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The
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INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 120.
SATURDAY, MAY 30 1925.
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The Financial Situation.
Bond prices have continued to advance, money has
remained easy, new high prices of individual stocks
have been reached day by day, and stock market averages are on high ground. There is no doubt much
unreasoning excitement in the market and some ad
vances may be largely unwarranted. Yet one cannot
dismiss the subject with these observations and conclude either that because money is easy the market
is safe, or because prices are high and debit balances
of speculators probably large, it is unsafe. As is
always the case, snap judgments are worthless, and
even the best reasoned judgments are apt to be of
little value. But it is always wise to consider pretty
fully the facts.
One of the big items in the present stock market is
the rise of electric power shares. This is considered
by many to have gone to such length as to threaten
the general structure of the market, and by others
to be not much more than the beginning of the growth
of a great industry. The matter of concern is how
far growth in values has accompanied growth in
stock market prices, and what is likely to be the
future growth of real values. For, after all, there is
no danger in a high price if it is based on value, nor
is there great danger in a debit balance if it is well
secured by a recognized and real value, and if the
' general banking situation is sound. The electrical
development now going on is one deserving study.
The Boston News Bureau under the head of "Skyrocketing Utilities" refers to the advance in market
value of ten prominent companies, namely the American Gas & Electric Co., the American Power & Light
Co., the North American Co., the Utah Securities
Co., the Middle West Utilities Co. and five others,
Bank and Quotation Section
Bankers' Convention Section
NO.3127.
which taken together at the lowest prices of 1924
had a value of $154,000,000, and after adding $64,000,000 through acquisitions of new properties and
new cash, making the starting value $218,000,000,
have advanced in the market enough to add $282,000,000 and bring present market value up to 000,000,000. Of course, this sounds sensational, and the
word "skyrocketing" appears justified, but the movement is not, therefore, necessarily unjustified or dangerous. The movement is by no means isolated.
There have been many of the same kind both in volume and speed. The real question is, have these advances discounted developments likely to materialize
or not, and how far are these developments assured.
The general electrical situation, and the positions a
individual companies and their managements are the
points of interest.
There can be little question that a major business
development is under way in the electrical industry
in the United States and one founded on the soundest basic factors.
It is figured that one mechanical horse power is
the equivalent of eight laborers in physical power.
We have in this country about 9,000,000 factory workers and in the factories some 30,000,000 developed
horse power. This places behind each human unit a
mechanical power 25 times his own, thus multiplying the production of goods manyfold. The amount
of power behind each worker in the United States is
thought to be more than twice that in Great Britain
and more than four times that in Japan. Real wages
in the United States are more than twice those in
Great Britain and about four times those in Japan.
The connection is a very vital one. By and large mechanical power development increases the product of
industry and the well-being of a people. Multiplication of power is a most constructive process.
The concentration of power development into central stations is of very great comunity value because
by and large it reduces the cost of production of each
unit of power by one half, and doubles the efficiency,
thus making a fourfold gain. The spreading availability of electricity enhances the value still more by
making power available where needed in making possible unit machine drive. It also revolutionizes life
conditions in factories in making possible better
light and ventilation, through the removal of shafting, belting, noise, grease, etc. There can be but
little question that the great power development in
the United States, and especially the electrification
of industry through central stations is at the bottom
of much of the industrial strength that makes this
country tower as a giant among nations.
2726
THE CHRONICLE
Water power development is a big factor in all
this. The water powers in the United States are
estimated at between fifty and sixty million horse
power. Of this only about 20% has been developed.
The harnessing of water power to supplement and
relieve human labor is recognized throughout the
world as perhaps the most important industrial
process in increasing human well-being.
Electrical engineers have made far-seeing plans
for the development of the power resources of the
United States. These contemplate the expenditure of
many billions of dollars per year during coming
years, and the ultimate linking up into a single system of all the water powers, great and small, supplemented by great coal burning plants, these plants
all feeding into a great network of high tension lines
covering the United States like a web; and every
community, both urban and rural, supplied with
adequate and reliable power service.
The plans contemplate the electrification of the
main traffic routes of railways as well as suburban
services and terminal areas. New York City electrification and that of the Rocky Mountain division
of the Chicago Milwaukee & St. Paul are likely to be
only forerunners of what will be general if the plans
of these forward-looking engineers are realized.
12()
ing groups. The public imagination has been fired in
connection with the very stocks which were weakest
five or six years ago. These are the stocks which arepreceded by great masses of senior securities with
fixed rates of interest and dividends. Under the conditions of 1918 these appeared to be worthless, but
under conditions existing to-day it is seen that very
reasonable earnings on large quantities of properties
may make tremendous share earnings for these comparatively small issues of common stock representing the final equities. It is true that it is difficult
to find figures to justify the present market prices of
some of the stocks. Certainly, the dividends do not
justify current prices, but it does not require a great
deal of imagination or use of a lead pencil to figure
that probable values for the years that lie immediately ahead may more than justify current
prices.
With a situation such as this, one cannot deal in
generalities, nor reach a wise conclusion in respect
to a particular stock through any reasoning based
upon the situation as a whole. Each stock should be
examined as to all the facts in respect to earning
power, assets and management,in so far as these can
be discovered. It is probably true that some prices
are very much too high, and have been bid up by utterly unintelligent buying. It is, however, probably
also true that some prices have been bid up by the
best informed buying, and in all probability time will
show that many of the high prices of to-day are low
as compared to what they will be, and others are
ridiculously high. It is a case where the highest degree of discrimination rather than blind speculation
is more than ordinarily essential.
This development is not a hope, it is under way,
and promises to continue with acceleration. There
may be delay in the electrification of railway trunk
lines pending the perfection of a new type of Diesel
engine, and it may be some years before the matter
of electrifying farms has been worked out. But the
matter of electrifying mines, quarries, mills and
homes is under full cry. The present investment is
being increased very rapidly, and may be doubled
According to the latest cable advices from Euwithin the next few years. This naturally means a
apparently not very much progress has
rope,
enstrongly
are
which
companies
the
to
great deal
trenched at present. The electric light and power been made with respect to plans for the adcompanies of the great cities comprising great units justment of foreign debts growing out of the
of power generation and distribution are recognized Great War. More prominence was given in the
as prime bases for investment. The hydro-electric dispatches from the leading European capitals and
companies, controlling the major water powers, are from Washington to statements of policy and posiin a correspondingly favorable class. The securities tion than to attempts to formulate plans. It was inof such companies have reflected growth of business dicated that our Government is disposed to take a
and improvement in conditions, but it has been in firm stand in the affirmative on the general question
the stocks of holding companies that the "skyrocket- of the duty of the European nations to pay the
ing" has been seen. These companies have been United States for money borrowed both during and
through a long period of desolate years, with the after the war. On May 23 the Washington represenworst conditions in 1918, 1919 and 1920, but with tative of the New York "Times" said that "a note of
conditions far from good until quite recently. The greater firmness was sounded in Governmental cirfundamental trouble has been reluctance on the part cles to-day in comment concerning Allied war-time
of public utility commissions and the public to grant and post-war indebtedness to the United States. The
adequate rates. This was augmented by the rising flat statement was made informally, but neverthecosts brought about by the war. The public mind, less authoritatively, that with the possible exception
however, has been somewhat changed in this respect, of Jugoslavia, all the nations which borrowed money
purand recent court decisions have provided that rates from the United States Treasury for post-war
oblian
shall be sufficient to produce adequate return upon poses, chiefly reconstruction, had violated
gation to this Government to treat it on a parity
investment.
Recently it has been evident that the men con- with all their Governmental creditors in liquidating
,
nected with the electrical industry have been con- these obligations. In the face of that understanding
been
had
asserted,
conthese
many
it
was
post-war
borrowers,
and
cerned with much new construction
solidations in the general process of increasing the making payments to other creditors when they were
electrical facilities in the United States and connect- as greatly obligated to pay the United States." He
ing them into large groups with the possibility of a added that "the plain speaking which came to-day
final connection of the groups into one great system. was the obvious outcome of comment by prominent
Certain companies have been selected for grouping Americans in this country and Europe in the interest
and expansion purposes. These are by no means of having the United States cancel its war claims
under,one management. The process is at work all against borrowing Allies or, at least, suspend for the
over the country, and with several different engineer- present its policy of pressing its Allied debtors for
MAY 30 1925.]
THE CHRONICLE
settlement. The unofficial attitude of debtor nations, and especially the reports that France claimed
that there was a distinction between political debts
and commercial debts, with the construction placed
upon this contention that the United States should
cancel the political debts, or those contracted by the
Allies for prosecuting the war, is supposed to have
added to the spirit of resentment that flared up in
official quarters to-day. This resentment was more
obvious than it was last week when it came to the
surface in a way showing unmistakably the temper
of the Administration."
Continuing, the correspondent said: "It was further declared that as far as war debts were concerned there was absolutely no distinction ever recognized by this Government in the obligation of these
nations to repay the United States. All the wardebtor nations, it was said, are governed by the same
American law as far as collections are concerned,
this law being the Debt Funding Act, which provided for the creation of the Debt Funding Commission, the body which arranged with the British and
other debtor Governments to liquidate war-time obligations to this nation. The obligations, according
to the statement made, were just as absolute in the
case of one nation as in the case of another. With
that statement as prefatory, it was pointed out that
there was a distinction between war debts and postwar debts of Allied nations to the United States in
that in making advances to Allied countries for postwar reconstruction and relief measures the United
States obtained a stipulation from each debtor nation that there should be no discrimination against
the United States in favor of other Governments advancing money for similar purpses. Such advances
were made, in addition to the United States, by
Great Britain and other Governments. In spite of
the guarantee obtained by the United States, however, it was asserted, some of these post-war debtors
were paying interest to Government creditors but
not paying a cent to this Government. In that
course, according to what was said, these nations
have discriminated against the United States and
thereby violated their obligation to this Government."
Evidently the British Government is of the opinion
that if France and other debtors find a way to pay
the United States they should do the same by her.
Under date of May 25 the Associated Press representative in London cabled that "the question of Great
Britain's foreign debts was discussed in the House
of Commons this afternoon when questions were
asked regarding the notification sent by the United
States to Continental countries on the funding debts
due America. Inquiries were made regarding what
success the British Government had had with any of
the Continental Governments in regard to their debts
to Great Britain. Walter Guinness, Financial Secretary of the Treasury, replied that he was aware of
the notification sent by the United States to European debtor countries, but he had no further information than had appeared in the press. No further developments had taken place in negotiations regarding debts due Great Britain, he explained. The British Government's spokesman then made it clear that
his Government considers that any steps taken by the
debtor Powers of the Continent to fund or liquidate
their obligations to the United States should be ac-
2727
companied by similar steps regarding their obligations to Great Britain."
The same day, according to a dispatch to the New
York "Times" from its Washington correspondent.
"another chapter was added to-day to the lengthening narrative of American effort to arrange with its
European debtors for the payment of their war-time
and post-war obligations when it was made known
that Italy and Belgium had taken the position that
they should not be called upon to conclude debt settlement agreements until France had made definite
arrangements to pay." It was added that "another
important development was that some of those in
informed quarters feel that they have reason to believe that Great Britain would offer no objection if
arrangements for refunding the French debt contained terms of settlement easier than those under
which the British Government is paying its obligations. Nothing official has come from the British
Government with respect to a willingness to have the
United States conclude a debt adjustment agreement
with France on easier terms than Great Britain consented to, but it is gathered that the impression has
been given that Great Britain is not disposed to make
difficulties should France seek more favorable conditions."
The correspondent further stated that "what became known to-day in connection with the war debt
exchanges was disclosed as a direct outcome of a dispatch from the Paris correspondent of the New York
'Times' printed in Sunday's issue. This dispatch
contained the information that the Belgian Government would shortly send a note to the United States
in which the contention would be made that the Paris
agreement of last January concerning the distribution of German reparations annuities among the
Allies, with the United States Government participating in the arrangement, made provision that Belgium's indebtedness to this Government is to be paid
from the amounts received by the Belgian Government from Germany. While it was made clear that
officials did not desire to discuss this subject and it
was conceded that the 'Times' correspondent was
merely reporting information given to him of Belgium's contentions, there was sharp denial that Belgium had any justification for a claim that January's
Paris agreement provided that Belgium must first
get reparations payments from Germany before she
undertook to refund the amounts that had been borrowed from the United States."
Naturally, there was a general disposition on the
part of other debtor Powers in Europe to await still
more definite statements of France's position. Frequently officials of the French Government have
been quoted as saying that France would pay the
United States in full, if only reasonable time were
given. Not much has been heard as to the attitude of
the French people on this question. According to a
special dispatch to the New York "Times" from its
Paris representative on May 25, "a significant
change is taking place in French public opinion in
regard to France's debt to America. Members of the
Government are receiving hundreds of letters from
all parts of the country, even from the peasants,
urging at all costs that American claims be satisfied. Some writers suggest the Government open
public subscription to obtain funds toward paying
America, as France raised 5,000,000,000 francs which
2728
THE CHRONICLE
she paid Germany after the end of the war of 1871."
He added that "what the French now desire is negotiations on a base recognizing their debt in full
and American co-operation in studying the issue of
what France can pay. Her fiscal position is shaky,
and too large foreign engagements could be very
harmful. They feel their position is not generally
understood by the United States, and that is why
they would prefer to have the American commission
come to France to conduct the debt negotiations. In
any case, there is an insistent French demand that
their country be rid of the odium of the charge of
being a bad debtor, and, in prospect, an early settlement appears the best chance of scattering the
cloud of anti-American feeling now growing on the
horizon."
The very next day Foreign Minister Briand made
a speech in the Senate, setting forth what he claimed
was the attitude of both the French Government and
people toward the payment of external war debts.
In part he was quoted as follows: "I cannot think
that so great, generous-hearted and loyal a country
as America ever would do us the affront to believe we
seek to escape payment of our debts. On our side
certainly we never entertained such an idea of our
own people. To those nations, great and small,
which fought beside us, whose blood was spilled with
ours on the battlefield, we have said: 'We have been
ravaged, torn to pieces. Our former enemies have
not repaid in any measure the damage they wrought.
We are all suffering from financial difficulties
which prevent us making immediate payment. Let
us bind up our wounds first and settle afterward.'
But never have we said and never has America come
to think that we have refused to recognize our debt.
"'In an expression of the common will of the
French people that a settlement should be made as
quickly as possible, the Government to which I have
the honor to belong has charged two of its members
to study the whole question and bring about a settlement as quickly as possible. That step is in direct
line with the attitude which every successive Government of France has taken since the war, for I defy
any one to show that at any moment any authorized
person in France has made a single gesture or said a
single word which could be interpreted as a denial
of the debt we owe. If in this country, where public
opinion is so sensitive, it were suggested that France
should seek liberation in a subaltern spirit, I know
how resentful that opinion would be. In history
France has always sought to hold a proud position.
Sometimes she has preferred her record to her interests, and on this occasion, as others, she will never
accept appearance as a bad debtor. We will settle
our debts. If we seek to do so under reasonable conditions, it is only good busness and the necessity and
justice of our case. Such reasonable condition I am
certain we will obtain.'"
The Paris correspondent of the New York "Times"
cabled that "M. Briand's statements several times
were received with applause, especially when he depicted the country as proud in fulfillment of its obligations, and each time he repeated that the obligation never had been denied. This was regarded as
significant.
In his outline of the speech the Paris representative of the New York "Herald Tribune" said: "'Serious conversations' have been opened with the
[Vol.. 120.
United States in regard to payment by France of her
$4,000,000,000 war debt, Foreign Minister Briand
announced to-night in a Senate debate on the foreign
affairs items in the budget bill." The correspondent
added: "Although it was not believed he was referring to any negotiations other than those already
reporteff between Finance Minster Caillaux for
France and Ambassador Herrick and Garrard B.
Winston, an assistant to Secretary of the Treasury
Mellon, Briand's declaration represented the first
official French utterance that the Government definitely was arranging to negotiate toward a settlement." He likewise explained that "Briand's statement was made in answer to a demand by General
Taufflieb, of Alsace, that debt settlement be sought
at once. The General pointed to Italy as an example
of a country whose apparent repudiation was costing
her loss in credit."
Announcement was made in an Associated Press
dispatch from Washington, also on May 25, that
"the question of Italy's debt to the United States was
brought to the forefront to-day by a visit to the
Treasury of Baron G. de Martino, the Italian Ambassador, who talked over the whole subject of the
Italian obligation of $2,138,543,000." The correspondent added that, "while the conference was devoid of concrete results, it marked the first step by
Italy with respect to her debt and initiated conversations which Treasury officials hope will proceed into
actual negotiations of funding terms. The Ambassador conferred an hour and a half with Secretary
Mellon and Under-Secretary Winston, Chairman and
Secretary, respectively, of the American Debt Commission. Baron de Martino's mission was understood to have been largely for the purpose of ascertaining Mr. Mellon's views, and there was a frank
discussion of the problems faced by Italy and the
law which defines for the American Administration
the terms which it can accept from its foreign debtors. The Ambassador was said to have eliminated
at the outset any thought that may have rested in
the minds of officials that Italy's moves hinged on
action by France."
In a special Washington message to the New York
"Herald Tribune," under date of May 28, it was
stated that "Secretary Mellon is satisfied that this
country may expect an early settlement of the Italian
war debt, it was stated authoritatively to-day at the
Treasury Department. He is confident that his conversation two days ago with Ambassador de Martino
opens preliminary negotiations which soon may
bring a definite funding offer from Rome." It was
further stated that "the interview between the Secretary and the Italian Ambassador, it was announced,
was primarily to set up a basis for discussion. No
definite terms were talked of, but a second conference was agreed on. It will follow receipt by the
Ambassador of further instructions. According to
the Treasury's understanding of the situation, Italy
has communicated a definite desire to conclude a
funding agreement, and discussions toward this end
are to be conducted by Ambassador de Martino until
the point is reached where actual terms may be laid
before the United States Foreign Debt Funding Commission. At this stage Mr. Mellon expects the Italian Government will send a commission, similar to
that which concluded the British settlement, empowered to sign an agreement. The Ambassador asked
Mr. Mellon to give consideration to Italy's entire
financial condition. From this and other prelimi-
May 30 1925.]
THE CHRONICLE
nary deductions the American Government, it was
learned, anticipates that a definite period of delay
will be asked before payments upon principal of more
than $2,000,000,000 will begin. It is not believed,
however, that postponement of interest payments
will be sought."
Joseph Caillaux, Finance Minister of France, has
been fully occupied with plans for balancing the
budget. He has been quoted several times as stressing the point that this must be done before serious
Consideration can be given by the Frenth Government to the settlement of exterior war debts. Announcement was made in Paris on May 22 that "Finance Minister Caillaux's plan to raise the first additional 1,500,000,000 francs to meet the 1925 budget
deficit were approved this morning by a council of
Ministers and they will be presented in the form of
a bill to the Chambers on Monday, when the sessions
are resumed."
Cabling on the evening of May 25, the Paris representative of the New York "Times" said that, "with
his monocle fixed firmly in his right eye, Finance
Minister Caillaux this afternoon in a speech of two
sentences introduced into the Chamber his bill for
supplementing the budget and increasing the country's revenue." The correspondent explained that
"the bill which the Finance Minister introduced asks
for an increase in taxation of 3,500,000,000 francs.
In the preamble, which is clear, decisive and vigorous, M. Caillaux sets forth that `no sane finance is
possible in a country which is burdened by a debt if
its representatives do not see to it that all public expenditures, without exception, are included in a
single budget and entirely covered by revenue.'" He
likewise observed that, "as already nearly half the
financial year has run, M. Caillaux finds himself
forced to be content with 1,600,000,000 francs new
revenue for the purpose of balancing his 1925 expenditure, but to-day he gave formal notification that
the whole 3,500,000,000 francs will be collected next
year. He does not propose to increase the income
tax for the good reasons that the income tax has not
yet been established on a just and extensive basis.
His system is a general increase by varying percentages of existing taxes on property, death duties and
investments. Postal and telegraph rates are increased and certain additional benefits accrue to the
State from excess profits on gasoline and crude oil
imports." Outlining the bill still further,the "Times"
representative said: "A reform which while unlikely
to yield much this year, may be fruitful in the future,
is contained in a scheme for modification of taxable
profits on agriculture. This proposal for revision
of taxation of the agricultural community and other
parts of the plan may meet a certain opposition, but
in the present disposition of the Chamber and in the
present situation of this country there is no doubt
increased taxation will as a whole be voted."
2729
short term engagements. With that problem we can
do nothing until the franc is stabilized. Everything
can be done when it is stabilized. But stability of
the franc will never be achieved so long as the great
preliminary operations which I have outlined have
not been accomplished." As to other features of the
financial situation, the "Times" correspondent said:
"About the immediate problem of repayment of
bonds falling due this year Caillaux is not altogether
pessimistic. In one of the few passages in which he
allowed himself the pleasure of criticising his former
antagonists, the National Bloc, he condemned bitterly the policy which permitted the accumulation
of these short term engagements without precautions against reimbursement. He said nothing had
been done to provide a sinking fund and announced
that the Government would shortly ask passage of a
bill which would place at the disposal of the Treasury the sums necessary to meet any temporary shortage caused by reimbursement of the bonds. This
measure would be surrounded by every precaution
so that neither Parliament nor the country need have
any fear of abuse. He declared at the same time his
confidence that holders of the bonds would not seek
repayment to any such extent as to cause more than
a light and temporary embarrassment."
Ever since the stabilization of French finances has
been under active discussion it has been rumored that
the plan finally adopted would provide for revalorizing the franc on a 25% basis. Thursday evening the
Paris correspondent of the New York "Times" cabled that "there is a persistent report in French
financial circles that Finance Minister Caillaux will
propose to stabilize the franc on a gold basis at 25
centimes, that is, one-fourth its former value. Under
his plans this would amount to a revalorization of
the franc." Continuing, he said: "If the suggested
figure of 25 centimes is taken the franc would be
worth 100 to the pound sterling and slightly over
20.50 to the dollar. As reported here, when M. Calllaux in his financial project the other day spoke of
putting all of France's obligations on a gold basis
he was referring to a plan for revalorization, since
it is understood that the Finance Minister believes
the franc could be maintained at the proposed figure.
M. Caillaux attaches the greatest importance to the
stabilization of the franc, having said in his report:
'We can do nothing until the franc is stabilized.
Once it is stabilized, we can do everything.'"
Discussing the probability of opposition from
bondholders, he said: "There have been frequent
discussions of the revalorization of the franc, but
generally the figure mentioned has been higher than
25 centimes gold. Usually 35 centimes has been proposed. Up to the present, suggestions for the revalorization of the franc have brought floods of protests and presented a difficult political problem. In
the minds of a great many of the 2,000,000 holders of
French Government securities there has remained a
The Finance Minister was quoted as follows re- hope that some of these days the franc would be
garding the financial position of the French Govern- worth gold again,and,therefore, there existed strong
ment: "Once the budgetary problem has been set- sentimental reasons for not surrendering that hope.
tled, once the country is cleared of the burden of re- Apparently M. Caillaux thinks the French rentiers
constructing liberated regions, once the question of can be persuaded that 25 centimes gold is surely
inter-Allied debts has been settled, that is to say, worth more than an uncertainty. As M. Caillaux
when we get rid of all uncertain obligations, we will made plain in his report, his plans for getting back
find ourselves in the presence of the problem of to a gold basis form the second part of his general
crushing internal debt: 150,000,000,000 francs con- scheme, the first part of which consists of balancing
solidated and 130,000,000,000 in short term and very the budget and taking care of the large maturities in
2730
THE CHRONICLE
Government securities this year. That would indicate that his gold plans would not be reached before
the end of the year. This brings from the opponents
of the revalorization plan the sarcastic remark that
M. Caillaux won't be in office next year to try to
carry out his plan."
[VoL. 120.
past two days a truce has been arranged between the
two wings of the majority and an agreement has been
reached on the motion of confidence, which is
phrased in such a way as to represent the war as
purely defensive and 'opposed to all idea of conquest.' The Socialists will vote for this motion, as
will probably all the rest of the House, and in that
knowledge the Deputies and the Government listened
with comparative tranquillity to Renaudel's criticism of what was left undone in preventing the outburst of war with the Riffians. His attack was directed against Marshal Lyautey and the generals
whose occupancy of the rich valley of Ouergha, on
which the Riffs depended for food, he said,forced the
invasion."
While the Moroccan situation continues troublesome, and even serious, for the French, and the campaign apparently is being vigorously conducted by
both sides, the French Government has not encountered as much opposition in Parliament as had been
expected. According to the original program, the
Moroccan affair was to have come up in the Chamber of Deputies on May 25, when its sessions were
resumed after a month's recess. An agreement was
These expectations were in doubt, according to
reached, however, whereby the Socialist and Communist interpellations were postponed until the 27th. Paris cable dispatches yesterday morning. The New
The Paris representative of the New York "Herald York "Times" representative said that "the Left
Tribune" cabled on May 25 that "the new factor majority parties which have governed France for
which has entered into the situation was the return the last year came near to a split late this evening
of Deputy Malvy from Madrid, whore he has been when the Socialist Party by 21 to 20 decided to abholding important conversations with the King and stain from taking part in the vote of confidence on
with Premier Primo de Rivera. It is understood the Moroccan issue. Faced with this decision the
that Spain showed willingness to enter into an Government which earlier in the evening had wanted
agreement with France which would allow the two the debate finished to-night decided to postpone the
countries to work out the whole Moroccan problem, conclusion until to-morrow." He observed that "the
coming to terms with Abd-el-Krim on a basis of rec- Socialists' action came as a surprise, as the Governognition of his right to the Riffian territory actually ment spent the first two days of the week patching up
under his control." He added that "no recognition matters'to meet their view. The incidents in yesof the Riffian republic would be envisaged, Abd-el- terday's and to-day's debate, in which the GovernKrim's territory remaining under the sovereignty ment seemed to rely for support as much on the Naof the Sultan of Morocco, but free from either Span- tionalists as on the Left, have tried the Socialists'
ish or French protection. As the whole question of patience." The New York "Herald Tribune" correthe boundaries of the Spanish and French zones spondent declared, however, that, "regardless of the
would have to be gone over, it is expected that, if attitude the Socialists take, the Government is asMaivy's report on the Spanish attitude is found ac- sured of a majority when the test comes, but, from a
ceptable at a special Cabinet meeting to be held to- political point of view, the Socialists' abstention
morrow, Spain will be invited to send an envoy pleni- would be extremely dangerous to the Cabinet, which
potentiary to negotiate in Paris. The willingness cannot count on support from the Right wing of the
which France seems to be showing to negotiate with Chamber except on the Moroccan question. Every
the Riffian leader is based on the desire to avoid a effort will be made to-morrow to patch up the differlong and costly war, but definitely on a promise by ences, which, according to all indications, had been
Abd-el-Krim to accept peaceful retirement to his smoothed over completely." At yesterday's session
own country and to renounce completely the idea of of the Chamber the Painleve Cabinet received a vote
establishing a Moslem Power in Northern Africa."
of 537 to 29 on its Moroccan policy.
That steps were being taken to bring about a settlement seemed to be indicated also in an Associated
Press dispatch from Tetuan, Spanish Morocco, on
• May 26, in which it was stated that "reliable advices
here report the presence at Tangier of the Colonel
in Chief of the French Information Service to negotiate with Abd-el-Krim for ending the Riffian offensive." It was added that; "according to the same
sources, this action of France is in line with the
French policy, namely that the Moroccan problem
is of a political character; that France has the role
of a colonizing nation, and that the employment
of arms should be resorted to only in extreme
cases."
Nothing serious for the French Government happened at Wednesday's session of the Chamber of
Deputies, when the Moroccan situation was discussed. The time was "occupied with criticism by
Pierre Renaudel, the Socialist leader, and the Communist Doriot." The Paris representative of the
New York "Times" explained that, "for the Government there is no danger in the debate. During the
The visit of Premier Mussolini of Italy to Gabriele
d'Annunzio at the latter's villa at Gardone, on Lake
Garda, has attracted wide attention in Italy, Europe
in general, and even in the United States. The purpose of the trip, which was begun on May 24, has not
been made public officially. It was rumored that it
was for the purpose of bringing about a "reconciliation" between the two equally spectacular leaders,
and also because recently d'Annunzio "presented to
the Government his villa at Gardone, known as Ii
Vittoriale, for use as a national monument." It was
added in a Rome dispatch that "it contains many
valuable works of art and many mementoes of the
poet's active life." The Associated Press correspondent in Rome said that"at the time of the presentation
the Government offered d'Annunzio the historic villa
Falconieri, in the neighborhood of Rome, but he declined it. He will remain at Gardone until his
death." Evidently the property is not to pass to the
Government until after the poet-soldier's death.
Commenting on the Premier's visit, the Rome representative of the New York "Evening Post" cabled
that,"although the Fascist newspapers were particu-
MAY 30 1925.]
THE CHRONICLE
larly anxious to minimize the Premier's sudden and
mysterious departure for Gardone, it is now a subject for open discussion, the conclusions being these
two favorites will bury the hatchet and appear before the King and the country in a splendid union of
political faith, which must have a salutary effect on
the Fascist regime." He declared also that "the
visit, which was providing Italy with one of her national theatrical events, will have its denouement
on June 7, when the 25th anniversary of King Victor
Emmanuel's reign is to be celebrated." The visit
ended on the evening of May 27.
2731
Another substantial addition to gold holdings
was shown in the Bank of England's statement for
the week ending May 27, amounting to £782,068, although as note circulation expanded £941,000 there
was a reduction in reserve of £159,000, while the
proportion of reserve to liabilities dropped to
23.07%, from 24.08 last week. This and other striking changes in the report were apparently due to the
strain of preparations for meeting the month-end
disbursements. At this time a year age, however,
the reserve ratio stood at 181/2% and a year earlier
at 19%. The deposit accounts were increased. Public deposits gained £31,000 and "other" deposits
Evidently the Soviet Government of Russia has £4,484,000. Loans on Government securities exbeen rather apprehensive over giving Leon Trotzky, panded £1,685,000 and loans on other securities
since his return from virtual exile, a position of spe- £3,015,000. The Bank's stock of gold now aggregates
cial importance and authority. On May 27, however, £156,690,279, which compares with £128,184,802 last
he was "appointed a member of the Presidium of the year (before the transfer to the Bank of England of
Supreme Economic Council and Chairman of the the £27,000,000 gold held by the. Redemption AcConcessions Committee. This decision was made last count of the currency note issue), and £127,524,330 in
night at a meeting of the Council of Commissars 1923. Reserve totals £28,255,000. This contrasts
after a long hesitation as to which post Trotzky with £22,202,887 in 1924 and £22,723,835 a year earshould be assigned." It was explained by the New lier. Note circulation amounts to £148,182,000,
York "Times" representative in Moscow that, "prior against £125,731,915 and £124,550,495 one and two
to his return from the Caucasus it was planned to years ago, respectively. The loan total aggregates.
give him a post as a member of the Government, but £75,040,000. In the corresponding week of 1924 it
the situation changed after the Communist Party was £73,302,269 and in 1923 £71,255,827. The officonference, and at the Federal Congress the Council cial discount rate remains at 5%. Clearings through
of Commissars was re-elected without changes, thus the London banks for the week were £725,710,000,
leaving no vacancy for Trotzky. His appointment against £699,888,000 a week ago and £752,382,000 last
to an administrative post means that Trotzky will year. We append herewith comparisons of the sevnot engage immediately in active political or party eral items of the Bank of England return for a series
work—at any rate not until after the party congress, of years:
which will be held in November." Continuing to
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
outline the situation further, he said: "The Su1924.
1925.
1923.
1922.
1921.
May 27.
May 28.
Vag 30.
May 31.
la718 1.
preme Economic Council, which is under Dzerjinsky,
148,182,000 125,731,915 124,550.495 122.715,860 129,095,280
has charge of all Soviet industry, managing the na- Circulation_b
Public deposits
15,777,000 15,490,091 20,753,609 28,740.945 16,596,448
tionalized works, factories, mines, commercial navi- Other deposits
106,717,000 104.551,347 98,429.126 101,480,533 133,169,634
Gov't
37,035,000
securities
42,967,480 47,997,913 68,556.122
gation, etc. Its Presidium consists of twelve mem- Other securities_ .__ 75,040,000 42,332,467
73,302,269 71,255,827 75,358,923 81,259,378
bers, among whom the work of the various depart- Reserve notes & coin 28,255.000 22,202,887 22,723,835 24,615,149 17,718,100
Coin and builion_a_156,690,279 128.184,802 127,524,330 128,881,009 128,363,380
ments is divided. Trotzky will have charge of the Proportion
of reserve
18t4%
23.07%
19%
electro-technical branch and will direct the carrying to liabilities
1834%
11.83%
Bank rate
5%
4%
3%
654
out of Lenin's plans for the electrification of the
a Includes, beginning with April 29 1925. 227,000,000 gold coin and bultlea
country, to which the dead leader attached the great- previously held as security for currency note issues and which
was transferred to
est importance, proclaiming the slogan, 'Socialism the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes 227,000,000 of Bank
plus electrification means Communism.' Trotzky of England notes issued in return for the same amount of gold coin and bullies
will also manage the scientific and technical branch held up to that time in redemption account of currency note lame.
of the Supreme Council, but most important of all,
perhaps, is his appointment to the chairmanship of
The Bank of France in its weekly statement
the Concessions Committee, where he replaces his reports a further small gain of 42,215 francs in the
closest friend and truest adherent, Piatakoff, who,it gold item this week. The Bank's gold
holdings,
is rumored, will get a diplomatic assignment."
therefore, now aggregate 5,546,562,700 francs, comparing with 5,542,870,337 francs at this time last
The National Bank of Hungary yesterday reduced year and with 5,537,397,232 francs the
year previous;
its rate of discount from 11% to 9%. Except for of the foregoing amounts 1,864,320,907 francs
were
this, there has been no change during the week in held abroad in both 1925 and 1924 and 1,864,344,927
official discount rates at leading European centres, francs in 1923. During the
week bills discounted
which remain at 9% in Berlin;7% in Paris and Den- increased 322,867,000 francs,
Treasury deposits
mark; 6% in Italy and Norway; 5/
1
2% in Belgium rose 46,729,000 francs and general deposits
were
and Sweden; 5% in London and Madrid, and 4% in augmented by 201,324,000 francs. Advances,
on
Holland and Switzerland. The open market rates the other hand, were reduced
74,632,000 francs,
in London were a trifle easier and finished at 4%@ while silver fell off 2,994,000 francs. A further con4 7-16 for short and three months' bills, as against traction of 47,258,000 francs occurred in note circu4 9-16 and 4%70, respectively, last week. Money on lation, bringing the total outstanding down to
call advanced to 434%, but closed at 3/
1
2%, as 42,702,589,000 francs. This contrasts with 39,4% a week ago. In Paris and 556,279,150 francs at the corresponding
compared with 33
date last
Switzerland open market discounts declined to 6 and year and with 36,740,980,215 francs in
1924. Com8% and 2%7
0 for the parisons of the -various items in this week's return
214%,respectively, against 61/
preceding week.
with the statement of last week and corresponding
dates in both 1924 and 1923 are as follows:
2732
BANK OF FRANCE'S
Changes
for Week.
Cold Holdings—
Francs.
In France
Inc.
42,125
Abroad
No change
T H 14 CHRONICLE
COMPARATIVE STATEMENT.
Status as o
May 28 1925. May 30 1924. May 31 1923.
Francs.
Francs.
Francs.
3.682,241,793 3.678,549,429 3.673,052,304
1.864,320,907 1,864,320,907 1,864,344,927
Total
Inc.
42,125 5,546,562,700
Silver
Dec
2,994,000
314,484,000
BillsdIscounted_ Inc. 322,867,000 4,595,331,000
Advances
Dec. 74,632,000 2,988,757,000
Note circulation...Dec. 47,258,000 42,702,589,000
Treasury deposlts_Inc. 46,729.000
85,959,000
General deposits_ _Inc. 201,324,000 2.124.075,000
5,542,870,337
299,248,491
4,484,983,761
2,510,543,396
39,556,279,150
15,685.711
2,209.793,310
5.537,397,232
292,360,392
2,806,737,269
2,142,718,586
36,740,980,215
68,638,901
2.131,142,281
The weekly report of the Imperial Bank of Germany, issued as of May 23, was noteworthy chiefly
by reason of continued contraction in outstanding
obligations. Note circulation fell 66,713,000 marks.
In other maturing obligations there was an increase
of 48,942,000 marks, but loans from the Rentenbank declined 3,486,000 marks and other liabilities
24,007,000 marks. On the assets side, bills of
exchange and checks declined 65,619,000 marks.
Advances increased slightly, viz. 331,000 marks.
Deposits held abroad, however, showed a shrinkage
of 20,941,000 marks. There was a small increase
in reserve in foreign currencies of 179,000 marks
and an increase in silver and other coins of 730,000
marks. Notes on other banks increased 6,564,000
marks, investments 42,000 marks, and other assets
11,971,000 marks. Gold and bullion holdings
gained 538,000 marks to 1,015,292,000 marks.
Note circulation now stands at 2,202,812,000 marks.
The weekly statements of the Federal Reserve
banks issued as usual late Thursday afternoon, reflected preparations for the June 1 payments by the
member banks in the form of considerable additions
to total of bills discounted. Gold holdings continue
to expand and for the System as a whole there was a
gain of $3,400,000, while the New York bank added
another $24,000,000 to its stock. The combined report showed that the banks as a group increased
their rediscounts of Government secured paper $55,200,000 and "other" bills $20,400,000, so that total
bill holdings expanded $75,600,000. Holdings of
bills bought in the open market were also larger, increasing $2,300,000. Total earning assets increased
$68,800,000, while deposits increased $25,400,000.
The amount of Federal Reserve notes in actual circulation increased $14,200,000 and member bank
reserve accounts $20,000,000. At New York, rediscounting of all classes of paper expanded $50,600,000,
thus bringing the total of bills discounted up to
$110,446,000, as against $59,862,000 last year. Open
market purchases, however, were smaller, declining
48,40(1,000. Earning assets and deposits showed
additions of $23,800,000 and $26,800,000, respectively. Federal Reserve notes in actual circulation
at the local bank remained about stationary, but
member bank reserve accounts rose $26,600,000. Very
little change was shown in reserve ratios, as the
changes in liabilities and in gold holdings largely
offset each other. The ratio of reserve for the combined banks declined 0.8%, to 77%, and that at New
York OA% to 82.6%.
The weekly report of actual condition of the New
York Clearing House banks and trust companies,
issued last Saturday, revealed further curtailment
in loans as well as deposits, although as member
banks drew down -their reserves at the Reserve bank,
surplus was likewise reduced, more than $24,000,000. In detail the figures show,that the loan item de.
'[VOL. 120. •
dined $19,034,000, while net demand deposits showed
a shrinkage of $37,048,000, to $4,389,695,000, which
is exclusive of Government deposits to the amount
of $21,473,000. Time deposits increased $207,000, to
$625,971,000, as also did cash in own vaults of members of the Federal Reserve Bank, this latter item
rising $1,394,000, to $45,414,000, which, however, is
not counted as reserve. Vault reserves of State
banks and trust companies expanded $672,000 and
reserves kept in other depositories $579,000. As already intimated, there was a reduction in the reserves of member banks at the Reserve bank of $30,261,000. Consequently, notwithstanding the shrinkage in deposits, surplus reserves decreased $24,237,260; thus bringing excess reserves now held down to
$41,439,280, in comparison with $65,676,640 a week
earlier. The above figures for surplus are based on
legal reserves of 13% for member banks of the Federal Reserve System, but not including cash in vault
to the amount of $45,414,000 held by these member
banks on Saturday last.
On account of the holiday to-day (Memorial
Day) the statement of the Clearing House member
banks for the current week was issued after the close
of business yesterday. It showed an increase in excess reserve of $7,965,040 and in loans, discounts,
etc., of $50,668,000. Demand deposits expanded to
the extent of $68,965,000.
Call money was a little firmer, reaching 4%, and
holding there for several days. Yesterday after/
4%. Time money was
noon it declined to 33
unchanged. That, in a word, characterizes
the local money market this week. The slight•
trend upward in demand loans naturally was associated with the decrease of over $24,000,000'in excess
reserve of the Clearing House banks, as shown in
the actual statement a week ago to-day, and with the
preparation that was in progress throughout the
week for the June 1 disbursements. The continued
activity of the stock market could be suggested as
another logical reason for the fractional advance in
loaning rates. While the loadings of 984,916 cars of
revenue freight for the week ended May 16 set a new
record for the current year up to that time, it is
doubtful if the demand for funds from industrial and
mercantile sources has increased greatly within the
week. The offerings of new domestic issues continues on a moderately large scale, and more definite
and persistent reports of additional financing for
European countries in the near future has been in
circulation. In one or more instances negotiations
are said to have been closed within the last two or
three days. France is struggling with plans for
increasing revenues and balancing the budget. Political and financial news from both England and
Germany has been meagre.
Dealing with specific rates for money, loans on call
this week covered a range of 3%@,43/
2%,which compares with 39j©4% last week. Monday 432% was
the high, the low 3% and 39% the ruling rate.
On the three days following, Tuesday, Wednesday
and Thursday, a flat rate of 4% was quoted, this
being the high, the low, and also the basis for renewals on each of these days. Call funds again
renewed at 4% on Friday, the maximum figure, but
before the close there was a decline to 3V
1%. In
time money the situation remains unchanged. Fixed
date funds were in fair supply, but the inquiry was
MAY 30 1925.]
THE CHRONICLE
2733
light and the market inactive and lifeless. No doned the attempt to operate in sterling and are
change was made in rates from 332(4)3%% for sixty turning their attention elsewhere.
Among the factors that have served to sustain .
days, 3%% for ninety days and four months, and
rates this week were strength in the London •
sterling
3%@4% for five and six months.
which is having the effect of drawing
market,
money
demand
active
Commercial paper was in quite
New York and creating an infrom
away
fairly
capital
a
and
buyers,
local
and
from both out of town
the ever-increasing volume
also
for
sterling,
to
quiry
Four
d.
transacte
was
business
of
large volume
needs. This, it is estitourists'
meet
to
be
of
buying
to
continue
character
choice
of
names
six months'
else, has been instruanything
as
much
as
at
mated,
known
well
less
names
and
3%@4%
at
quoted
to their present high
up
mental in keeping prices
4@43%, unchanged.
to
present
prospects no letup
according
Banks' and bankers' acceptances ruled at the levels levels, and
be looked for,
need
source
this
from
in
the
inquiry
established last week. A moderate degree of activity
Toward
more.
or
of
months
couple
a
for
at
least
indins,
was noted. City and country institutio also
Memorial
the
of
approach
week
the
of
part
latter
the
the
and
dealings,
the
in
vidual investors, figured
aggregate turnover attained larger proportions than Day holiday intensified the dulness and the market
sagged
usual, although light offerings restricted business to came to a virtual standstill; hence prices
for
best
the
under
some extent. For call loans against bankers' ac- slightly and the final range was
ceptances the posted rate of the American Acceptance the week.
Referring to the day-to-day rates, sterling exchange
against 33.% a week ago.
Council is now 3
d,
The Acceptance Council makes the discount rate on on Saturday last was firm but virtually unchange
for
863/i
86@4
4
demand,
for
853/i
prime bankers' acceptances eligible for purchase by at 4 85%@4
/g% cable transfers and 4 833@4.839/i for sixty days;
the Federal Reserve banks 3%% bid and 31
bid
and trading was dull. On Monday sterling was still
and
90
3%%
days,
30
asked for bills running
33/2%
90
inactive, but well maintained; demand ranged be60
and
days,
running
bills
for
33.% asked
120
running
tween 4 85%(4)4 86, cable transfers at 4 86@,4 863.
and
days,
bills
for
asked
34%
bid and
34% bid and 33/2% asked for bills running 150 and and sixty days at4833(@4 833/2. Increased strength
180 days. Open market quotations were as follows: developed on Tuesday and there was a further fractional advance to 4 86@4 863/i for demand,4 8634®
SPOT DELIVERY.
30 Days.
60 Days.
90 Days.
2 4)4 83% for
4 863/i for cable transfers and 4 833/
36@33j
354@31.(
3Si@3%
Prime eligible bills
quiet and
was
market
y's
Wednesda
days.
sixty
FOR DELIVERY WITHIN THIRTY DAYS.
4 86
between
range
to
continued
demand
bid
3%
for
prices
banks
Eligible member
3% bid
Eligible non-member banks
3 and
and 4 863/s, with cable transfers 4 863@4 86%
/. Reaction set in on
2@,4 835
4 833/
There have been no changes this week in Federal sixty days
owing to a lessening in the already limited
Reserve Bank rates. The following is the schedule Thursday,
and quotations declined to 4 853/8@4 86 1-16
of rates now in effect for the various classes of paper inquiry
for demand, to 4 86%@,4 86 5-16 for cable transat the different Reserve banks:
fers and to 4 83%(4)4 83 9-16 for sixty days. On
DISCOUNT RATES OF FEDERAL RESERVE BANES IN EFFECT
MAY 29 1925.
Friday pre-holiday dulness prevailed and the market
came to a practical standstill; rates, which were
Paper Maturing—
more than nominal, remained at 4 853/8@
After 90 After 90 little
but
Days, but
demand, 4 861/(4)4 863j for cable trans- ,
for
86
4
Within 6 Within 9
Within 90 Days.
Months. Months.
FEDERAL RESERVE
4 83%@4 833/2 for sixty days. Closing
and
fers
BANK.
com'rcial Secured
were 4 833
% for
s
quotation
% for sixty days, 4 857
by U. S. Bankers' Trade
Apricot
Agrec'l
Accepand
and
Livestock Govern': Accep% for cable transfers. CommerPayer. Obliga- Lances. tances. Livestock Livestock demand and 4 861
Payer. Payer.
Lions.
n.e.s.
%, sixty days at
cial sight bills finished at 4 853
31.4
33
31.4
354
334
334
Boston
s for paydocument
,
%
811
4
31.4
334
3'4
4 81%, ninety days at
3%
31.6
31.4
New York
3%
334
3%
356
3%
334
Philadelphia
grain
seven-day
and
,
8
813/
4
at
3%
334
31.4
31.4
334
ment (sixty days)
31.6
Cleveland
4
4
4
4
4
4
Richmond
payment
for
grain
and
Cotton
4
4
4
4
4
4
bills at 4 853.
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
3.
at 4 85%
closed
St. Louis
4
4
4
4
4
4
Minneaixgis
4
4
4
4
4
4
nts were reported this week.
engageme
City
gold
No
K8118118
4
4
4
4
4
4
Dallas
33-4
31.4
33'$
3'6
31.4
354,
recent shipment of $1,250,000
the
that
Francisco
asserted
is
It
San
_
agr cultural purpose and secured
•Including bankers acceptances drawn for an
Reserve Bank to the
Federal
the
by
made
gold
by warehouse receipts, de.
German Reichsbank completed the movement which
began at the beginning of March. A total of $36,the
most
market
probably
exchange
In the sterling
n. On
noteworthy feature of a dull and uneventful week 250,000 in all was shipped to that institutio
of
a
shipment
received
was the marked stability in prices in the face of dis- May 15 the Bank of England
rewas
which
ds,
Rothschil
turbing developments in European affairs. Not- £1,610,000 gold from
reserve held
withstanding a further sharp decline in francs,sterling puted to be part of the German Bank's
gold
valued at
past
just
week
the
values were not only firmly held, but climbed still abroad. During
have
to
said
arrived
is
bars,
in
it
of
some
0,
s—or still £2,000,00
/
higher, until demand bills touched 4 861
by
the
Soviet.
consigned
Russia,
from
closer to actual parity. As was the case last week, in London
Great
England.
secrecy
of
Bank
the
to
Bank
and
State
an
after
initial
the general trend was upward
and no official
% there was a gradual rise until was observed in making this delivery,
quotation of 4 853
as yet been
has
n
transactio
the
of
ment
announce
been
crossed.
Trading
was
again
the 4 86 mark had
t
the
made.
of
from
standpoin
specuboth
lifeless, however,
lative effort and legitimate business. The almost
Irregular weakness pervaded trading in Continental
complete absence of rate variation that has apparand French and Italian currencies were
ently been brought about renders the making of exchange
subjected to pressure which caused further
profits through quick turns practically impossible, again
in values of francs and lire and resulted
losses
sharp
so that speculators have for the time being aban-
2734
THE CHRONICLE
[voL. 120.
in considerable nervousness and hesitancy. The week earlier. Exchange on Czechoslovakia finished
underlying factors governing market movements were at 2.96
against 2.963; on Bucharest at 0.4714,
essentially the same as those of a week ago, i.e., against 0.473'; on Poland at 19.21, against 19.20,
anxiety over financial difficulties and political in- and on Finland at 2.53, (unchanged). Greek
stability. Francs led in the decline and the quota- drachmae closed at 1.701
4 for checks and at 1.70U
tion, under persistent selling, crashed once more for cable transfers. Last week the close was
1.713/i
through the 5.00 mark, and breaking to 4.983', a loss and 1.72.
for the week of 13 points and about 23 points under
Movements in the neutral exchanges, formerly sothe level prevailing a short time ago. This is the
called,
were lacking in special significance. In the
lowest figure since last July. The request of the
main,
the
tendency was toward lower levels in
United States Government that the nations indebted
sympathy
with
the major Continental currencies,
to this country make some serious attempt at adjustbut
losses
continue
to be confined to a few points.
ment, apparently continues to be an unsettling
Spain
lost
ground
on
rumors that the Spanish Governelement, besides which the inability to arrive at a
ment
had
decided
to
support France in her Moroccan
security pact satisfactory to both the Allies and
campaign.
Of
the
Scandinavian exchanges, Nor-Germany was not liked, while the Moroccan camwegian
came
in
for
the
most attention, having gained
paign is meeting with determined political opposition
by those opposed to the political party in power. more than 10 points as a result of rumors that
It is recognized that French finances are wholly Norway was soon to secure a large new loan.
Bankers' sight on Amsterdam finished at 40.1414,
'inadequate to meet the strain of prolonged military
against
40.19;cable transfers at40.163/2,against 40.21;
Activities. For the first time in many weeks speculacommercial
sight bills at 40.063/2, against 40.11, and
tive selling of franc futures developed, which was
commercial
sixty days at 39.7032, against 39.75 a
-taken to indicate the strongly pessimistic sentiment
week
Swiss
ago.
francs closed at 19.3414for bankers'
existing in France. The discount on future franc
bills is about 3 points per month below the cable sight bills, against 19.333/2, and cable transfers at
2 the week previous. Copenrate and approximately 83/ points for three months. 19.353', against 19.343/
Latterly, the discount for three months has been.as hagen checks finished at 18.79, against 18.76, and
high as 13 points. Locally, traders showed no great cable transfers at 18.83, against 18.80; checks on
disposition to plunge deeply in franc operations, Sweden closed at 26.733/ and cable transfers at
2, while checks
notwithstanding the apparent likelihood of further 26.7714, against 26.723/ and 26.763/
on
Norway
finished
at
16.793/
and
cable transfers
declines. The reason for this is fear of intervention
at
16.833/2,
against
and
16.823/
2 last week.
16.783/i
by the Bank of France. As to lire, there was a
Final
quotations
on
Spanish
pesetas
were
14.52 for
decline of about 5 points, to 3.9532, as a result of
checks
and
at
14.54
for
cable
transfers,
in
comparison
foreign selling on a liberal scale. Speculation was
with 14.57 and 14.61 the preceding week.
said to have played a prominent part in depressing
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
the rate. Late in the week Belgian francs also
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 23 1925 TO MAY 29 1925. INCLUSIVE.
turned weak and declined to 4.883. on advices from
Washington that the Government was considering
Noon Buying Rate for Cable Transfers in New York.
Country and Monetary
Value in United States Money
Unit.
the advisability of disapproving the granting of loans
May 23. May 25. May 26. May 27. May 28. May 29.
to nations who have as yet made no overtures toward EUROPE$
$
$
$
$
$
Austria, krone.
14056
debt negotiations. Should this prove true, it was Belgium,
.14065
.14045
.14052
.14045
.19057
franc
0500
.0499
.0496
.0496
.0492
.0490
Bulgaria,
lett
007338 .007333 .007313 .007311 .007311 .007325
regarded as likely to establish a precedent which Czechoslovakia, krone .029625
.029628 .029629 .029627 .029628 .029632
krone
1880
.1881
.1882
.1882
.1881
would be observed in dealing with other of the Denmark,
.1881
England. pound sterling
4 8603
4.8616
4.8628
4.8625
4.8616
4.8618
debtor nations. In all three of these currencies it Finland,
markka
025217 .025211 .025223 .025207 .025209 .025215
France. franc
0511
.0510
.0502
.0501
.0500
.0501
was said that a good deal of the selling on the London Germany,
reichsmark. .2380
.2380
.2380
.2380
.2380
.2380
drachma
017056 .017334 .017391 .017188 .017166 .017091
and Paris markets at times came from disgruntled Greece,
Holland. guilder
4020
.4019
.4019
.4017
.4015
.4016
Hungary, krone
000019 .000014 .000014 .000014 .000014 .000014
longs who had bought heavily in the belief that the Italy,
lira
0103
.0402
.0397
.0398
.0397
.0399
Norway, krone
1681
.1684
.1691
.1691
.1688
.1684
Continental currencies would shortly follow the course Poland,
zloty
1920
.1918
.1918
.1918
.1920
.1920
escudo
0498
.0501
.0499
.0498
.0503
.0502
taken by sterling. Occasional attempts at profit Portugal,
Rumanla,Km
.004713 .004680 .004676 .004696 .004719 .004713
Spain, peseta
.1455
.1455
.1451
.1449
.1451
.1453
taking brought about a few feeble rallies, but the Sweden,krona
2676
.2675
.2676
.2676
.2676
.2676
Switzerland, franc
.1934
.1934
.1935
.1935
.1935
.1935
dinar..
trend in the main was downward. There has been a Yugoslavia,
.016323 .016443 .016578 .016788 .016613 .016489
ASIAresumption during the week of exports of capital ChinaChefoo, tadl
7879
.7708
.7746
.7708
.7713
.7725
Hankow, Mei
7600
.7638
.7656
.7641
.7644
from France and Italy, which added to the general Shanghai,
.7663
tadl
.7446
7413
.7463
.7446
.7455
.7469
Tientsin, tadl
7758
.7788
.7825
.7821
.7800
.7813
confusion and uneasiness. German and Austrian Hong
Kong, dollar. .5449
.5460
.5957
.5461
.5462
.5468
Mexican dollar_ - __ .5428
.5431
.5435
.5430
.5438
.5445
exchange remained unchanged. Greek exchange was Tientsin
or Peiyang,
dollar
5467
.5479
.5475
.5479
.5454
.5479
quiet but fairly steady.
Yuan, dollar
5571
.5583
.5575
.5583
.5558
.5588
India, rupee
.3634
3631
.3633
.3635
.3638
.3638
The London check rate on Paris finished at 97.07, Japan,
yen
.4174
.4187
.4170
.4174
.4172
.4169
dollar .5638
.5642
.5642
.5650
.6638
.5642
as compared with 94.75 a week ago. In New York Singapore(S.S.).
NORTH AMER.Canada, dollar
990899 .999941 .999917 .999954 .999959 .999972
sight bills on the French centre closed at 5.013I, Cuba,
peso
999766 .1000026 .999688 .999740 .999740 .999948
Mexico, peso
498833 .998833 .499083 .499083 .499000 .499083
against5.10Y
1;cable transfers at5.0231,against5.1114; Newfoundland, dollar .997734 .997500 .997734 .998359 .997786 .997526
SOUTH
commercial sight bills at 5.0014,against 5.093 and Argentina, AMER..9229
.9211
peso (gold) .9175
.9209
.9236
.9245
Brazil, mllreis
.1039
1094
.1045
.1044
.1051
.1051
commercial sixty days at 4.95, against 5.04 last Chile, peso (paper)___ .1143 .1138 .1145
.1134
.1131
.1131
Urturtniv nest)
.0721
.9728
.9728
.9723
.9794
.9790
week. Closing rates on Antwerp francs were 4.89 •One schilling Is equivalent to 10.000 paper crowns.
for checks and 4.90 for cable transfers, in comparison
As to South American quotations,these were strong
with 4.99 and 5.00 the preceding week. Reichsmarks and high for both Argentina and Brazil. Argentine
finished at 23.81 for both checks and cable transfers, paper pesos sold up to 40.74 and cable transfers up
the same as heretofore. Austrian kronen continue to 40.79, against 40.40 and 40.45. This is still in
to be quoted at 0.00141
%, unchanged. Lire closed anticipation of the partial removal of the gold emthe week at 3.98 for bankers' Right bills and at 3.99 bargo on June 10. Brazilian milreis finished at 10.71
for cable remittances,ilas-against 4.05 and 4.053 a for checks and at 10.76 for cable transfers. A week
1
Bay 30 1925.]
THE CHRONICLE
2735
out, was not that of freedom of the press as guaranteed by the First Amendment, although that issue
was involved, but rather "the right of the people to
be secure in their persons, houses, papers and effects
against unreasonable searches and seizures," which
the Fourth Amendment declares "shall not be violated"; and we felt constrained to say that "a decision based on mere technicalities, leaving the main
issue undetermined, would be an outcome in every
way deplorable."
The unanimous decision of the Supreme Court in
the cases of the Kansas City "Journal-Post" and the
Baltimore "Post," handed down on Monday in an
opinion read by Associate Justice Sutherland, is a
such as we feared. No one, we
The New York Clearing House banks, in their technical decision
attention without feeling that
with
it
read
can
think,
operations with interior banking institutions, have
upon the narrowest
decision
its
based
Court
the
gained $3,368,308 net in cash as a result of the currest, and that
could
ruling
a
which
upon
ground
rency movements for the week ended May 28.
a free press
of
constitutional guarantee
Their receipts from the interior have aggregated neither the
y
particularl
been
has
privacy
$4,463,788, while the shipments have reached $1,095,- nor that of personal
the
what
by
d
strengthene
elucidated or materially
480, as per the following table:
Court has affirmed. In its apparent search for a
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
.
INSTITUTIONS
narrow rather than a broad foundation for its conindeed, the Court appears to have gone farclusion,
Out of
Gain or Loss
Into
Banks.
to Banks.
Banks.
Week Ended May 28.
ther than the Government, which on its part could
$4,463,788
$1,095,480 Gain $3,368,308
Banks'Interior movement
hardly have been expected to raise any issues that
Mr. Beck, the Solicitor.
As the Sub-Treasury was taken over by the Fed- c•ould be avoided; for, while
, paid some
Government
brief for the
eral Reserve Bank on Dec. 6 1920, it is no longer General, in his
Amendment
First
the
of
bearing
possible to show the effect of Government opera- attention to the
and the same point was raised by the
tions on the Clearing House institutions. The Fed- upon the issue,
, the opinion of the Court
newspapers
defendant
eral Reserve Bank of New York was creditor at the
constitutional question of the
the
that
hold
to
seems
Clearing House each day as follows:
the press did not need to be examined
of
freedom
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
because "no constitutional right or privilege of the
taxpayer is invaded." "For the purposes of the inAggregate
Saturday, Monday, Tueeday, Wednead'y, Thursday, Friday,
May
27.
29.
28.
May
May
26.
May
Week.
for
May 23. May 25.
quiry," the Court declares,"we assume the power of
$
$
$
$
Congress to forbid or to allow such publication as in
75,000,000 84.000,000 66.000,000 91,000.000 73,000.000 86.000,000 Cr.475,000,000
the judgment of that body the public interest may
Note.—The foregoing heavy credits reflect the huge mass of cheeks which corn"
to the New York Reserve Bank from all parts of the country in the operation of require."
the Federal Reserve System's par collection scheme. These large credit balaneui,
however, reflect only a part of the Reserve Bank's operations with the Clearing
Accordingly, having found that the Commissioner
House institutions, as only the Items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of of Internal Revenue is directed by the Revenue Law
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve of 1924 "to make the lists of taxpayers and taxes
Bank for collection for the account of the local Clearing House banks.
available for public inspection in the office of the
Collector and elsewhere as he may determine," and
The following table indicates the amount of bul
that "his discretion in that respect is limited only by
lion in the principal European banks:
his own sense of what is wise and expedient," the
May 30 1924.
May 28 1925.
Court holds that only "a very dry and literal reading
Gold,
Total.
Total
Silver.
Meer.
Gold.
of the statute, quite inconsistent with its legislative
£
L
L
L
history and the known and declared objects of its
28.184.802
156.690.279128,184,802
England__ 156,690,279
France a_ _ 147,289.672 12,560,006159,849,672 147,137,018 11,920,000159,057.018 framers," would penalize "the effective form of secGermany c 47,263,700 d994,600 48,258,300 22,092,550 5,752,850 27,845,400
b2,000,000 ondary publicity" which appears in the publication
b
b2,000,000 62,000,000
Aua.-Hun. b2,000,000
101.444,000 25,798.000 127,242,000 101,289,000 26,251.000127,540.000
SPAM
3,410,000
35,393,000
38,803,000
38,864,000
3,356,000
35,508.000
Italy
tax returns by the press. "Informa826,000 45,110,000 of the income
Netherrds. 39,956,000 1,785,000 41.741,000 44,284 000
Nat. Bela_ 10,931,000 3.008.000 13,939,000 10,819,000 2,730,000 13,549,000 tion which everybody is at liberty to acquire, and the
Bwiteland. 19,278,000 3,536,000 22,864,000 21,205.000 3,924,000 25,129.000
13.757,000
12,941,000 13,757,
12,941,000
Sweden_
seemed especially de796,000 12,438,000 acquisition of which Congress
Denmark. 11,836,000 1.054,111 12,090,000 11,842,000
8,182,000
8,180.011 8,182,000
Norway __ 8,180,000
of some clear
absence
the
in
,
facilitating
sirous of
Total wee 593,117.651 52,141,600 45,259.251 545,985,37 55,609,850601,595,220 and
cannot be recontrary
the
to
provision
positive
Prey. week 591,231,94 52,190,600643,422,548 545,966,92 55,541.850601,508,779
to be
property,
public
as
than
otherwise
garded
are exclusive of
a Gold holding, of the Bank of France this year of the Bank of £74,572,836
holdings
Germany this
of it
held abroad. b No recent figures. c Gold
possessors
the
as
freely
as
others
to
on
passed
Oct
of
7
As
1924.
d
year are exclusive of £3,500,900 held abroad.
may choose." Congress, in other words, wished the
Publicity of Income Tax Returns—The Su- income tax returns to be news, the Court assumes
without argument that what Congress wished it had
preme Court and the Constitution.
In comenting in our issue of Dec. 27 last upon the a right to wish and to enact, and hence the press is
suits which had been instituted against certain news- guilty of no crime in spreading broadcast what Conpapers because of the publication of income tax gress hands out.
The Supreme Court has spoken, and its word is
returns, we expressed the hope that the Government
Until Congress acts to change the statute,
law.
phase
every
to
have
efforts
"will be successful in its
publication of whatever income tax renewspaper
the
Revenue
of
provision
of the income tax publicity
be opened to public inspection in the
may
turns
on
the
United
of
considerati
for
Act of 1924 presented
of Internal Revenue will be enCollectors
of
that
offices
suits"
test
various
the
in
Court
States Supreme
and
hence
lawful,
presumably, in the legal
then
tirely
we
pointed
as
issue,
main
The
had been brought.
ago the close was 10.50 for checks and 10.60 for cable
transfers. Chilean exchange was lower and closed
at 11.33, against 11.49, but Peru was not changed
from 4.12.
The Far Eastern exchanges were higher, chiefly
in sympathy with the movement of silver. The
Chinese and Indian currencies all closed at small
net gains. Hong Kong finished at 553, against
4@743A;
54.95; Shanghai at 74%®75%, against 733
Yokohama at 42@42%, against 42@423'i; Manila
at 499'@50 (unchanged); Singapore at 57@5714,
2@364,against 36.55@
(unchanged); Bombay at363/
against 36@36%.
36%@37,
at
36.75, and Calcutta
2736
THE CHRONICLE
Evou 120.
sense, entirely proper. With all respect, however,
We cannot but regret that the Supreme Court,
for the learning and ability of the Court and the whose rare unanimity of opinion will doubtless give
binding force of its decisions, we nevertheless are additional popular weight to its decision, should
compelled to think that the language of Mr. Asso- have left this aspect of the case unnoticed, and should
ciate Justice Sutherland's opinion, at one very im- have "assumed" the existence of a right in Congress
portant point, shows a confusion of thought which to allow or forbid publicity in its discretion. With
materially weakens the force of his argument. The the utmost deference to the wisdom of the Court, we
passage is one from which we have already quoted think that the assumption, which was made without
the concluding sentence, and part of another. argument,is not warranted by the Constitution, and
"Something is said in the briefs," the learned Jus- that "statutory construction" leaves the main issue
tice declares,"and was said at the bar, as to the wis- still open. We can only say again, as we said in disdom, on the one hand, of secrecy, and, on the ether, cussing the matter on Dec. 27, that "it is no concern
of publiciity, in respect to tax returns. But that is of the public, and no concern of the press, what the
a matter addressed to the discretion of the lawmak- income of an individual may be, or how it may be deing department, with which the courts are not con- rived, so long as acquisition has been by honest and
cerned so long as no constitutional right or privilege lawful means and has involved no violation of the
of the txapayer is invaded; and there is no conten- rights of others. The right of the individual in that
tion that there is any such invasion here, whichever respect is distinct from the right of free speech and
view may be adopted. The problem, therefore, is the freedom of the press, and there is no need of conprimarily one of statutory construction, the disposi- fusing the two." The Solicitor-General is not to be
tion of which will determine whether the constitu- blamed for not raising the point, since he could not
tional question as to the freedom of the press needs be expected to argue against the Government case.
to be considered. For the purpose of the inquiry, we It was not a point to be raised by the defendant newsassume the power of Congress to forbid or to allow papers, because if the section of the Revenue Act
such publication as in the judgment of that body the that directed the opening of the returns to the public
public interest may require." No subsequent refer- were unconstitutional, they themselves would be
ence to the constitutional aspects of the case is found shorn of their defense. But we think that the quesin the decision.
tion of personal right to privacy was implicit in the
It is a settled principle of our constitutional law case presented to the Court, and that the welfare of
that the discretion of the legislature, in the deter- the nation would have been served by considering
mination of public policy, is not a subject for judi- and, as far as possible, settling it. The prodigious
cial inquiry as long as the limitations imposed by invasion of private rights which has come about in
the Constitution are not overstepped. Whether or this country during the past few years is an evil to
not the constitutional limitations have been passed, be resisted, and there could be no stouter form-of reon the other hand, is not only distinctly a judicial sistance than for the Supreme Court to draw the line
question, but it is also one which the courts are in where the Constitution intended that the line should
duty bound to keep always in view. Nothing which be drawn. It is sincerely to be regretted that the
the Constitution forbids may lawfully be done by Court did not avail itself of the opportunity, which
Congress under cover of legislative discretion; and apparently was presented to it in the income tax pubif, by inadvertence or design, something which is for- licity case, of upholding personal rights by a constibidden is nevertheless attempted, it is the business tutional decision wholly free from doubt.
of the courts to interpose and set it aside as void.
It is, of course, true, as Mr. Associate Justice Suth"Things of the Spirit" in Advertising.
erland says, that the taxpayers whose names and tax
At the meeting of the Associated Advertising Clubs
returns were published by newspapers in Kansas of the World, held in Houston, Texas, May 11, RepCity and Baltimore were not themselves parties to resentative C. A. Eaton, of New Jersey, struck, the
the test suits which the Government instituted. They dispatches tell us, a "keynote" when he said: "While
were the victims of publicity, but they did not come we are selling things of a material kind, we must
before the Court seeking redress. But what about also sell the imperishable things of the spirit. Thus
their constitutional right to privacy which the Fourth only can the art.of advertising continue to be the
Amendment declares "shall not be violated"? Grant- handmaiden of human progress, leading the weary
ing as beyond dispute, the right of Congress to pro- feet of all nations forward along convergent paths
vide for such inquiries into personal affairs as the until by and by we shall reach the sunlit land of hucollection of an income tax necessarily involves, had man understanding, complete co-operation, friendCongress the right to direct the publication of the ship and peace, which will mean the dawning of the
returns, either by opening them to public inspection Kingdom of God upon earth." Mr. Hoover, in his
in revenue offices or in any other way? Does the address, adds an explanatory note to this statement
Sixteenth Amendment, which authorizes the levying in the following way: "There is still another phase
of an income tax, operate to break down or limit the of advertising that has always interested me, and
right to personal privacy which the Fourth Amend- that is the impulse advertising has given to the disment guarantees? If it does not, then the primary tribution of news, information, good cheer and eduquestion before the Supreme Court was not merely cational material to our people. . . . Obviously,
that of statutory construction, nor yet that of free- were it not for the vast extension of national adverdom of the press, but rather the much more impor- tising, we should never have had the fine development
tant question of the right of Congress to trench upoa of our periodical magazines, and were it not for the
the constitutional guarantee of personal privacy by growth of local newspaper advertising, our publishdirecting publicity for income tax returns in any ers would not be able to produce the great journals
form, together with the right to make such publicity which are of such incalculable
value."
retroactive, as appears plainly to have been done in
Perhaps we are not doing justice to either address
the publicity directed under the Revenue Act of 1924. in linking together these two brief
extracts, but it
MAY 30 19251
THE CHRONICLE
2737
serves to bring out one connection between the mate- here that the "things of the spirit" may be revealed
rial and spiritual. And how far away this is from to minds busied with direct affairs of life. At this
the foolish charge made in some quarters that adver- point the specialized journal becomes the university
tising controls the policy of a paper or periodical. to the common school of the popular press. It seThe vast body of educational news and comment lects and classifies the events and comment from a
would sink to insignificant proportionsif "controlled" wide and important field, and performs a work not
by the preponderant advertising. "Things of the permitted in the nature of things to individual or
spirit" would find little place. It is natural that in people or to journals of more comprehensive scope.
so wide a field as publishing affords advertisers It must appear that in the doing of this nothing but
should seek specialized journals for the dissemina- a complete independence of the "spirit" will suffice
tion of information as to their own products. But to reveal the fundamentals of "things as they are."
since they thus sustain the journal, it is the more And in proportion as this selection of news is wise
free to widen its influence in public affairs that and liberal in that proportion comment thereon will
have only a lateral connection with its main purpose. be judicious, instructive and helpful.
The "things of the spirit" forbid that overeachAnd such is the skill in presenting advertising to
readers that there is contained in the mere routine a ing in advertising which describes an article or an
fund of information in itself indispensable. This, opportunity as the "best in the world." For while
in
however, has its limits, and if we are not mistaken, this way and is in some instances literal truth,
abiding
an
not
is
it
progress
of
nature
very
these lie in the single motto of "truth" now univer- the
sally accepted as a primal law. Facts before argu- "truth." Though improvement keeps an article
ment. Truth is its own mentor. Truth is its own abreast of all new things—at the very time "best" is
advocate. There are lines of advertising where truth written there may be something else better that is
need go no further than the mere statement, where • making preparation for entrance into the field of
"wish,""want" and "desire" are based upon a set of competition. And it is here, perhaps, that publishing
may influence advertising. Selection in terms and
conditions the advertiser seeks first to reach.
If this be true the art or science is reduced to pre- measurement has already eliminated the flamboysenting truth in a plain way in the proper place. Ad- ance of the get-rich-quick scheme and the insinuating
vertising, like salesmanship, is sometimes wasted appeal of quackery, but it is due other patron advereffort. We find a slowing down of the claims for- tisers that the description of goods and investments
merly made. Sometimes schools undertake to teach allow for the presentation of all on an equal plane of
the "art" of selling anything to anybody. Advertis- merit revealed alone by the "truth." And what a
ing writers have sometimes claimed to have an in- wonderful thing this mere "truth" is becoming!
sight into psychology almost mystic. They have Long ago it was recognized that it is a duty to read
claimed that expression is the soul of advertising. the advertising pages. Now it is an imperative duty.
And while this may not be denied, it cannot create a And what a magnificent array is presented to the eye
want or desire where there is no basis in good or for and mind! In the mere pictorial representations of
good-will. Often placement is more than preach- commercial art are to be found productions that vie
ment. And it simplifies the whole consideration to in beauty and far surpass in utility the articles and
say that putting the plain facts where they will meet ornaments dug from the ruins of ancient cities, now
already interested eyes is the first step. Constant so highly priced by a class of rich collectors.
Complaint is sometimes made that so Much space
reappearance of the fact will have its way. We do
not doubt the value of repetition, but this repetition in the modern journal is devoted to advertising. But
is fact, not argument. And one of the most signifi- what would you? Even as it is, production outstrips
cant features of all advertising is its interdepen- presentation. And unless there are the specialized
dence—the preparation of mind to see the facts when requirements we have mentioned the mutual support
of an intricate trade demands room for all. It is genproperly displayed.
If we may be permitted to carry this phase of the erally recognized that no other medium equals the
matter a little further, arguments of savings banks "newspaper." It is more and more becoming admitthat are spread lavishly before the whole people lead ted that selective advertising comprises the utilizato ability to invest in permanent securities, and when tion of specialized journals where every reader is a
this point is reached the truth concerning a stock or possible patron or buyer. It is true that the fascinabond finds its place in the popular journal that has tion of the news columns takes away from the more
been the medium of the advocacy of thrift. But if general reading of the advertisements. The increase
advertising stopped here it would fail to reach a in advertising, therefore, demands increasing disclientele already prepared to buy in large quantities, crimination in the publication of news. Sensational
and one no longer interested in the arguments for "scoops" that occupy the first page from day to day
saving because impelled to investments where the de- in a way may increase the circulation, but not among
tailed facts are alone important, one that depends analytical readers. And in proportion to the intelliprimarily on the specialized journal. Advertising gence and poise of readers is the opportunity of the
busihere that is argumentative or fulsomely persuasive advertiser in many if not in most of our modern
has
a
lines.
often
buyer
ness
wider
The
range
loses its force.
And the "heavy" advertiser has an opportunity
of knowledge than the seller, for he scrutinizes the
public service, like in character, though lessened
for
nothing
needs
He
field.
more
than
investment
* whole
to the publisher himself. Decorum, poise,
degree,
in
be
often
persuaded
against
his
canot
He
the facts.
mutual support among advertisers to
toleration,
risking
is
the
he
this
on
And
investjudgment.
own
serves to eliminate all but the truth.
other,
each
ment of large capital.
is linked to moderation. The
power
Educative
While this is true this same investor reads the spenot only be accorded an
that
competitors
is
it
is
"truth"
And
here
consults.
that
cialized medium he
And here is proof posia
fair
but
field.
field,
equal
safe
are
investment
and
correct
the principles of
no
firm,
one
business or industry
no
one
that
tive
the
is
of
It
day.
comment
and
news
linked to the
2738
THE CHRONICLE
does, or can ever be permitted to, control the policies
of a publication. To allow this state of things to
come about would be to commit slow suicide. Publishing is just as free to all as is advertising. And,
for an example, to permit department stores to dictate the policies of a paper, would immediately cut
it off from other equally lucrative fields. It is this
freedom of publisher and patron that must be preserved from cost-discriminations that may be inflicted by onerous postage regulations by Governments. Advertising clubs are doing good work by
discussing the ethics of advertising; but as readers
grow in the habit of reading the advertising pages
for knowledge, "things of the spirit" will more and
more come into control.
[VOL. 120.
not long in seeing through political sophistries when
their pockets are affected. They have no illusions
about capital levy as bringing prosperity, and they
have already ceased to count upon reparations payments to balance their budget. Caillaux's policy
was, and is now, to establish commercial relations
with Germany as the one condition of permanent security and prosperity. Whether the Painleve Ministry stands or falls its present acceptance is sufficient evidence of the purpose of the French people
to "get down to brass tacks," as the saying is with
us. They want trade with their proverbially best
customer, the nation which both buys and sells in
their markets the things in which French industry
and business are most concerned and in which both
they and the Germans have long enjoyed established ways. They are both economical producers
Foreign Business—Its Challenge to America.
and consumers, and therefore, when business is once
In our recent articles on the existing situation in reopened its permanence is not likely to
be easily
various foreign countries we have given attention to upset. The election of Hindenburg, whatever
its potheir economic no less than their political condition. litical significance may be, does not change
the ecoThe country's altogether exceptional circumstances nomic situation. In view of the immense
majority
naake it inevitable that American finance and Amer- with which he was elected, his
advanced age and his
ican business should reach out for opportunity conservative temperament, it is
highly probable that
abroad. Americans are not in the habit of waiting in spite of his loyalty to the monarchy
, he will have
where there is prospect of gain. These are times the support of the people if he
returns to the policy
when the opportunity becomes a challenge.
of Bismarck, his personal counterpart, and seeks to
The devastation wrought by the war has made eco- lead Germany back into the earlier
ways of acquirnomic need well-nigh universal. Of this all are ing influence among the nations by
her economic and
aware; but only with care can we discern the special commercial development.
character of that need in different lands, or appreGermany is to-day in the strongest industrial posiciate the particular terms under which even local tion in Europe. Through the entire decade she has
needs can be adequately met. They may be purely pushed the machinery of her economic life to its highconventional and even arbitrary, and to us unrea- est possible development. Her factories are in personable. They often appear unnecessary and ob- fect repair; her means of transportation, her canals,
structive. But they exist and must be regarded if we railways and rivers, are in all directions in the best
would succeed.
possible condition and in abundant use. She has
For example, Bulgaria occupies the centre of the practically no unemployment. Her mercantile mastage to-day for the violence of its political distress, rine is rapidly rebuilding and with better vessels
which, of course, means delayed recovery and in- than those surrendered. Hamburg is
the most imcreased economic loss. The Balkan situation as a pressive commercial sight in Europe, with
her miles
whole is commercially important; and what are the of immense dockage, her great waterway and her
facts? Very recent news is that after the war Amer. vast fleet of commercial vessels; while the city itself
jeans rushed in with many business adventures; the is thronged with busy people and built up with imdoors were open, and the needs were great; American posing edifices.
interest and sympathies had long been turned to
Czechoslovakia is striving hard for prosperity in
them. There was opportunity for immediate service similar lines and with similar methods, and Austria,
with quick profit at large percentage. We have had far the neediest of the former greater States, is strugto learn that under existing conditions such terms gling to be freed from tariff barriers while pinning
were not possible, and we are withdrawing. Ger- her faith on the possibility of a place in a future comman and English business came on far better terms bination established if not "in a political at least in
and with longer credits, with the result that the an economic sense to constitute a United States of
Americans are largely superseded before they had Europe"; and this quite independently of whether
really found a footing.
Germany shall absorb it or not.
Only the other day Asia Minor appealed to the
Similar conditions in matters of foreign trade will
world. Americans were already on the ground seek- be found in South America. Hereditary connections
ing concessions, and others were coming with offer- there are of course with Europe. Social and intelings of all sorts. As the Turks proceeded to establish lectual intercourse has long been intimate, especially
their autocracy the Americans paused. Interest with France and Spain, and economic relations have
shifted to Greece as presenting the greater need; and in recent years developed with both Germany and
it appeared that even the German representatives Italy. Our business with these republics is growing
were distributed throughout the Turkish Asiatic ter- in the face of difficulty. General Pershing returns
ritory quietly and•successfully establishing business from his recent visit to them impressed with our
connections, as we have recently described, in ways need of a subsidized merchant marine to meet the
so intelligent and effective that there is small chance general foreign situation—a questionable method of
of displacing them in the future.
relief.
Turning to France, Caillaux's sudden restoration
According to Secretary Hoover and the Departto power as Minister of Finance can only be ex- ment of Commerce, American investments abroad
plained by the pressure of the economic situation. which before the war were not over $2,000,000,000,
The Frenah are shrewd business beople. They are now amount to $10,000,000,000, not including the
MAY 30 1925.]
THE CHRONICLE
Government's war loans. $5,500,000,000 of the present sum represent American owned and controlled
projects, as oil, copper, etc.; the remainder is largely
in private loans to foreign Governments and municipalities and holdings in foreign industries. The question before business men, however, is not so much
as to existing investments, impressive as these are,
but rather as to how foreign business in its new aspects is to be initiated and undertaken. "Investments," whether public or private, do not meet the
situation. They are limited in the main to guaranteed or amply secured loans. The widely varied legitimate "give and take" business of the world is the
only economic foundation, and that rests on certain
unchanging conditions.
The first of these is ample knowledge. This need
hardly be argued. But it is not always evident, as
when long ago warming pans were sent to Cuba, and
wheelbarrows for use by labor in Central Ainerica.
The former only found a market when they could be
used as ladles in boiling sugar; and the latter, when
offered to men accustomed to carry loads on their
backs, were thrown into the ditch. Knowledge must
extend to both methods and speech. Intercourse
through interpreters is restricted and embarrassing.
Men need to look one another in the face and to use
speech for more than "to conceal thought." Many a
contract has been lost because the bid was not in the
currency of the country, as many a desirable new
method and new machine created only confusion because amid long established habits it was new and
not easily intelligible. Our great locomotive and
electrical companies send experts abroad as a matter
of course with their machinery to set it up and teach
its use. But that was not done when American machinery of kinds altogether new began to be introduced
in foreign countries and some of the best had a long
struggle to obtain acceptance. There is no reason
why merchants and bankers should not recognize similar obligation to employ, and if need be train experts
of like or even greater competence, because their task
has many complexities.
The "long look" as over against the short and easy
method is quite as important. That means contentment with fair returns, patience unlimited, persistent effort to win and to deserve confidence, respect
for other people, even of other color and another
speech, co-operation with one's colleagues and with
natives which shall allow fair competition as a requisite in all growing enterprises, and a sincere desire
to make the business a benefit to the community
which supports it. These are certainly some of the
fundamentals of modern as well as of all successful
human intercourse.
Never did a country have the opportunity and the
call to put them in practice to the benefit of itself and
to the world we have to-day.
The recent issue of the Journal of the Canadian
Bankers Association in announcing the purchase of
the interests of the United States in the Bank of Central and South America by the Royal Bank of Canada, which already has established branches in Central and South America and the Caribbean and has
also taken over the Bank of Cost Rica, makes this
comment:
"This transfer marks another stage in the contraction of the American foreign banking enterprises
which expanded so phenomenally at the end of the
war. There is a marked tendency for foreign banking to revert to those institutions which had built up
2739
experienced staffs and responsible clienteles before
the period of abnormal expansion."
The unfortunate experience to which this quotation refers ought not to divert attention from the
closing statement and its permanent significance.
Annual Report of New York Central Railroad,
The annual report of the New York Central
Railroad for the calendar year 1924 has been issued
this week. It is hardly less noteworthy than that
for the calendar year preceding. This preceding
year was perhaps the most strikingly favorable period
in the company's history. The system serves the
great manufacturing districts of the Middle States
and the Middle West and also has an enormous coal
tonnage. In 1923 these sections of the country
enjoyed wonderful prosperity, industrial activity
being at its height, with the result of bringing to the
Central lines a great increase in traffic and of course
also in revenues. On the other hand, during 1924
almost precisely opposite conditions prevailed. Instead of industrial activity there was industrial
depression—and of a very pronounced type.
After the first two months of 1924 business steadily
declined and in mid-summer there developed a
positive slump in trade. Recovery did not come
until towards the close of the year. As a consequence both traffic and revenues on this great railroad
system suffered a severe shrinkage in contrast with
the marvelous results of 1923. In the number of
tons of freight carried there was a decrease compared
with 1923 of no less than 27,224,344 tons. Freight
revenues fell off $46,295,971 and total railway
operating revenues $51,427,853.
But this prodigious shrinkage in income was offset
by a reduction in railway operating expenses in
amount of $45,947,078, leaving the net loss only
$5,480,775. The company was able to cut down its
maintenance outlays because of its unusually comprehensive maintenance program in 1923; and the reduction in the volume of traffic handled operated of
course to the same end. Besides this, study of the
traffic statistics reveals operating efficiency in every
direction. The report also tells us that fuel for locomotives, which accounts for 55% of the total decrease in the transportation group, reflects not only a
decreased consumption but also a lower average price
per ton.
Taxes keep steadily rising and the augmentation in
this item served further to swell the loss in net income.
Nevertheless the final result is satisfactory in the
highest degree. After paying 7% in dividends, calling for $20,728,835, there is left a surplus on the
year's operations in the handsome sum of $18,399,461.
In other words, besides paying 7% in dividends there
was left surplus income equivalent to 6% more. And
this without taking into consideration the undistributed earnings of the controlled properties which
are operated separately. Obviously a railroad corporation which has to its credit a record of this kind
after having sustained a loss of over $51,000,000 in
gross income in a single year must be regarded as
holding a position of unusual strength.
It should be noted, also, that the company held an
unusually strong cash position at the end of 1924.
The total of the current assets was not greatly
changed from what it was at the end of the previous
year, being $99,510,240, against $100,403,801, but of
actual cash the amount Dec. 31 1924 was $31,183,947.
against $12,158,062. On the other hand, the total of
the current liabilities on Dec. 31 1924 was only $59
161,111, as against $75,595,258.
2740
THE'CHRONICLE
[VoL. 120.
Indications of Business Activity
Iron have been large, but only because of the inducement of
THE STATE OF TRADE—COMMERCIAL EPITOME.
lower prices. Scrap steel, however, has been tending upFriday Night, May 29 1925.
Extraordinary weather in the shape of freezes in the ward. Copper has been steady and zinc and lead have admonth of May in the West and Northwest, following what vanced. There is the seasonal lull in the furniture manuis termed a polar wave, which naturally struck Canada as facturing business. In general the big industries are slow.
well as this country, has had a detrimental effect on busi- This means iron, steel and textiles. Indeed, in the Northern
ness. That was a foregone conclusion. And it has been mills, notably in New England, there is enough unemploytoo cold in the East, following an extraordinary, though ment to have an unfavorable effect on retail trade. Worst
brief, hot wave last Saturday. Warmer weather is needed of all, there is talk of further curtailment among the cotton
for trade and the crops. Corn and fruit crops have been and woolen mills.
Silk business is an exception to the depression in textiles.
injured by freezes. At the same time there have been complaints of drought over the West. To-day, however, there It is active. The jewelry trade is still very dull. In the big
were rains in the Central West, which caused some decline cities there is more or less unemployment, for there need
in the grain markets. There were floods in the upper Rio be no attempt to disguise the fact that business thus far this
Grande Valley, and the Rio Grande River was steadily rising. year has been disappointing. Meanwhile the stock market
Texas had some rain and needs more for its cotton crop. has for the most part been active and firm. Money on call
But on the whole the South has made the best showing in has been firmer at 4%. Bonds have been in good demand.
trade, though it has been too cool there also, especially at The substructure of American business is evidently sound.
night, when the temperatures have fallen to the 40's and Collections are reported better in the Chicago district. But,
even now and then into the 30's. To-day, however, in as already intimated, the buying keeps within very conservasouthwestern Texas it was as high as 112 degrees, and the tive bounds. Of course, it is regrettable to notice that
'other day.it reached 115. In other words, the weather over French, Belgium and Italian rates of exchange have dethe great floor of the Continent has been erratic and gen- dined. France has a Moroccan war on its hands and Italy
erally to the detriment of business, crops, and no doubt the has troubles peculiar to itself. The Belgium rate fell to-day
public health. Wholesale and jobbing business as well as to 4.89c., a new low for the year. French francs, however,
retail has suffered. Yet these conditions are no doubt tran- after a big decline, were steady, and sterling was firm at
sient. They must be, in the nature of the case. For we 4.86 for demand bills. In other words, sterling has got back
have no* arrived at the month of June. Meanwhile car practically to par. To-day London was cheered by reports
loadings in the third week of May reached a high total for that very satisfactory progress was being made in negotiathe year. It looks as though the May total would be nearly tions looking to a pact of the western nations of Europe. The
10% above that of the same month last year. It will be ttend of the times is towards a harmonizing of interests, as
recalled that the April loadings showed an increase of 6%. most nations of the globe realize more and more clearly the
Under the.circumstances it is not surprising to notice that folly of war.
At Fall River prices as a whole are now as low, if net
the mail ordr and chain store sales show an increase over
lower, on print cloths than at any time during the past three
those of last year.
Somehow the people keep on buying; only there is this years. Curtailment has latterly increased. Production is
fact that stands out very clearly, namely, that the hand-to- now less than 50% of normal. The sales for the week to
mouth policy of buying in jobbing and wholesale business is date are estimated at less than 25,000 pieces. At New Bed •
still rigidly adhered to. Meanwhile, as might have been ford, Mass., fine goods mills are running at 90 to 100%, but
expected, owing to the bad weather, the grain markets are there is an increasing tendency to curtail there in the yarn
higher for the week on the active deliveries by 3 to 8 cents, mills. At Thorndike and Bondsville, Mass., cotton mills shut
the latter on July wheat. September rye, indeed, was at down for 10 days eliding June 2. The Boston Duck Co. has
one time 13 cents higher than last Friday, owing to damage shut down and will not reopen until June 2. At East Warren.
to the crop. There is no doubt that some injury has been R. I., the Parker mills are curtailing in most departments
done to wheat, corn, rye and oats. There will have to be a to four days a week. At Pawtucket, R. I., most mills are
good deal of replanting of corn. Cotton prices have risen running all machinery five days a week. Some plants are
somewhat because of drought in central and southern Texas, operating night shifts. Silk mills are exceptionally busy, all
and the fact that to all appearances the market had become running day and night. Manchester, N. H., wired denying
oversold. The average estimate of the condition of the crop a report that the Amoskeag mills may be shut down for three
is about 75%, as against 65.6 in the Government report for months. But they closed down on May 28 until June 1. At
Jime 2 last year and a ten-year average for that date of 72. Somersworth, N. H., curtailment has been announced at the
Parts of Texas having had beneficial rains, however, there Great Falls Bleachery & Dye Works owing to dulness of
are hopes that the total yield will be somewhere between trade. At Amsterdam, N. Y., the weavers of the carpet and
14,000,000 and 15,000,000 bales, as against 13,600,000 this rug mills of S. Sanford & Sons, who had been on strike for
season and 10,140,000 two years ago. Wool has been quiet two months returned to work on May 25. At Passaic, N. J.,
the Botany worsted mills, with 900 workers, closed its weavand to all appearances still more or less depressed, and
there ing department on May 25 until
June 1, owing to dulness of
is now some talk of a further postponement of the
Australian trade. At Paterson, N.
J., the output of silks in five months
sales. This means that the manufactured product does
not
find a ready market. For that matter cotton manufactures Is over 50% larger than in the first five months of 1924.
Charlotte, No. Caro., reported a strong prospect of a coare still for the most part quiet, though the fine goods
mills operative curtailment oe
So themn mill prod ction until
44 New Bedford are said to be
running at 90 to 100%. Cof- trade conditions improve.
Mills are being urged to curtail
fee with a diminishing supply and an oversold market,
and normal operations to the extent of one week between June 1
latterly rising prices in Brazil, has moved up here
some and Aug. 15, applying to 10,000,000 spindles. Curtailment
1% to 1%c. The fact may be significant that much
of this among fine combed yarn mills in Gaston County expected
is
advance was due to active buying here at New York
rather to start within a short time. At Rockingham, No. Caro.,
than to manipulation from Brazil. Raw sugar has
advanced the Great Falls Mills, making ducks and yarns, will henceslightly and in the fore part of the week was
quite active, the forth operate three days a week, as compared with five
transactions involving something like a half million
bags. days recently. At Laurenburg, No. Caro., the Dixon
And the centrals or mills for grinding the cane in
Cuba are Prince Scotland and Waverly cotton mills have begun currapidly closing, generally after having exceeded
the esti- tailment and for the present will operate only three days
mates of the output for the several mills. Heavy rains
pre- per week. The mills have a total of 67,000 spindles making
vail in Cuba. The leather trade is
still quiet in the East, hosiery yarns.
though somewhat more active at the West. Building
operaAt Rockhill, S. C. the Industrial Cotton Mills, manutions are on a liberal scale, and this is reflected in
a better facturers of denims will begin a 4 day a week schedule on
demand in some directions for structural steel.
But con- Monday next and will close for the full week of June 29.
sumers on the whole seem to be well supplied for
the time Griffin, Ga., wired that mills considered goods prices below
being and prices are not over-steady. In the Mid
-Continent replacement costs with goods selling at the basis of 21 to 22c.
region premiums for petroleum have advanced. Gasoline
is for cotton, and that beginning this week large mills are
generally higher. In the Central West recent sales of pig
curtailing, said to be 1 to 2 days weekly. London cabled
MAY 30 1925.1
THE CHRONICLE
that replies received by the Master Cotton Spinners' Federation to a short time circular appeal do not warrant them in
continuing 13 hours weekly stoppage. A recommendation
% hours per week instead
that the stopping time be only 83
of 13 hours will be put to a vote and the result should be
known in a week. Some do not want a 35 hour weekly
schedule. They want 39 hours. In the weekly average
of the 25 active southern textile stocks there was a decline
of 8 points in the bid price last week, the average being
115.44 against 115.52 in the previous week.
Chain store sales increased in April. The Federal Reserve
"Review" puts the total for the month at 18% higher than
in 1924. Wholesale trade fell off. But department stores
in the New York district averaged 3% above last year.
Sales of 200 leading dealers in 15 lines of wholesale trade in
the New York district were seasonally smaller in April than
in March and 2% smaller than in April of last year, the same
decrease as was shown for the first quarter of the year.
Comparison by individual lines revealed the chief decreases
from last year to have been in women's coats and suits,
jewelry, groceries, shoes, drugs and hardware. Trade in
silk goods, on the other hand, continued unusually active
and substantial increases occurred also in sales of diamonds
and machine tools. The Firestone Tire Jz Rubber Co. has
advanced all tires 5 to 10%,effective June 1. At Yokohama
silk advanced on Wednesday 20 to 25 yen and New York
prices were firm. A curious fact elicited by the Department
of Agriculture is that 7,860 New York push cart peddlers
do an annual business of $35,000,000, supplying 1,500,000
persons with fruits, vegetables, nuts and cheese.
On Saturday, May 23, the temperature at New York
suddenly rose to 92 degrees, the hottest for that date on
record. The brief heat wave was abrputly broken in the
city at about 7 p. m. by a gale of 64 miles an hour, causing a
fall in the temperature in a few minutes to 71, with some
rain, and on Sunday to 44. On the same day the Central
West suffered from very high temperatures, and it was 100
degrees, while it was freezing in Minnesota and Northern
Michigan. A cold wave had started from Alaska last week
and was making its way southeastward. Chicago reported
light snow and frost. On the 24th inst. (Sunday) it was
cold and rainy. On the 25th inst. it was unseasonably cold,
with some rain. In the Middle West, which late last week
had temperatures of from 90 to 100 on the night of the 23d
inst., shivered in the grip of a chilly northeast cold wave. In
Chicago yesterday the mercury climbed from 50 to 94 degrees in fifteen hours. On Saturday last it dropped 23
degrees in one hour. On May 25 it was down to 40 degrees
here,said to have been the lowest temperature on that date on
record. And from the Canadian line to Northern Kansas
and Oklahoma, Iowa, Illinois and Indiana there was killing
frost. Ice formed, it was said, in Iowa and Illinois. The
recent cold wave is said to have done much damage to crops
in Michigan, Illinois, Ohio, Indiana, Iowa, Wisconsin,
Minnesota and North Dakota. Latterly it has been warmer
in the East.
2741.
were less, but sales of meats, dry goods and drugs were larger. Sales at
department stores and by mail order houses showed more than the usual
seasonal increase in April and were larger than during April, 1924. Wholesale stocks of groceries, shoes and hardware were smaller at the end of April
than a month earlier, while dry goods were larger. Merchandise stocks at
department stores showed less than the usual seasonal increase in April,
but were in about the same volume as a year ago. Freight car loadings of
merchandise were greater than in March and larger than in any previous
April.
Prices.
Wholesale prices, according to the index of the Bureau of Labor Statistics.
declined 3% in April. following an almost uninterrupted rise since the middle
of 1924. All groups of commodities shared in the decline of prices except
house furnishings and the miscellaneous group. The largest declines were.
in farm products and foods, which had shown the most rapid increases.
During the first three weeks in May prices of grains, beef, hogs, flour and
rubber advanced, while declines occurred in cotton, wool, lumber and iron
prices.
Bank Credit.
At the middle of May total loans and investments of member banks in
leading cities were near the level which has prevailed, with only minor
fluctuations, since the first of the year. Loans chiefly for commercial
purposes declined slightly between the middle of April and the middle of
May, while loans on securities rose to a high point at the end of April and
decreased somewhat during the first two weeks of May. Total investment
holdings, which increased considerably during the first half of March. have
declined somewhat since that time. Net demand deposits increased considerably from the low point at the end of March. but were still $500,000.000 less than at the middle of January.
At the reserve banks there was a marked decline in the volume of member
bank borrowing after the first week in May and total earning assets of the
reserve banks on May 20 were less than $1,000,000,000 for the first time
,securities on
since January. Acceptances and holdings of United Stat.
that date were in about the same volume as a month earl'. r.
I Atter part of
the
during
Money conditions continued relatively easy
April and the first part of May. At 34 to 4% the open market rate for
prime commercial paper was slightly below the level for the preceding
month.
Decrease in Wholesale Trade in Federal Reserve District
of New York in April.
According to the June 1 "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at
New York, sales of 200 leading dealers in 15 lines of wholesale
trade in this district was seasonably smaller in Aprillthan
in March and 2% smaller.than in Apritlast year, the same.
decrease as was shown for the first quarter of the year.
The "Review" continues:
Comparison by individual lines revea7e.1 the chief decreases from last
year to have been in women's coats and suits, jewelry, groceries, shoes,
drugs, and hardware. Trade in silk goods, on the other hand, continued
unusually active, and substantial Increases occurred also in sales ofdiamonds
and machine tools.
Reports on w holesale stocks showed in April, as in previous months,
substantial decreases from a year ago in stocks of cotton goods, silks,
and hardware, but increases in stocks of groceries, and jewelry and diamonds.
Slott at End of Month
Net Sales
Percentage Chaste
Percentage Change
Mar. 1925 Apr. 1924 Mar. 1925 .4pr. 1924
to
to
to
Apr. 1925. Apr. 1925. Apr. 1915. Apr. 1925.
-3.1
-7.0
-9.9
+11.7
Groceries
-23.0
-41.8
Men's clothing
-16.1
-2.2
Women's dresses
-39.6
-18.7
Women's coats and suits
-16.6
+1.6
-+0.7
Cotton-Jobbers
-26.3
+0.9
Cotton-Commission houses_ _
-18.6
+31.8
Silk goods
-7.9
+2.7
+6.4
Shoes
+9.5
-12.9
-6.8
Drugs
-1.6
-6.1
Hardware
-8.7
+18.2
Machine tools
-3.8
Stationery
-2.2
-10.6
Paper
-12.4
+18.6
1+15.4
Diamonds
4-1:e
-13.2
-8.3
Jewelry
-17.8
Weighted average
Federal Reserve Board's Summary of Business Con*Stock at first of month-quantity not value.
ditions in the United States-Production in
Increase in Department Store Sales in New York
Basic Industries in April at Approximately
Same Level as in March.
Federal Reserve District in April This Year as
Compared With Year Ago.
and
basic
factory
industries
in
"Production
employment
Regarding retail trade in this district, the June 1 "Monthly
continued at approximately the same level during April as
in March," says the Federal Reserve Board in its summary Review of Credit and Business Conditions" by the Federal
of business conditions in the United States, made public Reserve Agent at New York says:
April department store sales in this district averaged nearly 3% larger
May 27. While "factory payrolls were smaller, and whole- than
a year ago,a slightly smaller increase than occurred in the first quarter
Board
sharply,"
the
states
declined
that
"dissale prices
of the year, and somewhat less than the usual year to year increase. Apparel
tribution of commodities was maintained at higher levels store sales were about equal to those of a year ago, following a large gain
In March, when sales were increased by early Easter buying.
than a year ago." Continuing it says:
Department store stocks at the end of April showed an increase of 2.3%
Production.
The output in basic industries declined less than 1% in April. Decreased
production of iron and steel, flour and copper was largely offset in the
Federal Reserve Board's production index by increases in mill consumption
production of newsprint and petroleum. The output
of cotton and in the
is not included in the index, has increased rapidly
of automobiles, which
April was the largest over recorded. Automobile
since December. and in
at the high level reached in March. Number
maintained
tire production was
establishments remained practically the
industrial
at
employed
of men
to less full time operation, particularly
same in April as in March. but owing
and food industries, total factory payrolls decreased
in the textile, leather
during April were the largest on
awarded
contracts
about 2%• Building
feet.
record both in value and in square
Estimates by the Department of Agriculture on May 1 indicated a
April forecast in the yields of winter wheat and
reduction of 6% from the
crop is expected to be 25% smaller than last year
rye. The winter wheat
is 9% less.
rye
of
yield
and the indicated
Trade.
Wholesale trade was smaller in all lines except hardware during April
a year ago sales of groceries and shoes
than in March. Compared with
over a year ago, a slightly smaller increase than sales. The ratio of sales,
however, to average stocks during the month, at selling prices, was 31.9%,
compared with 32.1% a year ago. The average amount of individual sales
transactions was $3 03, compared with $2 94 in April 1924.
Net Sales Stock on Hand
P.C.Chanee
P.C.Chande
Apr. 1924
Apr.30 '24
to
to
Apr. 1925.
Apr.30'25,
New York
+3.3
+1.5
-2.1
Buffalo
+3.5
Rochester
+6.1
+7.3
+3.0
Syracuse
+5.0
Newark
+2.6
+6.3
Bridgeport
+4.8
Elsewhere
-3.1
Northern New York State
Central New York State
-4.5
Southern New York State
-3.4
Hudson River Valley District
+4.6
Capital District
+4.3
Westchester District
+0.7
All department stores
+2.6
Apparelstores
+0.3
Mall order houses
2742
THE CHRONICLE
Whereas in March sales by departments showed the largest increases
in wearing apparel, in April, as indicated in the following table, the largest
increases were in luggage, linens, hosiery, and silver and jewelry. Moderate
increases were reported also in furniture and home furnishings, women's
apparel, and silk and cotton yard goods.
Net Sales Stock on Hand
P.C.Change
P.C.Change
Apr.30 '24
Apr. 1924
to
to
Apr.30'25.
Apr. 1925.
+7.5
+8.8
Luggage and other leather goods
+4.9
+8.2
Linens and handkerchiefs
+0.5
Hosiery
+7.9
+0.1
+7.6
Silverware and Jewelry
-1.0
+6.9
Home furnishings
-7.0
+6.8
Silk goods
+1.8
+6.5
Women's and misses' ready to wear
+5.5
+6.4
Furniture
+2.6
+6.0
Cotton goods
+3.8
+5.5
Shoes
+10.5
+5.2
Toilet articles and drugs
+12.4
Men'sfurnishings
-1.8
-0.4
Women's accessories
+8.9
-0.7
Men's and boys' wear
-2.4
-8.3
Woolen goods
+1.8
+6.7
Miscellaneous
A comparison of department store sales by Federal Reserve districts in
the first four months of this year with the corresponding period of last year,
indicates that except in this district, sales in the industrial northeastern
section of the country have been generally smaller than last year, while
sales in some of the agricultural districts of the South and West have
shown substantial increases.
[VOL. 120.
Agricultural conditions in the district are fairly satisfactory although
cool weather has retarded growth somewhat. Planting is nearly completed.
Forage and cereal crops are in good condition and livestock markets are
more satisfactory. The condition of the fruit crops. however, is somewhat
less favorable than it was last year.
Employment and Wages.
Factory employment and wage payments in the states of the Third Federal
Reserve District declined during April. The majority of the 48 industries
reported losses and only one of the groups-building materials-showed a
gain over the previous month. A net decline of 1% in employment and 3%
in wages was reported by 1,003 plants employing nearly 380,000 workers.
The largest losses were reported by the food and tobacco group with declines
of 5.5% and 8.6%, respectively, in employment and wages. Most of the
textile industries curtailed operations in April, as reflected by large reductions in wage payments, notably in clothing factories, woolen and worsted
mills and establishments making felt hats. Metal fabricating establishments and chemical manufactures also showed losses, although generally
smaller than in the textile and food product groups. Many of the miscellaneous group, notably the furniture, musical instrument, shoe, and leather
tanning industries experienced reductions in both working forces and
operating schedules. Among the most notable exceptions to the general
downward trend were the automobile, cement, and explosive manufacturing
industries.
Course of Wholesale and Department Store Trade in
Chicago Federal Reserve District.
With regard to merchandising conditions in the Federal
Reserve district of Chicago, the monthly business conditions
Increase in Chain Store Sales in Federal Reserve report of the Federal Reserve Bank of Chicago of June 1
District of New York in April.
(made public May 28), said:
"April sales by reporting chain store systems were 18%
Wholesale Trade.
Nearly two-thirds of the wholesale dealers reporting April sales to this
larger than a year previous, due chiefly to increases shown
showed a smaller volume of business on a dollar amount basis this
by grocery, variety, 10-cent, and drug chains," says the bank
year than last. By commodity groups declines were most frequent among
New York Federal Reserve Bank in the June 1 issue of its the grocery dealers, with hardware second, dry goods and shoes being
"Monthly Review of Credit and Business Conditions." about evenly divided between increases and decreases, and drug firms
constituting the one group in which gains predominated.
Continuing the Bank says:
Sales
Grocery and variety chains, as in recent months, showed particularly
large increases both in the number of stores and in total sales. In the case
of drug chains, on the other hand, the increase was almost wholly in sales
per store, as the number of stores was only slightly more than last year. .
Shoe chains failed to increase their volume, despite an 18% increase
In the number of stores, and both candy and tobacco chains reported smaller
increases in sales than in the number of stores. The following table gives
detailed comparisons on chain store sales in April:
-P.C. Change April 1924:0 April 1925
Sales Per
Total
No. of
Store.
Sales.
Stores,
Type of Store+4.8
+25.4
+19.7
Grocery
+30
+9.7
+6.5
Ten cent
+8.4
+9.1
+0.7
Drug
-3.2
+2.7
+6.1
Tobacco
-15.6
-0.2
+18.3
Shoe
+3.4
+20.9
+17.0
Dry goods
-5.1
+0.6
+6.0
Candy
+0.9
+17.7
+16.6
Total
Further Contraction in Volume of Business in
Federal Reserve District of Philadelphia.
"Taken as a whole the volume of business in the Philadelphia Federal Reserve District has undergone a further
contraction during the past month" says the June 1 Business
Review of the Federal Reserve Bank of Philadelphia. The
Review adds:
March
Factory employment and payrolls were smaller in April than in
further reduced
and according to preliminary reports, working forces were
in smaller
in May. Distribution and consumption of goods have also been
a fairly
volume. Although railroad freight shipments have maintained
smaller amount
high level, both wholesale and retail sales have been in
downsharp
than in the same period of last year. Prices, too, experienced
quotations declined
ward reactions in April; the general level of wholesale
satisfactory,
more than 3%. Fundamental conditions, however, are quite
slight as compared
and the recent declines in activity have,in the main been
last summer.
with the substantial advances which have been made since
and many
The current slackening has not been experienced universally
Hoes of trade have expanded materially in recent months.
as in March
Building activity continued in April at the same high level
two months
and the number of permits issued in this district during these
Notwithstanding
was larger than in any previous corresponding period.
market appears
the continued large volume of new building, the real estate
reported in
to be easier and some classes of dwellings and apartments are
construction prooversupply at existing renting level. In spite of active
Indeed in some
grams building materials seem to be in only fair demand.
reported
cases, notably brick, lumber and plumbing supplies, prices are
as weak or yielding.
and this has
Demand for iron and steel products has receded still further
output both
been accompanied by lower prices and additional reduction in
market has
in this district and in the United States as a whole. The coke
trades, both
been adversely affected by this slackening, but the coal
slightly
bituminous and anthracite, have been more active, with prices
higher.
markets
Conditions among the textile products continue mixed. The wool
raw wool,
are distinctly unsatisfactory. Demand has slackened further and
yarn and goods are all lower in price. Cotton goods are also In poor request,
with the exception of knitting yarns, and prices of most products are lower.
The silk industry, on the other hand, has continued to enjoy active business
with firm or strengthening prices and a factory output larger than that of
last year. Hosiery mills also are receiving large orders especially for full
fashioned grades. The carpet and rug season has opened with prices about
the same as last year's but retailers have purchased but little so far.
The leather industries are quiet; demand is weak for both hides and
skins and leather, and there has been some weakening of prices. Business
in shoes has also fallen off. Activity in the rubber industry has increased:
good demand and higher prices for tires and tubes have accompanied a
sharp advance in crude rubber quotations. Demand for paper is fair
though smaller than last month, but paper boxes have been in slight request
at lower prices.
comparisons with March varied as in 1924: Hardware dealers
registered definite expansion, repeating the 1924 trend when April was
the peak sales month of the year; most of the shoe dealers also reported
better business than in March;in groceries, however,twice as many declines
as increases contrast with a majority of gains in April last year; and in
drugs and dry goods declines by about half the firms offset gains by the
others.
In collections some improvement was evident during April, all dry
goods, hardware, drug, and shoe firms with one exception in each group
reporting larger amounts received than in March; most of the grocery
dealers showed declines from both the preceding month and a year ago.
Accounts outstanding at the end of the month in general were smaller than
on April 30 1924; for 44 firms out of 76, however, the ratio ofsales during
the month either equalled or exceeded last year's, drugs and shoes being
the only groups in which a majority showed a lower proportion this year.
With four exceptions grocery inventories were lower at the end of April
than on March 31, after net increases since the beginning of the year;
hardware stocks likewise were reduced during April, reversing the upward
trend apparent for four months. In comparison with a year ago, all
the shoe firms and the large majority of dry goods and hardware dealers
showed declines. Average stocks during the four months this year have
been kept nearer to sales needs than last year for half the drug and shoe
firms and for over half the hardware and dry goods firms; in groceries
16 out of 22 dealers report a higher proportion of stocks to sales.
Department Store Trade.
With a few exceptions reporting department stores in this district sold
a larger volume of goods during April than in March, the aggregate gain
of 15.7% for 89 firms being especially significant in view of the fact that
much of the Easter trade was included in the eargsr month's sales. In
comparison with a year ago. the net increase of 2% Is less than that noted
for March, and reflects individual gains by only 40% of the stores. Aggregate sales during the first four months of 1925 are 1.1% in excess of last
Year.
April collections, for most stores heavier than in the preceding month
or a year ago, nevertheless were not sufficient to offset the increase in
accounts outstanding which on April 30 for 62 stores were 5% more than
on March 31. For 42 firms, the ratio of collections during April to accounts
receivable at the beginning of the month amounted to 44.2%, as compared with 45, the corresponding 1924 comparison.
Aggregate inventories on April 30 were 1.5% below the March 31 level,
although individually over half the stores made net increases to their
stocks; in comparison with a year ago, the decrease of 3.8% reflects declines
by two-thirds of the firms.
Gasoline Prices Rise in Certain Sections of the
Country-Crude Oil Shows Little Change.
Minor changes occurred in the price of crude oil throughout
the week just closed, the most notable being the announcement that the Texas Co. had on May 25 followed the advance
of 10 cents a barrel to 80 cents in Smackover heavy crude oil
below 24 gravity by Standard Oil Co. of Louisiana, mentioned
in our issue of last week, page 2628. An advance in the premium paid for Oklahoma crude was reported on May 27 from
Tulsa. The statement said:"The Sinclair Oil & Gas Co. has
advanced the premium paid for the high gravity oil obtained
from the deep sand in the Garber Field 10 cents a barrel, and
is now paying $2 60 for the oil. For oil obtained from shallow
sand, the premium was advanced 15 cents a barrel and price
is now $2 85 a barrel. Posted prices for both grades of oil,
however, remain unchanged at $2 35 a barrel."
The wholesale price of gasoline is higher than for many
weeks, a report from Tulsa on May 25 stating that this fuel
was established on a 12-cent basis on May 22 for the first
time in 3 months. Three days later, on the 27th, reports
from Houston declared that North Texas tank car gasoline
MAY 30 1925.]
THE CHRONICLE
was quoted at 123/2 cents a gallon, compared with 12 cents
May 26.
Advances of from 1 to 2 cents per gallon in tank wagon
prices by eastern and southern companies were announced
during the week. Consumption is reported at a high level,
and stocks are being drawn upon, this being the situation in
practically all parts of the country. The Tide Water Oil Co.
on May 25 raised tank wagon price of gasoline 2 cents a gallon
to 20 cents in New York. The Standard Oil Co. of New
York immediately announced an advance of 2 cents a gallon
in Greater New York, making the tank-wagon price 20 cents,
followed by the Gulf Refining Co. The Texas Co. on May 26
followed the advance of 2 cents in gasoline in Greater New
York.
Also on May 26 the Standard Oil of New Jersey
advanced the price of gasoline 1 cent a gallon tank wagon
throughout its territory. This makes price in New Jersey
19 cents. The company also advanced all grades of export
gasoline % cent gallon. The Texas Co. also followed the
Standard of N. J.'s price advance.
A second advance in tank wagon prices was announced on
May 26 by the Standard Oil of New York when it raised the
price of gasoline 1 cent a gallon throughout its territory in
New York and New England. This makes tank wagon
price 21 cents in Greater New York.
The Sinclair Refining Co. followed the advance of 1 cent a
gallon in gasoline to 21 cents in Greater New York and of 1
cerit a gallon in gasoline in New Jersey. The Pure Oil Co.
advanced its tank wagon price of gasoline 2 cents a gallon to
20 cents in Greater New York in agreement with the earlier
advance of Standard Oil Co. of New York.
On May 26 reports from Shreveport stated that the Standard Oil Co. of Louisiana advanced tank wagon gasoline 1
cent a gallon throughout its territory, making price 203/2
cents. The advance restores prices in Louisiana's territory
to level obtaining Mar. 11.
The following day, on May 27, numerous companies declared advances in price among them being the Atlantic
Refining, Gulf Refining and Sun Oil Cos. The new price is
23 cents a gallon, exclusive of the Pennsylvania State tax of
2 cents a gallon. Effective May 28 the Gulf Refining Co.
and Jenney Manufacturing Co. increased gasoline prices 1
cent a gallon to 22 cents wholesale and 26 cents retail following action taken by Standard Oil Co. of New York. The
Gulf Oil Corp. on May 27 followed the advance of 1 cent a
gallon in tank wagon price of gasoline to 21 cents in Greater
New York and 1 cent a gallon advance in New York State
and New England to 22 cents made by the Standard Oil Co. of
New York. The Texas Co. on May 28 also followed the
advance of 1 cent a gallon on gasoline in New York and New
England made by the Standard Oil of New York Wednesday.
An advance in the price of Canadian gasoline was reported
on May 28 when the Imperial Oil, Ltd. advanced the price
in Canada 1 cent a gallon to 28 cents.
Total
2,314,750
2,305,950
2,238,350
1,980,200
Petroleum Exports in April Smaller-Exports of
Petroleum.
The Department of Commerce at Washington has issued
its monthly report showing the exports of petroleum in
April and the ten months ended with April for the years
1925 and 1924. The exports of crude petroleum are behind
those of last year, both for the month of April and for the
ten months' period ended with April; 33,2'20.039 g(lions
having been exported in April 1925, as compared with 413,838,001 gallons in April 1924, while for the ten months ended
with April this year 514,006,696 gallons were'exported, as
against 647,434,450 gallons in the corresponding period last
year. The exports of refined petroleum show only a slight
decline from last year for the month of April, 337,235.033
gallons having been exported in April this year, against 34).377,092 gallons in April last year, while on the other haed,
the exports of refined petroleum for the ten months ending
with April show a substantial incrPase over the corresponding period last year, 3,259,785,483 gallons being exported in
the period this year, as against 2,941,347,382 gallons for :he
corresponding period last year. The detailed report as furnished by the Department is as follows:
DOMESTIC EXPORTS OF COAL AND PETROLEUM.
Month of April.
1924.
Coal-Anthracite
do.
Bituminous
do
Coke
do
Tons.
Tons.
$
Tons.
$
245,076
2,677,630
962,323
4,749,735
38,186
308.893
1925.
229,588
2,521,787
886,484
3,993,949
52,819
429,449
Ten Months Ended Apri .
1924. .
3,306,728
36,326,814
14,416,027
73,120.288
625.013
5,882,050
1925.
2,850,065
31,978,830
11,741.712
53,168,169
545,162
4.417,571
DOMESTIC EXPORTS OF PETROLEUM AND REFINED PRODUCTS.
Month of April.
1924.
1925.
Ten Months Ended April
1924.
1925.
Gals_ 63,838.001 33,220,039 647.434,450 514.006,696
Petroleum-Crude
$ 2,527,681 1,589,187
do
20.745,6613
19.092,829
Total refined petrol'm Gals_ 341,377,092 337,235,633 2,941,347,382 3,259,785.483
$ 38,246,997 37,365,213 279,728,406 325,658,671
do
do
do
Gasoline, naphtha and other
Gals. 114,645,763 104,512,324 825,052.935 1,009.775,296
light products
do
$ 17,709,994 16.820,881 117.074,594 141,172.977
do
do
Gals. 88,156,698 80,271,002 721.872,291 767,298,291
Oils-Illuminating
$ 8,407,649 7,788,604
do
64,146.973
72.425.614
Gals_ 104,657,953 114,368,786 1,106,108,086 1,174,350,127
Gas and fuel
5 3,590,783 4,252.894
do
32,835,459 42,606.905
Gals. 33,916,678 38,086,521 288,314,070 308,361,769
Lubricating
$ 8,538,571 8,502.834 65,671,380
do
69,453,175
Lbs_ 36,506,308 24.627,452 304,492,389 288,493,477
wax
Paraffin
in Production of Crude Oil.
$ 1,722,557 1.393.490
do
do
11.567.330
15.489,756
Increase Reported
The weekly estimates of the daily average crude oil production, made by the American Petroleum Institute, indicate that the current output in the Smackover heavy oil
field was 389,300 barrels, a decrease of 17,250 barrels during
the week of May 23. The daily average production in the
United States for the week ended May 23 was 2,314,750
barrels, as compared with 2,305,950 barrels for the preceding week, an increase of 8,800 barrels. The daily average
production in the United States, excluding Smackover heavy,
increased 26,050 barrels. The daily average production
east of California was 1,699,250 barrels, compared with
1,703,450 barrels, a decrease of 4,200 barrels.
California production was 615,500 barrels, as compared
with 602,500 barrels for the preceding week, an increase of
13,000 barrels; Santa Fe Springs is reported at 52,000
barrels, no change; Long Beach, 112,000 barrels, no change;
Huntington Beach, 43,000 barrels, no change; Torrance,
36,000 barrels, no change; Dominguez,37,000 barrels, against
39,500 barrels; Rosecrans, 24,000 barrels, against 19,000
barrels, and Inglewood, 23,500 barrels, against 13,000
barrels.
The estimated daily average gross production of the
Mid-Continent field, including Oklahoma, Kansas, north
Texas, central Texas, north Louisiana, and Arkansas, for
the week ended May 23 was 1,341,200 barrels, as compared
with 1,351,400 barrels for the preceding week, a decrease of
10,200 barrels. The Mid-Continent production, excluding
Smackover, Ark., heavy oil was 951,900 barrels, against
944,850 barrels, an increase of 7,050 barrels. The following
are estimates of daily average gross production for the
weeks ended May 23, May 16, May 9 1925, and May 24 1924.
Further
2743
DAILY AVERAGE PRODUCTION.
(In Barrels)May 23 '25. May 16 '25. May 9 '25. May 24'24.
Oklahoma
448.100
444,700
445,050
444.800
Kansas
102,050
100,150
95,650
71,850
North Texas
91.400
89,8.50
90.400
75.350
East Central Texas._
125,250
130,400
130,250
138.550
West Central Texas_._ _
89,850
85.000
83.350
50.750
North Louisiana
53,150
52.350
51,950
54,950
Arkansas
431,400
448,800
158,050
401.800
Gulf Coast
110,800
105,400
69,250
99.000
Southwest Texas
52,100
52,850
42,600
48.850
Eastern
103,000
104,000
111.850
103.500
Wyoming, Mont.& Colo
92,150
89,800
129.050
90.700
California
615,500
602.500
641.500
598,000
Increase in Employment and Earnings in Selected
Industries in United States During March.
In increase of 1% in employment in manufacturing industries in the United States in March as compared with February, all increase of 1.8% in the aggregate earnings of employees and of 0.9% in per capita earnings is reported by
the United States Department of Labor through the Bureau
of Labor Statistics, which says:
These unweighted figures are based on reports from 8,972 establishments
in 52 industries, covering 2,808,019 employees whose total earnings during
one week in March were $75,422303. The same establishments in February
reported 2.780.606 employees and total payrolls of 574,059,653.
Five of the nine geographic divisions show increases in employment in
March and eight show increases In payroll totals. The increases in employment were from 2.5% in the East North Central States to 0.3% in
the New England States. The decreases in employment were from 1.2%
each in the West South Central States and in the Pacific States to 0.2%
in the East South Central States. The increases in payroll totals ranged
from 3% in the South Atlantic States to less than one-tenth of 1% in the
East South Central States, and the one decrease, which occurred in the
West North Central States, was 0.1% only.
Comparison of Employment in February and March 1925.
There were gains in employment in March in nine of the 12 groups
of industries, 4 of the 9 groups showing gains of 4% or over. These 4
groups, made up largely of industries having pronounced sea.sonal proclivities, were chemicals; stone, clay, and glass products; metal products,
other than iron and steel; and vehicles for land transportation. The food
group lost over 3% of its employees, while the lumber and leather groups
show losses of much less than 1% each.
The food group alone of the 12 groups of industries failed to show a
gain in the aggregate earnings of employees, the decrease being over 2%.
The 4 groups showing the largest gains in employees, as a whole, show
even larger gains in payroll totals.
Thirty-two of the 52 separate industries show gains in employment
in March, the greatest, for the most part, being purely seasonal ones,
such as40% in the fertilizer industry,In which the high point of the shipping
2744
THE CHRONICLE
[VOL. 120.
season is regularly reached in March;9% In the brick, tile, and terra cotta
industry, which in March begins its upward movement after the inactive
winter season; and 7.2% each in the automobile and the carriage industries.
Other gains of considerable size were 7.2% In cane-sugar refining; 4.5%
In stamped ware;4% in cement, and 3.5% each in agricultural implements
and in ice cream.
One-half of the 20 losses in employment in individual industries in
March were decidedly less than 1%. The industries showing more marked
decreases in employment wero chewing and smoking tobacco, 6.2%;
slaughtering and meat packing, 5.6%; flour, 5.3%; confectionery, woolen
goods, and rubber boots and shoes, from 2.7% to 2%; and men's clothing,
baking, paper boxes, and sawmills, from 1.8 to 1.3%.
Forty-one of the 52 industries show increased payroll totals in March,
fertilizers leading with an increase of over 38%. Nine industries show
gains in employees' earnings of from 10.7% to 4.8%. These Industries
are sugar, carriages, brick, automobiles,stamped ware,ice cream, millinery,
cement, and agricultural implements.
Of the 11 industries showing decreased payroll totals, only 5 show
decreases of over 1.1%, and these 5 naturally are the industries showing
the largest decreases in employment.
For convenient reference the latest figures available relating to all
employees, excluding executives and officials, on Class I railroads, drawn
from Inter-State Commerce Commission reports, are given at the foot
of the first and second tables.
Comparison of Employment in liarch 1925 and March 1924.
Reports from 7,506 establishments are available for a compariso net
employment and employees' earnings between March 1925 and March 1924.
These reports, from identical establishments in the two years, show a
decrease of 4% in employment, a decrease of 3.1% in the aggregate earnings
of employees, and an increase of 1% in per capital earnings.
Two of the nine geographic divisions show increases both In employment
and in payroll totals in the 12-month period. These are the South Atlantic
States and the West South Central States. In each case the increase in
payroll totals is considerably greater than the increase in employment.
The East South Central States show an increase in payroll teals, but
they also show a decrease in employment. The remaining six divisions
show decreases in both items. The Pacific States show a decrease of
7.7% in employment and of 7.2% in payroll totals, and the East North
Central States show decreases of 6.2% and 5.6 in the two items. The
decreases in the four remaining divisions were considerably smaller.
As in February, each of the 12 groups of industries, except the paper
and printing group, reported fewer employees in March 1925 than In
March 1924. The greatest decreases in employment were 7.8% in the
vehicles group of industries and 5.8% in both the food and iron and steel
groups, while the smallest decrease was 0.9% in the tobacco group. The
paper and printing group of industries shows a gain in March 1925 over
March 1924 of 1.1% in employment, which is slightly more than the gain
reported last month.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN FEBRUARY AND MARCH 1925.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN MARCH -'924 AND MARCH 1925.
Industry.
Per Amount of Pay Roll. Per
No. on Pay Roll.
Cent
Cent
of
March
February
of
lish- February March
1925. Change
1925. Change 1925.
meat. 1925.
Food and kind ea
1,054
products
Slaughtering & meat
83
Packing
261
Confectionery
99
Ice cream
291
Flour
307
Baking
13
Sugar refining, cane
Textiles & their prod 1,754
341
Cotton goods
Hosiery & knit goods 258
200
Silk goods
Wool.& worst.goods 190
31
Carpets and rugs
Dyeing and finish91
ing textiles
Clothing, men's__ _ _ 281
85
Shirts and collars__ _
190
Clothing, women's
87
Millinery & lace g'ds
Iron and steel and their
1 551
products '
217
Iron and steel
Structural ironwork 141
Foundry & machineshop products__ _ _ 733
50
Hardware
183
Machine tools
Steam fittings and
steam & hot-water
heating apparatus 133
85
Stoves
Lumber & its products 1,066
416
Lumber,sawmills
Lumber, millwork... 260
390
Furniture
Loather & its products 356
122
Leather
234
Boots and shoes
800
Paper and printing
200
Paper and pulp__
153
Paper boxes
Printing, book & job 245
Printing, newspaper 202
Chemicals and allied
246
products
96
Chemicals
94
Fertilizers
56
Petroleum refining_
Stone, clay and glass
601
products
79
Cement
Brick, tile and terra
338
cotta
53
Pottery
131
Glass
Metal products, other
45
than iron & steel_
Stamped and enam45
eled ware
18'
robacco products_ _ _
Chewing & smoking
34
tobacco & snuff....
Cigars & cigarettes_ 155
Vehicles for land trans918
portation
214
Automobiles
42
Carriages & wagons
Car bldg.& repaleg
17
electric railroad
Car bldg.& repair'g
483
steam railroad
392
1dIscell. industries..
97
Agricultural impl'ts_
Electric. machinery,
apparatu.s & supp. 131
Pianos and organs.I 39
Rubberboots&shoesl 11
72
Automobile tires
42
Shipbuilding, steel_
Total
189.777
$
$
183,802 -3.1 4,684,068 4,579.509 -2.2
83,834
79,136 -5.6 2,081,358 1,942,593 -6.7
571,570 572,207 +0.1
30,930 30,104 -2.7
217,906 +6.2
6,430 +3.5 205,249
6,211
357,770
334,442 -6.5
12,910 -5.3
13.632
44,806 -1.4 1,170,759 1.183,288 +1.1
45.450
297,362
329,073 +10.7
9,720
10,416 +7.2
581,117 581,568 +0.111,854,22311.945,444 +0.8
204,410 203,571 -0.4 3,396,024 3,421,263 +0.7
81,581 +1.9 1,470,329 1,519,058 +3.3
80,075
55,937
56,985 +1.9 1,210,182 1,254,489 +3.7
71,423 -2.2 1,720,482 1,639,547 -4.7
73,036
23,066
23,253 +0.8
626,021
635,516 +1.5
30,170
60,157
20,892
19,063
14,311
30,481
59,078
21,094
19,497
14,605
768.202 +2.0
+1.0 753,005
-1.8 1,514,053 1.498,051 -1.1
+1.0
330,894
343,830 +3.9
+2.3
521,207
535.017 +2.6
312,026
330,471 +5.9
+2.1
615,267 618,692 +0.618,315,603 18,443,953 +0.7
290,279 291,709 +0.5 8,860,016 8,895,099 +0.4
524,054
527,626 +0.7
18,501
18,589 +0.5
187,978 189,801 +1.0 5,522,892 5,616,441 +1.7
878,244 +0.5
34,564
34,769 +0.6
874,303
756,316 -1.1
25,401 -0.7 765,02
25,588
41,945
16,412
203,632
110,911
33,313
59,408
122,931
26.705
98,226
151,737
52,216
16,449
40,169
42,903
78,204
23,294
7,954
46,956
41,963
16,460
202,323
109,522
33,430
59,371
122,852
26,666
96,186
153,210
53,563
16,211
40,050
43,386
+(a)
+0.3
-0.6
-1.3
+0.4
-0.1
-0.1
-0.1
-(a)
+1.0
+2.6
-1.4
-0.3
+1.1
1,296,603
473,706
4.455.895
2,265,282
801,749
1,388,864
2,869,735
690,956
2.178.77.
4,749,306
1,402,667
351,164
1,331,585
1,663,890
1,290.669
479,558
4,519,017
2,315,621
801.196
1,402.200
2,877,819
689,643
2.188.176
4,817,951
1,434,821
355.405
1,354,546
1,673,179
-0.4
+1.2
+1.4
+2.2
-0.1
+1.0
+0.3
-0.2
+0.4
+1.4
+2.3
+1.2
+1.7
+0.6
81,571 +4.3 2,281,815 2.399,768 +5.2
599,103 610,692 +1.9
23,550 +1.1
193,358 +38.1
140,035
11,162 +40.3
46,859 -0.2 1,542,677 1.595,718 +3.4
100,185 104.196 +4.0 2,663,232 2,769,896 +4.0
657.141 +5.1
21,664
22,522 +4.0 625.10
784,966 +8.8
334,938 +0.7
992,851 +0.9
27,857
12,587
38.077
30,372 +9.0
12,548 -0.3
38,754 +.18
721,768
332,636
983,723
14,907
15,581 +4.5
360,909
387,133 +7.3
14,907
42,981
360,909
15,581 +4.5
42,987 +(a) • 712,982
387,133 +7.3
716,105 +0.4
9,370
33,611
8,792 -6.2
34,195 +1.7
147,750
565,232
136,668 -7.5
579,437 +2.5
448,813 468,762 +4.414,548,22215,326,233 +6.3
269,280 288.641 +7.2 9,123,519 9,868,306 +8.2
63,039 +10.3
2,284
2,449 +7.2
57.128
16,030
16,448 +2.6
485,124
502,630 +3.6
161,219 161,224 +(a) 4,882,451 4,892,258 +0.2
231,056 232,475 +0.6 6,563,663 6,639,275 +1.2
711,513 +4.8
24,542 25,401 +3.5
678,858
97.126
7,960
18,181
55,029
28,217
96,610
7,925
17,809
55,959
28,771
-0.5 2,736,135 2,724,450 +0.4
229,609 +2.0
225,170
-0.4
424.846 -3.3
439,186
-2.0
+1.7 1,680,602 1,725,405 +2.7
823,452 +2.5
+20. 803,712
8.972 2,780.6062.808,019 +1.074,059.653 75,422,103 +1.8
o. on Pay Roll.
Industry.
Total
416,806
835,788
862,592
140,759
233,354
95,035
71,016
23,248
102,008
418,175
839,586
884,137
140.107
236,671
94,857
70,131
23,524
100,831
Total
+0.3 10,096,822 10,109,825
+0.523,171,55523.624,597
+2.525,904,14226,711.423
-0.5 3,467.229 3,463,173
+1.4 4,444.257 4,579,428
-0.2 1,848.003 1,848,037
-1.2 1,541,198 1,569,079
+1.2 659,952 671,224
-1.2 2,836,495 2.845,317
+0.1
+2.0
+2.8
-0.1
+3.0
+(a)
+1.8
+1.7
+0.3
Total
9,097,922 8,877,188
0,760,52920,372,149
6.371,949 24,885,531
2,850,2401 2,789,070
3,461,872 3,658,359
1.307,1071 1,351,810
1.385,614 1,425,290
575,650
506,558
871
2,717,9831 2
I 522"
7.5062.567,041 2,464,133 -4.0'68.549.774'66.457,918
380,848
748.450
874,175
117,883
194,037
70,972
62.750
20,849
97,077
367.242 -3.6
724,037 -3.3
820,195 -6.2
113,955 -3.3
194,674 +0.3
70,907 -0.1
63,432 +1.1
20,044 -3.9
89,647 -7.7
Employment on Class I Railroads.
D$233,204,494
b 236,154,031
a Less than one-tenth of 1%. b Amount of pay-roll for one month.
17,5062,567,041 2,464,133 -4.068,549,77466,457,918 -3.1
Geographic Division1,001
New England
1 908
Middle Atlantic
East North Central_ 2,082
West North Central.. 628
South Atlantic
782
East South Central _ 284
West South Central
264
Mountain
110
Pacific
447
Employment on Class I Railroads.
1,720,356
1,711,902
Per
Cent
oChange
Recapitulation by Geographic Divisions.
9 9722 780.6062.808.019 +1.074.059.653 75,422,103 +1.8
Dec. 15 1924
Jan. 15 1925
Per Amount of Pay Roll.
Cent
March
of
March
March
1925. Chang
1924.
1925.
Food and kindred
$
$
products
826 172,645 162,653 -5.8 4,294,82 4,087,847 -4.9
Slaughtering & mea
packing
78,625 -8.7 2,114,52 1,929,372 -8,8
82
86,154
Confectionery
18,750 +0.3
314,666
320,608 +1.9
123
16,693
Ice cream
4,595 -2.1
148,037
4,692
147,296 -0.5
73
Flour
12,030 -3.2 325,637
12,432
313,069 -3.9
26
Baking
272
42,888
41,078 -4.2 1,085,756 1,068,472 -1.6
Sugar refining, Cala: 11
9,786
9,575 -2.2
306,19
309,032 +0.9
Textiles & their prod 1,409 513,882 507,991 -1.1 10,367,94210,572,540 +2.0
Cotton goods
291 179,337 176,751 -1.4 2,975,182 2,983,835 +0.3
Hosiery & knit good
201
69,765 68.610 -1.7 1,257,594 1,313,265 +4.4
Silk goods
18.
50,003
52,983 +6.0 1,039,378 1,166,800 +12.3
Wool.& worst.good
158
65,461
63,406 -3.1 1,509,332 1,460,000 -3.3
Carpets and rugs.. _ _
20,212 -3.0
599,433
542,874 -9.4
19 20,841
Dyeing and finishing
textiles
71
26,058
28,28. +8.6
606,724
718,048 +18.3
Clothing, men's_ _ _ _ 196
53,432
50,631 -5.2 1,344,538 1,338,419 -0.5
Shirts and collars...
21,741
20,456 -5.1
338,920
333,972 -1.5
80
Clothing, women's_ 143
15,199
14,901 -2.1
422,204
440,404 +4.3
Millinery & lace g'd
12,046
11,74' -2.5 274,63
274,923 +0.1
66
Iron and steel and thel
products
1,32
562,792 530,026 -5.. 16,796.25015,840.910 -5.7
Iron and steel
178 263,153 249,515 -5.2 8.133,52 7,625,389 -6.2
Structural Ironwork 131
495,272
488,567 -1.4
18,012
17,216 -4.4
Foundry & machine
$10
shop products-1
593 179,870 188.742 -6.2 5,227,023 5,030,546 -3.8
Hardware
668,337 -9.3
27,051 -7.1
737,204
47 29,115
Machine tools____ _ 168
702,502 630,948-10.2
24,156
21,40. 11.4
Steam fittings and
steam & hot-water
heating apparatus 119 31,316
979,891
931,214 -5.0
29,918 -4.5
Stoves
469,909 -9.8
16,181 -5.8
520,842
84
17,170
Lumber & its products 983 192,292 188,93 -1.7 4,272,189 4,218.671 -1.3
Lumber, sawmills
389 107,134 103,111 -3.8 2,276,517 2,184,536 -4.0
Lumber, millwork
781,857
758,534 -3.0
32,317 31,68 -1.9
245
Furniture
52,841
54,146 +2.5 1,213,815 1,275,601 +5.1
34
Leather & its product 308 117,004 114,730 -1.9 2,706,807 2,697,256 -0.4
Leather
26,095
25,701 -1.5 672,522 664,559 -1.2
112
Boots and Shoes..
196
90,909 89,029 -2.1 2,034,285 2,032,697 -0.1
Paper and printing
689 127,713 129,162 +1.1 3,967,623 4,057,771 +2.3
Paper and pulp_ __ _ 141
43,645 44,72: +2.5 1,183,288 1,197,613 +1.2
Paper boxes
14,841 -4.2 329,693 319,244 -3.2
147
15,492
Printing, book & lob 224
30,945
31,151 +0.7 1,026,507 1.058,5.50 +3.1
Printing, newspaper 177 37.631
38,443 +2.2 1,428,135 1,482,364 +3.8
Dhemicals and allied
products
63,574
60,415 -5.0 1,826,328 1,777,450 -2.7
186
Chemicals
17,797
17,625 -1.0 478,140
478,974 +0.2
71
Fertilizers
8,291
8,590 +3.6
154,029
153,956 __ _
65
Petroleum refining_
34,211 -8.8 1.194,159 1,144,520 -4.2
50 37,486
;tone, clay and glass
products
90.223 85,54: -5.2 2,387,353 2,265,605 -5.1
528
Cement
68
17,788
16,246 -8.7 506,07:
471,878 -6.8
Brick, tile and terra
25,204 -3.7 673,121
645,384 -4.1
cotta
26,160
304
9.731 --4.4
286,780
265,939 -7.3
Pottery
10,181
41
36,094
34,368 -4.8
882,404 -4.2
Glass
921,374
118
Vletal products, other
13,553 -5.4
359,09
338,475 -5.7
than iron & steel_
14,329
38
Stamped and enaml
13,553 -5.4 359.095
14,329
338.475 -5.7
eled ware
38
36,371 -0.9 664,477 622,564 -6.3
36.708
robacco products.- _ 172
Chewing & smoking
6,723 13.2
7,749
128,428
107,973,-15.9
tobacco &snuff_
31
29,647 +2.
28,959
536,049 514,591 -4.0
Cigars and cigarettes 141
Tehicles for land transportation
680 449,529 414,412 -7.8 14,477,353 13,668,486 -5.6
Automobiles
172 303,414 264,228 12.910,234,414 9,106,976-11.0
2,823
2,425 14.1
41
68,040
Carriages & wagons_
62,497 -8.1
3ar bldg. & repairing,
16.037
16,001 -0.2
electric railroad
166
477,354
489,770 +2.6
Car bldg. & rePairin 5.
steam railroad
301 127,255 131,758 +3.5 3,697,545 4,009,243 +8.4
367 226,350 220,338 -2.7 6,429,528 6,306,343 -1.9
Alscell. industries_
91
24,511
24,360 -0.6
Agricultural Implis_
677,571
685,702 +1.2
Electric. machinery,
apparatus & supp. 124 103,913
92,491 11. 2,950,832 2,620.435-11.2
8,415
34
7,718 -8.
Pianos and organs....
223,973 -7.8
242,422
10
16,712
17.537 +4.9
384,277
418,220 +8.8
Rubber boots&shoes
69 45,834
Automobile tires..,.
52,896 +15.4 1,408,475 1,636,851 +16.2
26,965
25,336 -6.
721,162 -5.8
Shipbuilding,steel_ _1
765,951
allots bit Geographic Divisions.
Geographic Dias
1 259
New England
2 271
Middle Atlantic
East North Central.._ 2,367
801
West North Central
South Atlantic
918
East South Central _ _ _ 383
WestSouth Central_
316
Mountain
133
Pacific
524
lish- March
mens. 1924.
-4-1:5
Jan. 15 1924
Jan. 15 1925
1,733,639
1.711,902
-1:a
$232,497,637
236,154,031
-2.4
-1.9
-5.6
-2.1
+5.7
+3.4
+2.9
-3.5
-7.2
-3.1
THE CHRONICLE
MAY 30 1925.1
The paper and printing group, as in the last report, shows also a gain
In employees' earnings in the 12-month period, while the textile group
also shows increased payroll totals in March 1925. instead of a decrease
as in February. The remaining 10 groups all continue to show smaller
payroll totals.
Twelve of the 52 separate industries gained in employment in March
1925, as compared with the same month in 1924, while 18 industries gained
in the aggregate earnings of employees. Automobile tires gained 15.4%
in employment and 16.2% in payroll totals; dyeing and finishing textiles,
8.6% and 18.3%, respectively, in the two items; and silk goods, 6% and
12.3%, respectively, in the two items. Rubber boots and shoes, steam
railroad car building and repairing, furniture, the printing industries,
and confectionery also show both improved employment and earnings,
although in a lessor degree.
The carriage and wagon industry, chewing and smoking tobacco and
snuff, automobiles, machine tools, and electrical machinery show the
largest declines in this.comparison over a 12-month period, the losses
in employment being from 11% to over 14% and the losses in aggregate
earnings being from 8.1% to 15.9%. Eighteen other industries show
decreased employment of over 4%, and 13 other industries show decreased
payroll totals of over 4%. Twelve of the 18 industries and 12 of the
13 industries indicated above are identical.
Time and Capacity Operation.
Reports in percentage terms from 6,722 establishments in March show
no changes in the average per cent of full-time operation and the average
per cent of full-capacity operation as compared with February. The
establishments in operation were employing an average of 83% of a full
normal force of employees and these employees were working an average
of 93% of full time.
One per cent of the reporting establishments were idle. 69% were operating on a full-time schedule and 30% on a part-time schedule, while 42%
of the establishments had a full normal force of employees and 57% were
operating with a reduced force.
Over 2,100.000 employees are represented in the following tables, and
of these nearly 1,500,000 were working on a full-time schedule and nearly
625,000 on a part-time schedule.
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
IN MANUFACTURING ESTABLISHMENTS IN MARCH 1925.
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Food and kindred products____
41
__
40
Slaughtering & meat packing_
20152
Confectionery
81
63-Ice cream
28
1
249
Flour
83
__
218
Baking
75
_
8
Sugar refining. cane
1.241
1
78
Textiles and their products
80
3
300
Cotton goods
73
1
153
Hosiery and knit goods
145
83
I
Silk goods
75
1
161
Woolen and worsted goods__ _
91
__
22
Carpets and rugs
93
66
__
Dyeing & finishing textiles
179
79
1
Clothing, men's
44
82
__
Shirts and collars
__
98
84
Clothing, women's
70
46._
Millinery and lace goods
65
1
Iron and steel and their produ eta 1,230
171
57
1
Iron and steel
76
105
Structural-iron work
65
1
Foundry Jc machine-shop prod 590
64
50
Hardware
152
74
1
Machine tools
Steam fittings and steam hot97
73
__
water heating apparatus
40
5
65
Stoves
71
1
871
Lumber and Its products
347
67
2
Lumber,sawmills
1
196
74
Lumber. millwork
328
73
__
Furniture
68
.._
263
Leather and its products
85
__
97
Leather
59
1
166
Boots and shoes
76
1
616
Paper and printing
2
148
62
Paper and pulp
91
60
Paper boxes
__
162
81
Prisms, book and lob
Printing, newspapers
115
100
199
85
1
_Chemicals and allied products
71
79
Chemicals
1
87
84
Fertilizers
41
98
__
Petroleum refining
471
62
4
Stone, clay and glass products
78
5
64
Cement
57
6
Brick, tile and terra cotts-- -- 296
44
41
__
Pottery
2
117
71
Glass
30
77
__
Metal pro.other than iron A. bteel
30
77
__
Stamped and enameled ware.
52
3
109
Tobacco products
Chewing and smoking tobacco
58
__
26
and snuff
51
4
83
Cigars and cigarettes
75
__
Vehicles for land transportation 732
56
150
Automobiles
59
__
27
Carriages and wagons
Car building and repairing90
139
Electric railroad
78
416
Steam railroad
70
281
Miscellaneous industries
77
74
Agricultural Implements
Electrical machinery. appar73
__
100
supplies
ratus and
82
22
Pianos and organs
22
.._
9
Rubber boots and oboes
43
2
51
Automobile tires
100
__
25
Shipbuilding, steel
ouwww-4
Industry.
