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fittantialki
The
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 122.
lirtintrie
Public Utility Compendium
Railway Earnings Section
Bank and Quotation Sectit
Bankers'Convention Sectiot
SATURDAY, APRIL 10 1926
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Published every Saturday morning by WILLIAM B. DANA COMPANY
President and Editor. Jacob Seibert: Flualneas Manager, William D. Riggs:
Treas. William Dana Seibert;See. Herbert D.Seibert. Addresses of all Office of Co
The Financial Situation.
Surely the Federal Reserve Board is making a
grave mistake in curtailing the information which it
has heretofore been giving out weekly for so long
regarding the investments of the member banks of
the System. The Board collects information each
week regarding the condition of 711 member banks,
with aggregate resources well above $21,000,000,000,
and has been compiling regular weekly statistics with
reference
.to these reporting member banks. Among
other items of information furnished have been details regarding the member bank holdings of Government securities, the aggregate of which now
stands in the neighborhood of $2,500,000,000.
Quite unexpectedly, and to the surprise of the
-whole financial community, we are sure, the announcement is made in the statement made public
yesterday, that the details regarding these holdings
of Government securities are now, beginning with
the return of this week, to be withheld. No reason
for the departure is given and the only allusion to
the matter is contained in a single brief sentence,
which says: "Holdings of United States securities,
shown as one item instead of by classes as heretofore, fell off $103,000,000. reductions being shown
for all districts except Minneapolis." The tabular
statements presented are abbreviated in accord with
this pronouncement. It follows that hereafter only
the total of the Government securities is to be shown
and not how much of the total. is represented by
Treasury certificates of indebtedness, how much by
Treasury notes, how much by Treasury bonds, how
much by U. S. Liberty bonds, and how much by prewar bonds. Yet it is often of the utmost importance
to know (where decided changes occur from week
to week) whether these changes are due to transient
NO. 3172.
causes or temporary circumstances, or reflect some
change of policy which may be fraught with more
or less pregnant consequences bearing on the near or
remote future.
Not infrequently knowledge regarding the details
is all that is necessary to explain the change. For
instance, when a new issue of Treasury certificates
is brought out and the Certificate holdings of these
member banks suddenly rise contemporaneously,
everybody knows the member banks have been buying some of these certificates for themselves or for
their customers. On the other hand, if some of these
Treasury certificates are being paid off, or the same
process is being taken with reference to Treasury
bonds or Treasury notes, and the member bank hold:ngs of the particular class of obligations falls off,
everybody in like manner understands that the contraction has followed as a result of the Government
operation referred to. Now, all knowledge in these
particulars is to be denied and the public is to be
left completely in the dark as to the nature of the
changes from week to week. Yet it would appear to
have a right to ask to be enlightened on this point.
The change reported for this very week furnishes
a capital illustration going to show how essential
full information is in that regard. The Federal Reserve Board tells us that the holdings of United
States securities the past week fell off no less than
$103,000,000, but leaves us in ignorance as to the
class or classes of securities in which the contraction occurred. Was it Treasury certificates, or
Treasury notes, or Treasury bonds, or Liberty
bonds? In order to indicate the missing information we have prepared the following table covering
the last three weeks, and in which we have inserted
queries to show the items regarding which figures are 110W omitted but for which complete figures were
given in preceding weeks:
INVESTMENTS OF MEMBER BANKS.
Mar. 31 1926.
T.T. S. pre-war bonds
13. S. Liberty bonds
U. S. Treasury bonds
IT. S. Treasury notes
11, S. Treasury certifs
2
5
2
2
Mar. 24 1928.
$225,209,000
1,310,501,000
751,653,000
194.338,000
101,738,000
Mar. 17 1926.
$225,442,000
1,391.955.000
714,993,000
222,330.000
113,628,000
Total U. S. Govt
Other securities
$2,480,163,000
3,014,540,000
22,583,439,000
2,991,930,000
Total Investments
$5,494,703,000
$5,575,368,000 $5,699,279,000
$2,698,248,000
8,001,031,000
It is to be hoped that the Federal Reserve Board
will reconsider its decision and not adhere to its
determination to eliminate details regarding which
full and complete knowledge is so essential. Partial knowledge is often more dangerous than no information at all, especially where it is liable to misinterpretation. In the present instance mere totals
are not sufficient for public guidance or enlighten-
1958
THE CHRONICLE
ment. The Board cannot afford to repeat the mistake it made regarding borrowings on the Stock Exchange. It previously reported merely loans made
by the reporting banks on stock and bond collateral
for their own account, but did not show similar
loans made by these member banks for account of
out-of-town banks or for account of others. Now
that full information is furnished in all these particulars, everybody has been made aware how egregiously out of the way the former partial and incomplete figures were.
[voL. 122.
interest and dividends. On the new basis the company is earning more than twice the requirements
for all interest and preferred dividends, and property values are far in excess of the total of funded
debt and preferred stock issues.
There is continued progress toward a better railroad situation. Chairman Loring, of the Boston &
Maine Railroad, announced on Thursday that it is
hoped that the voluntary plan of reorganization of
that company, which has been under way for some
time, can be consummated in July. Already more
than 85% of the stock and 80% of the bonds have
been deposited under the plan. The reorganization
will leave the company ample cash resources for
completing a rehabilitation of its properties, practically without maturities up to 1932, and it is hoped
in a position to begin dividends on its preferred
issues. At the present time experts are in Boston
studying the terminal situation with a view of mak- •
ing material improvements in harmony with work
now going on by the city of opening up some of the
principal traffic arteries, in order to provide better
routing and less congestion. Another constructive
move toward the betterment of the general railroad
situation was the placing on the board of directors
of the Chesapeake & Ohio Railroad of G. C. Scott
and J. S. Bryant, representatives of the minority
committee, which opposed the recently discarded
Nickel Plate plan of unification. This is taken to
indicate that the difficulties between the Scott committee and the Van Sweringens have been composed,
leaving the way open for a new plan of consolidation.
•
During the week trading on the New York Stock
Exchange has been comparatively quiet and steady,
in sharp contrast with the chaotic conditions that
prevailed during the debacle of the week previous.
Average prices have recovered considerably from the
low point of last week. However, advances have
been restrained by the fear on the part of a great
many that further liquidation may be overhanging
the market. That liquidation has already been very
extensive is evidenced by the amount of brokers'
loans of New York Stock Exchange members, contracted for and carried in New York, which were
reported at $3,000,096,167 as of March 31, comparing with $3,535,590,321 as of Feb. 27. This is a decline in a month of $535,494,154, or more than 15%.
The weekly figures regarding brokers' loans furnished by the Federal Reserve Board present even
more emphatic testimony to the same effect. These
show that the grand total of loans to brokers and
dealers (secured by stocks and bonds) by the 61 reporting member banks was down to $2,573,051,000
March 31, against $3,109,331,000 on Feb. 24. It follows as a matter of course that the speculative situation of the market is far less dangerous than at
The report of the Department of Agriculture at
the beginning of March. However, it is probably Washington on the condition of the winter wheat
true that during the heavy liquidation some prices crop in the United States at the opening of spring,'
have been carried too low and others are not yet low which was issued late yesterday afternoon, gives
promise of a somewhat better situation than was inenough.
In the meantime money conditions have become dicated in December. The condition on April 1 this
distinctly easier, the call money renewal rate in year is placed at 84.1% of normal, which is 1.4
New York having declined during the week to 4%,. points higher than was shown in December and comwith call money on the outside at a still lower fig- pares with only 68.7%, the condition of the winter
ure. Commercial paper has remained dull at 414% wheat crop on April 1 1925, which was harvested
to 41/
2%,with most transactions at the lower figure. last year. The increase of 1.4 points in the condiThe market for high-grade securities gives the same tion of the now growing winter wheat crop that has
indication, the Dow-Jones average for 40 invest- occurred between December last year and April 1 of
ment bonds having advanced during the week, at this year, is in sharp contrast with an average defirst slowly and then more rapidly. After a period cline in the past ten years for the corresponding peof comparatively light bond offers during the latter riod of 5.7 points. Last December the winter wheat
part of March and the first few days of April, the crop did not compare favorably with other precedvolume has increased during the past week, with ing years. There was a reduction in the area planted
some important offerings. The City, of Philadelphia to fall wheat, the area being 39,540,000 acres, as
disposed of $25,000,000 50-year bonds to a syndicate against 42,317,000 acres planted to winter wheat in
headed by Drexel & Co. on a 4.27% basis, the issue the fall of 1924. The condition of the present crop
consisting of $23,000,000 41/
4s and $2,000,000 4/
1
2s. in December last was only 82.7% of normal. The
The most important issue of the week was that of area abandoned during the past winter will not be
$65,000,000 Associated Electric Convertible 5/
1
2s, known until the May Government report. It is not
1946, offered by a syndicate headed by Harris, expected to be heavy this year—for last year's winForbes & Co. The bonds were quickly taken at 951/
4, ter wheat crop it was large.
Conditions as to rye have not improved during the
yielding 5.90%. The issue is interesting not only
because it is the obligation of a strong, well-man- past winter. The crop on April 1 this year was reaged company and convertible into $6 preferred ported as 80.2% of normal, as against 83.8% of
stock at the rate of 11 shares of stock for each $1,000 normal in December last. The condition this year
bond, but because the issue accomplishes a simplifi- compares with 84.0% of normal on April 1 1925.
cation of the capital structure of an important pub- The area planted to rye last fall was 3,426,000 acres,
lic utility group. Through this issue a large part of which compared with 4,088,000 acres planted in the
the funded debt and preferred stocks of subsidiary fall of 1924.
cmpanies is refunded with a considerable saving in
APR. 10 1926.]
THE CHRONICLE
1959
Mercantile insolvencies during March maintained quarter of this year than they were a year ago; likemuch the same position as in the earlier months this wise for the Central West and the three Pacific
year. The number in the United States last month, Coast States. The increase this year is in the main'
according to the records of R. G. Dun & Co, was due to a larger number of insolvencies reported in
1,984 and the indebtedness involved $30,622,547, as Massachusetts, Connecticut, New York, Pennsylvaagainst $1,801 similar defaults during the shorter nia, Ohio, Indiana, Minnesota, Missouri, California
month of February of this year, the liabilities for and Oregon. There are smaller increases in some of
that month being $34,176,348, and comparing with the other less prominent States. In the South, such
1,859 defaults in March 1925, with $34,004,731 of in- important Southern States as Maryland, Virginia,
debtedness. There is an increase, it will be seen, in North Carolina, Georgia, Florida, Tennessee, Ala:
the number of insolvencies this year, but the liabili- bama, Mississippi, Arkansas and Oklahoma show
ties reported are somewhat less than the amount marked declines in the number of defaults this year
shown a year ago. Defaults in manufacturig lines as compared with a year ago. Only six insolvencies
last month numbered 469, with an indebtedness of are reported in Florida for the first three months of
$9,861,821, which compares with 429 failures of 1926, with 397,700 of liabilities, against 54 a year
manufacturing concerns in March last year owing ago owing $1,069,639. On the other hand, insolven$13,374,584. Trading insolvencies last month were cies so far this year in Texas, Louisiana, Kentucky
1,424, owing $18,622,793, against 1,345 in March and South Carolina are more numerous this year
1925, with liabilities of $17,594,994. There were in than they were for the corresponding period of 1925.
Banking defaults for the first quarter of this year
addition to the above 91 failures of agents and
brokers last month owing $2,137,933, against 85 in show a very marked decrease from the corresponding
March last year with an indebtedness of $3,035,153. period of 1925 and 1924 both as to the number and
Each of the three classes into which these insol- the amount of liabilities. There were 94 such devency returns are divided, shows an increase in the faults in the United States this year to date, with
number of defaults this year over the corresponding liabilities of $25,893,778, in comparison with 144
month .of 1925. On the other hand, in the indebted- for the .same period a year ago, owing $43,925,548.
ness involved there is an increase in the amount for As in other recent years, the bulk of banking defaults
March 1926 for the trading class, as compared with for the first quarter of 1926 is in the group of seven
March a year ago, but a considerable decrease in the States classified as Central Western, embracing
liabilities for the manufacturing division. The in- Minnesota, Iowa, Missouri and the Dakotas. For
creases in the number of manufacturing defaults the first three months of 1926 two-thirds of the numlast month were largely in the lumber lines, in the ber of banking failures and practically 80% of the
class embracing hats, gloves and furs, in the print- indebtedness reported is represented by the bank
ing trade, and among manufacturers of leather failures in the above mentioned section. No bankgoods. In the trading division, the grocery lines ing defaults appear in the Eastern States, but a
continue to lead by a considerable margin in the number are reported in the South, though less than
number of defaults, as well as in the amount of in- one-half the number reported a year ago. There are
debtedness. An increase in the number of insolven- also a few small banking failures in the Central
cies among general stores likewise appears for last Eastern States embracing Indiana, Michigan and
month, which is also the case as to dealers in cloth- Wisconsin.
ing, in shoes and leather goods, in drugs and in
In his semi-weekly interview with Washington
jewelry.
For the first quarter of this year there is a slight newspapermen on April 2, President Coolidge let it
increase in the number of failures over the corre- be known once again that he was opposed to the
sponding period of 1925, but the indebtedness re- United States sending representatives to the proported this year is 15.6% less than it was a year ago, posed conference in Geneva next September to diswhich is very gratifying. The total number of in- cuss reservations made by our Government with resolvencies for the past three months is 6,081, which spect to joining the World Court. The New York
compares with 5,969 for last year, while the liabili- "Times" representative in Washington said in a
ties this year to date are $108,460,339, against $128,- dispatch April 2 that "while he regards the invita481,780 in the same period of 1925. As to the three tion as a courteous attention, his position, as exdivisions into which the failure figures are classified, plained to-day, is that it is not necessary, since the
both manufacturing and trading defaults were some- reservations are clear, and it rests entirely with the
what more numerous this year than they were a year 48 nation members of the Court to accept or reject
ago. There is a reduction in the indebtedness for them. The President feels that there is nothing a
all three classes this year, the amount shown for the representative of this Government could discuss or
division embracing agents and brokers being less explain, as this Government has already sent the
than one-half what it was for the same period in reservations to the 48 signatory nations and is now
1925. The quarterly statement is separated geo- dealing with them." The "Times" correspondent
graphically. Out of the eight divisions into which added that "the feeling exists in Administration cirthe United States is given, four sections show fewer cles that the call of the Secretariat of the League of
insolvencies this year than for the corresponding Nations gives semblance to the impression here that
time in 1925, these including both of the Southern the Court is under the domination of the League of
divisions, the South Atlantic States and the Central Nations. That is one reason, it was said, why -Om
South, the five Central Eastern States, the latter Administration intends to deal directly with the
being entirely due to a decrease in the number of in- nation members and decline to send a representative
solvencies this year in Illinois, Michigan and Wis- to Geneva. President Coolidge to-day gave the imconsin, and the eight Far Western States. In the pression that he saw too much activity on the part of
East, both for New England and the Middle Atlan- the League and told callers that the only Powers to
tic States, failures are more numerous for the first deal with were the 48 members of the Court."
1960
THE CHRONICLE
The attitude of the League was outlined as follows
in an Associated Press dispatch from Geneva, also
under date of April 2. It was said that "League of
Nations circles expressed astonishment to-night on
the receipt of dispatches from Washington saying
that the action of the League in sending a circular
letter to the members of the World Court inviting
them to a conference to consider the American reservations had caused surprise in official circles of
the American capital. Officials of the League said
that, however Washington may have felt about the
Council's original decision to convoke a conference
for the purpose of discussing the reservations put
forward by the United States in connection with her
becoming a member of the Court and the invitation
to the United States to participate in the discussions,
there can be no justification for surprise over the
actual dispatch of the invitations. These officials
explained that the sending out of the circular letter
to the Court signatories was nothing but routine
procedure, called for by the decision of the Council.
it was added that the sending out of a circular letter is the practice always adopted when the League
arranges for international conferences, the difference in this case being that it was sent only to the
members of the Court and not the members of the
League."
(VOL. 122.
to hold a conference of the nations which had to decide on the reservations, and, as it so happened that
those nations were the League of Nations, and as it
so happened that they were due to meet in September for the Assembly, he conceived what he regarded
to be the logical process of asking them to act in concert on the issue at stake. And in order, he thought,
that there might be no room for misunderstanding,
he advocated inviting Washington to send a delegate
to discuss the reservations and what they meant.
The Council approved Sir Austen's suggestion."
In discussing still further, in a dispatch on April
6, the attitude of the leading European Powers toward the stand taken by the United States on the
question of reservations, the Paris representative of
the New York "Times" said in part: "Out of the
conversations proceeding among the European Foreign Offices there appears to be a growing feeling
that the American World Court reservations should
not be accepted as they stand. And notwithstanding
Washington's unwillingness to send a delegate to
Geneva in September to discuss the reservations—
and frankly certain possible changes—there is every
indication that the League of Nations will choose the
opportunity at the meeting of the League Assembly
to discuss the situation which has arisen with regard to the United States's adherence to the Permanent Court. It has become evident that the American reservation to which the Court adherents, and
especially the members of the League Council, most
object is the first part of Paragraph 5, which paragraph not only says the Court shall give no advisory
opinion affecting matters in which America has an
interest without agreement by Washington, but also
provides that the Court may give no advisory opinion without hearing any State concerned.. Now,
while there is a tendency to give serious consideration to the provision that the Court must ask America before ruling on any matter interesting her,
League leaders think the rest of the paragraph goes
too far in taking away from the Council the right to
ask the Court for advice regarding procedure, which
system has given the Court most of the cases it has
had."
Discussing what purported to be the French view
of the stand taken by President Coolidge, the Paris
representative of the New York "Times" said in a
long cable dispatch on April 3 that "the business of
America's entry in the World Court is being handled
or mishandled in a fashion which threatens to delay
considerably her adhesion to The Hague institution.
If more care is not shown, the next Presidential
campaign may be on hand without the matter being
arranged." He also claimed that "the kernel of the
trouble lies in the circumstance that the Washington Senate does not mean as much in the lives of
other Foreign Ministers as it does in Mr. Kellogg's.
Its 'take-it-or-leave-it' reservations do not awe other
countries, especially those which do not care whether
the United States adheres or not to the World Court,
which all the nations do not take too seriously, or
perhaps seriously enough."
Going into what he said were the reasons why the
The new tax bills finally have passed the French
conference was called, the "Times" representative Senate, as well as the Chamber of Deputies. They
said: "At Geneva, Sir Austen Chamberlain learned were modified somewhat by the former body. In a
that several Governments were unwilling to accept special cable dispatch on the evening of April 4 the
all the American reservations. He further found Paris correspondent of the New York "Times" said
that on the Council there were two nations which that "by astute maneuvering of the Senate against
thought the United States should be asked to change the Chamber, Premier Briand early this morning
one reservation, or at least the wording of it. He secured final passage by both Houses of his Finance
foresaw that in dealing with each country separately Minister's proposals for the new taxation necessary
Mr. Kellogg would arrive at the result that some to meet the budget deficit and has shelved, at least
countries would accept all the American reserva- momentarily, the proposal incorporated in the bill
tions, some would accept part of them, and that the by the Left majority in the Chamber that within the
result would be a mess. While it might be said that next twelve months a Government monopoly for the
this was Washington's business, Sir Austen saw import of oil and oil products be created." It was
that there might arise a situation comparable to that added that "when the Senate Finance Commission
at Geneva with regard to Germany's joining the voted to take the monopoly proposal out of the bill,
League, and he also foresaw that in America the the Premier was heard to lament that his projects
blame would be put on those countries adhering fel had been torpedoed, for the Chamber would not give
the World Court. He believed that the greater Euro- him the necessary vote unless the Left's favorite
pean nations, which want America in the Court, by project was included. His lamentation was not,
meeting in Geneva could reach a common decision, however, the expression of his own personal views
which later they might mail in separate envelopes on the monopoly question. As Foreign Minister, he
from their individual capitals if that suited the did not want it. It stood too much in the way of the
Americans. He believed that the best procedure was debt negotiations. Nor did his Finance Minister
APR. 10 1926.]
THE CHRONICLE
want it. To-day in the Senate he characterized it as
expenditure included in a bill which was designed to
obtain income. With tact the Senate Commission
and the Senate itself helped them out of the difficulty. They proposed that the article be taken out
of the bill, but to meet the Chamber majority's desires they promised that a special Senate commission
should be appointed at once to study the question
and report. There were 189 votes against 103 for
suppression of the article."
1961
cial balance of the last few months bad also had the
effect of necessitating purchase of foreign moneys.
If the budget was balanced, if a reasonable effort at
amortization was made and if the country was reassured instead of being.alarmed, he was certain
there would be no need for further inflation."
In his account of the proceedings in the Senate,
the Paris representative of the Associated Press
said: "31. Peret began his speech by dealing with
the stabilization of the franc, the determining facExplaining the new legislation still further, the tor of which, he said, will be credit abroad. This
"Times" correspondent said: "That result provided credit, he said, depends upon settlement of France's
undoubted elements of a stalwart fight between the debts abroad. The Minister of Finance said the entwo lifoth.es. In the meanwhile, however, all the tire Government was agreed on pursuing settlement
elements of moderation had been at work in the of all debts- to foreign countries, without abandonChamber and a compromise proposal had been ing any of France's rights and at the same time withreached. As the bill stood, the oil monopoly was to out undertaking to pay more to her war creditors
have been created by Ministerial decree. When the than was received from her war debtors."
result of the Senate vote became known the Chamber
The situation was still further outlined in a specommission met and voted a new proposal which cial Paris cablegram to the New York "Times" on
provided that the monopoly could not be created ex- April 4. It stated that "Finance Minister Raoul Pecept by legislative act. This proposal provides a ret, like his chief, Premier Briand, has gone into the
measure of safeguard fully equal to the Senate's de- country for a well-earned rest following the coming
mands. It means that the monopoly cannot be put into law of his plans to fill the budgetary deficit,
into force until the whole terms of its creation and while the budget itself and the regular appropriafunctioning have been again submitted to Parlia- tions have still to be dealt with. The latter bills will
ment. There must be debates and dccisions. Be-- be discussed from April 7 on, and in view of the imtween now and the Greek kalends, when these deci- portance of these questions the Finance Minister has
sions will be taken, many matters will be altered. been obliged again to postpone his visit to London
Among them certainly there will have to be a new for a resumption of the debt negotiations. It was
Government because it will never be the Briand-Peret learned this evening that M. Peret will not leave
Government which will inaugurate such legislai- France until the last dot is put on the i's of all pendtion."
ing financial bills, which, be hopes, can be accomIn a synopsis of Finance Minister Peret's remarks plished before the end of this month. In view of
during the Senate debate, the "Times" representa- these circumstances, it is probable that an official
tive said: "During the morning's debate in the Sen- attempt to reach a debt agreement in Washington
ate Finance Minister Peret drew a picture of the sit- will not be made until a London settlement is
uation which was more reassuring than many recent mooted."
presentations of the French financial case. If the
It has been apparent for some time that the French
new taxes were voted, he said, the budget figures
would show at 37,237,000,000 francs expenditure Government was eager to bring to an end its various
and 37,535,500,000 income. This left an excedent of military campaigns in colonial possessions. The
298,000,000 and though there were certain reserves campaign in Morocco has been particularly troubleto be made both as to income and expenditure, the some, costly and unproductive of desired results.
budgetary situation could be considered satisfactory. Undoubtedly if a way could have been found a setFor the present, he continued, the Government was tlement would have been attempted some time ago.
occupied only with increasing income. But other According to recent Paris cable advices this matter
problems lay in wait. Before anything could be has been under active discussion in Paris by French
done to stabilize the franc there must be a settlement Government officials. On April 2 the representative
of inter-Allied debts. In that settlement it was his in that centre of the New York "Herald Tribune"
view that the legitimate interests of France must not said that "an important conference at the Quai d'Orbe sacrificed, nor should it be forgotten that the say this afternoon, attended by Premier Briand,
country's capacity for payment was influenced by Minister of War Painleve, Marshal Petain, M. Steeg
the amount she received from Germany. Monetary and M. Berthelot, was the forerunner of probable
stabilization, he said, must not have an artificial peace in Morocco and very likely the abandonment
character. It was essential that it be accepted and of the project for a French spring offensive against
not imposed. For that reason the solution of the Abd-el-Krim. The sense of the meeting was peace,
problem of amortization should not be attempted in and terms which undoubtedly will be attractive to
a brutal fashion. During the last few months the the Riffian chieftain are expected to reach him in a
renewal of defense bonds in circulation showed there brief time." The correspondent added that "if he
was no great disquiet in the country. There was no accepts, 130,000 French troops, already occupied for
cause for immediate alarm. During the next few a year in the dreary African campaign, will be withweeks he hoped to make considerable reimburse- drawn. Krim will be wilted to accept religious obeiments to the Bank of France and instead of increas- sance to the Sultan of Morocco and to surrender a
ing at each month-end the extent of borrowings was certain percentage of the Riffian arms. Aside from
likely to be diminished. He did not regard the ex- this, it is believed in Paris to-night that the Riff
change situation with alarm. New York orders had chieftain, as far as the French are conweighed heavily on the market and the Government cerned, will be guaranteed complete political indecould do nothing to prevent it. The adverse commer- pendence."
1962
THE CHRONICLE
[you 122.
The situation was further outlined as follows:
In a subsequent dispatch from Paris to the New
"Although keenly carrying on a new offensive in York "Times" the position
of the French GovernSyria designed to reoccupy the Soueda headquarters ment was further set forth
in part as follows:
of the Sultan Atrache and to capture the Druse "While no undue optimism is
being attached in Paris
Mountains, there is no doubt that the French Gov- to the peace negotiations with
Abd-el-Krim, it is
ernment is extremely weary of its Moroccan cam- stated that during the past few
days a more tangible
paign and it is now virtually certain that no great and clearer situation has been
produced than hereoffensive will be staged in northern Africa unless tofore through the intermediary
of some Caids in the
Krim forces the issue. One reason for this is the subjected zones. Contradict
ory reports that the
present attitude of the Spaniards. Last year a joint Riffian leader is preparing an offensive
and at the
operation was agreed upon which left the French same time seeking peace are interprete
d here as
the heaviest part of the campaign, while the Span- showing his indcision. The Governmen
t, however,
iards were content to occupy Ajdir and rest their is determined that while it
will continue the peace
arms. To-day the Spaniards insist that their part negotiations until peace is obtained
or until there is
of the fighting is already fulfilled and that the no possible prospect of success,
it also will continue
French must carry out their part, which means a all necessary preparations against
a new outbreak
heavy offensive against Krim, to which Premier of hostilities."
Primo de Rivera of Spain is not ready to contribute.
The situation was discussed from still another
Krim's intentions are not known here. Reports point of view in wireless messages
from Paris to
have been filtering in from the border tribes that he the New York "Times," likewise
on April 2. In part
is anxious for peace, yet, as the 'Herald Tribune' in- the correspondent said: "Until
now it has been the
dicated yesterday, concrete proposals have not yet custom to say that the Soviet was behind
been received by French officialdom. The initiative the Riffian chief and was helping him.
Whatin this direction seems to-day to have developed in ever the sympathies of the Soviet
and their followParis and the peace delegates at the front are ex- ers are to France, there is no proof that
they have
pected to communicate with Krim in the briefest been able to do anything more than make
a wordy
time. The question of peace in Morocco is not only championship of the Riffians in their general
policy
a military but a moral and political one. The French of stirring up trouble and seeking profit
from it.
troops are discouraged after a year of the hardest That Abd-el-Krim is a pawn in a much larger
game
campaign known since the Great War. On the is, however, not only apparent but known,
and two
other hand, the Left Wing politicians in the Cham- paragraphs in the French press during the
past two
ber of Deputies are making capital out of the heavy days serve to indicate not only where suspicion
lies
expenditures necessary to a big spring offensive and but also what is the danger of the French
fear if,
threaten seriously to embarrass the Government, if owing to their financial situation and their
internal
even not to make a large operation impos- political squabbles, they cannot within
the next few
sible. Thirdly, there is the lackadaisical attitude of months impose order in their colonies
and protectoSpain."
rates."
At the very time that these rather encouraging
Word came direct from Rabat on April 4, through
reports were cabled the news direct from the seat of an Associated Press dispatch, that "a Riff attack
Moroccan military activities was not so encouraging. against the French outposts, which had been exIn a special wireless message to the New York pected for several days, opened this morning. Some
"Times" from Rabat on April 2 it was stated that of Abd-el-Krim's regulars, whose presence had been
"at the very moment when negotiations for ending noted along the fronts of Marnissa and Gatznaia,
the warfare in Morocco appear to be well under way began an offensive action against the friendly tribes
and when the feeling in French and Spanish camps of Fenassa, Beni Ouendjel and Ouled Bouslama, sitis that peace is in the air, information is drifting in uated between Tioua and Marnissa." According to
from a dozen sources indicating that Abd-el-Krim is Paris dispatches the same day "Premier Briand, War
about to launch a series of heavy attacks against his Minister Painleve and Marshal Petain, who is in suEuropean foes. These attacks, according to opinion preme command of the French troops in Morocco,
here in the military and political capital of French conferred to-day for an hour with Jules Steeg, ResiMorocco, will be in the nature of a peace offensive. dent-General of Morocco, and while no official comThey will be designed, the French believe, to impress munique was issued, the presence at the conference
Paris and Madrid with the strength of the Riffians of General Georges Simon, commanding the French
at a time when these Governments are considering troops in the field, lent color to the report that
the
what concessions are necessary to conclude peace Riffian chief's challenge will be met and that French
with the Riff. Heavy concentrations of Riffian troops will move against him in the spring
offentroops have been sighted opposite the French and sive. M.Painleve said that 'the conference dealt
exSpanish lines. On the French side it is expected clusively with the present situation in Morocco
and
that Ouezzan, one of the most important towns in the the best means of re-establishing peace in the quickFrench protectorate, will be Abd-el-Krim's principal est possible manner.' Asked if this meant resumpobjective. The French forward positions here are tion of the operations, M. Painleve replied:
'Someonly some eight miles beyond the town. Another times war is the promptest method of restorng
important concentration is taking place among the peace.' It is known, however, that Abd-el-Krim has
Benzil Zeroual tribesmen in the Ouerga sector. Con- plenipotentiaries at Rabat in negotiation with
both
firmation on both the French and Spanish sides in- Spanish and French authorities, and all
hope has
dicates that Tetuan, the Spanish capital, will be the not been abandoned that an offensive on a large
objective of the Riffian thrust. There the Spanish scale may be avoided."
defending lines run along the hilltops in easy view
As the week progressed the cable advices from
of the city."
Paris and Morocco did not indicate that much prog-
APR. 10 1926.]
THE CHRONICLE
ress toward peace was being made. Apparently
Premier Briand devoted the greater part of his time
and thought to that situation. On April 7 the Rome
correspondent of the New York "Times" cabled that
"Premier Briand's last thought before he took a
much-needed three-day rest at his Cocherel Farm
was peace in Morocco. His first thought when he
came back to Paris to-day from his vacation was
peace in Morocco. And the Premier's holiday was
partially spent endeavoring to find a way of making
peace with the Riffians without letting his country in
for another war a few years hence. The situation
facing the Premier is one close to his heart, first
because he is a believer in peace, and secondly because many other problems are closely related to the
Moroccan affair: the financial problem, the 'Italian'
problem, the disarmament problem, the League of
Nations' mandates problem and the problem of
France's security. That is why his vacation was
disturbed by the motor trip the Minister of War, M.
Paul Painleve, and the Governor-General of Morocco, M. Steeg, made to Cocherel, where they conferred with the Premier regarding the problem generally and the Spanish attitude particularly."
