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The
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 121.
Public Utility Compendium
Railway Earnings Section
SATURDAY,SEPTEMBER 5 1925
Bank and Quotation Section
Bankers' Convention Section
NO. 3141.
more points. These issues have been the speculative
favorites. The break in prices does not reflect any
PUBLISHED WE MELT
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ders that have been reached and by "short" selling
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the best of stocks somewhat hazardous for investPublished every Saturday morning by WILLIAM B. DANA COMPANY. ment. However, investment values are not permaPresident and Editor. Jacob Seibert; Business manager. William D. mass:
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Values
will eventually tell. There are many excellent inThe Financial Situation.
vestment values to-day even among the speculative
Few new bond issues have been offered during the favorites. In fact, the speculators are apt to disweek. However, there was one large and very inter- cover the best values, but they seldom know where to
esting offering. A syndicate headed by Blair & Co. stop.
3
4 and interest $70,000,on Wednesday offered at 99/
000 Canadian Government one-year 4% notes. FundA dispatch from Swampscott on Wednesday stated
ing with one-year notes rather than'with long-time that President Coolidge had had an extensive interbonds reflects confidence in continuing favorable view with Senator Watson, the ranking member of
investment conditions, but it also reflects an expec- the Senate Committee on Inter-State Commerce.
tation of further reduction,of this indebtedness one Senator Watson reported that the President and
year hence. The previous loan had been $90,000,000, himself had agreed on the desirability of amending
so the new financing represents a reduction of $20,- the present railroad law, so as to give the railroads
000,000. Another consideration, doubtless, is the six or seven years for vountary consolidations and
hope of transferring this loan to the greatest extent then to make the law mandatory. This suggestion is
possible from United States to Canadian investors by disturbing. The point involved is a big one. If the
refunding in part in Canada. The issue also reflects railroads are left to themselves the gradual formathe current demand for short maturities, enabling tion of a few large systems is most probable, but
Canada to borrow on what appears to be a 4% net there is no probability of certain mileage being inbasis, whereas long-time Canadian bonds are yield- cluded. Most every road in the country would be
ing at current prices about 4.85%, so that borrowing glad to abandon part of its mileage, and certainly a
would probably cost about 5% net. The issue was considerable portion would be for sale for bargain
immediately subscribed, presumably in great part prices if a real consideration could be obtained. The
by the large banks forming the syndicate to whom several companies want good earning mileage or
the yield is about 41/2%,as the'issue at 414% to the mileage which can be combined so as to make it profgeneral public was not particularly attractive to itable, but they do not want mileage that does not
many banks. On the whole the issue is another in- and cannot pay.
In the event of compulsory consolidation, are they
dex of continuing favorable investment conditions.
The price level for investment bonds has remained to be forced -to absorb all present mileage into a few
practically unchanged. Money continues in ample big systems and be granted rates high enough to pay
supply. September 1st disbursements and the ap- a reasonable return on the whole? The advantage
proaching Federal income tax payments on Sept. 15 would be that transportation would be continued to
have slightly stiffened time rates, which is natural many communities, but at a loss. The disadvantage
in view of the prospect of accelerating business and that rates would be higher because of the necessity
of paying a reasonable return on these non-earning
present and approaching crop movements.
The stock market has experienced another sharp lines. In other words, the strong would be made to
set-back, many active issues declining 10, 20, 30 and carry the weak and the public pay the higher cost.
Thronicle
1134
THE CHRONICLE
Theoretically, lines not really needed could be amortized and abandoned, and the management of the six
or seven bigorailroad companies co-operate with the
Inter-State Commerce Commission to provide needed
service at rational cost. Socialism always promises
well in theory. The trouble is that Government employees are inefficient and budgets subject to Governmental control are subject to the raids of log rollers. In times of reform all goes well, but the average is poor.
The suggestion of compulsory consolidation contains a serious threat. Perhaps it may be possible to
work out something of value. In any event, the
granting of six or seven years is a silver lining to the
cloud. But let it become definitely known that at
the end of six or seven years the strong roads are
going to be forced to take over all untaken mileage,
and there would likely appear in American business
a form of blight that was characteristic of the postHarriman days right up to the date of Mr. Coolidge's
election. American business interpreted that election as an emancipation from Socialism and socialistic control, a getting back to the free play of supply
and demand. No sensible person wants a return to
the "public be damned" attitude. Service to the public, high wages, and adequate profits, are all recognized as essential to sound business conditions. But
there is an abiding fear of arbitrary control by fiat.
No man can count the consequences of a law or Government order. The freer business can be kept the
better for all. Let our leaders in council be very
careful they do not plant the seeds of a harvest they
are not prepared to reap.
The plan of reorganization of the Boston & Maine
has been slightly modified and a stockholders' meeting has been called for Sept. 23 to authorize the necessary steps to make the plan effective. It is proposed to carry the plan through without foreclosure.
Sufficient consents by security holders have been secured to make it seem probable that the plan can be
made effective on a voluntary basis and so avoid
large expenditures of time and money. This promises to be a really notable achievement and demonstrates a degree of intelligent understanding and
good-will on the part of security holders for which
they are not always given credit. The modifications
consist chiefly in better terms for stockholders and
an abandonment of the attempt to change the five
existing classes of prior preference stock into a single
issue. This will make no great difference except as
to appearance and simplicity of structure. All the
main objectives of the plan are retained.
The slight improvement that has appeared in recent months in the report of mercantile insolvencies.
especially as to the number, continued during August. The records of R. G. Dun & Co. show that there
were 1,513 mercantile defaults last month, with liabilities of $37,158,861, as against 1,685 failures in
July for $34,505,191, and 1,520 in August 1924 for
$55,153,981. Ordinarily mercantile defaults in August are fewer than in July, in fact, they are not infrequently at the low point of the year. Last month
there was a decline from July of 10% in number,
which exceeds the decline in any preceding month
this year since February, and is considerably in excess of the decline for any preceding August from
July for a ntimber of years. Furthermore, the decline since January last in the number of commer-
[voL 121.
cial failures to August is 34.7%, which is unusually
large. As to the liabilities reported for last month,
if consideration is given to the fact that one large
default, included in the class embracing lumber
manufacturing, contributes nearly one-sixth of the
entire defaulted indebtedness shown for that month,
or about $6,000,000, the August statement is much
more satisfactory than for any month, with the single exception of November last, in nearly two
years.
There were 365 manufacturing defaults last month
for $22,338,628, the single failure for $6,000,000
swelling the total considerably above recent preceding months back to August of last year; 1,059 trading insolvencies for $13,460,130 and 79 defaults in
the class embracing agents and brokers, with a total
indebtedness of $1,360,103. In August of last year
the number of manufacturing defaults was 414 and
the liabilities $29,924,414; trading failures, 1,024 for
$16,360,776, and agents and brokers,82 owing $8,869,030. As in previous months since September last,
practically all of the improvement last month in
comparison with August of last year is in the manufacturing division, and this applies not only to the
number of defaults, but to the liabilities as well,
even though the total indebtedness last month in the
manufacturing lines was swollen unusually by a
single large default. The decrease applies to most
of the leading divisions into which the manufacturing class is divided, both as to the number and indebtedness, but is noteworthy in the class embracing
manufacturers of machinery and tools, and manufacturers of clothing. On the other hand,some increase
appears in failures for lumber manufacturing, manufacturers of leather and shoes, and of bakers. In the
trading division some addition to the number of defaults last month over August 1924 appears in most
leading lines, though the increase is not large, and
includes among other trading classes grocers, clothing, general stores, restaurants and shoe dealers.
Relatively the larger gains are in the hardware and
jewelry classes. There is a decrease for drugs and
for dealers in furniture.
Separating the large failures that occurred in August this year, that is those where the indebtedness in
each instance exceeded $100,000, a rather unusual
comparison is presented. There were in all 24 of the
larger manufacturing defaults last month, with total
liabilities of $17,528,230. As noted above, one-third
of this amount was due to one insolvency. The remaining 341 manufacturing defaults, as reported for
August only $4,810,398 of indebtedness, an average
for each one of these latter failures of only $14,107—
for August 1924 the average was $19,510 and .for
August 1923 $16,461, showing that the improvement
was quite general throughout the manufacturing
division. In the trading class there were 15 large
defaults for $2,987,766 in August, against the same
number for $5,698,912 a year ago. The remaining
1,054 trading failures in August this year reported
liabilities of $10,472,364, which is an average for
each of $9,936, showing some little improvement over
the average of $10,567 in August 1924 and $10,145
for August 1923, but not so much of an improvement
as appears in the report for the manufacturing division. For all classes of mercantile defaults there
were 43 of the larger failures last month, against 53
in August 1924 for $21,069,316 and $36,064,690 of
liabilities for the two years, respectively, the $6,000,000 failure in August this year, to which freqUent
SEr'T. 5 1925.]
THE CHRONICLE
1135
reference has been made, throwing the comparisons Finance Minister of France, will sail on the liner
'Paris' Sept. 16 to initiate the debt funding negotiavery greatly out of line.
tions with the United States, according to official
nt to-day." It was added that "M. Cailannounceme
Discussion has continued as to the real signifiaccompanied by only one expert. The
be
will
lauv
of
the
agreement
cance and wisdom of the terms
of the French mission will follow
members
other
Winston
Churchill,
by
week
London
last
reached in
or 23." Continuing, he said: "It
19
Sept.
on
either
and
Joseph
Exchequer,
the
of
Chancellor
British
Caillaux, French Minister of Finance, relative to also was announced to-day that there is no disagreeFrance's war debt to Great Britain. Naturally, the ment between M. Caillaux and Foreign Minister Bridiscussions have centred quite largely on the prob- and concerning the ratio of political men to finanable bearing of the terms and the spirit that is be- ciers on the mission. The Ministers, however, are
lieved to have prompted them, on the negotiations in finding it extremely difficult to choose from all the
Washington this month regarding the war debt of political applicants, three times as many having apFrance to the United States. Cabling as early as plies as there are places on the mission."
Aug. 28, the Paris correspondent of the New York
Finance Minister Caillaux was quoted in a Paris
"Times" said that "Paris to-day is doing a good deal
as saying
of thinking about the debt arrangement made in Associated Press cable message on Aug. 30
States
United
the
with
London this week by those two astute gentlemen, M. that he "expects an agreement
after
days
nine
within
Commission
Caillaux and Mr. Churchill. Feeling is divided on Debt Funding
believes
He
23.
Sept.
,
Washington
at
whether a very smart move has been made or whether the arrival
something has been done which will hamper the that in any event the negotiations can be so nearly
Washington negotiations,for which the Finance Min- completed that unfinished minor points can be setister sails on the 16th of next month. An interesting tled by some of his colleagues, whom he would leave
note is that in the French capital the authorship of in Washington for that purpose. He himself is dethe debt plan is freely attributed to the British Chan- termined to depart from New York by the steamer
cellor of the Exchequer." He observed also that, 'France' Oct. 3, so as to be in Paris when Parliament
"then, too, it may be said that the Caillaux-Churchill reassembles." According to the dispatch also, "M.
agreement clarifies the position of France so far as Caillaux considers that the broad outlines of the
the Washington negotiations go, because if M. Cail- settlement can be drawn before he leaves Washinglaux had gone to Washington without any arrange- ton and that discussions over subordinate matters
ments with England, Americans might well have said can readily be arranged without him. Undoubtedly,
that France could count on the annulling in large having in mind the fate of the Versailles Treaty, he
part of her debt to England. Now M. Caillaux can is taking with him influential Senators and Depanswer eloquently that he can count only on having uties. His choice has been influenced by three conpowerful in
to pay England the same percentage he pays Amer- siderations, to have first of all members
having spethose
,
next,
Parliament
ica, and he may with all confidence be expected to both Houses of
technical
finally,
and,
America,
of
argue that 31/2% interest, plus amortization charges cial knowledge
French
"the
that
stated
further
was
It
is
on France's debt to England and America, more advisers."
Parfor
essential
is
it
that
convinced
is
t
Governmen
wait
for
Amerithen
country
can pay, and
than his
authoritaby
understand
to
country
the
and
liament
the
make
next
move."
cans to
tive voices what takes place at Washington when
It was made clear in dispatches from both Wash- the French debt settlement comes up for discussion
ington and European capitals that everything pos- there. It was at first announced that M. Caillaux
sible would be done to expedite the war debt confer- would proceed to the United States accompanied
ences between European Governments and the United only by one expert and that the other members of the
States yet to be held. The Washington correspond- mission would follow at an early date. It has now
ent of the Associated Press said in a dispatch on Aug. been decided that he and the others will go together
28 that "completion of all funding negotiations with aboard the steamer 'Paris' Sept. 16."
The personnel of the mission was outlined in part
America's war-time debtors and action upon the
agreements by the forthcoming session of Congress as follows: "The members of the mission represent
is the new program of the American Debt Commis- various political affiliations. Vincent Auriol is one
sion. Official Washington appeared satisfied to- of the leaders of the Socialist Party, which, with its
day that the program could be accomplished as a 104 members in the Chamber, had been supporting
result of the stern measures adopted with respect to the Painleve Government, but decided recently to
the smaller debtors and the assurances of action al- withdraw its votes. Maurice Bokanowski belongs
ready given by France and Italy, the two remaining to the Opposition; he is a member of the Republican
major Powers whose debts are unfunded." Continu- Democratic group, which, with only 44 Deputies, had
ing to outline the situation, he said: "Dissatisfied four members in the Poincare Cabinet. Senator
with the slow progress of conversation with most of Henry Berenger, another member of the mission,
the smaller nations, the Commission has taken a pos- holds a singular position in the Senate, as for eight
itive stand, the first evidence of which is the infor- years he has been a supporter of Conservative Cabimation that Czechoslovakia soon will send a delega- nets, without being the partisan of any. Senator
tion to take up a funding proposal and that the Greek Louis Dausset, the fourth member, has been elected
Government has authorized its Minister here to ini- by the present Senate Appropriations Committee as
Sentiate negotiations. Informal exchanges have been un- its supporter to draft its report on the budget.
judgment
whose
in
figure,
quiet
a
the
is
between
Chapsal
Commission
weeks
and
some
ator
der wayfor
'Minister Piip, of Esthonia, and the Latvian Minister M. Caillaux has much confidence. Pierre de
Chambrun of the Chamber is selected for his thorhere is near an agreement with this Government."
from
Paris
came
through
word
ough knowledge of America and his remarkable acday
next
very
The
"Joseph
that
Caillaux,
dispatch
quaintance among American public men. His de.
Press
Associated
an
1136
THE CHRONICLE
scent from Lafayette and the fact that he was a
member of the Joffre-Viviani mission when the first
loans were made have indicated him to M. Caillaux
as an effective colleague. Marquis de Chambrun,
sole representative of an old Monarchist family, is
a member of the group of the Republicans of the
Left, with 36 members in the House. Another Deputy of position is Lucien Lamoreaux. M. Caillaux's
strictly expert advisers will include M. de Mouy,
one of the most important permanent officials of the
Ministry of Finance, who more than any one else in
the Government has studied the alternative solutions
of the debt problem. He will be assisted by a financial inspector and a small staff. Joseph Simon,
Director-General of the Societe Generale, is taken as
the representative of the great banking houses of
Paris. M. Caillaux's knowledge of English is fully
sufficient to allow him to conduct the discussions in
that language." The personnel of the commission
was formally approved by the French Cabinet on
Thursday.
As to the American attitude, a special dispatch
from Swampscott to the New York "Herald Tribune"
stated that"study of facts and figures with regard to
French economic and fiscal conditions, supplied by
the Treasury Department at his request, gave rise
to-day to the belief here that President Coolidge may
be persuaded the ability of the French to pay their
debt to the United States is not quite as great as pictured by some of the visitors who have called at
White Court this summer. Some of them left with
the statement that France was in better shape financially than Great Britain, and abler actually to meet
stiffer terms than Great Britain. Following this
advice, the President determined to get facts from
the Treasury Department on which to base his own
impartial judgment, and it is on this problem that
he passed much of last night and to-day, according to hints coming out of the summer White
House."
From Rome came a report on Aug. 29 that "it is
reported in well-informed circles that Count Volpi,
Minister of Finance, will go to Washington in September to head the Italian Debt Funding Commission." The cable message further stated that,"while
the report is unofficial, it is generally believed Italy
will follow France's lead in sending the Minister of
Finance to America for the debt negotiations. Premier Mussolini's own newspaper,'II Popolo d'Italia,'
to-day published a leading editorial pleading that
Italy has reason to expect at least as good treatment
in the settlement of her debt to the United States as
was accorded Belgium."
Washington's attitude was outlined as follows in
a dispatch from that centre on Aug. 29: "Unofficial
reports from Rome that an Italian debt commission
would visit this country next month to arrange for
a settlement brought no confirmation at the Treasury this afternoon. No definite information has
been received from the Italians as to when they will
arrive, and it may be added that the American Debt
Commission would prefer them not to make their
appearance in September, as that month will be occupied by the negotiations with the French. The
idea here seems to be that following discussions with
the French the Italians may arrive, but that if they
do not show up then, there will be conferences with
the Greek Minister, who has been empowered by his
[vol. 121.
Government to start the ball rolling. Czechoslovakia has been notified that the Commission wishes
some overtures made and informal exchanges have
been conducted with Latvia and Esthonia."
Two days later much more definite news was received and announced in Washington relative to the
plans of the Italian War Debt Commission. In a
telegraphic message from the national capital to the
New York "Herald Tribune" it was stated that "official notification came to the United States Debt
Commission to-day that an Italian commission to
negotiate a funding agreement of Italy's war obligation would reach Washington about Oct. 15." It was
noted that "this information was welcomed at the
Treasury Department, where officials are anxious
to have all of the European war obligations funded
in time for sending the agreements to Congress when
it convenes in December. No information was contained in the advices from Italy as to the personnel
of the Commission, but officials are confident that
it will be an able one, thoroughly equipped to carry
negotiations to a successful conclusion. Italy's obligation to date, with interest, aggregates $2,183,000,000."
In an Associated Press cablegram from Rome last
evening it was stated that "Italy's capacity to pay,
based entirely upon business considerations, will be
the sole determining criterion of the proposals to be
made by the Italian War Debt Commission to Washington next month, Count Volpi, the Finance Minister, declared to the Associated Press to-day." The
Minister was quoted directly as having said: "Italy
desires to conclude as soon as possible a just settlement of her war debt to the United States, based completely upon the realities of her industrial, economic
and financial situation. We have every reason to
be•hopeful. I am a business man and will be dealing with business men of my own type, like Secretary Mellon, who, I am sure, will approach the problem with an eye to realities. I have successfully carried out many similar missions in my career, and I
trust this one will have a satisfactory conclusion."
From Bucharest came an Associated Press dispatch the same day stating that "the Rumanian Government has officially notified the American Legation that its debt commission is proceeding to the
United States at an early date, probably the beginning of October, to seek a settlement. The members
of the commission will be named when the Finance
Minister Vintila Bratiano returns to Bucharest
about Sept. 5."
The 35th session of the League of Nations Council
began in Geneva on Sept. 2. Four Foreign Ministers, M. Briand of France, Austen Chamberlain of
Great Britain, M. Vandervelde of Belgium and Tewfik Bey of Turkey, have been in attendance. According to a special Geneva dispatch to the New York
"Times" on Sept. 1, "the Council will continue to sit
concurrently throughout the month with the Assembly of the League, which opens next Monday." It
was added that "it is now believed that with the security problem safely shunted outside the League,
the Assembly will be asked to discuss disarmament
and arbitration and reach some sort of understanding to replace the Geneva Protocol." In a dispatch
from the same centre the next day it was stated that
"outside of the League Council room to-day the allimportant question of the security compact monopolized interest. After a luncheon attended by all
SEPT. 51925.]
THE CHRONICLE
1137
the members of the Council, M. Briand, Mr. Cham- means that a decision will not be reached before ten
berlain and M. Vandervelde had a short discussion.' days or a fortnight. The most important statement
T'he advices further set forth that "this was followed of the day was the declaration by Britain that she
by a two-hour interview between Mr. Chamberlain would continue responsibility toward the League and
and M. Vandervelde. At the termination of the in- the world for stable government and peace and order
terview the two Ministers declared they had gone in Iraq. It is under this condition that the League
over all the ground covered in the Franco-British Commission has recommended that the whole Mosul
conversations concerned with the French reply to territory go to Iraq."
Germany. M. Vandervelde is in complete accord
As for the deliberations of the experts in London
with all the steps taken by the principal Allies in on Thursday, it was stated that "the thick veil of
these negotiations. Both Ministers stressed the fact secrecy with which the Allied and German security
that no hard-and-fast conditions would be drawn up compact legal experts have surrounded the deliberaby the Allies for Germany to accept. It was an open tions in London this week was lifted just enough toquestion in which Germany would have her say, and day to reveal that a great many are still pessimistic
in which her say would have all consideration, they over the eventual outcome of the negotiations." The
said. However, if it was necessary, the views of all correspondent added that "one thing seems clear tothe Allies should first be in complete accord. it is day, that the meeting of the Allied and German Minnot thought that any important steps in the security isters tentatively scheduled for the end of the month
question will be taken here before the discussion of in Switzerland now appears certain to take place.
the legal experts in London is completed. There does Otherwise, it is pointed out, the prospects for the
not exist, however, very great optimism concerning security compact would be indeed vague, for unless
the outcome of these discussions."
high Allied and German officials sit down together
From London came word the same evening that armed with proper authority to sweep aside the mass
"the legal experts debating the proposed security of technical difficulties which the experts are said
compact held two more long sessions to-day, but to see the three drafts of compact, the pessimism
their strenuous efforts did not appreciably advance of the Germans will certainly be well founded."
the delicate negotiations. In fact, it was definitely
stated in British official circles this evening that no
The announcement that the British Government
agreement would be reached by the judicial represen- had decided to "resume full diplomatic relations
tatives of the French, Italian, Belgian, British and with Mexico" cannot be regarded other than a conGerman Governments for the simple reason that no structive development for Mexico. The relations
agreement was possible. It was explained, however, between the .two countries never should have been
in the same quarter that it never was the intention broken. They would not have been if the Mexican
of the Allied and German experts to attempt to es- Government had treated Britishers resident in Mextablish a formal agreement. Nevertheless, it is ico, and their property, as they should have done.
learned from a reliable diplomatic source that there The relations had been suspended since June 1924.
is considerable disappointment that more progress The announcement that they were to be resumed
•
has not been possible."
"created excitement in Mexico City," according to
The Paris representative of the New York "Times" an Associated Press dispatch from that centre on
pointed out that,"despite the apparent rapidity with Aug. 29. It was stated in London cable messages
which moves toward the Rhine compact have been that "Norman King, the British Consul-General in
made in the last two weeks, those acquainted with Mexico City, is to be appointed Charge d'Affaires,
the issue see many problems yet to be solved. It is and in due course a Minister will be sent there to
impossible to treat the matter of security between undertake the regular diplomatic duties."
France and Germany as a problem unto itself. InIt was pointed out in a special London cablegram
volved is the larger issue of domination of the Con- to the New York "Times" that "so far there has been
tinent of Europe." He added, however, that "all no actual break with Mexico, but the fact that the
political eyes are now turned to the proposed Rhine British Government did not care to appoint a MinSecurity Treaty, which for the time being completely ister for the past five years showed that, partly
on
dominates the European situation. Something of a account of the disturbances in Mexico and
partly beshowdown has come in the relations of the greater cause of the attitude assumed in the World
War by
European Powers, and whether they take a turn for the ruling faction, there was growing dissatisfacthe better or for the worse depends on what happens tion in this country with the Mexican Government.
to the Rhine compact."
Consequently, Mr. Thurston never went back from
Announcement was made in Geneva dispatches his vacation, but wr.s sent to another
post." Going
yesterday morning that at Thursday's session "Great back a step further, it was recalled that "the last
Britain, in the person of Lieut.-Col. Amery, her Min- British Minister to Mexico was Sir Lionel Carden.
ister for the Colonies, appeared before the high tri- He was forced to leave the City of Mexico by Presibunal of the Council of the League of Nations to seek dent Carranza in 1914, and Consul-General Edward
a peaceful settlement of the Mosul boundary ques- W. P. Thursten took charge of the Legation. He
tion. On the other side of the Council Turkey, rep- was appointed regular Charge d'Affaires in 1917, but
resented by her Foreign Minister, Tewfik Bey, placed in the following year he came home on leave." In a
in the hands of that body, although not a member of Mexico City dispatch it was noted that "the break
the League, final disposition el this territory, which came when the British Charge was ordered expelled
she avers is vital to her inture." The cabled ac- by the Mexican Government for alleged support given
counts further stated that "the pleadings took up the Mrs. Rosalie Evans, an American woman, who was
entire day and were followed by the appointment of the wife of a British subject and who later was
a committee of three members of the Council to con- assassinated on her ranch. The trouble of Mrs.
sider the arguments on each side and prepare a re- Evans in which the Charge intervened grew out of
port upon which the final decision will be based. This attempts by Mexican agrarians to seize her lands."
1138
THE CHRONICLE
[Vol. 121.
complished for the betterment of the poor, friction
between capital and labor lessened and general conditions throughout the country were on the road to
rapid improvement." He added that, "touching
briefly on the Kellogg-Calles declarations last June,
when the American Secretary of State warned Mexico that she was on trial before the world and that
she must afford proper protection to American citizens, the President said Mr. Kellogg had made certain statements regarding conditions in Mexico and
his Government had made 'the necessary corrections.'" Continuing, the correspondent said that,
"Calles, in reviewing the oil situation, declared that
only one ten-thousandth part of Mexico's petroleum
wealth has been developed. The capital invested in
the industry amounts to 800,000,000 pesos, he said,
of which 23% represents investments made prior to
the framing of the constitution of May 1917. He said
the Goverment had adopted a policy of encouraging
oil development."
Mexto
respect
with
Still another announcement
in
importance
and
interest
ico which is of special
The National Bank of Austria on Sept. 3 reduced
considering the domestic affairs of that country was
that of the opening of a central bank of issue on its rate of discount from 10% to 9%. Otherwise ofSept. 1 under the name of Banco de Mexico, S. A., ficial discount rates at leading European centres
in Italy;
or the Bank of Mexico, Inc. It began with a capital- continue unchanged at 9% in Berlin;
and
2%
Denmark;
/
51
in
Belgium
and
6%
in
Paris
ization of 100,000,000 pesos, "or nominally $49,Lonin
and
Madrid
2%
/
41
Sweden;
in
Norway;
5%
set
was
800,000." In the official announcement it
forth that "the Government retains 51% of the stock, don, and 4% in Holland and Switzerland. In Lonoffering the remainder for general subscription." It don the open market discounts were a shade easier,
was added in an Associated Press dispatch from at 3 11-16(4)3%70 for short bills, against 334@)
Mexico City on Aug. 31 that "perhaps a fortnight 3 13-16% a week ago, and 3 13-16% for three months'
will elapse before new paper money is actively placed bills, against 378% a week ago. Money on call at the
in circulation. Bills are held in readiness for issue British centre ruled at 31/8%, but closed at 3%%,
8% last week. In Paris the open market
up to 10,000,000 pesos, in quantities yet to be de- against 31/
8%, nor in
not been changed from 51/
has
small."
be
discount
will
cided, but the first issues probably
2%.
from
Switzerland
paper
no
had
has
"Mexico
It was explained that
money in general circulation since 1920 and little
A further loss of £663,000 gold was shown by the
since 1916. Only gold and silver coins have been
used, and the handicap of handling big business Bank of England in its statement for the week endtransactions by payments in metal coin have cur- ing Sept. 2, while reserve fell £1,374,000 as a result
tailed trade, experts say. The bank will also assume of another addition to note circulation amounting to
the functions of the present Mexican Monetary Com- £712,000. Furthermore, the proportion of reserve
mission. It is authorized to handle redis- to liabilities dropped sharply—to 28.82%, as against
counts and do a general banking business as 30.69% last week and 31.67% on the week of Aug. 5.
well as act as agent for the Mexican Treas- These unfavorable features, however, apparently
ury." Special attention was directed to the fact reflected nothing more than the strain of meeting
that "the new bank is not to be confused with the month-end disbursements. In the corresponding
4% and a
National Bank of Mexico." The Associated Press week of 1924 the reserve ratio stood at 173
shown
Striking
8%.
/
181
were
year
at
changes
plan
earlier
new
the
of
criticism
"a
that
said
correspondent
here is that the money could have been used to pay in the deposit items. Public deposits declined
obligations under the Lamont-de la Huerta Agree- £9,148,000, while "other" deposits were expanded
ment, under which Mexico was to make certain pay- £12,562,000. Loans on Government securities inments to foreign holders of Mexican bonds. There creased £4,233,000 and loans on other securities
is now due a payment of 35,000,000 pesos under this £653,000. The Bank's stock of gold stands at £162,
(beagreement and at the end of 1925 another 40,000,000 531,518, comparing with £128,402,791 last year
£27,the
Bank
of
the
of
to
England
transfer
fore
the
pesos will be due."
In formally opening the 31st session of Congress 000,000 formerly held by the Redemption Account
on Sept. 1, President Calles "reviewed the activities of the Currency Note Issue), and £127,649,945 in
of the Government during the last year." What he 1923. Reserve amounts to £37,297,000. This comsaid was summarized in part as follows by the repre- pares with £22,427,386 in 1924 and £22,515,045 the
sentative of the New York "Herald Tribune" in year before that. Note circulation is £144,977,000,
Mexico City: "That the economic situation had as against £125,725,405 a year ago and £124,884,900
in
reached its highest level, peace existed throughout a year earlier, while loans aggregate £70,766,000,
and
one
the country, the agrarian problem had been solved comparison to £77,481,413 and £70,030,395
along legal lines, diplomatic relations resumed with two years ago, respectively. No change has been
all nations except Venezuela, relations with the made in the Bank's official discount rate from 41/2%.
week
United States were satisfactory, the army reorgan- Clearings through the London banks for the
last
£634,281,000
as
against
the
throughout
£778,538,000,
totaled
ized, the condition of the laborers
week
corresponding
for
the
opened
had
£753,697,000
week
and
Mexico
country improved, the Bank of
under the control of the Government, uplift work ac- of last year. We append herewith comparisons of
It was further suggested that "one immediate result
of the resumption of relations, it is expected, will be
the appointment of claims commissions similar to
those arranged with the United States, for the purpose of settling for damages suffered by British subjects during the revolutionary period. The Mexican
Government also soon will reopen its Consulates
throughout the British Empire. British business
interests here naturally are pleased over the development, and their feeling is shared by the American
business and diplomatic representatives who believe
it will have a happy effect all around. Mexican official circles regard the resumption as a distinct forward step toward stabilizing Mexico's affairs." Announcement was also made in Mexico City that,
"pending the appointment of Ministers, Alfonso de
Rosenzweig Diaz has been named as Charge d'Affaires for Mexico in London."
SEPT. 5 1925.]
THE CHRONICLE
1139
the different items of the Bank of England return was shown, but deposits declined $2,800,000. The
for a series of years:
amount of Federal Reserve notes in actual circulaBANK OF ENGLAND'S COMPARATIVE STATEMENT.
tion increased $6,300,000. Member bank reserve ac1925.
1923.
1924.
1922.
1921.
counts
revealed small gains; $2,700,000 for the local
Sept. 2.
Sept. 5.
Sept. 3.
Sept. 6.
Sept. 7.
institution
and $3,100,000 for the System as a whole.
b144,977,000 125,725.405 124,884,900 122,879,715 126,432,535
Circulation
12,658,000 10,395,872 14,128,637 13,585,108 15,479,410 As the above changes very largely offset each other,
Public deposit!
116,783,000 114,896,683 110,015,567 111,450,436 140,730,389
Other deposits
Goyemm't deposits_ 38,745,000 43,658,443 49,845,601 43,447,645 74,046,744 reserve ratios again remained without much altera70,766,000 77,481,413 70.030,395 76.789.603 79,827,413 tion. The report of the New York Bank showed a
Other secmities
Reserve notes & coin 37.297,000 22,427,386 22,515,045 22,982,998 20,427.771
Coin and bullion_ _a162,531,518 128,402,791 127,649,945 127,412,713 128,410,306 decline of 0.1%, to 79.7%; for the combined System
Proportion of reserve
the ratio was 74.8%, or 0.2% off.
28.82%
175(%
1834%
18.37%
to liabilities
13.08%
Bank rate
4.4%
4%
4%
3%
%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27.000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.
The Bank of France in its return this week again
shows a large expansion in note circulation, namely,
743,349,000 francs. Total circulation is thus brought
up to the new high level of 45,520,421,000 francs.
The previous high record was 45,333,633,210 francs,
reached on Aug. 8 of this year. At this time last
year note circulation amounted to 40,399,149,905
francs and in 1923 to 37,998,782,085 francs. A
further small gain of 37,374 francs occurred in its
gold item. Total gold holdings now aggregate 5,547,035,425 francs, contrasting with 5,543,855,252 francs
in 1924 and 5,538,102,675 francs the year before;
of the foregoing amounts, 1,864,320,907 francs were
held abroad in both 1925 and 1924 and 1,864,344,927
francs in 1923. Bills discounted rose 933,337,000
francs, general deposits advanced 185,825,000 francs.
On the other hand, silver decreased 975,000 francs,
advances fell 47,626,000 francs; while Treasury
deposits decreased 30,176,000 francs. Comparisons
of the various items in this week's return with the
statement of last week and corresponding dates in
both 1924 and 1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Sept. 3 1925. Sept. 4 1924. Sept. 6 1923.
Gold Holdings-Francs.
Francs.
Francs.
Francs.
Inc.
37,374 3,682,714,518 3,679,534,344 3,673,757,747
In France
Abroad
Unchanged
1.864,320,907 1,864,320,907 1,864,344,927
Total
Inc.
37,374
Dec.
sliver
975,000
Bills discounted_ _Inc. 933,337,000
Advances
Dec. 47,626,000
Note circulation. Inc. 743,349.000
Treasury deposits-Dec. 30,176,000
General deposits. Inc. 185,825,000
5,547,035,425
310,041,000
4,427,214,000
2,814,633 000
45,520.421,000
11,873,000
2,573,064,000
5,543,855.252
300,775,320
2,498,972,791
2,695,276,729
40,399.149,905
15,679,961
1,907,167,336
5.538,102,675
294,540,000
2.199,085,158
2,138,770,062
37,998,782,085
35,900,285
1,935,149,185
Last Saturday's statement of the New York Clearing House banks and trust companies reflected preparations to meet Sept. 1 payments in the form of
sharply lowered surplus reserve. The loan item was
reduced $24,494,000. Net demand deposits fell $13,721,000, to $4,371,835,000, and time deposits $1,809,000, to $586,629,000. The total given for demand deposits is exclusive of $5,421,000 in Government deposits. Other less important changes included an
increase in cash in own vaults of members of the
Federal Reserve Bank of $250,000, to $45,157,000.
This total, however, is not counted as reserve. Reserves of State banks and trust companies in own
vaults fell $4,000, and reserves kept in other depositories by these institutions were reduced $195,000.
Member banks drew on their reserves in the Reserve
institutions to the extent of $26,346,000, so that notwithstanding shrinkage in deposits, surplus reserve
declined $24,744,660, bringing the surplus down to
only $380,540, which compares with $25,125,200 last
week. It should be noted that the figures here given
for surplus are based on legal reserves against demand deposits of 13% for member banks of the Federal Reserve System, but not including $45,157,000
held by these member banks on Saturday last.
As was expected, call money at this centre worked
toward a lower level. The downward trend did not
begin quite so soon as predicted. On Thursday and yesterday, however, the only quotation was 4%. Liquidation of speculatively
held stocks recently must have released a
substantial amount of money that had been
tied up in collateral loans. Many of the industrials
that had been carried to extremely high levels without much reaction showed big declines at the lowest
prices this week. While the car loadings for the
week ended Aug. 22 were well in excess of 1,000,000
for the sixth consecutive week,still it is to be doubted
that the commercial demand for funds has increased
greatly. In some circles it has been predicted recently that this demand would be sufficient to keep
money at this centre during the fall above the average quotation in the last three months or thereabouts. Offerings of new securities have been on a
smaller scale and the general bond market has been
quiet. The stock market tended downward during
the first half of the week, but rallied rather sharply
on Thursday. Preparations will be in progress next
week for the Federal income tax payments and the
mid-month interest and dividend disbursements and
Government operations. Less has been heard in
recent days about large European loans in the near
future.
The Federal Reserve Bank's weekly statements,
issued on Thursday afternoon, disclosed substantial
additions to gold holdings, both locally and nationally, accompanied by a further small increase in bill
holdings. For the banks as a group gold reserves
gained $14,500,000. Rediscounting of paper secured
by Government obligations expanded $9,800,000, but
"other" bills were reduced $12,600,000, so that total
bills discounted decreased for the week $2,800,000.
Holdings of open market purchases increased $11,600,000. There was a decrease of over $7,000,000 in
the holdings of United States certificates of indebtedness. Earning assets showed only a minor change
and deposits declined $800,000. A substantial addition was reported in Federal Reserve notes in actual
circulation-422,000,000. At New York there was
an increase in gold of $3,100,000. Rediscounts of
Government secured paper expanded $18,200,000,
while other bills fell off $15,600,000, with the net
Dealing with specific rates for money, call loans
result an increase in total bills discounted of $2,600,- 4'or the third consecutive week covered a range—of
000. Bills bought in the open market gained $4,000,- 4@41
/%. As was the case last week, movements
000. In earning assets an expansion of $2,400,000 were narrow and trading quiet. Monday and Tues-
THE CHRONICLE
1140
day the high was 432%, with the low 43% and
renewals 43%. On Wednesday the renewal basis
was still 43.%, but this was the highest figure named,
while the low was 4%. For the remainder of the
week, that is, Thursday and Friday, there was no
range, all loans on call being negotiated at 4%.
For fixed date maturities the undertone was firm
and quotations for sixty and ninety days finished at
43'@4%%, unchanged, with four, five and six
months at 432@4%%, the same as a week ago.
The market was a dull affair throughout, with very
little business passing and a tendency toward firmness as a result of lessened offerings of time funds.
Commercial paper was quiet, mainly because of a
falling of in supplies of prime bills. Both city and
country banks were in the market, but the turnover
was small. Four to six months' names of choice
character continue to be quoted at 4@43'% and
names less well known at 43®43/2%, unchanged.
New England mill paper and the shorter choice names
are usually dealt in at 4%.
Banks' and bankers' acceptances were firmer and
open market rates advanced %c. on the firming in
money rates as well as on an increased demand,
coupled with light supplies. Interior institutions
were the principal buyers, but the market was only
moderately active and the volume of business passing
was light. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council is now 33/2%, against 4% last week. The
Acceptance Council makes the discount rate on prime
bankers' acceptances eligible for purchase by the
Federal Reserve banks 3%% bid and 33.% asked
3
asked
for bills running 30 days, 332% bid and 3/%
or bills running 60 days, 3%% bid and 332% asked
for bills running 90 and 120 days and 3 8% bid and
39% asked for bills running 150 and 180 days.
Open market quotations were as follows:
Prime eligible bilk
EUglbj4
SPOT DELIVERY.
90 Days.
334(6354
60 Days.
314@334
FOR DELIVERY WITHIN THIRTY DAYS.
bee banks
on-member banks
30 Days.
334(i93
34 bid
3% bad
..
There have been no changes this week in Federal
eserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
SEPTEMBER 4 1925.
Payer Maturing-After 90 After 6
Days. but
bid
Within ft Within 9
Months. Months.
WLthfn
90 Days.
FEDERAL RESERVE
BANK.
Corn'relai Secured
Agile! & by U. S. Bankers' Trade Ayricid.• A prima.
and
Livestock Governm't Accey.
and
AcceaPaper. Obliga- Lances. lances Livestock Livestock
Payer. Payer.
n.e.s.
lions.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3%
3%
334
3%
4
4
4
4
4
4
4
3%
3%
3%
334
3%
4
4
4
4
4
4
4
314
314
3%
33'
3%
4
4
4
4
4
4
4
3%
3%
314
31i
315
4
4
4
4
4
4
4
315
33.4
3%
3%
3%
4
4
4
4
4
4
4
3%
3%
3%
3%
4
4
4
4
4
4
4
334,
•Including bankers' acceptances drawn for an agricultural purpose and secuted
by warehouse receipts. 60.
Sterling exchange prices tended downward • s
week, albeit the declines were restricted to about
%c. At the opening demand ranged between 4 853/i
@,4 85 3-16. On Monday fairly substantial offer-
Mx,121.
ings of cotton and grain bills began to make their
appearance and the quotation promptly sagged off
to 4 843
%. The market, however, showed itself
well able to absorb all bills offered and the quotation subsequently moved back to 4 853/
8. During
the next three days prices moved alternately up and
down, at a fraction below and at 4 85. In the late
dealings fresh weakness set in and a low point of
4 843
% was established, once more bringing to the
front the question of the level at which gold might
be imported from England. This is placed at around
4 8480, although the'exact figure is usually arrived
at through individual negotiations, based on actual
conditions. It is worth noting that buying of sterling
exchange kept pace with offerings, although occasionally at small concessions from original bid
prices, and that there was no sign of official support.
Thus far the Bank of England has not, so far as
can be learned, utilized any of its dollar credits
for the stabilization of rates. Banks here were
reported as still reducing their London balances,
ostensibly because of the lessened spread between
New York and London money rates, also intimations that a higher discount rate is iMminent. This
belief was based on the fact that the New York
Federal Reserve's buying rate and open market
rates on bankers' bills had been advanced % of
1% during the week. The action of the market
thus far is regarded as encouraging, although bankers
stress the fact that pressure of selling has not been
sufficient to warrant undue optimism on this point.
Except for the commodity movement just noted,
there was nothing in the way of news developments
to report this week. Labor conditions in Great
Britain are quiescent for the moment, and the
discussion relating to French and Italian debt
settlements had no direct influence on sterling
price levels. At the extreme close, approach of
the Labor Day holiday was responsible for a falling
off in transactions and trading was reduced to a
minimum.
Referring to quotations in greater detail, sterling
exchange on Saturday last was steady with the range
for demand still 4 853/
8@4 85 3-16, for cable transfers 4 853/
2@4 85 9-16 and for sixty days 4 81%@4 8115-16; trading was not active. On Monday
freer offerings of cotton and grain bills induced a
recession of %c, to 4 849'@4 853/i for demand,
4 853/@4 853/ for cable transfers and 4 813/
2@4 81%
for sixty days. Quoted rates moved within narrow
limits on Tuesday, when demand ranged between
4 84 15-16 and 4 85, cable transfers at 4 85 5-16@4 853
% and sixty days at 4 81 11-16@4 819. Wednesday, continued offering of commodity bills in
liberal volume sent prices off another %c to 4 84 11-16
for demand, though the high was still 4 85; cable
transfers covered a range of 4 85 1-16@4 853
%and
sixty days 4 81 7-16@4 819I. Another fractional
decline took place on Thursday, so that demand sold
at 4 843/
2@4 84%, cable transfers at 4 84%@4 85
an• sixty days at 4 813.(@4 819/
8; current offerings
w re absorbed readily enough, but at concessions
• ly and the market evidently lacked support.
n Friday evidencs of the approaching holiday were
seen and trading was dull and irregular—demand
bills were again quotTd lower at 4 84%@4 84%,
cable transfers at 4 84Y
4@4 85 and sixty days at
4 813/@4 813
/
8. Closing quotations were 4 81% for
sixty days, 4 84% for demand and 4 85 for cable
transfers. Commercial sight bills finished at 4 843/
2,
SEPT. 5 1925.]
TITE CiFIRONTOLE
1 , docusixty days at 4 80%, ninety days at 4 79%
ments for payment (sixty days) at 4 813/i and sevenday grain bills at 4 83 13-16. Cotton and grain for
/
2. No gold exports were
payment closed at 4 841
reported. The Bank of England sold £9,000 in bar
gold and exported £310,000 in gold sovereigns to
India.
As to the Continental exchanges, the most noteworthy feature of the week was the strength in
Italian lire, which again shot up sensationally and
for the first time in a prolonged period crossed the
4-cent mark, touching 4.02, on brisk and sustained
buying, although before the close some of the gain
was lost. This was an advance for the week of 27
points, and was brought about, not only by official
or governmental support, but by buying on the part
of Italian banks who are said to be greatly encouraged
over the outlook for lire. The Government has also
been a consistent buyer of lire throughout, for the
avowed purpose of preventing the building up of an
extensive short interest to the detriment of lire values
later on. It is worthy of note that the lira has recovered more than half of the loss suffered since
January last. Cessation of grain imports and a
more than usually successful tourist season, have
also aided in the restoration, while still another
cause is said to be found in the fact that, owing to
a new Government regulation, foreign banks are no
longer allowed to maintain overdrafts with Italian
banks. The ruling has forced the banks to add to
their balances in Italy and in some instances necessitated the hurried covering of overdrafts for substantial amounts by banks who had been going heavily
short of lire. The movement is, of course, part of
the program intended to discourage speculation in
lire. For a time official buying of spot lire was
covered by sales of thirty-day futures, which declined
to a discount of three points below demand. Later
was lost. This was an advance for the week of 27
in the week the activity partly subsided and quotations receded a few points and it was learned that
additional restrictions had been thrown around
trading in Italian exchange, including a decree
to the effect that Italian banks furnish names of
those dealing in foreign exchange and prohibiting
the sale of foreign exchange without immediate
payment of the equivalent amount in lire.
Locally, however, the market continued quiet,
even in the case of lire, and New York interests
took only a minor part in the week's transactions.
Of the other major exchanges, French francs were
dealt in to a comparatively minor extent and the
range was 4.673'@4.69. Belgian currency followed
a parallel course. Greek exchange, the present
week, has ruled at slightly better figures, getting
back to 1 47%. The minor Central European exchanges were quiet and not essentially changed,
except Polish zloties which recovered quite sharply.
The gain for the week was 100 points, last week's
close having been 17.25 as compared with 18.25 this
week, but with no trading to speak of.
The London check rate on Paris finished at 103.42,
as against 103.43 a week ago. In New York sight
bills on the French centre closed at 4.68 against
4.684; cable transfers at 4.69, against 4.699;
commercial sight bills at 4.67, against 4.673
4, and
commercial sixty days at 4.62%, against 4.633.1. last
week. Closing rates on Antwerp francs were 4.443/
for checks and 4.453/2 for cable transfers, as compared
1141_
4 and 4.5234. Reichsmarks remain at the
with 4.511
nominal levels so long current and finished at 23.81
for both checks and cable transfers, the same as a
week ago. Austrian kronen were likewise unchanged,
at 0.00141
%. Italian lire closed the week at 3.9834
for bankers' sight bills and at 3.993/i for cable trans4 and 3.753
4 a week
fers, in comparison with 3.743
earlier. Exchange on Czechoslovakia finished at
%,against
2.9634 (unchanged); on Bucharest at 0.495
0.50, and on Finland at 2.53 (unchanged). Polish
zloties closed at 18.25, as compared with 17.25 the
week preceding. Final quotations on Greek exchange
4 for checks and 1:4834 for cable rewere 1.473
mittances. A week ago the close was 1.45V
1 and
1.4634.
Movements in the neutral exchanges, formerly
so-called, were again of a spectacular character and
the Scandinavian currencies rolled up fresh new high
records under the stimulus of heavy buying. Danish
kronen rose more than 69 points, to 25.18, although
losing some of this gain before the close. Norway
registered an advance of 160 points, to 21.31, and
closed at the highest for the week. As a matter of
fact, wide changes were in order on most days, the
range on several occasions covering as much as 37
points. While much of this was due to speculation;
some of the buying, especially in Norwegian exchange, was attributed to the operations of a few
large banks which are said to be laying in a large
stock of exchange, also to the fact that declining money rates in London are causing the resumption of transfers of funds to Norway and Denmark.
Swedish exchange remained dull and practically
unchanged until the close, when there was a decline
of 3 points. Dutch guilders were firmly held,
though at a shade lower than last week. Swissfrancs opened steady, then lost ground, declining
some 53/ points, to 19.323/
2. Spanish pesetas were
weak and suffered a small net decline. As has beerr
the case for several weeks past, trading in the local
market was generally dull and the pyrotechnics in
quotations a reflection of developments in the principal markets at foreign centres. A good deal of the
dealing in Norwegian and Danish exchange is in
futures rather than spot bills. Futures in both currencies are quoted at a premium of five points per
month over spot.
Bankers' sight on Amsterdam finished at 40.24,
against 40.27; cable transfers at 40.26, against 40.29;
commercial sight bills at 40.16, against 40.19, and
commercial sixty days at 39.80, against 39.80 a
week ago. Swiss francs closed at 19.32 for bankers'
sight bills and at 19.33 for cable transfers, as compared with 19.364 and 19.374 last week. Copenhagen checks finished at 25.16 and cable transfers
at 25.20, against 24.31 and 24.41. Checks on
Sweden closed at 26.78 and cable transfers at 26.82,
against 26.81 and 26.85, while checks on Norway
finished at 21.31 and cable transfers at 21.35, against
19.643' and 19.683 the previous week. Spanish
pesetas closed at 14.24 for checks and at 14.26 for
cable transfers. A week ago the close was 1426
and 14.383/2.
Regarding South American exchange, trading was
not particularly active, but the tendency of quotations was again upward and Argentine checks advanced to 40.29 and cable transfers to 40.34, against
40.04 and 40.09, while Brazilian milreis made further
important progress in their march toward higher
[Vol. 121.
THE CHRONICLE
1142
OF NEW YORK FEDERAL RESERVE BANKS
levels, closing at 13.51 for checks and at 13.56 for DAILY CREDIT BALANCES
AT CLEARING HOUSE.
a
12.76
and
12.71
cable transfers, in comparison with
Aggregate
I Thursday Friday,
Saturday, Monday, Tuesday,
week earlier. Chilian exchange was steady, at 12.01 Aug. 29. Aug. 31. Sept. 1. Wednesd'y,
for Week.
Sept. 2.
Sept. 3.
Sept. 4.
(unchanged). Peru ruled slightly firmer and finished
$
$
$
68,000,000 74.000,000 61,000,000 82,000.008 74.000.000 79.000.000 Cr. 438,000,000
at 3 95, against 3 92.
the
Note.-The foregoing heavy credits reflect
huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
Far Eastern exchange was strong; that is, the the
Federal Reserve Systems' par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
Chinese currencies which advanced in response to the House
institutions, as only the items payable in New York City are represented in
daily balances. The large volume of checks on Institutions located outside of
higher price of bar silver. Hong Kong closed at the
New York are not accounted for in arriving at these balances, as Bluth checks do
not pass through the Clearing House but are deposited with the Federal Reserve
60/@60%, against 59%@59Vs; Shanghai at 7932@ Bank
for collection for the account of the local Clearing House banks.
40%@41,
at
803/2, against 79%@)79/
58; Yokohama
against 41@413'i; Manila at 494@49%(unchanged);
The following table indicates the amount of bulBomat
.;
1
against
57/(4)57/,
at
lion in the principal European banks:
Singapore
57@573
bay at 37H©37%,against 37@373,and at Calcutta
&pt.4 1925.
Sept. 5 1924
Banks o
37/@)37/, against 37@373i..
Total.
Gold.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 29 1925 TO SEPT. 4 1925. INCLUSIVE.
Silver.
Total.
Gold.
Myer.
128,402,791
England --162.631,518
162,531,518128.402,791
France a__ 221,881,417 12,40(1,000234.281.417 147.180.233 12,000.000.159,180,233
Germany c 51,640,750 d994,600 52,635,350 21,970,050 1,184,350 23.154,400
b2.000,000
Aus.-Hun- b2,000,000
b2.000.000 b2,000,000
127,739.000
Spain ____ 101,485,000 26.338.000127,801,000 101,385,
26,354,
Italy
35,607,000 3,346,000 38,953,000 35,503,000 3,422,000 38,925,000
Netherl'ds. 34,534.000 1,917,000 38,451,000 44.300,00
986,000 45,286,000
13,448,000
Nat. Belg_ 10,891,000 3,297,000 14,188.000 10,819,000 2,829.
Switzerl'd_ 20,888,000 3,589.000 24,457,000 20,208.000 3 .763,000 23,971,000
13,993,000
Sweden _ _ _ 12,940,000
12,940,000 13,993,0
Denmark _ 11,835,000 1,150,000 12,785,000 11,642,000 1,027,00 12.869,000
Norway
8,182.000
8,180.000 8,182,000
8,180.000
Total week 674,193,685 53.009,600727,203,285 M5,585,074 51,365,350 596,950,426
Prey, week 600,348,058 52,904,600654,252,858548,137,005 51.327.100590.404,105
a Gold holdings of the Bank of France this year are exclusive of £74.572.836 held
abroad. b No recent figures. c Gold holdings of the Bank of Germany this Year
are exclusive of £6,873.300 held abroad. d As of Oct. 7 1924.
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Moneta
Unit.
Aug. 29. Aug. 31. Sept. 1.
Sept. 2.
Sept. 3.
ZePg. 4.
$
.14071
.0450
.007328
.029618
.2463
$
.14082
.0449
.007338
.029618
.2442
$
.14065
.0447
.007335
.029618
.2494
$
.14064
.0445
.007333
.029819
.2523
$
EUROPEAustria. whining*.--- .14089
.0452
Belgium, franc
.007333
Bulgaria, lev
Czechoslovakia, kron .029618
.2482
Denmark, krone
England, pound e
4.8548
ling
025231
Finland, markka
.0469
France.franc
Germany, reichsraark. .2380
014809
Greece, drachma
4028
Holland, guilder
.000014
Hungary, krone
.0375
Italy, llra
.1995
Norway, krone
.1788
Poland, zloty
.0512
Portugal, escudo
004949
Rumania,leu
.1435
Spain, peseta
.2684
Sweden,krona
Switzerland, frano_ .1937
.017864
Yugoslavia. dinar
ASIAChina.8054
Chefoo, tad
.7975
Hankow,tad
.7821
Shanghai. tadl
.8171
Tientsin, tad
Hong Kong, dollar_ .5829
Mexican dollar_ _ _ _ .5742
Tientsin or Peiyang,
.5725
dollar
5842
Yuan, dollar
3666
India, rupee
4040
Japan, yen
.5675
Bingapore(21.S.).do
NORTH AMER.
1.000479
Canada, dollar
.999188
Cuba, peso
.492433
Mexico. peso
.997625
Newfoundland, dol
SOUTH AMER.Argentina, peso (gold) .9102
.1262
brazil, mllrete
.1198
Chile. peso (paper)
i mull
8
.14079
.0450
.007347
.029614
.2500
4.8477
4.8485
4.8515
4.8530
4.8543
.025227 .025235 .025236 .025230 .026232
.0469
.0468
.0469
.0470
.0469
.2308
.2380
.2380
.2380
.2380
.014825 .014800 .014794 .014821 .014817
.4025
.4028
.4028
.4028
.4028
.000014 .000014 .000014 .000014 .000014
.0399
.0398
.0394
.0384
.0377
.2127
.2082
.2042
.2065
.2082
.1807
.1822
.1834
.1839
.1821
.0515
.0512
.0514
.0515
.0511
.004932
.004925
.004959
.004958
.004948
.1424
.1429
.1432
.1431
.1429
.2682
.2682
.2683
.2884
.2684
.1932
.1932
.1933
.1935
.1937
.017890 .017870 .017857 .017833 .017834
.8050
.7959
.7829
.8167
.5850
5758
.8087
.7972
.7839
.8183
.5882
5781
.8092
.7988
.7845
.8183
.5890
.5775
.8096
.8038
.7891
.8192
.5939
.5808
.8125
.8041
.7902
.8221
.6002
.5771
.5746
.5858
.3868
.4036
.5675
.5746
.5858
.3668
.4045
.5658
5746
.5850
.3667
.4047
.5658
.5767
.5875
.3665
.4046
.5858
.5767
.5875
.3661
.4051
.5672
1.000448 1.000498 1.000410 1.000063 1.000056
.999313 .998875 .999000 .999394 .999594
.494000 .493267 .493667 .494933 .494000
.997875 .998063 .998031 .997688 .997344
.9090
.1277
1201
9980
.9093
.1315
.1202
.9954
.9075
.1299
.1202
.9952
.9116
.1340
.1203
1.0004
.9155
.1331
.1201
1.0025
•One schilling is equivalent to 10.000 paper crowns
The New York Clearing House banks, in theii
operations with interior banking institutions, have
gained 13,857,327 net in cash as a result of the currency movements for the week ended Sept. 3.
Their receipts from the interior have aggregated
$4,783,287, while the shipments have reached $925,960, as per the following table:
NEW YORK BANKING
CURRENCY RECEIPTS AND SHIPMENTS BY
INSTITUTIONS.
Week Ended September 3.
Banks'interior movement
Into
Banks.
1
$4.783.287
Out of
Banks.
Gain or Loss
to Banks.
2925,960 Gain $3,857,327
As the Sub-Treasury was taken over by the Fed
era! Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera
lions on the Clearing House institutions. The Fed.
era! Reserve Bank of New York was creditor at the
Clearing House each day as follows:
Income Tax Publicity Again.
The country has been treated during the past week
to another spectacle of Governmental invasion of
private rights in the publication of the Federal income tax returns. Beginning promptly on Sept. 1,
the date at which the Government had announced
the returns would be available to public inspection
and publication, the newspapers throughout the
country, especially those of the larger cities, have
been printing long lists of the names of persons
whose income taxes amounted, on the average, to
$1,000 or more, together with the addresses of such
persons and the sums severally paid. Corporations
have been similarly treated, although apparently
with somewhat less fullness than the personal list.
It cannot have been very pleasant business for those
papers which, from the first, have denounced such
publicity as contrary to the public good. However,
news is news, and since no one paper of large circulation can very well avoid doing what other papers
in the same territory are doing, we have had names
by the column and the page, set out with vast expense to the publishers and to the subordination of
general news. It may fairly be doubted whether
any event that has happened during the week anywhere in the United States, not excepting the Mayoralty contest in New York City or the latest "affair"
of a prominent baseball player, has taken precedence
for the moment in the popular mind to these interminable lists of known or unknown citizens and the
amounts assessed against their names.
We have on more than one occasion expressed our
invincible opposition to the publication of the Federal income tax returns, and this latest orgy of publicity only deepens our conviction that the section
of the Revenue Act which requires such publicity is
bad and its principle vicious, and that its repeal
should be one of the first duties of the next Congress.
If the publication of the names and addresses of persons or corporations obliged to make income tax returns, together with the amounts which they are
obliged to pay, served any legitimate or useful purpose, even the smallest, such publication might perhaps be upheld in principle, even if the particular
SEPT.5 1925}.
THE CHRONICLE
method were open to objection. But there is no
such legitimate or useful purpose in this case. Publicity gives no aid to the Government in ferreting out
those liable to the tax, or in insuring that all income
lawfully subject to tax is duly returned. As Secretary Mellon very properly said in his annual report
last December, in urging the repeal of the publicity
section of the Revenue Act,"the Treasury has every
means of access to the complete returns and all books
and papers of each of these taxpayers. Publicity is
wholly unnecessary from an administrative standpoint." To the extent that dread of publicity encourages the taxpayer to conceal his income, either by
fraud or by camouflage, the requirement of publicity is a direct invitation to dishonesty. The only
purpose which is served by the publicity which Congress has fastened upon the country is the unworthy
one of enabling a certain section of the public to
gratify an impertinent curiosity about the business
affairs of others, and the equally undesirable one of
subjecting income tax payers to increased solicitation from individuals or firms with something to sell.
To quote Secretary Mellon again, publicity "gives to
business rivals and to those having some ulterior
motive, information which is of value to them solely
to the extent it is detrimental to the taxpayer."
Beyond the question of policy is the question of
constitutional right. With all due respect to the
Supreme Court of the United States, we must still
insist that the constitutional right of Congress to
direct the publication of income tax returns has not
yet been satisfactorily shown. The decision which
was read by Associate Justice Sutherland on May 25
last, in the cases of the Kansas City "Journal-Post"
and Baltimore "Post," was, as was pointed out by us
at the time, a technical decision based upon grounds
so narrow as to exclude consideration of the fundamental constitutional issue involved, namely, that
of the right to personal privacy. The decision of the
Court proceeded upon the assumption that Congress
has power, under the Constitution, "to forbid or
allow such publication as in the judgment of that
body the public interest may require"; and since the
opening to public inspection of income tax returns
by the Collectors of Internal Revenue had been directed by Congress, the publication of such information in the newspapers could not be restrained. We
should not question the soundness of this decision if
the assumption upon which it rests appeared to us to
be sound. We Cannot think, however, that the question of the nature of the personal privacy which the
Constitution guarantees, or of the limits to which it
extends, is one for the exclusive determination of
Congress, as Associate Justice Sutherland's opi.nion
seems clearly to imply. The final authority in the
interpretation and application of the Constitution,
in all its parts and in every word or phrase, is the
Supreme Court, and until the Court has spoken in
the cases that come before it, any determination by
Congress of the nature or extent of any right or privilege which the Constitution grants is to be regarded
as provisional only. We are unable to see that the
constitutional prevision regarding personal privacy
is any different in this respect from other provisions
of the Constitution which the Court has assumed to
construe, and it is to be regretted that this fundamental question, which underlay the technical matter to which the Court confined its attention, should
not have come up directly for consideration by the
Court. The country would then have known, as it
1143
does not certainly know now, whether the constitutional provision which declares that "the right of the
people to be secure in their persons, houses, papers
and effects against unreasonable searches and seizures shall not be violated" carries any guarantee of
privacy in personal or business matters which Congress is bound to respect, or implies any obligation
of good faith with citizens and their property which
Congress may n.)t violate without being called to account by the Supreme Court.
The immediate task is to get the publicity section
of the Revenue Act repealed. Mr. Coolidge, it is reported, intends to urge such repeal upon the new
Congress in December, and the Secretary of the
Treasury may be counted upon to take the same
course. The Chamber of Commerce of the United
States, in a statement presented to Mr. Coolidge last
November (see "Chronicle" for Nov. 29 1924),
strongly urged repeal on the ground that "fairness
to citizens who act in perfect good faith should characterize such legislation as the income tax laws, under which all details of business transactions must
be disclosed to administrative officials," and on the
further ground that publicity "violates the good faith
which the Government owes to its citizens, to protect them in their private affairs." Unfortunately,
the question of repeal is one of politics, and of politics of a kind that ought not to be. The demand for
publicity is not voiced most loudly in the States
whose citizens or corporations pay the bulk of the
annual income tax, or from the intelligent members
of the professional classes, or among public-spirited
citizens who wish to see public affairs efficiently and
honestly conducted. It comes mainly from those
sections of the population, who still, thanks to years
of radical agitation, think of 'Wall Street" or the
"money power" or "wealth" as evils which threaten
the welfare of the nation, and who imagine that the
malign influence will be shorn of its strength by the
odious device of spreading broadcast the figures of
income tax assessments. Its strength in Congress is
largely recruited from the 36 States which collectively paid in 1924 less than half the total amount of
income tax that was paid by the State of New York,
and it is reinforced, in all parts of the country, by
the indifference or curiosity of the many thousand
persons who, as salaried employees of States or municipalities, pay either no income tax at all or else
a very small one, and whose names, if they pay, are
passed over in the published lists in favor of persons
socially more prominent. It will require all of Mr.
Coolidge's skill a rd personal force to wrest a repeal
from Congress under such conditions, but the effort
must be made if the encroachment of Congress upon
the sphere of private rights is to be restrained and
personal liberty recovered for the people. The
staunchest help is due to the President and his supporters in the struggle for this great and pressing
national need of reform.
The Church and Industry—"The Curse of
Money Making."
The "Universal Christian Conference," held in
Stockholm, Sweden, naturally, has not been reported
in this coutrtry as extensively as the Williamstown,
Mass., conference known as the "Institute of Politics." The former lacks the round table method, and
is bound to try to effect a plan of union as well as to
discuss religious principles, methods and dogmas,
1144
THE CHRONICLE
[VOL 121.
•
At one of its early meetings, where general discus- lution, is to be given a "new heart" and a "new mosion prevailed, we read that the topic of "Industrial tive," as if the old "heart" of love for family and the
Life and Christianity" was considered and that the old "motive" of making an honest living by work and
remarks of Dr. W. M. Tippy of New York made a enterprise were not sufficient. No one worth while
‘`dEep impression." In the course of his remarks Dr. will be found objecting to the "golden rule" in busiTippy is quoted as saying: "The curse of industry ness, but what has this to do with the mission of
is its controlling motive of money-making. Our spreading a true spirituality in the lives of men, that
strong men are given a power by God to be unselfish there may be a cicser union between the man and his
leaders of the people, but they are not doing so, ex- God?
In all countries there is, more or less, a tendency
cept here and there. Labor sees this and uses its
mass power in defense, and a class struggles arises. to put the Government into business. If now the
„. The Church must give industry new heart and Church takes up a crusade for a so-called "social cona new motive, a motive of more abundant life for the trol" of industry, what is to become of industry as
people in its economic aspects; otherwise capitalistic an evolutionary growth to meet the changing condiindustry will go to the dogs. . . . Industry must tions of mounting life? And also, what is to become
cease to be exploitation of the workers, consumers of the political State when transformed into a socialand natural resources, and must come under social ized industry? Sweden is far from the United
control, because it is a co-operative affair. The States; it is not so far from Russia. It seems to us
Church cannot dictate, but must devote itself to edu- that this very initial pronouncement by a speaker at
cating and inspiring the masses with new intelligent the Universal Church Conference must work harm
energy."
even though the utterance of one man. The harm
We wonder if this reverend gentleman, and we lies in two directions. First, spreading the doctrine
speak respectfully, thought in these words he was of Socialism through the sanction of the Church.
carrying a message from America to the world. We Second, allying the Church to a theory of human rehave not read recently a more insidious and subtle lations and industrial relations that has worked ill
and erroneous an attack upon business in general to every people that has tried to build upon it, and
than is contained in these remarks. If this is to be- thus placing the Church in the attitude of an intercome the mission of the United Christian Churches ference, and destructive rather than constructive.
of the World, then Industry may well plead, as did It is not the part of a spiritual religion to assume
the merchants of old to the King, "Let us alone." the role of adviser in production and trade. Profits,
There may have been modifying or explanatory state- it may be said, profits under a natural form of comments in the full address which would soften the merce such as we now have, have supported the physstone of this theory of human relations, but standing ical appointments of the Church for centuries past.
alone there is in it the taint of Socialism. For exam- Who or what will support it when there are no
ple, the reverend doctor may not have meant to elim- profits?
The entrance of the Church upon a mission for the
inate the "curse" of the "controlling motive of
imoney-making" only to give a larger share of the "social control" of business, if it shall in fact come
profits to the workers, a share so large that there to pass, is not lightly to bie brushed aside; it is a sewould be nothing left for reinvestment and increase rious matter. It will do far more harm to the Church
tar enlargement. We have heard something of this than to Industry. The latter is founded on natural
before, but not as emanating from the Church, al- laws in a physical world. These cannot be changed,
though there has been "here and there" a pronounce- though the Government and the Church combine
ment of what has been called a Christian form of against them. But the spiritual laws upon which the
socialism. And we are not sure one man, more than Church is founded may be destroyed by degrading
another, is given a "power by God to be unselfish them into a physical mechanism for a new distribuleader(s) of the people" in the matter of "money- tion of profits. It is true of the Church, as it is of
making." Certainly we do not want "capitalistic Government, that, however, much it may seek to conindustry" to "go to the dogs" for lack of "more abun- trol business, it will fail unless it actually engages
dant life." And if the Church has any way by which in industry and trade. Is the Spiritual Church to
industry can be carried on without "money-making," become an agency for so-called co-operation in prootherwise known as profits, save as it is done in duction, exchange and consumption, or use? Is it to
Russia, the world ought to give it respectful atten- try to declare what is money and what not; to endeavor to establish wage-scales and prices; to define
tion.
If the Church, which admittedly cannot "dictate," and promote marketing associations for the farmers;
can only "devote itself to educating and inspiring to fix "reasonable rates" for railroad transportation;
the masses with new intelligent energy" to the end to become banker, merchant, manufacturer; and to
that "industry must cease to be exploitation of the arbitrate between employers and employees? And
workers, consumers and natural resources, and must if we are to conceive of these things being done by a
come under social control, because it is a co-operative Church Universal, what a gigantic task is unfolded
affair," may we suggest that the "Church" join the —dwarfing the League of Nations and a World
American Federation of Labor or some Internation- Court. It is enough to merely state the case to show
ale having a larger life and more abundant vision? its impossibility.
We do not hear as much of the "golden rule in
Plainly, we feel it our duty to protest against the
spreading of this sort of stuff over the world. If business" as formerly. Analyzed, and examined
anything will put "capitalistic industv" on the closely, the law of the "golden rule" is found already
rocks and send it "to the dogs," this sort of educa- to exist. It is the law of exchange for mutual good.
tion will do it. Exploitation, which in its true sense And "business" as a whole fully exemplifies the
is discovery and development, is here given the as- truth, although men may in some instances cheat and
pect of a crime against the people. Industry, as deceive, and though many are absorbed in profits.
now naturally carried on as the result of ages of evo- There is nothing wrong in making a profit. Acquis.
SEPT.5 1925.]
THE CHRONICLE
• 1145
itiveness is a powerful incentive and a moral as well forth the policy of the United States concerning foras a legal one. Man must own in order to operate. eign trade. He said, in part: "The Department of
He must deal fairly to prosper. He must consider State is not paternalistic. American business men
his customer as well as himself. He must work and and investors have before them the domestic and the
save and initiate enterprise in order to acquire prop- foreign field. If they choose the foreign field in
erty and protect and foster his plant. Therefore he whole or in part it is because they consider it more
cannot fail to co-operate with all men in Industry. advantageous. The point I wish to emphasize is that
Helping himself, he helps others. No Church cru- it is for them to decide whether to engage in the
sade can add anything to this in its total. It can foreign field, and if so where and how. . . . It
and ought to teach men to be true to God by being cannot, therefore, be said that the United States
true to their fellowmen. But this is an abstract Government pursues a policy of economic or finanproposition and not a concrete one. It no more ap- cial imperialism, when the foreign trade and investplies to business conduct than to social. It is spir- ment of American citizens are voluntary and are not
itual teaching in a spiritual world. And it no more a means whereby the Government seeks to exploit or
contrasts Mammon to God than it contrasts econom- extend control over other nations. . . . Many foreign countries desiring foreign capital are particuics to moral philosophy.
If the Church through its spiritual emprise could larly desirous that such capital come from the United
induce men as individuals to do right by their fellows States, because they realize that American business
it would vastly aid the world in every department of enterprise abroad is not a cloak for political inlife. But it is in danger of catching the fever for trigue. They know that what the Government of
collective thinking. Its mission of preaching salva- the United States seeks is fair opportunity, fair
tion to men is broad enough. But every country on treatment and due regard for valid and just rights
the globe is full of ethical societies, social organiza- acquired in good faith." Continuing, he said: "The
tions, massed combinations, for setting the world Department of State aims to assist and promote leright. Each with a mission as large as imagination gitimate American enterprise Abroad, not by seeking
can supply. If the Church enters the lists it will for it special and exclusive privileges, but by seeking
lower itself to their plane. In its absorbed antagon- equality of opportunity; not by discriminating for
ism to Mammon it may forget God. In saving all the sake of discriminating, but rather reserving dismen en masse it may lose the support of the indi- crimination for defense against unequal treatment;
vidual member. In developing a new industrialism not by urging particular American business men to
it may forsake the spiritual. It may lose its own engage in particular enterprises or marking out the
soul to gain the whole world. What will unite Fun. exact channels in which they shall go, but by seeking
damentalism and Modernism as matters of faith, to create conditions in which legitimate American
creed and ritual while men gather in houses of wor- enterprises can be carried on; not by sponsoring
ship to discuss labor and capital? This idea of the them or assuming Governmental responsibilities for
mission of the Church is not new, it has sporadic ex- their acts, but by having confidence that what the
pression in various ways and places. But the Church American business man primarily needs abroad is a
Universal, if it expects ever to become a power for fair chance." The opposition view to this was set
God and good, should rise to a higher spiritual plane. forth by Dr. Alvin S. Johnson, editor of the "New
We do not overestimate the importance of this Republic," who declared: "It is time for America
new "mission" of the Church. Confirmation is at to recognize economic internationalism as a fact, and
hand. A meeting of the National Council of Congre- to join formally or informally with the other nagational Churches is to be held in Washington, Oct. tions in working out politically institutions under
20 to 28. A Social Service Commission is to present which international economic interests may be sea "social creed." We are given an advance epitome cure."
of its recommendations. Among them is this proWe may repeat the view we have but recently exposal: "That in industry and economic relations, pressed that 'economic internationalism" is not a
recognition that the unlimited right of private own- "fact" and is not even a well grounded theory. "Inership is un-Christian," and this: "A frank aban- ternational," if it means anything, means between
donment of all efforts to secure unearned income; nations, political entities. Trade is between peoples,
that is reward which does not come from real ser- productive areas, and without regard to territorialvice." This is a whacking big program, if we may ity. And the only point at which nations as political
use the term. To take away ownership, profits and entities touch trade, if we except subventions, is at
credit, what more could anyone ask. Yet these pro- the boundaries where customs barriers are set up.
posals are put forth seriously. Government has These customs barriers are not for the encouragefailed to control industry and now religion enters ment of foreign trade, but for the so-called protecthe crusade. When religion fails, as it must, may it tion of domestic trade by shutting out undue compebe that education, national, and as now proposed, titive foreign trade. Fair trade, therefore, is esseninternational, will take a hand? What this Church tially free trade; and free trade is inherently fair
teaching does do is this—it encourages men to be- trade. Under the open door or free trade policy of
lieve that industry, as it now is, is essentially wrong; the United States as outlined by Dr. Young as to forthat wealth is a crime; and that theories of social- eign enterprise and investment, and under the un" ization are to be welcomed: The Church should "ren- doubted free domestic trade we have, regardless of
the territoriality of States within the Union, it is
der unto God that which is God's."
difficult to find a place for tariff interference as a
Our Foreign Trade Policy.
rightful political policy, but we may pass this to conopen
an
conference
at
discussion,
of
Inthe
more at length the essentials of foreign trade
sider
the
In
stitute of Politics at Williamstown, Mass., on "Eco- that render it immune to Governmental control. And
nomic Imperialism," Dr. Arthur N. Young,economic in doing this it must appear that a concert of naadviser of the Department of State, very clearly set tions for the control and direction of foreign trade
1146
THE CHRONICLE
[Vol, 121.
must prove as ineffective as separate control by the among us who want Government owned railroads.
several States of the world. A State of the world, Would these persons want Government to be conwhatever its form of government,is a political power, ducted by a consolidated board of directors of all the
not an economic. True, the League of Nations, as railroads of the country? The idea of a Government
now constituted, proposes, under certain circum- following a business into a foreign country save to
stances, to institute a blockade of trade, but this is ask for equal treatment and fair opportunity is conmerely an evidence of and an exercise of political trary to the nature of Government itself.
tyranny. And at once it must be observed that atOn the other hand, the nature and purpose of protempted concerted political encouragement would duction and exchange require that they shall not be
be, also, tyrannical.
shut out of any territory by the mere powers of GovIf foreign trade, then, is not subject to national ernment. Carried to a logical conclusion, foreign
exploitation and control, in the proper meaning of investment as well as exchange between persons and
"international," then "economic internationalism" is peoples would be forbidden—for trade is for mutual
an impossibility. Furthermore, the so-called eco- advantage and not for selfish aggrandizement of pernomic policy pursued by the present United States son or people. By the same token no super GovernGovernment is undoubtedly the correct one. And in ment set up. by the nations could regulate and conso far as our Government might exploit foreign trade trol trade which is its own master, under the uniit would transcend its constitutional powers and versal natural law of the largest good to the most
only prove a hindrance and an interference. The persons at the least cost. Trade controlled by a
trouble with any proposed political concert to fur- super-Government would be very much like rates
ther inter-nation trade is that there is no original under an Inter-State Commerce Commission—an ator elemental power in any Government over trade. tempt to do the impossible. Does a railroad comSave for a communistic or socialistic conception of mission make rates out of an original, inherent
government, the State owns nothing, produces noth- power, or merely bunglingly attempt to "equalize"
ing in manufactured goods, farms none of the land them when made on a foundation of "what the trafin its domain, hires no workingmen (save in the in- fic will bear"? Could Governments set about the
cidental matter of public works construction), in a inauguration and maintenance of original exchange
word owns no labor, and engages not at all in ex- in cereals, textiles, iron and steel and lumber?
change or transportation (excepting isolated cases
We hear much about the control of oil winning the
of Government owned railroads). It can have no next war. If England, France, Germany, Russia, or
enterprise or investment to direct or control, and the United States can follow their own investors into
cannot, therefore, be a party to international trade foreign fields and confiscate their holdings, why
negotiations, were these relatians possible as between cannot they do so in time of peace? If a citizen of
free and independent political entities.
one country can hold property in another country
And if investors do choose the foreign field ought in his own right, there are some exceptions, he canthey not to abide by the local protection offered by not hold it by virtue of two jurisdictions. And when
the Government under which they invest? They war does come and war with a country having these
have rights, but their ownership of lands and equip- foreign investments, it is difficult to see how a large
ment is by virtue of the permission of local laws and ownership by foreign invasions can help. And this
not by direct order or even sanction of our laws. proves that production and exchange are and must
Their rights are those of foreigners accorded oppor- be independent of Government, local or foreign. A
tunity and equality with other like investors. Hav- concession to mine oil in Russia or Persia is not the
ing been permitted to own, their property shall not equivalent of setting up an oil supply base for the
be confiscated per se because they are foreigners. Government of which the owner is a citizen. InvestThey may not pursue processes forbidden by the ment, production, enterprise, exchange, are not powlocal police power. And there is no obligation on ers, if we may so express it, of Governments, but of
the part of the United States to back them up in individuals. And the sooner the "open door" is realtheir operations. Nor should they attempt to influ- ized all over the world, the sooner the resources of
ence political control in the new States they have earth and the energies of peoples will exchange
chosen for the purpose of selfish ends, or indeed, any worth for worth to the good and, may we not say, the
ends. All this would come very clear to our own glory of all.
minds if the situation was reversed and. we had to
Science and Business.
deal with "intermeddling foreigners." But all this
has nothing to do with the elements of successful proAll reading people know that this is a scientific
duction and exchange. These are carried on under age. Many know that science is a profession; some
know that as such it is profitable both to those who
natural laws of endeavor and profit.
Having imbibed too much of the doctrine of Gov- engage in it and in various ways also to some indusernmental control of business at home it is not to be tries and in a general way to business and to the
wondered at that certain adventurers in trade in for- public.
eign lands should demand a larger degree of "protecBut what few know is that Science itself is decidtion" by the police power of our own State. It is not edly new. It is progressing, as all the world is, and
strange that some, possibly, should seek concessions in many ways it is leading that progress. Scientific
in the name of the United States. But how soon text books of a few decadeS ago are valueless to-day
would the Government involve itself in foreign toils except as records of what men believed and thought
if it listened to these pleas? And how futile would then. They have to be amended and read in the light
be its efforts to increase production and politically of what is now known and taught. That in turn will
foster exchange—things it cannot successfully do at be enlarged and amended to-morrow. Never was
home! Government, in the abstract, is no more Science more practical. Still, as always, pursued by
equipped, anywhere, to do business, than business is some for its own sake,it is as never before challenged
fitted to exercise government. There are those on all sides. In every department of life, from ques-
SEPT. 5 1925.]
THE CHRONICLE
tions of health to the contingency of an earthquake,
in every industry and business, from the baker and
the merchant to the railway manager and the steel
producer, men are seeking better results and better
methods. They are distrustful of novelty, but "experience" and accustomed ways are proving inadequate, and they are hearing much talk about scientific discoveries and scientific methods. Individuals
may move slowly, but the mass is in motion and the
line of progress is already clear.
Laboratories no longer are limited to schools or
institutions of research; they are to be discovered in
all directions. Scientific experts of all sorts find occupation. No business of magnitude, manufacturing
or commercial, facing new conditions, but seeks or
has forced upon it scientific advice. Scientists are
no longer to be treated as "theorists," or experts as
men from whom to be "delivered."
The most recent development is that in various
businesses combinations are made for establishing
a laboratory for themselves with a permanent staff
to conduct for their special benefit scientific research as to methods, organization, sources of supply, and for increased sale; new openings or new
methods and the like that will result in greater quantity and improved quality of product. It is found
that so many factors are common to all united in
the combination that research on the broadest scale
is for the benefit of all and is necessary if the results
are to be as trustworthy as possible. It is also realized that the private affairs of members of the combination are not interfered with and can be safely
entrusted to the scientific staff.
Macmillan has recently published a book of special value on this subject.* It is composed of articles
by four experts, each an authority in the scientific
lines of activity of which he writes. The increasing
demand for some form of technical teaching in
schools of all kinds, and the crowd of students
thronging the recently opened departments of Business Administration in the colleges and universities,
make it very evident that the country is awake to the
subject. Six thousand students were reported last
year attending this department in a single university, and already some of the older institutions are
restricting their admissions to college graduates, and
only those of the highest rank of ability and attainment. This pressure upon the schools of higher
grade now opening for the new academic year to
meet the need expresses the feeling of the country,
and should attract the attention of the least attentive and the most conservative business men to the
significance of this new feature of practical business.
We have not space to give details of the account
by R. W. King of the American Telephone & Telegraph Co. of the part played by science in the progress of Electrical Industries and the many applications of electricity to light and power; nor the chapters by H. E. Howe of the American Institute of
Chemical Engineers on the Earning Power cf Chemical Research, and on the Waste Problem; nor even
those by J. A. Hall, Professor of Mechanical Engineering in Brown University, on Science as profitable in Textile Machinery, on the Mechanical Working of Metal, and on the Development of Mechanical
Engineering. All are full of interesting detail and
incident, and confirm the general importance of the
""Profitable Science in Industry," by Dwight T. Farnham, H. E. Howe,
R. W. King and Prof. J. A. Hall. Macmillan Co.
1147
question before us. They will be especially attractive to men engaged in the particular businesses or
industries described.
We turn to Dwight T. Farnham of the American
Management Association, who writes as a Consulting Engineer upon the connection between Science
and Management in general. He calls attention to
the fact that modern business depends for success
upon facts gathered before they are required. These
are the proper basis of budgets and estimates. Once
found they become the test of every department. The
tabulated records of the departments show at a
glance the relative and the collective efficiency. The
graph, or exhibit, becomes the basis for constant revision and for exact knowledge. It can be underputes, as well as tests results.
putes as well as tests results.
He claims for the budget, or exact scientific system, that it (1) Substitutes organized foresight for
decision by guess; (2) secures team play for a definite result; (3) establishes "authority for," in place
of "authority over"; (4) provides systematic analysis which makes improvement possible; (5) reduces
expense; (6) stimulates effort to insure results; (7)
obtains all the earnings the situation presents, and
(8) creates individual contentment and general cooperation. To establish such a system and make it
growingly valuable research must be always at work
examining and testing raw materials, supervising
processes, establishing standards of output, and developing new products to suit the market.
All this is in direct opposition to what may be
called casual management, or that which is based on
"guess," "hunch," or "experience." Under such are
to be found all the weaknesses of human nature; the
management of one who is known as the 'experienced
business man" who depended on his personal impressions and shrewdness to effect what he sought. A
few such men in their shrewdness adopted the scientific method unconsciously, but the majority joined
the 95% of business failures. Success resulting from
fortunate circumstances, or a "boom," or a special
local need or a super-personality, or chance itself,
cannot be depended upon, and does not alter the underlying facts which have been ignored. Flattery
by colleagues or employees, untruth, concealment,
discontent and persistent disturbance are its constant features.
Scientific management is the antithesis of all this.
Consciously or unconsciously, our leading industries
are applying it to production, to sales and to financial management. An extensive literature on the
subject is appearing and the best educational minds
are turned to it.
The results already can be tabulated showing in
multitudes of cases,increase of output, of quality and
of sales, coupled with the possibility of substantial
increase of wages, cost greatly cut, imperfections
minimized, morale far better, and overturn of labor
vastly reduced.
Of all this Mr. Farnham gives many striking instances in both small and great concerns. In a factory where belting played an important part the
introduction of such research increased the life of
the belts six-fold and reduced the cost to one-seventh of what it had been. High speed steel accomplished from four to five times as much as ordinary
steel which was in use. Standardized abrasive wheels
cut four times as fast as old-fashioned grindstones,
and standardized files were found to last four times
1148
THE CHRONICLE
as long and cut much faster. Railroad fuel Was reduced from 260 to 60 lbs. per 1,000 tons of trainweight per mile. A foundry daily producing 950
pounds of castings per man rose to 2,200 pounds, and
when reported had run four years at this rate. In a
foundry standardized work increased the efficiency
of workmen from 55 %to 94% without use of bonus.
When once adequate records are introduced facts
begin to come to the executive in such form that immediate savings can be made. A small shop saved
$21,000 a year as a result of a two weeks' survey and
readjustment.
An example of greater importance is a manufacturing corporation with steady occupation, large
sales and apparently established prosperity. It was
proved by careful investigation to be consuming its
resources and bringing on its own dissolution be
cause of its defective and misleading annual reports.
Another corporation was found to be in immediate
peril of bankruptcy simply because its receivables,
though growing steadily, were not available soon
enough to provide for its current though much
smaller necessities. Both cases once understood
could be successfully dealt with. A third great industry, with a large product always sold to advan-
[VOL 121.
tage, found with change of times that its product
was piling up on its hands with no visible outlet. Investigation of conditions discovered a practically unlimited market for the goods if put up in small packages for domestic use, and the situation was saved.
Chicanery long concealed, dishonesty where least
suspected, bad management, the dry rot of persisting
in long established but outgrown ways, unrecognized
changes in the market, with new material or newly
dec ised machinery, are but a few of many causes of
busiress failure which better understanding would
have obviated.
The industrial engineer is the business doctor. As
the family physician is beginning to be looked to for
keeping the family well, and a new era is opening
for him, so business men should make similar use of
the new man now available without waiting till all
the world can see that the patient is ill. The business of scientific management has become a profession of such standing that there is no limit to what
the competent industrial or administrative expert
can accomplish with proper co-operation. It also
may be said that never before did the magnitude and
world-wide relations of business make such aid and
sue I co-operation so necessary as they are to-day.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Sept. 4 1925.
There is an undercurrent of increasing confidence in the
business community of the United States, though it has not
taken shape in very active buying, especially for forward
delivery. The anthracite coal strike of some 158,000 hands
has caused a sharp advance in coal and coke, which it is
hoped will be only temporary. The general drift of merchandise prices has been downward. The grain markets
have fallen with the exception of corn. That has advanced
because of extraordinary heat and drought in the corn belt.
But wheat has declined with spring wheat crop estimates
increased somewhat, the export demand disappointing and
the weather in Europe better. There has been a fair export
business in oats and rye, with some intimations of a foreign
inquiry for corn. But there has been no large business with
Europe. Corn crop prospects are less favorable in Minnesota, South Dakota and parts of Nebraska and Kansas.
The flour trade continues quiet here and is less active at
the Northwest, according to to-night's reports. Cotton has
declined slightly because of a general belief that the crop
is large, even if 14,000,000 bales instead of 15,000,000, and
that there may be some decrease in the consumption this
season, owing to the rather unfavorable foreign outlook,
especially in England and Germany, not to mention France
and Spain. Moverover, the crop is unusually early and the big
receipts have a certain effect, although it is true the Southern spot business of lute has been very large. To-day's sales,
for instance, exceeded 55.000 bales. Exports were heavy
early in the week, but have latterly fallen off. Cotton goods
trade has not been active and the Fall River sales of print
cloths this week have reached only 40,000 pieces. It is regrettable that profits, where there are any, in the cotton
manufacturing business of this country, are small. Manchester complains that East Indian bids are apt to be too
low. Wool has been in the main quiet and prices have eased
somewhat. Australian auctions have been fairly steady,
with France and Japan the largest buyers. In the textile
industries silk and rayon make the best showing, as they
have for some time past. They appeal to the popular fancy
at current prices. The automobile industry is active and
the output is larger than a year ago. Iron and steel show
little real change, but the output of pig iron is increasing
and there is a somewhat better feeling in the trade, with
the suggestion that perhaps the corner has been turned, or
that that point is very near, after prolonged depression. It
would be nothing extraordinary; it would be really a repetition of history in this great branch of industry. The sales
of steel are moderate, but prices are perhaps somewhat better sustained than heretofore, with some increase in the
production.
The lumber business on the Pacific Coast is somewhat
more active. The shoe industry is now showing more life,
not only at the West, but also in the East, which is something new. Petroleum prices have declined. At a big carpet auction here the buying has been active. Car loadings
have reached a new high level. The tendency of prices for
dairy products is upward,owing to drought in the big pasture
areas of the country. The East as well as the West needs
rain. Trade in refined sugar has been rather more active
at firmer prices. Coffee at one time showed an upward
tendency, but has latterly declined with Brazilian interests
evidently more disposed to sell. The visible supply in this
country is noticeably larger than a year ago, and yet the
price is some 4 cents higher than then. There is less buying
of the non-ferrous metals than there was recently and the
trend of prices has been downward. The mail order business
in this country shows a significant expansion, in some cases
an increase over August last year of nearly 15% and for
eight months of 11% This may be fairly regarded as a
significant circumstance. The country wants merchandise,
but is taking it in small lots for prompt delivery. These
are the days of prompt deliveries; they were never more so.
Failures during August show a decrease as compared with
those of July and as compared with August 1924. August
clearings show an increase of 4% as compared with August
last year. Rubber, after an advance at one time, has latterly
declined in a dull market. There are predictions that the
September consumption will show a noteworthy falling off.
Whether It does or not, It is plain enough that consumers in
this country are disposed to buy, for the time being at any
rate, only enough to supply immediate wants. It is also
noticeable from time to time that efforts are being made to
extend the field of production of crude rubber in tropical
countries. Sooner or later the attempted monopoly, or
something very much like it, by British interests will be
rendered nugatory by the inevitable increase in production
which is the economic corrective of exorbitant prices. London and Liverpool markets have been more or less disturbed
by the big shipping strike in Great Britain, but the latest
news is that it shows signs of collapse. At some of the big
shipping ports of England there has been no trouble about
clearing steamers. And London to-day was more cheerful.
Silver reached the highest point of the year in London, owing
to steady buying by Chinese interests in both London and
New York and buying by the United States Treasury. In
SEPT.5 1925.]
THE CHRONTGLE
foreign exchange Danish and Norwegian exchange to-day
reached a new high level, while sterling was stronger. On
the whole, the business situation is not in bad shape, although there are no indications, as already said, of any
pronounced activity.
At Nashua, N. H., on Sept. 1 weave room mills 1 and 7 of
the Nashua Manufacturing Co. closed down until after
Labor Day, and many of the women employees of No. 6
are also out for a like period. Work has not improved as
much as had been hoped for. While not all the mills will
have a long vacation, as in the past, over Labor Day, a considerable part of the plant will be shut down. The employees had a long vacation the first of July this year, in
place of the usual one later. The Pepperell Manufacturing
Co. and the Saco Lowell shops will be closed for a week
beginning Sept. 7. Approximately 4,500 hands are affected.
Greensboro, N. C., wired Aug. 9: "The Southern Power Co.
officially announced last night that Carolinas mills will be
required to suspend operations two days a week, beginning
Thursday next, due to scarcity of hydro-electric power.
Three hundred mills and 5,000,000 spindles are affected."
At Greensboro, 1,500 textile employees of the White Oak
mills were thrown out of work on Aug. 31 over a wage dispute. At Durham, N. C., three strikers of the hosiery mill
workers at the Durham plant were arrested on charges of
assaulting non-union operatives, but the strikers are striving to settle with the employers. They have asked to be
taken back under conditions prevalent before the walkout
and without prejudice. Greenville, S. C., wired Sept. 1 that
owing to the prolonged drought textile plants in Zone 5 of
the Southern Power Co. would be forced to close two days
of each week, Monday and Tuesday. Zone 5 includes Greenville, Anderson, Pickens and Oconee counties. Several
plants in these counties have auxiliary steam plants and
these will be in operation to prevent a shutdown. In Virginia the Chadwick-Hoskins chain of mills is operating on
a four-day schedule, being closed one day in the power conservation program. Units of the Chadwick-Hoskins chain
are the Chadwick, the Hoskins, the Louise and the Calvine.
in Charlotte; the Dover mill, in Pineville, and the Martinsville mill, in Martinsville, Va. At Paterson, N. J., mills
which closed Aug. 29 for 10 days were those employing hatband workers. They will reopen on Sept. 8. Approximately
1,000 workers in 11 different shops were affected. They
were recently granted increased wages as well as a ten-day
vacation.
Alexander Smith & Sons Carpet Co.'s offering of approximately 93,000 bales of axminster, velvet and tapestry rugs
hnd carpetings opened at auction on Sept. 1 here. Axminsters and tapestries were 12th% below list prices; velvets
fell 10% below the list. On Sept. 2, at the carpet sale of
Alexander Smith & Sons Co., the bidding was better, and
axminsters were firm at $23 to $21.60 in bale lots. Prices
were higher than at the opening on Tuesday. Total sales
for the day exceeded $1,000,000. Mail order houses were
active buyers later in the week.
Montgomery, Ward & Co. sales for August amounted to
$11,801,892, an increase of 14.2% over August 1924. The
sales for the first eight months amounted to $105,070.429,
an increase of 10.9% over the corresponding period of 1924.
Sears, Roebuck & Co. sales for August amounted to $16,946,972, an increase of 25.8% over August 1924. The sales for
the first eight months of this year amounted to $152,262,838,
an increase of 15.5% ever the corresponding period of 1924.
The British shipping strike is said to be near a collapse.
Men to replace striking seamen are being found with ease.
At Hull not a ship is delayed. At Bristol and Avonmouth
the strike seems to be near an end. The "Majestic" for New
York was not detained; it got a large part of its crew from
tugs outside.
The weather here early in the week was hot, with 89 degrees reached on Aug. 31 and the air very humid. The next
day was only a little cooler. It continued warm here until
the 3d inst., when it became noticeably cooler. It has been
hot in the corn States and also in the cotton belt, notably
inlowa. Of late It has been 82 in Chicago, but 98 in Kansas
City, 90 in Cleveland and Milwaukee, 96 in St. Paul, 80 in
Boston and 71 in New York, after being 81 to 84 for days,
with humidity high. The heat of late has been severe from
the Rockies to the Alleghenies and water is scarce in Kansas as well. as in parts of Georgia and the Carolinas, with
maximum heat there of 102 to 104, said to be the highest on
record for this time of the year. It was 98 in Cincinnati yesterday and 100 at Kansas City. It was close and uncom-
1149
fortable here to-day. It was 80 here at 4 p. m., with the
humidity 86, and at times it was so dark that offices were
lighted. A little rain fell, but afforded no relief.
1,343,700 Idle in Britain, 45,415 Increase in Week.
The following, dated London, Sept. 1, is from the New
York "Herald Tribune" of the 2d:
Great Britain's unemployment situation is growing steadily worse, statistics issued by the Ministry of Labor to-night show. The total army of
unemployed in this country is now 1,343,700, an increase of 45,415 in the
last week.
The number of persons registered on the employment exchanges throughout Great Britain has been swollen by 146,627 in the last four weeks.
There are.now 194,522 more persons out of work than at the same time last
year. It must be borne in mind that the Government figures do not reveal
the total number of unemployed, as not all are registered.
Survey of Current Business by United States Department of Commerce—Production in July 1925
Compared with July 1924.
Comparing figures of production in July 1925 with those
for July 1924 and June 1925, the U. S. Department of Coromerce on Aug. 30 stated:
Increases in production over a year ago were reported for July, according
to further figures received by the Department of Commerce, in the production of fine cotton goods, consumption of iron ore, production of malleable
castings, the output of wood pulp, both mechanical and chemical, the production of paperboard shipping boxes, and the output of pine lumber,
Including Western, Southern and California white pine. Admitted assets
of life insurance companies increased also over a year ago. Declines from
a year ago occurred in the production of face brick, paving brick, meltinge
of raw sugar and in the receipts of butter, eggs and poultry at the principal
primary markets.
July 1925 Compared with June 1925.
Increases over the previous month occurred in new orders received by'
cotton finishers, in the production of fine cotton goods, new orders received
for steel furniture, both in the business group and for shelving, the production of paperboard shipping boxes, in the output of face brick, and in the
meltings of sugar. Declines from the previous month were noted in the
hourly activity of cotton spindles, the consumption of iron ore, production
of malleable castings, the sales of leather belting, and the production of
wood pulp, both chemical and mechanical, and in the output of paving
brick.
In its statement regarding manufacturing production,
issued under date of Sept. 1, the U. S. Department of Commerce says:
Manufacturing production in July showed a slight improvement over
June at 189% of the 1919 average, according to the index number of the
Department f Commerce, and was 28% higher than in July 1924. All
groups except iron and steel, lumber, leather and paper and printing improved from the previous month, while compared with a year ago all groups
Increased their output except foodstuffs.
Raw Materials Output.
The output of raw materials was slightly lower than a year ago, the marketings of animal products and crops being less than in July 1924, while the
production of minerals and forestry products increased.
Unfilled Orders.
•
The index of unfilled orders of iron, steel and building materials remained
the same as in June but was 16% higher than a year ago, both the ironand-steel and building-material groups being higher on July 31 than a year
ago.
Stocks of Commodities.
Stocks of commodities held on July 31 declined almost 10% from AM'
and were also lower than on July 31 1924, when allowance is made for
seasonal tendencies. All classes of stocks participated in the decline from
June. Compared with a year ago the raw-foodstuffs group had larger
stocks on hand, while manufactured commodities showed a decline and the
raw materials for manufacture remained unchanved.
1925.
1924.
May June July June Jul/
Production (Index numbers:1919=100)—
Raw materials, total
Minerals
Animal products
Crops
Forestry
Manufacturing, grant total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals
Stone and clay products
Tobacco
Automobiles•
Miscellaneous
Commodity Rocks (Index numbers. 1919=100)
(Unadjusted)—
Total
Raw foodstuffs
Raw material for manufacture
Manufactured foodstuffs
Manufactured commodities
(Adjusted for seasonal element)—
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Manufactured commodities
Unfilled orders—
Total (based on 1920 all 100)
Iron and steel
Building materials
•Included In miscellanea= grout/ also.
91
131
115
55
132
127
127
101
99
118
185
150
82
113
164
156
112
254
152
89
131
110
55
125
127
127
115
94
107
183
150
79
112
167
149
113
241
153
96
133
109
69
120
129
129
120
94
105
190
147
77
106
171
152
127
246
156
89
117
117
56
120
104
100
121
70
74
158
131
72
105
137
130
115
151
95
97
12/
117
73
111
101
101
129
71
67
158
126
71
106
138
131
119
161
100
135
175
94
64
171
134
171
91
76
168
122
128
87
85
161
127
137
84
87
169
122
119
82
100
161
143
195
100
73
171
140
187
98
76
168
127
154
95
75
157
134
157
98
87
169
130
151
95
89
161
53
39
107
51
37
106
51
36
113
43
32
87
44
31
96
THE CHRONICLE
1150
Business Indexes of the Federal Reserve Board.
The Division of Research and Statistics of the Federal
Reserve Board issued on Sept. 1 the following statement
giving current figures of its various business indexes.
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for seasonal variations. Monthly average 1919=100.)
1925.
1924
July June July
1925.
1924
July June July
Total
Pig iron
Steel ingots
Cotton
Wool
Wheat flour
Sugar melting
Cattle slaughtered
Calves slaughtered
Sheep slaughtered
Hogs slaughtered
Lumber
113
105
110
99
87
122
117
107
131
101
110
107
115
98
88
102
117
95
126
105
cc 101
125 117
Bituminous coal
Anthracite
Copper
Zinc
Scle leather
Newsprint
Cement
Petroleum
Cigars
Cigarettes
Manufactured tobacco_ _
95
70
67
71
83
122
125
95
117
99
141
106
105 101
116 101
138 .136
121 117
71 66
108 110
215 197
204 210
94__
179 ___
101 ___
89
106
133
109
63
102
193
185
98
155
97
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 191100.)
Payrolls.
Employment.
1925.
1925.
Total
Iron and steel
Textiles-Group
Fabrics
Producte
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods,&c
Leather, dec
Stone, clay, glass
Tobacco, &e
Chemicals,.kc
-
July.
June.
1924.
July.
July.
June.
1924.
July.
93.1
84.9
93.3
93.1
93.4
99.3
84.5
122.2
103.4
86.4
85.7
121.3
85.9
73.0
94.2
86.3
95.4
97.5
92.8
100.1
84.7
122.8
103.5
86.4
83.0
125.9
85.8
72.9
89.0
80.0
85.7
85.8
85.4
99.7
80.1
95.1
101.5
90.1
80.7
118.1
88.0
68.5
102.7
86.1
101.2
100.9
101.6
105.9
86.7
150.0
133.8
102.8
89.0
145.9
89.0.
95.6
105.2
90.4
101.6
103.9
98.8
109.7
90.4
151.2
135.5
105.1
85.1
154.3
90.3
95.7
92.2
75.0
85.8
85.3
86.4
102.1
88.6
99.9
128.2
103.7
80.7
142.0
90.4
87.9
INDEXES OF WHOLESALE AND RETAIL TRADE.
1925.
1924
July JunejJuly
Wholesale Trade.
Retail Trade.
86 8
83 Department store salesAdjusted
77 7
67
85 82 79
Unadjusted
48 54 44 Dept. store stocksAdjusted
99 105 93
Unadjusted
111 110 110
83 84 78 Mail order salesAdjusted
unadjusted
Groceries
Meat
Dry goods
Shoes
Hardware
Drugs
Total
1925.
1924
July June July
[vol. 121.
Combined.
Retailer.
Producer.
irboksaler.
1.7
4.5
2.81 Fr tt, __
0.9
2.3
2.3
ett y• 3.6
1.9
8.3
5.6
4.6 1
0.9
3.6
2.1
2.8 "
0.9
3.2Ij
3.7
1.9
1.3
Average of 5 classes
4.1
3.8
3.1
The turnover rates of the producers of 14 other classes average 3.1.
the same as the average of the 5 classes listed above; there were no other
statistics of the rates of the wholesalers; and the turnover rates of the retailers of 3 other classes (including jewelry on which the stock turn is slow,
only 0.9) averaged 2.2, which, combined with the above 5 classes, made the
average turnover rate of the retailers of 8 classes 3.2.
For the fluctuations in production and in manufacturing employments,
the respective index numbers showed a marked degree of parallelism,
though the fluctuations in employments are generally shorter than those in
production. This appears to be due to the fact that the statistics do not
generally take note of overtime and part-time work, and also to the growing
use of automatic machinery. Related to this subject of the effect on manufacturing employments of increased and decreased production, the review
gives a compilation from four publications showing the cost of hiring new
employees, which, of course, is reflected in the manufacturing costs of the
merchandise produced by them.
The review summarizes the results of the study and shows that as to the
economic principles which at all times govern or affect the cost of merchandise distribution, it is evident, first, that a reduction of the average
inventory which will increase the rate of turnover will bring about a reduction of the cost of distribution; and secondly, that a more nearly uniform
rate of production which will minimize fluctuations in employments and
reduce the inefficiency and expense incident to these fluctuations will reduce the cost of production. Either of these results will, without reducing
the respective profits of the producer, wholesaler and retailer, give greater
purchasing power to the consumer's dollar.
It follows, then, that the purchasing power of the consumer's dollar is
affected not only by the cost of production, for the reduction of which inventive skill and operating experience have been employed during many
years, but also by the cost of distribution, which it appears may be similarly reduced by a corresponding study of the conditions in regard to the
trade in any commodity.
It is only during very recent years that intensive study has been made of
the costs of distribution, and therefore the available statistics are not so
full and comprehensive as they should be. While the accountants were
examining the available data and compiling this review, a National Distribution Conference was held at Washington under the auspices of the
Chamber of Commerce of the United States, as a result of which, and with
the active co-operation of Secretary Hoover and the Department of Commerce, half a dozen committees have been organized to study different
phases of the distribution problem.
This work is copyrighted.
Clothing
Drugs
Groceries
Hardware
Shoes
128 126 123
96 126 91
New England Industries in July Fared Better Than
Similar Industries in Other Sections of Country,
According to Federal Reserve Bank of Boston.
119 119 93
In
its analysis of the business situation in the New England
89 102 69
district, the Industrial Statistics Division of the Federal
•Revised.
'
Reserve Bank of Boston has the following to say in the
Review of Statistics Relative to Cost of Merchandise "Monthly Review" of Sept. 1:
The leading industries of New England have recently fared much better
Distribution, Fluctuations in Manufacturing
than these same industries in other sections of the country. For example,
Employments in United States, &c.
New England mills consumed more cotton in July than in June, but the
A review of published statistics relative to cost of mer- mills in the cotton-growing States consumed less. The woolen mills In
this district increased their consumption of raw wool quite noticeably in
chandise distribution, rates of merchandise turnover and July, but competing mills in the Middle Atlantic States showed a further
fluctuations in manufacturing employments in the United decline in activity. Even the New England shoe industry, which has been
greater
States, 1913-1923, has been prepared by' Niles & Niles, so adversely affected by trade conditions in the past two years, had aproducproduction in July than in June, contrasted with a slight decline in
New
York
Broadway,
certified public accountants, of 60
tion by the shoe factories in the remainder of the country. This is a reCity, from statistics compiled by many governmental, flection of the larger volume of sales reported by New England shoe wholeAlmost without exception the public employment offices of this
university, trade and other organizations. These statistics salers.
district report a larger demand for workers than a year ago. The total
have heretofore been presented in 77 different publications, value of new construction involved in contracts awarded in July in this dissome of which were rare and not easily obtainable, and the re- trict was the largest monthly total on record, but to some extent this figure
does not represent the true situation in the building industry, because sevview in bringing the information together is exhaustive of eral
educational projects contributed greatly to the amount. The number
the subjects mentioned in so far as the statistics have been of contracts awarded was slightly less than in May, although greater than
in any month of last year. Distribution of merchandise by New England
published.
as measured by weekly total carloadings, continues substantially
F,or the cost of merchandise distribution, statistics were railroads,
in excess of the distribution a year ago. The volume of New England defound for 15 classes of merchandise which showed that the partment store sales during the past few weeks has been approximately
respective portions of the consumer's dollar received by the the same as in the corresponding period last year. Collections, however.
have been much better than they were last summer. One of the most improducer and by the distributors were as follows:
portant factors contributing toward a larger total volume of business is the
Fsvzwer
Clothing
Drugs
Electrical supplies
Furniture
Hardware
Jewelry
Shoes
r,a9577,w.
Average ofseven classes
Dairy products
Fruits and vegetables
Groceries
Meats
Producer.
Cents.
67.5
54.6
53.0
56.4
58.0
60.0
55.2
57.8
73.0
50.3
72.9
70.8
133 135 131
124 129 123
Distributors. growing confidence of retail merchants in the trade outlook, with the result
Cents.
that they have increased their outstanding orders for merchandise. This
32.5
trend toward a larger volume of commitments and away from hand-to45.4
47.0
mouth buying has been under way in Boston for nearly a year. New Eng43.6
land crop reports indicate that the leading crops of the district will not have
42.0
as
large a yield as last year, but will be greater than the five-year average.
40.0
On the other hand,prices are higher than a year ago ma number of instances.
44.8
Money rates strengthened in July and August, following the usual seasonal
42.2
tendency. The volume of loans of New England member banks averaged
27.0
the
highest on record in July and August.
49.7
27.1
29.2
Course of Wholesale and Department Store Trade in
Federal Reserve District of Chicago During July.
"The tendency toward trade quietness expected during
the summer months is apparent in current returns from
41.3
Average of 15 classes
58.7
The averages for the nine classes of necessaries embraced reporting wholesalers in this district" says the Monthly
of
in food, clothing and shelter were: Producer, 56.8 cents; Business Conditions Report of the Federal Reserve Bank
issued under date of September 1. The bcnk adds:
distributors, 43.2 cents. A statement regarding the review Chicago,
By commodity groups, grocery dealers alone averaged heavier sales during
continues:
July than in June, twenty-two out of thirty-five firms showing increases:
Average of 11 classes
Automobiles
Coal
Dental supplies
Lumber
58.6
73.0
44.4
73.0
45.4
41.4
27.0
55.6
27.0
54.6
For the rate of merchandise turnover, partial statistics were found for
22 classes of merchandise, but for only 5 classes were there available the
turnover statistics of the producers, of the wholesalers and of the retailers,
all of which are essential for computing the average rate of turnover of the
combined stocks of all the agencies of distribution. The turnover rates of
these five classes were as follows:
about half the hardware dealers, on the other hand, and the majority of
dry goods, drug, and shoe firms registered declines from the preceding
month.
Comparisons with sales during July, 1924, are favorable, most of the hardware and drug dealers reporting gains, dry goods firms evenly divided
between Increases and decreases, the grocery group averaging about the
Slum 5 1925.]
THE CHRONICLE
same as last year, and shoe salesTmoreTclosely approaching last year's
volume than during the first six months of 1925.
Collections received during July were less than in'June for the majority
of dealers in all groups except drugs, and for grocery, hardware, and shoe
dealers were below a year ago. Accounts on the books of forty grocery
firms on August 1 exceeded the previous month's outstandings by 2%; dry
goods and shoe dealers averaged a drop of about 4%, hardware 2%, and
drug dealers less than 1%;for the last two named groups,accounts receivable
are heavier than a year ago.
In grocery and hardware stocks the reductions noted since March
continued, August 1 inventories for twenty dealers in the former group
being 1.1% below July 1 stocks mid 4.8% lower for fifteen hardware firms;
Increases for the others amounted to about 1% for drugs, 6% for shoes,
and 7% for dry goods. Comparisons with a year ago vary, grocery stocks
maintaining an excess over the 1924 volume but by a smaller margin, drug
dealers averaging the largest increase thus far in 1925, and the three other
groups continuing below last year.
Department Store Trade.-Eighty-eight department stores reporting July
sales to this bank averaged a decrease of 24% from June. Individually, all
but eight firms shared in the decline-a seasonal feature characteristic of
midsummer trade.
For the majority of stores, however, the volume of goods sold exceeded
a year ago, the 7.5% gain for the district being less than the June increase
but comparing with about 4%,the cumulative gain for the year so far.
Collections likewise showed a seasonal decline, reports with few exceptions indicating a smaller amount received during July than in June. For
twenty-five firms out of thirty-nine, collections were heavier than a year
ago and amounted to 41.3% of accounts outstanding at the beginning of the
month, as compared with 40.9% the corresponding ratio in 1924; for twothirds of the same firms, accounts on the books July 31 were below last
year, and for fifty-five out of sixty-one firms they were lower than at the
end of the first six months of 1925.
As in customary in July, stocks were generally reduced; with but eleven
firms reporting increases during the month, inventories at the end of July
for fifty-eight stores averaged 2.4% below June 30. Aggregate stocks for
the district were practically the same as last year's volume, but reflected
declines at over half the stores; for thirty-eight firms, July sales amounted
to 26.0% of average stocks during the month, a slightly higher ratio than
in July, 1923.
Orders for the new goods on July 31 were larger than at the end of June
for most firms reporting this item.
1151
RETAIL TRADE IN JULY, TENTH FEDERAL RESERVE DISTRICT.
(Based upon reports 01 33 Department Stores.)
Kan.City. Denver.
Number of department stores reporting..
3
% incr. (or deer.) of net sales. July 1925
over July 1924
0.4
% incr. (or deer.) of net sales. Jan. 1 to
July 31 1925 over same petiod last year
0.01
% incr.(or decr.) ofstocks at close of July
7.4
1925 to stocks at close of June 1925_
% incr.(or deer.) ofstocks at close of Itily
1925 to stocks at close of July 1924.__ -2.4
% of outstanding orders at close of July
9.1
1925 to total purchases local. yr. 1924_
% of outstanding orders at close of June
4.3
1925 to total purchases in cal. year 1924
4
1.8
Wichita.
Omaha.
3
3
16.9
39.0
4.9
9.7
31.1
-5.4
-13.6
-5.6
-5.3
-6.8
.
14.9
11.5
__
__
10.2
1.0
--
Other
Cities.
All Cities
Reported.
Oklahoma
City.
Lincoln.
3
Number of department stores reporting__
3
14
33
% incr. (or deer.) of net sales, July 1925 •
over July 1924
3.7
-1.1
6.4
5.8
% incr. (or deer.) of net sales, Jan. 1 to
7.0
6.2
July 31 1925 over same period last year
5.6
1.8
% incr.(or deer.) of stocks at close of July
-4.2
-4.3
-4.2
1925 to stocks at close of June 1925.__ -20.0
% incr.(or deer.) of stocks at close of July
35.2
4.1
1925 to stocks at close of July 1924._
3.4
-0.6
% of outstanding orders at close of July
9.2
1925 to total purchases in cal. year 1924
9.2
14.7
10.3
% of outstanding orders at close of June
10221 tn tntal mirchases In cal.'year 1924
5.5
9.3
12.6
7.5
Note.-Percentage of collections in July on outstancang accounts June 30, all•
stores reporting, 47.0%. Collections same month last year, 45.5%.
J. H. Tregoe, of National Association of Credit Men,
Sees Continued Progress in Business Conditions,
But Says There Is Need for Caution.
Business conditions continue to show progress and further
stability, although there is need for due caution, according
to Executive Manager J. H. Tregoe of the National Association of Credit Men in his monthly letter to members, now in
the mails. "Conditions," Mr. Tregoe says, "generally are
Retail and Wholesale Trade in Kansas City Federal encouraging just now. Wholesale prices have shown a little
decline in August. Construction volume still holds at a
Reserve District Larger in July This Year Than
record peak. Our basic industries are operating at a higher
Last Year.
From the Sept. 1 number of the "Monthly Review" of the production rate than a year ago. Retail trade is moving in
midsumnaLr volume. The buying power of the counFederal Reserve Bank of Kansas City, Mo., we quote the very fair
try is a little larger than a year ago. Buying continues in a
following regarding wholesale and retail trade:
large measure from hand to mouth. Stocks of merchandise
The following table is supplied by the bank:
will not run above normal, yet everything points to a satisWholesale Trade.
factory business-and this despite the negative indications
Sales by wholesalers in all lines at distributing centres in the Tenth District were larger in July than in the same month last year, and with the now in sight, as the coal situation, the dispute of the brickexception of hardware, groceries and furniture were larger than in June this layers and the plasterers, and a tendency to hectic real estate
year. The table shows the percentage of increase or decrease in sales durspeculation in some sections." In surveying conditions in the
ing July, reported in dollar amounts, over the previous month and the corresponding month last year. Percentages ofincrease or decrease in amounts cotton States, Mr. Tregoe finds that "the summer distribuoutstanding at the end of the month are also shown:
tion in the cotton growing States as a whole was larger than
due to an improved buying power and a better
•
July 1925 July 1925 July 31 '25 July 31 '25 a year ago,
No. Compared Compared Compared Compared
condition of the farmer." He adds:
of
with
with
with
with
Stores June 1925 July 1924. June 30'21 July 31 '24
Dry goods
Groceries
Hardware
Furniture
Drugs
Millinery
4
7
8
5
5
h
30.4
-1.2
-5.1
-16.3
3.7
215.5
23.6
2.8
13.7
9.7
4.4
12_S
13.0
0.4
2.6
-6.3
-1.6
15.9
12.1
--2.7
5.1
8.2
1.5
1.7
There are some spots in the district, however, that are not encouraging
at present, owing to drought and a consequent deterioration of the crop.
In the eastern Carolinas there are excellent prospects at present, but in
the central portion of these States the prospects are not at all good. In
Georgia there are sections where the prospects are not encouraging either,
but on the whole the crops of Georgia, including grains and tobacco, promise an income encouraging to the business of the State.
The crop in Texas will be at least a million bales less than a year ago.
The situation of the State, however, improved so much in the past few years
that the present short yield will not be so serious as it would have been in
earlier years. Arkansas is promised a bumper crop.
Throughout the district there is a fair volume of commodity movements.
The collections are very 'fair, and a distinct falling off in failures has occurred since the early months of the year.
Wholesalers of dry goods were filling orders and the total of their business
for July showed substantial gains over the previous months and a year ago.
A decidedly better feeling among retail merchants was reported in most of
the trade territory. Millinery houses reported normally heavy buying
by retailers for the fall trade. Continued heavy distribution of groceries
was regarded as an indication of exceptionally large industrial activity,
and the hardware business was said to have reflected larger building operations and general construction operations. The reports of wholesalers
A summary of business conditions follows:
of furniture showed a decline in trade from the high mark of June, when reSales.-Comparing July with June, 57% had larger sales and 35%
tailors were buying for the fall and winter trade, but the volume was con- smaller. Comparing July 1925 with July 1924, 70% had larger and 28%
siderably larger as measured by dollar sales than at mid-summer last year. smaller sales.
Retail druggists were still confining their purchases at the wholesale houses
For the first seven months of 1925 60% had larger and 32% smaller
to small lots and the volume of the trade was slightly larger for all 'whole- sales for the corresponding months of 1924.
salers reporting than in the previous month or a year ago. Prices remained
Collections.-Comparing July with June, 62% had larger and 34% smaller
firm with an improved trend, advances having been noted in certain chem- collections.
were
prompt.
Stocks
large
and
deliveries
Wholesalers
of
icals.
stationery
Receivables.-On Aug. 1 1925 65% had larger volume and 29% smaller
reported sales were smaller in July than in June and in July last year.
than on Aug. 1 1924.
Outlook.-91% anticipated a smaller number of failures and 94% anticiRetail Trade.
pated further improvement in sales and collections.
department
of
the
Tenth
stores
in
cities
District were 5.8%
Sales at 33
larger in July than in the same month last year, 19 stores reporting increases
and 14 stores reporting decreases. The July reports showed a decline of Trade Outlook as Seen by Franklin National Bank of
17.4% as compared with June sales, which was partly seasonal and partly
Philadelphia.
attributed to weather conditions. Sales at the same stores for the seven
waning
of
"With
the
summer, business confidence is growlarger
Jan.
1
to
July
31,
6.2%
than
for
were
period.
the
months
corresponding seven months last year.
ing more pronounced and business activity is being mainRetail trade at apparel stores reporting was generally very good during
tained or increased," says the Franklin National Bank of
July and about 10% above that for the same month last year. Changeable
weather influenced trade to a considerable extent. The hot weather in Philadelphia in its monthly business review,"Trade Trends,"
the first half of the month stimulated sales in underwear, kimonos, house Issued under date of Sept. I. In its business forecast the
dresses and warm weather garments, whereas the cooler weather late in the bank continues:
month caused an increase in sales of sweaters. Sales of shoes at retail
Sound factors are in control of the immediate situation. Industry is well
stores were slightly smaller during July than a year ago. Sales of furniture
balanced, with stocks of commodities not burdensome and foreign and
at reporting retail stores showed an increase for July over the previous month domestic demand on a high plane. Moreover, credit is in free
supply and
and a year ago.
agricultural conditions more uniformly favorable.
Collections.
Business records continue to be constructive. Freight traffic is running
The reports from wholesale houses during July said collections continued more than 10% ahead of the totals for this time last year. Building operagenerally satisfactory, due to improved prices for farm products. At re- tions are achieving amazing volumes with July 65% ahead of July 1924.
tail stores in the smaller cities and towns collections were reported fair. Bank clearings are 12% more than last year, steel output is 65% greater
The composite figure for all department stores reporting was 47% as com- and factory employment is higher.
Signs of expanding trade are found in the rising tide of railroad car loadpared with 45.5% in July last year. In the single line stores the July colings and in the definite turn toward improvement for iron and steel. Of ,
lection figure averaged 49.2% as compared with 50.5% in July last year.
1152
outstanding importance, also, is the outlook for agriculture. Aggregate
crop production this year may fall 4.5% below that of 1924, but prices are
sufficiently high to bring total farm income to slightly above that of last
year.
A small gain in income for the farmer will mean a substantial gain in his
purchasing power, because of his lightened load of debts. In addition, the
rise of farm prices has been sharper than that of industrial goods. The
Bureau of Labor statistics index of farm products has advanced nearly 15%
In a year, while there has been a slight decline for items other than farm
products compared with one year ago. In recent weelca, however, many
Industrial commodities have displayed strength. With the rise of live
stock values agricultural improvement has spread to most branches of the
Industry and most sections of the country, save the drought-stricken Southwest.
Credit is gradually growing slightly firmer, but remains ample for all
requirements. Its exceptional ease haS made possible one of the few biggest
bull stock markets in history, as well as several real estate booms. The
strength of the financial system is indicated by the reported total national
bank resources of $24.350,863,000 as of June 30 1925, the greatest recorded,
wiht one exception, and a gain of $1,74.944,000 in a year. Other favorable
developments have ben assurances of further substantial Federal tax reductions, applyirg to 1925 incomes. The settlement of the Belgian debt to the
United States fs one more contribution to increased international stability.
Under the terms of the settlement Belgium will pay a total of $727,830,000
over a period of 62 years.
Loading of Railroad Revenue Freight Again
Exceeds 1,000,000 Cars
Loading of revenue freight for the week ended on August
22 totaled 1,080,107 cars, according to reports filed with the
Car Service Division of the American Railway Association
by the railroads. This is the sixth consecutive week that
loadings have exceeded the million mark and is the largest
number of cars loaded with revenue freight during any one
week so far this year, exceeding by 15,314 cars, the preceding
week. Compared with the corresponding week last year,
it is an increase of 97,347 cars and an increase of 10,192 cars
over the corresponding week in 1923. It also is a substantial increase over the corresponding weeks in 1920, 1921 and
1922. The statement continues:
This heavy freight movement was largely due to an increase in the number
of cars loaded with coal In anticipation of the strike of anthracite miners
which became effective Sept. 1, but it was also due to a considerable increase
In the number of cars loaded with miscellaneous freight as well as with grain
and grain products. The present freight traffic is being handled without
transportation difficulties by the railroads which have approximately
200.000 surplus freight cars in good repair and immediately available for
service while they also have more than 6,000 serviceable locomotives in
storage ready to be installed in service whenever traffic conditions require
them.
Coal loading totaled 201,095 cars, an Increase of 10,116 cars over the
week before .and 40.828 cars above the same week last year. Compared
with the same week In 1923, however, It was a decrease of 1,722 cars.
Miscellaneous freight loading totaled 392,643 cars, an increase of 9.572
oars over the week before and 34.715 cars above the same week last year.
it also was an increase of 29.798 cars above the same week two years ago.
Grain and grain products loading amounted to 55.203 cars, an increase
of 834 cars over the week before but 6,329 cars below the same week last
year. It was, however, 266 cars above the same week in 1923. In the
Western districts alone, grain and grain products loading totaled 38.165,
cars, an increase of 2.870 cars over the week before but 4,826 cars below
the corresponding week last year.
Live stock loading for the week totaled 29,846 cars, a decrease of 1,072
cars under the week before and 4.328 cars below the corresponding week last
year as well as 6.019 cars under the same week two years ago. In the
western districts alone, 22,395 cars were loaded with live stock during the
week, 695 cars below the week before and 2,737 cars below the same week
last year.
Loading of merchandise and less than carload lot freight amounted to
259,906 cars, an increase of 696 cars over the week before and 15.979 cars
above the same week last year. Compared with the corresponding week
two years ago, it also was an increase of 15,872 cars.
Coke loading totaled 9.808 cars, an increase of 26 cars above the preceding week and 2,578 cars above the corresponding period in 1924. Compared with the same period in 1923. it was a decrease of 3,706 cars.
Forest products loading totaled 71.151 cars, 519 cars below the week
before but 1,861 cars above last year. Compared with the same week two
Fears ago, it was a decrease of 6,807 cars.
Ore loading totaled 60.455 cars, a decrease of 4,339 cars below the preceding week but 12,043 cars above last year. It was a decrease, however,
of 17,490 cars under the same period two years ago.
Compared with the preceding week this year, increases in the total loading of all commodities were reported in all districts except the Pocahontas
district. All districts reported increases over the corresponding period
last year except the Central western while all reported increases over the
same week in 1923 except the Eastern, Allegheny and Northwestern districts.
Loading of revenue freight this year compared with the two previous
ears follows:
Five weeks In January
Four weeks in February
Four weeks In March
Four weeks in April
Five wee4cs In May
Four'weeks in June
Four weeks in July
Week ended August 1
Week ended August 8
Week ended August 15
Week ended August 22
Tntal
[VOL 121.
THE CHRONTCLE
1925
1924
1923
4.450.993
3.619.326
3,694.916
3,721.662
4.854.720
3,956.011
3.887.834
1,043.063
1.051.611
1,064.793
1.080.107
4,294.270
3.631,819
3.661,922
3.498,230
4.473.729
3,625.182
3,524.909
945,613
941.407
953,408
982.760
4,239,379
3.414.809
3.662,552
3.764,266
4,876,893
4.047,603
3.940,735
1,033 466
973.750
1.039.938
1.069.915
32 425 ORR
30.533.249
32,063.306
total on record. The previous record month was March
1924, with a total of new work started to the amount of
$131,611,100. Last month's increase over July was 81%;
over August of last year, 162%. Commercial and residential
buildings were the classes of work that made the big August
total. Residential buildings amounted to $83,186,400, or
59% of all constructions; commercial buildings amounted to
$41,580,900, or 30% of the total. The other classes of work
were represented only in relatively small amounts, such as:
$4,557,100, or 3%,for hospitals and institutions; $4,470,000,
or 3%,for public works and utilities; $2,441,000, or less than
2%,for social and recreational projects, and $1,938,000, or a
little over 1%, for educational buildings.
New construction started in the five boroughs during the
past eight months reached a total of $588,770,100. However, owing to the reduced building volume of the early
months of 1925, this year's total volume to date is still 4%
behind that of the corresponding period of 1924.
Weekly Lumber Movement Increases.
Reports received by the National Lumber Manufacturers
Association from 367 of the larger softwood mills of the
country, for the week ended Aug. 29, indicated slight increases in production and shipments, with a notable gain in
new business, as compared with reports from 356 mills for
the preceding week. Satisfactory increases were noted in
all three items in comparison with the same period a year
ago.
The unfilled orders of 249 Southern Pine and West Coast
mills at the end of last week amounted to 620,430,308 feet
as against 633,268,320 feet for 247 mills the previous week.
The 135 identical Southern Pine mills in the group showed
unfilled orders of 266,309,318 feet last week as against 260,933,574 feet for the week before. For the 114 West Coast
mills the unfilled orders were 363,120,990 feet as against
372,334,746 feet for 112 mills a week earlier.
Altogether the 367 comparably reporting mills had shipments 98% and orders 103% of actual production. For the
Southern Pine mills these percentages were respectively 107
and 115. and for the West Coast mills 96 and 106.
Of the reporting mills, 358 (having a normal production
for the week of 223,671,987 feet) gave actual production
107%, shipment 106% and orders 111% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Past Week
Mills
Production
Shipments
Orders (New Bus.)
367
250.164.981
245.232.923
258 046.065
Corresponding
Week. 1924
Preceding Week
1925 (Revised)
344
217.874.202
230.105.896
219.839.520
356
247.677.055
243.453.055
241.7R4.224
The following revised figures compare the lumber movements for the first thirty-five weeks of 1925 with the same
period of 1924:
1925
1924
1925. Inclusive
Production
Shipments
Orders
8,518,993.317
8.145.554.876
8.412.360.140
8.099.415,423
8,288.144.407
7,849.041,171
373 438.441
312.944.717
439.103.236
The mills of the California White & Sugar Pine Manufacturers Association make weekly reports, but for a considerable
period they were not comparable in respect to orders with
those of other mills. Consequently the former are not
represented in any of the foregoing figures. Nine of these
mills reported a cut of 12,309,000 feet, shipments of 11,124,000 feet, and orders 14,500,000 feet. The reported cut represents 29% of the total of the California Pine region. As
compared with the preceding week, when two more mills
reported, there was a marked decrease in production, a
slight decrease in shipments, with notable increase in new
business.
The Southern Cypress Manufacturers Association (also
omitted from above tables) for the week ending Aug. 26
reported from 15 mills a production of 5,661,328 feet, shipments 7,100,000 feet, and orders 5,951,504 feet. With
two more mills reporting, this Association showed some
increase in production, with considerable increases in shipments and new business.
Decrease in Paper Production in July.
Records.
All
Breaks
The
July
production of paper in the United States as reAugust
for
Building
New York
Construction contracts let in the five boroughs of New ported by identical mills to the American Paper and Pulp
York City last month amounted to $140,758,200, according Association and co-operating organizations,showed a decrease
to F. W. Dodge Corporation. This was the highest monthly of 1% as compared with June's production (following a 0.5%
SEPT. 51925.1
increase in June over May), according to the Association's
Monthly Statistical Summary of Pulp and Paper Industry
issued under date of Aug. 25. All grades showed a decrease
in production as compared with June, with four exceptions.
The summary is prepared by the American Paper and Pulp
Association as the central organization of the paper industry,
in co-operation with the Binders Board Manufacturers Association, Converting Paper Mills Association, Cover Paper
Association, Newsprint Service Bureau, Wrapping Paper
Manufacturers Service Bureau and Writing Paper Manufacturers Association. The figures for July for same mills
as reported in June are:
Grade.
Newsprint
Book
Paperboard
WraPPIRR
Bag
Fine
Tissue
Hanging
Felts
Other grades
1153
T1TE CITRONT(LF:
Number of Production
Net Tons.
Mills.
121.113
66
82,905
62
117.752
100
48.858
78
7 879
23
28,114
82
12.236
47
2,392
8
18.887
19
18,127
63
Total-all grades
458.263
17,7E1
Stocks on Hand
End of Month
Net Tons.
34.079
45,369
38.050
59,204
7.224
40.001
14.230
2.463
3.304
11.830
455.774
258.754
Shipments
Net Tons.
119,149
$0,917
114.548
51,798
8.492
29.327
12.012
2,764
19.006
During the same period domestic wood pulp production
decreased 11%, this decrease being distributed over all
grades with three exceptions. The July totals (mills identical
with those reporting in .June) as reported by the American
Paper and Pulp Association are as follows:
Stocks On Hand
Number
Used
Shipments Ena Of Month
Production
of
Mills. Net Tons. Net Tons. Net Tons. Net Ton..
Grade.
2.133
85.153
99
177.140
75.793
Groundwood pulp
32.115
1,898
35,292
8,648
38
Sulphite news grade
14.612
3,670
2.121
17 815
20
Sulphite bleached
454
2.464
1.798
6
3,403
Sulphite easy bleached._
1.091
1.351
5.200
6
6.803
Sulphite Mitscherlich.__
1.533
1.572
11.400
10
12.462
Sulphate pulp
12,442
3.246
2.880
11
15.975
Soda pulp
32
27
2
27
Other than wood pull,
ToUnited States
South America
West Indies
United Kingdom
South Africa
New Zealand
All other
-First Six Months1924.
1925.
595.611
tons.650,943
146
7.608
' 99
1.662
4
5,809
3.669
4.279
5.297
5,641
459
1.281
Increase
in 1925.
55,332
7.462
1,563
5,805
610
344
822
71.938
605,285
677.223
Total
Exports for the first six months of this year were about 12% greater
being
tonnage
in
increase
the
1924,
than in the corresponding months of
71.938 tons. Of the exports this year. 96% have gone to the United
States, but the United Kingdom and South America have taken 13,417
tons, compared with only 150 tons shipped to those countries in the six
months of 1924.
It will be seen that the Canadian production for the current year is about
70% greater than In 1920 and that Canada's share of the combined production is very close to 50%. With the exception of 1921, there has been
a steady increase in the output of the Canadian mills, and with the new
machines scheduled to come into operation in the near future, it will be
only a short time before production in this country passes that in the United
States and Canada will take the leading position.
Canadian exports of newsprint have also increased to correspond with
the production and continue to form a considerable item in our total export
trade. For the first six months of this year newsprint exports were valued
at $4'4.741.382. compared with $45,664,854 and $41.426,618 in the corresponding periods of 1924 and 1923, respectively. The Increase in the quantities exported has been more striking than the increase in values, as the
current prices of newsprint are lower than they have been since 1922.
Exports for the first half year are shown below:
Exports.
Value.
Tons.
547.741.382
677 223
First half 1925
45.664.854
605.285
First half 1924
41,425.618
550.765
First half 1923
32.669,436
457.340
First half 1922
Canadian Exports of Pulp and Paper in July and
Seven Months.
It is learned from the Montreal "Gazette" of Aug. 22
that, according to the report issued by the Canadian Pulp
195,542
163,433
14,025
167.600
Total-all grades
& Paper Association, the exports of pulp and paper from
Canada in July were valued at $11,909,410. This is a deCanadian Production of Newsprint During July and cline of some $650,000 from the value in the previous month,
First Half of Year.
but is $544,000 above the value of exports for July 1924,
In giving the figures of Canadian production of newsprint says the account in the "Gazette," from which we also
during July the Montreal "Gazette" of Aug. 19 says:
quote the following:
Production of newsprint In July was lower than in the previous menth.
there being a smaller output both in Canada and In the United State,.
For the third time this year, however, Canadian production exceeded th.t
of the United States mills, although the difference was only some 500 tons.
Details of production.are as follows:
United States. Total Tons.
Canada.
121.113
242.777
121.664
July 1925
128.430
252.639
124.209
June 1925
114.859
228.992
114.133
July 1924
Canadian
by
was
July
in
7%
approximately
mills
greater
Production
than In July 1924. while the total production of Canadian and United States
mills during the month was 6% greater than in the corresponding month
of last year.
For the first seven months of the year Canadian production amounted
to 868,108 tons as compared with an output of 793.276 tons In the corresponding months of 1024, an Increase for this year of 74,832 tons, or 9%.
The United States mills in the same period produced 881.577 tons, compared with 868.360 tons in the corresponding months of 1924, an increase
of 13,217 tons, or 1.5%.
The total combined production for the first seven months of the year
was 1,749.655 tons, of which slightly less than one-halfrepresents the output
of Canadian mills. Compared with the corresponding seven months of
1924 there was an increase for this year of 88,049 tons, or 5%. Figures
for the seven months are given below:
United States.
Total Tons.
Canada.
881,577
868,108
1.749.685
Seven months 1925
868.360
793
1924
months
,276
1.661.636
Seven
726.960
884,971
1923
months
1.611.931
Seven
The same paper furnishes as follows details of the halfyear's output:
During the first six months of the current year the output of newsprint
by the Canadian mills was considerably larger than In the corresponding
months of 1924 and exceeded the production in any previous half year.
Corresponding with the Increased output, there was an increase in the
exports of newsprint, and, in spite of a decline in the selling price, the value
this year was 52.000,000
of the newsprint exported to the end of Juno
greater than in the first six months of last year, while the quantity increased
by almost 12%•
The total output for the period was 746,444 tons, which was only 16.000
tons less than was produced by the United States mills in the same period.
Compared with the output in the first six months of 1924. there has been
production of approximately 10%.
this year an increase in the Canadian
The following table shows the production of Canadian and United States
1920:
year
the
of
from
half
first
mills for the
Canada. United States. Total Tons. Canada's
P.C. of Total.
760,464
746.444
1,506.908
49.5%
First half 1925
753.501
1.432.644
679.143
474%
1924
First half
761.339
621.697
1,383.036
44.9%
1923
half
First
690.142
516.506
1,206.648
42.8%
First half 1922
615,448
373,988
989,436
37.8%
First half 1921
759.624
443.512
1.203.136
36.8%
First half 1920
been sent to the United States, which
The bulk of these exports have
Canadian
newsprint.
for
Comparing this
best market
is naturally, the
those for last year, however, it is satisfactory to note
year'S exports with
overseas countries increased appreciably and that 26.280
to
shipments
that
markets, as compared with only 9,674 tens
tons were shipped to overseas
United States in the first half of 1924.
shipped to countries other than the
first half of 19125 and 1924 are as follows:
the
for
exports
Details of the
Exports of pulp in July were valued at $3,790,953, while paper exports
amounted to $8,118.466. compared with June values of $4,063,542 and
$8.501,637. respectively.
A comparison with the figures for July 1924 is shown in the following
table:
-July 1924-July 1925Value.
Tons.
Value.
Tons.
Pulp5445.692
$855.380
14.783
27.540
Mechanical
524.935
9.205
759.861
12.456
Sulphate
934,073
12.058
1.013.213
13.250
Sulphate, bleached
846.391
1.162.499
16.186
21,077
Sulphite, unbleached
74,313 $3.790,953
PaperNewsprint
Wrapping
Book (cwt-s.)
Writing (cwts.)
All other
52.232 32.751.091
107.767 57,577.908 105.133 $7,853,563
2.250
335,035
156.370
1.206
24.965
2.961
51.205
4.964
24.034
8.491 • 2,179
1,174
366,753
---324,492
$8.614.350
$8,118.466
For the first seven months o' the current year the total value of pulp
and paper exports amounted to $85,233,249. as conipared with a total of
$80.488.447 in the first seven months of 1924, an increase for this year of
$4,744,802. Of this increase $3,493,717 is accounted for by the increased
value of wood-pulp exports and 31.251,085 by increased exports of paper.
July 1925.
Details for the various grades of pulp and paper are given in the following
table, and there is shown a considerable increase In the shipments of most
of the grades, particularly in mechanical and sulphite pulp, newsprint
and book paper.
-7 Months 1925- -7 Months 1924Value.
Tons.
Value.
Tons.
Pulp163,180 $4,778.011 107.349 53.557.505
Mechanical
84.614 4,965,936
5,133.616
83,545
Sulphate
7,118,419
7.865.849 94.075
106,123
Sulphate, bleached
6.380.957
121.259
7.739,058
145,569
Sulphite, unbleached
498.417 $25.516,534 407,297 $22,022,817
PaperNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
784.990 555.319.290 710.418 $53,528.417
12.930
1.915.036
1.645.615
12.055
100.976
199.027 -12.508
21.074
100.955
9,449
57.992
6,793
2,820.246
___2,494,791
358,455.630
359.716.715
Pulpwood exports increased in July to 150.120 cords, valued at 31.550.834,
compared with 134.062 cords, valued at $1,449.326 in June. For the first
seven months of the year exports of pulpwood amounted to 919,018 cords,
valued at $8,972,358, while for the corresponding months of 1924 the exports were 889.278 cords, valued at 38.909,432, showing an increase for
this year of 29,740 cords and of $62.926 in value.
New Models and Prices of Automobiles.
Reo price list, mentioned last week, page 1034,
new
The
as being from $80 to $150 less than the one formerly in effect,
stands as follows: Series "G" sedan, $1,565; series "G"
1154
[VOL 121.
THE CHRONTeLE
coupe, $1,495; sport roadster, $1,665; series "G" sedan de
luxe, $1,745, speed wagon chassis, $1,035 (4 cylinder),
$1,185 (6 cylinder).
The Franklin Automobile Co. has reduced prices from $16
to $233 per car. The limousine price is reported to have been
cut $233 to $3,473 delivered in New York while the sedan
has been cut $115, the sport sedan, $130, the touring, $16
and the roadster $48. Reports from Detroit state that the
Federal Motor Truck Co. will soon announce a new model of
1% to 2 ton capacity with a Knight engine, priced at $1,650,
or $500 less than the original Federal truck of like capacity.
Further Price Reductions the Chief Feature of
Petroleum Industry.
Additional price reductions, both in crude oil and gasoline,
have been,the important development of this week, the
same as for some weeks past. The reductions extended to
Canada when on Aug. 29 the Imperial Oil Co., Ltd., of
Canada reduced the price of Canadian crude oil 25c. a barrel,
making the new price of Petrolia crude $2 38 and for Oil
Springs $2 45. On the same day the Standard Oil Co. of
California reduced fuel oil 300. a barrel, making the new
price at Richmond $1 25 a barrel, and at El Segundo and
San Pedro $1 20 a barrel. The decrease, it was announced
by the company, is made to meet competitive prices in the
fuel oil market.
The Joseph Seep Purchasing Agency on Aug.29 posted the
following table showing new and old posted prices of Pennsylvania and other grades of Eastern States crude:
altered its schedule in Oklahoma to meet the Prairie Oil &
Gas, but remains at Humble's prices in Texas and Kansas.