Establish- % of &stab- Avge. % of Estab- Avge
lishtnents % of lishments % of
meets
Reporting-- Operating- Full Operating- Full
Time
apa
Opercity
Wed
Oper
in Es- Full Part in EsTotal Per
Noes- Cent Full Part tab'ts Capa- Capa- tab'ts
ber. Idle. Time. Time. Oper- city. city. Operating.
catrig
Wage Changes.
ending March 15 are again without
Wage changes reported for the month
to individual establishments
general significance, being of importance
rather than to any industry as a whole.
by 41 establishments in 21 industries
Wage-rate increases were reported
establishments in 9 industries.
and wage-rate decreases by 27
affected 3,184 employees, or 21% of
The increases averaged 7.9% and
concerned.
the employees in the establishments
affected 6,913 employees, or 41%
The decreases averaged 6.9% and
concerned.
of the employees in the establishments
2745
WAGE ADJUSTMENT OCCURRING BETWEEN FEB. 15 AND
MARCH 15 1925.
Per cent of Increase or decrease in
wage rates.
Establishments,
Industry.
Employees Affected.
Per cent of
employees.
In estabNunsber relishrrits
Total porrg
Total reporting In all esnum- incese Range. Aver- nuns- increase tablishor demelts
ber
or deage, her,
report- crease
crease in report'0
Ow. in wage
wage
rates.
rates.
Increases.
Confectionery
Ice cream
Baking
Cotton goods
Silk goods
Woolen and worsted goods_
Clothing, women's
Iron and steel
Foundry & machine-shop
products
Machine tools
Stoves
Furniture
Leather
Boots and shoes
Paper and pulp
Printing, book and lob_ _
Printing, newspaper
Fertilizers
Chewing and smoking tobacco and snuff
Automobiles
Electrical machinery, apparatus and supplies
261
99
307
341
200
190
190
217
1
7
10
1.
2
3-5
4 1.8-10
1.5
2
5
1
1
10
1
2.5
7.0
10.0
4.3
3.7
1.5
5.0
10.0
2.5
21
6
30
592
150
41
47
40
30
75
17
61
23
5
92
7
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
732
183
85
390
122
234
200
245
202
94
5
2
2
3
1
1
1
3
1
5
3-10
8-10
3-16
5-10
10
5.5
3
(b)
4
9-25
7.6
8.7
3.4
9.8
10.0
5.5
3.0
19.0
4.0
12.7
119
14
60
482
40
13
32
191
96
555
20
11
15
92
10
16
4
9
46
77
(a)
(a)
(a)
34
214
1
2
10
6-7.5
10.0
6.4
23
613
5
14
(a)
(a)
131
1
2
2.0
19
12
(a)
(a)
1
(a)
(a)
(a)
(a)
(a)
5
Decreases.
Cotton goods
Iron and steel
Steam fittings and steam
hot-water heating appar.
Furniture
Boots and shoes
Fertilizers
Brick, tile and terra cotta
Automobiles
Automobile tires
341
217
2 7.7-10
9 1.5-4.5
9.4
761
2.3 1,761
100
39
133
390
234
94
338
214
72
2 7.4-10
2
10
7 1.5-10
2 9-12.5
10
I
1
5
5
1
9.0 1,950
504
10.0
910
8.8
121
9.9
81
10.0
5.0
800
95
50
38
25
40
98
100
44
15
1
5
1
1
1
(a)
(a)
toll
a Less than one-half of 1%. b 1(1.6-258.
Per Capita Earnings.
Per capita earnings increased in March 1925 as compared with February
in 36 of the 52 separate industries here considered and decreased in the
remaining 16 industries.
The increases and the decreases in this monthly comparison were all
much smaller than frequently Is the case. The greatest increases were in
the millinery and lace goods, petroleum refining, sawmill, and cane sugar
refining industries and ranged from 3.8% to 3.3%. The greatest decrease
In per capita earnings was 2.5% in the woolen and worsted goods industry.
Comparing per capita earnings in March 1925, with such earnings in
March 1924, increases are shown in 34 industries and decreases In 17
Industries, while the per capita earnings in the slaughtering and meatpacking industry were unchanged.
The dyeing and finishing textiles industry shows an increase of 9.1%
In per capita earnings in the 12-month period, followed by carriages with
an increase of 6.9%. women's clothing with an increase of 6.4%, hosiery
and knit goods with an increase of 6.2%, silk goods with an (=ease of
5.9%, petroleum refining with an increase of 5.1%, and men's clothing
with an increase of 5%. The carpet industry shows a loss of 6.6% in
per capita earnings in March 1925 as compared with the same month in
1924. the cigar industry a loss of6.2%,and the stove industry a loss of 4.3%•
COMPARISON OF PER CAPITA EARNINGS MARCH 1925 WITH FEB_
RUARY 1925 AND MARCH 1924, BY INDUSTRIES.
P.C. of Change
P.C. of Change
March 1925,
(arch 1925
compared withcompared withFeb.
Mar.
Feb.
Mar.
Industry1925
1924
Industry1925
1924
Millinery and lace goods_ +3.8
+2.6 Foundry & machine
-shop
+3.7
Petroleum refining
+5.1
products
+2.6
+0.7
Lumber, sawmills
+3.5 -0.3 Boots and shoes
+2.0
+0.5
Sugar refining, cane
+3.3
+3.1 Shipbuilding, steel
+0.5
+0.2
Carriages and wagons__ __ +2.9
+6.9 Clothing, women's
+6.4
+0.4
+2.9
Confectionery
+1.5 Car building and repairShirts and collars
ing, steam railroad_ ___ +0.2
+2.9
+4.7
+4.7
Paper boxes
+2.7
+1.1 Structural ironwork
+3.2
+0.2
Stamped A; enamel. ware_ +2.6 -0.4 Electrical machinery, apBaking
+2.5
paratus & supplies_ ___ +0.1
-0.2
+2.7
Ice cream
+2.5
+1.6 Leather
+0.3
(a)
Pianos and organs
-0.1
+2.4
+0.7 Iron and steel
-1.1
Printing, book and lob- +2.0
-0.2 -0.5
+2.4 Brick, tile & terra cotta
Silk goods
-0.2 -2.4
+1.8
+5.9 Hardware
Hosiery and knit goods__ +1.4
+6.2 Paper and pulp
-1.2
Agricultural Implements_ +1.3
-0.4 -1.0
+1.8 Lumber, millwork
Cotton goods
-0.4
+1.2
+1.7 Machine tools
+1.4
Cement
+1.1
+2.1 Steam fittings and steam
Car building and repairand hot-water heating
ing, electric railroad_ _ _ +1.0
-0.4 -0.5
apparatus
+2.8
Dyeing & finishing textiles +1.0
+9.1 Printing, newspaper
-0.6
+1.6
Furniture
+2.6 Glass
+1.0
-0.9
+0.6
Pottery
+1.0 -3.0 Slaughtering and meat
Automobiles
+0.9
+2.2
-1.1
packing
(b)
Automobile tires
+0.7 Rubber boots and shoes__ -1.2
+0.9
+3.7
Stoves
_ +0.9 -4.3 Flour
-1.3 -0.6
Chemicals
+0.8
+1.2 Chewing and smoking toCigars and cigarettes
+0.8 --6.2
-1.5 -3.1
bacco and snuff
Clothing, men's
+0.8
+5.0 Fertilizers
-1.6 -3.6
Carpets and rugs
+0.7 -6.6 Woolen and worsted goods -2.5 -0.1
a Less than one-tenth of 1%. b No change.
Comparing per capita earnings in the nine geographic divisions for
March 1925 with those for February 1925. and also with those for March
1924, only one decrease is found, that being a very small one (0.2%) in
the comparison with February 1925 for the New England States. The
increases in the monthly comparison for the remaining eight
divisions
ranged from 3.1% in the West South Central States to 0.2% in the
East
South Central States.
The increases in the comparison between March 1925 and the
same
month of 1924 ranged from 5.3% in the South Atlantic States
to 0.4% in
the Mountain States.
The total increases for all divisions combined in both the
monthly and
yearly comparisons were nearly the same, being 0.9% in the
monthly
comparison and 1% in the comparison over a year's interval.
2746
COMPARISON OF PER CAPITA EARNINGS MARCH 1925 WITH FEBRUARY 1925 AND. MARCH 1924, BY GEOGRAPHIC DIVISONS.
GENERAL INDEX OF PAYROLL TOTALS IN MANUFACTURING INDUSTRIES, JULY 1922 TO MARCH 1925.
1922.
1923.
1924.
1925.
January_._ _
February
March
April
May
June
July
74.1
August
79.3
September
82.7
October
86.0
November
89.8
Dreemh,
09 0
91.8
95.8
100.3
101.3
104.8
104.7
99.9
99.3
100.0
102.3
101.0
94.5
99.4
99.0
98.9
92.4
87.0
80.8
83.5
86.0
83.5
87.6
90.0
95.1
96.6
----
05 0
01 7
Per Cent Change March 1925 WithGeographic Division.
February 1925.
March 1924.
+3.1
+3.1
+1.5
+1.5
+0.5
+0.4
+0.3
+0.2
+1.8
+5.3
+1.4
+0.5
+0.4
+1.2
+0.6
+3.5
+1.2
+0.9
+1.0
West South Central
South Atlantic
Middle Atlantic
Pacific
Mountain
West North Central
East North Central
East South Central
New England
Total
Indexes of Employment and Pay-Roll Totals in
fanufacturing Industries.
Index numbers of employment and of pay-roll totals for March 1925 for
each of the 52 industries surveyed by the Bureau of Labor Statistics,
together with general indexes for the combined 12 groups of industries,
appear in the following table in comparison with index numbers for February 1925 and for March 1924.
The general index of employment for March 1925 is 92.3 and the general
Index of pay-roll totals is 96.6.
INDEX OF EMPLOYMENT AND OF PAY-ROLL TOTALS IN MANU FACTURING INDUSTRIES, MARCH 1925, AS COMPARED WITH
FEBRUARY 1925 AND MARCH 1924.
[Month y average, 1923-100.1
1924.
Industry.
1925.
February.
March.
Marsh.
ErnyVy- Payroll Empty- Payroll Empty- Payroll
ment. Totals. ment. Torals. men:. Totals.
Genera index
96.4
99.0
91.6
95.1
92.3
96.6
Food and kindred products
96.7
Slaughtering and meat packing 96.5
Confectionery
89.2
Ice cream
89.3
.
Flour
95.5
Baking
102.2
Sugar refining, cane
103.9
Textiles and their products
96.0
Cotton goods
89.8
Hosiery and knit goods
100.3
Silk goods
98.4
Woolen and worsted goods-- - 95.9
Carpets and Rugs
103.0
Dyeing and finishing textiles
94.8
Clothing, men's
98.1
Shirts and collars
94.8
Clothing, women's
104.2
Millinery and lace goods
93.4
Iron and steel and their products_
94.6
Iron and steel
104.3
Structural ironwork
92.2
Foundry .4 machine-shop prod_ 87.1
Hardware
98.4
Machine tools
94.1
Steam fittings dz steam dr hot
water heating apparatus_ _
99.3
Stoves
92.5
Lumber and its products
96.8
Lumber, sawmills
95.3
Lumber, millwork
102.6
Furniture
98.7
Leather and Its products
97.0
Leather
'
94.3
97.9
Boots and shoes
101.2
Paper and printing
Paper and pulp
96.8
100.5
Paper boxes
Printing, book and lob
102.8
Printing, newspaper
103.7
Chemicals and allied products__ _ 102.5
Chemicals
98.4
Fertilizers
137.9
Petroleum refining
93.1
Stone, clay, and glass products
99.1
99.0
Cement
94.1
Brick, tile and terra cotta
111.1
Pottery
99.9
Glass
Metal products, other than iron
105.4
and steel
Stamped and enameled ware__ _ 105.4
95.4
Tobacco products
Chewing and smoking tobacco
106.1
and snuff
94.5
Cigars and cigarettes
95.9
Vehicles for land transportation
111.6
Automobiles
94.6
Carriages and wagons
Car building and repairing, eleo89.1
tile railroad
Car building and repairing,
85.9
steam railroad
95.7
Miscellaneous industries
98.0
Agricultural Implements
Electrical machinery,apparatus
107.1
and supplies
101.5
Pianos and organs
79.9
Rubber boots and shoes
95.5
Automobile tires
93.4
Shipbuilding, steel
98.6
95.5
94.1
91.0
99.4
104.0
106.0
96.9
89.9
103.6
99.5
94.5
107.4
94.3
96.2
94.8
106.5
97.7
99.5
113.3
92.8
87.2
106.4
97.4
92.8
90.2
55.1
81.7
95.7
99.6
98.3
92.2
88.2
96.5
98.6
94.0
97.7
101.8
90.6
85.6
90.9
92.8
88.2
100.0
87.9
80.2
92.3
83.5
94.6
91.2
91.5
83.2
98.7
99.8
99.6
96.1
88.2
104.1
105.6
97.2
97.3
107.9
91.0
87.4
102.1
96.6
93.1
105.3
93.0
82.2
98.7
88.6
90.1
55.2
82.8
84.5
90.6
98.3
105.4
92.4
87.8
98.4
100.4
91.9
98.5
102.8
89.0
86.4
93.0
94.8
88.8
100.6
88.4
81.0
92.9
82.9
92.6
85.1
91.6
88.3
92.3
100.9
110.2
97.0
88.8
107.5
109.5
92.6
98.7
110.1
90.0
90.8
104.8
102.4
94.0
105.8
93.7
83.6
99.2
87.7
107.1
-101.1
100.8
99.8
106.2
100.9
96.1
97.5
95.5
104.2
101.2
105.1
105.2
105.9
101.4
103.5
128.1
91.7
105.2
102.5
98.1
121.6
107.0
95.4
87.3
93.3
89.7
99.5
101.7
95.4
92.7
96.3
100.8
94.2
99.8
103.7
104.5
92.3
92.6
98.0
89.6
91.6
87.4
86.7
110.3
91.1
103.1
90.7
96.4
92.6
103.8
104.6
95.8
96.7
95.4
104.4
100.7
102.2
106.1
107.0
94.0
98.7
92.9
89.2
98.0
89.8
90.5
118.3
100.9
95.4
87.5
92.5
88.5
99.9
101.6
95.4
92.6
96.3
101.5
96.6
98.4
103.4
105.6
99.0
93.5
137.4
89.4
95.5
90.9
94.5
110.0
92.7
102.7
91.8
97.9
94.6
103.7
105.7
96.0
96.5
95.4
106.0
103.0
103.5
107.9
107.6
100.3
100.5
128.3
92.2
101.9
94.4
98.4
119.2
101.8
106.9
106.9
98.0
90.9
90.9
92.8
88.1
88.1
89.3
95.0
95.0
93.6
94.5
94.5
90.4
110.9
96.5
96.5
113.3
101.3
99.3
92.0
87.3
91.1
82.6
106.3
87.3
92.3
97.0
87.3
93.2
93.6
89.9
97.6
88.6
98.3
89.5
95.6
105.0
96.3
90.3
86.9
90.7
89.2
94.0
86.0
99.2
102.8
85.1
92.1
90.4
89.5
96.1
97.9
85.1
93.2
93.6
89.7
98.1
102.6
108.4
104.8
75.6
99.1
95.7
90.0
97.6
88.2
106.1
88.7
94.8
104.2
96.7
109.8
92.1
89.6
97.2
86.4
107.9
90.5
94.4
106.3
93.5
112.7
94.4
The following tables show the general index of employment in manufacturing industries from June 1914 to March 1925 and the general index
of pay-roll totals from July 1922 to March 1925:
GENERAL INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES. JUNE 1914 TO MARCH 1925.
[Monthly average 1923=100.1
Month.
[VoL. 120.
THE CHRONICLE
1914. 1915. 1916. 1917, 1918. 1919, 1920. 1921. 1922. 1923. 1924. 1925.
January ------91.9 104.6 117.0 115.5 110.1 116.1
February -----92.9 107.4 117.5 114.7 103.2 115.6
March__ ____ 93.9 109.6 117.4 116.5 104.0 116.9
April _____ --__ 93.9 109.0 115.0 115.0 103.6 117.1
May..... --__ 94.9 109.5 115.1 114.0 106.3 117.4
June
98.9 95.9 110.0 114.8 113.4 108.7 117.9
July
95.9 94.9 110.3 114.2 114.6 110.7 110.0
August_ _ _ 92.9 95.9 110.0 112.7 114.5 109.9 109.7
September 94.9 98.9 111.4 110.7 114.2 112.1 107.0
October
94.9 100.8 112.9 113.2 111.5 106.8 102.5
November 93.9 103.8 114.5 115.6 113.4 110.0 97.3
December.. 92.9 105.9 115.1 117.6 113.5 113.2 91.1
76.8
82.3
83.9
84.0
84.5
84.9
84.5
85.6
87.0
88.4
89.4
89.9
87.0 98.0
87.7 99.6
83.2 101.8
82.4 101.8
84.3 101.8
87.1 101.9
86.8 100.4
88.0 99.7
90.6 99.8
92.6 99.3
94.5 98.7
96.6 96.9
95.4
96.6
96.4
94.5
90.8
87.9
84.8
85.0
86.7
87.9
87.8
89.4
90.0
91.6
92.3
-----------_----
----- -----
Lumber Industry In Continupd Activity.
Lumber orders for the week ending May 23 were nearly
25% greater than for the corresponding week last year,
according to telegraphic reports to the National Lumber
Manufacturers Association from 376 of the leading commercial softwood lumber mills of the country. Shipments
increased about 1 % and the increase in produ tion was
about 2%. Compared with the preceding week there was
apparently little change-shipments being larger and now
business slightly less than for the preceding week-in the
lumber movement. Cumulative orders for the year so far
exceed 1924's record at this date by more than 103,000,000.
The unfilled order. of 254 Southern Pine and West Coast
mills at the end of last week amounted to 634,497,119 feet,
as against 627,933,581 feet for 250 mills the previous week.
The 135 identical Southern Pine mills in this group showed
unfilled orders of 226,355,340 feet last week as against 233,076,660 feet for the wet k before. For 119 West Coast
mills the unfilled orders were 408,141,779 feet, as against
394,856,921 feet for 115 mills a week earlier.
Al ogether the 376 comparably reporting mills had shipment 102% and orders 98% of actual production. For the
Southern Pine mills these percentages were respectively 118
and 109; and for the West Coast mills 101 and 105.
Of tho comparably reporting mills 351 (having a normal
production for the week of 217,758,427 feet) reported production 106% of normal, shipments 109%, and orders 106%
hereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three week indicated:
' Ills
L'reductlon
hipments
Orders (new bus.)
I
Past
Week.
376
248,928,966
253,240,808
243,129,190
Corresponding
Week
1924.
379
244,316,595
228,860,530
185,242,303
Preceding
Week 1925
(Revised).
380
248,955,920
242,460,125
249,460,359
The following revised figures compare the lumber moveent for the first twenty-one weeks of 1925 with the same
eriod of 1924:
: 925
; 924
; 925 increase
; 925 decrease
Production.
5,037,813,766
5,037,075,301
Shipments.
4,972,096,784
5,025,951.329
738,465
Orders.
4,845,465,633
4,742,313,603
103,152,030
53,854,545
The mills of the California White & Sugar Pine MannAssociation make weekly reports, but for a con£ iderable period they have not been comparable in respect
1
o orders with those of other mills. Consequently, the
I ormer are not represented in any of the foregoing figures.
ine of these mills reported a cut of 11,169,000 feet; ship1 fonts 11,240,000, and orders 7,656,000 feet. The re] ortod cut represents 30% of the total of the California Pine
1 egion. As compared with the preceding week, there was a
( ecrease of 2,224,000 feet in production; 141,000 feet in
,
'hipments, and 7,813,000 feet in new business.
,
I acturers
1
eekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and fifteen mills reporting to West Coast
1 umbermen's Association for the week ending May 16 mann.
factured 100,155,591 feet of lumber: sold 115,997,543 feet and
E hipped 105,522,052 feet.. New business was 16% above prouction. Shipments were 9% below L w business.
Forty-three per cent of all new business taken during the week was for
fi ture water delivery. This amounted to 49,326,780 feet, of which 34,741,0
07 feet was for domestic cargo delivery and 14,585,773 feet export. New
businesa by rail amounted to 2,035 cars.
Thirty-nine per cent of the lumber shipments moved by water. This
n mounted to
41,012,189 feet, of which 27,616,622 feet moved coastwise and
tercoastal
and 18,395,567 feet export. Rail shipments totaled 1,963 cars.
"
Local auto and team deliveries totaled 5,620,783 feet.
Unfilled domestic cargo orders totaled 157,845,614 feet. Unfilled export
,, ders
80,981,307 feet. Unfilled rail trade orders 5,201 cars.
In the first 20 weeks of the year production reported to West Coast
L mbermen's Aasociation has been 1,991,402,867 feet; new business 2,020,0,487 feet, and shipments 2,043,494,003 feet.
MAY 30 1925.]
THE CHRONICLE
2747
a'Pittsburgh fabricatodand Lake shipyards are figuring on two freighters
In addition to those recently reported.
Sheet manufacturers, whose scramble for business has caused a steady
decline in prices, are more generally holding at 3.20c as minimumthe tin plate market a concession of $3 a ton, or to $5 35 per box, has apNOM
peared.
The week's total of structural steel awards, upward of 35,000 tons, has
been exceeded only a few times during the year. Reports to steel companies
preliminary to inquiries for steel indicate that a large amount of building
work is in prospect, particularly in New York.
In pig iron the largest buying has been In Central Western districts.
Cleveland sales running up to 105,000 tons, with a total there for the month
in
factor
important
an
is
service
information
credit
association
Trade
of about 285,000 tons. At Chicago. as buyers showed more interest,
stabilizing business. Associated members, because of their intimate knowl- prices wavered and some sales were at a decline of 50c. from the level of
help
to
in
position
are
excellent
it,
in
the previous week.
edge of the trade and those engaged
A number of large foundry Interests are sounding the market for the
eliminate the extension of unsound credit But it is the joint organization
credit
of
interchange
the
for
machinery
indispensable
the
of
operation
point in the decline, and a good deal of buying without a general call
low
and
data, which makes credit service as an association function economically for bids is reported Thus far the movement is not comparable with that
in
auspices,
under
joint
information
of
significant. For such interchange
of last fall, but there are signs of its broadening.
Detroit, which secured the lowest prices on both foreign and domestic
the view of the Board, helps to prevent "the competitive scramble on the
cusof
status
credit
the
of
informed
better
keep
to
firms
individual
of
cast-iron pipe at last month's lettings, is again in the market for 14,000 tons.
part
tomers than do rival concerns." Both the trade and ultimately the public,
In heavy melting steel scrap the recent advance of $I in the Middle West
the Board believes, benefit from this "more intelligent" business policy, and has been without effect on the general situation. Thus far the activity in
are
methods
proper
if
jeopardized
thereby
thought
old material has been largely confined to dealers, and consumers have not
no public interest is
pursued.
been willing to pay the prices asked.
Legal Limitations.
Iron and steel exports in April, 155,426 gross tons, maintained the March
above February. Of the April total, 132,636 tons
As long as trade association credit service consists of facilities for the rate, which was 50%
steel, or nearly six times the 22,286 tons of imports
interchange of ledger data and other relevant information with regard to was rolled and finished
which is included in fact an unknown quantity
in
description,
of that
the credit standing of its trade customers, there appears to be no legal obcast-iron pipe.
stacle to such association activity, according to the Board's report. The of
The "Won Age" composite price for pig iron has fallen to $19 42 from
credit information is made available to members only upon special request,
the tenth successive weekly decline. It now is $3 08
with respect to specific applicants for credit, and each association member $19 63 last week,
year reached in mid-January.
is left free to formulate his credit policy independently of the group. The below the high point of the
The finished steel composite price is unchanged and has stood at 2.4600.
legal validity of association credit service does not come into question
This is $2 per ton below the level of early Jarman,
unless it goes beyond this line of procedure. But the prescription of a "dead per lb. for four weeks.
the pre-election level, the low point ef 1924.
line" of credit eligibility, for instance, or the announcing in advance of and is back to
The usual composite price table is as follows:
names of concerns or persons not eligible to credit, according to the report,
May 26 1925, Finished Steel, 2.460c. per Lb.
might come under the scrutiny of the courts. An agreement on uniform
as
to
legal
objection
tending
trade,
restrain
encounter
2.460c
Based on prices of steel bars, beams, tank May 19 1925
credit terms also may
2.474c
wire, open-hearth rails, April 28 1925
been
yet
or
by
as
fully
has
plates,
clarified
litigation
plain
issues
these
of
none
although
2.624c
black pipe and black sheets,constituting May 27 1924
definitively adjudicated. As in other trade association activities, from the
10-year pre-war average, 1.689c
States output.
United
the
of
88%
legal viewpoint, free competition must be reasonably safeguarded.
May 26 1925, Pig Iron, $1942 per Gross Ton.
$19 63
Based on average of basic and foundry May 19 1925
Proving Its Value.
20 71
Irons, the basic being Valley quotation, Apr1128 1925
become
has
1924
an
27
May
of
increasingly
Chicago,
average
service
20 98
common
feature
in
an
information
foundry
the
Credit
10-year pre-war average, 15 72
Philadelphia and Birmingham.
the program of trade association activity in recent years, and is daily dem1924,
6;
2.560c.
2.789c.,
Jan.
1925,
Jan.
Steel.—High:
15:
Finished
Until
such
co-operation.
very recently, when
onstrating the advantages of
1923,2.824c., April 24. Low: 1925, 2.4110c., May 5; 1924,2.460c., Oct. 14:
there still was little specialization in retail trade in many sections of the 1923,
Jan. 3.
Iron.--High: 1925. $22 50, Jan. 13; 1924, $22 88, Feb. 26: $30 86,
Pig 2.446c.,
country, co-operative credit service was conducted along geographical lines,
locality rather than trade keiug the basis of co-operation. But with increas- March 20. Low: 1925, $1942. May 26; 1924, $1921, Nov. 3: *2077,
Nov.
20.
ing specialization and progressive expansion of market areas, these earlier
Incoming steel business in May has run ahead of April
methods of credit information broke down, and the trade association found
in this field a distinct opportunity for helpful service. To-day, credit infor- with some tendency to keep on increasing but the tonnage is
mation is the most important single line of activity in the program of many
not yet up to the level of shipments observes the "Iron
associations.
Development of Trade' Association Credit Information
Service.
A significant development in the realm of credit information service is the entrance of trade associations as credit
alearing agencies, according to the report of the National
Industrial Conference Board, 247 Park Avenue, New York.
ma its study of the trade association movement. Under date
of May 24 the Board says:
Trade Review" in its weekly summary of trade conditions.
Unfilled orders, consequently, are undergoing continuing
shrinkage and production is subject to some further dipping
and readjustments. The better side of this situation comes
from the fact that new buying again is becoming ntore diversified and frequent. While still essentially of a handcharacter, it is spread over many sources in which
to-mouth
of
of
sales
Hupp eights, now the largest selling
The extra large number
fresh demands seem to be originating with well-sustained
eight in that line of cars in the world, makes this reduction possible."
No change in the price of the four-cylinder line is contemplated,
regularity, adds the "Review", giving further details as
The Reo Motor Car Co. has added to its line a new two'. follows:
The industry appears to be having difficulty in keeping itself above the
passenger coupe similar to the model "G" sedan and listed
70% mark in operations. The Steel Corp. is on this basis so far as ingot
at the same price, $1,645.
operations, but its finishing mills are 80% engaged. Chicago has dropped
A new brougham (five-passenger, four-door model) has several points to 87% of ingot capacity. Pittsburgh is down to 65%
Youngstown district continues at 70%.
just been announced by the Paige-Detroit Motor Car Co. average. The
A possible anthracite coal strike is being seized upon by coke makers to
to sell for $2,195.
to cover their requirements for third and fourth quarters.
• Price Changes and New Models of Automobiles.
A reduction in price was announced on May 26 by the
Hupp Motor Car Co. on all its eight-cylinder models, the
amount of the reduction being $180 on each model. An
official statement says:
Induce buyers
Few are taking action, however, and the market dragging with $2.90
quoted on spot coke.
The buying movement in pig iron still is under way and has attained imMore Stable Conditions Said to Be Evident in Some
pressive proportions. Since May 1, sales easily have run above 500.000
Branches of Steel Market.
tons. Cleveland furnace interests alone have sold 275,000 tons in that peThe final week in May has added to the indications in riod and Chicago about 150.000 tons. The past week has brought out
many inquiries and at least 150,000 tons of new sales. Pittsburgh sees
the previous fortnight of a nearly completed adjustment of 60.000 tons in sight Including 25,000 to 30,000 tons for a leading sanitary
finished steel production to demand, and of a more stable ware manufacturer. The General Electric Co. has bought liberally. The
situation in prices of the three leading products—plates, American Radiator Co. is in the market but appears not to have closed a
heavy tonnage as reported. At St. Louis, 15.000 tons of basic has been
shapes and bars. In both these respects May has been a booked. Prices are still soft though showing more firmness in some quarters.
bettermonth than April, at the same time showing improve- At Chicago $21 has been shaded.
Sheet bars have dropped again in price to $35 Pittsburgh and Youngsment, even though slight, in the amount of new business
report that lower might be done. Users lately have been
town, with
booked, according to the "Iron Age," which reported the withholdingthe
specifications to force concessions claimed to be necessary
week:
this
following
because of the ragged sheet market. The latter shows a narrowed range of
While there is no change in the short delivery policy of buyers, evidence price cutting. Plates went in the East this week at 1.80 cents, Pittsburgh,
of producers, as Judi' unit cost has risen with but this is exceptional. Shading in wire products goes on.
attitude
firmer
a
of
appears
Dealer buying, bith that of some consumers added, has kept the scrap
reduction of output. More cases are reported of the refusal of orders to
prices Si to $2 a ton below those for which the market in oetter tone. Quotations are 50 cents to $1 higher in nearly all
which buyers have attached
three
or
two
standing
for
weeks.
been
have
districts.
larger companies
continuing at close to 70% of capacity, the market is
The Ougree-Marihaye works in Belgium has sold 5,000 tons of special
With production
evidence of the extent to which needs that have been shapes to New York but foreign selling to American buyers has aeon less In
early
give
to
expected
become
urgent.
have
The
price
week
has devel- evidence. The Standard Oil Co. of New Jersey has denied it has placed
deferred to get the lowest
this sort. Orders for quick shipment are more numerous. 1,000,000 boxes of tin plate with Welsh makers though the latter have taken
oped some cases of
In the Chicago district, which for months has maintained the highest an order for 500,000 boxes of oil plate, according to "Iron Trade Review"
largest producer has now come to an 87% operation, weekly market cable. Japanese inquiries for tin plate total 60,000 boxes.
rate of output, the
steel companies show practically no change.
British mills will supply 6,000 tons of plates for a pipe line in Vancouver.
pittsburgh and Youngstown
manufacturers continue to run up to capacity, farm
Oil trade demands for steel for tanks, refineries and barges have come into
While automobile
early
in
spring.
as
Their
busy
so
summer
not
schedprominence. The Standard Oil Co. of Louisiana placed 4.000 tone
are
greater
equipment works
fuller than for several years.
for barges, the Humble Oil Co, 6.000 tons for stills and tanks, while 7.5®
ules, however, will be
to
t
abou
is
ago,
two
cars
weeks
which placed 5,500
tons for tanks is up at Chia'ga. Another important barge awarded by a
The St. Paul road,
besides giving orders for repairs on 2,000 stock cars. West Virginia coal company accounts for 4,fa00 tons.
buy 1,000 more,
tons of oil storage tank
them
7,500
before
have
also
Iron and steel imports in April fell off 20.861 tons from March to 71.249
mills
Western plate
tons is for the Humble Oil Co. in Louisiana. A plate tons. The loss in pig iron was 17,504 tons. Exports were 154,426 tons
work, of which 4,000
tons,
was taken by the against 155,386 tons in March.
B. C., water lines, 5,500
order for Vancouver,
price below the 2.38c. c 1.f bid of an English mill.
Formation of a European steel alliance to include makers in France, GerSteel Corporation at a
steel have been taken by many and also Great Dritlin again is being agitated
of
tons
5.700
for
ceiling
barges
abroad. Paris re
Orders for 32
2748
THE CHRONICLE
active negotiations are under way. British steelmakers who recently abandoned their price agreement are reported to be considering new pooling arrangements among themselves.
Some weakness in pig iron and semifinished material has forced "Iron
Trade Review" weekly composite of 14 leading iron and steel products to
$38.04 for the fourteenth straight decline.
Advance Report by Federal Reserve Bank of Philadelphia on Steel and Iron Foundry Operations
in April.
The Department of Statistics and Research of the Federal
Reserve Bank of Philadelphia presented as follows, May 26,
its advance report for April on steel and iron foundry operations in the Federal Reserve District of Philadelphia.
[VoL. 120.
Domestic Exports of Meats and Fats.
Exports of meats and meat products for the ten months
ending April 1925 were aproximatpely 34% less than for the
same period ending April 1924, according to a report of the
Department of Commerce issued on May 22. This decline
was due largely to decreased shipments of hams and shoulders, but principally of bacon, which declined during the
period from 391,912,677 pounds (including Cumberlands) in
1924, to 209,832,080 pounds in 1925-a decrease of 47%. Declines, however, were also noted in fresh pork and pickled
pork. Increasing European production, the -disparity btween
home and world markets, and the increasing use of chilled
and frozen meats in Europe have been the limiting factors in
our export trade over the past ten months.
The same may also be said of animals oils and fats, exports of which for the ten months period ending April 1925
declined 20% from the recorded total of 1,121,552,323 pounds
for the same period ending April 1924. The decline in fats
is almost entirely attributable to decreased exports of lard
since oleo shipments rose. Cottonseed oil exports also increased from 35,588,103 pounds to 45,305,933 pounds.
The data given in the table below were compiled from the reports of 5
Identical steel foundries in this district whose combined steel making
capacity totals 6,050 tons per month. Production and unfilled orders,
both in value and tonnage, were greater in April than in March. Shipments of castings, however, declined. The greatest gain occurred fn supplies of coke.
Steel Foundry Operations, Third Federal Reserve District.
April
March
Per Cent
1925.
1925.
change.
Capacity of furnaces
6,050 tons
6,050 tons
Production
4,613 tons
4.377 tons
+5.4
Shipments
2,941 tons
3,310 tons -11.1
Value of shipments
3520,563
$535.678
-2.8
Unfilled orders
4,915 tons
4,491 tons
+9.4
DOMESTIC EXPORTS OF MEATS AND FATS.
Value of unfilled orders_- _$1,478,103
$1,307,782
+13.0
Raw stock:
2,721 tons
Pig iron
2,448 tons +11.2
Ten Months Ended April.
Month of April.
7,487 tons
Scrap __
8,000 tons
-6.4
Coke
785 tons
481 tons +63.2i
1924.
1925.
1924.
1925.
Since monthly records of iron foundry activities have been kept for a full
year it is now possible for the first time to contrast the main operating Total meats and meat Lbs- 73,211,843 45,605,591 893.524,519 591,068,617
96,939,087
products
$ 9,907,184 8,997,947 123,684,495
features during April with those for the corresponding month of 1924. This
Lbs. 96,965,182 67,039,280 1,121,552,323 897,209,416
has been done in the table below and the totals and percentages given therein Total animal oils and
fats
138,943,479 131,085,517
11.349,815
10,514,578
3
are based on the reports of 30 identical plants located in this district.
2,628,348
Beef. fresh
2,520,078
Lbs.
202,130
212.807
do
416,451
428,474
38,306
• 38,674
3
Iron Foundry Operations. Third Federal Reserve District.
Beef, pickled, &a
18,223,982
19,057,388
Lbs. 1,848,137 1,719,600
do
1,949,083
184,084
177,779
1,808,999
April March % ch'nge April % ch'nge
$
25,899,711
46,333.962
Lbs. 1,982,721 1,879,495
1925. 1925. mo. ago. 1924. year ago. Pork, fresh
do
6.520,529
4,091,028
235,764
333.061
3
Wiltshire sides*
9,678,466
13,173,230
Capacity
Lbs- 2,164,237 1,304,072
tons 13,844 13,844
13,844
0
0
do
1,264,789
2,308,416
Production
282,612
238,335
3
tons 6,328 6,512 -2.87 7,106-10.9%
Cumberland sides**____Lbs. 3,142,817 2,150,758
22,146,075
11,785.950
Malleable iron
tons 1,071
1,265-15.3%
1,005 +6.6
do
3,844,547
432,554
1,603,534
402,954
tons 5.257 5,247 +0.2%6.101-13.8%
$
Gray iron
Jobbimg
tons 3.831 3.649 +5.0% 4,225 -9,3% Hams and shoulders____Lbs. 25,848,619 19,150,522 313,743,710 232,306,287
do
40,765,941
48,450,220
For further mfr
3 3,729,261 3,896,580
tons 1,426 1,598-10.8% 1,876-24.0
Bacon
Lbs_ 26,390,226 10,807,591 380,126,727 187,688.005
Shipments
tons 5,343 5.040 +6.0
4.952 +7.9
do
29,480,996
47,676,207
Value
$ 3,007,356 2,161.720
$831,043 787.076 +5.6 795,754 +4.4
Pickled pork
22,912,005
Lbs. 2,331,256 1,708,134
33.510,841
Unfilled orders
6,586-13.6
tons 5,693 4,091 +39.2
do
3,068.713
268,095
3,861,560
270,287
Value
3
$ 791,544 631,438 +25.4% 1,122,877-29.5
Oleo oll
85,864,329
Lbs. 8,680,686 7,955,458
76,463,567
Raw Stockdo
12,320,795
9,387,134
960.807
Pig iron
tons 9.330 9,634 -3.27 8,619 +8.2%
3 1,033,424
Lbs. 73,307.102 44,446,534 892,775,632 661,801,811
Scrap
tons 3.467 3,352 +3.4/ 3,339 -3.8% Lard
do
(Inkft
tam 2.183 2 208 -2.5 - 2.207 -2.4%
3 8.869,755 7.783,668 114,697,496 101,322,716
Neutral lard
17,755,845
19,022,437
Lbs. 2,041,018 1,571,385
do
2,589.683
3,040.589
253,711
$
292,823
Lard compounds
5.874,354
7,239,592
Lbs_
624.761
953,965
animal fats
1,055,784
799,871
76,524
3
145,165
Leaf Tobacco Held by Manufacturers and Dealers Margarine,
animal fats_ _Lbs_
612,156
72.601
995,857
46,457
do
April 1 1925 and 1924, Jan. 1 1925 and Oct. 1 1924.
11,219
7,736
102,579
3
159,607
-Jottonseed oil
45,305,933
Lbs. 2,858,128 2,167,092
35,588,103
do
The Department of Commerce, Bureau of the Census,
278.437
3,684,118
4,855,175
250,891
$
Lard compounds,
Lbs.
405,094
5,826,110
5,389,750
607,500
has made public the following statement. These statistics
vegetable fats
3
61.098
05.17e
830.241
800.779
represent the quantity of leaf tobacco reported as held
*Included in "Hams and shoulders" prior to Jan. 1 1924.
**Included in "Bacon" prior to Jan. 1 1924.
(1) by manufacturers who, according to the returns of the
Commissioner of Internal Revenue, manufactured during
the preceding calendar year more than 50,000 pounds of Exports of Grains, Grain Products, Feeds and Hops.
The Department of Commerce at Washington on May 25
tobacco, 250,000 cigars or 1,000,000 cigarettes; (2) by all
registered dealers in leaf tobacco; and (3) all imported leaf 1925 issued its report on the exports of grains, grain prodtobacco in United States bonded warehouses and bonded ucts, &c. The following is the report:
Nearly $473,000,000 worth of grain and grain products have been shipped
manufacturing warehouses.
Pounds of Leaf Tobacco on Hand.
Types.
Burley
Dark District of Kentucky
and Tennessee-Total_
Dark fired of *Clarksville, Hopkinsville &
Paducah Districts
Henderson
Green River
One Sucker
Virginia sun cured
Virginia dark
Bright Yellow District of
Va.,N.C.,S.C.and Ga.
Maryland
Eastern Ohio export
All other domestic, including Perique-Louisiana
April 1 1925 April 1 1924. Jan. 1 1925. Oil. 1 1924.
562,769,273
542,408,991
405,642.837
428,332,006
341,133,110
303,679,678
223,205.768
243,697,316
197,605,015
13,594,922
70,725,796
59,207,377
6.768,663
55,932,782
160,122,110
11,628,579
67,570,883
64,360,106
8,581,448
41,528,785
118,556,807
5,138.177
56.168,789
43,341,995
5,738,721
38.452,879
143,445,695
3,811,520
54,676.317
41,763,784
6,255,402
34,155,225
543,605,244
9,072,000
2,666,977
582,561,735
4,779,732
2,282,797
579,462,215
11,457.364
1,808,906
510,019,927
15,231,756
2,029.253
269,338
145,964
314,298
215,296
Chewing,smoking,snuff
and export types-Total 1,522,217,337 1.485,969,130 1,266,082,988 1,239,936,181
New England, including
113,154,815 104.901,432
Connecticut-Total
94,324109
89,419,312
43.978,327
39,826.737
Broad leaf
39,737,154
36,294,372
44,790,625
Havana seed
58.543,960
40,944,409
53.685,238
Shade grown
10,632,528
9,704.747
11,479,040
12,180,531
New York
4,159,063
3.182,634
2,858,927
4,098,435
Pennsylvania
118,584,659 127,272,674
97.443,680 109.726.228
Ohio
63,296,347
73,730,996
60,243,547
65,611,504
Wisconsin
107,437,808 105,827,988
97,749.297 110,004,979
Georgia and Florida
5,930,717
6.604,008
7,139,894
7,205,753
Porto Rico
10,130,488
9,220,658
10,455,185
11,115,976
All other domestic
272,276 ' 335,893
274.763
299,587
Cigar types-Total
Imported types
tggregate
422,966,173
90.494,303
420,935,838
69,664,021
371,043,245
78.543,662
407,066,375
77,764,862
2035,677,863 1,976,568,989 1,713.669,895 1,724.767.418
*Leaf tobacco on hand April 1 1925 Includes 1,677,592,871 pounds, for which
the "marked weight" was reported (I. e., weight at time it was packed or baled),
and 358,084,992 pounds for which the "actual weight" was reported. The corresponding amounts Included for 1924 were 1,585,005,556 and 391,563,433 pounds,
respectively; for Jan. 1 1925 1,373,368,826 and 340,301,069 pounds, respectively
and for Oct. 1 1924 1,351,191.430 and 373,575,988 pounds,respectively. Allowance
should be made for shrinkage on the amounts for which "marked weight" was reported, in order to ascertain the actual weight. The total for April 1 1925 includes
1,885.700,284 pounds of unstemmed and 149,977.579 pounds for stemmed leaf tobacco.
out of the country during the ten months July to April. This amount is
a gain of $257,000,000 when compared to the exports for the same period
of the previous year. The chief items which have contributed to this increase and the gains for each commodity are as follows: Wheat,$198,000,000;
rye, $44,000,000; barley, $16,000,000; wheat flour, $9,000,000; oats,
$33,000,000; malt, $2,000.000. The exports of corn represent a value of
$8,536,000. or only about half of that of the exports for the same period
last year; the value of the rice exports was 53,904.000, or a loss of $4,066.000
when compared to last year's shipments; the loss In the exports of rye flour
was over a million dollars and that of oatmeal nearly three-fourths of a
million.
The value of the exports of feeds during the ten months of this fiscal
year was $33,281,000, or over $18,000,000 more than for the same ten
months of last year. Oil cake and oil cake meal account for practically
all of this increase. The exports of hops show a loss in value amounting
to $2,731,000.
The principal gains in amounts exported during the past ten months as
compared with the same ten months of the previous year are as follows:
Wheat, 107,543,000; rye. 30,460,000; barley, 11,130,000; oats, 4,418.000:
malt, 1.790,000. Considerable losses, however, have been sustained,
especially in the following commodities: Corn, 11.785,000 bushels; rice.
113,486.000 pounds; oatmeal, 44,514,000; corn starch, 21,280,000; hominy
and grits, 13,206,000; wheat flour, 2.716,000 barrels; rye flour. 301,000:
corn flour, 124,000. There was a decrease in the exports of hops to the
extent of over 3,000,000 pounds.
When April of 1925 is compared with April of 1924, the outstanding
features are the gains in the exports of the following: Wheat, 4,677,000
bushels; rye. 8,644,000; oats, 399,000; oatmeal, 6,404,000 pounds; rice
flour, 2,360,000. On the other hand, there are losses to the following
extent: Rice, 7,679,000 pounds; hominy and grits, 1,699,000; corn starch,
16,581,000; hops,2.912.000:flour,83,000 barrels; corn, 1,088,000 bushels.
Appreciable gains have been made in the exports of some of the commodities of minor importance, e. g., rice flour and broken rice, 2,360,000
pounds; macaroni, 318,000; biscuits and crackers, 155,000.
The unit value of exports of most of the commodities shipped during
April 1925 was larger than that for April 1924, the relative figures being
as follows, respectively: Wheat, $1 80 and $1 075 per bushel; rye, $1 315
and $0.82; barley, $1 05 and 50.903: malt, $1 25 and El 015; corn, $1 32
and $0.917; wheat flour, 38 23 and $5 14 per barrel; biscuits and crackers,
30.143 and $0.141 per pound; macaroni, 50.084 and 50.075; corn starch.
50.038 and 50.032 per pound. In the case of the following products the
unit value in April 1925 was less than in 1924: Oats, 50.548 and $0.666
2749
THE CHRONICLE
MAY 30 1925.]
are at the head of the list with nut at the bottom and rice and barley moving
slowly. The bituminous market shows little activity and very little
contracting is being done. The soft coal market Is quite flat at Baltimore
and prices are still down. There has been no export shipment since May 16.
Anthracite buying is not very active in spite of the threats of strikes and
rises in price.
There is more inquiry in the market and prices are unchanged in the
Pittsburgh territory. Practically no contracts are being made with
Industrials but demand and movement are broader on spot tonnage.
More co-operative mining is starting up. Connellsvllle production turned
last week and gained a little, prices holding steady. In the central PennEXPORTS OF GRAIN AND EDIBLE GRAIN PRODUCTS.
sylvania district increased production and inquiry indicate that the market
Month of Spit.
Ten Months Ended April. is in a better condition, though prices are unchanged.
In northern West Virginia prices have 'weakened slightly but the non1924.
1924.
1925.
1925.
union production is still on the increase. The railroads are buying some
scarce. In southern West Virginia production
10.248,000 21,378,000 spot coal but contracts are
706,000
Bushels_
Barley
7,988.000 23,780,000 has increased to such an extent that some of the mines are short of labor.
637,000
$
2,532,000 4,322,000 Increased shipments of prepared smokeless have softened the price of
202.000
Bushels_
Malt
2,556,000 5,043.000 slack; other prices are unchanged. This is also true of the high volatile
204.000
$
165,000
82,000
BushelsBuckwheat
production in the Ulmer
181,000 coals. General market conditions are hurting the
82,000
$
237,000
16,000
238,000 Potomac and western Maryland fields that some of the miners are moving
Pounds_
Buckwheat flour
1,000
14,000 to other localities and others are going into other lines of work. However.
14,000
$
18,599,000 6,814,000
1,979,000
Bushels_
Corn
moving and prices are unchanged. In the Vir17,199,000 8,537,000 some railroad tonnage is
$ 1,815,000
changed.
417,000
43,000
292,000 ginia fields, orders are increasing although prices have not
Barrels_
Meal and flour
1,884,000 1,727,000
211,000
$
any change
concerned,
are
conditions
general
as
far
As
27.012,000 13,806,000
Pounds_ 2,395,000
Hominy and grits
537,000
49,000
375,000 for the better in the bituminous coal market seems to be as
$
4,756,000
666,000
6,335.000
Pounds_
Other corn preparations
309,000
45,000
459,000 far off as ever, declares the "Coal Age" on May 28. There
5
for table use
1,076,000 5.493,000
14,000
Bushels_
Oats
554,000 3,265,000 has been little or no change in the situation at any point.
9.000
$
133,014,000 88,499,000
Meal and rolled oats__ Pounds_ 3,283,000
as low as they are
4,615,000 3,840,000 Despite the general belief that prices are
171,000
. $
183,299,000 69,812,000 likely to go-as low as they possibly can go, in the opinion
Pounds_ 10,814,000
Rice
7,969.000 3,904,000
549,000
$
33,183,000 32,126,000 of many-industrial consumers continue to resort to stock
829,000
Flour, meal & broken---Pounds798,000 1.045,000
20,000
$
12,073,000 42,532,000 piles or buy from hand to mouth, holding off on the chance
Bushels_ 2.077.000
Rye
9,725,000 53.489.000
5 1,704,000
Perhaps the brightest
Barrels_
350.000
12,000
48,000 that quotations will sag still further.
Flour
1,448,000
47,000
293,000 spot is in Cincinnati, where heavy lake cargo buying has
$
71,007,000 178,551,000
Bushels_ 3,747,000
Wheat
78,841.000 276,730,000 brought about a brighter aspect, without, however, any
$ 4.033,000
15,102,000 12,386,000
1,038,000
Barrels_
Flour
77,355,000 86,052,000 immediate far-reaching benefit, says the weekly review,
$ 5,327,000
10,703,000 12,095,000
Bread, biscuits, cake!) Pounds_ 1,147,000
1,463,000 1.740,000 adding, in part, as follows:
162,000
$
and crackers
5,889.000 7,082,000
559,000
Macaroni,spaghetti and Pounds_
Midwestern markets are woefully flat. Illinois coals probably will
42,000
472,000
589.000
$
noodles
competion from Indiana steam fuels since Lewis's victory
160.000
3.724,000 6,583,000 face less keen
Other wheat products vounde_
293,000
13,000
548,000 over the co-operatives. Several mines in Kentucky have increased their
$
Pounds_
foods,
10,633,000
225,000
7,543,000
breakfast
operating time and some that had been closed since April 1 are working
Cereal
1,018,000
25,000
743,000 again. Receipts of coal at the head of the lakes were heavier last week,
5
n. e. s
7,900,000 11,739,000
Other grains and PrePa- Pounds- 1,185,000
number of municipal contracts are in sight,
46,000
$
360,000
543,000 but orders were slow. A
rations of
however. Working time is very low in the West and Southwest, where
mnt.1 orldna .tr nrpnarnt1nnn MS 15110 nnn 41 422 nnn 215 477 nnn 479 475 'Inn
disappeared, operations being almost
practically
the open market has
entirely confined to filling contracts.
A better feeling is developing in southern Ohio, particularly in the steam
EXPORTS OF FODDERS AND FEEDS.
trade. Buying on the open market is the rule, though some inquiries on
contracts are afloat. The dullness in eastern Ohio, however. Is unrelieved
Month of April.
Ten Months Ended April.
Little change is discernible in the slow gait of business at Pittsburgh
New England and other Eastern markets also fail to show any perceptible
1924.
1924.
1925.
1925.
variations from recent conditions.
2,000
Tons_
1,000
19,000
20,000
Hay
The anthracite market has lost some of its recent briskness. Outputis
$
38,000
376,000
30,000
426,000
Both domestic and steam sizes
38,000
320,000
41,000
726,000 heavy and there is no dearth of tonnage.
011 cake and oil cake meal Tons_
$ 1.712,000 1,525,000 13,532,000 31,455,000 are easier, independents being unable to get more than company circular
(total)
Tons.
8,000
86,000
8.000
268,000 for their product. Stove is strong, egg and pea in good demand and
Cottonseed cake
338,000
$
328.000 3,714.000 11,318,000
coals are quiet.
Tons.
30,000
290,000 chestnut easy. Steam
29,000
205,000
Linseed cake
Dumpings at Lake Erie ports during the week ended May 24, according
5 1,233,000 1,142,000 8.593,000 12,986,000
Tons_
1,000
22,000
3,000
145,000 to the Ore & Coal Exchange. were: Cargo, 687,973 net tons: steamship
Cottonseed meal
941,000 6,154.000 fuel, 46,128 tons, a total of 734,101 tons, compared with 715.352 tons In
5
39,000
123,000
Tons_
•x
x
5,000
9,000
Linseed meal
dumpings in the week ended May 21
$
16,000
208,000
18,000
394,000 the previous week. Hampton Roads
Tons_
a
a
2.000
15,000 totaled 451,537 net tons, compared with 404.320 tons in the preceding
Other oil cake and oil
77,000
1,000
$
1,000
600.000 week.
cake meal
Tons
a
a
2.000
3,000
Bran and middlings
10.000
5
5,000
•
70,000
120.000
Tons_
x
6.000
Screenings
1,000
3,000
1,000
318,000
67,000
$
109,000 Output of Bituminous Coal Gains as Anthracite and
Tons
8,000
1,000
1,000
19,000
Other mill feeds
Coke Falls.
51,000
30,000
$
336.000
618,000
1,000
Tons_
1.000
7,000
13.000
Prepared feeds, not
The weekly report on the production of bituminous and
55,000
325,000
40,000
554,000
5
medicinal
Total fodder and feeds
5
1,889,000
§§§§§§8888§8§888§§§§§§§§§§§§§§8§§8§§§§§§§§
WI+
w
e..0 W
0
DIM
W
w.g
w
w -4.41m4. 0 0w
0 -4 w mw1,4b40:-40mw
044000c40044w,4-000044-40
14m-4m14as-4-4m0=004444
114
0.
0e'14!=P.1, .54.
e'
5° 14.0P!
!
of rice
Per bushel; oatmeal, $0.042 and $0.052 per pound. The unit price
was unchanged, viz., 50.051 per pound.
The price per ton of cottonseed cake and of linseed cake was 31 and $1 40,
respectively, less in April 1925 than in April 1924. Cottonseed meal,
however, had an export value of $41 70 per ton in April 1925 and only
$39 20 in April 1924. The export value of screenings fell from $138 70 per
ton in April 1924 to $47 40 in April this year: that of prepared feed increased
for the same periods from $40 to $49 20 per ton. The export value of hops
was $0.207 per pound last month as against 80.31 for April 1924.
1,675,000 14,957,000 33,282,000
Pounds_ 4,405,000 1,492,000 17,799,000 14,604,000
Hops
5 1.365.000
318.000 5.690,000 2,960,000
Starch-Corn starch_ __ _Pounds_ 38,154,000 21,573.000 207.026,000 185.746.000
$ 1,218,000
815,000 6,651,000 6,338,000
Pounds
348.000 7,256,000 3.639.000
468,000
Other starch
171.000
16.000
255.000
$
19.000
a Less than 500.
Demand for Anthracite Shows Falling Off-Bituminous
Trade Remains Dull.
It looks as though the first big rush of householders to
stock their bins with anthracite is about over, though
.retailers in the metropolitan section have had a good run
of business and can keep their equipment going for a long
time on their orders in hand, states the May 27 issue of the
"Coal Trade Journal." Independent prices have softened
somewhat as some certain sizes are rather hard to move.
Production is large at the company mines and dealers are
able to get just about as much coal as they want in the
opinion of the "Journal," which continues:
The tidewater bituminous trade in New England is very light except
with those houses holding railroad and public utility contracts, and prices
business from Pennsylare weak in consequence. The volume of all-rail
hand, prices are holding
vania is light but, due to absence of excess coal on
opened their books
have
up well. The New England Coal & Coke Co.
are substantial in volume.
for the last half of the year and their orders
foundry coke. The
Some business has also been done in Connellsville
movement of anthracite is normal for this season, but householders in
general are backward in starting their storage of winter coal. Anthracite
is unprices are unchanged. Al New York, the bituminous situation
have fallen off somewhat.
changed and the demand for anthracite seems to
Independent prices have softened in certain sizes. At Philadelphia the
Egg and stove
situation is somewhat similar, the demand being spotty
anthracite coal and beehive coke, issued by fie Geological
Survey on May 23 1925, shows a small gain.in the production
of the first but decreases in the output of the latter two fuels.
The weekly estimates giveh by rhe Survey, together with additional details, follow:
Production of soft coal continues to increase slowly. The total output In
the week ended May'16, including lignite and'coal coked at the mines, is
estimated at 8,375,000 net tons, an increase over the week preceding of
98,000 tons, or 1.2%. Though far below the corresponding week of 1912,
the current output is above the rate in 1921 and 1024 at this season. In
comparison with 1924, for example, the week of May 16 shows an increase
of 1,112,000 tons.
Preliminary telegraphic reports of loadings on Monday and Tuesday of
the present week (May 18-23) indicate little change over the corresponding
clays of the week of May 16.
Estimated United States Production of Bituminous Coal(Net Tons), Including
Coat Coked.
1924 b--1925--Week. Cal.Yr.to Date
Week. Cal. Yr.to Date.
7.063.000 170,798.000
7,987,000 164,499,000
May. 2_e
1.177,000
c1.650,000
c1,585,000
1,331.000
Daily average
7.360,000 178358.000
8,277,000 172,776,000
May 9_e
c1 ,627,000
1.227.000
1.379.000
Daily average
cl.574.000
7,263.000 185,421,000
8.375,000 181,151,000
May 16_d
1211,000
1.605,000
1,396,000
Daily average
1,564,000
a Original estimates corrected for usual error, which in past has averaged
to
equalize num2%. b Minus two days' production first week in January
ber of days in the two years. c Revised since last report. d subtectIto
revision.
The total output for the calendar year 1925 to date is 181,151,000 tons.
Corresponding figures for recent years are given below:
1918
1920
1923
Years of Activity.
206,737,000 net tons 1919
196,867.000 " " 1921
210,436.000 " " 1924
Years of Depression.
162,490,000 net tone
148,463,000
185.421.000
ANTHRACITE.
The estimated production of anthracite during the week ended May 15.
based on loadings furnished by the nine principal carriers, is 1,998,000 net
2750
[Vor,. 120.
THE CHRONICLE
tons, a decrease of 1.9% compared with the week of May
with the corresponding week of 1924, however, the output of
shows an increase of about 5%. The cumulative total since
present year amounts to 33,786,000 tons, a decrease of 2.3%
with the same period in 1924.
2. Compared
the past week
Jan. 1 of the
in comparison
Estimated United States Production of Anthracite (Net Tons).
192
1924
Calendar
Calendar
Week EndedWeek. Year to Date.
Week. Yr.to Date.a
May 2
1,984,000 29,752.000
1,616,000 30,769,000
May 9
2,036,000 31,788,000
1,925,000 32,693,000
May 16
1,998,000 33,786,000
1,898,000
34,591,000
a Less two days' production in January to equalize number of days in
the two years.
BEEHIVE COKE.
From reports received from the principal coke carriers, the production of
beehive coke during the week ended May 16, is estimated at 136,000 net
tons, a decrease of 5% as compared with the revised figure for the preceding week. The bulk of the decrease occurred in Pennsylvania and West
Virginia, the Southern and Western States showing but little change.
According to the Connellsville "Courier," the production in that region
amounted to 80,040 tons, with 91 additional ovens out of blast.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1925
1924
May 16 May 9 May 17
0
to
Date.
1925.6
1925.c
Date.a
Pennsylvania and Ohio_ 96,000 103,000 143,060
.
3,415,000 4,138,000
West Virginia
10,000
11.000
10,000
253.000
278.000
Ala., Ky., Tenn. & Ga_ 16,000
20,000
16,000
420,000
403,000
Virginia
5,000
4,000
7,000
170,000
171,000
Colorado & New Mexico 5,000
5,000
5,000
84,000
104,000
Washington and Utah
4,000
4,000
4,000
87.000
82,000
United States total_ _ _136,000 143,000 189,000 4,429,000 5,176,000
Daily average
23,000
24,000
32,000
38,000
44,000
a Adjusted to make comparable the number of days covered in both years.
I, Subject to revision. c Revised since last report.
Cumulative production of beehive coke during 1925 to May 16 stands at
4,429,000 net tons. Figures for corresponding periods in earlier years are
are as follows:
1921
3,118,060 net tons 1923
8,073,000 net tons
1922
2.712.000 " " 11924
5,176,000
Production for 1925 thus stands 14% behind 1924, 45% behind 1923, 63%
ahead of 1922, and 42% ahead of 1921.
Analysis of Imports and Exports of the United States
for April.
Tho Department of Commerce at Washington on May 28
issued its analysis of the foreign trade of the United States
for the month of April and the ten months ending with
April. This statement enables one to see how much of the
merchandise imports and exports for 1925 and 1924 consisted of crude. materials, and how much of manufactures,
and in what state, and how much of foodstuffs and whether
crude or partly or wholly manufactured. The following is
the report in full:
ANALYSIS OF IMPORTS AND EXPORTS FROM THE UNITED STATES
FOR THE MONTH OF APRIL 1925.
(Values in 1,000 Dollars.)
•
Month of April.
Ten Months Ended April.
1924.
1925.
1924.
1925.
Croups.
Value. P. C. Value. P. C.
ImportsCrude materials
Foodstuffs, crude, and
food animals
Manufactured foodst_
Semi-manufactures
Finished manufactures
Miscellaneous
Value. P. C.
Value. P. C.
110,589 34.2 140,540 40.3 1,007.520 33.8 1.166,843 36.7
10.5 381.960 12.0
14.7 373.748 11.8
18.9 585.915 18.5
21.3 644,228 20.3
21,405
.7
.8
324,291 100.0 348,698 100.0 2,977,050 100.0 3,174,099 100.0
35,286
58.629
54,529
64,069
1,189
Total
Domestic ExportsCrude materials
80,719
Foodstuffs, crude, and
food animals
13,336
Manufactured foodst_ 42,693
Semi-manufactures
50,986
Finished manufactures 147,546
Miscellaneous
454
10.8
18.1
16.8
19.8
.3
36,591
48,426
59,824
62.305
1,012
10.5 313,800
13.9 437,861
17.2 561,169
17.8 633,988
.3 .22,712
24.1 83,908 21.4 1,163,02: 32.3 1,276,534 31.1
3.9 36,192 9.2 177,707 4.9 427,636
12.7 39,386 10.2 490,277 13.6 493,262
15.2 60,704 15.5 492,097 13.7 532,871
44.0 170,875 43.6 1,270,461 35.3 1,363,770
.1
6,625
529
.1
5,404
.2
10.4
12.0
13.0
33.3
.2
Total domestic exp. 335,734 100.0 391.594 100.0 3,598,974 100.0 4,100,698 109.0
Foreign exports
11,202 __ _ 7,454 __ __
70,244 __ -70,605 __ __
Total exports
346.936 __ __ 399.048 __ __ 3,669,579 __ __ 4.170.942 - - - -
Current Events and Discussions
The Week With the Federal Reserve Banks..
The consolidated statement of condition of the Federal
Reserve banks on May 27, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows increases of $75,600,000 in holdings of discounted bills and of $2,400,000 in
acceptances purchased in open market and a decrease of
$9,200,000 in Government securities, with the result that
total earning assets went up $68,000,800 to °' 1,054,400,000.
Federal Reserve note circulation increased $14,200,000 and
cash reserves $1,200,000, while non-reserve cash declined
$4,200,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
The Week With the Member Banks of the Federa
Reserve System.
The Federal Reserve Board's weekly statement of condition of 736 reporting member banks in leading cities as of
May 20 shows a decrease during the week of $70,000,000
in loans and discounts and an increase of $39,000,000 in
investments. These changes were accompanied by a drop
of $122,000,000 in net demand deposits, and of $47,000,009
in Government deposits, and by an increase of 1624,000,000
in time deposits. The New York City member banks
reported reductions of $62,000,000 in loans and discounts
and of $84,000,000 in net demand deposits. It should be
noted that the figures for these member banks are always a
week behind those of the Reserve banks themselves.
Loans on stocks and bonds went up $19,000,000, principally in the New York, Chicago and Cleveland districts,
while loans on United States securities fell off $8,000,000
and "all other," largely commercial loans and discounts,
$81,000,000, of which $55,000,000 was at banks in the
New York district. Further comments regarding the
changes shown by these member banks is as follows:
Discounted bills held by the Federal Reserve Bank of New York increased
$50,700,000 during the week, as compared with an aggregate decline of
$70.000,000 reported during the preceding two weeks. The Cleveland
bank shows an increase of $11,100,000 in holdings of discounted bills, Philadelphia of $6,900,000 and Boston of $4,000,000, while the Atlanta bank
reports a decline of $4,400,Q00 in discount holdings.
Holdings of purchased bills by the Federal Reserve Bank of Boston were
$9,400,000 larger than a week ago,and by the San Francisco bank $4,200,000
larger, while the holdings of the New York and Philadelphia Reserve banks
were smaller by $8,400,000 and $3,100,000, respectively. The System's
holdings of Treasury notes went down $9.200,000 and of U. S. bonds
Investments in United States securities increased $34,000,000 during
$500,000. while holdings of Treasury certificates of indebtedness went up the week,largely at reporting banks in the New York and St. Louis districts.
Holdings of other bonds, stocks and securities changed but slightly for
$500.000.
most districts, while increases of $7.000,000 and $6,000.000 in the St.
The principal changes in Federal Reserve note circulation during the week Louis
and Cleveland districts, respectively, were partly offset by a decline
comprise a reduction of $1,800,000 reported by the Atlanta bank, and the of $9,000,000 in the New York district.
Not demand deposits were lower at reporting banks in nine of the disfollowing increases: Cleveland. $8,800,000; Philadelphia. $6,900,000
tricts than a week ago, the aggregate net decline of $122,000,000 being
Boston,$1,700,900, and San Francisco,$1,400.000.
due largely to a drop of $81,000,000 in the New York district, of $11,060,000
in the Boston district, and of $10,000,000 each in the St. Louis and San
preceding
statement
in
full,
in
comparison
with
the
The
Francisco districts. Small increases were reported by the Philadelphia.
week and with the corresponding date last year, will be found Cleveland and Kansas City districts.
On a subsequent page-that is, on page 2784-we give the
on subsequent pages-namely, pages 2784 and 2785. A
summary of changes in the principal assets and liabilities figures in full contained in this latest weekly return of the
of the Reserve banks during the week and the year ending member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
May 27 1925 follows:
Increase (4-) or Decrease (-) as compared with a week ago and with last year:
During
Increase (±) or Decrease (-)
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Govt. securities. total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Year.
Week.
During
+$1,200,040 -9232,400,000
Year.
Week.
+3,400,000 -279,800.000 Loans and discounts, total
-$70,000,000 +$1.117,000,000
Secured by U. S. Govt. obligations
+68.800,000 +204.200.000
-48,000.000
-8,000.000
Secured by stocks and bonds
+75,600,000 -15,600.000
+970,000,000
+19.000.000
All other
+51,400,000
+55.200.000
+195,000,000
+20,400,000 -67,000,000 Investments,total
+865,000.006
+39,000.000
U. S. bonds
+2,400,000 +191,700,000
+567.000.000
+18.000.000
U.
+15,900,000
S.
Treasury notes
-9,200.000
-244,000,000
+18,000,000
U. S. Treasury certificates
+67.600.000
-500.000
+18,000,000
-2,000,000
-3,800.000
Other bonds, stocks and securities
-9.200,000
+524,000.000
+5,000.000
+500,000 -47,900,000 Reserve balances with F. R. banks
-25,000,009
+138.000.000
+14,200,000 -220,500,000 Cash in vault
-2,000,000
-10,000,000
+25.500,000 +204,400.000 Net demand deposits
-122,000,000 +1.291,000,000
+20,000,000 +202,100,000 Time deposits
+24.000,000
+843,000,000
-1,800,000 Government deposits
+5.900.000
-47.000,000
+20,000.000
+4,100,000 Total accommodation at F. R. banks.. _ _
-400,000
-21,000.000
-7,000.000
-81.c00.oe0
MAY 30 1925.]
THE CHRONICLE.
Syndicate Headed by Blair & Co. Inc. Purchases
$33 000,000 Kingdom of Norway Bonds.
piece of international financing was aninteresting
An
nounced on May 27 in the purchase of about $33,000,000
Kingdom of Norway 40-Yr. 534% bonds by a syndicate composed of Blair & Co. Inc., the Chase Securities Corporation;
Brown Brothers & Co.; White, Weld & Co. and Blyth, Witter
.:4L Co. It is stated that there was very active bidding for this
issue, the successful group being the one that has been identified with a number of Scandinavian issues for some time
past. The formal signing of the contract was announced yesterday, May 29. All of the Kingdom of Norway bonds previously issued here have been brought out by a group
headed by the National City Company and J. P. Morgan &
Co. The former issues of Norwegian bonds have been the
8s of 1940, which are expected to be 7 called on Oct.1 at 110
from the proceeds of the new issue. Subsequent issues were
$18,000,000 6s of 1952, offered in October 1922; $20,000,000
6s of 1943, offered in August 1923, and $25,000,000 6s of
1944 brought out last August. Norway has improved her
credit so much and the demand for foreign bonds has broadened so rapidly that she has been able to borrow at a progressively lower rate of interest in the market as from 8% to the
present issue at 532%. Public offering of the bonds is expected to be made next week.
2751
United States, in a speech on May 22 pointed out that "the
main and greatest factor on which we have to rely is the
re-establishment of permanent peace in Europe and the
increase of purchasing power in foreign markets." He
observed that—
Now, if Great Britain cannot sell her products abroad she cannot of
course, continue to buy raw materials and manufactured goods in the
United States in the same heavy quantities as has been her custom. It is,
I am sure, fully realized that Great Britain could scarcely carry on an
unfavorable trade balance with the United States forever and yet pay
the thirty-two odd million pounds per annum required to meet her indebtedness to the Milted States Government.
We intend to meet our just debts but there may come a time when,
unless the world situation changes for the better, unless we can return to
something like pre-war conditions of credit and trade, it would be impossible
both to make heavy purchases of raw materials from the United States
and to pay the interest on our debt. It does not require a high-class
mathematician to see that. The purchases would obviously have to be
cut down.
But this is only a small issue in comparison with the great world issues
involved in the general settlement of world questions by which alone we
can hope to achieve a return to that state of normality which President
.
Harding rightly declared was the object we should all aim at.
J.P. Morgan & Co.and National City Company to Float
$45,000,000 Argentine Government Bonds.
The signing of a decree by President De Alyear accepting
the offer of an American syndicate, composed of J. P. Morgan
& Co. and the National City Company, of New York, for
funding the loan of $45,000,000 to the Argentine Government
was announced in Associated Press cablegrams from Buenos
Aires May 22. It was stated therein that:
According to the terms of the deal the American Bankers will buy Argentine Government and foreign bonds to that amount at 92% bearing 6% int.
and 1% annual cumulative amortization due in 33 years. The syndicate has
also offered to take up the $10,000,000loan maturing on June 16.
The proceeds of the new loan will be used to pay offshort-term paper,including the $20.600,000 loan with Blair & Co., which is due in August.
With regard to the arrangements the New York "Times"
of May 26 had the following to say:
The unusual situation of a Government paying almost half a million dollars for the privilege of doing business with a particular banking group was
revealed yesterday when it was learned in Wall Street that the $45,000.000
Argentine loan soon to be offered by J. P. Morgan & Co. and the National
City Company, was obtained on a bid that was 1 point lower than a proposal
submitted to Argentina by a competing New York syndicate. This means
the Argentine Government will receive $450,000 less for the issue from the
bankers.
At the offices of J. P. Morgan & Co. and the National City Co. no comment was forthcoming on the loan agreement with the Argentine Government, beyond confirmation of a Buenos Aires cablegram reporting the
decree in which acceptance of the Morgan-National City offer was annouced. It is expected that public offering of the new Argentine issue will
be made early next week.
The probability of a sew Argentine issue has been discussed in the financial district for the last month or so because of the maturity, on June 16, of a
$10,000.000 Argentine issue which was sold in New York.
The new Argentine financing, which is expected to include some refunding
operations, will be in the form oflong-term issues, which bankers declare will
There have been considerado much to stabilize`the Argentine situation.
ble short term borrowings by that aountry of late, which, the opposition in
have
declared,
kept conditions unsettled
has
Government
the Buenos Aires
and have not been in the interests of national economy. The funding of a
number of Argentine obligations through the new issue is expected to remedy
this situation.
J. P. Morgan & Co, handled considerable financing for Argentina in the
pre-war periods. Its recapture of the busineSs now, when Argentina is virtually back on a gold basis, with its exchange firm and some exports of gold
already having been permitted, is attracting considerable interest in Wall
Street. In connection with the general improvement in Argentine finances,
have advanced a point or
It was noted that old issues of that Government
more in price in the New York market since announcement of the refunding
operations was made late last week.
Sir Esme's remarks, which were made at the annual banquet in New York of the American Iron and Steel Institute,
were devoted to a portrayal of the trade position in Great
Britain as compared with the United States, and the shrinkage in the invisible trade exports of the former, and in
urging that the principle of "goods across the sea" be observed, he said:
We in Great Britain need a return to real peace in the world perhaps more
than any other nation and I cannot repeat too often that our interests in this
matter are so clear, so obvious that they can no longer be the object of the
slightest doubt except perhaps to those who, as Mrs. Clamp said, have to
look through a brick to see what's writ on the wall beyond. For this reason
British policy at least—whatever Government is in power—should be as
regards its search for peace above suspicion. But I am not speaking now
only for the United Kingdom nor for the British Empire but for the world at
large in declaring that as I see things unless we can shortly restore a firm
basis of confidence and credit throughout Europe and turn to the natural
flow of trade, unless we can work on the principle of goods across the sea, we
are heading for a worse cataclysm than that produced by the actual state of
war. We must not consider our own particular selfish interests as individuak
in all this complex business but learn to understand that our prosperity depends not on making others less prosperous, but more prosperity. If
people would only begin to think in terms of real economics instead of
politics there would soon be an end of suspicion and fear and desire for revenge because it would be understood that the ruin of one's neighbor inevitably harms oneself. Thus, strangely enough, it seems that the Christian
doctrine of the Golden Rule is, when you come down to it, the only true
"real politik" in the philosophy of life and that it is an unquestionable truth
that he who seeks to save his life by purely selfish means must end by losing
it.
Now, gentlemen, you will perhaps ask how all this tirade is to apply to
you and, above all, to apply to America? Please do not go away with the
Idea that I think you ought to interfere as a State directly with European
concerns. You are right when you say, as Mr. Hughes said the other day,
that Europe must work out her own salvation. No—all I ask is that there
should be in this country a sympathetic understanding towards those who
are endeavoring to bring together the jarring and conflicting elements In
Europe and endeavoring to see if they cannot work together, for economic if
not for any higher reasons, for the good of all. If they can do that it will be
greatly to the interest of this country and will promote prosperity in this
country for we are all more or less interconnected and related. If they
cannot, the result will not be so fatal to this country as to others, but it will
be. to say the least of it. unpleasant.
As Mr. Houghton said well in his speech the other night to the Pilgrims in
London,"Peace is an adventure in faith" to which I would add that it is also
an adventure in hope and charity and the greatest of these is charity. . . .
We have with your help, official or unofficial it matters little, already
achieved much. The settlement of the reparations question by the Dawes
Plan was a great step forward. The return of Great Britain and other
countries to the gold standard is another greatstep forward toward the reestablishment of confidence and credit. But we have come, I now verily
believe,to the real parting ofthe ways. Everything now depends on whether
we can establish a sense of security in Europe in the future. If by means of
the Five Power Pact between France, Great Britain, Italy, Germany and
Belgium, now under discussion, we can secure peace for a generation. I
believe there is good hope that we may secure peace in Europe for all time.
Gold to Germany—Federal Reserve Bank Shipped
$36,250,000 to Reichsbank, Concluding Movement
of German Credits Accumulations.
The following is from the "Wall Street Journal" of May 26:
Recent shipment of $1,250,000 gold by the New York Federal Reserve
Bank to the Reichsbank concluded the movement, which began early in
March, of $36.250,000 to that institution.
This gold represented an accumulation of German commercial credits
here which the Reichsbank had acquired, and importation was to strengthen
the Reichsbank's home reserves under its reconstruction organization in
The Argentine Government today issued a decree permitting the exporta- accordance with the Dawes plan. The metal was earmarked for the
tion of gold. The decree is effective June 10. The exportation ofgold had Reichsbank, consequently it was not included in the reserves of the Federal
Reserve Bank and withdrawals had no effect upon reserves at the local
been prohibited since 1914.
to more than $450,000.000 of GovThe decree, however, does not apply
institution.
Cakt de Conversion, which will
ernment gold held against currency in the
that about $22,000,000 held
continue closed for the present. It is estimated
England Gets Reichsbank Gold.
houses will be released.
by banks and exchange
London advices to the "Wall Street Journal" published
Reference to the intention of the Argentine Government to permit the exports of gold was made in these columns May 16, page 2494.
Argentina Issues Decree Removing Embargo on Gold.
The Associated Press reported the following advices from
Buenos Aires on May 12:
in its issue of May 25, stated:
Sir Estee Howard on Great Britain's Unfavorable Trade
Balance with United States—Debt Payment
Endangered in Continuance.
to the depressing outlook in Great
attention
Calling
Britain owing to the lack of markets in which to sell its
products, Sir Esme Howard, British Ambassad" to the
Gold to the amount of £1.610,000 acquired by the Bank of England
May 15 from Rothschilds was part of the German Reichsbank's reserve
held abroad. The Reichsbank's return on May 15 showed a decline in
gold reserve abroad of 31.412,000 marks. Gold was probably deposited
in the flank of England on the basis of sterling credits.
Germany is seeking renewal of several six months' credits which are
falling due, but British banks are reluctant to renew because German
'rates are no longer so attractive. Further German gold transfers are
likely.
2752
Tl-t1 CHRONICLE
Bank in Germany Renamed German-American Bank.
Under date of May 15 the New York "Journal of Commerce" reported the following from Frankfort on the Main:
The Hallesche Effecten und Wechselbank has completed arrangements
for increasing its capital to 4,200,000 reichsmarks and will change its
name to the German-American Bank.
Its main office will be in Berlin. The chief business of the reorganized
concern will be the negotiation of loans for German industrial enterprises.
Gets Soviet Gold—Bars Valued at £2,000,000
Deposited in Bank of England. .
The following Associated Press Cablegram from London
May 23 appeared in the New York "Times:"
London
Gold valued at £2,000,000 sterling, some of it in bars said to bear the
United States Government stamp, has just arrived in London from Leningrad, says the "Daily Mail."
The metal was consigned by the Soviet State Bank and deposited in the
Bank of England to the credit of Areos, Ltd., the All-Russian Cooperative
Society's trading organization.
Extreme precautions for secrecy were taken when the gold Was unloaded
from the Soviet Government steamer Geroen. The boxes were placed in a
motor truck covered with posters advertising Danish bacon and taken to the
bank vaults under heavy guard.
[vol.. 120.
would be capable of defending itself against that conception of life which
the Soviet government was seeking to impose forcibly on the world.
"Have you, in your travels in Spain, noticed that we were living in a
state of siege under military oppression?" he asked the writers. "The
foreign papers I see declare our directory shoots and imprisions people and
spreads a reign ofterror everywhere. Have you received such an impression?
"Nothing has changed in our customary life, and for my part I know no
country where the police are less interfering than here. You can stand
in the middle of the road and talk with friends without a policeman telling
you to move on. You can drink whatever you like in the cafes after midnight: which I defy you to do in New York or London—those cities of
liberty. In Madrid you can sing your head off until 5 o'clock in the morning
If that amuses you.
"There is only one thing changed since the Directory—you can walk
about with money in your pocket without fear of being attacked. There
are no more strikes: our factories are at work and our employers no longer
see their workmen arrive mornings with revolver in hand to assassinate
them or to impose their own will. You must admit that is something.
"Oh, yes," the King added ironically, "it has to be paid for. General
Primo de Rivera (head of the military directory) has put us outside the
constitution, and that is evidently grave."
The King remarked that there certainly were fewer Communists in Spain
than in France, "but perhaps our climate makes ours more virulent."
The King then spoke of the Bolshevik danger, saying Italy had been the
first country to grasp the fact that Parliamentarism was incapable of
resisting the effort the Soviet government was making to impose its will
on the world by force. Spain had followed suit.
"Who knows," he asked, "if other nations will not be obliged to abandon
legality for a time? I see the outline of the sword forming almost everywhere."
Italy Claims $3,280,000 From Brazil for Losses During
Sao Paulo Rebellion.
Associated Press Cablegrams from Rome May 8 stated:
Berlin Unsettled Over Valorization—Scope of GovernThe Government has asked Brazilfor indemnity of 80,000,000 lire (about
ment's Plan Believed to Threaten Security
$3,280,000 at the present exchange) for losses to Italian subjects during the
Behind Existing Debts.
recent Sao Paulo rebellion. A request has been made that the money be
paid directly to the Italian Government, which will reimburse those who
Under date of May 24 the New York "Times" reported the
suffered.
following copyright cablegram from Berlin:
The financial and business situation continues satisfactory, especially
since the "constitutional question" has receded into the background, owing
to the reserve manifested by Hindenburg and the somewhat ostentatious
silence of his monarchist friends. Financial circles are, however, growing
Increasingly timid over the extraordinary confusion concerning the valorization of private debts and the complete legal insecurity which existsregarding
The Minister of Finance today said Costa Rica intended to pay off the the real estate and the new credits which are affected by the valorized loans.
Eminent jurists last week protested that the Government's plan to revive
French debt of 1912, amounting to 32,672,500 francs, by means of an internal loan of $1,000,000. The Bank of Costa Rica, he added, already has extinguished mortgages and to allow new buyers of real estate to demand
pledged $250,000 toward meeting the debt. No difficulty is expected by compensation from the sellers for debts which were legally dead 3 years ago
will be ruinous to credit. Some clauses of the pending bill appear to threaten
the Government in selling the bond issue.
the security of recent American loans to German industrial companies.
The ministry, however, seems to fall more and more into the hands of
Japanese Government 5% Loan Subscribed by Bank valorization fanatics, who have lately urged as an argument for their plans
that the heaviest losses will fall on foreign investors and creditors, who are all
of Japan.
Indiscriminately classed as "speculators." The financial markets consider
Advices to the Japanese Financial Commission this week that the Cabinet's very Nationalistic policy in such matters was equally
regarding the subscription by the Bank of Japan to a5%loan responsible for the drastic provisions of the new tariff bill.
money market position was somewhat easier early last week, but owof the Japanese Government (Series No.24)gives the follow- ingThe
to the chaos over valorization long-term loans have become absolutely
ing details as to the loan:
impossible to obtain. 'This occurred notwithstanding the reduction of its
Purpose—Consolidation or redemption of some outstanding loans in ac- rate from 8% to 7 by the, Gold Discount Bank and the improvement ID
cordance with the provision of Art. 5 of the special account for the Na- the Reichsbank's status. The reduction of 75,000,000 marks in the total
tional Debt Consolidation Fund Act.
discounts of the bank was supplemented by curtailment of 117.000,000 in
Amount-34,400,000 yen.
note circulation, making reduction of 192.000.000 in the past fortnight.
Date of Issue—June 1 1925.
The Budget Committee of the Reichstag has reduced the tax on small inDate of Redemption—On or before Mar. 11936.
comes and has raised the maximum rate from 33% to 40.
Price
Issue
-91M yen.
Yield-6.30%.
Subscription—Totally subscribed by the Bank of Japan.
Protest of American Association of Holders of German
1912.
The following Associated Press Cablegram from San Jose,
Costa Rica, May 20 appeared in the New York "Journal of
Commerce:"
Costa Rica to Pay French Debt of
Mark Securities Against Revaluation Bill.
Japanese Earthquake.
The American Association of Holders of German Mark
The following advices have been received here from the Securities, which was formed at a meeting in this city on
Japanese Treasury Department regarding an earthquake in May 14 with a view to protecting American holders of German mark bonds, forwarded this week to the German MinJapan on May 23:
At 11 a.m. May 23 1925 an earthquake occurred centering at the northern ister of Finance, Herr von Schlieben, in Berlin, and to Graf
part of Hyogo Prefecture. The tremor was most severe in a region of about Schwerin, Chairman of the Revaluation
Committee of the
30 miles between the two towns of Toyooka and Hamasaka. The greatest
damage done was in the towns of Toyooka and Kinosaki. The fire that Reichstag, a cablegram protesting against the "unjust and
followed the earthquake swept about three-quarters of the former town discriminatory provisions of the ievaluation bill now pendwhich, according to the latest census, has a population of 9,118, consisting ing." The protective
association was brought into being at
of 2,062 households, and totally destroyed the town of Kinosaki, with a
a meeting held at the offices of Meyerowitz, Wolf & Co., Inc.,
Population of 3,601, consisting of 721 households.
The casualties, including killed and injured, are reported to be about 100 who in notifying American holders of German mark bonds
in Toyooka but figures are not as yet obtainable regarding the casualties in of
the proposed meeting stated:
Kinosaki. The devasted area, which is comparatively small, has no special
industry.
There will be no SeliOUB disturbing economic effect as a result of the
earthquake. The railroads suffered no damage and operations were immediately resumed.
The cities of Osaka and Kobe report no damages.
Associated Press advices from Tokio May 25 reported two
additional earthquake sltocks the previous night at Toyooka.
The provisions of a revaluation bill, as introduced by the German Government in the German Reichstag, has evoked severe criticism, both in Germany and abroad.
By the provisions of this bill, American holders of German mark bonded
particularly those of 1914-1918, 1922, 1923, 1924, will be greatly damaged
and partly wiped out.
Regarding this meeting and the remarks made thereat
by Arthur M. Meyerowitz, we quote the following from the
King Alfonso Compares Liberty In Spain With That of May 16 market letter of Meyerowitz, Wolf & Co., Inc.:
For the past two years the president of our corporation, Arthur M.
New York and London—Conditions Under
Meyerosvitz, was actively engaged in preparing American and German
Military Directory.
public opinion for a just and fair revaluation of German Government and
King Alfonso of Spain has been quoted by the French Municipal bonds. However, up to May 14 1925. all efforts were unhappily
writers, Jerome and Jean Tharaud, brothers, as having frustrated by the great indifference on the part of dealers, as well as on the
part of American investors in German securities. We frankly say, that
declared to them in an interview that the tranquil conditions the
dealers are more to blame for the neglect than the public, which is
in Spain proved that his country was satisfied with the rightly looking for protection
and leadership from those who were willing
government of the military directory which, he asserted, and kind enough to enjoy their patronage.
To-day we record with pride the final success of our long and tiresome
only a handful of professional politicians opposed. Associated efforts in the
formation of an "American
of Holders of German
Press Cablegrams from Paris April 22 which were authority Mark Securities" which took place at a Association
public meeting organized by our
esident, Arthur M. Meyerowitz, on May 14 1925, at 20 Nassau St..
for this gave as follows the further observations of King
New York City.
Alfonso:
For the benefit of our
A question which he considered far more important than that of Parliamentary government in Spain was whether such parliamentary government
friends and clients we hereby give an extract of
Mr. Meyerowitz's opening speech before that meeting.
Ladles dt Gentlemen:
31Ax 30 1925.]
THE CHRONICLE
2753
by a more favorable bill, the chances for American investors, particularly
A bill was introduced by the German Government and is under considerawho have purchased German Government bonds of 1922, 1923,
those
of
amount
total
the
discharge
to
purports
which
tion in the Reichstag,
they
1924 and also Municipal bonds issued after 1920, are very slim, that
Federal,
loans,
after-war
and
pre-war
indebtedness,
internal
Germany's
will recover even a reasonable part of their investment.
State and municipal.
these
of
We therefore strongly recommend to our friends who are holders
be
By the provisions of this bill, all Germany's internal loans are to
immediately at present market prices. Their only chance
consolidated and exchanged for a new bond which the German Govern- bonds to sell
a part of their losses consist in the immediate purchase with the
ment will issue after passage of this law. The exchange is to be effected to recover
industrial
proceedsfrom the sale of the bonds first class German banking and
on the basis of 5% in gold of the par value of the old bonds.
such as
The stocks of leading German banks and Industries,
The total outstanding internal bonds of Germany are calculated to be stocks.
Glass.
and
Textiles
Machinery, Paper,
Potash,
Electrical,
Chemical,
obligations,
pre-war
are
26%
amount
this
Of
marks.
about 70 billion
far behind their intrinsic and market values, due primarily
70% bonds issued during the war-consisting mostly of the 5% war loan These are selling
of money In Germany. The people in Germany not only
-and 4% are post war debts. These obligations are to be replaced by new to the scarcity
and
cannot afford to buy securities, but have to sell them for commercial
bonds of approximately 3,200.000 gold marks.
purposes.
living
for
instances
many
new
the
in
on
per
annum
5%
at
interest
that
provides
bill
The proposed
slowly
These securities are bound to go up,and surely will go up, with the
bond issue, shall only be paid to such holders of the old bonds who can
of Germany's trade and finanees. It is much better
definitely prove that they were in possession of the bonds before July 1 1920. progressing recovery
a standard German Bank or industrial corporaThe obligations thus assumed by the German Government will not be to own five or ten shares of
afterwar German Government or Municipal
redeemed until Germany will have discharged all her reparations under tion,than a carload of worthless
pre-war issues such as Government. Industrial
the Dawes plan. An exception, however, is made for the class of bond bonds. Holders of German
advise to hold on to their securities, because we
holders who can prove that they were in possession of the bonds before and Municipal bonds, we
will be accomplished for them in due time.
July I 1920. Of the holdings of this group about 30% of the total obliga- believe that a better revaluation
tions-25 million gold marks of the converted loan, will be redeemed at
meeting at the offices of Zimmermann & Forlater
a
At
par annually. Poverty stricken war loan subscribers will receive special
shay resolutions protesting against the revaluation bill were
consideration in the form of 2% interest per annum, but not exceeding
adopted, following which the cablegram embodying the prothe total amount of 600 gold marks, in each individual case.
The so-called K. Schaetze, or 8-15 German Government Treasury notes test was forwarded to Berlin. The cablegram signed by
of 1923 and 1924 are to be redeemed upon an average gold basis of about
Zimmermann, Chairman of the association, reads:
2 million marks to the dollar on the 1923 Treasury notes, and about 10. Leopold
Securities,
billion marks to the dollar on the 1924 Treasury notes.
The American Association of Holders of German Mark
Excepted from all revaluation plans is the so-called "Zwangsanleihe" or representing numerous dealers and holders of German mark securities,
Forced Loan of 1922. Paragraph 7 of the revaluation bill provides that all who constitute the greatest potential American market for future German
claims resulting from this loan shall cease the moment the new bill goes public and private loans, vigorously protests against the unjust and disResolutions
Into effect or September 30 1925 the latest.
criminatory provisions of the revaluation bill now pending.
The provisions oft his revaluation bill were severely criticised in Germany demanding the elimination of certain features and the modification of
holders
new
bond
and
old
between
discrimination
The
abroad.
as
well
as
others were adopted and copies will be mailed.
was declared by the German Bankers Association Convention to be against
The revaluation bill was referred to in our issue of April 4,
all international financial rules, unfair, and technically impossible to
forced
Government
1922
German
the
of
repudiation
page 1689.
carry out. The actual
loan, and the practical repudiation of the 1923 and 1924 Treasury notes
were also criticised as unjust.
Decrease in Postal Savings Deposits in April.
A special meeting of prominent German bankers, government representatives and prominent lawyers took place in Berlin, on April 21, upon the
monthly statement of postal savings deposits, issued
The
initiative of the Frankfurt Stock Exchange. At this meeting the GovernDepartment shows a decrease of $703,000
ment bill was severely criticised unanimously from the German point of by the Post Office
view as well as from the point of view of foreign holders of German loans. In the amount on deposit April 30, the balance at that date,
As far as American interests are concerned there are five points to which viz. $133,188,668, comparing with $133,891,668 on March 31.
we have to take exception.
I. During the War, a considerable amount of the German War Loan The statement follows:
was placed in the United States, almost at the full German Exchange rate.
OF
STATEMENT OF POSTAL SAVInGS BUSINESS FOR THE MONTH
Those American subscribers to the German war loan, prior to the entry
APRIL 1925. AS COMPARED WITH THE MONTH OF MARCH 1925.
in
same
full
the
be
in
to
protected
war,
ought
the
into
States
United
of the
$133.891,668
Balance on March 31
703.000
manner, as the German-American mixed Claim Commission has considered Decrease during April
other American losses of corporations and individuals caused by the war.
$133.188,668
be
to
30
are
April
or
that
were
nature
of
deposit
on
special
considerations
Balance
As I understand,
Depositors'Iner'se(+)
Depositors''scen(+)
granted by Germany to the Nationals of other countries in pending comBalances.Deer'se(-)
Balances.Decr'se(-) Post OfficePost Officemercial treaties.
II. The discrimination between old and new bond holders is wholly
_
189,233 -4,477
Calif.
Oakland,
New York, N. Y__39,227,790 -267,095
absurd and against all financial usages. Not even Mexico has made such Brooklyn. N. Y-10.548,903 -104,194 Atlantic City. N.J. 189.095 +1,334
-528
185,018
Ky...
Louisville,
-45,961
6,829.432
.
discriminations
Boston, Mass
183.870 -1,280
5,623,032 -134,545 Duluth,Minn
III. The complete repudiation of the German Government Loan of 1922 Chicago. III
+1,253
181,413
Wit
Hurley,
-27,995
2.877,204
Wash
or Forced Loan, of which almost the entire issue was sold in the United Seattle,
178,960 -2.752
Philadelphia, Pa- 2,604,987 +30,307 Flushing, N.Y._
States is not only unjust but will create a bitter feeling among thousands of Pittsburgh, Pa_ - - 1,919.461 -38,982 Long Island City.
German
174,990 +2,004
future
the
a
to
Y
as
N.
boomerang
work
which
will
1,696,570
+13,297
Mo..
investors
American
Kansas City,
-34,760 Norwood, Mass__ - 174;957 --1,723
credit and prestige in this country. I do not accuse the German Govern- Tacoma, Wash-- 1,488,214
•174
,296 +5.080
Alaska_
Anchorage,
-5,524
1,375,691
Ore
Portland.
ment for having purposely excluded this loan for that reason. The reason Detroit, Mich
1,335,869 -8,458 Baltimore, Md..-- 173.159 +1,702
given by the German Government was, that this loan was only a super- St. Paul, Mine...- 1,202.223 -12.813 Memphis, Tenn__ - 169,553 -2,250
167,448 -4,291
1,195,711 -12,196 Dallas, Texas
tax forced upon the people to subscribe. But, if this was the case, why
-161
995,760 -7.308 Birmingham, Ala__ 167,160
were coupons attached to the bonds, and why has the German Government St Loufs, Mo
161.230 4-7.746
Adz
Phoenix.
957,092
-8,991
Pa.__
Uniontown,
permitted these bonds to be introduced and traded in on all German Stock Butte, Mont
-916
155,916
LaOrleans,
New
+3,542
828,832
Exchanges? Many' billions of these bonds were sold to American citizens Los Angeles, Calif- 811,948 -3.316 Missoula, Mont--- 154,135 -2,800
-634
153,816
J.-are
N.
and
million
per
Bayonne.
$107.00
to
+20.473
641,102
from
$5.00
ranging
prices
Colo
at
Denver,
and to Canada,
+817
Calif. 640,956 -5,279 Jamaica, N. Y.... 151.530
still being traded in. If this proposed revaluation bill is to go Into effect San Francisco,
Great Falls. Mont- 611,808 -8,335 Christopher, Ill.-- 148,835 -1,740
many millions of American dollars, invested in good faith into a German Milwaukee, Wis.
-5,850 Wilmington. Del-- 146,394 -4.831
-637
145,530
Government Bond. will be totally wiped out.
590,728 -2.400 Boise, Idaho
Jersey City, N.J
+4.009
144,311
J-IV. The provisions regulating the revaluation of the 1923 and 1924 Cincinnati, Ohio-- 489.922 -2,036 Paterson, N. Texas
138,108 +3,536
Minn. 473,596 -2,370 San Antonio,
Treasury notes are almost equal to repudiation. Vast amounts of these M inneapolls,
133,768 +1,063
Des Moines, Iowa- 457,720 -8,959 Camden,N.J
-943
132,982
Treasury notes were sold in the United States, and Canada, at prices Columbus, Ohio__ - 453,797
+762 Helena, Mont
132,555 -1,547
ranging from 25c to $10.00 per million.
Ironwood, Mich.- - 426,670 -7.829 Tampa,Fla
+5,921
130,944
Okla
MunicLawton.
with
German
I423.066
Government
-3,778
R.
the
German
of
Providence,
V. The interference
+432
N.Y..... 419.245 -1,588 Elizabeth. N.J_ - - 129,389
ipalities, preventing them from revaluing their municipal obligations at a Buffalo,
128,613 +8,480
-703 Augusta. Ga
Sioux City, Iowa-- 382,499
higher rate was severely criticised at the Berlin meeting, by a representative Washington. D.C. 360,394 +7.493 Breckenridge, Tex. 127.472 +6.464
127.289 -2,648
of the Stuttgart Stock Exchange. It is noteworthy in this connection that Roundup, Mont..-- 358,664 -9,937 Dayton, Ohio
126,357 +7,712
353,605 +9,275 Sterling, Colo
the municipalities of the German southern states llke Stuttgart. Munich Pocatello,Idaho_
Cleveland, Ohio.-- 343,338 -5,328 SaltLakeCity• Utah 125,698 -3.887
and others have revalued their loans on a liberal basis.
CRY,
Oklahoma
337,223
Wash.--9,742
Aberdeen,
124.749 --1,633
There is a strong movement in Germany among bankers, politicians and Passaic, N.J
333.459 -3.466
Okla
123,493 --2,501
the general public to replace the proposed bill by new and more liberal McKees Rocks,Pa. 315,004 -14.081 Everett, Wash.123.306 4-5.153
Tex_
Cleburne.
301,877
holders
that
-17.333
American
Pa.
suggested
have
friends
McKeesport,
provisions. Our German
123,249
4-63
Ohio
a protective association. Bridgeport,Conn-- 300,864 -6.377 Akron,
of these classes of German bonds should organize
Charleston, S. C.- 122.000 4-6.039
+1024
299.822
Colo.-Leadville.
will exercise upon the Geropinion
public
American
4-2.666
119,988
which
effect
Kan
Wichita,
moral
-6,339
296,302
The
Miami, Fla
119,953 ---6,231
becoming a law. Kansas City, Kan- 292,641 -4,527 Gary, Ind
man Government would prevent this revaluation bill from
287,369 -4,425 Pittsburg. Kan_ --- 119.274 --1.520
moral Ilavre, Mont
There are no other means left to American investors, except the
4-8,776
118,472
_
_
Idaho_
274,767 -1,341 Nampa,
could be easily translated into a Astoria, Ore
force of American public opinion, which
Sioux Falls, S. D. 273,429 +11.533 Spokane, Wash-- 116,466 --7,758
will
such
public
opinion
which
116,209
reflex
--4,503
the
and
Okla_
force,
financial
Henryetta,
+223
269,564
Mass
Lowell,
political and
Wash--- 115.294 --1,922
future, is dependent upon Roslyn. Wash
261,420 -3,805
have upon Germany. Germany, for the near
113,551
+974
-584 Indianapolis, Ind
257,470
market for such loans in our Omaha, Neb
foreign loans and is successfully seeking a
--692
D.-- 113,441
S.
Mitchell,
257,180 -1,592
secured German Toledo,Ohio
country. It will be very difficult even for the best and most
251,421 +8,267 Centralia, Wash--- 113,052 --2.055
Tex
Paso,
El
justice will be done to those classes Sled Lodge, Mont- 245,353 +6.877 Hartshorne, Okla_ - 111.245
--494
loans to become popular unless some
-528 San Diego, Calif_ _ - 111,021 ---1.334
Ignorant American investors, who were Hartford. Conn.-- 234.181
of the small, and in many cases,
H_
110,704
N.
-323
Manchester',
233,532
+6.190
Wyo.
Sheridan,
German
the
of
fair
play
and
honesty
---911
ready to place their dollars upon the
Billings, Mont.-- 228,758 -5,396 Rochester, N.Y...,. 110.270
-48 Springfield. Mo__ - 109,394 4-1,511
227,799
R.I
Government and the German people.
Holders of Pawtucket.
American
uf
107,991
knowledge
--3,125
Pa
the
Export,
221.920
-4,303
to
facts
Colo
Pueblo,
these
In presenting
106,348
---617
general American public, I recommend Mt. Pleasant, Pa-- 220,005 +2,725 McAlester,Okla
German Mark Bonds, and to the
+288 Okmulgee. Okla
103.772 4-2.588
- -- 211,375
importers and distributors of German Altoona, Pa__
dealers,
the
with
unite
Ill
Benld,
103,541 +2.140
Conn+187
they
208,502
Haven,
New
that
American
an
organize
formally
meeting
--479
Pensacola, Fla- - 206,633 +1.709 Mason City, Iowa_ 103,471
securiltes, and move that this
Securities.
103,434
-758 Bessemer, Mich_ _
--924
Lewistown, Mont- 206,299
Association of Holders of German Mark
203,275 +2,900 Monongahela,Pa_ _ 103.306 --3.315
in Germany. Switzerland. Italy. Casper,Wyo
functioning
are
organizations
Similar
Mass_ _ 103,163 --2,704
Maynard,
-7,018
202,088
Mont
City,
Mlles
countries.
Jacksonville. Fla- - 201,925 -11.911 Gallup, N. Mex__ _ 102,245 --1.868
England, Sweden, Spain and other
friends the miserable so-called revaluation Staten Island,N.Y. 201,348 -3,096 Masontown, Pa
101,977 -9,350
This is short will explain to our
public
American
the
since
However,
Bellingham. Wash- 201,284 -1,286 Nokomis, Ill
101.770 4-2.354
plan of the German Government.
Tucson, Ariz
101,337 4-3.648
German efforts, we Bingham Canyon.
strong
with
common
in
and
aroused,
+134
_
opinion has been
Ohio__
196,787
Conneaut.
Utah
-3,677
not become a law, and that a better treat- Fairbanks, Alaska- •193,124 +3,207 Raymond, Wash.. 101,232
101,165 --5,549
hope that the present bill will
German
the
by
of German securities
classes
192.753
all
-8,029
Wash_
Pa
Bremerton.
Ede,
100,285
-400
accorded
be
will
ment
However, we must be frank, even Cheyenne, Wyo.-- 191.378 +8,834 Norwich,Coon.... 100.174 +3.349
Government and German Reichstag.
securities
mark
German
of
holders
many
at the cost of disappointing a great
°March balances.
might be improved upon or replaced
No;matter how much the present bill
2754
THE CII RONICLE
Offering of Bonds of Des Moines Joint Stock Land
Bank.
At 1011
/
2 and interest, to yield 4.31% to the redeemable
date and 4/
1
2% thereafter, Kidder, Peabody & Co. and Mitchell, Hutchins & Co., Inc., offered on May 15 an issue of
$1,500,000 4/
1
2% Farm Loan bonds of the Des Moines Joint
Stock Land Bank. They will be dated May 1 1925, will become'due May 1 1965, and will be redeemable at the option
of the bank at par and accrued interest on May 1 1935, or at
any interest date thereafter. They are coupon bonds of
$1,000 and $10,000 denominations, fully registerable and
Interchangeable. Principal and semi-annual interest, Nov. 1
and May 1, are payable at the bank of issue or at the offices
of Kidder, Peabody & Co., New York or Boston, at the holder's option. The bonds are exempt from all Federal, State,
municipal and local taxation except estate, inheritance and
gift. The Des Moines Joint Stock Land Bank operates in
Iowa and southern Minnesota. The balance sheet of the
bank, as of May 12 1925 (after giving effect to the sale of the
present block of bonds), follows:
[Voi,. 120.
Llabtiftiss.
Assets.
Mortgage loans
$1,001,837 07 Farm loan bonds outsVg.-$1,000.000 00
Cash on hand and in
Accrued interest on farm
banks
1,249 92
290,751 62 loan bonds
Accrued interest on mort2,300 00
Adv. amortization paym'ts
gage loans
3,200 00
12,115 86 Reserve for unpaid coupons
250,000 00
Capital stock
25,000 00
Surplus
3.20000
Legal reserve
19,754 63
Undivided profits
$1,304,704.55
31,304,704 55
The bank's loan statistics as of May 18 1925 are set out as
follows:
Total number of loans
Acres of real estate security
Amount loaned in Maryland _
Amount loaned in Virginia
Total amount loaned
Appraised value of land
Appraised value ofimprovemls
165 Appraised value of land and
$3,038,986
24,942 Improvements
122
3880,500 Average apprals. val. per acre
40 50
149,400 Average amt. loaned per acre_
1,009,900 Average percentage of loans to
1,856,516 appraised value
33.2%
1,182,450
Offering of Bonds of First Joint Stock Land Bank of
Montgomery, Ala.
An offering of $750,000 5% Farm Loan bonds of the First
Joint Stock Land Bank of Montgomery, Ala., was announced
on May 25 by Barr Brothers & Co., Inc., of New York, the
Central Trust Co. of Illinois, of Chicago, the National ShawLiabilities.
Assets.
Capital stock
Mortgage loans (secured
$1,150,000 00 mut Bank, of Boston, and the First National Bank, of MontReserves& undivid. profits
by Iowa and Southern
100,258 92 gomery. The
issue was offered at 103 and accrued interest,
Minnesota farm lands,
Amortization payments
applied on prinCipal
433,874 34 to yield about 4.62% to the optional date and 5% thereafter.
total appraised valuation
exceeding 338,000,000)-315,724,344 47 Accrued interest on farm
loan bonds outstanding_
12,973 59 The bonds will bear date May 1 1925, will become due May 1
Accrued interest on mort228,035 35 Due borrowers on unborngage loans
Farm loan bonds owned._
25,000 00 pieced loans
14,770 88 1955 and will be callable at par on May 1 1935 or any interest
U. S. Govt. bonds
700,000 00 Coupons due not presented
date thereafter. They will be in coupon form in $1,000 deAccounts receivable and
for payment
72,880 00
other assets
165,490 52 Amortization installment
nomination, fully registerable and interchangeable. PrinTax certificates
297 50
21,380 10 paid in advance
Furniture and fixtures_ _ _
4,037 53 Farm loan bonds outstl. 14,990,000 00 cipal and semi-annual interest (May 1 and Nov. 1) will be
Cash and due from banks_
206,787 26 Bills payable
300,000 00
payable at the First Joint Stock Land Bank of Montgomery,
817,075,055 23 Total
Total
317,075.0.55 23 or the Chase National Bank,
New York City. The bonds are
We also give the following loan statistics as of May 12 exempt from Federal, State, municipal and local taxation,
1925:
and are legal investment for all fiduciary and trust funds
Number of loans
1,239 Average loan per farm_ __
$12,691 00 under the jurisdiction of the Federal Government. The offiNumber of acres
234,370 Average number of acres
Appraisal for loaning pur189 cers and directors of the First National Bank of Montgomper loan
poses
$67 09
$38,106,000 Average loan per acre__
ery, Ala., manage and control the operation of the First Joint
Total amount of mortgage
Percentage of loans to aploans now held
815,724,344 47 praised value
41.26%
Stock Land Bank of Montgomery. The latter was chartered
Average appraised value
per farm
on Aug. 21 1922. Its statement of condition as of May 1 1925
330,755 00
follows:
Resources.
Offering of Bonds of St. Louis Joint Stock Land
Mortgage loans
83,220,800 00
Bank.
Accrued interest on mortgage loans (not natured)
41,837 12
An issue of $750,000 4/
600,437 51
1
2% bonds of the St. Louis Joint United States Government Bonds
Accrued interest on bonds owned
9,015 31
Stock Land Bank was offered on May 26 by William R. Cash on hand
and in banks
50,624 68
,
Compton Co. and Halsey, Stuart & Co., Inc., at 101.75 and Accounts receivable
150 00
2 ,131 02
Interest, to yield about 4.28% to the optional date and 4.50% Furniture and fixtures
Payments in process of collection
6,471 47
thereafter. Dated June 1 1925 and due June 1 1955, the Other
assets
9,96584
bonds will be optional June 1 1935. They are coupon bonds,
Total
83,946,822 43
fully registerable in denominations of $1,000, $5,000 and
L4abilitiar.
$10,000. Interest will be payable semi-annually June 1 and
Capital stock
$250,000 00
Dec. 1, and principal and interest will be payable at the Surplus
20,000 00
American Trust Co., St. Louis, or coupons may be presented Legal Reserve
3,000 00
Undivided
profits
32,082
70
for collection through any office of the offering houses. The
Farm Loan bonds authorized and issued
3,300,000 00
bonds are acceptable as security for postal savings and other Accrued interest on Farm Loan bonds (not matured)
30,832 85
deposits of Government funds and are exempt from Federal, Matured interest on Farm Loan bonds (coupons not presented)
28,750 00
Notes payable
120,000 00
State, municipal and local taxation. The bank operates in Loans
due borrowers
119,101 00
the States of Arkansas and Missouri. William R. Compton, Other accrued interest (not matured)
190 44
Chairman of the Board of the bank, is President of the Amer- Amortization payments on principal
44,047 18
Other liabilities
3,818 26
ican Trust Co. of St. Louis. The bank was chartered March
27 1922. Its statement, as officially reported April 30 1925,
Total
$3,946,822 43
follows:
According to W. A. Howell, Vice-President and Manager
Acres of real estate security__
326,886 Avg. appraised val. per acre.
$7895 of the bank, $2,104,300, or 68% of the amount of
loans in
Appraised value of real estate
Avg. amount loaned per acre_
32 94
$25,789,620 Percentage of loans to 81,security
force on April 15 1925 were made to borrowers who themTotal amount loaned
$10,758,960 praised value
41%
selves operate their farms. He also supplies the following
The total bonds outstanding of the bank, including this
information:
issue, is $10,824,000.
Gross
Offering of Bonds of Maryland-Virginia Joint Stock
Land Bank.
Brooke, Stokes & Co., of Philadelphia, Washington and
Baltimore, and the Equitable Trust Co. of Baltimore, offered
on May 21 $500,000 5% Farm Loan bonds of the MarylandVirginia Joint Stock Land Bank at 103 and accrued interest
to yield 4.62% to the optional date and 5% thereafter. The
bonds are dated March 1 1925, will mature March 1 1955 and
are not callable before March 1 1935. They are coupon bonds
in denominations of $1,000 and $5,000 and are fully registerable. Interest is payable semi-annually, March 1 and Sept. 1,
at the office of the bank, or at the Equitable Trust Co., Baltimore. Issued under the Federal Farm Loan Act, the bonds
are exempt from Federal, State and local taxation. The
bank was chartered April 7 1923 to operate in the States of
Maryland and Virginia. The following is its statement of
condition as of May 18 1925, after giving effect to the present
issue of bonds:
loans closed to April 15 1925
$3,075,200 00
Applications received to April 15 1925
7,854,325 00
No loans in default and only four so reported since organization, none
continuing more than fifteen days, two of which were technical defaults.
The Farm Loan Board has approved all loans submitted them.
The bank operates in Georgia and Alabama.'
Offering of Bonds of Pacific Coast Joint Stock Land
Bank of Portland, Ore.
At 104 and interest, to yield approximately 4.50% to the
redeemable date and 5% thereafter to maturity, White, Weld
& Co. on May 14 offered $1,000,000 5% bonds of the Pacific
Coast Joint Stock Land Bank of Portland, Ore. The bonds,
which are issued under the Federal Farm Loan Act, will be
dated May 1 1925, will become due May 1 1955, and will be
redeemed at par and interest on any interest date on and
after May 1 1955. In coupon form, fully registerable and
interchangeable, the bonds will be in denomination of $1,000.
Principal and semi-annual interest (May 1 and Nov. 1) are
payable in New York or Portland. Definitive bonds were
expected to be ready for delivery about May 25. The Pacific
2755
THE CHRONICLE
MAY 30 1925.]
Coast Joint Stock Land Bank of Portland operates in the
States of Oregon and Washington. Its charter was issued
on May 29 1922. The bank pays dividends at the rate of
7% per annum. The following is its statement of condition
March 31 1925:
Resources.
Mortgage loans—
Total loaned
Less payments on principal
$4,665,150 00
67,876 17
Liabilities—
Capital stock
Reserve from earnings
Farm loan bonds
Bills payable
Due borrowers on uncompleted loans
Amortization installments paid in advance
Reserved for matured coupons
Accrued interest on farm loan bonds
Undivided profits
$350,000.00
35,000.00
3,500.000.00
165.000.00
6,340.00
1,491.33
2,075.00
86,500.00
48.455.60
$4,194,861.93
Total
$4,597,273 83
280,000 00
3,979 69
525 00
100 00
109,774 56
25 00
Wet loans in force
United States bonds
Accounts receivable
Installments unpaid
Furniture and Fixtures
Accrued interest
Cash
$4,991,678 08
Liabilities.
Farm loan bonds issued
Capital stock
Surplus and reserves
Undivided profits
Reserve for taxes
Accounts payable
Amortization installments paid in advance
Reserve for unpaid coupons
Accrued interest
Due borrowers
$4,500,000 00
350,000 00
32,500 00
15,528 08
787 22
5,548 43
7,281 43
5,575 00
60,416 67
14,041 25
We also give the loan statistics of the two banks as of May
10 1925:
Tennessee
Joint Stock
Land Bank
119,712
Acres of real estate security
Appraised value of land and premanent
310,391.600.00
improvements
$3,434,800.00
Amount loaned
$86.90
Average appraised value per acre
628.64
Average amount loaned per acre
33.1%
Aver,percentage ofloan to appraised value
Mississippi
Joint Stock
Land Bank
149,898
$12.425,967.00
$4,070,600.00
$83.00
$27.16
32.7%
Both Joint Stock Land Banks are owned and operated by
the Bank of Commerce & Trust Company, Memphis.
=esemeessesnumssmalcs=
Offering of Bonds of Fletcher Joint Stock Land Bank.
The Fletcher Savings and Trust Co. of Indianapolis is offering at 102, yielding 4.25%, $100,000 43.% farm loan
bonds of the Fletcher Joint Stock Land Bank. The bonds
$4,991,678 08
are
in denominations of $1,000,$500 and $100; they are dated
The following loan data as of March 31 1925 is also made
11925, will become due May 1 1955, and will be callMay
available:
able
May
1 1935 or at any interest date thereafter at par.
Number of loans made
374
Acres of real estate security
315,501 Interest will be payable semi-annually May 1 and Nov. 1.
Average amount of each loan
$12,473 The bonds are issued under the Federal Farm Loan Act.
Total.
Ac. per acre.
are taken from the April 30 1925 stateAppraised value of land and buildings ___ $11,862,676
$37 59 The following facts
10,446,236
Appraised value of land alone
33 10 ment of condition of the Fletcher Joint Stock Land Bank:
4,665,150
Amount loaned
14 78
Ratio of loans to appraised value of land and buildings
39.32%
Ratio of loans to appraised value of land alone
44.65%
Record of Bales of Farms Mortgaged to This Bank.
Total acreage sold
6,442
Total sales price
_ $468,017
Total value as appraised for loans
433,813
Total amount loaned
175,250
Offering of Bonds of Tennessee and Mississippi Joint
Stock Land Banks.
Brooke, Stokes & Co. of Philadelphia, Baltimore and
Washington are offering 5%farm loan bonds of the Tennessee
Joint Stock Land Bank and the Mississippi Joint Stock
Land Bank. A total of $400,000 of bonds is being offered,
—$200,000 bonds of each bank—all of the same dating. The
price at which the bonds are offered is 1033
4 and accrued
interest to yield 4.53% to the optional date in 1935 and 5%
thereafter. The bonds bear date February 1 1925, will
become due February 1 1955 and will not be callable before
February 11935. In coupon form in denomination of $1,000,
the bonds are interchangeable for fully registered bonds.
Interest is payable February 1 and August 1 at the Equitable
Trust Company, New York, and at the Bank of Commerce
& Trust Company of Memphis. The Tennessee Joint
Stock Land Bank loans in Tennessee and Arkansas and the
Mississippi Joint Stock Land Bank loans in Mississippi and
Tennessee. The following is the statement of the Tennessee
Joint Stock Land Bank of Memphis, as of May 10 1925.
Assets—
Net mortgage loans
Accrued interest on mortgage loans
(lash in banks
Accounts receivable
Installments matured (in process)
Other assets
Total
Liabilities—
Capital stock
Surplus
Reserve from earnings
Farm loan bonds
Bills payable
Due borrowers
Installments paid in advance
Reserved for matured coupons
Accrued interest on farm loan bonds
Accounts payable
Undivided profits
S3.198,904.55
48,719.82
165,052.43
7,370.55
5,748.00
59,863.87
$3,485,659.22
3250,000.00
20,000.00
25.000.00
2,982,000.00
120,000.00
1,060.17
550.00
2,425.00
69,755.00
772.92
14,096.13
$3,485,659.22
The statement of the Mississippi Joint Stock Land Bank
of Memphis, as of May 10 1925, follows:
Total
Assets—
Net mortgage loans
Accrued interest on mortgage loans
Cash in banks
Accounts receivable
Installments matured (in process)
Other assets
Total
$3,848,256.29
61.674.32
198,582.44
2.642.77
2.230.00
81.476.11
$4,194,861.93
Loans
Federal appraisement
Our appraisement
Acres mortgaged
Percentage of loan to appraisement
Average loan per acre
614,250,600
37,029,790
35,918.578
282,731
38.48%
$50 40
Offering of Capital Stock of Southern Minnesota
Joint Stock Land Bank.
Jackson & Curtis and the Guy Huston Company Inc.,
offered on May 28 11,000 shares of capital stock of the
Southern Minnesota Joint Stock Land Bank of Redwood
Falls, Minn. The stock is in shares of $100.• Dividends are
payable on the first day of January, April, July and October.
The initial dividend was declared as of July 1 1922, at 8%.
In January, 1923, the rate was increased to 9% and in May,
1925, the Board of Directors announced that the dividend
rate on the capital stock had been increased from 9 to 10%,
the increase to be effective July 1; the first quarterly dividend
of $2.50 per share will be paid October 1 1925.
The new issue of stock, which it was announced on May
28 had been sold, was offered at $158.50 per share and
accrued dividend; at the $10 per share annual rate beginning
July 1 1925, the yield will be over 6.30%. The new stock
is expected to be ready for delivery about June 3. The
stock is exempt from Federal normal income taxes. All
taxes being paid by the Bank, stock is therefore not taxable
in the hands of the individual owner for state and local
purposes, and need not be declared for taxation. The
Southern Minnesota Joint Stock Land Bank is one of a group
of which the Guy Huston Company are fiscal agents. This
group includes the Chicago, Kansas City, Southern Minnesota, Dallas, Des Moines and New York banks. Their
assets are in excess of $190,000,000—more than one-third of
the assets of the total Joint Stock Land Bank System, and
their gross earnings are now in excess of $2,000,000 per
annum. The Southern Minnesota Joint Stock Land Bank,
after giving effect to the new financing, becomes the fourth
largest Joint Stock Land Bank in the Federal Farm Loan
System. It was organized in June, 1919, by W. H. Gold and
his associates, with an initial capital of $250,000. Its
capital, including the present issue, will be $3,000,000, with
Reserves, Surplus and Undivided Profits of $783,219.75.
Its loans outstanding as of May 12 1925, were $28,362,800.96,
on which amortization payments have been made to the
amount of $833,616.24. These loans are secured by first
mortgages on corn land farms in the Southern section of
Minnesota and in the extreme Eastern section of South
Dakota. These farms have been appraised for loan purposes
at over $68,000,000. While the Bank's charter authorizes
it to operate throughout the States of Minnesota and South
Dakota, its policy has been to confine its investments in
farm mortgages to 83 counties in Southern Minnesota and
Eastern South Dakota, which are a part of the Corn Belt.
2756
THE CHRONICLE
EVou 120.
George Wickersham, former United States Attorney-General, and
Federal Farm Loan Board Reduces Rate of Interest to
James W. Gerard. former American Ambassador to Berlin, both are here
Farmers in Omaha District from 5
to 53%.
explaining the action of Washington and unofficially applying the soft pedal.
There are others of note in the French capital giving advice to French
Effective June 1 the Federal Farm Loan Board announced
and otherwise engaged in drawing herrings across the debt trail.
on May 25 that the rate of interest charged to farmers by officials
Then there are the direct representatives of the American Government
the Omaha Federal Land Bank had been reduced from 53/i and a legion of writers who are apologizing for the United States for having
to 554%. A statement indicating that similar changes in made the war debt move, as they always cautiously add,"at this time."
The New York "Times" of May 29 presents a correct
other districts were contemplated was issued as follows by
view of the sentiments in banking circles here when it says:
Commissioner Cooper:
Officers of Kuhn, Loeb & Co. declined to amplify the statement, but in
The Board is considering rate reductions in other districts and will doubt- the banking world there exists
considerable impatience with the idea that
less reach a conclusion within a short time. It requires some time for a bank conversations abroad of well-Informed
Americans regarding international
to make necessary adjustments before a change in its rate. The Omaha debts tends to impede rather
than facilitate settlements. Bankers well
Land Bank, however, is in a position to make the reduced rate effective acquainted with the subject
declare that the big international financial
June 1.
houses would be the last ones to interfere with an operation tending to
The present favorable bond market, as well as the general improvement in stabilize world affairs.
agriculture,satisfies the Board that this lower interest rate can be maintained
One development of the newspaper reports has been the
by the Omaha bank as well as other banks of the system which will be given
action of Representative Hamilton Fish Jr., of New York,
authority later for interest rate reductions.
Associated Press advices from Washington May 25 stated:
Presidents oftheLand banks, at a recent conference with the Board, considered the rate question throughout the country, but the discussion was
Informal and entirely for advice of the Board. Study of the facts present
at that time, however, has convinced the Board that reductions in all districts are justified and should be made operative as soon as possible.
Reports Attributed to Otto H. Kahn on War Debt
• Issue Denied by Kuhn, Loeb & Co.—James W.
•
Gerard and G. W. Wickersham Likewise Make
Denials —Representative Fish Suggests
•
Application of Logan Act to
Unauthorized Speakers Abroad.
Denials of remarks attributed to Otto H. Kahn, of the
banking firm of Kuhn, Loeb & Co., James W. Gerard, formerly United States Ambassador to Germany and former
U.S. Attorney Genera/ George W. Wickersham,regarding the
settlement of war debts, have been made this week. Messrs.
Kahn and Gerard and Wickersham, in reports from abroad,
were made to appear as having attempted to explain as a
political move the action of the United States in seeking a
settlement of the debts. On behalf of Mr. Kahn, his office
on May 28 issued the following statement:
In response to inquiries at the office of Kuhn, Loeb & Co. regarding
certain remarks, which Mr. Otto H. Kahn was reported to have made in a
recent speech in Paris and to which wide publicity has been given, it was
stated that they have been advised by Mr. Kahn that his remarks, which
were made at a small private luncheon at which no representatives of the
press were present, have not been accurately reported and had no reference
to the debt settlement, which was fully understood by everyone present.
Mr. Kahn's remarks were made in response to comment made by others
at the luncheon as to certain published expressions in America which had
reached France probably in somewhat garbled form, and in order to emphasize the Importance of peoples understanding each other's points of
view and avoiding discord creeping into their relationships through lack
of full understanding.
in proposing to President Coolidge that those essaying to
present the stand of the United States with a view to influencing a foreign Government on any issue, without authority
therefor, be prosecuted under the Logan Act. Representative Fish is quoted in the New York "Times" of May 28
as follows:
"Presidents of Chambers of Commerce, bankers, eminent lawyers,
journalists, former diplomats and many of the officers, commanders and
chevaliers of the Legion of Honor have rushed over to France to settle the
war debts by an offer of cancellation or by other misrepresentations," Mr.
Fish declared.
"Practically all these would-be negotiators hail from Now York City.
except a few from New England, and unless a stop Is called to their unAmerican propaganda it will be useless to try to convince France and other
European debtor nations that the United States Government means what
it says.
Hits at"New Type- of Citizen.
"At the outset of the World War we were troubled by the presence of
hyphenates, but now we are annoyed by a new type of American citizen,
who applauds all things foreign, particularly French, and finds fault with
all things American, particularly our Government.
"We must not forget that the American taxpayers are still paying
$900,000,000 a year in interest on the war debts and that the taxpayers
of Great Britain and several smaller nations have recognized the validity
of their war obligations and are paying up, but that France. Belgium and
Rumania, instead of funding their debts, have been either loaning money
to other nations or making payments in spite of the prior claims of the
United States.
"If the Administration falls to enforce the Criminal Code against unlawful
interference with negotiations being conducted by the United States
Government with foreign Powers, I will consider bringing the matter up
in Congress when it convenes."
No comparison of the citizens who went abroad and spoke against the
League of Nations proposal could be made with those who now favored
cancellation of the French debt, Mr. Fish said. He argued that the League
of Nations idea was merely a proposal In which this country did not agree,
while the debt negotiations had been specifically authorized by Congress,
which had gone on record as opposing a cancellation.
"I do not say that I would vote to put such a law as the Logan Act on
the statute books, for I have strong ideas on the freedom of speech," Mr.
Fish added:"but as it is on the books I want it enfcrced."
Indications of the Government's displeasure at the exFormer Ambassador Gerard's denial was contained in a
cablegram from Paris to President Coolidge on May 25, as pression of views by American visitors abroad, were made
known on May 21, at which time the Washington advices
follows:
to one of the newspapers—the New York "Herald-Tribune"
The President, Washington —
Am now informed by cable from America that "Evening Post," New —said:
York, had dispatch from Paris, 20th, saying I was expressing critical
views about debt note. Did not even know there was a debt note: have
refused interviews and made no speeches. Am out of politics and only
wish you could be here to enjoy riding in the park. Please inform spokesman.
JAMES W. GERARD.
Incidentally, it is noted, a copyright cablegram from
Paris, May 27, carried information regarding the cancellation of a luncheon in London at which Mr. Gerard was to
have spoken. We quote the cablegram herewith:
The Continental edition of the London "Daily Mail" says to-day:
"The luncheon arranged in London for to-day by the English-speaking
Union in honor of James W.Gerard. United States Ambassador to Germany
during the war, has been postponed."
Private Americans in foreign capitals and in this country who suggest
ways by which the debtor nations may settle their war obligations to the
United States were vigorously scored today by one of President Coolidge's
chief advisers. He suggested a policy of"hands off"and"mouths shut"for
these "muddlers," whose remarks, he added, were unwise and not always
understood in foreign capitals.
The government's efforts to bring about an early movement by the debtor
nations toward funding arrangements are embarrassed by these unofficial
spokesmen, who constantly are suggesting methods of payment that may be
acceptable to the United States, it was indicated.
No direct reference to any individual who has spoken recently on the debt
situation was made by the official spokesman today, but it is known that
the recent speeches of Otto Kahn, the New York financier, are regarded as
most displeasing to the Administration. The views of George W. Wickersham, given recently in Paris, also come under the group of utterances discouraged by the government,it is understood.
With the return of Mr. Wickersham on the Cunard liner
Resent Private Spokesmen.
Mauretania yesterday (May 29) he was reported in the New
Officials declared that headway in the debt situation can only be accomYork "Evening Post" as protesting that he had been mis- plished through
authorized channels, and that no private citizen is empowquoted and "taken seriously" in cabled reports of his speech ered to suggest any mode of payment of the war debt to any of the debtor
nations.
before the American Club in Paris on the subject of debt
payments. Yesterday's account in that paper says:
Adolph S. Ochs, of New York "Times," Says NegotiaMr. Wickersham said his remarks had been addressed to the club infortions on Debt Settlement Are Progressing to
mally and with humorous intent.
"I said the time had come for one nation to pay back debts to another,"
Satisfactory Conclusion—President Has Full
he recalled, "and that every nation should recognize her incurred debts. I
Support and Confidence of People.
said the United States should recognize her debt to Prance. We owe that
According to Associated Press accounts from Paris,
country our well-dressed women, our best cooking, the best of our art.
"I did not imagine my words would be taken seriously."
May 28, the problem of the French debt to the United
The same paper, in a copyright cablegram from Paris, States is on its way to a
satisfactory settlement, Adolph S.
May 20, in an account of the reported remarks of Messrs. Ochs, publisher of The
New York "Times," told the AmeriKahn, Gerard and Wickersham, had the following to say in can Club of Paris that
day. The accounts further say:
part:
Recent reports of disagreeable or impolite messages exchanged between
Otto H. Kahn, at a dinner at the Inter-Allied Club attended by Premier
Painleve, said:
"When one loves a woman one always experiences pleasure in seeing
others love her, too. I may say, loving France as I do, that America loves
her deeply.
"If at times you hear words that offend you, always put it down to the
fact that they do not come from the soul of the American people, but from
her politicians, who do not represent the nation."
Washington and Paris were unfounded, said Mr. Ochs, declaring he spoke
upon the highest authority.
"I have been particularly cautioned that there are some things I may not
discuss." Mr. Ochs remarked, "and as I do not wish to have the experience
of some of my friends I have taken the precaution to write down what I
wanted to say. I want it understood that I am not even an unofficial
observer. I am here on my own hook, but I must not disregard the caution
that has gone out from Washington.
MAY 30 1925.]
THE CHRONICLE
"I am observing and taking notes, but I think I may be permitted to say,
and I have the highest authority on which to make the statement, that •
those reports are untrue and unfounded that say there have been disagreeable
or impolite messages received with respect to the French debt to the United
States. On the contrary, the messages that have been exchanged or the
conversations that have taken place have had nothing of irritation in them.
"On the other hand, there have been initiated, and there are now in
progress, very satisfactory negotiations with respect to arriving at a
satisfactory understanding on the problem of the settlement of the French
debt. And the greatest confidence land good-will is reposed in President
Coolidge and in his ability to approach a settlement in the highest sense
of justice, fairness and generosity.
"And, as I am somewhat employed in reflecting public opinion in the
United States,I feel no hesitation in saying that in this attitude the President
has the good-will, support and full confidence of the American people."
Mr. Ochs, discussing "the far too prevalent opinion that the world is in
a bad condition," said he was an optimist and felt sure that the problems
and perplexities would be solved. He cited the Associated Press as "a fine
illustration that brothers can dwell together in unity.
"This organization of more than 1,200 newspapers, representing diverse
and divergent interests and aspirations," he added. "works harmoniously
and satisfactorilr."
Webb-Phelps Amendments to Martin "Blue Sky" Act
(New York) Effective June 1—Requirements
Affecting Publication of Sale of Securities.
Calling attention to the fact that the amendments to the
Martin so-called "Blue-Sky"law, passed at the recent session
of the New York Legislature, will become effective June 1,
New York State Attorney General Ottinger on May 24 issued
a final warning to stock brokers, promoters and dealers in
securities that the provisions of the law requiring publication
of proposals to sell securities must be complied with. The
Attorney General's warning said:
It is apparent, that there is not a full realization among stock brokers,
dealers in investment securities and corporations selling their securities
directly to the public of the requirements of the recent amendments to the
Martin anti-stock frauds law.
All persons, firms and corporations dealing in securities, unless specially
exempted by the law itself, are absolutely required to publish notices of
sales of securities.
This publication must be made in the official security paper on June 1,
otherwise none of the agencies which falls into the classification above
mentioned can sell a dollar's worth of stock, bonds or other security within
the State of New York without rendering themselves liable to severe
penalties, both civil and criminal, imposed by the Martin act.
In spite of the fact that there are within the State of New York upward
of 3,000 agencies of one kind or another that are subject to the regulations
imposed by the act. I am advised by the official security paper,'The TimesUnion," of Albany,that copy for the required notice has been received from
not more than 200 dealers and issuers to date.
2757
The main provisions added to the Martin Fraud Law by the Webb-Phelps
Bill amendments are as follows:
(a) Fraudulent practices in respect to the advertisement, purchase or sale
for future delivery of any commodity dealt in on any exchange are brought
within the scope of the act. This gives the Attorney General authority to
investigate and prosecute those guilty of questionable transactions in cotton,,
grain,etc.
(b) Negotiable documents of title, foreign currency orders and calla or
options therefor are included within the term "security or securities."
(c) A dealer in securites who sells or offers any security for sale to the
public without complying with the provisions requiring the publication of
certain notices in the State paper at Albany is guilty of a fraudulent practice.
(d) In any action brought by the Attorney General under the act either
the temporary injunction or the final decree may provide for the appointment of a receiver of the proceeds of the fraud from which two salutary
results will accrue. The victim ofafraudulent practice may havesomeofhie
losses recovered for him. The outstanding advantage, however, will be to
prevent immunity from arising to those examined by the Attorney General.
through the use of a criminal proceeding of their books and records while the
same are lawfully in the possession of a receiver.
(e) Upon a showing by the Attorney General that a defendant or an officer thereof has refused to be sworn, to answer a proper question or to produce a book or paper material to an inquiry duly conducted under the law,a
preliminary injunction may forthwith issue from the Supreme Court.
(f) The language of the immunity provision of the original law is Improved.
(g) After the 31st day of May 1925 every person, firm or corporation engaged in, or about to engage in the business of selling securities to the public
Is required to first cause to be published in the State Paper a notice giving the
following information:
Name of dealer. Business or post office address. If a corporation, whers
Incorporated. If a partnership, the names of the partners.
offering a security for sale to
(h) After the 31st day of May 1925 a dealer‘
the public which does not come within the exempt class as enumerated In
section 359-f of the law, must before or at the time of such offering cause to
be published in the State paper a further notice containing the information.
other than the names of partners, required to be published in the notice
mentioned above, and in addition thereto, the following:
Name of Security. Name of the issuer. Post office address of Issuer
and the state or country in which organized.
(I) Provision is made for a single publication of the second notice in ease
of group orsyndicate offerings.
CD The publisher of the State Paper is required, immediately upon the
publication of the notices mentioned,to deliver to the Attorney General flys
copies of each issue or supplement containing the notices herein described.
Very truly yours,
R. H. FULLERTON. Chairman,
Legislative Committee.
The signing by Gov. Smith of the Webb-Phelps amendments to the Martin Act was noted in our issue of April 4,
nage 1692.
Bankers of State of New York Guests of Stock
Exchange.
In an earlier notice regarding the new requirements the
Approximately 400 bankers of the State of New York
Attorney General was quoted in the New York "Herald visited the New York Stock Exchange on Wednesday of thia
Tribune" of May 4 as saying:
week, and, as guests of the Exchange, spent the day familOn and after May 31 all dealers in securities or commodities as defined by
its machinery and studying the
the terms of the act itself must cause to be published in the official securities iarizing themselves with
paper at their own expense a notice giving certain Information as to the busi- operation of the market. The bankers were present in reness activities, and if the securities which they propose to sell are not sponse to invitations issued by the Exchange, which had
covered by certain exemptions created by the terms of the law they must also
designated May 27 as Banker's Visiting Day. In making
publish a further notice descriptive of the securities they propose to offer.
The publisher of the paper must, immediately upon publishing any par- known its reason therefor the Exchange said:
ticular notice or notices, forthwith furnish the Attorney General with 5
copies thereof. In this way the Attorney General will receive advance
notice of all offerings of securities intended to be made to the public and will
be able, in a proper case, to do what,under the original Martin law,he found
himself unable to do in many instances—lock the barn door before the horse
is stolen.
Holds Act Reasonable.
Legitimate corporate enterprises have nothing to fear from the operation
of this law as amended. The requirements as to the contents of the notice
are neither burdensome or expensive from the standpoint of the dealer or
offerer.
The penalties for violation of the provisions of the statute have been very
materially increased.
The Attorney General's warning to investors on May 4
also said:
Under a plan we have worked out we will be able to check innumerable
fradulent stock promotions before the promoters or their agents can move.
If crooked dealers fall to comply with the publication provisions of the Martin law the State's agents co-operating with local chambers of commerce.
boards of trade and such agencies as the Better Business Bureau, cannot fail
to detect them. If they comply with the requirement the State will be able
to investigate and determine the character of the securities they propose to
sell.
We have spread the dragnet over all the sections of the State in an effort
to bring to shalt theflagrant and widespreadfrauds which bring unscrupulous
and villainous stock dealers and salesmen millions of dollars each year.
Our aim is to drive fakers from the State of New York and nothing will be
left undone to accomplish this.
At this point, let me again warn the people against investing money in any
securities that have not been approved by their bankers, lawyers or some
authoritative agency. The public is in a position to help us by refraining
from placing money in questionable enterprises and by notifying the Attorney General or any of his representatives of attempts to sell what appear to
be fake securities.
During the past few years the Stock Exchange has held annual conferences of Partners, Branch Office Managers and Representatives of Stock
Exchange Firmsfor the purpose of enabling the associates of Stock Exchange
Members to become familiar with the workings of that institution. These
meetings have given the personnel of the Stock Exchange organization
throughout the country a first hand knowledge of the manner in which
stocks and bonds are actually bought- and sold and a better understanding
of the problems of the Exchange. These conferences have been attended by
hundreds of members and their associates from all over the country. In
this way better co-operation between the Exchange and the men who come
into contact with the investing public has been secured.
Inasmuch as a large volume of investment business reaches the Exchange
through the banks, the Exchange felt that a similar opportunity to inspect
the'mechanism of the market place would be appreciated by the Officers of
the National, State and Savings Banks and Trust Companies of the State
of New York.
The program for Bankers' Visiting Day included visits to
the Floor of the Exchange and to the Stock Clearing Corporation. An address was made by E. H. H. Simmons,
President of the Exchange, who, in speaking of the practice
which has grown up among American banks "of depending
for the element of centralization upon the call or demand
loans made in Wall St. on the collateral securities listed on the
New York Stock Exchange" said we must "look upon the
security loan market as a useful factor in modern banking,
and upon the stock market as an institution closely allied
with and related to other sections of the Nation's business."
We annex President Simmons's remarks:
It is with very genuine pleasure that,on behalfof the Governors. Members
and Officers ofthe New York Stock Exchange,jbid you welcome here today,
I need scarcely remind you of the many contracts which exist between
American banks generally and this leading American marktt for capital.
It is mainly through the bankt that securities come to be isimed and Heed
on the Exchange, and also that funds can be found to carry them in the
floating supply until they can be distributed to the outright buyers and
New York, April 27 1925.
investors of the land. On the other hand, bankers look to the Stock En.
change for a variety of indispensable services in corporate financing—s
To the Members of the New York Group,
the maintenance of a ready, free and open market,for reliable quotations.
Investment Bankers Association of America.
and for integrity of method in security dealings. It is therefore a fortunate
Gentlemen:
General
the
of
23a
Article
of
copy
Law
herewith
Business
occasion when we can take counsel together over our mutual problems
I am enclosing
of the State of New York as amended by the Webb-Phelps Bill of 1925, arising from the financial business of the country, to avoid the possibility
of any future misunderstandings or misapprehensions between us, and by
which is generally called the "Martin Fraud Law."
A summary of the main provisions of the amendments is
furnished in the following letter addressed to members by the
Legislative Committee of the New York Group of the Investment Bankers' Association of New York:
•
2758
•
nth CHRONICLE
[Vol,. 120.
mutual co-operation to Improve the financial facilities which we both had been very largely instrumental in making possible the comparatively
maintain for the American public.
'slight 12% liquidation of general bank loans and investments, and in conI realize that you have come here today to see the Exchange in actual sequence a very great alleviation of the acute general business conditions
operation, rather than to listen to speeches. I am accordingly going to of these years.
make my remarks very brief, and to refer to only a single phase of the
There is a final aspect of this relation of the securities market to American
xchange securities markets, out of the many which might be discussed. business generally, to which I would call your further attention. At the
constantly
the
American
banking
end
One of
recurring problems of
from the
of the typical business cycle, there comes a time when inactivity and
earliest times has been the establishment of some central institution or small profits in trade leave frozen commercial and industrial loans in the
system Which would serve as a bulwark to the money market in times of banks. These loans were originally intended to be for only short periods,
stress by centralizing banking reserves and enabling their flexible control yet the inability of the borrower to pay necessarily makes them long-term
in the common interest. To some extent, steps in this direction were taken obligations in fact. In their liquidation, very frequently the creditor
very early in our history by the successive organization of the First and banks turn for assistance to the securities market, by funding their frozen
Second Banks of the United States. With the passing of the Second Bank short-term loans and selling them to the public as long-term bond issues.
in 1836, these hopeful and promising attempts to centralize and give poise
Here again the security market performs a very great service to the
and direction to American banking came to a halt, and until our own times, larger and wider market for short-term commercial and industrial borrowno very effectual steps in this direction were taken. The National Bank ings. For where such funding bond issues are put out, not all the bonds
Act effected some salutary reforms in our currency and in other respects can as a rule be sold at once, and moreover many of them have to be taktin
improved the existing situation, without however really providing a central up by speculative investors who use borrowed money. In consequence.
liquid reservoir of funds to which in times of affluence the banks of this such bond certificates soon find their way into the securities collateral loan
country could contribute, and from which in times of financial stress they envelopes of Wall Street, where they remain until enough outright buyers
could readily withdraw their funds again.
come forward to take them up.
We must, therefore, look upon the security loan market as a useful factor
In consequence of this situation, the practise grew up among American
,
demand
in modern banking, and upon the stock market as an institution closely
banks of depending for the element of centralization upon the call or
loans made in Wall Street on the collateral securities listed on the New allied with and related to other sections of the nation's business. In Its
York Stock Exchange. Many of you will recall the days when our call loan own unique fashion, as a reservoir of surplus capital, it obeys logically and
market was the regular repository of the secondary banking reserves from speedily the regular impulses and tendencies of the business cycl9. We
all parts of the country. It was not an ideal system, either to the lending may sometimes misunderstand it, but we must continue to depend upon it.
banks and their depositors or to the borrowing stock brokers and their Although its terminology and its superficial characteristics may sometimes
customers. Nor was the undue burden and responsibility thus placed mislead us, its smooth and steady functioning is and will be a factor of major
upon the security call loan market anything of the Stock Exchange's seeking. significance in the stimulation, the maintenance, and the stabilization of
The system grew up in lieu of a better one, and while its defects and short- American business as a whole.
comings were now and then demonstrated during financial crises and
panics, nevertheless it functioned after Its own fashion steadily and continually in supplying the central reserve strength and flexibility otherwise 'Pierre Jay's Address Before United States Chamber
lacking among the banks of the country.
of Commerce Detailing Functions of Federal
After many years of this make-shift method, the Federal Reserve Act
Reserve Banks—Clear 2,000,000 Checks Daily.
therein
provided
was at length adopted, and the central banking machinery
Pierre Jay, Chairman of the Board of the Federal Reserve
was organized and set in operation. During the past decade the Federal
Reserve system has functioned in times of war and of peace, in periods of Bank of New York in an address on May 20 before the
inflation and liquidation, with remarkable success. The Reserve Banks
Group of the Chamber of Commerce of the United
have consistently shown a splendid flexibility and adaptability through
these very trying times, and have completed with brilliant efficiency many •States, meeting in annual convention in Washington last
indispensable financial tasks never contemplated originally by the framers week, detailed the functions of the Federal Reserve banks,
of the Reserve Act. The nation as a whole owes them a deep debt of
gratitude for their able handling of the difficult and tremendous financial which he said "are not Governmental bodies, but private corproblems of the United States during the war. Even these lines of business porations owned by the member banks who are their stockwhich by the terms of the Reserve Act are excluded from full and direct holders." An incidental
reference to the action of the Resupport from the Reserve Banks—and among these, investment banking
and stock brokerage are conspicuous examples—have nevertheless benefitted serve banks in placing $200,000,000 gold at the disposal of
greatly though indirectly from the operations of the Reserve system. the Bank of England in furtherance of Great Britain's reSome of us may believe that in the minor questions of their technique and turn to the gold
standard was made by Mr. Jay toward the
their scope, as established under the law, the system can still be improved.