The relations between France and Spain as to
their Moroccan colonies have been rather closely
interwoven. Apparently the Spanish Government
is afraid its country will be the loser if France makes
a separate peace in Morocco. At any rate, in a special wireless message from Madrid to the New York
"Times" on April 8 it was stated that "Spain is
much affected by rumors of the conclusion of peace
between France and Abd-el-Krim. But it would appear that there is no truth in these rumors. General Primo de Rivera, the Spanish Premier, and his
colleagues are greatly worried, however, because they
fear the French may conclude a separate peace with
the Riffian chieftain and thus assure themselves of
tranquillity in their zone of the Protectorate at the
expense of their Iberian ally."
1963
cerned, it was pointed out, the principal effect would
be to curtail the purchases of wheat, automobile
parts, cotton and sugar. The reporter for the Commerce Commission warned the Chamber that France
was especially vulnerable to reprisals, as last year
she exported 16,000,000,000 francs' worth of de luxe
merchandise and imported only 1,000,000,000 francs
in goods, and he further prophesied a conflict with
Germany over reparations payments in kind, which
would be likely to cause new divergences wth other
European nations. Deputy Chavagnes estimated
that the increase, if approved by the Senate later in
the month, would mean a rise in the cost of living as
high as 4%, besides proving particularly burdensome to newspapers depending on foreign sources for
pulp and newsprint supplies."
Cabinet changes in Europe have occurred with
what has come to be familiar frequency. On April
1 the Ministry of the Jugoslavia Government, headed
by Premier Nikola Pachitch, resigned "because of
the opposition to the Premier of Minister of Education Raditch and several other members of the Government over the recent adjournment of Parliament
until May 5." King Alexander began "consultations
with leading politicians" the very next day with
a view to forming a Cabinet. According to an Associated Press dispatch from Belgrade on April 5,"the
task of bringing together a new Ministry appears to
offer some difficulty. The immediate cause of the
resignation of M. Pachitch was the secession of M.
Raditch and his Croat Peasant Party because the
Premier got the Chamber to vote for an adjournment until May 5, instead of April 8, on which date
M. Raditch desired Parliament to interpellate the
Premier." It was further explained that "the relations between Raditch and the other Croat Party
Ministers and the remainder of the Cabinet had been
strained since the alleged recent indiscreet speechmaking tour of Raditch. As the Radicals have nearly
half of the seats in the Chamber, it is expected that
In an effort to make up in part for the severe they will wield control over whatever Ministerial
depression in the French franc "the French Cham- combination is decided upon. In any case there will
ber of Deputies on April 2, by 311 to 39 votes, voted have to be new elections, and consequently the new
an increase of 30% in the import duty on all mer- Parliament cannot meet before September. M.
chandise entering the country from abroad with the Pachitch has been Premier of Serbia or Jugoslavia
exception of paper pulp, parts of agricultural ma- thirteen times and a member of the Cabinet more
chinery, wheat, sugar, coffee and cocoa." The Paris than thirty times. It has been said recently that he
representative of the New York "Times" said that is in ill health."
"this increase, it was argued by Deputy Falcoz, reAnnouncement was made in Belgrade yesterday
porter of the project, and Daniel Vincent, Minister that "Nikola T. Uzunovitch has formed a new Cabiof Commerce, is not intended as a new protective net, and it has taken the oath of office. M. Uzur
measure. Its object is simply to compensate for the novitch's Cabinet personnel is the same as the preloss in national revenue from customs duties caused ceding one, except for M. Pachitch and M. Stoyadiby depreciation of the franc. The new customs bill novitch, Minister of Finance. The new Premier
has
has been under discussion for more than two years, taken charge of the Finance portfolio temporaril
y."
but the constant loss in value of the franc and the
commercial situation caused thereby have made its
It seems possible that Greece may again have a
final adjustment difficult. In their negotiations regular form of Government instead
of a dictatorwith Germany for a commercial treaty the French ship as has been true for some months.
On April 5
have, however, found themselves handicapped by the also, word came from Athens, through
a United
comparatively low rate of import duties, and the Press dispatch, that "Premier Pangalos obtained
a
present bill, while designed to secure additional tremendous majority in the Presidential
elections
revenue, is also intended to secure a more stable held Sunday, according to the count which
was comfooting on which the negotiations with Germany pleted to-day. The opposition abstained
because
can be continued."
Pangalos insisted that the elections in 23 Greek
Commenting upon the probable effect of the Cham- departments should not occur Sunday when
the
ber's action, so far as the United States is concerned, others voted, but should be postponed until April
the Paris representative of the New York "Herald 11." It was added that "for several months PangaTribune" said: "As far as the United States is con- los had ruled as dictator. He now says he intends
1964
THE CHRONICLE
[voL. 122.
to model a Greek constitution after that of the in the Cabinet was a source of extreme embarrassUnited States, according to himself only such power ment to M. Briand, his close personal friend, and
as the American President possesses."
was likely to upset the Ministry before its time. M.
Malvy was a member of the Government in 1917
Governmental affairs in Rumania under M. Ave- when he was compelled to resign because of charges
rescu as Premier have not been going altogether of engaging in defeatist propaganda. The Senate
smoothly. On April 3 the Bucharest correspondent sitting as a high court in 1918 found him guilty of
of the New York "Times" sent a wireless message in dealing with the enemy and sentenced him to five
which he said that "the cleavage between the old years banishment, which he spent in Spain. In 1924,
Kingdom and the new territories of Rumania is when the Radicals returned to power, he was granted
growing rapidly under the Averescu Government, amnesty and returned to France. His first step towhose position is now strengthened by dissensions ward regaining political power was his appointment
in the Transylvania Nationalist Party." Comment- as President of the Finance Committee of the Chaming further on the situation, the "Times" correspond- ber last September."
ent said that "the Premier is making the position of
Word came from Paris last evening, through an
the King, whose use of his prerogative is already se- Associated Press dispatch, that "Louis Maivy's resverely criticized, more exposed by emphasizing it ignation as Minister of the Interior was accepted by
was he personally who desired him to take office. the Cabinet to-day. Jean Durand, Minister of AgriThe policy of the Averescu Cabinet is apparently not culture, was appointed to succeed him. M. Durand's
yet decided, the manifesto he has issued being successor in the Ministry of Agriculture will be
phrased in general terms not differing essentially chosen to-morrow" (to-day). It was added that "no
from the recent statements of his predecessor. Pre- secret is made among the members of the Left bloc
mier Averescu, for instance, welcomes, as a new of the fact that Malvy is leaving the Cabinet at the
development, foreign capital investments, but Pre- behest of many of his Radical friends, who are opmier Bratiano in the last period of his Government posed to Premier Briand and desire to bring about
had shown that he himself was ready to abandon his the return of the Herriot Ministry."
previous policy of opposing foreign loans. The reBenito Mussolini, Fascist Premier of Italy, again
ported difference, therefore, is largely in its degree
has occupied a prominent place in the European
of enthusiasm."
Announcement was made about the same time in cable dispatches to American newspapers. The amanother special Bucharest message to the New York bitious and pretentious trip to Africa, with Tripoli
"Times" that "the new Averescu Government has the principal stop, was quite sufficient to attract
ordered the suppression of two newspapers, both special attention, apart from the subsequent happensupporting the Nationalist Party." The two papers ing—the attempt on his life. In a special wireless
were the "Conservative Lupta" and the "Romania!' message from Rome to the New Ydrk "Evening
According to a wireless message from Vienna to the Post" on April 6 it was stated that "newspapers repsame paper, "the suppression of two Opposition resenting both the Government and Fascist Party
newspapers is considered significant, since the Ave- viewpoints are beginning to establish the fact that
rescu Government was formed simply to hold new Premier Mussolini's African voyage is to be a preparty elections. The fact that both newspapers lude to an aggressive colonial policy which must
dared, even obliquely, to criticise the King himself, restore to Italy her dominion over the Mediterrais an important development, showing the extent of nean. Great significance, therefore, is being atthe Opposition's exasperation. Hitherto, whatever tached to this week's reception of the new Fascist
their private opinions were, the members of the Op- directorate on the flagship Conte .di Cavour, which
position have never publicly attacked the fundamen- is to take the Premier to Tripoli, accompanied by a
tal monarchical principle that the King can do no naval convoy." The correspondent also added that
wrong and only his Ministers are responsible." Ac- "the official press is carrying an editorial by Ar,
cording to the message also,"it is reported here that naldo Mussolini, brother of the Premier and editor
M. Averescu has issued an appeal that public order of the Topolo d'Italia' of Milan, which compares
be maintained, saying he would use all means to en- the voyage of the warship to the Roman transport of
Scipio. The article comments: 'It is now time that
force it."
men began to leave their little provincial cities and
Premier Briand of France has been criticised for steel their wills to a new conception of empire. This
including Louis Malvy in his present Cabinet. It meeting on the sea is only a prelude.'" It was made
will be recalled that "on March 18 in the course of known, likewise, that "the extremist 'Impero' hints
the financial debate in the Chamber his record was that Italy's plan is to commence her colonial expanbitterly attacked by the convervatives, and M. Malvy sion with Tripoli as a foothold. It says: 'With
while speaking in his own defense fainted and had to Tripoli in Africa let us suggest that we might stretch
be carried from the room. He was eloquently de- out one arm and with our hand might touch a part
fended by :::remier Briand, but shortly thereafter of Morocco. Looking toward Egypt, let us suggest
left for the south of France to recuperate. Since that a bit of Nubia lies in a manner which would
then it has been believed that his retirement from connect our territory on the Red Sea. As for Asia,
the Cabinet was only a matter of a short time." An- the region about Cyprus, Smyrna and Antioch innouncement was made in Paris Thursday evening terests us not a little.' The 'Impero' adds that it
that M. Malvy had resigned as a member of the must be remembered 'the Duce is a realizer, not a
Cabinet, being impelled "by political considerations" visionary.' It concludes by pointing to the further
to take that step. The New York "Herald Tribune" important fact that this is the first time the head
correspondent cabled that "the event [his resigna- of the Italian Government will make personal action], however, is generally conceded to be a beau quaintance with the subject colonies, and at the same
geste by the former political exile, whose presence time let the colonials see, face to face, the men who
Am. 10 1926.]
THE CHRONICLE
1965
administer their Government." Mussolini planned the population. We are a Mediterranean people and
to set out on his trip on April 8 "on the dreadnought our future and our past lie upon the sea.' Two disks
'Conte di Cavour', accompanied by a formidable of plaster on the Premier's nose and slight inflamnaval squadron. The trip was hailed by the Fascist mation of the eyes and lips from the smoke puffed
press as a sign of the naval and colonial resurrection into his face by the discharge of the Hon. Violet
of Italy." His plans were not changed, although Gibson's revolver yesterday were the only marks of
just the day before he "narrowly escaped death from the experience through which Mussolini had passed."
an assassin's bullet." It seems that on April 7
The British attitude because of the attack on Mus"he had just emerged from the Capitol, where he had
opened an international congress of surgeons, and solini's life was summed up in part as follows by the
was walking through the crowded square to his auto- New York "Herald Tribune" representative in Lonmobile, acknowledging the cheers of the crowds, don in a dispatch on April 7: "The attempt to aswhen a middle-aged woman in a dark gown stepped sassinate Benito Mussolini meets with unsparing
close, pressed a revolver against his face and fired. condemnation on all sides in this country, with Sir
The Fascist chief staggered and slapped one hand Austen Chamberlain, the Foreign Secretary, taking
to his nose, from which the blood streamed, but he the lead in expressing Britain's indignation in a
retained the composure for which he is noted. 'A telegram despatched to-night.
am horrified to
woman!' he exclaimed. 'Fancy, a woman !'" The learn of the abominable attempt on your life,' wired
incident was further reported in part as follows by the Foreign Secretary. 'My wife joins me in conthe Associated Press: "The woman was seized by gratulations to you on your escape. We trust the
the crowd which seemed bent on taking vengeance wound is not serious.' We dislike Mussolini, but
for the attack. She was rescued with difficulty and we hate assassination more,' sums up the reaction
'hurried to a cell, where she was identified later as of the Liberal and Labor press to the Rome outrage,
Violet Albina Gibson, 50, daughter of the late Lord while the Conservative newspapers congratulate
Ashbourne of England, and sister of the present Italy on the fact that her great leader who 'saved
Baron Ashbourne. Mussolini, whose nostrils had her from Bolshevism' still lives to perform other
been perforated by the bullet, submitted to first aid services for his country. The outstanding differtreatment and then went to his residence, the Chigi ence between the Liberal and Conservatiye comment
Palace, where he was visited by the foreign diplo- is that the former points out that such attempts are
mats, including some of those accredited to the Vati- inevitable concomitants of a system of Government
can. Immediately after the attack, which occurred which forbids constitutional and regal ways of opat 11 a. m., and again after his arrival at the Chigi position and drives its opponents underground."
In a Paris message to the "Herald Tribune"
Palace, the Premier categorically declared no acts of
the
retribution would be countenanced. Despite this same evening, the French attitude was set forth in
edict, manifestations occurred, and a crowd, break- part as follows: "The attempted assassination of
ing through police lines, sacked and set fire to the Premier Mussolini of Italy at Rome to-day is reoffices of 'II Mondo,' the outstanding anti-Fascist garded here as without political significance. This
newspaper. The fire was extinguished. As if to is because the circumstances of the crime showed
emphasize the slight nature of his wound, Mussolini that the shooting was not the result of a plot by the
the same afternoon fulfilled his engagement to pre- dictator's own subjects, but was merely the act of
side at a ceremony of presentation of the Provincial a demented Englishwoman, probably without accomSecretaries of the Fascist Party to a new party plices. French officialdom to
-night, after the usual
directorate." According to the British Press Asso- formalities, hastened to wireless the Government's
ciation, the woman who shot Mussolini "is a lady of congratulations to Signor Mussolini on his
escape
somewhat eccentric temperament."
from death, and otherwise dismissed the incident.
Nevertheless, it could not be denied unofficially here
The Italian Premier set out for Tripoli the next that the Duce now has become an even greater figure
day, Thursday, April 8, as he had planned, and in to his own people than ever before and the shooting
spite of his wound. The United Press correspond- undoubtedly will serve to line them up more strongly
ent's account of the event seems particularly signifi- behind him in any international adventure on
which
cant. It was as follows: "Premier Mussolini left he desires to embark. The conviction
is strong
for Tripoli to-day, his martial spirit uncurbed by among the French students of European
affairs, althe•approach of death yesterday in the person of an though naturally not expressed
officially here, that
insane would be assassin. Mussolini's last speech Mussolini is becoming daily a
more dangerous elebefore departing on the dreadnought 'Cavour' to ment to the European status quo.
In the view of
survey the new Roman empire overseas was of war many high-placed Frenchmen, his
indifference to the
and the growth of Italian prestige. In a ceremony League of Nations and his coolness
toward the exaboard the 'Cavour' Mussolini introduced the newly tension of the Locarno agreements
to central Euinstalled Fascist Party directory to the Provincial rope, combined with the rapid
expansion of the Italdeliberately desired that the ian army, navy and air forces and
Party Secretaries.
Italy's need for
ceremony should occur aboard a warship,' the territorial expansion, make Mussolini
worth carewounded Premier told his subordinates. 'First, be- ful watching."
cause I want you to pay homage to our glorious
The French idea that the attempted
assassination
navy, upon which the hopes of our future are was not political in origin was also
entertained
by
founded. Second, I want you to familiarize your- the police of Rome, according to a
special wireless
selves with these instruments of war. Third, I dispatch to the New York "Times" on
April 8. As
hoped that both your vision and your spirit would for the Premier himself, the "Times"
correspondent
become broader aboard this ship. Fourth, because said that "Mussolini to-day continued to
make light
I desired you, on returning to your provincial dis- of the incident, which he treats as entirely unimtricts, to help in creating a marine sentiment among portant, and followed in full the program laid out
1966
many weeks ago when nobody thought or imagined it
would have to be carried out by a wounded man. He
was up early this morning and motored to the Ciampino flying grounds to bid farewell to the members
of the Amundsen-Ellsworth North Pole expedition.
Then he motored to Fiumicino and embarked aboard
the dreadnought 'Conte di Cavour,' which weighed
anchor for Gaeta, en route for Tripoli, after delivering a strong speech to all the Provincial Fascist Secretaries gathered aboard. The Premier appeared in
public this morning with his nose heavily bandaged.
He was considerably more pale than usual, and his
eyes were heavily rimmed with red. Apparently the
revolver shot was fired at such a close range that the
force of discharge affected his eyes. Otherwise he
appeared his usual live, vital self. He seemed in excellent humor, smiled broadly, joked with the members of his entourage and acted in every way as a
man without a care in the world."
According to an Associated Press dispatch dated
April 8, and sent from the Italian cruiser,
"Conte di Cavour," "this warship, bearing Premier
Mussolini to the Italian colony of Tripoli, steamed
out of the harbor at Gaeta at 8 o'clock to-night for
the voyage across the Mediterranean."
No changes have been noted in official Bank rates
at leading European centres from 71/
2% in Belgium
and Austria; 7% in Berlin and Italy; 6% in Paris
2% in Denmark;5% in London and
and Norway;51/
Madrid; 41/% in Sweden, and 31/
2% in Holland and
Switzerland. Open market discounts in London
were easier, short bills declined to 41/
4@4%%,
against 41/
2@43
/
4% last week, while three months'
bills closed at 4%%, against 4%@4 7-16%
a week ago. Call money in London was likewise
easier and finished at 3%70, in comparison with
47
/
8% last week. At Paris the open market dis4%, nor in
count rate has not been changed from 41/
Switzerland from 2%.
A further loss in gold holdings, amounting to
£113,349, although accompanied by increase in the
reserve of gold and notes in the banking department
of £757,000, due to contraction in note circulation
of £870,000,featured the Bank of England statement
for the week ending April 7. Moreover, the proportion of reserve to liabilities recovered all of the decline of the week preceding and touched a new high
level for the year, namely 20.40%, which compares
8%
8% last year and 181/
with 18.41% last week, 211/
a year earlier. An unusually large decline occurred
in public deposits, namely £22,266,000. "Other" deposits, however, expanded £13,365,000, while loans
on Government securities increased £8,125,000.
Loans on other securities declined £18,364,000. The
Bank's stock of gold now is £146,655,218, as against
£128,707,976 last year (before the transfer to the
Bank of England of the £27,000,000 gold formerly
held by the Redemption Account of the Currency
Note issue), and £128,115,856 in 1924. The reserve
total is £24,510,000, which compares with £25,973,131 in 1925 and £22,123,461 the year before. Note
circulation stands at £141,892,000, as compared with
£122,484,845 in 1925 and £125,742,395 the year previous, whlie loans aggregate £68,206,000, against
£74,495,908 and £75,931,740 one and two years ago,
respectively. The official discount rate of the institution remains at 5%. We append herewith comparisons of the different items of the Bank of England return for a series of years:
[VoL. 122.
THE CHRONICLE
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1925.
1924.
1923.
1922.
April 7.
April 8.
April 9.
April 11.
April 12.
Circulation
9141,892,000 122,484,845
Public deposits
13,176,000 13,126,357
Other deposits
106,973,000 109,505,434
Gov't securities
45,140,000 39,878,218
Other securities
68,206,000 74,495,908
Reserve notes & coin 24,510,000 25,973,131
Coin and bullion _a146,655,215 128,707,976
Proportion of reserve
to liabilities
20.40%
21%
Rank rate
5%
5%
125,742,395
12,975,966
108,908,860
41,517,736
75,931,740
22,123.461
128,115,856
122,910,595
16,116,448
107,872,316
48,444,325
68.884,287
24,356,462
127,517,057
122,439,345
17.430.957
124,572,039
57,139,146
77,673,770
24,873.820
128.863,165
18%%
4%
19.64%
3%
17.51%
4%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency notes issued 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 23 1925 includes £27,000,000 of Rank
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 weekly report showed a
further large increase in note circulation, namely,
723,932,000 francs, bringing total note circulation
up to the new high record of 52,851,286,490 francs.
For the corresponding period last year total note
circulation stood at 43,004,762,185 francs and the
preceding year at 40,145,376,545 francs. Advances
to the State remained unchanged at 36,250,000,000
francs, as against 22,000,000,000 francs a year ago:
A small gain of 15,000 francs occurred in the Bank's
gold item. Total gold holdings now aggregate
5,548,335,550 francs, which compares with 5,546,119,665 francs for the same time last year and with
5,542,008,693 francs in 1924. Changes among the
other items were: Silver gained 32,000 francs and
trade advances expanded 119,910,000 francs. In
contrast, bills discounted fell off 830,399,000 francs,
Treasury deposits diminished 2,615,000 francs and
general deposits were decreased 216,769,000 francs.
Comparison of the various items in this week's return
with the figures of last week and the corresponding
dates in both 1925 and 1924 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
for Week.
Apr. 7 1926. Apr.8 1925. Apr. 9 1924.
Cold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
15,000 3,684,014,643 3,681,798,757 3,677,687,786
Abroad
Unchanged
1,864,320,907 1,864,320,907 1,864,320,907
Total
Inc.
15,000 5,548,335,550
Silver
Inc.
332.175,301
32,000
Bills discounted _ _Dec.830,399,000 3,343,990.477
Trade advances Ine. 119,910,000 2,537,915,291
Note circulation_Inc. 723,932,000 52,851,286,490
3,601,029
Treasury deposits_Dec. 2,615,000
General deposits Dec.216,769,000 2,832,381,162
36,250,000,000
Advances to State_ Unchanged
5,546,119,665
314.936,612
6.179,156.072
3,138,630,491
43,004,762,185
13,377,611
1,952,034.771
22,000,000,000
5,542,009 693
298,204,559
4,991,942.293
2,646,434,402
40.145,376,545
16,431,562
2,524,681,358
22,800,000,000
Expansion of 645,915,000 marks in note circulation was the outstanding feature in the statement
of the German Reichsbank, issued as of March 31.
This, however, was to some extent offset by curtailment in other maturing obligations of 337,802,000
marks and of 175,722,000 marks in other liabilities,
the whole being a reflection of the strain entailed
by preparations to meet month-end disbursements.
On the assets side, the Bank again added to its holdings of bills of exchange and checks, this time of
121,411,000 marks, and also increased its advances
by 72,087,000 marks. Deposits held abroad expanded 41,870,000 marks, but reserve in foreign currencies fell 1,889,000 marks and silver and other
coins declined 8,970,000 marks. A small increase
was noted in the item of investments-3,894,000
marks. Reserve was augmented 51,278,000 marks,
but other assets were reduced 20,558,000 marks.
Another addition was reported to gold and
bullion holdings, amounting to 41,930,000 marks,
which brought the Bank's stock up to 1,491,099,000
marks, as compared with 1,003,377,000 marks last
year and 464,840,000 marks in 1924. Note circulation now outstanding totals 3,159,643,000 marks.
APR. 10 1926.]
THE CHRONICLE
Increased gold reserve, coupled with curtailment
in rediscounting and open market operations, was
the showing made by the weekly statement of the
Federal Reserve banks, for the System as a whole.
The figures indicated a gain in gold of $16,500,000.
Rediscounts of Government secured and "other" bills
fell $53,800,000, thus bringing total bills discounted
for the week down to $578,552,000, against $632,391,000 a week ago. Holdings of bills bought in the open
market were reduced $19,900,000. Total bills and
.securities (earning assets) decreased $61,200,000,
and declines were reported in all of the following
Reins: Federal Reserve notes in 'actual circulation,
$3,600,000; member bank reserve accounts, $23,600,000, and deposits, $44,900,000. The New York bank,
on the other hand, lost gold in its operations through
the Gold Settlement Fund to the amount of $48,000,000, while rediscounting operations showed a
small increase. In bills secured by Government obligations there was an expansion of $5,500,000;
"other" bills increased approximately $40,000, with
the net result an increase in total bills discounted
to $155,184,000, as compared with $128,954,000 in
the corresponding week of 1925. Open market purchases fell $19,400,000. Total bills and securities
were reduced $10,500,000 and deposits declined $59,500,000. The amount of Federal Reserve notes. in
actual circulation decreased $2,100,000, and member
bank reserve accounts showed a shrinkage of $63,000,000. Reserve ratios remained practically stationary for the New York bank—gaining .1%, to
81.6%, while for the combined System the addition
to gold holdings was responsible for an advance of
1.2%, to 74.6%.
The effects of heavy shifting of funds made necessary to meet April 1 payments, were shown in last
Saturday's statement of New York Clearing House
banks and trust companies. Chief among the features was the establishment of a deficit below the
required legal reserve in amount of more than $34,000,000. Loans and deposits were both heavily increased—the former $91,777,000, while net demand
deposits expanded $17,487,000 and time deposits
$3,451,000, the latter to $585,402,000. Demand deposits now aggregate $4,471,906,000, exclusive of
$44,441,000 in Government deposits. Cash in own
vaults of members of the Federal Reserve Bank fell
$1,395,000, to $44,809,000. This, however, is not
counted as reserve. A decline of $31,991,000 was reported in the reserve of member banks with the Reserve institution, which, in combination with increased deposits, was instrumental in bringing
about a contraction in surplus of $49,733,170;
thereby wiping out last week's excess reserve of
$15,573,670, and replacing it with a deficit in reserve of $34,159,500. Other less important changes
included a decline of $44,000 in the reserve of State
banks and trust companies in own vaults and an increase in the reserves of these same institutions kept
in other depositories of $195,000. The showing herein
noted failed to cause alarm, since it is expected that
a substantial surplus will be restored in the course
of the next week or so with the return of funds into
normal channels. The figures here given for surplus
are based on 13% legal reserve against demand deposits for member banks of the Federal Reserve, but
not including $44,809,000 cash in own vaults held by
these members on Saturday last.
1967
The local money market has been decidedly easy,
following the large April 1 disbursements and the
extensive liquidation of stocks and calling of collateral loans in March. The latter was fully demonstrated by the New York Stock Exchange figures,
which disclosed a decrease within that month in
brokers'„loans of no less than $535,494,154. Call
money renewed and loaned all day at 4% on Wednesday, while time money was dull at 4Y2@45
/
8% for all
periods to six months. The same rate for demand
loans prevailed again on Thursday and yesterday.
The feature of the market on the latter day was the
calling of loans to an estimated extent of $20,000,000. Brokers' loans for the week ended March 31,
as reported by the Federal Reserve Board, showed a
further decrease of $117,148,000. As reports
of a slackening in several important lines of
business are rather persistent, in the face of
denials, it is quite possible at least that
there may not be any increase in the commercial demand for funds in the near future. In
spite of the large supply,of available funds at this
and other centres, and the substantial declines in
investment stocks, until just recently, the general
investment market, including new offerings, was
surprisingly quiet. The decrease of 9,371 cars in
the loadings on the railroads of the United States
for the week ended March 27 may have had some influence on investors. The idea was gained from the
weekly record of the steel trade by the "Iron Age,"
and from other sources, that operations and new
business may be on a considerably smaller scale a
little later on. This week, however, the operations
of the United States Steel Corporation were reported
as being practically at capacity. Because of this
high rate of production and a proportionately
smaller volume of new business it. was estimated
that the statement of unfilled orders as of March 31,
to be made public at noon to-day, would show a decrease of about 250,000 tons for the month.
Referring to money rates in detail, loans on call
have ruled easier and the week's range was 4@4IA%,
compared with 4@53/2% a week ago. On Monday
the high was 41A%,the low 4% with 43'% the rate
for renewals. Tuesday no loans were negotiated
above 44%, which was the high, also the ruling
rate, with 4% the low. During the remainder of
the week, that is, on Wednesday, Thursday and
Friday, all loans on call were quoted at the uniform
figure of 4%, this being the high, the low and the
renewal basis on each of these three days.
In time money appreciably easier conditions prevailed and toward the close of the week sixty and
ninety day loans declined to 431(0)4%%, against
43%, while four, five and six months' money is now
quoted at 4/@43'%, in comparison with 4/% a
week ago. Offerings were plentiful, but the demand
was light and the market generally quiet.
Mercantile paper rates have not been changed
from 4h% for four to six months' names of choice
character, with names not so well known still requiring
432%. New England mill paper and the shorter
0. A
choice names continue to be dealt in at 431,7
fairly active inquiry was reported for prime names.
Both city and country banks were in the market for
moderate amounts.
Banks' and bankers' acceptances in keeping with
the remainder of the list, were easier and open market
quotations were lowered a fraction. Trading, how-
1968
THE CHRONICLE
ever, continued quiet and the market was dull and
featureless. Out-of-town institutions furnished most
of the limited business. For call loans against
bankers' acceptances the posted rate of the American
Acceptance Council has been reduced from 3% to
33%. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for, purchase by the Federal Reserve banks 34% 'bid: and
33'% asked for bills running 30- to 90 days, 34%
bid and 34% asked for 120 days and 4% bid and
3%% asked for 150 days and 180 days. Open
market quotations are as follows:
[VOL. 122.
were not changed from 4 85% for demand,4 86% for
cable transfers and 4 824 for sixty days. Not
even the resumption of business on Tuesday was
able to shake sterling out of its lethargy and price
levels remained unchanged, with demand still at
4 85%, cable transfers at 4 863 and sixty days at
4 824; trading was dull and lifeless. Wednesday's
market was a trifle more active with the undertone
slightly firmer and quotations fractionally up, to
4 85 15-16 for demand, 4 86 5-16 for cable transfers
and 4 82 11-16 for sixty days. Quoted rates were
maintained on Thursday on a small volume of
business, and demand continued to rule at 4 85 15-16,
SPOT DELIVERY.
90 Days.
30 Dews. cable
60 Days.
transfers at 4 86 5-16 and sixty days at
Prime eligible bills
3,4033
34@3%
354(43%
4
82
11-16:
Friday the market gave no sign of a reFOR DELIVERY WITHIN THIRTY DAYS:
Prime eligible bills
34 bid turn to normal activity; the result was that quotations were not changed from 4 85 15-16 for demand,
There have been no changes this week in Federal 4 86 5-16 for cable transfers and 4 82 11-16 for sixty
Reserve Bank rates. The following is the schedule days. Closing quotations were 4 82 11-16 for sixty
of rates now in effect for the various classes of paper days, 4 85 15-16 for demand and 4 86 5-16 for cable
at the different Reserve banks:
transfers. Commercial sight bills finished at
4
85 13-16, sixty days at 4 82 3-16, ninety days at
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 9 1926.
4 81 7-16, documents for payment (sixty days) at
4 82 7-16 and seven-day grain bills at 4 84 11-16.
Paper „Maturing—
Cotton and grain for payment closed at 4 85 13-16.
After 90 After 6
Days, bw
but
There is as yet no sign of a renewal of the gold
Within 90 Days.
Within 6 Within 9
FEDERAL RIMERVI1
Months. Months.
BANK.
movement either to or from this country, while a
Courrcial Recur. by
ApricuL• Apricot.
Aorlcui. U. 8. Bankers' Trade
falling off in the activities of the Bank of England
and
and
&Lioesek Govt.
AutoAcceP- Livestock Livestock
Paper. °Mott- lances. tante:. Payer. Payer.
was noted; only one shipment of £17,000 in sovereigns
94.4.
tient.
export to India was announced. Unofficial cables
for
Boston
44
4
4
4
New York
4
I
4
4
4
4
Japanese
bankers here intimate that "the Japanese
to
Philadelphia
4
4
4
4
4
4
Cleveland
4
4
4
4
4
4
Government
expects to ship $2,000,000 gold to the
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
United
States
on the steamer Kaiyo Maru, sailing
Chicago
4
4
4
4
4
4
St. Louts
4
4
4
4
4
4
April 13. This is the first shipment of the present
Minneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
fiscal year, during which it is stated that Japan will
Dallas
4
4
4
4
4
4
San Francisco
4
4
4
4
4
4
export a total of $36,000,000 to pay Government
• Inch:ding bankers' aoceptancee drawn for an agricultural purpose and secured
by warehouse receipts, &o.
obligations due abroad. In fiscal year ended
March 31, about $15,000,000 gold was exported."