Gulf Oil, on the other hand, is quoting Prairie's prices in
the entire field. Magnolia's new prices covering only Kansas
and Oklahoma crude, compare as follows (per bbarrel):
a "rumble
bPrairie
a Magnolia
Present.
GradeChange.
New Price.
Present.
Below 28 gravity...
$1.00
off 4c.
28 to 28.9
1.31
1.41
off 4c.
29 to 29.9
1.31
1.23
1.47
off 4c.
30 to 30.9
1.31
1.31
off 14c.
1.53
31 to 31.9
1.39
1.39
32 to 32.9
off 12c.
1.59
1.47
1.47
1.65
33 to 33.9
off 10c.
1.55
1.55
1.71
off Sc.
34 to 34.9
1.63
1.63
1.77
off Sc.
35 to 35.9
1.71
1.71
36 to 36.9
off 4c.
1.83
1.79
1.79
1.89
37 to 37.9
off 2c.
1.87
1.87
1.95
38 to 38.9
unchanged
1.95
1.95
up 2c.
2.01
39 to 39.9
2.03
2.03
40 to 40.9
up 4c.
2.07
2.11
2.11
41 to 41.9
up Sc.
2.13
2.19
2.19
2.19
42 to 42.9
up Sc.
2.27
2.27
2.25
43 to 43.9
up 10c.
2.35
2.35
up 12c.
2.31
44 and above
2.43
2.43
a Covers Oklahoma and Kansas only. b Covers Kansas, Oklahoma and
North Central Texas. c Covers Texas only.
$1.-.15
11:58
In the gasoline markets also price cutting continues in
section after section of the country. Springfield, Mass. on
Aug. 29 reported that the Rockrimmon Oil Co., one of the
largest retail concerns in the city had reduced the retail price
of gasoline to 16c. a gallon. An increasing number of
independent filling stations reduced their prices to 170. and
gasoline at 18c. became common in all sections of the city.
Reports from the West indicate that the so-called gasoline
"price war" broke out afresh in Des Moines, Ia. on Aug. 29
with an announcement early in the morning of a 2-cent
reduction by the Standard Oil Co. and the larger independents, followed shortly afterward by a 1-cent reduction
New Price. Old Price.
Grade$3 40 by several cut rate stations. The larger companies were
$3 15
Pennsylvania in N. Y. Transit Lines
3
40
15
Lines
3
Bradford District in National Transit
3 30 selling gasoline at 173/i cents, plus tax, after the reduction.
3 05
Pennsylvania in National Transit Lines
3 30 Many
3 05
Pennsylvania in S. W.Pennsylvania Pipe Lines
of the cut rate stations, which for several weeks past
3 25
3 00
Pennsylvania in Eureka Pipe Lines
3 00 had been selling at 173/i and 183/i cents, upon hearing of the
2 80
Pennsylvania in Buckeye Pipe Lines
95
2
2
70
Transit
Lines
National
Gaines in
2 20 cut by the larger companies, immediately reduced their
2 10
Cabell in Eureka Pipe Lines
2 30
2 20
Somerset medium In Buckeye Pipe Lines
2 45 prices to 163/ cents, plus tax.
2 35
Somerset light in Cumberland Pipe Lines
1 20
1 10
Ragland in Cumberland Pipe Lines
Press dispatches from Kansas City indicated that the
No change was made in the price of Corning crude oil.
independent gasoline dealers had swung into a competitive
Changes in certain gradings of crude oil were announced fight against the Standard Oil Co. of Indiana by cutting
on Aug. 29 from Shreveport, La., by the Standard Oil Co. prices 2 cents below the Standard two-cent cut which went
of Louisiana, which reduced the price of Smackover crude into effect Aug. 29. At the Standard stations the price was
of 25 gravity and above Sc. a barrel to $1 20, while Caddo, 19.9 cents, including the 2-cent State and the 1-cent city
below 32 gravity, was advanced Sc. a barrel to $1 65. In taxes-4 cents less than a week ago. At the independent
addition, all grades of Homer, Haynesville and El Dorado stations the price with a few exceptions was 17.9 cents,
crudes were advanced 5c. a barrel. The new price for including tax. Wichita, Kan. on Aug. 29 reported that
Homer,35 and above, is $1 75, 33 to 34.9, $1 60, 31 to 32.9, gasoline prices continued to drop, the lowest quotation being
$1 55 and below 31, $1 40; Haynesville, 33 and above, 10.8c. a gallon at the two stations which started the price
$1 65, and below 33, $1 55; El Dorado, 33 and above, war several months ago. This is exclusive of the 2 cent
$1 65, and below 33, $1 55. The Louisiana Oil Refining State tax. On Aug. 31 Toledo's gasoline price was reduced .
Co., Atlantic Oil Producing Co. and Shreveport El Dorado when the Sun Oil Co. announced a drop of 1%c. per gallon
Pipe Line Co. met the cut in Smackover crude. In addition, effective immediately, which brought the price down to
applying retroactively to Aug. 28, the Louisiana Oil Refining 19c. a gallon. The Standard Oil and Hickok Cos. announced
Co. and Atlantic Oil Producing Co. posted a 15c. reduction reductions from 223'c. a gallon to 203/2c., and the Johnson
in the price of Stephens, Ark., crude. The new price, Oil Itefining Co. to 17c. filling stations.
26 gravity and above, $1 40 per barrel; below 26 gravity,
A further reduction was made by the Standard Oil Co. of
$1 20. These companies are the only purchasers of Stephens Indianaln the announcement of a cut of lc. a gallon in the
crude.
price of gasoline in the eleven States served by the company.
The Texas Oil Co. on Aug. 31 posted revision of prices to This brought.the price of gasoline to 18c. a gallon at service
conform with those posted last week by the Standard and stations of the corporation in Chicago and 16c. for tank wagon
met by other companies, differing only as to Smackover delivery. The cut went into effect Sept. 1 and was the seccrude, which the Texas Co. quotes $1 30 for 26 and above ond reduction made within a week. On Aug. 25 the price
gravity, $1 05 for 24 to 24.9 gravity, and 85c. for below was cut 2c. a gallon, as noted in our issue of Aug. 29, page
24 gravity. On Sept. 2 it was reported that the Texas Co. 1035. The official announcement made by the company
had met the Prairie Oil & Gas schedule of posted prices for gave "competitive conditions" as the reason for the reduccrude oil in Oklahoma only. Other mid-Continent districts tion. The Texas Co. and Sinclair Refining Co. cut the price
are unaffected. The Texas Co. also met the Standard Oil of gasoline lc. a gallon to 18c. at service stations and the
of Louisiana reductions in Louisiana and Arkansas. Prices tank wagon price to 16c., meeting the new price made by
of leading crude oil buying companies in mid-Continent the Standard Oil Co. of Indiana.
district have differed somewhat the past two weeks. Several
Press dispatches from Oil City, Pa., on Sept. 1 stated that
companies, including the Texas Co., made price reductions -motor gasoline had been reduced Yo. a gallon by Pennsylranging from 5 to 37c. a barrel. The Prairie Oil & Gas Co.'s vania refineries, effective Sept. 1.
reduction was a flat cut of 25c. a barrel last Thursday.
The Standard Oil Co. of Nebraska on Sept. 1 reduced
The Texas Co. changed its schedule to conform with Prairie's tank wagon gasoline lc. a gallon in its territory, except at
in Oklahoma only.
Omaha, Lincoln and Freeport. The cut of lc. a gallon in
Reports from Dallas, Tex., on Sept. 2 stated that the gasoline by the Standard Oil Co. of Indiana was followed by
Magnolia Petroleum Co. had readjusted its prices for crude the bigger independents, advices of the 2d inst. said. The
oil in Kansas and Oklahoma to conform to the new schedule Continental Oil Co. on Sept. 2 reduced the price of gasoline
of the Prairie Oil & Gas Co. Prices of the lower gravity lc. a gallon, making the retail price 21c., including the State
oils were reduced 2 to 12c. a barrel and the high gravity tax of 2c. The company stated that this action was taken
oils advanced 2 to 12c. a barrel. The Magnolia Co. made to meet competition. Retail gasoline prices in Colorado,
no change in Texas, where its prices are the same as that of Wyoming and Montana tumbled another cent lower on Sept.
Humble Oil, which are higher on the lower gravity crude 2 with the Continental company leading the way and pracand lower on the higher gravities. This action makes the tically every other company meeting the reduction. The
disparity in the prices of the big purchasers of crude oil in retail price was reduced to 21c. in Denver, 25c. in Great
the mid-Continent field more marked. The Texas Co. has Falls, Mont., and 23c. in Billings, Mont.
SErT.5 1925.]
1155
THE CHRONICLE
^
A statement from Chicago, Ill., on Sept. 3 declared that increased. Lubricants and wax showed comparatively
a few Mid-Continent refiners had sold U. S. motor gasoline little change during the month. Stocks of the latter conon the preceding day at 8Mc., the lowest on the current tinued their slow increase.
%c.
decline, though most refiners declined to sell under 88
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY.
On Sept. 3 the Standard Oil of Louisiana reduced the tank
(Barrels of 42 U. S. gallons.)
wagon price of gasoline lc. a gallon in Tennessee and ArJuly 1925.
January- JanuaryJune
1925.
a
gallon
The
Standard
(Ill
in Louisiana.
If
kansas and Mc.
July,
July,
1924.(a)
1925.
Total. Daily Av. Total. Daily ile.
Co. of New Jersey on Sept. 3 reduced the price of gasoline lc.
wagon
throughout
its
making
the
tank
territory,
gallon
a
Field.
Appalachian
2,350,000 78,333 2,389.000 77,065 15.921.006 15,846,000
price 15 Mc. The cut was immediately followed by a similar Lima-Indiana
6,226 1,278,000 1.382.000
198,000
6.600 193,000
___
reduction made by the Texas Co. The. Gulf Refining and Illinois-S.W.Ind_ 722,000 24,067 748,000 24,129 4,979,000 5,162,000
Mid-Continent 38,515,006 1.283,82837.565,000 1,211,772246,903,000213,667.000
Refining
reduction
of
companies
each
met
Sinclair
the
2,810,000 93,667 2,980,000 96,129 18,103,000 16.781.000
Gulf Coast
97,806 19,601,000 27,488,000
Mountain_ 2,792,000 93.067 3,032,006
one-half cent a gallon in gasoline made by the Standard Oil Rocky
California
19,288,060 642.93820,411,000 658,421 130,718,000136,156,000
day
in
the
the
Tide
Water
Oil
Co.
met
the
reducLater
Co.
U. S. total_ _ _ _ 6,675,0002,222,50667.318.000 2.171,548 437,503,000416,482.000
tion of Mc.in tank wagon price of gasoline made by Standard
State.
Oil Co. of New Jersey, effective in New Jersey, District of Arkansas
9,166,000 305,533 7,991,000 257,774 42,088,000 27,258,000
19,288,000 642,93820,411.000 658,421130,718.000 136.156.000
California
Columbia and Maryland.
96.000
54,000
1.800
89,000
2.871
468,500
Colorado
565,060 22,167 689,000 22.226 4,593,000 4,760.000
Press dispatches from Houston, Tex., on Sept. 3, stated Illinois
Indiana:
402,000
Southwestern_
57,000
1,900
59,000
1,903
386,000
that gasoline "price war" was brewing there, following the
170.000
16,000
516
115,000
Northeastern..
17,000
567
action of the Humble Oil & Refining Co. on Aug. 28 in Kansas
3,554,000 118,467 3,616,000 116,645 21,333.000 16.233.000
19,345 4,040,900 4,399,000
567,300
8,910 599,700
Kentucky
reducing the tank wagon price of gasoline 2c. a gallon. This Louisiana
8,097 1,527,000 1.353,000
6.800 251.000
Gulf Coast._- 204,600
cut brought the tank wagon price down from 19 to 17c. and
Rest of State- 1.453,000 48,433 1,454,000 46,903 10,062,006 10,918,000
placed the filling station prices at 21c. Many of the larger Montana
10.760 357,000 11,516 1,903,000 1,499,000
321,000
2,300
91,000
2,935
314,000
7,000
69,000
New Mexico
stations now post 19c. taking a 2c. profit instead of the 4e. New
148,0CC
4,774
824,000
140,000
4,667
930.000
York
Ohio:
allowed
by
the
the
to
meet
jobber,
independent staprofit
14,645 2,999,000 2,746,000
14,967 454,000
449,000
Central dr east_
5,711 1,163,000 1,212,000
6,033
177,000
tions selling 2c. lower.
Northwestern... 181,000
Reports from Los Angeles on Sept. 4 declared that the Oklahoma:
Osage County_ 2,429.000 80.987 2,451,000 79.065 17.065.000 23.169.000
Rest of State 12,260,000 4(6,662 12,294,000 396,57: 85,489,000 71,984.000
Pan-American Petroleum & Transport Co. had reduced the
Pennsylvania.-_. 680,000 22.667 684.000 22,065 4,547,000 4,379,600
42
7,100
4.000
56
1,300
1,700
price of gasoline 2c. a gallon. Late on the 4th, dispatches Tennessee
from Chicago stated that the prices of Midcontinent whole- Texas
2,506,000 86,867 2,729,000 88,032 18.578.000 15,446,000
Gulf Coast
9,713,000 323,766 9.759,000 314,807 70,866,008 64,105,000
Rest of State
sale gasolines are weak, refiners offering low gravities M cent West
16,194 3,397.000 3,494,000
17,066 502.000
Virginia... 512,000
and high gravities M cent below previous prices. The Wyoming
1,643,000 54.767 1.772,000 57,194 12,251.000 20.800.000
Salt Creek
bulk of U. S. Motors grade moved at a new low price of
705,000 23,500 722,000 23,290 4,665,000 5,079,000
Rest of State8% cents a gallon and 56-58 gravity at 8 cents. Kerosene Classification by
Gravity.
and fuel oils are firm.
(Approrimate.)
1
July Production of Petroleum and Gasolene
at Record Figures.
The production of crude petroleum in the United States,
as reported to the Bureau of Mines during the month of
July, 1925, amounted to 67,318,000 barrels, a daily average
of 2,172,000 barrels. Although the monthly total is a record
figure, daily average production showed a decline of 51,000
barrels per day, or 2 per cent from the high figures of the
previous month. In general, July was a month of increased
production in the small fields and of decreased production
in the larger fields. The decreased production in the Smackover field was largely responsible for the decline in total
production. Production in the Eastern, Oklahoma, and
Texas fields also fell off. Kansas showed a decrease for
the first time since December 1924. On the other hand,
production in Colorado, Montana, New Mexico, Kentucky
and New York showed material percentage increases.
California and the Salt Creek field continued to register
gains, and offset much of the decline in the Mid-Continent.
East of California, crude stocks, reacting to increased
runs to stills and to a falling off in production, declined
2,303,000 barrels. These stocks totaled 308,429,000 barrels
at the end of the month. Stocks of heavy crude in California
continued to increase,showing a gain of 3,225,000 barrels during the month. Runs to stills in the State showed a material
increase and stocks of light crude were reduced.
During July, reports were received from 317 refineries,
with aggregate daily capacity of 2,537,000 barrels. These
refineries ran to stills 67,577,456 barrels of both foreign and
domestic crude oil while operating at 86% of their rated
capacity. This also was a record figure for oils run to
stills, it being an increase of 1% over the previous record
figure of June 1925 and of 28% over that of July 1924.
The production of gasoline again set a record figure for
total monthly production, amounting to 967,000,000 gallons,
a daily average of 31,200,000 gallons. This latter represents
a decrease of 1% from the previous month but is an increase
of 31% over July 1925. The indicated domestic consumption of gasoline during the month was 963,000,000 gallons,
a daily average of 31,100,000 gallons. Both of these figures
are record figures, the latter being an increase over the previous month of 8% and over July 1924, of 22%. Since
production and consumption kept pace, stocks were reduced
only 84,000,000 gallons, standing, July 31 1925, at 1,611,000,000 gallons. This indicates a decrease in stocks during
July of only 5%,as compared with a past average of approximately 10%.
The production of gas and fuel oils again registered record
figures and stocks (east of California) were materially
Light crude._ _ 45,243,000 1,508,10045.796.000 1.477.206 317,342.000 317.305.005
Heavy crude_ _ 21,432.000 714.40021.522 00 694.25: 120.161.000 99,177.000
a Final figures.
COMPARATIVE ANALYSES OF MAJOR REFINED PRODUCTS, JULY
AND PRECEDING MONTHS.
Production.
Imports..
Exports.*
Stocks End of Domestic
Period.
Demand.
Gasoline (gal.):
922,046,25a 16,945,275 101,159,037 1.716.921.722 841,787,922
May
944.175.287 16,127,687 113,658,820 1.695.216,272 868.349,604
June
966,907,995 16,844,886 105.107.707 1,610.789,806 963,071.614
July
Kerosene (gal.):
202,559.475
553,487 57.587.038 452.808.655 127.390,987
May
106,989 69.673,387 472,370,819 104,534,961
193,663.519
June
79,500 72,366,855 444.019,925 149,534.367
193,470,829
July
For East of
For United
Gas and Fuel Oil
California.
States.
(gal.):
1,274,464.859 15,778,091 151.274,021 946,781.936
May
1,360,385,851 39,220.82f 143.593,612 1,082,056.430
June
1 444,984,222 18,670,880 131.738,175 1.188,486,721
July
Lubricants (gal.):
445,890 38,503.772 292.112.071 69,018,340
109,183,815
May
249,367 31.333.717 278.610,332 86.952,479
104,535,090
June
117.169 32,996,990 287.669.538 66,556,985
104,396,012
July
Wax (lbs.):
50,269,130 3,778,799 22.215,157 109,821.714 25,280,933
May
43,348,475 1,411,555 22.071.072 110.383.859 22.127,013
June
SR 051 0117
1 099 005 96 605 661
112 042 272 16 11(12 171
•From Bureau of Foreign and Domestic Commerce. Export e, except for wax
include shipments to Alaska, Hawaii and Porto Rico.
Small Decrease Reported in Crude Oil Production.
The American Petroleum Institute estimated that the
daily average gross crude oil production in the Smackover
heavy oil field was 190,200 barrels, a decrease of 5,100 barrels
for the week ended Aug. 29. The daily average production
in the United States for the week ended Aug.29 and 2,116,350
.barrels as compared with 2,120,850 barrels for the preceding
week, a decrease of 4,500 barrels. The daily average production in the United States excluding Smackover heavy,
increased 600 barrels. The daily average production east
of California was 1,444,350 barrels, as compared with 1,448,350 barrels, a decrease of 9,000 barrels. California production was 672,000 barrels as compared with 672,500 barrels
for the preceding week, a decrease of 500. Santa Fe Springs
is reported at 52,500 barrels, no change; Long Beach, 101,000
barrels, no change; Huntington Beach 44,000 barrels; no
change; Torrance, 35,000 barrels, against 34,000 barrels;
Dominguez 27,500 barrels, against 28,500; Rosecrans 24,000
barrels against 27,500 barrels; Inglewood 109,000 barrels
against 106,000.
The estimated daily average gross production of the MidContinent field including Oklahoma, Kansas, North, East
Central and West Central Texas, North Louisiana and Arkansas, for the week ended Aug. 29 was 1,093,550 barrels,
as compared with 1,095,000 barrels for the preceding week,
a decrease of 1,450 barrels. The Mid-Continent production,
excluding Smackover, Arkansas, heavy oil, was 903,350
barrels, against 899,700 barrels, an increase of 3,650 barrels.
[VOL 121.
THE CHRONICLE
The following are estimates of daily average gross production
or the weeks indicated:
WOOL CONSUMPTION BY CLASS AND GRADE.
(All quantities in pounds.)
DAILY AVERAGE PRODUCTION.
Total for July.
Total for June.
Total Jan. to July. Intl.
;lass and Grade.
Aug.29'25 Aug. 22'25 Aug. 15'25 Aug. 16'24
(/n barrels)
Oklahoma
Kansas
North Texas
East Central Texas
West Central Texas
North Louisiana
Arkansas
Gulf Coast
Southwest Texas
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
459.900
111,650
77.700
90.750
76,050
49,050
228,450
89,800
44,200
107,500
86,000
15,150
4,200
3,950
672,000
453,050
110,900
78,000
91,250
77,850
49,500
233,750
93,400
44,900
106,500
86,150
15.000
4.450
3,950
672,500
442,800
108,700
80,500
93,150
75,900
49,900
236,200
97,850
45,350
105,500
86,700
12,500
4,650
3,550
674,500
547,050
83,900
74,200
109,800
70.500
53,900
136,800
72.600
39,850
108,000
106,500
10,500
1,900
2.116 350
2.120.850
2.117.750
2.030.700
615,200
Wool Consumption Report for July 1925 Shows
Increases.
The Department of Commerce on Aug. 31 made public
the following statistics with regard to the consumption of
wool, by manufacturers in the United States during the
month of July, based on reports received from 552 manufacturers. This is exclusive of 20 manufacturers operating
76 mills who failed to report for this month. According to
Davidson's Textile Blue Book for 1924, these non-reporting
mills are equipped with about 14,189 looms, 1,460 sets of
woolen cards, 544 worsted combs and 1,045,671 spindles.
The total quantity of wool entering into manufacture
during July 1925, as reported, was 34,795,712 pounds, as
compared with 32,045,444 pounds in June 1925 and 28,613,692 pounds for July 1924. The consumption shown for
July 1925 included 27,363,856 pounds of wool reported as
in the grease; 5,261,788 pounds of scoured wool, and 2,170,068 pounds of pulled wool. Reduced to a grease equivalent
these quantities would amount to 40,780,856 pounds. The
grease equivalent for June 1925 was 38,176,337 pounds and
for July 1924, 33,777,635 pounds.
The monthly consumption of wool (pounds) in grease
equivalent for manufacturers reporting for 1925 was as
follows: January, 51,434,850; February, 46,415,269; March,
45,853,420; April, 43,286,554; May, 38,246,404; for June,
38,176,337; for July, 40,780,856 pounds.
Consumption by Grades.
Classified according to grade, the total for this month includes 8,881,651
pounds of fine wool, which may be compared with 7,607,872 pounds consumed in June 1925 and 6,780,863 pounds consumed in July 1924;4,104,695
pounds of M blood, as against 3,394.346 pounds in June 1925 and 4.099,428
pounds in July 1924; 4,884,553 pounds of M blood, as against 5,084,002
pounds in the month preceding and 3,813,111 pounds in July 1924;5,731,321
pounds of M blood, as against 5,036.846 pounds in June 1925 and 4,616,204
pounds in July 1924; 1,287,319 pounds of low M blood, common, braid
and Lincoln, as against 1,542,365 pounds in June 1925 and 1.577,760
pounds in July 1924; and 9,906,173 pounds of carpet wool, as against 9,380,013 pounds in the preceding month and 7,726.326 pounds in July 1924.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during this month
of July 1925, 16,805,551 pounds, or 48.3%, was domestic wool, and 17,990.161 pounds, or 51.7%, was foreign wool. The carpet wool was all of
foreign origin. The United States produced 52.8% of the fine wool, 24.4%
of the M blood; 29.1% of the M blood, 34.1% of the 3.4 blood and 4.7%
of the low 34 blood.
Geographic Distribution
of Consumption.
Of the total consumption of wool in July 1925 (amounting to 34,795,712
pounds), 15,956,242 pounds, or 45.9%, were reported from the New England States, 46.2% from the Middle Atlantic States, 1.2% from the Pacific
Coast States and 6.7% from the other sections of the United States.
Imports of
Tops and Noils.
The consumption of foreign tops and noils constitutes one element which
it has not been possible to include in the consumption reports since the
manufacturers would be unable to distinguish between foreign and domestic
tops and noils. In the long run, though not necessarily month by month,
this element must be equal to the imports. The imports of wool and hair
advanced, including tops, for the current month were 81,275 pounds and
for 1925, including July, were 235,525; noils for the current month were
1,712,410 and for 1925. including July, 5,433,739. The exports of tops
and noils were negligible.
Detailed Statement.
The following tables show the quantities of wool consumed, classified
according to condition, grade and class, with separate figures for foreign
and domestic wools. Comparative figures are also given for July 1924,
June 1925 and 1924, and totals for the months January to July,inclusive.
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS.
Total
Grease Eglet
1924.
1925.
1924.
1924.
1925.
rotal
34,795,71228,613,69232,045,44425,703,841 59.303.889251.859,298
Domestic - _.16,805,551 15.050,340 4,321,476 12,886,05:116,989,996113,947,312
Foreign
17,990,161 13,563,352 7,723,968 12,817,783 142,313,893137,911,986
a
Combing a_ _ 18,688,494 14,655.74516,606,253 12,780,792 129,402,501 129,356,913
Clothinga_ _ 6,201,04 6.231,621 6,059.178 6,024,181 47,646,81 51,001,480
?Inc, total.... 8.881,651
Combing:
Domestic
4,201,666
Foreign
2,955,153
Clothing:
Domestic .. _ 1,481,526
Foreign
243,306
Si blood, total_ 4,104,695
Combing:
Domestic . 2,359,894
Foreign
712,838
Clothing:
Domestic
973,303
Foreign
58,660
H blood, total_ 4,884,553
Combing:
Domestic
1,923,902
Foreign
1,196,756
Clothing:
Domestic... 1,658,814
Foreign
105,081
14 blood, total_ 5,731,321
Combing:
Domestic
2,880,158
Foreign
1,499,587
Clothing:
835,141
Domestic
Foreign
516,43
Low H blood b
783,712
Combing:
Domestic
279,535
Foreign
234,266
Clothing:
Domestic
108,07
Foreign
161,833
Common,total
69,665
Combing
39,071
30,594
Clothing...-.
Braid, total c
33,869
8,751
Combing
Clothing...
25,118
400,073
Lincoln, totald
396,917
Combing
Clothing._.
3,156
Carpet, total(1. 9.906,173
Combing
4,337,680
Filling
5,568,493
6,780,863 7,607,872 5.879,870 57,969,184 55,181,093
3,428,718 3,622,267 2,809,335 27,569,270 25,149,887
1,711,043 2,499,281 1,633,467 17,928,848 17,821,175
1,313,254 1,297,744 1,135,241 10,846,56: 9,530,450
327,848
188,580 301,827 1,624,49: 2,679,581
4,099,428 3,394,346 3,349,757 27,612,884 30,550,390
2,797,382 1.914.512 2,091,677 17,106,519 18,760,643
427,504 719.018 472,557 4,101,220 5,325,553
756,797 665,962 675,245 5,696,759 5,432,674
117,745
94,854
110,278
708,386 1,031,520
3,813,111 5,084,002 3,727,234 39,069,263 37,753,014
1,331,753 1,753,687 1,165,293 16,611,848 13,389,891
674,233 1,370,883 698,304 7,454,966 9,373,483
1,529,523 1,820,819 1,662,831 13,330,420 11,916,716
277,602
138,613 300,806 1,672,029 3,072,924
4,616,204 5,036,846 4,571,718 39,346,193 43,739,191
2,347,990 1.897.374 1,866,267 14,837,15: 16.146,618
920.662 1.583,073 1,159,720 13,796,641 14,325,006
904,295
443,257
845,266
905.698
650.701
894,982
941,856 6,663,702
603,875 4,048,692
821,432 8,063,056
7,981,091
5,286,475
7,780,866
212,922
264,37
182,669
.101,067
389,973
158,577
2,385,866
2,752,382
1,873,617
4,020,819
158,301
108,529 125,510 1,089.334 1,557,400
209,672
102,717 147,372 1,084,286 1,085,518
170,191
110,853
69,222 1,126,961 1,168,001
68,711
120,904
409,163
24,909
462,632
49,287
44,142
758,838
44,313
664,329
99,214
41,362
528,375
53,608
242,840
3,489
23,421
250,235
19,269
134,740
95,72
17,94
278,140
34,339
108,100
463,089 495,168 332,132 3,618,933 3,657,463
414,774 472,290 291,444 3,504,223 3,267,311
48,315
22,878
390,152
40,688
114,710
7,726,326 9.380.013 6,898,868 82,254,575 71,500,905
3,422,826 4.288,854 3,054,765 39,236,017 32,307,836
4,303,500 5.091.159 3,844,103 43,018,558 39,193.075
-
Tot.,reduced t
grease equiv. 40.780,856133,777.63538,176,33730,972,941 304,193.690 297,726,822
Domestic
21,144,497118,593,206 18,657,834 16,408,736 147,790,237 143,503,985
VArptlyn
10 RSA RA015 184 42919.51R 50914 552 911K ten en.: A K9 1.1 099 525
a Exclusive o carpet wools. b Figures previous to July 1923 include "common"
and "braid." e All domestic. d All foreign. e In computing the grease equivalent, 1 pound of scoured wool is considered equivalent to 2 pounds in the grease.
and 1 pound of pulled to 1 1-3 pounds in the grease.
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL.
(All quantities in pounds.)
Grease.
Noss and Grade.
1925.
1924.
Scoured.
1925.
Pulled.
1924.
1925.
1924.
Total
27,363,856 22,512,985 5,261,78 4,695,561 2,170,06: 1,405,146
Domestic... 11,490,36: 10,781.781 3,850.828 3,180,019 1,464,355 1.088,540
Foreign
15,873,48: 11,731,204 1,410,9601 1,515,542
705,713 316,606
Combing a_ 17,076,596 13,830,936
Clothinga__ _ 1,240,881 1,606,425
•
Fine, total- _ - 7,531,917 5,642,215
Combing:
Domestic.._ 3,989,906 3,274,885
Foreign
2,930,948 1,708,395
Clothing:
580,528
561,291
Domestic...
78,407
Foreign
49,772
H blood, total. 2,844,474 3,328,180
Combing:
Domestic... 1,931,849 2,850,981
421,738
707,664
Foreign
Clothing:
202,935
191,776
Domestic...
63,685
2,026
Foreign
H blood, total_ 3,054,950 1,990,926
Combing:
Domestic... 1,683,570 1,109,787
649,598
1,174,788
Foreign
Clothing:
176,541
195,974
Domestic...
55,000
Foreign
620
yi blood, total_ 4,046,420 3,298,472
Combing:
Domestic... 2,489,026 2,133,166
1,353,916
811.082
Foreign
Clothing:
153,303
299,419
Domestic _._
54,805
50,175
Foreign
413,228
929,559
Low 37
4 blood b
Combing:
160,549
230.113
Domestic...
174,856
204,969
Foreign
Clothing:
16,070
39,124
Domestic _ _
8,515
8,586
Foreign
27,580
122,462
Gommon,totalc
27,380
103,90:
Combing ...
200
18,554
Clothing _ _ _ _
8,751
42,563
Braid, total c....
8,751
2,563
Combing ___
Clothing....40,000
399,315
373,831
Lincoln, total d
373,831
399,315
Combing ___
Clothing....
Carpet,total cf. 9,046,379 7,275,624
Combing ___ 4,060,746 3,324,246
Filling
4,985,633 3,951,37:
791,991
562,022
4,198,641 3,922,518
819,907
761,523
462,787
702,678
1,013,886
103,893
5,14:
335,848
318,209
47,978 '107.867
1,706
19,057
105,855
942
820,439
723,487
181.35:
694,442
528,980
241,775
505,257
196,74:
12,176
565,779
203,746
7,666
265,991
27,825
1,500
13,790
2,850
400,220
3,674
132,611
2,916
627,376 441,477
37,741
47,140
1,419,057 1,415,185
142,992
18,893
410.946
123,544
6,920
407,000
80,206
23,828
135,21
1,196
141.760
807
1,195,786 1,106,896
97,384 204,255
1,448,036 1,184,183
267,054
7,077
236,865
246,086
18,347
133,549
105,113
20,774
301,720
105,671
182.782
87,490
89,412
40,000
32.042
22,090
582.083
458,562
329,502
537,088
376,823
411.278
99,755
7,698
24,656
67,788
11.629
20,760
30,794
58,750
38,895
59,402
19,629
660
13,508
89,510
150,448
38,123
11,491
26,632
25,118
115,277
197,734
30,029
8,996
21,033
56,651
926
55.725
61,518
13,203
98,315
211,021
35,939
175,082
2,498
2,870
3,962
200
3,762
3,000
3,352
17,700
8.000
9.700
3,774
3,774
2,256
2,256
25.118
22,968
19,312
3,156
271,156
92,882
178,274
239,681
62,641
177.040
Total for June_ 24,468,078 19,919,060 5,407,656 4,759,909 2,160,710 1,524,872
588,638
184,052
404,586
Scoured.
Pulled.
15,956,242 12,393,409
16,067,635 13,907,096
151,474
424,876
911,882
2,346,959
2,510,643
1,234,654
251,440
1,265,051
1,052,195 18,817,617
925,885 17,610,917
683,637
21,962
170,026 3,668,685
Total, Jan. t.
July, Intl...204,815,554 196,061,43440.096.53140.902,355 14,397,800 14,895,509
94 795 712 27363.8.16
5.261.788
2.170.068 40.780.856
a Exclusive of carpet wools. b Figures previous to July 1923 include "common"
and "braid." c Ali domestic. d All foreign.
Total.
Section.
New England
Middle Atlantic
Pacific Coast
Other sections
1925.
Grease.
SEPT.5 1925.]
THE CHRONICLE
Activity of Machinery in Wool Manufactures During
the Month of July 1925.
The Department of Commerce on Aug. 28 issued its
report on active and idle wool machinery for July 1925,
based on reports received from 944 manufacturers, operating
1,105 mills. This is exclusive of 11 manufacturers, operating
16 mills, who failed to report for the month. These mills are
equipped with about 3,856 looms, 127 sets of woolen cards,
14 worsted combs and 161,953 spindles.
1157
Cards and Combs.
Of the total number of sets of cards reported for July 1925, 5,553, or
78.6%, were in operation at some time'during the month, while 1,514
were idle throughout the month. The active machine-hours for cards
were equal to 79.8% of the single-shift capacity in July 1925, 82.3% in
June 1925, and 76.8% in July 1924.
Of the combs reported for July 1925 1,753, or 65.5%, were in operation
for some part of the month, and 925 were idle during the month. The
active machine-hours for this month were equal to 65% of the single-shift.
capacity, as compared with 63.9% in June 1925 and 53.4% in July 1924-
Steel and Iron Trades Gain-Pig Iron Price Advances..
August orders booked by steel mills quite generally
exceeded those for July, reports from important companies
showing increases ranging from 10 to 25%. In operations
the past week again shows a slight increase, the percentage
of the Steel Corp. being now estimated at 75 and that of
independent companies at 70, according to statistics furnished
by the "Iron Age," from which we quote:
Looms.
Of the total number of looms wider than 50-in, reed space, 38,687, or
63,6%, were in operation for some part of the month of July 1925 and
22,173 were idle throughout the month. The active machine-hours reported for wide looms for the month of July formed 60.7% of the singleshift capacity, as compared with 64.9% for the month of June 1925 and
58.4% for July 1924.
Of the total number of looms of 50-in. reed space or less covered by the
report for July 1925 12,030, or 69.9%, were in operation at some time
during the month and 5.189 were idle throughout the month. The active
The steel company blast furnaces increased their output by about 2,800
machine-hours for these looms represented 51.6% of the single-shift capacity;
tons a day in August, while the merchant furnaces, nearly all of which
as against 58.8% in the preceding month and 50.2% in July 1924.
The number of carpet and rug looms reported for July 1925 was 9,653, produce foundry iron, showed a decrease of 1,500 tons a day. Thus the
of which 7,069, or 73.2%, were in operation for some part of the month, net gain upon July was about 1,300 tons a day, or 1.5%.
The steel ingot statistics for August, to appear next week, are expected
and 2,584 were idle throughout the month. The active machine-hours
reported for these looms represented 65.4% of the single-shift capacity to show a greater increase over July than that in pig iron. The common
of the looms, as compared with 69.9% in June 1925 and 51.6% in July 1924. prediction is that the Steel Corp.'s statement of next week will show a
considerably smaller reduction in unfilled orders than the 170.000 tons
Spinning Spindles.
of July.
In finished steel, increased bookings of steel bars are given more promiOf the total number of woolen spindles reported in July 1925, 1,750,671,
or 76.4%. were in operation for some part of the month, and 541,531 nence in both Pittsburgh and Chicago reports. The largest Pittsburgh
were idle throughout the month. The active woolen-spindle hours reported producer has more bar orders ahead than in some rronths, and at Chicago
for this month represented 78.6% of the single-shift capacity, as compared the period of possible delivery is extending. In the three heavy productsplates, shapes and bars-Chicago mills have had the largest week's business
with 82.5% in June 1925 and with 71.5% in July 1924.
The number of worsted spindles in operation during July 1925 was since July.
Activity in these three products'offsets lighter specifications in tin plate
1,582,747, or 60.6% of the total, and the number idle was 1,029,453.
The active worsted-spindle hours were equal to 53.9% of the single-shift and some falling off in new pipe tonnage. Reduced prices for gasoline
capacity. In June 1925 the active worsted-spindle hours represented have caused the laying aside,for a time at least, of several pipe line projects.
Farm equipment works are busier, operations running up to 75 and 80%.
52.6% of the capacity, and in July 1924, 44.1%•
September bar requirements of automobile plants also are heavy.
Detailed Report.
The extent of railroad buying this fall is the outstanding market unThe accompanying table gives the total number of machines in operation certainty. Chicago reports of the week that several thousand cars are
some time during the month of July 1925. the number idle for the whole about to be placed are unconfirmed. With the C. & 0. inquiry for 50
the market for
month, the number reported on single-shift and on double-shift the active locomotives, 145 are pending. The Texas &
and idle machine or spindle hours, the percentage active and idle, and 14,000 tons of90-lb. rails and an Ohio road's inquiry is for 2,500 to 4.0)0 tons.
tons
of
structural
in the
contracted
Included
in
27,000
steel
work
comparative figures for June 1925 and July 1924.
past week was 12,000 tons for subway work in Philadelphia, while the
4
4
4
largest new project up for bids is 5,700 tons for subway work in New Ye rk.
-.1'
,1
..a..g..E.
.0
,.p
eiz•<ersaws•<
Because of the 85,000 tons of plates involved, the taking of the first bids
on Sept. 4 for the Mokelumne River project at Oakland, Calif., following
.4 ,,
ZY:,,,
,
Z
N2 Ni; NIi
the court decision validating a $39,000,000 bond issue, has attracted
...e
e,00.-..9, .
<ocele gl gi gi
g.
g .;a„...r.,
g momz,...
0 attention widely.
r..t,,T,1 4. 0, c...i ..,,V•ti,e,,r r4e,V, .." la ';3 ot'-3 a"3
Buying by the American Radiator Co., estimated at more than 40,000
tons, is the chief feature in pig iron, though in this case it follows considerable contracting by other large interests, instead of starting a buying
movement as on some other occasions. Pig iron prices give indications of
%
firmness in some quarters, but this is not definitely ccnnected with the
'
anthracite strike.
At Pittsburgh coke producers are asking higher prices, in view of the sale
of considerable amountsfor domestic purposes. One factor is the possibility
A
of higher wages at independent Connellsville coke plants in case the demand
Ii
brings into operation much of the idle capacity.
lb.
4
The eastern Pennsylvania scrap market is stronger, with transactions in
r ;0'.6 ts• I•in"*J.Innta
melting steel at $17 and $17 50. In the Pittsburgh district there has been
..- -i....-.1..
,....,-.......
further buying at $19. with the supply rather more plentiful'. One steel
n..
0 ,,w
k .4.4.PON.W.40
...
i
.
company there bought pig iron because it was as cheap as heavy melting
1-.410
steel. A Chicago steel maker closed for 20,000 tens at $17.
btol-,i4 •
The Nippon Oil Co. divided 44,000 boxes of tin plates between Welsh
mills and the Steel Corp., the American price being less than $4 50 per base
OI
0.box. Welsh tin plate works are running at about 50% of capacity.
v•••
i.a as Xt. i:
Pacific is in
I,r
4
4f..
ig, q eqg•zEc, •zgqii
9
.
1
.. ..
.40comwomw.
www t.. ow cowm000m
-smo v
1 iai..i...
t7
315
276
73
a
r
II 1.' ZI
a
81.1..t...?:....`41'&38-81
ww..........
4.65ix
Pig iron, as measured by the composite price, has advanced
to $19 13 from $19 04 last week. One year ago it was $19 46.
Finished steel is unchanged at 2.396c. per lb: One year
ago it was 2.510c., according to the usual composite price
tables, which are appended:
Carpet and
Rug
6,7541
6,936
6,306
52
4
F
n
0
0
LOOMS.
p ;•••i..... •
,
..2.
a:0,.
.a
Wider than 501 50-inch Reed I
inch Reed Space. Space or Less.
1
53
142
42
1,417,805
749,596
1,508,035
648,360
1,004.136
997,143
... v.t..
...
k..;-.6 •
a
2,407 11,9771
2,367 12,381
1,787 12,460
1,957,909
1,839,213
2,219,696
1,558,135
1,872,465
1,854,376
la
21.11,'. a
tl
?i
36,2801
37,483
35,850
8,193,370
5,294,663
8,402,577
4,535,879
7,534,476
5,377,501
ttt i'
ix i.: ;in •
E•
1
&steel
yearpre-war average.
,
tu
ioL.Ti..2 •
1,283,263
325,156
1.285,255
275,499
1.185,555
358.485
Litig
Wai i'
b.e..4. •
g 010505a
F i..... •
..
....-0vw.......i.
ei
a mt....!
p a.,...i.„ •
.
4.
g ...... a
F bZDX. 2
a V= i'
2. 666> .
N
eF rgs 1
b
&a.6.1 .,
1 a.m 1,
6
k;;..:1> !.
•
Low $20.77 Nov.20 $19.21 Nov. 3 $18.96 July 7
High $25.50 Mar. 20 $20.92 Dec. 30 $20.83 Jan. 13
Low $14.50 Oct. 30 $14.50 Apr. 22 $15.08 May 5
Steadiness in inflow of new tonnage, with a well-sustained
rising tendency, but with no signs pointing to sharp or abrupt
expansion, still are the chief characteristics of the steel
market, declares the Sept. 3 market summary issued by the
"Iron Trade Review." August bookings have gone considerably beyond the gains of July, with additional increases
of 20 to 50% depending on the product and the district.
There is nothing to indicate September will not continue this
movement, especially if railroad buying revives, of which
there is a little more promise. In August, specifications of a
leading Chicago producer increased 50% over July. Those
Steel scrap
%
...!1
,4
CI
4
,
0
babbbe
S
- •
Worsted.
ova.
.1..i-, •
4).
,
,,
4
2,612,200
1,582,747
1,029,453
2,627,740
1,538,686
1,089,054
2,598,474
1,423,790
1,174,684
a
312.142.296
266,944,318
293,424,838
263,945,180
245,266,750
310.670,291
,V32.3
i
.e.9.4 i
1 _,
la .
Woolen
F
1
(•Et
V::05.4a:g
.w.www•I.w-.1
2,292,202
1.750.671
541.531
2,312,094
1,827,121
484,973
2,280,700
1,688,836
591,864
O,O.be
409,652,128
111,470,074
418,712,447
88,791,873
356,991,774
142,403,559
4.
b w,...,,, .,
3651 1,521,5571 229,1141 1,445,9951 136,752
366 1,587,892 239,229 1,403,054 135,632
294 1.494,264 194,572 1,298,644 125,146
... i.
...
ta;-.b •
385,966
208,276
364,558
205,545
301,100
262.980
F
F
1,3881
1,344
1,351
a..
05;03&a
,
4 ;ob
Sept. 1 1925, Finished Steel, 2.396c. Per Lb.
bars, beams,
IOne week ago
Based on prices
2.396c.
tankwire,
plates, plain
open-hearth rails,
One month ago
2.439c.
ago
2.510c.
black pipe & black sheets, constituting One
88% of the United States output_ _ _ _ 10-year
1.689c.
Sept. 1 1925, Pig Iron, $19.13 Per Gross Ton.
Based on average of basic and foundry One week ago
$19.04
18.96
irons,the basic being Valley quotation, One month ago
19.46
the foundry an average of Chicago, One year ago
Philadelphia and Birmingham
10-year pre-war average, 15.72
Sept. 1 1925, Steel Scrap, 7.58 Per Gross Ton.
ne week ago
$17.42
Based on average of heavy melting stee
16.92
at Chicago, Pittsburgh and Phila.- ne month ago
16.83
One year ago
Philadelphia
10-year pre-war average. 14.09
1924----- -1925--1923
Finished steel___High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Jan. 6
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.396o. Aug. 18
High $30.86 Mar. 20 $22.88 Feb. 26 $22.50 Jan. 13
Pig iron
i.
t"
N
54
[VoL 121
TE033 CIBIONICLE
1158
of the Bethlehem Steel Co. were raised 25%. Sheet shipments of the larger mills were 40 to 45% ahead of August
1924, continues this trade journal, from which we quote:
Strong points in the situation are the scale of automotive buying which
is exceptional for this time of the year, demands from fanning implement
and tractor manufacturers which are the heaviest since 1920, and the
continued wide sweep of new construction work.
While prompt buying and shipment still are common practice, deliveries
in several lines are more plainly receding. Cases are appearing where
buyers, because of these conditions, are placing tonnage farther ahead.
Some wavering of prices on heavier products, notably plates, shapes and
bars, in recent weeks has led to a firmer position against concessions being
taken this week by leading producers.
More activity in locomotives may suggest a change for the better in
backward railroad buying. The Chesapeake & Ohio is in the market for
110 locomotives and the New York Central may close on 150 within two
weeks.
An upward turn in production since late July is definitely set forth by
August figures on pig iron operations which show the first gain since April
after a curtailment of 41%. Production in August averaged 87,213 tons
on a daily basis, compared with 85,976 tons in July and in total was 2.703.616 tons, against 2,665,262 tons in the preceding month. August production was 43.5% in excess of August 1924. Furnaces active at the end of
August totaled 192, a gain of four. The number operating is 49.2% of
the country's grand total.
Week's pig iron news Is featured by the closing of 75.000 tons for various
plants by the American Radiator Co., manufacturing users of coke are well
covered to the end of the year and manifested no anxiety this week over the
beginning of the anthracite coal strike.
The British steel industry is fading under the drastic competition from
Continental works.
The "Iron Trade Review" composite price this week is 537 21.
August Pig Iron Output Increases.
first time since last March pig iron output in
the
For
August made an increase over the previous month. According to data collected largely by wire and with the production
for Aug. 31 estimated by most of the companies, the daily
rate in August was 1,305 gross tons higher than in July, an
increase of 1.5%, reports the "Iron Age" on Sept. 3.
The production of coke pig iron for the 31 days in August
amounted to 2,704,476 tons or 87,241 tons per day, as
compared with 2,664,024 tons or 85,936 tons per day for
the 31 days in July. A year ago, or in August 1924, the
daily rate was only 60,875 tons per day, says the "Age"
summary, which we quote further as follows:
PRODUCTION OF STEEL COMPANIES-GROSS TONS
-Total Production Is- -Spiegelthen and Ferromanganese*
1924-- -1925------1925.
1924.
Ferrom. Spiegel. Ferrom. Spiegel.
5.418
January
7,948 23.578
2,274,005 2,692,537 20.735
4.910
February
9,870 18.184
2.410,658 2.539,785 22.405
5,449
March
2.674,565 2.812,995 22.351 13,796 20,062
5,341
4,240 21,448
April
2.463,027 2,514.828 23,580
5.294
9.336 22.679
May
1,927,461 2,306.887 14.993
4,972
June
1,507,110 2.113,566 20,049
9,405 19,836
Half year
July
August
September
October
November
December
Year
13.256.826 14.980.598 124.113
4,0317;1=1 ,367
1,413.314
10.718
1,509,360
13.263
1.858,502
7.780
13.448
1,896,888
2,377,141
21.220
23,656,981
54.595 125.787 31.384
15.328 16.614 -5,074
4,939
8.010 18,867
5,033
10.047
8,835
5.284
204.909 107,132
• Includes output of merchant furnaces.
S Ferromanganese and splegelelsen Included.
Reduction in Puddlers' Wages.
Youngstown (Ohio) Associated Press advices state:
Wages of puddiers working under the sliding scale of the Amalgamated
Association of Iron, Steel and Tin Workers will be reduced 50 cents a ten
during the next two-month period as a result of the bi-monthly examination of selling prices here.
The selling price of bar iron was found to have been gl 95 per hundred
pounds during the last two months, as compared with $2 05 in the preced
ing period. The wages will be $11 13 a ton, as against $11 63 the last tw
months.
Glassworkers Extend Old Wage Scale-Agreement
Effective Until Sept. 30 1926 Adopted.
The following is from the Pittsburgh "Post" of Aug. 29:
Employees of the American Window Glass Co. yesterday agreed to irx
tend their 1924-1925 wage scale agreement until Sept. 30 1926, through
action taken by the wage committee of the Window Glass Cutters and
Flatteners' Protective Association of America. The decision was made
Immediately after the committee had conferred with William L. Munro
President and General Manager of the American Window Glass Co., in the
company's offices, Farmers' Bank Building.
Negotiations were broken off Aug. 20 by the representatives of the
employees, who demanded an increase over the old scale of approximately
11%. The company held that present competitive conditions did not
warrant an increase and offered to renew the expiring scale. Yesterday's
agreement was reached after a resumption of conferences.
The company has plants at Jeannette, Arnold, Monongahela, Belle Vernon and Kane in Pennsylvania and in Hartford City, Indiana.
Others to Reconsider
There were 9furnaces blown in and 7 blown out or banked,a net gain of 2.
The wage committee of another organization that represents employes
This brings the number active on Sept. 1 to 192. The daily capacity of
the 192 furnaces on Sept. 1 is estimated at about 87,300 tons per day as of independent companies-The Window Glass Cutters and Flatteners'
compared with 86,420 tons per day for the 190 furnaces active on Aug. 1. Association of America-was asked to reconsider its decision to reject the
Of the 9 furnaces blown in 3 were Steel Corp. stacks, 5 were independent Present scale, through telegrams sent out last night by E. H. Oillot, presisteel company units and 1 was a merchant furnace. Only 1 Steel Corp. dent. In a vote cast a few days ago by executives of this group, the result
furnace was shut down, while 3 merchant and 3 independent steel company of the balloting was 80 per cent for rejecting the present scale and demanding
an increase of 10%, effective today: this decision was contingent on the acstacks were blown out.
Ferromanganese production in August was 18.867 tons as compared with tion taken by the American Window Glass Company's employees. Mr.
16,614 tons in July. The August output of spiegeleisen was 4,939 tons as Glllot explained yesterday.
In his telegram io members of his wage committee. President Glllot
against 5,074 tons in July.'
Among the furnaces blown in during August were the following: E fur- asked the comittee to agree on a 30-day extension of the present scale.
Lehigh
the
in
Corp.
beginning
Steel
today and ending September 30-while, in the meantime, this
Bethlehem
the
of
nace at the Bethlehem plant
Valley; 2 Duquesne furnaces of the Carnegie Steel Co. and 1 furnace of committee can meet in Pittsburgh at a convenient date and make a final
the Jones & Laughlin Steel Corp. in the Pittsburgh district; J furnace at decision on extending or rejecting the existing scale.
Members of the men's committee are William J. Trimble,
A. Bennett,
the Cambria plant of the Bethlehem Steel Corp. in Western Pennsylvania;
A furnace at the Sparrows Point plant of the Bethlehem Steel Corp. in Michael McGinity, Willard Moore, William Molter, William R. Healey.
E.
Wheeling
L.
the
in
Co.
Miller,
of
Zavan,
president
Tube
W.
Bert
the
National
the
of
furnace
and
Cutters'
Riverside
Window
Glass
Maryland; No.2
district; 1 furnace at the Columbus works of the American Rolling Mill Co. Flatteners' Protective Association, and J. W. Rutter, secretary.
and
Ohio,
and 1 furnace of the National Tube Co. in central and northern
1 furnace of the Woodward Iron Co. in Alabama.
Among the furnaces blown out or banked during August were the follow- Demand for Coal Increases as Anthracite Miners
ing: C furnace at the Lackawanna plant of the Bethlehem Steel Corp. in
Strike-Prices Rise.
the Buffalo district; A furnace at the Steelton plant of the Bethlehem
The
Mageneral strike in the anthracite disthe
the
of
in
calling
furnace
Mettle
Steel Corp. In the lower Susquehanna Valley;
honing Valley; 1 furnace of the National Tube Co.in northern Ohio;Ironton tricts has increased the demand for practically all classes
furnace of the Marting Iron & Steel Co. and the Belfont furnace in southern fuels and prices have responded
accordingly, declares the
Ohio, and 1 furnace of the Wisconsin Steel Co. in the Chicago district.
The usual monthly comparative tables are as follows:
TOTAL PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
1925.
3,370,338
3.018.890
3,229.804
January
3.214.143
3,074,757
2,994,187
February
3,564,247
3,466.086
3,523,868
March
3,258,958
3.233,428
3,549.736
April
2,930.807
2,615,110
3.867.694
May
2,673.457
2,026,221
3.676.445
June
19.011,948
17,434,492
20.841,534
Half year
2,664.024
1,784,899
3.678.334
July
2,704,476
1.887.145
3.449,493
August
2,053.264
3,125.612
September
2,477,127
3,149,158
October
2,509,673
2.894,295
November
2,961,702
2,920.982
December
Years
40.059.308
31,108,302
*These totals do not include charcoal pig iron. The 1924 production of this iron
wait 212,710 tons.
ON PRODUCTION BY MONTHS-GROSS TONS.
DAILY RATE OF PIG
Total.
Merchant.
Bled Works.
84.358
22.182
62.176
1924-May
67.541
17.304
50,237
June
57,577
14.224
43,353
July
60.875
15.284
45,591
August
88.442
18.130
50.312
September
79,907
19,955
59,952
October
83.656
20.426
63.230
November
95,539
18,857
76.682
December
108.720
21,884
86.856
1925-January
114,791
24.084
90.707
February
114.975
24.234
90.741
March
108.632
24.805
83.821
April
94,542
20.127
74.415
May
89.115
18.063
70.452
June
926
88
-la
C.
^91
Po
July
87,241
18,711
88,530
August
Sept. 2 "Coal Trade Journal." With prices at the Southern
loading piers advanced, quotations in Boston have followed
and $025 has been obtained for high grade smokeless during the past week. Providence prices, too, are higher, but
not as yet on a par with those ruling in Boston. The all-rail
bituminous trade is still slow, but prices are a shade higher.
Spot anthracite is higher and scarce, and retail demand very
active. Boston retailers raised their prices a quarter last
week. At New York, low volatile bituminous coal is in fair
demand, but prices have not risen as yet. Independent anthracite, however, is slowly but surely rising and free tonnage is scarce. Retailers are paying almost any price for
fill-in sizes, depending on a large rise in retail prices to
cover their recent purchases, observes the "Journal," adding details as follows:
The strike has caused a marked activity in Philadelphia bituminous circles, some factors being sold up temporarily and prices being considerably
higher. Coke is also sharing in the new activity. Anthracite demand continues heavy, with but little advance in prices, with all sizes moving rapidly, but there are no signs of the market becoming panicky. The Baltimore soft coal market has at least increased in activity and prices have
advanced in practically all grades. Stocks on hand are rapidly diminishing. Export, principally to Italy, revived last week and a fair, steady bustness is expected for the rest of this year. Wholesale independent anthracite prices are steadily advancing and the retail prices for September have
not been settled as yet. Quotations at the Virginia Piers on pool 1 are
higher and high grade coal has brought $5. Stocks on band are not aa
large u usual, due to heavy demand in the West, and this Recounts in part
for the higher current prices.
SEPT. 5 1925.]
THE CHRONICLE
The feeling among operators in northern West Virginia is better and
prices stronger. The railroads are buying some fuel for storage and movement to Curtis Bay for shipment at New England has fallen off slightly.
Production in the Fairmont region last week was a little under that of the
previous week. In the southern part of the Skate prices on prepared grades
of both high and low volatile coals continue to advance, with quotations in
Western markets still being higher than those prevailing in the East. On
account of the heavier movement east in smokeless lump and egg, supplies
in the West have dwindled somewhat, causing prices there to rise accordingly. Tidewater prices are also strong. Kanawha and Logan mines have
increased their shipments and some producers are sold up on the prepared
sizes. New River and Winding Gulf fields have increased their shipments to
New England and Tug River and Pocahontas producers are working hard to
keep abreast of their orders. The Upper Potomac and western Maryland
fields report that there is no change in prices or demand. Inquiries are
numerous but do not seem to result in orders for either domestic or steam
sizes. Spot demand in the Virginia field is a little better and production
is well ahead of last year. All sizes are firmer and, with the exception of
slack, are higher in price. There is more inquiry. The coke market is
more active and in the best shape for some time.
Central Pennsylvania reports improvements in demand, loadings and
prices. Some fair contracts to railroads and by-product manufacturers
were closed last week in the Pittsburgh district, but at practically no
change in price. Industrial demand is still quiet. Quite a few mines in
the district are reopening. The Connellsville coke field reports freer buying
in both furnace and foundry grades and production has been increased,
prices showing considerable firmness.
The long threatened anthracite strike became an actuality Sept. 1, the only uncertainty now being as to its probable
duration. As a natural corollary, the bituminous trade continues to improve, prices showing increasing firmness, observes the Sept. 3 review of market conditions issued by the
"Coal Age." Demand Is especially strong, of course, for
domestic varieties, but railroads, utilities and industrial
consumers have not been slow to realize the importance of
building up reserves and are taking larger shipments on existing contracts lest their sources of supply be menaced by
nervous Eastern anthracite consumers. While the pick-up
is in boldest relief in hard coal consuming territory, the
betterment is not confined to any particular locality, being
practically nation-wide. At Cincinnati the August supply
of smokeless was sold up early last week and orders were
accepted only for September delivery, adds the "Age," from
which we quote further as follows:
1159
Indicates a gain of 498,000 tons, or 29.1%, and cumulative tonnage during
1925 to Aug. 22 Is 1,628.000 tons, or 2.8% ahead of production during the'
same period of 1924.
Estimated United States Production of Anthracite (Net Tons).
-1924
1925
Calendar Yea,
Calendar Year
to Date.40_
Week.
Week.
to Date.
Week Ended1,664,000 55.373.000
Aug. 8
55,985,000
2,067,000
1,386,000 56,758,000
Aug.15
1,904,000 57,889,000
58.470.000
1,711,000
Aug.22
2,209,000 60,098,000
a Less two days in January to equalize number of days in the two years.
BEEHIVE COKE.
Production of beehive coke for the week ended Aug. 22 is estimated at
139,000 net tons, an increase of 16,000 tons, or 13%, when compared with.
the output of the preceding week. This gain was confined to Pensylvania.
Ohio and West Virginia. Compared with output during the corresponding
week of 1924, the increase was 31,000 tons, or 28.7%.
According to the "Weekly Courier," production in the Connellsvffice
District for the week of Aug.22 increased nearly 17%,with 1.174 additional
ovens fired, 900 of which were at furnace plants.
Estimated Production of Beehive Coke (Net Tons).
1924
Week Ended
1925
Aug.22 Aug. 15 Aug.23
to
to
Date.(a)
Date.
1925.6 1925.c 1924.
Pennsylvania and Ohio
104,000 89,000 71.000 4,713,000 5.235,000
West Virginia
11.000 10,000
5.000 391,000 357,000
Ala., Ky., Term. & Georgia- 11,000 11,000 16,000 611.000 630,000
Virginia
5,000 5,000 7,000 235,000 262.000
Colorado and New Mexico
5,000 5,000 5,000 155,000 174,000
3,000 3,000 4,000 132,000 136.000
Washington and Utah
United States total
139,000 123,000 108,000 6,237.000 6,794,000
34,000
Daily average
31,000
23,000 21,000 18,000
a Adjusted to make comparable the number of days in the two years.
b Subject to revision. c Revised since last report.
Total production during 1925 to Aug. 22 amounts to 6,237,000 net tong,
8.2% less than that during the corresponding period of 1924. Corresponding figures for earlier years are as follows:
4,305,000 net tons
6,794,000 net tons11922
1924
3,852,000 net tons
13,702,000 net tons 1921
1923
Production of Bituminous Coal in July.
The following table, presented by the U. S. Bureau of
Mines, shows the estimates of bituminous coal production
by States during the month of July, the distribution being
based on figures of railroad loadings courteously furnished
by the American Railway Association. Total production
during the month amounted to 39,582,000 net tons2,415,000 tons greater than that in June. The average
daily rate of output for July was 6.4% higher than that
for June.
The figures in the table show that practically every coalproducing State in the country shared the increase. For
the great Appalachian field as a whole, this gain averaged
about 6%, and for the Interior region, consisting of Minois,
Indiana and western Kentucky, about 9%. This latter
field, however, had experienced but little increased activity
during the month of June.
Production during the month of July 1924 was at the
average rate of 1,281,000 tons per day. Compared with
this, the rate for July 1925 shows an increase of 19%:
Perhaps the best feature of the upward trend in business is the fact that
it is not entirely attributable to the anthracite strike, as the usual seasonal pick-up has the groundwork of sound basic conditions and rather well
depleted stock piles. The export situation at Baltimore also shows signs
of revival, and the trade, long dormant, bears a more hopeful aspect. Lake
business made a comeback when buyers showed a willingness to pay better
prices for good quality coals which had been diverted to better markets for
a time.
Although the promised suspension went into effect on Tuesday, as scheduled, the anthracite market has shown an unwonted absence of "runaway"
characteristics. Business was brisk last week, of course, but there was a
gratifying lack of soaring prices on independent coals, these operators having in many instances withdrawn from the market, so far as new business
was concerned, as they were already rushed with orders. Egg and stove
were in strongest demand, though orders for chestnut and pea were plentiful. Steam sizes also moved briskly, with all sizes strong and prices firm,
Independent quotations having climbed above company schedules.
The "Coal Age" index of spot prices of bituminous coal again advanced ESTIMATED MONTHLY AND AVERAGE DAILY PRODUCTION OF
SOFT COAL BY STATES (NET TONS).
last week, standing on Aug. 31 at 174, the corresponding price for which
is $2 10. This compares with 172 and $2 08, respectively, the week before.
May,
Ju y.
June.
State.
Dumpings at Lake Erie ports during the week ended Aug. 30, according
to the Ore & Coal Exchange, were: Cargo, 859,218 net tons; steamship
Production Daily Awe Production Daily Mtge Production Deily Awe
fuel, 50,225 tons-a total of 909,443 net tons, compared with 1,028,492 in
1,477,000
58,100 1,613,006
58,200 1,656,000
63,700
the previous week. Hampton Roads dumpings during the week ended Aug. Alabama
79,006
3,100
82,600
4,100
3,200
106,000
27 totaled 411,814 net tons, compared with 538,780 tons in the preceding Arkansas
604,000
23,800
23,200
Colorado
599,000
23,000
602,000
week.
4,153,000
163,506 4,198,000
161,500 4,622,000
177,800
Illinois
1,401,006
55.206 1,438,000
55,300 1,500,000
58.000
Indiana
299,006
Iowa
11,800
300,000
11,500
309.000
11,900
Production Increases in Bituminous Coal, Anthracite K22888
250,000
9,800
245,000
286,000
11,000
9,400
Ky.-Western. 676,000
26,600
879,000
33,800
783,000
30,100
and Coke.
3,178,000
Eastern
125,106 3,319,000
127,700 3,504,000
134,800
126,000
6,700
5,000
134,000
5,200
174,000
The Bureau of Mines, Department of Commerce, Aug. 29 Maryland
30,000
1,700
Michigan
1,100
1,100
28,000
44,000
183,000
7,200
Missouri
8,100
183,000
7,000
210,000
19'25, in its weekly report on the output of these three fuels, Montana
137,000
5,400
142,000
5,500
155,000
6,000
177,000
6,800
175,000
0,700
7,000
178,000
showed that a fair-sized increase occurred in the production New Mexico
2,200
North Dakota54.800
2,100
57,000
2,200
58,000
92,900
2,156,000
87,800 2,415,000
84,900 2,284,000
of soft coal, while anthracite and coke showed gains of 16% Ohio
7,600
198,000
Oklahoma
_
165,000
165.000
6,300
6,500
and 13%, respectively. The report says:
Pennsylvania
354,000
8,420,000
338,500 9,203,000
331,500 8,800,0E0
18,400
Production of soft coal again turned slightly upward during the week Tennessee
410,000
16,500 479,000
16,100
428,000
2,800
60,000
2,600
72.000
2,400
64,000
ended Aug. 22. From the 188.000 cars loaded for shipment, total output, Texas
11,700
303,000
Utah
251,000
287,000
11,000
9,900
lignite
and
coal
coked
at
the
mines,
is
estimated
at 10,527,000 Virginia
Including
39,100
923,000
38,300 1,017.000
36,300
995,000
155,000
6.000
net tons, an increase of 3% over that of the preceding week.
Washington
157,000
6,200
155,000
6,000
399,900 11,041,000
424,700
West Virginia_ 9,726,000
382,900 10,399,000
Estimated U.S. Production of Bttuminous Coal (Net Tons) a,Incl. Coal Coked
Wyoming
401,000
15,400
375,000
14,700
14,8(0
383,000
Calendar Year
Calendar Y •ar Other States a_
9,000
300
7,000
300
8,000
po
Week.
to Date.
Week.
to Date. (b)
9,971.000 285.507.000
8,036,000 274.615,000
AuZ.
Total
35.474.000 1.397.000 37.167 000 1.430 000 39 582 060 1.622.400
average1.533.000
1,662,000
1,339,000
1.477.000
Daily
10,260,000 295,768.000
8.167,000 282,782.000
a Includes Georgia, California, Oregon and South Dakota.
ta
Aug.
fiverage_ _ _ _ 1.710,000
1.539.000
1.361.000
1.474.000
10.527.090
Production figures by States for January and February
306,294
090
Aug.22_d
8,582,000 291,364.000
1.545,000
1.430,000
Daily average---- 1,754,000
1,472,000
a original estimates corrected for usual error, which in past has averaged appeared in our issue of April 11 1925, page 1830. Produe2%. b Minus 2 days' production first week In January to equalize number tion for March and the coal year appeared in the issue of
of days in the 2 years. c Revised since last report. d Subject to revision.
April 25 1925, page 2094.
The total output during the calendar year 1925 to Aug. 22 is 306,294,000
net tons. This Is 14.900.000 tons, or 5% more than that during the same
Corresponding
figures
for
recent
years are given herewith:
period of 1924.
Analysis of Imports and Exports of the United State.
1925
Years of Depression.
Years of Activity.
for July.
net
tons
1919
__________
3/5,395.000
293,344,000
net
tons
1918
255,367,000 net tons
1920__________ 343,052,000 net tons 1921
Department
of
Commerce
at Washington on Aug. 28
The
291,364,000 net tors
1923__________ 362,566,000 net tons 1924
issued its analysis of the foreign trade of the United States
ANTHRACITE.
For the fifth time during 1925, production of anthracite during any one for the month of July and the seven months ending with
week passed the 2,000.000-ton mark, the output for the week ended Aug. 22 July. This statement enables one to see how much of the
being estimated at 2,209,000 net tons. This is the largest output recorded merchandise imports and exports for 1925 and 1924 consisted
since Dec. 161922. The Increase over the week of Aug.151925 was 305,000
tons, or 16%. Compared with the same week of 1924, present output 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 groups following is
the report in full:
ANALYSIS OF IMPORTS AND EXPORTS FROM THE UNITED STATES
FOR THE MONTH OF JULY 1925.
(Values in 1,000 dollars.)
Seven Months Ended July.
Month of July.
Groups.
1924.
14.0
15.3
16.1
22.3
.3
39,130
42,495
44,909
62,144
736
Total
278,594
Domestic ExportsCrude materials
55,863
Foodstuffs, crude, and
food animals
12,8211
,
Manufactured foodstuffs_
Semi-manufactures
46,251
Finished manufactures 118,1231
320
Miscellaneous
Total exports
1925.
1924.
1925.
9,679 bushels; hominy, 11,292 pounds; rice, 48,122 pounds; wheat flour,
2,108 barrels; rye flour, 166 barrels; corn flour, Ill barrels; hops, 1,394
pounds; cornstarch, 57,499 pounds.
The exports of these products were greater in July 1925 than in July 1924
in most cases. Slight losses were noticed in the shipments of rice, wheat
flour, corn flour, macaroni, and hops. More appreciable losses were noted
in the case of rice flour and cornstarch, but in general the grains predominate.
The following table shows the principal countries of destination of the
shipments of the chief grains and grain products, and the increase (or decrease) of the July 1925 exports over (or under) those of July 1924:
EXPORTS OF GRAIN AND EDIBLE GRAIN PRODUCTS.
(Figures In thousands; 000 omitted.)
Value.
Value.
Value. j % Value. %
%
32. 124,431 38.2 717,364 33.8 946,495 39.6
89,1
ImportsCrude materials
Foodstuffs, crude, and
food animals
Manufactured foodstuffs..
Semi-manufactures
Finished manufactures
Miscellaneous
Total domestic expor
Foreign exports
[VOL 121.
THE CHRONICLE
1160
42,366
34,231
58,983
64.836
1,152
12.0
10.5
18.1
19.9
.3
243,659
357.716
377,335
422,847
9,263
11.4
16.8
17.7
19.9
.4
273,829
279,198
436,623
443,645
10,009
11.5
11.7
18.3
18.5
00. 325.999 100.0 2,128,184 100.02,389,799100.0
20.6 56,340 17.
608,184 26.3 676,125 25.5
94,519 4.1 194,725 7.3
4.7 22,555 6.
13.8 43,339 13.0 312,822 13.5 322,906 12.2
17.1 57.802 17.4 355,820 15.4 403,019 15.2
43.7J151,09 45.6 935,598 40.51,050,796 39.6
.2
4,323
.2
3,310
.2
512
.1
270,5981100.0331,647 100.02,310.253 100.0 .651,894 100.0
51,142
56,119
7,982
6,051
2.703.036
2,366.372
339.629
27,649
Petroleum Exports in July Smaller-Exports of Coal.
The Department of Commerce at Washington on Aug. 27
issued its monthly report showing the exports of petroleum
for July and the seven months ended with July for the
years 1925 and 1924. The exports of crude petroleum are
behind those of last year, both for the month of July and for
the seven months' period ended with July; 53,351,707 gallons
having been exported in July 1925, as compared with 57,483,806 gallons in July 1924, while for the seven months
ended with July this year 331,641,051 gallons were exported.
as against 454,002,913 gallons in the corresponding period
last year. The exports of refined petroleum show an increase
over last year for the month of July, 323,539,439 gallons
having been shipped in July this year, against 307,126,609
gallons in July last year, and for the seven months ending
with July there is also an increase, 2,263,359,659 gallons
having been sent out in 1925, as against 2,247,029,248
gallons the preceding year. The detailed report as furnished by the Department is as follows:
Total grains and preparations of
Month of July
1924.
Coal-Anthracite, tons
Value
Bituminous, tons
Value
Coke,tons
Value
Domestic Exports of Petroleum
and Refined ProductsPetroleum, crude, gallons__ _ _
Value
1925.
1924
1925.
289,142
462,676
23,218,444 $5,270,459
1,631,804 1,648,395
57,110,427 $7,063,155
63,649
48,983
$455,059
$412,180
2,041,696
$22,576,537
8,763.772
$41,756,378
$335,306
$2,911,080
2,116,878
$23,748,609
8,046,814
$35,994,614
$415,444
$3.237,872
57,483,806 53,351,707
$2,076,774 $2,376,043
454,002.913
216.459,318
331,641.051
$14,232,526
Total refined petroleum, gals 307,126.609 323,539,438 2,247,029,248 2,263,559,659
$29,827,673 335,619,743 2233,832,323 $244,794,636
Value
-Gasoline, naphtha and other
86,441,484 164,857,293 681,034,240 732,288,816
light products, gallons
$12,943,689 317,323,938 $101,294,017 5113.629,282
Value
011s-Illuminating,gallons_ _ 80.478.326 72,175,172 519,232,947 486,845,520
57,088,428 211,633,818 351,137.290 $47,497,314
Value
115,336,096 113,806,143 809,350,173 801,080,955
Gas and fuel, gallons
54.091,360 24,359,616 $27,090,639 $30,052,994
Value
Lubricating, gallons__ _ 24,870,703 32,700,831 237,411,888 243,344.468
55.704,196 $7,302,371 $54,310,371 553.615,046
Value
Paraffin wax, pounds
Value
26.130,907 26,593,581
$1,343,017 $1,505,605
231,627,152
210,548.531
182,694,917
210.150,917
Exports of Grains, Grain Products, Feeds, &c.
The Department of Commerce at Washington gave out
its monthly report on Aug. 24 on the exports of grains, grain
products, feeds, hops, baking powder and yeast for July
1925 and the seven months ending with July, as compared
with the corresponding periods in the previous year. The
raport is as follows:
The outstanding features of the fereign trade in grains and grain products,'
feeds, hops, baking powder and yeast for the period Jan. 1 to July 311025.
as compared with the same seven months of last year, are the following
increases in the value of the products exported: 5112.776,000 in grain and
grain products combined, and 58,170,000 in total feedstuffs.
). The chief items which made these increases possible were the following:
Wheat, $73,087,000: rye, 526,597,000; wheat flour, $8.070,000; cats, $5,863,000; barley. $4.305,000; malt, 22.163.000: oatmeal, $1.300,000; bread
and biscuits, $347,000; macaroni, $99,000; cottonseed cake, $4,168.000;
cottonseed meal, 52,018.000; linseed cake, 51,160,000; prepared feeds,
$227,000; yeast, $113.000; baking powder, 893,000. The offsetting losses
were as follows: Corn, 56,875.000; rice, 31.816.000; rye flour, 5637.000;
corn flour and grits, 8422.000; screenings, $241,000; hops, 81.771.000; cornstarch, $1,246,000.
The quantities exported during the past 7 months exceeded those for the
same months of 1924 as follows (in 1,000 bushels): Wheat, 30.428; rye,
18.721; oats, 10,709; barley. 3.699; malt. 1.479: (in 1,000 pounds) oatmeal,
28,007; biscuits, 1.788; macaroni, 901; yeast. 483; baking powder, 322'
(in 1,000 tons) cottonseed cakeS99: cottonseed meal. 48; linseed cake. 14.
At the same time there were the following losses (in thousands): C ma,
1925.
1924.
1925.
813,651
$25,427
5112,564
$225,340
8,429
1,182
4,730
Barley, bushels
1,940
$8,676
$1,246
Value
$4,371
$1,907
3,267
Malt, bushels
298
1,788
345
$4,017
$316
Value
$1,854
2417
101
1
42
2
Buckwheat, bushels
$117
$1
$38
24
Value
156
7
141
5
Buckwheat flour, pounds
510
$a
$a
58
Value
5,440
506
15,119
bushels
Corn,
733
$7,049
2586
Value
$13,924
$907
37
174
285
Meal and flour, barrels
28
51,075
$181
81,340
Value
$172
10,199
1,127
21,491
Hominy and grits, pounds
3,172
$270
$24
Value
$78
$427
4,584
465
3,912
Other corn preparations, pounds__ _
562
$336
234
Value
$ 44
5262
10,913
19
Oats, bushels
3,807
204
$5,906
$13
$133
Value
$2,020
4,110
65,924
Meal and rolled oats, pounds
37,917
9,307
2190
$2,938
Value
$1,638
VIM
1,066
28,278
Rice, pounds
76,400
885
$50
21,684
Value
83.520
$46
1,257
10,757
Flour, meal and broken rice, pounds
509
15,036
$39
Value
$667
$23
$384
1,306
26,373
Rye, bushels
3,784
9,652
81,167
$34,717
Value
24,287
88,020
4
25
Flour, barrels
2
191
522
5171
Value
210
5808
4,049
56,483
Wheat. bushels
5.288
26,055
$5,164
Value
$8,759
829,302 $102,389
789
Flour, barrels
775
•6,550
8,658
24,194
552,277
55,908
Value
244,007
920
Bread, biscuits, cakes & crackers,lbs
9,950
1,450
8,162
8135
51,447
Value
8206
51,101
649
5.137
591
Macaroni,spaghetti & noodles, pounds
4,236
$47
$428
Value
251
$329
316
5,359
Other wheat products, pounds
1,280
3,434
$25
$446
Value
2101
$254
748
Cereal breakfast foods, n. e. s., pounds
3,648
337
5,010
568
$393
Value
$40
2472
5,440
Other grains and preparations of, lbs. _
3,997
392
10,522
$147
$236
Value
$28
2372
a Less than 21,000.
EXPORTS OF FEEDS, HOPS, STARCH, YEAST AND BAKING POWDER.
(Figures in thousands: 000 omitted.)
Month of July.
DOMESTIC EXPORTS OF COAL AND PETROLEUM.
Seven Months Ended July.
7 Mos. Ended July 31.
Month of July.
1924.
7 Months End. July 31
1924.
1925.
1924.
1925.
Total fodder and feeds
21,385
21,932
$11,239
$19,409
Hay,tons
Value
Olicake and oilcake meal (total), tons.
Value
Cottonseed cake, tons
Value
Linseed cake, tons
Value
Other Weak°, tons
Value
Cottonseed meal, tons
Value
Linseed meal, tons
Value
Other ollcake and ollcake meal, tons_
Value
Bran and middlings, tons
Value
Screenings, tons
Value
Other mill feed, tons
Value
Prepared feeds not medicinal, tons__ _
Value
1
13
1
11
$15
$306
$20
$226
31.9
421.0
42.0
247.2
$1,326
$18,033
$1,832
$10,207
4.8
144
12.1
45.4
$201
5.520
$6,070
$1,872
25.9
199.2
20.9
185.3
$1,077
$8,826
$909
$7,666
a
7.2
3.9
0.5
14
$220
$31
$16
0.4
57.7
7.6
10.0
516
$2,427
5322
$409
0.9
4.4
0.9
5.0
$33
$207
540
$205
a
8.2
a
1.1
Ea
$283
Ea
$39
a
3
a
1
$2
$100
$8
$46
0.1
1.9
--- _
5.0
58_
$38.
$279
a
6
12
1
$8
$445
512
2219
0.6
10.2
1.4
5.7
$25
$487
869
2261
Hops, pounds
Value
Cornstarch, pounds
Value
Other starch, pounds
Value
Yeast, pounds
Value
Baking Powder, pounds
Value
768
$269
642
2100
12,836
53,942
11,442
32,171
19,423
$571
140
29
17,209
$624
192
213
178,434
25,661
2,571
5107
120,935
$4,415
1,773
$93
223
$59
270
379
287
$69
283
5103
1.461
$383
2,136
$826
1,044
$496
2.458
qrli q
a Less than 500.
' JULY SHIPMENTS.
(Amounts in thousands; 000 on' tted.)
.
Principal Countries of Destination.
Wheat
Rye
Oats
Barley
Corn
Malt
RomlnY
Oatmeal
Canada, Greece, United Kingdom, Netherlands,
Belgium, Germany
Canada, Germany, Netherlands, Denmark _ _
Canada, Germany, United Kingdom, France.. _
United Kingdom, Germany, Norway, Belgium
Cuba, Dutch West Indies, Canada
Canada, Argentina, Brazil, Melico, Cuba
United Kingdom, Denmark, Canada, British
West Indies
United Kingdom, Netherlands, Sweden, Irish
Free State, Canada
% of Total Erports of
Shipped to July 1925
Exceed
These
Countries. Those of
July '24 NI
94
97
so
90
50
58
1,239 bush.
2,478 "
3,788 "
758 "
227 "
47 "
95
1,945 lbs.
75
5,197 "
Bread and
530 "
Biscuits Canada, Cuba, Colombia, Venezuela, Mexico_ _
65
Macaroni Canada, Dominican Republic, Australia, Mexico, Cuba
65
-9 bbls.
Cornmeal United Kingdom,I)utch West Indies, Canada
50
-181 lbs.
Rice
Germany, Honduras, Mexico, Chile. Nicaragua
94
-Less than in July 1024.
J. A. LcCLERC, Grain Specialist.
Sm.-T. 5 1925.]
1161
THE CHRONICLE
Domestic Exports of Meats and Fats.
The Department of Commerce at Washington gave out on
Aug. 21 its monthly report on the domestic exports of meats
and fats for July. This shows that for the month of July
the total quantity of meats and meat products exported was
less than in the corresponding month last year, but the
value of these exports was somewhat larger, 44,807,886 lbs.
being exported in July 1925, against 64,179,538 lbs. in June
1924. The value of these exports in July this year amounted
to $9,404,312, against $8,624,090 in July last year. The total
of animal oils and fats for July was also smaller than last
year. For the twelve months ended with July the exports
of meats and fats have been generally less than in the corresponding period last year, both in quantity and value. The
report is as follows:
Exports of Canned and Dried Foods.
The statistics of the export trade in canned and dried
foods for July, released by the Department of Commerce
at Washington on Aug. 24, continue to reflect the seasonal
dulness. Compared with July 1924, advances are noted in
canned meats and dairy products, and some items among
the dried and canned fruits. Sardine exports increased for
the month, and almost twice as much canned salmon has
been exported since the first of the year. There has been
quite an improvement during July compared to the previous
month. The detail report follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
908,636 1,091.197 10,473,247 11,257,499
Lbs.
Total canned meats
5286,753 $427,632 $2,920,152 $33,458,608
Value
Lbs. 14,474,659 16,897,900 128,803,349 103,847,456
Total dairy products
$1,733,644 52,217,884 515,771,589 514,320.404
Value
Lbs. 3,991,528 3,862,920 27,433,458 25,211,472
Total canned vegetables
5490,928 $478,264 $3,105,680 52,880.001
Value
Total dried & evaporated frults_Lbs 8.195,801 16,381,055 185,905,985 106,121,881
$561,247 $1,285,086 513,936,926 $8.864,075
Value
Lbs 9.073,890 12,589,907 84,969,666 65,405,536
Total canned fruits
$946,517 $1,209,355 $8,100.971 56.754.156
Value
Month of July.
1924.
1925.
Seven Months End. July,
1924.
1925.
Total meats & meat products,lbs._ 64,179,538 44,807,886 572,202,710 387,032,273
$8,624.090 $9,404,312 $70,530,372 $72,130,484
Value
Total animal oils and fats,lbs._ .... 111.517,592 72.323,415 779,242,526 589,830,984
$13,049,628 511811,667 $94,271,352 $92,580,167
Value
Beef, fresh, lbs
Value
Beef, pickled, &c., lbs
Value
Pork, fresh, lbs
Value
Wiltshire sides, lbs.
Value
Cumberland sides, lbs
Value
Hams and shoulders, lbs
Value
Bacon,lbs.
Value
Pickled pork,lbs
P. Value
Oleo oil, lbs
Value
Lard, lbs
Value
Neutral lard, lbs
Value
Lard compounds,animalfate,lbs..Value
Margarine, animal fats. lbs
Value
Cottonseed oil, lbs
Value
Lard compounds,vegetablefats,lbs _
Value
322.158 1.455,585 2,137,334
155,900
$49,140
$270,361
$337,999
$24,208
1,620,286 1.894,335 11,531,058 12,289,456
$162,097 $205,198 $1,174.244 $1,291,980
566,413 19,621,899 13,166,834
1.821,647
$242,728 $108,823 $2,594,622 $2,216,125
698,524 13,490,654 8,683,764
1,385,470
$159,355 $145,301 $1,703,795 $1,624,957
2,066,064 2,021,302 17,466,717 14.503,862
8242,016 $423,015 $2,251,095 $2,743,886
28,589,149 20,617,661 250,720,428 170,206,061
$4,234,534 $84,683,637 129,695,221 $33,234.577
21,728,365 12,136,461 191,235,235 106,721,645
52,541,769 52,537,312 $22,676.642 519,571.563
2,387,275 1,948,303 17,174,029 15,201,270
$257,841 $316,777 51.961,070 82,333.615
8,729,024 7,958,570 55,509,594 60,504,744
81,089,077 51,034,155 57,015,808 57.506,814
86.788,155 49,413,687 815,612,690 426,878,649
510,468,100 $8,783,132 $76,653,847 $71,523,683
2.366,588 2.231,060 17.734,658 10,655,072
$304,190 $434,397 $2,324,907 $1,953,618
495,656 1.238,416 3,845,425 6.128.651
5513,144
1893,894
566,732 $174,412
491,703
37,190
395,125
91,777
566,346
$76,387
$12,483
$6.668
1,950,042 1,986,543 20,100,760 30,055,360
5202,390 $234,457 52,048.915 53,244,045
508,050 4,497,587 3.835.435
760,118
$74,816
5607,895
$585.265
$97,175
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of July.
1924.
Lbs
Beef, canned
Value
Lbs
Sausage, canned
Value
Milk, condensed, sweetened_ __Lbs.
Value
Milk,evaporated. unsweetened.Lbs.
Value
Lbs.
Salmon,canned
Value
Lbs.
Sardines, canned
Value
Lbs.
Raisins
Value
Lbs.
Apples, dried
Value
Lbs.
Apricots, dried
Value
Lbs.
Peaches, dried
Value
Lbs.
Prunes, dried
Value
Lbs.
Apricots, canned
Value
Lbs.
Peaches, canned
Value
Lbs.
Pears, canned
Value
Lbs.
Pineapples. canned
Value
1925.
152,396
64,706
$59,059
$14,523
254,843
212,425
574,994
$59,287
4.818,994 3,962.030
$887,063 $554,115
8,782,253 11,808,866
$749,497 $1,314,756
4,048,336 1,884,789
3558,526 $266.198
1,188,564 1,960,999
$107,296 $172,388
2,856,251 8,672,465
$244,284 5622.373
565,268
105,767
566,108
$12,527
703,087 1.237,632
$71,836 5172,675
243,513
220,008
523,072
516,993
4,221,954 5,309,099
5206,313 $360,270
2,888,253 5,857,855
$240,377 $489,721
579,442 1,052,714
$59,175 3104,944
92,877
140,565
512,391
$15,889
1,774,264 3,259,260
5221,477 5351,352
7 Months Ended July.
1924.
927,808
5206,047
2,176,386
$613,036
40.719.597
55,895,987
80,729,913
$7,379,066
30,019,758
54,053,794
30,121,861
82,515,690
34,179,698
52,754,796
15,920,400
52,012,011
21,288,747
52,498.994
9,904,145
5741,843
99,116,942
$5,399,418
17,502,145
$1,312,399
27,374,465
52,387,324
13,338.525
51.413.218
12,653,474
1.555,131
1925.
1.350,689
1446,553
2,505,699
$683,791
25,134,312
13,847,122
65,752,279
$6,610,127
21,511,028
53,190,311
35,401,212
$2,888,921
38.639,220
$2,894,320
5.864.111
5741,043
4,659,224
$768,420
2,044,217
5212,197
51,063,590
83,792,910
14,628,850
$1,289,816
19,386,414
51,999,372
8,018,638
51,032.391
11,888,576
1,315,367
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve bitnks on Sept. 2, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows an increase
for the week of $11,600,000 in acceptances purchased in
open market and decreases of $2,800,000 in discounted bills,
$6,000,000 in United States Government securities, and
$3,000,000 in foreign loans on gold. Federal Reserve note
circulation was $21,800,000 and cash reserves $10,400,000
larger than a week ago.
The principal changes in holdings of discounted bills included an icrease of $7,800,000 at the Federal Reserve Bank
of San Francisco and decreases of $11,300,000 at Chicago
and $7,800,000 at Boston. After noting these facts, the
Federal Reserve Board proceeds as follows:
A reduction of 87,300,000 in holdings of acceptances purchased in open
market is reported by the Federal Reserve Bank of St. Louis. The principal increase in acceptance holdings. $6.700,000, is reported by the Federal
Reserve Bank of Boston, while the New York Bank reports an increase
of $4,000.000 and Philadelphia and Chicago increases of $2,900,000 and
$2,500,000. respectively. Treasury notes on hand went up $700,000 and
United States bonds $300,000, while holdings of certificates of indebtedness
fell off $7,000,000.
Changes in Federal Reserve note circulation during the week include
an increase of $6,400,000 reported by the Federal Reserve Bank of New
York, and increases of 56,200.000 and $3,600,000. respectively, reported
by San Francisco and Atlanta.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 1201 and 1202. A
summary of changes in the principal assets and liabilitie of
the Reserve banks during the week and the year ending
Sept. 2 1925 follows:
Increase (+) or Decrease (-)
During
Week.
Year.
+810,400,000 -$261.900,000
Total reserves
-304,300.000
+14,500.000
Gold reserves
-200.000
+210,700,000
Total earning assets
-2,800.000
+274,900.000
Bills discounted, total
+9.800,000
+202,400,000
Secured by U. S. Govt. obllgations_
-12,600,000
+72,500,000
Other bills discounted
+11,600.000
+143.600,000
Bills bought In open market
_
-6.000,000
-215,900,000
U. S. Government securities, total_ _
+300,000
+37.100.000
Bonds
+700,000
-160,500,000
Treasury notes
-7,000,000
-92,500,000
Certificates of indebtedness
-123.000.000
Federal Reserve notes in circulation._ -+21,800.000
-800,000
+66,500.000
Total deposits
+3.100,000
+84,700,000
Members'reserve deposits
-3.400.000
-9,800,000
Government deposits
-500,000
-8,400.000
Other deposits
The Week with the Member Banks of the Federal
Reserve System.
Changes in the condition of 728 reporting member banks in
leading cities during the week ending Aug. 26, as shown in
the statement issued by the Federal Reserve Board, include
an increase of $2,000,000 in loans and discounts and declines
of $7,000,000 in investments and $56,000,000 in net demand
deposits. Borrowings from the Federal Reserve banks went
up $13,000,000. It should be noted that the figures for these
member banks are always a week behind those of the Reserve
banks themselves. The New York City members reported
reductions of $3,000,000 in loans and discounts, of $1,000,000
in investments and of $16,000,000 in net demand deposits,
and an increase of $22,000,000 in borrowings from the Federal Reserve Bank. Further comments regarding the
changes shown by these member banks are as follows:
Loans on stocks and bonds changed but little in any of the Federal Reserve districts, small increases in the Boston, Philadelphia, Cleveland and
Chicago districts being nearly offset by small declines in the New York,
Kansas City and San k'rancisco districts. "All other" loans and discounts,
largely commercial, fell off $15,000.000 and 84.000.000. respectively. In
the Chicago and St. Louis districts, these reductions being practically offset
by small increases in other districts.
Investment holdings of reporting members show no material changes in
any of the Federal Reserve districts.
Of the decline of $56,000,000 in net demand deposits, $25.000,000 was
reported by banks in the New York district, $10,000,000 in the Boston district and $9,000 and $8,000 in the Chicago and San Francisco districts,
respectively. Time deposits were larger by $8,000,000 in the Atlanta district than a week earlier.
The principal changes in borrowings from the Federal Reserve banks were
an increase of $24,000,000 in the New York district and a reduction of $8,000,000 in the Chicago district.
On a subsequent page-that is, on page 1202-we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (-)
During
Year,
Week.
+8951,000 090
+32,000,000
Loans and discounts, total
-19,000 000
______
Secured by U. S. Govt. obligations__ _ _
+802.000 000
+4.000,000
Secured by stocks and bonds
+168.000 000
-2,000,000
All other
+380,000 000
-7,000,000
Investments, total
+324,000 000
-6.000,000
U. S. bonds
-256,000 000
U. S. Treasury notes
U. S. Treasury certificates
-1,000,000
+312.000,000
Other bonds, stocks and securities
+1,000,000
+53,000,000
Reserve balances with F. R. Banks
+4.000,000
-4.000,000
Cash in vault
-56.000.000
+331.000,000
Net demand deposits
+9,000,000
+647.000,000
Time deposits
-44,000,000
Government deposits
+311,000,000
Total accommodation at F. R.Banks_ _ _ - +13,000.000
1162
THE CHRONICLE
[VOL 121.
nor his estate shall be held accountable to any one for any consumption, use,
damage,loss or injury in respect to any of said articles.
Third, I gi .43 and bequeath all my personal effects and belongings (other
than the personal property in the County of Hertford, England, and in our
dwelling in the premises therewith connected in the United States, hereinabove bequeathed to or for the use of my husband and other than cash deposits in banks, claims, securities and other investments) to my children
surviving me,to be divided among them in such manner as they shall agree
upon.
Fourth, I also give and bequeath in equal shares to my children surving
me the sum of $150,000.
I give, devise, bequeath and appoint all the rest, residue and remainder
of my estate, of whatsoever nature, whensoever acquired and wheresoever
situate, of which I may die seized or possessed, cr over which at the time of
my death I may have power of disposition or appointment, to my children
surviving me and the issue surviving me of any of my children who shall
have died before me leaving issue, absolutely, in equal shares, per stripes,
and not per capita.
I make this provision for our children and their issue feeling sure that if,
through any unforeseen circumstances, my husband should be in need,they
will share with him the property derived from me.
Fifth, I nominate and appoint my husband, John Pierpont Morgan, my
s,
3n Junius Spencer Morgan,Jr. and my son Henry Sturgis Morgan [provided
he shall at the time of my decease have attained the age of twenty-one years
and otherwise upon his attaining such age to be executors of this my will;
and I desire that no bond or other security be required of them or any of them
for any cause whatsoever.
Sixth, I authorize my executors, in their discretion, from time to time to
sell any or all of my real and personal estate, at public or private sale for
cash or on credit, and on such terms as they shall think fit, and to transfer
Mr. Stettinius was a director of General Motors Corp., Guaranty and convey the same by good and sufficient deed or deeds or other instruTrust Co. of New York, International Agricultural Corp., International ment or instruments, to the purchaser or purchasers, and I direct that no
General Electric Co., Babcock & Wilcox. Atlantic Coast Lumber Corp. purchaser shall be responsible for the application of the purchase money.WI
I also authorize my executors in their discretion to lease for any period, irand American Cotton Fabrics Corp.
Mr. Stettinius was born in St. Louis and educated in St. Louis University. respective of any statutory restrictions, upon such terms and conditions as
PUS
He was Treasurer and later Vice-President & General Manager of Stirling they may deem advantageous, any and all of my real estate;
I also authorize my executors in their discretion to retain any investments
& Co., machinery manufacturers. 1892-1905. In 1905 he formed the
owned
by
me,
my
estate
in
such
withto
invest
manner
as
wise,
they
deem
with
1906
Stirling Consolidated Boiler Co., which was consolidated in
Babcock & Wilcox Co., of which he became Vice-President. He was elected out being restr cted to the class of investments which alone an executor or
Treasurer of the Diamond Match Co. in 1908 and became President in 1909. trustee is allowed by law to make, and to vary their investments from time
In 1915 he went with J. P. Morgan & Co. to organize department for to time as they see fit.
In witness whereof I hereunto set my hand and seal this 6th day of August
purchase of supplies for the Allies, becoming a member of the firm Jan. 1
1916. When the United States entered the war, he was appointed Surveyor- 1920.
General of War Supplies of the War Department, became a member of the
War Coundl March 1918, and Second Assistant Secretary of War April 6
1918. He represented the United States on the Inter-Allied Munitions Offering of $70,000,000 One-Year Canadian Government
Council in Paris July 1918. and was special representative of the U. S. War
Notes.
Department in Europe from August 1918 to January 1919, when he resigned
and resumed his connection with J. P. Morgan & Co.
A syndicate consisting of the Chase Securities Corpora-
Death of Edward R. Stettinius, Partner in Firm of
J. P. Morgan & Company.
Edward R. Stettinius, a partner in the banking firm of
J. P. Morgan & Co., died at his home in Locust Valley,
Long Island, on Sept. 3. The direct cause of his death,
which followed a long period of ill health, was cerebral
embolism. On the day of his death the firm's offices were
closed except for the transaction of necessary, routine
business. The funeral, which was held yesterday, was
private, at the wish of his family, only the members of the
Morgan firm and his most intimate friends being present.
Mr. Stettinius's illness dated from 1920, when, his health
undermined by his activities during the war, he underwent
an operation for appendicitis. In 1923 he was stricken with
intestinal trouble while visiting in Georgia, and was again
obliged to submit to an operation. Although he had been
in touch with his partners up to a month ago, Mr. Stettinius
had not visited the firm's offices since the beginning of the
present year. Mr. Stettinius was formerly Second Assistant
Secretary of War. He was born in St. Louis on Feb. 15 1865.
The following brief account of his career is from the "Wall
Street Journal":
Many bankers took occasion on Thursday to pay tribute
to Mr. Stettinius's worth, one of whom, Albert H. Wiggin,
President of the Chase National Bank, stated "the term of
service of E. R. Stettinius in the banking business was comparatively short, but the results were tremendous. He was
a man of the highest character, courageous and resourceful,
and his death is a great loss."
Will of Mrs. J. P. Morgan—English Estate to Husband.
The will of Mrs. Jane Norton Morgan, wife of J. P.
Morgan, was filed for probate on August 28, in the
Surrogate's Court at Mineola, L. I. Mrs. Morgan's death
on Aug. 14 at her Long Island home was noted in our issue
of Aug. 15, page 803. Mrs. Morgan made her husband and
their four children (two sons and two daughters) her sole
heirs. She bequeaths her English estate to her husband, indicating that she should have like to will him all her possessions, but that he preferred she leave him only the property
in England. She likewisee bequeaths to him all the furnishings in their dwelling in the United States. The following is
the text of the will:
I, Jane Norton, wife of John Pierpont Morgan, of Matinic ck Point, in
the County of N wan and State of New York, make this my laLt will and
testament, hereby levoking all wills at any time heretofore made by me:
First, I direct my executors to pay all my just debts and charges of administration;
lab uld have liked t give everything I possess to any dear husband, but
he prefers that I shout only leave him my prop-rty in England, known as
the Wall Hill Estate, formerly Al;enh m Abbey, and other real property
situate In the County of Hertferd, and !so the use during his life of my
household effects in the United States.
Accordingly, I do hereby give, dead e and bequeath all cf said property,
known as the W U Hall estate, formerly Altenham Abbey,situated in the
County of Hertford, England, in the United Kingdom of Great Britain and
Ireland, together w th all other real property situate n the said County of
Hertford, England together with all bullcUngs upon any of said properties
erected and the appurtenances thereunto belonging, and also all personal
property of every nature belonging to me in and upon said premises and
buildings, to my said husband, John Pierpont Morgan, his heirs executors.
adminhtrators and assigns forever.
I hope that my s Id husband m y wish to arrange to leave the said property jointly to our sons, but by this expression I do not intend to restrict in
any way his absolute ownership and right of di posal of said property.
Should my said husband not survive me I give, devise and bequeath all of
the said properties, real and per onal, building and appurtances, situate in
the County of Hertford. England, to my sons Junius Spencer Morgan, Jr.
and Henry Sturgis Morgan, and to the survivors as joint tenants and not as
tenants in common, their heirs, executors, adminis raters and assigns forever.
First,said property real and personal.buildings and appurtenances shall
vestin my said husband or either or both ofmy said sons,the same shall befree
from any and all power of sale or other disposition thereof by my executors.
Second, I also give and bequeath to my said husband for his own use during his life all furniture, furnishings, pictures, silver and plated ware. ornaments, bric-a-brac, books, linens, china, glass and other articles of house
hold equipment belonging to me which may be in our dwelling in the United
States or upon the premises therew th connected and direct that neither he
tion, Blair & Co., Inc., the Equitable Trust Co., all of New
York; the First National Corporation of Boston, the Illinois
Merchants Trust Co., First Trust & Savings Bank, the Continental & Commercial Trust & Savings Bank, all of Chicago; the Union Trust Co. of Pittsburgh, the First National
Bank of Los Angeles, the Mercantile Securities Co. of California and Bank of Italy, both of San Francisco; the National ShaWmut Bank of Boston and the Mississippi Valley
Trust Co. of St. Louis, was awarded on Aug. 31 $70,000,000
4% one-year gold notes of the Canadian Government. Notes
are coupon notes in the denominations of $1,000, $5,000 and
$10,000. Dated Sept. 1 1925. Due Sept. 1 1926, but are
redeemable as an entirety at the option of the Government
on March 1 1926 and thereafter, at par and accrued interest,
on 30 days' published notice. Principal and semi-annual
interest (M. & S.) payable in United States gold ,in New
York City, free from deduction in respect of all Dominion
Government taxes, present or future, but this shall not exempt from such taxes payment in discharge of these notes,
when beneficially owned by persons residing or ordinarily
resident in Canada.
The notes were re-offered to investors by the bankers at
99.75 and interest. The proceeds of the notes are to be
applied toward the payment of the $90,000,000 notes floated
in this country last September, notice of which was made
at that time in V. 119, p. 1345, and which become due on the
15th of this month—the balance of the loan will be paid by
the Government from cash on hand. The notes issued last
September were handled by the same syndicate as the
present. The New York "Herald Tribune" of Sept. 1, in
speaking of the present financing, said in part:
The Canadian financing as announced last night (Aug. 31) took the form
that had been predicted for several weeks. Following the example of the
American Treasury in paying off short-time indebtedness, the Government
has reduced its note !nue from $90,000,000 to $70,000,000. Under the
terms of sale the $70,000,000 issue matures one year from now, but is redeemable at the option of the Government on March 1 next. I; is believed
that if the money market, which for Canadian securities has been too firm
for favorable long-term refunding operations recently, loosens considerably
by next spring, the present flotation may be called and a large part refunding at a low rate over a long period of years. If the money market remains
firm Ottawa may prefer to pay off the notes as fast as possible over the
next few years, resorting to refunding operations similar to the present one
for the unpaid balance each year.
Investment banks are keenly interested in the fate of the present Canadian
financing, as Canada has large sums of maturing bonds coming due over the
next ten years and the bankers who have the inside track in handling it
will feel that they have a good piece of business. On Dec. 1 about 940,000,000 War Loan 5s fall due; thee will probably be refunded internally, as the
loan was sold internally. Other Canadian maturities are: $25,000,000,
April 1 1028; $66,000,000 Dec. 1 1927 ; about $30,000,000 internal bonds,
Oct. 15 1928; $60,000.000 Aug. 1 1920; $25,000,000, April 1 1931; about
$50,000,000 Oct. 1 1931; about $400,000,000 Nov. 1 1933; about $490,.
000.000 Nov. 1 1934; $92,000,000, 1987.
SEPT. 5 1925.]
THE CHRONICLE
Formal Offering of $2,000,000 Gold Notes of Province
of Buenos Aires (Argentina)—Issue Subscribed for.
At 100 and accrued interest an offering of $2,000,000
Province of Buenos Aires (Argentine Republic) six months
5% Treasury Gold _Notes was formally offered on Sept. 3
by Blair & Co., Inc., the Illinois Merchants Trust Co. and
Halsey, Stuart & Co., Inc. All of the notes, it was announced, had been subscribed for in advance of the offering.
The issue will be dated Sept. 1 1925, will become due
March 1 1926 and will be callable as a whole at any time on
thirty days' notice at par plus accrued interest to date of
payment.
They will be bearer notes in the denomination of $1,000.
Principal and interest will be payable in United States gold
coin of the present standard of weight and fineness at the
offices of The Chase National Bank of the City of New York
and Blair & Co., in New York City, without deduction for
any present or future taxes of the Government of the Argentine Nation, or of the Province of Buenos Aires.
From the offering circular we take the following information furnished by the Minister of Finance of the Province
of Buenos Aires:
These Notes will be the direct obligation of the Province of Buenos Aires
which pledges its good faith and credit for the punctual payment of the
principal and interest thereof.
These Notes are issued for the purpose of obtaining funds with which
to carry on railroad construction. In anticipation of the sale of long term
bonds, the Province will create as security for the payment of these Notes
a first and paramount lien upon all collections from the Consumption Tax
The Consumption Tax is levied upon alcohol, tobacco and playing cards
and was put into effect June 11 1923. During the remaining portion of
that year the collections under it amounted to about $4,076,000. For the
year ended December 31 1924. such collections amounted to about
0,980,0C°, and for the six months ended June 30 1925, about $2,122,000.
The total collections for 1925 are estimated at $7,200.000. All of the above
amounts are converted at current rate of exchange
The total funded indebtedness of the Province as of December 31 1924
together with this ssue, amounted to $180,138,000 at par of exchange
The offerings are made when., as and if issued and received
and subject to approval of counsel.
1163
published in certain newspapers to the effect that the Hungarian Consolidated Municipal Loan, recently placed in this country by Speyer & Co..
had been abandoned, and to confirm that the terms of the contract between
the bankers and the Hungarian Government, acting on behalf of the cities.
have been strictly complied with and that allocation of the proceeds to
the cities is now being made in Budapest.
Dissolution of Syndicate Offering $75,000,000
Australian Government Bonds.
The syndicate, headed by J. P. Morgan & Co., which in
July offered $75,000,000 Commonwealth of Australia external loan of 1925 5% gold bonds, has been dissolved,
effective at close of business, Aug. 31. The offering was
referred to in these columns July 25, page 400.
Salvador Customs Collections.
F. J. Lisman & Co. announce as follows the Salvador
customs collections for August:
1925.
1924.
August collections
$225,868
5217.432
Interest and sinking fund charges
53,530
56,053
January-August collections
3,002,925
3.397,520
January-August interest and sinking fund charges
428,240
467.652
The collections for August of this year amount to more than seven times
the interest and sinking fund requirements for that month on 8% Customs
Lien Bonds now outstanding.
Payment of $5,000,000 by United States to Colombia
Under Treaty Arrangements. The following advices from Washington, Aug. 31, are
from the New York "Times":
The Treasury of the United States, it was announced at the Department
to-day, will to-morrow place $5,000,000 to the credit of the Government
of Colombia, this being the fourth of the payments due on account of the
$25.000.000 provided in the treaty between the two countries growing out ef
the separation of Panama from Colombia in 1903. Dr. Enrique Olaya,
Colombian Minister here, acting on behalf of his Government, will receive
the $5,000,000. which will be deposited with the Federal Reserve System
to be drawn against by the Treasury of his country. The final payment
will be made on Sept. 1 next.
Russian Textile Delegation Fails to Get Credit.
Offering of $1,000,000 Bonds of First Trust Joint Stock
The following from London, Aug. 29 (copyright), is from
Land Bank of Chicago.
the New York "Times":
J. G. Eremin and the Russian textile delegation shook the dust of EngThe bond department of the First Trust & Savings Bank
land off their feet to-day, with only a small portion of the £5,000,000
of Chicago offered on Sept. 1 $1,000,000 4% Farm Loan worth of orders they intended placing with English manufacturers actually
bonds of the First Trust Joint Stock Land Bank of Chicago placed. The trouble has been that English firms did not see why they
give the Russians the extended credits they demanded. Before leavat 102 and interest, to yield over 4.25% to the optional date should
ing Eremin issued a statement, in which he said:
and 434% thereafter. The bonds will be dated Oct. 1 1925
"Practically all the firms with which we were negotiating were unaniand will become due Oct. 1 1955. They will be redeemable mous in pointing out to us that in accepting our orders they would have
considerable financial difficulties. They would be prepared to
to
at par and interest on Oct. 1 1935, or on any interest date meetmeet
us on the question of credit required provided the banks would grant
thereafter. The bonds, coupon, $1,000 and $10,000, are them the necessary accommodation, but the banks refused to do it."
Inquiries at the Soviet Legation show that the security offered the Engfully registerable and interchangeable. Principal and semimanufacturers was that of a Russian State bank and the &cos Co-operaannual interest will be payable April 1 and Oct. 1 at the lish
tive Societies, which are part of the regular Government organization in
FirstiTrust & Savings Bank, Chicago, or the First National Russia. As the textile syndicate, which is seeking to place orders, is also
Bank, NewiYork City. The bonds are exempt from Fed- a department of the Government, this security is little better than one
department of the Government guaranteeing orders placed by another.
eral, State, municipal and local taxes, excepting inheritance
All the business done by the delegation was to give orders to six firms,
and similar taxes. The farm loans made by the First Trust on which a small proportion will be paid in cash and the rest by periodical
Joint1StockiLand:Bank of Chicago amount to approximately installment.
$33,106,000 at the present time. It is stated that these
New York Federal Reserve Bank Says Restoration of
loans equal approximately 45.15% of the values of the farm
British Gold Standard Has Not Resulted in
lands:asfixed by the appraisers of the Federal Farm Loan
Gold Withdrawal from London Market.
Board, and139.75% of the value of the farm lands and the
With regard to money conditions in Great Britain, the
insured improvements thereon.
Federal Reserve Bank of New York, in its Monthly Review
Offering:ofi$1,000,000 Farm Loan Bonds of First Trust for Sept. 1, says:
The reduction on Aug. 6 of the Bank of England's discount rate from
Joint Stock Land Bank of Dallas.
5 to 4;i% has called attention to the changes in the financial situation in
At 1043fand interest, to yield over 4.40% to optional Great Britain which have taken place since the resumption of gold payments
April.
date and 5% thereafter, the bond department of the First In One
of the uncertainties attending the restoration of the gold standard
Trust Sr.Savingi,Bank of.,Chicago offered on Sept. 1 $1,000,- was the extent to which gold might be withdrawn from London once the
000 5% Farm Loan bonds of the First Trust Joint Stock prohibition on exports was removed. Since the restoration of a free gold
however, the gold movement instead of being adverse to London
Land Bank of Dallas. The bonds will bear date Oct. 1 1925, market,
has been generally favorable, partly because foreign funds, assured of
will become due Oct. 1 1955, and will be redeemable at par ready convertibility and attracted by London rates, have tended to flow
and interest on Oct. 1 1935 or any interest date thereafter. into the British market. Gold holdings of the Bank of England up to Aug.
19 showed an increase of £8,000,000 due to imports, which together with an
The bonds will be in coupon form,in denominations of $1,000 increase of £27.000.000 due to the transfer of gold from the Currency Note
and $10,000, and fully registerable and interchangeable. Redemption Account to the Bank of England in the week of April 29.
Principal and semi-annual interest will be payable April 1 raised the total gold holdings of the Bank to £164,000,000, a new high level.
and £126,000,000 above the 1913 average. Sterling exchange has advanced
and Oct. 1 at the First Trust & Savings Bank, Chicago, or from $4.8156 to 54.8538, while the effect of the influx of gold upon money
National
Bank,
New
York
City.
Both
First
the
First conditions is shown by the substantial decline in money rates.
the
Trust Joint Stock Land Bank of Chicago and the First
Trust Joint Stock Land Bank of Dallas are affiliated with the United States Capital Flowing to Latin America—
Latin-American Holdings Now About $4,000,000,000
First Trust & Savings Bank and the First National Bank of
or Two-Fifths of Estimated Total—British
Chicago.
Investments in Latin America About
Reports
That
Consul
Denies
Loan Recently
Hungarian
$6,618,00,000.
Placed Has Been Abandoned.
The increasingly important position which United States
ThelRoyal Consulate-General of Hungary, New York,
capital is playing in the economic development of Latin
issues the following under date of Sept. 3 1925:
America—in the extension of mining, industrial, agriculattNew
-General
York
Hungarian
Consul
City
has
Royal
been
The
authorized by the Minister of Finance to denyZemphatically the statement tural and public enterprises—is shown in a report on invest-
1164
THE CHRONICLE
ments in Argentina—the first of a new series of Latin-American investment studies released by the Department of Commerce on Sept. 1. The Department says:
The conffitions in the English money market, the most important source
of investment funds for the Latin-American countries, since the beginning
of the war, compelled the latter to look upon the United States for financial assistance. The past few years have witnessed a considerable growth in
American financial interests in Latin America, this report discloses, which
are now conservatively estimated at upwards of $4,000,000,000, or about
two-fifths of our present total foreign investments.
This amount is represented by the ownership of public utilities and the
proprietorship of, or participation in, a wide range of enterprises, such as
mining companies, public utilities, industrial plants, land and cattle enterprises and miscellaneous commercial undertakings.
In Argentina alone, with which the report specifically deals, American
participation has risen from a minor position to one of importance. Great
Britain, which early took the initiative in investing in Latin America, has
long maintained the lead in the financing of Argentine enterprises, especially railroads and other public utilities. The United States, with its
banks, meat packing plants, oil companies, and a variety of other undertakings, has reached a comparatively strong position.
The conditions in the European money markets during and since the war
have caused the Argentine Government to seek several loans in the United
States, and this has led to a much closer financial relation between the two
countries. Department of Commerce compilations show that at the close of
1924 the total sum of American capital invested in Argentine Government
securities was $392,800,000, while an estimate placed the total of all other
Investments in the country at over $100,000,000.
Although ranking among the foremost producing nations of the world,
large sections of the country's agricultural, forest and mineral wealth still
remain to be exploited, the report discloses, and opportunities for placing
capital are constantly being presented.
The first of this • series—the present report, "Investments in Latin
America—I. Argentina," Trade Information Bulletin No. 362, will shortly
be followed by similar stndies covering other of the Latin-American republics. It gives a complete review of the history of Argentine public and
• private finance. The outstanding financial developments of the last 30
years are outlined and the agricultural, pastoral and forest resources of
the country are described. There is a detailed account of the railroad system of the country, together with a presentation of the present-day development of manufacturing industries, public utilities, petroleum production,
etc. Copies can be obtained from the Superintendent of Documents, Government Printing Office, Washington, D. C., or any of the branch offices
of the Department of Commerce. The price is 10 cents.
Silver Price Up on Treasury Purchases.
The following appeared in the New York "Evening Post"
•
of last night (Sept. 4):
Explanation of the rise in the price of silver to a new high level for the
year at 72% cents an ounce came to-day in the announcement that the
United States Treasury had entered the silver market for the first time In
several months. It bought 350,000 ounces, for which it paid 72% cents
an ounce for 250,000 ounces and 72% cents for the remainder.
It was understood the silver was required for subsidiary coinage.
Demand for silver in London was also keen to-day and the price advanced
to 33 3-16d., a new high record for the year. Chinese purchases were responsible for the increased demand there.
The United States Government has been out of the silver market since the
wind-up of the purchases under the Pittman Act, when a total of 200,500,000
ounces of "domestic" silver was acquired at a basic price of $1 an ounce.
Silver producers have sought from time to time to obtain authorization
for the Government to renew its purchase of "domestic" silver at this price,
but so.far the movement has been unsuccessful.
Opening of Mexican Bank of Issue in Vera Cruz Sends
Silver Up.
The New York "Journal of Commerce" reports the following from Vera Cruz, Mexico,Sept.2(Associated Press):
A branch of the Mexican Bank of Issue has opened here, without, however, doing any business because the bank notes have not yet arrived.
The price of silver rose coincident with the opening of the bank.
[VOL 121.
Freight on Gold.
The gold freight contract between the raining companies and the UnionCastle Mail Steamship Co., Ltd., expires on the 30th September, 1925.
It will be remembered that the Minister of Ports and Telegraphs undertook
to bear the representations of your Committee in mind in his negotiations
with the Union-Castle Mail Steamship Co., Ltd., but, so far, no further
communication has been received from the Government on the matter:
Opening of Mexico's New Bank of Issue.
Mexico's new National Bank of Issue, created under the
name of the Banco de Mexico, began operations on Sept. 1,
the President of Mexico and his Cabinet participating in the
opening. Detailed reference to the new bank appeared in
these columns last week, page 1039. According to advices
to the New York "Journal of Commerce" the bill establishing the bank, pursuant to Article 28 of the Constitution,
was signed by President Calles on Aug. 28. The advices
to that paper stated:
The bill is a lengthy document, comprising about 15,000 words of text.
When President Calles signed the bill he brought to realization a great
financial project which had been pending since 1917.
With the opening of the new bank the Associated Press
accounts from Mexico City on Aug. 31 said:
Beginning tomorrow, Mexico is to have a central bank for the issuance of
paper money with the backing of the Federal Government. Both Mexican
and foreign circles here look for improved business conditions under the
new plan.
It will be known as the Banco de Mexico S. H., or the Bank of Mexico,
Inc. It will begin on a capitalization of 100,000,000 pesos, or nominally
$49.800,000. The Government retains 51% ,of the stock, offering the remainder for general subscription.
A criticism of the new bank plan which is heard here is that the money
which the Government is using to start this bank of issue could have been
used to pay obligations under the Lamont-De la Huerta agreement, under
Which Mexico was to make certain payments to foreign holders of Mexican
bonds. There is now due a payment of 35.000,000 pesos under this agreement and at the end of 1925 another 40,000,000 pesos,or a total of 75,000,000
pesos, will be due.
The new bank will issue paper money, backed by both gold and silver
reserves, although the new notes actually will be gold certificates. The
Government will retain 51% of the stock, offering the remainder for general
subscription. The bank is capitalized at 100,000,000. pesos (normally
$49,800,000).
Probably a fortnight will elapse before the new paper money actually is in
circulation. Bills are held in readiness for issue up to 10,000,000 pesos, but
the first issues probably will be small. Mexico has had no paper money in
general circulation since 1920 and little since 1916. Only gold and silver
coins have been used and the handicap of handling big business transactions
by payments in metal coin have curtailed trade, experts say.
In addition to issuing paper money, the bank will assume the functions of
the present Mexican Monetary Commission. It is authorized to handle rediscounts and do a general banking business as well as act as agent for the
Mexican Treasury.
The new bank is not to be confused with the National Bank of Mexico.
There are two classes of stock, "A," that held by the Government, and
"B," that held generally subscribed. It is reported that several foreigners
will be appointed directors from among the "B" stockholders, among them
H. D. Hutchinson of Mexico City, a British subject, Manager of El Aguila
Oil Co.: Bertran Holloway, also British, Manager of the British-owned
Ferrocarril Mexicano, which is the Mexico City-Vera Cruz railway; Augusta
Ganin and J. M. Michel, both prominent French financiers, and Adolfo
Pristo, Spanish industrialist.
The Mexican directors will include Alberto Mascarenas, head of the new
bank, former Consul-General and financial agent of the Mexican Government in New York.
As we reported in our item of a week ago, the bank will be
under the management of Alberto Mascaranas. From the
New York "Journal of Commerce" of Aug. 29 we take the
following:
No official statement has yet been made as to who the nine directors of
the bank will be, but it is intimated by authoritative Mexican sources that
unless the 40% of capital stock not subscribed by the Government is
promptly taken up by State banks and private individuals or corporations,
the Government may name the entire board of nine directors, instead of
five, as provided under the plan of organization.
An issue of 120,000,000 pesos ($60,000,000) is authorized, as the Government will maintain a gold reserve of 50% against the note issue. The
amount of the first printing has not been announced.
President Calles is quoted in the message as declaring that acceptance
of the notes of the new bank will be purely voluntary. He said:
REPORT OF GOLD PRODUCERS' COMMITTEE.
"We do not intend to impose this bank on the people. We wish that it
Disposal of Gold.
may be willingly accepted without official pressure. The bank will limit
On the return of the United Kingdom to the gold basis, the so-called Its transactions to such legitimate forms of business as the public requests
premium on gold disappeared. While the premium existed it was more In the same manner as any other bank operates. The paper money will be
absolutely a voluntary acceptance. There is no necessity for the circulation
remunerative for the mines to dispose of the whole of their gold in London, of
the first Issue of notes to be pushed. The issue will be made in accv rdance
and so obtain the premium. It is now advantageous to dispose of a large with the demands of the public.
"
portion of the gold by local sales to the Banks and principally to the Reserve
The message added that the Federacion Sindicatos0breros (Federation of
Bank, the remainder being sold in London.
Labor) has appealed to President Callas to establish special bourses in
Exchange Rates.
every public market to change bills of the new issue into silver. This is reWith the disposal of a large portion of the Witwatersrand gold output in garded as necessary because of the deep-rooted suspicion entertained by
South Africa, the accumulation by the commercial banks of large balances the peon of all paper money. The message further stated that some of the
In London has automatically ceased, and those banks have found it neces- most important labor unions of Mexico had expressed a desire to deposit
sary to alter their exchange rates, which for many years have been in favor their union funds in the new bank.
of the importer. They are now in favor of the exporter. Under arrangeA high Mexican authority stated yesterday that the Mexican Government with the banks, the mining groups have agreed not to undertake ment expects to have 41,000.000 pesos by the end of the current year to
exchange business, an arrangement which, however, does not prevent the devote to paying overdue interest on Mexican Government bonds. This
sale of gold by the industry to importers who find it to their advantage to sum would pay about half of the deferred interest now due on the bonds.
provide funds in London by shipping gold.
Representatives of large banking interests here stated that their attitude
The Mint.
toward the Mexican Bank of Issue would be one of watchful waiting, with
Your Committee has strongly urged upon the Minister of Finance the a realization that the country needed to extend her banking facilities condesirability of the Government taking early steps to increase the capacity siderably. American banking connections in Mexico, it was said, have
of the Mint, so as to enable it to deal with the whole gold output of South been built up over a long period of time and in the face of severe difficulties,
Africa, including Rhodesia,in accordance with the undertaking given by the and there is no present intention of changing these connections in favor of a
late Government; or, alternatively, that some satisfactory permanent Government institution.
arrangement be brought into force to enable the industry to dispose of its
The expectation that business conditions will improve
gold bullion locally. The matter has been held over until the Parliamentary
with the inauguration of the new banking facilities was
recess.
Transvaal Chamber of Mines—Report of Gold Producers' Committee—Premium on Gold Disappeared With Return of Great Britain
to Gold Standard.
The Transvaal Chamber of Mines, at Johannesburg,
under date of June 20, publishes the report of its gold Producers' Committee, which we reproduce as follows:
SE1".. 5 1925.]
T H DI CHRONICLE
1165
Workers of one country in crossing international borders should immediately join the organization of their trade in the new country and abide
by that organization's standards and regulations, the statement said.
General business conditions here will be greatly improved by the issue of
The representatives said they were not prepared to make specific recomnew bank notes, starting to-morrow, according to local business men, who mendations dealing with immigration problems, but recommended the setexpect a large increase in the purchasing power of wage earners, with a ting up of a joint commission which would work through the Pan-Americau
betterment in gneeral conditions, especially in the fall trade.
Federation of Labor in the adoption of legislation in the-two countries
No signs of uneasiness are seen among business. On the contrary, several covering the problem.
business houses are advertising that they will accept the bills and give a
slight discount nmerchandise. Other houses display large signs offering
to accept the bills without increasing prices on their goods.
Mexico Labor Head Denies Class Rule—Morones,
The action of the Government in announcing that it will only issue a small
ister of Industry,Says Workers Are Now in Control,
amount of bills until public confidence is fully assured causes a good impression. The first issue will take place in this city, later extending gradbut Seek Good of All.
ually to all parts of the Republic.
is from the New York "Times" of Sept. 2:
following
The
gold
of
amount
larger
a
windows
of
bank
at
gold
for
bills
With the exchange
will be placed in circulation for a few months and afterwards the public will
Luis N. Morones, Minister of Industry, Commerce and Labor of Mexico
hold the bills instead of rushing to the bank to exchange them for gold. and a former President of the Mexican Federation of Labor,told newspaperThis re-establishment of confidence in the banks will also mean the re- men at his suite in the Waldorf-Astoria yesterday that the Mexican Governestablishment of full confidence in the Calles Government. giving the ment was a workers' government, and not a Labor Party government,
President a much stronger backing with the public, especially among the bemuse it has a constructive working class program and does not favor one
lower middle classes.
class over another.
Local bankers say they will accept the new bills that come to them in
"There is no class in Mexico today," said Mr. Morones,"that is greater
the course of general business.
than the Government. We are strong Nationalists. But since the present_
Administration is dedicated to the reconstruction of Mexico, it is necessary
to have the cooperation of the working classes,who will in turn be benefitted
Opening of Mexican Congress—Situation Between without detriment to any other class. Workers are partners in this re onstruction."
United States and Mexico Cleared in Friendly
Mr. Morones traced the development of the labor movement since 1910,
Spirit, Says President Calles—Seeks Modificawhen he entered the field. The Movement did notfunction until three years
tion of Lamont-Huerta Agreement.
later, he said, when the varied organizations formulated more definite plans.
In 1918 all united in convention at Saltillo to form the Mexican Federation
At the opening of the Mexican Congress on Sept. 1, Presi- of
Labor, by means of which the workers received increased wages, shorter
dent Calles, according to the Associated Press advices, said hours and improved their physical and spiritual attitudes as well.
"The situation at the present day," Mr. Morones continued, "when
the situation between the United States and Mexico, groware more than one and a half million workers in the ranks of
ing out of the warning given Mexico last June by Secretary there
organized labor,shows the improvement over conditions prior to the formafriendly
a
spirit
State
and tion of the Mexican federation. Although the cost of living has increase
Kellogg, had been cleared in
of
were
that Mexico and the United States were proceeding along the with wages, the latter are from 60 to 80 per cent. higher than they
five years ago. Unemployment, which is a problem in every land today, is
path of cordial and sincere understanding. "Mexico," Presi- fairly low when the ratio of workers to population is considered. This
dent Calles said, "will continue to the utmost to maintain condition is being improved to some extent by means of increased capital
this cordiality and develop a friendship based on mutual together with a new road building program.
"There is a great progressive movement abroad in Mexican industry, to
consideration and respect." The accounts from which we which American manufacturers are contributing by establishing plants in
Mexico. Among these are the du Pont plant in Durand() and a new Ford
quote continue:
in Mexico City. There is also a large tire factory in that vicinity.
President Calles declared the prospect hopeful that Mexico would resume plant
"Another important matter in connection with organized labor is that
the payment of her foreign debt. The Government. he said, intends to
of insurance for the workingman,and this is being discussed by the Mexican
resume payments "within the shortest possible period consistent with
Congress. The plan was worked out by ex-President Obregon and will be
certain unavoidable national needs, which must be fulfilled first.
over the present condition, which leaves this matter in
"Therefore," the President said,"if the Lamont-De La Huerta agreement an improvement
hands of the individual States. The prevailing form is that of collective•
the
can be modified so that Mexico's obligations can accord with the real
.
contracts between capital and the workers."
financial capacity of the Government. foreign debt payments may be
In concluding, Mr. Morones said that Bolshevism in Mexico has been
resumed under conditions eliminating the possibility of another painful
that
mentioned
He
himself.
to
grossly exaggerated, especially in regards
suspension."
always carefully examined by the United States immigration authoriPresident Calles recommended that Congress enact legislation restricting he was
each time he crossed the border. "Bolshevism has the same chance in.
ties
the issuance of permits to foreigners and foreign corporations to own land,
Mexico as it has here," he said, "which makes it rather insignificant".
water rights and sub-soil rights, meaning mining property in Mexico, "in
The Japanese situation is likewise exaggerated. he said, as there are no
order to avoid possible friction with foreign governments" until Article 27 more
than 7.000 throughout the country, and nothing is being done to.
of the constitution is fully interpreted. This article regulates foreign ownerattract them. They are employed for the most part as gardeners or culti7
ship of property in Mexico and vests sub-surface ownership of minerals,
their own truck farms and conduct small stores.
including oil, in the Government. It prohibits foreigners from owning vote
Mr. Morones's interview was interpreted by Roberto Haberman of he '
property within one hundred kilometers (62.14) miles) of the coast and the
Mexican Federation of Labor. Senator Santiago Iglesias of Porto Rico
border.
Eduardo Monada are members of the party en route to Los Angeles.
The President also recommended that Congress prevent foreign corpora- and
tions from acquiring property in the forbidden zone, by legislating that
corporations organized under the Mexican constitution, whether foreign
Clothing Cost to
or native, must be managed by Mexicans, with Mexican capital preponder- Mexico to End Woolen Tariff to Lower
Consumers.
ant in them.
The recommendations to limit foreign ownership in lands would apply to
From the New York "Times" we quote the following Assoall of Mexico, as well as the forbidden zone, but only pending clarification
of Article 27.
ciated Press cablegram from Mexico City, Aug. 27:
President Calles said that permits for foreign ownership might be granted
Import duties on woolens will be abolished in order to lower the cost of
when no claims were likely to arise from them through the application of
clothing to the Mexican consumers. The Government finds that Mexican
the agrarian laws.
manufacturers are making large profits, while the cost of clothing is getting
beyond the reach of many people.
indicated in the following (copyright) to the New York
"Times" from Mexico City, Aug. 31:
Proposals to Restrict Immigration of Labor from Mexico
•
and United States and Vice Versa.
having
for
commission
permanent
Joint
its
purlabor
A
pose the restriction of immigration both ways in the light
of the cultural and economic interests of the two countries
was recommended by representatives of the American Federation of Labor and the Mexican labor federation, who at
a meeting in Washington last week discussed the Mexican
border immigration problems. The Washington "Post" of
Aug. 28, in reporting the issuance of a statement indicating
the conclusions arrived at, said:
Nationals of one country seeking to restrict the invasion of nationals
from another country should also restrain their own migratory tendencies,
the statement said.
"Hitherto, nations throughout the world, including our own nations,
have sought only to exclude other peoples, either partially or wholly,
wisely or unwisely," the statement said. "Nations have acted solely on
the defensive. They have failed to recognize their OW/1 obligations to
restrain their own people from moving across boundaries in such a way as
to menace the conditions of life and the institutions of other peoples.
We believe we can now set up at least in the Western hemisphere this great
principle of self-restraint."
"We hold that the ultimate condition of mankind should be such that
to travel freely to every part
all men should enjoy the freest possible right
well being. But we assert that
of the world in pursuit of happiness and
which makes it obligatory
there is an obligation, universal in character,
his movements or his conduct
upon every person to refrain from so ordering
and the progress achieved
life
of
conditions
and
standards
the
as to endanger
to enter. And groups have the
on the part of any group which he may seek
right to protect themselves against such intrusion."
The labor representatives also maintained a further obligation existed
himself outside of his OWD
upon every individual not to seek to improve
group, or nation.
group at the expense of those In the other
Resumption of Diplomatic Relations Between Great
Britain and Mexico—Proposed Claims Commission.
The intention of the British Government to resume full
diplomatic relations with the Mexican Government was
made known in the following announcement issued by the
Foreign Office at London on Aug. 28:
His Majesty's Government, after a satisfactory exchange of views in
regard to the outstanding differences with the Mexican Government. have
decided on the procedure for a renewal of full official diplomatic relations
and diplomatic representatives will be nominated forthwith.
Mr. Norman King, British Consul-General in Mexico City, is to be
appointed Charge d'Afafires pending the appointment of a Minister.
The diplomatic relations between the two countries was
suspended in June 1924. With reference to their renewal
the New York "Times" in copyright London advices Aug.
28 said:
For some time there has been an exchange of views between the two
Governments concerning the outstanding differences, of which not a
whisper has been permitted to come out. Now the coolness which began
ten years ago and steadily grew worse is over.
The last British Minister to Mexico was Sir Lionel Carden. He was
forced to leave the City of Mexico by President Carranza in 1914, and
Consul-General Edward W. P. Thursten took charge of the legation. He
was appointed regular Charge d'Affaires in 1917. but in the following year
he came home on leave.
So far there has been no actual break with Mexico, but the fact that t
British Government did net care to appoint a Minister for the past f
years showed that, partly on account of the disturbances in Mexico a
partly because of the attitude assumed in the World War by the
faction, there was growing dissatisfaction in this country with the Me
Government. Consequently Mr. Thursten never went back f
vacation but was sent to another post.
1166
THE CHRONICLE
H. A. Cummins, an Englishman resident in Mexico City, was made
Charge d'Archives and acted as a de facto British Minister. Various
efforts were made from time to time to improve the relations between the
two Governments and they were so successful that in April of last year the
British withdrew from Hungary Sir Thomas Hohler,an experienced diplomat
to send him on a special mission to Mexico to examine the situation and
to settle the matters in dispute.
But at that very juncture began the incident involving Mrs. Rosalie
Evans, the British owner of a ranch whom the provincial authorities tried
to deprive of her estate. Mr. Cummins took up her case with so much
vigor that the Mexican Government became incensed and threatened to
expel him.
This was avoided by the British Government calling him home to report.
Before leaving he closed the legation in Mexico City and it has remained
'but ever since.
Mrs. Evans was assassinated a couple of months later.
Since then Anglo-Mexican relations have been in the hands of ConsulDeneral King.
According to Associated Press cablegrams from Mexico
City Aug. 28, the announcement of that date created in
excitement there. The dispatches also state:
Extra editions of the newspapers, which are rare in the capital, appeared
Immediately after Foreign Minister Saenz made the announcement and
were eagerly purchased. One of the headlines proclaimed the settlement
.of the difficulties between Great Britain and Mexico as "consolidating the
international harmony of Mexico with all the great countries."
Pending the appointment of Ministers, Alfonso de Rosenzwieg Diaz
has been named as Charge d'Affaires for Mexico in London and Norman
King. former British Consul, will assume a similar post here for Great
Britain. Mr. King and Senor 8aenz for a long time have been negotiating
for a resumption of friendly intercourse between the two countries.
The break came when the British Charge was ordered expelled by the
Mexican Government for alleged support given Mrs. Rsoalie Evans, an
American woman, who was the wife of a British subject and who later was
assassinated on her ranch. The trouble of Mrs. Evans in which the Charge
intervened grew out of attempts by Mexican agrarians to seize her lands.
One immediate result of the resumption of relations, it is expected, will
be the appointment of claims commissions similar to those arranged with
the United States, for the purpose of settling for damages suffered by
British subjects during the revolutionary period.
The Mexican Government also soon will reopen its Consulates throughout
the British Empire. British business interests here naturally are pleased
.over the development, and their feeling is shared by the American business
and diplomatic representatives who believe it will have a happy effect all
mound.
Mexican official circles regard the resumption as a distinct forward step
toward stabilizing Mexico's affairs. Of the three morning newspapers of
the capital, however, only "El Democrats" to-day editorially commented
In a laudatory vein.
Accomplishments During First Year of Operation of
Dawes Plan—German Press and Other Comment.
While the first year's operation of the Dawes plan has been
successful throughout, it is the consensus of opinion, as
reflected in the exhaustive press comments,(says Associated
Press cablegrams from Berlin, Aug. 30) that what was
attained should not be taken as offering a criterion for future
fulfilment of all its objects. It is agreed (says the cablegrams) that investigations by Agent General Gilbert will
prove the principal factor in determining if future problems
ean be solved under the same conditions as prevailed during
the year just ending. We likewise quote from the Berlin
Associated Press advices the following:
A material amelioration of the stigma of foreign control of German
political and economic life is noted by the Berlin press in editorial comments
as one of the most useful and most welcome developments of the first year
the Dawes reparations plan has been in operation. It is frankly admitted
that this achievement is in no small measure due to the "consummate tact
and circumspection which Agent-General Gilbert [Seymour Parker Gilbert
Jr. of New Jerseyj brought to his executive task."
Even official circles, while refraining from formal discussion of the plan,
which was formally accepted by Germany on Aug. 9 1924, do not hesitate
to give full and free expression to this one aspect of the situation, as compared with the era when Germany's reparations problems were largely
disposed of, as one official declared, "through the medium of summonses
aerVed by the Allies' bailiffs."
While fully concurring with Mr. Gilbert's previous designation of the
Dawes plan as an "experiment in international good-will," there is less unity
of opinion in German official, political and financial circles with respect
to future plans concerning the reparations compact. The skeptical ones
predict that the acid test will be applied in 1924, when the first annuity
of 2.600,000 marks must be met out of the proceeds of the German budget.
The first year's annuity of 1,000.000.000 marks has been fully paid, according to the official bulletin issued by the Agent-General's office.
Assuming that Germany will receive further economic freedom and
opportunities to develop her foreign markets, there is no occasion for
pessimism, in the minds of economic leaders, who, while cognizant of the
burdens still confronting Germany In further execution of the Dawes plan,
nevertheless appear inclined to discountenance opposition to it in partisan
quarters.
[VOL. 121.
He explains that experts expected these solutions to place Germany in a
position to satisfy the country's essential requirements and to fulfill her
contracted obligations.
Germany's formal obligations comprised the appointment of executives
and supervisors as prescribed by the Dawes plan, reconstruction of the
Reichsbank, organization of the Reich Railway Co. and hypothecation
of the Federal railway and the country's industries.
The first year's obligations totaled 1,000,000.000 marks, of which only
200,000,000 marks was derived from Germany as part payment of railway
obligations, while the balance of 800,000,000 marks was covered by the
foreign loan.
Dr. Meyer points out that during the past year a number of agreements
were concluded between Germany and the Allies intended to insure future
smooth consummation of the Dawes plan.
It is emphasized by the "Tageblatt' that after one year of the Dawes
plan the Ruhr has been liberated and the sacntions cities, Dusseldorf,
Duisberg and Ruhrort, have been evacuated.
"Vorwarts" designated acceptance of the plan as a triumph for the Social
Democrats and makes the anniversary the occasion of political persiflage
against the Nationalists.
In the "Zeitung am Mittag" Rudolph Oeser, Director-General of the
Federal Railway system, calls attention to the extraordinary burden the
plan imposes on the railways and forecasts German economic depression.
He says the expected retrogression of freight traffic was bound to bring a
diminution in the railway's proceeds.
Herr Oeser emphasizes that the Federal railways were obliged to stand
the brunt of the Dawes plan during the last year, unsupported by the
Government's budget, and that the railways are even expected in the
coming years to furnish payments of a billion marks.
He declares that the registered 70,000,000-mark monthly surplus really
is a myth, as it is absorbed by running expenses, and that the annual balance
sheet will not show a surplus. He advises that a short respite left to the
railways before assuming the total burden of the obligations be utilized to
reconstruct the railways to meet all traffic requirements.
The "Vossische Zeitung" says that the 8200,000,000 loan brought about
through the Dawes plan signified the incurrence of one debt to settle
another, but the paper admits it is proof that Germany has regained the
confidence and faith of other countries.
"If the plan had fulfilled all the hopes of its originators," adds the paper,
"we would have been able to-day to review a year of recreation and consolidation. Although there has been no terrorizing, the Ruhr invasion has
crushed German economies. The year's respite, the moratorium we had
expected, has not materialized, while great international economic questions, over which the Dawes scheme glided with technical gracefulness.
still demand solution."
The "Deutsche Allgemeine Zeitung," reviewing the year's foreign credits,
says:
"They were pre-eminently intended to increase Germany's productiveness, as a means to pay off our foreign debts but our productions failed to
increase and the foreign credit was used largely for consumption."
The paper then asks: "How are foreign moneys to be repaid when due
and how can the Dawes burdens be financed if not by increased exports?"
The ultra-conservative and anti-Semitic "Deutsche Zeitung" continues
Its attacks on the Dawes plan with such expressions as "voluntary slavery
of Germany," and says: "Our economic collapse is undeniable and the
annual balance sheet of the Dawes plan records bankruptcy."
German Reparation Receipts and Payments for Period
Ended July 31 1925.
The receipts for the first eleven months of the operation of
the Dawes plan, to July 31 1925, totaled 840,315,237 gold
marks, according to the statement issued under date of
August 8 by the Agent General for Reparations. The
receipts for the month of July amounted to 60,113,225 gold
marks. For the eleven months the payments, aggregated
827,352,124 gold marks, while for the month of July the
amount paid out was 83,523,881 gold marks. The following
is the summary of receipts and payments:
STATEMENT OF RECEIPTS AND PAYMENTS TO JULY 31 1925.
(On cash basis, reduced to gold mark equivalents.)
Month of
July 1925.
First Annuity
Year—Cumulattre Total to
July 31 1925.
A. RECEIPTS.
Gold Marks, Gold Marks.
1. Cash withdrawn from proceeds of German External
Loan 1924
60,064,339.93 729,920,422.09
2. Cash received from Deutsche Reichsbahn-Gesellschen.Interest on Reparation bonds for half-year
to Feb. 28 1925
100,000,000.00
3. Receipts from Belgium and Luxemburg (see item B2
below)
10,161,525.14
4. Interest received
95,207.58
29,003.22
5. Exchange differences
138,081.85
19,882.08
Total receipts
60,113,225.23 840,315,236.66
B. PAYMENTS.
1. To or for the account of:—
Great Britain
15,104,782.65 178,140,775.43
France
40,241,881.92 360,148,271.93
Italy
4,161.370.19 55,900,653.26
Belgium
9,388,521.08 85,732,770.50
Japan
9,949.86 3,721,409.32
Serb-Croat-Slovene State
2,876,877.53 26,848,437.03
Dr. Schacht's Views.