Yet without fear of contradiction, I will venture to assert that not a single end of his address, our article last week on page 2595 having
member of this very representative group of bankers would seriously taken cognizance of his remarks on this point. Mr. Jay in
advocate a return to banking conditions as they were before the Reserve his
comments stated that "we welcomed an opportunity
system was established. Now that the Reserve Banks must in a few years
be rechartered, we and all other sensible and experienced financial men which combined assistance to the Bank of England, our agent
must rally to the support of the Reserve system in its basic policies and its and correspondent, with the discharge of our domestic refundamental powers and methods.
situation . . . and it is
But it has not been my intention to enter into any detailed discussion of sponsibility to the general credit
the Federal Reserve system at this time,since it is a subject with which this our belief that in no way could the System accommodate
audience is probably better acquainted than I am myself. I have alluded American commerce and business more thoroughly than by
to it In order that I may not be thought either forgetful or short-sighted in
speaking to you upon the second and older source of centralized reserve assisting such a general resumption." Pointing out that "the
power in the modern money market—namely, the market for call loans Reserve banks now collect practically all out-of-town checks,
based on security collateral.
over 2,000,000 a day," Mr. Jay said "they have cut in half
The advent of the Reserve system removed a great and undue weight
previously imposed upon the security call loan market as a reservoir for the time and expenses of collecting such checks, thereby
bank reserves and as a centralizing factor in the money market. These greatly reducing any risks which business men run in acfunctions have been se successfully assumed by the Reserve Banks, that cepting them in payment of. Invoices." He
described "our
the usefulness and services of the security call loan market has frequently
been overlooked or forgotten ever since. Having for many years over- rediscounting of business agricultural paper" as "the most
stressed the importance of "street loans," so-called, American finance has important thing we do through our member banks, for busireeentL tended to minimize their importance to the banking community ness." He stated that "in the New York district the
largest
at large.
Stocks)and bonds, as well as the loans made upon them, are of necessity note we have rediscounted was $147,000,000 and the smallest
comm ties which absorb only surplus funds. When the surplus funds $281." He added: "There are about 9,600 member banks.
of the , untry are large, normally security buying becomes active and the At the peak of the war borrowing some 7,500 of them borloans made upon the securities expand. On the other hand, when the
nation's surplus funds become less abundant, the needs of commerce and rowed. During the last three years, a period of greatly reindustry cause a liquidation of securities and of the loans made upon them. duced borrowing, about 6,000 member banks borrowed each
Thns the markets for securities and security loans provide a profitable use year, seasonally or occasionally, showing
the extent to which
;for idle funds in times of slack trade, and a "shock absorber" to commercial
and industrial credit when trade becomes active. This ebb and flow of member banks call upon their reserve banks for a few days,
funds into and out of security collateral loans also accounts, in large weeks or months for loans to maintain the reserves which
measure, for the ability of stock market prices to discount in advance the the law
requires them to keep." Discussing the mobilizamajor trends in general business conditions.
tion of gold, Mr. Jay said:
This function of the security call loan market In stabilizing the conditions
Our whole currency and bank credit system, of course, is based upon the
of commercial, agricultural and industrial credit, was very clearly revealed
in the severe business depression of 1920-1921. By the middle of November pooling of the gold reserves of the country. Lack of this was formerly the
greatest weakness in our banking structure. Our gold reserves were scat1919 the total loans and investments of American banks reporting to the
Federal Reserve Banks had reached $16,000,000,000, and at the same time tered in the vaults of 27,000 individual banks, and there was no way they
be brought together for the common use in times of seed. . . .
over
could
stock market loans in New York had attained their peak at slightly
The creation of the Reserve System gave the opportunity for the first
$1,500,000,000. But the existing money strain, while it did not immediately curtail general borrowings at the banks, caused in succeeding time for the development of an American banking policy. The gold reserves
months a severe deflation of the loans made upon stock market collateral. were diverted from the 27,000 individual banks, devoting their attention
largely to profit making, into 12 new institutions, the Federal Reserve
By mid-November of 1920—just a year later--stock market loans in banks, created for the primary purpose of administering
these reserves, not
consequence sunk well under $1,000,000,000, while aggregate loans and for profit, but in the public interest"
investments of all American banks reporting to the Reserve increased well
and
1919
November
Mr. Jay stated that "transactions in bankers' acceptances
over $17,000,000,000. Thus, in the year between
November 1920, about half a billion dollars was squeezed out of stock and short Government securities in the
open market are comarket loans and, together with an additional half billion obtained mainly
by expanding our total bank credit, was loaned out to merchants, farmers ordinated through a committee of Reserve bank officers apthat
at
and manufacturers. In the light of these facts, it seems curious
pointed by the Federal Reserve Board and acting under the
the time so much could have been made of the claim that "Wall Street"
was deflating the farmer and the business man. Actually, as the figures approval and authority of the directors of those Reserve
very clearly indicate, it was the farmer and the business man who deflated banks which may from time to time participate in such transthe Wall Street stock market, as well as the market for loans on security actions. His remarks in full follow:
collateral.
American institutions are judged not alone by their accomplishments, but
By July 1921 stock market loans had fallen still furtner to a total of only
also by the picture which people form of them in their minds. Few Ameriabout 8700,000,000—or about 46% of their previous peak of $1.500,000.000.
cans
have any picture of the Reserve banks because relatively few come in
But at this same date, total American bank loans and investments had
fallen to about $15,000,000,000—or about 88% of their previous peak of direct contact with them. To most people they are merely an idea because
$17,000,000,000. Thus the drastic 54% liquidation of stock market loans they do not deal directly with the public but deal only with the banks.
nance
ri-
MAY 30 1925.]
THE CHRONICLE
2759
Because of this remotenees I want to try to give you a picture of what we banks what loans they shall or shall not make to their customers. Member
are, how we are organized and controlled, and what we have been trying to banks are as free in all respects as they were before, but the System gives
them improved facilities for transacting their customers' business, and adds
do, through the banks, for the business men and farmers of the country.
a factor of safety to their operations which they never before enjoyed. In
Physical Organization.
the same way each Reserve bank in dealing with its member banks is quite
In the first place, far from being a mere idea, we are a fairly robust autonomous. No one from Washington or from any other district ever tells
branches,
consists
of
12
banks
with
23
organization.
The
System
physical
a Reserve bank how much or how little it shall lend to a member bank.
or 35 offices in all, covering every section of the country. These banks are
Yet there are certain countrywide functions of the Reserve banks in which
not Governmental bodies but private corporations owned by the member uniformity is necessary, such as their system of collecting checks, of transbanks, who are stockholders. Most of the Reserve banks are housed in their ferring funds by telegraph, and of affecting the daily settlement of balances
own buildings, built with their own money, not that of the Government. between the twelve districts. A certain co-ordination, but not uniformity,
They. have an aggregate staff of 10,500 clerks and officers and 108 direc- of credit policy is also necessary. Therefore, the law provides that the Fedtors. To the latter should be added the 160 directors of branches. These eral Reserve Board shall finally determine the discount rate initiated in
directors, officers and clerks operate the banks and their branches under the each district, so that no Reserve bank may extend credit at a rate entirely
Federal Reserve Act and subject to the general supervision of the Federal out of line with general conditions. For the same reason co-ordination of
Reserve Board composed of eight members and its staff, sitting continuously policy is also necessary, in dealing in acceptances and Government securiin Washington.
ties in the money. markets. Much confusion would arise if each of the
What the Reserve Banks Do.
Reserve banks acted entirely independently. •
Most of you here, I imagine, have never been inside a Federal Reserve
These things, the discount rate, the rate for the purchase of bankers'
bank. Many of you, perhaps, have never met an officer of a Reserve bank. acceptances, and the dealings in short United States Government securities,
But every day, in ways of which you are probably unconscious, you have con- are the expressions of Federal Reserve credit policy. I shall not attempt to
tact with the operations of the Reserve banks.
discuss the aim and application of this policy in recent years beyond saying
Currency.—Look over the paper money in your pocketbook and you will that, as I have sensed it, it has been directed towards steadying general
find that many of the bills it contains are Federal Reserve notes issued credit conditions in the face of the heaviest inflow of gold any country has
through Federal Reserve banks. Not only that, but probably every coin or ever experienced. But I think you might be interested in knowing who
bill that you carry has been handled by a Reserve bank. For the Reserve decide these things and the considerations by which their decisions are
banks have taken over the functions of the old Sub-Treasuries and practically guided, particularly as you will find that business men and business welfare
all the money used in the United States is furnished through them. Banks, play a large part in these decisions.
return their worn or surplus money to the Reserve banks, which in turn
The Personnel.
issue them clean money. There is a huge daily flow of currency into and out
At each Federal Reserve bank the discount rate is initiated by its direcof the Reserve banks. During the year this aggregates over $10,000,000,000,
rate, as I have said, is subject
or more than twice the amount of currency in circulation in the country. To tors, in consultation with its officers. This
Board. Let us take
handle so large a veltnne smoothly and to provide against emergencies, the to the review and determination of the Federal Reserve
provides that the Secretary of
Act
Reserve banks carry a large reserve supply of currency in Washington and the personnel of the Board first. The
be members exat their 35 offices. Practically no bank is distant more than 24 hours, and the Treasury and the Comptroller of the Currency shall
than one shall come
the vast majority of banks are distant only over night, from one of these officio and that of its six appointed members not more
they must represent
currency depots. Thus currency shortages are provided against and eur- from any one Federal Reserve district. Also, that
interests of the
rency panics, like that of 1907, are eliminated. But the Reserve banks do fairly the financial, agricultural, industrial and commercial
before appointment,
appointees,
six
present
of
the
more than handle the mechanics of the flow of currency; their credit opera- country. The occupations
economist—a
tions also give elasticity to its volume. The amount of money in circulation were banker, farmer, merchant, newspaper publisher, lawyer,
now increases at certain seasons and decreases at other seasons in accordance widely diversified group.
Reserve
bank has,
Coming now to the nine directors which each Federal
with business and agricultural requirements.
bankers and
Check Collections.—The next time you receive your canceled checks back the member banks elect six of these, of which three may be
in the
from your bank, if you will examine the endorsements you will find that a three must be actively engaged in commerce, agriculture or industry
Board.
large part of all the checks you sent out of town carry the endorsement of district. The remaining three are appointed by the Federal Reserve
Chairmen
of the
one or more Reserve banks. Indeed, the Reserve banks now collect prac- Of the 108 present directors of the 12 banks, 12 are the
Reserve
tically all out-of-town checks; over two million of them every day. They Boards, men of booking experience devoting their entire time to the
or
have cut in half the time and expenses of collecting such checks, thereby banks; 36 are active bankers, but many of them also engaged in business
at present
greatly reducing any risks which business men run in accepting them in pay- agriculture, while the remaining 60, constituting the majority,
farm4
ment of invoices. As a result the vast majority of country checks are now have the following occupations: 19 manufacturers, 13 merchants,
business
paid at par and are so generally acceptable that most business concerns re- ers, 3 lumbermen, 3 insurance, 3 investment bankers, 3 retired
utilities,
1
1
public
railroads,
1
contractor,
2
lawyers,
publishers,
2
ceive them readily and no longer require payment of their invoices in New men, 2
mining, 1 quarrying, 1 banker, 1 vacancy.
York or other city funds.
Here again the business directors of the banks are a widely diversifled
Transfer of Funds.—In the same way, the Reserve Null& system for transvarious districts. For
ferring funds by telegraph and at par from any member bank to any other group, and comprise many of the leading men of the
member bank in the country has eliminated the domestic exchange markets example, the five business men on our Board in New York are:
which formerly used to flourish, together with the premiums they used to
William L. Saunders. Chairman Ingersoll-Rand Drill Co.
Clarence M. Woolley, Chairman American Radiator Co.
charge for such transfers, which acted as barriers to the free flow of funds
Samuel W. Reyburn, President Lord & Taylor.
throughout the country. Last year about $98,000,000,000 were thus transTheodore F. Whitmarsh, President F. H. Leggett & Co., and
ferred over our wires. A number of the large business concerns are affectOwen D. Young, Chairman General Electric Co.
ing great economies through using these facilities.
The same is true of the branch directors, whose jurisdiction in credit
Discounting Paper.—Of course, our rediscounting of business and agrimatters, however, is limited to passing on loans to member banks in the
cultural paper is the most important thing we do, through our member
territories served by the branches.
banks, for business. For thereby member banks may augment their own
In each of the twelve districts it is men of this type, the majority of them
resources at times to extend credit to their customers or obtain currency for
drawn from the district, familiar with its conditions and having its interests
them. Some of you may have noticed, when you took up your notes at the
who are responsible for the management and control of the Reserve
bank, that they had at one time been indorsed over to a Federal Reserve at heart,
district and the loans it makes to the banks of the district
bank. This means that your bank borrowed for a time at its Reserve bank bank of the
Transactions in bankers' acceptances and short Government securities in
on the security of your note, and during this time your note was part of the
market are co-ordinated through a committee of Reserve bank offisecurity behind Federal Reserve currency. In making these rediscounts the the open
appointed by the Federal Reserve Board and acting under the approval
smallest bank in the district gets exactly the same rate as the largest bank cers
of the directors of those Reserve banks which may from time
and the same is true of the actual notes themselves. In the New York dis- and authority
such transactions.
trict, the largest note we have rediscounted was $147,000,000 and the small- to time participate in
The board of directors meets weekly, fortnightly or monthly, as the case
est $2 81. There are about 9,600 member banks. At the peak of the war
together with the Governor of the bank and some of its principal
borrowing some 7,500 of them borrowed. During the last three years, a may be,
passing upon its lending and other relations with the member
period of greatly reduced borrowing, about 6,000 member banks borrowed officers. In
philosophy of the Reserve bank is quite different from that of
each year, seasonally or occasionally, showing the extent to which member banks the
commercial bank. There is no question of getting or retaining custombanks call upon their Reserve banks for a few days, weeks or months for the
are no special arrangements for particular customers. The law
loans to maintain the reserves which the law requires them to keep. It is ers; there
prohibits "discrimination in favor of or against any member
specifically
through such borrowing that the country bank now enjoys elastic credit conbank." The smallest borrows at the same rate as the largest. In estabditions as well as an elastic currency.
decisions relating to credit, the
Mobilization of Gold—Our whole currency and bank credit system, of lishing the discount rate and making other
have before them statistical information gathered by the Reserve
course, is based upon the'pooling of the gold reserves of the country. Lack directors,
banks
which,
when
supplemented
by their own active
Reserve
of this was formerly the great weakness in our banking structure. Our gold Board and the
perhaps as complete information about credit and business conreserves were scattered in the vaults of 27,000 individual banks, and there contacts, is
is anywhere available.
was no way they Could be brought together for the common use in times of ditions as
What Considerations Guide Policy?
need. Besides, their use as a basis for credit was largely influenced by competition and a desire for profits on the part of the 27,000 banks. No one was
What are the principles on the basis of which the directors approach
directly responsible for general credit conditions. When panics and emergen- decisions on Federal Reserve credit policy? The Federal Reserve Act says
cies arose, emergency leadership had to be developed. Other countries had that discount rates shall be fixed "with the view of accommodating comtheir banks of issue which gave continuous leadership to banking policy, but merce and business." The Federal Reserve Board has laid down the prinit was only in the stress of a panic that banking leadership and unity of ciple "that the time, manner, character and volume of open market investaction could be achieved in the United States.
ments purchased by Federal Reserve banks be governed with primary reAmerican Banking Policy.
gard to the accommodation of commerce and business and to the effect of
The creation of the Reserve System gave the opportunity for the first time such purchases or sales upon the general credit situation."
These are the considerations upon which in the light of the best available
for the development of an American banking policy. The gold reserves
were diverted from the 27,000 individual banks, devoting their attention Information credit policy is based. You will note that the earnings of the
banks and the earnings of member banks are not among the considReserve
largely to profit making, into 12 new institutions, the Federal Reserve banks,
created for the primary purpose of administering these reserves, not for erations. The accommodation of business, using business in its largest
profit, but in the public interest. This was a great measure of centralization sense, and the general credit situation, are the considerations.
The Gold Standard.
of responsibility. Yet compared to the centralized systems of other countries it seemed almost decentralization. It was an essentially American plan.
past ten years, which measure the life of the Reserve banks, have
The
Just before the Federal Reserve banks opened President Wilson said in a been among the most abnormal, from a credit point of view, in the history
letter to Senator Underwood:
of the world. Credit decisions have been most difficult to make. The first
"No group of bankers anywhere can get control. . . . No one part seven years were abnormal on account of the war and the readjustments
concentrate
the
advantages
can
and
country
the
of
conveniences of the which followed it. The last three years have been more normal, yet the
System upon itself for its own selfish advantage. . . . I think we are
inflow of gold has maintained an abnormal credit background.
justified in speaking of this as a democracy of credit. Credit is at the constant
disposal of every man who can show energy and assets. Each region of the And through practically the entire ten years the free movement of gold has
country is set to study Its own needs and opportunities and the whole been suspended and the foreign exchanges have been unstable and deprecountry stands by to assist. It is self-government as well as democracy."
ciated. The absence of free international gold movements, which used to
The principle of local self-government prevails throughout. While no operate fairly automatically to balance credit disparities between the nations,
bank or group or section can get control of the Reserve System, on the other has added greatly to the difficulties of the Reserve System in steadYi
hand, the Reserve System itself in no way attempts to control the individual credit conditions. Fluctuating and depressed exchanges have also added
banks which are its members. No Reserve bank says to any of its member greatly to the difficulties of our commerce with other nations, increasing
2760
THE CHRONICLE
the uncertainties and hazards, and decreasing the purchasing power of other
countries, for our surplus foodstuffs and raw materials which they must buy
and we must sell. Indeed, at no time since the armistice have our Governmental bodies, our bankers, our business men and our farmers ceased to urge
the stabilization of the exchanges as an essential prerequisite to the development of our foreign trade.
Three weeks ago, however, the British Government took a step which
goes a long way towards removing these difficulties and uncertainties. They
announced on April 28 that a free gold market had been re-established in
London.
The British Chancellor in the course of his announcement said:
"Our exchange with the United States for some time has been stable,
and is at the moment buoyant. We have no immediate heavy commitments across the Atlantic. We have entered a period on both sides the
Atlantic when political and economic stability seems to be more assured
than it has been for some years. If this opportunity were missed it might
not recur soon, and the whole finance of the country would be overloaded
during that period by the important factor of uncertainty. Now is the
appointed time."
This decision is momentous for them, for us and for the entire world.
Momentous because it points clearly to the gradual resumption of the gold
standard throughout the world. Equally momentous also because, as the
Chancellor indicates, failure to take the decision would have pointed to a
further unlimited period of unsettlement, uncertainty and impaired purchasing power abroad.
In connection with this decision, the Bank of England requested Federal
Reserve co-operation in a material way. For the reasons I have just indicated, we welcomed an opportunity which combined assistance to the Bank
of England, our agent and correspondent, with the discharge of our domestic
responsibility to the general credit situation. We arranged, in conjunction
with other Reserve banks, to place $200,000,000 gold at the disposal of the
Bank of England for two years, if desired.
It is our hope that this may prove an effective aid towards general resumption of gold payments. And it is our belief that in no way could the
System accommodate American commerce and business more thoroughly than
by assisting such a general resumption.
Now, having quoted from a letter written by President Wilson just before the Reserve System was inaugurated, expressing his conception of what
the System should be, may I close by quoting from a letter written by
President Coolidge seven months ago, on the tenth anniversary of the System, and giving his view of the effect of the System's operations upon the
monetary stability we have been discussing. The President said:
"That the business of the country has been able, after the disorganizing
influences of war, to adjust itself so readily to the new conditions and
prepare a sound basis for orderly development is due In no small measure
to the stabilizing influence of the Federal Reserve System. While the
credit and currency systems of many countries have remained since the
war in a state of chaos and Instability which is deadly to economic development, our own country has already made the necessary readJustments and
reached a degree of strength and stability that insures healthful business
expansion."
Dr. A. C. Miller of Federal Reserve Board Says United
States, by Co-Operating with Great Britain's
Efforts to Return to Gold Standard, Supplies
"Constructive Factor of Greatest
Consequence."
Discussing the return of Great Britain to the gold standard
and the part played by the Federal Reserve bank in aiding
In its maintenance through the $200,000,000 placed at the
disposal of the Bank of England, Dr. A. C. Miller, of the
Federal Reserve Board, says that "as the largest single
holder of the world's stock of monetary gold we in the United
States not only have an interest in the restoration of the gold
standard, but a duty to assist in its restoration and maintenance wherever conditions give definite promise of success."•
He is further quoted as saying: •
It is for this reason that our Federal Reserve banks have arranged to let
the Bank of England have some of their gold, should it be needed by the
Bank of England in the first stages of England's resumption of gold payments and the practices of a free gold market. It does not seem likely at
this time that the Bank of England will have much or frequent occasion to
draw on our gold supply, but past experience shows that difficulties may be
encountered in the early stages of gold resumption, and that it is, therefore,
inadvisable not to be prepared to meet them.
The Bank of England and the British Government have, therefore, acted
wisely in arranging for American gold credits to be drawn upon in case of
need. It was particularly thought advisable to have an American credit
of impressive amount for the purpose of discouraging in advance and beating off and defeating any speculative drives that might be made by operators
anywhere in the world against sterling exchange, if such drives should be
attempted.
[VOL. 120.
currencies. He said the distraught mind of the people of the world was
longing for a "normal" condition and to the Europeans that meant attainment of a gold-supported currency as the goal.
Attempts to take short cuts in violation of economic laws have been, as
always, unsuccessful, he added. He praised those nations which hewed to
the line and finally won a gold standard again for their money markets.
England, Dr. Miller said, fought back from a low point of $3 19 as the value
of its pound six years ago and by dogged persistence "sees her reward to-day
in virtual achievement of par exchange."
Not Easily Exaggerated.
"The importance of this achievement," continued Dr. Miller, "whether it
be looked at from the point of view of the world's interest or of our
national American interest, cannot easily be exaggerated. The action
recently taken by the British Parliament in ordering a restoration of the
gold standard and the re-establishment of London as a free gold market was
promptly followed by similar action in the self-governing Commonwealths of
the British Empire and by countries in Europe that were awaiting England's
decision.
"The result is that there are now only three of the larger nations—
France, Italy and Russia—that have still to swing into line in making the
gold standard practically universal and restoring it to the primary position
it occupied before the war as an international regulator of money and exchange."
London was described by Dr. Miller as the most important of the world's
free gold markets in pre-war days. Her position, he said, was unique and
as a result the pound sterling attained a primary position as a monetary
unit among trading nations.
"It is not too much to say," he added, "that the successful maintenance
and the effective operation of the gold standard in pre-war days was due
largely to the skill with which London conducted her banking and monetary
affairs in maintaining a free gold market and thus buttressing the gold
standard in other gold-using and gold-exchange-standard countries.
Aid to International Trade.
Dr. Miller is convinced that international trade and finance can be operated more safely as a result of the restored gold basis in so much of the
world. He said that few things added more to the hazards of trade than a
fluctuating exchange.
"The re-establishment of the pound sterling as a dependable monetary
unit of international payment," he went on, "may, therefore, be expected to
give substantial boost to international trade, from which we in the United
States may expect to be great gainers.
"Every one in the United States, whether engaged in agriculture, commerce, industry or finance, will in time feel, though he may not be aware of
it, the stimulation that will come with the restoration of the world's international machinery of exchange to the firm and secure basis of the gold
standard.
Credit Will Be Loosened.
"It may also be expected that, with the removal of the dams which obstructed the natural flow of gold from country to country, credit will be
loosened and afford stimulation in healthful and safe ways to trade among
the nations and industry within them."
Dr. Miller feels that now is the time for America to establish a firm grip
on her position as the world's greatest gold centre, yet, he explained that
this country was unlikely to obtain the steadying influence of the gold standard on he affairs unless international gold flows resumed a normal course
through the re-establishment of London as the next important free gold market.
With such an "undoubted and important interest at stake," Dr. Miller
said, the United States "clearly has an interest in promoting and assisting
in the re-establishment" of the gold standard in England.
Credit Here for England.
"And as the largest single holder of the world's stock of monetary gold,"
he continued, "we in the United States not only have an interest in the
restoration of the gold standard, but a duty to assist in its restoration and
maintenance wherever conditions give definite promise of success. It is for
this reason that our Federal Reserve banks have arranged to let the Bank
of England have some of their gold, should it be needed by the Bank of England in the first stages of England's resumption of gold payments and the
practices of a free gold market."
Colonel Leonard P. Ayres, of Cleveland Trust Co., in
Praise of the Federal Reserve System.
"Ten Years of the Federal Reserve System" was the title
of an address delivered by Colonel Leonard P. Ayres, VicePresident of the Cleveland Trust Co., of Cleveland, 0., before the Finance Group of the Chamber of Commerce of the
United States in annual session in Washington last week.
In referring to the Reserve System as having "substituted
confidence for fear in the conduct of American business,"
Colonel Ayres said:
In addition to the foregoing, Dr. Miller's observations are
It has elimited financial panics. It has done away with the recurring
given as follows in an Associated Press item in the Washing- need for syndicates of New York bankers to come to the rescue of the Federal
treasury and the national credit as they used to do under the leadership of
ton (D. C.) "Post" of May 24:
The part America and American financiers played in the restoration
of the British gold standard and the placing of sterling exchange at virtually a gold par was described officially yesterday as being among the
outstanding economic accomplishments of modern times, if not in all his.
tory.
By co-operating with Great Britain in her efforts to get back to a gold
standard, the United States again supplied "a constructive factor of the
greatest consequence in helping to place the economic and financial affairs
of the world on a safe and solid basis," said Dr. A. C. Miller, Federal Reserve Board member and widely known economist.
Dr. Miller's views, with which Secretary Mellon is in entire accord, were
contained in a statement in which he depicted at length the "heroic struggle"
of nations throughout the world to get away from "managed currencies" and
monetary disorganizations. In the case of England, be said, it has more
than the mere technical significance of the approach of the pound sterling
to a gold value of $4.866.
Most Important Step.
"It is one of the most important steps achieved since the armistice toward
world economic restoration," he declared. "More even than that, it is an
illuminating, gratifying sign of how far toward completion the whole process
of post-war readjustment has run its course."
Since the armistice, Dr, Miller continued, agriculture, trade and industry
in whatever country has been struggling against the handicap of disorganized
Mr. Morgan in times of panic. In mobilizing the credit of the country, and
instituting a flexible currency the Federal Reserve system constitutes an
instrumentality of National Defense more valuable in time of war emergency
than a great and well trained Standing army.
From "Finance and Industry" of Cleveland we take the
following with, reference to Colonel Ayres's address:
Illustrating his remarks by means of a series of charts showing business
conditions over the past 35 years, Colonel Ayres described the sudden and
disastrous results of the frequently recurring money stringencies that
occurred in this country during the quarter century before the new system
was inaugurated.
"In 1890" he said the failure of the Baring Brothers bank in England
resulted in a panic and depression in this country because our financial ayetern was then too rigid to withstand the unexpected strain, although in
England where the direct results were far more serious, no panic occurred.
"Three years later, at the end of a period of great prosperity, the demands
for credit suddenly became greater than the banks could meet, and the
result was the panic of 1893 which caused the failure of hundreds of banks
and businesses, and was said by Senator Aldrich to have cost the country
more than the combined expense of all the wars this country had been
engaged in up to that time.
"Two years after that the uneasiness occasioned by President Cleveland's
Venezuela message caused interior banks to withdraw funds from New York
MAY 30 1925.]
THE CHRONICLE
with the result that interest rates on call loans rose to 100%. Four years
after that another period of prosperity resulted in greater temporary demands for credit than the inelastic financial system could extend, and
Interest rates suddenly rose to 186%,only to fall back to 2% on the following
day.
"Four years later in 1903 came the socalled Rich Man's panic when the
credit supply proved insufficient to meet the needs of prosperous and expanding business, and in that year a great and strong industrial corporation
was forced to pay $1,000,000 to secure a credit of $6,000,000. Only 4 years
later, in 1907, came the last of the great money panics. By that time this
country had become so rich that we had more gold than any other country
in the world, but because there existed no method for bringing it together in
the form of centralized bank reserves there developed a great scarcity of
currency, and millions of dollars or Illegal substitute had to be issued.
"During these years the interest rates on the business man's money in the
form of commercial paper averaged 30% higher if the credit was extended
for 4 to 6 months than it did on 2 to 3 months paper, because the hazard of
loaning as much as 6 months ahead was much greater than if the credit was
for only 3 months. Every autumn interest rates rose sharply with the
demand for funds to move the crops and to finance holiday trade, only to
fall again in the winter, and to shoot up again in the spring as planting and
new building got underway. Business men regularly planned for these sharp
seasonal swings, but the farmers were usually powerless to protect themselves
against them. Since the establishment of the Federal Reserve system these
seasonal swings of interest rates have been almost eliminated."
Advisory Council to Federal Reserve Board Approves
Revolving Credit of $200,000,000 Placed at
Disposal of Bank of England by Reserve Banks—Return of Great
Britain to Gold Standard.
Approval of the recent arrangement between the Federal
Reserve banks and the Bank of England, whereby a revolving credit of $200,000,000 was placed at the disposal of the
latter, was recorded by the Federal Advisory Council to the
Federal Reserve Board at a meeting held in Washington on
May 22, the Council declaring that in its view the arrangements "will benefit not only the two countries directly involved, but will inure to the advantage of the entire world."
The Council expresses itself as "confident that in the annals
of the Federal Reserve System these arrangements will be
written down as one of its proudest and most constructive
achievements." Stating that "we may now envisage with
equanimity the possibility of an outgo of hundreds of millions of dollars of our surplus gold," the Council adds that
"the same process that enabled us to deprive the inflow of
gold of its potential ill effects places us now in a position to
lose vast amounts of it without entailing the necessity of a
marked contraction of circulation or of forced deflation."
Both this credit and the $100,000,000 additional which the
British Government arranged with J. P. Morgan & Co. at
the same time were advanced with a view to aiding in the
re-establishment of a free gold market in London; which
the Council describes as an event which "marks an epoch in
the financial history of the post-war period." The Council
In picturing "what might have happened had England decided to continue the embargo on gold exports instead of
restoring a free gold market," says:
"While it would seem unnecessary to add to the weight of these three
points, a true picture of the outlook is gained only if one considers what
might have happened had England decided to continue the embargo on gold
exports instead of restoring a free gold market. It would not seem an overstatement to assume that in such a case the world might have suffered another exchange collapse with all the uncertainty of trade which that implies; that private and public credit in foreign lands would have been impaired and that instead of making efforts to balance budgets by taxation,
the temptation for debasement of currenciai in many countries would have
continued indefinitely. In such circumstances true wages, and with that,
living standkrds, in competing countries would have been further reduced.
We are familiar with the social consequences that would result from such
conditions, and it is safe to conclude that we ourselves could not have escaped the effects of such a development which, amongst other things, would
have involved a further great addition to our gold holdings.
"The Advisory Council, with these thoughts in mind, has over and over
again expressed the view that America should take every opportunity that
consistently and safely could be grasped to aid foreign countries in their
struggles towards regaining exchange stability and that when the time came
to do so with confidence and safety, the Federal Reserve System should do its
part.
"It is with the deepest satisfaction, therefore, that the Council has noted
the arrangements now made, with the approval of the Federal Reserve Board,
between the Bank of England, on the one hand, and the several Federal Reserve banks under the auspices of the Federal Reserve Bank of New York,
on the other.
"These arrangements in the view of the Council will benefit not only the
two countries directly involved, but they will enure to the advantage of the
entire world. The Council feels confident that in the annals of the Federal
Reserve System these arrangements will be written down as one of its proudest and most constructive achievements.
"It is an impressive demonstration of the efficiency of the Federal Reserve Act, as at present constituted, that we are able to render assistance on a
liberal scale without fear of adverse effect upon our own financial conditions.
"Concentration of reserves and an elastic note issue planned on broad
lines enabled us during these last years to absorb a flood of gold in such a
manner as to deprive it of the inflationary effects which some of our European friends had expected it inevitably would produce. Conversely, we may
now envisage with equanimity the possibility of an outgo of hundreds of
millions of dollars of our surplus gold. The same process that enabled us to
deprive the inflow of gold of its potential ill effects places us now in a position to lose vast amounts of it without entailing the necessity of a marked
contraction of circulation or of forced deflation."
It would not seem an overstatement to assume that in such a case the
world might have suffered another exchange collapse with all the uncertainty
to trade which that implies; that private and public credit in foreign lands
would have been impaired and that instead of making efforts to balance
budgets by taxation, the temptation for debasement of currencies in many
countries would have continued indefinitely. In such circumstances true
wages, and with that, living standards, in competing countries would have
been further reduced. . . . And it is safe to conclude that we ourselves
could not have escaped the effects of such a development which, among other
things, would have involved a further great addition to our gold holdings.
The Council's statement was made public as follows on
May 25:
A regular statutory meeting of the Advisory Council to the Federal Reserve Board was held in Washington on Friday, May 22, at which the
various Federal Reserve districts were represented. General business and
financial conditions throughout the country were discussed, as well as the
recent arrangements between the Federal Reserve banks and the Bank of
England regarding a revolving credit to the latter institution of $200,000,000. In this connection, the Council issued the following statement:
"Since the last meeting of the Advisory Council Great Britain has taken
the long-expected step of removing the embargo on the exportation of gold,
and by re-establishing a free gold market in London, has once more anchored
herself unreservedly to the gold standard.
"This event marks an epoch in the financial history of the post-war
period. It means that the time has definitely come to an end when the
world seemed to waver between monetary systems frankly bottomed upon
gold on the one hand and fluctuating exchanges and so-called "managed
currencies" on the other. With the United States, England, the Dominions,
Sweden, Holland, Germany, Austria, Hungary and other countries now returned to a gold basis, or to gold exchange bases, the sway of gold over the
world's leading financial systems once more has become an unchallenged
fact.
For the United States this development is of the vastest importance.
First, because we own approximately one-half of the world's monetary gold;
second, because in order to preserve for ourselves conditions of a well-balanced prosperity, foreign markets absorbing our surplus production are an
imperative necessity, and it is idle to expect that without exchange stability
the purchasing power of foreign countries may regain its full capacity;
third, in present world conditions the sale of our vast excess production to
foreign buyers can only be maintained on anything like the present scale as
long as we continue freely to absorb foreign securities. Our ability to do
so, however, will depend upon the degree of credit these foreign countries
will command here. We have, therefore, a vital interest in seeing the credit
of our customers placed on the strongest possible basis.
2761
Items regarding the credits appeared in these columns
May 2, page 2217, and May 9, page 2356.
London Credit Is Called "Gold Sale"—Term "Credit"
Misapplied, Reserve Board View—Transactions
Under Credit to Appear in Weekly Statement
of Reserve Board.
of Commerce" on May 26 printed
"Journal
York
New
The
the following from its Washington bureau relative to the
$200,000,000 placed at the disposal of the Bank of England
by the Federal Reserve Bank of New York:
The Federal Reserve Board, it was learned to-day, is preparing to break
Its official silence with respect to the $200,000,000 gold credit arranged
with the Bank of England by the Reserve banks and, following the example
of the Federal Advisory Council, will issue a formal statement approving the
extension of aid to Great Britain in that country's return to the gold standard.
The forthcoming issue of the "Federal Reserve Bulletin," due about
June 1, is to contain a comprehensive discussion of the British gold credit
from the standpoint of the Board.
This action by the Board is expected to dispel any confusion which may
have arisen as to the policy of the Federal Reserve Board with respect to
the steps taken by the Reserve Bank of New York to facilitate the resumption of gold payments by England and to clarify the public understandnig as
to just how the arrangement will operate. Criticisms of the British credit
from the viewpoint of the legal scope of Reserve bank activities will also
be answered by the Board.
Silence maintained by the Federal Reserve Board thus far with respect
to the British credit has been necessitated, it is contended, by the fact that
until the actual return to a gold basis was accomplished by Great Britain
the Board could not, with propriety, discuss the subject. Even the announcement by the British Chancellor was not considered sufficient, the Board feeling that it must wait for the change in the British law before it could authorize a statement.
All Reserve Banks to Aid.
Full discussion of the subject by the Board, however, is expected to dissipate rumors that have been in circulation that the Board itself was not
working hand in hand with the Federal Reserve Bank of New York in making the arrangements for the credit.
The Board considers the British credit as an arrangement between all the
Federal Reserve banks and the Bank of England and, in the event the latter
Institution takes advantage of the facilities offered, all of the Reserve banks
will participate in the transactions under the uniform open market policy of
the Federal Reserve System.
The Board's statement, moreover, is counted upon to disabuse the public
mind of the idea that a credit has been arranged with England, that term
being regarded as a misnomer, but used by the British Chancellor in announcing the arrangement for want of any other as descriptive.
The so-called British credit is viewed by the Board as an agreement on
the part of the Reserve System to sell gold to the Bank of England up to a
total of $200,000,000 any time within two years, payment to be made by
the Bank of England at the expiration of two years, in gold. This removes
the question of exchange fluctuations from consideration in the transaction.
Advances to Be Reported.
The revolving feature of the arrangement provides that the Bank of England may either call for the maintenance of Reserve bank balances in
London, or it may tender 90-day sterling bills of exchange in return for
gold. In the latter case the sterling bills, being two-name paper, are
eligible for rediscount by the Reserve banks and can be replaced at maturity
by new paper of similar character until the end of the two-year period.
Furthermore, it is the intention of the Reserve Board to report promptly
all transactions between the Reserve banks and the Bank of England under
the so-called credit. If Great Britain should find it necessary to actually
make use of American aid the weekly statement issued by the Federal Reserve Board on conditions of the Reserve banks is to show either the increases
2762
THE CHRONICLE
In balances held abroad or purchases of sterling bills. The Board, it is
understood, is anxious to remove all mystery from the financial arrangement with the BaLk of England.
{Vol,. 120.
United States Supreme Court Upholds Publication:by
Newspapers of Income Tax Returns.
The right of newspapers to publish income tax returns
was upheld by the United States Supreme Court in a unanimous decision rendered May 25. The decision, handed
down by Associate Justice Sutherland in the proceedings
against the Kansas City "Journal-Post," held that "Information which everybody is at liberty to acquire and the
acquisition of which Congress seemed especially desirous of
facilitating in the absence of some clear and positive provision to the contrary, cannot be regarded otherwise than as
public property, to be passed on to others as freely as the
possessors of it may choose. The contrary view requires a
very dry and literal reading of the statute quite inconsistent
with its legislative history and the known and declared objects of its framers." The Court also said:
Lynn P. Talley Elected President Federal Reserve
Bank of Dallas, Succeeding B. A. McKinney,
Resigned—Other Changes.
Lynn P. Talley has been elected to succeed B.A.34cKinney,
resigned, as Governor of the Federal Reserve Bank of Dallas.
Mr. Talley, who prior to his present appointment, had been
connected with the Reserve Bank of Dallas as Class C
Director Federal Reserve Agent and Chairman of the Board,
will assume his new duties June 1. The resignation of Mr.
McKinney as Governor, to become Vice-President of the
American Exchange Nat'l Bank of Dallas, was noted in our
issue of May 9, page 2362. At the same time we reported
the resignation of Val J. Grund as Deputy Governor.
Whatever one's opinion may be in respect of its wisdom, the policy of
R. B. Coleman, who had been cashier of the Reserve Bank, publicity having been adopted
as an aid to the enforcement of the revenue
has been chosen to succeed Mr. Grund as Deputy Governor, laws or to the accomplishment of some other object deemed important, it is
not easy to conclude that Congress nevertheless intended to exclude and
and Fred Harris, Managing Director of the Houston branch severely to penalize
the effective form of secondary publicity now under
of the Dallas Federal Reserve Bank, replaces Mr. Coleman as consideration.
cashier. Dwight P. Reordan, Managing Director of the El
The Court pointed out that "som,Ahing Is said in the briefs
Paso branch of the Bank, has been elected as managing direc- and was said at the bar, as to the wisdom, on the one hand,
tor of the Houston branch. M. Crump, Cashier of the El of secrecy, and, on the other hand, of publicity, in respect to
Paso branch, becomes managing director of that branch and tdx returns." Continuing it said:
But that is a matter addressed to the discretion of the lawmaking deAllen Sales, Assistant Cashier at ElPaso,succeeds Mr. Crump
partment, with which the courts are not concerned, so long as no constituas Cashier.
tional right
or privilege of the taxpayer is invaded; and there is no contention that there is any
such invasion here, whichever view may be adopted.
New Treasury Issue Planned—Notice Issued by Federal The problem, therefore,
is, primarily, one of statutory construction, the
disposition of which will determine whether the constitutional question as
Reserve Bank of New York.
to the freedom of the press needs to be considered. For the purposes
of the
A new Treasury offering to meet $400,000,000 Treasury inquiry, we assume the power of Congress to forbid or
to allow such
Notes maturing June 15 is planned by the Treasury Depart- tion, as in the judgment of that body the public interest may require.publicament, and while no announcement as to the nature of the
Reviewing the acts of Congress In the matter of inspection
financing, or the amount of the offering has been made, the and publicity of
returns, the Court referred to the gradual
Federal Reserve Bank of New York, in anticipation of the loosening up of the restrictions,
and in its conclusions regardnew issue, in a preliminary notice to member banks under ing the provisions carried in
the Revenue Act of 1924 said:
date of May 27, called attention to the methods of filing subThe Congressional proceeding and debates and the reports of the
conferee,
on the disagreeing votes of the two houses, which
scriptions, in which it said in part:
we have examined but
From advicesreceived from the Treasury Department of the United States,
we are enabled to transmit to you the following information:
I. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
3. That each subscribing bank,upon receipt ofinformation as to the terms
of the Treasury offering (either in the press, through the malls or by telegram)should promptly file with the Federal Reserve Bank any subscriptions
for itself and its customers. This is important,as no guarantee can be given
as to the period the subscription books may remain open, and subscribing
banks, even before receipt of official subscription blanks, may file their
subscriptions by telegram or by mail with the Federal Reserve Bank. Any
subscriptions so filed by telegram or mailin advance ofreceipt bysubscribing
bank of subscription blanks furnished for the particular issue should be confirmed immediately by mall, and on the blank provided, when such blank
shall have been received.
4. That if the terms of the offering when announced provide for both cash
subscriptions and subscriptions for which payment may be tendered in other
securities, the subscribing bank should prepare its subscriptions in such
manner as to indicate the method by which it proposes to make payment and
the respective par amounts of securities, if any, to be tendered in payment.
Observance of Flag Day, June 14, Urged by C. A.
Pugsley of American Flag Association.
At a luncheon of the officers of the American Flag Association at the New York Chamber of Commerce on May 8,
Cornelius A. Pugsley, President of the American Flag
Association, offered the following proclamation for the
observance of Flag Day, June 14, which was approved and
directed to be published and copies sent to Governors of. the
several States and Mayors of cities:
We celebrate this year the 150th anniversary of the beginning of the
struggle which led to the birth of our nation and national flag. In
that century and a half the Republic has grown from 13 struggling colonies
on the Atlantic coast to a mighty nation of 48 States, reaching from ocean
to ocean with island possessions in the Atlantic and Pacific.
With those against whom we battled in the past, we have marched
shoulder to shoulder in a war for the preservation of that democracy for
which our young republic first stood.
With pride in the past and in our present, and with hopes for greater
achievements in the future for the betterment of all peoples, let our citizens
unfurl on Flag Day, June 14, the Stars and Stripes that stand and will
everstand. we hope, for the high ideals which animated the founders of the
republic.
The American Flag Association was established 27 years
ago, and has accomplished much in the way of securing flag
legislation for the protection and honoring of our flag. It
has secured flag laws in 36 States of the Union and has
corrected many abuses in the use of the flag commercially
and otherwise. At the luncheon on May 8 the following
were present: Col. Henry W. Sackett, Col. Louis Annin
Ames, General Oliver B. Bridgeman, Cornelius A. Pugsley,
Dr. Edward Hagaman Hall, Col. Henry L. Swords, Major
W. I. L. Adams, Clarence E. Leonard, and Pitt P. Hand of
New York.
think it unnecessary to review, strongly confirm our conclusion
that Congress,
understanding that the limitation would apply, intended to open the information contained in the lists to full publicity.
As a result, we hold that, to the extent provided by Section 257 (b),
Congress meant to abandon the policy of secrecy altogether and to exclude
from the operation of Section 3167 all forms of publicity, including
that
herein questioned.
The decision in full follows:
An indictment was returned in the court below charging defendants
in
error as owner-editor and managing editor of several newspapers
published
at Kansas City, Mo., with printing and publishing therein parts of
certain
designated Federal income tax returns, showing the names of the taxpayers
and the amounts of their income taxes. Demurrers were interposed
to the
indictment upon the ground that the facts set forth were not sufficient
in
law to charge any crime against the defendants, because the
information so
published was open to public inspection, constituted a public record available to the general public, and, consequently, was proper matter for
new,
publication, and that if any statute attempted to forbid or penalize
such
publication is contravened the First Amendment to the Federal Constitution,
which prohibits Congress from making any law abridging the
freedom of
speech or of the press. The court below sustained the demurrers and
dismissed the indictment. 3 Fed. Rep. (2D) 190.
The indictment is drawn under that part of Section 1010 of the
Revenue
Act of June 2 1924, C. 234, Stat, 253, 341-346, which re-enacts
R. S. See.
3167, copied in the margin. Section 257 (b) of the same Act, 43
Stat. 293,
provides:
"The Commissioner shall as soon as practicable in each year
cause to be
prepared and made available to public inspection in such manner as
he may
determine, in the office of• the Collector in each internal revenue
district
and in such other places as he may determine, lists containing
the name and
postoffice address of each person making an income tax return
in such district, together with the amount of the income tax paid by such
person."
Prohibition Against Publication.
The prohibition against publication contained in Sec. 3167,
it will be seen,
is not absolute, but subject to possible qualification by
other provisions of
law. The language is that it shall be unlawful to print
or publish in any
manner "not provided by law" any income return or any part
thereof, etc.
On behalf of defendants in error, it is contended that
Section 257 (b) affects
such a qualification. To this the Government replies
that the extent to
which that provision goes is to authorize the Commissioner
of Internal
Revenue to make available for public inspection lists showing
names of
taxpayers and amounts of taxes paid by them, and
that this falls short of
authorizing the printing and publishing of the information contained
in the
lists.
Something is said in the briefs, and was said at the bar,
as to the wisdom,
on the one hand, of secrecy, and, on the other hand, of publicity,
in respect
to tax returns. But that is a matter addres:ed to the
discretion of the law.
making department, with which the courts are not
concerned, so long as
no constitutional right or privilege of the taxpayer is invaded ;
and there
is no contention that there is any such invasion here, whichever
view may
be adopted. The problem, therefore, is, primarily, one of statutory
construction, the disposition of which will determine whether the constitutional question as to the freedom of the press needs to be considered.
For
the purposes of the Inquiry, we assume the power of Congress to forbid or
to allow such publication, as in the judgment of that body the
public
Interest may require.
The Commissioner is directed to make the lists of taxpayers and taxes
paid available for public inspection in the office of the Collector and
elsewhere as he may determine. His discretion in that respect is limited only
by his own sense of what is wise and expedient. And the inquiry at
once
suggests Itself: To what end is this discretion, so vested in him, to be
exercised? The obvious answer is: To the end that the names and addressee
MAY 30 1925]
THE CHRONICLE
of the taxpayers and the amounts paid by them may be generally known.
To the extent of the information authorized to be put into the lists, this
is the manifest policy of the statute, with which the application of Section
3167 to the present case, it fairly may be argued, will be out of harmony.
Intent of Congress.
•
Whatever one's opinion may be in respect of its wisdom, the policy of
revenue
the
of
enforcement
the
to
aid
an
as
publicity having been adopted
it is
laws or to the accomplishment of some other object deemed important,
and
not easy to conclude that Congress nevertheless intended to exclude
under
now
severely to penalize the effective form of secondary publicity
and
acquire
at
is
to
liberty
everybody
consideration. Information which
the acquisition of which Congress seemed especially desirous of facilitating
In the absence of some clear and positive provision to the contrary, cannot
be regarded as otherwise than as public property, to be passed on to others
as freely as the possessors of it may choose. The contrary view requires
a very dry and literal reading of the statute quite inconsistent with its
legislative history and the known and declared objects of its framers.
Prior to the adoption of the Sixteenth Amendment the policy in respect
to tax publicity, as evidenced by Congressional legislation, had not been
uniform. Generally, the earlier Acts had been liberal and later ones restrictive in character. Section 3167 RS first appeared in substantially its
present form in the Act of Aug. 27 1894, Section 34, c. 349, 28 statutes,
509, 557. It was re-enacted by the Revenue Acts of 1913, 1916, 1919 and
1921, and by the existing Ae. of1924. The Act of 1913, c. 16, 38 statutes,
177, provided that tax returns should be open to inspection only upon order
of the President, but allowed State officers under certain conditions to have
access to the returns showing the names and incomes of corporations, etc.
The Act of 1919, Section 257, c. 18, 40 statutes, 1086, in addition to this,
allowed stockholders of any corporation to examine its returns upon conditions therein stated. That Act further provided (p. 1087) that the Commissioner should cause to be prepared and made available to public inspection, etc., "lists containing the names and the postoffice addresses of all
individuals making income tax returns in such district"; and this was expanded by the present law, Section 257 (b), Act of 1924, to include the
amount of the income tax paid.
It is significant that, while these progressively liberal publicity amendments were being made, Section 3167—to the general rule of which they
were in terms opposed—was carried along by re-enactment without change,
plainly indicating that, in the opinion of Congress, by the application of
the qualifying clause "not provided by law," the scope of the general rule
against publication would become automatically narrowed to the extent of
the liberalizing exceptions. The Congressional proceedings and debates and
the reports of the conferees on the disagreeing votes of the two houses,
which we have examined but think it unnecessary to review, strongly confirm our conclusion that Congress, understanding that the limitation would
apply, intended to open the information contained in the lists to full publicity.
As a result, we hold that, to the extent provided by Section 257 (b),
Congress meant to abandon the policy of secrecy altogether and to exclude
from the operation of Section 3167 all forms of publicity, including that
here inquestioned. Judgment affirmed.
As we have heretofore pointed out, indictments were
found against the newspapers in test cases to determine the
validity of the conflicting provisions of the income tax publicity clauses of the Revenue Act of 1924. In addition to
the Kansas City "Journal-Post," these papers were the Baltimore "Daily Post" and the New York "Herald Tribune."
The latter on May 26, referring to the conclusions of the
Supreme Court in the case of the Kansas City "JournalPost" says:
The court thus sustained the newspapers, including the New York "Herald
Tribune," against which the Government proceeded for the publication of
income tax payments listed in 1924.
The case of the Baltimore "Post" was decided favorably to the newspaper
on the basis of the Kansas City "Journal-Post" decision.
2763
In our issue of May 16 1925 (page 2504) we made mention
of the decision on May 4 of the District of Columbia Court
of Appeals in which it was held that Congress had the constitutional authority to enact the provision in the Revenue
Act for the publicity of income tax returns.
While President Coolidge and Secretary of the Treasury
Mellon were this week following the decision of the Supreme
Court, reported as favoring repeal of the publicity provisions
of the Revenue Act, certain Senators were quoted as indicating that the publicity features would be retained. From
the New York "Evening Post" of May 26 we take the following from its Washington dispatch:
The question of publiciity of income tax payments has been thrown back
on Congress by the decision of the Supreme Court upholding validity of the
publicity provisions of the Revenue Act and legality of the action of two
newspapers which printed names and amounts last year.
It was made clear the President and Secretary Mellon feel so strongly
about the matter they would recommend repeal of the publicity clause in
December and apply Administration pressure for support of their policy.
In the meantime the Treasury Department will be guided in procedure
' of the decision, which was read by Associate Justice
entirely by the text
Sutherland.
In its Washington advices May 26 the New York "Times"
said:
The decision of the Supreme Court, handed down yesterday, that newspapers have the right to publish the income tax lists apparently has
strengthened the position of the Senators who favor such publicity, and
those now in Washington declare that not only will the law not be repealed,
but probably it will be made more sweeping.
"All this talk about repealing the publciity clause amounts to nothing,"
said Senator King, of Utah, a member of the Finance Committee. "The
clause is not going to be repealed, but it probably will be clarified where
necessary and even more publicity than is now the case authorized. The
States have tax publicity, and it's silly to argue that the same thing should
not apply to the Federal Government."
Senators Borah and Couzens also made it plain that they will oppose any
effort to repeal or modify the present publicity clause. Senator Borah said
he was certain any movement to repeal the clause would be futile, and if such
a move was made he would fight it. This is also the attitude of Senator
Couzens, who is Chairman of the committee investigating the tax units of
the Treasury Department.
Senator Norris, of Nebraska, author of the publicity clause, is said to be
highly gratified over the Supreme Court's decision and will fight any move
to eliminate the publicity feature. It is said he may offer an amendment to
the next tax bill to make the clause more far-reaching.
Senator King, discussing possible tax legislation in the next Congress, declared himself in favor of a reduction of income and corporation taxes and
the surtax rates.
"I am working on a bill which I will offer as an amendment to the tax
bill which comes from the House," said Senator Ring, "and in this bill I
will urge a reduction of at least $500,000,000 in the national tax burden.
I am in favor of a further reduction in the income tax rates, and also a re
duction in the corporation rates, as well as a reduction of the surtaxes.
Speaking for myself alone, I don't see why we can't make a cut of $750,000,000. The minimum, so far as I am concerned, is half a billion."
Senator King probably will go to Europe soon to study the tax systems in
England'and some of the Continental nations.
Associated Press advices from Washington, May 25, had
the following to say:
Acting on the court finding the Bureau of Internal Revenue immediately
began consideration of plans for a simultaneous release of the current records
for public inspection throughout the country, but Commissioner Blair was of
the opinion that they could not be made available until after July 1.
It was explained at the Bureau that the actual work of transcribing the
The indictment against the Baltimore "Daily Post" was reaccounts was far from complete in all Collectors' offices, and that the policy
our
in
and
1924,
2371,
22
page
Nov.
columns
these
in
to
ferred
was to withhold them until headquarters officials had made their final
reference to this and the other two cases Dec. 20 1924 (page check-up of the returns. Every effort will be made, officials asserted, to
speed up completion of the official register which the public is permitted
2831), we said in part:
to see.
On Nov. 25 the New York Tribune, Inc., owner of the New York
"Herald Tribune," was indicted by the United States Grand Jury on three
Former Secretary of State Hughes Urges World Peace
counts, charging the unlawful printing and publishing of three income tax
returns. On the same date Walter S. Dickey, owner and publisher of the
Through Codification of International Law.
Kansas City "Journal-Post," and Ralph Ellis, Managing Editor, were inFormer Secretary of State Hughes,addressing as President,
dicted by a Federal Grand Jury at Kansas City for alleged unlawful publication of income tax returns. These last named proceedings have been the American Society of International Law, at Washington
taken to the United States Supreme Court on an appeal from the ruling
at Kansas City, Mo., who held on April 23 urged the clarification and codification of inter-.
on Dec. 2 of Federal Judge Albert L. Reeves
that the publication of the returns did not constitute a violation of the pro- national law with a view to effecting world peace. Mr.
vision in the Act making it "unlawful for any person to print or publish Hughes in advocating conferences of the civilized Nations
by law any return or any part thereof,
in any manner whatever not provided
or expenditures appearing in any income "in which the sole purpose is to perfect the law and the
or source of income, profits, losses
return." The publication in question, he said, did not violate this provi- institutions of the law" said:
sion, since the list from which publication was made was "separate and
To emphasize the importance of international conferences of this character
apart from the return and may have been different from the return or it is not to disparage others. Limited conferences may be not only of great
not
the
including
taxthe
name
item
of
single
a
against
checked
may have
but through their success in
the Baltimore "Daily Post," value and necessary to the Powers concerned,
payer in the return." In the action against
dealing with special problems may confer general benefits upon the world.
Federal Judge Soper at Baltimore sustained on Dec. 16 the demurrer to the
He added:
Indictment. . . •
New York Tribune, Inc., a jury in the
We fully recognize that important as is the development of what we call
In the proceedings against the
a
returned
not
of
verdict
9
the
Dec.
on
guilty,
Court
District
international law—and this should be promoted without delay—
American
United States
of Judge John C. Knox, who, accord- helpful as our Pan-American Conferences may be, we cannot be content
verdict being rendered at the direction
a
held
that
under
inst.,
10th
proper
conTribune" of the
until appropriate plans are made to restate, amend and enlarge the universal
ing to the "Herald
last Revenue Act of Congress it law, and this, as I have said, should be accomplished through conferences,
struction of the publicity provisions of the
the
figures
publish
into
opened
to
public
newspapers
for
embracing all civilized nations treating international law as obligatory and
is not unlawful
October.
meeting each other on an equal footing.
spection at the Collectors' offices in
by
the
Federal Grand Jury
indictment was returned
It may be added that the Government of the United States has always
On Dec. 10 a new
unlawful
charging
of
Inc.,
publication
income
Tribune,
welcomed such conferences as our attitude toward the conferences at The
against the New York
a
getting
to
view
ruling
Supreme
a
Court
with
done
was
Hague abundantly shows. It should be apparent that tho controversy
tax returns. This
•
test suits. .
over the Covenant of the League of Nations involved no hostility to interon this and other
of the 10th—was quashed the following day national conferences, or to their organization with machinery for continuity,
The second indictment—that in his findings of that day said: "I
am of with suitable inquiries and reports pending meetings, but to tho assumption
who
(the 12th) by Judge Knox,
has not transgressed the law and that this of certain obligations in the Covenant of the League to which preponderant
defendant
the opinion that the
lie." ,
opinion here was opposed.
Indictment will not properly
representing the "Herald
Mr. Hughes stated that "the suggestion that an interWe learn from the attorneys
Tribune" that the Government took no appeal to the United national court should await the development of international
case.
law is of that academic character which puts hurdles in the
States Supreme Court in their
2764
THE CHRONICLE
[VoL. 120.
way of progress. As we need various sorts of arrangements
Secretary of Commerce Hoover Warns of Rubber Shortto promote peace, we require different kinds of instruage by 1928 or 1930 as Result of Falling Off in Plantmentalities to develop the law, and especially should we
ing—Abandonment of British Restrictions
have the continuous functioning of the Permanent Court
Urged—Extra Profits Sufficient to Cover
of International Justice." In part he also said:
Debt to United States.
We can be under no misapprehension as to the conditions in which this
Warning that a falling off in rubber plantation is likely
task is to be accomplished. The consent of nations must be had and this
must be obtained from governments faced with political exigencies—more to create a real rubber shortage is contained in a foreword by
than ever, under democratic organization engaged in the primary and Secretary of
Commerce Hoover to a report of an investigaessential struggle for survival; Governments that are small and can attempt
little; coalition governments that can promise little; small Powers that are tion into rubber production undertaken at the instance of
Ineffective; great Powers which find projects of interest all absorbing. Secretary Hoover, and made public May 25. The inquiry,
Foreign Offices are overwhelmed with work and the responsible agencies of it is
stated, was conducted with a view to meeting the pressforeign Intercourse have scant opportunity to consider anything but the
Insistent demands of each day, which consume all available time and ure for information from the rubber industry in view of recent
exhaust the stores of nervous energy. For example, it is safe to say that sharp price increases. It is pointed out that crude rubber
In our own country the work of the Department of State is three times sold
as low as 17c. a pound in 1924,reached 46c. last January,
what it was In the halcyon days before the war.
The mere extent of the cares of foreign offices and the limits of human and is now fluctuating between 60 and 70 on nervous markets,
capacity account for much of the inability to get ahead with the solution of while the world's visible stocks are disappearing and
exchange
problems. When, as Is usual, the approval of legislative assemblies must
be had, the obstacles raised by the distribution of responsibility, the una- prices of English plantation company shares are soaring.
voidable differences in points of view, the precedence of measures dealing The United States, with three great industries concerned—
with domestic demands, the opportunities for obstruction, inevitably ap- petroleum, automobile and
rubber goods manufacture—is
pear, and the wonder is not the poverty but the extent of achievement. The
greatest difficulty exists when the driving power of aroused public sentiment particularly interested in the situation because its consumpIs absent, and the general public, keen for national interests, are disposed tion is 70% of the world's total output. Secretary Hoover in
to look at the International arena as the place where victories are to be won his foreword to the report expresses no opinion as to whether
for themselves and are little disposed to be concerned with the unspectacular
efforts of their representatives to buttress international justice. Still, the the British Government's restriction on production in the
development of international law through codification cannot be had with- English colonies was responsible for the great price advance.
out the favorable action of foreign offices and national legislatures, and our The Associated Press
accounts of the report state:
problem is how to stimulate effective cooperative endeavor, how to assure
both deliberation and purpose. And it must always be borne in mind by
our lay friends, who are Intent upon the immediate perfecting and declaring
of international law, even in the most extreme applications which their
paper programs demand, that it is agreement we are seeking on the part of
States which according to our fundamental postulate we must recognize as
independent and equal before the law; the general accord, if not absolute
unanimity, which must characterize the recognition or assumption of international obligations.
United States Can Work With League.
One of the American objectives, he indicated,should be to"find means to
stimulate competitive production" in other tropical areas of the world.
"The producing industries of the world would be much better off in the
long run if combinations in restraint of international trade were abandoned
on all sides," he said.
"In general, the effect is to hoist both the producing and the consuming
Industries upon artificial bases, ultimately resulting in economic difficulties
to producers as well as to consumers. The stifling of consumption, stimulation ofrival production, the use of substitutes and the paralyzing ofIndustry generally are their ultimate results."
The Commerce Department's inquiry, it is said, indicates
In reaition to the legislative processes of conferences initiated by the
League to devise rules on various subjects of general concern, there has been that the extra profits from only one of the sources of British
a disposition to find a way, conformable to American opinion and to our wealth—the rubber plantations
of the East Indies—will be
constitutional system, in which the United States could appropriately
collaborate as an independent State in the promotion of humanitarian sufficient to cover all of that nation's future repayment of its
measures, the correction of evils which can be dealt with adequately only war debt to the United States. The Associated Press advices
by community of action, and the development of new or improved rules from Washington May
24 also give the following further
upon particular matters to which we have direct relation.
When the nations are ready to take up the development of the universal account of the facts deduced from the inquiry:
American imports of raw rubber, which cost $185,000,000 during the
law,it should not be difficult, with the experience of The Hague conferences,
to devise methods facilitating and insuring the full participation on an equal calendar year 1924, probably will cost $400,000,000 for 1925, and at least
basis of all States who welcome the reign oflaw. This would be essentially a a part of this prospective increase is unofficially attributed to the operation
separate undertaking from regional plans, from the limited conferences of of a scheme for production restriction worked out by the plantation interests
particular Powers or groups of Powers,from the promotion of special agree- through the British Colonial Office.
The Government's special agents found that 69% of the rubber plantaments,such as the limitation of armament, however desirable these may be
tions were in English colonies, with 29% in Dutch possessions, where a
Afrom the standpoint of particular interests or the general peace. .
There is another way of developing international law in addition to the good deal of English capital was invested.
The Stevenson Restriction act, which the English colonial authorities put
.-direct legislative processes, and that IS through international judicial instiAutions. It is said frequently, and with cogency, that we need an im- into operation in 1922, was an outgrowth of conditions existing during
are
too
international
court.
There
applied
by
an
to
be
post-war
of
law
body
years, when rubber dropped to 11 cents a pound. The act cut
proved
many gaps in the law, where decision must fail for want of principles and down the export of rubber from British possessions according to a perrules commanding the necessary acceptance, to permit the denial of the im- centage scale based on the market price. When rubber is selling at 30 cents
a pound the British plantations may market only 60% of their rated
portance of direct legislative Procedure.
Much that is said on this subject has immediate bearing on programs for capacity production, the percentage increasing if the price advances and
obligatory arbitration. It may, indeed, be fanciful to suppose that inde- diminishing if the price decreases.
The restriction worked effectively in British possessions, reducing their
pendent States having the power and disposition to determine their own
policies will bind themselves to submit generally questions which may arise exports from 271.000 tons in 1922 to 205,027 tons in 1924, the Commerce
is
no
others—where
there
decision
of
treaties,
to
the
Department agents found, but the Dutch East Indies, which were left
outside the law and
recognized standard of law or justice, but simply a conflict of interests. It untrammeled, increased their production and exports from 102.171 tons in
may not be too much to hope,however,that in .he domain of law, and as to 1922 to 175,000 tons in 1924 and other producing areas also increased their
the interpretation of agreements, where there are accepted standards to be activity.
The growth in the world's consumption, however, more than kept pace
applied, nations will ultimately be willing to obligate themselves in advance
with the resulting increase and all plantations are now close to their maxito submit to a judicial settlement.
The reservations such as those made in our own arbitration treaties in mum production basis.
The report estimated that a rubber plantation represented an investment
relation to the submission of legal questions may be taken to show.a fear as
to the standards to be applied, and as to the impartiality of decision, rather of from $200 to $400 per acre. With 400 pounds of rubber an acre a good
In
law.
according
to
settlement,
appropriate
an
yearly
to
have
production rate, and the production costs of sixty British Malaya
reluctance
than a
ques- companies averaging 15.1 cents a pound, it was found that a price of 16 or
practice, the United States does not refuse arbitration of justiciable
imagination
17 cents a pound in New York was about the lowest at which the plantations
tions, but when a treaty for obligatory arbitration is proposed,
has conjured up every possibility, and the fact that international law has could recover their operation expense.
conwill
and
retarded
undoubtedly
has
adequately
An addition of 15 cents to this figure would give at /east a 15% return
formulated
not yet been
tinue to retard the movement for the obligatory arbitration of questions on invested capital for even the higher cost plantations.
There is now $505,000,000 Invested in British plantations, the report
Which in their nature are justiciable.
further estimated, and $876,000.000 in the general East Indian territory
According to the New York "Times" the ex-Secretary of studied. In spite of the two or three bad years after the war, the report
said, the annual profits of the British companies averaged 26% from 1909
State referring to the Geneva protocol said:
difficulty until the restriction law was put into operation.
but
the
war,
unjust
and
aggressive
favor
to
profess
would
one
No
Since the British tropical gardeners successfully transplanted the Brazilian
emphasizing the
has been to define aggression. Progress has been made by
controversy to rubber trees in 1886, it was added, the ratio of production from the original
thought that war begun after refusal to submit a justiciable
forests
has dwindled to 6% of the world's supply.
controversies
appropriate determination is an aggressive war. But what of
application of
of
the
range
beyond
the
lie
that
sort;
different
that are of a
be easy
treaties and the accepted principles and rules of the law? It may
the will British Resent Hoover's Criticism—Rubber Producers
to say that in such matters aggression shall consist of defiance of
however, to
Maintain Restriction of Output Is Not In
or judgment of a group of other Powers. It might be difficult,
obmake such an arrangement work even if assent to it could initially be
Restraint Of Trade.
tained. When the question in issue does not grow out of specific agreewhen
From the Now York "Times" we take the following copyments or involve the breach of the accepted obligations of the law,which
there is a conflict within the sphere of policy,the concert of Powers
right cablegram from London May 27
makes possible the contemplated sanctions of force is not likely to be had.
A reply to Secretary Hoover's criticism of British restriction of rubber
Small Powers, if their cases present minor or isolate interests, may be displantation's inciplined But major problems and the interests which give rise to them production was made at yesterday's meeting of the rubber
vestment
trust by H. J. Welch, its Chairman.
accordPowers
divide not only the Powers immediately concerned, but other
"I agree entirely with Secretary Hoover's principles," said Mr. Welch,
ing to their conceptions. not of law, but of national advantage, not of principle, but of expediency The notion that great Powers with conflicting "and it is interesting to have them enumerated in a country like the United
States,
which imposes tariffs deliberately to restrain competition by imIf
Interests may be disciplined in this way would seem to be a chimera.
ports with home industries. But the restriction scheme is not a breach of
any group of Powers may be privileged to decide as to such conflicts, under
standings will inevitably be sought in order to afford protection against the the principles, not a combination in restraint of international trade. It
day of decision,and we return to the old instinctive process of self-protection cannot have operated to restrain trade at all. It has reduced unwanted
stocks and prevented supplies in excess of demand
through balance of power.
MAY 30 19251
THE CHRONICLE
"Mr. Hoover anticipated a world shortage of rubber in 1928 or 1930. If
he is right, the shortage would have been much greater without restriction.
for many rubber areas which were created during the overplanting period,
and which have been preserved by the restriction scheme, would have been
abandoned.
"Further, the rubber producers have spent large sums in propaganda to
increase world trade, not to diminish it, and they will be relieved when the
demand overtakes the potential supply and restriction of output is no
longer necessary.
"It must not be assumed that need for the restriction scheme already has
disappeared, nor that the rubber-producing industry yet has entirely escaped
from the disastrous position created by overplanting many years ago. Restriction is medicine, not food. We do not wish to live on it permanently.
"When, because we have attained a reasonable equilibrium between
demand and unrestricted supply, restrictive legislation can be safely abandoned, then, and only then, can the industry be considered to rest upon a
sound and healthy economic basis."
The London Times declares in its financial columns that, like Secretary
Hoover,it disapproved the British restriction scheme,but it counsels American manufacturers to blame their own rapid increase of consumption rather
than the restriction scheme, which merely changed the source of supply from
British to Dutch producers.
"Americans charge us as much as they can for goods they sell us. and we
are entitled to do the same." declares The Times. "The higher the price
we charge them for rubber, provided it does not check consumption, the
better for this country. It would be of still greater advantage to us if more
British rubber and less Dutch had been sold to them. American manufacturers had cheap rubber for years, and they cannot legitimately grumble
at having to pay 2s. 8d. to 3s. per pound, simply because they have been
demanding much larger quantities."
2765
Second, because ex-President Harding's order transferring discretionary
authority in the matter of oil leases from the Navy to the Interior Department was in excess of his power as President.
Judge McCormick ordered a settlement for all oil taken by the Doheny
Companiesfrom Elk Hillsand acreditto them forstoragefacilities work donein
Hawaii, and empowered a master in chancery, to be named later, to effect
these settlements.
The written decision, canceling the two oil reserve leases involved and the
two Pearl Harbor contracts, said in part:
"That the making of such payment constitutes a fraud upon the United
made
States of America,and renders voidable all contracts and transactions
Panbetween Pan-American Petroleum & Transport Co. or its subsidiary,
American Petroleum Company,and the United States of America subsequent
New Indictments Found Against A. B. Fall, E. L.
Doheny and H. F. Sinclair in Government Oil
Suits—Elk Hills and Hawaiian Leases
Ordered Cancelled.
New indictments, growing out of the U. S. Government
investigation,of the naval oil leases between the Government
and the Mammoth Oil Company and the Pan American
Oil and Transport Company were found on May 27 by a
District of Columbia grand jury against Albert B. Fall,
Edward L. Doheny and Harry F. Sinclair. Indictments
returned against them in July of last year had been quashed
as defective on April 3 of the present year by the court,
because Assistant Attorney General Pagan had been present
in the grand jury room, though the Department of Justice
and its officers had been explicitly debarred from the
prosecution of the oil eases. Regarding the new indictments
the Associated Press dispatches from Washington May 27
said:
As in the previous case, the indictments charged conspiracy in connection
with the Teapot Dome and Elkhill oil leases. Edward L. Doheny, Jr., who
previously had been indicted also, was not reindicted. Today's indictments omit any charge of bribery.
In the indictments dismissed last month Fall had been accused of accepting a bribe of$100,000 for using his official influence to secure the California
lease for the Doheny interests, while Edward L. Doheny and Edward L.
Doheny, Jr., were charged with having induced Fall "by unlawful and
felonious" payment of $100,000 to commit an unlawful action.
There has been some speculation whether the bribery charges could be
legally renewed because of the statute oflimitations, but some of the Government counsel are said to take the view that time still remains to try for
another indictment.
Not only was Edward L. Doheny, Jr., charged in the original indictments
with implication in the attempt to "bribe" Fall through delivery to him of
the celebrated $100,000 in a black satchel, but his name was likewise linked
with that of his father and Fall in the conspiracy charge. Today's grand
jury report, however, contains no charges against him on either score.
In some respects the new indictments are more comprehensive than the
old. While the old indictments merely charged a conspiracy to obtain the
leases to the lands included in the naval reserves, those returned today
allege that the conspiracy embraced the sale of oil to the Government
without competitive bidding, the purchase of storage facilities, the buying
of kerosene, lubricating oil and petroleum and the adoption of a credit,sale
method of purchase by which no cash passed to the United States.
In the Doheny indictment the adeged payment of $100,000 to Fall is
covered,whilein the charges against Sinclair is the alleged passage of$230,500
in Liberty bonds for Sinclair to Pall. This count was not in the original
indictment.
An effort was made by the government's special oil counsel in the Cheyenne, Wyo., civil proceedings for annulment of the Teapot Dome lease to
bring out an alleged passage of bonds from Sinclair to Fail. with the now
defunct Continental Trading Company, Limited, of Canada, as intermediary. The indictment returned today against Sinclair and Fall, however,
did not attempt to specify how the alleged $230,500 transaction took place.
"The said Harry F. Sinclair," it said,'on or about the 8th day of May,
1922 delivered, or caused to be delivered, to the said Albert B. Fall, and the
said Albert B. Fall received, or caused to be received from him, a large
amount of bonds of the United States, known as First Liberty loan 3 %
bonds, of the par value of $230,500."
Other new charges specify execution of the lease of April 7 1922, to Teapot
Dome,and the execution of a construction contract dated Feb. 9 1923.
thereto.
"That Edward L. Doheny and Albert B. Fall did conspire and confederate
for the making of certain contracts and agreements of great benefit and advantage to the Pan-American Petroleum & Transport Company."
Judge Olin Wellborn,a member of the Doheny legal staff, who was present
taken
when the decision wasfiled, announced that immediate steps would be
on an appeal to the United States Supreme Court.
According to Frank J. Hogan, of counsel for the Doheny
oil interests, the defendant companies will appeal the decision
to the United States Circuit Court of Appeals. Washington
Associated Press accounts, in stating this, added:
Mr. Hogan described the equity proceedings in which the decision was
rendered to-day as "preliminary," and "not at all final." It is to be
expected, he said, that whichever side wins in the appeal, the case will be
presented to the Supreme Court of the United States for review.
In its next stage, he explained, the case will be re-heard by three United
States Judges constituting the Appellate Court at San Francisco next fall.
As a proceeding in equity, he explained, the case will be re-heard in its
entirety.
Angeles in
Mr. Hogan said the appeal probably would be filed at Los
Judge
about a week, formal entry of the judgment handed down to-day by
McCormick not being expected before that time.
In a statement at El Paso, Tex., on May 27 regarding
the indictment returned in the Teapot Dome and Elk Hills
oil leases, Mr. Fall said:
else
Under the peculiar tactics used by United States attorneys, nothing
what
could have been expected. These attorneys have only to present
they desire to the grand jury, although they have gone fully into two cases
before and are thoroughly familiar with them. Everybody was expecting
that Mr. Doheny, Mr. Sinclair and myself would be re-indicted, I guess.
Following the decision in Los Angeles, Secretary of the
Navy Wilbur announced yesterday (May 29) that the
Navy Department has already made plans to administer
the naval oil reserves. He also said:
We are very much pleased with the decision of the Court. Rear Admiral
Harry H. Rousseau, Civil Engineer Corps, attached to the Bureau of Navy
Yards and Docks, will be placed in charge of the oil reserves, acting immediately under the direction of the Secretary of the Navy.
Hearing oniNickel Plate Merger—O.P.Vnn Sweringen,
Chairman of New York, Chicago & St. Louis RR.,
Testifies Before Commission.
At a continuation of the hearings being held before the
Interstate Commerce Commission, which were begun April
15, in connection with the proposal to unify the New York,
Chicago & St. Louis RR., the Chesapeake & Ohio Ry., the
Hocking Valley Ry., the Erie RR. and the Pero Marquette
Ry.,0,P. Van Sweringen appeared May 28 and submitted a
lengthy statement in connection with the proposed merger
plan. Mr. Van Sweringen told in detail how he entered the
railroad field in 1916 and with the aid of his brother M.J. and
a relatively meager amount of ready cash, built up plans for
the so-called nickel plate billion dollar merger which the
commission has been asked to approve. He had sought for
constructive accomplishment, he said, and had added to this
a tremendous persistence. The task was hard enough at the
start, he added, but once under way and the first success
achieved, vast credit facilities were opened up.
The statement of Mr. Van Sweringen, in connection with
the acquisition of the New York, Chicago & St. Louis RR.
from the New York Central in 1916, follows:
It was in 1916 that we made a contract with the New York Central RR.
for the purchase from them of the majority of the stock of the then New
York. Chicago & St. Louis RR. which they owned. For the purpose of
this record we now state that our purchase comprised 25,032 shares of the
then first preferred stock, 62,750 shares of the second preferred and 62,400
shares of the common. The purchase price was 88,500,000. The market
price at that time was about the same amount. The book cost of this
stock to the New York Central RR., we understand, was likewise about
the same amount.
It has been the subject of some public comment that when buying the
railroad we did not have $8,500,000 or anything like that amount, and
therefore we must have represented some one else. The favorite suggestion
In a decision rendered in Los Angeles, Cal., on May 28, was that the "some one else" was the New York Central RR., and that
had not really sold the property to us at all, but had turned it over
Judge Paul J. McCormick, of the U. S. District Court, they
to us, and that we were the "little brother," so to speak, of that railroad.
cancellation
for
surrender
to
interests
oil
ordered the Doheny
The comment was that the New York Central was obliged to sell the proptheir leases in Naval Oil Reservation No. 1, Elk Hills, Calif., erty, and, fearing its competition if sold and developed, had adopted this
method of continuing in the control of the property.
and contracts for construction of oil storage facilities at subterfuge
That we did not have the $8,500,000 is all too true, but we did not rePearl Harbor, Hawaii.
quire it all at one time. Six and a half million dollars of the purchase price
was deferred over a period of years with the stock pledged as collateral for
Associated Press advices from Los Angeles state:
law, declared its payment. The $2,000,000 cash down payment, I assure you, was hard
The decision, covering 92 points offact and 14 conclusions of
enough to raise. We had accumulated some property as a result of our
the leases void for two reasons:
in E, L. real estate operations in and about Cleveland, but we had not reached the
First, owing to the "fraud upon the United States" involved
where we had $2,000,000 in the bank. We were busy enough raising
stage
the
of
Doheny's payment of $100,000 to Albert B. Fall, then Secretary
the money within the limited time. Our method of providing it was the
111
Interior, and.
2766
THE CHRONICLE
organization of the then Nickel Plate Securities Corporation, with the
creation of common stock and 7% cumulative preferred stock. We transferred to this Securities Corporation all our rights of purchase of the railroad and certain other real estate securities to suitably collateralize or
further secure the investment risk of the stockholders that we proposed to
interest in the purchase of this corporation's shares. We then set about
to sell enough of the preferred stock at par to our friends and business associates in and about Cleveland who we felt had sufficient confidence in us to
Invest with us. We very frankly retained control of 75% or thereabouts
of the common stock, contributing the rest with the preferred so that we
might realize par for the latter.
There was no railroad interest or railroad officers' interest in these
purchases.
The transaction leading up to the acquisition of the Clover
Leaf and the Lake Erie & Western, are described as follows:
[VOL 120.
building of part of the railroad and formerly for its management
and
operation.
0.P. and M.J. Van Sweringen's relation to the purchase of these
70,000
shares was limited to the payment by them of $20 per
share to the Huntington family. thus making the cost to the Nickel Plate
$80 per share. It
should be remembered here that we owned the
majority of the Nickel Plate.
We have not yet fully disclosed our ownership of Chesapeake &
Ohio
stock. Controlling the Nickel Plate as we do. we, through that
medium,
control the vote of the shares it owns. Outside of the
Nickel Plate we have
larger holdings in the aggregate than those of the
Nickel Plate, in fact,
with the Nickel Plate,a substantial control of the stock.
With the exception
of the 3,000 shares purchased from the Huntington
family, we have bought
our holdings in the open market, and they
have cost us the prevailing
market price at the time of purchase, averaging
about $92.50 per share,
not reckoning our loss of $1,400,000 on the
Huntington shares that went
direct to the Nickel Plate. We have assembled
these over a considerable
period of time, as we did also our holdings of Pere
Marquette and Erie
Railroad, which we acquired in the same manner, and
which were financed
principally by us on loans upon the stock purchased.
No explanation of how we have acquired the interest
in Hocking, we
tako it, is necessary, because being owned by
the Chesapeake & Ohio,
it is controlled by our stock holdings in that
railroad.
Our total holdings through the Vaness Co. amount
to 174,800 shares
of Chesapeake & Ohio By, common stock, costing
about $16,180,000;
30,000 shares of Pere Marquette Ry, common stock, costing about
$1,900,600, and 24.700 shares first preferred, 52,600 shares second rpeferred
and 387,000 shares common stock of the Erie RR., costing
about
$11,200,000.
There is now in the record, testimony with regard to the amount
and
cost of the Nickel Plate's holdings of Pere Marquette and Chesapeake
&
Ohio shares. This cost, it will be observed, is several dollars less
per share
than the cost of those we purchased, since, owing to our fiduciary
relation
to the Nickel Plate, we gave it preference in the matter of purchase and at
the lowest price of the shares purchased. The Huntington shares of the
Chesapeake & Ohio were purchased some tme before most of our remaining
shares, but the Erie and Pcre Marquette purchases, as heretofore stated,
were made in furtherance of the unification of these properties as proposed
under the pending application.
Being convinced of the desirability of this proposed unification, we
sought, by the most economical and practical means available to use, to
assure the accomplishment of the undertaking, subject to the approval of
this Commission.
It should be apparent, but if it is not I now make the statement that
all sources of gain to us were by reason of the improvement of the shares
purchased and not one dollar by promotion fees or charges, stock manipulation or watering processes—the same as the ratio of gain to all stockholders, and no more. What is more, if this plan is approved by this
Commission, we will have reduced the aggregate outstanding capital stock
by reason of this unification and the former Nickel Plate consolidation
about $125,000,000.
About this time the Toledo, St. Louis & Western RR.(the Clover Leaf),
then in receivership, was heading out from its entangling undertaking with
the Chicago & Alton stock purchase, and we concluded this was the railroad
we should have for an entrance into St. Louis and Toledo, and through its
ownership of one-half the stock of the Detroit SC Toledo Shore Lino thus put
us into Detroit.
The Commission's suggestion in its tentative plan to segregate the Lake
Erie & Western RR.from the New York Central and to group it with the
Nickel Plate provided the basis for an argument with the Central people that
they should also dispose of this property.
The dominating interest in the Clover Leaf owned 70.000 shares in one
block, and the owners did not desire to have the money for its sale, but were
willing to take a long time payment obligation upon the price fixed, approximately $2,750,000. provided our interests would acquire enough more of the
stock to make a majority control and pledge these additional shares so purchased with those bought from them as collateral for the payment of the
obligation.
Within a week's time, or thereabouts, we had the extra shares, and they
cost us about $750,000. Our majority control thus cost us, in round numbers, $3,500.000, and consisted of 60,500 shares of Common and 39,890
shares of 4% Preferred stock, both having voting power.
Our trading having started on the Lake Erie & Western,we finally brought
this to a head, and the New York Central sold us their majority shares of
this company for $3,000,000. They required that we pay $500.000 in cash,
and gave us 5 years within which to pay the remainder. They,in turn, took
back the stock sold to us as collateral security for the payment. Of this
purchase, 59,400 shares were common and 59,300 shares preferred, both
voting.
It was not especially difficult at this state in our undertakings to provide
$1.250,000, the necessary initial cash for both these railroads.
Within a short time we had convinced ourselves that an alliance of the
Nickel Plate and these two railroads would be beneficial because of the reciprocal advantages and natural trends of traffic and the opportunities for
further development. We concluded to unify these properties, and we
completed, in 1923, the consolidation of the three railroads with two subMr. Van Sweringen then goes exhaustively into the prosidiaries known as the Fort Wayne, Cincinnati & Louisville RR.,belonging
to the Lake Erie & Western, and the Chicago & State Line RR., the West- posals which were made for the interchange of stock of the
ern end of the Nickel Plate.
companies which it was now proposed to merge with the
•
The result is the present New York,Chicago & St. Louis RR., one of the
Nickel Plate for the securities of the new Nickel Plate. In
five railroads whose property is sought to be unified in this proceeding.
The acquisition of the Toledo St. Louis & Western was made by The this connection, he said, all factors had been
taken into conClover Leaf Co , organised for this purpose, the stock of which was all
owned by The Vaness Co., the personal holding company for many of the sideration and every effort made to be fair.
Provision was made, he added, so that holders of stock in
assets of0.P.and M.J. Van Sweringen.
The acquisition of the Lake Erie & Western was made by The Western the Chesapeake & Ohio, Erie, and
Pere Marquette, who did
Co., organized for the purpose, and the stock of which was also owned by
The Vaness Co. When the Nickel Plate and its subsidiary were consoli- not wish to exhxange their holdings for securities of the
dated with these roads and their subsidiaries, the control still remained with consolidated system, could obtain a fair market price either
0.P. and M. J. Van Sweringen as the majority owners of the stock of the through the courts or other means
of arbitration.
Nickel Plate Securities Corp. and The Vaness Co.
In completing the merger, Mr. Van Sweringen said, the
Since then the Nickel Plate Securities Corp. has been consolidated with
The Vaness Co.,and we continue to own considerably more than a majority unified company would issue its preferred and common
of The Vaness Co. Common stock.
as follows:
The New York, Chicago & St. Louis RR. had been put together with a
1. For all of the
of the Chesapeake & Ohio_ 3132,936.430 or 40.41
reduction in aggregate outstanding capital stock in the hands of the public 2. For all of the stock
stock of the Erie
76.944.960 or 23.39
of over $13,000,000. Instead of various classes of Preferred stock to con- 3. For all of the stock of the Pere Marquette_ _ - 60,675,200 or 18.44
form with the constituent companies' preferred shares, only one class of new 4. For all of the assets of the Nickel .Plate Proposed to be leased and subsequently conveyed 56,272,130 or 17.10%
preferred stock was issued. We exchanged the first and second preferred 5. For
Hocking stock in the hands of the public__
2,161,600 or
-66%
shares of the old company, par for par, in the new preferred.
When the exchange of shares into the new company was completed. The
Total
$328.990.320 or 100.00%
Vaness Co. and we, with shares accumulated from time to time, had, all
In conclusion Mr. Van Sweringen says:
told, 188,286 shares of preferred and 191.700 shares of common stock of the
Approximately nine months have elapsed since our proposal was subnew company. Our "from time to time" purchases to which I refer had mitted to the thousands of stockholders of the several
companies and to
been 14,500 common shares of Clover Leaf and 33,700 preferred and 7,600 the public at large. Nothing has occurred during
that time to change my
common shares of Lake Erie & Western, 27,125 shares of now Nickel Plate opinion that the terms of the original
proposal constitute a fair, just and
preferred and 2.100 shares of new Nickel Plate common at a cost nearing equitable treatment of all parties in interest.
$6.000.000.
Then Mr. Van Sweringen discusses the prospective Merger.
He says that he had studied the tentative consolidation plans
put out by the Inter-State Commerce Commission and did
not feel that his plans violated thorn in whole. Next he
turned to the relation of his proposal to mergers which other
railroad interests may be contemplating, and said:
This Commission, I believe, is informed of the progress made in the
Eastern Region toward a four system plan, and it seems proper to state
here that the groupings of the railroads under our plan of August 20 1924,
Is in keeping with this four system plan. This four system gouping is
generally known among railroad executives in the Eastern Region, and there
Is no present evidence of dissatisfaction by any of the trunk or stem lines
in any of the proposed four system or five system groupings with the
unification plan now particularly being considered in this hearing. The
consolidation of the Lake Erie & Western, the Clover Leaf and the old
Nickel Plate was as proposed by this Commission and by Dr. Ripley.
It was also in keeping with the principles of Mr. Oldham's plan.
We cite this at this time only as tending to show that our plans do not
ruthlessly destroy or disregard the many suggestions and tentative studies
for grouping all the railroads into a limited number of competitive systems.
The public interest has not been overlooked.
As to how they acquired control of the Chesapeake &
Ohio, Mr. Van Sweringen says:
Evidence has been introduced in this hearing as to the number of shares
owned by the present New York, Chicago & St. Louis RR., namely, 155.000
shares, the cost of acquisition of these shares, how the money was provided
and our relation to Its purchase. 70.000 of these shares were of the block
purchased from the Huntington interests who were responsible for the
The proposal for the unified control of the above railroads
was published in full in the Sept. 6 1924 issue of the "Chronicle," pages 1183-1185.
"Readjustments
of Rates and Wages Cost Railways
$200,000,000 in 1924.
• Both railway rates and wages were reduced on July 1 1922
to a basis on which they were supposed to be fair in relation
to each other, but, according to the "Railway Age," there
have since been made downward readjustments of rates and
upwArd readjustments of wages which cost the roads $141,000,000 in net operating income In 1923 and $201,000,000 in
net operating income in 1924. It concludes from a detailed
statistical study made by it that the failure of the railways
in both 1923 and 1924 to earn the "fair return" of 5/
3
4% on
their tentative valuation was due to these so-called "readjustments."
The Western roads have recently petitioned the Inter-State Commerce
Commission for a general advance in rates. The "Railway Age" gives
figures to show that in the year 1924 alone their net operating income was,
by reductions of rates and increases of wages since 1922, made $100,000,000
less than it would have been on the basis of the rates and wages fixed in
1922.
"The net return earned is of vital importance not only to railway security owners but to the public," says the "Railway Age," "because upon it
depends the development of the railways as an instrumentality for rendering
MAY 30 1925.]
THE CHRONICLE
2767
River Valley &
Abilene & Southern RR- 561.731 17 Fourche Territory
19,413 43
Ry____
Indian
10.679 78
Aellrond. dr St Lawr.RE
16.672 36
RR_
Pittsylvania
&
rrank.
20
5,246
AlabamaCentral Ry
3,410 56
RI
Chain
933 48 Fulton
Alabama Central RR
48.48963
Ry.. Rec.
Midland
Gainesv
RR.,
Mississippi
Alabama
31
17.155
RRW.
N.
&
Gainesville
81
16.543
Receiver
14
3.196 65 Galv. star. dr S. A. RI...... 500.148 96
Alabama Northern El..
170.742
Co
Wharf
Galveston
92
187.744
RyAlabama & Vicksburg
03
175.450
Ry
Ala.
&
Fla.
Georgia
202.680 44
Alton dr Southern RR
7.132 37
453 80 Georgia Northern Ry
Andalusia Fla.& Gulf RY496.737 96
5,587 33 Georgia So. & Florida Ry
Angelina dr Neches Ely RR
391 84
Western
Ity&
315,261 85 Glenmora
Ann Arbor RE
20.802 29 Grand Trunk Ry. Co. of
Apalachicola Northern RE..
09
1,363.392
of
account
Canada.
24
463,499
ArizonaEastern RR
Atlantic & St. Lawr. RR.
163,191 39
Arizona & New Mexico Ry_
& Can.
Detroit
Chicago
MountAsheville & craggy
Grand Trunk Junction
1,22419
ain RR
Cine. Sag. & Mack. RR.
30.093 95
Aransas Harbor Term. TM
Lewiston & Auburn RE
5,42065
Ark.& La. Mid.Sty.reedy.
Michigan Air Line Ry
33.378 31
Arkansas Central RR
2,171.829 18
Trunk Western Ry
Grand
75
27.541
Ry.
Bay
And.
Atlanta & St.
141,811 30
Bay & Western RR_
Green
40
Atlantic Coast Line RR__ _ 8,131,967
12,847 61
Greenwich & John.onv By..
Atlantic Coast Line RR and
& Alabama
Florida
Gulf
leeL. & N. RR., Joint
0 68
2778:6828492
53
Receiver
RI.,
462.223 11
sees of Georgia RR
1,904 43 Gulf Mobile & Nor. RR_
Atlantic Northern Ry
4.97801
RI.
Terminal
Ports
Gulf
79
575
Atl Waycross & Nor Ry....
75
19,338 51 Gulf & Ship Island RR..... 425.969 43
Atlantic dr Western RE...._
64,751 33 Gulf Tex.dr West. Ry.,rec. 102,500
Atlantic & Yadkin RY-14
4.051
Ry
Belt
Hamilton
91,182 24
Bait Chesap & Atl RY--10,547 80
RR
26.072.4111 08 Harriman & Northeast.
Baltimore & Ohio RR
6,739 89
Ry
Hartwell
36
171.829
1.
RR.
B.& O.Chicago Term.
Ry & Florida
h vilIe
ins
ktern
ou
sw
3,457 49 Ha
Bamegat RR
75,000 00
332.580 19
Bangor & Aroostook RR
2,94298
Ry
City
11111
6.43032
Bauxite & Northern Ry....
97
453.610
Ity
Valley
16.319 94 stocking
Bennettsville & Cheraw RR
Hotudon E.& W.Tex. Ry- 242,652 76
57
31.638
Ry_
W.
N.
&
Birmingham
28,023 39
RR
Shrevep.
dr
Houston
2,387 56
131rm.& S. E. Ry.receivers
RR__ _ 903.572 11
2,961 03 Hons. & Tex Cent Valley
Bloomsburg dr Sullivan RR.
27,991 20 Houston & Brazos
Blue Ridge fly
78,66891
receiver
Co..
Ry.
11.220,615 46
Boston dr Maine RR
Top
10,869 09 Huntington & Broad
Bowden Ry
253,083 75
Co
Coal
&
RR
Mtn
Boyne City Gaylord & Al12,430 47
63.871 17 Iberia & Vermilion RR__
pena RR
9.078 57
2.99570 Illinois Cent. RR.& aute._13,68
Bridgeton & Saco River RR.
90.307 96
Ry
Northern
Illinois
6.551 27
Brownwood No. dr So. RR_
54
1,797,228
RR
Indiana Harbor Belt
Buffalo Creek RR.lessees._ 232,252 77 Jefferson & Northw. Ry_
48,58249
Buffalo Rochester & Pitta21
50.153
RR.Va
W.
&
1.754.864 47 Kanawha
burgh Ry
303,412 87
21,954 88 Kanawha & Michigan Ry
Bullfrog Goldfield RR
1,53222
Hit
Elk
&
Kane
17.553 99
Carolina & Northeast. RR
90.813 10 Kansas City Clinton &
Carolina dr Northwest.RR
86,228 29
Springfield Ry
Carolina dr Tennessee South4.43482 Kansas City Mexico &
ern RI
19
554,715
Orient RI. of Texas.
Carrollton & Worthville RR. 12.051 55
&
3,923.924 32 Kansas City Mexico
Central of Georgia Ry
17
478,904
Receiver....
RE..
Orient
128,173 78
Central Ind. Ry.receiver
Okla.& Gulf El.(incl.
Central New England Ay_ 1.551,874 09 Can.
22
302.770
Tex.)
of
Ry.
Gulf
O.&
K.
48,277 25
Cent. N. Y. Southern RR_
12,932 18
Kentwood & Eastern El...
Central West Va. & South8.57489 Kentwood, Greensburg &
ern RR
24.06738
RR
n
Southwester
1,465.148 63
Central Vermont Ry
3,779 32
60.351 89 Kinston Carolina RR
Charleston Terminal Co
Knoxville Sevierville &
Charlotte Monroe & Colum07
22,280
Receiver
Ry.,
Eastern
8.597 55
bia RR
44.477 00
Lake Charles dr Nor. RR.._
Charleston & Western Caro05
135,404
RR
Eastern
&
Erie
Lake
78
899,878
lina RI
500.918 65
Lake Erie dr Western RE._
Che4eapeake & Ohio Ry-__ 4.378,841 30 La
375 09
Bureau Co. RR&
Salle
15
16.804
Ry__
Chesapeake Western
3,893 57
22,194 38 Lawndale Ry.& Indus.Co_
Chesterfield & Lane. RR-6.363 85
Leavenworth & Topeka RR
Chic. Burl.& Quincy RR-12.288.463 98 Lehigh & Hudson River RI. 384,750 94
56
2,223,982
Chic. & Eastern Ill. RR__
Lehigh & New England RR. 179,481 88
Chicago Great Western RR. 3.332,66060 Lehigh Valley ER
7,282,585 02
1,565,319 54
ChleagoJunction Ry
-White RE.. ReLiberty
of
50
Director-General
17,840
Settlement of Accounts with
Chicago Kai. & Sag. Ry
8,104 28
ceiver
170,024 97
Ohio Milw & Gary Ry_9.47226
Railroads.
Little Kanawha ER
Chic. Milw.& St. Paul Ry-23,111,528 05 Live Oak Perry & Gulf ER27.712 08
Chicago Palatine ac Wan1,628,990 54
Long Island RR
23
1.110
The following, showing the account of the DirectorRR
renda
01
84
2370
19
36,3
Ashl & South RR- 26
& Nor. Western RR-16,533,520 55 Lorain
General of Railroads with the carriers as of May 1 1925, Chic.
Lorain & W. Va. Ry
Chicago Peoria & at. Louis
7.17299
541.372 69 Loulay Br & Term RR- ...
has been crowded out of our "Railway & Industrial" Com- RR..Receivers
226.274 77
75,000 00 Loulsy Band.& St. L.Rh_
RR
pendium, issued of even date herewith, and is therefore Chicago River dr Ind.
44,511 78
273.076 76 Louisiana & Pacific Ry..
R. I. & Gulf Ry
8.931,081 69
RRNashville
&
Louisville
49
given here. It will be observed that out of a total of $629,- Chicago
7.725.578
Chicago R.I.& Pacific Ry7.419 78
RR
Wadley
&
241,250 securities acquired by the United States Government Chicago St. Paul Minneap- 2,460.096 82 Louisville
10.851 76
Lufkin Hemphill & Gulf ICY.
olis & Omaha Ry
16
105.337
RRSay.
&
Dublin
Macon
00
for additions and improvements made during the period of rhicago
132.092
T.H.& S.E.Ry_ _
2.872.823 10
Maine Central RR
Federal control of the railroads and for loans made to them, Chicago Tunnel CO Ter- 31,312 53 Manchester
5,486 80
Oneida
&
&
Warehouse
160
16
48:6
36
$471,892,250 have been sold or redeemed, leaving $157,349,- Chicago
46.806 40 ManIstique & Lake Sup.RR
minal Co
27,897 87 Manufacturers fly
000 on hand May 1 1925. Details of this latter amount Chic. W.Pullman &S.RR_
18
1.570
Corp
Railway
klarion
06
93.038
& West. Ind. RR_
12,883 32
appear in the article immediately following, entitled "Loans, Chicago
Marlon & Ry Valley Ry...Cincinnati Burnside & Cum2,92372
Southern RR
&
Marlon
53
1.956
&e., Made by Federal Authorities Under Control Act,
Ry
River
berland
122.498 18
00 Maryland Del & Va
Cin. Ind. & Western RR_ 662.081
82.063 16
Act of 1920, &c."
248,988 33 Maryland & Penna. RE
Clue Leb & Northern Ry
Ima & SouthDefinitive Railroad Securities Held by United States Railroad Administration- Cincinnati Northern RR
25,100 41 Mbax0t0o8n0 R
7.406 04
Director-General of Railroads-May I 1925.
ER
3,434.91 188
C. C.C. & St. Louis Ry
$626,902,550 Coal Belt Electric RI
17.024 11 Meridian & Memphis Ry
Definitive securities taken up to Nov. 1 1924
49
49.9
4
3 80
27
85
2,04
RR
Central
1
May
Michigan
including
to
1925
and
up
55
taken
3.598
Additional securities
Colorado-Kansas Ry
Middletown & Unionville
2,338,700 Colorado Springs & Cripple
Funding notes
,
ER
69
170,921
Creek Ry.. Receiver_
20.864 90
$629,241,250 Columbus& Greenville RR. 387.231 02 Middle Tennessee RR
Total
34,72400
(incl. payment of notes at
19,484 41 Midland Ry.,receiver
Cooperstown & Chart V RR
Less-Equipment trust certifs. soldredeemed,
153,634 31
payRR
929000;
$1
Valley
50:
bonds
00
Midland
$341,244,7
183.436
maturity)
Copper Range RR
10.046
Millers Creek RR
471,892,250 Coudersport & Port Allements on, and sales of, funding notes, $128,718,500
8,174 43
3.811 18 Mineral Point & Nor. RR..
gany RR
95
193.167
RR
1
May
Range
hand
$157
1925
,349
,000
on
Mineral
140.066 28
Definitive securities
Cumberland dr Pa. RR_ _ _ _
19.139 63
15,017 66 Minneapolis Eastern RyClaims of Carriers Settled to May 11925.
Cumb Val & MartInsb RR_
77
receiver..
2.347,977
RR,
L
St
&
Minn
79
15.827
an
estimated
of
$800.000.Cumberland RR
Total claims of carriers settled [out
37.548 74 Minneapolis, St. Paul &
$768,003,274 Danville & Western Ry___
0001
5.127.487 82
Marie Ry
Ste.
Sault
07
in
s
[being
27.449
States]
settlement
United
[by
paid
RR
Dayton & Union
Not amount
20.098 87
7.623 67 Minneapolis Western Ry
$48,574,901 Deering Southwestern El..
6.32% of aforesaid amount originally claimed]
3,38300
240,939 Delaware & Hudson Co_ _ _ 3,140.528 85 klinn. N. W. Elec. Ry....
Mileage of roads settled [out of a total of 241.1941
283.581 48
RRCentral
Mississippi
83
41,487
Del.& North. RR.recely
77
1
1925
12,994
of
:
Jan.
as
reported
RI......
Treasury
Eastern
S.
Th0 U.
72,392 58 Mississippi
Delta Southern RI
and 212 of Transporta- Denison & Pae. Sub. Ry
18,040 86 Mississippi River & Bonne
Total Payments by U.S. Under Sections 204. 209,55210
..
28
74.629
RI
Terre
(After
$701.595,7
Repayments on
Denver dr Rio Grande RR..
tion Act of 1920. Aggregating Fund)
to Dec. 31 1924.
1,415.453 32 Mo Kan-Tex RR and MoLoans from Revolving
Receivers
of Tex._- 4,674,957 85
RR
Kan-Tex
16
of
107,813
For
ment
212)
deficits
by
Sec.
reimburse
RR
as
amended
West.
Del. Bay City &
(a) (Sec. 204,
Ark ER. receiver 308.124 54
Det. Or. Hay.& Wily. RR. 1.105,433 98 Mo & NoPacific RR
during Federal control: partial payments previously made__
13,243.448 78
19.390 37 Missouri
Incl.
59,091.662 Detroit & Huron Ry
(1) Final payments.
RR
7,83883
Southern
a
which
for
Missouri
to
28
as
certificate
116.678
to carriers
Detroit & Mackinac Ry
(2) Partial payments
1,930.735 85
189,171 38 Mobile & Ohio FtR
Detroit Terminal RR
final payment has not been received by the Treasury from the
43
432.819
RI
a
Monongahel
95
148,585
328.859
RR
n
Line
Det dr Tol Shore
I.-S.0.Comreiisio carriers account of overcertification in
3.268 58
Duluth & Northeastern RR. • 81,296 87 Monson RE
(3) Payments due from
Wyo.& Sou. RR14.09019
Montana
94
459.959
certificates
52.457
Atl.
El.
n
&
Sh.
South
Commissio
Dul.
I.-S. C.
7.01921
70,166 99 Montana & Western RIby Sec. 212) For guaranty in respect to railway Durham & Southern RR
(b) (Sec. 209. as amended
89,037 43
21,329 84 Montpelier & IV. Ely RR_
months after Federal control:
East dr West Coast Sty......
operating income for first six advances
Southern
92
19.380
RI
Morenci
and
29
partial
5.858
payments
RR
Including
Eastern
&
payments.
Elberton
(I) Vine'
59.993 67 Morgan's L.& Tex.RR.&
x343.622,646 Electric Short Line Ry
previously made
11,077 38
Steamship Co
56
for
3,158
payfinal
a
certificate
to
Co_
which
as
Term.
Line
carriers
Short
to
Elec.
(2) Advances been received by the Treasury from the I.-S.0.
& K'wood RR.
76.293 17
El Paso &Southwestern Co. 1,191.408 32 Morgantown
ment has not
19.206 78
2.49762 Moshassuck Valley RR- .
123.111.411 Emmittsburg RR
Commission
RR
Hood
Mount
18,095 26
35
a
for
228.594
which
to
final
RR.
as
certificate
carriers
Indianan
to
Evansville&
(3) Partial paymentsbeen received, as stated above
&
ER
Mineral
Hope
Mount
3.67681
41,378.139 Fernwood Columbia & Gulf
payment has not
386.855
71.480 05 Mount Jewett Minna &
of
cation
account
carriers
overcertifi
from
RR
due
(4) Payments Cotnmission certificates
RR
Riterville
3.23891
83
18.220
RR.
Northeast.
Flint R. &
in I.-S. C.
12.661 47
37.015 17 Muncie Belt RI
from the revolving fund of mum..
Florida Central & Gulf Ry(e) (Sec. 210) For loans(after
85 Muscatine Burl & So RR_
31,671 60
on
694,150
of
40
Ey
repayment
$166.976.9
Coast
East
Florida
provided
000 therein Revolving Fund)
30,931 54 Nacogdoches & S. E. RR
620 80
183 621.727 Fort Worth Belt Sty
loans from
Rio Grande Ry 251.885 67 Nashville Chattanooga &
which final payments have been made by the Treasury Ft. Worth &
St.
RY
Louis
30
1,543,061
Rock
&
Sublaeo
x The roads tounder
Smith
Sec. 209 and the aggregate amounts severally paid Ft.
5,050 23 Natchez Col.& Mob.'Rlt
3.722 91
of the guaranty
Island RR
to them on the guaranty including advances and partial payments previous Frankfort & Cincinnati By
12,651 56 Natchez & Southern Ry
10.998 41
service. In addition to general
economical and adequate transportation
go on readjustments of both
changes in rates and wages, there constantly aggregate are of great imin the
which attract little attention but which
portance.
by the Class I railways in 1923 be"The loss of total earnings suffered
basis fixed in the latter half of 1922,
cause of reductions of rates below the
loss of earnings suffered by them in
was approximately $87,500,000. The
was about $97,000,000.
1924 owing to the same cause
out in these columns, the
"Meantime, as previously has been pointed
advancing. In the last half of 1922
wages of employees have been gradually
a daily basis, averaged $7 53; in the year
the wages of employees paid on
of all employees are paid on
1923, $7 75 and in 1924, $7 85. About 90%
earnings per hour in the last six months of
an hourly basis. Their average
cents; in 1924, 61.5 cents.
60.3
1923,
1922 were 59.3 cents; in the year
hourly rates of pay over those in
The effect of these advances in daily and
on days and hours
effect in the last half of 1922, computations being based
to increase the payroll of the
for which employees were actually paid, nas
in
1924.
00
$104,130,0
railways $54,160,000 in 1923 and
1923 was almost $984,000,000,
"The total net operating income earned in
in rates and advances
or 5.2% on the tentative valuation. The reductions
more than $141,000,000.
in daily and hourly wages in that year cost together
had
been earned the net
income
If this additional amount of net operating
on the tentative
return earned would have been $1,125,000,000, or 5.98%
was $987,000,000. The
valuation. The net operating income earned in 1924
with the bases
reductions in rates and advances in wages made, as compared
0. If
established in the last half of 1922, amounted in 1924 to $201,000,00
of 1924 it would
this amount had been added to the net operating income
valuation.
have been $1,188,000,000, or about 6% on the tentative
in rates, it is per"The Western roads having asked for a general advance
net operating intheir
on
tinent to inquire what effect has been produced
1922. The loss
in
since
wages
advances
and
rates
come by reductions of
to reductions of rates below the
of earnings sustained by them in 1923 due
$29,500,000. Their loss of
basis established in the latter half of 1922 was
. They pay
earnings in 1924 due to the same cause was about $62.850,000
therefore
reasonable to assume
is
it
and
wages,
about 37% of total railway
in wages. This would
that they have borne .this proportion of the advance
0 in 1923 and
Indicate that advances in wages cost them about $20,000,00
$39,000,000 in 1924.
to
of rates
due
1923
reductions
in
income
"Their loss of net operating
. The net operating
and advances in wages was therefore about $50,000,000
valuaIncome earned by them was $374,556,000, or 4.66% on their tentative
tion. If they had received the additional amount withheld by reductions
tenon
their
by
them
earned
the
percentage
of rates and advances in wages,
in
tative valuation would have been 5.28%. Their net operating income
The curtail1924 was $378,100,000, or 4.54% on their tentative valuation.
ment of their net operating income due to reduction of rates and advances
net operating income had
In wages amounted to about $102,000,000. If their
by them
been this much larger than it actually was in 1924 the return earned
been 5.76%.
on their tentative valuation would have
"And now the Inter-State Commerce Commission is making a general
irvestigation looking to 'readjustments' of rates. A 'readjustment' of rates
as by reducing others, and as
may as well be effected by advancing some
less than the so-called 'fair
long as any group of railways continues to earn
return' the Inter-State Commerce Commission will not perform its lawful
upward
instead of downward
duty unless it adopts the policy of readjusting
the rates of that group of railways."
ly made are as follows:
2768
THE CHRONICLE
[VOL. 120.
Nevada-California-Oregon
St. L.San Fran.& Tex.Ry. 314,967 63 and improvements, the
funding and refunding of loans and
Ry
20,719 09 St. Louis-San Fran. Ry— 5.385.449 76
New Orleans Gt. Nor. RR- 366.555 93 St Paul Bridge & Term Ry98,070 05 in the case of the Boston & Maine for reorganization purposes.
New Orleans Natalbany &
Stanley Merrill & PhlllIne
Natchez Ry
The securities acquired on account of such advances by
16.805 48
32.482 71
RP
New Or. Tex.& Mex.RI
817.018 75 Staten Island R.T.Ry
409.823 33 the U. S.
Treasury and still held by it on recent dates were:
New Park & Fawn Gr.RR2,07156 Stewartstown RR
2.16306
N. Y. Central RR
25,282,637 82 Sullivan County RR
34.317 82 (1) Obligations of 225,950,000 Held by United States
Feb. 28 1925. under
N.Y.Connecting RR
757,677 95 Susquehanna & N. Y. RR79.95061
Sec. 7 of Federal Control Act of 1918.
New York Dock By
86.343 49 Sylvania Central By
12.299 17
N.Y.N.H.& Hart!. RR_-14,708,406 26 Tallulah Falls By
40.979 24 Boston & Maine RR
x225,950,000
N. Y. Ont. & Western By. 695,010 33 Tampa & Gulf Coast Bit.. 128,953 79
N.Y.& Penna. By
x This amount does not include securities purchased by the Director27.579 24 Tampa Northern RR
49,819 02
General of Railroads under the provisions of Section 12 of the Federal
Nezperce de Idaho RR
7,274 44 Tennessee Ala. & Georgia
Nor!du Ports Belt Line RR.
26,444 31
40.359 66 Control Act, approved March 21 1918.
RR., Recelver
Norfolk Southern RR
1,311,700 63 Tenn. Cent. RR.(receiver) 300.499 46
above are securities issued during period of Federal control
Norfolk & Western Ry___ 8,593,6138 16 Term. RR. Assn. of St. L__ 1.693.960 75 forNote.—The
the purpose of providing funds requisite for maturing obligations or for
Northampton & Bath RR_
36,899 06 Texas Midland RR
158.367 54 other legal and proper expenditures,
or for reorganizing railroads in receivNorthern Alabama Ry____
69,711 61 Texas & New Orleans RR
165.714 97 erships.
Northwestern RR.of South
Tex. & Pao. Ry., Receivers 2.043.041 77
Carolina
15.188 15
75 67 (2) Indebtedness of Carriers ($137,527,000) to the United States Incurred for
Ocilla Sou. RR (receivers)
36.684 00 Toledo dr Ohio Central Hy- 619.686 90
Additions and Betterments. &c., Made During Federal Control, Pursuant
Ohio River & Western Ry_
94,169 19 Toledo Sag. & Musk. By... 180.278 57
to Sec. 207 of Transportation Act of 1920 and Held Feb. 28 1925.
Oil Fields Short Line RR
11,588 35 Toledo Peoria & West. Ry. 214.104 25 Ann Arbor RR
5525,000 NY N H & Hartford RR__ 64,000.000
Owasco River By
5.20042 Toledo St Louis & West Ry
50,77409 Boston dr Maine RR
1,030,000 N Y Snag & Wait RR
Pacific Coast Ry
100,000
21.558 36 Tonopah & Goldfield RR
98.683 34 Central Vermont
By
700,000 Pennsylvania RR
Pacific Coast RR..... _ _
16,843,000
32,342 79 Trinity & Brazos Valley By 341,578 44 Chicago & Eastern
III By.... 3,425,000 Pitts On & St L RR
Paris & Gt. Northern RR
2:250000:010
10
23,111 00 Ulster & Delaware RR_ _
314,250 00 Chicago Great Western
950,000 Seaboard Air Line By
Paris & Mt.Pleasant RR
81.105 81 Ursine & North Fork Ry__
4,15090 Chicago Milw & St PaulRR.
By.
Penn Yan & Lake Shore Ry.
1,500,000
Toledo Angola & West. By.
2.50734 Det Toledo & Ironton RR__ 20.000,000 Wabash Ry
200,000 Wash. Brandy.& P.L.RR
receiver
50,000
3.631 66 Tug River dc Kentucky RR.
4.754 50 Erie RR
8,725,000 Waterloo C. F. & Nor. Ry__
Peoria dr Pekin Union By
500,000
384.329 87 Trans-Mississippi Terminal
KanaRel
Oklahoma
&
Peoria Ry Term Co
2,000,000
77.349 96
186,950 23 Maine Central RR Gulf Ry- 1,629.000 Western Maryland Ry
RR
750,000 Wheeling & Lake Eris By—
Phila. & Beach Haven RR900.000
4,648
Union Freight RR
18.50404 Minneapolis & St Louis
RR. 1.250,000
Philadelphia & Reading By. 9,506,060 80 Union Pacific RR.Co
374.293 41
Pickens RR
3.239 47
Account of:
(3) Obligations of $350.600,667 Acquired by United States Government to
Pitts. Chart. di Yough. Ry. 140,705 12
Los Angeles & S. L. Bit
Dec. 31 1924 Pursuant to Section 210 of Transportation Act of
Fitts. & Shawmut RR____
71.739 32
Oregon Short Line RR.
1920 for Loansfrom $300.000.000 Revolving Fund.
Pitts. es Lake Erie RR
4.275,409 14
Nay
RR.
&
Ore.-Wash.
Pitts. Shawmut & Nor. RR. 2(10.281 91 Union Ry
International & Great West255.545 06 Alabama Tennessee & Northorn ft.R
Pontiac Oxford & No. RR_
x$489,000 00
173.700 93 Union Stock Yards Co of
ern By,Receiver of
x5194,300 00
Port St. Joe Dock & TerOmaha (Ltd.)
69.780 81 Alabama & Vicksburg By..x1,394.000 00 Des Moines & Central Iowa
townAkron Canton & Youngsminal By
1.41022 Valdosta Moul & West By.
13,178 48
the InterQuanah Acme & Pac. Ry._
72.226 86 Vermont Valley RR
x212,000
49
959
00
56
Urban
633,500 00
Quincy Omaha & It D.RR. 252,363 98 Virginia Ry
x650,000 00 Kansas City Mexico & Ori165.98563 Ann Arbor RR
Raleigh & Charleston RR._
22.658 71 Virginia Southern Ry
50,000 00
8,489 94 Aransas Harbor Term By..
ent RR,Receiver of the.x5,000.000 00
Atlanta
Randolph & Cumb. Ry.,ree
Birmingham
&
At17,788 09 Wabash By
7.195.287 71
Kansas City Terminal Hp.. 580,000 00
Rapid City Black Hills es
lantle Ry
Virginia Blue Ridge Ry
x200,000 00 Lake Erie Franklin & Clar780 11
Western RR
23,685 36 Wabash Ches.& West.RR.
x3,000,000 00
21,759 36 Baltimore & Ohio RR
ion RR
x25,000 00
Baguette Lake Ry
Bangor
ern
R
Aroostook RR.__ x200,000 00 Long Island RR,The
14,715 80 Wadley Southern Ry
57.787 15
x719,000 00
Raritan River RR _
104,305 19 Washington & Choctaw RI.
2.201 99 Birmingham &NorthwestLouisville & Jeffersonville
Ray & Gila Valley RR
111,057 30 Wash & Lincointon RR...
75,000 00
12,175 61
Bridge dr RR
1:162,000 00
Rio Grande Southern RR
121,536 24 Wash. & Vandemere RR...
x26,705,479 00 Maine Central RR
3.82603 Boston & Malne RR
2,373,00000
Rock Island Southern Ry_.
58,711 84 Waterville By
938 59 Buffalo Rochester & PittsMinneap & St Louis HE.. 1,382,000 00
Rockingham RR
burgh
8,952 11 Waupaca-Green Bay RP-.
RY
8.94085
x1,000,000 00 Missouri Kansas & Texas
Rome & Northern RR
2.270 61 Waycross & Southern RR.4.57772 Cambria & Indiana ER.... x250,000 00
Ry of Texas,Receiver of. x450,000 00
Rutland RR
620.646 31 Western Allegheny RR
84.226 17 Carolina Clinch & 0 Hy_ _x10,000,000 00 Missouri & North Ark Hy_ 3,500,000 00
Salina Nor. RR., Receivers
Central
of Georgia Hy
22,086 24 Western Maryland Ry
x237,900 00 Missouri Pacific RR
1,424.361 03
x10,071,760 00
San Antonio & Aransas PRES
W.Virginia Northern RR
5,244 66 Central New England Ry__ 300,000 00 National Railway Service
Ry
558,354 39 Wheeling & Lake Erie Ry. 1.826.068 88 Central Vermont Ry
x193,000 00
Corporation
x11,437,830 00
San MAWR()Uvalde & Gulf
Charles City Western By.. 140,000 00 New Orleans Texas & MexWhite Sulphur & HuntersRR
192,718 43
vide RR
2.451 02 Chesapeake & Ohio Ay_ _ __x9,097,000 00
ice By
x234,000 00
Bandy River & Rangeley
Wichita N.W.Ry.rereivers_
38.870 17 Chicago & Eastern IllInob3
New York Central RR._ _x26,775,000 00
Lakes RR
RR. Receiver
38.534 07 Williamson & Pond Cr RR.
785,000 00 New York New Haven &
29,670 52
Santa Marla Valley RR_
10.513 78 Winfield RR
18.011 18 Chicago Gt Western RR x2,685,373 00
x27,530,000 00
Hartford RR
Saratoga & Encamp't RR_
13,663 56 Winston-Salem SouthlYdRy 150.76836 Chicago Ind & Loulsv Ry__ x200.000 00 Norfolk Southern RR
11,666,000 00
Savannah & Statesboro RI.
7.424 68 Wisconsin & Michigan RR_
12,895 61 Chicago Milw & StP Ry__x70,340.000 00 Northern Pacific By
x6,000,000 00
Seaboard Air Line By
Chicago
7,475.188 43 Wisconsin & Northern RRR
I
&
Paz Ry_
73,388 57
x9,862,000 00 Penylvania
Pennsylvania RR
x12,480,000 00
Sharpsville RR., Receiver.
20.374 23 Wood River Branch RR _
2.372 02 Chicago & West Ind RR....x8,000 000 00 Peoria dr. Pekin Union Ry_ _x1,799,000 00
Shearwood Ry
6.171 32 Woodstock By
7,123 47 CIRCO & Northeastern By.. 236,450 00 Rutland RR
x61,000 00
Sioux City Terminal Ry._ _
21,623 22 Woodworth & Louisiana Ry.
2,679 93 Cowlitz Chehalis & Cascade
Salt Lake & Utah RR
x1,000,000 00
So. San Francisco Belt Ry_
8.286 69 Wrightsville & Tennitie RR. 101,079 39
Ry
45,000 00 Seaboard Air Ltne Ry
15,457,400 00
Southern Pacific Co
8.435,301 01 Yadkin RR
11.007 59 Cumberland & Manchester
The Seaboard-Bay Line Co_x4
.
,4
100
0200:
,0
000
000
00 00
0000
St. Johnsbury & L. C. RR_
79,987 78 York Harbor & Beach RR.
RR
16.237 83
375,000 00 Shearwood By
St. Joseph Belt Ry
70,526 97 Zanesville & Western Ry.
48.832 28 Erie RR
11,574,450 00 Tampa Northern RR
St.Jos.& Grand Isl. Ry
Evansville Indianapolis de
536,867 32
Tennessee Central RY
1,500,000 00
Terre Haute By
Total
8343,622.646 49
:400,000 00 Terminal RR Association of
Fernwood Columbia & Gulf
St Louie
x896,925 00
RR
133,000 00 Toledo St Louis & Western
Flemingsburg &Nor RR
x7,250 00
RR, Receiver of
Nearly 30% of Income Producing Endowments of Fort
x692,000 00
Dodge Des Moines Jr
Trans
I Terminal
Colleges Invested in Railway Securities.
Southern RR
200,000 00
R
-C
M sisal"
:
1,000,000 00
Fort Smith & Western RR,
Virginia Blue Ridge By... 106,000 00
According to the Bureau of Railway Economics nearly
Receiver of the
156,000 00 Virginia Southern RR_ --38,000 00
Gainesville & N W RR__
75,000 00 Virginian Ry,The
x2,000,000 00
30% of all the income producing endowments of the principal Georgia
& Florida By, ReWaterloo C F & Nor Ry__x1,320,000 00
celvers of
792,000 00 Western Maryland Ry_...x3,422,800 00
colleges, universities and technical schools throughout the Great
Northern RP
x33,496,000 00 Wheeling & Lake Erie By. 3,480,000
00
x60,000 00 Wilmington Bruns & So RR
United States are invested in steam railway stocks, and Greene County RR
90,000
Gulf Mobile & Nor
1,433,500 00 Wichita Northwestern Hy. 381,750 00
00
colleges, universities- and technical schools throughout the Hocking Valley RRRR
1,665,000 00
Central RR
x4,440,000 00
bonds. This, says the Bureau, is shown by a tabulation made Illinois
Indiana Harbor Belt RR
1579,000 00
Total
$350,600,66700
of replies received from 65 of the foremost endowed colleges
x Repayments of the foregoing loans under Section 210 have been
made
and other educational institutions of this country in response to the extent shown below.
Ala Tenn & Nor RR Corp—
882,500 00 Lake Erie Fr & Clarion RR
to a questionnaire recently sent to them by the Bureau. Alabama
$7,500
00
& Vicksburg Ry__ 1.394,00000 Long Island RR
719,000 00
Akron Canton & Y'g't'n Ry 3212,000 00 Louisville &
As to the results of the inquiry, the Bureau on April 11 said:
Jeffersonville
Ann
Arbor
RR
300.00000
Bridge & RR Co
The total book value of the productive investments of those sixty-five
15,000 00
Atlanta Birm & Atl Ry____
20,000 00 Mo Kan & Texas By of
Institutions amounts to $531,696,687. Of that amount $148,270,933 is Baltimore & Ohio RR
100,000 00
Texas. Receiver
90,000
00
invested in steam railway securities or 27.9% of the total. Investments Bangor & Aroostook RR__
56,000 00 Missouri Pacific RR
4.602.00000
5,000,000 00 National RY Service Corp- 7,920,888 94
in steam railway bonds by those sixty-five colleges alone total $129,150,352 Boston du Maine RR
Buffalo Hoch & Pitts Ry
1,000,000 00 N 0Texas ar Mexico By... 234,000 00
while investments in railway stocks amount to 319,120.581.
Cambria & Indiana RR_
250,000 00 New
Leland Stanford University in California ranks first in the amount in- Carolina Clinchf dc Ohlo Ry _10,000,00000 NY York Central RR— —26,875,000 00
Nil & lIartford HE. 200,000 00
wetted in railway securities. Of its total productive investment.$13,907,000 Central of Georgia Ry
237,900 00 Norfolk Southern RR_ _._
104,200 00
39,000 00 Northern Pacific Ry
or 49.8% represents investments in railway securities. Harvard Uni- Central Vermont Ry
6,000,000 00
Chesapeake & Ohio Ry._ __ 1.023.97803 Pennsylvania
RR
12.480,00000
versity with $13,681,396 or 31.8% ranks second and Yale, with $12,538,411 Chicago Great Western RR
480,000 00 Peoria & Pekin Union Ry-- 1,799,000 00
or 33.8% invested in steam railway securities, is third. Chicago Uni- Chicago Ind & Lenin Ry__
45,000 00 Rutland RR
61,000 00
versity with $11,513.005 or 29.8% is fourth and Johns Hopkins University Chicago Milw & St Paul Ry_35,340,000 00 Salt Lake & Utah RR
127.400 00
Chicago
&
Western
Ind
RR
384,000
00 Seaboard Alr
with 310.156,904 or 53.8% is fifth.
560.00000
Chicago Rock 1st & Paz By. 2,000,000 00 Seaboard BayLine Ry
Line Co__ _ _ 475,000 00
A number of smaller schools have still larger percentages of railway Evansv Ind. & T H By..
400,000 00 Tampa Northern RR
100,00000
investments, notably. Connecticut College for Women with 90.8%, Ca- Fernwood Col & Gulf RR_
13,000 00 Terminal RR Assoc of St L
898,925 00
7,250 00 Toledo St Louis & Western
tholic University of America with 89.3%, Barnard College with 81.9% and Flemingsburg & Nor RR__
Great Northern By
33,496,000
00
RR, Receiver
138.000 00
HMI Mawr with 60.7% •
Greene County RR
18.000 00 Traru3-Miss Term RR—. 1.000.00000
Of the $52,695,357 in productive investments that have been made by Indiana Harbor Belt RR
579,000 00 Virginian Ry
2,000,000 00
Columbia University, $8,966,550 or 17.0% is in railroad securities while Illinois Central RR
4,440.000 00 Waterloo C F & Nor By...
60,000 00
Massachusetts Institute of Technology has $5,759,000 or 20.1% and the int & Gr Nor Ry, Receiver 194,300 00 Western Maryland RY---- 600,000 00
Kansas City Mex & Orient
University of Pennsylvania has 35.374.013 or 37.9%. Princeton UniRR. Receiver
2,500.000 00
Total
8166,976,939 97
versity has $7,437.040 or 51.3% invested in steam railway securities.
The carriers which have paid into the
Treasury excess-earnings during
the guaranty period, pursuant to the provisions
209 (d) of tile
Section
of
Transportation Act. 1920, as
and the amounts severally paid by
Loans, &c., Made by Federal Authorities Under Control them to the United States areamended,
as follows (to Dec. 31 1924):
Ahnapee & Western Railway Co
$2,940 39
Act, Act of 1920, &c.
Barn: & Chelsea Railroad Co
25,391 33
Creek Railroad Co
During the Federal control period from Jan. 1 1918 to Campbell's
3,560 52
Carolina Railroad Co
910 78
Feb. 29 1920, and the guaranty period of 6 months from East Tennessee & Western North Carolina Railroad Co
10.473 42
Ironton Railroad Co
1.932 77
March 1 to Aug. 31 1920, and as a result of the financial Kewaunee
(keen Bay & Western Railroad Co
260 50
Kishacoqulllas Valley RR
2.707 79
operations called for by the Control Act of 1918, the Trans- Lake
Tahoe Railway & Transportation Co
5.004 23
Louisiana Western Railroad Co
portation Act of 1920 and the Act incorporating the War Massena
168,397 58
Terminal RaUroad Co
7.399
Finance Corporation, advances to a large amount were made Missouri & Illinois Bridge
& Belt RR
20,395 56
Rosalyn Connecting RR
5,67703
to the railroads by the U. S. Treasury, the Director-General South Manchester Railroad co
Lon 16
44
and the War Finance Corporation on account of additions
Total
3256.130
50
MAY 30 1925.]
THE CHRONICLE
2769
C. S. Brick, Vice-President of the Pennsylvania, said his company had
The aforesaid securities are in addition to securities re- 46,439
serviceable cars stored as of March 24, and that 20,917 new cars
ceived by the Director-General of Railroads as follows:
have been received since Jan. 1 1924, leaving 1,083 box cars still due on the
Definitive Securities of Carriers Held by Director-General May 1 1025 (Total
$157,349,000).
(a) Bonds-$28,609,009-Mortgage bonds of Boston & Maine (Series"0,""D"and "L")426,980,000
Kansas Oklahoma & Gulf Ry.(Series "A"and Govt. Lien)- __ 1,629,000
(b) Collateral Notes-$123,428,000 (Amount of Collateral Deposited,
$170,078.100)American Ry Express Co_ _ _ 82.300,000 N Y Sum & Western RR__ __ $100,000
200,000
525,000 Norfolk & Southern RR
Ann Arbor RR
15.753,000
Chicago& Eastern Illinois RR 3,425,000 Pennsylvania RR
2,000,000
950,000 Seaboard Air Line Er
Chicago Great Western RR.50,000 00
Chicago MOW & St Paul Ry__ 20,000,000 Wash Brandyw dr Pt L RR_
500,000 00
8,725,000 Waterloo C F & No Ry
Erie RR
2,000,000
750.000 Western Maryland Ry
Maine Central RR
900,000
1.250.000 Wheeling Ez Lake Erie Ry___
Minn & St Louis 11I1
NYNH& Hartford RR.... 84.000,000
(c) Equipment Trust Obligations-(of which $341,244,750
5,312,000
have been sold or paid at maturity)
The War Finance Corporation also aided in the financing
during Federal control. All the loans made by the Corp.
to railroads, originally in the total amount of $204,794,520,
have now been repaid in full.
Railroad Loans Paid in Full Since Aug. 1 1921.-N. Y. Central RR..
20,500,000; Chic. Ind. & Louisville RR., $1,400.000; Southern Ry.,
7,355.270; Ann Arbor RR., 850,000; Chicago Rock Island & Pacific Ry.,
10,430,000; Erie RR., 812,768,420; total, $52403,690.
1
Chairman Aitchison of Inter-State Commerce Commission Sees Rate Fixing Ineffective as Means of
Insuring Good Transportation Service-Distribution and Utilization of Cars Necessary
Factors.
Pointing out that "there is a difference between securing
continuous good service and the fixation of a schedule of
rates," Clyde B. Aitchison, Chairman of the Inter-State
Commerce Commission, on April 9 observed:
When a schedule of rates is fixed, the act is done, and virtually enforces
Itself thereafter, so that even casual departure meets certain correction and
redresa
But good service comes from a continuing infinitude of great and small
acts, by human beings of varying degrees of capabilities and frailties.
Therefore, the quasi-judicial procedure which is appropriate in the determination of rate controversies will be wholly ineffective as a means of insuring good service.
To effect the best possible distribution and utilization of cars, and to provide for the freest practicable movement of traffic is a task which requires
persistent attention to the kaleidoscopic changes in production and demand,
to the forces of nature, labor conditions and the financial situation of each
and every section of the country.
road's original order. These cars will be available within the next few
weeks, he stated.
The New York Central reports as of the last week of March: 19,298
surplus cars; 12,894 new cars received since Jan. 1 1924; 9,865 cars retired
since the same date; 900 cars on order; 4,704 bad order cars; 10% freight
engines in need of heavy repairs and 14% in need of light repairs; 155, or
surplus freight engines; 50 new freight locomotives and 50 switch engines received since April 1 1924; 50 freight and 9 switch locomotives retired since Jan. 1 1924; cars loaded and received in February this year
309,636, as compared with 328,488 in February 1924.
Baltimore & Ohio: 10,189 surplus cars; 9,568 bad order freight cars;
704, or 27.7%, bad order locomotives; 62 surplus engines; 27 new engines
received since Jan. 1 1924, and 2 retired.
Delaware Lackawanna & Western: 1,120 surplus cars as of March ;
954 bad order cars as of March 1; 135, or 17.6%, bad order locomotives as
of same date; 1 surplus engine; 25 new engines received since the first of
last year; 12 retired and 2 on order.
Norfolk & Western as of March 1: 3,951 surplus freight cars; 1,027, or
2.5%, bad order; 1,525 new cars installed since Jan. 1 1925; 168 retired
since same date; 3,475 on order; 79, or 7.6%, bad order engines; 59, or
5.7%, surplus locomotives; 6 retired and 1 freight electric locomotive on
order.
Lehigh Valley as of March 15: 2,457 bad order cars; 149 retired since
Jan. 1 1925; terminal situation, "excellent," 145, or 14.5%, bad order
locomotives; 128 surplus engines and 5 new locomotives received since
Jan. 1 1925.
Central Railroad of New Jersey as of Feb. 28: 5,673 surplus cars; 1,084
bad order cars; 1 new car received since the first of this year; 13 retired
and 49 on order; 73 engines, or 12.3%, in bad order; 60 surplus engines;
5 retired since Jan. 1 1925 and 20 on order.
Reading Co. as of Feb. 28: 4,210 surplus cars; 830 bad order cars;
1,425 new cars received since Jan. 1 1925; 85 retired and 1,575 on order;
152, or 13.6%, engines in bad order; 98, or 8.6%, surplus engines; 1 retired since Jan. 1 1926 and 30 on order.
Delaware & Hudson: As of the last of February the company reported 52
surplus cars; 1,181 bad order ears and 34 cars retired during the month.
Bad order engines number 26, or 5.6%, and surplus engines were 86.
The commodity reports indicate that conditions in some of the major industries in Atlantic States territory during the next three months, as compared with the corresponding period of 1924, when business was rather
quiet, will be as follows: Machinery, no change; leaf tobacco, 5% decrease ; roofing material, no change; rubber, no change; slate, 20% In.
; leather, 15 to 20% increase; paint, no change; clay products, no
change; mineral aggregate products, 20% increase; lumber, 15 to 20%
decrease; copper, slight decrease; less than carload shipments (consisting
dislargely of merchandise and miscellaneous freight) in the Philadelphia
to 10%
trict, about 10% increase; textiles, alight increase consisting of a 5
increase in cotton goods, 50% increase in oil cloth, 5% increase in silks, and
26% decrease in pile fabrics.
Chairman Banham in his opening address to the shippers
advocated the co-ordination of rail and motor transportation.
Commissioner Aitchison's remarks were addressed to the
He said in part:
carriers of the
members of the Advisory Board of the Atlantic States ShipI am hopeful within the near future that the shippers and
of the highways with
pers, meeting in Philadelphia, and in stating that the accom- country will give consideration to the co-ordination
as to
recommendations
definite
other forms of transportation and to make
plishment in 1923 shows what can be done, he said:
of the use of the motor truck as an additional transportation
the advisability
Two factors then contributed to the ability of the carriers to transport agency under reasonable and fair regulation, also, defining, if possible, its
promptly as offered an unusual volume of traffic; (1) Improvement of the
economic field.
proper
railway facilities of the country, primarily to efficiency of the motive
Motor transportation has come to stay. While it may be difficult to absoquestion
power; and (2) the even trend of loading throughout the year.
lutely delimit the field of its usefulness, there can no longer be any
The effect of good service on the business of the country extends beyond
the field is definite and permanent
that
the
benefits
to
for
gets
prompt
shipper
who
transportation
we are acthe immediate
For the better conditions that now surround transportation
his commodity. It reflects itself in the general prosperity of the community corded by our railroad friends due credit. Economic conditions surrounding
served, and ultimately, of the nation. There are other incidental effects transportation are as nearly vital to industry as is a condition within the
which are important. If we may have a fairly balanced movement of traffic, industry itself. If we can by this association cause a more even trend of
we may expect the carriers currently to keep their equipment in condition traffic or in any way advance economic operation of the carriers we benefit
necessary to care for that movement.
directly in quality of service.
As
A policy of uniform maintenance of cars and locomotives, if attainable,
To this we have pledged ourselves and results speak for themselves.
by minimizing seasonal unemployment would have an effect upon labor which an instance the car loading figures for the first 12 weeks of 1925 show that
in
reflect
transthemselves
moved
would be profound. Eventually such economies
during that period 10,832,840 carloads of freight were loaded and
portation rates and in the flow of needed capital to the railroad business,
5,000 unite of
while at the same time the carriers had in reserve nearly
and rebound to the benefit of the shipper, the railroad operator and investor, serviceable motive power and 320,000 serviceable freight cars of all classes.
comand the consumer.
Compared to 1924-the year most closely approximating this year-the
A slightly higher level of industrial production in the East- parison shows that 153,218 more cars were loaded in the 12-week period of
reserve and substantially the same
ern Atlantic States and adequate transportation to handle 1925, with 978 more active power units in
surplus of equipment than in the same period of 1924.
it was forecast for the second quarter of 1925, as compared
with the same period last year, in an analysis just completed
by the Atlantic States Shippers' Advisory Board. The conclusion as to the trend of business was based on actual estimates of car requirements gathered by commodity committees from the various industries, and was reported to the
Board at its Philadelphia meeting. Surveys were also made
by the individual railroads to ascertain the present condition of equipment. The Board's territory covers New York,
New Jersey, eastern Pennsylvania, Maryland, Delaware and
part of Virginia. More than 600 shippers and railroad officials attended the conference, the largest in the history of
the Atlantic States Board. Commissioner Aitchison and
E. T. Stotesbury, Chairman Reading Company, made the
principal addresses at the luncheon session. Mayor W.
Freeland Kendrick of Philadelphia presided at this period;
John L. Stewart, Public Service Commissioner of Pennsylvania; H. DeWitt Irwin, Vice-President Barnes & Irwin
Co., and W. J. L. Banham, General Traffic Manager Otis
Elevator Co., and General Chairman of the Atlantic States
Board, also delivered addresses. "The individual railroad
reports which the transportation officials read to the shippers," Mr. Banham explained, "reveal the status of rolling
stock as of about the last month. This is the most recent
picture of the present condition of the Eastern transportation machine." A summary of the reports follows:
Railroads Operated With Greatest Degree of Safety
on Record.
R. H. Aishton, President of the American Railway Association, addressing the fifth annual meeting of the Safety
Section of that organization in Chicago on April 27, announced that "the railroads of this country were operated
with the greatest degree of safety on record during the past
two years so far as the safety of passengers and employees
is concerned." In part Mr. Aishton also said:
In 1924 alone, the railways of the United States transported 931,000.000
persons, nearly nine times the population of the United States, with fatalities to only 149 of that number. That is, for every fatality during the
year. the railroads safely carried 6,314,000 persons, nearly one and one-half
times the number of men that constituted the armed forces of the United
States during the World War. At the same time the number of injured
was 15% less than the average for the previous four years, and the smallest
number injured during any one year since 1901.
The number of railway passengers who lost their lives in 1924 was
23% less than the annual average for the years 1920 to 1923, inclusive.
Compared with 1923, there was an increase of eleven persons who lost their
lives. Fatalities due to train accidents showed a decrease in 1924 compared
with the previous year, but there was an increase of twenty persons in the
number of fatalities due to passengers getting on or off cars.
Despite the fact the railroads, during the past two years, handled the
greatest traffic on record, there has been a decrease in the number of fatal
accidents among employees due to the efforts the railroads have made
to look after the safety of their employees. During 1924 fatal accidents
to employees were reduced 20% compared with the yearly average for the
four years from 1920 to 1923, inclusive. Except in 1921, when traffic on
2770
THE CHRONICLE
the railroads was at a low ebb, fewer employees lost their lives in 1924 than
during any one year since 1888. when the compilation of such records
started. There also was a slight reduction in the number of employees
injured in 1924 compared with the four-year average.
One of the most serious problems facing the railroads to-day, so far
as safety work is concerned, is that of reducing the number of grade crossing accidents. The development of the passenger automobile and the
motor truck, together with the increasing disregard of warning signals
at crossings by automobile drivers, have been the primary factors to increase casualties at grade crossings. It is a physical impossibility for
the railroads to eliminate all such crossings, and the cost would be prohibitive, being approximately 20 billion dollars, or nearly the same amount
as the Inter-State Commerce Commission has fixed as the tentative valuation of the railroad properties of this country used for transportation
purposes.
Intensive campaigns conducted by the railroads through the American
Railway Association for some years have resulted in some improvement.
As a result of the campaign in 1924. there was a decrease of 15% compared
with the yearly average for the four years from 1920 to 1923 in the number
of persons who lost their lives as a result of automobile accidents at grade
crossings while the campaign was in progress. At the same time there was
an increase of 51% in the number of motor vehicle registrations.
In 1920 there were 1.273 fatalities at grade crossings as a result of automobile accidents, or 137.9 fatalities for every million vehicles registered.
In 1923, there were 1.759 fatalities, or 116.6 for every million vehicles, and
In 1924 there were 1,688 fatalities, or 95.4 for every million vehicles.
This situation offers a tremendous field for constructive work in saving
human life and no more effective effort can be put forth by the Safety Section of the American Railway Association than in that field.
Commissioner Eastman, of Inter-State Commerce
Commission, Advocates Competitive Bidding for
Railroad Securities—Dissents from Majority
Members' Approval in Case of New York
Central Issue.
The views of Commissioner Eastman, of the Inter-State
Commerce Commission, on the question of competitive
bidding for securities of railroads, were set out in an opinion
dissenting from the majority members in approving the
proposed issue of New York Central equipment trust certificates. An account of Commissioner Eastman's opinion
appeared as follows in the New York "Sun" of May 20:
The interstate Commerce Commission today gave its approval to the
proposed Issue of $22.500,000 of New York Central Lines equipment trust
gold certificates at 44%. Certificates for $10.530.000 of the total authorization are to be immediately issued through the Guaranty Trust Company of New York for the purchase of $14,179,385 worth of various types
of freight cars for the New York Central, the Cleveland, Cincinnati,
Chicago & St. Louis and the Michigan Central.
Application for authorization of the issue came up before Division 4 of
the commission,composed of Commissioners Meyer,Eastman and Woodlock.
Commissioners Meyer and Woodlock approved. In a dissenting opinion
Commissioner Eastman said that such securities should be put on a competitive basis and he critized the system whereby the railroads conducted
their financing through a single big bank to the exclusion of others and
without competition.
The equipment trust certificates are to be sold for not less than 96.43%
of par.
Dissenting Opinion.
.
Commissioner Eastman in dissenting from majority approval of the
application said:
"An unhealthy situation exists with respect to the marketing of railroad
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 York City. For example, the applicant in this proceeding, the New
York Central, markets all of Its issues as a matter of course through J. P.
Morgan & Co. On the other hand the Pennsylvania markets all of its
issues as a matter of course through Kuhn, Loeb & Co. Nor does the
reason for this situation Ile in the fact that these are the only banking concerns able to handle the business. On the contrary, there are now several
banking houses that are well equipped to handle issues of railroad securities
or at least issues of ordinary size, and as a matter of fact do market similar
issues of the securities of industrial corporations.
"There is much to be said in favor of the plan under which a railroad
company uses as its fiscal agent a single banking house and does not resort
in marketing its securities to any form of competitive bidding. In my
opinion however, these arguments have much less weight, if they have
weight at all. In the case of securities like equipment trust obligations which
are practically standardized and as to which the credit of the particular
carrier is of lesser importance. So far as at least such securities are concerned. I am convinced that resort to competitive bidding is entirely
practicable and would tend to bring about healthier financial conditions
much less open to legitimate attack.
Field for Competitive Bidding.
"We have never heretofore attempted directly or indirectly to force competitive biddingin thecase ofequipment trustobligations but have been content
with fixing a minimum price for the issue which seemed to be reasonable. In
the case now before us. however, we have an excellent opportunity for somewhat different procedure. The applicant is a carrier of strong financial
standing and there is nothing unusual about the equipment trust certificates
which it proposes to become sponsor for. The issue, which is of moderate
size, plainly offers a splendid field for competitive bidding.
"Moreover the minimum price which the applicant proposes and which it
is unwilling to modify voluntarily is out ofline with prevailing market prices,
a fact which is recognized in the majority report under which the minimum
price is fixed at a little higher level. The circumstances fully justify us I
believe in presenang these alternatives to the applicant: (1)sale through.1. P.
Morgan & Co., at a minimum price closely approximating the market level;
or (2)if applicant is unwihing to adoptsuch an alternative,sale to the highest
qualified bidder after competitive bids have been publicly advertised for and
received. I should be in favor ofrequiring competitive bidding without any
other alternative except that I doubt our power to do this. We have power
to fix a reasonable minimum price, and if our 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 bidding.
"There have been other cases, no doubt, in which a different carrier and a
different fiscal agent were involved, and where such alternatives might well
[VOL. 120.
have been presented and my selection ofthis particular case is not intended as
discrimination against either this applicant or itsfiscal agent. The situation
is one where a start in another direction ought to be made in the public
interest and the circumstances of this case offer an unusually good opportunity for such a start."
Fought Out in 1922.
The ghost of competitive bidding for railroad securities has raised its
head once more, this time in milder form than on the two previous occasions.