The sterling exchange market was sluggish this
week, with quotations virtually stationary the greater
As to Continental exchange, the influence of the
part of the time. From Saturday last up until Easter holidays was even more strongly apparent,
Tuesday demandtbills ruled at 4 85%. Later on and, although considerable irregularity prevailed,
there was a fractional advance to 4 85 15-16 on a there were none - of the violent changes recorded
slightly better inquiry. For long intervals there during recent weeks. Trading was exceptionally
was not sufficient business transacted to establish a narrow and uninteresting. Not even the resumpmarket and prevailing rates were largely nominal. tion of business on Tuesday, following the Easter
At the opening the dulness was of course explained Monday celebrations abroad, brought more than a
by the holiday conditions prevailing abroad, Easter small increase in activity, at least so- far as local
Monday being observed almost universally in Great interests are concerned. As was the case last week,
Britain and on the Continent as well. While rather francs were the centre of attraction again and most
more active buying developed in the latter part of of the limited trading was in this class of remittance.
the week, there was fil—tgif any, indication of the so- French francs gave a better account of themselves,
called accumulation of offerings that usually makes and after opening at 3.45 there was an advance to
its appearance after holiday interruptions. Sterling 3.503, as a result largely of the passage of the 1926
appears to have fallen into a rut from which it will budget by the French Senate, as well as reports that
take something more than ordinary or routine devel- it had been made to balance. It is, however,
ments to dislodge it. News of the attempt upon the pointed out that no provision has as yet been made
life of the Italian Premier failed to cause more than for the taking care of the volume of Treasury bills
a passing ripple of interest in foreign exchange circles. that will mature during May. Before the close there
Apparent improvement in the outlook for francs im- was a reaction downward to 3.39, as a result of a
parted a firmer tone, but this was purely sentimental, poor Bank of France statement, showing heavily,
and not accompanied by any corresponding expansion increased circulation. Belgian exchange was also
in buying.
steadier and ruled a trifle above the low levels of a
Referring to the more detailed quotations, sterling week ago, namely, 3.75@3.80, up to Thursday, on
exchange on Saturday last was practically nominal, the strength of Finance Minister Janssen's statements
owing to holiday conditions, at previous levels, regarding the resumption of loan negotiations, also
namely, 4 85% (one rate) for demand, 4 863 for that an attempt would be made to force the rate back
cable transfers and 4 824 for sixty days. On to 4.54. Subsequently an advance to 3.88 occurred,
Monday the Easter Monday celebrations abroad based on cable advices that Belgium had arranged
brought trading to an absolute standstill and rates short-term credits abroad sufficient to protect her
APR. 10 1926.]
TTIE CARONTCLE
1969
Banker's sight on Amsterdam closed at 40.10,
currency pending consummation of negotiations
for a long-term loan, with final quotations at against 40.073/2; cable transfers at 40.12, against
about 3.76. Considerable doubt, however, is ex- 40.093/2; commercial sight at 40.02, against 39.993/2,
2
pressed as to the possibility of bringing the rate and commercial sixty days at 39.66, against 39.633/
back to anything like 4.54, at least for some time. a week ago. Swiss francs finished at 19.30IA for
Bankers still speak of 4.04 as a more reasonable figure, bankers' sight bills and at 19.313/2 for cable transfers,
while not a few intimate that the wisest course would which compares with 19.26 and 19.274 the previous
be simply to ward off speculative operations and week. Copenhagen checks closed at 26.14 and cable
allow Belgian exchange to find its proper level. The re- transfers at 26.18, against 26.15 and 26.19. Checks
cent crash in values has so greatly disturbed confi- on Sweden finished at 26.77 and cable transfers at
2,.while checks on
dence in Belgium's currency that stabilization 26.81, against 26.783/ and 26.823/
is likely to prove more difficult than it would have Norway closed at 21.443/2 and cable transfers at
against 21.39 and 21.43 the preceding week.
been before. News of the shooting of Premier 21.48
4 for checks and
Mussolini and its failure to exercise any untoward Spanish pesetas finished at 14.121
effect upon lire quotations,spoke well for the splendid at 14.1414for cable transfers. A week ago the close
control that is being exercised upon this currency. was 14.133/2 and 14.153/2.
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
Undoubtedly, had the Premier's injuries proved FOREIGNBANKS
TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 3 1926 TO APRIL 9 1926. INCLUSIVE.
dangerous or even severe, it is probable that the
Rate for Cable Transfers in New York.
market might have gotten out of control. As it Country and Monetar Noon BuyingValue
in United Stales Money.
Unit.
was a few isolated attempts at short selling were
April 3. April 5. April 6.1 April 7. April 8. April 9.
quickly stemmed by strong official support and the EUROPE-$
$
.14064
.14071
.14065
.14058
.14067
schIllIngs___ .14071
quotation ruled throughout the whole period at Austria,
.0371
.0386
.0385
.0378
.0380
.0374
Belgium. franc
007228 .007222 .007725 .007216 .007263 .007261
Bulgaria,
ley
4.013
/
8@4.013I, on quiet trading. German and Czechoslovakia. }iron 029619 .029618 .029819 .029621 .029620 .029620
.2618
.2617
.2617
.2617
.2618
Denmark, krone'
2618
Austrian exchanges were nominal, at previous levels. England,
pound ate
4.8825
4.8630
4.8823
.8828
4.8621
4.8622
ting
Greek exchange opened firm and advanced to 1.33X, Finland, markka
.025218 .025207 .025220 .025209 .025209 .025208
.0347
.0342
.0348
.0348
.0345
.0350
France. franc
but reacted and dropped back to 1.29Y1, then finished Germany. reichsmar. .2380 .2380 .2380 .2381 .2381 .2380
drachma
.013278 .013273 .013206 .013061 .013032 .013005
.4011
at 1.30X. In the minor Central European group, no Greece,
.4010
.4012
.4010
.4009
4010
Holland, guilder
.1756
.1755
.1758
.1756
.1756
1758
Hungary, pengo
.0402
.0402
.0402
.0402
important changes took place. Polish zloties moved Italy, Bra
.0402
.0402
.2147
.2149
.2147
.2143
.2146
Norway, krone
.2143
.1200
.1248
.1218
.1249
1247
.1260
up 5 points to 12.55, then closed unchanged. Some Poland, Zloty
.0514
.0515
.0514
.0515
0514
.0514
Portugal. escudo
.004137 .004144 .004148 .004156 .004159 .004140
Rumania,lett
interest was shown in the latest report of the Repara- Spain.
.1414
.1414
.1414
.1413
.1413
1413
peseta
.2681
.2681
.2681
.2681
.2681
krona
2682
tions Agent-General, which intimates that the Sweden,
.1929
.1930
.1931
.1927
Switzerland, franc
.1926
.1927
.017605 .017604 .017604 .017606 .017607 .017609
dinar
problems over foreign exchange transfers incidental Yugoslavia,
ASIAto reparation payments abroad have yet to be faced. China
.7404
.7446
.7392
.7390
.7488
.7438
Chen)°, tact
.7317
.7369
.7331
.7341
.7431
.7381
Hankow
l
Heretofore, a considerable proportion of the payments Shanghaitad
.7146
.7177
.7150
.7156
.7204
.7205
tadl
.7463
.7460
.7517
.7475
.7521
tadl
7563
have been negotiated by means of exchange of Tientsin
.5510
.5529
.5522
.5552
.5563
.5571
Hongkong dollar_
.5204
.5171
.5167
.5217
.5220
Mexican dollar
.5245
commodities.
Tientsin or Pelyang
.5183
.5188
.5171
.5200
.5200
5200
dollar
The London check rate on Paris finished at 141.60, Yuan
.5292
.5296
.5281
.5308
.5308
.5296
dollar
.3816
.3597
.3615
.3625
.3620
.3628
India, rupee
against 140.05 a week ago. In New York sight bills Japan. yen
.4614
.4627
.4602
.4615
4592
.4588
.5663
.5654
.5663
.5646
.5663
(S.S.) dell. .5667
on the French centre closed at 3.413, against 3.443/2; Singapore
NORTH AMER.
.998136 .998438 .998630 .999198 .999573 .999978
Canada. dollar
.999375 .999375 .999375 .998844 .999531 .999281
cable transfers at 3.423/
2, against 3.453; commercial Cuba, peso
486667 .486667 .486867 .486667 .487167 .486687
Mexico, peso
sight bills at 3.403/2, against 3.43W., and commercial Newfoundland, della .995688 .995859 .996406 .997031 .997219 .997750
SOUTH AM ER..9041
.9004
.9001
.9008 • .9000
peso (gold) .9007
sixty days at 3.36, against 3.383
4 last week. Ant- Argentina,
.1391
.1374
.1404
.1397
1406
.1406
Brazil, milreis
.1213
.1216
.1216
.1216
.1215
.1215
peso (paper)
werp francs finished the week at 3.76 for checks and Chile.
1.0221
1.0224
1.0201
1.0193
1.0165
1.0160
Uritguav. peso
3.77 for cable transfers. Last week the close was • One schilitng Is equivalent to 10,000 paper crowns.
3.64 and 3.65. Closing rates on Berlin marks were
South American exchange was dull and irregular.
23.81 (one rate) for both checks and cable transfers Argentine pesos fluctuated within narrow limits but
(unchanged), while Austrian schillings remain at closed higher at 39.75 for checks and at 39.80 for cable
143/
8, the same as heretofore. Lire finished at 4.01 8 transfers, as compared with 39.60 and 39.65; Brafor bankers' sight bills and at 4.023
% for cable trans- zilian milreis moved widely and after touching 14.07
fers, in comparison with 4.013
% and 4.023
% the week sank back to 13.61 on quiet trading, then rallied.
preceding. Exchange on Czechoslovakia closed at The close was at 13.81 for checks and at 13.86 for
2.968
4, against cable transfers, in comparison with 13.89 and 13.94
% (unchanged); on Bucharest at 0.413
0.413/
2, and on Finland at 2.523., against 2.52 last last week. Chilean exchange was strong and adweek. Polish zloties finished. at 12.50 (unchanged). vanced to 12.25, with the close at 12.13, against
Closing quotations on Greek drachmae were 1.303.s 12.10. Peru finished at 3.84, unchanged.
for checks and 1.303
4 for cable transfers, against
The Far Eastern exchanges were influenced more
1.323 and 1.32% a week earlier.
or less by the wild gyrations in the silver market and
the Chinese currencies were depressed. Japanese yen,
In the former neutral exchanges trading was quiet on the other hand, were strong,touching as high as
and featureless. Norwegian kroner were less active 46M, at one time. Yen were in good demand, but
and the quotation ruled all week at or near 21.40, no particular activity was noted in the remainder of
while Danish exchange remained close to 26.15, the the list. Hong Kong closed at 55.60@55.75, against
level of a week ago. Swedish krona have not been 56@563; Shanghai, 71 15-16@721A, against 723/
2@
changed from 26.78 ,or thereabouts. Dutch guilders 723
4; Yokohama, 463.@463/2, against 46@46%;
were steady with an upward tendency, ruling around Manila,4914®493
%(unchanged);Singapore,57@573.i
0.09@40.11. Swiss francs were quoted at 19.263, (unchanged); Bombay, 3634@363/
2, against 36.50@
il Thursday when there was an advance to 19.30, 36.60, and Calcutta, 3634,@36%, against 36%@37.
ough without specific activity to account therefor.
The New York Clearing House banks, in their
Spanish pesetas were dull but held most of the adoperations with interior banking institutions, have
vance scored at the close of last week.
.19
THE CHRONICLE
gained $4,61.0,891 net in cash as a result of the currency movements for the week ended April 8.
Their receipts from the interior have aggregated
$5,336,391, while the shipments have reached $725,500, as per the following table:
[VOL. LSI
istration and its policy or upon their support, has
had as yet no specially notable result. Save for the
passage of the Revenue Act, the legislative record of
the present Congress can hardly be called distinguished, and even the Revenue Act, the one measure
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING which most conspicuously realizes Mr. Coolidge
's
INSTITUTIONS.
plea for economy, is not of a character to appeal
Into
Out of
Gain or Loss
strongly to the popular imagination. It is not yet
Week Ended April 8.
Banks.
Banks.
to Banks.
clear that any of the other measures which have been
Banks'interior movement
05,336,391
0725,500 Gain 014,610,891
actively
debated, and in regard to which the RepubAs the Sub-Treasury was taken over by the Fedlicans
in
particular have taken a more or less defieral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera- nite position, furnishes campaign material of more
than moderate usefulness. Adherence to the World
tions on the Clearing House institutions. The FedCourt, for example, and the proposed war debt seteral Reserve Bank of New York was creditor at the
tlement
with Italy, are undoubtedly highly unpopuClearing House each day us follows:
lar in certain sections of the country and among
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANK
AT CLEARING HOUSE.
certain classes, but American membership in the
World Court, as far as the United States is conSaturday, Monday, Tuesday, Wednesd'y. Thursday, Friday,
Aggregate
April 3. April 5. April 6. April 7. April 8. April 9.
for Week.
cerned, is virtually an accomplished fact unless the
other Governments involved shall reject the Senate
78,000,000 106,000 000 75,000,000 89,000.000 88,000,000 77,000.000 Cr.
513,000,000
reservations, and the proposed debt arrangement
Note.—The foregoing heavy credits reflect the huge mass of checks which
come
to the New York Reserve Bank from all parts of the country In the operation
of with Italy
the Federal Reserve System's par collection scheme. These large credit balances,
can hardly be set aside now without prehowever, reflect only a part of the Reserve Bank's operations with the
clearing cipitating
House institutions, as only the items payable in New York City are represented
complica
tions that would do neither counin
the daily balances. The large volume of checks on institutions located
New York are not accounted for in arriving at these balances, as such outside of try any good. Senator Borah
checks
warned the Senate on
do
not pass through the Clearing House but are deposited with the
Federal Reserve
.
6
Bank for collection for the account of the local Clearing House
March 26 that "if some action is not taken” on the
banks.
bills for farm relief that have been introduced in
The following table indicates the amount of bul- Congress, "it will mean disaster next
fall," but the
lion in the principal European banks:
American farmer is more ready to protest than he is
to rise in revolt, and the threatened disaster may
April 8 1926.
April 9 1925.
Banks of
at
any time be averted by the passage of such of the
Gold.
Silver.
Total.
(7j Silver.
I Total. agricultural relief bills
Z
I
as the Administration may
Z
S
1
Z
England __ 146,655,21:
1411,655,218 128,707,976
128,707,976 approve.
France a__ 147,360,586 13,280,001160,640,586 147,271,951
12,560,0
159,831,951
Germany _ c56,775,351
d994 Ali 57,769,950 39.679,300 d994,600
40,673.900
Aus.-Hungl b2.000.111
The Democrats, who appear to have more hope of
b
b2,000,000 62,000,000
b
2,000,000
Spain
101.475,111 26,674,000 128.149.000 101,441,000
Italy, 35,694.011 3,413,000 39,107,000 35,585,000 26,192.00 127,633,000 breaking down the Republic
an majority in the pres3,377,000
38,962,000
Netherl'ds I 35,765,000 2,154,000„
. .
1,730,000 43,771,000
Nat Belg_ 10,954,001 3,674.000 14,628,000 10,891,000
ent
House
than
of
changin
3,022,000
g
the
party complexion of
13,913,000
Switzeri'd_ 16,703,000 3,678,111 20,381,000 19.251,000
3,584,000 22,835,000
Sweden..
12,757,000
the
12,757,000 12,985,000
Senate,
have
indicate
d
intentio
an
12,985,000
n to make the
Denmark_ 11,623,000
842,000 12,465,001 11.637.000
199,000 12.556.000
Norway__ 8.180,00'
8,180,000 8,180,000
8,180,000 tariff their main issue, apparently with the expectaTotal week 585,942,154 54,709,600 40,651,754 559,670,227
2,048,827 tion of thereby winning support in the farming secPrey. week 584.081.883 54.582.600640 664.483557.799 727 52,378,60051
52 1 RR Ann ann ni a 597
tions, especially the Corn Belt. Representative Olda Gold holdings of the Bank of France this year are exclusive
of £14,572,836
held abroad. b No recent figures. c Gold ho dings of the
Bank of Germany this field of
year are exclusive of 117,779,100 held abroad. d As of
Arkansas, Chairman of the National DemoOct. 7 1924.
cratic Congressional Committee, who opened the naThe Political Situation and the Fall Elections. tional
campaign at Portland, Me., on March 24, deWith the approaching elections of members of the clared that the tariff was "the
outstanding issue" of
Senate and House of Representatives casting their the party, and advocate
d "a downward revision of
shadow before, interest in Congress in the bills that the Fordney-McCumb
er rates to a point where we
still await action by either House has been more and will have a competitive-reve
nue tariff." The Demomore colored of late by manifestations of concern crats may be expected to make the most
of the inover what the voters are likely to do at the polls dur- vestigation of the Tariff Commission which
the Sening the coming summer and fall. One-third of the ate has taken in hand, and the Fordney
-McCumber
membership of the Senate, together with the entire rates ought certainly to be modified in the directio
n
membership of the House, is subject to renewal this of much greater freedom of trade. Nevertheless,
the
year. The State primaries, whose action on nomina- tariff question is not yet an active national
issue,
tions for office is practically equivalent to an elec- however important it may in the near future
become.
tion in cases where the one or the other of the two
The one issue which at the moment appears to
great parties dominates, are spread over the whole overshadow all others is that of prohibition.
Neither
period from the middle of April to the middle of party, apparently, has sought to inject prohibit
ion
September, while in August and September, the pri- into the campaign for control of the Senate
and
mary months par excellence, a number of States will House, and the Republicans, who on some accounts
hold their primary elections on the same day. For have the most to fear from a nation-wide discussion
the next five months, accordingly, there will be elec- of the subject, have appeared particularly anxious
to
tioneering going on most of the time in one part of keep it out, but it has begun to grip the country, and
the country or another, and with the larger number every day seems to show it growing in strength. It
of final elections still to follow. Senator Norbeck is the principal issue thus far in the Senatorial camof South Dakota has already been renominated at paign in Pennsylvania, where Senator Pepper, who
the Republican primaries in that State, while in the is a candidate to succeed himself, is opposed by Govcases of Senators Bingham of Connecticut, Smoot of ernor Pinchot, an aggresive "dry," and by RepresenUtah and Gooding of Idaho, all Republicans, the tative Vare, who is running as a "wet." Governor
Pinchot, who has been virtually an independent Renominations will be made by party conventions.
With a single exception the search for national publican since his successful break with the State
issues, based either upon opposition to the Admin- Republican machine in 1922, has not only differed
APR. 10 1926.]
THE CHRONICLE
1971
with President Coolidge on a number of occasions, mains to be seen. At the present stage of the elecbut has been outspoken in his criticism of Secretary toral struggle the situation serves to illustrate very
Mellon for alleged laxity in enforcing the prohibitory well the truth that political issues, when they are
anything more than superficial, can rarely be manulaws.
A resolution to discharge the Judiciary Commit- factured to suit the wishes of any party or the astee of the New York Assembly from further consid- pirations of any candidate. They arise out of the
eration of a bill providing for a referendum next fall course of events, sometimes in harmony with the
on the question of asking Congress to modify the "high spots" of legislation or administration, quite
Volstead Act, failed of adoption on March 15 by an as often because of popular reflection about someadverse margin of only three votes, and a revised thing with which the Government has appeared to
form of the resolution, said to have been drafted by concern itself only as a matter of routine. One thing,
Elihu Root, was reported on April 1 to be prac- at least, is certain. The prohibition situation cantically assured of sufficient Republican support to not continue as it is. It must be mended or ended.
carry it through the Assembly at an early date. It Any concerted attempt to ignore it would be likely
is expected that a referendum vote authorized by the to add to its force, and in any case could only postlast Wisconsin Legislature will go on the ballot in pone the day when the issue must be fought out at
November, and a resolution requesting the Rhode the polls.
Island Senators and Representatives to support leg"National Home LoanlBanks."
islation amending the prohibitory laws was passed
Being the "richest nation on earth," we, of course,
by the Legislature of that State on March 19. The
issue is already before Congress in the form of a res- can indulge in any species of financial legerdemain
olution, introduced by Senator Edge of New Jersey, with entire impunity! Or so, it would seem, some of
calling for a nation-wide referendum in 1928, the our Senators believe. United States Senator Robresolution itself having been modified, at the sugges- ert N. Stanfield of Oregon, speaking before the Oretion of Senator Borah, so as to include the question gon State Society of New York, March 27, stated
of repealing the Eighteenth Amendment as well as that the "constantly decreasing number of home ownthat of changing the law. In a number of States ers in the United States constitutes a national probother than those mentioned "wet" candidates for the lem," and he outlined the nature of a bill he has
recently introduced providing for the creation of
Senate have appeared.
The reasons for the sudden rise to prominence of "national home loan banks." The pith of his exthe prohibition issue are not far to seek. Hardly a planation is contained in the following statement as
week has passed during the last year without some reported from his address: "The creation of nanew revelation of lack of popular support for the tional home loan banks, under the provisions of the
Volstead regime, or of widespread corruption and proposed bill, would provide the machinery for the
social demoralization attending its attempted en- financing of residential property investment along
forcement. A newspaper poll late in March, con- much the same general line as that provided for
ducted by some 425 newspapers in all parts of the farm property under the Land Bank system. It
country, and said to be the largest undertaking of would eliminate from all home financing all unthe kind ever attempted in the United States, showed just and excessive charges, and abolish the system
a majority of about five to one in favor of change of carrying interest upon the entire principal to the
or repeal. The testimony of District Attorney Buck- date of the last payment, as now practiced by some
ner of New York, given during the past week before loan associations." Before examining this proposal
the Senate committee which is holding an inquiry we might remark that if we did not as a people have
on the subject at Washington, painted a dark pic- an alleged fourteen-billion-dollar annual automobile
ture of the corruption, inefficiency and failure which bill to pay we might own more homes. We might
have attended the efforts to enforce the Federal put the thought in a different way—that if the "Govliquor laws. To make New York dry, Mr. Buckner ernment" would finance automobile ownership the
declared would cost $75,000,000, while the value of people might be able to own their own homes. But
the industrial alcohol annually diverted to the boot- the real fact to be considered, so far as this comleg trade is estimated by him at $3,600,000,000! parison goes, is that when Government steps in to
The obvious ease with which intoxicating liquors provide a system of easy payments for the necesare being obtained,the extensive sales of liquor, most saries of life, it does nothing (conditions being as
of which is poisonous, the Indictment of large groups they are) to lessen the tendency, if it does not abet
of persons, from millionaires to the worst type of it to indulgence in the luxuries—and a Government
bootleggers, for conspiracy to violate the law, the that does not frown upon extravagance by so much
spread of the drinking habit among persons who encourages it.
As a matter of safe financing this plan is much
drank little before, and the alarming increase of
drinking among young people and even boys and weaker than that of the Federal Land banks. Loans
girls, have become matters of common knowledge, on farms, regardless of their source, are safer than
gravely indicative of a perverted social conscious- on town lots. In the former, the land is the chief
ness which breeds contempt for all law.
base of value; in the latter, the improvements. Farm
President Coolidge has thus far refrained from land has integral productive value, and save for
taking an active part in the prohibition controversy, possible (it is really probable) taxation for highand it is undoubtedly true that popular interest in ways, bears a low rate of general tax; the town lot
the question has manifested itself unequally as yet has almost no productive value in itself, bears a high
in the various States and sections. As a national po- and constantly mounting general tax rate, and at
litical issue, however, prohibition seems at the mo- the same time is subject to special taxes of various
ment to dominate all others in its popular.appeal. and inordinate degrees and purposes. As an examTo what extent it may give way, as the campaign ple it costs approximately as much to pave a street
goes on, to other questions of national policy re- in a small town as in a city, and in either case the
1972
2HE CHRONICLE
[voL. 122.
cost is far in excess of the cost for improving a pub- city would
find itself in conflict with an outside
lic highway abutting on a farm. So that the poten- power or
the Federal Government engaged in this
tial charges to which the ownership is subject, re- form of home
loan banking would be wholly at the
gardless of the mortgage security, are far greater on mercy of the
extravagance of cities. When we come
town property than on country property. In the to the construc
tion of this national home loan bankitem of depreciation there is likewise no parallel. ing
system we are confronted with several insoluble
No doubt the amortization on the town property will problems
. Analogy suggests it is to be a regional
accrue monthly instead of yearly as in the farm system.
But since cities and towns alone are to be
land loan, but the total depreciation is much more its beneficia
ries through mortgaged homes and lowrapid. A well constructed stone or brick dwelling ered
rents, how would the distribution be made, by
in the course of a ten-year period will require repairs States
regardless of cities, or the reverse? As we
and additions. Local values constantly change
by have pointed out, bond issues based on these home
the mere shifting of population in towns and
cities. loans can never be as safe and stable as land bank
Towns and cities are subject to disastrous conflag- bonds.
And so there ensues here also a conflict,
rations, albeit they have fire protection not accorded arising
from the aid offered by the nation to two
to country districts. Owing to the present trend
to- classes of citizens when in reality all ought to be
ward towns and cities, the demand for houses
to equal before the law. And it bodes no good to our
rent may perhaps exceed the demand for farms, but disturbe
d affairs that the national treasury is to be
the vagaries of ownership in the former far exceed placed at the
disposal of separate banking systems
those in the latter. Bonds on town property mort- for citizens
separated merely by location and occugages are, finally, much more unstable. Of course, pations. Land
booms are bad enough, but town lot
it must be said on the contrary, buildings afford
an booms are worse.
income value not to be paralleled by farm income
It cannot be reiterated too often that credit and
value.
i banking are not functions of Government but are
We seem never the exhaust these paternalistic among the rights
reserved to the people. Individual
propositions. Why not follow these national home and corporate and communi
ty credits are the life of
loan bonds with national household-goods banks— trade and
the sustenance of the citizens in their
as the intermediate credit banks follow the Federal varied activities.
They issue out of need and are
Land banks? It would relieve the city dweller from backed by natural
resources and personal energies.
the heavy charges of buying furniture on the current Dealing in these
credits is a legitimate business that
installment plan. The exemption for the head of a the Federal Governm
ent ought to respect and not
family from the Federal income tax has been raised seek to destroy.
Building and loan associations conto thirty-five hundred dollars and now that it is pro- stitute a popular
form for organizing and applying
posed to put the national Government in the house local credit.
This national home loan banking sysbuilding business the conditions certainly will not tem would tend
to destroy them. And while we do
tend to drive the people out on the farms. But this not look for the
passage of this Stanfield bill, it is
is an economic side issue which "paternalism" is not well to discuss
it upon its demerits. So far have we
bound to consider. One question that may be asked gone into a quasi-Socialism
that the present proof both the Federal Land Bank and the national posal will not be viewed
with alarm. Is it the purhome loan bank is—what will be the ultimate effect pose of the Federal Governm
ent by enacting this law
upon the land or property laws of the States? There (if by any chance it should later
pass) to destroy
may be no influence in sight now, but the national these building associations? Why
should it? They
Government, as a pre-requisite to the granting of these are to be found in many States and function
reasonloans, for self-protection, must eventually discrim- ably well. For the most part they
are under State
inate as to mortgage laws and title laws and thus supervision and ultimately all of them
will be. Their
exercise a powerful influence tending toward uni- appeal is that the borrower can pay dues
instead f
formity and a uniformity insidiously dictated by the rents and thus own a home. They are
under the
Federal Government. And if States are to have less direct operation of stockholders and directors
, are,
original jurisdiction over the private rights of prop- in principle, mutual in form, and managed by citierty, what assurance have they of ability to sustain zens who know realty values under their daily
obthemselves through or by taxation on realty? Con- servation. Ownership of stock in these, by all
the
flicts must arise, in time, between State and nation laws of credit, omitting possible mismana
gement or
over these multiplying paternalistic laws. Each defalcation, applicable to all enterprise, is safer
than
new creation suggests slow obliteration of State au- bonds of national home loan banks.
thority. Mention is made in advocacy of this StanSenator Stanfield complains that building assofield bill of an alleged oppression in interest charges ciations make the borrower pay on the full
face of the
by building associations. Will these State institu- loan until it is entirely paid, though it is
reduced in
tions be compelled to adopt new methods because of amount monthly. We cannot speak for
the method
the advent of national home loan banks, and does of these associations generally. But
judging by the
this not mean Federal supremacy?
methods of a form with which we are acquainted
Suppose these national home loan banks held there is in principle an offset to this
charge, as folmortgages on half the homes in a city, would not lows: Being mutuals in nature, the
"money" or loan
their interests put them in opposition to the admin- is put up and sold to the highest bidder
at each reguistration of State and municipal Governments? Po- lar monthly meeting,the borrower
paying a premium
tentially, a mortgagee is owner. He must guard for the privilege of priority in
securing the funds at
against excessive taxation, against the greed of spe- the time available. These funds
are made up of
cial taxes, against "public improvements" that are monthly payments by holders of
shares of "paid-up
really not needed, against costly municipal admin- stock," and the monthly payment
s on outstanding
istration. This plan would plant the Federal Gov- loans. The loan granted by the
committee and the
ernment in the midst of every city—and either the title approved, the full amount of
the loan is turned
APR. 10 1926.]
THE CHRONICLE
1973
over to the borrower. He is now required to pay an one it harms another. It, in a way, and at least to
estimated amortized amount of the principal and of some small degree, forces private capital into land
the interest and of the premium, monthly. And in bank bonds or into insecure ventures. And these
this Premium Installment Plan he does pay interest national home loan banks would do the same thing
on the face of the loan until it is wholly paid. But in addition to destroying State supervised agencies
under this plan, when a dividend is declared at the such as building associations. With all the founend of six months, he is granted a dividend on the tains and forms of credit in the hands of the Federal
credit then standing on the books to his loan in the Government the people will soon be slaves to the
same way that a dividend passes to the credit of un- power of a master who must work by undeviating
pledged stock standing to any shareholder's name or, rule and thus be cold to personal appeal and devoid
as the case may be, to the credit of full paid stock. of that good-will which can by sympathy and lenNow this share in the earnings, though a member be iency overcome the misfortunes to which all honest
a borrower, reduces his premium charge and inter- men are subject.
And this brings us to the proclaimed good public
est charge and as the credit increases on the books
the dividends grow larger and act as an offset to the policy of encouraging home owning. It ought to be
continuation of the full interest charge. Whether sufficient to say that no home is owned until it is
this always works out to the satisfaction of the bor- paid for. All during the mortgage pendency there is
rower depends upon management, circumstances' a cloud upon the pride of ownership. You say this
surrounding all credit, and rates and expenses. The is unavoidable under any plan. Wait. It is also
principle only concerns us here. And it is not a suf- said that debtors do not actually love their creditors.
ficient reason that the Government turn itself into There seems to be a feeling that turns from gratia building association because of an alleged defec- tude to envy and ends in dislike. By encouraging
home owners to become mortgagors to the nation for
tive plan.
States, communities, citizens, seem to have no the homes they live in, will this make for an inde'vested rights that are proof against Federal en- pendent, contented citizenry? Will it make them
croachment. One of the most beneficial natural re- free as voters? Will it even teach them frugality,
lations between citizens in their community contacts saving and thrift when they are thus shown there 44
is the right and privilege of making direct loans to a vast, inexhaustible fountain of credit in the nation
each other upon proper security. What with the to which they may ever apply with assurance? No
Federal Government entering the field, private loans —the relation of debtor and creditor is too remote
on farms now go begging. Yet the borrower can di- for any community of interest! If the individual
rectly approach his creditor, whereas he can only creditor shows he "needs the money" it is human
deal with a land bank at a distance and is subject nature at its best to try to pay; but since the naalways to its formal and unvarying loans. So seduc- tional Government can never need the money, it is
tive is this idea of borrowing on "long time and low human nature, perhaps at its worst, to be indifferrate" from a Government-sponsored bank that the ent as to payment The effect of homes mortgaged
placing of private funds on farm mortgages is fast to the national Government will not inspire and updisappearing. So that if the Government does help lift, rather deject and degrade.
