Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-05-27
GOSSIP OF
THE STREET

| The STREET |
More than ordinary interest is at
tsched to the forthcoming annual moet-
ing OF the stockholders Of the Inter
national Mercantile Marine Co. which
Will take place at Hoboken on June g.
Az that time the earnings for 1920 will
% giyen out and are expected 10 make
satisfactory showing.
The International Mercantile Marine
is one Of the few companies that is not
required by its agreement with the New
York Stock Exchange to furnish it's
annual statement to stockholders res
sonably In advance Of the annual meet
ing. In November, 1915, Ia listing Its
present shares, the company obligated
itself merely to publish, at least once
In each year, and submit to the stock !.
holders at, or prior to. their annual
meeting q combined annual report OF
tho Marine Co. and its subsidiaries
covering the previous fiscal year.
Most of the other corpora tions whose
securities are listed on the big exchange
furnish advance reports OF earnings not
only to the shareholders but to the press
as we'll. There are no reasons why ex-
ceptions should be made in the case
Of I. M. M. Co.
Pennsy's Legion Of Shareholders
IL some of the big estate holdings Of
Pennsylvania Railroad stock were re.
Gently liquidatsd because Of the dividend
reduction, the abnormally low price for
the stock evidently attracted the small
investor. At least, this 10 suggested in
the larger increase in the number OF
shareh olders In the dividend payment
now being made. This shows 40 ,169
shareholders an increase Of 1768 over the
April dividend and an increase OF 10, :
272 over May 1, 1920. Since the arst
Of the year the ranks have been in
creased by 7091 investors.
The number Of transfers in April was
1895, an increase of 2719 over the pre-
ceding year, Of which b575 were made
in New York and 1895 in Philadelphia.
Average holding on May 1 was II "a
shares as compared with ": 10 on
April 1 and with 5000 on May l, le20.
In both number Of stockholders ana IN
average holding the May figures marx
new records.
In the following table is shown the
percentage of stock held and number Of
holders BY principal geographical divi-
siops on May as compared with the
preceding year:
Psnn.. H.ss Inc. 40 52.5Ss INC. la:sss
sris I'M iGsS Sss B:s B:s ds ds 'ssss ssss Dec Dec
On May 1 women stockholders held
81. .l8 per cent of the outstanding stock
or $155, 800 900, an increase OF 0.49 per
cent as compared with a year ago. They
numbered 65, ,743, an increase Of 8l64
and the average holding was forty seven
shares, decrease four shares.
Crude OIL Production
The American Petroleum Institute es-
Inmates that the daily average gross
crude oil production in the United States
for the week ending May II was ! 1928, :.
$40 barrels, as compared with 1 BIT ,240
barrels the previous week.
The estimated daily average gross
production Of the Mid Continent (light
OLD field. including Oklahoma, Kansas,
North Texas, Central Texas. North
Louisiana and Arkansas, was 675 300
barrels. an increase Of 8490: Of the
Gulf Coast (heavy oill field. 1850
the Southwest feid, 7S9, $40 barrels, an
increase Of 12,780 barrels.
Oklahoma Kansas, 391 ,16O barrels,
an increase Of 2480 barrels; North
Texas shows q decrease Of 500 barrels
Central Texas, a decrease Of ESQ bar
rels: North Louisiana, an increase OF
251O barrels, and Arkansas, an increase
OF 2800 barrels. Wyoming and Mon
tana field, SO, 800 barrels, a decrease Of
1860 barrels.
Illuminating light on the country's
banking position is presented in the
very interesting compilation just made
by the Federal Reserve Board. This
shows that S21 reporting, representing
member banks in the last twelve
months. have reduced loans, discounts
and Investments. etc, 81 800 900 900,
As compared with the similar period Of
last year. These banks hold about 20
per cent Of the total loans and dis
counts and investments, including bills
rediscounted with Federal Reserve
Banks. II seems reasonable to assume
that other banks would be able to show
about the same rate Of reduction in
these items. On this basis the 80, 1870
banks, not including the Federal Re-
serve Banks. should show q total re-
duction in loans, investments. etc, of
s3. 760 .0OO, 900 in the last year.
To this improvement should be addsd
the reduction of s903, ,534 900 in loans
and discounts effected by the Federal
Reserve System-a total reduction, ap-
Of s4.760, ,OO0. 600.
Cash reserves Of tho Federal Reserve
System are now $47O, 500, 900 in ex.
,ess Of reserves held q year ago.
THE TRADER.