In 1922 the I.-S. C. Commission held a hearing which was largely attended
by leading railroad bankers and railroad executives and at which the whole
question of the right of certain banking institutions to handle the financing
of certain roads was threshed out in a two-day session.
Nag
The testimony which was brought out was overwhelmingly in favor of
permitting banks to handle the issues of the same carriers whenever recourse
was had to financing. The claim was made that to put issues up for competitive bidding paved the way for upsets in the relationships between the roads
and the bankers who best know the affairs of the specific carriers. Following this hearing nothing further was heard on the subject until early last
year when the commission ruled that an issue of $850,000 of Chicago Union
Station general mortgage bonds be put up and knocked down to the highest
bidder, at the same time authorizing Kuhn,Loeb & Co.to handle an issue of
$7,000,000 of guaranteed 5% bonds in the usual manner.
A ruling by the commission withdrew this proviso and both issues were
marketed by Kuhn,Loeb & Co. The move created considerable of a stir in
the financial district, and it is understood that lawyers both for the road and
the bankers made strenuous representations to the commission to support
their claim to handle the issue. Since then and until to-day nothing more
has been said on the subject.
Edward Jerome Dies on "Speculation and the Grain
Futures Market"—Service Organized Speculation Renders.
Contending that organized speculation renders to both
producer and consumer a great service, Edward Jerome Dies
of Chicago points out that "farmers want their money soon
after harvest. Consumers want the wheat or its products from
day to day throughout the year. Some one must carry the
year's supply with all the risk and with the various items of
expense incident to such ownership." This, says Mr. Dies, "is
done by the speculator." Continuing, he says:
It is his business to study conditions affecting supply and demand. He
buys on the strength of careful calculations. Ile performs a useful function
as a distributer. It is the average profits over a period of years that count
for the speculator. The myths of huge fortunes cleaned up over night are
most damaging to the organized markets. Such colorful tales obscure the
fundamentals of the marketing system and create in the mind of the layman
the thought that commodity markets are largely institutions of gambling.
Farm organizers have grown rich on such misstatements of facts. Politicians
have gone to the United States Senate. Radical agrarian groups have con.
trolled whole farm districts by skillful use of these and similar stories that
mislead the public as to the functions of commodities markets. It is only
by long and patient effort on the part of organized business that the true
benefits of the commodities markets may become known and properly appreciated.
Mr. Dies in his discussion likewise has the following to
say:
When the theory of a world shortage first developed last year speculators
of the entire world began buying wheat. As the crop conditions in surplus
wheat countries continued supporting this theory, prices marched steadily
upward.
That farmers greatly benefited by the speculative support of the world
shortage theory is well known by all familiar with the situation.
During the last six months of 1924 organized exchanges absorbed enormous wheat receipts without a break in prices.
Receipts of wheat at primary markets in the United States from July to
November were 362,000,000 bushels, as compared with 221,000,000 the
preceding year.
This means that farmers literally dumped on the market in five months
141,000,000 bushels of wheat in excess of the normal flow. And the upward
climb of prices was unhalted. This, incidentally, would disprove the theories
of wheat pooling advocates who have contended that to control the flow of
wheat to market would likewise control prices. Speculative and investment
sentiment was made effective in protection against declining prices during the
great marketing movement. This invaluable service of the futures market
has long been an outstanding characteristic of world commerce. It has been
endorsed by all leading economists.
When wheat economies appeared later in the crop year, when the world
shortage proved less severe than had been anticipated, and when prices receded, criticism among opponents of the grain exchanges was widespread.
Some attempted to show that the farmer had suffered. The fact is that the
loss did not fall upon the farmer. Before the major slump occurred, some
authorities estimated that but 13% of the crop remained on the farm, little
more than enough to supply the demand for seed. Whether this figure is
correct is not important. The point is that the great bulk of the crop came
to market during the high price and that receipts at all primary markets
were unprecedented. All of which clearly proves that the farmer benefited
as never before in time of peace.
It has been pointed out that without organized speculation, large stocks
of wheat on hand the world over in the spring of 1924, together with our
huge crop of the following summer, might have placed the market at extremely low figures. Wheat might have been fed to animals and poultry in
large quantities because it was cheap. The Orient would have consumed
cheap wheat. Europe would have absorbed much larger quantities. The
serious crop damage in Canada, Europe and Argentina, which came later,
might have combined to bring about famine.
It was the speculative support given the market at the first appearance of
danger that brought the high prices for the farmer. Speculators took
chances in June, when no others cared to assume the risk.
The popular theory is that the speculator always wins, which, of course,
is ridiculous. In the present instance, it is certain that many big speculators whose activities made higher prices for farmers, ruined themselves
because the world demand did not develop to the point anticipated.
To-day the grain exchanges are under rigid supervision of the Federal
Government. All information concerning trades of individuals is available
and is closely scrutinized. It is not the supervision of the Government that
is distasteful and harmful to the exchanges. Rather it is the sensational
political threats of investigations and upheavals that are most disturbing.
MAY 30 1925.1
THE CHRONICLE
a vast
The effect of these sensational political threats upon the market,
specusensitive machine, is instantaneous. Commercial history shows that
disastrous
lative markets will not brook political interference without
has
results. Speculation is founded on the proposition that any individual
lower prices
the right to buy or sell whatever he likes. Selling waves and
generally follow sensational political threats.
requiring payWhen Italy attempted to stabilize money with an edict
margins,
ment in cash of 25% of the value of all stocks and bonds bought on
was so
prices fell with a thump. At Trieste the break in industrial bonds
quotation
the
and
smashed
Exchange
the
pronounced that the public entered
out
boards. Rioting by bankers, commission merchants and investors broke
In Rome, Florence, Milan and other cities.
is
usually
Money grows timid in periods of uncertainty, and this timidity
first apparent in the speculative markets.
Political interference with the grain markets always has brought a disturbing shiver that vibrates throughout commerce and industry. When such
interference is permanently at an end business generally will have benefited.
"Special Handling"—Domestic Parcel Post Mail.
Postmaster Kiely, in inviting on April 28 particular
attention to a new and speedier service for domestic parcel
post mail, which is called "special handling" service, says:
Whenever in addition to the regular fourth-class (parcel post) postage
and the 2-cent service charge, 25 cents postage is affixed to a parcel of
fourth-class matter with the words "special handling" written or printed
upon the wrapper, such parcel will receive the same expeditious handling,
transportation and delivery as first-class mail.
Such parcels should be prominently indorsed by the sender "special
handling," preferably in the space immediately below the postage stamps
and above the address.
25-cent "special handling" postage stamps are provided and should
preferably be used, but if not available ordinary postage stamps may be
used to pay the fee.
Mailers of perishables such as meats, vegetables, fruits, flowers, &c.
and In fact any other matter not otherwise provided for by law or regulation,have now under the new law the privilege ofpurchasing special handling
service.
Treasury Department Printing Greater Amount of
Paper Money Than Ever Before—Proposed
Changes in Denominational Issues.
It was stated on May 10, in accounts from Washington,
that the Treasury Department has formulated plans for
printing more paper money in the next fiscal year than has
ever been turned out by the United States Government in
any other twelve months in history. The Associated
Press, from which this is learned, said:
Orders have been prepared for the purchase of 200,000,000 sheets of
distinctive silk fibre paper, from each sheet of which eight pieces of currency are made, and. beginning July 1, the great 13ureau of Engraving
and Printing will be run at maximum capacity to meet the nation's paper
money requirements. An order for 25,000.000 sheets already has gone
to the manufacturers and this installment will be delivered in three weeks.
Announcement of the Treasury's program made to-day disclosed that
never in any one year before had the orders for money paper exceeded
150,000,000 sheets. That quantity was ordered during the year now
coming to a close and it was about 20% greater than ever was used before
In a like period.
Coincident with announcement of the printing program, Assistant
Secretary Dewey, whose job it is to see that there is plenty of money
available in the country, made known that the Treasury would take its
first step July 1 toward building up a reserve of currency. By this method,
It is hoped, the life of the paper money may be prolonged. An opportunity
will be had for "curing" the money before it goes into active service, and
this process Is expected to keep it from fraying, cracking and otherwise
going to pieces so easily.
The life of the one dollar bill now is only about eight months, whereas
Treasury experts figure it should be about a year. In pre-war days the
average dollar bill would wear about 14 or 15 months, but times have
changed. Mr. Dewey is convinced that high prices, use of automobiles,
the necessity of commerce and industry and modern ideas and habits compel
the carrying of more money. Thus the silver dollar has fallen into disusr
and the dollar bill and bills of larger denomination have come into greater
use with the result that they wear out more quickly.
2771
and by the process
manufacturing three types of bills would be eliminated,
acquainted with the
he thought, the average person might get a little better
to other kinds, too,
silver certificate. The same methods could be applied
of doing away with any
Mr. Dewey said. But there is no present intention
there is a public
of the forms of the currency until it is ascertained that
demand for a change.
States notes to one
Some officials, however, favor reducing the United
five denominations
denomination,the five dollar bill, which would eliminate
of bills, the $10,000
of money. Then the famed yellow back,from the prince
be allowed to remain the
note to the more or less familiar "ten spot," would
the fifties, the $100, the
same with its range, including also the twenties,
requirements.
$1,000 and the $5,090 note to take care of all
To Be Taken Up Shortly.
will be taken up
It is expected that the entire subject of currency reform
a short while. Preliminary
by Secretary Mellon and his aides within
the result of this canvass
studies are being made in all centers and until
is received, the Treasury here will "mark time."
old cartwheel silver dollar
An attempt was make recently to circulate the
as the silver eagle was turned
in the effete East. The result was nil. As fast
banks, the money was returned to
out in the pay envelopes and through the
currency. In the West, howeveD,
the Treasury for exchange into paper
understood that several
there was a greater consumption of CIA= and it Is
circulation. The Treasury exmillions of silver dollars were added to the
of saving in the use of the
periment in this case was done for the purpose
silk paper.
ion of Mutual
Annual Conference of National Associat
at Poland
Savings Banks—To Be Held June 17-19
Institutions
These
in
eposits
Maine—D
Springs,
Over Seven Billion Dollars.
of savers. As
America is fast developing into a nation
aside regulaying
are
people
the
history
never before in its
their income, unlarly in bank accounts prudent portions of
le proportions. The
til the practice has attained remarkab
this great total and
ing
safeguard
best means of investing and
sixth annual conthe
before
come
will
matters
related
other
Savings Banks
Mutual
of
on
Associati
ference of the National
18 and 19. Repto be held in Poland Springs, Me., June 17,
will be presresentatives of banks scattered over the country
n in New
associatio
the
of
ers
headquart
ent. Figures at the
11,000,000 deYork reveal that there are to-day more than
$7,000,000,000
positors in these banks, with a total exceeding
almost $3,000,000,000 since
to their credit. This is a gain of
Boston five years ago.
the association was organized in
the Philadelphia Saving
of
President
James M. Willcox,
bank in the country,
Fund Societ, the oldest mutual savings
open the conferwill
and
n
associatio
the
of
President
Is also
will be disprograms
n
conventio
ence. Familiar forms of
forums will reopen
and
d,
announce
is
it
year,
this
carded
papers. An authority
place the old-time formal reading of
delegates will prewill be in charge of each discussion and
Three sessions
floor.
the
from
ideas
or
questions
sent their
of "Mutual
topic
general
the
to
will be held, the first devoted
second to "ExSavings Bank Administrative Policies," the
Savings Banks," and
tension of the Field of Investment for
ent of bank
the third to matters relating to the dev.lopm
community
of
centre
the
banks
savings
making
and
service
economic welfare.
and
Exhibits demonstrating work among school children
Savers Army
Million
"Twenty
the
recruiting
toward
progress
This "army"
by 1930" of the association will be features.
good citizenand
nce
independe
ge
"encoura
to
launched
was
program fo:
a
be
will
meeting
the
of
ship." Other features
all culminating
the women and the annual golf tournament,
Distinguished
In the conference dinner on the closing night.
finance, commerce and official life will speak,
in
figures
As to proposed changes in the denomination issues of the
banquet.
when 1,000 persons are expected to attend the
country's currency, the "Wall Street News" in advices
are that
banks
mutual
of
features
ng
Some of the outstandi
from Washington May 26, said:
•
shares to draw profits, so that all earnings
no
have
they
Changes in the denominational Issues of United States currency are likely
. The trustees are prohibited by law
to be authorized by President Coolidge and Secretary of the Treasury accrue to depositors
the operaMellon, it was said today at the Treasury Department. From a nation- from receiving salaries or otherwise to profit by
wide survey,just completed by officials, it has been found that there is not a
laws also hedge in the methods of
State
bank.
the
of
tions
need for the various paper bills now flooding the country.
regulations as to investments, reAssistant Secretary of the Treasury Dewey believes it about time that the doing business with strict
government should correct the topsy-turvy aspect of the country's currency serves and other safeguards. It is planned to devote disby eliminating some of the various denominational bills. At the same time,
cussions at the convention to problems of practical imporIt is thought that a savings could be effected in the use of silk paper by
affairs. For instance, on
devoting the 20 carloads required during the year to a few issues. The $2 tance to bankers in their everyday
bill that has caused more trouble in banks, commercial houses and financial the opening day such topics will be taken up as the policy
Institutions than the proverbial "bad penny" is slated to go. The time
keeping banks open after 3 p. m. and before 10 a. m., the
honored "five spot" also is looked upon by officials with suspicion. The of
uatel employees; of reckoning
changes are sought to prevent much confusion to the public in the exchange policy of pensioning superann
"over the counter."
interest in monthly, quarterly or semi-annual periods, and
Would Eliminate $2 Bill.
of paying interest on deposits when justified by earnings at
"Without making it too difficult." Assistant Secretary Dewey said, "it a higher rate than that which prevails among other banks
may be explained that the Treasury Department and the Bureau of Engrav- of the community. Deliberations regarding the investment
ing is now turning out five general kinds of paper money:silver certificates,
of special value in view of the numerous legal
United states notes, gold certificates, national bank currency and Federal field will be
Reserve currency. With the latter two, we are not concerned, but just restrictions which surround the investment of savings bank
consider the denominations of the first three kinds. They are issued in five, funds in various States, many of them with peculiarities unsix and eight denominations, respectively, snaking a total of 19 types of
known elsewhere and without regard to a general standard.
'old fashion' money issued directly by the Treasury."
,
Mr. Dewey then pointed out that if some way could be found to eliminate Officers for the coming year will be announeed at the closinf
denominations of the silver certificates, for example, so as to leave only the
following the annual election.
banquet,
two
dollar
bill—the
us—the
for
necessity
the
superstitio
of
and—bane
one,
2772
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were
reported posted for transfer this week, that of C. A. Herts
to Hermann C. Schwab and that of Thomas F. Cahill to
Robert L. Cahill. The consideration in each case was
stated to be $106,000, the same as the last preceding transaction.
—•-A new national bank is being organized in this city to
meet the demand for increased banking facilities in the
Times Square section and the new uptown financial district.
When the organization has been completed, the financial
and business leaders back of this institution plan to open
elaborate banking offices at the northeast corner of 40th
Street and Broadway. An announcement regarding the new
bank says:
[VoL. 120.
endorsement of men throughout the State, who believed that he was the
beet possible choice the Governor could make.
As Deputy Commissioner Mr. Hovey represented the Banking Department
before legislative committees, where his knowledge of conditions earned
him the high regard of legislators generally. It is understood that he will
carry out the policies inaugurated by his predecessor, Mr. Allen.
The following with regard to the disposition of deposits
in the defunct Cosmopolitan Trust Co. and Hanover Trust
Co. of Boston standing in the names of persons who failed
to prove their claims within the time limit fixed by the
Court, appeared in the Boston "Transcript" of May 22:
The full bench of the Supreme Court, in a decision handed down May 22,
instructs Bank Commissioner Joseph C. Allen (who resigned May 11)
that deposits in the Cosmopolitan and Hanover Trust companies standing in
the names of persons who failed to prove their claims within the time limit
fixed by the Court, are to be distributed proportionately among depositors
who have proved their claims. There is nothing in the statute, the Court
says, which requires any reservation of funds on account of deposits or other
claims which have been unproved.
There is iii the hands of the Bank Commissioner $84,178 belonging to the
The plans fcr this institution have been under consideration for some time,
and in the construction of the new office building at 1440 Broadway the commercial department of the Cosmopolitan Trust and $55,258 19 in the
commercial
department of the Hanover, and $16,477 12 in the savings decorner offices have been specially designed with a view to offering every
known banking facility. These will include most modern protected safe partment of the Cosmopolitan. The depositors in the savings department of
the
Hanover
have been paid one hundred cents on the dollar.
deposit vaults in the lower part of the building.
The bank has been capitalized for $2,000,000 and will begin business
with a paid in surplus of $500,000, making a total capitalization of $2,500,he Comptroller of the Currency has approved the appli000. The real need for a high class independent banking institution at this
location is best evidenced by the fact that the entire capital stock has been cation of the Methuen National Bank, Methuen, Mass., to
more than twice oversubscribed with the mere preliminary announcement of organize with a capital of $100,000. The bank will begin
the formation of the organization. Among the subscribers are listed promibusiness Aug. 1 1925. Its stock, par $100 per share, is to
nent merchants and manufacturers in diversified lines of industry as well
as a number of well-known bankers and leading professional men. Some of be disposed of at $150 per share.
the industries having substantial representation in the bank include the
pulp and paper industry, iron and steel, silk, wool, cotton, fur, as well as
The newly organized First National Bank of North Berthe needle trades and prominent publishing firms.
gen. N. J., formed with a capital of $100,000 and a surplus
While the personnel and names of the officers of the institution are not
yet ready to be announced, confirmation of the report that the plans for the of $20,000, will open for business on June 1 in the building
formation of this institution are rapidly nearing completion was obtained which is being constructed at the Six Corners, North Berfrom D. S. Gottesman, President of M. Gottesman & Co., 18 East 41st
gen. The officers of the new bank are James Noland, PresiStreet, New York, Chairman of the Organization Committee.
The Manufacturers Trust Co. announced on May 28 that
beginning June 1 the business conducted by the Gotham National and the Fifth National banks at 1819 Broadway and
131-133 East 23d Street, respectively, will be continued as
branch offices of the trust company. The increase in the
capital of the Manufacturers Trust Co., incident to the
merger of the two banks with the trust company was referred to in these columns last week, page 2646. The merger
plans were also noted in our issue of April 18, page 1974.
dent; Frank R. Austin, Vice-President, and John J. Roe,
Cashier. The directors are: Arnold A. Renson Sr., Edward
McDermott, Daniel Bermes, William G. Hille, Albert Ensminger, Andrew C. Golswarden, Frank R. Austin and James
Noland. The stock is in shares of $100; it has been placed
at $120 per share.
A. Jefferson Jones, President of the New Brunswick Trust
Co., New Brunswick, N. J., died on May 27 of pneumonia after a week's illness.
Frank T. Allen, Vice-President of the Fidelity Union
Trust Co., Newark, N. J., died May 26 in Montclair, N. J.,
at the age of 53. Mr. Allen was for many years on the news
staff of the Newark "Evening News," which he left in 1912
to become Publicity Manager of the Fidelity Trust Co. In
1916 he was elected a Vice-President, which position he conArthur Lederer, Vice-President of the Standard Bank, of tinued to hold
with the consolidated Fidelity Union Trust Co.
New York, and Mrs. Lederer left for Europe this week on
the SS. Belgenland. Mr. Lederer will visit the bank's corA. Lincoln Acker, Collector of the Port of Philadelphia, has
respondents in the principal European cities and will return been elected a director of the Tenth National Bank of Philato New York in about three months.
delphia.
Thomas A. Finn, Manager of the Credit Department of the
.Farmers Loan & Trust Co., this city, died on May 25. Mr.
Finn had been a member of the staff of the Farmers Loan &
Trust Co. for the past twelve years.
William E. Paine, a director of the Equitable Life AssurThe Economy National Bank of Ambridge, Pa., has applied
ance Society and a trustee of the New York Produce Ex- • to the Comptroller of the Currency for a charter to organize
change, died on May 23. He was formerly President of the with a capital of $100,000.
Carrol Box & Lumber Co. and of the Yellow Pine Lumber
Co., and also a director of the Seaboard National Bank. He
To celebrate the first anniversary of the removal of the
resigned from the directorate of the latter last fall.
Union Trust Co. of Cleveland to its new building, the entire
force gathered around an immense birthday cake in the
The National City Bank of this city opened its twentieth bank's cafeteria on May 18. During the bank's
opening
branch on the Island of Cuba at Vertientes on May 23. The week a year ago almost half a million people
visited the
attendance of Charles E. Mitchell, President, and a party of Union Trust lobby. Since that time, the bank
reports, interNational City Bank officials at the opening of the new est in the building has not lagged and during
the past year
building
in
Havana was mentioned in our at least 20,000 visitors have been
Cuban head office
conducted through the
issue of last week, page 2647.
bank. "One year of service in our new building," said J. R.
Nutt, President of tile Union Trust Co., "has proved to us
Roy A. Hovey, of Wakefield, Mass., who for the past three
conclusively that Cleveland needed a large banking lobby,
Bank
Commissioner of Massachuyears has been Deputy
such as we have provided. Every teller's window in our new
setts, on May 27 was promoted to Bank Commissioner by
banking quarters has been put in use in order to wait on
Governor Fuller, to succeed Joseph C. Allen, who resigned
customers."
on May 11 to become a Vice-President of the American Trust
Co. of Boston. The Boston "Transcript" of May 27 had the
Two Indiana banks were closed last week in voluntary
following to say with regard to Mr. Hovey's career and his liquidation. They are the Farmers'
State Bank at Colfax
appointment as Bank Commissioner:
and the Hoosier State Bank at Stilesville. "Frozen loans"
Mr. Hovey was born in Stoneham, Mass. After being graduated from the are said to
be the cause of the embarrassment of the Colfax
Stoneham High School he entered the employ of the Wildey Savings Bank in
Boston and in 1910 was appointed an assistant bank examiner by the then institution. Its closing followed a conference held at IndianCommissioner, Arthur B. Chapin. He was later appointed examiner and apolis between bank officials and the State Banking Deresigned to accept a position as examiner with the Federal Reserve Bank of
partment, at the call of a State bank examiner who examBoston.
In 1920 he re-entered the State Banking Department as Director of the ined the books on May 19. The Hoosier State Bank of
Division of Trust Companies, and in 1922 was appointed to the newly Stilesville will be liquidated, it is stated, through the Citicreated office of Deputy Commissioner by Mr. Allen. He was with Commissioner Allen through the disturbances in the financial situation in zens' State Bank of that place. No loss to depositors in
Boston and which resulted in the closing of four trust companies, and is either case is looked for, it is said.
thoroughly in touch with the entire banking situation to-day. He had the
MAY 30 1925.]
2773
THE CHRONICLE
On Monday, May 25, the Continental Bank of Detroit,
Detroit, was absorbed by the Central Savings Bank of that
city. A statement in regard thereto issued by the directors
of the Central Savings Bank reads as follows:
With the opening of business this morning, announcement was made that
the Central Savings Bank had taken over the deposits of the Continental
Bank, amounting to more than $2,390,000, together with its five branches,
and that its depositors had become members of the large family doing business with the Central Savings Bank, which is affiliated with the First
National Bank.
Laurence P. Smith, President of the Central Savings Bank,
stated when interviewed:
This transfer of relations will afford the depositors and customers of the
Continental Bank the splendid facilities of the Central Savings Bank. Each
Individual, company or corporation will receive the same courtesies and
accommodations that are available to all Central Savings Bank customers.
It is generally felt in business circles that this new arrangement will
prove of great benefit to the Continental Bank patrons, for they now will
have behind them the resources of the First National Bank group, amounting to more than $160,000,000.
William B. Applegate of the Illinois Merchants Trust Co.
of Chicago was elected President of the Chicago Chapter of
the American Institute of Banking at the annual meeting on
Tuesday, May 26. Frank R. Curds of the Pioneer Trust &
Savings Bank, was elected Vice-President, and William H. A.
Johnson of the Continental & Commercial Trust & Savings
Bank, Treasurer. New directors are Robert J. Hargreaves
of the Federal Reserve Bank,C. J. Jackson of the State Bank
of Chicago, Charles Macaulay of the Washington Park
National Bank, Paul E. Nordstrom of the First National
Bank and Ray J. Welsh of the Central Trust Co. of Illinois.
Joseph J. Schroeder continues as Executive Secretary. It
was announced that a building fund had been started with
an initial investment of $3,000 in Liberty bonds. The fund
was raised by contributions of $1 from each member and is to
be accumulated by a similar annual contribution. It was
also announced that leases had been signed for the enlargement of the present quarters to a capacity of 60 classes a
year and that the budget for 1925-26 was $65,000, of which
$25,000 is being contributed by the banks. The Chapter
headquarters are at 162 West Monroe Street and the membership is over 3,000.
to travel and recreation. The personnel of the new National
Bank of Topeka is as follows: Carl W. McKeen, President;
Joeb Mulvane, W. H. Davis, D. W. Mulvane and W. W. Bowman, Vice-Presidents; Harry D. Wolf, Cashier; John E.
Kirk, Trust Officer; Arthur D. Wolf and Harrison S. Morgan, Assistant Cashiers; Leeland Thompson, Manager of the
Investment Department, and W. R. Barrett, Auditor. Mr.
Thompson, who has just joined the organization is Manager
of the Investment Department, has been associated with the
Brown-Crummer Investment Co. of Kansas City, Mo., for the
past few years. The Bank of Topeka was founded in 1868
and was one of the oldest and largest State banks in Kansas.
Failure of the First National Bank of Hugo, Okla., was
reported in the following Associated Press dispatch from
that place, appearing in the New York daily papers of
Thursday, May 28:
The City National Bank, the third and last bank in Hugo, closed to-day;
A notice on the door said the action was taken by "order of the board of
directors."
The closing of the first two banks was attributed to inability to liquidate
old cotton loans. City business men yesterday made a concerted effort to
replenish the bank's cash, but were unable to do so.
It was indicated to-day that while there had been no apparent "run" on
the bank, many depositors had drawn on the local institution through banks
in cities nearby.
Only two banks remain open in Choctaw County, one at Fort Towson
and the other at Boswell, both small villages. Some business men here
to-day sent to these banks for cash, but plans for the future have not been
made.
There was an apparent reaction to optimism soon after the closing of the
last bank, the feeling prevailing that its action would hasten plans to reopen the Hugo National Bank, the largest in the city.
Business was seriously interrupted when the majority of patrons were cut
off with only the cash they had in their pockets. Hugo has a population of
8,000.
Frank Talbott, for several years past President of the
American National Bank of Danville, Va., recently resigned
on account of ill health and was succeeded by W. R. Fitzgerald, who for the last 18 months has been President of the
Agricultural Credit Corporation of Danville, according to'
a special dispatch from that place on May 22 to the Rich-mond "Dispatch." Mr. Talbott will continue his connection
with the bank as a director, it was said, while Mr. Fitzgerald,
new President, will retain the presidency of the Agrithe
Referring to the affairs of the Plainview State Bank,
cultural Credit Corporation.
Plainview, Minn., which was closed on March 4 four days
after the disappearance of its President, E. L. Sylvester, a
Walter R. Leak, a Vice-President of the Merchants' Bank
press dispatch from Plainview on May 15, which appeared in
& Trust Co. of Winston-Salem, N. C., and prominent business
two
that
same
the
stated
of
day,
"Journal"
Minneapolis
the
man of that city, died on May 13 after a brief illness at the
other officers of the bank, namely George F. Sylvester, forage of 65. Mr. Leak had a large part in the development of
mer Cashier and brother of the missing President, and G. A.
Winston-Salem, taking a definite pride in its commercial,
Stoltz, former Assistant Cashier, had been indicted for
civic and religious advancement. Before entering the bank"alleged falsifying of the records and receiving deposits when
ing business he was associated with the Brown & Williamson
the bank was insolvent, and had been released on that day
In $5,000 bail each. A. S. Kennedy, the Vice-President of Tobacco Co. for 27 years.
the bank, it is understood, was indicted previously and now
Consolidation of the Carolina Bank & Trust Co. of Henderis at liberty on bail. We last referred to the affairs of this
N. C., with the Citizens' Bank & Trust Co. of that place
son,
bank in these columns in our issues of March 14 asd May 16
under the title of the latter was announced on May 23 in
1925. In our previous items the name of the failed bank
a press dispatch from Henderson on May 24 printed in the
was given as the First State Bank, whereas the correct title
Raleigh "News" of the day following. W. A. Hunt, ViceIs the Plainview State Bank.
President and Cashier of the Citizens' Bank & Trust Co.,
was reported in the dispatch as saying that the object of the
Henry Stene, former President of the First National Bank
union of the institutions was the combining of the interests
of Atwater, Minn., and of the Farmers' State Bank of Kanof the stockholders, many of whom are investors in both
diyoki, that State, both of which institutions were closed
companies, and the added advantage of economy in operaFeb. 14 of this year, was arrested on May 11 upon his return
tion. R. C. Gary, Cashier of the Carolina Bank & Trust Co.,
to Atwater from a two weeks' trip to Arizona and California,
and one of its organizers six years ago, will become a Vice
according to the St. Paul "Pioneer Press" of May 12. With
President of the enlarged bank, it is stated, but otherwise
Mr. Stene's arrest on the specific charge of forging a note
there is to be no change in its personnel. J. Bailey Owen
for $2,500, it was stated, came the announcementsthe same
is President.
night by the directors of both the failed banks that shortages had been discovered in the two institutions totaling
B. S. McKinney, George Pittman and F. H. Blankenship,
approximately $380,000.
all Vice-Presidents of the American Exchange National
Announcement was made by the Bank of Topeka, Kan., Bank of Dallas, Texas, were elected directors of the institution on May 12, bringing the number of directors up to 32,
last week that a national charter had been granted the institution by the Comptroller of the Currency and that the according to the Dallas "News" of May 13. Mr. McKinney's
Prudential Trust Co. (heretofore an affiliated institution) active connection with the bank, it is understood, began on
May 18, when his resignation as Governor of the Federal
had been merged with it under the title of the National Bank
Reserve
Bank of Dallas became effective. The officers of
bank
new
is
capitalized
The
Topeka.
at
$500,000 and has
of
the American Exchange National Bank are at present:
surplus, undivided profits and other assets amounting to
Henry C. Coke, Chairman of the Board; Nathan Adams,
that figure. Carl W. McKeen, who became President of the
President;
B. S. McKinney,E. J. Gannon, Louis Lipsitz, A. V.
of
1st
the
this year, heads the new naBank of Topeka
Lane, George Pittman, J. C. Chidsey, Vice-Presidents; F. H.
tional institution. S. E. Cobb, who heretofore was ChairBlankenship, Vice-President and Cashier; H. H. Smith, B. S.
man of the Board of the Bank of Topeka, and President of
McLaughlin, R. V. Sanders, B. B. Johnston, F. C. Pondron,
the Prudential Trust Co., has resigned. He will, however,
Paul Danna, Sam Turner and R. H. L. Knight Jr., Assistant
retain his interests in the institution, it is said, and continue
Cashiers, and J. J. O'Connell, Auditor.
to make his home in Topeka, devoting the next three years
-.---
2774
THE CHRONICLE
That J. S. Caldwell, former Vice-President of the Fort
Worth National Bank, Fort Worth, Tex., and retiring VicePresident of the Federal International Banking Co. of New
Orleans, would go to Houston as Vice-President of the Union
National Bank of that city, was announced in Fort Worth
on May 18, according to a special dispatch from Fort Worth
to the Dallas "News" on that date.
A dispatch from Pomona, Cal., on May 13 to the Los Angeles "Times" stated that the State Bank of Pomona, which
has been owned by the Bancitaly Corporation (the subsiidary institution of the Bank of Italy of San Francisco)
since April 19 1924 was to be transferred on May 15 to the
Americommercial Corporation, of which the Bancitaly Corporation is the principal owner. This, it was stated, would
involve no change other than that of changing the name of
the institution from the State Bank of Pomona to the Bank
of America. The officers of the bank are: John A. Gallup,
President; Dr. J. McGowan, Vice-President; E. R. Yundt,
Cashier, and L. S. Birdsall, Assistant Cashier. It was further stated that the bank's present quarters were to be
enlarged to twice their present size and completely remodeled within the next few months.
[VOL. 120.
Notwithstanding the fact that the Royal Bank has 538 branches in Canada
and the Union Bank 327 branches, the two institutions are competitors at
only 50 points. After the iunalgarnaion the Royal Bank will have 813
branches in Canada, and including foreign offices a total of 923 branches.
The 50 points where the banks are now both represented are mainly the
large centres where the cost of maintaining offices is relatively heavy. A
very large saving would be effected by amalgamating branches at such
points, and there will also be other substantial economies in management.
Sir Herbert stated further that the Royal Bank would have an unequaled
connection in the West, where the Union Bank is particularly strong. He
has always been a firm believer in the potentialities of Western Canada
and the extension of the Royal Bank's activities in this section was personally particularly gratifying to him. The Royal Bank of Canada has now
five directors in Western Canada, and he was very glad to be able to announce that steps would be taken promptly to elect several additional Western directors. The bank's executive staff in the West would be substantially
increased and an assistant general manager would be stationed at Winnipeg.
it being the intention to direct and manage Western business from Winnipeg
to as great an extent as possible.
The unequaled connection and great resources of the merged banks would
ensure to the West all reasonable banking facilities.
The following with regard to the affairs of the defunct
Home Bank of Canada (head office Toronto), which collapsed on Aug. 17 1923, appeared in the Toronto "Globe" of
May 19 last:
Attention is drawn by the liquidators of the Home Bank of Canada to a
newspaper report issued recently that from the assets of the bank it was
expected to salvage another 20% dividend for the depositors. G. T. Clarkson and I. E. Weldon, the liquidators, are emphatic in their denial of this
That another important Canadian bank consolidation is report.
Mr.
could not be reached yesterday, being engaged on an arbiunder way was disclosed Friday night, May 22, when Hon. tration,Clarkson
but Mr. Weldon, when interviewed, said he was authorized by Mr.
James A. Robb, acting Minister of Finance, announced in Clarkson to state that by no human possibility could the remaining assets
Ottawa that he had given his consent to the purchase of the of the Home Bank realize a further 20 cents on the dollar for the depositors.
Further, Mr. Weldon declared, if some major litigation now in progress
Union Bank of Canada by the Royal Bank of Canada. Be- goes against the
liquidator, very little, If any more, dividend will be refore the agreement can finally be approved by the Governor- ceived by the depositors.
The
very
best
that
could be stated by the liquidators was Mr. Clarkson's
In-Council, it must be ratified by the shareholders of both
previous estimate that, under favorable
the estate might
the institutions, as provided by the Canadian Bank Act. ultimately realize another 10 cents on thecircumstances,
dollar. It was pointed out by
Under the terms of agreement of sale the shareholders of Mr. Weldon that it takes the sum of $170,000 approximately to pay a divithe Union Bank will receive one share of Royal Bank stock dend of 1% to the depositors.
for each two shares of Union Bank stock. As the quoted
price for Royal Bank stock on May 22 was $236 and for
Union Bank shares $111, shareholders of the latter are obtaining a bonus of $14 a share by the transaction. In asking
his consent to the agreement of sale, Mr. Robb stated, the
directors of the Union Bank had represented that in view of
substantially reduced earnings, with no prospect of early
Improvement, and the difficulty, despite most rigid economies,of curtailing proportionately the cost of operation, they
were faced with the necessity of making a drastic cut in the
annual dividend, which would result in a substantial drop
in the value of the bank's shares,and further might adversely
affect the general standing of the institution. To obviate
the possibility of such a serious situation, and in order to
protect the shareholders and the public, as well as in the
interest of general financial stability, the directors, after
exhaustive consideration, deemed it their wisest course to
obtain the consent of the acting Minister of Finance to a
sale to the Royal Bank of Canada. Inasmuch as the head
office of the Union Bank is in Winnipeg and as it has more
branches in the Middle West than any other bank, Mr. Robb
stated that he was glad to be able to announce that the
Royal Bank of Canada has given assurance that in future
its executive offices in Winnipeg will be made much more
important than in the past. More Western directors will
be elected and an additional assistant general manager
appointed, with headquarters at Winnipeg, to take charge
of Western business. These changes, taken in conjunction
with the large resources of the amalgamated banks, insure
that general banking facilities to the agricultural and other
interests of the Prairie Provinces will not only continue
unimpaired, but should prove adequate for all legitimate
future requirements. Mr. Robb added that, while he had
been unsympathetic to further bank mergers, there could
be no doubt that in the present circumstances he was warranted in acquiescing. According to the last statement
issued by the Canadian Department of Finance (showing
the condition of Dominion banks as of Mar. 31 1925) the
capital of the Union Bank of Canada was $8,000,000, its rest
fund $1,750,000; total deposits, $80,312,874, and its total
resources, $115,316,741. The Royal Bank of Canada on the
same date had capital of $20,400.000 with a rest fund of like
amount; total deposits of $289,084,133 and total resources
of $605,527,604. The Royal Bank of Canada has 536 branches
in Canada, while the Union Bank has 327, most of which are
in the Western Provinces. In quof'ng Sir Herbert Holt,
President of the Royal Bank of Canada, in regard to the
amalgamation, the Montreal "Gazette" of May 23 said:
The New York agency of the Standard Bank of South
Africa, Ltd., announces the receipt on May 28 of the following advices by cablegram from its head office in London
regarding the operations Of the bank for the year ended
March 31 1925:
Subject to audit, the board of directors have resolved to recommend to
the shareholders a dividend for the half year ending March 31 last at the
rate of 14% per annum, subject to income tax, to appropriate £75,000
to writing down bank premises and to add £125,000 to the officers' pension
fund, carrying forward a balance of about £109,000. The bank's investments stand in our books at less than market value as at Marsh 31, and all
other usual and necessary provisions have been made. The general meeting
will be held on July 22 next.
We have just recently received the condensed report of
the Banque Nationale de Credit of Paris, one of the important French banks. The statement, which is dated Dec. 31
1924, shows assets of 3,194,039,454 francs, of which cash on
hand and in Banque de France and Treasury and due by
banks and bankers amounted to 568,815,669 francs. Other
principal items going to make up the resources were French
Government Treasury bills and bills on hand, 1,440,408,479
francs; debtors in current account, 448,166,430 francs; loans,
398,373,298 francs, and customers' liability on acceptances,
102,521,625 francs. On the debit side of the report deposits
were shown as 2,607,751,258 francs; acceptances and creditors by acceptance, 102,521,625 francs,. and combined capital
and reserves of 349,991,815 francs. M. Rene Boudon is
•President and M. Andre Vincent, Vice-President.
The annual report of the Comptoir National d'Escompte de
Paris, Paris, for the year 1924 has been received. Total
assets amounted to 4,753,479,043.86 francs on Dec. 31 1924,
as against 4,699,948,870.56 francs on Dec. 31 1923. Deposit
and current accounts show an aggregate of 4,185,140,401.27
francs, being an increase of 83,828.600.30 francs for the past
year. The net profits for 1924 amount to 35,629,553.58 francs,
as compared with 34,339,576.88 francs, and the dividend
rate was increased to 12% per annum, as against 11% for the
preceding year.
The 51st half-yearly statement of the Bank of Taiwan,
Ltd. (head office Taipeh, Taiwan, Japan), as of Dec. 31
1924, has just come to hand. It shows total assets of yen
994,157,283, of which cash in hand and at bankers, bullion
and foreign money amount to yen 44,408,110. On the debit
side of the statement current accounts, fixed deposits, etc.,
are given as yen 267,004,073; bills payable, yen 216,442,361;
bills rediscounted, yen 207,651,277, and net profits as yen
When interviewed regarding the purchase of the Union Bank by the Royal
2,782,661. The bank's paid-up capital is yen 52,500,000 and
Bank of Canada, Sir Herbert Holt, President of the Royal Bank, stated that
the merger would, in his opinion, prove advantageous to the shareholders its reserve funds amount to yen 14,180,000. A new branch of
and custemers of both banks.
the institution was opened at Calcutta, India, on Oct. 1 1924.
THE CURB MARKET.
Trading in the Curb Market this week was in good volume
and, while there was considerable irregularity in price movements, the market generally was strong. Public utility
stocks were again the feature. National Power & Light
common was conspicuous for an advance from 288 to 350,
the close to-day being at 343. Lehigh Power Securities
after early weakness from 127 to 122 jumped to 159 and
ends the week at 1563'. American Power & Light common
rose from 61 to 65% and finished to-day at 64%. Carolina
Power & Light common sold up from 400 to 430, reacting
finally to 419. Commonwealth Power common eased off
at first from 161 to 151, then advanced to 170, the close
to-day being at 1633. South Eastern Power & Light sold
up from 90 to 102, the final figure to-day being 1003.
There was a broader list of industrials traded in. ChapinSacks common advanced from 25 to 36 and closed to-day
at 34%. Chrysler, after early weakness from 95 to 93%,
ran up to 112%, the final transaction to-day being at 105%.
Continental Baking common A sold up from 1193 to 127%
and at 127% finally. Victor Talking Machine dropped
from 87 to 75 and finished to-day at 76. Kelvinator Corp.
%. Oil
sold up from 243 to 323, receding finally to 303
shares were somewhat lower, though changes were somewhat
narrow. Humble Oil& Refining declined from 63% to 61,then
4. Magnolia
advanced to 643', with a final reaction to 623
Petroleum sold down from 153% to 144. Standard Oil
(Neb.) weakened from 253 to 247 and sold finally at 248.
A complete record of Curb Market transactions for the
week will be found on page 2800.
continued its forward movement on Friday, though there
was a period of unsettlement around midday during which
Maxwell B had a bad setback, declining 13 points from its
previous high. Railroad shares displayed substantial improvement, especially Southern Railway, which advanced
%,
to new high ground for the present movement at 963
closely followed by Reading, which also reached a new top
for the present movement at 90. The New York Stock
Exchange and other exchanges will be closed on Saturday
in observance of Memorial Day.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended May 29.
STOCKS(No. Shares).
BONDS Par Value).
011.
Domestic. For'n Govt.
inci.&/kfts.
109,360
179.965
172.071
229,460
331,430
266.670
78,915
73,260
154,370
91,960
105,615
94,550
45,710
55,020
123,480
97.310
51,240
67,000
$562,000
1.124,000
1,532,000
994,000
1,195,000
1,026,000
$19,000
26,000
34,000
34,000
44,000
34,000
1,288,956
598,670
439,760 $6,433.000
1191.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
2775
THE CHRONICLE
MAY 301925.]
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has again been strong and active, with
many issues establishing new high records for the year.
Trading was particularly active on Saturday, the sales
reaching the largest total of any Saturday since January,
though the market was a mixture of profit taking and
fresh buying. Public utility shares were in strong demand
at advancing prices and many. specialties hung up new tops,
International Paper making a net gain of three points to
above 72, while American Can reached 194. Oil shares
also were fairly active, Marland Oil going forward more
than a point. Pierce Arrow preferred made a new high
record with an advance of more than a point. .The course
of prices was downward on Monday, net declines of one to
three points being recorded in a lengthy list of stocks. The
exceptions to the downward trend, however,included several
prominent issues. Industrial specialties were particularly
weak, American Can yielding five points and Mack Trucks
and Baldwin Locomotive declining from two to three points.
Except for a few high priced specialties prices worked
gradually down to lower levels on Tuesday. The feature
of the trading was the strong demand for Maxwell Motors B
which went briskly forward three points to a new high at 98,
and Hudson Motors reached 573 for the first time. The
market resumed its upward climb on Wednesday, interest
centring mainly around industrial specialties, though the
motor stocks were also in strong demand at steadily rising
prices. In the latter group, Maxwell B was again the
leader and established a new high record at 106. Mack
Trucks continued in the foreground and railroad stocks were
particularly active, Chesapeake & Ohio, Lehigh Valley and
Baltimore & Ohio leading the upswing in that group. The
market was strong on Thursday, more than 30 stocks scoring
new high levels. Interest continued to centre around
industrial shares, which as a group closed the day at improved prices. Baldwin Locomotive was conspicuous by
its rapid advance of over four points, United States Cast
Iron Pipe & Foundry made a net gain of 63 points and
General Electric improved fractionally. Reading, among
the railroad stocks, crossed 87 for the first time. Motor
shares, particularly Maxwell B, and Pierce Arrow pref.,
continued their record breaking upward movement, closely
followed by Paige-Detroit, which also reached a new top.
Under the leadership of the industrial shares the market
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended May 29
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
&c.
Bonds.
State.
Municipal re
Foreign Bonds,
920,740
1,637,037
1,474,412
1,560.951
1,445,400
1,383,800
$6,542,000
9,089,000
8,638,225
10,286,000
10,606.500
10,597.000
52.257,000
2,730,000
2,904,500
3,271,500
3.224.000
3,400,000
5212,500
817,550
1,063,400
879,200
1,401,100
807,000
8.422.340
455.758.725
317.787_000
45.1R0.780
Jan. 1 to May 29.
Week Ended May 29
Sales at
Nets York Stock
Exchange.
Stocks-No. shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
United
Slates
Bonds.
Stocks,
Number of
Shares.
1924.
1925.
1925.
1924.
8,422,340
2,306.189
174.145,359
95,548.574
45,180,750 $12,122,000
6,580.000
17,787,000
55,758,725 31,580.000
$166,723,480
292.682.800
1,716,739,475
$433,131.000
155,839,000
721,473.000
$78,726,475 $50,282,000 $2,176,145,735 $1.310,643,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Total bonds
Boston.
Week Ending
May 29 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pray orpAcreviRad
Baltimore.
Philadelphia.
Shares. Bond Saks. Shark. Bond Saks. Shares. Bond Soles
20,024
26,247
18,528
*23,047
25,537
14,015
$10,000
27,200
16,050
13,050
17,000
15,000
8.868
34,104
15,998
10,660
14,771
13,242
843.500
25,500
68,100
74,500
58,050
5,000
2,262
4,764
4,116
6,500
8,926
7,039
423,700
68,800
88,000
55,000
85.900
70,600
127,398
$98,300
97,643
$274,650
33,607
$390.000
16R 44a
2147 ROO
03 872
3474680
21 462
327.2300
•In addition sales of rights were: Wednesday. 1,555.
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole will again show
a satisfactory increase as compared with a year ago. This
is the thirteenth consecutive week that our weekly totals
have shown increases over the corresponding period last year.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending to-day (Saturday, May 30) bank exchanges
for all the cities of the United States from which it is possible
to obtain weekly returns will run 17.4% larger than in the
corresponding week last year. The total stands at $7,693,893,256, against $6,553,127,576 for the same week in 1924.
At this centre the increase is 17.9%. Our comparative
s Immary for the week is as follows:
1925.
1924.
Per
Cent.
$4,387,302,234
522,213,588
463,000,000
331,000,000
101,635,777
122,000,000
134.734.000
116.242,000
140,979,676
130,852,901
84,165,062
89,258,773
52,779,328
$3,722,220.675
467,412,955
402,000,000
292.000,000
97,714,124
102,800,000
129,400,000
109,633,000
121,737,000
109,002,984
80,679.580
80,630,487
37,114,239
+17.9
+11.7
+15.2
+13.0
+4.0
+18.7
+4.1
+6.0
+15.8
-20.0
+4.3
+10.7
+42.2
13 cities, 5 days
Other cities, 5 days
$6,676,163,339
987,756,040
45,752,341,044
778,234.262
+16.1
+26.9
Total all cities, 5 days
Southern cities for Saturday
17,663,919,379
29,973,877
$6,530.579.306
22,548,270
+17.3
+32.9
Total all cities for week
37.693.893.256
56.553.127.576
+17.4
Clearings-Returns by Telegraph.
Week Ended May 30.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
r
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended May 23. For
that week there is an increase of 16.4%, the 1925 aggregate
of the clearings being $9,330,302,400, and the 1924 aggregate
$8,014,803,882. Outside of New York City the increase
is 14.6%, the bank exchanges at this centre recording a gain
of 17.9%. We group the cities now according to the Federal
Reserve districts in which they are located and from this it
appears that in the Boston Reserve District there is a gain
2776
THE CHRONICLE
of 17.7%, in the New York Reserve District (including this
city) of 17.7% and in the Philadelphia Reserve District of
17.5%. The Cleveland Reserve District has a gain of 11.2%,
the Richmond Reserve District of 9.6% and the Atlanta
Reserve District of 19.1%. In the Chicago Reserve District
the totals are larger by 16.9%, in the St. Louis Reserve
District by 1.4% and in the Minneapolis Reserve District
by 19.4%. In the Kansas City Reserve District there is
an improvement of 12.0%, in the Dallas Reserve District
of 12.9% and in the San Francisco Reserve District of 14.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANIC CLEARINGS.
Week Ended May 23 1925.
1925.
(next
Dec.
1924.
Federal Reserve Districts.
3
$
(let) Boston
12 cities. 485,532,762 412,493,319
2nd) New York
11 " 5,323,926,997 4,523,950,978
(3rd) Philadelphia_ -- -10 '
612,327,534 521,091,451
4
(6th) Cleveland
8"
390,132,941 350,835,301
(5th) Richmond
6 "
195,835,141 178,680,672
(6th) Atlanta
10 "
209,423,513 175,905,934
(7th) Chicago
20 '•
979,724,374 838,015,399
(8th) Bt. Louis
8 "
209,711,950 206,949,509
(9th) Minneapolis... _ 7 "
121,970,120 102,179,363
(10th) Kansas City_ _ 12 "
236,352,375 210,981,601
f11th) Dallas
5 "
63,367,363 56,112456
[12th) San Franciseo
501,997,330 437,608,098
17 -
1923.
1922.
‘3%.
$
$
+17.7 416,168,150 339,718,663
+17.7 4,156,083,207 4,420,966,310
+17.5 516,511,574 449,799,319
+11.2 383,353,835 278,322,123
+9.6 167,200,328 139,397,126
+19.1 158,932,787 132,183,440
+16.9 823,242,256 705,576,915
+1.4 63,432,183 58,860,677
+19.4 116,416,448 93,726,774
+12.0 232,582,637 206,985,692
+12.9 46,595,064 44,280,110
+14.7 420,951,747 342,922,739
Grand total
126 cities 9,330,302,400 8,014,803,882 +16.4 7,501,470,206 7,212,739,896
. 4,127,874,7963,602,512,020 +14.6 3,455,876,148 2,888,339,896
Outside New York City
,
aitsila
90 ofHee
Ala MIA
,
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
111 nAn rr,
_a A
.10, Ai
P
I
Week Ending May 23.
Clearings at1925.
First Federal
Me.-Bangor__ _ _
Portland
Mass.-Boston .._
Fall River_
Holyoke
Lowell
Lynn
New Bedford_ _
Springfield _ _ _
Worcester
Conn.-Hartford.
New Haven_ _ _
RI -Providence
N.11.-Manches'r
Total(12 cities)
OW
1924.
Inc.or
Dec.
1923.
$
Reserve Dist rict-Bosto n689,257
694,183 -0.7
2,907,825
4.2,soomo +16.3
432,000,000 368,000,000 +17.4
2,291,569
1,770,920 +29.4
a
a
a
1,156,176
1,153,370 +0.2
a
a
a
1,572,059
1,091,514 +44.0
5.884,942
5,160,415 +14.0
4,090,701
3,472,245 +17.8
14,069,246
10,854,262 +29.6
6.625,237
6.625,764 -0.1
13,587,000
10,463,900 +29.9
658.751
706,746 -6.8
485,532,762
412,493,319 +17.7
Second Feder al Reserve D Istrict-New
N. Y.-Albany_ _
7,372,429
4,571,202
Binghamton_
1,068,000
852,200
Buffalo
d56,521,209
46,397,306
Elmira
911,586
734,422
Jamestown_
c1,315,731
1,245,249
New York _ _ _ 5,202,427,604 4.412,291,862
Rochester
12.978,706
11,105,078
Syracuse
5,108.869
4,603.202
Conn.-Stamford
c3,568,327
3.165,849
N. J.-Montclair
615,660
472,676
Northern N.J_
32.038,876
38,511,932
1922.
736,374
2,893,472
369,000,000
2,279,245
a
1,172,129
a
1,475,133
5,244,245
3,488,000
9,864,449
7,273,084
12,022,000
720,019
788,678
2,961,170
300,000,000
1,854,596
a
1,178,425
a
1,246,294
4,374.653
3,318,000
8,727,743
5,115,331
9.593,000
560,773
416,168,150
339,718.663
York
+61.3
4,510,761
4,068,335
+25.3
864,200
868,500
+21.8
45,900,519
39,390,670
+24.1
701,489
475,716
+5.7
1,172,824
1,096,533
+17.9 4,045,594.058 4.326,400,000
+16.9
10,012,919
8.395,431
+11.0
4,501,196
3,220,083
+12.7
3.425,772
2,495,751
+30.3
495,935
544,236
-16.8
38,903,534
34,011,055
Total(11 cities) 5,323.926,997 4,523.950.978 +17.7 4.156,083,207 4,420,966,310
Third Federal Reserve Dist rice-Philo
Pa.-Altoona__ _
1,404,179
1.358,841
Bethlehem ....4,260,961
3,540,636
Chester
1.363,848
1,435,006
Lancaster
2,586,535
2,403.701
PhIladelphia.._ 580.000,000 494.000.000
Reading
3,566,748
3,593.022
Scranton
6,179,587
5,156,680
Wilkes-Barre. _
d4.511,161
3.764.906
York
1,671,516
1,486,294
N.J.-Trenton..
6,782,999
4,352,366
Del.-Wilming'n.
a
a
Total(10 cities)
612,327,539
delphi a+3.3
1,510,351
+20.3
6.551,170
-5.0
1.141,619
+7.6
2,743,907
+17.4 486,000,000
-0.7
3,158,329
+19.8
6,252,648
+19.8
3,422,919
+12.5
1,470,544
+55.8
4,260,087
a
a
1,066,044
3,032,181
958.744
2,320.978
429,000,000
2.359,553
3.801.974
2,600,000
1.182,079
3,477,766
a
521,091,452 +17.5
518,511,574
449,799,319
Fourth Feder al Reserve D strIct-Cle. eland
Ohio-Akron
d6.053.000
7,492.00C -19.2
4,443,209
Canton
4.026,195 +10.4
Cincinnati
71,979.067
65,821,80f
+9.3
117,515,992
Cleveland
99,078,692 +18.6
Columbus
13,987,100
12,038,800 +18.2
Dayton
a
a
a
a
Lima
a
a
Mansfield
d2,045,804
1,893,861
+8.0
Springfield_
a
a
a
a
Toledo
a
a
Youngstown..._
3.848,416
3.443,042 +11.8
Pa. Erie
a
a
170.260,353 157.040,906
Pittsburgh-T8.4
8.105,000
4,934,304
70,622,877
106,925,095
13,190,100
a
a
1,846,208
a
a
2,897,203
a
174,833.048
5,142,000
2,991,148
52,025,645
78,454,514
13,981,400
a
a
1,190,631
a
a
2,536,785
a
122,000,000
350,835,301 +11.2
383,353.835
278,322,123
Fifth Federal Reserve Dist rIct-Richm ondW.Va.-Hunt2'n
1,548,799
1.954,247 -20.7
Norfolk
d7.673.953
8,149,817 -5.9
Richmond _ _ _
48.644,000
47,298,000 +2.8
S.C.-Charleston
d2,194.663
2,383,255 -7.9
Md.-Baltimore _ 107.797.509
94,692,353 +13.8
D.C.-WashIng'n
27,976,017
24,203,000 +15.6
2,007.019
6.830215
48,427.000
2,353.215
87.610,701
21,971,478
1,447,661
6,881,427
37,797,031
2,498,290
72,196,344
18,578,373
187,200,328
139,397,126
7.613.991
2.702,731
18.981,350
48,176,620
1,275,596
1,191.875
a
12,956,023
21,379,234
4,902.649
2,223,298
14,973,000
38,794,513
1.707,287
973,961
a
10,283,166
19,009,298
is
217,404
44,437,983
322,046
38,994,232
158.932.787
132,183,448
Total(8 cities)_
Total(6 cities)_
390,132,941
195,835,141
178,680,672
+9.6
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga.
d7,421,336
6,875,751
+7.9
Knoxville
2,594,290
3,470,840 -25.3
Nashville
22.156,341
19,545.202 +13.4
Ga.-Atlanta_ _ _
62,071,709
54,171,109 +14.6
Augusta
1,798.193
1,618,621 +11.1
Macon
1,298.461
1,318,025
+1.5
Savannah
a
a
Fla.--Jack'nvllle,
25,488,482
15.149,188 +68.3
Ala.-BirmIng'm.
21.052,050
25,333,398 -16.9
Mobile
is
is
Miss -Jackson._
is
Vicksburg
276,305
284,200 -2.8
La.-New Orleans
65,248,782
48,159,164 +35.5
Total(10 cities)
209,423,513
175,905,934 +19.1
[VOL. 120.
Week Ending May 23.
Clearings of
1925.
1924.
Inc. or
Dec.
1923.
Seventh Feder al Reserve D istrict-Ch icago
Mich.-Adrian __
204,958
238,405 -14.0
178,896
Ann Arbor_ _ _ _
832,590
686,380 +21.3
646,194
Detroit
188,327,690 163,952,518 +14.9 144,345,829
Grand Rapids_
7,928,962
6,889,795 +15.1
6,160,796
Lansing
2,342,170
2,235,000 +4.8
2,007,000
Ind.-Ft. Wayne
2,906,442
2,352,466 +23.5
2,662,253
Indianapolis__ _
17,336,000
18,445,000 -6.0
19,209,000
South Bend_ _ _
3,160,000
2,598,500 +21.6
2,853,400
Terre Haute ..
5,256,647
5,224,115 +0.6
5,784,430
Wis.-Milwaukee
38,208,163
34,018,574 +12.3
33,465,146
Iowa-Cod. Rap_
2,692,017
2,245,462 +19.9
2,405,989
Des Moines_ _
12,407.626
12,302,732 +0.9
9,906,868
Sioux City__ _ _
6,497,29E
5,616,715 +15.7
6,188,629
Waterloo
1,398,443
1,518,862 -7.9
1,351,952
Ill.-Bloomingt'n
1,616,084
1,069,260 +51.1
1,273,488
Chicago
676,492,827 568,482,722 +19.0 575,263,457
Danville
a
a
a
a
Decatur
1,473,436
1,221,853 +20.6
1,140,396
Peoria
4,680,831
4,221,528 +10.9
3,875,220
Rockford
3,239,262
2,319,819 +39.6
2,288,560
Springfield__
2,722,930
2,375,693 +14.6
2,234,753
Total(20 cities)
979,724,374
1922.
182,897
467,217
102,363.000
5,876,036
1,762,000
1,942,258
16,472,000
2,182,600
27.977,981
1,891.194
8,324,945
5,543,335
1,218,191
965,298
520,585,939
a
929,574
3,274,406
1,632,548
1,985,496
838,015,399 +16.9
823,242,256
Eighth Federa Reserve Dis trict-St. L ouisInd.-Evansville.
5,650,999
5,258,161
+7.5
Mo.-St. Louis.. 140,100,000 137,300,000 +2.0
Ky.-Loulsville
31,894,325
35,031,837 -9.0
Owensboro._ _ _
280,909
323,817 -13.3
Tenn .-Memphis
18,450,869
16,603,942 +11.1
Ark.-Little Rock
11,413,643
10,845,455 +5.2
Ill.-Jacksonville.
466,419
306,012 +52.4
Quincy
1,454,786
1,280,285 +13.6
4,898,627
4,206,272
29,475,194
349,763
16,593,316
10,493,612
329,697
1,291,974
30,573,763
267,654
14,933,491
7,661,637
203,323
1,014,537
63,432,183
58,860,677
6.551.700
73,266,424
30,430,502
1,764,150
1,174,006
408,039
2,821,627
4.208,039
56,469,546
27,370,295
1,550,202
1,100,232
500.011
2,528,449
116,416,448
93.726,774
112,352
530,216
3,692,073
41,719,336
2,694,070
5,959,000
130,125.537
7,193.108
328,515
556,310
3,396,929
38,110,115
2,128.320
10,116.841
114,645,413
19109,358
a
1,250,444
19,279,530
817,613
18 ;334 273
735,705
19.475,128
658,143
232,582,637
206,985.692
1.308,000
24,669,620
10,161,902
6,077,160
a
4,378.372
1,309,058
23,300,000
9,882,000
5,319,241
a
4,469,811
Total(8 cities)_ 209,711,950 206,949,509 +1.4
Ninth Federal Reserve Dis trict-Minn eapolis
Minn.-Duluth_ _
d8,042,583
6.272.421 +28.2
Minneapolis_ _ _
78.364,737
63,664.262 +23.1
St. Paul
29,155,204
26,907,033 +8.4
N. D
1,463,082 +18.6
1,735,562
S.D.-Aberdeen.
1,170,332 +8.6
1,271,330
Mont.-Billings _
492,124 +30.9
644.292
IIelena
2,756,412
2.210,109 +24.7
Total(7 cities) _ 121,970,120 102,179,363 +19.4
Tenth Federal Reserve Dis tact-Kens as City
Neb.-Fremont.
358,594 +24.2
d445,365
Hastings
524,852
447,703 +17.2
Lincoln
3,509,202 +35.3
4,749,050
Omaha
37,170,178 +9.7
40,756,750
Kan.-Topeka _ _
2,776,78 +16.3
d3,230,015
Wichita
d7,471,021
6,436.000 +16.1
Mo.-Kan. City_ 125,746,657 114,325.312 +10.0
St. Joseph- - 6.348,836 +7.8
d6,845,788
Okla.-Muskogee
a
a
a
Okla. City_ _
11.038.634 1-16.9
24,585,377
Tulsa
a
a
•
Colo.-Col. 13P6s.
1.138,423
937.924 9- 21.3
Denver
16,786,691 +17.5
19,722.898
Pueblo
el.130,179
845,847 +34.3
Total(12 cities) 236,352,375 210,981,601 +12.0
Eleventh Fede ral Reserve District-Da IlasTexas-Austin...
1,005,542 +72.0
1,729,572
Dallas
36,687.773 +10.5
40,554,496
Fort Worth
9,775,381
d10,222,974
+4.5
Galveston
4,458,699 +37.2
6,118,606
Houston
a
a
La.-Shreveport.
4,184,861 +13.3
4;7141,715
Total(5 cities).
56,112.256
63,387.363
Twelfth Feder al Reserve D istrict-San
Wash.-Seattle..
37,827.339
40,006,753
Spokane
10,356,000
10,675,000
Tacoma
a
a
Yakima
1,027,947
1,388,924
39,236,747
Ore.-Portland_ _
39.293,039
Utah-S.L.City.
14,278,221
15,844,119
Nev.-Reno
a
a
Ariz.-Phoenix _
a
a
2,496,631
Calif.-Fresno.._
2,669,867
Long Beach.._
7,005,050
6,627,731
Los Angeles_ _ _ 153,408,000 137,594,000
14,518,924
Oakland
19,798,568
5,064,791
Pasadena
5,790,159
Sacramento __
9,029,783
d8,293,599
3,448,252
4,367,532
San Diego___ _
San Francisco. 185,471,739 148,100.000
2,007.879
San Jose
2,274,930
Santa Barbara_
1,188,827
1,166,724
Santa Monica_
1,995,607
1,990,346
Stockton
d2,930,300
2.432,100
705,576,915
+12.9
46.505,054
44.280.110
Franc ISCO34,671,312
+5.8
28.330,327
10,464,000
+3.2
9,026,000
a
a
a
+35.0
1,027,593
1,204,301
+0.1
33,706,384
30,653,812
+11.0
14,476,411
12,109,449
a
a
a
a
a
3,591,072
3.436,135
-5.4
8,064,682
4,087.712
+11.5 131,596,000 99,633,000
+36.4
16,177,163
12,380,742
+14.3
3,749,465
5,246,833
-8.2
5,909.621
5,171,437
+26.7
3,679,025
2,732,735
+25.2 146,800,000 126,100,000
+13.3
1,358,392
1,944,657
-1.9
951,432
1,059,394
-0.3
+20.5
1,997,800
2,537,600
Total(17 cities) 501,997,330 437,608,098 +14.7 420,951,747 342,922.739
Grand total (126
9 330,302.400 8,014,803,882 +16.4 7,501.470,206 7,212,739,898
cities)
Outside New York 4,127.874,796 3,602.512,020 +14.6 3.455,876.148 2,886.339,898
Week Ended May 21.
Clearings at
1925.
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
$
91,095,461
92,273,808
42,727,536
14,982,826
6.929.690
4,677,694
3,895,017
4,837,432
5,418,627
2,494,926
1,987.355
2,509,299
4,420,549
3,097,391
639,043
513,985
1,409,179
1,096,243
1,203,172
1,022,280
647,315
289,949
1,815,996
660,382
899,524
3,388,296
309,888
818.053
575,120
1924.
Inc. or
Dec.
$
%
103.953,210 -12.5
97,483,580 -5.3
45,558.088 -6.2
16,184,642 -7.3
6.553.568 +5.7
4,988,297 -6.2
2,753,284 +41.5
5,182,049 -6.6
6,121,263 -11.5
2,525,721 -1.3
1.953,493 +1.8
2,521,736 -0.5
3,897,812 +13.4
2,973,395 +4.2
499,034 +28.1
427,409 +20.3
1,426,513 -1.2
942,883 +16.2
988,900 +21.6
975.081
+4.8
628,086
+3.1
289,634
+0.1
784,723 +131.2
776,279 -14.9
966,210 -6.9
3,866,105 -12.9
320,534 -3.3
825,543 -0.9
692,982 -17.0
1923.
$
82,518,254
87,442,223
39,806,492
11,465,966
5,551,022
5,018,615
2,252,146
5,043,281
3,465,348
2,346,926
1,677,034
2,648,750
3,339,458
2,598,550
462,451
460,000
1,200,000
848,934
811.174
867,437
525,258
238,401
831,122
920,701
880,944
3.466,486
279,176
858,879
489.575
1922.
8
79,783.001
85,622,250
36,208,823
10,970,475
5,966,300
6,200.000
2,510,491
4,457,238
4,095,631
2,377,453
2,676,192
2,250,664
4,067,587
2,116,452
420,577
452,501
1.177,485
752,630
820,310
928,042
448,292
234,844
603,015
542,359
926,493
2,601.697
247,053
903,662
510,480
Tot, Canada(29) 298,634,036 317,040,050 -6.4 287.914,603 260,849,997
a No longer report clearings. b Do not respond to requests for figures. c Wee
nded May 20. d Week ended May 21. a Week ended May 22. •Estimated.
MAY 30 1925.]
THE CHRONICLE
2777
Condition of National Banks Dec. 31.-The statement of condition of the national banks uncle
Comptroller's
call of Dec.31 1924 has been issued and is summarized below. For purposes of comparison, like details the
for previous sans
back to and including Sept. 14 1923 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON SEPT.
MARCH 31, JUNE 30, OCT. 10 AND DEC. 31 1924 (in Thousands of Dollars). 14, DECEMBER 31 1923 AND
Figures are given in thousands of dollars.
ResourcesLoans and discounts (including rediscounts)_a
Overdrafts
Justomers' liability account of acceptances
United States Government securities owned
Other bonds, stocks. securities, &c
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Dash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
necks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Other assets
Total
Sept.141923 Dec. 31 '23. Mar.31 '24. June 30'24. Oa. 10 '24. Dec.
'24.
8,239 banks 8,184banics. 8,115 banks. 8,085 banks. 8,074basks. 8,04931
banks.
$
S
8
$
$
$
11,934.556 11.876.562 11,952,287 11,978,728 12.210,148 12,319.680
12,950
10.470
10.815
10,075
12,242
9.802
153,485
207.438
202.572
135,890
145.666
244,728
2,602.762 2,566.851 2,494,313 2.481,778 2,579.190 2.586,697
2,398,304 2,477.843 2.511,637 2,660,550 2,897.0413 3.075,999
504,731
512,910
525,335
532,728
541.852
551,371
86,412
93.881
100,098
104,630
107.459
108,966
1.169.345 1.180.838 1.160,766 1,198,670 1,303.631 1,394,386
463.456
460.173
379,307
397,340
427,894
486,933
361.485
386,428
342,969
345,219
360,101
409,566
960,769 1,029.342
938,804 1,099,763 1,412,807 1,349,859
292.974
319.992
283,386
345,020
439.356
431,043
481,585
925.979
842.719
925.568
575.360
996,615
49.560
85.079
67.083
75,925
53,871
85.225
59.406
73.656
56,420
69,687
52,928
70,635
36,934
36,746
37,167
37,129
36,726
36.310
144,162
161.940
157.210
167,280
166,820
223,466
21,712,876 22.406.128 22,062,884 22,565.919 23,323.081 24,381,281
LiabilitiesCapital stock paid in
1,332,394 1.325.825 1,335,572 1.334,011 1,332.527 1.334,836
Surplus fund
1,068,320 1,068.359 1,073,363 1.080,578 1,074.268 1,088.880
Undivided pralts, less expenses and taxes paid
523,010
473.979
507,905
501.656
556.792
442.484
Reserved for taxes. interest, &c., accrued
60.784
National bank notes outstanding
731.479
725,949
726,483
729.686
714,844
723.530
Due to Federal Reserve banks
29,763
26,965
25,328
26,445
27,342
33,188
Amount due to national banks
905,104
920.239
686,435 1,035.000 1,338,309 1,239.923
Amount due to other banks, bankers and trust companies
1,510,573 1,648.607 1.653,347 1,759.556 1.933.857 2,029,671
Certified checks outstanding
130,547
186,434
187,704
226,714
184,363
147,404
Cashiers' checks outstanding
167.157
347,629
261.785
415.260
323.621
217,231
Demand deposits
9.331.368
9,593.119
9,292.127
9,593.250
9.795.580 10,363,250
Time deposits (including postal savings)
4.864.369
4,948.019 5.108,970 5,259,933 5,460,677 5.581,287
United States deposits
101,649
157,849
183,000
123,318
188,398
153,266
Total deposits
17,040,530 17,828,861 17,598,695 18,347,837 19,108,798 20,000,208
United States Government securities borrowed
36.983
38,287
35,654
32,542
28.930
28,729
Bonds and securities (other than United States) borrowed
2.750
3,038
2,532
3,405
2,565
Bills payable (including all obligations representing borrowed money other than
3,581
rediscounts)
352.995
324,166
238.888
202,304
143.847
123,611
Notes and bills rediscounted (including acceptances of other banks and foreign
bills of exchange or drafts sold with indorsement)
400.799
333,896
271,645
196,396
170,419
Letters of credit and travelers' checks outstanding
196.778
7.503
5.475
6,225
6,124
9,456
Acceptances executed for customers and to furnish dollar exchange less those
6,13.5
purchased or discounted
145.786
204,432
193.240
235,232
131.411
140.574
Acceptances executed by other banks
18.897
17,630
25.455
26,564
17,381
18.435
Liabnicee other than those stated above
51,430
56,231
47.200
38,171
40,290
35.662
Total
21,712,876 22,406,128 22,062,888 22,665,919 23,323,061 24,381.281
Ditalls of Cash in VaultColl imin
20,070
18,169
19.121
19,253
19,368
19.678
Geld certificates
20,422
23,787
27,095
41,787
37,484
86,988
Clearing house certificates based on gold and gold certificates
55
5
5
50
11
381
Clearing house certificates based on other specie and lawful money
27
Standard silver dollars
1
39.002
35,975
35,629
7,254
40.123
35.293
Subsidiary silver and minor coin
28,277
Silver certificates
26,662
1
Legal tender notes
284,963
305.465
261.119 ,
308,238
23,879
267,76.1
National bank notes
68.152
Federal Reserve and Federal Reserve Bank notes
1
134,121
Details of Demand DepositsIndividual subject to check
8,543.806 8,790,864 8,418,168 8.636,595 8,998,733 9,508,771
Certificates due in less than 30 days
255.307
259.255
247,639
263,832
248.293
240,176
State and municipal
417.437
403,985
512,554
431.822
548,074
442,375
Deposits subject to less than 30 days' notice
33,327
30,237
28.517
28,009
20.243
22,166
Dividends unpaid
1.386
37.767
16,675
34,335
2.650
37.553
Other demand deposits
60,102
71.011
68,574
93.263
105.710
89.475
Details of Time DepositsCertificates due on or about 30 days
1,155.916 1,129,946 1,142.545 1.161.764 1,212.089 1,221.302
State and municipal
74,202
73.473
93,968
100,708
88,454
90.937
Postal savings
45,501
45.768
54,359
65,064
68.067
71.517
Other time deposits
3.589.475 3,698,103 3,818,098 3,932.457 4.086,143 4,203.464
Percentages of ReserveCentral Reserve cities
13.033
12.77°Z
13.10%
13.03/
13.84/
12.07%
Other Reserve cities
10.08%
10.15i
9.78%
9.88
10.18
All Reserve cities
10.53%
11.37
11.26'ir
11.237
10.90
12.02
11.48
Country banks
7.51
7.58%
,
7.38
.
7.55
7.54
7.64%
Total United States
9.54%
9.49%
9.42.
9.38
9.72
10.07
.
a Includes customers' liability under letters of credit.
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 13 1925:
GOLD.
The Bank of England gold reserve against notes on the 6th inst. amounted
to .£152,856,125, as compared with £153,906,315 on the previous Wednesday. The movement of gold to and from the Bank of England, since
those reported in our last issue. are:
Withdrawn.
Received.
May 6
£20,000
May 7
271,000
May 8
14,000
£5,000
May 9
May 11
36,000
May 12
373.000
May 13
360,000
Of the £373,000 shown above as withdrawn on the 12th. £350,000 was
announced as earmarked for the Commonwealth Bank of Australia. The
destinations were also announced of £584,000 of the remainder of the
withdrawals, as follows: £546.000 for India, £21,000 for Spain, £12,000
for Switzerland. and £5,000 for Gibraltar. The total net efflux since
the resumption of daily announcements by the bank up to date is £2.103,000.
About £20,000 worth of bar gold from South Africa came on offer this
week and was absorbed for the East at 84s. 111,6d. the fine ounce-the
equivalent of the Bank of England selling price. The freight of bar gold
from London to New York has been raised to 5s. per cent from 3s. per cent,
and therefore the gold gints given in our letter of the 29th last should now
be taken as follows: London to New York, 34 8432 per .e: New York to
London, $4 9067 per £. The United Kingdom imports and exports of
gold during the month of April last were as follows:
Imports.
Exports.
Russia
£24,507
Netherlands
£7,450
48.845
Belgium
4.317
France
28,417
4,345
Switzerland
354,772
Spain and Canaries
19,710
Egypt
59,711
106,398
West Africa
4,915
possessions
Dutch
in
the
Seas
Indian
other
and
Java
11,600
12.726
United States of America
Central America and West Indies
1.140
Argentina. Uruguay and Paraguay
10.000
Other South American countries
683
5,000
Rhodesia
157,771
Transvaal
715,178
British India
687,026
Straits Settlements
11.065
Other countries
830
745.800
Total
£1,030,593 £1,991,613
The following table gives details of India's trade during the years 1919
to 1924 in bullion (in crores of rupees) since the war compared with the
pre-war and war averages:
Pre-war War
Net ImportsArgo. Atge.
8
1919 1920 1921 1922 1923 1924
Gold
29
3
10 -20
39
30
45
Silver
7
3
0
2
15
20
16
19
x Net export.
It will be observed from the above that the average imports of gold
during and since the war is 13 crores, as against 29 crores pre-war average,
and for silver 8 crores as against 7 crores. The inference, therefore, la that
India's gold requirements, in order to make up lost leeway, will make
strong demands for some years to come, but that her silver requirements
are likely to be less pressing than during the last four years, though the
enhanced prosperity of India ought to be reflected in her silver imports.
The Transvaal gold output for April 1925 amounted to 787,519 fine
ounces, as compared with 625,479 fine ounces for March 1925
and 768,923
fine ounces for April 1924.
SILVER.
The market does not appear just now to have much resiliency. Prices
rose until 31 lid. was quoted on Saturday last for each delivery
but fell on
the succeeding days until it reached 311-166.
for cash and 3114d. for forward delivery to-day. This took place notwithstanding
a
considerable
amount of bear covering and other purchases on Far Eastern account, and
without any undue pressure from America, where buying orders have bees
placed for the Indian bazaars. The Continent
has been very inactive.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Apr. 22. Apr. 30. Maw 7.
Notes in circulation
17961
1859
17851
Silver coin and bullion in India
7417
7514
7306
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
5713
5713
5713
Securities (British Government)
2000
1999
2000
Bills of exchange
800
600
600
No silver coinage was reported during the week ending 7th inst.
The stocks in Shanghai on the 9th
inst. consisted of about 65,400.000
ounces in sycee. 50.000.000 dollars and 1.750 silver bars, as compared
with
65.400,000 ounces in sycee, 50,000.000 dollars and 1,230 silver
bars on the
4th inst.
-Bar surer, per Oz. Std.Bar Gold,
QuotationsCash.
2 Mos.
Per Oz. Fine.
May 7
31d.
31 7-166.
84s.
11 d.
8
31Kci,
317-166.
84s. 11 d.
9
31lid.
31lid.
848. 11 d.
11
31d.
31d.
84s. 11Kd.
12
31K d.
314d.
84s. 115id.
13
31 1-1Cd.
3134d.
84s. 110.
Average_
31.323d.
31.354d.
84s. 11.3d.
The silver quotations to-day for cash and two months' delivery are
each
5-16d. below those fixed a week ago.
THE CHRONICLE
2778
[VOL. 120.
National Banks.-The following information regarding
ENGLISH FINANCIAL MARKETS-PER CABLE.
national banks is from the office of the Comptroller of the
The daily closing quotations for securities, &c., at London, Currency, Treasury Department:
as reported by cable, have been as follows the past week:
May 23. May 25. May 26. May 27. May 28. May 29.
London.
Frt.
Thurs.
Wed.
Sat.
Mon.
Tues.
Week Ending May 29.
315-16 31 5-16 31 3-16 315-16 31%
d.
313
Silver. per oz
843.11%d843.11%d 848.11%d 84s.11%d 849.11%d848.11%d
Gold, per fine ounce
5634
563.4
5634
56%
5634
Consols, 234 per cents......
100
100
100
100
100
British, 5 per cents
9594
9534
9534
95%
9534
British, 434 per cents.......
44.60
44.60
44.60
44.60
44.70
French Rentes (in Paris), fr_
53.90
53.90
54.05
54.05
54.20
French War Loan(inParls),fr_
The price of silver in New York on the same day has been:
Silver In N.Y., per oz.(eta.):
6734
Foreign
6734
6734
6734
6734
68
Zomunrcial antlXiscellantons/Um
Breadstuffs figures brought from page 2838.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
•
Since Aug. 1
1924-25_
1923-24_ _
1022-25
5,192,i II
3,673,000
3.708,000
430,000
377,000
282,000
2,734,000
2,520,000
1,896,000
Rye.
h. 32195.bush.481bs.bush.561bs.
84,000 1,145,000
804,000
60,000
179,000
407,000
147,000
125,000
9,000
19,000
133,000
295,000
7,000
82,000
20,000
226,000
796,000
165,000
6,000
117,000
274,000
42,000
12,000
64.000
1,513.19615s.bush.60 lbs.bush.56 lbs
835,000
988,000
261,000
Chicago
56,000
778,001
Minneapolis
1,000
1,479,000
Duluth
49,000
20,000
54,000
Milwaukee...
29,000
24,000
Toledo
9,000
17,000
Detrolt
243,000
38,000
Indianapolis- _
495,000
384,000
80,000
St. Louis_ _
299,000
25.000
35,000
Peoria
268,000
717,000
Kansas City
205,000
339,000
Omaha
160,000
193,000
St. Joseph.. _
62,000
149,000
Wichita
33,000
41,000
Sioux City_ _ _
Total wk. '25.
Same wk. '24
Same wk. '23
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts at-
527,000 1,378,000
533,000
339,000
405,000
382,000
3,313,000
2,693,000
2,637,000
I
19,159,000455,411.000 208,695,000 232,992.000 57,725,00054,556,000
17,639,000 195,096,000 253,168,000 201,140,000 36,911,00025,207.000
20 375 000 373.542.000 262.704.000 196.452.000 34.308.00046,390.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, May 23, follow:
Barley.
Oats.
Corn.
Wheat.
Fleur.
Receipts al-
Rye.
Bushels.
Barrels.
155,000 1,130,000
589,000
32,000
235,000
16,000
3,000
40,000
45,000
28,000
50,000 2.032,000
1,000
22,000
Bushels. Bushels.
Bushels.
Bushels.
89,000
512,000 627,000
34,000
44,000
348,000
4,000
5,000
24,000
114,000
15,000
323,000 4,055,000
Total wk. '25
Sinee Jan.1'25 11,124,000 72,416,111
898,000 1,359.000
98,i 1 i 3,306,000
2,752,000 21,089,000 12,241,000 17,743,000
New York__
Philadelphia__
Baltimore._.
N'port News_
New Orleans•
Galveston_ _._
Montreal.._.
Boston
42,000
9,000
3,000
2,314,111
9,000
183,000 1,221,000
64,000
465,000 551,000
421.000 1,573,000
428,000 5,850,000
Sams wk. '24
since Jan.1'24 10.787.000 80.360.000 11.643.000 16.569.000 4.284,000 4.697,000
foreign ports on
for
Orleans
New
through
grain
passing
include
not
do
• Receipts
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 23 1925, are shown in the following:
Exportsfrom-
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Wheat,
Bushels.
Corn,
Bushels.
45,932
1,571,805
395,000
270,000
84,000
182,000
1,959,000
Total week 1925.. 4,377,805
5 444 562
....... -,...v 1094
Barley,
Rye,
Oats,
Bushels. Bushels. Bushels.
Flour,
Barrels.
84,000
281.919
585,568
913,424
64,079
71,000
225,000
113,000
193,000
140,000
17,000
916,000
450,000
1,000
3,000
40,000
23,000
1,000
69,000 2,913,000
142,932 4,204,424 1,244,079 1,192,568
337.5051 874.319 408,491 107.356
The destination of these exports for the week and since
July 1 1924 is as below:
Since
July 1
1924.
Week
May 23
1925.
Corn.
Wheat.
Flour.
Exports for Week
and Since
July 1 ge--
Week
May 23
1925.
Since
July 1
1924.
Week
May 23
1925.
Since
July 1
1924.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
60,000
93,718,160
United Kingdom_ 51,558 4,043,117 1,552,482 176,445,861
77,961
2,818,323
63,754 9,206,305
Continent
36,000 1,318,830
715,300
904,868
11,000
Amer_
Cent.
So.&
1.766,310
48,000
139,950
1,285.597
9,780
West Indies
21,000
6,135
Brit.No.Am.Cols_
3,000
7,000 1,738,527
558,463
Other Countries__ 6,840
84,000 3,248,001
142,932 16,004,485 4,377,805 272,757,798
Total 1925
10,959,087
337,505 14,405.239 5,444.562 210,490,061 281,919
Total 1924
by
The world's shipments of wheat and corn, as furn'shed
week
Broomhall to the New York Produce Exchange, for the 1923,
and
ending Friday, May 22, and since July 1 1924
are shown in the following:
Corn.
Wheat.
1924-25.
Week
May 22.
Since
July 1.
1923-24.
Since
July 1.
1924-25.
Week .
May
Since
July 1.
1923-24.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
26,000 1,162,000 12,888,000
North Amer_ 6,068,000 95,192,000 397,158.000
969,000 29,584,000 32,747,000
3,280,000 43,642.000
Black Sea_
95,798,000
Argentina_ _ _ 1.069,000 20,641.000 146.536.000 2.312.000 148,250,000
3,032,000 07,636,000 68,386,000
Australia
12,616.000
35,248,000
80,000
India
1,438,000 15,370,000
1,840,000
0th. countr's
156.803,000
180,434,00
3,307.000
61,997.000670.178,000
10.249.000
Total
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$100,000
May 19-The First National Bank of Stoneham, Mass
Correspondent: Harold H. Holden, Stoneham, Mass.
100,000
May 19-The Citizens National Bank of Rahway, N. J
Correspondent: P. R. Forman, Rahway, N. J.
25,000
May 21-The First National Bank of Timber Lake. So. Dak
Correspondent: Oscar A. Olson, Timber Lake, So. Dak.
APPLICATION TO ORGANIZE APPROVED.
$100,000
May 23-The Broadway National Bank of Newburgh, N. Y
Correspondent: DeWitt E. McKinstry, P. 0. Box 27d,
Newburgh, N. Y.
APPLICATION TO CONVERT RECEIVED.
$25,000
May 21-The State National Bank of Lovelady. Texas
Conversion of the Lovelady State Bank,Lovelady,Texas.
APPLICATIONS TO CONVERT APPROVED.
$100,000
May 19-Citizens National Bank in Kaufman, Texas
Conversion of the First State Bank, Kaufman. Texas.
50,000
May 23-The Citizens National Bank of Commerce. Texas
Conversion of the Citizens State Bank of Commerce.
Texas.
CHARTERS ISSUED.
$25,000
May 18-12739-The First National Bank of Event, Texas
Conversion of the Event State Bank,Event. Texas.
Brooks.
T.
Event
Cashier,
C.
President, W.
Brooks:
400,000
May 18-12740-National Bank of Topeka, Topeka. Kan
Conversion of the Bank of Topeka, Topeka, Kan.
President, C. W. McKeen; Cashier, H. 13. Wolf.
25.000
May 18-12741-The First National Bank of Bailey, Texas
Conversion of the Continental State Bank, Bailey, Texas.
President, Hugh Leslie: Cashier, C. W. Fannin.
25,000
May 19-12742-The State National Bank of Groom. Texas
Conversion of the State Bank of Groom, Texas.
President, J. W. Knorpp: Cashier. I. C. Unsell.
May 19-12743-The Farmers National Bank in Lidgerwood,
25.000
No. Dak
President, M. Lynch: Cashier, F. W. Mashek.
May 20-12744-The First National Bank of Stale Center, Texas 25,000
Conversion of the First State Bank of Hale Center, Texas.
President, Robert F. Alley; Cashier, Claud Gentry.
May 20-12745-The State National Bank of Grand Saline, Texas 40,000
Succeeds the First State Bank of Grand Saline, Texas.
President, J. E. Andrews; Cashier, J. C. Alsup.
May 23
-12746-The Chappaqua Nat'l Bank, Chappaqua, N. Y. 50,000
President, J. M. Richardson: Cashier, E. C. Addison.
May 23-12747-The First National Bank of LaFeria. Texas.... 50,009
Conversion of the Cameron County Bank of LaFeria,
Texas.
President, J. R. McAdams; Cashier, B. H. Dunlap.
May 23-12748-The Security National Bank of Paducah, Texas 50,000
Succeeds the First State Bank of Paducah, Texas.
President, J. W. Woodley: Cashier, S. W. Weatherall.
VOLUNTARY LIQUIDATIONS.
$25,008
May 20-11035-The First National Bank of Farmersburg, Ind
Effective March 1 1925. Liq. Agent, Ira M. Patten,
by Farmersburg
Farmersburg, Ind. Succeeded
State Bank, Farmersburg, Ind.
55,000
May 23
-7026-The First National Bank of Mitchell, Neb
Effective March 31 1925. Liq. Agent, F. L. Polton,
Mitchell, Neb. Succeeded by First National Bank
In Mitchell, Neb., No. 12626.
Auction Sales.-Among other securities, tho following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
6 Per sh.
1,250 Republic Petem Co., par $11
$500 Masonic Hall Assn. of Harris-I
burg 7% bonds, due 1893, with $20
Aug. 1874 and subsequent conlot
pons attached ($100 each)
24 Norfolk & New Brunswick Ho$10 lot
siery Co., corn., par $50
50 Benj. Franklin Inst..Inc., com.325 lot
234 Doherty Secur., Cl. C, pref _ _$130 lot
25,614 WellingtonPetroleum Corp..
$30 lot
par $1
165 Alliance Oil& Ref., par $5_ _ _ _$55 lot
6,000 Gem Mining Co., par $1.._355 lot
700 El Paradise Club, no par
$8 lot
2,000 Compania Ulysses de Terre$10 lot
nos S. C.P., par $5
1,000 Compania Marina S. C. P.,
$21 lot
par $10
125 Green Foundry Co.of St.Louls.
$100 lot
Par $50
f $10 lot
10 Jane Clark,Inc., pref
10 Jane Clark, Inc., corn., no panf
$ per oh'
Shares. Stocks.
126 Cities Service Refining, pref.!$5,400
lot
corn..
Refining,
I
63 Cities Service
15 Liberty Oil Co., Inc.,7.3% pref _$9 lot
1,094 Globe Mach. & Stpg., prat- 20
200 Harnesberger-McDonald Corp..
$39 lot
pref., par $10
1 Alexandria Hotel Construction
$15 lot
Corp., corn
100 Harnsberfer-MsDonald Corp.,
$50 lot
corn., no par
Per Cent.
Bonds.
7%
Inc.,
Co.,
Oil
$6,000 Liberty
Series "A" cony. notes, due 1921
$200 lot
$5,000 Island Oil & Transport Corp.
8% & partic. notes, etf. of dep_S220 lot
$4,700 Island Refining Corp. 7% &
panic. gold bonds, ctf. of dep_$900 lot
$200 Fifth Ave. Impt, Corp. 7%
bonds, due July 1944, July 1925
$60 lot
coupons attached
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
31 134
5 First Nat Bank
49-3 Warets Nat. Rockland Bk__334-394
42-3 Warrs. Nat. Rockland Bk.... 31#14
5 Ipswich Mills, preferred
6834
122
37 Lyman Mills
126
54 Stevens Mfg. Co
64
5 Nashua Mfg. Co., common
26
2 Saco-Lowell Shops. 2d pref
3 Dartmouth Mfg. Co., common..14031
9834
5 Hood Rubber Co., pref
10 Worcester Gas Light, par $25 4234
2 Units First Peoples Trust
7534
12234
5 Plymouth Cordage Co
$ per sh.
Shares. Stocks.
234
8 Laconia Car Co , 2d pref
7534
Trust
4 Units First Peoples
150 Worcester Gas L., par $25_ _42-4234
9 Puget Sound Pr.& Lt., pref..8434-8434
25 American Glue Co., common__ 4634
7534
24 Units First Peoples Trust
29 Special units First Peoples Trust 534
2 Springfield Gas Light, par $25.. 54
Rights.
12 Lowell Gas Light Co
1,088 Lowell Gas Light Co
120 Lawrence Gas Co
$ per right.
334
3916
3
By Messrs. IL L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
1 National Rockland Bank
36634
57
10 Everett Mills
8694
10 Lancaster Mills, common
10 Nashawena Mills
11834
9134
13 Arlington Mills
163
2 Ludlow Mfg. Associates
64
5 Nashua Mfg. Co., common
NA
10 Merrimack Mfg. Co., common
157 U.S. Worsted Corp., 1st pref__ 20
531 U. S. Worsted Corp., com-- -- 434
40 Worcester Consol. St. Ry. Co.,
4034-42
1st pref., par $80
238 Suburban El. See. Co., corn_ 13c.
485 Suburban El. Sec. Co., 2d pref. 1
do
let pref
20-2134
31
4 American Tissue Mills, pref_ _90 ex-div.
20 Springfield Ice Co., common... 17
65
17 Springfield Ice Co., pref
50
10 Sullivan Machinery Co
3 Boston Storage Warehouse Co_ _.125%
11 Quincy Market Cold Storage &
9034-903.4
Warehouse Co., pref
$ per oh.
Shares. Stocks.
8 Municipal RI. Est. Trust_ _11334 & rill/.
1 Beacon Chambers Trust, pre_ ._ 64
2 Boston Real Estate Trust, par
950 & div.
81,000
1 City Associates, par $500_ _ _500 & div.
47
8 Hotel Bellevue Trust
15 American Glue Co., common__ 4734
7534
Trust
1 Unit First Peoples
1 Special Unit First Peoples Trust- 5 %
50 Dennison Mfg., 18t prof _134% & div.
12 Dennison Mfg., 2d pref _101% & div.
25 North 130st00 Ltg. Props.. pref. 98
10 Units First Peoples Trust.- 7534
20 Wm.Whitman Co., Inc., pf_90 & thy.
7 Taunton & New Bed. Cop. Co_ _174%
150
19 Draper Corp
.
2 Municipal Real Est. Trust_ _ 11 1 & dB,
18634
50 Essex Co., par $50
10 Heyw'd-Wakefield, com_12134 ex-div.
Rights.
156 Lowell Gas Light Co
$ per right.
334
Her 30 1925.]
T1TE CHRONICLE
2779
Books Closed.
When
Per
By Messrs. Barnes & Lofland, Philadelphia:
Days Inclusive.
Cent. Payable.
Name of Company.
$ per ah.
$ per sh. Shares. Stocks.
Shares. Stocks.
10 Bank of North Amer. dr Trust_ _29834
50 American Druggist Syndicate,
Public Utilities (Concluded).
$230 lot 4 Bank of North Amer. dr Trust-2973( Penn Central Light & Power, pref.(qu.) $1
July 1 Holders of reo. June 10a
corn., par $10
7 Bank of North America dr Trust_297%
10o. July 1 Holders of reo. June 10a
1,300 Big Ledge Copper Co., corn..
Preferred (extra)
156
(new)
Co.
Trust
Colonial
25
lot
$1
July 1 Holders of Teo. June 19
(quar.)_ _ 2
par $5
Power
dr
Water
Pennsylvania
58
2 Glenside Trust Co., par $50
50
300 Boston & Montana Corp.,com.,
Public Serv. Corp. of N.J., corn.(guar.) $1.25 June 30 Holders of tee. June 50
$1 lot 233 Phila. Bourse, Prof.. par $25.- 24
2
June 30 Holders of rec. June
par $10
Eight per cent preferred (guar.)
2334
14 Phila. Bourse, corn,, par $50
June 30 Holders of tea. June 50
1%
(guar.)
5,600 Boston & Montana Corp.,
preferred
cent
per
Seven
2 Rockhill Coal & Iron Co., pref.- 44
corn., par $5
Public Service Gas& Elec.,6% pref.(qu.) 41.3.4 June 30 *Holders of tea. June 5
95
met
600 Butte & Western Mining Co..°lot 50 Hare & Chase. Inc., pref
9534
$36 lot 16 Hare dr Chase,Inc.,
corn., par $1
Banks.
26
32 Hare dr Chase. Inc., corn
*2
June 5 *Holders of reo. May 25
50 Carib Syndicate, Ltd., corn.,
Amalgamated (guar.) (No. 1)
51
$200 lot 5 Empire Holding Co
July 1 Holders of roe. June 19a
par $25
Bank of (quar.)_ _ _ 4
National
Commerce,
4034
*6
July 1 *Holders of roe. June 30a
$1.75 Cities Service,stock scrip _41 lot 50 H.K. Mulford Co., par 650
(guar.)
Avenue
Fifth
74
By
Passenger
par
Continental
31
Del.,no
of
Co.
Motors
*26
July 1 *Holders of rec. June 30a
1 Durant
Special
$14 lot 25 Frankford dr Southw'k Pass.Ry_24734 Montauk
134 June 1 Holders of rec. May 29a
(guar.)
(Brooklyn)
25 Ridge Avenue Passenger By..-169
June 30 Holders of tee. Jane 20
4
1 Eastern Mass. Ry. Co., corn. 25
(guar.)
Public National
81
41 North Pennsylvania RR
1,500 Emma Silver Min. Co.,corn.,
10634
par$1lot 35. B. Ban Solver Co., corn
Insurance.
Fire
30 Reading Crown Bottle, corn... 1
June 15 Holders of rec. June 10
4
200 Engineers Petroleum Co.,com.,S9
North River (guar.)
•8 Penns Co.for Ins on Lives. &c-73134
par $1
$ Per tight.
200 Gold Zone Divide Mining Co..S51°t No. Rights.
Miscellaneous.
10
$2 lot 17 Drovers & Merch. Nat. Bank
- *75c. July 1 *Holders of rec. June 15a
corn., par 100
Advance-Rumely Co., pref. (guar.)
10
40 Drovers & Merch. Nat. Bank
3,000 Goldfield Ore Mining Co..
& Dye Corp., pref.(cm.) 1% July 1 Holders of rec. June 15a
Per Cent. Allied Chemical
Bonds.
$3 lot
*75c. July 1 *Holders of reo. June 15a
corn., par $1
Note,
Bank
pref.(guar.)
American
13a
10 Habirshaw Electric Co., no par.$11ot $5,000 Borough of Narberth. Pa.,
American Beet Sugar, preferred (quar.)- 134 July 1 Holders of rec. June
1% July 1 Holders of rec. June 16a
sewer 48, May 1932010it American Can, preferred (guar.)
500 Island 011 dr Transport Corp.,
55,
impt.
15a
tea.
Pa.,
June
of
*Holders
Allentown,
1
July
lot
$10
$5,000
1%
'
(guar.)
$10
corn., par
American Multigraph, preferred
log
July 1 Holders of rec. June 20
2
Series C. Oct. 1936
100 Mercer Mot.Co.,corn., no par.$1 lot
American Plano, common (guar.)
$5.000 Bethlehem,Pa.,"Hill to Hill
1% July 1 Holders of rec. June 20
5 Maxwell Motor Corp., Class "B,"
(guar.)
Preferred
104%
Bridge," 434s. Jan. 1937
75e. July 1 Holders of rec. June 10a
$480 lot
temp. certifs
American Safety Razor Corp. ((Plan)
$5,000 Cambria County Road and
preferred (guar.) -- 13.4 July 1 Holders of rec. June 104
1.000 Reorganized Belcher Exten10434 American Tobacco,
Aug. 1 Holders of rec. July Ila
Bridge 5345. July 15 1928
63c.
(qu.)
corn.
Corp.,
sion Divide Mining Co., corn.,
Goods
Associated Dry
June 15 *Holders of rec. June 5
*2
Divide17 lot $5,000 Chester, Pa., 4348, Series A,
par 10c
Autocar Co., preferred (guar.)
10134 Baldwin Locom. Works,corn.& pt.(qu.) 4.334 July I *Holders of reo. June 6
Sept. 1928
1.000 Reorganized Victory
50c. July 1 Holders of rec. June 20
Mining Co., corn., par 100 corn..$1 lot $5,000 Chester, Pa., 4345, Series B,
Berry Motor (guar.)
10334 Bessem. Lime,Stone & Cem., corn.(au) '134 July 1 *Holders of rec. June 20
Sept. 1934
100 Radio Corp. of America,
July 1 *Holders of rec. June 20
$1.200 lot $2,000 Harrisburg, Pa., School Dis'1%
no par
(guar.)
Preferred
10034 Boston Woven Hose& Rubb.,corn,(qu.) $1.50 June 15 Holders of rec. June 1
trict 43.4s, Jan. 1926
1,000 Silver Pick Consol. Mines
June 15 Holders of rec. June 1
3
Co., corn., par$1lot $2,000 Harrisburg, Pa., School Dis-10034
Preferred
trict 4 Hs, Jan 1927
25c. June 30 Holders of rec. June 104
7,000 Southern Petroleum & Refin-S3
Budd Wheel Co., common (guar.)
$1 lot $5,000 Johnstown, Pa., School Dis13.4 June 30 Holders of rec. June 10a
Lig Co., par $1
(guar.)
Preferred
trict 4its, Series B, April 1935..10434 Canadian Car & Foundry, pref.(guar.). 144 July 10 Holders of rec. June 26
100 Texas 011 & Land Co.. corn..
$1801ot $5,000 Johnstown, Pa., School Dis*20e. July 1 *Holders of rec. June 20
par $1
Chatterton & Son (guar.)
trict 434s, Series B, April 1929_1013(
*50c. July 1 *Holders of rec. June 20
100 Tonopah Divide Mining Co..
Extra
$20 lot $5,000 Philadelphia, Pa., 45, July
1% July 1 *Holders of rec. June 22
'
(guar.).
corn., par $1
pref.
100% Chicago Mill & Lumber,par)
1938, registered
June 10 Holders of rec. May 294
- 3
2 United States Fidelity & Guaran(guar.).
($100
Co.,
corn.
Childs
$3,000 Pittsburgh,Pa.,Playground
60c. June 10 Holders of rec. May 29s
(guar.)
tee Co.(Baltimore. Md.), par $50
par
value)
(no
Common
loo
$399 lot
June 10 Holders of rec. May 294
4348, Dec. 1925
144
Preferred (guar.)
$5,000 Reading, Pa., Water Dept.
*50c. July 1 *Holders of rec. June 15
10 Unity Gold Mines Co., corn.,
Corona Typewriter, corn. (guar.)
Si lot
Filtration 45, July 1929001 3f
July 1 *Holders of rec. June 15
*2
par $5
(guar.)
preferred
First
$1,175 lot $5,000 Allegheny County, Pa., 45,
*13t July 1 *Holders of rec. June 15
50 Wabash By. Co., corn
Second preferred (guar.)
Series 3, Feb. 1942
10034 Cramp(Wm.)& Sons, S.& E.Bldg.(gu.)'Si
June 30 *Holders of rec. June 16
300 West End Consul. Mining Co..
$70 lot 85,000 Allegheny County,Pa.,TunJune 1 Holders of rec. May 12
corn., par $5
Crows Nest Pass Coal (guar.)
nel 045, Series 1, Dec. 1929.-102
July 2 Holders of rec. June 15
3,000 West End Extension Mining
Glass, Ltd., corn. (guar.)..._
Dominion
$70 lot 52 000 Fayette County,Pa ,County
134 July 2 Holders of rec. June 15
Co., corn,, par $1
(guar.)
Preferred
100
1926
April
Copper
48,
road
Mountain
June I May 29 to May 31
Yerington
1%
1,200
Dominion Radiator & Boiler, Pref. (qu.)
$3 lot $5.000 Lusernce County. Pa., 434s,
$1.25 July 2 Holders of rec. June 15
Co., corn., par $1
Dominion Textile, common (guar.)
10234
Nov. 1931
15 Holders of rec. June 80
July
134
100 Bethlehem Mot. Corp., no par.$1 lot
Preferred (guar.)
2114
$5,000 Susquehanna County, Pa.,
1,000 Louisiana Consol. Mining
Eastern Steamship Lines, Inc., pf. (cm.) 1% July 15 Holders of rec. June
Road 434s, Series B, May 1933_ A01%
$lo lot
873.4c July 15 Holders of rec. July 841
Co., corn., par $I
preferred (guar.)
par
No
Pa.,
15
July
County,
rec.
of
Westmoreland
Electric(
85.000
*Holders
1
Aug.
*50c.
Philadelphia
Warrants
(guar.)
Spring
Axle &
28
10434 Eaton
Road 4it8. Jan. 1935
I $3 lot
July 14 *Holders of tee. June 15
411
Co., expired June 15 1923
Fleishmann Co.(guar.)
$2,000 Township of Abington,
June 1 Holders of rec. May 21
2
Works. pref.(guar.)
500 Tuxpam Star Oil Corp., par $11
Iron
Fulton
Montgomery County, Pa., 4s,
334 June 15 Holders of rec. May 29e
50 Goldfield Deep Mines Corp.-1
Giant Portland Cement, preferred
10034 Globe Soap, first, second and special
May 1937
5 Metropolitan Trust Co., par $51 76
of
Pa.,
Township
Haverford.
237
Bank
$5,000
13.4 June 15 May 30 to June lb
National
(guar.)
stocks
Union
preferred
5
575
School District 434s, Feb. 1962.104% Goodyear Tire & Rubber, prior pf. (qu.) 2
July 1 Holders of rec. June 20
5 Central National Bank
soot $2,000 Zoological Society of PhilaJuly 2 *Holders of roe. June 15
412
Western Sugar, corn.(guar.)
Great
5 Penn National Bank
17
loan
delphia
Nat'l
July 2 *Holders of rec. June 15
*1%
Merchants
dr
Drovers
Preferred (guar.)
1634
$10,000 B. B.& B.W.Fleisheranc.,
134 July 1 *Holders of tea. Juni 15
'
Bank, with 1634 rights to subscr_160
States Steel. common (guar.)
Gulf
92
1st sinking fund 65, 1939
June 16 *Holders of rec. June 9
*50c.
8 Corn Exchange National Bank_.49534
Lamp
Hall (C. M.)
425
$7,000 Bethlehem Steel Purchase
*50o. Sept.15 'Holders of roe. Sept.10
3 Ninth Bank tk Trust Co
(C. M.) Lamp
114% Hall
Money 6s. 1898
*50e. Dec. 15 *Holders of rec. Dee. 10
69 Metropolltan Trust Co.. par $50. 78
Lamp
M.)
Hall
(C.
$2,000 Muncie Hartford & Fort
250. June I Holders of rec. May 23
3 Logan Bank & Trust Co.. par $50. 60
Hamilton-Brown Shoe (monthly)
Wayne Ry.1st 5s, 1935(Jan.1925
80. June 17 Holders of rec. June 1
Hollinger Consolidated Gold Mines_
20 Commonwealth Title Ins. & Tr_425
and all subsequent coupons atHydraulic Press Brick, preferred (guar.) 13.4 July 1 Holders of rec. June 20
1 Commonwealth Title Ins. dr Tr_.425
1634
58
tached)
July 1 Holders of reo. June 20
$50hl
Par
dive.)
Co.,
accum.
Trust
Preferred (extra account
10 Phoenix
Indiana Union Traction lst
134 Oct. 1 Holders of rec. Sept.21
Preferred (guar.)
17 Northern Central Tr.Co.,par$50 9034 $2,00058,
of
13
1933,
_
_
deposit_
certif.
Ms.
Co.,
Trust
&
July 1 *Holders of rec. June 17
Title
*3
Creek
preferred
Cobbs
Co..
Ingersoll-Rand
29
6834 $500 Toledo Fremont & Norwalk
50c. July 6 Holders of rec. June 18
par $50
Inspiration Control. Copper (guar.)
77
121
RR. 1st ext'd 68. 1933
July 10 Holders of roe. June 240
Internat. Business Machines (guar.). _ _ $2
4 Mutual Trust Co., par $50
June 30 Holders of rec. June 154
International Cement. common (guar.). $1
1% June 30 Holders of rec. June 156
Preferred (guar.)
DIVIDENDS.
International Milling, preferred (guar.). 134 June 1 Holders of rec. May 20
$1.25 July I *Holders of rec. June 15
Shoe. common (guar.)._ '
Dividends are grouped in two separate tables. In the International(monthly)
July 1 *Holders of rec. June 15
111
Preferred
first we bring together all the dividends announced the cur- International
1% July 1 Holders of rec. June 15a
Sliver, preferred (guar.)_
Preferred (account accum. dividends). hit July 1 Holders of rec. June 15a
rent week. Then we follow with a second table, in which
July 1 June 11 to June 30
1
Text Book (guar.)
we show the dividends previously announced, but which have International
July 15 Holders of rec. July 6
hl
Interstate Iron & Steel, preferred
3734c. June 1 Holders of rec. May 27
Johansen Shoe (guar.)
not yet been paid.
July 1 *Holders of rec. June 15
_
(guar.)._
pref.
Steel,
Laughlin
&
Jones
The dividends announced this week are:
July 1 *Holders of rec. June 15
Kresge (S. S.) Co., common (guar.)---- *2
.1.114 July 1 *Holders of rec. June 15
Preferred (guar.)
July 1 *Holders of rec. June 15
1%
(quar.)_
When
'
Books Closed,
pref.
Tobacco,
Per
Liggett & Myers
50c. June 30 Holders of rec. June 13
Cent. Payable
Days Inclusive.
Name of Company.
Loew's, Incorporated (guar.)
Mathieson Alkali Works, pref. (guar.)._ 81% July 1 *Holders of rec. June 20
20
Railroads (Steam).
McCord Radiator & Mfg., Class A (qu.) *75e. July 1 *Holders of rec. June
250. June 1 Holders of rec. May 21
*75c. July 1 *Holders of rec. June 15
Missouri Portland Cement
Bangor dr Aroostook, corn. (guar.)
29
May
rec.
of
Holders
15
June
of
*Holders
1
rec.
37340.
corn
June
July
15
Corp.,
(guar.)
Capital
'1%
Motion Picture
Preferred
July 15 Holders of rec. July 1
1 *Holders of rec. June 15
4
Preferred
Boston Revere Beach & Lynn (guar.)._ *11.1 July
rec. June 10
of
*Holders
20
June
_
30
*40c.
of
*Holders
June
(guar.)._
rec.
*14‘
Jun
common
(quar.)_
10
corn.
Corp.,
Wheel
Motor
Susquehanna.
Buffalo &
July 10 Holders of rec. June 20
2
June 30 *Holders of rec. June 10
*2
New Jersey Zinc (extra)
Preferred
*50c. June 30 *Holders of rec. June 4
June 30 *Holders of rec. June 5
*2
Ohio 011 (guar.)
Chicago & North Wester, common
July 1 *Holders of rec. June 15
2
*
of
_
*Holders
_
30
June
(guar.).
rec.
June
5
Circuit,
*334
preferred
Orpheum
Preferred
*30c. July 1 *Holders of rec. June 20
June 30 *Holders of roe. June 5
Palge-Detrott motor Car, common
Chicago Rock Island At Pacific,6% pref. *3
July 15 *Holders of rec. June 30
30
of
*Holders
June
rec.
stock)_
*334
June
5
•110
common
in
preferred
(payable
cent
Common
per
Seven
July 1 *Holders of rec. June 15
*1
July 1 Holders of rec. June Sa
Preferred (mar.)
Lackawanna RR. of New Jersey (guar.) 1
*15c. July 1 *Holders of rec. June 15
*$1.75 July 1 *Holders of rec. June 15a Park City Mining & Smelting (guar.)
Morris & Essex
June 25 *Holders of rec. June 15
1
*3734c
of
July
rec.
Holders
(guar.)
June
I3a
134
&
(guar.)
West.
Corp.
Lackawanna
Oil
Pennok
New York
81% July 1
*3734c Sept.25 *Holders of rec. Sept.15
of rec. June 10a
Quarterly
Pitts. Ft. Wayne & Chic., corn.(quar.) *IX July 7 *Holders
July 1 *Holders of rec. June 20
.1%
4
of
*Holders
10a
rec.
June
pf.(gu)
2d
&
1st
Co..
n
(guar.)
Pettibone-Mullike
Preferred
July 1 *Holders of rec. June 15
pref.(guar.)._ _ 134 June 30 Holders of rec. June 13a Pierce-Arrow Motor Car, prior pref.(gm) *2
St. Louie Southwestern,
July 1 Holders of rec. June 24a
$1
234 July 1 Holders of rec. June 20a Pittsburgh Steel, common (guar.)
Valley Railroad (New York)
Pittsburgh Steel Foundry, pref. (aunt.). ▪ yi July 1 *Holders of rec. June 15
Public Utilities.
Port Hope Sanitary Mfg., pref. (guar.). 134 June 1 Holders of rec. May 28
Sc July 1 Holders of rec. June ha Schulte Retail Stores, pref.(guar.)
July 1 *Holders of rec. June 15
*2
.Aikansas Natural Gas
of
1
rec.
*Holders
Aug.
(guar.).
35c. June 30 Holders of rec. June 8
*6254c
July
10
A
Class
Elec.,
Shell Union Oil Corp., corn. (guar.)
Associated Gas &
'6234c Nov. 1 *Holders of rec. Oct. 10
Si
July 1 Holders of rec. June 15
South West Penna. Pipe Lines (guar.)
Class A (guar.)
*El
June 30 *Holders of rec. June 15
*87itc July 1 *Holders of rec. June 10
Standard Oil (Kentucky)(guar.)
Preferred (guar.) (guar.)
of
1
*Holders
July
rec.
July 1 *Holders of rec. June 20
June
13
'134
(guar.)
$1
.
pref.
Standard Plate Glass, prior
Brooklyn Union Gas
*2
July 15 *Holders of rec. June 20
.144 July 1 *Holders of rec. June 20
(guar.)
Co.
(guar.)
Preferred
Edison
Detroit
June
1
of
rec.
July I *Holders of rec. June 20
Holders
(guar.)
May
26
1)
134
*$1
(No.
A
Class
Bros.,
preferred
Stern
Freeport Gas,
July I Holders of rec. June 15
$1.50 July 1 Holders of rec. June
prof., Class A (qu.) $2
Stromberg Carburetor (guar.)
General Gas & Elec.,(mar.)
I
of
July
2
rec.
July 1 Holders of rec. June 10
Holders
June
15
$1.75
&
Co.
B
Swift
Class
(guar.)
Preferred,
82
June 30 *Holders of rec. June 29
144 July 10 Holders of rec. June 30
(guar.)
Telautograph Co., pref.(guar.)
Illinois Bell Telephone
750, June 30 Holders of rec. June 5
(guar.). '$1.75 July 15 *Holders of rec. June 15
(quar.)
A
Ser.
Company
pt.,
L.,
Texas
&
P.
City
Kansas
(guar.)... 1% July I Holders of rec. June 6a Thompson-Starrett Co., common
July 1 Holders of rec. June 20
$6
'Mackay Companies. common
July 1 Holders of rec. June 6a Tide Water 011 (guar.)
$I
1
June 30 Holders of rec. June 184
Preferred (guar.)
June 21 'Holders
.134 July 1 Holders of rec. June 12
o rec June 2
(guar.).
$1
Corporation
pref.
Shipyards
(guar.)Power,
en0ru;0
Todd
River
Mississippi
1
July I Holders of rec. June 12
(guar.)
•1%A'Holders
United Drug, first preferred (guar.) _
Montana Power,common
14( July 1 Holders of rec. June 12
•1%e'Holders
Second preferred (guar.)
Preferred (guar.)
1% July
pref. (guar.)._ $1.75 July 1 Holders of rec. June 15
Worthington Pump & Mach., pf. A (qu.)'
National Power & Light,
July
(3) July 1 Holders of rec. June 5
Preferred B (guar.)
Co., common (quar.)
North Allied:UMpreferred
(guar.)
ers
75c. July 1 Holders of rec. June 5
Mfg.
(guar.)
s1JtHold
Towne
&
Yale
cent
Six per
July 1 June 16 to June 30
(quar,)_ '
(guar.)
June 30 Holders of rec. June 18
corn.
&
$1
$1.50
Sheet
Tube,
Co.
Youngstown
Telegraph
Northwestern
134 June 30 Holders of rec. June 15
pref. (guar.)._ $1.65 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
6.6%
Edison.
River
•Ohio
(quar.)
134 Sept. 1 Holdres of rec. Aug. 15
Six per cent preferred
1% Sept. 1 Holders of rec. Aug. 15
(guar.)
Below we give the dividends announced in previous weeks
Seven per cent preferred
55c. July 1 Holders of rec. June 15
(monthly)
preferred
and not yet paid. This list does not
dividends an6.6%
1 Holders of rec. July 15
Aug.
55c.
(monthly)
6.6% preferred
n the preceding table.
nounced this week, these being given in
55c. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
34 June 20
Alabama Great Southern, ordinary
3% Aug. 17
Preferred
I 4 June 1
Atch. Topeka & Santa Fe, cont.(guar.)
34 July 10
Atlantic Coast Line RR., common
July 10
1
Corn. (extra) (from non-oper. inc.) _ _ _
134 June I
Baltimore & Ohio, com.(guar.)
June I
1
Preferred (guar.)
24 June 30
Boston & Albany (guar.)
24 June 30
Canadian Pacific. com. (guar.)
July 1
2
Chesapeake & Ohio, common
351 July 1
Preferred, Series A
75c. June 4
Chestnut Hill RR. (guar.)
June 25
5
Chicago Burlington & Quincy
134 June I
Cleveland & Pittsburgh. reg. gu.(au.).
June
1
Special guaranteed (guar.)
June 30
2
Colorado & Southern, let preferred
155 July 1
Consolidated RRs. of Cuba. pref. (qu.)_
June 1
1
Cripple Creek Central, Preferred
$1.30 June 30
Cuba RR.. common (quar.)
251 June 20
Delaware & Hudson Co. (guar.)
8734r June 10
Erie az Pittsburgh (guar.)
June 30
2
Hocking Valley Ry
July 10
3
Houaton & Texas Central
14 June 1
Hudson & Manhattan, corn.(No. 1)._
134 June 1
Illinois Central. corn.(guar.)
July 1
2
Leased lines
Aug. 10
3
Louisville & Nashville
151 June 1
Maine Central, pref. (guar.)
$1.25 June 1
Midland Valley RR., preferred
July 1
2
Mobile & Birmingham, preferred
131 June 1
New Orleans Texas & Mexico (guar.). _ _
N.Y.Chicago & St.Louis,com.(guar.). 134 July 1
134 July 1
Preferred
134 June 19
Norfolk & Western, corn. (guar.)
June 4
$1.50
_
(qu.)
Norristown
&
Phila. Germantown
Pittsburgh Bessemer & Lake Erie, pref._ $1.50 June 1
Pittsb. Youngstown & Ashta., pref.(nu.) 134 June 1
Reading Company, 1st pref.(guar.). ___ 50c. June 11
50c. July 9
2d pref.(guar.)
134 July 1
St. Louis-San Francisco, corn. (guar.)._
134 Aug. 1
Preferred Series A (guar.)
155 Nov. 2
Preferred, Series A (guar.)
14 July 1
Southern Pacific Company (guar.)
2)4 July 1
Union Pacific. common (guar.)
July 15
5
Western Pacific RR. Corp., corn
Corn.(payable in corn,and pref.stock) (I) July 15
155 June 29
Preferred (guar.)
Preferred (account accum. dividends). $1.588 July 15
Preferred (payable in corn. dr pref. stk.) (1) July 15
Books Closed.
Days Inclusite.
Holders of rec. May 25
Holders of rec. July 13
Holders of rec. May la
Holders of rec. June lba
Holders of rec. June 150
Holders of rec. Apr. 18a
Holders of rec. Apr. 18a
Holders of rec Slay 29
Holders of rec. June la
Holders of rec June 2a
Holders of rec. June 2a
Slay 21 Co June 3
Holders of rec June 19a
Holders of rec. Slay ga
Holders of rec. May 9a
June 20 to June 30
Holders of rec. June 15
Holders of rec. May 154
Holders of rec. June 250
Holders of rec. Slay 28a
Holders of rec May 29a
Holders of rec. June 2a
Holders of rec. July la
Holders of rec. May 14a
Holders of rec. May 8a
June 12 to July 5
Holders of rec. July 15a
Holders of rec. May 150
Holders of rec. Slay 23a
June 2 to June 30
Holders of rec. May 150
Holders of rec. May 15a
Holders of rec. May 150
Holders of rec May 29a
May 21 to June 3
Holders of rec. May 15
Holders of rec. May 20a
Holders of rec. May 250
Holders of rec. June 22a
Holders of rec. June 150
Holders of rec. July 15a
Holders of rec. Oct. 15a
Holders of rec. May 28a
Holders of rec. June la
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rec. June 15a
Holders of rec. June 30a
Holders of rec. June 30a
Public Utilities.
American Power & Light, coin.(guar.)._ 25c. June 1 Holders of rec. May 15
Common (payable in common stock)_ (w) June 1 Holders of rec. May 15
134 June 1 Holders of rec. May 29a
Amer. Telegraph & Cable (guar.)
American Telephone & Telegraph (qu.) 234 July 15 Holders of rec. June 20a
Sic July 1 Holders of rec. June 15
12
Associated Gas & Elec.Co., pref.(extra)
1234c Oct. 1 Holders of rec. Sept. 15
Preferred (extra)
1234c Jan 1'26 Holders of rec. Dec. 15
Preferred (extra)
(P) June 1 Holders of rec. May 11
$6 dividend series pref.(No. 1)(qu.)
$5 June 1 Holders of rec. May 160
Baton Rouge Elec. Co., common
_
_
(guar.)
pref.
134 July 15 Holders of rec. June 200
Bell Telephone of Pa.,
May 15a
Blackstone Val. Gas & El., com.(quar.). $1.25 June 1 Holders of rec. May 15a
June 1 Holders of rec.
3
Preferred
18a
June
rec.
of
Holders
1
July
134
Boston Elevated Ry., corn.(guar.)
July 1 Holders of rec. June 18a
4
First preferred
June 18a
rec.
of
Holders
1
July
334
Preferred
June 1 Holders of rec. Apr. 30
Brazilian Trim.. Light & Power,ord.(qu) 1
200. June 1 Holders of rec. May 15a
Brooklyn City RR.(guar.)
June 1 Holders of rec. Slay 13a
2
Brooklyn Edison (guar.)
134 June 1 Holders of rec. May 15a
Central Arkansas Ry. & Lt., pref.(qu.)_
15 Holders of rec. June 30
July
$1.50
Public
(guar.)
Serv., Pref.
Central III.
14 June 1 Holders of rec. May 20a
Central Indiana Power, pref. (guar.)._
Holders of rec. May 15a
Cent. Miss. Vail. El. Prop.. pf. (guar.). I Si June 1 Holders
of rec. May 190
Chic. Rap. Tran., prior pref.(monthly). 65c. June 1
of rec. May 15.
Holders
134 June 1
Cleveland Eke.Ilium.,6% pref. (qu.)_ _
rec. May 120
of
Holders
15
June
$1.25
_
_
(guar.)
corn.
N.Y.,
Gas.
Consolidated
rec. June 15a
of
Holders
1
July
50c.
Cons. Gas El. Lt.& Pr., Balt., com.(qu.)
July 1 Holders of rec. June 15a
2
Preferred A (guar.)
151 July I Holders of rec. June 15a
Preferred B (guar.)
134 July 1 Holders of rec. June 15a
Preferred C(guar.)
$1.50 July 1 Holders of rec. June 15
Consumers Power,6% Pref. (guar.).
July 1 Holders of rec. June 15
$1.65
6.6% preferred (guar.)
131 July 1 Holders of rec. June 15
7% preferred (guar.)
1 Holders of rec. May 15
June
50c.
Six per cent preferred (monthly)
50c. July 1 Holders of rec. June 15
Six per cent preferred (monthly)
550. June 1 Holders of ruse. May 15
6.6% preferred (monthly)
550. July 1 Holders of rec. June 15
8.6% preferred (monthly)
Holders of rec. June 13a
iContinental Gas & Elec., com.(guar.). $1.10 July 15 Holders of rec. June 130
131 July 15
(guar.)
Prior preference
of rec. June 130
Holders
15
July
135
Participating preferred (guar.)
55 July 15 Holders of rec. June 130
Participating preferred (guar.)
15 Holders of rec. June 13a
July
13-4
Preferred (guar.)
u.S3 June 30 Holders of rec. May 290
Continental Pass. Ry., Finis
May 15a
134 June 15 Holders of rec. May 150
Duquesne Light, 1st pref., ser. A (qu.)
June 1 Holders of rec.
Eastern Shore Gas & Electric, pref.(qu.) 2
1 Holders of rec. June 15a
Federal Light & Tree., new com.(qu.) _ 200. July 1 Holders of rec. June 15a
New common (pay.In new com.stk.). /15c. July 1 Holders of rec. May 15a
155 June
Preferred (guar.)
1 June 2 to June 30
Frankford & Southwark Pass. Ry.(qu.) 24.50 July 1 May 21 to June 1
June
1
Georgia Ry.& Power, common (guar.)_
June 1 May 21 to June 1
1
Second preferred (guar.)
Sept. 1 Holders of ree. Aug. 20
1
Second preferred (guar.)
Dec. 1 Holders of rec. Nov. 20
1
Second preferred (Qum.)
June 1 Holders of rec. May 13
2
Grafton Co. El. L.& Pow.. pref. (qu.)._
1 Holders of rec. May 27s
June
750.
Hackensack Water, common
874c June 1 Holders of ree. May 270
Preferred
May 30 to June 20
Juned20
(au.).
134
pref.
Co.,
Kentucky Hydro-Elec.
May 15
21 June 1 Holders of rec. June
Keystone Telephone, Pref. (guar.)
15
15 June 2 to
June
2
_
_
(guar.)._
common
Light.
Gas
Laclede
June 15
to
2
June
15
June
234
Preferred
19
May
rec.
of
Holders
June 1
2
Mascoma Light & Power,com.(quar.).
19
14 June 1 Holders of rec. Slay 31
Preferred (guar.)
June I may 16 to May
2
Massachusetts Gas Companies, pref
30 Holders of rec. June 15
June
75c.
(qu.)
com.
Cos.,
Lighting
Massachusetts
Holders of rec. May 29
Middle West Utilities, prior lien (quar.) 21.75 June 15
•154 July 6 'Holders of rec. June 22
Midland Utilities, prior lien (guar.).
of rec. May 15
Holders
I
June
$1.50
(guar.)
National Power & Light. com.
Holders of rec. May 27
Nat.Pub.Serv. Corp.,cons. A (No.1) _ 40c, June 15 Holders of rec. May 16
1
June
151
Nebraska Power, pref.(guar.)
June 30 Holders of rec. June 100
1
New England Telep. & Teleg. (quar.)_ _
200
155 July 15 Holders of rec. June 290
New York Telephone. pref. (quar.)
June 15 Holders of rec. May
50c.
(quar.)
Niagara Falls Power, common
300
June
rec.
of
Holders
15
43340. July
Preferred (guar.)
North American Utility Securitiesrec. May 29
of
Holders
15
June
21.50
First pref. allotment certifs. (quar.)_.
of rec. June 15
Nor. Ohio Tree.& Light,6% pref.(qu.).. 155 July 1 Holders
15
151 July 1 Holders of rec. June 19
7% preferred (guar.)
rec. May
of
Holders
1
Northern States Power of Wis., pt. (qu.) 131 June
200
June 1 Holders of rec. May
2
Northern Texas Elec. Co., corn. (guar.)_
Holders of rec. May 20
Northwestern Public Serv., pref. (guar.) 151 June 1 Holders
of rec. May 29
131 June 15
Oklahoma Gas & Elec., pref. (quar.)..
of rec. July 22
Holders
1
Aug.
134
_
(qu.)
pref.
7%
Penn-Ohlo Power & Lt.,
of rec. July 22
Holders
Aug. 1
2
8% preferred (quay.)
of rec. May 21
Pennsylvania-Ohio Elec. Co., pref.(qu.) 5151 June 1 'Holders of rec. May I80
Holders
15
June
50c.
Philadelphia Elec., corn. & pref. (guar.)
rec. May 160
of
155 June 1 Holders
Portland Elec. Pow., 2c1 pref. (quar.)...
May 31
Rochester Gas & Elec., 5% pref.(guar.) 151 June I may 17 to
May 31
to
17
May
1
155 June
6% preferred (guar.)
May 31
134 June 1 May 17 to
7% preferred (quar.)
July 1 June 2 to June 30
$3
Second ez 3d Sta. Pass. Ry., Phi's
29
Slay
rec.
of
Holders
Southern Colorado Power, pref.(guar.). 154 June 15
[Vol,. 120.
THE CHRONICLE
2780
Name of Company.
Public Utilities (Concluded).
Southern New Eng. Telco. (guar.)
Southwestern Power & Light, pref. (qu.)
Standard Gas & Elec.. 8% pref.(guar.).
Vexes Electric Ry..common (guar.) _ _
Tri-City Ry.& Light. common (guar.)..
Common (guar.)
Common (guar.)
United Gas Improvement, pref.(qu.) .
West Penn Company, com. (guar.)._
West Penn Rye.. 6% pref. (guar.)
Wisconsin Power & Light, pref. (quay.).
Banks.
American Colonial Bank of Porto Rico..
Extra
Standard (quar.),,
Standard Nat. Corp., com.(quar.)
Preferred (guar.)
Trust Companies.
Equitable (guar.)
Manufacturers' (guar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
July 15
2
151 June 1
June 15
2
June 1
1
234 July 1
251 Oct. I
234 Janl'26
8755e Jose 15
June 30
$1
14 June 15
21.75 June 15
Holders of rec. June 30a
Holders of rec. May 15a
Holders of rec. Slay 290
Holders of rec. Slay 15
Holden; of rec. June 20
Holders of rec. Sept.20
Holders of rec. Dec. 20
Holders of rec. May 290
Holders of rec. June 150
Holders of rec. June 1
Holders of rec. May 310
4
4
2
50c.
151
June 1 May 20 to June 8
June I Slay 20 to June 8
July 1 Holders of rec. June 265
July 1 Holders of rec. June 260
July 1 Holders of rec. June 26.
3
4
Jur.e 30 Holders of rec. June 190
July 1 Holders of rec. May 200
Miscellaneous.
Abbott's Alderney Dairies, 1st pref. qu.) 131 June 1 Holders of rec. May 19a
Adams Express (guar.)
21.50 June 30 Holders of rec. June 15a
Ahumada Lead Co.(guar.)
755 c. July 2 Holders of rec. June 15
Extra
173-ic July 2 Holders of rec. June 15
Aluminum Manufactures, Inc., torn.(qu) 37Si c June 30 Holders of rec. June 150
Common (guar.)
37Sic. Sept. 30 Holders of rec. Sept.15a
Common (guar.)
37 Sic. Dec. 31 Holders of rec. Dec. 15a
1% July 1 Holders of rec. June 20a
Preferred (guar.)
1% Oct. 1 !folders of rec. Sept.20a
Preferred (guar.)
Preferred (guar.)
134 Janl'26 Holders of rec. Dec. 20a
Amer. Art Works,com.& pref.(guar.).- 1% July 15 Holders of rec. June 30
July 31 Holders of rec. July lla
merican Beet Sugar, common (guar.)._
1
Oct. 31 Holders of rec. Oct. 100
Common (guar.)
1
Jan30213 Holders of rec. Jan.9 260
Common (guar.)
1
American Hardware (guar.)
75c. June 30 June 18 to June 30
Extra
El June 30 June 18 to June 30
Amer. Laundry Machinery, com.(quar.) 75c. June 1 May 23 to June 1
American Linseed, pref
134 July 1 Holders of rec. June 20a
Preferred
134 Oct. 1 Holders of rec. Sept. 19a
June 30 Holders of rec. June 150
American Locomotive, common (guar.). 52
Common (extra)
$2.50 June 30 Holders of rec. June 15a
Common (extra)
$2.50 Sept.30 Holders of rec. Sept. 140
Common (extra)
$2.50 Dec. 31 Holders of rec. Dec. 140
Preferred (guar.)
151 June 30 Holders of rec. June 15a
June 16 to June 30
Amer. Manufacturing, com.(quar.).._. 13-4 July
Sept. 16 to Sept. 30
Common (guar.)
155 Oct.
Common (guar.)
155 Dec. 3 Dec. 16 to Dec. 30
June 16 to June 30
151 July
Preferred (guar.)
Sept. 16 to Sept.30
Preferred (guar.)
151 Oct.
Preferred (guar.)
151 Dec. 3 Dec. 16 to Dec. 30
Holders of rec. May 190
American Metals, common (guar.)
75c. June
Holders of rec. May 200
151 June
Preferred (guar.)
Holders of tee. May ISO
Amer. Multigraph, corn. (guar.)
40c. June
June 30 Holders of rec. June 15a
American Radiator, corn. (guar.)
$1
$1.50 June 30 Holders of rec. June 150
American Railway Express (quay.)
American Rolling Mill, com (guar.)._ - 50e. July 15 Holders of rec. June 30
July 15 Holders of rec. July I
Common (payable in common stock). 5
14 July 1 Holders of rec. June 15
Preferred (guar.)
2
American Shipbuilding. com.(guar.)._
Aug. 1 Holders of rec. July 15
Amer. Smelt. & Refin., pref. (guar.).-- 1% June 1 Holders of rec. May fia
400. July 1 June 16 to July 1
American Stores (guar.)
1% July 2 Holders of rec. June la
Amer. Sugar Refining, pref. guar.).- Amer. Tobacco, corn. & com. B (guar.). 21.75 June 1 Holders of rec. May 9a
Armour As Co., Ill., com., cl. A (guar.)_ 50c. July 1 Holders of rec. June 150
1% July 1 Holders of rec. June 150
Preferred (guar.)
1% July 1 Holders of rec. June 150
Armour & Co., of Del., pref. (guar.)._ _
Juno 15 Holders of rec. June 5
1
Atlantic Terra Cotta, pref. (quar.).Artioom Corp., pref. (qu.)(No. I)
131 June 1 Holders of rec. May 200
June
1 Holders of rec. May 20
Associated Dry Goods Corp. 1st pf.(qu.) 155
Holders of rec. May 2a
1% June
Second preferred (quay.)
June 10 Holders of rec. Slay 290
21
Atlas Powder, common (guar.)
151 July 1 Holders of rec. June 20
Babcock & Wilcox Co.(guar.)
1% Oct. 1 Holders of rec. Sept. 20
Quarterly
anl'26 Holders of rec. Dec. 20
151
Quarterly
134 Aprl'26 Holders rec. Mar 20'26a
Quarterly
Balaban & Katz, common (monthly)... 2.5c. June 1 Holders of rec. Apr. 200
25c. June 1 Holders of rec. May 200
Common (monthly)
25c. July 1 Holders of rec. June 200
Common (monthly)
June 21
1% July 1
Preferred (guar.)
600. July 10 Holders of rec. June 25a
Beech-Nut Packing, common (guar.).
151 July 15 Holders of rec. July la
Preferred, Class B (guar.)
ditelgo-Canadian Paper, com. (quar.)... 1% July 11 Holders of rec June 30
1% July 2 Holders of rec. June 12
dPreferred (quar.)
50c. July 1 Holders of rec. June 15a
Bendix Corporation (quay.)
July 1 Holders of rec. June la
Bethlehem Steel Corp. 8% pref.(guar.) 2
151 July 1 Holders of rec. June la
Seven per cent preferred (guar.)
30 Holders of rec. June 20a
June
50c.
Bingham Mines (guar.)
June 1 Holders of rec. May 15.
$1
Borden Company,com.($50 par)
155 June 15 Holders of rec. June la
Preferred (quar.)
500. July 1 Holders of rec. June 20a
Borg & Beck (guar.)
Brandram-Henderson, Ltd., pref.(guar.) 151 July 1 Holders of rec. June 1
$1.25 June 1 May 24 to May 31
Brill (J. G.) Co.. common (guar.)
British-Amer. Tobacco, Ltd., ordinary_ _ (s) June 30 Holders of coup. No. 106s
June 1 Holders of rec. May 20a
1
Brown Shoe,com.(quite.)
June 15 Holders of rec. Apr. 25
$1
Buckeye Pipe Line (guar.)
Burroughs Adding Mach., corn. (quar.)_ 75c. June 30 Holders of rec. June 15
14 June 30 Holders of rec. June 15
Preferred (guar.)
21.50 June 15 Holders of rec. May 290
California Packing Corp.(guar.)
California Petroleum, common (quay.)... 4351c June I Holders of rec. May 200
151 July 1 Holders of yet. June 20a
Preferred (guar.)
Calumet & Arizona Mining (guar.)_ _ _ 50c. June 22 Holders of rec. June 65a
Extra (from res. for deprec. & depl.)_ 50c. June 22 Holders of ree. June 650
151 June 1 Holders of rec. May 15
Campbell Soup, preferred (guar.)
Carter (William) Co., preferred (guar.). 155 June 15 Holders of rec. June 10
255
Aug. 15 Holders of rec. Aug. I
_
(guar.)
common
Co.,
Casey-Hedges
255 Nov. 15 Holders of rec. Nov. I
Common (quar.)
14 July 1
Preferred (guar.)
14 Oct. 1
Preferred (quay.)
July 1 Holders of rec. Arne 160
Certain-teed Products Corp., com. (qu.) $1
151 July 1 Holders of rec. June 16a
First and second preferred (guar.). _
1% June 1 Ilolders of rec. May 18
Century Ribbon Mills, pref. (quar.)__ _ _
6255c. June 30 Holders of rec. June 120
Chesebrough Mfg., tom.(guar.)
1% June 30 Holders of rec. June 120
Preferred (guar.)
Chicago Flexible Shaft, pref. (guar.)._ •1% June 1 'Holders of rec. May 21
June 1 Holders of rec. May 201
33110.
(monthly)
Cab
Yellow
Chicago
33I-3c July 1 Holders of rec. June 200
Monthly
33I-3c. Aug. 1 Holders of rec. July 200
Monthly
33I-3c. Sept. 1 Holders of rec. Aug. 200
Monthly
3
June 10 Holders of rec. May 29a
Childs Co., corn., $100 par (guar.)
600. June 10 Holders of rec. May 290
Common, no par value (guar.)
1% June 10 Holders of rec. May 290
Preferred (guar.)
(a) July I Holders of rec. May 29.
Common (no par value) (extra)
(a)
Oct. 1 Holders of roe. Aug. 285
Common (no par value)(extra)
(s) Dec. 30 Holders of rec. Nov.280
Common (no par value)(extra)
29 Holders of rec. June 3a
June
6255c
(guar.)
Copper
Chili
May 15
Cities Service Co., common (monthly).. •;4 June 1 •i t olders of rem. May 15
Common (payable in corn. stock)
VS5 June 1 'Holders of rec.
May 15
rec.
of
'Holders
1
June
Preferred and preferred B (monthly).July 1 *Holders of rec. June 15
Common (monthly)
June 15
Common (payable in common stock). •11,5 July 1 *Holders of rec.
July 1 Holders of rec. June 15
Preferred and preferred B (monthly)._
May 12
City Ice & Fuel of Cleveland, corn.(on.) ISOo. June 1 Holders of rec.
1 Holders of re°. Aug. 12
Sept.
50c.
Common (guar.)
Nov. 11
rect.
of
500. Dec. 1 Holders
Common (guar.)
154 June 1 Holders of ree. May 150
Cleveland Stone (guar.)
May 150
rec.
of
Holders
1
June
1
Extra
14 Sept. 1 Holders of rec. Aug. 150
Quarterly
June 15a
rec.
of
Holders
1
July
$1.75
Coca-Cola Co., tom. (quar.)
34 July 1 Holders of rec. June 150
Preferred
MAY 30 1925.]
Name of Company
Per
When
Cent. Payable
Books Closed.
Dart Inclusive
Miscellaneous (Continued)
July 1 Holders of rec. June 19
Commercial Solvents Corp., let pref.(qu) 2
$1
July 1 Holders of rec. June 19a
Class A (guar.)
13.1 June 1 Holders of ree. May 15a
Congoleum-Nairn, Inc., pref.(guar.)_ _
144 June 1 Holders of rec. May 15n
Consolidated Cigar Corp., pref.(qu.)
h134 June 1 Holders of rec. May 15a
Preferred (acct. accum. dividends)
Continental Can. Inc., preferred (guar.). 134 July 1 Holders of rec. June 200
25e. June 15 Holders of rec. May ltia
Continental Oil (guar.)
Converse Rubber Shoe, pref
334 June 1 Holders of rec. May 150
411.90 June 30 *Holders of rec. June 20
Coty,Inc
June 30 Holders of rec. June 15
Craddock-Terry Co., common (quar.)-- 3
3
Sept.30 Holders of rec. Sept.15
Common (guar.)
3
Dec. 31 Holders of rec. Dec. 15
Common (guar.)
3
June 30 Holders of rec. June 15
First and second preferred
3
Dec. 31 Holders of rec. Dec. 15
First and second preferred
Class C preferred
334 June 30 Holders of rec. June 15
Class C preferred
334 Dec. 31 Holders of rec. Dec. 15
134 June 15 Holders of rec. June la
Crane Co., com. (guar.)
Preferred (guar.)
134 June 15 Holders of rec. June la
134 June 30 Holders of rec. June 15a
Crucible Steel, pref. (guar.)
$1
Cuba Co., corn.(guar.)
June 1 Holders of rec. May 23a
Cuban-American Sugar, corn. (guar.).- 75c. July 1 Holders of rec. June 3a
134 July 1 Holders of rec. June 3a
Preferred (guar.)
Cudahy Packing,com.(guar.)
13.4 July 15 July 7 to July 5
Common (guar.)
134 Oct. 15 Oct. 6 to Oct. 15
3
Cumberland Pipe Line (guar.)
June 15 May 30 to June 15
Cushman's Sons, Inc., com.(guar.) _ 75c. June 1 Holders of rec. May 150
134 June I Holders of rec. May 150
Seven per cent preferred (guar.)
2
June 1 Holders of rec. May I50
Eight per cent preferred (guar.)
Davis Mills (guar.)
1.14 June 20 Holders of rec. June 6a
Decker (Alfred) di Cohn. Inc., com.(qu.) 50c. June 15 Holders of rec. June 5a
lit June I Holders of rec. May 20a
Preferred (guar.)
134 June 1 Holders of rec. May 15
Deere dr Co., preferred (guar.)
2
June 15 Holders of rec. May 29n
Diamond Match (guar.)
25c. June 30 Holders of rec. June la
Douglas-Pectin Corp. (guar.)
du Pont(Ed.)de Nem.& CO.,com.(qu) 234 June 15 Holders of rec. June 5a
134 July 25 Holders of rec. July 10a
Debenture stock (guar.)
du Pont (E.I.) de Nem.Powd.,com.(qu.) 144 Aug. 1 Holders of rec. July 20a
13.4 Aug. 1 Holders of rec. July 20a
Preferred (guar.)
Eagle-richer Lead Co.,corn.(quar.).._. 40e. June 1 Holders of rec. May 15
61.25 July 1 Holders of rec. May 296
Eastman Kodak,common (guar.)
75c, July 1 Holders of rec. May 29a
Common (extra)
Preferred (guar.)
134 July 1 Holders of rec. May 29a
Ely-Walker Dry Goods, com.(guar.)._ _ 25c, June 1 Holders of rec. May 21a
144 June 16 Holders of rec. June 10
Empire Brick dv Supply (guar.)
20e. June 1 Holders of rec. May 20
Fair (The), common (monthly)
20c, July 1 Holders of rec. June 20
Common (monthly)
200. Aug. 1 Holders of rec. July 20
Common (monthly)
Fairbanks, Morse dz Co., com.(qu.)_ 65e. June 30 Holders of rec. June 13a
lit June 1 Holders of rec. May 15a
Preferred (guar.)
Famous Players Canadian Corp., 1st
2
June 1 Holders of rec. Apr. 30
• Preferrea (guar.)
July 1 Holders of rec. June 15a
Famous Players-Lasky Corp.,com.(qu.) 2
Federal Mining & Smelting, pref.(guar.) 13.4 June 15 Holders of rec. May 25a
16c. July 16 Holders of rec. July 2a
Fifth Ave. Bus Securities (guar.)
Foot Bros. Gear dr Machine, com.(qu.)- 25c. July 1 June 21 to June 30
Common (quarterly)
250, Oct. 1 Sept. 1 to Sept.30
Common (quarterly)
25c. Jan1'26 Dec. 21 to Dec. 31
June 15 Holders of rec. June la
Foundation Co., common (guar.)
$2
$1.50 July 1 Holders of rec. June 20u
Francisco Sugar (guar.)
Quarterly
$1.50 Oct. 1 Holders of rec. Sept 21s
Franklin Simon dc Co.. pref.(guar.)._
13.4 June 1 Holders of rec. May 18a
Gabriel Snubber, com.(qu.) (No. 1)
'6234c July I 'Holders of rec. June 15
$1.25 June 15 Holders of rec. June 5
Gamewell Company, common (guar.)
Preferred (guar.)
134 June I Holders of rec. May 21
General Asphalt, pref. (guar.)
134 June I Holders of rec. May 15a
General Cigar, pref. (guar.)
134 June 1 Holders of rec. May 23a
Debenture preferred (quar.)
134 July 1 Holders of rec. June 23a
2
July 15 Holders of rec. June 3a
General Electric, common (guar.)
15c. July 15 Holders of rec. June 3a
Special stock
(guar.)
$1.50 June 12 Holders of rec. May 18a
General Motors, common
Seven per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 13a
144 Aug. 1 Holders of rec. July 13a
Six per cent preferred (guar.)
144 Aug. 1 Holders of rec. July 130
Six per cent debenture stock (quar„)__
General Petroleum, common (guar.) _ _ _ 50c. June 15 Holders of rec. May 31
'433.jc June 1 *Holders of rec. May 15
Preferred (guar.)
55c. July 1 Holders of rec. June 20a
Gibson Art Co.,common (guar.)
Common (extra)
10c. July 1 Holders of rec. June 20a
Gillette Safety Razor (guar.)
6234c June 1 Holders of rec. May la
Extra
1234c June 1 Holders of rec. May la
Glen Alden Coal
$3.50 June 20 Holders of rec. May 29
Goodrich (B. F.) Co.. pre( (guar.)
