.000
993,550,000
23,905,000
Total gold reserves
Reserves other than gold
936,319,000
Total reserves
16,251,030
Non-reserve cash
Bills discountedSecured by II. S Govt obligations. . 40,798,000
18,985,000
Other bills discounted
928,391,000 1,017,455,000
11,539.000
16.966,000
44,744.000
27,765,000
49,992.000
14,542,000
Total bills discounted
Me bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtednese
59,781,000
75,030,000
72,509.000
80.572,000
55,534,000
6,421.000
9,794,000
68,884,000
1,495,000
11,085,000
99,030,000
2.222.000
1,202,000
51,741,000
16,742,000
Total U. S. Government securtries .
Foreign loans on gold
80,173,000
2,835,000
112.397.000
2.335.000
92,685,000
Total earulna assets.
.......
217,869,000
277.313.000
134,640,000
Unoolleeted Items_
Bank premises
All other resources
.........
174,533,000
16,709,000
7,081,030
175.433.000
16,710,000
6,984.000
133,968,000
14,699,000
5,795,000
...
1,398,762,000 1,419,847,000 1,320,096,000
Liabilities_
Fed. Res. notes In actual circulation
Deposits-Member bank, reserve noel_
Government
Other deposits
331,457,000
816.072,000
5,223,030
15,165,000
334,064.000
830.242.000
4.347.000
15,659,000
341,294,000
730,180,000
2,556,000
14,486,000
Total deposits
Deferred availability Items
Capital paid In......
Surplus
All other liabilities
338,431,000
137,083,000
31,526,000
53,749,000
3.431,000
856,248.000
135.773.000
31,523,000
53,749.000
3,490.000
767,222.000
116,630,000
29,914,000
59,929.000
2,107,000
1 398,762,000 1,119,847,0501,320,096,000
====
Total liabilities
500
Total
Trust ,
Membersol
F.R.Sytttem'Companies
!
Capital _
- ......... 541,841,01 55,000,0
16,703,0
Surplus and profits
125,576,0
Loans, dIsets & invest*te. _ 812,433,0 47,378,0
671.0
Exchanges for Cles.r.House 35,437,0
Duo from banks
17,0
116,007,0
1,000,0
Bank deposits
144,217,0.
Individual deposits
602,887,0 26,904,0
2,910,0,
Time deposits
90,941,0
Total deposits
838,045,0 30,814,0
U.S. deposits(not Incl.)3,150,0,
Res've with legal deposles.
Reserve with F.R. Bank... 65,139,0
1,348,0j
Cash in vault •
10,092,0
4,496,0)
Total reserve & cash held.. 75,231,0
4,227,0,
64,574.0
Reserve required
269,0
10,657,0
Excess res. & cash In vault
Total mammies
r Net
I Capital. Profits
CLEARING
NON-MEMBERS
Nat. bks. Dee. 31
Week Ending &ambits. Nov. II%
May 16 1925. 'Tr. cos. Dec 31
Total
State Banks
Not Members of
Fein Res've Ban14
Bank of Pisani He
Colonial Bank
Week Ended May 16 1925.
Two Ciphers (001
omitted
Ratio of total reserves to (Muesli. sad
Fed Res note nobilities combined.._
Contingent liability on bills numbered
for foreign sorresprindsnts
82.7%
77.8%
91.5%
10,123,000
11.036,000
11,610,00
CURRENT NOTICES.
-The Empire Trust Co. has been appointed Registrar of the Preferred
and Common stocks of the Bankers Holding Trust, Inc.
-Roy Greene, Jr., formerly with Millett, Roo & Co., is now associated
with the trading department of Greene, Cooke & Hardy.
-Block & Co. have opened offices at 20 Broad St., New York, to deal in
railroad, public utility and Joint Stock Land Bank stocks and bonds.
-Announcement has been made by the American Bond & Mortgage Co.
4% offering of
that Definitive Gold Bond certificates on the $1.000,000 6,
the company on the 10-22 East 97th Street Apartments. New York, are
York City.
New
Ave.,
345
its
Madison
offices,
ready for distribulion at
MAY 23 1925.]
THE CHRONICLE
2657
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, May 21, and showing the condition
al she twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for
the system
ae a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 2638, being thefirst item in our department of"Current Events and Discussions."
nOMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAT 20 1928
May 20 1925. May 13 1925 May 6 1925. April 29 1925 Apr. 22 1925. April 151925. April 81925. April 1 1925 May 211924.
RESOURCES.
$
8
$
$
s
8
$
$
s
(old with Federal Reserve agents
1,531,218,000 1,581,014,000 1,564.821.000 1,547.198,000 1.563.377.000 1,554,000,000 1,513,503.000 1.588.385,000 2,113,340.000
101d redemption fund with U.S.Treas.
50,679,000
47,988,000
49,114,000
50,639.000
54,419,000
36,216.000
51,345.000
50.428,000
51,890.000
Gold held exclusively agst. F.R.notes 1,581.895,003 1,828,982,000 1.813.935.000 1.598,543,000 1,614,016.000 1,808.419.000 1,583,931,000 1,640.275,000 2,149,556,000
Iola settlement fund with F. It. Board
654,157,000 814,266.000 611,846.000 636,928,000 632,337,000 837,009,000 692,776,000 815,359,000 595,676,000
lold and gold certificates held by banks.
598,569,000 810,287,000 619.750.000 815.831,000 597,910,000 599,055,000 582,675.000 590,300,000 392,934,000
Total gold reserve,
Weaves other than gold
2,834,621.000 2,853,515.000 2,845,531,000 2.851.102,000 2,844,283.000 2,844.483,000 2.839,382,000 2,845.934,000 3,138,166,000
145,974.000 140,721.000 141,691.000 142.009,000 141,491,000 141,044.000 137,226,000 136,747,000 101,819,000
Total reserve,
fon-reserve cash
lills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,980,595,000 2,994,236,009 2.987,222,000 2,993,111,000 2,985,754,000 2,985.527.000 2,976,608.000 2,982.681.000 3,239,985,000
56,085,003
51,135,000
56.366,000
55,757.000
53.388,000
54,536,000
58,630.000
54,215,000
51,673.000
160,854,000 • 161,263.000
177,548,000 177,459,000
208,269.000
202,333.000
215.871,000
184,114,000
219.920,000
192,455.000
208.132,000
189,170.000
192.800,000
198.689,000
204,186.000
195,739,000
149,669,000
264,946,000
Total bills discounted
WM bought In open market
T. S. Government aeouritles:
Bondi
Treasury noted
Certificates of Indebtednees
338.402,000
276,026,000
338,722,000
282,986.000
410,602,000
278,466,000
399,985,000
286,828 000
412,375.000
275,501,000
395,302,000
274,058,000
391.289,000
310,685,000
399.925,000
316,378.000
414,615,000
55,692,000
85.529,000
251,108,000
21,745,000
85.377,000
270,988,000
23,612,000
85,227.000
265.527,000
24.960.000
85,138,000
241,980,000
21,921,000
84,930.000
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
19,522,000
241,688,000
63,431,000
Total U. S. Government securities.,.
foreign loans on gold
LB other earning assets
358,382,000
10,500.000
2.250,000
379.977,000
10,500,000
1,400,000
375,714,000
10.500,000
1,400,000
349,039,000
10,500.000
1.400,000
353,081,000
10,500,000
1.400.000
357,832,000
10,500,000
1,852.000
362,240,000
10,500.000
1,902,000
357.834,000
10,500.000
1.902,000
314.641.000
Total earning asset,
I% reclemp. fund aged. F. R. bank note,
Ineollected Items
tank premises
111 other resources
985,580.000 1.013,585,000 1,078,682.000 1.027,752.000 1.052,857.000 1,039,344.000 1,076,616,000 1,086,539,000
795,499,000
28,000
598,587,000
56,679.000
24,568,000
674,761,000
59,701.000
23,199,003
690,032,000
59,498,000
23,221,000
601,598.000
59,283.000
22,715.000
592.804.000
59.266,000
22,286,000
671,528.000
59.263.000
23,378.000
786,206.000
59,241,000
22,257,000
602.618,000
58.967.000
20,998,000
607.198,000
58,863,000
20.60,000
551,000
Total resources
LIABILITIES
r. It. notes In actual circulation
P. R. bank notes In cir,ulatIon—net__
3sposIts—
Member banks—reserve amount
Government
Other deposits
It
1,656,474,000 1,676.204,000 1.682.971.000 1,683,880,000 1,687,890.000 1.698.090.000 1,714,161,000 1,709.870,000 1.886.429,000
322,000
.
2,118,183,000 2,153,999,000 2.180,024.000 2,134.582.000 2,163,116.000 2,141,443,000 2,140,780.000 2.132,779,000 1,941,285,000
32.732,000
30.454,000
19,053,000
19,532,000
27.059,000
37,027,000
21.878,000
23,980.000
34,377.000
24,184.000
25,527,000
28,333.000
25,764,000
24,996,000
29,476,000
26,499,000
28.501.000
24.340,000
Total depoeita
3eferred availability items
Dapital paid In
lurolus
MI other liabilities
2,176,422,000 2,200.030,000 2,232,337,000 2,187.385.000 2,217.754.000 2,207,948.000 2.186,978.000 2,195,657,000 1.985,334,000
601,151,000 814,531,000 539.846,000 532.714,000 598.159.000 898.894,000 544,278,000 558.250,''' 547,313,000
115,448.000 115.270.000 115,228.000 115.207.000 114,893.000 114,588,000 114,481,000 114,492.000 111,378,000
217,837,000 217,837.000 217,837,000 217.837,000 217,837.000 217,837,000 217.837.000 217,837.000 220,915,000
13,149,000
12,732.000
12,404.000
13,068,000
12,671.000
12,289,000
14,790,000
12,052,000
11,701,000
1.780,481,000 4,836,938,000 4,800,888,000 4,749,755,000 4.848.537.001 4,949.205,000 4.790.022,000 4.807.807.000 4.766,481,000
Total liabilities
4,780,481,000 4,836, 38,000 4.800,888,000 4.749,755,000 4,848.537.000 4,949,205,000 4.790,022.000 4.807,807.000 4.766,481.000
Matto of gold reserves to deposit and
F. R. note liabilities combined
72.8%
73.9%
73.8%
72.8%
73.8%
72.8%
72.8%
728%
81.1%
Matto of total reservee to deposit and
F. R. note liabilities combined
78.5%
77.8%
76.4%
77.2%
78.3%
77.3%
78.3%
764%
83.7%
"JontIngent liability on bill, purchased
for foreign correepondents
43,485,000
39.007.000
39.910,000
42.828,000
47,858,000
44,897.000
45,281.000
45,337,000
50,384,000
Distribution by Maturities—
$
$
$
$
$
S
$
$
$
1-15 days bilis bought in open market.
109,929,000 r124,639,000'117,490,000
92,293.000 100,059,000
80,433,000 106,137.000
97,244,000
29,892,000
1-15 day, bills discounted
226,929,000 231,983,000 301,583.000 294,009.000 306.278.000 204.842,000 289,091.000 296,809,000 213,700,000
1-15 days U. S. oertlf. of Indebtedness_
77,000
1.391,000
1,339.000
1.223,000
567,000
542,000
61,000
2,817.000
1-15 days municipal warrants
2.000
2,000
2,000
16-30 days bills bought In open market..
80,153,000
54,128,000
80,242,000
56,847,000
58,833.000
11,331,000
81,997,000
80,478,000
57.817,000
15-30 days bills discounted
25,151,000
25,208,000
24,528,000
23,587,000
28.547,000' 24.867,000
46,365,000
22,889,000
24.882,000
10-30 days U. S. certif. of indebtedneas
14,055,000
I5-30 days municipal warrants
11-80 days bills bought In open market__
81.852,000
83.380,000
74,789,000
88,806,000
11,481,000
70.384,000
88,501.000
83,048.000
92,273.000
11-80 days bills discounted
39,329,000
32,719.000
38,253.000
40,893,000
38,079,000
35,439.000
71,417,000
36,894,000
38.284.000
11-80 days U. S certif. of indebtedness.
11-80 days municipal warrant,
51,000
11-96 days bills bought in open market
38,381,000
30,781,000
33,698.000
29,120,000
32,881,000
41,184,000
2,720,000
47,558,000
60,980,000
11-90 days bills discounted .
22.131,000
22,234,000
19,853,000
24,087,000
23,857,000
21.294,000
41,651,000
25,722,000
25,616.000
11-90 days U. S. certif. of indebtedneas.
11-90 days municipal warrauts
Over 90 days bills bought In open market
4,203,000
4,296,000
5,966.000
4,825,000
5,088.000
7,202,000
268,000
8,011,000
8,084.000
Over 90 days bill, diseounted
25,782,000
23,445,000
21,580,000
20,223,000
26,618,000
16,880,000
41,482,000
14,915.000
14.554,000
Over 90 days certif. of indebtednese_
21.888,000
23,045,000
22,558,000
24,418,000
21,880.000
28,817.000
28,209,000
27,105.000
49,376,000
Over 90 days municipal warrants
Federal Reserve Notes—
DatetandIng
1,985,011,000 1,986,078,000 2400.009.000 2,000.885,000 2.017,175.000 2,025,381,000 2,020.173,000 2,019,963,000 2,396,475,000
Held by banks
328,537,000 309,872,000 317,038,000 318.805,000 329,485,000 327,271,000 308,012,000 310.293,000 510,046,000
In actual circulation.
1,656,474,000 1,876,204,000 1,882,971,000 1,883,880,000 1,687,890.000 1,698,090,000 1,714,161,000 1.709.670,000 1,886,429,000
Amount chargeable to Fed Res. Agent 2,980,208,000 2.979,174,000 2,993.562.000 2.999.734.000 3,005.446.000 3.007.407,000
3,008,943,000 3.005.024,000 3,354,727,000
If hands of Federal Reserve Agent
995,197,000 993.098,000 993.553.000 999,049.000 988,271.000 982,046,000 988.770.000 985.081.000 958,252,000
Payed to Federal Reserve Banks_ 1,985,011,000 1.988,076,0002,000,009,096 2,000,885,000 2,017,175,000
2,025,381,000 2,020,173,000 2,019,983,000 2,396.475,000
How SOCUTea —
By gold and gold certificates_
289,011,000 282,318,000 276,316.000 275,816,000 277,316,000 277,316,000 274,916,000
274,916,000 335,864,000
By eligible paper
453,795,000 405.062,000 435,188,000 453,487,000 453.798.000 471,361,000
506.870,000 431,578,000 283,135,000
0010 redemption fund
110,224,000 108.400,000 102,822,000 115,266,000 108,898,000 117,518,000 107.181,000
109,528.000 118,743.000
With Federal Reserve Board
1,131,981,000 1,190,298,000 1,185,883,000 1,158,116,000 1.177.163,000 1.159,188,000
1,131,408,000 1,203,943.000 1,658,733,000
Total.
1,985,011.000 1,986.078.000 2.000.009.000 2,000,885,000 2,017.175,000 2,025,381,000
2.020,173,000 2,019,983.000 2,396,475,000
—
1Medina Paper delivered to P. It. agent
579,198,000 589,488,000 1359.890.000 839.244,000 858.581,000
641.013,000 875.040.000 677.562.000 448,984,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OP EACH
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boehm
RESOURCES.
$
Goa with Federal Reserve Agents 195,109,0
8,508,0
gold retro fun4 with U.S. Treas.
Gold held ems aget.F.R.notes- 203,817,0
Gold settlel fund with F.R.Wrd 44,808.0
Gold and gold etre held by banks 20,306,0
Total gold reserves
Reserves other than gold
288,731.0
13,813,0
282,544,0
Total reserves
6,958,0
Non-reserve cash
Bills discounted:
Bee. by U B. Govt. obligations 12,881,0
16,782,0
Other bill, discounted
29,663,0
Total bills dlsoounted
28,071,0
Bills bought in open market
U B. Government securities:
1,282,0
Bonds..
6.803.0
Treasury notes
Certificates of indebtedness- 8.183,0
Total U.S. Govt. securities
11.248.0
New York.
?Alla.
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 201925
Cleveland. Ricknond Atlanta, Chicago. Ht. Louts. afintwap. Han. Cots Dana. danIrrats.
Toad.
$
S
S
S
8
$
$
$
a
a
$
8
356,321,0 134,509,0 171,303,0 39,001,0 120.895,0
135,456,0
54,081,0 52,834,0 35,649,0 211,538,0 1,531,216,0
6,345,0 9,915,0 3,035,0 4,873,0 1,784,0 3,022,0 24,520,0
5,801,0
700,0 3,502,0 2.078,0 1,136,0
50,679,0
362,886,0 144,424,0 174,338,0 43.874,0 122,859,0 138,478,0 30,321,0
231,884,0 50,876,0 82.329,0 13,615,0 15.197,0 108.772,0 18,010,0 54,781,0 56,338.0 37,727,0 212.874,0 1,581,895,0
337,242.0 21,412,0 36,541,0 21.409,0 4,922,0 101,704,0 8,151,0 17.639,0 27,588,0 12,434,0 33,205,0 854,157,0
7.192,0 3,358,0 7,895.0 28.439,0 598,569,0
931,592,0 218,712,0 293,208,0 78.898,0 142.778.0348,954,0 54,482,0 79,812.0
58,056,0 274,318.0 2,834,821,0
34,727,0 8,874,0 8.592,0 5,041,0 16,203.0 17,937,0 20,421.0 1,733,0 87,280,0
4,186,0 10,320,0 6,147,0 145,974,0
988,319,0 223,588,0 301,800,0 83,939,0 158.981,0 366,891,0 74,903,0 81,345,0 91,446,0
18,251.0 1,920,0 3.342,0 3,844,0 4,454,0 6,650,0 4,132,0 1.138.0 2,311,0 68.376,0280.465.0 2,980,595,0
2,494.0 3,173,0
56,685,0
40,798,0 22,9131,0 23,470,0 13,387,0 3,944,0 23,420,0 4,942,0
698,0 1,572.0
254,0 12,551,0 180,854,0
18,985,0 11,773,0 13,022,0 32,831,0 18,753,0 18,937,0 13,846,0 5,537,0 5,985,0
4,297,0 17.220,0 177,548,0
59,781,0 34,734.0 36,492,0 45,998.0 22,697,0 42,357,0 18,588,0 6.233,0 7,537.0 4,551,0
29,771,0 338.402,0
75,080,0 24.862,0 23,881,0 10,488,0 10,981,0 39,802,0 11,311,0 11,310,0 15.451.0
8,377,0 18,832,0 2711,026,0
9.794,0
904,0 10,003.0 1,888.0 2,679,0 20,433,0 3,754,0 8,738,0 12,158,0 9.858,0
85,529,0
88,884,0 19,135,0 18,168,0 3.548,0 8,807,0 21,506.0 22,295.0 8,403.0 22,072,0 18,620.0 4,282,0
34.867,0 251,108,0
1,495,0
108,0 5.494,0
83,0 1,114.0 1,384,0
591,0
207,0 2,364.0
457,0 5,287.0
21,745,0
80.173.0 20.145.0 21.865 0 02000 19 sun 0 42 2220 900100 17 Ran n 20 0090 90 ORA n dd AIR 0 %K2 Soo n
[Vol,. 120.
THE CHRONICLE
2658
RESOURCES (Concluded)Tine ciphers (00) omitted.
Boston.
ireign loans on gold
I other earning assets
Totalearning assets
scollecteditoms
ink premises
Bother resources
Total.
$
735,0
$
10,500,0
2,250,0
217,869,0 82,767.0 93,142,0 62,342,0 46,708,0 126,931,0 57,022,0 35,235,0 60,000,0 42,231.0 91,554,0
174,533.0 62,774,0 61,010,0 54,817,0 33.123,0 86,216,0 34,414,0 13,130,0 35,887,0 23,544,0 36,449,0
16,709,0 1,122,0 7,573,0 2,446,0 2,780,0 8,099,0 4,349,0 3,049,0 4,275,0 1,833,0 3,276,0
640,0 1,631,0 4,788,0
334,0 3,076,0
663,0 2,834,0 1,413,0
279,0
400,0
7,081,0
985,560,0
674,761,0
59,701,0
23,199,0
$
1,124,0
$
976,0
2,250,0
$
2,835,0
69,759,0
58,864,0
4,190,0
60,0
Cleteland. Richmond Atlanta. Chicago, St. Louis. Mtnneap. Kan. City Dallas. µs.
Phila.
New Yana.
$
777,0
$
557,0
5
430,0
$
1,449,0
$
483,0
3
420,0
S
346,0
$
368,0
Teta Resources
422,375,0 1,398,762,0 372,569,0 467,146,0 208,051,0 248,880,0 596,200,0 175,154,0 136,971,0 194,559,0 140,109,0 419,705,0 4,780,481,0
LIABILITIES.
R.notes in actual circulation-- 201,901,0 331,457,0 150,040,0 196.103,0 71,547,0 138,272,0 158,936,0 46,833,0 61,754,0 62,951,0 41,728,0 194,952,0 1,656,474.0
V moans:
Member bank-reeerve sect_ 134,873,0 816,072,0 131,088,0 173,888,0 64,248,0 67,583,0 311,008,0 75,417,0 50,182,0 82,553,0 55,981,0 155,270,0 2,118,163,0
32,732,0
Government
5,223,0 2,565,0 4,064,0 1,746,0 2,932,0 1,042,0 3,874,0 1,110,0 2,822,0 2,607,0 3,090,0
1,657,0
25,527.0
157,0 4,761,0
460,0
232,0
163,0 1,454,0
773,0
167,0
433,0 1,232,0
Other depoeits
529,0
15,186,0
Totaldeposits
starred availability items
ipltal Mid In
,rplus
II other liabilities
836,461,0 134,086,0 179.184,0 66,161,0 70,678,0 313,504,0 80,064.0 51,524,0 85,835,0 58,745,0 163,121,0 2,176,422,0
137,087,0 56,640,0 55,230,0 51,824,0 25,665,0 76,028,0 32,667,0 11,935,0 31,953,0 27,104,0 37,038,0 601,151,0
115,448,0
31,526,0 11,216,0 12,968,0 5,992,0 4,609,0 15,544,0 5,104,0 3,246,0 4,344,0 4,244,0 8,177,0 217,837,0
58.749,0 26,059,0 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
13,149.0
696,0 1.346,0
499,0
706.0 1,762,0
515,0 1,015,0
826,0
528,0 1.199,0
3.482,0
137,059,0
57,980,0
8,478,0
16,382,0
575,0
TotalliAbIlities
422,375,0 1,398,762.0 372,569,0 467,146,0 208,051,0 2480880,0 598,200,0 175.154,0 136,971,0 194,559,0 140,109,0 419.705,0 4,780,481,0
Memoranda.
'tic. of total reserves to deposit
and F. R. note Ilabllitiee com77.8
78.3
68.1
61.5
77.7
71.8
76.1
59.0
61.0
80.4
78.7
82.7
83.4
bined. Per cent
mtingent liability on bills our39,007,0
10.123.0 3.680.0 4.233.0 2.097.0 1,622,0 5,460.0 1.820.0 1.306.0 1.583.0 1.385,0 2,770,0
rhasedfor foreign correonend'ts 2.928.0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAY 20 lo25
Cleve. Richni'd AtIanlaI Chicago
SI. L. Miss. K.COY Dallas Sal1 Fr• Total
_
$
5
8
8
$
$
8
$
$
$
$
314,940 39,800 41,800 22,575 68.2741 267,307 25,160 24,256 2A23 23,172 72,840 995,197
460.433 188,936 217,615 87,725 150,9011 168,735 52,434 64,786 71,228 46.890 232,682 1.985,011
Boston New York Phila.
Federal Reserve Ages! at-
$
XIJOIIIT18-(In Thousands of Dolton)
67,350
irsaoral Reserve notes on band
242,646
ledoral Reserve notes outstanding
0011lateral security for Federal Reserve notes outstanding
30,300
old and gold certificates
15,809
[old redemption fund
149,000
Old Fund-Federal Reserve Board
47.537
Viable paperf Amount required
10,197
lExcess amount held
___ 289,011
____ 18,011
15,170 13,052
186.698 6,000 8,780 2,000 9,0001
4,812 2.350 1.029 3,474 2,638 17:245 110,224
28,623 14,120 12,523 1,706 5,8951
1,131,981
194.293
141,000 114.389 150,000 35,295 106.0001 130,644 7.000 40.000 49,360 15.000
104,112 54,427 46,312 48,724 30.0081 33.279 27.914 10.705 18,394 11,241 21,144 453,795
125,403
24,798
1,644
4,396
2.9831
6,943
964 8,658
752 12,573
48,802
4,895
562,839 1,240.701 418,424 489,603 204.968 373,059 653,379 130,092 160,486 174,575 118.596 563.000 5,090.822
Total
labilUiesamount of Federal Reserve notes received from
309,998 775.373 228,736 259,415 110,300 219,1751 436,042 77,594 89,042 98,951 70,062 305,522 2,980,208
omptroller of the Currency
195,109 356.321 134.509 171,303 39,001 120.895 135,456 24,520 54,081 52.834 35,649 211,538 1,531,216
lateral reeelved from1Gold
81,881 28,878 17.363 22,790 12.885 45,940 579,198
57,734 109,007 55,179 58,885 55,667 32,989
Wend Reserve BanklEligible paper
562,839 1,240,701 418.424 489,603 204,968 373,059 653,379 130.992 160.488 174,575 118.596 563,000 5,090,622
Total
oral Reserve notes outstanding
oral Reserve notes held by banks
242,648
40,745
. 46.890 232,682 1,985,011
.8
460.433 188.936 217.615 87.725 150,9011 168.735 52,434 64.786 lik
9,799 5,601 3.032 8,277 5,162 37,730 328.537
128,978 38.896 21,512 16,178 12,629
iflend
qnt ont I
011 457 IRO 1140 100 10'1
Rawaros nrstAR In antnal AlronlefInn
71 547 PAR 979
150 CVIR
AR RIR
01 754
R9 051
Al 790 Ma 059 1 11511
474
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resoureek;
She 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 statement
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2638
1. Data for all reporting member banks in each Federal Reserse District at close of business May 13 1925. Three ciphers (000) omitted.
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan. City Dallas. San Fran.
Total.
736
8
$
9,799
191.422
229,769 4,828,073
862,735 8,147,298
70
100
33
25
71
49
$
6,090
129,329
351.338
8
5
7,664
32,856
82,917 743,639
382,210 1,228,986
5
10,475
172,010
307,589
$
2,692
54,514
174.593
$
3,792
105,712
316,124
5
2,993
71,288
217,289
708,910 1,214,509
486,757
472.791 2,005,481
490,074
231,799
425.828
291.570 1,102,303 13,166,793
9,587
53,044
21,432
12,315
5,998
258,327
31,803
156,368
37,542
43,287
7,967
349,624
25,063
33,89
12,555
1,510
467
62,645
14,880
10,560
5,849
3,171
1,718
45.716
17,868
172,690
62,200
85,874
8.948
416.941
12,708
25,034
17,546
12,098
2,483
101,559
7.146
25.443
11,328
18,512
2.852
40.036
9.333
46,020
19,226
16.476
3.067
74,275
360,681
626,591
136,134
81,894
Total loans and investments
1,250,775 6,991,184 1,069,591 1,841,100
80,421 118,858
Reserve balances with F.R.Bank
95,575 751,526
31.337
16,559
78.607
21,605
Dash in vault
872.514 5,639.972 765,346 991,203
Net demand deposits
349.448 1,203,681 173,427 727,681
Time depoalts
25,765
22,689
41,321
12,035
Government deposits
Bills Carle dr redisc. with F.R.Bk.:
15,259
4,954
29,280
2,940
Secured by U.S.Gov't obligations
5,235
3,870
20,493
5,247
All other
Bankers' balances of reporting member banks in F.R.Bank cities:
51,121
132,598 1,054,063 179,153
Due to banks
29,000
42,734 102,947
66,418
Due from banks
622,891
38,399
14,143
348,901
195,999
8,857
Number of reporting banks
Loans and discounts, grow
Secured by U.S Gov't obligations
Secured by stocks and bonds
All other loans and discount.Total loans and discounts
investments:
U. B. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Treasury certificates
Other bonds,stocks and securities
Totalinvestmenta
106
55
76
73
3
S.
75,391
8,466
289,703 2,166,309
635.352 2,561,750
$
12,830
328,866
367.214
S
13,374
454,017
742,118
933,521 4,803,450
39,940
9,573
76.261 604,991
22,158 173,713
7.226 171,509
56,004
2,884
199,152 1.141,577
317,254 2,187,734
42
36
764,521
171,428
105,317
168,397
554,685 2,770.002
37,646 235,752
52,885
11,152
328,064 1,753,676
199,750 980,283
25,709
8,275
661,502
45,609
7,534
398,889
204,508
11,062
337,116
24,310
5,992
213,034
103,293
2.237
594,025
62,162
13,399
467.394
138,550
4,407
18,213
18,223
8,737
9.435
.3,035
19,764
220,543
24,449
132,540 1,355,068
452,738
60,452
407,351
25,938
110,483
15,042
191.761 2,901,377
77,407
450,182 5,447,540
368.977 1,552,485
28,836 107,039
21,806
10,533
267,624 769,142
93,158 764,561
15,702
6,578
18.614,333
1,616,133
285,552
12,815,759
5,134,342
184,637
11,820
8,874
88,989
72,677
5,928
15,964
1,314
3,028
13,140
3,209
1,471
3,343
570
1,165
313
1,430
819
31,761
15.132
18,628
15,772
398,185
196,613
86,090
32,304
49,840
22,559
101.624
45,833
29,709
26,471
100,653 2,233,225
647,125
51,342
3. Data of reporting member banks In New York City, Chicago, and for whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in
casease.
May 13 1925. May 6 1925. May 14 1924. May 13 1925. May 6 1925. May 14 1924. May 13 1925. May 6 1925. May 14 1924.
48
46
48
67
65
65
751
736
736
reporting
banks
Number of
$
$
$
$
$
8
$
$
$
Loans and discounts, groan:
24,819,000
23,637,000
86,371,000
71.488,000
25,445,000
70,369,000
219,415.000
193,354,000
191,422,000
Secured by U. S. Govt. obligations
451,127,000
4,828,073,000 4,875.929,000 3,888,211,000 1,932,954,000 1,993,543,000 1,417,841,000 555,958,000 538,895,000 071,677,000
Secured by stocks and bonds
2,232,865,000 698,722.000 699.601,000
All other loans and discounts.... 8,147,298,000 8,115.969,000 7,947,492,000 2,259,750,000 2,236,694,000
1,147,623,000
13,166,793,000 13,185,252,000 12,055,118,000 4,263,073,000 4,304,725,000 3,737,077.000 1,280,125.000 1,262,133,000
Total loans and discounts
Investments:
4,196,000
1,934,000
39,646.000
1,934,000
29,109,000
29,213,000
271.501,000
219,948,000
220.543,000
U. S. pre-war bonds
53,246,000
82,101,000
81,822,000
1,355,068,000 1.346,241,000 1,137,441,000 512,184,000 510,402,000 483,981,000
U.S. Liberty bonds
4,707,000
26,870,000
18,382,000
26,731,000
71,088,000 158,004,000 157,598,000
455,499,000
452,738.000
U. B. Treasury bonds
79,052,000
60,559,000
60,441,000
679,719,000 156,714,000 153,869,000 323,281,000
406,225,000
U. S. Treasury bonds
407,351,000
13,204,000
3,779,000
54,416,000
24,734,000
3,723,000
93,388,000
54,477,000
111,953,000
U. S. Treasury certificates
110,463,000
166,113,000
Other bonds,stocks and securities- 2,901,377,000 2,943,332,000 2,398,962,000 886,977,000 905,366,000 689.158,000 194,995,000 191,474,000
4,652,099.000 1,777,508.000 1,810,821,000 1,579,182.000 369,646,000 366,717,000 321,418,000
5,483,198,000
5,447,540,000
Total Investments
1,628,850.000 1,469.041,000
18.614,333,000 18,668,450,000 16,707,217,000 3,040,581,000 6,112,546,000 5,316,259,000 1,649,771,000 176,320.000 148,013.000
Total loans and Investments
1.616,133,000 1,646,046,000 1.449,481,000 691,995.000 698,079,000 611,600,000 159,322,000
Reserve balances with F. R. banks
27,605.000
26,726.000
63,411,000
283,893,000
26,281,000
62.291,000
64,320,000
278,749,000
285,552,000
CashIn vault
1,134,168,000 1,060,284,000
Net demand deposits
12.815,759.000 12,793,580,000 11,495,555,000 5,081,299,000 5,118,530.000 4,482,374,000 1,140,026,000 480,058,000 378,331,000
482,442,000
840,068,000
653,779,000
4,303,735,000
825,758,000
Time deposits
5,134.342,000 5,098,423,000
11,114.000
14,939,000
14,168,000
32,140.000
44,848,000
183,116,000
33.489,000
191,909,000
181,637,000
Government deposits
Bills payable ik rediscounts with
Federal Reserve Banks:
2,115,000
1,300.000
1,830,000
16,875,000
22.225,000
76,668,000
59,550.000
132,053,000
86,989,000
Secured by U.S.Govt.obligations.
2,642,000
1,086,000
805,000
2,922,000
18.475.000
32,118,000
101,751,000
101,231,000
72.677,000
All other
Total borrowings Iron. F N bks
150 000 Mil
922 9514 111111
178 419.000
40.700.000
91.66R 000
19.797.000
2.435.000
2.386,000
4,757,000
MAY 23 1925.]
THE CHRONICLE
itlanittrs' Oazeitt
Wall Street, Friday Night, May 22 1925.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2649.
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 22.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
Highest.
Par. Share
8 per share. $ Per share. 8 Per share.$ Per share.
.
901 431 May16 511 May19 3
Feb 54 Mar
210 934 May19 9531 May16 86
May
Apr 99
100 51% May19 5134 May19 5131 May 524 Feb
100 7831 May19 7831 May19 754 Ap 784 May
43 70
May19 70
May19 70
Apr 714 Apr
700 3 May19 4
May20 231 Apr 4
Jan
500 534 May19 64 May20 34 Ap
631 Jan
100 76 31 May22 7631 May22 75
May 764 May
May22 138
200 135
May21 127
May138 May
2.800 112 May16 142
May21 112 May142 May
Railroads.
Brunsw T & Ry Sec-10
Buff Roch & Pitts pf_100
Buff & Sus prat v t c_100
Carol Clinch & Ohlo_100
Cleve & Pittsburgh___50
Duluth 88& Atl_ _ _ _100
100
Preferred
100
Green Bay &West
100
Hocking Valley
Havan El Ry Lt de P-100
MStP&S8 M leased
lOOi 100 59
line certifs
Nash Chatt & St L...1001100 144
Nat Rya Meg 1st pf 100 400 5
501 200 174
N Y & Harlem
* 166 2824
NY Rye part efts
* 600 9%
Pref trust certifs
1001 2,000 394
N Y State Rye
60 142
pittsFtw&clllcpi.IOOI
7.101 1831
Reading rights
101 97
Virginia RY & Pr pi...10
May19 59
May22 144
May19 54
May22174%
May18290
May22 104
May18 41
May20 142
May16 1931
May19 97
May19 58
May22 143
May21 34
May22 160
May16 278
May16 94
May20 394
May20 139
May21 1734
May19 97
May 63
Ap 155
Ap
6
Ja,175
May 294
Mayl 1131
Mayl 4431
Jan 142
Marl 244
May 97
Feb
Mar
May
Feb
May
May
Apr
May
Jan
May
2659
To-day's (Friday's) actual rates for sterling exchange were 4 83 1-16
;
4 83 5-16 for sixty days, 4 85 13-1604 85 15-16 for checks and 4 86 1-16
4 86 3-16 for cables. Commercial on banks sight 4 85 11-1641@l4 85 13-1 ,
sixty days 4 81 9-16@4 81 11-16, ninety days 4 81 1-1604 81 3-16 and
documents for payment (sixty days) 4 81 13-16©4 81 15-16. Cotton for
payment 4 85 11-16@4 85 13-16 and grain for payment 4 85 11-16@
4 85 13-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 50.40
5.0631 for long and 5.093105 for short. German bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.75 for long and 40.11 for short.
Exchange at Paris on London, 94.75 francs: week's range, 93.56 francs
high and 94.75 francs low.
The range Tor foreign exchange for the week follows:
Sterling, ActualSixty Days. Checks.
Cables.
High for the week
4 83 11-16
4 86 3-16
4 86 7-16
Low for the week
4 82 11-16
4 85 3 16
4 85 7-16
Parts Bankers' FrancsHigh for the week
514
52031
52131
Low for the week
604
5 1031
5 1131
Germany Bankers' MarkoHigh for the week
23.81
23.81
Low for the week
23.81
23.81
Amsterdam Bankers' GuildersHigh for the week
39.7.5%
40.1931
40.2131
Low for the week
39.7331
40.1734
40.1934
Domestic Exchange.-Chicago, par. St. Louis, 15025c. Per $1,000
discount. Boston, par. San Francisco, par. Montreal, $.3125 Per
$1,000 discount. Cincinnati, par.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. May 16 May 18 May 19 May 20 May 21 May 22
First Liberty Loan
'High 101422 101,22 101.00 101.00 101422 101.00
334% bonds of l932-47_.Low 101.00 101.00 101.00 100142 101.00 101.00
(First 34s)
22 101.00 101.00 101,
(Close 101.00 101,
22 101.00
61
256
Total sales in $1,000 units_ _
12
13
48
9
Converted 4% bonds of (High
- -- -------- ------
Industrial & Misc.
Ahumada Lead
Apr
1i 5,801 1031 May221 1131 May22 94 Ap 12
May21 58
May21 5331 Jan! 58
Am Bank Note pref..50 300 58
May
Am Car & Foundry__ _ _ * 9,000 1064 Mayl 1084 May16 9734 Ati 11% May
500 141
10
May19 143 May19 1384 Apr 504 Feb
American Snuff
Total sales in $1,000 units_ _
------------- --- Armour Coo!ill A___25131.500 2034 May16 2234 May22 20
May 2231 Mar
Converted 44% bonds (High 102,422 102,22 102,22 102,422 102,222 102;2;
100 1531 May18 154 May18 15
Art Metal Constiuc_10
J
of 1932-47 (First 44s)(Low. 102422 102,
22 102422 102,22 102,22 1021ut
1534 Jan
May2lI 44
* 3,300 41
Artloom
May18 294 May 44
May
(010w 102422 102422 102•22 1021422 102,22 107422
100
30010234 May18 1034 May19 1014 May 10331 May
Preferred
Total sales in 81.000 units__
52
7
71
27
13
55
31 May21 1-32 May 5-16 Apr
Barnsdall Corp rights__ _ 18,560 1-32 May16
Second Converted 434%(High
- ------------200 954 May22 96
Bayuk Bros lot pf 11111
May22 95
Apr 984 Feb
bonds of 1932-47 (First( Low_
-___
----------- ---- 44
3731
May16
*173300
May21 33% Mar 44
Briggs Mfg
May
Second 431s)
Brunswick-Balke-Coll'r * 5,200 29
May20 31
May18 2731 May 46
Total sales in $1,000 units__
Jan
____
---------------100 1,500 1144 May16 11814 May18 86
Bush Terminal
Feb 184 May Second Liberty Loan
(High
___--------------* 4,800 17
May19 184 May16 15
New
May 1834 may
3,000 8031 May16 854 May18 80
Debenture
May 854 May
(Second 48)
300 94
May18 9431 May22 894 Jan 954 Mar
Cert-Teed Prod 1st pf100
Total sales in $1,000 amts.__
100 600 8331 May16 86
May20 804 Feb 86
2d preferred
May
Converted 44% bonds (High 1011,22 10-14,22 1011422 1811422 1011,22 101,422
• 2,800 5231 May21 5331 May18 4931 Mar 5831 Mar
Childs Co
of 1927-42 (Seoond (Low_ 101422 101422 101•22 101,132 101,422 1011•22
100
1001014
May19 101% May19 99
Coca-Cola Pref
Jan 101% Mar
43(e)
(Close 101143 1011133 1011333 101113: 101nu 101,022
100 300 50
May18 36
May1851
Ores Carpet
Mar 51
49
Total sake in $1,000 units__
128
212
174
May
320
94
100 2,200 974 May22 984 May18 974 May 984 may Third Liberty Loan
Cudahy Packing
(High 1014022 101,,n 1014422 101,422 101•422 1019122
100 964 May20 964 May20 824 Jan 97
100
Deere&Copret
Apr
44% bonds of 1928-1 Low_ 1012422 101•422 101,12 101,422 101,422 1014421
May19 2531 May18 24
Dodge 13ros class A_--* 51.200 24
May 26
(Third 43(s)
(Close 101,722 101,422 101142 101,422 101,422 1011•22
may
*47,600 7531 May19 774 May21 734 May 79
Pref certificates
42
Toted sales in $1,000 unite__
198
371
304
179
72
May
May20 1731 May 37 May Fourth Liberty Loan
Elec Pow & Light(AUL* 378300 274 May16 37
(High 1021,33 1021633 1021633 102"n 1026631 102un
10.40010331 May16 107% May21 100
40P pr paid
Mar 107% May
434% bonds of 1933.38..(Low. 1021422 102,422 1021,22 102,422 1021,22 1021,22
1,500105
May16 108. May20 10031 Mar 108
Full paid
(Clow 1021633 1021633 102"33 102"n 1021633 1024•22
(Fourth 43(s)
may
100 10
May18 10
Emerson-Brant pref_100
May18 9
Apr 15
58
142
641
1862
Jan
321
545
Total sales in $1,000 units__
May21 3231 May16 30
May 334 May Treasury
Fed Lt & Trac new_ _ _15 14,400 30
(High 10663: 1066n 1061033 1061,33 1061633 106"n
Fisher Body new
2516.800! 6631 May19 6931 May21 604 Feb 70
Apr
(Low_ 106,22 1061n 1061133 106633 1061033 106on
434s, 1947-52
Franklin-Simon pref _100
10010431 May16 1044 May16 1014 Mar 10431 Jan
1Cloee 106133 106133 106633 1061,3: 10131613 1061n
300 110
May21 11034 May21 1014 May1104 May
Great West Sugar pf_100
Total sales in $1,000 units__
21
141
6
63
122
33
100 63 May21 63
May21 58
Hanna lat prat el a_ _100
Apr 89
Feb
lis 1944-1954
(High 102422 102422 102111 102"n 1021633 102"ms
Hayes Wheel pref- _100 600i104 May20 10431 May22 100
Jan 10431 Feb
f Low_ 10213: 102.00 102633 102,33 102"33 102•12
25 300 68
May19 72
May22 66
Helme(G W)
May 83
Apr
(Close 102122 102.00 102,12 102"n 102"n 1021•22
100
44218
Ingersoll-Rand
May21 218
May16 221
Tntial anima 419 510(51 waft
28
dl
l'Ul
.271
RI.
ei
May 249
Jan
200 524 May22 524 May22 40
Int Agricul, prior pref100
Apr 524 Mar
May21 114
100i114
Jonas & L Steel, pref_100
May21 11131 Feb 115
Mar
Note.
-The above table includes only sales of coupon
May21 99
4001 9934 May21 101
K C Pow & Lt, 1st pf__*
Jan1011j Mar
100
Kinney Co, pref
May21 95
4001 97 May18 98
Apr1.1 100
Feb bonds. Transactions in registered bonds were:
greegeDeptStores,pf.100 400 9031 May22 92
May21 88
Jan 93
Jan
102
to 102 1124 3d 431s
1 181 4318
1011422 to 101•90
900 49
Long Bell Lumber A.__*
May20 50
May19 454 Ma 524 Apr 141 2d 4315
101422 to 101,122 1 39 4th 434s
102un to 1024%1
100 106 34 May22 10631 May22 1024 Feb 107
McCrory Stores, pref.100
Apr
Mackay Cos, prof
100
5001 68
May18 684 May22 66
Mar mg Feb
Maxwell Motors B ctfs.29,5004 874 May16 95% May22 7734 Apr 9531 May Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
4,700 10931 Mayl:1114 May22 10731 May 11131 May
A certificatee
Ans.
tat.
100 123 May16 123 May16 11631 Mar 12331 Jan
May Dept stores, pf_100
Maturity.
Rate.
Bid. Asked.
Maturity.
Rate.
Bid. Asked,
Mid-Continental Petr_ _•32.900j 2834 May16 3131 May22 2631 Apr 3131 May
100 1,300i 874 May19 904 May21 834 Apr 904 May
Preferred
Mar.15 1926._ 44% 101422 10142 Dec. 15 1927.... 434% 101111. 102,as
2001124 May18 1124 May19 109
Montana Power,pret100
Ma 11234 May Dee. 15 1925._ 434% 100,122 100,422
1022i
.
Mar. 15 1927___ 44% 102
•.8,800 2114 May16 2631 May18 18
Motor Wheel
Apr 2631 May
15 1926._ 44% 101
10134 Sept. 15 1925.- 24% 991122 100
• 1,200 35
May21 38
Murray Bod7
May19 324 Apri 424 Mar Sept.
4t4e2. 100
June
15
1025_
_
100
5.4
nee
15
ltrAR
R
AL
0081..
1001..
Products
•
8,100
324
Distill
May18 37
May22 30
Nat
Apr 37
May
NN & H Ry, GSEE1.100
100 65
May21 65
May21 52
FebI 6531 May
100
100 92
May16 92 May16 824 Jan! 95
Preferred
New York City Banks and Trust Companies
Apr
• 400 2134 May19 22
May20 17
FebI 2831 Feb
II Y Shipbuilding
AU prices dollars per share.
Jan 100% May
N Y Steam, let prof _ _ _• 300 984 May21 1004 May21 97
16,300
Mot
Car.•
Banks-N.Y.Bid
Ask
174
May19
-Detroit
194
May18 1731 May 194 may
Banks
Bid
Ask
Trust Co. I Bid Ask
Paige
600 45
May18 45
Panhandle P & R, pf_100
May18 43
New York
JanI 604 Feb America*-- 298 302 Greenwich. _ 410 430
* 2,100 244 May22 26
390
May18 244' May 28
Hanover
980 1010 American
Penick & For
Apr Amer Each
1,001
pref
_50
434 May11 444 May18 434 Mayl 4731 Feb Amer Unions_ 140 150 Harriman___ _ 480 500 Bank of N Y
NIA & Ref Corp
500 9331 May20 934 May22 9234 MayI 95
600
mar Bowery.
Manhattan. _ 174 178
& Trust C 580
p8 El & Gas pref __ _100
10010431 May19 1044 May19 10031 Jan 104% Mar Broadway Cen 200
Mach dc Met_ 403 408 Bankers Trust 480 iio
Pub Sera Elea Pr pref 100
Ety steel spring pref.
100 117
.100
May22 117
May22 11431 Mar 120
Mutual*
415
Bronx Co Tr_ 185 195
Feb Bronx Bore._ 500
*18,401 10
May16 16
May22 10
Nat American 185 --_ Central Unio 765 775
May 16
Reis (Robt) & Co
May Bronx Nat__ 160
May22 63 May 74
First preferred____100 1,200 694 Mayl: 74
National City 458 462 Empire
308
May Bryant Park* 160
• 5,300 1431 May19 1431 May16 1434 May 1431 May Butch de Drov 158
1eagrave Corp
New Neth,_ 205 220 Equitable Tr_ 255 259
* 7,100 5231 May16 5531 May19 404 Mar 5531 May Capitol Nat__ 190 200 Park
lhattuck (F G)
470 480 Farm L & Tr_ 455 460
100103 May20 103
May20 10034 Jan 103
31mmons Co pref __ _ _100
Mar Cent Mercan_ 265 272 Penn Exch... 114 125 Fidelity Inter 245 253
805s-Sheff 13 & I pref _100 600 934 May20 944 May22 924 Ap 9831 Feb Chase
420 424 Port Morris__ 190
302 308
Fulton
*
700 22
May22 23
May22 214 May 23
Public
;pear & Co
465 475 Guaranty Tr. 320 325
May Chath Phenix
100 400 9134 May22 92
May19 9131 May 92
Preferred
NatBk&Tr 310 320 Seaboard ___ _ 482 492 Irving BankMay
;Land Gas &Elea pref_50 2,200 524 May18 5331 May22 5031 Mar 5331 Feb Chelsea Exch• 180 190 Seventh Ave_ 115 125
Columbia Tr 247 249
100
13211531 May20 115% May20 113
Jan 11531 May Chemical ____ 650 860 Standard
kern Bros pref
300 --_ Lawyers Tr__
3ymington temp ctfs_.• 14,600 1631 May18 1831 May21 104 Jan 19
Mar Coal dr Iron__ 276 290 State.
435 445 Mutual(Wes
•
2134
900
224
May21
May16
203.,
Colonial'.....
Mar 234 Jan
500
Class A
Trade*
144 150
chaster) _.I 185
May16 704 May20 6031 Jan 814 Mar Commerce... 355 aEi United States* 200 208 NYTru,L..i
United Cigar Stores___25 7,200 68
430 435
May18 15
100 15
May18 12
Mar 20
Mar Com'nwealth• 300 310 Wash'n
300
Title Gu & Tr4 548 553
Lin Dyewood Corp__100
2,300
00_100
1831
May16
184
2131
May19
Paperb'd
Apr 23
Jan Continental__ 220 230
Milted
U Nits & Tr 340 347
200 1% Mayl: 134 May18 1 44 Feb 234 Apr Corn Exch. _ 475 485
ctfs__
Brooklyn
rasinia Carolina
United States 1620 1670
4 May16
122 May18
7,670
,22 May
% May Coemop'tan•- 155
Coney Island* 195
Vivaudou rights
Westches Tr_ 300
May16 152
May21 116
Apr 152
May East River_ _ _ 254 265 First
450
Brooklyn
•Vard Baiting elms A _ _ _* 3,200 127
Mechanics'* _ 225
_ Brooklyn Tr_ 720
Class B65,600 474 May22 5031 May21 374 Mar 50% may Fifth Avenue* 2000
1004
May21
May16
9434
100
800
100
Feb
295 iio Montauk*
1004 Apr Fifth
Preferred
200
Kings County 2200 2400
2450 2550 Nassau
320
_ Manufacturer 355 352
Nest El Instrument A.* 7,000 224 May18 244 May22 1931 Mar 2431 May First
340
ffiCkwire-Spencer ctfs-*,12,700 44 May21 534 May16 44 May 531 may Garfield
People's
275
People's
710
170 180 Queensboro• _ 175 185
Jan Gotham
vest Elea Instrument__*10.500 104 May21 134 May22 94 Apr 14
xt...
Mac 59
Mav22 18
Mav22 20
200 20
--2...a.
MR
•Banks marked with (* are state banks. (z) Ex-dividend. (t) New stock.
(y) Ex-rights.
* No par value.
Foreign Exchange.-Sterling ruled quiet but strong,
establishing another new high level, on buying in London;
local trading was limited. The Continental exchanges displayed irregularity, with weakness in francs and lire the
principal feature. Pesetas. the Scandinavian and South
.American exchanges were all strong and higher, though
inactive.
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
125
135
246
215
Alliance R'Ity
Amer Surety_
Bond & M G_
Lawyers Mtge
Lawyers Title
& Guarantee 264
Ask
140
252
220
269
Mtge Bond..
Nat Surety..
N Y Title &
Mortgage.
US Casualty_
US Title Guar
Bid
131
207
Ask
139
212
348
320
232
352
335
-
Realty Assoc
(Bklym co&
let pref__.
2d pref___
Westchester
Title & Tr.
Bid
ASS
220
9
81
96
88
820
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2660
OCCUPYING FIVE PAGES.
Foe sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
eaturday,
May 16.
Monday,
May 18.
Tuesday,
May 19.
Wednesday
May 20.
Thursday.
May 21.
$ per share $ per share $ per share $ per share $ per share
Friday,
May 22.
Sales
for
the
iVeek.
, STOCKS
NEW YORK STOCK
EXCHANGE
S per share Shares.
PEK SH A KB
Range for Year 1925.
On basis of 100-share tots.
Lowest
Highesi
$ Per share
$ per share
Railroads.
Par
3112 3112 1,100 Ann Arbor
100 22 Feb 17 3478May 8
3312 3312 33
33
3212 33
32
3214 *3112 33
100 40 Mar 24 6012May 8
5812 59
58
58
58
58
5614 5614 *5614 5834 1,500 Do pref
5614 58
1
4 Mar 2
119 11978 119 11978 119 11934 119 11934 11938 119713 11938 121
19,700 Atch Topeka & Santa Fe_ _100 11614 Jan 16 127/
100 9212 Feb 17 96 Apr 20
9534 9534 9512 9512 9514 96
9512 957s 2,300 Do pref
9558 9558 9512 96
5/
1
4 512
514 538
518 514
514
514
518 514
712 Mar 6
54 518 3,800 Atlanta firm & Atlantic_ _ _100
3 Jan 14
5,400 Atlantic Coast Line RR
163 164
100 14714 Jan 16 166 Mar 3
162 162
16212 184
162 16434 16218 163
162 163
7538 7578 75/
100 71 Mar 30 8414 Mar 6
1
4 19,400 Baltimore dr Ohlo
1
4 7638 7534 7614 7618 76/
1
4 7558 7534 7534 77/
*6418 8434 *644 8434 6458 6458 6434 6431 6412 6412 *6412 8478
100 62/
1
4 Apr 21 6612 Jan 6
700 Do pref
3912 3912 3938 3934 3938 3938 "39/
800 Bangor dr Aroostook
60 3514 Mar 23 4214 Jan 15
1
4 39,
4 3918 3938 39/
1
4 3938
*8814 8912 *8814 92
100 Do pref
100 90 Feb 19 9412 Jan 5
*8814 8912 •9112 9112 *8814 9112 *8814 9112
4012 4034 4012 4138 41
4334 27,700 Bklyn Manh Try t c__No par 3518 Jan 5 45 Feb 10
4134 4112 4234 42
4278 43
7912 79
79
4,900 Do pre: v t o
No par 7278 Jan 2 811
/
4 Mar 14
*7612 7912 '7612 7912 *79
80
7834 7938 79
224 Buffalo Rochester & P111s_100 48 Apr 2 9238klay 2
"81
8212 8114 811 1 81
8214 *8014 84
7812 7812
80
80
100 13612k1ar 30 15238 Jan 8
14314 14314 144 14434 14414 14414 14412 14538 145 14534 145 14578 6,700 Canadian Pacific
*280 288
300 300
500 Central RR of Now Jersey_100 285 Mar 30 321 Jan 3
28812 290
285 285 '282 290 *285 290
100 8914 Mar 30 9918May 18
97
9712 9718 9918 9778 9812 97
9814 9634 9712 9734 9838 24,700 Chesapeake & Ohio
•108 109
Do prof
100 10514 Apr 14 110 May 22
1,600
10812 10858 10834 10834 10912 110
10814 109
10812 109
514 538
514 514 1,800 Chicago & Alton
512 512
100
358 Apr 24 1058 Feb 9
534 534
514 538
518 514
54 Apr 23 1912 Feb 21
Do pref
100
858 858
878 878
858 858
8/
1
4 912 2,900
834 918
85s 878
100 140 May 20 16412 Feb 11
•145 152
200 C C C & St Louis
140 140 '140 146 "140 148
140 148 •____ 140
34
*3312 34
*3312 3412 34
500 Chic dr East.111 RR
100 2934 Mar 30 3618 Mar 13
*33
3412 34
34
34
34
48
47
47
Do pref
4714 *46
400
100 40 Mar 30 5714 Jan 2
*47
49
48
47
4734 4734 '47
100
9 Jan 2 15 Feb 7
1114 1158 1134 1178 1112 1214 1258 1314 1212 1318 1253 1358 38 900 Chicago Great Western
28
2738 2878 29,500
100 1914 Mar 30 3238 Feb 6
2618 2612 2614 2678 28
2712 2712 2818 27
Do Prof
8
1038
9
10
314 Apr 20 1838 Jan 7
7
714
84 9 107,400 Chicago Milw & St Paul__ _100
7
714
678 812
1414 142,400
Do pref
100
7 Apr 20 284 Jo 7
1114 12
11
1134 1114 1311 1212 1538 1418 1518 12
5612 5412 5534 5134 5778 23,600 Chicago & North Western_100 47 Apr 14 7538 Jan 12
5534 5614 55
5518 5612 5518 57
10612 107 *106 10712
Do prof
500
100 10134 Apr 14 117 Mar 5
107 107 *10612 107
10812 10612 107 107
4678 4712 4658 4712 4658 4718 4658 4712 4658 4758 4658 48
27,300 Chicago Rock 151 & Pacific-100 4018 Mar 30 5414 Mar 3
800
*9612 9712 97
Do 7% preferred
100 92 Jan 2 9914 Feb 21
9738 97
9712 *97
98
9734 974 9712 9712
8818 8758 8818 *88
88
8834 6,000
*8614 8712 8738 8738 "8712 SS
Do 6% preferred
100 82 Mar 30 8912Mar 3
40 "37
40
*37
40 '37
40
'37
40
*37
40
*37
Chic St Paul Minn & Om__100 334 Apr 22 5912 Jan 13
*80
85
85
80
80 '80
85
Do pre(
.80
84
*80
84 '80
100
100 7314 Apr 21 108 Jan 13
6118 6012 6118 1,400 Colorado & Southern
6112 01
6134 61
62 "61
100 4418 Jan 6 6512 Apr 18
*61
617r. *61
*614 6212 '6112 6212 624 6214 *6112 6212
'6112 6212 '61
63
100
Do 1st pref
100 60, Mar 26 64 Feb 9
Do 2d pre
100 54 Jan 21 6034 Apr 17
*5912 6114 '5912 614 *5912 6114 *594 6114 *5912 61 '5912 6114
15034 15112 8,500 Delaware & Hudson
14934 14934 14914 14978 14912 15034 150 15012 15014 151
100 13312Mar 30 155 Apr 8
139 13912 3,800 Delaware Lack dr Western_ 60 125 Mar 30 14458 Jan 13
*13412 13512 "13418 135
135 13512 13512 13612 137 139
384 38
38
"3612 384 3814 39
.038
39
*37
39
*37
800 Denver Rio Or dr West prat 100 3812 Mar 24 60 Jan 12
2814 2812 29
2812 2812 29
2738 2758 28
28
2878 28
11,900 Erie
100 2634May 15 34 Feb 24
3778 3814 38
38
37/
1
4 3838 3712 3818 3734 38
3778 3918 11,300
Do 1st pref
100 3512 Apr 27 4878 Jan 2
3712
37
37
.36
3712 '36
3712 *364 3712 "3812 3712 37
400
Do 2d pref
100 35 Apr 24 4334 Jan 5
6414 6412 6412 6478 6478 66
6558 8812 6514 661
/
4 6512 6814 27,400 Great Northern pref
100 60 Apr 24 7138 Jan 8
Iron Ore Properties__No par 2738 Apr 22 4038 Jan 19
29
2918 2834 2918 2812 2812 8,100
2834 2834 2858 2918 2834 29
3012 31
30
3038 30
3012 2934 3178 314 3158 3012 31
14,600 Gulf Mob & Nor
100 23 Mar 30 34 May 8
*95
96
97
97
97
96
90
700
Do prof
100 8912 Mar 30 1014 Jan 10
*9612 97
9612 9634 97
3138 3112 3118 3112 3058 314 3078 3114 3078 3'14 3078 3118 12,900 Hudson & Manhattan
100 2134 Mar 18 3212May 8
89 '6812 6912
100
Do pre(
100 6412 Feb 18 70 May 6
'68
70
*68
70
*68
70 '68
69
69
11214 1124 112 112
100 111 Mar 31 11958 Jar 7
112/
1
4 11238 11218 11212 11238 11378 11312 11438 3,600 Illinois Central
•113 11514 113 113 "112 11514 *113 11538 *113 116 '114 117
Do pref
100 11212 Apr 23 119 Jan 7
100
Do RRSee,SerlesA_ _1,000 7058 Jan 6 74 Apr 17
*72
73 '72
*7512 78 '72
73 '72
73
*7512 78
7234
24
24
23/
1
4 2358
*2312 2412 2112 2112 *2312 2412 2112 25
200 lot Rys of Cent Amerlea__100 18 . Jan 8 2514 Apr 28
65 '83
65
Do pref
100 5912 Jan 2 85 Apr 25
'624 65
85
*63
*6212 85 .6212 85 "83
'194 20
19/
1
4 1938 2034 3,700 Imerboro Rap Tran v t 0_100 1312Mar 23 3412 Feb 9
2034 2034 20
204 194 2058 19
34/
1
4 8,400 Kansas City Southern
100 2858 Mar 30 4012 Feb 21
'3312 34
3378 3412 3334 3418 341
/
4 3458 334 3438 34
59
900
Do pre
5812 5812 59
100 57 Jan 15 5958 Feb 24
*5712 58
59
59
59
59
58
59
1
4 8018 7912 7978 7912 8018 12,400 Lehlgb Valley
50 89 Mar 30 8251 Jan 10
7912 7912 7912 80
79
80
79/
11112 11178 11178 112
111 11112 1,800, Louisville & Nashville
100 106 Jan 16 11714 Mar 2
•11012 112
11034 1111
/
4 11112 112
Elevated
guar_100 84 May 20 100 Jan 14
500 Manhattan
64
64
*8014 7834 '6018 78
6518 6514 '64
66
66
75
100 324 Mar 23 5114 Feb 9
Do modified guar
*40
43
42
4238 "40
1,100
42
42
42
*40
41
3934 40
1012 Jan 2
*612 10
200 Market Street RY
714 Mar 11
100
1012 1612 1018 1018 *94 934 *914 1012 "914 10
Do pref
*33
35
100
100 20 Jan 13 34 May 8
35
*33
35
*33
35
*30
35
32
32 '30
*5134 53
1,800
Do prior prat
100 4314 Mar 20 56 May 7
54
52
52
52
53
5434 54
5412 52
52
25
200
Do 2d pref
100 18 Mar 19 2412 Apr 25
"21
24
*23
25 "23
25 "23
*22
24
24
24
4 Mar 6
212 Jan 5
100
278 278
600 ktinneap dr St L
278 318 *278 3
278 278 "234 2/
1
4
3
3
1
4 Apr 4 5614 Jan 14
300 Minn St Paul dr 55 Marle_100 30/
3434 '31
35 "35
35/
1
4
36
3478 3478 "32
*32
36 "32
300
Do pref
100 40 Mar 30 71 Jan 9
50
4934 4934 *45
4912 '45
4912 4912
*45
50 '45
52
36
3518 3578 35
1
4 18,200 Mo-3(an-Texas RR____No par 2814 Jan 2 4014Mar 4
35/
3412 3452 34/
1
4 3558 3438 3514 35
Do pref
100 7434 Jan 2 8734 Feb 5
8234 8314 8238 83
8238 8318 5,000
8212 8278 8234 8338 8258 83
100 3058 Jan 5 41 Feb 6
3578 35
35/
1
4 3478 3578 8,600 Missouri Pacific
3512 3534 354 364 3518 3578 35
Do pref
100 71 Mar 30 84 May 20
78
7912 78/
1
4 8054 20,300
1
4 84
7734 7834 78
80/
1
4 7914 8012 80/
284 Jan 12
21
Nat
Rys
of
11
/
4 Apr 3
1
4
21
21
24 214
800
Mex 2d pref
100
1
4
238 2/
2l4 24
214
'2's 2/
New On Tex dr Met
100 1134 Feb 21 12388May 8
*121 12378 *121 12278 *121 12278'120 12218 *121 12218 *121 12218
1
4 33,400 New York Central
100 114 Mar 30 12434 Jan 13
11718 11814 11712 118/
117 11758 117 11712 11634 11712 11738 118
123 123 "123 125
200 NYC&StLCo
100 120 Mar 30 13714 Feb 24
*123 124
124 124 •12112 125 "120 125
100 8811 Jan 6 9214 Mar 3
1,000
Do pref
91
9012 91 '9034 91
1
4 90/
1
4 9034 91
904 9012 904 90/
NY
3412
6,740
N
H
&
Hartford
100 28 Mar 24 3838 Mar 2
3212
33
325
8
33
/
1
4
1
4
3334
32/
1
4 3258 3212 3318 3218 32/
100 20511 Apr 4 274 Jan 7
2578 24/
1
4 2538 2412 2514 9.600 NY Ontario & Weetera
2578 25
20
2618 2514 2638 25
34
/
4 Apr 22 34 May 1
3214 32
18,800 Norfolk Southern
100 211
3112 3034 3214 3134 3214 32
3112 3112 31
/
4 13012 13112 13034 13218 11,700 Norfolk dr Western
100 12312Mar 30 134581Mar 20
12912 129/
1
4 12914 13014 12958 13012 13018 1311
78
78
"76
Do pref
100 7512 Jan 8 79 Apr 3
100
78 '76
80 '76
*77
80 "77
"77
80
6258 6312 6338 6578 23,500 Northern Pacific
100 5814 Apr 25 7134 Mar 6
84
63
6212 6218 6234 8212 63
62
4378 4418 43/
1
4 4418 14,900 Pennsylvania
50 4212 Apr 9 4878 Jan 5
4378 44
1
4 44
1
4 43/
1
4 4334 43/
43/
1
4 43/
1
4 Apr 30 2078 Jan 12
1712 17
1814
600 Peoria & Eastern
100 13/
1612 1612 .16
18
*15
18
•16
18 '16
6234 Mar 30 72 Feb 25
8378
Pere
Marquette
100
635
8
63
/
1
4
6414
2,300
63
7
8
65
633
4
64
65
'6312 6512 "64
100
7812
Apr 15 84 Jan 16
80
80
800
Do prior prat
80
7912 80
811
/
4 80
"77
81
81
81
'77
Do pref
100 8812 Apr 16 7534 Jan 10
300
6914 6914 *6912 7212
"69
7218 '6878 70
72
72
72
72
Mar
19 7378 Jan 2
63
100
17,400
Pittsburgh
&
West
Va
6812
69
/
1
4
70
713
4
7012
7214
6812 6812 "6712 6812 6734 68
4 Mar 30 824 Jan 6
50 89,
8018 811
/
4 50,100 Reading
794 80
794 80
1
4 80
794 791s 8038 79/
79
50
357
8
Mar
18 39/
1
4 Apr 29
pref
3,600
Do
39
393
4
39
3918
1st
39
39
39
39
3912
*3814
*38
39
1
4 Jan 6
Do 2d prat
50 3614 Mar 18 43/
41
4138 41
4134 4212 4,900
41 '40
4134 41
4038 4038 41
100 42 Apr 24 8278 Jan 9
1,200 Rutland RR pref
60
59 "52
54/
1
4 5458 5512 50
5178 54
"48
50
50
Jan
16
8418May
20
574
Louts-San
Francisco
100
82
/
1
4
77,800
St
8012
82
/
1
4
8012
8418
•84
8214
8318
83
8312 8212 84
100 76 Jan 20 8512May 20
Do prof A
8514 1,900
1
4 8533 8412 8512 8518 8514 '85
8538 85/
85
85
85
1
4 Mar 2
4812 3,500 St Louis Southwestern_ _ _ _100 444 Mar 30 53/
48/
1
4 48
4858 48
4812 494 48
49
4812 4812 48
1
4 Mar 11
100 7012 Jan 19 75/
Do pref
800
72
*7112 72121
7112 '71
7214 711
/
4 7214 71
724 '72
"72
100 203* Jan 18 3534May 20
1
4 317 t 37,000 Seaboard Air Lino
1
4 3534 3438 354 33/
334 3372 3312 3412 3378 3514 34/
35
Mar
30
48
May 7
pref
100
Do
6,600
4512
45
455
8
46
/
1
4
45
453
4
4612
4612 454 46/
1
4 4512
*45
100 9858Mar 30 10838 Jan 9
10238 10338 23,800 Southern Pacific Co
102 10238 102 10214 10238 10278 10234 103
1011
/
4 102
2 96/
100
Jan
1
4May
5
Southern
772*
27,000
RallwaY
9238
911
/
4
9138
023*1
9234
9118
913
8
917
8
92
9118 92
9114
100 83 Jan 2 92/
1
4 Feb 25
1,500
Do pref
87
87
"8612 87
8612 8612 8614 8012 8612 8634 8634 87
100 434 Jan 27 58/
1
4 Mar 13
1
4 18,800 Texas & Pacific
53/
1
4 53
5212 5312 5214 53/
53
5312 52
'52
5234 52
100
712 Apr 17 14/
600 Third Avenue
1
4 Jan 12
9/
1
4 978i
914
9
*012 1014 *912 1014 *94 10
94 94
1
4 6834 1,600 Twin City Rapid Transit100 58 Jan 22 6914May 21
68
69
6914 68/
1
4 68
67/
6314 6314 6414 6414 85
100 13314 Apr 24 15314 Jan 10
/
4 19,800 Onion Pacific
1
4 1411
1
4 139/
1
4 13938 139/
13758 13834 1384 13878 13818 13912 13912 140/
100 72 Jan 30 76 Feb 28
Do prat
2,000
74
744 74
1
4 7414 7412 74
*744 74/
1
4 7434 7434 744 74/
100 1814 Mar 19 3312May 18
2,600 United Railways Invest
31
31
30
30
32
294 31
3158 3218 3158 3312 32
100 4812 Mar 23 7814MaY 18
Do prof
4,700
77
77
7412 7412 7512 78
77
'72
75
73
7814 75
Power_100
641s Jan 14 119/
Hallway
&
Virginia
1
4Nlay 18
8,400
11434
114
10912 11634
114 115
11814 11914 103 11914 110 112
100 1912Mar 30 291
/
4May 22
2834- 2934 118,900 Wabash
2958 2818 29
2534 26
1
4 28
2534 2618 2618 28/
pref
A
Do
100
55
/
1
4
Jan
20
65,100
6814May
20
675
8
07
673
4
6714
8814
67
65/
1
4 6534 6512 6572 86
68
Do pref B
100 3812 Jan 21 4978May 21
1,900
1
4 "4912 51
'44
47 "45
4914 4912 4958 4912 49/
48
48
100 11 Mar 24 17/
1
4 Jan 9
1418 1434 12,600 Western Maryland
15
15
14/
1
4 15
14/
1
4 14/
1
4 1414 1458 1414 15
100 18 Mar 27 2614 Jan 9
Do 2d pref
2132 2134 2,000
22
22 '21
22
2112 2112 2114 2172 2114 22
100 2114 Feb 17 55 Mar 11
4258 4312 10,200 Western Pacific
44
42
4218 42
43
43
44
42/
1
4 4158 43
Do
pref
8412 Jan 6 100 Mar 11
2,300
100
9212
/
1
4
92
9118 911
8
/
4 91
921.