The Points of a Foreign Investment—What the Controlling
Considerations Should Be.
By Ilearrxr WITHERS, formerly B ditor of "The Economist" of London.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
What are the features which an investor should look for especially those of high standing, give the borrower an opIn considering a subscription to a loan, or any other form tion of redemption, if it suits him, at the end of fifteen or
of issue, that is offered from a foreign country? It follows twenty years, will not appeal to a prudent investor, who will
as a matter of course that he will want security for his know that if it suits the borrower to repay it will only be
interest and capital, if the issue be a debt of a Government because the circumstances of the money market are such
or public body or company, and the prospect of a fair rate of that it will be difficult for the lender to reinvest to advanprofit if it be a question of proprietorship through a holding tage.
of common shares. This requirement we try to secure by
With common shares we acquire the responsibilities of
various well-known methods. In the case of public debts proprietorship, taking the last of the profits after all other
we look into the record of the borrower with regard to its Claims have been satisfied, and bearing the first brunt of
punctuality in the past in meeting its obligations, the wealth adversity, if fortune frowns, and in subscribing for them we
of the area from which it receives revenue, its practice with take a more definite speculative risk, having satisfied ourregard to keeping expenditure within its income, and we selves, by the information available, that the past record
prefer, unless the credit of the borrower is so high that such Justifies us in so doing.
a stipulation is unnecessary, a special and first charge on
All these things are obvious, and, as the men of law say,
some item in the borrower's revenue which can be relied "common form." But when we are invited to invest abroad
on as constant, such as customs duties or a tobacco mo- a different set of considerations comes into the calculation,
nopoly.
because those who invest abroad have to try to make sure
If the borrower be a company, we want to be sure that its that their interest or profits can not only be earned but
net revenue is large enough to provide fully for the service _remitted.
of the debt and that the assets pledged under the mortgage • In order to do so we have to prefer issues which may be
are ample for the purpose of covering our claim, in case of expected directly or indirectly to increase the productive
foreclosure. And in the matter of all debts, whether of pub- 4power of the borrowing country and especially its power to
lic bodies or of companies, we want to be sure that full pro- produce goods for export. Because the interest or profit
vision is made for a sinking fund for the redemption of the can only be paid to foreign creditors or proprietors by sales
debt by its due date, or by periodical drawings if so ar- of goods abroad, which will provide the debtor with the forranged. The prevalent fashion, by which many issues, eign currency required for these payments.
1974
THE CHRONICLE
If, therefore, we lend to a foreign Government money to
build itself a beautiful and spacious new capital, or to a
foreign municipality money for pulling down a slum area
and making a pleasant new suburb, or take shares in a company that is going to add to the amenities of life in a far-off
land by supplying cheap picture palaces for the amusement
of the inhabitants, we may be said to be increasing production, but it is not production of a kind that will help the
debtor to meet his foreign obligations. Every time that he
has to remit interest or dividends he will have to come into
the market to buy foreign currency, and he will not, by his
use of our money, have done anything to feed the market in
exchange by the provision of goods for export.
From these examples we are able to see what kind of investments are most conducive to the prosperity of the borrowing country. They will evidently be those which will
enable it to produce goods for consumption, either to be
exported, or to be consumed at home, thus enabling the borrowing nation to reduce imports. Because a country which
has to remit to foreign creditors must do so either by increasing its exports or by reducing its imports. At the same
time we have to remember that production may be immensely helped, indirectly, by improvement in transport
facilities, such as railways, roads and harbors, and that
money is well invested that is wisely used for these purposes. Again, an investor who is most conscientious about
the use of his money may well feel that he is justified in
subscribing to a loan that is going to be used for what are
called reconstruction purposes—the stabilization of the currency and the regulation of the finances, as long as due precautions are exercised to see that a new leaf is really going
to be turned. All these things, by bringing confidence and
stability, promote production and enable a country to face
Its foreign obligations.
But when all these exceptions are allowed on the score of
indirect assistance to production, it still remains true that
both for the borrower and the lender those investments are
most satisfactory which directly stimulate exports and
which by their sale abroad provide foreign currency to meet
the obligations incurred.
The Amended Housing Bills for New York State.
[From the "Wall Street Journal" of April 8 1926.]
All Governor Smith's valid objections to the Nicoll-Hofstadter housing bill can with equal cogency be urged against
the Downing-Bloch bill which he urges the Legislature to
pass. Neither measure deserves to become law as it stands.
The Governor asserts that the former bill, by declaring a
public emergency and then providing that property of the
proposed public limited dividend corporations shall "constitute a public utility in perpetuity," attempts to make an
emergency perpetual. There is point in this, but it goes to a
minor detail.
Buildings erected under the Act may be declared a public
utility without dragging in "perpetuity." When the emergency has passed and the building corporation's bonds have
been amortized, the Legislature can determine whether the
property is to remain a public utility or not, whether tax
exemption shall be withdrawn and whether the State shall
retire from a housing regulation no longer needed. Disregarding mere phraseology, the Downing-Bloch bill similarly
adopts permanent or near-permanent arrangements to deal
with the same existing situation.
Obviously, the Governor could not criticize the Republican measure for its failure to get far enough away from
certain dangers of the Democratic bill. It excludes the State
from ownership of realty, to be sure, but it makes bonds and
mortgages of the housing corporations (not the corporations
themselves, as the Governor says) "instrumentalities of the
State, issued for public purposes." In this matter both bills
trifle dangerously with the credit of the State. The object
sought is exemption from Federal taxation, but the practical
result will be to commit the State to a large degree of responsibility, not legal, perhaps, but moral and actual, for
the bonds of the proposed housing corporations.
In the Nicoll-Hofstadter bill the phrases here quoted apply
to both the first mortgage and the second lien certificates.
The latter may be issued to replace as much as 90% of a
[VOL 111I.
corporation's stock, the stock having been issued to represent as little as one-third of the total cost of land and buildings. It follows that first and second mortgage debts may,
with the permission of the Housing Board, aggregate 96.66%
of the total cost. And it is that entire debt that the NicollHofstadter bill would make "an instrumentality of the
State."
All that the State can safely do to encourage construction
of low-rental housing is to offer power of condemnation so
that large parcels may be assembled at reasonable cost, and,
much more doubtfully, some degree of tax exemption. Such
valuable privileges should be extended only in consideration of strict limitation of rentals and profits. When it
comes to more or less devious attempts to borrow money at
the interest rate on municipals or State bonds while avoiding the borrower's responsibility, one bill looks much like
another.
The Inter-Allied Debts and the Arrangements
for Their Settlement.
By BENJAMIN M. ANDERSON JR., Ph.D., Economist of the
Chase National Bank of New York.
The adjustment of the inter-Allied debts has made substantial progress during the past year. There are now
awaiting the approval of the Senate of the United States
the adjustments worked out by our Debt Funding Commission with Belgium, Czechoslovakia, Esthonia, Italy and
Latvia. The Debt Funding Commission, headed by Secretary Mellon, has the following additional members: Frank
B. Kellogg, Secretary of State; Herbert Hoover, Secretary
of Commerce; Reed Smoot, United States Senator; Theodore E. Burton, member of the House of Representatives;
Charles R. Crisp, member of the House of Representatives;
Richard Olney, formerly member of the House of Representatives; Edward N. Hurley, formerly Chairman of the
United States Shipping Board. Garrard B. Winston, UnderSecretary of the Treasury, is Secretary of the Commission.
It is a distinguished body and it has done a very great
work.
The problem is immensely complex. They have made
their first approach in the spirit of a committee of bankers
dealing with an embarrassed debtor who is unable to pay
his obligations in full. But our Debt Funding Commission
has had no such simple problem to deal with as a banking
committee would have. The banker can have recourse to
the bankruptcy courts to enforce his reasonable demands
upon the debtor. The Allies in dealing with Germany in
working out the Dawes plan had a substitute for the bankruptcy courts. They occupied part of Germany's territory
with armies, and Germany was obliged to submit to the
creation of an international financial supervision. But one
cannot deal with friendly international associates as one
deals with a conquered enemy country. The sole reliance
Is upon international good faith.
Our Debt Funding Commission has had to reckon also
with the exigencies of public sentiment, both in the United
States and on the other side of the water. Phrases have had
to be carefully guarded. Expressions which in one language might seem harmless might easily become provocative when translated into another language. Political maneuvers for partisan or bloc advantage have had to be anticipated, and avoided. Complications growing out of the
fact that in the United States many of our citizens have
affiliations with one or another country in Europe from
which they or their ancestors have come have had to be
reckoned with. The difficulties of the Governments and
the debt funding commissions of other countries beset with
similar political problems at home have had to be considered.
All in all, the problem has been one of immense difficulty,
and the Debt Funding Commission is to be congratulated
upon having performed it so admirably. Happily, too, its
decisions have been unanimous. The Democratic and Republican members of the Commission have agreed in the
solutions reached. It would be a sad pity if politics in the
United States were allowed to mar the splendid work which
they have done.
The Italian Settlement.
The centre of interest in recent weeks has been the settlement of the Italian debt as worked out by our Debt Funding
Commission headed by Secretary Mellon and the Italian
Commission headed by Minister Volpi. This settlement, approved by the President and approved by the House of Representatives, has lately been under discusson in the Senate.
APR. 101926.]
THE CHRONICLE
1975
Senator Smoot in an extraordinarily able, clear and can- Departments had, and from every source to learn whether
did address on March 25, presented the settlement and elab- or not those statements were true.
orated the principles and facts on which the Commission
In the debate which followed there is a good deal which
had proceeded in reaching the settlement. Our debtors have appears irrelevant. There are, on the other hand, moments
been expected to pay in accordance with their capacity. of elevation, and a good deal of dialectical skill is exhibThis capacity varies from country to country, and the set- ited. Part of the discussions ran into the metaphysics of
tlement with one country does not constitute a precedent for accounting with a view to determining the question—not
a settlement with another. In all cases the Commission very important from the standpoint of the substance of the
feels that it is essential that the principal of the amounts matter—of whether the real concessions were being made
should be repaid. The concessions made are in the rate of In principal or in interest. The question was raised as to
interest charged. In the case of Italy no interest at all is whether the British settlement of the Italian debt was not
expected for the first five years. After the first five years more favorable to Britain than the American settlement to
one-eighth of 1% per annum is charged for ten years, then, us. Great Britain is to receive in the earlier years substanin successive ten-year periods, one-fourth, one-half, three- tially larger payments on principal than we are to receive,
fourths and one per cent per annum, and during the last about $20,000,000 a year instead of $5,000,000 a year. On
seven years (1980-87), 2%.
the other hand, the discussion developed the point that the
The installments on principal also are progressive. For -"present worth" of the sums to be received by Great Britain
the first five years only $5,000,000 per annum is required, Is substantially less than the "present worth" of the sumsin the sixth year $12,000,000, and from this figure the to be received by the United States, even though the original
amount rises to $79,400,000 in the year 1987. Obviously this British debt is greater and even though Great Britain alrepresents very much greater concessions than those made ready had received years ago from Italy a substantial sunk
by our Government to Great Britain, where the concession of gold which she has held as security for the Italian debt,
in interest was a reduction from the full rate of 4Y4% to 3% placing her in a favorable position for bargaining on this
2% thereafter, with amorfor the first ten years and to 31/
tization payments on principal ranging from $23,000,000 in
At intervals through the debate Senator Glass of Virginia
the first years to $175,000,000 in the last (1984).
asked each of the Senators who opposed the settlement preIt also represents greater concessions than those made cisely what the United States Government could do if it
to Belgium. In justification of these concessions, Senator rejected the settlement proposed, what alternative there
Smoot, quoting from Secretary Mellon, states the principles was and what steps we cowld take to get more money or a
on which the Commission proceeded:
better settlement. The question was not easily answered.
There are three principal factors in the finances of any One suggestion was that the schedules laid down in the setcountry which furnish indices by which a comparison of the tlement be adhered to, but that all the payments be acweight of a new fiscal burden can be measured. These are cepted as merely partial payments
of interest, leaving the
the total budget, representing what all instrumentalities of
Government collect from the people; the total foreign trade, principal still unpaid at the end of the lengthy period of
which has a bearing on the capacity to transfer payments 62 years, at which time our descendants might decide
abroad; and the total national income, which is the ultimate whether they would cancel it or not.
source of a country's capacity to pay. If we apply these
Another suggestion was that the matter simply be left
indices to the three settlements, we obtain the following open and that Italy, as an honest
debtor, be expected to pay
comparison: The British-American settlement calls for an
all that she could as circumstances developed.
annual average payment equivalent to 4.6% of the total
In the present writer's opinion the settlement worked out
British budget expenditures; the Belgian settlement 3.5%,
and the Italian settlement to America alone 5.17%, and to by the Debt Funding Commission is a good settlement which
America and Great Britain 11.47% of Italy's total budget ought to be promptly accepted. Any possible improvements
expenditures. The British settlement calls for an annual in particular details which
might be reached by renewed
average charge corresponding to 1.9% of the total British negotiations
would
be
purchased
at a tremendous cost. The
foreign trade. This figure is 0.88% with Belgium. Italy's
average payment to the United States is 2.87% of its total cost would be in the renewed unsettlement in Italy, jeopardforeign trade, and the combined payments to the United izing Italian financial and exchange stability, and, for that
States and England 6.32% of its total foreign trade. Great matter, an immense discouragement all over Europe, weakBritain's average annuity represents 0.94% of its. national ening the position of our friends in
Europe (and we have
Income; Belgium's, 0.80%; Italy to the United States alone
many) and intensifying the bitterness of our enemies in
0.97%, and to the United States and Great Britain 2.17% of
Europe (of whom there are not a few). Settlement with
Its total national income.
Senator Smoot presents an elaborate analysis of the France would be made much more difficult by a rejection
wealth, income, natural resources, taxes and standard of of the Italian settlement, and the general reorganization of
life of Italy as compared with other countries. The follow- French finances is partly dependent upon the settlement of
the French debt to the United States. French statesmen
ing figures for income taxes are significant:
have been reluctant to set forth a comprehensive program
INCOME TAXES.
of
financial readjustment until this important eleIncome—
Belgium.
France.
Italy.
England.
U. S.
000
$18921
$29 15
E48 99
ment in their problem could become a known quan,000
392 18
107 70
174 55
$737f50
,000
69930
23846
348 00
202 50
-86 tity. The immediate consequences of a failure of the
.000
812 18
413 35
569 40
382 50
2260
h2,,000
1,02506
619 90
838 75
787 50
37 50 Italian settlement would be probably much worse for Italy
and France than for us, but the reactions on Amesican tradeHe adds this comment:
If the exemptions under our Act of 1924 were applied to of renewed disorder in Europe are not to be contemplated
Italy, she would have lost 99% of her income tax revenue. lightly.
Almost all her taxpayers are in the class having incomes of
An International Clearance.
$1,000 or less. There are only 20 taxpayers with incomes of
The
idea
that
all the inter-Governmental debts and credfrom $60,000 to $100,000. Probably the aggregate wealth of
a few hundred of our richest men is equal to the total wealth its, including the reparations payments bky Germany, should
be brought into a single settlement in much the same way
of Italy. . . .
The average per capita consumption of grains in Italy is that banks offset their debits and credits in a clearing house,
about one-third of that in the United States. The Italian is one which has not received much sympathy
in the United
eats about one-quarter of.the meat that the American eats, States. Good banks
in the same city, all of them solvent
slightly more than one-third of the potatoes, about one-sixth
as much sugar, and about one-fifth as much coffee. The and liquid, all of them able to meet their obligations
American spends more on meat alone during the year than promptly, can readily work out such arrangements, and relthe Italian spends for his food for the entire year. The atively small cash payments of net balances can be. made toAmerican spends about as much for silk as the Italian spends clear vast sums. But to work out such an adjustment
of
for textiles of all sorts.
international obligations on the basis of allowing Country A
I could go on and elaborate, but figures mean little unless translated into the harsh facts of life. The skilled to offset its debt to Country B by transferring to Country Bworker of the north of Italy must live on, roughly, $1 25 a the obligation of Country C is not one which has appealed
day, and there are many Italians in the south of Italy living to us, in view of the possibility that we might be exchangon the equivalent of 20 to 25 cents a day. . . .
ing a credit sure to be collected for one less certain to beI want to say to you, Senators, that when the first Italian collected. We have been especially
reluctant to accept the
commission came here and met with our Debt Commission
obligations of Germany to pay reparations in lieu of the oband these statements were made as to the economic condition of Italy, I could not believe them. . . . We asked the ligations of our associates in the war, not earing to assumeState Department, the Commerce Department, and the responsibilities in connection with the reparations arrangeTreasury Department to put to work the best experts those month.
e
1976
THE CHRONICLE
We have, none the less, been obliged to recognize that the
reparations receipts of our associates in the war will make
a real difference in the ability of certain of our debtors to
pay. Senator Smoot, for example, states very explicitly in
his speech in the Senate on March 25,"I want to say to Senators now that unless Italy receives reparations from Germany she cannot pay what she has agreed to pay the United
States under the debt agreement."
In England the matter has been considered from a somewhat different angle. The British have not proposed to
make their payments to the United States dependent upon
receipts from Germany or anybody else, but they have been
trying to work out a program under which they would
reduce the payments to be demanded by them from their
Continental debtors to an amount which would clear their
debt to the United States. The following interesting scheme
has been worked out by the London "Economist." It rests
on the assumption that Germany will pay two-thirds of the
Dawes plan schedules and it makes assumptions as to the
amounts (not yet determined) which France, Italy and the
smaller Allies will pay to Great Britain and the United
States. The "Economist" presents this scheme merely as
illustrative and for that reason I do not undertake to alter
the figures to make them more realistic. The scheme follows:
ANNUAL RECEIPTS AND PAYMENTS, ASSUMING THE DAWES
ANNUITIES YIELD £72 MILLIONS NET A YEAR.
Payments to Be Made by
(!Million 4)
Germany.
PReceiv.Countries
Smaller Allies.. _
Italy
France
United Kingdom
United States_...
Total paym'tsl
Total receipts
Smaller
Allies.
Italy.
United
France. Kingdom
s
z
7
383i
16
.2
72
Balance of pay'ts
(---) or rec.( A-)—72
United
States.
1
1
23g
12
15(
55-
tg
6
7
27
39,4
33
33
+4Si
+1
+12%
[you 122.
resentatives, is pending before the Senate. In a general
way it follows the British model with a rate of 3% per
annum for the first ten years, and 3/
3
4% per annum thereafter, but with provisions for funding part of the interest at
the rate stated, compounded annually, and adding this interest to the principal of the debt, as at the end of the
eighteenth year.
Esthonia.—The Esthonian agreement made Oct. 28 1925,
has been approved by the President and the House of Representatives, and is pending before the Senate. The total
Indebtedness to be funded into bonds is $13,830,000. The
model of the British settlement is followed.
Greece.—The combined principal and accrued interest as
of Nov. 15 1925 is $18.000,000. Greece made interest payments from May 16 1919 to Nov. 15 1924, totaling $1,159,000.
On Aug. 30 1925 the Greek Government notified the American Charge d'Affaires at Athens that negotiations would
be undertaken to fund the debt, but these negotiations have
not yet been begun.
Latvia.—An agreement was reached on Sept. 24 1925.
The agreement has been approved by the President and the
House of Representatives, and is pending before the Senate.
The total of principal and accrued interest is fixed at
$5,775,000. The British model is followed in the settlement.
Liberia.—This debt stands at $33,418 85. The Debt Funding Commission has received Informal advices to the effect
that early payment in cash is probable.
Nicaragua.—The debt on Nov. 15 1925 was $84,090. Payments already made have reduced this from an amount almost twice as great.
Rumania.—The Rumanian settlement approved by the
President and the House of Representatives is now pending
before the Senate. The total Indebtedness to be funded is
$44,590,000. The settlement follows the British model except that, as in the case of Czechoslovakia, the Interest payments for the first fourteen years are partially deferred, and
added to the principal with interest compounded annually
at the rate of 3% for the first ten years and 3/
1
2% for the
next four years.
Russia.—The United States Treasury estimates the indebtedness as of Nov. 15 1925 at $260,991,000.
Jugoslavia.—It is expected that Jugoslavia will send to
the United States in the course of the next few months a
commission to negotiate a settlement. On Nov. 15 1925 the
debt totaled $66,691,000. Payments totaling $721,000 on
account of principal and $636,000 on account of interest
have already been made.
Debts of Other Countries.
Settlements approved by Congress have already been
made which remove from present discussion the debts of the
following countries: Austria, Finland, Hungary, Lithuania
and Poland. The status of the remaining debts is discussed
below:
France.—No settlement has yet been reached with France,
although conferences have been held, the last in October of
1925, when a distinguished French commission under Minister of Finance Caillaux came to Washington. It is probable
GOVERNMENT LOANS TO DIFFERENT COUNTRIES BY THE
that negotiations with France will shortly be completed.
UNITED STATES, GREAT BRITAIN, FRANCE AND ITALY.
Great Britain.—The British settlement made under the
United States(1) Great Brit'n (2) France(S)
Italy (4)
Nov. 15 1925. Mar. 311928. June 30 24. (Converted
agreement of June 18 1923, and approved by Congress, has
(Converted (Converted at at $.0402
been taken as the model on the basis of which other settleg
.
Fr.)
as Par.)
$.035
per Lira.)
Borrowers—
ments should be made in so far as the capacity to pay of Armenia
15.459.000
4,952,000
Austria
31.272.000
55.118.000 11,617.000
countries permitted. Principal and accrued interest were Belgium
416.904,000
43.740.000 107.355.000
funded at $4,600,000,000. This vast sum Great Britain Belgian Congo
Czechoslovakia___
115,000,000
12:11888 18,977.0005 7.-2-271,6045
in
agreed to pay in installments ranging from $23,000,000
Esthonia
15.763.000
1,220,000
122,000
Finland
8.910.000
1923 to $175000,000 in 1984, with interest at 3% for the first France
4.304.012.000 3.046.978.000
1
2% which Great Britain__ 4.554,000.000
1
2% thereafter, instead of the 4/
ten years, and 3/
Greece
18.000.000
120.302.000 18,812.000
Hungary
1.972.000
528.000
28.000
we might legally have demanded.
Italy
2,042.000.000 2,830.999.000 12,259,000
Armenia.—There is no Armenian Government in exist- Latvia
5.775.000
632.000
315,000
Liberia
33,000
ence. The original principal of the Armenian debt was Lithuania
6.045,000
80.000
84.000
Nicaragua
$11,960,000.
Poland
178,560,000
23,997.000 31,339-.6156 5..-01-1,6056
pending
benow
Portugal
110.216.000
315,000
Belgium.—The Belgian debt settlement
Rumania
47.412.000
138.228,000 39,620.000 6,058.000
fore the Senate, having been approved by the President and Russia
260.991.000 3.677.585,000 227.965.000
1,447,000
Yugoslavia
66.691,000
157.854.000 60.849,000
the House of Representatives, is modeled on the British setTotal
12.088.883.000
10.234,922,000 529,653,000 17,746,000
tlement above discussed with certain exceptions:
(1) Report of Secretary of Treasury.
1. In view of important concessions made by Belgium on
(2) Finance Accounts of the United Kingdom.
the promise of President Wilson that he would ask Congress
(3) Inventaire de la Situation Financiere de la France.
to release Belgium from her obligation to repay the pre(4) Figures from "Wirtschaft und Statistlk," quoted by "Economic
Review," Oct. 9 1925.
felt
that
Commission
armistice advances, the Debt Funding
Belgium has a significant moral claim for partial relief in
Rail Wage Meeting Adjourns—Western Executives
this connection. It has, therefore, asked Belgium to repay
and Labor Delegates Convene Again May 3.
the principal of these advances, but has proposed to release
following is from the New York "Evening Post" of
The
them.
upon
paying
interest
Belgium from
2. On the indebtedness incurred subsequent to Nov. 11 April 9:
Western railroad executives and officials of the Brotherhood of Railroad
1
2% per annum is payable after Trainmen and of the Order of Railway
1918, the British rate of 3/
Conductors have adjourned to
interest
is
years
the first ten years, but during the first ten
May 3 their conferences on the demand of the brotherhoods for a 20% rise
arbitrarily fixed at small amounts, averaging 1.4% per an- in wages, according to advices received from Chicago to-day.
Meanwhile, the executives have taken the demands under advisement
num, in consideration of the present embarrassment of the as a result of the sessions held this week.
It is expected that officials of the unions will soon advise the Eastern
Belgian Treasury. The total of the Belgian debt as funded
railroad committee, headed by J. G. Welber of the New York Central.
Is $417,780,000.
what their convenience will be on. New York conference. Union officials
Czechoslovakia.—The funding agreement made Oct. 13 were scheduled to meet representatives of the Southern roads at Washington
1925, now approved by the President and the House of Rep- late this week.
APR. 10 10261
THE CHEONICLE
1977
Indications of Business Activity 1
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Apr. 9 1926.
Trade has been affected more or less by continued unfavorable weather. It has been a remarkably cold, wet and generally stormy spring and naturally business has suffered.
This is especially so in retail lines. Retail sales as a matter of fact are smaller than those of a year ago, though the
year started with some gain over the corresponding period
of 1925. Heavy rains have prevailed in parts of the South
and Southwest, as well as in other sections of the country.
It has delayed the planting of cotton and corn. Unsettled
conditions still prevail in the big corn belt. It is noticed,
however, that in the Government wheat report to-day the
condition of winter wheat is stated at 84.1%, which is about
5% above the ten-year average for.this stage of the season.
There is usually a decline in the condition of winter wheat
from the opening Of December to the beginning of April of
some 5.7 points. This year there has been an increase of 1.4
points. It may be the harbinger of a big crop. The seeding
of corn, oats and cotton, however, will be late, and thus
far not much planting of spring wheat has been done in
either this country or in Canada. There is still time to
make up the lost ground, however. In general wholesale
trade in this country is reported to be fair. It is noticeable,
however, that in not a few parts of the country collections
are reported to be slow. This applies both to the East and
to the West, and of itself seems to point to a rather slow
turnover in a good many branches of business. The weather
has also caused some falling off in building. Pig iron has
declined 50 cents to $150 per ton, with a small business,
Steel has not met with an entirely satisfactory demand by
any means, and while prices seem to have remained intact,
the tone of the market can hardly be described as any too
steady, especially as production continues at a high scale,
even in some cases it is said at close to 100%. Wheat prices
have advanced during the week and from time to time there
has been quite a good export demand. Corn has been depressed by large supplies and the lack of any very keen
demand. There have been only trifling sales for export,
and corn prices are lower for the week. There is a tendency
to renew the agitation in favor of Government action to aid
the corn farmers, especially in Iowa. Paternalism of this
sort, however, is much to be deprecated. It is said by some
publicists in the Central West that owing to the advance in
the feeding value of corn the Iowa crop of that cereal will
bring something like $120,000,000 more to the farmers there
than the crop of 1924. In general the agricultural section
of this country is gradually getting into better shape. The
gross income from agricultural production for the season
a 1925-26, it is said in a Washington report, will about
equal the total of the previous year, namely twelve billion
dollars. At the same time the purchasing power of farm
products in terms of other commodities than those of the
farm, averaged 89% for the year 1925, showing a conspicuous rise from the low average of 1921, which was 69. With
a steadily increasing population in this country, increasing
at the rate of nearly 1,500,000 per year, there
ought to be
profitable markets for farm products.
Cotton has declined somewhat because there is a belief
that the acreage will be large and under ordinary
circumstances the next yield comparatively bountiful. In
addition, there are the large stocks at home and abroad,
the unsatisfactory exports and the sluggishness of some branches
of the textile trades, which have a more or less
depressing
tendency. Sugar has declined. The world production
for
the current season is stated at* 27,642,000 short
tons, or an
Increase over the previous crop of about
4%%, mostly in
the cane producing countries. Last year Europe
took considerable Cuban sugar, but this year very little.
Last year
Russia was an importer; it may be an exporter
of sugar
next year. It looks as though the world's carryover into
the next season will be large. There are various schemes
broached for "emedYing the depression ha the price of
sugar
in Cuba. There Is only one remedy in the long run.
That
is to reduce the production to the requirements of the consinning markets. Coffee has been declining. The supply
is bountiful and Brazil shows an anxiety to sell, whatever
may be said about the reports of the Defense Committee of
Brazil to support the market. If the production is excessive it will be reflected in the end in the price. Manipulation of prices in the last analysis will not remedy the matter. Rubber has shown something of a downward tendency.
The trend will be towards increased production, the logical
effect of putting up prices to an artificial level. Copper
and other metals have been declining here and in London.
Some of the metal markets have been affected by the fear
of a coal strike in Great Britain. If it actually takes place 0
it will naturally affect trade generally in Great Britain,
with an inevitable repercussion on trade in other countries,
not excepting the United States. Petroleum prices have not
chapged as a rule, but gasoline has advanced. Utah has
its first oil well yielding, it is said, 2,000 barrels a day. The
price of soft coal and coke is tending downward with supplies large even if they are decreasing somewhat. Anthracite prices have been steady. Wool has been dull and none
too steady. The woolen and worsted goods business is still
slow. In fact, both cotton goods and woolens sell less read.
ily than a year ago. There is a falling off in the silk mannfacturing business. The lumber trade is less active, partly
on account of the weather, although old orders, shipments
and production make a good showing as compared with
last year. Prices for soft woods, however, are complained
of by producers. Hard woods have been slow of sale. Latterly the stock market has been quiet, and to-day the transactions fell to less than a million shares. The reaction from
the hectic activity which characterized the market for so
many months Is not to be regretted. In fact, it is considered
by merchants a good sign. Fluctuations of late have been
within narrow limits. Bonds, it is gratifying to notice, are
in better demand, and prices in some cases have shown a
rising tendency. The deplorable depression in the French
franc continues and to-day it was down nearly to the low
record level. London to-day was rather gloomy over the
possibility of a strike of the coal miners, who have rejected
the proposition to reduce acreage or increase working time.
There will be a meeting between the owners and miners next
week, however, and possibly some means of composing the
dispute may be reached.
The York (Me.) Manufacturing Co., which has been running on a schedule of three days a week at its Saco, Me.,
plant, has decided to shut down several hundred looms beginning April 8. The rest of the looms, however, are to be
stepped up to five days a week on other commodities for
which there is a rather better demand. The Newmarket
(N. H.) Manufacturing Co., one of the largest plants in
New Hampshire, continues to operate at about 90% capacity. Manchester, N. H., reported that the Amoskeag Manufacturing Co. is curtailing in its worsted section by operating certain of its looms on four and five-day schedules.
Charlotte, N. C., reported trade deadlocked, with buyers
bidding considerably less than spinners will accept and
mills unwilling to sell ahead at present prices. No new business of Importance is reported on combed yarns and spinners continue the curtailment schedules begun three weeks
ago. Later Charlotte advices said that while much talk of
curtailment is going on, carded yarn production has not as
yet been materially reduced. Sentiment among spinners,
however, is for short-time operations rather than accumulation of stocks.
The Botany Consolidated Mills, Inc., of Passaic, N. J.,
reported that their mills have remained open throughout the
strike period with a reduced but effective operating force
and add that employees are returning to work in numbers
increasing daily. Prices of carpets were 12% lower at the
Alexander Smith & Co.'s auction sale. Smaller operators
led in bidding and did most of the buying. Some 12,100
bales were sold on April 5 for $661,700. Stephen Sanford &
Sons, Inc., issued the fall price list with 10% reductions.
Later the Alexander Smith Co. carpet and rug auction sale
showed unexpectedly firm prices. W. & J. Sloane have cut
velvets, axminsters and taps carpets 5%.
F. W. Woolworth & Co.'s sales for March were $18,308,639,
an increase of 8.23% over March 1925. Sales for the first
three months of this year were $48,945,457, an increase of
6.47% over the corresponding period of 1925. The S. S.