1.44 July 1 Holders of rec. June 15a
Gossard (H. W.) Co.,corn.(monthly)
25e. June 1 Holders of rec. May 20o
GreatAtlantic & Pacific Tea, com.(au.) $1.25 June 15 Holders of rec. June 10
Preferred (guar.)
134 June 1 Holders of rec. May 15a
Guantanamo Sugar. pref(. guar.)
2
July 1 Holders of rec. June 15a
Gulf States Steel, first pref.(quar.)
144 July 1 Holders of me June 15a
First preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 154
(guar.)
preferred
First
134 Jan 3'26 Holders of rec. Dec lbo
Harbison-Walker Refract.. com.(qu.)
rl 44 June 1 Holders of rec. May 210
Preferred (guar.)
134 July 20 Holders of rec. July 100
Hartman Corp.(guar.)
6234c June 1 Holders of rec. May I9a
Hayes Wheel, common (guar.)
75e. June 15 Holders of rec May 29a
Preferred (quar.)
134 June 15 Holders of rec. May 29a
50e. June 15 Holders of rec. May 9
Heels Mining (guar.)
Hibbard.SPencer,Bartlett dr Co.(mthly.) 35c. June 26 Holders of rec. June 19
Extra
200. June 28 Holders of rec. June 19
2
June 1 May 22 to June I
Higbee Ilibmpany, 2d pref. (quar.)
Homeetake Mining (monthly)
50c. May 25 Holders of rec. May 20a
Hood Rubber Products, pref. (guar.)
134 June I May 21 to June 1
Household Products, Inc. (guar.)
75c. June 1 Holders of rec. May 15a
75e. July 1 Holders of rec. June I5a
Hudson Motor Car (guar.)
2.40 July 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
Illinois Pipe Line
$6
250. June I May 16 to May 31
Imperial Oil, Ltd.(guar.)
Independent Oil dz Gas(guar.)
25c, July 1 Holders of rec. June 15a
Ingersoll-Rand Co., com. (guar.)
2
June 1 Holders of rec. May 150
6234c June 1 Holders of rec. May 15a
Inland Steel. common (guar.)
144 July 1 Holders of rec. June 15a
Preferred (guar.)
Internat. Combustion Engineering (qu.) 50c. May 31 Holders of rec. May 180
International Harvester, com. (guar.)._
134 July 15 Holders of rec. June 25a
134 June I Holders of rec. May Oa
Preferred (guar.)
134 July 15 Holders of rec. July 7a
International Paper,6% Orel. (guar.)._
144 July 15 Holders of rec. July 7a
Stamped preferred (guar.)
Seven per cent pref.(No. 1)(guar.)._ *1.34 July 15 *Holders of rec. July 7
144 July 1 Holders of rec. June 15a
International Salt (quar.)
International Securities Trust, common_ 65c. June 1 Holders of rec. May 21
134 June 1 Holders of rec. May 21
Seven per cent preferred (guar.)
134 June 1 Holders of rec. May 21
63.4% preferred (guar.)
144 June 1 Holders of rec. May 21
Six per cent preferred (guar.)
50c.
June 1 Holders of roe. May 150
pref.
Shoe,
(monthly)
Internat.
134 June 1 May 21 to May 31
Interstate Iron dr Steel, pref. (guar.)._ _
194 July 1 Holders of rec June 200
Jewel Tea, pref. (guar.)
June 1 Holders of rec. May 15
Johnson-Stevens-Shinkle Shoe (guar.)._ $1
75c. July 1 Holders of rec. June 5a
Kennecott Copper Corp. (guar.)
common
July 1 Holders of rec. June 200
$1
Co.,
R.)
Kinney(G.
2
June 1 Holders of rec. May 20a
Preferred (guar.)
134 June 1 May 24 to May 31
Korach (S.) Co., preferred (guar.)
13.4 July 1 Holders of rec. June 18a
Kraft Cheese, corn.(guar.)
1441 July 1 Holders of rec. June 18a
Common (payable in common stock)
d2 July 1 Holders of rec. June 18a
Preferred (guar.)
$1
July 1 Holders of rec. June 24a
Kuppenheimer (B.)& Co., common_
1% June 1 Holders of rec. May 23a
Preferred (guar.)
(guar
)
3
June
1 Holders of rec. May 23
Milling,
com.
Lake of the Woods
134 June 1 Holders of rec. May 23
Preferred (quar.)
5
June 15 Holders of rec. June 1
Lake Shore Mines, Ltd. (guar.)
5
June 15 Holders of rec. June 1
Bonus
234 June 1 Holders of rec. May 21
Lancaster Mills, cont.(guar.)
$2
July 1 Holders of rec. June lb
Lehigh Valley Coal Sales (guar.)
Libby-Owens Sheet Glass, com.(guar.). *50c. June 1 *Holders of rec. May 22
'134 June 1 *Holders of rec. May 22
Preferred (quar.)
2781
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable
Books CB,sed.
Days Inclusive.
Miscellaneous (Continued).
Ligg. dr Myers Tob.,com. & cont. B (qu.) 75c. June 1 Holders of rec. May 15a
June 1 Holders of rec. May 150
Lima Locomotive Works,common(qu.)_ $1
Lord & Taylor, com. (guar.)
254 July 1 Holders of rec. June 160
Ludlow Mfg. Associates (quar.)
$2.50 June 1 Holders of roe. May 6
Ludlum Steel (guar.)
50e. July 1 Holders of rec. June 206
75c. July 15 Holders of rec. June 150
Magma Copper
July 5 Holders of rec. June 19
Magnolia Petroleum (guar.)
$1
1
Oct. 5
Stock dividend
Mahoning Investment (guar.)
134 June 1 Holders of rec. May 266
Manati Sugar,common (quar.)
134 June 1 Holders of rec. May 15a
Common(quar.)
114 Sept. 1 Holders of rec. Aug. 154
3744c June 1 Holders of rec. May 16
Manhattan Shirt, common (guar.)
75c. June 30 Holders of rec. June 20a
Marland Oil
$1
Jutte 1 Holders of rec. May 158
Martin-Parry Corp. (guar.)
$1.25 June 1 Holders of rec. May 15a
May Dept. Stores, common (guar.).
$1.25 Sept. 1 Holders of rec. Aug. 14a
Common (guar.)
Preferred (guar.)
134 July 1 Holders of rec. June 15a
134 Oct. 1 Holders of roe. Sept. 15a
Preferred (guar.)
McCahan (W.J.) Sug.Ref.,&M.,pf.(qu.) 134 June 1 Holders of rec. May 216
McCrory Stores cont. (In com. stock)... 40e. June 1 Holders of rec. May 206
Common B (in Common B stock)._... 40c. June 1 Holders of rec. May 20a
154 Aug. 1 Holders of rec. July 20a
Preferred (guar.)
13.4 Nov. 1 Holders of rec. Oct. 20e
Preferred (quar.)
25c. June 1 Holders of rec. May la
McIntyre Porcupine Mines
Mengel Company, preferred (guar.)
13-4 June I Holders of rec. May 29
244 June 30 Holders of rec. June 3a
Mergenthaler Linotype (guar.)
Merrimack Mfg.. (guar.)
13-5 June 1 Holders of rec. May 7
Metro-Goldwyn Pictures Corp., pf.(qu.) 15-4 June 15 Holders of rec. May 29a
June I Holders of rec. May 15
Metropolitan Paving Brick, cont.(guar.) 2
15c. July 1 Holders of rec. June 15
Michigan Sugar, common
144 June 15 Holders of rec. May 29a
Preferred (guar.)
Mid-Continent Petroleum. pref. (guar.) 144 June 1 Holders of rec. May 15a
2
June 1 Holders of rec. May 9a
Miller Rubber, preferred (guar.)
$I
June 2 Holders of rec. May 20
Mohawk Mining (guar.)
Monte. Ward dc Co., Cl. A,az pref.(qu.) $1.75 July 1 'Holders of rec. June 206
Montreal Cottons, Ltd., common (qu.). 13.4 June 15 Holders of rec. May 31
134 June 15 Holders of rec. May 31
Preferred (guar.)
37340. June 30 Holders of rec. June 156
Motherlode Coalition Mines Co
750. June 1 Holders of rec. May 180
Munsingwear, Inc.(guar.)
July 1 Holders of rec. June 160
Murray Body, corn.(pay.in com.stock)
Common (payable in common stock)-. flit Oct. 1 Holders of roe. Sept. 1136
Common (payable in common stock)_ (134 Jan.1'26 Holders of roe. Dec. 150
750. July 15 Holders of rec. June 300
National Biscuit, com.(guar.)
National Cloak & Suit, pref.(guar.).
134 June 1 Holders of rec. May 26a
75e. July 1 Holders of rec. Juned20a
Nat. Dairy Products (guar.)
Nat. Dept. Stores, 2d pref. (guar.)._ - 194 June I Holders of rec. May 156
Nat. Enameling & Stamping,pref.(qu.)- 134 June 30 Holders of rec. June 10
Preferred (guar.)
134 Sept.30 Holders of rec. Bent.10
Preferred (guar.)
13.4 Dec. 31 Holders of rec. Dec. 11
National Lead, com.(guar.)
2
June 30 Holders of rec. June 12
Preferred (guar.)
134 June 15 Holders of rec. May 220
National Sugar Refining (guar.)
134 July 2 Holders of rec. June 8
National Surety (guar.)
234 July 1 Holders of rec. June 190
50c. June 15 Holders of rec. May 206
National Transit
New York Air Brake, Class A (guar.)._
$1 July I Holders of rec. June 100
New York Canners, Inc., com. (guar.)_ 50c. June 15 Holders of rec. June 36
75c. July 15 Holders of rec. June 19
New York Transit (quar.)
North Atlantic Oyster Farms,(cl. A qu.) 50c. June 1 Holders of rec. May 20
July 1 Holders of rec. June 5
Northern Pipe Line
$3
134 June 1 Holders of rec. May 19
Ogilvie Flour Mills, pref.(guar.)
*2
July 1 *Holders of rec. June 20
Omnibus Corporation, pref. (guar.)_ _
134 June 1 Holders of rec. May 21a
Onyx Hosiery, Inc., pref. (guar.)
15c. June 1 Holders of rec. May 20a
Orpheum Circuit, common (monthly)
15c. July 1 Holders of rec. June 20a
Common (monthly)
75c. July 1 Holders of rec. June lba
Owens Bottle, common (guar.)
lit July 1 Holders of rec. June 15.
Preferred (quar.)
75c June 1 Holders of rec. May 15a
Pacific Mills (guar.)
$1.50 July 20 Holders of rec. June 15a
Pacific 011
Packard Motor Car, preferred (guar.).- 134 June 15 Holders of rec May 29a
June 1 May 12 to May 31
Patbe Exchange, Inc., pref. (guar.).--- 2
Phoenix Hosiery, 1st & 2d pref. (guar.) 134 June 1 Holders of rec. May 16a
I% June 1 Holders of rec. May 15
Pittsburgh Steel. pref. (guar.)
Pittsburgh Terminal Coal, pref.(guar.). 134 June 1 May 21 to June I
134 June 9 Holders of rec. May 19a
Pressed Steel Car, pref.(guar.)
134 Sept. 8 Holders of rec. Aug. 18a
Preferred (qUar.)
194 Dec. 8 Holders of rec. Nov. 170
Preferred (guar.)
Producers 011 Corp.of Am.,com.(No. 1) 5e. July 1 June 16 to July 1
374c June 1 May 11 to June 6
Pure 011, common (guar.)
lg July 1 Holders of rec. June 100
534% preferred (guar.)
2
July 1 Holders of rec. June 10a
Eight per cent preferred (guar.)
144 July 1 Holders of rec. June 10a
Six per cent preferred (guar.)
75c. July 15 Holders of rec. July la
Quaker Oats, com. (guar.)
Preferred (guar.)
134 Aug. 31 Holders of rec. Aug. la
Radio Corp. of America. pref. (quar.). _
134 July 1 Holders of rec. June la
Railway Steel-Spring, corn.(guar.)
2
June 30 Holders of rec. July 170
134 June 20 Holders of rec. June 6a
Preferred (guar.)
Reid Ice Cream Corp., pref.(quar.)._
13.5 June 1 Holders of rec. May 20
Remington Typewriter, 1st pref. (guar.) 144 July 1 June 21 to July 1
First pref Series S (guar.)
144 July 1 June 21 to Ally 1
Second preferred (guar.)
2
June 12 June 3 to June 12
Second pref.(account accum. city.)
h2
July 14 July 4 to July 14
Second pref.(account accum. div.)._ _ h2
Aug. 14 Aug. 5 to Aug. 14
Republic Iron dr Steel, pref. (guar.)._
.194 July 1 Holders of rec. June 170
Ricbmondatadiator, pref.(guar.)
144 July 15 Holders of rec. June 300
Rockl'd & Rockp't Lime Corp., pfd.(gu.) 134 Oct. 15 Holders of rec. Sept. 300
Preferred (guar.)
194 Jan15'26 Holders of ree. Dec. 310
St. Joseph Lead (guar.)
50e. June 20 June 10 to June 21
Quarterly
500. Sept.21 Sept.10 to Sent.21
Quarterly
50e. Dee, 21 Dec. 10 to Dec. 21
St. Regis Paper, common (guar.)
50c. July 1 Holders of rec. May 29
Preferred (guar.)
154 July 1 Holders of rec. June 15
Savage Arms Corp., first pref. (guar.)
144 July 1 Holders of rec. June 156
Second preferred (guar.)
144 Aug. 15 Holders of ree. Aug. la
Schulte Recall Stores, com.(guar.)
m2
June 1 Holders of rec. may 15a
Selberling RubberPreferred (account accum. dividend). 52
June 15 Holders of roe. June 5a
Bhawmut Mfg., common (quar.)
134 June 31) Holders of rec. June 204
Preferred (guar.)
154 June 30 Holders of rec. June 200
Sherwin-Williams Co., Can.,COM.(qu.)
134 June 30 Holders of rec. June 15
Preferred (guar.)
194 June 30 Holders of rec. June 15
Sherwin-Williams Co., preferred (guar.) 154 June 1 Holders of rec. May 156
Simms Petroleum
50e. July 1 Holders of rec. June 15a
Sloss-Sheffield Steel dr Iron, corn.(guar.) 144 June 20 Holders of rec. June 10a
Preferred (guar.)
134 July 1 Holders of rec. June 20a
Solar Refining
5
June 20 May 30 to June 10a
Southern Pipe Line (guar.)
51
June 1 Holders of rec. May 15
South Porto Rico Sugar, corn. (quar.)_
134 July 1 Holders of rec. June 10a
Preferred (quar)
2
July 1 Holders of rec. June 10a
Spalding(A. G.)dr Bros., 1st pref.(flu.). 134 June 1 Holders of rec. May 160
Second preferred (guar.)
2
June 1 Holders of rec. May 160
Spear Sr Co., preferred (guar.)
134 June 1 Holders of rec. May 150
Standard 011 (California)(guar.)
50c. June 15 Holders of rec. May 18a
Standard Oil (Indiana) (guar.)
62 Mc June 15 Holders of rec. May 166
Standard 011(Nebraska)
$5
June 20 May 21 to June 20
Standard 011 of N. Y.(quar)
35e. June 15 Holders of rec. May 18
Stand. 011 of N. J., com.(825 par) (qu.) 25c, June 15 Holders of rec. May 25a
Common ($100 Par) (guar.)
1
June 15 Holders of rec. May 25a
Preferred (guar.)
134 June 15 Holders of rec. May 25a
Standard 011 (Ohio), pref.(guar.)
154 June 1 Holders of rec. Apr. 24
Steel Products, preferred (guar.)
13.4 June 1 Holders of rec May 154
Studebaker Corp..common (guar.)
June 1 Holders of rec. May 9a
$1
Preferred (guar.)
134 June 1 Holders of rec. May 90
swift Internacional
90e
Aug. 15 Holders of rec. July 15a
Texas Gulf Sulphur (guar.)
51.75 June 15 Holders of rec. June la
Extra (from reserve for depletion)_ _ _ _ 50c. June 15 Holders of rec.
June la
Thompson (John R.)Co.,com.(mthly.) 25c. June 1 Holders of rec.
May 230
Timken-Detroit Axle, pref. (quar.)_._
154 June I May 21 to June 1
Timken Roller Bearing (guar.)
75c. June 5 Holders of rec. May 196
Extra
25c. June 5 Holders of rec. May I9a
Truscon Steel, com.(guar.)
30c. June 15 Holders of rec. June ba
Preferred (guar.)
194 June 1 Holders of rec. May 21a
MI
[VoL. 120.
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
July 15 Holders of rec. June 30
1
Tuckett Tobacco, common (quar.)
Preferred (quar.)
134 July 15 Holders of rec. June 30
Underwood Computing Mach., pf. (qu.) 134 July 1 Holders of rec. June 13
Preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 19
Underwood Typewriter, corn.(quar.)
75c. July 1 Holders of rec. June 60
Common (quar.)
75c. Oct. 1 Holders of rec. Sept. la
Preferred (quar.)
131 July 1 Holders of rec. June 60
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. la
Union Carbide at Carbon (quar.)
31.25 July 1 Holders of rec. June 5a
Union Storage (quar.)
234 Aug. 11 Holders of rec. Aug. 1
Quarterly
234 Nov.11 Holders of roe. Nov. 1
Union Tank Car,common (quar.)
134 June 1 Holders of rec. May 110
Preferred (quar.)
134 June 1 Holders of rec. May 110
United Cigar Stores, common (quar.)__
June 30 Holders of rec. June 15a
2
Common (payable in common stock)_ 1134 June 30 Holders of rec. June 150
Preferred (quar.)
1.34 June 15 Holders of rec. June la
United Drug,common (guar.)
131 June 1 Holders of rec. May 15a
Second preferred (quar.)
154 June 1 Holders of rec. May 150
United Dyewood. prof. (guar.)
134 July 1 Holders of rec. June 150
Preferred (quar.)
1 Holders of rec. Sept.150
Oct.13
Preferred (quar.)
1343 an 1'28 Holders of roe. Dec. 150
United Fruit(quar.)
234 July 1 Holders of rec. June 60
Quarterly
254 Oct. 1 Holders of roe. Sept. 50
United Paperboard, Inc., common
34 July 1 Holders of rec. June 5a
July 1 Holders of rec. June 5a
Preferred (annual)
6
United Profit-Sharing, corn. (guar.)- - 15c, July 1 Holders of reo. June 8a
U.S.Cast Iron Pipe at Fdy.,pref.(qu.). 134 June 15 Holders of reo. June la
Preferred (extra)
2.511 June 15 Holders of rec. June la
Preferred (guar.)
134 Sept.15 Holders of rec. Sept. la
Preferred (quar.)
134 Deo, 15 Holders of rec. Dec. la
40c. June 30 June 16 to June 30
U.S. Gypsum,common (quar.)
June 1 May 24 to June 1
Common (extra)
51
134 June 30 June 16 to June 30
Preferred (quar.)
U.EL.Hoff-Man Mach'y,common (qu.). 500. June 1 Holders of rec. May 210
134 June 1 Holders of rec. May 210
Preferred (quar.)
June 15 Holders of rec. June 50
2
U. B. Realty at Impt., common
July 15 Holders of rec. June 50
stock)_
common
in
flO
(Payable
Common
131 Aug. 1 Holders of rec. June 5a
Preferred (quar.)
134 June 29 May 29 to June 1
United States Steel Corp., coin.(quar.)
34 June 29 May 29 to June 1
Common (extra)
U.S.Stores Corp., prior cony. pref.(qu.) 134 June 1 Holders of rec. May 15
234 June 15 Holders of rec. May 290
U.S Title at Guaranty (quar.)
134 June 15 Holders of rec. June 1
Upson Company. common
July 1 Holders of rec. June 15
2
Preferred (quar.)
50c. June 20 Holders of rec. May 29
Vacuum Oil (guar.)
50c. June 20 Holders of rec. May 29
Extra
134 June 17 Holders of rec. June 12
Valvoline Oil, common (quar.)
IN June 1 Holders of rec. May I8a
first pref. (quar.)
Van Raalte
•131 June 1 *Holders of rec. May 20
Vesta Battery. preferred (quar.)
July 2 Holders of rec. June 15
$1
Wabasso Cotton (quar.)
134 July 1 Holders of rec. June 25a
Wahl Company, preferred (guar.)
Waldorf System, Inc., corn. (quar.).... 31340 July I Holders of rec. June 20
20e. July 1 Holders of rec. June 20
First and preferred (quar.)
Wamsutta Mills (quar.)
134 June 15 Holders of rec. May 20
154 July 1 Holders of rec. June I50
Ward Baking, preferred (Guar.)
Warner Bros. Pictures, class A (qua?.).. 3730 June 1 Holders of rec. May 200
Weber at HellbronerJune 30 Holders of roe. June 150
31
Common (quar.)
Sept.30 Holders of rec. Sept.150
$1
Common (quar.)
Dec. 30 Holders of rec. Dec. 15
Common (quar.)
31
134 June 1 Holders of rec. May 15
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 17
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.18
Preferred (quar.)
331 July 1 June 21 to June 30
Western Grocer,preferred
334 Jan 1'26 Dec. 20 to Jan.1'26
Preferred
134 June 1 Holders of rec. May 15
White (J. G.) Co., Inc., pref.(quar.)_ _ _
White(J.G.)Engineering CorP..pf (qu.) 134 June 1 Holders of rec. May 15
White (J. G.) Mgmt. Corp.. pref.(qu.). 134 June 1 Holders of rec. May 15
June 30 Holders of rec. June 200
31
White Motor (quar.)
134 July I
Winnsboro Mills, preferred (quar.)
25c,
11‘lay 30 Holders of rec. May 150
(quar.)
Wright Aeronautical Corp.
WrIglei (Wm.) Jr.. de Co.
25o. June 1 Holders of rec. May 200
Monthly
25e. July 1 Holders of rec. June 20a
Monthly
Woolworth (F. W.) Co., corn.(guar.)._ 75o. June 1 May 2 to May 20
June 1 Holders of rec. May 20
Wurlltzer (Rudolph) Co., pref. (guar.). 2
Yellow Cab Mfg., Class B (monthly)... 21o. June 1 Holders of rec. May 200
21c. July 1 Holders of rec. June 20a
Class B (monthly)
21c. Aug. 1 Holders of rec. July 20a
Class B (monthly)
21c. Sept. 1 Holders of rec. Aug. 200
Class B (monthly)
June 1 Holders of rec. May 1
2
York Manufacturing
•From unofficial sources. 1' The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. z The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. cl Correction. e Payable in stock.
Payable in common stock. p Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock n Payable in Canadian funds.
1 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 8440,quarterly installment$1 10:prior preference, 7%,quarterly installment
131%;participating preferred,7% regular, quarterly installment 134%:participating
preferred,2% extra,quarterly Installment 34%;Preferred,6%.quarterly Installment
1 34%.
Payable in stock of the Essex Foundry Co.
I Declared 6% on common stock, payable in common stock in quarterly installments of 134% each.
r New stock Issued as a stock dividend participates in this distribution.
a Dividend is 10 pence per share and all transfers received in order in London on
or before June 11 will be in time for payment of dividend to transferees.
S The stock dividends declared by Western Pacific RR. are one share of common
and one share of preferred for every six shares of stook now outstanding, whether
corn, or preferred, and were ratified at a special stockholders' meeting held May 11.
u Less 38c. per share to cover lot and 2d installment 01 1924 income tax.
v Childs Company stook dividends are one share of no par value common stock
for each 100 shares no par value common stock held.
se One-fiftieth of a share of common stock.
z Dividend is one-fortieth of a share of common stock or 85 cen-s a share, atstockholder's option.
y Payable either In cash or in Class A stock at the rate of 3-50ths of a share of
A stock for each share of $6 dividend series pref. stock.
668,000; net demand deposits, $4,458,660,000, an increase
of $68,965,000; time deposits, $624,333,000, a decrease of
$1,638,000; cash in vault, $62,698,000, an increase of $8,092,000; reserve with legal depositaries,$641,058,000, a nincrease of $17,157,000; aggregate reserve, $649,926,000, an
increase of $16,833,000, and excess reserve, $49,404,320,
a decrease of $7,965,040.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
New
Reserve
Capital Profits. Loans,
Time Bank
Net
with
Discount, Cash
Week Ending
De- CircuLegal Demand
in
May 23 1925 Nat'l, Apr, 6 InvestState, Mar.25 merge. Vault. Deport- Deposits. posits. laNen
tortes.
(000 omitted.) Tr.Cos Mar.25 eke.
Members of Fed. Res.
Bank of N Y
Trust Co_ _ __ 4,000
Bk of Manhat' 10,000
Mech at Met Bk 10,000
6,500
Bank of Americ
Nat City Bank_ 50,000
Chemical Nat__ 4,500
1,000
Nat Butch at D
Amer Exch Na 5,000
Nat Bk of Corn_ 25,000
Pacific Bank..__ 1,000
ChatatPhenNa 13,500
Hanover Nat'l_ 5,000
Corn Exchange_ 10,000
National Park__ 10,000
East River Nat' 2,500
First National__ 10,000
Irving Bk-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
1,500
Coal & Iron Na
Bankers Trust_ 20,000
U S Mtge at Tr_ 3,000
Guaranty True 25,000
2,000
Fidelity-InterT
10,000
NY Trust
FarmeneLn&T 10,000
Equitable Trust 23,
Bank,
$
12,448
14.303
16.383
5,243
60,552
17,228
307
8,383
39,979
1,710
12,548
23.827
13,995
23,786
2,240
68,011
12,536
1,066
26,015
3,016
1,047
1,657
1,446
8,263
1,424
28,131
4,569
19,559
2,171
19,292
17,674
12,201
Average Average Average
$
872 6,903
67,835
154,336 2,585 17,015
176,218 3,373 21.838
84,098 1,727 12,062
579,349 4,281 65,563
121,421 1,241 15,166
122 1,180
10,250
878 13.058
106.054
342,679
980 39.011
32,239 1,032 4,455
214,259 2,402 24,440
119,849
565 13,850
209,728 6,428 26.014
972 18,323
184,056
35,225 1,261 3,717
471 27.437
300,315
267,252 2,697 35,635
944
157
7,654
372,590 4,221 46,198
24,027
691 3,113
391 1,314
13,299
441 2,781
16,763
204 2,455
19,693
917 13,818
108,227
237 2,288
20,239
942 36,663
330,568
740 7,116
60,077
411,229 1,414 45,727
389 2.561
21,431
504 21,131
177,441
443 16,291
•
253,087 1,432 29,611
Average As'go
$
50,311 7.864
124,67 25,549
165,379 11.667 548
.106 4,045
100,612 850
111,815 5.765 347
403 496
8,943
95,430 7,145 4,923
297,800 17.075
30,786 3.505
168,566 40,014 5,960
105,381
190,379 29,121
139.043 9,515 3,535
493
26,330 8,371
204,887 27,122 4,082
266,834 30,085
398
6,575
*359,157 22,957 988
24,583
9,535 3,599
396
371
16,574
18,015 1.169 246
49
105.404 3,099
17,051 1,888 411
*286,523 46,725
53,908 5,888
*415,632 51,680
18,962 1,915
154,310 28,995
*127,257 28,596
•281,177 32,052
Average
Total of averages 309,300481,023 4,998,010 45,010.577,678c4,280.436557,19023,302
Totals, actual co ndition May 235,007,490 45,414612,025'c4,288,956 556,771 23,462
Totals, actual c ndition May 16 5,027.142 44,020642,286 c4,306,262 556,589 23,076
Totals, actual co ndition May 95.097,146 46,018608,284 c4,377,620 547.845 22,982
State Banks Not Member. of Fed'I Reeve Bank.
22,069 1,344
Greenwich Bank 1,000 2,480 22.378 1,864 2,128
2,875 1,889
338
344
5,372
906
250
Bowery Bank_
35,973 62,876
State Bank.... 3.500 5,396 102,075 4,194 2,347
4,813
60,917 66,109
Totals, actual condition May 23 129,788 6,584 4,921
Totals, actual condition May 16 130,503 6,283 4,743
Totals, actual condition May 9 127.705 6,409 4,604
Trust Companies Not Membe vs of Fed 'I Res',e Bank
Title Guar dr Tr 10,000 16,501 61,566 1,519 4,531
859 2,211
24,679
Lawyers Trust_ 3,000 3,031
61,182 66,130
61,416 66,042
58,662 65,990
Total of averages
4.7501 8,782 129,825
6,402
39,964
20,442
2,079
1,019
Total of averages 13.000 19,532
86,245
2,378
6,742
60,406
3.098
Totals, actual co ndition May 23
Totals, actual co ndition May 16
Totals, actual c ndition May 9
86,343
85,010
86,326
2,608
2,237
2,427
6.955
6,554
6,799
61.557
59,065
60,900
3,070
3,133
3,009
Ged aggr.,aver_ 327,050 509,338 5,214,080 53,790 589,233 4,401,759 626,397 23,302
Comparison with prey. week _ -61,905 -993-9,554 -61,494 +5,099 +225
Gr'd aggr., ace cond'n May 235,223,621 54,606023,901 4,389,695625,071 23,462
Comparison with prey. week _ -19,034 +2,066-29,682 -37,048 +207 +386
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr.. act' cond'n
aggr.. ace cond'n
aggr., act' cond'n
aggr., act' cond'n
aggr., act' cond'n
aggr.. act' cond'n
May 16 5,242,655
May 95,311,176
May 25,411,201
Apr. 2.5.214,282
Apr. 1 5,253,377
Apr. 11 5,191,536
52,540653,583
54,854619,687
51,027610,808
55,225604,393
55,620560.520
57,523600,184
4,426,743625,764 23,076
4.497,182616,844 22,982
4,603,867605,952 22,826
4,407,082606.990 22,333
4,340,529608,562 22,427
4,328,305606,827 22,056
Note.-U. B. deposits deducted from net demand deposits in the general total
above were as follows: Average total May 23, $22423,000: actual totals, May 23,
$21,473,000; May 16, 523,899,000: May 9, $28,655,000; May 2, $32,067,000:
April 25. 332.070,000. Bills payable, rediscounts, acceptances and °the,/ liabilities,
average for week May 23,$532,691,000: May 16, $547,741,000: May 9,$$84,011,000:
May 2, 3574.113,000; April 25, 3586,058,000. Actual totals May 23, $581,948,000:
May 16, $601,666,000: May 9, $573,614,000: May 2,5583,714.000; April 25, 8570,"Includes deposits in foreign branches not included in total footings as follows:
National City Bank, 6137,730,000; Chase National Bank, $11,442,000; Bankers
Trust Co., $17,366,000; Guaranty Trust Co., $77,336,000: Farmers' Loan at Trust
Co., $9,073,000; Equitable Trust Co., $59,681,000. Balances carried In banks. In
foreign countries as reserve for such deposits were: National City Bank,816,951.000:
Chase National Bank, $2,781,000; Bankers Trust Co.. $1,131,000; Guaranty Trust
Co.. $6,174,000; Farmers' Loan at Trust Co., 89,073,000; Equitable Trust Co..
$7,960,000. 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
Weekly Returns of New York City Clearing House two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Banks and Trust Companies.
AND TRUST COMPANIES.
City
York
New
the
of
condition
the
shows
The following
Averages.
Clearing House members for the week ending May 23. The
figures for the separate banks are the averages of the daily
Reserve
Cash
Surplus
Reserve
Total
Reserve
in
results. In the case of the grand totals, we also show the
Reserve.
Required.
in Vault. Depositories Reserve.
actual figures of condition at the end of the week.
Members Federal
$
577,678,000 577,678,000 573,172,380 4,505.620
On account of the fact that to-day (Saturday May 30) Reserve Bank_
249,940
10,965,060
State
banks
6,402,000
4,813,000
59,100
is a holiday, it being Memorial Day, the return for the Trust companies*_ 2,378,000 6,742,000 11,215.000
9,120,000 9.060,900
present week, which would have been issued to-day, was
Total May 23_ _ _ - 8,780,000 589,233,000,598,013,000 593,198.340 4,814.680
Total May 16_ -- 8.700,000 598,787,000 607,487.000 600,975,210 6,511,790
made public yesterday afternoon. We have room here
Total May 9_ _ _
8,633,000 608,241,000 616,874,000 609,416.010 7,457,990
Total May 2 _ _
only for the general totals. The table with complete details
8,508.000 602,568,000 611,078,000 604,976,510 6,099,490
Using
Saturday.
Not
•
of
members
Reserve Bank.
next
the
Federal
for
individual banks will appear
a This lathe reserve required on the net demand deposits in the ease of State banks
the figures showing the actual condition at the end of the and trust companies,
but in the case of members of the Federal Reserve Bank
also amount in reserve required on net time deposits, which was as follows:
week, the total of the loan item on May 29 stands at $5,- Includes
May 23, 516,715,700: May 16, 316,568,640: May 9, 316,048,710; May 2, 616,066,$50.of
week
25, 816,154,400.
April
140:
274,289,000, an increase from the previous
MAY 30 1925.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositories
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
2783
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve Bank _
State banks*
Trust companies•_ _ _
$
612,025,000 612,025,000 571,407,410 40,617,590
6,584,000 4,921,000 11,505,000 11,012,760
492,240
2,608,000 6,955,000 9,563,000 9,233,550
329,450
May 23_ _ _ _
May 16--May 9
May 2_ _
9,192,000 623,901,000 633,093,000 591,653,720 41,439,280
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
8,299,000 610,808,000 619,107,000 618,837,450
269,550
Total
Total
Total
Total
*Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank include
also amount of reserve required on net time deposits, which was as follows: May 23,
516,703,130; May 16, $16,697,670; May 9, $16,435,350; May 2, $16,112,310:
April 25, 516,138,050.
May 27
/1925
Changesfrom
preview week.
May 13
1925.
May 20
1925.
a
$
$
$
Capital
65,800,000 Unchanged
65.800,000 65,800,000
Surplus and profits
86,987,000 Dec.
56,000 87,043,000 87,048,000
Loans. dise'ts et Investments_ 903,293,000 Inc. 1,383,000 901,910,000 889,123,000
Individual deposits,Incl. U.S.649,787,000 Dec. 5,225,000 655,012,000650,114,000
Due to banks
131,184,000 Dec. 5.798,000 136,982,000 134,988;000
Time deposits
192,888,000 Inc. 2,814,000 190,074,000 187,968,000
United States deposits
8,897,000 Dec.
909,000 9,806,000 11.577,000
Exchanges for Clearing House 27,779,000 Dec. 4,381,000 32,160,000 27,445,000
Duefrom other banks
96.837,000 Dec. 6,038,000 102,875,000 97,362.000
Reserve In Fed. Res. Bank
75,549,000 Dec.
827,000 76,376,000 76,349,000
Cash in bank and F.R.Bank_ 10,041,000 Dec.
77,000 10,118,000 10,100,000
Reserve excess In bank and
Federal Reserve Bank....
481.000 Dec.
22200(1
70300(1
777 000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending May 23, with comparative figures
City
not
in
the
York
Clearing
New
House
as
panies in
follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differencesfrom is not a part of legal reserve. For trust companies not memMay 23.
Previous Week.
51,043,656,200 Dec.$13,615,500 bers of the Federal Reserve System the reserve required is
Loans and investments
4,393,900 Dec.
Gold
225,200 10% on demand deposits and includes "Reserve with legal
22,658,300 Dec.
Currency notes
141,000
91,671,500 Dec. 1,521,600 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_
Total deposits
1,105,908,600 Dec. 9,623,800
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in New York City, exchange and
1,050,255,500 Dec. 10,073,100
U. S. deposits
158,606,900 me.
Reserve on deposits
81,000
Percentage of reserve, 20.9%.
RESERVE.
State Banks- -Trust Companies
533,605,100 16.21%
Cash in vault*
585,118,600 15.49%
Deposits in banks and trust cos__ _ _ 11.439,300 5.52%
28,443,900 5.17%
545,044,400 21.73%
Total
5113,562,500 20.66%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on May 23 was $91,671,500.
Banks and Trust Companies in New York City.-The
averages of the Now 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.
.
00
92000
4044
.
...wev.vv.000
$
82.585,000
82.041,200
81,537,700
85,221.200
83,100,100
82,787,900
81,257,500
83,304,800
80,044.200
81,472.700
80,546,900
83,591.500
81,882,200
81,268,000
80,397,700
81,204.700
82,201,400
80.842201,
4.
67
-4.•10W-q16
$
5,693.929.300
5,605,108,000
5,612,344,600
5,573,095,200
5,525,329.600
5,512,101.700
5,524,265.800
5,525,702,500
5,452,289,100
5,349.637,400
5,422,329,800
5,359,115,500
5,402,569,400
5,519,884,000
5,610,150,900
5,604,043,500
5,523,581,600
5.452.014.500
Reserve in
Depositaries.
D 0000000
70000000
$
6,449,153.600
6,400.877,800
6,382,661.100
6,349,571,900
6,356.838,800
6.364,862.900
6,344,910,100
6,339,319,300
6,282,558,300
6,238.906,800
6,283,140,300
6,247.899,000
6,267,964,100
6,346.753,200
6,405,646,100
6,427,995.400
6,333,256,700
6.257.736.200
•Total Cash
in Vaults.
ACO0W01.000GA0O.....0...
Demand
Deposits,
Dowcwwoolowc,q...o=vba
401WolnV,
1kk0
Loans and
Investments.
9.r..NWONONWNNWA0.1.W.
Week EndedJan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Feb. 28
2lar. 7
Mar.14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that O. three ciphers (000) omitted.)
Net
Loan..
DisCapital., Profits.
CLEARING
NON-MEMBERS
counts.
Nat. bks. Dee. 31 InvestWeek Ending State bits. Nov.16 ments.
&c.
May 23 1925. Tr. cm. Dec. 31
Members of
Fed'I Res've Bank
Grace Nat Bank...
Total
State Banks
Not Members of
Fed'I Reeve Bank
Bank of Wash'n Eta
Colonial Bank
Total
Trust Company
Not Member of
Fed'i Res've Bank
MechanTr.BaYonn
Reserve
Net
Ni
Cash
with Demand Time
in
Legal Deposita, Deposits.
Vault. Depositories.
$
1,000
Average Average Average Average Average
$
1,736 11,097
51
811
4,656
4,791
1.000
1,736
11,097
51
811
4,656
4,791
200
1,200
512
2,447
8,101
28.880
804
3,090
371
1,477
6,312
25,700
2,372
3,759
1,400
2,960
36,981
3,894
1,848
32,012
6,131
500
508
8.882
365
89
2,973
500
508
8.882
365
89
2,973
6,004
2.200
Grand aggregate.-Comparison with pr ev. week
5.205
56,960
-322
4,310
--200
2,748 539,641
--20 --297
16,926
-193
2.900
2.900
2.900
2.900
5.205
5,205
5.205
5,205
57,282
56,624
56,009
55,570
4,510
4,309
4,103,
4,181'
2,768
2,648
2,578
2,634
17,119
17,098
17.009
17,002
Total
or'd aggr., Apr. 18
Gr'd aggr., may 9,
(led aggr.. May 21
Gr'd aggr., Apr. 25
a39,938
a39,057
a38.131
a37,790
a United States deposits deducted $36,000.
Bills payable. rediscounts acceptances and flume- liabilities. 81,123.030.
Excess reserve, $151,720 decrease.
Week Ended May 23 1925.
Two Ciphers (00)
omitted.
Membersof
Trust
P.R.System Companies
Capital
Surplus and profits
Loans,disc'ts & invest'ts_
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not Incl.)
Res've with legal dep.:isles_
Reserve with F.R. Bank
Cash in vault •
Total reserve & cash held._
Reserve required
Excess res. & cash in vault.
541,841,0
125,576,0
813,817,0
36,081,0
110,594,0
142,978,0
604,028,0
89,887,0
836,893,0
55,000,0
16,703,0
47,135,0
655,0
18,0
937,0
26,951,0
2,926,0
30,814,0
3,389,0
64,340,0
10,290,0
74,630.0
64,639,0
9,991,0
1,323,0
4,712,0
4,228,0
484,0
1925
Total.
546,841,0
142,279,0
860,952,0
36,736,0
110,612,0
143,915,0
630,979,0
92,813,0
867,707,0
13,334,0
3,389,0
64,340,0
11,613,0
79,342,0
68,867.0
10,475,0
May 16
1928.
May 9
1925.
$46,841.0
142,279,0
859,816.0
36,108,0
116,024.0
145,217.0
629,791,0
93,851,0
868,859,0
14,761,0
3,150,0
65,139.0
11,438.0
79,727,0
68.801,0
10,926.0
1646,841.0
142,279,0
860,934,0
34,133.0
106,319.0
143,374,0
620,981.0
94,043,0
858.398.0
17.381,0
5,034,0
64,594,0
10,980,0
80,608,0
68,575,0
12.033.0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 27 1925 in
comparison with the previous week and the corresponding
date last year:
•
May 27 1925 May 20 1925. May 28 1924.
Resources5
$
$
356,278,000 356,321,000 635,429,900
Gold with Federal Reserve Agent
9,874,000
6,345,000
Gold redemp. fund with U. S. Treasury_
5,177.900
Gold held exclusively agst. F.R. notes_ 366,152,000
Gold settlement fund with F. R. Board_ 258,468,000
Gold and gold certificates held by bank
331,170,000
362.666,000
231,684,000
337,242,000
649.606,909
150,667,009
172.235,009
Total gold reserves
Reserves other than gold
955,790,000
31,570,000
931,592,000
34,727,000
963,508,900
21,860,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations_
Other bills discounted
987,360,000
15,844,000
966,319,000
16,251,000
985,368,000
9,699,000
76,443,000
34,003,000
40,796,000
18,985,000
44,424,009
15,438,9119
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
110,446,000
66,675,000
59,781,000
75,080.000
59,862.9110
41,504,000
8,542,000
51,957,000
1.276,000
9,794.000
68,884,000
1,495,000
1,202,000
55,823,090
18,905,000
61,775,000
2,835,000
80,173,000
2,835,000
75,930,000
Total earning assets
241,731,000
217,869,000
177,296.009
Uncollected items
Bank premises
All other resources
134,493,000
16,872,000
7,424,000
174,533,000
16,709,000
7,081,000
117,689,000
15,159,000
6,245,000
Total U.S. Government securities.Foreign loans on gold
1,403,724,000 1,398,762,000 1,311.456,000
Total resources
Fed'I Reserve notes in actual circulation_ 332.023,000
Deposits-Member bank, reserve acc't_
842,707.000
Government
5,365,000
Other deposits
15,281,000
331,457,000
816,072,000
5,223,000
15,166,000
342,248,000
756,558,999
6,752,000
12,369,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
836,461,000
137,088.000
31,526.000
58,749,000
3,481,000
775,679,000
191,443,990
29,959,909
59,929,900
2,198,990
Total liabilities
863,353,OCO
114,469.000
31,555,000
58.743,000
3,575,000
1 403,724,000 1,398,762,000 1.311.456,000
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
82.6%
82.7%
88.1%
8,410,000
10,123,000
11,557.900
6,004
CURRENT NOTICES.
-Eastman, Dillon & Co. announce that Jules L. Bradford, formerly
with Messrs. Day & Zimmerman,and Gerald W.Tighe,formerly associated
with the Securities Department of the Federal Reserve Bank, have become
members of their Bond Department.
-Lehman Brothers, 16-22 William St., New York. have issued a circular
descriptive of the growth, history and recent operating results of the
Studebaker Corporation.
2784
[VOL. 120.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 28, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and.with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2750, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 27 1925.
May 27 1925. May 20 1925. May 13 1925. May 6 1925 April 29 1925 Ayr.22 1925. April 151925. April 8 1925. May 28 1924.
s
3
RESOURCES.
$
$
$
$
$
$
$
Gold with Federal Reserve agents
1,521,237.000 1,531,216,000 1,581,014,000 1,564,821,000 1,547,198,000 1.563,377.000 1,554,000.000 1,513,503,000 2,103,863,000
46,465,000
47.968,000
62,460,000
Gold redemption fund with U. S. Tress50,679,000
49,114.000
50,428,000
51,345,000
50,639,000
54,419,000
Gold held exclusive agst. F. R. notes- 1,583,697,000 1,581,895,000 1,628,982,000 1,613,935,000 1,598,543,000 1,614,016,000 1,608,419.000 1,563,931,000 2,150,328,000
651,885.000 654,157,000 814,266,000 611,846,000 636,928,000 632.337,000 637,009,000 692,776,000 594,007,000
Gold settlement fund with F. R. Board_
602.429,000 598,569,000 610,267,000 619,750.000 615,631.000 597,910.000 599.055.000 582.675.000 373,478,000
Gold and gold certificates held by banks_
2,838,011,000 2.834,621,000 2,853,515,000 2,845,531,000 2,851,102,000 2.844,263.000 2,844,483,000 2,839,382,000 3,117,813,000
96,461,000
143.814,000 145,974,000 140,721,000 141,691.000 142,009,000 141,491.000 141,044.000 137.226,000
Total gold reserves
R.eserves other than gold
Total reserves
2,981,825,000 2.980,595.000 2,994,236.000 2.987.222.000 2,993,111,000 2,985,754,000 2,985,527.000 2,976,608,000 3,214,274,000
46,238,000
Non-reserve cash
56,665,000
56,366,000
52,450,000
53,388,000
54.215.000
54,536,000
55,757,000
56.630,000
Bills discounted:
216,007,000 160,854,000 161,263,000 208,269.000 215,871,000 219,920,000 206,132,000 192,600,000 164,566,000
Secured by U.S. Govt. obligations_ - 197,992,000 177,548,000 177,459,000 202,333.000 184,114,000 192,455,000 189.170,000 198,689,000 265,034,000
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
413,999.000
278,413,000
338,402,000
276,026,000
338,722,000
282,986,000
410,602.000
278,468,000
399.985,000
266,828 000
412,375,000
275,501.000
395,302,000
274.058.000
391.289.000
310,685,000
429,600,000
86,760,000
85,012,000
241.904,000
22,298,000
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
17,409,000
245,722,000
70,151,000
Total U. S. Government securities...
Foreign loans on gold
All other earning assets
340,214,000
10,500,000
2,250,000
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
1,652.000
362,240,000
10,500.000
1.902,000
333,282,000
985,560,000 1,013.585.000 1,076,682,000 1,027,752,000 1,052,857,000 1,039,344.000 1,076,616,000
850,193,000
28,000
531,954,000
57339.000
25,207,000
1,054,376,000
Total earnings assets
5% redemp.fund agst. F. R. bank notes
584,282,000
Uncollected items
59,867.000
Bank premises
23,792,000
All other resources
674.761.000
59,701,000
23,199,000
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
551,000
4,756,592,000 4,780,481,000 4,836,938,000 4,800,888,000 4,749,755.000 4,848.537.00( 4.949.205,000 4.790.022,000 4,725,033,000
Total resources
LIABILITIES.
1,670,635,000 1,656,474,000 1,676,204,000 1,682.971,000 1,683,880,000 1,687.690.000 1,698,090,000 1.714,161,000 1,891,147,000
F. R. notes in actual circulation
317,000
F. R. bank notes in circulation-net__ _
Deposits2338.174,000 2,118363,000 2,153,999,000 2,180,024.000 2,134,562,000 2,163.116.000 2,141,443.000 2,140.760,000 1,936,074,000
Member banks-reserve account
40,384,000
19,532,000
32,732,000
38,624,000
23,980,000
Government
21.878,000
30,454.000
27,059,000
37.027,000
20,982.000
26.499.000
25.527,000
28,333,000
25,076,000
Other deposits
24.340,000
25,764,000
24,184.000
29.476.000
2,201,874,000 2.178,422.000 2,200,030,000 2,232,337,000 2,187.385,000 2,217,754.000 2,207,946,000 2,186.978,000 1,997,440,000
537,025,000 601,151,000 614,531,000 539,846,000 532,714,000 598,159,000 698,694.000 544,276,000 488,715,000
115,525,000 115.448,000 115.270,000 115.226,000 115.207,000 114,693,000 114,586.000 114.481,000 111,493,000
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
15,006,000
13.066.000
13,149,000
12,671,000
13,696,000
12,404.000
12,289.000
12,732,000
12,052,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
4,756.592.000 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 4.725,033,000
Total liabilities
Ratio of gold reserves to deposit and
73.6%
80.1%
72.6%
73.9%
73.2%
72.8%
72.8%
73.6%
72.8%
F. R. note liabilities combined
Ratio of total reserves to deposit and
77.2%
82.7%
76.3%
77.8%
76.5%
77.0%
76.3%
76.4%
77.3%
F. R. note liabilities combined
Contingent liability on bills purchased
39,857,008
42.828,000
39,007,000
45,337,000
45,281.000
43.485.000
35,780,000
44.897.000
47.656.000
for foreign correspondents
$
5
$
5
$
$
$
$
$
Distribution by Maturities66.995,000
80,433,000 106,137,000
92,293,000 100,059.000
105,408.000 109.929.000 1124,639,000 117,490,000
1_15 day bills bought in open market-302.959,000 226,929,000 231,983.000 301,583,000 294,009,000 306,278.000 294,842.000 289.091.000 234,773,000
1-15 days bills discounted
567.000
77.000
1,223,000
542,000
1.391.000
1.339,000
50.000
61.000
1-15 days U. S. certif. of indebtedness_
2,000
2.000
1-15 days municipal warrants
8,349,000
60.242,000
60,153,000
60,478.000
54.126.000
58.633,000
56,847,000
56,877,000
61.997.000
16-30 days bills bought in open market_
42,400,000
25,208,000
24,867.000
25.151,000
24,528,000
26.847,000
22,889,000
22,653,000
23,587,000
discounted
16-30 days bills
21,116,000
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
8,638,000
63.048,000
63.360,000
81,652,000
70,384,000
88,501.000
86.606.000
74,789,000
64,199,000
31-60 days bills bought in open market_
66,669,000
38,253,000
39,329,000
32,719,000
35,439,000
40,693,000
36,694,000
37,938,000
38,079,000
31-60 days bills discounted
indebtedness
of
certif.
31-60 days U. S.
51,000
31-60 days municipal warrants
38,381,000
30,761,000
2,274,000
33,698,000
29,120,000
48,181,000
41,184,000
47,558.000
32,681,000
61-90 days bills bought in open market_
42.688,000
19,853,000
22,131,000
22,234,000
23,857,000
21.294.000
23,386,000
25.722.000
24,087,000
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
51-90 days municipal warrants
4,203,000
4.296,000
3,750,000
504,000
5,966.000
4,625,000
5,068,000
7.202,000
8.011.000
Over 90 days bills bought in open market
43,070,000
23,445,000
25,762.000
26,616.000
21,580,000
16,880.000
27,057,000
20,223.000
14,915,000
Over 90 days bills dLscounted
21,668,000
22,248,000
23,045,000
49,035,000
22.558,000
24.418,000
Indebtedness....
26.817,000
21,860,000
28,209,000
of
Over 90 days certif.
Over 90 days municipal warrants
Federal Reserve Notes1.973,093,000 1.985,011,000 1,986,076,000 2,000.009,000 2,000,885,000 2,017,175,000 2,025,361.000 2,020,173,000 2,376,708,000
Outstanding
302,458,000 328,537.000 309,872,000 317,038,000 316,805,000 329,485.000 327,271.000 306,012.000 485,561,008
Held by banks
1,670.635,000 1,656,474,000 1,676,204,000 1.682,971,000 1,683,880,000 1,887,690.000 1,698.090,000 1.714,161,000 1.891,147,008
In actual circulation
2,979,174,000 2,993,562.000 2,999,734,000 3,005,446,000 3,007.407,000 3.008.943,000 3,337,600,000
Amount chargeable to Fed. Res. Agent 2.958,665,000 2.980,208,000
985.572,000 995,197,000 993,098.000 993.553.000 999,049.000 988.271.000 982,046.000 988.770,000 960,892,000
En hands of Federal Reserve Agent
1.973,093,000 1,985.011.000 1,986,076.000 2,000.009,000 2,000,685,000 2,017,175.000 2,025,361,000 2,020,173,000 2,376,708,000
Issued to Federal Reserve Banks
How Secured288,586,000 289,011,000 282,316,000 276,316.000 275,816,000 277.316.000 277,316.000 274,916.000 335,864,000
By gold and gold certificates
451,856,000 453,795,000 405,062,000 435,188.000 453,487,000 453.798.000 471,361,000 506,670.000 272,845,000
By eligible paper
105,154,000 110,224,000 108,400,000 102,622,000 115.266,000 108,898,000 117,518,000 107,181,000 113,172.000
fund
Dold redemption
1,127,517,000 1331,081.000 1.190,298,000 1,185,883,000 1,156,116,000 1,177363,000 1.159.166,000 1,131,406.000 1,654.827,000
With Federal Reserve Board
1,973.093,000 1,935,011,000 1.986,076,000 2,000,009.000 2,000,685,000 2,017,175,000 2.025.361,000 2,020,173,000 2.376,708,000
Total
Eligible paper delivered to F.R. Agent
668.350,000
579,198.000
589.468,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
659,890.000
639.244.000
658.561.000
641.013.000
675 040 000
495,460,000
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 271925.
Two ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Federal Reserve Bank of$
$
$
$
RESOURCES.
37,315.0 123,185,0
Gold with Federal Reserve Agents 191,895,0 356,278,0 134.088,0 170,405,0 5,440,0 1,898,0 135,444,0 25,061,0 54.375,0 52,405,0 34,974.0 205,812.0 1,521,237,0
62,460,0
6,696,0 1.510,0 1,124,0 3,473,0 2,122,0 1,757,0
9,874.0 14.280,0 2,685.0
Gold red'n fund with U.S. Treas. 11,602,0
s
Gold held excl. agst. F.11.1mtes 203.497,0
Gold settle't fund with F.R. B'rd 35,733,0
Gold and gold ars. held by banks 22,401,0
Total gold reserves
Reserves other than gold
261,631,0
14,450.0
$
$
$
$
$
$
$
$
368,152,0 148,368,0 173,089.0 42,755,0 125,083,0 142,140,0 26,571,0 55,499,0 55,878,0 37,096,0 207.569,0 1,583,697,0
258,468,0 47,899,0 87,108,0 13,584.0 14,081,0 99,096,0 12,700,- 20,103.0 25,852,0 7,543,0 29,718,0 651,885,0
331,170,0 20,650,0 36,674,0 21,814,0 4,437,0 107,830,0 10,091,0 7,159,0 3,443,0 7,890,0 28,870,0 602,429,0
955,790,0 216,917,0 296,871,0 78,153,0 143,801.0 349,066,0 49,362,0 82,761,0 85,173,0 52,529,0 266,157.0 2,838,011,0
31,570,0 7,280,0 8,534,0 4,397,0 16,323,0 17,718,0 20,295,0 1,523.0 4,812,0 10,624,0 6,288,0 143,814,0
276,081.0
Total reserves
Non-reserve cash
5,884,0
Bills discounted:
Sec. by U.S. Govt. obligations 14,863,0
Other bills discounted
18,839,0
987,360,0 224,197,0 305,405,0 82,550,0 159,924,0 366,784,0 69,657.0 84,284,0 89,985,0 63,153,0 272,445,0 2,981,825.0
52,450,0
15,844,0 1,590,0 2,353,0 3,538,0 4.605,0 6,163,0 3,788,0 1,098.0 2,075,0 2,455,0 3,057.0
1,406,0
8,100.0
310,0 11.944,0
4,750,0 20,044,0
216,007,0
197,992,0
Total bills discounted
33,702,0
Bills bought in open market
37,422,0
U. S. Government securities:
Bonds
584,0
Treasury notes
673.0
Certificates of indebtedness- 3,079.0
110,446,0 41,633,0 47,568,0 46,354,0 18,332,0 45,103,0 20,615,0 5,692.0 7,506,0
66.675.0 21,610,0 24,872,0 10,794,0 10.172,0 39,095.0 12,136,0 10.674,0 15,452,0
5,060,0 31,988,0
8,719,0 20,792,0
413,999,0
278,413,0
8.736.0 12,259,0 9,834,0 4,847,0
8,403.0 22,790,0 22,124,0 38,886,0
544,0 5,366,0
206,0 2,381,0
85,012,0
241,904,0
22,298.0
40 000 11
2409140
Tntxt TT A (Inv? azumleitioa
a gla n
76,443,0 28,107,0 33,382.0 12,888,0 1,758,0 25,991.0 8,327.0
34,003,0 13,526,0 14,186.0 33,466,0 16,574,0 19,112,0 12,288,0
637,0 9,520,0
8,542.0
51,957,0 17,236,0 12.724,0
60.0 5,409,0
1.276,0
al ,',4n
1, 0.15 n
01 RR2 11
1,779,0 3,183,0 20,325,0 4,766,0
4,344,0 12,425,0 20,735,0 29,607.0
103.0 1.203,0 1.945,0
726,0
Rosen
1111111 II
d'l firm n
.14 non n
588,0
5,104,0
17 qdS n
Qv e•In n
'10 4110 n
MAY 30 1925.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
$
777,0
Foreign loans on gold
All other earning assets
76,237,0
53,238,0
4,190,0
55,0
Total earning assets
Uncollected items
Bank premises
All other resources
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Phila.
$
2,835,0
2785
$
978,0
2,250,0
$
1,124,0
$
557,0
$
430.0
$
483,0
$
1,449,0
$
346,0
$
420,0
$
368,0
Total.
$
10,500,0
2.250.0
$
735,0
241,731,0 84,402,0 101,217,0 63,931,0 45,745.0 128,652,0 68,333,0 34,057,0 80,808,0 46.649,0 102,614,0 1,054,378.0
134,493,0 58,101.0 54,743,0 49,471.0 29,076,0 75,941.0 28,401,0 12,749,0 34,109,0 20,987,0 32,973,0 584,282,0
18,872,0 1,122,0 7,573,0 2,446,0 2,780,0 8,099,0 4,351,0 3,049,0 4,275,0 1,833,0 3,277,0
59,867,0
7,424,0
23,792,0
421.0
330.0 3,383,0
298,0
717,0 2.798,0 1,410,0
594,0 1,585,0 4,777.0
415,885,0 1,403,724,0 369,833,0 471,589,0 202.653,0 244.928,0 587.049,0 174,860,0 138,820,0 191,846,0 136,662,0 419,143,0 4,756.592,0
Total resources
LIABILITIES.
F.R.notes in actual circulation 203,609,0 332.023,0 156,923,0 204,923,0 70,693,0 138,452.0 158,521,0 48,459,0 61,607,0 62,282,0 40,843,0 196,320,0 1,670,836.0
Deposits:
Member bank-reserve acct._ 131,790,0 842,707,0 125,978,0 174,651,0 83,290,0 88,325,0 304,168,0 79,371.0 52,313.0 82,761.0 56,848,0 155,974,0 2,138,174,0
Government
1,997,0
5,385,0 1,988,0 2,905,0 2,756,0 4,333,0 8,421,0 3,599,0 1,159,0 1,844.0 2.791,0 3.486,8
38,824,0
Other deposits
288,0
15,281,0
25,078,0
430,0 1,249,0
258.0
441,0
164,0 4,597,0
982,0
138,0 1,109,0
163,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
134,073,0
52.459,0
8,478,0
16,382,0
884,0
883,353,0 128.376,0 178,805,0 66,209,0 72,794,0 311,896,0 83.932.0 53,730,0 8.5,048.0 59,803,0 164,057,0 2,201,874,0
114,469,0 52,694,0 51,168.0 47,225,0 21,397.0 69,032,0 28,844,0 11,532.0 30.689,0 23,425,0 34.091,0 537,025.0
31,555,0 11,216,0 12,968,0 5,993,0 4,614,0 15,548,0 5,104,0 3,244,0 4,338,0 4,288,0 8,181,0 151,525,0
58.749,0 20,059,0 22,462,0 11.701,0 8,950,0 30.426,0 9,971,0 7,497,0 8,977,0 7,592,0 15,071.0 217.837.0
3,575,0
565,0 1,263,0
13,698.0
713,0 1,423,0
534,0
832,0
550,0 1.010,0
721,0 1,826,0
Total liabilities
416,685,0 1,403,724,0 389,833.0 471,589,0 202,653,0 244,928,0 587,049,0 174,860,0 138,620.0 191,848,0 136,682,0 419,143,0 4,756,592,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com81.8
bined, per cent
82.6
77.0
78.6
61.1
79.8
62.7
75.6
53.4
73.1
78.0
60.3
76.4
Contingent liability on bills purchased for foreign correspond'ts 2,775,0
8,410,0 3,477,0 4.011.0 1.987,0 1.537,0 5,174,0 1,725,0 1,237,0 1,500,0 1.312,0 2.625,0
35,780,0
STATEMENT 01? FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAY 27 1925.
Federal Reserve Agent at-
Boston New York Phila. Cleted. Richned Atlanta Chicago SILouis Minn. K. City Dallas San Fr.
(In Thousands of Dollars)
Resources$
Federal Reserve notes on band
64,350
Federal Reserve notes outstanding
241,682
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
31,050
Gold redemption fund
11,845
Gold fund-Federal Reserve Board
149,000
Eligible paper/Amount required
49,787
lExcess amount held
21,337
Total.
$
$
$
$
$
314,940 35,400 40,200 22,575 68.254
454,528 187,916 219,017 86.039 150,211
II
$
$
$
$
$
$
268,807 25,360 23,391 27,523 23,172 71.600 985,572
167,398 52,171 64,945 71,199 46,215 231,776 1,973,093
188.898 8,000 8,780 2,000 9,000
28,580 13,699 11,625 3,020 5,185
141,000 114,389 150,000 32,295 109,000
98,248 53,828 48,612 48,724 27,026
67,392
975 22,983 8,245
871
___ 288,588
__ 18,011
13,975
1,323 3,045 2,963 18:984 105,154
4,799 2,088 13,052130,645 9,000 40,000 49,360 14.000 188,828 1,127,517
31,952 27,110 10,570 18,794 11.241 25,964 451,858
51,982 4,610 5,655 3,989 2.514 25.961 216,494
Total
569.0511,291.384 412,207 501,217 202.898369.547
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
306,032 769,466 223,316 259,217 108,614 218,465
Collateral received from/Gold
191,895 356,278 134,088 170,405 37,315 123,185
Federal Reserve BankiEligible paper
71,124 185,640 54,803 71,595 56,969 27,897
855,581 134,312 158,936 173.910 118.118 561,113 5,148,252
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
436.203 77,531 88,336 98,722 69,387 303,378 2.958.685
135,444 25,061 54,375 52,405 34,974 205,812 1.521,237
83,914 31,720 16,225 22,783 13,755 51,925 668.360
569,051 1,291,384 412.207 501.217 202,898 369,547
655,561 134,312 158.936 173,910 118.116 561,113 5.148.252
241,682
38.073
454,526 187,918 219.017 86,039 150,211
122.503 30,993 14.094 15,346 13,759
167.398 52.171 64,945 71,199 46,215 231,776 1,973,093
8,875 5,712 3.338 8,937 5,372 35.456 302,458
203.609
33202s IAA 025 204 625 70 son 126 452
155 521 46 459 61.607 82.262 40.843 198.320 1.870.886
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
the liabilities of the 736 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the 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 2750.
I. Data for all reporting member banks in each Federal Reserve District at close of business May 20 1925. Three c obese (000) omitted.
Federal Reserve District.
Boston. New York
Number of reporting banks
42
106
Loans and discounts, gross:
$
$
Secured by U.B. Gov't obligations
8,905
66,909
bonds
and
Secured by stocks
292,1352.173,009
All other loans and discounts_ _ 836,548 2,500,094
-Total loans and discounts
937,588 4.746,812
Investments:
U.S. pre-war bonds
9,885
39,864
U.S. Liberty bonds
78,101 597.658
U. S. Treasury bonds
22,100 179,639
U.S. Treasury notes
7,223 193,964
U.S. Treasury certificates
2,931
56,439
Other bonds, stocks and securities 190,070 1.132,441
Total. nvestments
317,090 2,199,995
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. Citp Dallas. San Fran.
55
7C
73
$
13,061
330,491
365,519
$
18,504
459,250
739,978
100
33
$
6,193
128,934
348,239
$
$
31,951
7,779
82.280 749,761
380,360 1,223,063
709,071 1,217,732
483,366
9,808 . 31,803
55,105 158.183
21,357
35,081
12,300
42,822
6,177
7,419
258,490 355,536
24,838
34,263
12,204
1.526
488
62,837
363,237
630,824
136.156
Totall oans and nvestments--- 1,254,678 8,948.607 1,072,308 1,848,556
Reserve balances with F. R.Bank
91,455 734,938
82,502 119,746
Cash in vault
20,869
77,106
16,586
29,993
Net demand deposits
881.609 5,558,676 773.307 996,486
deposits
Time
350,280 1,211,027 174.892 733,035
Government deposits
9,047
31,002
16,951
19,169
131115 pay'le & redise. with F. R.Bk.:
Secured by U.S. Gov't obligations
2.485
25,870
5.148
11,853
11,395
All other
12,057
3,160
4,754
Bankers' balances of reporting member banks in F. 11. Bank cities:
127,876 1,024,944 174,591
Due to banks
50,824
40.348 110,780
Due from banks
59,486
29,946
619.522
38,283
13,665
347,039
197,898
8,638
3,757
12,992
Total.
738
$
$
183,107
10.070
227,6.79 4,847,433
859,567 8,068,563
70
71
49
$
10,253
171,762
302,888
' 25
$
2,720
53,874
171,539
$
3,763
107,107
317,375
$
2.999
71,276
214,793
470,399 2,004,775
484,903
228,133
428,245
289,068 1,097.216 13,097,108
14,954
14.185
5,843
3,287
1.583
47,203
17,886
175,045
61,959
85,485
8.409
418.984
12,708
40,570
14,077
9,217
2 273
108,554
6,896
25,641
11,228
18,357
2 852
40,805
9,333
46,457
18,455
16,169
3,098
75,411
87,055
767,748
187,399
105,579
188,923
557,454 2,772,523
38,988 235.555
10,921
50,524
325,574 1,745,277
205,351 985,942
6,222
19.309
672,302
44,214
6.971
389.278
204,737
8,009
333,712
22,926
5,487
209,154
103,403
1,676
597.188
50,556
12,083
467,957
135,708
3,242
1,290
8,206
330
1,263
1,109
1,025
36
2,586
8,159
17,910
2,709
18,212
18,101
8,758
9,058
2,860
19,894
220,201
24.264
137,503 1,378.812
55,756
446.437
425.426
26,017
108,670
14,141
187,741 2.906.560
76.683
445,422 5,486,111
385,751 1,542,638 18,583,210
27,383 104,584 1,591,110
275.694
20,925
10,551
280,801 758,908 12,694,068
92,895 762,984 5,158,152
11,775
137.073
4,933
31,039
16,696 398,326
84,898
4,856
99,729
16,694
15.115 197,750
30,150
19,629
41.010
2. Data of reporting member banks in New York City, Chicago, and
for whole country.
1,249
29,182
25.637
12,465
5,346
84,809
68.315
96.199 2,183.160
634.98
48,446
All Reporting Member Banks.
Reporting Member Banks in N. Y. City. Reporting Member Ranks in Chicago.
May 20 1925. May 13 1925. May 211924. May 20 1925. May 13 1925. May
21 1924. May 20 1925. May 13 1925. May 21 1924.
736
Number of reporting banks
736
749
65
48
85
46
67
46
$
Loans and discounts, gross:
$
$
$
$
$
$
$
$
183,107,000
Secured by U. S. Govt. obligations
191,422,000
230,946,000
61,396,000
70,369,000
26,140,000
25,445,000
96,991,000
24,709,000
4,847,438,000 4,828,073,000 3,877,678,000 1,934,277,000 1,932,954,000 1.427.685,000
Secured by stocks and bonds
555,958,000 450,152,000
8.086,563,000 8,147,298,000 7,871,167,000 2,205,848,000 2,259,750,000 2.211,638,000 558,942,000 698,722,000
All other loans and discounts
681,466,000
694,409,000
13,097,108,000 13.166,793,000 11,979,791,000 4,201,521,000 4,263,073,000 3,736,314,000 1,278,080,000 1,280,125,000 1,137,758,000
Total loans and discounts
Investments:
220,201,000
220,543,000
U.S. pre-war bonds•
271,738,000
29,127,000
29,213,000
39,957,000
1,934,000
4.198,000
1,933,000
1,378,812,000 1,355,088.000 1,137,792,000 503,564,000 512,184,000 489,294,000
U. S. Liberty bonds
81,822.000
54,178,000
84,161,000
446,437,000
452,738,000
U. S. Treasury bonds
68,941,000 163,201,000 158,004,000
18,773,000
26,731,000
25,958,000
4.391,000
425,425.000
407,351,000
notes
Treasury
U. B.
669,140,000 179.927,000 158,714,000 317,471,000
80.441,000
80,165,000
79,714.000
108,670,000
11d,463,000
91,224,060
U. S. Treasury certificates
54,851,000
54,416,000
23,938,000
3,723,000
3,685,000
13,333,000
Other bonds, stocks and securities_ 2,906,566,000 2,901,377,000 2,382,130,000 847,459,000 866,977,000 687,602,000 195,594,000 194,995,000 162,558,000
Total investments
Total loans and investments_
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Rills payable and rediscounts with
Federal Reserve Banks:
Secured by U.S. Govt. obligations
All other
Total borrowings from F.R.bks
5,486.111,000 5.447.540,000 4,620,965,000 1,778,129,000 1.777,508,000 1,557,035,000 371,496.000 369,648,000
318,388,000
18,583,219,000 18,814,333,000 16,600,756.000 5,979.850,000 8,040,581,000 5,293,349,000 1.649.556,000 1.649.771,000
1,456,126,0W
1,591,110,000 1,618,133,000 1,452.798.000 879,280,000 691,995,000 621,720,000 159,147,000
159,322,000 146,005,000
275,694,000
285.552,000
277,565,000
62,122,000
63,411,000
63,207,000
25,067,090
26,281,000
27,138,000
12,694,068,000 12,815.759,000 11,402,862,000 4,997,676,000 5,081,299,060 4 471,006,000 1,141,693,000
5,158,152,000 5,134,342,000 4,315,508,000 845,759.060 840.068,000 654.762,000 484,754,000 1,140,026,000 1,043,358,000
482,442,000
380,710,000
137,973,000
184,637,000
117,771,000
24,114,000
32,140,000
28.688.000
10,618,000
14,168,000
7,107,000
84,809,000
68,315,000
86,989,000
72,677,000
68,710,000
105.113,006
13,000,000
10,005,000
22,225,000
18,475,000
16,075,000
1,554,000
1,260,000
730,000
1.630,000
805,000
2,193,000
2,484,000
153,124,000
159,666,000
173.823.000
23.005.000
40,700,000
17,629.000
1,990.00
2,435 000
4,677.000
[VoL. 120.
THE CHRONICLE
'Bankers' Gazeitt
Wall Street, Friday Night, May 29 1925.
r Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2775.
The following additional sales were reported this week:
STOCKS.
Week Ended May 29.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest. I Highest.
Par. Shares $ per share. 8 per share. 5 per share.'8 per share.
IS Railroads.
Jan 59
May29 58
155 5734 May26 59
May
Canacla Southern_ .. _ _100
Jan
100 334 May23 304 May23 23 Apr 4
Duluth S S & Atl _ _ _ _100
100
200 534 May23 6
May27 334 Apr 039 Jan
Preferred
70 76
May26 78
May261 75 May 7834 May
Green Bay & West _ _ _ 100
May
Havana El Ry,L &P 10036,70013034 May25 1513
May29 112 May 156
May 138 May
May27 134
May27 127
100 200 134
Hocking Valley
100
100 234 May29 234 May29 134 Jan 334 Mar
Iowa Central
50
Morris & Essex
May
88 7934 May25 7934 May251 7734 Jan 80
Nat Rys Mex, 1st pf.100 1,200 5 May29 534 May23 334 Apr 6 May
Feb
Jan 175
N Y ds Harlem
50 50017434 May26 17434 May26 160
May
Jan 104
40 104
May25 104 l'slay25 100
N Y Lack Zr West __ _ 100
May25 278 May1294 May
New York Rys part Ws• 112 283 May27 286
300 939 May28 10
May231 934 May 1134 May
Preferred certificates.•
Jan 8034 May
58 8034 May27 8034 May27 77
Northern Central _ __ _50
Mar
May 38
100
100 2434 May29 2434 May29 23
Pacific Coast
Jan 69
Jan
100 6534 May29 6534 May29 64
100
First preferred
1,700 1834 May29 1934 May25 1734 Mar 2434 Jan
Reading rights
200 100
May23 100 May23 9434 Jan 100 May
Twin City Rap Tr, p1100
Industrial & Misc.
1 14,500 1134 May23 12% May27 934 AP 12% May
Ahumada Lead
Feb
Jan 06
May28 161
100 178 May28 178
American Bank Note..50
100 5834 May26 5834 May28 5334 Janj 5834 May
50
Preferred
Amer Car & Foundry_.•11,000105% May27 10834 May25 9734 Apr 111% May
Amer-La France FireEng
Jan
100 97 May26 97 May26 9534 Feb 97
7% cum preferred_100
Jani107
May
May28 107
May28 94
Am Chicle, pref. ctfs_100 500 107
Jan
200 9134 May28 9134 May28 9134 May 95
American Plano, pret.100
200 14034 May26 14034 May26 13834 Apr 15034 Feb
100
American Snuff
May26 9834 May 10034 May
May26 100
100 100
100
Preferred
May 40 May
May28 39
May26 40
Am Steel Found. new_* 4,900 39
Jan
10010634 May27 10634 May27 10534 May 110
Am Type Found, p1.100
20
May 2234 Mar
May23
22
May28
21
13,000
Armour of Illinois A...25
May
May25 4234 May23 2934 May 44
• 1,800 41
Artioorn
100
2110134 marci 10234 May23 10134 May103% May
Preferred
Associated Dry 0,new__ 1,200 5234 May28 5334 May28 5234 Maya 5334 May
Apr11634 Feb
May27 14
May27 13
100 14
50
Auto Sales, pref
36 May27 1-64 May
34 May
Barnsdall Corp, rights_ _ 89,561 1-64 May26
Feb
100 9634 May23 9634 may= 95
AprI 9834 May
Bayuk Bros. 1st pref.100
•63,700 4134 May28 4434 May25 3354 Marj 4434
Briggs Mfg
Jan
Brunsw-Balke-Coll'r_• 5,000 283-4 May29 3034 May23 2734 May1 48
May23 80
Feb11834 May
May23 114
100 114
Bush Terminal
Mil 8534 May
May26 83 May29 80
lOOi 1,600 81
Debentures
Ma 1836 May
May25 15
• 3,100 1534 May27 17
New
May27 9634 Jan 101
May27 101
May
Bush Term Bldg, pLlOOi 100101
May
May26
34
34
34 May
May25
34
rIghts.
Calif Petroleum
.147,850
May25 89 May29 8036 Feb 89 May
Cert-Teed Prod,2d pflOO1 200 88
May26 5434 May28 4934 Mar 5634 Mar
•i 3.700 63
Childs Co
May
Mar 51
May27 49
May27 36
loot 100 49
Crex Carpet
Cudahy Packing.-- 1001 600 9734 May27 9734 May25 9734 May 9834 May
Mar
May 103
May26 101
May26 101
Cushman's Sons, prat 1001 100 101
May
..*l247.91, 3034 May26 3531 May29 1734 May 37
Elec Pwr & Lt otf
Mar 10834 May
May2310834 May29 100
111.100104
40% pr paid
3.300 105 May26 10934 May29 10034 Mar 10934 May
Full paid
mprze 20 May25 16 May 2034 Jan
Elk Horn Coal, pref..501 300 16
Jan
May27 8 May27 8 May 15
Emerson-Brant'm,pf lOOj 100 8
May 3334 May
Fed Lt& Trac. new__...72,000 3034 May25 3234 May26 30
Jan 87
Mar
May25 85
300 8534 May26 86
15
Preferred
May28 6034 Feb 73 May
new....2536.300 6834 May23 73
Body,Fisher
10010334 May27103% May27 10134 Mar 104% Jan
Franklin-Simon. prat.100
20011034 May26 11034 May27 10114 May11034 May
Great West sug. pref.100
May25 10134 May 10534 Jan
100103 May25 103
Gulf States SVI,1st pf100
Feb
May 89
May28 63
May27 51
Hanna, 1st pt, c. I. a_100 700 51
Jan 10534 May
Hayes Wheel, pref.._100 200 105 May28 10534 May28,100
Apr
May 83
May29, 66
May29 67
100 67
25
Helme(G W)
Jan
May249
May25235
May271218
51 230
100
Ingersoll Rand
May
May
May29
May29
134
134
134
3,600
134
rights_
Int Business Corp
May29 8934 May 90 May
Internist Paper pref 100 400 8934 May29 90
Mar
May29 11134 Feb 115
Jones & L Steel pref 100 20011334 May26 114
Jan 102% May
May25 10234 May29 99
700 102
K C Power & Lt let pf.•
Jan
JanI 93
May28 93 May28 88
100 93
KresgeDeptStorespf100
May25 4934 May25 453.4 Mas 5234 Apr
Long Ball Lumber A__.• 400 49
MarJ 7834 Feb
500 6739 May27 6834 May23 66
100
Mackay Cos pref
Maxwell Motors A otfs__ 5,00011134 May23 11634 May29 10734 May 11634 May
105600 94
May2511334 May28 7734 Aprlll334 May
B certificates
20012234 May28 12234 May28 11636 Ma 123X Jan
May Dept Stores pf _ _100
Mid-Continental Petrol 1,000 3034 May29 323,6 May27 2634 A011 3234 May
May
May23 8334 Aps 91
May23 91
100 300 91
Preferred
Mar 113 May
100113 May23113 May23 109
Montana Power pref _100
Aprj
18
May26
May
2634
2534
May28
2339
17,300
•
Motor Wheel
• 700 3634 May27 3634 May25 3234 APrI 4234 Mar
Murray Body
Apr1 3734 May
30
May23
3734
May29
3534
39,300
....*
Products_
Distil
Nat
100 6334 May28 6334 May28 52
FebI 6535 May
Npt N& H Ry,G & E 100
IA 100 May
200 9934 May26 100 May26 95
1sT Y Canners 1st pf_ _100
Febj
17
2834 Feb
May29
2534
May25
25
400
•
81' Y Shipbuilding
Jan 101% May
300 100 May28 10134 May28 97
N Y Steam let pea_
300 80 May25 8036 May25, 7839 Mar 86 May
Onyx Hosiery mei_ 1 i 1
111% May
Owens Bottle pref._ _100 300 11134 May26 11134 May26 11034 Apr
May23 2334 May29 1734 Maya 2334 May
Paige Detroit Mot Car.* 88,111 18
43
6034 Feb
May23
50
May23
50
200
Janl
0.111
R
&
P
Panhandle
Apr
• 3,700 2134 May28 25 May25 2134 May1 28
Penick ds Ford
100 20010534 May28 105% May28 105% MaY 105% May
Preferred
Jan
May28
8234
955%
8534
Marl
May28
100
8534
Phillips Jones. pref _100
May
AprI 28
May29 18
5 2,100 2234 May28 28
Phoenix Hosiery
May
89
84
May28
89
May28
8834
200
AprI
100
Preferred
Jan
May29 4034 Marl 53
May29 53
100 53
Porto Rican-Am Tob.100
May29 4339 May( 4739 Feb
300 •4334 May23 44
Prod & Ref Corp, pf_ _50
May
1
Ma
34
May29
May28
1
34
20,000
PS Corp of NJ rights__
Mar
500 9334 May25 9454 Mar29 9234 Mayl 95
P W Elec & Gas, pref.100
May26 1004 Jan 10434 Mar
May26 104
100 104
Pub Sens El Pow, p1.100
Feb
120
Mar
34
114
May26
18
May26
20011731
Ry Steel Spring, pref..100
Jan 10334 Mar
May28 100
May28 103
100 103
Rem'n Type, 1st p1,8100
May
2234
May
10
May29
34
22
May23
1634
*43,400
Reis (Robt) & Co
May
May 85
May28 63
May25 85
First preferred__ _100 1,300 75
May
800 434 May28 434 May26 434 May 5
Roasts Insurance rights_
May
May
1434
May23
1434
1434
* 3,700 1434 May23
3eagrave Corp
May
May29 4034 Mar 65
•19,500 5334 May25 65
3hattuck (F G)
Mar
103
Jan
May26
10034
103
May25
60010234
31mmons Co, pref__ A00
May27 9234 Apr 9839 Feb
400 9234 May28 93
Moss-Shaft S & I, pf...100
Apr
9934
May
95
May28
99
May289834
200
pf_100
lat
Bros,
3paiding
May
May28 2134 May 2'1
• 1,100 2334 May26 24
3pear & Co
MaY
May28 9134 May 92
100 300 9134,May27 92
Preferred
May
3tand Gas& Elec, pref50 1,700 535% May27 5434 May27 5034 Mar 0414
Mar
3ymington temp ctfs___• 6,800 1634 May28 1734 May25 1034 Jan 19
May25 2034 Mar 2334 Jan
* 1,000 215% May23 22
Class A
Jan
310
Apr
255
May28
May26 300
63 300
Tex Pat Land Trust_100
Mar
United Cigar Stores_25 10,600 es% May25 7254 May29 6034 Jan 8134 Jan
May23 2134 May25 1834 Apr 23
United Paperb'd Co.100
300 21
Apr 439 Mar
May28 4
May28 4
U S Express
200 4
100
Feb
May28 5139 Ma 56
May28 54
U £3 Tobacco
100 54
*
239 Apr
Feb
134
May26
2
Virginia-Carolina etre_
Niay26,
100 2
35 May
M May23 1-16 May
Vlvaudou rights
10,100 1-16 May26,
Mar
May26 7 May 8
Vulcan Detinning...100
May26 7
100 7
May
Apr 152
May25 116
Ward Baking, CI A __ _.* 1,60014734 May26 151
May
Class D
May28: 3734 Mar 52
•34,800 4934 May23 52
Preferred
May2710034 May2011 943.4 Feb 10034 Apr
100 300100
Jan
West Cleo Instrument __* 4,500 1134 May29 1334 May23 934 AP 14
2434 May
• 3,200 2234 May28 2334 May25 1934 M
Class A
May
594
May
4
PrickwIre-Spen ((VI etre.* 8.400 4
May28 434 May23
Jan 110% May
%Vest Penn Pow, prat.100
20010934 May29110% May29 104
•No par value.
Foreign Exchange.-Sterling ruled quiet but strong,
To-day's (Friday's) actual rates for sterling exchange were 4 8334@
48334 for sixty days, 4 8574(4)4 86 for cheques and 4 863904 8694 for
cables. Commercial on banks sight 4 855%@4 8534, sixty days 4 KM@
4815%. ninety days 4 8134@4 815% and documents for payment (60 days)
4 81%04 82. Cotton for payment 4 855%©4 8534 and grain for payment 4 85%04 8534.
To-day's (Friday's) actual rates for Paris banke:s' francs were 4.935%0.
4.95 for long and 4.9905.0034 for short. German bankers' marks are not
yet quoted for long and short bills. • Amsterdam bankers' guilders were
39.7034 for long and 40.0634 for short.
Exchange at Paris on London, 97.07 francs; week's range, 94.97 francs
high. and 97.07 low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Checks.
Sterling Actual4 86
4 8639
4 8334
High for the week
85
4
855%
4
8334
4
week
the
for
Low
Paris Bankers' Francs5.1234
5.045%U 5.113
High for the week
4.9934
4.9894
4.9234
Low for the week
Germany Bankers' Marks23.81
23.81
High for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders40.20
40.18
39.74
High for the week
40.1334 40.1534
39.6934
Low for the week
per $1,000
15@25c.
Louis,
St.
par.
Domestic Exchange.--Chicago,
discount. Boston, par. San Francisco. par. Montreal, par. Cincinnati, par.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. May 23 May 25 May 26 Mai/ 27 May 28 May 29
010ss
.
(High 1010,2 1
First Liberty Loan
3X% bonds of 1932-47_ _(Low- 101.00 101.00
(Close 10102: 101.00
(First 3345)
68
37
Total sales in $1,000 unUs___
Converted 4% bonds of iHigh
____
____
1932-47 (First 4s)____ Low_
Close
__ __
____
Total sales in $1,000 units.Converted 4 34% bonds (High 102"ss 10210.2
(Low. 1020.2 102022
of 1932-47 (First 4%s)
(Close 102"s2 102"n
29
16
Total sales in $1,000 units__
Second Converted 434%{High
------____
____
bonds of 1932-47 (First Low_
Second 434s
____
Total sales in 51,000 units_ ____
.....- (High 101'32
Second Liberty Loan
---4% bonds of 1927-42 _ _ (Low. 101'22
---(Close 1010,2
(Second 4s)
Total sales in 81.000 units. _.
Converted 4 34% bonds (High 10110n 1011022
01 1027-42 (Second (Low_ me. mien
[Close 10110,2 101"s2
44s)
114
34
Total sales in $1,000 units(High 10100,2 10100,2
Third Liberty Loan
4% bonds of 1928._(Low_ 1012121 10121,2
43,
(close 1012.,1 towo
(Third 4345)
166
17
Total sales in 21,000 units...
righ 10210n 10210n
Fourth Liberty Loan
434% bonds of 1933-38
Low. 1021722 1021022
Close 102",, 1021'n
(Fourth 434*)
328
73
Total sales in $1,000 units.. _
(High 1061522 10610n
Treasury
(Low. 106022 106022
434s, 1947-52
ss 106"st
(Close 106,
3
42
Total sales in 51,000 units...
45, 1944-1954
(High 10211,2 102"st
(Low_ 10211,2 10210,2
(Close 10210,2 1021122
11
12
Total sales in 51.000 man_ __
1010n 101022 101,n 101'n
101.00 101.00 100"at 100"n
101021 101.00 101.00 101.00
16
136
86
32
____
_ _ ., _
____
____
10212n 1021132 10210,2
102012 102022 102022
1029st 1020,1 1021082
33
65
13
------____
____
___ _ _ _
........
101'ss
---101'st
-101022
10110,2
101"st
1011012
29
101002,
101"s2
10110,2
10110n
1011121
151
10110,2
101"n
179
1021822
102len
102012
608
10610,2
10610n
106"n
. 45
102"ss
10210,1
10211n
52
218
102"st
102"st
102"tt
203
1061021
106022
106luss
131
102"ss
1021042
1021,32
68
10111,1 totno
;
16-211
_
•
10-1-1in
1011,2
1010n
150
102.00
101"n
1011022
501
1021,22
1021022
10210n
179
10(31082
106"n
10614n
367
102"ts
102"st
102"n
16
1thici
1010,2
101111ss
99
102X2
101"ss
101"n
246
10215st
1021481
102"n
255
1061041
106"as
10131120
48
10210n
10210n
102"n
27
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
102"st to 102"st
1 1st 434e1024., to 102,as 138 4th 43-4s
100',, to 100'ss
101'n to 101"n 5 Treasury 45
265 2d 434s
10101,1 to 10100,2
26 3d 43-is
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Mar,15 1926...
Dec. 15 1925...
Sept.15 1926._ _
June 1/1 1925
454%
434%
4%%
484%
101%
101"st
101
100
1010,2
101"ss
101%
1000n
Maturity.
let.
Rate.
Bid.
Asked.
Dec. 15 1927... 44% 101"se 102ln
Mar. 15 1927... 4%% 101"ss 102ln
Sept.15 1925._ _ 254% 99"st 100
Dee 151928... 805.
99"st
New York City Banks and Trust Companies.
All prices dollars per Mare
eta . est Trust Co. Bid Ask
Banks
Ask
New York
302 Greenwich'.. 410 • 430
980 1010 American-- .-Hanover
480 500 Bank of N Y
iio Harriman
& Trust CO 590 610
Manhattan* - 173 178
Mech & Met. 407 411 Bankers Trust 480 485
415 ___ Bronx Co Tr_ 195 205
Mutual*
Nat American 165 ___ Central Union 780 800
308
National City 458 462 Empire
New Nati).- 205 220 Equitable Tr_ 260 262
470 475 Farm L & Tr. 485 500
2155 Park
278 Penn Exch... 117 125 Fidelity Inter 238
305
Fulton
430 Port Morris_ 190 4-5 490 Guaranty Tr_ 321
aid
Public
320 Seaboard ____ 505 515 Irving Bank195 Seventh Ave_ 120 126
Columbia Tr 250 255
___ Lawyers Tr.. __660 Standard ____ 300
290 State*
450Mutual(West144 iio
chaster) ___ 185
Trade'
356 United States* 200 206 N Y Trust... 430 456
310 Wash'n Me_ 300
_- Title Ou & Tr 560 570
230
U S Mtg & Tr 342 355
United States 1610 1650
Brooklyn
500
Wretches Tr_ 325
Coney Island. 195
Brooklyn
450
iill Finn
Brooklyn Tr_ 7:10
Mechanics" _ 225
Kings County 2200 2400
315 Montauk* ___ 200
Manufacturer 355 362
320
550 Nassau
710
275
People's
People's
180 Queenshoro•. 175 185
•Banks marked with (• are State banks. z) Ex-dividend. (t) New stock
(y) Ex-rights
Banks-N.Y. Bid
. - 298
America 0
400
Amer Exch
Amer Union'. 140
700
Bowery*
Broadway Cen 200
. 500
Bronx Borce0
Bronx *slat- 150
Bryant Park* 160
Butch & Drov 155
Capitol Nat-- 190
Cent Mercan_ 268
427
Chase
Chath Phenix
Nat Bk &Tr 310
Chelsea Exc),• 187
Chemical __-- 650
Coal & Iron- 276
Colonial. ____ 500
353
Commerce
Com'nwealth• 300
Continental.. 220
Corn Exch.__ 480
cosmofetan•- 155
East River... 254
Fifth Avenue*2000
300
Fifth
2450
First
340
Garfield
Gotham ____ 170
New York City Realty and Surety Companies.
AN prices dollars per share
Alliance WIty
Amer Surety.
M G_
Bond
Lawyers Mtge
Lawyers Title
& Guarantee
Bid
125
138
250
218
144
270
275
Ask
255
223
Mtge Bond__
Nat Surety_
N Y Title &
Mortgage__
U S Casualty_
S Title Gila
Bid
131
207
Ask
139
212
348
320
232
352
335
-
Bid
Realty Assoc
(Bklyn)com 220
1st pref _ _ 91
2d prat.... 81
Westchester
Title & Tr_ 350
All
96
86
The Curb Market.-The review of the Curb Market is
given this weekon page 2775.
A complete record of Curb Market transactions for the
week will be found on page 2800.
New York Stock Exchange-Stock Record, DaIy, Weekly and Yearly
2787
OCCUPYING FIVE PAGES.
Nor sates during the week of stocks usually inactive. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Staturday,
May 23.
Monday,
May 25.
Tuesday,
May 26.
$ per share $ per share $ per share
Wednesday
May 27.
Thursday,
May 28.
S per share $ per share
Friday,
May 29.
Sales
far
the
Week.
S per share
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads.
Par
3112 3112 *3012 3112 304 3012 *2912 3012 *2912 3012
.3012 31
200 Ann Arbor
100
56
5614 5512 5513 .54
5434 *53
56
*5212 5612 .5212 5612
1011
900 Do pref
12012 12134 120 12112 11934 12018 11914 120
11858 11958 119 12038 16,000 AtCh Topeka dr Santa Fe....100
3
9533 9534 9512 954 95
*958 96
9534 953 9534 9512 9534 1.100 Do pref
100
518 518
5
514
5
514
5
54
434 518
473 5
6,900 Atlantc Birn1 & Atlantic__ _100
•16312 16412 16312 16412 16214 16278 1624 163
162 163
16334 165
3,500 Atlantic Coast Line RR_ _100
7714 78
7712 7812 765 7712 7612 78
7714 78
7712 7912 41,500 Baltimore & Ohio
100
.6412 644 6412 6412 6412 6412 "6453 65
645 6478 0412 65
1,600 Do pref
100
39
39
*39
3912 3913 3978 *3938 3912 3912 394 .390o 3978
50
500 Bangor & Aroostook
*8814 9112 *8814 9112 "89
914 .8814 9112 "8814 9114 *8813 9114
Do pref
100
4234 433
4234 4312 43
44
4334 4438 4412 4634 46
47 8 53,900 Bklyn Manh Tr v t e___No par
79
79
7838 79
79
79
7833 788 79
798 7878 7914 2.000 Do prof v t e
No par
•79
82
*79
82
79
79
8018 8018 *79
82
079
82
50 Buffalo Rochester & PItts_100
14514 14514 14534 14614 144 14438 14338 1448 14312 149
14312 144
5,800 Canadian Pacific
100
*300 301
300 30.5 *295 300
300 306
303 306
30434 305
3,300 Central FtR of New Jersey.100
9714 9712 96
977
9514 97
9712 981. 9712 9814 98
9878 20,100 Chesapeake & Ohio
100
10912 110 010912 10934 *11012 111
111 111 - •110 11238 11012 11118
900
Do pre?
100
512 58
514 58
513 514
5
513
5
5
100
5
514 2,700 Chicago & Alton
938 958
918 933
94 938
914 933
94 94
9
913 6,300
100
Do pre
•140 146 '141 146
146 146 "140 154 *140 154 •140 154
100
300 C C C & St Louis
*34
3414 34
34
3418 3418 34
34
34
34
"3378 3412, 2,800 Chic & East.Ill RR
100
*4612 4712 4612 4612 *4612 47
*4612 47
47
47
*4612 47 I
800
Do pref
100
1338 134 1312 1414 1318 1334 1318 1312 1214 1312 12
1234 34,900 Chicago Great Western
100
2814 2918 2812 2934 274 2833 2734 2838 27
28
27
274 20,500
Do prat
100
734 834
918 95
778 913
738 814
812 1014 122,500 Chicago Milw & St Paul_ _ _100
838 934
1234 1334 1214 1314 1234 1412 1378 15
13
144 1314 15 I 87,400
Do pref
100
5712 5813 57% 59
57
5514 57
574 5714 5734 5612 5734 23,500 Chicago & North Western_100
•105 10712 '107 1073 107 10712 10738 10738 •107 108
107 107 I
800
Do pref
100
4738 4778 4634 48
4638 47
4612 464 4638 47
464 4733 27,200 Chicago Rock Isl & Pacific_100
97
9714 27
9714 964 9634 *9712 99
9834 9873 9834 9834 1,200
Do 7% preferred
100
•8712 8813 *874 8814 8712 8712 8712 8712 8738 8834 8833 8838'
900
Do 6% preferred
100
.37
40
40
41
4012 41
*39
42 .40
42
*40
42 1 1,400 Chic St Paul Minn & Om_ A00
•80
84
8378 84
82
82 '8014 85
*81
85
08012 85
Do pref
300
100
62
63
6112 62
6112 6212 62
6214 *6112 6212 6134 613.4 2,500 Colorado & Southern
100
*624 63
*6112 6212 .62
6212 6212 6234 6234 6234 6234 6234'
530
Do 181 prof
100
*594 61
.5978 6114 •5978 6114 *5934 61 11•5034 61
*5934 61 I
Do 2.1 prei
100
1494 1503 14912 150
14934 14934 14938 1524 214914 14913 14814 14918 6,350 Delaware & Hudson
100
1394 14238 14278 147
142 14634 14212 14512 144 145
144 14434 34,200 Delaware Lack dr Western_ 50
3912 40
3912 3912 3912 3913 *3913 40
91
391,
3913 3 3
41
1,600 Denver Rio Gr & West pref 100
2834 284 2834 29
2878 29
2812 2878 2812 2834 2838 283I 3,700 Erie
100
39
39% 3838 39
3838 3834 3818 3812 3818 3813 3814 3878 6,700
100
Do let pref
38
38 '374 38
3738 3738 3712 3712 *3634 3713 '3612 3712
400
100
Do 2d pref
68
6844 6718 6812 6812 6733 67
6734 6678 6712 664 6712 14.700 Great Northern pref
100
2814 2812 2833 2834 2833 2834 2813 2812 2813 2838 2833 2834 4.800
Iron Ore Properttes__No par
3012 3112 3012 31
3012 3034 3012 3034 3038 314 3073 3138 7,400 Gulf Mob & Nor
100
095
96
*95
96
9512 9512 9512 9612 9612 9613 9613 9612 1,300
Do pref
100
3034 3114 31
3111 304 3118 3034 31
3078 31
31
100
31
7,200 Hudson & Nlanhattan
69
62
*0834 6912 069
70
*69
70
694 693
70
100
Do pref
70
300
114 11438 114 11.4
11338 11412 *11334 11418 11344 114
114 114
100
1,900 Illinois Central
•113 117 *113 11713 "113 117 *113 117 "113 114
114 114
100
Do pref
100
.72
7234 .72
7234 *72
7234 7238 7233 72
72
72
72
350
Do 11.R Sec.Series A _1.000
*2312 24
*2313 2334 '2312 24
2334 2334 *2313 24
24 •24
200 Int Rys of Cent America 100
.63
65
*63
65
*6313 65
*64
*6411 65 '644 65
65
100
Do pref
2034 2034 1978 2078 1918 1934 1914 1914 20
23
2234 2334 20,300 Interboro Rap Tran v t c 100
3334 34
3334 34
3334 3334 3278 3334 3315 3338 33
100
1,700 Kansas City Southern
3314
59
59
59
5914 5914 5914 59
59
5938 5938 *5812 5912
100
900
Do pref
794 7913 7914 8078 798 794 7914 8014 7934 8013 80
50
8052 21,200 Lehigh Valley
112 112
11112 112
111 111
11018 111,4 1104 1107s 11011 112
100
2,500 Louisville & Nashville
.66
77
*66
73
*66
73
*66
73
*66
78
Manhattan Elevated guar_100
*66
78
*41
42
*41
43
*41
42
41
42
4212 43
100
4112 4212 2,900
Do modified guar
933 638 •614 10
0914 978
034 10
100
094 10
934 10
1,000 Market Street RY
*33
35
*30
35
*32
33
"33
100
35
*32
35 "30
35
Do pref
*5212 53
50
52
51
51
5114 51
5112 5334 51
100
Do prior pref
51
2.500
•23
25
*21
23 .20
23
*20
100
24 .20
23 '20
Do 211 pref
2312
*258 234
234 273
3
3
3
100
314
3
312
314 333 7,000 Minneap & St L
.31
34
*31
34
*32
34
3214 3214 "34
35
*31
34
100 Minn St Paul & S5 Marle_100
*45
50 .45
49
*45
51) "45
100
50
"4712 50
*45
Do pref
50
354 3573 3434 3512 344 3438 3438 35
3438 344 3438 35
8,700 Mo-Kan-Texas RR___.No par
8278 83
82
8234 •82
8234 83
8332 84
84
100
8314 8314 3,000
Do pref
3512 36
35
3534 35
35
3434 3514 35
35
100
3434 3512 7,900 Missouri Pacific
798 8012 79
8088 7812 7912 7878 7934 7834 794 7838 7958 9,800
100
Do pref
2'8 24
218 24
2
2
2
100
2
173 2,000 Nat Rys of Mex 2d pref
'2
2's
14
•121 12272 121 121 *12012 121
12012 12012 .12012 121
100
12012 121
500 New Orl Tex & Mee
11733 11834 11734 11838 117 11734 11718 11734 117 11734 117 11814 22,400 New York
100
ork Central
•122 126
123 12314 12312 12312 *12312 12512 12512 12512 12612 12612
100
500 NYC&StLC0
91
91
9118 9112 9112 9112 9112 9134 9112 9178 .9134 92
100
Do pre?
1,000
3418 3412 3418 35
3378 3434 34
3412 3358 3432 3334 3432 51,200 NY NIT di Hartford
100
2434 2434 2434 2514 *2412 25
2434 25
*2433 25
243* 2433 2,100 NY Ontario & Western...100
3214 3334 3234 33
3212 34
3234 33
3213 3314 *3212 327
100
Norfolk Southern
4.400
132 13234 132 1333, 131 13214 13034 13134 13113 13218 312978 13114 21.700 Norfolk & Western
100,
*76
•76
78 .76
78
78
•76
78 .76
78 I 77
77
Do pref
1001
100
64% 654 6412 65
654 66
65
66
65
8578 6414 6513 27,100 Northern Pacific
100
434 4418 4334 44
4334 44
4334 44
433 434 9,900 Pennsylvania
4334 44
50
18 .17
•1712 1812 016
1812 '17
1812 1613 1612 "17
18
100
200 Peoria & Eastern
64
6414 644 64
644 8414 64
64
64
64
*6114 6414
700
Pere
Marquette
1130
•7912 80
7912 7912 7912 794 7934 7034 7934 80
8038 8058 1,100
Do prior pref
100
'6914 7212 06913 7214 *694 7211 6912 6972 6934 6934 *70
7211
300
Do pref
100
7112 7273 7132 7134 7118 7178 7112 7258 717 73
7212 73
12,4001 Pittsburgh & West Va
100
8114 8173 8178 8412 824 84
8278 8533 85
87
8714 90 145,700 Reading
50
395
3958 3933 3912 4012 3034 40
*3833 3914 *38
40
4038 4,200
Do let pref
50
4212 .41
4218 42
42
42
414 423* 4212 4232 42
4414 7,900
Do 211 pref
50
59
60
5934 62
5734 584 5833 59
59
59
60
60
2,100 Rutland RR pref
100
8178 8212 8038 8172 8018 8118 7912 8058 7934 8114 80
81
24,200 St Louis-San Francisco_ _100
8514 8518 854 85
8514 "84
8514 8514 84
85
*84
85
1,200 , Do pref A
100
48
48
4844 4834 4811 494 4818 4878 4812 49
47
4814 4,000 St Louis Southwestern
_100
71
*71
71% 7038 7038 71
7212 71
71
71
7112 7112
900
Do mei
100
334 3414 3312 34
3434 3334 3478 333 34
34
3312 3473 17,300 Seaboard Air Line
100
45
454 46
4538 4434 4434 4512 4512 4412 4514 444 4634 3,000
Do pref
100
1024 10338 102 10338 10178 102% 10218 10234 510038 10133 10012 10112 29,400 Southern Pacific Co
100
9233 9118 9218 914 9338 924 93% 934 97
9133 9212 92
57,100 Southern Railway
100
884 8658 8638 8638 86
87
87
8634 86
*8612 87
87
1,900
Do pref
100
5112 524 52
5318 5133 52
52
5233 5379 5212 533
5212 10,900 Texas & Pacific
100
.912 10
.9
10
.912 10
10
10
1018 104 10
1078 1.400 Third Avenue
100
70
70
70
*6914 70
"8813 70
*6812 694 694 69,4 '69
200 Twin City Rapid Tranait I00
14034 14134 140 14114 13014 14034 13938 14014 1398 14012 140 14034 10,300 Union Pacific
100
74
744 7418 7414 744 7414 7412 7412 1,100
74
7434 74
574
Do Prof
100
29
*25
3034 •28
30 '27
3034
.2938 30% 2912 2912 29
200 United Railways Invest
100
7413 77
7734 7734 "76
77
7418 75
76
7614
77
1.300
Do pref
*73
100
1093
4
1093
4
109
1133
4
11414
11613
113
109
114
4
11712 4,800 Virginia Railway & Power_100
114 1143
28
29
29
28
2834 2734 2838 2734 2812 30,900 Wabash
2934 25
29
100
6638 66
67
6778 6638 6733 6618 6733 6634 6714 66
19,200
Do pref A
67
100
0
'48
483
4
483
*48
4
49
*4712 49
4534
4712 49
100
•4912 51
Do pref B
100
1414 14
1418 "1334 1418 1334 1378 5,200 Western Maryland
1414 1412 1412 14% 14
100
21
'20
2114
207
8
207
.203
3
4
20
2014
20
214
2014
800
214
Do 2d pref
100
434 414 4214 4112 4134 4113 4112 4158 4212 3,600 Western Pacific
41
4012 42
100
9134 9112 9112 9114 9114 9114 92
9034 9172 91
1,800
92
91
Do pre?
100
1718
17
1612
1612
1618
17
10%
1614
1738
1634 8,900 Wheeling & Lake Erie Ry 100
1714 174
30
3012 3112 3012 3034 '293 3034 30
3012 3012 1.400
3113 32
Do pre
100
reds JIIZIKK
rGK ZIIAKG
Range for Year 1925.
On halts of 100-share lots.
Range for Precious
Year 1924.
Lowest
Highest
$ per share
$ per share
22 Feb 17
40 Mar 24
11614 Jan 16
9212 Feb 17
3 Jan 14
14714 Jan 18
71 Mar 30
6278 Apr 21
3514 Mar 23
90 Feb 19
351s Jan 5
724 Jan 21
48 Apr 2
136123.1ar 30
265 Mar 30
8914 NIar 30
10514 Apr 14
338 Apr 24
54 Apr 23
140 May 20
29347itar 30
40 Mar 30
9 Jan 2
1914 N1ar 30
314 Apr 20
7 Apr 20
47 Apr 14
1014 Apr 14
4018 Mar 30
92 Jan 2
82 Mar 30
334 Apr 22
7314 Apr 21
4418 Jan 8
60 Mar 26
54 Jan 21
13312 Mar 30
125 Mar 30
3612Nlar 24
2634MaY 15
3512 Apr 27
35 Apr 24
60 Apr 24
2738 Apr 22
23 Mar 30
8912Mar 30
2134 Nlar 18
644 Feb 18
111 Mar 31
11212 Apr 23
7038 Jan 6
18 Jan 8
5912 Jan 2
1312 Mar 23
2838 Mar 30
57 Jan 15
69 Mar 30
106 Jan 16
64 May 20
324 Mar 23
714 Niar 11
20 Jan 13
4314 Mar 20
16 Mar 19
212 Jan 5
3038 Apr 4
40 Mar 30
2814 Jan 2
744 Jan 2
3038 Jan 5
71 Mar 30
14 Apr 3
11314 Feb 21
114 Mar 30
120 Mar 30
8812 Jan 8
28 Mar 24
2033 Apr 4
2178 Apr 22
12312Nlar 30
754 Jan 8
5814 Apr 25
4212 Apr 9
1334 Apr 30
6234 Ntar 30
784 Apr 15
6812 Apr 16
63 Mar 19
6934 Mar 30
3578 Mar 18
3614 Mar 18
42 Apr 24
5713 Jan 16
76 Jan 20
4412 Star 30
7012 Jan 19
2033 Jan 16
35 Mar 30
98% Mar 30
7738 Jan 2
83 Jan 2
4314 Jan 27
712 Apr 17
58 Jan 22
13314 Apr 24
72 Jan 30
1814 Mar 19
4812 Mar 23
8413 Jan 14
1912 Mar 30
554 Jan 20
3812 Jan 21
11 Mar 24
16 Mar 27
2114 Feb 17
5412 Jan 8
1034 NIar 31
22 Apr 2
3478May 8
6012Nlay 8
12778 Mar 2
96 Apr 20
712 Mar 6
166 Mar 3
8414 Mar 6
6613 Jan 8
4214 Jan 15
9412 Jan 5
4733May 29
8134 Mar 14
9238May 2
15233 Jan 8
321 Jan 3
9918May 18
11113NlaY 39
1038 Feb 9
1913 Feb 21
16412 Feb 11
3613Nfar 13
5714 Jan 2
15 Feb 7
3233 Feb 6
1638 Jan 7
2812 J .n 7
7538 Jan 12
117 Mar 5
/
4 Mar 3
541
9914 Feb 21
8912Mar 3
5913 Jan 13
108 Jan 13
6513 Apr 18
64 Feb 1
6034 Apr 17
155 Apr 6
147 May 25
80 Jan 12
34 Feb 24
464 Jan 2
4334 Jan 5
7133 Jan 8
4038 Jan 10
34 May 8
10113 Jan 10
3212May 6
70 May 6
11938 Jai 7
119 Jan 7
74 Apr 17
2514 Apr 28
65 Apr 25
3412 Feb 9
4012 Feb 21
5933 Feb 24
8238 Jan 10
11714Mar 2
100 Jan 14
5114 Feb 9
1012 Jan 2
34 May 8
E.8 May 7
2412 Apr 25
4 Mar 8
564 Jan 14
71 Jan 9
404 Mar 4
8734 Feb 5
41 Feb 6
84 Mal. 20
234 Jan 12
12338May 8
1243 Jan 13
13714 Feb 24
9214 Mar 3
3638 Mar 2
2718 Jan 7
34 May 1
13458Nlar 20
79 Apr 3 I
7134 Mar 8
484 Jan 5
2072 Jan 12
72 Feb 25
84 Jan 16
7534 Jan 10
7378 Jan 2
90 Niay 29
4012Nlay 27
4414May 29
824 Jan 9
8418May 20
8512Nlay 20
5334 Mar 2
7534 Mar 11
3534May 20
48 May 7
10838 Jan 9
97 May 29
0234 Feb 25
58% Nlar 13
14% Jan 12
70 May 27
1534 Jan 10
76 Feb 26
33'2M ay 18
7814May 18
11934NIay 16
2934May 22
6814May 20
4978May 21
1733 Jan 9
264 Jan 9
55' NIar 11
100 Mar 11
1812May 21
3312May 21
Lowest
Highest
3 per share $ per sharo
12 Apr 224 Del
25 Mar 4814 Del
9718 Jan 1204 Deo
8812 Jan 9653 Deo
158 Feb
5 Deo
112
Jan 1524 Deo
5213 Apr 8478 De,
5614 Apr 8612 Deo
3934 Dec 4414 Der
86
Jan 95 Nol
1312 Jan 4173 Deo
45/
1
4 Jan 7514 De,
40 May 6838 Dee
14234 Mar 15612 Nos
199 Mar 295 Deo
6734 Feb 9814 Deo
9912 Jan 10918 Jul]
314 Apr 1012 Deo
818 May 1978 Deo
100 Apr 15014 No,
21 May 38 Deo
37 May 6278 DIN
4 Apr 114 Nol
1013 June 3138 Nen
1073 Oct184 Ncn
1814 Oct3218 Nol
4914 Jan 75% De,
100
Jan 11434 Do
2112 Feb 50 Noi
7634 Feb 971 Do
6538 Jan 8712 No.
29
Jan 574 De
8814 Apr 94 De,
Jan 49 No,
20
50
Jan 4514 De
i9 Nts
45
Jan
10413 Mar 13938 De
11084 Feb14938 De,
42 Dcc 4313 De,
2034 Jan 3533 1411I
2838 Feb4914 De,
2518 Jan 4614 De,
5334 Mar 76 De
26 May 39% Nol
11% Apr 2912 Do
50
Jan 99 De.
2038 Nov
2914 Do
5714 Oct8478 Do
10014 2,far 11778 De
104 Mar 1174 De
Jan 73 De
84
114 July 184 No,
444 May 83 No,
124 Jan 3914 Jul:
1714 Mar 4138 De
511
/
4 Mar 5912 De
53912 Apr 85 De
874 Jan 109 De
42
Jan 85 De
3013 Jan 5173 Jul:
634 Mar
1312 Ja
20
34ct 42 De
41 Nov
714 Ja
14 Mar 30
Ja
4
Ja.
133 Jan
2814 Mar 5313 De
50 June 75 De
1012 May 343 De
7584 De
2934 Feb
934 Jan 3414 No
29
Jan 74 De
118 July
3 De
9312 Feb 12112 Ma
991, Feb 11934 De
7212 Feb 128 De
83 May 934 Beg
144 Jan 3314 De
16 May 2814 No
1212 Apr 29 No
10212 Jan 13314 De
72% Feb 804 J1111
474 Mar 73 De
424 Jan 50 De
934 Mar 2213 No
4012 Mar 73 De
714 Apr 8512 Au
Jan 77 Au
60
38
Jan 754 De
5173 May 794 De
34
Oct6612 Ja
b3318 Jan 56
Ja
32
Jan 66 No
1918 Apr 85 De
4233 Jan 8212 De
Jan 5578 De
33
5778 Jan 74 No
814 Jan 244 Do
144 Jan 4512 Do
8512 Ma 1054 Noo
3812 Jan 7984 Di
6634 Jan 85 Do
Jan 4838 DI
19
8114 May 1812 Jul
3912 a,ct 86
Ja
1268 Mar 15133 Do
70 Mar 7812 At
41
Do
733 141)
2612 ',pr 6474 DI
36 Feb 7284 Jul
1014 Jan
243* Do
34
Jan 694 DI
224 Jan 4233 DI
838 June 1614 Do
1514 May 2614 Di
144 Jan 3678 DI
58
Jan 8612 Di
74 Jan
1713 11
1414 Jan 324 11
Industrial & Miscellaneoua
0117
•131
.06
1612
GA11.
6712
68
133 *131
9712 *94
1612 17
non. FR
6712 63
133
133
95 '9313
17
17
SR
*6631
• Bid and asked priced
73
6912
133 '133
96
95
*1614
17
571. *5634
7134 6914 6912 6934 7512 12,500 Abitibi Power & Paper_No par 62
135 '133.... *133 143
100 All American Cables
100 119
96
95 '94
.9312 9514
1001 90
100 Adams Express
17
"16
17
*1512 17
1,400 Advance RutnelY
1001 13
571. 561, 565* 561. 561*
eon
Eln nrof
tm,1 47
x Ex-dividend
Es-rights
Jan 6 7512May 29
Jan 5 133 May 26
Apr 16 10314 Jan 9
Apr 11
1812May 13
Fort i 0 Fro-Fr4o •o
01
Dee 84
11
9613 May 12212 D.
7313 Jan 9312 I).
6
los% Di
.0, June
•.._ _
New York Stock Record-Continued-Page 2
2788
Poe sales during the week of stocks usually Inactive. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
-,.
Friday,
Saturday,
Monday,
Tuesday,
Wednesday. Thursday,
May 29.
May 28.
May 23.
May 25.
May 26.
May 27.
Sales
/or
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Miscall. (Con.) Par
Air Reduction. Ine_--No par
Ajax Rubber, Inc____No par
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye_No par
Do pref
100
Allis-Chalmers Mfg
100
Do pre
100
Amer Agricultural Chem 100
Do pref
100
American Beet Sugar
100
Do pref
100
Amer Bosch Magneto__No par
Am Brake Shoe do F____No par
Do pre
100
American Can
100
Do pre
100
AmerIcanCar&Foundry 100
Do pre
100
100
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
104 10612 13,200
10112 10212 10158 10418 10378 105
10312 105
10134 103
1334 11,500
1314 1338 1318 1312 1314 14
1312 1378 1318 1338 13
__ ____ ____ ____ ____ ____ ____ ____ ____ ____
134 1.680
158 134 *158
178 .134 178
158 134
178
•134 2
9412 9338 9518 9318 9412 86,300
9018 91
8912 9034 90
9234 92
1,200
11914 11914 11834 11878 11834 11878 *11812 119 .11812 11834 11834 119
8378 8234 8412 24,100
8212 8314 83
8018 8112 8078 83
8038 81
300
107 10712 *106 109 *108 109 *108 109
0106 107 *106 107
1938 2118 2058 2134 2034 2138 2018 2138 2018 2018 1912 2078 22,100
58
5212 5512 56
5778 5518 5738 5518 5534 543s 5558 22,100
56
2,200
4034 41
41
40
39
3914 *39
40
40
3934 40
40
700
8412 84
84
84
84
8334 8334 84
*83
84
*8312 84
20,800
3578 3414 36
3214 32
3112 3178 31
*3112 32
32
32
500
10558 10558 10512 10512 *105 106
10412 10412 10212 10212 10334 10334
•1104 115 *11014 115 *11014 115 *11014 115 *111 115 *111 115
19012 19238 103,000
19112 194
18712 19234 18714 18938 189 19038 18934 193
12012 12012
700
011912 12012 120 120
12014 12014 11912 11912 120 120
•1ii
125 125
127
124 127 *124 127 *124 127
2312 2312 2312 2358
*2312 2412 *2312 2414 *2312 24
5212 5332
5434 5258 54
5114 5112 5112 5212 52
107 10718 *105 110
107 107 *107 112
107 107
5032 5038
51
*51
5034 51
52
5012 5134 51
618 638
818 614
618 614 *618 614
61s 618
13634 13634 137 137
13634 138
13912 13912 136 139
3412
3578 3478 3512
8
34
3534 3414 3578 3514 357
8912 8912 8934 8934 9018 9014 91
8914 8912 89
125 125 *123 12412 12314 12314 12338 12412 124 124
__
1112 1158
*1112 12
1114 1114 1114 1178 1138 1134 1134 12
7312 7314 74
7378 73
72
7278 7214 7234 73
72
72
106 10612
10634 10712 107 10738 107 107
10714 108
108 108
83
8312 83
*82
*82
84
*82
84
84
*82
8312 *82
3412 3414 3412
3378 3478 3334 3414 34
34
35
31538 34
1318
1314 1318 1314 1318 1314 13
13
13
1314 1314 13
2812 2812
2938 2878 29
2912 295s 2978 3018 2812 2912 29
7018 7058 7058
70
70
70
7038 70
71
7138 7138 71
123 12334 12312 12438 124 12514
12312 12334 122 12312 12234 123
122 122 *12134 12234 .12178 12234
*121 123 *121 123 *121 123
48
48
48
48
4734 48
48
48
48
48
4712 48
•108l4 114 *10814 109 *110 114 *110 114 *110 114 *110 114
9478 9514
95
9438 95
94
94
94
94
9378 9378 93
7934 7934 *7838 80
*7834 80
*7834 80
79
80
.78
80
59
*42
59
542
*42
59 '
*46
59
*48
59
*46
59
5112 5212 5112 5338 5278 5278
53
53
5278 53
53
53
858 83
834 9
918 938
*938 934
*934 10
*924 10
9834 9812 10234 10034 10214 101 10211
9912 10038 9812 9912 98
109 10912 10978 10978 10814 110
109 109
3'109 10912 109 109
4814 4814 --------------------------------------n1 *110 n
•HO in *H0 HI *n0 H1 *110 H1
6612
65
6334 6312 65
6234 6312 63
63
6212 6212 62
9818 9814 9834
97
97
97
97
07
97
97
*97
99
818 9
818 818
818 814
*814 812
814 838
814 838
86
8618 *78
81
78
76
68
7018 7212 73
*65
69
39
30
*41
42
42
*40
*40
42
*40
42
*40
42
139 13912
13838 13812 13838 13834 13838 13858 13812 13834 13834 139
9678 9558 9618
0538 9614 96
9578 967a 9534 9678 9512 96
10614 10614 1061s 1068 10638 10612 10612 10612 10612 10634 10612 10612
9518 9518
9618 9528 9412 9578 9518 9578 9518 9512 9558 96
106 106 *107 110 *108 110
108 109
*108 110 *108 110
8214 6412 618 6438 6112 6334
62
58
59
6014 5634 60
103 103 *100 103 *101 103 *100 103
•101 103 *102 103
105 10512 10512 10578
105 106
10334 10412 *104 10412 104 104
3818 3914 3818 3838 3312 39
38
38
39
38
3812 39
80
798 8018
80
7934 80
7812 7818 80
78
79
79
414
414
4
4
412
434 *4
4
434 *4
412 478
734 734
7
8
714 712 *714 778 *738 7
778 77s •71z 772
2818
28
*2714 2812 2738 2738 2712 2712 *2712 2814 2812 29
3934 4014
3838 3834 3814 3812 3818 3812 3814 3858 3814 397
3414 3414 3414 3414
34
34
*3334 34
*3334 34
34
34
9814
*96
93
9612 9678 9734 9734 9734 9734 98
*9612 98
9318 9318 9312 9314 9312
9312 9378 93
*9312 94
*9334 94
914 912
9
914 038
914 934
938 1014 1018 1034
938
212
21212 21213 21012 21212 *208
21278 213
21218 214
210 210
99
9912 99
*99
99
9912 9958 99
*99 100
*9812 100
10634 10634 *106 107 *106 107 *106 107 *106 107
*106 107
3914
39
395
8
39
3
3912
393
4
383
4
393
4
3834 40
39
40
43
4512
4314 44
4412 4512 4414 4578 4478 4512 4418 45
4338 4378 4312 4434
44
4378 4378 44
44
44
44
44
10812 10934
109 10978 10978 11034 10978 110
10912 11034 10814 109
•115I2 11612 11614 11614 *11512 11612 *11512 11612 *116 11612 *11612 117
4712
4712 4612 4612 *46
4712 4934 47
*4712 48
*4712 49
*9212 94
*9212 94
*9212 94
*9214 94
•9214 94
1112
*11
11
1112 11
*1078 1112 *11
11
1114 1114 11
25
2512 2534 2534 2434 2514 2518 2518 2538 2534 25
25
93
*89
*89
93
02
*89
92
*89
92
9314 *89
*89
312 312
334 334
334
318 31s *3111
312 312 *3
334
1145s 11514 113 11438 11234 11478 11458 11578 115 11878 11712 12078
112
112
•11012 11212 *110 112 *11012 112 *11012 112 *111 112
2278 2434 2418 2518 2414 2434
2338 2358 2278 235* 2234 23
1912
.19
20
193
4
8
193
19
1834 1834 1814 1814
19
19
*3212 40
*3212 40
*3212 40
*3212 40
*3512 40
*3212 40
41
41
41
*4034
407
8
407
8
41
41
42
*41
•4034 42
71
7012 7111 70
72
7012 70
67
67
8634 67
•66
4018
401a 40
4058 40
4038 4078 40
4114 4112 4038 41
114
1*112
114
*112
112
112
112 112
•112 11318 112 112
9514 9514 9514 9512 95121 9512 9512
9514 *95
9514 9514 *95
412 412
412 412
428 428 *438 5
412 412
*412 5
21s
218 *2
2
218
214 *178 214 *178 214 *2
2
*____ 25
e_-__ 2618 *_-__ 264 *2412 25 •____ 25 *__ 25
734
*714
73
4
*714
73
4
*7
7
3
4
*718 734 *712 734 *7
13512
135131373* 135 13512 13612 13612 135 13512 13212
138 139
4
883
877
8
8712
903
8
8
90
887
9012
89
9114
8914
9038 91
9534 9534 9614 9614 9738 9712 100
9638 95
95
9014 95
*103 110 *104 110 *104 110 *105 110 *105 110 *105 110
10814 10658 10634 107
*10634 108 *10834 10712 10634 10634 '1065,107
2614 2612 2612
2614 2634 2612 2612 26
2638 27
*2612 27
9713
9718 *95
.95
9718
*95
9718
*9418
9718
*95
9718 *9418
.7812 79
7812
7812
79
*78
79
79
80
*78
*7812 80
534 578
512 534
558 534
558 558
*558 534 *558 534
1912
*19
20
2012 20
*20
20
2012 2012 20
21
21
, 1014 1058
934 107
952 934
934 972
1014
1014 1014 10
213
*12
52
*12
58
*12
58
12
511
58
58
*12
111 11112 112 1131z 11378 11512 z114 11714
11212 11234 11134 113
29h 287 2914 28 I 29
29% 2858 2912 29
2914 2958 29
12258 12234
12212 12234 12214 12234 12234 12278 1225s 123
12234 123
3
3
278 3
3
3
8 3
*278 3
3
3
4958
49
4878 4878 481s 4818 4818 4814 4812 5072 49
49
117 *123
24
24
5134 53
107 107
*51
53
*618 614
140 141
3512 3678
8914 8934
•124 127
13
32
*74
1818
61
*3614
*96
4914
4738
3458
*94
•48
3358
*21
13
1278 13
3214 32
33
76
76
80
1818 1778 1858
6134 6018 6112
38
3814 *36
97
*98
97
4938 60
50
4734 4714 4772
3412 3378
35
953 *9412 9512
497g 48
48
3334 34
34
2214 2138 2138
*ant-
atm
*itisl.
aA
1214
33
7912
18
6012
*3612
*96
4914
47
3512
94
*4712
3334
*20
1234
34
8014
19
6238
3778
97
4978
4738
3578
94
50
3418
2112
13
34
80
19
6212
*3612
*96
4914
4712
3512
9314
*4712
3378
*2012
*1234
13
35
35
79
80
1958 1834
6312
64
3778 37
*96
97
4978 4978
4858 49
3512
37
9314 9214
*4712
50
3414 3414
2118 2012
istin
0,1
*ant-
RR
•1316 and asked prices; no sales on Me day
•All
i
1318
3512 35
80
80
1834
19
6314
64
3778 37
*96
97
5012 50
491.* 4958
3814 3514
9212 *92
*4713
48
3514 3458
2118
21
RR
(15
a Ex-rights.
American Chain,class A
25
American Chicle
No par
Do pref
100
Do certificates
No Par
Amer Druggists Syndicate_ 10
American Express
100
Amer & For'n Pow new_No par
Do prof
No par
Do 25% paid
Do full paid
3,400 American Hide di Leather _100
Do pre
5,100
100
2,800 American Ice
100
Do pref
500
100
4,400 Amer International Corp-100
2,600 American La France F E
10
3,000 American Linseed
100
Do pref
1,100
100
7,100 American Locom new__No par
Do pref
100
100
1,300 American Metals
No par
Do pref
100
2,000 American Radiator
25
400 Amer Railway Express__ _100
American Republics___ no par
2,600 American Safety Razor__ -100
3,600 Amer Ship & Comm___Tro par
54,400 Amer Smelting & Refining_100
Do pref
800
100
-100 Amer Steel Foundries__ _ 33 1-3
Do pre
00
100
27,300 American Sugar Refinlog_100
Do pref
1.300
100
3,100 Amer Sumatra Tobacco
100
1,800
Do pref
100
140 Amer Telegraph & Cable_.100
9,200 Amer Telep & Teleg
100
11,900 American Tobacco
50
Do pref
2,700
100
Do common Class B___ 50
9,500
400 American Type Founders__100
22,200 Am Wat Wks & El
20
100
Do lot prat(7%)
100
3,200
Do panic pf(6%) ___100
9,400 American Woolen
100
Do prof
3,200
100
1,800 Amer Writing Paper pref.
_100
800 Amer Zinc, Lead & Smelt
25
25
GOO
DO pref
30.700 Anaconda Copper Mining_ 50
800 Archer, Dan'is Mldrol_No par
Do prof
.500
100
1,300 Armour & Co (Del) pref__ _100
7,800 Arnold Constle&Covto No par
1,500 Associated Dry Goods
100
Do 1st prat
100
300
Do 2d pre
100
100
17,900 Associated 011
25
8,500 Atl Gulf & W I SS Line ..l00
Do prat
1,900
100
2,700 Atlantic Refining
100
Do pre
100
100
No par
300 Atlas Powder new
Do pre
100
No par
300 Atlas Tack
2,000 Austin,Nichols &CovteNo par
Do pre!
100
700 Auto Enitter FIosiery_No par
73,500 Baldwin Locomotive Wks_100
Do pre
100
100
25
76,500 Barnsdall Corp. Class A
25
Do Class 15
2,100
No par
Barnet Leather
No par
300 Bayuk Cigars, Inc
20
19,000 Beech Nut Packing
100
13,800 Bethlehem Steel Corp
Co cum cony 8% proLAOO
300
100
Do pref 7%
600
No par
700 Booth Fisheries
100
300 British Empire Steel
Do 1st pref
100
Do 2d prof
100
100
4,606 Brooklyn Edison. Inc
No par
26,800 Bklyn Union Gas
100
11,200 Brown Shoe Inc
Do prof.100
No par
1,200 Burns Brothers
Do nowCiassBcomNOpar
2,200
100
Do pref
200 Burroughs Add's Mach_No par
5
1,200 Butte Copper & Zinc.
100
700 Butterick Co
4,200 Butte & Superior Mlning__10
400 Caddo Cent Oil& Ref, No Ps
No par
11,000 California Packing
25
41,400 California Petroleum
100
Do prat
9,400
10
1,900 Callahan Zinc-Lead
1,600 Calumet Arizona Mining__ 10
No pa
Case (J I) Plow
25
700 Calumet At Hecla
j358
3,300 Case Thresh Machine_ _ _ _100
35
Do pref
100
1,900
80
100
1934 5,800 Central Leather
Do pref
100
18,900
64
400 Century Ribbon Mills_No par
37
Do pref
100
97
5114 16,100 Cerro de Pasco CoPper_No par
5138 36,500 Certain-Teed Products_No par
3512 10,700 Chandler Motor Car_ __No par
500 Chicago Pneumatic Tool_ 100
9334
100 Chia Yellow Cab tern ctf No par
50
25
3518 25,100 Chile Copper
700 Chino Copper
2118
100
100 Cluett. Peabldv * Co
63
x Ex-dividend.
400
6,300
600
1,400
3,500
1,400
11,300
2,900
600
PER SHARE
Range for Year 1925.
On basis of 100-share lots
Lowest
S per share
8634 Jan 30
10 Mar 19
.15 Jan 2
1 Jan 8
80 Mar 30
117 Jan 9
7112 Jan 5
10314 Jan 3
1312 Mar 19
3612Mar 23
38311Mar 19
8014 Jan 19
2618 Mar 24
9014 Mar 30
10712 Jan 12
15818 Jan 16
115 Jan 29
192 Jan 5
12034 Apr 2
2258 Apr 22
37 Jan 27
94 Jan 5
37 Jan 7
514 Mar 17
125 Apr 27
2714 Apr 7
87 Jan 6
11438 Apr 7
125 Jan
812 Mar 31
59 Mar 31
83 Mar 18
7412 Mar 17
321sMar 30
1114 Jan 2
20 Mar 25
53 Jan 2
10413 Jan 5
11811Mar20
4534 Mar 30
111 Mar 30
8972 Jan 3
7614May 13
48 Jan 8
3678 Jan 2
858May 29
9038Mar 30
10512 Jan 5
46 Jan 30
108 Jan 7
4758 Jan 16
9114 Jan 18
6 May 8
28 Apr 27
39 May 29
13052 Jan 2
85 Feb 17
10412 Jan 5
8412 Feb 17
103 Apr 22
3438 Jan 13
100 Jan 9
9513 Jan 2
3434May 6
6912klay 8
212 Apr 2
7 May 12
2478May 1
3514 Apr 21
26 Jan 7
9011 Jan 5
9018 Mar 31
8 Jan 5
128 Jan 5
94 Jan 7
101 Jan 2
32 Mar 30
20 Jan 5
31 Jan 5
9512 Jan 2
11312 Jan 6
4612May 28
92 Jan 14
912 Feb 16
2314 Apr 30
8738 Jan 27
,Jan 7
17
107 Mar 30
109 May 1
21 Mar 24
1614 Apr 22
35 Jan 6
39 Apr 28
60 Mar 23
3834 Mar 23
109 Mar 18
94 Apr 28
418May 4
158May 4
30 Jan 5
712 Apr 25
12058 Jan 2
7512 Feb 17
6412Mar 31
96 Mar 25
9212 Feb 11
17 Mar 31
9318 Jan 10
65 Jan 3
414 Mar 31
17 May 13
612May 5
12 Apr 25
10012 Jan 27
2378 Jan 2
100 Jan 2
2127s1ay 8
45 Apr 22
1214May 26
24 Mar 18
60 Mar 11
1434 Mar 28
4914 Mar 24
3112 Jan 5
9512 Jan 3
4318 Mar 24
40
,
4 Ma: 24
2812 Jan 22
8014 Mar 19
47 May 18
3012 Mar 30
19 Apr 23
5812 Mar 17
Highest
PER SHARE
Range for Previolit
Year 1924.
Lowest
Highest
$ per share $ per share $ Per share
6714 Jan 93 Dee
11112 Feb 26
418 May 141s Dee
1478May 12
14 Feb
.05 Dec
Jan
14
38
113 Mar
78 Jan
214 Mar 27
65 Mar 8718 Doe
9518May 28
120 Feb 28 110 Apr 11852 D041
4158May 7338 Del
13618 Mar 13
90 Apr 10474 Dec
10712May 26
718 Apr 1718 July
2178 Feb 11
1834 Apr 4918 Jan
58 May 25
38 Mar 4912 Feb
43 Jan 7
6812 Oct 83 Dec
8713 Jan 6
2214 Apr 3878 Jan
5412 Jan 3
76 Apr 102 Dec
109 May 5
11314May 20 10414 July 110 Mar
9578 Apr 18312 Dee
194 May 23
Cloi
Jan 119
12012May 29 109
23214 Mar 8 15312 Apr 20014 Dec
12512 Feb 18 11834 Apr 125 July
2138 Mar 25 Sept
27 Feb 14
1434 Apr 407s Dec
62 Apr 18
10712may 22
5112 Feb 9312 Dec
23 Sept 39 Dec
5812 Apr 18
7
001
312 June
634 Jan 22
Apr 16434 Dec
88
166 Jan 2
39 Jan 7-94 Feb 19 ---- --- ---- ,-9212 -Mar 13214 -Del
12718 Jan 7
9112 Apr 133 Dee
128 Jan 7
714 Apr 1433 Dec
14 Jan 14
5012 Jan 723s Del
757e Jan 14
72 Aug 96 Fel
11034MaY 7
83 Pet
7312 Nov
84 May 21
1732 Mar 355s No
41 Feb 5
1214 Jar
10 May
14 Jan 15
1334 May 2834 Del
3032May 6
533
3 Dec
Apr
30
aMay
7
715
7018 Apr 10914 Dot
14478Mar 6
124 Feb 18 11814 Apr 12012 Sept
3834 June 54 Deg
5333 Jan 2
11612 Jan 8 10714 Apr 11512 Dec
9414 Apr 136 Dec
105 Jan 17
7711 Nov 83 OP
84 Jan 13
Jan 48 Dec
25
6814 Jan 17
578 Apr1014 Noi
5914 Mar 12
38 Pet
Oct15
1018
1412 Feb 28
5712 Jan 10032 Del
10658 Feb 10
Jan 10758 Del
96
11058 Feb 5
3312 Apr49 Del
5434 M ar 4
705
,
112 Apr 18 10114 Apr10914 1
Oct61,
4 Flit
36
7114 Apr 14
77 Oct997s Fig
10112 Feb 28
632 July 2812 Jar
2412 Feb 14
Jar
2212 Sept69
8618May 28
3814 Dec 431s Jae
47 Feb 25
13912May 29 12118 June 13414 Dm
9678May 23 13858 Mar 16978 Nes
Apr10612 July
10878 Apr 28 101
96 May 28 13514 Mar 16838 Nol
11214 Jan 2 106 Sept 115 Sept
40 Feb 144 Del
6412May 27
8912 Mar 101 Del
103 Feb 18
66 Feb 102 Nol
108 May 24
5114 Sept7878 Jar
6434 Jan 6
Oct10258 Jar
90
9618 Jan 20
7 July
lh Apr
712 Jan 3
7 Mar 1214 Del
1212 Jan 9
24 June 3878 Del
39 Jan 9
2812 May 4814 Del
48 Jan 3
2812 Dec 29 Dec
3514 Feb 13
90 Dec 9112 Del
98 May 21
8314 June 9458 Del
97 Feb 14
Jar
8 Oct 15
1212 Jan 28
Jan 10412 No
79
214 May 25
8312 May 94 Nol
9958 Mar 12
Jan 10234 Del
89
10814 Feb 7
2712 July 34513 FeI
4014May 22
1034 Mar 23 Del
4812May 6
1212 Jan 3112 De
473415,1ar 3
7812 July 14018 Jai
11712 Feb 5
Oct 118 Pet
11614May 25 108
Apr 5434 Pet
47
5212 Feb 24
8211 Feb 03 Del
94 Jan 9
5 June 1118 Jar
13 Apr 28
1812 Mar 3313 Del
3212 Jan 12
Apr 91 Noz
79
93 May 14
812 Jar
112 Nov
414May 14
146 Feb 26 10438May 134% Dec
11658 Jan 31 11012 June 11711 Noo
2312 Del
14 Feb
30 Mar 3
1712 Del
Jan
10
23 Feb 6
2312 Nov 39 Del
4978 Mar 4
JAI
3912 May 59
5314 Feb 14
4434 Apr 7234 Dec
7412 Jan 10
3734 Oct 8218 Fel
5312 Jan 13
11612 Feb 8 10114 Apr 11014 Fg11
8912 June 97 Pet
102 Jan 31
718 Jar
358 June
7 Jan 10
6 AUI
114 Nov
358 Jan 28
3334 Feb 25
30 Aug 54 Mai
1578 Jar
5 Nov
11,
1 Feb 24
1405sMaY 22 10714 June 12414 Deo
9158May 22
5658 Apr 8234 Del
39 May 7612 Del
100 May 29
10214May 14
84 June 9934 Del
95 Dec 11212 Juno
10912May 9
1958 Feb 29 Noo
2812Nlay 11
9518 Mar 9913 May
9712 Apr 16
8214 Mar 15
6234, Nov 6712 001
914 Del
358 June
814 Jan 2
17 Apr 2538 Deo
2834 Jan 3
14 May 2512 Dec
2414 Jan 9
414 Jar
1 Nov
23s Jan 12
80 Apr 10614 Do.
11512May 28
1912 July 2914 Fel
3278 Mar 7
Jar
9212 July 107
123 May 22
21 May
573 Jar
434 Feb 19
41114 Mar 5834 Del
68 Jan 7
134 July
12 Mar
1912 Do.
1318 May
1858 Jan 5
14 Mar 35 Do.
351251ay 28
Jai
4114 May 77
8014May 26
978 Mar 2158 Dec
2134 Feb 7
2914 Mar 5814 Do.
68 Feb 7
2534 Apr 3514 Noo
4712 Mar 11
Jan 9512 JulY
91
9834 Jan 14
4034 Mar 5634 Do.
5512 Jan 2
2478 June 4412 De
5138May 29
2678 Nov 6612 Jar
3758 Apr 8
7978 May 10078 De,
9858 Jan 3
39 May 811s AP
55 Jan 3
2558 Mar 3834 De,
3758 Jan 2
I . Mar 29 De,
2838 Feb -...
88
AO
7111
. 7111
lan
12
713,
New York Stock Record-Continued-Page 3
2789
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 23.
Monday,
May 25.
Tuesday.
May 26.
Wednesday. Thursday,
May 27.
May 28.
Friday,
May 29.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On buts of 100-share tots.
PER SHARE
Range for Fretios•
Year 1924.