923
4
927
9218
9114 92
92
34,800 Wheeling dr Lake Erie Hy--100 104 Mar 31
1812May 21
16/
1
4 1712 1812 1718 16
16 - 1712 1738 1812 1714 18
167
8
Do prat
100 22 Apr 2 3312
21
3312 3134 3234 10,800
3112 221431.May
311
/
4 3012 3234 32
14 3258 31
CM* :Sanaa
Range for Previous
Year 1924.
Lowest
!Mhos!
$ Per share S per ,hare
12 Apr
25 Mar
97/
1
4 Jan
8812 Jan
11
/
4 Feb
Jan
112
5218 Apr
564 Apr
3934 Dec
Jan
88
1312 Jan
48/
1
4 Jan
40 May
1
4 Mar
142/
199 Mar
8734 Feb
9912 Jan
314 Apr
818 May
100 Apr
21 May
37 May
4 Apr
1012 June
1078 Oct
1814 Oct
4914 Jan
Jan
100
2112 Feb
7654 Feb
85513 Jan
Jan
29
8814 Apr
Jan
20
Jan
50
Jan
45
10412 Mar
11034 Feb
42 Dec
2034 Jan
2858 Feb
2518 Jan
53/
1
4 Mar
26 May
1134 Apr
Jan
50
2058 Nov
5714 Oct
1004 Mar
104 Mar
Jan
64
111
/
4 July
4414 May
1234 Jan
1734 Mar
5114 Mar
b3912 Apr
8758 Jan
42 Jan
3012 Jan
634 Mar
20 sot
• 41 Nov
14 Mar
138 Jan
284 Mar
50 June
1012May
2934 Feb
914 Jan
Jan
29
118 July
9312 Feb
991
/
4 Feb
7212 Feb
83 May
144 Jan
16 May
1212 Apr
10212 Jan
7234 Feb
47/
1
4 Mar
424 Jan
934 Mar
4012 Mar
7112 Apr
60
Jan
38
Jan
5/74 May
Oct
34
b3318 Jan
32
Jan
1918 Apr
42/
1
4 Jan
33 Jan
6772 Jan
614 Jan
1414 Jan
8512 Mar
3812 Jan
6624 Jan
Jan
19
834 May
3912 /
1
4ct
12658 Mar
70 Mar
758 14pr
2612 14pr
36 Feb
1034 Jan
Jan
34
2212 Jan
8/
1
4 June
1514 May
14/
1
4 Jan
Jan
58
74 Jan
1414 Jan
2278 Dec
464 Dec
1
4 Dec
120/
9658 Dec
5 Dec
15214 Dec
8478 Dec
684 Dec
4414 Dec
95 Not
4178 De<
7534 Dec
68/
1
4 De(
15612 Not
295 Dec
984 Dec
10918 Jul,
1012 Ds(
1978 De(
15014 Not
38 Del
8278 Del
117s Not
3138 Not
1834 Not
3218 Not
7534 Del
11434 Dec
50 Not
9714 Del
8712 NOt
574 Dec
94 Del
49 Not
6514 Din
59 Not
13958 Del
14938 Des
434 Del
3538 1.01
4914 Da
4614 DOI
75 Del
3934 Nos
294 Dot
99 Dec
2914 Da
8414 DOI
11778 Dee
11714 Del
73 Del
1812 Not
63 Not
394 J111.1
415a Del
5912 Del
85 De
109 Del
85 Dee
5174 2111J
1312 Jam
42 Del
7112 Jaz
Jaz
30
4
Jaz
5312 DV
75 Del
34118 Dee
7514 Del
34/
1
4 Not
74 Deg
3 Ds
12112M10
119/
1
4 Da
128 Ds
93/
1
4 Sept
33/
1
4 Doi
2814 Not
29 Not
13314 Da
8018 June
73 Dee
50 Dee
224 Not
73 Da
8512 AIM
77 Aui
754 Ds
7912 Ds
5612 Jar
56
Jar
66 Not
65 Del
8212 Da
55/
1
4 Dee
74 Not
2418 Dee
4512 Da
1054 No,
7934 Dee
85 Dee
48/
1
4 Dee
184 Jul/
Jas
66
15158 Del
7612 AUI
41
Doi
6472 Del
7234 Jul]
1
4 Ds
24/
604 De
4238 Dee
1814 Dec
2614 Ds
361
/
4 De
8612 De
171f flee
3215 Dee
Industrial & Miscellaneous
66/
1
4 6612 674 88
8712
132 132 "131
•131 132
9212 92
9134 '91
'91
•17
1712 17/
1
4 1818 18
.571. 571, Mae 501. AA&
•Bid and asked prices.
68
68
674 6712 6712 6734 68
131 133
131 133
133
131 133
1
4
1
4 97/
97/
1
4 95
9212 9112 9112 92/
1
4
1
4 16/
174 16/
17
18
1818 18
so
SRI. 501, 571. 53
57
5718
s Ex-dividend.
Ex-rights.
1,700
100
2,400
1,700
3.500
Abitibi Power & Paper-No par 62
All American Cables
100 119
Adams Express
100 90
Advance Rumely
109 13
Do pref
100 47
Jan 6 88 May 7
Jan 5 132 May 18
Apr 16 10314 Jan 9
Apr 11 1812May 13
Feb 18 5912May 18
Do
Deo 64
61
964 May 12212 Del
Jan
931
/
4
De
7312
6 June 161
/
4 Do,
Dee
2814 June 54
New York Stock Record-Continued-Page 2
For sales during tile week of stocks usually Inactiv
e. see second page preceding.
2661
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
PER SHARE
PER SHARE
CENT.
Sales
STOCKS
Range for Year 1925.
Range for Previous
for
NEW YORK STOCK
On basis of 100-share lots
Monday.
Tuesday.
Wednesday, Thursday.
Year 1924.
Friday.
the
EXCHA
NGE
May 18. I May 19.
May 20.
May 21.
May 22.
Week.
Lowest
Highest
1.0trest
Highest
$ per share 5 per share $ per share 5 per share
per share $ per share Shares. Indus. & Miscell. (Con.) Par
$ per *hare $ per share $ per share
*103 10312 10214 10278 10314 105
10334 10473 104 104/
per share
1
4 10312 10433 7,600 Air Reduction,
1373 14
, Jan 30 11112 Feb 26
1334 1414 1373 1414 13/
1
4 1373 1314 1334 1313 131z 23,600 Max Rubber, Inc____No par 503
8714 Jan 93 Dec
Inc_ __ _No par 10 Mar 19 141
/
4Nlay 12
412
May
1412
Dec
Alaska
Gold
Mines
10
.15 Jan 2
•173 218
/
1
4 Jan la
134
.05 Dec
173
/
1
4 Feb
134
134 -1,16 Alaska Juneau Gold Min_ 10
9058 91
1 Jan 6
8934 91
8934 9012 8958 9078 90
214 Mar 27
/
1
4 Jan
11
/
4 Mar
9134 9014 9112 27,100 Allied Chemical & Dye_No par
•11912 11934 *11912 11934 11814 11912 *11834 11914 110
8
70
113 Man
ja r 30
5 9312 Mar 3
87/
1
4 Dec
65
119
119 119
Do pref
600
7914 8014 7914 8014 9912 80
100 117 Jan 9 120 Feb 28 110 Mar
707s 8012 791
/
4 7934 791
Apr 11853 Dee
/
4 811
/
4 7,700 Allis-Chalmers Mfg
100
106 106
106 106
106 106
5618 Mar 13
10612 107
4158 May 73/
107 107
1
4
Dec
107
10714
1,200
Do
pre?
19
100 10314 Jan 3
19
1858 1912 1853 1853 1838 19
191
90
/
4 1973 18/
Apr 10478 Dec
1
4 1914 5.000 Amer Agricultural Chem_ _100 1312 Mar 19 10714May 22
51
51
51
5112 50/
211
/
1
4 5073 5034 5114 5134 5273 5134 52/
4 Feb 11
/
1
4 Apr 1713 July
7
1
4
9,300
Do
pref
*39
100
391
3613
/
3914 *39
4
/
4
Mar
391
3914
*39
23 55/
3914 39
1
4 Feb 10
1834 Apr 49/
30
1
4 Jan
39
39
300 American Beet Sugar
8314 83,4 8312 8312 •8312 84
100 3633Mar 19 43 Jan 7
8313 8312 •83/
36 Mar 4911 Feb
1
4
•8312 84
Do pref
500
.31
100 8014 Jan 19 8712 Jan 6
3112 3118 3112 3112 3278 3134 3238 3214 84
6812 Oct 83 Dec
3214 3133 311
/
4
3.700
Amer
Magneto
Bosch
•10513 10612 *10513 106
_No
_
par
2613 Mar 24 5411 Jan 3
10518 106
106 106
2214 Apr 3878 Jan
106 10614 1054 10514
900 Am Brake Shoe & F____No par 190
•11012 11214 •11012 11214 11214 11214 11314
071144 N312
a8
r3
10
2 109 May 5
76
Apr 102 Dec
11324 *11014 115 *11014 115
200
Do pref
18934 19112 18934 19158 19034 193
100
11314Nlay 20 10414 July 110 Mar
19012 19312 18852 19112 19113 19313 144,600 America
Can
n
•11834 11912 •11834 11913 11918 11934 *11913 121
100 15813 Jan 16 19312May 20
95/
120 120 .11912 12012
1
4 Apr 16312 Dec
400
Do pref
100 115 Jan 29 120 Mat 21 109
Jan 119
Ocl
American Car & Foundry...100 192 Jan 5 23214 Mar
.a5i2
•ii"
'126 127 '125
6 15312 Apr 20014 Dec
ii&- 125 ---lb&
Do prat
100 120/
1
4 Apr 2 12513 Feb 18 118/
1
4 Apr 125 July
2412 •24
2412 24
241
/
4 24
24/
1
4 •2312 2412 2314 2312 1,100 American Chain,
class A.__ 25 22/
52
5318 49
1
4 Apr 22 27 Feb la
52
51
53
53
5458 54
2133 Mar
25 Sept
5578 5212 54/
1
4 11,500 Am,Mean Chicle
10518 10513 *104 109/
Na par 37 Jan 27 132 Apr 18
1
4 *105 109/
1
4 *105 10973 *103 10973 10712 1071
14/
1
4 Apr 40/
1
4 Dec
200
Do pref
2
*511
/
4 5212 4973 5012 50
.100 95
4J:tn
14
,17
5 10712May 22
5112 51
1
5113 Feb 9313 Dec
52 2 53
53
*51
1,000
53
Do
certifica
6/
1
4 612
tes
37
NO
Jan
6/
1
4 6/
Dar
1
4
7
5812 Apr 18
614 6/
1
4
618 638
23 Sept 39 Dec
613 633
614
3,200
Amer
614
Druggis
Syndicat
•133 13312 133 133
ts
e_ 10
61
Ma
/
4 Jan 22
135
312 June
135 13934 140 14234 111 14173 2,500 America
7
Oct
3613 3738 3614 3734 37 135
n Express
100 125 Apr 27 166 Jan 2
37/
1
4 3634 38
88
Apr 18434 Dee
39,4 3812 3612 3714 32,600 Amer & For'n Pow new_No par 271
90
90
8958 90
/
4 Apr 7 39 Jan 7 - 89/
1
4 89/
1
4 8913 8912 89
893
3
80
4,200
8912
Do pry?
125 125 *123 127
No par 87 Jan 6 94 Feb 19 12534 12534 *125 127
126 12614 12514 12514
Do 25% paid
700
11433 Apr 7 12713 Jan 7
9212 Mar l32' Dec
Do full paid_
;iir8 1153 1112 1122 "1153I153 "ii"
125 Jan 6 128 Jan 7
911
/
4 Apr 133 Dee
1112 ;1.012 11-1-4
300 American Hide & Leather.]00
7234 7314 7212 7314
812 Mar 31
14 Jan 14
7214 73
714 .Apr 141
/
4 Dec
7214 7,500
Do pref
•10712 10734 107 10734 10712 10812 10734 10873 7213 7212 72
100
59
Mar 31
75/
1
4 Jan 14
5012
10714
Jan 7232 Dec
108
107
/
1
4
1077
4,400
America
8
•80
n Ice
82
100 83 Mar 18 11034May 7
82
8234 8212 8313 8314 8312 8313 84
72 Aug 96 Pet
8313 2,000
Do pref
3534 3534 35/
1
4 36
100 7412 Mar 17 84 May 21
34/
1
4 3534 3412 3412 3413 3514 *8214
7312 Nov
83 Feb
34/
1
4 3614 5,800 Amer International Corp_ _100 321
1318 1314 13
1313 1258 1234 1234 1234 1253
/
4
30 41 Feb 5
1732 'Mar 3533 Nov
1234 1234 1314 3,500 American La France F E. 10 1114 Mar
2834 2834 2813 2834 2812 2834 28/
Jan 2 14 Jan 15
1
4 2834 28,4 2814 2853 30
10 May
1214 Jan
2,600 American Linseed
7033 7012 7012 7012 704 7034 70
100
20
Mar
25
3033May 6
7038 *70
1334 May 2834 Dec
7012 7012 7112 1.900
Do pref
12114 12214 12034 122
100 53 Jan 2 711
121 12134 12218 124
/
4Nlay 7
12312 125
30
2014
r 10
53
2/
1
44
3 De4e
.118 122 *118 122
121 121 *118 122 *118 12212 12412 12514 20,400 American Locom newNo par 10412 Jan 5 1441
/
4
Mar
6
Apr
*118 122
100
*48
Do pref _
48/
1
4 45/
1
4 4834 34734 48
100 11812 Star 20 124 Feb 18 11614 Apr
4712 4313 4814 49
/
4
1201
Sept
4712
48
2,700
Annrica
*110 114 •110 114 *110 114 *10314 114
n Metals
No par 4534 Mar 30 5338 Jan 2
*10814 113 *109 114
38/
1
4 June 54 Dce
Do pref
97
9812 98
9824 97
100 11
3
766
1 rN.11
:
1 a3n
r3
97
.
10
23 11612 Jan 8 10714 Apr 11512 Dec
96
96
9573 96
95
9673 4,900 American Radiator
25 89/
1
4 Jan 3 105 Jan 17
7612 7814 7712 78/
9414 Apr 136 Dec
1
4 7712 7838 •7712 7812 *77
7812 7814 801
.40
1,500 Amer Railway Expreas_ _ _100
59
*40
59 •45
59
84
*45
77/
13
1
4 Nov 83
59
*46
59
Oct
•46
59
American Rel ublica___ no par 48 Jan a 6614 Jan
53
5313 53
53
53
5338 03
Jan
17
5314
5314 5314 63
25
Jan 48 Dec
531
2,000 American Safely Razor... _ _100
10/
1
4 1012 1012 1012 1014 10/
5914 Slur 12
1
4
973 1013
5
/
1
4
Apr
914
1014
93
Noy
3
914
Amer
961
10
Ship & Comm_ __No par
/
4 971
10,700
/
4 9612 9712 97
99/
1
4 9973 10134 10058 1011
1413 Feb28
1018 Oct 1533 Feb
/
4 9934 1007 75,500 Amer Smelting & Refining _100
10714 10714 10714 108
91613
10713 1073 108 108
14N
3 NI1aaYr 3
20
1 1081
/
4 Feb 10
1081s 10812 10812 109
5712 Jan 10038 Dec
4734 4734 49
1,400
Do pre?
4913 49
100 10512 Jan
49
110/
48'
1
4 Feb
/
1
4 49/
1
4
4834
96
49
Jan 10753 Dee
49
49
•110 112 *110 112 *110 112 •110
1.800 Amer Steel Foundries... _33 1-3 48 Jan 30 5434 Mar
112 .110 111 .110
4
3312
6234 63
Do pref
6253 6333 62/
100 108 Jan 7 112 Apr 18 10114 Apr 49 Dec
1
4 633
6313 6373 6112 6378 6218 112
Apr
10914 Nov
621
America
12,300
9812 9812 98
e_ugar
n
Refining _.100 47/
9812 *9814 981 •9814 981
1
4 Jan 10 7114 Apr 14
38
Oct 6134 Feb
97/
1
4 9734 *97
99
813 812
600
Do pref
833 833
100 9114 Jan 16 101 12 yet 28
833 8/
1
4
814 81
77
814 814
Oct 99/
1
4 Feb
8/
1
4 2,900 Amer Sumatra Tobacco._ _100
814
8434 65
6513 6612 64
64
2413.F et, 14
*62
65
62
633 July
6212 *65
2812 Jan
69
*39
2,400
41
Do pref
40
40
100 28
40
6 1%l
Aapyr 27
/
4Nlay 11
40
6 691
*3912 41
2212 Sept 89
41
Jan
.40
41
13818 138/
200 Amer Telegraph & Cable_.100 40 May 15 47 Feb25
1
4 138 13813 13778 1381 13734 1383 *40
3 138 138/
3814 Dec
1
4 137/
1
4 13833 10,000 Amer Telep & Tales
921
/
4 9314 9278 93
100 13058 Jan 2 1383451ay 11 12118 June 4312 Jan
9313 933
92/
1
4 943
9334 9434 9438
13434 Dee
•10512 10612 *10512 10612 10614 106/
16,500 American Tobace 0
50 85 Feb 17 96 May 22 138/
1
4 *106 1061 •106 10634 1063 96
1
4 Mar 189/
1
4 Nov
3 1061
9238 9212 9218 93
Do pref
600
/
4
100 10413 Jan 5 108/
9278 93/
1
4 9313 931 3 9313 95
1
4 Apr 28 101
Apr 10612 July
94
9514 16,100
109 109 *108 110
Do common Class B
.50 8412 Feb 17 9514May
110 110
11018 11013 •108 110
1354 Mar 18833 Nov
110 110
57
600 American Type Founders...100 103 Apr 22 11214 Jan 22
5912 5938 6212 611
/
4 631
6214 6114 6112 63
2 106 Sept 115 Sent
58
6112 60,000 Am Wat Wks & El
•102 10234 102 102 •10212 103
20 3433 Jan 13 63/
1
4Nlay 19
103 103 *100/
40 Feb 144 Dec
1
4 10212 *102 103
104 10414 104 104
Do 1s1 pref (7%)
200
100 100 Jan 9 103 Feb 18
10332 104
103 104
8912 Mar 101 Dec
104 104
104 10414 3,200
39
Do
3912 3913 4012 38/
partic
p7(6%)
100
95
1
4 393
/
1
4
Jan
2 10414May 16
3833 3918 38
88 Feb 102 Nov
39
383
3
39
79
18,100
America
7934 7913 8034 78
Woolen
n
100 3434May 6 6434 Jan 6
7933 7713 7713 7734 78
5114 Sept 78/
1
4 Jan
7812 80
4,700
Do pref
100
9613 Jan 20
4
412
90
5
Oct 10253 Jan
5
5
5
*312 413
334 334
412 5
2,500
Writing
Amer
733 8
Paper
•7/
pref_
_100
1
4 8
6
7
2
9
/
1
4
1
2
NA
1
a
t;
6
2
Jan
734 734
:7
112 Apr
773 71
/
4
7 July
77ts
71
/
4
*2612 28
7,2 7/
700 Amer Zinc, Lead & Smelt
*26
1
4
28
25
7 M.ty 12
27
27
1212 Jan
26
27
7 Mar
*2733 28
1214 Dec
*27
37/
28
1
4 3814 38
Do prof
600
38/
1
4 38
25 247811,1ay 1 39 Jan b
3813 3734 3:173 39
24 Jun( 3673 Dec
3914 3812 39
*3214 33
27,700
Anacond
Copper
Mining.
*3134 33
a
_60
*3212 33
3514
Apr 21
48 Jan 3
3213 33
281/ May
*311
/
4 3334 33
4814 Dec
3334 2,000 Archer, Dan'Is Midi'd_No Par
*9612 9712 *9612 9712 *96/
28 Jan 7 354 Feb 1:.
1
4 9712 *9612 9712
2812 Dec
9912 98
29 Dec
9034 91,8 9134 9212 92/
89611 9734
Do pref
500
100 90/
1
4 93
1
4 Jan 5 98 May 21
9273 9312 9353 94
90 Dec
9112
Dec
•937
8
878 873 *812 9
94
Armour
1,000
8/
1
4 8/
Co
&
pref
(Del)
_
_ _100
1
4
814 8/
1
4
97 Eel, 14
8/
1
4 8/
8314 June
1
4
941
812 933 3,500 Arnold Constle&Covtc No par 9081/4 MarJan 351
/
4 Dec
201 201 •200 205
12
205 205 •202 210
/
1
4
Jar,
2
•
6
210 210
Oct
15
Jan
•98
99
99
300 Associated Dry Goods
*98l 99
99
100 128 Jan 5 210 Nlay 21
*9812 9912 .99 100 •202 210
79
Jan 10412 Nov
*9812 9912
•40412 106 *10512 10713 10534
200
Do 1st pref
100 94 Jan 7 9958 Mal 1.4
10534 .106 107 *106 107 •106
83/
1
4 May 94 Nov
37
37
107
Do
100
3718 40
pref
26
100
101
Jan
2
10814
Feb
39
391
/
4 3914 40
7
89
39
Jan 10234 Dec
40
3014 40,4 64,800 Associated Oil
4413 4414 4434 4534 4334 453
25
3 44
4514 4514 461
2712 July
/
4 4518 4633 10,600 Atl Gulf & WI SS Line_ _ _100 32 Mar 30 40,4MaY 22
3453 Feb
4414 44/
1
4 4413 45
44
20 Jan 5 481 2MaY 6
4434 44
4414 4412 4533 45
1034 Mar
23 Dec
105 105
4534 2,600
10513 106
Do pre?
100
106 10634 10612 108/
31
Jan
5
CM Mar 3
1
4 10812 11034 11014 111
1212 Jan 311
/
4 Dec
•11514 116 *11514 116 *11514 116
11,500
Atlantic
Refining
100 9512 Jan 2 11712 Feb 5
*11514 119 *11514 116
7812 July 14018 Jan
116 118
*4712 4934 *4734 4934 *47/
Do pre(
100
100
11312
1
4 4934 *47
Jan
6
116
Slay
22
49
108
Oct 118 Feb
4753 4773 *4712 481
*9212 94
.
*9212 94
200
Atlas
Powder
new
No
*9212 94
par
47
Apr 14 5212 Feb 24
47
*9213 94
Apr 541
•9213 94
/
4 Feb
•1114 1134 *1114 1112 1114 1114 *9214 94
Do pre?
100 92 Jan 14 94 Jan 9
1114 1114 1034 1114 1034 11
8212 Feb 93 Dec
27
27
900 Atlas Tack
2634 27
No par
26
2633 26
13 Apr 28
2634 2512 28
June
5
1113
Jan
*25
*89
26
92
Austin,
3,000
Nichols
92
&Covt
cNopar 23
92
*89
914
'8 1b
Apr 30
93
6 3213 Jan 12
*89
92
1812 Mar 331s Dec
*89
92
•89
92
*313 4
100
Do pre?
318 313 *313 4
100 871
/
4 Jan 27 93 May 14
*3
4
79 Apr 91 Nov
*313 334 •313 312
11413 11534 11314 11558 11333 1143
100
Auto
Knitter
Hosiery_
No
par
11
/
4
Jan 7
414N
4 114 11558 11453 1174 11513 1161
112 Nov
812 Jan
4 82,600 Baldwin Locomotive Wks.100 107 Mar 30 146 lay 14
*11012 11213 •11012 11218 *11012 112/
Feb 26 10433 May 13433 Dee
1
4 *11012 112131.'11012 11214 •11012 11213
2134 2173 21
Do pref
2213 2112 2214 2218 2234
100 109 May 1 116/
1
4
Jan
31
11012
Jun 11712 Nov
/
1
4 2334 2312 2373 17,300 Barnsdall Corp, Class A
•171z 18 •17
18
25 21 Mar 24 30 Mar 3
*1634 1712 1634 1712 22
18
14 Feb 2312 pe,,,
18
*3212 40
1834
600
Do Class B
*3213 40
25 1614 Apr 22 23 Eel, 6
*3212 40
*3212 40
*3213 40
10
Jan
•3213 40
1712 Deo
*Ws 4234 41
Barnet Leather
42
No
pa
41
35
Jan
41
49
.40
/
1
4
3
Mar
4
42
4
•401
2312 Nov
/
4 42
41
39 Dee
41
*6613 67
400 Bayuk Cigars. Inc
6034 681
No pa
6612 6612 66
39 A pr 28
5 5314 Feb 14
6633 6612 6612 6634 6634 3,200 Beech Nut
3912
May
4013 4034 4934 401
59
Jan
Packing
20 60 Mar 23 7412 Jan 10
3973 40/
1
4 4014 4173 4113 42
4484 Apr 7234 Dec
4113 413 21,600 Bethlehem Steel Corp
•112 11318 *112 113
100 3834 Mar 23 5312 Jan 13
112 112 *112 11318 112 112 *112
3784
Oct
•94
11313
8213
96
Feb
300
.95
cum
Co
cony
96
8% pref _100 109 Mar 18 11612 Feb 8
95
95
*95
9514 9512 9512 •95
10114 AP 11014 Feb
.434 4/
9514
1
4 •412 473 *412 5
200
Do pref 7%
100 94
4,4NA
*412 5
tapyr 24
8 102 Jan 31
*413 41
/
4 *412 473
8912 Jun
•11
/
4 214 •I1
97 Feb
Booth Fisheries
/
4 213 •173 214 *173 214
No pa
*173 2
7 Jan 10
353 Jun
*11
/
4 2
30
•24e2 30
712 Jan
British Empire Steel
100
158May 4
3/
1
4 Jan 26
•____ 21314 •___
114 Nov
2614
8 Auz
*753 734 •712 753 *5
Do
1st
pref
734 *5
100
3354
734 *714 734
734 •714
Feb 25
30 Au
13212 133
54
Mar
133 13338 13334 135
Do
2d
pre(
100 30
1341
4 13812 137 140
712 A
japnr 25
5 11 14 Feb 24
138 140/
5 Nov
8814 88/
1
4 12,300 Brooklyn Edison, Inc
1
4 8812 8933 8814 8914 88/
1572 Jan
100 12053 Jan 2 1401
8914 8814 911
/
4 9038 911
/
4May 22 10714 Jun 12414 Dec
/
4 60,300 Bklyn Union Gas
84/
1
4 85
85
8514 8473 85
No
pa
z85
8934 89
7513 Feb 17 911
8914 8938 90
/
4Nlay 22
5653 Apr 8284 Dec
•100 110 *102 110 •102 110 9'103
8,700 Brown Shoe Inc
100 6412 Mar 31 90 May 22
110 •103 110 •103 110
39 May 7812 Dee
*10612 10718 *1061z 107
Do pref
10614 10653 10612
100 96 Mar 25 10214May 14
26
84
Jun
2633 2614 2612 2614 2678 26 10714 10714 10712 10612 107
9934 Dec
2,400
Burns
Brother
s
No pa
2673 2634 28
9212 Feb 11 10912Nfay 9
•9512 96
261z 2713 4,000
95 De 11212 June
•951
: 96
*9534 96
Do new Class B corn No pa
9534 9534 96
2
17
314 NJanIar 3
96
10
1 281zMaY 11
*95
9713
1953 Feb 29 Noy
80
•79
•79
300
80
Do
7913 7913 79
pref
79
10
79
79
1
4 6
971
•5/
/
4 Apr 16
79
79
9513 Mar 9918 May
500 Burroughs Add'g
5/
1
4 6
534 534
553 5/
65 Jan 3 8214 Mar 15
1
4
534 534
5/
1
4 553 2,200 Butte Copper & Afach_No Pa
6234 Nov 6712 Oet
1813 18,8 1814 20
2014 21
Zino
2014 201
414 Mar 31
/
4 *20
2014 2014 2058 3,450 Butteric
834 Jan 2
353 Jun
914 Dec
k
Co
1014 1078 1012 1012 1012 1
100 1712NA
10/
1
4 11
Iapyr 2
15
3 28/
1
4 Jan 3
17 AP
25/
1
4 Dec
118 11
1113
1012 1073 3,500 Butte & Superio
53
58
/
1
4
58
58
r Mining .l0
58
12
/
1
4
ay
58
2414
Jan
9
May
14
121,100
2512
112 11234 11212 1141 112 11378 1 1*12
Dee
Caddo Cent 011 & Ref _ _No par
114 1 1214 111 11212 112 113
233
Jan
12
1
No
414 Jan
2914 3033 2912 3014 2014 3018
2938 30
13,300 California Packing
No par 106
0
2:
1:
2:1
2931 30/
J
.1a n
1
4 2913 2973 120.700 Californ
y 28
5
7 11413Nlay Is
80
AP
10814
*112 114
Dee
11312 11312 11334 11434 116 11734 11812
Petrole
ia
um
25 23/
1
4 Jan 2 32/
11973 12112 123
1
4 Mar 7
1912 July 2914 Feb
27g
278 318
273
32,400
3
Do pref
313
27g
318
100 100 Jan 2 123 May 22
2/
1
4 313
273 3
9212 July 107
4912 5158 *49
Jan
6,200 Callahan Zinc-Lead
50 .49
50
4812 50/
10
1
4 49
434 Feb 19
5033 49
212 May
49
572 Jan
3,600 Calumet Arizona Mining
10 45 Apr 22 58 Jan 7
4184 Mar 5834 Dec
;754 -113-1-2 1315 1313 '13
1314 -1323 1313 -1314
Case (J I) Plow
No
par
132; -1273 13
12 Ma
'27
31
134 July
31
*27
1,100 Calumet & Hada
*27
2812 2812 2978 30/
25 12/
1
4 Apr
1
4 31
1853 Jan 5
3112 32
131s May 1912 Dee
7312 7312 74
*73
75
1,100 Case Thresh Machine_ _ _ _100 24 Mar 27
74
75
7518 76
76
18 32 May 22
7513 7512
14 Mar 35 Dec
1912 1958 1814 1953 1813 1914 19
800
Do pref
100 60 Mar 11 76 May 21
1934 1834 1834 .1734 19
4114 May 77
5,300 Central Leather
5918 5953 5814 59
5812 5934 60
Jan
6112 6034 611
100 1434 Mar 28 2134 Feb 7
/
4 601
/
4 6112 15,800
9/
1
4 Ma
2158 Dec
*3612 3813 *3612 38
*3858 38
Do pref
3712 371
100 4914 Mar 24 66 Feb 7
/
4 38
38
*3614 38
2914 Mar 5814 Deo
*97
98
Century
*954 9712 •96
500
Ribbon
Mills_
9712 .96
..No
par
9712 *96
3112
Jan
9712 .96
5 474 Mar 11
25/
9712
1
4 Apr 3514 Nov
4914 49,2 49
4912 4914 4912 4912 5058 50
Do pre?
100 951z Jan 3 98/
1
4 Jan 14
5053 4914 50
91
Jan 9512 July
4614 48
4753 4933 47
49
4712 48/
1
4 4714 4834 4733 4814 8,900 Cerro de Pasco Copper_No Par 43/
1
4 Mar 24
4034 Mar 5834 Dec
80,000 Certain-Toed Producta_No par 4034 Ma: 24 5512 Jan 2
3513 35,4 3513 3534 3512 36/
1
4 35
3614 35
35
49135laY 18
35
24/
35/
1
4 5,600 Chandler Motor Car.. _ No par
1
4 Jun
9412 9434 9434 96
4411 Dec
9434 95
93 12 95
2812
Jan
9413 9473 94
22
37
/
1
4
Apr
6
953
2678 Nov 6612 Jan
4 3,000 Chicago Pneumatic Tool_ _100
4712 47
48
48
47
47 •46
4614 *46
8114 Mar 19 98/
50
1
4 Jan 3
*47
4912
997
3
May
500
Chic
3314 33,4 33
100
/
1
4 Dec
Yellow
3333 33
Cab
tern
No
ctf
par 47 May 18 55 Jan 3
33/
1
4 3313 3334 3333 3334 3353
3373 11,600 Chile Copper
39 May 611
•22
23
/
4 Apr
2233 2233 2214 2214 211
/
4
25 3012 Mar 30 3753 Jan 2
14 2233 2238 *21
2212
2553 Star 38/
700
64
•60
Copper
Chino
Dec
1
4
6014 6014 *60
03
*00
5
19
•60
Apr 23 2833 Feb I,
63 .60
6313
1
Mar 29 Dec
200 Cluett. Peabody & Co
100 5812 Mar 17 7134 Jan 12
•Bid and wined Dram; no sates on Me day
65 (4e
a Ex-rights.
7514 Jan
z Ez-dlvidend.
Saturday.
May 16.
7212 7358
;11-
2662
New York Stock Record-Continued-Page 3
third page preceding.
For sales during the week of stocks usually Inactive. see
ran ....au.,
riSlt as-sawn
Range for Previous
Range for Year 1925.
STOCKS
Sales
Year 1924.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
On basis of 100-share tots.
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Tuesday, Wednesday. Thursday,
Highest
Monday,
izterday.
Lowest
Highest
I
Lowest
Week.
May 22.
May 21.
May 20.
May 19.
May 18.
May 16.
i
share
Per share
per
$
share
per
$
share
Par
per
(Con.)
$
Indus. & Mlscell.
61 Apr 8318 Dee
$ per share $ per share $ per share $ per share $ Per share $ per share Shares. Coca Cola Co
No par 80 Jan 8 11618May 20
4 Feb 5414 Aug
1
24/
Jan 13
10712 10778 10712 10918 10914 11278 11358 11618 115 11578 11234 11438 23,800
4814
21
Apr
3214
100
Iron
&
Fuel
Colorado
4014 13,700
394 39
4034 3934 4012 334 4012 39
3934 Sept 5538 Jan
394 39
39
Carbon v t c No par 45 Mar 24 5134 Jan 8
4738 5038 4934 5014 4812 4912 4,600 Columbian
4634 47
47
47
*4678 47
33 Mar 48 Dee
No par 4.534 Jan 21 893431ay 21
67i4 6934 6758 684 96,700 Col Gas & Elec
Dec 105 Dee
10314
18
644 6512 644 6578 6412 6538 6578 69
10812May
5
Jan
10414
100
Do pref
1,100
108 108
108 108 *10734 108
3038May 58 Nov
•10714 10812 108 10812 108 108
16
Feb
200 Comml Invest Trust_No par 50 Jan 2 67 Jan 19
4 .5638 5812 5812 5812 5838 584
1
93 May 103 Nov
*5838 6018 .5638 5812 *5638 58/
10612
19
Mar
102
pret
100
Do
434 Jan 13114 Des
29
•102 10334 .102 10334 *102 10334 *102 10334 *102 10334 *102 10334
700 Commercial Solvents A No par 8114 Apr 27 190 Jan
85
85
8712 89
90
90
91
91
97
Jan 12911 Dee
33
97 .90
*92
No par 8014May 22 189 Jan 29
Do "B"
700
4 83
1
80/
85
85
90
*80
88
96
96
88
*88
.90
2
May am Feb
324
Jan
4312
29
Apr
25
Co
_
par
No
Congoleurn
264 2714 21,400
1414 Dee
May
734
2538 263s 2512 26
2512 26
254 2634 2612 27
10
Feb
17
12May 19
par
new600 Conley Tin FollstampedNo
58
1
*12
58
72
.12 178
*12
12
12
1138 Mar 30 Nov
*12 118
Na par 2612 Jan 2 40 May 22
31,300 Consolidated Cigar
Jan
3578 3512 3878 3812 40
84
Apr
3534 364 3518 3618 3478 3814 35
5912
14
Feb
894
2
Jan
4
793
100
Do pref
88
*82
88
*82
334 Dee
88
*81
88
*83
18 Jan
*82
88
87
*82
94 Feb 19
34 Jan 7
48 No par
/
514 512 20,600 Consolidated Distrib1
514 578
44 534
4
412 412
54
412 478
6078 Jan 7978 Dee
22
8May
865
30
Mar
7418
par
Gas
No
Consolidated
(NY)
8558 8653 79,100
86
8334 8458 8358 8458 84
8 Jan
233 Apr
834 8378 8338 84
514 Jan 7
278 Mar 19
318 4,600 Consolidated Textile___No par
3
4
1
318 314
318 3/
4312 Apr 6958 Dee
4
1
314 312 • 318 314
314 3/
2
26,100 Continental Can, 1nc__No par 6012 Mar 30 694 Jan
Apr 1094 Dee
6658 6558 6658 6558 6612 6558 6678 6678 674 6612 67
894
• 66
26
Jan
1204
5
Jan
103
25
Insurance
11412 11412 1,000 Continental
84 Dee
115 11518 1154 11512 *11312 115 *11412 115
116 116
6 Apr
84 Jan 2 1138May 9
Cont'l Motors tern etfs_No par
1014 1012 1038 1012 104 1012 104 BA 1O' 1012 1912 104 39,600
3112 Jan 4384 Nov
3414May 12 4158 Feb 25
25
I
w
Products
Refin
corn
19,800
8
357
8
345
3618
Aug
4 3534
1
36/
3578 364 36
353* 36
3558 36
100 11818 Jan 7 12312Mar 25 11518 Apr 12334 Feb
Do prat
300
2238 Sept 404
12214 12214 *12112 123 *121 12278 *121 12278
*12118 123 *12118 123
No par 2618 Mar 30 3538 Feb 2
80 Dec 95 Feb
100 83 Jan 2 9038 Feb 10
Do prof
a
48 May 78 Dee
Steel of America 100 6412 Mar 30 7934 Jan 17
7114 Vila 704 72s-8 -3-2,(-300 Cruciblewet
86 May 98 Den
-7638 io 'Roza 6514 -fat 7 5 -ii *93
100 92 May 8 96 Jan 15
Do
300
95
95
95
944 9414 9478 944
*9312 95
104 Oct 18 Feb
*93
95
Feb 9
8
145
29
Apr
8
103
Par
No
Sugar
Cuba
12
Cane
1,800
12
12
114 114 1158 1158 1112 1158 1112 12
12
5358 Apr 7178 Feb
100 4734 Apr 30 6258 Feb 26
Do pref
8,100
4
513
51
5112
4
503
5114
4
503
514
61
5212
514
4 Nov 3878 Feb
1
28/
4
5134 513
6 3312Mar 3
2938 2914 2912 2914 2912 5,100 Cuban-American Sugar---10 27 May 5 101 Mar 13
29
29
2914 29
Jan 10014 Nov
98
2938 29
29
100 9512May
Do pref
100
*9512 9712 *9512 9712
96
811 Feb
June
9712 96
9712 *96
44
9712 *96
*96
27
Feb
8
63
438May 13
412 412 2,300 Cuban Dominican Sug_No par
434 434
434 434
412 412
438 458
*412 434
38 Dec 52 Feb
4412 Jan 6
11
May
38
pref
100
Do
37
*35
3712
374 *35
*36
7684 Sept
37
Aug
*35
37
*35
37
5612
*35
li
May
78
30
Mar
62
par
No
1,000 Cusbman's Sons
*7212 75
72
72
71
71
71
70
78
*75
77
4518 Nov 744 Jan
*70
No par 50 Feb 17 58 Apr 14
5314 2,400 Cuyamel Fruit
534 5378 53
*5314 54
5334 5334 5314 5312 5334 54
6 Nov 324 mar
778 Jan 9
178 Apr 23
212 212 1,600 Daniel Boone Woolen Mi11s-25
212
214 212 *214 212 *2
212 212
4
1
214 2/
3811 Nov 694 Jan
23
Jan
4
493
30
4 Apr
1
30,000 Davison Chemical v t c_No par 27/
4238
4012
39
4
/
361
4
363
4
333
34
334
34
8
5
33
3312
3312
1814 Jan 2214 Dee
De Beers Cons Mines_No par 2014 Mar 18 2418 Jan 28
2318 *2118 2212 *2118 22
*21
2212 *211 22
4 Den
•194 224 *21
100 110 Jan 5 12578May 22 10114 Jan 1158 Jan
12314 12434 124 1254 7,100 Detroit Edison
12012 12034 121 121
2014
•118 11812 11812 120
1134 Nov
19
Jan
1612
No par 1234 Apr 14
1,100 Dome Mines, Ltd
•1538 1534 *1358 1334 1334 1334 1338 1334 134 1358 1334 1334 2,200 Douglas Pectin
938 June 18 Dee
12
1
1912Ma3
16
Feb
14
par
No
1812
1812
1914
19
4 184 19
1
1812 18/
Sept
1878 19
*1812 19
5001 Duquesne Light let prof ___100 105 Jan 7 110 May 14 1004 Mar 10814
109 109
4 *108 110 *10812 110
1
•107 10712 10712 10712 10838 108/
No par 10818Mar 19 118 Jan 19 1044 Apr 1144 Nov
10914 11018 10914 1094 10914 10912 10918 10958 5,100 Eastman Kodak Co
10978 110
2418 Jan
10934 110
Sept
211
May
19
13
Feb
par
No
1012
&
Axle
SprIng
Eaton
1812
24,800
1712
19
1734 1878 1712 1838 1758 1838 1712 1878 18
112 May 142 Dee
163 16434 44,800 E I du Pont de Nem Jr Co-100 13414•Jan 5 18958May 20
186 1695s 161 166
15212 15434 152 1564 158 165
85 Apr 96 Des
100 94 Jan 23 9712 Mar 4
Do Prof 5%
600
4
/
971
*964
97
97
97
*9612
8
973
9714
9712
*9612
97
97
5012 May 66 Dee
Jun 3
4
703
30
Mar
4
603
par
Elea
Storage
Battery_No
18,400
6612
6518
4 654
1
4 6578 644 644 64/
1
6414 8414 6438 6638 64/
Dee 1458 July
11
22
Jan
1012
17
Feb
74
50
100 Elk Horn Coal Corp
918
918 *9
918 *9
813 812 *8
4
1
8/
812 *8
34 July
*8
4 June
1
/
212 Jan 3
118May 1
100 Emerson-Brantingbam C0_100
214
.2
2
2
214
24 *2
214 .2
4 *2
1
2/
7338 Dee
*2
May
4
557
9
Jan
72
2
Apr
4
633
50
Corp___
Endicott-Johnson
1,100
4
1
6734 6818 6818 68/
68
Jan
115
6714 6738 6734 6734 68
68
.67
June
10512
18
21
Feb
4
Jan
1163
100 11212
Do pref
100
•11234 114 *112 114 *11212 114 .11234 1134 11234 11234 *11234 114
18 Dec 2412 Ion
100 Exchange Buffet Corp.No par 154 Apr 8 1978 Jan 3
18
18 .17
*17
18
18
18
*17
412 Jan
184 •17. 18
•I7
Dec
2
12
418May
27
Mar
14
2
25
Co
Fairbanks
6
.3
6
.3
6
*3
4 6
1
*3/
6
*34 54 *3
254 May 34 Dee
No par 324 Jan 2 3834 Mar 12
3512 3534 2,200 Fairbanks Morse
3512 36
4 36
1
4 .35/
1
4 35/
1
4 35/
1
3512 35/
36
Jan 9812 Dee
'35
61
4 106 10678 68,500 Famous Players-Lasky-No par 904 Feb 17 10812May 19
1
101 1013 102Is 10614 1064 10812 10618 1074 10518 107/
874 Jan 1084 Dee
19
11112May
17
100 10378 Feb
Do pref (8%)
1111e 11112 11012 111 *111 11114 *11012 1115a 1,600
12212 Dee
741k
109 111
May
•10814 109
300 Federal Light & Trac_Nopar 1144 Jan 3 168 May 7
4 156 .150 1595k
/
1551
16214 16214 *161 162 *157 158
.162 164
518 Apr 2424 Dec
200 Federal Mining & Smeit'g_100 1514 Mar 13 25 Jan 19
*1612 17
*1612 17
17
17
17
•16
6412 Dec
17
Jan
1612 1612 *16
4112
15
Jan
6414
100 4912 Mar 11
5613 2,200
Do prof
564 *5512 5612 *55
4 58
1
544 5534 5514 55/
Mar 146 Dee
5534 56
700 Fidel Phen Fire Ina of N Y__25 14712 Jan 6 175 May 15 118
170 170
167 167
167 167
Jan
133a Jan
1684 1684 •165 189
94
171 171
18
8May
8
Jan
I55
12
par
300 Fifth Ave Bus tern etts_No
Jan 240 Dee
•1434 1612 1512 154 *1518 154 *154 1558 *1518 1512 *1518 l5'2
No par 239 Jan 2 280 Jan 12 163
nailer Body Corp
June 1378 Dee
12
5
13
1712May
24
Mar
par
1012
Rubber
No
Fisk
67,700
8
-7
1-6
Di -fii4 1612 17 1612 -9514
.8i8 164 iiEs -1114 1538 -11
1
3818 July 86 Dee
100 7512 Jan 16 9514May 22
Do let pref
2,600
4
/
9414 941
94
94
4 94
1
93/
9278 93
92
4414 Jan 9014 Nov
*9134 92
No par 75 Mar 19 87 May 21
10,600 Fleischman Co
8634 87
87
8612 86
8612 8534 8614 86
Jan 9458 Den
8578 8612 86
6612
19
4May
1163
6
Jan
90
par
No
Co
22,600 Foundation
11312 11358 11214 11312 11338 11634 1143s1155 11414 11553 115121163*
74 Sept1378 Jan
11
8 Mar 18 1812May
No pa
1614 1558 1678 1534 1612 34,400 Freeport Texas Co
15
16
1612 15
1614 16
15
7 Jan
Oet
14
3
4ls Jan 2 1614Mar 2
No par
1012 1,800 Gardner Motor
1034 1078 '510
1034 11
11
II
1014 11
10
10
3512 May 53 Dec
100 4434 Apr 27 5812 Jan 10
900 Gen Amer Tank Car
48
547
4814 *4734 48 '
Dec
4712 4758 47
994
48
Feb
*46
92
04612 48
19
Jan
99
16
Feb
100 9334
Do pref
99
*97
99
*97
99
*97
99
*97
99
*97
99
3138 Apr 6338 Dec
*97
4 Jan 2
100 4212Mar 30 63,
58'8 5634 5734 22,800 General Asphalt
100 Dec
Apr
5234 5414 5378 5434 5434 5612 57
524 53
7118
2
Jan
100
17
Mar
8612
100
pref
Do
300
*97 100
*9612 100
95
94
*9334 94
Jan 160 Sept
93
*9212 94 •9338 94
No par 121 Mar 7 14734 Jan 2
200 General Baking
140 14014 *138 140 *138 142 *137 142 *137 142
8214 Apr 9858 Dec
114312 144
100 8412may 4 10134Mar 4
8812 3,700 General Cigar,Inc
89'2 88
9012 89
106 Dec
Mar
8914 8934 8912 9034 9014 9034 90
10114
12
3
Mar
Jan
11114
105
100
Do prat
*10212 109
•104 109 *104 109 .104 109 *104 109 *104 109
100 106 May 21 10912 Feb 25 100 Apr 109 Dec
Do debenture pref
100
106 106 *101 10814
Jan 322 Dec
4
1
/
193
•104 109 .104 109 *10312 109 *103 109
2
Jan
320
17
Feb
22714
100
Electric
General
28112 2844 35,300
27778 27912 277 27912 27912 285 28414 287'2 283 286
1012 Apr 1112 July
10 11 Jan 2 114May 7
Do special
114 3,200
1114 1114 114 1138 1114 1138 1138 1138 1114 1138 .1114
5584 Oct6678 Dec
par 6418 Jan 5 79 Feb 10
7458 7714 7614 7738 7638 77 193,600 General Motors Corp..No
93 Dec
7512 2734 7418 7312 75
Jun
75
Jan
80
9412
21
13
Feb
90
100
Do prat
*90
_
921
9212 *90
4 *91
1
92/
9212 *90
80'sJunO 934 Des
•89
Do deb stock (6%)_ __ _100 8812 Apr 21 94 Jan 13
92
*90
*90-921
921 .90
9212 *90
9212 *91
9518 July 10312 Dm
9212 *90
••89
2
5
Feb
Jan
1084
102
100
prof
7%
3,600
Do
10714
10638 107'8 1064
10634 107
3838 June 45 AIM
10611 10612 10658 1085* 10612 107
25 42 Jan 16 5712Mar 3
5334 5414 64,100 General Petroleum
Jaz
4 5218 5234 5212 534 5314 54
/
5112 521
31 June 55
5112 52
200 General Refractories_ _No par 43 Apr 28 584 Jan 14
47
*43
45
*44
444 4414 *4412 45
4418 4418 *4412 47
4718 June 6478 Dm
13
Jan
57
16
Mar
47
par
No
Bros
Gimbel
4,700
5178 53
5134 54
5018 541
51
107
Sent
Jan
4934 .5014 *50
99
*494 51
20
Jan
10514
_100 102'*Marl4
Do pref
*103 105
21 Dec 273e Nov
•103 105 *103 105 *103 105 *103 105 *103 105
3512 354 17,100 Ginter Co temp c tts_ -No POt 2234 Feb 13 4078May 15
4 3512 363
1
8 June 15 Nov
3934 4014 3812 4012 3834 3958 3634 38/
1212Mar 19 2338May 1
No par
2178 41,900 Glidden Co
2012 22's 21
21's
8
205
2218
2118
2212
4
213
2813 Apr 4378 Nov
8
223
4212May
20
22
4212 4114 4114 5,200 Gold Dust Co* v t e_ No par1 37 Mar 3
4212 42
4138 4138 4112 4218 42
4012 41
17 June 38 Del
6
(
Apr
5512
5
Jan
4
363
par
No
F)
17,300
Co
52
11
5112
Goodrich
4 5412 534 534 5234 534 514 528
1
534 5334 53/
7014 May 92 Dec
100 92 Jan 3 9978May 22
Do pre!
500
9812 994
9838 9712 98
9838 *98
9838 *98
Jan 9058 Dec
39
4 Mar 6
/
9838 *98
•98
8618 Jan 6 1011
9738 9734 9712 9734 3,900 Goodyear T & Rub pf v t(3_100 103 Apr 27 10714Mar 8
4 977
/
8814 Jan 10818 Del
9778 9712 9734 971
967g 9712 97
100
pref
prior
Do
1,500
10414
10414
10512
*104
104 104
4 Apr 2178 Dec
1
/
12
14
Jan
2114
30
Mar
13
10378 10378 10378 1034 104 104
Pr_100
&
Eim
Min
Cons
Granby
154 1534 1512 1512 2,300
94 Jaz
212 Oct
4 Jan 3
1
7/
414 Jan
1512 1578 1578 1578 1558 1578 1512 16
_ __No pa
...... Gray et Davis,
8314 Oct 9678 Dec
ctf 25 91 Jan 16 9914 Mar 3
Ino9478 944 1,800 Great Western Sugartem
9412 95
Dec
2178
May
10
2
Jan
1914
19
4Mar
113
*944 9412 9412 9478 9478 9478 *9434 95
100
800 Greene Cananea Copper
15
134 1318 1318 134 134 1378 *14
1038 Fel
478 Nov
812 Jan 5
458May 6
*1312 14 .1312 15
54 514
5
800 Guantanamo Sugar..._No par
5
5
5
54
514 54 •5
May 894 Fel
54 54
62
5
Feb
8
947
24
Mar
674
100
Steel
States
8614 8512 8734 854 8858 34,900 Gulf
8334 84
31 Bent 4454 Fel
4 Jan 7
1
par 2534 Apr 24 37/
794 8078 8012 8112 81
2934 303s 2912 303* 4,600 Hartman Corporation. No par 30 Mar 14 434 Jan 3
2934 30
30
x30
3214 May 5278 Fel
3078 3114 304 31
No
3838 3712 3818 17.700 Hayes Wheel
Dec 5178 Dec
4814
9
Ian
8
487
1
Apr
4 364 3612 3614 3814 3734 3812 3712
1
45
par
3512 36/
ette_No
400 Hoe(R)& Co tern
454
4
463
484
4812
4612
*4512
4512
4 Jaz
1
*4512
35 July 56/
50
12
2
4
Jan
463
*46
*4638 47
100 43 Jan
700 Homestake Mining
4478 444
24514 4512 4478 45
3138 Apr 38 Nov
20
4434 4434 54514 46
Jan
Jan
374
3412
5
46
ttNoya
*45
HousehProd,Inc,teme
4,400
8 3514 3512
353
3512
Fel
364
8212
354
Apr
61
85
29
Jan
3612
22
Apr
36
36
354
.59
3534 3534
7014 20,900 Houston Oil of Tex tern Ws_100
70
71
7012 70
2012 May 38 Del
654 6618 704 69
63
Car____No par 3334 Jan 5 5578May 11
*6213 63
4 524 534 28.700 Hudson Motor
1
53/
Jai
18
5378 52
May
WO
524 5312 52
5
5212 54
18
Jan
Mar
194
5312 54
1414
10
Corp....
Car
Motor
1712 177s 9,300 Hupp
1718 1818 1712 18
238 Dec
4 Jan
14 Jan 8
1 Jan 5
No pa
1814 1734 1818 1712 18
18
____---- ..... Hydraulic Steel
8' May 10 Del
5
Jan
7
20
6
Apr
4
3
100
pref
Do
100
8
77
958 •74 778 *718
8 *71
534 Sept 1614 De
s -*71s 9,
1
08
37; 8 '
- --7-1--•is
294 53,400 Independent Oil& Gas_Ne par 1312 Jan 5 3312Mar 8
29
2878 294 2878 2934 2938 30
154 June 254 Fel
Ho per 13 Mar 24 20 Jan 3
2838 2778 29
28
500 Indian Motocycle
1712 1712
17
17
17
17
718 Junl
2
334 Apr
Jan
103
6
512
1612 1612 *1612 17
Feb
8
10
•1612 17
Refining
814 2.700 Indian
8
8
8
734 74 *74 778
.74 712
80 Mar 75 Del
738 712
100 77 Mar 24 95 Jan 7
Do prof
81
•78
81
*78
81
*78
81
*78
81
*78
81
No,
*78
4834
May
3111
38341sfay 1 50 Feb 2
No pa
4114 3,900 Inland Steel
4112 404 4078 41
40
4 3912 3934 40
1
4 Apr 13 110 Jan 22 10114 Jan 10714 Do
1
39/
100 104/
*3912 40
Do pre(
200
*10834-109
109
De
8
109
337
109
Feb
109
*108
2218
22
3234
12
Jan
109
Apr
20 2214
•10812 109 .108
Cone Copper
938 Jai
2478 2434 2518 2412 -254 5.900 Inspiration
3 June
2414 24
74 Jan 7 1312 Feb 5
No par
2412 2412 2414 2452 24
1134 1214 2,400 Internist Agricul
11872 De
1112 104 11
Apr
83
20
8Ma,
1255
30
Mar
par
110
Macbines_No
•1112 12 .1112 1134 114 1178 11
3,500 lot Business
4 1244 *12412 125
/
404 Apr 5912 Noi
4 125% 1241
/
1251
4 12112 1214 125
/
12138 12134 1211
2,200 International Cement_No par 52 Jan 5 8512May 9
644 8434 6412 6478 644 6434 53,500 Inter Combus Engine_No par 3154 Jan 21 44 Mar 6
22 Mar 89 Do
6434 65
4 6478 6478 65
1
64/
40
78 Jan 11012 De
4 23818 4038 3938 4014 3914 3934 3912 4012 39 112
1
20
3812 39/
11414Mas
22,500 International Harvester___100 9618Mar 25
8 109
106 Feb 11512 No,
11778May
20
3
•106 10712 10712 1094 10814 10934 110 11414 11112 1127
Mar
114
.100
pref
Do
200
4
1173
*117
117 11778 0117 11734
WS Do
634 Jan
5
19
Feb
8
*11618 11734 .1164 117 *11611 117
147
812May
Marine____100
Lot
Mercantile
1014 25,760
9
912 958
878 94
264 Mar 4738 De
812 1078
1118
1034 1078 11
100 38 May 20 524 Feb 5
Do prat
3912 3812 3958 384 4034 53,000
1112 May 2718 De
24
Apr
41
414 3858 424 38
4212 41
4
303
2414Mar
18
(The).25
Nickel
International
34,600
29
7512May 95 No,
2812 2934 2814 2914 2812
2878 294 2834 2914 2812 29
4 Feb 6
1
100 94 Jan 6 99/
Do pref
*9614 9714
*9812 9712 .9614 9714 *9614 97
3412 Apr 60 De
*9614 99
*9614 99
100 4814 Mar 19 69 May 22
63,600 International Paper
69
4 64
1
/
Mar 7478 Oe
624
22
May
82
9
574 5932 5912 6053 5934 6138 5912 614 6158 63
Mar
71
100
Prof
5,800
Do stamped
82
73 Apr 119 No,
7812 7758 7814 7878 8012 8014 138
77
22
7634 764 77
May
*76
Ng Par 108 Feb 2 138
300 International Shoe
138
11514 May 11918 De
•132 134 *13412 13512 *13412 1354 *135 13512 13512 136
28
Feb
8
1205
18
Apr
119
100
pref
Do
300
12012
88 Feb 94 De
120 120 .11912 12012 120 120 .11912 9412 8,100 Internat Telep & Teleg
*120 125 .120 125
100 8712 Apr 3 9734 Feb 19
9212 9218 9434 9334
2412 Dec 3212 Ma
9238 9278 9134 9234 9158 924 92
No par 2112May 16 2612 Jan 5
6,700 Intertype Corn
24
2478 2514 24
1678 JAI
4 211
1
2112 2112 25
1012 July
4 •19
/
2112 2hz 21/
1512 Jan 1 2238 Jan 9
No par
Invincible Oil Corp
3912 Apr 10038 De
10
Feb
10 82 Jan 2. 105
Iron Products Corp
90
*72
90
*72
85
90 .72
90 .72
164 Apr 2314 Jai
85 .72
•72
26
Feb
2178
30
ar
f
'
'
I"
100
Inc
Tea,
41ewe1
300
1912
1912 *19
1918 *19
19
*1812 1934 19
19
78 Mar 106 De
•1834 20
Jan 19 110 Feb 25
100 1
Do wet
100
10612 10612
•107 110 .107 110 *10612 109 *107 109 *10812 109
basis beginning June 3. a Es-rights.
that
on
prime
and
$50
to
from
le
vat
:too
chancre!
C
Par
-dividend
Kr
dav
•RIM and asked OTIOOkY no WOO on this
on third page preceding.
a Now succeeded by Mid-Continental Petroleum. Prices appear
a
•
New York Stock Record-Continued-Page 4
For sales during the week of stocks usually inactive, see
fourth page Preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 16.
Monday.
May 18.
Tuesday, 'Wednesday
May 19.
May 20.
Thursday.
May 21.
Friday,
May 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranoe for Year 1925.
On lasts of 100-share lots.
2663
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Hiyhest
$ per share S per share $ per share $ per share $ per share $ per share Shwes. Indus.
& Miscell. (Con.) Par $ Per share $ per
.16
16
16
1658 16
1618 157 16
share
$
per
143 1513 14
share $ per share
2,100 Jones Bros Tea, Inc,stpd _ _100 14 May 22 217
14%
4614 4012 46
4614 46
*
47
Feb
4618 4678 4633 4612 461
3
1434 Sept 2712 Jan
/
4 4634
4.300 Jordan Motor Car
No par 42 Jan 27 5912Mar 3
.14
12 '
*1
/
4
12
14
*14
12
•14
12
33
2134 May 5238 Dec
Kansas & Gulf
*14
12
/
1
4
10
2812 29
2818 29
27
28
114 Jan 28
27
27
27
/
1
4 May
27
1
2534 2712 4,500 Kayser (J) Co v t o____No Dar 1834May 14
Jan
Mar
95
96 .95
17
95
95
29121May
96
96
15
96 .9614 99 '9614 99
1614 Aug 3853 Jan
Do 1st pref
400
Vs par 83 Mar 30 96 May 18
1818 1834 1818 1812 18
1838 19
1812 18
77
Aug
1833 17
10213
18
9,400
Feb
Kelly-Spr
ingfield Tire
20 1214 Mar 24 1912May 12
54 .51
51
.
5313 *51
5312 '51
53 "50
9% June 35
52
Jan
*50
52
Do 8% pref
100 41 Afar 25 5438May 13
58 .52
57 .54
"52
5612 *52
56 .51
33 June 88
56
Jan
*50
56
Do 6% prat
100 43 Mar 25 57 May 12
100 101
10134 1013 100 100 .100 101
100 101
40
June 7513 Jan
97% 99
1,600 Kelsey Wheel. Inc
100 88 Mar 26 10412May 12
4934 5014 4934 50
49% 50% 50
5138 503 5118 5012 50% 32.500 Kennecott Copper
76 May 104 Dee
Vs par 4612 Mar 30 578 Jan 13
23
2
,
2,
8 234
234 234
8 234
253
233 233
34% Jan 5754 Dee
238 212 3,250 Keystone Tire & Rubb_ No par
17 Jan 9
84
84
86
83
84
314 Feb 5
85
8312 8434 .83
112 Oct
84
82
438 Jan
8312 2,800 Kinney Co
No par 72 Apr 21 87 Jan 3
.380 38914 380 380 *375 380 *37534 388 .378 390
52/
1
4 May 8614 Dec
3821
/
4 383,4
400 Kresge(85) Co
100 355 Apr 28 532 Mar 24 28712
37
3838 38% 37
"3512 38
357 39
3878 3878 3838 38% 2,400 Kresge Dept Stores__
Jan
475
/
1
4 Dee
__No par 3112 Jan 21 458 Jan 7
•148 162 *155 165
157 157 •156 162 *156 160 .156
42% Nov 6278 Yale
160
100 Laclede Gas L (St Louis)._100 11014 Jan 5 178
13% 1378 1334 1378 1334 133
14
14
Mar 31
1314 1314 1314 1314 2,900 Lee Rubber
79
Jan
113
Nov
&
Tire_
_ _ _No par 11,
6178 62 .6134 6214 "6134 62
.
8 Feb 20 15 Feb 6
6118 617
6138 618
8 May 1718 Jan
61
6178 1,000 Liggett & Myers Tob new
25 57 Mar 25 7112 Feb 6
.118 122 •119 122
12012 12012 121 121 "120 122 .120 122
50 Mar 6834 Deo
200
Do
pref
100
,
1161
62
131% 61% 61
Jan 16, 121 May 20 114% July 121 June
6134 62
6012 6134 6034 61
6114 6134 4,200
Do "B" new
25 5512 Mar 271 7034 Feb 6
4878 Mar 6812 Dee
*al, 65 *63 64 64 64 6378 6373 64 64 6313 64% 800 Lima Los Wks
No par 6114 Mar 31 743s Jan 14
2634 2918 29
291
29% 29
2834 2938 28% 2912 29
56 June 71 Dee
29% 25,600 Loew's Incorporated_ _ _No par 22 Feb 17 2934MaY
77
77
*7% 8
778 77
7% 7%
11
1518 June 25 Der
734 734
7% 8
1,600 Loft Incorporated
No par
6 Jan 28
8878 89
88
88
88
89
9% Apr 6
87
8812 86% 8678 '86
513 Apr
834 Jan
89
1,500 Loose-Wiles Biscuit
100 77 Feb17 9718Mar 7
*3412 3434 3434 3514 35
35% 35
35% 35
50 Mar 84 Nov
35% 35% 35% 6,600 Lorillard
25 3014 Jan 24 37% Jan 13
'108 110 *108 110 '10712 109 *107 110 .107 110 '107
3338 Dec 40/
1
4 July
110
Do
met
18% 19
Is Feb27
18
31 112 Jan 12 112 Nov 117 Feb
4%
1858 19% 18% 191s 1812 1914 19
1912 1918 1912 23,900 Louisiana Oil temp etfs_No 100 10
par
3613 37
Mar
23% Feb 3
37
3733 35% 37
3634 3778 37
39% 3712 3834 13,900 Ludlum Steel
par
No
0118 11934 *118 11954 .11813 11934 11912 11912 11934 122
3134 Feb 17 55 Mar 4
17
Oct 381 Dee
12212 12312 2,000 Mackay Companies
10 114 Mar 20 12312Alay 22 107
16418 166
165 173% 176 183
1741
/
4 1787s 1741
Jan 119 Aug
/
4 179% 17913
No pa 117 Jan 16 183 May 19
•109 10912 '109 10912 10914 10914 •10834 10912 109% 10912 *10812 18278 161,100 Mack Trucks, Inc
75% Apr 11878 Dec
10912
200
Do
1st
pref
100 104 Jan 27 10912May 15
"10212 104
103% 103,
8 10334 103% *10334 104 •10334 104
9512 Jan 10714 Dee
10334 10334
400
Do 2d pref
69
12 Jan
100 9
3a 3
2 104 Feb 27
87 Apr 10114 Dee
Do 2d paid
-7-&;
116 Jan 5 137 Feb 9
79
79
5
-ith-2
Of3 8012 -8013 -80393
Oct 115 Dee
4 -AoT4 81
613
Macy
(R H)& Co,Inc_No par
40% 41% 4013 4112 411
/
4 42
40% 43
8412 Jan 10
4218 42% 4112 42
59 May 7113 Dec
13,200 Magma Copper
par
No
28,
2814 28% 2818 2834 28
8 29
2834 29
34
Mar
31
4414
Jan 2
2618 June 45% Dec
28% 27% 2812 6,400 Mallinson (EL R)
&
Co_No par 21% Mar30 37% Jan 23
1
4 9112 *9014 91
•90/
/
4 91
'
.9014 91
4 •9014 9114 .901
18 Afar 4113 Dec
Do pref
*90% 91
100 81 Afar 16 92 Apr 15
5212 *47
5212 *47
52% 5212 .47
5212 *46
7834 July 93 Dee
51
*47
5114
100 Manati Sugar
100 46 May 14 53% Feb 26
*80
8312 .80
8313 *80
82
82
8312 *80
45 July 69% Mat
.80
83
,
2
8312
100
Do
pref
5418 *5334 54
*5314 54,2 5312 53,2 54
100 7934 Alar 30 82 Feb 9
*5314 53% 5212 53
78
Oct 87 Mar
1,100 Manh Elec pp tern ctfs No par 42%
26
26
26% 2534 26
2612 2613 2634 28
Feb 16 59 Mar 10
33/
2614 2578 26% 5,200 ManhattanSu
1
4 Mar 49% July
Shirt
4434 43
44
25 2014 Mar 16 3034 Jan 3
4514 44
4334 42
43
41
41%
2012
Dee
4012
44
Jan
5,900
4212
Manila
Electric CorpNo par 2812Mar 5 4912
3614 2614 2638 2634 2612 27
2618 2714 2714 27,
Apr 24
2834 Dee 31% Dec
8 27
28
4,600 Maracaibo Oil Expl___No par 251
/
4 Apr 2 35% Jan 31
245
8
Oct
Jan
371s
4114 4214 41% 4212 4134 42,4 41% 4212 42
42,
8 421
/
4' 4314 70,100 Marlancl Oil
No par 30 Mar 17 4614 Jan 31
1314 15
14% 15% 1514 1512 15% 15% 1512
12,4 13
29 May 42 Feb
17
arlin-Rockwell
11,300
No par 1030 Mar 13 17 May 22
2712 2712 2712 2912 27,
3 2813 2834 28% 2834 2912
8
Jan 1714 Mal
29% 301
3,700 Martin-Parry Corp__ No par 2513 Mar 24 3718
7612 7734 7714 79
77
7812 76% 8134 80
Jan 7
8212 8114 8418 16,100 Mathieson Alkali
31% Nov
375s Jan
Wks
tem
10912
ctf
110
*109
50
61
Jan 6 8418May 22
10912 110 111
10912 109,2
111 111
29
,
8
May
112
58% Dee
112
Maxwell
700
Motor Class A_ __100 74% Jan
8712 89% 8818 91% 9114 94% 9418
8714 88
112 May 22
9538 93,
38 Apr 8418 Dee
8 96% 116,500 Maxwell Motor Class B No par 3314 Jan 27
10534 10612 105 10612 106 10814 10912 114
27
11212 11 412 114 118
10% Apr 39% Dee
57,000 May Department Stores_ _ _50 101 Mar 23 9638May 22
•8712 881
88
8834 8812 91
391
92
May 22
90
8212 Apr 115 Dee
9214
7,800 McCrory Stores Class B No par 79 Alar 17 118
1712 1712 "1733 1712 *1738 1712 1733 1712 92% 931
•1714 171
9412 Jan 13
86
Oct 106% July
1712 171
1,200 McIntyre Porcupine Mines_ _ 5
100 100
*9812 100,4 100 100
.99 100
1815 Feb 24
*99% 10014
14,
8 Dec 1814 Jan
1001
500 Metro Edison Power pf_No par 9
17
612 j
2034 20% 2012 2012 20% 2073 2034 2034 100
Aapur 21
*2012 21
2 101
901
/
4 Apr 101 Dee
20% 203
900 Metro-Goldwyn Pictures p1_27 18 Jan 3 2214 Afar 17
16
161
16,
8 1618 1634 1612 17
16
1634 1714
5
15 Sept 19 Dee
1612 167
6,500 Mexican Seaboard Oil_ _No par 1112 Mar 17 2212 Feb
912 10
101s 1012
9% 1012
Jan 6
954 1012
9% 101
14% Jan
/
4
25X4 Sept
9% 10
10,700 Miami Copper
84
5
8 May 12 24% Jan 13
58
kl
78
%
%
78
34
%
20 May 25 Aug
78
7
4,600 Middle States 011 Corp_ _ _ 10
111 111
18
1%
Apr
108 1081 110 112
11012 111
Jan
16
13
112,8 11314 113,
1 Aug
673 Jan
8 114
2,700 Midland Steel Prod pref _100 96 Jan 2 114
May 22
9112 June 98 Nov
Midvale Steel
50 29 Feb 2 3018 Jan 10
-7914 8114 80 82 -AoT2 82 -iogs 1,4-- -8134 8354 -Ai- ith-8 80,600 Montana
2312 Oct 3414 Feb
Power
100
52
53
,
8
,
52%
64
3
Apr
5314 53
53
5334
17
54
aY 8
6114 June 7414 Dec
52% 53% 5234 54
50,800 Monte Ward & Co Ill corp_ _10 41 Mar 30 8614M
2712 28
27
27% 26% 2713 26,
554 Jan 13
8 2718 26% 27
21114 May 4812 Dee
2612 2612 7,400 Moon Motors
7
7
7
718
678 7
7% 714
1713 Oct 2713 Feb
714 7% 9,000 Mother Lode Coalitio No par 223.4Mar 19 2838MaY 13
71
/
4 7%
n_No
par
•17
6 May 4
1712 17% 19
•17
1734
18
918 Jan 2
1814 .1713 1814 18
6 May
914 Feb
18
1,600
Mullins Body Corp
*3112 3212 .31
No par
/
4 32
3214 .311
1434 Feb 2 2112 Feb 20
3114 3114 •311z 32 '3113 32
9 Mar 181
/
4 Dee
Munsingwear Co
100
No
par
400 406
130
9
3
1
1
A
J
375 37512 380 397
n
415 425
r
23
5
34 Jan 23
408 420
2918 July 3914 Jan
418 425
4.700 Nash Motors Co
No par
425 May 20
9613 Apr 204 Dee
.105 10512 •105
•105
10518 10518 '105
_
_
_
•105
100
Do
pref
100 1031 Jan 21 106 Feb 28
614 .512 612. "5,2 614
51, 51
012 612
9814 July 104,
8 Nov
513 512 1,500 National Acme stamped _ _ __10
65% 6534 6512 66
6534 6534 6534 6634 6658 67
4/
1
4 Mar 24
7% Jan 13
3% Oct 101s Jae
67
6714 5,000 National Biscuit
12812 12812 .12234 12713 .1225
25 65 Apr 29 75 Jan 21 501
12712 12712 128 128
Mar
/
4
* 1271 •12234 12712
77
Sept
/
1
4
300
Do pref
100 123I2Mar 11 1281
/
4 75
7312 7438 73% 74
7512 741
75
72
7358 71% 7212 4,000 National Cloak & Sult
9 12012 Jan 12634 Dec
100 6512 Mar 5 78 2AlaY
•10112 10214 Hu% 102 *10112 103 •10112 103 "10112 103 "1011
Jan 20, 44 June 70% Dee
2
103
200
Do
pref
100 99 Jan 13 104 Jan 29
54% 53% 5413 5418 5434 55
5414 5512 54
5612 5514 5612 35,900
9113 Mar 10078 Dec
Nat Dairy Prod tern ctfsNo par
41% 41% 4118 4138 41
41% 41
5612May 21
413
30% Apr 441
4133 41 3
4112 4112 1,500 Nat Department Stores No par 42 Jan
/
4 Dec
3812 Jan
9734 *97
9734 *97
•97
9712 .