Portugal
369,680.54 4,423,928.93
Rumania
Hjalmar Schacht. head of the Reichsbank. is most insistent among
587,604.42 6,805,959.45
Greece
208,342.31 2,434,073.45
those who discourage the prevalent practice of premature allusion to plans
Poland
40,179.12
for further operation of the Dawes plan. He is confident that if party 2. For coal, transport, &e., to Belgium and Luxemburg which are to be reimbursed to the Agentpolitics can be eliminated from the management of the nation's economic
General
10,375.889.14
affairs the process of recovery under the Dawes plan will be materially
3. For expenses of:
facilitated.
Reparation
Commission
5,550.000.00
341,399.39
While Dr. Schacht is anything but an ultra-optimist with reference to
Rhineland High Commission
1,367.882.50 8,393,243.35
Dr. 748,768.82 7,251,231.18
Military Commission of Control
Germany's ability to shoulder indefinitely an undefined reparations levY,
70,000.00
he is severely opposed, in the face of the first year's results, to obvious 4. Naval Commission of Control
European Commission of the Danube
216,108.33
attempts to utilize the first anniversary of the reparations plan "for the 5. For service of German External LOAM 1924
9,204,256.52 68,033,043.00
purpose of creating a quiet crisis."
6. On account of cost of administration of office for
Reparation payments
410,100.00 3,266,173.03
Dr.lions Meyer.
83,523,880.99 827,352,124.45
Dr. Hans Meyer, expert adviser at the economic conference in Paris,
says'in the "Tageblatt":
a5"The Dawes plan is responsible for the solution of two problems: Sta;
bilization of German currency and adjustment of the economic situation
Balance of cash at July 31 1925
12,963,112.21
840,315.236.66
Sipv,5 1925.]
THE 'CHRONICLE
United States Receives Over $18,000,000 Under First
Year's Operation of Dawes Plan—Account of
Claims of American Citizens and Army
Occupation Costs.
The United States has received a little more than $18,000,$300 under the first year's operation of the Dawes plan Which
ended Aug. 31, it was announced at the Treasury Department,says a Washington dispatch to the New York "Journal
of Commerce" Aug. 31, from which the following is also
taken:
During this twelve months there has been paid to this country on account
or the $254,000,000 due for costs of American Army occupation in the
Rhine region the sum of $14,725,154.
The total of Army costa is to be paid back at the rate of 55,000.000 geld
marks annually. This is in accord with the agreement which was worked
out in Paris by Eliot Wadsworth, former Under-secretary of the Treasury.
The balance of the sum which the United States has received in this first
year of the Dawes plan operation Is the 15,213,000 gold marks, amounting
to about $3.500.000, which the Treasury Department was officially notified
to-day was made available to the general transfer agent on account of claims
of American citizens.
The total amount of these claims. which are now being adjusted, has not
yet been fixed. The mixed claims commission, which is now working on
these cases, is expected to complete its work in the near future.
Officials here expressed themselves as optimistic in regard to the manner
in which the Dawes plan has been operating and they feel confident that,
except perhaps for some minor changes, it will prove entirely successful in
straightening out the financial difficulties of Europe.
Walter P. Cooke, of Buffalo, Named as Chairman of
Dawes Plan Arbitration Committee.
It was announced in Paris cablegrams on Aug. 29 that
Walter P. Cooke, Chairman of the board of directors of the
Marine Trust Co. ot Buffalo, N. Y., had been named by the
Allied Reparations Commission as Chairman of the Dawes
Plan Arbitration Committee, Regarding Mr. Cooke's appointment, the New York "Times" of Sept. 2 said:
The appointment was made on Aug. 17 by the Reparations Commission
and the German Government, and is for five years.
When the Dawes plan was approved by the Reparations Commission it
was put into effect by means of a treaty known as the "Treaty of London,"
which was signed Aug. 9 1924. Among the provisions of the treaty was
one providing for a tribunal of interpretation, the function of which should
be to decide disputes which might arise between the Reparations Commission and Germany in regard to the Dawes Plan or German legislation enacted in execution of the plan.
The tribunal was to consist of five members. One was to be appointed
by the Reparations Commission, one by Germany and three by joint agreement between the two. It was agreed that one of those chosen by agreement should be an American and President of the tribunal.
Mr. Cooke's choice for the latter place, it is understood, was on the recommendation of Owen 'D. Young, who played such a large part in the formation of the Dawes 'Plan.
No other members of the tribunal so far as has been announced have yet
been appointed. it is believed that the Reparations Commission appointee
will be a Frenchman.
Mr. Cooke is a Ineufber of the firm of Kenefick, Cooke, Mitchel Lc Bass,
attorneys, lie is Chairman of the board of directors of the Marine Trust
Co. of Buffalo and has served as an executive and director of several large
financial and in
trial corporations in that city.
1167
treaty reduced her population 10%, her area 12%. She has lost 26% of her
coal, 74% of her iron ore, 40% of her blast furnaces, 70% other rine- Her
wheat and rye area has been reduced 15%.
Even after a full year of recovery the total deposits of banks of Germany
Is said to be less than one-half of what it was in 1913, the total savings deposits less than one-quarter. The estimated national total income of Germany is said to be only slightly more than half of that of 1913. and the deductions for taxes are larger.
It is true that her production equipment, such as factories, canals, railroads, &c.,is in very good condition. The question remains whether Allied
manufacturers and the Allied unemployed are going to permit co-operation
in promoting the building up of German trade. Those who claim that there
will be no difficulties in the way of large reparation payments must de so
on theoretical grounds. Actual past experience between nations would
seem to warrant extreme cautiousness of economic trends not only by Germany but by the creditor nations as well.
The progress in Germany during the past year is encouraging, and the
Dawes plan will not be a failure if the whole sum is not transferred and machinery provided for as much to be taken as the economic conditions allow.
As to Mr. Miller's assertions before the Institute on Aug.1
we quote the following Williamstown account to the New'
York "Times":
David Hunter Miller, New York lawyer, who was a member of the Amee
,
ican peace delegation in Paris, in a talk on the operation of the Dawes plan
before the round table on "economic recovery of Europe" attacked the
theories that payment ofreparations by Germany to the Allies would disrupt
foreign exchange and that the receipt of German goods would be harmful ter
the importing countries.
"In 1928, when the standard year of the Dawes plan payments arrive&
amounting to $505,000,000 a year," he said,"the real working of the Delete
plan will commence to be disclosed, although the accumulative effect of
several years of such payments will not fully appear until later, particularly'
because of the probable granting of further private credits to Germane
concerns.
"The real recipient of a very large part of the Dawes annuities will be the
United States, not directly but indirectly through the allied countries.
chiefly Great Britain,France and Italy,as a result ofthe funding of the debts
to America. The receipt by these countries of their Dawes annuities from
Germany will enable them in turn to make payment of their annuities to
our Treasury.
"The amount of $595,000,000 per annum, as far as can be seen now, le
not beyond Germany's capacity to raise by internal taxes, although It is
highly probable that as the Dawes plan gets older internal loans will take
the place of this taxation to some extent.
"I predict that there will not be experienced the difficulties foreseen fry
many economists in the transfer of this sum of $505,000,000 annually from,
Germany to New York via Paris, London and ROOM The actual operation,
will in reality amount in large part as least to this:
"German products will be sent by German concerns to their customers le,
allied and other countries. The German exporter will receive reimbursement in German currency from his own Government and the foreign buyerwill make payment in his currency to his Government. Of course,there are'
many intermediate steps in such operations, but in effect such measures at'
the British Reparations Recovery act with its 26% levy OD Gentian importer'
already illustrate the soundness of the ultimate conclusion.
"Undoubtedly the effect of the Dawes plan will be to stimulate
per
cesses of German industry to some extent, and it may very Well be that it
will bring aboutsome decrease in German export prices in some commodities,
but the effect of the delivery abroad annually of German goods and services
not exceeding $500,000,000, and coming ultimately to the United States
through multitudinous commercial transactions all over the world, will be
trifling.
"Our production of manufactures and farm products and raw materhth
exceeds in volume $50,000,000,000 a year and the idea that the addition so
that sum of a quantity of goods less than 1% of its total could produce an/
serious results is fantastic.
"The returned incomes of American taxpayers to the United metes
Treasury are $26,000,000,000 a year, and the unreturned incomes are
probably as large again. The Dawes annuities are hardly more than 1%
of this turnover. The fact is that in these days the figures involved in the
Dawes plan even as annual figures are not large from the point of view of
modern finance. Pre-war statistics should not induce us to think in terms
of pre-war ideas.
The idea that $505,000,000 is exorbitant is the result of pre-war thinking
on the part of economists. The annual income of a single industrial corporation in America. the Ford Motor Company, exceeds that amount. The
United States Steel Corporation pays almost that sum in wages. New York
City is about to spend $000.000,000 for subways. We can no longer think
in terms of the cost of the Panama Canal."
Effect on Trade of Transfers of Reparations Under
Dawes Plan from Germany to New York, Paris
and London—Arguments of D. H.
Miller and D. L. Shillinglaw.
An answer on Aug. 13 to the contentions of David H.
Miller, a New York lawyer who argued that the German
reparation payments could be transferred to the allied
countries and then turned over to the United States in payment of the war debts without any adverse effect on world
trade, figured in the discussions of the Institute of Politics French Government's Bank Loans as Shown in Weekly
Bank Statement.
at Williamstown, Mass. Disputing Mr. Miller's arguments,
David L. Shillinglaw, Vice-President of Forgan, Gray &
The following is from the Now York "Times" of yesterday
Co., Chicago investment bankers, had the following to (Sept. 4):
A good deal of interest was taken yesterday in the weekly statement
say on the 13th, according to the New York "Times":
of the
Bank of France, showing an increase
The payment of reparations will be accompanied by disturbances in the
trade between nations. David Hunter Miller seemed to refer to the payment of 625,000,000 gold marks per year by Germany as a mere bookkeeping arrangement between Germany and her allies, yet during her most
prosperous year before the war her surplus was less than 600,000,000
marks.
Enmity by Germany and her neighbors before the war grew up as a result of her economic progress. Will the throwing open of markets to give
her an economic export surplus be allowed with no obstruction on the part
of her chief competitors, those who are really sponsoring the Dawes plan?
Although progress is shown in Germany's budget report of the past year,
yet the Transfer Committee reports an excess of imports over exports of
2.603.000,000 gold marks. Where is the surplus to come from? In making a balauce of payments they conclude that a deficit of 2.850,000,000 gold
marks must have been covered by the repatriation of German capital transferred abroad during the inflation or by fresh foreign investments in Geriv. There is a limit to German capital held abroad and also a limit to
new foreign investments to be made in Germany.
Points to War's Effect on Germany.
We must deal in realities. Germany cannot create an export surplus out
of nothing. It is impossible to ignore the effect of the war upon German
wealth and assume that she can start being as great a force as over in foreign trade. She is not in her pre-war condition. It would seem that the
prospects of creating a two and a half billion annual surplus are very remote. Foreign important trade connections have been lost, basic resources
and physical equipment have been given to other countries. The peace
of slightly more than 1,000,000,000
francs in loans by the bank to the Government, along with an increase
of
793,000,000 in note circulation. These heavy Treasury borrowings were
discussed in connection with the fact that short-term public
obligations
amounting to 8,200,000,000 francs come to maturity on Sept. 25, and
that
at least a very considerable portion of that amount may have
to be redeemed
In cash. A little while ago it was hoped that the new refunding
loan would
be so far used for conversion of outstanding short
obligations so as to
reduce to comparatively small proportions the September
maturities. But
it has been impossible to obtain accurate information as
to how the subscriptions have gone. It was pointed out yesterday, however,
that the
week's large loans by the Bank to the Government were not
unusual for the
first week in September. In that week two years
ago the increase was
500,000,000 francs and last year it was 300,000.000.
A copyright cablegram from Paris appearing in yesterday'n
New York "Times" said:
Today's Bank of France statement shows wide changes on both
sides of the'
balance sheet, which reflect an exceptionally difficult month
-end tette meet`
The State borrowed 1,050,000,000 francs and sundry
liabilities
rose
858,000,-•
ow These changes are accompanied by
743.000,000 francs rise in trots,
circulation. 156.000,000 rise in deposits and 935,000.000 rise
in discounts.
The entire rise in deposits and discounts was due to
at branches, as the figures for Paris alone show declines business transacted
in both these items.
Largely due to sales of domestic cereal crops and to
some
clerk strike, deposits in the branches rose 263,000.000 extent to the bank
and discounts of the
branches rose 956,00E1,000.
1168
ME CHRONICLE
[VOL. 121.
will treat with France for the funding of the latter's war
debt to the United States without regard to the agreement
tentatively concluded in London Aug. 26 between France
and England, except in so far as that arrangement affects
the capacity of France to pay, it was made known officially
at the Treasury. As we stated last week (page 10411, the
London agreement for the settlement of the French war
debt to Great Britian, is subject to the approval of the French
Appeal for French Government's Gold Basis Consoli- Government and was made dependent upon the terms of the
war debt settlement reached between France and the United
dation Loan by Finance Minister Caillaux—SubUnitil
Open
The account in the "Journal of Commerce," to
States.
Remain
to
scription Books
which we refer above, had the following to say:
Sept. 30.
Under Secretary of the Treasury Winston, who is secretary of the AmerM. Caillaux, the French Finance Minister, appealed on ican Debt Funding Commission, asserted that this country intends to treat
Aug. 31 in words which were broadcast throughout France, France in the same manner as any other debtor nation.
That is, the repayment of the principal of the French debt will be deto the holders of short-term Treasury bonds to exchange them mended
in full and the rate of interest during the liquidation of the debt will
and
exchange,
for the new 4% loan, with a guarantee against
be fixed in relation to that country's capacity to liquidate its $4,000.000,000
to capitalists to acquire bonds and transform them into the obligation to the United States.
the attitude here toward the London settlement is that France
new issue. "Between the two negotiations, on which hasOfficially
incurred another expense and the only weight to be attached to the
France's liberty of action abroad depends," said Caillaux, Anglo-French arrangement in the forthcoming debt negotiations here is
"I ask you to listen to me once more." according to the the forthcoming debt negotiations here is the the effect the obligations to
will have upon ability of France to pay the United States.
Associated Press advices from Paris which state that he England
It was stated officially at the Treasury that the American commission
announced that the time for accepting subscriptions would will treat with France alone and not with France and England. There is
no inclination to abandon the principles of foreign debt funding already
be extended from Sept. 3 to Sept. 30.
Britain
' On the other hand it is difficult to account for the increase of Government's liabilities reflected by more than 1.000,000.000 francs new borrowing
and by a certain portion of the increase in sundry liabilities. It is considered
possible the Finance Minister has begun accumulating funds to retire the
three and five year bonds maturing on Sept. 25. These bonds to the amount
of 8,237.000,000 are still outstanding, and while it is not believed as much
as one-half will be presented for redemption, it is certain the maturity represents a considerable drain on treasury resources and probable M. Caillaux
already is preparing to meet the demand.
M. Caillaux to Head French Debt Mission Due in
United States the Current Month.
Definite announcement was made on Aug. 28 that Joseph
Caillaux, the French Minister of Finance, will head the dele• gation which is to confer the present month in Washington
with the World War Foreign Debt Mission on the funding
of the French Government's war debt to the United States.
The likelihood of M. Caillaux taking part in the negotiations
was indicated in our issue of Aug. 22, page 929. On Sept. 3
• it was made known that eight members of Parliament and
two bankers have been named by the Cabinet to accompany
M. Caillaux. The party will sail on the steamship Paris on
Sept. 16. The Paris Associated Press accounts of the 3rd
state:
The preponderance of politics over finance in the mission is understood
to be due to the desire of the Government so to associate representative
groups with the debt settlement as to facilitate ratification.
The mission is composed of Senators Berenger, Chapsal, Dausset and
Dupuy, Deputies Auriol, Lamoureux, Bokanowski and Marquis Pierre De
Chambrun, Maurice Simon, Comptroller of the French Treasury, and
Andre Moreau-Neret. Expert of the Finance Ministry.
This group is generally regarded as fully adequate to decide all questions
which may arise in Washington.
The Cabinet approved M. Caillaux's proposed "gentlemen's offer" to
America and adopted his and Foreign Minister Briand's recommendation as
to the personnel of the commission. •
The New York "Herald-Tribune" in a copyright cablegram
from Paris Sept. 3 had the following to say:
M.Caillaux refused to make any statement regarding the French position
or the terms that will be offered the American commission, but under his
direction a full examination of France's financial situation is being made
by the Minstry, and it is understood he will go to Washington to argue the
facts and figures of the French capacity to pay, and seek the most favorable
terms possible.
inaugurated in the agreement between the United States and Great
In approaching a settlement of the French debt to this country officials
look for the injection of the London agreement and an effort by the French
to obtain from the United States the same treatment as was accorded France
by England. However, it is not anticipated that France will attempt to
dictate terms but to seek the best she can get.
The ambiguity of the London agreement as to exactly what it provides
in the way of interest and principal payments leads to some confusion here
as to just what was accomplished.
High officials in commenting upon the arrangement that the annual
French payments to England by France could be regarded as either principal
or interest and one or the other cancelled, as disingenuous, since how the
payments to England apply are immaterial. The United States on the
other hand can make no diminution of principal so that only the treatment of
interest is of importance here.
Onus on United States.
The arrangement whereby France may have to pay England more if the
settlement between France and the United States calls for proportionately
higher payments is the fly in the ointment as far as this country is concerned.
Presumably it places the onus of the debt settlements on the United States.
The uncertainty of the British treatment of interest renders the proportionate payments difficult to calculate.
It is estimated here that France saved between 15 and 30% through
funding its debt to England on the basis reached at London. as compared
to what she would have paid had the basis been the same as that on which
Britain's debt to the United States was funded. As yet unknown items,
such as the amount of the French debt to England which represents the
Bank of England advances to the Bank of France, make this estimate
indefinite. It would appear that a somewhat proportionate reduction
would have to be made in the French debt by the United States to save
France from a demand by England for payments at a higher rate.
Call Pact "Good Poker."
There is also a tendency here to regard the Anglo-French agreement as
"good poker." It is pointed out that the London settlement gives France
a weapon to use against the American commission in seeking easy terms.
Also it is felt here that the London settlement is largely political as Great
Britain is closely allied with European politics. But it is contended that
the American settlement with France will be merely an arrangement between
a creditor and a debtor because the United States is not a party to European
politics.
The New York "Times" in a Paris cablegram Aug. 28
According to Associated Press advices from Paris Aug. 30, quoted the Temps as saying:
M. Caillaux, expects an agreement with the United States
"The reasons for which Mr. Churchill made his proposal are none of our
Debt Funding Commission within nine days after his arrival business," says the Temps. "It is purely an Anglo-American affair. But
we can't help saying that pretensions to increase our payments to England
at Washington, September 23. In addition these advices in proportion
to what we pay the United States scarcely conform to the
said:
principle affirmed by four successive British Governments, according to
He believes that in any event the negotiations can be so nearly completed which England would ask her European debtors only for what she pays
that unfinished minor points can be settled by some of his colleagues, whom America.
Hopes for Same Terms Here.
he would leave in Washington for that purpose. He is determined to depart
from New York by the steamer France October 3, so as to be in Paris when
"We hope the American Government will reduce its demands in accordParliament reassembles.
ance with the sacrifices made by England and that it will not assume the
M. Caillaux considers that the broad outlines of the settlement can be terrible responsibility of destroying the French-British agreement and
drawn before he leaves Washington and that discussions over subordinate impose unacceptable charges upon us and thus render impossible the
matters can readily be arranged without him. Undoubtedly having in financial restoration not only of France but all Europe. We think that
=hid the fate of the Versailles treaty, he is taking with him influential the £28,500,000 which we shall have to pay England and the United States if
Senators and Deputies. His choice has been influenced by three considera- America meets the British proposal will constitute in itself a crushing
tions, to have first of all members powerful in both houses of parliament, burden."
next, those having special knowledge of America, and, finally, technical
The information says the agreement will have heavy consequences in the
advisers.
negotiations with the United States and adds that the entire country is
for
Parliament
essential
is
it
that
convinced
is
Government
The French
behind Caillaux in the declaration that France cannot pay England and
and the country to understand by authoritative voices what takes place at America more than she gets from Germany.
Washington when the French debt settlement comes up for discussion there.
•
The New York "Times" in a Washington dispatch,
France Delays Action on Debt to Britain Pending
Aug. 31, stated:
Negotiations in United States.
M.Caillaux's suggestion that he might be able to conclude his negotiations
concerning the French debt in nine days' time brought the response at the
.The following Associated Press advices were reported from
Treasury that this would be perfectly easy of accomplishment should the
acceptance.
Paris, Aug. 29:
French Finance Minister arrive with proposals capable of
of the visit of
No meeting of the American Debt Commission in advance
the French has been set, the members preferring to wait, they say, until the
French arrive with their proposals rather than to try to discuss the situation
ahead of time.
United States Will Demand Debt Principal and Interest
of France—Rate of Annual Charges May be
Slashed to Meet French-British Pact.
From its Washington bureau, Aug. 27, the New York
"Journal of Commerce" reported that the United States
The Franco-British debt negotiations have reached the point only of
definite minimum British proposals by the British Government and tentative
acceptance by the French. The British Chancellor's offers were made with
reservations, which the French Finance Minister did not accept.
These offers will be submitted to the Council of Ministers by M.Caillaux.
If they prove acceptable, final action by the French upon them will be
taken only after the French-debt mission to Washington has completed its
work.
Cognizance has been taken in official quarters of suggestions in the United
States that the French Government is manoeuvring with the British to
oblige the United States to ask no more of France than Great Britain has
asked, These are utterly denied. The negotiations with the British
SEPT. 5 1925.]
THE CHRONICLE
1169
The agreement, signed at Washington Aug.
Treasury were begun when Philip Snowden, Chancellor of the Exchequer in November 10.
Ramsay MacDonald's Ministry, communicated with M. Clementel in 18, was referred to at length in these columns Aug. 22, page
Premier Herriot's Cabinet: they trailed along, it is pointed out by a spokesThe following was reported from Brussels Aug. 29 by
man of the French Treasury, without progress until early July, when 926.
the Associated Press.
French experts conferred in London with British experts.
This conference, while it cleared the way for subsequent conversations,
The members of the Belgian Debt Funding Mission who have returned
arrived at nothing specific. The feeling was expressed in London that some- from Washington deny that there are any secret clauses in the agreement
thing more definite ought to be done before the debt mission went to Wash- reached with the United States concerning the Beligan debt. They emington, and that it was hardly courteous to begin negotiations and show no phasize that such an arrangement was impossible because Congress would
further interest in continuing them. A measurably clear understanding of be called upon to ratify any accord.
The first payment to the United States. on Dec. 15, 1925. they consider
the respective positions has now been attained, but there has been no
relatively unimportant, creating no difficulties for the Belgian Treasury.
exchange of signatures.
The French attitude, The Associated Press correspondent is informed They affirm the conviction that even though no new loan is contemplated
authoritatively, is to defer definite action until after the Washington at the present time, it is certain that Belgium's credit would be favorably
settlement.
influenced by ratification of the accord and that more favorable conditions
for Belgium in the American market could be foreseen.
Unfortunately for the debtors, the delegates explain in their statement,
France in Role of Creditor Hears Rumania's Debt Plea. the whole debt question has become a pivot in American internal politics,
promises relative to the reduction
The following cablegram from Paris Aug. 28 is copyrighted since all parties are bound by campaign
of taxes. They report American criticism to the effect that the Governby the New York "Times":
ment of the United States should demand interest on foreign debts equaling
With two powerful creditors tugging at her purse strings, France had the that American taxpayers are paying on internal debts.
agreeable experience to-day of initiating debt discussion in which she can
They sum up their impressions as follows:
enjoy the pleasures of the creditor position herself. But, inasmuch as this
"The discussion was on a purely business basis. It was a question of
debt discussion concerns only Rumania, whose Finance Minister, M. Bra- figures more than sentiment, because in business Americans go straight
tiano, had a long talk with MM. Briand and Cailiana to-day, the French to the point."
Government Is not deluding itself with the belief that results will be of
The members of the commission lay stress on the fact that the accord
immediate importance to French finances.
conformed with the views of the Belgian Government, as Brussels was
In fact, while M. Bratiano told MM. Briand and Caillaux his Govern- informed hour by hour during the progress of the negotiations of the diffiment was ready to proceed to regulate the indebtedness to France and would culties encountered.
shortly send a commission to Paris to work out details, he in the same
Belgium's representatives will submit a detailed report ot the Governbreath announced his Government of course could not be expected to pay ment Monday. They declare themselves highly satisfied with their recepdebtors.
own
more
its
than
creditors
from
it
could
collect
its
tion by the American officials and members of the Debt Funding Commission, but, as some of the delegates dryly expressed it, they were glad to
United States Seeks Completion of Debt Funding be back.
Negotiations Before Meeting of Congress.
The completion of all funding negotiations with America's
war-time debtors and action upon the agreements at the forthcoming session of Congress is the new program of the American Debt Commission, says Associated Press dispatches
from Washington Aug. 28, from which we also take the
following:
Official Washington appeared satisfied to-day that the program could
be accomplished as a result of the stern measures adopted with respect
to the smaller debtors and the assurances of action already given by France
and Italy. the two remaining major powers whose debts are unfunded.
Dissatisfied with the slow progress of conversation with most of the
smaller nations, the Commission has taken a positive stand, the first
evidence of which is the information that Czechoslovakia soon will send
a delegation to take up a funding proposal and that the Greek Government
has authorized its Minister here to initiate negotiations. Informal exchanges
have been under way for some weeks between the Commission and Minister
Pflp of Esthonia, and the Latvian Minister here is near an agreement with
this Government.
Czechoslovakian Debi.
The Treasury has not been informed definitely when the Czechoslovakian
representatives may be expected. It was declared in official circles,
however, that the Government of Czechoslovakia had been told directly
that the United States desired it to send a commission here without undue
delay.
In making the new representations to Czechoslovakia, this Government's
view was said to be that, while there may be ground for divergent calculations as to the amount of the obligation, there could be no plausible
reason why the difference should not be ironed out and a funding pact
arranged.
The Treasury holds obligations of Czechoslovakia aggregating $91
644,863. of which that naton already has indicated a willingness to acknowledge $80,234,808. The Debt Commission now insists that the full
amount claimed by this Government plus interest be funded, but it has
Informed the debtor Government that in event errors are discovered, such
amounts will be credited as payments under the funding settlement.
There has been much jockeying between the American and Czechoslovakian authorities over the $11,000,000-odd difference in the two
totals. On one occasion, the suggestion was made from Czechoslovakian
sources that the whole question be further delayed by the American Government if a payment of about $2,500.000 be made on the account. This,
however, was unacceptable to the Debt Commission, which explained that
it would not consider a partial or incomplete funding proposal.
It is said here that the American authorities feel justified in taking a
positive stand with respect to Czechoslovakia, Inasmuch as that nation
has outstanding loans now yielding her enough in annual payment to meet
the requirements of amortization on the debt to the United States. In
any event, Treasury calculations show that such annual payments to the
United States would amount only to about 1% a year in the present
Czechoslovakian budget.
Debts of Other Nations.
Of these powers whose debts remain unfunded only Czechoslovakia,
Italy, Franco and Russia owe amounts greater than $70,000,000. The
Russian credit of more than $250,000,000 made to the Czarist Government
is conceded to be worthless, but commitments of a character expected Co
lead to conclusion of agreements have been made by both Italy and France.
There is no recognized Government for Armenia. so that $15,000,000 due
from that source also is regarded by the American Commission as hardly
a part of its problem.
to Head Italian Debt Mission to United
States.
It was made known in Associated Press advice from Rome
Sept. 1 the Italian mission which is slated to visit this country
next month to confer on the funding of Italy's war debt to
the United States will be headed by Count Volpi, Italian
Minister of Finance. This, it is stated, was decided upon
by Premier Mussolini after a conference with Count Volpi,
and Giacomo de Martino, Italian Ambassador to the United
States.
The other members will be Signor Grandi, Under Secretary of Foreign Affairs; Count Bonin-Longare, formerly
Ambassador to France, who will be honorary ambassador
of the mission; Ambassador De Martino, Dr. Mario Alberti,
who went to Washington last June in an effort to reach a
debt settlement, and Dr. Alberto Pinelli, a member of the
Dawes committee. Signor Buti, First Secretary of Legation,
\47111 accompany the mission as Secretary-General. The
conversations held in Washington in June between members
of the World War Foreign Debt Commission and representatives of the Italian Government were detailed in
our issue of July 4, page 31. From Washington advices
to the New York "Times" Aug. 31 we take the following:
Count Volpi
Announcement that an Italian commission, probably headed by Count
Volpi, the Italian Finance Minister, was expected to arrive in Washington
about Oct. 15 to discuss. that country's debt to the United States, was
made at the Treasury this afternoon.
With this knowledge at hand, officials appeared to believe the Italian
Government was now ready to talk business with the United States over
its obligation of $2.138,543.852, of which 5490.674,654 is accrued interest,
an amount exceeded only by the sums owed this country by Great Britain
and France.
The fact that Italy seems ready to arrange a settlement brings gratification to members of the American Debt Commission and officials of the
Treasury, who are prepared to meet the Italian Commissioners with all
kindness but to withstand demands for treatment comparable to that
granted to the Belgians.
Under date of Aug. 29 Associated Press cablegrams from
Rome said:
Premier Mussolini's own newspaper, "II Popolo d'Italia," to-day published a leading editorial pleading that Italy has reason to expect at least as
good treatment in the settlement of her debt to the United States as was
accorded Belgium
The newspaper points out that according to American calculations the
national wealth of Belgium increased from $5,000,000,000 in 1912 to $12,000,000.000 in 1922. whereas the national wealth of Italy only increased
from $22.000,000,000 in 1912 to $35,000,000,000 in 1922. or about 60%.
while Belgium's increase was more than double. In the same period, the
newspaper says, France's national wealth increased 50% and that of the
United States 75%
Premier Mussolini's organ continues that Belgium owes to the United
States about 4% of her national wealth. France less than 3%, and Italy
more than 6%. Moreover, the editorial asserts, with her debts to the
United States and Great Britain combined, Italy's foreign debt amounts to
between 13 and 14% of her national riches.
Belgian Cabinet Congratulates Debt Funding Mission.
The Associated Press cablegrams yesterday (Sept. 4) carParliament to Meet in November to Ratify
ried the following from Rome:
Agreement.—No Secret Clauses.
Italy's capacity to pay, based entirely upon business considerations, wil
the sole determining criterion of the proposals to be made by the Italian
The Belgian Cabinet, having considered the report of be
War Debt Commission to Washington next month, Count Volpi, the FiAndre Terlinden, of the Belgian Debt Mission to the United nance Minister, declared to the Associated Press to-day.
"Italy desires to conclude as soon as possible a just settlement of her war
States, on the funding of the Belgian debt, congratulated the
to the United States, based completely upon the realities of her indusdelegates on Aug. 31 for the manner in which they acquitted debt
trial, economic and financial situation," the Finance Minister said.
themselves of the delicate task says an Associated Press
"I have successfully carried out many similar missions in my career, and
this one will have a satisfactory conclusion."
cablegram from Brussels Aug. 31. It is stated that it was I trust
Commenting on President Coolidge's statement that the terms of Amerdecided not to convene Parliament specially for ratifications ica's settlement with Belgium would not constiutte a precedent, Count Volpi
of the debt funding agreement. Parliament will meet on said.
1170
THE CHRONICLE
"Naturally, I cannot divulge the details of our proposals, which will be
accurate and realistic. It must be remembered that the individual wealth
of Belgium is greater than that of Italy. This must be considered, since
out plan and any interpretations of it are based fundamentally on our
capacity to pay."
The Finance Minister announced that Signor de Martino, Italian Ambassador to the United States, who will be a member of the Italian Debt Mission, is sailing to-morrow to resume his post.
Referring to the intention of American financiers to invest American capital in Italy's industries, the Finance Minister said active negotiations to
this end now are going on, but entirely on a private basis.
Rumania Preparing to Send Debt Funding
Mission to United States.
Under date of Aug. 31, Bucharest, Rumania, Associated
Press cablegrams said:
The Rumanian government has officially notified the American Legation
that its debt commission is proceeding to the United States at an early date,
probably the beginning of October, to seek a settlement. The members of
the commission will be named when the Finance Minister Vintlla Bratiano
returns to Bucharest about Sept. 5.
On Sept. 1 it was stated that Nicholas Tirulssoo, Rumanian
Minister to London and former Minister of Finance, is
understood to have been selected to head the Rumanian
debt funding mission.
[voL 121.
Causes of Unfavorable Trade.
"The passivity of Poland's trade balance increased in consequence and
brought about a more abundant supply of the Polish currency ('zloty') on
foreign markets. The situation will undergo a material change for the
better within the next few weeks, because of very good crops in the current
year, which will automatically discontinue the imports of foodstuffs and
also permit of exporting considerable quantities of rye, barley, flax, clover
and potatoes.
Trouble with Germany.
"The absence of a commercial treaty with Germany contributed to a
certain degree in rendering the situation of the 'Bank of Poland' somewhat
difficult, inasmuch as purely speculative offers in Polish currency ('zloty')
manifested themselves in German financial circles.
"Furthermore exports of coalfrom Polish Silesia degreased by the quantity
of coal until recently exported to Germany which lately refused to continue
purchasing of coal from Polish Silesia. The quantity of coal thus affected
amounts to about 350.000 tons per month. Poland is of necessity making
every effort to dispose of this quantity of coal in other markets and in
order to facilitate this, reduced railway freight rates for coal, and concluded
with Czechoslovakia a transit agreement which is very favorable to Polish
coal interests. The good results of these measures are beginning to manifest themselves already.
"The tariff war was forced on Poland by Germany though German propaganda endeavored to present this issue in an altogether different light.
This can best be shown by statistics. The exportsfrom Poland
to Germany
constituted 35% of the total volume of the Polish export business, whereas
German exports to Polan dconstituted but5% of the total of German exports.
Under these conditions Poland could not afford a tariff
war with her biggest
foreign customer unless this tariff war was forced on her. The risk of the
tariff war was much smaller on Germany's part and for this reason Germany
started the tariff war with Poland including among
the terms of the commercial negotiations certain purely political demands. It was
an obvious
attempt on Germany's part to force Poland into accepting Germany's
terms
in full under threats of ruin of Poland's balance of trade
and currency."
Czechoslovakia Debt Mission Sails
End of September.
According to Prague, Associated Presecablegrams, Sept.
2, the Czechoslovak Debt Mission plans to sail for the Poles
Settle with Soviet—Ratify Agreement LiquidatUnited States the end of September.
ing Troubles on the Frontier.
The New York "Times" publishes the following Associated
Credit of $10,000,000 Extended by Federal Reserve Bank Press cablegram from Warsaw, Aug. 30.
The Polish Cabinet approved today an agreement reached
of New York to Bank of Poland.
between Polish
Soviet delegates liquidating the recent frontier incidents
The fact that the Bank of Poland has deposited with the and
involving
encounters between the border guards of the two countries.
Bank of England a supply of gold to cover the $10,000,000
The Soviet is to surrender two Polish officers now held in
Russia, while
credit extended to the former by the Federal Reserve Bank Poland will pay an indemnity for the Soviet border barracks set on fire by
of New York, was indicated in the following Associated Polish raiders.
Press cablegram to the daily papers from Warsaw, Aug. 29. Poland Bars Imports—Efforts
to Stabilize Zloty.
The credit arranged by the Bank of Poland with the New York Federal
Under date of Aug. 27 Associated Press advices from
Reserve Bank will be used exclusively for the support of the zloty, Poland
unit of currency.
Warsaw (Poland) stated:
It will permit the Bank of Poland
to resume supplying the local market
with foreign currency, which supply it was compelled to interrupt when the
amount of such currency in its possession was reduced dangerously near
the limit it must maintain for the protection of the zloty.
As a guarantee for the credit, the Bank of Poland has deposited a certain
quantity of gold with the Bank of England. The credit, it is explained,
Is in fact the result of an agreement among the Federal Reserve Bank and
the Banks of England and Poland. It has already brought about an improvement in zloty exchange.
Premier Grabski, speaking to newspaper men yesterday, flatly charged
Germany with being mainly responsible for the fluctuation of the zloty.
Germany, he said, was waging commercial war in an effort to make Poland
dependent upon her.
Reference to the extension of the credit was made in these
columns last week, page 1038. The Federal Reserve Bank
has confined its announcement to the following, dated Aug.
28:
The Federal Reserve Bank of New York to-day confirmed that they had
granted to the Bank Polski (the central bank of issue of Poland) a credit
for ten million dollars against gold.
The Polish Government has decided that Poland, for
the present at
least, must try to live without imports and thus reduce the
trade balance,
which is depressing the value of the zloty.
A number of drastic regulations have been formulated
with this end in
view. Poles who are desirous of seeing the world will be
called upon to
pay $100 each three months for a passport. The
Government also has
called a meeting of the principal exporters to study the question
how best
to increase the country's export trade. The first
measure decided upon
was to work out a special railroad freight tariff
which will favor goods for
exportation.
The "Wall Street Journal" of Sept.3 prints the following
(from Washington) regarding the restriction of imports:
Bank of Poland is selling foreign exchange to importers
only for payment
of necessaty imports according to Department
of Commerce. Polish
Government has adopted a policy of rigid restriction on
Imports because
of the abnormal unfavorable trade balance for
the past six months.
American exporters are warned to ascertain whether
their Polish clients
have obtained license covering contemplated portions
before making shipments and is assured of the necessary foreign
exchange with which to make
payment for the goods. It is believed that the Bank
of Poland will continue this policy until October.
The "Wall Street Journal" of Aug. 29, stating that the
From Vienna advices, Aug. 30, to the
transaction was carried out in lieu of Bank of Poland ship- (copyright), we quote till) following: New York "Times"
ping gold to this point, added:
The action of Poland during the last few days in
prohibiting entirely the
Polish crops were poor a year ago, necessitating large importations of Import of several hundred specified kinds of merchandise
from any foreign
foodstuffs. Payments for these have depleted to a large extent Polish country has attracted wide attention. It resulted
partly from the fact that
balances in New York and in order to strengthen these it was necessary manufactured goods from Germany were being imported
into Poland by
either to ship gold here or arrange for credit to be granted. London advices way of Austria.
That movement had seriously prejudiced
state that Polish government is prepared to "maintain gold parity of the
Austria's own trade in Poland,
zloty," and there has been considerable bear covering in the continental which had been progressing favorably. Nevertheless,
many representaexchange markets. This credit is similar to the $30,000,000 extended by tives of business corporations have left for Warsaw, where
they will ena group of New York bankers to Denmark and a 310,000,000 credit given deavor to persuade the Polish Government that the
measure
taken threatens
Its own economic ruin.
Finland by National City Bank to stabilize their exchanges.
Credit advanced to Poland by the Federal Reserve Bank of New York is
In no way comparable to the $200,000,000 extended by that institution to
Economic Position of Italy According to
the Bank of England. In the latter case, New York Federal Reserve Bank
Survey
has agreed to sell 5200,000,000 of its own gold to Bank of England, payment
Received by Bankers Trust Company Stronger
to be made at some future date. In the case of Bank of Poland, New York
Than
at
Any Time Since the War.
Federal Reserve Bank is merely extending credit in Now York in exchange
for a similar amount of gold to do away with necessity of Poland shipping
According to a survey of Italy's present financial and ecogold to this country. Amount of the credit used depends entirely upon nomic
conditions received by the Bankers Trust Co. from its
Polish needs.
Danish credit has only been used to a small extent: Finnish and British Foreign Information Service, Italy's economic situation is
credits not at all.
stronger now than it has been
Why
Zloty has Dropped in Value.
The following is from the "Wall Street Journal" of Aug.27.
Polish Banker Visits the United States—Explains
at any time since the war. A
statement issued by the company under date of Aug. 27 says:
The first calculations of the
Ministry of Finance for the official year
1924-25, which closed on June 30, show
revenue receipts of 209,000,000 lire
in excess of expenditure and actual
revenue of 1,564,000,000 lire over esti.
mated revenue as compared with a budget deficit
of 418,000,000 lire in
Dr. Felix Mlynarski, vice president of the Bank of Poland, who recently the previous year and
an unbalanced budget over a succession of years since
arrived in the United States from Warsaw, has the following to say in ex- 1911-1912. This
information is particularly interesting in view of the fact
planation of the drop in the value of the zloty and the causes of the heavily that the Italian
Ambassador, Giacomo De liartino, is soon expected to
adverse trade balances:
resume debt negotiations with the United States and to present to the
"The cause of the drop in value of the Polish 'zloty' lies primarily in the American Debt Funding
Commission the thesis that Italy is ready to pay to
bad crops of 1924. Poland, which is more of an agricultural than industrial the very limit of
her capacity, but that her capacity should be judged sanely
country, had in 1924 a crop 30% less than normal. In consequence thereof and with full appreciation
of Italian economic and financial conditions both
during the current year Poland not only was unable to export agricultural in the present and in the
future.
products but on the contrary had increased her imports of foodstuffs and
Italy after the war went through a greater political and economic upill Particular of flour and grain from America by over
heaval than any of her allies. For several years after the armistice the
100%.
http://fraser.stlouisfed.org/
p.
Federal
Reserve Bank of St. Louis
SEPT. 51925.]
THE CHRONICLE
this
country was in a state of confusion bordering on civil war. During
period her productive forces were crippled by taxes and levies imposed,
with resultnot by legislative action, but by ill-considered executive decrees,
to less than
ing injustice and inequality; her currency was depreciated
her public revenues
one-quarter of its pre-war value; and the deficit in
Governmental expendiwas increased through disorder and extravagance in
into power on
ture. Such was the situation when the Fascisti put Mussolini
his
Oct. 30 1922. At the time Mussolini was sworn into office, he outlined
and sacripolicy in regard to internal affairs as one of discipline, economy
work
hard
only
that
fact
the
to
up
wake
fice, and said that Italy must
of this policy
could save her from financial and economic ruin. The results
are refelected in her industry, commerce and public finance to-day.
Studies
improving.
steadily
Sine 1922 Italy's financial condition has been
show
made by the Foreign Information Service of the Bankers Trust Co.
lire; in
that in 1920-21 Italy had a deficit in her budget of 14,000,000,000
1922-23 this deficit was reduced to 3,000,000,000 lire, and, as already stated,
end of 1924-25 there
'in 1923-24 was only 418,000,000 lire, while at the
was a substantial surplus of 209,000,000 lire.
This improvement in the budget has been made possible by a radical reon
duction in expenses attended by a gradual increase in receipts based
sound fiscal reforms. Government expenditures which amounted to 17,000,1923-24
and
in
were
lire
15,206,000,000
cut
to
were
1921-22
000,000 lire in
estimated at 14,225,000,000 lire for 1924-25.
the wiping
An important step in the reduction of expenditures has been
At
out of the deficit of the State railway and the postal administration.
and
the end of the war the Italian railway service was entirely disorganized
during 1921-22 the drain on the State budget from the railways reached
1,257,000,000 lire. Under a new management and with the adoption of
economies the deficit was reduced to about 298,000,000 lire in 1923-24,
availwhile in 1924-25 up to Nov. 30, the latest date for which figures are
in the manable, no deficit is shown. The same result has been obtained
during
lire
500,000,000
of
agement of the postal administration; a deficit
1921-22 has been replaced by a surplus or 21,000,000 lire during the fiscal
year which ended on June SO last.
The improved financial situation of the Italian Government has made it
possible not only to stop the steady increase that was taking place in the
public debt but also to bring about a reduction of the debt. During the
fiscal year 1922-28 the internal debt increased 3,612,000,000 lire; during
1923-24 it was reduced by 2,382,000,000 lire, and during eleven months of
the fiscal year 1924-25 or up to June 1 1925 it had been further reduced
from 93,163,000,000 lire to 91,007,0000,000 lire.
The foreign debt of Italy, aecordingto the latest statement available to
the Bankers Trust Co. amounts to 23,056,000,000 lire gold, plus accrued unpaid interest since 1920. This represents the so-called political debt, of
which 14,519,000,000 lire is owed to Great Britain and 8,537,000,000 lire
Is owed the United States. Since the Mussolini Government came into
power, Italy has liquidated all of her foreign commercial debt, the last sum
of 51,000,000 gold lire or about $9,843,000, due in the United States having
been paid on Feb. 1 of this year. In June of the present year, however,
Italy arranged a credit of $50,000,000 with Messrs. J. P. Morgan & Co.
If we express the foreign debt of Italy in currency lire, taking the exchange rate on New York as of April 1, we obtain the figure of 17,440,000,000 lire, which added to the internal debt of 91,007,000,000 lire, makes the
total public debt of Italy as of June 1 1925 about 198,447,000,000 currency
lire, or $38,300,000,000 converted at par of exchange, to which must be
added the accrued unpaid interest and such part of the new Morgan credit
as may be used.
Turning to Italy's foreign trade, we find that in 1922 her entire commerce amounted to about 25,000,000,000 lire, with imports exceeding exports by 6,462,000,000 lire; in 1923 the foreign trade amounted to 28,275,000,000, with an excess of imports over exports of 6,103,000,000 lire, while
an adverse balance
in 1924 the foreign trade was 33,697,000,000 lire, with
been increasing the volof 5,077,000,000 lire, showing that while Italy has
her. For the
ume of her trade she has been decreasing the balance against
to 9,096,000,000
first four months of the current year the imports amounted
of 3,750,adverse
balance
an
to
or
exports
lire,
5,346,000,000
lire and the
000,000, while for the same period of last year it amounted to 1,466,000,000.
This increased deficit is accounted for by the heavy imports of high-priced
cereals made necessary by last year's poor harvest. The increase, however,
new harvest indicates
Is expected to be transitory, as the outlook for the
that the yield will be several million bushels above the average.
1171
issue, besides 123 millions in silver and 112 millions in foreign securities.
This proportion is not a contemptible one in comparison with the total
circulation in the banks and State, which at the present rate of exchange
amounts to less than 4 billions. It would be a metallic cover, or one corresponding to 44 % for a circulation of 100 gold lire per inhabitant. Remember that England effected her return to a gold basis with a reserve of
40% and that the average gold reserves in relation to the circulation of the
whole world is only about 55%.
It is not for us here to deal with the arrangements which will have to be
made between the banks of issue and the Government with a view to compensating them for the devaluation of notes issued by them in the first place
against gold. If the reform took place on the basis of 1 to 5, a first elementary arithmetical calculation would show that the banks of issue would be
owing to the Treasury four-fifths of the 1,785 million gold lire issued against
gold; that is to say, 7.140 million paper lire which would go to the advantage
of the Italian taxpayer and be credited by the three 'hanks of issue to the
respective accounts of the Treasury. It is evident that the effective liquidation on the basis of the laws which granted the privilege of issue would be
slightly more complex.
Should there be a deficiency, it might not be difficult to meet it out of
the surplus shown by the balance of payments. It seems to be too easily
overlooked that the Dawes plan created eleven billion Railway Bonds and
five billion Industrial Bonds to serve as guarantee for the issue of German
loans on the international market. Eight months have gone by since the
German loan of 800 million gold marks, in which Italy also participated,
was issued, and which served chiefly to place German currency on a healthy
basis. All thought at that time that issues would be made gradually and
successively without interruption. The work of the Dawes plan, as regards
the collection of moneys due for the service of the above Bonds, is assured,
and if difficulties arise for the transfer of the same abroad. tney will certainly
not take place in regard to the small amounts which would be necessary
for the service of interest on the second and third issue. There is also no
doubt that Great Britain and the United States would not make any
difficulty to our returning to a gold standard,in order to receive our modest
10% on the proceeds of this second and third issue. Of course, international
cooperation is the best contribution towards monetary reform, Just as England's return to a gold basus depended upon an agreement between the Bank
of England, the Federal Reserve Bank and Messrs. J. P. Morgan & CO.„
ne-gotiated by Mr. Montagu Norman, Governor of the Bank of England,
in March last, and which assures credits for a total of 300 million dollars.
A recourse to long loans is not so much to be dreaded as some writers
think. One sees continual reference made to Magliani, whose monetary
reform was unsuccessful not because it was based upon loans, but owing to
a series of political and economical circumstances. But if Magliani was
not successful in maintaining the convertibility of the Lira and if it became
necessary to return to a forced rate, it is, nevertheless, very probable that
his action, in the early period of the development of credit in Italy, in spite
of the well-known excesses, did largely contribute towards giving Italian
money a basis solid enough to avoid more serious monetary difficulties, like
those which, close to us, the Austro-Hungarian Empire has undergone.
It is forgotten that the Austrian reform of 1892-1895 was based upon the
Issue of a 4% loan of 150 million florins; that the Russian reform of 1894
was also brought about by means of a loan and this in spite of the fact that
Witte was operating in a country producing large quantities of gold.
In 1874, the United States returned to metallic currency, thanks to loans
totalling 92 million dollars, and Germany. Austria and Hungary have
recently reestablished gold currencies, stabilizing their moneys, also thanks
to international loans granted to them.
It is a remedy to be avoided in periods of budget deficiency, and it is,
therefore, highly to the credit of the National Government—and particularly of Minister de Stefani—to have abstained from such a practice during
the period of consolidation of the budget. . . .
It is more or less along these lines and along no others that we shall sooner
or later secure a healthy basis for our money;this should be the ardent desire
of the saving sections of the populati3n and not by any means a cause of
preoccupation.
What is most necessary at the present time is to put an end definitely
to depreciation by every means available, even with foreign ittcrvention
or by means of advances, but above all with the collaboration of private
financiers and the moral support of the people.
The efforts made in recent years in Italy to interest wider circles of the
public in stocks and shares, at the same time putting a check to excessive
Dr. Giuseppe Zuccoli on "The Monetary Question in speculation—contrary to what has been done in Germany and Austria—
is in itself an excellent symptom;to this must be added the natural wisdom
Italy"—Placing of Italy on Gold Basis Urged.
of our manufacturers to refrain from excessive ambitions and from comthe
of
Director
Banque
Zuccoli,
Dr.
Giuseppe
by
article
plicated combinations of widespread industrial interests built up in GerAn
Francaise et Italienne pour l'Amerique du Sud, Paris, is pub- many and which, as in the case of the Rhein Elbe and Stinnes, are falling
to pieces.
lished in the "Acceptance Bulletin" of the American AcThanks to this mutual collaboration, the rate of the dollar at 25 might
4).
The
(Sept.
address
yesterday
issued
Council,
be the Piave line of resistance of our monetary battle.
ceptance
The
rest will be done once the imposing new industrial works of all kinds,
is one which was delivered in Paris on June 8 to the officers now under
construction, have started production.
du
pour
Sud,
l'Amerique
Italienne
et
Francaise
Banque
of the
The wisdom of our statesmen assures us that they will create possibilities,
a
is
Bulletin"
translafacilitate arrangements and direct tendencies without undue interference
and as published in the "Acceptance
and without resorting to drastic measures likely to disturb the process of
article
The
remarks.
exdiscusses
Signor
Zuccoli's
of
tion
reform and without hindering the response of the masses; if properly eduin
and
arguing
situation,
for
Italian
financial
the
haustively
cated and directed, the latter often become a dominating factor, much more
so than the isolated greatest brains separately; a wide persuasive campaign,
the placing of Italy on a gold basis says in part:
the chief bank of issue with as few new laws as possible. is the true safeguard of that intricate
We see no impossibility for the State to authorize
gold and foreign securities, machinery which we are wont to call "financial markets."
to hand out gold currency fully covered by
And it is with these measures that the monetary reform will reach port
jointly with a well-regulated forced rate money.
fixed relation between the old paper safely, gradually, but perhaps sooner than we now anticipate and investors
It should be possible to establish a
all the circumstances have everything to gain and nothing to lose by it.
money and the gold currency and this fixed relation,
should be the same as that on the
being carefully studied and prepared,
the first period, issues gold certificates
basis of which the bank of issue, in
This last stage should be reached without undue haste; the
Reichsbank Arranges New Reparation Payments.
of deposit.
anxiety, for ever since the Kingdom
public would probably not show any
Radio
advices from Frankfort-on-the-Main, the New York
been in existence there have been only very short periods in
of Daly has
rate.
a
"Journal of Commerce" Aug. 21 state:
which our money has not had forced
thing that all should know precisely the subThe German Reichsbank and the agent ofreparations have arranged new
But from now on it is a good
of the reform in order thoroughly to understand terms of Reichsbank Reparation payments of 100.000,000 marks due
stance and the methods
to be met with are not insuperable.
September 1 Of the total 40.000.000 marks are paid August 1 and 60.000.that the difficulties
up in a few words:To give a gold basis, 000 marks are to be paid September 1.
These difficulties may be summed
motley..
no
paper
There
is
old
the
to
doubt
parity
reduced
Future payments for three years will be done monthly on a basis of
ulthough on a
actually is in a better situation than France as regards 50.000.000 marks each month. Advances will be discounted at Reichsbank
that Italy— which
'
financial situation—is, on the other hand. in a more unfa- with 6% interest per annum
her budget and
the gold reserve, as against 3.700 million francs
vorable position as regards
by the Bank of France and 1.860 millions given in guarantees
in gold held
issue only dispose of 1,131 millions in gold in Payments by German Railway Company on Reparation
of
banks
Italian
abroad, the
419 millions given in guarantee to Great Britain. But it
Bonds.
their vaults and
England, who in all good faith is more interested
may be considered that
to
nation in the re-establishment of a healthy currency on the
Associated
Press cablegrams from Paris
According
other
any
than
different markets to her exports, would
Continent, which would reopen the
Seymour Parker Gilbert Jr., Agent-General for
guarantee for war advances. Aug. 31,
in
her
to
given
gold
the
release
not refuse to
therefore, 1,550 millions at the disposal of the banks of Reparation Payments, announced that day that the German
'There would be,
1172
THE CHRONICLE
[VOL. 121.
Railway Co. has made payment of 60,000,000 gold marks,
As passed by the Senate the treaty was amended in the
the balance of the interest due Sept. 1 on its reparation bonds. particulars suggested.
Mr. Gilbert is quoted as follows:
This completes the payments due from Germany in the first year of the
New German Tariff Law.
operations under the experts' plan, which commenced Sept. 1 a year ago.
In the total these payments have amounted to 1,000,000,000 geld marks,
Germany's
new
customs tariff bill, adopted by the Reichsof which 800,000,000 were derived from the proceeds of the German external
loan issued last fall. The remaining 200,000,000 were paid by the German tag on Aug. 12, was adversely criticized on Aug. 13 by
Railway Co. as interest on 11,000,000,000 gold marks of bonds, which it practically the whole of the German press, except those
has given under the plan for reparation purposes.
organs which actively • support the Government, says the
The railway company made its first payment Feb. 28 1925 in the amount
Associated Press cablegrams from Berlin. We also take
of 100,000,000 gold marks.
The second payment, due Sept. 21 1925, was In part anticipated during the following from these advices of the 13th:
August, in accordance with an arrangement made between the AgentGeneral for Reparation Payments and the railway company, whereby
partial payments may be called for in advance of due dates, subject to
discount at the rate of 6% per annum, for the purpose of providing funds
for the smooth flow of reparation deliveries and payments.
The amount paid to-day, 60,000,000 gold marks, thus completed the
second payment of 100,000,000 gold marks for the year.
The Socialist Opposition to the protection accorded to German producers of foodstuffs emphasizes the fact that when the Dawes committee
of experts made its initial investigation of the economic situation in Germany, the representatives of German agrarians who were summoned
before the committee made no reference to the necessity of a protective
tariff for foodstuffs, whereas they now are given over-generous protection
in the Government's new tariff law.
The "Vossische Zeitung" says the law is a menace to Germany's ecorecovery and a danger to her foreign interests.
German Railroad Receipts for March, April and May. nomic
The new duties, in the opinion of "Germania," organ of the Centrist
The Reichstag received on Aug. 24 an official report on the Party, are likely to constitute an effective instrument in the hands of the
agreements come up for negotiation.
business of the Reich's railways for March, April and May, Government when new tradewill
become effective before Sept. 1, as the
None of the new duties
1925 says the Associated Press accounts from Berlin, from Ministry of Finance states that customs officials
must be given an opportunity to familiarize themselves with the new schedules. The various
which the following is also learned:
The proceeds amounted to 1,139,106,000 marks, of which 966.674.000 categories into which the tariff is divided, will be assigned various dates,
although the Government's present plans indicate that the new rate of
marks was allotted to expenditures
The results obtained are sufficient to insure the second reparations foodstuffs and beef cattle on the hoof will be enforced by the end of August,
payment of 100.000,000 marks, which is due Sept. 1, and furnish evidence and that the duties on industrial commodities and manufactured goods will
that this year's total business of the railroads is developing according to become operative Oct. 1.
To what extent American exporters of foodstuffs will be able to secure
schedule.
relief from the maximum duties named in the tariff law is still a matter for
conjecture, as reductions only would be possible through the medium of
Deutsche Bank Optimistic on German Economic formal
negotiations.
Outlook.
American frozen meats and flour are the hardest hit in the new schedules.
The
and adding machines is fixed at 240 marks Per
tariff
The following Associated Press advices came from Berlin, kilogram on typewriters
(2.2 pounds), while the duty for the parts of either is 700 marks.
Aug. 18:
The theory is, presumably, that German industry will, in time, be equipped
Don't be a bear, is the advice given to Boerse pessimists by the Deutsche to supply repair parts.
Bank's monthly trade review, which sees no cause for dejection over the
The duty on radioactive minerals has been raised from 100 to 15,000
German economic outlook.
marks per kilogram. The German artificial silk industry also is given
Professional Boerse pessimists are reminded in the bank's bulletin of the liberal protection in the new tariff.
excellent crop prospects and that the German Dawes loan, which was
On Aug. 9 the Government's general tariff position was
issued at 92, has for the first time touched 100
European politics, in the opinion of the bank's experts, also show indica- outlined in an introductory statement by Chancellor Luther,
tions of more hopeful development. There has been only 1% increase in the who
gave an argument for the protective tariffs contemplated.
number of unemployed drawing doles during July despite the shutting down
of many Ruhr mines. The jobless miners have largely been absorbed as The Chancellor was quoted as saying:
harvest hands.
Only if there is a regular ordered exchange of goods with foreign countries
by which German creative power can be made productive, can provisioning
the
German people with food, the recuperation of German industry and
Resolution of New York Chamber of Commerce En
the fulfillment of the obligations assumed under the London agreement be
dorsing Commercial Treaty with Germany in
vouchsafed.
Amended Form.
"Germany certainly has no desire for the development of European
basis of high tariffs," the dhancellor continued.
The Chamber of Commerce of the State of New York economic life on thecannot
go the way of general tariff reduction or even
"Germany, however,
placed itself on record Feb. 5 (the Senate approved the the entire removal of tariff barriers which perhaps alone
would be sufficient
treaty Feb. 10) as favoring "the adoption of the commercial to afford relief from the world's distress, as long as other countries which
economic
and
confront us with far greater
political power maintain a decided
treaty between the United States and Germany signed at system
of protective tariffs."
Washington on Dec. 8 1923, with the exception of Articles
IX and XI, which should be so amended that the United
States Government shall not be prevented from the adoption of measures which may be necessary to build up an
American merchant marine." The resolution was embodied in a report presented by the Committee on the Harbor and Shipping and its Committee on Foreign Commerce
and the Revenue Laws. Its text follows:
On Dec. 11 1923 the President of the United States sent to the Senate, with
his approval and recommendation for ratification, a treaty negotiated with
Germany for an extension of commercial relations beyond,the term of the
period presented by the Versailles Treaty of Peace.
The treaty so submitted was drawn on a form intended to be a model on
which commercial treaties with other nations are to be negotiated, and for
that reason, among others, the ratification has been urgently desired. No
action by the Senate has been taken yet.
Meanwhile the status quo expired by limitation on Jan. 10 of this year,
and all commercial business with Germany is being carried on without treaty
stipulation and without the advantage afforded by the so-called "most favored nation provision." It is very greatly to be desired that a treaty covenant be restored at once.
In the treaty as negotiated and sent to the Senate are certain agreements
which your Committee think should be amended. Articles 9 and 11 grant
the merchant vessels and other privately owned vessels operated under the
flag of Germany privileges and rights which would prevent Governmental
measures for building up a United States merchant marine.
This Chamber, by a resolution May 4 1922, approved and recommended
legislation which would so aid American vessels as to enable them to compete with foreign nations and promote the transfer of Government owned
tonnage to private interests. The proposed treaty with Germany, if Articles
9 and 11 are not amended, would prevent the effective operation of such
measures. Therefore, be it
Resolved, That the Chamber of Commerce of the State of New York favors
the adoption of the commercial treaty between the United States and Germany signed at Washington on Dec. 8 1928, with the exception of Articles
9 and 11, which should be so amended that the United States Government
shall not be prevented from the adoption of measures which may be necessary to build up an American merchant marine.
Respectfully submitted,
EUSTIS L. HOPKINS,
HOWARD AYRES, Chairman,
PERCY H. JENNINGS,
HUBBARD,
SAMUEL T.
CHARLES A. RICHARDS,
THOMAS W. SLOCUM,
Of the Committee on Foreign Commerce and the Revenue Lams.
MARCUS H. TRACY,
J. BARSTOW SHULL, Chairman,
DAVID T. WARDEN,
WILLIAM H. BURR,
CHARLES H. POTTER,
WALIZE,
HERBERT B.
Of the Committee en the Harbor and Skipping.
The Associated Press advices of Aug. 13 added:
Chancellor Luther cited as an example the United States, which, he
said, had in no wise lowered its high tariffs.
Concerning agrarian tariffs, Chancellor Luther observed that it was only
fair, if German industries were to be protected by tariffs, that the farmer
also should receive protection, but he denied that these tariffs would
be excessive.
"The duty-free importation of considerable quantities of frozen meat,"
he said, "constitutes an alleviative measure for the consumers. In the case
of grain the tariff is of a transitory nature and is considerably lower than
the tariffs of pre-war times."
In reporting the adoption of the bill by the Reichstag
on Aug. 12 the New York "Times" in a copyright cablegram
stated:
The German Reichstag adjourned this afternoon after the busiest day
of its entire session, which had lasted since the middle of last December.
Besides ratifying numerous trade treaties and passing the Hindenburg
Amnesty bill, the legislative body passed the Tariff bill, which was a rankling
thorn in the side of the Reichstag since the adoption of the Dawes plan.
When a majority vote decided for a summer recess. the President's pronouncement "adjourned sine die" ended a session which was the most
remarkable in European diplomacy, since all bills which became laws
passed through the highest finesse of log-rolling or diplomatic pressure.
This morning the third reading of the tariff bill was on the day's program.
In order to enable the measure to be discussed on Monday it was necessary
for the President to remove shouting Communists by a police force. When
the measure was re-proposed to-day most of the opponents left the room
and the measure was passed without debate or opposition except for "no'
votes from the Communist group, who are in constant opposition in the
Reichstag.
The tariff law returns Germany to the status of 1903, when Bismarck
nursed a protective tariff bill through Parliament. This protective tariff
to "enable German agriculture to survive" was the broadest plank of the
Right parties in the last Reichstag and Presidential elections. The Left's
promise to support this bill was the deciding factor in passing the Dawes
plan. The Right is now celebrating its triumph, though it were forced to
support the Stresemann policies in the security compact negotiations in
order to pass the bill.
Although the Left was morally bound to support the tariff the Social
Democrats quit the hall before the vote, allowing the measure to pass.
Manufactured goods will carry a heavy protective tariff, with the highest
duties aimed at the American automobile industry. American-made cars
will be taxed $59 per 100 kilograms until July 1 1925, after which a gradual
reduction every six months until 1928, when the tariff will be $18. Fearing
that American companies can cornpete against this tax, the number of
Imported cars from one company is to be limited.
Communists, however, unbothered about the autos, object to the tax on
foodstuffs, which wasfixed at 85 cents for a hundred kilos of wheat,72 cents
SEPT. 5 1925.]
THE CHRONICLE
1173
Nothing herein contained shall be construed to affect existing statutes of
for oats and rye and 48 cents for corn. Live animals imported for slaughter
either country in relation to the immigration of aliens or the right of either
are taxed $4 30 a hundred kilos, while frozen fresh meats are $10 70.
to
enact such statutes.
Prepared meats are to be taxed as high as $28 a hundred kilos; lard and
The fifth paragraph of Article VII, and Articles IX and XI shall remain
other cooking fats, $3.
Agrarians explain that foods will not cost the consumers more since they in force for twelve months from the exchange of the date of ratification, and
have a plan to cut out middlemen who, become rich at the expense of both if not then terminated on 90 days' previous notice shall remain in force subject to termination at any time on 90 days' notice.
producers and consumer.
American business men in Berlin do not believe the present tariff will
The substance of the fifth paragraph of Article VII and
reduce American business,though present tarifflaws shut out other countries.
Articles IX and XI, to which the second reservation.applies,
The raw stuffs necessary to German basic industries are mostly duty free,
was outlined in a special Washington dispatch to the New
but semi-manufactured goods are heavily protected.
While the old soldiers were trying to put through a bill allowing them to York "Times" on the day the treaty was ratified by the
wear the spangled uniform of the Kaiser's day, a vote on the modified
amnesty bill, allowing all Nationalist political prisoners to be set free, was United States Senate. It stated:
Paragraph 5 of Article VII, which guarantees freedom of commerce and
passed.
The trade treaties were ratified in a sing-song manner. including the navigation, provides that all articles which may be legally imported from
commercial, consular and amity treaty with the United States, and a foreign countries into United States ports on United States l'essels may also
motion to adjourn was proposed. Chancellor Luther and Foreign Minister be imported into those ports in German vessels without being liable to any
Stresemann smiled when the final count announced that the Reichstag other or higher duties or charges. This reciprocal arrangement, on the other
would take a vacation until the middle of November,since this allows them hand, gives the same privilege to American vessels entering German ports.
a free hand in the negotiations for security agreements.
Article IX provides reciprocity of treatment with regard to charges. It
stipulates that "no duties of tonnage, harbor, pilotage, lighthouse, quaranor other similar or corresponding duties or charges of whatever denomChanges in German Tariff Will Have But Little tine
ination, levied in the name or for the profit of the Government, public funcEffect on Exports from United States.
tionaries, private individuals, corporations or establishments of any kind,
be imposed in the ports of the territories of either country upon the
The changes in the German tariff affect few items now fig- shall
vessels of the other, which shall not equally, under the same conditions, be
uring to an appreciable extent in exports from the United imposed on national vessels."
Article XI provides, as to coastwise trade, that merchant vessels and other
States, according to an analysis of the proposed new duties
privately owned vessels under the flag of either country shall be permitted
made by the National Industrial Conference Board, 247 to
discharge portions of cargoes at any port open to foreign commerce in the
Park Ave., New York. The Board under date of July 3 territory of the other and proceed with the remaining portions of such cargoes to any other port of the same territory without paying other or higher
said:
The bill is not in the nature of a general tariff revision. The principal tonnage dues or port charges in such eases than would be paid by national
change, so far as United States trade is concerned, is the proposed re- vessels.
"They shall be permitted to iced in like manner in different ports in the
imposition of the pre-war duties on food products, as rye, wheat, barley,
oats, flour and bacon. On rye, barley and oats the pre-war duty of 7 same voyage outward, provided, however that the coasting trade of the
marks per 100 kilograms is to be replaced; on wheat, 7.50 marks, as before United States is exempt from the provisions of this article and from the
the war. The duty on flour, likewise, is to be again 18.75 marks, and on other provisions of the treaty, and is to be regulated according to the laws
the United States in relation thereto. It is agreed, however, that the
bacon 36 marks per 100 kilograms.
In case of cereals, however, the new duty is not to be enforced in full nationals of either high contracting party shall, within the territories of the
until July 1926. Up until that time, a temporary duty of 3 marks per 100 other, enjoy, with respect to the coasting trade, the most favored nation
kilograms is to be enacted on rye and oats.3.50 marks on wheat and 2 marks treatment"
on barley. It is also proposed that the Government be given discretionary
On Aug. 12 the Associated Press accounts from Berlin, in
powers regarding cereal imports in place of the "import warrants" formerly
reporting the adoption of the treaty by the Reichstag, stated:
In force.
During 1924 the United Statesexported to Germany, duty-free, about
The Reichstag today adopted in the second and third readings without a
4,300,000 bushels of rye, which constituted about 12% of our total rye ex- dissenting vote, the new commercial, consular and amity treaty between
ports; 7,100,000 bushels of wheat, or about 12% of our wheat exports; Germany and the United States, notwithstanding some scruples expressed
4,600,000 bushels of barley, or 22% of our barley exports; 1,860.000 barrels by the chairman of the committee for commercial treaties. Speaking for
offlour, or about 12% of our total flour exports. Aside from pork products, the committee, Dr. Le Jenne, young German Nationalist Deputy, said:
Germany receives little of our exported meats;even including pork products,
"This is the first pact concluded by the United States Government with a
less than 1%•
foreign power on the basis of the most favored nation principle. It is to be
Two items not food products which figure to an appreciable degree in regretted that the United States Senate proposes to include a reservation by
our exports to Germany are adding machines and typewriters, and the which commodities carried in American bottoms would be favored over
by foreign ships, whereas Germany has consistently taken the
duties on these, now six times of what they were before the war, are to be those carried
position that there should be no impediments calculated to hamper the free
further increased. On adding machines, the present rate on which is 240 development of intercourse between nations. We,therefore, hope that the
marks per 100 kilograms, the duty is to be, if the bill passes, 360 marks; proposed American reservation will not become effective. Also, we have
a method for controlling the
the pre-war rate was 60 marks. On typewriters, the proposed rate is our doubts as to the feasibility of introducing
prices of German exports through the medium of American Treasury agents,
300 marks, as against the present rate of 240 marks, and the pre-war as
with the free development of
interfere
would
plan
a
such
of
operation
the
rate of 60 marks.
commercial intercourse."
Raw materials, as cotton and copper, for instance, are to remain on the
Referring to the possible effects of the American tariff policies on the
free list. Duties on automobiles remain prohibitive, and there are indicaGerman trade balance, Dr. Le Jeune believed that the
tions that the German automobile manufacturers are preparing for greatly condition of the
American protective duties obviously were at variance with the economic
increased production.
principles of the Dawes plan. He nevertheless recommended the treaty for
adoption without amendment to its present form.
a
New German-French Potash Agreement.
A new agreement has been negotiated between the representatives of the German potash syndicate and the French
State and private potash industries, according to semi-official reports. This new agreement, which is to last two
years, is considerably more comprehensive than any past
arrangements and introduces a complete regulation of sales
in all export markets. The Bankers Trust Co. of New York
is advised in this connection by its French Information Service that under the terms of the new convention France guarantees that the Alsatian potash industry during the coming
two years will not enlarge the scope of its production with
a view to renewed competition. The trust company, under
date of June 25, said:
The favored nations provisions of the Treaty of Versailles
were incorporated in the German-American Peace Treaty-to hold good until Jan. 10 1925—and were extended until
giving place to the present treaty. Germany has also concluded commercial treaties with Great Britain, Italy, Belgium, Portugal and Poland, while negotiations with France
to a like end have been in progress since December 1924.
The New York "Times" London correspondent summarized
in March the text of the treaty between Germany and Great
Britain in the following manner:
A new bill is necessary to allow German nationals to deal in non-ferrous
metals, to open branches of banks in this country and to serve in the mercantile marine on the same terms as other aliens. The treaty will remain in
force for at least five years from the date of ratification.
National treatment is guaranteed to British subjects and United Kingdom
No new mines will be opened and the number of pits being worked in the companies in matters of taxation in Germany. National treatment is also
mines at the present time will not be increased. In compensation for this secured for British shipping except in regard to possible reservation of the
concession Germany guarantees the maintenance of uniform prices which coasting trade, in which, however, British ships are to enjoy most favored
will be established in common accord with the Alsatian industry. The dis- nation treatment so long as reciprocity is assured.
British subjects, United Kingdom companies and United Kingdom goods
tribution of the world market between the two industries will be made on
a proportion of 30% to the Alsatian mines and 70% for Germany. Each and produce will enjoy all matters of trade full most favored nation treatindustry, however, will keep its home market for itself. This clause leaves ment and reciprocal engagements are entered into in regard to treatment of
room for some expansion of the Alsatian industry, as, at the present time, German citizens, companies, shipping and goods in the -United Kingdom.
The question of reparations payments is outside the scope of the treaty,
the German market absorbs 71
2 million quinals of potash, while the French
/
market last year only consumed somewhat over 750,000 quintals. The con- though they naturally figured in the discussions. It has already been ansequence of this new agreement, it is expected, will be a general increase nounced that the 26% reparations duty is to be retained subject to the willin the price of potash on the world market which, at the present time, is ingness of the British Government to consider workable alternative schemes
of collecting payments.
below Germany's internal prices.
Washington Associated Press dispatches in referring to
German Reichstag Ratifies Commercial Treaty Between the ratification of the treaty by Germany, stated:
United States and Germany—Commercial Accord
Germany's ratification of the trade treaty with the United States.
Secretary Hoover said today, guarantees as faVorable treatment for AmerBetween France and Germany.
ican exports as is given any other country. The German action in ratifying
The commercial treaty between the United States And Ger- the treaty was announced yesterday.
The United States, unlike most European nations, is not in position to
many was ratified on Aug.12 by the German Reichstag. The
Secretary Hoover asserted, but the treaty carries the
treaty, which was signed on Dec. 8 1923, was ratified by the bargain over terms.
"most favored nation clause," which will give American trade the benefit
United States Senate on Feb. 10 of this year, with two of any concession which Germany may later allow to any other country.
reservations attached by the Foreign Relations Committee.
In the case of France and Germany a temporary accord
The adopted reservations dealing with shipping rates and In Drinciple, providing a basis for a commercial agreement,
immigration read as follows:
was reached early this year after negotiations which had
1174
THE CHRONICLE
lasted for several months, according to advices to the United
States Department of Commerce, published Mai 21. A
Washington dispatch to the "Wall Street Journal" of that
date explained as follows:
Pending the making of a commerrial treaty, Germany is to grant France
most favored nation treatment on some articles and important reductions
In duty on others. France is to grant the minimum tariff on the principal
German products and intermediate rates on other articles. They are to
grant to each other complete exemption from import and export prohibitions.
[Vol, 121,
Attending the meeting were 0. W. Sherrill, Georgetown, treasurer of
the Texas Bankers' Association; William M.Massie, Fort Worth, chairman
of the public relations committee; Col. C. C. Walsh, Federal Reserve Agent
at Dallas; Francis H. Welch, Taylor, president of the association; Lynn P.
Talley, governor of the Federal Reserve Bank, and Tucker Toyall, Palestine; C. F. Dumas, Waco; F. M.Butler, Plainview; C.0. Wade, San Marcos, members of the committee.
Dallas bankers attending were Nathan Adams, president of the American
Exchange National Bank; J. A. Pondrom, president of the City National
Bank; It. L. Thornton, president of the Mercantile National Bank, and
R. H. Collier, chief national bank examiner for the Eleventh Federal
Reserve District.
The difficulties which have caused the protracted negotiations between France and Germany were outlined on
March 19 in the "Wall Street Journal" thus:
Failure of Two Liverpool Cotton Brokers—H. R. Bowler
The proposed treaty with France is the most difficult because of the polit& Co. and Alfred Foinquinos & Co.
ical background and also because Alsace-Lorraine has in the past depended
The failure of two Liverpool cotton brokers'firms on Sept.3
upon Germany for its market. Under the peace treaty the products of this
Province were admitted free into Germaay until Jan. 10 1925 and France created great
excitement temporarily in the Liverpool Cotis laboring to obtain continued free admission.
The imposition of German import duties on the textile and metal goods ton Exchange, but in the afternoon the market, after dropfrom those provinces would seriously decrease their sales. France is trying ping 70 points at the first news of the failures, had returned
to obtain a special custom agreement for metallurgical and textile products to normal, says
Associated Press cablegrams from Liverpool
from Alsace-Lorraine for 18 months longer, hoping in the meantime to develop markets to abzorb the production, but Germany refuses to grant any Sept. 3. The advices state:
such concessions. France slab wishes reduced rates on some luxury goods, but
Germany obviously must limit consumption of expensive wares it the reparations agreement is to be carried out.
The German concern is to obtain unconditionally most favored nation
treatment in France. Also, special reductions in the high French tariff
rates on electrical and mechanical goods and heavy machinery. In the beginning, France flatly declined to give Germany most favored nation treatment. The German efforts are now directed toward obtaining minimum
French rates on a long and varied lit of products.
The firms which failed are H. R. Bowler & Co. and Alfred Foinquinos
& Co. The first named is involved to the extent of between £50,000 and
£60,000. which is the biggest failure on the Liverpool Exchange for several
years. The Foinquinos firm, a comparatively small concern, was unable
to meet liabilities amounting to about £300.
M. Folinquinos stated to-day that his suspension was caused by the failure of the Bowler concern. Other small firms which dealt with this concern
are badly hit.
H. R. Bowler & Co. was engaged in buying cotton in England and selling
In America, but was not trading in actual cotton. The failures were the
outcome of a fluctuating market.
Another rift in the Franco-German negotiations was reported by Associated Press from Paris April 1. The disagreement, it was said, centred round the question of the
number of French articles to be accorded most favored na- Seek Modification of Cotton Reports--Cotton Men
Say Frequent Reports Disturb Market Condition.
tion treatment by Germany. On the same day Berlin advices
stated that the Reichstag commission had rejected a proThe following from Washington, Sept. 1, was contained
posed commercial treaty with Spain on account of too favor- in special advices to the New York "Journal of Commerce."
The Agriculture Department is considering the possible modification
able terms being granted to Spanish wine merchants.
Chicago Board of Trade Orders New Clearing Plan to
Ease Price Range.
The following, dated Chicago, Sept. 3, is from the New
York "Journal of Commerce" of yesterday (Sept. 4):
Members of the Chicago Board of Trade to-day adopted an amendment
authorizing the creation of a new system for clearing trades in grain futures.
The vote was 601 to 281.
By this act on, awaited with intense interest throughout the grain industry, the Exchange fulfilled a pledge to the Government that constructive
measures to further prevent wide price swings would be made operative as
rapidly as possible.
Frank L. Carey, President of the Exchange, declared it to be "a great
forward step which will benef t everyone interested in the marketing of
grain."
"In co-operation with the Department of Agriculture, we shall strive to
carry out other important measures in the near future," he stated. "By
reason of these contemplated changes we expect to meet the other constructive suggestions advanced by Secretary Jardine."
A special committee was appointed some time ago to work out a comprehensive program meeting all criticism and likewise empowering officers of
the Exchange to better cope with such emergencies as that of last winter
and spring. It is understood this committee's report is nearing completion
and an early vote upon its various recommendations may be expected.
Steps looking to a more modern association for the clearing of future
trades were taken several months ago, after conference with Secretary of
Agriculture Jardine, who urged that such a change be made.
Proponents of the new clearing house system have expressed belief that a
more modern method would have tended to stabilize the market during the
orgy of public speculation early this year, when a world wheat famine
threatened.
By the action taken to-day, which is regarded as the most important
change in recent years, the Exchange is authorized by the 1,600 members
to proceed with the formation of a now Cleraing Association to replace the
present one, which has been subjected to criticism. Details of the plan,
which is expected to follow' that now in effect at some of the other grain
markets, are expected to be worked out in the very near future.
Comments of Texas Bankers' Association and Dallas
Federal Reserve Bank—Vote to Co-operate in
Drought—Situation Acute, but Not Dangerous.
The following is from the Dallas "News" of Aug. 26:
After an executive meeting of the public relations committee of the
Texas Bankers' Association Tuesday at the Federal Reserve Bank of Dallas,
financial conditions in the drouth-stricken areas of South Central Texas
were epitomized in a statement issued jointly by Francis H. Welch of
Taylor, president of the association, and William M. Massie, chairman of
the public relations committee. The statement says:
"A perfectly harmonious meeting prevailed and it was the sense of those
present that each would co-operate with the other."
The situation in the drouth-stricken area, the statement continues, is
acute but not dangerous, probably a paraphrase of the Salvation Army's
motto that a man may be down but he is never out.
"All conditions in the district are sound," the statement concludes.
Repro& utatives of farm loan and mortgage companies, officers of the
Federal Reserve Bank of Dallas and representative Dallas bankers attended
the meeting with members of the public relations committee of the Texas
Bankers' Association. Chairman Massie of the public relations committee
presided.
•
Claim Exaggeration.
After adjournment of the executive session at 1:15 p. us., several of those
in attendance said conditions in the drouth-stricken area had been exaggerated and too much publicity had been given to temporary weather conditions.
of the present system of semi-monthly cotton reports issued by the Government. It is probable that souse recommegdations for new legislation to
permit changes in the present system will be made In Congress at the next
session.
Experience with the semi-monthly cotton reports during the past year
has led Government crop reporting experts to the conclusion that it may be
well to eliminate the semi-monthly reports in July and in August.
They
feel that during these months semi-monthly reports on the condition of
the condition of the cotton crop are hardly necessary. However, during
the part of the year when the cotton growers are marketing their crops it is
believed that these reports are of great value as indicating quickly any
change taking place in the condition of the crop.
There has been no little opposition to the semi-monthly cotton reports
which were inaugurated In July, 1924, evidenced by members of the cotton
trade who contended that the market was disturbed by the frequent reports
and that they did more harm than good. Representatives of producers'
associations, on the other hand, have taken the position that the more
frequent reports are useful and valuable because of the rapid changes that
frequently occur in the condition of the cotton crop in the periods between
reports when they were issued only once a month, as was customary until
about a year ago.
In connection with the semi-monthly cotton reports the crop reporting
experts of the Government are developing new methods of estimating
acreage which are expected to be productive of results containing smaller per
centages of error than formerly. For nearly fifty years the Government's
estimates of acreage were based upon "percentage judgment evidence."
Under that system efforts were made to allow for the bias in such reports,
but not always successfully, and because of the cumulative error from
Year to year the error In the case of some States was very material.
During the past year, however, this method of obtaining information
concerning cotton acreage has been virtually abolished. Its place has
been taken by estimates based on sample data. That is, instead of asking
crop reporters to give their opinions as to the change in cotton acreage from
year to year, the Government is asking a large number of farmers in every
locality to give the actual facts as to the acreage of cotton on their own farms
from time to time. Careful studies have been made by the Government
experts to determine upon the number of farms that are necessary to give
an accurate picture of each area in order that a truly representative sample
may be obtained.
Besides the sample data method of estimating acreage the Government is
making increasing use of mechanical methods of estimating
acreage which
are entirely independent of other sources of information. This method is
known as the "field count" method. It consists of counting from the railroad or automobile the number of fields of cotton along selected routes from
year to year.and comparing tho number of fields so counted. This means
of estimating acreage hag been somewhat refined by the use of the "pole
count" methods, which consists of the counting of telegraph and telephone
poles opposite the crop along the roads.
Finds Planting Estimate Accurate—Crop Reporting
Board Makes Statement
The following Washington advices, Aug. 17 are from the
New York "Journal of Commerce":
The "intentions to plant" reports presented to the Department of Agriculture by the farmers of the United States and made public on March 19
are closely approximated by subsequent reports of the Crop
Reporting
Board In their preliminary estimates of acreage being grown to certain
crops. In a brief review of the situation the board stated that
it found
that the March report did quite accurately represent the plans of the
farmers.
In portions of the Northwest,it is said, the spring was unusually favorable
and a heavy acreage of spring wheat and other crops was planted. On the
other hand, the tobacco regions were seriously handicapped by the drouth
and were unable to plant as many acres as they intended. Serious drouth
also prevailed in some important sections producing peanuts,
sweet Potatoes
and grain sorghums. The board adds that while the report itself no doubt
had some influence, the weather has undoubtedly caused the chief differ-
SEPT, 51925.1
THE CHRONICLE
1175
ences between the intentions of farmers and thelboard's present estimate of
the acreage being grown.
It is. of course, possible that the board may have to revise these figures
upward or downward as the case may be in view of conditions that may
arise during the remainder of the growing season. It has only recently
revised the figures on flax acreage, the change,from 3,466.000 to 3.093,000
acres, being made necessary owing to the conflicting nature of the evidence
for North Dakota and Montana available when the July estimate was
prepared.
Transactions on San Francisco Stock and Bond
Exchange During First Half of 1926.
According to Sidney L. Schwartz, President San Francisco
Stock and Bond Exchange, partner Sutro & Co., investment
brokers, the monetary transactions on the San Francisco
Stock and Bond Exchange, for the first six months of the
year 1925 was overwhelmingly.greater than that of any like
period in its history, and exceeded by 104% the total volume
Crop Number of Continental and Commercial Banks for the similar period of 1924, which year enjoyed the
of Chicago—Trend of Business.
greatest volume of business in the history of the Exchange
The annual crop number of the Continental and Commer- up to that time. In the August number of "The Magazine
cial Banks of Chicago, issued under date of Aug. 31, states of Western Finance," Mr. Schwartz says in part:
The market value of stock transactions during the first six months of
that "with the yield of farms estimated to bring to the
1925 totaled *109.137,059 and the par value of bonds totaled $16,144,500,
farmers a money income of ten and a half billion dollars making
a total volume of business for this period of $125,281,559. The
for this crop year, agriculture will make a heavy contribution number of shares of stock dealt in increased frcm 3,636,704 shares in the
six months of 1924 to 4,779,952 shares in the corresponding period of
to what is commonly termed prosperity." "All forecasters," first
this year. During these same periods there has been a very marked
show
statistics
the
that
agreement
in
report,
"are
the
says
Increase in the average value of shares of stock sold on the Stock and
and prospects warrant the statement that the volume of Bond Exchange. This average has increased from $14 72 to $22 73. This
in average value is due to the increase in transactions in the higher
trade is large and will continue to be large duirng the re- Increase
priced oil and industrial stocks.
satisare
generally
reports
mainder of 1925. Production
Ten Years' Record.
factory. Manufacturers approach the fall period from a
These records of increased volume of business on the Stock and Bond
position that is better than last year and with practical Exchange
have particular local interest when taken in conjunction with
certainty of moderate seasonal expansion ahead."
the records of earlier years. Following is a tabulation covering the past
ten years:
The following is also quoted from banks' crop number:
Market Vales
Market Value. Year—
Year—
$35.213,948
$5,825,338 1921
1915
59,442.278
23,063.740 1922
1916
83,387,430
31,661.603 1923
1917
102,778,333
20,636,838 1924
1918
63,050,861 1925, first six months.....109,137,059
1919
61,040,107
1920
While the San Francisco Stock and Bond Exchange ranks third among
the security exchanges of the United States, the record for the last six
months indicates that It is well on its way toward second place with a
ranking surpassed only by that of New York.
The significance locally of the foregoing record may be better visualized
by recounting briefly the influences of publie markets on community life
MoneyIncome of the Farmers.
and progress. Historically there is a direct relation between the growth
The 1925-26 money income to farmers will be approximately as follows:
of markets, particularly financial markets, and community development.
(Estimated)
Markets Develop With Civilization.
1923-24
1924-25
From Sale of—
1925-26
To establish markets is one of the most ancient and fundamental instincts
Grains
$1,675.000,000 $1,800,000,000 $1,280,000.000
of civilization. From the earliest times, the development of Industry has
450,000,000
500,000,000
Vegetables
500,000,000
necessarily been accompanied, step by step; by the constant creation and
525,000,000
525,000,000
540,000,000
Fruits
expansion of markets which could distribute the products of industry.
1,740,000.000
1,600,000,000
1,750,000,000
Cotton
250,000,000
310,000.000
250,000,000
Tobacco
Travelers tell us that even in darkest Africa natives still in the state of
800,000,000
775,000,000
800,000,000
Other crops
savagery are perfectly accustomed to market places where the buyers and
sellers among them can meet to barter with each other their simple products
5,565,000,000
5.005.000,000
5,500,000,000
Total crops
of the chase and the fields. . . .
2.475,000,000
2,225,000.000
2,600,000,000
Live stock
products....
Conduct of Business Modernized.
stock
2.300,000.000
2,300,000,000
2.350,000,000
Live
tin Arai Ann nnn tin zAn nnn nnn ea Kor‘ nnn nnn
Ted,.1
This expansion of business has also been accompanied by a marked
development in the Stock and Bond Exchange itself. Its rules and regulaIn its discussion of the wheat yield in this and other tions for the conduct of business, its machinery for handling transactions.
have all been molded to meet changing requirements,and are being patterped
countries the report says in part:
after the world's greatest security market, the New York Stock Exchange.
Wheat represents about 10% of the value of all American crops. This
And the Stock and Bond Exchange looks forward to an even greater modernyear the estimate is a crop of 675.000,000 bushels. This is 195,000,000 ization of its methods of trading, to be placed in operation in the near
bushels-23% less than last year; it is 20% below the average yield of the
future. To facilitate this development, the Stock and Bond Exchange has
preceding five years.
recently acquired the seven-story building and site at 341 Montgomery St.,
The amount of wheat in prospect in this country has significance in a which has been the scene of its operations for the past seven years.
general survey only when considered in relation to the production in other
The expansion of our local Stock and Bond Exchange has surpassed in
countries. There is a world situation in wheat.
rapidity of growth most other phases of financial and community developWith a wheat crop nearly 200.000,000 bushels below last year's, the
ment, and in this expansion may be seen the forerunner of greater and
domestic situation is stronger than the world situation. Notwithstanding
continued development of the economic and social life of the great region
the shortage there are prospects for heavier exports than the estimates of which it serves.
production will justify:
Pacific Coast States have a crop which is 20,000,000 bushels in excess of
the oonsumption requirements of that section. This Pacific crop might Criticism by Farmer Members of American Institute of
as well be in a foreign country so far as its effect on the markets east of the
Co-operation of High Interest Rates Charged
Reeky Mountains is concerned.
by Bankers.
Of our total crop there are some 60,000.000 bushels of durum wheat,
a variety grown largely for export. Regardless of the market for bread
between banker and farmer
developed
A
controversy
varieties, 30.000,000 bushels of this wheat will be exported. It sells 30
cents or snore below spring wheat, but its yield is 30 or 40% higher per acre. members of the American Institute of Co-operation at the
A third factor in favor of considerable exports, regardless of small crop, University of Pennsylvania in Philadelphia on Aug. 4 in
is the well established foreign flour trade. It has taken time, persistence
and money to get it and the millers will spare no effort to maintain it. which it is learned from the Philadelphia "Inquirer," the
There has been no year in the past fifty when our wheat exports have fallen farmers declared the bankers charged unfair rates. The
below 44.000.000 bushels. This has been largely due to the export flour
paper quoted gave as follows an account of contentions:
trade. The wheat equivalent of flour exports is always considered in the
The financial members in the argument were New York bankers, and the
statistics. • • .
farm point of view was presented by men from Texas. Delaware and
Influence on Industry of Competition and Study.
Canada.
The Southern delegates, R. II. Montgomery. of Austin. Texas, and Oscar
In this general survey of business it is not practicable to take up industries
severally. Each of them makes its contribution but they do not contribute J. Merrell. of Newark, Delaware, launched a simultaneous attack on the
charging their methods were "manifestly unfair." They referred
and
bankers,
trade
of
A
lines
by
equally.
checking
or
uniformly
manufacture shows
clearly, however, that American business has never been so well fortified specifically to the practice of country banking institutions charging the
by information and experience as it is now. War and war's aftermath farmers a steep interest, after obtaining loans from the city banks at low
were groat educators. Competition at home and both the reality and threat rates.
Answering these charges, M.L. Corey,former member of the Farm Loan
of it from abroad have sharpened business wits. Government operations
"banks at every crossIn the field of gathering and scattering information were never so effective. Board of New York, said that when farmers desired
Intolerance in regulating and supervising is giving way to corrective methods road, they must pay for such service."
and helpful counsel. Through trade associations and through individual
Hint of Own Organizations.
research, usually conducted by men trained in scientific method, executives
He was then asked whether he thought farmers could avoid the payment
are learning the way to better management; even the bugaboo of distribuof high interest rates by forming their own organizations to barrow directly
tion costs is being driven slowly backward.
from the intermediate credit bank and from city financiers.
Price Trend Forecasts Good Business.
"I have never advocated competition between farmers unversed in bankThe general level of prices and the price trend always clamor for attention. ing practices, and country bankers," he said. "However, it might be a
Nothing interests business so much. Last year the general price level good club for farmers to hold over the bankers' heads, in making them
receded during several months. It was a disconcerting recession and it realize that they should give agriculturists a lower rate of interest on loans."
The "we're not in business for our health," retort was made by Wilburt
was July before it ended. However, it was late in October before prices
recovered enough to give grounds for confidence. There has been no such Ward, assistant vice-president of the National City Bank of New York, to
recession this year. Prices have been higher than in 1924 and much more a Canadian co-operative representative.
John W.Ward, whose home is in Winnipeg, asked the New York banker
stable. Autumn promises even greater firmness. Nothing suggesting what
"price inflation" is in prospect and there is not whether he did not think the commission rate charged by New.York bankers
Is ordinarily referred to as
inflation.
on drafts from farmer co-operative organizations was too high.
1111
so much as a gesture toward credit
Credit conditions are stable and money rates are easy. The latter are
already showing the tendency to strengthen which the fall almost always
brings.
Statistically business in its entirety shows a pretty set-up. It is nicely
balanced. Price maladjustments have disappeared. The credit regulative
machinery, whose efficiency has been put to test, is working with a precision
heretofore unknown. Fluctuations are confined to a narrow range. Tendencies toward inflation or excessive speculation can be checked by tightening the credit market. Activity can be stimulated by opening the valves.
Business is not going to run away with itself. Stability is a fact
1176
THE CHRONICLE
"You have a capital stock of $100,000,000." the Canadian said,"and you
can indorse drafts for half that amount, and by charging a rate of 2% you
make a million dollars a year, don't you?"
Cites Great Risk.
The banker pointed out that there was a great deal of risk attached to
such transactions, and that the rate had been established as a proper one.
"With so much 'velvet'," the Canadian co-operative retorted, "I can see
why you are so sympathetic with the co-operative movement."
"Well, we are not in business for our health," the New York man said.
Later when asked whether New York bankers had ever suffered any loss
in loans to co-operative organizations, he said no. In reply to other
questions he explained that bankers have really not been concerned in the
past with the future of co-operative organizations, but rather sought to
determine whether the crops used as a basis for loans could be sold during
a particular season.
"We regard co-operative business as an 'in and out' proposition. When a
year is favorable to farmers, we take the business, and decline it the next
year, if conditions are not so favorable."
Praises Co-operative Movement.
But in his scheduled address before the institute, prior to the general
discussion, the bank executive praised the co-operative movement as one
which "gives bankers confidence in the farmers of the country, and one
which he said has made financiers willing to extend credit to them."
In this talk he advised the farmers of the nation to perfect their co-operative organizations, in order to take the fullest advantage of the "pipe line,"
which enables them to tap the "cheapest and largest money market in the
world,now centred in New York." lie pointed out that before the inauguration of the Federal Reserve banking system, the farmers were at a financial
disadvantage. The Reserve system, he said, has put them on the same
level with manufacturing and investment interests, so far as obtaining
credit is concerned.
"This system affords the conduit by which the owner of any readily
marketable staple products of the farm may reach the New York money
market," Mr. Ward said. "He has only to store his product in an independent warehouse, lodge the warehouse receipt with a member bank, and
draw his time draft on it. For practical purposes, however, better use of
this power can be made by combined rather than in single operations. It is
more economical in every way for individual growers to pool their commodity, store it collectively, and make their arrangements, not with local banks.
but with banks located in larger centers, whose standing is such that the
investing public will seek to purchase drafts accepted by them in whatever
volume offered."
prefer Association's Credit.
Oliver J. Sands, president of the American National Bank, of Richmond,
Va., described the credit security of co-operative associations as "equal to.
and in many cases, superior to, the capital of the individual or corporate
dealer in the same commodity."
"The association's credit," he continued, "has some qualities superior to
the merchant's credit. The association has one object only, that is to
dispose of the commodity as quickly as possible, so that the cash above the
loan and the expense of operation can be paid to its members. An association, organized without capital therefore, has a real and actual capital
represented by its members' equity, which is substantially existent as the
capital of the individual merchants."
Mr. Corey. in his address prior to the general discussion, declared that
banking institutions stand ready to advance many millions of credit to
properly organized, well-manned co-operative marketing associations. He
advocated the merging of hundreds of competitive local co-operative
associations into a few centrally controlled organizations, each handling
sufficient volume of a given commodity to make Its real factor in the market.
[VOL 121.
not different from the answer to the question as to what tends to happen
when prices of a product for any reason become high. We are near the peak
of prices in the hog cycle at present. The higher prices stimulate a larger
production, bringing in its wake an increased market supply and therefore
a lower price. Exactly the same thing happens when a marketing organization obtains prices which are out of line.
"It summing up. it may be said that co-operatives need to pay more
attention to price problems, with a view of finding permanent solutions.
To me it seems there are two important aspects which go hand in hand.
One is the understanding on the part of the management of price fundamentals and an observance of them in carrying out the program of the
organization. The other is a more general understanding on the part of the
membership of what to expect of co-operative marketing.
"It may be added that if those who are selected as leaders do not grasp
the significance of price problems and have some understanding of them, it
is expecting too much to think that the rank and file will do so. More stress
needs to be placed on limitations and on real possibilities, which are found
mainly in the performance of definite services. We can dispense with high
sounding phrases which hold forth promises that are impossible of attainment. The problems involved in price hold the key to the solution on many
other organization difficulties. Therefore, let us seek to understand price.'
Editorially the New York Journal of Commerce discussed
the subject as follows in its issue of August 6.
Rural Credit Monopoly.
Members of the American Institute of Co-operation in a conference held
this week, in Philadelphia, are reproaching the country banks for borrowing
money from city institutions at low interest and then re-lending it to farmers
at extremely high rates. Behind this criticism lurks a suggestion that rates
charged on farm loans ought to vary with some reference to the conditions
prevailing in the centralized money markets of the country. Notoriously no
such variation is perceptible throughout the greater part of the agricultural
United States. In good times and bad,in periods of deflation and inflation,
the rates charged by country banks maintain a fairly inflexible high level,
ruling well above the cost of accommodation to city borrowers. Furthermore, as between one rural district and another, variations in rates may be
erratic and altogether irreconcilable with the differences in degree of risk
incurred by the lender.
Reasons given for this state of affairs are usually colored by the prejudices
of critics who are frequently inclined to exaggerate the trials of the farmerborrower or else disposed to deny that farmers have any just cause of
complaint at all. The discussion at Philadelphia appears to have suffered
from this same tendency alternately to overstate or else to minimize unduly
the defects and deficiencies of our existing methods of providing rural
credits. A former member of the Farm Loan Board,for instance.
IS quoted
as saying that "farmers desiring banks at every crossroad must pay for such
service." The same speaker is further reported to believe that if farmers
organize their own associations to borrow directly from intermediate credit
banks or in the cities, their purpose should be primarily to use their organization as "a good club" to force lower rates from local bankers.
On one point there appears to be unanimity. Evidently there is a very
general feeling that the average farmer is in the clutches of a rural credit
monopoly frequently consisting of one bank, and that he can only be
rescued from the octopus by opening up more direct avenues of approach
to larger lending centers. Extortion there may be, and no doubt often is,
but the long list of bank failures in regions where farm interest rates are
notoriously high shows that the situation is not subject to correction merely
by "clubbing" the local banks into charging less by threats to borrow
elsewhere. Neither are they to be coerced by reproaches into reducing their
rates and charging less than the traffic will bear merely because they are
themselves able to borrow on better terms.
Remedies must be of a very different sort, not in the least of a character
The sessions of the Institute which had extended over a
to be applied overnight. It is useless to reproach country banks for their
period of four weeks were brought to a close on Aug. 15. lack
of response to changing conditions in
centers so long as
With its close, Secretary Charles W. Holman, of Washington, direct access to such money markets is closedmonetary
to farmer borrowers and the
was quoted in the New York "Journal of Commerce" of small rural banks themselves have to bear the heavy risks inseparable from
lending locally on crops whose success or failure depends on so many
Aug. 17 as saying:
conditions beyond human control.
"The institute has been more successful than its founders anticipated.
In proportion as the co-operative movement grows and asfarmers organize
It has opened a new era in co-operative marketing in this country. It marks to
make themselves better credit risks they will be freed from bondage to
the passing of the movement from the formative into the stage of developing local
borrowers. On the other hand,rural banks will be better able to meet
technique.
demands for loans and to grant them on better terms at lesser risks as they
"It has brought together for the first time the practical and the theoretical become
more intimately connected with central money markets, either as
minds to work on economic problems. Both types have had their ideas
branches oflarger institutions or as parts of a more highly integrated banking
modified and all have gone away with a new enthusiasm and a consciousness
mechanism, in a position to distribute their risks by resales or rediscounts
of a united purpose.
over a wider area. This, however, is a development which will require
Attendance of 350.
many years and will encounter much hostility from those very elements
"Over 350 persons attended the institute and took part in the discussions which will benefit most by its consummation.
and class work. They came from 33 States, 4 provinces of Canada, and we
In the Philadelphia "Inquirer" of Aug. 4, Chris L. Chrisalso had in attendance representatives of co-operative associations in
Denmark, Japan and Russia. Those who came from the United States and tensen, of the Bureau of Agricultural
Economics of the U. S.
Canada represented farm organizations, co-operative associations, universities, banks, Federal and State Government departments, railroads, Department of Agriculture was quoted as saying before the
private trading concerns that deal with co-operatives, and many individual Institute that it is up to the farmer to decide whether the
workers.
co-operative marketing associations are to function effi"At an early meeting of the general assembly, which represents the 17
national organizations that founded the institute, plans will be made to ciently. The following is also from the "Inquirer."
Mr. Christensen summed up the general thought that has been running
hold another institute next year. It is likely that an entirely different part
of the United States will be selected, and the trustees will welcome invita- through the talks and discussion of the institute since it began two weeks
tions from educational institutions who desire to better the prices for their ago. While it is important, they all declare, that the executives and heads
of the co-operatives be able leaders, they would be helplem to "put over"
products.
"We may talk about the spirit of co-operation and the desire to co-operate the marketing programme without adequate assistance from the farmers.
being motivating forces in co-operative marketing. Those are essentials. As an example, Mr. Christensen pointed out the experience of the dairymen
But when all is said and done we go back to the fact that a co-operative of Denmark.
"For years these dairymen were producing the world's finest butter,"
marketing association is a business undertaking which Justifies its existence
by the returns it is able to make to its members and patrons. Price is the he said. "They shipped to England as individuals and could not obtain
yardstick employed in measuring its value. Unless this measure shows the prices. As soon as they began shipping as co-operative organizations,
however, they found that their prices were the highest paid anywhere."
organization to be worth while its days are numbered."
The success of 1,784,000 American farmers, representing products worth
How to Do It.
82,500.000,000 annually, depends in a large measure en the individual
The speaker explained that better prices may be obtained by the employ- agriculturist. Lloyd S. Tenny, assistant chief of the Bureau of Agricultural
ment of better and more economical methods of marketing, by bringing Economics of the U. S. Department of Agriculture, declared.
about more effective distribution, by more careful handling, grading, standEach Member Declared Important.
ardization and other quality improving efforts; by demand stimulation
through advertising and dealers' service, and by bargaining to obtain the
"The great pyramid of co-operation is built with more than a million and
full market value.
a half blocks, each one of them representing an American farmer." Mr.
"It is now generally conceded that the fundamental conditions of supply Tenny said. "Any one of these blocks is the keystone of the pyramid. If
and demand are the dominating forces which bring about price, and what one of the blocks fails to do its part the structure as a whole will
not be
price represents, the balance point between these two opposing groups of perfect."
forces. The organization comes into calculation because it exercises control
Mr. Tenny drew a graphic picture of the growth of co-operation in the
over a large share of these supplies. What happens if the price level it United States from the first small organization of
farmers in 1856 to the
uccoeds in establishing is too high?
present time. He stressed the need for the success of each of the small local
"Such a,situation obviously cannot exist permanently if it is true that organizations and the need for a greater knowledge of
the ideals and
rice is the balancing point between supply and demand The answer is principles of co-operation by the individual.
THE CHRONICLE
SEPT. 51925.]
Third Regional Trust Conference of Pacific Coast and
Rocky Mountain States.
Many and interesting were the discussions before the Third
Regional Trust Conference of the Pacific Coast and Rocky
Mountain States, held at Seattle, Wash., on Aug. 4 and 5
under the auspices of the Trust Company Division of the
American Bankers Association. Francis H. Sisson, VicePresident of the Guaranty Trust Company of New York,
who presided, had the following to say in part in opening the
conference.
We have had considerable success in these regional conferences, and trust
companies and banks interested in fiduciary service in the East are delighted that the idea has spread out here. I am sure that the conferences
are worth while and bring profitable results to all of us. They extend our
contracts, they increase our knowledge of the development of the business.
and above all things inspire a spirit of co-operation which seems to me to
be the keynote of our work. We found last year that we had developed
very notably by reason of these conferences, in the first place, the spirit
of co-operation between the trust companies and bankers who perform
fiduciary service; in the next place, co-operation between trust companies
and the lawyers, by which we are trying to get on a common footing of
mutual interest and service. Again, co-operation between the trust companies and the life insurance companies, which we both will find most
profitable in the end in helping to increase business for each other in that
great field of service and of legitimate profit. Again, co-operation with the
religious bodies and the endowed institutions of the country, by which
we can help them in the handling of their emdovrments and great funds in
a practical and efficient way, in many cases very much needed. Most important of all, we require co-operation among the various sections of the
country and the various companies in those sections. Above all, we need
understanding as a basis for success and intelligent business operation.
That understanding has been further developed by these conferences to a
very marked degree. This is not your first one, and I am very sure that It
will not be your last one.
After seeing how conferences have operated in other parts of the country.
it is a great pleasure to be here and to bring this message. Of course, I
bear the formal greetings of the American Bankers' Association, of the
Trust Company Division and of all the officers who are keenly interested in
raising the standards of banking. as well as increasing the profits of banldng
operations. We have a legitimately selfish interest, as well as an ideal of
service, both of which can be served by such gatherings and through the
united efforts of the various elements in the banking field.
Those meetings are held under the auspices of the American Bankers
Association and it is a source of great satisfaction to all of us to see our Bankers Association expanding and its activities proving of greater and greater
service and use to the banking communities, year by year. Beyond the
greeting of the Association and the enthusiastic assurance of the co-operation of the Trust Company Division and all of the officers. I am glad to
express my great personal satisfaction at being here and having an opportunity to catch something of the atmosphere and color of this, which is
always to me, I can say without reserve, one of the most inspiring parts of
the world I have ever been privileged to visit.
that
he said they were September, October, November and December, and
June, July
the other months were January, February, March. April, May,
and August.
Best Time to Train Trust Men.
to train
If anyone should ask me what are the best months in the year
December.
trust men,I would say,from the first of January until the end of
times past In
I would differ with the view which I have heard expressed in
discussions,
different parts of the country, and Just slightly here in one of our
to secure
when someone stated that he had put on a "little" campaign
as a "little"
trust business. Now, in my opinion, there isn't such a thing
one continucampaign to secure trust business. Securing trust business is
man is on
ous, unchangeable campaign. So also the training of a trust
a trust man.
be
to
ceases
he
until
starts
he
continuous process from the time
Equipment and Courses.
Now the equipment that such a man should have has been commented
knowupon in many of our meetings. It has been declared to be a full
business
ledge of the law,a comprehensive knowledge of banking and a large
very
experience. Coupled with that should go a strong character and a
of
definite and outstanding personality, together with an absorbing vision
real service.
As to the technique, or the course which a man should follow, I think
any
It is quite strange that you should ask a man from the East to give you
opinion on that when you have a man here by the name of Sprague, who
the
hand
my
in
hold
has appeared on the platform in various capacities I
outline of a course which he has conducted, and I consider it one of the
best I have ever examined. In the course which he conducted in the city
of Seattle, he runs the whole gamut,from the beginning of the organization
of the corporate fiduciary, right on down through all the processes
to the end. If I stop right here and recommended to you gentlemen
his
that you importune Mr. Sprague to send his outline and explain
course to you, I think that I would be doing you a very great favor. And
I do that. I recommend that you importune Mr. Sprague to reproduce
enough of those outlines so that every man in this conference and everyone
in this section of the country who is interested can secure a copy of that
outline and follow it in the development of the men within your own institutions, who expect to take up trust work.
Together with that. I would recommend to you a list of books. We
the
Publish such a list, and we have given out thousands of copies from
upon
New York office. We call it, and it is, a partial list of books bearing
you
that
trust company work. A complete list would be so comprehensive
would not be able to get through it for many years.
Mr. Sisson brought to the attention of the conference
some statistics of the trust companies in the Pacific Coast
and Rocky Mountain section, this information being introduced as follows:
I want to call your attention to a letter that has just been received by
air mail from John W.Flatten, President, United States Mortgage & Trust
Co., New York, whose splendid volume "Trust Companies of the United
States" is familiar to many of us, I am sure. He has compiled figures
about trust companies of this particular district, which I am glad to read.
This is a personal letter to me. Mr. Platten says:
"July 31 1925.
"Dear Mr. Sisson:
"With the hope that the information might be of interest to those attending the Regional Conference over which you are presiding, figures have
been compiled from our annual issue of 'Trust Companies of the United
States" giving the total resources of such institutions in the eleven Pacific
Coast and Rocky Mountain States, all as shown on attached memorandum,
dating as far back as 1915, from which it will be noted that the total resources were:
In 1915
0 increase 140.98 over 1915
38
47
2.'9
79
48
9129.'0
$3
In 1920
1.632,213,444 increase 78.95 over 1920
In 1924
1,951.041,232 increase 19.63 • over 1924
In 1925
"For 1925, trust companies of the State of California showed resources
all
totalling approximately $1,700,000,000. this figure ranking fourth of
the States, being exceeded only by trust company resources in the States
of New York, Pennsylvania and Illinois.
"Feeling confident that the discussion of questions presented to the
Conference will be of great value in furthering the interests of trust companies generally, I beg to remain,
"Very truly yours.
"(Sgd.) J. W. FLATTEN, President."
Total Assets and Liabilities.
1925.
1920.
State—
1915.
$11902,7441.069 • 312,257449
Arizona ___
$7,676.267 $16.711,346
California _ _ 251,456.619 692,451,102 1.399,424.534
38,570.502
55,163.167
41,214,
1,698,970'573.125
Colorado -__ 31.552,991
13,200,528
155.273
3083,740
Idaho
294
7
8:80998:73480
33
38,096.476
16,362.233
12,,393,675
Montana
5,848,833
4,850,431
6,274,677
1,554.806
Nevada
2,951,394
7,242.017
2.53 247
2,693.308
New Mexico
12,456,585
7,516.599
14,784.
3.595.621
5.895
Oregon
73.478,094
20,665,773
76,931,564
13.410,985
Utah
46,007,348
51,630,010
47,,
690 835
Washington- 46.563,085
4,562,481
4.426,958
1,522,823
,
4832.919
Wyoming- Totals ---$379,472.478 4912.089.930 531 632.213.444 41.951,041,232
0140.98% increase over 1915. b 330.11% increase over 1915, 78.95%
increase over 1920. c 414.13% increase over 1915, 113.9% increase over
1920, 19.53% increase over 1924.
Leroy A. Mershon, Secretary of the Trust Company Division of the American Bankers Association, addressed the
conference on the subject of "Training Trust Men," as to
which he said in part:
Mark Twain is credited with giving an answer to the question which was
asked him as to which were the best months in the year in which to speculate, and he is recorded as saying that he did not know which were the best
months in the year in which to speculate but he did know the worst months:
•
1177
Adequate Reimbursement.
the
The other feature in regard to the development of trust business is
matter of reimbursement of staff for services rendered. It is a vital factor.
so
was
salary
scale
the
because
Many institutions have lost valuable men
small in comparison with the equipment and service demanded that these
men changed to more lucrative fields. Real attention must be given to
this problem.
Other discussions were as follows:
A Survey of the Trust Business on the Pacific Coast—History, Problems
and Future Development by L. H. Roseberry, Vice-President, Security
Trust & Savings Bank, Los Angeles, California.
Its
How to Increase the Earnings of the Trust Department During
Early Years of Operation by W. J. Kieferdorf, Vice-President, Bank of
Italy, San Francisco, California
The Economic Value of Trusts by R. 0. Kaufman, Vice-President,
Union Bank & Trust Company, Helena, Montana.
Selecting Trust Investments by D. W. Holgate, Trust Officer, United
States National Bank, Portland, Oregon.
and
Our Most Effective Trust Advertising—What It Was, What It Cost
What It Accomplished, discussed by following:
San
R. L. Mueller, Trust Officer, San Diego Trust & Savings Bank,
Diego, California.
Tacoma,
E. H. Robbins, Assistant Manager, Bank of California, N. A.,
Washington.
Wm. V. Rockefeller, Trust Officer, Tracy Loan & Trust Company. Salt
Lake City, Utah.
Union Trust ComL. E. Greene, Vice-President, Wells Fargo Bank &
pany. San Francisco, California.
Management of Real Property for Estates and Trusts by Harold E.
Fraser, Vico-President, Union Trust Company, Spokane, Washington.
Real Estate Subdivision Trusts by B. L. Smith, Trust Officer, California
Trust Company. Los Angeles. California.
The Trustee's Duty and Responsibility Under Corporate Bond Issues
During Life of the Issue and in Case of Default by A. L. Grutze, Secretary,
Title & Trust Company, Portland, Oregon.
Acting as Registrar and Transfer Agent by R. M. Sims, Vice'
President, Mercantile Trust Company, San Francisco, California.
Management of Financially Involved Business Concerns Through
Receiverships and Assignments by George T. Petersen, Secretary, Bankers
Trust Company, Salt Lake City. Utah.
A breakfast was held on Wednesday Morning, August 5th,
Jointly with Seattle Underwriters and at 6:30 that evening
there was a banquet at which J. W. Spangler, President,
Seattle National Bank, was toastmaster.
The following resolutions were presented by the Committee on Resolutions and unanimously adopted at the
conference:
In appreciation of the generous co-operation of the press in giving publicity
and
to the proceedings of the Third Regional Trust Company Conference
and
the general type of work being conducted by the trust companies
banks operating trust departments, be it
Resolved. That the thanks of the delegates of this conference be extended
of
to the Seattle "Post Intelligencer." Seattle "Times," "Daily Journal
Commerce" and the Seattle "Star."
In appreciation of the thought and effort expended in arranging the
program of this Third Regional Conference of the Trust Companies of the
Pacific Coast and Rocky Mountain States which has proved highly valuable
territory,
and stimulating to the development of trust business in this
to all
and in further appreciation of the splendid and generous hospitality
in attendance at this conference, it is
Resolved by the delegates at this conference that they extend their sincere
thanks to all those who have been responsible for the meeting, particularly
the Trust Section of the Washington Bankers Association, the bankers of
the city of Seattle and the members of the various committees who have
so ably and courteously contributed to its success, be it further
Resolved, That the thanks of the delegates to this conference be extended
to the ladies of Seattle who have so graciously entertained the ladies in
attendance with the delegates. Be it
1178
THE CHRONICLE
Resolved, That the hearty thanks of the members of the Third Regional
Trust Company Conference be and are hereby extended to Mr. Francis H.
Sisson and Mr. Leroy A. Mersohn who by their presence, counsel and
untiring labors have contributed so greatly to making this conference one
of outstanding importance and interest not only to the institutions represented but to the entire field of trust company activities in the Pacific Coast
and Rocky Mountain States.
(Signed) A. L. GRUTZE,
R. M. SIMS,
L. H. ROSEBERRY,
Committee on Resolutions.
Velocity of Bank Deposits in Federal Reserve District
of New York.
The following is from the Sept. 1 monthly review Of the
Federal Reserve Bank of New York:
[Vol, 121.
Shall Imports Increase or Exports Decline?
Ultimately, we shall have an unfavorable trade balance. This may come
in a good way or in a bad way. The good way would be to have an increase
of imports with sustained exports. The bad way would be to have imports
held down, but exports violently reduced. Exports must be reduced unless
they can be paid for. They can only be paid for with dollars. Dollars may
be obtained primarily either from the proceeds of goods sold in our markets
or from funds borrowed in our markets. Borrowing at the present rate can
not permanently continue. Unless imports increase to replace the borrowing, exports must fall off.
If Europe is unable to make direct shipments to the United States of her
manufactured goods, she will necessarily be obliged to market them in
other parts of the world where we also desire to market manufactured
goods. She will be obliged to make more favorable terms and prices to
these countries than we make. Not only is our European market injured
by continuance of our present tariff policy, therefore, but also our markets
in other foreign countries.
The Outlook for Agriculture.
The importance of agriculture in the general business of the country is
very great. For the year 1919 agriculture, mining, and manufacturing may
be compared as follows: net value of all agricultural products, 40%; net
value of all mineral'products. 7%; value added by all manufacture. 53%••
*See Appendix.
The agricultural distress which prevailed from late 1920 to early 1924
was a very heavy drag upon the business of the whole country. It was
primarily responsible for the reactions of 1923 and 1924. The sharp revival
in agriculture in 1924 was primarily responsible for the recovery of good
Benjamin M. Anderson Jr. on "A World Afraid of business in the autumn and winter of 1924 and has been a highly important
stimulating influence in our good business so far this year. It is important,
Production"—Excessively High Tariff Cited as
therefore, to recognize definitely the causes which led to the rally in agriculture in 1924 and to consider how far these causes are permanent.
Adverse Factor in Business Situation.
In May and June of 1924 the world suddenly recognized that harvests
Under the caption "A World Afraid of Production," would
be very subnormal in the world outside the United States and that
Benjamin M. Anderson Jr., Ph.D., Economist of the Chase harvests, especially in wheat, would be very good
in the United States.
National Bank of New York, asserts that "the post-war A world shortage in supplies led to a sharp advance in prices, while the
good crops in the United States brought an unusually large
world has developed an absolute obsession—a fear of produc- unusually
proportion of these good prices to the American farmer. This situation
cannot be expected to be permanent. Our farmers gained also through
tion." He says:
For the past century and a half, power machinery and a constant suc- improved European demand, due,first of all, to the successful inauguration
cession of mechanical inventions have been bringing luxuries to the masses of the Dawes Plan and the great improvement in Europe's credit resulting
of men unknown to the kings of earlier generations. Consumption has kept therefrom. To this is to be added the facility with which we made foreign
pace with production. Our 100.000,000 people consume vastly more than loans in view of the artificial abundance of money market funds discussed
the 400,000,000 people of China—because they produce more, and so can above.
A continuance of our agricultural prosperity must rest on a continuance
afford to consume more. And yet we fear reviving production in Europe,
and fear to let Europe send us goods to pay her debts to us. Labor fears of adequate European demand. For the present, European demand is
being
sustained by a vast volatile of foreign loans. European demand can
production. English labor systematically resists new labor-saving inventions and holds down output on the theory that if all the work is done to- be permanently sustained only if Europe is able to get dollars in our markets
by
sending us an increased volume of goods. This can be assured only by
day there will be none to do to-morrow. It is easy for the business man to
see the fallacy of this. But he may easily be carried away by the similar a substantial moderation of the rigors of our tariff policy.
fear that if imports come in they will use up domestic demand, and leave
Why Worry About Our Exports?
just so much less demand for domestic products. Both err in failing to see
The suggestion has been made that our farmers would do well to get rid
that demand itself expands and grows with production and trade. Supply of their
dependence upon the foreign market and to limit themselves to
of one product constitutes demand for other products. Imports constitute producing
those things which can be consumed at home. (a) To a limited
demand for exports.
extent this process has been going on.
Imports coming in as payment for debts do not lessen domestic demand for
Farmers living close to large cities,in particular, have increased the prodomestic products. Rather they increase by an equal amount the buying portion of
products which their local market could consume. But any
power of the country. If French goods are sold in our market,and the dol- general application of
this policy means merely a sharp reduction in the
lar proceeds turned over to our Government, our Government may do one total volume
of agricultural production. Cotton production would have
of three things: (1) It may remit taxes, permitting our people to buy more to be cut in
half—with the abandonment of a very large part of the arable
goods; (2) It may pay off public debt, increasing the funds in the capital land of the
South. Much wheat land would have to be abandoned. The
market to be invested and spent; (3) It may engage in increased Govern- production of
corn and hogs would have to be sharply curtailed. The drift
mental expenditure, which again increases the total volume of demand in of agricultural population
to the cities would have to be enormously
the country.
accelerated. Things like this will take place on a considerable scale if
The foregoing is an argument for moderate protective tariffs, not for free European demand
for our agricultural products slackens.
trade. The most urgent considerations here advanced were net applicable
Extreme adherents of high protective tariff policies may be willing to
before the war, when the world was in balance, when we were a debtor coun- face the suffering
of agriculture and the disorganization ef general businese
try, and when industry, both at home and abroad, was adjusted to existing which such
a process involves, but we should at least face facts before going
tariff schedules.
Into it.
The Inter-Allied debts, reparations and high protective
We are confronted with the alternatives of an increase of imports or a
tariffs are dealt with in Mr. Anderson's article, and what he decrease of exports. Why should we prefer to maintain the exports and
permit the Increase of imports? There are two outstanding reasons why we
has to say regarding our investments in foreign loans are should do this. (1) From the standpoint of the wealth
of the country there
referred to in am item under a separate head in this issue Is a gain in the international division of labor. With the more liberal trade
of our paper. Among other things, Mr. Anderson contends: policy we shall be able to concentrate on those industries for which our
country is best adapted, shall take from other countries those products
Business has been good since last autumn, and the indications for the which they are relatively best adapted to
produce, and shall have a larger
near future point to somewhat increased activity. But there are forces total volume
of goods to consume and enjoy than would be the case if we
at work making for reaction which we ought to eliminate while there is still followed
the more restrictive polies
,
.
time. The chief of these is our excessively high protective tariff.
(2) The second point Is that a further readjustment of agriculture would
The predictions of economists and bankers that as a result of our new be a much
more difficult and painful matter than any readjustment In
creditor position we should have an adverse trade balance have not yet manufacturing,
which the more liberal policy involves, would be. The
been realized. The figures are:
capacity of the United States to consume more agricultural products is
limited by the ability of a well-fed people to consume more food. The
Excess of American Exports Over Imports.
1919
$4.016,000,00011923
$375.000,000 capacity of the people of the United States, however,to consume additional
1920
2,950,000.00011924
980,000.000 manufactures is merely a matter of their purchasing power. Manufactures
can take highly diversified forms. They can appeal to the higher as well
1921
1,976,000,00011925 (six months)
300,000.000
as to the lower human wants. They are capable of enormous refinement,
1922
719.000.0001
qualitative
improvements, immense diversification. New inventions
Economic laws have not been reversed. Our creditor position justifies
the expectation of an adverse balance. The fulfillment of that expectation generate new wants. We have witnessed almost overnight a new industry—
the radio industry—generating an immense demand all over the country
has been delayed by the following facts: (a) Europe, until recently, has
been paying almost nothing to our Government. (b) Europe, until recently, without anything like a proportional diminution in the demand for other
manufactured
goods, even though some, as the talking machine, have
has been draining herself of gold to buy goods and pay private debts here.
(c) Our very high tariffs have checked imports, deferring the time of the suffered in some measure.
A sharp reduction in our export of agricultural goods, of copper and of
adverse balance, but making it all the greater when it finally comes. The
other extractive products means an actual decline in the industries affected.
tariff, if high enough, can even permanently check imports, but if so, it A
substantial increase in the volume of imports of manufactures, on the
will load to a great slump in exports when the abnormal factors sustaining
other
exports cease to operate. (d) The main influence sustaining our favorable has hand, in a country where industry has been growing as rapidly as it
in the United States, where industry is as resourceful and as flexible as
trade balance has been the vast volume of foreign loans we have been It
is in the United States, and where the multiplication and expansion of
making.
wants on the part of the people is as rapid as it is in the United States, would
In 1924 our new foreign loans, exclusive of refunding, amounted to be
more
variations in the rate of progress of particular
$1,000,259,000. In the first six months of 1925 the figure was $443,309,000. industrieslikely to mean
rather than an absolute setback to any that are very important.
Neither our merchants nor our bankers are disposed to repeat the errors of
Our
1919 and 1920. when a vast export balance was sent out on loose, unfunded have manufacturing industry is accustomed to rapid readinstments. We
seen immense mutations in brief periods of time—bicycle production
credits and purchases of foreign exchange. If the export balance continues,
shrinking, automobile, tire, and radio production rising by leaps and
It must be done with investors' money—and investors are interested only
bounds, a new industry springing up in rayon (artificial silk),&c. Such
in good foreign credits. Will strong foreign borrowers continue to offer us
readjustment as would come from a more moderate tariff policy would be
their securities at the rate of a billion dollars a year? They must offer even
minor in character as compared with many of these. All change involves
more than this, if our export balance Is not to decline, since every year sees
riction—but the effort to stand still in a changing world also involves
an increase in their interest payments due us on previous borrowing, and
friction.
since France, Italy, and Belgium must soon be finding dollars to make
payments to our Government.
(a) Report to the President by the Agricultural Conference on Agricultural
• The following extracts are taken from the article:
Legislation for Submission to the 68th Congress. January 28 1925.
The large volume of security offerings and continued activity in the stock
and bond markets during recent months have been accompanied by an increase in the rate of turnover of bank deposits in New York City to the
highest level in the last six years. The rate of turnover in 140 other centres, while not so high as in New York City, increased substantially as
general business was maintained at high levels, and in July was approximately 3% above the six-year average.
SEpr.5 1925.]
THE CHRONICLE
1179
WHO IS HELPED AND WHO IS HURT BY THE PROTECTIVE
TARIFF'?
A protective tariff is effective only to the extent that it reduces supplies
in the domestic market. Commodities which we produce in excess of our
domestic requirements, as wheat and cotton, cannot be raised in price by
the tariff. Of course special grades of wheat or even special grades of cotton
might be raised in price, in accordance with this principle, if the domestic
production ofthese particular grades is inadequate for domestic consumption
and some foreign cotton or wheat of these grades must be imported. A
protective tariff can build up an industry which would not otherwise be
developed in a country because the country's aptitudes in other lines are
greater. It does this, however, only at the expense of other industries, by
drawing labor and supplies away from them or by imposing burdens on
them. A tariff on a commodity which is used as a raw material, or a
semi-finished material. In some other industry is injurious to the other
industry quite as much as it is beneficial to the first industry. The one is
pulled down as the other is built up. There is no magic in the protective
tariff. An act of Congress cannot create wealth.
Certain of our industries are clearly dependent on the tariff if they are
to continue to exist on their present scale in the United States. They have
higher costs as compared with the same industries in other countries. This
is true, of course, when we try to compete with the tropics in producing
goods for which they have great natural advantages. It is particularly
true of industries which employ a great deal of labor in comparison with the
amount of machinery and capital used. It is particularly true of specialties
where only a few units can be produced from a given model. In the United
States we have a relative abundance of land, a relative abundance of
PAYMENTS BY TRIANGULAR TRADE.
capital, and a relative scarcity of labor. We succeed best in those industries
The suggestion has been made that it is unnecessary for us to modify our where land and capital can be employed lavishly and labor economized,
France
and
to
Italy because that is to say, in mass production where a multitude of identical articles can
receive payments from
tariff policy in order
France and Italy, even though unable to build up a favorable balance of be produced from a single model. We cannot compete with Europe in
trade with the United States, can still develop favorable balances with making bicycles to individual order. We must turn out standardized
other countries which do have a favorable balance of trade with the United bicycles. We cannot compete with Switzerland in making watches of
States, and from these other countries obtain the dollars needed to make unique pattern. We must turn our large numbers of watches of a standardpayments to our Government. The idea underlying this suggestion is that ized pattern.
The great reason why labor costs are high for such industries in the
we can thus take payment in the form of goods which do not compete with
our own products, notably tropical products and certain raw materials United States is that labor can be so advantageously employed in other
which we must in any case import. The tariff structure on manufactured industries in the United States. There is no mystery about the high wage
scales in America. These high wage scales are not begotten by the tariff,
goods would thus not be affected.
To some extent, undoubtedly, payments can be made by those methods, nor are they,dependent upon the tariff. They grow out of the high efficiency
but the magnitudes appear to be very inadequate. Neither Franoe nor of labor per individual. This high efficiency is due (a) to the widespread
Italy has large export balances with tropical countries which have favorable education and good native qualities of the labor and (b) to the comparative
balances with the United States or with countries producing raw materials abundance of land and capital with which our labor may work. In Europe
labor is relatively abundant and land and capital are relatively scarce.
which have favorable balances with the United States.
Europe can produce at lower costs than we specialized articles and,in
Italy.
those commodities which call for a relatively large amount of labor
general,
favorable
with
balances
in
countries
the
which
had
Italy(c)
has
Of the
relatively small amount of land and capital. The most formidable
past four years only three, Switzerland, Egypt, and Cuba, have had favor and a
however, of our industries dependent upon the tariff are not
able balances with the United States. Egypt has had a large favorable competitors,
Europeans who offer cheaper goods, but rather other industries in
balance with the United States amounting to $58,893,000 in 1920.$8,309,000 the
America which offer and can well afford to pay higher wages. This class of
in 1921. $32,632,000 in 1923 and $24,115,000 in 1924. Ninety-eight per
dependent upon the tariff is important, but is a small minority of
cent of Egypt's exports to the United States is represented by cotton. Industries
industries. The removal of the tariffs would not destroy these
Italy, however,could claim only a very small part of Egypt's trade balances American
Industries as a rule. It would, however, drive out of them the least efficient
with us. Her favorable balances with Egypt have run as follows:
producers and it would,in many cases,compel them to give up many of their
$2.337.00011922
$1,940,000 most specialized products involving the most lavish use of labor.
$4.850.00011923
1924
If Italy used all the dollars thus made available, she could send us only
The rest of our industries are injured by the tariff in one or both of two
around $4,000,000 a year. With Switzerland, Italy's trade balance is much ways,(1) because their costs are raised to the extent that they have to make
larger, the figures running:
use in the processes of production of commodities which are higher priced
because
1924, $52,106,00011923. $37.977,00011922. $41,711,00011921, $23,323,000 because of the tariffs on them or on their component parts and (2)
a greater or less
Switzerland's favorable trade balance with the United States has run as In many cases the rest of our industries are dependent in
degree upon foreign markets, and their foreign markets are injured by the
follows:
customers to sell goods in the United States
1924, $26,550,00011923. $32,223,00011922, $34.300,00011921, $33.574,000 reduced ability of their foreign
export. A typical
Switzerland, however, does not send us tropical products or raw materials. and get dollars with which to buy the goods they wish to
Our farmers, by and
The principal Swiss exports to the United States are watch movements, case where both these factors apply is agriculture.
large, are injured by the tariff both through having their costs raised and
cheese, floss silk twist, and cotton embroideries.
Copper production
Italy's favorable trade balance with Cuba is trifling, amounting in 1923 through having their foreign markets reduced.(e)
Various other raw material interests are in the
to $1,174,000 and in 1922 to $291,000. If Italy could build up a great trade stands on the same footing.
balance with Cuba, she would find dollars in abundance there since Cuba same position.
A large body of our export manufacturing interests are in this same
sends us large exports of sugar and had with us in 1924 a favorable trade
nothing from tariff probalance of $161,941,000. But Italy(d) apparently can find only about a position. The Ford automobile company gains
tection. No country outside the United States can produce cars competitive
million dollars a year there.
of the Ford car
cheapness
The
low
same
cost.
the
at
cars
with the Ford
France.
comes not from low wages, but from such an economy in the use of labor
with
Great
balances
Britain,
Belgium,
has
substantial mercantile
France
that the labor element in cost is relatively small. The same is true of others
Germany, Spain, and Poland, but these countries do not have favorable of the cheaper automobiles. It is true of much of our farm machinery.
sary
,
mercantile balances with the United States. France would find it nece
The typical case here is where mass production has been highly developed
to use her favorable balance with Great Britain in paying her British debt, and where the domestic market is very big.
Such
when
countries
as
she
payments.
Brazil.
begins debt
in any case,
Another large body of occupations injured by the tariff, and in no way
Argentina, Chile, Egypt, and Japan, which have had favorable balances benefited by the tariff, consists of those which have almost exclusively a
with the United States, do not form Ihe bases for triangular payments domestic market which is not subject to foreign competition. These are
since these countries have also favorable balances with France. The only hurt as producers by the tariffs by having their costs raised, but are not
countries with which France has substantial favorable balances which have helped as producers by any increase in their prices growing out of the
in turn favorable balances with the United States are Switzerland, Hungary, tariff. A very large, highly important and very miscellaneous group of
Greece, Cuba, Peru, and apparently Colombia. Cuba would form an ideal occupations belongs in this class.
basis for such triangular payments, and it is unfortunate that the French
Some of the more important of these include: the railroads; the building
balance amounts to only about $6,000,000. France had a favorable balance trades; wholesalers, retailers, and other distributors; public utilities, such
this
but
cannot
continue
in
$91,000,000,
of
1924
Germany
permanently
with
as light, power, and telephone; newspapers; hotels; public employees
if Germany is to make large reparation payments to France. France has including the Army and Navy; all educational institutions; hospitals
a favorable balance with Belgium, but if Belgium is to be obliged to make professional men generally.(f)
large debt payments on her own account to the United States, she would
All of these interests are hurt by protective tariffs on other industries by
hardly have a substantial surplus of dollars to spare to France for making having their costs of production raised. All would be benefited by having
payments to us.
the general tariff fabric lowered. Any injury that might come to the
But triangular channels and quadrangular channels are relatively narrow business fabric through reduction in tariffs injuring the minority of our
channels, and the effort to force a greatly increased volume of commerce industries referred to above, would be more than offset by the increased
through them can disorganize them a great deal, and even make the cash profits of all these industries as their costs were lowered.
proceeds at the end of the process smaller than they would be if a smaller
Another large body of our industries injured by the tariff is found among
volume of goods were being sent through. If substantial payments are to those manufacturers who get less tariff protection than the tariff element in
be made there must be much freer direct trade relationships than at present their costs amounts to. Steel, apart from specialties, with the present low
exist. When the whole world is open, large quantities of goods can readily tariffs on steel, is probably in this class. Steel used to be a very highly
be absorbed with an actual quickening of general world trade. When, protected industry. With the great development of skill and capacity in
however, substantial quantities of particular kinds of goods must be forced
(e) Notable exceptions here are wool and sugar.
into narrow markets and through narrow channels, congestion and dis(f) The list could be much extended. It includes, in addition to those
organized markets result. Triangular trade alone cannot solve the problem. enumerated, street railways, motor bus lines, ferries, lake and river steamto
to
trade,
and
helping
diffuse
prevent
auxiliary,
livery stables, freight forwarders, dock workers and related occupaboats,
congestion
valuable
It is a
tions, and other internal transportation facilities: producers of many heavy
of particular kinds of goods in the channels of direct trade.
building materials, including local brick yards. quarries, cement producers,
and others. (Some fore.gn competition is eliminated by tariffs on these
(b) Page 17. Section IX on "Coordinated International Action."
things, particularly on the seaboard, but the bulk of our heavy building
It
(c) The available figures for Italian trade are not satisfactory. Peru materials is consumed as near as possible to the source of supply.)
list.
this
in
belong
Includes those engaged in domestic and personal service, gold producers,
may also
balance with Venezuela of $293.000 insurance interests, real estate dealers, perishable bakery and confectionery
trade
favorable
a
also
had
Italy
(d)
of $682,000 in 1923, according to figures given in Caribbean products, practically all perishable fruits and vegetables, fresh eggs and
in 1922 andAmerican
Goody Venezuela, issued by the U. S. Department of whole milk, coffee and tea graders and packers, ice manufacturers and
Markets for
This same authority, however, reports 'Venezuela's dealers, and numerous other industries and occupations.
1925.
Commerce,
The volume of Foreign
Governmental employees are hurt primarily as consumers, since few of
balance with the United States as unfavorable.
States, for 1923 (issued by the U. S. them have to make outlays for productive supplies and equipment. But
Commerce and Navigation of the United
a
Venezuela
governments themselves, with large purchases to make, have costs
favorable
balance
the
gives
with
the
Commerce)
Department of
in any case are small
raised by the tariff.
United States. The amounts involved
Sir Josiah Stamp's View.
It is, I think, a misapprehension with reference to the foregoing point
which is responsible for the gloomy tone of a very interesting report submitted to the Committee on Economic Restoration of the International
Chamber of Commerce at the recent Brussels meeting of the Chamber by
Sir Josiah Stamp, Signor Alberto Pirelli and Count Andre de Chalendar.
This report(b) says,"We conclude that while theoretically the 'demand' of
individuals in the Allied countries will be so increased by relief in taxation
that it could (in amount) absorb a new supply of German goods,the demand
will not fully coincide in kind with the goods which are offered. There
may be, in consequence of this maladjustment, important reactions in
price which will make the burden greater for Germany to discharge, make
full transfers difficult, and induce unduly severe competition in certain
markets."
The assumption seems to be that German manufacturers are capable of
producing only certain kinds of goods, that they will produce these goods
without reference to the state of foreign demand, and that they will glut
particular markets with particular kinds of goods in excess of their ability
to absorb. Why should we expect anything of this kind? Why should
German industry be any less sensitive than industry in any other country
to variations in demand for particular kinds of goods? Why should Germany send goods to France or England, if the markets are better in other
countries? Why should German industry be less flexible than industry in
any other country? If these things are left to the natural play of the
markets, they will work themselves out. If governments must seek to
control and regulate them, difficulties will, of course, multiply.
1180
THE CHRONICLE
steel production in the United States, and our great natural resources in
iron and coal, the tariffs have gone lower and lower until the present tariff
on steel under the Fordney Bill is trifling indeed as compared with the rates
In the eighties and nineties.(g) Steel also has a great interest in the export
Pig Iron.
Steel Rails.
1870
828.00 per ton
87.00 per ton
1883
6.72 " "
17.00
1890
6.72 " "
13.44
1894
4.00 " "
7.84
1897
4.00 " "
7.84
1909
2.50 " "
3.92
1913
free
free
1922
.75 " "
2.20
situation. Many tariff-protected producers, if they would reckon carefully
the additions to their costs made by tariffs benefiting other people, would
find that the net result was against them.
Another large class of producers injured by the tariff is that very large
class placed on the free list. They get no protection themselves, but in
almost all cases find their costs higher than would otherwise be the case as
a result of the tariff on goods which they must use. This class overlaps in
part other classes listed above, but it includes also certain classes which
have formidable foreign competition, notably certain fertilizer interests
which have sought protection but have failed to get it because of the
political strength of the farmers, and the industry supplying newsprint
paper.
Other important items in this list are: petroleum, anthracite coal, most
bituminous coal, agricultural implements, copper ore and copper bars and
ingots, leather boots and shoes, chemical and mechanically ground wood
pulp.(h)
Finally, everybody is hurt by the tariff as a consumer. Everybody in
the United States pays more for many commodities than it would be
necessary to pay if there were not tariffs on these commodities. This extra
payment by the consumers constitutes the price which the country pays
for maintaining in present volume certain industries for which the country
Is not 90 well adapted comparatively as it is for other industries. It constitutes the subsidy which the country supplies to certain industries to
enable them to bid away labor and capital from other industries which
could use the labor and capital better if there were no tariffs.
MODERATE PROTECTION—NOT FREE TRADE.
The analysis which has preceded is in no sense to be interpreted as a
demand for free trade. It is an argument for moderate tariffs. It is consistent with a large measure of protection. There was a great deal of
protection in the tariff of 1913. The rates in the tariff of 1913, and in many
cases rates somewhat higher than those in the 1913 schedules, would
accomplish what is needed. What is called for is a tariff policy which will
admit European manufactures on a scale adequate to permit Europe to
pay interest and amortize her debts here, and to continue buying goods
In our market on a sufficient scale to keep our farmers and copper producers
and other export interests in balance with our manufacturing interests.
This is desirable from the standpoint of our manufacturing interests themselves, since they need customers, and if our farmers cannot buy from them
and our raw material producers cannot buy from them and the outside
world cannot buy from them, their freedom from foreign competition is a
very illusory advantage. They had better share with a stable outside
world an expanding market than to fight for a disproportionate share of an
unstable and precarious market. The most urgent part of the foregoing
argument rests on considerations that were not applicable in 1913 when the
world was in balance, when we were a debtor country, and when industry,
both at home and abroad, was more or less adjusted to existing tariff
schedules.