Kresge Co.'s sales for March were $8,471,963, an increase of
1978
THE CHRONICLE
13.6% over March 1925. Sales for the first three months
of this year were $23,419,152, an increase of 12.7% over the
corresponding period of 1925. Automobile production during March reached 447,185 cars built, according to reports
to the National Automobile Chamber of Commerce, a new
record, the Chamber says. The record this year is 18%
ahead of the average for March in the last three years, but
it Is not felt that this year's production will exceed by very
much that of March 1925. The total for the first quarter
of 1926, the report stated, was 1,138,409 automobiles and
trucks.
Another storm swept over the Central West on the 3d
Inst. It lacked the wind and cold to make it a real blizzard.
Several inches of snow fell in Colorado, Wyoming, western
` Nebraska, Kansas, Missouri, Illinois and Iowa. Kansas,
the southern limit of the precipitation area, and southwestern Iowa had four to seven inches of snow. Sleet mixed
with snow fell in Kansas and Illinois. Impassable roads,
with snowdrifts, in some places as high as 10 feet, the rdult
of the previous abnormal March storm, continued virtually
to tie up highways in northern Missouri and southwestern
and northern Illinois. Here the weather has been cold or
rainy or both and generally unseasonable. But on the 8th
inst. it was 37 to 51 degrees here. In Chicago it was 34 to
38; in Cincinnati 40 to 58, in Milwaukee 30 to 44, in Kansas
City 32 to 48, in St. Paul 28 to 50. Heavy rains and snows
caused a rise in the rivers of Indiana and Illinois. Much
damage was done in the lowlands of the two States, and the
sowing of spring crops has been interrupted. The Mississippi River has been affected. Big rains caused a break
in the levee near Quincy. Small tributaries went out of
their banks. Railroad tracks in some parts were for a short
time under water. To-day it was fair and warmer here.
It was 53 degrees here this afternoon and clear and pleasant, more like real spring weather.
Survey of Business in United States Based on Information to Philadelphia "Public Ledger"—Conditions Fundamentally Sound, Despite
Stock Market Break.
Fundamentally firm business conditions throughout the
United States are reported by the Philadelphia "Public
Ledger and North American" based on information by telegram from its correspondents in the various centres of the
United States. .In making public its survey, the "Ledger"
says:
At the beginning of the year business and financial leaders hesitated
to comment on the outlook beyond the first quarter of the year; they now
appear to be of the opinion that nothing serious is ahead for the remainder
of the year; also, the recent stock market operations are viewed as not
being the result of business conditions.
The survey as published in the "Ledger" of April 3 follows
herewith in part:
Business in the United States is viewed as fundamentally sound, and the
remainder of 1926 is expected to be a good year, according to bankers and
business leaders over the country. None foresee inflation either in industrial activities or wholesale and retail trade. In isolated instances there
are conditions of so-called spottiness, which, however, are expected to be
corrected, with one exception, that being the soft coal mining industry.
Leaders in most lines of business are almost unanimous in declaring that
the break in securities prices has had little, if any, effect on business generally. Summarized, their views are:
While the break in the stock market was not due to business, yet it is
bound to have a psychological reaction on business, because most business
men are investors, and their holdings have decreased in value, thus creating
a somewhat pessimistic feeling in their outlook toward business. This,
however, is expected to have only a temporary effect on business as a
whole.
With fair crop production, 1926 generally will be a good business year.
On the whole there will be a large volume of business in almost every
line, although the margin of profits, which started to narrow in 1925, is
expected to continue that process.
There has been a slight increase in savings deposit withdrawals in some
districts, especially New England.
Labor will be well employed throughout the year.
Money generally will be available at fair rates for all legitimate purposes.
There has been in recent weeks an increase in hand-to-mouth buying of
both raw materials and manufactured goods.
The opinions of business men and bankers bear out reports that have been
submitted to President Coolidge by members of his Cabinet. They declare
that business is going ahead on a solid basis, and that business conditions
have not been affected to any large extent by the stock market deflation.
In the Philadelphia district conditions are good ; the outlook is bright.
Undoubtedly, the Sesqui-Centennial will have an important bearing on the
movement of retail trade here. Railroad officials expected a continuation
of the substantial movement of freight that has characterized their business
in recent months. They are ordering additional equipment.
The Federal Reserve Bank of Philadelphia noted that in March employment continued at about the same levels as in February, which showed
an increase over January. It also noted not entirely satisfactory conditions
in the iron and steel industry, with prices weak and pig iron production
falling off.
E. P. Passmore, President of the Bank of North America & Trust Co. and
a former Governor of the Philadelphia Federal Reserve Bank, sees good
business ahead. He is confident that the slight feeling of pessimism now
prevailing among some business interests because of the reactionary ten-
[VOL. 122.
dency of the stock market will be an influence only for a short period and
that, with fair crops on the farms of the United States, general business
throughout the year will be good.
Nearby industrial centres also are optimistic. In and around Allentown
and in the Lehigh Valley manufacturers and business men express satisfaction with present conditions, which compare favorably with those prevailing a year ago. There is a dark cloud there, however, in the slackness of
the silk industry. On the other hand, the cement industry is exceptionally
brisk, with no accumulation of stocks.
Reading's textile industries are improving, following the recent slump.
Gustav A. Oberlander, former President of the National Textile Manufacturers' Association, says this year will be the best for the hosiery industry
since 1920.
From Lancaster conies report that business is good, with further improvement expected in the next few months, although at present manufacturers
are proceeding cautiously. Skilled labor is in good demand.
Mining Restores Confidence.
Resumption of anthracite mining has restored confidence in the WilkesBarre, Scranton, Hazleton and Pottsville districts, with a resultant gain
in wholesale and retail distribution. Silk mills are restricting operations
somewhat, as orders have fallen off. Cigar manufacturing continues on a
large scale, with an increase in prospect.
Reaching out to the western end of Pennsylvania, it is found that a falling off in unfilled orders of the steel companies is being watched carefully,
and that unionized soft coal mines are shutting down, being unable to meet
the market prices of the non-union operations, where production is very
heavy. Business and financial leaders in Johnstown expect conditions to
continue as at present, which are good.
In Pittsburgh, leading manufacturers continue optimistic, even In the
face of the adverse conditions in the soft coal industry and a continued
decline in coke production. Steel consumption has been very heavy, thus
preventing accumulation of materials.
Heavy operations of steel plants in and around New Castle are making
for a prosperous merchandising situation there, where the cement industry
also is operating at capacity, with no let-up in sight.
Activity in locomotive and other railroad equipment manufacturing
plants in Altoona is in a measure offsetting the restricted operations at soft
coal mines. Merchandising conditions in that city are fair.
Business men and bankers are optimistic as to the future of business in
Delaware. In all lines of trade the future is viewed with satisfaction.
Haldeman C. Stout, President of the Industrial Trust Co., Wilmington, sees
no reason why, as the year progresses, business should not do as well as at
present, or better. Leather plants in the district are operating at 90% of
capacity; textile operations are expanding; there is a fair amount of business in the hands of shipbuilders.
Stocks' Position Corrected.
In and around New York the precipitous decline in stocks since late is
February has occupied the attention of bankers, largely to the exclusion
of other matters, but the feeling plainly is growing that the market slump
cannot be accepted as advance evidence of business depression in the near
future.
During periods of violently weak markets the business prophets have a
tendency to interpret the news as bearish, just as they seem to pick out the
bright spots in the news when stocks are rising, but the better minds in the
financial district nowadays are beginning to look upon the situation somewhat more dispassionately than they did a month ago. The downward
movement in stocks, they are coming to reckon, was started by a condition
that grew out of the excesses of the recent bull market; it began, in other
words, not in anticipation of a break-up of our period of general prosperity,
but as a reflex of an overdone speculative drive in securities. Once the
decline started, it gained momentum, as we know now, through the calling
of loans, acitvities of the bear party and the inability of sellers to find
buyers at prices which were recognized as abnormally high in many instances.
Since the market has recovered a greater degree of stability, however,
Wall Street is viewing the future more calmly for stocks, since it believes
the time soon must come when the trend of values will depend upon the
position of trade. Viewed from that standpoint, the future of the financial
community still holds the promise of good business and reasonable profits.
That present business conditions are based largely upon the big volume of
trade on which the margin of profits is narrow everybody recognizes. Also
it is understood that commodity prices have fallen the last few months. Inventories have not been allowed to accumulate, however, so that a declining commodity market is not nearly so serious a matter as it was in 1920
and 1921.
In consequence, such an authority as George E. Roberts, of the National
City Bank, is taking the attitude that we must not expect business in 1926
to top the peaks of 1925, but that there is nothing on the horizon a which
to take alarm in working for continued good times.
New England Up to 1925.
Clifton S. Dwinnell, President of the First National Bank of Boston, the
largest bank in New England, feels that as much business will be done
there in 1926 as in 1925, viewing the Northeastern States as a unit. "The
margin of profit will be less," he says. "There is too much potential productivity in the country, as a result of war years' expansion, which sharpens competition." As a result of the decline in the stock market, he declares that more than usual caution is being shown in the placing of commodity orders; that retail buying has shown a marked falling off in recent
weeks; that the textile situation in general shows some improvement, with
some companies operating at capaeity ; conditions in the shoe industry are
.
unsatisfactory and the leather market is dull. .
Southeastern Outlook Bright.
In the Southeastern States there is found a feeling of optimism, tempered,
however, by agricultural prospects. • Oscar Wells, President of the First
National Bank of Birmingham, Ala., and President of the American Bankers Association, says: "The business outlook for Birmingham and vicinity
still continues favorable. Industry is active, but merchants are still pursuing their hand-to-mouth policy of buying. For the latter reason things
in some lines are Tilet. So far as the business outlook for the State goes,
that depends on the prospects of agriculture, in which conditions seem
favorable. A good spirit prevails toward the future.
In Atlanta, according to H. Lane Young, Vice-President of the Citizens
and Southern Bank, retail and wholesale trade is running ahead of a year
ago; farmers are large buyers of fertilizers, paying cash, and the business
and financial outlook for the remainder of the year on the whole is encouraging. In Louisiana, too, the outlook for agriculture is good, while
industrial establishments, excepting sugar plants, are operating on heavy
schedules. Sugar is reported facing a critical test
Jacksonville (Fla.) business men and bankers believe conditions there are
sound. They consider the inflation period in other sections of the State is
ended and that substantial development is now under way. Their views
APR. 10 1926.]
THE CHRONICLE
are corroborated by W. W. Culbertson, Vice-President of the First National
Bank, of Miami. He says banking institutions report business firm and
collections good. There have been no bankruptcies or receiverships in mercantile lines in some months; real estate developers still report some demand for high class lots and business locations; railroads say there is at
present more incoming than outgoing passenger traffic.
While business is not booming in the Middle Western States, at the same
time it is not poor. James Simpson, President of Marshall Field & Co.,
says: "If the recent violent declines in the stock market were taken as
a barometer of actual business conditions, misleading results would be obtained. Fundamental business conditions are healthy and substantially on
a parity with conditions last year at this time." However, a spring agricultural review by M. A. Graettinger, Secretary, of the Illinois Bankers Association, points out that the farmers in that State are as bad off as they
were a year ago, or worse; that general business is quiet and retail trade
erratic.
Reports Conditions Sound.
Such a well-known authority as J. H. Puelicher, President of the Marshall & Ilsley Bank, of Milwaukee, Wis., and a former President of the
American Bankers Association, asserts that business there is continuing
active and that industrial conditions are sound. His views are also shared
by Harvey Campbell, Secretary of the Detroit Board of Commerce, one of
the influential trade organizations of the country. . . .
California Forging Ahead.
On the Pacific Coast and in nearby States it is generally expected that
the remainder of the year will find business moving along in good shape.
Robert Dollar, shipping magnate of San Francisco, whose judgment is accepted by business men, says California is pleasantly prosperous and will
continue to forge ahead in a safe, conservative and satisfactory manner.
J. W. Spangler, President of the Seattle National Bank, Seattle, Wash.,
considers the future outlook in the Western Washington district from a commercial standpoint is satisfactory. Lumber sales are exceeding production;
crop conditions are highly favorable and prospects for a heavy yield of
winter wheat.
Business Indexes of the Federal Reserve Board.
The Division of Researcli. and Statistics of the Federal
Reserve Board, issued on April 1, the following statement
giving current figures of its various business indexes. In
the Federal Reserve "Bulletin" for February figures for
these indexes for the preceding 18 months and annual averages since 1919 were published.
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for seasonal variations. Monthly average 1919 Equals 100.)
1926.
Feb. Jan.
Total
Pig iron
Steel ingots
Cotton
Wool
Wheat flour
Sugar melting
Cattle slaughtered____
Calves slaughtered....
Sheep slaughtered....
Hogs slaughtered
Lumber
120
130
152
119
84
90
147
102
157
105
81
122
120
131
149
114
89
83
164
96
146
95
91
125
1925.
Feb.
1925.
Feb.
1926.
Feb. Jan.
124
143
150
114
99
113
104
96
157
91
107
127
Bituminous
130
Anthracite
34
Copper
.145
Zinc
135
Sole leather
60
Newsprint
123
cement
181
Petroleum
193
Cigars
84
Cigarettes
188
Manufactured tobacco. 100
109
116
147
119
72
108
193
191
8f?
171
97
129
2
141
144
56
115
219
193
80
196
102
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 1919 equals 100.)
Employment.
1926.
Total
Iron and steel
Textiles-Group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods, etc
Leather, etc
Scone, clay. glass
Tobacco, etc
Chemicals,etc
Payrolls.
1925.
Feb.
Feb.
Jan.
97.0
93.5
97.4
97.6
97.2
98.6
85.7
133.0
106.7
85.7
89.5
114.6
842.
77.0
96.3
91.9
97.3
99.1
95.0
98.3
84.8
130.2
107.5
86.5
87.9
114.4
80.4
76.9
95.8
89.1
99.9
101.4
97.9
100.4
89.8
105.1
104.9
88.5
92.5
110.7
87.7
74.6
1926.
Feb.
Jan.
111.5
101.7
110.2
109.0
111.5
111.0
91.9
166.3
144.9
99.8
94.2
140.1
84.0
102.8
107.0
98.3
108.1
110.4
105.3
105.8
85.8
136.0
145.5
100.1
89.7
136.9
86.0
102.2
1925.
Feb.
108.5
95.8
113.4
114.2
112.4
108.5
100.0
132.1
137.5
99.8
99.7
136.4
87.0
99.7
INDEXES OF WHOLESALE AND RETAIL TRADE.
Wholesale Trade.
1926.
Feb. Jan.
Total
Groceries
Meat
Dry goods
Shoes
Hardware
Drugs
1925.
Feb.
Retail Trade.
1926.
Feb. Jan.
1925.
Feb.
76 *78 76 Department store sales
71
77 73 Adjusted
136 *130 131
75 .79 69
Unadjusted
104 *114 101
87 79 88 Department store stks.
50 43 46
Adjusted
140 .141 135
87 .86 90 Unadjusted
132 *125 127
110 111 109 Mail order sales
Adjusted
123 118 116
Unadiusted
III
IIII
in,
•Revised.
Farmers Stabilizing Production.
Farmers' crop plans this spring "reflect a
balance and
stability which represent, to some extent, a
measure of the
ground gained since 1921," says the Department
of Agriculture in its April 1 report on the farm situation, which says:
The crop story since 1919 has been, roughly, two
years of heavy surpluses, two years of readjustment and two years of fairly
stable adjustment.
The intentions-to-plant reports give evidence of the general stability
that
once more appears to underlie the production program as a whole. Of
the
three main feed grains, corn, oats and barley, the reported intention
is to
plant 157,500,000 acres, against 155,000,000 acres last year. The
contemplated increase is in oats and barley, the intended corn acreage being
practically the same as last year. On the one hand, farmers are faced with the
1979
possibility that average yields on such an acreage, plus this year's carryover
of grain, might hinder improvement in feed prices. On the other hand,
there appears to be a widespread feeling that with the current improvement
in the live stock situation, an abundance of feed crops would be a highly
desirable thing this year.
The Department's index of purchasing power of farm
prices has remained stationary at 87 for the past five
months, the 1909-14 five-year period being used as a base of
100. Agricultural commodities which are higher than the
pre-war average in purchasing power include wheat at an
index figure of 111, potatoes 205, hogs 103, butter 106 and
wool 135. Agricultural products below the pre-war average
include cotton at an index figure of 90, corn 68, hay 69, beef
cattle 78 and eggs 85.
Factory Employment in New York State Almost Stationary
in March.
March brought only a negligible increase in New York
State factory employment. Thus the first quarter of 1926
ended without the heightened activity which has marked
the spring of other years, says State Industrial Commissioner James A. Hamilton in his monthly review made
public today (April 10) based on reports collected by the
Labor Department from about 35% of the State's representative manufacturers.
Commenting on the stationary conditions in the employment situation, the Commissioner says:
One explanation of this lies in the hand-to-mouth buying policy which
prevailed even during the active fall of 1925. Another, also gathered
from the trade reports, is the tendency of production in some of the
primary industries to exceed new orders. This allows room for a slight
increase in the demand for goods without any effect on the employment
situation.
The future course of manufacturing is largely tied up with these two
elements. Production in the long run must adjust itself to the rate of
consumption and this seems to point to an inevitable decline in some of
the basic manufactures. On the other hand the policy of buying for
immediate consumption only which has been pursued by smaller manufacturers and merchants should exert a steadying influence on industry.
Where purchases have been limited and stocks are small buying must
continue unless consumption is considerably reduced. The fact that mercantile houses have not stocked up with goods after a prosperous fall and
winter appears to be one of the distinguishing factors in the present
situation.
Through March no reductions were put into effect in the major metal
industries. Steel, usually regarded as an indicator of the trend of business, continued to advance though some irregularities among the individual mills brought out the uncertainty of the present situation. Taken
together the mills were employing more workers in March than at the
peak of 1923 but this must be qualified by the fact that earnings are
lower at present. Similarly brass and copper goods plants are keeping
up their high rate of operations. A slightly less encouraging report
came from automobile manufacturers. Employment for this industry
advanced more than two per cent above February but the Syracuse district had begun to cut down production after a steadily active winter.
The question of restricting credit extension will be a factor in automobile
sales for the coming year.
The rest of the metals also showed no concerted movement to curtail
operations although lowered earnings in some lines may be a forerunner
of coming reductions. Railroad equipment was again the strongest upward influence as almost 500 workers were taken on in the reporting
factories. Repair work increased also. The downward influences were
found neither in textiles or metals but were scattered through other
industries making consumers goods. Up-State furniture factories were
less active and the liquidations which have been proceeding in the piano
industry in New York City caused employment for this industry to drop
four per cent. There were large changes in some of the food products
factories. Biscuit factories reported a very good improvement after the
dullness of recent months and this offset the severe losses in the cigar
industry.
No Improvement in Woolens.
Textiles were more irregular in March than in February. There was
practically no improvement in the woolen situation for while one or two
large mills were busier after recent reductions smaller mills were forced
to cut down operations. Cotton and knit goods stayed close to February
while silk goods lost slightly. With the exception of woolens, however,
textiles appear to be in a generally good position. One or two of the
carpet mills reduced overtime as forces were increased to last year's
size.
Men's clothing factories both in New York City and up-State slowed
up after a good season and men's shirts and furnishings were quieter.
Modistes took on large numbers of workers after the dullness of recent
months and this more than offset the declines which were beginning to
appear in the women's clothing factories. Fur manufacturers reported
greatly reduced forces because of a strike in a month when work is
usually increasing. Chemicals and building materials swung upward in
response to seasonal gains.
Moderate Seasonal Increase in New York City.
Employment in New York City continued the seasonal advance begun
last month but the increase this year was smaller than in 1925. This is
partly explained by the shrinkage in cigar manufacture, the strike in the
fur shops and liquidations in the piano industry.
Metals gained almost 2% as cutlery and stamped ware about doubled
the increases of February. Other metals also showed good improvement,
particularly instruments and appliances.
The substantial increase in the chemicals may be attributed largely to
two or three sharp advances rather than to a general upward movement
but this means there were no offsetting losses. Biscuit factories started
up again after a continuous decline since October and over 1,000 workers
were taken on in March. Candy factories, however, were not affected
equally by Easter business. The gain in the clothing trades was larger
here than up-State. Reductions in the men's clothing factories were
smaller and the increase in modistes shops carried more weight. Millinery houses were on the whole busier also.
UP-State Gain Limited to Buffalo
Buffalo was the only up-State district to report an increase in employment during March. Automobile manufacturers continued to enlarge
forces and the increases of the past two months had their effect on plants
making castings. Steel mills, railroad equipment factories and repair
shops were also important in sending the metals above February. Electrical products were still moving downward. Chemicals started up again
after seasonal reductions in the past few months and power plants
shared in the increase which was found in all parts of the State. The
rest of Buffalo's industries showed losses in March which in the cases
of clothing and paper goods were seasonal.
The major industries of Utica, metals and textiles, were on the whole
a little busier than in February but the release of a large number of
clothing workers pending the establishment of a receivorship kept total
employment the same as in February. Firearms, tools and cutlery made
the largest advance in March as in February. The improvement in these
plants since August has been uninterrupted. The basic metals and office
equipment slowed up. Textiles in general gained slightly and there was
a good improvement in leather and leather goods.
Rochester was affected by the seasonal reductions in the men's clothing
shops and a general slowing up in the textiles. Metals were irregular
and earnings tended to drop in the cases where employment did not lose.
The employment decreases were small, however, except in railroad equipment where about 100 workers were affected. Two or three gains in the
shoe factories, partly after inventory, offset other seasonal reductions.
Chemicals were higher.
Practically all of the industries of the Albany-Schenectady-Troy district were running slightly under February. The only increase in the
metals appeared in the railroad equipment plants but even here the gain
was much smaller than in February. Machinery and electrical equipment dropped off further. The shirt and collar industry was affected by
the closing down of one of the reporting factories but even so the
tendency to slow up was fairly definite. Textiles showed a small net
loss and printing declined.
There were no marked changes in Syracuse during March but scat"tered declines in the metals and chemicals and a general reduction in
the shoe factories brought employment a little below February. Some
of the automobile factories began to slow up while office equipment
continued irregular. The only real improvement was found in the steel
mills but even here earnings fluctuated. There was an increase in
printing and a few small seasonal gains.
Further reductions in the shoe factories around Binghamton made this
district show the largest decrease for March. The total loss in employment since December now amounts to 6%. Other industries which were
lower in March included metals, cigars and silks. Furniture and
chemicals continued to move upward.
Dun's Report of Failures for March.
It was to be expected that March would bring a total of
commercial failures in the United States larger than that for
the short month of February, and the increase is about 10%.
Thus, reports to R. G. Dun & Co. show 1,984 defaults last
month, against 1,801 in February and 1,859 in March 1925.
The increase over the number for the earlier year is, therefore,
a little less than 7%. The record of liabilities, however,
shows improvement, last month's failures having involved
$30,622,547 altogether. Not only is this about 103/2% under
the $34,176,348 for the shorter month of February, but it is
smaller than the figures for each month since last October,
and is 10% under the $34,004,731 for March 1925. It is,
in fact, less than for any March since 1920, when the business
mortality was at an unuusally low point.
For the first quarter of the current year, reports to R. G.
Dun & Co. show 6,081 commercial defaults, with an indebtedness of $108,460,339. The number compares with
5,969 for a similar period of 1925, and is the largest for the
first quarter since 1922, when the failures totaled 7,517.
The liabilities for the quarter just ended, however, are fully
153% below the $128,481,780 for the first quarter of 1925,
and the smallest reported for the first quarter since 1920,
when the aggregate was less than $30,000,000.
Monthly and quarterly reports of business failures, showing number and liabilities, are contrasted below for the
periods mentioned:
March
February
January
First quarter
December
November
October
Fourth quarter
September
August
July
Third quarter
June
May
April
Second quarter
March
February
January
First quarter
1926.
1,984
1,801
2.296
Number
1925.
1.859
1.793
2,317
5,969
1924.
2,040
1,653
1.696
5,389
1,306
1,520
1,615
-4,441
1,607
1,816
1,707
1,939_
5,130
5,451
1.817
1,859
1,730
1.793
2,108
2,317
6,081
1925.
1,878
1,672
1,581
5,131
1,465
1,513
1,685
4,663
1.745
1.767
5,969
5,655
1924.
1,817
1,730
2,108
Liabilities.
1926.
830,622.547
834,176.348
43,661,444
8108,460,339
1925.
536,528.160
35.922,421
29,543.870
5,655
1923.
1.841
1,704
1,673
_
5,218
1.226
1,319
1,231
3.776
1,358
1,530
1,520
4,408
1,682
1,508
2,126
$110.916,670
834.004,731
40,123,017
54,354,032
5,316
8128.481.780
8101.994,451
$30.687,319
37,158,861
34.505,191
5102,351,371
836.701,496
37,026,552
37,188.622
The classification of the March insolvency statistics by
branches of business shows 469 defaults among manufacturing
lines for $9,861,821 of liabilities, against 429 similar defaults
for $13,374,584 in the corresponding month of last year.
Of the fifteen separate manufacturing groups, the number
[Vol,. 122.
THE CHRONICLE
1980
ig'smaller/for MarchAthislyear,[inliron, foundries and nails;
inachineryl and tools; woolens, carpets and knit goods;
oils;
clothing and/millinery; chemicals and drugs; paints and
amounts
reduced
s,
indebtednes
to/the
As
&c.
tobacco,
and
and
are reported for iron, foundries and nails; machinery
tools; clothing and millinery; milling and bakers; tobacco,
failures
dm, and miscellaneous. Among traders, 1,424
deoccurred, involving $18,622,793, against 1,345 similar
decreases
faults in March 1925, for $17,594,994. Numerical
and
appear in hotels and restaurants; tobacco, &c.; dry goods
carpets; shoes, rubbers and trunks; furniture and crockery;
and hats, furs and gloves. The classifications showing more
and
liabilities are clothing and furnishings; shoes, rubbers
trunks; furniture and crockery; hardware, stoves and tools;
paints and oils; hats, furs and gloves; and miscellaneous.
Among agents, brokers, &c., 91 defaults were reported last
month, with an indebtedness of $2,137,933, compared with
85 similar failures a year ago for $3,035,153.
FAILURES BY BRANCHES OF BUSINESS-MARCH 1926.
Liabilities
-Number-1924.
1925.
1926.
1926. 1925. 1924.
Manufacturers.
$
8
5
155,000
347,300
156,591
8
6
4
nails
and
Iron foundries
9,996,851
3,001,739
881,812
58
43
24
Machinery and tools
59,200
19,000
40,912
8
3
2
Woolens,carpets& knit goods
197,000
4
-Cottons, lace and hosier),--- -1,291,370
552,000
44 1.566,837
31
Lumber,carpenters & coopers 60
607,016 1,340,573 1,039,280
52
65
46
Clothing and millinery
73,200
132,741
421,295
6
3
21
Hats, gloves and furs
90,000 40.106,480
372,600
9
9
6
Chemicals and drugs
6.400
42.000
65,000
1
3
2
Paints and oils
235,887
303.400
331,331
15
15
25
Printing and engraving
363,585
533,454
319,839
42
45
45
Milling and bakers
405.395
347,800
509,500
24
9
13
Leather, shoes and harness
90,102
199,408
159,000
8
7
5
Liquors and tobacco
662,412
29,900
275,000
6
*
3
9
brick
and
Glass, earthenware
18,156,264
6,435,269
207 187 199 4,155.088
All other
469 429 484 9,861,821 13,374,584 72,838.426
Total manufacturing
Traders.
133 128 139 2,258,549 2,113,364 1,481,486
General stores
314 252 271 2,454,697 1,686,044 2,609,819
Groceries, meat and fish
662,326
673,007
751.996
80
87
85
Hotels and restaurants
219,460
187,199
371,189
26
39
24
Liquors and tobacco
2,840,118
2,731.457
148
1,978,737
Clothing and furnishings_ _ _ 182 168
91 2.279,458 1,797,578 2.832,729
91
90
Dry goods and carpets
740,595 1,025,228
633.606
59
76
52
Shoes, rubbers and trunks
692,512
854,485
761,565
42
71
53
Furniture and crockery
711,390
766,976
605,222
45
42
Hardware,stoves and tools_ 45
393,770
401,962
495.072
47
38
58
Chemicals and drugs
33,224
99,619
45,900
2
5
5
Paints and oils
558,870
452,234
1,518,441
30
39
58
.
Jewelry and clocks
87.900
35,300
349,039
9
11
8
Books and papers
69,300
171,405
156.821
8
14
12
Hats, furs and gloves
302 284 260 3,962,501 4,883,769 5,021,801
All other
1,424 1,345 1,254 18,622,793 17,594,994 19,239,933
Trading
79 2,137,933 3,035,153 5,572,667
85
91
Other commercial
"
30,622,547 34,004,731 97,651,026
1.817
1,859
1,984
Total
Little Change in Status of Lumber Business.
The National Lumber Manufacturers Association on
April 8 received telegraphic reports of the status of the
lumber industry for the week ended April 3 from 377 of
the larger softwood and 123 of the chief hardwood mills
of the country. The 363 comparably reporting softwood
mills showed slight decreases in production and shipments,
and a negligible decrease in new business, in comparison
with reports for the previous week, when, however, sixteen more mills reported. In comparison with reports for
the same period last year, when, again, twenty-three more
mills reported, increases in production and shipments, and
a nominal decrease in new business was noted. The 123
hardwood operations showed decreases in all three factors,
when compared with reports from 142 mills the week
earlier.
The unfilled orders of 233 Southern Pine and West Coast
mills at the end of last week amounted to 773,322,754 feet.
The 126 identical Southern Pine mills in the group showed
unfilled orders of 304,865,046 feet last week, as against
308,559,996 feet for the week before. For the 107 West
Coast mills the unfilled orders were 468,457,708 feet-as
unfilled order reports were not received last week, no
comparison can be made.
Altogether the 363 comparably reporting softwood mills
had shipments 100% and orders 100% of actual production. For the Southern Pine mills these percentages were
respectively 107 and 102; and for the West Coast mills
97 and 102.
Of the reporting mills, the 337 with an established normal production for the week of 211,988,058 feet, gave
actual production 109% shipments, and orders 111%
thereof.
The following table compares the national softwood
lumber movement as reflected by the reporting mills of
eight regional associations for the three weeks indicated:
Mills
Production
Shipments
Orders (New Bus.)
Past Week
363
253,866,882
253,277,812
253,425,998
Corresponding
Week-1925
386
251,603,659
253,237,639
257,597,967
Preceding Week
1926 (Revised)
379
263,045,024
262,817,956
256,688,365
THE CHRONICLE
Ark. 10 1026.]
The following revised figures compare the softwood lumber movement of the same eight regional associations for
the first thirteen weeks of 1926 with the same period of
1925:
1926
1925
-
Production
3,014,551,935
2,971,278,984
Shipments
3,233,418,801
3,077,359,202
Orders
3,318,096,148
2,968,868,658
1981
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
Week EndingMarch 27.
March 20.
March 6.
March 13.
No.of mills reporting_
106
104
102
108
Production (feet)....__ 113,170,740
110,346.886
107,947,524
99,191,704
New business (feet)__ 111,025.567
115,342.905
109,251,501
129,372,967
Shipments (feet)
112,215,537
105,129,438
105,517,386
115,896,947
Unshipped BalancesRail
176,760,000
176,632,000
160,530,000
169,650.000
Domestic cargo
150.964.688
156,115,450
124,573.322
147,513,353
Export
126,188,072
133,641,213
121,892,601
146.186,668
Total
453,912,760
460.388,663
406,995,923
463,850,021
First 13 Weeks of1926.
1925.
1924.
1923.