97
43 Mar 12
9778 *97
3614
971.2 *97
Oct 43
Jan
9712
Do pref
100 96 Apr 15 102 Jan 2
6412 6412 6418 6414 64
6513 65
6514 6414 6512 6712 68% 5.100
9238 June 101 Dec
Nat
Distil
Prod
tem
pf
ctf
30 .28
par
No
5213
Jan
.2713 2912 .29
30
29
6838May 22
29
*2712 29 '28
3012 Aug 64 Dec
29
200
Nat
Enarn
&
Stamping
75
80 "76
80 .
...100 25 Apr 30 3678 Jan 21
.76
80
*76
80 '76
80
1812 Sept 4478 Jan
"76
80
Do pref
100 7934May 9 89% Jan 12
14714 14814 14938 152% 152 15712 155/
1
4 156
156 156
67 Sept 89
15312 15312 6,200 National Lead
11712 11712 *118 123 •118
100 13812 Apr 27 166% Jan 9 123% Apr 16914 Jan
.118 119
118 118 *118 119
Aug
200
pre(
6312
Do
.62
63% 62/
100 110 Jan
1
4 63,
.62
8 63
118 Mar 4 11112 May 118 Sent
631s 637 6414 64%
4 1,500 National Supply
50 6155 Apr
1318 127 1318 1318 1314 12% 643
8 1234 1278 13
1211 12,
71 Jan 29
5412 Oct 7212 Feb
1314 3,200 Nevada Consol Copper
44
45
4512
4513
46
__ 5 1134 Apr 27 16% Jan 7
46
46% 4618 4614 47
11% Jan
1634 Dee
212 5312 4.5212 5312 5234 52% *5234 5312 .523 5312 4614 4612 1.600 NY Air Brake tern ctfs_No par 42341May
56% Jan 3
3018 Apr 57 Dee
'5234 5312
*5
100
Do Class A
No par 51 Mar 10 67 Jan 7
3812 37% 3938 378 388
3714 38
36
38
4714
39
Jan
388
57
Des
46
18,800
N
Y
Canners
.2512
2612 •25% 2612 •2512 2612 .2512 2612
temp ctfs_No par 315 Mar 30 46 May 22
*2512 2612
32
2512 2512
une 37 Dec
100 New York Dock
.63
100 18 Alar 2
66 .63
6.512 *6212 6512 *63
66 .63
3118 Apr 14
66
19
Jan 3716 May
.63
66
Do
pref
67
70
.
•67
100
69
70 '63
5218 Jan 1
.68
80 .68
67 Apr 13
80
411g Feb 5514 May
69
69
100 Niagara Falls Power..No par
451 Jan 5, 69 May 15
28,8 281s •2814 28% 28% 28% 2833 2838 "2814 2839 28% 283
42 Sep
47 May
s
600
Do prof new
25 28 Jan 51 29 Jan 2
1
27 Jun
4 50
4914 50
29 Sept
4914 49% 4918 49% 4918 49%
4878 4938 49/
44,300 North American Co
10 4118 Jan 5 5038May 7
•4834 487s 4878 4918 48% 4938 49
4918 49
49
22
4914
Jan
45
Dee
49%
1,800
Do
pref
912 •9
.9
912
50 481'8 Jan 2 49387,lay 19
914 914 *9
10
"9
10
437
3
Jan
•
9
10
5014 July
*5% 6
100 Nuunally Co (The)___.No par
.512 6
6
612 612 •512 (92 .
6
8 Jan 16 101
/
4 Jan 30
912 Dec
7 Apr
512 612
200
Ontario
Silver
*2518
Min
30
new
*2518
28
No
par
*25% 30 "2518 30
513 Jan 22
*2518 2912
7/
1
4 Feb 26
•2518 30
4% Ma
838 Oct
Onyx lIosiery
28
2814 2734 27% 32778 28 .2712 28
*27% 28
2712 2712 2,700 Orpheum Circuit, Inc No par 1833 Jan 6 2518May 12
18 May 30
Jan
113 114 '11338 114
114 116
1 25% Jan 16 2938 Feb 27
11212 11212.
11534 11534 •113 1155
18
Fe
29
Dec
500
Otis
11%
Elevator
1114
(k)
1138 1118 11% 1114 1112 1112 1134 115
50 873
,Feb 27 11812 Apr 17
11
8 1178 20,800 Otis Steel
68,
8 June 92 Dec
*61
62
59,4 61
par
No
62
60
65
8
60
Af
6412 65
ar
18
11%
Jan 31
al, No 1178 Jan
65
1,700
Do pref
47% 4634 4718 46% 4718 4718 47% 65
4714 47
100 5014 Mar 18 6634 Feb 2
47
4714 4813
44
Oct 74% Mar
25 4234 Mar 17 50% Jan 3
107% 107% 10612 10712 *10612 10712 107 11014 110 110% 10978 1097 10.600 Owens Bottle
3914 May 4714 Jan
4,300 Pacific Gas & Electric
10
10
49% 1014 10
1012 1012 1012 1012 1012 1
100
10212
Jan
5 11034May 21
Jan
90%
055
105 Dec
1058
581
1,000
Pacific
/
4
Mail
Steamshi
59
593
p_._ _ 5
59% 5812 5913 59
s
5818 59
60% 591
512 Apr 18 10,
8May 22
/
4 60
7 Apr 10,
4 Jan
No par 52/
/
4 2314 23% 2338 23% 23% 2438 2418 24% 2413 2538 92,300 Pacific 011
1
4 Mar 30 6514 Jan 31
22% 231
45 Apr 5814 Feb
120,100
Packard
110%
Motor
1103
Ill
Car
110
8
.
111
111
11234
10
*111 111,
15 Jan 16 2538May 22
•110
8 11118 111,
161,
97
8
Dec
8
May
800
Do
pref
771
/
4 77% 7634 7938 80
77% 7634 78
100 10214 Jan 6 11158May 22
77
81
795 8078 34,600
8912 Apr 10214 Dee
Pan-Amer Petr St Trans
7818 79
77% 81
78,
s 77% 79
8138 8212 81
50 84 Jan 8 8378 Mar 3
78
8218 234.200
44% Fe
65 Dec
312 312 .312 4
Do
312 312
Class
B
•314 414
50 6338 Jan 8 8413Mar 3
312 3,2
4114 Fe
64,
3% 312
8 Dee
500 Panhandle Prod & Ref _No par
3 178 •1,
8 1% •1,
3 Jan 6
.1% 178 •11% 1% •158 1% .1,
5% Feb 26
8 1%
4% Jan
112 Sep
Parish & Bing stamped-No Da
27
27
/
4 28
27/
1
4 28
2712 2712 "271
2813 2914 2912 32
112 Jan 12
Feb
1%
Jul
134
11
Dec
at
10,200
Park
&
Tiltord tern ctfs _No par 2612May 9 3513
15
•15
1514
1434 .1414 1434 15
16
•14
1678 •16
Jan 10
24 Sep
1712
35% Dee
500 Penn Coal & Coke
112
138
138
112
1%
112
112
50 1234 Apr 29 2838 Jan 2
1%
138 1'3
1% 2
1814 Nov 30% Jan
72,400
Penn
116 116
-Seaboar
116 117
d
St'!
11512 116
vtc
.225 116
No par
117 117
114 Mar 31
11612 11612 3,300 People's
3 Jan 9
4/
1
4 Jan
lig Oct
0 L & C (Chic)...100 112 Jan 16 121
Feb 11
57
583.4 5734 5812 57% 5812 5734 5838 57% 581
92% Apr 119% Dec
57
57
/
4
4712 47
4712 •47
47
47
48
4714 4712 47% 4738 15,800 Philadelphia Co (Pittab)__ 50 511211ar 18 5978AIay 71 42% May 571. Dee
'47
700
Do pref
4178 41% 4178 41% 42
50 45%
4178 421z 41% 42%
4038 4138 41
4214 Jan 47
Jan
17,200 Phila & Read C & I __No par 3734 Jan 5 4712Mar 3
*41
43 .41
43
4213 •42
4312 •4112
4114 *41
Alay 6 5213 Jan 9
41
3412 Mar 5414 Dee
300
Certificates of int_ __No par 41 May 18
*5713 6213 •5713 6212 .5712 6212 "571s 4312
•58
6212 .5712 62
5012 Jan 23
6212
35 Mar 52% July
PhillipsJones
15%
Corp_
_
1512
_
.No
1538
15
par
1512
1512
,
s
15/
60 Apr 3
1
4 1514
15% 1512 1514 1512 4,200
Jan 12
44 May 88 July
Morris & Co, Ltd_..10 1234 Mar 19 9018
8 42
4158 4238 42
4212 4212 4318 58,900 Phillip
8 40% 417s 41,
161
4118 41,
/
4 Jan 5
11 July 234 Jan
Phillips Petroleum
8 20,
No par 3614 Mar 30 46% Feb 2
8 21% 2014 2118 2055 22
19% 2034 2012 2078 20% 21,
2812
Oct 4213 Apr
100,900
Pierce-A
rrow
Mot
Car_No
62
65
par 1078 Mar 30 22 May 22
6378 6538 63
623
6034 62% 61
04% 63
61
.May 16 Dee
707
8
50,000
Do pref
10912 11238 110 11114 110 110
100 43 Mar 24 7078May 22
110 110
11112 115
109 111
1818 May 54 Dee
5,100
Do
prior
pref
par
No
318
2
/
1
4
214
214
23
4
85
212
23
Afar
8
2%
18 115 May 22
2
215
218 212
59% June 95 Dec
Pierce Oil Corporation
*36
36
37
25
134 Jan 2
37
37
36
•3612 3712 37,4 3714 16,600
312 Feb 5
112 Apr
3512 36
4% Jan
1,000
Do pref
713 7%
2512 Jan 2 40 Feb 26
7,2 7%
8 77
7,
8 7,
7,
7% 734
4
20 Mar 36
712 7% 39,100 Pierce Petrol'm tern ctfs_No 100
Jan
par
44
*44
44
5%
Jan 2
445
45
. 44% *44
4214 44%
44
814 Feb 5
*43
4%
45
Oct
2,200
53
4 Dec
Pittsbur
gh Coal of Pa
100 371
/
4Alay 2 5412 Jan 13
85 .84
85 .84
85
85 •84
.83
85 .83
•84
47% Dec 6334 Mar
85
Do pref
100
•94
98
.96
.
06
80
99
99
May
.95
4
98
99
.96
Jan 5
99
.95
94% Aug 100 Apr
98
Pittsburgh Steel pref
100 94 Mar 26 10212 Jan 8
38% 38% 38% 39
*37
39
3914 40% .38
.
95
3712 39
40
Jan 103 Aug
1,200 Pitts Term Coal
100 30 Apr 27 6334 Jan 17
81
8314 •75
82 '79
82 .79
4.8212 8314 *8212 83
'
4.
82
5878 Dec 63% Dec
Do
pref
1512
16
100
15%
81
1618
Apr
30 88 Jan 6
15,
8 1534 15
1512 16
83
15% 16
Dec
15%
6,700
8734 Des
Pittsbur
Utilities
gh
pref_ - _ _10 12% Mar 24 163
"14
14
15
1478 14% 14% •1412 15
15
8
1412 •14
•13
9% Jan
800
1678 Dec
Do pref certificates_ _ _ _10 12% Mar 20 15 8May
114 115
11412 11534 114 11412 115 1151s
115 115
Jan 15
1118 Feb
116 115
1611 Dee
3,200 Post'm Cer Co Inc tem ctfNo pa 93/
1
4 Feb 16 118 8 Apr 17
_ 4812 Apr 10312 Dec
_
Do 8% pref temp ctts..-10 11512 Feb 3 117,
Jan 13 110 Feb 117
Oct
5 1916 and asked Priem; no sales on this day.
8 Ex-dividend.
a Ex-new rights,
a No par.
•Ex rights.
2664
New York Stock Record-Continued-Page 5
usually Inactive. see fifth page preceding.
?or gales during the week of stocks
PER SHARE
PER SHARE
Range for Previous
Range for Year 1925.
STOCKS
Sates
CENT.
PER
NOT
Year 1924.
SHARE.
-PER
lots
e
PRICES
1(.4-shar
SALE
of
On basis
HIGH AND LOW
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Highest
Lowest
Highest
Tuesday, Wednesday. Thursday,
Lowest
Monday,
Saturday,
Week.
May 22.
May 21.
May 20.
May 19.
May 18.
May 16.
share $ Per share 8 Per Mars
per
share
Par
Per
(Con.)
&
8
Miscall.
Indus.
per share $ per share Shares. Pressed Steel Car •
39 Aug 62 Jan
100 521- Mar 30 69 Jan 23
$ Per share $ per share $ per share $ per share $
300
55
*54
67 Aug 90 Feb
55
5114 5418'
54
100 8114May 21 9218 Jan 3
5314 5314 .5314 55
55
Do pref
54
.
200
85
4180
8114
8114
2234 Apr 4318 Jan
83
3
Feb
.8114
8
325
85
85
30
Mar
85
83
22
•
50
&
Corp_
85
Refiners
Producers
83
.
2612 2734 4,900
39 Mar 70 Dee
254 254 26
2514 25
25
2434 25
of NJ nowNo Par 6238 Mar 30 74 May 21
.2413 25
PubServCorp
55,800
7338
714
74
4 Dec
/
9612 Mar 1011
7134 7114 7334 7212
100 99 Jan 7 102 Ian 27
Do 7% prof
7114 7134 7058 7134 71
100
8 •1004 101
994 Apr 115 Dee
100 1084 Apr 1 11314Msy 19
Do 8% Prof
*10018 101 •10018 10078 .1004 1004 .10018 10078 10078 1007
300
115
.112
8
8 Dee
1145
1513
Apr
113l4'112
11318
3
4 Jan
/
4.112 11438 11314 11314 1134
1
100 120 Mar 30 1511
•112 114/
14234 34,400 Pullman Company
3738 Dec 6753 Mar
13814 14114 142 14118 14134 1434 142
50 3913 Jan 2 474 Jan 7
138 13812 13712 140
4012 4012 3,500 Punta Alegre Sugar
Dec
30%
4012
4112
June
40121
20
4012
4
Feb
4014
334
40
17
Apr
4012 404
4
1
41
25 25/
41
Pure Oil (The)
Jan 10514 Dee
28121 2838 2914 294 2918 33,300
92
28
2758 274 2734 28
100 10212 Jan 5 10614 Feb 2
2734 28
Do 8% pref
100
106
2573 Oct 6678 Dec
2
Jan
774
27
105 105 .105 106 *104 106 .101
Mar
8
par
483
Amer___No
of
Corp
.104 105 •10412 105
Radio
8 90,200
4573 Oct 50 Doe
5712 58
5913 5718 594 5612 5814 5534 567
60 494 Jan 5 54 Feb 4
554 5618 56
Do pref
600
.504 5114
Jan 1374 Dec
100 12212 Feb 17 14134 Jan 5 106
.5018 5012 5018 5038 504 5018 5018 5018 50
12978 1294 2,300 Railway Steel Spring.
1293
1304
Jan 3313 Nov
4
130
30
12818
1
123
3414May
*127
7
128
Jan
4
8
par
337
1273
Ltd
126
No
126
400 Rand Mines,
33
.364
38
8
174 Dee
*367
Mar
37
9
37
4 Apr 22 1738 Feb 9
/
374 3718 .3714 38
3633 37
.
1338 14,090 Ray Consolidated Copper. 10 111
1338 134 13
3214 Jan 5418 Dee
6
Mar
4
723
27
Jan
464
0
Ty
1312 1378 1338 1334 1278 1358 1218 1338 6512
pewriter____10
Remington
6514 6514 5,9)0
Dee
994
6518
July
6512
9014
8
613
21
Apr
66
1
101
2
6734
6512
66
100 100 Jan
6512 68
Do 1st pref
200
10114 10114 •10114 105
904 May 110 Dec
103 103 .100 103 .101 105
100 108 Mu.30 11313 Apr 29
•100 103
Do 2d pref
310
11012 112
112 .
2314 Nov
June
714
13
Jan
234
30
Mar
par
1318
No
*110 112 •110 120 I 11012 11012 11138 1114 .11012
1434 154 6,300 Replogle Steel
15
1412 1478 1434 1478 1434 1518 1434 1513 14 8
42 June 6338 Dec
4 Jan 3
1
100 4218 Apr 30 64/
Republic Iron & Steel
4673 4678 474 4658 4734 10,200
82 June 95 Mar
46 I 46
4434 4558 4514 4558' 45
100 86 Apr 22 95 Jan 13
Do pref
100
88
87
88
88 .87
94 May 2234 Jan
5
Jan
8812 .87
18
4
May
8812 .87
Spring
par
12
.87
No
Reynolds
8
1313 7,600
1312 1334 13
6158 Mar 7938 Dee
1314 1234 1373 134 14
1234 1234 13
10,500 Reynolds(RI)Tob Class B 25 7214 Mar 24 7833 Feb 10 11514 Mar 121 June
7578 77
8 122 Apr 29
Jan
8
1197
100
7518 75331 7538 76 I 7512 7518 7533 76
75
75
12114
12114
86 Mar 96 Sept
surparnecte Co
25 91 Apr 24 9718 Feb 20
12138 12138 12114 12114 .12114 122 *12114
ssola I7n%
•12138 122
300 R°D
94
•92
94
91 .92
4033 Sept 594 Feb
94 .92
5738 Jan 31
94 I .92
94 .92
•92
4 523 35,400 Royal Dutch Co(N Y shares). 484 Mar 24
1
Jan 4573 Dec
22
20
5114 5178 514 524 52/
5214May
17
Feb
10
394
Lead
St
Joseph
504 5034 5012 5112 5158 52
26,800
5078
50
5112
51
5214
3258 Jan 8878 Dec
3
4
/
511
3312
52
Mar
8
1083
5014
may
14
4878 4834 5018!
48
6413 10,700 Savage Arms Corporation_100
4
1
/
63
8
647
64
634
4 Aug
1
129/
14pr
4
1
/
96
6134 6213
6434 608 6212' 61
63
10,100 Schulte Retail Stores_ _No par 108 May 16 11678 Feb 9 105 May 112/
10912 111
11078 1111 11114 112
4 Deo
1
100 110 Jan 6 115 Feb 19
Do pref
108 10812 10812 109 I 10814 10938
200
•110 112
Dee
112
.110
155
112
May
4
783
4
5
.109
20
11012
174%01%
110
15
20
leabr 3
F
100 1471211.
•110 11138 .11034 1114
21,900 Sears, Roebuck & Co
614 Jan
4 171 1733 17134 172
1
/
12 May
No par
Seneca Copper
16812 17012 16934 170141 16814 16934 1684 174
8 July
Apr
4
3
Jan
614
8
7
7
Apr
22
Conner.
. 10
500 Shattuck Arizona
614
Jan 42 Dee
--614 614 -;618 -6.3; *4012
33
5l -641
":418 - -6-1; .393
100 Shell Transport dt Trading .e2 3978May 5 4514 Jan 30
42
.4012 42
4 Dog
1
4 July 22/
1
15/
. .4034 49
42,
4 Feb 4
/
4 41121 .4074
4014 4014
. NO Par 2218 Jan 6 281
2478 2514 28.500 Shell Union 011
2434 25
4 Dec
/
Jan 991
8
217
2413
8
9118
247
2413
12
21341
I0134May
2
Jan
24,2
100 9918
Do pref
2412 2444
300
4
1013
.101
101
Dec
101
24
1014
Jan
1038
1014
10 191
•101 10134 *101 101341 101 101
4 Mar 14 21134 Ian 12
/
2438 2434 107,100 Simms Petroleum
241
22 Apr 27 Dee
2334 2438 24
22
• 4 2378 2312 24
4214M1
17
Mar
3114
2314 2338
par
No
Co
Simmons
4014 4214 25.000
3813.
3813
40
Jan
2718
July
3713
3712
15
37
2
4 Feb
/
3612 37
17 Jan 6 211
3633 37
81,800 Sinclair Cons 011 Corp_No par
Jan
1012
2012 2114 2112 22
Oct 90
75
100 7834 Jan 2 9418 Feb 3
194 1934 1914 1978 1933 1934 .8413 2014 87
1,300Do pref
8914 90
88
Fe
Decb
72
9
84
8514
July
8413
1718
8412
3
8514
Feb
3012
.8412
30
Mar
8514
4
25 213
*8412
40,300 Skelly 011 Co
2712
4
263
2618
2712
2
2612
May
8
263
2534
52
2638 2578 2633 254
26
8938 8,200 Sloss-Sheffield Steel AC Iron 100 8014 Mar 30 97 Feb 5
8834 8912 8812 8918 89
89
8512 86 I 86
8512 86
58 Oct 9578 Mar
100 South Porto Rico Sugar.__I00 62 Jan 6 73 Mar 2
69
67
69 .
69 I .67
738 June 20 Dee
69 •67
19
8May
225
17
67 67 I .67
Feb
ar
oo
p
i
69
1512
66
Spicer
.
Co
No
Mfg
4 2134 25,100
203
224
8
2253
213
2134
July 9814 Dee
8
223
78
22
18
2212
92 Apr I 106 May
2113 2218 22
Do pref
1,100
10312 105
3112 May 4158 Dec
20
2
8May
517
Jan
4014
tk
10414 10514 10512 106 I 10512 10512 10558 10534 .100 1054
Gas
El
Standard
Par
Co-No
128,000
5458 5212 5358
7334 Dec
53
May
8
54
547
3912
4
533
I
8
513
Mar
74.2
5114,
19
May
50
4912 50
100 62
1.200 Standard Milling
67
6312 634 64
70 July 85 Mar
644 .6314 67
67 .6512 6912 z62
100 81 Jan 20 8518May 7
.65
Do pref
4 Jan
1
Apr 68/
*821, 87 .8212 87 .8212 87
5512
821 87
2
Feb
6714
87
30
Mar
8
563
87 .84
011
84
25
of
.
Standard
California.
22.200
5938 5938 5938 5912 60
33 May 4214 Jan
30 4713 Feb 3
5838 5812 35814 5818 5838 5834 5813 4412
4418 4458 4414 4434 68,500 Standard 011 of New Jersey 25 3883 Mar
24 11534 Mar 11913 Aug
Feb
31
119
Jan
4
pref
non-voting
1163
4 4353 4312 4414 4414 4438 4334
1
43/
_100
_
Do
.
2.800
3
118 1184 11838 1183
1313 Oct 354 June
16 Jan 16
11812 11812 118 11814 118 11814 11758 118
1,100 Stand Plate Glass Co._No par 10 Feb 11
1114 •1012 1114
5512 Apr 6518 Nov
1118 .1114 1133 11
No par 6214 Mar 25 65 Jan 23
•1118 114 1114 1114 11
1,700 Sterling Products
64
64
63
6414 63
4812 July 10078 Jan
3
Jan
8
777
18
6418 6418 6418 6413 63
Mar
par
64
Sp
55
64
Stewart-Warn
Corp_No
8.300
6912
4 Jan
1
7034 69
5413 May 84/
6812 6912 6834 694 69
6914 6933 6853 69
Carburetor_No par 61 Mar 18 7934 Jan 3
7234 7414 7233 7238 3.900 Stromberg
7338 74
3013 May 4614 Dec
7458 75
75
Corp(The)new No par 4114 Jan 28 47 May 11
734 7414 74
Jan
Nov 115
4514 4534 4514 4578 65,500 Stubeb'r
8
4638 4513 46
1097
May
4
115
13
!Mar
100
112
45
pref
4538 4518 4512 45
Do
100
1233 Dec
114 114 •112 114
6 Nov
No par
Submarine Boat
812 Apr 27' 12 Mar 6
.112 114 .112 114 .112 114 .112 114
6,200
912
918
Aug
4
1
/
8
913
878
812 873
24 Jan
853 9
618 Feb 9
834 9
4 Mar 18
No par
834 834
44 7,000 Superior 011
4
414
4
418
23 July 35 Dec
4
44 414
418 438
438 438
100 20 May 1 4138 Jan 10
600 Superior Steel
27
24
23
3 Jan
23
134 Sept
*2212 23
Mar 19 1134 Jan 7
8
Os
57
2212 *2212 24 .2212 23
of
ao
Sweet'
•22
America
2,700
814
4
73
712 744
614 June 1434 Dec
*734 8
718 713 *74 8
612 613
700 TelautograPh Corp_ __ _No par 1134 Mar 30 15 Feb 7
13
13
4 Jan
1
/
9
Mar
4
123
4
4
1212
123
63
1213
11
13
1134May
.124
1
1212 1213
753 Apr
•1212 13
15.100 Tenn LoPD & C___. ___No par
In 11 96.700
3734 June 453s Jan
114 1078 1118 1012 1034 1038 11
1138 1134 11
Texas Company (The)._ 25 4234 Jan 5 49 Feb 2
574 Apr 110 Dec
4178 4558 4534 474 4712 4813 61.100 Texas Gulf Sulphur
13
Mar
4
1133
17
Feb
4
1
/
97
10
4478 4518 4478 4518 4434 45
1094 11058
10914 112
10678 111
4 Feb
1
10758 10812 10612 10738 106 107
Oct 15/
8
5 2333 Feb 6
1534 1614 21,000 Texas Pacific Coal & OIL__ 10 1118 Jan
1513 1512 16
4 Oct 151 Feb
1
1513 15
100 122 Mar 30 152 Feb 27 116/
1514 1538 1473 1512 15
8 14014 1.700 Tidewater 011
1393
Jan
314 May 41
13778 13914 110 140
13
Feb
4412
18
Mar
4
par
373
138 13914 136 137
Roller
Bearing_No
Timken
.136 138
14,900
4112 4012 4114
4 Dec
1
4178 41
62 Apr 73/
41
4214 4212 4213 4234 34113 42
8 45,200 Tobacco Products Corp...100 70 Jan 2 8013 Mar 4
797
79
Oet
80
4
1
/
93
Mar
7853
8314
7734 784 744 7812
100 9318 Jan 2 9913 Apr 24
Do Class A
7534 7618 7618 78
9818 2,900
98
614 Jan
9758 98
34 Apr
9714 98
98
578May 9
98
34 Jan 2
98
98
•9712 98
4 48,500 TranscTi 011tem ctf new No par
1
518 5/
Jan
3518
54
Oct
54
514
8
283
10
5
Jan
35
518 54
512
5
518
400 Transue & Williams St'l NO Par 2514May 13
5
Jan
2512 2534 .2512 27
31318 Sept 43
25 3818 Mar 26 45 May 16
.2513 27 .2512 27 .2512 27 .254 27
4312 16,200 Underwood Typew
43
44
Feb
43
8
645
4334
Sept
i
4212
39:
8
443
22
4912May
434
1
4478
Apr
4413
36
_100
4234 45
494 11.500 Union Bag & Paper Corp _
474
Apr
47
as
4712
8
475
47
.21 Jan 3 100 Feb 28
4534 4734 4658 474
47
44
No par
500 Union 011
38
*4
*38
4
38
12
3,
35 Nov 39 Nov
4 Feb 5
1
12
12
25 3618 Apr 27 43/
33 "14
"h
3812 394 20.200 Union Oil. California
3713 3712 38
Jan 13278 Sept
94
374 3718 3758 37
37
37
100 11812 Jan 17 12814 Feb 27
37
Car
Union
Tank
700
12712
.124
128
.125
128 12818
124 127
4 Feb 18 11718Mny 6 10814 Feb 11634 July
1
/
113
100
prof
•123 124 •123 124
Do
400
115
•112
.112 115
Oct 37 Feb
115
20
115
116
4
Mar
8
367
*115
May
15
115
par
24
115
No
116
4
Alloy
United
Steel
.1143
3,700
27
27
71 May 12158 Dec
2412 2433 2478 2414 27
2412 24
100 11078 Feb 4 12758May 21
2458 2458 24
14.400 United Drug
4 12758 12658 127
1
4613 may 53 Dee
544 Jan 12
124 12478 124 12678 126/
16
Jan
52
50
prof
1st
Do
12534 12534 12412 125
800
5418 544 5412
*54
4 Aug
/
Jan 2241
54
54
54
5414 54
54
100 20478 Mar 31 231 Jan 3 182
5414 .
*54
21212 2144 1,000 United Fruit
13 July 48 Dec
21512 21512 *21212 215 .
212 21312 21434 21634 215 215
36,600 Universal Pipe & Rad__No par 2612 Apr 27 5073 Feb 11
3478 37
36
35
4718 Oct 79 Dee
3512 37
11
Feb
94
3434 38
27
Apr
6612
3418 36
100
pref
Do
3312 35
13,300
7613 7613
76
76
64 Feb 16958 Dec
11
784 7778 78
7778 77
77
7478 76
14,400 US Cast Iron Pipe & Fdy 100 131 14 Apr 22 250 Feb 27
15034 156
149 152
8178 Jan 1044 Oot
100 10012 Apr 29 11212 Feb
156 15712 149 1564 151 15412 *102 104
Do prat
15312 155
400
10234 1023
1024
21's May 42 Dec
17
Jan
1027
4
8
393
4
1023
17
10253
Feb
3013
104
par
No
104
•10212
ctf
•10214
3214 7,100 US DIstrib Corp tern
32
3214
324
4
333
98 July 168 Dee
8
4
Jan
323
154
344
9
4
323
3234 33
100 130 Mar
Do pref
100
323 331
130 130 .120 150 •I2014 150
1638 Mar 2438 Deo
22
.124 145 .125 150 .125 140
3214May
3
Jan
4 3214 8,500 US Hoff Mach Corp Y t 43 No Par 23
/
311
4 Dec
1
6118 May 87/
4 3178 3112 3134 33114 3173 88
/
100 76 Mar 19 91 May 22
304 311
30
30
30
57.000 U S Industrial Alcohol
91
8778
4 Dee
1
Jan 106/
8
863
98
22
8
865
8712
8May
1087
29
Jan
105
8814
4
863
100
Do pref
400
8612 8718 8612 8714
3
1087
8
1087
4 Dec
109
1
/
143
.10714
June
90
12
10714
100 11412 Mar 30 14734May
4
/
& Improv1
•107 109 •107 10812 •1074 10834 10714
4 100 June 143 Des
14158 13934 14938 14014 1414 9.600 US Realty
May
142
14012
2
Jan
12214
3
s
1403
1413
100
141
13912
pref
_. Do
13778 1394
4 Jan
1
/
42
May
2212
12
4May
473
3318
30
Mar
100
Rubber
_- _•13834 140
-i8i, 164 "iLis 1614 -3-3700 United States
6612 May 9573 Dec
100 9234 Mar 30 10014May 13
4 46l 4733 4534 467
Do 1St pref
4513 4573 46 17-14,050
99
99
4 Dec
/
411
Mar
34 99
98
1818
8
993
7
Jan
39
9834
17
Feb
4
993
9914
30
60
994
99
4.300 US Smelting. Ref de Mtn_
*984 99
4 Dec
1
364 3634 3612 37
3718 Mar 46/
50 44 Apr 16 4618 Jan 5
Do Prof
3512 3512 354 3614 3614 3613
200
3534 36
4413 45
4412 4478 4478 .
9414 June 121 Dee
23
Jan
4
/
1291
4412
30
8Mar
4
1123
413
.44
_100
Corp_
45
States
Steel
*44
United
46
1544
11918 1194 183,200
July
12014
8
123
1193
Feb
8
26
1183
4
Jan
8
1193
8
1185
7
4
y
1265
1183
12218Ma
100
UtahDo Copperpref
11614 11714 11612 11714 11634 123
Jan 8854 Dee
64
12312 12312 12312 12334 12412 12458 5;000
12258
10 82 Mar 19 92 Jan 15
12234 123
12234 123
90
90
Dec
8914
894
46
8812
1633
Jan
1577
8May
20
8712
17
Feb
4118
8
100
8714
873
8712
87
. 15.200 Utah Securities
8712 88
.
4 Feb
1
1918 June 33/
4 Jan 3
/
145 15778 144 156
No Par 2553May 4 311
4 3,900 Vanadium Corp •
12112 12173 125 12712 12913 144
4 -254 2831
1534 Oct 3318 Jan
19
4May
243
2733 2812 2734 28/
13
8
164MaY
267
2714
par
No
2713
Raalte
Van
4
*263
4,300
23
23
2634 2714
2312 24
5384 Sept
25
100 60 Apr 1 73 May 22
4 2418 2434 .21
/
Do 1st pref
1,100
2112 2318 2314 241
73
73
an
72
4 Jan
1
0/
10
June 8
72
75
5 Apr 17
218 Mar 23
71 •70
70
70
674 7014 370
412 412 2,600 VIrginla-Caro Chem.._No par
412
412
414
4 June 3434 Jan
1
433
2/
17
Apr
3
4
1
/
8
203
Jan
5
418
100
4
pref
4
Do
4
4
4
16% 4,900
1614
1714
1614
4
163
18
213
Apr
•1612
17
1
Jan
No par
Do "B"
178
•1513 1618 1538 154 1614 164 *158
na
Jan
2 j
July 1518
43% j
173 .138 178 •138
714 Jan 13 1534 Apr 15
178
No par
*138 178 •133 178 •14 143
134 1378 3,200 Vivadou (V) now
14 Apr 20 Nov
4 Jan 3
1
19/
8 1373 1413 al378 14
No par 1518May 11
7,400 Waldorf System
1334 144 14
14
4
163
14
1612
4
163
1634
1653 1678
Weber & Hellbr, new..c No par 51 Apr 17 52 May 5
1634 17
4 17
1
1614 1678 16/
5213
5212 •52
4 Nov
1
5 Oat 12/
5212 .52
4 Jan 5 14 May 22
1
1 12/
5212 .52
5212 .52
200 Wells Fargo
14
5212 •52
.52
1412 •1213 1312 •1234 1312 14
1412 •13
1313 1318 •13
4 Jan 9 117 May 12 11158 Apr 117 July
1
100 113/
400 Western Elect 7% pref
117
Dec
•114
11553
1184
11512
May
11412
11614 Jan 2 135 Apr 23 105
114 11612 11412
11612 11612 114 117
133 13312 8.600 Western Union Telegraph100
Jan 111 Dec
1334 134
84
4 Jan 7
1
13212 134
500 Westinghouse Air Brake... 50 97 Apr 9 113/
101
13234 13333 13312 13434 13434 1344 *10014 10112 1004 102
May
101
75
May
5518
3
Jan
84
28
Mar
4
/
101 101
101 101
7212 39,000 Westinghouse Elea & Mfg_ 50 661
10012 101
72
72 Jan 82 Dec
724 7318 7214 73
60 7012 Mar 30 86 Jan 5
Do 1st pre
7253 7412 734 7413 7258 7378 .8214 87 .8212 87 .
8212 87
4 Jan 127 Dec
1
47/
par 105 Mar 2 145 May 21
newo_i00
*8278 87
87
9,500 West Penn
82
140
•8278 87 .
140
145
4 Apr 97 Deo
1
87/
124 13512 13714
94 Apr 3 98 May 21
pf tern ctf
Do 7% CoN
123 12412 12334 126
•121 123
9712 1,400
97
98 .
97
2318 May 20% Feb
4
/
971
2
Feb
4
31
313
97
Mar
8
255
par
97
NO
8
.967
White
011
Eagle
97
7.300
96
9612 9678
2712 2758 2812
4 Dec
1
4 Apr 72/
1
50/
2612 2634 27
50 5718 Mar 30 76 Jan 13
2612 27
White Motor
27
27
27
27
5 Jan
34 Oct
6934 6834 7078 55,300
138 Jan 10
38 Jan 30
7114 6834 7034 69
4 1,900 Wickwire Spencer Steel_No par
12
6712 684 6814 7012 70
24 Dec 24 Dec
38
12
38
12
.
38
100 1878 Feb 24 32 Jan 19
*12
53
Do pref
4 Jan
/
678 May 141
94 Jan 26 2412May 11
5
d (The)
3-1-4 -Hilt 'His 2-87:400 Willys-Overlan
-2.
6112 May 88 Jan
21
23
4 Jan 28 111 May 22
1
, 22
100 72/
Do pref
78 2333 -2214 235
-22- -Hsi -22
2,9700
Jan
28
10412 111
May
4
1043
4
44
1033
7
Mar
10412
4
1
/
13
10314
28
Apr
553
No Par
10038 101313 10058 1024 10278 10434
4 Jan
1
64 618 2,300 Wilson & Co. Ins
Aug 72/
11
618 613
64 64
100 18 Apr 24 60 Mar 7
613 658
Do pref
64 612
618 618
900
21
21
4 Dee
1
Apr 128/
4
4
213
213
7212
21
5
12812May
21
28
11214
Jan
W)
2112
25
(F
Co
•21
2113
2112
204 204
12578 12514 12773 14.300 W aolworth
2314 June 81 Dec
4 Jan 2
1
100 3634May 14 79/
12578 12634 126 12618 126 12634 12558 12673 12412 4053 4014 414 11,700 Worthington P & M
68 July 8918 Dec
4053 3914
40
42
100 79 Apr 6 88 Jan 9
3914 40
3934 4134 41
Do prof A
200
8412
.81
81
4 Jan 7534 Dec
1
/
58
81
11
Feb
8412
4
/
.81
761
7
Apr
65
8412
8412 81
•81
100
81
Do pref B
.81
100
.6534 6812
95, May 2338 Dec
66
6538 6812 66
16 Mar 30 2338 Jan 2
6534 68 .
67
70 .
6712 70 .
.
4 Dee
1
2113 2314 8.100 Wright Aeronautical_.-NO Par
20
35 Apr 46/
7
Feb
2034 2034 20
52%
30
par
4512
Mar
Jr)
2114 2144 2034 2044 *2034 21
(Wm
2,500 Wrigley
5012 52
50
32 Nov 8558 Mar
50
3318 Feb 18 42 Jan 3
4934 5018 34934 50
50
50
N
50
.49
Mfg tern ctfa_o
Cab
Bow
Yi
500
38
37
Oct
72
Dee
35
5934
35
36
13
*34
4 36
1
34/
*3414 36 .
.3518 37
800 Vi ungstown Sheet & T No Par 63 Mar 27 7612 Feb
*6714 67%
67
67
6514 6512 .6612 67
*6514 67
•6514 67
old
shares.
three
for
z Et-dividend. e New stool( on he 5asla of 1 new share
• Bid and asked Priem; no sales on thia day.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2665
Jan. 1 1909 the Exchange method of Incline bonds was changed and Prices are 130M "and interan"-arma for Manna and defaulted hands.
BONDS
N. Y. STOCK EXCHANGE
Week ended May 22.
k
t
ssc.
Price
Friday
May 22.
Week's
Range or
Last Said
co,2
BM
U. S. Government.
Ask Low
High No.
Hirst Liberty LoanSale 10051., 101532 399
J D 101
8k% of 1932-1947
Cony 4% of 1932-47
J D 102 10210., 1021.ahlay'25
Cony 412% of 1932-47
J D 1021., Sale 1025., 102"8, 225
2d cony 41
/
4% of 1932-47
10253. Sale 101153.May'25
J
Second LlbertY Loan413 of 1927-1942
MN 101 101158, 10115,,May'25
Cony 41
/
4% of 1927-1942
MN 101 1°32 Sale 1015,2 101113 967
Third Liberty Loan&h% of 1928
M S 1015182 Sale 101558,101"s 1166
Fourth Liberty Loan41
/
4% of 1933-1938
A 0 10211.2 Sale 10211.210253. 3589
Treasury 41
/
48
1947-1952 A 0 106142 Sale 1061,, 100",s 386
Treasury 48
1944-1954 J D 10211.2 Sale 102
10211, 669
Panama Canal 38 gold
1961 Q M
9712 Oct'24
State and City Securities.
N Y City-41
/
4s Corp stock_1960 M
um
10118 10112 10112
Reglatered
M
10014 Jan'2
4/
1
48 Corporate stock
1964 M
10338 1031
8 1023s Apr2
41
/
4s Corporate stock
1972 A 0 10312 104 ,10314 May.2
4/
1
48 Corporate stock
1966 A 0
10238 Apr'25 _ _
41
/
48 Corporate stock
1971 J D
1-083-4 10814
10814
5
/
1
48 Corporate stock _July 1967 J
1077e ___ 10778 May'25
910 Corporate stock
19653 D 10778 10812
10778
1078
4
/
4s Corporate stock
41
1963 IY1
1077 10814 10738 May'25 -A% Corporate stock
1959 NI N 998 10014 9934 May'25
Registered
M N
9814 Mar'25
4% Corporate stock
1958 54 N 997
._ 9934 Apr'25
4% Corporate stock
1957 M N 10718 f0758 100
Apr'25
4% Corporate stock
1956 M N 9912 _
9834 Mar'25
Registered
MN
9814 Feb'25
4% Corporate stock
1955 Ni N 9912 _
9834 Mar'25
Registered
Jan'25
_ 98
58 N
41
/
4% Corporate stock ___1957 M N 107Ifo-7-58 10678 Apr'25
434% Corporate stock---1957 M N 10718 107% 10612 Apr'25 ---Registered
_
105
Feb'25
M N ____
3/
1
4% Corporate stk_May1954 M N 9058 -91-38 9058 May'25
3f4% Corporate atk _Nov 1954 M N 905t 918 91
58
91
New York State Canal Im-0196
10258 Apr'25
J
48 Canal
10118 Mar'25 _
19423 .1
4)45 Canal Impt
1964 J J
11414 May'25
48 Highway Mint registerd 1958
103 Feb'25
_
Highway Improv't 91
/
48.-1963 M S
113 May'25
VIrginla 2-38
19911.1 J 134.1.4 ::__ 7612 Feb'25
Foreign Government.
I
Argentine (Gast) 78
1927 F A
argentine Treasury 56.£
1945 PA S
Sinking fund 6a Ser A
19571M S
Est! 6s ser B temp .Doc 1958 J D
Austrian (Govt) e I 713
1943 J D
Belgium 25-yr ext 817k.5-1945 J D
20-year f lia
1941F A
25-yr ext6/
1
48 interim rcts_1949 M S
Fill f 6a inter rota
19553 .1
Bergen (Norway).188
1945M N
25-year sinking fund 88
IA 0
Berne (City on s f 8s
1945,54 N
Bolivia (Republic of) 86
1947 at N
Bordeaux (City of) 15-yr 65_1934 54 N
Brazil U S. external 88
1941 J D
7s (Central Ry)
1952 J D
7/
1
48(coffee wear)Z (fiat).1852 A 0
Buenos Aires (City) ex,I 61
/
481955 J J
Canada(Dominion of) g 58.-1926 A 0
Se
1931 A 0
10-year 510
1929 F A
58
1952 M N
Carlsbad (City) a f 88
19543 J
Chile (Repablic) ext1 f 8a 1941 F A
External 5-year a/ 88
1920 A 0
20-year esti 71
1942 M N
25-year f So
1948 MN
Chinese (1Iukuang Ry)193_1951 J 13
Christiania (08k)) a f 8a
1945 A 0
30-year a f 6s
1954 M 5
Colombia(Republic) 6)4a...1927 A 0
Copenhagen 25-years 16)45.1944.2 .1
Cuba 5s of 1904
1944 M 8
Exter debt ba 1914 Fier A 1949 F A
External loan 434s
1949 F A
5348
19533 J
Czechoslovak (Repub of) 83_1951 A 0
Sink fund 88Ser B Int etfa_1952 A 0
Danish Con Municip 88"A".1946 F A
&rice 13 s f 88
1946F A
Denmark external 81 88
1945 A 0
20-year es
1942 3 J
Dominican Rep Con Adm .15858 F A
Custom Administr 5/
1
4a_ 1942 al
Feat
Indies
Dutch
ext 68
1947
J
40-year 88
1962 lifl S
/
48
80-year ext 51
1953 M 8
30-year eat 510
1953 M N
French Repub 25-yr ext 88._1945 M S
20-yr external loan 710_1941 J D
External 78 of 1924 temp_ _1949 J
Finnish Mun L'n 6145 A_ _ _1954 A 0
External 6145 Series B
1954 A 0
Finland (Rep) ext 6s
1945 51 S
External s f 78 lot ale__ A950 M
German external loan 7s rcts.1949 A 0
Gt Brit de Irel (UK of) 510_1937 F A
Registered
F A
1929 F A
10-year cony 634s
Registered
/
48
1952 M N
Greater Prague 71
1964 51 N
Greek Govt 78 lot rcts
1952 A 0
Haiti (Republic) 6t1
Hungary (Kingd of) a f 7348_1944 F A
Ind Bank of Japan 6% notes 1927 F A
1931 J J
Japanese Govt £ loan 49
1954 F A
1
48
30-year s f6/
Oriental Development 881_1953 M S
Lyons (City of) 15-year 85_1934 M N
Marseilles (City of) 15-yr 66.1934 M N
Mexican Irrigation 4%IL__ _1943 M N
1
48
1943 Assenting f 4/
Mexico(U 5) exti ba of'99 £ 1945 Q J
1945 --Assenting 58011899
Assenting bs large
Assenting 5s small
19543 D
Gold deb 0 of 1904
Assenting 48 of 1904
Assenting 48 of 1904 large
Assenting 4s of 1904 small
Assenting 48 of 1910
Assenting 48 of 1910 large
Assenting 48 of 1910 small........
Trees 68 of '31 assent(large)'33
Small
1952 .1 D
Montevideo 78
Netherlands 68(flat yrices) 1972 M S
30-year external Os (flat)_1954 A 0
1940
Norway external a f 813
1943 F A
20-year extl 68
1944 F A
20-year external 68
1962 A 0
80-year esti(18
10212
87..
gg334
104
114 Sale 10218
8614
87
225
9638 titile 96,4
96% Sale 9614
326
176
9818 Sale 9818
99
109 Sale 10834 10912 186
10714 Sale 10714
10712 35
206
9414 Sale 9414
95
8714 Sale 8714
8778 621
3
113
11314
113
0814 Sale 9734
9814 56
10914 Sale 109
10912 24
gra 143
9312 Sale 93
256
85 Sale 8478
86
9812 Sale 98
9834 171
8234 Sale 8218
82% 60
10614 Sale 10578
8
10614
9734 106
97 Sale 9612
100% RIO% 10053 10034 31
10238 Sale 10218
10212 43
10318 Sale 103
10314 46
10412 Sale 103% 105
99
9734 99
99
7
9812
109 Sale 10834 10914 32
1034 Sale 103
10312 14
10112 Sale 101
10178 83
10914 Sale 109
10912 37
48 Sale 4714
48
49
11012 111 11012 11078
5
100 Sale 9934 10014 62
100 10012 100
10018 27
99 Sale 9814
9912 144
98
99
8
9914 9878
97
08
9812 29
8818 Sale 87
8812 11
100 Sale 9938 100
254
99% Sale 9938
10012 27
9912 Sale 99
10014 52
110 Sale 10934
11014 63
110 Sale 10912 11012 48
110 Sale 110
11034 89
102% Sale 10134 10234 99
_ _ _ 10234 10234 10234 11
94% Sale 9418
9434 33
10214 Sale 10134
10212 129
102 Sale 10134
10212 160
100 Sale 100
1003
88
10014 Sale 100
10038 116
10234 Sale 10234
10312 245
9914 Sale 9914
100
356
9112 Sale 9112
9214 1046
89 Sale 87/
1
4
89
46
89 Sale 8812
89
20
8612 Sale 861
: 87
17
94% Sale 94
9478 170
9512 Sale 95
9512 1493
107% Sale 10712 1077 254
_
105 Mar'25
_
118 dale 11753 11814 718
11712 11712
5
92 Sale 9178
9314 145
88% Sale 8614
8634 39
9412 Sale 9334
9434 23
8934 Sale 8938
9012 148
100 Sale 9912 100
261
8378 Sale 8314
84
290
9334 Sale 9314
9334 548
8658 Sale 86
8634 28
85% Sale 85
86
177
86 Sale 85
86
94
20
21
13
24
Jan'25 _
45 Feb'25 -3734 Sale 364
3778 67
374 May'25
374 May'25
2212 2314 2134
2134
5
2212 Sale 2134
2278 87
264 Jan'25
208 May'25
2312 24'i 2412 May'25
__
2734 Sale 2738
2778 32
2334 Sale 2314
2434 106
3912 4014 4014
4014
5
39
4038 10
93 Sale 9234
9314 27
106 Sale 10534 106
45
10334 Sale 10334 10412 85
11034 Sale 11034 111
38
10034 Sale 100
10034 73
100% Sale 100
10012 98
10014 Sale 100
10034 111
•251
/
4=-3E. a Due Jan. 5 Due July. k Due Aug. y Due Nov
Range
Since
Jan, 1.
Low
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 22.
*its
a.
Palm
Friday
May 22.
Week's
Range or
Last Sale
High
Bid
High No.
Ask Low
Panama(
pRa
tar
bga
ulis tr recta.1953 .1 D 10214 10212 10212 May'25
10017sa 01"aa
1944 A 0 10014 Sale 9912 10038 50
10111sa 021sa Poland (Rep of) g On
1940 A 0 70 Sale 6912
,T,15/112
4 343
1019sa 02"s:
Ext'i a f g &interim rects_1950 .1 J 9012 Sale 87
01"as Porto Alegre (City of) 813-1961 J D 96 Sale 05
101
96
7
Queensland (State) est 8 1 78 1941 A 0 11253 Sale 112
11258 17
100"8102n,,
1947 F A 10414 10434 10414
25-year 13a
10434 14
10050ss 01"aa Rio Grande do Sul 88
1946 A 0 9512 9612 9534
9612 12
Rio de Janeiro 25-yr at 88 1946 A 0 9518 Sale 947
9514 18
10112, 102
25-yr esti 88
1947 A 0 94 Sale 9312
94
44
Rotterdam (City) external 651964 m N 10234 Sale 10134
10234 33
10111.,02258, El Salvador (Rep) 8a
1948 J J 10334 Sale 10334 104
16
10411,,06113, Sao Paulo (City) a f 88
1952 M N 9934 Sale 9914
99/
1
4
8
1001138 0215., San Paulo (State) ext a f 883_1936 ,1 ,1 102 Sale 10034
102
16
External a f 83 Mt recta_._1950 J J 994 Sale 992
100
50
Seine (France) ext 7s
1942 .1 .1 89 Sale 88
10058 1014 Serbs, Croats & Slovenes 88_1962 M N 8838 Sale 8734
9
88
91s
4 4
13
26
9
10014 100,4 Sots:was (City)68
1936 m N 86 Sale 86
10114 1022 Sweden 20-Year 68
1939j D 10334 104 1032
AV 1)
9
102 10314
1954 MN 10014 Sale 10014
External loan 5148
10034 151
1014 10288 Swiss Confedern 20-yr a f 10 1940 .1 1 11414 Sale 11414
115
22
10678 10814 Switzerland Govt ext 510..1946 A 0 10238 Sale 102
103
93
105% 10778 Tokyo City 5s loan 01 1912
6712 11
M 5 6718 Sale 671s
1064 107% Trondhjem (City) esti 61
/
48_1944 .1 ji 100 Sale 9934 100
22
10538 107% Uruguay (Republic) ext 8,3_1946 F A 108% Sale 10878
109
8
98 9934 Zurich (City of) o f 88
1945 A 0 10914 110 10934 10978
2
Railroad.
998'4
934 Ala Gt Sou 1st cons A 58-1943 J D 10114 102 101
9
101
3
Ala Mid 1st guar gold 5a_-.1928 M N 10012 10153 1015 May'25 -98 100
984 9834 Alb & SOSO corm 3148
1948 A 0 8353 ____ 84 May'25 -9814 984 Alleg & West 1st g 48 gu_1998 A 0 --------8314
8314
1
9834 0834 Alleg Val gen guar g 48
1942 M s 9214 _-- 9312 May'25 ---9772 98
7212 61
Ann Arbor 151 g 413___July 1995 @ .1 713, Sale 7138
10838 107
Atch Top & El Fe-Gen g 48_1995 A 0 9184 Sale 9112
9,
225 _14_6_
105Ig 10634
Registered
A 0 --------9053 May'25
90g
105 1055
Adjustment gold 48__July 1995 Nov 8438 Bale 844
8434 13
Stamped
July 1995 M N 84/
1
4 Sale 8412
8478 48
90
91
Registered
M N 79% ___ 8012 Apr'25 ---10253 103,4
Cony gold 48 1909
1955 .1 D 8412 847 8414 May'2
847k
10118 10118
Cony 48 1905
3
19553 D 8434 --- 847
11284 11414
Cony g 48 issue of 1910...1960 .1 D 8034 ---- 8312 Feb'25 --- 103 103
East Okla Div 1st g 0_1928 M S 0918 Sale 9918
99's 67
11134 113
7
Rocky Mtn Div lot 4a_ _ --1965 J
8714
8714 Sale 8718
nos 784
Trans-Con Short L 1st 45.1958 J J 86
885 8834 May'25
Cal-Ariz lat & ref 4/
1
41;"A"1962 M 5 9458 95
95 May'2 ---Registered
111 5 8814 ____ 9138 Jan'25
10138 1034 Atl KEIOXV & CM Div 48_1955 M N 917 94
101%
4
9112
9138
8113 8718 Atl Knoxv & Nor 1st g In..._1946J D 1024 ____ 10212 10212
2
95
97,4 All & Charl A L 1st A 41
/
45_1944 .1 J 9758 103
7
10
9434 9634
lot 30-year 58 Seem B__ _ _1944 .1 .1 10318 10358 1033
3
971
8 104358
83% 99
Atl Coast Line 1st con 0..h1952 M 5 9353 Sale 9358
94
19
107 11014
10-year secured 76
1930 141 N 107 Bale 107
10714 12
1008 109%
General unified 410
94
1984 J D 9334 Sale 9358
35
92
95
LA N ooll gold 48___ _Oct INS"
8914 61
if N 8818 8834 8834
83% 88
Atl & Dan,let g 40
79 Sale 79
7914 11
4 au
10818
2da48yad
95 1133
9514
94
449
g guar 46_199
8
1:
22 3
J 6812 Sale 6812
6812
1
let
8
0 7912 Sale 79
80
108 1114 A & N W lot go g 58
99 May'25 -.
9238 93% Bait & Ohio prior 310
5
100
1925 J .1 9978 Sale 997
80 86
Registered
July 1925 Q J --------997 Apr'25 _-Nig 98%
lot 50-year gold 48 July 1948 A 0 Wit Sale 91
914 .88
Registered
9014 May'25
July1948 Q J
84
7%
10
89
34
18 10
4
10
410
-year
NI El 9412 Sale 9334
9438 408
9518 9734
Refund & gen Es Series A.1
199
35
3 J D 90% Sale 19014
10012 10234
1st g 5s Int etfs
)1154
1(148 A 0 10312 Sale 03
8 i41
1(9
1014 103
10-year 68
10312 75
19293 .11 10314 10338 103
102 19334
Ref & gen Os ser C temp_.19953 D 1038 Sale 10314
10414 161
10134 105
P Jet & M Div 1st g 310_1925 M N 9978 ____ 9934 May'25 ---98
89
FL E & W Va Sys ref 48..1941 MN 8938 Sale 8914
8934 54
10614 10914
Southw DM 1st gold 3148_1925 J J 9878 Sale 997
9
100
102 10312
Southw Div 1st 53
9914 392
1950 J .1 99 Sale 9853
9838 103
Tol & CM Div let ref 48 A.1959 J J 78 Sale 7514
149147
80
10614 1094 Battle Cr & Slur let gu
1989 .1 D 6212 6458 6258
36_
4138 481z Beech Creek let gu g 48...A936 J J 934 9612 9314 Apr'25 ---10
114 13
19
06
93
i4
2 10
13ters
hau
Cd
ryEg
lt
aglga
st g 310.....1951 A 0 7738 ____ 8112 Mar'25
0-....1
194
964
6 1 D 8612 ____ 8618 May'25
9914 1004 B & N Y Air Line 1st
F A 72 Sale 72
72
9
9414 100
Brune & W 1st gu gold 48_ _1938 J J 94 Sale 94
1
94
9513 99
Buffalo It & P gen gold 58_1937 M 5 10012 10112 10012 1001
934 984
Consol 410
1957 M N 87 Sale 8612
10i
871
/
4
84 8812M N 8238 ____ 82% May'25 ---9612 100
BurIR
Ceg
Riar
Nor
d let bo
1934 A 0 10018 101 10014 May'25 -9814 1014 Canada Sou eons gu A 533
1962 A 0 10234 Sale 10214
10358
7
9738 10034 Canadian North deb a 1 74-1940 J D 117% Sale 117
1174 29
109 11034
20-year a f deb 610
19463 J 11838 Sale 11814
11858 28
10812 111
Canadian Pac Ry deb 48 stock
J J 8014 Sale 8
SS11 10S
90
312
109 111
Carb & Shaw 1st gold 48-.1932 M Ell 93% _ _._
91)18 103
Caro Cent 1st con g 48
1938 J D 804 8233 7914 May'25 _101 10334 Caro Clinch & 0 1st S-yr 58.1938.2 D 10118 Sale 101
10214
8
92
05
1st & con g 68 ser A
1952 J D 10734 108 10778
108
7
9838 103
Cart & Ad 1st fru g 0
1981 .1 D 8514 88
Jan'25
84
9878 102% Cent Branch U P 1st g 45 .19483 D 7714 80
98g
80 May'25 _ _ _
93/
1
4 10038 Cent New Eng 1st gu 48
_1961 J J 68
6812 67/
2
673
1
4
9234 10038 Central Ohio Reorg 410-1930 M S 9814 9912 9814 Apr'25
083
9834 10438 Central of Ga 1st gold 58-y1945 F A 10158 ____ 10234 Feb'25
93 10112
Cousol gold 58
1945 MN 1015, Sale 10112 101% 18
9274
86
Registered
Si N 10014 10114 10012 1001
15
8512 91
10-year occur Ils
June 1929 J D 10334 104 104
10418 10
854 91
Ref & gen 51
/
4s ser B
1959 A 0 10212 Sale 10134
10212 35
8314 8712
Chatt Div pur money g 48_1951 .1 D 84
88
8414 Mar'25 ---94
9478
Mac & Nor Div lot g 58_1946 J J 9934 ____ 9934 Apr'25 -9134 954
Mobile Division bo
1946 1 J 10018 ____ 100 Dec'24 -10478 10778 Cent RR & B of Ga coil g 56.1937 NI N 9688 98
97
08
5
105 105
Central of N J gen gold 58._ _1987 J J 10914 1092 10912 1094
5
1154 11814
Registered
83987 Q J 10712 1094 10812 10818
6
11512 1174 Cent Pas lot ref gu g 48____1949 F A 8978 Sale 8914
89% 95
89
9314
Mtge guar gold 3/
1
48
k1929 J D 96 Sale 96
96
6
83 884
Through St L 1st gu 48_ _1954 A 0 88 Sale 88
8934
5
9114 9434 Charleston & Savannah 76_1936 J J 11612 ____ 11212 Feb'25 ---87 901x Chee & Ohio fund & Rapt 58_1929 J
4
1003 10012 10012 10034
98% 100
lot consol gold ba
1939 M N 10214 103 10214
10258 38
81
84
1939 M N 1003 102 101 Nov'24 -___
90
94,4
General
R
ne
egte
raltered
gold 410
1992 M
92 Sale 91%
924 63
8312 8714
Registered
8912
1992 M B 8812 ____ 8838
7
8034 884
20-year convertible 41
/
48_1930 F A 9734 Sale 973
9818 296
30-year cony secured 53_1946 A 0 107% Sale 106
80
86
108 1335
1978 24
Registered
A 0 ____ ____ 10412 Mar'25 ---23
24
Craig Valley 1st g 58
19403
9814 100
9814 Mar'25 ___ _
45
454
Potts Creek Branch Mt 48_1946 J
83 Mar'25 _
3
32
678 4712
31
& A Div 1st con g 48_1989 .3R
8418 ____ 8134
12
85
2d COM301 gold 46
1989 J
7878 ____ 8134 May'25 _ _ _
35
374
Warm Springs V 1st g 58_1941 M 5 9338 9812 9778 Jan'25 __ -191k 25
Chic & Alton RR ref g 38_1949 A 0 0412 847 6412
6458 32
1818 24%
A 0 ____ ____ 6012 Jan'25 _ __ _
Registered
2618 2811
Cent'_
Certlfa Gap sled Oct 1924 Int_ ____
6118 ____ 6118 May'25
20
2412
6018 61
dem stmpd Apr 1925 lot.
60
6078
2
23
2,2 245
3012
53 Sale 5234
Railway first lien 3/
1
421- _ _1050 J
5312 93
__
5112 52
5112
Ctrs dep Jan '23damb coup
5158 26
3
20
042 4
28
378 Chic Burl & Q-III Div 310_1949 J
8512 8518 8578
8612
8
J
Registered
8012 ____ 8438 Apr'25
38
43
Illnois Division
9314 934 9134
9314
8
88
9314
4891
Nebraska Extension
4s-1
1929
7M
I N 99% 997 9938
9938
1
10234 107
1958 M S 9214 Sale 9112
General 48
9214 10
M 8 --------8984 Feb'25 ____
Registered
110118
90 4 113411
19
1971 F A 10178 102 10178 1024 29
let & rel 58
9711 t00% Chic City & Conn Rys ba___1927 A 0 50
5058 50/
1
4
52
s
9711 1008, Chicago & East III 1st 6s- _1934 A 0 10718 10714 107% May'25
971, ion% 0 A Kill RR (new co) gen 58_1951 NI N 7512 Bale 743
4
754 121
a Option sale.
98831
Bangs
Since
Jan, 1.
Low
Higls
10014 103
97% 102%
68% 79
87
98
94 9611
1
4
109 112/
10118 1054
94 98
9718
93
92
96
100 103
103 105
97 101
100 1034
9912 10018
8214 91
84
90
82 8818
103 10434
9812 100/
1
4
113 117
9818 103
6414 684
97 1004
10614 1101
:
108% 1114
10044 10114
101 101%
82
84
814 8318
91
94
8314 7212
884 9212
864 90/
1
4
811s 8434
82/
1
4 84%
79% 804
8158 8414
8118 847s
814 8318
98 100
84 874
86 8878
92 95
9114 918
.
8814 92
10214 103
95
97
102 103%
89
944
10554 108
9078 94
8618 8914
7888 80
62% 701s
75 80
98% 994
9978 1004
9944 9974
8544 9214
8514 9014
8918 9434
86/4 9114
100 104
102% 104
10084 104%
9934 9934
8358 9014
9984 10024
9834 9974
681i 76
6058 62/
1
4
924 9318
7814 8118
85
87
67
734
94
93
10012 1024
MS 884
82 85,
4
9918 1004
10018 103/
1
4
115 11758
116 118%
79 89/
1
4
98
9378
78 8314
100 10158
1057s 10812
84
84
7424 80
644 89
974 984
101% 10234
9914 10134
98 1004
1014 104%
99 1024
84 8414
99313 100
96
98
10718 10912
1064 10812
8838 894
9518 91314
8558 8934
11218 117%
98513 101
101/
1
4 1034
87;
7 -5214
8578 8912
9414 981s
1017s 1094
10338106¼
9718 9934
8214 83
8134 85
79
8134
9778 9778
62
66
8012 8012
58% 6234
80 624
4414 5E94
45
55%
814 8612
84% 8438
1
4
884 94/
99 100
884 924
89% 8944
11(01310214
48
83
10514 10714
7414 791.
2666
BONDS.
N. Y. STOCK EXCHANGE
Week ended May 22.
New York Bond Record-Continued-Page 2
.413.
Price
Friday
May 22.
Week's
Range or
Last Sale
in
i4a
Range
Since
Jan. 1.
BON OS.
N.Y.STOCK EXCHANGE
Week ended May 22.
a.
• Price
I
Friday
May 22.
Week's
Range or
Sale
L.I81
Sang,
Since
Jan. 1.