The foregoing argument is quite consistent with the contention that in
earlier periods in the history of the country the tariff has been beneficial
by stimulating industries for which the country was adapted and bringing
them into existence earlier than they would otherwise have come—the
so-called "infant industries" argument, particularly applicable to a new
and undeveloped country, though in some measure applicable even in later
stages of development. Recognition may be accorded also to past services
of the tariff in giving us a greater diversification of industry than we might
otherwise have had. Recognition may also be given to political and military
arguments in behalf of tariffs on certain key industries needed for selfsufficiency in time of war. Finally, the desirability of disturbing the existing
situation as little as possible should be accorded substantial weight. Longestablished industries, dependent upon the tariff, should not be suddenly
denuded of all protection. But we should be clear-eyed in all this. We
should recognize that protective tariffs always involve a cost, and should
give very special weight to the new factors of world unbalance which the
present situation involves. The balancing of all these considerations justifies the conclusion that what is called for is not free trade, but a moderate
protective tariff policy.
EUROPE'S ABILITY TO PAY AND OUR ABILITY TO RECEIVE.
The real problem of the interallled debts is the ability of France. Italy,
and Belgium to pay—not our ability to receive. We can readily take all
the surplus goods they need to send us. The real problem is their ability
to produce a surplus and our willingness to receive that surplus. In considering their ability to pay, we must consider (a) their industrial resources,
(b) their public finances, (c) their currency situation, (d) what they will
receive from Germany,(e) our own tariff policy,(f) our immigration policy.
particularly as affecting Italy, (g) our prohibition policy as affecting
particularly the ability of France and Italy to make payments with goods.
These are all definitely involved. In making adjustments with them we
shall be justified, in consideration of concessions which we make, in asking
them to inaugurate necessary financial and monetary reforms.(i) Particularly important is it that we should seek to get them back on the strict
gold standard, so that the machinery for transmitting payments will be a
good machinery.
[Vol, 121.
For the year 1919 agriculture, mining, and manufacture may be compared
as follows:
Percentage
1919
/n Millions. Of Whole.
Net value of all agricultural products
40
818,768
Net value of all mineral products
7
3,095
Value added by all manufacture
53
25,042
For 1909 the figures are:
1909
Net value of all agricultural products
Net value of all mineral products
Value added by all manufacture
8.46,905
106
86.702
1.016
8,529
41
6
53
100
816,247
These figures represent a modification of the Department of Agriculture
and the Census figures for the same years. It is only once every ten years
that the Census institutes such a comparison.
The Department of Agriculture figures for 1919 for agricultural products
and the Census figures for mineral products and for manufacture are as
follows:
Percentage
1919
/n Millions. Of Whole.
Gross value of all agricultural products
46
823,787
Value of all mineral products
6
3,158
Value added by all manufacture
48
25,042
100
851,987
It will be noted, however, that the Department of Agriculture figure is
a "gross value" figure for agriculture whereas the Census figure for value
added by manufacture is a net figure, excluding the values of the raw
materials worked up. The agricultural figures involve a great many
duplications. The value of the corn crop is counted, for example, and, in
addition, the value of cattle and hogs that have consumed the corn. Dairy
products are counted and,in addition, the feed supplied to the dairy cattle.
In order to make the figures comparable, it is necessary
to eliminate these
duplications.
The figures of mineral products contain duplications. The Census,
however, seems to supply data for reducing the value of mineral products
to a net figure. Apparently not over 2% of the value of mineral products
represents duplications in the year 1919, through nearly 18% of the figure
for 1909 may be counted as duplication. In the case of agriculture,however.
the problem is more difficult and the figures which I give here will need
further study and further refinement. I am obliged to approach it from a
study of the figures of the Department of Agriculture for the crop
Year
1922-23 and to apply a percentage based on that year to the figures for 1919.
In 1922-23 the gross values of all agricultural products,
as reported by the
Department of Agriculture, amounted to 814,310,000.000. Sales values.
however, as estimated by the American Farm Bureau Federation were as
follows:
Estimated Sales from Farms in 1922-23.
(In millions of dollars.)
Crops
4,523
Livestock
2,256
Animal Products
1,700
Total
8,479
These figures differ from the gross value figures by nearly $6,000,000.000.
This is not, however, all to be counted as duplications
in the gross value
figures. If we are seeking actual farm production, allowance must be made
for the farmers' own consumption of farm products.
I am indebted to the
courtesy of L. M. Graves, Statistician of the Department
of Research of
the American Farm Bureau Federation, for the
accompanying figure _
en
this point. In his letter Mr. Graves indicates that
the figure is Pam,
'
tentative.
When allowance is made for this factor, the duplications
in the grew
value figures still remain very large.
(Millions
1922-1923
of Dollars.)
Gross values
14,310
Sales values
8,479
Farm consumption
2,817 11.296
Duplications in gross value figures
3.014
The duplications in the gross value figures for 1922-23, therefore,
amounted to 21.1%. In my figures given above, I am assuming the same
ratio for 1919 and 1909. Obviously, this assumption
cannot be strictly
accurate, but, at all events, it gives us a better basis for comparison than
we have in the figures where the manufacturing
figure is net and the
agricultural figure is gross.
•
On the basis of the foregoing figures, there was very little change in the
position of agriculture as between 1909 and 1919. If the comparison were
made with earlier decades It would be seen that agriculture
had declined in
comparative importance. It is probable there has been some decline in
the percentage for agriculture since 1919 as there has
been an accelerated
drift of population from country to city. Agriculture
remains tremendously
important in our national economy'. Forty per cent of the combined total
of agriculture, mining, and manufacturing is an
enormous thing. Agriculture Is second only to manufacturing in our national
economic life. Its
prosperity quickens activity in every other line, its adversity brings
multiplied difficulties to every other interest.
Benjamin M. Anderson Jr. of Chase National Bank on
Excess Gold, Cheap Money Policies and Foreign
Mr. Anderson includes in his article the following appendix
Loans.
dealing with the statistical importance of agriculture in
Benjamin M. Anderson Jr., Ph. D., Economist of the
American economic life:
Chase National Bank of New York,in his article in the latest
(g) Row great has been the decline in iron and steel tariffs from earlier issue of the "Chase Economic Bulletin," dealing with the
schedules is well illustrated by the history of the schedules on pig iron and inter-Allied debts, reparations and high
protective tariffs
en steel rails.
(h) In addition there might be mentioned: hydrochloric, nitric and (to which extended reference has been made in the foregoing
sulphuric acids, sugar-manufacturing machinery, wagons and carts. pure
bred livestock for breeding purposes, binding twine, crude borax, all article), declares that "the main influence sustaining our
typesetting machinery, typewriters, shoe-making machinery, undressed favorable
trade balance has been the vast volume of foreign
skins and furs, Iron ore, many forms of leather, oil cake and oil-cake meal,
distilled or essential oils, crude phosphates, all crude stock for paper. loans which we have been making." Mr.
Anderson underPotash,sulphur,spirits of turpentine and rosin, barbed wire, wood charcoal,
wood clapboards, laths, logs and timber hewn or sided otherwise than by takes to show that "the astonishing abundance of funds in
sawing, most forms of arsenic, crude bristles, gunpowder, cattle hide the
American capital market of the past year and a quarter"
leather gloves, cod oil and cod-liver oil, and many other commodities.
Twenty pages are required to list them all in an official publication.
is in part "an artificial and illusory thing on which we cannot
(i) These propositions are elaborated in The Chase Economic Bulletin,
Vol. II. No. 5.
permanently rely." He thus discusses this point:
SEPT. 5 1925.)
THE CHRONICLE
In 1924 our new foreign loans, exclusive of refunding, amounted to
$1,000,259,000 ("Commercial and Financial Chronicle" estimates). For
the first six months of 1925 such loans have amounted to $443,309,000.
How long shall we continue to make foreign loans on this scale?
In 1919 and the first half of 1920 we sent out a vast volume of exports to
Europe on credit. For a time these exports were financed by loans from
the United States Government to European Governments. After these
loans were exhausted the exports continued largely on open account,building up a vast unfunded debt of Europe to private creditors in the United
States which led to an appalling congestion of bank credit and other credit.
and finally precipitated a major crisis. (See "Chase Economic Bulletin,"
Vol. 1, No. 1, Oct. 1920.) It is not reasonable to suppose that these
methods will again be employed in the near future. Europe then was buying without limit of price all that she could get on credit. Europe to-day
Is prudent in her buying and the strongest countries in Europe are reluctant
to employ their credit. American business men and bankers have learned
a lesson, moreover, from that period. American exporters and others are
reluctant to tie up their working capital in advances to foreign customers.
There is no such speculative market for foreign exchange in the United
States as then existed. If our export balance is to continue, it must be on
the basis, not of loose open credits and speculative holdings of foreign
exchange, but rather on the basis of loans, long-time loans placed with investors. This means loans pledging the credit of countries which our investors will trust. Will such loans continue to be offered to us at the rate
of s1,000,000.000 a year?
Moreover, the amounts loaned abroad must steadily increase if we are to
maintain our trade balance at recent figures. since every year of lending
increases the interest payments which Europe must make before she has
dollars available for the purchase of goods here. In addition, France,
Italy and Belgium must find dollars to make payments of interest and principal to our Government. Are the countries in Europe which enjoy good
credit in our capital market prepared indefinitely to pledge their credit for
long-time borrowing in the necessary ever-increasing amounts?
Finally, by what miracle does it happen that we have been able so easily
to make vast foreign loans? Is the capital supply of the United States a
widow's cruse of oil which can never be exhausted,or is the astonishing abundance offunds in the American capital market of the past year and a quarter
in part an artificial and illusory thing on which we cannot permanently
rely? That the latter is the case we shall undertake to demonstrate in the
succeeding section.
If the Federal Reserve banks are prepared to continue indefinitely a
policy of artificially easy money and if at the same time the strong borrowers
of Europe are prepared indefinitely to offer long-time securities in adequate
volume in the United States, then we may continue, despite our existing
tariff policy, to have a large volume of exports for a prolonged period—with
a resultant appalling credit congestion when the day of reckoning finally
comes. But it is not to be expected that both of these things will long
continue.
For this combination of high protective tariff policy and cheap money
policy in the existing world unbalance we shall ultimately pay with a
congested investment market accompanied by a sharp falling off in our
export trade.
With an early modification of our tariff policy and a modification of our
Federal Reserve Bank policy, it is still possible to avoid congestion in our
commodity markets and in our general business situation.
Excess Gold, Cheap Money Policies and Foreign Loans.
or The great abundance of funds in the money market since March of
1924 has not represented a sudden increase in the volume of investors'
savings, but rather has represented a great expansion of bank credit induced
by our great excess of gold, accentuated by the cheap money policy of the
Federal Reserve banks. The Federal Reserve banks, in addition to
keeping their rediscount rates below the market, have also systematically
increased their open market purchases of Government securities and
acceptances when rediscounting on the part of the member banks declined,
Injecting unneeded funds into the money market, breaking money rates
below their natural level, piling up reserves in the commercial banks which
commerce could not use, and leading to an immense expansion of the
Investment account and the stock and bond collateral loan account of the
commercial banks. Between March of 1924 and August of 1925 not less
than $3.700.000,000 of artificially generated money market funds have
gone into the stock and bond market. The reporting member banks of
the Federal Reserve System hold about 46% of the commercial bank
loans and investments of the country. During this period(a)these reporting
member banks increased their investments by $1,036,000,000 as against
an actual decrease in the preceding year. They increased their stock and
bond collateral loans by $1,143,000,000 as against a trifling increase in
the preceding year. For these banks alone, therefore, the increase is
$2.179,000.000. It is conservative to add an additional $1,521.000.000 of
combined new investments and new stock and bond collateral loans for
the unreported 54% of the commercial bank loans and investments of
the country. The total of new bank credit thus going into the investment
market, as distinguished from true investors' savings, is certainly thus
not less than $3,700.000,000 for the 15 months under discussion.(b)
In this process the banks themselves have played a very conservative
role. Commercial borrowing in the period increased very little—only
$100.000.000, or less than 1.3% for the reporting banks. (c) The banks
have placed their surplus funds in the safest place they knew. In buying
investments they have bought prime investments. In making stock and
bond collateral loans they have asked for good collateral and adequate
margins. Lending to their commercial customers at low rates all their
legitimate requirements, they have refrained from urging unnecessary
borrowing upon them. Business men and bankers have pursued conservative policies in the giving and taking of credits. But the capital market,
almost always ready to use funds at a price, has drunk in greedily the cheap
current money market funds available, and has used them for capital
purposes. Surplus reserves have thus been used, the market has been
cleared, and surplus reserves to-day are relatively small.
When commerce needs more funds the banks must get them either by
selling investments, or by calling stock and bond collateral loans, or by
further Federal Reserve Bank expansion. So far as the member banks
are concerned they will in general sell investments and call in loans from
the stock market before making much use of Federal Reserve Bank facilities.
Will the Federal Reserve banks indefinitely continue to make money
artificially easy and to permit the flow of bank credit into the capital
market even by enlarging their open market purchases?(d) If so. we may
continue for some time the illusion of a great abundance of capital in the
United States.
a The figures are as of March 12 1924 and July 22 1925.
b The figure would be over $4,700,000,000, if we applied the same ratio of
Increase to the non-reporting banks that we find for the reporting banks.
c Only a minor part of this bank expansion has gone into foreign loans.
The easy money has been felt in stock speculation, real estate
other speculative markets, and in consumption loans. Thespeculation,
only loans
(Apparently unaffected by it are ordinary commercial loans. Cf.
'Chase
Economic Bulletin," Vol. V. No. 1, p. 34.
d The connection between this expansion and the open market policy of
the Federal Reserve banks is clear. The greatest growth in the combined
figures for bank investments and stock and bond collateral loans (of the
reporting member banks) took place in the seven months. June-December
1924, which coincides with the period when the Federal Reserve banks
were most rapidly increasing their open market purchases. The full
effect, however, necessarily was not worked out till later. The member
banks will not, as a rule, rediscount for the purpose of making investments
or stock market loans. On the other hand, after an expansion of bank
credit has been engendered by Federal Reserve Bank open market policy,
member banks often will rediscount in order to delay contraction.
It is, of course, the total earning assets of the V'ederal Reserve banks,
taken in connection with the gold in the country, which governs the supply
of"money" available for bank reserves and circulation. A decline in money
in circulation also leads to an increase in bank reserves, unless the Federal
Reserve banks allow their total earning assets to decline as the banks use
the cash turned in from circulation to pay off rediscounts. Cf. Chase
"Economic Bulletin," Vol. I, No. 5, and 'Vol. IV, Nos. 3 and 4, for fuller
analyses of Federal Reserve Bank policy.
1181
Banking Operations in Federal Reserve District of
Kansas City at Beginning of August at High Peak.
The monthly review of the Federal Reserve Bank of Kansas City, Mo., issued under date of Sept. 1, states that "the
general expansion of business indicated by the reports of the
monthly review brought banking operations in the Tenth
District at the beginning of August to the highest peak of
activity since the war financing period of 1918 to 1921—and
it was regarded as doubtful if even the banking activity of
that period exceeded the activity reported for the current
season." The review also says:
The weekly statement of 71 banks, as an index to the banking activity in
the district, showed their combined loans and discounts on Aug. 5 had
mounted to $455,959,000. This total, with the exception of $462,171,000
reported in the week of March 25 this year, was the largest amount of loans
and discounts since May 4 1921, when $460,675,000 was reported by 82
banks. The Aug. 5 total was $20,232,000 or 4.6%, larger than that of
than on Aug. 6 1924.
July 1 and was $53,457,000, or 13.3% larger'
Investments of the 71 member banks also increased to the highest level
The total on Aug. 5
reporting.
bank
for the five years of this system of
was $172,189,000, showing an increase of $2,737,000, or 1.6%, in five weeks
and an increase of $41,575,000, or 31.8%, in one year.
The combined totals of loans, discounts and investments reached the highest point of record on July 22, when $628,594,000 was reported. On Aug. 5
the combined total was $628,148,000, which was $22,969,000, or 3.8%,
larger than on July 1 and $95,032,000, or 17.8%, larger than on Aug. 6
1924.
Gross deposits of $648,130,000 in the 71 reporting members banks of
Aug. 5 were the largest of history with the exception of July 22, when the
total was $657,142,000. The Aug. 5 total was $16,369,000, or 2.6%, larger
than on July 1 and $92,821,000, or 16.7%, larger than on Aug. 6 1924.
Demand deposits, totaling $507,379,000, increased $15,389,000, or 3.1%,
in five weeks, and were $88,702,000, or 21.2%, larger than a year ago.
Time deposits, amounting to $140,077,000, increased $1,737,000, or 1.8%,
in five weeks and $4,457,000, or 3.3%, in one year. The August total was
$27,000 below that for the week ending July 29 this year, which was the
largest ever reported. Government deposits were down to $674,000 on
Aug. 5, which was $757,000, or 52.9%, less than five weeks previous and
$338,000, or 33.4%, less than one year ago.
Department of State and American Enterprise Abroad—
Loans by American Bankers to Foreign Governments—Views of Dr. Young, Dr. Jeremiah
Jenks and Dr. Alvin S. Johnson.
The foreign policy of the United States formed a topic of
discussion before the Institute of Politics at Williamstown,
Mass. on Aug. 20. Under the title of "The Department of
State and American Enterprise Abroad," Dr. Arthur N.
Young, Economic Adviser of the Department of State at
Washington,undertook to tell along what lines the Department Acts "in relation to our important, or rather politicoeconomic problems." He noted that "it has been the fashion
in certain circles to say that the Department of State 'has no
policy' in regard to economic matters" and said that "if the
persons who make such statements so glibly would take the
pains to investigate, instead of merely assert, they would find
that the principles which guide the Department are far more
definite than they think." He added:
I would not claim that the policies and acts of the Department are literally inspired, or that much is not yet to be done in studying and developing
our policy in relation to these important matters. I would not say that our
policies are immutable,like the laws of the Modes and Persians. That could
not be in a constantly changing world. I would say, however, that the
Department of State is endeavoring to follow as definite and consistent a
course of action as changing circumstances permit; that these problems are
continually receiving the most conscientious attention* that they are not as
simple as they sometimes appear, and that their aspect from the arm-chair
of those who do not have to act or take the consequences of the course they
may urge may not be the same as from the seat of those charged with responsibility for the results of their decisions.
Dr. Young declared that "we cannot, even if we would,
isolate ourselves economically from other peoples, or ignore
the problems growing out of economic interdependence. Our
international economic relations, therefore, it will surely
be agreed, ought to be regulated in a manner which, while
promoting our own interests in ways not inconsistent with
the legitimate interests of others, will tend to minimize friction and to further the best possible relations among
peoples." He also said in the course of his remarks:
It is not the policy of the United States Government to seek for American
interests exclusive advantages or discriminatory arrangements that are
'nconsistent with the principle of equality of opportunity.
1182
THE CHRONICLE
[VOL 121.
It is one thing for the Government to endeavor to open the door, hit is not
"Was it imperialism whenilwe offered every support necessary to help
already open,and to try to keep it open;it is another thing to push American Great
Britain return to her gold standard? Was it imperialism to try to
interests through that door. The Department endeavors to provide the help
Germany, France and Italy to their feet? Remember that a rich
opportunity—"a fair field-and no favor." It is for American interests to customer
is a better customer than a poor one. The policy of our Governdecide whether, with the opportunity before them, they wish to avail them- ment in
giving financial assistance without political interference is a sound
selves of it.
one and is a guarantee of world peace."
Much has been said on the subject of so-called economic or financial
Dr. Jenks urged that there should be no change in the present system
of
Imperialism. Without endeavoring to define these terms, which have often allowing
American business to be conducted by business men, without
been loosely used, it is clear that there is a wide distinction between the undue
interference by the Government. because, he said, there would be
policy of endeavoring to open or keep open the door of opportunity, and the less friction
abroad.
policy of sponsoring private interests, or urging them to enter into partiIn addition to the parts of Dr. Young's address which we
cular countries to engage in particular enterprises, and of seeking to negotiate for them the arrangements under which they shall carry on their under- quote above, we also quote his further remarks as follows:
takings.
The control of our economic policy is not entirely in the province of the
The Department of State is not paternalistic. American business men Department of State, nor even of the Executive
branch of the Government.
and investors have before them the domestic and the foreign field. If they The laws passed by Congress lay down fundamental
principles that must
choose the foreign field in whole or in part it is because they consider it more govern the Executive. It is unnecessary to
dwell upon the important
advantageous. The point I wish to emphasize is that it is for them to decide bearing ofour tarifflegislation,for example,upon
our international relations.
whether to engage in the foreign field, and if so where and how. It cannot The sanction for many of the policies of the
Department of State rests upon
therefore be said that the United States Government pursues a policy of laws relating to the tariff, immigration, shipping,
taxation and the like.
economic or financial Imperialism, when the foreign trade and investment of
The distinctive function of the Department of the State results from the
American citizens are voluntary, and are not a means whereby the Govern- fact that this Department is the agency which
deals with foreign government seeks to exploit or extend control over other nations. Many foreign ments under the direction of the President.
Obviously the laws,regulations.
countries desiring foreign capital are particularly desirous that such capital and administrative acts of foreign governments
often have a very important
come from the United States because they realize that American business bearing upon the interests of an American
trading or investing abroad.
enterprise abroad is not a cloak for political intrigue. They know that what In certain circumstances he may properly look
to his Government for aid,
the Government of the United States seeks is fair opportunity, fair treat- and when occasion arises he naturally looks to the
Department of State and
ment, and due regard for valid and just rights acquired in good faith.
its representatives to assist and advise him and, if
protect
Where American interests abroad are seeking to enter into contracts, the his legitimate interests. He also may properly need be, to act to
expect his government to
Department of State, when the proposal in question is fair and reasonable. occupy itself, in the words of Mr. Hughes, with
"keeping the highways of
and If the circumstances warrant. may be in a position to instruct its repre- commerce open and in good repair."
sentatives to give proper assistance, but of course is not a party to the negoAlong what lines, then, does the Department of State
act in relation to
tiations. It should be emphasized that the Department is entirely impartial our important economic, or rather politico
-economic, problems? It has
as between responsible American interests that may be in competition
been the fashion in certain circles to say that the Department
of State "has
This is, of course, a logical and necessary requirement of a democratic gov- no policy" in regard to economic matters. If
the persons who make such
ernment in its conduct of foreign affairs. There is no favoritism to the rich statements so glibly would take the pains to
investigate, instead of merely
or strong, nor to any particular interest.
assert, they would find that the principles which guide the Department
are
In sum, the Department of State aims to assist and promote legitimate ar more definite than they think
American enterprise abroad—not by seeking for it special and exclusive
I shall try. In the limited time at my disposal, to
the
describe
of
some
privileges but by seeking equality of opportunity; not by discriminating for principal policies of the Department of State in
relation to economic and
the sake of discriminating but rather reserving discrimination for defence financial matters.
against unequal treatment; not by urging particular American business men
One important phase of our economic policy is the promotion
of foreign
to engage in particular enterprises or marking out the exact channels in commerce. International trade, conducted on a basis
of mutual advantage.
which they shall go, but by seeking to create conditions in which legitimate Is not a bad but a good thing, which the government
can properly help. The
American enterprises can be carried on; not by sponsoring them or assuming Government, therefore, collects and distributes
information on economic
governmental responsibilities for their acts, but by having confidence that and commercial conditions in foreign countries,
aids in the settlement of
what the American business man primarily needs abroad is a fair chance: trade disputes, gives direct assistance in various
other ways to Americana
and not by using American enterprise abroad to conceal ulterior ends, but engaged in foreign trade, and tries to create
conditions favorable to the
by leaving it to American business men to determine whether their enter- development of sound commercial relations The
Department of State, of
prises abroad can justify themselves on a business basis. The Department course, is not the only agency concerned with
these
thus aims to create conditions in which American enterprise abroad shall be of which fall primarily in the field of the Departmentactivities, many phases
of Commerce, and with
mutually advantageous to the Americans concerned and to those with whom which also, in some degree, other agencies of
the Government are conthey deal, and to insure so far as possible that foreign trade and investment cerned. Very close co-operation exists between the
Department of State and
shall not result in national rivalry, but in solid and cordial relations.
other Departments, and every effort is made to avoid duplication
of work.
An Executive Order of April 4 1924 requires that,
"Whenever represents
Two others who also spoke on the subject were Dr. Jere- tives of the Department of
State and other Departments of the Government
miah W. Jenks, Research Professor of Government and of the United States are stationed in the same city in a foreign country they
Public Administration at New York University who defended will meet in conference at least fortnightly under such arrangements as
may be made by the chief diplomatic officer or, at posts
where there is no
the policy of the Coolidge administration, while (notes the diplomatic
officer, by the ranking consular or other officer."
In addition to gathering information for the immediate
New York "Times") Dr. Alvin S. Johnson,editor of The New
use of Americans
Republic, argued on behalf of international action. As to interested in foreign enterprises, which information is disseminated with the
co-operation of the Department of Commerce, the diplomatic and consular
the remarks of Dr. Johnson and Dr. Jenks we give herewith officers of the United States are alert to report on matters
of less direct but
not less vital concern. It.is their duty to keep the
the "Times" account as to what they had to say.
government closely informed of developments bearing upon the promotion
and protection of
Johnson Hits "Indirect Control."
American interests abroad. and to discern and report concerning events and
Dr. Johnson said he dissented from the Government's policy, which he policies that may affect the relations between the
United States and foreign
Characterized as extending our own domestic system of "a fair field and no countries. Thus they report on actual or prospective
discriminations, refavor" into the foreign field. Pointing out that American investments strictive measures, and other policies that may
injure American interests
abroad are now about $10,000,000,000 and increasing at the rate of 31.000.- or may lead to international friction. The
information thus furnished
000,000 a year, he predicted that they will increase $25,000,000,000 or enables the Department of State to act when action is
warranted.
It is the policy of the Department to seek as definite guarantees
$30,000,000,000 by 1935, and $50.000.000,000 by 1950.
as pos"When we have $50,000,000.000 invested abroad, exposed to the sible with a view to defining the rights of
Americans in intercourse with
weather," he said. "we are going to think more about foreign affairs than foreign nations and safeguarding legitimate American
interests. Such
when we had our money invested at home."
guarantees can best be obtained in the form of treaties of amity and comWith respect to loans by private American bankers to foreign Govern- merce designed to define the rights and privileges
which the United States
ments, Dr. Johnson criticized the "indirect control" exercised by the State and other governments shall respectively assure to
each other and to their
Department over these loans. Asserting that this control was based on the respective nationals.
solvency of the borrowing country, he said that it was condemned by the
The existing commercial treaties of the United States are largely
obsolete:
argument that if loans were denied to militaristic nations as a bad risk, and the United States has no such treaties with many
important countries,
they also ought logically to be denied to nations threatened with war and including the new countries which owe their existence to
the war settlement.
not sufficiently armed.
General commercial treaties are in effect between the United States and
Dr. Johnson predicted that within five or ten years an attempt will be 26 countries * Of these treaties, 7 were entered into prior
to 1850 and 20
made to fund the German reparations debt by private international bankers
prior to 1885. Only 6, those with China, Cuba. Ethiopia, Japan, Siam and
An operation of this kind, involving perhaps $10,000.000,000. he said. Spain, have been made in the last 40 years. The United States
now has no
would be too colossal to handle except by collective action of the United general commercial treaties in effect with the new States arising out of the
States and the other money lending nations. He cited the international war, such as Czechoslovakia, Poland and the new Baltic States; with exloan for Germany under the Dawes plan as a precedent, saying that the enemy succession States (Austria and Hungary), or with Bulgaria. Our
Dawes plan was "working for peace," and urged that the same sort of treaty of 1830 with Turkey, to which I shall later refer, is not considered by
the Turkish Government to be now in force. Furthermore, we have no
international organization be adopted in funding the reparation debt.
Without some sort of international organization. he said. America will be general commercial treaties regulating our relations with several other
unable to carry out her enormous world trade and finance of the future Important countries, nor covering the parts of the British Empire outside of
without getting into trouble.
Europe. We do net have the assurance of most-favored-nation treatment
"So far as contiguous borrowing States are concerned," he went on, "we from a considerable number of countries.
might be able to protect our interests in the old-fashioned way of threats of
Moreover, our present treaties are based on the conditional form or inforce and more or less disguised economic imperialism, but the current flow terpretation of the most-favored-nation clause, while the unconditional
of investments is setting away from States subject to imperialistic control form and interpretation are contemplated by the policy laid down by the
"It is time for America to recognize economic internationalism as a fact Tariff Act of 1922. The distinction between the conditional and uncondiand to join formally or informally with the other nations in working out tional clauses is that the former offers no assurance that the parties to
politically institutions under which international economic interests may treaties containing it will not enter into exclusive reciprocity treaties with
be secure."
third countries and so discriminate against the commerce of each
other'
while the latter requires that each party's lowest duties and best
Jenks Says America Co-operates.
treatment
r Taking issue with many of Dr. Johnson's statements, Dr. Jenks declared shall be accorded to the other regardless of any bargains which either may
there was no such thing as economic imperialism in the policy of the United have made with any third country. In practice the United States Awhile
States Government or international bankers. He said that charges of only occasionally entering into agreements involving exclusive reciprocal
American imperialism by backward countries in South America which favors, has been prevented from insisting upon equality of treatment for its
borrow money in this country should be taken with a grain of salt, as the commerce when foreign countries have/entered into such agreements with
charges were usually made in the opposition press of those countries for one another. The policy embodied in the recent Tariff Act Is a policy
internarpolitical purposes. Dr. Jenks asserted that the word "isolation" designed to assure equal treatment under all circumstances.
was a misnomer in describing American policy. While this country was
* Not Including the treaties with Borneo and Muscat
the one with
following a policy of "non-interfering political co-operation," he went on
Great Britain concerning Western Samoa, now a mandatedorterritory
under
the League of Nations, which treaties may be listed
it was ready to co-operate fully in all economic questions.
among our general commercial
treaties.
With China there are five general commercial treaties all
Denying any economic imperialism in our attitude towards Europe, he
of which remain at least in part operative. In this list China referred
is
to as
continued:
of the date of the latest of these treaties, 1903.
NMila
SEPT. 5 1925.]
THE CHRONICLE
The Department of State, therefore, has commenced to negotiate new
treaties adapted to our present laws and present conditions. The first of
these treaties to be approved by the Senate was the German treaty which
was signed on December 8 1923. That treaty was approved by the Senate
on February 10 1925. with slight reservations, to which I shall later refer
On August 12 1925, it received the approval of the German Reichstag. It
will come into effect upon the exchange of ratifications.
The German treaty, although the first of the new treaties to be approved
by the Senate, was actually signed four months later than the treaty with
Turkey concluded at Lausanne and now awaiting action by the Senate.
Our Treaty of Commerce and Navigation of 1830, is, in the first place, an
instrument of the capitulations, which are no longer observed in Turkey.
Moreover, its brief provisions regarding the treatment of American merchants, vessels, and merchandise on the basis of conditional most-favorednation treatment do not afford an effective basis for the conduct of commercial relations and the prosecution of educational, scientific, and philanthropic activities under modern conditions. The new treaty signed at
Lausanne contains detailed provisione4hich would appear to be particularly
desirable as establishing the basis of our relations with a country in which the
general rules of international law are just beginning to be applied for the
first time. The present condition of uncertainty as to the treaty rights of
American citizens and concerns in Turkey is of course most unsatisfactory.
and the early ratification of the pending treaty is urged by the American
institutions established in Turkey as well as by the American business
Interests in that country.
On June 24 1925. a treaty similar to that with Germany was signed by
representatives of the United States and Hungary. Also this Government
is now negotiating treaties with a number of countries and in due course
further negotiations will be undertaken.
The Tariff Law of 1922. as I have said, contains important provisions
which have a bearing upon the form of our commercial treaties. I have
already mentioned the fact that this Government has adopted the unconditional form and interpretation of the most-favored-nation clause in its new
treaties. This flows logically from the provision of Section 317 of the
Tariff Law of 1922. which authorizes the President, if the public interest
require. to "specify and declare new or additional duties" on the commerce
of countries which discriminate against American trade by imposing upon
it higher or other charges than may be imposed upon trade between such
countries and third countries. This provision obviously is a mandate to the
Department of State to strive to do away with discriminations against
American commerce. In pursuance of the policy of seeking the abolition
of such discriminations or making agreements for equal treatment in order
that the question of discrimination may not arise, the Department, pending
the time when general treaties could be negotiated, has entered into a series
of modi vivendi. To date, such agreements have been made with Brazil,
Czechoslovakia, Dominican Republic. Esthonia, Finland, Greece, Guatemala, Nicaragua and Poland. Negotiations for similar agreements with
serveral other countries are pending.
I desire to emphasize the principle of equal treatment in customs matters.
This principle is analogous to the principle of the open door and equality of
opportunity to which I shall later refer. We do not seek from foreign
countries exclusive tariff favors nor do we grant them (excepting the special
case of Cuba which is related to the United States in a special manner for
reasons of history and propinquity). Section 317 of the Tariff Law of 1922
does not authorize discrimination as an end in itself. It is rather a means
reserved for possible use by the United States with a view to bringing about
that equality of treatment which we offer and seek. On arriving at an
agreement for such equal treatment any discriminatory rates we may have
imposed would no longer apply.
It has sometimes been suggested that the Department of State should not
stop with seeking mere most-favored-nation treatment, but should go
beyond this and endeavor to negotiate arrangements providing for favorable
(but not exclusively favorable) rates on particular American products. In
this connection It has to be remembered that such tariff arrangements are
necessarily reciprocal. We cannot well ask foreign nations to grant specially
favorable rates to American products unless we, in turn, are prepared to
grant specially favorable rates to their products. This Government is not
able to promise anything as to favorable rates of duty on products in which
foreign governments may be interested in the absence of legislation authorizing the Executive to modify particular rates in such negotiations. In this
connection, it is of interest to note that the Committee on Foreign Affairs
of the United States Chamber of Commerce has recently recommended that.
"As an aid in securing favorable tariff treatment for American exports a
policy of tariff bargaining be adopted and the power to negotiate agreements
lowering duties on certain products within certain limits be vested in the
Executive branch of the government."
I desire also to refer to the treatment of shipping in our commercial
treaties. The coastwise trade, according to the usual practice of nations,
is of course reserved to vessels flying the American flag. So far as foreign
trade is concerned, it is our policy to accord, on condition of reciprocity,
national treatment to vessels in our ports, that is to say, treatment to the
vessels of other countries that is as favorable as is granted to our own in
respect of tonnage dues and other port charges as well as in respect of customs
duties falling upon their cargoes. Our policy of national treatment dates
back more than a hundred years. It has sometimes been said that the
early practice of levying discriminatory dues upon foreign vessels denoted a
policy of discrimination. A study of the circumstances discloses, however.
that these dues were prevailingly defensive and intended to induce other
countries to grant national treatment to American vessels Our Minister
to Spain, in a note to the Spanish Government of July 11830 (see British
and Foreign State Papers. Volume 25, PP. 1004-05) thus sets forth the
motives underlying our policy:
1183
Senate, on February 10 1925 gave its approval to the treaty, subject to a
reservation to the effect that certain parts of the treaty relating to national
treatment of shipping "shall remain in force for 12 months from the date
of exchange of ratification, and if not then terminated on 90 days' previous
notice shall remain in force until Congress shall enact legislation inconsistent
therewith when the same shall automatically lapse at the end of 60 days
from such enactment, and on such lapse each high contracting party shall
enjoy all the rights which it would have possessed had such paragraph or
articles not been embraced in the treaty."
The policy of national treatment of shipping has thus in a sense been reaffirmed, but the reservation leaves the way open for adopting on short notice
a policy of discrimination.
I cannot do better than quote the words of Mr. Hughes as to the issues
involved in a consideration of the wisdom of abandoning our policy as to
national treatment of shipping:
"Such a change. I believe, instead of helping our commerce, would be a
disaster. The question essentially is not one of meeting discrimination with
discrimination, but of changing from our historicl policy to a policy of discrimination for its own sake. It might be well enough to sharpen our knives
against those who discriminate against our shipping, but this would be
merely to force an agreement for equal treatment for our own ships. When
another Government is willing to agree with us to give reciprocally equal
national treatment for vessels in foreign trade, we should be willing to
make a like agreement. The policy of discrimination in such matters in
order to force an agreement attains its end when agreement for equal treatment is reached. But a policy of discrimination for its own sake, with
knives out all over the world, of unending strife to see who can make the most
by discriminatory charges and retaliations, would be, as it seems to me, a
fatuous policy for us and destructive of the interests of American trade. I
do not believe that we should win in the long run in such a rivalry of discriminations, as foreign nations have a greater area of governmental action
according to their traditions and interests, and a wider field for possible
political arrangements, than we have.
"It is one of the fallacies of those who oppose such clauses as have been
inserted in the German treaty that discriminations in favor of our own
shipping would have to be met by the same sort of discriminations that we
might impose. Manifestly, there could be resort to any practicable
kind of retaliation, and nothing that we could do would be more hostile to the
general interests of peace, for these interests do not prosper in economic
wars. We should aim at the removal of all unjust discriminations against
our commerce and seek to make commercial treaties on that basis, with the
readiness to promise for ourselves what we would ask of others."
Furthermore, it is estimated that our exports that might be subiect to
foreign retaliation are, by volume, about two and a half times our Imports
that might be benefited by adoption of discriminatory measures, and therefore, in a campaign of retaliation, we would be at a disadvantage in the proportion of two and a half to one.
The force of these arguments is being recognized by American ship
owners. In a series of recommendations regarding national shipping policy.
published under date of May 9 1925 by three important associations of
American ship owners, it is stated that these associations, while believing
that the United States should not "contract away the right to give to
American merchant shipping the support and protection which it may require," "do not now favor an attempt to enforce discriminatory duties and
similar measures. They believe that any effort to force a larger patronage of
American ships by these means would immediately result in the application
of retaliatory discriminatory measures, and lead to irritation and unfriendliness with other maritime nations, which might more than offset any advantage that would be derived from the application of such discriminatory
regulations."
It is the policy of this Government to seek to preserve legitimate American
rights duly acquired in good faith. Foreign trade and investment consists
largely in making contracts and acquiring rights, and it is a fundamental
condition of international dealing that such rights must be recognized and
respected. Thus, for example, the pending treaty of friendship and commerce with Germany provides (Article I) that the nationals of each country
shall receive in the territories of the other
"the most constant protection and security for their persons and property:
and shall enjoy in this respect that degree of protection that is required by
international law."
While nations are of course free within broad limits to adopt such measures
as they may wish with respect to matters of purely internal concern, it is
clearly just, if they invite foreign commerce or enterprise on particular conditions and when legitimate rights are then acquired, that such rights should
not be taken away by a policy of confiscation or repudiation. Likewise, the
Department is unwilling that invalid claims be asserted to the prejudice of
American interests.
One of the most fundamental of American policies in relation to trade and
investment abroad is the well-known policy of the "open door." This policy
Is well-rooted in our history, but commonly is associated with the name of
John Hay, one of our most eminent Secretaries of State, who in 1899
invited the governments of France, Germany, Great Britain, Italy, Japan
and Russia to make formal declaration of a policy of -perfect equality of
treatment for their commerce and navigation" in China More than 20
years later the treaties signed at the Arms Limitation Conference of 1921-22
reaffirmed and defined the open door policy with respect to China by providing that the powers other than China will not seek nor support their
respective nationals in seeking exclusive, preferential or monopolistic arrangements "calculated to frustrate the practical application of the principle of equal opportunity."
The principle of the open door is susceptible of wide application and has
been given expression in numerous connections. For example, it is contained in the Act of Algeciras of 1906, the agreement in which the United
"Discriminations were made,from a necessity growing out of the practice States joined with the leading European governments in affirming with
respect
to Morocco the principle of "economic liberty without any inequaldue
protection
and
Commercial
Powers,
for
the
encouragement or
of other navigation,tth
or in
)e itkainifancy, and not from any motives of ity," for the purpose, as stated in the declaration subject to which the
American
interests
other
titheGionvteerr
hoViity
the United States, . . having always been American representatives signed the Act, of securing "for all peoples the
• • • The
. with Morocco." More recently, the
convinced that a free and unrestricted intercourse was the'surest way to widest equality of trade and privilege
Nations,
and to increase and strengthen the open door principle has been invoked in our negotiations to obtain equality
of
interest
true
the
nromote
ues of good-will and friendship between them, determined, in the year 1815. of opportunity for American enterprise in mandated territory. The Govto make a general offer for the abolition of the discriminating duties between ernment of the United States has taken the position that, in the light of the
Nations with whom they had commercial interthe United States and all
relation of the United States to the common victory, no measures could
course."
properly be taken by the Allied Governments with respect to former terriwas
supplemented by more tory of Germany or her allies placed under mandate that would deprive
The offer made pursuant to the Act of 1815
was
gradually
and
accepted,
legislation
in
1828
tacitly or by American citizens of treatment as favorable as might be accorded to the
tut...reaching
all countries. Its general acceptance citizens of any other nation. It is gratifying to say that treaties embodying
formal agreement. by practically
policy
and
American
American
victory
for
notable
diplomacy.
In this principle have already been concluded with respect to several of the
a
marked
difficulties under which American shipping has important regions under mandate.
recent times, however, the
problems
arising
from
the
the
recently
enormous warSimilarly, efforts are made to the end that concessions relating to the
labored, and more
bunt tonnage under the American flag have led many to urge the substitu- development of natural resources and contracts for public works or the purour
duties
for
traditional
discriminating
policy
of
of
policy
national
chase
of supplies shall not be granted by public authorities to the nationals
on of a
trtieatment. When the pending commercial treaty between the United of third countries without affording to interested American nationals
embodied
provisions
were
for
reciprocal suitable opportunity for fair competition. Also, the Department opposes
tates and Germany, in which
those in our existing treaties, came the establishment in favor of the nationals of third countries, of monopolies
ational treatment of shipping similar to
for
presented
renewed
was
occasion
analysis
the
of this or exclusive privileges or preferences that are inconsistent with the prinripie
Senate,
-efore the
b y important question. After study of the arguments presented. the of equality of opportunity.
:
1184
THE CHRONICLE
[Vol. 121.
Shows Petty Policy Hurts Danube Trade—Report of to discuss sanely the problems of a new contract." His
statement follows:
Walker D. Hines to the League Says Relief
The suspension in the anthracite mining region becomes a fact to-day and
Must Come by Treaties.
will be completely effective. The mine workers deeply regret that no
A Geneva cablegram Aug. 6 (copyright) is announced as other course is open to them than to suspend mining operations, but point
to the fact that the responsibility must lie with the anthracite operators, who
follows by the New York "Times":
have consistently
The report of Walker D. Hines to the League of Nations on Danube River
traffic conditions, which was made public here to-day, indicates that.
although the Danube fleets contain 25% more tonnage than before the war,
traffic on the river is to-day only about 56% of normal pre-war traffic
There was an increase, however. of 50% during the first six months of the
year over the corresponding period of 1924. This is attributed to shipments of corn from Serbia to the Black Sea.
Post-war diminution of traffic is largely due to economic depression
characteristic of Europe, but is intensified by the breaking up of the wide
free trade areas which existed in the Austro-Hungarian Empire. At present
the river is cut by seven custom barriers. This not only has seriously
diminished commerce, but promises to do so to a greater extent except so far
as the situation may be ameliorated by commercial treaties among the States
The report shows that the petty attitude not only of officials of the various riparian States, but the Governments themselves, add to the difficulties. The Serb State and Rumania exclude all foreign navigation companies from handling internal traffic on the Danube, in their respective countries and on tributaries which now are treated as territorial waters. Hungary and Serbia maintain separate frontier stations at the common frontier, involving double delay and formalities. Frontier formalities now
involve a large economic waste requiring tugs and barges to remain idle for
a period estimated at 6.000 barge days a year.
Although port facilities are greater than before the war, port difficulties
are numerous. Austrian and Hungarian companies are denied the right to
use many port facilities in Serbia and Rumania which previously belonged to
them. Acting on the general law designed to protect domestic labor.
certain navigation companies have been notified by the Serb state to replace agents and employees with Serb nationals The Belgrade port authorities subject foreign vessels to double taxation and exclude them from
certain forms of international traffic because landing facilities are on the
Save River. which Is territorial water.
After suggesting remedies for the many difficulties, Mr. Hines points out
that these Danube States are finding great difficulty in securing the needed
capital and that the removal of causes of friction on the Danube would be a
favorable argument to encourage foreign loans.
Seven
Men
Hanged at Cairo for Murder of Sir Lee Stack,
Sudan Governor General
refrained from any good-faith attempt to negotiate an
agreement. It is well known that they set up in the Atlantic City meeting
an impossible barrier to successful negotiations, i.e., their methodical and
cold-blooded declaration that all of the mine workers'demands were rejected
that disturbed the factor of mine costs.
In addition, they rejected the mine workers'demand for complete recognition of the union for specious sentimental reasons. They again are engaged
In their time-honored and traditional occupation of levying all of the
tariff which the traffic will bear. For a month past, throughout the
anthracite region, feverish activity has been maintained at every breaker,
washer, culm and slate bank. The operators, with their usual modesty
and virtue, have been taking advantage of the public fear of a strike to unload at enhanced prices a greatly augmented tonnage of coal of inferior
quality. Their present policy is considerate only of commercial profit,
utterly ignoring the right of the anthracite mine workers to fair treatment
and entirely devoid of any concern for the public interest.
The mine workers have no alternative except to await the time when the
anthracite operators, having effected a maximum public exploitation. will
be ready to discuss sanely the problems of a new contract. The anthracite
mine workers to a man are solidly arrayed behind the policies of their organization in seeking proper consideration for the demands of the Scranton trldistrict convention. Their morale is perfect, and they are prepared to carry
on with vigor for any period to the end that their merited claims shall be
given just consideration.
In the meantime, 120 men who are mangled and butchered every eighthour day the collieries work will be saved, to the great Joy and satisfaction
of their loved ones. In addition, two men who would be killed in the
collieries each eight-hour work day will have their lives extended, which will
lessen the number of mourning widows and weeping orphans.
The public need have no apprehension or fear of disorders in the anthracite communities. The anthracite mine workers are peaceful, law-abiding
citizens, as well as a deeply religious and God-fearing people. The public
authorities in the anthracite territory attest the fact that during a strike of
nearly six months' duration in 1922 not a single case of breach of the peace
among the 158.000 mine workers came to their attention. Such a record
never has been equaled in any encampment of a disciplined army of the same
number in all history. With this splendid example of the conscientious
application of the ideals of good citizenship, the public may expect that the
tranquillity of the anthracite communities will not in any manner be Wsturbed in the present instance.
As we indicated in our item of a week ago, agreement was
The following account of the execution of those convicted
for the murder of Sir Lee Stack is from copyright advices to reached on Aug. 28 between the operators and miners on
the question of the continuance of maintenance Men at
New York "Times"from Cairo Egypt, Aug. 23:
Seven men condemned to death for the murder of Birder Sir Lee Stack. work in the mines during the suspension.
Regarding this
Governor General of the Sudan, were executed here this morning in the
the following statement was issued from the strike headpresence of the Acting Governor and the Commandant of Police, The
death sentence of the eighth accused man, Abdel Fattah Enayata, was quarters at Philadelphia on Aug. 28.
commuted to penal servitude for life.
The first of the seven was hanged at 7 o'clock, followed by the six others
at forty-minute intervals. Excepting one, who struggled violently, all met
death with stoical indifference.
One, when asked whether he maintained he had killed twenty-five
Englishmen, answered, composedly, "No, thirty-five."
Another, annoyed because the executioners were tee slow, said testily,
"Come on, let's get on with it."
A third cried, "I did this for God, and He alone knows whether I am
guilty or innocent."
The executions were carried out unexpectedly, so there was no crowd
outside the prison and Cairo knew nothing about the hangings until they
were all over.
Sir Lee Stack, Envier, or Commander-in-Chief, of the Egyptian army,
and Governor General of the Sudan, was attacked in the streets of Cairo
Nov. 19 1924, by seven men who hurled a bomb at his automobile and then
opened fire upon him at close range with automatic pistols. His assailants
escaped. On Nov. 20 Sir Lee died of the three wounds he had received.
Egypt was shocked by the crime, and its press demanded that the murderers be apprehended. It was understood that labor troubles in the
Sudan were responsible, but the murder of a British official evidently had
never been considered a possible development. The British Cabinet acted
quickly, being called into special session, and on Nov. 22 the British Government demanded of Egypt a proper apology, an indemnity of £500,000
prohibition of political demonstrations and withdrawal of Egyptian troops
from the Sudan.
Several men were arrested as suspects and released from time to time,
but finally nine men were arraigned for the murder of Sir Lee. They were
tried and on June 2 1925. all nine were convicted. It was revealed that the
assassins had rehearsed the killing. On June 7, eight of the men were
condemned to death, the man who drove the automobile in which they
rode on the day of the murder being sent to prison for two years' hard
labor. Later the death penalty of another member of the gang was commuted to penal labor for life.
Miners Suspend Work in Anthracite Coal Fields—E. E.
Loomis Proposes Continuance of Present
Contract for Two Years.
In accordance with the strike order issued a week ago, and
given in these columns last Saturday (page 1047), the miners
in the anthracite coal fields in Pennsylvania suspended work
at midnight Aug. 31. Stating that all work in the 828 anthracite mines of Pennsylvania came to a standstill and 148,000 miners entered into a period of idleness, the Philadelphia
"Ledger" of Sept. 1 said:
"To the Officers and Members of Districts Nos. 1, 7 and 9. United Mine
Workers of America:
"Dear Sirs and Brothers:—Supplementing suspension order forwarded to
local unions under date of Aug. 27, we advise our membership that an
agreement was consummated to-day providing for maintenance men to
continue at work during the suspension and establishing the basis for
such work.
"The agreement, in substance, permits the continuance of necessary
maintenance occupations. Maintenance men in such occupations are not
to be replaced by others. Otherwise normal conditions that prevailed
during idle periods in the past to be the basis for this agreement. Any
general settlement made will be retroactive to Sept. 1 affecting maintenance
men. Copy of the agreement is herewith enclosed.
"We consider this agreement an advance step over similar agreements
and fully protects our every interest.
"Concerning the manner of handling maintenance work we would state
that all work necessary to preserve the normal conditions of the colliery.
regarding ventilation, drainage and protection of property is permitted.
This involves such work as necessary engineers, boiler house employees,
pump men, fuel men, electricians and those necessary to keep
operating
units in order.
"If the operators desire that maintenance work be done not in
keeping
with these instructions the mine committees are advised to take such
matters up with the district officials in their respective districts before
taking final action.
"We trust these instructions will be carried out in the spirit intended
and that the utmost co-operation be exercised between the local unions,
mine committees and officers of the organization.
"Your scale committee will continue to exercise every influence possible
to further and protect the interests of our membership.
Respectfully submitted.
RINALDO CAPPELLINI, President, District No, 1.
ANDREW MATTEY. President. District No. 7,
C. J. GOLDEN, President, District No, 9.
JOHN L. LEWIS, International President.
PHILLIP MURRAY, International Vice-President.
THOMAS KENNEDY,International Secretary-Treasurer."
Stabilizing Employment in Railway Industry—
L. F. Loree on Results Effected Through
Elastic Day.
In an address last week dealing with the efforts which
are being made to stabilize employment, L. F. Loree, President of the Delaware & Hudson Co., declared that "it is
quite evident that an elastic day, varying between limits of
eight and ten hours, can be used to stabilize employment, if,
As predicted by mine leaders, the suspension was nearly 100% effective. as has been the experience of the railroads, the volume of
Virtually the only men remaining on duty in the districts will be 10,000 business is not likely to be affected by
variations of more
workers retained for maintenance purposes.
than 20%." Mr. Loree, who spoke before the Silver Bay
With the walkout of the miners, John L. Lewis, Interna- Industrial Conference,
at Silver Bay, Lake George, on
tional President of the United Mine Workers, issued a state- Aug. 28, had the
to say regarding the operation
following
mentin which he said:"The mine workers have no alternative of the "elastic"
day:
except to await the time when the anthracite operators,
We have been trying now for three years on the Delaware & Hudson
having effected a maximum public exploitation, will be ready the use of an elastic day. In the past few years, partly through advantage
Siam 5 1925.]
THE CHRONICLE
1185
On the Kansas City Southern Railway before the war we had worked out
and brought to very successful operation a plan under which about three
hundred colored trackmen were employed from December 1st to May 1st
the
in laying rail, putting in ties and ballast, and were then sent North to
C. B. & Q. RR., where they were employed on similar work from May 1st
fields as
to October 1st. They then returned South and went into the
very
cotton pickers for October and November. The employment was
labor
popular. Its inducements were such as to give us the pick of the
community and the gang was a highly efficient one. Freight trainmen
handling the Great Lakes coal and Iron ore business in the summer.months
the
find employment on other divisions in the winter in moving grain from
utilized,
West to the seaboard. Such diversity. If carefully studied and
would go a long way toward overcoming the seasonal variations.
it
In considering employment relations, it is Important to recognize that
enis not going to be possible to reduce the management, who conceive the
capitalist,
the
nor
business,
the
of
terprise and carry on the administration
The
whose thrift provides the plant and machinery, to a state of slavery.
employment relation is a voluntary relation on all sides and no one of the
There
two.
three elements owes any servitude to either or both of the other
to
is no obligation on either management or capital to afford employment
any enparticular laborers, nor any obligation on the laborers to engage in
unite
terprise, but it is of the first importance if the three parties at interest
in Industry that everything should be done by each to promote loyalty,
efficiency and agreeableness in their relations.
enterprises
To this end many employers have embarked on one or several
generally spoken of as welfare work. This may consist in the organization
as to which
of athletic contests, theatrical performances, picnics, &c., &c.,
generally the employer may well limit his activity to assisting in the organthe emwith
entirely
continuation
and
ization, leaving the management
to
ployees. In its more serious aspects, in addition to a sustained effort
of
secure continuity of employment and the education and advancement
proviloan
funds,
the men, schemes of insurance and of pensions, savings
various
along
developed
been
have
&c.,
sions, capital securities purchases,
Mr. Loree also had the following to say in his discussion:
organization of this character appears to have been
On the railroads the fluctuations In employment are confined very largely lines. The first formal
& Ohio Railroad on May 11850. It was largely
to the two maintenance branches of the service—the maintenance of the instituted on the Baltimore
enthusiasm
the creation of Dr. William T. Barnard, who brought great
permanent way and the maintenance of the equipment.
gave careful study to the practices abroad and to their
(1) The most pronounced disturbance is the falling off in business due to to the service and
a pioneer in a service of great beneficence.
a panic; the acute prostration of Industrial activity. The greatest depres- application here. He was
extent in which they are sympathetically
sion seldom affects more than 20% of the total number of employees, Such efforts merit success in the
the impulses of self-help; their dangers lie in
though as a percentage the figures may run much higher in certain sub- co-operative and strengthen
and weakening the motives for initiative and
divisions. These major disturbances tend to occur at intervals of approxi- the direction of paternalism
mately twenty years, and at intervals of approximately five years there thrift.
Our company has endeavored to secure to its employees a considerable
have been In the past recurring minor depressions.
the five major hazards of life; that Is, against
(2) The effect of the changes of the seasons is very considerable, especially measure of protection against
superannuation and the distress in
in the work of maintaining the permanent way, where It is impossible here sickness, accident, unemployment,
by the death of its head. During the
in the North to work on the track from about the middle of October to the which the family may be involved
paid:
first of April, forcing the replacement of ties and ballast and much other Year 1924 the following benefits were
2159,512 44
Death claims
work within the narrow limits of good weather conditions.
65,720 22
(3) Fluctuations are also caused by items of special construction, the Health claims
4.804 29
laying in of a new yard, the replacing of a largo bridge, construction or re- Accident claims
3.60000
claims
building of shops and items of similar character, new forces being assem- Accidental death and dismemberment
5.882 76
Total and permanent disability claims
bled to carry on the work and disbanded when the work is completed.
2.702 86
(4) Embarrassment is sometimes felt from the demands of other indus- Unemployment claims
104.128 25
tries, as for instance the sharp competition for labor on the part of contrac- Pensions
tors doing work on the public highways.
2346,330 82
Total
(5) An exhaustive examination of our own experience indicates that there
premiums are paid by the employees;
disability
and
accident
health,
The
of
of
3.14%.
sickness
is a loss in the full working time of the year by reason
pension payments are borne by the company; the
by reason of accidents of 0.16%, and by reason of vacations of 1.94%, the unemployment and
are about equally divided. In all, under this
or for the first two, which may be classed as unavoidable, 3.3%. Includ- life insurance premiums
$800,000 has been paid to employees or their
ing vacations, which are entirely within the control of the employees, the group insurance plan, nearly
this relief was most needed.
total loss is 5.24%, which Is greater than the total effect of the minor de- families at the time when
contribuThe first of the large Metropolitan Life Insurance Company's
pressions of business and as much as one-quarter of the total effect of the
became effective on
tory contracts handled under the present system
most violent depressions.
early In 1922. This one company has now In
6. Labor turnover: Under the operation of the draft during the World employees of the D. & H.
for a total of over 2860,000,000 of insurWar 1,700.000 men, representing a fair sample of the population of the force over 1,900 group contracts,
group insurance is on a contributing basis.
United States, were examined as to their mental efficiency. Of these some ance. Over 95% of the total
the employees are more appreciative of an insur10% were found with such a low level of mental efficiency as to make the There is no doubt but that
and in which they share the cost.
responsible officers of the army feel that it would not be safe to send them ance plan In which they have a voice
relations
So confident did we feel of being able to maintain satisfactory
abroad as soldiers. The demands of Industry upon the individual are
unemployment insurance, definquite as severe as those of the army. Men of this type who find a place In with our men that we instituted a plan of
of the
because
employer
new
a
seek
the railway service are, under nornal conditions. encouraged In self-control. ing unemployment as a man having to
of his own misconduct. Last year,
surrounded by a favorable environment, and while subjected to constant lack of need for his services or because
this plan, we discharged no man on
supervision are given careful training. They are difficult to deal with at out of 6,672 eligible for benefits under
37 men because of misconduct. I submit
the best, being Inclined to take holidays whenever they choose, wasting account of lack of work and only
reasonableness of all parties.
much time in loitering and unwilling to accept a state of discipline. In that this record speaks volumes for the sweet
For five years, under the supervision of a most competent and interested
times of business activity their disposition is such that they are constantly
campaign for the avoidance of accichanging about, due to their restlessness under the necessary discipline of officer, we have conducted a sustained
.was visited by Dr. Robert
the organization, to being tempted by the attractions of mere change or In dents. In July our principal shop at Colonie
Dr. Browning said that during
the business hope of betterment This labor turnover is not a responsibility L. Browning of the American Red Cross.
railroad shop in thirtylarge
of the employer. It Is a phenomenon of flush times—an effort to employ the past year he had visited practically every
two States. Nowhere had he found a record that excelled or even equalled
the unemployable.
safest shop in America." The
Having assembled the more significant of the causes for fluctuations in that held at Colonie. It was, he said, "the
months no one of the car department
employment, It will be Interesting to examine the suggestions made as to fact that in seventeen consecutive
activemployees had suffered a reportable injury he credited largely to the
the avoidance of their effects:
have noted the confirmation
(A) A policy may be adopted upon a careful study and review of all the ities of the employees themselves. You will
accidents. A decreaselements Involved and a budget prepared for the expenditures of the year. in the very small loss of work we experience through
cannot be so favorably
Such a plan could. In the main, be steadily carried forward and uncertainty ing loss of time through sickness, I regret to say,
inferred from the
It permits of a considerable adjustment of regarded. That much can be accomplished may be
and confusion eliminated
reward of five years'
labor. An a result of several years' trial we feel this method should be experience of one of the Southern railroads, where, as a
was reduced
effort, the loss of time by employees due to attacks of malaria
promoted and perfected.
(B) The freight moved by the companies is divided into revenue freight; by 39%.
labor regood
If I were to be asked why, in view of this, which indicates
that is, the business they do for others, and non-revenue freight; that is,
I should be inthe business they of necessity undertake on their own account, such as lotions, we have so much turmoil in the employment world,
that this was true of
hauling rails, ties, ballast and other material. To the extent that these dined to attribute it to failure in leadership and to feel
labor.
non-revenue movements can be crowded Into the periods when traffic Is the leaders in political and industrial life and in organized
One
Humanity has before it some problems of vast and somber import.
light, because of seasonal variations, the effect is to stabilize employment,
population.
of
growth
and while the ratio of influence to the total body of men may be small, the of these, directly Influencing employment, is the
ratio of influence as to certain groups may be large and the relief correspondingly great. Our Company. for example, has storage at the terminals
for a considerable amount of engine fuel and concentrates much of this
Devices.
non-revenue freight movement into the slack season, the spring and early Progress in Installing Automatic Train Control
summer months.
Committee
the
of
Chairman
Harahan,
J.
According to W.
(0) It has been suggested that by changes in the accounting require.
American ,Railway
ments of the Inter-State Commerce Commission some influence might be on Automatic Train Control_ of the
exerted upon stabilization of employment, but inquiry Into eight or ten Association, "the work of _installing automatic train control
suggested changes Indicates that they would be barren of results
the Class I railroads in accordance with the orders
(D) There would seem to be promise In a study of the possibility of devices on
affording to the Individual continuous employment through his engaging of the Inter-State Commerce Commission, which will require
under two different employers In the same occupation or under one or the expenditure of approximately $26,000,000 by the 45
several employers in two or more occupations. The practice on The
in Order No. 1, is progressing rapidly and
Delaware and Hudson Is to lay its steel rail In January. February and March. roads named
and to put In Its ties In April, May and the first half of June, releasing a every effort is being made to complete the work at the
considerable proportion of the trackmen to then find employment with the earliest possible date." Under date of September 1, Mr.
contractors on the public highways and in other work of similes character.
Haurahan says:
-both private and governmental
being taken of the difficulties in which we were involved by the war, some
industries found themselves committed to a labor day of eight hours.
It Is manifest that this cannot be secured in agricultural and many other
employments. What the ultimate effect will be or what may come to be
considered as the selfish enjoyment by part of the population of superior
advantages, perhaps at the expense of the balance, remains to be seen.
The day of eight hours would appear to have been adopted for purely
sentimental reasons, perhaps the most potent of which is that the day
can be facilely talked of as divided equally into periods of eight hours for
sleep, eight hours for work and eight hours for play. No inquiry was
made as to what would be the effect upon the provision of the things we
must use or consume In human maintenance. Manifestly. if no one
worked the population of the United States would disappear in perhaps
the next six months. We know from experience that it can sustain Itself
and make substantial progress with a labor day of ten hours; we are now
In the way of finding out whether it can do so by working eight hours.
Our agreements with our shopmen provide that men are not to be discharged until the whole force Is on an eight-hour day, nor are additional
men to be employed until all are working ten hours. The effect of this
Is to give the men an opportunity to participate to the fullest extent In
the bounties of good times and to be protected In the continuity of their
employment against the adversity of bad times. The old plan was to
reduce the normal working time in periods of depression. When this is
done to the extent that the standard of living is substantially affected it
oreates great discontent. It was this mistaken effort to spread the available
employment as thin as possible In order to keep the maximum number
on the payroll that brought on the great railroad strike of 1877. The
effect of our agreement for an elastic day has been that In the three years
that it has been In force we have not had occasion to discharge any man
because of lack of work, while some men have for considerable periods
been able to add substantially to their earnings. The change is highly
appreciated by both the company and the men and is very popular,
1186
THE CHRONICLE
Up to August 1 this year, out of 7,745 miles of track of the 45 Class I
carriers, which the Inter-State Commerce Commission tamed in its Order
No. 1 designated for installation of train control devices, installation had
either been completed or was under way on divisions totaling 5,044 miles,
or 65% of the total mileage covered by the Commission's Order. On
January 1, last, installation had been completed or was under way only on
3,592 miles or 42%.
All of the 45 roads have selected a train control device for installation on
the sections of their right of way selected in accordance with the order of
the Commission. Of that number, three roads have selected the ramp
type;twenty-three,the intermittent induction type;thirteen,the continuous
induction type, and six, the plain automatic stop using continuous control.
Thirteen roads have actually completed permanent installation, while
sixteen roads have permanent installation now under construction. Preliminary installation have been completed by thirteen roads while three
others have preliminary installations now under contruction.
Not only are the railroads spending millions of dollars in an effort to
carry into effect the orders of the Inter-State Commerce Commission
regarding train control, but they are also lending their best efforts to develop
train control devices by actual operation under all sorts of conditions.
They are also doing everything they can to determine to what extent train
control devices will add safety in the actual operation of train and the
effect on traffic movements. They also are doing everything possible to
assist the Inter-State Commerce Commission in arriving at conclusions as
to efficacy of various devices.
The original order of the Commission named 49 roads but the Chicago
St. Paul Minneapolis & Omah; the Buffalo Rochester & Pittsburgh; the
Western Maryland and the Chicago & Erie railroads were later exempted.
The Commission on Jan. 14 1924, in its Order No. 2 also ordered 47 of the
roads listed originally to install train (=trot devices on a second division
but later exempted five of those roads from the provisions of the order.
The Commission in its Order No. 2 also ordered 45 additional roads to
equip one division prior to Feb. 1 1926. Later, at the request of the carriers,
the Commission also suspended the second order so far as the 45 additions
roads were concerned.
Rents Generally Stabilized—Downward
Trend Seen.
Both the National Industrial Conference Board, Inc.,
and the National Association of Real Estate Boards see
indications of a downward course in residential rents. In
a statement, made public Aug. 31, the National Industrial
Conference Board has the following to say in announcing
that rental values appear to be definitely on the downward
trend, according to reports from 179 localities throughout the
United States to the Board's Cost of Living Department.
Residential
[VOL 121.
dition in a large proportion of American cities, with a slight
movement downward indicated, according to a survey of the
national real estate market situation compiled by it from reports prepared by its constituent boards. Of 225 cities reporting in the survey 72% indicate stationary rentals.
Twenty per cent of all reports indicate a tendency downward
on rents. Only 8% report rents rising. In announcing this
under date of June 6, the Association said:
No city of over 500,000 population reports a tendency of rents to increase,
while one-third of them report a downward tendency.
The survey also brings out the steady disappearance of the post-war
building shortage. Only 32% of the cities report a remaining shortage of
dwellings. Twenty-nine per cent report a shortage of apartment buildings.
Only 25% report a shortage of business buildings. At the same time 67
cities out of the 225 report overbuilding in some form.
The present stabilization of rents, and the accompanying slight tendency
downward Is doubtless the result of the disappearance of the building
shortage and of sporadic dyer-building, the report
suggests.
While the most frequently reported average rent per room per month has
increased for some types of dwellings and in cities of certain population
groups in others It has decreased. There is no uniformity in the movement.
Central Eastern Section Shows Most Lowering.
Percentage of cities reporting that rents are stabilized is 7% greater than
the percentage so reporting in the similar survey made in December last.
It is, however, 2% less than the percentage reporting stabilization in the
survey of June 1924.
The Central Eastern Section shows the most uniform
tendency toward
lowering rents. Of the cities from this section 38% report a tendency down
for rents in large apartment buildings. Rising rents are reported only on
single-family dwellings, and only 6% of the cities report any increase in
this type.•
The Southeastern Section, on the other hand, is the only section where
a tendency to rising rents predominates. Here 50% of the cities report '
rents rising in single-family dwellings, and only 7% a down tendency.
Canadian cities report no upward rent tendency in any class; a stationary
condition is reported by every city reporting for all types of multiplefamily dwelling. A down tendency in single-family dwellings is observed
in reports of 20% of the Dominion cities.
Big Cities Double Small City Rates.
Rents in large cities average in general twice, In some classes of property
three times, that charged in the smaller cities reporting. Single-family
dwellings of the middle class in locations of moderate desirability show the
least variation. The rent charged for this type varies from an average of
approximately $7.50 per room per month in cities of under 25,000 population
to $10 per month in cities of over 500,000 population. The best dwellings
in the most desirable locations in cities of under 25,000 are reported
as
renting at an average of approximately $10 per room per month, whereas
In cities of over 500,000 the average charge in this classification is apiroximately $20 per room per month.
While the figures given are those most frequently reported, and while
they are believed to represent a fair average, there is wide diversity in
individual city reports in regard to rent prices in every type of building.
Two-family dwellings of the middle class in moderate locations are most
frequently listed as renting for an average of approximately $7 per room per
month in cities of under 25.000. In cities of the next population group,
those up to 100,000, the average is $8. Cities of 100.000 to 200,000 population average $9. Cities of 200.000-500,000 population average $10, and
cities of over 500,000 population report an average of approximately $15
per room per month in this type of residence.
Apartments From $5.00 to $35.00 Per Room.
Multiple-family apartments of the best type in the most desirable
locations vary from an average rent of $15 per room per month in cities of
under 25,000 to an average of $35 per room per month in cities of over
500,000. Middle class apartments vary from $10 in the smallest cities to
$20 in the largest.
Apartments of the cheapest class in least desirable locations are reported
as renting for an average $5 per room per month in cities of
under 25,000.
and as scaling up to an average of $15 per room per month in cities of over
500,000.
Kitchenette apartments are not sufficiently numerous in the smaller
cities to be included in reports of cities under 25,000 population. In cities
of over 500,000 this type of structure has an indicated average rent charge
of $30 per room per month for the best type of structure in the most desirable
location, $25 a month for structures of the middle class, and $15 per room
per month for the cheapest class of the type.
Banta of small houses and apartments, such as are occupied by families of
moderate means, within the year ended last July, show an average drop of
314%. This decline is an average for the enintry as a whole, taking into
account large as well as small cities in varims sections, and does, therefore,
not apply to any one specific locality. While the decrease is not great in
itself, it represents the net result of fluctuations upward as well as downward, and is significant of what appears to be a growing tendency toward
lower rent levels generally.
The highest rents within a decade were obtained about a year ago, in
July 1924, when average rental values for the country were 86% higher than
in 1914. Thereafter, rents on the average declined slowly but steadily,
until last July they had dropped to a point only 79% higher than the prewar level.
Among the 12 largest cities, Boston alone reported an increase during the
past few months, but too slight to affect the general level. The tendency
toward lower rents, however, was Indicated unmistakably in Buffalo,
Chicago, Los Angeles, New York and San Francisco. No change was
reported in Baltimore, Cleveland, Detroit, Philadelphia, Pittsburgh and
St. Louis since last spring. Rates in Buffalo,Chicago, Detroit,Los Angeles,
Philadelphia and Pittsburgh. however, still were higher by 100% or more
than they were before the war.
High in Los Angeles!
The greatest net increase in rents since pre-war days at present obtains in
Los Angeles, among the larger cities, where average rental values of moderately sized homes last July were still somewhere between 131 and 140%
higher than they were in 1914. Rents were highest in Los Angeles about a
year ago, when they were between 161 and 170% higher than the pre-war
level. San Francisco rents, on the other hand, show a net advance only of
something between 41 and 50% over the pre-war level.
It is in the East where, on the whole, rents have been most stable since Vacant
and Unappropriated Public Domain in United
spring. 39 out of 61 Eastern cities reporting no change since March. Such
States Exclusive of National Forests.
fluctuations as did take place were about evenly divided between increases
and decreases, all very small.
The vacant and unappropriated public domain in contiRents in the Middle and Far West also have been largely stable since nental
United States, exclusive of national forests and other
spring, more than half of 91 localities in that region reporting practically
reserved areas, comprises 184,716,846 acres, according to
no change. Among those reporting fluctuations, all but four recorded rent
the,
latest compilation made by the Interior Department.
decreases. The only Increase worth noting in this group was reported in
South Bend, Ind., the rise amounting to a figure between 11 and 20%• In its advices in the matter Aug. 28 the Department says:
Of
the total the Government up to this time has surveyed 129,606,234
The greatest decrease in the West occurred in Riverside, Calif., where rents
dropped an average of something between 21 and 30% from March to acres, while 55,110,612 acres remain that have never been surveyed. A
recapitulation by States of these vacant, unappropriated and unreserved
July of this year.
The tendency toward lower rental values was most general in the South, public lands shows that Nevada has the largest area, with 52,456,837 acres.
although most of the decreases were small in themselves. The exception, Utah is second on the list with 28.583,778 acres, and California third with
of course, was Florida, the "boom" State. Tampa, for instance, reporting 18,946,582 acres. The State having the smallest area of vacant, unapincreases falling somewhere between 11 and 20% since March. Jackson- propriated and unreserved public lands is Louisiana, with 10,701 acres.
ville, Fla., Charleston, S. C.. and San Antonio, Texas, reported slight in- The recapitulation by St
follows:
creases.
Area in Acres
States.
Surveyed.
Unsurveyed.
Lower Than Before the War.
Total.
Alabama
34,260
34.260
The cheapest cities to live in at present, from the tenant's viewpoint, are Arizona
4,608.000
13,578,760
8,970.760
Bay City, Mich., Billings, Butte and Miles City, Mont., and Sedalia, Mo., Arkansas
229.414
229,414
California
18,946,582
14,963,973
where houses of the type described may be had now at rates lower than Colorado
3,982.609
7,464,208
6.471,944
992.264
eleven years ago. Comparatively low rents are the rule also in Bridgeport, Florida
20,127
19,087
1.040
Conn., Alliance and Springfield. Ohio, Augusta and Savanna]', Ga., Idaho
9,887,189
7,994,096
1.883.043
Charleston and Columbia,S. C., Davenport,Iowa,El Paso and Fort Worth, Louisiana
10,701
10.701
Minnesota
220,492
220,492
Texas, Flint, Mich.. Great Falls, Mont., Mobile, Ala., Omaha, Neb., Montana
6,081,750
5,717.790
363,960
Portsmouth and Roanoke. Va., Superior, Wis., Tacoma, Wash., Tulsa, Nebraska
29,797
29,797
Okla., and Wichita, Kan., where average rental values last July were not Nevada
52,456,837
20.713.164
31,743,673
New Mexico
16,222,744
14,275.449
more than 30% higher than the 1914 level.
1,947,295
North Dakota
131.455
131.455
Some extraordinarily high rents are reported from some of the smaller Oklahoma
41,290
41,290
cities. Average rents in Johnston, Pa., are still nearly 200% higher, and Oregon
13,045.537
13,251.000
205,463
in Kenosha, Wis., between 160 and 170% higher than in 1914. Louisville, South Dakota
264.861
264,861
Utah
28,583,778
15,560,301
13,023.477
Ky., rents still average about 150% more than before the war.
Washington
823,716
810,709
13.007
From the National Association of Real Estate Boards it is Wyoming
15.970,229
16,447,935
477.706
earned that residential rents are settling to a stationary con1
Total
129.606,234
55.110,612
184,716,846
SEPr
5 1925.]
THE CHRONICLE
Proposed Activities of Pennsylvania Banking Association for Coming Year—Committee on Banking
Code Not Re-appointed.
The fact that the Committee on Banking Code of the
Pennsylvania Bankers Association was not reappointed this
year by the President of the association, and that the conclusion has been reached that for the present at least it is useless to press for completion of the codification of the banking laws of the Commonwealth is made known in a summary of reports made by the Chairmen of the various committees, presented at the summer meeting of the Council of
Administration of the association, held in Philadelphia on
July 25 at the Bellevue-Stratford Hotel. The summary has
been drafted by the Secretary, C. F. Zimmerman, who in his
report stated that the principal activities which the President and officers of the association wish to stress during
the present administration are as follows: agriculture;
public education; protective information; development of
methods for counteracting hold-ups of banks; closer contact with American Institute of Banking Chapters in Pennsylvania and their study courses for bank men and women;
continued co-operation with the Bureau of Securities
and
with the publicity relative to the port of Philadelphia; and
careful observance of Federal legislation as affecting
the
business of banking.
We also quote from the summary (which is dated Aug.
17)
the following:
1187
of Philadelphia which, in fact, is the best shipping point for the great
majority of Pennsylvania exporters and importers.
Coming Meeting of American Bankers Association Will
Mark Fiftieth Anniversary of Organization—
Convention Takes Place in Atlantic City
Sept. 28-Oct5 1.
Pointing out that American banking resources have grown
in the last 50 years from three billion dollars to over sixty
billion, William E. Knox, President of the American Bankers Association, in a call to the membership to attend its
annual convention next month at Atlantic City, declares that
the meeting, which will mark the completion of the organization's first half century, will constitute an outstanding event
in American business history. Mr. Knox says:
When a business celebrates its growth from resources of $3,000,000,000
to over $60,000,000,000 in 50 years it certainly is an event of great public
significance in American history. This year's convention of your association
at Atlantic City will constitute just such an event. The American Bankers
Association was organized in 1875, when there were about 3,000 banks in
the country, with aggregate capital and surplus of $850,000,000 and deposits below $2,000,000,000. To-day there are about 30,000 banks, with
capital funds of $7,000,000,000 and deposits above $50,000,000,000. More
than 22,000 of these banks are members of your association.
The convention signalizing the half-century mark will be made the occasion for reviewing the progress of banking and the services it has rendered
the people of the United States. A practical token of this will be given the
public in the form of a proposed educational foundation to maintain college
scholarships in economics and to promote economic research. Banking
serves itself best by serving others and the more economic-minded it helps
our people to become, the firmer will it build the foundations of its own
prosperity.
In opening the meeting of the Council of Administration, President
Rally
Another great opportunity will present itself at this convention for organexpressed his gratification in the prompt acceptances received
from
those
banking to render significant public service. The present period
ized
appointed to places on the various committees and in their
spirit of ready ticularly opportune to support the administration in its economic is parco-operation evinced in support of his administration.
program.
Welcome was ex- Such questions as economy in public expenditure and scientific
tax revision
tended to the two new Council members appointed to represent
American
discussed
on
can
intrinsic
their
be
merits without the confusing factors of
Institute of Banking Chapters in Pennsylvania, in accordance
with the campaign partisanship and radical agitation. The public-spirited interest
amendment to the constitution and by-laws adopted at
Atlantic
These appointees are A. L. Mitchell, representing the Beaver County' City. of bankers in these questions can now be made more clearly understood and
Chap- influentially urged.
ter, Ambridge Savings & Trust Co., whose term expires in 1926, and
Austin
W. Davis, representing the Philadelphia Chapter, First National Bank,
The convention will be held at Atlantic City, N. J., Sept.
Philadelphia, whose term expires in 1927.
General sessions
28 to Oct.
1.
and divisional meetings will
Committee on Banking Code.
be held on the Steel Pier. The Hotel Traymore will be headAt the suggestion of Judge Fox, Chairman of the Committee on
Banking quarters, where delegates will register and receive credenCode, this committee was not reappointed this year by the President.
It tials.
would seem that the project of codifying our banking laws has
now gone
by default and that for the present at least it is useless to press for
pletion of the project. However, the association should keep in mind com- Frank W. Simmonds Made Secretary
of Clearing House
that
for a matter of seven years sentiment on the part of Pennsylvania bankers
Section of American Bankers Association—Conhas been strong in favor of a codification and to a• reasonable extent
of a
tinues as Secretary of State Bank Division.
re-alignment of laws regulative of the banking and trust business
within
the State. Although any proposed code would probably not be uniformly
Frank W. Simmonds, Deputy Manager of the American
satisfactory, there is a widely recognized need for a re
-statement of our
banking law and its interpretations.
Bankers Association, and Secretary of its State Bank Division, on Sept. 1 became Secretary also of the Clearing House
Committee on Agricultural Development.
W. S. McKay, Chairman, informed the Council that the work of his com- Section, succeeding Donald A. Mullen, who has resigned, it
mittee would proceed in harmony with former years as follows:
organiza- was announced this week at the Association headquarters.
tion of county bankers' associations and appointment of local
agricultural committees to co-operate with the county agent; chairmen of Mr. Simmonds will also continue in charge of • the State
annual prize
cup award to the successful team in the boys' cattle judging
Bank Division work. Although the State Bank Division
contest
State College, together with meeting the expenses of the winning team at and
the Clearing House Section will have a joint Secretary
to
the National Dairy Show; aiding the State-wide movement for tuberculin
in Mr. Simmondi, they will as heretofore continue as two
testing of cattle; increased interest on the part of bankers in
co-operative
efforts in their own communities through issuance of information
concern- distinct units within the organization. He entered the eming results being accomplished in various sections of the State; sending ploy
of the Association in September 1923, coming to it
member bankers the "Banker-Farmer" magazine (the official
publication on agriculture); the annual tour of the committee;A. B. A. from the Chamber of Commerce of the United States,
and
the
entertainment of representatives of the Agricultural Commission,
A. B. A., where he was manager of the Eastern District with headduring a short tour through Cumberland and Adams counties to
observe quarters in New York.
some of the results there of banker-farmer co-operative work.
Committee on Legislation.
Branch Banking Issue to be Brought before A.
The coming winter being an off-year with our own Legislature, John
B. A.
G.
Reading, Chairman, stated that the attention of the Committee on
Convention, According to F. M. Savage.
Legislagiven
principally to co-operating with our representative
tion will be
s
in
According to the Washington "Post" of Aug. 23, F. M.
Congress toward the adoption of Federal tax reduction measures or
other
legislation in the interest of strengthening the Federal banking system.
Savage, President of a savings bank there, predicts that the
Mr. Reading further said that a number of inquiries had come
regarding an interpretation of the rights and privileges conferred to him branch banking issue will again be brought before the
by the
recent Act authorizing the clearing of trust funds through one's own bank. American Bankers Association at its annual meeting this
The Attorney-General has been asked for an opinion on this subject and month. Mr. Savage, it is stated, declaimed against branch
when the information is forthcoming, it will be passed along to our member- banking
in Gary, Ind., at which point he stopped while on
ship.
route recently to Colorado, and, says the "Post," he asserted
Blue Sky Committee.
E. E. Shields, the Chairman, stated that the plans of his committee for that the damage done thus far was "largely due to Mr.
the time being are principally to continue in close touch with the Securi. Crissinger, a former Comptroller of the
Currency." "One
ties Bureau. The best possible proof that Blue Sky law is working satisfactorily is found in the fact that one hears comparatively little comment of the outstanding, perhaps the most objectionable, exploitanowadays in banking circles throughout the State regarding the sale of tion of branch banking has occurred in Washington
," he
take securities. The financial waste which a few years ago was of the said, "but such has been the force
back of this branch
greatest concern to Pennsylvania bankers, has been greatly curtailed. A
recent accomplishment of the Bureau of Securities has been the arrest in banking issue that thus far no investigation has been made
Pittsburgh of a number of unlicensed Florida land salesmen.
of it."
The Securities Act has now been given the sanction of our courts as to its
constitutionality. If bankers continue to be diligent in reporting eases vioProposed Bill to Create National Home Loan Banks.
lative of the Act as they come to light, there is but little ground for believing there can be a return to the former exploitation of the innocent
"Impractical and unsound," was the criticism made on
personal
solicitation.
investor by
Aug. 15 by Senator James Couzens of the plan announced
Committee on Foreign Trade.
by Senator Robert N. Stanfield of Oregon to introduce a bill
Dr. J. T. Holdsworth, Chairman of the committee, expressed his views on in the next Congress designed to
create a series of national
standpoint
banking
a
from
of
keeping
importance
ourselves
informed
the
growth and opportunities of exporting manufactured and other home loan banks under the auspices of the Federal
i7
thieties
tm
o od
Governtransformation
He referred to the rapid
now taking place in ment for the purpose of extending
credit at low interest
oon'international exchange and to the sound monetary basis being developed
rates to city home builders. This is reported in special
for foreign trade, particularly between the United States and European
His committee feels that there is every incentive also for con- advices to the New York "Times" from Detroit
Aug. 15,
:
tuning to aid publicity efforts on behalf of the development of the Port which further quoted Senator Couzens as
saying:
1188
THE CHRONTCLE
shortage
In the first place, the Senator's premise is wrong. A general the
most
• housing facilities is not chronic throughout the country.theBut
Government
▪ Eir101115 objection to his plan is that he proposes to have
extending
of
purpose
lend money to meet living expenses and not for the
credit to Increase production, as is the Case in the credit activities it has
already engaged in
a home can get it
It As a matter of fact, any responsible citizen desiringthe
paying monthly
on the payment of a few hundred dollars down and cost
of the house.
of what would nominally be rent to the reduction of the
at the present time.
The country never was so flooded with money as it isthat
were reasonably
Money never before so anxiously sought investments
sound.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange will remain open to-day
(Saturday, Sept. 5), as it did last year, notwithstanding that
a majority of the individual members and wire houses had
signed a petition asking for the special Saturday holiday
preceding Labor Day, which occurs on Monday next,
of
Sept. 7. The adverse decision was reached by the Board
Governors on Sept. 2, when, It Is understood, it was decided
that the Exchange had no more right to declare special
holidays to comply with wishes of individual members than
have banking institutions. The New York and New Orleans
as
Cotton Exchanges will be closed both to-day and Monday,
will the Pittsburgh Stock Exchange. .
A New York Cotton Exchange membership was reported
of
sold this week for $33,000—being that held by the estate
The
another.
for
Botts
C.
J.
to
sold
and
Marcus J. Parrott
last preceding sale was at $31,500.
Bank
The shareholders of the Seventh Avenue National
to inof this city at a special meeting held on Sept. 1 voted
crease the capital stock of the institution from 6,000 to 10,000
shares, the new stock to be issued at $150 per share. Shareholders of record on Sept. 1 will have the right to subscribe
on the basis of two-thirds of a share of new stock for each
share held by them. As a result the bank's capital will be
increased from $600,000 to $1,000,000.
been
The Mortgage Guarantee Co. of Passaic County has
sanctioned by the New Jersey Department of Banking and..
Insurance and will shortly start operations. The organiza
the
Om has been incorporated, the certificate filed with
favorCbunty Clerk and the Attorney-General has passed
ably on it. The business of the company will be to guaran
n is
tee titles and insure mortgages. The new organizatio
headed by the officials of three of Paterson's youngest banks
Co-operative
—the National Bank of America, the Labor
first
National Bank and the Broadway National Bank—the
this
with
identified
y
prominentl
already
are
two of which
organis
institution
Broadway
city's financial affairs; the
Bank
!zing. John V. Hinchliffe, a director of the National
Its
has
which
company,
the
of
President
of America, is
offices in the newly altered National Bank of America
W11building on City Hall Place. The other officers are
America;
of
Bank
National
barn E. Walter, President of the
e
Thomas F. Morgan, a director of the Labor Co-operativ
-Presidents
Vice
the
of
one
Lotte,
Walter
C.
National Bank;
being
of the Broadway National Bank, the three foregoing
V.
Vice-Presidents of the Mortgage Guarantee Co.; Tracey
Recorder
Treasurer;
Bank,
Labor
Scudder, Cashier of the
PresiJohn F. Evans, Secretary, and Louis V. Hinchliffe,
Officer,
Title
Bank,
dent of the Labor
[vol. 121.
Treasurer, are the officers of the People's Bank & Trust Co.
of Waterbury, Conn.; the institution began business as a
trust company on Feb. 2 1925. It has capital of $100,000 and
surplus of $25,000. The stock is in shares of $50 and was
placed at $6250 per share. The institution was incorporated
In 1924.
Arthur B. Dauphinee, Vice-President and Treasurer of the
Franklin Trust Co. of Philadelphia, was on Sept. 2 elected
to the board of directors, filling the vacancy caused by the
recent death of Charles W. Mills.
Michael Yassem Jr., Assistant Cashier of the People's
Bank of Ford City, Pa., was arrested on Aug. 17 for the embezzlement of $36,000 of the bank's funds, according to the
Pittsburgh "Post" of Aug. 18. Later he was placed in the
Armstrong County jail at Kittanning, Pa., in default of
$10,000 bail, which he was unable to raise. There, according to James Taylor, head of the Pittsburgh office of the State
Bank Examiners, he made a complete confession and arranged for partial restitution to the amount of $5,000. The
shortage was discovered by John T. Stewart, a State bank
examiner, while the defendant was away on his vacation.
Yassem, who is a World War veteran, had been in the bank's
employ for ten years. According to Mr. Taylor, he had
been carrying on his peculations since 1920 to speculate in
the stock market, and by clever manipulation of the individual ledgers had managed to evade detection until Mr.Stewart
and a corps of assistants went over his books on Aug. 14,
when he was out of town. The bank, it is understood, has
not been affected by the shortage.
A. W. Pollock, President of the Dollar Savings Bank of
Pittsburgh, Pa., announces the appointment as Treasurer of
Samuel Bailey Jr. and the appointment as Secretary of
William E. von Bonnhorst. As Treasurer Mr. Bailey succeeds Charles L. Cole, whose death occurred Aug. 13.
A. A. McPherson and Claud M. Beers have been appointed
Vice-Presidents of the Bank of Detroit, Detroit. Mr. McPherson joined the Bank of Detroit in 1921 as Assistant
Cashier and was made Cashier in December 1924, which post
he will continue to hold. He was with the old Detroit National Bank from 1904 to 1909 and later served as Office
Manager with Dodge Brothers. Mr. Beers had been connected with the National Bank of Commerce for the past
ten years. He was Assistant Vice-President of the institution before accepting his new post.
A comprehensive map of Detroit and its environs, includIng the metropolitan area, with detail road map of Wayne
and the surrounding counties (prepared by the National
a
Lithograph Co.) is being issued by the American Trust Co.
of Detroit. Pointing out that in about 1914 the city's population was less than half a million and that now, with Highland Park and Hamtramck included, it is -triple that figure,
J. K. Fitzsimmons, Treasurer of the trust company, says:
In the same time Detroit has also doubled in area. What this has meant
as a real estate development only those who have been close to the real estate
business during this period can fully appreciate. Yet it is a fact that nearly
everyone in Detroit is interested, directly or indirectly, in real estate, and
it is as a service to those of our friends and customers who are especially
concerned with real estate and real estate mortgage investments that we have
issued the map.
We believe a full realization of the soundness of the city's expansion will
bring to every thoughtful reader complete confidence in the investment possibilities of good first mortgage bonds, secured by individually owned homes
Reserve Sys- and safeguarded as are American Trust Co. bonds.
Passaic County Clearing House of the Federal
The map shows as follows how Detroit has grown in popuin Passaic
tem. By the new system checks drawn on banks
t
i
8
a
i
l
ioon:
in
House
Clearing
County will not have to go through the
1850
21,019
1,650
31980900_ ____205,816
direct, a
sent
be
will
rather
but
heretofore,
as
1860
45,619
York
285,704
New
1,442
1820
Federal
the
to
79,557
465,766
forwarded
2,222
1830
1910
being
record of each transaction
116,340
°
870
188
9,192
1920
will still 1840
Reserve Bank of New York, where the book records
chare
n
1925—Estimated, including Highland Park and Hamtramck, whI°3,7
banks send- inside
Detroit City limits, 1,280,000.
be kept. Credit will immediately be given those
the
against
charged
The growth of Detroit in area is indicated as.follows:
tag such checks and the transaction
transac- 1806 Total area in sq. mi.__ 0 33
1870 Total area in sq. mi.__15.00
bank on which the checks are drawn. Heretofore
1880 Total area in sq. nil-16.09
Total area in sq. mi.__ 1.36
1820
will
they
while
days,
two
least
at
tions of this nature took
1890 Total area in sq. mi.-22.19
1830 Total area in sq. mi.__ 4.17
1900 Total area in sq. mi.-_28.14
1840 Total area in sq. mi.__ 5.26
now be successfully put through in one day.
5.85
1910 Total area in sq. mi.__40.79
---s—
1850 Total area in sq. mi.__
Gutten1920
mi-12.75
sq.
in
of
Total area in sq. mi.....79.62
area
1860 Total
The opening of the new Liberty National Bank
in square miles 9
July 1925 Total area
11
an
earlier
th
day
a
31,
Aug.
Monday,
on
berg, N. J., occurred
in these
the scheduled date. As we have before indicated
The consolidation is announced of the Continental State
27 Berat
quarters
temporary
occupies
bank
the
columns,
of Minneapolis with the Marquette National Bank and
Bank
building.
genline Avenue, pending the erection of its own
Trust Co., effective Aug. 31. The Minneapolis
the
Marquette
July
of
issues
Items regarding the company appeared in our
"Journal" of Aug. 30 says:
18, page 293, and Aug. 22, page 945.
All business of the Continental State Bank will be transacted at the Mar—
—4—
National Bank offices, 54 Fourth Street S., beginning to-morrow.
quette
Luigi Rugiero, President; Antonio Mancini, Vice-Presi- Two officers of the Continental will become officers of the Marquette Wattthe Marquette National Bank staff.
dent; Nicola Palomba, Vice-Piesident, and C. W. Palomba, tutions, and the employees will join
SEPT.5 1925.]
THE CHRONICLE
The consolidation will make total deposits of the Marquette National Bank
and Marquette Trust Co. $3,595,000. Total resources will be $4,264,000.
The Marquette National Bank and the Marquette Trust Co. expect to
wove into their new home at 517 Marquette Avenue Feb. 1 1926.
At the close of business Friday deposits of the Continental State Bank
were $502,000; of the Marquette Trust Co. $1,907,000, and of the Marquette National Bank, $1,196,000.
0. F. Doyle, President of the Continental State Bank, becomes a director
and Vice-President of the Marquette National Bank. A. G. Matthews,
Cashier of the Continental State Bank, will be a director and Assistant
Treasurer of the Marquette Trust Co.
Fire destroyed the old home of the two Marquette institutions at 517 Marquette Avenue last winter, and construction of a new building at the same
address now is being pushed. In the meantime, temporary quarters are 64
Fourth Street S.
1189
A. P. Giannini, President of the Bancitaly Corporation of
this city (affiliated with the Bank of Italy, San Francisco),
has called a special meeting of the stockholders to be held on
Sept. 26 to act on the question of increasing the capital stock
from $20,000,000 to $50,000,000. A few weeks ago (Aug. 8,
page 670) we reported the purchase of the Bowery Bank of
New York by the Bancitaly Corporation, as a result of which
the Bowery Bank will be consolidated with the East River
National Bank of New York, which latter is strongly owned
by the Bancitaly Corporation.
B. N. Britten has been elected Cashier of the Commonwealth Trust & Savings Bank of Chicago, to take the place
of R. L. Blount. Mr. Blount had heretofore held the dual
post of Vice-President and Cashier, but relinquishes the
cashiership. Howard A. Levy has succeeded George V.
Olson, resigned, as Assistant Cashier.
The First National Bank of San Francisco and its affiliated institution, the First National Trust Co., has invited
those visiting the city during the celebration of the California Diamond Jubilee, Sept. 5-12, to make their banking rooms
their headquarters. Among the events scheduled for the
celebration are an Army and Navy parade, historic pageant
parade portraying the story of California from 1542 to 1925,
The Lake Shore Trust
& Savings Bank of Chicago an- electric pageant and parade, etc.
nounces the appointment of H. E. Devereux as Trust Officer,
H. M. Matson as Manager of the Savings Department and
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
D. J. Devereux as Auditor.
Speculative activity in the New York stock market slowed
The Central Trust Co. of Il-linois, Chicago, has just issued
considerably during the forepart of the present week
a new booklet entitled "What Will Happen to Your Property down
drift of prices, until Thursday, was generally downand
the
if You Leave No Will?" The booklet is graphically arranged
and shows how the real and personal property of a resident ward, though certain groups of closely-held specialties displayed unabated strength. In the short session on Saturof Illinois would be distributed if he should leave no will.
day trading was substantially below recent weekend markets,
The First National Bank of Mt. Clemens, Mich., is being and losses of a point or more were numrous, particularly
in the issues that had shown great activity and strength
organized with a
capital of $200,000 and surplus of $50,000.
Henry Stephens, lumberman, who is to be President of the
bank, is reported to have subscribed for $50,000 of the stock.
The selling price of the stock (par $100) was fixed at $125
per share. We are advised that all of the money has been
paid in. Besides President Stephens, the only other officer
thus far chosen is Harry Diehl, Vice-President.
during the past few weeks. Motor stocks were strong in
the first hour, Chrysler shooting forward more than 4 points,
followed by Mack Trucks, but both lost ground in the general reaction at the close of the session. The market turned
dull and irregular on Monday and the trading was the smallest since the early part of July. Many of the speculative
specialties sold off sharply in the forenoon but recovered most
James Preston Hoskins was elected President of the First of their losses in the midday rally. New tops were scored by
National and the First Trust & Savings banks of Chatta- General Railway Signal and the old Kresge stack. Piercenooga, Tenn., on Aug. 18. Mr. Hoskins, who had heretofore Arrow common made a new high in the late afternoon and
been Vice-President and Cashier of the First National Bank, Pierce-Arrow preferred, Certain-teed Products and Interwill take the post which was held by the late Capt. Charles A. national Business Machine exceeded their previous highest.
Lyerly, whose death was noted in our issue of Aug. 22, page The market again sagged toward the end of the day and
946. Mr. Hoskins began his business career at Meridian, many of the early gains were lost. Prices continued to deMiss., where at the age of 16 he became Cashier of the South- cline on Tuesday, the sharpest recessions coming in the closern Railroad, which post he held until 1887, when he went to ing hour. Stooks like American Can, General Electric,
Chattanooga, becoming Cashier in the old Chattanooga Na- Mack Trucks, Westinghouse Air Brake and General Railway
tional Bank, which was organized by Captain Lyerly and Signal, which have been in strong demand at rising prices,
Colonel Ed Watkins in 1887. With the consolidation of the yielded from 4 to 10 points. Railroad issues were practiChattanooga National and the First National banks in 1905 cally at a standstill. On the other hand, Woolworth at
Mr. Hoskins was made Cashier of the First National, a post one time was up more than 4 points, Brown Shoe registered
he held until his election to the presidency. He is also a a new high with a 3-point advance, and Baldwin Locomotive
director of the First National Bank of Fort Payne, Ala. was up 234 points at its high for the day. On Wednesday
W. Hughlett De Witt, Assistant Cashier of the First National a heavy wave of selling carried many active speculative stooks
Bank of Chattanooga for 20 years, succeeds Mr. Hoskins as down to the lowest prices touched during the past week.
Cashier; Gordon Nichols,formerly Discount Clerk, and J. W. Losses ranging from 5 to 10 points occurred in American Can,
Durett, former Credit Manager, have been made Assistant General Electric, Mack Trucks and Chrysler. White Motors
Cashiers.
and du Pont yielded about 3 points each. Railroad shares
also were weak, Reading losing 2 points, Ches. & Ohio yieldThe Central Farmers' Trust Co. Is being organized in ing 1M points and St. Louis Southwestern declining about
West Palm Beach, Fla., by interests in the Farmers' Loan & 9 points from its morning high. Brisk rallies throughout the
Trust Co. and the Central Union Trust Co., both of New list characterized the opening of the session on Thursday.
York. The new company, the capital of which has been Industrial specialties were the centre of interest, the highest
tentatively fixed at $250,000, with a surplus of like amount, gains being made by the stocks that suffered the sharpest
expects to begin business about Dec. 1. Franklin L. Bab- setbacks in the recent declines. Notable in this list were
cock, formerly of the Central Union Trust, will be
President, du Pont, General Electric, Mack Trucks, General Railway
and John S. Acosta, Vice-President. James H. Perkins, Signal and Sears-Roebuck. General Motors shot up 3
President of the Farmers' Loan & Trust Co. and George
W. points and United States Steel common improved 134 points.
Davison, President of the Central Union Trust, are to
be Railroad securities also were conspicuous in theupward climb,
members of the board. The charter for the company
has, St. Louis-San Francisco recording a net gain of 2% points.
we learn, already been issued.
Oil stooks displayed improvement, Pacific Oil, Mid-Continent Petroleum and California Petroleum moving forward a
The comptroller of the Currency has issued a charter to point or more and Pan American bounding upward nearly
the National Bank of Hollywood in Los Angeles, Califprnia. 2 points. Under the leadership of the motor stocks, the
F. C. Hardy and H. J. Ernster are President and Cashier market continued to move forward in the early hours on
respectively of the new institution which began business Friday. Dodge Brothers preferred made the highest price
Aug.8 and has a capital of $200,000 and surplus of $40,000. on record of 8434 and Class A bounded forward 23
% points
The stock (par $100) was disposed of at $120 per share. to 273/2. General Motors reached 91 and Studebaker
3
The strong stocks of
Wm. Jennings Bryan, Jr., and N. W. McMillian are Vice- broke into new high ground at 47%.
Presidents of the bank and C. T. Johnson is Assistant the day were American Can, which advanced 434 points,
Cashier. It is stated that on the openning day the deposits and du Pont, which made a net gain of 334 points at its high
amounted to nearly $500,000,far surpassing that of any new for the day. Railroad issues were in strong demand, particularly Pittsburgh & West Virginia, which moved forward
bank opening in that vicinity.
23/i points to 753j, followed by Baltimore & Ohio, Chicago
1190
[VOL 121.
THE CHRONICLE
& North Western and Seaboard Air Line. The final tone 22034 to 206, though it recovered finally to 212%. Assowas good.
ciated Gas & Elec. class A was off from 38% to 36/, the
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
close to-day being at 37. Commonwealth Power lost almost
DAILY. WEEKLY AND YEARLY
four points to 303/2, but sold back finally to 33. Lehigh
United
Railroad.
State.
Stocks.
Power Securities dropped from 132 to 12134 and finished
States
Municipal
ct
Wee* Ended Sept. 4
NtonSer of
ctc.
Bonds.
Shares.
Bonds.
Foreign Bonds.
to-day at 1223
4. Nat. Power & Light com. moved down
$819,000
$100,000 from 342 to 329 and up finally to 335. Southeastern Pow. &
Saturday
560,400
$2,639,000
1,611,000
568,800
Monday
987,400
4,687,000
2,998,000
526,500 Light sank from 147 to 140 and finished to-day at 14034.
Tuesday
1.152,645
6,110,000
2,423,500
470,450 United Light &
Wednesday
1,594,672
5,088,000
Pow. class A sold down from 131 to 12534,
624,000
1,007,705
5,716,500
2,322,000
Thursday
505,000 but recovered to-day to 13434, the close being at 13334.
1,118,400
5,470,000
1,470,000
Friday
Western Power com. was conspicuous for an advance from
'Mtn]
ii 421 222 229 Ron 022 211 241 200
22 794.752
67
to 7334, the final figure to-day being 7234. The pref.
Sales at
Jas.
1
to
Sept.
4.
Week Ended Sept. 4.
jumped up from 92 to 99 and sold finally at 95. Among
New York Stock
1924
Exchange.
1925.
1925.
1924.
industrials Canada Dry Ginger Ale lost four points to 34,
164,004,400 but recovered subsequently to
268,629,715
6,421,222
3,851,988
Stocks-No. shares_
3634. Chapin-Sacks fell from
Bonds.
5255,498,160
52,794.750 $4,759,300
Government bonds_
$647,897,950 56 to 5334 and closed to-day at 5434, ex-rights. Fageol
326.163,000
472,619,000
9,373,000
State and foreign bonds 11,641,500
Railroad & misc. bonds 29,690,500 24,847,000 2,247,144,075 1.509.420,000 Motors com., was active, the common advancing from 83,4 to
Total bonds$44.126,750 $38,979.300 52,975,261,235 52,483,480,950 1534, reacting to 10 and closing to-day at 11. The preferred
lost about two points to 834. Gillette Safety Razor add up
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
from 84 to 9134 and at 903,4 finally. Miller Rubber com.
BALTIMORE EXCHANGES
lost ten points to 190 and closed to-day at 193. Pathe
Baltimore.
Boston.
Philadelphia.
3 to 6634 and to-day sold
Exchange class A declined from 75%
Week Ending
Sept. 4 1925. Shares. Bond Sales, Shares. Bond Saks. Shares. Bonit Saler
up to 74%, the close being at 74. Oils were quiet and
$29,100 changes
729
34,800
Saturday
*13,586
54,500
6,904
narrow. Buckeye Pipe Line lost two points to 56.
16,000
1,480
Monday
15,535
10,100
*23,723
13,000
50,100 Prairie Oil & Gas was conspicuous for a decline from 53 to
1,081
*24,725
11,500
14,425
13,000
Tuesday
34,000
2,220
Wednesday
10,000
*24,800
10,000
26,285
4, the close to-day being at 503/s.
33,000 473
20,000
1,950
23,000
17,544
*23,143
Thursday
18,000
2,386
14,223
35,000
Friday
12,143
23,000
A complete record of Curb Market transactions for the
9,846 $180,200 week will be found on page 1217.
94,916
392,900
Total
122,120
385,000
Prev week FPVISIPli 1.62 732
83128.60 228.774
2856,100
13.430 2135.500
• In addition, sales of rights were: Sat., 10; Mon., 430; Tues., 137 Wed., 50;
Thurs., 100.
THE CURB MARKET.
Trading in the Curb Market this week was light and
price fluctuations irregular, though for a time there was a
downward movement in evidence. A better tone was in
evidence as the week closed. Among public utility issues
Amer. Light & Trac. com. was conspicuous for a drop from
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
S7'OCICS (NO. Shares).
Week Ended Sept. 4.
Ind.ttblis.
82,530
148,925
214,162
221,035
198,835
188,145
25.420
52,975
84,785
85,865
70.755
84,790
1,053.632
404,590
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
OB.
Mining.
BONDS (Par Patna)
Domestic. For's Owl.
24,500
42,810
61,410
53,540
51,050
65,220
$260,000
712,000
534,000
706,000
645,000
709,000
$30,000
93,000
56,000
86,000
73,000
94,000
298,530 $3,566,000
$432,000
Course of Bank Clearings
Bank clearings for the present week show a notable gain
as compared with a year ago. Part of this increase, however,
is due to the fact that Labor Day fell in this week last year
while the present year it comes next week. This is the
twenty-seventh successive 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 Sept. 5),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will run 27.1%
larger than for the corresponding week last year. The total
stands at $9,387,082,110, against $7,383,119,798 for the
same week in 1924. At this centre there is an increase for
the five days of 25.9%. Our comparative summary for the
week is as follows:
increase is 10.6%,the bank exchanges at this centre recording
a loss of 0.02%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this appears that in the Boston Reserve District there
is a loss of 1.1%, but in the New York Reserve District
(including this city) there is a gain of 0.3%, and in the
Philadelphia Reserve District of 11.8%. In the Cleveland
Reserve District the totals are better by 10.8%, in the
Richmond Reserve District by 11.2% and in the Atlanta
Reserve District by 45.7%. The Chicago Reserve District
has an improvement of 4.3%, the St. Louis Reserve District
of 5.7% and the Minneapolis Reserve District of 32.7%.
In the Kansas City Reserve District there is a gain of 0.1%
and in the San Francisco Reserve District of 22.3%, but the
Dallas Reserve District shows a decrease of 0.4%.
In the following we furnish a summary by Federal Reserve
districts:
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Sari Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,305,000,000
576,622,828
487,000,000
300,000,000
112,285,589
117,600,000
154,075.000
114,809,000
126,046,325
128,244,966
95,224,079
99,600,680
63,851,238
$3,420,392,757
448,403,180
364,000,000
232,000,000
102,904,238
94,700,000
114,000,000 „
96,000,000
91,150,963
110,465,102
68,787,165
66,617,359
44,242,173
+25.9
+28.6
+33.8
+25.0
+9.1
+24.2
+35.2
+19.5
+38.2
+15.2
+36.4
+49.5
+44.3
Thirteen cities, 5 days
Other cities, 5 days
86,680,359,705
1,142,208,720
55,253,662,937
898,936,895
+27.1
+26.9
Total all cities, 5 days
All cities, 1 day
$7,822,568,425
1,564,513,685
56,152,599,832
1,230,519,966
+27.1
+27.1
Grand total
$9,387,082,110
57,383,119,798
+27.1
11111412
Clearings-Returns Si, Telegraph.
Week Ended September 5.
Total all cities for week
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 Aug. 29. For
that week there is an increase of 4.6%, the 1925 aggregate
of the clearings being $7,866,403,104 and the 1924 aggregate
$7,517,153,886. Outside of New York City, however, the
SUMMARY OF BANK CLEARINGS.
Week Ended Aug. 29 1925.
1925:
1924.
Inc.ot
Dec.
1923.
1922.
Federal Reserve Districts.
8
2
%
8
I
it) Boston
12 cities 377,296,444 381,539,297 -1.1 323,660,448 304,146,425
lid) New York
11 " 4,327,803,274 4,313,058,640 +0.3 3,507,849,906 3,998,598,510
522,605,430 467,274,043 +11.8 444,173,608 444,120,078
rd) Philadelphia_ __ -10 "
111) Cleveland
g "
343,835,586 310,297,315 +10.8 311,928,555 319,280,431
L11) Richmond
179,066,96E 161,047,473 +11.2 163,278,141 164,017,605
6 "
231,480,946 158,869,719 +45.7 122,146,39E 129,183,769
) Atlanta
12 "
ih) Chicago
818,880,582 785,461,295 +4.3 709,649,34C 699,913,160
19 "
184,173,287 174,272,472 +6.7
00 St. Louis
49,170,138
52,694,72?
8 "
111) M11236090118._
127,581,997
96,108,192 +32.7 107,211,218 105,493,464
7 0th) Kansas City
220,530,674 220,445,174 +0.1 210,463,799 204,969,813
12 "
11.11) Dallas
g ••
68,522,500
46,150,541
68,768,087 -0.4
66,072,471
IWO San Franelse0 12 ••
464,625,414 380,032,175 +22.3 397,728,671 333,963,646
Aside New York City
127 cities 7,866,403,104 7,517,153,886 +4.6 8,396,867,282 6,789,007,668
3,639,781,806 3,289,823,728 +10.6 2,986,813,848 2,874,708,166
20 cities. 971 194.622 276.737.816
-0,6
OM 097 669 243.923.362
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of August. For that
month there is an increase for the whole country of 4.1%,
the 1925 aggregate of the clearings being $37,897,972,782
and the 1924 aggregate $36,390,133,737. As in March,
April, May, June and July, when new high totals were
recorded for the respective months, the August total of
837,897,972,782 also establishes a new high record for that
month. Outside of New York City the increase is 10.2%,
the bank exchanges at this centre showing a decrease of
0.6%. In the Boston Reserve District there is a loss of
5.8% and in the New York Reserve District (including this.
SEPT.5 1925.]
THE CHRONICLE
1191
city) of 0.1%, but in the Philadelphia Reserve District there
The course of bank clearings at leading cities of the country
is a gain of 12.8%. In the Cleveland Reserve District the for the month of
August and since Jan. 1 in each of the last
totals are larger by 13.1%,in the Richmond Reserve District four years
is shown in the subjoined statement:
and
15.3%
in
the Atlanta Reserve District by 34.2%.
by
BANK CLEARINGS AT LEADING CITIES.
The Chicago Reserve District has an improvement of 7.8%,
Augur
Jan. I to Aug.31(000,000s
1925. 1924. 1923. 1922. 1925. 1924. 1923. 1922.
the St. Louis Reserve District of 7.4% and the Minneapolis
omitted.)
$
$
8
Reserve District of 11.8%. In the Kansas City Reserve New York
20,219 20,342 14,778 16.938 185,456 160,934 143,652 144,717
2,682 2,542 2,390 2,288 23,541 20,871 21,044 18,176
District there is a gain of 4.8%,in the Dallas Reserve District Chlcago
Boston
1,662 1,804 1.362 1,246 14.472 13,909 12,917 10,374
of 14.6% and in the San Francisco Reserve District of 15.5%. Philadelphia
2,237 1,908 1,910 1,821 19.020 16,681 16,489 14,284
August
1924.
August
1925.
Federal Reserve Dicta.
1st Batton_ ___13 cities
Ind New York.14 ••
ard phitadelphial4 "
Ath Cleveland 15 "
lith Richmond 10 "
5th Atlanta -__17 ••
7th Chicago -29 "
8th Bt. Louls_10 "
9th Minneapolls13 "
10th KansasClty15 "
11th Dallas - _ _12 "
12th San Fran 27 "
8
1,091,019,952
20,318,003,128
2,445,023,851
1,646,367,270
877,712,517
943,996,220
3,962,028,123
889,651,391
552,935,409
1,175,845,201
491,674,461
2,193,715,259
Inc.or
Dec.
$
%
2,006,939,298 -5.8
20,838,263,772 -0.1
2,166,627,257 +12.8
1,456,010,411 +13.1
761,050,440 +15.3
702,910,506 +34.2
3,676,042,380 +7.8
828,558,896 +7.4
503,553,472 +11.8
1,122,205,948 +4.8
428,871,709 +14.6
1,899,099,648 +15.5
August
1923.
August
1922.
3
1,559,806,462
15,159,259,126
2,110,792,811
1,541,470,273
751,490,082
669,011,259
3,504,677,200
816,767,879
513,461,652
1,082,873,801
406,380,806
1,921,889,167
$
1,427,717,830
17,209,621,678
1,984,799,569
1,374,195,808
725,191,193
616,349,571
3,239,424,574
756,179,230
498,271,378
1,107,473,025
320,921,199
1,628,647,484
189 Cities 37,897,972,782 36,390,133,737 +4.1 30,037,880,517 30,888,742,539
Total
Outside N. Y. City
17,679,454,417 16,048,017,512 +10.2 15,259,743,089 13,950,430,603
9
We append another table showing the clearings by Federal Reserve districts for the eight months back to 1922:
Eight month,.
1925.
Inc er
Dec.
1924.
Federal Reserve Diets.
let Boston_ _ -13 elilea 16,427,392,639 15,678,891,936
2nd New York.14 " 190,298,414,563 165,368,820,948
sgd Philadelphial4
20,781,491,236 18,313,834,066
4th Cleveland 15
13,670,945,437 12,522,921,596
lith Richmond 10
7,048,545,806 6,463,945,112
lith Atlanta --17
7,610,158,366 6,532,926,582
7th Chicago__ _29
33,925,957,358 30,378,154,956
8th St. Louis--10
7,608,168,563 7,068,736,646
9th Minneepolls13
4,542,227,687 3,865,542,587
10th KansasCity15
9,414,526,155 8,524,583,306
Ilth Dallas ....12
4,014,265,387 3,412,641,654
19th Ban Fran--27
17,342,465,758 18,067,796,180
1923.
1922.
+4.8 14,642,990,151 11,877,097,163
+15.1 146,805,072,563 146,782,311,063
+13.5 18,083,515,736 15,543,732,194
+9.2 13,098,779,095 10,469,433,589
+9.0 6,252,317,701 5,114,663,103
+31.8 6,275,851,788 4,971,600,085
+11.7 30,103,011,693 25,204,067,293
+7.6 7,255,635,936 6,260,673,513
+17.5 4,196,464,947 3,656,866,203
+10.4 9,026,990,748 8,421,442,888
+17.6 3,089,599,109 2,644,072,320
+7.9 15,291,266,566 12,448,361,899
189 cit.!lie 332,684,561,955 294,198,794,561 +13.1 274,121,496,033
Total
253,474,310,313
Outaide N. Y. City
147,228,366,756 133,264,564,918 +10.5 130,469,945,342 108,757,711,486
Canada
10,037,5443,979 10,495,129,581 +4.4 10,409,755,843 10,336,457,004
The following compilation covers the clearings by months
since Jan. 1 in 1925 and 1924:
St. Louis
598
Pittsburgh
695
San Francisco
776
Cincinnati
287
Baltimore
478
Kansas City
579
Cleveland
11;481
New Orleans
223
Minneapolis
350
Louisville
129
Detroit
692
Milwaukee
166
Los Angeles
622
Providence
54
Omaha
174
Buffalo
239
129
St. Paul
Indianapolis
71
147
Denver
Richmond
231
Memphis
70
185
Seattle
Hartford
58
Salt Lake City-- _
73
561
615
677
255
387
568
418
158
316
122
592
148
530
46
172
176
115
82
131
224
64
159
51
60
553
653
647
263
404
572
449
180
281
113
555
149
576
45
157
193
147
86
130
195
67
161
44
60
533
569
623
238
397
583
408
178
277
104
494
130
409
42
165
165
140
72
126
192
51
141
37
54
4,965
5,819
6,050
2,432
3,758
4,555
3,928
1,947
2,852
1,167
5,443
1,363
5,166
466
1,448
1,790
1,051
583
1,112
1,791
686
1,404
490
544
4.683
5,309
5.485
2,208
3,310
4.178
3,585
1,819
2,271
1,053
4,882
1,259
4.822
403
1.292
1,501
1,047
667
1.023
1.794
628
1,355
437
502
4,811
4,315
5,506 4,248
5.284 4,652
2,336
1,927
3,237 2,544
4,629 • 4,395
3,726 2,960
1,735
1,463
2,361
2,066
1.052
859
4,425 3,431
1,240
1,012
4,533 3,270
411
362
1,446
1,279
1,555 1,281
1,178 1,024
705
559
980
939
1,656 1.410
691
543
1,267
1,075
378
319
488
405
Total
Other cities
34,307 33,223 27,120 28.421 303,299 267,886 249,732 233,879
3,591 3,167 2,918 2.468 29,386 26,313 24,389 19,596
37,898 36,390 30,038 30.889 332,685 294,199 274.121 253,475
Total all
Outside New York_17,679 16,048 15,260 13.951 147.229 133.265 130,469 108,768
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
August and the eight months of 1925 and 1924 are given
below:
Month of August.
Right Months.
Description.
1925.
1924.
1926.
1924.
Stock, number of shares_ 33.047.248 21,809.031
270.762.293
160,646,007
Railroad & miscell. bonds 8151,991,500 $217,828,000 $1,665,729,875 81,432316.000
U. S. Government bonds 21,715,550 63,109,650
288,692,910
594,141.650
State, foreign, &c., bonds 41,187,900 64,497,000
427,216,760
420.650,000
'ITotal bonds
6214.894,950 $345,434,660 $2,381,639,545 $2,447,207,650
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1922 to
1925 is indicated in the following:
1925.
MONTHLY CLEARINGS.
1924.
1923.
1922.
No. Shares. No. Shares. No. Shares. No. Shares.
Clearings, Total All.
onth.
1925.
1924.
Clearings Outside New York.
%
1925.
I
1924.
Month of January
February
March
%
o_ _ 46,155.458.86: 38.462.681.32 +20.0 19,434,762.8821
7.773,552,856
b--- 37.441.979,16033,689.089,698 +11.2 16,384,919,90715.568.979.852 +9.3
+5.3
arch.41,946,379.28836.656.140,24 +14.4 18,597,368,53917,005,913,0
+9.4
t cm_ 126543815,316 108807911,271 +15.454,417,05
1,328 50.348,445,791 +8.1
I
wil_ 41.406,313.79337.218,375,76 +11.318.557,429,18836,892,514,
650 +9.9
ay__ 1.806.717.16437.470,299.217 +11.6 17,959,282,744 16.748,694,473
+7.2
43,150,263,754
De36,059.911,877 +19.7 19,131,420,03916301,362,823 +18.8
qu- 120363294,711 110748586,85* +14.155,648.131,97149.742,571,946
+11.9
1
mos- 251907110.02 219556498.130 +14.7 110065183,299 100091017,737
+10.0
iy __ 42,879,479,14; 38.243.162,694 +12.119,483,729,03917,116,529,
668 +13.8
L3.__ 37,897,972.78238.390,133,737 +4.117,679.454,41716,048,017,5
12 +10.2
Total first quarter
41.570.543
32,794,456
38.294,393
26.857,386
20,721.662
18,315,911
19.914,827
22,979.487
25,964.666
112.659,392
65,894.859
68.8.58,982
55.467,646
24,844.207
38.647,760
30,750.769
18,116.828
13.513.967
17,003,140
20.091,986
23,155.730
19,754,197
30,634.353
28,921.124
24,080,787
102,242,677
48,633.935
63,001,913
83,636,264
32,812,918
33.047.248
24,318,182
21.809.031
12,551,851
13.144.841
15,118.063
17 RR2 ISR3
Month of April
May
June
Total second Quarter
Month of July
August
16,472,377
16,175,095
22,820.173
We now add our detailed statement showing the figures
for each city separately for August and since Jan. 1 for two
years and for the week ending Aug. 29 for four years:
CLEARINGS FOR AUGUST,SINCE JANUARY 1, AND FOR "WEEK
ENDING AUGUST 29.
Clearings at-
Month of August.
1925.
1924.
$
$ '
First Federal Rose rve District- Boston2,658,082
Wine-Bangor
3.466,610
Portland
15,292,323
12,766,992
8884g-Boston
1,662,001-.000 1,804,000,000
8,209,771
Fall River
8,577.563
Holyoke
3,426,657
3,727,837
Lowell
4.817,640
4.455,071
a
a
Lynn
6,671.253
5,057,730
New Bedford
Springfield
21,662,614
19,822,561
14,875,350
Worcester
14,205,000
58,386.054
50.597,786
Co00.-Hartford
30.189,808
26,903,848
New Haven
9.394,200
Waterbury
7.804.600
54,158,200
45,553,700
1 -Previclence
63,407,595
I( -b1anchester_
63,031,822
N.
1,891,019,952 2,006,939,298
Total(13 cities)
Second Federal Re serve District -New York24,861,521
23,247,404
N, y.-AlbanY
4,795,800
Binghamton
4,276,475
238,634,300
175,667.000
Buffalo
3,899,606
3,339,978
Elmira
7,119,346
5,188,818
Jamestown
20,218,618,365 20,342,110.225
New York
4,888,665
NaUs
3,612,560
iagara F
50,117,978
42,219,739
Rochester
24,102,228
20,467,602
coSan
yraeus
._sta
e---1rd
m
13,660.935
41,308,775
1,996,307
2,371,639
N. J.-Montclair
Im
-___
92.687,985
77,671,004
Newark --126,759,203
122,291,045
Northern New Jer5,635,889
4,485,508
oranges - - ---.......1.1aRN
20.819.093 129 29.939.283.772
TO
'
Since January 1.
Inc.or
Dec.
1925.
%
$
Week Ended August 29.
1924.
Inc.or
Dec.
1925.
1924.
Inc.or
Dec.
1923.
$
%
$
$
%
$
-17.6
24.964,975
27.178.637 -9.1
+19.8
112.679.233
101.042,384
-7.9 41.471.622.835 13,909,000,000 +11.4
+4.0
-3.6
78.346,915
70,458.890 +11.2
-8.1
32,767,021
31,979,894 +5.5
+8.1
38,920,777
39,712,548 -2.0
a
a
a
a
+12.1
50,547,050
45,013,465 +12.3
+9.4
204,565,754
162,545,327 +12.1
+4.7
128,674,262
121,949,375 +5.5
+15.4
490.153.640
434.518,160 +12.3
+12.2
245,901,277
241 ,462,166 +2.3
+20.4
81,966,800
70,904,400 +15.6
+18.9
466,382,500
403,027,700 +15.7
4-12.4
06.981,784
626,030,661
4-3.2
-5.8 10,427,392,639 15,678,891,936
+4.8
+6.9
225.492,301
19E350.464
+12.1
40,045,900
35,399.575
+35.8 1.799,881,402 1,500,769,394
+16.8
32,776,641
28,029.408
+37.2
50,487,698
41,320,913
-0.6 185,456,195,199 160,934.229.643
+35.3
35,362,523
34,384,632
+18.7
441,002,169
395,266,117
+17.8
198,669,633
173,001,96
+23.7
115.195,564
106,487,503
-15.8
20,816.831
20,169,535
+19.3
714353,128
646,248,450
+3.6 1,133,553,997 1.218.154,924
+25.6
44,721,567
39,208,396
-0.1 190.299 414 ARA 1RA AAR sym am
517,738
3.810,618
333,000,000
1,543,269
a
911.658
a
1,136,563
4,604,080
2,758,567
10.939,591
6,878,887
10,598,000
697,573
377,296,444
675,952
2,605,837
343,000.000
2,119,863
a
989,541
a
946.747
4,054,039
2,504,226
9,587,523
5,427,285
1922.
i
-23.4
+46.2
-2.9
-27.2
a
-7.9
a
+20.1
+13.6
+10.2
+14.1
+26.7
721,257
*2,800,000
275,000,000
1,643.942
a
1.069,744
•
*1,000,000
4,004.649
3.028,000
9,127.143
6,385,958
674,677
3341,186
267.000,000
1.317,573
2
913,938
a
1,242,413
3.893.853
3,045,169
8,090.973
6,629,082
9,034,700 +17.3
593,584 +0.7
9,243,300
636.455
7,634.400
563,162
323,660,448
304.146,425
381,539,297
+15.0
5,291,367
4,925,357
+13.1
901,900
680.200
+19.3 d49,380,138
36,764,935
755.077
+16.9
676,109
+22.2
c1,497,387
1,128,734
+15.2 4.226,621,298 4,227,330,158
+2.8
9.588,357
+11.6
8,546,612
+14.8
4,724,403
4,320,409
c3,105,842
+8.2
2,380,954
+3.2
389,833
463.282
+10.5
-6.9
25,547,672
+14.1
25,841,890
..1_1R 1 5 .597 611.1 975 el 21.111rfaRdil
-1.1
+7.4
4,577,198
4,080.458
810,500
+32.6
784.361
+34.3
41,549.577
32,708,953
+11.7
666,847
497.484
+32.7
968,637
860.815
-0.02 3.411.043.3343,914.301.413
+12.2
+9.4
+30.5
-15.9
-1.1
_Ln .1 .1
8,081,813
3,674,030
2,391.644
295.387
8,639,384
3,392,158
2,065,249
317.586
33,790,939
an, 045 nne
30,950,649
-.• .
nest:. .......
•
[VOL 12;11.
THE CHRONICLE
1192
CLEARINGS-(Continued.)
1925.
$
'
1924.
Total(11 attics)-
Inc. or
Dec.
1925.
70
$
3
Third Federal Res erve District -Philadelphi
6,220.106
6.424,456
Pa.-Altoona
14,749,356
16,625,106
Bethlehem
4.766.806
7,111.712
Chester
18,447,071
21,770,257
Harrisburg
11,023,502
10,431,248
Lancaster
3,081,980
2,455,863
Lebanon
3.415,267
*4,000,400
Norristown
2,237,000.000 1,980,000,000
Philadelphia
13,321,215
16.918 121
Reading
23,511,738
25,420,361
Scranton
16,143,014
17,948.119
Wilkes-Barre
6,615,599
9,636,747
York
44,837,657
45,143,593
N.J.-Camden
20,493,951
24,140,268
Trenton
a
a
Del.-Wilmington _ _.
1924.
Inc. or
Dec.
1925.
1924.
Inc. or
Dec.
1923.
1922.
5
%
S
$
%
S
5
a+4.2
50.225,702
48,209,785
+3.3
130.385,405 +11.3
145,095,774
+12.7
43,885,909 +17.5
51,559,552
+41.2
149,362,956 +13.5
169,597,922
+18.0
102,715,320 -3.9
98,710,263
-5.9
20,160,043 +8.3
21,827,619
-20.3
30,269,736 +15.7
35,036,848
+17.1
+13.0 19,019,855,000 16,680,546,000 +14.0
+7.6
119,829.002
129.100,416
+27.0
+9.1
197,571,401
215,555,954
+8.1
+6.1
132,633,980
140,717,894
+11.2
58,857,335 +14.1
67,184,355
+45.7
+2.7
415,377,170
420,412,761
+0.7
184,030,529 +14.4
210,614,176
+17.8
a
a
a
a
2,445,023.851 2.166,627,257 +12.8 20,781,494,236 18,313,834,066 +13.5
Fourth Federal Re serve District -Cleveland
32,136,000
24,594,000
Ohlo-Akron
17,854.593
19,301,582
Canton
254,808,824
286,893,390
Cincinnati
418,188,049
480,638,021
Cleveland
57,455,900
68,905,400
Columbus
a
a
Dayton
3,021,108
3,347,229
Hamilton
a
a
Lima
2,051,735
2,038,853
Lorain
7,407,018
8,353,882
Mansfield
a
a
Springfield
a
a
Toledo
16,823.444
21,578,628
Youngstown
3,074,309
3.277,813
Pa.-Beaver Co
a
Eriea
1,207,005
1,486,919
Franklin
3,004,584
6,366,931
Greensburg
614,999,596
695,152,248
Pittsburgh
6,000,354
6,274,459
Ky.-Lexington
17,976,992
18,157,120
Vi. Va.-Wheeling_
Total(15 cities)._
Week Ended August 29.
Since January 1.
Month of August
Clearings at-
1,646,367,270 1,456,010,411
Fifth Federal Rase rve District- Richmond6,135,700
6,605,763
?i. Va.-Huntington.
a
a
Ja.-Newport News.
28,122,300
30,614,057
Norfolk
224,146,726
231,393,632
Richmond
a
a
g. C.-Asheville_ _ _ _
' 9,461,464
9,788.800
Raleigh
a
a
Wilmington
7,407.485
8,614,681
I. C.-Charleston_ _ _
6,205,822
5,881,762
Columbia
477,955,196
388.929,836
2dd.-Baltimore
2,153,379
1,621,237
Frederick
3,033,199
3,276,018
Hagerstown
87,986.669
101,429,229
-Washington.,
3. C.
258,742,000
160,056,419
2,205,862,827
3,565,076,107
478,430,600
a
28,320,796
a
12,842,745
62,585,281
a
a
155,344,193
25,752,731
a
10,514,514
42,678,189
5,309,442,775
64,586,379
142,686,035
-19.9
-0.3
+10.3
+10.2
+9.7
a
+7.2
a
+39.3
+8.1
a
a
+13.4
+0.3
a
+14.9
+25.4
+9.6
+6.9
+3.8
+13.1 13,670,945,437 12,522,921,596
+9.2
-23.5
+8.1
+12.6
+14.9
+19.9
a
+10.8
a
-0.6
+12.8
a
a
+28.3
+6.6
a
+23.1
+111.9
+13.0
+4.6
+1.0
207,365,000
159,511,742
2,432,113,369
3,927,791,486
524,752,400
a
30,360,855
a
17,886,130
67,870,131
a
a
176,112,883
25,818,817
a
12,075,768
53,513,240
5,818,816,677
69,038,316
148,117,621
1,460,069
4,178,347
1,420,392
+6.1
1,378,235
3,409,216 +22.6
1,070,329 +32.7
1,473,718
4,273,715
1,278,375
971,743
2,039,341
909,038
2,490,312
2,155,167 +15.5
2,457,781
2,285,781
+11.5
+14.2
+16.4
+22.4
+22.9
419,000,000
3,078,039
4,418,801
2,521.084
1,402,665
423,000,000
2,874,385
3,668,171
2,356,501
1,127,663
5,298,936
a
4,627,160 +14.5
a
a
4,269,430
a
5,087,473
a
522,805.430
467,274,043 +11.8
444,173,608
444,120,078
6,175,000
9,077,460
57,020,460
91,733,899
11,603,800
a
5,310,000
5,480,238
50,495,963
82.382,751
12,438,600
a
494,000,000
3,191,949
5,077,956
d3,949,754
1,537,715
d5,836,000
3,212,724
62,360,655
101,055,313
13,607,900
a
a
d1,829,462
a
a
4.379,398
a
443,000,000
2,796,163
4,361,909
3,228,952
1,250,912
7,263,000
4,108,808
54,839,315
87.299,801
12,167,000
a
a
-19.6
-22.9
+14.1
+15.7
+11.8
a
a
1,750,418
+4.5
a
a
a
a
3,888,976 +12.6
a
a
151,554,136
139,120,000
343,835,588
310,297,318 +10.8
+8.9
a
1,661,825
a
a
3,654,712
a
a
a
a
3,172,879
•
136,001,399 *160,000.000
311,928,555
319,280,431
+8.0
1,864,244
1,307,855
5,429,851 +20.1
50,458,000 +11.2
5.715,765
43,346,000
5,643,764
44,810,900
1,247,107
+7.7
a
+8.9
+3.2
a
+3.5
a
+16.3
-5.2
+23.5
+32.6
+8.0
+15.2
55,051,762
a
272,778,305
1,791,057.632
a
91,099.899
a
85,750,904
63,709,361
3,757,544,428
15,436.00w
26,585,569
889,533,039
64,521,256
a
261,298,652
1,794,003,393
a
81,198,056
a
79,983,492
63,9.39,227
3,309,762,847
14,042,65s
26,269,146
788.925,785
-14.7
a
+4.4
-0.2
a
+12.2
a
-7.2
-0.9
+13.6
+9.9
+1.2
+15.7
+9.6
18.087,000
15,992,176
761,050,440 +15.3
7,048,545,808
6,463.945,112
+9.0
179,066,968
161,047,473 +11.2
153,278,141
154,017,605
+16.8
+15.4
+17.5
+23.6
+26.6
+16.3
+22.5
a
+112.7
+100.8
+190.2
+3.6
+19.9
+39.6
+46.7
+36.1
-2.9
+38.8
+90.7
237,138,919
109,170,192
73...004.998
2,164,786,846
66,904,869
35,771,074
55,480,589
a
849,687,447
4621,706,813
259,063,007
881,019,925
68,025,409
56,859,571
54,825,671
46,152,846
28,365,126
13,988,097
1,940,613,778
214,141,219
107,753,286
652.065.530
1,808,114,625
59,084,509
28,590,470
47,754,939
a
539,351,532
6127,267,778
124,443,465
879,677,547
62,397,178
55,069,112
51,254,003
41,797.783
29,961,563
12,337,723
1,819,132,511
+10.9
+1.3
+12.9
+19.7
+13.2
+25.1
+16.2
a
+57.5
+435.6
+108.2
+0.1
+9.0
+3.2
+7.0
+10.4
-5.3
+13.4
+ 7.0
6,504,249
2,826,977
18,535,290
67.303.823
b
5.256,545 +23.7
2.398,703 +17.9
17.127,973 +8.2
45,224,236 +48.6
b
b
5,153,633
2,146,596
16,058,862
40,257,985
b
4,454,066
2,845,270
16,637,425
38,528.744
b
1,990,015
a
26,113,693
28,501,537
1,620,570 +22.8
1,079,938
a
aa
11,446,494 +128.1.
7,683,021
2,437,870 +1069 1
1,108,733
a
8,623,357
--------
22,465.122
1,885,391
20,989,039 +71
1,485,426 +28.;
19,129,718
19,413,834
1,446,417
959,000 +50.;
657,021
873,204
524,735
53,383,697
228,954 +129.
49,704,909 +7.
298,433
29,684,091
235,047
36,884,079
702,910,506 +34.2
7,610,158,368
8,532.926,582 +31.6
231.480,946
158.859,719 +45
122,146,398
129,183,759
Seventh Federal R eserve Distric t-Chicago853,412
914,491
Isfich.-Adrian
3,664,505
4,049,446
Ann Arbor
592,090,053
692,334,145
Detroit
9,948,246
9,863,937
Flint
29,959,946
34,148.380
Grand Rapids
6,608,313
7,621,951
Jackson
12,603,012
10,515,917
Lansing
9,632,073
11,545,278
ad.-Ft. Wayne_ __.
15,850,000
21,544,000
Gary
81,721,000
70,782,000
Indianapolis
8,587,960
11,853,600
South Bend
22.688.742
25,631,666
Terre Haute
9,985,071
12,243,187
71s.-Madison
147,644,707
165,526,011
Milwaukee
3,209,694
3,583,858
Oshkosh
9,295,341
11,229,836
Itma-Cedar Rapids_
38.538,161
44,897,293
Davenport
41,247,981
40,221.409
Des Moines
1,637,055
1,613,074
Iowa City
1,888,000
1,198.936
Mason City
26,002,850
29,253,222
Sioux City
5,974,407
5.090,947
Waterloo
5,140,318
6.767,327
Ilnols-Aurora
5,595,861
7,068,418
Bloomington
2,681,682,787 2,542,345,764
Chicago
a
a
Danville
6,542,943
7,179,190
Decatur
17,318,060
21,007,806
Peoria
9,166,205
11,089,515
Rockford
10,389,009
11,706,229
Springfield
8,709,216
8.096,294 +8.2
+7.2
33,015,645
29,049,381 +13.7
+10.5
+16.9 5,443,369,180 4,882,169,059 +11.5
+4.2
82,568,228
79,236,819
+0.9
266,790.219
236,005,983 +13.0
+14.0
80,035,840
60,054,811 -0.1
+15.3
89,242,523
+4.9
85,573,982
-16.6
97,620,806
83,024,168 +17.6
+19.6
171,878,564
134,962,281 +27.3
+35.9
666,577,000 -12.5
583,085,000
-13.4
97,971,249
80,346,182 +21.9
+35.5
197,066,953
+7.6
205,603,338
+13.0
93,048,143 +17.6
109,365,716
+22.6
+8.2
+12.1 1,362,828,015 1.259,289,322
28,771,047
24,895,171 +15.1
+11.0
93,353,409
83,153,642 +12.3
+20.8
405,870,050
360,319,495 +12.6
+16.5
+2.8
382,539,521
372,192,931
-2.5
14,581,295
16,233,688 -10.2
-1.5
15,669,736
17,337,425 -9.7
-36.5
251,979,063
217,259,776 +16.0
+12.5
47,042,910
50,455,508 -6.8
-14.8
50,394,945
42,353,250 +19.0
+31.6
58,116,266
49,840.332 +16.1
+26.3
+5.5 23,540,992,286 20,871,353,526 +12.8
a
a
a
a
53,753,286
47,112,380 +14.1
+9.7
175,150.294
155,258,573
+12.8
+21.4
98,023,051
87,520,352 +12.0
+20.8
97,638,642
88,478,529 +10.4
+12.7
160,694
735,422
147,169,128
140.773 +14.
727,686 +1.
143,019,249 +2.,
187,479
425,240
111,714,442
178.323
519,653
101,827,185
6,816,053
5,880,164 +15.9
7.693,563
6,1533,575
b
2,365,961
b
b
2,017,274 +17.2
b
1,896,723
b
1,796,945,
14,171,000
2,185,631
4,449,120
18,166,000 -12.3
1,644,600 +32.9
4,479,785 -0.7
17,281,000
1,905,700
4,592,454
15,398,055
2,080,008
--------
35,084,623
29,177,813 +20.2
29.775,685
27,207,055
Total(29 cities) _ _ 3,962,028,123 3,674,042,380
+7.8 33,925,957,358 30,378,154,958 +11.7
Total(10 cities) _._ _
877,712,517
Sixth Federal Rest rve District- Atlanta23,484,047
27,437,815
'can -Chattanooga.
12,029,725
13,885,276
Knoxville
75,222,170
88,406,623
Nashville
226,782,253
280,197,541
la -Atlanta
5,923,109
7,499,593
Augusta
3,894,430
4,531,077
Columbus
6,657,090
8,154,935
Macon
a
a
Savannah
54.952,477
116,896,194
3a.-Jacksonvllle
612,283,95i
g135,005,446
Miami
13,640,460
40,394,000
Tampa
94,523,962
98,138,327
da.-1IrmIngbam__.
8,698,838
8,029,117
Mobile
5,537,959
7,730,534
Montgomery
6,159,900
8,910,474
dists.-Hattlesburg _ _
4,394,000
5.979,164
Jackson
3,441,310
3,343,935
Meridian
1,242.601
1,724,211
Vicksburg
158,326,175
222,737,404
.a.-New Orleans...