Lowest
Highest
Lowest
Highest
$ per share $ per share
per share $ per share 5 per share $ per share Shares. Indus. & Miscall.(Con.) Par
Per share $ Per share $ per share $ per share
$
11134 113
11013 112
111
11013
112 11218 112/
111 112
1
4 11312 8,900 Coca Cola Co
No par 80 Jan 6 11618May 20
61 Apr 5312, Dee
39
39/
1
4 38
39
38
3918 3812 3914 3814 3812 5,200 Colorado Fuel & Iron
39/
1
4 39
100 3214 Apr 21 4814 Jan 13
2478 Feb 544 Aug
*48
4912 4812 4812 *48
49
48
48
4834 4834 48/
400 Columbian Carbon v t c No par 45 Mar 24 5134 Jan 8
1
4 4834
3934 Sept 5533 Jan
67/
1
4 6712 66
0712 65/
1
4 6614 6513 61378 65/
1
4 6612 6534 66/
1
4 43,400 Col Gas & Elee
No par 4574 Jan 21 6934May 21
33 Mar 48 Dee
410813 110
109 109 •108 10918 109 109
109 109
10914 10912 1,100
Do pref
100 10414 Jan 5 10912May 29 10314 Dec 105 Dee
*571 60 .571 60
*58
60
*58
*58
60
00
*58
60
Comm'l Invest Trust...No par 50 Jan 2 67 Feb 16
304 May 58 Nov
4102 10334 *103 10334 10334 10334 *102 10612 *10312 10612 *103.2
100
Do met
10612
100 102 Mar 19 10613 Jan 19
93 May 103 Nov
81
83
80
81
88
*88
88
90
90
90
9514 97
2.300 Commercial Solvents A No par 80 May 25 190 Jan 29
4313
Jan 13114 Dee
475
85
76
*84
90
*87
84/
1
4
87
91
95
9478 9512 2,000
Do "B"
No par 76 May 251 189 Jan 29
Jan 12913 Dec
33
27
2714 2738 29/
1
4 2712 2914 2638 2738 264 2714 26/
1
4 2678 35,000 Congolemn Co new___ _No par
25 Apr 29 4313 Jan 2
May
323
3
6634 Feb
78
7g
*78
68
1
84
78
78
1
1
1
1
900 Conley Tin FollstampedNo par
12May 19 17 Feb 10
78
May
1414 Dee
3834 3918 3814 3918 3833 40/
1
4 41
4259 4234 4312 43
44,8 45,900 Consolidated Cigar ___.No par 261/ Jan 2 4418May 29
1138 Mar 30 Nov
*84
88
*82
88
*82
*82
87
87
*82
8613
8512
100
Do
8512
pref
100 7934 Jan 2 8978 Feb 14
514 512
5
518
Jan
591
:
Apr
84
413 4/
1
4
412 5
*434 4/
1
4
434 5
4,600 Consolidated Distrib'rs No par
318 Jan 7
938 Feb 19
334 Dec
861
bs Jan
/
4 8912 88
8938 8712 88/
1
4 8714 8814 861
/
4 8712 86/
1
4 8714 76,100 Consolidated Gas(NY) No par 744 Mar 30 8912May 23
6078 Jan 794 Dec
31
/
4 318 *3
31
3
3
3
3
3
318
3
318
2,700 Consolidated Textile__ _Na par
278 Mar 19
5/
1
4 Jan 7
238 Apr
6534 6658 6534 13613 6578 66
8
Jan
6512 66/
1
4 6618 6678 661
/
4 665$ 13,700 Continental Can, Inc_ _No par 6012 Mar 30 6978 Jan 2
434 Apr 69511 Dec
.11413 115
114 115 .113 115 *113 115 *11312 115
11412 11412
300 Continental Insurance
25 103 Jan 5 1201
:Jan 26
894 Apr 10918 Dor
1013 1034 1012 1034 1038 1034 1034 1114 10/
1
4 1118 1034 11
67,200 Cont'l Motors tern etfs_Na par
84 Jan 2 114May 9
6
Apr
878 Dee
3438 3434 3358 3412 3358 3458 3334 34 I 3272 331
4 32/
1
4 33
67,000 Cirn Products ROM w I__ _.25 3233May 29 4173 Feb 25
3113 Jan 4384 Nov
•121 12278 .121 123 .121 123 *121 122141•121 124/
122 122
100 usrs Ian 7 123121%1ra 25 11518 Apr 12334
100
Do pref
Aug
70
7114 6918 711 17.400 Crucible Steel of America_ _100 6412 Mar 30 7934 Jan 17
48 May 76 Dec
951 *9538 951
200
Do pref
100 92 May 8 96 Jan 15
86 May 98' Dec
Vili 6934 71 6934 7013 7053 7153 9512
12
1214 1134 12
3,100
Cuba
Cane
Sugar
No par
VA Apr 29 1478 Feb 9
9512 *9514 05/
101
: Oct 18 Fel
*94
1
4 *95
9513 9514 9514 51
5218 5078 5233 13,300
Do pref
100 4734 Apr 30 6278 Feb 26
1112 1112 1112 1112 1138 1134 111
5333 Apr 7178 Feb
/
4 12
2912 3038 30
301 14,600 Cuban-American Sugar_ -10
_10 27 May 6 3312 Mar 3
2814 Nov 3878 Feb
5078 5078 4934 5114 5015 5138 50/
1
4 5112 97
97
*9512 97
100
Do
pref
100 9512May 5 101 Mar 13
uan
ne 100¼
9118 J
.lifro
elr
2938 2912 2938 2913 2938 2912 29/
1
4 2934
412 41
*414 41
2,800 Cuban Dominican Sug_No par
438May 131
668 Feb 27
June
*9512 97
*9512 97
*9513 99
*9513 97 .34
301 *35
361
Do pref
100 36 May 11 444 Jan 6
38 Dee 52 Feb
412 412
458 438
458 434
412 413 *72
75
74
75
600 Cushman's Sons
No par 62 Mar 30 78 May li
561
.35
:Aug 7674 Sent
37
*34
3634 .35
37
3612 54
51
54
5414 12,300 Cuyarnel Fruit
No par 50 Feb 17 59 May 25, 4518 Nov 7413 Jan
472
75
*72
75
7212 72/
75
1
4 •72
218
214
2
218 1,200 Daniel Boone Woolen Mil1s_25
178 Apr 23
778 Jan 9
6 Nov 3214 Mar
53
5512 54
59
5518 5614 5414 5514 38/
1
4 3984 3814 397 18,900 Davison Chemical v t o_No par
2778 Apr 30 4934 Jan 23
3813 Nov 6913 Jar
212 212 *218 214 *218 212 *218 2/
1
4 42034 22
*21
22
100 De Seers Cons Mines_No par 201
/
4 Mar 18 244 Jan 28
1814 Jan 2214 Dec
40
4178 3712 4012 3734 391
/
4 3712 3978 12378 12434 124 12113 5.400 Detroit Edison
110
100
Jan
5
8May
1257
22
*2118 22
1014
Jan 11534 Dec
*2114 22
2118 2118 *2012 22
24
25
2434 2514 50,300 Dodge Bros Class A _ _ _No par 24 May 19 26 May
11
125/
1
4 12578 123 12318 *120 122
12234 12313 78
7834 7812 78/
60,800
1
4
Preferred
c8rtlfs_ _ _ _No par 7312May 7 79 May 11
1334 1334 1334 1334 1334 15
1458 141
/
4 1414 1414
1414 1414 4,500 Dome Mines, Ltd
No par 1234 Apr 14 161
:Jan 19 IfigliZr:
•1813 19
, 161:-31+;
1812 18/
1
4 •1814 1834 •1838 1878 1878 191
/
4 19
1918 2,500 Douglas Pectin
No par 14 Feb 16 1912May 12
•109 110
938 June 18 Dee
10934 10934 *10913 110 *10913 110
110 110
110 110
300 Duquesne Light 1st pref ___100 105 Jan 7 110 May 14 1004 Mar 10814 Sept
10958 110
10958 110
10 11018 10912 11018 110 111
108/
1
4 109,2 3,300 Eastman Kodak Co_
No par 10818 Mar 19 118 Jan 19 10418 Apr 11478 Nov
1758 18
19
18
1913 20
19
2014 1818 1934 1878 19,4 30,800 Eaton Axle & Spring__ _No
par 1012 Feb 13 2014May 27
834 Sept, 2418 Jan
103 16478 16234 16434 162 164
185 165
165 16834 16612 167/
1
4
15,600
E
I
du
Pont
de Nem & Co__100 13414 Jan 5 16958May 20 112 May 142 Dee
9714 9714 97
0714 9714 9714 *9718 9714 97/
1
4 9712 97
97
1,800
Do
pref
6%
100
Jan
94
23
9712
6512 6638 6413 6512 65
Mar
4
85
Apr 96 Dec
05
65
6618 66
6638 6413 6534 7,600 Elec Storage Battery..No pa
6034 Mar 30 7034 Jan 3
*9
5012 May 66 Dec
111
*91
/
4 1118 *9
918 *9
11
*9
11
•9
11
Elk Horn Coal Corti
74 Feb 17 104 Jan 22
50
2
*11
/
4 2/
11 Dec 1468 July
2
1
4 •134 2/
1
4 *134 214 •134 214 *134 2,4
100 Emerson-Brantingham Co-100
118May 1
24 Jan 3
6838 6838 6814 7118 6914 7078 691
%June
31: July
/
4 70
6978 6978 *68
691
9,700 Endicott-Johnson Corp_ _ - 50 6334 Apr 2 72 Jan 9
•11234 114 *11234 115 •11234
5578 May 7338 Dee
114 114
111 111 •113 11314
300
Do pref
111
100
May
28
1163
4
Feb
10513
16
•17
18
June 115
18 •17 18
18
Jan
*17
18
*17
18 .17
18
100
Exchange
Buffet
Corp_No
pa
Apr
1512
8
Jan
194
3
18 Dec
*3
e 2:1
.3
6
:
1 ljta
414 414
t
4
4
412 412 •4
41
300 Fairbanks Co
2
214 Mar 27
412May 28
3512 353
30
3614 3613 38
3738 37% 3714 3738 3658 37
4,100 Fairbanks Morse
3214 Jan 2 3834 Mar 12
No pa
2513 May 34 Dee
106 1067 103% 10414 10378 1043 10378 10713 106 10778 10512
107
26,000
Famous
,
Players-Lasky
-No
17
Fab
9014
Pa
10812May 19
•111 112
61
Jan 984 Dee
112 11214 *110 11114 11114 112 *11134 112 •11018 111
1,000
Do pref (8%)
100 10378 Feb 17 11214May 25
•150 160
8757184 AprJan 10
28
44
13
4 iee
Dec
Federal Light & Trac__Noya 11412 Jan 3 168 May 7
7413 May 12213 Dec
•16
17
1678 11378 1613 1612 16l 17
17 ;iU3 18 ---800 Federal Mining & SmelVg_100 1514 Mar 13
1633
25 Jan 19
64
54
55 .52
54
53
54
55/
1
4 55
55
*55
5512 2,800
Do pref
100 4912 Mar 11 6414 Jan 15
4113 Jan 6412 Dee
016912 172
16834 168/
1
4 *163 16913 *165 168 •165 1691 16914 16914
300 Fidel Phan Fire Ins of N Y_2514713 Jan 6 175 May 15 118 Mar 148 Dec
•1518 18 •1518 18 •1512 16
•15l3 16
•1512 10
1513 1512
100 Fifth Ave Bus tern ctfs_No par 12 Jan 8 1538May 18
913 Jan 1338 Jan
Fisher Body Corp
No par 239 Jan 2 280 Jan 12 163
"1e14 -165-8 16' 167
Jan 240 Dec
18844
-168 1114 1653 1858 1614 161
/
4 37,200 Fisk Rubber
No par 1012 Mar 24 471/May 13
511 June 1378 Dec
95
95
9478 96
95
95
9518 9514 96
95
9614
2,600
Do 181 pref
100 7513 Jan 16 9614May 29
3813
8634 87
July
86 Dee
37
8512 861
86
/
4 8512 86
8512 85% 8513 8612 6,700 Fleischman Co
No par 75 Mar 19 87 May 21
4414 Jan 9014 Nov
11414 11514 114 11512 11314 113/
1
4 11338 11418 113% 1141
/
4 11234 11434 6,300 Foundation Co
No par 90 Jan 6 11834May 19
6613 Jan 9478 Dec
1512 1578 15
1512 14/
1
4 1518 1434 1514 15
16/
1
4 16
1614 28,200 Freeport Team Co
No par
8 Mar 18 i8'/May 11
713 Sept 1378 Jan
*10
1013 1012 107s 1078 1178 1078 11
1112 1114 1134 7,200 Gardner Motor
11
No Par
44 Jan
1614 Mar 2
•47
34 Oct
•41312 48
7
*47
48
48
Jan
*4613 48
*4612 48
*4612 48
Amer
Gen
Tank
•97
100
5513
Car
99
4434
Apr
27
3512 May 53 Dee
Jan 10
*97
*97
99
99
*97
99
*97
99
*97
99
Do pref
100 9334 Feb 16 99 Jan 19
92
Feb
5534 56/
9913
Dee
1
4 5434 5612 554 57
5634 5634 56
5733 55/
1
4 5638 6,700 General Asphalt
100 4212 Mar 30 6332 Jan 2
3138 Apr 634 Dee
*97 100
9613 9613 *941
9612 97
/
4 .9313 97
97
/
4 N1
97
700
Do peal
100 3612 Mar 17 100 Jan 2
•136 142
7113 Apr 100 Dee
13434 1381s 132 135
127 130
133 135
134 1.34
3,500 General Baking
No
par 121 Mar 7 147/
1
4 Jan 2
93
88
Jan 160 Sept
88
88
85
87
8713 88
8812 8834 89,2 88
88
3,600
General
Cigar,
100
Inc
8412May
10184 Mar 4
*10212 109 •10212 109 *0712 109 *10212 109 *10212 109 *10212
8214 Apr 9878 Dec
109
Do pref
100 105 Jan
1114 Mar 12 10114 Mar 106 Dee
•104 10814 •101 108,4 *100 109 •100 108 *100 108 *100
108
Do debenture prof__ _100 106 May 21 1094 Feb 25 100 Apr 109
28112 284
28014 28312 281 283
Dec
28234 284
283/
1
4 287
28378 28534 16,700 General Electric
100 22714 Feb 17 320 Jan 2 19313 Jan 322 Dee
1138 11/
1
4 1138 11/
1
4 111
/
4 1112 111
/
4 1112 1114 1138 1118 1113 4,100
Do special
10 11 Jan
111/May 26
7678 77/
1013 Apr 1113 July
7634 7714 7678 78
1
4 77
78
77/
77
1
4 7714 7734 124,800 General Motors Corp__No par 6478 Jan
79 Feb 10
*90 -- *90
90
553.4 Oct6678 Dee
90
*90 _
33
Do prof
100 90 Feb 13 9412 .R41121
9212 *90
•90
9212 *90
80 Juno 93 Dec
9212 92
92
92
92
Mh 914
300
Do deb stock (6%)
100 8813 Apr 21 94 Jan 13
10634 10634 1071
/
4 *1071
/
4 1071
804 June 931: Dee
/
4 10714 1071
/
4 1071
/
4 •10718 10714 107 10714 1,000
Do
pref
7%
100
5414
102
Jan 5 10878 Feb 2
5334 5434 5338 54
5312
9515 July 10313 Dee
5334 5414 5312 54
x5278 5312 33,800 Genera Petroleum
25 42 Jan 16 5712 Mar 3
*43
*43
47
47
*43
3838 June 45 Aug
47
45
4612 47
4812 48
48
1,600 General Refractories__ _No par 43 Apr 28 5811 Jan 14
53
5358 5412 5312 5478 54/
53
31 June 55 Jan
1
4 5413 54
54
5378 51
9.300
Gimbel
Bros
No par 47 Mar 16 57 Jan 13
0103 105 •103 105 *103 105
4718 June 6478 Dec
104 104 *103 104 *103 104
200
Do pref
100 10214 Mar 14 10514 Jan 20
39
35
3412 35
37
99
Jan 107 Sept
38/
1
4 3638 3634 3612 37/
1
4 3638 3678 7,600 Ginter Co temp ctfs__ _No par 1 2234
Feb 13 4078may 15
20/
1
4 2138 21
2212 22
21 Dec 2738 Nov
2213 221
/
4 2278 211
/
4 2214 2134 22
53,500 Glidden Co
No par; 121
:Mar 19 2338May 1
41
4012 41114 40
41
8
June
15 Nov
40
*3913 40
•3913 4114 39
3973 2,000 Gold Dust Coro v t c__No par 37 Mar 3 4212May
52
5218 5118 5134 5138 53/
2813 Apr 4378 Nov
20
1
4 52/
1
4 5273 5238 52/
1
4 52
5212 11,700 Goodrich Co(B F)----NO par 3684 Jan 5
5512
Apr
June
17
6
88
Dec
*9758 99, *9758 9938 9938 9938 *98
9912 *98
9933 •98
9912
100
Do pref
100 92 Jan 3 99781May
7014 May 92 Des
9713 9778 9738 9734 9734 10178 10018 10178 1001
97/
1
4 977
/
4 101
9,100 Goodyear T & Rub pf v t 0.100 8618 Jan 6 10178May 22
1
4 10412 10434 105
10438 10438 104/
Jan
39
27
9078 Dec
105 10512 *10512 10612 10512 10584 1,600
Do prior prof
100 103 Apr 27 10714 Mar 6
15
15
1412 1478 *1412 16
1514 153
8814 Jan 1084 Dee
16
16
*1513 16
800 Granby Cons Min Sm & Pr-100 13 Mar 30 2114 Jan 14
1213 Apr 2178 Dee
Gray & Davis. Inc____No par
414 Jan 2
947 9514 9412 9614 -6(lEs iiili "ii- Vii; -iiT3 1664 -66i8
718 Jan 3
212 Oct
918 Jan
3-8 11,ioo Great'Western Sugar tem ctf 25 91 Jan 16 1003
1313 1312 134 134 134 134 1318 1318 1318 166
14
8May 28
*13
8314 Oct 9678 Dee
1358
600 Greene Cananea Copper_ _.100 1134 Mar 19 1914
•5
513 .5
Jan 2
514 *5
10 May 2178 Dec
513 *5
533 *5
512 *5
512
Guantanamo
Sugar____No
par
47
8May 6
612 Jan 5
85
81312 85
80
8512 8412 86
85
478 Nov 1018 Feb
844 8712 8513 8634 17,000 Gulf States Steel
100 6718 Mar 24 0478 Feb 5
1
4 2912 2913 *29
2913 29/
30
30
62 May 8914 Feb
291: 29
2918 29
2914 1,400 Hartman Corporation__No par 2534 Apr 24
374 3818 3734 38
3712 Jan 7
3734 40
31 Sept 4434 Feb
3978 4013 3912 40
33812 3934 24,000 Hayes Wheel
No par 30 Mar 14 434 Jan
47
471
/
4 .46
.4612 47
48
3214 May 5278 Feb
•47
48 .47
4712 .47
48
300 Hoe(R)& Co tern ctte_No par 45 Apr 1 4878 Ian 3
*4413 45
4412 45
45
9
45
4814 Dec 5173 Dec
*44
45
4412 4412 44
44
800 Homestake Mining
100 43 Jan
50 Jan 12
*3514 354 3512 354 3512 3512 35/
1
4 3578 3558 35/
35 July 561/ Jan
1
4 *3512 3534 1,200 HousehProd,Inc,temctfNop
ar 344 Jan
3738 Jan 20
70
68
3168 Apr 38 Nov
6978 6914 6934 6878 6912 6812 69
7038 69
70
3,600 Houston Oil ofTex tem ctfs_100 59 Apr 22 85 Jan
29
1
4 5433 5718 5678 577
Apr 8213 Feb
5234 5434 5378 54/
V
5612 5734 5878 5934 91,400 Hudson Motor Car____No
par 3334 Jan
1778 1878 1778 1878 18
5934May 29
1778 1778 17% 18
2013 May 36 Dee
1814 18
1838 22,900 Hupp Motor Car Corp_ 10 1414
Mar 1
1914 Jan 5
1118 May 18
Jan
_;ii2 _ i5; .
; iz _ _9_5; ______ HyD
do
raup
lir
c
ef
steel
No
par
1
•718
Jan
--il-.2
1/ Jan
114 Jan 8
-;ir8 959 *788 959 -.-.7i8 - -i1-4 - - - 2/
1
4 Dec
100
8
Jan
20
Apr
May
2918 2934 2812 2958 2812 3114 304 3238 3138 3234 31
7
10
3
4
34
Dee
3178 115.500 Independent Oil le Claa-No par
1312 Jan
•17
18
3312Mar 6
1712 1778 19
*17
534 Sept 1614 Dee
17/
1
4 •17
1878 194 19
19
14,100 Indian Motocycle
No par 13 Mar 24 20 Jan 3
8 8
8
154 June 2514 Feb
734 734
8,4
74 8
734 8
734 734 3,200 Indian Refining
54
10
Jan
•78
Feb
103
8
89/
334 Apr
81
6
1
4 *78
81
8934 .78
8934 *78
74 June
8934 78
78
200
Do pref
100 77 Mar 24 95 Jan 7
60 Mar 75 Dee
41
4114 41
41
4112 41
41
4114 4114 4114 41
41781 3,1001 Inland Steel
par
No
383
4May
1 50 Feb 2
3113 May 4874 Nov
•109 -.- 109 109
109 109
•109
109 109 .108 110
400
Do pref
100 10412 Apr 13 110 Jan 22 10114 Jan 10734 Dec
2438 -2-4.1-2 2414 2434 2378 2378 2278 2334 2312 26
284 27
12,500 Inspiration Cons
20 2214 Apr 22 3234 Jan 12
1
4 1178 12
/
4 12/
224 Feb 3378 Dee
1178 12
1218 1214 111
1178 1178 1178 1178 3,300 Internat Agricul Conner
No
par
74 Jan 7 1312 Feb 5
3 June
125 121334 123 12518 12118 123
120 12334 123 12412 5,200 Int Business Machines_No par
938 Jan
125 125
110 Mar 30 12634Ma. 25
83 Apr 11878 Dee
65
64/
6412 6434 64
1
4 .64
65
6614 6518 68
6478 6514 8,900 International
3918 41
3934 4078 3978 4012 3934 408 3912 4078 48,700 Inter CombueCement No par 52 Jan 5 6612May 27
3913 40
Engine No par 314 Jan 21 44 Mar 6
10878 10912 10914 109/
1
4 10914 10912 10934 10934 110 11114 110 1104 6,100 International Harvester___
100 9618 Mar 25 1144Maf 20
78
117/
1
4 11738 11714 11714'117 11734 117 117
Jan 11013
•117 11778 117 117
400
Do pref
100 114 Mar 3 11778May 20 106 Feb 11513 Dec
9
918
9
914
814 9
9
9
813 878
Nov
834 9
7,600 Int Mercantile Marine_ _100
814May 19 M78 Feb 5
634 Jan 1578 Dee
1
4 384 3918 3638 3918 37
38/
1
4 3878 354 38/
3778 3534 3778 16,400
Do pref
100
37
7
8May
29
5284 Feb 5
264 Mar 473* Dec
2878 2758 2818 2734 281
28
2858 29
/
4 281
/
4 2858 2834 29/
1
4 45,400 International Nickel (The)_2
2414/Mar 18 3034 Apr 24
114 May 274 Dee
9712 *97
*9614 96/
974 9713 *97
9713 9714 9714
1
4 4.964 98
200
Do pref
100 94 Jan 6 994 Feb 6
7512 May 95 Nov
72
70
6714 721
73/
70
1
4 6934 724 70
7178 7013 7378 82.700 International Paper
100 4814 Mar 19 7373May 29
3413 Apr 60 Dee
8212 80
8138 8214 81
814 811
8178 7834 80
80
8012 6,000
Do stamped prof
100 71 Mar 9 8212May 26
624 Mar 7478 Oct
139 139 *139 13912 13913 13912 *140 ____ 145 145
148 148
400 International Shoe
No par 108 Feb 2 148 May 29
____ *121 125 *121 125 *121 128
•120 12012 12012 12012 *121
100
Do pref
100 119 Apr 18 1204 Feb 28 17
1/4 /)!ItIt3y Mt/
9418 9238 93
9334 102
9378 9413 93
1001
:10333 102 111
32,200 Internal Telep & Te1eg100 8712 Apr 3 111
May 29
66 Feb 94 Dee
12118 2318 .2118 2312 •2118 224 *211
/
4 2313 23/
1
4 23/
1
4 .2118 2313
100 Intertype Corp
No par 2112Nlay 16 2611 Jan 5
2413 Dec 3213 Mar
Invincible Oil Corp_
No par
1513 Jan 2 2238 Jan 9
'72
101* July 167* Jan
*72
90 ;ii- ICI ;ii" If iii" -6-6- iii" Ili90
Iron Products Corp
10 82 Jan 2. 105 Feb 10
19
19 '181z 19 •1812 1912 1834 1834 1812 1812 *1813 19
39l Apr 1003* Dee
800 ..'ewel Tea, Inc
100 181
'Mar 30 2178 Feb 26
•10812 109
1
10612 10012 •105 109 *10614 108
1064 10614 *1054 108
65* Apr 23l Jan
200
Do pre
100 IC. .8 Jan 19 110 Feb 25
78 Mar 106 Dee
•Rid and asked tykes no Mann On this An' s sr-dividend
k par vat ja (mantel from $100 to $50 and prices
on
that basis beginning June 3. a
a Now succeeded by Mid-Continental Petroleum. Prices appear on third page preceding.
Ex-rlghte.
-Jaz,
947.
12h
ST.
Tree
New York Stock Record-Continued-Page 4
2790
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 23.
Monday.
May 25.
Tuesday.
May 26.
Wednesday
May 27.
Thursday.
May 28.
Friday,
May 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE •
Range for Previous
Year 1924.
PER SHARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Highest
' Lowest
per share $ Per share $ Per share Shares. Indus. & Miscall.(Con.) Par $ Per share 8 Per share
per share
per share
$ per share
500 Jones Bros Tea, Inc,stpd_ _100 14 May 22 21% Feb 3
1514
15l4 1514 1514 1514 *15
4 1534 1534 .1514 16
1
15/
.15
No par 42 Jan 27 5912Mar 3
4512 4614 2,300 Jordan Motor Car
46
6
4618 4614
46
4612 46
4618 46
46
114 Jan 28
Kansas & Gulf
12
14May 14
10
*14
12
*14
12
12
12
*14
414
*14
12
*14
v
Co
(J)
par 1834 Mar 17 29i2May 15
Kayser
o____No
t
29
5,100
8
283
2918
2812
2812
28
2712
28
2814
2734
.27
2834
May 29
99
83
pref
lst
par
No
Do
30
Mar
99
100
99
99
99 .96
99
*96
99
*95
*06
*9534 99
4 Mar 24 1912May 12
/
25 121
1818 9,800 Kelly-Springfield Tire
1734 1714 1814 18
1778 17
1714 17
1718 1738 17
pref
8%
29
41
100
5812May
Do
25
Mar
4,000
5812
57
5412
58
8
547
52
51
50
•4634 50
52
.50
Do 6% pref
100 43 Mar 25 5734May 28
5712 1,400
5512 5614 5734 57
5334 .51
.51
56
5378 54
.51
100 88 Mar 26 10412May 12
500 Kelsey Wheel. Ine
99
4 97 •96
1
96/
96 .9714 99
96
97
9734 9838 .96
NO Par 4612 Mar 30 5724 Jan 13
5112 31,900 Kennecott copper
4 5034 5018 5078 50% 5114 51
/
501
5034 5118 5014 51
178 Jan 9
34 Feb 5
238 238 3,800 Keystone Tire & Rubb_No par
212
212
238 258
212 258
238 212
.238 212
No par 72 Apr 21 8734Nlay 25
7,300 Kinney Co
85
8412 8514 .84
8478 85
86
8734 85
84
8334 84
Mar 24
532
28
Apr
Co
355
5)
(S
100
Kresge
300
395
389 39014 .384
.385 38912 38934 3S934'380 389 .385 389
800 Kresge Dept Stores__ _No par 3112 Jan 21 4524 Jan 7
38
43712 3512 3714 3714 3634 3758 .36
361
36
4 .36
/
37
Jan
31
11014
Mar
100
178
5
Louis)
(St
L
Gas
Laclede
900
167
.165
171
167
169
159
159 159
•158 160 .158 160
100 Lee Rubber & Tire_ _ __No par 1158 Feb 20 15 Feb 5
•13% 1334
*1314 14
14
1312 •13
1278 1278 .13
14
•13
25 57 Mar 25 7112 Feb 6
6238 6238 5,100 Liggett dr Myers Tob new
6112 6238 62
6238 6114 6178 6178 62
6178 62
100 118% Jan 16 121 May 20
Do prat
300
120 120 *120 12138 •120 1213s 12012 12012
.120 122 *118 122
25 5512 Mar 27 70% Feb 6
Do "B" new
62
6134 62
6118 62
4 6134 6158 6158 6114 6138 3,900
/
611
61
No par 6114 Mar 31 7458 Jan 14
63
63
6314 6234 6318 1,500 Lima Loo Wks
6312 6334 6314 6314 63
*6334 64
par 22 Feb 17 2924hlaY 11
2958 2858 2914 2812 28/
4 2812 2914 2812 29521 2834 2914 19,500 Loaves Incorporated... No
1
29
9% Apr 6
No par
8 Jan 28
4 5,400 Loft Incorporated
1
778 7/
*734 8
778 8
814
8
4
/
778 778
734 81
100 77 Feb 17 97% Mar 7
Biscuit
Loose-Wiles
1,100
911s
4
903
4
903
88
87
*85
89
.86
87
.86
89
.86
8 Jan 13
377
24
Jan
25
3014
Lorillard
6,200
353
3514
8
3514
3514 3514 3538 35
3518 3538 3514 3512 35
100 108/
4 Feb 27 112 Jan 12
1
Do oref
300
11012 11012
110 110 •110 111
110 110
•107 110 •107 110
par 14% Mar 31 23% Feb 3
ctts.No
temp
Oil
Louisiana
10,800
185
1818
8
4
1
/
18
18%
1812
s
7
18
8
187
1812
1914
1812
1834 19
No par 3134 Feb 17 55 Mar 4
1,900 Ludlum Steel
36
36
37
3712 3712 37
3534 36
37
3734 3612 37
100 114 Mar 20 12312May 22
12034 12034 *120 122 .120 12112 12134 12312 1,300 Mackay Companies
•121 123 *12112 123
No par 117 Jan 18 18558Nlay 28
Inc
Trucks,
Mack
4
1833
01,600
18112
18212
185%
18214
180%
1847s
17834 18214 17634 18012 17512
100 104 Jan 27 10912MaY 15
Do 151 pref
*10812 10912 •108 109 •108 109 *108 10834 *108 10834 .108 10834
100 99 Jan 2 10414May 27
Do 2d pref
500
103 10318
10414 10414 *10314 104
10334 10334 104 104
•10314 104
116 Jan 5 137 Feb 9
Do 2d Paid
6912 Jan 3 89 may 29
16- 18.100 Macy (R H)& Co,Ino_No par
87'2 85 168312 -8312 8734 85
82
817
81
par
34 Mar 31 4414 Jan 2
No
Magma
Copper
4218
42
6,100
4112
4
/
421
4114
4
423
8
415
4112
4134 4238
4134 42
par
24.14 Mar 30 3712 Jan 23
Co_No
&
R)
(H
MallInson
4,400
2612 27
2738 2658 27
27
2714 2778 2738 2734 2658 28
100 81 Mar 18 92 Apr 15
Do pref
•9014 91
*90/
91
*90
4 91
1
91
*90
91
.9014 91 .90
May 14 5312 Feb 26
46
100
Sugar
Manati
300
5012
50
50
*4712
50
*4712
50
50 .45
.46
50 .45
100 7984 Mar 30 82 Feb 9
Do pref
8312 *80
8312
8312 •80
8312 *80
8312 .80
8312 .80
.80
Feb 16 59 Mar 10
par
No
4
1
/
42
Manh
etfs
tern
Elec
400
Supp
5112
5212
.52
53
5214
531.
.52
5312
*5212
4
53
•523
.52
25 2014 Mar 16 30% Jan 3
25% 2534 2618 2614 2614 2778 2714 271:: 2658 2634 2712 2758 5,200 Manhattan Shirt
4 39
1
40/
44% 5,700 Manila Electric Corp _No WV 2812 Mar 5 4912 Apr 24
4138 40
4012 4012 4034 4114 41
41
41
2634 2634 2634 2634 2614 26% 3,100 Maracaibo 011 Expi__ No par 2514 Apr 2 3512 Jan 31
4 2714 2634 27
/
2714 271
27
4 Jan 31
/
No par
30 Mar 17 4431
4312 4418 4312 4414 4314 4334 4334 4414 4338 4414 4238 4234 89,000 Mariam] 011
No par 10% Mar 13 24 May 27
17,500 Marlln-Rockwell
20
19
2012 22
1938 2138 2158 24
17% 1834 1814 19
Jan 7
par
3718
_No
24
Mar
Corp__
2512
Martin-Parry
20,200
3212
3218
8
325
3312
32
33
3212
4
1
/
32
8
327
3278
3214
3134
8078 5,000 Mathleson Alkali W kstem ctf50 51 Jan 8 8418May 22
8014 8114 80
81
7914 81
8014 81
8118 80
79
1,700 Maxwell Motor Class A _ _ _100 74% Jan 27 117 May 29
117 117
116 116
11212 114
112 112
•111 ,14 *110 114
4 54,000 Maxwell Motor Class B No par 3314 Jan 27 109 May 28
/
10134 1071
10514 109
9578 9412 9834 9814 106
4 94
1
9434 95/
128%May 25
11934 12334 120 12834 122 12538 121 12434 122 1243* 124 12712 74,600 May Department Stores ..50 101 Mar 23 9413 Jan 13
9038 3,700 McCrory Stores Class B No par 79 Mar 17
90
9012 91
9034 91
91
9312 90
93% 91
93
1814 Feb 24
2
Jan
16
_5
Mines_
Porcupine
McIntyre
1712 1712 *1712 1778 1734 1734 1738 1734 1758 178 .1712 1778 . 800
300 Metro Edison Power pt.No par 9712 Apr 21 102 May 29
.9734 10034 •100 10114 100% 10012 .10014 10234 10114 10114 102 102
Feb 5
3
Jan
18
2214
_27
pf
Pictures
Metro-Goldwyn
2,000
4
.2014
207
4
203
4
203
8
207
*2012
2012 2034 20% 2012 2014 2034
151s 1378 1438 16,700 Mexican Seaboard OIL No par 1112 Mar 17 2212 Jan 6
1612 1678 15% 1612 14
16% 1714 1612 17
8 May 12 244 Jan 13
934 3,800 Miami Copper
6
914
958 958
9/
4 958
1
934 978
958 978
934 10
158 Jan 13
53 Apr 16
8,200 Middle States 011 Corp _ _ 10
1
34
78
78
34
34
78
84
84
84
78
84
2,600 Midland Steel Prod prat _100 96 Jan 2 116 May 23
112 1121
111 113
11414 116
115 1155s 11534 116
11412 116
50 29 Feb 2 304 Jan 10
Midvale Steel
100 64 Apr 17 8714May 25
Power
-84T8 86* 8334 85s -iiTs -i - -5-4,265 Montana
1 -8.44 8714 -83i8 85
643.4 186;
.
4 47,900 Monte Ward & Co III corp __ 10 41 Mar 30 5558 Jan 13
1
53/
5338 5158 5278 5134 5234 5134 5312 53
5334 52
53
par 2234 Mar 19 284MaY 13
Motors
No
Moon
17,000
8
273
27
8
277
2612
2818
8
273
2714
2614 25/
4 2614 26
1
26
918 Jan 2
6 May 4
73
4 71 1 6,100 Mother Lode Coalltion_No par
1
7/
714
7
734
71/4
714
714 7%
714 73s
1434 Feb 2 21% Feb 20
par
No
Corp.._
Body
Mullins
400
4
/
171
•17
1712
1712
.17
1712
17
17
4
1
/
1712
•17
18
•17
Jan 23
par
34
23
Apr
3018
No
Co
Munaingwear
200
3158,
8
315
*3112 3134
31 13 3112 .3112 32
*3112 32 •3112 32
No par 19312 Jan 5 430 May 23
430 430 1 1,8001 Nash Motors Co
426 429
42412 42412 419 425
430 430 •420 425
28
Feb
100 1038 J1412 21 106
Do pref
_
.105
•105
*105
•105
_ .105
41,05
7% Jan 13
414 Mar 24
1,300 National Acme stamped. _10
512 512 •512 6
578 578
*512 6
512 6
6
6
2
Jan
75
29
Apr
65
25
Biscuit
6612 6612 6612 6612 6712 6712 6712 2,3001 National
6634 6712 6658 66% 66
100 12312 mar 11 128121‘lay 9
Do pref
200
125 125 •12234 12814 .12234 12814 .124 12814 •125 12814
•12234 127
26
Jan
6512Mar
78
5
_100
Suit_
7212
National
&
Cloak
4,200
7212
7214
71
•7014 7212 7114 73
7212 6912 71
.72
100 99 Jan 13 104 Jan 29
Do pref
*9912 103 .101 103 *101 103 •101 103
•I0112 103 .10112 103
Jan 2 5878May 25
4 5712 5812 5612 5778 35,200 Nat Dairy Prod tern ettsNo par 42
/
4 5612 571
/
5634 5834 5712 5878 5612 571
par 3812 Jan 2 45 May 12
No
Stores
Department
Nat
9,400
4312 4418 4314 4312
45
4238 4212 44784:3
42
4112 42
100 96 Apr 15 102 Jan 2
Do prat
300
9714
9714 *97
*97
9714 •97
*97
9712 9634 97
97
97
6984may 23
6714 4,0001 Nat Distil Prod pf Lama!Novas 52% Jan 8
6934 6712 6878 6712 6758 6712 6712 67
6934 67
69
600 Nat Enam & Stamping, ..100 25 Apr 30 3678 Jan 21
28
2818 2758 2758
28
28
28
28
29
29 .28
•28
100 79 May 23 8924 Jan 12
pref
Do
100
81
•76
80
*76
81
.76
81
*76
81
.76
79
79
100 13812 Apr 27 16678 Jan 9
1,700 National Lead
149 15018 151 151
148 148
15512 155% •14812 1531 148 150
100 116 Jan 5 118 Mar 4
Do pref
4 .116 11712 •116 11712 *116 11712 1,200
/
116 1161
116 116
•116 117
50 61% Apr 2 71 Jan 29
Supply
National
1,400
4
643
.63
64
64
6414
64
6414
64
6412 6434 6438 6434
5 1154 Apr 27 16% Jan 7
Copper__
Consol
Nevada
2,600
1318
4
1
/
12
131 •1212 13
1238 322* 1234 12%
1314 1314 13
2,200 NY Air Brake tern ctfs_No par 42%Nlay 1 5812 Jan 3
*4458 4514 4412 4434 4434 46
46
45
46
4638 46
46
par
No
51 Mar 19 87 Jan 7
A
Class
Do
1,200
8
533
4
1
/
52
4
523
8
7
52
4
1
/
52
8
4 5278 5278 527
1
*5278 5312 5234 52/
4 19,300 N I' Canners temp ctfa_No par 3134 Mar 30 48 May 22
1
4438 4234 4414 4218 4438 4334 44/
4534 42
44
4412 46
100 18 NIar 24 3112 Apr 14
3,800 New York Dock
29
29
2812
8
275
27
2612
28
2512
25%
2418
2512 2512
100 5212 Jan 14 88 May 27
Do pre!
67% 67% 2,3001
68
68 .67
6614 6712 67
66
63
65
.63
4001 Niagara Falls Power_,.No par 4518 Jan 5 69 May 15
68
•67
65 .66
65
65
65
*64
66
66
25 28 Jan 5 29 Jan 2
4001
Do
new
8
Prof
283
8
283
.28
.28
2818
2814
2818
.2814 2812 2814 -283
6038MaY 7
10 4118 Jan
4938 36,800 North American Co
4958 4914 4912 4918 4912 49
4918 49% 4858 4934 49
50 May 29
4658 Jan
50
pref
Do
3,100
4958 50
4948 4938 4938 4938 4938 4912 4912 4912 4918 4934
8 Jan 1
4 Jan 30
/
101
(The)_ _ _.No par
Co
Nunnally
10
.9
10
*9
10
*9
10
.9
10
•9
10
.9
512 Jail 2
714 Feb 26
par
No
new
Min
7
Sliver
•512
Ontario
7
.512
4 *512 578
1
•512 612 *512 678 *512 6/
2518May 12
No par 18112 Jan
100 Onyx Hosiery
•24
30
30
•24
30
.24
30
.2412
4
1
/
25
2518
30
.2518
2524 Jan 1
2938 Feb 27
1,800 Orpheum Circuit, Inc
2714 2678 27
*2712 2734 2712 2712 2712 2712 2714 2738 27
4 Apr 17
/
50 8758 Feb 2 1181
100 Otis Elevator (k)
11434 11434
•113 11534 *112 115 •112 115 .112 11434 •113 11434 1258 1312 106,600 Otis Steel
1438May 26
8 Marl
No par
1438
141s
1312
8
137
8
143
1338
1414
1178 1212 13
100
1
Mar
5014
4May 25
Prof
743
Do
7,800
69
'
69
7334 7212 7234
73
7212 7434 7212 74
70
66
5112May 29
25 4234 Marl
4 5112 44,500 Owens Bottle
/
4878 4818 4812 4812 4934 4978 5078 501
48
4778 49
11138May 28
100 10212 Jan
Electric
&
Gas
Pacific
3,100
11114
110
2
1113
4
1103
111
11014
11014 11012 110 11034 110 110
512 Apr 1
11 May 26
600 Pacific Mail Steamship.... 5
11
1078 1078 .10
11
11
11
4 11
/
•1058 1112 •1(134 111
No par 5214 Mar 30 8514 Jan 31
34,900 Pacific Oil
4 5878 5938 5812 5878 5838 59
1
5918 5958 5614 5938 5818 59/
Jan
25
15
10
I
2912May
Car
Motor
Packard
155,700
4
273
2712
2878 2738 2814 2712 28
2818 2814 2912 28
26
100 10214 Jan
11218May 26
Do pref
4 1,700
1
4 11178 11134 11134 211018 110/
1
11138 11138 11138 111% 11178 11218 111/
Trans.__ 50 84 Jan
4 Mar 3
837
dr
Petr
Pan-Amer
18,200
4
763
74
79
4
773
8
803
7912
783s .7912 7812 8012
7918 80
50 63% Jan
8412 Mar 3
Do Clam B
7778 152,500
8014 76
8018 8114 7912 8012 79% 8112 8014 8112 79
3 Jan
558 Feb 26
600 Panhandle Prod & Ref _No par
312 312 .312 334
352 358
*312 4
4
4
358 3%
1
Jan
112
Bing
stamped-NO
4 Feb 11
/
11
&
Parish
Dar
400
8
15
158
178 •158 178 *158 178 .158 178 *158 134
*158
35% Jan 10
3012 3114 26,400 Park & rtiford tern ctfs_No par 2612Nlay
32
8
315
4
1
/
32
3112
8
333
8
313
4
333
3212
33
32
ao
2
Apr
4
123
8 Jan 2
262
Coke
&
Coal
Penn
1001
15%
.14
214
4
153
1514
1514
1514
1612 .15
1712 •15
*15
114 Mar 31
3 Jan 9
154 58,3001 Penn-Seaboard St'l vte No Par
158
158 2
158 178
4
/
134 11
134 2
178 2
11618 1,300' People's CI L & 0(Chic)_ _ _100 112 Jan 16 121 Feb 11
11614
116
4
1153
.116
11614
11612
11612
11512
11512
116 116
Mar 18 5978May 7
5712 5634 5678 5612 5678 2,5001 Philadelphia Co (PROM_ 50 51%
4 57
1
4 57/
/
571
57
5712 57/
4 57
1
50 4512 Jan 5 4734May 27
Do prat
3001
4734
4734 *47
-- 4712 4712 4712 4712 4734 4734 *47
.35
4 11,400 Phila & Read C & I ___No par 3724May 6 52% Jan 9
/
411
3953
4
/
411
41
4138
41
4114
42
4
413
4112
4114 4214
Certificates of Int___No par 41 May 16 50% Jan 23
100
43
*41
43
43 .41
43 .41
.4112 4312 4112 4112 *41
Phillips-Jones Corp_._ No par 60 Apr 3 9018 Jan 12
64
64 .59
*50
8 6212 45712 64 .5712 64
*5712 6212 •571,
11,700 Phillip Morris Sr Co, Ltd_._10 1234 Mar 19 1728hlay 28
17
1612
8
173
1612
17
1612
8
167
1514
1512
15
1514 15
No par 3614 Mar 30 4632 Feb 2
8 4234 34,300 Phillips Petroleum
4338 4212 4338 4214 4278 4238 4318 4258 43% 423 22
43
71,100 Pierce-Arrow Mot Car_No par 1078 Mar 30 2258May 27
2112 2238 2038 2238 2034 2158 2118 2258 2134 2238 2118 7234 42,800
100 43 Mar 24 75 May 28
pref
Do
7112
75
74
7212
4
693
71
7314 6834 7311 69
69
No par 85 Mar 18 21934May 28
Do prior pref
11934 11934 11014 11934 2,100
115 119
114 115
115 11512 115 117
124 Jan 2
3% Feb 5
25
12,800 Pierce 011 Corporation
s
23
214
Ds
214
238
214
214
214
238
214
4 218
1
• 2/
100 2512 Jan 2 40 Feb 26
Do pref
800
36
4 36
1
36/
36
3534 36
•3512 37
37
*35
37
.36
524 Jan 2
8% Feb 5
714 7% 26,100 Pierce Petrol'm tern ctts_No par
712 734
73s 758
73s 7%
738 758
712 758
100 3714May 2 5413 Jan 13
4312 4312 4318 4314 1,500 Pittsburgh Coal of Pa
4312 44
44
43
*44
44
44
45
Do prof
100 80 May 4 99 Jan 5
400
5314 83/
4 •8312 85
1
83
83
83
83
85 .83
•83
85
300 Pittsburgh Steel Prof
9634
100 94 Mar 26 10218 Jan 8
.91
.91
4
963
*94
97
95
8
963
.95. 98
4
/
9514 951
100 30 Apr 27 8334 Jan 17
Term
Pitte
200
Coal
39
.38
38
38
37
37
40
.38
40 .37
40 .37
pref
100 81 Apr 30 88 Jan
Do
83
•80
83
*80
83
81 .80
83 .79
*80
82 .79
_10 12%Mar 24 163sMaY 8
Pittsburgh
pref.__
600
Utilities
1518
1518
1518
1518
1512
•1518
4 1518
1
1534 1534 15
1512 15/
_10 1224 Mar 20 15 Jan 15
_
_
Do
100
certificates_
prof
4
142
•14
1434
1434 .14
1434 1434 .1412 1424 •14
15
•14
93% Feb 16 11834 Apr 17
11514 11512 114 11471 .113 11412 •113 11412 *114 11412 11478 11612 1,500 Post'm Cer Co Inc tem ottNo pa
De 8% prof temp otfs-10 115% Feb 3 117 Jan 13
•Bld and asked prima: no sales on this day.
s 111-dIvIdend.
a lEvnew Manta.
a No Par
a Bs-tights.
Per Mars
144 Sept
2154 May
I4 May
16% Aug
77 Aug
934 June
33 June
40 June
76 May
34% Jan
112 Oct
5214 May
28712 Jan
4212 Nov
Jan
79
8 May
60 Mar
11478 July
48% Mar
58 June
1518 June
512 Apr
50 Mar
33% Dec
112 Nov
Oct17
Jan
107
75% Apr
9512 Jan
87 Apr
93 Oct
59 May
2618 June
18 Mar
7824 July
45 July
Oct
78
334 Mar
21312 Dec
284 Dec
2458 Oct
29 May
8 Jan
3118 Nov
2958 May
38 Apr
1018 Apr
82% Apr
86 Oct
14% Dec
904 Apr
15 Sept
1418 Jan
20 May
1 Aug
9112 June
2313 Oct
8114 June
214 May
1712 Oct
8 May
9 Ma
2912 July
2612 Apr
9814 July
34 Oct
504 Mar
12012 Jan
44 June
9112 Mar
3018 Apr
36% Oct
92% June
3012 Aug
18% Sept
87 Sept
12312 Apr
111% May
5412 Oct
11% Jan
3818 Apr
474 Jan
one
32
19
Jan
4118 Feb
42 Sept
27 June
Jan
22
4378 Jan
7 Apr
4% Mar
18 May
18 Feb
6858 June
814 Nov
Oct
44
3914 May
9012 Jan
7 Apr
45 Apr
374 May
8912 Apr
44% Feb
4114 Feb
112 Sept
24 July
24 Sept
1814 Nov
118 Oct
9254 Apr
4'2% May
4214 Jan
3412 Mar
35 Mar
44 May
11 July
2812 Oct
618 May
4 May
1
18/
6212 Jane
113 Apr
20 Mar
428 Oct
47% Dec
9478 Aug
Jan
Os
6878 Dec
83 Dec
9% Jan
111s Feb
4 Apr
1
48/
110 Feb
Highest
Per share
27% los
5258 Dec
Jar,
1
38% Jan
1021s Pet
Jan
36
Jae
88
7812 Jar,
104 Dee
5724 Dee
4% Jan
8614 Dec
47514 Dec
4 June
1
62/
113 Nov
1718 Jac
8824 Dec
121 June
8812 re
71 De,
25 De
884 Jab
84 Noy
4014 July
117 Feb
-Hi. lie,
119 Aus
11872 Dee
10714 Dec
10114 Der
115 Dee
7112 Dee
4558 Der
4112 Dee
93 Der
89% Mar
87 Mat
4914 July
Jan
44
31% Dec
3712 Jai)
42 Pet
1714 Mai
37% Jab
5814 Dee
8414 Dee
3914 Doc
115 Dec
108% July
1814 Jan
Der
101
19 Der
2524 Sept
25 Aug
678 Jan
98 Nov
3414, Feb
7414 Dec
4812 Dee
27% Feb
9% Feb
184 Dee
39% Jab
204 Der
104% Nov
1018 Jar:
7714 Sept
12854 Dee
4 Dee
1
70/
1007s Dec
4414 Dee
43
Jan
101
Dee
54 Dee
44% Jan
Jar.
89
16914 ALIO
118 Sept
7212 Feb
1684 Do,
57 Dee
57 Der
37 Dec
37% May
5514 May
47 May
29 Saps
45 Dee
5014 July
9% Dee
8% Oet
Jab
30
29 Dee
92 Dec
11% Jan
74% Mal
4714 Jan
105 Dee
las4 Jan
5814 Feb
1612 Dee
1024 Dec
85 Dec
64% Dec
4% Jan
1% Dee
8334 Dec
3012 Jan
4% Jan
11212 Dee
57% Dec
Jan
47
5414 Dec
5238 July
88 July
2324 Jat,
42% Apr
16 Dbc
54 Dee
95 Dec
4 Jan
1
4/
Jab
36
614 Do,
13354 Ma/
100 A pl
103 Au,
6224 Doc
87% Dot
16% Dee
1812 Dee
10311 Dee
117
Oct
New York Stock Record-Continued-Page 5
2791
For sales during the week of stocks usually inactive. see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 23.
Monday,
May 25.
Tuesday,
May 26.
Wednesday, Thursday,
May 27.
May 28.
Friday.
May 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Yaar 1925.
On basis of 1(e)-share lots
Lowest
Highest
per share $ per share $ per' hare Shares. Indus. & Miscall.(Con.) Par $ per share
$ per share $ per share $ Per share
$ per share
53
53
54
*53
5314 54
55
*54
*53
5412 534 5314
700 Pressed Steel Car
100 521- Mar 30 69 Jan 23
*79
.794 81
81
81
.80
85 .80
.81
83 I .81
82
Do pref
100 8114May 21
Jan 3
274 2712 27
274 27
2734 2818 2712 277
2714 2634 274 4,900 Producers & Refiners Corp_ 50 22 Mar 30 9218
32% Feb 3
713
71
7112 73
724 73
7012 7114 7114 71341 7118 72,4 22,400 PubServCorp of NJ newNo par 6238Mar 30
74
May
21
.1004 101
101 10118 •10018 10114 •101 10134 *10114 10134, 10134 1013
400
Do 7% pref
100 99 Jan 7 102 Jan 27
11334 11418 11412 11412 *11234 1143. .11234 11483
11312 11312 11378 114
900
Do 8% pref
100 108% Apr 1 11412May 27
142 14214 14014 14112 13912 14078 13978 1404 1403. 14234 14118 14212 10,200 Pullman Company
100 129 Mar 30 15134 Jan 3
39
404 4058 3834 4014 39
3938 41
39's 40
1
41
4,100 Punta Alegre Sugar
41.
ao 3834May 25 4714 Jan 7
2812 29
2918 2912 2858 2938 2814 287
2813 2878 2838 2834 19,600 Pure Oil (The)
25 2538 Apr 17 33/
1
4 Feb 4
107 107 •l0512 107 •106 107 •105 107
106 106
*105 106
200
Do 8% pref
100 10212 Jan 5 107 May 26
5534 5638 5514 56
554 5634 5512 5613 558* 5634 5612 5818 31,600 Radio Corp of Amer...No par 4838 Mar 27
7778 Jan 2
50 *4978 5118 *497k 5118 .5018 514 .5018 5118
50
50
50
Do pref
300
50 49/
1
4 Jan 5 64 Feb 4
129 120 *128 129
•129 130
129 129 *128 130
1294 130
2,200 Railway Steel Spring
100 12211 Feb 17 141/
1
4 Jan 6
38
*37
37
37
.3678 38
*37
38 .37
38 .37
38
100 Rand Mines, Ltd
No par 33% Jan 7 3814May 1
13
13
1211 1258 1213 12% 123. 13
1234 13
12% 13
10,200 Ray Consolidated Copper_ 10 11% Apr 22 17% Feb 9
. .65
6458 6452 6538 8538 648 653
66
65
6612 6434 6512 1,800 Remington Typewriter.._100 46/
1
4 Jan 27 7234Mar 6
•101 10414 *103 10414 *103 10414 *103 10413 *103 10313 .103 10313
Do 1st pref
100 100 Jan 2 105 Apr 21
•11012 112 *11012 112 •11012 112
111% 1114 *11012 112 .107 112
100
Do 2d prat
108
100
Mar 30 11318 Apr 29
1434 154 15
1514 15
1514 145* 147
145* 1478 1478 15
7.600 Replogle Steel
No par 131a Mar 30 2314 Jan 13
47
47
464 474 4618 47
48
468 47% 46
46
46
4,900 Republic Iron & Steel
100 4218 Apr 30 6438 Jan 3
89 .8714 89
87 .87
87
•87
89
*874 89 .87
89
100
Do pref
100 86 Apr 22
Jan 13
12% 13
1214 1234 12% 1318 123. 1312 128
1214 13
, 1278 6,300 Reynolds Spring__ ..... _No par 12 May 4 95
18 Jan 5
77
7734 7734 7834 7814 7834 774 7812 7712 7778 77
77% 13,200 Reynolds(R.1) Tob Class B 25 724 Mar 24 7834May 25
12114
12124
12114 12114 •1214 12112
•12114 122
*12114 122 .12114 122
1,100
Do 7% pref
100 119% Jan 8 122 Apr 29
94
94
934 9312 *02
924 •9112 9312 .9112 92
92
*92
300 Rossal Insurance Co
2
91 Apr 24 9718 Feb 20
514 5178 5112 5134 5112 5214 5134 5134 12.80 Royal Dutch Co(NY
5214 5213 5128 52
4814 Mar 24 57% Jan 31
shares)
5112 51
5012 5034 51
5212 5012 5113 51
5114 5012 51
11.80 St Joseph Lead
1
3924 Feb 17 5212May 25
61
6014 6114 64% 6413 6614 63
6112 6014 604 60
6414 10,40 Savage Arms Corporation_10
634May 14 10838 Mar 3
11218 11412 111 1143
. 11114 11278 111 111% 111 11114 1109 112
16,10 Schulte Retail Stores_No par 108 May 16 11678 Feb 9
•1104 112 •110 112 *109% 112 •110 III
111 111
111 111
30
Do pref
100 110 Jan 6 116 Feb 19
167% 170
18812 16978 16834 17112 170 170,2 9,40 Sears, Roebuck & Co
17112 17178 169 171
100 14712 Mar 30 17414May 20
Seneca Copper
No pa
1% Jan 5
% Feb 20
614
6
'6
6
-1- ";e"
*6
400 Shattuck Arizona Copper_ 1
6,4
778 Jan 3
514 Apr 22
.4012 41% .4032 42 .394 41% .394 41% •4038 413 •407 42
Shell Transport & Trading_ £2 3978May 5 45/
1
4 Jan 30
254 2514 25
2514 24% 2514 2518 2514 245. 25
241 2478 21,700 Shell Union 011
No pa
2218 Jan 6 2838 Feb 4
.
1 101 10134 4110114 10134 •10114 10134 *10114 10134 101% 10134 10134 10134
600
Do prat
100 9918 Jan 2 10134May 12
2434 2418 2412 2412 244 24% 2412 24
2458 24% 24
2413 15,800 Simms Petroleum
10 1912Mar 17 2634 Jan 12
42
4212 424 42% 421: 4312 4312 44,4 438 444 43
4
30,550 Simmons Co
No par 3114
17 4412Ma• 27
2034 2112 2118 2134 21
2112 2178 214 22
2134 2032 2118 51,700 Sinclair Cons 011 Corp.No par 17 Mar
Jan 8 24% Feb 2
.89
:
90% 907
91
9012 .39
91
904 891
: 91
.90
9012
700
Do pref
100 7834 Jan 2 94% Feb 3
27% 2734 2828 28% 2834 28
2712 27
271e 27% 27
283. 49.900 Skelly Oil Co
25 21% Mar 30 3012 Feb 3
87
87
8812 88 8812 87
88
87
8714 8734 *87
88
1,000 Sloss-Sheffield Steel dr Iron 100 8014 Mar 30 97 Feb 5
674 6718 .6713 68
58
71
68
.67
72
72% 724 73
2,100 South Porto Rico Sugar- _100 62 Jan
73 Mar 2
2118 2338 22
2214 2118 22
217
21
2112 2214 2138 22 44,200 Spicer Mfg Co
No par 1518 Feb 17 2338May 25
10434 10434 105 1051 105% 105% 1,100
103 10514 104 104
*104 105
Do prof
100
92
Apr
May 18
106
53
515
8
524 534 52 5278
5238 53
524 53
5238 5234 40,700 Standard Gas & El Co-No par 4014 Jan
54/
1
4May 20
691 .6312 70 .6312 67 .64
67. •64
67
.6312 69
87
100 Standard Milling
100 62 May 19 7412 Mar 2
8512 851
*8212 8512 .8212 8512 .8212 851
86
86 .824 85
300
Do pref
100 81 Jan 20 86
28
5914 5983 5828 59% 58% 591
5958 597
58% 59
5814 58% 11.100 Standard 011 of California_ 25 56% Mar 30 6714May
Feb 2
4234 431
441 4434 x435 4418 4278 43% 43% 433
4238 42% 49,100 Standard 011 of New Jersey 25 3838 Mar
4718
30
Feb
3
11634 1167 11624 117
118 1183s 211612 117
11712 1181 1174 11734 3,000
Do pref non-voting_-_100 11612May 2 119 Feb 24
11
11
11
11I
11
.1012 11
*11
10% 11
.1034 11
600 Stand Plate Glass Co__No par 10 Feb 11
16 Jan 16
64 .6334 64
64
*6312 65
6334 633
64
653
66
6614 4.100 Sterling Products
No par 6214 Mar 2
6614May 29
68
6812 701
6834 6618 63
.8812 69
8934 703
70
71% 14,200 Stewart-Warn Sp Corp_No par 55 Mar 18 77% Jan 3
72
72 .69
72
72
74
72
*73
724 721
73
73
600 Stromberg Carburetor_No par 61 Mar 18 7934 Jan 3
48
484 47% 481
47% 481
49
4534 46,8 46
47% 47% 231.700 Stubeb'r Corp(The)new No par 4114 Jan 28 49 May 27
.11414 115 .115 11514 115 1151 .115% --- .115% -- -- 1.115% ---200
Do pref
100 112 Mar 13 11514May 26
8% 83
834 83
883 9
94 914
834 9
.8% 9
3.700 Submarine Boat
No par
818 Apr 27 12 Mar 6
414
4
4
418
4
4
4
4
3% 3%
3% 3% 7,500 Superior 011
No
par
334May 2
6/
1
4 Feb 9
27
.213
27
27,2 .26
27
27
27
26
28
•25
2514
800 Superior Steel
100 20 May
41% Jan 10
712 71
*7
9
734 73
.7
*74 9
9
*714 10
200 Sweets Co of America
ao
5
7
e
Mar
111
1
/
4
Jan 7
*12
13 •12
1314 13,4
13
.1314 131
•1112 13
13
13
300 Telautograph Corp___No par 1134 Mar 30 15 Feb 7
10% 1034 10% 107
107 10% 1034 11
10% 10% 10% 1078 9,300 Tenn Copp & C
No par
ua4May 14
7% Apr
47% 4838 4814 483
49
48
487
44
4828 49
48% 4878 88,900 Texas Company (The).- 25 42% Jan
49 Feb 2
109 109% 1084 10934 10738 10878 1074 1091 108 10834 10812 111
32.300 Texas Gulf Sulphur
10 97% Feb 1 11334Mar
13
152
, 1614 15,4 1578 1514 1614 155. 1638 1514 16
154 154 20,000 Texas Pacific Coal & Oil- 10 1118 Jan 5 2338 Feb 6
141 144
144 14434 145 147
1394 13012 13912 141
14512 14534 5,700 Tidewater 011
100
Mar
122
30
Feb
152
27
4034 414 4034 4114 4078 4138 4114 4178 4112 4178 41
4112 11.700 Timken Roller BearIng_No par 3734 Mar 18 4418 Feb 13
7983 8034 8012 8118 804 8012 80
7934 81141 808 82
8034 27,200 Tobacco Products Corp
100 70 Jan 2 82 May 25
1
99
99
99
.9812
994
99
9812
99
98
99
991
/
4 991
/
4 1,300
Do Class A
100 934 Jan 2 9912 Apr 24
5
54 5%
514
5
5,8 54
518
5
518
5
54 31.300 1 Transc't'1011temctinewNopar
3% Jan 2
578May 9
26 I .252 2612 .255 2612 26
26
*2534 26
26
26
26
400' Trawl°& Williams St'l No par 2514May 13 35 Jan 10
437
434
4312
434 4378 4334 438 434 43% 3,900 Underwood Typew
4338 438
43
25
3818
Mar 26 45 Ma) 16
574 55
5258 5714 5714 6012 54
55
5744 54
54
57
19,800 Union Bag & Paper Corp--100 36 Apr 1 6012May 25
•32
38
38
*38
12
38
%
- .
%
3.
"8
13 1,300 Union 011
No par
.21 Jan 3 1 00 Feb 28
3734 3814 3814 3834 373* 3814 3748 38
3834 3918 3712 387
11,900 Union Oil, California
25 361s Apr 27 43% Feb 5
•126 12778 1271 12734 126 126 *124 126 .124 127
124 12412
500 Union Tank Car
100 11883 Jan 17 12814 Feb 27
•112 115 .112 115 13112 115 13112 11434 *112 1143 •112 114%
Do pref
100 1133a Feb 18 1171eMay 6
26
2612 264 26
25
27
*26
2612 26
26
*26
264
600 United Alloy Steel
No par 24 May 15 3678Mar 4
12412 12618 124 1244 4,700 United Drug
126 126% 12412 12512 12412 12514 12412 125
100 11078 Feb 4 12738May 21
*5412 5514 5412 515Is 5412 55
55
55
55
55
554 554 1,500
Do 1st pref
50 52 Jan 16 5514May 29
21112 21112 212 212
*212 215 .21212 213 .212 215
210 211
800 United Fruit
100 20478 Mar 31 231 Jan 3
3618 354 35
3538 3634 3634 38
351
38
39
37% 3918 61,500 Universal Pipe & Rad--No Par 2612 Apr 27
5074 Feb 11
764 .7613 7712 7712 8114 7912 811
.76
7712 76
7934 80
8.600
Do prof
100 6618 Apr 27 94 Feb 11
152 15218 152 1564 154 15734 158 16414 164 18818 23,600 U El Caat
153 154
Iron Pipe & Fdy-100 13114 Apr 22 260 Fgb 11
10314
10314
•103
104
.103 104
103 103
103% 103%
104 104
500
Do pref
100
Apr 29 112/
1
4 Feb 27
3212 3134 32
3112 32
3114 3112 .32
324 3312 3213 334 4,700 US Distrib Corp tern elf No par 10011
301a Feb 17 39114 Jan 17
120 150 •120 150 •122 150 •120 150
.120 150 •120 150
Do prat
100 130 Mar 9 154 Jan 8
33
323
4
33
33
325
327
8
331
8
3318 343
3212
35
36
10,500 U S Hoff Mach Corpv t oNopa
23 Jan 3 36 May 29
8084 01'8 8912 9414 93
94% 9111 931
931
92
914 9258 101,000 U S Industrial Alcohol-100 76 Mar 19 94%May
26
110 110 •110 1101 11012 1101 111 111
108% 109
.107 107
900
Do pref
100
105
Jan 29 111 May 29
138.1,
1407a 140 141
14012 141
13912 14014 139 140
141 1402 7,000 U 8 Realty & Improv1.-.100 11418 Mar
30 14734MaY 12
13914 13914
100
Do pref
100 122/
1
4 Jan 2 142 May 4
7
4583 47l "iirs 47
46
454 1E4 -4814 1E:;
46% -461s 165
; 33,500 United States Rubber
100 3318 Mar 30 4734May 12
99 100
100 1001
99% 10018 99% 100
9934 100
99
99
2,800
Do lat pref
10
92/
1
4Mar 30 10034May 13
36% 3612 361
*364 37
364 3634 36
36
3612 3612 3612 2,400 US Smelting, Ref & Min_ 50 30
Feb 17 39 Jan 7
*4412 45
4412 441 .4414 45
•44% 45 .444 45
44% 4414
300
Do pref
60 44 Apr 16 46% Jan 5
11734 118% 2116 11714 115% 11612 134,000 United States Steel
11822 1191. 11738 11832 117 118
Corp_100 11238Mar 30 1295. Jan 23
12478 12478 12412 125
12412 12434 12412 124% 2,400
12412 124% 124% 125
Do prof
10
12218May 7 1268
,Jan 26
89
884 88% 8914 9018 90% 9034 1,800 Utah Copper
*894 89% .8812 89% 89
1
82 Mar 19 92 Jan 16
Utah Securities
100 4118 Feb 17 15778May 20
191281
288
4
16
-28T2
,4
29
194
2812 -2174
28 1018 7,600 Vanadium Corp
No par 2538May 4 31% Jan 3
22 .21
2278 .21
22% 21
2214 21
21 .
*21
20li 23
400 Van Raalte
No pa
1634May 13 2434May 19
74 .71
75 •71
74
71
71
75 •71
*71
.71
74
100
Do
1st
pref
100 60 Apr 1 73 May 22
438
418
4%
4%
413
4%
438 412
44 418
412 412 2,700 Virginia-Caro Chem-No
218 Mar 23
Pa
5 Apr 17
1638 1634 1712 17% 174 1734 164 1738 1612 1612 1614 1614 4,500
Do prat
100
812 Jan 5 2038 Apr 17
112 11: .1% 1%
14 1% •13a
.138 1%
1% •1%
178
200
Do -B"
No par
1 Jan 17
2% Apr 18
1378 14
1378 1414 14
1413 14
14
14% 13% 14
14
6,400 V1vadou(
8
V
ys
)
:
te
mw
No par
7
/
1
4 Jan 13 15/
1
4 Apr 15
16% 16% 16% 1678 1884 16% 1658 16% 1612 16% 1612 1612 2,200 Waldorf
No
par
1518May
197
11
8 Jan 8
.43
52
52
.50
52
*51
52
5212 52
52
.52
52
400 Weber & HeUbr, new.c No par 51 Apr 17 52 May 5
1412 .13
144 .13
13% 13% .13
1412 •13
1412
•13
15
100 Wells Fargo
1 12% Jan 5 14 May 22
1153. 11558 *1151: 117 *116 117
11522 11534
4 114 116 *114% 117
300 Western Elea 7% pref
100 11334 Jan 9 117 May 12
132 13312 131 131% 5,400 Western Union Telegraph100
13214 13314 131 1324 132 132 •131 132
116% Jan 2 135 Apr 23
101 104
102 103
102 102
•10012 102 *10012 1007 101 101
1,200 Westinghouse Air Brake
50 97 Apr 9 11378 Jan 7
7112
7438
74
7112
721
734
73
7418
73
731
7142 72%
37.200 Westinghouse Elea & Mfg_ 50 661
/
4 Mar 28 84 Jan 3
.8212
87
.83
87 .83
87
*83
87
.824 87 .8212 87
Do let prof
50 7918 Mar 30 86 Jan 5
13238 135
13518 138 .136 138
134 135
139 142
13812 139
3,300 %Vest Penn Co
No par 105 Mar 2 145 May 21
0818
984
9814
9814
*9712
984 *9712 98
98
974 9778 08
800
Do 7% pf tern Ott new-100 94 Apr 3 9814May 26
2714 28
2778 2818 27% 27% 2734 273
281
3,500 White Eagle 011
2838 2834 28
No par 25% Mar 31 3144 Feb 2
673 70
69
70,4 7012 7178 69% 703 29,800 White Motor
4 70
69,4 7038 683
50 571
/
4 Mar 30 76 Jan 13
4.12
38
412
8
8
28
*12
38
*la
100 Wickwire Spencer Steel_No par
12
12
38 Jan 30
1% Jan 10
Do pref
100 1878 Feb 24 32 Jan 19
22
10
217
-2112
58
s
2
58
.7
2
2
-12
2214
211s
'N is 12.72238
2l's
112,800 Willys-Overland (The)
8
5
9/
1
4 Jan 28 244May 11
10712 10934 104 1073 10618 10714 105% 108% 10618 10778 11,200
109 111
Do prat
7214
100
Jan
28 111 May 22
5% 6
512 534 2,500 Wilson & Co.Ina
5% 8
61s
6 ' 6'8 .6
64 638
No par
512May 29 13% Mar 7
20
.2012 21
20
20
20
194 20
.2058 21
21
21
500
Do pref
100 18 Apr 24 80 Mar 7
12612 1284 12618 1277 12712 12914 12812 13012 13018 13412 35,900 W2
12738 128
zolworth Co(F W) 511214 Jan 28 13418May 29
40
4212 4112 4212 4218 42% 7,800 VI orth1ngton P & M
4114 4114 3034 40% 3912 401
100 3834May 1
79% Jan 2
8412 803 81
•8114 82
*7928 82
300
.814 844 8112 8112 .81
Do prat A
100 79 Apr 6 88 Jan 9
6612 66
86
58
6612 .6534 66
.6638 6812 66
66 •60
800
100 65 Apr
7684
Feb 11
25
27
2612
263
4
25%
25
264
263
28%
4
2512 42,300 Wright Aeronautleal-No par 16 Mar 80
234 2712
28%May 25
7 517s 52
5212 51% 51% 51% 51% 2,400 Wrigley
5212 5212 5212 51
52
(Wm Jr)
No par 4518 Mar 3
52% Feb 7
.383
3912
381
3812
303
3912
4
40
38
403
39
4
3934
3,000 Ydlow Cab Mfg tern etfs__ 10 33% Feb 18 42 Jan 3
39
6734 673. .67
68 .87
88
*67
68
88
200 Yr ungstowa Sheet & T No yes 83 Mar 27 7618
68
68 •(17
Feb 13
Bid and "keg prieesi!no Sales on this day, s Ez-dIvIde114. 'New stook on he
mils of 1 new snare for three old Owes.
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ per share
39 Aug 82 Jan
87 Aug 90 Feb
2234 Apr 431 Jan
39 Mar 70 Dee
,Des
9818 Mar 1011
99% Apr 115 Dee
11314 Apr 1515* Dee
371% Dee 67% Mar
20 June 3014 Dee
92 Jan 10514 Dee
2578 Oct 6878 Dee
457 Oct 50 Dec
108
Jan 1371 Dec
30 Jan 331 Nov
9 Mar 1711 Dec
32% Jan 54% Dee
904 July 991g Dee
9012 May 110 Dee
714 Jun
2314 Nov
42 June 63% Des
82 June 95 Ma,
9% May 2284 Jan
61% Mar 79% Dee
115% Mar 121 June
86 Mar 96 Sept
40% Sept 59% Feb
22
Jan 45% Dee
32% Jan 8874 Dee
96% %Pr 129% Aug
105 May 112% Dec
78% May 155 Dec
614 ..1116
18 M SY
4 Apr
8 July
33 Jan 42 Dee
15% July 22% Dec
911
/
4 Jan 99% Dec
10% Jan '14 Dee
22 Apr 47 Dee
15 July 2718 Jan
Oct 90 Jan
75
1718 July 29 Feb
52 May 84% Dec
68 Oct 95% Mar
7% June 20 Dec
78 July 9814 Dec
3118 May 4138 Dec
3912 May 7334 Dec
70 July 85 Mar
5518 Apr 8814 Jan
33 May 4214 Jan
115% Mar 119% Aug
1318 Oct 3514 June
5512 Apr 8512 Nov
48% July 100% Jan
54% May 84% Jan
3018 May 4614 Dee
1097a Nov 115 Jan
6 Nov
12% Dec
2% Jan
81.1 Aug
23 July 35 Dee
134 Sept
3 Jan
614 June 1434 Der
634 Mar
9% Jan
3714 June 45% Jag
6714 Apr 110 Dee
8 Oct 15% Feb
116/
1
4 Oct 151 Feb
31% May 41
Jan
52 • Apr 7384 Dec
8314 Ma
93% Oct
334 Apr
6% Jan
2838 Oct 35% Jan
3618 Sep
43 Jan
3318 Sep
64% Feb
Is Feb
84 Apr
35 Nov 39 Nov
94
Jan 13278 Sella
106/
1
4 Fe
11634 July
20
Oct 37 Feb
71 May 121% Dee
4818 May 63 Dee
182 Jan 22418 Aug
13 Jul
48 Dee
CIS Oct 79 Dec
64 Feb 169% Dec
81rs Jan 10414 Oat
2114 May 42 Dec
98 July 168 Dee
16% Mar 24% Ooe
61% May 8714 Dec
98 Jan 106% Dee
00 June 14318 Dee
100 June 143 Dec
221* May 4278 Jas
6611May 95% Dec
1812 Mar 41% Dee
3712 Mar 48% Dee
9414 June 121 Dee
118% Feb 123 July
Jan 8814 Dee
64
1638 Jan 46 Dec
1918 Jun
3314 Feb
1534 Oct 3314 Jan
83 Sep
80 Jan
34 Jun
10% Jan
218 Jun
34% Jan
%Jun
7 Jan
4% Jul
1518 Jan
14 AP
20 Nov
5 Oct
111% Apr
106 May
Jan
84
55% May
72 Jan
4718 Jan
87% Apr
2318 May
50% Apr
44 Oct
24 Dec
6% May
6118 May
4Is May
11 Aug
7218 Apr
2314 June
68 July
5812 Jan
9% May
35 Apr
32 Nov
59% Oct
12% Nov
117 July
11884 Dec
Ill Dee
75 May
82 Dec
127 Dec
97 Dec
29% Feb
7218 Dec
5 Jan
24 Dee
1414 Jan
88
Jan
28
Jan
7218 Jan
126% Dee
81 Dee
89% Dec
75% Dee
238s Dee
46% Dec
8584 Mar
72 Dee
2792
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
are now "and fnieren"—except for income and defaulted kinds
Jan. 1 1909 the Bic-hang, method of quoting bonds was changed and prices
BONDS
N. Y. STOCK EXCHANGE
Week ended May 29.
Price
Friday
May 29.
Week's
Range or
Last Sale
ro,a
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ended ma
•$54=
10258 105
10258 Sale 10214
88,4 79
8712 Sale 8712
9712 1319
96 Sale 96
984
97
96 Sale 9512
9878 116
9814 Sale 9734
10918 Sale 10834 10914 84
10712 12
10738 Sale 10784
944 211
94 Sale 9312
8712 258
8658 Sale 8611
11312 16
11312 Sale 113
9834 35
9812 Sale 9814
10912 54
109 Sale 109
377
97
4
933
Bale
954
8512 39
8458 Sale 8458
324
99
9818 Sale 974
1
18
12
83 Sale
106314
06
10618 Sale 828
4
19
14
98 Sale
0058 10087'82
10058 10078 978
10234 37
10212 Sale 1021t
10314 57
10318 Sale 0318
10412 Sale 10400 10412 71
5
9812
9812
9812 99
10812 Sale 10Sl2 10914 66
10234 Sale 10234 10334 10
10112 56
101 Sale 101
10834 Sale 10834 10918 13
52
48
4734 Sale 474
11012 Sale 11012 11078 28
84
100
9978 Sale 9878
10038 25
100 Sale 100
162
9918 Sale 984 100
987o May'25 -9738 99
9812 May'25 _ -8812 May'25 88
10078 Sale 9912 100% 230
10014 32
100 Sale 9914
9934 42
9974 Sale 9914
10934 Sale 10912 11014 13
10934 14
10912 Sale 10914
184
111
11034 Sale 11018
296
104 Sale 10212 104
1
10218 10234 10212 10212
9,512 167
95 Sale 9418
266
10318
10313 Sale 102
620
103
103 Sale 102
92
101 Sale 10018 101
10012 141
101 Sale 100
50
33
02718 4
1002
102 Sale 102
9778 Sale 97,8
9112 541
8978 Sale 8978
9014 83
9014 Sale 89
9014 34
9014 Sale 8912
15
88
88 Sale 8714
953a 171
9514 Sale 9412
957 1535
957s Sale 9508
1073e Sale 10758 10734 347
105 Mar'25 --99
i1734 Sale 11734 118
11712 May'25
13
93
9212 Sale 9134
4
8614
8614 Sale 8614
9512 87
9512 Sale 9414
127
90
8934 Sale 8912
107
100 Sale 9934 100
8358 194
8314 Sale 8318
9358 814
9312 Sale 934
864 15
8612 Sale 8558
8512 38
8434 Sale 8434
32
86
85 Sale 85
2078 20
2012
Jan'25 _
24
2
38
3712 3812 38
3814 122
3734 Sale 3718
374 May'25
3712 May'25
2134 May'25 -23
22
2234 22
2214 Sale 22
261. Jan'25
2438 May'25
2412 May'25 -24
23
6
264
2634 Sale 2512
2418 14
23 Sale 23
5
4078
4078
3912 41
4014 10
3858 Sale 3858
9458 72
94 Sale 93
10612 51
10614 Sale 106
104 Sale 10334 1044 185
116
111
111 Sale 11014
10112 163
10114 Sale 10014
10138 540
101 Sale 100
10112 265
101 Sale 10018
cDue Jan. 5 Due July, 5 Due Aug. p Due Nov
Price
Friday
May 29.
Week's
Range or
Last Sale
13
Ranils
Sines
Jan. 1.
Higk
Ili55 NO. Low
Ask Low
Bid
10 10014 104
104
Panama (Rep) 5348 tr recta 1953.1
9 A D
o 10314 Sale 10218
9778 10258
10012 Sale 9978 100% 26
Peru (Rep of) extl 8e
6658 79
7118 35
Poland (Rep of) g Ba
1940 A 0 6912 Sale 6912
96
87
9012 833
Dag s f g 8s interim recto_ 1954) J J 90 Sale 8934
1
94 964
94,2
9412
Porto Alegre (City of) 8s_..1961 J D 9412 95
4
1123
23
109
4
1123
11212
Queensland (State) ext s f 75 1941 A 0 112 11258
22 10118 1054
105
1947 F A 105 Sale 10414
25-year 60
20
98
94
96
4
953
Sale
96
Rio Grande do Sul 85
1946 A 0
ON
93
33
96
Rio de Janeiro 25-yr a f 85.-1946 A 0 96 Sale 9458
52
92 96
95
25-yr mai 8a
1947 A 0 9414 Sale 94
100
1035s
44
103%
10212
Sale
8
Rotterdam (City) external 601964 M N 1030
7 103 105
10414
10334
El Salvador (Rep) 8s
1948 3 J
97 101
9978 21
Sao Paulo (City) s 188
1952 MN 9934 Sale 995s
12
100 10314
102
San Paulo (State) ext e f 88.1936 J J 10114 Sale 10114
33
99,2 1001s
External of 8s lot mete_ _ _1950 1 J 9978 Sale 9912 100
8214 81
8934 188
Seine (France) ext 78
1942 J J 8912 Sale 8812
8812 144
90
84
Serbs. Croats & Slovenes 88_1962 M N 8814 Sale 8712
87
3
82
87
85%
Solssons (City)6s
1936 M N 8558 86
72 103 10434
104
Sweden 20-year (is
1939 i D 104 Sale 10358
9812
304
10114
101%
External loan 5.45
1954 M N 16118 Sale 10038
14 113 117
115
Swiss Confeder'n 20-yr s f 88 1940 J .1 114 115 114
9812 10438
139
Switzerland Govt ext 534s..1946 A 0 10378 Sale 10278 104%
6712
9
6414 684
67
Tokyo City be loan of 1912
111 S 6712 68
10072
17
97
100%
4
993
Sale
8
1007
Trondhlem (City) eat'650_1944 J .1
18 10614 11013
110
Uruguay (Republic) ext. 80_1946 F A 110 Sale 108%
10934 19 10838 11113
Zurich (City of) s f 85
1945 A 0 10914 110 10914
Railroad.
5 10054 10114
10078
Ala Gt Sou let cone A 5s_ _ _1943 J D 10078 Sale 10078
1 101 101%
101581
Ala Mid lot guar gold 5s
1928 M N 10012 10158 10158
8
82 84
84 I
Alb & SUN cony 334s
1946 A 0 84 Sale 8358
8112 8312
8314 May'25 -Alleg & West 1st g 45 gu_1998 A 0
94
2
May'25
9314
91
7
12
1
7
93
5
923
1942 M S
Alleg Val gen guar g 40
10
6314 7212
Ann Arbor let g 4s_ _ _July 1995 Q J 7112 Sale
9238 148i 8804 9202
Atch Top & S Fe—Gen g 40_1995 A 0 92 Sale 9118
9058 May'25 ----I 8614 905a
Registered
A 0
3
8112 8434
8438
Adluinnient geld 4s_July 1995 Nov 8488 84'o 8438
8234 8514
Sale
84
Stamped
July 1995 M N
_
41- 29
5
'
7974 801g
8
8012 A97'2
MN
Registered
1
8 8478
81,
844
8478
Cony gold 40 1909
1955 3 D 8458 _
84%
8118
-May'25
844
Cony 4e 1905
1955 J D 8434 _ _ _
8118 8312
8412 8312 Feb'25
Cony g 40 Issue of 1910_ _ _1960 J D 81
100
-98
May'25
99
9912
East Okla Div 1st g 45 A928 M
874
8714! 12
84
Rocky Mtn Div 1st 40_ _ _1965 J J 8714 Sale 8714
.
887
86
Trans-Con Short L 1st 40.1958 J J 8634 8714 8834 May'25
943
95
943I
92
Cal-Ariz lst & ref 4 Me"A"1962 M S 9434 _ _ _
9138 9138
-0
9138 Jan'25-2
Registered
M S 8814 _ _
92341 38
9212 92
881* 92%
10134 10314 AU KIIOXV az CM Div 4s____1955 M N 92
10214 103
4.
.215
98
242 May
,8
8112 8814 Atl Knoxv & Nor 1st g 5s,_1946 J D 10214 - - - 10
9814
96
9i 82 Atl & Cheri A L lat A 4348_1944 J J 9712 _ _ _ _
95
5 102 10334
10318
1st 30-year bs Series B____1944 J J 10258 10314 10318
9434 97
944
9378 28
89
9312
934 94
Atl Coast Line 1st con 40_51952 M
934 99
7 1054 108
10734
10-year secured 70
107 11014
1930 M N 10714 Sale 10714
94
8
5
907
94
94
947
94
8
General unified 434s
1964
D
1064 109%
8
46
679,8 2
83
8605 894
4
382
678;
L & N coll gold 40._ _Oct 1952 11 N 8834 Sale 887
95
92
7638 80
7834 Sale
8338 88
Atl & Danv 1st g 4s
1948J J
624 704
2d 45
19483 J 68 Sale
10818 11334
80
2
75
79
9834 Atl & Yad 1st g guar 4s
95
1949 A 0 79 Sale 7834
9858 994
99 May'25
_
19413 J 99
108 111,2 A & N W 1st gu g ba
9972 1004
9978 13
Halt & Ohio prior 3348
1925 J J 9978 Sale 9978
9218 97
994 997s
-- 9978 Apr'25
86
Registered
July 1925 Q
80
8534 9214
9138 53
1st 50-year gold 4a July 1948 A 0 9114 Sale 9078
9518 99
854 9014
9014 May'25
July1948 Q J
Reglstered
8014 84%
8918 95
9412 Sale 9403
10322 10712
10-year cony 434s
8534 9114
954 9812
8 9058 Sale
I 13
33 M
995
18
Refund & gen 50 Series A_1
86 100 104
8
4
N
1129
226
42 :
0558
3
994
10
31
90
0
1948 A 0 10312 Sale 10
1st g ba Int Ws
10022 10234
10214 1044
10338 Sale
10-year 68
101,2 103
10034 10434
104
Ref & gen 65 ser C temp_1
/ 0
53
102 11.1334
828
199
3 10338 Sale 1033g
9934 9934
9978 ____ 9934 May'25
P Jet & M Div 1st g 3148_1925 lvi N
10134 105
8914 57, 8338 9014
88
99
96
PLE&W AM Sys ref 4s_ _1941 MN 8814
99%10044
997s 14
994
Southw Div 1st gold 334e-1925 7 J 9978100
10614 10914
9853 9972
994 375
9878 Sale 985s
Southw Div 1st 5s
102 10334
684 7838
7838 33
J 7778 Sale 7712
9J 3
8883
1.95
Tol &
Div 1st ref 4s A_1
984 103
6058 6258
10614 19912 Battle Cr 4. Stur 1st go 30_1989 5 D 6212 644 6258 May'25
924 9318
9314 Apr'25
934 95
1936 J
414 4812 Beech Creek 1st go g 40
784 8118
1951 A 0 7778 8004 8112 Mar'25
1094 1114 Beech Cr Ext lst g 310
4
8718
85
874
874 Sale 874
9512 10014 Big Sandy 1st 45
10
7212
72
67
7318
Sale
7212
9914 10002 B & N Y Air Line 1st 4/1
A
F D
44 3
955
18
94
93
J 9312 ____ 94 May'25
9414 100
Bruns & W let go gold 4s_ I938
May'25
10012
10012
10212
____
8
1005
S
tvl
954 99
Buffalo It & P gen gold 50_1937
8714 110
8012 8812
9314 9812
AI N 87 Sale 8678
1957 M
Consol 434s
8258 May'25
82
8514
8812
Registered
84
1, 99% 10012
10018
10018
9612 10078 Burl C R & Nor let 5a
,
34
962 A 0 105E8 1-0312 10258 10358 14' 10013 1037
8
9814 1014 Canada Sou cons gu A 50_ _ _1
9754 10034 Canadian North deb f 7s.1940 J D 11678 Sale 11634 11678 26 115 11751
11838 64 116 1185s
11814 Sale 11814
20-years f deb 634'
109 11034
8038 192
8524
79
84.
J 8058 Sale 8014
j
8
Canadian Pa,, Ry deb 4s stoc1k.
10812 111
93
937s
Carb & Shaw 1st gold 40_ _ _1932 frt S 92 ____ 9312 May'25
109 111
8314
78
8014 ____ 794 May'25
9912 104
Caro Cent 1st con g 4s
7 100 10138
10114
838 3 D 10114 ____ 10118
193
101 10334 Caro Clinch & 0 let 3-yr 511.1
49 1054 1084
1952J 0 10734 Sale 10734 108
1st & eon g 6s ser A
92
9512
84
84
84
Jan'25
8518 88
9834 1034 Cart & Ad 1st gu g 40
7438 80
7712
6
8
773
80
8
773
D
D
3
1
48
8
8
19
1st
g 4e-1
9878 10318 Cent Branch U P
6418 7014
7014 42
9314 1014 Cent New Eng 1st go 4s----1961 J J 6938 Sale 684
2
9714 99
99
99
99
9234 10113 Central Ohio Reorg 430_1930 M
_
8 102
101,
1024 Feb'25
9834 104% Central of Ga 1st gold 50_91945 F A 102
9914 10254
24
102
1014 Sale 10158
Consol gold 55
93 10112
98
1004
10012
_
May'25
8
7
92
Registered
86
4
/
20 10112 1041
104
NN 10334 Sale 10334
5 JNM1 D
49
92
10-year occur 65
June 19
854 91
99 103
15
103
1959 A 0 102 Sale 102
dc gen 5SO ser B
8512 91
8414
84
Mar'25
D
J
8414
84
88
46.1951
Chatt Div pur money g
8314 88
9988100
9934 ____ 9934 Apr'25
Mac di Nor Div 1st g 58_1946 J J
94
9538
100 Dee'24
1946 3 J 1001
Mobile Division ba
9134 954
95 98
__- 97
9734
8.
9734 23
1047s 10778 Cent RR & B of Ga coll g bs_1937 M N 9718
1 10718 10956
8
109,
___ 109,
8
Central of NJ gen gold 58.. _1987 3 J 1097
105 105
1064 10812
10912 10812 May'25 g51987 Q J 10712
Registered
11512 11814
863s 90
35
90
11512 11712 Cent Pac let ref go g 4a__ _ _1949 F A 8912 Sale 8938
954 964
964 96 May'25
Mtge guar gold 330.- k1929 J D 96
9314
89
855s 894
8758 28
Through St L 1st go 4s___1954 A 0 8758 Sale 8758
8812
83
4
1
11218 117/
11212 Feb'25
914 95,2 Charleston & Savannah 7E1_1936 J J
9858 101
5
101
101
014
I
101
11634_dr
&
9012
fund
Chi*
inapt
Ohio
50_1929
87
10212 10212 23 10114 1034
lot eonsol gold be
1939 M N 10214
985a 100
10114 20 1007s 10114
1939 M N 1003810070
Registered
84
81
4
1
8778 92/
9258 56
1e 92
9414
General gold 4310
1992 M B 9218 6;-90
8578 894
8912 May'25
1992 M S
Registered
8312 8714
4
943
9818
112
4
973
A
Sale
F
20-year
8
4
,
9818
98
_1930
convertible WI_
8034 8612
10778 870 1017s 10914
30-year cony secured 50_ _1946 A 0 10778 Sale 10578
86
80
103114 10614
10412 Mar'25
A0
Registered
1978 24
974 9934
Craig Valley 1st g be
23
1940 J J 9838 9958 9814 Mar'25
24
8214 83
Potts Creek Branch lst 40_1946 J
7978 ____ 83 Mar'25
38
4512
814 85
7
85
85
____
&
R
8
Div
con
A
1st
g 40_1989 J J 847
324 41
8234
79
8234 10
38
2d consol gold 4s
1989 J J 8234 Sale 8234
3712
9558 977s
5
8
9558
Warm Springs V 1st g 6s 1941 IS S 9712 98.2 95,
3712
35
66
3
62
02
64,2
Chic dr Alton RR ref g 30.„1949 A 0 6458 65,2 64
1912 25
604 604
6012 Jan'25
A 0
1812 2458
Registered
6234
4
583
May'25
6118
63
Centre
dep nod Oct 1924 Int --- 614
2612 2612
821s
BO
60 May'25
2482
604 63
Certif deg stmpd Apr 1925 Int
20
444 584
14
52,
5304 49
2412
Railway first lien 310_ _ _1950
5212 53
23
45
554
28
52
8
51,
Ctfs deo Jan '23.3rettb coup...... 5112 52
2218 3034
8114 8612
7
86
86 Sale 854
2012 2878 Chic Burl & Q-111 Div 3140_1949
844
844
Apr'25
8
843
____
J
J
43
8012
Registered
364
8812 944
9314 26
93 Sale 93
43
!Bitola Division 4s
36
99 100
9934 25
j 9914 9934 9958
7M N
848j
9453
Nebraska Extension 4.0_ A192
88
8818 924
924 55
8 914 Sale 9134
10234 107
1958 M13
General 42
8934 8934
894 Feb'25
IS
10018 10412
Registered
10212
1004
10212
8
1017
Sale
10212
A
F
1
7
9
&
_11927
11312
1st
ref
be
11014
63
48
7
5014
52
47
9712 10112 Chic City & Conn Rye Ss_
1054 10714
9712 10188 Chicago & East III 1st 6s_1931 A 0 10718 10714 10718 May'25
744
7958
229
764
75
I
Sale
MN
75
974 10112 C E III RR (new co) gen 8s.19151
High
High No Low
Ask Low
Bid
U. S. Government.
First Liberty LoanSale 1000°.: 101344 375 10011,2 01".
J D 101
334% of 1932-1947
101314, 02'n
1020.210210s, 102'nMay'25
J
Cony 4% of 1932-47
02"42
J D 10210w Sale 102342 102,342 -Trio 1013.4 01'344
Cony 434% of 1932-47
101
in 10110..10200w OlunMay'25 _
2d cony 434% of 1932-47_
Second Liberty Loan3 100304402"n
MN 10110.2 Sale 101,43 101744
40 of 1927-1942
10010,90189,2
MN 101 8.. Sale 1013n 101.'sn 657
% of 1927-1942
Cony
Third Liberty Loan1011ii 021,2
1327
MS 101",, Sale 101,032102132
434% of 1928
Fourth Liberty Loan022233
1011,12
2466
AO 1020343 Sale 102,244102,3n
434% of 1933-1938
10411.,06.342
1947-1952 AO 1061334 sale 106344 106,344 636 1001442 0283n
Treasury 44s
186
12
30
1021032102
Sale
1021232
1944-1954 J D
Treasury 45
9713 Oct'24
97
1961 QM
Panama Canal 30 gold
State and City Securities.
10058 10112
Y City-4348 Corp stock 1960 MS 101 1014 10118 10118
10014 100,4
10014 Jan'25
MS
Registered
10114 :0312
10
10312
10338
g
1037
10358
1964
M
434e Corporate stock
102 10314
May'25
_ 10314
1972 AO 10312
4348 Corporate stock
10114 10258
____ 10238 Apr'25
1066 AO
434s Corporate stock
166% 10814
May'25
10814
ioiTs
1971 J O
--- - 10778 May'25
430 Corporate stuck
105% 107 3
;is Corporate stock_July 1967 ii 10778
10612 107714
May'25
8
1077
0812
1
8
1077
1965
stock
Cie Corporate
10531 10758
1963 MS 10778 10812 10738 May'25
;Zs Corporate stock
9904
98
1959 MN 9934 100,4 9934 May'25
4% Corporate stock
984 98,4
Mar'25
9814
MN
Registered
9978
983a
10
9978
1958 MN 9934 ____ 9978
6% Corporate stock
98 100
1957 MN 9934 ____ 100 Apr'25
4% Corporate stock
9834
9818
Mar'25
4
983
8
995
1956 MN
4% Corporate stock
98,4 98,4
9814 Feb'25
MN
Registered
9834 9834
Mar'25
4
983
995s
MN
1955
4% Corporate stock
pyro 98
Jan'25
98
MN
Registered
2 10638 107
10714
714 Sale 10714
434% Corporate stock_ __ _1967 MN 1019712
10518
2
10712
10718
8
1075
10718
434% Corporate gawk__ _ _1957 MN
105 105
105 Feb'25
MN
Registered
8912 9058
May'25
9O59058
MN
stk_May1954
Corporate
334%
91
90
91 May'25
334% Corporate stk _Nov 1954 MN 90% 91
10258 1934
10258 Apr'25
New York State Cabal Im-401961 J J
10118 101 18
Mar'25
10118
J
1942
4s Canal
1124.1 11414
11414 May'25
1964 J J
434s Canal Impt
103 103
103 Feb'25
40 Highway impt register'd1958
4 113
1113
May'25
113
Highway Improv't 4345.._196.3 MS
7612 764
1991 J J 6414 ____ 7612 Feb'25
Virginia 2-3s
Foreign Government.
1927 FA
Argentine (Omit) 711
Argentine Treasury bs_ £___ _1945 MS
Sinking fund 60 Ser A__ _1957 M
Mal 6s ser B temp_ _Dec 1958 3D
1943• D
Austrian (Govt) a f 78
Belgium 25-yr ext sf7348 8_1945 ▪ D
1941 FA
20-year f 8a
25-yr ext 6348 interim rets_1949 MS
1955 J J
Exti f 6s Inter rcta
1945 MN
Bergen (Norway)s f 8s
AO
25-year sinking fund 68
1945 MN
Berne (City of) s f 85
1947 MN
Bolivia (Republic of) 80
Bordeaux (City of) 15-yr 136A934 MN
1941 J D
Brazil U S,external 85
1952 in
78 (Central Sty)
AO
(flat).1952
L
seem)
(coffee
7348
Buenos Aires (City) ex.I 63401955 J J
Canada(Dominion of) g 50-1926 AG
1931 AO
Eis
1929 FA
10-year 53411
1952 MN
58
1954 ▪ .1
Carlsbad (City)•f 80
Chile (Republic) ext1 at 8s 1941 FA
1926 AC
8a
f
s
-year
5
External
1942 MN
20-year extl 75
1946 MN
25-year 8 f 8a
Chinese(Hukuang Ry)55_1951 3D
1945 * 0
Chriatiania (Oslo) a 188
1954 MS
30-year sf68
Colombia(Republic)6 Hs_ _ _1927 * 0
Copenhagen 26-year a 1 6348.1944 .1 .1
1944 MS
Cuba 58 of 1904
Eider debt Lis 1914 Ber A._1949 FA
1949 FA
External loan 4345
1953 J J
530
Czechoslovak (Repub of) 812_1951 * 0
Sink fund 88 Ser B int etfe_1952 AC
Danish Con Municip 8a "A"_1946 FA
1946 FA
Series B s f 85
1945 AO
Denmark external 0 f as
1942 J J
20-year 60
Dominican Rep Con Adm a f 50'58 FA
1942 MS
Custom Adrainkitr 534s
Dutch East Indies ext 6s__1947 J J
1962 MS
60-year 68
1953 M
30-year ext 53411
1953 MN
30-year ext 534a
French Repub 25-yr ext 80_1945 MS
20-yr external loan 734s_.1941 in
External 70 of 1924 temp 1949 J o
Finnish Mon L'n 6348 A...1954 AO
External 634s Series B_1954 AO
1945 M S
Finland (Rep) ext 6s
External s f 70 Int Otis_ _ _1950 MS
AO
rets_1949
70
loan
external
German
01 Brit & Irel (UK of) 534s-1937 FA
FA
Registered
1929 FA
10-year cow 5Hs
Registered
MN
1952
73413
Greater Prague
1964 MN
Greek Govt 78 int rota
1952 AC
Haiti (Republic) 68
Hungary (K1ngd of) at 7340_1944 FA
Ind Bank of Japan 6% notes 1927 FA
Japanese Govt £ loan 40—_ _1931 J J
1954 FA
80-year s f6tis
Oriental Development 80_1953 MS
MN
60_1934
-year
LYona (City of) 15
Marseilles (City of) 15-yr 60_1934 MN
MN
1943
434s
Irrigation
Mexican
1943
&wonting f 4 Ms
Mexico(U El) eat' 56 of'99 £ 1946 1-4
1945
Assenting 58 of 1899
Assenting 5ii large
Assenting bs small
1964 J O
Gold deb 40 of 1904
Assenting 48011904
large
1904
of
Assenting 40
Assenting 48 of 1904 small_
JJ
Assenting 4s of 1910
Assenting 40 of 1910 large
Assenting 48 of 1910 small__ _ _
Trees Soot'31 assent(large)'33
Small
1952 J D
Montevideo 7s
Netherlands 60 (flat prices).. _1972 M S
30-year external 6s(fial)1954 A 0
1940 A 0
Norway external s f 8a
1943 F A
20-year ext Ba
1944 F A
20-yearIexternal6s
1952 A 0
80-year extles
12.2
a Option sale.
New York Bond Record-Continued-Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week ended May 29.
Price
Friday
May 29.
Week's
Range
Since
Jan. 1.
Range or
Last Sale
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 29.
2793
Price
Friday
May 29.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High
Ask Low
High No. Low
Bid
Bid
Ask Low
High No. Low
H441
4
994 10034 Erie & Pitts gu g 330 B____1940 3' 8418 _ _ _ 84
Ohio & Erie let gold be
1982 DAN 10034 Sale 10034 10034
Jan'25
84 84
59/
1
4 6813
1
4 Sale 66
Series C
Chicago Great West lot 0_1959 M S 67/
84
8812 1402
Oct'24
3' 8458
5 10914 112
112
__
Fla Cent & Pen let ext g 58_1930 J J 100
j 11118 112 112
Ohio Ind & Loulev-Rel 85 1947
100 NO"
100 Jan'25
9912 10014
Consol gold be
Refunding gold ba
367
1943 J J 9678 Sale 100
19473 j 100 10012 100 May'25
983, 100
100
Florida East Coast let 430_1959 3D 95 Sale 95
8534 87
Refunding 48 Serlee C
1947 J
924 91378
87 -- 87 Apr'25
9878 51
9
9214
87
90
/
1
4
9214
Sale
9214
1966
as
N
let dc ref ba Series A
1974 MS 9712 Sale 95
General 5a A
93 9712
9712 336
24 10134 104
May 1966 j j 1034 104 10312
104
let & ref 5s Ser A w 1_
1974 M S
96
General Be B
9514 9812
9812 293
4
7718 7934 Fla West di Nor 7a Series A 1934 MN 11812 sT;l;" 118
j 7934 80
Ind & Louisville lat gu 0_1958
92 10278 11914
119
7934
7934
864 88
_ 88 May'25
Fonda Johns & Glov 430
Cleo Ind & Sou 50-year 4s...1956.3 3 8753
2
1
4 Sale 8734
1952 MN 67/
0412 73
13878
9313 9334 Fort St U D Co 1st g 430_1941 J J 89/
Chic L S & East lot 434s..-1989 J 13 9334 --- 9334 May'25
1
4 ____ 90 May'25
8918 90
4312 5818 Ft W & Den C ist g 530_1981 3D 10434 - - -- 10434 Apr'25
O M & Puget Sd lot gu 48_1949 j j 504 Sale 50
1043e 1067e
5154 134
50
7014 79
79
Oh M & St P gen g 4s Ser A.e1989 j 3 7834 Sale 774
1
Ft Worth & Rio Cr lets 4a 1928 3, 97 Sale 97
97
921
, 97
6214 67
General gold 330 Ser B__e1989 j .1 68
6814 67 May'25
3 10713 10914
Frem Elk de Mo Val let 88..1933 AO 10812 1091s 1084
10818
11
7718 87
87
Gen 430 Series C__ _May 19893 j 8612 sole 86
1
4 10012 100 May'25
GH&SAM dtP 1st 5a
1931 MN 100/
100 1000e
434 54
Gen & ref Series A 430._a2014 A 0 5218 Sale 51
2d extens SS guar
1931 J
5234 475
997e 1000e
'9978 10014 100 May'25
4418 585s Galv Eons & Rend let 55-1933 AO 9314 93/
52/
1
4 304
Gen ref cony Ser B 5a___a2014 F A 5212 Sale, 5114
1 901e 95
1
4 93
93
9613 103/
10312 55
1934 j j 10278 Sale 1034
1
4 Genesee River let e t 50._ -1957 J J 10312 104 10313 104
lot see Os
15 10014 104le
44 6013 Ga & Ala Ry let cons 50___01945 J J 9512 98
Debenture 434s
1932 j D 5213 Sale 5114
52/
1
4 572
9
96
93 10234
9612
5312 512
46
Debenture 0
7812 Ga Caro & Nor lat
1925 J D 5234 Sale 5113
6
1
4
g be -1929 3, 9978 Sale 9934
99/
9911 997a
6614 Georgia Midland let 30
44
5212 Sale 5112
5213 157
25-year debenture0
1934 j
1
6534
65/
1
4
88
1946 AO 65
644 8813
9418 9912 Gouv 04 Oswegatch 55
9913 79
Chic & Mo Ely Div 5a
1928 j .1 9912 Sale 9834
1
4 Feb'25
1942 3D 9934 ____ 98/
9934 13
98/
1
4 10018 Cr R & I ext let gu g 430
Chic & N'west Ext 415__1886-1926 F A 994 Sale 9912
94 16'
96
1941 3.3 96 Sale 90
89/
1
4 9958 Grand Trunk of Can deb 70_1940 A0 11678 Sale 11634 117
Registered
1886-1928 F A 9858 9914 9858 May'25
45 11512 117
5
77
7318 77
761
/
4
General gold 330
1987 MN 75
77
107/
1
4 Sale 10734 1084 50 106% 108/
15-year f 85
1938 M
1
4
7214
72
72 Feb'25
Registered
Q F
Great Nor gen 75 Series A-1938 3, 110 Sale 10934 11014 218 10813 111
8112 8612
8612 37
11.
- 85
General 4s
1987 MN -52
92/
1
4 23
91
92/
1
4
1961
let & ref 430 Series A
'
3 924 9212 92
3
Stamped 48
82
85
85/
1
4 85
1987 M N 84
85
/
4 10214 26 10014 10212
General 530 Series 13__1952
'
3 101% Bale 1011
General 50 stamped
1987 M N 10334 10412 10334
10413 28 10118 10434
9534
9584 89
92
1973 J J 9512 Sale 95
General be &riot C
2 104 10412 Green Bay & West deb elf°"A"__ Feb 77
Sinking fund 68
2
10414
1879-1929 A 0 10414 Sale 104
72
78
78
78
78
103 104
Registered
132
A 0 103 104 103 May'25
1212 184
18
1778 1712
Debentures ells "B"
Feb 17
11 10018 101
101
Sinking fund 56
1879-1929 A 0 1004 101 10018
86 8712
Greenbrier By lot gu 4a____1940 MN 8678 8813 8713 May'25
6912
6612
1
9913 10012 Gulf Slob & Nor lot 530 _ _1950 A0 10258 _
Registered
1879-1929 A 0
102/
1
4 10234 13 10112 10284
9914 103
Plinking fund deb 58
1933 M N 9958 Sale 9913
08/8 102%
2
99/
1
4 11
1
4 102/
1
4
Gulf & I 1st ref & t g 5s-b1952 J J 10118 102 102/
1933 M N 9912 100 101 Mar'25
101 101
5
Registered
80 8434
8412
8412
Harlem R & Pt Ches lot 4s_-1954 MN 8412 85
4 105 112% Hocking Val lot cons g 4340_1999 J J 91% 91% 9118
8912 9112
1
4 10678
1930 .1 D 10678 Sale 106/
10-year secured 70 g
9112 15
15-year secured 830 611034 32 107 11212
88 9012
9013 May'25
M S 11012 Sale 11014
1999 33
Registered
9612 64
e2037 J D 9534 Sale 9514
9112 102
lat & ref g 58
994 10078
100
100
100
__
H & T C let g Int guar
1937
29
J 8478 Sale 84%
8278 88
85
Chic R I & P-Railway gen 481988
19
96
99
99
9812 98
Houston Belt & Term let 50.1937 3' 98
8314 May'25
82
8314 Houston E & W Tex lot g 5a-1933 MN 100
Registered
.1 J 8234
9953100
100
Jan'25
1
4 Sale 8814
1934 A 0 88/
8314 89/
8878 501
Refunding gold 40
1
4
99/
1
4 Jan'25
997s 997s
lot guar 50 red
1933 MN 10014 _ _
8634 8814 Housatonic Ry cons g 5s
8818 May'25
Registered
A0
921e 9413
9412 May'25
1937 MN 9334 96
_ 10212 May'25
10112 103
D 10113
Chic St L & N 0 gold 5a.„-1951
934 313
8812 93/
1
4
Hud & Manhat 58 Series A 1957 FA 9214 Sale 9214
10114 103
Registered
J I) 10114 102 10114 May'25
13754 7612
7612 302
Adjustment income 5s
1957 A0 7612 Sale 76
_ 7958 Jan'25
1951 J D
7938 7914 Illinois Central let gold 4s 1951
Gold 330
914 94
6
_ 9314
9318
9314
7834-85 8512 Apr'25
J D 8414
Memph it Div let g
8378 85/
1
4
9012 gins
_ 9012 Apr'25
8714
1951
Registered
1932 A 0 1014 102 101/8 May'25
1014 103
0 St L & P 1st eons g 5s
811
/
4 8354
84/
1
4 _ _ 83 Apr'25
let gold 330
1951
100/
1
4 Jan'25
Registered
A 0 10038
10030 10038
83/
83 8312
1
4 8412 8313 Mar'25
Registered
10378
OlileStPM&OconsOs._.1930J D 10312
1
4 10812
10378 10 102/
8012 84%
Extended 1st gold 330___1951 AO 8418 _ _ 8312 May'25
9213 Apr'25
9214 9213
Cons Os reduced to 390_1930 1 13 9218 _
62 82
62 Feb'25
lot gold 38 sterling
1951 MS 6414 71
97
1930M S 9834 -98
97
Debenture 58
9212 10514
13
881e 89
89
Collateral trust gold 4s
1952 A0 89 Sale 8858
6
9612
9534 97
9612
Stamped
96
99/
1
4
1
4 Apr'25
1
4 8734 85/
85/
1
4 855g
Registered
A0 85/
176
75
88
8612
Ohio T H & So East lst 56.._1980 J D 85 Sale 8412
20
/
4 Sale 9158
88 923s
92
1st refunding 40
1955 131 N 911
Dec 1 1980 M S 754 Sale 75
193
77
55
Inc gu 50
7712
783e 8313
8312
8314 84
8312
19523
Purchased lines 330
24
jot
430
A.1963
9318
9438
gu
.1 .1
9134 9458
Ohio Un
79
8313
8312
8312
Registered
/
4 102/
1963
1
4 21 100 10234
J 10214 Sale 1011
1st 5e Series B
83 86/
1
4
8534 77
Collateral trust gold 4s___1953 M• N 8534 Sale 8514
1
4 Sale 9934
1944 J D 99/
10018 38
Guaranteed g be
9714 10014
82
82 Mar'25
81
MN
Registered
20 11614 118
19633 J 118 Sale 11718
118
1st tiMe Series C
36 10312 10612
106
1955 131 N 106 Sale 100
Refunding 50
_ 10513 May'25
1909
09
50
13
24 10
0
95
Chic & West Ind gen gee-91932 Q M 106
2134
20 102 10358
1
4 103
10258 103 102/
15-year secured 5340
1934
1952 J J 8214 Sale 81
8312 117
7813 8313
Consol 50-year 48
5 10912 11238
1
4 112/
1
4
1
4 Sale 112/
15-year secured 8348 g
1936 3, 112/
10058 Sale 10018
10034 107 974 10054 Cairo Bridge
letref 5125 ser A temp_1982 M
8814 8934
gold 0
1950 3D 8914 ____ 8954 May'25
1
4 10112 10038
10038 1
Choc Okla & Gulf cons 50-1952 M N 100/
73 May'25
70
73
Litchfield Div 1st gold 38_1951 J J 724 _ _
_
1937 .1 J
95 May'25
9312 95
Cln H & D 2d gold 430
8214 May'25
774 8214
Louisv DIv & Term g330 1053 J J 8058 82
k1938 Q F 9258
5
9334-93
93
93
911
/
4 93
0 I St L & C 1st g 40
73 Apr'25
1
4
704 73
Omaha Div lot gold 30_ 1951 P A 73/
k1938 Q F 9134 92
5
92
92
Registered
711
/
4 77
2
77
77
St Louis Div & Term g 35_1951 J J 7614
1942 M N 89
2
90
89
89
Cin Leb & Nor PI 4811
8718 8912
79
1
8334
83/
1951 J .1 8334 _ _ _ _ 8334
1
4
Gold 330
9978
1
4
997e May'25
9934 99/
Cln & Cl cons let g 511
1928
J
7978 ____ 8278 May'25
79/
1
4 82/
1
4
Springfield Div 1st g 330-1951
7
8418
Sale
gen
0_1993
D
844
845
8
St
L
8134 8458
Cleve On Ch &
88 May'25
8812 88
Western Lines let g 4a___ -1951 FA
1931
9
J 9813 98/
1
4
1
4 9812
8412
98
98/
8413
98%
20-year deb 4308
1
84
87
1951 FA
Registered
19933 D 100 101 10112 Apr'25
9912 10158 Ill Central & Chic St L & N 0
General fts Series B
30 103 104
104
Ref & impt 8s Series A_1929 J J 104 Sale 10312
9614 10013
1963 J o 10014 Sale 10018 10012 88
Joint lot ref 5e Series A
1941 J J 104
10412 May'25
10334 10734 Ind In & Iowa lot g 40
2
13a Series C
8712 9112
9034
1950 J J 9078 9114 9034
1983
J
181
9912
Sale
J
100
9918
9912
9412
Series
D
10014 10034 10014 May'25
SS
100 101
Ind Union By gen 5s Ser A 1965
1939 J .8 9058
9038 May'25
8914 91
Cairo Div let gold 0
100 1004
100 Mar'25
'
3 10014
1985
Gen & ref 58 Series B
8112
8212 lot & Grt Nor lot Os Ser A 1952
2
811
/
4 8112
80
10514 fiitie 10412 105/
Cin W & M Div let g 4a 1991 J J 81
1
4 14 100 1053s
8412
5
8118 85
7338 Sale 7234 7414 416 68 78
St L Div lat coll tr g g 40-1990 MN 8413 ____ 8414
Adjustment 130, Series A 1952 Apr
M N
83
83
83 May'25
Registered
87 67
_ 67 Apr'25
Stamped
Aprl 68
_ 8912 Apr'25
8612
Apr et 001 Div let g 4e____1940 M
914 Int Rys Cent Amer 1st 58_1972 MN 79 Sale 7838
87
8:8
8 87
14
79
7612 S012
1
4 -ii 8734 Jan'25
W W Val Div lst g 40____1940 J .1 86/
20
6314 62
57 65
63
Iowa Central lot gold 5e__ -1938 J D 62
1934
.1 10734
10734 108
10734 May'25
6214
C & I gen eons g 68
3
6018 6212 62
59/
1
4 624
Certificates of deposit
lot
g
Ss
1933A
0
May'25
10118
1017con
101
8
10014 1024
Clay Lor & W
2212 33
1951 1;113 22 Sale 22
Refunding gold 40
1918 2814
1935 MN 9678 ___
97 May'25
9131
/
4 97
James Frank & Clear lot 48_1959 3D 8914 9012 89 May'25
CI & Mar 1st gu g 430
86/
1
4 89
1
4 Ka A & G R lst gll g 58
9814 99/
994 Apr'25
Cleve & Mahon Vail g 5s1938.3 .1 10018
1938 J , 10013 -- -- 100 Nov'24
1942 A 0 99 -96.13 8412 Aug'24
°I& P gen en 430 Ser B
80 li"
Kan & M lat gu g 4s
1990 A0 8158 8458 8134 May'25
19423 J
9912 99 May'25
99
99/
1
4
Series A
1927 J J
994 10012
10012 May'25
2d 20-year 58
1918 MN 8314 --- 8512 May'25
-£-1;138;18 K C Ft S 6;131 cons g
Series C 330
-34 Sale 103/
1
4
1
4 103/
MN 10
1
4 22 10212 103/
1950 F A 8334
__ 85/
84
1
4 Mar'25
8534 K C Ft S & M Ry ref g 45_1936 A0 8713 Sale 8712
Series D 330
80/
1
4 8858
88/
1
4 51
18
99
/
4
Cleve Sher Line lot gu 490_1981 A 0 99 Sale 981
K C & 131 R & B 1st gu 551_1929 AO 9858 ____ 10014 10014
98 10014
4
15
/
1
4
Term
530
1972
104
955
32
A 0 10634 107 108/
8 10710
1
4 107
99
7418 44
Cleve Union
Kansas City Sou let gold 30_1950 AO 74 Sale 7378
704 7418
1973A 0 102 Sale 10078
10112 49
9912 102
Apr 1950 J J 92 Sale 92
let e 58 Ser B
Ref & impt 59
92/
1
4 122
8814 92/
1
4
1945.3 D 8712 8812 8712 May'25
8314 8713 Kansas City Term let 4s1980 .1 J 8618 Sale 8618
8612
Coal River Ry 1st gu 4s
8358 8778
7
9858
98/
1
4 9834 Kentucky Central gold 4s__1987 J J 85/
Colorado & South lot g 45 1929 F A 9813 9858 9812
1
4
84
87
8534
85%
9534 56
1
4 Keok & Des M 58 elf dep___1934 A0 8458
905s 95/
/ Refunding & exten 4348_1935 M N 9534 Sale 9538
86 Nov'24
1948A 0 8634 ---- 8634 May'25
8612 8834 Knoxville & Ohio let g 6s___1925 J J 100 1-6012 100
5 100 feicii;
001 & II V 1st ext g 4s
100
1955 F A 84_ 8414 Apr'25
8414 8414 Lake Erie & West lot g 58_1937'.8 10014 101 10014 May'25
99/
1
4 10014
Col & Tol lot ext 40
/
4
/
4 Jan'25
8158 811
951e 907s
2d gold 55
1941 J J 9614 97
2
Conn & Passum Ely lot 4s1943 A 0 78 -a 811
96/
1
4
9612
Lake
.8
.1
59
88 Sale 87/
1952
834 88
1
4
88
shore gold 3940
1997 3D 7912 80
Cuba RR 1st 50-year 55 g
201 7814 81
79/
1
4
80
19363 D 10314 Sale 10334
7 1024 106
104
76/
1
4 7812
Registered
1997 J D 7713 80
lot ref 7348
7812 Apr'25 -1966 J .1 91 Sale 9012
9114 27
Debenture gold 48
9713 9872
1928 M S 0834 Sale 984
Cuba Northern Ry let 5a
9834 36
3
9712
9712
25-year gold 40
9518 9712
84
1931 MN 9653 Sale 985s
Day & Mich let cons 430_1931 J J 9734 _
97
9
869804
/
4
9212 32
99931111422
Registered
95/
1
4 9978
1931
N 9612 z
Del& Hudson let & ref 4s.„1943 M N 9112 Sale 911
9578 Jan'25 _ --1935 A 0 10612 Sale 106
1
4 Leh Val Harbor Term 56_1954 FA 10212 Sale 10213 10258 12 10034 10272
10812 474 10114 108/
80-year cony 58
1937 M N 102 10212 102
10212 10 101 103
Leh Val N Y 1st gu g 430_1940 J J 974 97/
15-year 6345
96
98
1
4 9718 Mar'25
19303 D 108% 109 1081
/
4 10834 10 107 110
_ 93 Jan'25
93
93
Registered
1940 J , 9534
10-year secured 7a
_ 94 May'25
1938 F A 94
Lehigh Val (Pa) cons g 4s 2003 MN 8114 82
79
82
36
81
82
D RR & Bdge 1st gu 48 g
95
434
8
94
2 8
8534 74
7813 78/
Registered
MN ---- 86
1
4
78/
1
4 Apr'25
Den & R G-lot eons g 0_1936 .1 J 8478 -04 8514
19363 J 88
85% 8913
8834 88 May'25
Consol gold 430
9134
General cons 430
88
5
/
4 9114
2003 MN 9014 911
9134
1928 .1 D 0853 sale 98
96
99
9834 76
Improvement gold 55
Lehigh Val RR gen 50 Series_2003 MN 10034 10114 100/
983s 10130
1
4 10114 55
Leh V Term Ry let eu g 58_1941 A0 10058
2 10118 10234
Fanners L & T dep rcts for
10234 10234
Aug 1 1955
59
70
6112 Feb'25
Leh & N Y let guar gold 48 1945 MS 8612
8438 89
8712 20
8712
1st& ref 5s
Lax & East let 50-yr 58 gu 1985 AO 107 1-014 107 May'25
1034 107
Bankers 'Pr Co ctfa dep
Jan'25
4514 63 60
5958 8913 Little Miami 45
8314 84
Assnt to June 15'23 agree
84 Apr'25
1952 MN
6254 Feb'25
4514 68
5618 7034 Long Dock consul e 6s
Stamped
107/
1
4 108
1935 AO 1081
-- 108 Apr'25
8038 6078 Long hid let con gold 58_61931 Q J 10014
6038 Feb'25
21102% 10218
Am Ex Nat Bk Ws Feb '22
9934 10214
10214
3
5912 252
1955MN 5914 Sale 5858
55 0812
lot consol gold 0
94
9412
94 May'25
51931 Q J 9334 95
Den & R CI West 5s
3912 50
27
4914
50
52
4s..._1935 J J 50
8918 9114
General gold 40
1938 J D
_ _ 91 May'25
Dee M & Ft D lst gu
1
4538 50
50
50
Gold 40
897s 904
Temporary ars of deposit......... 4858
90
93- 9014 Mar'25 _
1932 3D 89349312
3
9313 Feb'25
9014 98
1947
934
Unified gold 48
824 85
5
1949 MS 8434 Sale 8412
85
Des Plaines Val lot 434s
7312
1995 .1 D 7278 7712 7313 May'25
73
Debenture gold 5s
9512 98
1934• D 97
3
98
98
Bet & Mack-let lien g 4s
67'!
Apr'25
1995 .1 D 85
6812 65
20-year p m deb 55
2
8 8934
1937 MN 8934 907871a 9132
9012
Gold 45
9413
91
94
94
1961 MN 93
94
8414 10
Guar refunding gold 40
82 8514
1949 MS 84
84/
1
4 8418
Bet RP; Tun 430
J J 10214 _ _ 104
102 104
Apr'25 _
Nor Sh B lot con g gu 50_01932 Q J 994 -- _ _ 100
98/
1
1
4 10052
100
Dul Mtasabe & Nor gen 5a.._1941
1
4 Louisiana & Ark let g 68_1927 M 5 99/
4 1004 102/
1021
/
4
l937 A 0 102 Sale 102
1
4 100
99% 1014
9934 10014
Dui & Iron Range lot 683
21
8218
90
87
/
1
4
87
/
1
4
Sale
J/
8613
60-1937
Lou
&Jeff Bdge Co gu e 4a 1945 MS 861
Atl
g
_ 86
87
3
&
83 87
Shore
Dui Sou
907
8
0
88
9078
May'25
907
8
_
_
_
_
A
48248
lot
Louisville
&
N 10214
Nashville 58_1937
410412 10434 May'25
100 10513
East Ry Minn Nor Div
2
9914 10114
S
10012
Unified gold 40
1940 J , 9518 9514 9434
9178 9502
9514 42
East Tenn reorg lien g 50_1938 M .1 10018 Sale 10018 Mar'25
100 101
100/
1
4
10018
1930 .1
Registered
1940.8,
- 9134 Dec'24
Eitel T Va & Ga Div g 5s
N
100
/
1
4
1013
4
s
10134
10134 ---- 101
1958 M
Collateral trust gold 50
I 931 MN 101
87%_ 166110112 101 May'25
Cons lot gold 158
1 jai"
1
4
101 102/
102 May'25
M N 102
10-year secured 70
1930 MN 10718 Sale 1071s
10713 29 lash 10712
Elgin Joliet & East lot g 5.5_1941
99/
1
4 101
3965A 0 102
101 May'25
151 refund 5340 Series A 2003 AO 10538 Sale 10514
10534 12 10414 108%
El Paso & S W 1st 5s
1 107 10834
10834
M S 10878 10938 10834
1st & ref 5.0 Series B
2003 A0 105 Sale 10412 105
7 101/
1
4 10534
Erie let cense! gold 7s ext 1930
7212
70
7218 86
let & ref 434s Series C..„2003 A0 9434 9512 9434
19963 J 71 Sale 71
9512 70
92
0512
let cons 5 4e prior
N 0 & M 1st gold 80
8734 8812
1
4 8813 Mar'25
1996 J J 6758 69/
/
4 107 10458 May'25
1930 J J 1041
10414 104/
Registered
1
4
2d gold Os
6134 We
844 79
'
3 103
1930
103/
1
4 Dec'24
let consol gen lien g 4s._1996 .1 J 8378 Sale 8313
67
8214
Feb'25
FA
Paducah
&
Slem
6214
J
Div
1996
0..1948
_
_
9014
8914 Feb'25
"WI;
Registered
ii14
St Louts Div 2d gold 30....1980 M
9512 98
9634 9534 May'25
6334 Sale 631
7
8334
/
4
Penn coll trust gold 4s 1951 F A 96
8113 65
6212 69
52
67
8 Sale 6558
1953 A 0
L&N&Mdcmietg410.1915m S 9718 z- - - 9712 May'25
_
96
974
50-year cony 45 Set A 1953 A 0 645
80
69
89
L & N South joint M 48__.1952 J .1 85% sale 85e
67
6812 6878 6618
8614 13
do Series B
814 8814
Registered
July 1952 Q J
89/
1
4 75/
1
4
724 20
77
Jan'24
__
.,)en cony 4s Berea D.__1953 A tO 7113 Sale 7114
41
Louisv
Cin
&
Lex
1014
10814
10412
105
1045
8
Sale
gold
430_1932
M
N
19553
09,4 --__ 9918
994
Erie & Jersey lot s f So
2
981s 991z
Due Aug. n Due Sept. 0 Due Oct. P Due Dee.
Due June. e Due May. S Due July.
Option sale. .
Due Jan. B Due Feb.
--
_-__
-
2794
BONDS
N. Y.STOCK EXCHANGE
Week ended May 29.
Mahon Coal RR let 5a
1934 J J
Manila RR (South Lines) 41 1939 MN
lit 48
1959 MN
Manitoba Colonization 58__A934 in
ManGB&NWlet334i194lis
Michigan Central be
1931 MS
45
19405 j
J L de B 1st gold 3%a
1951 MS
let gold 3%s
1952 M N
20-year debenture 4.
1929 A 0
MldofNJletext6a
1940 A 0
MUWLS&WectfmpgSe1929 F A
MU & Nor let ext 4 Hy(blue)1934 J D
Cons ext 414e (brown)___1934 J D
Mil Spar de N W let gu 4a___1947 m
Milw & State L 1st flu 3348_1941 j
Minn & St Louis lat 78
1927i D
Lit come' gold 5a
1934 M N
Temp Otis of deposit
let & refunding gold MI__ _1949 m
Ref & ext 50-yr Ser A__ _1982 Q F
ME3tP&EISMoong Mint-513'38 J J
let cone 58
1938J J
10-year coil trust 6Ha___1931 M S
1st dr ref (38 Series A
1946j J
25-year OM
1949 M
ha Chicago Term et 413.._ _1941 MN
MEISM&A latg4sintgu-1926 J J
allsaieslppi Central let 5s _1949 S J
Mo Kan & Tel—let gold 48_1990 D
Mo-K-T RR—Pr I 5,8 Ser AA982 .1 .7
50-year 48 Series B
1962 J J
10-year 8a Series C
19325 J
Cum adjust 58 Ser A Jan 1987 A 0
Missouri Pacific (reorg Co)
let & refunding 58 Set A__1985 F A
let & refunding 58 Ser C1926 F A
let & refunding 6a Ser DI949 F A
General 48
1976 M
MO Pao 3d 7s ext at 4%
1938 M N
Mob & BB prior lien g 513__A945 J J
Mortgage gold 48
1945 J J
Mobile & Ohio new gold 68_1927 J D
1st extended gold 13/3___51927 Q J
General gold 45
1938 M $
Montgomery Div let g 58_1947 F A
St Louis Div 58.
19271 D
Moh & Mar let gu g 4a
1991 M S
Mont C lat gu g 6a
1937J J
1st guar gold 58
19371 J
20001 D
M&Eletgu394s
Nulty Chatt de St L let 58._1928 A 0
NFla&Slatgug 5a
1937 F A
Nat Ay ot Mex pr
430._1957 J
July 1914 coupon on
Assent i f red June coup on
Guar 70-year t 4s
1977
April 1914 coupon
______
Gen i 141 assenting red
Nat RR M ex prior lien 4%5_1928 J .1
July 1914 coupon on
Assent with July '24 coup on
conaol 48
1951
April 1914 coupon on..........
Assent with Apr 1924 coupon _
Naugatuck RR let 48
1954 M N
1945 J J
New England cons Sa
Como' 4.
1945 1 J
N .1 Juno RR guar lat 4a____1986 F A
NO&NElstrefdzimp434sA.52 J J
New Orleetna Term let 48___1953 J J
NO Tema & Mexico lit 63.._1925 J D
Non-cum income 58
1935 A 0
letSeSerleeB
1954 A 0
1954 A 0
let 512e Series A
A 0
Temporary
N & C Edge gen gu 4%a_1945 J J
NYB &M 13 Macon g 5,3_1935 A 0
N Y Cent RR cony deb 66_1935 M N
MN
Regletered
1998 F A
Consol 48 Series A
2013 A 0
Ref & tmpt 4348"A"
Ref dr inapt 58 Series C2013 A 0
Registered
A 0
Y Central & Hudson River—
19973 J
Mortgage 33431
1997 J J
Registered
1934 M N
Debenture gold 4.
MN
Registered
1942 J J
30-year debenture 48
Registered
Lake Shore coil gold 3%8_1998 F A
1998 F A
Regletered
Mich Cent coll gold 3335 1998 F A
1098 F A
Registered
N YChic &St LIM g 4a1937 A 0
1937 A 0
Registered
1931 M N
25-year debenture 48
1931 M N
/Id 6a Series A B C
A 0
1974
Series
A
.630
Ref
NY Connect let gu 4331 A_1953 F A
N Y & Erie lat ext g 4s-__ 1947 M N
1933 M 8
3d ext gold 43431
1930 A 0
4th ext gold 5,3
D
19285
gold
41
5th ext
1946 M N
Y 313 Green L gu g 5s
2000 M N
NY&Earlemg34i
N Y Lack & W 1st &ref 5a_1973 M N
1973 M N
1st dr ret 430
1930 M S
NYLE&W let 78 ext
1943 el J
Doak & impt 58
1932 F A
NY & Jersey let 55
N Y & Long Branch gen g 4s 1941 M I
NYNH& Hartford—
1947 MS
Non-cony deben 4.
MS
Registered
Non-cony deben 330----1947 MS
Non-cony deben 333a..---1954 AO
1955 Ii
Non-cony deben 4.
1956 MN
Non-cony deben 48
Cony debenture 33411.- 1956 J J
1948 J
Cony debenture 68
J
Registered
1940 AO
Collateral trust 65
1957 MN
Debenture 48
Cons Ry non-cony 4s__ _ _1954 55
1955 J
Non-cony deben 4a
Non-cony deben 4a...._1956 J J
N Y & Northern 1st g 551----1927 A0
NYO&W ref lat g te_June 1992 MS
General 4s
1955 ID
SD
Registered
N Y Prey & Boston Mi
1942 AO
N Y & Putnam lit con gu 48.'93 AO
NY&RBlatgoldlle
1927 MS
N Y Susq & W lat ret 5e____1937 J J
26 gold 4341
1937 FA
General gold 58
1940 FA
Terminal let gold Si
1943 MN
New York Bond Record—Continued—Page 3
Price
Friday
May 29.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended May 29.
3,9
O.
Price
Friday
May 29.
Week's
Range or
Lan Sale
I
I ta0
High
Low
High No. Low
Ask Low
High NO,
Bid
5
99 10178 N Y W.ches & B lat Ser I 430.'46 J J 687 Sale 6834
10178
10178
6934 128
3
594 6212 NordRysf6%swl
6112
6214
82% 29
1950 A 0 8214 Sale 82
6612
6312
Norfolk Sou let & ref A 55__1961 F A 8034 Sale 7918
8034 60
6614
6612 12
2
97,
4 100
Norfolk & Sou let gold 4a1941 M N 965$ ____ 9618 Mar'25
9914
99%
—
82% 84
Norf & West gen gold 6a__ _1931 M N 107 108 108 Apr'25 -84 Mar'25
10078 101
Feb'25
inois102 101
Improvement & ext 68___1934 F A 10818 __ 10834 Apr'25 -9114 9112
9112 12
New River let gold
9113 Sale 9112
1932 A 0 1O7'8 __ 108 Mar'25 - -N & W Ry let cons g 4a__ _1996 A 0 92 sale 914
92
14
- 7718 Apr'24
86
81
Registered
8514
7734-8612
- - 8538 May'25
1996 A 0 8754 ____ 89
89
I
9612 98
Dly'l lit lien & gen g 48_1944 .1 J 90
97,
4 Sale 97%
9114 904
9734 12
9128
9
3
88
9312
10-year cony fla
91
21
9012 9112 91
1929 M S 13134 Sale 13012 132
1 100 100%
Pocah C & C joint 4s.. 1941 J D 91% Sale 9158
10014
9158 11
99%
10014
8512 94
Nor Cent gen & ref de A__ _ _1974 M B 10218 Sale 102
87% May'25
10234 20
87%
1
8258 9112 North Ohio let guar g65._ _1945 A 0 8818 891 8674 Mar'25 -8718 -87,
8712
4 8712
8634 89% Nor Pacific prior lien 4a
8814 88% 8778 May'25
1997 Q J 8552 Sale 85%
8614 89
Registered
8612 July'24
8412
2
80%
1997 Q J 8412 Sale 8418
1
Riffs
General lien gold 38
8
101%
10138 1-6i34 101,
a2047 Q F 615$ 6134 615
6178 43
24
5134 624
62
Registered
62 Sale 59%
52047 Q F 593* ____ 5918 May'25 _
16
5818 60
Ref &!rapt 4%a aer A___2047 J J 8612 Sale 8612
4
60
4
-- 59,
8634
1934 26
Registered
59%2238 24
21,
4
2278 25
J J jai 6.5..e_ 106
85% Feb'25
10784 79
3
1312 2114
Ref & impt 68 ser 13
18
1412 Sale 1412
20473 J
8
8412 90
Registered
8534 Sale 85
85%
J J
106% 10678
8
8
94% 100%
Ref & impt 58 ser C
965s
95,
4 97,2 9512
20473 J 97
97% 9718
9712
6
Ref & lmpt 5s ser D
10312 24 10212 10434
10314 Sale 10314
20471 J 9634 Sale 964
9712 83
10012 29 100 103
St Paul & Duluth let 58_1931 Q F 10058 ____ 9914 Mar'24
10014 Sale 10014
16
8334 9012
let consul gold 43
86
8512 Sale 85
1988 J D 8434 87
843 Jan'25
Nor Pac Term Co let g 66_1933 J J 1093* __ 10912
10912
3
9212_ 9212 Dec'24
994 100
No of Cal guar g 58
995s 1-66 9934 May'25 1938 A 0 10412
10314 Mar'25 -- -94
91
North Wisconsin lit 68
93
93% 9338 May'25 - ____ 10334 Apr'25
1930 J J 100
8314 15
8014 8512 Og & L Cham let gu 4a g_ _ _1948 J J 74
741 May'25 -- -85 Sale 85
78
88
9512 Ohio Conn Ry 48
9514 Sale 9412
9513 165
1943 M S 91
9034 Dec'24
78
79
7114 80
Ohio River RR let g 5a
79 Sale 7813
1936 J D 102 103 10138 May'25 -22 10112 104,4
104
General gold 5a
103% 104 10358
1937 A 0 9834 10014 99 May'25 -738
76% 89
Ore & Cal let guar g 58
3
87
19271 J 101. 10114 101
8634 Sale 8534
101
Ore RR & Nav con g 48
1946 J D 9014 Sale 9014
9014 17
83
9034 Ore Short Line—let cons g 513248 J J 10512 110 107 May'25 -9034 103
90% Sale 8934
Guar cons M
10018 Sale 10018
10014 82 100 10114
1946 J J 10512 10612 10658 10658
7
99 10214
10214 236
Guar refund 45
10112 Sale 10113
1929 J D 9758 Sale 973
9724 116
6212 67
67 1063
66% Sale 6614
Oregon-Wash 1st & ref 45_1981 J J 84 Sale 8
117
9
112
8
95
2
94
8,314 _ _ _ 8714 Mar'25 8434 89% Pacific Coast Co lit g M.__ _1946 J D 92 Sale 9114
92
13
100 100
Pao RR of Mo 1st ext g 4a__ _1938 F A
9958 ____ 100 May'25
76
8012
7958
8012 May'25 - 2d extended gold 58
1
1938 J J 99% 100 100
.100
4
10312
10284
102%
102% 10314 102%
Paducah & Illa let if 4348_1955 J J 96
9814 96 May'25
2 102 104
10212
10212 103% 10212
7812 220
Paris-Lyons-Med RR 8a1958 F A 7811 Sale 7714
1
8112 90
90 Sale 90
90
S t external 78
1958 M S 8634 Sale 8812
50
87
061. 0084 Paris-Orleans RR:5 f 75
7
9912
_ 99%
1954 M S 8418 8412 8412
8414 12
99%
99% 10012 Panties Ry 7s
100 10014 10014 May'25
1942 M 8 9914 100
987
100
49
85
8514 95
85 Feb'25
8434
Pennsylvania RR—cons g 48 1943 M N 9534 Sale 95
95
2
_ 11034 110%
11038 113 11054 Feb'25
Consol gold 4a
9254
1948 M N 9212 93
9234
9
_ W118 103,4
103
10314 May'25
48 stewed
921
10
May 1 1948 MN ____ 927 9218
8112
3
8112 Sale 81
Consul 4348
7634 82
100
1960 F A 9912 Sale 100
7
23 10018 102
102 Sale 10118
102
General 434e
94
57
1965 J D 9312 Sale 934
2 10078 10134
10114 10312 101%
10114
General 58
1968 J D 10234 Sale 10214
10234 52
30 Sept'23 - 10-year seeured 75
1930 A 0 10814 Sale 10784
1083* 71
19
19
19 Apr'25
15-year secured 630
1938 F A 11014 Sale 11014
11012 131
1412 2134
234
1638 Sale 16%
40-year gold 58
98
17% 26
1964 M N 98 Sale 9712
8718 July'23
Pennsylvania Co—
18 May'24 - Guar 3%5 coil trust rag A-1937 M S 8614 8714 8614 May'25
3
EiEde 1518
Guar 3%5 colt trust Ser B.1941 F A 8358 8412 8312 May'25 - 1614
3812 June'23
Guar 3335 trust etta 0-1942 J D 8214 84
8218 Apr'25
26
25 July'24
Guar 3%5 trust aft,D____1944 J D 8214 8212 8212 May'25
3212
4 96
9534
9534 15
29
Guar 15-25-year gold 48_1931 A 0 95,
2834 -31% 31 May'25
28
Apr'24
Guar 48 Ser E
8514
8514
1952 M N 8512 87
8
Peoria & East let con sia„ _1940 A 0 8012 81,
4 81
36
Jan'24
81
2
20
49
36
154 Sale 1514
Income 45
1990 Apr. 3414 Sale 34
1612 18 -fE
Peo& Pekin Un lst 5%a ____1974 A 0 100 10012 10014
10014 10
66 May'23
73,4
94% -06 — 96 May'25
WI; 96
Pere Marquette let Set A 55_1958 J J 11014 Sale 100
10012 30
8
85
7874 Dec'23
1st 46 Set B
1956J J 85 Sale 8412
86 88
87%
Phila Balt & W lat g 411
86 May'25
1943 MN 9312
— 9312
93 2 23
2
86
90%
9078 Sale
9074
Gen 58 Series B
. 9078
1974 F A 10678 108 108 May'25 - _ _
5
83
8014 8478 Philippine Ry let 30-yr if 45 1937 J J 4214 Sale 42
43
30
8412
84% 83%
10038 101 100%
100% 13 10018 101% Pine Creek regstd 65
1932 J D 10712 -- 10512 Mar'25
1
57
92% 9814 PCC&StI-gu434sA
97
98 Sale 9718
98
1940 A 0 99% Sale 97
90% 9734
9734 Sale 97
Series B 434s guar
1942 A 0 9954 Bale 96% May'25
97,
4 71
95 10212
_
102 Sale 102
10212 78
Series C 434s guar
9612 Mar'25
1942 M N 95
10218 Sale 101% 10212 54 10014 10212
Series D 4s guar
9314 May'25
1945 M N 9314
9318 944
93%
94% May'25
Series E 333s guar gold1949 F A 9314
91% Mar'25
9914 100
100
9934 May'25
Series F guar M gold
19533 D 9314
8914 Nov'24
9 10618 11712
108,
4 109%
Series 0 48 guar
1957 M N 9314
9314 May'25 -4 Sale 108,
106 11612
93% May'25 _
1067 Apr'25
Series H 48
1960 F A 9312
8234 87
Series Icons guar 4345_1963 F A 96
9614
9614
8
85% Sale 85%
8612 58
8874 93%
_
Series J 4%5
9234 93
92,
4
9314 22
1964 M N 9514 -- -- 9412 May'25
99 10214
10134 Sale 10134
General M 58 Series A _1970 J D 10214 170
99% 9912 100
69
3312 102
10118 Apr'25
Gen mtge 55 Series B
1975 A 0 9914 99% 9914
9934 93
Pitts & L Erie 2d g 58
al928 A 0 10014 101
9978 Mar'25
75
7914 79% 781s
7912 PittsMcK&Yletgu6s__.,l932J 1 10478
105 Dec'24
7912 54
74
784
7814 Sale 7818 May'25
2d guaranteed 68
1934 J J 103
9884 Aug'24
95,
4 57
Pitts Sh & L E lat g 55
95
,
4 Sale 9414
1940 A 0 10112
10118 May'25 _9314 96
9214 9234
9212
9214 Mar'25
let consul gold 58
1943 J J 10014 10112 10014 May'25 _
92% Pitts Va St Char 1st 48
91
1943 MN
9114 9212 9118 Mar'25
9114 May'25 _93 93
93 Feb'25
Pitts Y & Aah 1st cons 58._ _1927 MN 99% ____ 100
Jan'25
7434 7812
5
7734 Sale 7734
78
let gen 4a aeries A
19485 D
87 Mar'25
74
7614
7614 May'25
let gen 5s series R
1962 F A 10114 102 10114
7814 78
1
8 75 7818 Providence Becur deb 4a 1957 M N 5912 Sale 5912 10114
7818
7818 Sale 78
5912 10
7514 7558 Providence Term let 4g
_
7518 Apr'25
80
1958 M S 81%
80 Sept'24
_
8
945
25
91
93
92% Sale 92%
Reading Co gen gold 4.
1997 J J 9514 Sale 9514 May'25
4
89
Jan'25
89
89
Registered
J J 9434
947 May'25 - 9114
_
9278 9612
9512 17
95 Sale 95
Jersey Central coll g 40-1951 A 0 92,
4 Sale 9258
937
15
10313 67 1024 10412
10312 Sale 10318
Gen & ref 4%5 Ser A
1997 J J 9514 Sale 9514
9512 28
0372 98
195
Richm & Dant,deb 5sstpd_1927 A 0 10014 101 10012 Apr'25
98 Sale 97%
98
go
93
2
Rich & Meek lat g 431
1948MN 77% 7912 79% May'25
9278 93
9278
9278
89
89
Richm Term Ry 1st gu 5s_ _._1952 J J 10012 101 10058 May'25
89
Apr'25
89 3312 9512 Rio Grande Juno let gu 58-1939 J D 9414 Sale 9414
9512
9513 May'25
9414
1
5
99 100% Rio Grande Sou 1st gold 48_1940 J J
10014
1003* 10032
7 Apr'25
Guaranteed
974 Dec'24
98
1940J .1
6
6
2
"iit;
91
Rio
Grande
91
Apr'25
West 1st gold 48.1939 J J 86
92
8612 86
86
7
75% 784
Mtge & coil trust 48 A_
1949 A 0 75 Sale 74%
7918 "Si" 7578 Feb'25
75
7
R I Ark & Louis 1st 4Hs__ _1934 M S 88% Sale 87
9812 Nov'24
891. 40
iddc,
10054
Rut-Canada let gu g 45
10012 Feb'25
1949 J J 7412 75
165744
May'25
-um 10712 Rutland 1st con g 4Ha
19411 J
1061s
10712 Apr'25
88%
8812
1
99% 99% St Joe & Grand 151 g 411
1947 J J 78
100%
99% Mar'25
79% 8112 May'25 _3352 100% St Lawr az Adir let g 58
100,
4 101 10014
1996 J J 9314 95% 9518 Feb'25
10014
2d gold de
1996 A 0 101%
90% _
9014 Dec'24
101
Jan'25
St L & Cairo guar g 48
1931J J 9612 98
6
94%
95
138
61
St L Ir M & B gen con g 55_1931 A 0 10038 Sale 10012 100% 30
66
66
66
_
60
60
Unified
&
Jan'25
ref
gold
48
1929
J
J
5
60
96 Sale 95 4
9614 89
5553 61
2
Registered
J J
5912
5912
93 Apr'25
55 60
6
Itly &0 Div lat g 4a
58
60
1933 M N 89% Sale 887g
5712 58
89% 175
65
60
37
St L M Bridge Ter gU g 5s__ _1930 A 0 10012 101 100 May'25
85
62% 644 6312
9
56 65% St L & Ban Fran (reorg oo) 46 1950 1 J 7752 Sale 7712
64
64 Sale 634
77% 401
53 5912
5
Registered
J J
5712
57 Sale 53
7412 Apr'25
864
9212
Prior lien Ser B 5e
9212 98
12601 S 9252 Sale 9258
9214 Sale 9112
9312 102
8312 90
Prior Ilen Set C 58
19281 J 10234 Sale 1025$ 1034 29
8818 May'25
37
9014 96
Prior lien 5335 Ser D
96
1942 1 J 100% Sale 10014
96 Sale 9512
10078 94
,
4 6114
53
Cum adjust Ser A 136._/11955 A 0 9134 Sale 914
6034 12
60% Sale 6018
9212 205
64
55
6312
7
Income Series A 65
6312
61960 Oct. 8834 Sale 87%
8834 399
62 64
StLoula & San Fran Ry gen fla '31 .1 J 10584 10578 10558
63 May'25
3
10534
5712 64
General gold fe
1931 J .1 100,
574 May'25
10034 May'25
4 100 10012
10012 Apr'25
St Louis & S F RR cona 45_1998 J J
HO,
844 Dec'24
3
65
7011
Southw Dly lat g 6e.,1947 A 0
6914 69% 6934
9738 Dec'24
69%
63 6912 St L Peo & N W 1st gu 54_1948 J 1 ioir, 104 104 May'23 --.4
65
6314 65% 65
65
65
St Louis Sou Mt gta g 4a
Apr'25
1931 MI 93%
65
9338 Apr'25 _ _ _ _
5614
8618 gah St L S W lat g 4a bond ctf5-1989 M N 83
834 23
8334 8334
8714 ---- 8612 Feb'25
8214 8714
3
2d g 45 income bond etta_p1989 J .1 77
87
78
78 May'25
87 Sale 87
100 100
Consol gold 4e
1932 J D 9075 Sale 9018
90% 70
100 101 100 Feb'25
89,2 30
4
1st terminal de unifying 55_1952
66% 76
73
8814 Sale 8314
73
74
73
8734 216
_
6113 88
St Paul & K C Elli L 1st 4%5_1941 F A 87% Sale Nis
59% 6834 64/
1
4 Mar'25
59% 66
St Paul E Or Trunk 4)0_1947 J .1 90% ---- 9112 Apr.25 5
6134
62
61
82
94
93
Apr'25
934
95
97
Bid
Ask
10134 103
6214 Sale
6614 Sale
9918
a Due Jan. 5 Due Jay. p Due Nev. s Option sale.
L2'
Range
SISCI
Jan. 1.
Mob
Low
5978 7014
7912 8414
70% 8034
9434 964
108% 108
108% 108%
106 108
88
9213
89
86
8814 92
12312 134
9314
91
10113 103
88
94
8378 86/
1
4
82/
1
4 84%
60 83
5918 60
83% 874
8534 85%
105% 10812
105 106%
9534 97%
9514 98
144 8438
10914 109%
102 10314
10334 1044
714 75
9814 i6fis
99 100
10032 101%
8814 9012
103% 107
103% 107
9658 97%
81% 85
94
82
904 98/
1
4
9814 100
944 96
704 8051
804 89
804 90
97 100
91% 95
8614 944
9012 93
984 100
15
93
1014 10354
10712 110
10034 111.14
971
/
4 98/
1
4
8614 864
83
15312
824 824
82 8213
9414 9534
8618
85
774 81
31% 53112
99 101
97% 100%
8138 85
92% 94%
104 108
40
44%
10512 1054
96
9913
98
96%
9612 9613
8984 93,4
9013 914
WI; 934
91
9333
9678
95
9413 94%
3813 101
99
904
9972 101
10034 MU;
loot, 101
9114 9114
100 100
87
87
10014 102
3314 5914
"ii1; "16
'
9412 954
95
88
9218 96
9934 11.1012
7412 79%
10018 101
92% 96%
7
6
6
8224 8912
714 75
85
89%
7314 744
8514 8812
7312 814
954
94
101 101
94
95%
9914 100%
9134 9614
9112 93
837s 8972
997e 10012
78
71
7413 7412
8514 9312
10172 10354
9354 10075
8434 9224
2614 8824
104/
1
4 106/
1
4
1004 101
jai" fail.
;
1
4 9314
92/
80
8334
72/
1
4 78
8534 907a
81/
1
4 90
80
8734
9113 961/4
c
New TOM bona rcecora-Continued-Page 4
Zi U4
El
&mai
Price
Weal
l'E
810411
1M
Friday
Range or
*-.9., May 29.