High
Ask Low
Mph No. Low
Mak
Bid
Mph No. Low
Bin
AMLOW
2
9912100% Erie & Pitts Bug 334s B1940 J J 8412 ____ 84
1982 MN 10012 ____ 100
Chic & Erie let gold 5e
10012
84 81
Jan'25
5934 66
&Mee C
66 1376
Chicago Great West 1st 481959 M
66 Sale 6312
Oct'24
.3, 8412 ____ 84
1
1 10914 111
:
Fla Cent & Pen let ext 059.1930
11033 ____ 11014
100 100
Chic Ind & Louise-Ref tle_lia;
11014
Jan'25
'
3 100 ___ __ 100
99/
1
4 10014
Coned gold be
100
_ 100 May'25
5833 99/
1
4
1
Refunding gold be
9934
J J 9934 Sale 993
8534 87
Florida East Coast 1st 430_19
Apr'25
9214 944
Refunding 45 Series C
1947 J
88
____ 87
95
49
3 3D 9414
9312 May'25
87
90%
let & ref 55 Series A
General 513 A
1966 61 N 9014 Sale 90
9014 14
93 964
1974 MS 9618 Sale 953*
9614'56
5 10134 10334
1st R.: ref Is Ser A w L._ _ _1974 MS 964 Sale 954
General fle B
May 19663
10312 104 10318
10333
954 9612
9612 463
771
/
4 7912 Fla West & Nor 78 Series A 1934
Ind & Louisville 1st gu 48_1956 J .3 7958 8014 7914 May'25
/
4 Sale 11434 11914 250 10278 11914
N 1181
8618 88
Fonda Johns & Cloy 434s...,..195'2 MN 6814 Sale 6814
841s 73
Ohle Ind & Sou 50-year 48__1956 J
85% -___ 88 May'25
6812 26
5
9312 93
Fort St U D Co 1st g 434e....1941 J J 8958 ____ 90 May'25
Chic L 8 & East tst434s1989J D 9334 ___ 9334 May'25
89% 90
1
4 5818 Ft W & Den C let g 5348_1961 J O 10434 ____ 1043* Apr'25 ---- 10438 104/
7 43/
52 -547
1
4
M & Puget 33d let gu 48___1949 J .1 5158 Sale 48
7014 79
Ft Worth & Rio Gr let g 48 1928 J J 97 Sale 97
j 77
7813 775
7812 54
92/
1
4 97
1
ChM & St P gen g 48 Ser A.01989
97
1
624 67
Frem Elk & Mo Val 1st 615_1933 AD 108
General gold 334s Ser B__e1989 3 j 67
69 67 May'25
10712 109/
1
4
____ 1083* May'25
8
771
/
4 87
G H & 33 A M & P let 5s
Gen 430 Series C
May 1989 3
85% 8618 854
100 100%
8612
1931
N 100%_ 100 May'25
922
99/
1
4 100%
4313 54
2d extene be guar
Gen & ref Series A 4Sie....a2014 A 0 52 Sale 5054
53
1931 J J 9978 1-0-014 100 May'25
4418 5828 Gals, Hone & Bend 1st 68....1933 AO 9314 94
9018 95
Gen ref cony Ser B 58a2014 F A 52 Sale 5012
5314 257
9334
938
3
9612 103% Genesee Ft/ver 1st a f 58
1035s 88
10 1004 1043s
let eec 6s
19343 J 10312 Sale 10318
1
4 10334 10358
104
1957 J J 103/
281
44 8012 Ga & Ala Ry 1st cone 68_01945 J J 9618 Sale 9513
53
93 102%
Debenture 43415
1932.3 D 52 Sale 5012
9818 26
46
7812 Ga Caro & Nor 1st gu g be 1929 3, 9934 10014 998
5312 467
9918 99/
1
4
4
Debenture 46
9934
1925.3 D 5212 Sale 51
44
5614 Georgia Midland let 35
5212 209
25-year debenture 4e
6414 68/
1
4
1934.3 J 52 Sale 51
1946 A0 65
653* 6534 May'25 -.94/
1
4 99
Gouv & Oswegatch be
984 112
Chic & Mo Riv Div 58__A926 J .1 98% Sale 9728
1942• D
_ 983* Feb'25 -98% 10013 Gr It & I ext let gu g 430.. 1941 J J 9934/
4 9934 9912 May'25
Oble & N'west Ext 48__1886-1926 F A 991
9534 96
- - 96 May'25
- "a' 6-6-5
_
895
8 99
Grand Trunk of Can deb 78-1940 AO 11678 Sale 11634
41 11512 117
Registered
1886-1926 F A 98% 9914 9858 May'25
117
6
73/
1
4 77
77
15-year a f Ss
General gold 330
1987 M N 77 Sale 7514
1936 MS 10818 Sale 10818 10818 45 10638 10831
72
72,4 Great Nor gen 713 Series A..1936 J
72 Feb'25 ____
129 10812 111
Registered
110
110 Sale 109
Q F
35
8112 86
85
let & ref 4153 Series A .1961 J J 9258 Sale 9238
91
9214
General 48
1987 M N 85 Sale 844
9234 11
2
82
85
10212 77 10014 10212
8412
General 53,4s Series B
Stamped 48
1987 M N 8418 Sale 8412
19'
5
73
2
3 10258 Sale 1014
10312 46 10118 10434
General 55 Series C
92 9514
General 58 stamped
1987 M N 10314 Sale 10314
9558 299
J 1 9513 Sale 94
1 104 10412 Green Bay & West deb ctfe "A"__ Feb 7618 80
__ 10412 10412
76
72
Sinking fund 68
1879-1929 A 0 10412
76
Apr'25
12/
1
4 1812
Debentures Ws "B"
181 39
A 0 103 104 103 May'25 ___ 103 104
Registered
Feb 174 Sale 16
1 10018 10034 Greenbrier Ry 1st gu 4s____1940 MN 6878 8812 8712 May'25 -88 8712
Sinking fund 65
1879-1929 A 0 10012 101 10018 10018
9912
9912
1
9912 10012 Gulf Mob & Nor 1st 534s.1950 AO 10214 10213 1015
1879-1929 A 0 9912 101
10214 53 10112 10214
Registered
9818 101
9914 103
9913 21
Gulf & 8 I le ref & to 5s_ _b1952 J J
1933 M N 10018 Sale 9914
__ 10018 May'25 -Sinking fund deb 58
Harlem R & Pt Chef)let 4s...1954
1933 M N 9912 Sale 101 Mar'25 ___ 101 101
8418 85
8412
844
Registered
5; 80 8434
N 1081810712 30 105 11215 Hocking Val 1st cons g 4%8.1999 13 9114 ____ 914
/
4
1930.1 D 10712 Sale 10634
911
/
4 131 8912 911
10-year secured 78 g
8 107 11213
11014 11218 11014
11012
88
9012
1936 M
Registered
9012 34
/
4
__ 8978
1999 3, 881
15-year secured 634s g
9912 100%
9112 102
4
96,4 98
a & T C lst g int guar
e2037 J D 9634 Sale 9514
10014
10014
Ist & ref g 58
1937 J J 10014 61;le
8558 17, 827s 86
9854
96
Houston Belt dt Term 1st 613.1937 3' 98 Sale 98
98
5
Chic RI & P-RaUway gen 4/11988 J 3 85 Sale 85
8314
9958 100
3
82
834 Houston E & W Tex let g 68_1933 ▪ N 100 ____ 100
J J 8834 8878 834
Jan'25
Registered
8314 89%
9978
99
/
1
4
8918 462
1934 A 0 8834 Sale 8812
1st guar 58 red
Jan'25
___
99
/
1
4
Refunding gold 4a
N
1
86% 884 Housatonic Ry cons g 58_ _1
88,5
92/
1
4 94,1
A0
Registered
881
/
4
9412 96
993
37
3• N 100941
/
4 May'25 -2 10113 103
____ 10212 10258
8813 93/
1
4
933 265
D 102
Hud & Manhat 65 Series A1957 FA 9314 sale 9134
Chic St L & N 0 gold 5e__1951
1 1004 103_
10114
7612 288
J D 10114 ____ 0114
Adjustment income 58
6734 76/
1
4
Registered
1957 AO 7614 Sale 76
7928 79% Illinois Central 1st gold 48 1951 • J 93/
9118 94
1951 .1 D 7912 -_ 7928 Jan'25 ---Gold 334s
1
4 ---- 9314 May'25
834 8578
9012 9011
Memphis Div let g 4a_1951 J D 8418 g5-12 8512 Apr'25
Registered
1951 J J 9114
9012 Apr'25 -0118 May'25 -_-_ 10118 103
1932 A 0 10118 102
let gold 3145
8134 83%
___ 83 Apr'25 - - -0 St L & P lst cons g be
1951 • J 843
83 83/
1
4
A 0 10038 ____ 10028 Jan'25 -- -- 10034 10038
Registered
Registered
8 85
8313 Mar'25 -'
3 835810334 14 10233 10811
Extended let gold 3348___1951 AO
80/
1
4 84%
Chic St P M &0 cons 88-1930 J D 10312 Sale 10315
_ 8312 May'25'- - -____
9214
9218
Apr'25
9218
94
9212
D
1st gold 313 sterling
62 62
8414-72
- - 62 Feb'25 Cons 69 reduced to 330-1930
1951 MS 64
5
9212 10514
97
1930 M S 97 Sale 97
Collateral trust gold 48._1952 A0 8858 89 88/
Debenture be
861
/
4 88111
1
4 May'25:- 9534 9678 9612 May'25
85% 85%
Registered
Stamped
A0 8553 873 8555 Apr'25 -- -861
/
4 -272
9
75
6
896"
18
9256
let refunding 4e
6
88
92
ChloTH&SoEaEt1s$581960J 13 85 Sale 8218
1955 MN 92 Sale 9114
55
771
/
4
77,2 665
Dee 1 1960 M S 7618 Sale 71
Purchased lines 3348
78% 831
/
4
Inc gu 58
8214 May'25
1952 3) 8318 84
7
9134 9458
9428
79
83
Registered
781
___ 83 May'25 -Ohio tin Sta'n let gu 434s A.1963.3 J 9428 9458 9414
3,
9
100 10234
83 85%
1963
J 10134 10214 10134 10134
Collateral trust geld 48___1953 MN 85338558 41
8 8518 85%
1st be Series B
974 10014
10018 54
1944 J D 100 Sale 997
81
82
Guaranteed g 58
Registered
_ 82 Mar'25 -- -MN 802
7 118,4 118
/
4 1174
1 10312 1061
1963.3 .1 11718 Sale 1171
Refunding 68
let 8346 Series C
/
4
1955
N 10612 Sale 10610 10612
10512 10534
1
4
29 102 103/
103 Sale 10214
16-year secured 5;48
103
Chic & West Ind gen g 6s..-3,1932 Q M 1054 ____ 10513 May'25
1934
76/
1
4 8112
8112 -iiL
10912 112
1952 J J 8114 Sale 7934
15-year secured 634e g
____ 11158 112
Consol 50-year 415
19313 J J 112
152
971
/
4
10034
10034
t
• temp_1962 M S 10012 Sale 994
Cairo Bridge gold 48
8814 8934
.ttly., 5
89%
19503 D 898 Sale 8934
9934 101
73
70
Litchfield Div 1st gold 33_1951 J J 7218 ____ 73 May'25
Choc Okla & Gulf cons 5s-1952 M N 10034 10112 101 May'25 __..4
7722 824
95
9312 95
___ 9312
10
Louie's/ Div & Term g 3348 1953 J J 805 ____ 821i
821
CInH&D2dgold4l41
1937J J 923
9153 93
93 Apr'25
4-93
70/
1
4 73
Omaha Div 1st gold 3s1951 F A 73% .___ 73 Apr'25
k1936 Q F 9228
CIEStL&Clstg4s
Apr'25
11
89 8
4
2 999
98171
91
336
71% 72%
k1936 Q F 9134 92
ly & Term g 38_1951 J J
723* Apr'25 -Registered
79
1
4 ____ 8912 Apr'25
88
1942 M N 87/
ClnLeb&Norgu4lg
1951 .1 J 83114 -- 8134 May'25
7978 827s
994 May'25 -- -8313
8tGriLoo,gludfilse3iD4I8
131v let g 3;48_1951 J J
8278 May'25
Oln S & CI cons lst g 58.-1928 J J 9978 __
2
8134 8414
/
4 ____ 8415
8418
Western Lines 1st g 4s
8612 88
88 May'25
1951 F A
Cleve On C1) & St L gen 46_1993 J D 841
19
98
9834
87
9812
84
1931.3 J 9812 Sale 984
Registered
Apr'25
84
1951 F A
20-year deb 4348
_
9913 10158 Ill Central & Chic St L &
1993.3 D 10112 ____ 10112 Apr'25
N 0General 58 Series B
104
9614 1003s
1929 J .1 10334 Sale 10312
Joint 1st ref be Series A__ _1963 J D 10018 Sale 100
1004 77
Ref & impt 65 Series A
10334 107% Ind III & Iowa let g 45
9112 22
8713 9112
19413 J 1044 ____ 10412 May'25 i _
1950 3 .1 9112 Sale 91
Os Seriee C
46
19413 11000
1603
4
9918 Sale 9834 100
19633
Ind Union Ry gen 58 882 A1966 j j 100 10053 10014
10014 19 100 101
be Series D
3
8914 91
9028
100 10034
9028
1939 J J 9028 _
Gen & ref be Series B
100 Mar'25
1965 J J
Cairo Div let gold 48
80
-- 8012
811
/
4 10
70 100 104%
8212 Int & Grt Nor let 6:: Ser A 1952 J J 10458
Cln W & M Div lst g 4e 1991 J J 80 -8178
10
7334
811
/
4 85
85
8478
9
66
78
4 Sale 17
19734358 423
Adjustment 6s, Series A...1952 Apri 733
92
3758
8
St L Div 1st coil tr g g 4e 1990 MN 8412 85
83 May'25
M N
67
67
Stamped
67 Apr'25 - - - Registered
8
8
8912
____
8912
Apr'25
33
8
8
7814
8014
89312
M
S
Cent
40-_1940
79
Int
Rye
Amer
1st
7858
1st
56..._1972
A
M
9r
N
i
g
Div
Spr & Col
87/
1
4 87% Iowa Central 1st gold 354... _1938 J D 6212 Sale
57
85
W W Val Div lst g 4,1-1940 J J 864 ____ 8734 Jan'25
1 10714 108
10734
6018 6214 7
2911 22
46
19343 J 10734_ _ 10734
59% 6034
:
0
81
6
670
Certificates of deposit
O & I gen cons g 65
10014
102,4
May'25
101
10118
1
01
-78
0
2178 32
58_1933
A
1933 2814
Refunding gold 45
1st
g
1951 M.-E3 2178 Sale 203*
Clev Lor & W con
96% 97
James Frank & Clear 1st 48_1959 J D 894 9013 89 May-25 -1935 M N 9678 ____ 97 May'25
864 89
▪ & Mar let gu g 4145
9814 9953 Ka A & G It let gu
84_38
_ 18
00
1:2 4
5
134„
118
g be__ _1938 3 3 10012 __
Cleve & Mahon Vail g 56-1938 J J 9978 ____ 9918 Apr'25
8412 Aug'24
- 84
Kan AM 1st gu g 4s
"id
1990 A 0 8158
CI & P gen gu 410 Ser B_1942 A 0
991g10012
-99- -265; 2d 20-year 5:1
99 May'25
19423 J
10314 ca _ 10012 May'25
Series A
8512 86,5 KG Ft S & M cons g 6s
May'25
1031e
8512
____
N
8112
1948
M
10214
1633
8
1
9
92
2
8
7
3
M
N
j
May'25
Series C 334e
84
8534 KC FIB & M Ry ref g 45_1936 A 0 8814 Sale 8718
___ 854 Mar'25
805, 8854
1950 F A
885* 141
Series D 3%5
12
8199
985
5
99
100
95
/
1
4
9828
98
99
K
C
&
M
0
_
It
&
11
581929
A
0
430-1961
A
993
4
May'25
let
gu
let
gu
Line
Sher
Cleve
____ 07
10738 10 10453 10712 Kansas City Sou let gold 38_1950 A 0 100147378 7414
7014 74
- - 7334 May'25
Cleve Union Term 534s..1972 A 0 10718 Sale 101
21
102
9912 102
8814 92%
Ref & impt 58
1973 A 0 10118
Apr 1950 J .1 9234 Sale 91%
9234 110
Istef5s8erB
8712 13
8314
8712
85
8812
863
8
58
8712
83%
8778
Sale
Kansas
86
City
Term
4E1_1960
J
J
4s,.1945.3
D
863
4
let
gu
Coal River Ry let
9678 2884 Kentucky Central gold 48_1987 J J
9812 13
87
864 Sale 8614
7
84
8658
Colorado & South let g 4e- A929 F A 9818 Sale 9813
9053 9575 Keok & Des M Sect! dep.„1934 A 0 843* ___ 86 Noy'24
9578 33
N 9534 Sale 955
4348_1935
M
erten
&
Refunding
p
May'25
8812
868
____
864
icir
100
4
863
4
0
10014
100
A
May'25
Knoxville&
J
J
5
8
,
Ohio
1st
g
6s___1925
1
9
9
4
Col & H V lst ext g 4s
8414 844 Lake Erie tS: West 1st g 5s__1937 J J 10014 10138 10014
1
-__ 8414 Apr'25
9934 10014
F A 833
10014
Coll:To' let ext 4s
8128 81%
8128 Jan'25
9518 96%
78 -84
2d gold 58
9678
1
1941 J .1 9678 ____ 964
Conn & Passum Riv 1st 48.-1943 A0 8714
12
8312
87
,
4
873
4
8712
7814 81
7912
Sale
80
27
873
4
J
7912
D
J
Lake
Shore
1997.3
gold
3345
°Ube RR let 50-year bs g......1952
10212
2
108
10418
7673 7812
Registered
1997 J D 7712 ____ 7812 Apr'25
1936J D 10334 10414 104
let ref 730
14
97/
1
4 98/
1
4
21
9112
89
91
93
Sale
9812
Sale
91
9812
983
4
Debenture
M
5
-A966.3
J
100
gold
1928
4s
Ss
1st
Cuba Northern Ry
95/
1
4 9712
2
/
4 ___ 9718
96
9713
24
9712
97
1931M N 9678 Sale 9678
J 971
25-year gold 48
Day & Mich 1st cone 4%8-1931 J N 9112 gale 904
8812 92
9578 99/
1
4
941
/
4 9612 954 Jan'25 - 914 61
Registered
M
48-1943
&ref
lst
Hudson
Del&
10612 194 1014 10838 Leh Val Harbor Term 58_1
/
4 Sale 10534
10234
1023
1 100% 1027s
931 M
1954
F N
A
1935A 0 1061
30-year cony be
10212 30 101 103
96
98
10212 Sale 102
9718 Mar'24
Leh Val N Y 1st gu g 4349_1940 J J 971s 98
1937
11
8
N
5145
-year
15
6 107 110
10838
93
93
Registered
3 N
J 9534 ____ 93
Jan'25 - - 1940
3 „4
eons g 49_200
19303 D 10838 Sale 10814
10-year secured Ts
81 Sale 813
94
94
79
81%
Lehigh Val (Pa)
81
1936 F A 9334 ____ 94 May'25
D RR & Bdge let gu hs g
82
8512
7878 Apr'25 - -Registered
M N ____ 86
85,2 -56
7812 784
8518 Sale 8412
J
J
4s-1936
g
cons
G-lst
Den & R
2
857s 8912
9134 9158
88
88
3
General cons 410
2003 M N 91
1
4 8712
91%
913*
1936 J J 8712 88/
Consol gold 430
96
99
/
4 13
Lehigh Val RR gen 58 5eriee_2003 M N 1013* Sale 101
98% 101%
1011
9834 35
Improvement gold 56._ -1928 J D 9858 Sale 98%
1011
1013
4
Sale
Leh
V
Term
Ry
lst
gu
g
5s
1941
A
I)
/
4
1023
4
1018
for
1023
4
6
rcts
del)
Farmers L & T
59
70
Leh & N Y 1st guar gold 4s1945 M 5 8712 ____ 8718
6112 Feb'25
8712
3
84% 89
Aug 1 1955
1st & ref 55
Lex dr East 1st 50-yr 58 gu..1965 A 0 107 Sale 10634 107
15 10312 107
dep
ctfe
Co
Tr
Bankers
593* 8913 Little Miami 48
Jan'25 ---1952 MN
4514 63 60
8314 84
84 Apr'25 -Ment to June 15'23 agree
5618 7034 Long Dock consol g (le
1935 A 0 10812 ____ 108 Apr'25 -- 1077
6234 Feb'25 ---,108
4514 68
Stamped
60% 6078 Long leld let con gold 5e...51931 Q J 10158 ____ 10113 May'25
Feb'25
604
99% 101%
'22
Feb
Bk
etfs
Am Ex Nat
132
55 6812
let consol gold 45
59
51931 Q J
94 9413
May'25
1955 MN 59 Sale 5814
Den & R G West 5e
2
39/
1
4 4914
334 S-a-i-e- 9941
19383 D 91
General gold 4e
4818
4914
89/
1
4 9114
19
'3 4714
-Des M & Ft D 1st gu 45-1935
453* 4634
Gold 48
46% May'25 ____
1932 J D 90
8973 9014
93
60
904 Ma9
r'1215
4
48
Temporary ctfs of deposit
9314 9312
Unified gold 45
1949 M S 8414 Sale 8414
9312 Feb'25 ---8214 84/
1
4
MN 9014 96
8414
1
Dee Plaines Val 1st 4Ms-A947 J D 724 7712 7312 May'25
73
7312
Debenture gold 56
1934 J D 97
95/
1
4 98
98
9712 May'25
Det & Mack-lst lien g 48-1995 J D 65
65
6712
Apr'25 ---91
20-year p m deb 58
871
/
4 915s
9112 9112
9112 17
6812 65
1995
Gold 45
12
91
Guar refunding gold 45
82 8514
9412
193
949
7 MS
M N 84
94
9412
8434 8413
85
6
9312 94
1961 M
Dot Riv Tun 4145
Nor Sh B let con g gu 513_81932 Q J 9918 100
Apr'25 __-- 102 104
98% 100/
1
4
9912 May'25 -10214 ---- 104
Dul Missabe & Nor gen 5a 1941 .33
991
/
4 10112
1927 M 5 100 Sale 100
100
3
---- 10134 May'25 -- 10012 10212 Louisiana & Ark 1st g be
Dui& Iron Range let 58- _1937 AD 102% Sale
11
8213 90
Lou &Jeff Bdge Co gu g 451945 M S 10
83 87
8
,
71
/
4 1__
8612
86%
04
3;
May'25
_
85%
86%
.33
5s-1937
Dul Sou Shore & Atl g
1
4
88
9078 Louisville & Nashville 58
1937 M N
1048 May'25 -- 100 105/
- 904 May'25 __-East Ry Minn Nor Div 1st 48248 AO 9078
____
9914 10114
Unified gold 4s
914 9534
1940J J 9514 Sale 9514
9534 37
1938 MS 10015 -- 10018 May'25
East Tenn reorg lien g 5s
_--- 100 101
Registered
Mar'25
1003
4
D1e0c'1
24
10014
J
1930
East T Va & Ga Div g 58
4 100% 101%
Collateral trust gold be-1
j 101 flifi2 10134
id612 103
19
9493
31 M N
10012 10112
9
1956 MN
Cons let gold 5e
1 101 102%
10-year secured 7s
102
10714 Sale 10718
15 105% 10712
N 102 Sale 102
Elgin Joliet & East let g 5s 1941
1st
__-99%
101
10414 108/
refund
May'25
10514
534s
Series
A
2
1003
93
9
M
A
N
O
108
9
7
2
15
4
101
1
4
Mh
1y
1067
8
A0
10112 -1965
El Paeo & 13 W let be
4 107 10834
1st & ref 58 Serles B
2003 A 0
3 10134 10534
104
104
Erie 1st consol gold 70 ext 1930 MS 10854 Sale 10812 10834 133
70
92
7213
1st
&
ref
9512
9512
951
/
4
10
430
2003
A
0
7112
7218
Sale
Series
C
95
Sale
7113
.3
J
1996
let cons g 45 prior
674 6812
N 0& M 1st gold 6s
1044 104%
1930.3 J 10458 107 10458 May'25
1996.33 6753 6912 6812 Mar'25 __-Registered
614 6618
2d gold 6s
16
03518
2 _6:4:58__ 168
4
049
3%
14 DF b
c:25
644 91
let consol gen lien g 48._1996 J J 64 Sale 6314
8214 67
Paducah & Mem Div 48_193
6F
A
3
Feb'25
9
4
0
1
9
3
4
8914 9012
Feb'25
6214
ii
Registered
1996
9512 98
6112 65
St Louis Div 2d gold 38_1980 M 33
4 9534 9534 10
Penn coil trust gold 4s 1951 FA -60" -06395
7:
1 _8_6_14_ 9712 Ma6
96
11
6212 69
4%6.1945 MS 8
97/
1
4
L&N&M&Mlatg
y'
6
25
119
66%
Sale
6614
A0
663
4
-year
cony
46
Ser
A
1953
50
2
60
89
L
&
N
South
8112 8614
joint
M
4s
1952
J
.1
8614
6615
do Series B
1953 AO 6614 6673 6612
Registered
693* 755
Jan'25
July 1952 Q J
7
86147
7218 69
Gen cony 48 Beres D1145.i A 10 72 Sale 7112
7 10112 10614 Leuley Gin & Lox gold 4%8_1932 MN
98/
1
4 99/
1
4
9914 May'25
10478
1955 3.1 10453 Sale 04%
Erie di Jersey lat f 13e
a Due Jan. to Due Feb. C Due June. e Due May. h Due July. kDue Aug. n Due Sept. 0 Due Oct. p Due Dee. 8 Option sale.
6,;fe
..
2667
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ended May 22.
3-53
Price
Fridau
May 22.
Range
Since
Jan. 1.
Ireek's
Range or
Last Sale
BONDS
N. Y. STOCK EXCHANGE
Week ended May 22.
1.7.„
t
a.
Price
Priclau
May 22.
Week's
Range or
Last Sale
Rang.
Since
Jan. 1.
High No. Low
Hick
Bid
Ask Low
High
High No. Lots
Ask Low
Bid
245
70
594 704
99 10114 NY Wches dr 13 1st Ser I 4 As_'46 ▪ J 69 Sale 674
1934 J J 10134 103 10118 Mar'25
Mahon Coal RR 1st be
834 136
82
4
823
8414
Sale
7912
1950
AO
Nord
6212
5912
61
RysfOJ.4swi
6012
4
603
N 6012
Manila RR (South Lines) 48 1939
7038 7912
7914 119
6312 6512 Norfolk Sou 1st & ref A ba 1961 FA 79 Sale 7814
_
1959 MN 6012 6578 6512 Apr'25
1st 4s
9434 98%
-- 9618 Mar'25
1941
gold 5s
N
1st
100
Sou
&
4
Norfolk
973
25
99
99
99
9914
_1934
_
be_
D
J
Manitoba Colonization
Apr'25
108% 108
108
8 108
964Norf & West gen gold 68.1931 MN 1067
8258 84
_ 84 Mar'25
1941 ▪ J 8038
Man GB&N W 1st 3As
10838 108%
10838 Apr'25
1934 FA 108
Improvement & ext 6s
10078 101
Feb'25
1931 MS 10058 102 101
Michigan Central be
_ 108 Mar'25
108 108
1932 AO 10718
gold
1st
River
4
91,
New
9114
99
Dec'24
10014
1940
Li
37
9212
92%
88
9112
911202
1996
AO
48_
g
cons
1st
N&
Ry
W
9114 Mar'25
1951 M S
J L az S 1st gold 3 As
8712
88
8712 May'25
1996 AO 8712 89
Registered
-if 86
7718 Apr'25
1952 M N 7734
1st gold 3 As
21
92
9112
8814
9118
9112
9112
48A94
g
gen
.1
4J
&
98
lien
1st
Div'l
9612
13
8
853
86
1929 A 0 854 Sale
20-year debenture 45
47
_
130
13112
13112
134
12512
1929
M
9312
10-year cony 68
88
9734 21
974
1040A 0
Mid of N J 1st ext Es
3
91
91%
9314
Joint 451941 JO 91% Vi 91%
C
&
C
Pocah
1004
100
Mar'25
88
F
1
97
9
14
e
_1929
l
9
Sal
34
58_
g
West
?Allis L S &
2 10112 103
103
Nor Cent gen & ref 58 A1974 MS 10212 102% 103
8512 94
-- 100 May'25
Mil & Nor let ext 4 As(blue)1934 J 13 10014
94
88
8258 91,2 North Ohio let guar g 58__1945 AO 8678 8914 864 May'25
1934 j D 8734 _ _ _ _ 8734 May'25
Cons ext. 430 (brown)
8018 Sale 85
8618 78
8378 8812
1997 Q
8634 8933 Nor Pacific prior lien 4s
8778
8778 874
MII Spar & N W 1st gu 4a__ _1947 M 8 87
17
_
_
_
_
84
8412
8414
4
823
8413
1997
Registered
Q
8834 31
Milw & State L 1st gu 3348.1941 J J 8814 8834 8838
6114 67
82
60
a2047 (;) F 6134 Sale 6112
General Ilen gold 38
-9813 101
8612 July'24
1927 .1 D 804
Minn & St Louis let 75
_ 594
5914
1
691g
80
59%
a2047
F
Q
621a
Registered
4
513
101
12
101
103
10114
1934 M N
1st consol gold 58
48
86
83% 871s
Ref & impt 4358 ser A2047 J J 8513 17. 8478
5818 58,8
60
36
5914 6112 5914
Temp ctfs of deposit
8534 Feb'25 - - -_
8534 8534
J
J
26
Registered
4
193
5818
May'25
gold
S
M
48...._1949
refunding
&
1st
10734 111 10533 10812
2047 J .1 107 Sale 10578
Ref & Impt 68 ser B
1312 21,4
2258 21
F 2258 Sale 22
Ref & ext 50-yr Ser A__.1962
10814 May'25 -- 105 10614
Registered
J J
15 May'25
8412 90
1534 18
Bet St P & S SM con g 4s Ingu'38 J J
9714 87
9714 Sale 9512
9534 9775
2047
ser
5s
C
impt
&
J
1004
J
Ref
8
947
Sale
854
8514
4
,
85
J
.1
1938
1st cons 58
9714 30
954 98
2047 J J 9714 Sale 9538
Ref &Impt 55 ser D
10211 10434
1931 M S 9514 9658 9512 May'25
10-year coil trust 83.4s
9914 Mar'24
1931 Q F 100%—
103
58
1st
Duluth
&
Paul
St
100
16
4
10314
1033
Sale
4
1033
1946
.1
J
A
Belles
65
let & ref
8438 Jan'25'
8438 -87
8138 84¼
1968 J
1st consol gold 45
10038 17
8334 9012
1949 M S 10018 Sale 10018
25-year 63.4s
1094 May'25 -- 1094 11194
Nor Pac Term Co 1st g 6s 1933 J J 10912
8634 22
1st Chicago Term 5 f 45_ 1941 M N 86 Sale 86
10314 Mar'25 -- 102 10314
10412 _ _
9912 100,8 No of Cal guar g 55
1938
AO
Dec'24
9211
9212
J
311_1926
Int
48
g
1st
mSSM&A
_ 10314 Apr'25'- - 1034 10412
94
91
North Wisconsin 1st 6s_ _1930 J J 10018
- 9934 May'25
Mississippi Central 1st 58_ _ _1949 J .1 994 ICU
2
7418
7412
78
7112 75
8014 8512 Og & L Cham let gu 48 g _ _ _1948 J J 74
9338 May'25
Mo Kan & Tex-1st gold 48_1990 J D 9338 94
9034 Dec'24 _
91
1943
48
MS
Ry
Conn
9512
41
Ohio
86
8512
8412
Sale
8514
Mo-K-T RR—Pr 155 Ser A_1962 J J
-May'25
10138
03
1
,
102
1936
80
9512 167
-ID
Ohio River RR 1st g 53
7114
1962 .1 J 9478 Sale 9414
1 99 f6f540-year 4s Series B
99
100
_1937 A 0 9834 10014 99
General gold 5s
7 10112 10414
7834
1932 J J 7858 Sale 7853
2 10038 10178
10-year 6s Series C
101
Dm
8
1013
101
j
▪
1927
89
58
g
guar
4
3
lst
10318
Cal
10334
8
&
Ore
76
Cum adJust 58 Ser A Jan 1967 A 0 10312 10334
2
9012
8814 9012
1946 J D 9018 ___ 9014
Ore RR & Nay con g 48
8712 156(1
8612 Sale 8558
Missouri Pacific (reorg Co)
7, 16358 107
107
9012 Ore Short Line-1st cons g 59246• J 10658 110 10612
83
1st & refunding 50 Ser /1_1965 F A
8 107
1035
1064
107
4
1064
1061
6'
J
14
101
1946
89
9012
163
100
Guar cons 55
9018 Sale
A
1st & refunding bs Ser C..1926
9734 64
964 9774
1929• 2:2 9734 Sale 9714
10014 25' 99 10214
Guar refund 45
1st & refunding 6e Ser D I949 F A 10018 Sale 10018
153, 8134 85
85
_ _ _ _ 8312
8
845
J
1961
6612
221
48
8
6212
ref
1013
&
10214
1st
Oregon-Wash
Sale
102
1975 M
General 48
2
9113
94
82
1946 J D 9114 9214 9114
8434 8932 Pacific Coast Co 1st g 5s_
6612 758
1938 NI N 6912 Sale 6538
Mo Pac 3d 78 ext at 4%
90,8 9853
8714 Mar'25
Pan RR of Mo 1st ext g 481938 F A 9114 Sale 92 May'25
100 100
41
Mob & Bir prior lien g 50_1945 J 1 854
100
100
3
3
99
9814
100
j
J
8032
1938
100
May'25
2d
76
55
extended
gold
1945 J J 9934
Mortgage gold 48
9412 96
0814 96 May'25
1024 10312 Paducah & Ills 1st 5 I 434s.,1955 j j 96
_2 8012 May'25
Mobile & Ohio new gold 63..1927 J D 7978
7914 147
7012 804
10278
5 102 104
Paris-Lyons-Med RR 6a1958 F A 7734 Sale 7734
1st extended gold 6a____51927 @ J 10978 foil 10238
187
1
4
85
873
Sale
4
8014 89
864
s
90
1958
8112
S f external 78
1938 Si 5 10212 1033 10212 Apr'25
General gold 4s
87% 68
8012 90
1954 SI S 8434 Sale 8434
90
Apr'25
9618 9934 Paris-Orleans ItIt:s 1 75
Montgomery Div tat g 5.9-1947 F A 90
4
9812
9814
97 100
9812
984
1942
10012
S
▪
8
4
997
993
May'25
78
Paulista
Ry
0912
t
S Louts Div be
9234 10
9214
917s 95
4
10014
Pennsylvania RP.—cons g 48 1943 MN 9434
8434 86
10014
S 10018
1171 '1M D
Mob & Mar 1st su g
9234 May'25 884 94,8
4 93
923
8
1107
1948
48
MN
gold
85
Feb'25
Consol
4
1103
J
8753
68
g
let
J
gu
1937
Mont C
2
9234
3
5
92
8
925
N
gm: 93
914
1948
1
May
1103
10314
4
10118
Feb'25
113
45
8
stam.)ed
1937J J 1103
1st guar gold 58
26
100
9814 100
1960 F A 100 Sale 100
5
10314
7634 82
10314
Consol 4343
2000 JO 10214
bl & E 1st gu 3 As
9372 71
95
▪ D 934 Sale 9338
93
102
1965
81
7
8
10012
815
Sale
General
8113
43-58
5s
1st
L
1928
AO
Washy Chatt & St
10212 170 10118 10334
1968 J o 10214 Sale 10134
18 10072 10134
General 58
1937 FA 10112 102 10113 102
N Fla & S 1st gu g 58
10838 71 10712 110
A 0 108 Sale 108
101
78
1930
101
1
secured
101
10-year
lien
pr
430-1957
Ji
lVlex
of
Ry
Nat
11034 33 10934 11112
1936 F A 1105 Sale 110%
19
30 Sept'23
19
15-year secured 6345
July 1914 coupon on
9734 149
97% 9834
1964 m N 9734 Sale 9734
1412 2134
19
21
Apr'25
40-year gold 58
Assent a f red June coup on
14
17
1714
Co—
8
177
Sale
Pennsylvania
1977
4s
f
AO
-years
Guar 70
8614
8614 8614
8814
3
--89
A_1937
MS
reg
trust
coil
874
July'23
Guar 3358
_
April 1914 coupon on
4
8312
8412 8312
8312
83
8 Guar 334s coil trust Ser 13_1941 F A 8314
18 May'24
1412 -f61Gen s 1 48 assenting red
14 84
82,2 Apr'25 8218 8218
82
1942
D
C
ctts
J
1514
trust
1714
May'25
Guar
33.4s
-1118
Nat RR M ex prior lien 43913_1926 JJ
May'25
8214
8212
8114
82
D
J
1944
D
3812 June'23
Guar 3348 trust ctfs
July 1914 coupon on
-9414 954
321:
25 July'24
Guar 15-25-year gold 4s1931 A 0 9534 9612 9538 May'25 - -29
Assent with July '24 coup on
8618 Apr'25 - 88%
85
1952 ▪ N 8514 87
31 May'25
Guar 48 Ser E
1951 AO
1st consol 45
29
8014
81
7018
774 8014
8014
Peoria & Faun 1st con s48.__1940 AO
Apr'24
2873 3134 28
April 1914 coupon on
3412 May'25 -4 3012
/
311
3314 34
Apr,
1990
20
48
Income
36
Jan'25
"ig
Apr
coupon
1924
with
Assent
10014 10
99 101
Peo& Pekin Un 1st 5 As __1979 AO 10014 10034 100
1612 Sale 16
1634 12
1954 MN
Naugatuck RR 1st 48
10012 32
9738 10034
Pere Marquette let Ser A 58.1956 J .1 100Ig Sale 9972
95'Z 06
1945 J J 7314 ____ 66 Slay'23
New England cons 58
2
8414 __-- 844
8414
8138 85
-s
-s
1956
B
Ser
4s
lst
96
96
1945 J J
Consol 45
-94
May'25
944
9312
924 944
1943
SIN
86
86
Phil(' Halt & W 1st g 48
7878 Dec'23
06
5 104 108
N J June RR guar 1st 48_ .1986 FA 95
108
1974 FA 108 Sale 1064
9018
86
Gen 58 Series B
86 May'25
J 8278 86
NO&NElstref&inap4A3A'52
7
42
4
1
49/
40
8014 844 Philippine Ry 1st 30-yr a f 98 1937 J J 42 Sale 42
New Orleans Term 18t 48._ _1953 J .1 9058 9113 9018 May'25 10
-- 10512 10512
1932 J D 10713 ____ 10512 Mar'25
8412
10018 10134 Pine Creek regstd 65
NO Texas & Mexico 1st 6s _ _1925 J D 8338 Sale 8314
4
97
9934 Sale 97
991a
96
AO
1940
A
11
PCC&StT.gu4348
10014
10014
10012
10018
9811
8
923
58
1935
income
AO
Non-cum
96
967s
9914 40
1942 A0 9958 Sale 9678 May'25 -- -Series 13 430 guar
9012 974
1954 AO 97$8 9758 9612
1st be Series B
9612 9612
95 Sale 9613 Mar'25
1942 MN
Series C 43-48 guar
98 10214
9718 64
1954 AO 9712 Sale 9612
let 5348 Series A
9314 ---- 9314
6
9314
34 9314
89
1945
MN
10212
104
D
1014
guar
Sale
Series
45
10014
10214
10214
Temporary
AO
9012 9114
934 9413
10212 20
Series E 3345 guar gold. A949 FA 9314 -__- 9114 Mar'25 - - & ridge gen gu 4 As---1945 ▪ Ji 10212 Sale 10134
894 Nov'24
994 100
1953 J O 034
9418
3
Series F guar 48 gold
B 1st con g 58___1935 AO 9378 _ _ _ 9418
N YB&
1
934
9012 9314
934
---N
•
9314
1957
11712
45
10618
guar
993
G
Series
4 May'25
N Y Cent RR cony deb 651935 MN 100
2
934
9338
93%
91
1960 FA
Series H 48
10938 43 106 11612
Registered
MN 10812 Sale 10814
---May'25
9672
____
95 9678
9534
A963
FA
As
4
guar
eons
I
Series
8
1067
87
Apr'25
116
4
823
A
1998
FA
Consol 4s Series
9412 May'25 - - 9412 9434
8872 93313
1964 MN
Series J 4 As
8612 26
2013 AO 8534 8712 8534
Ref & inapt 4345"A"
28
100
9934
9812 101
99 10214
934 31
A970 J D 0934 100
General St 59 Series A
Ref & impt Se Series C_2013 AO 9314 Sale 9234
9934 616
9934
99
9912 102
1975 AO 9912 9958 994
Gen mtge 55 Series B
10218 189
Registered
AO 10218 Sale 10114
997s 101
a1928 AG 100 10078 9978 Mar'25 -Pitts & L Erie 2d g 521
10118 Apr'25
N Y Central & Hudson River—
105 Dec'24 - - -____
1044
i
J
&
gu
McK
1st
7912
Y
Pitta
75
1997
J
J
Mortgage 3%8
____ 9834 Aug'24 - 7912 19
1934 J J 103
784
2d guaranteed 65
74
7912 Sale 7914
1997 J
Registered
___ 10118 May'25 -- i661-2
934 96
1940 AO 101
7818 May'25
Pitui Sh & L E 1st g 58
1934 MN 7812 79
Debenture gold 48
10014 May'25 -- 10014 101
10113
10014
J
21
J
1943
53
gold
9513
consol
Sale
1st
9514
0512
4
923
9214
N
Registered
9114 May'25 -9114 9114
9258 Pitts Va & Char 1st 45
1943• N 90
_ _ 9214 Mar'25 - 91
.• f
1942
80-year debenture 48
Jan'25 - - 100 100
_ 100
1
9118
- 914
Pitts Y & Ash 1st cons 5a_1927 MN 10014
93 93
9212-9212
914
Registered
87
Mar'25
87
87
A
D
7812
J
1948
series
4
4s
743
93
gen
let
Feb'25
-Lake Shore colt gold 3348_1998 FA
Apr'25 -- 10014 102
1962 FA 10114 102 101
76,4
7812 19
1st gen 513 series 13
74
1998 FA 7734 Sale 7612
Registered
5312 59,3
13
59
5912
Sale
5913
2
773
75
_
MN
48
7614
1957
deb
__
May'25
Secur
Providence
coil
FA
Cent
gold 3313-1998
Mich
7512 754 Providence Term 1st 45
1
1956 MS 8138 ____ 80 Sept'24
7714
7714
774 78
1998 FA 76Registered
2
95
96
93l
9534
9413 Reading Co gen gold Is
7518 Apr'25
1997• J 9512
91
1937 AO
N Y Chic & St L 1st g 4s_
_ 9478 May'25
9334
9412 9514
10
J J 9434
8
925
93
8
927
89
Registered
89
1937 AO
Registered
28
94
95
88
89
Jan'25
9278 9612
1931 MN 9114
Jersey Central 2011 g 48_ __1951 A0 93 Sale 9012
25-year debenture 4s
9512 116
9213 96
22 10212 10412
95
95
95
1997 JJ 9514 Sale 95
Gen & ref 434s Ser A
1931 MN
2d 6s Serhvi A 13 C
-10013
Apr'25
10012
101
4
993
10014
19
98
937g
Itichm & Dane deb 5s stpd 1927 A0
1974 AO 10338 10312 10333 10312
Ref 5345 Series A
794 May'25 -7412 7932
264
7712 80
93
90
9778 Sale 9612
1948 M N
98
Rich & Meek 1st g 4a
NY Connect let gu 434s A_1953 J A
89
10012 101 10058 May'25 -- 1004 101
1
9234
93
89
1952 J
Richm Term Ry 1st gu 55
N Y & Erie 1st ext g 4s___ 1947 MN 9234 94
9232 96%
89
Apr'25
9512 95,2 Rio Grande June 1st gu 55 1939 J D 9414 ____ 954 May'25 - - -1933 MS
3d ext. gold 434s
99 1004 100 Grande Sou let gold 4a 1940 J J
7
6
8
7 Apr'25 -- -6
1930 AO 9512 ____ 9512 May'25
4th eat gold 58
Dec'24---7
8
1003
10038
____
10014
1940 J .1
1928 in
Guaranteed
5th ext gold 4s
8612 14 -a2I3
9212 Rio Grande West 1st gold 49_1939 J .1 8534 Sale 854
9714 Dec'24
1946 MN
91
N Y & Green L gu g 511
47
714 75
75
91
Apr'24
2000 MN
7578 7812
1949 A 0 75 Sale 7434
Mtge & coil trust 4s A
N Y & Harlem g 33-58
894
85
89 Sale 884
8958 116
7578 Feb'25
7918 82
R. I Ark & Louis let 4 3,-4s
1934 M
NY Lack & W 1st & ref be_ _1973 MN
7314 7412
May'25
7412
75
7413
0812
Nov'24
10014
1973
.1
MN
1949
go
1st
Rut-Canada
g
45
ref
43-58
&
let
8858
2
8618
86
863
10012
8314
Feb'25
10712
1930
J
J
MS
106
1941
Rutland 1st con g 4348
NYLE&W 1st 78 ext
7512 8112
7972 8112 May'25
78
1943ii 10618 ____ 10712 Apr'25
9934 994 St Jos & Grand 151 g 4s
1947 J
Dock & Rapt 58
5 9518 Feb'25
94
9518
8
995
10018
95
Mar'25
1003
____
9314
994
3
1932
J
FA
1096
55
1st
Adir
5s
g
&
Lawr
1st
St
N Y & Jersey
10918
101 101
10018
2
1996 A 0 10112 ---- 101 ' Jan'25
2d gold 65
N Y & Long Branch gen g 48 1941 151 S 10018 Sale
2
91.4
94
9438 9514 9434
9414
St L Cairo guar g 4s
NYNH& Hartford—
994 10032
10058 38
68
6618 11
1947 MS 6(118 Sale 654
61
A 0 10012 Sale 11104
1 'I
31
93
St L Ir M & S gen con g ta 19
Non-cony deben 48
914 061s
60
60
954 Sale 954
9618 216
Jan'25
MS
60
192:1J
Registered
Unified & ref gold 45
3 Apr'25
9112 93
61 May'25
62
5558 61
Registered
Non-cony deben 33421947 MS 59
58
564
8372 8972
59
-8512 6Ea-e- 5534 8912 -231
55 60
Rly & Dly lst g 4e
Non-cony deben 3As_ _ _ _1954 AO 56
19
9932 10012
um 583
3
64
A O l00I2 102 100
Si) 65
1955 J J 6213 6418 63,2
3 MN
30
93
19
St L131 Bridge Ter gu g 5s
Non-cony deben 45
6378
78
71
64
8
N 6112 64
1956
6558 St L &San Fran (reorg co) 48 1950 J J 7734 Sale 774
56
7778
Non-cony deben 45
7413 7412
5712 15
J J
7413 Apr'25
4
5513 5913
Registered
Cony debenture 3345..._1956 J J 5634 5712 563
433
91
9312
8514
9212
Sale
8
915
Sale
4
508
913
4
9314
9314
923
1948
J
J
J
58
B
J
Ser
8614
1950
lien
Prior
65
debenture
Cony
10012 Sale 10234 10318 17 10178 1034
4
8312 90
8818
J J
8614
1928
Prior lien Ser C 58
Registered
9512 93
191
9338 10012
95
1940 AO 95
10012 218
1942 J J 10038 Sale 9918
9014 95
Prior lien 53,48 Ser D
Collateral trust 65
Sale
61
81
844 924
594
6114
0
A
MN
1957
Ser
68____81955
9234 Sale 9113
5334
924 505
A
4
adlust
61,
Cum
48
Debenture
6312
8778 481
8714
6314
Sale
May'25
88
Oct.
7614 8812
1954 J J
64
51960
Income Scales A 68
55
Cons Ry non-cony 48_
5 10434 10578
63 May'25
J 10558 Sale 10512 10558
Ry gen (is '31
&I San
era
1955 J J 6312
62 64
eunis
Go
StL
Non-cony deben 48
5712 24
5712
10034 May'25
6312
1031
Fran58
10018 101
5712 64
Non-cony deben 48_ - 1956 J J 1005
10012 Apr'25
J
8
8412 Dec'24
31 S
1996
1927 AO
100 10012
St Louis& S F RR cons 48_1
g 5s
1st
Northern
&
NY
0
A
70
8
973
1947
70
16
Div
6912
1st
1992
Southw
4
,
5s
MS
g
69
Dec'24
7012
65
4s_June
g
let
ref
N Y 0& W
1 102 jai
6578 66
1948 J J i nir4 16i 104
3
104
66
1955 ,JD 65
63 6912 St L Peo & N W 1st gu 5s
General 48
S 9338
mN
65 Apr'25
93381Apr'25
J D 5618
65
9232 9373
65
St Louis Sou lat gu g439M
Registered
8312 Sale 8258
8312 12
8612
bond
cHs
1
9
3
98
1
_
48
g
80
1st
W
8312
1942
Feb'25
AO
8714
8613
LS
8618
48
St
Boston
N Y Prov az
77
80
77
3
8714 8714 May'25
7211 78
78
2d g 45 income bond ctfs_p1989 J J
8214 8714
con gu 48_'93 AO 85
1st
Putnam
&
Y
N
9014 Sale 904 ; 9034 94
100
4
100
901
48
gold
Feb'25
8
3
Consol
MS
85
1927
100
100
56
gold
lat
NY&RB
73
J 90 Sale 8812
30
J D
90
952 j
193
13
81% 90
1937 1 J 73 Sale 7212
leit terminal & unifying 58_1
6678 76
N y suBq & W lst ref 58
184
8712
80
FA 594 664 6414 Mar'25
St Paul & K C Sh L lat 4%8_1941 F A 87 Sale 86
614 68
8738
1937
4348
gold
2d
9113 Apr'25
23
9112 Ms
61
5978 66
1940 FA 61 Sale 5978
St Paul E Gr Trunk 4 As1947 J J 9033
General gold ba
97
9312 Apr'25
N 95
93 94
1943
Terminal 1st gold be
--
a Due Jan. h Due July.
V Due Nov. I Option sale.
2668
BONDS
N.Y.STOCK EXCHANGE
Week ended May 22.
New York Bond Record-Continued-Page 4
Price
Friday
May 22.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended May 22.
Price
Friday
May 22.
Week's
Range Or
Last Sale
Range
Mace
Jas. 1.
Bid
Ad Low High
Low
High
Bid
Ask
Hire
Low High No. Low
StPaul Minn & Man con 48933.1 A 9612 ____ 9614 May'25
9414 9614 Am Wat Wks & Elec 6s__1934 A rj 9738 Sale
9212 9712
964
9712 64
Registered
.1 J 92
9412 May'25
9412 9412 Am Writ Paper a 1 7-6a
1939
j 5712 Sale 53/
5712
44
93
1
4
5712
lit consol g 66
1933 .1 A 10818 Sale 10818
10712 10912
10818
Temp interchangeable ctfs deP _
57/
1
4 Sale 55
5738
43
57/
1
4 49
Os reduced to gold 434s
1933 .1 .1 9934 10014 99/
9512 100
1
4
Anaconda Cop Min 1st 65_1953 F _ 10134 Sale 100
9934
994 10154
--A
Registered
1011
/
4 213
1933.1 .1 98
9912 9712 Apr'25
9738 98
15-year cony deb 7s
1938 F
10178 Sale 10114
240
9934 104
102
Mont ext let gold 48
1937 .1 13 9318 Sale 934
3
92/
1
4 9512 Andes Cop Min deb 7s 25% pd '43 j A
931a
j 9614 Sale 95/
94 100/
1
4
1
4
9612 136
Registered
.1 D 90'2 94
92
Jan'25
92
02
Amine (Comp Azuc) 734is ...1939J J 9112 92
9112 944
1
911
/
4
911
/
4
Pacific ext guar 4s___ __1940 J .1 8612 8812 8912 Apr'25 -8958 Ark & Mem Bridged( Ter 5s.1964 M
88
93 Sale 93
9314
91
68
9318
St Paul Union Depot 5e____1972 J J 10112 Sale 10114
102
16 100 102
Armour & Co let realest 434.1939j
85
80
D 89 Sale 8814
90
89
EIA&A Pass 1st gu g 4a__1943j J 841
/
4 Sale 8378
85
29
81
8514 Armour & Co of Del 5%5_ _ _1943 .1 J 93/
1
4 Sale 9234
91
1
4 200
94
93/
Banta Fe Pres A Phen 513_1942 M S 10058 ____ 10034 Feb'25
100/
1
4 101
Associated 0116% gold notes 10
94
35
7j
10234 103 10234 103
10134
M
1034
17
D
S
Say Fla & West 1st g 6s_1934 A 0 10918 111 111 Mar'25
10712 111
Atlanta Gas L let 58
98/
1
4 ____ 9858 May'25
974 984
1st g 5s
1934 A 0 102/
1
4 ____ 10114 Nor'24
- Atlantic Fruit 7s ars dep_-_1934
1912 2038 194
26
18
1
Scioto V & N E 1st gu g 4s..1989 M N 8934 Sale 89/
1912
89/
1
4
4 -8731
4
Stamped Ws of deposit___________ -- -- 39/
4 90
1
4 22
22
22
Jan'25
Seaboard Air Line g 48
1950 A 0 7912 Sale 7912
80
5
Atlantic Refg deb ba
81
74
97e4 994
1937
9912
9912
Gold 4s stamped
99/
1
4 43
1950 A 0 80 Sale 80
8018 27
8212 Baldw Loco Works 1st 56_1940 M N 103 Sale
74
105 103
103
6 102 105
Adjustment bs
Oct 1949 F A 8112 Sale 811
73 834 Baragua(Coup Az)734s
247
82
/
4
1937
/
4 106 10517 10534
1 1041
7 103 1^
Refunding 4s
5912 7312 Barnsdall Corps f cony 8% _1937
1959 A 0 7212 Sale 7078
7312 227
A1931 .1 J 10518 Sale 105
21
10214 10514
let & cons 63 Series A..1945 M S 9558 Sale 944
1
0
0
5
,
38
8
279
9534
84/
1
4 Bell Telephone of Pa 5s
1
4 95/
1948
103
Sale
10014 103
02
/
1
4
103
58
J
Au Sinn 30-Yr 1st g 48-311933
0
50
37
38
8912 Sale 89
410
89
1/
1
4 Beth Steel 1st cut f 55
8912
3
1926 .1 J 10014 10012 0038
5 1004 1014
Seaboard A Roan let 5a_1926 M 8
.1 10084 - - - 10012 May'25
1st & ref 56 guar A
1942 M N 9412 Sale 9412
934 97
S & N Ala cone gu g fe
95/
1
4 19
1936F A 10334 10412 10334 May'25 -- 10218 10354
30-yr p m & imp 5 f 5s____1936
90
J 9238 Sale 914
924
02/
1
4 40
Gen cons guar 50-yr 66_ _ _1963 A o 10612 10714 10612 May'25 -- 103 10612
Cons 30-year 6s Series A_.1948 F A 95 Sale 94
934 974
103
95
Bo Pac Col 4s(Cent Pac col)819 j
8712 Sale 8612
8712 40
84
8712
Cons 30-year 5 As Series B 1953 F A 87 Sale 8638
85
62
894
871
/
4
20-year cony 46
June 1929 M S 9712 Sale 9714
97/
1
4 193
964 9734 Booth Fisheries deb s f 65___1926 A
75
7978 77/
704 85
1
4 May'25
20-year cony ba
1934
2
13 10034 10114 10114
99/
10114
1
4 1024 Brier Hill Steel let 5146_ _1942 A 0 993
97 100
Sale 9914
20-year g 56
9934 93
1944 M N 100 10012 10012 10012
5 100 1004 B'way & 7th Ay 1st cg 5(1_1943 0 74 4 Sale
73
68
J
3
D
754
75
San Fran Tenni 1st 0_1950 A 0 87/
8414 88
1
4 87/
1
4 8714
8734 37
Ctfs of dep stmpd Dec '24 lot
7212 Sale 7212
673. 7514
1
Registered
7212
83 May'25
/
4 85
A 0 781
83 8514 Brooklyn City RR ta
9212
1941
905
9412
J
8
93/
93
1
4
---J
May'25
So Pac of Cal--Gu g 58
103
/
1
4 ____ 10314 Feb'25
1927 MN
103 10314 Bklyn Edison Inc geig be A__1949 J .1 10214 Sale 1017s
994 103
10214 109
So Pac Coast 1st gu g 4a
1937
_
.1 9418 ____ 9412 Jan'25
General (is Series B
9458 944
1930
J 105 10514 105
10518 12 104 10612
So Pao RR let ref 4a
gips
1955
92
/
4
Bkiyn-Man
./ 9134 Sale 911
9134 81
11 Tr Sec (is__
8214 88/
8814 Sale 8712
1
4
8812 686
Southern-let cone g ba
1
4 49 10014 10358 Bklyn Qu Co dg Sub con gtd A968 J
1994 J .1 10314 Sale 10314
103/
53'41 MN 62
611
6234 63
/
4 71
1
63
Registered
99
99/
.1 D
1
4 Apr'25
9958
let bs
72
1941
/
1
4
80
____
.1
80
80
.1
Feb'25
---Develop & gen 45 Beg A_1956 A 0 80 Sale • 7914
483
73
/
1
4
80
80
Brooklyn Rapid Trans g 5a-1945 A
--90 Noy'24
0 ____
Develop et gen 66
1956 A 0 10634 Sale 10612 107
209 103 107
Truitt. certificates
---96 June'24
Develop & gen 6)40
1956 A 0 1107e Sale 11012 11114 68 108/
1
4 11138
let refund cony gold 4s2002 .1
5618
____
81
.1
Dec'24
Mem Div let g 454s-5e
994
162
____ 102
1996
102/
1
4 12
102/
1
4
J
3-yr 7% secured notes____1921 J
10912 Sept'24
_
J
St Louie Div lat g 46
8612
1951
2
.1 8612 ____ 8612
8514 8712
Certificates of deposit,,,,,,,,,,
122 Mar'25
Mob & Ohio coil tr g 48_ A938 M S 88 Sale 8658
88
18 100
823
,2
8
CUB of depoalt stamped
1231.
121
2
12314
123
So Car & Ga let ext 5%s_ _1929 MN 102 10212 10212 10212
4
2
10
82
812 Bklyn Uri El 1st g 4-5s
1950 F--A 86 Sale 8538
8112 86
86
60
Spokane Internat let g 66_1955
8512 8614 8512
8612 16
8314 8712
Stamped guar 4-Se
8714 Sale 85
1950
8112
F
A
87,4
8714
59
Term Assn of St L lat g 4%3_1939 A 0 9678 9854 97
2
9814
9514 9814 Bklyn Un
Ist cons g be 1945 M N 101 102 101
99/
1
4 10112
10112
4
let cons gold bs
1944 F A 10034
- 10114 10114
10-yr cony deb 76
1 100 10114
1932 MN 13514
172
172
1 156 172
Gen refund a f g 46
1953
1
4 Sale 841
/
4
.1 84/
8478 17
8218 8514
1st lien & ref 6a Series A__ 10
94
37
2j
M D
N 110 11014 110
110
3 10714 1104
Tex de N 0 con gold be
1943
.1 9712 9812 98 Apr'25
Buff de BUBQ Iron f ba
961
/
4 98
91
914 934
94
92 May'25 -Texas & Pee 1atgold5s2000J D 10212 10278 10212 10258
9974 102/
1
4 Bush Terminal let 4s
9
1952 A 0 88
84 874
8754 Apr'25
2d gold income be
2000 Mar 90 100
90 Dec'24
Conaol be
864
9112
1955.1
914
91
Sale
9112
28
J
La Div B L 1st g 58
1931
99
.1 9914 9934 9912 May'25 -9912
Building ba guar tax ex.__1960 A 0 9712 Sale 9758
934 993.
9812 15
Tex Pac-Mo Pac Ter 5546 1964 M S 9934 Sale 991
9934 24
/
4
9818 10014 Cal G & E Corp unit& ref 59_1937 MN
100
/
1
4
98
Sale
101
10012
100
Tol & Ohio Cent let gu 581935
/
1
4
7
10014 _--_ 10014 May'25 9934 101
Cal Petroleum s f g 614s ___1933
A 0 104 Sale 1031
/
4 104
27 10034 104
Western Div lat g be
1935 A 0 100
____ 10014
10014
9923 10014 Camaguey Bug lot if g 7a___1942 A 0 92 Sale 9112
5
92
9'9112 954
General gold be
1935
1
4 9934 99
D 98/
99
13
9615 9934 Canada SS Lines let coil ef7e'42 M N 98/
1
4
Sale
98
9654 994
9814
8
Toledo Peoria & West 401917 J
2714 3178 28 May'25
Cent Dist Tel let 30-yr 5a___1943 J
30
28
102
____ 10034 May'25
1001. 1014
Tol St L & W pr lien g 3%s1925 J .1 9978 100
994 99/
9978 May'25 -1
4 Cent Foundry lets f (la
1931 F A 95 Sale 941
94
/
4
97
95
50-year gold 45
4
1950 A 0 8612 Sale 8618
8612 24
8218 8612 Cent Leather 1st lien 51 65__1945 .1 J 101 Sale 10038 10112 170
974 1014
T01WV&Ogu434sA
1931.1
9614
9678 Dec'24
Central Steel 1st g s f 8s_ _1941 M
112 11212 112
11218
4 110 114
Series B 4146
1933.1 .1 964 ____ 97
97
Jan'25 -Ch 0 L At Coke 1st gu g 58-1937 3
97
101
984 1014
10118
4
.1 101
Series C 4a
89/
1942 M S 89,2
1
4 89/
89/
1
4 Chicago Rya let be
1
4 Jan'25
1927 F A 7814 Sale 7758
754 88
791
/
4 102
Tor Ham & Buff 1st g 4e__1946 J D 86/
1
4 89
86 Apr'25 - -8418 8612 Chile Copper 66 Ber A
1932 A 0 10714 Sale 10718 10734 265 105 1114
Ulster & Del lat Cons g be---1928 J D 88 Sale 88
924
89
Cincin Gas & Elec let & ref ba '56 A 0 1011
7
88
/
4
1014
984
____
1011
1011
/
4
/
4
6
let refunding 548
50a 62
1952 A 0 56 Sale 534
56
5145 Ber B due Jan 1
13
1
4 10414 10314
1961 A 0 103/
103/
1
4
9 1004 1033,
Union Pacific let g M
1947.1 .1 94 Sale 9334
9(04 9412 Clearfield Bit Coal let 4a
944 113
80
80
1940 .1 J 81
80
Jan'25
Registered
.1
9234 Apr'25
_
Colo F I Co gen a f 66_1943 F A 91
891s 93
874 93
92
92 May'25
20-year cony 48
1927.1 .1 991
/
4 Bale 9914
9912 22
984 99/
1
4 Col Indus let & coll ba gu_-_1934 F A 8112 824 8112
80 8314
8212 20
Registered
.1 .1
Jan'25
98
98
Registered
98
82 82
82 Feb'25 -F A
let & refunding 4s
844 90
e2008 M S 8812 Sale 873s
8823 18
Columbia CI & E let ta
1
4 10112 19 1004 10112
1927.1 .1 16114 itile 100/
let lien dg ref 56
e2008 M 8 1074 108 10678 10678
I 1944 107
Stamped
1
4 101
1927.1 .1 101 Sale 100/
32 100 1014
10-year perm secured 641_1928 J .1 10334 Sale 103/
1
4 Col dr 9th Ay let gu g 58
1
4 10334 14 10312 104/
914 14
1993 51 5 13
14 May'25
15
N J RR & Dan gen 4a_1944 M
92/
1
4 ____ 9238 Feb'25 -9214 9212 Columbus Gas let gold 5a
9812 99%
1932
1
4
_ 9912 May'25
.1 99/
Utah & Nor gold ba
1926.1 .1 10014 100/
1
4 10014 May'25 -- 1004 1011
/
4 Commercial Cable lot g 4s_ _2397 J
71% 7712
77
10
Q .1 7612 7712 77
1st extended 42
1933 .1 .11 9358 ___ 93 Aug'24 -Commercial Credit f
98
9912
9834
99
22
M N 9834 99
Vandal% cons g 48 Ber A1955 F A
8658 Feb'25
-66374 ie5; Commonwealth Power6a6e 1934
9758 1014
10178 72
1947 M N 10134 Sale 101
Consol 46 Series B
1957 M N
5658 86/
8658 Apr'25
1
4 Computing-Tab-flee s f 68_1941 J
10114 1041
10212
.1 10218 10234 102
.
5
Vera Cruz & P lat gu 414.___1934 J J
Oct'24
20
Conn Ry & L lat & ref g 4%61951 .1
904 904
9158 9312 9012 Mar'25
Assenting let 43441
1934
2412 Jan'25
2411 24'l
Stamped guar 4%a
89
/
4 911
/
4
1951 ./ J 911
9212
VerdiVI&Wlstrbs
99/
1926M S 10018 ____ 10018 May'25 -1
4 10014 Cons Coal of Md lat & ref
92
13
344
81
55.1950.1 D 8314 Sale 8
8
94
134 26
2
90
Virginia Mid Scrim E 6e
1004 ____ 1004 10012
1926 M
2 1004 10012 Consol Gas(N Y)deb 5%a__1945 F A 10414 Sale 10318
10412 .547 10114 10412
be Series F
1931 J
100
994 100
____ 100 May'25 -Cons'd Pr & Ltg let 6145._1943 M S 10418 Sale 104
10414 114 10018 105
General bs
1936 M N 10014 ___ 10014 May'25
100 10012 Cont Pap & Bag Mills 6%a...1944 F A 88
874 924
88/
1
4 88
8814
4
Vs & Southw'n lit gu 56_2003 J J 100 102 101
9314 102
111
102
Consumers Gas of Chic gu 691936 J J 9934 -100 May'25 _
9278 1007s
1st cons 50-year .58
1958 A 0 93 Sale 93
844 93
16
93
Consumers Power let 5e___ _1952 58 N 9858 Sale 9712
90
983
/
1
4 9834
4
137
Virginian 1st ba Series A1961 M N 10114 Sale 1001
95 101,4 Corn Prod Refg sf gM
/
4 10114 342
901
/
4 July'24
1931 M N 101
Wabash let gold be
1939 M N 10158 Sale 10114
1011
/
4 28 1004 10178
1st 25-years 155
101 102
02 Apr'25
1028.
10015
2d gold ba
l939 1 F A 9712 Sale 9678
9418
975
97/
1
4 40
8 Crown Cork & Seal 1st s f 63_119
94
33
4M
F N
A 76 Sale 76
74
0
76
6%2 12
80
Ref s I 5345 err A temp__ _1975 M S 9712 Sale 9534
97/
1
4 926
9412 97/
1
4 Cuba Cane Sugar cony 7s
1930
J 95 Sale 95
9323 98
25
Debenture B 6s registered_ 1939 M
9334 Feb'25
0334 0318
Cony deben stamped 8;4_1930 J
10012 Sale 00
994
1024
46
1st Ben 50-yr g term 4s___1954 J J 80
81
774 8378 Cuban Am Sugar 1st coil 85_1931
80
Sale 0712 10754
7 1074 110
Det Ch ext 1st g ba1941 J .1 10114 10112 10078 Apr
9912 10078 Cuban Dom Bug let 7%6_1944 M S 10712
89
215
4
M N 9714 Sale 9612
9612 98/
1
4
9712 88
Des Moines Div let g 4s_ .1939.1 J 84
85
85 May'25
5134 8518 Climb T & T let dr gen 6a...1937 J
1005
8
0014
Sale
97 100/
1005
8
1
4
41
Div
1st g 3146
Om
1941 A 0 75
7678 77 May'25 -77
74
Cuyainel Fruit 1st 138 Int ctfs '40 A 0 99
9912 99
99
99
99
1
Tol & Ch Div g 41)
1941 MB 8514 ____ 86 May'25
844 86
Den Gas & EL lstdrref a f g bs'51 M N 964 Sale 9618
024 97
961
Warren let ref gu g 3 Ma
/
4 62
2000 F A
_- Eery Corp(D G) ist s f 7s_ _1942 MS 78 Sale 76
77/
1
4 Oct'24
76 82
76
1
Wash Cent let gold 45
1948 Q M 8112 84
8418 Jan'25 --8418 Detroit Edison let coil tr 56_1933
J 10134 Sale 0112 10134
9934 1024
3
Wash Term let gu 334s
1945 F A 8258 ____ 8214 58ay'25
8118 8512
let & rat be Series A_July 1940 NI S 10134 102
994
013
4
10214
10214
20
let 40-year guar 4s
1945 F A 8923
8938 Mar'25
Gen & ref 58 &dee A
89/
1
4
1
4 89/
1949 A 0 102 Sale 9834 100
9758 100
42
N W 1st gu 56_1930 F A 9658 ____ 9612 Mar'25
W Min W
9,584 964
let & ret ea Series B__July 1940 M
10778 Sale 0734 107/
106
/
1
4
10812
15
1
4
West Maryland let g 45
1952 A 0 67/
1
4 Sale 6614
534
174
67
/
1
4
6738
Bet United let cons g 434s....1932
91 Sale 90/
1
4
87/
1
4 9354
12
91
West N Y dr Pa 1st g be
1937.1 .1 10012 ___ 101112 10012
1
992310023 Dodge Bros deb 68 int rcts_ _1941M N 9634 Sale 0618
9412 994
97
190
Gen gold 46
1943 A 0 80 Sale 80
794 8218 Dold (Jacob) Pack let 6s__1942 M N 86
80
3
8614
8614
82
88/
1
4
2
8612
Income g be
Apr 1 1943 Nov 3514 46
45 Feb'25 - -45
Dominion Iron dg Steel 56_1939 J 1 52 Sale 5012
45
50 881e
52
5
Western Pac let Ser A 66_1946 M
4 -- -- 9434
129
96
Donner Steel 1st ref 75
9014 96
1942 J 1 9014 Sale 90
88/
1
4
911
/
4
90
13
let gold 6s Series B
1946 M S 1031
/
4 10312 10314 103/
1
4 30 100/
du
1044
Pont(El) Powder 4%8__1936 .1 D
1
4
941
/
4 May'25
9012 94/
1
4
West Shore let 48 guar
2361 .1 J 8418 85
8418
8412 19
8114 844 duPontdeNemours&Co 7346 1931 M N 108 Sale 0712
108
32 10638 10812
Registered
79/
1
4 8212
2361 .1 .1 8212 Sale 82
8212 21
Registered
hi N
0718
10718
107
/
1
4
Jan'25
Wheellng& L E 1st g ba___ _1926 A 0 10018 10118 100/
1
4 May'25 -.- 10012 10138 Duquesne Lt let & coil 6s___1499 J .1 ina- 6;1;0534
1041
4 107
Wheeling Div let gold 5a_1928
9912 100
9912 100
4
lot coil trust 534e Series 11_1949 J J 10514 10534 054 10618 81 104/
106
/
4 14
1930F A 07/
Ext'n dr impt gold 5s
1
4 ---- 9934 Mar'25
09
993
9934
134 East Cuba Sug 15-yr a f g 7)is'37 M S 10412 Salo 0334 1051
4 19
103
1067
.