Total(17cities) _ _._
943,996,220
Eighth Federal Re serve District -St. Louis19,199,833
19,814,459
id -Evansville ___ _
673,104
620,433
New Albany
560,592,435
597,655,623
(0.-St. Louis
a
a
Springfield
121,644,628
129,123,973
:y.-Louisville
1.702,236
1,542,021
Owensboro
*11,000,000
7,815,546
Paducah
63,999,876
69,083,088
enn.-Memphis
42,413,678
53.621,768
Ark.-LIttle Rock
1,255,523
2,314.596
l.-Jacksonville..,,
6,077,583
7,159,884
Quincy
+3.2
-7.8
+6.6
a
+6.1
-9.4
-28.9
+9.4
+26.4
+84.4
+17.9
188,847,015
5,880,783
4,964,646,253
a
1,166.589.240
15,025,374
79,111,525
686,400,438
430,135,353
14,786,067
56,746,515
167.935,970
5,514,882
4,683,187,538
a
1,052,962,268
15.321,026
84,673,915
627,716,397
370,582,727
11,421.220
49.419,703
+12.5
+6.7
+6.0
a
+10.8
-1.9
-6.6
+9.3
+16.1
+29.5
+14.8
828,558,896
+7.4
7,608,168,563
7,068,735,646
+7.6
Total(10 cities) _ _ _ _
889,651,391
1,322,506
d6,524,028
56,088,000
d2,138,947
92,444,497
20,548,990
+48.8
1,502,535
1,445,465
83,727,784 +10.4
84,762,597
84,817,645
1,437,731
18.747.000
2,296,032
2,205,123
+4.1
2,098,262
1,865,152
7,844.599
7,925,294
-1.0
8,565,041
8,309,023
--
6,076,121
976,911
5,483,816 +10.8
1,123,659 -13.1
5,105.725
1,160,542
5,357.857
1,173,840
1,497,796
576,496,134
a
1,484,084
4,575,873
2,339,853
2,155,547
1,206,371 +24.2
555,028,726 +3.9
a
a
1,402,295 +5.8
3,599,394 +27.1
1,847,815 +26.6
2,375.458 -9.3
1.385,128
506,626,531
a
1,333,497
4,073,766
1,882,009
1,946,553
1,234,554
519,034,840
a
1,094,448
3,676,919
1,722,977
1,242,499
818,880,582
785,451,295
+4.3
709,649,340
699,913,180
4,448,825
4,309,369
+3.2
4,304,059
3,864,855
124,600,000
120,100,000
+3,7
--------
26,096,525
258,403
24,771,425 +5.3
354,640 -27.1
22,119,704
333.139
21,823,396
303,807
15,349,800
11,704.544
401,988
1,313,402
13,528,901 +13.5
9,589,532 +22.0
347,486 +15.7
1,271,120 +3.3
14,566,920
9.626,866
377,218
1,366.821
12,673,217
9,009,108
301,851
1,193,812
52,694,727
49,170,136
184,173.287
174,272,473
+5.7
SrpT. 51925.]
THE CHRONICLE
1193
CLEARINGS-(Concluded )
Month of August.
Singe January 1.
Clearings at1925.
Inc. or
Dec.
1924.
1925.
Week Ended August 29.
Inc.or
Dec.
1924.
1925.
1924.
inc or
Dec.
1923.
1922.
$
Ninth Federal Res erve District -Minneapoli sMinn.-Duluth
37,827.315
31,560,250 +19.9
Minneapolis
350,183.814
315,675,674 +10.9
Rochester
1,822,546
1,443,125 +26.3
St. Paul
115,342,454 +11.9
129,050,170
No. Dak.-Fargo_ _ _ _
7.202,570
9,106,638 -20.9
Grand Forks
5,105,000
5,119.000 -0.3
Minot
1,140.429
868,457 +31.3
So. Dak.-Aberdeen.
6,466.997
5,502,342 +17.5
Sioux Falls
5,590,420
4,047,722 +38.2
Mont.-Billings
2,507.509
2,199,823 +14.0
Great Falls
3,270,049
2,477,716 +32.0
Helena
12,294,111
10.210,271 +20.4
Lewistown
474,479
Total(13 cities) _ _ _
562,935,409
503,553,472 +11.8
Tenth Federal Re erve District -Kansas Cit
Neb.-Fremont
1,837,840
1.623,857
Hastings
2,570,645
2,570,335
Lincoln
18,497,416
17,538,192
Omaha
174,140,900
172,456,997
Kan.-Kansas City_
17,250,444
18,728,761
Lawrence
a
a
Pittsburgh
a
a
Topeka
16,018.876
12,354,434
Wichita
34,223,716
35.836,701
Missouri-Joplin
7,068,861
6,193,000
Kansas City
578,842,650
568,307,576
St. Joseph
31,162,652
29,909,429
Okla.-Lawton
a
a
McAlester
842,874
805,739
Muskogee
a
a
Oklahoma City_ _ _ _
101,661,831
90.204,800
Tulsa
33,781,972
25,664,814
Colo.-Colorado SPEC&
5,823,261
5,233,751
Denver
147.428,882
130,782,564
Pueblo
4,692.381
3,994,998
Y-+13.2
+0.0
+5.5
+1.0
-7.9
a
a
+29.7
-4.5
+41.1
+1.9
+4.2
a
+4.6
a
+12.7
+31.6
+11.3
+12.7
+17.5
1,175,845,201 1,122,205,948
Eleventh Federal Reserve Distr let-DallasTexas-Austin
7,840,740
5,966.075
Beaumont
5,250,356
5,525.744
Dallas
178,289,499
149,875,148
El Paso
18,142,882
17,158,891
Fort Worth
46,586,586
46,473,581
Galveston
34,255,000
38,584,624
Houston
153,231,712
125.610.472
Port Arthur
2,322,188
2,056,074
Texarkana
3,125,443
2.202,188
Waco
9.096,396
11,682.230
Wichita Falls
11,762,265
7,479,713
La.-Shreveport
21,771,394
16,166.969
Total(16 eities)__ _
Total(12 cities) _ _ _ _
231,475,974
2,271,337,071
13,092,084
1,046,811,083
58,084,282
41,199,694
6,911.799
40,281,944
36,670,420
16,468,047
18,370,044
84,840.145
+20.1
+25.6
+10.3
+0.3
+4.6
+18.2
+16.6
+19.7
+9.3
+21.0
+26.2
+10.7
d9,761,452
83.324,922
6,291,792 +55.1
60,656,554 +37.4
7.562,414
61,880.556
6,201.697
63,229,572
28,311,159
1.525,266
23,219,631 +21.9
2,090,934 -27.1
31,906.757
1,605,000
29,637,087
1,729.213
1,486,102
1,227,860 +21.0
1.366,821
1,442,044
553,334
428,851 +29.0
410,392
468,838
2.619,762
2,192,570 +19.5
2.479,278
2,785,013
4,542,227,687
3,865,542,587 +17.5
127,581,997
96.108,192 +32.7
107.211.218
105,493,464
15.579,212
21,617,219
168,171,092
1.447,527,962
143,309,872
d324,611
527,997
3,784,588
35,949,235
294,055 +10.4
558,808 -5.5
4,086.708 -7.4
37,635,881 -4.5
307,147
476,939
3,123.400
34,070,205
284,934
612,788
*3.000,000
35,591,893
d2,621,523
d7,636,886
2,377,238 +10.3
7,955,017 -4.0
2.104,716
7,380,941
1.907.085
9.288,830
a
123,752,234
270,621,372
57,158,965
4,554,732,091
268,004,284
a
8.363,107
a
870,087,168
273,188,196
41,876,475
1,111,568,983
38,967,920
14,438,201
17,660,618
139,346,322
1,291,510,106
163,591,169
a
a
102,907;708
255,627,892
50,456,000
4,178,039,807
240,071,458
a
9,104,363
a
731,140,759
237,282,704
37,256,601
1,023,382,616
32.767.042
+7.8
+22.4
+20.7
+12.1
-12.4
a
a
+20.3
+5.9
+23.3
+9.0
+11.6
a
-8.1
a
+19.0
+15.1
+12.4
+8.6
+18.9
119,438,278
d6,297,536
121,797,987
6,829.542
-1.9
-7.8
119,497,904
6.574,670
118,915,336
a
d21,163,681
a
1,146,407
20,531,159
e1,108,773
a
18,947,963
a
991.762
18,115.768
854,445
a
+11.7
a
+15.6
+13.3
+29.7
a
17,466,574
a
804,693
17,952,132
704.478
a
17,987,255
3
120,994
16.405,134
655,564
+4.8
9,414,526,155
8,524,583,306 +10.4
220,530.674
220,445,174
+0.1
210,463,799
204,969,813
+31.4
-5.0
+19.0
+5.7
+0.2
-11.2
+22.0
+12.9
+36.4
-22.1
+57.2
-15.3
72,015,099
47,882,674
1,532,203,396
155,651,896
387,271,536
311,430.804
1,104,091,787
17,187,777
24,188,913
81,639,934
110,910,716
169,790,855
52,432,773
48,761.346
1,274,603,911
162.351.779
364,948,361
252,428,541
899.145.773
17,147,534
19.845,529
88.869.834
73,645,008
158,461.265
+37.3
-1.8
+20.2
-4.1
+6.1
+23.4
+22.7
+0.2
+21.9
-8.1
+50.6
+7.1
d10,261,139
10,219,000
a
3,594.797
3,033,492
428,871,709 +14.6
4,014,260,387
3,412,641,654 +17.6
68,522,500
68,768,087
-0.4
56,072.471
46,150,541
27,653,000
1,404,207,345
383,288,000
a
47,615,287
34,262,709
17,344,140
1,281,597,910
45,005,000
543.747,264
22,690,862
75,926,000
37.106,462
145,317,216
104,911,842
233,563,900
5,166,067,000
26,647,232
681,847,196
209,330,585
29,698,119
284,766,772
175,533,508
6,050,441,138
88,793,362
44,418,874
69.768,405
16,847,910
94,068.700
25,761,000
1,355,137.366
365,784,000
a
40,344,887
35,146,410
14,515,897
1,233,089,384
45,388,000
501.628,731
20,513,099
68,150,149
31,772,713
140,179,337
115,361,233
258,218,479
4,821,748,000
23.579.574
548.643,173
198,472.286
27,461,842
275,648,518
143,463,630
5,484,500,000
77,410,436
40,938,394
75,263,547
16,044,988
83,631,107
+7.3
+3.6
+4.6
a
+18.0
-2.b
+19.6
+3.9
-0.2
+8.4
+10.6
+11.4
+16.8
+3.7
-9.0
-9.5
+7.1
+13.0
+24.3
+5.5
+8.1
+3.3
+22.4
+10.3
+14.7
+8.5
-7.3
+5.0
+12.5
41,706.975
10,337,000
a
1,487,404
35,259,927 +18.3
9,572,000 +8.0
a
a
1,275,505 +16.6
34,883,395
8.996,000
a
1.169.057
31,647,812
9.214,000
a
1.146,300
35,996,293
32,082,688 +12.2
34,137,287
28,416,230 •
15.111,547
a
a
13.155,000 +14.9
a
a
a
a
12,574,888
a
a
10.804,002
a
a
3,347.810
6,123,737
134,136.000
3,652,417 -8.3
5,374,297 +13.9
106,901,000 +25.5
3,680.472
7.715,118
120,921.000
3,440.144
4,176.502
85.754.000
18,388,283
4,765,465
13,800,795 +33.3
4,025,220 +18.4
12,419,450
3,841,856
12,367.055
3,193,130
6.725.354
2.709,486
142.500,000
2.207,442
863.666
5,643,709
.2.400.1300
130,900,000
2.321,863
714,999
2,193,715,259 1,899,099,648 +15.5 17,342,465,758 16.067,796,180
+7.9
491,674,461
Twelfth Federal R oserve Distric t-San Franc
Wash.-Bellingham
.3,200,000
*2,900,000
Seattle
184,601,749
159,185,729
Spokane
48,898,000
45,100,000
Tacoma
a
a
Yakima
6,264,749
5,142,962
Idaho-Boise
4,570,987
4,406,883
Oregon-Eugene
2,489,641
2.043,365
Portland
166,774,609
149,682,351
Utah-Ogden
6,353.000
5,960,000
Salt Lake City
72,874,420
60,257,523
Nevada-Reno
2,901,523
2,788,766
Arizona-Phoenix..
7.770,000
6,967,000
Calif.-Bakersfield._ _
4,420,122
3,858,291
Berkeley
17,656,031
16,632,259
Fresno
15,603,634
15,697,073
Long Beach
27.790,882
25,700,102
Los Angeles
530,097,000
621,549,000
Modesto
3.768,824
3.133,594
Oakland
66,489,386
84,698,201
Pasadena
23,509,532
20,223,069
Riverside
3,079,390
2,788,008
Sacramento
43,603,601
38,850,940
San Diego
17,306,141
21,593.765
San Francisco
676,900.000
776.468,843
San Jose
12.794,536
10,978,504
Santa Barbara
4,581,927
6,347,199
Banta Monica
9,309,108
8,344,695
Santa Rosa
2,215,913
2.072,080
Stockton
11,012,000
12,708.000
Total(28 cities) _ _
277,985.830
2,852,380,550
14,435,742
1,050,990.355
60,780,413
48,694,000
8,058.216
48,232,259
40,089,119
19,928,509
23,189,112
93,908,465
3,555,117
SCO+10.4
+16.0
+8.4
a
+21.8
+3.7
+21.25
+11.4
+6.6
+20.9
+4.0
+11.5
+146
+5.6
-0.6
+8.1
+17.3
+20.3
+27.4
+16.2
+10.5
+12.2
+24.2
+14.7
+16.5
+38.5
+11.6
+6.9
+15.4
1,573,795
14.130,613
5,337,953
d10,266,620
4,251,108
170.296,000
2,501,900
1,337,541
1,920,831
1,784,336
1.657,973
+2.2
29.954,000
26,584.179
9,087,083 +12.9
14,517,369 -29.6
a
a
9,285,486
11.453.852
a
8.277,654
6.597.243
a
1,421,899 +10.7
40,241,498
3,500,238 +52.5
6,636,834
3,037,610
138,400,000
2,431,329
868.111
1,702,442
+54.6
+39.9
+23.0
+2.9
+54.1
+12.8
c2,650.900
1,857,000 +42.7
2,384,200
1.823,900
464.625,414
380,032,175 +22.3
397,728,671
333,963,646
Grand total(189 cities) 37.897,972,782 36,390,133,737
+4.1 332,684,561,955 294,198,794,561 +13.1 7,866,403,104 7,517.153.886
+4.6 6.396.857.282 6,789,007,568
Outside New York_ _17.679.454.417 16,048,017.512 +10.2147.228.366.756 133.264.564.918
+10.5 3.639.781.808 3.289.823.728 +10.6 2.985.813.848 2.874.706.135
CANADIAN BANK CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR
WEEK ENDING AUGUST T.
Month of August.
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
2
411,042,747
343,000,254
185,749,268
68.650,111
24,324,531
24,270,570
11,903,338
20,341,525
27,765,568
10,752,917
8.858.386
10,027,688
19,537,407
16,135,810
2,839,572
2,414,844
7,844,492
4.479,660
3,760,290
3,079,660
2,686,922
1,876,608
2,987,602
5,140,160
3,963,934
15.094,424
1,263,694
3,286,244
3,084,359
1924.
$
408.789.470
375,771,153
176,958,959
67,847,510
24,827,634
22,466,686
13,525,485
20,265,056
20,760,589
12,443,344
10.137,457
10,553,281
15,898,635
12,376,878
2,429,193
2,087,381
6,620,972
4,063,282
3,306,432
3,316,799
2,524,831
1,187,602
3,205,660
3,377.540
3,403,072
14,822,053
1,215,142
3,170.251
3,017,282
Since January 1.
Inc. or
Dec.
%
+0.6
-8.7
+5.0
+1.2
-2.0
+8.0
-12.0
+0.4
+33.7
-13.6
-12.6
-5.0
+22.9
+30.5
+16.9
+15.7
+18.5
+10.2
+13.7
-7.1
+6.4
+58.0
-6.8
+52.2
+16.5
+1.8
+4.0
+3.7
+2.2
1925.
$
3,167,187,035
3,010.977,605
1,494.638,734
516.248,423
208,855.582
191.129,752
97,978,884
158,539.031
216.995,196
86,706,179
65,649,695
88,676,532
153,631,181
112,636,202
19,464.397
17,375,367
50,602,329
35,740,645
32,033,887
25,898,703
20,511,030
9,944.740
26,641,662
28,100,127
31,876,695
110,240,577
10,498,640
26,014,297
22,753,852
1924.
Week Ended August 27.
Inc.or
Dec.
$.7
,o
3,357,646.963 -5.7
3,249,645,468 -7.4
1.522,181,862 -1.2
525,262,479 -1.7
214,245.030 -2.5
186,246,074
+2.6
95,700,495 +2.4
168,022,265 -5.6
209,075,711
+3.9
90,239,601 -3.6
74,403,786 -11.2
92,159,962 -3.2
141,439,752
+8.6
103,074,095 +9.8
16,947,445 +14.6
17,105,058
+1.6
51,924,779 -2.5
34,678,764
+3.1
30,257,042
+5.9
27,630,238 -6.3
20,241,966
+1.3
10,573,804 -5.9
25,931,973
+2.7
28,624,553 -1.2
31.656.109
+0.7
+0.2
110,046,045
10,789,811 -2.7
26,696,794 -2.6
22,681,659 +0.3
1925.
1924.
Inc.or
Dec.
1923.
1922.
$
$
2
$
%
94,163,882
86,605,525 +8.7
80,189.161
77,631,307
79,053,856
89,163,963 -11.3
79,698.639
84,706.192
30,483,634
40,726,252 -25.2
29,163,420
30,483,634
15,346.570
14,165,424 +8.3
11,917,540
13,465,246
5,353,529
4,737,444 +13.0
4,913,336
5,400,358
5,033,757
5,069,481 -0.7
4,910,935
6,500,406
3,407,191
2,310,377 +51.4
2,546,597
2,414,346
4,734,329
4,568,121
+3.6
4,791,699
5,507,919
5,998,837
4,465,772 +34.3
3,710.752
4,589,117
2.602,214
2,123,077 +22.6
2,989,672
2,611.497
1,971,623
1,618.347 +21.8
1,656,364
1,854.185
2,203,753
2,377,322 -7.3
1,966,202
2,245,721
4.226,327
3,665,094 +15.3
3,279,363
3,373,955
3,279,892
2,428,209 +35.1
2,810.349
3,139,679
608,055
602,482 +0.9
608.955
533.050
482,853
447,218 +8.0
558,491
522,856
1,616,623
1,314.816 +22.9
1,411,669
1,252,208
958,120
994,271 -3.6
820,027
1,033.702
789,506
732,879 +7.7
778,302
888,400
588,728
660,403 -10.9
573.793
924,314
579.623
536,504 +8.0
541,281
472,906
263.382
241.382 +9.1
227,183
283.768
605,958
771,013 -21.4
555,766
594.702
842.076
751,622 +12.0
788,194
763,120
974,538
739,450 +31.8
874.167
830,700
3,244,588
3,313.467 -2.1
3,047,663
2,970.288
259,589
251,316
227,981
273,675
+3.3
783,067
813,506 -3.7
914.276
708.342
648.616 _
542.879 +19.5
583.962
519,905
1.346 169 A•d 1.250 369.1147 -0.7 10.037.546.979
Total Canada
10.495.129 R•i --9.4
271.194.622 276.737.616 -_,
A n 9.50 A/7 859 243.923.363
a No longer repor clearings. b Go not respond to requests for
figures. c Week ended Aug. 26. d Week ended Avg. 27. e Week ended Aug. 28. • Estimated.
f No clearings, all banks closed. g Not included in total.
1194
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 19 1925:
GOLD.
The Bank of England gold reserve against notes on the 12th inst.
with £162,654.875 on the previous
compared
as
amounted to £162434,370,
Wednesday. The following movements of gold to and from the Bank of
England have been announced since our last letter:
Aug. 13. Aug. 11. Aug. 15. Aug. 17. Aug. 18. Aug. 19.
£19,000 £410,000
Received
7,000 571.000
78.000
Withdrawn
The destinations of the £90.000 sovereigns withdrawn were given as
follows: India, £45,000. and Straits Settlements. £45.000. During the
week under review £227,000 on balance has been withdrawn from the
Bank. The net influx since the resumption of an effective gold standard
now stands at £8.184.000.
The Transvaal gold output for July 1925 amounted to 818.202 fine ounces.
as compared with 780,251 fine ounces for June 1925 and 829,437 fine ounces
for July 1924.
The United Kingdom imports and exports of gold during the
July last were as follows:
Imports.
.C1,000.000
Russia
2,002,232
Netherlands
Belgium
22,993
France
Switzerland
Spain and Canaries
Egypt
131,176
West Africa
Java and other Dutch Possessions in the Indian Seas
Argentina, Uruguay and Paraguay
3,554
Other South American countries
189,280
Rhodesia
5,517,222
Transvaal
British India
Straits Settlements
65,475
Other countries
Total
£8,931,932
month of
Exports.
$328,832
7,485
9.699
153.521
5.100
100,551
2,342
13.561
15.000
13,000
1,589,009
157.564
875.103
£3.271.067
SILVER.
The continued firmness of the China exchanges and some moderate
Inquiry from India brought about an advance in prices which were quoted
on the 17th and 18th inst. 32 7-16d. for cash and 3234cl. for forward delivery-the highest since June 27 last. American has been a reluctant
seller and the Continent has kept inactive. Yesterday India was disposed
to sell, and to-day silver came on offer from other quarters also, so that,
with few buyers in evidence, both quotations fell 3-16d.
Mall advice from Bombay under date of thus 31st ult, states as follows:
"Unlike last week the bazaar followed London rather than China. There
is little speculative aetivity in the market, where the majority of dealers
seem to be look!ng for lower rates. The Aug. 9 settlement is drawing near
and although the holding of the principal bulls is large, the settlement is
expected to pass off quietly. There Is little chance of the offtake increasing
In the near future and therefore India is not likely to give any material
support to London or New York."
INDIAN CURRENCY RETURNS.
July 31. Aug. 7. Aug. 15.
(In Lacs of Rupees.)
18599
18454
18430
Notes in circulation
8656
8508
8480
Silver coin and bullion in India
India
of
out
Silver coin and bullion
2223
2232
2232
Gold coin and bullion in India
Gold coin and bullion out of India
5711
5714
5718
Securities (Indian Government)
2000
2000
2000
Securities (British Government)_
Inst. amounted to seven
15th
ending
week
the
during
coinage
silver
The
lacs of rupees.
The stocks in Shanghai on the 15th inst. consisted of about 58.800.000
ounces in sycee, 49.000,000 dollars and 3,580 silver bars, as compared
with about 58,300,000 ounces in sycee, 48,000,000 dollars and 2,270 silver
bars on the 8th Inst.
Bar Gold.
-Bar Siker. Per Oz. Std.Per Oz. Ping.
2 Xfos.
Cash.
Quotations1014d.
84s.
323-16d.
.3234d.
Aug. 13
845. 1014d.
32 3-16d.
32 3-16d.
14
10%cl.
84s.
5-16d.
32
3234d.
15
845. 1034d.
3234cl.
3" 7-16d
17
84s. 10 Yid3234d.
32 7-16d.
18
819. 11%d.
32 5-16d.
3234d.
19
84s. 10.6d.
32.333d.
32.281d.
Average
are
delivery
months
two
and
cash
for
The silver quotations to-day
3-16 above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon., Tues., Wed., Thurs., Fri.,
Sat.,
London,
Aug.29. Aug.31. Sept. 1. Sept. 2. Sept. 3. Sept.4.
Week ending Sept. 4.
333-16
3334
3254
3254
d 32 13-16 3254
Silver. per oz
84.1136 84.1134 84.1034 84.103-4 84.113.4 84.1134
Gold, per fine ounce
553-4
553-4
x553(
56%
5634
Consols, 23-4 per cents
101
10134
10134
10134
10134
British 5 per cents
9634
9634
9634
963-4
963-4
British 43.4 per cents
46.655
46.55
46.50
46.70
46.30
French Rentes (in Parts) _ _fr.
French War Loan (in
59.95
59.95
59.75
59.90
59.50
Paris)
The price of silver in New York on the same day has been:
7134 7234 7234
7134
7134
Silver in N. Y., per oz. (eta.):
7134
Foreign
x Ex-Interest.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Aug. 31 1925 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Aug. 31 1925.
[VOL 121.
THE CHRONICLE
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
LiabilitiesS
631,248,357 57 Gold certifs. outstand'g _1 ,668,823,975 00
3 078,216,855 94 Gold fund. F. R. Board
(Act of Dec. 23 '13, as
amended June 21 '17)-1,706.207.835 12
153,620,985 51
Gold reserve
180,722.417 88
Gold in general fund ._
3,709,465.21351
Total
3,709,465,213 51
Total
Note.-Reserved against $346,681,016 of U. S notes and $1,381,206 of Treasury
notes of 1390 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
AssetsSilver dollars
454,039,151 00 Silver certifs. outatand4 452,622,784 00
1.381,20000
Treas. notes of 1890 out_
35,161 00
Silver dollars In gen.fund
Total
AssetsGold (see above)
Silver bullion
Unclassified-collections, Ste
Silver dollars (see above)
United States notes...Federal Reserve notes_
Fed. Res, bank notes.._
National bank notes_ _ _ _
Subsidiary silver coin__ _
Minor coin
Deposits in Federal Reserve banks
Deposits In special depositaries account of
sales of certificates of
indebtness
Deposits In foreign depositaries:
To credit Treas. V.8
To credit of other
Government officers
Deposits in nat'l banks:
To credit Treas. U.S.
To credit of other
Government officers
Deposits in Philippine
Treasury:
To credit of Treas.U.S.
454,039,151 00
Total
GENERA L FUND.
LiabilitiesS.
180,722,417 88 Treasurer's checks out1,205,659 10
35,161 00
standing
Dopes, of Govt. officers:
5,550,602 10
Post Office Dept
3,100.455 00
1,109,338 50
Bd. of Trustees Postal
60,478 00
Savings System 5%
6,568,290 49
res've,lawful money
16,083,848 50
349,213 18
7.375,459 20
Other deposits
1.506,86856
Comptroller of Currency, agent for
15,835,021 20
creditors of insolv2,029,135 79
. 200 00
ent banks
Postmasters, clerks of
43,817,204 32
courts, disbursing
36.232,947 16
officers. do
Deposits for:
Redemption ,f Fed.
68,824.000 00
Reserve pekes (5%
fund,gold)___ _ _ _ 153.993,18511
113.473 78
Redemption of oath
bank notes (5%
234,569 69
fund, lawful money) 27,330,303 39
Retirement of adell
6,771,635 22
circulating notes,
4.07000
Act May 30 1908_
19,290,325 11 Uncollected Items, ex4,591,288 16
changes, do
454,039,151 00
235,826,358 68
1.280,32208
132,369,355 15
Net balance
368,195.713 83
Total
368,195.713 83
Note.-The amount to the credit of disbursing officers and agencies to-day was
5398,848,806 27. Book credits for which obligations of foreign governments are
held by the United States amount to $33.236,629 03.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve Bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $68,183,812.
5881,027 in Federal Iteserve notes and 316,008.650 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Total
Public Debt of United States-Completed Returns
Showing Net Debt as of May 31 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued May 31 1925,
delayed in publication, has now been received, and as interest attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making comparisons with the same date in 1924.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
May 311925. May 311924.
$248,067,423 $196,837,515
Balance end month by daily statement. Am
datt or Deduct-Excess or deficiency of receipts over
-2,533,455
+4.916,143
or under disbursements on belated items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificatee
Total
Balance. deficit(-)or surplus(+)
3252,983.566
5194,304,060
$1,809,359
58,342,473
60,104,794
16,307,713
31,564,704
60,589,749
09,196,231
26,359,395
$136,564,339
5157,710,076
+$116,419,227 +$36,593,984
INTEREST-BEARING DEBT OUTSTANDING.
Interest May 31 1925.
Payable.
$
Title of Loan18, Consols of 1930
Q.-J. 599,724,050
48. Loan of 1925
Q -F.
48,954.180
26 of 1916-1936
0.-F.
25,947,400
28 of 1018-1938
Q.-F.
Q.-M,
49,800,000
38 of 1961
28,894,500
38, Conversion bonds of 1946-1947
Q -J
J.-J. 563,581,500
Certificates of indebtedness
51.6s, First Liberty Loan, 1932-1947
.1 -3. 1,409,995,950
48, First Liberty 1.oan, converted
J -D.
5,440,800
4345, First Liberty Loan, converted
J -D. 532,591,250
3,492,150
&sig. First Liberty Loan, second converted__ _J.-D.
21,912,900
45,Second Liberty Loan 1927-1942
M.-N.
3,082 648 200
4148, Second Liberty Loan, converted
M.-9. 2.885,377,350
434s, Third Liberty Loan of 1928
4101. Fourth Liberty Loan of 1933-1038
A -0. 6,324,488,350
763,948,300
434s Treasury bonds of 1947-1952
1,047,088,500
4e Treasury bonds of 1944-1954
As. War Savings and Thrift Stamps
Matured 387.070,818
11,995,880
23.4s. Postal Savings bonds
J -J.
J -D. 2,809,840,100
-Is, Treasury notes
134s to 53
Aggregate of interest-bearing debt
Bearing no interest
Matured,interest ceased
Total debt
Deduct Treasury surplus or odd Treasury deficit
May 31 1924.
$
599,724,050
118,489,900
48,954,180
25.947.400
49,800,000
28,804,500
749,576,500
1,409,999,000
7,287,400
530,746,200
3,492.150
29.000,550
3,075,616,250
3,054,475,550
6,324,495,750
763,048,300
408,232,285
11,893,760
4,046,398,000
20,602.792,178 21,286,971,725
238,724,287
280,705,446
19,405,090
c15,329,140
020,898,826.764 21,545,101,102
+36,593,984
+116,419,227
Net debt
120,782.407,537 21,108.507,118
a The total gross debt May 111925 on the basis of daily Treasury statements VMS
820.808.856.185 97, and the net amount of public debt redemption and receipts
In transit, do., was 530,121 61.
No reduction is made on account of obligations of foreign Governments or
Other Investments.
C Includes 81.658.7904% Loan of 1925.
SEPT.5 1925.]
THE CHRONICLE
1195
Government Revenue and Expenditures.
Preliminary Debt Statement of U. S. Aug. 31 1925.
Through the courtesy of the Secretary of the Treasury we
The preliminary statement of the public debt of the
are enabled to place before our readers to-day the details of United States Aug. 31 1925 as made up on the basis of the
Government receipts and disbursements for August 1925 daily Treasury statements, is as follows:
Bonaand 1924 and the two months of the fiscal years 1924-1925 Oonaols
of 1980
8599.724,08000
Panama's of 1916-1936
48,954,180 00
and 1923-1924.
Panama's of 1918-1938
Receipts.
Aug. 1925.
Ordinary$
Customs_
49,113,770
Internal revenue.
Income and profits tax
35,799,604
Miscellaneous internal revenue 96,139,138
Miscellaneous receipts:
Proceeds Govt.-owned securitiesForeign obligationsPrincipal
146,743
Interest
10,212,884
Railroad securities
1,275,067
All others
4,672,100
Trust fund receipts (reapproprinted for investment)
3,080,282
Proceeds sale of surplus prop
2,302.756
Panama Canal tolls, &c
1,714,076
Receipts from miscell. sources
credited direct to appronns. 2.250,982
Other miscellaneous
6,207,838
Total ordinary
Aug. 1924. 2 Mos.'24.* 2 Mos.'23.
45,620,524 94,269,801 89,565,318
Panama's of 1961
Conversion bonds
Postal Savings bonds
21,550,478 73,874,822 54,875,188
72,532,617 170,753,397 151,828,635
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
9,087
146.743
14,087
10,214.154 10,232,362 10.234,401
15.443,273 6,676.294 23,976,140
155.374 9,783,955
621,454
Treasury bonds of 14147-1952
Treasury Bonds of 1944-1954
2,128,524
2,509,744
1,509,745
8,573,329
3.263.213
3.874,138
4,424,853
8.275,198
3,221,342
3,166,360 4.026,649 4,873499
10,922,235 24,385,871 31,556,194
25,947,400 00
49,800,000 00
28,894,500 00
12,234.220 00
81,951.519,85000
3,104,556,250 00
2,849,377,350 00
6,324,480,200 00
$763,948,300 00
1,047.088.500 00
$765,554,350 00
14,229,933,350 00
1.811,036.800 00
Total bonds
$16,806,524,500 00
NotesTreasury motesSeries B-1925, maturing Dec. 15 1925
3299,659,900 00
Series A-1926, maturing Mar. 15 1926
615,677.90000
Series B-1926, maturing Sept. 15 1926
414,922.30000
Series A-1927, maturing Dec. 15 1927
355,779,900 00
Series B-1927. maturing Mar. 15 1927
668,201,400 00
Adjusted Service Series, maturing Jan. 1 1930
50,000,00000
2,404,241,400 00
Treasury Certificates:
Series T-8-1925. maturing Sept. 15 1925
$224,576,000 00
Series T-D-1925, maturing Dec. 15 1925._
179,462,00000
Series T-J-1926, maturing June 15 1926_ _ _ _ 124.247,000 00
Adjusted Service series, maturing Jan. 1 1928
43,260,00000
571,485,000 00
Treasury(War) Sayings SecuritiesWar Savings Certificates:
Series 1921_6
311,109,03005
Treasury Savings Certificates:
Series 1921. Issue of Dec. 15 1921 0
1.805,20885
Series 1922, Dame of Dec. 15 1921
96,610.464 10
Series 1922, Issue of Sept.30 1922
14,944,739 85
Series 1923. Issue of Sept. 3019228
133,311,327 30
Series 1923, Issue of Dec. 1 1923
24,225,04565
Series 1924, Issue of Dec. 1 1923 0
97,521.145 45
Thrift and Treasury Savings Stamps, unclassified sales, &e
3,844.230 64
383.371,19189
Total interest-bearing debt
320,165,622,0
91 89
Matured Debt on Which Interest.Has CeasedOld debt matured at various dates prior to
April 1 1917
51,280,19026
Spanish War Loan of 1908-1918
244,580 00
Loan of 1925
1,230.200 00
Certificates of indebtedness
565,500 00
Treasury notes
8,163,800 00
ilyi% Victory Notes of 1922-1923
38.750 00
414% Victory Notes of 1922-1923Galled for redemption Dec. 15 1922
2,099.650 00
Matured May 20 1923
4.215,85000
17.748,52026
Debt Bearing No'Merano:Totted States notes
346,681,016 00
Leas gold reserve
153,620.985 51
212,915,220 185,762,815 407,860,574 381,466,810
Excess of ordinary receipts over
expenditures
total
chargeable
against ordinary receipts
access of total expenditures
chargeable against ordinary receipts over ordinary receipts
1,292,687 11,128.806 51,940,086 23.419.628
Expenditures.
Ordinary(Cheeks & warrants paid, &c.)
General expenditures
154,254,524 158,544,117 317,265,965 319.786,045
Interest on public debt a
6.244,946 8,648,178 23,885,653 26,773.430
Refunds of receipts:
Customs
2,303.799 1,598,066 4.728.355 3,339.935
Internal revenue
11,137,390 12,574,484 30,629,153 25,531,523
Postal deficiency
10,000,000
20,000,000
Panama Canal
669,019
606,947 2,340.145 1.204,182
Operations in Special Accounts:
Railroads
149.692
6,828 2,098.184 3,226,257
War Finance Corporation
b1,391,781 81,688,756 53,114.972 89,717,536
Shipping Board
1,616,037 5.677,190 3,197,291 7,887,182
Alien property funds
8183,048
540.544 1,548,697 1,882.048
Adjusted service certificate fund c
436,084
137,582
Investment of trust funds:
Government Life Insurance... 2,966,825 2,110,075 6,342,587
4,313.920
Civil Service Retirement
14,370,539 12,305,434
District of Columbia Teachers' 6110,136
Retirement
35,018
23,519
Foreign Service Retirement_
136,049
General Railroad Contingent
113.457
18,449
195,726
87.414
Total ordinary
188.206,808 188,636,122 423,795,961 396,623,353
Public debt retirements chargeable against ordinary receipts:
Sinking fund
26,000,000 8,200,000 36,000,000 8,200.000
Purchases from foreign repayments
Received from foreign govern$193,060,030 49
ments under debtsettlements
Deposits for retirement of national bank notes
Received for estate taxes
• and Federal Reserve bank notes
47,550
68,183,812 00
47.560 Old demand notes and fractional
Purchases & retirements from
currency
2,048,443 08
franchise tax receipts(Federal
283,292.285 57
Reserve & Federal intermediate credit banks)
Total gross debt
$20,446,662 897 92
Forfeitures, gifts, &c
1,100
7,950
a Net cash receipts ^ Net redemption value of eertificates outstanding.
4,700
15,535
Total
26,001,100 8,255,500 36,004,700 8,263,085
Total expenditures chargeable against ordinary
receipts
214,207,907 196,891,621 453,800.660 404,886,438
Receipts and expenditures for June reaching the Treasury
in July are Included.
Breadstuffs figures brought from page 1249.-The
a The figures for the month include $405,600 OD and for the fiscal
statements below are prepared by us from figures collected by
data $980,364 25 accrued discount on war savings certificates of the year 1926 to
series
of 1918, the New York Produce Exchange. The
1919 and 1929: and for the corresponding periods last year the figures
receipts at Western
Include 3814,749 27 and 51,917.200 83, respectively, for the serial of 1918 and 1919.
lake and river ports for the week ending last Saturday and
S Excess of credits (deduct).
since Aug. 1 for each of the last three years have been:
c The figures shown represent variations in the working balance. The
appropriation available Jan. 1 1925 was invested in $100,000,000 face amount of
Government
obligations, of which 34.600,000 face amount were redeemed
Receipts at- Flour.
Wheat.
Corn.
Oats.
to
Barley.
Rye.
30 1325 to
provide for payments from the fund by the Veterans' Bureau. June
For
since June 30 for that purpose, see items of adjusted service series on redemptions
bbls1981bs.bush.6015,. bush 56 lbs.bush. 32 lbs. bush.48I8s.bush.5611s.
page
3
under Chicago
public debt expenditures.
258,000
455,090 2,715,000 2,576,000
430,000
38,000
Minneapolis
3,965.000
169,000 3,364,000 1,138,000
333,000
Duluth
1,256,000
4,000 1,446,000 1,505,000 248,000
Milwaukee.61,000
250,000
98,000
941,000 493,000
66.000
Toledo '
Treasury Money Holdings.
94,000
48.000
742,000
3.0
3,000
Detroit
13,000
6,000
31,000
The following compilation made up from the daily Govern- Indianapolis.76.000
282.000
330,000
St. Louis_
112,000
423,000
412,000
424,000
62,000
29,000
ment statements shows the money holdiegs of the Treasury Peoria
29,000
55,000
419,000
269.'''
15,000
Kansas City
__ ___ 1,290,000
967,111
271,000
at the beginning of business on the first of June, July, August Omaha
510,000
138,000
678,000
St. Joseph.-166,000
and September, 1925:
142,000
68,000
Wichita_
380,000
21,000
56,000
Sioux City.-61,000
37,000
172.000
11,
Holdings in
June 1 1925. July 1 1925. Aug. 1 1925. Sept. 1
1925.
7'reasory.
Total wk. '25 480,
U.9
$
$
8,994,
$
4.762,000 12,064,001 3,657.000 709.000
$
Same wk. '24 532,000 20,078,
4,011,000 10,732,444 1,546,000
Net gold coin and bullion. 332,764,195 330,099,389 321,811,595 334,343,404 Same wk. '23 395.00 13,423,000 5.022.000 8,719,00 1,282,000 1,152,000
955,000
23.431,034
Net silver coin and bullion
21.754,070
19,472.155
15,870,182 Since Aug. 1
3.874.419
4,828,475
Net Unite' States notes__
3,353,478
3,100,455
1925
17,548.081
2,115,000 52,957,000 19,983,000 52,570,8o • 11,105011 1,566,000
19,595,231
Net nation 'bank notes__
17,324.200
16.083.848
1924
542.961
2.343,000104,312,000 22,873,000 28,783.000 3,482.000 4,290,000
Net Fcd' .t eserve notes__
1,390.238
1,146.114
1,109.339
1923
2.443.004 87.002.000 25.458.000 27 non (inn A 457 00(114
Net Fed'. lies, bank notes
185,493
87,890
248,901
004 news
60,478
7,827,924
7.457.181
Net subsidiary silver
7,841,586
7,375,459
Total receipts of flour and grain at the seaboard ports for
9,475,260
5,833,175
Minor COM,&c
4.754.676
3,536,005
the week ended Saturday, Aug. 29, follow:
Total cash in Treasury_ 395.649,367 391,045,649 *375,952,705
Leo gold reserve fund _ __ _ 153.620,988 153,620,985 153,620,986 381,479.170
153,620,986
Receipts atFlour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Cash balance in Treasury_ 242,028,381 237,424,664 222,331,719 227,858,184
tin specl depositories:
Barrels.
Bushels.
Bushels.
Bushels,
Bushels. Bushels.
180,594.000 150,739.000
New York._ _
Acct. ctfs. of indebt
189.000
1,111,000
95.582.000
15,000
649,000 675,000 209,000
68,824,000 Philadelphia_
50,090,384
41.624,510
Dep. In Fed'I Res. banks..
39.000
208,000
38,228,787
6,000
358,000
43,817.204 Baltimore
25.600
pep. in national banks:
370,000
7.435,481
35,000
111,000
6,771,635 N'port News.
166,000
3,000
6.832,404
6,799,288
2.000
To credit Treas. U. S._
officers.
dish.
Zorfolk
22,218,665
4,000
21.746,427
To credit
19,662,605
19:290,325
New
1,031,885
Orleans
1,042,034
63,000
•
161,000
Cash in Philippine Islands
808,181
110,000
15,000
1.286,322 Galveston.320,995
295.225
Deposits in foreign depts.
31,000
401,399
348,044 Montreal....
30.000 2,573,000
Dep.In Foil Land banks _
3,000 1,022,000 165,000
241,000
Boston
28,000
41.000
28,000 303,000
1,000
Net cash In Treasury
403,116,714 459,671,148 384.450.172 368,195,714 Total wk. '25 380,000 4.495,000
and in banks
169,000 2,183,000 1,039,00C
454,000
Jan.1'2516,464.0001
Since
liabilities_
current
255,049.291
30,423,000
241,835.416
4,558,000 52,589,000 21,526,00026,
236,214.133 235,826,359
Deduct
981,000
._.......,.....sh halance_ 248 067123 217.835.732 148.236.039 132 Maack Same wk. '24 468,000 5,991,000
115,000 1,000,000 213,000 277
000
Since Jan.1'24 16.514.000159.282,990 14.811.000 30
3(14 nnn 8 747 win IA ORO
'
nan
•Includes Sept. 1, $15,835,021.20 silver bullion and $1,506,868.50 minor coin,
*Receipts do not include grain passing through New
statement
included
Money,
in
"Stock
of
Orleans
'
not
for
foreign ports
&c.,
an through bills of lading.
Zommercial andAliscellanzonsBelATS
1
[VOL. 121.•
THE CHRONICLE
1196
The exports from the several seaboard ports for the week
ending Saturday, Aug. 29 1925, are shown in the annexed
statement:
Total week 1925_
Flour.
Barley.
Rye.
Oats.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
517,390
70,493 711,237
1,950
902,328
73,000
380,000
243,000
70,000
3,000
332,000
4,000
2,000
7,000
49,000
74,000
355,000
26,000 2,713,000 222,000 516,000
3,479,000
.._
New York
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Montreal
616mo torwar 1024
Corn.
Wheat.
Exports from-
_
5,311,328
75,950
2 446 353
70000
154,493 3,811,237
150 507 267266
222,000 1,176,390
245.714
110 303
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Aug. 29 to Sept. 4, both inclusive, compiled from official lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Stocks-
Am Laundry Mach c0m_25 105%
100 125%
Preferred
Amer. Rolling Mill com_25 49
100 109
Preferred
100 210
Baldwin common
Carey (Philip) common 100 162
Churngold Corporation' 73
One Union Stock Yds_ _100 140
• 2334
City Ice & Fuel
Cooper Corp new pref__100 112
Dalton Add's Mach com100 71
100 105
Preferred
Douglas (John) pref_ _ _100 108
Eagle-Picher Lead com_ _20 31%
100 111
Preferred
• 31%
Formica Insulation
Gibson Art com__ ____ • 37%
1C0 115
Preferred
Globe Wernicke pref _ _ _100 100
Gruen Watch common_ • 31
lot) 101
Preferred
Hatfield-Reliance corn..." 19%
• 1814
Kodel Radio"A"
20 20%
Preferred
10 12034
Kroger common
100 112%
New preferred
• 12
McLaren "A"
834
Paragon Refining corn_ _25
Procter & Gamble com_ _20 128
100 164%
8% preferred
100 110
6% preferred
Pure 0116% preferred_ _100 87
Putnam Candy pref_100 100
Richardson common__ _10C 11234
100 105%
Preferred
. 5934
U. S. Can common
20 119
U.S. Playing Card
II.S.Print.&Lith.com_1CO 66%
100 9534
Preferred
U.S. Shoe common
• 34
Western Paper A
100 10634
Wurlitzer 8% Pre/
Banks.
100 213
Citizens National
Fifth-Third-Unionunits 100 310
100 312
First National
106% 109
125% 125%
49
4914
108 109
210 210
161% 162
68% 75
140 140
23% 23%
112 114%
71
71
105 105
108 108
3334 34%
111 111
32
31
3734 38
114 115
100 100
31
31
wog 101
19% 19%
18% 18%
20% 2031
120% 125
112% 112%
12
12
8% 8%
128 130
164% 164%
110 110
85% 87
100 100
112% 112%
105% 105%
59% 5934
118% 119
66% 67%
9534 97
6% 7
34
34
10634 10655
213
310
312
Public Utilities
5%
534
Telephone rights
80
Cincinnati & Sub Tel__ _50 81
Cincinnati Gas dr Elec. _100 88% 88
125
Ohm Gas Transp'n_ _ _ _100 125
82
CN & C Lt& Trac com 100 82
100 61% 61%
Preferred
10731
100 108
Milo Bell Tel pref
Tractions
Cincinnati Street Ry _ _ __SO
Nilo Traction common_100
Inn
213
310
312
6
81
88%
125
8251
61%
108
3334
12
3334 33%
12
12
09
WILL
ROI,
1,149
20
1,161
42
94
16
1,024
3
219
234
10
10
6
2,232
9
419
570
50
2
10
30
255
57
170
537
20
35
1,477
2,298
5
17
131
1
2
2
6
30
25
22
250
67
22
Range Since Jan. 1.
High.
Low.
Feb
Jan
July
Feb
Feb
Jan
Jan
Jan
Jan
Apr
Jan
June
Jan
Mar
Feb
Apr
Apr
Jan
ssg Feb
Feb
30
wog Jan
17% June
July
18
20% Apr
73% mar
110% June
11% May
534 Jan
Jan
112
Feb
156
107% Jan
Jan
89
Feb
90
Feb
90
May
102
Jan
51
107% Mar
Feb
59
77% Jan
5% Apr
July
30
Jan
104
72
118
48
10634
198
135
48%
129
23
9434
65
9954
105
31
108
18%
35
112
2 205
20 275
3 270
113 June
125% Sept
57% June
111% June
Jan
220
July
170
July
71
July
142
25% Feb
113% Aug
7734 May
Feb
106
110
JulY
40% June
July
112
Aug
27
Feb
40
115% Apr
102% May
Feb
33
Mar
103
Aug
21
18% Aug
20% Sept
Aug
123
113% July
Apr
13
July
10
Apr
131
164% Aug
Apr
110
Apr
83
100% Jan
May
116
108% Mar
June
61
Apr
120
72% Mar
92% June
10% Feb
July
38
10654 Aug
Mar 225
Jan 310
Jan 312
6
534 Sept
749
Jan 94
147 79
Jan
90
82
143
Jan 120
20 103
Jan 84
21 75
Apr 63%
65 60
May 110
242 106
147
380
.101
32% Jan
Apr
9
Ton
An
38
15
VOLUNTARY LIQUIDATION.
Aug. 25-12,388-The Slick National Bank, Slick, Okla
Effective Aug. 3 1925. Liq. Committee: J. A. Frates,
J, A. Frates Jr., Tulsa, Okla., and T. D. Utt, Slick,
Okla.
25,000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
$ Per sh. Shares. Stocks.
Shares. Stocks.
100 Empire Vacuum Valve Corp.,
200 McFadden Publications, Inc.,
$8 lot
no
2
par
par 55
Per Cent.
Bonds.
76c.
46 Atlantic Fruit & Sugar Co
& Elec.
88 U. S. Food Products Corp_ _ _ _540 lot $100 Northern Indiana Gas
953.4
1st ref. 55, 1929
38,630 Achotla Mines Co., par $5
$1,000 lot
By Messrs. H. L. Day & Co., Boston:
S per sh.
Shares. Stocks.
12 First Nat. Bank, New Bedford,
303
Mass
18
23 Great Falls Manufacturing Co
131 Lawrence Mfg. Co., par 580_ _ _ 4531
_136%
_
Co_
g
3 West Point Manufacturin
7554
2 units First Peoples Trust
10 special units First Peoples Trust. 534
2 Montpelier & Barrel..& P.,corn- 43
7534
2 units First Peoples Trust
. $ per sh.
Shares. Stocks.
5 special units First Peoples Trust_ 534
15 Vermont Ltg. Corp., 6% pref__ 65
7534
4 units First Peoples Trust
48 Montpelier & Barre L.& P..pref. 90
107 Sierra Pacific Elec. Co., corn- 1551
No. Rights.
8 Brockton Gas Light Co
75 Brockton Gas Light Co
$ per right.
13%
14
By Messrs. Wise, Hobbs & Arnold, Boston:
$ Per sh.
Shares. Stocks.
5 National Shawmut Bank,Boston.226%
97%
corn..
Carpet,
10 Bigelow Hartford
9834
10 Arlington Mills
40
45 Lancaster Mills, common
..13.534135%
25 West Point Mfg. Co..
17
5 Great Falls Mfg. Co
1734
25 11111 Manufacturing Co
3014
4 Chace Mills
66
3 Sharp Mfg. Co., pref
24%
25 Saco Lowell Shops, 2d pref
66
18 Nashua Mfg. Co., corn
147
Mills
Cotton
6 Berkshire
10 Textile Building Trust. com_ _ _ _ 21
25 F.H. Roberts Co., Class C pref. 534
30 Bay State Fishing Co., 2d pref.. 6
$ per oh.
Shares. Stocks.
11034
1 American Glue Co., pref
50
18 St. Albans Gas Co., pref
30 So. Caro. L., P.& Rya., pref__511 lot
128%
10 Walter Baker & Co., Ltd
100 Thomas G.Plant Co., 1st pref. 35%
75%
2 units First Peoples Trust
12531
20 Plymouth Cordage Co
15 Heywood-Wakefield Co., com_ _114%
7534
16 units First Peoples Trust
6 Lawrence Gas & Elec. Co.,par 525 42
7531
4 units First Peoples Trust
5 Bay State Fishing Co., lot pref- 1234
7531
18 units First Peoples Trust
2. per right.
No. Rights.
1434
98 Brockton Gas Light Co
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
50 Bank of Nor. Amer. & Tr. Co._291
10 First Nat. Bank of Philadelphia _350Si
_450
2 Commonwealth Title Ins. & Tr_ 70
20 Broad Street Trust Co., par $50_
63
1 Manhelm Trust Co., par 550
10 Susq. Title & Trust, par $50. _ _ _ 63
20 Logan Bank & Tr. Co., par 550- 6455
25 Hare & Chase,Inc., corn., no par 25
5 Crane Ice Cream Co.of Pa., pref. 33
75 Hundred and One Carpenter
7
Lane, Inc
$ per it.
Shares. Stocks.
10 Little Schuylkill Nay., RR. &
40
Coal
2 13th & 15th Streets Passenger Ry.165%
23
18 Philadelphia Bourse, pref
125
7 Royersford (Pa.) Trust
10 Peoples Nat. Fire Insur. Co.... 36%
50
16 Auto Car, common
Per Cent.
Bonds.
$700 Union Pass. Ky. 1st extra 4s,
60
March 1960
By Messrs. A. J. Wright & Co., Buffalo:
May
July
Sept
Sept
June
May
Aug
May
June
May
May
May
AQ 1,4 9Rnt
• No par value.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Calif
$200,000
Aug. 26-New First National Bank in Santa Paula, Calif.
Correspondent, F. A. Foster, Santa Paula,
50,000
Aug. 26-The Sherman National Bank, Sherman, Calif Figueroa
Correspondent. Fred Swenson, 4360 South
St., Los Angeles, Calif.
.500,000
J
Aug. 26-The Central National Bank of Newark, N.
Correspondent, Michael J. Tansey, 164 Market St.,
Newark.
200,000
N. J
Aug. 26-The Columbus National Bank of Paterson,
Correspondent, Frank Puglia, 171 Haledon Ave.,
Paterson.
25,000
Caro
Aug. 26-The First National Bank of Pendleton, So. So. Car.
Correspondent, N. H. Campbell, Pendleton,
250.000
Calif
Berkeley,
of
Bank
National
Aug. 28-The Citizens
Correspondent, H. A. Brown, 3018 College Ave.,
Berkeley.
APPLICATIONS TO ORGANIZE APPROVED.
25,000
of Littlefield, Texas
Aug. 26-The First National Bank
Corre.spondent, E. L. Maxey, Littlefield. Texas.
.. 25,000
MO
Aug. 28-The First National Bank of Parkville, Box 157, ParkCorrespondent, George H. Bunting,
ville.
-.
APPLICATION TO CONVERT RECEIVED
25,000
of Meridian, Texas
Aug. 26-The Farmers' National Bank
Bank of
Conversion of the Farmers Guaranty State
ittla .
_.,-.1 ::g
or
a ,
Meridian.
ISSUED.
CHARTERS
30,000
Pa
Yukon,
of
Aug. 28-12,808-The First National Bank
President, G. Corrado; Cashier, A. S. Rodak.
ConTexas.
Conroe,
in
Aug. 29-12,809-First National Bank
50,000
version of Conroe State Bank
Woodson.
President. J. Wahrenberger; Cashier, A. R.N.
25,000
Y
Aug. 29-12.810-The National Bank of Savannah, R. Hay.
;soot
President, Delos J. Cotten; Cashier, Edward
---_,-.._ ...-..-.......-.
nil
APPROVED.
.... ____ APPLICATION TO CONVERT
240.000
Aug. 28-The Guardian National Bank of Denver. Colo
Conversion of Guardian Trust Co. of Denver.
CHANGE OF TITLE.
Aug. 19-6.864-The Commercial National Bank of Los Angeles.
Calif., to "The Commercial National Trust & Savings
Bank of Los Angeles"
Aug. 29-9,544-The First National Bank of Town of Union,
N.J., to "The First National Bank of Union City."
$ per sh.
Shares. Stocks.
4255e.
1,000 Kirkland Lake
55
.5 Pratt & Lambert
10 Buffalo Niagara& Eastern Pow.,
3234
Class 13
$ per sh.
Shares. Stocks.
$5.90 lot
1,000 Silver Bar Mining
$22.25 lot
10,000 Adartou] Mines
100 Peoria Decatur & Evansville
$2.75 lot
RY. Co
DIVIDENDS.
the
Dividends are grouped in two separate tables. Incurfirst we bring together all the dividends announced the
in which
rent week. Then we follow with a second table,
we show the dividends previously announced, but whichhave
not yet been paid. The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
50c.
Beech Creek (quar.)
8734
Lehigh Valley. corn. (quar.)
$1.25
Preferred (quar.)
2
LouLsv., Henderson & St. Louis, corn.. 2%
Preferred
*I X
Old Colony (quar.)
1
Pere Marquette,corn.(quar.)
1%
Prior preferred (quar.)
1%
Preferred (quar.)
corn. *76c.
Pittsburgh, Bessemer & Lake Erie,
1%
Pittsb., Ft. Wayne & Chic., COM.(qu.).
Preferred (quar.)
1
_
corn_
Sou.,
St. Joseph, South Bend &
254
Preferred
(quar.)..
cont.
Francisco,
St. Louis-San
*2
Southern Sky., M.& O.stock tr. ctfs_ _
Books Closed.
Days Inclusive.
Oct. 1 'Holders of rec. Sent. 16
Oct. 1 Holders of rec. Sept. 12
Oct. 1 Holders of rec. Sept. 12
Sept.15 Holders of rec. Sept. 1
Sept.15 Holders of rec. Sept. 1
Oct. 1 *Holders of rec. Sept. 12
Oct. 1 Holners of rec. Sept.156
Nov. 2 Holders of rec. Oct, 150
Nov. 2 Holders of rec. Oct. 150
Oct. 1 'Holders of rec. Sept. 150
Oct. 1 Holders of rec. Sept.100
Oct. 6 Holders of rec. Sept. 100
Sept. 15 Sept.11 to Sept.14
Sept. 15 Sept.11 to Sep1.14
Oct. 1 Holders of rec. Sept. 150
Oct. 1 'Holders of rec. Sept. 15
Public Utilities.
Sept. 30 Holders of rec. Sept.I5
American Water Works & Elec., com - - /5
1% Oct. 1 Holders of rec. Sept. 10
Bangor Hydro-Elec. Co., pref.(quar.).. 2
Oct. 15 Holders of rec. Sept.23
(quar.)..
Dell Telephone Co. of Canada
•154
Sept. 151
Brazilian Tr., Lt. & Pr., pref. (quar.)__ •1% Oct. 1 *Holders of rec. Sept. 10
Oct. 1 *Holders of rec.
(qu.)..
pref.
Central States Elec. Corp..
*$1.10
Oct. 1 *Holders of rec. Sept. 12
§Continental Gas & Elec., corn. (quar.). •ru Oct.
1
rec. Sent. 12
Prior preference (quar.)
*ryi Oct. 1 "Holders of rec. Sent. 12
*Holders of
Participating preferred (quar.)
Oct. 1 'Holders of rec. Sept. 12
Participating preferred (extra)
Oct. 1 'Holders of rec. Sept.12
preferred (quar.)
2
Oct. lb Holders of rec. Sent.21a
Detroit Edison (quar.)
*234 Oct. 1 'Holders of rec. Sept. 15
stock
adj.
Ry.,
St.
Mass.
Eastern
56c.
Oct. 1 Holders of rec. Sept.151
(guar.)
Haverhill Gas Light Co.
'50c. Sept.30 *Holders of rec. Sept.15
Lone Star Gas (quar.)
•2
Oct. 12 `Holders of rec. Sept.30 1
_
_
(quar.)_
Heat
&
Manufacturers Light
seot. is ,
50c.
Niagara Lock. & Ont. Power, corn.(qu.) 134 Oct. 1 Holders of rec. Nov. 16
Dec. 1 Holders of rec.
Ohio Edison,6% pref. (quar.)
Nov.16
$1.65
rec.
1
Dec.
of
Holders
6.6% preferred (quar.)
Dec. 1 Holders of rec. Nov.16
Seven per cent preferred (quar.)
Sept.15
55c.
rec.
1
Oct.
of
Holders
(monthly)
6.6% preferred
550. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55c. Dec. 1 Holders of rec. Nov.16
6.6% preferred (monthly)
Sept.30 *Holders of rec. Sept.15
_
_
.)
(quer
Pacific Telep. & Teleg., corn.
$1.75 Oct. 1 Holders of rec. Sept.15
Pennsylvania Power Ar Light, pref.(qu.) .52
Oct. 1 Holders of rec. Sept. 10
Philadelphia Traction
Sept. 15
Portland Elec. Power, 1st pref. (quar.). 1% Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec.
Prior preference (quar.)
Sept.16
rec.
•25e.
1
Oct.
of
_
_
_
_
+Holders
(quer.)
Power Corp. of N.Y., corn.
"I% Nov. 1 *Holders of rec. Oct. 15
Preferred (quar.)
Sept. 40
rec.
of
Sept.
30
(qu.)_
Holders
134
6%
Pi.
Gas.
&
Public Service Elec.
SEPT. 5 19251
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inaustve.
Public Utilities (Concluded).
Southern Canada Power, pref.(quar.)__ *1% Oct. 15 *Holders of rec. Sept.25
Springfield Ry.& Light, pref. (quar.)_ _ 151 Oct. 1 Holders of rec. Sept.15
Tennessee Elec. Pow.,7% lot pref.(qu.) 131 Oct. 1 Holders of rec. Sept.12
8% first preferred (quar.)
134 Oct. 1 Holders of rec. Sent. 12
Twinn City Rap.'Fran., Minn. pl.(qu.) •1% Oct. 1
United Gas & Elec. CoiP., Pret.(quay.) 135 Oct. 1 Holders of rec. Sept. 16
West Penn Power Co., 7% Pref.(qu.)
1% Nov. 2 Holders of rec. Oct. 15
Winnipeg Electric, pref.(quar.)
el% Oct. 1 *Holders of rec. Sept.15
Banks.
Amer. Exchange Securities, class A (qu.) *2
Chase National (quar.)
4
Chase Securities (quar.)
El
Chatham Phenix Nat. Bk.& Tr.(qu.)
4
Public National (quar.)
4
Seaboard National (quar.)
4
Oct. 1 *Holders of rec. Sept.15
Oct. 1 Holders of rec. Sept.18a
Oct. 1 Holders of rec. Sept.18a
Oct. 1 Sept. 15 to Sept. 30
Sept.30 Holders of rec. Sept. 2
Oct. 1 Holders of rec. Sept.23
Trust Companies.
Bankers (guar.)
Guaranty (guar.)
Manufacturers (guar.)
Extra
United States(guar.)
Oct. 1
Sept.30
Oct. 1
Oct. 1
Oct. 1
Fire Insurance.
Rossia (guar.)
5
3
4
1
1235
Holders of rec. Sept 15
Holders of rec. Sept. 18
Holders of rec. Sept. 15
Holders of rec. Sept.15
Holders of rec. Sept. 19
"51.50 Oct. 1 *HcIders of rec. Sept. 15
Miscellaneous.
Allis-Chalmers Mfg., pref.(quar.)
Oct. 15 *Holders of rec. Sept. 24
American Car & Fdy., corn.(quer.)_ _ _ 51.50 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
1,1 Oct. 1 Holders of rec. Sept. 15
American Cigar, pref. (quar.)
.013' Oct. 1 *Holders of rec. Sept. 15
American Cyanamid, corn. (quar.)
1
Oct. 1 Holders of rec. Sept.15
Common (quar.)
35 Oct. 1 Holders of rec. Sept.15
Preferred (quar.)
1,1 Oct. 1 Holders of rec. Sept.15
American Express (quar.)
*31.50 Oct. 1 *Holders of rec. Sept.
Am La France Fire Eng. Inc., corn.(qu.) 25c. Nov. 18 Holders of rec. Nov. 10
2
Preferred (quar.)
1,1 Oct.
Holders of rec. Sept. 15
American Snuff, corn.(quar.)
3
Oct.
Holders of rec. Sept. ha
Preferred (guar.)
131 Oct.
Holders of rec.
Amer. Steel Foundries, corn.(quar.).. •750. Oct. 1 *Holders of rec. Sept.1la
Oct. 1
Preferred (quar.)
•151 Sept.3 *Hclders of rec. Sept.15
American Woolen, pref.(quar.)
1,1 Oct. 1
Sept.
16
to
Sept.
24
Associated Oil (quar.)
•500. Oct. 2 *Holders of rec. Sept.30
Beatrice Creamery, corn.(quar.)
'
81.25 Oct.
*Holders of rec. Sept. 19
Preferred (quar.)
•1% Oct.
*Holders of rec. Sept. 19
Beech-Nut Packing, corn. (altar.)
600. Oct. 1 Holders of rec. Sept. 25
Preferred, Class B (quar.)
1,1 Oct. 1 Holders of rec. Oct. 1
Bingham Mines (quar.)
50e. Sept.3 Holders of rec. Sept.19a
Boott Mills(quar.)
*1% Sept. *Holders of rec. Aug. 15
Borne Scrymser Co
4
Oct. 1 Sept.27 to Oct. 14
Extra
4
Oct. 1 Sept.27 to Oct. 14
Burns Bros., pref. (quar.)
'151 Oct.
*Holders of rec. Sept. 21
Cambria Iron
Oct.
*81
*Holders of rec. Sept. 15
Canadian Locomotive, pref. (quar.)__ - - *1% Oct.
*Holders of rec. Sept.30
Chrysler Corporation, Pref. (quar.)- - *32
Oct. 2 *Holders of rec. Oct. 10
Commercial Invest.Trust., lot pf.(qu
Holders of rec. Sept.154
151 Oct.
Consolidated Cigar Corp., prof
h1M Oct.
Holders of rec. Sept.15a
Corona Typewriter,corn.((mar.)
*Holders of rec. Sept.15a
*50c. Oct.
First preferred (quar.)
*2
*Holders of rec. Sept.15a
Oct.
Second preferred (guar.)
4.1% Oct.
*Holders of rec. Sept.15a
Dome Mines, Ltd. (guar.)
*30c. Oct. 2 *Holders of rec. Sept.30
Draper Corporation (quar.)
Oct.
2
Holders of rec. Sept. 5
Dunham (James H.)& Co., corn.(quar.)
Oct.
*Holders of rec. Sept. 18
First preferred (guar.)
*Holders of rec. Sept. 18
Oct.
Second preferred (guar.)
*Holders of rec. Sept. 18
Oct.
Eastern Steamship, no par pref.(quar.)_ *8731c Oct. 1 *Holders of rec.
Oct. 8
First preferred (quar.)
*1,1 Oct.
*Helders of rec. Sept. 24
Emerson Elec. Mfg.. pref.(quar.)
1% Oct.
Holders of rec. Aug. 20
Equitable Office Bldg.,Pref.
.(quar.)
1% Oct.
Holders of rec. Sept. 15
Galena-Signal Oil. pref.& new pref.(qu.) *2
Sept.3 *Holders of rec. Sept. 10
General Railway Signal, corn.(guar.)._ _ •1% Oct.
*Holders of rec. Sept.20
Common (extra)
*Holders of rec. Sept.20
•1% Oct.
Preferred (quar.)
"1% Oct.
*Helders of rec. Sept.20
Gleasonite Products, corn.(quar.)
2% Sept.1 Holders of rec. Sept. 1
Globe Wernicke, common (guar.)
Sept.1 Holders of rec. Aug. 31
154
Hammermill Paper, pref. (guar.)
*Holders of rec. Sept. 20
Oct.
Helme (George W.) Co., common (qu.)_ 3
Oct.
Holders of rec. Sept. 14
Preferred (quar.)
1% Oct.
Holders of rec. Sept. 14
Hercules Powder, common (guar.)
131 Sept.2 Sept.10 to Sept.24
Homestake Mining (monthly)
500. Sept.2 Holders of rec. Sept. 19
Hood Rubber, common (qum.)
Sept.3 *Holders of rec. Sept. 19
•31
Imperial Tobacco of Canada, ordlnary_. .155 Sept.2
International Nickel, common (quar.).... 50c. Sept.3 Holders of roe.
Sept. 11
International Shoe. corn,(quar.)
*31.25 Oct.
*Holders of rec. Sept. 15
Preferred (monthly)
'1
Oct.
*Holders of rec. Sept. 15
Intertype Corporation, 1st pref.(guar.). $2
Oct.
Holders of rec. Sept. 15
Jordan Motor Car, common (quar.) -- '7f0. Sept.3 *Holders of rec. Sept.
15
Preferred (quar.)
"151 Sept.3 *Holders of rec. Sept. 15
Kaufmann Dept. Stores, pref. (guar.)- 1% Oct.
Holders of rec. Sept. 21
Kennecott Copper Corp.(qUM.)
750. Oct.
Holders of rec. Sept. 11
Kilburn Mills (quar.)
2
Sept. 1 Holders cf rec. Aug. 31
King Philip Mills(quar.)
'154 Oct.
*Hciders of rec. Sept. 21
Kresge Department Stores, pref. (quar.) *2
Oct.
*Holders of rec. Sept. 15
Lake Shcre Mines, Ltd.(quar.)
5
Sept.1 Holders of rec. Sept. 1
Lorillard (P.) Co., common (quar.)
75e. Oct.
Hclders of rec. Sept. 15
Preferred (quar.)
1% Oct.
Herders of rec. Sept. 15
Magma Copper Co
75c. Oct. 1 Holders of rec. Oct. 1
Marital Sugar, pref. (guar.)
Oct.
*Holders of rec. Sept.15
Manhattan Electrical Supply (quar.)__ _ 81.12% Oct.
Holders of rec. Sept. 19
Metropolitan Filling Stations, corn.(qu.) 3
Oct.
Holders of rec. Sept.15
Common, Class A (quar.)
3
Oct.
Holders of rec. Sept. 15
Preferred (quar.)
2
Oct.
Holders of rec. Sept. 15
Midland Steel Products. common (quar.) *81
Oct.
*Holders of rec. Sept. 15
Common (extra)
4.450. Oct.
*Holders
of rec. Sept. 15
es2
Preferred (guar.)
Oct.
*Holders of rec. Sept. 15
Preferred (extra)
.21
*Holders of rec. Sept. 15
Oct.
Motion Picture Capital Corp., common_ 3754c Sept.2 Holders of
ree. Sept.
Preferred (guar.)
2
Oct. 1 Holders of rec. Oct. 10
1
Mountain Producers corp. (guar.)
200. Oct.
Holders of rec. Sept. 15a
Extra
30e. Oct.
Holders of rec. Sept. 150
National Breweries, pref.(quar.)
•1% Oct.
*Holders of rec. Sept. 15
Nichols cooper Co., preferred (quar.)
1% Oct.
Holders of rec. Sept. 21
Orpheum Circuit, corn.(monthly)
•15c. Oct.
*Holders of rec. Sept. 19
Commcn (monthly)
*15c. Nov.
*Holders of rec. Oct. 20
Common (monthly)
•15c. Dec.
*Holders of rec. Nov.20
Palge-Detroit Motor Car, common (qu.)•35c. Oct.
*Holders of rec. Sept. 15
Paraffine Companies, common (guar.).- 31
Sept.2 Holders of rec. Sept. 180
Preferred (quar.)
151 Sept.2 Holders of rec. Sept.
18a
Phillips Petroleum (quar.)
•500. Oct.
*Holders cf rec. Sept. 15
Pierce-Arrow Motor Car. prior pf.(qu.)_ *2
Oct.
*Holders of rec. Sept. 15
Pines Winterfront Co., common (guar.). 50o. Sept.
Aug. 16 to Aug.
Pittsburgh Steel, common (quar.)
•1
Oct. 1 Holders of rec. Aug. 31
31
Price Bros., Ltd.(quar.)
'II Oct.
*Holders of rec. Sept. 15
Reynolds (RS.) Tob.,cm.& cm.B (qu.) 750. Oct.
Holders of rec. Sept. 18
Preferred (guar.)
1% Oct.
Holders of rec. Sept.18
Richardson&BoyntonCo.,partic.pf.(qu.) 750. Oct.
Holders of rec. Sept. 15
Royal Baking Powder, corn. (guar.)._ _ *2
Sept.3 *Holders of rec. Sept. 13
Preferred (guar.)
• 54 Sept.3 *Holders of rec. Sept. 13
Salt Creek Censor. Oil (guar.)
•15c. Oct.
*Holders of rec. Sept.15
Silo, House of A. Inc.. pref.(quar.)
*154 Sept.- *Holders of rec. Aug. 27
Simmons Company, common (quar.)__ - *50c. Oct.
*Holders of rec. Sept. 15
Standard Oil (Kentucky)(quar.)
'31
Sept.3 *Holders of rec. Sept. 15
Sterling 011 & Development
site. Oct.
*Holders of rec. Sept. 25
Extra
•10o. Oct.
*Holders of rec. Sept. 25
Swift & Co. (quer.)
2
Oct.
Holders of rec. Sept. 10
Tide Water 011
"25c. Sept.3 *Holders of rec. Sept.
18
United States Tobacco.common (quay.). 750. Oct.
Holders of rec. Sept. 14
Preferred (quar.)
151 Oct.
Holders of rec. Sept. 14
Ward Baking Corp., Preferred (quar.)
1,1 Oct.
Holders of rec. Sept. 15
Western Canada Flour Mills (cmar.)
*2
Sept.1 *Holders of rec. Sept. 5
Name of Company.
1197
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Weston Electric Instrument cl. A (qtr.)- *50c.
Westinghouse Elec. & Mfg., corn. (qu.)_ *El
Preferred (quar.)
'51
Wurlitser(Rudolph) Co..7% pt.(qu.)
1%
Oct.
Oct.
Oct.
Oct.
Books Closed.
Days Inclusive.
1 "Holders of rec. Sept. 16
31 *Holders of rec. Sept.30
15 *Holders of rec. Sept.30
1 Holdere of rec. Sept. 19
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Bangor Sc Aroostook, corn. (quar.)
Preferred (quar.)
Boston & Albany (quar.)
Boston & Providence (quar.)
Canadian Pacific, corn. (quar.)
Preference
Consolidated lilts. of Cuba, pref.(quar.)
Cuba RR., common (guar.)
Preferred
Delaware& Hudson Co.(quar.)
Erie dr Pittsburgh (quar.)
Fonda Johnstown & Gloversv., pf.(qu.)_
Lackawanna RR.of N.J.(quar.)
Newark &Bloomfield
N.Y.Chic.& St. L., corn.& pref.(qu.)_
N.Y. Lackawanna Sc Western (quar.)_ _
Norfolk Sc Western, corn, (quar.
Reading Company. 1st preferred (quar.)
Second preferred (quar.)
St.Louis-San Fran., pref.. Ser. A.(qu.)
St. Louis Southwestern, pref. (quar.)-Southern Pacific Co. (quar.)
Union Pacific, common (quar.)
Preferred
Warren
75o. Oct. 1
154 Oct. 1
2
Sept.30
2% Oct. 1
2% Oct 1
2
Oct. 1
31.50 Oct. 1
$1.50 Sept.30
3
Febl'26
231 Sept.21
87 M c Sept.10
131 Sept.15
1
Oct. 1
3
Oct. 1
131 Oct. 1
134 Oct. 1
154 Sept.19
50c Sept.10
50c Oct. 8
135 Nov. 2
134 Sept.30
1% Oct. 1
2% Oct. 1
2
Oat. 1
3% Oct. 15
Holders of rec. Sept.160
Holders of rec. Sept.150
Holders of rec. Aug. 310
Holders of rec. Sept. 19
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Holders of rec. Sept.15
Holders of rec. Sept.290
Holders of rec. Jan. 150
Holders of roe. Aug. 280
Holders of rec. Aug. 310
Holders of rec. Sept.10
Holders of rec. Sept. Sa
Holders of rec. Sept.220
Holders of rec. Aug. 154
Holders of rec. Sept.15a
Holders of rec. Aug. 310
Holders of rec. Aug. 244
Holders of rec. Sept.22a
Holders of ree. Oct. 150
Sept. 6 to Oct. 6
Holders of rec. Aug. 310
Holders of rec. Sept. 10
Holders of rec. Sept. la
Holders of rec. Oct. fra
Public Utilities.
Amer. Public Service, pref. (quer.). _ _
Oct.
1Holders of rec. Sept.15
Amer.Public Utilities, prior pref.(guar.)
Oct.
iHolders of rec. Sept.15
Participating preferred (quer.)
Oct.
Molders of rec. Sept.15
Amer. Telep. & Teleg. (quar.)
Oct. 15 Holders of rec. Sept. 194
Arkansas Natural Gas (quar.)
Oct. 1 Holders of rec. Sept.100
Associated Gas Sc Elec.Co.. Prof.(extra)
Oct. 1 Holders of rec.Sept. be
Preferred (extra)
Jan 1'26 Holders of rec. Dec. 10a
Class A (quar.)
Nov. 1 Holders of rec. Oct. 96
Barcelona Tr. Lt. Sc Pr.7% pref.(qu.)
Sept.30 Holders of rec. Sept.16
Bell Telephone of Pa. Prof.. (altar.)
Oct. 16 Holders of rec. Sept.190
Beloit Water, Gas Sc El. CO., pref. (qu.)
Oct. 1 Holders of rec. Sept.25
Brooklyn Union Gas(quar.)
Oct. 1 Holders of rec. Sept.120
Buff. Meg Sc East.Pow., corn.(No. 1)_
Oct. 1 Sept. 13 to Sept.27
Oct. 1 Sept.13 to Sept.27a
Preferred (guar.)
Calumet Gas Sc Electric, pref. (quar.).
Sept.17 Holders of rec. Aug. 31
Central Di.Pub.fiery., pref.(quar.)
Oct. 15 *Holders of rec. Sept.30
Sept.30 *Holders of rec. Sept.15
Chicago City Ry.(quer.)
Oct. 1 Holders of rec. Sept.154
Chic. North Shore Sc Milw., pref.(quar.)
Oct. 1 Holders of rec. Sept.154
Prior lien stock (quar.)
Chicago Rapid Transit, pref.(monthly)_
Oct. 1 *Holders of roe..Sept. 15
Nov. 1 *Holders of rec. Oct. 29
Monthly
Dec. 1 *Holders of rec. Nov.17
Monthly
Consolidated Gas of N. Y., corn.(qu.)
Sept.15 Holders of rec. Aug. 113
Consolidated Gas, New York, pref.(qu.)
Nov. 2 'Holders of rec. Oct. 15
Oct. 1 Holders of rec. Sept.150
Cons. Gas El. L.Sc P., Balt., com.(qu.)_
Oct. 1 Holders of rec. Sept.150
8% preferred (quar.)
Oct. 1 Holders of rec. Sept. 154
7% Preferred (guar.)
Oct. 1 Holders of rec. Sept. 154
654% preferred (quar.)
Oct. 1 Holders of rec. Sept.154
6% preferred (quar.)
Consumers Power$1.50 Oct. 1 Holders of rec. Sept. 15
6% pref. (guar.)
21.65 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (quar.)
21.75 Oct. 1 Holders of rec. Sept. 15
7% preferred (quar.)
50e. Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
55c. Oct.
8.6% preferred (monthly)
Holders of rec. Sept. 15
'Continental Gas Sc Elec., corn.
Holders of rec. Sept.120
31.10 Oct.
Prior preference (quar.)
Holders of rec. Sept.12a
1% Oct.
Participating preferred (quar.)
HoMers of rec. Sept.120
134 Oct.
Participating preferred (extra)
Holders of rec. Sept.180
• Si Oct.
Preferred (quar)
1;4 Oct.
Holders of rec. Sept.12a
Diamond Slate Telep.. pref. (quar.)__ _ _
Oct. 1 *Holders of rec. Sept.19
Duquesne Light, 1st pref. (quar.)
1,4 Sept. 1 Holders of rec. Aug. 156
El Paso Elec. Co., corn.(quar.)
31.25 Sept. 1 Holders of rec. Sept. la
Federal Light Sc Traction, common
20c. Oct.
Holders of rec. Sept.15
Common (payable in common stock).. 15c. Oct.
Holders of rec. Sept.15
Galveston-Houston Elec. Co., pref
3
Sept.15 Holders of rec. Sept. 1
Gen.Gas & Elec., Del.,corn. A(No.1) *3731e Oct. 1 *Holders of rec. Sept.15
Preferred class A ($8) (quar.)
Oct. 1 Holders of rec. Sept.15
-$2
Preferred, Class A ($7) (quar.)
$1.75 Oct. 1 Holders of rec. Sept.13
Preferred B (quar.)
$1.75 Oct. 1 Holders of rec. Sept.15
Georgia Railway Sc PowerFirst pref.8% Ser. of'22 Sc'24(quar.) 2
Oct. 1 Holders of roe. Sept.10
First pref.7% Ser.of'24 Sc '25 (quar.)
1 Holders of rec. Sept.10
Oct.134
Second preferred (quar.)
1
Dec. 1 Holders of sec Nov 20
Illinois Bell Telephone (quar.)
Sept.30 *Holders of rec. Sept.29
'2
City
Kansas
Pr. Sc Lt., lot pf. A (qu.)._ 1% Oct. 1 Holders of rec. Sept.150
Kentucky Hydro-Elec.Co., pref.(qu.)
•134 Sept.21 *Holders of roe. Aug. 31
Laclede Gas Light, common (quar.)_ _
Sept.15 Holders of rec. Sept. la
2
Louisville Gas Sc Elec. of Del.Class A Sc B (quer.) (No. 1)
4334 Sept.25 Holders of rec. Aug. 310
Mackay Companies, corn.(quar.)
1% Oct. 1 Holders of rec. Sept. 50
Preferred (quar.)
1
Oct. 1 Holders of rec. Sept. Se
Massachusetts Lighting Cos., corn.(qu.)•750. Sept.30 *Holders of rec. Sept.10
Middle West Utilities, pref. (quar.)___. 1% Oct. 15 Holders of rec. Sept.301
Prior lien (quar.)
1% Sept.15 Holders of rec. Aug. 31
Montana Power, corn. (quar.)
1
Oct. 1 Holders of rec. Sept.lla
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept.110
National Power Sc Light. pref. (guar.)._ 51.75 Oct. 1 Holders of rec. Sept.15
National Public Serv., corn. el. A (qu.).. 40e. Sept.15 Holders of rec. Aug. 27
1
New England Tel Sc Tel.(quar.)
Sept.30 Holders of rec. Sept.100
/Newport News Sc Hampton Ry. Gas Sc
1% Oct. 1 Holders of rec. Sept. 150
Electric, common (quar.)
Prete'red (quar.)
1% Oct. 1 Holders of rec. Sept. 154
New York Steam Co., pref. (quar.)_
1% Oct. 1 Holders of rec. Sept.154
New York Telephone, pref. (quar.)
1% Oct. 15 Holders of rec. Sept.19
Niagara Falls Power, corn. (quar.)
50c. Oct. 1 Holders of rec. Sept.150
Preferred (quar.)
4351e Oct. 15 Holders of rec. Sept.30a
Niagara Lock. Sc Ont. Pow., pref. (qu.)
Oct.134
1 Holders of rec. Sept.15
(t) Oct. 1 Holders of rec. Sept. 54
North American Co., COM.(quar.)
Preferred (quar.)
75c. Oct. 1 Holders of rec. Sept. 54
No. Amer. Utility Securities Corp.First pref. allotment Ws.(quar.)
31.50 Sept.15 Holders of rec. Aug. 31
Northwest trinities, prior lien (quar.)._ $1.75 Oct. 1 Holders of rec. Sept. 15
Oklahoma Gas Sc Elec., pref. (quar.)
154 Sept 25 Holders of rec. Aug. 31
Pacific Telep. Sc Tales., pref. (quar.)_.... 1% Oct. 15 Holders of rec. Sept.304
Penn Central Light Sc Pow., pref. (qu.)_ 31
Oct. 1 Holders of rec. Sept. 104
Preferred (extra)
100. Oct. 1 Holders of rec. Sept.194
Pennsylvania-Ohio P. Sc L.,8% Pf.(qu.) 2
Nov. 2 Holders of rec. Oct. 22
1% Nov. 2 Holders of rec. Oct. 22
Seven per cent pref.(quar.)
Pennsylvania Water Sc Power (quar.)_
2
Oct. 1 Holders of rec. Sept.184
.2
Peoples Gas Light Sc Coke (quar.)
Oct. 17 "Holders of rec. Oct. 3
Philadelphia Electric, corn Sc prof.(qu.) 50c. Sept. 15 Holders of rec. Aug. 17a
Public Sem% Corp. of N. J., corn.(qu.). $1.25 Sept.30 Holders of rec. Sept. 46
Sept.30 Holders of rec. Sept. 40
2
Eight per cent preferred (quar.)
Seven per cent preferred (quar.)
134 Sept.30 Holders of rec. Sept. 4e
Southern Colorado Power Co., pf.(qu.)
134 Sept.15 Holders of ICC. Aug. 31
Standard Gas Sc Elec., 8% Pref. (quar.) 2
Sept.15 Holders of rec. Aug. 314
Tri-City Ry.Sc Light.common (quar.)_ _ 254 Oct. 1 Holders of rec. Sept.20
... 2
Common (guar.)
Jan116 Holders of rec. Dec. 20
1
Name of Company.
[Vol. 121.
THE CHRONICLE
1198
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
duPont(E.I.)deNemoursPowd.,com.(qu) 144 Nov. 2 Holders of rec. Oct. 20a
144 Nov. 2 Holders of rec. Oct. 20a
Preferred (guar.)
31.25 Oct. 1 Holders of rec. Aug. 31a
Eastman Kodak, common (guar.)
76c. Oct. 1 Holders of rec. Aug. 31a
Common (extra)
144 Oct. 1 Holders of rec. Aug. 313
Preferred (guar.)
Banks.
Oct. 1 Holders of rec. Sept.18a Economy Grocery Stores Corp.(guar.) _ 25c. Oct. 15 Holders of rec. Oct. 1
4
Commerce, National Bank of (guar.).25
Sept.
pref.
Eisenlohr
Bros.,
_
&
(guar.)
(Otto)
Oct. I Holders of rec. Sept.213
rec.
of
1%
*Holders
1
Oct.
.50e.
Standard National Corp.(quar.)
145 Sept.15 Holders of rec Sept. 10a
.2 Oct. 1 *Holders of rec Sept.25 Empire Brick & Supply (quar.)
Standard(guar.)
Sept.30i
Equitable Office Bldg., corn. (guar.)._ _
Holders of rec. Sept.15
20c. Oct. 1 Holders of rec. Sept. 190
Fair (The), common (monthly)
Trust Companies.
20c. Nov. 1 Holders of rec. Oct. 20a
Common (monthly)
Sept.30 Holders of rec. Sept. 18a
3
Equitable (guar.)
134 Sept.30 Holders of rec. Sept. 193 Fairbanks-Morse & Co.. corn. (quar.). 65c, Sept.30 Holders of rec. Sept. 15a
Lawyers
Famous Players-Lasky Corp., corn.(qu.) 2
Oct. 1 Holders of rec. Sept. 15a
Sept.30 Holders of rec. Sept. 22
4
Title Guarantee & Trust (extra)
154 Sept.15 Holders of rec. Aug. 25a
Federal Mining & Smelting, pref. (qu.)_
.30e.
Oct. 1 .Holders of rec. Sept. 19
(guar.)
Federal
Truck
Motor
Miscellaneous.
Oct. 1 Holders of roe. Sept. 164
$1.50 Sept.30 Holders of rec. Sept.153 Fisher Body Ohio Co.. pref. (guar.).- 2
Adams Express (guar.)
Fleishmarin Co., corn. (guar.)
51
Oct. I Holders of rec. Sept. 150
Advance-Rumely Co., pref. (quar.)___ _ *75c. Oct. 1 *Holders of rec. Sept.15
$1
Oct. I Holders of rec. Sept. 156
Common (extra)
Oct. 15 Holders of rec. Sept. 30a
Si
Air Reduction,Inc.(guar.)
250, Oct. 1 Sept. 1 to Sept.30
Oct. 15 Holders of rec. Sept. 30a Foot Bros. Gear & Machine, corn.(qu.
Si
Extra
Common (quarterly)
25c. Jan1'26 Dec. 21 to Dee. 31
1% Oct. I Holders of rec. Sept. 15a
Allied Chemical & Dye, pref. (quar.)...
$2
Sept.15 Holders of rec. Sept. 1
Aluminum Manufactures.Inc., com.(qu) 3734c. Sept.30 Holders of rec. Sept.16a Foundation Co.. common (quar.)
*1.50 Oct. 1 Holders of rec. Sept 210
3734c. Dec. 31 Holders of rec. Dec. 15a Francisco Sugar (quar.)
Common (quar.)
1% Oct. 1 Holders of rec. Sept.20a Gabriel Snubber Mfg., corn. (quar.)_ _ _ _ 6212c Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
$1.25 Sept.15 Holders of rec. Sept. 5
Preferred (guar.)
134 Janl'26 Holders of rec. Dec. 20a Gamewell Company, corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 15a General Cigar Co., Inc., deb. pref. (qu.) 114 Oct. 1 Holders of rec. Sept.240
American Bank Note, pref. (guar.)
2
Oct. 15 Holders of rec Sept. 3a
Oct. 31 Holders of rec. Oct. 10a General Electric, common (quar.)
I
American Beet Sugar,common (guar.).
Common (payable in special stock)_ _ (0) Oct. 15 Holders of rec. Sept. Sa
Jan30'26 Holders of rec.Jan.9 260
1
Common (quar.)
15c.
16a
1
Sept.
rec.
Special
of
(guar.)
Holders
stock
Oct. 15 Holders of rec. Sept. 30
Oct.
In
American Can, prof.(guar.)
General Motors, common (guar.)
$1.50 Sept. 12 Holders of rec. Aug. 24a
500. Sept.30 Sept.20 to Sept.30
American Chain, Class A (quay.)
Si
Common (extra)
Sept. 12 Holders of me. Aug. 240
Amer. Chicle, 7% pref. (four mos. dlr.). $2.33 Oct. 1 Holders of rec. Sept. 15a
7% preferred (guar.)
144 Nov. 2 Holders of rec. Oct. 5a
Six per cent preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
6% preferred (guar.)
145 Nov. 2 Holders of rec. Oct. 5a
Oct. 15 Holders of rec. Sept. 303
2
Amer. Greenhouse Mfg., pref. (guar.)_
1
stock
1
Dec.
debenture
DO.
to
6%
(guar.)
144 Nov. 2 Holders of rec. Oct. ba
23
Nov.
Amer.Laundry Machinery,corn.(qu.)_ _ 75c.
60c. Sept.15 Holders of rec. Aug. 310
General l'etroleum,common (guar.)
154 Oct. 15 Oct. 6 to Oct. 15
Preferred (guar.)
01% Oct. 1 *Holders of rec. Sept.15
1% Oct. 1 Holders of lee. Sept. 19a Glidden Co., prior Prof.(guar.)
American Linseed, pref.(guar.)
Sept.30 Holders of rec. Sept.143 Globe Soap, 1st, 2d & spec. prof.(quar.) 1% Sept.15 Sept. 1 to Sept.15
American Locomotive, common (guar.). $2
$2.50 Sept.30 Holders of rec. Sept.14a Goodrich (B. F.) Co., pref. (quar.)-- 114 Oct 1 Holders of rec. Sept. 150
Common (extra)
Deo. 31 Holders of rec. Dec. 140 Goodyear Tire & Rubber, prior pref.(qu.) 2
Oct. 1 Holders of rec. Sept.15a
52.50
Common (extra)
1% Oct. 15 Holders of rec. Sept.156
Preferred (quar.)
151 Sept.30 Holders of rec. Sept. 14a
Preferred (quar.)
25c. Oct. 1 Holders of rec. Sept. 196
Gossard (H. W.) Co. (monthly)
144 Oct. I Sept. 16 to Sept.30
Amer. Manufacturing, corn. (quar.).__.
25c. Nov. 2 Holders of rec. Oct. 2I0
1% Dec. 31 Dec. 16 to Dec. 30
Monthly
common (quar.)
25c, Dec. 1 Holders of MC. Nov.206
Monthly
134 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
(guar.)
50c.
30
Dec.
Dee.
A
Sept.15 Holders of rec. Sept. 1
to
Gould
16
Class
Dec.
31
Coupler,
134
Preferred (guar.)
Sept.30 Holders of rec. Sept. 15a Great Atlantic & Pacific Tea, COM.(qu.) $1.25 Sept.15 Holders of rm. Sept.10a
$1
Amer. Radiator, corn. (guar.)
134 Sept.30 Holders of rec. Sept. 15a Greenfield Tap & Die,6% Pref.(guar.). 1% Oct. 1 Holders of rec. Sept.150
American Railway Express (guar.)
2
Oct. 1 Holders of rm. Sept.15a
50e. Oct. 15 Holders of rec. Sept.Ito
Eight per cent preferred (guar.)
Amer. Rolling Mill, common (guar.)
2
Sept.30 Holders of rec. Sept.lba
1% Oct. 1 Holders of rec. Sept.15a Guantanamo Sugar, preferred (quar.)__ _
Preferred (guar.)
$1.25 Oct. 1 Holders of rec. Sept. lba
75c. Oct. I Holders of rec. Sept. 10a Gulf States Steel, common (qua?.)
American Safety Razor Corp. (guar.)
114 Oct. 1 Holders of rec. Sept. 15a
First preferred (guar.)
Nov. 2 Holders of rec. Oct. 156
2
American Shipbuilding. COM. (quar.)
134 Jan 326 Holders of rec. Dec. 160
First preferred (guar.)
134 Nov. 2 Holders of rec. Oct. 15
Preferred (guar.)
250. Sept.15 Holders of rec. Sept.100
Hall (C. M.) Lamp
40c. Oct. 1 Sept. 16 to Oct. 1
American Stores (guar.)
25c. Dec. 15 Holders of rec. Dec. 106
American Sugar Refining, pref. (guar.). • 144 Oct. 2 Holders of rec. Sept. la Hall (C. Si.) Lamp
144 Oct. 1 Holders of rec. Sept. 100 Harbison-Walker Refractories, prof.(qu.) 144 Oct. 20 Holders of rec. Oct. 10a
American Tobacco, pref. (guar.)
75o. Sept.15 Holders of rec. Aug. 31a
Armour & Co., Ills., cl. A corn. (guar.). 50c. Oct. 1 Holders of rec. Sept. 10a Hayes Wheel Co.,common (quar.)
250. Sept.15 Holders of rec. Aug. 31a
Common (extra)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10a
75e. Dec. 15 Holders of rec. Nov.30a
10a
Sept.
1
Oct.
rec.
of
Holders
Common
Armour & Co., Delaware, pref.(guar.) _
(guar.)
134
25c. Dec. 15 Holders of rec. Nov. 30a
Common (extra)
Asbestos Corporation,tom.& pref.(qu.) 134 Oct. 15 Holders of rec. Sept. 30
1.44 Sept.15 Holders of rec. Aug. 31a
Sept.15 Holders of rec. Sept. 5
Preferred (quar.)
I
Atlantic Terra Cotta. pref. (guar.)
1% Dec. 15 Holders of rec. Nov.30a
Sept 10 Holders of rec. Aug. 31a
$1
Preferred (guar.)
Atlas Powder,common (guar.)
50c. Sept.15 Holders of rec. Aug. 15a
to Sept. 30
Heels Mining (guar.)
Auburn Automobile, common (quar.)__. 75c. Sept 30 Sept.21
Sept.15 Holders of rec. Sept. 5a Hibbard,Spencer,Bartlett & Co.,(mthlY) 35c. Aug. 28 Holders of rec. Aug. 21
2
Autocar Co.. pref. (guar.)
Sc. Sept. 9 Holders of rec. Aug. 24
Hollinger Consol. Gold Mine
154 Oct. 1 Holders of rec. Sept.20
Babcock & Wilcox Co.(guar.)
26c. Sept. 30 Holders of rec. Sept.15
Holly Oil
Quarterly
134 Joni'26 Holders of rec. Dee. 20
75c• Oct. 1 Holders of rec. Sept. 150
Quarterly
134 Aprl'26 Holders rec. Mar 20'26a Hudson Motor Car (guar.)
144 Oct. 1 Holders of rec. Sept.21
Balaban & Katz, common (monthly)... 25c. Oct. 1 Holders of rec. Sept. 20a Hydraulic Press Brick, preferred (guar.)_
2.40 Oct 15 Oct. 4 to Oct. 15
134 Oct. 1 Holders of rec. Sept 200 Illinois Brick (guar.)
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept 216
Yielding Bros.& Co., corn.(au.)(No. 1)_ 75c. Oct. 1 Holders of rec. Sept.21a India Tire dc Rubber, corn.(mar.)
1% Oct. 1 Holders of rec. Sept.216
Preferred (quar.)
134 Sept.15 Holders of rec. Aug. 31
Belding-Corticelli, Ltd., pref.(guar.)
(guar.)
of
141
*Holders
1
Oct. 1 Holders of rec. Sept. 15a
Oct.
rec.
Inland
*600.
Sept. 15
Bendix Corp., class A (guar.)
Steel, preferred
50c. Oct. 1 Holders of rec. Sept.20
Inspiration Consol.Copper Co.(guar.)_ _ 50c. Oct. 5 Holders of rec. Sept. 170
Berry Motor (guar.)
$2
Oct. 10 Holders of rec. Sept.243
Bessemer Lime St.&Cement, corn. (qu.) *144 Oct. 1 +Holders of rec. Sept. 20
International Business Machines (au.)
Sept.30 Holders of rec. Sept. 150
Preferred (guar.)
International Cement, corn. (guar.)._ _ _ Si
•134 Oct. 1 *Holders of rec. Sept.20
154 Sept.30 Holders of rec. Sept.150
1;4 Oct. 1 Holders of rec. Sept. la
Preferred (guar.)
Bethlehem Steel, 7% pref.(guar.)
234 Sept.30 Holders of rec. Sept. 150
Oct. 1 Holders of rec. Sept. la Int. Concrete Industries(guar.)
2
Eight per cent preferred (guar.)
134 Oct. 15 Holders of roe. Sept.256
134 Sept.15 Holders of rec. Sept. la International Harvester Corn.(guar.). _
Borden Company, preferred (guar.)
_
60c. Oct. I Holders of rec. Sept. 18a internat. Match Corp., panic. pt.(qu.). 80c. Oct. 15 Holders of rec. Sept.256
Borg & Beck (guar.)
144 Oct. 15 Holders of rec. Oct. la
Boston Woven Hose & Rub., corn.(qu.). ELM Sept.15 Holders of rec. Snst. la International Paper, 7% pref. (quar.)_ _
115 Oct. 15 Holders of rec. Oct. la
Six per cent preferred (guar.)
(I) Sept.30 Holders of coup. No.107 I
British-Amer. Tobacco, ordinary
134 Oct. 1 Holders of rec. Sept.151
Sept.15 Holders of rec. Aug. 21
Si
International Salt (quar.)
Buckeye Pipe Line (guar.)
1% Oct. 1 Holders of rec. Sept.150
International Silver, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 19
Bucyrus Company,corn. (guar.)
A
Oct. 1 Holders of rec. Sept. 15a
Pref. (acct. accum. dividends)
1% Oct. 1 Holders of rec. Sept.19
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept.19a
50c. Sep t. 30 Holders of rec. Sept.10a Jewel Tea, Preferred (guar.)
Budd Wheel, corn. (guar.)
134 Sept.30 Holders of rec. Sept.10a
Preferred (account accum. dividends). 6244 Oct. 1 Holders of roe Sept. 193
First preferred (guar.)
Burroughs Adding Machine, corn.(au.). 75e. Sept.30 Holders of rec. Sept.15a Jones & Laughlin Steel, preferred (guar.) 1% Oct. 1 Holders of rec. Sept.150
$2
Oct. 1 Holders of rec. Sept.21
Kayser (Julius) & Co., pref.(guar.).151 Sept.30 Holders of rec. Sept.15
Preferred ((mar.)
8
Sept. 15 Holders of rec. Aug. 31
Bush Terminal 7% deb. stock (quar.). _ 51.75 Oct. 15 Holders of rec. Oct. la Keeley Silver Mines
4
Sept. lb Holders of rec. Aug. 31
1 Hoidens of rec. Sept.17a
1% Oct
Bonus
Bush Terminal Bldgs., pro!. (quar.)__
Oct. 1 Holders of rec. Sept.200
31.50 Sept.15 Holders of rec. Aug. 31a Kinney (G.R.) Co., common
California Packing, corn. (guar.)
.37 A c Oct. 1 *Holders of rec. Sept. 18
Sept.21 Holders of rec. Sept. 4a Kraft Cheese, corn.(guar.)
Si
Calumet & Arizona Mining (guar.)
*2
Oct. 1 'Holders of rm. Sept.18
Preferred (guar.)
Calumet & Heels Consol. Copper (guar.) 50o. Sept.15 Holders of ree. Aug. 31a
2
Oct. 1 Holders of rec. Sept. lba
Kresge(S. S.) Co.,corn.(guar-)
Canadian Car & Fdy., corn. & pf. (qu.) 144 Oct. 9 Holders of rec. Sept. 25
1% Oct. 1 Holders of rec. Sept.150
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 12a
Canadian General Elec., pref. (guar )
244 Oct. 1 Holders of rm. Sept.I90
144 Sept.15 Holders of rec. Sept. 10
Lawyers Title & Guaranty Co
Carter (William) Co., pref. (guar.)
Lehigh & Wilkes-Barre Coal Corp.
244 Nov. 15 Holders of roe. Nov. 1
Casey-Hedges Co.. common (guar.)-$2
Sept. 10 Sept. 2 to Sept.10
Common (guar.)
Preferred (guar.)
134 Oct. I
7. Sept. 10 Sept. 2 to Sept. 10
Chesebrough Mfg., common (quar.)- _ 62 A c. Sept.30 Holders of rec. Sept. 10a
Preferred (guar.)
13.4 Oct. 1 Holders of rec. Sept. Ha
134 Sept.30 Holders of rec. Sept.19a Liggett & Myers Tob., pref. (guar.) - - Preferred (guar.)
50c. Sept. 30 Holders of rec. Sept. 12a
.6214c Oct. 1 *Holders of rec. Sept.16
Chicago Fuse Mfg.(guar.)
Loew's, Incorporated (guar.)
Sept.30 Holders of rec. Sept. 100
1% Oct. I Holders of rec. Sept. 21
Long Bell Lumber, Class A corn..(guar.) $I
Chicago Mill k Lumber, pref.(guar.)._ _
245 Oct. 1 Holders of rec. Sept. 170
33 1-3c Oct. 1 Holders of rec. Sept.21a Lord & Taylor, common (guar-)
Chicago Yellow Cab (monthly)
1
Oct. 5
33 1-3c Nov. 2 Holders of rec. Oct. 20a Magnolia Petroleum, stock dividend_
Monthly
114 Oct. 1 Holders of rec. Sept.221
33I-3c Dec. 1 Holders of rec. Nov.20a Mallinson(H.It.) & Co., Inc., pref
Monthly
141 Oct. 1 Holders of roe. Sept.lba
Sept. 10 Holders of rec. Aug. 28
Marland Oil, preferred (guar.)
Childs Company, tom.. $100 par (quar.) 3
Mathieson Alkali Works, prof. (guar.).- •134 Oct. 1 *Holders of rec. Sept.18
No par value common stock (quar.)_ _ 600. Sept. 10 Holders of rec. Aug. 28
1)4 Oct. 1 Holders of rec. Sept. 15a
May Department Stores, pref. (guar.)_ _
134 Sept. 10 Holders of rec. Aug. 28
Preferred (guar.)
1% Oct. 1 Sept. 16 to Sept.30
(o) Oct. 1 Holders of rec. Aug 28a McCall Corp.. first pref. (guar.)
Childs Co., corn.(no par) (extra)
8
Oct. 1 Sept. 16 to Sept.29
dividends)
accum.
280
30
Nov
Dec.
rec.
of
(o)
Holders
First pref. (account
Common (no par value)(extra)
134 Nov. 1 Holders of roe. Oet. 206
McCrory Stores, preferred (guar.)
62 A c Sept.28 Holders of rec. Sept.12a
Chill Copper Co.(guar.)
234 Sept.30 Holders of rec. Sept. 20
Mergenthaler Linotype (guar.)
Cities Service Co134 Sept.30 Holders of roe. Sept. 2s
Extra
A Oct. 1 Holders of rec. Sept.15
Common (monthly)
131 Sept.15 Holders of rec. Aug. 316
./A Oct. 1 Holders of rec. Sept.15
Metro-Goldwyn Pictures, pref.((Atari- Common (payable in common stock)_
144 Sept.15 Holders of rec. Aug. 314
(quar.)16
Sept.
Oct.
rec.
corn.
of
Holders
1
34
Montreal Cottons, Ltd.,
Preferred and preferred B (monthly)- _
I% Sept.15 Holders of rec. Aug. 31a
Preferred (guar.)
City Ice & Fuel of Cleveland, corn. (qu.) 50c. Dec. 1 Holders of rec. Nov. 11
90e• Oct. 1 Holders of rec. Sept.lba
134 Sept. 1 Holders of rec. Aug. So
Moto Meter Co., Class A (No. 1)
Cleveland Stone (guar.)
50e. Sept.20 Holders of rec. Sept. 10a
51.75 Oct. 1 Holier; of rec. Sept.15a Motor Wheel Corp., corn
Coca-Cola Co.. common (guar.)
Colts' Patent Fire Arms Mfg.(guar.)... 50c. Oct. 1 Holders of rec. Sept. 120 Murray Body Corp.
4
A Oct. 1 Holders of rec. Sept.16,
fl
stock)_.
19
Sept.
rec.
of
common
in
Holders
1
Common (payable
500. Oct.
Conner (J. T.) Co.(guar.)
Common (payable In common stock)... 1134 Jan.116 Holders of rec. Dee. 160
Continental Can, preferred (guar.)
151 Oct. 1 Holders of rec. Sept.19a
75o. Oct. 15 Holders of roe. Sept. 306
National Biscuit, corn.(guar.)
25c. Sept. 15 Aug. 16 to Sept. 15
Continental Oil (guar.)
314 Sept. 9 Aug. 19 to Aug. 25
'Doty, Incorporated (guar.)
National Candy, common
950. Sept.30 Sept. 20 to Sept.29
345 Sept. 0 Aug. 19 to Aug. 25
Sept.30 Holders of rm. Sept.15
First and second preferred
3
Craddock-Terry Co., common (guar.)._
Sept.30 Holders of rec. Sept.100
I%
(qu.).
pref.
roe.
16
Doe.
of
&Stamping,
31
Nat.
Holders
Dec.
C010111011 (guar.)
Enameling
3
1% Dec. 31 Holders of ree. Dec. 11
First and second preferred
Dee. 31 Holders of rec. Dee. 16
Preferred (guar.)
3
2
Sept.30 Holders of rec. Sept. I Is
National Lead,corn.(quar.)
Class C preferred
344 Dec. 31 Holders of rec. Dec. 15
141 Sept.15 Holders of rec. Aug. 2I6
Sept.31 Sept. 17 to Sept.30
Cramp (Wm.)& Sons S.& E. B.(quar.) $1
Preferred (guar.)
144 Oct: 2 Holders of rec. Sept. 14
144 Sept.15 Holders of rec. Sept. la National Sugar Refining, pref. (quar.)
Crane Co. common (guar.)
244 Oct. 1 Holders of rec. Sept. 180
Preferred (guar.)
154 Sept.15 Holders of rec. Sept. la National Surety (guar.)
25c. Sept.15 Holders of rec. Aug. 31a
Crucible Steel, preferred (guar.)
134 Sept.30 Holders of rec. Sept. 150 National Transit (extra)
Oct. 1 Holders of rec. Sept. 96
Cuban-Amer. Sugar, common (guar.)._ _ 50c. Sept.30 Holders of rec. Sept. 30 New York Air Brake, Class A (guar.).- - Si
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 3a New York Canners, Inc., corn.(quar.)_ _ 50e. Sept.15 Holders of rec. Sept. 4a
334 Feb. 1'26Hold. of rec. Jan.22'260
First preferred
144 Oct. 15 Oct. 6 to Oct. 16
Cudahy Packing, corn (guar.)
4
Feb. 1'261Iold. of rec. Jan.22'26
Second preferred
Cumberland Pipe Line (guar.)
Sept.15 Holders of rec. Aug. 31
3
75c. Oct. 15 Holders of rec. Sept. 18
New York Transit (guar.)
Davis Mills(guar.)
134 Sept.2( Holders of rec. Sept.12
Sept.1: Holders of rec Aug. 31a North American Provision, pref.(quar.). •134 Oct. 1 'holders of rec. Sept.10
2
Diamond Match (guar.)
Norwalk Tire & Rubber, corn. (guar.)- - 40e. Oct. 1 Holders of roe. Sept. 10a
Dominion Glass, tom. & pref. (guar.). _
1% Oct. 1 Holders of rec. Sept. 15
144 Oct. 1 Holders of rec. Sept. 10a
Preferred (qua?.)
$1.25 Oct. 1 Holders of rec. Sept. 15
Dominion Textile, corn. (guar.)
*50e. Sept.30 .Aug. 21 to Sept.20
Ohio 011 (quar.)
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept. 30
2
Oct. 1 Holders of rec. Sept. 150
25c. Sept.30 Holders of rec. Sept. la Orpheum Circuit, preferred (quar.)
Douglas-Pectin Co.(guar.)
75c. Oct. 1 Holders of rec. Sept. 160
Sept. 15 Holders of rec. Sept. la Owens Bottle, common lunar.)
dtrPont(E.I.)deNemours&Co.,com.(qu.) $2
la
1%
1 Holders of rec. Sept. 15a
Sept.
Oct
rec.
of
Preferred (guar.)
Common (extra)
Sept.15 Holders
51
131 Sept.15 .Holders of roe. Aug. 31
Debenture stock (gear.)
144 Oct. 26 Holders of rec. Oct. 103 Packard Motor Car. pref. (guar.)
Public Utilities (Concluded).
Utah Gas & Coke, pref.& partic. pf (qu)
West Penn Company,common (quar.)__
West Penn Rys.. pref. (guar.)
1% Oct. 1 Holders of rec. Sept.15
Si Sept.30 Holders of rec. Sept.15a
134 Sept.15 Holders of rec. Sept. 1
I
SEPT. 51925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days IndusEve.
Miscellaneous (Concluded).
Pennock 011 Corp. (guar.)
3714c Sept.25 Holders of rec. Sept. 15a
Pettibone-Milliken Co.. let & 2d of.(qu) 154 Oct. 1 Holders of rec. Sept. 22a
Pittsburgh Plate Glass. common (guar.) 2
Oct. 1 Holders of rec. Sept. 15a
Common (extra)
5
Oct. 1 Holders of rec. Sept. 15a
Pittsburgh Steel Foundries, pref.(qu.)
•1 i4 Oct. 1 .Holders of rec. Sept. 15
Pressed Steel Car, pref. (guar.)
14 Sept. 8 Holders of rec. Aug. 180
Preferred (guar.)
154 Dec. 8 Holders of roe. Nov. 170
154 Sept. 15 Holders of rec. Aug. 250
Procter dr Gamble,6% pref. (guar)
Pro-phy-lac-tic Brush. prof. (guar.) _ _ _
*14 Sept. 1.5 *Holders of rec. Sept. 1
134 Oct. 1 Holders of rec. Sept. 10
Pure Oil 54% Pref. (guar.)
14 Oct. 1 Holders of rec. Sept. 10
Six per cent pref. (guar.)
2
Eight per cent pref. (guar.)
Oct. 1 Holders of rec. Sept. 100
/15c. Oct. lb Holders of rec. Oct. la
Quaker Oats, common (guar.)
14 Nov.30 Holders of rec. Nov. 2a
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. la
Radio Ccrp of Amer., pref. (guar.)
2
Railway Steel-Spring, corn. (guar.).
Sept. 30 Holders of rec. Sept. 17a
14 Sept.21 Holders of rec. Sept. ba
Preferred (guar.)
Remington Typewriterlet pref.& Series S let pref. (quar.),_ _ 14 Oct. 1 Sept. 20 to Oct. 1
Republic Iron & Steel, pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 15a
I h Oct. 15 Holders of rec. Sept.:10a
Richmond Radiator, pref.(guar.)
151 Jan15'26 Holders of rec. Dec. 310
Preferred (guar.)
50o. Sept. 21 Sept. 10 to Sept. 21
St. Joseph Lead (guar.)
500
Quarterly
Dee. 21 Dec. 10 to Dec. 21
Savage Arms Corp., let pref.(quasi_ •131 Oct. 1 *Holders of rec. Sept. 15
•134 Nov. 10 *Holders of roe. Nov. 2
Second preferred (quer.)
35c. Sept.30 Holders of rec. Sept. 82
Shell Union 011 Corp., coin.(quar.)-_
14 Sept. 21 Holders of rec. Sept. 10a
Sloss-Sheffield Steel & Iron, corn.(qu.). _
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 21a
South Porto Rico Sugar, corn.(guar.) _
13.4 Oct. 1 Holder. of rec. Sept. 10a
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept 100
Southwest Pa.Pipe Lines (guar.)
31
Oct. 1 Holders of rec. Sept. 15
Standard 011 (Calif.) (guar.)
50c. Sept. 15 Holders of rec. Aug. 170
Standard 011 (Indiana) (guar.)
62.4c Sept.16 Holders of rec. Aug. 15a
Standard 011 of New JerseyCommon ($100 par) (quer.)
$1
Sept. 15 Holders of rec. Aug. 27a
(guar.)
Common ($25 par)
25e. Sept. 16 Holders of rec. Aug. 27a
Preferred (guar.)
151 Sept. 15 Holders of rec. Aug. 270
Standard 011 of New York (guar.)
•35c. Sept.15 *Holders of rec. Aug. 21
Standard 011 (Ohio). coin. (guar.)
24 Oct. 1 Holders of rec. Aug. 28
Standard Plate Glass ,prior pref. (qu.)_ _ '134 Oct. 1 *Holders of rec. Sept. 19
$1.50 Oct. 1 Holders of rec. Sept. 10a
6 Stromberg Carburetor (guar.)
25c. Sept.15 Holders of rec. Aug. 25
I6 Sun Oil Co. (gear.)
Symington Company,(Mass A (guar.)... 500. Oct. 1 Holders of rec. Sept. 15a
Temutograph Corp.. corn
25c. Nov. 2 Holders of rec. Oct. 15a
Preferred (guar.)
154 Oct. 10 Holders of rec. Sept. 30
Tennessee Copper & Chemical(guar.)_ _
250. Sept.15 Holders of rec. Aug. 310
Texas Company (guar.)
75o. Sept.30 Holders of rec. Sept. 4a
Texas Gulf Sulphur (guar.)
Sept. 15 Holders of rec. Aug. 31a
$2
Thompson-Starrett Co., preferred
4
Oct. 1 Holders of rec. Sept. 19
Timken-Roller Bearing (quar.)
75c. Sept. 5 Holders of rec. Aug. 19a
Extra
25e. Sept. 5 Holders of rec. Aug. 150
Todd Shipyards Corp. (quer.)
$1
Sept.21 Holders of rec. Sept. la
Tonopah Belmont Development
50. Oct. 1 Sept. 16 to Sept. 21
Underwood Computing Mach.. pf. (qu.) 154 Oct. 1 Holders of rec. Sept. 19
Underwood Typewriter, com.(guar.)._ 75e. Oct
1 Holders of rec. Sept. la
Preferred (guar.)
154 Oct. 1 Iloiders of rec Sept. la
Union Carbide & Carbon (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 4a
Union Storage (guar.)
214 Nov. 11 Holders of rec. Nov. 1
United Cigar Stores of Amer., coin.(qu.) $1 Sept.30 Holders of rec. Sept. 15a
Common (payable In common stock). fl 54 Sept.30 Holders of rec. Sept. 150
Preferred (guar.)
154 Sept. 15 Holders of rec. Sept. la
United Drug, first preferred (quar.)__ _
154 Nov. 2 Holders of rec. Oct. 150
United Dyewood. prof. (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
134J an V26 Holders of rec. Dec. lba
United Fruit(guar.)
24 Oct. 1 Holders of rec. Sept. 50
United Profit-Sharing, corn. (no par)___ 30e. Oct. 1 Holders of rec. Sept. 100
Common (par $1)
15
Oct. 1 Holders of rec. Sept.10a
U.S.Cast Iron Pipe & Fdy.. pref.(qtr.). 14 Sept.15 Holders of rec. Sept. la
Preferred lover.)
154 Dee. lb Holders of rec. Dec. la
40o. Sept. 30 Sept. 16 to Sept.29
U.S. Gypsum,common (guar.)
Preferred (guar.)
154 Sept.30 Sept. 16 to Sept. 29
U. S. Realty dr Impt.. coin. (guar.).- 2
Sept. 15 Holders of roe. Sept 90
Preferred (qear.)
154 Nov. 2 Holders of rec. Sept 4a
U.S.Steel Corp., COMItiOn (quer.)
134 Sept.29 Aug. 29 to Aug. 31
Common (extra)
54 Sept. 29 Aug. 29 to Aug. 31
U.S. Title Guaranty Co.(guar.)
24 Sept. 15 Holders of rec. Aug. 31a
Upson Co., corn. (guar.)
14 Sept. 15 Aug 21 CO Sept. 14
Preferred (guar.)
154 Oct. 1 Holders of rce. Sept. 15a
Vacuum 011 (guar.)
50c. Sept.19 Holders of rec. Aug. 31
Extra
50c. Sept.19 Holders of rec. Aug. 31
Valvoline Oil, common (quer.)
14 Sept. 17 Holders of rec. Sept. 12
Vulcan Detinning, pref. le pref. A (qu.). 15.4 Oct. 20 Holders of rec. Oct. 9a
Preferred (acct. accumulated diva.).- hl
Oct. 20 Holders of rec. Oct. 9a
Wabasso Cotton Co.(guar.)
$1
Oct. 2 Holders of rec. Sept 15
Waldorf System, common (guar.)
3114c. Oct. 1 Holders of rec. Sept. 20
Preferred & let pref.(guar.)
20c. Oct. 1 Holders of rec. Sept.20
Walworth Mfg., corn (guar.)
450. Sept. 15 Holders of rec. Sept. 5a
Preferred (guar.)
75c. Sept.30 Holders of rec. Sept.19a
pramautta 5111Is(guar.)
14 Sept.15 Holders of reo. Aug. II
Weber & liellbroner. COMIllon (duar.)_. $1
Sept.30 Holders of tee. Sept.15a
Common (guar.)
51
Dec. 30 Holders of roe. Doe. 15
Preferred (Quar.)
154 Dec. I Holders of rec. Nov. 16
Western Grocer. preferred
34 Jan 1'26 Doe. 20 to Jan.1'26
White Motor (guar.)
$1
Sept.30 Holders of roc. Sept.21a
White Motor Securities, pref.(quiz.)
•154 Sept.30 *Holders of rec. Sept.21
White Rock Mineral Spgs., coin.(gu.).. 30e. Oct. I Holders of rec. Sept. 22a
Common (extra)
20c. Oct. 1 Holders of rec. Sept. 22
Common (qual.)
30c. Dec. 31 Holders of rec. Doe. 22
Common (extra)
20c. Dec. 31 Holders of rec. Dec. 22
Met preferred (anar.)
154 Oct. 1 Holders of rec. Sept. 22
First Preferred (quar.)
154 Dec. 31 Holders of rec. Dec. 22
,
Second preferred (guar.)
14 Oct. 1 Holders of rec. Sept.
(extra)
Second preferred
1
Oct. 1 Holders of rec. Sept.
14 Dec. 31 Holders of rec Dec. 22a
Second Preferred (guar
Second preferred (extra)
1
Doe. 31 Holders of rec. Dee. 22a
'Wrigley (Wm.) Jr., & Co. (monthly)..... 25c. Oct. 1 Holders of rec. Sept. 19a
Monthly
25C Nov. 2 Holders of rec. Oct. 20a
Monthly
230 Dec. 1 Holders of rec. Nov.200
(onar.)
$1
Oct. 1 Holders of rec. Sept. 7
Yale & Towne Manufacturing
"21c. Oct. 1 .11oldeis of rec. Sept. 19
yellow Cab Mfg.(monthly)
_
(an.)_
Youngstown Sheet & Tube, corn.
SI
Sept. 30 Holders of rec. Sept. 151
Preferred (guar.)
154 Sept. 30 Holders of rec. Sept. 15a
1199
Weekly Returns of New York City Clearing House
Bamks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 29. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Stated in thousands of dollars-that is, three ciphers (000) omitted )
New
CaCapital' Profits Loans.
Reserve
Week Ending
Discount, Cash
with
Net
Time Bank
Aug. 29 1925 Nat'l, June 30 Investin
Legal Demand
De- Circa
State, June 30 merits, Vault. Deposi- Deposits. Posits. la(000 omitted.) Tr.Cos June 3
'Sc.
torts,.
dos.
Members of Fed. Res. Bank.
Bank of N Y &
$
$
Trust Co_ _ I 4,000 12,519
13k of Manhat'n 10.000 14.230
Mech &Met Nat: 10,000 16,280
Bank of America' 6,500 5,120
National City.. 50,000 62,255
Chemical Nat
4,500 17,166
Am Ex-Pac Nat a7,100 a12,208
Nat Dk of Corn. 25,000
Chat Ph NB&T 13.
12,554
Hanover Nat__ 5.000 24,391
Corn Exchange_ 10,000 13,777
National Park. 10,00 23,761
East River Nat_ 2,500 2,251
First National_ 10,000 70,102
Irving Bk-ColTr 17,500 12,869
Continental_ _ _ 1.000 1.123
Chase National_ 20,000 28,365
Fifth Avenue..
500 2,787
Commonwealth.
600 1,030
Garfield Nat'l__ 1,000 1,686
Seaboard Nat'l_ 5.000 8,448
Coal & Iron Nat 1,500 1,476
Bankers Trust. 20,000 27.999
U S Mtge & Tr_ 3,000 4.464
Guaranty Trust 25,000 20.369
Fidelity-InterTr 2,000 2.140
New York Trust 10,000 19,145
Farmers L & Tr 10,000 18,028
Equitable Trust 23.000 11,685
Average
$
69,133
159.668
174,812
79,055
611,882
128,747
140,354
337,169
212,639
118.962
199.420
162.755
39,902
331,909
278,529
8.027
356,447
25,434
13,875
16,752
109,473
20,399
351,113
57.740
442,420
21,717
176,224
143,816
248.357
Average Average Average Average As'pe
$
$
737 7,062
52,085 6.950
2,785 17,862
130,29 25,758
3,396 21.240
160,65 11.947
550
1,956 11,460
85,187 3.957
4,514 69,335 *646,964 75,193 -iSS
1,327 15,069
113,309 5,713
349
2,110 17,305
125,89 10.21 4.962
1,009 38,710
295,383 13,399
2,398 22,304
159,613 40,526 5:65i
585 14,256
105,081
6,218 23,166
171,85 29,188
1,103 15,868
119,91 10,267 3.535
1,107 3,950
27,812 10,318
521
440 28,132
211,39 21,684 4,893
2,480 36,034
268,924 34,589
150
907
6,23
366
4,244 45,663 *355,406 18,170
988
754 3.074
23,757
422 1,287
8,91
522 2,240
16,421
978 14,149
108,25
ie
325 2,389
17,36
410
864 37,389 *284,616 64
31.
:0
385095
13
686 6,996
52,177
1,35 51,013 *463,66 4407
5,07
16
455 2,456
18,02
559 20,266
150,40 23
1.'85
896
4
504 14,690 •112.113 21,217
1,429 28,905 *281.051 29,406
Total of averages308.600 86.4745,036.530 45.415573,177c4,250.6
1
517,79023,105
Totals, actual condition Aug.29 5,028,286 45,157588,838 c4,253,10 317,65 23,123
Totals, actual condition Ala.225,053,625 44,907595,184 c4,267,253 519,57 23,067
Totals, actual co ndition Aug. 145,040,123 44,561573,094 c4,256,92 507.02 22,708
State Banks INotM mbers of Fed'I Res've Bank.
Greenwich Ban1
1,000 2,485
21.940 1,765 2,083
21,226 1.506
Bowery Bank_.
2
5,553
918
373
222
3.101 1.87
State Bank _
3,
5,477 100,788 4.12
2,196
34,58 62,43
Total of arerag
4,750
8,880
128,281
6,262
4,501
Totals, actual condition Aug.2
129,228 6,22
4.532
Totals, actual co ndition Aug.22 127,928 6,04
4,732
Totals, actual condition Aug 16 127,617 6,11
5,182
Trust Compani es Not Membe rs of Fed'I Res',e Bank
Title Guar & Tr 10,000 16,421
81,958 1,237 4,705
Lawyers Trust_ 3,000 . 3.083
23,91
944 2,008
58.911 65,821
59,793
58.710
59,211
39,457
19,660
Total of averages 13,000 19.504
85,873
2,181
6,713
59,117
Totals, actual co edition Aug.2
Totals, actual co ndition Aug.22
Totals, actual condition Aug. 15
85,853
86,308
85,747
2,05
2,241
2,044
6,765
6,760
6,729
58.93
59,593
58,877
3,116
3,16
3.16
Or'd aggr.,aver_ 326,350514,860 5.250,684 13,858184,391 4,368,708 586,75 23.105
Comparison with prey.week
+1,631 +1,177 +3,613
+1,549 -17 +163
Gr'd aggr.. ace cond'n Aug.295,243,367 53.439 580,135 4,371,835 586.62
Comparison with prey.week _ -24,494 +246-26.541 -13,721-1,80 23,123
+56
Gr'd aggr., acr/cond'n Aug.225,267,861 53,193606,676 4.385,556 588.43
23,087
Gr'd aggr., actgicond'n Aug. 155,253,487 52,728 585,005 4,375,015
575,70 22,708
Gr'd aggr., acti!cond'n Aug. 85,212.656 53,393597,947 4.363.531509,3
22.809
Gr'd agrr., acefeond'n Aug. 1 5.247,902 49,705 592,587 4,432.589
574.03
Gr'd aggr., acel!cond'n July 255.184.561 51,690640.769 4,368,539571,8 22,579
Gr'd aggr., acelmond'n July 185.219.414 50,802608,294 4,396.415571,82 22,543
5 22,984
Note.---C. S. deposits deducted from net demand deposits in
the general total
above were as follows: Average total Aug. 29, 35,421,000.
Actual totals
35,421.000; Aug. 22. 35,424,000; Aug. 15, 35.430,000, Aug. 8. $6.079,000.Aug. 29,
Aug. 1,
$7,533,000. Bills payable, rediscounts, acceptances and
other liabilities, average
for the week Aug. 29, $521,0€5,000; Aug. 22, $116,263,000;
Aug. 15, 5507,888,000:
Aug. 8, $194,968,000; Aug. 1. 3190.205,000. Actual totals Aug.
29, 5505,076.000;
Aug. 22, 8542,873.000; Aug. 15, 5522,734,000; Aug.
8, 8523,629,000; Aug. 1, $485.739,000.
* Includes deposits In foreign branches not included
In total footings as follows:
National City Bank. $138,758,000; Chase National Bank,
$11,427,000; Bankers
Trust Co.. 313.514.000; Guaranty Trust Co.,
386,559,000;
Farmers' Loan &
Trust Co.. $4,594,000: Equitable Trust Co.,$67,242,000.
Balances carried in banks
In foreign countries as reserve for such deposits were:
National City Bank,317,679,000; Chase National Bank, $1,842,000: Bankers Trust
Co., 31.291,000: Guaranty
Trust Co.,$2,598,000; Farmers' Loan A( Trust Co.,
$4,594,000: Equitable Trust Co.,
$6,884,000. a As of Aug. 1 1925. c Deposits in foreign branches
not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
•nom unofficial sources. t The New York Stock Exchange has ruled that stock
,irtp not be quoted ex-dividend on this date and not until further notice. 2 The STATEMENT OF RESERVE POSITION OF CLEARING
HOUSE BANKS
New York Curb Market Association has ruled that stock will not be quoted exAND TRUST COMPANIES.
dividend on this date and not until further notice.
Annual dividend for 1925 all payable In equal quarterly installments on April 1,
Averages.
July 1, Oct. 1 1925 and Jan. 11026. have been declared as follows: On the common
iliac]
,5440. quarterly installment$1 10;prior preference, 7%,quarterly
installment
Cash
Reserve
1 si %;participating preferred. 7% regular, quarterly installment 131%; Participating
Reserve
in
Total
preferred,2% extra,guar. Installment %;Preferred.8%.guar.Installment K
Reserve
Surplus
in Vault. Depositaries Reserve,
Requtred,
Re-serve.
a Transfer books not closed for this dividend. it Correction. e Payable In stock.
(payable in common stock. g Payable In scrip. h On account of accumulated Members Federal
$
dividends. m Payable in preferred stock
n Payable In Canadian funds.
$
Reserve Bank
573,177,000 573,177.000 .568,122,100
Dividend is one-fortleth of a share of com,stock for each share coin.stock held.
State banks.
6,262.0001 4,501,000 10,763,000 10,603,980 5,054,900
159,020
changing dividend period from Nov. 1 to Oot. 1.
Trust companies._ _ _
2,181,000 6,713,000 8,894,000 8,867,550
26,450
k payable in Class D common stock
Total Aug. 29. _ -- 8,443,000684,391.000 592,834,000 587,593,630
IDividend is 10 pence per share. All transfers received in London on or before
5,240,370
Total Aug. 22- -- 8,2 0.000 580,778,000 .589,018,000 587,387,690
Sept. 4 will be in time for payment of dividend to transferee.
Total Aug. 15_ --- 8,453,0001585,326.000 193.779.000588,221.930 1,630 310
Electric stock dividend Is one share of special stock for each two shares
Total Aug. 8- - - - 8.404,000581.003,000 593,407.000 590,808,020 5,553,070
o Generalstock.
2,598.980
Of common
holder either in cash or common Class A stock at a
•Not members of Federal Reserve Bank.
p payable at option of
price
a This is the reserve required on the net demand deposits In the case
of $25 per share,
of State banks
and trust companies, but In the case of members of the Federal
payable to holders of record July 31
includes also amount In reserve required on net time deposits, which Reserve Bank
Company
stock
dividends
one
share
are
of
no
was as follows:
Par
value
common stock Aug. 29. $15,533,700; Aug. 22,
if Childs shares no par value common
815,543,990;
Aug.
15,
515,118,970; Aug.8, $14,923;
stock held.
,or each 100
320; Aug. 1, 315,044,430.
I
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust compantes....._
Total Aug. 29..._
Total Aug.
Total Atm. 15_ _ _ _
Total Aug.
[VOL 121.
THE CHRONICLE
1200
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
,
5
5
3
568,838,000 568,838,000 568,433,470,
6,224,000 4,532,000 10,756,000 10,762,7401
2,058,000 6,765,000 8,823,000 8.840,250j
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.
S
350,540
8,282,000 580,135,000 588,417,000 588,036,4601
8,286,000 606,676,0(37 614.962,000 589,836,800 25,125,200
8,163,000 585.005,000 593,168,000 588,100,730 5,067,270
8,280,000 597,947,000 606,207,000 586,449,580 19,757.410
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Aug.29,
$15,529,560: Aug. 22. 315,587,160: Aug. 15, 315,210,690; Aug. 8, 315,021,060:
Aug. 1, 515,157,470.
Aug. 19
11/25.
Aug. 26
1925.
Changes from
previous week.
Sept. 2
1925.
-6.740
-17.250
$
$
$
$
66,800,000 66.800.000
66,800,000 Unchanged
Capital
88,862,000 Dec. 571,000 89,433,000 88,860,000
Surplus and profits
45,000 965,221,000 974,885,000
Loans, disets & Investments_ 965,266,000 Inc.
Individual deposits,inel. U.S 670,281,000 Dec. 2,701,000 672.982,000 682,746,000
122,574,000 Inc. 1,001,000 121,573,000 129,352,000
Due to banks
207,907,000 Inc. 2,207,000 205,700,000 205,142.000
Time deposits
61,000 4,379,000 4,335,000
4,318,000 Dee.
United States deposits
217,000 22,552,000 25,399,000
Exchanges for Clearing House 22,335,000 Dec.
79,780,000 Dec. 756,000 80.536,000 87,307,000
Due from other banks
12,000 78.457,000 79,159,000
Reserve in Fed. Res Bank_ 78,445,000 Dec.
339,000 9,244,000 9,270,000
Cash in bank and F. R. Bank 9,583,000 Inc.
Reserve excess in bank and
379,000
704.000
75.000
779,000 Inc.
Federal Reserve Bank
Trust Companies Not in Clearing
Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust corn
panies in New York City not in the Clearing House as follows return for the week ending Aug.29, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by Stare Banking Department.)
Previous Week. is not a part of legal reserve. For trust companies not memAug. 29.
31,090,818,700 Dec.55,836.400 bers of the Federal Reserve System the reserve required is
Loans and investments
4,728,900
Gold
144,900 10% on demand deposits and includes "Reserve with legal
21,953,500 Dec.
Currency notes
717,500 depositaries" and "Cash in vaults."
94,475,400 Dec.
Deposits with Federal Reserve Bank of New York
State Banks and
Housei-The State
1 118,978,200 Dec. 5,154,000
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges & U.S.deposits_ _1.074,424,500 Dec. 1.153,300
157,331,800 Dec. 1,647.600
Reserve on deposits
Percentage of reserve, 20.5%•
RESERVE.
-Trust Companies-State Banks$88,947,000 15.90%
332,210,800 15.73%
Cash In vault*
27,053,400 4.84%
4.46%
9,120,600
_
_
_
cos_
trust
and
Deposits in banks
3116,000,400 20.74%
$41,331,400 20.19%
Total
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Aug. 29 was $94,475,400.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
•
Week EndedMay 2
May 9
May 16
May 23
May 29
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Ana. 29
Loans and
Investments.
Demand
Deposits.
$
6,405,648,100
6.427.995,400
6,333,256,700
6,257,736.200
6,285,428.000
6.329,320,400
8,319,885,700
8,336,178,900
6,311,487,200
6,403,112,800
6,353,275,000
6,320,677.200
6,284,570,900
6.302,682,100
6,324,244,800
6.332,147,800
6.345.708,100
6.341.502.700
$
5,810.150,900
5,604,043,500
5,523,581,000
5.452,014,500
5,439,376.100
5,508,073,800
5.471.996.200
5,502,440,100
5,469,225,600
5,598,609.700
5,534,240.800
5.509,425.100
5,466.216.200
5,472.874,300
5,481,392.100
5,463,129,200
5,442,736,800
5.443.132.500
•Total Cash
in Vaults.
Reserve in
Depositaries.
90,497,700
81,204,700
82,201,400
80.842,200
83.550,000
81,243.900
83,427,400
81,037,200
81,431,500
81.367,100
85,120,100
82,246.400
79.116,400
79,377,600
79,866,100
82,507,800
79,454.700
80.540,400
749,032,400
742,761.100
729,894,500
720,787.700
719,708,300
732.8'27,700
726,011.100
741,188,800
724,783,000
750.531.400
741,205.700
734,107,700
724.866.500
718,669,200
721,005,000
723,923,100
712,983,700
715,040,400
Week Ended Aug. 29 1925.
Two Ciphers (00)
omitted.
Trust
Membersof
F.E.SYstem Companies
Capital_
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Cloar.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Tote/ deposits. _ _ _ .
U.S.deposits(not incl.)
Res've with legal depoelea
Reserve with F. R.Bank....
Cashin vault•
Total reserve & cash heldReserve required
Excess res. & cash in vault'
$41,875,0
126,740,0
820,220,0
30,619,0
100,324,0
138,163,0
586,675.0
96.328,0
821,166,0
$5,000,0
16,869,0
47,383,0
452,0
20.0
952,0
27,420,0
2,004,0
30,376,0
3,062,0
63,564,0
9,217,0
72.781,0
63,879,0
8.902,0
1,423,0
4,485,0
4.285,0
230.0
1925
Total.
$46,875,0
143,609,0
867,603,0
31,071,0
100.344,0
139,115,0
614,095,0
98,332,0
851,542.0
5,287.0
3,062.0
63,564,0
10,640.0
77,266,0
68,164,0
9,102,0
Aug. 22
1925.
Aug.15.
1925.
$46,875,0
143,609,0
867,492,0
32,427,0
104,369,0
141,360,0
616,993,0
96.583,0
854,936.0
4,217,0
2,998.0
64,472,0
10,699,0
78.169,0
68,363,0
9.806,0
$46,875,0
143,609,0
870.502,0
33,545,0
105,786,0
146,165,0
619,944,0
96,760,0
882,869,0
4,244,0
3,664,0
63,223,0
10,400,0
77,287,0
68,711,0
8,576,0
•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 Sept. 2 1925 in
comparison with the previous week and the corresponding
date last year:
Sept. 2 1925, Aug. 26 1925. Sept. 3 1924.
355,808,000
Gold with Federal Reserve Agent
8,491,000
Gold redemp. fund with U. S Treasury_
355,808.000
9.718.000
569,936,008
5,413,000
Gold held exclusively agst. F.R.LiDt08- 364,299,000
Gold settlement fund with F. R. Board_ 210,355,000
Gold and gold certificates held by bank- 349,111,000
365,526,000
213,930,000
341,150,000
575,349,000
156,954,000
165,475,000
Total gold reserves
Reserves other than gold
923.765,000
31,778.000
920,606,000
33,522,000
897,778,000
14,417,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
955,543,000
13,199.000
954,128.000
16,023,000
912,195,000
10,495.000
153,435.000
42,057.000
135,152,000
57,682.000
59,925,000
14,865,000
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
195,492,000
25,035,000
192,834,000
21,031.000
74,790,000
43,609,000
4,912,000
.50.516,000
1,423,000
4,912,000
53,771,000
1,543,000
4,902,000
133,092,000
39,045,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that(s, three ciphers MOO] omitted.)
Total U.S. Government securities
Foreign loans on gold
56,851,000
2,025.000
60,226,000
2.835.000
177,039,000
Total earning assets
279,403,000
278,926.000
295,438,008
Uncollected items
Bank premises
All other resources
142,258.000
17.133,000
6,910.000
128,617,000
17.129.000
6,854,000
135,178,000
16,426,000
13,520,000
Net
Capital./ Profit*.
CLEARING
8011-MEMBERS,
Nat. bks. Dec. 31
Week Ending State bks. Nov.15
Aug. 29 1925. Tr. cos. Dec. 31
Loans,
DUcounts,
Investmeats.
etc.
Net
Net
Reserve
with Demand Time
Cash
in
Legal 0 epotits. Deposits.
Vault. Delvetortes.
$
1,000
Average Average Average Average Average.
$
3
$
$
$
$
4,271
5,449
850
49
1,773 11,139
Total
State Banks.
tot Members of Ow
Pederal Reserve Bank
tank of Wash Eta.
lolonial Bank
1,000
1,773
11,139
49
850
5,449
4.271
200
1,200
543
2,469
8,746
28,770
740
3,006
348
1,434
6,222
24,981
2.471
4,009
Total
Trust Company.
Vol Member of the
?ederal Reserve Bank
I/ech.Tr.,Bayonne
2,400
3.012
37,516
3,746
1,782
31,202
6,480
500
532
9,045
387
95
3,182
95
Members of
!Teen Res•ve Bank
3race Nat Bank.--
300
532
9,045
387
3,182
5,981
2,900
3rand aggregate__ _
lamparlson with pr ev. week
5,319
57,700
+255
4,182
-62
2,727 239,833
+60
-187
16.732
+53
2.400
2,900
2,900
2.900
5.319
5,319
5.319
5.319
57.445
57,345
56.671
55.498
4,244
4,366
4,084
4,105
2,914
2,795
2,899
2,660
a39,773
a38,800
838.877
a37,958
16,679
16.708
16,760
16,815
Total
led aggr., Aug. 22
led aggr.. AMC. 1111
led aggr., Aug. ej,
led Azar.. An2. 1
Fed'I Reserve notes In actual c1rculatIon- 345,083,000
DeposIts-member bank, reserve awl-- 840.294.000
959,000
Government
13,281,000
Other deposits
338.702,000
837,535,000
5,580.000
14,293,000
312,053,000
845.897,000.
4,599,000
20,871,000
854,534,000
121,036.000
31,900.000
58,749.000
3.144,000
857.408.000
110,323,000
31,866.000
58,749.000
3,229.000
871,277,000
108,277,000
30,192,000
59.929.000
1,524,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
5,981
a United States deposits deducted, $29,000.
Bills payable, rediscounts. acceptances and other liabilities, $1,771,000.
Excess assume. $255,430 decrease.
1,414,446.000 1.400,277.000 1.383,252,000,
Total resources
1,414,446.000 1,400,277,000 1,383,252,000.
Ratio of total reserves to deposit and
Fed'I Reeve note liabilities combinedContingent liability on bills purchased
for foreign correspondents
79.7%
79.8%
77.1%
8,422,000
7,870,000
6.344,000
CURRENT NOTICES.
-W.H. Cameron, who has for several years been in charge of the bond
department of the First Trust Company, Omaha, Neb.; has become associated with the Merchants Bank & Trust Co., Daytona, Fla., to organize
a bond department specializing in Florida municipal bonds.
-Charles E. Doyle & Co.,announce the establishment of a direct private
wire to R. E. Wilsey & Co., Chicago, Ill., to be devoted exclusively to.
unlisted securities.
SEPT. 5 1925.]
VTR CHRONICLE
1201
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Sept. 3, 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 1161, 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 SEPT. 2,1925.
'
4ept. 2 1925. Aug. 26 1925. Aug. 19 1925. Aug. 12 1925. Aug. 5 1925. July 29 1925. July 22 1025. July 15 1925. Sept. 3 1924.
RESOURCES.
3
$
8
$
3
$
$
$
$
1,441,993,000 1,444,444,000 1,437,985,000 1.447.740,000 1,436,480,000 1,447,958,000 1,456,802,000
Sold with Federal Reserve agents
1.472,241 2,019,186.0011
Sold redemption fund with U.S.Treas.