Production (feet),.. _1,200.394,068 1,264,349,106 1,300.272,632 1,195.061.439
New business (feet)__1,315 696,983 1,239,033.754 1,257,539.141 1.413.803,219
Shipments (feet)
1,243.895.519 1,265,408,912 1,302,245,419 1,417,844,048
The Southern Cypress Manufacturers Association of New
Orleans (omitted from above tables because only recently
reporting) for the week ended Mar. 31 reported from 14
mills a production of 4,498,196 feet, shipments 5,900,000
and orders 4,180,000. In comparison with reports for the
previous week, when two more mills reported, this Asso- Decrease in Paper and Domestic Wood Pulp Production
in February.
ciation showed a slight decrease in production, a marked
The February production of paper in the United States
increase in shipments and a nominal decrease in new
as reported by identical mills to the American Paper & Pulp
business.
Association and co-operating organizations, showed a deWest Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that crease of 3% as compared with January's production (folnew business for the 107 mills reporting for the week ended April 3 lowing
a 3% increase in January over December), accordwas 2% above production, and shipments were 3% below production.
Of all new business taken during the week 39% was for future water ing to the Association's "Monthly Statistical Summary of
delivery, amounting to 43,061,627 feet, of which 23,877,627 feet was Pulp and Paper Industry," made public March 31. All
for domestic cargo delivery, and 19,184,000 feet export. New business
by rail amounted to 2,065 cars (approximately 61,950,000 feet-55% of grades showed a decrease in production as compared with
the week's new business). Thirty-eight per cent of the week's shipments January, with two exceptions. The "Summary" is prepared
moved by water, amounting to 41,323,367 feet, of which 28,041,722 feet by the American Paper and Pulp Association
as the central
moved coastwise and intercoastal, and 13,281,645 feet export. Rail
shipments totaled 1,947 cars (approximately 58,410,000 feet-55% of organization of the paper industry, in co-operation with the
the week's shipments), and local deliveries 7,075,715 feet. Unshipped Binders Board Manufacturers Association, Converting Padomestic cargo orders totaled 151,788,527 feet, foreign 135,169,181 feet per
Mills Association, Cover Paper Association, Newsprint
and rail trade 6,050 cars.
Labor.-Tbere has been little change in the number of men employed Service Bureau, Wrapping Paper Manufacturers Service
at logging camps and fir sawmills during the past month, according to Bureau, Writing Paper Manufacturers Association and
the Four L Employment Service. All sawmills in the Grays Harbor
district are operating and nearly all logging camps are running. Both Paperboard Industries Association. The figures for Feb-,
camps and mills are at present experiencing very light turnover of labor. ruary for same mills as reported in January are:
Gradual improvement in employment conditions is reported from all
parts of the pine country. Several summer woods operations in the
Inland Empire are getting under way, and lumber concerns here and
there are putting second shifts to work in the sawmills.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for
126 mills reporting, shipments were 6.88% above production and orders
1.50% above production and 5.03% below shipments. New business
taken during the week amounted to 69,760,656 feet, shipments 73,455,606
feet and production 68,726,867 feet. The normal production of these
mills is 78,709,550 feet. Of the 114 mills reporting running time, 81
operated full time, 13 of the latter overtime. Three mills were shut
down and the rest operated from one to five and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon,
with four more mills reporting, showed slight increases in production
and shipments, and a big gain in new business.
The California White and Sugar Pine Manufacturers Association of
San Francisco, California, with eight fewer mills reporting, showed
marked decreases in all three factors.
The California Redwood Association of San Francisco, California,
reports were not received last week and, therefore, no comparison
can
be made.
The North Carolina Pine Association of Norfolk, Virginia, with
three
more mills reporting, showed substantial increases in production
and
shipments, with new business considerably more than that reported for
the week earlier.
The Northern Pine Manufacturers Association of Minneapolis, Minnesota, reported big increases in all three items.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wisconsin (in its softwood production), with one more mill
reporting, showed slight decreases in production and new business, and
a nominal increase in shipments.
Stocks on
Number
Hand End of
of
Production, Shipments.
Month,
Mills. Net Tons. Net Tons. Na Tons.
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
flanging
Felts
Other grades
71
62
105
79
25
87
46
8
15
63
Total-All grades
129,622
89,017
167,308
47.6t0
10.002
31,292
13,318
4.078
11,270
20,040
128.635
90.698
166,990
50 000
9,053
30,965
12.783
3.821
11,349
19,740
14.791
41,827
40,246
39.530
9,137
39,511
14.448
2,511
2,181
16,366
523.657
524 034
220.548
During the same period, domestic wood pulp production
decreased 8%, this decrease being distributed over all
grades, with one exception. The February totals (mills
identical with those reporting in January) as reported by
the American Paper and Pulp Association, are as follows:
DOMESTIC WOOD PULP PRODUCTION IN UNITED STATES.
Grade.
Groundwood pulp
Sulphite news grade
Sulphite bleached
Sulphite easy bleached_
Sulphite Mitscherlich..
Sulphate pulp
Soda pulp
Other than wood pulp_
Number
of
Production,
Used,
Mills. Net Tons. Net Tons.
96
38
20
5
6
9
11
2
86.778
40,905
21,443
3,337
. 6,258
13,292
16,190
72
88.969
36,722
17,130
2,958
5.441
11.877
12,079
34
Stocks on
Hand End of
Shipments, Month,
Net Tons. Na Tons.
3,208
3,831
4,165
452
870
1,201
4,302
64
122,533
10,900
2,821
935
488
1,643
3.416
19
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood ManuTotal-All grades_ - _
188,275
175,210
18,093
142,755
facturers Association reported from 17 mills production as 5,471,000
feet, shipments 2,956,000 and orders 1,912,000.
The Hardwood Manufacturers Institute of Memphis, Tennessee,
re- Survey of New Jersey Textile Strike by Passaic
Chamber
ports from 106 units, production as 15,224,159 feet,
shipments 15,687,278
and orders 13,738,871. The normal production of
of Commerce-American Federation of Labor Dethese units is
19,571,000 feet.
clines to Recognize "United Front Committee"
For the past 13 weeks all hardwood mills reporting
to the National
of Albert Weisbord-Efforts to End Strike.
Lumber Manufacturers Association gave production
333,075,128 feet,
shipments 324,144,682 and orders 332,275,628.
The strike in the textile mills of Passaic, Clinton, Garfield
Weekly Lumber Review of West Coast Lumbermen'
s
Association.
One hundred and six mills reporting to West Coast
Lumbermen's Association for the week ending March
27 manufactured 113,170,740 feet of lumber, sold
111,025,5(37 feet
and shiped 112,215,537 feet. New business was
2% below
production. Shipments were 1% under
production.
and Lodi, New Jersey, now in its eleventh week, is the
subject of a report by the Committee on Information of the
Passaic Chamber of Commerce, which finds the strike no
nearer a settlement now than on the first day the workers
walked out. The walk out had its inception on Jan.25 when
with a demand that the 10% cut in wages made last summer
be returned; that overtime be paid for at the rate of 50%
extra, and that there be no discrimination against any members of the United Front Committee, the members of the
latter organization ordered a strike at the Botany Worsted
Mills.
According to the report of the committee of the Passaic
Chamber made public April 4, the mills face a serious situation, and it is stated that even were the strike to be settled
immediately, it is doubtful if more than a small percentage
of the workers could find employment, since the mills have
not sufficient orders to run on a full time basis. The New
York "Times" gives the following from the report regarding
the situation which has developed:
Thirty-seven per cent of all new business taken during
the week was for
future water delivery. This amounted to 41,404,291
feet, of which 24,895,118 feet was for domestic cargo delivery and 16,509,178
feet export. New
business by rail amounted to 63,810,000 feet,
or 57%.
Thirty-nine per cent of the lumber shipments
moved by water. This
amounted to 44,244,261 feet, of which 27,504,632
feet moved coastwise
and intercoastal, and 16,739,629 feet export. Rail shipments
totaled 62,160,000 feet, or 55% of the week's movement. '
Local auto and team deliveries totaled 5,811,276 feet.
Unfilled domestic cargo orders total 150,904,088 feet.
Unfilled export
orders 126,188,072 feet. Unfilled rail trade orders 176,760,000 feet.
Total
unshipped business 453,912,760 feet.
In the first thirteen weeks of the year production reported to the West
Coast Lumbermen's Association has been 1,200,894,0138 feet; new Voidness,
"The principal cause is found in the fact that other mills have obtained
1,315,090,983 feet, and shipments 1,243,895,519 feet,
I the business which Passaic mills would have handled had there been no
1982
THE CHRONICLE
strike. In addition, the time is now so short for Fall orders that only a
portion of the usual deliveries can be made under the best circumstances.
Again, trade experts report that prices for Fall clothing are now lower and
also that woolens and worsteds will face greater competition. Orders for
Woolen goods are reported considerably behind the same period of last year.
All these facts indicate mill operations will be kept on a low basis for a
considerable period.
"From these facts obtained by the Chamber of Commerce the committee
feels a very unfortunate situation will face the workers at the end of the
strike. Frankly, it means that the mills, at the end of the strike, can
only take back a selected portion of their employes. Such an economic
misfortune will, undoubtedly, in the view of the committee, have a depressing effect upon conditions of the workers in general and business conditions in Passaic for a peribd extending possibly throughout the Summer."
[Vox. 122.
in
by that organization, first, to orgainze the men and women employed
wages and
the textile industry, and, second, to secure for them decent
humane conditions of employment.
On March 7, when Charles F. H. Johnson, Vice-President
of the Botany Worsted Mills, stated that the mill owners
would not accept the offer of mediation made by a committee
headed by Rabbi Stephen S. Wise, Mr. Johnson declared the
walkout to be a "Communist demonstration . . . to give
the textile workers a'schooling in revolution.'" Mr.Weisbord
had announced his willingness to accept the mediation offer
.and his action was ratified on March 7 by the United Front
Committee. Mr. Johnson had the following to say as to
of
"Journal
York
the
New
A Passaic dispatch, April 4, to
offer:
the
Commerce" from Passaic said:
to meet their
To-morrow begins the eleventh week of the strike in this City, Clifton,
Garfield and Lodi. It will also mark the beginning of a more determined
stand than ever on the part of strike leaders to gain a victory over the mill
owners, according to Organizer Albert Weisbord in addresses yesterday to
operatives. He declared they would hold out all summer if need be, and
also said that there would be no negotiations by the United Front Committee unless these negotiations included him as a party.
Mill owners, on the other hand, are just as firm. The Botany Worsted
Mills and the Forstmann & Huffmann Company will start taking back help
next week, it was said here.
Practically all mills affected still have some operatives at their looms, it
was declared by owners.
Pickets were urged to have heavy lines at the Botany and Forstmann &
Huffmann plants to-morrow and Tuesday mornings, in order to prevent
workers returning, if possible. Weisbord has also announced a mass meetto
ing of strikers to be held in Belmont Park to-morrow afternoon, in order
keep the ranks solid, and also a baby and children's parade for next Saturday
will
mills,
the
In
work
who
age,
afternoon. Children under sixteen years of
head this line, it was said.
being given
Meanwhile relief amounting to $10,000 or more a week is
the
some 2,500 families. Both sides are anxiously awaiting the meeting of
it is generalthough
next,
Senate Committee on Manufactures Wednesday
three
a
made
who
committee,
the
of
member
a
ally said Senator Edwards,
days' investigation here, will not recommend an investigation.
Regarding the proposed re-opening of the woolen mills
of Forstmann & Huffmann, the New York "World" of
April 6 stated:
After forty-seven of the fifty-four worker delegates on the representative
assembly composed of workers and textile employers in Passaic. N J.,
yesterday voted in favor of resuming work, steps were taken to renew
operations in the Woolen mills of the Forstmann & Huffmann Co. in
Passaic and Garfield. The plants have virtually shut down during the
textile strike because the employees declared they were being intimidated
by the strikers.
The Forstmann & Huffmann Co.. with the New Jersey Worsted Mills,
operating the Gera Mills in Passaic and the Jersey Worsted Spinning Co. in
Garfield, are members of the Industrial Council of Passaic'Wool Manufacturers, from which other mills affected by the strike withdrew some time
before the walkout.
The strike has been marked by many encounters between
the police and strikers, th's week (April 6 and 7) having
witnessed clashes anew; early last month, when the striking
paraders were fought by the police with tear bombs and fire
hose, the pickets resorted to the use of trench helmets and
gas masks. These demonstrations necessitated the calling
for strike duty of the entire fire department of Passaic.
Albert Weisbord, referred to as the organizer and leader
of the strike, and Chairman of the United Front Committee
of the striking workers, has been denied recognition by the
American Federation of Labor, President Green in a letter
to him stating that "we know nothing of the United Front
Committee of the Textile Workers' organization which you
explain you represent. It has no standing with the American
Federation of Labor. For that reason it cannot be recognized by the American Federation of Labor." Mr. Green's
letter, made public March 29, stated:
charter was issued
The Executive Council directs me to advise you that a
Workers of
by the American Federation of Labor to the United Textile
in the ter lie
employed
those
America giving it authority to organize all
men and
Industry. The jurisdiction of this organization over working
United States and
women employed in the textile industry throughout the
of this
view
In
Canada is recognized by the American Federation of Labor.
reply, is being
fact, your communication, together with a copy of my
Textile
transmitted to Mr. Thomas F. McMahon, President of the United
Workers' organization for his information.
gladly
will
The Executive Council of the American Federation of Labor
work of
co-operate with the United Textile Workers of America in its
give to
organizing the workers employed in the textile industry and it will
may inaugurate for
this organization its support in such movements as it
working
among the
the purpose of raising the standards of life and living
men and women employed in the textile industry.
of Textile Workers
Committee
We know nothing of the United Front
standing with the
organization which you explain you represent. It has no
be recognized
American Federation of Labor. For that reason it cannot
by the American Federation of Labor.
in the
employed
those
all
of
We are deeply interested in the welfare
and
textile industry. We are in sympathy with all workers who struggle
conditions of
fight, in a practical way, for increased wages and improved
wage
the
against
employment. We have opposed and have protested
engaged in
reduction policies which have been followed by many employers
in wages
manufacturing in the textile industry. We regard the reduction
industries as
which have been forced upon many workers in the textile
unjust, unfair and unwarranted.
Federation of
It is the opinion of the Executive Council of the American
upon a fair
Labor that if wages in the textile industry are to be established
be improved these
and just basis and if conditions of employment are to
agencies of the
things can only be brought about through the established
of the American
American Federation of Labor. The Executive Council
with the officers
Federation of Labor will co-operate in every practical way
Workers of America in all efforts made
and members of the United Textile
The Botany Mills are now and always have been ready
I do not think,
employees for discussion of any grievances they may have.
by Rabbi
however, that we can see the value of the proposed intervention
trouble caused
Wise's committee, nor how it would be useful in ending the
workers.
the
of
and maintained by Communist agitators outside the ranks
Mr. Johnson's further statement of March 7 follows:
of the
There is no strike in Passaic in the commonly accepted sense
Communterm. There is a Communist demonstration, led by professional
use the,
ists, not for the purpose of helping the mill workers of Passaic but to
revolution."
words of their organ, to give the textile workers "a schooling in
leaders
The strike is not the work of Passaic men—not one of the so-called
Passaic
has ever lived or worked in Passaic. Nor have labor men who know
and our conditions had anything to do with it.
leaders here
On the contrary, efforts to enlist the aid of reputable labor
persons.
and in New York have failed completely. Better than do most
dispute,
industrial
an
is—not
they recognize this thing for what it really
affairs
but a Communist demonstration. To them the prominence in the
of such men as Benjamin Gitlow, recently released from Sing Sing, is warning enough.
that they
Gitlow, Weisbord and their associates would have it appear
Weisbord
want to help our employees. While preaching order in public,
week."
boasted in private that he would "make the police club us this
Comthe
by
Then at the end of a reign of terror, deliberately worked up
at
place
promising
most
munists who have flocked to New Jersey as the
complaints
the moment to hold a "school of revolution." there are loud
when the police meet violence with violence.
massed
What could be expected when a thousand or more people are
to block the
together in a "picket line," the deliberate purpose of which is
purpose
streets and intimidate those who oppose their will? The studied
the community
of Weisbord. Gitlow and their group has been to force upon
to the
and
costly
dangerous
an intolerable condition. Out of this turmoil,
recognition.
whole community, they hope to secure some kind of
us to surWe do not believe that any responsible citizen or official wants
render to such a policy of terrorism.
lost sight
be
to
likely
The beginnings and merits of any controversy are
violence. But
of when newspaper headlines are dealing solely with riot and
woolen
everyone knows the conditions that have prevailed for a year in the
we were
industry. After wage reductions and price cuts by our competitors
mills
the
down
forced to choose between a wage reduction and closing
altogether. Our workers understood this. They did not like the 10%
was unwage reduction put into effect last fall. Neither did we, but it
avoidable and it was accepted as such.
our
mills
get
to
able
were
The result of the cut was that by January we
a
running almost on full time. Then came, not a strike, but following
workers out of the
Communist conference in Chicago, an attempt to rush the
for
who
mills by shutting off power and yelling "all out" to men and women
shutdown for some
the most part did not know whether it was a fire or a
other reason.
others have folMore than a thousand workers returned. Some of the
their self-appointed
lowed the Communist organizers who then appeared as
by the mobs
work
from
spokesmen. The majority have been kept away
The general public does
organized under the guise of "mass picketing."
of men or women to
not knew that mass picketing means. It is not the use
work. It is the massing
influence by peaceful persuasion those remaining at
about it. It
peaceful
nothing
of two or three thousand people, and there Is
concerned knows it.
is intimidation, an invitation to riot, and everybody
intended that they
Most of all those who want to work know it. It is
should know it and remain away from work.
of the "strike."
course
and
This is the whole truth about the beginning
We have not brought in guards or strike-breakers and do not intend to
to consider the
do so. We believe that our employees, if they had a chance
to work. The mills
situation and were not intimidated by mobs, would go
would simply
them
close
To
will remain open for those who wish to work.
be a surrender to the band of Communists who confessedly seek to use the
y
situation as a demonstration and a training school of revolutionar methods.
On March 18 Mr. Johnson made public the following telegram to Congressman Seger (Republican) of New Jersey
urging him to support the House resolution of Representative
Berger to investigate conditions in the Passaic Mills:
Honorable George 1y. Seger, House of Representatives, Washington, D. C.:
As the representative of the Seventh District of New Jersey, we ask you
to support the resolution directing the House Committee on Inter-State
and Foreign Commerce, to investigate strike conditions in the Passaic mills.
In this manner it can be brought home to the country that this strike is
Communistic in instigation and purpose, designed to propagandize the
Communist attack on the industry and Government of this country. In
this effort no falsehood has been left unsaid, no trick of revolution not
attempted. Communists and I. W. W. agitators from the entire country
have flocked to Passaic to advance the scheme to make this strike what the
official Communist organ of the country has openly called "a schooling in
revolution."
The interests of your district, of the City of Passaic, the State of New
Jersey, its labor and its industries require that the facts and truth be
ascertained.
Wages in Passaic are as high or higher than elsewhere in the industry and
the average wage in our own plant based on forty-one hours' work,as against
a full week of forty-eight hours for 1925 was $22.85 per week, and for 1924
based on forty-two hours' work was $23.96. Sanitary conditions in
our own mills have been approved and commended by the Labor Department of the State. Finger printing or any other form of espionage has never
been attempted.
The strike broke out of a clear sky without previous complaint from our
employ.s as to wages, conditions of labor or otherwise. As representative
of the City of Passaic you know the facts as to the integrity of the public
officials of the city and the manner in which they have dealt with difficulties
inithe
occasioned by deliberately fomented attacks upon law and order
APR. 10 1926.]
THE CHRONICLE
city. The spread of the strike has been accomplished by illegal methods
used in mass picketing and intimidation and is admittedly an effort on the
part of the Communistic leadership of this strike to involve the whole
textile industry of the country.
Such a strike can result in no good to labor or the employes involved. It
can serve only to advance the selfish objects of a small group, which in no
way represents the real interests of labor in this country, and which is seeking to use the strike to promote the organization of branches of the Communistic party in New Jersey and to exploit political theories out of keeping
with the law of the land.
The sooner these facts are known the sooner will industrial peace be
restored in your district and thousands of employes have a chance to return
to work as they want to do, and which they are now barred from doing by
acts of threats of violence.
Since the outbreak of the strike the Department of Labor has had its
representatives on the ground and what they know and all the facts should
be made public by such an investigation as is proposed by the Committee
on Inter-State Commerce. We, therefore, urge you to do your utmost to
accomplish the adoption of the resolution despite the erroneous allegations
in its preamble, which we assume would be covered by the investigation.
Representative Seger in indorsing on March 19 the resolution of Representative Berger (Socialist), Wisconsin, to
authorize an inquiry, denied a declaration prefacing the
Berger resolution that "the striking workers are denied the
right of peaceful assemblage." He supported his denial by
telegrams from Passaic city officials, including Mayor John
McGuire, Safety Director Abram Preiskel, and one from
Winfield Clearwater, Secretary of the Chamber of Commerce.
Governmental interference in the strike was viewed as a
serious mistake by Senator Edwards (Democrat), of New
Jersey, in a telegram on March 19 to representatives of the
workers. The message was in reply to one from Mr. Weisbord, who had declared that the workers were being brutally
assaulted by the police and denied their constitutional rights.
The Associated Press advices from Washington, March 19,
reporting this, said:
1983
The delegation of strikers brought data which they said showed large
of the
profits of the wage-cutting mills, brutality by the pojice, refusal
courts to administer impartial justice, insanitary and illegal working condiwork
tions, excessive hours of labor, forced speeding up of workers, night
for mothers, and "starvation" wages.
"willingness
the
emphasize
to
Mr. Walsh told the Senators he wished
the
of the strikers and the refusal of the mill owners to negotiate," despite
endeavors of local churches and merchants and appeals of disinterested
public leaders.
The annual wages, according to Mr. Walsh, averaged $875 and varied
nine
from $427 to $1,196. A woman who was presented as the mother of
children said that when she worked she received a weekly salary of $16 08,
work.
weeks'
two
for
while her husband's wage was usually about 825
Botany Mills Assailed.
All the mills in which the employees were on strike were mentioned, but it
seemed the one most often referred to was the Botany Mills. In some of
eighthe mills, it was asserted, workers were sometimes compelled to work
days.
teen or nineteen hours a day and then to be laid off for two or three
Foremen in the mills, it was alleged, were paid a bonus for extra production, and in getting this bonus they did not consider the workers.
In the criticism of public officials it was alleged that the Mayor of Passaic
had at times used his influence on the side of the owners. Asked by Senator
Borah if they had any information as to the profits of the Passaic textile
industry, the committee gave it as its opinion that it was as high as 100%,
stateand promised to submit evidence in a few days to substantiate this
ment.
Previously, Senator Edwards had received a message from the Secretary
of the Chamber of Commerce of Passaic denying that the situation had
gotten out of the hands of the authorities and that "malicious falsehoods
are being circulated about the situation." In his telegram Senator Edwards said:
"Your night letter received. I have been following every detail of Passaic disorders and firmly believe that to allow the Federal Government to
interfere will be a serious mistake. By calling upon the Congress to intervene through investigation channels is a denial of New Jersey's prerogative
to settle her own domestic affairs. I believe Passaic has the manhood and
womanhood to take care of herself ,and to deny her this virtue is to deny
her right to self-government. Let the people of New Jersey and Passaic
rule."
Mr. Weisbord also had telegraphed Senator Edge, but the latter said he
had ignored the telegram, explaining: "I will not recognize this outside
agitator, whose desire is clearly that of seeking publicity."
"I see no objection to an investigation," he added,"if it is broad enough
to include a full inquiry into an attempt to introduce communistic doctrine,
unqualifiedly alleged to constitute the real motive back of the outside
Influences assuming charge of the strike. Let the real workers and their
employers get together and they will quickly adjust any. outstanding
differences..
On March 17 it was made known in press advices from
Washington that the mill owners had agreed to a plan of
settlement, based on arbitration, suggested by Secretary of
Labor Davis. The strikers delegates declined to indorse the
plan, and on March 18 presented counter proposals. In
outlining Secretary Davis' plan the Associated Press accounts
from Washington March 17 stated:
pending
It provides for immediate return to work of the 16.000 strikers
of both sides.
adjustment of their grievances by selected representatives
is resumed.
Their decision would be made retroactive to the date work
a representIf these negotiations failed, a committee of three made up of
attempt to
ative of each side and one named by the department would
settle the differences.
Robert M. Reinhold, of the Forstmann & Huffmann Mills, at Passaic,
the only
and F. W.Halterman,of the Gera and New Jersey Worsted Mills,
-day,
two owners who had not previously approved the plan, accepted it to
indorse
to
declined
but at a two-hour conference later the strikers' delegates
Secretary
to
presented
be
would
it. They declared a counter proposition
Davis to-morrow.
before the
Both sides attempted to lay their respective ideas on the strike
White House. Denied permission to see President Coolidge, eight strikers
ComFront
United
the
of
head
and their representatives, Albert Weisbord,
mittee, and Miss Kathernie G. P. Wiley, secretary of the Conservation
League of New Jersey, were referred to the Labor Department by Secretary
Sanders.
A representative of the owners called Mr. Sanders by telephone to present
the
the operators' side. No effort was made, it was understood, to see
President.
Senator Edward I Edwards of New Jersey completed a
three-day investigation of conditions in the textile strike
area on April 1 by meeting a delegation of four strikers from
Passaic at his home in Jersey City. said the New York
on April 2, which added:
"Times"
FolRegarding the investigation proposed by Senator La
say at Its
The conference lasted for more than an hour. He declined to
lette in a resolution in which it was stated that more than conclusion
what his recommendations would be to the Committee of Manuhis oppo16,000 workers in Passaic and vicinity were out, we quote facturers in the Senate on Saturday,or whether he would continue
for an official inquiry into condithe following Associated Press advices from Washington, sition to the La Follette resolution calling
tions in the mills.
and two
March 20:
The delegation included workers from four mills, two men
The Passaic textile strike problem reached the floor of the Senate yester- women.
day, when Senator La Follette (Republican), Wisconsin, introduced a
The annual report for the year ending Dec. 31 1925 of the
resolution to authorize the Senate manufactures committee to inquire into
the situation.
Consolidated Mills, Inc., and Botany Worsted Mills
Botany
The resolution was referred to the manufactures committee after it had
on April 6 in referring to the labor troubles,
public
made
provoked a debate, during which, on one hand, communists were charged
the
on
while,
disturbed
the
conditions
said:
with responsibility for continuing
other, Senator Borah (Republican),Idaho,expressed the opinion that wages
of the strikers "are far below what we suppose is a living wage."
Thirteen charges by strikers were recited in the resolution. They included complaints against wages, mill sanitary conditions and action of the
authorities toward the strikers.
Both Senators Edge (Republican), and Edwards (Democrat), defended
New Jersey's peace officers and denied existence of conditions charged by
the strikers, but took opposite views as to advisability of an investigation.
Senator Edwards said that he opposed any Federal interference, as the
State legislature is in session and could handle the situation.
Senator Edge urged the investigation, but added it should be "broad
enough to get down to the fundamentals and go to the bottom of communistic agitation in the country."
Referring to the recent visit of textile strikers to him, Senator Borah
said that the only way in which their wages could be justified was on the
ground that the companies were losing money.
He deprecated the charge of communistic leadership, saying "we need
not be uneasy about communism in this country unless we plough the
field for it."
In Oct., 1025, a reduction of something under 10% in the wages of the
conditions
employes in your company's mills was announced, as a result of
Late in Jan.,
which were fully explained to the employes at that time.
and
1926, a strike was started at your company's plants under the guidance
wage
direction of outside radical agitators ostensibly as a protest against the
to
effort
reduction. This strike came to us as part of a pre-determined
has
foment, under communistic auspices, a general textile strike, and
extended to other wool and worsted mills in Passaic. Our mills have
remained open throughout this period with a reduced but effective operating
force, which has enab ed the company to prepare its fall lines of goods and
to continue shipments out of inventory stocks on hand. One result of the
strike has been to reduce inventories on hand. At this writing employes are
returning to work in numbers, increasing daily.
According to the New York "Journal of Commerce"fof
April 8, Mr. Weisbord declared at a meetingion the 7th that
he had learned that Col. Charles F. H. Johnson wouldllose
his position as Vice-President at the BotanylWorstediMills
strike would end when that
The hearing accorded by Senators Borah and La Follette April 19, and added that the
occurred.
16.
was
held
March
strikers
the
to a delegation representing
On March 12 it was stated that fifty workers of the
The hearing was referred to in the New York "Times"
National Silk Dyeing Co. of Patterson had joined the
dispatch from Washington as follows:
workers in their walk out; some of employes from the
The committee of strikers numbered twelve persons and was said to repre- textile
sent all the textile units involved in the strike. Albert Weisbord headed plant of the United Piece Dye Works at-Lodi had a dayTor
the delegation. Frank P. Walsh,former joint Chairman of the War Labor two before also walked out. On March!22 it was reported
Board, presented the complaint and called on the strikers' delegation to
the 3,500 operatives of the company had gone
corroborate what he had said regarding wages, working conditions, assaults that 1,500 of
of strikers, threats of deportation and allegations involving the conduct of on strike.
public officials.
The Department of Labor described as "premature" to-night a report
that a suggestion by Secretary Davis for settlement of the Passaic strike
had been accepted by the mil owners.
The Secretary, it was explained, had been working several days on the
strike problem and representatives of the Division of Conciliation and Mediation were trying to get an agreement. Some of the manufacturers were here
to-day in consultation with Mr. Davis.
Transactions in Grain Futures During March on
Chicago Board of Trade and Other Contract Markets.
Revised figures showing tile dailyivolume of trading in
grain futures on the Board of Trade:of the:City of Chicago
1984
THE CHRONICLE
during the month of March 1926, together with monthly
totals for all "Contract markets," as reported by the Grain
Futures Administration of the U. S. Department of Agriculture, were made public on April 7 by L. A. Fitz, Grain Exchange Supervisor at Chicago. The compilation shows total
transactions at all markets during March of 2,323,900,000
bushels, as compared with 3,552,884,000 bushels in March
1925. On the Chicago Board of Trade the transactions in
March this year totaled 2,055,145,000 bushels, while in the
same month last year they were 3,219,506,000 bushels. In
the table which follows the figures listed represent sales only,
there being an &pal volume of purchases:
(Expressed in Thousand Bushels, 1. e., (000) Omitted.)
Date.
Wheat. Corn.
Oats.
Rye.Barley.Flax. Total.
Mar. 1
110.145 22.190
3,734
2,035
138,104
2
83,837 17.161
5,851
2,422
109,271
3
55,938 10,324 4,801
1,520
72,583
4
68,559 21,073 4,401
2,689
96,722
5
67.201 14,094
2,918 3.814
80,027
6
31,458 5,793
1,593
924
39,768
Sunday
s
45,785 8,221
1,778
634
56,418
9
43,957 5,745
1,074
1.139
51,915
10
63,688 9,662
3,615
1,372
78,337
11
66,289 8,833
1,587
927
77,636
12
79,604 6,312
1,876
1.785
89,667
13
51,276
3,829
1,145 1,052
57,302
Sunday
15
48,583 7,993
1,377
1.493
59.446
16
45,530 4,987
2,522
927
53.966
17
50,369 8,262 2,118
1,363 --------62,112
18
62,942 12,040
1,678 1,092 --------77,752
19
77,502 26,649 2,851
1,258 --------108,260
20
70.100 15,035 2,977
1,139 --------89,251
Sunda"
MIMI4
22
82,844 18,419 2,628
105,401
23
72,461 14,803 5,623
95,185
24
64,652 10.336
2,635
845
_ 78,468
25
56,575
7,398
2,486
840
37,299
26
61,774 10,299 2,647
75,686
27
37,866
5,213
1,773
45,546
Sunday
29
49,614 6,227 2,371
958
59,170
so
46,316
7.552 3,772
833
.58,473
31
52.241 6,374 4,198
567
63,360
Total Chicago Bd.of Tr.1.647,196 294,824 76,094 37.031
2,055,145
Chicago Open Board_ ..- 64,162 6.456
457
12
71.087
Minneapolis Ch.of Coal. 76,225
17.642 4.311 2,190 1,389 101,757
Kansas City Bd.of Tr
47,549 13-,028
152
60,729
Duluth Bd.
