New Britain herald., 1925-03-25
WaN Street Briefs

nihcance to the strong cash and in-' vestment items shown in the recent annual reports of several corpora tions., U. 8. Steel led the list with s3l7,000,000 cash, demand loans and investment securities. General Mo- tors reported ssS,000,00 compared with s4LoOO,ooO a years ago. The Canadian Pacific had $42,000, ,000 cash, $24,o00,000 miscellaneous in- vestments and s137,500, 900 securi- ties at costs, while Bethlehem Steel reported sl6,5oo,00o cash and $33,- 100000 in government and miscel- laneous securities.
 Pig iron statistics compiled by the American Iron & Steel Institute for 1924 show that the years pro- | duction in the United States aggre- gated 31,405,7s0 tons, a drop of B. S55,S56 tons under the preceding year when the high record of 40,- S61,146 tons was established. The last half of the year was less pro- ductive than the first six months. Basic grades fell off 1918 per cent during the year and Bessemer grades SO.02 per cent.
 The advance of 40 points in Rem ington Typewriter shares from the low of 1924 has brought various ru-. l
 mors into the financial district. The latest report, which lacks official confirmation, however, Is that Inter national Business Machines would take over the company at a higher price for the common stock than the present market value.
 One million ounces of silver valued at about s600,00o. have been shipped to Hamburg from San Fran cisco by the International Banking Corporation.
 The past week has brought some curtailment in output of steel and pig iron," Iron Age says. Tt Is slight as yet, but enough to indl- Cate that the daily rate of steel in- gots as well as pig iron production for March will fall below the aver age for January and February. The Steel Corporations operations still hang about 94 per cent but the sev- eral independent companies are at reduced percentages. In the Pitts burgh and Youngstown districts the independents are now on an so per cent basis. making the average for the industry in those districts about S2 per cent as against S5 per cent a week ago."
 The Iron Age pig iron composite price has failed to s21.SS from s22.1S last week. One year ago 1t was $22.73. Finished steel remains at 2.531 cents per pound, just s4 per net ton less than one year ago.
 fallure of the executive commit tee of the Wasbash Railway Co. to recommend the resumption of divi- dends at yesterdays meeting does not necessarily preclude the declar- a'ion or a payment at Thursdays meeting of the board of directors. as the executive committee meets again just before the board meeting that day and could take action at that time Wall street has confident ly expected that the "A" stock vii, be placed on s5 annual dividend basis at this weeks meeting.
 So drastic has been the reaction in some of the Western railroad stocks in the last few weeks that many issues have cancelled all the gains recorded since election day. Union Pacific, which sold as high as l4o IA on the day before cleo ton. closed yesterday at 139; Cana dian Pacific Is nearly points be- low its prediction price, while Chicago & Northwestern. Great Northern preferred and Northern Pacific are ? to points under the November 3 quotations, Selling of these issues has been inspired by the break in wheat prices. the St. Paul rCceivership and the relatively poor earnings reports in the first two months this year as compared with the corresponding period a year ago.
 Despite decline of s17,4$S in gross revenues for February com pared with the same month last year, the Southern railways net operating income increased to s. 2O7,3S2 from $1.929,S79. Net for the first two months this year was S4,- "S7,479 against s3,6S1. Ali in the corresponding period of 1924.
 The Chesapeake &; Ohio has or dered 3O,oO0 tons of rails, Bethle- hem Steel geeting 5000 tons the bal ance divided between Inland Steel and Illinois Steel. The Pennsylvania railroad is in the market for go,Q0o | tons of tie plates.