42,787.000
54,343,000
64,433,000
50.682,000
57,715.000
55,694,000
29,937,000
51,384,000
52,473,000
Gold held exclusively agst. F.R.notes. 1,484,780.000 1.498,787,000 1,502,418,000 1,503,434,000 1,494,195,000 1,498,640.000 1,509,275,000 1.523.625.000 2,049,123,000
Sold settlement fund with F. R. Board.. 039,035,000 665,842.000 633,307,000 675,046,000 686,989,000 687.023.000 688,785,000 675.710.000 656,187,000
Sold and gold certificates held by banks_ 602,230,000 597,524,000 609,481,000 599,130,0013 596,830,000 605.421,000 592,790,000 591,266,000 375,705,000
Total gold reserves
Reserves other than gold
2,776,635,000 2,762,153,000 2,775,206,000 2,777,610,000 2,778,014,000 2.791,084,000 2.790,850,000 2,790.601,000 3.081,015,000
121.205,000 125,374.000 130,218.000 133,082,000 136,239,000 145.549.000 143,996,000 144,769,000
78,748,000
Total reserves
4on-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,897.900,000 0,887.527.000 2,905,424,000 2,910,692,000 2,914,303.000 2,936,633,000 2,934.846,000 2,935,370,000 3,159,763.000
46,237,000
51.416,000
50.309.000
55,917,000
49,756.000
50,557.000
56,932,006
37,993,000
56,209,000
320,527,000
256,363,000
310,690.000
268,985,000
290,432,000
269,051,000
289,251,000
248,933,000
303,260,000
240,577,000
248,235,000
220.121.000
230.032.000
212,490,000
237,540,000
217,199,000
118,073,000
183,876,0011
576,890.000
213,167,000
579,675,000
201,519.000
559,483,000
195,309,000
538,184.000
211,659,000
543,837.000
211,972,000
468.356,000
210.476,000
442,522,000
224,525.000
454,739.000
231,329,000
301,949,000
69,583,000
69,942.000
230,006.000
25,274.000
69.688,000
230,255.000
32.306.000
69,188,000
224,699,000
29,373,090
69,047.000
226,374,000
33.159,000
69,441,000
229.071,000
34,982,000
69,406,000
225,787,000
34,967,000
68,905,000
231,290,000
35,109,000
68.777.000
242,365.000
33,335,000
32,883.000
391,532,000
117,730,000
326.212,000
7,500.000
2,320,000
332,249,000
10,500.000
2,350.000
323,260.000
10,500,000
2,350,000
328,580.000
10,500.000
1,850,000
333,494.000
10,500.000
1,850,000
330.160,000
10,500,000
1,850.000
335,304,000
10,500,000
1,850,000
344,477.030
10.500,000
2,250,000
542.145,000
Total earning assets
Uncollected items
Bank premise's
All other resources
1,126,089,000 1,126.293.000 1,090,902.000 1,090.773,000 1,101,653.000 1,021,342,000 1,014.701,000 1,043,295,000
628,059,000 579.518,000 664,573.000 647,738,000 592,665,000 583,542.000 644,018.000 746,725.000
61,210,000
61,245,000
60,975,000
61,180,000
61,114,000
60,562,000
60.397,000
60,383,000
21.983,000
22,097,000
21,849,000
21.764.000
21,814,000
21,817.000
21,591,000
21,425.000
915,427.000
590,970,000
59,323,000
32.322,000
Total resources
LIABILITIES.
P. R. notes In actual circulation
DepositsMember banks-reserve account
Government
Other deposits
4,731,627,000 4,727,947,000 4,794,237,000 4,782,638,0013 4,741,116,000 4,679,813,000 4,732.485.000 4.863,407,000 4.795,795,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. B. Government securities
Foreign loans on gold
All other earning assets
1
-
1.750,000
1,637,725,000 1,615,887,000 1,616,139,000 1,617,678,000 1,605,557,000 1,598,397.000 1,605,214,000 1,626,971,000 1,760,757,0410
0,186.593,000 2,183,487,000 2,183,668,000 2,179.668,000 2,211,753,000 2,152,867.000 2360,748,000 2,195,601,000 2,101,923,000
25,321,000
28,688,000
28,667,000
21,110.000
28,201.000
31,191.000
13,963.000
35.150,000
10,907,000
23,814,000
24,363.000
24.858,000
26,013,000
25,380,000
26,603,000
32,150,000
25,008,000
25,194,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2.235,728,000 2,236,538.000 2.237,193,000 2,236.239.000 2,265,967,000 2,200,580.000 2,199,719,000 2,231,702.000 2,169,223,000
561,085.000 528,297,000 594,188.000 582,794.000 524,173,000 535,323,000 582,450.000 660.047.000 520,905,000
116,363.000 110,324,000 116,313.000 115,816,000 115,677.000 115.706,000 115,715.000 115.601,000 112,003,000
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
12,889,000
13,064.000
12,517,000
11,905,000
12,324,000
11,970,000
11,550,000
11,995,000
11,249.000
Total liabilities
4,781,627,000 4.727.947,000 4,794,237,000 4,782,688.000 4,741,116.000 4,679,813.000 4,732.485,000 4,863,407,000 4,795,798,000
Ratio of gold l'eSerVeii to deposit and
It. R. note liabilities combined
71.6%
71.6%
72.0%
73.4%
71.7%
72.0%
73.3%
72.5%
78.3%
Ratio of total reserves to deposit and
F. R. note liabilities combined
75.0%
74.8%
75.4%
77.3%
75.3%
75.5%
77.1%
76.1%
80.4%
Contingent liability on bills purchased
for foreign correspondents
31.148.000
31,128.000
31.113.000
31,508,000
31,961.000
31.186,000
32,165.060
35,576,000
25,927,000
3
Distribution by Maturities1-15 day bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days 53.5. certif. of indebtedness_
51-60 days municipal warrants
51-90 days bills bought In open market_
11-90 days bills discounted
01-90 days U. S. certif. of Indebtedness.
51-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ __ _
Over 90 days municipal warrants
F. It. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
flow SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reeerve Board
By eligible Paper
Total
3
s
$
$
84,744,000
401,591,000
6,767.000
83,143.000
405,914,000
7,403,000
81,065.000
333,833.000
7,106,000
86.910,000
315,279.000
7.386.000
86,525,000
329,937,000
5,780.000
23.617,000
164,526,000
34,973,000
37,050,000
37,205,000
27,961,000
17,144.000
38,188,000
30,423,000
15,846.000
34,767,000
26,940,000
36,621,000
27,632,000
45,793.000
25,586,000
53,058,000
24,911,000
49,642.000
25,308,000
8,381.000
36,331,000
62,00,000
55,633,000
2,000,000
53,601.000
62.041,000
2.000.000
49.027.000
64,961,000
1,625,000
43,359,000
54,683.000
17,017,000
45,745.000
52,825.000
19,081,000
44,508.000
42,796,000
16,098,000
46.117,000
41,832,000
16,235,000
57,293.000
40,305.000
10,290,000
51,051,000
39,900,000
40,916.000
550,000
36,469,000
39,568,000
37,905,000
44.151.000
38,627,000
39,236,000
34,289,000
40,603.000
29,720.000
39,758,009
3,022.000
29,833.000
38,386.000
3,022,000
26.998,000
32,501.000
15,812.000
19,074,000
36,486,000
1,001,000
14,921,000
8,987,000
4,534,000
12,160,000
11,849,000
8,882,000
11,132,000
15,612,000
8,655,000
10,162,000
15,734,000
9.375,000
12,174,000
16,863,000
8,498,000
9.390,000
21,383.000
8,741.000
8.607,000
22,114,000
8,376,000
10,871,000
26,688,000
11.743,000
8,221,000
13,555,000
116,729,000
2,917,358,000 2,908,605,000 2.907.445.000 2,908,412,000 2.902.676,000 2.920,284,000
2,926,058,000 2,944.876,000 3,143,862,000
991,769.000 992.998.000 1,000,504,000 999,298,000 989.432.000 1,003,636.000
1,004,116.000 1,012,796.000 909,602,000
1,925,589,000 1,915,607.000 1,906,941,000 1.909,114,000 1,913,244.000 1,916.648,000
1,921,942,000 1,932,080.000 2,234,260,000
309,098,000 309.098.000 307,501,000 306,901,000 308,028,000 306,551,000
113,963,000 101.659,000 105,034,000 106,702.000 108,506,000 105,103.000 307,151,000 307,151,000 331,504,000
102.653.000 111,784.000 105,088.000
1,018,932,000 1,033,687,000 1,025,450,000 1.034,137,000 1,019,946,000 1,036.304.000
1,046,998,000 1,053,306,000 1,582,594,000
745,186,000 747,811,000 719,937,000 713,039,000 721,028,000
637,137,000 633,349.000 650,135,000 356,952,000
2,187,179.000 2.192.255,000 2,157,922,000 2.160.779.000 2.157.508.000 2.085.095.000 2.090.151.060 2.122 376 110(12 376 138
one
Boston
238,754,0
12,849,0
New York.
Phila.
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT.2 1925.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. Kan. City Dallas. San Fran.
$
$
$
s
$
$
355,808,0 131,557,0 184,132,0 38.551,0
110,917,0 135.139.0
8.491,0 4,340.0 3,193,0 2,563,0 2,957.0 4,681,0
364,299,0 135,897,0 187,325,0 41,114,0 113,374,0 139,820,0
210,355.0 53,819,0 72,485,0 34.436,0 30,184,0 121,688,0
319,111,0 20,349.0 44,932.0 7.223,0 3,442,0 96,728,0
$
$
$
$
$
Total.
$
15.724,0 45,525,0 49,633,0 30,641,0 192.413,0 1,441.993,0
794,0 1.811,0 4,783,0 1,895,0 2,513,0
42,787,0
16,518,0 47.336.0 54,416,0 32.536,0 194,926,0 1,484.780,0
11,586,0 18,998,0 32,403,0 14,117,0 36,125,0 689,685.0
11,414,0 7,475,0 3.525,0 5,357,0 24,128,0 602.230,0
923,765,0 210,065,0 304,742,0 82,773,0 147,500,0 358,236,0 39,518,0
90,344,0
31,778,0 6,160,0 8,251,0 4,135,0 7,935,0 15,908,0 14.576,0 73,809.0
1,627,0 4,315.0
Total reserves
251,603.0 955,543,0 216,225,0 312,993.0 86,908.0
155,435,0 374,144.0 54,094.0
Non-reserve cash
4,288.0
13,199,0 1,181,0 3,555.0 3.136,0 2,745,0 7,846,0 3,136.0 75,436.0 94,659,0
690.0 1,874,0
BM discounted:
Sec. by U.S. Govt. obligations 14.775,0 153.435,0 27,794.0 32,889,0 13,259,0
7,256,0 25.622,0 7,659,0 1,409.0 2,480,0
Other bills discounted
12,947,0
42,057,0 20.073,0 22,324,0 41.329,0 28,687,0 20,963,0 24.973,0 5,398,0
6,494.0
Total bills Elise unted
27,722,0 195,492,0 47,867.0 55,213,0 54,588,0 35.943,0 46,585,0 32,632,0
6.807,0 8,974,0
en market
Bills bought in
34,343.0
25,035.0 18,038,0 18,008,0 5,148,0 12,831,0 26,529,0 4,892,0 20,776,0
17,995.0
U.S. Government securities:
Bonds
557,0
4.912,0
611,0 8,746,0 1,486,0 1,665,0 21,118,0 3,273,0 8,149.0
9.141,0
notes
Treasury
414,0
50,516,0 17,207,0 15.571.0 4.019,0
11,296.0 19,118,0 27,227.0 7,752,0 20,395.0
Certificates of Indebtedness_ 4,370.0
1,423.0
54,0 6,331,0
39.0 1,440,0 3,009,0
368,0
77.0 2,788,0
Total U.S. Govt. securities._ _
5,341.0
57.851.0 17,872,0 30.648.0 5.5440 14 451 0 45 945 (1 50 SARA 7 n 075 n .59 R94 5
$
59,057,000
404,336,000
3,247,000
RESOURCES.
$
Gold with Federal Reserve Agents 151,953,0
Gold redo fund with U S.Treas. 4.766,0
Gold held excl agst. F.Rmotes 156,719,0
Gold settle't fund with F.R.B'rd 53,489.0
Gold and gold certificates
28,546.0
Total gold reserves
Reserves other than gold
a-
62,084.000
438,256.000
4,280,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ciyhers (00) omitted.
Federal Reserve Bank of-
$
$
60,683,000
434,304.000
18,120,000
52.010.0 255,179,0 2,776,695,0
8,345,0 5.326,0 121,205.0
60355.0 260.505.r1 2,897,900,0
2,002,0 2,585,0
46.237.0
1,862,0 32,087.0
8,807.0 22,311,0
320,527.0
256,363,0
10,669.0 54,398.0
8,411,0 21,161,0
576,890,0
213,167,0
7,822.0 2,462,0
21,247,0 36,234,0
280.0 5.095,0
69.942,0
230,996,0
25.274,0
.....„ -..... _
,Itt gen rt a., •,...-.
[VOL 121.
THE CHRONICLE
1202
•
RESOURCES (Concluded)Two ciphers (00) omitted.
Phila.
Boston. New York.
$
555,0
Foreign loans on gold
All other earning assets
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. /Can. City Dallas. San Fran
$
803,0
$
697,0
2,320.0
$
2,025,0
1
$
307,0
$
398,0
$
1.035,0
$
$
247,0
345.0
$
625,0
$
263,0
$
300,0
Tolas.
$
7,500,0
2,320,0
279,403,0 86,794,0 104,672,0 65,678,0 63,482,0 117,394,0 68,737.0 43,808,0 59,593,0 48,692,0 119.875,0 1,126,089.0
142,258.0 60,276,0 56,614,0 53,089.0 32,493,0 82.447,0 33,907,0 13,605,0 38,012,0 21,213,0 36,392,0 628,059,0
61,245.0
17,133,0 1.248,0 7,948.0 2.440,0 2,780.0 8,099,0 4,703,0 3,047,0 4,495,0 1,833,0 3,323,0
22,097.0
736.0 1,492.0 4,353-0
342,0 2,993,0
560,0 2,450.0 1,316,0
517,0
298,0
6,910,0
4,781,627.0
427,033,0
139,579,0
135,587.0
199,369.0
164,926,0
385,918.0 1,414,446,0 366,022,0 486,299,0 211,817.0 259.385,0 591,246,0
67,961,0
57,753.0
4,190,0
123,0
Total earning assets
Uncollected Items
Bank premises
AU other resources
Total resources
LIABILITIES.
B.R.notes In actual circulation 160,735,0
Deposits:
Member bank-reserve acct.- 142,428,0
1,197,1
Government
285,0
Other deposits
345,083.0 145.170.0 216,305,0 72,014,0 138,713,0 144.708.0 40,521,0 62,832,0 64,020,0 43,216,0 234,408,0 1,637,725,0
840,294,0 131,841,0 179,019,0 69,623.0 79,176,0 320,184,0 74,610,0 51,085,0 85.548.0 58,074,0 156,711.0 2,186.593.0
25,321.0
414,0 1,636,0
953.0 1,030,0 1,516,0
808,0 2,091.0 9,969,0
959,0 2,690.0 2,058,0
23,814,0
213,0 1,117,0
125,0 4,747,0
189,0
171.0 1,071,0 1,279,0
290,0 1,046,0
13.281,0
143,910,0
55,725,0
8,596,0
16,382,0
670,0
854,534,0 134,821,0 182,123,0 70.620,0 81,433,0 331,224,0 76,842,0 52,328.0 58,181,0 56.613,0 163,094,0 2,235,728.0
121.036,0 54.047,0 51,343.0 50.528,1 24,821,0 67,689.0 31,820,0 12,656,0 33,336,0 23,079,0 35,005,0 561,085,0
116,363,0
31,900,0 11,494,0 13.058,0 5,979,0 4,603,0 15,607,0 5,125.0 3,199,0 4.305,0 4,318,0 8.174,0 217,837,0
58,749,0 20,059,0 22,462,0 11,701,0 8,950.0 30,426,0 9,971.0 7,497,0 8,977,0 7,592,0 15,071,0
12,889.0
769.0 1,281.0
550,0
855,0 1,592,0
647,0 1,067.0
975,0
431.0 1,008,0
3.144.0
Total deposits
Deferred availability Items
Capital paid in
Surplus
1111 other liabilities
385,918,0 1,414,446,0 366,022,0 486,299,0 211,817,0 259,385.0 591.246,0 164,926,0 139.579,0 199,369,0 135,587,0 427,033.0 4,781,627,0
Total liabilities
Memoranda.
74.8
62.2
65.5
60.5
70.9
46.1
70.6
60.9
78.6
78.6
77.2
79.7
82.6
Reserve ratio (per cent)
CantIngent liability on bills pur31,148.0
2,179,0
1,090,0
1,245,0
1,027.0
1,432,0
4,296,0
1.276,0
1.650,0
8,422,0 2,895,0 3,331.0
chased for foreign correspondls 2,305,0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes In
17.775.0 111.477.0 38.915.0 15,560,0 13,216,0 20,154,0 11,707,0 5.013,0 3,647,0 6.596.0 5,355.0 38,449.0 287,864.0
circulation
1
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPT. 2 1925.
Federal Reserve Agent at-
Boston
II
(Two Ciphers (00) Omitted.)
FR.notes ree'd from Comptrol'r 280,440,0
V.R. notes held by F.R. Agent.. 101,930,0
Phila.
New York
Cleveland Richmond Atlanta
$
s
Chicago
St. Louis
s
$
$
s
s
Minn. Kan. Clip
Dallas
San Fr.
Total
$
$
$
$
$
766,860,0 217,485.0 273,185,0 113.730,0 216,077,0 427.922,0 69,894.0 85,428,0 93,349,0 65.333,0 302.657,0 2.917,358,0
310,300,0 33.400,0 41,320,0 28,500,0 57.210,0 271,507.0 24,360,0 18,947,0 27,733,0 16,762.0 59.800,0 991,769.0
F.R. notes Issued to F.R. bank 178.510,0
Collateral held as security for
F.R. notes Issued to F.R. Bk.:
Gold and gold certificates__ 34,700.0
17,253.0
Gold redemption fund
Gold fund-F.R.Board---- 100.000.0
62.085,0
Eligible Paper
456,560,0 184.085,0 231,865,0 85.230.0 158,867,0 156,415,0 45.534,0 66,479,0 70,616,0 48.571,0 242,857,0 1.925,589,0
214.018.0
540.219.0 190.138.0 257.086,0 98,208,0 159,627.0 208.176.0 53.169.0 72,848,0 76.533.0 44707,0 267.452,0 2.187.179.0
Total collateral
309,098,0
18.733,0
11,775,0 13,052,0
186.698,0 5,200,0 8,780.0 21.160,0 9,000.0
28,110,0 9,468,0 15,352.0 3,096.0 4,917,0 4,494,0 1,449,0 1,473.0 4,273.0 4.408,0 19,670.0 113,963,0
141,000,0 116,889,0 160.000.0 14.295,0 97,000,0 130,645.0 2,500,0 31,000,0 45,360,0 7.500,0 172,743,0 1,018,932,0
184,411,0 58.581.0 72,953.0 59,657,0 48,710,0 73,036,0 37,445,0 27,323,0 26,900,0 19.066,0 75,039,0 745,186,0
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 728 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 1161.
A
1. Data for all reporting member banks in each Federal Reserve District at close of business Aug. 26 1923. Three ciphers (SOO) omitted.
Phila.
Boston. New York
Federal Reserve District.
Total loans and discounts
Investments:
U.S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. B. Treasury certificates
Other bonds, stocks and securities
Total investments
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneag. Kan. City Dallas. San Fran.
25
71
49
67
Totai.
728
55
75
73
$
12.762
332,993
383,233
$
18,826
492,768
781.737
8
6.467
130,303
372,502
$
8
7,281
30,093
92,422 739,995
390,055 1,217.553
8.731
170,515
307,558
2,476
66,921
163,693
3.648
118,321
334,530
3,192
78,065
210,459
972,894 4,767,675
728,988 1.273,331
509,272
489,758 2.047.641
486,804
233,090
456,499
291,716 1,117,518 13,375,186
32,784
9,966
80,637 601.046
20,292 199.615
4,541 190,598
41,443
2,110
205.992 1,146.989
9,690
50,702
16,966
8,038
6,549
258.535
32,325
172,024
33,968
36.309
11,439
354,576
25,628
32,079
5,151
2,008
1,482
62,406
12,707
22,699
11,275
6,467
521
110,841
6,811
25,788
12.308
19,410
2,581
42,769
8.998
48,698
17,525
17.385
3,466
79,471
323,538 2,218.475
350,480
640,641
128,754
175,543
102
42
Number of reporting banks
$
$
Loans and discounts. gross:
61,155
10,362
Secured by U.S. Gov't obligations
328,185 2,238,124
Secured by stocks and bonds
All other loans and discounts_ _- 634.347 2,468,396
36
Total loans and Investments_ 1,296,432 6,980,150 1,079,468 1,913,972 638,026
80,039 121,088
40,377
94,708 749,065
Reserve balances with F. R. Bank..
29.120
13,892
14,967
76,132
19.649
Cash In vault
872,626 5,495,751 760,404 1,014,303 354,781
Net demand deposits
370,454 1,188,481 181,329 756,848 201,426
Time deposits
1,815
9,446
5,019
7,862
4,053
Government deposits
Bills parle & redise. with F R. Bk.:
6.126
20,955
10,470
119,131
4,450
obligations
Gov't
S.
U.
by
Secured
15.452
13,309
11.860
44,468
15,503
All other
Bankers' balances of reporting member banks In F. R.Bank cities:
29.244
47,737
114,933 991,957 169,264
Due to banks
14,339
23.789
59.411
36.630
90.513
illaw frnal hanks
100
s
33
s
$
14,888
13,852
5,645
2,345
2,147
50,283
17,608
172,535
55,392
72,719
7.627
420,933
89,160
746,814
164.510
109,667
578,918 2,794,455
43,424 247.743
11,228
49,276
341,615 1,780.967
209.900 975,800
3.787
10,915
651,314
44,875
6,976
376.225
209,599
1,304
342,757 632,042
57,185
23,911
12,604
6,113
222.809 514,072
100,156 140,753
487
914
s
s
s
8,299
173.292
244,954 5,093,566
864,265 8,108.328
17,090
17,724
7,217
8,461
2,370
21,987
219,394
23,899
142.288 1,380,072
48,642 . 433.896
27,709
395,990
17,058
98,793
189,207 2,942,989
74,849
448,703 5,471,134
360.565 1,566,221 18,846,320
28,975 106,209 1,637.599
9,949
20,791
270,757
255,082 765,896 12.754,531
94,276 774,980 5,204,002
2,083
3,983
51,668
7,374
12,052
28,371
7,768
4,928
9,220
1,850
519
148
1,169
1,214
2,463
24,247
12,419
367,478
155.482
78,070
26.260
51,013
19.258
106,516
41,974
23,340
18.950
27,011
4,464
231,828
138,247
105,460 2,109,259
544.250
45.225
1
2. Data of reporting member banks in New York City. Chicago, and for whole country,
•
All Reporting Member Batiks.
Reporling Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
Aug.26 1925. Aug. 19 1925. Aug.27 1924. Aug. 261925, Aug. 191925.Aug.271924. Aug. 261925. Aug. 191925. Aug. 271924.
46
67
48
747
61
46
61
728
728
Number of reporting banks
$
$
$
3
$
$
$
$
$
Loans and discounts, gross:
22,435,000
73,280.000
25,210,000
192,149,000
22,288,000
56,031,000
59,550.000
173,242,000
173,292,000
Secured by U.S. Govt. obligations
5.093.566.000 5.089,665,000 4.291,482,000 1,994.733,000 1.997,796,000 1,753,159,000 604.911.000 699,985,000 517,189,000
Secured by stocks and bonds
8.108,328,000 8.110,412,000 7,940,247.000 2,160.808,000 2,157,236,000 2,242,612,000 682.359.000 683,836,000 723,884.000
All other loans and discounts
13,375,186,000 13,373,319,000 12,423,878,000 4,211,577.000 4,214,582,000 4,069,051.000 1,309,705,000 1,306,109,000 1,266,283,000
Total loans and discounts
Investments:
1,917,000
4,125,000
40,945,000
270.599,000
29,098,000
1,916,000
29,098,000
219,469.000
219,394,000
U.S. pre-war bonds
94,073,000
72,130,000
90,617,000
1,380,072,000 1,387,550,000 1,373,124.000 502,784,000 506,719,000 569,577,000
U. S. Liberty bonds
18,112,000
3,610,000
11.790.000
65,558,000
184,891
.000
19,448,000
182,198,000
432.532,000
433,896,000
bonds
U.S. Treasury
89.628,000
57.893,000
652,413,000 178,765,000 180.755,000 318,480,000
57,980,000
396.097,000
395,990,000
TI. S. Treasury notes
3,165,000
5,768,000
36,670,000
98,730,000
38,752,000
3,165,000
38.198,000
98,940,000
98,793,000
U. S. Treasury certificates
2,630,488,000 855,724,000 854,184,000 797,995.000 188,419,000 188,370,000 176,380,000
0th erbonds,stocks and securities. 2,942,989,000 2,943,548,000
5,471,134,002 5,478,136.000 5,090.912,000 1,790,013,000 1.791,152,000 1.775,357,000 363,579.200 361,496,000 361,641,000
Total investments
Total loans and investments
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
Scoured by U.S. Govt. oblJgatione
All other
Total borrewtnirs from F.R. bks.
• Revised figures.
18,846.320,000 18.851,455,000 17,514,790,000 6.001,590.000 6,005,734,000 5.844,408,000 1,673,284,000 1,667.605,000 1,617.924,000
1,637,599,000 1,636,351,000 1,585,062,000 697,913,000 690387,000 708,202.000 172,978,000 167.049,000 169,421,000
27.716.000
274,524.000
23,104,000
61,388,000
61,289,000
22.879.000
60,340,000
266,519,000
270,757,000
12,754,531,000 12,810,743,000 12,423,570,000 4,963,880,000 ,979.868,000 5,055,017,000 1.191.568,000 1,179,102,000 1,204,327.000
394,099,000
468,878.000
711,521.000
4,557,122,000
472,737,000
795.408.000
795,949,000
5,194,979,000
5,204,002,000
6,324,000
5,645,000
5,645,000
16,546,000
95,574,000
6,171,000
6,171,000
51,639,000
51,668,000
231,828,000
138,247,000
219,492,000
138,001,000
21.173,000
37,852,000
95.015,000
40,239,000
86.265,000
27.188.000
2,850,000
6.130,000
11,770.000
3.070.000
8,965,000
5,945.000
395,000
370.075,000
357,493,000
58,825.000
135.254.000
113,453,000
8.980,000
14,840,000
14,910,000
395.000
SEP.P. 5 1925.]
THE CHRONICLE
fi3anitersi Gazette,
Friday Night, Sept. 4 1925.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1189.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Sept. 4.
Sales
for
Week.
Range for Week.
Highest.
Range Since Jan.I.
Lowest.
Highest.
Par. Shares $ per share. $ per share. S per share.S per share.
1203
To-day's (Friday's) actual rates for Paris bankers' francs were 4 62(4
4 62% for long and 4 66%@4 67 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
39.80 for long and 40.16 for short.
Exchange at Paris on London, 103.42 fr.; week's range, 103.35 fr. high
and 103.49 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Checks.
Cables.
High for the week
4 81 15-16
4 85 3-16
4 85 9-16
Low for the week
4 81%
4 8454
484%
Paris Bankers' Francs-High for the week
4.63%
4 69
4 70
Low for the week
4.62
4.6734
4.68%
Germany Bankers' Marks—
High forth week
23.81
23.81
Low for the week
23.80%
23.80%
Amsterdam Bankers Guilders—
High for the week
39.84
40.28
40.30
Low for the week
40.24
39.8040.26
Domestic Exchange.—Chicago, par. St. Lou
15@25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, par. Cincinnati, par.
Railroads.
6
Aug 31 634 Sept 1 3
Bums Term & Ry See _1C0 3,80
Feb 8% Aug
80 96% Sept 4 99 Sept 4 80
Buff Hoch & Pitts 0_100
Apr 100
July
200 76 Sept 4 78 Sept 4 76
Buff dr Susquehanna_100
Sept 105
Jan
United States Liberty Loan Bonds and Treasury
100 7 Sept
7 Sept 4 7
Chic MU dr St P ctfa-100
Sept 7
Sept
100
500
15 Sept 4 15 Sept 4 15
Pr etfs
Sept 15
Sept Certificates on the New York Stock Exchange.—Below
Duluth 13 S dr Ati-100 500 34 Sept 2 34 Sept 2 2% Apr 4% Aug
we furnish a daily record of the transactions in Liberty Loan
100 84 Aug 31 64 Aug 31 34 Apr 634 Jan
Duluth 85 & ALI P1-100
100 115 Sept 4 115 Sept 4 115 June 117 June bonds and Treasury certificates on the New York Stock
Hay El Ry & Pwr Pr.100
25 GOO Sept 1 600 Sept 1 '10
Michigan Central_ —100
Fe" 00
Sept Exchange. The transactions in registered bonds are given
Id St P&SEIM leased
100
100 60 Sept 1 60 Sept 1 57% Junel 63
line ctfs
Feb in a footnote at the end of the tabulation.
Nat Rys Mot 1st 14_100 2,700 4% Aug 31 54 Sept 2 3% Apr 6
May
25 00% Sept 2100% Sept 2 100
N Y Lack & Western-100
Jan 104
may
NY Railways Pr ctfs__. 200 8% Sept 4 84 Aug 31 8% Au 12 June Daily Record of U. S. Bond Prices. Aug.29 Aug.31 Sept. I Sept. 2 Sept. 3 Sept. 4
10 78 Sept 4 78 Sept 4 77
Northern Central_ _50
Ja 804 July First
(High 1001122 10011,2 1001122 100142 100"2 100"22
Liberty Loan
200 234 Sept 3 23% Sept 1 20
100
Pacific Coast
A:38
Mar
334% bonds of 1932-47_ ..( Low_ 1001122 10011,2 1001122 1001122 10011, 1001122
70 141% Sept 3141.34 Sept 3 139
Pitts Ft W & Chic Pr_100
Ja 142
May
(First
(Close 1001122 1001122 1001122 10017,2 100112 1001112
34s)
3,900
Rta
Reading
174 Sept 2 19% Sept 4 1654 A
2454 Jan
Total sales in 81.000 units _ ...
14
30
25
13
123
10C 90 Sept 1 90 Sept 1 90
23
Am Chi Pr Pref ctfa..10(
July 90
July
Converted 4% bonds of (High
-_-- 1001122 1001122 1001122
200 114 Sept 2 114 Sept 2 111
100
Am Metal Pr
Ma 116% June
4s)
_
__
_
(
Low.
(First
1932-47
—
100"32 100"31 100"31
100 555( Sept 3 5534 Sept 3 48
-- - - --•
Am Republics
Jan 76 June
(Close
____ 1001122 1001122 10011,2
American Snuff
100
100 145 Sept 2 145 Sept 2 1384 Ap 15034 Feb
Total sales in $1,000 units._ _
____
3
3
1
200 10 Sept 1 10 Sept 1 10
Arnold Constable ctfe___
Sep 11% Aug
Converted 454% bonds I II igh 1021,2 102112 102122 1021,2 102.00 102
;
-1
All Gulf & W Inds Rta_ 3,371 5 Sept 2 6% Aug 29 4
Aug 6% Aug
of 193247 (Flret 454s)(Low_ 102122 102122 102122 102122 102.00 1011•22
• 200 50 Sept 2 50 Sept 2 45 Jun 52% Feb
Atlas Powder
(Close 102122 102122 102122 102122 11)2.00 1011122
100 96 Sept 3 96 Sept 3 95
Bayuk Bros let Pr_100
Apr 98% Feb
in
$1,000
tams...
Total
sales
4
8
30
I
3
37
Belding Bros
• 4,100 37 Sept 4 384 Aug 31 37
Sept 3954 Aug
Second Converted 44%(High
--_
---------- 102122
--- _
Booth Fish let pref _100
200 4054 Sept 3 40% Sept 3 25 Jun 43
Aug
bonds of 1932-47 (First( Low.
_-_---------- 102122
— _•_
300 414 Sept 1 43 Sept 1 40% A
Botany Cons Mills A_50
6
July
Second 454s
100 93 Aug 29 93 Aug 29 91% Jul 9754 Apr
Burns Bros prof.-_ -100
____
____
____
Total sales in $1.000 unUs _ _ _
Cert-teed 1st Pr
100 200 110 Sept 3 110 Sept 3 8954 Jan 110
____ 100:13,5
____
____
Converted 434% bonds (High
100 400 98% Aug 31 99% Sept 3 80% Fe 99% Sept
2nd Preferred
__ - _
4% bonds of 1927-42_ _ (Low..
------- 100.00
Chrysler Corp
• 118,105 133% Sept 2 149 Aug 29 1084 Jul 149% Sept
Aug
4s)
(Second
Preferred
• 3.000106 Sept 4 107 Sept 1 100% July 1094 Aug
____
__
___
Total sales in $1,000 units__.
1
Continental Can Pr-100
100 118 Aug 29 118 Aug 29 114
Feb 118
Aug Second Liberty Loan
(High 1011,2
1011,2 101.00
1015,2 10011,2 1E00
• 700 48 Sept 4 4934 Aug 29 48
Cot)
,Inc
A:495(
Aug
of
(
Low_
1927-42
10011,1
(Second
100112,
1001122 100"st 1001122 1001122
Crex Carpet
100
100 504 Sept 2 50% Sept 2 36
M
52% July
[Close 1011,2 100"22 1001122 1001122 1001122 1001122
434s)
Cudahy Packing- —100 1,000 9554 Sept 3 96% Sept 2 95
A 1064 July
35
Total sales in $1.000 units...
203
104
78
138
111
400 104 Aug 31 104 Aug 31 824 Ja 107
Deere & Co pref....100
July Third Liberty Loan
(High 1011522 1011122 1011121 1011122 1011122 101"22
50 200 15% Sept 1 16 Sept
Durham Hosiery
1 8
Ja 16
Sept
(Low_ 10115,2 10111,2 1011122 1011122 10111,2 101"n
44% bonds of 1928
Else Pwr & Light Pr ctfe_ 1,400 89% Sent 2 90% Aug 31 89% Au 94 June
(Close
1011721
(Third
1011712
101I/H
45(13)
1011.0 1011122 1011122
Emerson-Brant pref.
-100 1,900 21% Sept 2 25% Aug 31 8 Ma 264 Aug
4
101
Total sales in $1,000 units...
36
78
106
68
Essex Cot Mills let vrsoo
100 96% Aug 31 964 Aug 31 964 A
974 Apr Fourth Liberty Loan
(High 10211,2 1021122 1021122 1021122 1021,2 1021122
Pam Ply-Las F Pd Bets• 1,800102 Aug 31 105 Sept 2 102
Aug 109
July
(
Low.
bonds
1021122
of
1933-38
44
%
1021122 10211n 102122 1021n 102122
First Nat Pict 1st Pr..100
500101% Sept 1 102 Aug 29 100
Jun 102% Aug
(Fourth 434,)
(Close 102112 1021122 10211:2 1021122 102122 102112
Franklin-Simon pref_100
100104%Aug 31 104 Aug 31 1014 M
Aug
39
198
Total sales in $1.000 units__
339
167
184
176
Gabriel Snubber Cl A--•16,00C 314 Sept 334% Aug 31 28% Au 102%
3434 Aug Treasury
(High
--_- 106152, 1061122 1061122 10611n 1061122
Gen Outdoor Adv A— -• 6,700 4634 Aug 29 4834 Sept 1 45% Au 50
Aug
(Low_
-_-- 1061122 1061122 10611,2 1061122 1065122
454s, 1947-52
Trust ctfs
•13.500 284 Sept 2 3C% Sept 1 264 A
30%
Sept
(Close
_--1061122
1061122
Goa Railway Signal_ _100 5,900 337 Sept 2367 Sept 1 144
1061122 1061122 108122
Jun 367
Sept
__ _.
Total sales in $1,000 units__
11
2
39
s
62
100
Preferred
100 1004 Aug 31100% Aug 31 90% Jul 101
Aug
(High 1021122 1021122 102"n
---_ 10217,2 1021122
Guantana no Sugar.-- -• $100 4 Sept 2 4 Sept 2 4
Aug 6% Am
10221,2
102
423.
,
:n
(Low_
1944-1954
102333,
____ 102nn 1022.n
100 1034 Sept
Gulf Stat Steel letpf-100
1103% Sept I 1014 May 106 June
(Close 10211,2 1021122 1021122
- - -- 1022122 10211,2
Hanna let pf ClA 100
100 44% Sept 4 4434 Sept 4 424 July 89
Feb
TAM,1.1.0 dm at one unit.
A
.1
55
5
25
300 72 Aug 31 72 Aug 31 66
Helme(0 W)
Ma 83
• 1.800 2254 Sept 3 23% Aug 31 16% Jun 23% Apr
Howe Sound
above
Note.—The
table
includes
only
sales
of
cgs.
Refining
coupon
_10
2,800
Indian
6 Sept 4 64 Aug 29
Aug6
Sept 7% Aug
100
Ingersoll Rand
361 265 Sept 2279 Sept 4 18 Ma 28.5
Aug bonds. Transactions in registered bonds were:
Internal Cement Pr_100
800 104 Sept 3 105 Aug 29 04
Sep 107
1012122 to 1012732115 3d 454s
Aug 21 1st 454,
1011122 to 101111
]
Internal Paper Pr (7)100 2,100 89 Aug 29, 92 Aug 31 86
J
92
1001122 to 10011,2124 4th 451s
Aug 16 2d 44s
1021,2 to 1021112
10
100 70 Aug 311 70 Aug 3) 55
Iron Products
Jul 105
Feb
100 1154 Sept 2 115% Sept 2 111% Feb 116
Jones & L Steel pref _100
Aug Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
C Pw & Lt 1st 14---* 600 107si Sept 4 107% Aug 29 99
Jan 1084 July
10 400
Kansas & Gulf
Int.
% Sept 3j
In'.
54 Ma
54 Sept 1
14 June
pref
Kinney Co
100
100 100 Sept 3103) Sept 3 95
Asked.
Rate.
Maturity.
Maturity,
Rate.
Bid. Asksti
Apr 1004 Aug
Kresge (58)Co pref _100
100
1104 Ma 115 May
Long Bell Lumber A.—• 600 46% Sept 44734 Aug 31 4554 Mat 5254 Apr Mar.16 1926... 4%% 100%
100% Dec. 15 1927... 454% 1011,2 1011122
Louisville Gas & El A.-• 3.300 234 Sept 3 24% Aug 29 2354 Sept
14 1011n
26% July Dec. 15 1925-- 4%% 1004 100% Mar.15 1927-- 4%% 101,
McCrory Stores pref _100
8%4.15 I926___
10014 100"12 S444.15 1925... 2%% 99112, 100
100 10834 Aug 31108% Aug 31 1024
Aug June 15 1926-- 4it%
Mack Trucks let Pd-- -• 100 199 Sept 2 199 Sept 2 199
991122 991121 Dec.151925... 3%
ran. 100
3%
Aug
32
Aug
Mackay Cos pref. —100 200 69% Sept 2 69% Sept 2 66
Mar 784 Feb
100
klacy Co pref
100 116% Sept 3116% Sept 3 1144 Jan 118
New York City Banks and Trust Companies.
Aug
100 600 45 Sept 2 46% Sept 3 45
Menet'Sugar
Sept
55
July
AU prices dollars per Mare
Marlin Rockwell Rts__ _ 3,400 1 Sept 3 154 Aug 31 I
Sept 14 Aug
Mid-Cont Petrol p1.100
200 90 Sept 4 90 Sept 4 8354 Apr 94
Banks—N.Y. Bid
Ask
Banks
Bid I Ask
Trust Co. 514 Ask
Motor-Meter CIA
*20,200 40% Sept 2 424 Aug 29 414 Aug 424 June
America
s____
285
295
Hamilton..— 175 I 185
Aug
New York
mama Body Pr. ___100
100 804 Sept 2 804 Sept 2 804 Sent 87
.a:Ler Each __ 437 442 Hanover
Jan
5
00
1050
s
1100
American
__-.
MurraY Body
3054 Aug 31 3054 Aug 31 3054 Aug 4254 Mar AmerUnion'.—
Union'. 190
Bowery.
490 505 Bank of N 1
100
Preferred
200 90 Sept 4 91 Sept 4 8254 Jan 111
850 950 Manhattan'. 209 212
July
it
Trust
Cc 600 610
*
Shipbuilding
7,900
5034
Aug 29 58 Sept 1 17
NY
Feb
___ Mech & Met_ 418 422 Bankers Trust 517 822
Sept BroadwayCen 200
Norwalk Ti & Rub_ _ _10 16.300 154 Sept 3 1734 Aug 29 1554 Sept 58
1854 Aug Bronx Boros. 575
___ Mutual*
445
Bronx Co Tr. 200
Norwalk Ti it Rub_..i0 16,300 1534 Sept 3 17% Aug 29 1554 Sept 184
___ Nat American 175 190 Central Union 900 910
Aug Bronx Nat.._ 190
100
Preferred
100 85 Sept 4 8.5 Sept 4 85
Aug 85
Bryant Park* 215 225 National City 489 493 Empire
350
Oppenheim Conlin& Co. 200 414 Aug 31 4154 Aug 31 4154 Aug 464
June Butch dr Drov 152 158 New Neth•
230 260 Equitable Tr. 297 800
Orpheum Clr Inc pi_.100
200 101 Sept 2 101 Sept 2 98
Jan 104
Aug Capitol Nat_ 193 198 Park
495 505 Farm L it Tr_ 557 683
Pacific Tel dr Tel_..100
100 113 Sept 3 113 Sept 3 94
Jan 113
Cent
Mercan.
265
Sept
275 Pean Each... 117 125 Fidelity Intel 257
Pan-Am Pet & Trans Ills 87,461 1-32 Sept 4
54 Aug 29 1-32 Sept 2% Aug Chase
490 495 Port Morris
190
Fulton
340 850
Panhandle P & R p1.100
40 Aug 31 40 Aug 31 40
Aug 6054 Feb Chath Phenix
Public
500 510 Guaranty Tr. 877 380
5 600 3254 Sept 2 35 Aug 31 18
Phoenix Hosiery
Ap 424 July
Nat
Bk &Tr 345 350 Seaboard -- _ 590 600 Irving Bank200 13 Sept 2 134 Sept 2 13
Pitts Util Pr ctts New.- Aug 15
July Chelsea Exch.. 218 223 Seventh Ave. 130 150
Columbia Ti 296 300
p5 Elec & Gas pref _100 1.000 9754 Aug 31 974 Sept 2
May
SeptSept Chemical _ _
655 670 Standard
405 425 Lawyers Tr_.
1054 Sept 2 105% Sept 2 100
9255
Pub Serv Elec Pr
%
n
y 10
95
754
4
4
Coal & Iron_ 290
___
State*
525
540
Manufacturer
-1°
?
457 465
2
Cream
,1r)
50
Ice
Aug 29 5354 Aug 31 4454 Aug 534 Aug
Reid
550
_ _ . Crude*
147 155 Mutuai(West100
Preferred
200 94 Sept 3 95 Aug 31 94
Sept 95
Aug Commerce... 378 382 United
225
_
cheater)
__.
200
100 90 Sept 3 90 Sept 3 63
Reis (II) & Co let pt.lnJ
M
9454
Com'nwealth• 820 --_ United States* 283 283 N
Trust__ 486 492
100 103% Sept 2103% Sept 2 100% Jan 1034 July Continental..
Simmons Co prof....l00
230
Wallho
'a
nuEi
gu
ta•_ 400
Title Cu it Tr 585 590
Sloss-Sheff St dr fr pf.so I
100 97 Sept 4 97 Sept 4 92 Jun 105% Sept Corn
Each...
xc
July
513 517
US Mtg it Tr 360 368
700 53 Sept 3 5554 Aug 29 50% Mar
Stsnd Gas & Elec Pr_50
Cosmop'tan 2. 190
--- Coney Island* 190 200 United States 1825 1860
59.500
% Sept 2 14 Sept 4
Eta
34 Sept 55
151
4 Aug East River.. 350
- - - First
45,2
Weetehes Tr. 400
25 350 Sept 4 360 Sept 4 255
Texas Pac Land Tr- -100
Apr 368
Fifth Avenue* 2100 2403 Mechanics'* _ 225
Brooklyn
Tidewater Oil New.- - • 5,400 30% Sept 1 31% Sept 3 30% Aug 364 Sept
July
2890 2920 Montauk* _ 200
13rookl)u Tr. 810
100
100 100 Sept 4 100 Sept 4 100
Preferred
Aug 16
07
0
Aug
ug Franklin ____ 150
160 Nassau
315
300
Kings
County zwo 500
Corp
pf
CO
100
Dyewood
200
Sept
1
60
Sept I 60
Un
Sept
o
Ga
rge
rfigeta _
360 370 Feople's _ _ _ 310
100
Midwood--- 220 _
100 114 Sept 2 114 Sept 2 105% Apr 114
Preferred
Sept
270
Queensboros. 175
People's
830 855
Mil Power & Light A- -• 11,500 30% Sept 2 32% Sept 4 30
Aug 38
July Greenwich*
4.33 450
100 14 Aug 29 14 Aug 29 518
Virginia Carolina II etts•
Mar
A
Aug 29 20% Sept
*Bank
Warner Bore Pict CIA 10 5,500 20
marked
20 • Aug
are
State
413
banks.
(s)
Ex-dividend
Aug
U New sines (y) Ex-rwma
• 1,100 47 Sept 4 4854 Aug 31 43 June 22
Warren Bros
501551 July
_100
500 109 Sept 2 107 Aug 31 104
West Penn Power Pr.
New York City Realty and Surety Companies.
Jan 111
July
White Rock Al S ells__ _• 6,000 36 Sept 3 42% Aug 31 3954 July 4934 July
AU prices dollar, vet share
300 434 Sept 1 434 Sept
•
44 Sept 5% Aug
Wilson it Co ate
21
300 65 , Aug 29 65
Am( 25 63
Yale & 'rowne
Aug 7054 July
Bid 44
Bid .Ask
Bid All
Alliance
R'Ity 165
Mtge Bond__ 134
139 Realty Assoc
• No par value.
Amer Surety_ 150 iEi Nat Surety__
corn 425
Foreign Exchange.—Sterling exchange continued quiet, Bond & M G. 270 278 N Y Title it 207 211 (Ilklyn)
let pref
94
97
Lawyers
212 217
Mortgage.. 406 414
2d pref _ _ 83
as
but the trend was downward and freer offerings of commodity Lawyers Mtge
(/S Casualty_ 315 320 Westchester
Title
recession
a
of
&
caused
about
%o.
U
for
the
Guarantee 288 293
STItle Guar 345
week.
bills
Title it Tr_ 390
To-day's (Friday's) actual rates for sterling exchange were 4 8154(?)4 8154
The Curb Market.—The review of the Curb Market is
for sixty days. 4 84%@4 84% for checks and 4 8451 @485 for cables.
Commercial on banks, sight, 4 84%@4 8434; sixty days. 4 80%@4 80%•
given
this week on page 1190.
7874@4
793.4,
and
documents
for
4
piayment
(sixty
days);
ninety days.
cotton for
A complete record of Curb Market transations for the
4 84%@4 84%. and grain for pay4 80%@4 81h;
64
- 8434,
ment, 4 84)47.
week will be found on
payment,
page 1217.
1204
New York Stock Exchange-Stock Record, Daily, 'Meekly and Yearly
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive, see preceding page-
.
CENT.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER
Friday,
Wednesday Thursday,
Tuesday.
Monday.
Saturday.
Sept. 4.
Sept. 3.
Sept. 2.
Sept. 1.
Aug. 31.
Aug. 29.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER MARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Highest
I Per share
$ per share
PIUS Bid Ann
Range for Previous
Year 1924.
Lowest
Hiolles1
$ per share $ per sit
Shares.
$ per share $ per share 6 per share $ per share $ per share $ Per share
Par
Railroads.
12 Apr 2278 Elee
100 22 Feb 17 44 Aug 19
100'Ann Arbor
41
4078 4078 *38
40
*35
41
*35
4 E tie
/
42
*35
42
•35
25 Mar 461
100 40 Mar 24 6012MaY 8
200 Do pref
58
58
55
55
58
*54
59
*54
59
*54
58
4 Jan 1204 r ea
/
971
*54
4 Jan 16 12778 Mar 2
/
4 12214 13,700 Atch Topeka & Santa Fe 100 1101
/
1211
4 12212 121 122
/
1211
4 12234 12212 124
/
Jan 9658 II ea
12178 12238 1211
8612
9738June
25
17
Feb
9212
100
pref
Do
700
96
96
4 9534 *9512 96
1
95/
96
5 E ea
9512 9534 9512 9512 96
153 Feb
712 Mar 6
3 Jan 14
100
19,800 Atlanta Birm & Atlantio
7
7
612 678
614 634
4 ID ea
1
634 74
Jan 152/
653 714
634 733
100 147/
4 Jan 16 191 Aug 26 112
1
4,100 Atlantic Coast Line RR
184 18412 18034 18412 180 18434 184 185
E et
8478
18472 185
Apr
•185 187
524
6
8414Mar
30
Mar
71
100
7713 7834 7734 7812 7812 7934 24,700 Baltimore & Ohio
8078 784 80
Apr
E SC
6613
8014 8034 80
5614
100 6278 Apr 21 6612 Jan 8
600 Do pref
6534 6534 6534 6534
6534 66
Deo 4414 Elee
*6534 6614 6534 6534 *6534 66
4
393
14
453
23
Mar
Aug
4
3514
50
Aroostook
1,700
At
44
Bangor
*4312
4214 43
43
4412 4312 4312 43
011
N
95
Jan
4412 444 44
86
9413
5
Jan
22
June
100 89
200 Do pref
94
94
9372 9372 *9338 94
94
*93
4 Elee
1
*9238 94 .9233 94
1313 Jan 41/
35,700 Bklyn Manh Tr v t c___No par 3518 Jan 5 57 Sept 4
4 57
/
eo
4 5318 54'8 541
1
5318 53/
4 5312 534 55
1
E
4 52/
1
7551
53/
Jan
53
4
484
28
July
82
2
Jan
3
727
par
No
1,000 Do pref v t o
*7912 80
4 80
1
80 I 79/
80 .79
80
80
80
80
4 E ea
1
40 May 68/
200 Buffalo Rochester & PItta_100 48 Apr 2 9238May 2
8512 8512
*7812 82 I *7812 82
ov
80
80
82
80
•7813 80
N
1564
Mar
4
1
100 13612 Mar 30 15218 Jan 8 142/
4 14118 14158 3,100 Canadian Pacific+
1
Elee
14412 14412 *14434 14512 z14232 14212 141 14234 14072 140/
300 Central RR of New Jersey_100 265 Mar 30 321 Jan 3 199 Mar 295
4 E ea
1
282 285 .280 299 *281 300 *286 300
295 295 *280 290
6714 Feb 98/
100 8914 Mar 30 10678 Aug 24
Chesapeake & Ohio
33,700
4
1053
2
1047
8
1043
8
1027
104
10238
10414
10312
8
1047
8
1035
1044 105
9913 Jan 1091811 ly
10514 Apr 14 11212 Aug 25
100
pref
Do
500
4
1
/
112
*112
11178
*11114
11214 11214 *11114 11214 *112 11214 11152 112
4 Apr 1013 Eleo
1
3/
4 Apr 24 1058 Feb 9
1
3/
100
1.400 Chicago & Alton
6
6
6
6
538 532
618
6
614 614
6
6
813 May 1971 160
512 Apr 23 194 Feb 21
100
Do pref
4,500
12
4 1238 1112 1212 1118 1114 1114 1178 12
1
1218 12/
Apr 1504 NOT
12
100
20
11
May
Feb
140
16412
100
Louie
St
.4
C
C
0
100
4
1503
4
1503
•150 160 *150 160 .160 160 *150 160 *150 160
21 May 38 E so
100 2934Mar 30 3814 Aug 25
700 Chic & Eaat.111 RR
374
37
37
3612 *36
37 .35
*35
36
36
4 Jan 2
/
*3512 37
37 May 6278 r ea
Mar 30 571
40
100
pref
Do
1,000
46
45
47
*4512
47
47
*4612 48
49
*47
47
47
4 Apr 117s N ov
9 Jan 2 15 Feb 7
100
1172 1214 7,600 Chicago Great Vt7eatern
1214 7134 111
4 1112 1178 1158 12
/
4 1214 13
1
11/
1012 June 3132 Nov
100 1914 Mar 30 3238 Feb 6
Do pref
2 9,200
4 2412 2612 2412 2514 2478 2532 2514 257
1
2612 2612 2614 26/
4 Oct 1814 NOV
1
/
164
10
20
7
Apr
Jan
314
-100
Paul_
St
&
Milw
16,100
834
Chicago
814
814
8
84
8
4
/
818 81
814 834
4
1
812 8/
1814 Oct 3218 NOV
7 Apr 20 2813 J Al 7
100
Do pref
1558 1534 1612 23,300
4 1434 1514 15
1
15/
1612 1534 1612 15
16
4 I ea
1
4914 Jan 75/
4 10,900 Chicago & North Weetern_100 47 Apr 14 7538 Jan 12
1
6618 67/
4 66
1
6634 65/
6614 6712 65
6738 6778 6738 671
Jan nos r ea
100 10134 Apr 14 117 Mar 5 100
Do pref
*110 112
N ov
50
Feb
•11012 11212 *11012 11212 *110 11213 *110 112 *110 112
2112
3
404Mar
5414Mar
30
4 4753 4638 4712 4734 4812 27,500 Chicago Rock Isl & Paciflo_100
1
4712 4858 45/
4834 4932 4852 49
4 rlea
1
4 Feb 21
/
4 Feb 97/
1
76/
100 92 Jan 2 991
300
Do 7% preferred
9614 9614
4 97
1
595/
N ov
874
9634 9634 *9614 9712 *9634 974 9612 97
Jan
30
Mar
53
3
82
8912Mar
65
100
Do 6% preferred
400
86
8514 8512 8534 8534 *85
86
8612 8612 *85
86
86
Jan 5712 rlee
29
Chic St Paul Minn de Om_ A00 334 Apr 22 594 Jan 13
48
*43
48
*43
48
*43
48
*43
48
*44
94 T et
48
Apr
*44
108
21
Apr
Jan
13
7314
6814
100
Do
pref
99
*93
99
*93
99
*92
99
*93
99
*93
99
Jan 49 N06
*94
20
100 4418 Jan 6 7012Sept 1
6834 12,800 Colorado At Southern
7012 6714 6914 6814 6814 68
4 ISee
1
Jan 65/
6434 6534 6512 6834 68
60
100 60 Mar 26 6412June 16
300
Do let pref
4 6412 6312 6312 *6314 6412
1
*63/
64
64
64
*63
63
63
Jan .19 N ov
45
Jan 21 624 Aug 27
54
100
400
pref
26
Do
65
*60
65
*60
65
*60
62
62
62
*60
62
*60
100 13312Mar 30 155 Apr 6 10412 Mar 13958 ISee
1,500 Delaware & Hudson
14433 14438 14234 14313 14212 14212 14212 14212
14514 14534 14434 145
50 125 Mar 30 14734June 8 11054 Feb 14918 ISee
139 14012 138 139 *13512 14012 13812 13812 1.900 Delaware Lack & Western_
141 14134 140 140
42 Dec 434 I ee
100 35 July 3 60 Jan 12
pref
Weet
1,700
Denver
&
Or
Rio
454
4312
4318 *4112 44
41
4414 4414 4312 44
45
45
4 Jan 3513 A ug
1
20/
2634May 15 3412 Aug 18
100
3012 3058 3114 314 3152 12,000 Erie
3214 3012 3134 30
3232 3212 32
4 Jan 2
1
2858 Feb 4914 ISee
35 June 23 46/
100
prof
13.600
1st
4034
Do
40
4
/
401
4
1
/
38
4053 3812 39/
4
1
4178 4034 4114 39
4 ISea
/
Jan 461
41
2518
5
29
June
Jan
4
1
/
43
34
100
pref
1,000
2d
38
Do
38
4 3734 38
1
3834 3834 3714 38/
39
39
40
•36
4 Aug 18
/
5314 Mar 75 ISee
100 60 Apr 24 761
18,400 Great Northern prat
7178 7234 7012 7178 7058 7214 7252 75
73
4 N ov
1
4 73
1
73/
73
26 May 39/
4 Aug 15 4032 Jan 19
/
261
par
Properties__No
28
28
3,900
Iron
Ore
38
8
273
4
273
2712
2734 28
2734 28
28
28
1114 Apr 2912 ISea
100 23 Mar 30 35 Aug 26
4 3158 3414 3414 3534 53,500 Gulf Mob tit Nor
/
311
3414 314 334 31
3358 33
33
Jan 99 I ea
50
100 8912Mar 30 106 Sept 4
4,200
Do pref
10358 104 106
102 10234 10212 10418 103 10314 101 10212 102 22612
24_., ..„,
16
May
112
Aug
234
P..100
&
Lt
2,500
Havana
Eiec
225
By.
225
219 225 '5222
220 223
22314 22314 223 224
Nov
8
373
18
Mar
Aug
- 294 -LSea
29
2114
2051
100
3514 2,020 Hudson & Manhattan
35
3352 3434 3312 35
3718 3512 36
3634 3738 36
,ISee
5714 Oct 647
100 644 Feb 18 72 July 10
400
Do pref
6812 6812 6938 693g *6712 6938
69
4 6914 6914 69
/
691
*69
11774 rSee
Mar
8
1195
31
Mar
Jar
111
10014
7
100
115 11512 *114 11734 1,100 Illinois Central
11578 11578 1154 11534 115 115
*11512 116
4 rSee
1
/
117
Mar
100 11212 Apr 23 119 Jan 7 104
Do pref
.115 116
•115 11734 *115 11734 *11412 11612 *11412 11612 *114 116
Jan 73 ISee
64
Do RRSec,SeriesA_ _1.000 6814 Aug 14 74 Apr 17
72
*68
72
72 .68
*68
72
*68
*6812 72
N ov
1813
*6812 72
July
4
8
Jan
18
33
111
1
Sept
100
Amerlca
3112 3112 3112 3132 *3134 3214 2,200 lot Ara of Cent
2972 33
30
*2812 2934 *29
4414 May 63 N ov
100 594 Jan 2 6612JUIY 14
Do pref
*6212 68
*6433 68
*6434 68
*6438 68
4 68
1
*64/
3914 Jiily
*6414 68
Jan
23
4
1
/
3412
12
9
Feb
1312Mar
0_100
t
v
8,900
Tran
Rap
2852
Interboro
4 2678
1
2638 26/
27
2713 26
2612 2612 26
*2612 27
1734 Mar 4158 ISee
100 2853 Mar 30 4158 Aug 24
4 3712 37/
1
4 16,100 KAMM City Southern
1
3772 3512 3814 3518 3618 3614 37/
374 3812 37
5114 Mar 594 ISea
100 57 Jan 15 6114 Aug 27
Do prof
*6012 6112
61
6112 *6014 6012 *60
6112 *60
*60
62
.60
Apr 85 I ee
b3912
30
Mar
83
6
3June
69
3
50
7712 7778 7934 5.700 Lehigh Valley
7618 7712 77
7634 78
78
7834 7912 78
8753 Jan 109 ISec
100 106 Jan 16 12078 Aug 6
115 11538 3,300 Louisville & Na8hVI110
114 115
11514
114
11612
8
1153
11612
116
1164
116
42 Jan 85 1Sac
610 Manhattan Elevated guar-100 64 May 20 103 Sept 4
10234 103
4 101 101 *100 103
/
101 1011
100 100 *101 103
3012 Jan 517s JI
100 3218 Mar 23 5114 Feb 9
Do modified guar
4 2,300
1
45/
4 44
1
*4212 43/
44
4512 4512 4512 44
4512 45
*45
614 Mar 134 J an
714Mar
11
1612 Jan 2
100
500 Market Street By
9
4 812 *8
1
8/
812 812
812 812 .812 9
*812 9
20 Igot 42 1Sea
13 34 May 8
Jan
20
100
pref
33
Do
*27
33
*27
33
•27
31
*27
31
*27
31
*27
7112 J an
Nov
41
20
Mar
4314
57
27
June
100
400
47
Do prior pref
*46
47
4 .45
/
4712 4634 471
J OD
4 4712 4712 4712 *47
1
47/
14 Mar 30
100 16 Mar 19 25 May 7
22
Do 2d prat
*16
23
*18
22
*16
22
*18
24
*18
24
100
213
.18
5
Jan
4
6
Mar
4
1
/
1
Jan
4
J an
L
St
900
&
Minneap
4
1
/
2
258
4 278 *252 3
1
2/
3
3
312
Sea
I
5312
27s
314
Mar
*3
2814
4
14
Apr
Jan
3053
564
1.300 Minn St Paul & 55 Marle_100
42
*39
42
*39
42
4212 *39
40
42
*38
41
*38
60 June 75 ISea
100 40 Mar 30 72 Sept 1
3,000
71
Do pref
71
7113 7134 70/
4 71
1
72
66
Sec
66
66
65
Jan
2
65
2814
4514Aug
I
1
4
/
41
par
3
May
1012
24
RR____No
427g 4412 73,900 Mo-Kan-Texas
4212 4038 4218 4112 4314
4 ISee
1
4 41
1
4 4113 42/
1
4 42/
/
4 Jan 2 9134 Aug 18
1
411
4 Feb 75/
1
29/
100 74/
Do pref
4 8753 8814 7.500
1
88/
4 8812 8772 8834 874 8734 8738 3614
1
Jan 3414 N OT
4 87/
1
6
Jan
8752 87/
3053
41
924
Feb
100
6
Missouri
Pacific
16,500
36
3612
4
1
3612 35/
4 35
1
37/
Jan 74 ISee
4 374 3814 36
1
29
3734 38/
100 71 Mar 30 8812 Aug 24
24,300
Do Prof
4 8332 85
1
83/
4 83
/
841
3 ISec
8612 8234 8512 82
112June 24
8512 8612 85
4 Jan 12
1
2/
118 July
212 212 4,300 Nat Rys of Mex 20 pref__ _100
212 212
24 24
12142M 111
218 218
218
2
21
214
Feb
Feb
1
11314
123
*2
8May
934
8
100
12112
100
Max
dr
Top
ON
4
New
12112 *11834 12112 *1183
4 rSea
10
1193
Feb
•11914 12112 11914 11914 *11834 12112 *11834
12414 Jan 13
9918
100 11314June
119 12034 11814 11972 11918 11934 119 12014 40,500 New York Central
11934 121
12014 121
724 Feb 128 ISea
100 118 June 24 13714 Feb 24
600 NYC&StLCo
12814 12934 128 129
9372 Si pt
may
83
7
Aug
*128 13112 130 130 *128 130 *128 130
8
Jan
8812
96
100
4 1,400
1
Do pref
9338 93/
9314 94
9212 93
*9338 94
94
94
*9314 94
1418 Jan 3314 ISea
100 28 Mar 24 3934 Aug 19
4 53,200 NY NHAz Hartford
1
4 354 3658 3512 363s 3633 36/
1
37/
4 373* 30
1
4 3434 Aug 13
3714 3812 36/
16 May 2814 N ov
2814 2912 2912 2978 11,400 NY Ontario & Western-100 2058 Apr
22
Apr
4
1
/
3012 3112 304 3034 2938 3012 2818 30
21
43
1212 Apr 29 N oV
July 29
100
42
700 Norfolk Southern
*3912 42 .40
3912 40
40
40
40
4012 4012 40
30 14078 Aug 18 1024 Jan 1334 I 00
12312Mar
100
Western
26,100
13412
&
Norfolk
133
134
13112
13112 13314
13534 13612 x134 13412 133 135
1513 754 Jan 8 80 July 24
4 Feb 8018 it DO
1
72/
Do pref
85
*80
85
*80
85
*80
85
*80
85
*80
85
*83
4778 Mar 73 I ea
100 5814 Apr 25 7114 Mar 8
6812 7034 18,300 Northern Pacific
2
687
6714
6812
67
8
695
68
70
4
/
691
6938 7012
6214 Jan 50 ISec
50 4213 Apr 9 4878 Jan 5
4 4714 4712 22,100 Pennsylvania
/
471
4 47
1
47/
4 47
1
4 4712 47/
1
4 47/
1
4 47/
1
4738 47/
934 Mar 2212 N eV
100 1334 Apr 30 2078 Jan 12
Peoria dr Eastern
18
*16
18
*16
20
*15
20
19 .15
4012 mar 73 ISea
18 .15
61341une
•15
24
20
Aug
74
100
900 Pere Marquette
*6914 74
6812 69
4 683.4 70
/
*7112 711
73
July 29 84 Jan 16
Apr 8512 A ug 1
7214 7214 *71
78
7112
100
pref
prior
84
Do
200
*8212
8234 8234 *8214 84
84
8212 8212 *82
82
Jan 77 A UR
4 Jan 10
1
*80
60
100 6812 Apr 16 75/
400
DProf
4 -__
/
*711
74
74
74
*7314
Jan 754 TSec
75
*7312
7412
38
*7312
18
Aug
7414 744
100 63 Mar 19 77
4 8,800 Pltteburgh dr West Va
1
7234 -75/
7278 73
4 7012 72
1
9114June
30
4 7218 7314 7214 73/
/
741
Mar
I
4
72
693
8
517
May
50
794 Sec
18,100
Reading
8
3
85
8412
8334 8434
8314 85
86
8614 85
,AD
Oct8612
18
Mar
8
41
4 86
1
June
357
34
1
4 86/
1
85/
50
100
Do 1st pref
3952
*39
40
4 *39
/
3958 3914 391
*3812 40
*3834 3952 *39
3614Mar 18 4432.1une 1 b3318 Jan 56 '
50
I an
Prof
10,500
2d
4012
Do
40
4112
404 *4018
ov
404 40
N
40
60
40
Jan
6278
40
24
Apr
Jan
32
9
41
42
100
*40
400 Rutland RR prof
5478
*52
56
*52
5314
See
5314
1
65
56'2
54
16
Jan
58
10214 Aug 28
1918 Apr
*56
59
100 574
*56
97,800 St Louls-San Franolsco
4 101
1
4 100/
/
Sec
9818 10078 10018 1011
I
8213
Jan
Jan
20
76
4
1
/
9214Ju1y
42
100
28
10012 10114 10012 10138 98 101
A
1,200
pref
91
Do
4
893
8934 8934
90
Jan 5578 I ea
9012 904 90
33
91
91
9038 91
17,400 St Louis Southweetern_100 4334June 11 63 Aug 24
4 5612 58
1
4 5352 5618 5512 56/
1
57/
4 Aug 22
1
4 Jan 74 N ov
1
57/
100 7018June 25 75/
5714 5734 5612 5778 58
100
74
Do pref
*72
*7212 74
74
4 *72
1
7233 72/
16
Jan
488*
3
Jan 244 ISea
203
27
Aug
614
100
74 .7312 74
*73
Line
Air
50.500
4
1
/
45
Seaboard
4432
44
43
44
4614 4334 4512 42
45
1414 Jan 4513 ISea ,
100 35 Mar 30 5112 Aug 27
47
46
Do pref
4 4733 15,000
1
4 46/
1
4738 *4512 46/
4 4872 45
1
Mar 10512 5ov 1
Sept 2 108/
4
1
854
07
9
Jan
100
4914 4912 4834 4912 45/
973
Pacific
14,500
2
Co
Southern
4
/
971
9712 974 9712
97
3812 Jan 79/
4 ISea
1
100 7753 Jan 2 10778 Aug 26
9912 79712 9758 9712 98
99
4 10418 10478 27,400 Southern Railway
1
4 10314 104/
/
100 83 Jan 2 94 Aug 28
4 10578 1034 10533 10212 1041
1
6634 Jan 88 ISec
10538 10738 105/
Do pref
4 9152 9172 9134 9134 4,900
/
4 ISee
1
48/
4 9114 921
1
Jan
27
Jan
4
9312 9312 9212 9338 9112 92/
4314
581
19
13
Mar
100
18,100
Texas
Pacific
de
5034 5212 5212 5318
52
4 50
1
5318 5458 5212 5334 5134 53/
74 Apr 17 1518July 20
4 May 1813 .1 ILY
1
8/
100
1312 1.300 Third Avenue
51212 1312 13
137 1378 1318 1318 '
14
*13
•1212 13
Jran
Oct66
3912
22
I
Jan
58
70
4July
1
/
Twin City Rapid Transit 100
62
*60
62
4 6418 '560
1
•60/
62
4 Mar 1511
1
4I
/
*6012 6212 *60
100 13314 Apr 24 15314 Jan 10 126/
62
*60
13912 1363s 14034 5,100 uraon Pacific)
13912
13912
13834
140
z139
7714
14312
A
7613
Jan
Mar
30
72
4
70
July31
1423
100
14312 14312
Do prat
700
4 75
1
74/
*7412 76
75
7% I4pr 41 I
4 75
1
77534 75/
77
100 18 Aug 31 3312May 18
•7614 7712 77
2334 1,300 United Railways Invest
1918 2014 2212 2212 2212 70
19
19
2613 lpr 647s 1
19
18
100 4812 Mar 23 8314June 25
*23 4 , 26
Do pref
3,200
6912 *68
6834
a
Iy
67
6014
68
65
Jan
14
71
Feb 7234 J uee:
36
6418
4
13512Aug 7
683
*71 .: 77
100 Virginia Railway & Power_100
123 123 *120 130 *120 130
4 Jan 2438 1 eo
1
10/
100 1912 Mar 30 4714 Aug 26
•125 130 •125 130 *120 130
4 86,600 Wabash
1
43/
Sec
4 4212 4332 43
1
1
a
603
Jan
20
Jan
4552 4614 4314 4334 4114 43/
4
1
/
7312
84
55
17
Aug
100
4612 47
Do prat A
21,000
7034 7014 71
70
4 I ea
1
2212 Jan 42/
100 3812 Jan 21 6012 Aug 22
7118 7218 7118 7134 7012 7112 6953 7012 •53
Do prat B
60
*58
60
60
*58
61
SlsJune 1614 I ea
*58
61
100 11 Mar 24 1838 Aug 25
6012 *58
•58
1714 31,300 Western Maryland
1634 1534 1738 17
1514
4
/
171
1 00
4
1
/
16
2614
May
1718
27
Mar
4
2614
163
1514
9
Jan
16
1718
100
1634
Do 26 pref
4 3,000
1
4 23/
1
23/
4 2214 24
1
23/
4 2312 22
/
100 1934July 31 33 Aug 27 ___ - ---- ---- -•
2312 2334 2338 2338 231
4 27,400 Western Pacific new
1
2914 3014 2814 29.12 2812 2958 2912 30/
4 31
1
27
July
72
4
773
Z
--_4 29/
1
-7..L.7
25
31/
Aug
---100
31
Do prof new
7612 2.500
4 7452 7518 76
1
4 744 74/
1
7514 7478 75/
74 Jan174 -I -ea
75
4 Mar 31 2212 Aug 18
1
10/
75
75
4 2038 2012 11,800 Wheeling & Lake Erie Ry-100 22 Apr 2
1
3212 1 et
1912 194 20/
Jan
2012 19
1414
19
July
16
4 21
1
2118 20/
47's
100
21
pref
2.100
4
433
Do
4312 *4314
43
43
4214
43
8
423
4312
*4314
4314
43
..
Industrial & Miscellaneous
ell •!
61 Dec 64 1
600 Abitibi Power & Paper-No par 82 Jan 6 7512May 29
6312 6312
65
*63
65
4 65
1
65/
9612 May 12213 1
65
67
*66
100 119 Jan 5 133 May 26
:67
*65 7
American Cables
All
200
132
*127
132
*12712
127
127
128 128
734 Jan 934 1
Apr 16 10314 Jan 9
90
100
•128 , 130 *128 130
Express
Adams
500
9112
.914
9114 9112 *9112 92
92
4
*913
4
1
/
93
181
6 June 1638 I
11
Apr
.92
13
100
13
2May
92
192
800 Advance RumelY
*1412 1514
1512 *1413 15
64 1
4 1512 1412 1458 *14
1
284 Jun
100 47 Feb 18 62 July 28
•15 q 1512 14/
1,900
prof
Do
5512
5512
55
54
4
1
55/
55
5612 57
58
21
- ---- -.
4May
1
/
12
Apr
*57
4
27
93
1
58
*5712
Lead
Ahurnada
3.300
1019
1032
Ina.
ni.
1
.....
-. ....
_
4
b Ex-rights.
s Ex-dividend.
•Bid and asked prices.
New York Stock Record-Continued-Page 2
i'to3
Voir sales during the week of stocks usually inactive. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Aug. 29.
Tuesday.
Monday,
Aug. 31. I Sept. 1.
Wednesday. Thursday. I
Sept. 3. I
Sept. 2.
Friday.
Sept. 4.
$ per share $ per share I $ per share $ per share $ per share I 5 per share
10812 10812 1074 10834 10518 108
10418 10512 10458 10512
10312 106
1034 11
1034 11
1012 107g
1012 11352 1014 10121 1012 1034
.132 178 .15g
•158
17g
178i
152 15
134 *132
158
158
10212 10378 10178 1034 101 103
99 10112 100 10158, 10012 10178
120 120 *11972 12014 120 120
120 120
120 120 I 120 120
8712 8612 8713 8412 8573 85
8714 8818 87
86181 8558 864
•107 108 *106% 108 *10638 108
10712 10712 10712 107121 10714 108
227g 2114 2212 2034 2112 2118 21341 2134 2214
2214 228 22
6538 6312 6512 6314 6414 6338 64
6412 6512 65
6512 66
35
3434 3434 35
3672 3678 3634 3634 3572 3612 3412 35
*80
86 •---_ 86
80
86
86 '
*80
380
86 '
86
31
3018 30/
3114 3114 3114 3134 30
1
4 3012
30
2934 30
1
4 11512 113 115 •113 118 *113/
11513 11512 115/
*11512 118
1
4 118
*11112 115 *111 115 *112 118 *111 115 •111 115 '
3111 115
226 23313 21814 22912 220 225
233 23614 23212 236
224 22934
•11912 12012 *11912 12012 12014 12034 *120 121
12014 12014
12073 121
105 10812 105 10612 105 10738 104/
10558 107
1
4 10834 10534 106
*126 12714 *126 12714 12714 12734 127 128 •126 128 *126 128
2312 2358 *2312 2352
2312 2352 .234 2312 *2314 2312 2314 2352 .
4334 4334 *4332 44
*4334 44
4212 4312
42
424
4218 4212
Salo
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
Shares.
10,300
7,200
1,300
41,400
1,800
7,200
500
7,600
6,600
1,400
Indus. & Miscall. (Con.) Par
Air Reduction, Ino____No par
Ajax Rubber, 1nc___No par
Alaska Juneau Gold Min_ - 10
Allied Chemical & Dye_No par
Do pre/
100
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chern-100
Do prat
100
American Beet Sugar
100
Do pref
100
Amer Bosch Magneto_No par
Am Brake Shoe & F___ _No par
Do pref
100
American Can
100
Do pref
.100
American Car& FoundryNopar
Do pro!....100
American Chain.clam A--- 25
1,900
500
84,900
900
15,600
600
1,000
1,400
-400
3,000
800
19,200
1,900
Lowest
American Chicle
No Par
100
Do pre!
No par
Do certificates
Amer Druggists Syndicate- 10
American Express
100
Amer & For'n Pow new_No par
Do pre!
Nepal
Do 25% Pahl
1,200 American Hide & Leather-100
2,200
100
Do prof
2,000 American Ice
100
610
Do pref
100
17,200 Amer International Corp_ A00
2,700 American La France F E.... 10
3,900 American Linseed
100
1,400
Do pref
100
25,000 American Locom new __No Pa
200
Do prof
100
2,700 American Metals
No Pa
2,200 American Radiator
25
Amer Railway Er preee____100
2,800 American Safety Razor_ __100
1.100 Auer Ship & Comm___No par
25,800 Amer Smelting & Refining-100
500
Do prof
100
6,900 Amer Steel Foundries _No par
100
100
Do prat
8,300 American Sugar Refining100
1,200
100
Do pref
1,100 Amer Sumatra Tobacco-100
100
Do pref
200 Amer Telegraph de Cable_100
6,200 Amer Telep & Teleg
100
22,300 American Tobacco
50
100
600
Do pref
_50
17,500
Do common Class B
1,200 American Typo Founders 100
15,600 Am Wat Wka & El
20
300
Do 1st pre!(7%)
100
Do panic 05(6%)......100
3914
3913
3912 39 -165-2
-311-2 3834 3938 -air;
-38s -3-i
6,700 American Woolen
100
*8612 8614 8672 86% 87
8718 87
87
8718 8778 87 8734 1,300 Do Ore!...100
2
214
212 *24 212
.214 212
218 218
.32
2
2
700 Amer Writing Paper pref_100
*772 834 *7% 8
*773 8
7% 7% *8
7/
1
4 818
812
25
700 Amer Zinc, Load & Smelt
*2834 30
*28
.29
30
30
27/
1
4 2973 27% 27% *28
30
600
25
Do pref
4114 41% 41
4134 42
4178 40
42/
1
4 15,000 Anaconda Copper Mining-50
414 40% 41% 41
361
: 3612 3678 3718 374 3712 3712 38
3713 37% *3713 38
2,700 Archer, Dan•la MidI'd-No Pa
59713 99
988 •97
*97
*98
9812 985* 9812 98
98
981
400
Do Ore!
• 100
•9833 951 •9519 9512 95/
1
4 96
96
96% *9518 9718
96
96
700 Armour & Co (Del) prat-100
2258 2278 2234 2278 2258 2314 2212 23
2258 2314 23
2314 34,000 Armour of Illinois Class A__25
97 10
10
934 93
10
10
10
934 10
2,400 Arnold Constle&Covto No par
*934 101
*43/
1
4 44
*43,2 44
44
44
*4412 4512 *4412 451
4312 44
No par
800 Artloom
*10078 103 •10078 103 •10078 103 *10078 103 •102/
1
4 103 •102 103
100
Preferred
5014 511
5012 52
5112 52/
51
1
4 4958 50
51
5014
52
7,100 Associated Dry Goods-AGO
97
97
*95
*95
96
*96
96
97
*9612 97
*95
97
100
100
Do 1st pref
1
4 107 *10412 107
*105 107 *10414 107 *105 107 *10413 107 v104/
Do 2d Pre!
100
3534 3534 354 36
3518 3534 35
3514 384 3514 3534 353
3,000 Associated Oil
25
5978 57/
5812 597g 58
1
4 5834 5478 5714 5534 5814 56% 583 16,900 AU Gulf & W I SS Line___100
5458 55
5434 55
54
5453 5418 5412 5414 5414 5412 551
3,100
100
Do pref
9912 101
*9972 1001 10012 1001
100 100
98
2,200 Atlantic Refining
9812 *99 100
100
116 116 *115 117 •115 1181 *115 11512 *115 1153 *114 1151
100
Do pref
100
121
1232 1238 12
124 1212 12
121
1212 121
123* *12
1,400 Atlas Tack
No par
2912 2934 2714 2952 28
281j 2658 2778 27
27% 27
271
8,700 Austin. Nichols&Covto No pa
9334 938 9412 941 *9314 95
95
*93
94
*9314 95 '93
300
Do pref
100
*1
It
*112 2
*112 2
*1.2 2
•112 2
*112 2
Auto Knitter Hosiery_ _No par
116 11718 1154 1171 11634 12013 11734 12034 119 120% 11834 1201 105,900 Baldwin Locomotive Wks-100
'107 10912 *109 1091 10912 110
110 110 •10812 110
110 110
400
Do pref
100
2014 2014 2018 201
1
4 1958 1878 191
1914 191
19/
1934 20
5,600 Hamadan Corp. Clan A- 25
1612 1612 *16
17
*16
17
16
1
17
10¼ 161 •16
400
Do Class B
25
401 *35
4018 *35
*35
401 *35
4012 *35 401 *35 401
Barnet Leather
No par
393 393 *39
1
4 391
*39/
391
40
/
393
4 391
39
39
*39
300 Bayuk Cigars. Inc
No par
74
743
73
74
7114 7212 7134 72% 7218 73
7412 75
8,400 Beech Nut Packing
20
4014 41
41
4013 4138 39e 4052 4014 4032 4012 41
41
11,400 Bethlehem Steel Corp
100
•11412 116 •11412 118 *11212 1141 •11212 11514 *113 1151 •11312 1151
Co cum cony 8% pref-100
96
*964 97
96
96
98
*9612 977 *117
98 z9538 96
600
Do pref 7%
100
812 612
63* 658
534 6
618 612 4,300 Booth Fisheries
614 61
614 Pe
No par
35/
1
4 3534 3514 3713 3612 387
3614 3712 3688 363
364 3678 22,000 Briggs Manufacturing No par
138
*138
137
138
1365
136
8
137
13734
13812
137
137
138
1,200 Brooklyn Edison, Inc
100
8412 8552 8152 85
: 8512 8578 8512 853
85% 8834 10,100 Bklyn Union Gas
8612 881
No par
13112 13434 13434 1383 133 135
128 132
132 134
13012 131
6,900 Brown Shoe Inc
100
10714
•106 10812 *10612 108 *10612 108 •I0614 108
*106 10714 10714
100
Do pref
100
3052 3038 3052 3012 3058 30h 301
30
2972 3032 30
30
5,200 Brunswick-Balke-Coll'r No par
103 103 "103 105 *103 105
•103 105 .10212 10434 *104 105
100 Burns Brothers
No par
25
257g 2572
26
25
28
25
25 •2532 26
26
.25
500
Do new Class B corn No par
9513 94
981 10012 103
9512 9558 0538 95
.91
05
95
6,000 Burroughs Add'g Mach_No par
1718 1712 1718 174 171
17
17
/
4 171
/
4 1718 1714 17
17
800 Bush Terminal new.
._ _No par
85
8514 854 85
*8412 8558 *8412 8538 8434 85
8512 8512
600
100
Debenture
6
*6
6
614 *6
6
bh 6
67s
6
818 2,700 Butte Copper & Zinc
5
1
19
19
1918 1918 1918 *1814 1914 *19
191
300 Butterialt Co
*1812 1914 19
100
11
1032 1038 107g 1132 •107g 1114 1,900 Butte & Superior Mining__10
1038 11
1038 1012 11
11
•58
34
51)
*3
%
34
34
%
*15
58
%
1,000 Caddo Cent Oil & Ref-No par
11812 119
12114 12212 119 121
11834 12073 5,000 California Packing
123 123 z121 123
No Par
1
4 2534 2514 2534 254 26
2614 25/
2614 2653 13,800 California Petroleum
25
2534 2612 26
......
100
Do pre!
21
212 212 '2¼ 3
258
*212 284
-2
3-4 .234 3
800 Callahan Zinc-Lead
10
4934 *4813 50
51
50
49
50
50% 50
5112 *50
900 Calumet Arizona Mining_ 10
*50
141
: 1418 147g 1,100 Calumet & Hecht
1412 .14
25
1552 1532 z1478 1514 1412 1458 *14
43
*4312 46
*40
43
43
*40
4312 44
43
45
400 Case Thresh Machine- _100
*43
86
86
8814 864 8614 8614
400
100
861e •85 8834 85 85
Do pref
*85
1
4 1812 1838 1878 178 1834 1758 188 1834 1952 20,100 Central Leather
100
1758 1871 18/
6314 7,910
/
4 6012 6014 6112 5938 6012 8012 6112 62
5934 594 6C1
100
Do pref
31
31
*31
31
.31
3212
3212
*31
303*
3212
400 Century Ribbon aline„No par
324
.31
1
4 9734 *9514 9734 *9514 9734 *9514 9734
100
Do pref
.9514 0734 *9514 97% *95/
1
4 52
51
5134 5214 53
52
5212 51/
6,400 Cerro de Pasco Copper_No par
5214 5212 5214 53
535 50,900 Certain-Teed Products-No par
1
4 5333 53
54% 53% 5434 5212 5334 52/
5332 5478 54
31
3158 9,800 Chandler Motor Car---NO Par
3112 30% 31% 3013 3178 297 3014 3014 31
31
/
4 11734 120
115 11814 11512 1191
114 119
32,000 Chicago Pneumatic Tool 100
11212 11312 109 114
*4612 49 •46
49
49
47
48
47 •46
*46
100 Chic Yellow Cab tern at No pa
: 49
*461
.57
5712 7,500 Childs Co
No par
67s 5812 5812 5758 5534 5614 5512 56
5758 58
7
3414
33
3334 34
23318 3352 3312
25
1
4 3412 34
8,600 Chile Copper
34% 34% 34/
22
2212 224
500 Chino Copper
5
*22% 2314 2278 2278 *2213 22% 2218 22% 22
61
360
*60
61 '
61
*60
81
*60
62 '60
100
Cluett.Peabody & Co
61
•60
138 13812 137 138
135 13858 137% 138% 17,300 Coes Cola Co
135 137
No pa
13814 139
38
38
/
4 3853 37
3812 7,700 Colorado Fuel & Iron
100
3914 3953 3913 394 3712 3918 361
48
46
46/
1
4 4612 4614 4614
47
800 Columbian Carbon v to No par
46 '413
46
46
46
a
HS
-rights.
this
s
Fs
-dividend.
day
•B16 and 'Abed pats* DO ulee on
-¢512 -411
.
2 ;4514 45 ;43i2
-43 - '42- ii514 514 518 518 ;41518 518
5/
1
4 514
5
5
5
5
13614 13614 135 135 *13512 140
134 135 •135 138
135 135
421g 4212 4138 4218 41
4134 3858 4112 3858 394 4012 4118
9034 9034 9014 9114 9078 90% 9058 9112 9032 9012 91
91
•131 132 •131 134 *131 134
•128 132 *130 13118
•1038 11
10
*1034 11
934 10
1014 "io" 16"
*1034 11
6114 6114 *8112 63
60
6112 584 6018 6014 6014 617e 6178
120 12034 119 11912 11912 120
118 11914 11934 1193
118 120
83
83
*8272 831
8212 8238 *132% 8314 8214 82/
82
1
4 82
404 38
3914 3652 3812 38% 37% 3712 3778 37
39
37/
1
4
1211 1232 1212 13
1258 13
1212 1212 1212 1258 1212 1212
3418 3418 33% 3438 3212 34
3318 3314
328 3312 323 33
7812 7912 *7834 80 •78
80
793
*78
79
7914 .7814 79
11514 11558 11434 11534 11434 11712 115% 11734 11614 117
11718 119/
1
4
•11872 118 *11834 118
118 118
118 118 •11812 119 *11814 119
51
51
5014 514 50
5079 4913 4934 50
5012 50/
1
4 501
110 111
11078 111
110 11179 108% 1101s •110 111
111 111
777 *77
*77
77% *77
7778
77% *77
7778 .77
7773 *77
62
60
60
60
*5912 60
59
8012 6012 601
8058 59
*8/
1
4 63
612 81
813 61s
6/
1
4 814 *814 61
814 838
110 1103 109 1101 10714 10958 106 1081 107 108% 10732 10914
•112 113 *112 1121 112 112 *11112 1121 11218 1121 11214 11214
39% 40
3938 311h
40
40
3912 397
4014
40% 3912 401
112 112 *11014 114 •1104
•11014 114
•11014 --- •11014
6512 651
6513 66
6514 6512
657
6518 651
65
8572 65
9934 100
9934 993
9912
9934 *98
*98 100
9912 991T .
98
9/
1
4 93
•914 10
*933 978 3'914 9%
934 93
912 1012
•77t2 8512 •7712 851 *79
851 *80
851 *80
8512 *80
8512
*3(134 41
41
*40
*3934 41
41
40
401s *40
13952 1397 13972 14014 14018 1401: 14018 14012 14038 140%
13958 140
9812 9812 98 9832 981* 10034 994 10072 100 104 102 10378
107 107 '107 108 *10718 108
•107 108
10714 107% *107 10712
9734 9814 9752 9772 97% 10012 9814 10012 9934 10234 102 10234
11538 11538 *11234 11434 '11234 11312 114 115
11512 11512 11512 117
61
5712 61
5914. 804 59
81
61
62
6034 5514 60
*9818 984 •98/
*9814 99
1
4 *284 9812 *98/
1
4 9812 9814 98/
1
4 9812
PER SHARE
Rance for Year 1925.
On basis of 100-share Iota
Highest
PER dli Arta
Range for Previous
Year 1924.
Lowest
I
Hiyhasc
per share $ per Oar,
per share
6714 Jan 93 De
114 Aug 19
412 May 1412 Dee
1578June 19
78 Jan
214 Mar 27
14 Ma,
1047 Aug 28
65 Mar 874 Dec
120 Feb 26 110 Apr 11858 Dec
8913 Aug 28
4lieMay 7358 Dee
108 June 3
90 Apr 10478 Dec
71 Apr 1718 Jul/
2373 Aug 22
1834 Apr 4958 Jan
13834JulY 27
43 Jan 7
38 Mar 4912 Pet
8778June 19
6813 Oct 83 De,
5412 Jan 3
2214 Apr 3872 Jat
76 Apr 102 Dec
12114 Aug 5
11314May 20 10414 July 110 Mar
248 Aug 22
95% A Pr 16312 Dec
12112June 12 109
Jan 119 Oct
11112May 8
128 July 28 -118-34 Apr 126 Jul,
2138 Mar 25 Seta
27 Feb 14
37 Jan 27 62 Apr 18
1434 Apr tors Dec
94 Jan 6 109 June 3
514 Feb 9312 Dec
37 Jan 7 581
/
4 Apr 18
23 Sept 39 Dee
3/
1
4 June
5 Aug 19
Oct
6% Jan 22
7
125 Apr 27 186 Jan 2
88 Apr 16434 Dec
2714 Apr 7 47 June 17
87 Jan 6 94 Feb 19
11438 Apr 7 135 June 17
92's Mar iaii. Dee
8/
1
4Mar 31
14 Jan 14
7/
1
4 Apr 1458 Dec
5812Sept 2 75% Jan 14
5013 Jan 723g Dec
83 Afar 18 124 Aug 24
72 Aug 98 Fob
74/
1
4 Mar 17 86 July 9
73/
1
4 Nov 83 Feb
3218 Mar 30 41 Feb 5
174 Mar 351 No3
114 Jan 2 14 Jan 15
10 May 1214 Jan
20 Mar 25 35% Aug 11
1334 May 284 Dec
53 Jan 2 8112 Aug 14
30 Apr 6358 Der
10412 Jan 5 14478 Mar 6
7018 Apr 10934 Dee
115 Aug 14 124 Feb 16 11614 Apr 12012 deP1
4534 Mar 30 54 Aug 24
884 June 54 Der
8978 Jan 3 11312July 27
9414 Apr 136 Dec
7814May 13 84 Jan 13
7712 Nov 83 Oct
Vs Apr 1014 No,
3878 Jan 2 68 July 27
558July 7 Ws Feb 28
104 Oat 1538 Feb
90118Mar 30 11212Aug 21
574 Jan 1004 Dec
96
10512 Jan 5 11214Sept 4
Jan 1074 Dec
3758June 11 4058July 20
108 Jan 7 112 Apr 18
4758 Jan 16 7114 Apr 14
Oct 614 Feb
36
9114 Jan 16 10112 Feb 28
Oct 9978 Feb
77
6 May 6 2412 Feb 14
638 July 2812 Jan
28 Apr 27 861
2213 Sept 69 Jan
/
4May 28
3734June 1 47 Feb 25
3814 Dec 4312 Jan
130% Jan 2 14414June 18 12118 June 18434 Dee
85 Feb 17 104 Sept 3 13638 Mar 16978 Nov
10412 Jan 5 108 June 8 101
Apr 10612 July
8412 Feb 17 10234Sept 3 13514 Mar 1683 Nov
103 Apr 22 124 June 25 108 Sept 115 Sept
34% Jan 13 6812July 21
40 Feb 144 Dee
8912 Mar 101 Dec
9714 Aug 6 103 Feb 18
9511 Jan 2 110/
66 Feb 102 Nov
1
4July 21
3434MaY 6 8434 Jan 6
5114 Sept 787s Jan
091:May 6 9eig Jan 20
90 Oct 1024 Jan
7 July
113 Apr
7/
1
4 Jan 3
2 Aug 31
7 May 12 1212 Jan 9
1
4 Dee
7 Mar 12/
2478May 1 39 Jan 9
24 June 3678 Dee
2813 May 4814 Dee
3514 Apr 21 48 Jan 8
26 Jan 7 388 July 20
2812 Dec 29 Dee
1
4June 10
9013 Jan 5 98/
90 Dec 9112 Dee
90% Mar 31 9814July 17
8314 June 9438 Dee
20 Mar 19 24'* July 21
8 Jan 5 1212 Jan 28
Oct 15 Jan
39 June 19 4518 Aug 8
1
4May 19
10112 Aug 20 103/
4612 Aug 17 5534July 3
831k May 94 No,
94 Jan 7 100 June 16
101 Jan 2 10814 Feb 7
89 Jan 1024 Dec
2712 July 8458 Feb
32 Mar 30 4112June 15
1034 Mar 23 Dee
20 Jan 5 8078 Aug 28
31 Jan 5 5514Sept 4
1213 Jan 314 Dec
9512 Jan 2 11712 Feb 5
7812 July 14018 Jan
113/
1
4 Jan 6 j1734June 8 108
Oct 118 Feb
5 June 1118 Jan
918 Feb 16 13 Apr 28
1812 Mar 33/
1
4 Jan 12
22 July 6 32/
1
4 Dec
79 Apr 91 Nov
8738 Jan 27 95 Aug 15
112 Aug 19
414May 14
112 Nov
812 Jan
107 Mar 30 146 Feb 26 10438 May 13438 Dee
107 Aug 7 11668 Jan 31 11012 June 1174 Nov
1834 Aug 12 30 Mar 3
14 Feb 23/
1
4 Dee
16 Aug 18 23 Feb 6
10
Jan 1712 Dec
35 Jan 5 4978 Mar 4
23/
1
4 Nov 39 Dee
39 Apr 28 5314 Feb 14
394 May 59
Jan
60 Mar 23 7734 Aug 26
4434 Apr 7234 Dee
37 June 5 5313 Jan 13
3734 Oct 6218 Feb
109 Mar 18 11612 Feb 8 10114 Apr 11014 Feb
:June 97 Feb
9314June 1 102 Jan 31
891
7 Jan 10
418May 4
358 June
74 Jan
3334 Mar 17 4412may 25
120% Jan ' 14058May 22 1071* June 1241* Dee
75/
1
4 Feb 17 9158May 22
5858 Apr 8234 Dee
0412 Mar 31 13834Sept 1
39 May 7612 Dee
98 Mar 25 10714 Aug 31
84 June 9234 Dec
24 June 25 4958 Jan 21
9213 Feb 11 10912May 9
95 IWO 11112 Jae
195* Feb 29 Nov
17 Mar 31 30 June 6
65 Jan
103 Sept 4
6234 Nov 6712 Oct
1458June 4 1912June 15
80 May 14 897/1.1une 20
25Dee
,8
Apr -11
414 Mar 3
1
4 -15834 Jan 2
ee
175
3 8 June
17 May 13 2834 Jan 3
244 Jan 9
612Mag
14 May 2512 Dec
12 Apr 2
1 Nov
238 Jan 12
414 Jan
10012 Jan 27 13212 Aug 21
80 Apr 1084 Dec
2378 Jan
3278Mar 7
1912 July 2914 Feb
100 Jan
Jan
924 July 107
123 May 22
21 May
4% Feb 19
678 Jan
212MaY
131344 MayMa
45 Apr 22 58 Jan 7 4ee
Mar 5
19
8132
4 D
1214May 2
1858 Jan 5
24 Mar 18 49 Aug 10
14 Mar 85 Dee
60 Mar 11 89 Aug 10
Jan
4114 May 77
1434 Mar 28 2134 Feb 7
978 Mar 2152 Dec
4914 Mar 2
2914 Mar 5814 Dee
66 Feb 7
4712 Mar 11
3034Sept
2534 Apr 3514 Nov
91
Jan 9512 July
9834 Jan 14
9434J une 2
1
4 Jan 2
4034 Mar 5634 Dee
431s Mar 24 55/
2478 June 4412 Dee
5572 Aug 4
4034 Mat 2
2712 Aug 20 3958June 9
2678 Nov 6612 Jan
'7972 May 10072 Dec
8014 Mar 19 12214 Aug 22
44's July
55 Jan 3
89 may 6112 APT
4978 Mar 31 6034 Aug 27
30/
1
4 Mar 30 37% Jan 2
19 Apr 23 28% Feb 5
11
14-aj
ar -1
2-8
918 Deg
7134 Jan 12
58/
1
4Mar 1
65 Oct75/
1
4 Jan
80 Jan
61 Apr 83/
146 Aug 6
1
4 Dec
3214 Apr 21 4814 Jan 13
2478 Feb
45 Mar 24 5134 Jan 8
3034 Ben
K63
"14
.]:
A
$ Per share
8634 Jan 30
10 Mar 19
1 Jan 6
80 Mar 30
117 Jan 9
7112 Jan 5
10314 Jan 3
1313 Mar 19
3612 Mar 23
3412Sept 2
801
/
4 Jan 19
2612 Mar 24
9014 Mar 30
10712 Jan 12
15813 Jan 16
115 Jan 29
9712 Apr 27
1203.4 Aor 2
2258 Apr 22
New York Stock Record -Continued-Page 3
1206
For
nt
ales during the weer of stocks usually Inactive, see third page preceding
eND LOW SALE PRICES-PER SHARE, NOT PER CENT.
▪ Saturday,
Aug. 29.
Monday,
Aug. 31.
Tuesday.
Sept. 1.
Wednesday] Thursday,
Sept. 2.
Sept. 3.
Friday,
Sept 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PLR SHARE
Range for Year 1925.
On basis of 100-share lots.
PER SHARE
Range for Pr1010111
Year 1924.
Lowest
Highest
Lowest
Highest
$ per share S per share $ per share I $ Per share 1$ per share $ per share Shares. Indus. & Miscall, (Con.) Par
$ Per share $ Per share $ Per share $ per share
7278 7338 7258 73
711
/
4 7258 7014 7134 7014 7134 71 18 7233 31,500 Col Gas & Elec
No par 4.54 Jan 21 753i Aug 25
33 Mar 48 Dee
•108 10934 .10834 109 .109 10934 *10912 10934 .10912 10934 10934 10934
Do pref
100
1
4 Jan 5 110'8 July15 10314 Dec 103 Des
100 104/
.
60/
1
4 62 .6038 62
.6038 62 I 6038 6038 .6038 62
*6038 62
100 Comml Invest Trust__No par 50 Jan 2 67 Feb 16
30
/
1
4 May 58 Noy
•104 105 *104 105 .104 10410 •104 10412 .104 10412 .104 10412
Do pref
100 102 Mar 19 10612 Jan 19
93 May 103 Noy
95/
1
4 961
/
4 *94
97
100 100
9512 951z 96
96
1,000 Commercial Solvents A No par 80 May 25 190 Jan 29
97
96
Jan 13114 Dee
4312
.
92
94 .92
95
94
9812 9512 9512 •93
95
9412 94/
Do -13"
1
4 1,900
No par 76 May 26 189 Jan 29
Jan 12913 Dee
33
2434 244 24/
1
4 2434 2414 2412 2418 2414 2334 2414 2418 2414 6,600 Congoleum Co new___ _ No par 22 July 29 4312 Jan 2
32/
1
4 May 6634 Feb
*1
/
4
/
1
4
*1
/
4
/
1
4
/
1
4
/
1
4
500 Conley Tin FollstampedNo par
.1
/
4
/
1
4
/
1
4
/
1
4
/
1
4
/
1
4
73 May 1414 Dee
125,1ay 19 17 Feb 10
38
38
3818 3812 3813 4112 3934 41
4034 4314 4114 4258 22,700 Consolidated Cigar
No par 2612 Jan 2 441sMay 29
1138 Mar 30 Nov
*80
86 .80
8912 2,500
86
86
8712 8614 8614 88/
1
4 89 .88
Do prof
100 7934 Jan 2 891
5913 Apr 84
Jan
/
4 Feb 14
418 418
41
/
4 434
412 5
418 4/
1
4
434 434
412 412 8,800 Consolidated DititrIb'rs No par
318 Jan 7
18 Jan
3/
1
4 Dec
9% Feb 19
88/
1
4 8834 881
/
4 8834 8712 88
86/
1
4 8734 8638 8714 87
88/
1
4 12,600 Consolidated Gas(NY) No par 7418 Mar 30 9238July 20
1
4 Dee
6078 Jan 79/
3
3
278 3
3
3
3
3
278 3
278 2/
1
4 6,300 Consolidated Textile___No par
234June 9
5/
1
4 Jan 7
Jan
8
2/
1
4 Apr
7318 74
7234 74
7112 73
7012 72
71
72/
1
4 7278 7438 12,200 Continental Can, Ine__No par 6012 Mar 29 80 July 29
4311 Apr 69% Dee
.114 11414 1138113'5 113 11358 •112 11312 11234 11234
500 Continental Insurance
25 103 Jan 5 12012 Jan 26
8918 Apr 1094 Dee
914 914
1
4
914 9/
914 938
914 938
95* 9,4 5,600 Cont'l Motors tern ette_No par
9
914
8/
1
4 Jan 2 1138May 9
8/
1
4 Dee
6
Apr
3534 3612 35/
1
4 361
1
4 36/
/
4 37/
1
4 36
3634 3612 3714 354 38/
1
4 35,600 Corn Products ROM w
3111 Yall 4334 Nov
25 3232May 29 41% Feb 25
12414 12414 *12314 127 •123 127 .123 127 *123 127
123 127
100
Do pref
100 11818 Jan 7 127 July 3 11618 Apr 12334 Aug
7378 7312 75
73
7212 76
7218 7414 72/
1
4 74
741
/
4 74/
1
4 43,600 Crucible Steel of America 100 6413 Mar 30 791
/
4 Jan 17
48 May 76 Dec
•9612 97
•961
/
4 98
*961
/
4 97
9612 9612 *961, 97
97
9712
300
Do pref
160 92 May 8 9712Sept 4
86 May 98 Dec
914 94
9/
1
4 934 .912 934
8/
1
4 914
9/
1
4 978
912 912 4,300 Cuba Cane Sugar
8
/
1
4
Aug 28 14% Feb 9
No Par
1011 Oct 18 Feb
411
/
4 4212 4134 43
42
4312 4214 4314 43
4512 44
4414 10,300
Do pre!
100 41 Aug 28 62/
1
4 Feb 26
/
4 Feb
5358 Apr 711
/
4 2414 241
2418 2418 241
/
4 2414 241
/
4 24,2 x243g 2412 2434 24/
1
4 5,100 Cuban-American Sugar...,i0 22 Aug 18 331215,1ar 3
3872 Feb
2814 Nov
98 .96
.96
98
•96
98 .96
98 .95
*94
98
98
Do pref
100 9512MaY 5 101 Mar 13
Jan 10014 Noy
96
*33s 34 *312 37s
3/
1
4 3/
1
4 1,500 Cuban Dominican Sug-N0 Par
358 3/
1
4
351 4
373 31
/
4
314July 18
6/
1
4 Feb 27
41
/
4 Juno
813 Feb
*2612 28
.2614 30
28
28
27
/
4 2614
27 .2612 2634 261
300
Do prat
100 231s July 17 444 Jan 6
38 Dec 52 Feb
7412 75 •7134 7712 .7134 78
75
•74
75
75
75
78
500 Cushman'* Sons
No par 62 Mar 30 87 Juno 8
76
Aug
/
1
4 Sent
5612
5218 5212 5212 52/
1
4 .5214 53
5158 52 .511
52
/
4 53
1,300 Cuyamel Fruit
53
No par 50 Feb 17 59 May 25
4513 Nov 7412 Jan
*118
1,4 •118
118
114
118
114
114
118 *118
118
600 Daniel Boone Woolen Mille_25
11
/
4
1 Juno 25
7/
1
4 Jan 9
Mai
3214
Nov
6
4214 4314 4134 4212 4034 411
/
4 38
41
1
4 3918 4014 14,000 Davison Chemical v t o_No par 271
3812 39/
/
4 Apr 30 491
/
4 Jan 23
3813 Nov 6912 Jan
*2414 2514 *24/
1
4 2514 *2412 2514 2412 2412 •2438 25,4 .24
2412
100 De Beers COOS Mines_ _No Par 2014 Mar 18 2518 Aug 19
1814 Jan 2214 Dee
•13012 13134 13012 13034 12934 13012 •128 130
12934 12934 12978 130
1,300 Detroit Edison
100 110 Jan 6 13418July 29 1014 Jan 11534 Dee
2412 25
2418 25
24/
1
4 24/
1
4 2414 244 2438 2514 25/
1
4 2712 66,400 Dodge Bros Class A___No par 2134June 9 31 July 14
821z 8312 83
8312 83
84
1
4 8412 84s 85
835s 841
51,900
/
4 83/
Preferred certife____No par 7312May 7 85 Sept 4
1538 16
15
1534 1514 1538 15
14/
15
1
4 15
13,500 Dome Mines, Ltd
1514 15
12/
1
4 Apr 14 1611 Jan 19 -11171i4O; -204 Jan
NO Par
•21
22
21
2112 2112 x21
2112 21
21
2114 2114 2178 2,800 Douglas Pectin
No par 14 Feb 16 2312 Aug 4
933 June 18 Des
•10914 110
110 11014 •10912 11012 11012 11012 *109 111 .110 111
400 Duquesne Light 1st Ore!.. _100 105 Jan 7 11178June 8 10013 Mar 10814 &PI
10712 10758 x10512 105/
2,100 Eastman Kodak Co_
1
4 10518 10512 10534 10578 10512 106 *10514 106
No Par 10434J1,ly 18 118 Jan 19 10418 Apr 11472 Noy
24/
1
4 2538 2458 2538 2414 24/
1
4 2378 2334 24
1
4 23
2434 23/
26,500 Eaton Axle & Spring__ _No par 1012 Feb 13 251
/
4 Aug 29
834 Sept 244 Jan
/
4 146 15238 146 15214 152 15814 18,000 E I du Pont de Nem & Co__100 13414 Jan 5 20112
157 15714 157 160/
1
4 2151 1561
Aug 5 112 May 142 Dee
.9954 101
•101 10114; 10138 10138 101 101
.99 10114 •9934 101
1,800
Do pref 6%
100 94 Jan 23 102 July 7
85
Apr 94 Dee
311
311
/
3118 2838 2973 2078 30/
4 32121 3118 32
/
4 3212 28
1
4 78,800 Elec Pow & Lt ctfs
171
/
4 Apr 25 40/
1
4 July 16
-No Par
105 105
10412 105
105 105
105 105
104 104
10412 10410 1,100
40% Pr Pd
100 Mar 18 110 June 16
_
•104 108 .104 108
107 107 *103 107 .103 105
300
105 105
Frei full paid
10012 Mar 28 11034June 24
004 6484 6414 6434 6412 644 63/
1
4 6414 6334 64
3,100 Elea Storage Battery __No par 604 Mar 30 7034 Jan 3
6418 643
501i May 99 Dee
41
/
4
•312
412
*3
/
1
4
*4
312
4
•314
4
312
41
4
400 Emerson-Brantingham Co-100
118May 1
•
518July 31
71 June
312 July
69
6714 68
6814 6814 6812 69,2 68
6718 6712 6814 681
3,000 Endicott-Johnson Corp_._ 60 6334 Apr 2 72 Jan 9
5572 May 73% Dee
•11514 11614 .11514 116
116 116 •11514 11634 11514 11514 116 116
300
Do pre!
100 111 May 28 1161
/
4 Feb 16 10512 June 115
Jan
1510
*1514 15,2 15,4 1514 •1518 1512 1514 1514 *15/
1
4
1518 151
1,100 Exchange Buffet Corp_No Par 1312July 23 1978 Jan 3
18 Dec 2412 14ug
.212 414 •214 41
*214 414 *214 314 •214 33
.214 41
Fairbanks Co
214 Mar 27
434 Aug 5
25
413 Jan
2 Dec
*4512 46
46
431
.45
*43
44
4418 4418 45
45
451
900 Fairbanks Morse
No par 3214 Jan 2 40* July 20
2512 May 34 Dal
104 105/
1
4 10334 105/
1
4 10478 1053 10434 10814 106 107/
1
4 10638 10738 27,700 Famous Players-Lasky_No par 9014 Feb 17 1144July 27
61
Jan 9812 Dee
•115 11714 .1151z 1171 •11612 11714.11612 117 •11612 117
117 117
108
Do pre! (8%)
100 10378 Feb 17 120 July 27
87/
1
4 Jan 10813 Des
27
2734 2734 2712 277
2714 27
2614 263
27
2612 271
4,400 Federal Light & Trac
15 2614 Sept 3 36 June 19
•16
18
18 .15
18 .18
•15
18
181 •16
•16
18
Federal Mining & Smelt'g_100 1514 Mar 13 26 Jan 19
-5-1s -Air; -24/
1
4 -Dee
58
5514 5512 58
57/
1
4 58
57,2 571
5634 581
5814 5938 2,600
Do pre!
100 4912 Mar 11 6414 Jan 15
4113 Jan 6412 Dee
•16512 167 *16512 167 .164 175 .
163 170 *165 170 *165 170
Fidel Phan Fire In,of N Y__25 14713 Jan 6 175 May 15 118 Mar 146 Dee
*1514 17 •1514 17
*1514 17
17
.15
•151
/
4 17
*1514 17
Fifth Ave Bus tern ctfs_No par
12 Jan 8 1784 July 13
911 Jan 1338 Jan
82
.8058 81
81
8038 831
791
/
4 7034 7912 811
8112 827 15,500 Fisher Body Corp
25 6014 Feb 17 87 Aug 18
211
2258 2134 2214 21
21
22
2214 2212 22
21
221 43,200 Fisk Rubber
No par
1012 Mar 24 248* July 28
513 June -13
/
1
4 Dee
•106 107
108 109
10734 108
1073., 108 •106 108
107 107
1,200
Do 1st pre(
1
4 Jan 18 109 Sept 1
100 75/
3812 July 86 Dec
105,z 10558 105 106
106 1083 10512 107
106 1071 10738 1081 15,800 Fleischman Co
No par
75 Mar 19 10914 Aug 21
Jan
4414
Noy
9014
1331z 13512 13412 14014 1321s 13678 13112 13512 13212 13514 13219 135
41.100 Foundation Co
No par 90 Jan 6 14014 Aug 31
6613 Jan 94% Dee
1658 16
16
15/
16
1
4 16313 1518 1512 15
15/
1
4 1558 157
5,100 Freeport Texas Co
No par
8 Mar 18 1878June 15
74 Sept 13/
Jan
1
4
10
934 101
9/
912 934
1014
1
4 1058
/
4
1
4
938 9/
91
/
4 10,
3,900 Gardner Motor
44 Jan 2 1614 Mar 2
No Par
Jan
7
314 Oct
4784 4712 473 *47
*4512 46 .451z 46
48
471 *4534 461
2,100 Gen Amer Tank Car
100 4412 Aug 4 58/
1
4 Jan 10
Dee
53
3513
May
101 101 .100 102
10238 10238 .101 103
101 101 .101 102
300
Do pref
1
4 Feb 16 10278 Aug 6
100 93/
92 Feb 9913 Deo
5114 527
52
5214 5214 53
•52
5238 521
5034 5214 52
5,600 General Asphalt
100 4212 Mar 30 6334 Jan 2
1
4 Deo
31% Apr 63/
9534 96
94
9534 967
95
94/
95
95
1
4 95
•9512 9638 1,700
Do prof
100 8611 Mar 17 100 Jan 2
7112 Apr 100 Dee
175 176
173 17712 177 177
171 176
175 178
17212 17212 4,200 General Baking
No par 121 Mar 7 178 Aug 22
Jan 160 SeDI
93
89
/
89
4 8914 8934 8934 88
88
8934 8934 891
1
4
893s 89/
500 General Cigar, Inc
100 8412May 4 10134Mar 4
8214 Apr 98% Des
318 32312 305 319 x305 31012 30114 311
320 324
320 323
18,300 General Electric
100 22714 Feb 17 3371
/
4 Aug 24 19312 Jan 322 Dee
1138 1138 1112 111
/
4 11118 1114
1118 1114 4,200
/
4 1138 111
1114 1138
Do special
11 Jan 2 1178July 10
10
1112 Ally
10/
1
4 Apr
1
4 9312 118,700 General Motors Corp__No par 6452 Jan 5 94/
8914 8734 8914 87/
8812 8878 88
1
4 8734 90/
1
4 88/
1
4 89/
1
4 Aug 10
1
4 Oat 66/
1
4 Dee
55/
1
4
*9612 __
*9612 ____ *9612 ____ *9612 ____ *96/
*9612 ____
Do Prof
100 90 Feb 13 98 July 6
80 June 93 Dee
•961z -98 - *0612 98 .9612 98 .9612 98 .9612
*9612 - - -.
Do deb stock (6%)...100 8812 Apr 21 9814June 27
8018 June 9313 Deo
•112 11234 *11214 11234 11214 11212 11214 11214 112 11212 112 11218 _ -1:666
Do 7% Ord
Jan
102
5
1133
100
4July 11
954 July 10312 Dee
1
4 4234 4312 43
4353 4314 43/
45
x43
44
43/
44
1
4 44
18,100 Genera ; Petroleum
25 42 Jan 16 59 June 12
3838 June 45 Aug
*4412 451z .4412 4512 4412 441z *44
*44
45
*4412 45
45
100 General Refractories__.No par 43 Apr 28 581
/
4 Jan 14
31 June 65
Jan
5614 55
5634 56
56/
/
4 56
55/
1
4 *5512 5612 2,200 Gimbel Bros
55
58
1
4 551
No par 47 Mar 16 62 June 9
474 June 64/
1
4 Dee
•10434 106 .1044 106 .1044 106 *10434 106 *104 106 .104 106
Do pre!
100 10214 Mar 14 107 Aug 11
Jan 107 Sept
99
45/
1
4 4514 45,2 4512 2,000 Ginter Co temp etre_ __No par
4614 45
4712 46
45
46
•451
/
4 46
221
/
4 Feb 13 4912 Aug 5
21 Dec 2733 Nov
2014 20/
2114 2114 2112 2012 21
21
/
4 2012 2012 21,4 8,600 Glidden Co
1
4 201
1212 Mar 10 2412 Aug 7
No par
8 June 15 Nov
4218 43 .4212 4314 4212 4212 1,700 Gold Dust Corp v t e..No par 37 Mar 3 46 Aug 3
1
4 4334 *4212 43
4334 4334 43/
2812 Apr 4372 Nov
555* 5334 5478 5358 64/
1
4 5334 55
5414 54/
54
1
4 5518 56,4 21,100 Goodrich Co (B F)
4
Jan
383
5
par
59 July 15
No
17 June 38 Dee
1
99
/
1
4
*9912
100
100
1
4
9914 9914 *99/
100
600
99 4 9912
.
9914 100
Do pre!
1001 92 Jan 3 10014 Aug 3
704 May 92 Dee,
104 104
10312 104
104 104
1
4 104
103/
1031
1
4 10414 103/
/
4 10414 2,200 Goodyear T & Rub pf v t 0.1001 8618 Jan 6 10612 Aug 27
39
Jan 90% Dee
•107 10712 *10714 10712 .106 107 .105/
1
4 10712 107 107
107 107
200
Do prior pre!
1001 103 Apr 27 108 Aug 7
8814 Jan 1084 Dee
•1714 18
1714 1714 .1612 17
1618 1618 161
17
1,100 Granby Cone Mln Sm & Pr_100 13 Mar 30 2114 Jan 14
/
17
4 1612
1212 Apr 21/
1
4 Dee
.9712 98
98
98
98
98
97 100
98
97
99/
1
4 1001
/
4 3,100 Great Western Sugar tern elf 25 91 Jan 16 1131Oune 19
1
4 Des
834 Oct 96/
14 .1312 1412 .12
14
14 .12
14
121
/
4 1218 1314 1418
800 Greene Cananea CoPper___100 1134Mar 19 191
/
4 Jan 2
10 May 211
/
4 Dee
8114
81
8014 8158 77
8014 8012
8038 7734 7912 791 1 804 8,000 Gulf State, Steel
1
4 Feb 5
100 6718 Mar 24 94/
62 May 8914 Feb
.28
*2758 28
2712 2758 2712 2712 *2738 28
2814 2734 28
800 Hartman Corporation_.No par 2534 Apr 24 3712 Jan 7
31 Sept
4434 Feb
38
4018 4018 139
3834 39
39
3858 38
6,200 Ilayes Wheel
3814 3734 40
32/
1
4 May 52/
No par 30 Mar 14 4412 Aug 5
1
4 Feb
46
300 Hoe(R)& Co tern ctfs_No par 45 Apr 1
*4412 4512 *44
45
45,2 •4412 4512 *441z 4522 .4412 451
48/
1
4 Ian 9
48/
1
4 Dec 511
/
4 Deo
.45
4612 .4434 4612 .45
1
4 4558
400 Homestake M fling
4513 4512 4512 4512 4512 45/
35 July 5613 Jan
100 43 Jan 2 50 Jan 12
41/
1
4 .4112 4178 41
1
4 41
4178 41/
40/
41
1
4 4034 3.1001 lIousehl'rod,Inc,temctfNo Par 344 Jan 5 43's July 16
4134 42
31% Apr 38 Nov
6212 6258 6218 6418 C312 631
3,700 Houston 011of Tex tem ctfs_100 59 Apr 22 85 Jan 29
63
6412 6412 6312 631:: 63
Apr 8212 Feb
61
6358 8438 6258 6378 6214 635* 6112 6234 61,4 6278 6238 633 37,200 Hudson Motor Car--.No Par 33/
1
4 Jan 5 6612July 7
2012 May 36 Dee
171
/
1812 18
4 1812 18
18
1812 1712 18
1811 17,300 HUPP Motor Car Corp
175s 18
10 1414 Mar 18 2012June 19
1113 May 18
Jan
23/
2514 241
1
4 2438 2334 24'2 13,600 Independent Oil A Gas-Ne Par
23/
2538 25
1
4 24
25
/
4 25
1312 Jan 5 4134June 17
5/
1
4 Sept 1614 Dee
2,400 Indian Motocycle
22
21
21
2312 2312 2314 2312 2234 23
2238 21
21
No par 13 Mar 24 24 Aug 28
1513 June 254 Feb
714 711
500 Indian Refining
714 714
*7/
512 Jan 2 1038 Feb 6
718 7,8
1
4 734 *714 712
7/
1
4 7,4
10
314 Apr
713 June
8118
8118 .75
Do pref
8118 *75
.
8118 .75
75
811
/
4 *75
785* •75
100 77 Mar 24 95 Jan 7
80 Mar 75 Doe
42
2,400 Inland Ste-el
4212 42
42/
1
4 *41
4312 43
•43
431
4234 4314 42
No Par 3834May 1 50 Feb 2
31'! May 48/
1
4 Nov
1 30711;
•10912 110 .10912 110 .108 110 .108 110 .108 110 • 131; 1
Do pref
100 10412 Apr 13 11012 Aug 21 10114 Jan 10734 Dee
3,400 Inspiration Cons Cooper
1
4 2638
28 .27
*27
2712. 26,8 271
1
4 Jan 12
/
4 2558 2638 25/
20 2214 Apr 22 32/
2213 Feb 33/
Dec
1
4
.13/
1
4 14
13i2 1438 131
74 Jan 7 1738July 24
3,000 Internal Agricul
13
1312
/
4 1338 1238 13
No Par
933 Jan
3 June
13912 13934 6,100 Int Business Nlachines_No par 110 Is!ar 30 14733 Aug 31
14114 14114 14312 14738 142 14312 13914 1391
/
4 .138 142
83 Apr 118/
1
4 Des
6912
691
/
4 3,300 International Cement No Par 52 Jan 5 714 Aug 24
6814 70
6812 69
6814 69
1
4 681i, 70
6812 68/
4034 Apr 5913 Nov
38,600 Inter Combus Engine NO par 31/
4718 4818 464 4712 46
1
4 Jan 21 51 Aug 14
47,2 4414 464 4412 4512 451, 46
22 Mar 39 Deo
1
4 29,700 International Ilarvestet___100 9618 Mar 25 127/
12058 124/
1
4 12314 125/
123/
120 12212 11912 122
1
4 12438 12314 124
1
4 Aug 19
78
Jan 11012 Dee
118
/
1
4
500
11814
Do pre!
118 118 *11712 11812 11814 11814 11814 11812 *11814 119
.100 114 Mar 3 12038July 29 106 Feb 1154 Nov
833 7,500 lot Mercantile Marine__ __100
.8
8
8
8
8
8
814
8
8
718June 25 147 Feb 6
818
8
15% Des
614 Jan
5,200
1
4 2938 30
Do prat
291
/
4 2918 29/
3038 29
301
/
4 3034 3012 3012 29
100 27 Aug lr 5234 Feb
2612 Mar 47% Dee
32/
1
4 3312 57,28000
34
3412 33/
1
4 34/
1
4 3314 3212 33
/
4 Mar 18 35/
1
4 33,8 3334 32/
1
4 Aug 24
1113 May 2718 Dec
0 inbeornaptafal Nickel (The)_25 241
9734 9734 *9714 9818
9934 *99
99
9934 *99
9934 99
•99
100 94 Jan 6 100 Aug 19
7512 May 95 Noy
1
4 6678 11,700 International
1
4 6412 66,4 65/
68
67
6634 68381 64
6718 6334 64/
mrnastitoanaye4
lPaper
1
4June 1
100 4814 Mar 19 74/
3412 Apr 60 Dee
82
82 .78
Do
•78
82
82 .78
*78
•78
79
82
.
77
pref
71 Mar 9 8212May 26
6211 Mar 747s Oot
200 International Shoe
185 185 *185 100 .186 190 .18612 190 .187 190
•183 185
No rat 108 Feb 2 19934July 27
73 Apr 119 Nov
400
1
4 11634 11634 11634 11634 11634 11634 117 117
/
4 •1164 117/
Do pre!
•11634 1171
100 11534Ju1y 9 121 June 3 11514 May 11913 Deo
1211
/
4 12378 13,300 internal Telep & Teleg
12114 124
12512 12612 12058 125
126 1264 125 127
100 8712 Apr 3 144 Aug 14
66 Feb 94 Dee
2312
300
.2012
Rw
2312
.2012
teerity
.21
"2012 24
.2012 2312
20/
ipm.
22
1
4 21
e CorpC
Io
No Par 18 July 8 2613 Jan 5
2413 Dec 324 ma,
18400
1812 .17
•1812 19
•1812 19
1855 1858 1812 1812 *17
100 1612July 2C 2172 Feb 26
16% Apr 2314 Jan
200
Do pre!
*110 114 *10934 1093 .108 110 *108 110 *109 10934 *108 110
100 10212 Jan 19 113 Aug 12
78 Mar 106 Dec
700 Jones Bros Tea, Inc, And...100 1334June 23 211
1714 1714 .1612 18 I 16/
1
4 1658 1818 1612 1614 1614 *1612 1714
/
4 Feb 3
Sept 2712 Jan
144
/
4 40
16,100 Jordan Motor Car
4014 413
34/
1
4 40
40
4212 4312 4158 43
40/
No par 35/
1
4 391
1
4 Aug 10 5912Mar 3
2134 May 52% Dec
Kayser (J) Co v t e___ _No par 1834 Mar 17 344June 15
31
*3010 31
31
30/
1
4 30
31
30
1614 Aug 381s J110
2
5 18 N112
Do let pref
P558 N 4
97
9818 .94
96
9812 *94
9812 .97
.
No par 83 Mar 30 10014June 2
1
4 Feb
77 Aug 102/
17
6,600
1518 1512 1514 1714 17
1512 1512 15/
1
4 1534 1512 151
/
4July 3
25 1214 Mar 24 211
700 Kello
fd Tire
Jan
35
014 Jun
D y-BPrZ
8
61
61
85
*61
65
•62
64
62
64
62
64
Ore!
63
1001 41 Mar 25 74 July 3
Jan
33 June 88
300
Do 6% pre
'56
59
63
58
63 '59
59
40 June 781s Jan
1001 43 Mar 25 72 July 3
1,100 Kelsey Wheel. Ina
6
97
1
*9
54
0
9
60
3
6
90
1
92
S12 .
1.194
94
93
92
95
92/
1
4
1001 87 Aug 4 10412May 12
76 May 104 Dec
/
4 35,100 Kennecott copper
1
4 541
lir 5434 551s 5412 5514 5334 5478 5214 5358 53 5414 53/
No par1 461
1
4 Jan 13
/
4 Mar 30 57/
944 Jan 5754 Dee
•Bid alla asked prim: no sales on this day. 0 Ills-dlvtdemill. a Par value (Mange()from $100 to $50 and vetoes on that bads beginning June 3 a EvrIglite.
1.122
New York Stock Record-Continued-Page 4
1207
For 4•Ies during the week of st cks usually inactive, see fourth page nrecedin
MOB AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
&nudely,
Aug. 29.
Monday.
Aug. 31.
Tuesday, !WednesdayThursday.
Sept. 1.
Sept. 2
I Sept. 3.
Frtday,
Sept. 4.
$ per share 5 per share l$ per share $ per share! $ per share $ per share
24 214, .218 214
213 214.
24 23s
21s
2
2
82
•76
7912 .76
*77
794 .76
794
7912 .76
7912 .76
375 590 1.570 599
.57514 600
599 599 .585 595
595 595
3412 3412 3538 3412 3412 *33
.33
34 .33
34
*33
34
156 156 2156 156
•156 161
158 158
161 161 "160 161
•1512 1534 1514 154 15
1518 1418 15
15
1514 1518 154
.653
4
663
4 *66
.6534 6634
6634 654 654 6614 67
6733 884
•119 12114 •119 12114 .12012 12112 '12012 122 .12012 122 *12012 122
6512 65,2 6518 6512 6512 6538 651s 66
66
6612 67
6834
63
64
6214 6234 *6234 64
6334 84,4 8338 6412 85
6678
3314 3334 3314 344 3378 3478 3314 3412 3312 3438 3334 3414
718 718 .718 74
7
714 7,4
713 .
718 7,2 *74 738
92
9018 93 .89
90 .87
.84
92 .84
92 .88
92
3,518 3518 35
354 3412 354 3439 3478 344 35
3478 35
*115 116 •115 116
116 118 .115 116
1418 1378 14
1334 14
137 14's 14
1334 1414 14
1434
.3414 3434 3418 3414 34 3412 3278 334 3238 3314 3313 3338
128 128 "129 134
129 129
•128 135
12912 12914 .128 134
215 21978 20512 218
21634 221
19712 210
19734 20512 20212 2074
11214 11214 •112 11214 11214 11214 *110 112
:110 113 •110 113
10612
*10512 10614 •10512 106 .10512 106 .10512 10614
10513 106 .10512
9012 9312 9334 9812 9012 96
90
90
9312 9512 95
964
4112 414 4138 4134 4014 4118 41
4112 42
4 4138 42
2512 2614 25
26
25
2514 25
2512 2412 25
5114 5112 *5112 5134 51
534 51
5138 5114 5114
2712 2778 2712 2973 28
.2712 28
29
29
2914 29
29
•3834 3912 38
•3834 51,4 .3834 40
38
*374 3912 *3712 41
2114 2114 2012 204 21
2112 2112 •2114 22
21
2114 2114
413
4
4118
41
4138 4012 4114 4038 4112 4138 4134
414 42
24
2578 .2214 2434 *23
.2412 26
2412 244 2412 24
24
2012 2034 1912 2012 20
2012 2018 2012 2013 2018 2018 2018
79 '70
78 .70
76
•70
•70
7012 76
76
*71
77
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCLIANGE
CA,,
Range for Year 1925.
On basis of 100-share tote.
Lowest
Highest
Shares.' Indus. & %see'.(Con.) Par $ per share $ Per share
3,500 Keystone Tire & Rubb_No par
178 Jan 9
312July 18
Kinney Co
No par 74 Mar 25 873451av 25
Kresge (S S) Co
100 355 Apr 28 599 Sept 2
1,200 Kresge Dept Stores___ _No par 3112 Jan 21 4534 Jan 7
400 Laclede Gas L (St Louis) .100 11014 Jan 5 178 Mar 31
2,900 Lee Rubber dc Tire_.
_ ..,No
_No par 114 Feb 20 18 July 1
900 Liggett & Myers Tobnew
25 57 Mar 25 7112 Feb 6
Do pref
100 11612 Jan 16 12234 July 20
8,200
Do "13- new
25 554151ar 27 7014 Feb 6
4,400 Lima Lot, Wks
No par 60 June 23 7433 Jan 14
28,000 Loew's Incorporated_ No par 22 Feb 17 3578 Aug 24
600 Loft Incorporated
6 Jan 28
No par
918 Apr 6
1,100 Loose-Wiles Biscuit
100 77 Feb 17 974 Mar 7
5,200 Lorillard
25 3014 Jan 24 3774 Jan 13
100
Do °ref
100 1081s Feb 27 116 Aug 26
10,300 Louisiana Oil temp ctfs_No par 134 Aug 26 2314 Feb 3
5,000 Ludlum Steel
No par 314 Feb 17 55 Mar 4
300 Mackay Companies
100 114 Mar 20 130 Aug 7
9,800 Mack Trucks, Inc
No par 117 Jan 18 238 Aug 18
200
Do 1st pre!
100 104 Jan 27 113 Aug 17
Do 2d pref
100 99 Jan 2 1064 Aug 7
6912 Jan 3 984Sept 1
9,800 Macy (RIO) & Co, Ino_No pa
6,300 Magma Copper
34 Mar 31 4414 Jan 2
No pa
4,900 MallInson (II II) & Co_No pa
214 Mar 30 3712 Jan 23
1,800 Manh Elec Supp tern ctfs No pa
32 Mar 21 59 Mar 10
5,200 Manhattan Shirt
2
2014 Mar 18 304 Jan 3
200 Manila Electric Corp N0 pa
284 Mar 5 4912 Apr 24
2012Sept 2 354 Jan 31
2,200 Maracaibo Oil Expl___No pa
25,700 ?garland 011
3238 Star 30 47382u1y 28
No pa
1,600 Marlin-Rockwell
1033 Mar 13 284 Aug 14
No Pa
3,000 Martin-Parry Corp_ _ _ _No pa
1912 Aug 31 374 Jan 7
300 Mathieson Alkali Wkstem ctf5
61 Jan 6 844.1tine 12
---Maxwell Motor Class A_ _100 744 Jan 27 12112June 3
------3314 Jan 27 12712June 3
Maxwell Motor Class B No pa
---_
10712May 6 120 Aug 1
A certificates
B
certificates
7712 Apr 24 126 June 3
1-1-f1-4 1181± 11912 11758 1 2038
118
117 118
1171±
_9,100 May Department Stores_ _ _50 101 Mar 23 12834May 25
91
92
9118 .91
9112 9112 91 91 9138 11732
9138 92
92
900 McCrory Stores Class B No par 79 Mar 17 034 July 7
1878 1918 19
1918 •19
1918 .1878 19
1878 1878 1,500 McIntyre Porcupine Mines_ _5 18 Jan 2 1934 hug 4
1834 19
011534 ----.
116 116 •116 11812
11534 -- •11534 116 .11534 116
100 Metro Edison Power pf _No par 974 Apr 21 116 Sept 3
2112 2112 22112 2112 .21
2112 .21
22
.204 2112
2034 21
700 Metro-Goldwyn Pictures pf_27 18 Jan 3 2214 Feb 5
1234 1278 1273 1314 13
13
1238 1238 1212 124 1238 13
5,300 Mexican Seaboard 011_ _No par 1112 Mar 17 2213 Jan 6
934 978
934 978
912 978
978 10
9
912 7,200 Miami Copper
912 934
8 May 12 2434 Jan 13
5
264 2738 2634 2714 2834 2718 2633 27
2738 28,4 13,800 1511d Continent Petro_No par 254 Aug 19 3818June 8
2614 28
134
138 134
•138
14
138
112
138
112 8,500 Middle States 011 Corp_ _ _ 10
14
112
112
314June
38 Apr 16
143 14512 140 1444 138 14112 139 143
138 138
1364 138
9,500 Midland Wee Prod pref _ _100 96 Jan 2 147 Aug 10
8538 8642 84
86
83
8512 794 84
7934 8418 83
8434 46,100 Montana Power
100 84 Apr 17 994 Aug 6
6834 6913 6833 7014 68
71
67
6812 6714 681
6838 69
72,800 Montg Ward & Co III eorp__10 41 Mar 33 73 Jule 28
3214 3212 3214 3378 311s 334 3118 3134 3114 3214 32
3212 15,200 Moon Motors
No par 2234 Mar 19 35 July 7
74 712
71s 734
74 738
738 71
918 Jan 2
74 712 6,300 Mother Lode Coalltion_No par
714 73o
8 May 4
304 3038 294 3014 30
3038 2912 293
2912 291
2912 2934 6,600 Motor Wheel
No par 18 Apr 9 35 June 29
15 .144 15
15
•14
1512 .9
1414
141 *10
•10
15
100 Mullins Body Corp_ _ No par 13 Aug 26 2113 Feb 20
34 .3112 34
*32
.32
34
.3112 341 .32
34
•32
34
Munsingwear Co
No par 304 Apr 23 35 July 23
40033 40034 40038 409
40078 405
401 404
40614 4071 •410 415
1,300 Nash Motors Co
No par 1934 Jan 5 448 May 4
•10434 10514 .105 10533 •105 10538 •10512 106 *10512 106 •10512 106
Do pref
100 10334 Jan 21 107 July 15
*74 8
7i2 758 *7
8
8
738 74 •7
•74 8
1,300 National Acme stamped_ _ _ _10
414 Mar 24 1078July 24
71
7212 71
72
703
7018 71
7012 711
71
7112 70
7,600 National Biscuit
25 65 Apr 29 764 Aug 24
12412
.12312
12412
1241, 12412 •124 125 •124 125
•1234
125 125
300
Do pref
100 1234 Mar 11 128125IaY 9
*6834 70
.6814 70
69
6912 69
68
.6812 70
09
6834 2,300 National Cloak & Sult
100 6512 Mar 5 78 Jan 28
101 101 .100 101
•10014 101
10114 1011 •101 102 '10112 102
200
Do prof
100 99 Jan 13 104 Jan 29
6712 06
6413 6414 65
674 644 6658 65
663
6512 6714 16,200 Nat Dairy Prod tern otfallo par 42 Jan 2 6712 Aug 31
4012 4012 404 .4034 414 4012 403
.40
4012 4012
4012 401
800 Nat Department Stores No par 3813 Jan 2 45 May 12
*9712 99
.9713 99
*9712 99
•9713 99
*97
971 .97
9734
100 96 Apr 15 102 Jan 2
Do prof
3373 3378 3312 3312 3338 3378 3278 3333 324 33
334 334 2,900 Nat Distill Products_ _ No par 30 Apr 9 3714May 27
•63
654 .60
65
644 644 .64
6414 6414
6418 641
66
300 Nat Distil Prod pf tern ctf No par , 5212 Jan 8 70 July 20
3878 37
38
39
3614 354 361
3734 35
38
3612 3812 5,300 Nat Enarn & Stamping-100 25 Apr 30 39 Aug 29
•87
90 •87
*8712 8812 •8712 89
*8712 90 .87
90
90
Do prof
100 75 June 22 8934 Jan 12
15314 157
15714 15714 15612 157
155 155
152 15414 .152 154
2,000 National Lead
100 1384 Apr 27 18878 Jan 9
1183
4
•115
•115
11612 11412 11634 .1143s 1163 •11438 11634
*115 117
600
Do pref
100 11412Sept 2 11334 Aug 13
58
•58
5912 5834 5834 58
5678 5712 *5612 583
564 564 2,000 National SuP1313,
60 5638 Aug 7 71 Jan 29
1312 13,2 134 1314 1318 1318 1318 1313 1318 131 •1318 1312 3,100 Nevada Consol Copper__ _ _ 5 1134 Apr 27 1634 Jan 7
4914 4838 4812 4812 4934 47
49
4678 4812 7,200 NY Air Brake torn ette_No pa
4812 4634 473
4234Nlay 1 5612 Jan 3
•54
55 .54
55
*53
55
*54
55
5412 5412 .53
5534
200
Do Class A
No pa
51 Mar 19 67 Jan 7
504 50,4 5012 5012 49
50.2 4812 4934 484 494 x4912 4912 4,800 NY Canners temp ette_No pa
3134 Mar 30 5412 Aug 8
3333 3278 3273 324 3212 3012 3138 30
33
3138 3234 334 1,900 New York Dock
100 18 Mar 24 364 Aug 8
8912 45
6912 .65
6912 •65
•65
70 .65
6918
6912 .65
Do prof
100 524 Jan 14 7214June 26
454 Jan 5 77 July 22
Niagara Falls Power __ _No pa
858 ;2
"8*28
4 ;iais 161858;2Airs 281-4 "28T8 -2-1
1;i8T8
/14
25 274 July 1 29 Jan 12
Do prat new
5678 5712 5734 5878 5712 5812 574 5778 5713 58
25618 5812 59,600 North American Co
10 4114 Jan 6 6034.1111Y 29
50
60
50
50
50 .50
50
5014 5014 50,4 24912 50
1,000
50 4833 Jan 2 5014 Sept 3
Do pref
1012 1012 Ills 1212 12
11
•10
1212 .12
12 .12
1212
900 Nunnally Co (The)___.No pa
8 Jan 16 1212Sept 1
Ps .74 74 .714
*7
758 *714
Vs .714
738 '714 738
7i2June 5
Ontario Silver Min new No pa
512 Jan 22
331, 331, •33
.3312 34
*3312 34
.3312 34
3318 *33
3314
400 Onyx llosierY
1833 Jan 8 34 Aug 21
No pa
2973 30
30
293 2978 2938 30
2912 2912 2933 2938 2,400 Orpheum Circuit, Ins
30
254 Jan 16 3278July 30
1314 132
129 131
13612 13612 13578 1354 135 13514 .12812 133
3,200 Otis Elevator (k)
50 8738 Feb 27 14012 Aug 21
1478 1314 1414 1234 1312 1278 13,4 1234 13
1278 1314 30,000 Otis Steel
14
No pa
8 Mar 18 1514 Aug 28
87
93
91
90
9412 9712 9018 92
8978 89
9134 8,400
95
Do pref
100 5014 Mar 18 9712 Aug 28
50
564 5012 5538 5533 554 5612 5534 5614 554 56
574 10,500 Owens Bottle
2
4234 Mar 17 577 Sept 4
1114 11214 110 11112 110 1104 110 110
111 1111
2,1001 Pacific Gas & Electric
11 112 112
118',July 29
100 10212 Jan
12
12 .10
5 1014 ---*10
12 .
•10
1053 1053100 Pacific Mail Steamship_ _._ 5
10,4 11
512 Apr 18 11 May 26
5258 5278 6212 53
5458 5234 53
5234 5314 5314 5378 14,600 Pacific Oil
53
654 Jan 31
Vs par 5138 Aug 1
3914 3612 3878 37
3838 374 3814 152,500 Packard Motor Car
3638 3758 3714 3834 38
10 15 Jan 1
3914 Sept 1
11118 11118 •1104 11212
_
100
Do prof
100 10214 Jan
26
11213May
2114 21
2112 21
2112 -63.8 103-4 "io- 16- "2oi4 1612 9,900 Paige Del Motor Car_ _No par
21
1738May
2312July 8
61
61
6012 61
.6112 62
5978 80
614
61
501s
614 6,000 Pan-Amer Petr & Trans . 60 5912Sept
Mar
3
837
4
614 6212 31,200
6034 62
614 624 6118 6218 604 6112 603s 61
Do Class 13
so 6018 Aug 27 8412 Mar 3
238 238 *214
24 24 •214 238 "214 24
•238 21_
238
200 Panhandle Prod & Ref _No par
214 Aug 2
552 Feb 26
14
.112
•112 14 •I12
138 .112
138 •112
138
•113 138
Parish & Bing stamped_No par
14 Jan 1'
174 Feb 11
27.2 2612 27
•2734 2812 .2712 2812 .2734 28,2 2712 2734 27
2,100 Park dr Tilford tem ctts_No par 261251aY
354 Jan 10
20 .1978 20
1974 2012 2,300 Penick & Ford
•2014 2012 2014 20,4 2018 2014 20
No par
1914 Aug 11 28 Apr 14
1414 1414 15
144 1534 1534 154 1,300 Penn Coal & Coke
15
15
•1434 15
•14
so 1234 Apr 29 2834 Jan 2
134 2
134
178
138 134 153 178 31.300 Penn-Seaboard Eit'l vto No par
134 2
3 Jan 9
1 Aug 1
4/
1
4
34 111
534 114 11412 11434 11434
•11434 11612 *11434 11534 *115 115,2 111
700 People's CI L & C (Chic)
1224June 18
100 112 Jan I
58
5613 5714 57
574 .