Mer.Exchani
of Trade_ t_ •14,209
___3:I§i "20 1:Ei8
19,011
St.Louis
e 10.131
1,270
11,401
Milwaukee Ch. of Com_
2,590
1.029
-iii
-iii
4.77
San Fran. Ch.of Com
Los Angeles Grain Ex
Baltimore Ch. of
Total all markets(1926)1,862,
Com_062 316,607 95,207 44,830 2.210 2,984 232,90
Total all mkts. year ago
(1925)
2,273,190 810.449 346,493 117,174 3,077 2,501 3,552,88
Chicago Board of Trade
year ago
2,051,895 755,197 305,093 107.321
3,219,506
•Durum wheat with the exception of 13 wheat.
[VOL. 122.
With the introduction of the light eight series last fall volume was
greatly increased and manufacturing economies developed which made
it possible to market the new product at exceptionally low prices.
While volume on the seven passenger type of enclosed car can never be
expected to reach the prooprtions of the smaller cars it has increased
sufficiently to make possible a substantial cat which we have shared with
the public.
A two-door brougham on a special Paige chassis, midway in size and price between the New-Day Jewett and the
recently introduced new line of Paiges, was announced
April 3 by the Paige Detroit Motor Car Co. The new
Paige is of 115-in, wheelbase, ten inches shorter than the
standard Paige. Its price is $1,295, which is $200 less than
the Paige sedan and $200 more than the Jewett de luxe
sedan.
Crude Oil Output Continues to Increase.
With an increase of 13,650 barrels per day, as estimated
by the American Petroleum Institute, the daily average
gross crude oil production in the United States increasad
from 1,933,800 barrels to 1,947,450 barrels during the week
ended April 3. The daily average production east of California was 1,344,950 barrels, as compared with 1,329,300
barrels, an increase of 15,650 barrels. The following are
estimates of daily average gross production by districts for
the weeks ended as indicated:
(In Barrels)Oklahoma
Kansas
North Texas
East Central Texas
West Central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
DAILY AVERAGE PRODUCTION.
Apr. 3 '26. Mar. 27 '26. Mar. 20 26.
478,800
461,850
451,350
101,050
103,050
102,850
86,650
84.800
83,250
57,600
58,400
58.950
77,350
77,500
78,000
40,050
39,600
40,100
49,150
48.350
48,700
167,800
168,050
165,100
88,700
90.250
94,450
99.000
97,500
97,500
73,100
72,400
73,050
17,300
17,200
17,450
6,700
6,550
7.250
3,700
3.800
3,950
602,500
604.500
607,000
1,947,450
1,933,800
1,928.950
Apr. 4'25
454.650
85.300
84,350
146,400
51,900
43,700
51,300
131,450
90,830
100,500
84,100
8,050
2,200
600
596,000
1,931,300
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, north, east
central, west central and southwest Texas, north Louisiana
and Arkansas, for the week ended April 3 was 1,058,450
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
barrels, as compared with 1,041,600 barrels for the precedFOR MARCH 1926.
"Short"side of contracts only,there being an equal volume open on the"Long"
side) ing week, an increase of 16,850 barrels. The Mid-Conti
nent
(Bushels-(000) omitted.)
production, excluding Smackover, Ark., heavy oil, was 924,DateWheal.
Corn.
Oats.
Rye.
Total,
Mar. 1
*102,540
60,894
*52,583
.15,768 *231,785 100 barrels, as compared
with 907,050 barrels, an increase
2
99,053
52,037
60.383
15.606
227,079
3
*61.021
97.596
51.681
15,486
225,784 of 17,050 barrels.
4
98,210
60,385
51,833
15,219
225,647
In Oklahoma production of South Braman is reported
5
98,455
59.156
51,723
15.238
224,572
at
6
98,400
59,205
51.910
14,894
224,364 10,400 barrels,
against 11,150 barrels; Thomas, 6,450 barSunday
8
98,842
58,939
51,933
15,061
224,775 rels, against 6,800 barrels; Tonkawa,
40,100 barrels, against
9
97,641
58.981
51.454
15,102
223.178
10
99.655
58,913
51,345
15,077
224.990 42,050 barrels; Garber, 47,550 barrels, against 29,000 bar11
101.497
58,643
50.933
14,992
226,065
12
99.0130
59,172
50.875
14,717
223,844 rels; Burbank, 42,250 barrels, against 43,690 barrels; Dav13
98.770
59,101
50.807
14,603
223,281 enport, 19,600 barrels,
against 20,750 barrels; Bristow-Slick,
Sunday
15
99,789
59.351
50,617
14.541
224,298 30,450 barrels, against 31,000 barrels; Cromwell
16
, 18,350
99,254
59.242
50.357
14,665
223,518
17
98.307
50,180
60.008
14,798
223,293 barrels, against 18,700 barrels, and Papoose, 12,800 barrels,
18
98.546
49,999
60.771
14.794
224,110 against
13,000 barrels.
19
96,657
60,802
49,832
14,659
221,650
20
89,358
59,983
49,797
14,698
213,836
The Mexia pool east central Texas, is reported at 12,700
Sunday
22
88,258
59,390
49,692
14,758
212,098 barrels, against 12,850 barrels; Corsicana
-Powell, 31,400
23
87,656
58,590
49,071
14,824
210,141
24
:86,413
58,924
48,935
14,745 :209.017 barrels, against 31,900 barrels; Wortham, 10,200
barrels,
25
86.954
158.495
48,843
14.792
209.084
26
90,479
58,625
48,670
14,682
212,516 against 10,300 barrels; Reagan County, west central Texas,
27
91.952
58,617
48,539
14.752
213,860 31,900 barrels, against 32,300 barrels;
Sunday
Haynesville, north
29
59,012
90,132
48,641
14,521
212.306 Louisiana, 10,400 barrels, against 10,450
barrels; Cotton
30
91.3811
59,390
48,558
14,392
213,726
31
91.756
x48,521
59,013
:14,328
213,618 Valley, 8,050 barrels, against 8,250 barrels; Urania,
6,950
barrels, against 6,000 barrels; and Smackover, Ark.,
Average Mar. 1926
95,431
59,434
50,350
14.875
220.090
light,
Average Mar. 1925
111,091
19,805
96,067
83,546
311,409 18,150 barrels, against 17,650
barrels; heavy, 134,350 barAverage Feb. 1926
109,023
54,717
53.664
15.015
232,419
Average Jan. 1926
111.992
45,959
52.998
12,713
223,662 rels, against 134,550 barrels. In the Gulf Coast
Average Dec. 1925
field, Hull
110.001
45,102
10,038
49,503
214.644
Average Nov. 1925
113,110
50,211
56,161
11,730
231,212 is reported at 18,400 barrels, against 15,800 barrels;
West
Average Oct. 1925
111.016
11,869
46.647
49,720
219,252 Columbia,
9,400 barrels, against 10,100 barrels; Orange
Average Sept. 1925
103,176
46,392
49,351
11.694
210,613
Average Aug. 1925
96,016
51.983
10,924
43,652
202,575 County, 12,300 barrels, against
12,700 barrels; South LibAverage July 1925
90,783
46.553
8,895
33,374
179.605
erty, 6,100 barrels, against 6,900 barrels; Boling, 1,750
• High :Low
barrels, against 2,650 barrels, and in the southwest Texas
field,
Luling is reported at 22,600 barrels, against 21,950
Automobile Prices and New Models.
barrels;
New de luxe body styles have been announced by the Lytton Springs, 7,700 barrels, against 7,650 barrels.
In Wyoming, Salt Creek is reported at 52,450
Peerless Motor Car Corp. in the five and seven passenger
barrels,
sedans of the six-cylinder model. Three colors are avail- against 51,900 barrels.
In
California
, Santa Fe Springs is reported at,50,000 barable, Brewster light green, Ohio blue and Tudor gray.
The Jordan Motor Co. on April 3 reduced the price of rels, no change; Long Beach, 106,500 barrels, against 110,the seven passenger sedan $250, effective April 5. The new 000 barrels; Huntington Beach, 43,500 barrels, against 44,price is $2,675, against $2,925 previously. In announcing 000 barrels; Torrance, 30,000 barrels, against 28,000 barrels;
the reduction, Edward S. Gordan, President of the Com- Dominguez, 20,500 barrels, against 21,000 barrels; Rosecrans, 19,500 barrels, against 20,000 barrels;
pany, issued the following statement:
Inglewood,
This is in line with the Jordan policy of sharing reductions in manu• 51,500 barrels, no change, and Midway-Sunset, 93,000 barfactoring costs with the public.
rels, no change.
Apt 10 1926.]
THE CHRONICLE
Shows Advance—Crude Oil
Market Stable.
With stable conditions evident in the crude oil market
the
during the week Just closed, little change took place in
prices listed for the numerous grades. One reduction was
noted during this period, being that announced April 6 by
of
the Louisiana 011 Refining Corp., which cut the price
effective
$1.30,
to
barrel
a
10c.
field
Urania
the
in
oil
crude
as of April 5. Officials of the company explained that the
new quotation was still in excess of value of Urania crude
and that the cut was due to present lack of demand for
lubricant content grades of crude oil.
In the gasoline markets, the situation was quite different, with numerous price advances taking effect. On April
5 the Gulf Refining Co. advanced the price of gasoline one
cent in Pennsylvania and Delaware, effective April 6. The
new tank wagon price is 18 cents and service station 21
cents plus 2 cents State tax. The Atlantic Refining Co.
advanced gasoline lc. per gallon effective April 6 in Pennsylvania and Delaware, bringing its prices in line with
those listed by the Gulf Refining Co. The Sinclair Oil &
Refining Co. followed the gasoline price advance of one
cent a gallon in Pennsylvania and Delaware.
New Navy gasoline at Group 3 (midcontinent) refineries
was reduced 14 cent a gallon to 10 cents as a result of the
blizzard which recently swept the Middle West.
Reports from Louisville, Ky., state that on April 6 the
Standard Oil Co. of Kentucky advanced the price of gasoline at markets in Mississippi one cent a gallon, to take
care of increase in gasoline road tax to four cents a gallon
from three cents, effective April 1. Pennsylvania refiners
at Oil City have advanced the wholesale price of gasoline
%c. a gallon.
On April 8th, the Standard Oil Co. of New Jersey advanced the price of gasoline one cent per gallon in New
Jersey, Maryland and Washington, D. C., and one-half cent
in West Virginia. Coincident with this announcement, the
Texas Co., the Sinclair Co., Tidewater and other large
competitors announced the same general increase. The
tank wagon price of Standard Oil gasoline in New York is
now 19 cents; in New Jersey, Maryland and Washington,
D. C., 17 cents. The increase was made, according to reports in trade circles, because of the decline in the production of crude oil and because of the approach of the
automobile season. The Standard Oil of New Jersey also
advanced the price of export navy gasoline one-half cent
per gallon, thus making the new price 28.40 cents in tankcar lots.
At Chicago on April 8 the Standard Oil Co. of Indiana
reduced the price of gasoline Ihc. a gallon to meet local
competition in Kansas and Oklahoma, making service station price 19.8c. In those States.
Gasoline
Price
a variety
cultural implement maker. Or,as in the case of companies having
as at
of products, a reduction of railroad, equipment buying is balanced,
present, by heavy specifications for track materials.
tons,
Fabricated steel bookings of the week are unusually large. 40.000
Of conand comprise projects largely requiring each less than 1,000 tons.
to be
tons,
crete reinforcing bars, a Brooklyn warehouse will take 1,800
rolled by a Pittsburgh mill.
The Pennsylvania RR. has ordered 200 locomotives and may buy upward
was
of 2.000 cars next week. The number of cars ordered in the week
only 500. All told, probably not over 4,000 cars are under inquiry throughout the country.
Complete returns from the blast furnaces of the country are shown this
week in another column.
The firmness of steel plates is re-affirmed in all centres and in Chicago
demand for universal plates has extended deliveries ten weeks. For tanks
tons
for a northern Indiana refinery 25,000 tons is under inquiry and 6.500
will be needed for barge work for the Canadian Pacific RR.
Kensington.
New
The American Sheet & Tin Plate Co. has started up its
Pa., mills, after an idleness of almost two years.
The working of demand has brought quotations of $45 and $47 for tie
plates from Western mills, the higher price to railroads east of Chicago.
Prices of sheets are hardly as firm as in recent weeks, concessions of $2
on black, galvanized and blue sheets being not uncommon, and some mills
quoting a Valley base instead of Pittsburgh.
Large buyers are able to secure cold rolled strip steel at 3.75c. per pound.
Cleveland or Pittsburgh. against the regular quotation of 3.90c.
The extra of $1 50 a ton on wire rods 3i inch and larger has been eliminated, all sizes now being $45 per ton, Pittsburgh and Cleveland.
Declines on scrap were rather general in several centres, with a reduction
of 25c. a ton on heavy melting steel at Chicago and Cleveland.
Pig Iron Price Drops—Steel Price Remains Unchanged
and Production Maintained at High Rate.
A break of $1 50 a ton on foundry iron and $1 a ton on
other grades occurred in the Pittsburgh and the Valleys,
declares the "Iron Age" in its April 8th market review. It
was the result of a 5,000-ton purchase by a sanitary ware
manufacturer, which gave the market its first real test in
months. Foundry and basic iron are now $19, Valley furnace. The importance of the transaction from the steel
consumer's standpoint lies in a sentimental effect on the steel
market growing out of the old-time attitude of accepting
pig iron as an accurate barometer of business, in spite of the
small amount of merchant iron now going into steel manufacture,continues the "Age,"giving additional data,from which
we quote the following:
At Cleveland and Cincinnati there have been declines of 50c. a ton on
foundry grades and in Chicago of $1. Buffalo and eastern Pennsylvania
prices remain firm, but New York State furnaces are underselling Buffalo
in the New England market. Foreign iron, selling at $1 to $2 a ton below
domestic iron. is still an important factor along the Atlantic seaboard, but
imports were less at some points in the first quarter than in the corresponding period of 1925.
Production of steel so far in April has been maintained at the remarkably
high rate of March. The output of the larger companies has, if anything,
been increased in the week, with the Steel Corporation itself at substantially
100% of practical capacity.
New business, except in the Chicago district, shows some signs of falling
off. But the release of specifications and the new orders combined are
giving full rolling schedules a number of weeks ahead. There are no signs of
additions to supplies of semi-finished steel, and this in the face of numerous
new production records reported from three production centres.
As has been true for months, steel makers find each week's total demands
sufficient to equal more or less the tonnage of shipments, so that scheduling
A curtailment from
of mills can only be arranged a few weeks in advance.
agrithe automobile builder is offset by increased requirements from the
1985
The "Iron Age" composite price for pig iron has dropped to
$20 71 from $21 38 for the preceding four weeks. This is
the lowest level since the last week of October. Finished
steel remains at 2.439c. per pound, no change having been
recorded in any of the seven component items making up the
composite price. It is nearly 4% below the level of a year
ago, but is 2% above the low of last summer. The usual
table stands this week as follows:
Finished Steel—April 6 1926, 2.439 Cents per Pound.
2.4354.
ago
Based on prices of steel bars, beams,tank 1One week
2.431c.
plates, plain wire, open-hearth rails. One month ago
2.531c.
ago
year
One
constitutblack pipe and black sheets.
ing 88% of the United States output-- 10-Year Pre-war average-1.889c.
Pig Iron—April 6 1926, $20 71 per Gross Ton.
$21 38
Based on average of basic and foundry One week ago
21 38
irons, the basic being Valley quotation, One month ago
21 29
ago
year
One
Chicago,
of
the foundry an average
10-year pre-war average-- 15 72
Philadelphia and Birmingham
Iron
Pig
Finished Steel
Low.
High.
Low.
High.
Apr. 8
1926-2.453c. Jan, 5 2.424c. Feb. 9 $21 54 Jan. 5 $2071 July
7
96
1925-2.560c. Jan. 8 2.396e. Aug. 18 22 50 Jan. 13 18
3
1924— .2.789c. Jan. 15 2.460c. Oct. 14 22 88 Feb. 26 19 21 Nov.
20
Nov.
77
20
20
Mar.
2
88
30
Jan.
1923_2.824c. Apr. 24 2.4454.
After having achieved the greatest first quarter production
of steel on record, the industry is looking forward to the next
three months with modified expectations, observes the "Iron
Trade Review" this week. Producers are not allowing themselves to believe the present flood-tide movement of tonnage
can be prolonged indefinitely. For a parallel to run true
with 1925 and 1924, the crest of early year demand already
should have been passed. Such is not the case, however,
for the situation still has to develop trustworthy facts or
symptoms that either demand or consumption has entered
the stage of material contraction, adds the summary issued
April 8 by the "Review," from which we add the following
extracts regarding the trend:
Against the slowing down of the sheet market, believed to have been
contributed in part by weather conditions, the break of pig iron in the
valleys, and some display of less favorable sentiment, there are various
offsetting examples of undiminished vitality in underlying conditions.
Some of the most striking of these have to do with the Chicago district.
Following record-breaking production and shipments in March. Chicago
mills find themselves at present with order books even larger than a month
ago.
A check-up of conditions in the Detroit district fails to disclose any important change in automobile production. The situation compares favorably with a year ago and is well ahead of last fall. Eliminating the largest
builder, whose operations are the subject of conflicting reports, it is shown
that production in the Detroit district at present is around 9.000 cars
daily. Last fall a similar poll showed 7,000 to 7,500 cars. Fewer cars
are reported in storage with builders than a year ago. While certain
companies reduced operations, others increased, these changes apparently
largely representing shifts of trade under keen competitive conditions.
After holding steady for five months, the Valley and Pittsburgh pig iron
market,largely through the aggression of one producer, has broken abruptly
this week $1 to $1 50 a ton. Foundry and malleable sold down to $19
Valley, basic to $18 50 and Bessemer to $19 50. Chicago iron has been
reduced.
Award by the Pennsylvania RR. of 200 locomotives is prominent in a
dull week in new railroad buying. Freight car orders of the week reached
about 1,000. Car orders for March totaled 8,995 and for the first three
months 30,270, against 11.935 for first quarter of 1925.
The week was characterized by an unusually large number of structural
awards, with a total of 36.248 tons.
The "Iron Trade Review's" composite price this week on 14 leading iron
and steel products is $38 54. This compares with $38 86 last week and
$38 89 the week previous.
Large Increase Reported in March Steel Production.
The production of steel ingots in March was the highest
in the history of the steel industry. According to statistics
compiled by the American Iron & Steel Institute and released
yesterday (April 9) the total production of steel in March,
by companies which in 1924 made 94.43% of the steel
production, was 4,241,502 tons, of which 3,590,791 tons
1986
was open hearth, 635,680 tons Bessemer and 15,031 tons
all other grades. This compares with the production of
3,964,662 tons in March 1925 and with the high figure for
1925 of 3,964,704 tons reached in January. On this basis
the calculated monthly production for all companies during
March was 4,491,689 tons, which is an increase of 687,095
tons over the preceding month and exceeds the previous
high record of 4,206,699 tons made in March 1924 by 184,990
tons. The average daily output in March, with 27 working
days, was 166,359 tons as compared with the average of
158,525 tons in February, with only 24 working days. In
the following we show the details of production back to 1925:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1925 TO DEC. 1925
Reported for 1925 by cos, which made 94.43% of the steel ingot production in 1924
Month:
1925.
OpenHearth.
January __ 3,262,748
February _ 2,931,964
March____ 3,334,169
Bessetner.
Calculated
Approz.
Monthly
Monthly
No.of
Daily
AU Production Production Work- Production
Other Companies
tag
AU
All Cos.
Reporting. Companies Days. Gross Tons.
689,996 11,960 3,964,704 4,198,564
602,042 13,014 3547,020 3,756.243
614,860 13,633 3,964,662 4,198.520
27
24
26
155,502
156,510
161,482
3 months. 9.530.881 1,906.898 38,607 11,476,386 12,153,327
77
157,835
April
2,857.802
May
2,754,130
June
2,538,988
July
2,444.969
August
2,696,667
September 2.737,251
October
3,075,995
November 3,091.361
December_ 3,169.224
26
28
26
26
26
26
27
25
26
137,982
133.010
123,348
118,753
131,694
134,342
144,186
156,297
152,916
Total
515,715
497,708
476,945
457,095
523,734
547,121
584.567
581.347
569,304
14.182
13.790
12,490
13,547
12.914
13,977
15,624
17,085
15,843
3,387.699
3,265,628
3,028,423
2,915.611
3,233,315
3,298,349
3,676.186
3,689,793
3,754,371
3,587,524
3,458.253
3,207.056
3,087,590
3,424,034
3,492,904
3,893.028
3,907,437
3,975.824
34,897.268 6,660,434 168.059 41,725,761 44.186,977
311
142,080
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1926 TO MAR. 1926•
Reported for 1926 by cos, which made 94.43% of the steel ingot production in 1924
Mental
Open-
1926.
Hearth.
[voL. 122.
THE CHRONICLE
Besseme?.
Calculated
Approz. Per
Monthly Monthly No. of
Daily
Cent
AU Production Production Work- Production of
Other. Companies1
All
ing
AB Cos. OperaReporting Companies. Days. GrossTons. non.
Jan.__ 3,326,846 581.683 13,664 3,922,193 4,153,545
Feb __ *3,023,829 556,031 12,818'3,592,678 *3,804,594
Mar__ 3,590,791 635,680 15,031 4,241,502 4,491,689
26
24
27
159.752.88.72
*158,525'88.04
166,359 92.39
3 mos_
9.941,460 1.773 394 41,513 11.756.373 12.449,828
77
161,686 89.7g
•Revised.
The figures of "per cent of operation" are based on the "theoretical capacity" as of
Dec. 31 1925, of 56,000.000 gross tons of ingots.
Substantial Expansion Shown by March Pig Iron
Output Figures.
Complete data from all furnaces active during March
show that the production of pig iron made a substantial increase over that of February, reports the "Iron Age" under
date of April 8. The daily rate last month was 6,624tons
in excess of that of February, and increase of about 6.4%.
The estimated March output, published in the "Iron Age"
April 1, as based on the production of furnaces which made
92% of the February output, was 110,640 tons per day, as
contrasted with an actual production of 111,032 tons per
day. The Mar. increase of 6.4% compares with a decrease
in February of 2.4% and an increase in January of 2%,
continues the "Age," from which source we take the following:
The production of coke pig iron for the 31 days of March was 3.441,986
gross tons, or 111.032 tons per day, as compared with 2,923,415 tons, or
104,408 tons per day for the 28 days in February. The March daily rate
as well as the total was the largest since March 1925. It, however, was
less than for any March in the past three years.
There was a net gain of 10 furnaces during March, 17 having been
blown In and 7 shut down. This contrasts with a net gain of 2 in February
and a loss of 10 in January. The March gain is the largest since the gain
of 14 furnaces in December and November last year, respectively.
The number of furnaces active on April 1 was 236, with an estimated
daily capacity of 114,000 tons. On March 1 there were 226 furnaces in
blast, having an estimated capacity of 104,800 tons per day. Of the 17
furnaces blown in during March, 9 were those of Independent steel companies, 4 were Steel Corporation stacks and 4 were merchant units. Of
the 7 furnaces shut down, 5 were merchant stacks and one each were Steel
Corporation and independent steel cmpany units.
The ferromanganese output for March was 24,064 tons, comparing with
22,309 tons in February and 29,129 tons in January. The Mrach splegeleisen production was 7,339 tons, or near the average for the January and
February output of 7,746 tons and 7,084 tons, respectively.
The total of furnaces in the country now stands at 373 as against 375 on
March 1. Tho Sharon furnace in the Shenango Valley and one Mingo
furnace in the Wheeling district, both Carnegie Steel Co. furnaces, as well
as one Hattie Ensley furnace of the Sloss-Sheffield Steel & Iron Co. In
Alabama, have been ordered dismantled. The now furnace of the Hudson
Valley Coke & Products Corporation at Troy, N. Y., was added to the list.
This is a net loss of 2 furnaces.
Among the furnaces blown in during March were the following: The
new furnace of the Hudson Valley Coke & Products Corporation, Troy,
N. Y.; a furnace of the Bethlehem Steel Corporation at the Bethlehem
plant in the Lehigh Valley; a furnace at the Coatesville plant of the Bethlehem Steel Corporation in the Schuylkill Valley; the Clinton furnace in the
Pittsburgh district; E and J furnaces at the Cambria plant of the Bethlehem
Steel Corporation in wsetern Pennsylvania; B furnace at the Maryland
plant at the Bethlehem Steel Corporation; No. 3 Ohio furnace of the Carnegie Steel Co. and the Mattle furnace of the A. M. Byers Co. in the Mahoning Valley; two River furnaces of the McKinney Steel Co., the Upson
furnace and one furnace of the National Tube Co. in central and norhern
Ohio; No. 4 South Chicago furnace of the Illinois Steel Co. in the Chicago
district; No. 1 Mayville furnace of the Youngstown Sheet & Tube Co. in
Wisconsin; one Detroit furnace of M. A. Hanna Co. in Michigan: No. 3
Ensley furnace of the Tennessee Coal, Iron & Railroad Co. in Alabama.
Among the furnaces blown out or banked during March were the following:
No. 1 Shenango furnace in the Shenango Valley; the Top Mill furnace of
the Wheeling Steel Corporation in the Wheeling district; the Thomas furnace in Wisconlic one Detroit furnace of the M. A. Hanna Co. in Michigan;
No. 4 Ensley furnace of the Tennessee Coal, Iron & Railroad Co. and,the
Woodward furnace of the Woodward Iron Co., which exploded during.the
month, in Alabana. and the Johnson City furnace in Tennessee.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Steel Works,
Merchant.*
Total
90,741
24,234
114,975
April
.,_ 83,827
24,805
108,632
May
74.415
20,127
94,542
June
70,452
18,663
89,115
July
65,715
20.221
85,936
August
68,530
18,711
87,241
September
70,300
20,573
90,873
October
76.464
21,064
97,528
November
77,262
23.505
100,767
December
81,552
23,301
104,853
1928-January
83,867
23,107
106.974
February
81,148
23,260
104,408
March
85,841
25,191
111,032
•Includes pig Iron made for the market by steel companies.
1925-March
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
Total Iron.
Spiegeletsen and Ferromanganese.*
Spiegel and Ferro.
19251926
1925.
1926.
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
January
2,692.537
2,599,876
23,578
5.418
29,129
7,746
February
2,539,785 2,272.15.1
18.184
4,910 12.309
7,084
March
2,812.995 2,661,092
20,062
5,449
24,064
7,339
2,514,828
April
21,448
5,341
2,306,887
May
22,679
5,204
2,113,566
June
19.836
4.972
Half year
14,980,598
125,787
31,384
2,037,160
2,124,439
2.109,205
2,370,382
2,317,888
2,528,120
16,614
18,867
18.381
21,421
25,490
26,072
5,074
4,939
5,162
5,071
6,375
7,756
Year
28,467,792
252,632
•Includes output of merchant furnaces.
65,761
July
August
September
October
November
December
TOTAL PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
1924.
1925.
1926.
3,018,890
3,370,336
3,316,201
3,074,757
3,214,143
2.923.415
3,466,086
3,564,247
3,441,986
January
February
March
Three months
9,559,733
AprIl
3,233,428
May
June
2,615,110
2,026,221
10,148,726
3.258.958
2,930,807
2,673,457
17.434,492
19,011,948
1,784,899
1,887,145
2,053,264
2,477,127
2,509,673
2.961,702
2,664,024
2,704,476
2,726,198
3,023.370
3,023,006
3,250,448
Half year
July
August
September
October
November
December
9,681,602
Year•
31,108.302
36,403,470
These totals do not Include charcoal pig Iron. The 1925 production of this Iron
was 196,164 tons.
Price of Anthracite Coal is Reduced by Independent
Dealers-Bituminous Trade is Dull.
The chief theme of interest last week was the reduction in
prices by the Independent anthracite operators which brought
them just about on a par with company circular. This
brought retailers into the market and many good sales of
domestic sizes were reported, according to the resume of
market conditions made by the "Coal Trade Journal" on
April 7th. The demand for soft coal was dull in most consuming centres but pool 1 coals showed a firmer tendency
all along the seaboard. According to largo buyers of bituminous coal in Boston, the smokeless market there suffered
a further decline last week but shippers, on the other hand,
are holding firmly to their prices for high grade pool 1 coal,
continues the "Journal" giving further details from which we
quote as follows:
Some very low prices were heard at Providence, but where standard
grade pool coal was desired prices were firm and unchanged. The congestion at Providence has been well cleaned up and the demand was small.
Duo to low tidewater prices the all-rail market was practically lifeless and
prices were nominal. There was a good demand for company antitracIte
but not much independent tonnage was being disposed of. There was no
market for prepared bituminous coal. New England heating coke quotations showed a reduction, and the demand for Connellsville coke was light.
New York wholesalers were busy last week filling orders for April shipment on the new independent price basis. These orders were of good size.
Many of the larger independents pronounced new prices effective April 1,
some of these showing marked reduction. Steam sizes, expecially buckwheat, were weak and quotations were down. The lowering of
independent
prices allowed Now York retailers to make new prices very much under
those prevailing before the first of the month. There was still a congestion
at the soft coal piers, which demoralized the market for that fuel and had
a deadening effect on the market for steam sizes of anthracite. Coke prices
were more staple but there was no market for this fuel.
On account of the fact that they still have considerable stocks of anthracite substitutes on hand. Philadelphia retailers have not announced the
usual April 1 cut of 50 cents a ton, and, according to present indications,
they will not do so, at least for some time. Anthracite continued in good
call with the exception of rice and barley, on which prices were hard to
move on account of the fact that industrials still were quite heavily stocked
with anthracite substitutes. Little contracting has been done in anthracite
for the new coal year and but little more in bituminous. Current pool
quotations showed slight advances in some pools and drops in others.
The decline at the Virginia piers seems to have been checked and prices
are now fairly stable. The sale of pool No. 1 coal to the Panama Canal
caused shippers to expect lower prices but this coal was spot and it cleaned
APR. 1.0 1926.]
THE CHRONICLE
up a good part of the tonnage standing ot the piers, thereby strengthening
the situation.
Very little spot coal was being mined in northern West Virginia last week.
Most of the larger operators, who were working on contracts, were operating
full time, but the others were practically at a standstill. Practically no
contracting for the new year has been done by the railroads or large industrials, but some action is expected within the next two weeks. On account
of the small amount of spot business done, it was difficult to get quotations
that would be really representative of the market, but indications were that
prices were holding fairly firm.
Spot demand was steadier in the Pittsburgh market last week but contracting was slow. Prices in general were firmer. Some mines had closed
down waiting for the miners to get in a more receptive attitude and nonunion production was on the increase. The railroads closed some contract
tonnage. Gas coals were firmer. Slack was moderately active and
becoming scarcer. Indications point to a large demand this year. Byproduct coke was steadier but the Connellsville product was less active.
Reports showed that loadings in central Pennsylvania bituminous fields
during March were below those of February by about 13%. A surplus of
coal above ground was reported but, so far, none of the larger companies
have closed down their mines. The better grades of coal showed no price
changes but the lower grades dropped.
Due to the late arrival of the reports from our correspondents for southern
West Virginia, upper Potomac and Virginia fields, it has been
Impossible to incorporate these in the general report. However, the
situation in general in the districts referred to may be briefly summarized as
follows: West Virginia, spot prices weaker;little contracting done. Supplies
in consuming markets still large. Smokeless production unchanged; Upper
Potomac, overproduction causes softer prices, holding back contracting.