10412
48
Refunding 4140 Series A1966 M S 7412 Sale 7312
74/
1
4 56
68
/
4 Ed El III Bkn let con g 4a.__1939 .1 ./ 9214 ____ 9214
741
9034 94
9212
RR let consol 46
1949 NI S 7734 7812 7712
7812 50
7812 Ed Elec III let cons g Se __1995 J ./ 9912
72
02/
1
4 Mar'25
1014
102
/
1
4
Wilk & East lat gu g be
1942.1 D 6614 Sale 6614
634 6712 Elec Pow Corp(Germany)634s'50 M S 874 Sale
6614
3
874 88/
8712
1
4
8814 65
Will & S F let golds.
1938
D 10234 104 10314
10314 30 102 10314 Elkhorn Coale% notes
1925.1 D 9714 98/
1
4 98/
98/
1
4 Apr'25
1
4 100
Winston-Salem B B let 4s___1960 J
8312 86
8478
841
1
/
4
82/
1
4 8712 Empire Gas & Fuel 7)0
1937 MN 103/
1
4
974 104
V. Is Cent 50-yr let gen 40_194911 J 801
784 814 Equit Gas Light 1st con 5s..1932 M 9 100 Sale 0314 10334 214
/
4 82
80
8114 49
Sale 00
9934 10012
100
Sup & Dul div & term let 413'36,M N 8514 85/
1
4 85 May'25
8238 871
/
4 Federal Light & Tr let 5s _J942 M
93/
1
4 Sale 934
88
96
9412
34
INDUSTRIALS
let lien Cis stamped
1942 M
10212 Sale 0212 103
9614 103
22
Adams Express cell tr g 4s_ _1048'M
85 Sale 85
85
19
8712 Federated Metals s f 76
85
1939 1 D 10212 Sale 0154 10212 57 101 107
Ajax Rubber 1st 15-yr s f 8s.19361.1
10134 Sale 10134 102
9412 10212 Fisk Rubber let a 8s
1941 M S 113 Sale 11212 11312 28 108 1134
Alaska Gold M deb (ia A____1925 M
34 6/
4
1
4 Ft Smith Lt & Tr 1st g S8 _1936 M 8 77/
6
5 May'25
7612 79
1
4 79
1
7714
7714
Cony deb 6a Series B
1926M
4
4
7/
1
4 64 Apr'25
6/
1
4 Frameric Ind & Dev 20-yr 7346'42 J
934 Sale 93
894 95/
1
4
93/
1
4 59
Am Aerie Chem lets.
954 103
1928 A
Francisco Sugar 1st sf 710 _1942 M N 10514
103 ---- 10112 103
20
10312
10614
10518
1067
8
10518
28
let ref a f 7)4a g
1941 F
10214 Sale 10114
9454 10212 Gas & El of Berg Co cone g 561949 J D
10212 164
9818 9812
9812 Feb'25
Amer Beet Sug cony deb 68_1935 F
100 Sale 9818
9731 10014 Gen Aaphalt oonves
10014 114
1939 A 0 10223 103.- 19234
103
14 101 103
American Chain deb 5 I 6s__1933 A
96/
9814 Sale 974
1
4 99/
1
4 General Baking let 25-yr 88.19363
9814 31
10518 10514 10518 Apr'25
10423105¼
Am Cot 011 debenture ba___1931 M
914 9434 Gen Electric deb g 3348
1
4
1
9434
94/
1
4 ---- 94/
1942 F A 84 Sale 84
83 84
1
84
Am Dock & Impt goes
1936 J
May'25
107
Debenture ba
10612 10812
1952 M S 10558 Sale 105
10.554 59 10113 10571
Am Mach & Fdy 518a
1939 A
9812 99
Gen Refr 1st a f g (is Ber A___1952 F A 10114 10112 10012
9812
3
98 100
984
100 10212
May'25
Am Republic Corp deb 6s_ _1937 A
914 9712 German Gen Elea 75 temP...1945 J .1 93
3
9634 9712 9612
9612
/
1
4 Sale 9334
934 941
.
03/
1
4 231
Am Elm & R 1st 30-yr 66 aerA 1947 A
9512 1)912 Goodrich Co 6146
9838 Sale 9814
9912 79
1947.1 .1 105 Sale 10434 10514 45 1003. 106/
1
4
1st M 65 series B
1947 A
10758 Sale 10712 108
29 10358 10812 Goodyear Tire A Rub late f 1941 M N 12078 Sale 12014
76 119 1207
.
120
/
1
4
Amer Sugar Ref 15-yr 63_ _1937
10412
J 10312 Sale 10214
10-year
107
9912
10312
f deb g 8a
d1931 F A 10912 Sale 109
108/
1
4 10954
137
10912
Am Telep & Teleg coil tr 48 1929 .1 .1 97/
1
4 Sale 97/
1
4
964 9734 Granby Cone M See P con Os A'28 M N 9912
9734 141
9318 100/
10018 Mar'23
1
4
Convertible 4e
1936 M S 9118 9218 9034
Stamped
903s 924
3
91
1928 M N 100 __
9812 Mar'25
934 984
20-year cony 4146
1933 M 8 96
4
Cony debenture 86
9612 9514
96
9438 116
1926
M
N
_
10014
10018
95
1
10018
coil
tr ba
30-year
1946 J D 10134 Sale 10114
Gray & Davis 1st cone 5 f 78_1932 F A 1)312 94
1011
/
4 138 100 102
9334
92 95
1
9334
35-yr 51 deb ba
1960.1 .1 9723 Sale 97/
1
4
1
4 Gt Cons El Power(Japan)76.1944 F A 91 Sale 9014
9412 97/
97/
1
4 271
874 9158
9114 78
20-year a f )46
1943 M N 104 Sale 10314
Great Falls Power 1st f ba_ _1940 MN 1024 10212 102 May'25
104
237 101 104
9978 102
7-year convertible (is
1925 F Al 13078 Sale 130
131
/
4 Hackensack Water lot 45___1952 J 1 8512 86
54 125 1311
85 May'25
83/
11
4 85
I
I
Havana El Sty T. & P gen be A '64 M S 9112 Sale 90
854 9114
9114 19
d Due May. 4Due June. 6 Due July. k Due Aug. 5 Option sale.
New York Bond Record-Continued-Page 5
2669
'ivRange
Week's
Price
BONDS
Week's
Bangs
Price
BONDS.
h"
ta
Since
Range or
Friday
Since
N. Y. STOCK EXCHANGE a.
Range or
._
N.Y.STOCK EXCHANGEFriday
6 May
b
Last Sale
Qz,s3 Jan. 1
22.
Jan, 1,
Week ended May 22.
Q.
ca
Last Said
Week ended May 22
so a. May 22.
High
Bid
High No. Low
Ask Low
High
Ask Low
High No Low
Bid
20 10138 105
Philadelphia Co coll tr 6s A_1944 F A 10434 Sale 10434 105
9514
5
9212 96
Havana Elec consol g 58____1952 F A 9514 Sale 9412
9334 9978
9678 60
15-year cony deb 5ISs__1938 M S 9978 Sale 98
49 103 105
Hershey Choc let eta 6s___ _1942 M N 103/4 Sale 10312 104
9934 10218
10218 90
Hoe(R)& Co lat 630 temp.1934 A 0 10218 Sale 10158 10212 42 10038 10314 Pions & Reading C & I ref 58_1973 J J 10038 Sale 10014
91 103
103
133
79
884 Pierce-Arrow Mot Car deb 01943 M S 10258 Sale 102
Holland-Amer Line 614(IMO _1947 MN 8812 Sale 88
884 28
19313 D 10612 10634 1064 10612 23 10258 107
9818 10014 Pierce 011st fle
5
10014
Hudson Co Gas let g bo_ _ _ _1940 M N 10018 Sale 10018
9958 102
10134
3
994 10212 Pillsbury Fl Mills 20-yr 66_1943 A 0 10134 Sale 10134
Humble Oil& Refining 5;0_1932 2 .1 10178 Sale 10112 102
69
97
9814
9712 Apr'25 -99
97 10114 Pleasant Val Coal lot get 5o_1928 J .1 98
Illinois Bell Telephone 5s___1956 J 13 10114 Sale 10018
10114 134
924 94
9618 _29_
Illinois Steel deb 4s
1940 A 0 9558 Sale 9558
1a134 1
s 314 Pocah Con Collieries let e15o1957.2 .1 9212 9312 9312 May'25 -9912 10114
10
101
Port Arthur Can & Dk 0 A_1
19
95
53 F A 101 Sale 9934
Ind Nat Gas &011 58
1936 M N 9114 9134 9138 May'25
8 101 101
101
101 10112 101
1st M 6s Series B
Indiana Steel loft 58
10314 28 1014 10314
1952 M N 10978 Sale 10258
22
9612 100
100
ngersoll-Rand lot Ss
9914 Feb'25 _
9914 9914 Portland Elec Pow 1st es B.1947 M N 100 Sale 9714
1935 J J 9934 101
9838 10078
6
10078
_ 993s
Portland Gen Elec let 56_1935 J J 9914
Interboro Metrop eoll 4 Hs_ _1956 A 0 11
13
11
Apr'25
924 9612
9512
4
9514
Ctf dep stpd asatd 18% sub_ _ _ _ _
Portland By let & ref 5s.._ _ _1930 M N 954 96
10,2
612 ---- 1012 Mar'25 2-_-_
9034 54
34/
1
4 90/
1
4
5958 743
b 4 Portland By Lt & P lot ref 561942 F A 9034 Sale 8918
Inter oro Rap 'Fran let bs_ _1966 .1--.1 68 Sale 66
6838 186
9912 47
94
99/
1
4
1947 M N 9912 Sale 9712
Stamped
59
lst I & ref0ser B
6612 Sale 6414
67
335
7312
1064
3 1054 107
10-year 65
6134 80
let & refund 730 Ser A1946 M N 106 107 106
6878 31
1932 A 0 6812 Sale 66
101 102 101 May'25 -- 101 106
10-year cony 7% notes_1932 3.1 S 8978 Sale 8734
95
Porto Rican Am Tob 8s_1931 M
85
8978 153
9334 97
9478 9434 May'25
73
lilt Agile Corp 1st 20-yr ba _1932 M N 71
3
67
1933 J J 94
7434 73
73
Pressed Steel Car 56
1 104 11514
Stamped extended to 1942_ __ _ M N 6778 Sale 6778
68
7
6212 704 Prod & Res f 8s(witn waents)'31 J D 11212 114 113 May'25
110 111
11014 _
Inter Mercan Marine 51 5s 1941 A 0 8878 Sale 8814
Without warrants attached_ _ _ J D 11014 Sale 1104
89
10458
1 10438 10514
'2
94
International Paper 56
Pub Serv Corp of N J gen 53_1959 A 0 10458 Sale 10458
93
SA
1947 J 2 9258 Sale 9112
95
99%
9978 227
let & ref bs B
1944 F A 9912 Sale 9858
84 Mar'24 _
Secured g 6s
1947 .1 J
55
98% 104
1
0
314
1033
4
Sale
1033
4
14
0
Jurgens Works 68(flat price)_1947 J j 99 Sale 9812
Pub
5;01959
88
9912
Sery
Elec & Gas Rd
9912 77
99/
1
4 10334
10334 134
Kansas City Pow & Lt 5e
955s 100
1st & ref 5 Hs
1994 A 0 10358 Sale 103
1952 M S 100 Sale 9938
100
117
10638 41 10212 10632
9814 10234 Pub Serv El Pow & Ltg 68_1948 A 0 10638 Sale 10434
Kansas Gas & Electric 6s .,A952 M 5 102 Sale 102
10234 26
1
4 10712
106
78 102/
Kayser dt Co 78
18 10112 104
Punta Alegre Sugar 7e
1937 J 1 106 Sale 10518
104
1942 F A 104 Sale 10314
48
8612 92
90
1
4
8938 Sale 88/
Kelly-Springfield Tire 88_1932 M N 100 Sale 9934
90 10034 Remington Arms 6s
10078 71
93/
1
4 9614
9614 85
82
Keystone Telep Co let 50_1936 J J 87
5
8714 Repub & S 10-30-yr0s 1_ _1
A N
O 954 Sale 9512
88
87
194
930
7M
8714
9212 32
901
/
4 94
9'212 Sale 9112
___ __ 10012 10134
1953 J
1192
58a,
53
3/2
,
Ref & gen 5(.s ser A
Kings County El & P g bs
1011
1937 A 0 10134
88/
1
4 90
885s 37
11412 11912 Rims Steel let 7s
1959 F A 8812 Sale 884
Purchase money 60
1997 A 0 11814 1-2014
1
4
64/
1
4 73/
Kings County El let g 48_1949 F A
1952 / D 6418 7012 66 May'25
7818 80
7814
Robbins & Myers o 1 76
7814
4 110 11034
11034 Sale 11012 11034
77
R
8
1 34 Rochester Gas & El 7s ser B_1949 M
7512 77
77 May'25 ___ 1_
Stamped guar 40
.1949 F A
1
4 105
10434
3 103/
10434 Sale 104
Kings County Lighting 58_1954 2 J 9778 ____ 9778 May'25 ____
89 10114
Gen Mtge 510series C_ _ _1948 M
90 Aug'24
634e
____ 10614 May'25 ____ 10332 10614 Roch & Pitts Coal & Iron 58_1946 MN 9132
1954.2 J 107
66
4
64 1312
Kinney Co 730
10714
1936.1 D 10678 Sale 10678
4 10614 1084 Rogers-Brown Iron Co 78_1942 M N 6512 Sale 65
:
9114
51 854 911
Lackawanna Steel 5a A
9312 26
StJooRyLtHt&Pr5e.,l937 MN 9114 -- 9114
1950 M 5 9312 Sale 9258
95/
1
4 9512
9512 _ _ 9512 Apr'25 -Lag Gaa Lot St L ref&ext be 1934 A 0 10012 Sale 10012 101
11
F
:
14 1E4 St Joseph Stk Yds let 430_1930 J
18
7715 82
82
82 Sale 8012
10112 92
Coll & ref 5Hs Series C.,,,.1953 F A 10038 Sale 10038
St L Rock Mt & P 5e atmpc1_1955 J
8112
74
Feb'26
Lehigh C & Nay s f 430 A_ _1954 J J 9912 _ _ 9914 May'25 ____
9534 100
St Louis Transit 5a
1924 A 0 705s ___ 81
95
97
9614 9678 May'25
95
- - 10034
Lehigh Valley Coal 1st g 59.1933 J J 10012 101
10034
1 100 101
St Paul City Cable be
30
92
9214
92
92
Sale
92
let 40-year int red to 4%A933 .1 J --------8958 Sept'24 ____ ---- -- -- Saxon Pub Wks(Germany) 75'4
A
3
F
1935
7
107
5 104 10752
43
5
3912 43
10612 107 10612
Lea Ave & P F let gu a 58_ _1993 M 5
__ 43
Saks Co 78
1942 M
994 1024
10212 19
Liggett & Myers Tobacco 76_1944 A 0 1183
11834
43119
4 119
24 116 120
San Antonio Pub Ser 6s
1952 J 1 10214 Sale 10178
8 10578 10712
11734 Apr'25 ____ 11734 11734 Sharon Steel Hoop let So ser A '41 M S 10612 Sale 10612 10712
Registered
A 0
105 10712
9734 10078 Sheffield Farms
0
10012 54
F
A O
A 1074 --- 107 May'25
1951 F A I815i2 iii;le 100
46
90
95
95
9518 Sale 9418
Lorillard Co (P) 78
116
11 11414 1174 Sierra & San Fran
1944 A 0 11512 116 11512
6459
Power 0_1194492
217
88 95
9378
4
913
937
8
Sale
115
Regletered
A 0 ____ ___ 115 Mar'25 ___ 115
Sinclair Cons 011 15-year 70_1937 M
11378 e,739 10434 117
et
9734 Sale 9758
9514 9812
1951 F A
9778 17
1st In coll tr 6s C with warr 1927 J D 113 Sale 10818
82s 9034
8838 245
Louisville Gas & Electric 58_1952 M N 9832 Sale 9734
42e
9058 99
99
let lien 630 Ser B
1938.2 D 8814 Sale 8612
994 101
Loulay By let con 58
93 93
94
93 Mar'25 ____
1930 .1 J 91
Sinclair Crude 011 3-yr 65 A 1928 F A 10034 Sale 10012 10034 90
10034 Sale 10012 10034 56 10018 10034
Lower Austrian Hydro-Elec Co3-yr 6% notes B Feb 15_1926 F
8724 222
82 8734
854 8812 Sinclair Pipe Line be
1st e I 6)4e
8514 32
1944 F A 8518 851 8518
1942 A 0 8758 Sale 86
317 10678 120/
1
4
115
11434 Sale 111
Magma Cop 10-yr cony g 78_1932 J D 11012 129 119
12612 57 113 13978 Skelly 011 6IS% notes
7 102 10514
99 102
!Janet! Sugar 714s
A 0 10434 105 1047• 105
1942 A 0 10014 Sale 9912 10014 42
South Porto Rico Sugar 7s_ _1
41 J1/
19
927
99 10210
10134 62
Manhat By(NY)cone g 48_1990 A 0 6178 Sale 6134
5712 64
6918 28
South Bell Tel & Tel let 61.581941 / J 10134 Sale 101
964 10112
56
51
264s
2013 1 D 53
Sweet Bell Tel let & ref 52-1954 F A 101 18 Sale 10012 10112 180
54'2 54 May'25 ____
9314 9712
18
97
9714 10234 Southern Colo Power 6s
Manila Electric 75
1912 M N 1017g Sale 10134 10234 35
1947 J J 97 Sale 9612
964 974
9712 Apr'25
92
Manila Elec By & Lt s f 58_1953 161 El 9114 Sale 90
7
85
s 9818
9114
54 N
8M
Spring Val Water g 58
1948
g 642_93
130 Sale 121 12 13512 450 1064 1351:
Market St Ry 70 Series A..1940 Q J 9912 Sale 99
9712 100
9934 45
Stand Gas & El deb
994 10034
9978
5
:105
Dietr Ed let & ref g 6s Ser 13_1952 F A 105 Sale 10412 105
12 1011
Standard Milling lot be
1930 M N 9978 Sale 994
7 106 108
let & ref boi Series C
9112 97
9153 J J 9612 Sale 9512
97
41
Steel & Tube gen 8 f 78 Ser C 1951.2 J 10758 Sale 10712 10770
96
4
954 9712
96
Metropolitan Power 65
10314
7 10038 104
1953 .1 D 103 104 103
Sugar Eortates (Oriente) 7s 1942 M S 9634 97
96
4
99
9758
96
9758 96
7014 80
FAMet West Side El (Chic) 45.1938 F A
76
7112 May'25 ____
74
Superior Oil let et 7s
9712 10014
Mid-Cont Petr lot 610-.1940 M 5 9858 Sale 9732
9878 195
954 9972 Syracuse Lighting lot g 55_ _11995291 J D1 10018 101 10014 May'25
3
1007
6
1023
4
101
18
1015
8
1013
8
10312
874 93
Midvale Steel 540 cony 515a 1936 M 5 92 Sale 9134
93
171
Tenn Coal Iron & RR gen 58_1951 J
_ 100 102
Milw Elea Ry & Lt cons g 0_1926 F A 100 Sale 100
10012
4 100 10112 Tennessee Cop let cony 68.._1925 M N 10038 10114 10112 May'25
125
994 104
104
Refunding & exten 4328_1931 J J 9614 Sale 9558
9614
13
95
9814 Tennessee Elm Power let 66_1947 J D 10234 Sale 10238
Si
584
5612 24
94
9834 Third Ave 1st ref 4s
General 58 A
1951 J D 9852 Sale 9812
19603 J 56 Sale 56
9834 13
51
3414 50,
38
4
9138 99
8478 9132
a1960 A 0 3734 Sale 37
let 56 B
1961 J D 9114 Sale 9018
Ad1 Inc bs tax-ex N Y
9356 96
_
9834 10218 Third Ave Sty let g bs
let & ref g 65 Seriee C
1024 35
1953 M 5 102 10238 102
1937J
13
0.
93
31%4 S9
a9
1e54 10
93
3%14 Ms
3215
2 14 10234 10438
Milwaukee Gas Lt let 46_ _1927 M N 9858 Sale 984
9858
2
9614 9912 Tide Water 011 10-Yr 6345_1931 F A 10
20 1084 110
110
10978 Sale 10934
9738 10058 Toledo Edison let 75
10014 35
Montana Power let be A1943 J J 10014 Sale 9934
10014 15 100% 10058
A 10014 Sale 10014
M S
Montreal Tram let dr ref 58_1941 .8 .1 9814 Sale 9752
9814 33
94
9814 Toledo Tree Lt & Pr 6% notee
1'
945
21 F
98
9870
9878 Apr'25
Morris & Co 1st et 4145
1939 J J 8414 Sale 8378
8378 10
_1949 M S
784 8434 Trenton G & El 1st g
654 70
Feb'25
66
5912 61
77
Mortgage-Bond Co 48 Ser 2_1966 A 0 77
7718 Mar'25 ____
77,8 Twenty-third St By ref 0_1962 1
89
Apr'25
904
9118
____
904
May'25
____
955
8
10
-25-year So Series
06
9838 Underged of London 450_1933
9512 -97
J
_
8610 89
Apr'25
8938 ____ 89
Murray Body let 614e
9712
7
9655 9834
1934.2 D 9734 9814 9658
1948 1
Income Os
9412 9812
9812 97
9812 89
Mu Fuel Gas let an g 55_ _1947 M N
95,1 97
Union Bag & Paper lot M 68_1942 M N 98
9712
- 97 May'25 ____
9924 10112
10112 41
S 10112 Sale 1014
, ____
Mut Un gtd bonds ext 4i_1941 M N 9934 1-61.- 9934 May'25
M N
933
32 m
9778 9934 Union Elec Lt & Pr let g 0_ 19
7
9814 101
10038 10112 10038
101
Elec
934
Nassau
NormEaton
5712 63
goldto
66
__1
451951
/
Ref & est 56
.3 D 699112 Sal! 6,0
56929
stampg
atguar
Nat
14
100
104
103
103
101
18
103
Apr'25 ____
98
9934
lst g 5;0series A
1954 J J
1
75
7714
7612
National Acme 7I4s
8578
- 85
94
8
80
8638
1931.2 D 85 -Union Elev By (Chic) 58_1945 A 0 7558 7634 7612
9934 10012
Nat Starch 20-year deb 58_1930 J i 994 ____ 9934 Feb'25 ____
9914 10112 Union 011 lot lien 6 f 58
1931 J J 100 10012 10012 May'25
1044
6 10238 10412
National Tube let Ea
103
17 10034 103
40
2 F A 104 l047 104
.1193
1952 M N 10218 Sale 1024
30-yr 6s Ser A
1
7 7
10434 Sale 10412
Newark Consol Gas be
9812 100
10454
5 10312 10514
Union Tank Car eauip
1948 J D 10014 10012 9978 May'25 ____
59 10014 104
New England Tel dt Tel 55.1952.2 0 10058 10138 10014
9934 10132 United Drug 20-yr 6s_Oct 151944 A 0 10312 Sale 10312 104
10138 24
98 101
10012 36
N Y Air Brake let eons,0_1928 M N 101 10312 10312 May'25 ____ 10312 10434 United Fuel Gas let et 6e_ _1936 J J 100 Sale 1100
99 10012
9934 41
NY Dock 50-year 1st g 48_ _19511F A 81
8158 814
8134
9
7754 9134 United Rye Inv bs Pitts Issue 1926 M N 9934 Sale 9934
9914 10018
8
9934 190
9934 100
NY Edison let at ref 684e A_19411 A 0 11514 Sale 11458
1154 40 112 115,4
Stamped
69
7414
Innen & ref bs B temp_ _1944 A 0 10114 Sale 1004
9958 1014 United Rys St L lst g 411____1934 J J 6938 Sale 6938
694 10
1014 470
91
95/
1
4
33
9414
Sale
937
8
19
0
6
4
3
14
6
10412 45 10012 10412 United 58 Co 15-yr Ss
NY Gas El Lt dc Pow g 58_1948 J 0 10314 10414 10314
1937 M N
1
4 105
Purchase money a 48
8958 33
86
10334 25 102/
8952 United Stores Realty 20-yr 86'42 A 0 10334 Sale ;10314
1949 F A 8958 Sale 894
85 8812
10212 1001
8812 334
NY L E&West C &RR 5;01942 M N
: Apr'25 ____ 1004 10012 U S Rubber 1st & ref baser A 1947 3 J 8812 Sale 1 88
NY Mint° By let 5158 A_ _1968 J
10678 48 10412 1074
8058 ____ 8112 Apr'25
10-yr 734% sec notes
1930 F A 10638 10634 10618
9 10036 102
:
. 1-06-2 US Smelt Ref & M cony 68_1926 F A 101 Sale 101
101
1 -991
NY Q El L az P 1st g 58_1930 F A 10012 ____ 10012 10012
159 10414 1064
45
____ 484 May'25 ____
NY Rye let BE & ref 0.. 1942 J J 37
5412 U El Steel Corpfeoupon_41963 MN 1054 Sale 10534
10378 10512
1_
1
4238 54
10512 May'25
Certificates of deposit
504 Sale 50,2
5018
at 10-60-yr 5slregistered_51963 Si N
8318 9034
Cs 6
39-year aril Inc be. _ _ Jan 1942 AO
4
5
512 May'25 ____
9034 511
Utah Lt & Trac lot & ref 58.._1944 A 0 9034 Sale 8834
91
975
412 518 514
CertiOcates of deposit __ ___ _ 1---_
9734 160
5
34 534 Utah Power & Lt let bs. _ _1944 F A 9714 Sale 9634
514
3034 485
2812 324 Utica Elec L& Pow let6 1 58_1950 1
10038
9918 Dec'24
2934 Sale 2934
N Y Rye Corp Inc es__ Jan 1965
5
9814 1001,
11
9912 100
10038 10034 10012
10012
NY 02 Rich Gas let 66
1951 M -N 100 Sale 9912 100
Utica Goa & Elm ref & ext bo 1957 J
53
5530
68
25
64 6814 Victor Fuel 1st 6156
5556 Apr'25
57
60
N Y State Rys 1st Corm 4H6-1962 MN 6712 Sale 67
1953
73 9612
3.1 N
816
63 Apr'25 -__
63 63
Registered
96 Sale 91
96
Va-Caro Chem 1st 78
714 95
27
904
4
88
97
95
9018 9114 904
9412 Sale 9012
let con 610 series B
1962 M N
Certificates of deposit
68
91
42
102
20
974 102
91
91 Sale 86
N Y Steam let 25-yr 6sSer A 1947 M N 102 Sale 101
Certificates of deposit stro6
194(1
7j
43 6334
9712 Sale 974
9758 27
95
98
NY Telep lot & gen of 448_1939 MN
6 6312 Sale 6212 6312 98 42
7345 with & without war._1937 3/
1
4
109i
110
48
58
A
10934
110
1077
8
Apr'25
1949
F
110
debens186Feb
80-year
6234 ___ 58
Certlfs of dep without wanr
41
6312
77 10614 10832
20-year refunding gold 66_1941 A 0 10734 Sale 10712 108
Cent's of dep with warrants ---- ---- 6232 6312 May'25
9012 95
101
2
17 1004 10214 Va Iron Coal dr Coke let g 5s 1949M S 90
Niagara Falls Power let 5s._1932 J J 101 10114 10058
9152 904
9012
9314 93/
1
4
102
1963
4
106
12
10612
1033
4
106
98
Jan 1932 A 0 1054
Va By Pow lot & ref0
Ref & gen tis
1943.8 1 9758 Sale 9718
9112 9412
10978 Apr'25 ____ 10412 110
9112 22
Niag Lock &0 Pow lot 58-1954 M N
Vertlentes Sugar let ref 7s_ _1942• CI 9112 Sale 9112
894 9912
31
994 96
9812 9978 Warner Sugar Ref% lot 7o_ _1941 Jo
let & ref loser A Int rects_1955 A 0 9-934 Sale 994
7712 8712
l097
1 10438 110
314 11
8
97
758 9
89334
Refunding 68 Series A.-1958 F A 10978 ____ 1094
634 8
93
93
Warner Sugar Corp let 7s__ _1939 J J 8
967 10213 Wash Wat Powers f 58
9934 101
10212 55
Nor Amer Edison 65_ - -1952 M 8 10212 Sale 10138
1939 J 1 10012 _ _ 10058 May'25
98
102
2
10412
10518
19
1003
Sale
4
1011
105,2 Westches Ltg g bestInPd gtd 1950 Jo 1014 Sale 10138
Secured 5 f g 6;0 Ser_________ M S 10518
9618 117
28 10013 10234
924 9612 West Sty Coal let 70
Nor Ohio Tree & Light So __1947 M S 9618 Sale 9512
1944 MN 10214 Sale 10112 1021
933
4
45
99,4
14
A
0
981
8
Sale
98
,
2
9918
93
A__1941
Sale
MS
Pow
25-yr
55
9812
9812
West
Penn
States
9912
9914
Power Ser A 5e1946
Nor
A 0 --------9314 Jan'25 --__
9314 9314
6 10438 10714
1057
Registered
let 40-year Ss Series C_ _190• D 10578 10638 10578
105
5 103 10714
23 10514 10738
10612 Sale 10612 1063
lot 78 Series D
1119,,5433e
9 M
let & ref 25-yr 65 Ser B_ _ _1941 A 0 105 Sale 10434
934 9912
_ 10712 Jan'95 --__ 10738 10772
39
MS 9918 Sale 9838
991
1st 5s Series E
Northwest'!' Bell T let 76 A_1941 A A ____
A0 104 Sale 104
10414 40 10034 10414
North w T let fd g 414e gtd_1934 J J 96 -97- 95 Apr'25 ___ _
let 530 Series F
90
/
1
4 96
11214
1946
A
0
114
1
:
0
4
1123
8
18
12
35
•
J
19
3
4
91
Sale
91
925
8
710
A
1123
4
West
Va
C
&
C
1st
63
1950
Service
Public
Ohio
98 101
11112
9 10728 11112 Western Electric deb 58_ _ _ _1944 A0 10038 Sale 10038 101
216
1947 F A 110 11012 11012
1st & ref 7s series B
104
9912 102
21
984 104
28
1011
Western Union con tr cur 5e.19.88 1 2 101 Sale 10114
Ohio River Edison let 66-1948 J 1 10314 Sale 10314
961
9734 29
924 91312
15
1944 F A 9734 Sale 9712
9
1 434 12,
4 Fund & real estate g 450_1950 MN 9512 Sale 96
Old Ben Coal lot (16
112
10014
8
6 10912 112
1936 FA 11138 11112 11114
15-year 61S8 g
Ontario Power N F 1st 58_1943 F A 100 101 1004
10614
MN
N
9952
995
8
5
_1945
M
993
8
100
97
10814
10718
Sale
107
105
1071
Westinghouse
E
&
M
70__
_
_1931
56._
9952
Transmission
Ontario
91
76
8512 844
9534 10012 Wickwire Spen Steel let 78_1935 ▪ j 80
5
851
1941 F A 10018 Sale 9978 10014 34
005 Steel 88
9538 26
7612 88
8112 Sale 804
9538 Sale 944
8938 9538
5
813
Certificates of deposit
let 25-33'8 I6 7He Ser B 1947 F A
re
MS
97
98
70
9312
9912
102
1013
8
Sale
10112
102
Sale
42
975
8
Willys-Overiand
0
f
6
Hs_
_1933
1
J
_1942
ref
58_
pacific 0& El gen &
9914
2
98
9914 176
914 9914
1
4
_ _ 99/
Wilson & Co lot 25-yr a 1 66_1941 A0 9878 Sale 98
Pao Pow dc Lt Ist&ref 20-yr be'30 F A 99
55
93 93
_
93 Feb'25
9918 102 4
Registered
1937 J 1 10134 Sale 10112 102
Pacific Tel & Tel bet 158
J
D
MN
7034
985
8
210
55
7612
Sale
98
924
7058
72
1
601928
9812
Sale
97
-year
cony
e
99
10
1952
Ref M be series A
7058 Sale 7034
10618
53
75
2 1041,1063,
71
13
Certificates of deposit
A 10618 10612 10618
Pan-Amer P &T lat 10-yr 781930 F
FA 6938 Sale 694
MN 11518 Sale 111/4 11634 1569 103 118/
53
/
1
4
77
51931
707
73.4s
57
10-yr
cony
5
f
1
4
1934
Cony a f 65
5932 74/
70 Sale 70
1
4
9434
9512
711
Certificates of deposit_
9
9412 97
9
Park-Lea at leasehold 6 145_ _1953 J 1 9434 Sale
1
4 102/
1
4
1941 A--0 10134 Sale 10134 102
1
96
9912 Winchester Arma 734a
27 100/
9912
9912
Pat& Pass-de()& El eons So 1949 M S 994 10018 l084
9912
99
Sale
.2'
951
4
9812
99
68_1943
Mar'25
-20
107
119
Sheet
&
T
110
Young')
A
0
1097
8
-YT
1943
1083
4
Peop Gas& C let cons ges
99
13
9434 99
1947 M 5 9812 9914 9812
Refunding gold 55
1A12
Ni2
a Due Jan. d Due Apr11. 9 Die Dec. t Option gale.
2670
BOSTON STOCK EXCHANGE-Stock Record s„„t7:age
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday. i Monday,
May 16.
May 18.
Tuesday,
May 19.
Wednesday, Thursday,
May 20.
May 21.
Friday.
May 22.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
PER SHARE
Range for Previous
Year 1924.
Lowest
Lowest
Highest
Highest
Railroads
311 Boston & Albany
1593 161
100 158 Feb 18 16434 Jan' 7 14578 Mar 164 Dec.
913 Boston Elevated
80
8012
100 7514 Mar 17 86 Jan 2
711
/
4 Aug 85 Dee.
____ ____ ....__ Do pref
100 92 Jan 16 97 Jan 3
8714 Dec 9814 May
--------74 Do 1st pref
100 109 Mar 31 11412 Jan 16 107 Dec 11814 Jan
231 Do 2d pref
96
967
100 94 Mar 20 102 Jan 9
92 Sent 10114 Dee
1434 1614 1,081 Boston &Maine
100 10 Apr 17 2018 Feb 28
84 Jan 2514 Nov
1534 15341
45 Do pre:
100 1112 Apr 24 20 Feb 25
Jan 28% Nov
12
--------588 Do Series A 1st pref
100 17 Apr 27 30 Feb 26
13 June 3714 Nor
--------385 Do Series B let pref.._.100 29 Apr 27 40 Mar 4
1712 Jan 48 Nov
78 Do Sulu C 1st pref
--_- ---100 25 Apr 25 38 Feb 25
16 Feb 41 Nov
--------94 Do Series D 1st prat__ _100 3512 Apr 25 55 Feb 26
23 Jan 62 Nov
24 Boston & Providence
175 175
100 167 Feb 26 175 May 9
43 Jan 172 Nov
--------1,368 East M858 Street RY Co 100 30 May 4 39 Feb 11
18 May 3312 Dee
__ ___ -__
-- - Do let pref
100 65 Feb 2 71 Apr 3
5812 Jan 71 Dee
205 Do pref B
60 -80
100 57 Jan 23 6212 Jan 12
48 May 6112 Nov
43
43
663 Do adjustment
100 39 May 6 48 Mar 10
28 May 4614 Der
--------100 Maine Central
100 25 Mar 26 3712 Jan 29
25 June 3712 Apr
337 3412 4,557 NY N H & Hartford
100 28 Afar 30 3614 Feb 25
14
Jan 3314 Dee
____ ____ .... Northern New Hampshire_100 70 Feb 16 73 Apr 9
62 Jan 81 Nev
____ ____
19 Norwich & Worcester pref_100 100 Jan 13 113 May.14
80
Jan 108 Nov
103 10312
73 Old Colony
100 1/6 Jan 2 105 Mar 12
724 Jan 98 Nov
--------225 Rutland pref
100 4514May 1 6312 Jan 2
34 Mar 64 Nov
_-_--55 Vermont & Massachusetts_100 87 Feb 24 93 Jan 16
70
Jan 931s Nov
Miscellaneous
*24 234 *Vs 3
*234 3
*Vs 3
nag 3
3
34 1,015 Amer Pneumatic Serv1ce25
212 Mar 25
4/
1
4 Jan 7
414 Dee
1 Nov
19
19
1814 1814 *1812 19
240 Do pref
1834 1934
*1814 1834 .1814 19
60 1612Mar 25 19341May 7
12
Jan 2014 Dee
1384 13814 138 13812 13734 13314 13734 138
1377 13814 1378 13814 2,985 Amer Telephone & Teleg_100 13038 Jan 2 13834May 8 121 June 1344 Dee
.6312 65
6212
6414 6412 63
980 Amoakeag Mfg
62
6312 6212 6212 6212 63
No par 6112May 6 77 Jan 13
Jan
5713 Oct 83
•7012 72
*7112 72
*7112 72
72
____ ____
72
*7112 72
10 Do pref
No par 70I4May 11 76 Jan 15
Oct 79 Aug
69
*14
_ ____
•14
*14
. .....
_ •14 _ __ .14
.Art Metal Construe. Inc__ 10 14 Jan 16 15 Feb 2.6
13 Aug 16 Feb
•1114 -1-1-34 .1114 1-2
1118 -Ills
1 34 *1012 11
*1114 -1-1-3-4 *11 ,.l--25 Atlas Tank Corp
No par
97g Jan 8 13 Apr 28
6 June 1014 Jan
*108 ____ •l0712 ____ 10712 10734 10634 10712 10612 10612 10634 10634
636 Boston Cons Gas Co pref _100 103 Jan 17 108 May 12 100 Dec 108 July
.07 - .07•
*__ _ _
*--07 *____
.07
Boston Mex Pet TrusNo par
Jan
.05 Dec .20
2212 2518 2534 28
2712 2618 2734 27
2634 2712 27
2714 24,547 Connor (John T)
10 20 Jan 28 28 May 18
2018 Dec 2818 Mar
*3214 34
33
33
*3254 33
--------125 Dominion Stores, Ltd__No par 2814 Jan 30 35 Feb 13
3234 3234 *3134 33
244 May 35 Sept
.96
__ .96
_ _ .96
*96
_
*96 _ -- _ _ ...
Do pref A
84
Jan 8812 Deo
100
212 -212 *212 4
234 /371 *212 14
3
_-3
3
-3
340 East Boston Land
10
112 Apr 30
3 Jan 2
2 Sept
3 Feb
43
*4
414 *4
414
44 414 *4
414 *4
44 434
250 Eastern Manufacturing
5
84 Feb
312 April
Oct
634 Jan 24
4
5114 5134 51
61
5112 54
5138 51
54
5514 4,265 Eastern SS Linea, Inc
5334 55
25 42 Mar 9 5514May 22
Jan 5514 Mar
38
38
38
38
38
38
38
38
*3712 38
38
3734 3734
550 Do pref
No par 35 Jan 15 3814MaY 4
3414 Jan 40 Feb
*91
95 .91
95
*91
95
95
91
95
9212 .91
95
40 1st preferred
100 89 Jan 3 95 May 7
8512 Jan 93 Mar
205 20e
20.534 20612 20614 207 20634 212 211 213 21012 211 1,631 Edison Electric Ilium
100 200 Jan 5 213 May 21 16312 Jan 20412 Dee
*314 312 *34 4
*34 4
312 312 *34 334 --------50 Elder Mfg Co(v t0
512 Mar 18
10
34 Feb 2
6 Deo
212 Jan
*30
32
32
*30
•30
32
____ ____ ... _ Galveston-Houston Elea _ _100 3234 Apr 25 38 Jan 7
32 .30
*30
32
13 Jan 41 Deo
-____
- ____
1012 1012
. ------------200 Gardner Motor
4 Jan 8 16 Apr 4
Na par
334 Sept
64 Jan
*HA ---- *iilid ____ *ii8i4 ____ *11534
*iii5i4 ____ ____ ____
Georgia Ry & Elan
100 1154 Feb 27 11534 Feb 27 11314 Mar 11612 Sept
*781
*7812 ___ *7312 ___ .7812
-- .7812
__ _ _ _ _ _
_ _ ____
Do 6% non-cum pref 100 7812 Apr 15 791
JIM
/
4 Feb 27
79 Aug 80
68 2-884 0712 1814 6712 -6814 6814 -69
69 ..
1,1§8 Gillette Safety Razor_No par 5712 Jan 2 7012 Apr 16
6918 683a -69
5512 Oct 584 Oct
*1112 12
•1112 12
*114 12
*1112 12
1112 1112 --------35 Greenfield Tap &Die
25 11 May 12 1514 Jan 24
124 Nov
157 Jan
*5212 56
*52
56 .52
58
*53
55
56
56
5 5652Hood Rubber
Ns par 52 May 6 5812 Jan 8
46 Mar 80 Dee
*64
65
*6412 8512 647s 6538 *64
65
8414 6414 --------65 Internal Cement Corp_No par 5212 Jan 5 6534May 19
41
Apr 69 Nov
•.50
1
.60 .60
.25 .25 '1%50 1
250 International Products_No par .25 May 19
.50 .50
'11.25 .60
2 Jan 3 .10 Feb
3 Deo
Do pref
100
5 Apr 29 1012 Jan 9 .25 Feb 14 Dec
Kidd r, Peabody Acceptance
.91
92
*91
92
*91
92
92
92
92
15 Corp Class A prof
9112 9112 .91
Jan 884 Dee
80
100 824 Jan 6 92 Apr 14
634 7
678 678 --------359 Libby, McNeill & Libby._ 10
7
612 7
7
.7
714
93 Jan 7
812 Dee
614 Apr 16
4 June
•___ 7014'_ ___ 7014 - .__ 7014 •--__ 7014 *-- _ _ 7014 ____
__ ___ _ _.Lincoln Fire Insurance
Jan 71 Nov
20 70 Mar 18 7014 Mar 2
70
12
12
12
121
. •12
1214 .12
12 -12
1212 12
12
405 Loew's Theatres
9 Mar 13 Dee
25 114 Feb 17 134 Jan 5
71
71
7012 7012 70/
1
4 71
544 Massachusetts Gas Coe .,..100 88 Feb 3 75 Mar 6
701
/
4 71
70
71
7014 7014
Feb
81
66 Nov
*z64
66
64
64
64
64
64
84
64
64
6414 64
255 Do prat
Jan
100 634 Jan 9 6712 Feb 14
62 June 70
•18312 188
183 18312 180 184
513 Mergenthaler Linotype_100 167 Jan 7 188 Mar 5 150 Apr 172 Dee
179 180 .179178 179
12
1214 •____ 124 •____ 1212 12 -127s 1212 13
12 .11
816 Mexican Investment,Inc_ 10
1834 Jan 15
612 Jan 174 Feb
84 Apr 4
4712 4812 4812 4812 4814 484 4812 4914 4812 50
4814 49
735 Mississippi River Power
19 Feb 3614 Dee
100 36 Jan 2 50 May 21
•91
93
92
92
*9112 92 .9112 92
9112 9112 --------30 Do stamped prat
Jan 90 Sept
80
100 8712 Jan 10 93 Apr 21
47
51 Nov
514 534
5
514 54
434 514 *44 54
434 54 1,016 National Leather
634 Jan 13
2 Apr
4 Apr 22
10
118 14
lig
14
118
118 118
118 4,100 New Eng. Oil Ref. Co. tr etfs_ .20 Feb 9
llg
14
118
lla
511 Apr
17s Jan 6 .50 Dec
*912 11
*912 11
10
*012 11
10
_ ____
100 Do pref (tr oth)
_
6 Dec 314 Mat
514 Apr 7 10 May 14
100
10012 10134 10014 101
*912101
.9934 1007g 8,552 New England Telephone...100 99 Apr 21 10778 Mar 6
99 10034 9912 10112 9912
98 Dec 1154 Jan
28
2514 25
2634 254 2634 25
2512 25
2514 --------5.925 Olympia Theatres, Ino_No par 19 Mar 18 26345!aY 16
2112 Dec 224 Dee
.2712 2812 .2712 2812 .2712 2812 *x2734 2812 28
28
--------400 Orpheum Circuit, Inc
Jan 284 Dee
14
1 2534 Jan 16 29 Mar 3
59
5834 5834 5712 5814 58
59
5834 58
5834 5714 58
550 Pacific Mill/
6918 Oct 87 Feb
100 55 Apr 14 8112 Jan 13
•1612 1714 *1612 1714 1612 1612 '1612 1714 *1612 1714 --------30 Reece Button Hole
1134 Jan 17 July
10 154 Feb 24 18 Apr 3
.2;4 24 '24, 21
*2lfs 24 1112144 234 ____ ____
*2X4 21
Reece Folding Machine_ 10
24 May
234 Jan 8
3
Jan
214 Apr 9
•-------------------.20•
.20 •
.20
Simms Magneto
___
10
Oct 40 Feb
5
mkt .nos iioT4 11014 iloi4 11034 ii0i4 1103-4 553. Swift & Co
no,
:o2
100 1091
/
4 Apr 22 120 Feb 6 100 June 118 Dee
6014 6012 +60
5131 52
504 51
54
5214 5334 53
1,052 Torrington
354 June 62 Dee
25 4512 Apr 13 54 May 22
•_ _ _ _
7 *__ _ _
-7
___
7
____
7
__
7
_-__
_ ___
Union Twist Drill
5 Dec 10 Feb
712 Jan 23
7 Mar 4
5
4134 4214 4134 42
42
42
42
4214 42 -4214
4134 42
-2,626 United Shoe Mach Corp_ 25 4114 Mar 19 45 Feb 14
34 Jan 43/
1
4 Dee
2714 *27
27
2714 27
*27
2712 2714 2714 2714 2734
28
142 Do pref
2434 Feb 2814 Nov
25 2612 Jan 13 28 Jan 16
2212 2214 2212 2212 234 2278 23
2212 22
22
2134 22
4.665 Ventura Conso1011Fields_ 5 194 Jan 3 25 Feb 24
1914 Oct 27
Jan
1634 1634 16% 1678 --------832 WaidortSys,Ino,new sh No par 1512May 11
*1612 17
1614 1612 1634 17
137e Apr 20 Nov
1984 Jan 3
17
•1634 17
17
17
17
17
17
17
--------282 Walth Watch Cl B com_No par
17
612 Jan 104 Feb
8 Jan 6 1714Nlay 6
112 Do pref trust etre
*2812 2912 .2812 2912 *2812 2912 *2812 2912 294 2914 29
30
14 June 2312 Feb
100 1714 Jan 3 30 May 22
76
85
*77
*76__ *75
__
____ .....
85 •77
76
10 Do prior pref
6212 Dec 73 Feb
100 65 Jan 6 764 Apr 1
400 Walworth Manufacturing_ 20 17 Mar 11 2034 Jan 3
18
17% 17% *1714 -_
18
18
1734 1812 1714 1714 -------1512 June 22 Feb
453 46
47
4612 46
45
454 46
451
.14
46
1534 4714 4,075 Warren Bros
2955 Jan 394 Nov
60 37 Jan 2 48 Mar 6
42
42
4214 41
42 .4112 43
42
42
*4112 4212 *41
75 Do 1st pref
3434 Apr 41
60 3734 Jan 10 43 Feb 7
Jan
4512 44
4512 •43
44
4812 *43
*43
___ _ _ _
4512 *43
5 Do 20 pref
38 Mar 42 Jan
50 4012 Jan 17 48 Mar 2
Mining
235 Adventure Consondated
.
1.25 .40 .
1 .25 .40 .
.25 .25
1 .25 .40 *.25 .40 .
1.25 .40
25 .15 Feb 18 .25 Jan 26 .15 Dec .51 Dee
Algomah Mining
•.10 .25 •-----------------------------25 •.25 .30
25 10 Mar 3 .25 Jan 2 .10 June .26 Dee
112 112 'Ili
3 Jan 10
112 *114
14 *114
112
100 Arcadian Consolidated
5 June
112 •114
1 May 11
134 *114
25
34 Dee
6
gis Mar 28 1534 Feb 6
1012 1012 1014 1012 10
1012 1014 1034 1018 1014 1012 1012 2,480 Arizona Commercial
8 Jan 16 Dee
, 30% 3078 3234 3234 3212 31
3112 3,621 Bingham Mince
307s 307
14 June 3134 Dee
10 2834May 5 3614 Feb 11
308 3078 30
2,550 Calumet & Heels
13
1314 1314 1312 133s 1334 134 1334 134 1334 127 13
1334 May 194 Jan
26 1234 Apr 22 184 Jan 2
Carson Hill Gold
_ _ •.30 -- _ • 30 .50 11..30 .50 *.30 .50 •.30 .50
1 .20 May 5 .70 Jan 5 .37 Nov
3 Feb
22
.12 2I1g 212 204 2114 2034 2134 2012 2134 2012 2034 1,885 Copper Range Co
•.3022
184 June 3334 Dee
25 204 Apr 22 33 Jan 10
.04 .04 *AM .06 •.04 .06 •.03 .06 .
•.04 .06
1 04 Mar 4 .78 Feb 6 .30 Dec .70 Mat
1.03 .05 2,100 Davis-Daly Copper
37
37
334 372
312 312
312 312
630 East Butte Copper Mining.. 10
314MaY 14
334 334
64 Jan 2
672 Dee
31. 378
314 July
•.70
1
'11.70
1
.65 .65 '1%70
14 Jan 24 .40 May
25 .40 Jan 7
15 Franklin
1
+.70
1
*.50
1
1
Jan
•.75
1
•.75
134 Feb 6 .30
1
1
111.75
____ --__ _ _ _ __ _ Hancock Consolidated_ - 25 .75 Apr 8
1
•.75
Oct
2
Jan
174 1734 .1712 18
18
1 1714May 8 23 Jan 24
20
19
1912 Dec 281z Jan
197
19
20
19%2034 5,565 Hardy Coal Co
Helvetia
*112 2
1,160
Jan
6
14 2
25
34 Feb 5 .30 May
14
112 134
l78
178 *112 14
2114 Des
129 130
129 12912 12912 12912 129 129
1 121 Mar 28 140 Feb 5
12912 130
188 Island Creek Coal
130 130
941
/
4 Apr 142 Nov
1 944May 4 9834 Mar 9
90 June 100 Sept
10 Do pref
•96_ *96
- •96 . . 96
96
*96
*96
97
Apr 22 2012 Jan 7
25
513 Isle Royal Copper
12 June 2212 Dee
1234 -1-234 1212 -1.212 1214 III,' 1214 13
4 1212 -1212
121g -113134
.114
114 114 *1
134 *114
5
114 Apr 19 111
500 Kerr Lake
112 Mar
/
44 Feb 4
11
/
4 .1
114
138 *1
24 Feb
25 .75 Jan 29
114 Jan 10 .50
1
.75 .75 111.75
30 Keweenaw Copper
•.75
1
.75 .75 ..1 .75
•.75
1
1
Jan
14 Nov
112
*118
1
26
114 *Ils
118 •1% 112 *PA 112 --------26 Lake Copper Co
1 Apr 11
3 Jan 2 .90 Apr
34 Dee
114 •114
234 Jan 10 .70 June
26
134 .114
llaMay 14
La Salle Copper
•114 154 *114
134 *114
3 Dee
134 *114
14
6
14 Apr 23
•112 178 •112 178 *112 178 *112 178 *112
114 Oct
2114 Jan 13
225 Mason Valley Mine
112
214 Dee
178
112
25 .40 May 14
45 •60 .80
.46
67 Mass Consolidated
•.50 .80
114 Jan 2 .50
.45 .45
Jan
.41 .41 •.50 .80
184 Aug
114
1
8 Jan 2
25
114
I Apr 4
114
80
•114
112
650 Mayflower-Old Colony
114 114
Apr
114
6 JULY
118 14 *Ds
Mohawk
30
21
2812
41
Jan
*s2812
254
18
Apr
234 June 41 Dee
30
26
29
410
2814 2914 2812 2812 28
•s29
2812
5 18 Mar 30 25 Jan 2
1934 191
741 New Cornelia Copper
1612 Jan 26% Dee
194 1914 1914 1914 19
. 1912 1914 1912 1914 1912
New Dominion Copper
•.15 .25 •.15 .25 *1.15 .25 .15 .25 •.15 .25 ____
20 Apr 2 85 Feb 18 .40 Dec
___
2/
1
4 Apr
•____ 28 *-- 28 *...._ _ 28
New River Company
104) 25 Apr 2 25 Apr 2
_ __ 28
28 •____ -28
35 June 40 Mu
*42
50 .42
50
*42
40
20 Do pref
45
5712 Dec 76 Mar
100 45 May 20 60 Jan 3
45
•42
48
45
45
47
47
434May 7
255 Niplasing Mines
6
634 Jan 10
5
478 5
5
*434 54
534 Jan
478
478 *478 5
04 Dee
.99
118
118 118
1
1'A
1 la 1 18 1
314 Jan 14
15 .90 May 17
870 North Butte
17 Oct
118
6% July
118 *1
.51 .51
.51 .51 '11.51 .90 •.51 .90
83 Ojibway Mining
•.51 .90
114 Jan 10 .40 June
25 35 Apr 22
1 Nov
.51 .51
19
19
19
894 Old Dominion Co
19
19
193s 1912 1912 19
15
Jan 2811 Dee
25 1734MaY 12 27 Jan 10
1912 *19
20
*414 5
414 412
4 May 19
4
312 Jan
54 Feb 19
412 2,200 Park City Mining & Smelt_ 6
4
518 Feb
*4
412 *4
412 *4
.1112 12 .1112 12
*1112 12
75 Pd Crk Pocahontas Co-No par 1034 Ain 1 1412 Jan 24
*1112 12
1112 12
1034 July
*1112 12
1512 July
23
24
24
520 Quincy
24
23
23
24
244 2212 24
25 19 Apr 22 3912 Jan 10
22
14 June 3434 Dec
22
3112 3112 3212 33
380 St Mary's Mineral Land- 25 284 Apr 21 48 Jan 12
3214 3214 3112 32
26 June 49 Dee
32
3234 3134 32
725 Shannon
.50 .50 •.55 .72 *1.55 .72
10 .50 May 1
112 Jan 9 .30 Apr
.55 .55 .
.60 .60
1 .55 .75
112 Sept
South Lake
•.25 .75 •.25 .75 •.25 .75 •.25 .75 •.25 .75 *.25 .75
25
25 July .75 Dee
_ Superior
___
2 Jan 3
____ ____ ____ ____
25
90
Jan
24 Jan217
214 Dec
92 Superior & Boston Copper- 10 .70 May 13
•118 14 *115 114
1
2 Jan 5 .25 Aug
14
1 Ws 1'A •1 ifi 114 +118
114
2/
1
4 Dee
64 614
64 614
634
61g
372 Jan 2 81
/
44 Jan 23
5
614 612
618 614
612 67g 11,540 Utah-Aux Mining
14 June
372 Dec
•.55 .60
.55 .55
960 Utah Metal & Tunnel
.55 .55
.51 .55
1 .43 Jan 43 98 Jan 29 .14 June .70 July
.53 .56
.50 .53
Victoria
•.40 .50 •.40 .80 •.40 .60 '
25 .35 Apr 16
114 Jan 31 .15 Apr
11.40 .60 •.40 .60 •.40 .60
1 Aug
.16 .16 .15 .30
165 Winona
•.15 .30 •.15 .30
26 .10 Mar 3 48 Jan 7 .13 Feb .71 July
.15 .15 •.17 .30
Wyandot
•.10 .25 •.10 .25 •.10 .25 '1..10 .25 •.10 .25 •.10 .20
25 .15*.101,•14 21 Fob 11
10 July 25 July
Bid and asked prices: no sales on this day. a Ex-rights. It Ex-div. and rights. z Ex-div. 0 Ex-stock dlr. I Assessment paid. I Price on new basis.
159 159
159 1594 159 159
15912 160 .15912 160
7912 8012 80
8012 79
7912 785 79
79
80
_ .06%
_ *9512
_ _ *954
__ *9512
112 11234 11234 113 113
.9611112 1123
- - 4 112 *11212 11334
98
98
98
98
98
98 .97
9712 97
97
15
18
1514 1814 15
1512 15
15
1434 15
•1512
*
17
16
16
1512 1512 *15_
24 24
234 2412 23
23
2212 23
22/
1
4 -ii
374 3614 3614 3534 37
37
38
37
36
36
34
34
34
34
33
33
*33
34
*32
34
4818 4818 4718 474 *4712 50
4714 4714 474 474
175 175 *173 180 *173 180 *173 180 .173 178
3612 37
3612 3734 37
38
3712 3734 37
3734
*67
69
*68
69 *____ 69 *____ 69 .68
69
.5912 60
*59
60
5914 591
/
4 59
60
60
*59
4334 44
44
44
4378 437
4312 4312 43
434
*25
_ .25
26
2534 2534 *25
2534 2534 26
3234 -3212 3212 334 3234 33
324 3318 3212 3334
---- ---- --__ 78
___
78
•109 113 .
109 113 *109 113 113 113 *109' 113
103 103
104 104
104 104
104 104 *103 10312
50
50
51
53
5814
55
57
55
55
55
.93
94
*93
94
9212 93
93
93
93 *92
MAY 23 1925.]
Outside Stock Exchanges
Quotations of Sundry Securities
All bond prices are end utmost"except where marked ''f.'
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange May 16 to May 22, both inclusive.
Bonds-
rrutay
Last Week's Range Sates
ofPrices.
for
Sale
Price. Low. High. Week.
Amer Tel & Tel 4a__ _1929
Atl Gulf & W I SS L 5s 1959
Chic Jet Ry&US Yds 45'40
1940
5s
East Mass St RR ser B5s'48 724
Fla Public Serv ser B 65'55
General Asphalt 65_ _1939
1936
Hood Rubber 7s
K C Clin & Spr 1st 5s..1925
K C M RY Bridge 5/-1323
1929
Mass Gas 4349
Mles River Power 5s_1951 994
New England Tel 53_1932
1944 100
Swift Jr Co 5s
1929
Terre Haute 5s
Warren Bros 73411
1937
ilire.rdr.rn TPI Ar Tel AR 14192 mote
974 974
684 69
8834 8034
9834 9834
724 73
95
95
10215 1024
104 104
994 994
100 100
9834 9834
9955
99
1004 101
9914 100
9834 9834
150 150
111044 10044
Range Since Jan. 1.
High,
Low.
$5.000 964 Jan 9755
Jan 704
11,000 63
Feb 8634
1,000 84
Feb 99
10.000 96
Jan 78
8.000 70
May 95
10,000 95
5,000 10255 May 1024
11,000 1014 Jan 105
4,000 9854 Jan 100
3,000 9855 Jan 100
5,000 974 Feb 9855
9,000 9634 Jan 9951
10,000 994 Jan 101
28,500 9755 Jan 100
3.000 984 May 9834
Jan 150
4,000 123
2400 99W Jan 10014
May
Mar
MaY
Apr
Mar
May
May
May
Mar
May
Mar
May
Jan
May
MaY
May
Feb
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, May 16 to May 22, both
inclusive, compiled from official sales lists:
Stocks-
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
165
83
5554
30
57
554
64
22
44
95
67
38
3755
45
164
404
91
584
1004
1024
10834
1074
10054
91
91
164 165
624
61
1024 103
59
59
8615 88
9734 9755
8315 8335
81
84
1004 101
102 1024
l634 10814
10635 10734
10754 10735
10054 1004
95
95
10054 1004
2§§§§§§§M§M
8§
874
974
•
51
50
163 167
8235 834
5535 5734
10934 110
9954 9955
2535 27
31
31
82
82
644 654
269 269
30
30
55
54
5754
55
554 554
655
6
22
21
44 454
98
95
5114 5134
79
79
8034 8051
67
64
43,H 4434
74% 76
154 135
5834 5834
464 47
394
38
3734 3834
124 124
4435 45
58
5854
164
16
364 364
7935 794
3755 3754
35
511
355 34
3955 4055
894 9155
584 5851
9054 97
4114 4,1
241;.-70ir:
10
Alliance Insurance
American Gas of N J_ _ -100
Amer Gas of Pa v t c_ _ _ _50
•
American Stores
Bell Tel Co of Pa pref
100
Brill(I G)Co
•
Congoleum Co, Inc
100
Eisenlohr (Otto)
100
Preferred
Electric Storage Batt'y-100
50
Fire Association
Giant Portland Cement-50
50
Preferred
Insurance Co of NA.---10
Receipts full paid
Keystone Telephone_ _..10
50
Preferred
Lake Superior Corp__ _100
50
Lehigh Navigation
Minehill & Schuyl Hav_ _ 50
50
Northern Central
North Pennsylvania_ _50
Penn Cent Light & Pow__•
50
Pennsylvania RR
Pennsylvania Salt Mfg...50
Pennsy Seaboard Steel_ •
Philadelphia Co(Pitts). _50
Preferred (cumul6%)-50
25
Phila. Electric of Pa
25
Preferred
50
Phila Gtn Jr Norris
Phlia Rapid Transit_ _._50
Philadelphia Traction _ _50
50
Phila. & Western
50
Preferred
50
Reading Company
Warrants
Tono-Belmont Devel_ ... _1
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
50
Preferred
Victor Talk Mach Co
Victory Park Land Impt 10
BondsAmer Gas & Elec 53.-2007
1928
Amer GM N 575
Elec & Peoples tr Ws 4845
General Asphalt 60_1939
Inter-State Rye coil 48 1943
Keystone Tel 1st 58-1935
Phila. Co cons & stpd 5s'51
Piffle Elec lat a f 4s_ _ _1966
1966
Small
1960
Is
1966
1st 53
1947
555s
1953
554e
1941
6s
Phila & Read C & I 5s_1973
Reading general 455s_ _1997
Spanish-Amer Iron 6s_1927
,Nwo
400WA^CM.50.40.4.....momo,s00.
..M.4AA.0^,
VOVINt
W
41'"
giNgn.gr.7
1VWZ W7
.
*9
th"'aCe*
4
r:4
64
C.;
Range Since Jan. 1.
High.
Low.
3754 Jan
Jan
135
82 may
454 Jan
10734 Apr
Mar
95
2535 May
27 May
82 may
6135 Apr
Jan
227
174 Jan
Jan
48
464 Feb
4954 Apr
Jan
6
Apr
20
Apr
4
8034 Mar
Jan
51
7654 Feb
804 May
Jan
60
42% Apr
70 May
154 May
52% Mar
Apr
45
3734 Apr
3754 Apr
12354 Apr
Jan
40
Apr
57
Mar
15
3554 Jan
7434 Mar
Mar
37
34 Jan
154 Mar
3955 Mar
7954 Mar
564 mar
9054 May
Apr
4
87
136
60
100
5055
8254
9335
82
84
99
1004
10255
1044
106
10054
9354
10054
May
51
2174 Mar
8834 May
58 May
Mar
110
Jan
109
Feb
41
Feb
41
8534 Feb
704 Feb
Mar
280
324 Apr
55 May
Jan
70
5514 May
Jan
7
2734 Feb
755 Feb
Jan
100
5234 Feb
7934 May
•799
82
67 May
4834 Jan
854 Jan
3
Jan
683 May
Mar
47
Feb
4734
Feb
45
Mar
125
51 • Mar
6334 Mar
184 Jan
Mar
37
Jan
82
Jan
48
°Iv Feb
4 May
Mar
44
9654 Mar
5834 Mar
97 May
454 May
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Apr
May
Mar
Jan
Jan
Feb
Jan
MaY
Mar
May
9355
215
65
103
60
88
9715
85
84
101
1024
1064
10734
10734
1003/
95
10154
May
Mar
Mar
Mar
Apr
May
May
Mar
May
May
May
May
May
May
May
May
Jan
T.r.
OA IL
Mar
• No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange May 16 to May 22, both inclusive,
compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
.
. ac;
.......44
.
.
204
204 20
All America Radio cl A.
92
92
Amer Pub Serv pref___100
83
83
Amer Pub CIO pref._ _100
5134
50
American Shipbuilding-100
87
100
87
Preferred
9155 94
Armour & Co(DeOpref_100 94
100 8855 8554 8834
Armour & Co pref
204 2255
Common cl A v t e...25 22
114 12
Common el B v t c__25
15
334 355
Armour Leather
58
56
Balaban & Kate v t e_.-25 56
2234 25
Beaver Board pre: ctts_100
34
10 334 31
Bendix Corp cl A
• 284 284 29
Borg & Beck
10
104
Bridgeport Machine Co....• 10
1354 1334
10
Bunte Bros
8435 87
Central III Pub Serv pref.• 87
93
91
Central Ind Power pref_100
4
M
Chic City & Con Ry pt eh_•
54 634
*
Preferred
29
•
2934
Chicago Fuse Mfg Co_
1254 124
Chicago Nipple Mfg el B.15
1
1
1
Chicago Rye part ctf ser 2_
4
4
Part ctf series 3
CommonwealthEdlson_100 1353.4 13434 13534
334
334
334
20
Co
Consumers
32
32
Preferred100 32
1034
• 1035 10
Continental Motors
60
56
25 60
Crane Co
1111 1 IR
14141
Profarpari
0.*IONCQM,
0.
.
3.0,
4.
0.5.-.00.0...0
46,M.
00,
OQQ,
W00WN.,../...ONW.41. s.C.MOAANNNNOCACA-M
Railroad Equipments Para. Batt,
Par Ma.
Standard 011 $
5.25 5.00
Anglo-American Oil new _El *2412 2424 Atlantic Coast Line (Se
Equipment 64e
5.00 4.75
100 110 11012
Atlantic Refining
Ohio
&
66
Baltimore
5.35 5.05
100
11812
11512
Preferred
5.00 4.80
Equipment 431s & 5s
100 208 212
Borne Scrymser Co
50 *6112 63 Buff Koch & Pitts equip 6s_ 5.00 4.75
Buckeye Pipe Line Co
6212 Canadian Pacific 435s & 68_ 5.05 4.80
Chesebrough Mfg new.. 25 *61
5.25 5.00
100 114 115 Central RR of N J 68
Preferred
5.30 5.05
Continental Oil new.
25 *2614 2612 Chesapeake & Ohlo 68
Equipment 634.
5.10 4.85
•83e 85e
Rights
5.00 4.75
Equipment 56
Crescent Pipe Line Co__ 50 •1112 1114
5.25 5.00
Cumberland Pipe Line. 100 140 148 Chicago Burl & Quincy est
80 Chicago & Eastern III 535s_ 4.50 4.10
Eureka Pipe Line Co__ __IGO 78
56 Chicago & North West Be.. 5.35 5.05
Galena Signal 011 corn-100 54
5.15 4.90
Equipment 834.
100 112 114
Preferred old
5.15 4.90
100 104 106 Chic RI & Pan 434s dr 5s
Preferred new
5.55 5.25
Equipment ge
Humble Oil az Ref new.. 25 *6312 8314
100 144 145 Colorado & Southern 6s.._ _ 5.45 5.20
Illinois Pipe Line
5.25 5.00
25 *144 145 Delaware & Hudson 6e
Imperial 011
5.35 5.05
t 3414 3412 Erie 434* & 58
New when issued
5.50 5.20
75
Equipment Os
Indiana Pipe Line Co__ 50 .72
5.35 5.10
International Petroleum-(t) 2714 2712 Great Northern Be
5.00 4.75
Equipment Is
Magnolia Petroleum...AO° 153 154
5.05 4.80
National Transit Co. 12.50 *2214 2312 Hocking Valley 55
5.40 4.80
64
Equipment 6s
New York Transit Co. .100 61
4.95 4.70
Northern Pipe Line Co.. 100 82 84 Illinois Central 455s & 5s
5.25 5.00
68/4
Equipment 6s
25 *68
Ohio Oil new
Equipment 7s & 634*.... 5.05 4.80
25 *3214 33
Penn Mex Fuel Co
5.45 5.20
25 *61/4 63 Kanawha & Michigan 6s
Prairie Oil & Gas new.
5.20 5.00
Equipment 455s
100 12012 121
Prairie Pipe Line new
100 232 235 Kansas City Southern 554s_ 5.35 5.05
Solar Refining
5.25 5.00
Southern Pipe Line Co 100 8212 85 Louisville & Nashville 13e__
5.00 4.75
Equipment 655s
100 173 175
South Penn 011
Southwest Pa Pipe Linee 100 *6712 69 Michigan Central 53 & 68... 5.20 4.95
Standard 011 (California) 25 •5934 60 Minn St P & 88504348 & 58 5.30 5.00
Equipment 634* & 7s _ _ _ 6.35 5.00
Standard 011 (Indiana).- 25 *8818 6814
Standard 011 (Kansas).. 25 •38/8 3834 Missouri Kansas & Texas 13s 5.65 5.85
5.65 5.25
Standard 011 (Kentucky) 25 *11912 120 Missouri Pacific 6s & 855s _
55 Mobile & Ohio 45511 & 51L.
5.00 4.80
Standard Oil(Nebraska) 100 252
Standard Oil of New Jer. 25 *44/2 4412 New York Central 415s & 5e 4.85 4.65
100 118 11812
5.25 5.00
Equipment Os
Preferred4412
5.05 4.85
Equipment 7s
Standard 011 of New York 25 *44
4.80 4.80
100 358 35912 Norfolk & Western 415e_
Standard Oil (Ohlo)
5.15 4.90
100 119 120
Northern Pacific 78
Preferred
5.10 4.90
100 1714 1712 Pacific Fruit Express
Wean Flat%
Union Tank Car Co__..100 124 12712 Pennsylvania RR eg 158 & 68 4.90 4.75
100 112 115 Pitts & Lake Erie 6.35s
6.10 4.90
Preferred
5.60 5.20
. 2 *9012 9054 Equipment6s
Vacuum 011 new
4.75 4.50
35 Reading Co 414s & 5s
10 436
Washington 011
St Louis & San Francisco 5e_ 5.15 4.90
Other 011 Stocks
Atlantic Loboe Oil
(5) *3/8 334 Seaboard Air Line 514s & 6e_ 5.60 5.25
4.85 4.50
12 Southern Pacific Co 455e
50 •11
Preferred
5.00 4.85
42
2 •38
Gulf Oil new
Equipment 7s
1 *67
5.05 4.80
6712 Southern Ry 454s & iSa
Mountain Producers
5 *4
5.40 5.10
4/4
Mexican Eagle 011
Equipment66
100 11312 11412 Toledo & Ohio Central(U.__ 5.35 5.10
National Fuel Gas
10 •73s 7/4 Union Pacific 7.