5712 574 3.300 Philadelphia Co (PIttsb) 60 5112 Mar 1
5834 5878 5874 5914 58
6214 Aug 5
.4812 49 .4812 49
49
49
*4812 49
.4812 49 .4812 49
20
Do prof
49 July 17
50 4513 Jan
414 4012 4112 3914 4012 4018 4133 4112 424 18.200 Phila & Read C & I _ _ _No par
4133 41
40
3724May
5212 Jan 9
42 .40
4112 .39
.41
*40
42
41
*41
43
42
.41
504 Jan 23
Certificates of 1nt___No par 38 July 1
55
.5214
.52
*5212
60
60
.52
5212
5212
58
100 Phillips-Jones Corp.._ _ No par 52 July 1
55
*52
9013 Jan 12
2438 2514 2312 2514 2334 2412 2412 2434 10.300 Phillip Morris & Co, Lta....10 123s Mar 19 2514 Sept 1
2318 2438 2314 25
3818 3918 38
3814 3712 3818 364 3734 37
3774 3734 3858 28,700 Phillips Petroleum
No par 3614 Mar 30 47l.1une 12
3933 404 306,300 Pierce-Arrow Mot Car_No par 1072 Mar 30 4C5sSept 1
3778 394 374 4038 3814 404 3778 3938 384 40
8634 8934 85
874 8518 8712 8734 89
8618 8818 6612 89
29,000
100 43 Mar 24
Do prof
8938Sept 1
18018 18018 200 200 .190 200 .190 200 .190 200 .190 200
200
No par 85 Mar 1
Do prior pref
200 Aug 31
134
138
138
138
133
134 2,600 Pierce 011 Corporation
138
134
138
312 Feb 5
25
14
112 Aug 1
133 .138
"2512 30'± 2614 2614 *2512 29
30
100
Do prat
62511 30 .254 30 .26
40 Feb 26
518 538
5
518
5
518 54
518
513 518 2,700 Pierce Petrol'm tem ctfs_No:D
3
25
7
6:
N4
2 a
un
y
g
814 Feb
514 5'2
4312 4412 44
4338 4338 *4212 4412 42
421
4412 1,900 Pittsburgh Coal of Pa
43
00
5412 Jan 13
43
8538 8533 .83
86
88 .854 87
87
85
87 .86
.86
300
Do prat
100 80 May
99 Jan 5
981 .
984 .98
9812 .96
9812 •96
406
9812
96
9812 .
96
100 94 Mar 26 10212 Jan 8
Pittsburgh Steel pref
Ali
Ai
4312 4313 4s
-5314
46
_ 14 _-4
454 45
45
46
3,700 Pitts Term Coal
•45
100 30 Apr 27 6334 Jan 17
86 '83
86 .83
86 .83
85
600
100 79 July 1
8378 834 8412 8512 .83
Do pref
88 Jan 8
14,4 1414 144 144 1,400 Pittsburgh Utilities prof.. _ _ _10 1274 Mar 2
1774.1une 25
1412 1412 1412 144 •1438 1438 1438 1438
1412 '13
141 .13
1412 .13
1413
1412 .13d 1412 .13
•13
Do pref certificates_ - _10 123451m 2
18 June 28
12712
134
129
1314
13634
13312
132
133
13318
1323
4 7,300 Post'm Car Co Inc tem ct[No pa
9314 Feb 16 143 Aug 25
1344 13534
5134 55,4 5533 5538 1,700 Pressed Steel Car
5533 56
55
57
55
100 45 June 2
69 Jan 23
6614 564 55
81
•78
8112
814 •78
80 .78
80
79
100 7612July
9212 Jan 3
400
Do Prof
.1e so .79
1334 144 1334 1334 1378 1434 1478 1478 3,300 Producers & Refinere Corp_ 50 1212 Aug 26 324 Feb 3
1358 134 1312 1312 81
8212 7833 8138 7914 8033 26834 80
29,900 PUbServCorp of NJ nowNo par 824 Mar 30 874 Aug 5
8134 8073 8212
81
500
104 10412 10412 105 •1044 10514 .10412 10514 .10234 10512
100 99 Jan
105 Sept 1
Do 7% prat
•103 104
116 116 I 116 116 2115 115
400
100 1084 Apr
Do 8% prof
110 Sept 2
•11434 1154 .11414 11518 11513 1154
14112!
14014
14114
14013
142
14112,
1403
s
4
143
5,100
Company
1404
100
129 Mar 30 15134 Jan 3
Pullman
14111 14112
33
3314
331s
334
3318
334
3312
334'
3312
4714 Jan 7
2,500 Punta Alegre Sugar
60 33 July 2
- 3338 26141 257g 26
3312
2612 6,500 Pure 011 (The)
254 254 254 264 26
25 254 Aug 13 3334 Feb 4
2534 2534 254
108 108 .107 30"
Inn In"
, r,r s log
Ono
10714 10733 107 107
rin FM nr•f
20
1064 107 .10714 108
sales on Ito- any. x Ex-dividend. a Ex-new rights.
3 Trading on N. Y. Stock
a Nu par. 4 Ex-righte.
Bid and asked
outstanding.
because of small amount of stock
.28Z UZ
iia-
r
8001
• .11.
On!IA.
Range for Preston.
Year 1924.
Lowest
Highest
$ per share $ per Marc
112 Oct
434 Jan
5214 May 8614 Doe
28712 Jan 47514 Dee
4212 Nov 624 Jun:
79
Jan 113 Nov
8 May 174 Jan
50 Mar 8834 Dee
11473 July 121 June
4872 Mar 8812 Dec
56 June 71 Dec
1514 June 25 De,
54 Apr
834 Jan
50 Mar 84 Nov
3332 Dec 4014 July
112 Nov 117 Tat
17
Oct
107
Jan
7514 Apr
9512 Jan
87 Apr
59 May
2012 June
18 Mar
3314 Mar
264 Dec
2834 Dec
2433 Oct
29 May
8
Jan
3118 Nov
2938 May
38 Apr
1013 Apr
3815
119
11872
10714
10114
7112
4552
4112
494
44
314
3712
42
174
3738
5834
8418
394
Dec
AlIg
Dee
De'
Dee
Dec
Dee
Dee
July
Jan
Dee
Jan
Feb
Mar
Jan
Dee
Dec
Dee
82Is Apr 115 Yle;
88
Oct 10634 July
144 Dec 1814 Jan
9014 Apr 101 Dec
15 Sept 19 Dee
1414 Jan 2614 Sept
20 May 25 Apr
-1 Aug
9113 June 98 Nov
6114 June 744 Dec
2134 May 4812 Dec
1712 Oct 274 Feb
6 May
914 Feb
9 Mar
294 July
964 Apr
9814 July
334 Oct
5014 Mar
12012 Jan
44 June
9113 Mar
3018 Apr
3814 Oct
9238 June
18'i
3914
204
10433
1014
7714
12034
7012
10074
4414
43
101
3012 Aug
184 Sep
67 Sep
12312 Apr
11112 May
5412 Oct
114 Jan
364 Apr
4714 Jan
un
32
Jan
19
4118 Feb
42 Sep
27 Jun
Jan
22
4374 Jan
7 Apr
414 Mar
18 May
18 Fe
(1833 Jun
614 NOV
44
Oct
3914 May
904 Jan
7 Apr
45 Apr
973 May
8913 Apr
64 -35-ee
4474 Jan
89
Jan
16914 Aug
118 Sept
724 Feb
164 Dec
67 Dec
57 Dec
37 Deo
3718 May
6514 May
47 May
29 BeDi
45 Des
5014 July
911 Dec
84 Get
30
Jan
29 Dec
92 Doe
1171 Jan
7414 Mar
4714 Jan
105 Dec
104 Jan
6814 Feb
1612 Dec
1024 Dee
441k
Feb
4114 Feb
14 Sep
34 July
24 Sep
Dec
Jan
Dec
Nov
Jar)
Se171
Dee
Dee
Dec
Dee
Jan
Dec
--6-5- -n-be
644
44
14
3534
Dee
Jan
Dec
Dee
Nov
414 Jai)
113 Oct
9234 Apr 11912 Dee
427g May 6712 Des
4214 Jan 47
Jars
3412 Mar 644 Dec
35 Mar 5238 July
44 May 88 July
11 July 2334 Jan
2812 Oct 4213 Apr
$4 May 16 Dee
184 May 54 Dee
594.11111e 95 Dee
413 Jan
D4 Apr
20 Mar 38
Jan
4es Oct
534 Dec
4774 Dee 6334 Mar
944 Aug 100 Apr
Jan 103 Aug
95
5878 Dec 6334 Dec
83 Dee 874 Dec
973 Jan
1673 Dec
1118 Feb
1613 Dee
4812 Apr 10313 Dee
39 Aug 62
Jan
67 Aug 90 Feb
22:4 Apr 434 Jan
39 Mar 70 Dee
9612 Mar 10114 Dee
9914 Apr 115 Dee
11312 Apr 15138 Dec
3733 Deo 874 Mar
20 June 3014 Dec
02
Jan 10514 De 1
Exchange euspendend
1208
New York Stock Record-Continued-Page 5
For sales during the week of stooks usually Inactive, see fifth page preceding.
210H AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Aug. 29.
Monday.
Aug. 31.
Tuesday.
Sept. 1.
Wednesday. Thursday
Sept. 2.
Sept 3.
Friday.
Sept. 4.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
P.0.2296 101 Year 1925.
On basis of 1(.,)-,hare Iota
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share 3 per share Shares. Indus. & Miscall. (Con.) Par $ per share $ per share
52 5378 5234 5538 5233 5412 53 5438 5312 5434 54
5434 131,100 Radio Corp of Amer-No par 4838 Mar 27 77/
1
4 Jan 2
59
*4718 4814 4818 4814 48
48 •18
Do pref
4912 50
700
*4912 50
50 48 Sept 3 54 Feb 4
*126 129
128 128
6,800 Railway Steel Spring
12812 131
130 13112 130 13134 13118 134
100 12213 Feb 17 14134 Jan 5
Rand Mines, Ltd
*3678 3812 *3612 3812 *36b3 •3712 *3614 3712 *3638 37,2 3612 3612
1
4 Jan 7 3913 Aug 5
No Par 33/
14
14
0 Ray Consolidated Copper_ 10 1133 Apr 22 17/
1312 1314 1312 13,610
1378 1414 1314 1378 13
1312 13
1
4 Feb 9
24
2513 2318 2438 2312 2334 14,300 Reis (Robt) de Co
2458 2412 2578 2434 2534 24
No Par 10 May 16 2814July 9
Remington Typewriter_ ___100 4034 Jan 27 85/
78 78
78
7812 7818 8112 7712 7818 78
7938 8112
78
1
4July 29
*100 110 *100 110 *106 110 *100 110 *100 10512 *101
Do 18t pref
100 100 Jan 2 105 Apr 21
*106 10712'106*106 108 *106 10712 *106 10712 *107 10712,
Do 2d prof
100 107 June 10 11313 Apr 29
1412 1412 1412 -1-478 1438 1438 14
1414 14
1414 1414 145si 2,500 Replogle Steel....__No par 1258June 12 2314 Jan 13
4814 48/
4858 4778 48
1
4 Jan 3
4718 4712 4758 50381 8,000 Republic Iron & Steel.___.100 421s Apr 30 64/
1
4 48
4714 48
91
*88
91
200
Do Orel
*88 00 .88 90 *88 90
9018 90,8 91
100 5414 July 7 95 Jan 13
Vo par
834 834
8 July 2 18 Jan 5
834 534
834 834 "334 878 1,700 Reynolds Spring
534 534
534 834
8378 84
8378 84
8,000 Reynolds(R J) Tob Class B 25 7214 Mar 24 8438 Aug 20
8334 8378 83
8334 8214 83
8258 83
*121 12134 •121 12134 *12114 12134 *12114 12134 *12114 12134 *12114 12134
Do 7% pre!
1
4 Jan 8 122 Apr 29
100 119/
8912 8913 *8912 8933, 8912 8912 *8912 8958 8912 8912 8912 8912,
700 Rossin Insurance Co
25 85 June 25 9711 Feb 20
4914 4912 4914 495g 49 49 I 49
4918 49
4912 *1912 4978' 5,100 Royal Dutch Co(N Y shares)_ 4814 Mar 24 5738 Jan 31
3914 4034 3834 3912: 3912 41
4158 42
41
4118 4112' 41
6,500 St Joseph Lead
10 3554 July 1 5212May 25
66 67
6512 7,700 Savage Arms Corporation_100 4812Ju11 15 10838 Mar 3
6512 67
65 6634 63
6458 65
6512 63
103 103
102 10212 3,900 Schulte Retail Stores_No par 10134Sept 3 11678 Feb 9
10258 10334 103 103121 102 10334 10134 102
Do prof
200
*11212 11634 *11312 11634 11334 11334 *114 11634 *11414 11634 *11414 11634
100 110 Jan 6 118 Aua21
80
NO par 1312June 9 1634June 22
10
8
E.
8 1412 1432 1432 1412 1438 141s 2,400 Seagrave Corp
21034 21034 20912 21112 207 212 200 208
19914 208 I 209 213,4 31,000 Sears, Roebuck .1-, Co
100 14712 Mar 30 216 Aug 25
46
612 4,6
614 *512 614
514 Apr 22
100 Shattuck Arizona Copper_ 10
7/
1
4 Jan 3
614
*3
614 *3
6
6
76
80 81
8012 6934 7478 7012 7334' 6734 73
7912 81
19,000 Shattuck (F G)
No par 4018 Mar 30 92 Aug 6
*4034 4114 *40
41
Shell Transport &'Trading. £2 39343110e 3 4534 Jan 30
41
*40
41
*40
*40 41
*40 41
*2234 2278 2238 2234 2214 2214 22
NO par 2158 Aug 12 2833 Feb 4
2214 2218 2212 2214 22,2 9,600 Shell Union 011
*103 105 103 103 *10314 105 *10314 105
800
Do pref
10314 10314 10412 10558
100 9913 Jan 2 10558Sept 4
1912 1978 1918 20/
, 10 1734Sept 3 2634 Jan 12
1
4 1918 1934 1812 1938 1734 1914 1858 1878 8,500 Simms Petroleum
4838 487/3 4858 4878 4838 4858 4734 4814 4718 4778 4734 4812 6,300 Simmons Co
No
.- par 3114 Mar 17 4958 Aug 7
1812 1878 1812 1834 1838 1834 18
1
4 Feb 2
1838 1818 1812 1812 1834 16,600 Sinclair Cons 011 Corp_No Par 17 Jan 6 24/
*8812 9014 90 91
88
1,200
Do pref
1
4 Feb 3
"8812 9012 *8812 8912 8712 8812 88
100 7834 Jan 2 94/
2258 23
2418 2534 2558 2631 23,100 Skelly 011 Co
23
25 2134 Mar 20 301/ Feb 3
24
2258 23
2312 25
9912 100 *99 100
9812 9934 2,900 Sloss-Sheffield Steel & Iron 100 8014 Mar 30 10712July 21
9912 9958 9512 9958 9722 99
*82
400 South Porto Rico Sugar_ _100 02 Jan 6 8912 Aug 7
87 *80 87
8412 85
86
85 85 *81
85 •84
300 Spear & Co
*1412 1514 1418 1412 1412 1412 *1412 1712 *1412 1712 *1412 1634
No par 144 Aug 31 24 May 28
7938 7938 7918 7918 80
500
*8014 8078
*80
81
Preferred
•
100 7918 Aug 31 92 May 19
8012 *80 81
2914 11,700 Spicer Mfg Co
29 , 29
2914 30
2958 30
No par 1513 Feb 17 3313 Aug 3
2914 30
28,4 2934 28
*10412 10518 410412 10512 *10412 10512 *10412 10512 *10112 10512 *10412 10512
Do pref
100 92 Apr 1 108 July 10
5578 42,400 Standard Gas & El Co_No par
Jan 2 5934 Aug 3
5118 5312 5358 5478 55
5334 5458 5254 5312 5214 53
200 Standard MIlling
.69 71 .69
68
68 *64
6834 6834 *64
69
100 02 May 19 8078June 18
69
71
100
Do prof
84 , *8212 8612 *82
*82/
1
4 8612 83 83 *8213 8613 *82
8812
100 81 Jan 20 86/
1
4June 12
5318 5312 6,700 Standard 011 of California_ 25 5113 Aug 13 6714 Feb 2
53
5314 5353 5318 5338 5258 5313 5213 5212! 52
3878 3912 31,000 Standard 0110! New Jersey 25 3858Mar 30 4713 Feb 3
3953 3978 3912 3934 3918 39.34 3878 3912' 3878 39
3,300
Do prat non-voting___100 11614JulY 7 119 Feb 24
11612 11612 11612 11634 11634 11634 11634 11634 11634 11634 117 117
534 534 2,500 Stand Plate Glass CoNo par
8
5/
6
1
4 Aug 31 16 Jan 16
558 578
558 558
55s 578
534 578
6912
900 Sterling Products
70
*69
6812
No par 6214 Mar 25 75l July16
6912
7014
7014
7034
71
7014
*8912 71
8,400 Stewart-Warn Sp Corp_No par 55 Mar 18 7778 Jan 3
69 6914 69
69
7078 6734 6858 6734 6812 6812 69
70
7012 7012 7014 7014 69 70141 6912 6912 *7014 7034 1,100 Stromberg Carburetor-No Par 61 Mar 18 7934 Jan 3
*7012 72
4712 4814 4713 4778 46
4714 4518 4614: 4558 4638 4634 4814 81,100 Stubeb'r Corp(The)new No Par 4114 Jan 28 50 July 7
*11514 118 *11514 118 *11514 118 *11524 118 *11514 118 *11514 118
Do pre!
100 112 Mar 13 11834June 3
518 51.1
412 452 7,400 Submarine Boat
4
4
412
5
No par
418 438
3/
1
4Sept 1 12 Mar 6
vs 412
312 1,300 Superior Oil
312 *3
312
278 Aug 17
3
314 312
618 Feb 9
3
*314 338
34 *3
No Par
*2314 2412 *23l4 26 *2314 2412 *23I4 2412 2314 2314 *2014 2414
100 Superior Steel
/
4 Jan 10
100 20 May 1 411
8
.738 8
8
578 Mar 19 111
*7
*7
Sweets Co of America
Si)
*733 8
/
4 Jan 7
*714 8
*714 8
•1478 15
1514 1512 1,500 Symington temp ettn__No Dar 1012 Jan 15 19 Mar 12
15
1473 147g 15
1558 15
1534 15
2114 2138 2112 2112 2118 2114 21
2114 2114 2114 1,700
2128 *21
1
4 Jan 17
Class A temp Mts. _No par 20 Aug 19 23/
12
•11
12 •11
*11
12 *11
12
12 .11
12 *11
Telautograph Corp___No par 11 Aug 14 15 Feb 7
1032 1032 31032 10.2 1014 1038 1014 1014 1014 1038 10
1018 6,500 Tenn Copp & C
No par
753 Alm 1 1214July 17
47
48 247
1
4 Jan 6 5438June 12
4732 47
4712 471g 47,2 47
4732 47
4734 25,700 Texas Company (The)._ 25 42/
112 11278 z10918 11038 108 10912 107 10812 10758 10812 10712 109
18,900 Texas Gulf Sulphur.. ----- 10 9711 Feb 17 115
6
Feb 19
233e Aug
1114 12
1078 1118 1138 1112 7,600 Texas Pacific Coal & OS__ 10
Aug 27
1112 1178 11
1114 1012 11
Tidewater 011
100 122 Mar 30 152 Feb 27
- :66 Timken Roller Bearing_No Dar 3734 Mar 18 4614 JulY 16
;:12i2 4234 4214 424 4113 121-2 4i1 4214 -iiis 1114 -42- 42 - 6
9012 92
9232 23,500 Tobacco Products Corp_ -100 70 Jan 2 9412July 24
9014 9212 8912 9212 8912 9018 8934 9112 91
1
4 5,300
10314 10312 103 103/
10378 104 *10334 104
Do Class A
10358 104
100 9318 Jan 2 106 Aug 7
103513 104
378 4
15,400 Transc't'l 011tem et( new No par
334Sept 2
378 4
378 4
576May 9
334 37S
373 378
334 4
100 Transue 14 Williams SO No oar 2514May 13 35 Jan 10
2534 2534 '2518 2534
'2534 2634 *2534 2578 •2534 2612 *2534 27
4538 4558 4512 4534 45
4612 4418 4518 4514 47 34534 4612 4,900 Underwood Typew ....._.25 3818 Mar 20 53 July 28
5812 BO
Apr 3
5912 6078 15,600 Union Bag & Paper Corp 100 36
59 605, 5512 62'4 60 6134 5878 60
.21 jee
1 1
6.
3
00 Aug
Fe 26
No par
Union Oil
34 14143384 3414 3334 337 -3314 3334 -3313 3314 -3318 I3-1i - 9,500 Union 011, California
25 334 Aug 18 43/
1
4 Feb 5
11812 119 •11912 120
800 Union Tank Car
12034 12034 11934 12012 11914 11914 118 118
100 118 Sept 2 134 June 19
Do prat
•114/
1
4 11612.114 116 *11412 116 *11412 116 "115 11612 •115 11612
100 11314June 17 11718May 6
30
30
2914 30
6,200 United Alloy Steel
2914 30
2972 3012 3018 3012 30
31
NO Par 24 May 15 3678 Mar 4
83
19,300 United Cigar Stores
8212 82
8612 8112 8234 • 82
8414 83
25 604 Jan 6 9612July 1
83
80 84
12658 127
100 11073 Feb 4 13313 Aug 4
127 128
127 12712 12512 12678 126 12612 •128 12612 2,900 United Drug
500
547g 548 5478 5478
Do 1st pref
50 52 Jan 16 56 June 15
5478 5478 *547g 5518 *5478 55
*5478 55
223 223 *222 22414
500 United Fruit
1
4 Mar 31 234 July 27
224 224
*224 230 *224 227 224 226
100 204/
3914 40,100 Universal Pipe & Rad_ _No par 2612 Apr 27 5073 Feb 11
3973 42
3912 4112 3614 407s 3638 3838 3612 3712 37
80
2,300
Do prof
100 65 July 10 94 Feb 11
81
8134 80
7912 7814 80 *78
81
7912 8112 78
16614 172
16014 16514 162 16334 161 16412 11,600 U 8 Cast Iron Pipe & Fdy 100 13114 Apr 22 250 Feb 11
16212 167
16934 170
*105 109 *105 108 *104 10714 *103 107 •103 105 *103 107
Do prof
100 91 July 11 113 Aug 21
32
1,700 USDistrib Corp tern Ott No par 30111 Feb 17 3934 Jan 17
32
3213 3158 32
3114 3238 3212 3212 *3212 33
32
•120 150 *120 150 *120 150 •120 150 *120 150 *120 150
Do Prof
100 130 Mar 9 154 Jan g
40
2,500 US Hoff Mach Corp v t e Non= 23 Jan 3 4212 Aug 18
39
4012 40
*4114 4214 42 42
4114 4158 4058 41
1
4 12,800 U S Industrial Alcohol._.100 76 Mar 19 9458May 26
8814 8914 88 8838 8634 8833 8514 8712 86 8734 864 87/
• *108 113 *100 113 *109 113 *109 113 *109 113 *109 113
Do pref
100 105 Jan 29 115 June 22
3,000 U S Realty & Imprort_-100 11413 Mar 30 1473485aY 12
1
4 140 •13812 140
14134 14234 14134 141342 13934 14012 138 13912 137/
Do pref
100 12214.Jan 2 142 May 4
"iais55 "5314 5484 "ais 64
100 3312 Mar 30 6512July 16
-5034 5284 5084 5358 -5284 537 -16;200 United States Rubber
700
Do Ion prof
10312 10312 10212 1034
•103 104 10374 1037g •103 104
10234 103
100 9234 Mar 30 10834 JulY 18
44
6,400 US Smelting. Ref & 2110... 50 30 Feb 17 46/
1
4 Aug 28
43
4512 46
4212 4334 4213 43
45 4512 4413 45
300
Do Prof
*4618 4634 4612 4612 *464 4612 •46b3 4838 *4618 4612 *4618 4612
60 44 Apr 16 47 Aug 3
12114 12212 12038 12128 11918 12114 11814 11973 11878 12014 11978 12114 156,700 United States Steel CorP-100 11238Mar 30 12958 Jan 23
1
4 3,000
/
4 Jan 26
Do pre!
1241
/
4 124/
100 1221sMay 7 1261
12478 12478 12413 12412 12434 12478 12418 124/
1
4 124 124
Utah Copper
99
10 82 Mar 19 10018 Aug 21
*9714 10018 *90 10018 '90 99 *90 99 *95
99 *95
30
1,100 Vanadium Corn
No Par 255111%laY 4 3434 JulY 9
2912 2913 2912 2912 2938 2912 2838 2878 2853 2858 •29
Van Raalte
19.2
No par 1514 Aug 20 2434May 19
1912 *15
*1413 19 •1412 1934 *1413 1934 •15
1912 *15
70
Do let pref
70 •65
100 60 Apr 1 73 May 22
6978 *65
70 *65
*65
70 *65
6978 .65
53 July 9
2 Sept 1
218 6,500 Virginia-Caro Chem
2
No Par
2/
1
4
2
2
2
24 214
2
218
213 214
Do pref
812 Jan 5 2312July 8
100
1013 103s
934 934
978 10,3
924 634 5,700
978 1014
934 10
118
14
*1
7,500
73
Aug
28
Do
"B"
47
8July g
Nepal
7
2
72
1
412 1
1
/
1
4 1
7/
1
4 Jan 13 1634June 26
/
4 3,600 Vivadou (V) new
No par
•1334 14
14
1358 1378 1358 1358 1334 141
1334 1334 14
No par 1412 Aug 10 1978 Jan 3
•l558 16
1534 1534 1558 1534 1512 1534 1512 1512 *1514 1534 1,300 Waldorf System
700 Ward Baking Class A. No par 116 Apr 30 170 Aug 22
•160 170
180 160 •160 165 *160 162
160 160
160 160
6712 29,700
1
4July 30
Class 13
65
No par 3714 Mar 30 73/
6353 6414 6414 6512 6414 6634 6418 6553 6414 65
700
110 110
Preferred (100)
No par 9412 Feb 11 11034 Aug 13
•106 11014 •106 110 *107 110 *107 110 •107 110
1,200 Weber & Hellbr. new_c NO par 61 Apr 17 63 Aug 31
6218 62/
1
4 63 6_
3
75
6012 6012 6112 63 *63 65 *63
100 Wells Fargo........ ____ 1
313June 25 14 May 22
312 434 313 *313 412
318 313 *3
4318 313 *318 312
100 110 Aug 15 11713June 25
111 111 *11118 11112 1,200 Western Elea 7% pref
110/
1
4 1b07 111 111 *111 11112 111 111
•
4,100 Western Union Telegraph 100 11614 Jan 2 13712July 3
12914 12912 12953 131
12912 131
12912 131
130 13012 12912 130
29.200 Westinghouse Air Brake_ 50 97 Apr 9 144 Aug 17
132 13218 13034 133
123 13278 122 12814 123 12578 12412 128
1
4 21,600 Westinghouse Elee & Mfg- 50 6614 Mar 28 84 Jan 3
75
7212 7378 7234 7332 734 74/
74
757s 74
7514 76
94 Apr 1 2013 Aug 17
19
1758 1834 1734 1814 1818 1853 6,000 West Elec Instrument
•1813 1833 18
1834 18
Class A
1958 Mar 31 27 Sept 1
2613 2534 2612 2612 2658 6,400
26
*2514 2512 2518 2518 2558 27
No par 100 Sept 4 145 May 21
100 10434 1,200 West Penn Co
106 106
*116/
1
4 120 •111 120 *112 115
107 110
200
Do 7% pf tern etf new-100 94 Apr 3 100 July 22
98 *99 100
9712 971 *97
*9712 98
*9712 99 *9712 99
1
4 1,700 WhiteEagle 011
No Par 2512 Aug 28 3134 Feb 2
2512 26 *2512 25/
2512 2512 2512 25,2 26
26
2512 253
60 574 Mar 30 10412 Aug 18
8914 9234 9134 9312 206,200 White Motor
9734 8912 961
9734 10014 9658 9914 95
31 Jan 34)
153 Jan 10
Wickwire
Spencer
Steel-No
Par
_
318 338 12,300
533May 15
Certificates
278Sept 2
3I
314
3
27 -I3
-514
3,4 314
94 Jan 26 2412May 11
5
1958 1934 1918 1934 1834 1938 1818 1834 1814 1872 1812 1878 53,600 Willye-Overland (The)
5,900
Do pref
100 7214 Jan 28 111 May 22
106 107
107 10734 106 10738 10618 1071g 10512 10814 10514 108
512h1ay 29 1334Mar 7
528 534
300 Wilson & Co,Ina
No par
•512
.5q 8
*512 6
578 578
*512 6
300
17 Sept 2 60 Mar 7
Do
pref
18
100
18
19
.18
*1612 1934 •1612 1934 *1812 1914 17e 17
1
4Sept 1
25 1124 Jan 28 172/
16714 16934 34,300 W zolworth Co(11 W)
167 16714 16614 16834 16814 17234 165 16934 16534 168
38
3878 4,000 Worthington P & M
100 354 Aug 12 7934 Jan 2
3758 38
3818 3813 3758 38 *38
3912 3718 38
Do prof A
80
100 77 Aug 20 88 Jan 9
80 *76
78 •76
*7414 77 *7414 80 *7534 80 •76
4/3634 64
Do pref B
100 58 Aug 19 7634 Feb 11
*6034 64
*6034 64
*6034 64 *6034 64 •6013 64
2714 2814 2814 3,600 Wright Aeronautical_No Dor 16 Mar 30 3238July 1
28
27
30 30
28
2914 2834 2834 27
Nepal 4513 Mar 30 5413 AUK 29
1
4 52 5213 5212 5212 5214 5214 2,500 Wrigley(Wm Jr)
5312 5413 53 5334 5234 53/
1
4 Feb 18 4858June 27
4112 6.900 Yollow Cab Mfg tern °Us_ 10 23/
41
4034 41
4058 4118 4034 41
4034 42
4113 42
7414 3,000 Y. ungstnw a Sheet & T Ws par 113 Mar 27 7614 Feb 13
73
7278 73
7234 7234 .7234 7384 7234 73
7212 73
New stook on the husis of 1 new share for three old shares
a Ex-rights.
z Et dividend
•Lail 646 milked MIME DO sales on this 5a
Plitt SHARts
Range for Prelim
Year 1924.
Lowest
MOBS
$ per share 8 per sae"
1
4 Dec
25/
1
4 Oct 66/
45/
1
4 Oct 50 Dee
106 Jan 13711 Dee
30 Jan 3312 Nov
9 Mar 1711 Dee
9 Oct 1612 Jan
3214 Jan 5412 Dec
904 July 9931 Dec
9012 May 110 Dec
714 June 2314 Nov
42 June 6333 Doe
82 June 95 Mar
1
4 Jan
9/
1
4 May 22/
6168 Mar 7938 Dee
11514 Mar 121 June
86 Mar 96 Sept
4033 Sent 5912 Feb
Dee
Jan
57 DDee
Jan 848782
2
32253 Ja
1
4pr 12914 Aug
9634 /
105 May 11234 Dee
7858 May 155
4 Apr
8
33 Jan
1534 July
911
/
4 Jan
1038 Jan
22 Apr
15 July
75 Oct
1718 July
52 May
58 Oot
_
Dec
July
42 Dee
2213 Dec
994 Dec
24 Dee
d7 Dee
274 Jan
90 Jan
29 Feb
84/
1
4 Dee
9573 Mar
We
Dee
758 i
78 July 9814 Dee
3113 May 4158 Dec
1
4 Dec
39/
1
4 May 73/
70 July 85 Mae
55/
1
4 Apr 6812 Jan
1
4 Jan
33 May 42/
11534 Mar 1194 AU
1318 Oct 354 JUDI/
1
4 Nov
5512 Apr 65/
48/
1
4 July 10078 Jan
541
/
4 May 8473 Jan
1
4 Dee
3013 May 46/
Jan
10978 Nov 115
0 Nov 1213 Dec
A
Aug
23
288 July
an 3818 se
3 Jan
11
/
4 Sept
_
514 June -14-425-34z
an
6/
1
4 Mar
1
4 June
811
37/
r
o
514 D
10
a
r 11
57
814 Aj
Dej107 eeb
11614 Oct 151 Feb
Jan
3112 May 41
52 Apr 7353 Dee
Oat
93
/
1
4
Mar
8314
3/
1
4 Apr
04 Jan
2828 Oct 3512 Jan
3618 Sept 43 Jan
1
4 Feb
3313 Sept 64/
33 AP1'
Is Feb
35 Nov 39 Nov
94 Jan 13273 Sept
1
4 July
10614 Feb 116/
20 Oct 37 Feb
4213 June 6414 Nov
/
4 Dec
71 May 1211
46/
1
4 May 53 Dee
182 Jan 22412 Ana
13 July 48 Dee
4711 Oct 79 Dee
64 Feb 16958 Dec
8178 Jan 10414 Ocit
214 May 42 Deo
98 July 168 Deo
1658 Mar 2433 Oet
6113 May 8714 Dee
98 Jan 10634 Des
90 June 14312 Dee
100 June 143 Dee
1
4 Jan
2213 May 42/
6613 May 957s Dee
1812 Mar 4111 Dee
1
4 Dec
37/
1
4 Mar 48/
9414 June 121 Dee
118/
1
4 Feb 123 Jut/
64 Jan 8834 Dee
1
4 Feb
1913-lune 33/
1534 Oct 834 Jan
53 Sept 80 Jan
114 JUDO Ws Jan
2/
1
4June 2434 Jan
4114Ju
11jun
ly
e
14 Apr
____
____
5 Oct
1111
/
4 Apr
105 May
84 Jan
5513 May
1511
7 Jan
an
20 Nov
--1-2-4
;
011-117 July
11858 Dee
111 Dee
76 Ma
,
_-
0
-6-0;17
pt
"ai3 "ii
D
8713 A
231s May 294 Feb
5013 Apr 7212 Dee
Jan
5
/
1
4 Oct
____ _ _
14 Jan
2-,8
0/
1
4 May -1:4
6113 May 88 Jan
414 may 28 Jan
an
11 Aug
1
4 Dee
724 Apr 126/
234 June 81 Dee
68 July 8912 Dee
5813 Jan 7554 Dee
914 May 2333 Dee
35 Apr 464 Dee
1
4 Mar
32 Nov 85/
gm, (Set 7. Dee
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1209
Jas. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted tion49.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 4.
Price
Friday
Sept. 4.
Week's
Range or
Last Sale
14!
CA
Range
Since
Jan. 1.
High No. Low
Ask Low
Did
U. S. Government.
High
Mt Liberty Loan1334% of 1932-1947
1 D 100,732 Sale 100112210021n 207 100"ss 01"ss
6 101"a 02"a
Oonv 4% of 1932-47
J D 100,54210113:2 100158,1001582
62 101"a 03'ss
J D 10130n Sale 1013529102331
Cony 434% of 1932-47
101
103
2d cony 434% of 1932-47
.11 D 101 103
1021,2 1021se
!mond Liberty Loan—
1 100
100
01"as
As of 1927-1942
MN 100 1001011 100
Cony 434% of 1927-1942
M N 1003101 Sale 10018st 101231 669 10020as 011111
Third Liberty LoanM S 10111,1 Bale 1.01,S2101141 401 101'41021n
434% of 1928
!fourth Liberty Loan434% of 1933-1938
A 0 102141 Sale 10242 10214/1 868 101"ss 031,32
Treasury 445
1947-1952 A 0 108312 Salo 1068,s:10617e 122 104"ss 0811ss
73 10014n 04"ss
I reasury 48
1944-1954.3 D 10214: Sale 1021332102153
State and City Securities.
it Y CIty-434s Corp stock 1960 M 8 10014 Sale 10018
10014 17 10018 10113
1984 M 8 --__ 1024 10378 July'25 ---- 10114 10378
4344 Corporate stock
448 Corporate stock
7 102 10314
1021
1972 A 0
- 102
10114 1024
&Hs Corporate stock
1968 A 0
103 10238 Apr'25
1145 Corporate Mock
16678 10812
1971 J D
_ 10714 1081/ July'25
430 Corporate atock_July 1967 J J
10578 10778
1
4 May'25
107/
434e Corporate stock
10614 108
11165.3 D
- 10614 Aug'25
1134e Corporate stock
1983 M S
10612 10562 Aug'25
105% 108
4% Corporate stock
98 10014
1959 MN ---_ 9914 95,4
9814
Registered
9814 99%
MN
9928 July'25
4% Corporate stock
9814 1004
1958 MN
-1i914 9814 Aug'25
4% Corporate stock
98 10018
1957 MN
100 Aug'25
A% Corporate stock
1956 MN
9814 100
9978 June'25
Registered
MN
9814 9814
9814 Feb'25
4% Corporate stook
1955 M N
9834 9834
9834 Mar'25
Registered
9778 100
MN
100 June'25
01% Corporate Stock_ __ _1957 MN ____ foci 10514 Aug'25
10514 10758
41
/
4% Corporate stock_ _ _ _1957 M N __ 106 1054 Aug'25
1054 1074
834% Corporate stk-May1951 MN
8912 July'25
8912 9071
334% Corporate atk _Nov 1954 MN
90 91
90/
1
4 July'25
New York State Canal 501- 4:1961 J J
102 10334
102
102
As Canal
1942 J J
1011
/
4 10118
- 10115 Mar'25
434: Canal Impt
1904.3 J
10978 11414
109/
1
4 Aug'25
- 481fighway impt register'd 1958
10278 103
_
1
4 July'25
'102/
Highway Improv't 434e._1063 Si 8
11134 114
114 July'25
Virginia 2-38
1991 J J 64/
761
/
4 7618
1
4 - — _1 7612 Feb'25
Foreign Government.
Argentine (Gust) 76
1927 F A 1021
1
4 10314
/
4 1021/ 10214
10235 33 101/
9814
Argentine Treasury 555...E
8118
1945 M S
88 Aug'25
4
Sinking fund fie Sur A
95 9714
1957 M S 961
/
4 Sale 95/
1
4
9634 159
Eat! dri tier li temp_Deo 1958.3 D 9534 Sale 951/
263
96
9434 97
E4 f 6s of 1925 temp
209
1959.3 D 9534 Sale 955,
9514 9634
96
Australia 30-yr 5s_ __July 15 1955 J .1 97/
9714 9938
1
4 Sale 9714
991/ 2078
seaman (Govt.)If 78
9978 109
931s 100
1943 J D 9978 Sale 9912
rielgium 25-yr ext a f 7He 8.1945.3 D 10918 Sale 10858
36 107 11014
109
20-years f Se
1
4 109/
1941 F A 10712 Sale 10718 '10711 24 106/
1
4
25 yr ext648Interim ret3_1949 M 5 9214 Sale 914
90/
1
4 96
9214 69
Ertl•f tie Inter rots
1955.3 .1 8612 Sale 88/
186
83/
1
2 8814
87
1
4
Exits f Mint ctfs
1955 J D 951/ Sale 95/
9533 98/
9615 247
1
4
1
4
Bergen (Norway) 4 f 88
1945 MN 11314 1141
1
4 15 108% 11514
/
4 1131/ 114/
25-year slaking fund 68_1949 A 0 9714 97/
9914
95
1
4 971
/
4
97/
1
4
1
Berne (City of) 4 f Se
1946 M N 10734 Sale 107
11 107 11112
1081
Bogota (City) ext'l s 1 811_1945 A 0 • 9534 964 9578
94
9812
96's 18
Bolivia (Republic of) fie
92118 97
1947 M N 96/
83
• 987
1
4 Sale 96
Bordeaux (City of) 16-yr 68_1934 MN 87/
80
1
4 Sale 851/
87/
1
4
87/
1
4 146
Snail, 13 8, external 88
1941 J D 97/
60
951e 99
1
4 Sale 971/
98
75 (Central Ry)
1952 J D 8114 Sale 8114
8014 8484
8lls 59
74e (coffee seeur) I(flat).I952 A 0 10714 ____ 1071
1 10312 108
/
4
l07's
Buenos Aires (City) ex,16 481956 J 3 9711 98
95% 9014
21
98
971/
Canada (Dominion of) g 58_1926 A 0 100/
7 10014 10234
1
4 100/
1
4 1001/ 1001/
68
1931 A 0 1023s Salo 101/
1
4 102/
1
4 59 1014 10312
10-ycar 5345
1929 F A 103 Sale 10254 103
56 102 10334
Is
1952 M N 102/
1
4 Sale 10214
10234 125 1015s 105
Carlsbad (City) s f 88
19543
96 10012
1001/ _ - - 100/
4
1
4 10012
Chile (Republic) esti a I 88_1941 F A 10934 Sale
109/
1
4 110
13 1064 110
External 5-years f 85
1926 A 0 1024 Sale 10212 10213
102 10334
1
20-year ext1 7n
1942 MN 10112 Salo 101
984 103
10112 83
25-year a it 8s
1946 M N 10934 100 10934
10978 11 10614 11014
Chinese(Hukuang Ry)511.-_1951 J D 4058 41
4014 4812
41
41
9
obristiania (Oslo) s f 6,
1945 A 0 11158 Sale 11112 11134 71 1094 11134
30-year 5 t tis
1954 M S
9512 10112
98
981
/
4 20
30-year s 1 68 lot Ott
1955M N
9712 10014
97/
1
4 18
9712
Colombia (Republic)646_1927 A 0
994 1014
1
4 1001/ 15
11-2 100/
Copenhagen 25-year a I 5)48.1944 J J 97/
9814 70
Sale 9734
44 loo
1
4
9
(7uba 6,06 1904
1944 M 8 99/
934 113012
3
1
4 __-- 981/
98/
1
4
Exter debt 58 1914 Ser A 1949 F A 99 Sale 99
931.
106
91
100
External loan 4)48
1949 F A 9134 9214 911
84
93
/
4
9134
5
614..1953.3 J 10012 Sale 1003s
981/ 102
84
101
Osechoslovak (Repub of) 88_1951 A 0 10034 Sale 99/
9814 1011/
1
4 10034 49
Sink fund fis Ser B int ctfs.1952 A 0
9734 10034
65
1
4 100
100 Sale 99/
Danish Con Municlp 8s "A".1946 F A 11014
11158 112
5 109 11213
1124
Serles13 n f 8s
19 1081/ 112
112
1946 F A 11112 112 111
Denmark externals f 86
1945 A 0 11014 Sale 11014
110/
1
4 51 109 111
30-year Os
991
/
4 105
1942 J J 10234 Sale 1021/ 10313 87
Dominican Rep Con Adm 8 f 5s'58 F A 10214 Sale 10214
1 101 10334
1.0214
Custom Administr 534e1942 M S 9414 Sale 931/
92
98
9414 15
Dutch East Indies ext 68
9844 10318
1947 J .1 102/
50
103
1
4 Sale 10258
10-year 65
9878 1031a
1962 M S 10258 Sale 10238
10234 46
30-year ext 5348
9314 10178
14
101
1953 M 8 1004 Sale 10058
30-year ext 5345
9234 10112
4
10058
1953 M N 10058 10078 10052
French Repub 25-yr ext 88.._1945 M 5 105 Sale 10434
9834 10512
10533 141
20-yr external loan 748_1941 I D 10018 Sale 100
93 10112
10012 147
External 7.0! 1924
86 92%
19493 D 924 Sale 9134
451
92
Finnish Mutt L'n 634s A_ _ _1954 A 0 8534 8914 89
85% 9212
89
1
External 634s Series B
8512 9212
89
1954 A 0 881
2
88/
1
4
/
4 89
Finland (Rep) ext 6e
8314 8918
8834 19
1945 M 5 87/
1
4 8878 8739
External 5 f 7e lot ctis_1950 IN S 94 Sale 931/
23
9314 9713
94
German external loan 7e rcts_1949 A 0 9814 Sale 97
915, 9814
98,4 542
01 Brit & trot(UK of) 5345_1937 F A 10512 Sale 105
10514 90 104% 107%
10-year cony 5%s
1929 F A 118 Sale 118
118,4 85 11512 11812
Greater Prague 71/6
89
931/ 25
1952 M N 8612 8634 93
9514
Greek Govt 78 lot rota
83 88%
1964 M N 8612 Sale 8614
867s 30
Haiti (Republic) 88
1962 A 0 97 Sale 96/
1
4
91,
4 97
97
66
Hungary alined of) If 730_1944 F A 93 Sale 93
87
948,
9375 114
Ind Bank of Japan 6% notes 1927 F A 9914 Sale 99
984 100
9914 88
Japanese Govt 8 loan 400
81
1931 1 J 8328 Sale 83'2
841/
83/
1
4 36
80-year et6 Hs
90
9258 Sale 9134
9234 236
115
Oriental Development 88.1961 f
8312 8714
85,2 28
1 1 t 9514 85'x 8514
Lyons (City of) 15-year 65_1934 M N 871/ Sale 8512
8034 87/
87/
1
4 108
1
4
Marseilles (City of) 15-yr 65_1934 M N 871/ Sale 8512
80
8758 138
87/
1
4
Mexican Irrigation 440
1943 M N
16
1734
1878 29
18
17
24
Aesenting e f 434,
Jan'25
24
23
24
1943 Mexico(U El) esti 5.8 of'99 8 1945 Q J 40
401
/
4 Aug'25 _ _
45
38
451/
Assenting 55 01 1899
39l
31
381
/
4 Sale 377s
1945 41
89
AmentIng 5slarge_
1
4 Aug'25 _
3515 371/
- - - - 35/
Assenting 5: small
35
3712
371/ May'25 _
Gold deb 48 of 1904
28
1934 July'25 _ _
1834 26
1964 3 0 24
Assenting 4.06 1904
23/
1
4 2422 23
1812 2514
2514 226
Assenting 43 of.1904 large
_
2612 2612
- - - 2812 Jan'25
Assenting 4s 01 1904 small__
2314 Aug'25
20
2412
AmentIng 46 of 1910
i—i 24 2412 211/ Aug'25 _ _ 2014 2412
Assenting 45 of 1910 large
22
2712
28/
1
4 50
3054
Assenting 48 of 1910 small_
2458 Sale 24
2554 317
194 2878
401 38/
Tram 68 of '31 atment(large)'33 i--3 40
1
4
33
3912 13
43
Small
Sale
384
3415 43
40/
1
4
401/ 107
Montevideo 78
88
1952 J D 9812 963 96
9612 36
98/
1
4
Netherlands Os (flat prices) 1972 81 Ei 10614 Sale 106
/
4 10914
108/
1
4 20 1021
1
4 10312 47 1001
30-year external 68(ma)_ _1954 A 0 1034 Sale 103/
/
4 10412
1940 A 0 11018 Sale 11018
Norway externals? 8e
11012 62 110 11312
1943 F A 10012 Sale 10014
971
/
4 1011/
10034 53
20-year ext 16e
9712 10133
1944 F A 10034 Sale 10014
90-year external64
10073 53
10034 30
1952 A 0 10012 Sale 10014
90-year esti Os
9712 1011/
9512 191
40-years f 5148 temp__ - 1965J_
94
D 951i Sale 95
9712
35=4 a Due Jaa
8 Due July. 8 Due AMC. p Doe Nov
s Option sale.
BONDS.
N.Y.STOCK EXCHANGE
Week ended Sept. 4.
Sn
Price
Friday
Sept. 4.
Week's
Range or
Last Sale
3dastte
Since
Ian. 1.
HIgh
High No, Loot
Rid
Ask Low
99
:
1 104
10134 10314 15
Panama (Ben) 534e tr rects_1953 3D
16
974
103
10012
ioois
1007
6.719
8
Peru (Rep of) esti 88
1944 A0
66/
1
4 79
6834 19
Poland (Rep of) g (is
1940 *0 6834 Sale 6734
254
86
96
1
4 Sale 87
88
Ext'l a f g 8:interim rects_1950 33 87/
94
9634
95 •
9534 15
Porto Alegre (City of) 88_1961 3D 95
1111/ 16 109 1124
Queensland (State) ext 5 f 7s 1941 A0 1111/ Sale 111
107
3
10112
104
/
1
4
1041/
Sa
e
10412
1947
25-year 138
FA
27
9815
Ws
97
1946 * 0 97 Sale 96
Rio Grande do Sul 88
41
93 974
94
1
4 Sale 9312
Rio de Janeiro 25-yr s I 85-1946 A0 93/
115
92 97
9214
Sale
94
1947 AO
25-yr esti 8a
1
4 1027s 10 100 10418
92
3314 1033g 102/
Rotterdam (City) external 6001964 MN 10
15 10214 1061*
106
1948 3, 10615 10612 103
El Salvador (Rep) 83
97 102
2
Sao Paulo (City) s f 88
1952 MN 100 100121 9914 100
San Paulo (State) ext s f 83_ _1938 ii 10318 Sale 10278 10312 14 100 104
85
99H
1001s
10014
1003
Sale
8
9934
Externals f 8s int rests_ 1950 .1 J
8214 91
9012 254
Seine (France) ext 7s
1942 J J 9018 Sale 8912
84
90
8914 172
Serbs, Create & Slovenes 83_1962 ▪ N 8878 Sale 8834
8
82 8711
8712
1938 MN 8614 Salo 85,4
Masons(City) as
1939 3D 10414 10478 10413 10-1% 20 103 10515
Sweden 20-year Os
98/
1
4 10214
1017g 106
External loan 53-4:
_1954 MN 10178 Sale 10113
116,
2 70 113 117
Swiss Confeder'n 20-yr s f 8s 1940 J J 11658 117 11614
981s 1944
Switzerland Govt ext 5348
_1948 AO 103 Sale 10258 10314 78
,
1
644 6812
Tokyo City 58 loan of 1912
S 6612 6734 6714
6714
6
97 1014
10012
Trondidcm (City) eat! 6348_1944 J J 10012 Sale 1100
7 10614 11011
110
Uruguay (Republic) ext 88_1946 FA 10412 110 110914
8 1071z 1114
108
Zurich (City of) 5 f 8s
1945 A0 108 10812 108
Railroad.
Ala Gt Sou lst cons A 58-1943 J o 101 10212 102 July'25 ---- 10034 102
___ _ 10118
1 10034 10111
10118
Ala Mid let guar gold 55_1928 It! N 101
8214
1946 * 0 8214 Sale 8214
Alb & Suss cony 31411
2
84
4
82
8111
/
4 814
9
____ 84 Aug'25
Alleg & West 1st g 43 gu
1998 * 0 84
944
90
9218
1942 MS 9034 9112 904
Alleg Val gen guar g 43
7418
Sale
49
73
3
4
74
63
14
7
7
4s—July
Arbor
1995
let
g
Q
Ann
8912 51
Atch Top & S Fe—Gen g 411-1996 A 0 884 Sale 8858
8874 9215
905,
40
87/
1
4
84
88
Registered
A 0
8111 85
1
8318
Adjustment gold 4s....July 1995 Nov 53,8 Sale 831s
82/
1
4 /3514
8334 19
1
4 831/
July 1995 MN 831/ 83/
Stamped
7978 80/
1
4
801/ Apr'25
791/ 82
Registered
• N
814 85
831/ July'25 --__
1955• D 8418
Cony gold 48 1909
8112 8514
1
8418
Cony 4s 1905
1955 in 8418 - - 844
81
We
81 Aug'25 ---Cony g 45 issue of 1910
1960 3D
98 100
1
99
East Okla DIv 1st g 45- —1928 MS 9912_ 99
83/
1
4 87/
1
4
8412 Aug'25
1965'3 8211 -90
Rocky Mtn Div 1st 48
89
85
861z Aug'25 --_1
4 89
Trans-Con Short L let 45_1958 33 86/
92 905
Cal-Ariz 1st de ref 4%s"A"1962 MS 9232 9514 9234 Aug'25
9138 Jan'25
Registered
M
90
90
All Knoxv & Cln Div 48---1955 MN
:
0
8
:
10
8
892
71 14:1829
All Knoxv & Nor 1st g 58......1948• D io3T, --___ 10214 Aug'25
98/
1
4
95
9634 Aug'25
At'& Chad AL 1st A 41/5_1944 ii 9634 1-03
10112 to3/4
let 30-year 58 Series B,.1944 33 1021z 1023 10212 10234
85
891 8512 July'25
Atlantic City 1St cons 48..„1951
914 13
89 9418
AU Coast Line 1st con 48_31952 MS 9134 Sale 91
3 10534 108
10738
1930 MN 10738 1075, 10714
10-year secured 75
9078 95
9304
913
4
9214
General unified 4348
1964 3D
9214
2
8514 897s
2
86's
L & N coli gold 45—__Oct 1952 MN 8612 Sale 8612
1
4 80
76/
9
784
787
Atl & Danv let g45
1948 33 7718 79
62/
1
4 701s
6578 6512 Aug'25 - 2d48
1948 3' 64
80
75
78
8
78
Atl & Tad 1st g guar 48...„1949 *0 7714 78
98
,
5 10014
9912 101 10014 July'2 -A & N W let gu g 58
1941 J
8514 054
Bait & Ohio 1st g 4s_ _ _July 1949 * 0 88 Sale 8738
88'4 33
854 9014
__ __ 87 Aug'2 ---July1948• J 87
Registered
894 95
927s 134
10-year cony 43/5
S 9234 Sale 9212
1933
8534 921,
907s 43
Refund & gen 55 Series A_1995 ▪ 111 90 Sale 90
1st g 5s Int ctfs
10104 135 100 104
1948 A0 10114 Sale 101
187 10212 1044
10-year 63
1929 3, 10234 Sale 1021/ 103
1
4 1027e 40 1004 10454
Ref & gen (Is ser C temp_ _1995 3D 10214 Sale 101/
9984 994
9934 July'25
P Jet & M Div lst g 3145-1925 MN 9978 100
835s 904
871/ 43
PLE&W Va Sys ref 43_1941 MN 8712 Sale 87
993,1005,
99/
1
4 May'25
Southw Div let gold 3348,1925 ii
9504 9978
9634 123
Southw Div 1st 58
1950.3' 914 Sale 9618
9818 78/
1
4
20
72
Tol& Cm DIv 1st ref 48 A.1959.1.1 7112 Sale 7138
604 6258
1
4 May'25
Battle Cr & Stur hat gu 38_1989 J o 6014 6412 62/
9218 935,
961/ 93 Aug'25 -93
Beech Creek let n g 48
1936 J
9012 904
901/ July'25
3D 901/ 95
Registered
7738 8111
77/
1
4 Aug'25
Beech Cr Ext 1st g 35111----1951 * 0 7523 78
85
88,
4
8814 July'25 Big Sandy 1st 4s
1944 in 8734 89
734
72/
72/
1
4 7214
B & NY Air Line lot 48—....1955 FA 72
5 .67
1
4
93 94
9312 July'25 Bruns & W let fal gold 4s
1938'.3 9058 92
1
4 10234 10012 1001
Buffalo R & P gen gold 511_1937 MS 100/
/
4
5 10013 1021s
/
4
87 .2! 8013 881
Consol 4148
1957 MN 87 Sale 881/
8514
82
82/
1
4 May'25
Registered
N
9958 1001,
1
4
10014 54
Burl C R & Nor 1st 5e
1934 * 0 1111Ts Sale 100/
4 1001/ 1037a
10214
/
4
Canada Sou cons gu A 58_1962 A0 1011
/
4 Sale 1011
9314 9914
9458 28
9418
95
Canadian Nat 41/s_Sept 15 1954 MS 94
1
4
8 11414 117/
11514
Canadian North deb s 6 751 1940 J o 11514 116 11518
1177, 30 116 118114
20-year of deb 03l11
1946 J J 11734 Sale 11758
81
79
Canadian Pac Ry deb 45 stock__ 3.3 804 Sale 8012
8078 116
937e
93
Carb & Shaw 1st gold 43
9312 May'25 - _ _
925
1932 M
834
78
Can Cent 151 con g 48
82 Aug'25 8-82
1938 313 793s
Caro Clinch de 0 let 3-yr 58-1938 In 101 1011 101
1 100 10171
101
1
4
1
4 108/
lst & con g fis ser A
10754 45 105/
1074 Sale 10714
1952 J
84
8414
Cart & Ad let gu g 4e
84/
1
4 Aug'25 1981 J o 8433 86
743
4
80
Cent Branch U P let g 4s__ _1948 J D 75
7838 78 July'25 644 704
Cent New Eng 1st gu 45_ _.1901 J
7
65
8412 65 65
9714 99
Central Ohio Reorg 434s_.1930 M S 9814
99 Aug'25 -1
4 104
Central of Ga 1st gold 5s-91945 F A 10214 16371
4 Aug'25 -- 101/
5 103/
9914 10254
Consol gold 5s
6
1
4 1011
/
4
1
4 Sale 100/
1945 M N 100/
98
10013
Registered
___ 10014 June'25,--38 N 971
/
4 106
10-year 80CUT 6e
8 1011
103181
810312 102
June 1929 J D 1034
103
99
2
1011
4
1014
10112
10112
1959 A 0
Ref&gensfleera
84
86/
1
4
Chatt Div pur money g 48_1951 J D 1344 8554 9512 Aug'25
991g 100
Mac & Nor Div lert g 15s. _1948 J J
100 July'25
10912 100/
1
4
Mobile Divhslon 58
1946 .1 .1 10012__ 10012 Aug'25
95
99
Cent RR & B of Ga coll g 58_1937 M N 9734 -9812 98
5
98
Central of NJ gen gold 58_1987
7 107 110
108
J 108 Sale 107
1
4
Registered
1
4 106 July'25 - - 106 108/
106 108/
81987 Q
8631 90
Cent Pac 1strefgeg48,_l949F A 8878 Sale 8718
40
88
95I,
964
2
9612
9712
gold
4
31/s_ _ _81929 J D
Mtge guar
964
963
854 8954
Through St L let gu 4.,_1954 A 0 8538 8612 8539 Aug'25
_
97
981,4
Guar g 5s temp
1960 F A 98 Sale 97
9818 77
11218
11718
Charleston & Savannah 75_1936 J J 117
____ 11211 Feb'25
9832 102
Chen & Ohio fund & impt 58.1929 J J 100/
1
4 Sale 100/
1
4
1
1
4 100/
let consol gold 58
1939 M N 102 Sale 103/
2 101 10312
1
4 102
10072 10214
Registered
1939 M N
_
10114 July'25 - - _
877s 93
General gold 4345
1992 M S 9134 Sale 9118
1
4 43
91/
567k 901s
1992 M
Registered
9018 July'25 - _
9454 91111
20-year convertible 4343_1930 F A 97/
1
4 Sale 9714
9734 71
30-year cony secured 58__ _1948 A 0 118 Sale 1131/ 11612 051 1014 1181s
Registered.
A0
104/
1
4 Mar'25 -- 10384 1064
974 904
19403 J 98'z 987 98 Aug'25 - _
Craig Valley 1st g 51
Potts Creek Branch lot 411_1948 J .1 _
3214 85
84
83 Aug'25
811: 8512
R & A Div 1st con g 46_1989 J J 8218 8412 8238 Aug'25 83
79
1989 J J 7912 83
2d consol gold 4.
80 Aug'25
91412
9622
____
July'25
5s1941
Springs
V 1st g
M
Warm
"9812
62
64
5
68234 6
64
Chic & Alton RR ref g 35_1949 A 0 08'2
0
28
6034 63 6212
60
24
44
Certits del/ stpd Oct 1924 Int__ __
6310
59
5914 61
59 Aug'25
__
Certif dep stmpd Apr 1925 lot
4918 12
Railway first lien 348-- —1950 J J 49 Sale 49
4414 5314
4912 Aug'25 _-__
45
55/
1
4
Ctrs dep Jan *23.4sub coup-- -- __ 49
8114 864
2
834
Chic Burl & Q—Ill Div 3348_1949 J J 8312 Sale 8318
844 84112
J J
844 Apr'25
Registered
88/
1
4 94/2
19493 J 9014 91
9012 22
9018
Ilinole Division 4s
98/
1
4 100
9934 13
Nebraska Extension 45...A927 M N 9912 9934 9934
881
/
4 9214
1958 151 S 8934 Sale 893s
89/
1
4 18
General 48
/
4 10214 10178
1971 F A 1011
10212 14 10012 1034
lat dr ref 5s
4614
11
Chic City & Conn Rye 58._1927 A 0 4614 Sale 46
4512 63
Chicago & East III 1st 68_1934 A 0 10412 10612 1064 Jan'25 ____ 1054 1074
7514 52
O&EIII AR (new col gen 58_1951 M N 75 Sale 7458
7234 7912
1210
New York Bond Record-continued -Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week ended Sept. 4.
Prize
Friday
Sept. 4.
Week's
Range or
Lori Sale
13
r41,%
High No.
Ask Low
Bid
2
Ohba & Erie 1st gold be
1982 M N 10012 101 10012 10012
66
64
Chicago Great West lit 45_1959 M S 6378 Sale 6312
ChM Ind & Loutiv-Ref 68..1947J J 11018 11012 11212 July'25
Refunding gold 58
19473 J 9912 ___- 9934 Aug'25
'25
Refunding 43 Series C
1947 J J
1
91
9114 91
General 58 A
1988 M N 89
7
102
General 68 B
May 1966.1 J 10112 102 102
7912 Aug'25
Ind & Louisville 1st gu 48-1956 J .1
8812 88 July'25
Chle Ind & Sou 50-year 48-1956 J .1 85
1
4 ____ 935s Aug'25
able L S & East lat 4tis1969 J D 93/
474
1
4 48
0 M & Puget Sd 1st gu 4a_1949 J J 47/
483s 31
8
ChM & St P gen g 48 Bar A_e1989 J J 7914 Sale 781a
7914
4
70
69
69
General gold 3Ma Ser B__e1989 J .1 69
6
89
Gen 4)48 Series C_.-May 19893 J 89 Sale 88
4712 Aug'25
Certificates of deposit ______
.
51
49
4814 Sale 4814
Gen & ref Series A 434e..a2014 A0
_97
49
Gen ref cony Ser B 5e_a2014 F A 48 Sale 4814
4612 Aug'25
Certificates of deposit
1
4 10414 48
lut see 13e
1664.1 -3 1044 68-1-e- 103/
104
49
Debenture 4345
1932.5 13 4888 Sale 4818
4634 Aug'25
Certificates of deposit
4911 -ioi
Debenture 413
1925 i-ii -4818 Sale 484
73
49
25-year debenture 4s
1934.1 .1 4834 Sale 4818
8
991
1
4 9978 991
Ohio & Mo Rlv Div be
1926 J .1 99/
99% Aug'25
able & N'weet Ext 48_A886-1926 F A
94
912 -;;- 9834 June'25
Registered
1886-1926 F A 7
15
74
74
General gold 334e
1987 M N
7212 July'25
Registered
Q F
1
4 Aug'25
General 48
1987 M N 8318 8638 84/
4
8312
Stamped 4s
1987 M N 8318 8512 8312
11034
23
14
2 105 10418 Aug'25
General be stamped
1987 M N 100
104 July'25
Blinking fund 68
1879-1929 A 0
10312 July'25
Registered
A 0
2
10014
Sinking fund be
1879-1929 A 0 10012 10112 10014
Regfstered
1879-1929 A 0 9912 ____ 9912 May'25
3
10012
Oinking fund deb be
1933 M N 100 10018 100
10-year secured 78 g
10734 14
1930J D 10712 108 10734
1
110,4
15-year secured 634. If--1936 M S 1104 Ill 11014
Bale
I
96
964 35
let & ref g 5a
9514
May 2037J D
Ohio 11 I & P-Railway gen 4s1988.1 3 834 8378 8312
834 10
Registered
J J 80% -_ 8112 Aug'25
87 -138
Refunding gold 4a
1934 A 0 8612 Sale 864
--- 884 May'25
Registered
A 0
1
4 Aug'25
Ohio St L & NO gold 54-1951 .1 D 10111 -___ 102/
/
4 ---- 10214 June'25 ---.JD 1011
Registered
784 July'25
Gold 3348
1951 J D 7834 ___
MemphirDiv let g 48
1951 .1 D 85 ---- 854 Aug'25
138 ____ 101 July'25
0St L & P 1st cone g 56--1932 A 0 100
_
10038 Jan'25 __ _3
A 0
Registered
1044
Ohio St P M &0 cons 6s___1930 J D 102% 1034 10312
(Jona 68 reduced to 3348_1930 .1 D 9234 ____ 93 July'25 -- -3
96
Debenture 58
1930M El 954 9614 9478
1
96
96
Stamped
9514 97
Ohio T El & So East lat ba__1960 J D 87% Sale 8634
87% 23
13
Sale
81
82
811
/
4
Ino gu 50
Deo 1 1960 M S
5
Ohio Un Sten 1st go 430 A.1963 1 J 9314 Sale 93/
1
4
93,2
10278 13
lat be Series El
1963.1 J 102% Sale 10238
Guaranteed g 581944 ./ D 9938 Sale 99
9934 71
lst6)18 Series C
118,4 16
1963 J J 11714 11812 11718
____ 106 Aug'25
WM & West Ind gen g 6e--p1932 Q M 106
7914 17
Como'50-year 4s
1952 .1 J 7914 Sale 79
984 78
1 et ref 512a ser A temp-1962 M $ 9812 Sale 984
100
/
1
4
Aug'25
1003
8
__
Oboe Okla & Gulf cons 5a
1952 14 N
9534 July'25
Gin H & D 2d gold 4IM
1937 J J
9314 July'25
0I St L & C let g 48-Aug1936 Q F 9212 93
Registered
Aug1936 Q F ____ ____ 92 May'25
Ohs Leb &Nor gu 411 g
1942 MN 8712 8812 8712 Aug'25 ---10138
3
Gin S & Cl COM let g ba
1928 .1 .1 10034 10112 1004
Cleve Chi Ch & St L gen 48_1993 J D 83 -___ 8234 Aug'25 ---10
98
SO-year deb 4345
1931 J .1 98 Sale 98
General 68 Series B
1993.1 D 10034 Sale 1004
10018
1
10312
6
Ref & (rapt Os Series A
1929 J J 10318 10314 103
2
1061
65 Series C
1941 J J 104% --- 106%
18
9712
19633 J 9714 Sale 97
Si Series 13
Claire Div 1st gold 413
1939.5 J 8878 8911 8812 Aug'25 -- -81
2
8212 81
Cin W ar M Div lit g 48_1991 J J 81
1
82
Bt L Dlv 1s1 coil tr g g 48 1990 M N 83 Sale 89
M N --------8018 July'25 ---Registered
88 Aug'25 --- Bpr &Col Div 1st g 48____1940 M S 8634 89
W W Val Dtv lit g 45-1940 .1 J 88% 8911 8812 July'25
000& I gen eons g 68.-1934 J J 107 108 10612 Aug'25
Olev Lor & W con lit g 58-1933 A 0 10112 ____ 10212 July'25
1935 M N 9514 ____ 9818 June'25 ---_
Cl & Mar let gu g 4345
Clue & Mahon Vail g 58-1938 J J 9814 10014 99 Aug'25 -_-_
9612 ____ 99 May'25 _01 & P gen on 4345 Ser A.._1942.5 J
1
4 Aug'25 _1948 M N 8214 8578 85/
Series C 3348
1950 F A 8114 8534 8534 Mar'25
Series D 3345
Cleve Sher Line let gu 4345.1961 A 0 9511 978 97% Aug'25 -106181 24
Cleve Union Term 5348
1972 A 0 106 Sale 10578
1973 A 0 100% Sale 10012 100341 61
lit. f 5a Ser B
8412 Aug'25 -00131 River Ry let gu 48-1945 .1 D 8434 86
98321 12
9818
Colorado & South let g 45_1929 F A 9818 99
Refunding & exten 4348_1935 M N 9418 9412 9414
94141
3
Gel & H V lit ext g 48
1948 A 0 8534 8634 8634 June'25 -8414 Apr'25 -1955 F A 8412
OW & Tol lit ext 48
84
Conn & Premium RI, Mt 416_1943 A 0 81
8111 Jan'25 -8712 19
Cuba RR let 50-year 151 g
1952 J J 87 Sale 88%
103121
6
lit ref 7)411
1936 J D 10312 105 10312
32
93
1986 .1 J 92 Sale 92
Cuba Northern Ry lit 6s
20
977
1931 J J 977g ____ 9734
Day & Mich let cone 434a
9012 55
1943 M N 90 Sale 90
Del& Hudson let & ref 48
105 8 25
19351A 0 105 10534 10514
30-year cony 56
10178
9
1937 MN 101% Sale 101%
15-year 5345
2
10812
1930.5 D 10812 109 10814
10-year secured 75
/
4 Aug'25 -- -1
4 __- 951
D RR & Bdge 1st HU 48 6-1938 F A 93/
83s 82
Den & It 0-1at eons g is.,i936.5 .1 8318 8312 83'4
1936.5 .7 8734 88% 88 Aug'25 -Consol gold 4345
9834 83
1928 J D 98 Sale 97%
Improvement gold 5a
6612 1121
DM& R0 West gen 58_Aug 1955 M N 6618 Sale 6334
48 Aug'25 - - - 51
Des M & Ft D 151 gu 4a
1935 J J 47
47 Aug'25 -51
Temporary ars of deposit _____ ---- 48
Dee Plaines Val 1st 4)48._ 1947 M N 8812 ____ 9312 Feb'25 ---Del & Mark-lit lien g 48..1995 J D 7111 ____ 7014 Aug'25
65 July'25
19953 D 65
Gold 45
5
92
9111
1961 MN 9111 93
Dot Riv Tun 4348
Dul Mambo 4 Nor gen 58..1941 .1 J 10312 ____ 103% Aug'25
Aug'25
0
102
103
103
Dui & Iron Range lit &L.-1937 A
7
8412
8534 83
Dal Sou Shore & All g 55
1937 J J 83
90 Aug'25
Earl Ry Minn Nor Div lit 48_'48 A 0
10012 June'25
Rut Tenn reorg lien g Se....1938 M
1
9912
-S---____ 1Cf
- l994
East T Va et Ga Div g 53_1930 3 1
3
10112
1958 M N 10118 102 10118
Cons let gold 58
____ 102 Mya'25 - -.Elgin Joliet & East lat g Ii..1941 M N 101
1
101
1965 A 0 101
_ 101
El Paso & SW 1st 5s
3
108
Efle lit COMO! gold 711 ext-1930 M S 108 Sale 108
7134 38
1996.5 J 71% Sale 7034
lit eons g 48 prior
1996 3 J 8718 6912 6814 Mar'25
Registered
6311 105
lit consol gen lien g 46_1996 J J 6311 Sale 83s
6718 Aug'25
19963 J
Registered
Aug'25
99
971g
Sale
Penn coll trust gold 48 1951 F A
6712 61
50-year cony 48 Ser A 1953 A 0 67 Sale 6612
6734 48
1953 A 0 87 Sale 66
do Series B
741 174
1
Gen. cony. 4s Series D.1953 A10 73 Sale
9
Erie & Jersey let a I 68
1955 I J 10312 104 10312 10312
/
4 July'25.--Erie & Pitta KU g 3Hs B
1940 3 J 8411 ____ 841
Series C
J J 8411 8812 8438 Aug'25 -Fla Cent & Pen 1st ext g 5i10303 J 10018 ____ 100 Aug'25
2
9912'
9912
1943 .8 J 99 100
Consol gold be
1943
Temporary 58
a Due Jan, 8 Due lob
5 Due June.
Range
Since
Jan. 1.
BONDS.
N Y STOCK EXCHANGE
Week ended Sept. 4.
Pries
Friday
Sept. 4.
Week's
Range or
Last Sale
Mob No,
Bid
Low
High
Ask Low
9912 10212 Florida East Coast let 430.1959
9312 Aug'25
13 9234
122
9414
Sale
5934 6812
9414
95
1st & ref bs Series A
s
1974 M
10914 11212
let dr ref 58 Ser A w i
96 July'25
1974 M S
9912 10014 Fla West& Nor 78 Series A 1934 86 N 153- 6;1;- 14578
157 1725
8534 87
6514 71
Fonda Johns & Glov 434g_ _ _1952 MN 6412 Sale 6412
87
9212 Fort Sty D Co let g 4348_1941 .1 j 9018
8214 Aug'25
101 104
Ft W & Den 1st g 5)46-1961 J D 10438 105 10434 July'25
2
7715 8018 Ft Worth & Rio Gr let g 46-1928 J J 96
97
97
97
8618 884 Frem Elk & Mo Val 1st 613-1933 A 0 10714 10812 10718 Aug'25
9312 9334 GH&SAM&Plat 56_1931 MN 100
10038 Aug'25
4312 5816
6
101
2d extens Es guar
1931 j j 9938 100 100
2
701
/
4 8012 Galv ROUS & Bend let 58_1933 A 0 93 Sale 93
94
6
6214 70
Genesee River let s f 513
10334
1957 3 .1 10314 10378 103
5
7718 92% Ga & Ala By lit cons 5s___01945 3 .1 94
95
94
94
47
4712 Ga Caro & Nor lat gu g 5i3 _1929 .7
6
994 Sale 9978
997e
4312 5414 Georgia Midland let 3s
68 Aug'25 _
1946 A 0
4418 58% Gouv & Oswegatch let gu 581942
D 9934 ____ 9834 Feb'24
4612 4612 GrR&Iextletgug434s.,19413 J 9418 Sale 944
9418 10
2
9612 10438 Grand Trunk of Can deb 75-1940 A o 11514 115% 11514
115,4
44 6012
10714 17
15-year alas
1936 M S 107 Sale 107
4634 47
10934 90
Great Nor gen 78 Series A 1936 J j 10934 Sale 10918
46
7812
let & ref 434s Series A
914 37
1961 J J 9178 Sale 91
44
5614
10114 31
General 530 Series B
1952 J J 10012 Sale 10018
941s 100
9478 61
General bs Series C
1973 J J 9438 Sale 9372
98% 10018 Green Bay & West deb ctfa "A"-- Feb 7712 79
79 July'25
89% 99%
6
15
Debentures ctfs "B"
Feb 134 144 14
7318 77
Greenbrier By let gu 48.-1940 M N 86'i ____ 87 Aug'25
72
2
7212 Gulf Mob & Nor 1st 5345 __1950 A 0 10138 Sale 10138 10138
8112 8612 Gulf & 5!1st ref & t g 58__51952 J J 10038 10212 1034 July'25
8512 Harlem R & Pt Ches lit 48._1954 M N 834 8412 8378 Aug 25
82
10118 105
2
8912
Hocking Val lit cons g 430_1999 J J 8914 90181 8912
10312 1064
Registered
1999.1 J 834 - _I 9012 May'25
103 104
10014 Aug'25
19373 J 10014
H&TC1stgIntguar
9512 94358 Aug'25
10018 101
Houston Belt & Term lit 55.19373 J 95
9912 10012 Houston E & W Tex lit g 58_1933 MN 100 ____ 10014 Aug'25
9914 103
9978 Jan'25
1933 M N 100 102
lstguarssred
105 1124 Housatonic Ry cone g 5s
1937 MN 9414 ----' 9412 July'25
107 11212 Hud & Manhat 58 Series A 1957 F A 9138 Sale 9018
9112 151
9112 102
9114 June'25
Registered
F A
8214 86
7612 105
Adjustment income 5s._.1957 A 0 76 Sale 7534
8114 8314 Illinois Central 1st gold 413_1951 J J 9038 9314 9334 Aug'25
8314 89%
8714 ____ 9338 July'25
1951 ▪
Registered
863a 8814
85 I 8478
1st gold 33.4.
1951 ▪ j 81
8478
10112 10314
8334 June'25
J J 76,2
Registered
10114 103
8212 8312 May'25
Extended 1st gold 33411-1951 A 0 81
64
784 79/
71
1
4
62 Feb'25
let gold 3s sterling
1951 8,8
834 8578
2
Collateral trust gold 48
1952 A 0 8438 Sale 8634
864
101 103
A 0 -----855. Apr'25
Registered
10038 10038
18
90
let refunding 4e
1955 INA N 9012 Sale 8938
10238 10812
8478 Sale 84 Aug'25
1
Purchased lines 3345
1952
9214 93
Registered
J J 7573 ---- 8412 July'25
9212 10514
9
Collateral trust gold 48._1953 MN 841g 8434 84
8518
954 99%
N 80/
1
4 ____ 82 May'25
Registered
901a
75
1965 M N 104 105 10414 Aug'25
Refunding ba
55
8412
10212 Sale 10178
10238 36
15-year secured 5348
1934 ▪
9114 94/
1
4
1
15-year secured 634s 17_1936 J .1 11114 Sale 11114 111,4
100 10312
Cairo Bridge gold 46
1950• D 8614 8912 894 July'25
9714 10038
Litchfield Div lit gold 38.1951 J J 73'4 7412 7114 Aug'25
11614 11812
794 8012 Aug'25
Loulsv Div & Term g 3348 1953 J .1 78
10512 106
Omaha Div lit gold 3E3-.1951 F A 7933 - I 7334 June'25
7612 8312
St Louis Div & Term g 35_1951 J .1 Ws ----I 7418 Aug'25
97 1004
Gold 3945
1951 • A 7914 8212 8038 Aug'25
9934 101
8278 May'25
Springfield Div let g 3348-1951 J J
9312 9534
89 86 Aug'25
Western Lines 1st g 413
1951 F A 86
91% 9312
84 Aug'25
1951 F A
Registered
9012 92
Ill Central &Chic St L & N 08718 894
77
Joint let ref be Series A
1963 J D 100 Sale 9938 100
99/
1
4 10112 Ind III & Iowa let g 45
.1 8734 8918 8814
1950
811
/
4 8512 Ind Union By gen be Ser A..19653
9934 l00' 9934
8
99
83'44
1
3
96
9878
Gen & ref 58/aeries B
10653 J 9934 ____ 10012 Aug'25 - 9912 10538 Int dr Grt Nor let Se Ser A 1952 3 J 10338 10418 10314
104
27
10218 10418
784 292
Adjustment 138, Series A 1952 Apri 7714 Sale 77
103% 10734
78
Aprl 7612 ____ 78
1
Stamped
944 100
774 77
Int Rys Cent Amer 1st 5s___1972 M N 77
774
8
8812 91
Iowa Central 1st gold 58...A938
D 5912 6134 60
6012
7
80
8212
Certificates of deposit.......... 59 ____ 5912 Aug'25
814 85
1914 21
20 Aug'25
Refunding gold 45
1951
8018 83
8614
1
86'4
James Frank & Clear 1st 48_1959 J D 8538 86
8634 8912 Ka A &
R 1st gu g 513.-1938 J .1 1003i ____ 100 Nov'24
8738 8812 Kan & M lst gu g 413
/
4 --- 811
/
4 Aug'25
1990 A 0 811
10612 108
1001 100 Aug'25 -2d 20-year be
1927 J J 9912 4
10014 10212 KCEIS&Mconag 6s
10338 18
1928 MK 10212 10314 10314
96% 984 K C Ft S & M Ry ref g 48._1936 A 0 8612 8634 8534
8612 17
9814 10014 KC&MR&Blatgu 59..1929 A 0 99% 4;1_0_ 9912 Aug'25
99/
1
4 Kansas City Sou 1st gold 361_1950 A 0 7214
99
7114
7212 - -la
8512 8618
901
/
4 49
Ref & impt be
Apr 1950 J J 9038 Sale 9018
84
8E44 Kansas City Term 1st 4a___1960 J J 84 Sale 84
51
4
9536 100
85
2
Kentucky Central gold 48_1987 J J 8478 Sale 8478
104% 10712 Keok & Des M ba ctf dep-1934 A 0
---: 86 Nov'24
__
102
9918
.._ 100 June'25 _ _
Knoxville & Ohio let g 6s.,..1988J J
8314 8812 Lake Erie & West 1st g bs__1937 J J ioo- 10014 10014 Aug'25
_
953 Aug'25 _
96% 99
_
2d gold 56
1941 J .1 95%
WI 9612 Lake Shore gold 334s
- - 80 Aug'25 _
19073 D 77 -80
8612 8684
7814
4
19973 D 7512 774 7614
Registered
8414 8414
1
4
99
80
1928 M $ 9834 Sale 98/
Debenture gold 413
81% 81%
97
11
1931 M N 97 Sale 9634
25-year gold 48
8312 8812
9578 Jan'25
1931 M N
__
Registered
10212 106
10214 Aug'25 _ _ _ _
Leh Val Harbor Term 5/3_1954 F A
89 9314 Leh Val N Y 1st gu g 4348_1940
96
J -9A1 1612 9534
12
92
98
93
Jan'25
1940 J J
Registered
8812 9212 Lehigh Val (Pa) cons e 4e_2003 M N
O__is 01.
-e- 8012 81
11
1014 108/
1
4
4 81 July'25
MN
_
Registered
101 10318
2003 M N 9014 91
General cons 4345
107 110
1
4 100/
1
4 10011
9
10012
17
8
Lehigh Val RR gen 5s Seriee_2003 MN 99/
94
101%
9514 Leh V Term By 1st gu g 58 1941 A
1025. Aug'25
82 8534 Leh & N Y lst guar gold 48_1945 MS 83'2.-.. 85 July'25
8578 9014 Lex & East lit 50-yr be gu 1965 AO 103%10414 10414 Aug'25
95 99
Little Miami 45
1952 MN 83 ___- 84 Aug'25
55 6612 Long Dock consol g 68
108 Apr'25
1935 A0 10878_
394 51% Long laid 1st con gold 55_51931 Q
10018 1-01-14 10014
10034 11
4536 50
94 May'25
941/4 _
lit consol gold 48
51931 Q
9314 9312
8912
1
1938 3D 8912 -91-- 8912
General gold is
7014 75
Gold 4a
1932 J D 94._.. 9312 Aug'25
65 6712
84
6
1949 MS 8312 8534 83%
Unified gold 48
91
9412
1934 3D 9614 9734 9714 Aug'25
Debenture gold 511
102 104
1
4
8914
3
20-year p m deb 58
1937 MN 8814 Sale 88/
10012 103
8434 39
Guar refunding gold 48-1949 MS 8134 Bale 844
99
4
81
90
99
9912 99
Nor Sh B let con g gu 56.51932 Q
102
3
88
90s Louisiana & Ark let g be_1927 MS 101 Sale 101
8512 Aug'25
9914 10212 Lou &Jeff Rdge Co gu g 4a_1945 MS 8418 86
9912 101
Louisville & Nashville 58_1937 MN 10212 ____ 10212 Aug'25
Iowa 10234
93
9318
8
925. 93
Unified gold 48
1940 J
101 102/
1
4
Collateral trust gold 58_1931 MN 101 10112 101 Aug'25
9938 10212
10812
3
10-year secured 78
1930 MN 10618 10612 10638
105
2
107 10934
let refund 53.0 Series A 2003 AO 10314 105 105
6934 7314
/
4 10312 105
6
1st & ref 5a Series B
2003 AO 10114 1041
67% 6812
9434 26
1st & ref 4348 Series C
2003 A0 9414 9434 94%
61% 6618
1
4 107 105 July'25
N O& M let gold 68
1930 J 3 103/
6718
58
2d gold 65
1930• J 10312 105 104 July'25 ___
95/
1
4 99
895
89%
1
/
4 91
Paducah & Mem Div 46..1946 FA 891
6212 69
St Louis Div 2d gold 38...1980 MS 6011 813a 64 July'25
60 69
96s 9914 973g Aug'25
L&N&M&MIstg430.1945 M
69% 7534
L & N South joint M 4s...1952 J J 8312 8412 8312 Aug'25
9814 Aug'25
10112 low. Louis, Cin & hex gold 4345_1932 MN 983g
FAS, klanon Coal RR 151 58
84
1934 J 3 101% 103 102 July'25 ____
595 6112 60
84% 84% Manila RR (South Lines) 48 1939
60
N
4
9938 100
68 67 June'25
let is..
1959 MN 62
98,4 100,
10012
1
4 Manitoba Colonization 5e
1934 J D 10012 ____ 10012
MI, Me Wan GR
al
W lffifiree
____ 81% Aute2S
1041 .1 1
eDtle May. h Due July. u Due Selo. 5 Due Oat. P DUO De0. I 09t/011 We.
Rang,
Sines
Jan. 1.
Elias
Low
92
9871
93 9712
9514 9831
1
4 157
102/
83/
1
4 73
82,4 90
104/
1
4 104%
9218 98
10612 10914
100 101
9934 101
904 96
10014 1054
93 10234
99 100
6414 68
9213 -1W12
1144 117
10838 10838
1081
/
4 111
89
93,4
9934 103
92
98
72
80
1212 1812
86
884
9934 103
9818 103%
80
84%
8812 92
88
9012
994 10078
99
95
99% 1004
9978 9978
9218 944
8812 93%
914 91,4
671
/
4 774
914 94
9012 93%
8014 84
83 8534
804 84%
62 82
864 89
85% 85%
8712 923s
7836 84,2
79
84/
1
4
/
4
83 861
82
SI
1.021
/
4 108,2
1
4
/
4 103/
1011
1091
/
4 113
8814 914
7312
70
7712 82/
1
4
704 74
7134 77
79 8334
79% 82%
88
86
87
84
9614 10038
874 92
99 101
9914 1001
/
4
100 1054
66
79
87
78
7612 804
85
57
574 824
/
4
19% 281
85 90
84
80
99,4 100/
1
4
10232 10336
8036 8833
08 10014
/
4 75
701
8814 9254
8334 8778
874
84
_
100 loos,
9934 101,4
9518 97
784 81
7814 794
9735 99
gala 974
9578 99%
100/
1
4 103
95% 98
93
93
79
8434
7812 81
93
88
98% 101%
1014 102%
84% 89
1034 107
834 8418
107% 108
99/
1
4 1021
/
4
9412
94
8812 9112
8978 934
824 85
9512 98
874 92
82 8514
98% 100%
994 102
83 874
100 10518
9178 951
/
4
1004 103
10554 1084
10414 108/
1
4
1011
/
4 10634
92
97
104,4 105
104 105
88
911
/
4
811
/
4 85
96 loess
sii, mos
95ls ea%
99 103
5912 6315
8312 6714
9734 10612
RON 84
New York Bond Record—Continued—Page 3
BONDS
14. Y.STOCK EXCHANGE
Week ended Sept. 4.
0
Price
Friday
Sept. 4.
Week's
Range or
Last Sate
crAQ
Range
Since
Jan, 1.
High No. Low
High
431 Low
Bid
9934 101
9934 Aug'25
1931 M
10012 101
Michigan Central fai
1004 10012
9815 ____ 10013 May'25
M
Registered
9114 92
9178 July'25 _
1940 J
905s
di
1951 MS 7754 ---- 7718 Apr 24
J L & 1st gold 334e
81
86
1952 MN 79
8312 85 July'25 _
let gold 3Pis
48
964 98
98
1929 AO 98 Sale 9734
20-year debenture 4s
88
9312
9313 Aug'25 _
1940 AG 89
93
Mid of N J lat ext 56
100 10038
Milw LS & West imp g M__1929 P A 10014 ____ 100 June'25
1
46(blue)1934 in
864 94
8734 May'25
MU & Nor let ext 4/
82/
1
4 9112
8913 Aug'25
Cone ext 4146 (brown)___1934 in 9014 91
86
8938
87
8912 87 Aug'25 _
Mil Spar dr N W let gu 4a1947 M
805s 811/
8111 Aug'25
Mire & State L let go 3346-1941 J J 8112
98/
1
4 11.124
1927 in 10114 102 102 Aug'25 _
Minn & St Louis 1st Ti
5134 624
1934 MN 58 Sale 58
58
5
let consol gold 511
5818 60
5912 Aug'25
64
56
Temp ctts of deposit__ .
1914 26
21
14
2058
22
1st & refunding gold 40.-1949 MS 21
1310 2114
Ref & ext 50-yr 58 Sec A-1962 Q F 1512 1612 164 Aug'25
8410 91)
85/
1
4 12
M St P&EISM eon g 45 lot go'38 ii 8434 8538 85
94/
1
4 10073
7
9534
1938 ii 9534 Sale 9534
lirt eons 56
8 10214 10434
10-year coil trust 634s-1931 MS 10213 Sale 10212 10258
2
1946 J J 9834 Sale 9834
9834
9834 103
let & ref 65 Series A
834 904
1949 M
83/
1
4 24
8312 Sale 8314
25-year 6145
1941 MN 9211
9213 Dee'24 -let Chicago Term if 46
9914 161:7118
9934 Aug'25 --61 BEIM& A letg 4eIntgu 1926 ii 994 100
91
94
93 June'25
94
Missiesippl Central let 68_.J949ii 93
8014 8512
7
8312
8334,
Mo Kan & Tex-18t gold 46-1990 in 834 84
9512 151
86
9534
Mo-K-T RR—Pr 158 Sec A_1962 J J 954 Sale 9478
793
41 48
7114 80
1962 J J 7915 Sale 79
60-year 48 Series B
67 10112 1044
1932 ii 10118 10234 10214 103
10-year 65 Series C
653
7634 9273
90
Cum adjust 55 Sex A Jan 1987 AG 8978 Sale 887s
Missouri Pacific (reorg Co)
83 90/
1
4
lit dr refunding Sa Sec A 1965 F A 88 Sale 8634
8935 45
99 10214
101
103
let & refunding gs Sec D._1949 F A 10034 Sale 1001s
9958 102
176
101
1st & refund 65 Sec E Int_1955 M N 10058 Sale 10038
624 67
152
65
General 48
1975 MS 644 Sale 6411
8434 89/
1
4
89 854 Aug'25 -Me Pac 3d 75 ext at 4%.....„1938 MN 86
99 10318
99
1
99
Mob & Bir prior lien g 3I.-1945 J J, 99 101
70
Mortgage geld 45
91
1945 J J 7818 82 8018 July'25 /
4 10414
103/
1
4 11 1011
Mobile & Ohio new gold 65-1927 J D 103 Sale 103
1 102 104
102 1
let extended gold 68_311927 Q J 1011
/
4 10314 102
814 9018
90 1
5
General gold 48
1938 MS 90 Sale 90
9618 101
Montgomery Div 1st g 56_1947 FA 98
9938 9834 Aug'25
95 1004
J D 994 100
95 July'25 Mon & Mar lin ilU g 4s
1991 MS 864 8834 85 Feb'25
8434 85
109 113
Mont C lst gu g ibe
19371 1 110 112 109 Aug'25 10118 10312
let guar gold fal
1937 J J 101 10334 10112 Aug'25 7634 82
Bill & E let gu 3%ii
2000J D 77/
1
4 803s 8012 July'25 _
Nashy Chatt & St L let 5&_l928 A 0 10114 10211 10114
101141
1 1004 102
100/
1
4 102
1937 F A 100 102 102 June'25'N Fla et 8 1st gu g 5s
Nat Ry of Mex pr lien 4 As 1957 J J
30 Sept'23
19 'WC
July 1914 coupon on
19 Apr'25 Assent a f red June coup on
134 2124
1718 91
155s 1614 16
Guar 70-year s f 4e
871g July'23 1977 lii
April 1914 coupon on ______ -18 May'24
13 -518
Gen a 143 assenting red _______ - :.
14
1514 13
Nat R R Mex prior lien 4)0_1926 J--..1
3815 July'23
July 1914 coupon on _______ ---25 July'24 - _
24I 321k
Aasent with July '24 coup on
2613 25
25 Sale 25
lit cense' 45
1951 Ili
28 Apr'24 April 1914 coupon on ______ ---Jan'24
36
Assent with Apr 1924 coupon
-lir., Sale 1414 15 60 1138 20
Naugatuck RR lit 46
1954 iiii 743 _ _ _ 66 May'24
Wes 96
9512 95 Aug'25
New England eons 5a
1945 J 3 94
81
8134
Coned 45
1940 J i 79
833s 81 June'25 86
1986 F A 834 86
86
NJ Juno RR guar 1st 4s_
86 May'25
86
924
1çO&NElstrefdrimp454sA'52 J J 8938 Sale 8935
9
8934
8014 8478
8214 8134 Aug'25
New Orleans Term 1st 63-1953 J 2 82
2 100 10134
100
NO Texas dc Mexico lst 65-1925 J 13 100 10014 100
1935 A 0 954 96
9258 9814
2
Non-cum income Si
954
9518
1954 A 0 9438 9534 9415
904 9734
95
10
lst 55 Series B
1954 A 0 101 Sale 101
let 51
/
4e Series A
101
17, 98 10213
9914 10210
A 0 101 Sale 10034 10158 48
Temporary
934 9418
N & C ridge gen gu 430_-__1945 J 3 9433 ____ 944 July'25
994 100
NYB&MB let e01313 5/1_1935 A 0 9935 100
9913 July'25 --1084 35 1064 11713
N Y Cent RR cony deb 86_1935 M N 10812 1084 1084
Registered
M N
108 11613
116 1084 June'25 821s 8714
°ousel 4a Series A
1998 F A 85 Sale 84
85
0
887s 9376
Ref &'met 414a "A"
2013A 0 9234 Sale 9115
9234 19
99 10214
Ref dr impt 531 Series 0_2013 A 0 10034 Sale 10038
10138 175
Registered
A 0
9915 102
1
10034
10034
N Y Central & Hudson River—
1
75
7958
Mortgage 34451
1997 J 3 7713 784 7734
3
7858
74
7814
Registered
1997 J J 754 771s 77 Aug'25
9212 95
Debenture gold 4a
1934 m N
9414 13
9373
934 94
9214
MN
Registered
9234
Aug'25
9234
91
9258
50-year debenture 45
1942 2 3
91 Aug'25
Registered
93 93
93 Feb'25
Shore
coil
gold
7434 784
Lake
3145_1998 1-15 7612 767s 764
2
7618
74
79
Registered
1998 F A
7434 Aug'25
7412 78
75
7858
Mich Cent coil gold 3345_1998 F A 754 7634 764 Aug'25
Registered
7518 761s
1998 F A
80
7613 July'25
4937 A 0 92 Sale 92
91
945s
N Y Chic & St L 1st g 40
9314 19
89 89
Registered
1937 A 0
_ 89
Jan'25
9278 964
1931 M N 94
3
9414 94
25-year debenture 43
9414
1
4 10412
1931 m .• 10234 Sale 10215 10234 15 102/
2d 65 Serfes A B 0
Ref 534e Series A
9371 9814
1974 A 0 97 Sale 961
/
4
9714 118
97
Certificates of deposit
97
--97
13
97
90
9318
9118
X Y Connect 1st gu 4 he A-1963 F A 9113 92
9138 15
89
81)
89 June'25
kV Y i Erie 1st ext g 46_ 1947 m 131 8712
9378 9512
1933 61 8 93/
9378 July'25
1
4
36 ext gold 4345
99 10113
1930 A 0 10014 -- 1004 July'25
4th ext gold 58
9712 9722
1928 J 0 974 _
974 Aug'25
5th ext gold 40
1946 M N
94
90
5
9318 Sale 9313
N Y & Green L gu g 58
9313
2000 M N 7914
7578 7834
gg Y & Harlem g 310
7834 June'25
80
80
80 July'25
N Y Lack & W 1st dr ref 56 1973 M N
10014 11.004
1973 MN _
10012 10012 June'25
let & ref 4345
1054 10713
1930 m 9 106 107 106 Aug'25
pr Y L E & W let 70 ext
9954 99/
1
4
1943 J J
9978 Mar'25
Dock & Rapt 58
99/
1
4 10034
10015
10014 101 100
5
Er Y & Jersey 181 58
y & Long Branch get2 g 46 ....
91/
1
4 9113
9115 June'25
9058
61
65
8 6518 Sale 6518
6515
N Y N II dr Hart n-o deb 46_1947 M
M S
60
60
Registered
60 June'25
5556 61
5913 6012 6012 Aug'25
Non-conv deben 3145—__1947 131
5413 60
56
4
Non-conv deben 3345.-1954 AO 5618 5773 56
60 65
1955 .1 .1 62
64
63
6375 20
Non-conv deben 46
N 62 Bale 6134
66 8558
1956
NOD-CODY deben 45
637g 72
53 594
564
5713 22
Cony debenture 33411----1956 33 544 57
8614 9213
1948 J J
9112 37
9134 Sale 9034
Cony debenture 65
J J
8313 90
90 Aug'25
Registered
9014 9634
1940 A0 95 Sale 95
Collateral trust 65
96
8
6334 6114
1957 MN 5818 60
5812
604 26
Debenture 48
J J
55 64
_1954
59
59
2
Cone Ry non-conv 45-- _
58 64
59
58
58
1
Non-cony deben 45-1965 33 58
574 64
62
12
Non-conv deben 45_ 1956 J J 594 Sale 59
AO 10034
100 10034
-- 10034 Aug'25
1(Y & Northern 1st g 69.,...1927 M
65
7012
70
23
N y0& W ref let g 48_June 1992 3D 694 Sale 6913
8276 6915
_63
65
1955
641
:Aug'25
General 46
in
65
65
65 Apr'25
Registered
8618 8613
8612 Feb'25
1942 * 0 ti8j4
N Y Prey & Boston 44
AO
8214 87:61
N y & Putnam let con go 4e.'93 MS 855s - _ 8658 July'25
100
10033
100
993
4
100
5a.
1927
Aug'25
1st
gold
B
R
&
51 Y
'
'S
667s 76
/
4
7138
711
/
4 7234 711
1
1,cr y wog & W let ref 56.- _1937
5915 68
61 Aug'25
1937 F A 5918
26 gold 44e
1040 F A 61
59% 66
6312 61
6214 11
General gold 55
93 97
97 July'25
1943 M N 954 99
Terminal let gold ISs
5978 7014
48
Ser I 4466246 J J 6712 Sale 6711
68
lst
B
&
W'ehes
NY
1950 A 0 83 Sale 8214
7913 8414
126
83
Nord Ry extl is f 6)44
A 795s 7978 794
703s 84
48
80
Norfolk Sou let & ref A 68-1961 F
07
41ft
A
N7
M
904
98
1941
ilie25
gold
68.
let
Sou
&
Norfolk
Nov8
Option
tale.
Due Jan. 3 Due July. y Due
N
12!! f4 e
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 4.
1211
Prise
Friday
Sept. 4.
Week's
Range or
Last Sate
Ask Low
BM
High No.
10714 Sale 10714
10714
5
10758
10838 Apr'25
10634 -- 10714 Aug'25
904
9012 42
9014 Sale
87 July'25 ____
11
90
90
9112 8978
14
13134 133 13112 133
9318 Sale 9018
914
10
101 10112 10113 Aug'25
87
87 Sale 87
8454 Sale 8334
844 36
2
83 Sale 83
83
60
61
60
6038 13
5738 Sale 60 June'25
4
8414 Sale 844
8414
- - 8534 Feb'25
15534 sale '10512 106 58
_ 10673 May'25
9513 97
12
954
96
954 mg 9512
96
21
9914 Mar'24
854 July'25
1094 ____ 10914 Aug'25
1034 Mar'25
- _
10334 Apr'25
75 Sale 1 73
73
1
91
_
__--1 90/
1
4 Dec'24
100
____ 100 Aug'25 ---98/
1
4 _
9878
994
7
10034 101 ,10158 101
20
894 Sale ' 89%
8938
2
10334 Sale 10334 10334 15
10312 10612 10378 Aug'25
Sale 9738
9734 82
8212 Sale 824
8315 18
911
/
4 92
911
/
4 Aug'25
91
92
90 Aug'25 -984 100
9811 Aug'25
9314 ____ 95 Aug'25
7914 Sale 78/
7914 91
1
4
8718 112
864 Sale 8614
8612 Sale 8514
8718 51
100/
1
4 101 101
Aug'25
94/
1
4 ___ 96 July'25
9054 9134 9078
91
5
9055 9212 9218 July'25 ____
9873 Sale 984
987s 19
9234 Sale 92/
1
4
93
44
1017s Sale 101
10178 67
10853 Sale 10818
10858 47
11078 Sale 11014
11078 38
10738 ___ 10915 Jun e25
98 Sale 9715
98
81
/
4 87
841
/
4
844
5
1944
37 MS
M D 841
Pa Co--Gu 3He coil tr A reg 1
8314 Aug'25
Guar 334e coil trust Ber 13.1941 F A 8214 83
824 83 June'25
Guar 330 trust refs C1942J D 81
1944 J D 8138 ---- 8134 July'25
Guar 330 trust etfis D
9572
Guar 15-25-year gold 4a....1931 A 0 9578 ____ 954
Guar 4s Ser E
1952 51 N 8514 8584 854 July'25 --__
7912 10
Peoria de East lat con 645_1940 A 0 7812 7972 781g
3334 351g 3358
3378 18
Income 48_
APr 100 Sale 99
100
26
Peo& Pekin Un lat 53Z5
1999
974 AO
987s 55
Pere Marquette let Ber A 36-1966 J 3 984 Sale 98
814 824 8134
8234 10
let 4s Ser B
3 92
____ 9312
5
4324 14
934
1
Phila Balt & W 1st g 4a
1963
3
F A
3 1044 106 105
105
5
Gen 55 Series
4212 Sale 4212
43
5
Philippine Ry 1st
B9
30-yr I 481193774
Pine Creek regstd 65
1932 J ?
11 10558 ____ 10511 Mar'25 -96/
1
4 Aug'25
PCC&St.I.gu414eA
1940A 0 9614 97
1942 A 0 9815 Sale 96 Aug'25
_
Series 134348 guar
9534 ____ 9558 July'25 ____
Series C 4148 guar
9412 July'25
_
Series
4a guar
M D 9312 95
1942
945 MN
_
/
4s guar gold_1949 F A 934 ____ 935s Aug'25
Series E 31
Series F 4s guar gold
19
957
33
33 D
N 9313 ____ 9314 June'25
9313 ____ 93 Aug'25
Series G 45 guar
9312 ___ 94 Aug'25
Series H 4s
2
/3;
9534 July'25 ____
Series I cons guar 4%5_.
9538 July'25 ____
Series J 41413
1964 34 N
9841 20
General M fe Series A —1970 J D 7878 Sale 9814
984, 52
Gen mtge 58 Series 13
1975 A 0 9812 Bale 98
Pitta & L Erie 2d g 55
al928 A 0 1003s ---- 101 June'25 _
.1 10533
36 0
106 Aug'25
PlttaMcK & Y let gu 65.-1
190
33
4
2 J2
1
41
1
Pitts Sh & L E 1st g 511
1
4 100/
9934 -- 100/
984 _ _- 10014 May'25
1st consul gold 55
Pitts Va & Char 1st 45
1943 M N 8858 _- 9114 May'25
Pitts Y & Ash tat cons 5e
19
94
28
73
M 13
N 10034 - - 10014 July'25
let gen 48 series A
904 -- -- 894 July'25
62 N
A
let gen 55 series13F
10014 Aug'25
1005s5084 -- -- 5934 Aug'25
Providence Scour deb 46_996572
Providence Term 1st 4s
1966 M
813s July'25
8138 85
Reading Co gen gold 4s
1997
J
9213
1
---- 9211
J J ---Registered
9478 May'25
Jersey Central coil g 4e___1951 A 0 914 Sale 91
0114 11
Gen & ref 4145 Ser A
19973
93
94 I 35
9312 934
Richm & Deny deb 5s stpd_ _1927 A 0 10038
_ 10014 Aug'25
Rich & Meek let g 4e
1948 NI N 74
7978 74 Aug'25 _
Richm Term Ry 1st gu 5s__ _1952 3
994 100
994
994
1
Rio Grande June let gu 58,.1939'S
94 I
3
9318-- 94
Rio Grande Sou 1st gold 4/3_1940 J 3
5 June'25
515 7
Guaranteed
6 May'25
_
1940 J J
618
Rio Grande West 1st gold 4e_1939
8618 37
J 8538 8634 8514
Mtge dr coll trust 411 A
1949 A 0 7233 724 7233
8
731z
R I Ark & Louis 1st 4146_1934 51
8713 Sale 87
8712 15
Rut-Canada 1st go g 411
1949 3 .1 75
7513 Aug'25
77
Rutland lot con 41
/
4a
1941J
884 Sale 881s
88's
3
St Jos dc Grand Isl 1st g 45_1947 3 J 8012 814 83 Aug'25
St Lawr & AdIr let g be
i998J 3 934 ____ 9334 Aug'25
2d gold Os
1995A 0 10211 105 10211 July'25
St L & Cairo guar g 4a
95
1931 3
96
95
95
1
St L Ir M & 8 gen eon g 56-1931 *0 9934 9978 9978 Aug'25
Unified & ref gold 46
19293 J 9512 Sale 9514
9575 50
J
Registered
93 Apr'25
Riv & Dia lst g 48
1933 Al N 8634 Sale 884
8714 50
St L M Bridge Ter gu g 58
1930 A 0 100 102 10018 Aug'25 _
St L & San Fran (reorg co)40 1950 J
7678 Sale 764
7714 246
Prior lien Sec B 53
1250 J J 91 Sale 9058
9214 73
Prior lien Ser C 56
1928J J 10212 Sale 10212 10258 76
Prior lien 5345 Ser D
1942
J 9911 Sale 99
987s 55
Cum adjust Sec A 68____h1955 A 0 9254 Sale 92
234
94
j
Oct.
j 9714 Sale 95513
Income Series A
9734 934
StLouls & San FranOs19
Ry gen 668'6391
10378 1054 103/
1
4 Aug'25
General gold 581931 J
10011 101 10058 10058 10
Bt L Peo & N W let gu 5e1948 J
10034 10215 10358 June'25 _ at Louis Bou let gu g 48
1931 MS 9415 954 934 Aug'25
Eft L W let g 48 bond 005_1989 MN 8238 Sale 8238
8238 14
26 g 46 Income bond otfe_p1
19
93
82
93
J D
J 73
76
734 Aug'25
Como' gold 45
9934 Sale 99
9034 74
let terminal & unifying 58_1952 J J 887g 8814 8634
8814 12
St Paul & K C Sh L let 4148_1941 F A 8414 8434 84ti
85
30
RI Paul F, Or Trunk 43415_ _1947 i J 9118 9312 914 Aug'25
St Paul Minn & Man con 45-1933 J D 94 ____ 9514 Aug'25
_
Registered
9214 July'25
1933 j
ii'consol g 4s
J D 10638 10814 10614 Aug'25
J J 105 106 10553 July'25
Registered
1
46_ _ 1053 J
Se reduced to god 4/
9834 994 9914
9914
1
1933 J 3
Registered
974 Apr'25 _
1937 3 D 92
9334 9214 Aug.......
lost ext let gold 44
93
9312 90 Aug'25 ___ar 46— _1940
831.
Norf & West gen gold 8s____1931 M N
Improvement & ext 651934 F A
New River let gold
1932 A 0
N & W Ry 1st eons g 413-1998 A 0
1996 A 0
D
114419
13,314
1ared
tilen & gen g 48.1944.1 J
10-year cony 65
1929 M S
Poreh C & C Joint 4s
1941 .1 D
Nor Cent gen & ref 58 A
1974 M S
North Ohlo 1st guar g 5s
1945 A 0
Nor Pacific prior lien 4s
1997
997 Q 3
Registered
General lien gold 313
(32047 Q F
Registered
02047 Q F
Ref & impt 4He eer A____2047 J J
J J
Registered
Ref & impt 6s set B
20473
J J
Registered
Ref & lmpt 5s ser C
20473 J
Ref & Inlet 5s ser
3
Q F
St Paul & Duluth 1st 511 2
19
93
41 3
1st consol gold 45
Nor Par Term Co 1st g 66_1
3 D
993
63
4 8J
3
A 0
3
No of Cal guar g 68
North Wisconsin 1st 6s__1193304
9
Og dr L Cham 1st gu 4e 0_1948 J J
Ohio Connecting Ry 1st 45_1943 M S
Ohio River RR 1st g 58
1936 3 D
A 0
General gold 56
19
92
37 33
Ore & Cal lat guar g 651
19463 D
Ore RR & Nay con g 46
Ore Short Line—let cons g 56.'46 .1 1
1946 J J
Guar cons 513
Guar refund 45
J
3 D
Oregon-Wash 1st & ref 4,4.-1
29 3
1961
1946 J D
Pacific Coast Co let g 5a
Pac RR of Mo
ext g 45.-_1938 F A
2d extended gold 58
195
93511 3
Paducah dc Ills let 51 4)0_1
Parle-Lyons-Med RR 6s__19581F At
19581M
f external 76
1954 M
Paris-Orleans RR sf78
Pauline Ry 75
1942 M 8
Pennsylvania RR—cons g 4e 1943 M N
Consol gold 45
1948 M N
4s stanved
May 1 1948 MN
1960 F A
Comet 410
o D
53
1968
General 430
General de
A
193
930
6,
A O
10-year secured 75
15-year secured 6)0
P A
4,11
-yels9
t,
e71
53 50
Since
Jan. 1.
E11,11
Low
106/
1
4 108
1
4 10838
108/
106 108
88
92%
86
89
8814 92
12518 13918
9018 9814
10034 103
sa
94
83 87
824 847s
5914 624
5918 60
83 874
8534 85114
10438 1084
105 1067s
9418 Ws
943a 98
84'e 8538
1094 10984
102 10314
10314 1044
7114 76/
1
4
9838 101's
9858 100
10038 10178
881s 90%
10034 107
1024 101
tossa 9774
8134 85
82 94
90 9814
9814 100
9412 96
7012 80114
8014 89
8012 90
97 10112
9178 96
8614 9819
9038 98
9715 100
914 95
9934 111334
10715 11056
109/
1
4 11122
10914 MIS
97% 118114
847a Ma
83 84
8218 83
8118 824
9414 964
8618
85
77/
1
4 8224
3118 3678
99 101
974 10054
80
85
9271 9464
104 108
44%
40
1051/ 1054
9978
96
96
974
9514 9654
8934 944
904 2350
9314 9314
904 9413
91
94
95
967s
9418 96
gals 101
974 9934
DIOR 101
106 107
10012 102/
1
4
1004 101
914 9114
100 10014
87 8938
1
4
100 102/
6312 60
813
, 8155
9212 96
944 95/
1
4
88
95
9218 96
99/
1
4 1004
794
74
994 102
92/
1
4 9688
5
7
6
6
8218 8918
7550
71
8914
85
7314 77
95/
1
4 89
Mg 83
915s 9534
101 10213
94 96%
994 101
911
/
4 9615
9115 93
8378 90
9958 1001s
78
71
8514 9313
10178 10341
9338 1007a
8414 91
7614 9778
10334 1057s
1004 101
102 104
924 9378
78 8334
7258 78
851s 9071
8158 90
80
8734
9034 961s
9414 96%
92% 9412
10812 10912
10558 10558
1
4
9513 100/
97/
1
4 98
87/
1
4 9514
90
9215
138
8951
1212
BONDS
N.Y.STOCK EXCHANGE
Week ended Sept. 4.
New York Bond Record—Continued—Page 4
Pried
Fridar
Sept. 4.
Weak's
Range or
Last Sale
Range
Since
Jan. 1.
prim
Fridag
Sept. 4.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 4.
Feat's
Range or
Last Seas
Range
Stews
Jas. 1.
High
Ask Lew HOB No. Low
BM
High
High No Low
BM
Ask Low
91
9434
1
4 Sale 9234
9314 69
5 100 10258 Armour JC Co of Del 534a___1943".3 93/
10112
10112 Sale 101
St Paul Union Depot 58
1972
10312
1013
4
9
10258
103
103
Sale
8514
MS
Associated
0116%
gold
notes
1935
4
81
84
El A & A Pass lat gu g 48_
1943 .1 .1 8358 8412 84
97% 98%
_ - 9858 May'25
Atlanta Gas L let 52
1947 3D
9934 102
Santa Fe Pree & Phen 52_1942 M S 9712 9934 9934 Aug'25
26
18
1934 June'25
1912 21Atlantic Fruit 78 ctfe dep-1934 3D 991071
/
4 111
Say Fla & West 1st g 6s_ __ _1934 A 0 10858 10918 1095* July'25
1512 22
10
588
12 Jun
16
0'
025
12
3978 0
Stamped ctfs of deposit------102 102
lst g 58
1934 AO -------- 102 June'25
97% 10014
2
9978 Sale
1937
8734 9034 Atlantic Refg deb bs
88
Scioto V & N E hit gu g 4s1989 MN 88 Sale 88
9934 105
10258 103
8112 Baldw Loco Works let 513-1940
9934 10218 17
2
74
7818
Seaboard Air Line g 48
1950 A 0 7814 Sale 7818
2 103 107
8212 Baragua(Coup AZ)734s__ 1937 3' 10512 107 10518 10518
6
74
79
79
Gold 42 stamped
1950 AO 781479
2 10212 106
10512
8714 Barnsdall Corp St cony 8% A1931 ▪ 3 10512 Sale 10514
156
73
86
Oct 1949 F A 8512 Sale 85
Adjustment be
8 100% 103
1948 J J 102 Sale 10178 10214
49
59/
1
4 7312 Bell Telephone of Pa S.
72
Refunding 48
1959 A 0 7134 Sale 71
95
1928 ▪ J 10018 10112 10018 10014 23 10018 10114
8458 9534 Beth Steel let eat 2 f be
361
1st & cons 6s Series A _ _ 1945 M S 95 Sale 9412
9312 9818
5
1st & ref 5s guar A
1942 MN 9818 __ 9734
98/
1
4
83% 89%
8812 11
All & Birm 30-yr lets 48_61933 M B 8818 Sale 8818
94
90
9212 37
9212 Sale 92
30-yr p m & imp a f 5s
1936
/
4
9954 1011
1
4 10118 10014 Aug'25
Seaboard & Roan 1st 5s
1926 3 3 100/
93% 974
9412 80
Cons 30-year Os Series A..A948 P A 94 Sale 9312
10218 10418
8 & N Ala cons gu g bs
1936 F A 10138 10418 10418 July'25
85 894
52
8612
Bale
8514
B
1953
109
8612
FA
Cons
30
Series
102%
-year
5144
Aug'25
10414
Gen cons guar 50-yr be__ A963 A 0 10358 10614
921s 96
95
9558 9512 Aug'25
1950 M
8812 Bing 6c Bing deb 6144
84
8512 13
Go Pac Col 48(Cent Pao col)11949 J D 8512 Sale 85
7018 86
9612 98
Booth Fisheries deb s 1 6s
1926 A0 8018 87 8018 Aug'25
97% 164
20-year cony 4s
June 1929 M S 9718 Sale 97
948, 96%
25
10311
9514
Sale
95
953
4
Botany
_1934
99%
AO
Cons
_
Mills
63s_
6
10012
20-year cony 521
1934 J D 100 100/
1
4 10018
97 1014
12
9812 101
Brier Hill Steel 1st 534s__1942 A0 100 Sale 9912 100
2
9812
9934 9812
20-year g 5s
1944 MN 96
79
68
6
70
1943 3D 7018 7218 70
84 8838 B'way & 7th Ay let cg 5s
Ban Fran Term! 1st 4s-1950 A 0 84% 85/
1
4 8514 Aug'25
6734 78
6914 75
7154
97,134
Ctfs of dep strapd June '25 int
83 8514
84 July'25
Registered
AO
9058 96%
9012 9238
Aug
Brooklyn City RR 58
1941
10218 104
Se Pao of Cal--Gu g 5s
1-6,1 104 Aug'25
1927 M N
991s 103
45
1
4 Bklyn Edison Inc gen be A1949.3' 10178 Sale 1013* 102
9432 94/
So Pao Coast let gu g 4s
9412 Jan'25
1937• J 9418 2 103% 106
8714 92
General Os Series B
1930'.3 10534 Sale 10534 106
88% 76
So Pao RR Ist ref 4s
1955'.3 88% isle 8812
82% 92
1968 3' 90% Sale 8958
9012 262
10318 62 100% 10418 Bklyn-Man R Tr Sec 6s
Southern—let cons g 5s
1994 3' 10278 Sale 10278
611
/
4 71
/
4
9
6112
99 10114 Bklyn Qu Co & Sub con gtd 58'41 MN 6112 Bale 611
101 July'25
Registered
J o
80 81
1941 J J
124
7358 8012 let be
79
Develop & gen 44 Ser A__1958 AO 7814 Sale 78
9
9
012
9
3
N
u
o
lv
Y
:224
9
AO
Brooklyn
107
Rapid
5e1945
106%
Trans
g
103
49
105
106
Sale
Develop & gen 62
1956 AO
92 92
1st refund cony gold 4B
2002.33 8818 -__- 92 June'25
1
4 10978 41 10634 111%
Develop & gen 6144
1958 AO 10912 Sale 109/
10912 Sept'24
1921 3'
3-yr 7% secured notes
9912 10212
1
/
4
Mem Div 1st g 4144-5a..1996 J
/
4 1011
10014 10034 1011
121
12314
__—
Otis
12314
May'25
of
deposit
stamped
----851
4
87
12
St Louis Dly let g 48
/
4 Aug'25
1
4 861
1951 3' 864 87/
sps 90
Sale 8414
42
86
1950 FA
84s7
847
82% 8838 Bklyn Un El lst g 4-58
4
Mob & Ohio coil tr g 4s
1938 MS
1004 103
814 89%
86
85
9
Stamped guar 4-55
1950 FA 85
8512
10112 Aug'25
So Car & Ga let ext 5%8.-1929 MN
gets 102
83% 8712 Bklyn To Gas 1st cones 56_1945 MN 10058 10114 10018 10114 54
Spokane Internat let g 5:3_1955 3' 80
83% 848 July'25
155 176
951, 9814
1932 MN 13514 __-- 178 July'25
10-yr cony deb Ts
Term Assn of St List g 4 Xe_1939 AO 9638 ____ 9638 Aug'25 - 10714
1075
110%
/
4
8
_
5
8
8
MN
let
1011
lien
Series
A.._1947
10755
&
ref
68
99
-Aug'25
let cons gold 58
1944 FA 10058 ____ 10012
9118 9338
-6214
- 9112 July'25
1932 3D
804 8514 Buff & Snag Iron 8 be
1
8178
Gen refund 9 f g 48
83 81%
1953 J 3 82
91
84
8712 91
961
/
4 99
AO
Bush
1952
90
Aug'25
Terminal
1,1
45
July'25
9614
Tex & N 0 con gold 52
9614
3,
1943
8618 92
0112
pp% 102%
3
.• 7 9118 Sale 91
Consol be
1955
1
10158
Texas & Pac let gold 58_ _2000 3D 102 1021210158
93% 9934
3
9558
98
Building be guar tax ex___1960 A0 9512 96
9934
99
7
99
La Div B L lst g be
1931 J J 99 Sale 99
1
4 Cal GA E Corp unit& ref 52-1937 MN 100 Sale 100
10014
9 98 10112
97 100/
5
97
Tex Pac-klo Pac Ter 5340_1964 MS 9714 9734 97
9954 10112 Cal Petroleum s f g 610 ___1933 AO 10338 10312 10314
8 100% 10412
10312
Tol & Ohio Cent 1st gu 5s_ _1935.3' 10034 10034 10014 Aug'25
90 951s
95
9018
2
99% 10014 Camaguey Sug let at g 7s___1942 AO 90
9018
Western Div 1st g 55
1935 AO 100 10134 100 June'25
96/
1
4 100/
1
4
9638 9934 Canada SS Lines let coil at 75'42 MN 100 10012 100
100
1
General gold 5s
1935 J O 967 9812 97 Aug'25
1
4 10213
3112 Cent Dist Tel let 30-yr 52-1943 3D 100% Sale 10014 10014
2 100/
28
2812 Aug'25
35
Toledo Peoria & West 4s_1917.3' 27
9912 9978 Cent Foundry 1st s I t%
92/
1
4 97
1931 P A 9218 9434 9234 Aug'25
99% May'25
Tol St L & W pr lien g 3Xs_ _1925 3'
97% 1011s
'
3 10012 Sale 100
Cent Leather 1st lien s f 6s 1945
8218 87
10012 36
8534 80
50-year gold 48
1950 AO 8534 Sale 8514
4 110 116
1941 MN 114 11512 11312 115
97% 9758 Central Steel 1st get 88
Tol W V &0gu 430 A
1931 3' 9614 ____ 9788 July'25
98
/
1
4 1014
10014
Sale
'
J
Ch
97
9712
10014
L
58_1937
2
&
Coke
1st
gu
g
10014
July'25
9712
Series B 4142
1933I' 9712 ____
73% 88
Chicago Rye let ba
1927 FA 7534 Sale 7412
8958 90
7584 43
90 Aug'25
Series C 48
1942 MS 90
1932 A0 10758 Sale 107
108
138 105 1114
8418 86/
1
4 Chile Copper Os Ser A
Tor Ham AC Buff 1st g 4s
1946 3D 8514 8612 8612 July'25
9832 10481
79% 9218 Cincin Gas de Elec 1st & ref 56'56 A0 10738 108 102 Aug'25
1
7978
Ulster & Del let cons g 52
1928 3D ___- 7978 797
10012 105
5032 62
5145 Ser B due Jan 1
1967 A0 103 10312 103 Aug'25
2
5012
5012
51
let refunding g 48
1952 AO 50
80
80
'
3
- 80
Jan'25
232 21
9034 9412 Clearfield Bit Coal let 4s..„1940
Union Pacific let g 48
1947 3' 9238 Sale
70
912 -9-018771 93
4 90
Colo F & I Co gen a f 52
8918 93
1943 FA 9
90
2
929
8912 Aug'25
Registered
J
8612
80
861
/
4 11
9814 99% Col Indus let & coll be gu-1934 P A 8618 Sale 86
9912 -48
20-year cony 45
1927I' 9912 Sale 9918
82
82
FA
98
10082 Fe
Registered
98
lb
0'2
015
2
Jan'25
98
Registered
J J
Columbia G & E let be
1927 J J IOU,' We20 100 102
44
8312 90
86
let & refunding 4s
82008 MS 84% Sale 8458
'
3 10014 Sale 10018 10038 20 100 101%
Stamped
1927
3 10378 1_
01
2
104 10412 104
10412
1st lien de ref Os
e2008 M
9% 14
30
1318 July'25
18 10314 11+2-3 Col & 9th Av let gu g be....._1993 MS 12
_
10-year perm secured 65_1928.3' 10312 10334 10338 104
98/
1
4 9974
92/
1
4 93 Columbus Gas let gold 62_1932 3' 9914 9934 9934
1
9954
_ 93 Aug'25 --LT NJ RR & Can gen 4s1944 MS 9138
7113 774
10118 Commercial Cable let g 4s 2397 Q 3 714 7412 7158 Aug'25
4
1
993
100
100
166
14
100
Utah & Nor gold 55
1928 3'
98
10134
MN
100
1934
10012
Commercial
11
100
Credit
a
f
62
93%
93%
100
1st extended 48
1933 3' 9358 9414 9358 Aug'25 -97% 10312
35
8638 8714 Commonwealth Power 63_1947 MN 10134 Sale 10134 102
_/
4 June'25
Vandalla cons g 42 Ser A
1955 FA 8714 _-__ 871
10412
10114
10318
.3'
10314
_1941
68_
10314
ComputIng-Tab-Rec
s
f
5
865
6
8
6%
10312
Apr'25
865
8
ConBol 42 Series B
1
4 --__
1957 MN 87/
904 924
'
3 8912 9018 92 July'25
Conn Ry & L lst & ref g 4346 1951
Oct'24 - -20
Vera Cruz & P 1st gu 4ha1934 3'
89 93
2413
Stamped guar 4144
1951 J 3 8912 91
90
9014 16
2412 Jan'25
Assenting let 4145
1934
784 90
J
O
Cons
82
Coal
827
8
of
Md
let
&ref
5/1_1950
99%
813
4
10014
13
833
8
May'25
100%
VerdIVI& W let g 158
1926 MS 100
10012 Consol
(N Y)deb 5142._1945 FA 1035* Sale 103
10334 191 101% 109
Virginia Mid Series E 521
_1926 MS 9934 1-0012 10012 Aug'25 _ _ _ 10018
1004 105
9912 101
10418
MB
Cons'd
Sale
Pr
&
1st
10334
10418
Ltg
June'25
___
101
100
5s Series F
630-1943
1
J
1931
8012 9212
81
19
___ 10212 May'25 -.— 100 10212 Cont Pap & Bag Mills 6148--1944 FA 8038 81
Genera I 58
1936 M N
92% 10078
9312 102
Consumers Gas of Chic gu 581936 3' 100 --_- 100
234 10
10
80
100 102 10012 July'25 __
Va & Southw'n 1st gu 5e
2003 J J 1009011
4 100
MN
1
97
5s_1952
93
3
4
Sale
Consumers
89%
96
Power
Ist
121
8914
8414
97
915
8
let C001150-year 58
1958 A 0 8914
1931 MN 10118 ____ 9058 July'24
95 101% Corn Prod Refg e f g 58
9872 121
Virginian let be Seriee A_ _ _1961 M N 9838 Sale 9814
MN
10014
10212
100
let
1934
10014
25
-years
10012
f
58
30
7
8
100
Sale
*
1015
10112
1007
/
1
4
N
Wabash 1st gold bs
M
1939
74
89
9412 9914 Crown Cork & Seal 1st s f 63_1943 FA 84
9984134 8
S9a
a4
1e
44 99
N
48111442
84
994:
91482
9612 20
2d gold Os
1939 F A 9612 Sale 96
1
4 98
93/
9412 99% Cuba Cane Sugar cony 7s_._.1930'.3
249
97
Ref s f 5Xs ser A
1975 M 13 97 Sale 9612
102%
9812
'
3
Cony
937
8
deben
stamped
814_1930
93
3
4
_
_
66
Feb'25
4
93
3
_—
Debenture B6sregIstered_1939 M S
10734 Sale 10758 108
7712 83% Cuban Am Sugar 151 coll 88_1931 M
23 107% 110
83 8218 July'25
1st lien 50-yr g term 48...1954 J J
95% 98%
9912 10112 Cuban Dom Sug 1st 7348-1944 MN 9712 Sale 9614
____ 10034 Aug'25
9712 59
1941 3 J 101
Det & Ch ext 1st g 5s
97 101%
33
Comb
86
9814
T
&
81%
99
T
98
let
&
gentle-1937
May'25
16
981
/
4
Dee Moines Div let g 4s-1939 J J 811886
954 9918
77 Cuyamel Fruit let (38 int ctfe '40 AO 95
9578 9512
0612 27
74
Om Div lat g 310
1941 A 0 757 -76'2 7578 Aug'25
924 07
Den Gas& E L let&ref at g 58'51 MN 9333 95
9338
0334 12
8412 89
, 89 July'25
Tol & Ch Div g 4s
1941 M 8 8612 895
93
93%
MN
77
923
4
Stamped
77
9312
93 Aug'24
_.- 77 Aug'25
Warren 1st ref gu g 334s
_2000 F A
75
85
83 86% Dery Corp(D G) 1st,f 7s...1942 MS 8412 Sale 84
3
84/
1
4
8678 June'25
89
78
Wash Cent let gold 45
1948 Q M 779(04 10214
J
J
8512
8118
1077
Detroit
Sale
Edison
coil
tr
55_1933
10118
let
6
5
10178
8
8134
81
Wash Term lat gu 3MS
1945 F A 8188 82
eels 10234
1st & ref be Series A_July 1940 MS 102% Sale 10214
8932 8938
102/
1
4 22
__
8938 July'25
1945 F A 891
1st 40-year guar 48
9758 10134
Gen & ref bs Series A
9534 9712
1949 A 0 9958 Sale 99
9958
8
4-977 9638 Aug'25
W Min W & N W lst gu 5s-1930 F A 9614
1st & ref Os Series 13__July 1940 MS 108 Sale 10758 108
6318 6712
15 106% 1084
6612 80
West Maryland let g 48
1952 A 0 6612 Sale 6618
86
9334
8918 Sale 89,8
9834 10112 Del United let cons g 430_1932
2
8918
6
10038
19373 J 10038 102 10038
West N Y & Pa lst g 52
9912
94
7012 83 Dodge Bros deb 63 Int rcts 1941 MN 9614 Sale 9434
15
9612 442
82
Gen gold 4s
1943 A 0 8155 827 817s
50
8814
MN
45
Dold
45
81
84
1942
81
(Jacob) Pack 1st 6s
81
26
45 Feb'25
Income g 5s
Apr 1 1943 Nov 3514 46
50 68%
5712 61
Dominion Iron & Steel 58_1939
90/
1
4 96
5812
55
60
16
94
Western Pac let Ser A 52_1946 M 13 9378 Sale 9334
8834 94
9212 94
1942
93
4 10014104's Donner Steel let ref 75
94
8
10212
1st gold 68 Series B
1946 m 8 10212 Sale 10212
9018 95
81
8614 du Pont(E I) Powder 430_1936 3D 9458 95 95 July'25 _ _
4
8318
2361 J J 8212 8338 8158
West Shore 1st 42 guar
7984 102% duPontdeNemours&Co 73411 1931 MN
_
4
2 1057s 1084
8134
10678 10614
Registered
2361 J J 8134 Sale 8112
1074
10718
101%
MN
100
Registered
10718 June'25
10114 10
Wheeling & L E let g 5s_ _1926 A 0 10058 1007 10034
10512 106
Duquesne Lt 1st & coil 62__1949
29 104% 10744
9834 101
Wheeling Div let gold 58A928 J J 1001
/
4 ____ 9834 Aug'25 - 106
104
0514
1st
10518
10512
coll
trust
Series
BA949
99%
993
4
10514
4
5144
Mar'25
Ezt'n & impt gold 5s
1930 F A
975*
_ 9934
81
East Cuba Sug 15-yr s f g 7148'37 MS 04% Sale 10334 10412 212 103 106%
68
77 Aug'25 ---Refunding 4144 Series A 1966 M S 77 -7712
9514
89
72
78% Ed El III Bkn 1st con g 48_1939 J J 92% 94
92
92
4
1
RR let consol 4s
1949 M S 7658 Sale 7658
7714
9912 103
1Sale16
062-14
103 July'25 _ _ 5 6134 6712 Ed Elec III let cons g bs___1995 J
64
Wilk & East 1st gu g 53
1942 3 D 63
637 64
861
/
4 8813
/
4 Elec Pow Corp(Germany)5344'50 M S 87
8738 87
102 1031
87
37
WIII & SF lot gold 54
19383 D 10134 10312 10314 May'25
97 100
8238 8712 Elkhorn Coal6% notes
1925 J O 99 100
98% Aug'25
_
8412 Aug'25
Winston-Salem S B 1st 49_ _ _1960 J .1 80
,
4 85
9714 105
7714 811
/
4 Empire Gas & Fuel 7341E...1937 MN 10414 Sale 10378 104/
30
1
4 148
80
1
4
Wls Cent 50-yr let gen 4s
1949 J J 80 Sale 79/
99% 1004
100 _ _ _ 10012 May'25
8218 8714 Eeult Gas Light 1st con 53_1932 M
2
8518
8518
Sup & Dui cily & term let 48'30 MN 8518 86
88
96%
MB
Federal
1942
813
4
Light
&
Tr
1st
5e
753
4
9134
9334
3
Wor & Con East 1st 4148.....1943 .1 J 7534 8238 7534 Aug'25
9614 103
10
90
11838 19
let lien 118 stamped
02
154 1003* 10034
1942 M
5
INDUSTRIALS
9458
J o 914 92 91%
9112
8712
.10-year
1954
1
deb
911
85
68
Ser
B
1
851g
8518
M
S
Adams Exprese coil tr g 4s 1948
1
4 86
85/
99% 107
944 10278 Federated Metals at 7s
1939 3D
15
6
99/
1
4
9934
Ajax Rubber let 15-yr St 88_1936 J D997 100
-4
— 8
1941 MS 11
3/
1
4 6% Fisk Rubber let s f 88
1994
ale 19931
13: 199
14;8
4 23 108 115
44 Aug'25
1925 M El
Alaska Gold M deb fis A
41
/
4 5
7612 8234
8018 Sale 8018
4
678 Ft Smith Lt & Tr Ist g bs
1936 M
1
8018
1926 M 8
415 738 418 July'25
Cony deb 68 Series B
8914 99%
9814 103
Framerlc Ind & Dev 20-yr 730'42• J
21
AM Agile Chem 1st 58
1928 A 0 10234 Sale 10234
10234 48
10312 10678
MN 104
104
Francisco
834
2
9
10
a
6
l
e
Sugar
1st
10
9
4
et
2
114
1
82
7344
94
%
8
-1942
10
9
4
104
3
1
1
Sale
103
let ref a f 7148 g
1941 F A 10378
9812 9878
9734 102
Gas & El of Berg Co cones 581949• D 9834 __ 0878
5
9878
Amer Beet Sug cony deb 68_1935 F A 10012 Sale 9912 10012 27
101 104
9658 9954 GE,, Asphalt cony Os
1939 AO 10312 -- -- 10312 10312
American Chain deb 8 f 6s 1933 A 0 9812 Sale 9838
9812 18
•
D
105%
10412
9118
1047
General
68_1936
96%
Baking
8
____
1047
let
25-yr
8
Aug'25
1
4 Aug'25
___ 94/
Am Cot Oil debenture 52_1931 ni N 94
83 87
1942 FA
87
87
Am Dock & Impt gu Os
1936 J .1 10534 10712 10578 Aug'25 ---- 10534 10812 Gen Electric deb g 330
1952 M S
Debenture 58
1 10112 107%
8 11514 123
Amer Ice deb 7s__July 15 1939 —__ 11838 120 11758
1191/4
Gen Refr 1st8 f g (is Ser A
1952 F A
kill; Ira 187
98 100
22
2 100 1024
1%
AM Mach at Fdy a f 138
1939 A 0 100 Sale 9912 100
94/
1
4
92
9112 98
German Gen Elec 7s_Jan 15 1945
3 9312 Sale 9314
9312 49
Am Republic Corp deb 60_1937 A 0 9714 974 9714 Aug'25
J
1
10414
9512
Sale
99%
10038 10638
Goodrich
1947
10414
38
Co
55
634a
105
7
981
/
4
AM Eira &R let 30-yr be serA 1947 A 0 9814 Sale 97
13 103% 10812 Goodyear Tire & Rub 1st s f 1941 M N 12012 Sale 12012 12118 36 119 1211s
108
let M Se series BA
1947 A 0 10714 Sale 10714
1
4 11012
9912 10412
10-year at deb g 88
41931 F A 11014 11034 1101
/
4 11012 42 108/
10212 24
Amer Sugar Ref 15-yr 6s
1937 J J 10214 10234 102
go% 9772 Granby Cons MS&P con 68 A'28 M N 10018 101 101
1
4 101
93/
5
101
9712 98
AM Telep & Teleg roll tr 48_1929 .1 J 9712 Sale 97
9314 100%
903a 9714
Stamped
1928 M N 10038 101 10018 July'25
4
96
Convertible 48
1936 M S 96 Sale 957
95
F
A
92
Gray
93
115
at
78_1932
95
943
8
Davis
101
1st
cony
s
f
_
Aug'25
Aug'25
___ 97
20-year cony 43.44
1933 M S 97
8p, 914
11
90
10134 49 100 10214 Gt Cons El Power(Japan)7s_1944 T A 8934 Sale 8912
19483 D 10112 Sale 101321
30-year coll tr fie
9978 102%
1
4 Great Falls Power let it ba_ _1940 M N 10134 10258 10158 Aug'25
9412 98/
1960 J J 9638 Sale 9614
964 374
35-yr a f deb 58
83% 87
Hackensack Water 1st 4s_ _1952
8618 87
86 Aug'25 —
1024 163 101 105
20-year at 51.42
1943 M N 1023 Sale 10214
M5
3 8438 8414 85
82% 854
Hartford St Ry let 4s
1930 3
ug
41
0212 98
Am Wet Wks & Elec 5s
1934 A 0 955 96
9518
97
6518 95%
•
S
9378
Sale
44
6312
Havana
El
9313
A
100
Ry
L
&
P
gen
9T9
85
as
A
*54
Am Writ Paper s f 7-6s
1939 J J 554 Sale 533
551
/
4
9233 97
1
4 97
43 6334 isvaus Elec consol g M
1952 F A 95/
97 Aug'25
56%
93
Temp interchangeable ctfs deP_ 5514 Sale 53
994 102
lereihey Choc 1st s f g 6s
1942 M N 104 Sale 104
8 103 105
10418
10012 199
Anaconda Cop Min let 68_1953 -FA 10012 Sale 10014
9834
98
99% 104
let M & coil 530Int ctf 1940 J J 983* Bale 98
185
983* 89
102
15-year cony deb 75
1938 F A 190120178 Sale12 101%
94 10018 loe(R)& Co 1st 6545 temp_1944 A 0 10212 Sale 10211 10312 19 10034 10514
Andes Cop Min deb 7s 50% Pd'43 J J 97% Sale 9714
And
9814 219
79
90/
1
4
88
9012 9913 iolland-Amer Line 64 (fics0_1947 MN 8812 89
9
90/
1
4
18
913
91
Antilla (Comp Asuc) 7148 1939
9814 10074
91
9514 ludson Co Gas 1st g 58-___1940 MN 10018 ---- 10018
1
2
10018
Ark & Mem Bridge & Ter58_1964 M 8 91% Sale 91/
9178
1
4
99/
1
4 10212
85
10138 54
91
Humble Oil& Refining 5%8_1932 J .1 101 10114 101
8958 42
Armour & Co hat realest 4%61939 J D 8834 Sale 8812
_
Due May e Due June. 5 Due July. k Due August a OVUM ale •
MN
04
NO" i614
1213
New York Bond Record-Continued-Page 5
BONDS.
tc Y STOCK EXCHANGE
Week ended Sept. 4.
11
Price
Mildew
Sept. 4.
Week's
Range or
Last SW*
saQ
Range
Sines
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 4.
Pries
rridag
Sept. 4.
Veers
Range or
Lass Sate
Rasps
Sines
Jan. 1.