Jan. 1.
t$
Lass Sale
Bid
Ask Low
High
High No. Low
Bid
Ask Low High No. Low
HIPS
2
94/
1
4 9612 Anz Wat Wks & Eleo 58„--1934 A 0 9712 Sale 97/
9812
St Paul Minn & Man con 4a.1933 _I A 9612 ---- 9612
9211 98
27
48
1
4
94/
1
4 May'25 _
9413 9412 Am Writ Paper a f 7-61
Registered
J J 92
1939 J J 61 Bale 6614
44
61
90
61
Temp interchangeable ctfa dep_
1933 J A 108/
3 10712 10912
1
42 10914 10859
' lit cotusol g (Ss
10858
_ 6012 Sale 567k
43
86
6112
6112
68 reduced to gold 430-1933 1 J 10014 Sale 100
10014
6
9512 10014 Anaconda Cop Min let 09_1953 FA 10012 Sale 10012 10188 299
99/
1
4 10174
99/
1
4 9712 Apr'25 _
1933.3 J 98
Registered
9752 98
I5-year bony deb 79
1938 F A 102 Sale 10112 102
9984 104
230
1937 J D 9278 95
9384
9
9284 9512 Andes Cop Min deb 7925% pd'43 1 .7 97 Bale 9584
9334
Mont ext let gold 49
94 100%
177
97
92
92
Registered
J D 9012 9412 92 ' Jan'25 ____
Antilla (Comp Azuc) 770 1939 J 1 9114 Sale 9112
9113 9412
35
92
88
8952 Ark& Mem Bridge & Ter59_1964 M S 9358 Sale 93
Pacific ext guar 4s-----1940.3 1 8612 8812 8912 Apr'25 ____
93/
1
4
91
9358 30
10218 11 100 10218 Armour & Co lat real est 4H91939 J D 897 Sale 883
St Paul Union Depot 58____1972 j j 10124 Sale 10138
90
86
4
89% 118
8514 33
81
8514 Armour & Co of Del 5348.._1943.3 J 93% Sale 9359
BA & A pass lit go g 4s...,_1943.3 .1 847 Sale 8412
94
99
91
94
_ 10084 Feb'25 ____ 10084 101
Santa Fe Pres & Peen 59-1942 M 5 101
Associated 0116% gold notes 1935 M 5 103 Sale 10284 103
60 10184 103%
Say Fla & West 1st g IN--1934 A 0 10918 ifi 111 Mar'25 ____ 10712 111
Atlanta Gas L let 59
1947.3 D 9834 . _ 9858 May'25 10
0734 9879
1934 A 0
- 10114 Nov'24 ____ _
_- Atlantis Fruit 78 ctfs dep
let g 61
26
1934 .7 D 1958 208g 1912 May'25 ____
18
-8 89/
1
4 • 8984
8984 9071
8784
_- 90
Scioto V & N E let go g 4s 1989 M N 10258Stamped ars of deposit
22
22
1
4 22
39/
Jan'25 ____
7
1950 A 0 7958 8014 79
8014
2
74 81
Seaboard Air Line g is
Atlantic Rehr deb bs
1937.3 J 9912 Sale 99/
1
4
9978 27
97/
1
4 9979
80
14
74
1950 A 0 7984 Sale 7912
8212 Baldw Loco Works lst 69_1940 M N 103 Sale 103
Gold 4s stamped
9 102 105
103
73 8312 Bamgua(Coup Az)770_ _1937 .1 j 10458 106 105/
Adjustment 544
8118 342
Oct 1949 F A 81 Sale 8018
4 103 10659
1
4 10513
73
97
59/
1
4 7312 Barnedall Corp a loony 8%-A1931 J .7 10518 10514 10518
1959 A 0 72 Sale 7112
Refunding 413
1
4
105/
1
4
6 10213 10.5/
9534 233
1946 M 5 9484 Sale 9458
8453 95/
1
4 Bell Telephone of Pa bs
19t & cone 69 Serial A
1948.3 .7 102/
1
4 Sale 10284 103
44 10014 103
8912 21
83/
1
4 8984 Beth Steel 1st ext 6 f bs
8932
Atl & Birm 30-yr let g 49_41933 M S 8914 90
1928.3 .7 10014 Sale 10014
10098 25 10014 10114
__ 100/
1
4 101
1926 J J
7
Seaboard & Roan lat 5e
9984 101
lot & ref 58 guar A
1942 m N 9418 Sale 94/
93/
1
4 97
1
4
23
95
10318 10412 10312 10312
1936 F A 1012 102/
1
4 10334
9& N Ala cons go g be
30-yr pm & imp if 58.._1936.3 .1 93 Sale 92
92%
90
9284 68
109
2 103 109
1963 A 0 10658 109 109
Gen cons guar 50-yr 61
Cons 30-year 68 Series A 1948 F A 9512 Sale 9434
9512 233
9312 9712
87/
1
4 13
84
8712
DO Fite Col 4e (Cent Pao col)31949 .1 D 87 Sale 8612
Cons 30-year b He Series B 1953 F A 8712 877 8714
8812 63
85
89/
1
4
1
4
9758 108
96/
1
4 9784 Booth Fisheries deb 81 69_1926 A 0 75
20-year cony 49
June 1929 M 5 9712 Sale 97/
7018 86
77
77
b
77
3
1
4 Brier Hill Steel let 630
1934 J D 10084 Sale 10084 10312
20-year cony be
9934 103/
/
4
1942 A 0 101 Sale 9912 1011
97 1011
/
4 192
101
1944 MN 9958_
101
b 100 101
20-year g be
_194
B'way & 7th Av let c g
3
59_
j D 75 Sale 74/
1
4
76
46
68
751
/
4
8784 14
1
4 88
84/
8 87/
1
4
Ctis of dep strand Dec '24 lot
Ban Fran Terml 1st 49-1950 A 0 8784 -877741
/
4 7484 74
704
9
6784 751
/
4
83 May'25.
A 0 7814 85
Registered
83 8514 Brooklyn City RR be
9412 93 May'25 ____
1941.7 .1 92
90/
1
4 93/
1
4
1
4 Feb'25 ____ 103 10314 Bklyn Edison Inc gen be A 1949 J J 102 Sale 102
1927 MN 10359 --__ 103/
So Par of Cal-Cu.68
9918
103
102/
1
4 31
____
9412
Jan'25 ____
9412 9412
So Par Coast 1st go g 49---1937 J J 9414
General 6e Series B
8 104 10613
1
4 Sale 105
1930.8 .7 105/
10514
/
4 Sale 911
/
4
1955.8 J 911
9184 135
8818 92
So Pee RR let ref 45
Bkiyn-Man R Tr Sec
8214 89%
--1968 J 1 89% Sale 8814
8934 684
1994 .7 J 10312 Sale 10314
10384 55 100/
Southern-let cons g 69
1
4 10384 Bklyn Qu Co & Sub con
6e-gtd be'41 MN 6284 65 62
62
1
6178 71
9911
/
4 Apr'25.
.30
Registered
1
4
let bs
99 99/
80
1841J .1 7278 85 80 11'eb'25 ____
80
80
1
4 Sale 7912
193
Brooklyn Rapid Trans g 591945 A 0 --------90 Nov'24
Develop & gen is Sec A-1956 A 0 79/
7353 80
1956
A
0
107
Sale
10612
107
gen
Si
Develop &
97 103 107
Trust certificates
1956 A 0 11084 Bale 11034 111
Develop & gen 670
85 10684 1111
/
4
let refund cony gold 49-2002 3 3 iiis ____ 81 Dee'24--mem Div let g 434e-61
____ 102 May'26 _-_
1996J .1 102
9912 10279
3-Yr 7% secured notes__1921 j J __-- --- 10912 EleptIA--st Louie Div let g 49
19513 1 8612 ---- 88/
8614 871/4
1
4
8613
1
Certificates of deposit
___ ____ ____ 122 Mar'241 ____ ---- ---1938 M 5 --------8712
4
8228 8888
8833
Mob & Ohio coil tr g 41
CHB of depoeit stamped121 12314
_ ____
__ 12314 May'25 ___
b 10013 103
So Car & Ga 1st ext 570_1929 M N 103 Bale 10212 103
Bkiyn Un El 1st g 4-5e
8112 8712
i
8712
8712 8812
86 -VA
_.1960
8614 8512
8512
1
8314 8712
Spokane Internet let g 681965J .1 85
Stamped guar 4-Ss
8112 87/
1
4
1950 F A 88
3
8758
8713 8712
1
4 97
97
b
9614 9814 Bkiyn Un Gas let cons g 69-1945 MN 10114 Sale 10118 10114 34
Term Assn 01St L ist g 470_1939 A 0 96% 98/
9914 1011
/
4
let Cone gold 5.
1944 F A 101
10114 May'25.
100 10114
10-yr cony deb 78
1932 M N
__ 172 May'25 ____ 155 172
1
4
84% 42
19533 1 8434 8514 84/
8218 8514
Gen refund if g4.
let lien & ref 6e Series A1947 rei N 110
4 10714 11079
110/
1
4
1351411013
110
1943.3 J 99 Sale 98/
1
4
99
10
9624 99
Tex & N 0 con gold 542
Buff & Susq Irons f 52
1932 J D 91
92 May'25 _9118 WI
94
1
4 Bush Terminal lit 48
Texas & Pao let gold 5._2000J I) 10214 Sale 10212 162116 18
91
la
84
91
998 102/
1952 A 0 87/
91
1
4 90
2000 Mar 90 101
90 DecY24 _
2d gold income be
Consol fe
19553 .1 8984 9112 90/
8619 911
/
4
28
91
1
4
19313 .7 9914 99/
La Div B L let 058
1
4 991
9912
99
/
4
99/
1
4
1
Building 56 guar tax ex_1960 A 0 9712 Sale 97
9352 9918
9712 18
997
9912
Tex Par-Mo Par Ter 6349._1964 M 5 9912
9934
9818 10014 Cal G & E Corp unif & ref 59_1937 MN 101 Sale 10084 10114 57
9
/
4
98 1011
Tol & Ohio Cent la go 5e,.,,19353 J 10014_-__ 10014 May'25
Cal Petroleum 8 f g 634e __ _1933 A 0 104 Sale 10312 104/
9984 101
1
4 45 10084 1041
1935 A 0 100 1-0014 10014 May'25
Western Div let g be
9978 10014 Camaguey Sue lst s f g 79_1942 A 0 92
9113 9511
2
9312 92
92
1935.7 o Ws 9934 99 May'25 ____
General gold be
9622 9934 Canada SS Lines let coll 9 f 7s'42 M N 9853 Sale Ws
9/3
4 10
964 9952
Toledo Peoria & Waft 41,,,1917J J 2714 3112 28 May'25 __
28
30
Cent Dist Tel lit 30-yr 58_1943 j D 10214
1
4 10214
1 100/
1024 10214
997
310_1926
J
j
g
Ilen
100
9978 May'25 ____
Tol St L & W pr
9913 998 Cent Foundry lst s f es
1931 F A 95 1514 94/
1
4
95
13
94 97
1960 A 0 Ma Sale 8614
50-year gold 49
8612 10
82/
1
4 802 Cent Leather 181 lien 8 f 642_1945 .11 J 10138 Sale 10084 10188 87
97/
1
4 10112
1931.3 j 9844 __ 0878 Dee•24
_ Central Steel 1st g s f 8s__ _ _1941 MN 112 11212 11218 May'25 _
Tol WV &0 go 470 A
110 114
1933.7 J 9618 ____ 97
Jan'25 __ ___ -i7 iii Ch G L & Coke 1st go g 59-1937 J .1 101
Salm B 4346
i
98141011.
___ 101
101
1942 M S 8912
8911
/
4 Jan'25
Series 46
1
4 Chicago Rye 181 5.
1927 F A 765s Sale 7612
C
8952 89/
7556 88
7818 109
Tor Gem & Buff 151 g 4._
/
4 ___ 36
l9483 D 861
Apr'25 ____
8413 8612 Chile Copper Os Sec A
1932 A 0 10712 Sale 107
108
147 106 11113
88
Ulster & Del let cons g 59-1928 J D 87 -8712 8712
11
8712 9214 Man Gas & Elec let & ref be '58 A 0 10112 ____ 10158 10184
6
9812 101%
1952 A 0 5518 be
54/
1
4
55
34
2503* 62
lit refunding g 49
534e Set B due Jan 1
1
4 105
1961 A 0 105 Sale 104
12 100/
105
1947.7 J 94/
1
4 Sale 94
9438 34
Union Pacific let g 45
9024 9412 Clearfield Bit Coal lit 4a-1940 J .7 81_ 80 Jan'25 _ _
80
80
J J 8912
__ 9234 Apr'25 __-_
Registered
Colo F & I Co gen if 58.l943 F A 91 -4;2- 91
8918 93
91
a
871
/
4 93
1927.3 .1 99/
9912 23
1
4 EII719 9914
98/
1
4 99/
1
4 Col Indus lit & coil M gu
20-year cony 44
80
1934 F A 82 Sale 801e • 82
19
8314
Registered
98
.7 J
Jan'25 _
Registered
98
98
F A
_ __ 82 Feb'25 ____
82 83
e2008 M 8 89 Sale 871112
89
75
mu 90
la & refunding 41
Columbia 0& E lit be
1927 J .7 101
10112 52 10013 10113
---- tale 101
22008 M 13 10718 108 10718
10718
1 10452 1071
let lien & ref be
Stamped
/
4
/
4
19273 .7 --------101
10118 10 100 1011
1
4 Sale 103/
1
4 10418 48 10313 104/
10
1
4 Col & 9th Av lat im g bs__ _1993 M 5 1238 14
-year perm secured 881928J J 103/
14 May'25 ____
91
/
4 14
ti NJ RE & can gen 4s.__1944 la s
_ _ 9258 Feb'25
92/
1
4 92/
1
4 Columbus Gaa let gold Be.. _1932 J J 9983 _____ 9912 May'26 ____
9813 9972
1926.3
J 10014
925810114
- 10014
10014
Utah & Nor gold 5s
1 10014 10118 Commercial Cable lst g 4s-2397 Q J 77 Sale 7612
711
/
4 7712
7718 11
1933.3 J
93 Aute24 _ __
- - - - Commercial Credit.f 6s
let extended 49
1934 M N 100 Sale 9884 100
98 100
121
pendant,eons g 413 Ser A
1955 F A 87
9318-871
- 4 8714
8714
3
8638 8714 Commonwealth Power 69_1947 M N 102 Sale 10112 10218 78
97% 10218
1957 M N 87
____ 8658 Apr'25 _ ___
Consol 46 Series B
8658 8652 Computing-Tab-Rec if 6s1941 .7 .1 10234 104 10284 103
1
4
10 10114 104/
Oct'24 ____
____ -- -_ Conn Ry & L 1st & ref g 430 1951 J J 9158 92
Vera Cruz & P let gu 4 Hs_ 1934 J J --------20
9012 9013
9012 Mar'25 ____
1934 -------- ---- 2412 Jan'25 _
A2081221119 let 430
241
/
4 2412
Stamped guar 470
1951.8 .7 9152 918 9158
6
89 921a
9153
1926 M S 10012 ___ 10018 May'25 _ __
Verdi V I & W 1st g 53
9983 10014 Cone Coal of Md let & ref 59_1950 J D 83/
1
4 Sale 83
8358 117
81
90
1
4 Sale 100/
1
4 10012
Virginia Mid Series E 69____1926 Ai 8 100/
4 10018 10012 ConeolGas(NY)deb 530-1945 F A 10412 Sale 1041
/
4 105
501 10114 105
1931 J J 100
____ 100 May'25
be Series F
Cons'd Pr & Ltg let 670_1943 M El 104 Sale 104
9912 100
40 1001.106
104
1936 M N 10014 --- 101
General 59
102/
1
4
0 100 10212 Cont Pap & Bag Mills 674e-1944 F A 8838 Bale 8712
8713 9213
8883 27
va & southw'n let go 59-2003 J .7 9984 102 10114 May'25
9359102
Consumers Gee of Chic gn 63 1936 J J 10018 10012 100 May'25 ____
9273 10078
1958 A 0 93 Sale 93
9334 21
let cons 50-year Ss
8414 9384 Consumers Power let 59„ 1952 MN 9912 Bale 9834 100
250
9074 100
Virginian let 55 Series A
1961 M N 10084 Sale 10018
1011
/
4 373
96 10112 Corn Prod Refg e f g 59
1931 M N
___ 9058 July'24rz-_1939 M N 10178 Sale 10112 1017
Wabash let gold ba
1
4 10178
10 100/
let 25-year 9 f 5s
1934 M N 101101 102 102 Apr'25 ____ 10018 1021
/
4
1939 F A 9814 Sale 97/
2d gold bs
1
4
9814 27
9414 9814 Crown Cork & Seal 1st s f 69_1943 F A 75
76
76
76
2
74
82
1975 M 9 9713 Sale 97
Ref a f 534s ser A temp
97/
1
4 826
94/
1
4 9784 Cuba Cane Sugar cony 712_1930 J J 95/
1
4 Sale 95
9512
14
937
8
95
Debenture 116s registered-1939 M 13 --------9334 Feb'25 ____
99/
1
4 10254
93/
1
4 937
Cony deben stamped 834_1930 J
10034 Sale 100/
1
4 10084 39
let lien 50-yr g term 4a
1954 J .1 80
81
8014 May'25 ____
77/
1
4 8378 Cuban Am Sugar let coil 88.1931 M 5 10784 108 10784 108
1
4 110
7 107/
1941 J J 100/
1
4 - --- 10073 Apr'25 ___
Det & Ch ext let g 59
99/
1
4 10078 Cuban Dom Sue let 730._1944 MN 9713 Sale 97
9611 93/
1
4
9712 85
Des Moines Div let g 41 1939J .1 86 Sale 8418
86
Comb T & T let & gen 69_1937 J
17
811
/
4 88
97 10112
101 102 10012 10112 95
1941 A 0 75/
77 May'25 ____
Om Div let g 3348
1
4 77
74
77
Cuyamel Fruit 15168 int ctfe '40 A 0 9912 Sale 99
99
9912
21
9912
g4.
1941 M 8 84 -___ 86 May'25 ____
Tol & Ch MC
84/
1
4 80
Den Gas& EL Istaref at g 69'51 MN 96 Sale 96
92/
1
4 97
9612 39
Warren let ref gog 330-2000 F A 77
___ 77/
1
4 Oct'24 ____ __ Dery Corp(D G) lst a f 7s_ _1942 M
75 82
8
76 Sale 76
77
1948 Q M 811
8418 Jan'25 ____
/
4 -84
Wash Cent let gold 4s
844 24111
-- Detroit Edison let coil tr 59_1933 J
9984 10214
10158
10184
1011
/
4
1018
4
18
1946
p
A
82% ____ 8214 May'25 -___
Waflb Term let go 3348
lit & ref be Series A_July 1940 M 5 10113 Sale 997
8118 8512
9913 10214
134
102
let 40-year guar 49
1945 F A 89/
8988 Mar'25 _
1
4
89% 89/
1
4
Gen & ref 59 Series A
1949 A 0 100 Sale 99/
9783 10014
1
4 10014 172
W Min W & NW lit go 58.1930 F A 9714 ___ 9612 Mar'25 ____
9524 9684
1st & ref fls &Ilea 13July 1940 M S 10734 Sale 10784 10818 51 1061
/
4 10811
west Maryland let g 49
1952 A 0 6634 gale 66/
1
4
6712 158
6318 67/
1
4 Det United let cone a 4He_1932 J J 90/
1
4
977 93/
12
1
4 9114 91
91
;peat NY & Pa let g 59
1937 3 J 9834 Sale 9874
9834
1
10012
Dodge Bros deb 6s int ras_1941 MN 9812 sale 9634
9952
9812 1019
9
41
/
4
9911
1943 A 0 80
7922 8218 Dold (Jacob) Pack let *IL-1942 MN 8612 Sale
8012 80 May'25 ____
Gen gold 0
14
82
.
8
E
86
4
8612
Apr 1 1943 Nov --------45 Feb'25 ____
Income g Si
45
45
Dominion Iron & Steel 5s
1939 J
53
54
5218
53
3
50_ 0
_09
_
Western Pao 1s1 Ser A 58_..1946 M 8 9518 Sale 9478
9513 68
90/
1
4 90
Donner Steel let ref Ts
1942
J
99
18
89
881
Sale
/
4
"
89
9
1946 M 13 103 10312 10314
104
34 100/
1
4 10418 du Pont(E I) Powder 4349_1936 .1 D 95
1st gold 65 Series B
1
4 94/
1
4
90/
____ 9458 May'25 ___
2381 .1 J 841
/
4 8584 84/
1
4
8614 62
West Shore let 48 guar
8114 8614 duPontdeNemoure&Co 734i 1931 M N 10784 Sale 10734 108
48 10678 1°81
/
4
2361 1 J 8214 8212 8212
8212 37
Registered
7934 8212
_10718 107/
1
4
Registered
____
10718
Jan'25
N
--M
1926 A 0 10018 10118 100/
1
4 May'25 _
Wheeling & LB let g 5&
10012 1011
/
4 Duquesne Lt let & coil 09_1499 J J 106 Sale
10734 ilia 10452 10784
Wheeling Div let gold 69_1928 J J 100 Sale 100
100
3
9988 101
let coil trust 570 Series B_1949 1 J --------10552 106
98 104 106
1930 r A _
_ 99% Mar'25 ____
REVD at impt gold 55
9984 9984 East Cuba Bug lb-yr.
a f g 730'37 M S 104 Sale 10378 104/
1
4 44 103 10674
Refunding 4344 Series A,,1968M 5 ia.12 1412 73/
1
4
7514 18
68
7514 Ed El Ill Bkn let con g 49_1939 J J 9284 Bale 9214
90/
1
4 94
92/
1
4 10
49
777
1949
M
5
consol
7758
778
4
7734 15
RR lit
72
78/
1
4 Ed Elm III let cons g 5.,,.._1995J J 100 ____ 9913
9912 102/
1
4
2
9912
1942.8 D 6684 Sale 65'4
wok & East 1st go g58
6614
4
6314 67/
1
4 Elee Pow Corp(Germany)6
.
7050 M 23 874 Sale 8712
88
20
871
,...;5 ,,..,.
88111
1938.8 D 10284 104 10314 May'25.
Will & 8 F la gold 58
102 10314 Elkhorn Coal6% notes
1625
J
D
9714
98
/
1
4
_----'''''''
'''''
49_1960
let
Winston-Salem S B
J 1 8414 86
84/
1
4
8484
4
8233 8712 Empire Gm & Fuel 710--1937 M N 10488 Sale 103/
97/
1
4 10412
1
4- 1-0-412 531
81
32
7813 8114 Equit Gas Light lit con 522_1932 51 5 100 10012 10012 10012
W19 Cent 50-yr let gen 4e__ _1949 j 4 go% Sale 8018
1
9984 100/
1
4
1
4 8612 85 May'25 Sup /a Dul div & term let 42,36 pA N 85/
8211 8714 Federal Light & Tr 1st 58_1942 31 8 9313 Sale 9312
88
9614
24
9614
INDUSTRIALS
7
9614 103
tat lien 69 stamped
1942 hi 8 10114 10212 102
10284
0_1948 Ni 8 85 sale 85
85
2
86
8712 Federated Metals if 79
Adams Expreas coil tr a
32 101 107
1939 11 D 10112 Sale 10214
103
15
Ajax Rubber let 15-yr a f 88.1938.3 D 102 Sale 10112 102
9413 10212 Fisk Rubber let s f ile
1941 M S 11284 11314 11212 113
25 108 11311
1925 M S
4
5
b May'25 __._
Alaska Gold M deb fle A
313 678 Ft Smith Lt dc Tr let g 59_ _1938 M 13 78 Sale 78
/
4 79
761
9
79
75
1926
M
8
4
B
Berle.
67
8
S.
Apr'25
deb
_-._
4
678 Frameac Ind & Dev 20-yr 730'42 J .1 9318 Sale 93/
Cony
13
8914 951
/
4
9314
1
4
1928
A 0 102 Sale 102
102/
1
4 16
9814 103
Am Agri° Chem la S.
Francisco Sugar 1st sf 7748 _1942 MN 10612 sale 10672 1067, 59 10312 10674
1941 F A 10312 Sale 102/
1
4 10312 230
9818 9811
9444 10313 Ga.& El of Berg Co COM 85.1949 J D 9912 __ 9812 Feb'25 ___
1s1 ref a f 7346 g
622_1935
F
deb
A
'10018
cony
Sale
9953
Sus
10014 47
9784 100/
1
4 Gen Asphalt cony Os
Amer Beet
1939 A 0
4 101 103
103
10-3 103
99
26
9632 9934 General Baking lit 25-yr 68.19383 D 10213
American Chain deb s f 612_1933 A 0 97 4 sale 9734
10412 1051
4 10483 105/
1
4
10518
/
4 1051s
M N 9518 ____ 9434
95
17
9114 95
Gen Electric deb g330
Am Cot Oil debenture 159-1931
1942 F A 8358 85% 84 May'25 ____
83 86
1986.7
J
1(1658 10784 107 May'25 _
106/
1
4 10313
Debenture 59
A121 Dock & IMpt LU 69
1952 M S 10512 Sale 10513 10558 14 10112 10571
1939 A 0 99 Sale 99
99
7
98 100
Gen Refr let.1885 Sec A_1952 F A 10114 Sale 10114
Am Mach & Fdi if lle 63_1937
1
4
2 100 102/
10114
A 0 9612 Sale 9612 ' 9684
7
911
/
4 9712 German Gen Eleo 7s temP 1945 J .7 9384 Sale 93/
Am Republic Corp deb
9314 WI
1
4
937s 164
am sm & rt lift 30-yr be ilerA 1947 A 0 981
/
4 Sale 9712
981, 112
9513 9912 Goodrich Co 8He
1947.7 J 10514 Sale 105
1
4 10634
10514 65 100/
1947
A
0
108
Sale
10712
13
108
series
74
10
6s
359 10812 Goodyear Tire & Rub la 4 f 1941 M N 12084 Sale 12012 121
lst M
52 119 121
1937 J .1 10214 Sale 10214
10378 120
99/
1
4 10412
Amer Sugar Ref 15-yr 6s
10-year if deb 6139
41931 F A 10912 Sale 10914
10984 92 10852 109/
1
4
Am Telen & yeleg cell tr 41.1929.7 3 9752 Sale 971
/
4
9778 234
96/
1
4 977 Granby Cons MS & P con 69 A'28 IS N 9912 ____ 10018 Mar'25 ____
93/
1
4 1001
/
4
IS
S
___
____
9118
1936
9118
I
41
Convertible
9088 9218
Stamped
1928 M N 100
____
9812
Mar'25
___
93
/
1
4
98
/
1
4
1933 MI 8 100 Sale 9612 100
2
9452115
Cony debenture 89
1926 MN
20-year cony 434.
May'25 ____
95 IOW*
19463 D 10218 Sale 10184 10214 165 100 10214 Gray & Davis lit cony.f 79_1932 F A --------10052
51
tr
coil
-year
9314 Sale 93
30
92
96
9313 13
19603 J 95/
1
4 Sale 9712
977 093
9412 97/
1
4 (It Cons El Power(Japan)7s_1944 F A 90 Sale 90
35-yr a f deb 53
91
69
8714 9111
1
4 10414 133 101 10414 Great Falls Power lat a f 59_1940 M N 10212 ____ 102
1943 MN 10414 Sale 103/
20-year s 1 5345
2
9978 1021
/
4
10211
7-year.convertible 642
1925 F A 13112 Sale 13084 132
62 125 132
Hackensack Water 1st 4s
1952 J J 85/
1
4 ____ 8513
86
5
835s 86
Havana El R7 L & P genii. A '54 M 5 93 Sale 9084
93
47
8512 93
Due May. eDue June. li Due July. 6 Dos Aug. a Option gale.
BONDS
N Y.STOCK EXCHANGE1
Week ended May 29.
."**.
E.
Pries
Friday
May 29.
Wool's
Range or
Lard Sale
14
aisi
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended May 29.
2796
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 29
New York Bond Record-Continued-Page 5
is
41.
Pries
Friday
May 29.
Week's
Range or
Last Said
High No
Bid
Ask Low
2
Havana Ely/ consol g 58..---1952 PA 9318 Sale 934
9318
13
Hershey Choc let f g
MN 104 Sale 10334 104
Hoe(R)& Co lit 6548 temp_1934 AO 10212 Sale 10214 10212 13
Holland-Amer Line 68 Wall-1947 MN 88 Sale 88
8812 29
1
Hudson Co Gas lit g 5s__1940 MN 10018 10014 10014 100,4
118
Humble Oil & Renal/is 5548_1932 Si 10178 Sale 10134 102
1111nole Bell Telephone 56_1956 JD 10112 Sale 101
10158 211
Illinois Steel deb 434e
1940 AO 9558 Sale 9514
9558 33
Ind Nat Gas & 011 58
1936 MN 92 Sale 9138 May'25
Indiana Steel let E's
1952 MN 10318 Sale 10252 10314 19
6
ngersoll-Rand 185 Si
92
92
1935 j j 9934 101
Interboro Metrop coil 454s_1956 AO 11
Apr'25
11
13
Ctf dep /dad mind 16% sub_ _
64 ____ 1012 Mar'25
235
Interboro Rap Trail let 5e_1966
68
6712 Sale 6514
Stamped
674 440
67 Bale 6514
10-year Si
7014 112
1932 AO 70 Sale 6812
10-year cony 7% notes
1932 MS 8912 Sale 8714
894 149
Int Agrio Corp let 20-yr 58_ _1932 MN 7434 Sale 71
7434 12
Stamped extended to 1943_ _ MN 6834 6978 6834
69,4 25
Inter Morgan Marines f 5s 1941 AO 8538 Sale 8538
8814 191
144
International Paper 58
94
1947'I 9378 Sale 93
1st & ref be B
84 Mar'24
1947
J
Jorgens Works 65(flat price).1947 Si 9938 Sale 9812
9912 96
Kansas City Pow di Lt 5s
1952 MS 10038 Sale 994 1007s 247
Kansas Gas & Electric 64_1952 MS 10314 Sale 102
10312 41
20
Kayser & Co 78
1942 FA 104 Sale 10134 104
104
Kelly-Springfield Tire 85_1932 MN 10034 Sale 100
101
5
Keystone Telep Co let 58_1936 J .1 8712 Sale 8712
8712
1
102
Kings County El & P g 58
1937 A 0 102 Sale 102
2
Purchase money Os
1997 n 0 1194 12014 11914 11914
Kings County El let g 4s
7814 May'25
1949 F A 784 80
77 May'25
77
Stamped guar 43
1949 F A 70
2
Kings County Lighting 58_1954 j J 974 ____ 9778
9778
____ 10614 May'25
6348
19545 J 07
6
Kinney Co 7Iis
10718
19365 D 10738 10814 107
3
9314
Lackawanna Stool 511 A____ _1950 M S 9314 Sale 93
Lao Gee L of St I. rel&ext 58_1934 A 0 10012 Sale 10012 10178 20
223
Coll & ref 5 Me Series 0_1953 F A 10134 Sale 10058 102
9
9914
9914
Lehigh C & Nav 8 f 4)4s A-1954 J J
101
____ 1001e
Lehigh Valley Coal 1st g 5s_1933 J .7 101
6
1st 40-year int red to 4%A933 .1 J
8958 Sept'24
Lex Ave & P F let su 541-1993 M $ 4114
43 May'25
Liggett & Myers Tobacco 78_1944 A 0 11834 Sale 11834 1194
8
11734 Apr'25
Registered
A0
68
1951 F A io5i8 Sale lows 10034 22
Lorillard Co (P) 70
1944 A 0 11512 Sale 11512 11558
5
Registered
115 Mar'25
A 0
65
1951 F A 974 9714 9714
9734 25
Louisville Gas & Electric 58_1952 M N 9812 Sale 9814
9934 189
Loulev Ry let con 5s
9334 92
1
92
1930 J .1 92
Lower Austria's Hydro-Elec Co1944 F A 8518 Sale 854
letsl634s
8518 13
Magma Cop 10-yr cony g 70_1932 J D
12612 May'25
ManatI Sugar 7345
1942 A 0 113014 Sale 100
1003* 28
Manbat Ry(NY)cons g 48_1990 A 0 6178 Sale 6178
6214 98
2d 48
54 May'25
54
2013) D 53
Manila Electric 78
6
1942 M N 10112 102 10112 10112
Manila Elec Ry & Lt ilf 5s 1953 M S 90
1
91
90
90
Market St Ry 78 Series A_ 1940 Q J 99 Sale 99
9958 57
Metr Ed 1st & ref g 6sSer B.1952 F A 105 Sale 10434 105
24
let & ref 58 Series C
24
97
9153 .1 ./ 9634 Sale 9658
Metropolitan Power 68
10312 24
1953.3 D 10312 Sale 10318
Met West Elide El (Chic)48_1938 F A 74
9
74
76
74
Mid-Cont Petr 1st 6
9712 Sale 9712
M
9834 234
Midvale Steel &0cony s f Ss 1936 M S 9234 Sale 9218
9314 161
Milw Elec Ry & Lt cons g 58_1926 F A 100 10012 lOOti 10078
1
Refunding & eaten 4548_1931 1 J 9612 ____ 9614 May'25
33
General 5s A
100
1951.5 D 9912 Sale 994
9278 315
let 58B
1061) D 9238 Sale 9138
87
let & ref g 138 Series C__ _1953 M S 10234 Sale 10212 104
Milwaukee Gas Lt let 4s1927 M N 9834 Sale 9834
9878 16
10012 35
Montana Power let 58 A
1943 J J 100 Sale 100
9838 53
Montreal Tram let & ref 58.1941) J 9814 Sale 9818
844 76
Morris & Co lets!4)4e_ _1939 J J 8412 Sale 84
Mortgage-Bond Co 48 Ser 2_1966 A 0 78
__ 774 Mar'25
10-25-year 51/ Series 3_ _ A932 J J 9614 97
96 May'25
28
Murray Body let 6345
99
1914) D 98 Sale 9734
Mu Fuel Gas 1st ou g 58.. __ _1947 M N
_ 97 May'25
9712--4 101
Mut Un gtd bonds ext 4%..1941 MN 993
9934 May'25
6112 11
6112 61
Nassau Elec guar gold 48_ 1951 J J 61
1
9912
Nat Ensm & Stamps let 58_1929 J D 9912 101
eal2
45
National Acme 7348
1931 J D 89 Sale 8518
89
_
Nat Starch 20-year deb 5e_ _1930 J J
9934 Feb'25
8
98,81027
-8
- 10238 10238
National Tube 1st 56
1952 M N 10218
1948.5 D 10014 10012 10014 10014
2
Newark Consol Gas be
88
New England Tel & Tel 58...1952 J D 102 Sale 10058 102
1
103
NY Air Brake 1st cony 68_1928 M N 102 103 103
3
8012
81
N Y Dock 50-year lst g 49_1951 F A 8012 81
N Y Edison let & ref 6345 A.1941 A 0 11434 Sale 11412 11512 73
10112 117
let lien & ref 5s B temp 1944 A 0 10138 Sale 10114
15
N Y Gas El Lt & Pow g 5s 1948 J D 10314 10412 10358 104
137
90
1949 F A 00---- 8934
Purchase money g 4s
N Y L E&Weet C &RR 5)4e 1942 MN ____ 10212 10012 Apr'25
A_ _1966 J J 8058 ____ 8112 Apr'24
N Y Munic Ry let f
_
N Y Q El L & P 1st g 50--1930 F A 1001*.... 10012 May'25
41
51
5012
51
1942 J J 37
N Y Rya Ist R E & ref 4s
5138 Sale 50
5138 61
Certificates of deposit
512 May'25 _ _ _
44 5
30-year sell Inc U....Jan 1942 A 0
412 Sale
412
5
412
Certificates of
2912
3138 383
31
Sale
1965
__Jan
Inc
Bs__
Y Rys Corp
deposit. N
1
100
1951MB 9912 100 100
N Y & Rich Gae 1st 6a
6734 10
6712 67
N Y State Rye 1st cons 4)48.1962 MN 67
63 Apr'25
M N
Registered
_
9058 90s May'25
1962 M N 90
1St con 6345 series B
N Y Steam let 25-yr 6e Ser A 1947 M N 10312 Sale 10178 10312 21
51
98
NY Teiep 1st & gen s f 4348-1939 MN 98 Sale 9712
28
30-year deben f 6s___Feb 1949 F A 110 Sale 10978 110
20-year refunding gold 68_1941 A 0 108 Sale 1074 10814 139
10112 15
Niagara Falls Power let 58_1932 J J 10114 10112 10114
1
106
Jan 1932 A 0 106 10638 106
Ref & gen 6s
10978 Apr'25
Nies Lock &0 Pow 1st be-1954 MN
144
1st & ref 55 ser A int rects_1955 A 0 9934 Sale 9934 100
Refunding tis Series A ---1958 F A 10978 ____ 10978 May'25
MEl
s 102 Sale 10134 10238 58
1952
1948isi
Nor Amer Edison Os
18
10434 Sale 10412 105
Secured s f g 8Xs Ser B
119
97
Nor Ohio Trao & Light tle ..1947 M S 9534 Sale 9534
9834 112
Nor States Pow 25-yr 58 A 1941 A 0 9838 Sale 9818
934 Jan'25
A 0
Registered
10434 10514 27
Ber 13__ _1941 A 0
1st de ref 25-yr
10712 Jan'25 -Northwest'n Bell T 1st 78 A_1941 A A
9514 97
10
98
98
NorthwTlstfdg4l4sgtd.l934 J J
11212 12
Ohio Public Service 7348 A 1946 A 0 11214 Sale 11214
110
11018
110
7
109
A
F
1947
1st & ref 7s series B
10334 21
Ohio River Edison 1st 68..-1948 J J 10314 Sale 10314
9734 71
1944 F A 9712 Sale 9712
Old Ben Coal let 68
9
10058
Ontario Power N F 1st 511_ _1943 F A 10058 Sale 10014
8
2
998
1945 M N 9958 ____ 99,
Ontario Transmission 58
109
10178 Sale 10018 102
Otis Steel 88
9812 145
let 25-yr f g 7348 Per 13_ 9
1 :1 r' 2 9718 Sale 95
9834 215
Pacific G & El gen & ref be 1942 .1 .1 9812 Sale 9778
48
100
Pao Pow & Lt letderef 20-yr 58'30 F A 100 Sale 9914
Pacific Tel & Tel let fis
1937 J J 10158 Sale 10158 10134 14
217
99
Ref M 5s series A
1952 MN 9834 Sale 9838
10614 21
Pan-Amer P & T 1st 10-yr 78 1930 F A 106 Sale 106
112 Sale 11012 11512 736
Convofos
5
9514
9412
Sale
95
Park-Lex it leasehold 63441
_ 19
95
34
3.
134 N
J
9
Pat& Passaic & El cone 58 1949M S 10014 ____ 10018 10014
3
110
_ 1094
Peep Gas & C 1st cons g 68 1943 A 0
9914 12
99 -9914 9834
Refunding gold 58
1947 M S 110-a Due Jan. 6 Due April
p Due Dec.
option sale.
Range
Since
Jan. 1.
High
Low
924 96
103 105
10038 10314
79
8852
9814 10014
994 1021s
97 10158
9234 9634
8712 9214
10114 10314
92
9914
10
11
1013 1012
593s 7434
7312
59
6114 80
85 95
7434
67
6212 7074
8538 9112
874 94
88
9912
9555 10078
9914 10312
10112 104
90 101
82
8712
10012 102
11412 11912
75
7814
74
7834
89 10114
10355 10614
1064 10872
8958 9434
9814 10178
954 102
9534 100
100 101
3912 43
116 120
11734 11734
974 10078
1144 1174
115 115
9514 9812
905s 9934
93' 93
8518 8612
113 13278
99 102
5712 64
56
51
9714 10234
85
92
9712 100
10112 105
914 97
10038 104
7014 80
9514 9878
8718 9314
100 10112
95
9614
94 100
84s 9278
984 104
9614 9912
9758 10058
94
9838
7812 847s
77
774
954 964
9658 99
954 97
974 9934
5712 63
98
9934
94
80
9934 10112
10034 103
9812 10014
994 102
103 10434
7734 8134
112 11512
9918 10178
10013 10412
88
90
10012 10012
WI;1661-2
5412
45
4232 54
44 6
378 534
2812 32%
9912 100
64 684
63 63
88
97
974 10312
95
98
1074 110
10614 10838
10018 10214
1034 106
1044 110
9812 100
10438 110
9678 10212
10034 10518
9218 97
93 99,8
934 9314
103 10714
1074 1074
943s 98
108 1124
10738 11112
9812 104
9634 99
98 1004
97
99%
9534 102
8938 9812
9312 9834
98 100
991s 102
9212 99
10412 1065a
103 1184
9412 97
96 10014
107 110
9434 9914
BONDS
N. '1. STOCK EXCHANGE
Week ended May 29.
11
Price
Friday
May 29.
Week's
Range or
Lan Said
High No.
Bid
Ask Low
Philadelphia Co coil tr 60 A_1944 FA 10434 Sale 1044
1047s 66
15-year cony deb 534s_ _ _ _1938 M
83
9912 Sale 99
100
Plata & Reading C de Ire!53_1973 ./ J 1004 Sale 10012 10034 30
Pierce-Arrow Mot Car deb 881943
240
104
S 1034 Sale 10238
Pierce 011 s f 8s
4
1931 ▪ D 1064 107 10612 10612
Pillsbury Fl Mills 20-yr fis_ _1943 AO 102 Sale 10178
10258 29
40
Pleasant Val Coal lit as f 58_1928Ii 9784 99
9712
98
Pocah Con Collieries lit81581957I' 9212 9312 9212
9212 17
Port Arthur Can & Dk Os A_1953 P A 10134 Sale 101
10134 22
1st M 63 Series B
1953 P A 10112 ____ 101 May'25
Portland Elea Pow let 65 B_1947 MN 9834 Sale 9834
9914 12
1
Portland Gen Elea let 5s__ A935I' 9912 Sale 9934
2034
Portland Ry 1st & ref 5s
0512 May'25
1930 MN 9512 96
35
Portland Ry Lt& P 1st ref 531942 FA 9014 Sale 90
92
let 1 & ref 6s ser B
9938 33
1947 MN 984 Sale 9834
4
let & refund 7548 Ser A 1946 MN 10614 10612 0638
107
Porto Rican Am Tob 88_ __ _1931 MN 10212 Sale 10211
7
10212
15
Pressed Steel Car 5s
944
95
19335' 9414 95
Prod & Ref if 8s(with war'nts)'31 J D III Sale 113 May'25
2
3
Without warrants attached... J D 111
____ 1012 111
Pub Sen.Corp of NJ gen 58_1959 AO 10434 10478 10458 May'25
Secured g 68
9978 iia
1944 FA 9934 Sale 99
Pub fiery Elec & Gas let 53491959 14 0 10458 Sale 10354
1044 90
1st & ref 5l4s
1964 AO 10438 Sale 10358 10434 313
Pub Serv El Pow & Ltg 69_1948 AO 10614 Sale 106
1064 114
Punta Alegre Sugar 78
1937 3' 106 10612 10534 10614 28
14
89
Remington Arms 138
1937 MN 88 Sale 8834
Repub I &I3 10-30-yr 5s f_1940 AO 964 97
9612 66
9578
16
Ref & gen 534e set A._ _1953
93
'
I 924 9278 9212
31
Rime Steel 1st 78
89
1955 P A 8818 Sale 8818
May'25
Sale
66
Robbins & Myers s f 7s
64
3D
1952
4
11114
Rochester Gas & El 7s sec 13.1946 MS 11078 ____ Ill
Gen Mtge 534s series C__ _1948 MS 10434 10514 10434 May'25
Roch & Pitts Coal & Iron 50_1946 MN 9178 ____ 90 Aug'24
3
65
Rogers-Brown Iron Co 7s__ _1942 MN 6312 65
6412
8
St Jos Ry Lt Ht & Pr 58
9112
1937 MN 9112 Sale 9114
3
St Joseph Stk Yds let 4;0_1930'.3 9558 ____ 9558
9558
145
St L Rock Mt & P55 stmpd_1955 Ii 8134 Sale 81
82
____
81
Feb'25
St Loults Transit 5s
705
8
A0
1924
95
9614 9678 May'25
St Paul City Cable 513
1937 J
9214 Sale 92
9214
Saxon Pub Wks(Germany) 78'45 FA
9
10678 10712 10634
107
Saks Co
1942 M
10212 10
San Antonio Pub Ser 6s
1952 .1 .1 102 Sale 10158
50
10612 Sale 10612 107
Sharon Steel Hoop let 88 ger A '41 M
10734 118
Sheffield Farms 6548
1942 A0 107 10712 107
Sierra & San Fran Power 5s..1949 FA 9534 Sale 9434
9534 113
13
9312 Sale 9312
94
Sinclair Cons 01115-year 75.1937 M
11312 501
let In coil tr(Is C with ware 1927 3D 11012 Sale 11018
200
89
let lien 630 Ser B
1938 ID 87 Sale 8712
10078 135
Sinclair Crude Oil 3-yr 68 A 1928 FA 10078 Sale 10058
6
3-yr 6% notes B Feb l5._1926 P A 10058 101 10034 10034
86
88
Sinclair Pipe Line 58
1942 AO 8734 Sale 86%
622
117
Skelly 011634% notes
1927 AO 116 Sale 114
6
105
South Porto Rico Sugar 70..1941 3D 1044 Sale 10478
South Bell Tel & Tel lets f 581941 J J 10112 10134 10112 10178 12
07
13144 Sale 101
10118 198
Sweet Bell Tel let & ref 58..1954 FA 10
9914 50
Southern Cob Power 6s
1947 ii 99 Sale 97
Spring Val Water g 5s
1948 MN 9814 9812 9712 Apr'25
96
131
S 129 Sale 128
Stand Gas & El deb g 634e.1933
9978 May'25
Standard Milling 1st 58
1930 MN 9978 100
108 10712 10778 44
Steel & Tube gen s f 7s Ser C 1951 • J
9612 96 May'25
Sugar Estates (Oriente) 70_1942 MS 96
9758 96 May'25
Superior 011 lets 175
1929 FA-1 96
1
1004
Syracuse Lighting let g 5s..1951 • D 10018 Sale 10018
2
10134
Tenn Coal Iron & RR gen 58_1951 3, 10138 10312 10112
Tennessee Cop 1st cony 613..1925 MN 10038 10114 10112 May'25
10414 217
Tennessee Ellie Power lot 69_1947 J D 104 Sale 10234
5534 Sale 5512
5612 36
Third Ave 1st ref 4e
1960 .2
3912 85
Ad., Inc 58 tax-es N Y _ _ _oleo() AO 3978 Sale 37
94
9534 934 May'25
Third Ave Ity let g 58
1937 J
10334 33
Tide Water 011 10-yr 6 Ms_ _1931 FA 10312 Sale 10318
53
110
Toledo Edison let 7s
1941 MS 10934 Sale 10934
10038 19
Toledo Trac Lt & Pr 6% notes'25 P A 1004 Sale 10018
9878 Apr'25
Trenton & El 1st g 5s. __ _1949 MS
1
61
61
'
3
Twenty-third St Ry ref 5'3_1962
Undergr'd of London 4345_1933 II 9118 ____ 9012 Apr'25
Apr'25
Income fis
1948 J J 8938 ____ 89
0912 77
Union Bag de Paper 1st M 68_1942 MN 99 Sale 984
10112 11
Union Elec Lt & Pr 1st g 58_1932 MS 10114 10112 10114
10058 17
Ref & ext 5s
1933 MN 10058 Sale 1003g
let g 53-48 series A
1954 J J 10112 Sale 10134 10314 39
Union Elev Ry (Chic) 58_1945 AO 7558 7634 7612 May'25
Union 011 let lien s f te
1931 J J 100 10012 10012 May'25
4
10458
30-yr fle Ser A
May 1942 P A 10414 10458 10438
2
10438
Union Tank Car eoulp 78_ _ _1930 FA 10434 105 10414
39
United Drug 20-yr 6s_Oct 15 1944 A0 104 Sale 10312 104
United Fuel Gas 1st 0 f 138._ _1936 J J 10114 Sale 10012 • 10114 23
9934
9978 12
United Rye Inv 55 Pitts Issue 1926 MN 9934 100
1
9934 100 100
100
Stamped
25
6912 Sale 6912
70
United Rys St L let g 4s_ ___1934 J
9412 26
United OS Co 15-yr Os
1937 MN 9414 Sale 9418
10418 13
United Stores Realty 20-yr Os '42 A0 104 Sale 10334
8938 378
'
I 8918 Sale 8838
US Rubber 1st dc ref fe ser A 1947
10658 23
10-yr 7)4% sec notes
1930 P A 1063* Sale 10614
10138 16
US Smelt Ref & M cony 68_1926 P A 1007* 101 10038
10578 131
U S Steel Corp!coupon_ __d1963 MN 10538 Sale 10514
11
105
105
s f 10-60-yr EelregIstered_d1963 MN
9112 327
Utah Lt& Tres let & ref 5s_ _1944 A0 9034 Sale 9014
9812 111
Utah Power & Lt 1st Ss.. _1944 FA 9814 Sale 9714
____ 9918 De:
8
214
2
'
I 100
Utica Else L & Pow let f 50_1950
10012 Sale 10038
10012 24
Utica Gas & Elec ref & ext Se 1957 J
65
5558 Apr'25
Victor Fuel let of 5e
1953 J J 57
-ioi
Va-Caro Chem let 75
1947 J o 9612 Sale 96
95 Sale 95
9612 21
Certificates of deposit......
2
90
94
92
92
Certificates of deposit stmpd
7018 176
73,48 with & without war_ _1937 Jo 694 Sale 65
49
70
37
61
69
Centre of dep without ware
69
73
6412
6512 32
Certife of dep with warrants
9158 9012 May'25
Va Iron Coal & Coke 1st g 56 1949 MS 90
Va Ry Pow 1st & ref 58
9814 68
1943 J J 98 Sale 975
9158
1
9158
Vertientes Sugar 1st ref 78..1942 J O 9112 92
18
97
Warner Sugar Rein 1st 70..1941 ID 9512 9612 9612
8312 83
7
Warner Sugar Corp 1st Th._ _1939 J J 83
8312
_
Wash Wat Power a f 55
1939'Ii 10012 ____ 10058 May'25
10138 Sale 10138
1
10138
Westches Ltg g 58 stmpd gtd 1950 J
West Ky Coal 1st 7s
1944 MN 10212 Sale 10178
10212 30
37
West Penn Power Ser A 50_ _1946 MS 9834 99
9812
99
2
let 40-year Os Series C
106
1958• D 10578 Sale 10578
let 7s Serial D
10658 19
1946 MS 10612 Sale 10614
let 5s Series E
9914 32
1963 MS 9834 Sale 9838
10414 25
lst 5Hs Series F
1953 A0 10414 10414 104
9212 51
West Va C & C 1st 6s
1950 .1 I 9212 Sale 9118
Western Electric deb 5s
10012 129
1944 AO 10014 Sale 10014
15
102
Western Union coil tr cur 58_1938• J 10112 Sale 102
5g
2
97
9612
9612
Fund & real estate g 430_1950 MN 95
5
11134
15-year 6348 13
1936 P A 1113 1117g 11138
Westinghouse E & M 7s_.1931 MN 10678 Sale 10678
10714 147
2
Wickwire Seen Steel lid 7s 1935 J J 84 Sale 84
8434
3
8018 Sale 80
8014
Certificates of deposit
48
WIllys-Overland s f 6
_ _ _1933 MS 10112 Sale 10112 102
Wilson & Co let 25-yr s I 6E3_1941 AO 99 Sale 9878
994 148
_663.
_ 6;1_6_ 6
99
338 Feb'25
7
Registered
100
10-year cony a f fie
1928 ID
6878 70
6934
Certificates of deposit......
6934
10-yr cony sf7548
p1931 FA 684 Sale 6814
6912 36
1
6814 69.4 6914
Certificates of deposit......
6914
10134 Sale 10134
10134 15
Winchester Arms 734o
1941
9012 188
100 Sale 99
Young'n Sheet & T 20-yr 64_1943
Rands
Since
J'an. 1
Low
High
10158 105
934 100
994 10218
91 104
10258 107
9958 10218
97 984
924 94
9918 10114
101 101
9612 100
9855100'.
924 9612
8414 92
94
9912
10518 107
101 106
9334 Wir
104 11514
110 111
1044 1051s
95 9978
9878 1047s
9958 10434
10213 1067s
10234 10712
8612 92
9312 9612
904 94
8818 90
64Is 7312
110 11114
10312 105
64
88's
854 9112
9512 9558
771s 82
74 814
95 97
92 9214
104 10758
994 1024
10572 10712
105 10734
90 9534
88 95
10434 117
82z4 9014
994 101
1004 10034
82 88
10674 1204
102 105%
99 10212
9612 10112
934 9914
9654 974
1064 1354
994 10084
105 108
954 974
96
99
9712 10014
10078 10234
100 102
994 10414.
Si
5812
3414 5014
935s 96
10234 1044
10812 110
10018 10014
98
987s.
70
61
89
9012
8618 89
9412 9912.
9934 10112
9814 101
100 104
75
7714
9934 10013
1024 10428
10312 1054
10014 104
118 10114
99 10012
9914 1001s
744
69
91
951e
10212 105
85 8038
10412 10718
100112 102
10414 10638
1037s 1054
8318 9112
91
9812
-(11F4 1001,
53
554
73 9812
7112 9612
68 92
43
704
4212 69
41
6512
9012 95
9314 9318
9112 944
8972 994
774 874
9934 101
98 102
10012 1024
934 9914
1044 10714
10534 107sa
9318 9911.
10034 10414
904 96
98 101
994 102
9258 964
10912 112
10614 10814
91
76
7612 88
9912 102
9158 9938
93 93
764
55
53
75
5318 77
593s 741s
10014 1021s
9514 9912
RecordBONDS
BOSTON STOCK EXCHANGE-Stock
2797
PEE 811 AKE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 23.
Monday,
May 25.
Tuesday,
May 26.
Wednesday, Thursday,
May 28.
May 27.
Friday,
May 29.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
Range for Freokm
Year 1924.
Lowest
Lowest
Highest
Highest
Railroads
100 156 Feb 18 16434 Jan, 7 14578 Mar 164 Dec
186 Boston & Albany
159 159
161 161
161 161 0161 162
16112 16112 161 162
7134 Aug 85 Dee
Jan 2
100 7514 Mar 17 86 Jai
Elevated
Boston
557
80
80
80
79
7934
80
80
80
80
80
SO
80
8714 Dec 9614 May
3
100 92 Jan 16 97
*96 ------------9 Do pref
*9513
96
_ 96
__ 096
.96
11412 Jan'16 107 Dec 11814 Jan
31
Mar
109
100
pref
1st
Do
93
114
*11312
114
114
114
*113
114
*113
113 1-1-3 013 1-1-492 Sept 10114 Dec
100 94 Mar 20 102 Jan 9
147 Do 2d pref
98
9812 98
9712 9712 98
98
97
97
96
97
•96
812 Jan 2514 Nov
4 Feb 26
/
100 10 Apr 17 201
3,392 Boston& Maine
18
1612 1678 1712 17
1612 16
1638 1518 1634 16
16
Jan 2678 Nov
24
Apr
12
25
Feb
20
1112
100
pref
Do
88
17
17
17
17
16
16
18
*15
18
•1534_ •16
June 3714 Nov
30
27
Apr
13
17
26
100
Feb
pref
2413 --------875 Do Series A lot
2414 24
23
24 -27134 2312 2412 2312 24
1712 Jan 48 Nov
Apr 27 40 Mar. 4
29
100
pref
lot
B
Series
Do
--------254
3712
3614
8
377
36
38
*36
38
38
3834
38
16 Feb 41 Nov
100 25 Apr 25 38 Feb 25
___ ____
84 Do Series C lot pref
33
33
3312 3214 34
03312 3412 *32
34
34
Jan 82 Nov
23
100 3512 Apr 25 55 Feb 26
4834 4834 4712 4712 --------178 Do Series D lot pref
48
48
50
4912 4912 49
Jan 172 Nov
43
28
May
180
26
Feb
167
100
Providence
&
Boston
____
25
180
177
_
*173
180
•173
175 175 0173__
4 Dec
1
38/
May
18
11
Feb
39
4
May
30
100
Co
Ry
Street
Mass
1,221 East
36
3534 1612 3612 3713 36
37
37
3712 37 -3-7
36
5819 Jan 71 Dec
100 65 Feb 2 71 Apr 3
--------161 Do lot pref
69 •____ 69
*66
*6712 69
68
68
68
68
Nov
48
12
Jan
8212
23
May
Jan
8112
57
100
B
pref
Do
305
60
60
60
60
5912
5912
4
613
6134 6134
61
61
61
28 May 4614 Des
100 39 May 6 48 Mar 10
42
121 Do adjustment
42
42
4212 42
•4212 4312 *4212 4312 4212 4212 42
25 June 3712 Am
100 23 May 27 3713 Jan 29
26
23
--------140 Maine Central
26
23
*2512 27
26
02534__ 26
Jan 3314 Dec
14
100 28 Mar 30 3614 Feb 25
4 3412 3334 3414 2,962 N Y N H & Hartford
1
4 33/
1
34/
4 3434 34
1
33/
4 35
1
3418 -3-412 34/
Jan 81 Nov
62
Northern New Hampshire_100 70 Feb 16 78 Apr 9
78 •____ 7712
__ ._ _ •76
78
78
•___ 78
Jan 108 Nov
80
13 113 May 14
Jan
100
pref_100
Worcester
&
Norwich
113
70
0111
113
____
____
.110
_13
0110
110 110
113 113
7213 Jan 98 Nov
100 98 Jan 2 105 Mar 12
94 Old Colony
____ ____
103 105
10412 105 0104 105
•103 10412 103 103
64 Nov
Mar
34
2
Jan
6312
1
4514May
100
230 Rutland pref
5912 5934 -----------------------_ ._
5834 ____
57
Jan 9318 Nov
70
-------------- Vermont & Massachusetts_100 87 Feb 24 93 Jan 18
*92
93
93
*92 -93 092
99
092
Miscellaneous
414 De(
1 Nov
4 Jan 7
1
4/
213 Mar 25
900 Amer Pneumatic Service___25
4 318
1
3/
*314 312
31g 3/
4 318
1
3/
3,2 312
4
1
314 314
Jan 2014 Dal
12
50 1612 Mar 25 1934May 7
19
220 Do pref
19
•1812 1912 *1812 1912 *1834 1912 .1834 1912 1814 19
Del
13413
June
121
28
May
139
2
Jan
4
1
/
130
100
Teleg
&
Telephone
Amer
13878 13914 2,262
4 13858 13834 139
1
13818 13812 13838 13834 13814 13812 138/
Jar
4 Oct 83
/
571
No par 6112May 6 77 Jan 13
5,519 Amoskeag Mfg
7014 71
71
70
4 7112 7012 72
1
68/
6712 671s 69
63
Oct 79 Aug
89
15
Jan
76
11
7014May
par
No
pref
Do
84
*7112
7212
72
72
7212
7212
*72
72,2
72
72
72
72
Fet
16
Aug
13
25
Feb
15
16
Jan
14
_
Art Metal Construe, Inc__ 10
_ *14
_ •14
_ *14
•14 _ _ .14
6 June 1014 Jar
4 Jan 8 13 Apr 28
1
9/
No par
•105,8 1114 *1034 -1-1-14 *1078 -11-14 '11 -1114 *1078 1118 ____ ____ ___ ___ Atlas Tank Corp
Jul)
--------754 Boston Cons Gas Co pref_ _100 103 Jan 17 108 May 12 100 Dec 108
106 106
•10712 10734 *10712 10734 106 10614 106 106
Jar
Dec .20
.05
Boston Mex Pet TrusNo par
.07 -------- -----.07
.07 0_ __ _
.07 *-___
____
Dec 2818 Mai
2018
18
May
28
26
Jan
20
10
25
Connor
2412
2412
(John
5,454
2512
2518
T)
25
2612
4
253
27
2612 2718 2558
Sep,
2413
35
May
13
Feb
35
30
Jan
2814
par
*3213 _ _ _ *3212 ____ ____ _-- ______ Dominion Stores. Ltd-No
*3212 34
03212 34
*3212 34
4 De(
1
Jan 88/
S4
100
Do prof A
_ __ ____ ____ ____ _
*96
_
*96
_ __ •96 _
*96 ____ *96
2 Sept3 Fel
3 Jan 2
112 Apr 30
8i East Boston Land
10
____ _ __
*234 -4
8 *234 4
4 -3-71
*2/
-3
3
*3 _ __
Fel
Oct812
4
24
Jan
4
1
/
6
312 Apr 11
5
-512 1,750 Eastern Manufacturing
5
512
*5
4
1
4 5/
1
5/
512
512
512
4
-412
•4
Jan 55/
4 Ma
1
38
4MaY 22
/
25 42 Mar 9 551
5112 5012 5114 3,062 Eastern SS Lines, Inc
5012 5134 51
53
51
5434 5312 54
54
Fel
40
Jan
3418
4
3814May
15
Jan
35
par
No
*3712 38
*3713 38
--------225 Do pref
3712 38
38
*3734 3812 38
8512 Jan 93 Ma
100 89 Jan 3 95 May 7
93
10 1st preferred
*91
93
93
95
*94
95
*91
95
*94
Jan
20412
4
1
/
163
De,
21
May
213
5
Jan
200
100
212
Illum
212
Electric
21212
4
211
21012
Edison
3
-1
1
2
212
1,195
211
21012 212
21012 211
5 De,
212 Jan
512 Mar 16
314 Feb 2
10
4 438 •414 4/
1
4/
4 ____ ____
1
412 412
690 Elder Mfg Co (v t c)
412
4
4 334
1
3/
ill 13.i
Jan
13
____ ____ ___ __ Galveston-Houston Eleo 100 29 May 28 38 Jan 7
29
29
30
028
30
32 .2812 3012 *28
•29
613 Jai
4 Sept
1
3/
4 Jan 8 16 Apr 4
No par
____ ____ ____ ____ ____ ____
100 Gardner Motor
11
---- ---- ---- ---- 11
4 Feb 27 11314 Mar 11612 Seri
1
4 Feb 27 115/
1
100 115/
•11594 ____ *11534 ___. •11534 ____ •11534 ____ •11534 ____ ____ ____ ______ Georgia Hy &Elea
Jai
79 Aug 80
__ *7812 _
Do 5% non-cum pref 100 7813 Apr 15 7934 Feb 27
•7812 _ _ ____ ____ ____ __
•7812
_ •7812
__ *7812
4 Oct 5813 08
/
551
__
____
844 Gillette Safety Razor. No par 5713 Jan 2 7012 Apr 16
6814 67 -6i78 67 -6738
4 6734 -1
612 6818 - -8/
68 -g1
Jai
4
1
/
15
Nov
1218
24
Jan
1514
12
May
11
25
1212 13
13
1,135 Greenfield Tap & Die
1414 -1-5
1112 1112 *1112----12
•1112 ___
BO De
46 Mar
No par 52 May 6 5819 Jan 8
--------130 Hood Rubber
54
5314 54
54
54
53
56
053
56 -56
,
No
59
Apr
41
19
653*May
5
Jan
5212
par
Corp_No
____
Cement
____
Intermit
___
___
6612
*6512
*6512 66
65
4 *64
1
64/
064
06414 65
8 De
2 Jan 3 .10 Feb
.50 .60 0.30 .90 0.30 .50 ____ ____
300 International Products_No Pa .25 May 10
1
+.60
1
0.60
14 De
2 May 26 1012 Jan 9 .25 Feb
100
Kidd r, Peabody Acceptance
Jan 8813 De
80
100 8212 Jan 6 93 May 28
____
93
93
192 Corp CIASS A pref
__
_
•93
' 9213 9212 *9212
813 De
4 June
4 Jan 7
1
9/
614 Apr 18
10
Libby, McNeill & Libby
4
63
634
124
7
4
/
_-1
6
_8
65
8
.
65
7
4
41634
63
.
8
7
658 -65
Jan 71 No,
70
2
Mar
7014
'-18
Mar
70
20
-- 7014 ---- ---- ____ _- Lincoln Fire Insurance
•____ 7014 0- - - - 70,4 *---- 7014 0- - -- 7014
9 Mar 13 De
4 Jan 5
1
1113 Feb 17 13/
2
Theatres
Loew's
93
1134
____
4
12
113
4
4
*113
113
4
113
12
12
12
12
81 Fel
66 Nov
*70
7112 71
71
71
71
71
412 Massachusetts Gas Co,..100 68 Feb 3 75 Mar 6
-7-1-3-4
71
71
71
71
Jai
62 June 70
4 Feb 14
1
100 8313 Jan 9 67/
6414 6414 65
6412 64
330 Do pref
6414 64
65/
4 6514
1
64
64
64
Apr 172 De
Mar 5 ISO
186
7
Jan
167
100
Linotype
179
Mergenthaler
40
*17614
178
178
0177
178
4
1763
4
1763
17912
180 180 0177
Fel
9
173
Jan
4
/
61
15
Jan
4
163
4
Apr
10
4
1
/
8
1214 1212 1314 1,265 Mexican Investment, Inc
*1134 1212 1212 1212 .12
12
4 12
/
1234 121
19 Feb 3614 De
100 36 Jan 2 50 May 21
4 4834 4914 4912 4912 50
1
4812 4812 48/
328 Mississippi River Power
4812 49
49
48
Jan 90 Seri
80
100 8712 Jan 10 1)3 Apr 21
____ _ _
92
92
92
*91
92
*91
35 Do stamped pref
92
091
93
93
4 No
1
5/
2 Apr
13
Jan
4
1
/
6
22
Apr
4
10
188 National Leather
.434 5
4 4/
1
4/
434 434
434 4.78
4
1
4 5
1
434 434 *4/
518 Au
4 Jan 6 .50 Dec
1
1/
4 1,500 New Eng. 011 Het. Co. tr °Hs_ .20 Feb 9
/
11
118
114
118
114
1 .4 14', •1
114 1 4
4 *1
/
11
its
4 Ma
1
6 Dec31/
10 May 14
_
534 Apr
100
10 Do pref (tr Ms)
912 912 .912 ___ .912 ___ .912 ___ __
__
•912
4 In
1
98 Dec 115/
4Mar 8
1
104 105
1i2 lig
107
5,320 New England Telephone_100 09 Apr 21 107/
4 104
/
1011
100 1-0-012 10018 10034 10012 1-02
4 De
1
2112 Dec 22/
4Stay 16
1
19 Mar 18 26/
Ine_No par
Theatres,
Olympia
25
2412
2,961
25
____
25
_-__
25
2518
25
2514
2514
25
14
3
Mar
Jan
De
29
2819
16
Jan
4
253
1
Inc.....
Circuit.
____
28
Orpheum
_
__
*327
___
____
4,32714 28 *22714 28 022714 28 *22714 28
Fe
Oct87
6918
13
Jan
8112
14
Apr
100 55
5812 ____ ____
725 Pacific Mills
5814 58
581+ 58
5814 5712 5812 58
58
1134 Jan 17 Jul
24 18 Apr 3
Feb
4
153
10
Hole
Button
1
Reece
___
1714
01612
15
*1612
---2
16
1612
1714
1714
*1612
•1613 1714
Ja
3
May
218
8
Jan
244
9
Apr
214
10
Machine
Folding
21 Reece
2'/4 2'Xis ---- --- 214 214
4 '2'As 258
/
4 258 •2 h's 21
025
Oct40 Fe
10
5
.20
___ __ _ Simms Magneto
.20 •____
_
. •___
.20 ____
.20 •____
•_
118 De
Juno
100
6
Feb
120
22
Apr
4
/
1091
100
4
1
/
Co
110
&
Ill
Swift
4
1
/
194
*110
1103
____-4
Ill
4
1
/
110
4
1
4 11034 110/
1
11034 11034 11034 110/
52 De
4 Jun
/
351
25 4512 Apr 13 5634May 25
550 Torrington
54
-- 5312 5312 54
5612 ____
5634 *54
55
55
55
5 Dec 10 Fe
4 Jan 23
1
7/
7 Mar 4
5
_ _ _ _ __ _ Union Twist Drill
____
7
--_7 •---- _-7
7 *---7 *---____
De
4334
Jan
34
14
Feb
45
19
Mar
4114
25
Corp
Mach
4214
4218
4214
4213
4218
Shoe
United
3,975
4214 42
4214 4218
4218 42
42
4 No
1
2458 Feb28/
25 2612 Jan 13 28 Jan 16
2712 *2714 27/
175 Do prof
4 27
1
27/
4
1
2714 2734 027
27
2734 27
•27
4 Oct27 Ja
/
191
24
Feb
25
3
Jan
4
1
/
19
5
Fields
011
2234
23
Consol
2318
2234
223
Ventura
22
4
23
3,697
4
1
/
2234
23
4
1
4 22/
1
23/
23
4 Apr 20 No
1
13/
1934 Jan 3
____ ____
145 WaldorfSys,Ino,new oh No par 151251ay 11
1612 1678 1612 1612 1612 1612 1612 1612 *1612 17
612 Jan 1012 Fe
8 Jan 6 18 May 27
*1734 1812 ____ ____
675 Walth Watch Cl B com_No par
1714 1714 1712 1714 1714 1734 18
•17
June 2312 Fe
14
27
Slay
34
3
Jan
1714
100
ctfs
trust
pref
33
34
Do
34
3212
_-__ ___130
____ *3014 35
*30
*2912 31
6213 Dec 73 Fe
100 65 Jan 6 82 May 28
____
82
15 Do prior prof
82
*7818 _ _
__ *7814 83
*78
78
78
1512 June 22 Fe
3
Jan
2034
11
Mar
17
20
Manufacturing_
17
1714
4
/
171
1678
17
Walworth
1,145
8
-716
1712
1718
18
_.1714
1734 18
4 No
1
4 Jan 39/
/
291
50 37 Jan 2 48 Mar 6
4638 4,390 Warren Bros
4612 4634 4612 4634 4512 4612 46
47
47
471z 46
Ja
4 Apr 41
/
341
4 Jan 10 43 Feb 7
1
50 37/
Do lot pref
43
*41
43
*41
____ ____ ____ __
43
*41
43
42 .41
041
Ja
42
Mar
38
2
Mar
48
17
Jan
4
/
401
50
pref
*44
2d
20
46
*44
Do
____
*44
44
44
45
•43
I
Mining
De
.51
Dec
.15
Adventure Consolidated___ 25 .15 Febl6l 25 Jan 26
•.16 .4() 0.16 .30 0.16 .40 0.16 .40 0.16 .40 0.15 .40
25 .10 Star 3 .25 Jan 2 .10 June .25 Di
Algomah Mining
.25 •_ ___
.25 .35 .25
.25 0.25 •__ 7 _
.25 •___
•__
4 De
1
3/
5 June
3 Jan 10
1 May 11
114
114
114
114
865 Arcadian Consolidated.... 25
11-4 1 3A
4 114
/
11
11-4 1 il'a
112
0IC4
Jan 16 Di
8
912 Mar 281 1538 Feb 6
5
1012
Commercial
1014
Arizona
557
8
105
1014
1014
1014
4
1
/
10
4
1
/
10
1012
4
1
/
10
1014
1014
4 Di
/
311
June
14
11
Feb
3814
5
4May
283
10
Mines
4
/
311
Bingbam
914
4
313
3012
8
317
3134
3114
8
317
4 *31
/
3134 3134 3134 311
4 Ja
1
133* May 19/
4 Jan 2
1
25 1212Slay 261 18/
1258 13
*1234 13
2,243 Calumet & Hecla
4 1234 13
1
1258 1234 1212 12/
4 13
1
12/
3 Fe
.37 Nov
5
Jan
.70
5
May
.20
1
Gold
Hill
Carson
.50
200
0.25
____
.50
*.25
.25
.25
.40
*.30
•.30 .50
4 DI
1
1812 June 33/
25 2018 Apr221 33 Jan 10
2058 ---2078 1,400 Copper Range Co
2018 2014 2014 207
4 2014 2034 2014 201
1
2012 20/
1 .03 Slay 28 .78 Feb 6 .30 Dec .70 MI
.03 .03 --------500 Davis-Daly Copper
0.03 .0'
•.03 .05 0.03 .05 0.03 .0
8 DI
87
July
4
1
/
3
2
Jan
el,
4
33
14
314
314Slay
31
685
10
East
314
Mining_
4
Butte
Copper
.312
31
312
338
314
4
•313
.18
1
138 Jan 24 .40 May
25 40 Jan 7
95 Franklin
•.50 .5
I
0.50
114
*I
.50 .5
1
0.70
1
•.70
2 Is
Oct
.30
6
Feb
4
/
11
Apr
.75
25
Consolidated__
Hancock
1
81
•.75
*.75
1
1
0.75
1
75
*
1
*.75
1
•.75
Ja
2812
Dec
1912
24
Jan
23
1714May
1934
1
1913
5.365
Co
1912
Coal
Hardy
2012
81
4 20'2 1910 20
1
2118 19/
20
21
20
4 DI
1
2/
4 Feb 5 .30 May
1
3/
4 Jan 6
/
11
25
250 Helvetia
___
4 17 ____
/
*11
4 13
/
*11
4 *112 2
/
158 11
112 134
142 Ne
Apr
4
/
941
5
Feb
140
Mar
121
1
281
132
131
1,620
13078
133
Coal
13114
Creek
Island
128
1293
128
12614 12614 129 129
90 June 100 Bel
I 9414May 27 9834Mar 9
9414 95
45 Do pref
98 '98.... 9414 9414•____ 96
096
98
096
12 June 2212 Di
4 Apr 22 2012 Jan 7
1
9/
12
25
12
12
1214 1214
910 Isle Royal Copper
1112 *11
11
12
11
•1218 13
218 Fe
112 Mar
4
Feb
Phi
26
Slay
1
114
5
4
/
11
01
1
Kerr
1
455
Lake
*.75
1
1
114
114 *1
*1
114 Nc
Jan
.60
114 Jan 10
25 .60 May 291
145 Keweenaw Copper
.60 .60
.75 .7
1
0.75
1
*.75
1
+.75
1
•.75
314 Di
Apr
.90
2
Jan
3
Apr
*114
1
114
25
1
138
Lake
116
112
Co
Copper
*114
112
"114
111
1
1
'1i', 112
Di
3
June
.70
10
Jan
4
1
/
2
118Nlay
La
134
Salle Copper
25
134 *114
*114
13
134 *114
141
134 *114
•114
134
Cl!,
114 Oct234 D,
234 Jan 13
4 Apr 23
/
11
5
100 Mason Valley Mine
4
/
11
4 *112
/
155 11
•112 134 *158 178 *112 178 *112 17
Al
4
13
Jan
.50
2
Jan
114
141
May
40
25
.42
.42
Consolidated
.80
352,Mass
0.40
.80
.41 .41 0.40 .80 0.40
•.50 .80
6 JO
80 Apr
3 Jan 2
1
1 Apr 4
114
25
1
1,683 Mayflower-Old Colony
11
114
118
114
114 *1
1
114 114
June
13
41
2313
41 Jan 13
360 Mohawk
25 2578 Apr 21
2714 2714 2712 2812 2814 2878
28
2714 28 •927
28
28
1612 Jan 2558 D
5 18 Mar 30 25 Jan 2
1914 19
4 1938 1934 1,725 New Cornella Copper
/
191
1912 1912 1912 1912 1913 191 4
319
.
Dec
A
4
1
/
2
.40
18
Feb
85
.20 Apr 2
*.20 .25 ___ ____ ______ New Dominion Copper
.25 0.15 .2
•.15 .25 0.15 .25 0.15
35 June 40 M
____ ____ ______ New River Company
100 25 Apr 2 25 Apr 2
_ _ 28 0._ _ _ 28
•____ 28 •-___ 28 0_ _ __ 28 •__
M
75
Dec
4
1
/
57
3
Jan
60
pref
45
20
May
Do
100
___
___
__
___.
45
•____
48
*42
48
042
48
*42
48
*42
4 Jan
1
5/
4 D
1
8/
4 Jan 10
1
6/
458May 25
5
326 Nipissing Minee
4
1
4% _-4/
4 *434 5
/
434 41
4
1
434 4/
4
1
458 4/
478 478
4 Oct6/
/
11
4 Jan 14
1
4 Ju
1
3/
15 .90 Slay 17
1
523 North Butte
1
I
1
1
1
1
1
118
118
118
•1
1 Ni
june
.40
10
Jan
4
/
11
22
Apr
Mining
.35
25
Oilbway
23
.51 .51 *.52 .90
.90 0.51 .90
5.51
'
.52
.52
.90
•.51
Jan 28/
16
4 D
1
Old Dominion Co
12 27 Jan 10
173
25
90
19
4MaY
018
19
1812
19
*18
20
*1812
20
.1812
•18I2 20
312 Jan
518 F,
512 Feb 19
4 May 19
160 Park City Mining & Smelt_ 5
5
0412 5
5
5
5
413 412
412 412
410
*4
4 July 1513 Ju
1
10/
1413 Jan 24
4 Apr 1
1
650 Pd Crk Pocahontas Co_No Par 10/
1078 1118 1114 1114
4
113
1134
1114
11
4
113
1114
12
12
14 June 3434 I)
25 19 Apr 22 3913 Jan 10
203 Quincy
2234 23
4 23
1
22/
22
2112 2112 21
23
23 022
•22
48 Jan 12
26 June 49 D
25 2812 Apr 21
3212
32
31081 Mary's Mineral Land
3112 32
3014 31
31
31
33
.3110 33 .31
113 Be
119 Jan 9 .30 Apr
10 .50 Slay 1
Shannon
775
.70
.65
.53
.53
.75
0.55
.70
0.55
.55
.50
•.55 .75
.25 July .75 13
25
.75 0.25 .75 '1..25 .75 --__ ____ ______ South Lake
•.25 .75 0.25 .75 0.25
4 Jan 27
1
2/
Jan
90
2 Jan :3
25
214 13
Superior
_ _ _
2 Jan 5 .25 Aug
4 Li
/
21
4
/
11
470 Superior & Boston CoPPer_ 10 .70 May 13
118
1 4 1 'zfe
1/
114 •i4s 1,4 *1 'Xi, 114
'4 --j
-.71-1,,{4--1-1-4
178 June
379 Jan 2 8714 Jan 23
5
4 I)
1
3/
4 4,155 Utah-Apex Stirling
1
4 *634 6/
1
658 6/
4 634
1
6/
4
/
Ps 61
658 7
4
1
634 6/
1 .43 Jan 43 98 Jan 29 .14 June .70 .11
Tunnel
&
Metal
Utah
3,975
__
__
___
.52
.52
.51
.51
.54
.54
.59
.55
.55 .60
25 .35 Apr 16
114 Jan 31 .15
1 A
Apr
Victoria
.60 0.40 .60 •.40 .60
•.40 .60 0.40 .60 0.40 .60 0.40 .30
25 10 Mar 8 48 Jan 7 .13 Feb .71 Jt
100 Winona
.15 .15 *.25 .30
0.15
.15 .16 0.15 .30 0.15 .30 •____
14
.10
.150.1099
11
25
Wvandot
Feb
Su
______
21
.28
July
__
____
.10
*____
.10
in •02 .10
• nz
..,
..
.
f Ex-div. and rights.
Ex-div. 0 Er-Stock div. 1 Assessment paid. g Price on new basis.
Bid and asked prices: no sales on this day. 8 Er-rights.
2798
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
all band prices •rs sod ',morale except where marked "I.
Standard 011 Sccccc Par
Anglo-American 01.1 new.El
Atlantic Refining
100
Preferred
100
Borne Scrymser Co
100
Buckeye Pipe Line Co
50
Cheeebrough Mfg new
25
Preferred
100
Continental 011 new.... 25
Bid. Ask.
Railroad Equipments Per Cl Basis
*2312 23,
5.20 5.00
4 Atlantic Coast Line Cs
108 110
5.00 4.80
Equipment 8548
11612 117 Baltimore & Ohio 68
5.30 5.05
205 210
Equipment 4543 & 5s_ --- 5.00 4.75
.6112 62 Buff Roch & Pitta equip 68.. 5.00 4.75
*5912 61 Canadian Pacific 450,4 68. 5.05 4.80
114 115 Central RR of N J 6s
5.20 5.00
.2612 2638 Chesapeake & Ohio 68
5.30 5.05
•83c 850
5.10 4.85
Equipment 6543
Crescent Pipe Line Co_ 50 .12
1212
4.90 4.75
Equipment 58
Cumberland Pipe Line...100 143 145 Chicago Burl de Quincy 6... 5.20 5.00
Eureka Pipe Line Co----100 79 80 Chicago& Eastern Ill 534.. 4.50 4.10
Galena Signal Oil corn.-.100 54
547g Chicago& North West Si.. 5.35 5.05
Preferred old
5.15 4.90
100 112 114
Equipment8545
Preferred new
100 103 106 Chic It I & Pac 454s & 55... 5.15 4.90
Humble 01132 Ref new... 25 *6212 63
5.55 5.25
Equipment63
Illinois Pipe Line
100 140 142 Colorado & Southern as-- 5.45 5.20
Imperial Oil
5.25 5.00
25 •140 142 Delaware & Hudson Si
New when issued
3373 34 Erie 434, & 55
5.35 5.05
Indiana Pipe Line Co._ 50 *74
7412
5.55 5.25
Equipment 6s
International Petroleum-(I) 2618 2614 Great Northern Si
5.35 5.10
Magnolia Petroleum..._ _100 144 147
5.00 4.75
Equipment 53
National Transit Co..12.50 "2234 23 Hocking Valley Se
5.05 4.80
New York Transit Co...100 60
62
5.40 5.10
Equipment Si
Northern Pipe Line Co...100 8212 84 Illinois Central 454s di 54.. 4.95 4.70
Ohle Oil new
5.20 5.00
25 *6612 67
Equipment6s
Penn Mel Fuel Co
25 .3112 32
Equipment 7s & 650._ -- 5.00 4.80
Prairie Oil& Gas new. 25 *5912 5912 Kanawha & Michigan Cs.... 5.40 5.20
Prairie Pipe Line new
5.20 5.00
Equipment4343
100 120 12012
Solar Refining
100 225 238 Kansas City Southern 5343. 5.35 5.05
Southern Pipe Line Co 100 82
8312 Louisville de Nashville Si..... 5.20 5.00
South Penn Oil
5.00 4.80
Equipment 834.
100 171 172
Southwest Pa Pipe Lines 100 *6712 69 Michigan Central 58 & 6s__ 5.40 5.20
Standard Oil (California) 25 *5814 3812 Minn St P dr SS M 414s & 58 5.30 5.00
Standard 011 (Indiana).- 25 *6614 6634
5.35 5.00
Equipment 654s & 7s_ _ _
Standard Oil (Kansas)._ 25 *35
3512 Missouri Kansas & Texas 6s 5.65 5.35
Standard Oil (Kentucky) 25 •11812 119 Missouri Pacific 6s at 654s.. 5.60 5.25
Standard Oil(Nebraska) 100 245 248 Mobile & Ohio 454s & 5s_.... 5.00 4.80
Standard 011 of New ler_ 25 *4212 4234 New York Central 434e & 58 4.85 4.65
Preferred
5.20 5.00
100 117 11772
Equipment Ss
Standard Oil of New York 25 *44
4414
5.00 4.80
Equipment 7s
Standard Oil (Ohle)____100 3.55 360 Norfolk & Western 434s.._- - 4.80 4.60
Preferred
5.10 4.90
106 119 12012 Northern Pacific 7s
Swan & Finch
18 Pacific Fruit Express 7..... 5.00 4.85
100 17
Union Tank Car Co........100 124 126 Pennsylvania RR eg 55 & 68 5.10 4.70
Preferred
5.10 4.00
100 112 11434 Pitts .2 Lake Erie 04.
Vacuum Oil new
89
.5.50 5.25
25 .88
Equipment Si
Washington 011
35 Reading Co 4143 & 58
4.75 4.50
10 .30
Other 011
St Louis & San Francisco Si. 5.15 4.90
Atlantic Lebo. Oil
334 Seaboard Air Line 534s & Si. 5.60 5.25
(I) .3
Preferred
12 Southern Pacific Co 454s... 4.85 4.50
50 •10
Gulf Oil new
41
5.00 4.85
25 .38
Equipment 78
Mountain Producers__ _. 10 *6712 6812 Southern Ry 4548 & 58.... 5.05 4.80
Mexican Eagle 011
5.40 5.10
*334 434
Equipment Os
National Fuel Gaa
100 113 11412 Toledo & Ohio Central Si... 6.35 5.10
Salt Creek Cons 011
5 0 4.80
10 •71., 734 UnionPacific 7s
Salt Creek Producers... 10 *27
2714
Public Utilities
Tobacco Stocks
Amer Gas & Elec new -(2) .83
77
84
American Cigar common 100 75
99
6% prof new
Preferred
(1) *8812 90
100 97
Deb Si 2014
PA&N 9812 9912 Amer Machine & Fdry__100 180 175
Amer Light & Trao eorn_100 164 166
2812
British-Amer Tobae ord. El 828
Preferred
100 99 101
Bearer
LI *2734 2814
Amer Power & Lt common_ _ 6412 6512 Imperial Tots of0B & Irerd 23
24
Preferred
80
90 Int Cigar Machinery
100 89
.100 70
Deb 6e 2016
14,143 9634 9712 Johnson Tin Foil & Met.100 60
Amer Public Util oom _100 85
90 MacAndrews Pe Forbes...100 156 159
7% prier preferred
93
Preferred
_100 91
100 100 103
4% panic prof
81
58
100 79
Mengel Co
100 56
Associated Gas & El r1__(2) 52
55
54 Porto Rican-Amer Tob 100 .50
Secured gold 634s'144_J&J 102 104 Universal Leaf Tob com-100 39
41
Blackstone ValG&E coin 50 .80
82
91
Preferred
100 89
Carolina Pow & Lt coca. _ _ _ 410 425 Young (J 5) Co
100 127 130
Citlee Service Co esm___100 187 190
Preferred
100 103 106
New eta*
20 *3834 3934
8212' Rubber Stock.(Cleveland)
Preferred
100 82
10
Preferred B
4
10 *712 734 Am Tire do Rub corn
40
Preferred B-B
20
7814
Preferred
Cities]Service Bankers Shares
118
Firestone Tire & Rub corn 10
100 7
19
74
3
Colorado Power common 100 35
99
6% preferred
100 98
Preferred
98
7% preferred
100 93 Vti"
100 97
Com'w1th Pow Corp coma)*163 166 General Tire & Rub corn. 50 *230 240
100 83
Preferred
85
Preferred
100 10115
Elee Bond & Share pre!.100 104 105 Goodyear Tire & R com.100 30
Elea Bond & Sh &sour ____
75
76 Gooder T & R of Can pf 100 95 97
16
Elea Ry Securities
Mason Tire & Rub com_(2) •214 234
(2) *14
1812
Lehigh Power securities_0) *157 160
Preferred
100 16
100 122 124
51
Mississippi lily Pow com 100 49
Miller Rubber
Preferred
Preferred
100 91
93
100 10212 106
36
First mtge Se 1951_ _J&J 9912 10014 Mohawk Rubber
100 30
80
70
Preferred
F g deb 7s 1935..1.1sta 103
23
*347 350 Seiberling Tire & Rubber (2) 822
Nat Power & Lt
100 10112 103
Preferred(2)
Preferred
1
j ;
0
93
912 104
Svrinehart Tire & R ooln.100 --Income 78 1972
Preferred
North States Pow esm 100 115 120
100
100 98 100
Preferred
Sugar Stock.
49
Ner Texas Elea Co com_100 43
412
100 63 69 Caracas Sugar
Preferred
50 4•3
Pacific Gas & El let pref.100 95
98 Cent Aguirre Sugar coin_ 20 *8312 85
100 11712 120
Power Securities com....(2) *18
21 Fajardo Sugar
38 Federal Sugar Ref corn._100 50
(2) •35
Second preferred
Preferred
95
Coll trust Si 1949___J&D *92
100 80 16'10
84 Godchaux Sugar, Inc_ (2) .8
Incomes June 1949__1v&A *82
50
Preferred
58
100 47
Puget Sound Pow & Lt__100 56
88 Holly Sugar Corp corn..(I) •42 48
6% preferred
100 83
100 10612 10812
Preferred
7% preferred
100 93 96
Ist & ref 5545 1949__J&D 100 10084 Juncoe Central Sugar....100 so 125
63 National Sugar Refining_100 102 10313
Republic Ry & Light-100 60
92
81
New Niquero Sugar....100 87
100 79
Preferred
4
2
South Calif Edison com.100 112 113 Santa Cecilia Sug Corp pf100
•99
102
100
Savannah
125
Sugar
8% preferred
corn
(0
Preferred
Standard G&EI 7% Pr Df 100 99 1-(11.
100 99 101
90
70 Sugar Estates Oriente 91-100 85
Tennessee Elec Power..
*68
96 100
84
Second preferred
With warrants
(I) '82
Western Power Corp_ __ _100 53 .55
95 IndustrIal&MIseell
Preferred
100 92
89
Weet Missouri Pr 7% pfr
90
92 American Hardware_ _100 88
Babcock & Wilcox
100 136 138
Short Term Securities
17
Anaconda Cop Min 641'29J&J 103g 10414 Bliss(E W)Co new
(I) .16
55
Preferred
96
Federal Sus Ref 63'33_1311&N 95
50 •53
Hocking Valley 53 1926 IVI&S 10012 10034 Borden Company corn-(t)•141 143
100 107 110
K C Term Ry 8%s 31
Preferred
30
-- Celluloid Company
554s
J&J100 28
C0158 1-02
1928
80
Lehigh Pow Sec 63'27..F&A 10112 10152
Preferred
100 75
Sloes-Shaft Sari 8s '25.F&A 102 10212 Childs Company Prof. 100 114 116
US Rubber 754s 1930_ _F&A 10614 10634 Hercules Powder
100 110 115
Joint Stk Land Sk Bends
100 107 109
Preferred
Chic Jt Stk 141 Bk Se.-1951 10214 10314 International Silver pref_100 .107
5s 1952 opt 1932
10212 10312 Lehigh Valley Coal Sales 50 *82
5e 1963 opt 1933
10212 10312 Phelps Dodge Corp
100 100 105
10412 10512 Royal Baking Pow oorn-100 142 145
5543 1951 opt 1931
Ohs 1952 opt 1932
100 101 103
10134 10234
Preferred
454s 1952 opt 1932
100 101
Singer Manufacturing....100 247 250
434s 1984 opt 1034
101 102
434s 1963 opt 1933
10112 10214
Pac Coast of Portland. Ore_
6. 1955 opt 1935
J&J 10218 10374
- *Per share. I No par value. b Basis d Purchaser also pays accrued dividend.
(New stock. !Flat price. I Last sale. n Nominal. s Ex-dividend. y Ex-rights.
*1x-atock dividend
Sale price
o Ex-interest
Canadian quotation
[VoL. 120.
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange May 23 to May 29, both inclusive.
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price, Low. High. Week.
Bonds-
AUG&WISSL 58_1959
Chic June & IJ S Y 48_1940
55.
1940
East Masa St RR A 410'48
Series B 5s
1948
Hood Rubber 73
1936
K C Clin dr Spr 1st 58_1925
Kendall Mills 634s-1944
•
Mass Gas 4348
1931
Miss River Power 5s...1951 9954
New England Tel 53..1932 100
Series A
1952
Swift & Co 58
1944 100
Warren Bros 7358- -- -1937 15134
Western Tel & Tel 5s _ _1932
•No par value.
Range Since Jan. 1.
Low.
6834 6934 535,000 63
86% 8654 4,000 84
9814 9814 3,000 96
1,000 64
68
66
7254 74
-4,400 70
10334 10354 1,000 10134
9914 9934 2,000 9P54
98
913
1,000 9734
9634 9851
1,000 9434
9934 9954 5,000 9634
100 10034 9.000 9954
10034 10054 1,000 9934
9934 100 • 9,000 9754
9,000 123
15134 155
10034 10034 5,000 9954
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
7034
8634
99
72
78
105
100
98
9854
9954
101
10054
100
155
10054
Mar
May
Apr
Feb
Mar
May
Mar
May
Jan
May
Jan
may
May
May
Feb
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, May 23 to May 29, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abbott.' Al Dairy, pref_100
Alliance Insurance
10
Amer El Pow, pref _2_100
American Gas of N J....100
Amer Gas of Pav t r_._ _50
American Storm
•
Bell Tel Co of Pa pre
Cambria Iron
50
Congoleum Co Inc
•
Consol Trac of N J.. _100
Ea.st Shore0& E 8% pf.25
Elsenlohr (Otto)
100
Elec Storage Battery...100
Giant Portland Cement 50
Preferred
50
Insurance Co of N A..._ _10
Recta full paid
Keystone Telephone....50
Preferred
50
Lake Superior Corp
_100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Minehill & Schuyl Hav_ _50
Penn Central Lt& Power.•
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50
Pennsyl Seaboard Steel_ •
Phila Co (PitLab) Pf 6%-50
Pret (cumul 8%)
50
Phila Elm of Pa
25
Preferred
25
Phila Gin & Norrlatown.50
Phila Insulated Wire
•
Phlia Rapid Transit__ _50
Phila Traction
50
Philo, & Western
50
Preferred
60
Reading Company
50
2d preferred
50
Scott Paper Co, pref -100
Tono-Belmont Devel_ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
Preferred
50
Victor Talk Mach Co
Warwick Iron de Steel_ __10
W Jersey & Sea Shore. _50
Westmoreland Coal
50
168
8254
5834
3954
5734
5554
754
25
9854
2234
3834
38
47
1534
4054
9014
5754
BondsAmer Gas & El 5s.....2007
Amer Gas of N J 7s...1928
ConsolTrac of NJ let 5332
Elec 32 Peop tr ctfs 4.3.1945
General Asphalt 6gs_ _.1939
Keystone Tel 1st 53_1935
Lehigh Coal & NayFund .2 !rapt 4s.....1948
Consol 454s
1954
Lehigh Vail annuity 138_ _ _ _ ......
Phila Co cons dr stpd Ea '51
Phila Elec 1st s f 43...1966
55
1960 101
1st 5s
1966 10354
1947
5345
1953
550
6s
1941
Spanish Amer Iron 63.1927
Range Since Jan. 1.
Low.
9554 95%
Jan
20 93
52
45 3754 Jan
5214
Jan
101 102
114 96
164 167
Jan
990 135
8234 83
355 82
May
5551 5834 3,530 4554 Jan
10954 110
156 10734 Apr
Mar
35 38
3954 3934
2634 29
460 3534 May
40
40
60 3554 Mar
26
Feb
26
10 25
32
32
120 27 May
65
356 6134 Apr
66
30
30
151 1734 Jan
5354 5334
Jan
14 46
5654 5754 1,198 4654 Feb
5434 5554 3,263 4934 Apr
Jan
485
6
6
734
25
22
Apr
75 20
454
Apr
4
810
4
93
9934 20,315 8054 Mar
7954 8054
331 7434 Jan
2234 2454 12,305 2114 May
Jan
5134 5154
8 51
Jan
67
68
45 80
4334 4434 1,899 4234 Apr
May
75
75
20 70
2
2
154 May
100
Jan
20 35
3654 3654
47% 4754
Apr
97 45
38
3834 7,551 3734 Apr
3734 3854 1,613 3734 Apr
May
123 123
10 123
May
45 46
47
4754
Jan
588 40
4434 45
Apr
156 57
5834 5814
Mar
1554
15
30 15
5 3531 Jan
3654 3634
82
580 7454 Mar
8534
May
200 42
42
42
Jan
10 96
9854 9854
14
250
%
34 Jan
334 4- 12,812
154 Mar
527 3954 Mar
4034 4034
4,036 7914 Mar
9034 91
5734 5854 1,046 56% Mar
May
76
990 76
8734
Apr
8
50
6
6
37
3714
Mar
194 36
44
44
82 43 May
91
93
16334 163%
7334 7354
8154 62
103 103
8734 8754
High.
9551 Jan
5254 May
10434 Apr
21734 Mar
8855 May
58
MaY
Mar
110
Jan
40
Feb
41
Mar
43
2634 Feb
Feb
41
7054 Feb
3234 Apr
May
55
Jan
70
5554 May
754 MaY
2754 Feb
734 Feb
Jan
100
Jan
81
2454 May
5234 Feb
May
68
4834 Jan
8514 Jan
Jan
3
3655 May
4754 May
4734 Feb
45
Feb
Mar
125
5194 Jan
Mar
51
6334 Mar
1854 Jan
Mar
37
8554 May
42
May
9834 Mar
15-16 Feb
4114 May
Mar
44
saq Mar
5854 Mar
97
May
734 Jan
40
Jan
Jan
57
$23,300 87
Apr 9354
500 138
Jan 215
7,000 73
May 7834
45,900 60
Feb 65
10,200 100
Jan 103
18,000 8254 Jan 88
Mal'
Mar
Mar
Mar
Mar
May
9254 9234 3,000 92
Mar 9234 Mai
99
9934 24,000 96
Jan 9934 May
125 125
1,000 12334 Jan 12554 Feb
9734 9754 6,000 9354 Jan 9754 May
82
82
Mar
200 82
Apr 85
101 10134 31,000 99
Mar 10134 May
10254 10334 75.200 10054 Jan 10331 Mar
10654 10654 2,000 10334 Jan 10654 MaY
10634 10834 5,000 10454 Feb 10734 May
107 10714 6,500 106
Jan 107% May
10034 10054 3,000 10054 May 10134 Jan
• No par value.
Chicago Stock Exchange.-Record of transactions. at
Chicago Stock Exchange May 23 to May 29, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Weeks Range for
Sale
ofPricey.
Week.
Par. Price. Low. High. Shares.
All America Radio cl A_ _ _5
Amer Pub Serv pref.. .100
American ShIpbuilding_100
Preferred
100
Armour & Co(Del) pf__100
Armour & Co prof
100
Common cl A v t o_ _._25
Common cl B v t a._ _25
Armour Leather
15
Balaban& Katz v t c.....25
Preferred
100
Beaver Board pret ctts_100
Bendix Corp class A_ ___10
Borg & Beck
•
Bridgeport Machine Co....'
Central Ill Pub Serv pref _•
Central Ind Power pref.100
ChClty & Con Ry pt sh pi*
Chicago Fuse Mfg Co__ •
Chicago Rys part cite ser 2_
Part cif series 3
Orin,'"nmotwa I•h V•gi I ann ton
1954
5134
94
8854
21
5854
3054
2734
10
87
9234
1511.4
1834 2054
9234 923.4
5134 52
88
88
93
94
88% 89
22
21
1231 1234
334 3%
5554 60
102 10314
22
22
3054 3314
2754 2854
934 10
8634 87
9054 9234
454 554
29
2934
14
1
14 141
1,
t.
125
Range Since Jan. 1.
Low.
1,320 1854
100 89
320 49
50 87
588 90
725 84
2,985 1934
100 1134
240
355
2,213 5054
115 95
100 22
8,750 24
2,885 2454
834
125
142 84
285 89
354
910
52 28%
34
390
A
150
3.33 1301,4
High.
May 3654 Feb
Mar 9334 Mar
Jan
Apr 60
Feb
Jan 89
Mar 9634 Feb
Feb
Apr 94
Feb
Mar 24
Feb
Apr 15
534 Jan
May
Feb 6334 May
Jan 10354 May
May 3954 Jan
Jan
Mar 36
May
Mar 29
1034 May
Apr
Jan 9154 Mar
Feb 93 May
934 Jan
Apr
Mar 3934 Apr
Mar
2
May
May
Mar 1
Apr 14134 May
63.4
931
3234
127
18
5134
3135
52
66
18
93
96
103
134
424
9934
49
44
9235
1234
35
3434
1224
97
554
1935
24
5234
7035
11034
2534
45
6931
6831
8535
4935
16831
834
2835
11194
11
5174
38
473.4
BondsArmour & Co of Del 20-yr
1943
g 5145
Chicago City Ry 5s. _1927
Chic City & Con Rye 5s27
Chicago Rye 48, ser 13_1927
Adjust income 45.. _1927
• No par value.
5,650
320
15
415
2,685
10
865
150
415
4,625
8,930
3,070
4
May
4934 Jan
11% May
70
Feb
118
Feb
10831 Feb
734 Jan
974 Apr
12235 May
3735 Jan
3031 Jan
35% Mar
109% Mar
16% Mar
7
May
9% May
34% May
129% Apr
29% May
108
May
1935 Jan
56
Jan
32
May
9234 Apr
70
Jan
48
Jan
9235 Feb
7035 May
21% May
931 Jan
235 Feb
42
Feb
18% May
102% Mar
98% Mar
107% May
3% May
44
May
100% Mar
4931 May
631 Jan
4535 May
954 Feb
1735 Mar
131 Jan
2334 Jan
74
Jan
12235 May
12231 May
97
May
10731 Mar
400
Mar
105
Feb
7535 Feb
2235 Mar
33
Jan
54% May
64
Feb
77% Jan
12035 Feb
36
Jan
48
Apr
734 Feb
5
Jan
69% May
70
May
8634 Feb
53
May
22% Feb
71
May
17235 May
116
May
53
Jan
29
May
144 May
234 Feb
5535 Jan
116
May
123
Jan
1094 Mar
1434 Jan
5234 Feb
43
Jan
5535 Jan
9335
78
47
39
154
9335 23,000
78
1,000
5034 58.000
39
2,000
1535
2.000
913-4 Jan
74
Apr
46
Apr
35
Apr
1534 May
15
20
4,290
100
90
10
650
75
75
450
1,060
13,966
180
225
325
1,175
610
1,820
100
10
8,735
1,490
1,220
35
40
25
75
2,890
4.270
712
100
1,100
150
1,215
705
525
19,650
1,565
1,050
5,445
798
250
315
5,370
5,600
245
7,000
695
350
74
126
143
810
8,985
4,245
515
370
223
21,275
1,470
8,360
310
3,310
250
12,835
250
670
345
150
15
6,410
SO
9334
8435
63
464
2435
May
Mar
Mar
Mar
Mar
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange May 23 to May 29, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares,
Arundel Corp new stock _ ..• 28
Atlan Coast L(Conn).._50
50 4331
Bait Electric pref
50 120
Baltimore Trust Co
* 3934
Beneech (I) common
25 2631
Preferred
Central Fire Insurance_ _10
194
Central Teresa Sug prat 10
Chalmers Oil& Gas pre..5
11335
_100
Balt_
of
Tel
Po
&
Chas
50
Commerce Trust
• 2435
Commercial Credit
2434
25
Preferred
25 2535
Preferred B
Consol Gas, EL & Pow...• 42
100 10931
64% preferred
100
7% preferred
126
100
preferred
8%
Consolidation Coal_ _ _ _100 44
•
Eastern Rolling Mill
100
8% preferred
50 9935
Fidelity & Depasit
10 19
A
Class
Service,
Finance
10
935
Preferred
3a So di Fla 2d pref._ 100
.
25
Elumphreys Co
25 25
Preferred
Elouston 011 pref tr ctfs _100
2
r..orraine Pet Co__ lc shares
hianufactUrers FI111111CC-25 544
25
1st preferred
25 23
2d preferred
25
Trust preferred
A aryiand Casualty Co_ _25 9831
derch & Min Tr Co__ _100 13735
donon Vail Trac pref_ _ _25 2235
.•IT-117,,,I. MITIa v t r 100 1235
Range Since Jan, 1.
Low.
2531 294 9,206 2035 Mar
170 170
138 160
Jan
4335 4331
46 42
Feb
11935 120
167 11134 Feb
39
102 3835 Jan
3931
SO 2634 Feb
2831 2631
39
39
100 34
Jan
135
135
1,750
135 May
1
1
20 85
Feb
11235 11335
30 11034 Jan
584 584
10 5734 Mar
24
25
865 2235 Mar
2431 2431
276 24
Apr
25
2531
144 2431 Apr
42
1,476 32
4234
Jan
109 10934
168 105
Apr
112 1123.4
60 109' Mar
302 122
1253.4 12734
Mar
45
43
225 36
May
107 107
30 103
Apr
118 119
140 111
Apr
97 100
999 89
Jan
184 19
1,256 1831 May
931 935
582
9
Jan
180 67
763.4 763.4
Jan
25
25
100 25
Jan
25
25
200 25
Jan
80 78
85
85
Apr
2
2
155
2 May
5334 5434
225 5234 May
233-6 2334
166 233-4 May
2231 23
122 223-6 Apr
21% 2131
20 2134 May
9534 9994 2,181 823.6 Apr
24 115
13735 140
Jan
2231 2234
68 2034 Jan
15
935 Apr
1231 1235
Mortgage Accept
• 18
Igew Amsterd'm Cas Co_10 4835
Northern Central
50
Penna Water 65 Power_100 138
Security Mtge Co prefl_25 254
Silica Gel Corp
• 194
Standard Gas Equip_ _ _ 100
Preferred
100
Union Trust rights
834
United Ry & Electric_ _ _50 19
US Fidelity 65 Guar_ _ _ _50 203
Wash Bait & Annan_._ _ 50 10
Preferred
50 19
West hid Diary, Inc, corn'
Preferred
50
18
18
47
484
8035 8034
13735 138
2594 254
1931 2134
105 105
100 100
835 834
18
1931
200 203
734 124
15
22
44
46
52
52
Low.
17 1334 Jan
1,067 4235 Jan
65 7635 Jan
149 12634 Jan
200 2534 May
530 12
May
31 9734 Mar
20 9834 Mar
264
631 May
3,882 154 Apr
485 179
Jan
3,360
534 Apr
812 11
May
300 44
Apr
8 5134 Mar
Bonds954 954 $2,000
Alabama Cons C&I 58 1933
Baltimore Electric 58_1947
10035 10035 4,000
Bait Traction let 5s..1929
9914 100
6,000
13ernhelmer-Leader 7s_1943 1043-4 10434 1043,4 3,000
Commercial Credit 6s_1934 9934 99
999.4 13,000
Consolidated Gas 58..1939
1004 10031
2,000
1954 944 9435 9434 8,000
General 448
Consol G EL &P 4461935 9535 9535 9735 2,000
Series E 5345
1952
1044 10431 5,000
1951
110 110
Series D 648
3,500
Consol Coal ref 43.4e.1934
9134 9134 92
28,000
Davison Sulp dr Ph 65 1927 99
99
99
.5,000
98
Elkhorn Coal Corp 69_1925 98
9835 41,000
Fairmont Coal 5s
1931 98
9735 98
13,000
Lake Roland El 58_ _ _1942
9935 9935
1,000
Maryland Elea 646_1957
97
98
5,000
Md & Penns 1st 4s_ _ _1951
76
76
76
8,000
Norfolk & Ports Trac Ss '36
974 974
1,000
United E L & P 4345_ _1929 9835 9835 99
7,000
United Ry & El 4s__._1949 694 6935 6994 26,000
Income 48
1949 5035 5035 51
33,000
Funding 55
1936 71
70
71
8,160
65
1927
9831 9874 6,000
fis
1949 9534 9531 9534
8,000
Wash Balt & Annan 591941 65
61
69 131,000
*No par value
9534
100
993.4
10334
983.4
100
924
9331
10231
109
914
9831
974
9834
99
97
75
92
984
6874
49
69
9854
93
58
Jan
Mar
Apr
Feb
Apr
Jan
Jan
Mar
Jan
Jan
May
Jan
Apr
Apr
Mar
Apr
May
Jan
Jan
Apr
Apr
Apr
May
Apr
Apr
Nigh.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange May 23 to May 29, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Sanas Since Jan. 1.
Low.
Am Wind Glass Mach_ _100 90
89
90
395 88
Preferred
100
94
94
25 93
Am Wind Glass Co pf._100
111 111
20 111
Arkansas Nat Gas com-10
7
83.4
73.4 12,387
63.4
54
Carnegie Lead & Zinc__ _ _ 5
534 535 2,238
4
100
Colonial Trust Co
20034 225
26 190
Consolidated Ice coin_ _ _50
2
2
50
134
14
14
Preferred
50
40 14
Duquesne Light prat_ _100
10835 110
167 10534
405 405
Fidelity Title dr Trust _ _100
10 390
115 115
Harb-Walk Refrac com_100
13 115
Indep Brewing corn
50
3
3
50
131
114 114
Jones & Laughlin pref___25
80 11134
25
384 3834
Lone Star Gas
760 32
134 14
Nat Fireproofing, coin _ _50
634 1134
Preferred
50 344 33
344 2,293 314
25 3294 32
Ohio Fuel Corp
3235 2,609 31
1
Ohio Fuel Oil
170 12
1334 123.4
29
Oklahoma Natural Gas_ _25 29
2935
710 26
3
Pittsburgh Brew com_ _50
200
331
134
50
10
Preferred
11
820
6
4334 4335
Pittsburgh Coal, com_ _100
35 393.4
100
84
85
Preferred
241 84
Pittsb 65 Mt Shasta Cop _.1
5e
Sc
2,000
54
Pittsburgh Oil & Gas_ _ _ _5
15
63.4 634
6
Pittsburgh Plate Glass_100 290
288 290
410 257
37
Pittab Term Whouse -Tr
37
10 35
Rich & Boynton partic prat -See note below
Salt Creek Con 011
10
73-4
73.4
73.4
1,080
734
Stand Plate Glass pref_100
70
70
50 70
Stand San Mfg com
25 105
104 1053.4
460 102
West'house Air Brake_ SO 1023.1 101 104
635 97
West Penn Rye pref-See note be low
BondsPittsburgh Brew 6e...1949
West Penn Rys 5s. _1931
1960
West Penn Tr 59
8734 8734 $1,090
98
98
4,000
89
89
1,000
Jan
May
May
Apr
Jan
Jan
Mar
Feb
Jan
Feb
May
Mar
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Mar
Mar
May
May
Apr
May
Jan
May
Feb
Apr
Feb
Apr
85
Mar
9534 Jan
87
Feb
High.
vnig:44;cmanlimattlnwat
16%
2835
34
105
% Jan
30
Mar
831 Jan
51
Ma
113
Apr
79
Jan
135 Apr
83
Jan
11534 Feb
15
Mar
2335 Mar
31% Apr
104
Mar
12
Apr
4
Jan
3
Jan
26% Jan
94% Jan
29
Apr
105
Feb
14% Mar
41% Mar
28
May
85
Jan
50
Apr
39
Apr
85% May
3535 Jan
15
May
634 Apr
1% Feb
37% Apr
13
Mar
82% Feb
91% Jan
98
Jan
1% Apr
32% Jan
98% ikpr
42
Mar
4
Apr
37
Apr
90
Jan
11% May
34 Jan
18% May
46
May
107% Jan
108
Jan
92
Jan
104% Jan
95
AM
1024 Jan
48
Mar
1435 Mar
21
Mar
4035 Jan
50
Jan
5534 Mar
109% Apr
25% May
44% May
65
Mar
it Feb
44
Mar
49
Jan
81
Apr
42
Jan
1835 Apr
70
May
112
Feb
112
Jan
835 May
22% Mar
1335 May
11
May
41
Mar
11235 Apr
110
May
5% Jan
11
Apr
4635 Jan
324 Feb
46% May
4
4
31
31
1035 11
60
60
11435 115
9735 974
2
2
96
97
121 121
164 18
2835 29
33% 344
105 10534
1235 13%
615 6%
9
935
3135 324
124% 129
29% 29%
108 108
1735 1831
50
523,5
3134 32
9135 914
52
52
40
40
914 9235
65
68
18
203{
6% 6%
1%
134
39
40%
17
18
92% 94%
96
96%
102% 105%
1% 3%
42% 44
99
99%
48% 4931
44
44
454
9234 93
11% 1414
3.4
Si
1914 19%
3331 47
1204 12235
12034 12231
9631 97
10634 1074
108 110
103 104
5434 5731
1835 20
2335 2434
5231 83
5334 54
6631 71
11035 111
2531 26
4435 45
69
6935
3
3
65
69%
70
70
854 8631
49
4935
204 21
70
70
1534 1724
116 116
84 20
28% 29
14% 14%
13% 14%
52
5334
114 114
11131 11235
9
934
11
11%
51% 52%
38
40%
46% 4835
Range Since Jan. 1.
vois
2
97
High.
M
11
60
Low.
=17M1175:7.8,1rit Wit.1.1.1.1.14.2.255MM1125:71
r'v"2,'Ix4. ft ,AmXNN,
mA2mft"imft21
XTOX
X
X XX XXXXXX X XX X XX XX 1
w000r.no,no=mmaamm
WQ0.VM.14.0....VOWOOW*00...4.0"1
.0.00,
PNC•100 .0.C44
,
0
00000.000.MOOOPOr.0,01
,
..0,wc.
20
Consumers Co
100
Preferred
•
Continental Motors
25
Crane Co
100
Preferred
Cudahy Packing Co..100
Dan Boone Wool Mills_ _25
100
Deere & Co pref
100
Diamond Match
•
Elec Research Lab
Evans & Co Inc cl A__ _ _5
•
Fair Co (The)
100
Preferred
Foote Bros (G & M). •
Gill Mfg Co
Godchaux Sugar
*
Gossard Co (II NV)
Great Lakes D & D_ _ _ _ 100
Hammerhill Paper Co_ _10
100
Preferred
10
Ffupp Motor
•
Hurley Machine Co
100
Illinois Brick
Illinois Nor Utilities pf _100
Indep Pneumatic Tool_ _
Kellogg Switchboard_ 25
Kentucky Hydro-Elec 100
25
Kraft Cheese Co
La Salle Ext Univ (III). 10
Libby McN & Lib new.AO
10
Lindsay Light
McCord Radiator Mfg A."
*
McQuay-Norris Mfg
•
Mid Won't Utilities
100
Preferred
Prior lien preferred_ _100
Rights
Midland Steel Products _ _*
Midland UM prior lien_100
Morgan Lithograph Co_ _•
i0
National Leather
Niter Corp con par A 1 w a
Omnibus pref A w L.100
Voting trust ctfs w I a _ _•
Philipsborn's,Inc, tr ctf _ _1
10
Pick (Albert) & Co
5
Pines Winterfront A
"
Pub Serv of Nor Ill
Pub Son,of Nor III....100
100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
Real Silk hosiery Mills_10
10
Reo Motor
25
Ryan Car Co (The)
Standard Gas dc Electric_•
50
Preferred
Stewart-Warner Speedom •
100
Swift & Company
15
Swift Internatfbnal
25
Thompson (J R)
Union Carbide & Carbon-•
United Iron Works v t c_50
Un Lt& Pr corn el A w I a-•
•
Common cl B w I a_
Preferred CIA w I a---•
Preferred cl B w I a---•
United Paper Board_..100
100
Preferred
20
U S Gypsum
100
Preferred
linty Theatres Cone el A-5
Utilities Pow & Lt Cl A.-•
Class 11
•
Wahl Co
Ward(Montgomery)&C0l0
100
Preferred
•
Class A
•
Wolff Mfg Corp
Wolverine Portland Cem 10
•
Wrigley Jr
Yellow Cab Mfg Cl B__ _ _ 10
Yellow Cab Co,Inc (Chic)*
Range Since Jan. 1.
2799
driaay
Sales
Last Week's Range for
Sale
ofPrices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
ma. w.ww.r. r...
.C4,
3
WO
wawa,
tram
vor.r.mrarorwaooawammaoc
AA
A A A AAA= X
4.co.P4 a..IMM..,.XK4K,44-0,P4gaKKKMXKA41,.MX
Stocks-
THE CHRONICLE
Yriday
Sates
Last Week's Range for
Wee/c.
Sale
ofPrices.
Par. Price. Low. High. Shares.
MOV
toe°
MAY 30 1925.]
*No par value.
Note.-Sold last week and not reported: 6 shares F dellty Title & Trust Co.
at 405: 200 Richardson & Boynton participating preferred at 374 @39: 10 Went
Penn Rye, preferred at 9134.
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange May 23 to May 29, both inclusive, compiled from official sales lists:
High.
Friday
Sales
294 May
Last Week's Range for
170
Mar
Sale
ofPrices.
Week.
4331 May
StocksPar. Price. Low. High. Shares.
121
Apr
40
May
Bank Stocks2631 Apr Boatmen's Bank
100
145 145
5
40
Feb First National Bank_._100
2134 21331
10
Jan Merchants-Laclede
2
Nat 100
270 270
10
1
Feb Nat Bk of Commerce _100
14635 148
35
11335 May
60
Feb
Trust Co Stocks26
Jan St Louis Union Trust_ _100
300 300
3
2531 Jan
Street Ry Stocks2635 Jan United Rys corn
100 25c
25c 25c
300
44
May
10934 May
Miscellaneous Stocks11234 May
Amer Credit Indemnity_25
47
47
20
12734 May Berry Motor
• 2735 2734 2734
25
72
Jan
Best Clymer Co
•
4435 45
42
115
Feb
Boyd-Welsh Shoe
* 4035 . 4035 41
410
120
Jan
Brown Shoe, corn
100 100
90 100
335
100
May
Preferred
100
10434 1044
5
1935 Jan
Boyd Richards 1st pref_ 100
102 102
14
935 Apr
48
48
Dbicago RY Equip corn_ _25 48
75
763.4 May
25 264 26
264
Preferred
40
25
Jan
E L Bruce com
• 4735 4334 48
585
25
Jan
.i:merson Electric pref_ _100 _____
96
96
25
97
Jan
24
l.'ly & Walker D G com_25
24
300
435 Feb
100
let preferred
104 104
10
5614 Feb ,
red Medart Mfg corn_ *
3234 323-4
25
25
Jan
100
Preferred
10234 10234
20
243.4 Feb ,ulton Iron Works com_ •
3535 3534
18
24
Feb
100
Preferred
984 99
7
9931 May
Iamilton-Brown Shoe_ _25
46
46
100
140
May
Iussmann Refr corn
•
42
42
75
2235 Jan
Iuttig S & D corn
* 323-4 32
3234
415
15
Jan
Preferred
1011 100
100 101
17
Range Since Jan. 1.
Low.
High.
143
Apr 147
Jan
205
Feb 21331 May
280
Jan 270
May
1434 Jan 15034 Feb
256
8c
Jan" 300
May
Mar
25c
May
3634
23
4234
40
69
9834
102
48
26
38
96
2231
102
30
10234
3531
1023.4
4435
3794
3135
Jan
Mar
Feb
Apr
Mar
Apr
May
May
May
Apr
May
Jan
Jan
Apr
May
Apr
Feb
Jan
Mar
Mar
Mil
60
2735
46
5034
69
10434
102
50
27
48
10034
2.5
104
344
10234
28
9874
4934
45
40
T4n.
V rwn
Feb
May
Jan
Jan
May
May
May
Jan
Mar
May
Feb
Feb
Apr
Feb
May
Jan
May
Jan
Feb
Feb
.•-•-•_
2800
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. shares.
Hydr Press Brick com_100
7
Preferred
100 95
International Shoe com_ --• 150
Preferred
100 121
• 4834
Johansen Shoe
Johnson-S. dc S. Shoe__ • 155
Laclede Steel Co
100
.
*
McQuaY-Nortla
Mo-Ills Stores corn
Mo Portland Cement_ 25 57
National Candy com_.100 9834
Pedigo-Weber Shoe
• 4634
Rice-Stlx D G 2d pref_ _100
Scullin Steel prof
100
Securities Inv corn
•
Skouras Bros "A"
•
Southwest Bell Tel pref.100
Wagner Electric com
•
Wagner Elec Corp pref_100 82
Street Ry BondsAlt Gran & St L Tr 53_1944
Alt Gran & St.L.Tr.5 C-D
E St L & Sub Co 5s_ _ A932
St L & S LW gen MIS cd'23
United Railways 48..1934
4s ctfs of dep
1934
Miscellaneous BondsKlnloch Long Dist 55_1929
Mo Portl Cement 6353 Ser
Laclede Gas Light ss
65
77
7%
7
9234 96
137 150
120 121
4734 4934
155 155
135 135
1734 1734
16
16
5434 5835
9834
98
46
48
102 102
101% 102
42
42
3834 3934
110 111
3634 39
82
82
6434
6434
84
77
69
68
160
841
448
33
735
20
50
40
25
2,136
170
830
3
100
15
820
117
500
100
6434 84,000
5,000
65
9,000
84
78
6,000
6935 23,000
6834 10,000
10014 10034
10434 10414
10114 10114
Range Since Jan. 1.
High.
Low.
6
81
115
11734
40
118
13234
1414
16
4134
98
40
10034
10034
41
36
10734
2635
80
61
61
84
77
69
68
Apr
Jan
Feb
Mar
Mar
Jan
Apr
May
May
Feb
May
Mar
Apr
May
May
Apr
Apr
Jan
Apr
834
86
150
121
5254
.155
136
1734
1634
6834
106
48
10334
10234
4434
3934
111
50
91
.
Apr
Apr
May
May
May
May
Feb
May
May
May
Jan
May
Jan
May
May
May
Feb
May
Mar
Mar
Jan
May
May
Feb
Feb
6754 Feb
6735 Feb
Feb
86
8335 Jan
Jan
74
7331 Jan
1,000 9854 Feb 10014 May
1,000 10434 May 10434 May
1,000 10114 May 10114 May
•No par value.
New York Curb Market.-Official transactions in the
New York Curb Market from May 23 to May 29, inclusive:
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Week Ended May 29.
Stocks-
Indus. & Miscellaneous.
83
Adirondack P & L com_100 8234 78
104 107
7% preferred
100 107
•
Allied Packers corn
534 534
Prior preferred
50
50
100
10
Amalgam Leather com_ •
1034
45
45
Preferred
100
5334 5334
American Chicle com
•
•
Amer Gas 'lc Electric
• 83' 80% 8434
Common
•
90
Preferred
89
American Hawaiian SS_ _10
834 8%
Amer Lt & Trao,com_100 16434 164 169
100 100
100
Preferred
Amer Pow & Li earn new_• 6434 60% 65%
100 8934 89
90
Preferred
Amer Rayon Products_ _ _• 34% 29% 3434
37
Am Superpow Corp,Cl A_• 3834
3834
• 3934 38
3934
Class B
2534 25%
Prior preferred
25
334 4
American Thread pref_ _5
22
25 2414
Apco Nlfg class A
2434
Arizona Power com_ _ _100
2534 26
12
Armour & Co (Ills) comB25
1234
Preferred
8834 89
100 89
5234 54%
Assoc Dry Goods new w P
Assoo G & E Clsas A____• 33
3234 3434
90c
Atlantic Fruit & Sus---_• 000
97c
Atlas Portland Cement
4634 4634
•
New wi
38c
Botssonnault(G) Co
38c
•
142 143
Borden Co, common_ -100 143
72%
Common new
50 7135 69
109 109
100
Preferred
Botany Consol Mills com..• 21% 1934 2134
50 45% 45% 4534
Class A
5434 5434
Brazilian Tr, L & Pow_100
10
Bridgeport Machine com.• 10
10%
28%
Brit-Am Tob ord bear-£1 22834 28
28
28
Ordinary registered_ __ £1 228
8
834
10
Brooklyn City RR
8
1334 13%
Brown & Will Tob cl B_10
109 110
Bucyrus Company pref 100
Buffalo Gen Elec new corn* 6734 6334 6734
10535 105%
Bwrroughs Add Mach Pf100
110 110
Campbell Soup, pref _ _ _100
12034 127
Canada Dry Ginger Ale A • 122
• 122
12034 127
Class B
54
5
534
Car Ltg & Power com_ _ _25
395 430
Carolina Power & Light 100 419
7534 75/7i
100
Celluloid Co, prof
1
114
Central Teresa SUE{ pref_10
Centrifugal Pipe Corp -_-• 1634 1534 17
• 34% 28
37
Chapin-Sacks Inc
10 25% 23
2534
Chatterton & Son
Chic Nipple Mfg, Cl A 50 2934 2934 2934
Childs Co, prat, new_ _ _100 2115 2115 115
• 10534 9334 11235
Chrysler Corp WI
186 189
Cities Service, corn.. _100
38% 3734 39
20
Issued
when
New
81% 82
100 82
Preferred
734
10
7% 7%
Preferred 13
18% 19
•
Bankers' shares
2534
25
Cleveland Automobilecom• 25
2
131 2%
Colombian Syndicate
Com'w'th-EcIlson Co__ _100 140
13611 140
Com'wealth Pow Corp__.• 163% 151 170
• 42
4034 4334
Common new
8334 84%
100 84
Preferred
6334 78
72
Warrants
Cons Gas,E L&P Balt new• 4234 4131 43%
Continental Bak1ng,comA• 127% 119% 127%
• 2834 2634 2911
Common B
99
100 98% 97
8% preferred
1934 1934
Continental Tobacco__ •
44
• 45
45
Coty. Inc. w I
36% 3734
• 37
Cuba Company
2534 2934
28
Cuban Tobacco v to
22
18
Curtiss Aeropl & M com__• 18
7034 79
73%
UM
Preferred
Curtiss Aeropl Assets Corp 3334 3234 35
De Forest Radio Corp_ _ _• 2231 2234 23%
124 126
Del Lack & West Coal_50
14% 1534
• 1535
Doelder Die-Casting
1435 15%
1435
DubillerConder&Rad new
2834
26
Dunhill International_ _ _ _• 2734
534
534
Duplex Cond & Rad v t c_•
1434 1534
Durant Motors, Inc
• 1534
Dna & Co. Inc, Class A..• 25
2134 25
East Penn Electric Co_ *
6634 6614
74%
Elea Auto-Lite Co
• 74% 73
Elea Bond & Sbare.pref 100 104% 103 104%
Eleo Bond & Share Bee_ • 76% 73% 75%
Elea Invest without warts' 60% 5234 6034
Elea Ry Securities
1534 1534
• 15%
Eureka Vac Cleaner
• 5234 4731 5234
Federated Metals Corp.' 31% 3134 32
Film Immertinn Mnehinw •
5
5
8,100
190
100
100
700
100
100
Range Since Jan. 1.
Low.
33
92
5
50
835
42
5334
8,700 0834
300 8334
8%
1,300
4,575 137
1,060 94
23,800 4834
550 84
9,400 2634
10,600 2614
30,400 2734
500 2414
3,600
334
400 22
300 1734
600 1134
110 84
5,400 46
17,100 2534
1,900 806
300
1,000
150
900
30
4,500
400
200
1,700
1,400
400
4,700
200
35
6,000
10
10
460
320
8,300
440
10
1,700
3,600
21,000
3,200
100
10
21,000
330
18,100
800
2,30
700
5.700
25,500
60
21,130
26,300
1,850
7,775
13,700
15,300
96,400
6,700
300
3,000
1,000
1,700
21,800
1,200
900
2,500
450
2,300
3,200
5,300
200
12,400
4,600
10
275
5,700
44,900
69,800
200
7,300
400
100
High.
Feb 83
Jan 107
Apr 10
May 67
Apr 1034
Jan 45
May 5335
Feb 8434 May
May
Apr 90
May 1334 Feb
Jan 17434 May
May
Jan 100
Feb 6734 Jan
May
Apr 90
May 34% May
Mar 3834 May
Mar 4034 May
Feb 2634 Mar
4% Feb
Jan
May 26% Mar
Jan 2634 May
Feb
Apr 15
Apr 9454 Feb
Apr 5434 May
Mar 3434 May
Jan
134 Mar
AM 48
May
33.4
Jan 154%
Mar 7334
Jan 113
May 2134
Mar 4834
Apr 5434
Feb
11
Jan
2834
Feb 2834
914
May
Jan
1334
May 110
Apr 7034
Jan 10534
Mar 111
Apr 12734
Apr 127
Jan
534
Feb 430
May 07
134
May
Mar 2734
Jan 37
Feb 2534
Apr 3354
Jan 117
Apr 11234
Mar 212
Mar 43
Jan 8234
7%
Ma
Mar 2154
Feb 26
Jan
254
Jan 140
Apr 173
106
4034 May 4334
7934 Jan 85
2534 Feb 86
3134 Jan 44%
Jan 12714
108
2934
2134 Jan
99
9114 Jan
1835 May 2634
3734 Apr 45
3534 Apr 4034
651 Jan 2931
22
Feb
13
79
Mar
55
35
1834 Mar
1831 Mar 34
119
Apr 130
Apr 2034
10
1254 Mar 3534
Apr 31
25
335 Mar 17
1454 May 21
2034 Apr 33
Jan 67
60
May
7634
71
10114 Apr 105
5534 Apr9134
Jan
40
60%
1214 Mar 16
May 5234
46
42
3034 may
1134
May
5
4414
310
133
68
106
18
43%
4935
4%
2534
2134
734
10
109
50
103
110
90
80
134
300
75
1
10
1634
12
29
11334
7534
175
35
8134
7%
1734
1954
600
133
May
May
Feb
Jan
Jan
May
May
May
Feb
Mar
Apr
May
May
Jan
May
May
Apr
Apr
Feb
May
May
May
Jan
Jan
May
May
May
May
Jan
Apt
Jan
May
May
Jan
Feb
May
Feb
Feb
Feb
Feb
Feb
May
May
May
May
May
May
May
May
May
Mai
Mai
Jan
May
Mar
May
May
May
May
Feb
Pet
Jar
Jar
Jar
Jar
Jar
Fet
Jar
May
May
Fet
May
May
May
Fat
Jar
[VOL. 120.
Friday
Sales
Industrial and
Lan Week's Range for
Miscellaneous Stocks
ofPrices.
Sale
Week
(Concluded).
Par. Price. Low. High. Shares.
Ford Motor Co of Can_100
475 485
Franklin (11 11) Mfg corn.• 2374 21% 25%
Freed-Elsemann Radio_ .._•
9%
8% 10%
Freshman (Chas) Co_ ___• 14
10% 1431
Gabriel Snubber w I Cl A • 2834 26% 2834
Garod Corporation
234
•
234
General Gas & Elea, cona.•
9535 9533
Gen'l Outdoor Adver'g Inc
Common v t 0
• 21% 2134 21%
Class A
44% 45%
•
Ga Lt. Pow & Ry,com_100
57
58
(Jlllette Safety Razor_ _
88% 6834 6835
Glen Alden Coal
127% 130
•
Goodyear Tire dr R.com100 31
29% 32
Grennan Bakeries Inc...
18
17% 18%
Griffith (D W) class A_ •
1
1
Grimes(D)Re & Cam Rea* 2434 1335 24%
HabishawEICable new cowl 20
18% 20
Hall Switch & Sig, com_100
4%
4
435
Hall Switch & Sig pref_100
25
25
Happiness Candy St Cl A _•
6% 7%
7%
Founders' shares
6% 5%
Hazeltine Corp
1635 1734
Hercules Powder, prof.
108 115
_100 112
Hayden Chemical
2
234
2
•
Horn & Hardart Co
• 52% 52% 54
Imperial Tob of GB & Ire_
23% 2334 2334
Intercontinental Rubb_100
8%
835 934
lot Concrete Ind Fdrs shrs 12% 11
13%
Inter Match non-Vol of
42% 42% 4274
lot Utilities class A
37
•
40
•
Class B
8
9
9
Inter-Ocean Radio Corp_ _
80e
800
1
Jones(308W)Radio Mfg.•
1% 2%
2%
Kelvinator Corp __.
.• 30% 2434 32%
Kraft Cheese
66% 67%
25
Landover Holding Corp A 1 23
22% 23
Lehigh Power Securities_ _• 15634 122 159
Lehigh Valley Coal Sales 50
84
80
Leh Vail Coal ctfs new
3834 37% 38%
Libby McNeill & Libby_10
634 7
Liberty Radio Ch Stores_ _•
854 8%
8%
Marconi Wirel Tel of Can_l
135
135
Marconi %Viral Tel of Load
8% 8%
Mengel Co
100 57% 55
59
91)5 95
Middle West Utilities com• 93
Prior lien stock
100 2102 2102 105
Preferred
96% 96%
100
24
24
•
Midvale Co
Moore Drop Forging cl A.
66
66%
217%
1735 1834
Motion Picture Corp
•
Music Master Corp
13%
9% 13%
Nat Power & Light, com_• 343
288 305
National Tea
• 300, 206 300
New Eng Telco & Teleg- See no Sc below
814
8% 9
New Mex & Ariz Land _ _ _1
111 112
N Y Telep 634% Pref__100 111
50
N Y Transportation_ _ _ _10 50
50
87% 8714 87%
Nickel Plate coin. new, w
84% 8414 84%
Preferred, new, w I
Nizer Corp Class A w
_• 4434 44% 46%
935 11%
Northern Ohio Power Co..' 1134
47
5134
North Ont Lt & Pr corn 100
11334 126
No States P Corp,com-100 125
98
9834
100
Preferred
2534
Nor States Pow Del waents 2534 18
1435
12
• 1234
Omnibus Corp v t 0
93
93
Series A preferred _ .100
42%
Oppenhelm, Collins & Co-• 42% 42
52% 51
54
Pathe Exchange Inc cl A.
140 141
Penna Water & Power_100
102% 102%
100
Pet Milk,7% prof
160 160
Pitts & Lake Erie RR_ 50
4834 52
Power Corp of N Y. corn.• 49
17
1935
Power Securities com___ •
44
43
•
Pratt & Lambert. Inc
42
42
Pro-phy-lac-tic Br, corn_ ..• 42
Pub Serv of N Ill, prof_ _ _ _ ------ 97% 97%
58% 59
Puget Set P & L, corn_ _100
•45%
45
Purity Bakeries class A_25 45
• 40
38
40
Class B
10% 11
10 11
Pyrene Mfg
39
3914
Reid Ice Cream Corp corn •
40
41
Item NoiselessTypew,C1 A*
110 110
100
Preferred
1834 20%
10 1935
Reo Motor Car
48
48%
Rosenb'm Grain Corp pf 50
335 4
Rova Radio Corp tr We •
• 25134 25114 54%
St Regis Paper corn
1634 1734
Schwarz(Borah) Cig, Awl 17
10
10
Serv. El. Corp. CIA. wi.._
1034
Sierra Pac Elea Co com_100
1734 1734
Silica Gel Corp.corn. v t c.• 197.4
21
19
434 5%
£1
5
Singer Mfg Ltd
10834 113
Sou Calif Edison corn. 100 113
6% prat, Series B_ _ _ _100 92% 92% 03
Sc
4c
Southern Coal & Iron_ _ .5
5c
S'es.stern Pr & Lt com__• 10034 8831 102
5
5
Standard Motor Coastr_10
Stand Publishing Cl A 25 2035 19
20%
•
Stutz Motor Car
9%
7% 10%
100 110% 11034 111
Swift & Co
15 25% 25
Swift International
26%
Tenn Elec Power, com___• 68% 65
69%
•
Second preferred
82
8234
•
Thermiodyne Radio
9
934
8
Thompson(RE)Radio ate*
8
814 8%
Tob Prod Export Corp.._•
3%
334 3%
Todd Shipyards Corp
30
38% 39
5
Tower Mfg Corp
7%
7
Tulip Cup Corporation.. .•
16
16
Union Carbide & Carbon_• 6934 69
70
United G & E corn new...
_10 4734 41
48
United Lt & Pow corn A • 68% 64
6934
United Profit Sharing....-1
9%
6% 10
United Shoe Mach.com.25
4131 41%
U S Gypsum, corn
20 16934 169% 169%
U S Lt & Ht Corp corn new.
534 5%
5%
Preferred
10
2% 2%
Universal Pictures
28
2534 28
Utilities Pr & Lt cl A__.• 27% 2734 2934
Victor Talking Machine100 76
75
87
• 1315
Ware Radio Corp
9
1314
Warner Bros Pict, cam_ •
1434 14%
Class A
10 1734 1654 17%
West Pac RR corn new_100 2234 2234 23
Preferred new
75
100
73
Western Pr Corp, com_100 5231 4731 543.4
Preferred
100 9134 90
93
White Rock Mln Spgs corn* 38% 36
38%
Vol tr etfs for corn stock* 37% 36
39
Wilson & Co (new) w I.-- 13%
1334 14
Class A w I
293.4 293.4 30%
Preferred w t
70
70
70%
Yellow Taxi Corp N Y- •
1234 12%
Range Since Jan. I.
Low.
90 462
9,000 163.4
7
1,600
0%
3,500
7,300 26
1,100
2
10 80
2434 Feb
Apr
47
Jan 6834 Mar
7034 Apr
Jan
Mar
Feb 138
Jan 3534 Mar
Mar 21% May
1% Feb
Jan
Mar 24% May
May
May 20
534 Feb
Apr
.19
1a
ay 28
1)
7% Jan
Jan
Feb
6% Jan
Mar 61% Jan
May
Feb 115
Jan
Apr
8
May 5834 mar
Jan 24% Apr
Jan
9% May
Mar 13% May
Jan 433.4 Jan
4614 Jan
Jan
May 17
Jan
14
Slay
Slay
Jan
9
32% May
70% May
23% May
May
F
ijaa
ey
n
b 159
Jan
87
M
Mair 6014 Jan
9% Jan
Apr
Jan
9
Apr
11114 Mar
Jan
Apr 10
May
Jan 64
Feb 10234 Mar
May
5
J2
: 107
97% May
Jan 28% Jan
Mar 68% May
Mar 1834 Apr
Mar 21)4 Jan
May
b 350
May
Jan 305
Maayr
5 34
4
24
01
000
1,300
300
6,600
600
18,600
2,700
100
30,400
600
1,200
100
4,200
600
000
50
2,900
1,400
200
1,700
11,100
400
500
700
200
3,200
26,700
450
700
37,900
400
4,700
400
3,200
100
300
1,340
4,450
560
10
200
1,000
4,500
10,800
11,790
270
18844434
230
3,400
545
200
800
100
5,900
33,100
2,450
1,870
50
15,701
3,600
100
800
1,000
75
200
10
6,000
400
800
100
25
400
700
2,400
700
300
120,,2
2741007
0
000000
0
5
634 Jan
11034 Jan
3834 Jan
8236 Mar
8134 Mar
Apr
37
OS Mat
May
46
10254 Jan
9434 Feb
8
Feb
12 May
89
Apr
4034 Mar
4231 Mar
127
Jan
1023,4 May
160
May
33
Jan
1314 Apr
40
Feb
383.4 May
9634 May
49
Mar
35
Apr
34
NIar
10% Apr
35
Jan
423135877543i MarMA1a
31%
5734
117
24%
1534
75c
9
18%
334
25
631
5!£
10434
1810431
1%
48
21
534
3734
7
3755i34
80c
181,
8
64
3
78
3
635
1n
7
834
80
8234
9
1 34
28
24
6314
17
wi
Fa
eb
y
;3
2
22 3
3850000
0000
0
High,
Feb
Mar 524
Apr 25% May
Apr 3334. Jan
Jan
Mar 28
Apr 2934 May
Apr 17% Jan
Jan 101% May
316631
1134 Feb
Feb
114
Apr
50
8034 Feb
8734
4631
1251
53
126
99
2534
17%
96
46
05
1453.4
103
160
5434
26
44
44
9731
Jan
May
May
Slay
May
Feb
May
Jan
Feb
Feb
May
May
Apr
May
May
Jan
Apr
Jan
May
46
40
12%
43
14
2316
3
May
May
Mar
Jan
1554
m
iaar
ary
6034 may
Feb
4
1944
4
5577%3,i
May
Mar
16
9H NA
lify 2
10
14
4 Jan
25155
N:
I
14
2% M
May
May
10134 Jan 113
88
Jan 931i May
Jan
Inc
4o May
May
52% Feb 107
3% Jan551 Mar
Slay
169
210731 FebSlay
Feb
Ma 120
10
29
5
May 3534 Jan
4834 Feb6935 May
Jan 8235 May
73
614 Mar 2234 Jan
Jan
6 Slay 25
53.4 Jan
334 May
Niar
42
Ma
38
24% Jan
Ma
5
May
1434 Feb 16
Mar 7334 Feb
65
Feb 4534 May
25
4434 Mar 6934 May
534 Jan 1134 mar
Jan
534
m 54y
May 45
41
5
Feb 169% Slay
ay
115
Slay
3,4
2% Jan
134 Jan
Mar 28% Feb
24
2234 Mar 2934 May
Jan
Apr 105
65
Mar 4014 Jan
9
Apr118755%
14x Feb
May
100
184
1,0
,,88100
2
000
0
00
48,000
18,900
220
6,500
325
2,4013
1,700
600
200
00
200
2,400
29,400
12,000
43,400
5
10
100
500
7
20
050
0
27
16
6,
,10
000
4,850
700
10
00
1,1
,900
33
2.
230
0000
1 :,0
2
300
2
1,100
200
22% may
May
75
Mar
30
8634 Ian
s13
11168134 AprFJa
May
May
23
76
may
543.4 may
93 may
MAapyr
May
40
4015
Apr
2634 Apr 35
May 7534••
70
May I I
12
Rights.
American Chicle
Borden Co w I
Middle West Utilities
60c
2
2
60c
1%
1%
1% 2.400
2% 18,400
2% 28,200
60c may
134 Apr
154 Apr
134 May
214 Mat
234 May
MAY 30 1925.]
THE CHRONICLE
Friday
Sales
Former Standard 011
Last Week's Range for
Subsidiaries
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Anglo-American OIL ___ El 23%
Borne Scrymser Co_ A00
Buckeye Me Line
50
Cheeebrough Mfg
25 60
Preferred
100
Continental 011 v tow L._
26%
Crescent Pipe Line
25
Cumberland Pipe Line_100 145
Eureka Pipe Line
100
Galena-Signal 011. cora.100
Old preferred
100
New preferred
100
Humble 011 & Refining_ _25 62%
Illinois Pipe Line
100
Imperial 011 (Can) new _- 34
Indiana Pipe Line
50
Magnolia Petroleum__ _100 144
National Transit..._12.50
New York Transit
100 60
Northern Pipe Line_ _ _100
Ohio 011
25 6635
Penn Mex Fuel
25
Prairie 011 & Gas
25 59
Prairie Pipe Line
100 12011
Solar Refining
100
South Penn 011
100 170
Southern Pine Line__..100 82
Standard 011 (Indiana)_ _25 66%
Standard Oil (Kansas)_ _ 26 3514
Standard 011 (Ky.)
25 118%
Standard 011(Neb)...100 248
Standard 011 of N Y__ _ _25 44
Stand 011 (Ohio) com_ _ 100 1358
Preferred
100 120
Swan & Finch
100 1714
Vacuum 011
25 288%
Other Oil Stocks.
Amer Controlleti Oil F'Ids 5
Amer Maracaibo Co
Arkansas Nat. Gas
10
Atlantic Lobos Oil corn--•
Preferred
Calif Petrol Corp new w125
Carib Syndicate
Consolidated Royalties_ _ A
Creole Syndicate
5
Crown Cent Petrol Corp.•
Derby Oil & Ref,com_
*
Euclid Oil
Gibson Oil Corp
1
Gilliland 011 corn v t c •
Gulf 011 Corp of Pa
25
International Petroleum_ _•
Kirby Petroleum
•
Lago Petroleum Corp....'
Livingston Petroleum._ _ _•
Marland 011 of Mexico._ _1
Mexican Panuco Oil ...10
Mountain & Gulf On
1
Mountain Producers..-10
Nat Fuel Gas
New Bradford 011... _ _.5
New England Fuel 011w I.
New York 011
25
Noble(C F)Oil& Gas coml
Ohio Fuel Corp
25
Peer(MCorp
•
Pennock Oil Corp
Red Bank 011
26
*
Reiter-Foster Oil Corp_ _ -•
Royal Can Oil Syndicate..
RyanConsol Petroleum._•
Salt Creek Como'OIL._10
Salt Creek Producers_ _ _10
Sapulpa Refining
5
Savoy 011
5
Sun 011 Co w
•
Tidal Osage 011 non-vot_•
Tide Water Oil new w L _•
United Cent 011 Corp_ _ _•
Venezuelan Petroleum_ _ _
Wilcox Oil& Gas
1
Woodley Petroleum Co..'