5.00 4.80
Balt Creak Cone Oil
Salt Creek Producers._ 10 *2712 2732
Public Utilities
Tobacco Stocks
234
78
American Cigar 001319100 100 74
Amer Gas & Elec new __-(t) *82
99
90
Preferred
(5) *88
8% prof new
100 97
MAN
9814 99
Amer Machine & Fdry _100 160 170
Deb 6s 2014
British-Amer Tobse ord. gl •2734 284
Amer Light & Tree com_100 166 168
100 99 101
Bearer
Preferred
El .2712 28
Liner Power & Lt common.. 62 63 Imperial Tob of GB & Irel'd 2312 2412
80
100 89
70
Int Cigar Machinery_..i0
90
Preferred
M&S 9784 9812 Johnson Tin Foil & Met_100 65
Deb 6s 2016
9() MacAndrews & Forbes 100 156 158
Amer Public Util corn...100 85
92
Preferred
7% prior preferred.... 100 89
100 100 103
56
100 79
Mengel Co
81
4% panic pref
100 53
45
54 Porto Rican-Amer Tob-.100 40
Associated Gas & El pi (2) 52
41
Universal Leaf Tob com.100 39
Secured gold 654s 54.J&J 104 106
92
81
Preferred
Blackstone VaiG&E cum 60 479
100 87
Carolina Pow & Lt cora__ 400 415 Young (.1 El) CO
100 127 132
106
103
Cities Service Co com-.100 190 192
Preferred
ioo
20 *3814 3814
New stock
100 82 8212 Rubber Stocks (Cleveland)
Preferred
10
4
Am
&
8
*75
Tire
Rub
B
corn
10
Preferred
754
20
40
Preferred
100 *7784 7814
Preferred B-B
Firestone Tire & Rub corn 10 *14 116
Cities Service Beakers Shares •19
6% preferred
_
Colorado Power common 100 35
100 98/8 99
98
Preferred
7% preferred
100 93
96
100 97
Com'w'it h Pow Corp com(t) 166 168 General Tire & Rub corn. 50 *230 240
100 83
Preferred
Preferred
86
100 1011:
3012
share pref_100 10312 10412 Goodyear Tire & R com.100 30
Elee Bond
: Goody'r T & R of Can pf 100 r95114
Elec Bond & Sh Secur _
7512 761
•15
Mason Tire & Rub corn () *214 284
16
Elea Ity Securities
1812
Lehigh Power Elecuritiee.(t) 122 125
Preferred
100 16
Riv Pow corn 100 48
Miller Rubber
50
100 120 125
Preferred
100 91
93
Preferred
100 10212
36
First mtge 55 1951_ _J&J 9914 100 Mohawk Rubber
100 30
80
70
Preferred
F g deb 78 1935.:M&N 10212
. scowling Tire & Rubber (5/ •29 23
Nat Power & Lt corn._(t) *288 2-91
Preferred
Preferred
(:). *99 10012
100 10112 103
J&.JI 103 104 Swinehart Tire & R oom_100
Income 761972
Preferred
North States Pow com 100 112 115
100
100 97 100
Preferred
Sugar Stocks
49
Nor Texas Elec Co com.100' 43
412
100j 63 69 Caracas Sugar
Preferred
50 vs
85
Pacific Gas & El let pref-100j 95 96 Cent Aguirre Sugar corn. 20 *84
Fajardo Sugar
21
*18
100 11412 116
Power Securities com(I) *34
38 Federal Sugar Ref corn..100 51
Second preferred
Preferred
95
100 75 16Coll trust Be 1949...J&1) •92
10
Godchaux Sugar, Inc (t) *8
84
1949..F&A
•80
June
incomes
45
Preferred
100 40
Puget Sound Pow & 1A-100 58 60
52
100 83
86 Holly Sugar Corp corn..(I) *50
5% preferred
96
Preferred
100 10612 10812
100 94
7% preferred
100 90 125
1st & ref 5345 1949__J&D 9934 10015 Juncos Central Sugar
National Sugar Refining_100 10112 103
58
Republic Ry & Light--.100 56
New Niquero Sugar90
100 7712 79
100 86
Preferred
2
4
South Calif Edison oom-100 108 10912 Santa Cecilia Sue Corp pf100
Savannah
99
•
_
_
_
Sugar
125
100
(5) *97
corn....
8% preferred
99
Preferred
100 97
Standard G&EI 7% pr pf 100 98 100
90
6712 Sugar Estates Oriente pf _100 85
Tenneesee Eiec Power-AI) *613
96 100
With warrants
84
(0) *82
Second Preferred
Western Power Corp-._100 5112 5212
Industrial&Miscell
95
100 92
Preferred
90
92 American Hardware.. _100 88
Wein Missouri Pr 7% pfr _ 90
& Wilcox
Babcock
100 13512 13712
Securities
Term
Short
(I) •15
Bliss(E W)Co new
17
Anaconda Cop Min 6e'29J&J 10384 10414
9414
9312
Preferred
58
50 *52
Federal Sug Ref 6a'33.M&N
Company oorg_m •143 146
Borden
100/4
M&S
1928
1003*
5e
Valley
Hocking
Preferred
100 109 112
)1 C Term By 034. 81J
30
1928 10155 1017; Celluloid Company
100 28
5%11
10154
10114
Preferred
85
'27.F&A
100 82
Lehigh Pow Sec 68
10214
100 115 117
pref
4
Childs Company
Skies-Elheff S&I 6.'25.F&A 100
100 107 110
1930. _F&A 10812 107 Hercules Powder
II B Rubber 7y48
Preferred
100 106 108
Joint Stk Land Bk Bonds
International Silver pre1 100 *107 110
10214
5e--1951
Bk
54
8th
Chic Jt
Valley
Lehigh
142
3
0
°
1
10212
Coal
80
50 *78
Sales
5a 1952 opt 1932
Ng 98 102
10212 10312 Phelps Dodge Corp
5a 1983 opt 1933
Baking
Royal
Pow
143
corn
10414
146
10512
200
1931
opt
5345 1951
Preferred
10112 10212
100 101 103
Ms 1952 opt 1932
Binger Manufacturing... po 245 249
100 101
415s 1952 opt 1932
102
101
1934
415e 1964 opt
10112 10214
eke 1963 opt 1933
Pee Coast of Portland. J&J 103 104
5s 1955 opt 1935
b Beale. d Purchaser also Pays accrued dividend.
*Per share. 2 No par value.
Ex-dividend. r Er-eighte.
I Lutes!., a Nominal.
fNew stock. f Flat price.
Canadian quotation. o Ex-Interest.
Sale price.
0Ox-stock dividend
2671
THE CHRONICLE
Range Sinus Jan, 1.
High.
Low.
May
19
Mar
89
Apr
75
Apr
49
Jan
87
Mar
90
Apr
84
1934 Mar
1154 Apr
355 May
804 Feb
May
22
Mar
24
2455 Mar
855 Apr
1135 Jan
84
Jan
Feb
89
54 AM'
354 Apr
284 Mar
124 May
M May
34 Mar
13034 Apr
,i Jan
30
Mar
84 Jan
May
51
112
A....
3634 Feb
9334 Mar
8555 May
Jan
60
Feb
89
9634 Feb
Feb
94
24
Feb
Feb
15
534 Jan
6334 May
394 Jan
Jan
38
May
29
104 May
14
Jan
9155 Mat
93
May
14 Jan
934 Jam
3934 Apz
164 Jan
2 4 Mar
34 Apr
139
Jan
834 May
4934 Jan
1115 May
70
Feb
Ilo
.c.,
2672
THE CHRONICLE
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Low.
High.
Cudahy Packing Co_ __100
9734 98
Jan 108% Feb
545
79
Dan Boone Wool Mill....25
2
235 1,205
Apr
7% Jan
Deere & Co pref
100 97
97
9731
Jan 97% Apr
100 83
Diamond Match
100 122% 121 122%
320 11534 Feb 122% May
Elec Research Lab
•
18
18%
510 15
Mar 37% Jan
Evans & Co Inc cl A
5 29
27
2934 3.235 2334 Mar 30% Jan
Fair Co(The)
• 3434 33
35
10,500 3131 Apr 3535 Mar
Preferred
100
105 105
Mar 10931 Mar
70 104
Foote Bros(G & M)Co_ •
12% 13%
215 12
Apr 16% Mar
Gill Mfg Co
•
6% 6%
100
Jan
4
7 May
Godchaux Sugar
•
9%
8% 9% 2,155
Jan
3
9% May
Gossard Co(H W)
31
30
3436 1,755 2635 Jan 34% May
Great Lakes D &
123
121 125
685 9435 Jan 129% Apr
Hupp Motor
10 17% 173( 18% 5,685 1434 Mar 19% Jan
Hurley Machine Co
• 50% 4931 53
2.139
4134 Mar 56
Jan
Illinois Brick
100 31% 3131 32
28 May 32 May
2,3
Illinois Nor UM prat_ _100
90% 91
Jan 92% Apr
40
85
Indep Pneumatic Tool_ _.* 53
53
53
75 50
Apr 70
Jan
Kellogg Switchboard_ _25
4035 41
159 39
Apr 48
Jan
Kentucky Hydro-Elec_100
91
9234
100 8534 Jan 9234 Feb
Kraft Cheese Co
25 6835 6434 70% 14,800 3535 Jan 7034 May
La Salle Ext Unix,010_10 20
18
5,113 15 May 2131 May
21
Libby,MeN&Libby.new 10
6%
680
6% 735
6% Apr
931 Jan
Lyon &Healy,Inc, pref 100
107 107
Mar 107 May
25 99
McCord Radiator Mfg A_* 39
3835 39
635 3734 Apr 42
Feb
MeQuay-Norris Mfg
• 18% 17
Mar 18% May
1834 1.400 13
Middle West Utilities.._ -• 94% 9234 97
1,700
8235
Feb
10235
Mar
ak Preferred
100 96
96
97
780 9135 Jan 9831 Mar
Prior lien preferred_ _100 10435 104% 105%
595 98
Jan 107% May
P Rights
235
1% 2% 6,760
135 Apr
2% May
Midland Steel Products_ -• 4335 41% 44
3,505 3234 Jan 44 May
Midland UM prior Ilen_100 99% 98% 9931
950 9834 Apr 10034 Mar
Morgan Lithograph Co.
49
43% 49
5.720 42
Mar 4931 May
Nat Carbon pref, new_100
125 125
125 120
Feb 125 May
National Leather
10
4% 531 MOO
Apr
4
6% Jan
Nizer Corp con par Aiwa 45
40
45
910 37
Apr 45 May
Nor West ULU pr In pref 100
93
95
Apr 95
50 90
Feb
Omnibus pref A w 1_ _ _ _100 93
93
94
220 90
Jan 95% Feb
Voting trust ctts w I a_
1434 14
14% 2,435 14 May 17% Mar
Philipsborn's, Inc., tr ctf _I
34
35
35 5,300
1% Jan
34 Jan
Pick (Albert) & Co
10
1835 19
740 1834 May 23% Jan
Pines Winterfront A
5 48% 46
51% 4.025 46 May 74
Jan
Pub Serv of Nor Ill
• 11931 117% 119%
116 10734 Jan 11934 May
Pub Serv of Nor III_ __-100 120
11734 120
440 108
Jan 120 May
Preferred
100
9534 9635
175 92
Jan 96% May
7% preferred
100
107 107
35 10434 Jan 107% Mar
Quaker Oats Co
100
112% 118
135 95
Apr 400
Mar
Preferred
100 109
103 105
416 10234 Jan 105
Feb
Real Silk Hosiery Mills_ 10
55
5634 4,625 48
Mar 75% Feb
Reo Motor
10 1834 17% 18% 3,685 1434 Mar 22% Mar
Ryan Car Co (The)_ .._25 24
23% 24
350 21
Mar 33
Jan
Standard Gas & Elea__ _ _* 53
5034 54% 1,650 4034 Jan 5434 May
Preferred
50 53
52% 53
395 50
Jan 53% Feb
Stewart-Warn Speedom _ _• 68% 68% 70% 15.730 5534 Mar 77.31 Jan
Swift & Co
100 110% 110 111
3.170 10934 Apr 120% Feb
Swift International
15 26
26
2631 2,745 2535 Apr 36
Jan
Thompson (J RI
25
4431 45
275 4464 May 48
Apr
Union Carbide dr Carbon.* 69% 6835 70
7,575 65
Mar 73% Feb
United Iron Works v t c_50
3
435
475
X Feb
Jan
5
United Light at PowerCommon al A w I a_ __* 6634 5634'69
20,615 44
Mar 69 May
Common cl B w I a_
•
65
70
575 49
Jan 70 May
Preferred CIA w I a... _ ..* 85% 85% 86%
755 81
Apr 86% Feb
Preferred cl B w la_ __ • 50
49
5134 1,060 42
Jan 53 May
United Paper Board_ 100 20% 19
21% 1,140 1834 Apr 22% Feb
Preferred
100 71
71
71
41 71
May 71 . May
II Gypsum
20 153% 152 155
1,390 112
Feb 159% May
Unix,Theatres Cone el A.5 22
21
35
Jan
850 21
May 53
Utilities Pow dr Lt Cl A__• 28
26% 28
605 2234 Mar 28 May
Class B
143( 14%
500 1334 may 1436 May
Wahl Co
• 1334 1234 15
920 11
May 23% Feb
Ward(Montgomery)drCol0 54
53
54
55% Jan
6.535 41
Ma
Class A
111 11134
•
80 110 May 123
Jan
Wolff Mfg Corp
•
834 9% 1,115
au
Jan 10% Mar
Voting trust certificates.
8% 9
185
Jan 10
6
Feb
Wrigley Jr
• 52% 4961 52% 7.540 4635 Jan 52% Feb
Yellow Cab Mfg el W.__10 38% 3431 3935 7,280 323.4 Feb 43
Jan
Yellow Gab CoAnc(Chic).• 473( 46
48% 4,190 48
Ma
55% Jan
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange May 16 to May 22, both inclusive, compiled from official lists:
134
BondsChicago City Ry 5s ___1927
Chic City & Con Rys 55'27
Chicago Railways 5s _. 1927
5s. Series A
1927
4s. Series B
1927
Adjust income 45_ ....1927
Pub Sent 1St ref g 55_1956
Swift & Co lst 5 f g 55_1944
•No par value.
78
50
78
783( 873,000
50
52
81,000
7734 7761 1,000
7834 7834 11,000
40
4034 4,000
16
16
500
98
98
20,000
100 100
9.500
74
46
7734
5434
35
16
92
98
Apr 8434
Apr 63
May 85%
Apr 7834
Apr 4634
May 2434
Jan 98
Jan 100%
Mar
Mar
Feb
May
Mar
Mar
May
May
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange May 16 to May 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Am Vitrified Prod corn _ _50
20
21
200 1934 Jan 23
Jan
Am Wind Glass Mach _ _100 89
440 88
Jan 110
8834 89
Mar
Preferred
9435 9434
100
Feb
10 93 May 110
61%
Arkansas Nat Gas, com_10
831 Feb
6,366
531 Apr
534 7
Carnegie Lead & Zino_ _5
700
Jan
4
534
534 534
834 Mar
a Colonial Trust Co__ _100
198 198
Feb
Jan 200
3 190
Duquesne Light pref.._ _100
108 10834
143 10534 Jan 108% May
Indep Brewing com
231 3
50
131 Mar
3
335 Apr
322
Preferred
50
735
430
Feb
4
7% May
7
734
Jones & Laughlin prat_ _25
114 114
Mar
75 111% Jan 114
Lone Star Gas
Jan 40
25 3834 3834 3834 1,470 32
Feb
Nat Fireproofing com _ -50
1335 1334
435 11% Jan 14% Feb
Preferred
50
3235 33
405 3134 Jan 3534 Jan
Ohio Fuel Corp
Apr 34% Feb
25 3256 3234 3234 2,794 31
Ohio Fuel 011
Mar 1634 Mar
1
30 12
1334 1334
Oklahoma Natural Gas_ _25 2935 2934 2934 1,013 26
Jan 31% Feb
Pittsburgh Brew corn_ _50
1% Mar
4 May
3
4
660
Preferred
Mar 1134 May
50 11
6
9
1134 1,545
Pittsburgh Coal, pref _ _100
76 85 May 99% Jan
85
8534
Pittsb & Mt Shasta Con.-1
9c Feb
50
Sc
2,000
5e Apr
Pittsburgh Oil& Gas
654
872
6 May
5
83.1 Feb
6
Feb
Pittsburgh Plate Glass-100 289
Jan 205
281 257
279 290
Pitts Ter Whse & Tran_100
Apr
50 35 May 39
35
35
Salt Creek Con 011
Feb
735 Feb
9
300
10
735 735
San Toy Mining
Sc Feb
3e May
3c
892
1
30
Stand Plate Glass pr pfd_ __ ._. 94
Jan
Apr 98
94
15 92
Stand San Mfg com
Jan
201 102
Feb 136
104 106
25 106
Superior Fire Ins CO-Seen ote a b elow.
Third Nat Bank
Mar 107 May
5 103
100
107. 107
Tidal Osage 01I
8% Jan 1334 Feb
100
10
10
10
U S Glass
Apr 2034 Jan
25 13
25
15
15
West-house Air Brake_ _ _50 102
Jan
413 97
AM' 113
100% 102
West Penn Rys pref _100
Feb
Apr 95
92
20 89
92
BondsWest Penn Rys 55_ _._1931
9834 9834 83.000 9534 Jan 99
AM
Want Pimn 74nn km
man
00
on
2 non 57
Apr
Feb 89
a Note.-Sold last week and not reported: 68 shares Colonial Trust at 191:
10 shares Superior Fire Ins. Co. at 105.
•No par value.
[VOL. 120.
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Wholesale, pref_ _100 96
Armstrong-Cator 8% pf100
Arundel Corp new stock_ -• 2534
Atlan Coast L (Conn)__ _50
Baltimore Trust Co
50 120
Baltimore Tube, pref.-100 5831
Benesch (I), corn
•
Preferred
25 2634
Cent Teresa Sug, pref 10
Chalmers Oil. pref
1
5
Ches & Pot Tel of Balt_100 112
Commercial Credit
• 2434
Preferred
25 2434
Preferred B
25 2534
Consol Gas, EL & Pow_ _• 42
636% preferred
100 109
7% preferred
100 112
8% preferred
100
Consolidation Coal _ __ _100 4331
Eastern Rolling Mill
•
8% preferred
100
Fidelity & Deposit
50 9634
Finance Cool Am, pref_25
Finance Guar, pref
25
Finance Serv, Class A_ _10
Preferred
10
Ga Sou & Fla, let pref _100
Houston Oil pref tr ctts_100
Humphreys Mfg.Co
•
Preferred
25
Lorraine Pet Co_ le shares
2
Manufacturers Finance_25 5334
First preferred
25 24
Second preferred
25
Trust preferred
25
Maryland Casualty Co_ _25 9534
Merch dr Mtn Tr Co_ _100
Merch Mtge & Credit Co.•
Monon Vail Trae, pref..25
Mortgage 41 Accept
•
Preferred
50 45
Mt V-Woodb Mills v t r 100
New Amsterd'm Cm Co.10
Norfolk Ry & Light_ _25
Northern Central
50 7934
Penna Water & Power_100 13734
Security Mtge Co, pref _ _25
Silica Gel Corp
• 1934
Union Trust rights
United Ry & Electric_ _50
US Fidelity & Guar_ __ _50 200
U S Mortgage
•
Wash Bait & Annap_ __ _50
735
Preferred
5(1
West Md Diary, Inc. pf..50
96
96
45
45
2334 2534
168 168
119 120
55
5836
39
39
2634 2635
135 136
1
1
112 11234
2334 2434
2434 2534
25
2534
41
44
10735 109
1113.3 112
125 12534
4234 45
10931 110
118 119
96
9634
26
2634
18
18
18% 1864
935 a%
84
84
85
85
25
25
25
25
2
2
5234 5335
2334 24
2234 2234
2235 2235
95
96
13634 13734
15
15
21% 2234
1635 17
45
45
1234 1234
4734 48
26
26
7934 7934
13735 140
2534 2534
1734 1934
8
8%
1734 18
195 202
1134 1134
634 734
13
13
52
52
BondsBalt Electric 55
1947
Bernheimer-Leader 78_1943 104
Commercial Credit 68_1934
Consol Gas gen 435s_ _1954 9435
Consol G, EL dr P 4345'35
Series E 5355
1952
Series A 65
1949
Series D 6355
1951
Consol Coal 4349
1934
Elkhorn Coal Corp 623_1925 973.3
Fair & Clarks Trac 53_1938
Fairmont Coal 58
1931 9731
Indiahoma Ref Co 83_1934
Lexington (Ky) St 55_1940
Macon Dub & Say 55_1947 83
Md Electric Ry 1st 5s.1931
6315
1957
Md & Penna 45
1951 75
N N&Hamp G&E 1st 55'44
Norf dr Ports Trae 58_1936 973j
Nor Bait Trac 53
1942
Titusville Iron Works 76'29
United E L & P 4%5_1929
United Ry & E 4s_ _1949
Income 4s
.A949 51
Funding 55
1936
68
1927 9861
68
1949 9534
Wash Balt & Annan 55 1941 5934
ton .... va...m..... o.
inn,, ins
10034 10031
104 1043.3
99
99
9434 9434
9735 9734
10335 10334
1073.4 10734
110 110
92
92
9734 9761
93
93
9734 9734
40
40
93
93
8234 83
95
95
97
97
75
75
8934 8934
9751 9731
9914 9914
10034 10034
9835 9834
6934 70
5034 51
7034 71
9831 9834
95
9534
5934 6035
ins ins
Range Since Jan. 1.
High.
Low.
98 92% Jan 9834 Mar
Jan
Apr 57
5 36
6,970 2036 Mar 2534 May
Jan 170
Mar
26 160
Apr
205 111% Feb 121
Jan
86 55 May 70
2 38% Jan 40 MAY
44 2634 Feb 2634 Apr
Jan
200
135 Jan
2
Feb
100
.85 Feb
1
61 110% Jan 11234 Peb
Jan
590 2234 Mar 26
245 24
Apr 2534 Jan
267 24% Apr 2634 Jan
3,581 32
Jan 44 May
113 105
Apr 109 May
Mar 112 May
23 109
179 122
Mar 12534 May
282 36 May .72
Jan
Apr 115
82 103
Feb
312 111
Apr 120
Jan
65 89
Jan 9834 May
Apr 2631 Jan
95 26
Apr
4 18 May 19
39 1834 May 1934 Jan
Jan
935 Apr
176
9
10 8134 Feb 85 May
Jan
Apr 97
37 78
Jan
Jan 25
70 25
Jan
140 25
Jan 25
434 Feb
280
2 May
29 52% May 5634 Feb
Jan
53 2334 May 25
21 22% Apr 2434 Feb
Feb
24 2131 May 24
858 8234 Apr 96 May
Jan 137% May
31 115
1 15 May 1534 May
52 2035 Jan 22% Jan
12 1334 Jan 17 May
Jan
80 4335 Jan 45
Jan
935 Apr 15
96
227 4235 Jan 48 May
100 26 May 2734 Jan
127 7634 Jan 7934 May
199 12634 Jan 14434 May
1,350 2534 May 2534 May
Jan
550 12 May 22
252
031 May
9 MaY
417 1561 Apr 1934 Jan
643 179
Jan 202 May
100 1031 Feb 1234 Feb
835 Feb
535 Apr
100
May 1934 Jan
13 11
25 5135 Mar 5331 Feb
82,000
2.000
3,000
8.000
3.000
1,000
2,000
1,000
8,000
8,400
2,000
1,000
2,000
3,000
36,000
3,000
2,000
1,000
5,000
5.000
1,000
1,000
1,000
23.000
20,000
20.800
11,000
9,000
36,000
I nnn
Mar
100
103% Feb
9835 AM'
9235 Jan
9335 Mar
10231 Jan
10434 Jan
Jan
109
Apr
92
9734 Apr
Jan
93
9634 Apr
40 May
Jan
92
7535 Jan
95 May
Apr
97
75 May
88 May
92
Jan
9914 Jan
10034 Apr
9834 Jan
6835 Apr
49
Apr
69
Apr
9834 May
93
Apr
58
Apr
In,
MAR
10034 Jan
10434 Feb
9934 Jan
9435 May
9734 May
10334 May
10734 May
Mar
110
Feb
98
100
Jan
Jan
95
9834 Yan
40 May
Mar
93
83 May
9731 Mar
100
Mar
7535 Jan
8934 May
9714 MAY
9935 Feb
10034 Alm
9834 Jar
7074 Jar
5234 Jar
Jan
74
99% Jar
9634 Jan
6634 Feb
1n2 Mal
•No par value.
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange May 16 to May 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sate
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bank StocksFirst National Bank_..100
Nat Bank of Commerce 100
211
145
211
145
15 205
Feb 211
7 14334 Jan 158
Trust Company Stocks
St Louis Union Trust__100
295
300
68 256
Street Railway Stocks
United Railways com_ _100
Miscellaneous Stocks
Berry Motor
•
Best Clymer Co
•
Boyd-Welsh Shoe
•
Brown Shoe corn
100
Preferred
100
Certain-teed Prod 1st pf100
Chicago Ry Equip pref..25
EL Bruce corn
•
Emerson Electric pref _ _100
Ely & Walker D G com.25
let preferred
100
Fred Medart Mfg com_ •
Fulton Iron Works corn_ •
Hussmann Refr corn
•
Huttig S & D com
•
Preferred
100
Hydraulic Press B'k cm 100
Preferred
100
International Shoe corn_ •
Preferred
100
Indep Brewing 1st pref._._
Johansen Shoe
•
MeQuay-Norris
•
lart ps,sisna Pennant
90
250
.
27
4435
40
10235
95
43%
96
42
3231
92
1
49
1735
Ad
25e
25
27
4434 4434
3934 40
8534 89
10234 10234
93
95
26
26
43
4335
9634 97
2374 24
103 103
3331 34
3535 3534
42
42
32
3231
10035 101
7
7
91
92
130 136
120 121
1
1
44
49%
17
18
AR
114 14
200
180
5
185
140
25
57
56
415
57
60
93
480
35
25
195
53
5
95
371
79
100
880
295
540
Sc
Jan 300
Feb
21 May
4234 Feb
3934 May
69
Mar
9834 Jan
87
Jan
26 Nlay
38
Apr
96 May
2231 Jan
Jan
102
30
Apr
3534 Jan
3731 Mar
3134 Mar
100 May
Jan
6
89
Jan
Feb
115
11734 Mar
1 May
Mar
40
1434 May
411.4 Feb
Feb
Feb
May
250 May
27
46
58
89
10234
95
27
4334
10035
25
104
3434
43
45
40
102
854
95
138
121
1
5236
18
55
May
Jan
Jan
May
MaY
May
Mar
May
Feb
Feb
Apr
Feb
Jan
Feb
Feb
Feb
Feb
Feb
May
May
May
Jan
May
may
MAY 231925.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices
Stocks (Concluded) Par. Price. Low. High. Shares
National Candy corn_...100 9734
100
1st preferred
• 48
Pedigo-Weber Shoe
Rice-Stix D G 1st pref _100
100
2d preferred
Scruggs-V-B D G 1st pf 100
100
Scullin Steel pref
• 38%
Skouras Bros "A"
Southwest Bell Tel pref 100 110%
Wagner Electric corn
• 39
Wagner Elec Corp pref _100
Range Since Jan. 1.
Low.
High.
215
10
895
10
20
5
26
880
247
351
10
9734
107
40
107
10035
83
100%
36
107%
26%
80
May
Mar
Mar
Jan
Apr
Mar
May
Apr
Apr
Jan
Apr
106
109
4831
110
103%
88
10234
39
111
50
91
Feb
May
May
Mar
Mar
Jan
Mar
May
May
Feb
Feb
64% 95.000
8.000
84
79
2,00
69% 35,000
68
13.00
61
84
79
6935
68
Apr
May
May
May
May
67%
86
8434
74
73%
Feb
Feb
Jan
Jan
Jan
9735 9835
109 109
44
48%
108% 108)4
102 102
85
85
101 101%
38% 39
110 110%
3831 40
83
83
Street Railway Bonds
Alton Gran & St L Tr 5r3'44
E St Louis & Sub Co 55'32
St L & Sub Ry gen M 5823
United Railways 45_ _ _1934
1934
45 ctfe of dep
84
64)(
84
79
68%
68
Miscellaneous Bonds
Kinloch Long Dist 58_1929
Wagner Elec Mfg 7s_Serial
100% 10034
101 101
1.000 99% Feb 100% May
1,000 100% Ma 102
Mar
•No par value.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from May 16 to
May 22, 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.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Week Ended May 22.
Stocks-
Indus. & Miscellaneous.
Adirondack P & L com.100 7834
100 106
7% preferred
Amer Gas & Electric
• 83
Common
•
Preferred
AMeriCall Hawaiian SS._10
Amer Lt & Trao,com_100 16834
100 100
Preferred
Amer Pow & Lt cow new-• 62
Preferred
100
Amer Rayon Products.... 30
Amer Rolling Mill, pf..100
Am Superpow Corp,Ci A_• 38
• 39
Class B
26
Prior preferred
American Thread pref--.5
331
Appalachian Pow,com_100
Arizona Power com- -100
Armour &Co ano comB25 1234
100 89
Preferred
Assoc Dry Goods new WI'
Assoc G & E Class A--...• 34
Atlantic Fruit ,i, sug____. 000
Atlas Portland Cement._ _
•
New wi
Borden Co. common___100 14234
50
Convertible new
100
Preferred
Botany Cons Mills. el A 50
Brazilian Tr, L & Pow_100 5334
Bridgeport Machine com.• 10
Silt-Am Tob ord bear-51 28
Ordinary.regi3tered__.£1
Brooklyn City RR
10
8
Brown & WW Tob Cl 13_10
Bucyrus Company com 100
Buffalo Gen Elea new com• 6731
Burroughs Add Mach Pf100
Butler Bros,com
3234
Campbell SOUP. Pref. -100
Canada Dry Ginger Ale A • 12334
• 12434
Class B
531
Car Ltg & Power com _._25
Carolina Power dr Light 100 401
Celluloid Co. prof
100
Central Aguirre Sugar..20
Centrifugal Pipe Corp __-• 1634
• 2734
Chapin-Sacks Inc
in 2374
Chatterton & Son
Chic Nipple Mfg, cl A50 2934
50 1234
Class B
Childs Co, pref, new__ _100 116
• 95
Chrysler Corp w I
()Ries Service. corn_-_100 190
20 3834
New when issued
Preferred
100
Preferred 13
10
Preferred 1313
100
• 19
Bankers' shares
Cleveland Automobilecom• 2535
,_
100
Preferred
235
Colombian Syndicate
Com'w'th-Edison Co_ -100
Com'weaith Pow Corp...• 166
100 84
Preferred
78
Warrants
Cons Latel.k; L&P Balt new. 4234
Continental Baking,comA• 12134
• 2635
Oommon B
100 in yt
8% preferred
Continental Tobacco____' 19
• 44
Coty. Inc. w I
$ ,3731
Cuba Company
Cuban Tobacoo v t 0
Curtiss Aeropl & M coin_ _• 1934
100 70
Preferred
Curtiss Aeropl Assets Corp 32
.• 2331
De Forest Radio Corp_.
Del Lack dt Won. Coal_ _50 12634
• 1334
Doehler Die-Casting
DubillerCondsr& Rad new. 1534
Dunhill International__ _ _• 25%
Du Pont Motors, inc._ •
• 1534
Durant Motors, Ino
• 2234
Dus & Co,Inc, Class A_.
75
Co
Auto-Lite
Eleo
Elee Bond & Share.pref 100 10334
Elea Bond & Share See_ - _• 7434
Klee Invest without wets. 5231
Elec Ity
Securities*
• 48%
Cleaner
Eureka Vac
Federated Metals Corp_ •
5
Film In•neetion Machine.*
77
8235
10234 10635
8,700
250
Range Since Jan. 1.
Law.
33
92
81% 8334
88
8934
834 9
164 172
9931 100
61
6634
89
8935
2734 3034
108 108
3334 38
3415 4034
2534 26
334 334
7834 7835
2434 2834
12
1234
87
89
5034 53
2834 3434
880 98o
9,400 8834
800 8334
200
834
6.570 137
500 94
47,500 4831
1.010 84
7,900 26%
100 108
24,300 2834
116,200 2734
900 2434
400
3%
50 73
1,700 1734
4,300 1134
140 84
2,000 46
16.800 2534
3,000 800
46
4734
14234 14235
8834 7334
107 113
4534 4634
5131 5334
10
11
2734 28
27% 28
734 835
13
13%
155 163
8734 7034
105 105
3234 3234
110 11034
11834 12734
120 1264
5
535
400 418
75
80
82
8234
1535 18
24
2731
23
244
29% 2934
1234 1234
116 116
8734 98
181 194
3831 3834
8134 82
734 731
81% 82
1834 1935
2434 26
98
98
2
234
137 137
142 173
8214 85
88
53
41
4435
11934 12234
27
26
9634 9735
1834 1934
4234 4435
36 z37%
2334 2534
18% 19%
6834 70
32
26
21
23%
12634 12734
1334 1334
15
1834
2534 26
51e 600
15% 16%
2234 23
73
7634
10331 105
7234 8034
5134 5534
15% 1534
47% 4834
3134 3174
5
5
1.200
20
800
30
300
600
1,800
2,400
700
1,300
*400
795
5.400
10
100
50
345
215
9,000
680
60
200
6,300
15,800
2,000
100
200
30
12.500
1,100
13.500
1,300
600
200
1,600
13,900
20
28,700
50
38,500
2,375
15,040
37,300
10.820
59.300
2.400
1,500
4.804
1,700
800
6.700
800
800
8,400
250
500
6.000
1,000
200
9,500
1.800
1,450
140
137,000
57,600
500
3,400
200
200
High.
Feb 8234 May
Jan 10635 May
Feb 8334 May
Apr 8935 May
May 1335 Feb
Jan 174% May
Jan 100 May
Feb 8734 Jan
Apr 8934 may
May 3034 May
May 108 May
Mar 38 May
Mar 4034 May
Feb 2634 Max
Jan
434 Feb
Feb 83
Jan
Jan 2834 May
Apr 15
Feb
Apr 9434 Feb
Apr 53 May
Mar 3451 May
Jan
134 Mar
4434 Apr 48 May
133
Jan 15435 Mar
68
Mar 73% Apr
106
Jan 113 May
4331 Mar 4834 Jan
4934 Apr 5334 May
434 Feb 11
May
2534 Jan 2834 Apr
2134 Feb 2834 Apr
934 Feb
734 May
10
Jan 1334 May
121
Jan 163 May
50 • Apr 7034 May
103
Jan 10534 Jan
3234 May 3234 May
110
Mar 111
Jan
90
Apr 127% May
80
Apr 12635 May
134 Jan
535 May
300
Feb 430 May
75 May 97
Jan
82 May 8735 Mar
10
Mar 2734 Jan
1634 Jan 277.4 May
12
Feb 2435 May
29
Apr 3335 Jan
1234 May 1635 Jan
11335 Jan 117
Feb
7534 Apr 96 May
175
Mar 212
Feb
35
Mar 43
Feb
8134 Jan 8234 Feb
734 Mar
734 Feb
77
Mar 8235 May
1734 Mar 2134 Feb
1934 Feb 26
May
89
Feb 98
Apr
600 Jan
234 may
133
Jan 137
May
106
Apr 173
May
7931 Jan 85
May
2534 Feb 96 May
3131 Jar
4434 May
108
Jan 125
Mai
21% Jan
2934 Mai
9134 Jan 99
Mai
1834 May 2634 Jar
3734 Apr4434 May
3535 Apr 4034 Mai
634 Jan 26
Mal
13
Feb 1934 May
Mar 70 May
55
1835 Mar 32 May
1834 Mar 34
Pet
119
Apr 130
Feh
10
Apr 2034 Jar
1231 Mar 3534 Jam
25
Apr 31
Jar
50o May
134 Jar
15
Feb 21
Jar
2031 Apr 33
Fet
71
May 7634 May
10134 Apr 105 May
5534 Apr 9134 Fat
40
Jan 5534 May
1234 Ma
16
May
46
May 50% Mai
3034 May 42
Fet
5 May 1114 Jar
2673
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
ofPrices.
Week.
(Concluded).
Par. Price. Lew. High. Shares.
Ford Motor Co of Can_100 25%
Franklin(H H)Mfg corn..' 8534
Preferred
100
Freed-Eisemann Radio...• 10%
Freshman (Chas) Co......' 2834
Gabriel Snubber w I Cl A•
Garod Corporation
•
General Gas & Elea, corn..'
Convertible preferred
Gen'l Outdoor Adver'g Ins
Common v t o
• 2134
Class A
• 45
Gen'l Ry Signal, corn...100
Ga Lt.Pow & Ry,com_100 59
Gillette Safety Razor... • 68%
Glen Alden Coal
•
Goodyear Tire & R.com100 30%
Grennan Bakeries Inc_
• 18
Grimes(D)Ha dr Cain Rec. 13%
HabIshawEiCable new Cowl
Happiness Candy St CIA.'
7
Hazeltine Corp
• 17
Hercules Powder, pref_100
Hayden Chemical
•
54
Rom & HardartCo
Intercontinental Rubb_100
934
lot Concrete Ind Fdrs sure 11
Inter Match non-vat
42%
37%
Int Utilities class A
Class B
•
8)4
131
Jones(Joe W)Radio Mfg.'
Kehler Williams Stmpg _ _• 22
Keivinator Corp
• 24%
Kraft Cheese
25 88%
Landover Holding Corp A 1 23
Lehigh Power Securities_ ..• 124
Lehigh Valley Coal Sales 50 7931
3835
Leh Vali Coal obis new
8%
Liberty Radio Ch Stores..'
Marconi WIrel Tel of Lond
McCrory Stores, new...
Warrants
Mengel Co
100 5631
Mesabi Iron Co
•
Middle West Utilities com• 94%
Prior lien stock
100 104%
Preferred
100
Midvale Co
•
Miss River POW, COM-100
Moore Drop Forging CIA.' 67
17%
Motion Picture Corp
Music Master Corp
• 9%
5
National Leather
10
Nat Power & Light. econ_• 290
Preferred
•
National Tea
• 298
8%
New Mex & Ariz Land_ _1
N Y Teleu 6%% Dref__100 112
Nickel Plate corn,new, WI. 87
Preferred, new. w I
45%
Nizer Corp Class A w I..
Northern Ohio Power Co_• 10
North Ont Lt & Pr corn 100 49%
No States P Corp,com_100 112
Preferred
100
Nor StatesPow Del waents 1735
• 14%
Omnibus Corp v t
OPpenheim. Collins & Co-•
Pathe Exchange Inc Cl A_• 5031
Penna Water dr Power..100
100
Pet Milk,7% pref
Pittsburgh Plate Glass_100
Power Corp of N Y. coin:. 51%
Power Securities corn.....' 19
43%
Pratt & Lambert. Inc_
Pro-phy-lac-tic Br com___•
120
Pub Sore of N Ill, corn._
100 97
Preferred
Puget Scl P & L, com_ _100 58%
Purity Bakeries class A_25 4535
• 38%
Class 13
Preferred
100 99
Reid Ice Cream Corp cow • 39
Preferred
100
Rem NolselessTypew,C1 A. 41%
100
Preferred
10 18%
Reo Motor Car
Rosenb'm Grain Corp pf 50 48%
Rova Radio Corp tr Ws•
• 5335
St Regis Paper corn
Schwarz (Bernh) Cig, A w I 1614
SelberlIng Rubber, corn..'
Sore, El. Corp. cl A. w I__ 10
Silica Gel Corp.corn. v t 13.• 1935
Singer Mfg
100
•
Sleeper Radio v t c
Sou Calif Edison com__100 108
7% preferred Ser A-- 100
6% pref. Series B____100
Sc
Southern Coal & Iron_
5
S'eastern Pr & Lt com..• 9135
Southw Bell Tel 7% pf _100 110%
5
Standard Motor Constr_10
Stand Publishing Cl A__25
734
Stuts Motor Car
•
Swift & Co
100 110%
Swift International
15 26
Tenn Elec Power, corn...* 68
• 82
Second Preferred
Thermiodyne Radio
•
Thompson(RE)Radio vie
6
Tob Prod Export Coro. •
Tower Mfg Corp
7
5
Tulip Cup Corporation...'
Union Carblde & carbon.' 69%
United G & E com new_ _10 4134
United Lt dr Pow corn A • 8631
7
United Profit Sharing..._1
United Shoe Nisch,com_25
US L8& Ht Corp, corn. 10
2%
Preferred
10
2535
Universal Pictures
Utilities Pr & Lt Cl A_ _ _• 28%
Victor Talking Maobine100 87
• 11%
Ware Radio Corp
Warner Broe Pict, cora. •
Class A
10 1634
Western Pr Corp. com_100 52
Preferred
100
White Rock Min 8925 Corn' 3831
Vot tr etfs for corn stock. 38
14
Wilson & Co (new) w
30%
Class A w I
70
Preferred w I
Yellow Taxi Corp N T - •
Range Since Jan. 1.
Low.
485 498
1.40 462
19
25)1 13,500 1631
84
27
600 78
8
8)4 1.500
7
10% 10% 1.600
934
27% 29% 27,000 28
2
3
3.000
2
1004 10134
205 80
10035 10034
50 80
2135 22
4435 4534
12835 12834
59
62
6735 6935
127 12731
30
3136
18
1834
13
1435
19
19
634 7
1634 1735
105 106
134 114
48
.54
834 974
1034 1134
4134 4234
3734 40
836 1034
134 131
22
23
2334 2534
673.4 7034
21
2335
12334 132
79
8035
3735 39
834 874
834 834
90319031
52
.52
54
64
234 2%
9131 97
10435 10535
97
9735
24
24
47
47
67
67%
1734 1735
9
935
5
5%
288 305
9931 9935
269 305
83.1 931
11131 112
8634 87%
82% 84
39% 45%
9% 11%
46
53
111 115
9834 98%
17
18%
1431 14%
41% 4235
5031 55
13935 140
102% 102%
27835 27935
5035 54
1835 2135
4234 4334
41
41
118 120
9631 97
5735 6031
45
4534
38
3874
9731 99
3831 39
90
90
4134 42%
10931 113
17% 18%
4831 48%
336 4%
49
5731
1634 18%
23
23
10
1034
1731 1931
235 240
435 5
10736 108
1073' 10734
92
92%
4c
60
88% 107
11035 110%
5
534
2234 22%
7)( 8
110 111
25% 27
61% 6735
8135 82
7% 8
(1%
3% 335
7
7
1535 1535
6831 70
36
4531
57
89%
6y. 7%
41
41%
93c
1
231 2%
2435 2535
26% 29
82 100
9
1234
1435 15
15% 1654
39% 5335
92
92%
3434 40
35
40
1374 1435
3031 32
70
7035
12
12
High.
Mar 524
Apr 2534
Apr 87
Apr 33%
Mar 28
Apr 29%
Apr 17%
Jan 101%
Jan 100%
Feb
May
May
Jan
Jan
May
Jan
May
May
400 2034 Mar
1,600 4431 May 12442781:6 MayFebApr
10 12834 May
400 3134 Jan 68% Mar
10,300 5734 Jan 70% Apr
200 117
JanMar
Feb
9,400 2434 Jan 1331958%34 Mar
10.700 1535 Mar 213£ May
1,500
9
Mar
100 19 May 19 May
1,600
614 Jan
7% Jan
1,100 1534 Ma
51% Jan
40 10436 Feb 15
08H%
98 1,55
Jan
ayar
1.300
8
134 Apr
Jan
1,000 46 May
3,300
534 Jan
900
7
Mar 1231 Jan
2,200 3734 Jan 48% Jim
700 3734 May 4834 Jan
2,700
674 May 197
1,700
1 May
Jan
300 2618841! MayFJJa
2733
0031
4 94559,Tar
Jan
al
eb
n 2
3,800
1,750
2,800
Feb 132 May
22,100 82
Jan
300 78 May 87
5,100 33
Mar 50% Jan
Jan
3.100
9
734 Jan
Jan
800
8% Apr10
Jan
Mar 95
100 87
Jan
Mar 64 may
100 43
30
2,000
500
234 May
4% Jan
13.450 8231 Feb 10234 Mar
460 9331 Jan 107 May
100 91
Jan 9734 May
500 24
Jan 2831 Jan
30 47 May 47 May
May
400
Mar 81881
1,000 6" Mar
2,100
834 Mar 2134 Jan
Apr
200
631 Jan
4
6,230 18434 Feb 305 May
30 95
Jan 9934 Mar
Jan 303 May
950 230
4,100
63' Jan 1134 Feb
40 51F.7
Mara
Jaaaenrbyn 119514546112973
225 110%
4
55: .4241424ae
41 Feb
Faaaaelyy
3,200 8234 Mar 9034 Feb
400 81% Mar 8731 Jan
6.600 37
Apr 4534 May
29.300
611
5,215 46
330 102%
10 9431
Feb 1934 May
3,700
6
1,800 143( Apr 1731 Jan
400
22
7% Mar
3,250 14
140
Jan
100 2
17
02%
8 m
Aap
pr 218003H
yr
30
May
17.300 33
Jan 5474 May
3.00
1331 Apr 26
Jan
2,40
40
Feb 44
Apr
10
Jan
3834 May 44
17 118 May 120 May
7
9634 May 97 May
1,310 49
Mar 6036 May
Apr 46 May
1,000 35
Mar 5934 May
1,100 34
200 93
Mar 99 May
900 35
Jan
Jan 43
100 90 May 101
Feb
2,900 37
Mar 46
Mar
325 NA Mar 113 May
6,000 1554 Apr 23
Mar
200 4734 Feb 4954 Feb
31 May 514771
1,000 36
y
Apr
17,600
May
400 1854 May 1674 May
100 2236 May 25 May
1.300
934 Apr 1134 Mar
12Jan
M
jart
ar 22631m
4,500 1021
Mar
40
500
434 May 1934 Jan
150 10134 Jan 108
Ayr
30 10435 Mar 107% May
160 88
Jan 9335 May
94,000
40 May 10e Jan
17,500 52% Feb 107 May
1 10634 Mar 11034 May
3% Jan
200
534 Mar
100 2234 May 2731 Feb
Jan
Apr 10
2,600
Feb
Mar 120
480 109
3.200 25% Apr 3534 Jan
16.500 4834 Feb 6735 May
2,675 73
6H Jan82May
Mar
1.900
Jas
ap
1,300
6
3m Man
200
334
5
Mar 2434 Jan
700
100 1435 Feb1536 May
3,400 65
Mar 7331 Feb
41,800 25
Feb4,534 May'
22.700 4434 mar 8914 May
ms Jan 1134 Mar
7,000
200 41
May 4554 Jan
800 75e Jan
134 Jan
1,60(1
134 Jan
274 Jan
Mar 2831 Feb
800 24
7,900 2234 Mar 29 May
Apr 105
Jan
15.655 65
1.400
9
Max 4034 Jan
200 14
Feb 1634 Feb
17.500 1434 Apr 1734 May
33,600 30
Mar 5335 May
120 8631 Jan 93 May
6,300 16
Feb 40 May
3.600 16
Jan 40 May
3.000 1174 Apr lb
Apr
1.800 2631 Apr 35
Apr
1,000 70
May 753( Apr
500 12 May 22
Jan
Rights.
Borden Co w I
Middle West Utilities
131
23'
135
1%
2
10,700 • 134 Apr
234 35.900
1% Apr
234 Mat
2% May
,2674
Stocks-
(VOL. 120.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Former Standard Oil
Subsidiaries
Anglo-American 011
81
Borne Scrymser Co_ _ _100
Buckeye Pipe Line
50
Chesebrough Mfg
25
Preferred_
100
Continental Oil vt ow I_ _
Crescent Pipe Line
25
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena-Signal 011, oom_100
New preferred
100
Humble 011 & Refining_ _25
Illinois Pipe Line
100
Imperial OS (Can) new _
Indiana Pipe Line
50
Magnolia Petroleum._ _100
National Transit.....12.50
New York Transit
100
Northern Pipe Line_ _100
Ohio 011
25
Penn Mex Fuel
25
Prairie Oil& Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
100
Southern PI® lane_ _ ....i00
So West Pa Pipe Lines. 100
Standard Oil (Indiana)._25
Standard Oil (Kansa8)_25
Standard 011 (Ky.)
25
Standard Oil (Neb)____100
Standard 011 of N It___ _25
Stand 011 (Ohio) oom__100
Preferred
100
Swan & Finch
100
Vacuum 011
25
2434 23
26
211
209 211
6231 61
62%
6031 8031
115 115
26% 24% 2635
1131
114 1134
14639 14631 147%
80
76
80
55
55
56%
104% 104% 104%
63% 55% 65%
145
143% 145
3431 29% 34.%
74
74
73
152
141% 155
23
2239 23
63
58
63
8231 82%
8831 8431 69
3139 33
62
82%
54
12039 118 121
235
225 237 •
174
167 180
8434
84% 81
67
67
684 64% 68%
38% 33% 39
119% 11931 120
255
245 255
4435 4334 44%
356 362
358
120
120 120%
174 16
17%
9031 87% 9139
17,000
60
300
100
10
80,800
300
350
220
775
60
82,600
430
45.800
40
3,510
600
170
10
3.500
700
51,400
1.400
400
1,110
190
20
89,100
9.000
2,400
1,019
11,800
240
310
520
9.400
18
205
5834
4839
110
2134
10
132
76
54
100
424
127
27%
69%
130%
22
58
8144
6234
315i
5034
106
202
139
81
65
5914
30%
114%
240
41
338
117%
16
80%
Jan
Apr
May
Jan
Mar
Mar
Feb
Mar
May
Apr
Feb
Jan
Jan
Mar
Apr
Apr
Apr
May
Jan
Mar
May
mar
Jan
Jan
Jan
Apr
Mar
Mar
Apr
Mar
Apr
Apr
Jan
Jan
Mar
Jan
2631
235
72
66%
115
314
15%
150
98
85
105
6534
154%
34%
84
169
2535
79
88
753‘
4435
6544
126
254
197
103
84
70
46
12444
270
48%
360
123
27
9644
Apr
Feb
Jan
May
May
Feb
Feb
Feb
Jan
Feb
Feb
May
Jan
May
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jae
Jas
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Feb
84
7
431
12
431
12
1234
534
244
1.06
3
1%
20e
8834
27%
44
8
1%
90e
4
30e
1%
2234
531
1134
32%
135
25%
27
24%
1%
6.4
7%
2731
3534
12.
435
6
531
30,600
4.300
2.200
900
2,100
8,300
8,000
700
200
3,700
2,900
400
1,000
7,100
57,000
1,900
41,600
200
200
800
26,000
300
18,200
2,000
500
200
1,500
6,400
1,100
11,000
7,000
2,000
500
9.800
900
16,400
11,600
18,000
1,700
234
5
2%
ag
334
844
12
4%
23
870
1%
134
15e
6334
22%
234
5
750
50c
1%
100
144
18%
3%
8%
31
900
17%
16
22%
990
3%
OM
24
35
2%
3%
5%
334
Jan
Apr
Mar
Mar
Mar
Jan
May
Apr
Apr
Jan
Jan
MaY
Apr
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
May
Jan
Mar
May
Apr
Jan
Jan
Jan
May
Jan
Jan
Apr
Mar
851
8%
434
12
434
1434
1234
7
27
1.06
354
354
27c
71
28%
634
734
134
1%
434
37e
2
2234
64
1139
3455
144
2.544
3235
24%
2
9%
8%
2754
3534
12
4%
7%
7
May
Feb
May
May
Feb
Apr
May
Feb
Feb
May
Feb
Mar
Feb
Feb
Feb
Jan
Apr
May
Mar
Feb
Mar
Mar
May
Mar
May
Feb
Feb
May
Jan
May
Apr
Mar
Mar
Apr
May
May
Apr
Jan
Mar
22e
20e
12c
12e
534 5%
99c
234 2%
9c
90
37,4 3%
3c
Sc
550
50c
334 344
44% 50
130
12e
150
10c
30c
15e
Sc
50
5c
40
8c
70
19c
18e
14% 14%
lo
10
15
1554
10,000
1,000
17.100
17,800
2,200
1.000
1,000
1,000
2,800
300
7,500
6,000
3,000
39,000
1,000
4,000
17,000
23,000
800
5,000
3,400
70
10c
334
40e
23.4
90
334
2c
35c
334
1454
70
100
Sc
Jan
May
Feb
Jan
Mar
Apr
Jan
Mar
Jan
May
Jan
Jan
May
Jan
Apr
Apr
2o
70 May
80 Feb
12% Apr
le Feb
13% Mar
360
190
544
Vie
4
25e
4
4c
75c
4%
57
230
58c
400
100
8e
1130
23e
16%
3c
15)4
Feb
Feb
May
May
Feb
Feb
Feb
Jan
Feb
Mar
May
Feb
Jasi
May
Jan
Jan
Jan
Apr
Feb
Mar
Jan
16% 17
1.400 15% Apr 2154
600 98e
1% 144
Jan
2
235 2% 55,600
1% Jan
234
600
144 134
1%
1% May
20 2,000
2e
Apr
3o
be
144 1% 1,100
2%
134 Mar
280
28c 1,000 13e
Jan 400
8e
90 18,000
18e
70
Jan
May 199
340 181
181 184
4% 531 2,400
1354
455 May
940 2,500 75e Mar
85e
1%
Mc 7,000 150 Feb 520
280
29e 23,000 200 May 85e
200
234
Jan
2fir 239 4,000
2
it 3,000
30
Jan
IC
le
14e
Apr
7c 1,000
Sc
7e
lc 2,000
40
le
le Feb
334
700
24 234
231 Mar
12e 216.000
12e
9e
4c Feb
Jan 300
16e 3,000
160
80
144
1% Jan
Mr Pi. 1,600
Apr 85e
100 520
6ec
6130
331,
7,600
Psis 2
lull May
4
7,300
3,1• 4
1,11 Mar
50e 2.200 390
Jan 630
450
25
1,100
29)4
Apr
234£
2034
160
10e 3,000
100
8c, Jan
800 1,300 50e Mar 770
520
8%
44 Jan
6
655 4,500
3%
2% May
200
234 24
Jan
5
339 3% 11,900
2
Feb
Apr
May
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
May
Apr
Feb
Mar
Feb
May
Feb
Jan
Mar
Jan
Jan
Feb
Apr
Other 011 Stocks.•
Amer Maracaibo Co
Arkansas Nat. Gas
10
Atlantic Lobos 011 com_ •
Preferred_
•
Carib Syndicate
Creole Syndicate
Crown Cent Petrol Corp.•
Derby Oil& Ref,com____•
Derby 011 & Ref pref._ •
Euclid OH
Gibson 011 Corp
1
Gilliland Oil corn v t e_ •
Glenrock 011
10
Gulf 011 Corp of Pa
25
International Petroleum..'
Kirby Petroleum
•
Lago Petroleum Corn.--•
Livingston Petroleum.._.'
Mareay 011 Corp
Worland 011 of Mexico...)
Mexico 011 Corn
10
Mountain &Gulf011
1
Mountain Producers--10
New Bradford ou
a
New York 011
25
Ohio Fuel Corp
25
Peer Oil Corp
Pennock Oil Corn
Red Bank Oil
25
*
Reiter-Foster Oil Corp---•
Royal Can 011 Syndicate..
Ryan Consol Petroleum_ •
Salt Creek Consol Oil__ _10
Salt Creek Producers
Tide Water Oil, new, w L.
United Cent 011 Corp_--•
Venezuelan Petroleum_ --.
Wilcox Oil& Gas
1
Woodley Petroleum
5
8
634
12
4
1134
1234
534
1.08
234
200
6735
27%
531
144
134
22)4
11%
134
25
27
2434
1%
734
2731
3535
11%
436
5%
531
731
64
331
9
4
11%
12,
5
23
950
2%
134
200
8535
2531
331
534
135
90c
335
18c
134
2134
534
1034
3239
1
23
26
2234
131
534
735
2839
3435
10%
435
5%
454
Mining StocksArizona Globe Copper__ _1 200
Butte & Wtztern Mining.1
5%
Canario Cooper
10
Pt•
Chino Extension
2%
Consol Copper Mines_ ___
Cortez Silver Mines Co__1
3%
Cresson Cons Gold Mdr114.1
1
Divide Extension
Dolores Esperanza Corp._2
East Butte
Engineer Gold Mines.Ltd 5 4834
1 12e
Eureka Croesus
First Thought Gold Mineal
1 260
Forty-nine Mining
Golden State Mining
10c
Gold Zone Divide
Harmill Divide
10c
Hawthorne Mines Ine„..1 18e
25c 1434
Hecht Mining
Hilltop Nevada Mining--1
1544
Hollinger Consol0 M._
Howe Sound Co
• 17
New vol tr otis
14
Jerome Verde Devel
2,1
1
Kay Copper Co
134
Kerr Lake
5
10c
Knox Divide
5
Mason Valley Mines
McKinley-Darrah-Sav__ -1
50c
National Tin Corp
100 184
New Jersey Zinc
4%
a
Niphising Mines
Ohio Copper
1
Parmac Porcupine MinIngl 32c
Plymouth Lead Mines_ _.1
244
Premier Gold Mining. Lttil
Red Hills Florence
10e
70
Rochester Silver Corp
Silver Dale Mining
South Amer Gold& Plat_ _1
Spearhead Gold Mining...1 10e
Standard Silver-Lead_ _ _.1 16c
Teck Hughes
1
Tonopah-Belmont DeveLl
Tonopah Extension
2
1
Tonopah Mining
4
United Eastern Mining._.1 50c
United Verde Extens_ .50c 25
U S Continental Mines_..5 100
Unity Gold Mines
60c
Utah Apex
6)4
Walker Mining
1
Wenden Copper MinIng__1
3%
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Law. High. Shares.
•illed Pack cony deb 88'39
68, Series B.
1939
Aluminum Cool Am 7833
7s
1926
Amer 0 & E deb 66_2014
American Ice 7s
American Power & Light68 old without warr 2012
68, new
Surer Rolling Mill 6s _1938
t mer utuat Tob 7%3_1925
American Thread 6s__1928
Anaconda Cop Mln 0_1929
Andian Nat Corp 68..1940
Assoc Gas & Elec 8398 1954
Aasoe'd Simmons Hardware
6148.
1938
Atlantic Fruit Ss
kit & W ISSL5s..1959
Heaver Board Co 88_ _1933
Beaver Products 7348_1942
Belgo-Can Paper 6s_ _ _1943
Sell Telep of Can 5a...1955
Beth Steel equip 78_ _1935
Canadian Nat Rye 78 1935
1954
434s
Cities Serv 78 Ser B -1966
Cities Service 75 Ser C.1966
Cities Service 7s Ser D 1966
Cities Serv 78, Ber K._1986
titled Serv Pr & Lt 6s.1944
Cons0 EL&P Balt-1951
655s Series D
1949
Os
5448 Series E
1952
Conan! Textile fls
1941
Cuba Co 68
1935
Cuban Telephone 7348 1941
Cudahy Pk deb 5340_1937
As
1946
Deere & Co 7345
1931
Del City Gas tis
1947
Detroit Ed180n 88_ _ _ _1932
Dunlop T&R of Am 78 1942
Eel RR of Francon -1954
Federal Sugar 138
1933
Cair (Robert) Co /8_1937
Oalena-Signal Oil 76_1930
General Petroleum 63_1928
Grand Trunk Ry 6%6_1936
Gulf 011 of Pa 55
1937
Serial 5348
1928
Hood Rubber 78
1936
Internal Paper 63 w 1.1953
Italian Power 639s_ ..1928
Kansas City Term 534s. _ _
Krupp(Fried) Ltd 7s 1929
Lehigh Power Scour Or 1927
Libby. McN & Lib 78-1931
Liggett Winchester 78-1942
Manitoba Power 78.-1941
Missouri Pao RR 58-1927
68 Series E
1955
Morris& Co 755s
1930
Nat Dist Prod 78_ -1930
New On Pub Serv 5._ _1952
Nor States Pow 6358_ _1933
6398 gold notes_ _1933
Ohio Power 58 Ber B_ _1952
Oklahoma Gas & El 581950
Park & TUford
_1936
Pennok Oil Corp 68.._1927
Penn Power & Light Se '52
Mt:arias D
1953
Phila Electric 58
1060
1953
534s
Phila Rap Transit 68_ _1962
Phillips Petrol 735s_..1931
Pure Oil Co 834r
1933
Sbawsheen M1111 7e-1931
Slemans & Halal° 73-1928
1935
7e
Sloes-Sheff St cr I 68_1929
Solvay & Cie 6s
1934
South Calif EdisonEs-1944
Stand Gas & El6%s__1954
Stand Milling 531r._. 1945
Stand Oil of N Y 6%11_1933
Sun 011 5348
1939
Swift St Co 58._Oct 15 1932
Thyssen(Aug)I&SW 78 '30
Tidal Osage Oil 7s_ _ _ _1931
Toho El Pow (Japan)7855
Trans-Continental Oil 78'30
1935
Union 011Cal 58
United 011 Prod 88_ _1931
United Rysof Hay 73461936
US Rubber Ser 6 %s..1926
Serial 636% notes-1927
Serial 634% notes...1928
Serial 635% noted-1929
Serial 634% notes...1930
Serial 634% notes_1931
Serial 634% notee..1932
Serial 634% notes_ _1933
Serial 644% notes_ _1934
Serial 644% notes_ _1935
Serial 644% notes_ _ 1936
Berta' 636% notes_ 1937
Serial 635% notes_1938
Serial 634% notes_ _1939
Serial 634% notes_ _1940
1936
Vacuum 011 78
Valvoline Oil 6s
1937
Webster Mills 634s._1933
Range Since Jan. I.
Low.
High.
8035
91
10734
10135
97
111
81
92
10734
101%
99
113
Mar 8434
$3,000 74
Mar 94%
31.0® 84
14,000 10631 Jan 107%
8,000 10139 May 10235
Jan 99
253.000 95
57.000 103
Mar 114
Feb
Feb
May
Jan
May
May
9535
9535
102%
9339 9134
103%
103% 10334
114
11339
104
10235
9834
9834
10235
93%
10335
104
115
10641
146,000
183,000
7.000
52,000
2,000
45.000
34,000
299,000
9344
95
100
80
102%
102%
103
100%
Jan
Mar
Jan
May
Jan
Jan
Apr
May
9844
9334
102%
98%
104
103%
117
1084
May
may
may
Apr
Feb
Jar
May
May
S3
83
2036 2034
88
69
9234 93%
107 107
99% 9935
9939 99%
10349 103%
11135 11134
94
9439
167 187
11834 120
10131 101%
112 112
9235 93
51,000
7,000
21.000
25.000
1,000
5,000
155.090
23,000
25,000
18,000
3,000
60,000
86,000
1.000
124.000
81
18%
62
88
106%
97%
9754
103
108%
9234
15034
111
9334
109
92
Feb
Jan
Jan
Jan
May
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
84%
27
70%
96
107
9955
9931
104%
112%
9455
178%
128
10634
113
94%
Mar
Mar
Mar
Jan
May
May
May
Jar
Apr
May
Feb
Feb
Feb
Mar
Mar
99
112
9831
9839
83
9231
99%
103%
1114
9431
120
101%
93
110
110 11034 2.000 10854 Jan
10734 10731 10731 4.000 10414 Jan
10434 10434 10434 4,000 10131 Jar
Apr
7,000 80
8534 8534 86
94
9354 94
67,000 9135 May
10755 10731
Jan
1,000 106
92
.9134 9234 57,000 8934 Jan
9434 9434 6.000 90
Apr
10434 104)410434 12 000 104
Jan
105
105 10531 25,000 10234 Jan
124
118 124
82 000 1104 Jan
10335 10334 10534 57,000 10034 Jan
8431 8455 8634 346.000 7814 Apr
9434 95
3.000 9254 Apr
9955 10034 15,000 99
Apr
105
105 10554 6,000 10454 Jan
10134 10155 10154 15.000 10034 Jan
10855 108% 10834 17,000 10534 Jan
9955 99
9934 14,000 9855 Jan
10135 10134 10134 3,000 10154 Mar
104 104
7,000 102
Jan
9635 96
9631 132.000 95
Mar
9834 9855 5,000 9751 Jan
10154 1013.4 101% 2,000 10134 Mar
9334 9234 9344 96,000 92
Apr
10134 10134 10134
3,000 1003.4 Mar
10344 10431 12,000 102
Jan
108
6 000 10734 Jan
1073.4 108
10244 10231 10234 11,000 9834 Jan
1003.4 100% 1,000 99% Apr
10134 10134 102 240,000 10054 May
10244 101 10274 33,000 983.4 Jan
101 101
Jan
10,000 100
93
9154 9354 183,000 8615 Jan
113
113 115 218,000 10854 Jan
10234 10131 10234 33,000 904 Jan
9544 66,000 89
9534 95
Jan
May
94
94
95
14,000, 94
9034 9654 3,000 9544 Apr
loog loog 9,000 97
Jan
98
9744 9834 41,000; 93
Jan
Apr
98
9751 9855 32.000 95
Apr
10034 10034 10035 1,000 99
10631 10654 1,000 10434 Jan
9735 9739 98
33.000 97
May
10434 10434
2.000, 10335 Jan
101 10255 109,000 9735 Jan
102
Apr
10054 101
23,000, 100
9834 9834 9834 68,0001 9844 Apr
96
9644 60,000 96
96
Apr
10131 102
Jan
12.000 101
103% 10331
Jan
1 000 Ion
0634 9631 9744 .26 000; 92
Jan
14034 131 14536 1129000. 10034 Jan
96
96
9644 91,000' 9554 Mar
10755 10734 10731 15,000 10636 Jan
9734 9655 9734 80,000 3534 Jan
9655 9635 9654 79.000, 94
Jan
May
9355 9251 94 353.000, 92
104 10454 3,000 103
Jan
90% 90% 90% 116,0001 90
May
101
10234 101.000 99% Apr
102
9544 95
9544 33,000 9414 Mai
3034 3041 3.000! 28
Jan
10931 110
5,000• 10734 Mar
10134 10134 10144 13,0001 1003.4 Apr
10144 10134 10154 17.000 10044 Apr
10154 10134 10134 31,000, 10034 Apr
10131 10034 10134 32,000, 9934 Apr
10054 10034 10055 36,000; 9931 Apr
45,000 9734 Apr
9954 99 100
9934 984 100
45.000 97
Mar
9834 98
9834 36,000 9631 Apr
9834 9734 9834 10,000 9634 May
9734 9734 98
17,000 96
Apr
9731 974 974 38,000 :g
Apr
ty
97%
50,000 954
9744 9651 974 28,000' 9531 Apr
97
9636 9736 37,000 9535 May
97
96% 9754 38,000 9554 May
106
10534 105
78.000 10535 Apr
10434 10434 2.000 104
Jan
9734 99
26,000 9734 Mar
11034 May
10731 May
10334 Apr
Jan
95
Mar
98
10734 Apr
96
Feb
9455 May
Feb
105
10834 May
May
124
10534 May
8855 Feb
99
Mar
10255 Feb
10535 Feb
10174 Feb
Mar
109
10154 May
Jan
102
104 May
9631 APr
9874 Mar
10235 Jan
9936 Jan
1014 Mar
10431 MaY
10834 Jan
103
Ayr
May
101
May
102
10434 Feb
Apr
102
934 May
11634 May
10251 May
9634 May
Mar
95
98
Jan
10044 Mar
9834 May
9835 MAY
10034 May
10631 May
99
Mar
10454 Jan
10255 May
104
Jan
9934 Feb
98% Feb
102
Jan
10334 May
9731 May
14534 May
9654 May
108
Feb
9735 May
96% Feb
9955 Feb
10454 Jan
3034 May
103% May
9634 Mat
3534 Jan
110
Jan
10244 Mar
102
Mar
10231 Mar
10134 Mar
10034 Apr
100
Mar
May
100
9874 Mar
9834 Mar
9814 Mar
9334 Apr
Mar
98
9734 APT
9744 _AM
98 "
3 410731 Jan
mar
106
10331 Jan
Foreign Government
and Municipalities
Bogota (Colombia)88_1946
Orals (City) Austria 88 '45 9834
Denmark (King)6s_ _ _1970 9934
French Nat Mail SS 78 1945
Indust Mtge Bk of Finland
1st M coil a f
1944 94
Medellin (Colombia) 8s '48 98
Netherlands(Kingd)68B'72 106
Oslo (City of) 68w 1 _1955
Peru (Republic of) 88.1932 100
Russian Govt6348.