Heel
High No. Low
BM
Ask Low
High
841
Ask Lou
High No Low
1
4 107
10534 45 102/
10314 108 104
97 101/
1
4 Pierce 011 a f 8s
1931
Illinois Bell Telephone 56-1958 J D 10038 Sale 10018
10012 41
99/
1
4 102/
1
4
10112 10134 102 Aug'25
9234 9634 Pillsbury Fl Mills 20-yr 88_1943
2
9434 9434
Illinois Steel deb 430
9434
1940 A 0
97 9814
9778 June'25
87/
1
4 94
9112 July'25
Pleasant Val Coal lst g s f 56_1928 33 9978 99
91
Ind Nat Gas & 011 58
1936 M N 90
88 Moe
90
9112 90
87
5 101 10418 Pocah Con Collieries let (581957 J
Indiana Steel 1st 58
10218
1952 M N 102 10312 102
5 9912 102is
10214 10214
92 9914 Port Arthur Can & Dk 88 A.1953 FA 102
ngersoll-Rand let 5a _ _1935 J
9934 ____ 92 May'25
_ 10014 102
101 Aug'25
10
11
lot M 68 Series B
1953 FA 102
11
Apr'25
Interboro Metrop coil 430_1958 A 0
96/
1
4 100
12
99
412 712 Portland Elec Pow lot 6s B_1947 MN 99 Sale 9814
412 Aug'25
Guaranty Tr Co etfs deP----9912
9912
98/
1
4 10078
5
99
993
1012
1012
4
1012
Mar'25
asstd
16%
sub_
Portland Gen Elec let 58_1935
13
Ctf dep aced
92/
1
4 9612
9434 20
5918 7414 Portland Ry let & ref be__ 1930 MN 9458 Sale 9458
6712 122
997.8 Sale 66
Interboro Rap Trait 1st 8e_1966
84/
1
4 92
1
4 Sale 8712
59 7312 Portland Ry Lt& P let ref 561942 FA 88/
887s 32
6758 69
6738 Bale 6612
Stamped
94 10018
6
9834
99
6184 80
70/
1
4 55
lst 144 ref 68 ser B
1947 MN 9834 99
1932 A o 7012 Sale 6978
10-year Si
1 10514 10712
10714 10714
85 95
8914 55
10-year cony 7% notes_1932 hi S 89 Sale 89
let & refund :Hs 8er A 1948 MN 10738
10 101 108
101
137
2
7834 Porto Rican Am Tob 88_1931 MN 101 103 101
7414
7414
Int Agrie Corp let 20-yr 58-1932 M N 7412 77
9214 97
11
9412
95
2
62/
1
4 72
6514
67
Pressed Steel Car 58
1933 33 9412 95
71
Stamped extended to 1942____M N 68
1
4
3 104 115/
180
84
8234 9112 Prod az Ref a f 88(vrith war'nts)'31 3D 11018 Sale 11018 1101s
Inter Mercan Marine B!58 1941 A 0 8358 Sale 83
110
113/
1
4
2
11012
11078
1107
8
110
87
/
1
4
94
67
International Paper 58
Without warrants attached_ 3D
9114 Sale 9112
1947J
9134
1033s 10614
-- Pub Serv Corp of NJ gen 55_1959 AO 10434 105 10434 Aug'25
84 Mar'24
lat & ref 5s B
1947J
121
95 9978
1
4
99
102
95
98
96
1944 PA 9834 Sale 98/
95/
1
4 Sale 9514
Secured a Os
Ref s f (47 Ber A
1955M
987s 105/
1
4
88 10712 Pub Serv Elec & Gas 1st 51161959 4 0 10312 Sale 103
441
10334 16
104
Jargons Works 6a Wag m144_1947 3 y 10038 Sale 9514
99/
1
4 105
9558 101
1984 AO 10312 Sale 10278 10312 81
9914 41
Kansas City Pow & Lt 58-1952 MS 9914 Sale 9812
1st & ref .5318
1
4 10714
7 102/
9814 10312 Pub Serv El Pow & Ltg 88_1948 AO 10578 Sale 10518 10578
19
103
10234 Bale 102
Kansas Gas & Electric 68
1952 M
25 10234 10712
1
4 10412 Punta Alegre Sugar 75
13 101/
104
1937 J" 106 Sale 10512 108
Kayser & Co 7a
1942 F A 104 Sale 104
86% 92
11
90
90 103
Remington Arms Os
1937 MN 90 Sale 89
Kelly-Springfield Tire 85_1932 M N 10112 Sale 10112 10212 57
93/
1
4 98
96
96
Sale
82
8
983
AO
9212
Co
let
8 19
Keystone Telep
5a......1938 .1 .1 9112 Sale 9112
Repub 1 & S 10-30-yr 58 81_1940
91/4
2
9034 94
9178
99 103
10218 ____ 103 Aug'25
7
Kings County El & P 68-117
Ref & gen 510 ser A_ _ _1953'3 91H Sale 9112
881.90
11412 12014 Rims,Steel let 75
8812 13
1955 FA 8814 Sale 8814
11718_ 11914 Aug'25
Purchase money 68
5712 7215
1
75
7914 Robbins & Myers s 1 76
7812
Kings County El let g 4s...1949 F A 77 -81
5712
63/
1
4 5712
1952 3D
7812
1
4
3 110 111/
74
89
1
111
78
7818 78
Stamped guar 411
1949 F A 77
Rochester Gas & El 7s ger B_1946 MS ill 11112 111
10514
10312
89
1033
4
Aug'25
1035
8
10414
10114
1
MS
9812
Kings County Lighting 56-1954 .1
9812 Sale
Gen Mtge 510series C._ _1948
9812
90 Aug'24
1035s 10812 Roch & Pitts Coal & Iron 58_1948 MN 9138
1954j .1 105/
/
4 107 Aug'25
1
4 1071
6348
00 -1711-2
2
65
65
5 10458 109
109
'Kinney Co 730
1938 J D 10812 109 10812
Rogers-Brown Iron Co 7a-1942 MN 6112 65
85/
1
4 92
6
89/
9114
92
1
4 9434 St Joe Ry Lt lit & Pr 58_ 1937 MN 9114
9418 12
Lackawanna Steel 58 A
1950 M 8 9212 Sale 9212
95/
1
4 9574
9814 10178 St Joseph Stk Yds lot 430_1930 33 933 r_- 9578 Aug'25
10114 14
Lao Gas I. of St L rerdrext 53_1934 A 0 10114 Sale 101
77
/
1
4
9514 102
87
7712
Aug'25
7712
479
33
10012 67
Coll & ref 530 Series C
1953 F A 10012 Sale 9934
Mt
&
P
fe
stmpd.1955
St L Rock
76 8812
9534 100
8612 Aug'25
Lehigh C & Nav s f 410 A_1954 J J 95
9958
9612 9958
1924 A0 7012
St Louis Transit 5s
95
97
95
95
9918 10112 Bt Paul City Cable M
Lehigh Valley Coal let a 59_1933 J J 100 10034 9912 Aug'25
1937 33 95 100
so 90/
921
1
4 9318
let 40-year int red to 4%j933 .1 J
1
4 Sept'24
__ 89/
Saxon Pub Wks(Germany) 75'45 FA 9212 Sale 92
1044 106
10614 14 104 109
0818 Sale
Lex Ave & P F lst gu g 58..1993
39's 44'8 Bake Co 78
4418 July'25
4114 60
1942 MS 1002
$ 89589912 104
4
10138
1011
8 116 12038 San Antonio Pub Ber 6a
Mggett & Myers Tobacco 717-1944 A 0 11958 120 120
120
1952 33
1
4 10712
2 105/
11714 11734 Sharon Steel Hoop 1st 88 ser A '41 M
106
Registered
10612 10012 106
A 0 11712 ____ 11738 Aug'25
5 105 10734
9714 102
10714
10138 30
54.
101
1942 A0 107 10714 107
1951F s 101
Sheffield Farms 610
90
9534
8
9014
Registered
93
Sale
977
3
977
8
FA
Aug'25
902
977
8
F A
Sierra & San Fran Power 58_1949
88 95
11414 11738 Sinclair Cons Oil 15-year 78.1937 M
/
4
9238 33
Willard Co (P) 76
9258 Sale 911
98121167
- - 5 116 Aug'25
1944 A 0 116
122 10414 11812
11312 115
106
Registered
____ 11312 Aug'25
let In coil tr 6s C with warr 1927 3D 10512 Sale 105
. A 0 114
8258 9014
9434 9812
13
58_
873s 46
97
1938 31) 8738 Sale 87
1951 IP A 9812 Sale 9614
1st Hen 610 Ser B
9914 101
44
1001
905s 9934 Sinclair Crude Oil 3-yr 65 A 1928 FA 10018 Sale 100
30
Louisville Gas & Electric 56-1952 M N 9534 Sale 9612
97
7 100 10078
9114 9312
Louisv Ry let con fis
--__ 9212 9312 July'25
1930 J
3-yr 6% notes B Feb 15-1928 FA 1001s Sale 10012 1001
82
88
63
85
Lower Austrian Hydro-Elec Co1942 AO 8434 Sale 8434
Sinclair
Pipe
Line
5s
85% 881,
1
4 12012
7
1st 8 630
8514
1944 F A 8518 Sale 8518
Skelly 0111332% notes
1927 AO 112 Sale 10812 1121 144 106/
102
106
3
99 102
Manati Sugar 710
104
/
1
4
1045
8
104
/
1
4
Bale
30
1942 A 0 10078 Sale 9912 10078 31
South Porto Rico Sugar 78_ _1941
99 10218
4
5712 61
Manhat Ry(NY)cons g 0.1990 A 0 6
6
2 Aug
8,
1152
54
112
114
2 6
52
512 6
53
South Bell Tel & Tel let s 1581941 33 102 Sale 10173 102
9618 10118
61
56
92
2d 4s
1011
20133 D
fTweet Bell Tel let & ref 5s-1954 PA 10014 Sale 100
9314 9978
9714
2
14
Manna Electric 78
10112
9812 9834 9812
10234 Southern Colo Power Os.....l947 3
1942 M N 10018 Sale 10018
98/
1
4 9812
85
Manila Elm Ry & Lt s f 58_1953 M
92
3
9014
9812
90
Spring Vol Water g 5s
8812 90
1948 MN 9812 Sale 9812
99/
1
4 101
9712 100
17
Market St Ry 78 Berke A
993
4
Aug'25
100
10012
99
MN
1940 Q
9834 Sale 9834
Standard Milling let 5s
1930
8 105 108
3 10112 106
Mete Ed 1st & ref g Os Ber B.1952 F A 105 106 105
10514
Steel & Tube gen 8178 Ber C 1951 33 10658 Sale 10534 1065s
97/
1
4
92
911
/
4 97
904 10
1st & ref 5s Series C
9212 9212 Aug'25
9412 9412 9418
1953 J
Sugar Estates (Oriente) 78_1942 MS
90
99
Metropolitan Power 88
3 100 104
101
90
1953 .1 D 101 10134 101
Superior Oil let a f 78
1929 PA-1 90 Sale 90
1
4 10014
5 97/
6878 80
Met West Bide El (Chic)0_1938 F A 7015 72
9914
6872 July'25 _
9914
Syracuse Lighting let g 58..1951 3D 9914 100
1007a 10214
95/
1
4 9914 Tenn Coal Iron & RR gen 50_1951 3, 10114 10312 10118 July'25 _
Mid-Cont Petr lot 611s_ ..1940 M
9758 Sale 9758
9812 47
9934 102
871
/
4 9314 Tennessee Cop 1st cony 68 1925 MN 9934 10114 9934
911
/
4 67
Midvale Steel &0cony s f 58 1936 M
9114 Sale 91
9934 17
91638104¼
2 100 10112 Tennessee Elec Power 1st 65_1947 3D 10214 Bale 102
Milw Eleo Ry & Lt eons g 58.1926 F A 100 Bale 100
100
10234 63
9478 9634 Third Ave let ref 48
51
5812
12
Refunding .4 exten 430_1931 J
5514
58
56
Sale
33
9814 13
9814 Sale 947s
1960
94 100
3414 5014
General 58 A
9838 14
19513 0 98
9812 9734
4012 90
Ad)Inc 5s tax-ex N Y
a1960 AO 4012 Sale 3812
8478 Ma Third Ave Ry let g 58
9358 96
let 58 B
9578 9412 July'25
19613 D 8912 Sale 891s
8934 24
1937 33 94
9834 104
lst & ref g 68 Series C_ _1953 M
1
4 10034 36
10018 Sale 99/
Tide Water 011 10-yr 1334s_1931 FA 109 10914 10158 Aug'25 - -- 10112 10458
9O14 9934 Toledo Edison let 75
Milwaukee Gas Lt let 48_1927 M N 9912 9934 987s
10938 34 10818 110
99/
1
4 13
1941 MS 10914 Sale 10914
9814 19033
975e 1005s Toledo Trac Lt& Pr 6% notes'25 PA 9812 Sale 9812
2
9934 24
Montana Power let as .1_1943 J J 9958 Bale 9914
9812
98 100
94
9812 Trenton 0 & El let g 58-1949 MS
Montreal'Tram let & ref 56_1941 J .1 97 Sale 97
9"7215
2
98
734 Aug
9734 26
78/
1
4 8478 Trumbull Steel deb 68
97 9734
10
83
Morris & Co lst 8 f 4 Hs
28
1939 J .1 82
83 82
1940 FA
77
77% Twenty-third St Ry ref 5s_ _1962 ii 60
mortgage-Bowl Co 48 Ber 2_1968 A 0
70
61
/
4 Mar'25
_ 771
6612 6158 Aug'25 9558 9712 Underged of London 410_1933 J J 9134 ____ 9212 June'25 -1
4
89 92/
10-25-year fe Series 3
- 9614 Aug'25
1932 J .3 789814 9714
9658 10012
Murray Body let 630
8618
89
15
98
9712
19343 D 9712 98
Apr'25
33
89
89
5
3
____
Income 68
1948
9511 981/ Union Bag & Paper let M 88.1942
9412 99/
1
4
Mu Fuel Gas 1st gu g 5s...-1947 MN
3
9812 Aug'25
N 96
9734 9612
9612
977a 101
9984 102
Mut Un gtd bonds est 4%_1941 MN
___ 101 June'25
Union Elec Lt & Pr let g 54.1932 MS 100 Sale 9934 10158 38
97488au Elea guar gold
981
5712 64
0913
.
101
4
10012
5812
J J 99MN
5812 10
5814 60
100
Sale
Ref & ext 58
1033
98
9934
Nat Enam & Stampg let 85_1929 y D 99/
_ 9912 May'25
1
4
1st g 5108eries A
1954 J J 1001 Sale 10012 10034 12 100 104
80
9458 Union Elev Ry (Chic) 58..„1945 A0 --__ 772 7634 July'25
National Acme 730
7714
75
1931 .1 D 9212 1312
9378 24
- 9312
88 10012
98
5
s
10112
Nat Starch 20-year deb 56_1930 J J 9714 99
9853 July'25
Union 011 1st liens f 58
1931 33 9978 ____ 9934 July'25
10234 10514
National Tube 1st 58
28 10034 103
102
1952 NI N 10158 102 10158
30-yr Os Ber A
May 1942 PA 10358 10434 10414 Aug'25
9811 101
Newark Consol Gas 58
1
4
101 105/
1948 J D 10b149834 Aug'25
101 Aug'25
Union Tank Car °Quip 7s._1930 FA
9912 102
New England Tel & Tel 14_1952 J D 10012 gile 10038
10034 16
United Drug 20-yr 88_0ct 15 1944 A0 103 Sale 103
10414 29 10014 10458
1 10112 10434 United Fuel Gas hat 5 f 68_ _A936 33 10312 10314 101
N Y Air Brake let cony 68_1928 M N 10314 104 10314
98 103
10314
10114 28
3
77/
1
4 8114 United Rye Inv 58 Pitts Issue 1926 MN 9978 Sale 9978
99 10012
79
N Y Dock 50-year 1st g 48_1951 F A 7914 Sale 79
9
9973
99 1001a
N Y Edison lst.4: ref 630 A_1941 A 0 11358 Sale 11358 11434 23 112 11512
Stamped
9978 Aug'25
9973 100
9953 102
let lien & ref 58 13 temp_ _1944 A 0 100/
10058 46
687s 7414
1
4 Sale 10014
United Rya St L let g 45____1934 3- 3 6812 89
687
8875
2 10011 10412 United SS Co 15-yr 68
91
N Y Gm El Lt & Pow g 58 1948 J D 10338 10358 10312 10312
9518
7
9414
1937 MN 94 Sale 94
86
Purchase money g 48
1949 F
4
0032 United Stores Realty 20-yr 68 '42 A0 10314 104 10312 1031
1 10212 105
8834
8813 8912 8812
10012 10012 U S Rubber let & ref 58 ser A 1947 33 89 Sale 8812
N Y L E&Weet C &RR 510 1942 MN ____ 10212 10012 Apr'25
85 0012
111
89
N y Q El L & P 1st g 5s_1930 F A 100 Sale 100
99/
1
4 10034
3
100
62 tool 108
10-yr 711% sec notes
107
1930 FA 10678 Sale 106
45
54/
1
4 Us Smelt Ref & M cony 88.1926 FA 100/
NYRyS1OtRE&ret4s_A942J J 44
5378 49 July'25
1
4 Bale 10058 10034 10 10018 102
42/
1
4 54
Certificates of deposit
4812 Aug'25
48
44
U S Steel Corp(coupon_ _41963 MN 10634 Sale 108
10634 132 10414 10834
80-year ad) Inc M____Jan 1942 A 0
4/
1
4 6
512 412 Aug'25
10378 10512
4
8110-60-yr Salregistered41963 MN
105 Aug'25
Certificates of deposit
8312 9112
373 534 Utah Lt & Tree let & ref 58_1944 A0 871-8 Sale 8718
414 434 5 Aug'25
8734 13
F5 y Rys Corp Inc 8s _ _ _Jan 1988
2514 325a Utah Power & Lt 1st 54
9812
2838 116
91
26 Sale 2558
36
95
1944 FA 95 Sale 9414
9915 10212 Utica Gas& Elec ref & eat 58 1957 33 102 Bale 10112 1021
1
100
N Y & Rich Gas 1st 13s
1951 M N 100 10058 100
98/
1
4 103
8
58 6814 Victor Fuel lot sf55
62
NY State Rye let cons 410_1982 MN 6114 Sale 6012
5
53
57
33
1953
57 June'25
58
65
83
Registered
63
63 Apr'25
M N
73 10214
99
Va-Caro Chem let 7.7
991
1947 JO 9914 Sale 99
85 97
1
85
let con 810 series B _1962 MN 8414 85
85
/
4 101
711
Certificates of deposit
991
/
4 Sale 99
9953 16
97/
1
4 104
10212
NY Steam let 25-yr OsSer A 1947 M
102 10212 1021a
68
9914
Certificates of deposit stmpd
9918
9914 23
95
99
9714 25
NY Tele() let & gen ef 4118_1939 MN 97 Sale 97
Stud as to payt 40% of prIn
50-year deben of 6e...Feb 1949 F A 10934 Sale 10934
9812 10178
11012 33 10778 11034
lot 7s
991 617
1947 ---- 9914 Bale 99
1061
/
4
10812
1
4 10734 106
98 10112
20-year refunding gold 88-1941 A 0 10758 Sale 106/
9918 Sale 99
Ctf of deposit
9914 71
2 100 103
Niagara Falls Power let 58_1932 J J 10111. Bale 101
9412 9912
1011s
9918 10
99 Bale 99
Ctf of deposit stud
2 10334 10012
108
Ref & gen 6s
43 8312
Jan 1932 A 0 10518 106 108
129
80
with & without war_ _1937 J D 7912 Sale 75
10412 110
slag Lock &0 Pow let 58._1954 M N 9812 9858 10978 July'25
42/
1
4 8114
23
Certlfs of den without warr ---- 7918 80
75
78
81
9713 100
Is & ref 5s ser A temp._ _1955 A 0 9853 Bale 9814
41
9834 87
7514
7558 14
Certifs of dep with warrants - - 1043a 110/
Refunding Os Series A........1958 F A
10978 July'25
90 95
1
4 Va Iron Coal & Coke 1st g Se 1949 M S 9118 -9179114 14
8 9114
9678 10212 Va Ry Pow 1st & ref 58
35
Nor Amer Edison 68-------1952 M 8 101 Sale 10058 101
9314 99
901
6
1943 3 3 9614 Sale 9615
10312 30 10034 106
Secured eta 634s BerB1948 M
10318 Bale 103
89 9412
55
90
Vertlentes Sugar let ref 76_1942 J D 8914 Sale 89
92
97
9314 25
92 Sale 92
Nor Ohio Tree & Light 65 __1947 M
897s 9911
8
91
9212 94
91
Warner Sugar Refill 1st 7s 1941 3
93 99% Warner Sugar Corp let 7e
1
4
77/
1
4 87/
9613 39
Nor States Pow 25-yr 58 A__194I A 0 9618 Sale 9534
21
811
8114 Bale 8114
1939 3
93/
1
4 934 Wash Wat Power 0 f &I- _1939 J 3 10058 102 101 Aug'2
09% 10175
9314 Jan'25
A 0
Registered
105
24 103 10714 Westehes Ltg g 58 stmpd god l950J D 100/
98 102
lit & ref 25-yr 68 Ber B__.1941 A 0 10434 Sale 104
1
4
_ 101 Aug'25 _
107/
1
4 10772 West Ky Coal lot 78
Northwest'n Bell T let 78 A_1941 A A
10712 Jan'25
3 10012 10214
1944 M N 101 102 10112 1011z
94/
1
4 98
961
/
4 Aug'25
54 97
9334 100
North WI'let Id g4348 Mr1_1934 J J -9.
1
993
___ 9938
West Penn Power Sec A 5a_ _1946 M
991
11158
2 108 11234
Ohio Public Service 734s A 1946 A 0 11158 112 11158
2 10414 10758
105384 106 10534 1053
1946 M
let 78 Series D
107/
1
4 11112
1947 F A 10912 110 110 Aug'25
931s 9912
1903M
let & ref 7e series )3
9938 Sale 9818
let 5a Belles E
9938 21
9812 104
102
8
9612 9914
Ohio River Edison let 68_1948 .1 J 102 Sale 10134
20
981
Temporary 5s Series E._1983 M S 99 Sale 98
96
99
9714 22
1944 F A 9714 Sale 9612
1953 A 0 10214 103 102
21 10012 10534
Old Ben Coal 1st 65
1027
lets Hs Series F
98 10034 West Va C & C lst 68
9
1
4 10014
8512 96
Ontario Power N F 1st 56_1943 F A 995g Sale 99/
14
1950 3 J 90 Sale 90
911
97
9918 ____ 9934 July'25
98 10178
9934 Western Electric deb 58
Ontario Transmission 58._ _1945 M N
1944 A 0 1011
1017 131
/
4 Sale 10034
106
49
9534 106
1941 F A 10534 Sale 10534
9915 102
5
1011
Otis Steel 86
Western Union coil tr cur 58_1938 3 3 10118 Sale 10118
8938 10112
92/
1
4 97
2
lst 25-yr 8 f g 710 Bar B_ _1947 F A 10012 Sale 10012 10112 40
9612
961
Fund & real estate g 430.1950 M N 9612 97
1
4 112/
9634 62
1
4
93/
1
4 99
10 109/
Paelfle 0& El gen & ref 58_ _1942 J .1 9658 Sale 9614
1936 F A 11018 11012 11034 111
15-year 6 Hs g
98 100
9938
8
10658 74 10358 1081
Westinghouse E & M 78...._1931 M N 10612 Sale 10814
Pao Pow & Lt ist&ref 20-yr 58'30 F A 9834 10018 9938
/
4
10118 13
991s 102
91
1937 J J 10118 10112 10034
76
2
81
81
81
83
Wickwire Span Steel let 78_1935
Pacific Tel & Tel let 56
92/
1
4 1001
98
1952 MN 98 Sale sNito
28
76/
1
4 88
/
4
8012 85
87 Aug'25
Certificates of deposit
Ref M 5s series A
1041
/
4
107
10514
106
10014
10512
F
A
15
76
81
11
793
Certificates of deposit stamped MN 78 Sale 78
Plan-Amer P & T let 10-Yr 76 1936
1934 M N 10558 Sale 105
9912 10212
10514 157 103 1185s Willys-Overiand 5 f 610....1933 M S 10178 Sale 10112 1021
41
Cony e f fls
9412
J 04 Sale 94
7
91
99
9155 991s
39
99
Park-Lex et leasehold 6344..1953
Wilson & Co let 25-yr sf 88.1941 A 0 9814 Sale 9818
99
1
96 10014
93
93
93 Feb'2
Registered
Pat& Pasule & El cons 5e 1949M S 99 10118 99
1101 11014 July'25
_ 107 11034
55
76/
1
4
4
681
6812 Sale 6818
1928
peop Gas dr C 1st eons g 63_1943 A 0
10-year cony 5 1 Os
9814 9834
1
94 100
9834
1947 M S 98
11
53
75
89
6812 7014 89
Refunding gold 58
Certificates of deposit
10334 17 10115 105
Philadelphia Co coll tr 68 A_1944 F A 10312 Sale 1033s
5318 77
711
/
4 6814 Aug'25
171931 F- A 68
10-yr cony 1 7 He
/
4
9814 40
9812 Sale 981
- 6712 6778 6734
9344 100
5918 74/
15-year cony deb 5Ha_ __1938 M
1
4
Certificates of deposit ______
6838 16
24
9938
100
1
4 102/
1
4
28i 100/
1941 ;Co 10112 Sale 10112 102
99 1021. Winchester Arms 7348
Phil& & Reading C & I ref 0_1973 .1 J 9914 100
91 10614 Young'n Sheet & T 20-yr 04-1943 3 3 9978 Sale 9934 100
10614 Sale 10538
10614 55
Ileree-Arrow Mot Car deb 881943 M
81, 9514 100/
1
4
a Due Jan
a Has April. to Due Doe. r Option sale.
1214
BOSTON STOCK EXCHANGE-Stock Record see=eg.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Monday.
Aug. 31
Tuesday,
Sept. 1.
Wednesday. Thursday,
Sept. 2.
Sept. 3.
Friday,
Sept. 4.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
100
159 159
136 Boston de Albany
160 160
160 161
16034 16034 z150 15934 160 160
100
374 Boston Elevated
7912 7912 7912 7912 7912 7912
7012 7912 794 7912 7912 80
Do pref
100
____ "96 _
+96 ____ *96
.
96
____ *96
11413 cii- ----100
155
114 114
113 113 "114 115
•114 115
114 114
' Do 1st pref
214 Do 2d pref
100
102 102
101 10134 *994 --- 100 100
102 102 *10134
100
2934 304 7,908 Boston & Maine
31
3212 3118 3212 3012 3212 30
3034 3214 31
265 Do pref
100
3312 34
34
34
35
35
33
33
*33
36
Do
Series
A
let
pref
100
3812
2,597
374
3814
39
3812
3912
37
38
3812
3734 40
3912
100
57
574 1,196 Do Series B lot prof
5712 58
58'4 58'., 5712 59
59
60
5812 GO
100
- --558 Do Series C let pref
52
135212 5312 53
5312 51
5212 54
52
54
i4
1
-1/4
760 Do Series D lot pref
75
74
74
74
75
75
76
74
754 75
Boston & Providence
100
___ *181
*181
"181
____ 13181
•181
28 '26
28
27 if- -56- -if- ---166 East Mass Street Ry Co_100
*--_ _ 28 *____ 28 "26
15 Do lot pref
100
62
*60
61
62
62 * ____ 62 "61
*30
62
------ Do pref B
100
54 .51
54
*51
54
*51
*51
54
*51
54
530 Do adjustment
100
36
36
36
36
35
38
*36
37
3634 37
10 Maine Central
100
_
41
*36
41
"38
40 .36
41 • _
41
100
3838 3838 -3658 3734 364 374 3538 3612 3038 3612 3638 3678 3,952 NVNH Hartford
50 Northern New Hampshire_100
80
80
80 *____ 80
Az Worcester pref_100
"117 120 "117 120 '117 120 "117 120 "117 120
001
80 Old Colony
100
108 10818 10814 109
108 108
•10612 108 +10712 108 +10712 108
Rutland peel
59
59 "56
59 "56
*56
57 Vermont & Massachusetts_100
94
94 "94 ____ ;5i9312 94
Miscellaneous
314 314
465 Amer Pneumatic Service _25
314 314
312 312
314 314
312 312
31
4 31
4
770 Do pref
50
•1758 181
. 1812 1812 1812 1834 1812 1812 1814 1812
1,901 Amer Telephone d+ Teleg_ _100
13912 13934 13912 13934 13938 14014 140 14014 1404 1404
1401414
i7
70511!
+ 2,135 Amoskeag Mfg
No par
7712 7912 7712 78
79
79
7534 7714 7414 76
10 Do pref
No par
84
8434 *____ 84 *____ 84 *____ 84
• _
75
8 Art Metal Construe, Inc__ 10
16
16
*1512 ___ 016 -;1572
_ *1512
360 Atlas Tack Corp
No par
12
1212 -1212 124 12381 1214 1214 *12
1214 12
350 Boston Cons Gas Co pref _100
108 10814 MC8 ____ 10712 108
108 108
•103
Boston Mex Pet Trus_ No par
10
2814 28
271 287s 2812 2918 284 29
28
2812 - -- - - - -- 5,393 Connor (John T)
1,176
62
Dominion
62
Stores, Ltd__No par
4
62
59
61
6312 603
5312 55
57
*5212 55
Do pref A
100
____ *98
3102
_
O92
East Boston Land
10
*23
3
.234 3
*234 3
"234 3
'234 -3
48 Eastern Manufacturing
5
3
3
314 314 *3
3
4
3
*3
4
*3
4
2,355 Eastern 8.9 Liner, Ine
25
5512 57N 551s 564 5514 56
58
5138 5934 59
57
59
240
Do
par
prof
No
42
42
42
42
42
427,2
424 427s *42
42
15 1st preferred
100
99
98
*96
*96
98
*96
99 "96
98
98
631 Edison Electric Ilium
100
2
.
678 20278
20212 203
20212 203
?Al 201
203 20312 202 203
Elder Mfg Co(y t o)
10
•312
*312 4
4
13312 4
*312 4
*31z 4
__100
2412
5
Galveston-Houston
Eleo
244
.
2412 2612 *2412 2612 *2413 2612 *2412 2612 •2412 2612
100
Georgia Ry dr Elea
....
50 Do 5% non-cum pref_100
'8084 81
8034 161
4 _ _
;g5i, 81
;i54 81
;i05i4 81
par
3412 35
3518 3614 3512 /612 6,206 Gilchrist Co
34
35
34
3234 3414 33
a5
r
8912 9114 6,801 Gillette Safety RazorNO
_ N p2
8513 9014 8812 9134 8812 90
8334 85
8434 85
130 Greenfield Tap de Die
13
*12
1234 13
"13
*13
•13
705 Hood Rubber
61
60
60
6112 6234 61
63
60
59 -59
pa;
Intermit Cement CorP_No
No im
69
*691z 7014 *694 7012 *6812 694 "68
'68
69
90 International Producta_No par
.25 .25
.
.25 .60 *.25 .60 '.25 .60 '.25 .40
Do pre(
100
•.90
112 *.90
112
'114 2
'114 2
*114 2
Kidd r. Peabody Acceptance
95
150 Corp Clasa A pref
95
100
95
95
95
95
*95 _
95
95
*95
670 Libby, McNeill & Libby- 10
714 712
74 714
712
7
714
74 712
*7
-712 47
Lincoln Fire Insurance
20
68
•___ 68 •--- 68 *_ _ _
68
•
12
12
73 Loew's Theatres
25
"1134 _- 1214 1214 •1134 124 1134 12
"114
74
967
100
734
Massachusetts
734
Gas
Cos
74
734
74
74
74
74
73N
7334 -731-4
52 Do pref.
100
6814 6814
68
6812 6812 6812 8812 68
'68-- _ _
Mergenthaler Linotype__100
*190 194 •190 194 "190 193 *zt__ 190 *et__ 190
.,., _ Mexican Investment, Inc__ 10
*z_t_-_-_ 11.2_0
9
*_ _
6218 621s - - - - - - - 63
63
63
63
63
63
145 MluslasiPPI River Power___100
63
100
50 Do atamped pref
95
*93
95 "93
____ "92
95
93
*93
93
6
333 National Leather
10
412 412 13412 478
412 434 --iiz -4.K
*44 44 "44 44
70 New Eng. Oil Ref. Co. tr Mfg.60 .60
1
'.25
.
.60 .60
.60 .60
'.60 .90
35 Do pret (tr ma)
10
10
100
_•9
.
10
104 104 *1013
11434 115
597 New England Telephone_100
114N 115
11434 115
11412 11412 11438 11438 11434 115
Olympia Theatrea, Ino_No par
Orplieum Circuit. Inc____ 1
30
;253* -3-61-4 *29
•:.5513
480 Pacific Mills
100
59
57
59
6112 58
6212 6212 6212 6212 6134 6134 *60
20 Reece Button Hole
10
-__ 164 *___ _ 1612 *____ 16 *_ 16
16
16
10 Reece Folding Machine
10
134
134
Simms Magneto
5
.15
.15 *__ _ _
.15 *_-__
.15 *____
.15 *
•
_
298 Swill & Co
100
1.
.
131.2 1-1112
113 113
11234 11312 11214 113
•112 11212 112 112
62
115 Torrington
25
62
62
*61
62
62
*61
62
62
62
621 62
200 Union Twist Drill
5
3
*3
5
3
4
4
5
2
5
'2
447
o 6,367 United Shoe Mach Corp
-is
25
414 434 43
4334 43l 14
42
42N 4178 4214 4178 42
218 Do pre!
25
28
28
28
2812. 28
2812 •28
2814 28
28
1,055 Ventura Conseil Oil Fields
2
20
8
5
2
20
8
2018 20
20
201o' 20
2038 2038 2018 204 20
581 WaldorfSys,Inc,new sh No Dar
154 1578 1558 1558 154 1534 1534 1534 •1512 1572
is Walth Watch ClB com_No Par
1712
1712 '16
1713 '16
'18
2 •16
1712
Do pref trust otts
100
35
35 '31
34
34 '31
34
*32
'32
Do prier peg
100
*82
__
2 iii; _.i, -2,
-7
745
. Walworth Manufacturing- 20
24
2434 2313 25
25
251
25
2514 25 -25
625 Warren Bros
50
474 4712 478 474
481z 4734 48
4813 48
48
4818 48
40 Do 1s1 pref
50
41
41
41
____
41
'41
Do 2d pref
50
*43
44
45
*43
____ *44
Mining
Adventure Consolidatea___ 25
•.14 .40 *.14 .40 "34 .40 0.14 .35 *.14 .30 ".14 .40
Aigomah Mining
25
•.10 .18 "30 .18 0.10 .18 *AO .18 "AO .18 *AO .18
25
630 Arcadian Consolidated
1
1
1
1'A
1
14 14
118 IN
14
118
14
1 14
5
1112 1114 1112 2,100 Arizona Commercial
1 162.11
'1134 12
1134 1134 1112 114 11
10
*334 35
*33
34 I 3414 3634 3534 36581 3688 36523 3534 3618 4,019 Bingham Mines
25
1412' 1414 144 1414 1412 1,718 Calumet di Heels
1412 1434 14
151z 1512 1412 15
464 Carson Hill Gold
1
*.75
.7
.70 *.75 .80 1 '3.75
959 Copper Range Co
25
1984 20'4
21
20
12 .
:1 2018
0 2014 1912 204 194 2b
2014 2110
1
Davis-Daly Copper
.05
3_ _ _
.05 *-- .05'
.05
350 East Butte Copper Mining.. 10
314 314 .314 4 1
338 3N *314 4
*378 4141 *334 414
15 Franklin
25
1
".80
1
*.80
1
1
•.80
1
'3.70
.80 .80 •.75
45 Hancock Consolidated
25
114
• 50
1
.50 .50 •.50
114
.50 .50
'
.50
1141 •.75
1
2112 204 204 2012 204 204 2034 3,740 Hardy Coal Co
204 2012, 2012 2114 21
110 Helvetia
25
134
134
134
134
13134 2
134
134 *134 2
13112 2 1
Island
1
1,085
Creek
Coal
149
14712
14812
14812
148
14812
14812 14934
146 148
14612 148
1
77 Do pref
98
99
98
98
9812 9812 98
98
98
•98
9834 98
160 Isle Royal Copper
25
124 124 1234 1314 1314
'13
1312 124 13
1212 , 1212 12
Kerr
55
Lake
5
Ps
'
3.90
.90
.90
1
1
114
1
1
".90 14 "1
Keweenaw Copper
25
•
114
114 3..75
*.75
114 ".75
1
•.75 114 ..75 14 •.75
Lake Copper Co
25
138
14 *114
138 •14
188 •114
112 *114
*118
112 *14
70 La Salle Copper
25
•112 2
138 311 34, 134 *112 2
114
*112 2
.
1% 134
500 Mason Valley Mine
5
21
4 2:111
*Ps 14 *134 2
2
2
'13
2
•I58 2
100
Maas
25
1
Consolidated
31.70
1
•.70
1
•.70
0.70
1
1
.70 .70 '1.70
210
Mayflower-Old
__
25
Colony
__
15
8
+138
4 Ilz
158 *15
138 •114
11
4 138 •114
138
1381
25
30
30
30
29
3113 32 l'23113 324 .23012 32
5
hajokrnella Copper
i1338l
l ow
1912 11015
: 1114
1912 1958 19
1912 1934 1934 20
'1912 20
150 New Dominion Copper
.20 .20 ".15 .20 ---- -.25 .25
3'.15 .35 ".15 .25
New River Company
100
40
*35
3112
•_
---311z *---_ 314 •---- 3134
80 Do pref
100
*574 60
5Ii4 65
*360
65
60 -03-6-1%.
"5E14
300 Nipissing Mines
5
44
438 434 *433 472
.458 47s •434 44
15
41134
'
.
5
1
1
4
iZ
_
.
1
1
A
'
s
114
1/
1 4 •1
114
1/
1 1"4 114
114
25
.55 .55'
0.50 .70
3.50 .90 '
.50 .50 '
•.55 .75
375 Old Dominion Co
25
20
20
19
1914
20
"20
21
1914 2013 *19
City Mining & Smelt.. 5
*558 618, *558 6
1
---------------------------------Park__
i
3
26
95
3Q
Pd
taC
ncry
k Pocahontas Co_No par
3- -1-378
5E
14121 *133 1412
14
8 11307'84
25
4
25
322 3
24
24
324 3
2312 3
24
234 24
.2434 2512 *2412 2512 24
880 St Mary's Mineral Land_
25
3214
34
34
344 33
*3414 35
341z 35
100 Shannon
.60
10
'
1.55
.75
•
.55
.55
.75
.55
.75
'
0.55
.75
'
0.55
•.55
.75
25
0.25
.75
•.25 .75 *.25 .75 ".25 .75 •.25 .75 •.25
50 Superior & Boston Copper- 10
ha
*114
11z *118 14 13114
112
114
114 "l4
*6
13%
4 6
1;: 8,800 Utah-Apex Mining
5
614 63s
614 63s
614 634
614 658
614 6'A
510 Utah Metal A Tunnel
1
.48 .46
.47 .47
.45 .45
.50 .50 '.45 .50 31.45 .50
400 Victoria
25
.60
.35 .35 '.30 .50 '.30 .50 '.30 ,go •.40 .30
.30 .35
dot
200
W
w
l
y
n
a
o
n
na
25
".20
.30
40 *.20
• 20
.30 .30 •.20 .
•.20 .30
25
.75 +a__ _
.75
.75 'a--'a
----------Norwich
*62
-5i 18 11ggli)T113twhanyuMeining
•Bid and asked omen.: no sides on this day. s Ex-Manta. S Ex-dly. and rights
Range for Year 1925.
PER SHARE
Range for Preet,ss
Year 1924.
Lowest
Lowest
Highest
Maul
1644 Jan 7
86 Jan 2
9812June 11
1154June 11
102 Jan 9
3212 ug 31
35 Sept 2
40 Aug 28
60 Aug 29
54 Aug 29
76 Aug 29
180 May 28
39 Feb 11
71 Apr 3
6212 Jan 12
48 Mar 10
44 Aug 18
3958 Aug 19
80 Apr 29
123 July 30
111 July 7
634 Jan 2
Feb 24 96 June 26
14578 Mar
714 Aug
8714 Dec
107 Dec
92 Sept
84 Jan
Jan
12
13 June
174 Jan
16 Feb
Jan
23
Jan
43
18 May
584 Jan
48 May
28 May
25 June
Jan
14
62 Jan
Jan
80
724 Jan
34 Mar
Jan
70
164 Dee
85 Dee
9614 Maz
11614 Jan
10114 Dec
254 Nov
2678 Nov
3714 Nov
48 Nov
41 Nov
62 Nov
172 Nov
384 Dee
71 Dec
6112 Nov
4614 Dee
3712 Apr
334 Dee
81 Nov
108 NOV
98 NOV
64 Noy
9318 Nov
414 Jan 7
212 Mar 25
164 Mar 25 1934MaY 7
1304 Jan 2 14334June 18
6112maY 6 87 Aug 8
7014May 11 8534 Aug 20
14 Jan 16 16 Aug 20
912 Aug 21 13 Apr 28
103 Jan 17 10814 Aug 31
1 Nov
Jan
12
121 June
574 Oct
Oct
69
13 Aug
6 June
100 Dec
.05 Dec
2018 Dec
2412 May
Jan
84
2 Sept
Oct
4
Jan
38
344 Jan
854 Jan
16312 Jan
212 Jan
13 Jan
1134 Mar
79 Aug
414 Dee
2014 Dee
13412 Dee
Jan
83
79 Aug
16 Feb
1014 Jan
108 July
Jan
.20
2818 Mar
35 Sept
884 Dee
3 Feb
81a Feb
554 MM
40 Feb
93 Mar
2044 Dee
5 Dm
61 Dee
11612 Sent
Jan
go
156 Feb 18
7514 Mar 17
92 Jan 16
109 Mar 31
94 Mar 20
10 Apr 17
114 Apr 24
17 Apr 27
29 Apr 27
25 Apr 25
354 Apr 25
167 FM-, 26
26 Sept 4
60 July 31
51 Aug 26
35 Sept 3
23 Mu)
, 27
28 Mar 30
70 Feb 16
100 Jan 13
2
tn 1
314m
9
46
87
20 Jan 26 294
31
2814 Jan 30 63'3Sept 2
99 June 12 99 June 12
3 Jan 2
112 Apr 30
3 July 29
634 Jan 24
42 Mar 9 6058 Aug 27
35 Jan 15 43 Aug 20
89 Jan 3 100 July 20
200 Jan 5 213 May 21
54 mar 16
312.1111Y 1
2412Sept 4 38 Jae 7
1154 yeti 27 11524 Feb 27
7812 Apr 15 8014 Sept 3
3234 Aug 29 43 t tiv 1
5712 Jan 2 9134Sept 2
11 May 12 154.June 1
52 May 6 64 July 24
5212 Jan 5 7118 Aug 24
2 Jan 3
.12 Aug 20
1 July 13 104 Jan 9
551k
124
46
41
.10
.25
581j
1572
60
59
3
14
Oct
Nov
Mar
Apr
Feb
Feb
00*
Jan
Dec
Nov
Dee
Dec
Jan 884 Dee
80
8N Dee
4 June
Jan 71 Nov
70
9 Mar 13 Dee
66 Nov 81 Feb
62 June 70 Jan
150 Apr 172 Dee
612 Jan 173s Feb
19 Feb 3612 Dee
Jan 90 Sept
80
54 Nov
2 Apr
54 Ara
.50 Des
6 Dec 3114 Mat
98 Dec 11512 Jan
214 Dec 224 Dec
Jan 2812 Dee
14
6918 Oct 87 Feb
1184 Jan 17 JOY
3 Jan
24 May
Oct 40 Feb
10
120 Feb -(1 100 June 118 Dee
64 Aug 25
3512 June 52 Dee
7,2 Jan 23
5 Dec 10 Feb
45 Feb 14
34
Jan 434 Dee
28N Aug 8
2458 Feb 284 Nov
25 Feb 24
Jan
1914 Oct 27
194 Jan 3
1378 Apr 20 Nov
1818June 8
64 Jan 1012 Feb
40 June 2
14 June 2312 Feb
90 June 20
6212 Dec 73 Feb
2714July 29
154 June 22 Feb
501z July 7
294 Jan 394 Nov
Jan
434July 1
3434 Apr 41
46 Mar 2
38 Mar 42 Jan
8212 Jan 6 95 June 18
938 Jan 7
64 Apr 16
70 Mar 18 7014 Mar 2
1114 Aug 11 1378 Jan 5
68 Feb 3 75 Mar 6
6312 Jan 9 6934 Aug 6
167 Jan 7 195 Aug 15
812 Apr 4 1634 Jan 15
36 Jan 2 7012June 20
8712 Jae 10 9412July 9
4 Apr 22
614 Jan 13
.20 Feb 9
2 June 22
1012May 31
584 Apr
99 Apr 21 11512July 31
19 Mar 1
2634May 16
2534 Jan 1
324July 30
5212June 12 8112 Jan 13
1514 Aug 12 18 Apr 3
234 Jan 8
134Sept 4
10914 Apr 22
4512 A nr 13
3 Sept 2
4034J uly.29
2612Jan 13
1913 Jan 3
1412 Aug 4
8 Jan 6
1714 Jan 3
65 Jan 6
1634June 2
37 Jan 2
374 Jan 10
4012 Jan 17
.15 Feb 16 25 Jan 26
10 Mar 3 25 Jan 2
1 MAY 11
3 Jan 10
912 Mar 28 154 Feb 6
2814July 1.36114Sept 1
I238June 8 1878 Jan 2
..0220
90 Aug 4
1834June 18 33 Jan 10
5
J11151Y
Y 5
6 .78 Feb 6
3 June 5
614 Jan 2
.40 Jan 7
log Jan 24
.50 June 13
14 Feb
1512July 6 23 Jan 24
112 Jan 6
34 Feb 5
121 Mar 28 14934Sept 1
9414May 27 99 Aug 28
978 Apr 22 2012 Jan 7
90 Aug 19 1111, Feb 4
.50 June 39
112June 19
1 Apr 11
3 Jan 2
1 18May 14
Pi Jan 10
138 Apr23
234 Jan 13
.40 May 14
114 Jan 2
1 Apr 4
3 Jan 2
2512June 9 41 Jae 13
18 Mar 30 25 Jan 2
.10 July 2 85 Feb 18
25 Apr 2 31 Aug 28
40 June 30 65 Aug 31
438July 3
634 Jan 10
.89 June 5
34 Jan 14
114 Jan 11)
.35 Apr 22
1.712J11ne 9 27 Jan 10
64 Aug 24
4 May 19
1012June 18 1538July 24
19 Apr 22 394 Jan 10
2812 Apr 21 48 Jan 12
.50 May 1
14 Jan 9
2
.70 May t3
378 Jan 2
+
.40 July 7 98
114
.25 Aug 3
.15 Aug 17 48
.05 Apr 14 .21
Jan 5
Jan 23
Jan 29
Jan 31
Jan 7
Feb 11
.15 Dec
.10 June
5 June
8 Jan
14 June
1332May
.37 Nov
184 June
.30 Dec
314 July
.40 May
Oot
.30
1912 Dec
.30 May
944 Apr
90 June
12 June
14 Mar
Jan
.50
.90 Apr
.70 June
114 Oct
Jan
.50
.51 Dee
.25 Dee
34 Dee
16 Dec
3138 Dan
197a Jan
3 Feb
3353 Dee
.70 Mat
64 Dee
Jan
1
2 Jan
284 Jan
234 Dee
142 NOV
100 filePt
2212 Dee
212 Feb
14 Nov
314 Dee
3 Dee
41 Dec
7
,
184 Aug
80 Apr
234 June
Ms Jan
.40 Dec
35 June
5712 Dec
1514 Jae
172 Oct
.40 June
Jan
15
34 Jan
1034 July
14 June
26 June
Apr
.30
.25 July
.25 Aug
178 June
.14 June
Apr
.15
.13 Feb
.10 July
5 July
al Dee
2532 D00
234
pt
40 Mat
75 mu
884 Dee
6/
1
4 Jt117
1 Nov
2812 Dee
51g Feb
1511 July
3454 Dee
49 Dee
112 Sept
.75 Dee
218 Dee
378 Dee
.70 July
1 Aug
.71 July
.25 JUJ7
x Ex-city. 0 Ex-stock div. a Assessment paid. 0 Price on new basis.
SEPT. 5 1925.1
THE CHRONTCLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are "and interest" except where marked "f."
6
Standard 011 Steck' Par Bid. A sk.
Railroad Equipments Para. Basis
Anglo-American 011 new.El *2214 2234 Atlantic Coast Line far
5.25 5.00
100 99 100
Atlantic Refining
Equipment 6 %14
5.00 4.80
100 114 11512 Baltimore & Ohio 6s
Preferred
5.40 5.10
100 221 227 I
Borne Scryraser Co
Equipment 4(4e & 55........ 5.00 4.75
60 .5512 56121 Buff Roch & Pitts equip Os_ 5.25 5.00
Buckeye Pipe Line Co
6312 Canadian Pacific 448 & (is_ 5.00 4.70
25 *63
Obesebrough Mfg new
100 113 11312 Central RR of NJ 65
Preferred
5.20 5.00
Continental Oil new..... 25 2334 23% Chesapeake & Ohio 64
5.40 5.10
•83c 85c.
Rights
Equipment 6%a
5.10 4.85
Crescent Pipe Line Co__ 50 *1618 1578
Equipment 5s
5.05 4.80
Cumberland Pipe Line_100 144 147 Chicago Burl & Quincy 6s.._ 5.25 5.00
Eureka Mice Line Co_ ___100 '
67034 72 Chicago & Eastern III 530. 5.50 5.15
43 Chicago & North West 8s
Galena Signal 011com___100 41
5.40 5.15
100 107 112
Preferred old
Equipment 6 Ha
5.10 4.85
Preferred new
100 103 107 Chic RI & Pac 4 %a & 5s_ _ _ 5.10 4.75
Humble Oil& Ref new__ 25 •5714 5754
Equipment 6.
5.50 5.25
100 134 135 Colorado & Southern fki
Illinois Pipe Line
5.50 5.15
25 *13412 135
Imperial 011
Delaware & Hudson ed
5.25 5.00
2 31
New when issued
3114 Erie 480 & 56
5.25 5.00
68
Indiana Pipe Line Co___ 50 *67
Equipment 65
5.60 5.25
International Petroleum_(:) *2578 2618 Great Northern 6a
5.35 5.10
Magnolia Petroleum_ _..i00 136 138
5.10 4.80
Equipment 50
National Transit Co_12.50 *1912 2012 Hocking Valley fts
5.05 4.80
57
New York Transit Co-.100 56
Equipment Os
5.45 5.10
80 Illinois Central 4)45 & 55_ 4.95 4.70
Northern Pipe Line Co._100 79
25 *6158 62
Ohio Oil new
5.25 5.00
Equipment 6e
25
Penn Mex Fuel Co
25 *21
Equipment 78 & 614e.... 5.05 4.80
5012 Kanawha & Michigan 8s
Prairie Oil& Gas new___ 25 *50
5.50 5.20
Prairie Pipe Line new_100 121 123
Equipment 4 Sis
5.20 5.00
100 206 210
Solar Refining
Kamm City Southern 5%s. 5.35 5.00
Southern Pipe Line Co..100 76
78
Louisville & Nashville Co... 5.25 5.00
100 15212 154
South Penn Oil
Equipment6 tis
5.00 4.80
Southwest Pa Pipe Lines 100 MO
63 Michigan Central 5s & 68.... 5.25 4.75
Standard 011 (California) 25 •5312 5334 Minn St P & 13 11 M 4 tis & Esr 5.30 5.00
Standard 011 (Indiana).. 25 6I38 6112
Equipment 61.4s & 7s_ __. 5.35 5.05
Standard 011 (Kansas).. 25 *3112 3134 Missouri Kansas & Texas 643 5.65 5.36
Standard 011 (Kentucky) 25 *124 125 Missouri Pacific (is & 648
5.60 5.25
Standard Oil (Nebraska) 100 233 240 Mobile & Ohio 4%s & 5a.„ 5.05 4.80
Standard Oil of New Jar. 25 •3938 3912 New York Central 440 & 58 4.85 4.65
Preferred
100 117 11714
5.25 5.00
Equipment 68
Standard 011of New York 25 '4014 4034
5.05 4.80
Equipment 7s
Standard 011 (Ohlo)____100 361 354
Norfolk & Western 454/i
4.80 4.60
Preferred
100 116 118
5.10 4.90
Northern Pacific 7e
Swan & Finch
100 15
1512 Pacific Fruit Express 7s___ 5.05 4.85
Union Tank Car Co.... 100 1191z 120 Pennsylvania RR ell Ere & 68 5.20 4.75
Preferred
100 115 11612 Pitts & Lake Erie 6%.
5.10 4.85
Vacuum 011 new
8 Equipment 6a
25 *8514 85,
5.50 5.25
Washington Oil
35 Reading Co 4%s & 56
10 *30
4.85 4.60
Other 011 Stacks
5.15 4.90
St Louts & San Franclaco 59
Atlantic Lobos 011
(I) *212 214 Seaboard Air Line 580 & 6a_ 5.60 5.25
Preferred
50 •33.8 312 Southern Pacific Co 4 Hs_ _ 4.85 4.65
Gulf 011 new
5.05 4.80
25 •741 75
Equipment 76
MOUntial Producers-- 10 •201 2059 Southern Ry 4%e & 5,2
5.05 4.80
Mexican Eagle 011
5.40 6.10
5 *412 5'2
Equipment IN
National Fuel Gas
100 118 120 Toledo & Ohio Contrail:Sin__ 5.60 8.10
Balt Creek Cons 011
5.00 4.80
10 4.61, 634 Union Pacific 7s
Salt Creek Producers.-- 10 •2512 2558
Public UtIlithis
Tobacco Stocks
Amer Gas & Elea new ___(2) *75
77 American Cigar common 100 83
88
6% prof new
91
(I) •90
97
Preferred
100 95
Deb es 2014
MAN 98
99
Amer Machine & Fdry._ _100 170 180
Amer Light & Trao com.100 210 212 British-Amer Tobac ord. El *2514 2614
Preferred
100 100 1011z
Bearer
El *2514 2614
Amer Power & Lt common._
55
56 Imperial Tob of 0 B & Irei'd 24
25
Preferred
100 93
94 lot Cigar Machinery.. -100 75
80
Deb 6. 2018
MAO 95
96 Johnson Tin Foil & Met_100 60
80
Amer Public) Util oorn-..I00 95 100
Mac Andrews & Forbee_ _100 155 157
7% prior preferred _ _100 89
9112
Preferred
100 100 103
100 80
4% partIc pref
85
Mengel Co
100 6512 6712
Associated Gas & El pf._(2) *50
53 Porto Rican-Amer Toll_ _100 48
59
Secured g 01.48 1954 J&J 10314 10414 Universal Leaf Tob com_100 48
50
Blackstone VaIG&E com 50 *87
91
100
98
Preferred
101)
Carolina Pow & Lt conc.__
383 400
Young 4.1 81) Co
100 125 128
Cities Service common.. 20 *3814 3834
Preferred
100 105 110
Preferred
100 84
8412
Preferred B
10 *77s 818 Rubber Stocks (Cleeeiand)
Preferred B-B
100 80
801z Am Tire & Rub corn
Cities Service Bankers Shares •10Ix . _
40
Preferred
Com'w'ith Pow Corp new(() *3112 3112 Firestone Tire & Rub corn 10 •1223t 123
Preferred
100 83
84
100
6% preferred
9912
100
Elec Bond & Share pref.100 104 106
7% preferred
100 99 100
Elm Bond & Sh Scour ___ •65
66
General Tire & Rub corn. 50 *260 267
Else RI Securities
(2) *16
17
Preferred
100 120
Lehigh Power Securities.(:),*120 125 Goodyear Tire AR com.100 3612 371a
MimissIPPI Riv Pow corn 100' 82 85 Goody'r T & R of Can p1100 91
92
Preferred
95
100 93
Mason Tire & Rub oom.(2) •212 3
First mtge fe 1951
Jdr.r 9814 9914
17
Preferred
100 15
S F a deb 7s 1935__M&N 103
Igo 191 19978
Miller Rubber
Nat Power & Lt com___(2) *335 338
100 103
Preferred
Preferred
(2) •98 100
35
Mohawk Rubber
100 30
Income 7e 1972
244.1 101 10212
85
75
Preferred
North States Pow com_100 112 114 Selberling Tire & Rubber (2 *2314 24
Preferred
100 99 101
Preferred
10( 9911 101
Nor Texas Elea Co com.100 40
45 Swinehart Tire & R corn-100 12
17
Preferred
100 55 60
Preferred
1110
Pacific Gas & El let prof _100 - - -- 97
Power Securities cony_ _(() *14
18
Sugar Stocks
Second preferred
(() *34
38 Caracas Sugar
312
50 •2
Coll trust 614 1949___J&D *91
94 Cent Aguirre Sugar corn. 20 •86
88
Incomes June 1949__F&A *82
84 Fajardo Sugar
100 125 128
Puget Bound Pow & Lt_100 54
57 Federal Sugar Ref corn..100
55
ef% preferred
100 84
86
90
Preferred
100
100 d10612 10812 Godchaux Sugar, Ina_ (t) .7
7% preferred
10
let & ref 51.45 1949_ _J&D 9812 99
44
Preferred
100 37
NepublIc Ry & Light...loo 63 66
Holly Sugar Corp oom__(2) 537
42
Preferred
82
100 80
Preferred
92
100 89
South Calif Edison com_104) 122 124 Juncos Central Sugar...100 105 120
e% preferred
-. National Sugar Refining-1011 10312 105
100 130
Standard O&EI 7% pr p1100 99 101
New Niquero Sugar..._,iOn 85. 90
-Tennessee Elec Power_ ...(2) *60
Santa Cecilia Suit Corti Pf100
1
Second preferred
Savannah Sugar com____(f I •191" 128
Western Power Corp....100 7212 -73
Preferred
100 107 110
Preferred
100 97
98 Sugar Estates Oriente of_100 53
63
94
97
West Missouri Pr 7% pfr _ _
Industrial AMIsc•11
Short Term Securities
American Hardware - _100 95
96
Anaconda Cop Min 6s'29J&J 10278 10358 Babcock dr Wilcox
100 144 146
27
Chic RI & Pac Ls 1929 Jeri 9918 9912 Bliss(E W) Co new
(2) •25
98
Preferred
Federal Bug Ref 68 33M&N 96
60 *53 58
Hocking Valley 55 1926 M&S 10014 10012 Borden Company aom...(t) *82
84
Preferred
100 106 109
N C Term Ry 6%1.-1926 101 10114
28
Lehigh Pow Sec Os '27.F& A 101 10114 Celluloid Company
100 25
Preferred
Missouri PacifIc 58 '27 J&J 100 '10014
100 68
75
_
Childs Company pref
Sloss-Sneff Sari fls '29 FAA 1021
100 116 118
410178
- Hercules Powder
100 118 125
WI. Cent 51211 Apr 15 '27 _ _ 10038
Preferred
100 10812 11012
Joint Stk Land Bk Bonds 102111104
International Silver pref _100 106 11012
Chic Jt Stk Ld Bk 56_1951
10234 10414 Lehigh Valley Coal Sales 50 82
84
be 1952 opt 1932
103 10412 Phelps Dodge Corp
100 110 114
fra 1963 opt 1933
10414 10614 Royal Baking Pow cOm.100 140 143
5t4s 1951 opt 1931
102 10312
Preferred
100 100 102
4134s 1952 opt 1932
10034 10134 Singer Manufacturing -100 285 290
4501 1952 opt 1932
1934
102
1007
8
opt
1984
fie
102 ,10312
4,4e 1963 opt 1933
Pm Coast of Portland.(Ire
fis 1965 opt 1935.. M& N 10234 104
51 1954 op 1934.-- MAN 10212 10314
•l'er hare. t No Par value. S Basis d Purchaser also pays accrued dividends.
Flat price. k Last sAle. n Nominal. 2 Ex-dividend. y Ex-right.
•New stock. f
dividend. s Sale price. r Canadian quotation. 8 Ex-interest.
Erketeck
o
1215
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Aim.. 29 to Sept. 4, both inclusive:
Bonds-
rrtu4sy
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High. Week.
Amer Tel & Tel 4a_ __1929
Atl Gulf & W I SS L 5a 1959 74%
Chic Jet Ry &U 8 Y 431940
5s
1940
Crew & Levick 68....I928
Hood Rubber 7s
1936 104
Mass Gas 4%s
1931 96
Massey-Harris 83
1930
Miss River Power 53..1951 98%
P c Pocahon Co deb 66 1935
Swift ,Sr Co 58
1944 99%
Western Tel & Tel 50_1932 100
9754
74
85%
100
9734
104
96
101
9734
103%
99%
100
Range Since Jan. 1
Low.
High,
9784 51,000 9614 Jan 97%
Jan 74%
7434 42,500 63
85%
1,006 84
Feb 86%
100
2,000 96
Feb 100
9734 11,000 97% July 9814
1041.4 6,000 101% Jan 106
96
1,000 94 14 Jan 9734
101
1.000 101
Sept 101
98% 5,000 96% Jan 100
104
6,500 101
Aug 105
997.4 5,000 9734 Jan 100%
100
4.000 9934 Jan 100%
June
Sept
May
Sept
Aug
July
June
Sent
June
July
June
June
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 29 to Sept. 4, both inclusive, compiled from official lists:
Stocks-
irricsay
zaies
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
Armstiong-Cator 8% ig100
Arundel Corp new stock_ _• 3434
100 10%
Baltimore Brick
50
Baltimore Trust Co_
•
Benesch (I), corn
25
Preferred
Central Fire Insurance_10
ChM St Pot Tel Of 13814-101. 113%
50
Commerce Trust
• 30%
Commercial Credit
25 2434
Preferred
25 26
Preferred B
Canso'Gas, E L & Pow...*
100 104
6% preferred
100
634% preferred
106
7% preferred
106 127%
8% preferred
Consolidation Coal--.-100 52
100
Preferred
106
Continental Trust
East Roll Mill 8% pref_100
50 105
Fidelity & Deposit
Finance & Guar. pref-2/ .
Finance Seer, Class A-.10 19
10 10
Preferred
Houston 011 pref tr 0131_100
Lorraine Pet Co_ _lc shares
Manufacturers Finance_21 56
26 23
1st preferred
21 2434
2d preferred
26
Trust preferred
Maryland Casualty Co...21 9754
Merch & Min Tr Co_ -100 168
MOnon Vail Tree, pref-26
Mtge & Accept
•
50 .
Preferred
Mt V-Wood Mills v t r_100
106
Preferred v t r
New Amsterdam Cas Co.10 51%
50
Northern Central
25
Security Mtge, pref
Silica Gel Corporation...* 1934
United Ry & Electric__ 50
5b
US Fidelity & Guar_
Wash Bait & Annapolls_50 c
60 23
Preferred
West Md Dairy,Inc, pf-56
40
4034
34% 35
9
104
135 135
40
40
27
27
40
4034
113% 113%
59
59
30% 3134
24% 25
26
26%
4434 4554
104 104
109% 110%
113% 114
12734 12734
54
52
90
90
215 215
135 135
104 105
18% 18%
19
2034
10
10
8534 8654
134 14
56
56
2234 23
24
2434
23
23
97
9734
165 168
2234 2234
16
1634
4354 4454
1054 1055
58
59
5034 52
79
79
25% 25%
18
1934
1834 19
208 20834
16
17
2234 23
53
5334
20
510
1,074
10
146
24)
16
31
lb
745
221
167
394
30
20
34
185
151.
10
6
3
87
10
96
120
31
100
120
5'.
66
1).
287
87
1,
181
185
30
14
385
t
206
1.616
300
16
221.
151
15
Range Since Jan. 1.
Low.
High.
36
Apr
20% Mar
6
Jac
11134 Feb
3834 Jan
25
July
34
Jan
110% Jar
5734 Mar
2234 Mar
24
Apr
2434 Api
32
Jac
102
Jul)
105
Apr
109
Mar
Mar
122
36
May
80
July
201
Jar
Apr
111
89
Jan
18
May
1834 Jan
9
Jan
78
Apr
1
July
50% July
22 June
22 June
21
June
8234 Apr
115 ' Jan
20% Jan
1354 Jar:
4354 Jan
9% Apr
55
Mar
4234 Jar
7614 Jan
2534 May
12
May
1534 Apr
179
Jar
534 Apr
11
May
44
API
57
Jan
3934 July
10% Sept
140
Aug
40
may
2734 Aug
• 41
July
114% June
60
Feb
32
Aug
28 June
2634 July
47% Aug
Aug
104
110% June
114
Sept
127% May
72
Jan
103
Jan
Sept
215
140
Aug
105
Aug
1934 July
22
July
11
July
97
Jan
4% Feb
60
Aug
25
Jan
2534 Aug
2434 June
100
JU1Y
168
Sept
23 June
1854 June
45
Jan
15
Jan
87
July
56
JULY
8134 June
2534 June
22
Jan
1934 Anil
215
July
17
Sept
23 June
60
Aug
Bonds100% 100% $1,000 99% Jan 101
Alabama Co gen 63--1935 c
4,006 103% Feb 104%
104 104%
Bernhelmer Leader 7s-1945 104
1.006 8934 Jac 9034
9034 9034
Chart Con Ry.G&E 5s 1999.
100 10034
2,001. 9834 Apr 101
Commercial Credlt 68_1934 .
100% 10034 2,000 99 Junt 101%
Consolidated Gas 5E4_1939 .
94
1.004. 9234 Jan 94%
94
1959
General 4tis
99
99
1,000 99
Aug 100%
Cons G.E L & P Ser F59'6.5 .
99
Elkhorn Coal Corp 68_1921
9954 13,000 9734 Juin 100
1931
1.006 96
9734 97%
July
9834
Fairmont Coal 5s
1,000 92
9334 9334
Jan 9434
Lexington (Ky) St 5s-19414
3.000 75% Jan 85
85
85
Macon Dub & Say 53_1947
95% 9534
2.001 95
Mary'd Elm Ry 1st 50.1931 .
May
9734
1947 9534 9534 9534
1,000 95% Sent 100
6%s
6,001, 97
97
97
MInn St & St P C 5s_ _1928
Aug 97
9634 96% 1.000 96 June 9634
N News &0P 1st 5s _ _1938
101 101
1.006 100% Mar 101
Rai& Augusta 1st 643...1926
Titusville Iron Wks 76.1929 9934 9934 9934 1.000 9914 Sept 10134
6734 Sept 71
67% 8834 13,001
United Ry & Elec 45..1949
23,000 49
1949 5034 5034 51
Apr 62%
Income 4s
1936 7034 7
2,200 69
Apr 74
7134
Funding M
98
98
1927
4,000 9734 July 99%
8s
95
1949
2,000 93
Apr 96%
6
9534
IA a eh 13 1. 111..
Ca 1 Gal
,
7di,
'71
7A II RA nnn
kft
An? 7L1.(
034
Jan
Feb
Sept
June
June
may
July
Jan
June
June
June
Mar
Mar
Aug
Sent
Sept
June
June
Jan
Jan
Jan
Jan
Rant
• No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Aug. 29 to Sept. 4, both
inclusive, compiled from official sales lists:
Stocks-
Sales
',leak ,
Last Week's Range for
Week,
Sale
ofPrices.
Par. Price. Low. High. Shares.
100
Abbotta Al Dairy pref-100 .
9454
Amer Gm of Pa v t cr.- -50
• 7954 75
American Stores
109%
Bell Tel Co of Pa prof
105
100 107
Brill(JO)Co
40
54:
Cambria Iron
42
Consol Traction of N J.100
125 1334
Elsenlohr (Otto)
1234
85
100
Preferred
64%
Electric Storage Batt'Y-100
32
Giant Portland Cement.50
53
50 53
Preferred
Insurance Coot N A _ _ _ _10 5434 5434
754
Keystone Telephone__ _50
3
Lake Superior Corp_ _101
50 9214 9134
Lehigh Navigation
26
Lehigh Valley Transit...50 .
48
60
Preferred
10 2334 23
Lit Brothers
Alinehill & Schuyl Hay_ _50 6034 50%
North Pennsylvania-- -50 8034 8034
6934
Penn Cent Light & Pow_.*
47%
50
Pennsylvania
...
_
. RR
_
ectrlc o
100
99
8034
6
511
18,40i,
107
40
42
14
85
6434
32
53
65
7%
334
9634
26
48
2334
5034
8034
70
47%
1,92f
50
6
8,493
35
10
190
131
1,099
40
480
2,921
20
14
195
10
15
67
1,667
10934
6:_
Range Since Jan. 1.
Low.
93
80
4534
10734
95
38
3534
9%
8034
61%
17%
46
4634
6
3
8034
26
48
21%
50%
80
60
42%
Jac
June
Jar.
AM'
Mar
Mar
Mar
July
June
Apr
Jan
Jan
Feb
Jan
Aug
Mar
Sept
Jan
May
July
Aug
Jan
Apr
High.
101
100
88%
110%
109
40
43
14
8534
70%
3234
55
70
934
734
110
27
4834
25
53
82
7034
48%
July
Aug
July
June
Jan
Jan
Mar
Aug
Feb
Feb
Apr
May
Jan
June
Feb
June
Aug
July
June
July
Jan
Aug
Aug
ri,uuy
Last Week's Range for
Week
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
39
97
46
52
20
50
429
49
427
60
30
14%
3634
197
20
974
450
4
1,495
5
744
3934
9934 13,302
35
78
824
48
1,220
52
100
37
On
10.2,
Ok
di AM
t-..b.NaDVMOOM ,
VOC,
W010000M0M00000
Bonds83.100
93
91
Amer Gas& Elec 55...2007
112% 112% 1,000
Bethlehem Steel 65_ _ _1998
Elec dr Peoples tr ctfs 4545 6134 61% 6215 13,300
Keystone Tel 1st 5s_ _ _1935 914 9134 9134 4,000
2,000
96
96
Leh C & Nay cons 415s '54
1,000
94
94
Lehigh Valley annuity 441,
984 9834 5,000
Phila Co cons & stpd 513'51
1960 100% 10031 1004 17,000
Phila Elec 58
10134 102% 11,500
1966
18t55
1054 10534 5.000
1947
5358
1054 105% 1,000
1953
5155
10634 10735 17,000
1941 107
65
Jan
Mar
Mar
Jan
Mar
May
Feb
Aug
Mar
Aug
May
Aug
Jan
Aug
5135
51
6336
18%
37
98%
Mr
535
44
1004
97
48
57
38
a51155g5r045.25
9715
50
4434
5934
14%
3634
9715
11
415
384
954
78
4435
50
36
High.
Low.
gW.5551-011tinn
4811
60
1431
Range Since Jan. 1.
cl!-CMVM
•
Phila Insulated Wire
Phila Rapid Transit____50
Philadelphia Traction___50
50
PhIla & Western
50
Preferred
ScottPaper Co pref._ _ _100
Tono-Belmont Devel__ _I
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
Victor Talking Machine Co
WestJersey &Sea Shore-50
50
Westmoreland Coal
50
York Rys pref
94 June
July
113
Mar
65
92% June
101 June
Aug
94
9834 Sept
103% June
103% June
107 June
10754 May
108% June
0534 June
* No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Aug. 29 to Sept.4, both inclusive,
compiled from official sales lists:
Stocks-
[Vol, 121.
TII E CHRONICLE
1216
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
All America Radio CI A..5
Amer Pub Serv, pref....100
American ShipbuildIng_100
Armour & Co (Del), pf-100
Armour & Co, pref---100
Common Cl A v t c_25
Common Cl B v t c-25
25
Auburn Auto. corn
Balaban dr Katz v t c..25
Beaver Board vtcB
Preferred certificates_ 100
Bendlx Corp Class A__ _10
•
Borg dr Beek
Bridgeport Machine Co--*
10
Bunte Bros
Case (J I), let pref _ -100
Cent 111 Pub Serv, pref_ *
Cent Ind Power, pref_ _100
Chic City ar Con Ry pt sh
•
Preferred
Chicago Fuse Mfg Co- •
Ch No Sh & Mil,com_ _100
100
Prior lien
Chicago Rys part ctf Ser 4
Chic Title dr Trust rights.Commonwealth Edlson.100
10
Consumers Co
100
Preferred
•
Continental Motors
25
Crane Co
100
Preferred
Cudahy Packing Co_ _100
Daniel Boone Wool Mills 25
100
Deere dr Co, pref
100
Diamond Match
Elec Research Laboey__ -•
Evans dr Co, Inc, CI A_ _5
•
Fah' Co (The)
100
Preferred
Foote Broe(G & M)Co..'
•
Gill Mfg Co
Godchaux Sugar
•
Goasard Co (H W)
Great Lakes D & D.._.100
Hammermill Paper Co_ _10
10
Hupp Motor
•
Hurley Machine Co
100
Illinois Itrick
Illinois Nor Utilities, Pt 100
Indep Pneumatic Tool_ •
Kellogg Switchboard_ _25
25
Kraft Cheese Co
Rights
La Salle Exten linty(Ill)_10
Libby,MeN&Libby,new.10
10
Lindsay Light
•
Maytag Co
McCord Radiator Mfg A.*
•
MeQuay-Norris Mfg
Middle West Utilities__ •
100
Preferred
Prior lien preferred..100
Midland Steel Products_ _•
Midland ULU prior lien.100
Morgan Lithograph Co_
Nat Carbon, pref, new_100
Nat Elec Pow Corp"A" w 1
100
Preferred
10
National Leather
Omnibus, pref A, w 1_ _ _100
Voting trust etre w I..
10
Pick (Albert) & Co
5
Pines W1nterfront A
•
Pub fiery of Nor Ill
_100
III-Nor
Pub fiery of
100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
Real Silk Hosiery Mills-10
10
Reo Motor
Ryan Car Co (The)._ _25
Southw G dr E 7% pref_100
Stand Gas& Elea, pref..50
Stewart-Warner Speedom.•
100
Swift & Co
15
Swift International
Union Carbide dr Carbon.'
United Iron Works v t c_50
United Light dr Power•
Common Class A
•
Common Class B
•
Preferred Class A
•
Preferred Class B
United Paper Board...100
20
U S Gypsum
Univ Theatres Cone Cl A.5
Utilities Pow & Lt Class B.
•
Wahl Co
Wanner Malleable Castle*
594
9511
90
14%
4211
7315
33
2914
9
415
37
100
40
138
4
5115
9
115%
98
294
28
3134
3836
180
18
3234
97
204
74
1
21
10634
98
105
51
101
5715
2334
954
44
90
12
19
46
12434
12434
99
1044
6014
23%
69%
1134
2615
7234
Range Since Jan. 1.
Low.
455
28
83
92%
140
60
782
964
945
90
2311 4,020
1434 4,725
14,550
43
734 2,475
150
4
20
30
334 1,310
304 2,575
400
9
200
13%
50
4
315
87
68
89%
18
89
49
90
84
194
1134
3134
51%
354
214
24
2414
8%
114
114
84
89
June
Mar
Apr
Mar
Apr
Mar
Apr
Aug
Feb
July
June
Mar
Mar
Apr
Jan
Jan
Jan
Feb
290
415 415
260
29
29
315
39
37
23
9911 100
12
15
4
875
46
40
13515 136% 1,006
700
4
4
264
5115
50
675
94
9
30
60
60
336
1154 117
10
98
98
50
1
1
10
103 103
410
121 123
400
294 2914
500
2735 2815
7,155
31% 32
135
10414 105
100
1315 13%
125
434 5
25
34
630
374 3834
13,770
149 180
100
3134 3131
1715 1815 1,780
305
50
49
330
32% 33
35
9035 91
125
65
85
325
39%
38
9935 4,850
95
415 535 1.100
1815 2015 7,180
74 711 2,551
1 15.300
1
5,915
22
21
50
41
41
465
1814 1915
2,745
1024 110
798
9711 98
512
105 107
1.885
57
51
681
1004 101
5834 1,000
57
32
125 125
3.085
2331 24
300
95% 9554
495
434 411
295
9111
90
1,590
1335
12
570
19%
19
470
48%
46
248
12414 127
110
12411 128
70
99
96
161
108% 10835
90
117 118
405
104% 105%
5715 61% 9,200
224 2315 2,840
225
18
18
25
9715 9715
105
54%
53
6715 7015 7.175
1,947
112 114
2515 2615 2,710
7015 7315 9,400
50
2
2
314
27%
37
99%
M
40
13034
M
30
831
51
113
79
M
83
1154
15
2334
3134
103%
12
4
3
2614
9435
29
1414
4115
28
85
50
3715
3515
3
1434
64
1
204
3715
13
8235
914
98
3215
984
42
120
2311
94
4
89%
11%
1715
33
10715
108
92
102
95
10215
48
1415
18
9235
50
5535
10915
24%
65
/4
Apr
Aug
Sept
Sept
Jan
Sept
Apr
Jan
Mar
Jan
May
Apr
Jan
July
Jan
Feb
Mar
Mar
Aug
July
Apr
Jan
Jan
Jan
Jan
Apr
Mar
Mar
May
Jan
Apr
June
Jan
Aug
June
Apr
July
Aug
Apr
Mar
Feb
Jan
Jan
Jan
Apr
Mar
Feb
Aug
Aug
Apr
June
May
July
June
Jan
Jan
Jan
July
Apr
Jan
Mar
Mar
Sept
July
Jan
Mar
Apr
June
Mar
Feb
27
92%
59
954
894
2215
13
3411
72
4
30
32%
294
9
13
4
86
894
12,200 44
125 134
175 49
165 170
1,828 81
94
94
199 42
51
50
54) 184
204 2034
189 19935 2,990 112
198
24
50
24
24
25 134
19
19
9%
1,105
10
9%
934
50 22
33
33
134
94
High.
364
9331
61
98
94
24
15
43
8315
7
40
36
30%
10%
14
4%
9115
93
Feb
Mar
Aug
June
Feb
Feb
Feb
Sept
July
Apr
July
Jan
Aug
May
Jan
June
Mar
May
Jan
Apr
Aug
Sept
Jan
Aug
June
Aug
Aug
May
Feb
Feb
Feb
Jan
July
July
Jan
Jan
Mar
Mar
Mar
May
May
July
Sept
Aug
June
Jan
Aug
Apr
Jan
Jan
Sept
Aug
Aug
sy, Jan
235 Feb
224 Aug
42
Feb
1915 Sept
July
125
98% Mar
107% May
Aug
57
101 June
59
Aug
July
130
26% July
964 June
611 Jan
9515 Feb
1735 Mar
2315 Jan
Jan
74
12815 Aug
1284 Aug
100 June
110% June
Mar
400
July
106
75% Feb
244 July
2534 June
9735 Aug
5414 Sept
7711 Jan
12035 Feb
Jan
36
7415 Aug
Jan
5
935
39%
4115
100
34
52
1414
415
53
11%
70
118
1014
715
105
129
374
30%
3535
10914
16%
7
934
42%
180
32
204
56
3411
92%
70
48
9934
6
22
Mar 1354 Aug
Aug
Jan 175
Apr 99 June
Jan 54 June
Apr 22% Feb
Aug
Feb 200
Jan
Aug 53
May 19 July
Sept 23% Feb
Jan 35 June
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluaed) Par Price. Low. High Shares.
674
Ward (Montgom)& Co_10 69
115
100
Preferred
• 1154 11515
Class A
9%
Wolverine PortiCement_10 10
52
• 53
Wrigley Jr
29
Yates Mach panic pref..* 29
Yellow Cab Mfg, Cl B..10 4034 4034
4634
Yellow Cab Co,Inc (Chic)* 47
BondsChic CIty&Con Rys 58 1927
Pub Serv 1st ref g 5s..1956
S W Pub Serv 6%"A" 1950
Swift dr Co 1st 5 f g 5s_1944
•No par value.
9634
99
71
11534
118
10
5434
30
41
47
High.
Low.
Mar 724
2,210 41
159 11234 Apr 120
50 110 May 123
031 Sept 144
75
4,920 4635 Jan 5414
July 314
2,570 28
755 3231 Feb 4811
July 5515
990 45
4634 $11,000
9654 4,000
2,000
99
9914 2.500
464
964
99
9994
Range Since Jan, 1.
July
July
Jan
Jan
Aug
Aug
June
Jan
Mar
Apr 63
46
Jan 10234 June
92
July
96% Aug 99
Jan 10031 May
98
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Aug. 29 to Sept. 4, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Bank StocksFirst National Bank__ _100 221
Nat'l Bank of Comm_ _100
221
146
221
146
Trust Company Stocks100
American Trust
160
160
Street Railway StocksUnited Railways, com_100
100
Preferred
Preferred ctf of deo_ _100
Miscellaneous StocksAmer Credit Indeminty_25
•
Best Clymer Co
100
Brown Shoe, corn
100
Preferred
Cert-teed Prod, 1st pf__100
•
EL Bruce, corn
100
Preferred
Ely & Walker D G,com.25
Fred Medart Mfg,corn- •
Fulton Iron Works,corn_ •
lo0
Preferred
Hamilton-Brown Shoe_25
•
Hussmann Rein. com
•
Huttig S &D,corn
100
Preferred
Hydr Press Brick, com_100
100
Preferred
•
Indep Packing Co
....A00
do
Do
International Shoe, corn..'
100
Preferred
•
Johansen Shoe
Johnson-S. & S. Shoe_ _ _•
•
McQuay-Norris
•
Mo-Ill Stores, corn
Missouri PortI'd Cement.25
Natl Candy, 1st pref_ -100
100
Common
•
Pedigo-Weber Shoe
Rice-Stir DO.com_ __ _100
Seruggs-V.-B D.G.,com100
100
Scullin Steel, pref
*
Skouras Bros, "A"
Sou Acid & Sulph,com-100
Southwest'n Bell Tel, pf100
Wagner Electric. com____•
Wagner Elec Corp., pf _100
Mining StocksGranite DI-Metallic
48
60
674
39
63
35
7
95
187
117
10034
6914
44%
50
37
10
Street Railway Bonds Bt. Louis & Suburban RyGen mtge 55, ctf dep 1923
United Railways 45.. _1934
4s, certif of deposit _1934
145 160
100
100
250
48
48
60
55
134 134
1074 108
104 105
57
58
100 100
294
28
3335
33
3915
39
9814 984
66
51
4415 45
36
35
102 102
7
74
9415 95
2931 3035
104 1054
184 187
1164 117
4534 46
10015 110
1935 1934
1315 1335
6915
67
108 108
944 95
45
43
210 210
1144 1144
10715 10715
464 50
290 29235
110% Ill
3934
37
8615 88
15
135
50
107
91
210
82
862
41
50
20
3,495
25
885
10
669
250
1,553
220
595
72
60
537
20
30
2,969
10
170
640
50
25
3
1,020
30
147
670
18C
25c
High.
Low.
Aug
Feb 222
10 205
5 14335 Jan 15015 Feb
200 20e
514 515
515 515
250
Range Since Jan. 1.
300
77
77
53,000
6831 69
23,000
673-4 8735 6,000
Aug 165
July
8c Feb 25c June
734 Feb
4 June
Feb
411 Apr , 7
3635 Jan
124 Feb
69 Ivkr
984 Apr
Jan
87
Apr
38
Aug
100
2234 Jan
Apr
30
35 May
98 June
4415 Jan
3794 Mar
3154 Mar
100
Apr
5 June
Jan
81
Aug
28
102% Aug
Feb
115
11535 July
Mat
40
Aug
80
1415 May
1315 Aug
4135 Feb
Mar
107
Apr
94
Mar
40
Aug
200
Feb
104
100 May
Apr
36
290 Sept
10715 Apr
2615 Jan
Jan
79
25c
Sept
Aug
77
684 Sept
674 Sept
60
60
134
10815
105
59
10115
30
3434
43
10215
66
47
40
102
844
96
3334
10715
19735
122
5234
80
194
1614
7235
108
107
484
210
11634
107
4814
29235
112
50
91
Feb
Aug
Aug
Aug
Sept
July
June
Aug
Feb
July
Feb
Sept
July
Feb
Aug
July
May
Aug
hug
July
June
Jan
40e
May
Aug
Sept
Apr
July
Aug
Jan
May
Sept
July
Aug
Sept
Sept
June
Feb
Feb
8335 Mar
Jan
74
7351 Jan
•No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange. Aug. 29 to Sept. 4, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares,
Am Vitrified Prod, com.50
Am Wind Glass Mach- _100
5%
Arkansas Nat Gas, com_10
Birmingham Fire 'ins...50
Byers(AM)Co,corn....*
100 94
Preferred
Carnegie Metals
100
Colonial Trust Co
Consolidated Ice, pref _ _50
Duquesne Light, pref _100
Fayette County Gas_ _ _100 ......
First National Bank...100
275
Indep Brewing, cora_ _ _ _50
Jones & Laughlin, pref _100
25
Lone Star Gas
Merchants Sav & Trust.100
Nat Fireproofing, cam_ _50
50
Preferred
25 324
Ohio Fuel Corp
1
Ohio Fuel Oil
Oklahoma Natural Gas_.25 2974
34
Pittsburgh Brew, corn_ _00
go 1334
Preferred
Glass-100
Pittsburgh Plate
Pitt/ Steel Fdy, pref_ _100 714
Pittsburgh Trust Co__ -100
654
Salt Creek Consol 011
1
San Toy Mining
100
pf
pr
Glass.
Plate
Stand
Stand SanIt Mfg, rom_25
10
Tidal Osage 011
Union National Bank
25 14
U S Glass
Washington Trust Co..100
West'house Air Brake_.50 126
BondsPittsburgh Brew 6s;..1949
2715
27
9235 9294
596 534
8815 8835
174 1731
934 94
1534
15
200 200
16
16
110 110
95
95
325 325
215 3
11515 115%
4294 4334
6534 65%
1436 1454
3414 3474
3215 32%
1435
14
2934 30
234 314
lig 1334
280 282
714
71
225 225
014 614
2c
20
80M 80%
10831 108%
034 034
380 380
14
14
540 540
125 1324
35
30
900
40
100
2,200
125
6
100
10
75
10
200
117
1,104
5
200
330
2,069
890
1,025
1,375
530
66
120
2
100
1,000
25
657
15
5
850
9
165
Range Since Jan. 1.
Low.
High.
194 Jan
Jan
88
54 Apr
8835 Sept
17
July
July
93
Aug
14
Jan
190
12 June
10534 Jan
90 June
3124 June
114 Mar
1114 Jan
Jan
32
60 MOS
1134 Jan
3174 Jan
Apr
31
Mar
12
Jan
26
1% Mar
Mar
6
Aug
255
69 June
Jan
220
614 Aug
20 Sept
Aug
80
100 Julie
84 Jan
Feb
380
Apr
13
July
515
Apr
97
264 Aug
Mar
110
8% Feb
8815 Sent
193.4 Juno
944 JUDO
Aug
16
225 may
Aug
17
11115 July
Aug
95
Aug
325
33-4 Apr
1154 Sept
444 Aug
654 Aug
1434 June
36 Juno
3434 Feb
164 Mar
3134 Feb
Feb
4
1315 Sept
Feb
295
7034 June
225
Aug
Feb
9
8c Feb
Jan
98
Jab
136
1351 Feb
380 Sept
204 Jan
Aug
540
14015 Aug
0154 Sent
0844 Ma.,
75 Salt
282;
at
Glass
15
Plate
reported:
Pittsburgh
not
and
week
Note.-Sold last
Creek Consolidated 011 at 634.
• No par value.
9135 9134 $9,000
7.080
9714
0714
85
Mt
Mar
Mar
SEPT.5 1925.]
THE CHRONICLE
Cincinnati Stock Exchange.
-For this week's record of
transactions on the Cincinnati Stock Exchange see page 1196.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Aug. 29 to
Sept. 4, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Week Ended Sept. 4.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Indus. & Miscellaneous.
10
Acme Packing
Adirondack P&L 7% i1100 101
18
Aero Supply Mfg,Cl A._
Class B
• 1154
•
Allied Packers, corn
Alpha Portland Cement 100
Amalgam Leather, corn. *
Amer Gas & Electric
75
Common
Preferred
* 11
American Hawaiian 13.4_ _10
Amer Lt & Trao, com--100 212%
Preferred
100
Amer Multlgraph,corn._ _• 20
Amer Pow & Lt coin new.' 55%
100
Preferred
Amer Rayon Products. _• 33%
Am SuPerpow Corp.Cl A.* 35
Claes B
• 3555
American Thread, pref._ _5
Armour & Co (Ills) comB26 1434
Preferred
100
Memo G le E Class A____• 37
Atlantic+ Fruit dr Bug_ •
Atlas Port' Cement new... 551:
Boissonnault(G) Co
• 78c
Borden Co,corn,exch stk50
Corn subserip stock_._50
Preferred
100
Brazilian Tr, L & Pow.100 7135
Bridgeport Machine corn.'
8%
Brit-Am Tob ord bear__51
Brooklyn City RR
10
734
Brown& Will Tob,Cl B-10
Buff Gen Elec. new corn..'
Can Dry Ginger Ale new...* 36%
Canadian Indus Alcohol...
Car Ltg dr Power oom---25 ---334
Carolina Power & Lt---100
Celluloid Co, corn
100 26%
Preferred
100
Centrifugal Pipe Corn ---• 17%
Chapin-Backe Inc
• y544:
Chia Nipple Mfg,Cl A...50 374:
Class 13
50 16%
Childs Co, pref
100
Christie, Brown & Co
Cities Service
384
Preferred.
100 84
Preferred B
10
Preferred BB
100
Bankers' shares
Cleveland Automobile com• 2151
Preferred
100
Colombian Syndicate
1%
-Oona'wealth Pow CorpCommon new
100 33
Preferred
•
Warrants
49
Cons Gae.E L&P Bait new• 444
Continental Baking.comA• 13814
Common B
• 35%
g% preferred
100 10444
Continental Tobacco
15
Cuba Company
• 464
Cuban Tobacco v to
52
Curtiss Aeropl & M,cora_• 17
Preferred
100
Davies(Wm)Co Class A_•
De Forest Radio Corp....'
Doehler Die Casting
* 14%
Dubiller Condenser A Bad'
Dunhill International_ _
Durant Motors. Inc
• 12
Duz dc Co, Class A v t 13._• 20
Eisenlohr (Otto) & Bro_100 144(
Kieo Bond & Share,pre/ 100 10444
Elec Bond & Share Sec • 654
Else Invest without warta' 574
By Securities
•
Ely dr Walker DO.com_25 28%
Engineers Public fiery come 22%
Preferred (50% paid). • 100
Eureka Vacuum Cleaner.'
Fageol Motors Co, com_10 11
Preferred
10
Fajardo Sugar
100
Federal Motor Truck---10 324
Federated Metals
• 29%
Film Inspection Mach
•
541
Ford Motor Co of Can-100
Fox Film class A
6844
Franklin(HE)Mfg corn.' 30
Preferred
100
Freed-Eisemann Radio...'
•
Freshman(Chas)Co
' Garland Steamship
3 710
•
84
Oared Corporation
Gen,G & E of Del CIA w I* 5734
•
Class B w
Class A preferred
Gen'
. Ice Cream Corp w I.• 37
Georgia L,P&Rys,com_100 60%
Gillette Safety Razor.....• 90%
• 136
Glen Alden Coal
Goodyear Tire & R.00m100 3634
Gould Coupler. Class A._• 21%
Crean= Bakeries Inc_ _ _ _• 19%
Grimes Ra & Cam Rao_ _• 2255
Happiness Candy St el A.*
8%
Founders' shares
• 19
Hazeltine Cory
Hellman (Rich), Inc,
Preferred with warrants• 32
Hercules Powder, pref _100
•
Hayden chemical
1%
•
Hood Rubber, corn
• 51%
Horn & Hardart Co
Hunt Bros Pack el A_ •
2o
2c
101 101%
18
18%
11% 11%
441 454
136 136
9% 9%
1.900
300
2,200
6,945
75
300
7,000
120
2,000
800
3,400
1,00
10,600
40
3.900
17.900
1,000
1,100
300
100
100
900
800
900
300
400
200
3.700
200
3,400
60
260
20
3,800
6,600
600
600
10
500
14,400
1,000
200
1,600
200
400
10
12,700
3034 34%
82% 83%
49
5255
44
45%
13634 140
3355 36
103% 10634
1534
15
47%
46
52
48
16% 1744
75
75
3444 34%
2234 234
1434 144
16% 18
21% 22
11
124
22
20
1234 144
10434 105
6444 65%
5734 594
164 174
284 2844
224 244
99 100
47
49
84 1544
844 1034
125 125
30
33
29
29%
5
554
480 482
71
67
2851 33%
88
88
10% 11%
15
16
71e 71e
7% 8%
56
60
55
58
105 105%
36
37
60% 65
914
84
13135 136
33% 3844
21% 22%
19% 19%
22% 2444
834 9%
8% 841
18
19
18,100
900
500
6,400
2,100
47,800
2,800
700
2,200
3.600
800
100
100
1,200
100
800
200
4,400
1,100
5,800
5.460
9,800
6,80
700
100
2,100
3,600
1,100
161,800
700
40
2,800
700
7,900
50
14,900
4,200
25
440
2,600
400
2,500
4,500
2.100
400
1.700
500
16,900
2.900
33,100
2,500
1.900
500
7.300
600
1,700
33
110
2
6334
54
25%
Low.
High.
1,000
2c July
Sc
100 92
Jan 107
1,000 18% Sept 18%
100 1135 Sept 11%
400
4% Sept 10
10 131% Aug 136
100
844 Apr 1034
74% 76
90% 90%
10% 11
206 220%
101 101
20
20%
5351 56%
9355 9454
33% 34
34% 35
37
35
4
4
125( 14%
88% 8955
36% 38%
78c 85e
52
55%
780 90c
85%
84
8254 8235
10755 10754
7155
69
854 955
25%
25
734 8
16
16
59
62
34
38
154 1535
3
355
394 396
23
2651
69
69
1755 17%
5355 56
3755 37%
16% 16%
115 115
52
57%
38
38%
8314 84%
7% 744
78
80
194 1934
2155 21%
97
97
135 155
32
110
134
Oil 41
51
25%
Range Since Jan. 1.
68% Feb
8344 Apr
834 May
Jan
187
94
Jan
18% Mar
48% Feb
84
Apr
26% May
26% Mar
2734 Mar
34( Jan
1144 Apr
84
Apr
25% Mar
780 Sept
44 June
310 May
67% Mar
6735 Mar
Jan
106
49% Apr
454 Feb
2434 June
744 May
Jan
10
Apr
50
344: June
1544 Sep
144 Jan
Feb
300
18% Jun
65 Jun
Mar
10
1655 Jan
29
AP
1134 Jun
11355 Jan
52 Sep
85
Ma
81% Jan
751 Ma
Mar
77
17% Mar
21% Sept
89
Feb
600 Jan
Jan
May
Sent
Sept
Feb
Aug
July
8434 May
9034 July
134 Feb
224
Aug
1034 July
22
Jan
674 Jan
95
July
51% June
30% July
41
July
4% Feb
15
Feb
9444 Feb
454 Aug
134 Mar
55% Sept
355 Feb
87
July
86
Aug
113 May
71% Sept
11
May
2844 Apr
93,4 Feb
16% Aug
7555 July
51% July
1555 Sept
555 May
445
July
26% Sept
97
Jan
2734 Jan
56
Aug
40 June
17 June
117
Feb
5755 Aug
43
Feb
84% Aug
8
Aug
82% May
2144 Feb
1944 Feb
99 June
234 May
3034 Sept 43% May
7944 Jan 85 May
254 Feb 88
May
8144 Jan 47% Aug
Jan 144
108
July
2144 Jan 3934 July
914 Jan 10655 Aug
144 Aug 26% Jan
354 Apr 51
July
644 Jan 52 Sept
Feb 22 May
13
Mar 79 May
55
254 July 3454 Aug
18% Mar 84
Feb
Apr 20% Jan
10
1234 Mar 3551 Jan
21% Sept 31
Jan
94 Aug 21
Jan
20 Sept 224 July
12% Aug 14% Sept
10134 Apr 107
July
5545 * 91% Feb
to
6634 July
1254 Mar 174 Aug
28% Sept 284 Sept
2234 Sept 29
Aug
99 Sept 100
Aug
46 May 524 June
64 Aug 154 Sept
8% Sept 104 Aug
120
Feb 129
Apr
30 Sept 3934 Aug
2555 Aug 2934 Sept
4% June 113: Jun
462
Mar 524
Feb
47% June 7255 Aug
16% Apr 4254 July
78
Apr 92% June
7
Apr 33% Jan
934 Mar 28
Jan
60c Feb 7Ic Sept
2
Apr 17% Jan
545( Aug 64% July
45
Aug 6244 July
103
Aug 106
Aug
34
July 41
July
31% Jan 7755 July
6755 Jan 91% Sept
117
Feb 145
Aug
24% Jan 38% Aug
20
Aug 25
Aug
15% Mar 21% May
9
Mar 27
Aug
6% Jan
9% July
5% Feb
954 Aug
1434 June 5134 Jan
2.600 32
Sept 334
200 1044 Feb 115
1,200
144 Apr
3
500 6154 Aug 64
1,500 46 May 58%
100 25% Aug 26%
Aug
May
Jan
July
Mar
June
1217
Friday
Sales
Industrial and
Last Weds Range for
ofPriem
Miscellaneous Stocks
Sale
Week.
(Concluded).
Ear. Pries. Low. High. Shares.
Imperial Tob 010 B &
______
Intercontinental Rubb_100 14
Int Concrete Ind Fdre shr•
934
Inter Match non-vot p1.35 5131
Int Utilities, Class A
• 3234
Class B
• 10
• 16274
Johns-Manville Inc
Jones(Jos w)Radio mfg.'
• 4034
Keivinator Corp
25
Kraft Cheese
Lehigh Power Securities_ _• 12231
Lehigh Valley Coal Bales 50 8054
Leh Vali Coal etla new
3834
Lehn & Fink Products...* 3634
Libby McNeill & Libby-10
Libby Owens Sheet Glass25 188
Liberty Radio Ch Stores..'
834
Lupton (F H)Pub class A*
Marconi Wirel Ter Load_ £1
63,4
• 2034
Maytag Co, w I
McCord Red & Mfg vto •
100
Mengel Co
Mercantile Stores Co_ _100
•
2
Mesabi Iron Co
Middle West Utilities corn' 107
100 105
Prior lien stock
100 9734
Preferred
Midland Steel Products-• 52
Midvale Co
Miller Rubber corn....100 193
Mississippi River Pow_100
Mohawk Valley Co new...* 39
Moore Drop Forge, CIA.' 65
Motion Pict Capital corp• 1754
Municipal Service Corp_ •
Mu-Bad Radio Corp
• 1634
Music Master Corp
10
National Leather
Nat Power & LIMA. oom-• 335
•
Preferred
Nat Pub Berv CIA coin... 25
• 1731
Class B common
• 434
National Tea
New Me:& Aria Land_-1 1054
• 2954
NY Mdse Co. Inc
NY TeleP 654% pref__100 11254
Nickel Plate corn new w 1- 9155
Preferred new w I
-• 60
Nizer Corp cum
• 5834
Claes B
No Mex Pr & Dev com_100
Northern Ohio Power Co.' 1054
Nor Ont Lt & Pr corn--100
Ne States P Corp.com-100 112
100 100
Preferred
Nor States Pow Del waents 12
100 6934
Ohio Traction pref
• 1231
Omnibus Corp v t o
Outlet Co corn
100 100
7% preferred
Pathe Exchange Inc al A_• 74
peons power & Light, pf-• 10434
Penns Water & Power_100 158
25 46
PhDs Electric, corn
Pittsb & L ERR corn.. _50
Pittsburgh Plate Glass_100
Power Corp of NY.'rem-• 7934
• 5255
Pratt dr Lambert Inc
Puget Sd P & L, corn_ _100
Purity Bakeries class A.25 45
Clam B
Pyrene Manufacturing_ _10
Rem Noiseless Typew, A.. 44
100
Preferred
10 2355
Boo Motor Car
5
Republic Mot Truck v t c__
Republic By & Lt. pre1.100 7934
251
Rove Radio Corp tr
Royal Typewriter corn_ •
• 8134
Bt Regis Paper com
• 30
Serv. El. Corp. el A
Sherwin Williams, corn. _25 4234
Silica Gel Corp corn v t c-• 20
Singer Manufacturing _100 287
Singer Mfg Co, Ltd_ _fl
•
Sleeper Radio v t
Sou Calif Edison com--100 12334
BouthCitiesUtil Co com100
5434
South Dairies CI A w
Class B w I
3334
•
Southern & P el A
B'eastern Pr & Lt corn..' 1403.4
New w I
2834
Southw Bell Tel,7% of 100
Stand Motor Constr _ _ _10
Standard Pr & Lt el A_ _25
Stand Publishing Cl A-25 204
Stutz Motor Car
• 134
Swift & Co
100 11334
Swift International
15 2644
Thermiodyne Radio
• 12
Thompson(RE)Radio vto• 1134
Timken Detrolt Axle_ _10
854
Tob Prod Export Corp...'
334
Trans-Lux Day Pict Screen
Class A corn
•
631
Trumbull Steel. coin_ _ _25
934
Tubize Artif Silk A v o-•
Class B, corn
173
Tulip Cup Corp
•
Union Carbide & Carbon.. z7255
United Elec Coal Cos v t c_ 40%
United 0&E corn new_ •
United Gas Improvem1.50 97
United Lt & Pow tiom A • 13334
United Profit Sharing--1
United Shoe Mach com_ _25 4434
20
L.T S Gypsum eom
955
U 8 Light & Heat com-10
10
455
Preferred
U 15 Rubber Reclaiming--•
534
Universal Pictured
• 4134
Vick Chemical Co
Victor Talking Machine100 78
1431
Va-Car Chem (new co) WI
4855
Preferred w I
8634
Prior preferred w 1
20
Walworth Mfg
Warner Bros Piet com-• 17
5
Wayne Coal
Western Pr Corp. oom-100 7234
100 95
Preferred
Wilson & Co(new) w I..........
• 28
Class A
6955
Preferred, w 1
Yellow Taxi Cori% N --•
9
25
25
134 1534
854 1034
51
5134
34
31
9% 1054
162% 173
3% 3%
4055 44%
95% 9955
12135 132
8034 83%
37% 38%
3655 37
7% 755
188 195
8% 8%
3% 344
655 655
20% 22
2155 2254
64
65%
14454 144%
2
2
102% 108%
105 106%
97
9735
51
58
20
21
190 200
6355 6355
36
39
65
65
1734 1755
1335 14%
435 5
15% 17%
4% 4%
329 342
99% 9974
24
2551
17
17%
425 445
8% 10%
29
30%
112% 112%
8954 91%
86% 87
59% 61
56% 60%
3655 37
10% 1034
47% 4835
111% 114%
100 10055
12
1434
6654 69%
1255 1354
38% 38%
100 100
66% 75%
104 10455
166 165
46
47
150 151
280 280
76
8055
5054 55
5554 56
43% 4554
40% 41%
10
1034
44
44
106 106
22% 23%
5
5
7955 79%
155 355
30
31%
79
8254
29% 3055
42% 4255
1855 20
280 287
7% 8
6% 7%
12055 124
5351 5.3%
5255 55
324 3555
22% 23
140 147
2655 30
11055 110%
334 3%
23
23
20% 21
9% 1355
11141 113%
254 26%
12
1234
1151 12%
834 8%
355 4
6% 6%
9
1335
160 180
167 173
1555 1555
7055 73%
405( 4154
4455 4454
9551 99%
124 1345(
14
1451
42% 4455
19855 198%
6% 10
35( 431
551 5%
36
36
41% 4151
73% 78
12% 1454
45
4855
85
86%
24
25
165( 17
15e 50e
67
7334
92
99
1155 1154
27% 28
6934 6955
9
1034
500
2,500
1,300
4,300
600
6,800
875
200
3.600
350
3,400
885
3,900
4,500
1
200
2,800
100
200
19.100
1,200
600
100
200
5.900
260
60
900
500
1,400
100
1,600
100
400
300
3,100
5,800
800
1,750
10
4,100
1,800
150
19,900
1,900
150
2,200
900
1.600
12,000
200
5,000
550
350
75
800
1,100
1,500
100
200
9,600
200
420
900
20
10
26,000
1,400
400
1,700
1.000
400
100
25
7.900
100
10
5,100
200
6,100
24,900
200
1,100
20
600
1.400
2,150
600
22.300
42,700
1.100
3,200
6,800
40
200
100
2.600
17,100
250
2,900
1.400
3.500
1.400
1,300
Range Sines Jan. 1.
Law.
Jan
21
534 Jam
7
Mar
8744 Jan
31 Sept
634 may
163
Aug
I May
1844 Feb
64 May
82
Feb
78 May
33
Mar
384 Aug
64 Apr
182 June
651 June
355 June
6% Aug
3054 Sept
2155 Sept
30
Jan
140 June
2
July
8244 Feb
9844 Jan
91
Jan
51
Sept
20
Aug
145 June
47 May
36
Aug
6335 Mar
17
Mar
1234 July
434 Sept
84 Mar
4
Apr
18444 Feb
95
Jan
2234 June
14 June
230
Jan
844 Jan
29
Aug
11074 Jan
8234 Aug
8155 Mar
37
Apr
4334 June
3074 Aug
644 May
4334 July
10234 Jan
9454 Feb
6
Feb
62
Aug
12 May
38
July
100
Aug
1244 Mat
104
Seri
127
Jan
39
AP
142
Aug
260
July
33
Jan
40
Feb
49
Ma
85
AD
34
Mar
934 July
37
Mar
9655 Mar
1544 Apr
5
Sept
78
July
234 Sept
20
Feb
3655 Apr
9% Am
4214 Sept
1235 Mar
1993.4 Jan
4
Mar
444 May
10134 Jan
5334 Sept
5354 Aug
3234 AUg
2235 Sept
52% Feb
283.4 Aug
10634 Mar
3% Jan
23 Sep
e19 May
Apr
6
109 May
2434 June
634 Mar
a May
374 Jan
33.4 May
1,300
634 Aug
16,100
934 Sept
2,400 147
Aug
420 156
Aug
100 1434 Feb
8,600 66
Mar
1,600 4034 Sept
42 25
Feb
5,200 9034 Feb
32,000 4434 Mar
1,000
53( - Jan
200 40% July
Feb
100 115
2,400
354 June
2.700
155 Jan
200
4% Aug
200 24
Mas
4.300 41
Aug
1,475 65
Ain
13,100 12% Aug
7.500 4534 Aug
3,000 as Sept
700 2345 Aug
300 1334 July
2,100 150 Aug
se,loo 80
Mar
1.900 864 Jan
700 11
Aug
300 2634 Aug
100 68 June
1,000
9 Sept
High.
25 June
16% July
1334 July
56% July
46% Jan
Jan
17
Aug
185
Jan
9
Aug
45
99% Aug
160 June
Jim
87
5044 Jan
374 Aug
94 Jan
July
219
9
Jan
834 Jan
10
Jan
22% Aug
2355 Aug
693( July
155 June
4% Jan
124% Aug
1073: Aug
99 June
58
Aug
2834 Jan
Aug
200
69% June
45% July
655,5 May
19% June
15
Aug
5
Aug
2155 Jan
63,4 Jan
884
July
102 June
30
Aug
20 June
450
July
11% Feb
30% Aug
114
Feb
94% Aug
88
Aug
6434 Aug
61% Aug
37
Sept
13% July
53 May
126 May
101% Jul/
2934 JIM,
69% Aug
1744 Jan
41
Aug
100
Aug
93% July
10454 Sept
Aug
187
49% Aug
160 May
290 June
91% July
Aug
55
6055 May
464 June
47 June
1231 Mar
494 July
113 May
2434 Jul."
5 Sept
July
80
14% Jan
2144 Sept
95
July
31
Aug
42% Sept
21
Jan
287 Sept
10 June
1934 Jan
Ally
139
71% July
56
Aug
34% Aug
24% July
Ally
159
30
Aug
July
111
544 Mar
24
Aug
27% Fab
1355 Sept
130
Nab
3535 Jan
22% Jan
Jan
25
94( June
6% Jan
6%
19%
180
200
16%
74%
4155
62
10112
136
1644
4541
19834
10
44
7
3751
42
105
14%
4955
89
25%
184
550
734
99
1614
35
7551
22
Aug
Feb
June
June
May
Aug
Sept
July
Aug
Aug
Mar
Jan
Sept
Sept
Sept
July
Aug
Aug
Jan
Aug
Aug
Aug
Aug
Aug
Jan
Sept
Sept
Jut,
Apr
Apr
Jan
FightsCommonwealth Sower
Southern Dairies. Inc
320
210
890
43e 36,000
1% 10.000
210 Sept
89e Sent
I% July
155 Aug
Former Standard Oil
Subsidiaries.
Sales
Friday
Last Week's Range for
Week
ofPrices.
Sale
Price Low. High. Shares.
LI
Anglo-American 011_
Borne Scrymser Co_ _10(
56
61
Buckeye Pipe Line
2: 6334
Cbesebrough Mfg
233/
Continental Oil v t c...
25
Crescent Pipe Line
Cumberland Pipe L14443_101
100
Eureka Pipe Line
426.
Galena-Signal Gil. com.its
Humble Oil & Refining _25 5734
31%
Imperial Oil (Can) new _.
54
Indiana Pipe Line
Magnolia Petroleum_ .101
National Transit.._ _12.50 20
Northern Pipe Line__ _ _100 79
2. 61%
Ohio Oil
21. 5034
Prairie 011 & Gas
104 12135
Prairie Pipe Line
100
Solar Refining
104 152%
South Penn 011
Southern Pipe Line.. .104
6134
Standard Oil (Indiana). _21
31%
Standard 011 (Kansas)..21
2' 124
Standard Oil (Ky.)
Standard 011(Neb)....i0(
405;
Standard Oil of N Y.__ _21
Stand 011 (Ohio) corn..101
100
Preferred
100
Swan & Finch
21 854
Vacuum 011
Range Since Jan. 1.
Low.
1,800 18
2235
22
200 205
225 228
190 56
58
56
501. 4831
6331 64
22,3(10 21%
22% 24
lot
10
1634 1634
50 132
147 14935
71 69%
70
70
95,, 42
24672651
42
4534
5735 8,10u
56
29% 31% 9,000
60
68
67
81 13034
137 139
401
19%
20
20%
241 78
80
79
3,20t 604
63
61
55,301
504
4731 53
1,901 106
120% 12234
10 202
209 209
400 139
152 153
91 754
7531 7631
6CA 6135 26,001, 5934
1,501
31
3134
14%
3
1233£ 12531 2,201 13°
31 231
233 236
5,201
41
40
40
111, 338
350 352
2,101 116
116 118
570 12
1235 16
3,100 8034
8434 87
High,
2834
Jar
Apr 240
Sept 72
Jan 66%
Mar 3134
17
Feb
Mar 155
Au, 96
,
t 65
jmlu
eap
alyn
S
7234
34%
84
Apr 159
254
Aug
June 88
Aug 754
Mar 65%
Jar 12734
Jan 254
Jar 197
Sept 103
Mar 70
46
M
Ap
ar 126
Aug 270
Aug 4834
Jar. 389
July 123
27
Aug
Jan 984
Ant
July
Jan
May
Feb
July
July
Jan
Feb
June
June
Jan
Feb
Jan
Feb
Feb
Jan
July
Jan
Jan
Jan
Feb
Feb
June
Jan
Feb
Jan
Mar
Jan
Feb
Other 011 Stocks.
3
1
954
7
331 3%
531 5%
2% 2%
3
334
40% 4035
531 6
9% 10%
731 9%
331
33/
134
1
131 2%
134 2
120 120
724 7454
23% 2634
24 24
431 4%
2031 2035
234
2
160 160
135
134
2031 20%
119 119%
534
5
5% 5%
9
9%
80
8c
49c 49e
25
24
134 1%
21% 24%
30%
30
15% 1834
61c 95c
431 45-,
6% 6%
25% 25%
14 13:
333-4 363:
24 3%
25
24
531 5%
Or
60
400
29,901,
300
500
401600
20u
8,301
4,44,1,
2,001
101
3,400
9,500
501
2,001
3,900
41,200
700
23,C0t,
1.001
6.101
2.000
2,200
5,000
1131 11%
11%
Arizona Commercial
22c 270
27c
Arizona Globe Cooper__ 1
731 7%
74
It
Caning° Cooper
10c 24c
I8c
Chino Extension
2% 3
Consol Copper Mines....1
50
50
3
Consol Nevada Utah
2% 334
2%
Creation Cons Gold M J£M .1
65
86%
Engineer Gold Minee.Ltd 6 70
8c
70
70
Eureka Croesus
22c 22c
First Thought Gold MInes1 22c
250 26c
260
Forty-nine Mining.
5% 6%
Golden Centre Mines
6c
130
1
Goldfield Florence
14c 18c
Hawthorne Mines Inc...)
1434 1534
14%
.251
Hecla Mining
1431 1434
5
Hollinger Consol G M_
770 90c
85c
Jerome Verde Develop--1% 2
14
1
Kay Copper Co
1
1
5
Kerr Lake
1% 2%
234
Mason Valley Mines
60
60
National Tin Corp..
19% 19%
New Cornelia Copper_ .6
195 195%
New Jersey Zinc.... _ _101 195
4434
44
Newmont Mining Corp.!),
4% 4%
44
6
NipIssing Mines
86c 850
85e
1
Ohio Copper
200 30c
Parmac Porcupine Min._.1 30c
7c 13c
13c
Plymouth Lead Mines_ _ _1
2111
234
Ltd....1
Mtn.
Premier Gold
400 50c
1
Red Warrior Mining
4c
40
Reorganized Divide Ann_
6c
60
Rochester Silver Corp
3c
3e
1
San Toy Mining
49e 61c
59c
Maw Mines Corp
2% 234
2%
South Amer Gold & Plat_I
9c
7c
Sc
Spearhead Gold Mining.. i
1%
1%
1%
Tonopan Extension
434 43,
4%
Tonopah Mining..l
48o 48c
United Eastern M Ming_ _ _1 484
244
24% 24
United Verde Extena_ _ _NA
64 634
631
5
Utah Apex
34
3%
Wooden Copper Mining-1
100
31,001
2
Amer Controlled 011 F'Ids 5
734
Amer Maracaibo Co
1(
Argo 011
Arkansas Natural Gas_ _1
Atlantic Lobos 011 corn-. •
Preferred
25
Brn Amer OU
534
Carib Syndicate
6
Creole Syndicate
83,5
Crown Cent Petrol Curt
Derby 011 & Ref com_-__
Euclid Oil
13
Gibson Oil Corp
Gilliland 011 corn v to. •
10
Glenrock Oil
74%
21
Gulf(MCorp of Pa
International Petroleum..• 26
Kirby Petroleum
434
•
Lego Petroleum Corp
•
Lion Oil& Refining
234
Mexican Panuco oil_ _ _10
10
Mexico Oil Corp
13.
Mountain & Gulf 011
203.
Mountain Producers_ _ _ _1(
• 119
National Fuel Gas
1
New Bradford
New England Fuel 011.-25
25
New York 011
Noble Oil & Gas. corn....
1
Preferred
Pan-Am West Pet Class B• 24
13:
Peer Oil Corp
• 24%
Pennock Oil Corp
22
Red Bank Oil
Reiter-Foster Oil Corp_ _.• 16
Royal Can 011 Syndicate.•
Ryan Consol Petroleum. •
6%
Salt Creek Consol 011_1(
Salt Creek Producers...!)' 253e
Savoy 011
• 3534
Sun 011 Co
234
Venezuelan Petroleum.
Wilcox (LI F)Oil& Gas new
53.
Woodiey Petroleum Co..
1
"Y" OU & Gas
2,001
lOt
1,001
2,001
1,000
600
10,201
6,200
301
2.901
7,500
400
801.
3,201,
lln,
6,601_
3,200
1.001
301
5,000
734 July
Sept
1
1136 June
24 Jar
Sept 1031 June
834 Feb
API
5
2
434 May
July
1234 May
Aug
3
Aug 4031 Aug
38
734 Aug
34 Mar
1434 Apr
83.4 Jar
1231 May
7% Aug
Feb
7
331 Sept
134 June
Jat
870
334 June
1% Jan
331 Mar
1% May
120 Sept 270 Feb
79 June
6334 Mal
2234 Mal 28% Feb
534 Jan
234 Jar.
731 Apr
4% Jun:
July
23
Ace
19
Vie July
660 Apr
100 Feb 37c Mar
Mar
2
July
1
2334 June
18% Jan
Mar
Jar 122
106
64 June
3% Jan
834 June
Jull
5
124 June
84 Feb
Sc Aug 13c Feb
500 Feb
Jar
350
24 Sept 324 Aug
134 Feb
90o May
174 Jan 2834 June
Ms, 4434 June
16
1534 Sept 3334 June
Apr
2
500 Jul)
934 Mar
334 Jar
834 Mar
834 Jar
Jar
284 June
24
34 Jan
134 Ma,
33% Sept 4631 June
434 Apr
24 Sept
Sept 3151 June
24
Mar
7
334 Mar
90 June
Jan
50
3%
finning Stocks-
17,000
4,900
1,000
700
10,200
14,000
1,000
3,000
14,100
1,000
13,000
2,400
100
300
25,200
800
3.700
1,000
100
430
300
2,700
8,400
7,000
17,000
3,200
15,500
1,001)
2,000
1,01:0
37,200
100
25,000
2,500
4.200
3,000
1,204,
800
2,600
1031
70
334
100
134
4c
234
144
70
10c
Sc
534
50
80
124
134
76c
1
880
135
Sc
184
181
43%
4%
730
150
7c
2
200
20
50
2c
320
231
40
14
Apr
Jar
Fel
Aug
July
APT
Sept
Jar.
Jan
May
Jan
July
Jum.
Fe,
Apr
Mar
Aug
Jai,
May
Mai
Aug
Mar
May
Aug
Mat
Aug
Feb
Sept
Jan
Feb
Aug
Apr
Jan
Aug
May
Feb
Aug
Mar
390
Jan
2034 Apr
414 Jan
Jan
2
124 Mar
360 Feb
Aug
8
1% June
4
Feb
Apr
6c
4
Feb
July
109
230 Feb
Mc
Jan
420 July
734 July
14c Feb
230 Apr
17
Aug
1631 May
Apr
2
234 July
134 Feb
234 Jan
180 Mar
2434 Jan
Aug
200
4634 July
634 Jan
134 Jan
.520
Jan
850 Mar
2% Sept
510 Aug
7c June
Jan
14c
70 Feb
610 Sept
334 Jan
120 May
3,
.. Feb
6
Aug
63c Feb
2931 Jan
831 Jan
Apr
5
BondsAllied Pack, deb 6s...1930 7734
Alpine Montan St 78..1955 91
Aluminum Co of Am is '33
1925
7s
Amer G & E deb 85. _2014 97%
American Power & Liget
65 old without wan 2014 9535
Amer Rolling MI1169._1928 101%
American Thread 6s._1928
Anaconda Cop Min 6i.1938
[VOL. 121.
THE CHRONICLE
1218
Mar 844 Feb
74
52,00(
Mar 91% May
62,000 91
1063-I Aug 10734 June
22,00
5,000 100% Aug 10234 Jan
Jan 99% July
174,001 95
7734
91
106%
10031
9731
7734
91
107
10035
983,1
94%
101%
103
103
9834 May
95% 124,000 9334 Jan
Jan 10334 June
10135 11,000 100
Feb
5,000 1024 Jan 104
103
May
1033/ 25.00( 1024 Jan 104
Bonds (Concluded)-
Friday
Last Weeks Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
Andlan Nat Corp Os._1940 120
Assoc Gas 5£ Elec 68 _ _1965 9234
Aseoo'd Simmons Hardwan
1931., 9031
6)48
Atlantic Fruit 8s
All 0& W zoo L 55..1959 743,5
Beaver Board Co 8s....1938 88
Sell Teiep of Can 55..1955 994
Beth Steel equip 7s___1936 103%
Boston & Maine RR 681933
nanadlan Nat Rya 79 1936
Chic Milw & St P (new co
2000
Ad1M 55 w 1
Chic R I & Pee 53411-1921
1966 9034
Cities Service 68
Cities Service 7s Ser C.1964 1243:
Cities Service 7s Ser D 1966 10234
Cities Seri, 7s, Ser E_ _196C 112
Cities Serv Pr & Lt 6s.1944 9434
Cons G.E L & P. Balt1949 105%
(Ss, Series A
1965
58 Series F
1941
Como]Textile 8s
1935 9134
Cuba Co (is
Cuban Telep 745...A941 111
Cudahy Pk deb 54s_ _1937
1946
54
1931 103%
Deere dr Co 74s
1947 10534
Del City Gas 68
Detroit Edison (is_ _ _ _1934 129
1955 99
fa Series B
1928 129
Debenture 75
1929
Debenture 7s
1930
Debenture 7s
Est RR ot France 78 _.1954 8635
1933 96
Federal Sugar 69
(lair (Robert) Co 7s-1937 104
Galena-Signal 011 7$_ _1930 105%
General Ice Cream 6348'35
General Petroleum 6E4.1928
Grand Trunk Ry 6lis_193t. 1084
86
Great Cons Elec 645_1954
1937
Gulf 011 of Pa 59
1928
Serial 545
1931
Hood Rubber 7s
Kan City Term 548_1926
1960 84
4345
Keystone Telep 5315..1951
Krupp(Fried) Ltd 78 1929 924
Lehigh Pow Secur 69_ _192
Libby, McN & Lib 76.1931 105
Liggett Winchester 76_1942
Long Island Ltg 6s___1945
Manitoba Power 7s___1941 1034
Missouri Pee RR 58_192', 10034
1931 102 34
Morris& Co 74s
Nat Dins Prod 7s- - _1930 10031
No Amer Cement6345 1944
983.4
With warrants
Nor Statee Pow 6318_1933 113
834s gold notes.......1933 103
Ohio Power 55 Ser B..!952 93
Oklahoma Gas & El 5s 1954. 9135
Pennok MCorp 6...l927
Penn Power & Light 58 '52 964
1953
59 Series D
1947
Phlla Elea 5348
Phlla Rap Transit65..1962 97%
Phillips Petrol 748-1931
193:A 1013-,
Pure Oil Co 6356
Schulte RE Co 614._ _1935
Shawsheen Mills 7s.....193i .
Siemens & Hanka 7s._1922. 9738
1935 92%
7s
Sines-Shelf St a I 6s..192b
1934 103
Solvay & Cie 69
9634
Southeast P & L 6s A.2021
South Call/ Edison 58.1944
Stand Milling 5.358__ _194:
Stand 011of N Y 6348.1933
1939 98
Sun 0115348
Swift de Co bs__Oot 15 1932 9634
94
1930
1.413
78
Thyssen(Aug)
Tidal Osage Oil 7s_ _ _ _1931 104
Toho El Pow (Japan) 75'55 8935
Tokyo Elec Light 66..1928
Trans-Continental Oil 7531. 953-4
Tyrol Hydro El Pow 7%5'55 90%
Union 011 Calif 55_.._1935
United 011 Products 851931 344
United Rys of Has 7 Sis '31,
U El Rubber Ser 64s...1926 1014
Serial 04% notes _ _1921 10135
Serial 634% notes._1928 101%
Serial 634 g' notes__ 1929
Serial OA '7°
0 notes...193(i 10034
Serial 6 A % notes_ _193 i 100
Serial 634% notes. _1932
Serial 634% notes..193:, 99
Serial 635% notes...1934 9835
Serial 63,1% notes_ _ 193f, 983-6
99
Serial 634% notes._ 193n
Serial 634% notes. _1937 99
Serial 634% notes. _1933 99
Serial 634% notes _.1930 99
Serial 634% notes...1940 99
193, 10534
Vacuum 011 7s
Webster Mills 648-1938 9834
Range Since Jan. 1.
Low.
High.
118
92
24,004) 103
120
9231 59,000 92
Apr 125
Aug 96
June
June
9031
21
7334
88
99
10334
9131
110
9031
21
743i
89)5
9934
10334
92
11034
Feb 91
Jan 27
Jan 7434
Aug 96
Aug 100
Mar, 1.0434
Mar 92
Jan 1124
June
Mar
Aug
Jan
June
Jan
July
Apr
544 5434
100% 100%
9031 9031
12434 12434
10234 103%
112 112
5 , 9431
93/
7,001 524 June 5534
1,UUt. 100% Aug 10131
34,00). 90% June 9134
J1111 128
16,001 111
53,001 984 Jan 10634
Jan 115
1,001 109
Feb 944
244,000 92
Aug
Aug
June
Feb
Feb
JULY
Mar
10535 10536
99
9934
87
87
914 92
111 112
9031 91
92% 9231
10336 10335
10431 105%
129 130
9931
99
129 130
129 129
129 130
8531 8634
9531 9654
104 10434
105 10534
10734 10734
1004 101%
10734 10835
86
86
9931 9934
101% 10134
10434104)8
1014 10134
83% 8434
91
91
884 924
10134 101%
10436 105
108 108
100 100
10331 103%
10031 10039
1024 103
100% 10034
10,001
7,000
11,04a.
87,001
3,000
11,00t
1,00u
63,00,
18,001
49,001
35,001
20,001
1,00t.
26,001
427,000
8,064,
16,004,
12,00..
9,001
26,001
29,001
26.001
19,001,
3,00u
1,004)
11.001
34,001
6,001,
152,000
16,001
14,001,
3,001
3,000
7,001
1,001,
9,001
9,001
Jan 108
Aug 10031
Apr 95
Sept 98
Jan 1124
Jan 95
Apr 95
July 105
Jan 10654
Jan 13334
Aug 100
July 132
Mar 129
June 133
8834
Am
Apr 99
Apr 10434
Aug 1064
July 110%
Jan 10234
Jan 110
July
8634
Jan 10135
Aug 102
Jan 1054
Aug 10234
July 8634
Aug 91
9934
Aug
July 10134
Jan 105
Jan 10834
Aug 102
Jan 10551
Apt 101
Jan 1044
July tog
June
June
Jan
Mar
Aug
Feb
June
Feb
May
July
June
July
Sept
July
Feb
Mar
July
July
July
July
July
July
May
Jan
July
Jan
July
Aug
Jan
Mar
Aug
Aug
Jell
June
May
Feb
June
9834
11234
1023-4
9234
9134
45,000 9834 Aug 91:34 Aug
50.011 1054 Jan 121
July
14,0140 994 Jan 10434 May
Jan 9634 ma,
8,001, 89
Mar
53,00t, 9131 Aug 95
17,001 97
Jan 10034 June
28,000 95
Ain 983.4 MU
6,001 95
Apr 984 May
4,000 104
Jan 107
Aug
Mar
14,00,, 9631 Aug 99
Aug
1.001, 10331 Jan 106
31,00t. 9734 Jan 10234 May
28,004, too June t00% June
Apr 104
Jan
16,000 100
99.006 9334 Aug 9934 Feb
39,000 90.34 Aug 964 Feb
12,004 101
Jan 10234 June
July
8,001 100
Jan 105
73,001 9634 Aug 9731 Aug
15,00
92
Jan 9731 May
28,000 94
July 9634 May
Feb
14,001. 106
Aug 108
15,000 9534 Jan 99% July
68.000 94 , Jan 97
July
.32,001 90
Aug 9934 Feb
2,001, 103
Jan 10431 Jan
40,001 87
Aug 914 May
4,00(
9834 Aug 9934 Sept
16,00,
9531 Sept 1034 May
18,001. 9434 Jun, 9634 May
10.00t
944 May 9634 Mar
3.001. 28
Jan 50 June
4,000 10734 Mar 112
July
7,001 10034 Apr 10234 Mar
Mar
11,000 100% Apr 102
4,000 10031 Apr 102% Mar
8,000 9931 Apr 10134 Mar
15,000 994 Apr 1014 May
31,000 9731 Apr 101
July
13,000 97
Mar 10034 June
Aug
13,000 9651 Apr 100
14,000 9634 Mat
9954 July
July
Apr 100
19,018. 98
13,000 9531 Apr 994 July
994 July
45,000 953-4 May
23,000 954 Apr 994 July
9931 July
21,000 954 May
20,000 9531 May 9934 July
17,000 10534 Aug 10734 Jan
8,000 974 Mar 10331 Jan
09
113%
103
93
92
tooyi 100%
9631 97
9631 9634
106 106
9734 9735
104% 10434
101% 102
too
tou
1014 102
9738
95
of% 923<,
10134 102%
103 10334
9631 97%
954 96
9434 95%
1064 10634
9731 98
964
96
903-6 94%
104 104
88% 8938
994 994
9531 96%
9636 964
95
95
3435 3435
10934 110
161 101%
1014 1014
1014 101%
10134 10134
100 100%
99 1(0
0931 100
9831 99
9834 9838
9831 9836
9831 9'J
984 99
9834 99
984 99
9834 99
10531 10534
98% 994
8,006 81
2,000 1831
73,0(0 62
11,000 8734
12,000 9734
13,000 103
22,000 8234
13,006 10831
10435
98
go
9131
106
8934
90
10231
10234
11031
9731
125
114
1214
784
9234
90
104
104
10034
10534
86
9834
101
102
10134
83
91
86
1004
102
10734
99%
9835
99%
984
994
Foreign Government
and Municipalities
1950
Berlin (City) 6%s
Denmark (King)68..1l471'
1955
634s W 1
Grata (City) Austria 85 '54
French Nat Mail SS 7131949
Hungarian Cons Mun
1945
Loan 735s
Indust Mtge Ilic of Finlano
1st M culls f75. _1994
Medellin (Colom) 88..1948
Netherlands( King(1)8s13'72
Peru (Republic of) 8s.1932
Russian Govt 6 As etre 1919
1921
531s
Santa Fe (Prov) Argentina
1942
Cred ex 75
Switzerland Govt 534a 1920
Upper Austria (Prov) 78'45
874
9934
9934
9934
8134
8734
994
9934
98
8034
88
9934
9934
994
82
89
89
89
9435
98
10534
101
11
1134
1235
9435
9234
339,000
26,000
140,000
46,000
67,000
14.000
8734
98
994
97
7734
Aug
July
Aug
May
Apr
8931
100
9934
994
91
July
Feb
Aug
Sept
Jan
89
July
soi
Aug
95
19,000 9234 Mar 97 JUne
9834 July
98
4,000 97% July
10534
3.001, 102% Mar 11931 Aqg
101
1,000 99
Jan 10134 June
Feb
17
Aug
1134 26,001, 11
12% 20,001
1734 Feb
July
11
9234 9334 84,001
924 Sept
10234 103
Jan
41,001 101
9234 9231
5,000 9234 July
9834 July
J AY
104
024 July
• No par value. 6 Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sa:a. 8 Salmi of
Standard Publishing In our lame of Jung 27 at 1734 was an error. to When Issued
x Ex dividend. y Ex-rights. s Ex-stock dividend.
pmestuunt and
gailroad inteiliffencg.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of August. The table covers 4 roads and shows
7.80% increase over the same week last year:
Fourth Week of August.
1925.
1924.
$
Increase. Decrease.
Buffalo Rochester & Pittsburgh..
566.719
439,559
Canadian Pacific
4.903.000 4,697,000
Minneapolis & St Louis
365,282
407,794
Francisco
St Louis-San
2,801,694 2.549,174
127,160
206,000
42,512
252,520
Total (4 roads)
Net increase (7.80%)
628,192
628.192
8,679,207 8,051,015
In the table which follows we also complete our summary
of the earnings for the third week of August:
Third Week of August.
1925.
1924.
Increase. Decrease.
$
$
$
Previously reported (13 roads)__ 18,878,841 17,138,734 1,743,168
Georgia & Florida
47,300
6,700
40,600
Nevada California & Oregon_ _ _
12,168
9,692
Western Maryland
377,523
35,478
342,045
$
3.061
Total (16 roads)
Net increase (10.15%)
5,537
19,313,356 17,533,547 1,785,346
1.779.809
2,476
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week May (16 roads)
2d week May (16 roads)
ad week May (16 roads)
4th week May (16 roads)
1st week June (16 roads)
2d week June (16 roads)
ad week June 16 roads
4th week June 16 roads
1s1 week July 16 roads
2d week July 16 roads)
k July 16 roads)
4th week July (10 roads)
1st week August (16 roads)
2d week August (16 roads)
3d week August (16 roads)
4th week August (4 roads)
Previous
Year.
Increase or
Decrease.
16.992.850 17,081.956
---I9.106 0.52
16.598.018 16.938.303 --304.285 2.00
16.688,462 17,019,350 --330,888 1.94
22.177.354 24.473.257 --2,295.903 9.38
17,075.429 17,337,267 ---261,838 1.51
16,982,661 17,388,645 --405J)84 2.33
17.170.036 17,458,532 --288.496 1.65
23,465,981 22,855,412 4-610.569 2.68
17,280,373 17,037.297 A-243.852 1.43
17,742,468 17,483,935 4-258.533 1.47
18,163,598 17.240.803 A-922.795 5.35
27,201,378 25,022,731 A-2.178.647 8.70
18.408.362 17,160,592 4-1.247,770 7.27
18,693.557 17.140,935 4-1,552.622 9.05
19,313,356 17,533,547 A-1.779,809 10.15
8.679,207 8.051,015 A-628,192 7.80
We also give the follow ng comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive. They
Include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table
tease Earnings.
Net Earnings.
Month
1925.
1924.
Increase or
Decrease.
1928.
1924
Jan .... 483,195.642 467,329.225 +15,866,417 101.022,458 83,680,754
Feb. _ 454,009,669 478.451,607 -24.441,938 99,460.389 104,441.895
Mar.. 485.498.143 504,362,976 -18,864,833 109,230.086 114.677.751
Apr.
.. 472.591.665 474,287,768 -1,696,103 102,861.475 97,471,685
May.... 487,664,385 476,549,801 +11.114,584 112,859.524 96.054.494
June _ 506,002,036 464,774,329 +41,227,707 130,837,324 101,487,318
Increase or
Decrease.
+17,341,704
-4.981.506
-5,447,665
+5.389.790
+16.805,030
+29,350.006
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.; Ain 1,5.53% inc.
May. 17.49% incl.; June, 28.91% Inc.
In Jan. the length of road covered was 236,149 miles in 1925. against 235.498
miles in 1924. In Feb., 236,642 miles, against 236,031 miles,In March, 236,559 miles.
against 236,048 miles. in April, 236,664 miles. against 236.045 miles. in May.236,663
miles. against 236,098 miles; in June. 239.779 miles. against 236,357 miles.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Drossfrom Railway- -Net from Railway- -Net after Tares
1925.
1924.
1925.
1924.
1925.
1924.
3
American Express Co23,786,413 25.236,403
May
280,445
250,383
96,411
86,870
FrOM Jan L114619960 117477,672 1,309,854
1,258,798
429,374
395.807
Alabama & Vicksburg286,506
July
278,521
56,232
48,812
33,465
26,500
From Jan 1_ 1.986.928 1,999.528
399,433
524,708
333,924
233,745
Atch Topeka & Santa Fe17,257.180 15,940,062 5,475,356 4,118,899 4,215.171 2,888,592
July
FromJan 1105,448,189 103333,214 26,220.605 21,170,645 18,276,941 13.924,028
Gulf Colo & Santa Fe2,434,297 2,323,334
July
649,962
580,968
491,885
565,834
From Jan 1.15,924.758 14.117,941 2,842,561 1,544,255 2,228,136
948,888
Panhandle & Santa Fe873,271
July
892,938
205.459
323,389
283,745
180,081
From Jan 1_ 5,594,236 5,172,331 1,413,710
846,156 1,209,640
672,641
Blrm
&
AtlAtlanta
443,647
407,944
49.637
39,095
July
36.678
26,139
266,103
196,788
From Jan 1_ 3,004,911 2,745,983
173,929
106,740
Atlanta & West Point263,403
215,642
67,798
38,272
July
52,222
27,013
320,622
From Jan 1_ 1,768,511 1,653,891
400,325
295,058
237,597
Line
Atlantic Coast
6,046,773 5,530,374 1,013,033
485,567
611,803
July
83,872
From Jan 1_53,835,953 50,313,018 17,245,570 14,614,866 13,784,724 11.604,027
Baltimore & OhioB &0 Chic Terminal311,076
300,856
2.430
51,936
9,108 --39,170
July
272,109
511 --15,477 --277,256
From Jan 1_ 2,064,589 2,058,037
Bangor dr Aroostook318,429
364,943 -50,855 -13,911 -75,051 -38,871
July
904,087
From Jan 1_ 4,187,714 4,068,437 1,270,201 1,021,872
729,627
Belt RY Of Chicago203,165
192,364
589,100
516,968
158,197
146.493
July
922,778
865,025
From Jan 1- 3.908,358 3,835,574 1,223,044 1,160,860
Bessemer & Lake Erie830,288
731,475
725,783
1,745,350 1,744.817
673,971
July
From Jan 1_ 8,896.968 8,520,735 2,956,750 1,505,086 2,565,546 1,182,437
Bingham dr Garfield11,769
15,962
5,600
56.487
41,950
1.275
64.913
24,877
98.826
273.357
-8,035
From Jan 1_ 368.294
Maine
Boston Jr
6,836,234 6,522,683 1,646,543 1,287,663 1,389,991
975,773
July 1
From Jan 1.45,015,057 44,942,309 8,691,994 7,286,014 6,880,399 5,536.675
1219
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1925.
1925.
1924.
1924.
1925.
Canadian Pacific Lines in MaineJuly
124,617
126,290 -43,009 -150,718 -54,009
From Jan L. 1,466.498 1.654.493 -77,426
42,084 -154,426
Central RR of N 3
July
5,286,427 4,831,983 1,646,821 1,848,739 1,247,047
From Jan 1_33,034,346 31,632.593 8,625.366 6.568.104 6.008.850
Central New England124,144
200,833
149,145
July
614,059
701,880
From Jan 1_ 4.460,663 4,715,498 1,342,826 1.356.059 1.165.590
Central Vermont78,088
160,169
97,179
July
755,353
757,145
71.177
537.672
205.378
From Jan 1_ 4.812.961 5,037,784
Charleston & West Carolina35.895
46,525
55,944
July
279,642
292,820
From Jan 1_ 2,437.906 2.263.597
537.947
400.276
678,356
Chicago Burl & Quincy13,517,004 12,626,305 3,874,341 3,175,171 2,931,587
July
From Jan 1_85,890,470 88,569,284 19,560,075 20.779,201 13,820,915
Chicago & East Illinois9 136,113 1,957,171
387,969
263,876
272,027
July
From Jan 1_14,450,403 14,755,559 1,884,830 1,546,830 1,139,495
Chicago Ind dz Louisville363.579
423,467
1,426,037 1,340,427
286,054
July
From Jan 1_ 9,817,541 9,732,246 2,609,052 2,510.414 2,111,977
Chicago & North Western12,779,585 12.370,882 3,074,422 2,393,903 2,273,396
July
From Jan L80.468.015 83,688,76615.646,894 13,512,973 10.024,096
Chicago Peoria & St Louis90,285
11,040
-6,515
88.787
8,290
July
702,397
19,435
-2,296
-1,873
From Jan 1_ 613,480
Chicago River Sr Indiana530,715
161,657
158,702
517,070
122,818
July
854,962
From Jan 1_ 3,919,745 4,021,247 1,130,888 1.328,939
Chicago R I & Pacific10.819.787 10,741,454 2,610,435 2,104,442 2,031,412
July
From Jan 1_69,200,778 67,749,187 13,152,147 11,605,483 9,391,629
Chicago R I & Gulf199,170
630,993
276,621
243,813
615.181
July
879,340
877,109
746,795
From Jan 1_ 3,554,966 3,586,066
Chicago St Pall Minn &0
2,185,304 2,127,250
387,856
281,437
271,705
July
From Jan 1_14,628,335 15,372,192 2,533,837 2,437.052 1,672,300
Cin Ind & Western405,065
372,779
76,769
68,369
57,885
July
447,131
365,464
319.494
From Jan 1_ 2,702,411 2,487,993
Clinchfield687,611
221,392
235,303
652,842
166,212
July
From Jan 1_ 5,032,164 4,836,035 1,830,896 1,492,587 1,445,688
Southern
Colorado &
152.577
183.422
968,214 1,011,190
88,710
July
559.940
From Jan 1- 6,569,445 7.054.342 1,007,369 1,082,679
Ft Worth Az Denver City906,314
237,721
359,480
838,348
196,017
July
From Jan 1_ 5,979,202 5.551,074 1,839,864 1,714,677 1.441,800
Valley
Trinity & Drams
1,812 -124,938
146,570 -117,264
97,101
July
From Jan 1_ 1,516,811 1,115,125 -67,395 -305,643 -121,896
Wichita Valley54,828
118,497
51,696
48,203
114,369
July
359,641
981,525
432,559
289,833
From Jan 1_ 871.125
Denver & Rio Grande840,618
125,589
667,362
2,805,187 2,761,042
July
From Jan 1_17,234,922 17,211,642 3,883,498 2,338,519 2,694,836
.Denver & Salt Lake-1,765 -46,113 -26,200
234,534
249,139
July
71,426 -125,554
8,240
From Jan 1_ 1,604,785 1,561,619
Detroit dr Mackinac38,629
178,330
13,650
3,520
158,418
Jul
@FedFRASER