5
8
6%
4
1
1214
12
134
254
6755
26%
x314
4%
135
224
5%
734
1134
24%
2335
1
6
74
27
394
38%
1115
4%
551
551
23% 25
210 212%
6156 63
60
6154
114 114
26
27
124 1234
145 14734
81
81
5444 55%
114 114
104 104
61
844
140 145
32% 3434
74
76
144 153%
23
2351
60
63
8314 83%
6656 68%
32
32%
58% 61%
120 12111
230 232
168% 175
82
8454
66
68%
34% 38%
118% 119%
245 253
43% 44%
3494 358
119 120
17
174
88
90%
4,700
100
60
300
10
62,900
600
190
10
75
10
20
35,200
250
27,800
185
950
500
100
10
3,000
400
15,200
1,690
40
305
50
55,100
6,000
2,000
160
9,300
150
390
150
5,800
4% 5
1,000
755 8
23,200
634 7% 2.500
3% 3%
800
12
12%
400
2814 28%
800
3% 451 2,700
1
1
1.900
11% 12% 14,100
12
124 6,100
5
5
300
97c
135 4,900
235
3
2,900
1% 1%
100
6634 67% 3,700
25% 27% 28,200
356
351
1,800
454 5% 60,100
1% 1%
200
4
4
700
65c
75c 1.300
156 1% 2,600
2134 22% 25,600
114 114
10
514 556 2,200
7%
200
11
1151
1.500
10c
llc 7,000
32
32
700
1
151
1.600
2456 25% 1,600
2751 31%
1.300
224 25
10,100
90e
14 17,000
5% 834 2,200
7% 74
500
27
27% 18,700
134
134
100
1%
114
200
3835 414 26,300
934 934
200
354 37
5,300
114 12
9,800
4
4% 8,300
5%63411,700
535
3,200
Range since Jan. 1.
Low.
18
205
5835
484
110
21%
10
132
78
54
108
100
4234
127
2744
8944
1304
22
58
8135
62%
3134
5034
106
202
139
81
5934
3034
114%
240
41
338
1174
18
804
Jan
Apr
May
Jan
Mar
Mar
Feb
Mar
May
Apr
Apr
Feb
Jan
Jan
Mar
Apr
Apr
Apr
May
Jan
Mar
May
Mar
Jan
Jan
Jan
Apr
Mar
Apr
Mar
Apr
Apr
Jan
Jan
Mar
Jan
High.
26%
235
72
66%
115
3134
15%
150
98
65
114
105
6556
1544
3435
84
159
2534
79
88
7534
4434
654
126
254
197
103
70
46
1244
270
48%
369
123
27
9634
Als
Feb
Jan
May
May
Feb
Feb
Feb
Jan
Feb
May
Feb
May
Jan
May
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Feb
4
May
5 Slay
24 Jan
834 May
5
Apr
8% Feb
24 Mar
4% May
6% Mar 12% May
2835 May 28% May
335 Mar
44 Feb
1
Jan
I
Jan
84 Jan 1435 Apr
12
May 12% May
4% Apr
7
Feb
87c
Jan
14 May
1% Jan
Feb
334
1% May
3% Mar
6334 Ma
71
Feb
2234 Ma
2834 Feb
24 Jan
5% Jan
445 May
734 Apr
75c
Jan
134 May
144 Jan
434 Feb
56c
Apr
1,14 Feb
134 Jan
2
Mar
18% Jan 2254 May
106
Jan 122
Mar
3% Jan
544 Mar
635 May
7% May
834 Feb 1135 May
10c
Jan
13c
Feb
31
Ma
34 34 Feb
900 May
134 Feb
1734 Jan 25% May
16
Ma
324 Jan
2235 May 25
May
90c May
2
Apr
335 Jan
934 Mar
634 Jan
835 Mar
24
Jan 27% May
134 Mar
2
Jan
145 May
3% Jan
3854 May 414 May
814 Jan
1034 Feb
35
May 37
May
2% Jan
12
May
3% Jan
434 Apr
54 Apr
73( Jan
334 Mar
7
Mar
Mining StocksArbon& Globe Copper...1 25c
20e 25e 36,000
Calaveras Copper
5
1%
1% 1%
100
Calumet &Jerome Copper. 18c
16c
18c
3,000
Canario Cormer
10
6
534 6
17,800
Chino Extension
jIj 14,100
Pas
14
°ousel Conner Mines- -A
2,30
Consol Nevada Utah
3
4c
4c
1,00
Cortez Silver Mines Co1
to 10c
3,00
Cresson Cons Gold M&M.1
3% 3% 2,50
Divide Extension
1
2e
3c
5,00
Dolores Esperanza Corp_ _2
50c 50c
1,7(10
Engineer Gold Mines.Ltd 6 4745
4635 48% 1,70
Eureka Croesua
1 13c
12c 13c
8,00
Forty-nine Mining
1 25c
25c 30c 19,20
Golden State Mining
5c
6e
2,00
Goldfield Florence
1
Sc
8e
1.00
Hasbrouck Divide
lc
lc
1,000
Hawthorne Minee Inc...I
18c
18c
10c 14,00
Reels Mining
25e 144
1435 144
70
Hollinger Consol G M
_ 5 z1444 z1444 1635
90
Rowe Sound Co
New vot tr ctfs
• 16%
1634 174
1,10
Jerome Verde Devel
135
134
1,10
Kay Copper Co
1
234 235 88.80
Kerr Lake
134 88c
1% 2,000
Lorrain Silver Synd Ltd_ 1
12c 12c
2,000
Mason Valley Mines
5
145
134
I
200
National Tin Corp
50t)
Sc
10c 19,000
New Cornelia Copper Co.5
19% 1934
200
New Jersey Zinc
100
18435 188%
460
Niplesing Mime
a
435
5
2,900
Ohio Copper
1 88c
85c 91c
5,000
Parmac Porcupine Mining] 33c
31c 33c
9,000
Plymouth Lead Mines. .1
21c 25e
3,000
Premier Gold Mining. Lull
2334 245 4,800
2%
Red Warrior Mining Co_ _ 1 27c
25c 27c
2,000
Rochester Silver Corp
7c
7c
3,000
Silver Dale Mining
lc
lc
lc
6,000
Silver King Coalition
6% 634
634
1,200
South Amer Gold & Plat _.1
255
2%
214
500
Spearhead Gold Mining._1
6c
10c 93,000
7c
Standard Silver-Lead._ -1
17c 20c
2,000
Teck Hughes
1
111
1.6 4 6,600
Tonopah-Belmont Deve1 1
61c 61c
100
Tonopah Extension
2
11111 2
3,400
Tonopah Mining
4
3% 4
9,700
United Eastern Mining.-1 50c
50c 50c
600
United Verde Evens_ _50c
24% 25
800
U 8 Continental Mines_ -5
9c
9c
2,000
Unity Gold Mines
6 80c
70c 80c
2,90
Utah Apex
8
7
2,20
Wenden Copper Mining
345
3% 3% 16,700
West End Consolidated_ 5
25e 25c
4,00
West End Exten Mining_ _1
5e
Sc
Sc
1.000
7e
1%
15c
335
40c)
235
4c
9c
334
2c
35c
1435
70
Sc
36e
Feb
2
Feb
26c Mar
6 May
Du May
4
Feb
8c
Apr
25c Feb
4
Feb
4c
Jan
75c Feb
57
May
23e
Feb
40c May
10c
Jan
14c
Feb
lc Slay
23.3
Apr
16% Feb
1635 May
1535
98c
144
88c
Sc
135
70
1814
181
44
750
15c
20e
2
20c
Sc
lc
5
234
4c
8c
13-4
52c
Ilide
Pis
39c
204
80
50c
444
2
24c
Sc
Apr 21 34 Feb
Jan
2
Apr
Jan
2% May
May
14 Feb
Feb
18c Mar
Mat
245 Jan
Jan 18e Mar
Mar 2494 Jan
May 199
Jan
May
644 Jan
Mar
134 Jan
Feb 52c
Jan
May 860 Mar
Jan
23.4 Jan
Feb 48c
Jan
Apr 14c
Jan
Feb
4c
Feb
Jan
634 Slay
May
34 Jan
Feb 12c May
Jan 30c Apr
Jan
154 Feb
Apr 85c 1Mar
May
3314 Feb
Mar
4
May
Jan 63c
Feb
Apr 294 Jan
Jan 16c Mar
Mar 80e May
Jan
84 Jan
Jan
5
Apr
Apr 31c
Feb
May 17c
Jan
Jan
Feb
Mar
Feb
Jan
Mar
Apr
Apr
Jan
Mar
Jan
Jan
Jan
Jan
Apr
6c
Jan
lc May
Sc
Feb
123-4 Apr
13% Ma
Bonds-
2801
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Allied Pack cony deb Os'39 81
81
8155 $8,000 74
Mar
844
Feb
8s. Series B
1939
91
9114
7,000 84
Mar 9444 Feb
Alpine Montan St 7s_ _1955 91% 9114 91% 23,000 91
Mar 9134 May
Aluminum Co of Am 75'33
107% 107% 8,000 108%
Jan 1074 May
7s
1925 1014 101% 101% 4,000 10145 May
102% Jan
Amer G dr E deb 6s....2014 9845 98
99% 318,000 95
Jan 9934 May
American Ice 7s
111
11016 111
37,000 103
Mar
May
114
American Power dz Light65 old without warr 2012 96% 96% 98% 193,000 9345 Jan
9835
May
6s, new
96% 96% 9851 194,000 95
Mar 984 May
Amer Rolling 61111 68 -1935 102% 10254 102% 23,000 100
Jan 102% May
Amer Sumac Tob 73513_1925 93
9214 93% 81,000 80
May 98% Apr
American Thread 68_ _1928
103% 103% 2,000 102% Jan 104
Feb
Anaconda Cop Mln 88-1929 103% 103% 104
47,000 1024 Jan 104
May
Andian Nat Corp 68..1940 11635 114% 117% 46,000 103
Apr 117% May
Without warrants
99
99
99
12,000 98
May 10031 May
Assoc Gas.4 Elec 635s 1954 10244 101
10414 172,000 10054 May 10894
may
kasoc'd Simmons Hardware
64s
1933 8355 83
84
38,000 81
Feb 8445 Mar
Atlantic Fruit Ss
2254 22% 6,000 1835 Jan 27
Mar
AUG& W I SS L 58_1959 69
68% 6934 110,000 62
Jan 7045 Mar
Beaver Board Co 85.-1933 92
92% 14,000 88
91
98
Jan
Jan
Beaver Products 7348_1942
107 107
1,000 10634 May 107
May
Bell Telep of Can 5s_.1955 99% 0011 99% 92,000 97% Feb 99% May
Beth Steel aqui!)7s.A935 103% 10344 103% 17,000 103
Mar 104% JIM
Canadian Nat Rys 75 1935
111% 112
20,000 108 14 Jan 1123.4 Apr
435s
1954
944 9435 7.000 9256 Jan 943.4 May
Chic RI & Pac 5%s_ _1928
10135 101% 3,000 100% Jan 101% Jan
Cities Serv 7s Ser B_ _ _1966 172% 167 17255 5.000 1503-4 Jan 17835 Feb
Cities Service 7s Ser C_1966 12114 119 122
82.000 111
Feb
Jan 128
Cities Service 7sSer D 1968 101% 101% 101% 65,000 984 Jan 10635 Feb
Cities Serv 78, Ser E...1968
112% 11355 6,000 109
Jan 11335 May
Cittee Serv Pr & Lt 68_1944 934 92% 93% 119.000 92
Feb 94% Mar
Cons0 EL&P Balt835s Series D
1951
110 11034 15.000 108% Jan 110% May
8s
107% 1073.4 14.000 1044 Jan 107% mar
1949
53413 Series E
1952
10434 104% 2,000 10144 Jan 10454 May
Consol Textile tls
1941 86
8535 86
10,000 80
Jan
Apr 95
Cosg-Meehan Coal 614s '54
9735 974 3,00
9734 May 9735 May
Cuba Co 6s
1935 9314 93
93% 84.000 914 May 98
Mar
Cudahy Pk deb 5343..1937
92
93
36,000 894 Jan 95
Feb
Deere & Co 73-45
1931 104% 10434 105
12,00 104
Feb
Jan 105
Del City Gas88
105 10534 30,000 10235 Jan 10635 May
1947 105
Detroit Edison 6s...A932 123
120 123
81,000 110% Jan 124
May
Dunlop T&R of Am 78 1942 104% 103% 10434 125,000 10035 Jan 105%
May
Est RR of France 75 _1954 8354 83
8474 103,000 784 Aer
8834 Feb
Federal Lt & Trac 68_ _1954
9335 9434
3,000 9014 AP
9434 May
Federal Sugar 88
95
1933
96
7,000 92% AP
99
Mar
Gab (Robert) Co 78..1937
100 100
1,000 99
AP 10235 Feb
Galena-Signal 011 76_1930 105
1044 105
13,000 1044 Jan 10535 Feb
General Petroleum 68_1928
10135 101% 20,000 100% Jan 101% Feb
Grand Trunk Ry 845_1936
10834 108% 20.000 1054 Jan 109
Mar
Gulf 011 of Pa 58
1937 9911 9935 99% 77,000 9835 Jan 10154 may
Serial 535s
101% 102
1928
4.000 101% Mar 102
Jan
Hood Rubber 7s
104 104
1938 104
4,000 102
May
Jan 104
Internat Paper 68 w 1_1955
9634 974 228,000 95
Mar 9734 May
Italian Power 8355_..1928
99% 994 3,000 974 Jan 994 May
Kansas City Term 5568'26
101% 101% 6,000 10134 Ma 1024 Jan
Krupp(Fried) Ltd 78 1929
933-4 9335 17,000 92
994 Jan
AP
Lehigh Power Secur 68 1927
10134 10135 18,000 100% Ma 1014( Mar
Libby, MeN & Lib 78_1931 103% 10335 104
9,000 102
Jan 10434 May
Liggett Winchester 7s_1942 108
108 108
1,000 10734 Jan 10834 Jan
Manitoba Power 78. _ _1941 10251 102% 102% 7,000 9835 Jan
103
APT
blo Pac RR 138 Ser E.1955
10134 101% 347,000 10035 May 102 Slay
Morris& Co 748
1930 10355 102% 10335 48.000 984 Jan 104% Feb
Nat Dist Prod 75
101 101
1930 101
5,000 100
Apr
Jan 102
New On Pub Serv 63..1952 93% 934 9334 268,000 8835 Jan 9354 May
Nor States Pow 6 3.4s..1933 119% 11331 11935 591,000 105% Jan 11935 May
63.4e gold notes_ _ _ _1933 104% 1024 10435 57,000 9914 Jan 10434 May
Ohio Power 6s Ser B._1952 9551 95% 95% 90,000 89
Jan 9635 May
Oklahoma Gas & El 5s1950 95
94% 95
81,000 94
Mar
May 95
Park & Tilford 68._ _1938 97
9835 97
11.000 9535 AP
Jan
98
Pennok Oil Corp 68_ A927
1004 10034 15,000 97
Jan 10034 Mar
Penn Power & Light 531 '52 98
9734 9835 32,000 93
Jan 984 May
97% 98
1953 98
6s series D
27.000 95
Apr 9834 May
Phila Electric 55
10135 10134 2,000 99
1980
Apr 100% May
10634 1084 1,000 10434 Jan 106% May
1953
535s
6s
1941 1074 107% 1074 3,000 106
Jan 107% MeV
Philo, Rap Transit 68_ _1982
98
98
3,000 97
Mar
May 99
1014 102
Pure on co OHs
35,000 97% Jan 10214 May
1933 102
Shay/sheen MIMI 74 _1931 10154 101 101% 69,000 100
Apr 104
Jan
Slemans & Halake 78._1928 98% 9835 99
12,000 984 Apr 994 Feb
7s
9534 98 112,000 9535 May 9844 Feb
1935 96
Sloss-Sheff St oz I 6a..1929 102
102 102
4,000 101
Jan
Jan 102
Solvay & Cie t3s
1934
10314 104
43,000 100
May
Jan 104
South Calif Edison 56_1944
96% 9651
1,000 92
Jan 97% May
Stand Gas & El 848-1954 138
13734 14034 240,000 1084 Jan 145% May
Stand Milling 5 35s.._ 1945
95% 9654 29,000 9534 Mar 9635 May
Stand 011 of N Y 648_1933 107% 107% 10754 27.000 10635 Jan 108
Feb
Sun 01153.45
1939 984 9756 98% 93,000 9535 Jan 984
May
Swift & Co 58_ _Oct 15 1932 96% 96% 96% 97,000 94
Jan 9631 Feb
Thyssen(Aug)I&SW 7s '30 93
93
9354 148.000 92
May 9934 Feb
Toho El Pow (Japan) 75'55 90% 9034 913-4 359,000 90
May 914 May
Trans-Continental Oil 70'30 101
101 102
40,000 993-4 Apr 10355 May
66%
Tyrol Hydro-El Pow 7358'54 96%
66% 34,000 6694 May 9691
Union 011 Cal 58
1935 9514 9534 3634 44,000 9434 May 96)4 may
Mar
United 011Prod Ss _1931
31% 3134
1,000 28
Jan
353-4 Jan
United Rysof Slav 7481938
110 110
3,000 10734 Mar 110
Jan
US Rubber Ser 6 48_ _1928 10134 10134 1019-4 7,000 10034 Apr 10235 Mar
Serial 634% notes. _1927
101% 102
20,000 100% Apr 102
Mar
Serial 64% notes_1928
101% 102
57.000 100% Apr 1024 Mar
Serial 854% notes..1929 101% 101% 10135 39,000 9934 AP 101% Mar
Serial 654% notes_ _1930 101
1004 101% 77,000 994 Apr 1014 May
Serial 654% notes_ _1931 100
99% 10035 55,000 974 AP 1003.4 May
Serial 634% notes_ _1932 100
9934 10034 42.000 97
Mar 100% May
Serial 614% notes_ _1933 99
9835 99
May
53,000 96% Apr 99
Serial 814% notes_.1934 98% 984 98% 51,000 9835 May 98% May
Serial 654% notes._1935 9855 98
9834 48,000 96
Apr 98% Slay
SerlalOS.4% notes._1938 9851 9734 9834 42,000 954 Apr 984 May
Serial
% notes_ _1937 '98
9745 984 51,000 9545 May 98% May
Serlai83.4% notes_ _1938
60,000 9534 Apr 98 May
9734 98
Serial 63.4% notes..1939 98
9734 9834 46,000 9535 May 9834 May
Serial 64% notes._1940 98
973-4 98
54,000 95% May 98
Mar
Vacuum 011 78
1936 105% 105% 106
58,000 105% Apr 107% Jan
Webster Mills 64s _ _1933 08
98
984 18,000 97)4 Mar 10344 Jan
Foreign Government
and Municipalities
Bogota (Colombia)83.1946
94
95
Gratz (City) Austria Ss '54 98
95
9835
Denmark (tang)65_ ..19711
99
9934
French Nat Mall SS 7s 1949 82
82
84
Indust Mtge Bk of Finland
1st M coil sf7s...l944 95
94
95
Niedellin(Colombia)8.3.1948 98
98
98
Netherlands(Kingd)6511'72 106% 10634 10835
Oslo (City of) 68w 1 _ A955 99% 994 99%
Peru (Republic of) 88_1932 100% 99% 1004
Russian Govt6 As_ _ _ _1919 12% 1235 13
6358 ads
1919 12
12
1235
5358
1921
14
14
5355 ctfs
1921
103.4 103.4
Switzerland Govt 5356 1929 101% 101% 102
External 5% notes .1928
10035 10034
13,000
21,000
55,000
43,000
98
Mar 9734 Jan
97
May 9834 May
9834 Mar 100
Feb
Jan
773,4 Apr 91
57,000 9234
2,000 98
19,000 10234
13,000 9934
4,000 99
13,000 1235
4,000 12
1,000 1135
10,000 1035
27,000 101
3,000 10045
Mat
Jan
Mar
Apr
Jan
May
May
May
May
Jan
Mar
95
98
107
99%
1004
17%
17
1734
1534
102
101%
Jan
Jan
Feb
May
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Note -Sold last week and not reported: 20 shares New
England Telep. & Teleg.
• No par value. k Correction. I Listed on the Stock
Exchange this week, where
additional transactions will be found. o New
stock. a Option sale. to When
towed. z Ex-dividend. p Ex-rights. t Ex-stock dividend.
Xixtiestment
2802
anti gailroaa /ntelligenct.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of May. The table covers 15 roads and shows 1.93%
decrease from the same week last year.
Third Week of May.
1925.
1924.
Ann Arbor
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Duluth So Shore & Atlantic_ _ _ _
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
St Louis-San Francisco
St Louis Southwestern
Southern By System
Texas & Pacific
Western Maryland
$
101,274
276,878
4,193,500
2,654,000
125,723
28.200
1,975.000
10.379
273.577
346,015
1,752,696
427.900
3,576,397
589.410
351,764
$
102,558
288,394
4,329,726
3.008,000
121,559
29,250
1,885,999
8,140
282,970
419,872
1,631,147
441.827
3,544,473
565,540
353,561
Increase. Decrease.
$
4,164
1.050
89,000
2,239
9,393
73,857
121,549
13.927
31,924
23.870
1.797
272,747
16,682,713 17,013,016
Total (15 roads)
Net decrease (1.93%)
$
1,284
11,516
136,226
354,000
603,050
330.303
In the table which follows we also complete our summary
of the earnings for the second week of May.
1925.
Second Week of May.
Increase Decrease.
1924.
3
$
)
3
odns):: 16,01i,Z 16,352,1y
a A lilirz
rrntied
arl?go
j
yi:vviaousl
da
580,259
575,291
Texas & Pacific
3
260.210
16,598,018 16,938,303
______
265.178
_ _ _ __ _
Total (16 roads)
Net li ArrPAAA (2_n0e7-)
$
6
17
601,3,
4,968
605,463
940 9118
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week January (16 roads)
2d week January (16 roads)
8d week January (16 roads)
4th week January (16 roads)
brt week February (16 roads).......
2d week February (16 roadie
ad week February 416 roads)
4th week February (16 roads)
lit week March (16 roads)
6 roads
2nd week March
&d week March 16 roads
4th week March 16 roads
let week April r6 roadsi
wk April 16 roads
2d week
8d week April 16 roads
4th week April (16 roads)
jet week May (16 roads)
24 week May (16 roads)
3d week May (15 roads)
Previous
Year.
Increase or
Decrease.
15.199,517 15,542,805 --313.288 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
16.855.777 17,210,271 -363.464 2.11
16.957.292 19.300.342 --2.343.050 12.13
16.823.784 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
16.598,018 16,938,303 --304,285 2.00
16.682.713 17,013.016 --330,303 1.93
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive, they
Include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Zarritnps.
Chou Earnings.
Mosth
1925.
1924.
Increase or
Decrease.
1925.
1924
Increase or
Decrease.
8
483,105.642.487,329,225 +15.866.417 101,022.458 83,680,754 +17,341.704
Jan
Feb_.454.009,669 478,451,607 -24.441,938 99.460,389 104,441.895 -4,981,506
Mar__ 485,498,143 504,362,976 -18,864,833 109.230,088 114.677.751 -5.447.665
Note.-Percentage of Increase or decrease In net for above months has been
January, 20.73% Inc.; February, 4.77% dec.; March, 4.74% dec. In January the
length of road covered was 238,149 miles in 1925. against 235,498 miles in 1924; in
February. 236,642 miles, against 236.031 miles; In March, 236,559 miles. against
238,048 miles.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net after Taxes1924.
1925.
1924.
1925.
1924.
1925.
Akron Canton & Youngstown85,976
82,319
99,513
230,037
246,667
April
296,209
381,788
348,906
931,300
943,879
From Jan 1_
Ann Arbor96,796
108,095
117.708
478,803
435,765
April
366,074
362,451
438,314
From Jan 1. 1,793,916 1.830.118
Atoh Topeka & Santa Fe14,273,197 14,380.548 2,560,082 2,457,393 1,557,946
April
From Jan 158,066.357 57.950.287 13.756,186 11,969,244 9,114,472
Atchison Topeka & Santa Fe System16.939,653 17,023.149 2,585,332 2,400,101 1,495,196
April
From Jan 1.70.503,425 68,964.287 16,265,509 13,194,874 11,168,463
Atlantic City304.283 -13,345 -40,703 -36.041
327.6643
April
From Jan 1_ 1,107,479 1,043,561 -243.385 -271,694 -334,169
Line
Coast
Atlantic
8,380,764 7.534,473 3.081,437 2,390,149 2,479.260
April
From Jan 1 33.702,782 31,394.357 12.444,109 10,649,758 10,388,239
Baltimore dr Ohio18,233,554 18,574,172 3.922,310 3,940,827 3,070,411
April
From Jan 1_72,214,551 75,197,876 13,895,352 13,662 726 10,505,241
Bangor & Aroostook.248,547
843,283
723,084
April
.885.274
From Jan 1 2,814,412 2.822.316
Belt Ry of Chicago81,402
182,816
128,233
5513,272
518.085
April
494,945
858.040
680.557
From Jan 1 2,219,927 2,280,921
Bessemer & Lake Erie73,244
7,506
90,261
April
991,753 1,007,619
443.374
566,267 -257,172
From Jan 1 3,676.755 3.394.693
Boston & MaineApril
6,327,802 6,410,487 1,289,148 1,035,279 1,033,135
From Janl _25,328,795 25,890,237 4.419,933 3,932,699 3,378,426
Brooklyn E D Terminal34,984
43,201
41,856
April
116,871
108,325
159,861
196,741
From Jan 1_
188,397
484,421
487,308
Bull Rochester &
108,363
155,273
Apri,
143,363
1.185.848 1.172,614
538.628
380.483
From Jan L 4,038.000 5.632,228
678,842
69,117
327,093
84,636
276,996
1,526,630
7.834.023
1,458,707
9.642,956
-80,897
-351,719
1.939.067
8,944.022
3,074.983
10,189.432
*187.180
*870.310
138,394
499,760
-34,998
-427,298
774,049
2,967,850
35.688
167,522
125,239
244.858
-Gross from Railway- -Net from Railway- -Net after
1925.
24.
1925.
1925.1924.
198
$
Buffalo & SusquehannaApril
-9,043 -24,098 -10.443
143,541
118,441
17.878
--5,635
From Jan 1_ 652.939
31.478
740.169
Canadian NationalApril
17,656,889 19,051,093 1,254,532 1,255,604
From Jan L69,093,343 75,833,721 3,774,782 3,811,136
Canadian PacificApril
12,608,789 13.806.122 1,448,600 1,754,918
From Jan L49,223,560 55.094,605 5.304,282 6,203,966
Central of Georgia471.061
495.004
583,016
April
2,459,334 2,248,736
From Jan 1 9,663,619 9,088.164 2,204,896 2,118,317 1,769,933
pril RR of N JCentral
871,974
857,733
A4,614,660 4,336,629 1,241,008
From Jan L17,872,208 17,600,077 4,233,801 2,626,813 2,808,085
Central New England157,426
208,123
182,472
638,835
April
628,046
731.176
709,719
832,734
From Jan 1 2,536,112 2,674,590
Central Vermont697.461 -11,370 --62,816 -30,523
April
699,481
37,714
240,556
114,293
From Jan 1_ 2,594,645 2.803,459
Charles & West Carolina105,450
65,018
125,548
353,961
April
412,996
396,023
274.733
476,276
From Jan 1 1,498,532 1,358,859
Ches dr Ohio LinesApril
9,072,728 8,447.017 2,042,591 2.165,587 1,802,816
From Jan L35,711,735 34.023,404 8,202,706 8.013,724 6,443.701
Chicago & Alton355.386
352,609
455,006
April
2 247,980 2,334,802
From Jan 1_ 9.509,761 9,889.089 1,991,683 2,041,455 1,503.490
Chicago Burl & QuincyAprli
11.438,998 12,288,572 2,196,421 2,788,900 1.448,757
From Jan 148,398,662 51.835,927 10.409,188 12,413,038 7.155.402
Chicago & East Illinois101,604
120,201
202,355
April
1,900,527 1,961,695
555,191
From Jan 1 8.350,917 9,165,599
967,983 1.022,394
1924.
$
--28.748
--32,730
•
389,930
1,671,428
518,599
1,166,185
182.423
606,812
-82,050
164,736
47,205
204,294
1.782,544
6,488,993
250,332
1,675.862
1,900,293
8.946,537
19,439
809,274
Chicago Great Western117.114
53,185
190,517
April
131.231
1,797,848 1,874.199
843,453
820,894
From Jan 1 7,493,098 7.727,380 1,148,487 1.151,252
Chicago Ind & Louisville288.318
311,881
343,026
April
388,468
1,380,855 1,437,007
From Jan L 5.513,443 5,698,295 1,441,654 1.408,868 1,172,829 1,128,559
Chicago Milw & St Paul391,155 --382,797
421,058
April
11,740,479 11,707,719 1,144,588
From Jan 1 48.412,174 50.153.218 7,796.354 7,401,464 4.769,043 4,221,125
Chicago & North Western334,130
670.569
April
10.889,057 11,323.104 1.473,125 1,089,092
From Jan 1 43,522,386 47,196.981 6.558.647 7,650,806 3,246,233 4,613,119
Chicago River & Indiana144,895
113,792
180,416
April
148,998
563.615
538.496
761,662
529,872
888,892
From Jan 1 2.275,826. 2.443,686
690.717
Chic R I & Pacific741,973
April
9.448,005 9,338.723 1.565.311 1.262,856 1,032,030
From Jan 1_38.554,238 38,387,643 7.220,581 7,108,467 5,114,117 5,029,434
Chicago St Paul Minn &()194,120
90,645
316,062
206,356
April
1,861.282 2.107,616
From Jan L 8,448.283 9.130,366 1,632.620 1,754,092 1.132.495 1,249,110
Cinc Indiana & Western10,216
30,721
24,555
45,242
332,899
April
357.055
133,273
171,729
205,730
245.360
From Jan 1_ 1,518,252 1.423.016
erhiflieldinp
ClA
160,864
1843,751
210,033
241,751
685,936
727,764
611,515
859,902
811,710
From Jan 1_ 2,974,684 2,831,113 1,079,921
Colorado & Southern*3,356
.79.741
972.120
April
822,934
*313,422 *445,550
From Jan 1_ 3,723.654 4.127,702
Columbus & Greens-2,945
14,107
15,844
-1,418
123,519
April
120,378
7.858
82,890
88,933
14,789
505,988
From Jan 1_
511,439
Delaware dr Hudson437,919
610,565
540,715
723,631
April
3,559,517 3,581.466
From Jan L14,544,754 14,732,519 2,357.874 1.685.984 1.907,346 1,273.917
Delaware Lack dr WesternApril
7 533,699 7,177,351 2,119,143 1,683,349 1,523,538 1,132,784
From Jan L28,304,206 28.341,728 6,740,481 6,207,283 4,496.733 4.143,526
Denver It Rio Grande Western504,496
560,830
April
2,230.521 2,362.393
From Jan E 9,477,094 9,541.950
Detroit dr Mackinac4.494
9,238
18.875
147,260
-832
April
135,316
25,306
37,223
-3,306
86,342
573.980
From Jan 1_
507,976
Detroit Terminal52,813
93,106
217,531
75,913
74,284
April
164,171
173,270
250,182
826.295
247,748
From Jan 1_
55
130
213%
75
Det & Tol Shore Line48,698
246,270
51,459
72.052
259,481
69,327
April
453,881
497,737
588,660
550.235
From Jan 1_ 1,253,996 1,285,682
East St Louis Connecting63,413
56,104
174,865
62.299
718724.962290
70,589
April
315,119
791,988
324,484
From Jan L
346,875
350,683
Elgin Joliet & EasternApril
*355,000 *353.090
2,183,000 2.019,000
*1,663.000 •1.430,000
From Jan 1_ 8,977,000 8,401,000
Erie Railroad8,377,087 8.515.216 1,664.067 1,498,292 1,297.229 1,154,850
April
From Jan L32,404,492 34.652,834 4.094,960 5.134,164 2,660,741 3,743,213
Chicago & Erie321,993
April
435,085
1,171,556 1,108,217
491,796
374,666
From Jan 1_ 4.663.477 4.785,373 1.806,046 1,707,944 1,588,756 1,497.079
NJ&NYRR12,795
5,416
136,053
126.354
9,116
16,402
50,009
517,383
504,822
Aporm11 Jan 1_
Fr
18,466
32,956
64,861
Evans Ind dr Terre Haute22,274
45.951
April
182,136
117.950
51,580
26,725
156.455
From Jan 1. 785,535
233,056
606,657
263,644
175,950
Florida East Coast607,006
599.479
Froll
/kn
2,249,914 1,887.096
716,878
713,585
Jan 1_ 9,900,879 8,219,652 3,568,007 3,356,159 3.107,572 2,951,8E9
Ft Smith & Western19,187
34,738
April
25,126
148,173
146.319
40,238
133.671
20.290
44,564
536,913
From Jan 1_
597,535
155,873
Galveston Wharf13.648
-9,255
April
7,055
121,099
86,465
30,848
155,547
10,365
77,650
From Jan 1_ 643,820
403,384
223,590
Georgia dr Florida.5.5i9 *12,835
29,275
April
127,207
137,689
30,732
*25.619
*73.671
144,759
From Jan 1. 525.355
111,215
595,521
Georgia Railroad107,682
89.419
96,193
April
114.615
493.874
504,271
307.889
361.476
389.707
From Jan 1_ 2.000,797 1,985,212
352.949
Great Northern System649,097
526,288
April
7,312,926 7,363.432 1,358,806 1.379.262
Frcm Jan 1_28,398,828 28,497.018 5,812.418 5.144,329 2,923,654 2,277,892
Green Bay & Western19.061
27,182
19,882
26,561
121.427
April
121,087
94,733
102,386
132,390
124,733
486,411
505.698
From Jan 1_
Gulf Mobile & Northern134,018
163.547
132,943
166,756
510,930
April
545,195
464,815
590,651
474,618
588,963
From Jan L 2,092,752 2,026,696
Hocking Valley244.707
352.327
337,670
452,619
1,574.269 1,364,200
April
758.040
851.203
From Jan 1. 5.235.861 5.093.289 1.159.359 1.223,471
MAY 30 1925.]
THE CHRONICLE
-Gross from Railway- -Net from Railway--Nei after Taxes
1924.
1924.
1925.
1925.
1924.
1925.
Illinois Central System13,391,421 13,897,224 2,748,091 2,797,491 1,846,115 1,941,887
April
From Jan E56,141,443 58,540,056 13,415.450 14,007,224 9,153.064 10,020,882
Illinois Central Co11 679,999 12.204,650 2,360,761 2,409,903 1,588,255 1,669,736
April
From Jan 1.48,718,316 51,596,064 11,355,690 12,276,936 7,607,854 8,7.52,279
Yazoo & Miss Valley1,711,422 1,692,574
387,330
387,588
April
257,860
272,151
From Jan 1_ 7,423,127 6,943,992 2,059,760 1,730,288 1,545,210 1,268,603
North
Great
Internation
1,350,788 1,271,849
*104,959 *107,843
April
From Jan 1_ 5,615.782 5,264,975
*530,878 *415,336
Kansas City SouthernTexarkana & Ft Smith224,145
251,301
80,960
122,765
65,115
107,841
April
970,385
394,135
502,385
Fromjanl. 917,171
330,771
440,554
Kansas City Southern (Incl Texarkana & Fort Smith)1,642,760 1,801,756
April
'
,283,028 .317,047
From Jan E 6,599,547 7,020,352
•1,292,727 .1,350,012
Lake Terminal83,455
81,182
April
-4,622 -11,680 -10,521 -18,084
323,599
7,272 -27,745 -17,329 -53,363
350,246
From Jan 1_
Lehigh & Hudson River227,628
85,336
269,256
52,310
April
70,677
40,184
277,090
304,411
From Jan 1_ 1.018,605 1,045,804
225,160
249,009
Lehigh & New England345,779
478,222
180,420
23,525
April
154,665
16,806
380,815
206,271
From Jan 1. 1,617,647 1,572,254
318,909
162,217
Lehigh Valley6.499,918 6,111,450 1,784,439 1,228,859 1,438,650
April
996,725
From Jan E24,698,327 24,645,829 5,511,048 4,406,043 4,253,002 3.478,578
Louisiana & Arkansas329,853
340,723
102,365
71,960
April
75,812
49,050
359,148
325,482
From Jan 1_ 1,203,722 1,268,557
250,047
232,084
Louisville & Nashville10,567,590 10,686,956 1,910,572 1,474,045 1,437,358 1,060,106
April
From Jan 1_44,798,592 44,852,611 9,200,442 7,065,089 7,159,309 5,361.954
Maine Central1,587,672 1,682,200
301.642
280,849
201,923
April
178,512
From Jan 1_ 6,713,170 7,013,706 1,407,208 1,202,963 1,005,514
793,602
Minneapolis & St Louis1,025,020 1,031,527 -225,994 -320,428 -292,429 -388,835
April
307,344
246,125
42.701 -22,701
From Jan 1_ 4,838,514 4,872.363
Minn St P & S S 34 System3,584,474 3,665,415
759,281
689,417
April
517,945
462,421
From Jan E13,930,781 13,699,041 2,571,485 1,918,766 1,613,078
988.777
Minneapolis St Paul & S S Marie1,999,105 2,011,108
379,848
317,992
April
229,998
182,152
739,704
From Jan 1_ 7.840,382 7,367,769 1,347,019
750,253
162,462
Wisconsin Central1,585,369 1,654,307
379,434
371,426
April
287,947
280,270
From Jan 1_ 6,090,398 6,331,273 1,224,467 1,179,062
882,825
826,315
Ml2sissiPP1 Central151,816
119,120
37.428
43,620
26,798
36,614
April
505,459
609,728
142,649
166.301
Frorn Jan 1_
105,388
139,777
M-Kansaii-Texas2,720,209 2,561,143 1,004,645
757,696
802,382
April
585,407
From Jan 1_10,985,853 10,404,335 3,910,802 3,156,845 3.105,094 2.454,550
Missouri Pacific10,118,236 9,481,933 1,941,914 1,757,557 1,538,084 1,380,195
April
From Jan E41,896,132 38,107,210 8,371,827 6,854,210 6,700,107 5,344,890
OhloMobile &
1,594,392 1,714,646
432,844
525,961
335,738
429,829
APril
From Jan E 6,282,553 6,785,860 1,669,380 1,862,115 1,313,055 1,519,890
Monongahela Connecting194,359
170,372
20,276
8,076
15,506
April
3,058
819,677
819,337
106,726
81,494
87.308
From Jan 1_
60,330
Montour104,034
87,048
5,431 -24,030
-33 -26,141
April
422,671
454,331
2,123
-4,915 -18,049 -23,618
From Jan 1_
Louis
St
Nash Chatt &
1,982,831 2,078,006
341,968
390,757
281.564
April
330,579
From Jan 1.. 7,934,454 8,074,644 1,478,878 1.298,679 1,237,952 1,057,145
Newburgh & South Shore190,618
180,941
56,537
43,314
43,005
April
29.130
689,205
704,195
191,545
92,512
139,030
From Jan 1_
38,283
Northern
Gt
New Orleans
239,684
254,793
71,314
82,181
51,259
April
63,817
986,535
289,469
307,414
210.009
From Jan E 959,477
237,380
New York Central30,413,470 30,221,036 7,751,979 7,348,710 5,572.466 5.352,597
April
From Jan 1.118531248122929,705 26,656,762 27,890,070 18,441,128 20,075,002
BeltHarbor
Indiana
867.295
912,230
279,760
268,990
248,723
April
242,801
3,600,045
3,665,889 1,031,481
1_
929,189
Jan
894,814
816,194
From
Michigan Central7,376,103 7,630,334 2,183,503 2.155.688 1,731,641 1,706,412
April
From Jan 1_28,378.688 30,427,163 8,083.640 8,867.738 6,371,113 7,091,145
C C C & St Louts6,897,970 6,889,385 1,698,549 1,514,395 1.275,914 1,145,451
April
From Jan 1.28,685,610 29,074,308 7.402,763 6,581,168 5,651,458 5,030,114
Pittsburgh & Lake Erie2,568,401 2,673.134
543,837
584,760
373,319
410,558
April
From Jan 1_11,208,300 11,841,280 2,415,954 2,701,072 1,702,276 2,013,241
N Y Chic & 861.
4,366,801 4.626,478 1,106,140 1,059,293
858,252
830,887
April
From Jan 1_17.703,736 18,521,502 4.700,184 4,396,893 3,707,004 3,453,468
Connecting
New York
212,109
218,546
141.361
134,223
100,111
99,523
April
950,103
910,119
626.190
663,051
464,690
518,951
From Jan 1_
N V N H & Hartford10,855,444 10,670,550 3,000,752 2,556,921 2,580,028 2,156,589
April
From Jan 1_41,372,435 41,337,292 10,374,000 9,081,539 8,786,517 7,432.796
N Y Ontario & Western185,030
980,474 1,026,489
172,051
139,030
123,874
April
214,236
314,260
30.018
121,817
From Jan E 3,562,213 3,769,888
Western
&
SUS(I
Y
N
374,558
121,589
415,948
19,346
92,679 -10,495
April
288,803
7,742
172,773 -115,166
FromJan 1 1,601,469 1,508,149
Norfolk Southern884,658
215,568
800,066
247,226
170,763
203,512
April
816,532
883,742
831,211
710,945
From Jan 1_ 3,041,182 3,310,192
Western
&
Norfolk
7,246,552 7,829,814 2,012,884 2,159,323 1,412,694 1,483,503
April
From Jan 1_31,155,170 31,670,165 9,473,332 7,106,193 7,072,325 4,704,345
Northern Pacific*773,917 *1,042,999
6,889,896 7,309,212
April
*3,373,557 *4,329,746
From Jan 1_27,298,873 28,600,048
Pennsylvania System56,977,139 56,757,328 11,078,590 11,733,261 8,354,394 9,265,883
April
From Jan E223587608 226815.185 35,870,204 41,231,869 27.163,873 33,404,863
Pennsylvania Co52,708,714 52,658,320 10,384,590 11,129,058 7,842,873 8,833,064
April
1208355.294211994.143 34,395,326 39,871.477 26,083,620 32,417.013
From Jan
Bait Ches & Atlantic-.
101.706 -30,898 -26,435 -33,893 -29,567
109,563
April
360,763 -128,216 -83,505 -129,596 -84.907
371,577
FromJanl
Long Island511,501
458,257
403,971
2,829,411 2,723,759
362,893
April
1,368,348 1,301,565 1,130,827 1,092,837
From Jan 1.10,274,898 9,888,962
West Jersey & Seashore148,744
971,681
219,640
162,961
94,479
1,052,635
April
160,022
298.486
333,904
126.104
From Jan 1 3,613.425 3,472,715
2803
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1925.
1924.
1925.
1924.
1925.
1924.
Peoria & Pekin UnionApril
136,721
141,289
23,102
From Jan 1
669,838
636,597
177,661
Pere MarquetteApril
3,208,012 3,362,908
732,460
From Jan 112.549.044 13,842,600 2,865,804
PerklomenApril
98,173
92,414
33,886
From Jan 1
375,171
397,694
150,376
Pittsburgh es ShawmutApril
95,929
79,992
11,598
From Jan 1
400,786
345,935
52,733
Pitts Shawmut Ss NorthApril
141,993
114,007
23,578
From Jan 1
579,843
435,719
106,922
Pittsburgh & West VirginiaApril
365,575
292.156
137,361
From Jan 1 1,463,028 1,229,302
518.596
Por ReadingApril
164,383
123,524
69,324
From Jan 1
778,886
637,672
385,224
Reading CoApril
7,767,914 7,546,632 1,788.115
From Jan 130,485,283 31,057,470 7,117,387
Richmond Fredericksburg & PotomacApril
1,197,157 1,111,485
472,790
From Jan! 4,419,269 4,169,906 1,686,834
RutlandApril
528,356
546,759
77,202
165,022
From Jan 1 1,989,155 2,154,650
St Louis-San FranciscoApril
6.691,227 6,785.967 1,753,141
From Jan 127.591.389 26,708.965 7,956,495
St Louis SouthwesternApril
1,385,662 1,476,751
388,570
From Jan! 6,019,953 6,121,000 1,779,835
St Louis TransferApril
58,195
61,104
11,096
285,822
51,015
From Jan 1
277,748
Seaboard Air LineApril
5.183,863 4,564,884 1,292,284
From Jan 120.625.334 19,363,771 5,072,717
Southern Pacific SystemApril
21,605,888 22,935,928 3,543,934
From Jan 1_86,872,773 90,653,651 16,075,697
Atlantic SS LinesApril
904,881
944,359
11,742
From Jan 1 3,674,153 3,930.928 -285,269
Southern Railway SystemApril
12,221,292 11,908,579 3,559,121
From Jan 147,817,058 46,913,327 13.371,721
Ala Great Southern269.122
April
833,160
799.974
From Jan 1 3,301,731 3,279,729
940,895
Cin N 0& Tex Pacific559,314
1,833,367 1,851.533
April
From Jan 1 7,434.477 7,376,846 2,481,852
Georgia Southern & Florida438,529
395,193
125,082
April
604,172
From Jan 1 1,888,737 1,634,593
New Orleans Sz Northeast450,372
198,936
486,385
April
721,335
From Jan! 1,942,763 1,924,550
Staten Island B'!'
235,496
217,472
20,136
April
827,756
859.248
5,009
From Jan 1
Term Ry Assn of St Louts-395,614
434,982
137,802
April
From Jan! 1,691,808 1,660,116
586.745
Texas .6 Pacific2,602,586 2,491.764
427,981
April
From Jan 1 10,840,166 10,470,171 2,280,356
Ulster .6 Delaware110,406
115,381
15,576
April
371,601 -19,163
339,834
From Jan!
Union RR (Penn)889,683
923,793
176,565
April
340,712
From Jan 1 3,576,702 3.476,003
Utah107,279
108,541
30,830
April
504,404
192,399
571,089
From Jan 1
Virginian1,373,314 1,326,043
428,733
April
From Jan 1 5,129,362 6,183,063 2,208.681
Wabash5,429,620 5,314,358 1,145,978
April
From Jan 121,558,687 21,528.425 4,644,872
Western MarylandApril
1,593,223 1,560,310
466,466
From Jan! 6,395,354 6,638,747 1.830,933
Western Pacific995,787 1,065,026
April
FromJanL 3,904,603 3,823,898
Wheeling & Lake Erie1,664,910 1,535,141
513,104
April
From Jan 1 5,935,587 6,269,105 1,460,971
• After rents.
30.922
190,365
7,102
113,661
18,422
140,365
633,325
575,114
454,724
3,021,124 2,298,226 2,397,924
33.319
150,285
28,719
129.796
28.883
136,691
-14,806
-50,770
490
-40.982
-14,951
-51.913
8,727
-18,129
20,718
96,079
6,080
-29,088
82,951
332,770
94,003
354,579
45,903
181.853
29,379
195,039
53.961
319,550
12,990
142045
1,475,376 1,426,071 1,089,323
6,398.420 5.706.253 4,852.240
394,650
403,083
334,722
1,443,151 1,425,968 1,210,935
99,185
347,394
55,365
77.499
71,362
238,600
1,864.451 1,430,932 1,511,148
7.417,065 6,511,116 6.015,833
329,867
346,159
284,623
1,833,413 1,554,667 1.583,537
6,268
35,439
19,713
49,371
7.539
35,086
773.690
964,342 1,060,166
4,620.406 4,166,913 3,857,197
5,668,381 1,891,272 3,982,107
18,558,732 9,424,652 12,211,719
-66,474
-2,650
150,488 -343,884
-78,056
102,946
3,193,739 2,756,597 2,541,566
11,730,618 10,465,064 9,390,919
193,839
770,324
219,620
756,114
160,387
636,952
557,965
428,438
458,240
2,113,620 2,109,497 1,831,058
76,073
380,108
105,177
506,265
57,864
304,717
136.060
570,913
140,790
527.436
95,928
417,243
11.345
35,514
4.836
-67,073
-3,806
-28,927
140,229
388,639
76,013
348,550
82,446
144,023
472,233
274,767
2,354,437 1,706.611
318,917
1,779.526
13,393
-1,808
10,076
-41,163
7,893
-23,889
-73,726
44,685
165,665
296,712
-84,726
685
25,472
117,797
24,695
163,651
19,281
87,033
395,597
314.397
269,635
2,105,063 1,727,033 1,542,515
974,890
913,164
737,797
4,333,196 3,713.658 3,401,992
372,512
1,713,636
355,271
1,445.318
292,512
401,466
1,680,933 1,363,636
•168,640
*716,451
.94,160
*402,817
376,330
986,412
241.573
993,520
- Deficit.
Fonda Johns & Gloversv___ _April 1925
1924
From Jan 1 to April 30 1925
1924
April 1924
Western Maryland
1924
Income.
$
*26,556
*29,069
*126,936
*160.259
*338,709
*262,799
Charges.
$
30,909
31.165
126.411
124.922
252,819
258,401
Balance.
$
-4.353
-2.096
525
35.337
85.890
4,398
Total Net
Income.
$
Fixed
Charges.
$
Balance.
$
St Louis Southwestern (inci St Louis
Southwestern of Texas)____Aprll 1925 *268,040
233.165
1924 *192,232
230.882
From Jan 1 to April 30 1925 *1.377,528
929.431
1924 *1,376,917
915,087
Gross
Net
Interest &
Earnings. Earnings.
Taxes.
$
$
$
Bellefonte Central Apr '25
8,092
861
200
'24
10,238
2,643
170
From Jan 1 to Apr 30 '25
33,796
1,769
800
'24
36,983
5,226
660
34,875
-38,650
448,097
461,830
Balance,
Surplus.
$
661
2,473
969
4,546
•Includes other income.
-Grossfrom Railway- -Available for Int.1924.
1923.
1924.
1923.
Missouri-Kansas-Texas LinesApril
4,410,426 4.053,486
912,837
829.845
From Jan 1_18,319.044 16,629,150 3,999,290 3,326,249
Net Income-1924.
1923.
318,185
1.569;391
206,139
800,487
2804
THE CHRONICLE
[VOL. 120.
Balance,
Fixed
Gross
Net after
Fixed
Balance,
Gross
Net after
Earnings.Taxes.Charges. Surplus.
Earnings.Taxes.Charges.- Surplus.
$
$
$
$
Companies.
386,323 Pennsylvania Coal Apr '25
125,967
1,424,025 *512,290
.
929,809 -62,649
36'7,431 '
1 -32,840
378,235
94,642
& Coke Corp & Subs '24
1,427,253 *472,877
424,737 *-9,237
osi,oss -40,322
995.491
471,905
4 mos ended Apr 30 '25 1,919,862 *-88,596 9132,737 -221,333
5,018,136 *1.467,396
380.038 1,106,012
4.821,669 "1.486,050
'
24 2,199,352
*97,997 9134,970 -36,973
Balance.
Charges.
Income.
Penns Edison Co
Apr '25
238,489
a72,548
Co and Sub Cos
$ e
'24
253,169
a92,865
Georgia & Florida
-,747
13,266
Apr '25
5,519
12 mos ended Apr 30 '25 2.932,777*a1,099,723
583,04
515,849
1,166
11,669
12,835
'24
560,502
'24 3,162,247*a1.010,082
449,580
From Jan 1 to Apr 30 '25
52.530 -26,911 Portland Elec Pow Apr '25
25,619
159,828
207,019
908,016
366,847
27,025
46.646
73,671
'24
Co
195,674
179,236
'24
920.209
374,910
N Y New Haven & Hartford
664,024
Apr '25 '2,580,500 1,916,475
12 mos ended Apr 30 :25 10.815,868 4,309,899 2,357,281 1,952,618
From Jan 1 to Apr 30 '25 *9,437,006 7.670,614 1,766,391
24 10,992,470 4.263.977 2,092,511 2,171,466
-Gross from Railway- -Available for tat.- -Surplus after Ches.- Reading Transit
Apr '25
246,908
a21,970
1924.
1925.
1925.
1924.
1925.
1924.
Co and subs cos
'24
251,391
a14.674
$
$
$
$
12 mos end Apr 30 :25 3,023,067 0'284,563
$
$
197,192
87.371
St Louis San Francisco (jnci sub lines)186,730
24
3,106,561
0'271,750
85,020
April
304,880
201,627
7,048,011 7,102,530 1.457,138 1,534,456
Ry &
Apr '25
75.425
918,813
300,937 {225,512
FromJan 1_29,111,717 27,957,184 6,562,104 6,019,030 1,545,092 1.117,227 Republic
Light Co
24
71,361
882,751
319,717 {248.356
12 mos end April 30 '25 10.724,485 3.430.737 {2,708,576
722.161
Electric Railway and Other Public Utility Net
4 10.370,619 3.563,416 42,841,892
721.524
Earnings.-The following table gives the returns of San Joaquin Lt&2
Pow Co
Corpr and subspr '25
ELECTRIC railway and other public utility gross and net
195,446
148,017
684,049
343,463
4 mos end Apr 30 '25 2,597,548 1,174,730
388,122
786,608
earnings with charges and surplus reported this week:
Sayre Elec CO
Apr
'2
5
21,971
a6,341
-Gross Earnings- -Net Earnings
'24
17,344
a5,005
Previous
Current
Current
Previous
12 mos end Apr 30 '25 2,416,036 a*81,056
49,836
31,220
Year.
Year.
Year.
Year.
Companies.
38,430
4
214,051 a*61,937
23,507
'2
$
$
$
$
211.055
76.122
Bare Tr, L & P, Ltd_Apre7,056,756 6,522,466 4,601,440 4,087,409 Southern Indiana April '25
Gas
&
Elec
Co
4
208,657
62,242
'2
From Jan 1
e30,142,528 27,650,628 20.758,250 17,828.288
12 mos end April 30 '25 2,634,488 1,031.091
602.465
428,626
Dalhart Ice & Elec Co. and
528,787
968,416
439,649
'24 2.647,035
*52,384
*3,370
14,273
12.814
Dalhart Water Co_ _ _Mar
Electric April'25
970,285
463,100
*58,843
*50,353 Tennessee
169,808
12 mos ended Mar 31_-- 177.812
Pow Co & sub cos
'24
772.662
367,615
zGeorgia Ri, & Pow Co_Apr 1.514,140 1,363,203 *488,143 *433,144
12 mos end April 30 '25 10,087,552 4,791,499 2,061,469 2.730,030
From an 1
5.850,942 5,569430 *2,003,456 *1,791,905
'24 9,268,701 4,388.171 1,799.998 2.588,173
*12,138
*8,818 Third Ave By Syst Apr'25 1,222.452 *224,402
Mar
32,885
30,353
Kansas Power Co
4,863
219,539
12 mos ended Mar 31_ _ _ 404,749
372,699 *146.595 *122,273
17,289
224,592
'24 1.236,583 *241,881
*6,073
*3,702
Laredo Water Co
Mar
11,437
9,302
10 mos end Apr 30 '25 12,006,308 *2.060,707 2.246,881 -186,174
*64.551
*56,695
12 mos ended Mar 31- 134,730
122,962
5,790
'
24 12.079.488 *2.251,066 2.245,276
Liberal Lt, Ice & P Co Mar
7,429
*2,456
*2,081 Utah Power &
6,048
222,256
177,246
April '25
748,158 '399,502
12 mos ended Mar 31_ -"31,395
*28,403
87,423
88,174
Light Co
175.585
190.798
'24
710.792 "366,383
12 mos end April 30'25 9,456.930 *5.141.953 2,135,220 3,006.733
Philo Co & Affil Cos_
Apr 5,199,081 5,340,481 *1,541,502 *1,541,520
From Jan 1
'24 8,921.837 *4.593,921 2.112,904 2.481.017
22,754,993 22,458,620 "7,511,530 *6,799,002
Virginia
By & Pow Apr'25
230,711
•After taxes. e Given in pesetas. z Includes Incomes of the Atlanta
877,710 6'342,983
112.272
Co
238.044
Northern By. Co. and Gainesville By. Co.
168.980
'24b'347,024
4 mos ended Apr 30 '25 3.557.252/01,412,107
965.139
446,968
Gross
Net after
Fixed
Balance,
969,464
429,023
'24 3.551,9826'1.398.487
Earnings.
Charges.
Surplus.
Taxes.
257,312
West
Penn
Co
n650,015
Apr
'2
5
2,130,515
907,327
Companies.
260,866
912.910 n652,044
'24 2,204,994
Atl Gulf & W I SS Mar '25 2,555.625 *5282.893 k185.710
97,183 ,
12 mos end Apr 30 '25 25,466.446 10,788.646 n7,904,611 2.884,035
Lines & subs SS cos '24 2,419,619 "3346,961 k198,696
148.265
'24 25,345.239 10,373,857 n7,230,675 3.143,182
3 mos ended Mar 31 '25 7,495,233 "31027.073 k565,359
461.713
-2,764
15.119
k4,061
*51,297
164,552 York Utilities Co April '25
'24 6,710.028 *3781,847 1c617.295
-1.372
k4.094
'24
16,781
"52,722
Bangor HydroApril '25
127,327
37,610
63,705
26,095
mos
end
-5.386
4
k16,165
April
30
'25
69,193
9110,779
Elec Co
'24
130.111
38.003
63,886
25.883
-5.173
k18,589
'24
76.701
*311.415
12 mos end April 30 '25 1,542,300
503,812
309,230
813,042
*Includes other income. jBefore taxes. k Includes taxes. g Includes
292,620
499,008
'24 1,555,150
791,628
dividends
on
depreciation.
m Includes amortization of debt discount and
Bingh'n L,H & P April'25
127,200
c42.872
outstanding preferred stock of subsidiary companies.fil
11111111/4,48 ^.1
Co and subsid cos
'24
110,972
c35,473
depreciation.
a After depreciation and rentals. b After rentals. c After
265.132
12 naos end April 30 '25 1.486,857 "c533,144
268.012
Includes depreciation. {Includes dividend on preferred stock of sub275.348
'24 1,252,690 "0436,665
161.317
sidiary companies in hands of public. n Includes reserve.
Central Illinois
April '25
297,594
113,339
12 Months Ending April 30
Month of April
Light Co
'24
303.854
130,892
Jur. after
Sur. after
12 mos end April 30'25 3,646,227 1,668,578
535,794 1,132.784
Charges.
Net.
Gross.
YearNet,
Charges.
Gross.
479,355 1,036,256
'24 3,579.643 1,515,611
Puget Sound Pr & Lt CoCommonw Power April '25 2,602,124 1,096,967
1925
I 038,004 413.984 237.578 12,571,800 4,649,919 2,604.708
Corp & Sub Cos
'24 2.626,381 1,068,392
1924
1 030,659 407,625 247,439 12,573,025 4,900,030 2,983,657
12 raos end April 30'25 31,507,049 13,038,195m7,324.911 5,713,284
'24 31.430,668 12,417,037 m6,410.258 6,006,779 Blackstone Val Gas dr Elec Co1925
407.895 162,731 129,512 4,755,595 1,724.800 1,274,260
Consumers Power April'25 1,674.042
784,244
82,161 4,556.959 1,537,422 1,184,306
1924
380,371 113,377
Co
24 1,533.805
754,603
•
Cape
Breton
Elec
Co
Ltdmos
end
6,214,113
12
April 30'25 18,595,453 8.872,016 2,657,903
627,811
104,529
6,731
1,026
36.098
1925
47.580
'24 17,874.958 8,210,452 2.260.581 5,949.871
8.846
715.420
14,540
136,860
68,714
58.014
1924
Eastern Mass
April '25
58,559
752,929
107,918
166,477
Street By
'24
79,123 Cent Miss Valley Elec Properties113,981
805.698
193,104
10,407
13,595
597,714
180,875
122,467
48.911
1925
4 mos end April 30 '25 3,241.210
434,080
299.821
733,901
13,077
9,849
589,939
49.457
162,676
123,812
1924
'24 3,418,230
307.705
456.580
764,285
Co
Columbus
Elec
&
Power
Eastern Steam-109,407
April '25
37,631
313.694 -71,776
79.314 2.411,836 1,035,774
225,221 101,299
1925
769,552
ship Lines
'24
27,858 -76.934
333,352 -49,076
97,196
74,963 2,292,774 1,145,172
1924
197,977
674,133
4 mos end April 30 '25 1,304,162 -164,393
148,337 -312,730
'24 1,184,718 -179,049
129,219 -308,269 Edison Elec Ilium Co45,695
46,459 1,613,135
132,673
1925
609,916
Florida Pub Serv
606,040
Apr '25
83,004
37,173
1924
•
127,191
41.763
41,259 1,569,701
545,963
533,273
Co
'24
66.807
24.351
63.435 The Elec Lt& Pr Coot Abington & Rockland-,
177.429
12 mos ended Apr 30 '25 826.715 "240.865
5,151
5,633
64,683
171,912
1925
37,568
453,394
Apr '25
68.291
Great West Pow
645,949
391,781
219,869
1924
3.424
3,287
32,390
67,209
System
'24
159,740
352.030
214.406
69,251
628,985
374.145
729,950 El Paso Eiec Co (Del)882,110
4 mos ended Apr 30 '25 2,644,147 1,612,060
'24 2,540,021 1,533,728
675,452
858,276
214,787
82,806
63,875 2,462,118
1925
642,842
859.065
194,100
70,896
54,538
1924
53.421 2,414,201
April'25
57,694
668,090
Idaho Power Co
221,058 '112,232
874,120
52.341 Fall River Gas Works Co'24
215,174 "115,463
63,122
703.607
743,588
12 mos end April 30'25 2.818,078 "1.447,195
81,663
19.392
1925
264,434
19,383 1,009,504
265,581
'24 2.609,447 "1.450,619
678.316
772,303
80,780
1924
15,781
232,789
15,625 1,033,318
234,119
April '25 5.142,256 1,640,619 1,289.724
350,895 Haverhill Gas Lt CoInterboro R '1'
661.163
'24 5.076,498 1.926,686 1.265,523
System
48,950
1925
10,933
150,363
10,883
150,677
626,066
10 mos end April 30'25 48,953,481 15,399,225 12,878,597 2,520,628
1924
47,477
9,121
120,403
8,975
122,284
570,619
'24 48,296,844 14,265,575 12,636.493 1,629,082 Houghton Co Elec Light Co325,003
826.653
99,907
424.910
Kansas City Power Apr '25
8,8437
1925
39,278
10,722
6,641
137.586
503,753
315.845
'24
792,988
407,324
91.479
& Light Co
1924
42,553
11,827
85,941
7,546
134,996
522,113
12 mos ended Apr 30 '25 9,632,202 4,815,525 1,093,095 3,722.430 Keokuk Elec Co'24 9,092,661 4,476,415 1,015.617 3.460.798
1925
34,673
66,863
9,628
6,207
107,622
422,367
64,689
204.937
89.780
25,091
Manchester 'Frac, Apr '25
1924
71,127
34,907
8,857
5,570
110,256
422,724
62,898
204,868
22,329
85.227
Lt & Pow Co & Subs '24
287,604 The Key West Elec Co896,832
383,864
96,260
4 mos ended Apr 30 '25
65,061
1925
20,845
8,036
5,583
94,048
245,989
281,660
'24
888.014
371,058
89.398
60,977
1924
19,787
7,972
5,487
91,262
241,032
50.243
Apr '25
288.009
c61,092
10,849
Massachusetts
40,082 The Lowell Elm Light Corp'24
266,434
c55,055
14,973
Lighting Cos
537,058
1925
135,682
47,502
546,006
47,491 1,568,223
236,205
49.290
4 mos ended Apr 30 '25 1,209,208 c285.495
522,881
1924
122,315
31,993
542,869
29,433 1,562,060
212,180
'24 1,138.563 c274,420
82,240
Mississippi River Power Co692,029 a301.513
Apr '25
Metropol Edison
1,259.342
1925
280,108
2.436,995
221.837
123,933
3.196,762
'24
651,403 a240,351
•
Co and Subs
1924
273,364 213.037 113,655 3.085,383 2.212,872 1,016.752
12 mos ended Apr 30 '25 8,099,372"a3,511,073 1.651,204 1,859,869
'24 7,839,961"a2.854.003 1,412.314 1,441.689 Northern Texas Elec Co531,183
1925
870,956
190,141
61,501
32,640 2,601,571
58,350
366.813 *164,435
106,085
Nevada-Calif Elec Apr '25
638.610
1924
971,288
224,264
80,214
52,302 2,869,742
89,667
35,113
315.494 *124,780
'24
Corp and Sub Cos
896,001 Paducah Elec Co12 mos ended Apr 30 '25 4.665,340 *2,110,805 1,214,804
76,808
'24 4,249.349 *2,104,870 1,047,851 1,057.019
1925
188,742
54,111
17,894
633,572
8,843
93,872
1924
201,827
49,920, 13,855
942,785
76,331
4,510
622,407
328.993 *119,116
New Bedford Gas& April'25
*99,372
951,060
48,312
285,662
'24
Savannah
Elec & Power CoEdison Light Co.
335,732
778,064
713,571
1925
156,821
58,430
12 mos end April 30'25 3.689,998 "1,383,439 9605,375
23,240 1,899,777
'
659,006
320.485
1924
678,209
'24 3,568,365 "1,242.394 9583,388
152,482
58,016
27,200 1,884,886
222,078
104,695
117,383 Sierra Par Elec
626.010
New England Co
Apr '25
351,698
87,894 11925
575,915203,453
115.559
425,734
Power System
'24
91,891
42.583
36.770 1.119,183
428,607
496.437
1924
12 mos ended Apr 30 '25 7,465.375 2,627,754 1.392,133 1,235.621
89.987
4,3628
37,946 1,043,104
988.498 Tampa Else Co'24 7,423.409 2,138,696 1.150,198
a28,209
96,953
New Jersey Power Apr '25
1925
248,320 111,990 107.494 2,580,606 1,129,613 1,074,789
891.687
a21,830
87,532
951,334
Light Co
1924
'24
182.291
78,180
73,647 2,199.422
162,464
181,791 Baton Rouge
12 )2108 ended Apr 30 '25 1,125,976 "a344,255
Elec
Co
135.562
128,626
'24 1,045,521 "a264,188
202,583
264.842
727,467
1925
61,319
22,822
17,108
50.436
211.314
179.488
New York Dock April '25
279,999 3150.601 k100,165
1924
654,225
14,348
55,626
17,422
46,324 Eastern Texas Elm CoCo
263,824 5151.885 k105,561
'24
186.180
614,036
824,886
4 mos end April 30 '25 1.095,579 5587,228 k401,048
1925
39,935 2,455,504
196.866
53,644
612.734
178,035
807.067
'24 1,055,522 5604.114 k426.079
1924
49,513 2,129,867
66,568
179,670
Galveston-Houston Elm Co47,215
North Caro Public Apr '25
152,297
509,747
27.971 3,953,818 1,059,488
1925
74,970
Service On
38,873
318,543
123,822
'24
727.979
225,573
34,317 3,407,410
1924
78.955
286,806
288,102
315,455
12 mos ended Apr 30 '25 1,799,957 *574.908
Companies.
Gulf Coast Lines Apr '25
'24
From Janl to Apr 30'25
'24
$
MAI 30 1925.]
THE CHRONICLE
FINANCIAL REPORTS
Annual, &c., Reports.—The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including May 2 1925.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
.
Steam Roads—
Page.
Public Utilities (Concluded)
Atlanta Birmingham & Atlantic RY-2265 Peninsular Telephone Co
2270
Atlanta & West Point RR
2265 Peoria Water Works Co
2684
2676, 2698 Philadelphia Suburban Water Co.
Atlantic Coast Line RR
Central Argentine Ry., Ltd
2397
2551. 2684
Che.sapeake & Ohio Ry
2393. 2439 Portland (Ore.) Gas & Coke Co_ _2270
Chicago& Alton
2539 Power Corp. of New York
2270
Chicago Burlington & Quincy RR.
Radio Corp. of America
2270
2393, 2428 Santa Monica Hay Telephone Co_ 2402
Chicago & Eastern Illinois RY
2677 South Bay Consolidated Water Co.,
Chicago Milwaukee & St. Paul Ry_ _2675
Inc
2684
Chicago & Northwestern Ry._2265,
Southern Canada Power Co., Ltd..2685
2392, 2433 Southwestern Bell Telephone Co_...2270
Chicago Rock Island dr Pacific Ry.
Standard Gas & Electric Co
2552
2261, 2292 Tennessee Electric Power Co
2270
Chicago St Paul Minneapolis &
Texas Power & Light Co
2270
Omaha IV
2265, 2392, 2437 Third Avenue Ry
2685
Colorado Southern RR
2397 Twin City Rapid Transit Co
2685
Duluth & Iron Range RR
2541 United Light & Power Co.(of Md.)_2685
Duluth Missabe & Northern Ry_ _ _ _2544 Utah Light & Traction Co
2271
Duluth South Shore & Atlantic Ry_2265 Utah Power & Light Co
2271, 2402
Elgin Joliet & Eastern Ry
2679 Utica Gas & Electric Co
2271
Erie Railroad
2262, 2296 Utilities Coal Corp
2402
Florida East Coast Ry
2538 West Ohio Gas Co
2402
Fonda Johnstown & Gloversville RR.
West Penn Power Co
2271
2263. 2543 Western Power Co
2403
2263, 2393. 2443 Western United Corp
Hocking Valley
2271
Huntington & Broad Top Mountain
Western United Gas & Electric Co..2271
RR.& Coal Co
2546
Industrials—
Internat. Rye. of Central America_ _2394 Air Reduction Co
2271
Louisiana Ry.& Navigation CO..._2265 Alaska Juneau Gold Mining Co
2403
Louisville Henderson& St.Louis R7.2265 Allis-Chalmers Mfg. Co.. Inc
2271
Manila RR. Co
2265 American Beet Sugar Co •
2553
Mineral Range RR
2265 American Bosch Magneto Corp. -2271
Missouri-Kansas-Texas RR__ _2263. 2302 American Cigar Co
2403
Missouri Pacific RR
2263, 2300 American Hide & Leather Co
2403
Minneapolis St. Paul & S. S. Marie
America-La France Fire Engine
2266, 2396
Ry
Co., Inc
2272
Mobile & Ohio RR
2397 American Metal Co.. Ltd
2686
Nashville Chattanooga & St. Louis
American Piano Co
2686
2542 American Pneumatic Service Co.__ -2403
Ry
New Orleans Great Northern RR_ _ _2266 American Republic Corp----------2272
New York Chicago ,Sz St. Louis RR.
American Rayon Products Corn - -.2403
2263. 2537, 2569 American Ship & Commerce Corp-2272
2393 American Steel Foundries
Norfolk Southern RR
2553
Peoria & Eastern Ry
2397 Anaconda Copper Mining Co
2395
Pere Marquette IV
2398 Animal Trap Co. of America
2404
2678 Archer-Daniels Midland Co. (and
Philippine Ry
2266
Quebec Central Ry
subs.)
2686
2261, 2287 Arizona Copper Co., Ltd
Reading Co
2686
Richmond Fredericksburg & PotoArmour Leather Co
2272
2266 Art Metal Construction Co
mac RR
2404
St. Louis-San Francisco Ry-2338,
Artloom Corn
2553
2538, 2563 Associated 011 Co.(and MM.cos.).,2540
2266 Atl. Gulf & West Indies SS. Lines_ _2404
St. Paul Union Depot Co
2392. 2445 Atlas Tack Corp
Seaboard Air Line Ry
2686
Southern Pacific Co_ __ _2263, 2392, 2415 Auto Knitter Hosiery Corp
2686
Terminal RR.Association,St.Louls.2398 Babcock & Wilcox Co
2554
2263,
2542
Texas & Pacific Ry
Barnsdall Corp
2404
2261. 2283 Baltimore Tube Co
Union Pacific RR
2405
2264 Barcelona Trac., Lt.& Pr. Co.,Ltd_2680
Virginian Ry
2537 Beatrice Creamery Co.(& subs.).. -2405
Western Maryland RR
2268 Beaver Board Cos. (& subs.)
Western Ry. of Alabama
2405
2538 Beaver Products Co., Inc.(& subs.)-2405
Wisconsin Central Ry
Public Utilities—
Beech Nut Packing Co
2273
2544 Bingham Mines Co
American Gas Co
2405
Amer. power dc Light Co(& aubs.)_2398 Bird & Son, Ltd
2405
2398 Bohn Aluminum & Brass Corp. (&
American Superpower Corp
Androscoggin Electric Co
2399
subs.)
2405
2399 Briggs Mfg. Co
Arkansas Central Power Co
2554
August-Aiken Ry.& Elec. Corp_ _ _ _2682 British Columbia Fishing & Packing
Bell Telep. Co. of Pennsylvania__ 2399
Co., Ltd
2405
Boise Valley Traction Co
2267 (E.L.) Bruce Co., Memphis,Tenn2273
Boston Elevated Ry
2682 Brunswick-Balke-Collender Co
2686
Buffalo Niagara & Eastern Power
Bullard Machine Tool Co
2405
Corp
2883 Bush Terminal Co
2405
Central Arizona Light & Pow. Co_ 2267 Butte & Superior Mining Co
2686
Central Illinois Public Service Co_ _2399 Caddo Central 011 & Refining corp_2677
Chesapeake & Potomac Telep. Co..2683 California Packing Corp
2584
Chicago Rapid Transit Co
2399 California Petroleum Corp
2540
2267 Calumet & Benin Cons. Copper Co_2273
Citizens Gas & Electric Co
2399 Canadian Consol. Felt Co., Ltd___ _2273
Cities Service Co
Columbus Del.& Marion Elec. Co.
Canadian Consol. Rubber Co., Ltd_2273
Community Power & Light Co
2548 Canadian Cottons, Ltd
2687
2400 Canadian Manhasset Cotton Co.,
Connecticut Power Co
Consumers Power Co
2267
Ltd
2406
Consol. Gas, Elec. Light &Power
Canadian Northern Prairie Lands
2548
Co. of Baltimore
Co., Ltd
2406
Continental Gas & Electric Corp_..2683 Canadian Westinghouse Co., Ltd...2406
Dayton (0.) Power & Light Co....2400 Chicago Pneumatic Tool Co
2273
2287, 2548 Childs Co
Denver Tramway Co
2273
2267 Chile Copper Co
East Penn Electric Co
2543
2683 Columbian Carbon Co
Eastern Mass. Street Ry
2554
'2683 Coca-Cola Co
Electric Securities Corp
2273
2268 Columbia River Packers Assn., Inc_2406
Fifth Avenue Coach Co
Ft. Worth (Texas) Pow. de Lt. Co_ _2268 Commercial Credit Co
2555
Georgia Lt.Pow.& Rys.(& subs.)—2400 (John T.) Connor Co
2406
2268 Consolidated Textile Corp
Georgia Ry.& Power Co
2273
Havana Elec. Ry. Lt. & Pow. Co2396 Consolidated Cigar Co
2406
226
Co
Corn
Products
Power
Refining Co
Idaho
2273
2268 Corona Typewriter Co., Inc
Indiana Bell Telephone Co
2274
2400 Cosgrove-Meehan Coal Corp
Indiana Power Co
2687
2411 Creamery Package Mfg. Co
Indianapolis Water Co
2406
2268 Cunard Steamship Co
Interstate Power Co. (Del.)
2406
2550 Cuyamel Fruit Co
International Ry. Co
2274
2268 Crown Cent. Petroleum Stock Corp_2687
Kansas Gas & Electric Co
2268 Davis Coal & Coke Co(& subs.)_ _..2406
Kentucky Hydro-Electrio Co
2683 Deere & Co
Lake Shore Electric Ry
2544
2401 Detroit Ry.& Harbor Term. Co_ _2406
Long Island Water Corp
2269 Dodge Bros., Inc
Massachusetts Gas Cos
2274. 2407
2683 Donner Steel Co
Metropolitan Edison Co
2274
2269 Eastern Dairies, Inc
Minnesota Power & Light Co
2274
2684 Eastern S. S. Lines, Inc
Municipal Gas Co (of Texas)
2274
2550 Eaton Axle & Spring Co
2274. 2688
Municipal Service Co. (Me.)
2557 Electric Controller & Mfg. Co
2274
Nashville Gas & Heating Co
National Electric Power Co.(Me.).2550 Eureka Vacuum Cleaner Co
2274
2401 Fairbanks Co
2555, 2554
National Public Service Corn
2269
Fairbanks,
Morse & Co
Nebraska Power Co
2688
2275
New Bedford Gas & Edison Lt. Co_2401 Federated Metals Corp
2289 Fisk Rubber Co
2554
New England Tel. & Tel. Co
2543, 2684 Fleischman Co
2275
New York Telephone Co
2401 Foundation Co
2688
North American Co
2401 (H. H.) Franklin Mfg. Co
Northeastern Iowa Power Co
2688
French Battery Co
2407
Northern Ohio Power Co.(& Subs.)
2269, 2551 Gabriel Snubber Mfg. Co
2275
General Asphalt Co
2264
Northern States Power Co. of Del.
2262, 2304 General Motors Corp
2394
2684
Co
General
Ry. signal Co
Oklahoma Natural Gas
2688
General Refractories Co
Pacific Gas & Electric Co--2394,
2555
2402, 2420 Ginter Co., Boston
2275
2270 Goodyear Tire & Rubber Co
Faciflc'Power & Light Co
2275
2805
Industrials (Cominued)—
Industrials (Cencludecb—
Gorham Mfg. Co
2275 Pennok Oil Corp
2691
Granby Consol. Mining, Smelting
Philadelphia & Reading Coal & Iron
& Power Co
2408
Corp.(& Subs.)
2541
Great Atlantic & Pacific Tea Co__ 2555 Pierce Arrow Motor Car Co
2279
Grennan Bakeries, Inc
2689 Pierce Petroleum Corn
2280
Hayes Wheel Co
2262. 2308 Pittsburgh Steel Co
2691
Hecla Mining Co
2689 Porto Rican-American Tobacco Co-2412
Hercules Powder Co
2276 Price Bros. & Co., Ltd
2280
Holly Sugar Corp
2556 Pure 011 Co
2412, 2539
Independent Oil & Gas Co
2557 Purity Bakeries Corp
2691
Inland Steel Co
2276 Radio Corp. of America
2679
Inspiration Consol. Copper Co
2544 Ray Consolidated Copper Co
2559
Inter. Business Machines Corp
2276 Regal Shoe Co
2412
International Cement Corp__2262,
Remington-Noiseless
Typewriter
2306, 2408
Corp
2280
International Combustion EngineerReplogle Steel Co
2280
ing Corp
2889 Reynolds Spring Co
2692
Iron Cap Copper Co
2889 Royal Typewriter Co., Inc
2413
Jones Bros. Tea Co.. Inc
2276 Ryan Consolidated Petroleum Corp_2413
Jordan Motor Car Co
2689 St. Louis Rocky Mt.& Pacific Co_ _2413
Kelvinator Corp.(Mich.)
2689 Savage Arms Corp
2692
Keystone Tire & Rubber Co
2277 Sawyer-Massey Co., Ltd
2280
Kirby Lumber Co
2409 (Bernard) Schwartz Cigar Corp....2560
(S. S.) Kresge Co
2409 Seagrove Corp
2560
(S. H.) Kress & Co
2409 Sears, Roebuck & Co
2280
La Salle Extension University
2690 Shattuck Arizona Conner Co
2560
Lee Rubber & Tire Co
2410 Sheffield Farms Co., Inc
2413
Lever Bros., Ltd., England
2277 Shell Union Oil Corp
2413. 2560
Lion Oil Refining Co
2689 Showers Bros.Co
2560
Loew's Incorporated
2277 Simms Petroleum Co
2560
Long Bell Lumber Corp
2277 Sinclair Crude 011 Purchasing Co
2280
Louisiana Oil Refining Corp
2890 (Isaac) Silver & Bros. Co., Inc....2413
Ludlum Steel Co
2557 Skelly Oil Co.(& Subs.)
2280. 2692
McCrory Stores Corp '
2410 (A. G.) Spalding & Bros
2692
McIntyre Porcupine Mines, Ltd_ _2690 Spear & Co
2561
Mack Trucks, Inc
2410 Spicer Mfg.Co
2692
Mackay Companies
2544 Standard Oil Co. (Calif)
2280
(I.) Magnin & Co., Inc. (Del.)
2277 Standard 011 Co. of N. J
2540
Maracaibo Oil Exploration Corp_
2277 Standard Oil Co. of N. Y
2561
Marlin-Rockwell Corp
2690 Standard Plate Glass Co
2280
Martin-Parry Corp
2690 Stewart-Wainer Speedometer Corp-2692
Mason Valley Mines Co
2277 Studebaker Corp
2262
Mengel Co
2410 Superior Oil Corn
2692
Merchants Mortgage & Credit Co..2558 Superior Steel Corp
2280
Metropolitan Chain Stores,Inc
2410 Teiautograph Corp
2281
Mid-Continent Petroleum Corp_
2558 Tennant Finance Corp
2692
Montgomery Ward & Co
22.78 Texas & Pacific Coal & Oil Co
2281
Moon Motor Car Co
2690 (John R.) Thompson Co
2692
(Philip) Morris & Co., Ltd
2690 Tidal Osage 011 Co
2581
Mother Lode Coalition Mines Co_ _ _2278 Tide Water Oil Co
2413, 2693
Motor Wheel Corp
2690 Tonopah Belmont Development Co-2281
Mountain Producers Corp_ _2677, 2697 Tonopah Mining Co
2414
Mullin.s Body Corp
2410 Transcontinental 011 Co
2281
Nat'l Brick Co. of La Prairie, Ltd_ _2278 Transue & Williams Steel Forging
National Lumber & Creosoting Co_ _2278
Corp
2693
National Tea Co., Inc
2278, 2690 Tremont & Suffolk Mille
2561
Nevada Consolidated Copper Co_ _2558 Underwood Typewriter Co
2561
New England Southern Mills
2690 United Carbon Co
2281
New Jersey Zinc Co
2278 United Drug Co
2281. 2414
New River Co
2279 U. S. Distributing Corp
2281
New York Dock Co
2279, 2690 U. S. Hoffman Machinery Corp.
N.Y.& Honduras Rosario Min. Co_2411
2281, 2893
North Butte Mining Co
2411 U.S. Realty & Impt. Co
2538, 2566
170 Broadway Bldg.. N. Y.,C1ty- —2558 U.S. Sheet & Window Glass Co____2282
Ontario Silver Mining Co
2279 United States Steel Corp
2262
Onyx Hosiery, Inc
2279 Utah Copper Co
2562
Otis Steel Co
2279 Vesta Battery Corp
2414
Owens Bottle Co.(& Subs.)
2279 Virginia Alberne Corp
2693
Pacific Car & Foundry Co
2411 Warner-Quinlan Co., N. Y
2694
Pacific Coast Co
2691 Westinghouse Electric & Mfg.
Pacific Mills, Lawrence
2691
Co
2676, 2695
• 2539, 2568, 2691 Wanner Malleable Castings Co
Pacific 011 Co
2282
Paige Detroit Motor Car Co
2279 West Kentucky Coal Co
2562
Panhandle Producing & Refining
Wheeling Steel Corti
2414
2559, 2691 (William) Whitman Co., Inc
Co
2694
Pan American Petroleum & TransWickwire-Spencer Steel Co
2282
port Co
2411 Wire Wheel Corp. of America
2282
City
Smelting
Mining
Park
Co_ _2411 Woods Mfg. Co., Ltd
&
2694
Penick & Ford, Ltd., Inc
2279 (F. W.) Woolworth Co
2414
(J. C.) Penney Co.. Inc
2412 Wright Aeronautical Corp
2282
Pennsylvania Coal& Coke Corp_
2279 Yellow Cab Mfg. Co
2282
New York Central Railroad Company.
(Annual Report—Year Ended Dec. 31 1924.)
The report is cited at considerable length, together with
the corporate income account statement, comparative balance sheet, &c., under "Reports and Documents" on subsequent pages. President Patrick E. Crowley further said
in substance:
Income Account.—In previous annual reports the income account was so
The
stated as to exclude the details of the operations of the Boston & Albany
RR. and of the Ohio Central Lines, the net income or deficit from these
being included under "separately operated properties—profit" or "separately operated properties—loss," as the case might be. In this report
the income account is so stated as to include under the several headings the
detailed operations of the lines referred to, this being the form in which the
account is reported to the I.-S. C. Commission.
Revenues. Tonnage and Passengers.—The total operating revenues were
$369,606,930, a decrease of $51,427,854. Freight revenue was $227,359.010, a decrease of $46,295,971.
Of a total decrease in tons handled of 27,224,344, coal, coke and iron ore
account for 73%.
Passenger revenue was $95,980,325, a decrease of 82.689,872. Interline
passengers carried decreased 236.618 and local passengers 1,758,077, while
commutation passengers increased 513,986.
Express revenue was $11,736,720, a decrease of $1,444,861, attributable
to falling off in traffic. Revenue from switching and demurrage was $925.187 less than in 1923, following the decrease in tonnage handled. Incidental and other transportation revenues decreased 871.963.
Operating Expenses.—Operating expenses were $279,970,163, a'decrease
of $45,947,078. The decrease in expense for maintenance of way and structures (84.121.795) and for maintenance of equipment ($28,247,999) are
Incident to the unusually comprehensive maintenance program of 1923
and the reduced volume of traffic handled in 1924.
The decrease in transportation expenses ($261,037) is _partly accounted
for by the reduction in traffic. Fuel for locomotives, which accounts for
55% of the total decrease for the transportation group, reflects not only a
decreased consumption, but also a lower average price per ton.
Railway Tax Accruals.—Railway tax accruals were $23,289,540, an increase of $632,673. While there was a decrease in the amount of Federal
income tax, this was More than offset by heavier taxes on real estate, the
result both of new property acquired and of higher rates.
Non-operating Income.—Profit from separately operated properties decreased $616.964. as the result of the smaller amount received account
of
operation of the Pittsburgh McKeesport & Youghiogheny RR.
Dividend income decreased $523,071. In 1923, but not in
1924.
there
was included an extra dividend on stock of the Michigan
Central
amounting to $1.009,158. The decrease on this account for 1924 was RR.
partly
offset by larger dividend income on stock of the Cleveland
Chicago & St. Louis Ry., the Mahoning Coal RR,and on other Cincinnati
holdings.
Income from funded securities and accounts decreased
largely
due to the payment by the C.C.C.& St. L. Ry,during the$294,145,
year ofindebtedness due this company on demand aggregating
$10,000.000.
Income from unfunded securities and accounts increased
increase was caused in part by an adjustment of interest on$377,766. This
share of the depreciation balance held by Pittsburgh & this company's
Lake Erie RR.
accrued on Pittsburgh McKeesport & Youghiogheny
in part by increased income on daily bank balances.RR. equipment and
Deductions from Gross Income.—Deductions from gross
income decreased
$857,363. Rent for leased roads decreased $921,233, due
to smaller pay-
2806
THE CHRONICLE
ments to Mahoning Coal RR., offset to some extent by rental payments
in connection with the lease late in the year of the Hudson River Connecting RR.
Interest on funded debt increased $310.062. This was principally caused
by payment of dividends upon equipment trust certificates issued during
the year and late in 1923. There was a decrease in interest on the company's 6% convertible debentures of 1915 due to conversion of a part of
those bonds into stock.
Interest on unfunded debt decreased $351,809. This was due to the
Inclusion in this account in 1923 of interest accrued on demand notes of the
company held by the Treasury of the United States and liquidated in
that year.
Net Income Before Dividends, &c.-The net income of the company
was $39,250,399. a decrease of $6,089,027.
Net Corporate Income.-After charges for dividends aggregating $20,728,835 and other appropriations amounting to $122,104, there remained a
surplus of $18,399,461, which was carried to the credit of profit and loss.
Property Investment Accounts.-The changes in the property investment
accounts for the year were: Road, increase $10,399,283; equipment, increase $37,027,739; miscellaneous physical property decrease $181,536;
improvements on leased railway property, increase 11,915,684; a net total
increase of $52,161,171.
Stockholders.-The number of stockholders on Dec. 31 1924 was 36.282,
as compared with 34,946 Dec. 31 1923 and 25.042 Dec. 31 1915.
Funded Debt.-The funded debt on Dec. 31 1924 amounted to $776,91l3,391,_a net increase of $6936,902.
New York Central Lines Equipment Trust of 1924.-This trust was created
by agreement dated June 1 1924, to which N. Y. Central RR., Michigan
Central RR., Cleve. Cin. Chic. & St. L. Ry. and Cincinnati'Northern RR.
are parties. Under the trust $25,050,000 of 5% equipment trust certificates maturing in equal annual installments of $1,670,000 over a period of
15 years were issued, representing approximately 75% of the cost of the
equipment leased by the trustee to the railroad companies. The equipment allotted to this company under the trust, costing $19.742,113. consists
of 32 Mikado locomotives. 29 switching locomotives. 60 coaches, 50 baggage
cars, 1,400 box cars, 1,000 auto box cars, 2,400 hopper cars and 440 refrigerator cars. The certifieates are prorated among the railroad companies
in proportion to the cost of the equipment allotted to each, this company's
share being $14,745.000.
New York Central Lines 434% Equipment Trust of 1924.-This trust was
created by agreement dated Sept. 15 1924,to which N. Y. Central RR.,
Michigan Central RR. and C. C. C. & St. L. Ry. are parties. Under the
trust, $20,955,000 of 454% equipment trust certificates maturing in equal
annual installments of $1,397,000 over a period of 15 years were issued,
representing approximately 75% of the cost of the equipment leased by
the trustee to the railroad companies. The equipment allotted to this company under the trust, estimated to cost $16.979,012, consists of 18 Mikado
freight locomotives, 5 Pacific passenger' locomotives, 25 saitcning locomotives, 65 coaches, 19 dining cars, 18 combination passenger and baggage
cars, 28 horse cars, 60 express refrigerator cars, 1,600 box cars and 2,600
hopper cars. The certificates are prorated among the railroad companies
in proportion to the cost of the equipment allotted to each, this company's
share being $12720.000.
Cleveland Union Terminals Co.-During the year this company issued
and sold an additional $10,000,000 of its 50-year 5% 1st Mtge. bonds of
Series "B," which were jointly guaranteed by N. Y. Central RR. and the
other proprietors of the Terminals Co. under the guaranty agreement dated
July 17 1923. Progress was made in the acquisition of land, excavation
In the station area and on bridge work.
Automatic Train Control.-The bids which were requested during the
latter part of 1923 for the installation of automatic train control upon a
division each of the N. Y. Central RR. the Boston & Albany RR., the
'By., the Michigan Central RR.
Cleveland Cincinnati Chicago & St. Louis
and the Pittsburgh & Lake Erie RR. were received and considered, and
as a result contracts for the purchase of materials for the installation of
the Sprague system upon a division of the N. Y. Central, the Union Switch
& Signal system upon a division of the Pittsburgh & Lake Erie and the
General Railway Signal system upon a division each of the Boston & Albany,
the Michigan Central and the Cleveland Cincinnati Chicago & St. Louis
were made in March, the materials to be purchased from the manufacturers
of the designated devices and the installations to be made by company
forces in each instance. Work proceeded and at the close of the year upon
the N. Y. Central 20 miles of double track had been installed and were in
operation with 15 engines. Upon the Michigan Central 20 miles of double
track had been installed and 3 engines had been equipped. Upon the
Pittsburgh & Lake Erie 20 miles of4-track had been installed and 10 engines
were equipped. Upon the Cleveland Cincinnati Chicago & St. Louis the
ipped and
road installation was proceeding and one engine had been eque
eondletlioiret obtained.
exec
upon theston &
backTh tl ieelif
for
e the
ng
manufacturers in furnrshtih
wardness of the installations upon the Boston & Albany, the Michigan
Four.
Big
Central and the
The order of June 13 1922 of the I.-S. C. Commission,fixed Jan. 1 1925,
as the time for a full division installation upon each of these roads and other
roads of the country. That time was, upon application, extended to
July 1 1925.
On Jan. 14 1924 the I.-S. C. Commission made a further order requiring
the installation of automatic train control devices upon a second division of
each of the above roads, but no work has been done under that order.
Up to the close of 1924 this company had made expenditures or was
committed to future outlay for automatic train control to the extent of
approximately $708.000.
Hudson River Connecting RR.-Castleton Cat-Off-During the year the
main line of this road from the east end of the bridge to Feura Bush and
the branches to Ravena on the West Shore RR.and to Post Road Crossing
the
on the Boston & Albany RR., as well as the main yard at Selkirk,
engine terminal, power house, water station, coal chutes, ash pits and
AssociChristian
Men's
Young
the
for
building
a
and
buildings
auxiliary
ation with housing facilities for 100 people, were completed.
The read and bridge were formally opened on Nov. 20 1924 by appropriate ceremonies, which included the inspection of the bridge and propof
erty and at which were present the board of directors, representatives
of the I.-S. C.
the State Governments of New York and Massachusetts,
Commission, ef the Public Service Commissions of New York and Massachusetts, and about 1.000 people representing public and private interests.
The bridge has been dedicated as the "Alfred II. Smith Memorial Bridge."
the line
Freight traffic to and from the River Division was turned overRR.
was
Boston dr Albany
on Nov. 15 1924. freight traffic to and from the
to
traffic
freight
of
operation
partial
and
turned over It on Nov. 23 1924,
begun on Dec. 27 1924. By the end
and from the Hudson Division was
expected
is
It
handled.
being
were
day
per
cars
000
3
of the year about
that the entire project, so far as the Initial development Is concerned,
1925.
will be completed uring
& St. Louis Ry.
Acquisition of Capital Stork of Cleveland Cincinnati Chicago
of the Pref. stock of
-The company acquired during the year 148 shares
the year the
of
end
the
At
$12,839.
of
cost
a
at
By.
L.
St.
C. C. C. &
or 90.15% of
company held 84.69% of the Pref., 91.31% of the Common
L. Ry.
St.
&
C.
C.
C.
of
stock
capital
outstanding;
total
the
company
Acquisition of Capital Stock of Michigan Central BR -The Central
acquired during the year 20 shares of the capital stock of Michigan
shares
177,667
1924
31
Dec.
on
holdings
its
making
share,
RR. at $350 per
total outstanding.
of a par value of $17,766,700. or 94.82% of the -The
company acquired
Acquisition of Capital Stock of Mahoning°Coal RR. Mahoning
Coal RR. at
during the year 180 shares of the Pref. stock of
of Pref. stock held by it. The
$50 per share, making a total of 9,158 shares
of Common
69.23%
is
company
the
by
held
now
stock
Pref.
of
proportion
62.58%.
stock 59.64% and of the total stock outstanding-Under
authority of the
Reduction of Capital Stock of Wells Fargo & Co.
stock of that comstockholders of Wells Fargo & Co. on Aug. 7 the capital par
value of each
the
pany was reduced from $12,000,000 to $240,000,
from capital
payment
the
by
$1
to
$50
from
reduced
been
share having
of a share of
2-5ths
of
distribution
assets of $5 in cash for each share and a
& Co.
American Railway Express Co. stock for each share of Wells Fargo
this comby
owned
stock
Co.
&
Fargo
Wells
of
shares
stock. The 7,500
therefore,
dividend;
pany were received from the American Express Co. as a
the
the amount realized on the Wells Fargo & Co. shares, $37,500, and
par value of American Railway Express Co. stock, $300,000. were credited
Co.
to the ledger value of this company's holdings of American Expresswere
stock. On Dec. 17 1924 the 7,500 shares of Wells Fargo & Co. stock
sold at $12 50 per share and 393.650 of the proceeds were also credited to
the ledger value of this company's holdings of American Express Co. stock.
Sale to New York Chicago & St. Louis RR. of Line Between Dunkirk and
Silver Creek, N. Y.-The Lake Shore & Michigan Southern Ry., under
date of Dec. 31 1892, leased a piece of double-tracked line, 7.84 miles in
length, between Dunkirk and Sliver Creek, N. Y., to N. Y. Chicago &
St. Louis RR, for a term of 99 years, renewable by the lessee forever, at
[VoL. 120._
annual rental of $5,000, with a provision that the lessee should have the
right at any time to pay the lessor $100,000 in commutation of the annual
rent. The lessee gave the necessary notice of its election to commute the
annual rent and, accordingly by deed dated March 26 1924, the property
' & St. Louis RR. in consideration of the
was conveyed to N. Y. Chicago
cash payment of $100,000.
Improvements and Economies.-Improvements are being made in the
company's plant and in methods of operation in order to provide additional
capacity to meet increased requirements and to reduce the cost per unit
of service rendered. Efforts toward economy in operation have been particularly necessary since the return of the railroads to their owners following
the Federal control period because railroad operations must be carried on
in the face of labor and material costs which have increased relatively
more than revenues have increased from rate advances. While revenues
due to rate changes are now approximately 57% higher than they were
10 years ago, the items entering Into the cost of operation including taxes
are approximately 81% higher.
The amount of service.rendered the public in 1924 was not as great as
In the year previous, due to a falling off in business activity, but, as the
result of economies, the cost per unit of traffic handled was less, and the
amount of income available for capital per unit of service performed was
greater, in 1924 than in 1923. Continuance of expenditures to provide
added capacity and tck, produce economy is necessary if the company is
to earn a satisfactory return for its security owners. The ability to make
such expenditures will depend on the preservation of a rate level that will
provide a surplus sufficiently large to maintain credit and attract investors.
Any reduction in rates which would not permit this would react to the
detriment of the public because of the consequent impairment of the ability
of the company to provide the facilities needed for increased and highclass service.
OPERATING STATISTICS FOR CALENDAR YEARS.
x1923.
1922.
x1924.
1921.
Miles operated
6,920
6,890
5,710
5,704
Passengers carried
69.117.706 70,598.415 53,414,495 54.188,310
Pass. carried one mile_3,122.307,544 3193533,249 2572565,397 2608080.101
Rev. per pass. per mile
3.07 cts.
3.09 Ms. 3.103 cts.
3.084 cts.
$3.36
Pass. rev, per train mile.
$3.55
$3.52
$3.37
Tons carried (revenue)_ _105,351,776 132,576.120 86.077,233 74,475,185
Rev,tons carr. 1 mile 21.095,077,532263215746501764898129114831625456
Revenue per ton per mile 1.077 eta.
1.040 eta.
1.122 cts.
1.208 cts.
$8.20
Fgt.rev, per train mile
$8.42
$9.00
$8.78
$53,578
Operating rev. per mile_
361,112
355.449
$551.218
x Including Boston & Albany RR. and the Ohio Central Lines.
INCOME ACCOUNT FOR CALENDAR YEARS.
x1924.
n1923.
1922.
1921.
$
$
Revenues$
$
227,359,010 273.654,981 197.980,518 179,170,832
Freight
95,980.325 98.670.197 79,837,138 80,432,126
Passenger
8.886.891
Mall
8.637,980.1 .5 0 6,508.491
11,736,720 13,181.581 10,613.630 6,311.136
Express
Milk, switching. &c _ _ _ _ 13,664,682 13,626,937 11,690,207 10,290,221
Dining cars, storage_ _ _ _ 11,979,302 13.263.107
9,331,036
9,418,189
Total oper. revenues-369,606,930
Operating Expenses48,450,039
MaInt. of way & struc
Maint. of equipment_._ 79,217,792
4,272,507
Traffic expenses
Transportation expenses 134,751.609
Miscellaneous operations 4,790.264
10,487,953
General expenses
421,034,784 316,620,098 292.130,995
50,571,833 34,876,366 28,818.741
107.465.790 82,992,958 64,455,871
4,011,470
3,636,191
3,504.504
149,009,762 116,938,168 112,561,539
4,681.220 3,610,929
3,894.424
10,177.164
8,345,858
8,533.310
Total oper. expenses__279,970,163 325,917,241 250.400,470 221,768,390
Net operating revenues_ 89,636,767 95.117.543 66,219,628 70.362.605
(77.41)
(79.09)
(75.75)
Per cent of exp. to rev__
(75.91)
re Including Boston & Albany RR. and Ohio Central Lines.
Note.-For other income, deductions from income, dividend payments,
Documents"
and
a
on
"Reports
subsequent
balance sheet items. &c., see
page-Ed.-V. 120, p. 1878.
Central Railroad Co. of New Jersey.
(Annual Report-Year Ended Dec. 311924.)
Pros. W. G. Besler wrote in substance:
Additions & Betterments.-Charges made for additions and betterments
during the year amounted to 38,986,270 as follows: Investment in road,
$4,717,860; investment in equipment, $4,143,067; investment In leased
railway property, $125.342.
Funded Debt.-The total funded debt at the close of the year was 362,993,560 (Including $1,167,000 held in treasury), as against $63,164,000
at the close of the prior year, a decrease of $170,500 for the year.
Gross operating revenue for the year aggregated $55,465,963, a decrease
of 31.916.690, its compared with the previous year. There was a decrease
of 3832.006 in merchandise, $466,100 in bituminous coal, $3324,072 in
anthracite, $200,392 in passenger, and $94,119 In other transportation
revenue.
The total number of revenue passengers carried aggregated 27,425,512,
a decrease of 190.928 as compared with the previous year; number of
revenue passengers per train mile, 110.58; passenger revenue per mile of
road. $15,955; revenue passengers carried per mile of road 39,621.
There were h.andled 20.545.861 net tons of merchandise; 7.191,741 net
tons of bituminous coal, and 8,833,093 net tons of anthracite coal. The
total volume of freight and coal traffic handled decreased 1,809,371 tons
as compared with the previous year.
The revenue per freight train mile was $12 59, an increased of $0 15
as compared with the previous year; the number of tons per freight train
mile (revenue freight) was 752.81, an Increase over the preceding year
of 12.87 tons. The number of tons per loaded car mile was 30.88, a decrease of .68 tons; and the average distance each ton was carried was 69.37
miles. an Increase of 1.12 miles as compared with the previous year.
As indicating the volume and density offreight and coal traffic handledduring 1924, 1,446,550 cars of revenue freight and coal were moved, of
which number 531,684 loads originated on company's lines, and 914.866
were received from connections. The revenue tonnage handled per mile
of road was 52,833 tons, and the revenue tonnage per mile of road per day,
144 tons. Loaded car miles for the year •1924 aggregated 82,064,533
miles; total revenue ton miles. 2,536,759,987; the revenue ton miles per
mile of road was 3,664,831, and the revenue ton miles per mile of road
per day, 10,013.
Company contributed $155,000 to certain New England railroads in
1922, and $224,000 in 1923, by reason of the increased divisions of 15%
allowed by the I.-S. C. Commission under I. C. C. Docket No. 11756New England Division Case. For the year 1924, this allowance amounted
to approximately $225,000. The application filed with the 1.-S. C. Commission for relief from this order is being vigorously prosecuted.
Operating expenses decreased $8,897.631 as compared with the previous
year. There was a decrease in transportation expenses of $2,021,593
and an actual decrease in maintenance ofequipment expenses of $3,229,642
-resulting from economies through increased efficiency of operating and
mechanical forces. There is also included in operating expenses for 1924
credits aggregating $4,037.732. covering adjustments of expenditures incurred In connection with equipment rebuilt since Federal control, which,
under the accounting rules of the I.-S. C. Commission, are properly chargeable to investment account. There are included in operating expenses for
1924 debits aggregating 3570.215, representing adjustments in connection
with accounting of retirements and depreciation of equipment rebult
during, and retired or purchased since, Federal control. As a result,
operating expenses for 1924 have been adjusted by a net credit of $3,467,517,
with appropriate charges to investment in equipment.
While this adjustment increased the assets on the general balance sheet
It also increased the profit and loss account, with the result that the accumulated surplus as of Dec. 31 1924 is the same as it would have been
had these item.s been currently accounted, as above.
Taxes.-Railway and miscellaneous taxes for the year aggregated $4,842,464, an increase of $746,079, or 18.21%, as compared with the previous
year. Compared with the year 1912, railway and miscellaneous taxes
increased 53,339.794. or 222.25%. Compared with the year 1899, the
Increase in taxes was 54.483.538, or 1.249%.
In 1922 (the latest statistics available) the average tax per mile of railroad (Class I carriers) in New Jersey. was $6,959-the highest in the
United States-the next highest being 32.857 in the State of Rhode Island.
Guaranty.-The claim against the Government as provided in the Transportation Act for the six months ended Aug.31 1920,known as the guaranty
period, is still under negotiation.
MAY 30 1925.]
THE CHRONTGLE
Capital Expenditures.-Of the amount realized. $32,134,077. from the
sale of the stock of the Lehigh & Wllkesbarre Coal Co. in 1921, there
remains in the surplus as of Dec. 31 1924, in the form of Government
securities, $15,100,000. The remainder has been drawn upon to meet
capital expenditures for additions and betterments. among which are
partial payments amounting to approximately $3,850,000 for account of
the new bridge in process of construction across Newark Bay, 7.500 ft. in
length, with approach viaducts of 1,546 ft.-the total cost will approximate 214,000.000.
Other capital expenditures in hand include grade crossing elimination
in the City of Perth Amboy, $2,500,000: grade crossing elimination in the
Town of Somerville, $2.500,000;the installation of automatic train control
on the New Jersey Southern Division. $751,458, and other projects of
lesser magnitude.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1924.
1923.
1921.
Revenue FreightOther revenue freight-- 20.545,861 21,360,110 17,478,682 13,581,891
Bituminous coal (tons).- 7.191,741 7,730.098 6,763,680 7,693,727
8,833,093 9,289.858 6,383,358 9.893,130
Anthracite coal tons)_.(
Total revenue freight-- 36,570,695 38,380,066 30,625,720 31,168,748
Tons carried one mile*_ - 2,536,759 2,619,502 2,032,449 2,263,754
Revenue per ton per mile 1.672 cts. .1.681 cts. 1.797 cts. 1.774 cts.
27,425,512 27,616,440 26,570.996 26,847,938
Passengers carried
Pass.carried one lade_ -476.030.360 476,368.739 454,932,543 452,984,321
Rev,per pass. per mile..- 1.940 cts. 1.981 eta. 1.992 cts. 2.018 cts.
2807
Transportation and traffic expenses increased on account of an increased
volume of business handled. Expenses of general and miscellaneous operations were practically normal with the previous year.
The operating ratio was 68.49%, compared with 78.37% in 1923 and
76.28% in 1922.
Net income of the several companies as combined in the income statement shows an encouraging Increase over the previous year, but after payment of the regular dividends upon the Prof. shares of the Colorado & Southern Ry., the remainder has been credited to surplus accounts, in keeping
with the policy of the management to strengthen reserves and improve the
credit of the several companies. Attention has heretofore been directed
to substantial losses in capital account which the company has suffered.
such as the loss of investments,through foreclosure,in the Colorado Midland
By. and Colorado Springs & Cripple Creek District Ry., abandonment
of unproductive mileage and from other sources. Increasing competition
by motor bus and private automobile, using the adjacent hard roads between Denver and Boulder. Colo., is creating serious doubt whether the
operations of the Denver & Interurban RR. can be longer continued. The
results of the operations of the property of the Trinity & Brazos Valley
By. by the receiver thereof are shown below and do not yet afford a basis
for the reorganization of that property.
Plans are under development to extend the operations of the Texas lines
into the city of Dallas and into the South Plains territory in western Texas,
thereby reinforcing capital account and strengthening the earning power
of the company. The management believes that it will continue to be
advisable for the present to provide for additions of this character, as well
as for betterments and improvements to property account by the use of
surplus income so far as available rather than by the further issue of capital.
*000 omitted.
The approaching maturity of the 1st Mtge. bonds and the uncertainty of
COMBINED OPERATING ACCOUNT FOR CALENDAR YEARS.
the result of the Federal valuation which is approaching completion furnish
1923.
1922.
1924.
1921.
Operating Revenueadditional reasons for a conservative course in the use of surplus earnings.
$25,264,906 226,096,912 $22,939,947 $19,172,052
Merchandise
Capital Expenditures.-There were during the year net expenditures of
3,408.500 3,874,600 3,692,300 4,297,586 $892.747 chargeable to capital account as follows: Road. 2848.258:
Bituminous coal
13,740,174 14,064.247 9.885,617 16,685,114 equipment, $47,882; general, 0'43,103.
Anthracite coal
9,237,071
9,437.463 9,061,949 9,141,722
Passenger
Gross expenditures were made amounting to approximately $1,540.000
793,548 in the physical development and improvement of the property and in
1,578.977
1,477.049 1,627,179
Express and mail
442,383
475.343
482,818
527,255 additions and betterments to way, structures and equipment. Road propWater line
429,652
404.483
330.366
278.437 erty of a book value of approximately 2370,000 was abandoned and written
Water transfer
1,033,089 1,194,960 1,052,940 1,166,920 out of the capital accounts.
Incidental
332,211
358,594
415.354
356.078
Miscellaneous
Equipment of a book value of approximately $278,000 was written out.
255,466,963 $57,383,653 $49,488,471 252,418,714 due principally to the equipment being worn out and of obsolete type, also
Total
to
destruction by accident.
Expenses
Operating
Guaranty Period Settlement.-Your companies accepted the guaranty proMaintenance of way,&c. $6,058.276 $5,660,110 $5,530,944 $6,470,243
covering
Maintenance of equipl_ 9,819,916 17,087.290 12,973,254 13.602,959 visions under Sections 209 and 212 of the Transportation Act, 1920,following
Transportation expenses 21,798.966 23,820,559 21,781,282 22,141,541 the 6 months period from March 1 to Aug. 31 1920, immediately
449,521
459,050
409.850
424,995 Federal control of railroads. During the year these companies effected a
Traffic expenses
1,293,760 1,288,800 1.286,970 1.305.453 final settlement with the I.-S. C. Commission, which with advances thereGeneral Mentes
232,624
236,202
215,453
238,694 tofore made amounted to $990,036.
Miscellaneous operations
Valuation.-The work under the Federal Valuation Act of March 1 1913
408
Cr.1,945
Transp. for inv.-Cr_
•
•
during the year with reduced forces. The total expenditures
$39,652,657 248.550.289 $42,197,422 $44.181,938 was continued
Total
these companies on account of valuation to Dec. 31 1924 were $792,203.
1ff
215,814,306
$8,833,365
$7,291,049
28,236,776
Net revenue
reports have not as yet been received.
valuation
Tentative
4.560,718 3,807.110 3,572,659 3,001,175
Taxes, &c
Industrial.-A substantial number of new industrial leases were made
Operating income_ ---211,253,588 $5.026,255 $3,718.391 $5,235,601 during the year, also Important industrial plants were located on the line.
Mm-Operating IncomeVegetable loading and cotton platforms were constructed, with incident
$376,666 paving
$191,192
Rent from equipment..
and drainage facilities. Stock pens were constructed at five dif$396,057
500,310
445,742 ferent locations on the line.
Miscell. rent income-.-- $371.509
156.181
156,973
146.237
144,362
Non-eper. phys. prep..-OPERATING STATISTICS FOR CALENDAR YEARS.
264,142
264,142
280,583 y19,993,881
Dividend income
1923.
1922.
1924.
832,740
356,323
Income from funded sec- 1,094,925 1,112,874
7,104.853
849,066
107.754
180.080
8,038,9347.456.366
99,703 Revenue freight (tons)
Inc. from unfunded sec_
41,924
11,041
41.553
243,882 Revenue freight (tons) miles-1,391,213,113 1%263.036,120 1,231,801.941
Miscellaneous
26.81
$6.72
mile
$7.34
train
per
rev,
freight
Avge.
$7,177,513
$6.540.296
$13,279.708
$26,895.048
Grass income
22.449
$2,373
$2.536
$243,136
2406,392 Avge. rev, per ton of freight ' 1,165,019
Rent for equipment_
1,279,848
1.355,798
2,328,581
2.329,646 Passengers carried
Rent for leased roads- $2,327,831 $2,328,081
per mile- 129,486,972 131,475,270 130,479 155
769.726
723.125
712,289 Passengers carried
Joint facility, &c.,rents.. 1,303,044
$2.50
98
$.1.2i4
per train little_
329,227
304,619
238.563
186,562 Avge. pass. rev,
Miscell. tax accruals
$3.558
23.375
per passenger......
revenue
Avge.
3,116,168
3,054,304
2,983,250
2.967,779
Interest
15,599
21,028
95,371
50.624 OPERATING STATEMENT.OF COLORADO & SOUTHERN RAILWAY
Miscellaneous
YEARS.
CALENDAR
(1.099 MILES) FOR
$6,187.840
$625.412
22.614 $20,241,755
Net Income
1923.
1922.
1921.
1924.
Operating RevenuesDividends paid. --(12%)$3.292,41602)23292416(12)23292416(14)23841152
$9,931,852 29.678,525 210,121,548 $9,897,761
Freight
1921
includes
approximately
$19,780,302 received Passenger
y Dividend income in
2,050,328
2,032,090
2,394,205
1,870,378
dividends of
% each and the cash dividend of
from two semi-annualand
931,255
947.060 1,042.599
1,064.719
a cash dividend of 70% paid Nov. 29 on the Mail, express, &c
150% paid March 5
Total oper.revenues-212,866,948 $12,675,913 213,196,237 $13,223,220
$8,489.400 stock owned in the Lehigh-Wilkes-Barre Coal Co. Out of this
customary 4% special dividends on Central RR. Maint.of way & struct $1,639,305 21,867,164 21,966,385 $1,993,464
sum there were paid the
Maintenance of equip.... 2,864,124 3,478,862 3,090.819 2,981.257
of Now jersey stock, making total payments on that stock 14% in 1921.
146,129
165,702
157,518
163.984
Traffic
BALANCE SHEET DECEMBER 31.
4,861.627 5,026,238 5,038,957 4,703,027
Transportation
522,214
603,157
513,889
512.621
General
1924.
1923.
1924.
1923.
118,773
97,826
102,439
96,855
LiabilitiesMiscellaneous
$
$
AssetsCapital stock_ _- 27,436,800 27,436,800
Operating expenses---210,139,487 $11,154,293 $10,894,665 $10.523,890
Road & equitit.146,860.269 137,999,341
Mortgage bonds y62,993,500 63.164,000 Net revenue
$2,727,460 21,521,620 $2,301,572 $2,699,330
Imp, leased rye- 10,712,622 10,587,280 Int.,
alvidends,
782,490
833,514
767,423
766,615
Tax accruals, &c
Inv.in MI.cos.:
957,837
3.165.870 3.165,870 &c., due
961,641
Stocks
2739,130 21.468,058 $1,932,714
Operating income...... $1,960,038
1.726,000 1,726,000 Accts.and wages 4,218,756 4,666,524
Bonds
Non-operating IncomeAdvances-..-- 3,080,461 3,071.127 Traffic, &c., bal$231,099
2159.614
$264,720
Rentfrom equipment. _ - $112,452
ances
283,486
327,135 Joint
20.603
24.110
Other investmls 19,800,045 22,982,426
32,896
30.671
facility rent income
ac3,257.554
Miscellaneous
3,241,387
prop
phys.
misc.
39,622
34,873
36,326
35.728
road....
of
lease
from
Inc.
3,669.000
ccounts
194,242
3,374,000
149,858 Misc,rent income
42,420
Secur. unpledged
24,560
37,557
34,254
2,947,852 3.251,621 Interest & rents
3,036
2,717
Cash
2,745
Misc.non-op.phys.prop.
1,212.408
accrued
195,016
1,256,908
208,352
deposits_
Special
1,119,914
915.893
1.480,119
1,480,345
income
Dividend
792,361 Unmatured divi562,862
Traffic, &c., bal.
793,854
617.376
620,988
813,639
funded secur-1,749,538 dends declared 1,097,472 1,097,472 Inc.fromfrom
Misc. accounts. 1,364,769
unfunded
14,902 Taxes
1,577
2.113,944 1,340,080 Income
288.580
386,259
69.639
Loans & bills rec. 647,347
56,500
accounts
and
securities
302,207
647,857 Deferred sects267,308 Miscellaneous income....308
1.587
760
826
Agts. & conduc_ 4,863,974 6,301,879
Unadjusted acMat'ls & supP _ _
$4,212.266
23,419,963
$3,750.979
$4,533.324
income
Gross
1,943,612
174,649
counts
153,120
1,465.809
Int. & dive. rec.
DeductionsSurplus special.x42,988,171 43.164,632
1
Oth. curr. assets
248,056
2319,810
Hire of fr't cars (dr. bal.)
13,834 Accrued depre13,634
Ins., &c.,funds..
183,184
183.973
$117,231
20,605,802 20,979,223 Rent for equipment_ --- $231,810
2,505,549 ciation
0th.unadj.sects 2,942,119
86,123
93,071
83,470
93,635
rents
facility
Joint
42,030,603
loss
1.277,309
and
Protit
646,626
39,371,472
assets
Other def.
112,236
112,949
112.949
112,949
Rent for leased roads-,
207,361,448 204,600,308 Interest on funded and
Total........207.361,448 204,600,308 Total
2,200,798 2,199,059 2,145,373 2.139,128
unfunded debt
to property through income and surplus:
61,240
80,074
64.043
x Includes in 1924 additions
121,955
and equipment, $32,958,183; and (2) improvement Amortization, &c
6,754
6.362
6,952
7,488
(1) Investment in road
Miscellaneous
in
investment
miscellaneous
(3)
$10,027,449;
physical
on leased property. y Includes: (a) Equipment obligations in company's'
2834,759
$1,550,156
2836,259
$1,764.689
Net income
property. 22,539.
340,000
340,000
340.000
340,000
(b)
General
public,
$10,715,500:
5%
Mortgage
with
First
%)
(4
div.
Pref.
$2.200.000;
treasury,
340,000
340,000
340,000
are held in treasury and $43,924,- Second Pref. city. (4%)340,000
bonds. 245.091.000. of which 21,167,000
830,000
930,000
•
Dock & Improvement Co. bonds with public, Common dividend (3%)
000 with public;(e) American
$7.000.-V.
2546.
2681,
120.
P.
$156,289def.2775,240 def.$59.844
$1.084,690
Balance, surplus
$4,980,000; in treasury.
Profit and loss surplus.... $4,940,437 $3,697,328 $3,891,025 15,027.545
Colorado & Southern Railway Co.
OPERATING STATEMENT OF FORT WORTH & DENVER CITY RY.
(465 MILES), FOR CALENDAR YEARS.
(26th Annual Report-Year Ended Dec. 31 1924.)
1921.
1922.
1923.
1924.
28,280,360 $6,865,281 $6,852,575 28,027,522
President Hale Holden reports in substance:
Freight revenue
2,231,245 2,188.048 2,266.750 2,725.418
operating revenues for 1924 amounted to 225,946,731. Passenger revenue
Results.-Total 223,860.219
582.018
597,714
572,522
658,701
in 1923,an increase of $2,086,511. or 8.74%. Mail, express. &c
as compared with $1,997.503 in freight revenue is due principally to general
Total oper. revenue-211,170,306 $9.625.851 $9,717,038 211,334,958
The increase of
during 1924 whidi prevailed through- Maint.of way & struct- 2948,856
$859,452 21,190,946
$959,563
improvements in business conditions
brought about particularly in the southern
by Maint. of equipment.-- 2,031,895 2,138.437 2.124,649 2,096.648
out this district, splendid crops of all kinds, which was madeterritory
possible by Traffic
136,184
136,825
173,582
151.229
of
the production
seasonable
throughout
year,
the
were
that
whereas
conditions
3.075,086 2,941,729 3,124,086 3,590,665
good weather year the net earnings were greatly reduced on account of Transportation
417,219
417,641
419,992
426,904
General
in the previousnormal
flow of traffic due to the results of flood conditions Miscellaneous
64.301
49,945
49,031
70,217
diversion of a
latter half of the year. There were no general
existing throughout the
Operating expenses...... $6,699,357 16,657.629 $6,725,890 27,512,206
during the year, although such adjustments as
reductions in freight rates
12,968,222
$2,991,147
24,470,950
Net
23,822,752
revenue
commodities resulted in almost every case in re632,821
466,430
439,053
were made on specific
Tax accruals, &c
387.763
ductions.
in passenger revenues is due to a general falling
Operating income---- $3,838,128 • 22.501,792 $2,552,094 23,434,990
$138,141
of
decrease
The
the statistical records show a
since
Income
business
Non-operating
passenger
haul
Oft In short
but a considerable increase in the average Hire of fr't cars (Cr. bal.)
$26,709
decrease in passengers carried,
$432,546
$131,578
passenger was carried.
Rentfrom equipment...... $168,725
120,715
distance each revenue
10,469
amounted to $17,770.169, as compared Joint facility rent income
12,091
11,561
1924
in
expenses
13,920
Total operating 1923, a decrease of $929,295, or 4.97%. The decrease MLsc,rent income
7,864
7,751
7.072
6.337
in
With 218,699,464
in maintenance of equipment and Income from funded seprincipally
was
expenses
in operating
113,146
60,497
Maintenance of equipment expenditures
curities
31,165
31,165
maintenance of way expenses.
normal because a long continued
Income from unfunded
in 1923 were considerably aboveextraordinary expenditures in 1923 strike
122,811
159.052
securities and accounts
to re173,401
133,271
conditions in 1922, necessitating
408
756
condition. Maintenance of way expenditures Miscellaneous income
510
60.001
store equipment to standard
flood conditions prevailing
unusual
to
owing
heavier
generally
in 1923 were
$4,263,080 13.172,975 $2,907.381 23,827,107
Gross income
in that year.
2808
DeductionsHire offr't cars(deb. bal.)
Rent for equipment.._ _ _
Joint facility rents
Rent for leased roads
Interest on funded debt_
Int. on unfunded debt.._
Amortization, &c
THE CHRONICLE
1924.
1923.
$173,313
12,969
18,000
527,762
4,447
117.633
$54,198
13,570
18,000
537.520
5,597
118,102
1922.
$182,467
61,154
13,558
18.000
508,741
1,289
117.900
1921.
$125.901
13,319
18.000
536,141
21,449
120,751
Net income
$3.408,935 $2,425,990 $2,004,272 $2,991,546
Dividend appropriations 1,378.656
916,466
916,466
1.378.656
Income balance transferred to profit & loss $2,030,279 $1,047,333 $1,087,806 2,075.079
OPERATING STATEMENT OF WICHITA VALLEY RY. CO. (271
MILES) FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
Total ry. oper. revenue_ 91,909,476 $1,558,456 $1.415,488 $1.723,110
1,097.987
Total ry.oper.expenses..
936.304
887,542
931,325
$625,123
Net rev,from ry.oper. $978,152
$479,184
9670,913
70.121
Railway tax accruals_ -69,761
g4,785
119,000
Uncollectible ry.rev........
352
179
180
2.931
$554,650
Railway open income- 9856,220
$409,245
$585,948
Non-operating income__
30.787
36,356
38,842
32.305'
$585,437
Gross:income
$445.600
$895,062
9618,253
Deduct. fr. gross income
427,441
407,315
532,370
467.594
Net inc. transf. to
$178.122
profit and loss
$18.159
$150,659
$362,691
INCOME ACCOUNT CALENDAR YEARS.
-Denver (I Interurban- -Trin.& Braz.Vallty.1923.
1924.
1923.
1924.
Operating revenues..__
$213,733
$249,040 $2,665,371 $3,482,585
232,827 2,398,703 2,599,930
Operating expenses
227,187
For... 120.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1921.
1922.
1924.
1923.
Freight
$10,974,252 $10,513.455 $9,476,588 88,974,264
Passenger
2.082.200 2,424.229 2,150.177 2,324,507
Mail
73,040
71,205
64,513
67,901
Express
324,825
464,366
403.915
453.300
97,699
Miscellaneous
86,397
113,271
103,287
Incidental
305,848
559,328
311,162
678.248
Joint facilities
5,807
4,069
5,702
4.683
Operating income
$14,370.467 $14,138.269 $12,505,348 $12,104,155
Operating ExpensesMaint. way & structures $2,760,367 $2.293,005 $1,970,510 $2,157,574
Maintenance equipment 2,519,308 2,371.894 2,219,572 2,338,689
Traffic
378,728
398.274
429,005
427,171
Transportation
4.870.935 4,744,636 4,558,399 4.561,023
255.799
Miscellaneous operations
250,873
508,277
455,941
General
716,855
456,298
453,752
416.285
Transport'n for investnal Cr66,526
Cr17.325
Cr14.229
Cr45,220
Operating expenses_ _411,477,665 $10,663,712 99,837,151 $10,391,343
Net from ry. operations- $2 892 802 $3,474,557 $2,668,198 $1,712,812
Railway tax accruals_
877,173
962,895 a1,230,981
951.168
Uncollectible ry.revenue
807
6,911
842
1,181
Total
$884,084
$963,737 $1,231,788
$952,349
Operating income
$481,024
92,008,718 $2,522,208 91,704,461
Non-Operating In omeEquipment rentals
$1,707.898 $1,363,589
$929,087 91,119,359
Joint facil. rent income.
4.211
4,167
140,462
9.054
Inc.from lease of road...
680 b2,816,589
4,312
4,402
Miscell, rent Income......
105,020
63,624
78.164
72.743
8,911
Misc.non-oper.phys.prop
11,204
15,579
27,488
Dividend income
180
Income from funded sec_
5,824
64,992
46,830
104,641
Int.fr. unf. sec. & accts385,415
371,886
139,565
229,708
Miscellaneous income__ _
133
2
2
10,003
Non-operating income $2,149,482 $1,805,139 $1,445,641 94,445,463
Gross income
$4,158,200 $4,327.347 $3,150.102 $4,926,487
DeductionsEquipment rentals
$574,987
$593,096
$786,225
$803,425
$800,507 Joint facility rents
$174,049
Railway oper.income.. Dr.$22,810
$6,355
77,714
77.843
97,242
77,262
Non-operating income
684
853
Rental of leased lines _ _ _
1,350
3,600
3.000
Miscellaneous rents..__ 56,784
42,166
39,535
40.306
$174,049
$800,507 Miscell, tax accrued_ _ - _
Gross income
Dr.$22,126
$7,208
78
163
80
387,998 Int, on funded debt..
113,166
113.215
273.754
Deduct.from gross Inc....
1.225,860
1,457,268
1,213,048
1,763,121
Int. on unfunded debt
17,130
2,014
1,751
1,677
Net income
def$135,292 def$106.007 def$99,706 sur$412,509 Amort,of disc. on fd. dt_
104,727
100,927
108,374
119,172
Miscell. income charges.
10,751
18,799
14,236
15,485
BALANCE SHEET DEC. 31 1924 (Compare V. 119, P. 450).
Colo.&So.Ry.F.W.ctD.C. Wich.V.R.
AssetsTotal deductions
92,828,935 $2,507,551 $2,044,757 $2,067,953
Investment in road and equipment.--$82,294,921 $29,894,875 $1,958,765
Deposited in lieu of mtge. property__
90,067
52.620
Net income
$1,329,265 $1.819,795 $1,105,345 $2,858,533
Miscellaneous physical property
3,724
207,803
Sinking fund
50,000
50,000
50,000
50,000
Investments in affiliated companies
588.706
229,120 Preferred
17,872,690
divs. (6%)_ y1,650,000 x1,650,000 x1,650,000
1.650.000
Other investments
5,537,459 4.058.204
Cash
4,833,542
493,113
3,929,451
Balance, surplus
def$370,735
$119,795 def$594,655 91,158,533
Time draft and deposits
200.194
50,000
x Of which 8857.560 ($262,000 in 1922) paid out of net corporate income
Agents and conductors
65,217
9,414
76,151
and
$792,440
in
1922)
out
($1,387,100
of surplus. y Paid out of net
Materials and supplies
188,192
820,409
1,201,610
Other current assets
16,962
10.623 corporate surplus.
9,081
a Includes 1205,173 income taxes for years 1918 and 1919 paid in 1921 on
Special deposits
39,860
572.918
12,375 account of compensation received as rental of property for 1918-1919 in
&c., balance receivable
347,924
277,515
Miscellaneous accounts receivable..._
28,660 excess of compensation on which taxes had been paid for the years in
827.283
611.164
question.
Interest and dividends receivable..
20,241
b Rental from U. S. RR. Administration for January and February 1920
34
Deferred assets
3.575
21,374
30,254 in excess of the amount credited to income in previous reports on basis of
715.927
Unadjusted debits
521,905
standard return.
BALANCE SHEET DECEMBER 31.
Total
8113,510,470 942,052,699 $3,160,744
1924.
1924.
1923.
1923.
LiabilitiesAssets$
Liabilities$
Common stock
$
831,000.000 $9,243,800 $1,020,000
$
Road & equip_ -114.150,982 107,369,685 Preferred stock.. 27.500,000 27,500,000
Preferred stock
17,000,000
Inv.in affil. cos_ 2,267,189 2,267,704 Common stock- 47,500,000 47,500,000
3,513
Government grants
19.134
769,000 Misc.phys.prop_
372,371
292.860 let M.bonds-- 26,827,300 26,887,800
Funded debt
50,383,900 9,254,900
Mtge. prop. sold
299,917
2,699
60,248 Equip. tr. etre_ _ 8,123,000 5,600,000
Non-negotiable debt due to attn. cos..
343,375
70,895 Sinking fund....
50,112
50,135 Traffic, &c., bal
257,530
Traffic, &c., balances
434,736
234,957
139,149 Other investin'ts
554,887
652.908
35,340 2.383,935 Due to affil. cos
Audited accounts and wages payable..
987,776
66,666
28,147 Accts. dr wages_
870,270
42,010 Special deposits.
24,770
910,175
Miscellaneous current liabilities......
57.731
Cash
3.440
566.129
752,387 1,254,483 Accrued interest
Interest matured unpaid
560,747
24,053
824
Demand loans &
Matured interest
24.770
Dividends, &c., matured unpaid
26,147
511,062
46,822
3,614,696 4.678,479 Miscellaneous.._
134,430
57,855
deposits
Unmatured interest, &c.,accrued_
90,036
573,171
366,147 Accrued taxes-436,083
U.S. Government deferred liabilities_
Traffic, &c., bal.
143.715
777
172,017
196,437 Miscellaneous... 1,222,423 1,101,679 Accrued dep.... 2,545,738 2,074,420
Other deferred liabilities
38,825
28 Disc,on Id. debt 2,214,042 2,326,497 UnadJ. credits.._
Accrued depreciation, &c
385,198
6,502,648 3,430,750
424,785
63.034 Mat'ls & supp
1,879,871 1,955.676 Approp. sur____ 10,587,853 9,173,359
Tax liability
672.549
680,385
132,658 Agts.& conduct.
137,433
231,801 Other def. nab- Unadjusted credits
63.150
305.894
17,510
69,585
12.612 Unad). debits
398,941 Sinking fund. tto
Add'ns to prop, through inc. & surp..
700,347
249.722 6,716.416
350,000
300,000
Appropriated surplus
1,957 Profit and loss__ 1,390,138 3,042.368
Other def. assets
3,569
668,100
Profit and loss
4.940,434 11,328,478
Total
127,864.315 124.766,175 Total
127,864,315 124,766,175
Total
$113.510,470 $42,052.699 $3,160,744 -V.120, p. 2682, 2547.
-V. 120, p. 2397.
Netrev.from ry.oper. def$13,454
Railway tax accruals.. _ _
9,356
$16.213
9,857
$266.668
92,619
$882.655
82.148
•
Buffalo & Susquehanna RR. Corp.
Western Pacific Railroad Co.
(11th Annual Report-Year Ended Dec. 31 1924.)
(9th Annual Report-Year Ended Dec. 31 1924.) .
Pres. E. R. Darlow, Buffalo, N. Y., March 31, wrote
Pres. Charles M. Levey, San Francisco, May 1, wrote in in substance:
substance:
The net income of the year was $318,929. Dividends at the rate of
• Results.-Net corporate income for the year 1924 was $1,329,265, as
compared with $1,819,795 the previous year.
Dividends.-Four dividends of 134% each, aggregating $1,650,000, or
6%,on the Preferred stock were declared and paid during the year out of
net corporate surplus.
The decrease in revenue from passenger traffic ($342,0291 compared with
previous year, is due to reduction in revenue brought about by Decision
No. 11541 of the I.-S. C. Commission, in an action brought by the Arizona
Corporation Commission, Public Service Commission of Nevada, and
State Corporation Commission of New Mexico, which reduced rates,
effective March 1 1924 on local fares within the States of Utah and Nevada,
and on April 28 1924 on joint fares between California, Nevada and Utah,
from 4.8c. to- 3.6c. per mile, together with the depressing effect upon
travel generally, caused by unfavorable publicity regarding the hoof and
mouth disease throughout California in the spring and summer and the
prevalence of forest fires in the mountains later in the year.
Operating Expenses.-Operating expenses for 1924 were $11,477,665.
as compared with $10,663,712 in 1923, an increase of $813.953. or 7.63%•
The principal increase in operating expenses appears in maintenance of
way and structures [8467,3631 and is due to heavy expenditures necessary
to prepare the paired track in Nevada for additional traffic incidental to
joint operation with the Southern Pacific Co.
Taxes.-Railway tax accruals for the year amounted to 6.10% of the
operating revenues compared with 6.73% for the year 1923, a decrease in
ratio of 0.63%.
Funded Debt.-March 15 1924 93,105,000 Western Pacific RR. 56%
Equip. Trust certificates, Series C ($207,000 of which mature serially
on Dec. 1 in each year from 1924 to 1938 incl.) were issued and sold at
par and int. The purpose of this issue was to provide funds sufficient
to cover so% of the cost of certain equipment, balance of its cost having
been provided from the company's surplus.
and
Funded debt obligations aggregating $642,500 were redeemed
cancelled during the year.
equipment
charges
for
the
year
aggregated
and
-Road
Equipment.
Road el.
96,781.297, divided $2,372.188 for r?ad and $4,409,108 for equipment.
GENERAL STATISTICS & EQUIPMENT FOR CALENDAR YEARS.
1922.
1923.
1921.
1924.
1,042
1,043
1,016
1,043
Miles of road operated._
139
145
139
155
Locomotives
56
55
54
56
Passenger train cars_..-5,932
8,107
5,945
9,148
Freight train cars
201,623
220,112
220,764
197.016
Revenue pass. carried
Passengers carried 1 mile 80,185,038 92,479,564 79,045.908 75,774.832
3.07 cts.
2.72 cts.
2.62 cts.
Rev, per pass, per mile.... 2.60 cts.
1,706.346
Revenue tons carried
3.078,522 2.875,108 2,120,297
Rev. tons carried 1 mile_1151930276 1044820,253 910,306,766 819,658,343
1.04 cis.
1.09 cts.
1.01 cts.
Rev, per ton per mile_ _ _
0.95 cts.
4% per annum were paid on the Preferred stock; regular quarterly dividends
at the rate of 7% per annum and an extra dividend of 2,54% in March
were paid on the Common stock. The total amount of dividends paid
was $345,000.
During the year the Powhatan Coal & Coke Co. paid $63,481 on its
first mortgage held by this company, and that amount with $60.003 interest
paid on bonds, and the cash in the sinking fund, was invested in the purchase of $157,500 of 1st Mtge. bonds for the sinking fund.
At the close of the year the 1st Mtge. bonds outstanding in the hands
of the public were S4.933,600, and there were in the sinking fund 91,656,900
and in the treasury $368,500.
As a result of the conditions of the coal market and of the Jacksonville
agreement continuing in effect the union scale of wages, all of the mines
on the road other than those belonging to the Buffalo & Susquehanna
Coal & Coke Co. closed down in the early months of the year and were
not reopened: and those of the company named worked only intermittently
and at a loss.
The coke ovens at Tyler worked about half capacity until July and
then shut down the remainder of the year. The coke ovens at Sykes
after running at half capacity for some months shut down until the middle
of September, when work was resumed and continued during the remainder of the year.
Additions and betterments to the property amounted to $115,086.
The book value of equipment retired was $42,407; and the net increase
in the road and equipment accounts was $72,679.
The I.-S. 0. Commission served its tentative valuation of the property
of the corporation and of its two leased lines (Wellsville Coudersport &
Pine Creek RR. and Addison & Susquehanna RR). This tentative valuation was $9.845,905 of the property as of June 30 1919. but was based on
costs and prices as of June 30 1914. A protest against it was filed. Hearmeson the protest have not been concluded.
We are still in negotiation with the I.-S. C. Commission in an effort
to adjust the claims for the guaranty period.
Hearings have been held on the recapture of excess earnings of the
last four months of 192a and the years 1921 and 1922, but the case has
not been closed. There is no question of recapture except for the four
months of 1920.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1922.
1924.
1923.
No. of rev, tons carried.. 1,545.393 2,231,391
1,223.722 1,399,982
No.rev.tons carried 1 m-150,564,000 239,686.000 111.522,000 151,285,000
Avge. revenue per ton.... 117.25 cts. 119.71 cts. 127.73 cts. 137.55 cu.
Avge.rev. per ton per m. 1.203 eta. 1.114 cts. 1.402 eta. 1.273 cts.
No.of rev. pass. carried_
116.098
146,304
97,047
101,084
No.rev. pass. carried 1 m 1,621,000
1,779.000 2.182,000
1,754,000
Avge. rev, per passenger 59.51 cts. 60.57 cts. 55.73 cts. 54.47 cts.
Avge.rev.per pamper m. 3.563 cts. 3.491 cts. 3.637 cts. 3.653 cts.
MAY 30 1925.]
THE CHRONICLE
2809
COMPARATIVE INCOME STATEMENT CALENDAR YEARS.
Baltimore & Ohio Railroad.
1922.
1921.
1923.
1924.
Operating Revenues$1,811.900 $2,671.292 $1.563,094 $1,925,639
Freight
(Preliminary Report-Year Ended Dec. 31 1924.)
64.702
79,699
61,230
57,748
Passenger
38.811
36,288
36,733
36,836
RESULTS FOR CALENDAR YEARS.
Mail, express, &c
10,671
9,435
12,065
7.716
Incidental
1924.
1923.
1922.
1921.
$1.914,201 $2,780,876 $1.676,044 $2.052.782 Average miles operatedTotal
5,292.89
5.303.58
5,212.05
5,235.08
Operating ExpensesRy. Oper.Revenues$
$
$582,967 • $384.298
$459,217 Freight
Maint. of way & struc- $401,794
180.179,357 208,587,996 159,506,625 156,782,038
798,345
1,060,429
546,460
Maint. of equipment
985.760 Passenger
29.047,718 30,752,791 26,801,742 29,428,314
23,184
26,721
25,623
31.338 Mail
Traffic
2,709,836 2,526,213 2,593.805 2,765.818
606,267
861,768
Transportation
607,387
750.598 Express
4,786.832 4,992,623 4,467.546 2,095,723
111,758
120,159
112.321
125.013 Other transporta'n rev
General
3,451,562 3,535,610 3.129,144 2,971.457
$1,941,348 $3,652.044 $1.676.088 $2.351.927 Miscellaneous revenue_ - 4,143,489 5,199.201
Total
4,344,308 5.054,507
$128,832
def$45 def$229,144
Net operating revenue def$27,146
Total ry. oper. rev_ -.224.318,795 255,594.435 200,843,169 199.077.853
43.882
147.991
74.005
Tax accruals. &c
33,672
Ry.
.Oper.
.ExpensesOperating income____ def$71.029 def$19,159 def$74,050 def$332,817
Maint. of way & struc 26,638,363 29.318,701 23,325,887 24,724,536
Non-Operating IncomeMaint.
of equipment
48,659,504 63,881,472 48.439,422 45,395,490
equipment
$363,679
$610,376
Hire of
$346,938
$428.427
4,242,473 3,916,436 3.560,797 3,305,379
80
45
270
Joint facility rent income
50 Traffic
85.313,755 94.676,661 82,408,878 85,697,490
1.285
Miscell. rent income_ _ _ _
559
514
950 Transportation
1,653,199
85,105
308,909
Dividend income
1,647,881
524,840
172,448 Miscellaneous operations 1.789,046
1.579,430
General
6,169,512 5,917,658 5,658,982 6,408,287
Inc. fr. fund. & unfind.
60,021
40,167
178,624
207.823
securities & accounts..
20,472
191.561
38,522
192,153 Transp. for inv.-Credit
200
210
Miscellaneous income_
219
253
Total
ry.
oper.
exp_
-172,752.632
199,323,961
165,021,374
167,072.093
Gross income
8557.945 $1,108.762
$990,294
$461.465 Net
rev,from ry. oper 51,566.162 56,270,474 35.821.795 32.005.760
Deductions77.017
77.98%
82.167
83.92%
39
69
Rent for equipment
37
214 Ratio of op.exp.to oprev
26,553
26,494
25,567
Joint facility rents
25,409 Railway tax accruals....,. 9,548,086 9,834,129 6,769,093 7.286,262
103,073
131,286
85.822
25
25
41,638
Miscellaneous rents.. _ _ 25
25 lUncollect. ry. revenues..
1.799.000
200.546
218.683
Int. on 1st Mtge. bonds_
225,548
229,946 Equip. rents-net debit_ 2,956,055 3.139,711 3,957.430
874.625
1,032,218
1,274.445
937.162
11,852
10,627
Miscell. income charges_
9,764
8,714 Jt.facility rents-net deb
$239.016
$255.899
$260,942
Total
8264,308
Net ry. oper. inc. as
$318.930
$852,865
Net income
$729,352
$197,157
defined in Transp.
Inc. applied to sinking &
Act of 1920
38,084,324 42.133,129 23,735.005 21,941.696
63.074
44.947
38,091
other reserve funds
33,727
Other Corp.Income$807,919
'Fransf'd to prof. & loss.. $255,856
$691,261
$163,430 Inc.from lease of road...
16,147
17,145
17,895
17,427
160,000
160.000
Divs. pd.fr.sur..Pf.(4%)
160,000
160,000 Miscell. rent income......
968.560
1.068.200
1,088,161
285,000 (17)520.000 (17)520,000 (7)210,000 Misc. non-oper. physical 1,020,084
Common (93. %)
prop
321.021
213,045
121.455
147.293
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31 1924.
Profit on separately oper.
Credits-Balance-Surplus Jan. 1 1924
$1,759,442
properties
296.452
446,927
423,243
Net income for year ended Dec. 31 1924 per income statement
255,856 Dividend incume
1.914.723 1,886,367 1.907,299
Adj.for difference between cost & par val,of secur. reacquired
34,015 Inc.from funded sec...... 1,910,942
1,528,264
1,628,601
1,758,487
1,665.521
Inc.fr.unfund.sec.& sects
672.832
902,393
493,865
489,645
Total credits
$2,049,313 Inc. fr. sink., &c., funds
163,083
67,450
395,818
70,272
Debits-Dividend appropriations of surplus (as above)
445,000 Miscellaneous income_ 24,917
24.150
21.802
4.292.542
debits
Miscellaneous
212
Total other income...... 5,657,290 6.032,520 6,187,132 10,125,088
Balance, surplus
$1,604,101 Gross income
43,741.613 48,165.650 29,922.138 32.066.784
GENERAL BALANCE SHEET DEC. 31.
Deductions1924.
1923.
Rent for leased roads_
1924.
604,453
394,266
1923.
283,214
329,770
14080tIlesMiscellaneous rents_
$
AS3e18270,429
519,196
$
432,855
479,547
248,370
Inv.lord.& equip. 9,404,966 9.468,399 Common stock-- 3,000,000 3,000,000 Miscell. tax accruals_
279,577
271,835
247.752
Preferred stock.- 4,000,000 4,000,000 Loss on separately oper.
Impts. on leased
8,571 First Mtge. bonds:
9,808
properties
1,040,171
704,286 1.186,411
ry.Property__ _
1,152,078
97
176
Outstanding.._ _ 4,933,600 5,091,100 Interest on funded debt_ 24,950,935 23,333.143 22,810,615 22,761.053
Cash in sink.fund_
In sk. fd. (per
Int. on unfunded debt190,474
304.520
let M. bonds in
439.448
583,148
contra)
117.091
1,656,900 1,499,400 Miscall. income charges_
118,626
8. f. (Per contra) 1616,900 1.499,400
122,385
124.544
In treasury (per
Deposits in lieu of
4,109
4,165
Total
deductions
contra)
property
27,421,924 25,743.614 25.546,764 25,677,893
368,500
mtged.
368,500
Net corporate income--- 16.319,690 22.422,036 4,375.373 6.388,891
Securities pledged.. 2,175,491 2,238,973 Non-nego. debt to
31
Securities unpledg. 2,061,262 1,858,012 affiliated cos_
29 Preferred diva. (4%)_ - 2,354,527 2.354,527 2,354.527 2,354,527
323,733 Traffic & car serv.
339,459
Common dividends--(5%)7.597,337(2)379857O
Cash
balances payable
79,898
53,742
Demand loans and
Balance, surplus
300,000 Audited accts. and
6,367.826 16.268.938 20,020,846 4,034.364
deposits
99,172
102,582
wages payable_ _ 131,634
198,631 -V. 120. p. 2265. 1743.
Matured interest_
Int. mat'd unpaid..
99,516
102,926
Divs, on cora, and
97,516
Divs, m
@FedFRASER