1919
6348 ale
1919
535s
1921
534s Ms
1921
Switzerland Govt 534e 1929
External 5% notes_ _1926 10034
9339
98
984
82%
95
9835
9941
84
9335
98
1054
9934
101)
1235
1234
12
1235
10139
10035
94
98
108
99%
100
1251
1254
1239
1239
10131
10031
21.000
21,000
109,000
81,000
Mar 97% Jar
93
May 9839 May
97
Feb
9834 Mar 100
Jan
7744 Apr .9)
Jan
42.000 9244 Mar 95
Jan
Jan 98
4,000 98
Feb
21,000 102% Mar 107
54,000 9955 Apr 99% May
Jan 10055 Feb
7,000 99
18,000 12% may 1744 Feb
Feb
May 17
84.000 12
2,000 11% MAY 1734 Jan
May 1531 Jan
10.000 12
Jan 102
Jan
14,000 101
7,000 100% Mar 10134 Jan
• No par value. k Correction. !Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. •Option sale. to When
Ex-rights. z Ex-stock dividend.
x Ex-dividend.
ailroati
$nutstuxent anti
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of May.• The table covers 14 roads and shows 2.09%
decrease from the same week last year.
1925.
Second Week of May.
$
110,938
Ann Arbor
259,597
Buffalo Rochester & Pittsburgh_
4,133,287
Canadian National
2,791,000
Canadian Pacific
121.057
Duluth South Shore & Atlantic_
27,500
Georgia & Florida
1,931.000
Great Northern
11,398
Mineral Range
262,942
Minneapolis & St. Louts
331,288
Mobile Sz Ohio
1,702,941
St Louis-San Francisco
423,500
St Louis Southwestern
3,560,940
Southern Railway System
345,484
Western Maryland
Total
Net decrease (2.09%)
1924.
Increase. Decrease.
$
100.261
288,395
4.323,346
3.087,000
126,225
30,150
1,844,456
6,496
269,733
397,762
1,583.173
414,917
3,531,204
353,561
16,012,872 16,356,679
3
18,677
28,798
190,059
296,000
5,168
2.650
86.544
4,902
6,791
66,474
119,768
8,583
29,736
260,210
8,077
604.017
343.807
In the table which follows we also complete our summary
of the earnings for the first week of May.
1925.
First Week of May.
1924.
$
$
Previously reported (13 roads)__ 14,720,839 14.924,231
6,334
4,620
Nevada California & Oregon___
1,677.561 1,568.707
St Louis-San Francisco
582,684
589.830
Texas & Pacific
Total (16 roads)
Net decrease (0.52%)
16,992,850 17,081,956
Increase. Decrease.
298,010
3
493,402
1,714
108,854
7,146
406,010
495,116
89.106
in the following we show the weekly earnings for a number
of weeks past:
Week.
1st week January (16 roads)
2d week January (16 roads)
8d week January (16 roads)
(16 roads)
4th week January
roads)--lit week February (16 roads)._
2d week February (16 roadsi
February (16
3d week February
(ig roads
4th week
let week March (16 roads)
6 roadsi
March
week
2nd
3rd week March 16 roads
4th week March 16 roads
1st week April ri roads
2d week April 16 roads
3d week April 16 roads
4th week April (16 roads)
1st week May (16 roads)
2d week May (14 roads)
Current
Year.
Previous
Year.
Increase or
Decrease.
15.199.517 15.542.805 --343.288 2.20
15,731.346 16,308,703 --577,357 3.54
16.863.185 17.375.859 --512.674 2.91
22.784.700 23,080,725 --296.025 1.29
16,669.351 17.205.585 --536,234 3.11
17.244,485 17.670.268 --425,783 2.40
16./155,777 17,219.271 --363,494 2.11
16.957.292 19.300,342 --2,343.050 12.13
16,523,764 18,225.842 --1.702,078 9.33
18.002.499 19.134.428 --1.131,929 5.91
16,940.753 17.960.532 --1.019.779 5.67
23.153.228 24.130,086 --976,858 4.04
16.570,808 17.191.341 --620.533 3.58
16.384.924 17.347,429 --962,505 5.55
16,289.410 16.754.973 --465.563 2.77
22,389.690 22,677,078 --287,388 1.26
--89.106 0.52
16.992,850 17,081,956
16,012,872 16,356,679 --843,807 2.09
2675
Gross
Earnings.
Net after
Taxes.
Fixed
Charger.
Balance.
Burrs.
Companies.
460,742
652.242
Apr'25 3,689,726 "1.112,984
B-M T
. System
402,754
648.503
'24 3,441.113 "1,051,257
10 mos end Apr 30 '25 35,775,680'10,630,875 6,511,585 4.119,290
3,018.962
6.471.528
'24 32,904,417 *9,490,490
133,153
43.307
176.460
990,943
Brooklyn City RR Apr'25
182.258
42,061
224,319
'24 1,024,624
Co
406,748 1,216,666
10 mos end Apr 30 '25 9.747,467 1,623.414
482,179 1,662,086
'24 10.127.835 2.144,265
328,304 c163,104
Central Maine Pow Apr'25
c148,049
'24
311,751
Co System
12 mos end Apr 30 '25 3,967,892 c1,841,958
'24 3,782,124 c1,619.941
816,317
602,115
Apr '25 2,917.250 *1,418,432
Columbia Gas
721,012
545,631
'24 2,656,980 "1.266.643
& Electric Co
12 mos ended Apr 30 '25 25,844,320'13,395,377 6,335.780 7.059.597
'24 24,699,331'12,030,611 5,921,274 6,109.337
548,458
e342,818
Apr'25 2,761,903 *891,276
Detroit Edison Co
547,643
'24 2,642,111 *889,538 e341,895
4 mos end Apr 30 '25 11,680.270 *4.408.299 el.374.873 3,033.426
'24 11,201,379 '4,125,383 e1,396,316 2,729,067
134.453
44.811
179,264
496,259
Federal Lt & Trac Mar'25
119.705
66.358
186.063
490,593
'24
Co & Sub Cos
454,237
172,034
626.271
1,580,325
3 mos end Mar 31 '25
467,259
154,298
621,557
'24 1,533,177
6,875
1,600
8.475
17,366
Grafton Co Elec Lt Apr '25
7,437
1.389
8.826
16(90
'24
& Power Co
33,842
6.426
40.268
76,958
'25
30
Apr
end
4 mos
33.102
5,599
38.701
71,525
'24
166.405
337.682
504.087
Hudson & Manhat Apr '25 1.026,968
158.762
338,182
496.944
'24 1,013,394
RR Co
620,410
4 mos ended Apr 31 '25 4,085,054 1,972,631 1.352.221
596,277
'24 4.022,858 1.950.774 1,354.497
26,720
20,560
47.280
157,332
Apr '25
Newport News &
22,085
20.523
42.608
149,101
Hemp Ry, Gas & El '24
407.947
248.535
656,482
12 mos ended Apr 30 '25 2.008,386
381,920
253.767
635.687
'24 2,059,454
13,216
k15,940
529,156
72,977
Apr '25
Phila & Western
14.674
k15,956
.f30.630
73.143
'24
Ry Co
54,414
k63.479
282.952 j117.893
4 mos ended Apr 30'25
51,331
k63,479
5114,810
277.546
'24
131,362
Phila Rapid Tran Apr '25 4,259,935 *1,252372 d1,120,810
196,814
861,319
'24 3,795,945 *1,058,133
System
383.638
4 mos ended Apr 30 '25 16,686.961 '4,754,768 d4,371.130
842,136
'24 15,007.210 *4.298,311 3,456.175
40,581
23.393
163,974
235,219
Staten Isl Edison Apr '25
32.530
28.074
160,604
222.165
'24
Corp and affil cos
425,641
363.391
12 mos ended Apr 30 '25 2,834,408 1789,032
434,276
284.234
1718,510
'24 2,588.720
28,088
35.277
63,365
190,324
Texas Electric Ry Apr '25
40.598
35.791
76,389
217,871
'24
609,479
425.608
12 mos ended Apr 30 '25 2,686,318 1,035,087
835,179
436.799
'24 3,036.249 1,271,978
190.136
51,680
241,816
420,899
Washington Water Apr '25
188,144
49.040
237.184
411,177
'24
Power Co
835,352
206.552
4 mos ended Apr 30 '25 1.780.228 1,041.904
811,005
'24 1,746,651 1.009.992
-2.764
k4,061
'51,297
15.119
Apr '25
York Utilities Co
-1,372
38,094
"52,722
16.781
'24
-5,386
k16.165
"510.779
69,193
12 mos ended Apr 30'25
-5.173
k16,589
'511,415
76,701
'24
Includes other income. d Includes dividends and management fee.
all
j Before taxes. k Includes taxes. c After depreciation. e Includes
interest charges and amortization of debt discount and expense. 1 After
replacements.
and
renewals
rentals,
We also give the following comparisons of the monthly
FINANCIAL REPORTS
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
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
mileage each month as stated in the footnote to the table.
have been published during the preceding month will be given
Net Earnings.
choss Horning*.
on the last Saturday of each month. This index will not
Meath
include reports in the issue of the "Chronicle" in which it is
Increase or
Increase or
1924
1925.
Decrease.
1924.
Decrease.
1925.
published. The latest index will be found in the issue of
May 2. The next will appear in that of May 30.
Jan __ 483,195,842 467,329.225 +15,866.417 101,022,458 83,680,754 +17,341,704
Feb_ _ 454,009.869 478,451,607 -24,441,938 99,460.389 104,441.895 -4,981,506
Mar._ 485,498,143 504.382,976 -18,864,833 109,230,086 114,677.751 -5,447.665
Note -Percentage of Increase or decrease in net for above months has been
January. 20.73% Inc.; February, 4.77% dm: march, 4.74% dec. In January the
length of road covered was 236,149 miles In 1925, against 235,498 miles in 1924: in
February, 236,642 ranee, against 236,031 miles; In March, 236,559 miles, against
236.048 miles.
Chicago Milwaukee & St. Paul Railway Co.
(60th Annual Report-Year Ended Dec. 31 1924.)
On March 18 1925, by order of the District Court of the
United States for the Northern District of Illinois, Eastern
Division, H. E. Byram, Mark W. Pottbr and Edward J.
Brundage were appointed receivers of the property and franNet Earnings Monthly to Latest Dates.-The table chises of the company. Pres. Byram reports in substance:
following shows the gross and net earnings for STEAM
Restats.-Operations for 1924 show a deficit of $1,888.606, as compared
with a surplus for the previous year of $207,686, and as compared with a
railroads reported this week:
deficit of $6,143,168 for 1922.
During 1924 operating expenses were materially reduced, showing
decrease of $9,449,167 as compared with the previous year, but the economies in operation were not sufficient to offset the decrease in operating
revenues of $11,261,879. of which $2,407,721 was in passenger revenues.
The unfavorable business conditions in some of the territory served
(mentioned in the 1923 report) the continued decrease in passenger travel.
and the impossibility of meeting water competition through the Panama
Canal,have had their effect in the current year in decreasing revenue,as they
did in 1923.
Commencing Jan. 1 1925, the company exercised its option under the
terms of contract with the Northern Pacific Ry., whereby its freight trains
are operated under trackage rights over the Northern Pacific Ry, tracks
between Twin Cities and Head of the Lakes. On account of the growing
importance of Duluth, considerable gain in coal, wheat and other traffic is
expected. Under this contract the company is allowed to handle business
locally between St. Paul and Duluth. which prior to Jan. 1 it was obliged
to interchange at the Twin Cities with other traffic to and from Duluth and
other Northern Pacific points in that vicinity.
Federal Valuation.-The L-S. C. Commission has served on this company
the preliminary engineering report on physical property other than land,
the preliminary land report and the preliminary accounting report, all of
which reports are taken into consideration in fixing the tentative valuation.
The railway company has filed replies to all of these reports, setting forth
• After rents.
in detail our criticism and objections which will be given consideration before
Public
and
Other
Utility
Railway
Net
Electric
the tentative valuation is served.
It is expected that the tentative valuation will be served during the early
Earnings.-The following table gives the returns of part
of the year 1926, that a formal hearing based upon our protest to this
ELECTRIC railway and other public utility gross and net tentative
valuation will then be held and that the final valuation will probreported
surplus
this
and
week:
ably be served during the latter part of the year 1926.
earnings with charges
Reserve for Accrued Depreciation.-At the close of 1923 there was at the
-Gross Earnings- -Net Earnings
credit of reserve for accrued depreciation the sum of $25,054,410.
Previous
Current
Current
Previous
A certain percentage of the total cost of equipment has been credited to
Year.
Year.
Year.
Year.
Companies.
this reserve for the estimated depreciation of locomotives, passenger train
$
$
$
$
freight train cars and work equipment, accrued during the year,
699,498 *425,225 *330,589 cars,
Apr 841.411
which, together with other adjustments, aggregates $3,741.775.
Alabama Power Co
Apr 30---- 9,386,604 8,499.129 *4.686,909 '3.939,933
ended
has been charged to this reserve an amount of $666,598 repreThere
mos
12
the accrued depreciation, previously credited on locomotives and
Apr 1,869.241 1,791,322 1,804.708 1,732,301
Cities Service CoApr 30----17.866.410 16,705.003 17,114,939 16,178,645 senting
sold or taken down during the year, and other adjustments,
destroyed,
cars
ended
12 mos
which results in a net increase in this reserve of $3,075,177 for the year.
& Light
b Electric Power
The balance of this reserve Dec. 31 1924 is $28,129,587, which represents
Mar 3,037,539 2,991.495 *1,274,445 "1,180,792
Corp
35,554,441 84,258.762•14.417.898•13,326,189 the estimated depreciation of rolling stock from June 30 1907 to Dec. 31
12 mos ended Mar 31
1924.
Funded Debt and Notes.-At the close of the last fiscal year the funded
subsidiary companies and not the earnings
of
Earnings
b
*After taxes.
debt of the company was $594,460,155.
& Light Corp.
Power
Electric
the
of
-Grossfrom Railway- -Net from Railway-- -Net after Tares
1924.
1925.
1924.
1924.
1925.
1925.
8
$
8
9
9
9
Chicago & Alton*213,837 *175,119
2,247,980 2,334,802
April
*1,035,606 *1.280,868
From Jan 1 9,509.761 9,889,089
810/188 City Southern lig Co (inel Texarkana & Ft Smith 1137)492,192
458.739
344,008
384,069
1.642,760 1,801,756
April
From Jan 1 6.599,547 7,020,352 1,933,073 2,011,039 1,490,617 1.575,856
System
Marie
85
&
Paul
Minn St
*428,984 *399,936
3,584.473 3,665.415
April
*1.149,897 *788,907
From Jan 113.930,780 13,699,041
Minn St Paul & S B Marie*252,452 *238,799
1,999,105 2.011,108
April
*781,338 *387,258
From Jan 1 7,840,382 7,367,768
Central
Wisconsin
1,585,368 1,651,307
April
From Jan 1 6,090,398 6,331,272
SystemSt Louis-San Francisco
•1,446,000 *1,534,000
7,048,000 7,072.000
April
:178::gN :131:112
2676
THE CHRONICLE
[Vox- 120.
It has been decreased during this fiscal year by $1,232.000 Fargo & SouthCONSOLIDATED BALANCE SHEET MARCH 31.
ern By. 8% bonds, matured Jan. 1 1924:
$1.095.500 Equipment Gold
notes 6% matured Jan. 15 1924: by 1365,500by
1925.
1924.
1924.
1925.
Equipment Gold notes 8% maAssetstured Jan. 15 1925: by $539,000 Equip. Trust Certificates
'ON $ 411.
5% Series "A" Property dr plant 65,595,935
matured July 15 1924: by 1128,000 Equip. Trust Certificates
57,363,790 Preferred stock_ 3,998,700 3,998,700
5%
Series
Investments_ _ 16,380,133 14,885,244 Common stock.114,504,450 114,504.450
"B" matured Feb. 11924; and by $900,000 Equip. Trust Certificates
5%% U. S. securities_ 16,008,783
Series "C" matured April 1 1924.
13,841,525 10,923,800 Ing. Mach.Co) 6,179,000 6,179,000
It has been Increased during this fiscal year by /14,000,000 10-Year 6% Cash
Subscrip, to corn.
First Mtge. bonds Security Gold Loan of 1924.
7% gold bonds__ 30,000,000 30,000,000
stock & stock
The amount of bonds, notes and equipment trust certificates at the close
5% bonds
63,000
63,000
held for empl.
of this fiscal year is 1604,200,154, of which $160,217,358 are in the treasury
Notes payable_
4,900,000
subscription_
of the company,and 1443.982,796 have been issued and are outstanding.
19,528,706 Subscrip, to cap.
Cash for redemp.
553,850
stock-empl_ _
GENERAL STATISTICS FOR CALENDAR YEARS.
certifs., bonds,
Unpaid bonds &
notes& for int.
52,168
int. and diva_
70,917
1924.
1923.
1922.
1921.
&
dividends__
Miles operated. average151,917
52,169 Acc'ts payable
6,699,610 7,948,178
10.987
11.011
11.030
10,809 Notes
receivable 9,477,318 8,730.676 Int., taxes, &c.,
EquipmentAccts.
Locomotives
receivable
26,096,534 33,111,004 accr.,not due_ 4,021,597 4,035,826
2,102
2,103
2,032
2,007 Inventories _ _ -x73,143,213
Passenger equipment..
80,863,048 Divs. accrued
2,368,365 1,795,503
1,594
1,596
1,604
1,602 Patents,charters
Freight, misc., &c., cars
Adv, pay.on con 2,476,751 5,617,805
71,632
71,240
67,781
63,734
& franchises__ 4,483,485 4,482,177 Sub.to
Operations827,085
securities 1,176,398
Passengers carried
Reserve
3,854,823 5,367,810
11,950,161 13.559.618 13,608,676 14,240,896 Insurance,taxse,
&c.,prepaid__ 1,454,093 1,489,480 Profit and loss 51,199,325 45,586,718
Pass. carried one mile- _ _710,603,175 787.933.822
759,338,160 817,189,840
Rate per pass. per mile
3.063 eta. 3.068 cts. 3.195 cts. 3.294 cts.
Total
Freight (tons)carried_ _ _ 47,143.747 51,314,300
226.612,938 231,430,092 Total
226,612.936 231,430,092
42.034,285 34,067,136
x Valued at cost or market values.-V. 120, p. 2160, 2025.
Fgt.(tons) carr. 1 mile-1100476514911992
243644 10601913667 8283212,410
Rate per ton per mile... 1.091 eta. 1.073
eta.
1.094
cts.
cts.
1.266
Av.rev, train load (tons)
Atlantic Coast Line Railroad.
579
543
551
y493
Earns, per pass. tr. mile_
$1.2314
31.3638
11.3863
y$1.5127
(91st
Earns, per fgt. train mile
Annual
Report-Year Ended Dec. 31 1924.)
$6.3192
15.9120
35.9383
y$6.2479
The text of the report, signed by President J. R. Kenly,
INCOME ACCOUNT FOR CALENDAR YEARS.
and Chairman H. Walters, will be found on subsequent pages
1924.
1923.
1922.
1921.
Operating Revenues3
$
$
of this issue.
1
Freight
120,070,603 127.953.106 116,005.731 104,894,848
STATISTICS FOR CALENDAR YEARS.
Passenger
21.768.171 24,175,892 24,251,499 26,915,456
Mail, express, &c
1924.
1922.
1921.
1923.
13,766.295 14,506,350 13,968,081 12,591,667
Incidentals, &c
4,866
4.852
4,893
2.761.389 2.992.990 2,715.317 2.363.795 Average miles operated_
4,881
Passengers carried
5,628,505 6,511,541
6,350,662 6,840,116
Total oper. rev enues._158,366,458 169.628,338 156,950.628 146.766.766 Pass.
carried one mile__ _512,238.044 518,448.406 460,796.676 481.453,142
ExpensesFreight carried (tons)
20,734.714 19,874,981 16.437,958 13.180,114
Maintenance of way,&c. 22,449.379 23.063,613 19,798,385 17,987.292 Tons
carried one mile_3,763,630.965 3712154,4703031173,450 2479340,135
Maint. of equipment_ 34.120.037 38,375,029 36,987,240 35.543.850
Commodities CarriedTraffic expenses
2.425.579 2.506.007 2.231,245 2,093,164 Agricultural
2,590.348 2,459,535 2,370,354 2,255,275
Transportation
61,880,508 66.545.638 66.068,029 66,879.327 Animals
226,377
150.588
172,089
188.509
General expenses
3.908.563 3,826.697 3,754.239 4,572,616 Mines
6.065,557
5,600,675 3,975,506 3,143,930
Miscell. operations
930.175
963,097
910.583
1,023,185 Forests
6,182,933 6.175,688 5.224,562 3,764,980
Transp. for investment_ Cr.164.181 Cr.280,854 Cr.163.024
Cr.142.433 Manufactures
3,909,8743.615.298„
2,341,018
Total oper. expenses 125.550,061 134.999.228 129.596.696 127.957.002 MLscellaneous
20.734.714 19,874,981 16,437,958 13,180.114
Per cent op. exp. to earn.
(79.28)
(79.59)
(82.57)
(87.18)
INCOME ACCOUNT FOR CALENDAR YEARS.
Net operating revenues_ 32,816.398 34.629.110 27,353,932
18.808,764
Operating Revenues-Uncollec. railway revs
1922.
1924.
1923.
127.830
3.112
6.533
283.546 Freight
Taxes
$57,288,726 $56,580,484 $48,857,558
9,014.061
8.614.180 9,654.738 8,762,089 Passengers
17.755.927 17,995,083 15,871,367
Operating income
23,674,506 26,011.818 17,692,660 9,763,129 Mail
1.281.724
1.239,674
1.382.956
Non-Operating IncomeExpress
3,026,193 2,658,978 2,581.626
Rents received
699,994
743.087
635,471
930,477 Other transportation
780.548
763,584
673,796
Income from lease of road
463.817
339,939
335,362
300,575 Incidental
1.456.041
1.652,802
1.644,506
Amount accrued guarRailway operating revenue
anty provisions
$70,823,345
$81,785,921
180.882.310
2,277,797
Operating ExpensesMiscellaneous income
612.129
627.969
603.868
863,010 Maintenance of way and structures_ _110.660,590 110,191.289 $8,434,956
Gross income
25,450,446 27,722.813 19,267,360 14,134,987 Maintenance of equipment
16.833,082 17,349.030 14,297,181
DeductTraffic
1,276,123
1.531,2491,734,842
Int, on funded debt_
20.447.614 19,443,503 18,926.851 18,767,681 Transportation
28,814,876 26,018.260
29.063.109
Int. on unfunded debt._
273,054
Miscellaneous
586,161
295.576
operations
180,424
465,338
424,306
367.961
Rents for hire of equip%
General
1.721.085
1.638.967
1.781.757
Joint facilities. Sze...-. 5,850.710 6,852,619 5,388,103 5,696,590
Operating expenses
$59,868,428
$52,033,448
Miscell. deductions
$60.335,126
747.676
632,845_
799,998
560,901 Net from railway operations
$21,450,795 $21,013,882 118.789,897
Balance, deficit
1,868.606 sur207.686 6,143.158 11,070,608 Tax accruals
5,625.000 5.425.000 4,275,000
Previous surplus
20.373.792 22.628,543 28.159,042 38,376,167 Uncollectibles
81.873
59.234
42.457
Miscellaneous credits_ _ _
502.914
806.097 3.360.193 2,563,949
Railway operating income
$15,766.561 $15.546,425 $14,433,024
Total surplus
19.008.098 23,642.326 25,376,067 29,869.508
Non-operating IncomeMiscellaneous debits... :1 soft 4,19 3 268.524
2.747.524
1.710.465 Hire of equipment
Cr.86,250
Cr.14,415
Total profit & loss suf. i...,.t i i ,th.l9 20473,792 22.628,543 28,159,043 Joint facility rent income
302,935
265,922
310,408
Dividend income
3,221,772
3,897,690
3,222,086
BALANCE SHEET DECEMBER 31.
Income from funded secure. & accts._
638.425
510,132
625,474
Income
from
1924.
funded securities
1923.
618,542
379,475
1924."'1N 1923.
471.355
AssetsMiscellaneous and other Income373,193
$
Liabilities$
316,024
340,586
$
$
Road & equip't_892,150,064 689,060,550 Common stock_117,411,300 117,411,300
Dividend appropriation
debx1385.862
Stocks attn. cos_ 4,353,670 4,358,029 Preferred stock_115,931,900 115,931,900
Gross income
$20,783,199 120.530,750 119,340,892
Notes
700,845
522,339 Premium on capDeductBonds OBI. cos_
724,000 2,122,309 Rai stock.,, _ _
38,184
38,184
Rent
for
roads
leased
$45,276
$45,276
$45,276
Adv,to attn. cos 7,403,982 7,684,018 Govt. grant in
Hire of equipment
Dr.500,193
Sinking funds.,.
14,583
13,893 aid of construe
37,814
36,715 Joint facility rents
390,119
374.639
368,828
Depos, in lieu of
Funded debt_ _ _443,982,796 434,242,796 Miscellaneous rents
226.292
240,520
188,665
mtg•Prop.sold
19,500
49,381 Bills payable_
5,000,000 Interest on unfunded debt
16,362
17,306
16,653
Misc. phys. prop 4,240.505 4,068,541 Traffic.&c..bals. 2,462,593 2,696,248 Interest
on funded debt
6,031,282
6,042,286
6,042,237
Cash
7.843.985 5,787,382 PayrolLsdrvouch. 13,312,865 15,415,346 Int. & dim on equip. trust notes. &c517,386
607.422
562.404
Other misc. Inv_
545,516
569,572 Mat.Int.unpaid y4,830,499 4.420,154 Interest on 10-Year notes
420,000
420,000
420,000
Special depo3its.:14,712,744 18,003,402 Miscellaneous _ _ 3,454,586 8,092,277 Miscellaneous
46,306
31.245
47,737
Due fr. agts., &c 3,460,430 4,019,644 Accrued bond InNet for year
$12,589.983 112,797,073 111,604,074
Loans & bilLs rec.
60,194
38,846terest, dre__ __ 3,083,927 3,209.662 Income
appllc.
to
&c.,
sinking,
funds28,645
25,617
21,877
Traffic,&c..bals.
917,956 1,107,189 Taxes accrued_. 6,357,823 8.258,481
249.152
250.586
144,124
Miscellaneous _ _ 3,820,239 4.276.403 Insur. res. fund_ 3,267,081 3,289,081 Income approp.for inv,in phys. prop.
Unmatured int_
315,605
loss
Transferred
344,903 Def'd liabilities_
and
to
profit
$12,312,186
157.493
$12,520.890 $11,438,073
511,975
0th. curr. assets
224,901
Credit balance Jan. 1
Accrued deprec.
63.503,519 55.440,787 48.704,648
Secs. In ins.fund 3,267,081 3,289,081 (equipment)._ 28,129,587 25,054,410 Miscellaneous credits
377,159
562,709
306.294
Other unadjust.
0th.unadjitems 3,083,212 3,150,813
Total surplus
178.192.864 $68.524.385 $60,449,015
debttI terns_ _ _ 3,590,796 3,104,488 Sink. funds, &c_ 1,282,772 1,026,493 Preferred
dividends
(5%)
9,835
9,835
9,835
Material & supp. 13,575.288 15,214,682 Surplus
15,411,099 20,373,792 Common dividends(7%)
y4,801.034 4,801,034 4,801,034
Deterred charges
291.665
520,975
Surplus approp. for physical property
15.682
137,868
95,685
Loss on retired road and equipment
47.788
16,162
14,931
Total
762,233.531 764.135.630 Total
762,233,531 764,135,630 Miscellaneous debits
41.679
55.967
86,744
x Includes 313,883.801, representing notes and securities of subsidiary
Balance, credit, Dec. 31
171.276,846 163,503.519 155.440,787
and other companies, previously reported as investments, now pledged for
x Extra dividend of 1% paid from non-operating income to Common
bank credit. y Includes 13.861,279 payable Jan. 11925.-V. 120, p.2397, stockholders,
July 10 1924. y See also "x."
2008.
GENERAL BALANCE SHEET DEC. 31.
Westinghouse Electric
& Manufacturing7Co.M.1
1923.
1024.
1924.
1923.
- • Report..- Year
Assets
,
$
$
(Annual
'Ended March 31-19250
Road & equip-230,642,074 223,066,333 Common stock- 67,588,200 67,588,200
on leased
Class "A" Rich.
The remarks of Chairman Guy E. Tripp, together with a Impts.
110.708 & P. RR.stk. 1,000,000 1,000,000
116,667
property
comparative statement of earnings for the years 1920 to 1925 Sinking funds
22.768 Preferred stock_
21,919
196,700
196,700
in lieu of
Prem.on cap.stk 4,829,442 4,829,443
and the balance Sheet as of March 31 1925, are given under Deposit
mtged. prop2,592 Equip.tr.oblig's. 8,278,300 9,003,600
2,592
"Reports and Documents" on a subsequent page.
Misc.phys.prop- 1,506,202 1,559,398 Mtge. bonds_ _101,850,000 101,850,000
Inv.in affil. cos.:
Coll, trust bonds 41,000,000 41,000,000
CONSOLIDATED RESULTS FOR YEARS ENDED MARCH 31.
Stock
58,275,190 58,183,351 Income bonds__
14,000
14,000
(Including Proprietary ComPanles.I
Bonds
4.658.106 4,758,106 Miscellaneous __ 4,579,930 5,579.930
Notes
4,007,610 3,929,537 Traffic, &c., bal.
1924-25.
864,459
1921-22.
1923-24.
925,545
1922-23.
Advances_ __ _ 1,864,651 1,293.312 Acc'ts & wages_ 4,604,380 5.008,675
Sales bllled
157.880.292 154,412,918 125,116,115 99,7!2,026 Other invest'ts. 6,534,164 5,422,738 Misc, accts. pay
538,573
778,257
13,340,753 12,205,195 Interest matured
a Cost of sales
144.242.065 137.006.280 111.648.077 93,461,846 Cash
451,738
442,783
for diva.,
Divs. matured..
5,850
5,850
Net mfg. profit
13.638.227 17,406.638 13,518.039 6,260.180 Cash
Interest,
&c..
1,130,248
1,414,134
Fund
.debt
278,000
mat'd
3,000
Interest and discount... 3,200,029
1,831.079 Bonds to secure
813,967
599.181
Unmatured diva. 2,400,517 2,400,517
Int.and div.received.- 1.003,151
842,730
622.470
650.665
leases
15,225
15,225 Unmat. int.,dre. 1,455.150 1,474,980
Total income
17,841.406 18,743,076 14,767,884 8.933,989 Loans dr bills rec
6,344 0th.
4,044
N balance.curr. llabu
122,918
117,975
d'se
.
DeductionsTraffic,&c., bal. 2,228,913 2,447,853
Interest on bonds. &c
2,517,042 2,617,774 2,504.399 3.096,600 Bal. from agents,
U.S.
4,652
Govt._
Miscellaneous (net)....
243.537
&c
854,885
857,792 Deferred Habit's.
79,016
48,529
165,849
156,063
Preferred dive. (8%)319,896
319,896 Misc, accts. rec. 2,454,958 2,315,282 Tax liability.,. 3,216,149 2,889,335
319.896
319,896
Common dividends(8%) 9.148.325 6,833,759 5.665.003 5,664.999 Mat'is & suppl's 6,613,154 0,259,393 Over,Ins. r reserves. oas. roe..477,173
576,463
& diviTotal deductions.-- 12,228.800 9.850.445 8,537-T827663,629
9,081-A95 nterest
dends received 2,158,029 1,762,158 Accrued depr'n,
Balance. surplus
5,612,606 8.892.631
6.230,058 def147,506 Other
assets_ _ _ _
32,430
45,165 road & equip_ 19,422,540 17,688,882
Previous surplus
45,586,718 48,554,143 42.324.085 42.265,280
Working fund
1,150,459
975,943
Stock dividend (10%)10.773,000
advances
19,239
18,389 °
Adjustments, &c
Co
trhpd.inad
surplus:ired
Cr206.311
Drb1087.055
Insurance a n d
Add's to prop.
Profit & loss, surplus_ 51,199,325 45.586,718 48.554,143 42,324,085
other funds
479,689
431,816
through Inc.
a Includes factory cost, embracing all expenditures for patterns, dies, Unadj. debits
436,641
762,885
& surplus__ 1,955,430 1,690,597
new small tools and other betterments and extensions depreciations of
Profit & loss._ 71,276,846 63,503,519
property and plant. inventory adjustments and depreciation and all selling.
administration. general and development expenses, and taxes.
Total
337.723,609 329,364,231
337,723,609 329,364,231
Total
-V. 119. p. 83.
b Adjustment in the book value of European securities owned.
MAY 23 1925.]
THE CHRONICLE
2677
Mountain Producers Corporation.
(Annual Report-Year Ended Dec. 31 1924.)
The remarks of Pres. John T. Barnett, together with the
balance sheet as of Dec.31 1924, will befound under "Reports
and Documents" on a subsequent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1924.
1923.
1922.
Freight
y$19,381,436 $21.243.932 $18,257,138
Passenger
4.672.601
5,029.040
4.580.655
Mail,express &c
1,694.601
1,798.718
1,610.851
Other than transportation
320.151
333.718
282,704
BALANCE SHEET DEC. 31 (INCL. WYOMING ASSOCIATED OIL CORP.).
1924.
1923.
1923.
1924.
LiabilitiesAssetsOil lands & leases x19,398.749 23,949,482 Capital stock
16.821,820 16,821,820
Field inv.& equip_ y75,271
58,412 Accounts and notes
76,000
payable
Stock in other cos_
76,000
72,287
36,034
2,991,038 2,154,757 Dividends payable 760,556
Cash
506.452
702,043 Contracts payable
U.S. bds.& notes_ 1.465,011
149.407
89,048
Accts.& notes rec_ 1,163,436
890,366 Surplus
12,711,952 14,099,403
intincrudestorage 4.835.151 3,684,352
Deferred assets_ __ 325,135
72.733
Deferred charges_ _
89,615
61.223 Total(each side).30,419,411 31,649.369
X Oil lands and leases, $35,247,749, less reserve for depletion, 315,848.999.
y Field investment and equipment, 8210,554, less reserve for depreciation.
8135,283.-V. 120, p. 1213.
Total operating revenue
$26.068.789 S28.405.408 $24,731,348
Maintenance of way& structure
2,604,958
3.144,876
2,782.201
Maintenance of equipment
7.827.155
8,694,382
6.567.570
Trafficexpenses.
508.835
Transportation
10.408.217 10,9.
.
48.327
10,354.312
Miscellaneous operations.&c
166.684
128.049
129,706
General expenses
812.818
824,001
792.109
Total operating expenses
$22.453.256 $24.279.112 $21.134.733
Net earnings
3,615.533
4.126.296
3.596.615
Taxes. &c
1,459.615
1.562.865
1,160.739
Operating income
$2.155.917 $2.563.430 $2,435,876
Fire of equipment(credit)
deb.201.187
1.058,335
906.099
Joint facility rent income
Dr.487.472 Dr.297.649 Dr.620.505
Other income
386,119
444,931
393,789
Chicago & Eastern Illinois Railway Co.
(3d Annual Report-Year Ended Dec. 31 1924.)
President W. J. Jackson, May 7, reports in substance:
Business Conditions.-The year 1924 was marked by sharp fluctuations
In business. A heavy loading in January and February was followed by
a radical decline early In March. During the fall months there was an
Improvement. These conditions were not peculiar to your company, but
prevailed throughout the country and applied to practically all lines of
Industry. The tons of revenue freight other than coal carried one mile
was 1.099,537,032, a decrease of 68,785.443 ton miles, or 5.89%, as compared with 1923. The average haul of freight, other than coal Increased
3.65 and the earnings per ton increased 1.56%. The increase in the haul
was in greater ratio than the increase in the revenue per ton, resulting in a
decrease in the earnings per revenue ton mile of 1.99%, equivalent to a
decrease of $252,011 in gross freight revenue. The use of motor trucks
for handling short-haul L.C.L. freight caused a loss to the company of
some merchandise traffic during the year. Many Important shipping
interests are providing trucks for handling this class of traffic and a further
loss may be anticipated In this respect.
All the mines served by the company are in union territory. Effective
April 1 1924, the operators and miners entered into a new wage agreement,
to continue In effect for 3 years from that date the scale of wages established
during 1922, which are the highest in the history of the Industry. The
principal non-union coal fields with which the mines located on the lines
of the company compete are in Kentucky and West Virginia. The highly
competitive quality of coal mined In the latter States, coupled with the
lower wage scales and the less burdensome working conditions which are
Incidental to non-union operation, more than offset the difference in freight
rates to the markets which have heretofore been served by the Indiana
and Illinois mines, and resulted in the loss of an enormous coal tonnage
to these as well as to the mines in the other States where the Jacksonville
agreement was effective.
The inability of the mining companies located on the lines of the company to pay the union scale of wages and compete with the non-union
fields caused many of the important mines to be closed. A total of 16 out
of 82 were not operated during the year and the remainder worked an average of 95 out of a possible 301 working days, or 31.6 %. This situation
was general throughout all the union fields.
Part of the losses sustained by the company in 1924 from mines on its
line were made up by increased tonnage of non-union coal from connections.
The effect of this, however, was a longer average haul and a decrease in
earnings per ton. The average haul on coal increased 7.17%, while the
rate per ton decreased 4.32%, the result being a decreake in earnings per
ton mile of 10.75%, equivalent to a decrease of $308,433 in gross freight
revenue.
The amount collected from the Elgin Joliet & Eastern Ry. for trackage
decreased $273,651, or 78.43%, due to less coal tonnage handled by that
company from Indiana and Illinois mines.
Rate Structure.-No general changes in the freight rate structure were
made during 1924. There was some adjustment in short-haul coal rates
in Indiana, effective Aug. 1 1924.
New Industries.-During the year there was a total of 15 new industries
located on the company's lines, representing an investment for the industries
of $823.500. It is expected that these industries will furnish employment
for approximately 274 men and will produce in and outbound traffic of
about 7,000 cars annually.
Revenue, &c.-Passenger revenue decreased 7.1%, of which 75% was
in local and 25% in through travel. A large part of the decrease in local
travel was due to competition of auto bus lines and private automobiles.
There was a marked decrease also in local travel in southern Illinois and
Indiana, due to the coal mining depression in those States. The decrease
in through travel resulted from less commercial business handled, to a
smaller volume of special convention travel and to the falling off in the
movement of laborers. The Florida business was the largest in the road's
history. During the year arrangements were made to run the principal
Florida train,the "Dixie Flyer," through to Miami,and the -Dixie Limited"
was agaip put in service for the winter season, running through to Jacksonville.
Mail revenue decreased 516.225,or 2.4%, as a result of the smaller volume
of parcel post mail handled. This condition was general throughout the
country.
Express revenue decreased $63,492. or 8.7%. approximating the percentage of decrease which occurred In the eastern region of the express
company, the group in which the company is included under the uniform
express contract. The depression, which adversely affected freight revenue,
had the same effect on the business of the express company.
Future Prospects.-In order to offset as much as possible the losses in
coal traffic and to overcome, by solicitation, some of the decrease in other
freight duo to business depression, additional off-line agencies, both freight
and passenger, were opened at important traffic producing points, and
existing agencies materially strengthened. As a result, freight traffic
other than coal is gradually increasing.
The prospects for coal traffic depends largely upon an adjustment in the
production cost which appears to be necessary in order to enable the Indiana
and Illinois operators to market coal at competitive prices. While the
present mine wage agreement does not expire until March 31 1927, it does
not seem unreasonable to expect that some means will be found to the end
that their natural markets will be restored to these fields.
The outlook for continued Improvement in through passenger travel,
especially during the winter months,is good, but the competition from motor
buses and private automobiles will, no doubt, cause a further decrease in
local travel. During the year 4 local passenger trains were discontinued.
Taxes.-Railway tax accruals decreased $110,000, or 7.1%, compared
with 1923. The company did not earn any net income for the year 1924,
and therefore no Federal income taxes accrued. The decrease in tax accruals would have been greater had there not been an increase in general
property taxes.
Inrestnient in Road and Equipment.-Net retirements in excess of additions and betterments to roadway and structures amounted to $57,945.
Net additions and betterments to equipment amounted to $457,595,
Long Terra Debt.-During the year the outstanding long term debt was
reduced by $646,300 by the purchase of $270,900 of Gen. Mtge. bonds
through the operation of the sinking fund and the payment of $375,400
of matured equipment obligations.
..B
they
Additional Securities.-Additional securities issueddy.ring
repea
rewted
resn
7e
which
$2,C•05,300 of Prior Lien Mtge. 5)4% bonds, Series
reimbursement of expenditures during the previous year for additions and
betterments to road and structures, and general expenditures amounting
to $988,600, and 90% of expenditures for additions and betterments to
equipment and for payment of equipment obligations amounting to $1,616,700. These bonds are still held in the treasury unpledged.
GENERAL STATISTICS FOR CALENDAR YEARS. 1921.
1923.
1924.
1922.
945
945
945
Mlles operated
1.131
Operations3,759,271
2,977.106
3.530.503
Passengers carried
4.520.652
Pass.carried one mile---152,176,007 162,599,995 148,323,149 166,433,222
3,05 as.
3.09 cts.
3.09 cts.
3.07 cta.
Rate per pass. per mile
11,759,235 12,812.68
13,387,224 14,67.968
9
9
Revenue freight (tons)
Rev.freight (tons 1 mile)2211994166 2304816.800 1871349,417 1970340,812
0.92 cis.
0.98 cts.
0.88 cta.
1.03 cts
Rate per ton per mile-
Total income
Interest
Rents
Miscellaneous
$1.853,378 $3.769.(j47 $3,115.258
$2.228.432 $2.261.466 $2,297.018
152.145
152.720
5,797
41.248
46.729
25.099
Total charges
32.421.825 $2.460.914 $2,327.914
Balance
def568,447
1,308.133
787,344
Inc. applic. to sinking & other res. fds
209,104
196.171
184,668
Accrued interest not paid
Balance, surplus or deficit
def$777.551sr$1.111,962 sur$602,676
y Includes an item of $167,049 representing the estimated freight
revenue
earned by the company In respect to forwarded interline shipment.; In
transit at the close of the year. No corresponding item was included
in the revenue account ef previous years.
CONDENSED GENERAL BALANCE SHEET.
1923.
1924.
1924.
1923.
Assets$
$
Liabilities$
$
Inv.lord.& equip.82,688,124 82,288,472 Common stock_ __23.845,300
23,845,300
Impts. on leased
Preferred stock__ _22,046,100 22,048.100
property
24,482 Funded debt =31,124
Sinking funds
34
40
matured
42,672,236 43,318,536
Deposits in lieu of
Traffic & car aerv.
mortgaged prop. 103,162
26,165
balances payable 572,859
446,424
Misc. phys. prop- 1,203,006 1,208,901 Audited accts. and
Inv. in MM. cos.:
wages payable
1,897,536 1,784,826
Stocks
1,263,000 1,263,000 Misc, accts. pay'le 273,564
336,700
Bonds
1,503,000 1,474,000 Interest matured
Advances
1,115,803 1.068,703
unpaid
44,68()
41,337
Secs. iss., purch.in
Unmatured interentice. of sk. Id.
eat accrued
428,480
438.073
requirements_
22,749 Unmatured rents
Other investments. 3,003,981 3,296.935
accrued
207,109
Cash
1,725,387 1,665,200 Other current ha- 218.303
Dem'd loans & dep
1,250
2,500
Wines_ _ _ __-__
102.070
83.629
Special deposits_
53,242
49,899 Deferred liabilities
48.299
75.803
Loans & bills rec
1,842
6,058 Tax liability
1,333,506 1,394,572
Traffic & car serv.
Insurance & casubalances receiv_ 576.843
768,482
alty reserves_
28,131
20.009
Net bal, rec., due
operating reserves
20,510
20,510
from agts.dscond 367,026
398.160 Accrued depreciaMisc.accts. resets.. 805,188
903,645
tlon, equipment 1.904.214 • 1,052,840
Materials Ss sums_ 2,341,393 2,692,048 Other =adjustable
Int.& diva. receiv:.
25.945
29,697
credits
408.798
500.268
25.414
Rents receivable__
9,304 Add'ns to property
95,468
123.793
Other curr. assets.
through income
22,063
Working fund adv.
25,893
and surplus_ _
58,140
47,935
78,572 Sink,fund reserves 708,276
88,830
Other def'd assets_
499,172
Rents & insurance
Appropriated sum'prem. prepaid_
10,423
11,628
plus not invested 151,021
86,961
0th.=ad).debits. 491,108
448,048 Profit di loss-hal_ 780,642 1,636,753
97,542,665 97,882,459
Total
Total
97,542,665 97,882,459
-v. 120. 13. 827.
Caddo Central Oil & Refining Corporation.
(Annual Report-Year Ended Dec. 31 1924.)
Vice-President Jams D. Williams, on behalf of the directors, has sent a statement to the stockholders giving an analysis and comparison of conditions and results for the five-year
period 1920-1924, an outline of bondholders' protective committee tentative plan of reorganization, and the report for
the year ending Dec. 31 1924. Vice-Pres. Williams says:
Operating Results.-Operating income for the
year 1923 (deficit). $104.326;
then year
ig5e8x.13(t);Ta
the conditions which
in
ch faced
the company these results must be considered fairly satisfactory. One
Item contributing to the gain of $462,933 was a cut In general expenses of
approximately $24,000. which may be taken as an index of the efforts made
by the management to secure efficient administration.
During the year a vigorous and successful attempt was made to clean
up old matters, pending in some instances since 1919, and during the year
all old damage and tax claims amounting in the aggregate to over $200.000
have been finally and successfully settled so that as far as the officers
know, there are now no such claims against the corporation.
Quick Asset Position.-Total current assets on Dec.31 1924 were $543,683:
total current assets on Dec. 31 1923 were $318.917; an increase during the
year of $224,766. This was partially offset by an Increase in current
liabilities,which on Dec.31 1924 were $262,122 and on Dec.31 1923
$208.683.
an increase during the year of $53,439. making the net quick assets on
Dec. 31 1924 $281,561, and on Dec. 31 1923 $110.234. Actual increase in
Set quick assets during the year, $171.327. The figures shown are =elusive of defaulted Interest, which now amounts to $524,979.
Car Trust Certificates.-In addition to the actual gain in quick asset
position, company paid off during the year $135.000 principal due on car
trust certificates, thus securing the uninterrupted use of the tank cars and
preserving-in fact increasing-the valuable equity in these cars.
Need o New Working Capttal.-Disregarding accrued bond interest, due
Jan. 1 1 24. July 1 1924 and Jan. 1 1925, on which no payment has been
made, company started the year with a working capital- of approximately
$110,000 and ended the year with a working capital of about $280,000an average of about $200,000 for the year. On this very meagre capital,
company did a gross business of nearly *6,000,000, turning over Its working
capital approximately 30 times during the year. This very record of the
rapid turnover of working capital, however, merely adds emphasis to the
statement made at the annual meeting a year ago, that additional working
capital is sorely needed for three purposes: (1) To develop the policy of
retail distribution initiated by the management, in place of the former
policy of distribution through jobbers: (2) to enable the Company to take
advantage of opportunities as they arise, for the purchase of crude oil
when market conditions are favorable; (3) for the installation of a cracking
process.
Retail Distribution.-As far as its slender capital permitted, company
during the past year has consistently developed the policy of selling to retail
distributors. It is believed that much of the good results shown during
the year may properly be attributed to that cause.
Purchase and Storage of Crude.-With such limited capital, however,
it
has been impossible to take advantage of opportunities to purchase crude
oil for storage purposes and for use later on, in a way at all commensurate
with the volume of business transacted. Inventories at the close of 1924
were, however. up $440,000 from the close of 1923 and have increased in
value since the first of the year.
Cracking Process.-With bond interest defaulted and foreclosure threat,
ened, of course it has been impossible during the past year to secure either
the capital or the credit necessary to carry out the third recommendation
of a Year ago-the Installation of a cracking process, without which the
company is severely handicapped in its operations
income
operatingn viewic
comparative
jiimnteivaerigawinh;)f
2678
THE CHRONICLE
Keorganization.-A year ago in the report to stockholders, they were
advised "that the security holders of the corporation must frankly face a
drastic readjustment of capitalization."
In spite of the operating profit secured last year and the great improvement shown in final results when compared with the year 1923, nevertheless,
the past year has further emphasized the fact that the business cannot be
placed on a sound footing until a drastic readjustment of capitalization
has been effected.
With a bond issue outstanding greatly in excess of the present value of
the properties and with over $500,000 in accrued bond interest in default,
it is quite obvious that it is impossible to secure the new capital which is
essential to enable the corporation to properly develop its retail distribution, to install a cracking process necessary for the profitable handling of
low grade crude and to take advantage of opportunIties for the purchase
and storage of crude when prices are low-three elements which are vital
to make the business successful.
In order that stockholders may be fully advised in regard to efforts made
during the past year. looking to a reorganization of the capital structure,
the directors submit herewith the following information.
Bondholders Protective Committee.-Shortly after the annual report for
1923 was Issued, a bondholders' protective committee was organized in
Philadelphia. consisting of E. W. Clark of E. W. Clark & Co., bankers,
Phila.;,John M. Denison of T.A.Biddle & Co., bankers, Phila.: H.B.HagY.
Pres. of Pennsulvania Trust Co., Reading, Pa.'C.P. Lineaweaver V.-Pres.
of the Bank of North America & Trust Co., Phila., and R. L. Stringfellow,
Shreveport, La., and under date of May 1 1924 a circular letter was sent
out to laondholders, outlining the general situation and recommending that
they deposit their bonds.
Your Vice-Pres, was invited to be present at several meetings of this
committee during the past year and at all such meetings urged that In the
plan of new capitalization, provision should be made for the exchange of the
existing bonds for new preferred stock on the basis of the actual present
values of the property with an adjustment of additional Common stock to
enable bondholders to recoup their present losses if the new corporation
became a substantial success; and that the present stockholders receive
common stock in the new corporation in exchange for their present stock,on
a basis as liberal as conditions could possibly warrant, so that the present
stockholders might likewise recoup at least to some extent their present
losses.
Tentative Plan of Bondholders' Protective Committee (V. 120. p. 12084The bondholders' protective committee has now formulated a tentative
plan of reorganization which has been sent out to bondholders in a circular
letter under date Feb. 26 1925. This tentative plan provides briefly for
the organization of a new company to take over the properties now owned,
such new company to be capitalized on the following basis:
New Bonds (Par Value $500.000).-Such bonds to be secured by a first
mortgage upon the property of the new company and to be issued to provide increased facilities and new working capital.
6% Cumulative Preferred Stock (Par Value $2,602,935).-To be issued in
exchange for the present bonds on the following basis: $1,301.955 par value
of new Pref. to be issued in exchange for $1,496.500 par value of Caddo
Oil & Refining Co. of La., Inc., bonds. That is, at the rate of $870 par
value in new Pref. for $1,000 par value Caddo Oil bonds.
81.300,980 par value of new Pref. to be Issued in exchange for $4,336,600
par value of Caddo Central bonds. That is, at the rate of $300 par value in
new Preferred for $1,000 par value Caddo Central bonds.
Common Stock of No Par Value (200,000 Shares).-14,965 shares of new
Common to holders of Caddo Oil bonds; that is, at the rate of 10 shares of
new Common for each $1,000 par value of Caddo Oil bonds owned. 86.732
shares of new Common to hob:tars of Caddo Central bonds; that is, at the
rate of 20 shares of new Common for each $1.000 par value of Caddo
Central bonds owned. Of the remaining 98,303 shares, the circular of the
bondholders' protective committee provides that additional shares in an
amount not yet determined are to be issued to the pourchasers of the new
bonds. The circular further states that "if an offer Is made to the present
stockholders, additional shares will be available for Issue to them."
Suggestions of Bondholders' Protective Committee Concerning Stockholders'
Participation.-This particular point of the right of present stockholders
to have a part in the reorganization Is further covered in the bondholders'
protective committee circular by the following paragraph:
"The committee has not yet reached a definite conclusion on the question
whether a proposition shall be made to the stockholders of the company
to join in the reorganization, but, if any such offer is made, it will require
the stockholders to provide a portion of the new money."
In view, therefore, of the existing conditions, the fact that a reorganization is obviously necessary and that the bondholders' protective committee
has already prepared and announced a tentative plan of reorganization
which provides for the exchange of the old bonds for new Preferred and
Common in the proportion outlined above and which frankly,states that if
stockholders of the present company are to have any part in the reorganization. it will be neceeaary for them to provide a portion of the new money,"
it seems essential that the stockholders should be given at this time detailed
information in regard to the operating results for the past five years and the
fundamental conditions which must be met if the reorganization is to be
successful.
Comparison of Conditions and Results.-It will be seen that while gross
revenues for 1924 are smaller than the gross revenues for 1920 and 1922,
yet the number of cars shipped during the year shows an increase over 1920
of approximately 120% and an increase over 1922 of approximately 35%,
while the number of barrels of refined oil produced in your refineries in
1924 Is approximately double that produced in 1920 and about 645.000
barrels, or 33% in excess of 1922. Company's plant has never been
operated as close to its rated capacity as in the year 1924.
Furthermore, the actual cost of reining during 1924 was kept down to
80.115 per barrel, which is the same as the refining cost of 1923. and much
lower than such cost in any other year. showing that the refineries have been
operated with the highest degree of efficiency. Yet, in spite of volume of
sales and operating efficiency, net income from operations for 1924-$358:607-while showing an increase of $462,000 over last year, is less than half
of the operating. income for 1922 and approximately one-fifth the operating
income in 1920.
Analysis of Causesfor Decline in Revenue-1924 Compared with 1920 and 1922.
Production Department.-In 1920 purchases of crude were about 1.000,000
barrels, while in 1924, in order to operate successfully, we were obliged to
purchase 2,500,000 barrels of crude.
In 1920 the production owned and controlled by company was 314,833
barrels with an operating profit in this department, before depletion.of
$604,628; in 1922 production was 277,746 barrels and such operating profit
was $93,898, while in 1924 production had fallen to 104.549 barrels and
operating profits of this department had fallen to $45,620. In spite of this
decrease in production to about one-third of the production in 1920, the
expense per barrel produced rose only from $0.797 in 1920 to 80.802 In 1924.
Net revenue per barrel produced was 80.494 in 1924, compared with
$1.921 in 1920, the difference being due to the decline in average price of
crude during the two years from $2.718 in 1920 to $1.296 in 1924. As
decrease in volume production necessarily tends to increase unit costs, the
fact that such unit coat rose only 80.005 cents per barrel while production
dropped 66%, is an indication of the operkting efficiency secured during
the past year. In spite of increased operating efficiency, however, this loss
of production itself, coupled with the decrease of $1.422 in the value per
barrel produced, accounts for a shrinkage of over $500,000 in operating
profits, of the production department, before depletion, between the years
1920 and 1924.
Refinery Department-Contrast in Market Prices of Refined Products.-The
sharp decrease in average prices per barrel, obtained by the company in the
sale of its refined products, is further striking evidence of the changed
conditions in the oil trade, which the company must face.
This is clearly shown by the following comparison of the average gross
revenues, realized by the company, per barrel of refined products. In
1920 company realized an average price of $4.497; in 1922, 82.677; in 1924.
$1.793.
For the year 1924, as compared with the other two years. this represents,
as compared with 1920, a decrease in average sales price of $2.704; as
compared with 1922. a decrease of $0.884.
costs of crude also decreased, that such decreases were by no means
proportionate with decreases in sales prices will be seen from the following:
In 1920 the average cost per barrel of crude was $3.261: in 1922, 81.879;
In 1924, 81.539.
For the year 1924, as compared with the other two years. this represents.
as compared with 1920, a decrease in average cost of $1.722; as compared
with 1922. a decrease of $0.340.
In other words the spread, or margin of profit, between the average cost
of crude and the average revenue per barrel refined was $1.236 in'1920:
$0.798 in 1922, and only 30.254 in 1924. Applying the 1924 margin of
profit to the total barrels refined in 1920, this difference of $0.98 cents per
barrel would have resulted in a shrinkage of $1,300,000 in operating profits
[Vol. 120.
for that year. On the other hand, applying the 1920 margin of profit to
the total barrels refined in 1924 the difference would have resulted In a
gain of over 82,500,000 in operating profits for the past year.
In large measure the explanation of this shrinkage in margin of profitthat is, the margin between average prices realized for refined products
and average inices paid for crude, lies in the general situation which has
confronted the entire oil industry during the past two years but in no small
measure it is due to changed conditions in the supplles of crude oil, available
for use in the company's refineries.
Cracking Process.-During recent years several well-known processes have
been developed for cracking crude or fuel oil and different cracking process
licensors have submitted to us during the past year estimates of results to be
obtained by their different processes, from wIch it is a fair conclusion that
by the installation of any one of these cracking processes, our fuel oil could
be cracked and a gasoline recovery conservatively estimated at 30% to
35% secured.
Using 30% for a conservative basis, if our fuel oil production, which now
runs 58% of our total, was cracked and a 30% gasoline recovery obtained.
this would give us approximately 17% more gasoline and 17% less fuel oil.
The average price realized on gasoline was $3.971 per barrel; on fuel
oll, $0.955 per barrel. A difference of about $3 per barrel.
During the year 1924 our output of refined oils was 2,605,000 barrels,
and 17% of this amount, the conservative estimate of increase of gasoline
obtained by use of the cracking process, as shown above, would therefore
be approximately 400,000 barrels.
To secure such an increase in gasoline recovery would require the thruput of about 1,400,000 barrels of fuel oil, or about 4,000 barrels a day.
and the cost of installation of cracking units of such capacity for a company
in our financial condition is prohibitive.
An essential element in any sound reorganization, however, will be some
provision for the Installation of a cracking process-of at least 1,000 barrels,
and if possible of 2,000 barrels daily capacity-either by immediate capital
expenditure or preferably by means of a contract with deferred payments
on an installment basis, and it is believed that with the co-operation of the
licensors of some of the well-known processes, such an installation can be
secured as. part of a reorganization plan, without imposing an excessive
financial burden, and without conflicting with the two other elements
deemed essential to the success of the proposed new company; that is,
capital to develop retail distributing facilities, and to purchase crude under
favorable market conditions.
Notes Payable.-On Dec. 31 1924 had outstanding notes payable. $20,000.
This represents a balance of a $40,000 loan which was made by E. W.
Clark & Co. to company In Feb. 1924 to enable it to meet the payment of
867,000 due on car trust certificates on March 11924. Half of this loan,
$20,000, company was able to repay two months later, and E. W. Clark
& Co. were good enough to allow the remaining $20,000 to continue until
February of this year, when this loan was completely repaid. But for this
timely assistance in Feb. 1924 it would have been impossible for the company to carry on.
Present Value of Properties
considering the basis of any sound reorganization plan, it is essential that the amount of Preferred stock to be
issued shall be represented by actual present values. For this purpose the
management had a detailed appraisal made during the past year by F. W.
Garnjost, 2d V.-Pres. and Consulting Engineer, and this appraisal. completed in Dec. 1924, fixes the present value of real estate and plant assets
at 82.192,280.
In addition to real estate and plant assets, there is the value of the equity
in tank cars, after deducting $270,000 car trust certificates outstanding
at the close of 1924. The equity as of that date was estimated at about
6430,000 and has since been increased by the payment of $67,000 car trust
certificates due March 1 1925, so that the present equity in tank cars is
estimated at approximately 8500.000.
Necessity of Drastic Reorganization.-Company under existing conditions
is unable to carry the heavy burden of its fixed charges on a bonded indebtedness greatly in excess of the present values of the properties, and a
sound reorganization must be effected and new capital for needed improve.,
ments must be secured, if the business is to be made a success.
It is to be hoped that the bondholders' protective committee, realizing
the heavy losses which many of the stockholders have sustained, will grant
to the stockholders the opportunity to participate in the proposed reorganization upon terms which will represent the most equitable recognition
of the rights of all classes of security holders and at the same time assure
the future success of the business.
RESULTS FOR CALENDAR YEARS.
(Caddo Central 011 & Refining Corp. and Caddo Tank Car Corp.I
1920.
1921.
1924.
1922.
1923.
Refined oils (bbls.) _ _ _ _1.324,598 1,156.280 1.959,455 2,419,788 2,605,168
$
$
Gross revenues
6.961,673 3,807,511 6,297,541 5,661,727 5,941,163
Gross departm'i profits 2,170.858 452,134 1,031,926 213,622 608,757
Admin., &c., gen. exp_ 334,658 289,124 215,667 241,964 162.444
Miscellaneous income20,676
1,190
22,503
76,908
21,607
Netadmin &c.,exp. 333,468 268,448
Income before charges_1,837,390 183,686
Taxes
69,178
81.383
Organization exp, and
discounts written off 44,487
15,525
Deprec., depletion and
abandoned leases... _ 460.584 576,896
Int. on bds.& car trusts 377,872 380,528
Taylor settlement_
Cr.305,195
193,165
844,761
79,408
165,057
48,566
152,892
15,525
15,525
528,051
405.868
494,744
381,577
140,838
467.919
109,311
426,703
376.106
Final corp. deficit_sur.873,065
553.246 184,092 1,002,173 444,201
BALANCE SHEET DEC. 31 1924.
[Caddo Central Oil & Refining Corp. and Caddo Tank Car Corp
Assets,
LiabilitiesCapital assets
e817,910,291 Capital stock
e$12,894,408
Cash with trustees
6874 Bonded indebtedness
8,103.100
Materials and supplies
50,153 Notes payable
20,000
Prepaid insur. & def. expense
8,319 Accounts payable and accrued
Crude and refined oils
234,923
198,582 expenses
Notes & sects rec., less res've
7,200
180,087 Accrued int. on equip't trustCash in banks
524.979
185,015 Am.Int. on bonds in default
Deficit
1,073,487
Total
$19,584,808
$19,584,808
Total
a Capital assets: Property acquired March 311919, at appraised values.
with subsequent additions amounting to $3,227,980: 011 lands and leases.
incl. development and equipment, $15,705,090; tank cars, g..,345,000;
refineries, pipe lines, &c., $3,135,407. Less- Reserve for depletion of oil
resources, $479,899; reserve for deprec. of plant and equipment, $1,795,306.
b Sinking fund installtnents were in arrears at Dec. 31 1924 as follows:
First Mtge. gold bonds, $113,325; First Consol. Mtge. gold bonds,$650,490:
total, $763,815. Additional installments will become payable as follows:
Feb. 1 1925. on First Consol. Mtge. bonds, $108,415; April 1 1925, on
First Mtge. bonds, $37,412; total, $145,827.
c Authorized. 200,000 shares of no par or declared value. Issued, 150,000
shares of no par value in exchange for a like number of shares heretofore
issued and having a par value of $15,000,000. (The exchange of shares
had not been fully completed at Dec. 31 1924.) Issued, 18,500 shares
of no par value for cash, $185,000; total. 815,185,000. Deduct: Capital
losses incurred prior to 1924, $2,490,594.-V. 120, p. 2152.
Philippine Railway Co.
(Annual Report-Year Ended Dec. 311924.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1922.
1924.
1923.
1,782,950
Total no. pass. carried__ 1,877.455
1,564,609
1,597,443
No. carried 1 kilometer- 41,112 753 34,775,182 36,125,197 40,943,818
23.0
Av. distance carr. p. km.
23.1
1.9
21.8
$0.2340
Av.receipt per passenger.
.
30.0102
Av.receipt p.pass.p.km.
800100
10:0097
30.0090
115.726
132,067
Total no. tons fr't carr_139,065
207.254
4,395,465
No. tons carried 1 km_ .. _ 7,537,641
5,252,107
38.0
38.0
Av. distance carr. p. km.
37.8
36.4
$1.7309
$1.6663
Average receipt per ton.
$1.5792
31.3995
80.0454
$0.0436
Av,receipt per ton p.km.
$0.0418
30.0385
5.052,147
MAY 23 1925.)
THE CHRONICLE
2679
of progress. Our centralized system of control has been adopted by other
countries and our methods of operation are establishing standard practice
all over the world.
Corporation is developing short wave low power transmitters for commercial use and transmitters of this typo are now being used on both Atlantic and Pacific Coasts. Others are in course of construction. Some of
the foreign stations with which we exchange traffic are also using short
$687,010 wave transmitters. Commercially, this system cannot, as yet, be con$643.232
$618,672
$722,536
Total revenue
sidered
as beyond the experimental stage. Its present limitations during
Expenses6159.556 daylight hours fix it, for the time being, at least, as no more than a valu$137.151
$139.308
6141,628
Maint. of way & struct_
ble
to long wave radio telegraphy, so far as concerns long dissupplement
80,645
92.749
119.132
90.310
Maint. of equipment
2.934 tend) communication. Further technical development is, however, being
2,987
3,185
3.479
Traffic
232,862 continued by our engineers and future possibilities are receiving their
193,209
208,788
233.759
Transportation
60.514 careful attention.
47.397
47,370
46.876
General
Radio Photographs.-A noteworthy achievement of our engineers was
the pioneer transmission on Nov. 30 1924, of radio photographs across
5536,511
$473,465
$488,990
$544,875
expenses
oper.
Total
the
Atlantic. The transmission of handwritings, signatures, fingerprints
$150,499
$129,682
$169,767
$177,662
Net operating revenue_ _
4,011 and pictures of all kinds with absolute secrecy is practicable by this picto3,509
3,594
3,995
Railway tax accruals_
radio
process. Its ultimate commercial application to our business is con331
417
150
1,162
Uncollectibles
fidently,anticipated.
Marine Radio Communication.-The service rendered by the corpora$146,157
$126,023
$165.755
6172.505
Railway oper.income1,738 tion's marine stations is increasingly important. Shipowners rely on radio
3,138
4,150
4,036
Non-operating income_ for dispatching their vessels and diverting them at will from one port to
another. The dispatching of tugs and other harbor craft is now being con$147,895
$169.905
$129,161
$176,541
income
Gross
341,960 trolled by radio and through it, fishing fleets market their daily catch to
341.960
341,960
341,960
Interest on funded debt_
8.363 best advantage. The traveler can keep in touch with home affairs from on
4.276
4.126
6,856
Misc. income charges_
2c.487 board ship in any ocean. The free medical consultation for mariners pro1,11c
Cr.680
25,480
Additions & betterments
vided through our stations with the co-operation of the U. S.Public Health
$227,915 Service has proved efficient and many lives have doubtless been saved by
$216,245
$196,765
$177.446
Def. transrd to p.& I_
the prescriptions and medical advice thus toromptly made available. A
BALANCE SHEET DEC. 31.
paid news service for ships is furnished and ships' positions are reported
1924.
1923.
1923.
or publication in the daily press. Radio still summons aid to distressed
1924.
vessels.
Assas-Capital stock,COM. 5,000,000 5,000.000
The following Marine Coastal Stations are now operated: (a) Chatham.
Invested in road
and equipment_ 9,256,241 9,231,151 First mtge. bonds- 8,549,000 8,549,000 Mass.;(b) New York, N. Y.; (c)'Fuckerton, N. J.:(d) Los Angeles. Calif.:
(e) San Francisco, Calif.
Contractual rights. 4,999,000 4,999,000 Philipp. Govt.adv.
for bond interest 3,706,409 3,509.654
11,350
11,350
The Corporation recently purchased from the U. S. Navy the radio
Liberty bonds_ _ __
78,171 coastal station at Galveston, Texas, which will be opened to public service
114,408 Accts.&wages pay.
55,928
32,265
Cash
3,641 Other deed Habit's.
2,528 after being completely overhauled and equipped with our standard tube
2,730
3,759
Agts.&conduabal.
4,003 transmitting apparatus.
152,035 Tax liabilitlea_ 7,772
Materials ,s supp. 218,490
546
12,993 Operating reserves
443
11%650
Among outstanding accomplishments of the year is the perfecting of
Misc. accts. recle_
16,212 Accrued deprecia13,858
two standard types of marine Tube Transmitters. Those sets embody
Prepaid insur.,&c.
tion, equipment.
4,727 the latest developments in the art. A method of converting spark trans3,835
P.& L., debit bal. 2,779,102 2,607,828
mitters into tube sets has also been devised and a program inaugurated
Total
17,326,116 17,148,628 under which all spark sets now owned by the corporation will eventually
17,826.116 17,148,628
Total
-v. 118, p. 2301.
be so converted. This will improve service and eliminate spark interference
with radio broadcasting, so far as we are concerned.
The Radio Corp.furnished radio service on over 700 vessels during 1924.
Elgin Joliet & Eastern Railway.
Notwithstanding there are now under American registry fewer vessels
of 1,000 gross tons and over than at the beginning of 1924, the business of
(Annual Report-Year Ended Dec. 31 1924.)
the Marine Department has maintained the established level.
RESULTS FOR CALENDAR YEARS.
Conditions in the shipping industry are improving and this will be reflected in marine communication, rental and sales operations.
1922.
1924.
1921.
1923.
Plant Equipment and Technical Development.-Continuous service has been
621.521.787 $27,539,298 $21.483,415 $19.334.942
Operating revenues
15,287,842 18,483,534 13,697.891 13,613,040 given during the year on your international radio communication circuits
Operating expenses
at marine coastal stations. All stations and their equipment have
and
933,166
1.164,697
1.314,899
1,087,373
Tax accruals
been kept abreast of technical development and maintained at a high
Operating income__ _ _ 65,146,572 $7,746,865 $6.630.827 $4,788,736 standard of efficiency.
1.825,496
A fireproof building for the receiving equipment at Riverhead. L. I., was
1.478.736
2,330,527
1,418,386
Equipment rents
completed in the early part of the year. The property owned by the corporation
at Belmar, N. J., has been sold, being no longer needed. The
$5,410,338
$3,370.349
63.321,076
$5.152.091
Net railway income
324.089
1,470.297 traffic capacity of the New Brunswick and Tuckerton transmitting stations
322,721
372,464
Other income
has been increased. Similar improvement is being made at the Marion
$3,645,165 $5,782,803 $5.474.813 $4,840,646 station. Wave antennae at the Pacific Coast stations and the new broadGross
3,106.682
3,808.961
3,190.626
3,579.869 side antenna system at Riverhead, L. I., station have brought steady imDeductions
provement in reception.
$538,483 $2,592,177 $1.665,851 $1,260,777
The experiments of our engineers in Short Wave Radio Telegraphy
Net income
8.033
50,939 have been productive. Experiments in Transoceanic Radio Telephony in
44,157
23.293
Other credits
co-operation with the engineers of the American Telephone & Telegraph Co.
$561.776 $2,600,210 $1,710,008 $1.311,716 have continued with satisfactory results.
Surplus for year
600,000
400,000
400.000
400.000
Everything possible is being done to keep the cost of operation at the
Dividends
128,976
18,584
18,036 minimum consistent with efficiency.
31,547
Other debits
Technical & Test Laboratory.-The great strides made by the engineers
$143,192 $1,871,234 $1,278.461
$893,680 of our manufacturing associates, the General Electric Co.,the Westinghouse
Profit
7.908,680
6.037.447
3,865.306 Electric & Manufacturing Co. and the Wireless Specialty Apparatus Co..
4.758,986
Previous surplus
new inventions and LIMas well as by our own engineers, resulting in many
from a sciensurplus-$7,908,680
$8.051,873
loss
$4.758.986
$6,037.447
provementa. require that these developments be co-ordinated,
Profit &
be promptly inadvantages
their
tific and technical standpoint, and that
the public and
BALANCE SHEET DEC. 31.
corporated in the radio apparatus sold by our corporation toleadership
it is
1923.
1924.
1924.
1923.
used in it# systems of communication. To maintain our
Liabilities-8
necessary to keep abreast of technical developments in radio which are
Assetstest the value of numeranalyze
and
to
and
stock
Capital
world
the
over
investment-27,546.287
26,755,559
all
10,000,000
10,000,000
place
taking
Prop.
Funded debt
13,680,000 13,680,000 ous inventions submitted to the corporation for consideration, by various
Special deposit with
10,897
10,897 Traf.&car serv.bal.
trustees
Inventors. In order to obtain maximum economies of quantity production
cos.
other
to
due
4,000,000
invest_
4,000,000
2,938,395 3,195,579 at factories, it is also essential to bring about the greatest degree ofstandLeaseholds
885,754 Audited accts. and
Other investments. 531,818
ardization of types and designs, consistent with the rapidly developing
wages payable
4,473,048 3,053,512
3,209,933 2,626,875 radio art.
Cash
49,214
27,588
Special deposits...- 6,770,909 8,455,051 Misc. accts. payle
To meet these requirements, the directors authorized the erection of a
2,100
1,375 Matured int. accr_
1,375 technical and test laboratory, which is staffed with experts of the Radio
2,100
Int.coupon deposit
&
int.
5,433
Unmatured
mete_
5,433
diva
Corp., devoting themselves exclusively to the above tasks. A site was
Int. &
rents accrued_ _ _ 226,218
224,493 purchased at Van Cortlandt Park, South, and Saxon Avenue, Bronx, New
Traffic & car serOther curl'. Hahn's. 647,940
598,928 York, and a suitable brick and concrete three-story building was erected
vice balance due
350,749 Deferred liabilities
71,487
170,595 thereon. This department is now functioning in accordance with this profrom other cos. 131,908
Unadj. liabilities 6,614,387 7,032,856 gram.
Net bal. due from
362,658 Add'ns to property
agents & condla 398,012
Radio Broadcasting.-Believing that a company serves its stockholders
through income_ 598.756
516,247
594,622 best that serves the public best, corporation has continued to expand and
Misc. accts. recle. 335,357
Materials & slum_ 1,429,738 1,731,493 Specifically investimprove its broadcasting facilities.
111,757
ed reserve
126,780
55,147
323.872
Other curl'. assets_
Since the establishment of the printed newspaper, nothing has had so
169,488
94.486
94,486 profound an effect on communication as radio broadcasting.
459,370 Not specif. Invest_
Deferred meets
65.070 Profit & loss surp. 8.051,873 7,908.680
Unadjusted debits. 323,189
In our new laboratories we are at work constantly, not merely upon improvements in receiving sets-improvements which have kept the corpora46,239,936 46,479,955
Total
46,239,936 46,479,955 tion in its outstanding position of leadership-but upon improvements in
Total
in-Ir. 120, p. 698.
the quality and character of broadcasting itself. The human voice and
strumental music are now carried with the speed of light across countries
pronational
a
yet,
As
listeners.
simultaneous
of
millions
Radio Corporation Of America.
to
oceans,
and
gram is an occasional, rather than a continuous feature of broadcasting.
(Annual Report-Year Ended Dec. 31 1924.)
In the effort for improvement and ultimate stabilization of broadcasting
upon a high, artistic and educational plane, corporation is taking a promiThe report of the directors, dated Feb. 26,shows in subst.: nent part.
farms.
a means of bringing the best music to the remote homes on the
programs
Maintains Leadership in Radio.-Corporation maintains its leadership (a) asAs
well as in towns, we inaugurated the broadcasting of special
radio telegraph communication,(b) in marine radio service
Hour of Music." initiated by
"Brunswick
in internationalsale
The
rank.
first
the
of
by
artists
of radio broadcast receiving apparatus. Every branch
nder
and (e) in the
the Radio Corp., in co-operation with the Brunswick-Balke-Colle
an increase over its earnings for 1923.
of its business shows
great forward step in broadcasting. It set a new pace in the
international Radio Communication.-To the international radio circuits Co., wasofa musical
stations. The
broadcasting
the
from
entertainment
quality
been added services to Argentina
will be maintained.
operated by the corporation have this year
interests are now served by direct radio com- new standard thus established, we are confident,
the
and Sweden. American
The year was notable in that it brought to the highest expression
munication with: (a) Trans-Pacific, 1. Hawaii; 2. Japan; 3. Hawaii_japen. possibilities
The three principal
affairs.
political
in
broadcasting
of radio
Great Britain; 5. Norway; 6. Germany; 7. Prance;
4.
,
Trans-Ailantie
of
opportunity
the
of
(b)
candidates for the Presidency availed themselves
10. Argentina and 11. Sweden.
of the Radio Corp. of America
8. Italy; 9. Poland; -The
new Argentine service is carried on with the talking to vast, audiences, over the stations
the
Argentine Service.
of
policy
the
that
significant
is
owned by the A. E. F. G. Consor- and of its associated companies. It
wireless station near Buenos Aires,
that no favoritism or discorporation is a party, with English French and Ger- corporation in its broadcasting stations, namely,
affairs, has been amply
tium to which the
F. G. radio stations are being constructed at crimination be shown in connection with political
E.
A.
interests.
radio
man
of complaint or criticism upon this score.
absence
entire
the
by
Justified
Brazil.
The
Pernambuco,
Consortium
also
and
owns
corporation intro1924,
March
-In
Apparatus.
Rio de Janeiro
Receiving
Radio
of
Sale
radio station at Bogota, Colombia, communicating
Radiolas, combining new princiand operates the
the United Fruit Co. and the Tropical Radio Tote- duced to the public distinctive types ofrange,
and simplicity of operation.
through the stations of
and
greater
selectivity
reception,
of
ples
States.
United
the
with
America
Central
m. ph Co. in
The merit of our apparatus, combined with improved selling methods,
wedish andeNorwegian Service.-The Swedish and Norwegian circuits have given us a very suceexsful Year. The new line of instruments has had
furnish American business the only direct telegraph communication with public approval. "Radiola" and "Radlovron," the registered trademarks
Scandinavia.
to the corporation, are now recognized words in the commercial
/ndo-China.-A traffic agreement has been concluded for operation belonging
world.
Indo-China; service will be inaugurated in the first quarter radio language of theyear.
through a broadening market, improved manuwith Saigon,
Twice during the
the corporation was further
of 1925.
of high power stations facturing methods and quantity production,
construction
China,
in
conditions
to
-Due
China.
pass on economies to the consumer, by reducing
and
public
the
serve
to
able
begun.
yet
not
has
annual
report
1923
the
there, mentioned inalMantla.-The Philippine Legislature, at its session in the price of Radlotrons: first.on Jan. 11, from $6 to $5, and again on Aug.
report will have reached you, we shall
To Build station to corporation a concession for the erection of a trans- 5,from $5 to $4. By the time this to
$3, placing this important and vital
Nov. last, grantedManila.
have made a still further reduction
the reach of everyone.
within
instrument
radio
oceanic station at
Service.-Corporation transmits its inter-company part of every was made forIthe sale of the Brunswick-Balke-Collender Co.
Trans-Continental
contract
A
and
San
Island
Long
its
Francisco
stabetween
directly
be used in combination radio-phonograph sets. The Brunsmessages by radio
interruptions to the trans-continental wire lines the same of Radiolas to have
achieved marked success. Under this contract, Brunstions. During
press matter at the request of the several news associa- wick Radical's
circuit has handled
wick artists broadcast programs from our stations.
6 1924, stockholders reduced the authorized number
May
-On
Financial.
tions.
mprovement in operating
Improvement in Operating Methods.-ContinuallI
from 5,000.000 to 500.000 shares of"A" Pref. stock,
at the several stations have made this a year of shares of Pref. stock
methods and added facilities
INCOME ACCOUNT FOR CALENDAR YEARS.
-1922.
Revenue
$363,432
$339,654
$371.623
Passenger
219.617
220.067
290,107
Freight
21,652
18.812
20,235
&C
express,
Mail.
38,081
41,188
41,171
Incidental
1921.
$417.793
200,305
22.744
46,167
2680
THE CHRONICLE
and the authorized number of shares of Common stock from 7,500.000 to
1,500,000 shares of"A" Common stock. This amendment does not change
the capitalization of the company, but merely reduces the number of shares
and correspondingly increases their value. Stockholders were requested to
exchange their certificates of the original Common and Preferred stock
on the basis of one share of"A"Common stock for five shares of the original
Common, and one share of "A" Preferred stock for ten shares of the original Prof. stock. Considerably more than a majority of the stock has
been thus exchanged. The "A" Common stock and "A" Pref, stock were
listed on the Now York Stock Exchange on Oct. 1 1924.
The 7% dividend on Prof. stock, which became cumulative Jan. 1
was paid as follows: July 1 1924 (3% %), 1st and 2nd quarters of 1924,
1924;
Oct. 11924 (14%). 3rd quarter of 1924; Jan. 1 1925(14%). 4th quarter
of 1924.
No dividends have been declared on the Common stock.
The 7% dividend on the Pref. stock for 1925, amounting to $1,384,591.
has been set aside as a reserve out of net income.
Marconi Wireless Telegraph Co. of America Reserved Assets.-When the
stock of the Marconi Wireless Telegraph Co. of America was exchanged for
stock of this corporation, the Marconi certificates were returned to the
owners to represent their interest in the reserved assets of that company.
The audit of the Federal income tax returns of the Marconi Wireless Telegraph Co.for one of the war years prior to the formation of the Radio Corp.
led the treasury department to claim that an additional amount was due.
It finally became necessary for our corporation to advance to the Marconi
Company a considerable sum of money for payment of these taxes, which
amount, under the contract, may be charged against any future amount
realized from the reserved assets above mentioned.
[Signed Owen D. Young, Chairman; James G. Harbord, Pres.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1924.
1921.
1923.
Gross sales
$50,747.202 $22.465,091 $11,286,489 $1,468,920
From transoceanic communication
3,358,584
3.191,559 2,914,283 2,138.626
From marine service.._ _ _
742,345
738.140
630,084
553.299
Total gross income_ _354,848.131 $26.394,790 $14,830.857 14,160,845
Deduct-General oper.-&
admin. exp.. deprec'n
and cost of sales
45,838.398 21.833,040 12.126,465
3,762.231
Balance
Other income
$9,009,733 $4,561,150 $2,704,392
493,709
176.024
270.188
$398,613
28.187
Net income
39,50.3.442 34.737.774 $2,974,580
$426,800
Applied as FollowsRes.for amort.of pat'ts- 1989.907
$931.460 $2,480,576
$426,800
Reserve for Federal taxes 1,100.000
500,000
270.000
Bal. of org. exp. writ. off
275,000
277,805
224.004
Amt. writ. off for loss,&c x1.356,357
Res.agst.foreign invest414.236
Amount written off construen, goodwill, &c.
626,699
Res.for Pref. dividend
1,384.5.91
1.384.591
Transferred to surplus
3,356,651
1,643,918
x Including (1) 3768.513 written off on account of ascertained losses sustained on investments in associated and subsidiary companies taken over
from the Marconi Wireless Telegraph Co. of America; and (21 $587,844 set
aside for reserve against account due by Marconi Wireless Telegraph Co
of America.
BALANCE SHEET DECEMBER 31.
1924.
1923.
1923.
1924.
AssetsLiabilities-i
$
$
$
:Plant5:equIpm't.12,918.009 12,373.177 7% Pref. stoek___19,779,870 19,779,870
Patents, patent
Corn.stk.(no par).13,767,264 13,767.264
rights, contracts
Current liabilities_ 8,629,927 4,218,231
and foodwill...17,785,957 17.900,072 Res've for pref. div 1,384,590 1,384,597
Invested in and adAdv.collections for
vances to subsid.
for'n customers.. 144,167
144,167
dr associated cos. 3,062,656 3,150,024 Deferred liabilities 625,000
560,000
Deferred charges__ 204,159
474,353 Res've for amort.of
Install'n work for
pans after writfor'n customers_ 314.240
314,061
leg off pat'ts exp 3,902,743 2,912,836
Cash at banks and
Res've for deprec'n
on hand
7,875,252 4,093,274
5c obsol. of plant 3,326,360 1,575,242
Accounts and notes
Res've for inv. in dr
receivable
7,591,487 3,720.538 adv. to other cos 1,002.080
4,035,433 4,154,500 Other reserves.___ 729,780
Inventories
444,267
4,505,157
Investments
250,378 Surplus
5,000,570 1,643.918
Total
58,292,351 46.430,385
Total
58,292.351 46,430,385
x Comprising high-power stations in operation with the necessary equipment,together with ship stations and sundry machinery,tools and furniture.
-v.120. p. 1090. 2270.
Barcelona Traction, Light & Power Co., Ltd.
(10th Annual Report-Year Ended Dec. 31 1924.)
Pres. E. R. Peacock, Toronto, Can., April 15, wrote in
substance:
[VOL. 120.
* The interest on the 6% 1st Mtge. bonds was partly contingent on earnings, the maximum rate being 6% per annum,the amount of which is given
in the above statement. Immediately prior to the reorganization the
earnings only justified the payment of 3%•
Bonds.-Owing to the rearrangement of the bond issues, the amounts
placed in past years to capital reserve are no longer
in suspense and have
accordingly been applied in reduction of the capital account of the Barcelona
Traction. Light &Tower Co. The sinking fund reserve, created in respect
of the 8% Secured debentures, has for the same reason been
applied in a
similar manner.
In view of the large amounts applied in reduction of the capital account
during 1924, the board have felt justified in writing off to this account
tne adverse balance of the revenue accounts as at Dec.
31 1923.
Depreciation, &c.-The usual provisions have been made for amortization
of underlying bonds, and, in addition, the following
reserves for depreciation
were made by the chief operating companies: (a)
companies, $900.524; (b) railway companies, $190,245. light and power
Earnings.-The operations of the Union Electrica de Cataluna resulted
in a net profit of Pts. 3,863,759 for 1924. This amount was applied as to
Pts. 2,454.108 in payment of the bond interest and
expenses of that company,and the balance of Pts. 1.409.651 has been
to amortization
account and applied in paying off the balance transferred
the loans outstanding in
connection with the acquisition of the sharesof
of
the
Co. The
Energia
dividend of 5% received on the Union company's shareholding
in the
Energia Electrica de Cataluna has also been transferred
amortization
to
fund, having been applied in payment of a call of 20% on the partly-paid
shares of the Energia company.
The revenue account of the Energia Electrica de Cataluna for
1924
was as follows:
Rev, from light & power
Financial charges_Pts.6.762,859.38
business
Pts.12.183,079.59 Amount transf. to
Miscell. receipts_ _
1,363,685.41
amortization _ _ _
4.500,000.00
Balance available __
2,283,905.62
Total
Pts.13.546.765.00
Total
Pts.13,546.765.00
Out of the balance available the company has declared a dividend of
5%, which will absorb Pts. 2.150,000.
Without taking into account the earnings of the Tramways de Barcelone.
Union Electrica de Cataluna or the Energia Electrica de Cataluna,
there
was an increase of Pts. 5,540.797 in the gross earnings of the combined
enterprises of the companies operating in Spain over those for the year 1923,
and an increase in the net earnings of Pts. 4,525,916.
Financing.-During 1924 the Energia company and its subsidiaries issued
Pts. 6,617.500 of bonds, applying the proceeds
towards meeting their
capital expenditures.
The Ferrocarriles de Cataluna issued a further Pts. 1.500,000 of 6%
40-Year Mtge, bonds with a view to providing the necessary funds to
cover the cost of constructing the underground station at Sabadell. This
work is proceeding and it is expected that it will be completed in July next.
Sale of Les Tramway de Barcelone Holdings.-The sale
the company's
holding of 60,000 shares of Les Tramways de Barceloneof
was successfully
carried through, and the contract under which the Barcelona
company
was entitled to receive the annual surplus revenue of the Tramways
de
Barcelone, after all expenses and certain dividends had been
was
cancelled as from Jan. 11924. On the other hand, the guaranteespaid,
for
which
the Barcelona company was liable were also cancelled, and a new contract
for the supply of power to the tramways at a higher rate
has been entered
Into by one of the company's subsidiaries in Spain.
Value of Peseta.-The average rate of exchange between London and
Spain has not Improved during the past year and is still causing
board
some anxiety. The following are the average rates for the pastthe
1920, 23.32: 1921, 28.52; 1922. 28.65; 1923, 31.83; 1924, 33.24. 5 years:
As will be seen from the statement showing the rearrangement
company's fixed charges, a much larger percentage of these is now of the
in Spanish currency, so that if any further depreciation of the pesetapayable
occur, the revenue of the company will not be so seriously affected.should
Business Conditions.-There has been considerable depression throughout
the year in several of the important trades of Cataluna. particularly
in
the textile business. It is a significant and hopeful fact that, in spite
of the depression, there has been a substantial expansion in the sale of
light and power. The increase is attributable mainly to a large increase
in the number of small power users, the great activity in building, resulting
in greater demand for lighting, and perhaps even more to the work
of a
highly organized and most efficient commercial department.
Distribution System.-The spillway gates and low-level Penstock connection at the Camarasa power plant have already fully justified their
cost.
as they made available some 23.000.000 k.w.h, of additional power which
was used during the dry season. The winter
unduly prolonged in
Spain and the steam plants had to be started in was
the second half of March
of this year, as by that time the stored Water had been (practically
exhausted
and the restricted flow of the rivers did not furnish sufficient
to carry
the whole load. Therefore, but for the completion of the power
works referred
to above, It would have been necessary to produce by
steam, at a heavy,
cost, the 23.000.000 k.w.h. which they provided.
Preferred Dividend,-Since the close of the year dividend of
1% has been
paid on the Preference shares of the Barcelona a
Traction, Light & Power
Co., and it is hoped that the income will justify
the payment of 4 such
dividends in 1925.
Fraser Lawton has now been elected President of the Ebro Irrigation &
Power Co. and will continue to control the operations
of the companies
in Spain.
1924 Results.-The results for 1924 do not include any income from the
NUMBER OF CUSTOMERS AT DEC. 31.
Union Blectrica de Cataluna and the Energia Electrica de Cataluna.
Reorpanizalion.-The necessary arrangements have been carried out to
1921.
1922.
1923.
1924.
reorganization
of the company's bond and share capital, Electric light
give effect to the
105.432
115.518
127,063
141,364
In accordance with the proposals approved at meetings of the bondholders Power
10,968
11,730
13,363
12,501
and shareholders in June and July last (V. 118, p. 3075, 3195; V. 119.
p. 577). In November the board issued a statement (V. 119. p. 3008)
Total
116,400
127,248
154,727
139,564
setting forth the capital adjustments resulting from such reorganization,
and in view of the far reaching effect of these alterations, they deem it AMOUNT OF STEAM AND HYDRAULIC GENERATION (K.W.H.).
advisable to repeat the figures in this report, revised, however, so as to
1921.
1922.
1923.
1924.
incorporate all changes up to Dec. 31 1924.
Steam generation
3t,470
4.904,190 23.581,760
112,600
Hydraulic generation
238.353.765 274,223,471 261,464,227 303,892,533
Comparative Statement of Bond Issues and Share Capital.
Bonds in Hands of PublicDec. 31 '23. Dec. 31 '24.
7% Prior Lien "A" bonds (sterling & peseta issues) £1,656.825 £1,048,560
Cons.
% Prior Lien bonds
2.800.000
8 secured debentures
1,038.000
1,536,587
7 30-Year bonds (peseta bonds)
1,167,103
t Mortgage bonds
7,544,240
2,147,500
Income bonds
666,393
Total
£12,072,562 £7.532.647
At Dec. 311923, £4.115,000 bonds were outstanding as collateral, whereas these have now been reduced to £2,640.000 of 1st Mtge. bonds, which
are held as the collateral for the 7% 30-Year bonds.
Share Capital in Hands of PublicDec. 31 '23. Dec. 31 '24.
Ordinary shares
$27.450.000 $13.725,000
Preference shares
8.483,500 23,248,900
Total
Power sold
238.386.235 279,127,661 285,045.987
177,452.923 219.084,146 217,117,982
COMBINED RESULTS OF EBRO IRRIGATION & POWER
AND FERROCARRILES DE CATALINA, S.
A.
(In Pesetas)1924.
1923.
1922.
Gross receipts
56,621,636 51.080.839 46,728,300
Operating expenses
22,088,704 21,073.823 18,694,073
304,005,133
241,073,920
CO., LTD.4
1921.
37,700,431
13,675.094
Net receipts from oper 34,532.932 30.007,016
28,034,226 24,025.337
COMPANY'S INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1921.
1922.
Divs., Int., &c., received
$2,063,794
Reserved for int. charged
11[Total
to-controlled cos
$35,933,500 $36,973,900
Not
Not
37,626
Not
stated,
stated.
stated.
Net income
Comparative Statement Showing Amount Required to Meet Annual Service of
$2,026,168
Miscellaneous receipts.
-• 39,370
the Bonds Outstanding.
After the
Without a
Total receipts
12,999.287 $2.726,973 12.575,466 $2,065,538
Reorganiz'n.
(a) Sterling ChargesReorganiz'n.
Admin.& gen. exp., incl.
Interest & sinking fund of7% Prior Lien "A"bonds £127,841
E79,590
French taxes
163.353
160.936
154,476
142,265
do
198,531 Reorg. & issue
Cons, 6%% Prior Lien bonds
menses
342,174
197,976
do
8% Secured debentures
133.963
Int.on 77 Pr. Lien "A"s
483,269
615.266
556,294
Interest on 6% First Mortgage bonds
554,457
*460,650
do 6%% Prior L. bds.
387.949
do 65' Prior L."B"s_
462,333
10,280
Total sterling charges
£278,121
£722,454
do 65 6-Year bonds..
230.247
348,676
(b) Peseta Charges-do 1st Mtge. bonds
603,321
753.627
715,273
917,950
Interest and sinking fund of 7% 30-Year bonds_Pts.2,426,407Pt83,234,990 Sem of8 Secur. debs_
513.890
583,453
.584,000
Interest on 1st Mtge. bonds at 54%
2,952,812 Serv. of7% 30-Yr. bonds
430.653
308.691
Depreciation reserve
Total peseta charges
Pts2,426,407Pt86.187.802 Reserve in respect of int.
Converted into sterling at 33.50
£184,710
on 1st Mtge. bonds..._
£72,430
183,576
Ig/
Total sterling and peseta charges
£462,831
£794,884
Balance, surplus
374.672
$21.985311131.323,086 def$156,872
THE CHRONICLE
MAY 231925.]
2681
SHEET DEC. 31.
said bond to be delivered to the Atchison, Topeka it Santa Fe Hallway Co.
in satisfaction of a like amount of indebtedness for advances for capita/
1924.
1923.
purposes.-V. 112, p. 1816.
Liabilities
$
AssetsCapital acct....140,050,294 102,642,005 Ordinary shares. 13,725,000 27,450,000
Central RR. Co. of N. J.-1924 Annual Report.8.483,500
pf.
non-cum.
23,248,900
7%
on
exp.
Constr.
The pamphlet report for 1924 just issued shows a surplus after charges of'
802,404 Shs.of controlled
Lt., P.& Ry- 2,314,012
This compares with a surplus of $625.412 in 1923. Dividends
$6187,840.
cos. In hands
Exp. of issue of
25,234 paid during the year amounted to $3.292,416. Profit and loss surplus
24,114
of public
123,255
304,546
debentures _ __
to 142,030,603.-V. 120. p. 2546.
Dec.
amounted
1924
31
7% 30-Yr. bonds 7,478,058 5,679,902
Sale of Tramways
7% prior lien
de BarcelOne
Ry.-Declares Usual Dividends.Ohio
&
Chesapeake
8,063,217
"A"
5,102,993
bonds_-_
shares_ _deb.x2,920,000
The company has declared the regular semi-annual dividend of 2% on the
6% "B"bonds_j
5,051,600
Prof. arising from
common stock and the regular semi-annual dividend of $3 25 on the pre8% secur. deb_ J
rearrangem't of
36,715.301 ferred, both payable July 1 to stock of record June 2.
6% 1st M.bonds
capital __deb.y18,326,165
George Cole Scott. Chairman of the Minority Stockholders Committee
2,728.784
534% Inc. bonds
Capital res've &
516,330 which is fighting the merger plans of the Nickel Plate, on May 18 sent a
b
Interest_
sink.fund
deb.
in behalf of the committee to Pres. W.J. Harahan requesting the
memorial
bds
pr.lien
13,626,667
634%
reserve-- _deb.z4,492,730
directors to consider the advisability of increasing the dividend at the
534% 1st M.bds. 10,451,167
Deposit & amorMay 19. This the directors refused to do.
held
meeting
but
drawn
Bonds
tization approCommenting on the directors decision to maintain the present common
489,687
not yet redle_
priation_ __ _deb.3,208,047deb1,242,296
dividend rate in the face of requests of the minority stockholders for an
Bond issues of
Investment in
controlled cos. 42,292,530 14,999,845 increase, Pres. W. T. Harahan said that as the minority Nickel Plate unifiassociated un828,904 cation plan had been agreed upon an increase in the dividend might be con9,153,881 Bond int. accr'd 1,120,517
dertakings _
5,098,312 strued by other roads in the merger as a breach of its conditions. This
922,537 c Capital res've _
1,686,416
Materials
might leave the way open for withdrawal from the plan or change in dividend
cred.
&
Creditors
Debt. & debit
2,366.958 rates by the other roads.
balance
4,755,681
2,285,830
1,992,471
balance
"The unification plan implies," Mr. Harahan continued, "that the prop568,271
res've
fund
331,922
Sink,
847,621
1,898,966
Cash
183.576 erties shall come together on the basis of their respective values as of the time
Bond int. res've.
Temp.Inventory
when an agreement was had as to the terms of the unification, subject only
74,672
3,422,145 2,275,612 Revenue acc't__
(cost)
to changes in the ordinary course of business. In the opinion of directors
946,885
Revenue acc't.
this involves, on the part of all the roads involved, that dividends be not
Total
122,721,909 118,757,736 increased.
122,721,909 118,757.736
Total
"It does not appear to the directors necessary to make any explanation as
a After deducting $12,069,333 par value of shares of Union Electrica de to some of the reasons for the handsome earnings Chesapeake & Ohio has
Cataluna, S. A., and Energia Electrica de Cataluna, S. A.
made
during the past 12 months. If all things considered, the C. & 0.
b Interest and 5% 10-Year notes, in discharge of which there is an could now afford to increase the common dividend, the money retained
obligation to issue 54% Income bonds.
through failure to increase such dividend remains in the treasury subject to
of
Lien
bonds
Prior
"B"
6%
(1)
value
nominal
between:
c Difference in
dividend declaration. As declaration of dividends is a matter in the disBarcelona Trac., Lt. & Pow. Co., Ltd., acquired, and 8% Secured deben- cretion of directors, we trust all stoakholders will feel that such discretion will
tures issued in connection therewith, $4,212,100. (2)6% 1st Mtge. bonds be exercised in a manner which will evidence not only the rights of stock-Year
of Barcelona Trac., Light & Power Co., Ltd.. acquired, and 7% 30
holders but the company's obligations under agreements formally approved
bonds issued therefor. $886.212.
by the directors and stockholders."-V. 120, p. 2546.
x Amount credited to capital account.
Chicago Milwaukee & St. Paul Ry.-Investigation of
y Capital profit arising from rearrangement of capital of company, under
the 1924 reorganization scheme.
Company by I.-S. C. Commission.-The I.- S C.Commission
z Capital reserves and 8% Secured Debenture S. F. reserve of company,
on May 16 ordered an investigation into the history, managenow applied in reduction of capital account.
Note.-There are contingent liabilities in respect of guarantees, and also ment, financial and other operations, accounts and practices
liabilities for future annual payments under agreements in connection with
controlled and associated companies. The liabilities, as shown above, are of the company. The order of the Commission reads:
subject to any adjustment which might be found to be necessary in respect
It is ordered, That a proceeding of inquiry and investigation upon the
of the provision for taxes.-V. 10. p. 2547. 1585.
Commission's own motion, be. and it is hereby, instituted into and concerning the history, management, financial and other operations, accounts
and practices of the Chicago Milwaukee & St. Paul Ry. Co. in order to
determine the manner and method in which the business of said company
has been conducted with a view to the making of a report, and such order
or orders as may be appropriate upon the record.
It is further ordered. That the Chicago Milwaukee & St. Paul Ry. Co..
STEAM RAILROADS.
and H. E. Byram, Mark W. Potter and Edward J. Brundage, receivers
Long Island RR. Opens Newly Electrified Double Track Line from Jamaica thereof, be, and they are hereby, made respondents to this proceeding: that
May
York
17.
p.
-New
"Times"
18,
to Babylon, L. I. May 21.
this order be served on said respondents: and that notice to the public be
American Ry. Association Places Approximate Expenditures for 1925 on given by posting a copy of this order in the office of the Secretary of the
Class I Carriers for Road Improvement and New Equipment at $750,000,900. Commission.
including $410,000,000 Authorized but not Expen6d Last Year.-New York
And it is further ordered. That this proceeding be assigned for hearing at
"Times" May 20, v.36.
such times and places as the Commission may hereafter direct.-V. 120. p.
Car Surplus.-Class I railroads on May 8 had 329.844 surplus freight 2397.
cars in good repair and immediately available for service, according to
Concho, San Saba & Llano Valley RR.-Bonds.reports filed by the carriers with the Car Service Division of the American
The I.-S. C. Commission on May 9 authorized the company to issue one
Ry. Association. This was a decrease of 7,337 under the number reported
registered 1st mtge. 6% gold bond, series A, in the denom. of $615,000:
on April 30. Surplus coal cars in good repair on May 8 totaled 149.992,
cars in said bond to be delivered to the Atchison, Topeka & Santa Fe Railway
a decrease of 10.921 within approximately a week, while surplus box period.
in satisfaction of a like amount of indebtedness for advances for capital
good repair totaled 132,207, an increase of 995 during the same
Reports also showed 22,239 surplus stock cars, an increase of 1,203 over purposes.
the number reported on April 30, while there was an increase of 889 during
Cuba Railroad.-Common Dividend of $1 30.the same period in the number of surplus refrigerator cars, which brought
The directors have declared a dividend of $1.30 per share on the Common
the total for that class of equipment to 16,675.
Car Shortage.-No car shortage is being reported.
stock, payable June 30 to holders of record June 25. On March 31 last,
Repair of Freight Cars.-Freight cars in need of repair on May 1 totaled the company paid a dividend of $1.20 per share on this issue.-V. 120, v.
189.514. or 8.2% of the number online, according to reports filed by the 1199.
carriers with the Car Service Division of the American Ry. Association.
This was a decrease of 651 under the number reported on April 15 at which
Delray Terminal RR.-Final Valuation.-time there were 190,165, or 8.2%. Freight cars in need of heavy repair
The I.-S. C. Commission has placed a final valuation of $157,264 on the
on May 1 totaled 144,047, or 6.2%, a decrease of 827 compared with total owned and used properties of the company, as of June 30 1918.
April 15. Freight cars in need of light repair totaled 45.467, or 2%
Detroit & Toledo Shore Line RR.-Tentative Valuation.
an increase of 176 compared with April 15.
Repair of Locomotives.-Class I railroads on May 1 had 11.101 locomotives
The I.-S. C. Commission has placed a tentative valuation of 82,6.50,100
in need of repair, 17.3% of the number on line, according to reports filed on the owned and used properties of the company, as of June 30 19l'.
by the carriers with the Car Service Division of the American Ry. Associa- V.118. p.793.
tion. This was a decrease of 965 under the number in need of repair on
the
Of
there
number.
time
total
18.8%.
were
which
or
at
12,066.
April 15.
Dodge City & Cimarron Valley Ry.-Bonds.-6,082 or 9.5% were in need of classified repairs, a decrease compared
The I.-S. C. Commission on April 30 authorized the company to issue one
with April 15 of 446. while 5,019. or 7.8%. were in need of running repairs, registered 1st mtge. 6% gold bond, series A, in the denom. of $3,100,000:
Serviceable
in
the
period.
within
same
locomotives
a decrease of 519
said bond to be delivered to the Atchison, Topeka & Santa Fe Railway
storage on May 1 totaled 6,697, an increase of 106 compared with the in satisfaction of a like amount of indebtedness for advances for capital
number of such locomotives on April 15. Class I railroads during the last purposes.-V. 116, p. 2388.
half of April repaired and turned out of their shops 34,459 locomotives,
Florida East Coast Ry.-Bonds Authorized.an increase of 1,640 Over the number repaired during the first half of the
month.
The I.-S. C. Commission on May 8 authorized the company to issue not
Matters Covered in "Chronicle" May 16: (a) Railroad gross and net exceeding $15,000,000 1st & Ref. mtge. 5% bonds, series A, said bonds to
earnings for March, p. 2480. (b) Car loadings week of May 2 exceed any be sold to J. P. Morgan & Co. at not less than 9134 and int.-See offering
preceding week this year and all corresponding weeks of previous years, In V. 120. p. 2546, 2538.
p. 2486. (e) Freight rate increase sought by Western roads-position
Fort Worth & Denver City Ry.-Chicago Rock Island ct:
of Eastern roads-Inquiry of Inter-State Commerce Commission, p.2500.
BALANCE
1923.
1924.
GENERAL INVESTMENT NEWS..
Ann Arbor RR.-Wabash Buys into Road.-
Gulf Ry. Trackage Rights.-
The I.-S. C. Commission on May 4 issued a certificate authorizing the
Fort Worth & Denver City Ry. (1) to operate under trackage rights over
the Chicago,Rock Island & Gulf Ry. between Fort Worth and Dallas, Tex.,
a distance of 35 miles: (2) the acquisition of the joint use of a union station
and certain terminal facilities at Dallas owned by the Union Terminal Co.'
and (3) the acquisition of the joint use of certain freisht facilities at Dallas;
owned by the Dallas Terminal Railway & Union Depot Co.and the St. Louis
Southwestern Ry. Co. of Texas.
Asherton & Gulf Ry.-Tentative Valuation.
The company is controlled by the Colorado & Southern Railway through
has
tentative
valuation
placed
of
a
Commission
on
$278.225
C.
-S.
The F.
stock
ownership. Its railroad extends from a connection with the Colorado
of
as
company
June 30. 1917.-V.
property of the
the total owned and used
& Southern Ry. at Texiine, a point on the State line between New Mexico
454.
p.
and Texas, in a general southeasterly direction to Fort Worth, about 454
119.
The Wabash Ry. has acquired 13,000 of the 72.500 shares of Ann Arbor
RR. The stock acquired by the Wabash consists of both preferred and common. There are outstanding 40,000 shares of Ann Arbor preferred stock
stock. It is understood the stock was turned
and 32,500 shares of common
over to Kuhn, Loeb & Co., Wabash bankers, at $62 50 for the preferred and
Street Journal).-V. 120. p. 2546.
$35 for the common (Wall
Atlantic Coast Line RR.-Extra Dividend of 1%.-The
The applicant proposes to enter into a contract with the Gulf for the use
the latter company's tracks between Fort Worth and Dallas for 25 years,
directors have declared an extra dividend of 1% on the Com- of
with
option to the company to cancel the contract at the end of 5 years,
semi-annual dividend uponan
90 days' written notice, provided it finds that its business into Dallas
mon stock in addition to the regular
of 332%, both payable July 10 to holders of record June 15. is unprofitable. If the company elects to exercise the option to cancel, it
agrees that it will not thereafter, during said period of 25 years, operate
also made on the Common into
Dallas over any other line. The company is to pay for such use that
An extra distribution of 1% wastotal
dividends
on
the
Com1924,
making
10
proportion of 6% on a valuation of about $2,335.000 which one bears to
July
on
shares
the total number of companies using the joint line, and a like proportion of
1925,
each.
and
8%
1924
years
the
for
stock
mon
at the same rate upon the cost of future additions and betterments,
at the rate of 7% per annum interest
plus a proportion of the expense of maintenance and operation upon a
The company paid dividendsCommon
wheelage basis. It is represented that, under the proposed contract, the
stock
from
1917
the
to
on
semi-annually)
(33'%
company will be able to secure the use of the Gulf's tracks at a cost much
less than that necessary to construct a line of its own into Dallas.-V.118.
Jan. 1924, inclusive.
ended
31
Dec.
year
p. 2703.
1924
be
will
the
for
report
annual
The
a preceding page and
Guayaquil! & Quito RR. (Ecuador).-Government of
found under "Financial Reports" on
a subsequent page.
Ecuador to Control Only Railroad There.under "Reports and Documents" on
The terms of a contract by which the government of Ecuador buys control
V. 119, p. 83.
of the Guayaquil & Quito RR.,the only railroad there, were learned May 18
Ry.-Valuation.-_ _ Dr. Guerrero Martinez, the acting President of Ecuador, has agreed to purBeaumont, Sour Lake & Western
Commission has placed a tentative valuation of $2,202A74 chase 57,069 shares of preferred and common stock of the company, which,
The I.-S. a
and used property ofthe company,as ofJune 30 low.- added to the 49% of stock the Government now holds, will be sufficient to
on the wholly owned
establish control.
•91. p.58
The price of the 57,069 shares was $600,000. The Government has de-'
RR.-Bonds.
posited $100,000 of this amount with the Glyn Mills Currie Co. at Quito, to
Buffalo Northwestern
authorized the company to issue one be forfeited to the railroad company if the balance of $500.000 is not do
1
May
on
Commission
The I.-S. C.
gold bond. series A,in the denom. of $1.200,000; posited in a New York bank when the transfer of stock takes place. Similar
registered geo.-mtge. 6%
2682
THE CHRONICLE
We have never hertofore attempted directly or indirectly to force comterms apply to the railroad company if it fails to fulfill its part of the contract.
petitive bidding in the case of equipment trust obligations, but have been
In case of a controversy the matter will be submitted to arbitration.
Interest on the bonds of this railroad was guaranteed by the Republic of content with fixing a minimum price for the issue which seemed to be
Ecuador when English banks agreed to finance the proposition for American reasonable. In the case now before us, however, we have an excellent
promoters in 1898. The road never has been operated at a profit, however. opportunity for somewhat different procedure. The applicant is a carrier
Since the war it has reported heavy deficits. The local officers of the road of strong financial standing and there is nothing unusual about the equipare Archer Harman, n.es.•, T. H. Powers Farr, V.-P. and A. C. Watson, ment trust certificates which it proposes to become sponsor for. The issue,
which is of moderate size, plainly offers a splendid field for competitive bidSec. & Treas. General office. 40 Rector St.-V. 120. p.699.
ding. Moreover, the minimum price which the applicant proposes, and
Keokuk & Des Moines Ry.-Payment on Bonds.which it is unwilling to modify voluntarily, is out of line with prevailing
E. J. Kelly, Special Master, gives notice to all holders of Keokuk & Des market prices, a fact which is recognized in the majority report under which
Moines Ry.5% First Mtge. bonds. due Oct. 1 1923, that the bonds may be the minimum price is fixed at a little higher level. The circumstances fully
presented on June 1 1925 at the office of Bankers Trust Co. at Des Moines, justify us, I believe, in presenting these alternatives to the applicant:
Iowa, for payment of the following amounts, to the extent that the same (1) Sale through J.P.Morgan & Co.at a minimum price closely approximatremains unpaid, and upon endorsement of such payments upon said bonds: ing the market level; or (2) if applicant is unwilling to adopt such an alterna(1) Amount realized from proceeds of sale of property secured by First tive, sale to the highest qualified bidder after competitive bids have been
Mortgage of Keokuk & Des Moines Ry. Co., at the rate of $464 for each publicly advertised for and received. I should be in favor of requiring competitive bidding without any other alternative,except that I doubt our power
$1,000 principal amount of bonds.
(2) Amount payable pursuant to order of the Court, dated Nov. 24 1924, to do this. We have power to fix a reasonable minimum price and, if our
from cash in the hands of the receivers at the rate of $145 for each $1,000 conclusion as to such price is questioned, I believe that we also have power
to require the matter to be determined by the practical test of competitive
principal amount of bonds.
(3) Amount payable pursuant to order of the Court dated April 3 1925, bidding.
There have been other cases, no doubt, in which a different carrier and a
being final distributive share of the balance of cash in the hands of the receivers at the rate of $32 59 for each $1,000 principal amount of bonds, different fiscal agent were involved and where such alternatives might well
making a total payment at the rate of $641 59 for each $1,000 principal have been presented, and my selection of this particular case is not intended
as discrimination against either this applicant or its fiscal agent. The situaamount of said bonds.-V. 120. p. 326.
tion is one where a start in another direction ought to be made in the public
Longview, Portland & Northern Ry.-Notes.interest, and the circumstances of this case offer an unusually good opporThe I.-S. C. Commission on May 7 authorized the company to issue tunity for such a start.-V.120. p. 2266, 827.
$66,666 of promissory notes in connection with the procurement of 50
Norfolk Southern RR.-New Directors.logging cars. The company represents that its logging car equipment is
Marsden J. Perry and Marsden J. Perry, Jr., of Providence, R. I.. and
inadequate to provide for its traffic requirements, and it has therefore
arranged te enter into a conditional sale contract with the Pacific Car & John T. Terry, of New York, have resigned from the board. M. S. HawFoundry Co. for the acquisition of 50 logging cars at an aggregate cost of kins. of Norfolk, and Herbert L. Williams, of Lynchburg. Va.. were elect$88,886. Of this amount $22.220 is to be paid in cash on or before April 2, ed members of the directorate.-V.120, p. 2393.
1925, and the balance in 6 equal semi-annual installments of $11,111.-V.
Orange & Northwestern RR.-Tentative Valuation.120, p. 84•
The I.-S. C. Commission has placed a tentative valuation of $842,706 on
Ashland & Southern RR.-Abandonment.the total owned and $886,150 on the total used property of the company,as
Lorain,
1.-S.. C. Commission on May 4 issued a certificate authorizing the of June 30 1919.-V. 91, 13. 1096.
The
Company to abandon, as to interstate and foreign commerce, its line of
Pittsburgh, Chartiers & Youghiogheny Ry.- Value.
railroad extending from Lorain, Lorain County,in a westerly and southerly
direction to Ashland, Ashland County, thence in a southerly and easterly
The I.-S. C.
has placed a tentative valuation of$1,976,543 on
direction to Gustaloga, Wayne County, a total distance of approximately the total ownedCommission
and $1,950,350 on the total used property of the company,
66.5 miles, all in the State of Ohio.
as of June 301916,-V. 112,p. 1742.
The company is a corporation of the State of Ohio formed on May 13
Salina & Santa Fe Rv.-Bonds.1913. by a consolidation of the Lorain, Ashland & Southern RR. and the
Ashland & Western By. The line proposed to be abandoned was opened
The I.-S. C. Commission on May 6 authorized the company to issue one
for operation from Custaloga to Jeromeville in 1895: from Jeromeville to registered 1st mtge. 6% gold bond, series A, in the denom. of $579.000;
Ashland in 1899: and from Ashland Junction to Lorain in 1914. On or said bond to be delivered to the Atchison, Topeka & Santa Fe Railway
about June 11916. the Pennsylvania Co. became the owner of the applicant's in satisfaction of a like amount of indebtedness for advances for capital
capital stock and bonds. Shortly thereafter that company sold one-half purposes.-V. 118, p. 3079.
of the aforesaid stock and bonds to the Erie RR. Notwithstanding the
San Benito & Rio Grande Valley Ry.-Valuation.--_ _
joint control exercised by these companies, the company operates its own
line and maintains its own corporate organization. Its officers and directors,
The 1-0.0. Commission has placed a tentative valuation of $680,399 OD
however, are also identified with the management of the Erie or of the the total owned. and 169.5.299 on the total used property of the company,
Pennsylvania Rallroads.-V. 120. p. 2008.
as of June 30 1919.-V. 119. p.2065.
New York Central Lines.-Equip. Trusts Sold.-J. P
Morgan & Co., First National Bank, National City Co.,
Guaranty Co. of New York and Harris, Forbes & Co. have
sold at prices to yield 4.70% for all maturities $10,530,000
.432% Equip. Trust Gold certificates. Issued under the
Phila. plan.
Dated May 15 1925. Serial maturities of $702,000 per annum. May 15
1926 to May 15 1940. both incl. Warrants for the semi-annual div. at the
rate of 4%% per annum are to mature May 15 and Nov. 15. Certificates
and dividend warrants are to be payable at office of Guaranty Trust Co.,
New York, trustee. Denom. $1.000. c*.
Authorized 822,500,000 of which the $10.530,000 presently to be issued
are a part, are issuable to provide for not exceeding 75% of the cost ofstandard railway equipment. The title to the equipment is to be vested in the
trustee, which is to lease the equipment to the following Railroad Co
,which are jointly and severally to covenant to pay rentals sufficient to discharge the certificates and dividend warrants and other charges as they
mature.: New York Central RR., Michigan Central RR., Cleveland, Cincinnati, Chicago & St. Louis By.
The $10,530,000 of certificates presently to be issued will provide for a
part (not exceeding 75%) of the cost of the following new equipment, included or to be included in the equipment trust, estimated to cost approximately $14.179,000. namely: 3.000 55-ton steel boxcars. 1.500 55-ton
high side gondola cars, 500 35-ton refrigerator cars, 29 steel motor passenger
cars, 22 steel dining cars, 10 steel passenger coaches and 45 steel baggage
Toledo, Peoria & Western Ry.-Tentative Valuation.The I.-S. C. Commission has placed a tentative valuation of 17.118.684
on the total owned and $6,967,921 on the total used property of the company,as of June 301917.-V. 118. p. 1269.
Wabash Ry.-Buys Into Ann Arbor.-
See Ann Arbor RR. above.-V.120. p. 2547.
Western Pacific RR. Corp.-Cash and Stock Divs.-
The directors have declared a cash dividend of $5 per share on the Common stock, a cash dividend of $1.558 on the Preferred stock and a steak
dividend of one share of Common and one share of Preferred stock on each
six shares of either Common or Preferred stock outstanding.
The cash dividends are payable July 25 to holders of record June 30.
Stock dividends are payable on or after July 15 to holders of record June 39.
(See also V. 120. p. 1583.)-V. 120. p. 2547.
PUBLIC UTILITIES.
American Gas Co. of Pa.-Listing.
The Philadelphia Stock Exchange has authorized the listing of $868,000
(17,360 shares) additional voting trust certificates, issued against the
deposit of a like amount of capital stock deposited under voting trust
agreement, dated April 22 1924. in connection with the acquisition of the
Common stock of the American Gas Co.(N.J.), by the United Gas Improvement Co., making the total amount of voting trust certificates listed
The remainder of the authorized amount of the certificates is issuable to 13.577,000,representing 71,540 shares American Gas Co., (Pa.). deposited.
pay not exceeding 75% of the cost of additional equipment if included in this -V. 120. p. 2547, 2544.
equipment trust.
American Telephone & Telegraph Co.-Bonds.
At least 25% of the cost of all equipment included in the trust is to be paid
Definitive 35-Year Sinking Fund 5% Gold Debentures, due Jan. 1 1960,
by the railroad companies in cash at the time of acquisition. Cash equal to will
be ready for delivery on and after May 25 1925, at the Central Union
the face amount of the present issue of the certificates is to be deposited with Trust
Co., in exchange for the temporary debentures. (For offering, see
or to the credit of the trustee, to be applied to the payment of not exceeding
75% of the cost of the above described parcels of equipment, title to which V. 120, p. 207.)-V. 120, p. 2547, 2009.
trustee.
the
vested
in
shalt haste been
American Water Works & Electric Co., Inc.-Output.Equipment Trusts Approved by the Commission-Minority
The kilowatt hour output of the company for April 1925 was 103,067,218
k.w.h.
comparing with 98,527,182 k.w.h. in 1924, an increase of 4,540,036
Dissents.k.w.h.
The I.-S. C.Commission on May 16 approved the issuance of $10.530,000
For
the
4 months ended Apr. 30 1925 output totaled 431,394,799 k.w.h.
by
the
Guaranty
Trust
Co.,
dated
May
issued
of equip.-trust certificates
against 418,902.648 k.w.h. over the corresponding period in 1924, a gain of
15 1925: the certificates to be sold at not less than 96.89 and diva, in connec- 12,492.151
k.w.h.-V. 120, p. 2144, 1873.
certain
equipment.
procurement
of
the
tion with
The report of the commission says in part:
The New York Central RR., the Michigan Central RR.. and the Cleveland. Cincinnati, Chicago & St. Louis Ry. have jointly applied for authority
under section 20a of the interstate commerce act to assume obligation and
liability in respect of $10,530,000 of New York Central Lines equipment
trust of 1925 .4 % equipment-trust gold certificates, by entering into an
equipment-trust agreement under which the certificates will be issued and
into a lease, or leases, of certain equipment to be purchased.
1925 and will ProThe equipment-trust agreement will be dated May 15
certificates, of which
vide for the issue of not exceeding $22,500,000 of trust
810,530.000 is now proposed to be issued and, when executed by the trustee,
will evidence shares in the equipment trust.
The applicants represent that no arrangements have been made as to the
sale of the proposed certificates, but it is expected to sell the certificates at
an average price of not less than 96.43% of par and accrued dividends. On
that basis the annual cost to the applicants will be approximately 5.077%.
We will authorize their sale at an average price of not less than 96.89% of
par and accrued dividends, on which basis the average annual cost to the
applicants will be approximately 5%.
Commissioner Eastman in a dissenting opinion says:
Augusta-Aiken Ry. & Elec. Corp.-Annual Report.-
Calendar Years1924.
1921.
1923.
1922.
Gross earns. (all sources) 81,217,429 $1,227,625 $1,114,333 $1,108,890
Oper. exp., incl. taxes__
724,997
731,655
678,524
770.355
Net earns, from oper_
Int. on Ga.-Caro. Power
Co. 1st Mtge. 59, &c_
Int. on Augusta By. &
Elec. Co. let 5s
Int. on Aug.-Aiken By.&
Elec. Corp. S. F. 5s_ _
Int. on 5% gold notes....
Other interest
Amort.of debt db.& exp
$492,432
$495,969
$435,808
$338,532
$168,850
$168,850
$168,850
$168,850
39,587
40,746
41,717
42,758
144,550
40,316
x144,550
36,138
x144,550
30,115
2,478
1.860
x144,550
21,683
6,667
1.860
4,009
1,860
Balance, surplus
$46,239 def$47,836
3103,826
9
5.119
5
x Although charged against income, these amounts were not actually
paid out, the interest on these bonds for the years 1920 to 1922, inclusive,
having been funded into the 5-Year 5% Gold Notes, and the 2-Year 5%
Gold Notes.-V. 119, p. 322.
An unhealthy situation exists with respect to the marketing of railroad
Boston Elevated Ry.-Earnings for 1st Quarter.securities. In the case of the more important railroads this business is very
largely monopolized by J. P. Morgan & Co. and Kuhn, Loeb & Co. of New
[As Reported to the Massachusetts Department of Public Utilities.]
York City. For example, the applicant in this proceeding, the New York
3
Mos. End. Mar. 311924.
Morgan
J.
P.
1925.
Central, markets all of its issues as a matter of course through
$8,940,753 $8,966,325
& Co. On the other hand, the Penn. markets all of its issues as a matter Operating revenues
Operating
6,414,532
expenses
situation
5,957,050
this
for
reason
Nor
does
the
of course through Kuhn,Loeb & Co.
lie in the fact that these are the only banking concerns able to handle the
Net revenue from operations
$2,983,703 $2,551,793
business. On the contrary, there are now several banking houses that are
$2,582.612 82,153,364
well equipped to handle issues of railroad securities, or at least issues of Net after taxes
. 34,184
25,616
ordinary size, and which as a matter of fact do market similar issues of the Non-operating income
securities of industrial corporations.
Gross income
$2,608,228 82,187.548
'Where is much to be said in favor of the plan under which a railroad com1,966,764
2,008,440
pany uses as its fiscal agent a single banng house and does not resort, in Deductions
marketing its securities, to any form of competitive bidding. In my
Net income8220,794
$599,788
opinion, however, these arguments have much less weight, if they have
weight at all, in the case of securities,like equipment trust obligations, which -V.120, p. 1449, 1201.
are practicallystandardized and as to which the credit of the particular
-Improvements.
Brooklyn-Manhattan Transit Corp.
carrier is of lesser importance. So far as at least such securities are conIt was announced on May 19 that the corporation will spend nearly
cerned, I am convinced that resort to competitive bidding is entirely pracsome
of
its
lines
ticable and would tend to bring about healthier financial conditions much $2,000,000 this year to improve, repair and reconstruct
as the result of action by its directors. Of this sum,approximately $1,000.less open to legitimate attack.
MAY 23 1925.]
2683
THE CHRONICLE
000 will be spent on reconstruction of surface line tracks and in repaving
in conjunction with work by the city, mcstly in Brooklyn.
This year's program, it was said, involves the reconstruction of approximately 20 miles of surface tracks, or nearly 10% of the company's total
mileage in paved streets. The expenditure compares with $540.000 spent
on approximately 12 miles of track in 1924 and $320,000 spent on 7 miles
in 1923.-V. 120, p. 1088.
of new common stock to extent of 10% of their holdings allowing subscription to additional new conunon at $30 pershare providing approximately
23,000,000 additional funds for the purchase ofstock or subsidiary companies
and other corporate purposes.
Commonwealth preferred stock is quoted around $84 a share and the
present common around 2165, which is equivalent to about $40 for the new
conamon.-V. 120, P. 2548.
Buffalo, Niagara & Eastern Power Corp.-Terms of
Exchange.-
Continental Gas & Electric Corp.-Consol. Earnings.
-
12 Mos. End. Mar. 311925.
*1924.
Gross earnings
$21,697.120 221.223,686
In our May 16 issue p. 2547 in the summary of the Buffalo, Niagara & Operating expense, maintenance and taxes
11.934.631 12,058.230
is
an
error
in
features
in
merger
there
the
exchange
Eastern Power Corp.
Int. & div. chgs. of subs. co. & other prior deduc_ - 3,781,404
3.519.381
connection with the terms of the Niagara Falls Power Co. The exchange Interest on 1st lien 5s and refundings 65
.556
480.863
terms are as follows: For each share of common stock of the Niagara Interest on Collateral Trust 7% bonds
357,966
357,966
Falls Power Co.. the stockholders will be offered one share of preferred and Interest on Secured 6;4% bonds. 1964
760.500
760.500
one share of common of the Buffalo, Niagara & Eastern Power Corp. Dividend on Prior Preference 7% stock
819.917
819,917
In our summary we state that the Niagara Falls Power Co.. stockholders Dividend on Partic. Preferred 6-8% stock
200,400
200,400
would receive 1.25 of the new common and preferred stock of the Buffalo.
Niagara and Eastern Power Corp.
Balance available for deprec.& Common divs_ _ _ $3,320,746 $2,926,429
The basis of exchange of Buffalo, Niagara & Eastern Power Corp. for
* For comparison.
Coin,stocks of the Buffalo General Electric Co.. Niagara, Lockport & Ont.
1925.
Outstanding Capitalization, Mar. 311924.
Power Co., Niagara Falls Power Co. and Tonawanda Power Co. is as First Lien 5% bonds, 1912-27
24,021,800 $4,110,000
follows:
5.461,200
Refunding Mtg.6% bonds, 1922-47
5,461,200
Preferred Shares-Buffalo, Niagara & Eastern Power Corp.
5,113.800
Collateral Trust 79 bonds, 1924-54
5,700,000
11,700,000
Secured 634% bonds, 1924-64
Dividend
11,713,100 7,036,800
Basis of
Shares
Requirements Prior Preference 7% stock
2,505.000
Participating PM.6-8% stock
Shares of Stock
Exchange Preferred
1,921,500
6.40%
163,924 shs. 107,798 abs.
735,000 B. G. E. Co.
1 1-10
808.500
1,293,600 Common stock-no par
300.000 N. L. & 0. Pr. Co
1 1-4
375.000
600,000 -V.120, p. 2011, 1202.
740,801 N. F. Pr. Co.
1
1,185,282
740,801
Eastern Massachusetts Street Ry.-Earnings.38,200 Tona. Power Co
1 1-4
47.750
76,400
1925.
1924.
1923.
3 Mos. End. Mar. 3122,488,281 $2,612,531 $2,874,681
3,155,282 Revenue and income
1,972,051
1,920,857
2,041,350 2,226.988
Expenses and taxes
Common Shares-Buffalo, Niagara & Eastern Power Corp.
337.856
320.923
Fixed charges
351.351
Basis
Shares
4.742
5.237
4,517
Other charges
of
Common
Exchange (No Par)
2241,262
$228,583
$291.825
Netincome
1 1-10
808,500
735,000 B. G. E. Co
-V. 120, p. 2400, 2011.
1 1-4
375,000
300.000 N. L. & 0. Pr. Co
1
740.801
740.801 N. F. Pr. Co
Electrical Securities Corp.-Annual Report.Pr.
Co
1
1-4
38,200 Tone..
47.750
1922.
1921.
1924.
1923,
Calendar Years$834,701 $748,973 2803.026 2762,701
Gross income
1,972,051
Net, after interest, taxes, &c_ -x3908,479 $280,151 2465.942 2479.951
The Preferred stock will be entitled to a dividend at the rate of 21 60 per Preferred dividends
58,333
50,000
50,000
50,000
share per annum, payable quarterly. It will be without voting rights and Common dividends
200,000
200,000 • 200,000
200,000.
subject to call at $26 25 per share. The Common stock will be entitled to
vote for each share.
Surplus
$658,479 $21,818 $215,942 2229,951
Consolidated Earnings of the Four Companies for Year 1924.
Includes 3511.468 profit from sale of securities.-V. 120, p. 2146.
BuffaloGen. El Co32,636,371' Interest, Approximately.. 2100,000
Grand Rapids, Cr. Haven & Musk. Ry.-Control.938.50F
Niag., L. & Ont.Pwr.Co
See United Light & Power Co. below.-V. 115. p. 543.
Niagara Falls Power Co_ 1,714.048 kpplicable to Preferred_ 5,368.827
Tonawanda Power Co__
179,8956.40% on Preferred Stock 3,155,282
Great South Bay Water Co.-Merger.
See South Bay Consolidated Water Co., Inc.. below.-V.116. p. 2911.
35.468.827 Applicable on Corn. stk_ - 22,213,546
Total earnings
The consolidated earnings of the four companies included in the merger
Great Western Power Co.-Bond Application.have been taken from the published reports of these companies. Naturally,
The company has applied to the California RR.Commission for authority
they do not reflect any operating economies which this merger will effect. to issue 38,570,000 Series "D" bonds, for redemption of Series "B" bonds.
-V. 120, p. 2547.
The company also proposes to offer 32.000,0007% Preferred stock.-V.120.
p. 1326.
Canadian Light & Power Co.-Capital Decreased.International Telephone & Telegraph Corp.-Officers.
The stockholders on May 18 reduced the authorized capital stock from
Orestes Ferrara and Carlos I. Parraga, both of Havana,have been elected
$7,000,000 to $6,000,000. This company is controlled by the United
119,
p.
583.
Ltd.
-V.
Vice-Presidents.-V. 120, p. 2146.
Securities,
Charlestown (Mass.) Gas & Electric Co.-Stock.The company has applied to the Massachusetts Department of Public
Utilities for authority to reduce the par value of its Capital stock from $50
to 225 a share.-V. 120, p. 209.
Chesapeake & Potomac Telephone Co.-Earnings.Quarter Ended March 31Gross earnings
Net, after expenses
-V. 120, p.85.
Keokuk Electric Co.-Notes Called.-
All of the outstanding 2;4-Year 6% Mtge. notes, due July 1 1925, have
been called for payment June 1 at par and int. at the First Trust & Sayings
Bank, Chicago, 111.-V. 116, p. 76.
Lake Shore ElectrieRy. Co.-Annual Report.-
Calendar Years1925.
32,619,553 $2,3
19
124
4,.
107 Passengers carried
$543,015
2336,935 Gross earnings
Oper. exp. & taxes
Interest paid
Cities Service Co.-Dividends, Etc.-
1923.
1922.
1924.
1921.
6,967,058 6,963,861
6,242,863
6.802.291
$2,211,518 22,235,663 $2,064,608 $2,080,980
1,779.879
1,709.890
1.548.530
1,682,184
338,700
340,999
327,943
333,397
292,939
$184,774
$188,134
$65,400
Surplus
Regular monthly dividends of 34 of 1% in Common stock and I4% in
cash have been declared on the Common stock, together with the usual -V.119, p. 3009.
monthly dividends of 4 of 1% on the Preferred and Preference stocks, all
Laurentian Hydro-Electric, Ltd.-New Control.
ay
:
ble July 1 to holders of record June 15. Like amounts are payable
The Quebec Southern Power Corp., which was incorporated recently.
Laurentian
Hydro-Electric,
Ltd.,
through
ownership
of
the
controls
now
There have been added to the Boston Stock Exchange list 4,000
stock. La Compagnie Electrique des Laurenadditional shares (par $100) Preference "B" Capital stock, and there have over 90% of the outstanding
operation
since
1912
and
which
in
has
been
paying
been
has
which
tides,
from
the
$10,
list 40.000 shares, par
been taken
Preference "B"Capital
8% dividends on its Common stock will be entirely merged in the new
stock.
deal makes available, therefore, to the Quebec Southern
Under its articles of incorporation the company has the authority to company. This
development of 76.000 h.p. The interests behind
exchange shares of one class for those of the other, and under date of Power Corp. a potential
are also practically identical with those controlling the
March 18 1925 the directors authorized the exchange of ten shares of the the new company
Preference "B," par 210, for one share of Preference "B," par 2100, to the Gatineau River Power Co.-("Financial Post" of Toronto).-V. 119.
extent of 40.000 shares of the former and 4,000 shares of the latter. The p. 204.
exchange does not alter the principal amount of Capital stock outstanding.
Lawrence (Mass.) Gas & Electric Co.-To Issue stock.The Natural Gas & Petroleum Corporation, oil producing subsidiary of
The stockholders on May 14 voted to increase its capital stock by 32,000
Cities Service Co. in Arkansas, has increased its production to about 30.000 shares (par $25) to be offered to the stockholders at $30 a share, as approved
barrels daily, principally in the new deep sand area, in which horizon they
the Massachusetts Department of Public Utilities. The stockholders of
have completed 9 wells. Ten additional wells are being drilled. It is also by
of May 14 will be entitled to subscribe for the new stock in the proporannounced that the total Cities Service Oil production in the United States record
of one new share for each 4shares held by them.-V.120,13. 1881, 1774.
tion
is in excess of 56,000 barrels daily average. This is the highest since Sept.
Metropolitan Edison Co.-Annual Report.1918.-V. 120, p. 2399.
1924.
1923.
1922.
Calendar Years. Com- Operating
Commonwealth Power Corp.-To Increase Pref.
revenues
37.947,275 37,740,535 36.279.136
5,063,059 5,251.041
4,171.179
mon Stock in Connection with Acquisition of Control of Ten- Oper. expenses and taxes
Cr.384,536 Cr.304,503 Cr.128,254
Other income
nessee Electric Co. Common Shares to split four for one- Interest
charges, &c
1,556.973
1.388,569
1,406.866
Exchange Offer.647,594
508,290
284,792
Preferred dividends
dividends
422,028
300,000
413,529
Common
of
the
plan
directors
have
approved
the
details
(announced
last
The
300,000
week by President Hardy) for the acquisition of The Tennessee Electric Addit. depreciation
414
6,640
16.182
Miscellaneous deductions
Power Co. through exchange of stocks.
In furtherance of the plan a stockholders meeting has been called for
$244.139
Surplus
3335.518
3467.427
June 23, to authorize (a) increase of shares of preferred stock (2100 par) Previous
1,788,883
1,142.583
surplus
2,348,828
from 300,000 shares to 500.000 shares: (b) increase of shares of common
stock (having no par value) from 300,000 shares to 2,000,000 shares: (c)
31.386.722
and
loss,
surplus
32.256,310
Profit
32,684,346
new
shares
of
common
stock
in
exchange
for
each
4
share
of
present
issue of
President E. L. West, in the annual report for 1924, says in part:
common stock: (d) the directors to prescribe the consideration for which
The total number of customers served by the company and its subsidiaries
common stock may be issued and disposed of: (e) the issue of preferred and
stock
for
the
acquirement
of
a
majority
of
stock
increased
from 64,940 to 75.031 during 1924, and electric sales amounted to
of
common
The Tennessee
375,982.144 k.w:hrs. for the year, or 19,301,001 k.w.-hrs. more than in
Electric Power Co.
The Exchange Offer, which was mailed yesterday to common and second 1923. Operating revenues for the year were $7,947,275. an increase of
preferred stockholders of Tennessee Electric Power Co.. provides for $206,740 over 1923.
The value of the property was increased by the expenditure of 36,090,610
deposit of stock with Bankers Trust Co. Depositary, 16 Wall St., New
for additions and extensions to the system. This included Improved
York, on or before June 15 on the following basis:
(1.) Each share Tennessee non-comuiative 2nd pref. is exchangeable for facilities for local service and increased operating facilities at many points of
the system including the completion of the first 30.000 k.w. unit of the
1 share of Commonwealth 6% Cumul. Pref.
(2.) Each share Tennessee common is exchangeable for 1 share of new 200,000 k.w. base-load generating station on the Susquehanna River near
Commonwealth Common,(equivalent to(share present stock) with di. Harrisburg, Pa. This station supplies additional power required throughdeclared Aug. 1 1925 and 35-100ths share of Commonwealth 6% Carnal, out the Pennsylvania-New Jersey power system which includes the Metropolitan Edison Co. with all of its subsidiaries and the New Jersey Power &
preferred, both ex August 1 1925 dividends.
Upon completion of the exchanges, all holders of new common stock of Light Co. As part of this super-power development, several new large
Commonwealth Power Corp. will receive warrants covering rights to modern sub-stations were completed during the year and two important
constructed on else 110.000 volt steel tower transmission line
subscribe to additional new common stock to the extent of 1-10th of their extensions were
connecting Reading and Easton. More than 116 miles of new distribution
holdings at $30 per share.
throughout the system during the year to meet service
extended
the
Plan,
The
Tennessee
were
of
consummation
Electric
Power
Co. will lines
Upon
customers.
become a direct operating subsidiary of Commonwealth Power Corp. demands of newthe
Electric Light & Power Co. purchased the preWeimer
will
annual
gross
1924
then
have
properties
earnings
in
During
conbined
excess
of
whose
with the Metropolitan Edison Co. The company
40,000,000 making it one of the largest public utility organizations in the vious year, was merged
also acquired the Cumberland Valley Light & Power Co., serving in CumUnited States.
Adams counties,Pa.and is connecting it with the system
Assuming that all of the Tennessee common and second preferred stocks berland, York andshort
transmission line from New Oxford to Abbottstown,
are deposited under Plan and all exchanges are made, including 4 new by constructing a have been made to build
a 5-mile line from Littlestown,
• Commonwealth common for each share of present stock, Commonwealth Pa. Preparations
Mills, Md., which will be served by a new comUnion
and
Run
Silver
237,460,000
of
have
outstanding
pref.
$100
stock
of
to
then
Pa.
will
Power Corp.
of common stock of no par value. Upon pany incorporated as The Maryland Public Service Co.
par value and 996,000 sharescommon
There are 5,913 holders of Preferred stock of Metropolitan Edison Co.,of
stock options, 30;000 shares present
exercise of outstanding 30,000
will be Issued. bringing which 3,401 are residents of the territory served by the company.-V.120.
common stock, or 120,000 shares of new common
Rights will be issued to holders p. 2550. 1327.
Corporation.
of
treasury
into
33.000.000
-
3
2684
THE CHRONICLE
[Vox,. 120.
Municipal Gas Co. (of Texas).-Bonds Sold.-Arthur
Perry & Co. and Paine, Webber & Co. have sold at 100 and
int. 81,850,000 1st Mtge. Gold bonds 6% Series A.
from the new Cahokia station on the Mississip
@FedFRASER