Contracting limited to public utilities; Virginia, quite a little contracting
being done with southern textile firms. Production still large. Conditions
better than last year.
The opening of the new coal year finds the bituminous
trade of the country still floundering around in its efforts
to put the business upon a stable and profitable basis, reports
the "Coal Age" in its April 8 market review. In the East
this process is hampered by the fact that there still is enough
distress tonnage seeking a buyer to dull the interest of the
consumer in offerings at fair prices and to establish a fictitious basis of values. In the West and Middle West the
competition between union and non-union coals gives the
large industrial consumer the whiphaaid in discussing contract
renewals, observes the "Age," which further summarizes
the situation as follows:
The blizzard which swept over so many States last week added a touch
of last-minute activity to the domestic trade. The flurry, when measured
in tonnage, however, was inconsequental. Many retail distributors, it is
true, were caught with scant stoeks in their yards, but the rush orders they
placed with the mines were for small lots. Only in one State, Kansas, was
the buying sufficiently heavy to have any real effect upon the "no bill"
situation.
In the drive to corral domestic business many bituminous districts
established spring prices which represent substantial reductions from the
schedules in effect prior to April 1. For the major domestic sizes the new
circulars of the Illinois and Indiana producers show a cut of 40 cents per ton.
In the Far West still more drastic reductions have been made in the past
fortnight, but it does not appear that these latter cuts have stimulated
buying. Alabama, on the other hand, reports active contracting by retail
dealers on the new spring prices.
Less success has attended efforts to stabilize quotations in the Appalachian
region. Low-volatlles have been particularly hard bit in the readjustment
process. April circulars had hardly reached the buyer before one large
West Virginia company dropped its lump price 25 cents. Mine-run, too, is
weak in both Eastern and Western markets. Except in eastern Kentucky,
high-volatile prices on prepared sizes have been wobbling badly. The
"Coal Age" index of spot bituminous prices on April 5 stood at 158 and the
corresponding price was $1 93. This was a decline of five points when
compared with the index for March 29.
The most hopeful feature in the present situation is the steady decline
in production rate. Bituminous output for the week ended March 27 was
estimated at 9.609,000 net tons by the Bureau of Mines. Barring the
Christmas holidays, this was the lowest weekly output reported since the
beginning of last August. Holidays the end of last week held out the hope
that further reductions would be registered.
Anthracite production, on the other hand, has been climbing. For the
week ended March 27 the output was estimated at 1,991,000 net tons.
In view of the growing disinclination of buyers to pay premium prices, the
halt in this high rate last week was not unwelcome to the independent
shippers. For the most part, the latter can no longer command premiums
I n excess of 50 cents over company maximum. Steam sizes are weak.
1987
There are signs of a lsowly expanding market for No. 1 buckwheat coal
in the domestic trade. This movement is slightly accelerated by the
scarcity of pea. Most of the latter size now being produced is being consumed in the anthracite region. It is reported that at least one big company is planning a reduction in the No. 1 price, but there is nothing to
Indicate that the producers will reverse themselves on the question of prices
on the larger domestic sizes.
The Connellsville coke market is featureless.
Production of Bituminous Coal and Coke DeclinesOutput of Anthracite Continues to Increase.
Production of bituminous during the last full week in the
coal year 1925-26 is estimated at 9,609,000 net tons-a continuation of the decline which began in January, and a decrease, compared with the revised figure for the preceding
week, of 654,000 tons, or 6.4%, states the United States
Bureau of Mines, which we quote further:
Estimated United Slates Production of Bituminous Coal (Net Tons)a-Including
Coal Coked.
1924-1925
925-1926
Week.CoalYrloDate
Week. CoalYr.toDateb
8,641,000 451,531,000
March 13
10,690,000 515,742,000
1,764,000
1,440,000
1,548.000
Daily average
1,782,000
8,283,000 459,814,000
March 20.c
10,263,000 526,005,000
1,545,000
1,763,000
1,381,000
Daily average
1,710,000
8,353,000 468,167,000
9,609,000 535,614,000
March 27.d
1,542,000
1,760,000
1,392,000
Daily average
1,602,000
a Original estimates corrected for usual error, which in past has averaged 2%.
b Minus one day's production first week In April to equalize number of days In the
two years. c Revised. d Subject to revision.
Total production for the year year 1925-26 is estimated (subject to revision) at 540,645,000 net tons. In the seven preceding years production
of soft coal was:
377,368,000 net tons
1918-1919
553,858,000 net tons11922-1923
561,627,000 net tons
1919-1920
495,924,000 net tonal 1923-1924
471,133,000 net tons
1920-1921
533.740,000 net tonsI1924-1925
1921-1922
445,487,000 net tonal
ANTHRACITE.
Production of anthracite continues to increase. Total output during the
week ended March 27, as indicated by the number of cars loaded for shipment, is estimated at 1,991,000 net tons, a gain of 28,000 tons, or 1.4%,
over that of the preceding week.
Production for the month of March will probably amount to 8,700,000
net tons, Making, for the coal year 1925-26 a total of approximately 61,450,000 tons. Output during the year 1924-24 is estimated at 86,502,000 tons.
Thus output in the present coal year, which at the beginning of the suspension was about 10% ahead of the year 1924-25, shows for the twelve-month
period ended March 31 a loss of approximately 35,052,000 tons, or 40.5%.
More accurate figures will be available next week.
Estimated United States Production of Anthracite-Net Tons.
1924-1925
1925-1926Week. CoalYr.toDate.a
Week. CoalYr.toDate.
Week Ended82,474,000
1,656,000
46,488,000
1,966,000
March 13
83,987,000
1,513,000
48,451,000
1,963,000
March 20
85,627,000
1,640,000
50,442,000
1 991,000
March 27
a Minus one day's production in April to equalize the number of days In the two
years.
BEEHIVE CORE.
After a halt which has lasted since March 1, the downward trend in beehive coke production is again apparent. Total output in the week ended
March 27 is estimated at 251,000 net tons, a decrease, compared with the
record of the past three weeks, of 12,000 tons, or 4.6%. Demand is
stronger, however, and production 14% higher, than in the corresponding
week in 1925. Cumulative production during 1926 to date is now 23%
greater than in 1925.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1925 to
Mar.27 Mar.20 Mar.28 1926 to
Date.
Date.a
1925.
1926.6 1926.
201,000 210.000 166,000 3,117,000 2,436,000
Pennsylvania and Ohio
167,000
209,000
16,000 17,000 14,000
West Virginia
283,000
252,000
17,000 18,000 22,000
Ala., Ky.,Tenn. and Ga
122,000
129,000
9,000
9,000
9,000
Virginia
51,000
70,000
6,000
4,000
5,000
Colorado and New Mexico
56,000
47,000
5,000
3,000
3,000
Washington and Utah
251,000 253,000 220,000 3,824.000 3,115,000
United States total
42,000
52,000
42,000 44,000 37,000
Daily average
a Adjusted to make comparable the number of days covered in the two years.
b Subject to revision.
The Connellsville "Courier" states that production in the Connellsville
region declined about 1% in the week of March 27. The loss is attributed
to a decrease of 245 in the number of ovens fired-165 merchant and 80
furnace ovens.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 7, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows a decline of $61,200,000 in holdings of bills and securities, of $25,200,000
in Government deposits, of $23,600,000 in member bank
reserve deposits, and of $3,600,000 in Federal Reserve notes
in circulation, together with an increase of $13,800,000 in cash
reserves. Holdings of discounted bills went down $53,800,000 and of acceptances purchased in open market $19,900,000,
while Government security holdings increased $12,200,000.
Most of the Federal Reserve banks reported decreases in
discount holdings for the week, the principal declines being:
Chicago, $27,500,000; St. Louis, $8,600,000; Boston,
$7,400,000; Philadelphia, $6,500,000, and Richmond, $4,-
800,000. The New York bank shows an increase of $5,
'
500,000 in discount holdings and Kansas City an increase of
84,700,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
Open market acceptance holdings of the Federal Reserve Bank of New
York went down $19,400,000, those of the St. Louis bank $4,300,000. and
of Boston $3,100,000, while the Federal Reserve Bank of Chicago reports
an increase of 22,800.000. All classes of Government securities increased
during the week-United States bonds by $4,900,000. Treasury certificates by $4,000,000, and Treasury notes by $3.300.000.
The principal changes in Federal Reserve note circulation comprise decreases of $6,900.000 and $4,800,000, respectively, reported by the Philadelphia and Boston Reserve banks, and increases of $5,200,000 and $3.000,000 reported by the San Francisco and Atlanta banks.
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 2008 and 2009.
A summary of changes in the principal assets and liabilities
1988
THE CHRONICLE
[vol.. 122.
of the Reserve banks during the week and the year ending
April 7 1926 follows:
increase being attributed to heavier foreign loans. The uncertainty in
the coal situation is affecting iron and steel, small orders being accepted,
Increase (+) or Decrease (—) with hesitation evident on orders running past May 1. Cancellation of
the engineering lockout has relieved business generally and allows the
During
trade to continue the slow improvement hitherto noted. The slight imWeek.
Year.
Total reserves
+$13,800,000 —$43,000,000 provement in shipbuilding in February was maintained during March.
Gold reserves
+16.500,000 —56.000,000 Potential demand in the electrical industry is considered good. The
Total bills and securities
—61.200.000 +87.700,000 recent market tone in textiles is better, due to a hardening tendency.
Bills discounted, total
—53,800,000 +187,300.000 London wool auctions revealed a strong position in values and steady
Secured by U. S. Government obligations —21,300,000 +97,600,000 buying has tended to greater trade assurance. Car and truck sales are
Other bills discounted
—32,500.000 +89.700.000 disappointing due to unfavorable weather and the unsettled industrial
Bills bought in open market
—19,900.000 —80.900,000 outlook. Price reductions have been made on several domestic and forU. S. Government securities, total
+12,200.000 —20.200,000 eign makes of passenger cars.
Bonds
+4.900.000
—7,600,000
ITALY
Treasury notes
+3,300,000 —115,300,000
General industrial activity in Italy continues with minor exceptions,
Certificates of indebtedness
+4,000.000 +102,700,000
Federal Reserve notes in circulation
—3,600,000 —61,300,000 but the export trade is not being maintained at last year's high level.
Total deposits
—44,900,000 +91,500.000 The gradual improvement in the private financial situation is shown in a
Members' reserve deposits
—23,600,000 +50,900,000 greater abundance of money and somewhat lower interest rates. The
Government deposits
—25,200.000 +38,700,000 budget situation remains favorable with a surplus of 42,000 lire during
January. Accumulation of cash in the Treasury continues. Bank circulation for commercial account was
reduced during February,
The Week with the Member Banks of the Federal while State note circulation remainedfurther
unaltered. The iron and steel
industries are quiet and engineering trades are well occupied. The
Reserve System.
cotton
is only fairly active, but other textiles are strong. The
The Federal Reserve Board's statement of condition of numberindustry
of unemployed at the end of February was 30,000 lower than a
710 reporting member banks in leading cities as of March 31 year earlier. Imports during February were even higher than in Febshows increases of $104,000,000 in loans and discounts and ruary last year, and exports were somewhat reduced. The unfavorable
for the first two months of the current year is 280,000,000 lire
of $159,000,000 in net demand deposits, together with a balance
higher than last year, despite reduced wheat importation. The present
decline of $80,000,000 in investments. Member banks in agricultural outlook is favorable.
New York City reported increases of $71,000,000 in loans
and discounts and $120,000,000 in net demand depos it,
and a reduction of $8,000,000 in investments. It should
be noted that the figures for these member banks are always
a week behind those for the Reserve Banks themselves.
Loans on stocks and bonds went up $86,000,000, of which
$50,000,000 was reported by banks in the New York district
and $10,000,000 and $7,000,000 by banks in the Cleveland
and San Francisco districts, respectively. "All other" loans,
and discounts increased $17,000,000, increases of $15,000,00
in the New York district, $12,000,000 in the Chicago district
and $7,000,000 in the San Francisco district being offset in
part by declines of $8,000,000 and $6,000,000 in the Minneapolis and Boston districts, respectvely. Total loans to
brokers and dealers, secured by stocks and bonds, made by
reporting member banks in New York City, declined $117,000,000, loans for account of out-of-town banks having
declined $92,000,000 and those for the account of others
$46,000,000, while loans for their own account increased
$21,000,000. Further comment regarding the changes
shown by these member banks is as follows:
CZECHOSLOVAKIA
A mild business depression is still prevailing among the Czechoslovak
industries. The number of unemployed increased from 59,000 in January to 75,000 on the first of February. The New National Bank of
Issue has been officially inaugurated and the financial position of the
country is very strong. Money conditions arc easy and it is proposed
that the bank discount rate be further reduced from 6 to 5%%.
Czechoslovak exports for the month of February amounted to $44,250,000.
Imports amounted to $38,430,000 during the same month.
FINLAND
Continued seasonal dullness, particularly in trade, characterized business conditions in Finland during February. The winter during the past
year was the most severe in thirty years, and the general situation has
been greatly aggravated. Exports have been materially restricted, and
domestic industries are somewhat less active. The money market during
the month was characterized by stringency. There was a noticeable decline in foreign exchange holdings and in the note circulation. There
was an increased demand for credit. Loans of the State Bank showed
a large increase over last month. The stringent financial conditions are
reflected in the large increase in rediscounts and the falling off in deposits
in the commercial bank. Shipping is practically at a standstill. There
was a slight falling off of activity in the domestic industries. Both imports and exports were unusually low for February.
SOUTH AFRICA
The Minister of Finance, on March 31, presented to Parliament the
Holdings of United States securities, shown as one item instead of by Government's budget for the fiscal year 1926-27. The budget contemclasses as heretofore, fell off $103,000,000, reductions being shown for plated a deficit of £138,000. For the year ended March 31, 1926, a
all districts except Minneapolis. The principal reductions in this item by surplus approximately £500,000 was realized. The wholesale business
districts were as follows: Chicago, $41,000.000; Boston, $15,000,000; New was quiet during March owing to the between-season period. There was
York, $14,000,000, and San Francisco, $10,000,000. Holdings of other a fair volume of retail trade. Building trade is active. The mining
bonds, stocks and securities increased $23,000,000. of which $14,000,000 industry is operating at a high production level with the native labor
and $7,000.000 were reported by banks in the Chicago and New York supply continuing to improve.
districts, respectively.
Net demand deposits were $159,000,000 higher than for the preceding
week, increases of $153,000.000 in the New York district, $21,000.000 in T. W. Lamont of J. P. Morgan & Co.
Sails for Europe.
the Cleveland district and $10,000,000 and 17,000,000 in the San Francisco
Thomas W. Lamont of J. P. Morgan & Co. sailed on the
and Philadelphia districts, respectively, being partly offset by relatively
mall reductions in other districts.
Mauretania on April 7 for a six weeks' vacation in Europe.
Time deposits declined $36,000,000 in the Chicago district and $12,000.000 in the Cleveland district, but increased $18,000,000 each in the New His trip, it is stated, will be solely for pleasure. In presentYork and San Francisco districts.
ing his views on the business outlook, the "Wall Street JourThe principal changes in borrowings from the Federal Reserve banks nal" of April 8 said:
include an increase of $32,000,000 in the Chicago district and a reduction
Mr. Lamont declined to be quoted directly, but he intimated to a repreof $14,000,000 in the San Francisco district.
sentative of the "Wall Street Journal" that basic underlying conditions
On a subsequent page—that is, on page 2009—we give the throughout the country were entirely sound and that there was no occasion
worry. The business outlook, according to Mr. Lamont, was very
figures in full contained in this latest weekly return of the for
bright for the remainder of the year.
member banks of the Reserve System. In the following is
On March 30 Mr. Lamont was the guest of honor at a
furnished a summary of the changes in the principal items
luncheon given by the Society of Methodist Preachers' Sons
as compared with a week ago and with last year:
at the Hotel Belmont. The New York "Times" of March 31
Increase (+) or Decrease (—)
referring to the luncheon said:
During
The luncheon was in the nature of a private tribute to Mr. Lamont on
Year.
Week.
Loans and discounts, total
+$104,000,000 +$846,000.000
Secured by U.S. Government obligations
—34,000,000
+1,000.000
_Secured by stocks and bonds
+86,000,000 +631,000,000
All other
+17.000.000 +249,000,000
Investments, total
—80,000,000
—4,000.000
U. S. securities
—103,000.000 —143,000.000
Other bonds, stocks and securities
+23.000.000 +139,000,000
Reserve balances with Federal Res've banks
+9,000,000
+50.000.000
Cash in vault
+4.000.000
—4.000,000
Net demand deposits
+159.000.000 +146,000.000
Time deposits
—9,000,000 +423,000,000
Government deposits
—22.000,000
+2,000,000
Total accommodation at Fed'l Res've banks
+1.000.000 +184,000,000
the eve of his departure for Europe on a financial mission, and the first of a
series at which the guests of honor will be distinguished "graduates" of
Methodist parsonages.
Mr. Lamont spoke in an intimate manner of his father, the Rev. Thomas
Lamont, who spent nearly sixty years in the Methodist ministry as a member of the New York Conference, and of his own life.
Montagu C. Norman Again Re-elected Governor of
Bank of England.
Montagu Collet Norman, Governor of the Bank of England since 1920, was re-elected to that post on April 6,according to Associated Press cablegrams from London.
Digest of Cables Received From Foreign Offices of the
The New York "Evening Post" of April 6, commenting
Bureau of Foreign and Domestic Commerce.
on the re-election, said:
The extension of Mr. Norman's term for another year is something
The summary of foreign cablegrams received by the
unprecedented in the long history of the Bank of England. Mr. Norman
Department of Commerce at Washington, released for pub- is
almost as well known in America as in England, for he obtained all his
lication today (April 10), follows:
banking experience from Brown, Shipley & Co., an American bank in
GREAT BRITAIN
New capital issues on the British market for the first three months
considerably
higher than for the previous two years, the
of this year are
London.
Ho entered this firm at the age of twenty-four as a clerk after he left
Cambridge. At thirty he was taken in as a partner and he remained with the
firm until 1920, when he was elected to his present position.
APR. 10 1926.1
THE CHRONICLE
Philadelphia Concern Invests iniGermantIndustry.
According to information which has just been received
and made public on April 6 by Moody's foreign department
from its Berlin correspondent, the Edward G. Budd Mfg.
Co. of Philadelphia has acquired 49% of the capital stock
in the recently formed Ambi-Budd Presswerke, G.M.B.H.
of Berlin. The new company, which is to engage in the
manufacture of automobile bodies and automobile accessories, has a fully paid-up capital of 7,500,000 marks, equivalent to $1,785,000, of which American interests have taken
$874,650, the remainder having been subscribed by the
Ambi company of Berlin. The directorate is composed of
ten members, four of whom represent the Philadelphia concern, viz., Edward G. Budd; Hugh L. Adams, Paul Pleiss
and Van der Velde. The Chairman of the board is Arthur
Mueller of the Ambi company, while other German members of the board include Gustav Wilhelm von Mallinckrodt
(of Hagen & Co., Cologne) and Baron Kurt von Schroeder
said to represent the interests of J. Henry Schroeder Banking
Corporation of New York. The new concern contemplates
the immediate construction of plants at a cost of about
5,000,000 marks, which would leave a working capital of
2,500,000 marks. Shipments are expected to commence
in October of this year.
Delivery of Belgian Definitive Bonds.
J. P. Morgan & Co. and the Guaranty Co. of New York
announce that on and after April 12 1926 they will be
prepared to deliver the Kingdom of Belgium external loan
thirty-year sinking fund 7% gold bonds dated June 1 1925,
in definitive form, in exchange for their interim certificates
now outstanding, upon surrender of the latter at the office
of either in New York City.
1989
following is the statement of the Pacific Coast Joint Stock
Land Banks (as officially reported Feb. 28 1926):
San Francisco. Los Angeles.
Acres of real estate security loaned upon____
236,340
71,926
Total amount loaned
89.472.30000 86,074,900 GO
Appraised value of real estate security
$22,862,759 00 $14,466,929 36
Average appraised value per acre
$201 14
$96 23
Average amount loaned per acre
$40 08
384 46
Percentage of loans to appraised value of security
41.43%
41.99%
Reports to New York Stock Exchange Show Brokers'
Loans Outstanding at End of March of $3,000,096,167
Drop in Month of $535,494,154.
A drop of $535,494,154 during March in the volume of outstanding brokers' loans reported to the New York Stock
Exchange by members is revealed in the statement made
public by the Exchange on Monday of this week—April 5.
At the end of March the total of time and demand loans is
shown to be $3,000,096,167, compared with $3,535,590,321 on
Feb. 27, and $3,513,174,154 at the end of January. Of the
latest figures $2,033,483,760 represent demand loans and
$966,612,407 time loans. The February statement showed
demand loans of $2,494,346,264, and time loans of $1,040,744,057. The following is the statement given out by the
Exchange this week:
(Release on New York Stock Exchange Totals for Broker,' Leans Monday
Afternoon, April 5 1926.)
Total net loans by New York Stock Exchange members on collateral contracted for and carried in New York as of the close of business in March
1926, aggregated $3,000,096,167. The detailed tabulation follows:
Demand Loans.
Time Loans
(1) Net borrowings on collateral from New York
banks or trust companies
$1.678,109,806
3874.990,907
(2) Net borrowings on collateral from private bankers, brokers, foreign bank agencies or others in
the City of New York
355.373,954
91,621,600
Totals
$2,033,483,760
$966,612,407
Combined total of time and demand loans
$3,000,096,167
The scope of the above compilation, and the methods employed in preparing it, were both exactly the same as in the loan report issued by the
Exchange a month ago.
India's Rupee Market—Depressed Trades Conditions
Lead Speculators to Attempt Rate Lowering.
While the January statement of the Exchange included
The "Wall Street Journal yesterday (April 9) announced
an estimate of the total borrowings through out-of-town
the following from its London Bureau:
Speculators in India have taken advantage of depressed conditions in branch and correspondent offices, that estimate was omitted
export trades to make a bear raid on the rupee with a view to lowering from the February statement, the Exchange in making pubthe rate to Is. 4d., or 3.3244, pre-war parity, which compares with recent
lic the figures of demand and time loans at that time having
stabilization rate of 3.3675.
Indian exporting interests favor stabilizing at pre-war parity, and may stated:
be attempting to influence report of Indian Currency Commission on perIn order to avoid duplications in the above amounts, net rather than
manent exchange and currency policy, or at least to grasp chance for profit gross loans were requested by the Exchange. Loans carried outside New
before Commission makes its report.
Indian Government was reported last night to be supporting exchange
by offering unlimited quantity of sterling reverse council bills at Is. 534d.,
or 3.3594.
York were not requested by the Exchange, and therefore are omitted from
the present tabulation. In addition to loans obtained by Stock Exchange
members to carry securities for customers, the amounts listed in the table
given above also include loans obtained to carry securities for investment
distribution.
The report of member loans made by the Exchange a month ago we.
accompanied by an estimate of total borrowings through out-of-town branch
and correspondent offices. It has been found that this figure failed to
reveal the aggregate amount of funds borrowed for out-of-town accounts,
since it did not include borrowings of the many offices. Moreover, since
the published figure was widely misunderstood, it led to misinterpretation
of the other statistics in the report. Accordingly, it has been omitted from
the present summary, and will be omitted in the future.
Since this estimate of borrowings in New York by out-of-town offices
was simply a special segregation of items already and completely included
in the other loan totals given above, its inclusion in the report last month
did not serve to increase these other totals at all, and thus its omission this
month will not serve to decrease them in any way.
Offering of $1,750,000 5% Bonds of Pacific Coast
Joint Stock Land Banks.
An issue of $1,750,000 5% bonds of the Pacific Coast
Joint Stock Land Banks was offered on April 8 at 103 and
interest, to yield about 4 8% to the redeemable date and
5% thereafter to redemption or maturity. The ofering was
made by Harris, Forbes & Co., New York; Halsey, Stuart
& Co., Inc., New York; William R. Compton Co., New
York; the Mercantile Trust Co. of California; First Securities
Co., Los Angeles, and the Security Co., Los Angeles. The
bonds are the obligations of the following banks of issue:
Federal Reserve Bank of New York on Factors in
31,000,000 Pacific Coast Joint Stock Land Bank of San Francisco. The
Money Market in March—Liquidation of Bankbank operates in Caliofrnia and Nevada.
750,000 Pacific Coast Joint Stock Land Bank of Los Angeles. The
ers Loans—Gold From Canada.
bank operates in California and Arizona.
Three
influences in the money market during
principal
The bonds are issued under the Federal Farm Loan Act;
March,
April
says
issue of the "Monthly Review" of the
the
will be dated March 11926, will become due March 1 1956,
and will be redeemable at par and accrued interest on any Federal Reserve Bank of New York, were the continuation
interest date after ten years from the date of issue. Princi- of gold imports from Canada, a liquidation of $350,000,000
pal and semi-annual interest are payable in New York, in loans to brokers and dealers by New York City banks and
Chicago, San Francisco, Los Angeles or Salt Lake City. their correspondents, and Government financial operations
They are coupon bonds fully registerable and interchange- on and following the March 15 tax day. The Bank goes on
able, in denomination of $1,000. The Paciic Coast Joint to say:
All of these influences made for greater ease in money conditions and
Stock Land Banks are owned or 'controlled by the stock- slightly lower
money rates during most of March than prevailed during the
holders of the following Pacific Coast banks and trust com- latter part of February and have again appeared toward the end of March.
The
import of about $30,000,000 of gold from Canada during the first
panies:
Security Trust & Savings Bank, Los Angeles.
The First National Bank, Los Angeles.
Pacific-Southwest Trust & Savings Bank, Los Angeles
The First National Bank, Portland.
Walker Brothers, bankers, Salt Lake City.
The National Copper Bank, Salt Lake City.
The Utah State National Bank, Salt Lake City.
Deseret National Bank, Salt Lake City.
Mercantile Trust Co. of California, San Francisco.
The Bank of San Francisco has a paid-in capital of $600,000
and the Los Angeles Bank $400,000. As of Feb. 28 1926,
the Bank at San Francisco reports $8,225,000 of bonds outstanding, and the Bank at Los Angeles $5,620,000. The
two weeks of the month followed a total import of $28,000,000 in January
and February. This gold, deposited in the Federal Reserve Bank, was a
direct addition to the reserves of New York City banks, and enabled these
banks to reduce their indebtedness at the Federal Reserve Bank.
The liquidation of loans to brokers and dealers does not release any large
amount of funds for other uses, but has a lasting effect on money conditions
only in so far as bank deposits are reduced and bank reserve requirements
reduced in proportion. The figures for the three weeks ended March 24
indicate a reduction of $94,000,000 in the net demand deposits of New
York City banks and hence a reduction of $12,000,000 in the reserves which
these banks were required to maintain at the Reserve Bank. In its effect
on basic money conditions the liquidation of street loans has therefore been
a less important factor, as far as New York City banks are concerned, than
gold imports. The detailed changes in loans to brokers and dealers are
given in a separate article.
THE CHRONICLE
1990
Treasury operations of the March tax day and following were larger than
usual, partly because the maturity on March 15 of $600,000,000 of Treasury notes (for the whole country) was large and partly because of an added
operation the following week, the purchase by the Treasury of $122,000,000
of Liberty Third 4'4% bonds in anticipation of their maturity in 1928.
Income tax collections also proved to be larger than in recent previous tax
periods, despite tax rate reductions. The returns for the country up to
March 29 totaled $480,000,000, and for this district $158,000,000.
Transactions in New York during the recent tax period are shown below
in tabular form. On March 15, the New York Reserve Bank redeemed for
the Treasury $371,000,000 of maturing notes and cashed $29,000,000 of
coupons, a total of $400,000,000. As usual, a large proportion of all
maturing issues was presented for redemption in New York, as the financial centre. The amount actually paid into the market, however, was not
$400,000,000, but $300,000,000. More than $100,000,000 of the maturing
notes were held by the Federal Reterve Bank for its own or agency accounts, and their redemption had no immediate effect on the money market. Against a total payment to the market of about $300,000,000, withdrawals from depositaries within the district, income tax collections and
cash sales of new securities yielded only $75,000,000 on March 15 and the
Treasury transferred funds from other districts and also borrowed temporarily $190,000,000 from the New York Reserve Bank to balance its account at the close of March 15.
In anticipation of these heavy Treasury disbursements, New York City
member banks paid off more than $50,000,000 of loans at this bank on
March 13, and under a special arrangement purchased temporarily $15,000,000 of securities from the holdings of the Reserve banks and on March
15 another $20,000,000. These transactions, together with some transfers
of funds to the interior, reduced member bank reserves substantially below
requirements, so that on the morning of March 15 the reserves of 24 leading
New York City banks showed an accumulated deficit. Payments by the
Treasury on the 15th more than wiped out this deficit and.gave the banks
surplus actual reserves, but left a small deficit in average reserves, and
money rates remained unchanged at the levels of the previous week.
During the remainder of the week the New York money market lost
steadily through income tax collections in this district and commercial
withdrawals of funds to other districts to replace funds which the Treasury
had collected as taxes in those districts and transferred to New York to pay
off the New York Reserve Bank. Consequently, by March 19, the New York
City banks found it necessary to resell to the Reserve banks the securities
temporarily purchased and to increase their borrowings in order to bring
their average reserves up to the required amount at the end of the reserve
week. Also, at the close of March 19 the Treasury paid off its advances
from the New York Reserve Bank.
As a net result of all these operations there was no plethora of funds in
the market at any time, the average reserves of New York City banks remained remarkably steady, and call money was quoted at 414% throughout the week.
In the following week, as Treasury balances at the Reserve banks were
increased by collections of income tax checks, and transfers out of town
continued, call money rates •hardened to 5 and 514%. The purchase in
New York on March 23 of $84,000,000 of the Third 414% Liberty bonds
was offset by Treasury withdrawals from depositaries and transfers to other
districts during that week and thus had no marked effect on money conditions.
Brokers' time loans declined to 414% for a few days after the 15th, but
for the month averaged -about 431%, or approximately the same as in
February.
/
4% early in March, eased
Commercial paper was slightly firmer at 414-41
slightly after the March 15 tax period, but later returned to 414-414%.
that
the
amount
of
indicate
commercial
paper outstandreports
Dealers'
ing failed to show the usual seasonal increase in February. The outstanding paper of leading dealers who report each month to this bank totaled
$655,000,000 at the end of the month, or practically the same amount as
at the end of January.
Bills were more active, coincident with the slightly easier money conditions prevailing over the 15th of March, and as there was a seasonal decline In the supply, dealers' portfolios were substantially reduced. Rates,
however, continued unchanged at 314% on purchases of 90-day unindorsed
bills, and 3%% on sales.
GAINS AND LOSSES TO NEW YORK MARKET.
(In millions of dollars.)
March 1926.
12
Gains to MarkelTreasury transactions (mostly
notes redeemed and interest
paid)
Commercial transactions-net
ps gain
Reserve Bank transactions
(mostly acceptances and securities bought and net increases in loans to New York
City banks)
Total gains
Losses to MarketTreasury transactions (mostly
Income taxes collected and
withdrawals from depositories)
Comml transactions (mostly
transfers)-net loss
Reserve Bank transactions
(mostly acceptances and securities matured or sold and
net decrease in loans to New
York City banks)
Total losses
Net gain for day
Net loss for day
Cumulative gain or loss
5
13
15
16
17
18
19
20
22
2 288
26
9
5
6
3
13
74
0
10
10
3
6
72
5
33
11
29
2 298
36
12
11
78
8
46
87
6
6
84
53
26
25
17
13
8
26
12
13
18
8
2
34
19
18 112
26
32
20
9
6
5
24
25
87 134
81
37
65
41
55
45
68
dine in loans to brokers and dealers since the first of the
year:
Loans to Brokers and Dealers.
Loans by New York City banks to brokers and dealers on securities have
been reduced more than $310,000,000 from the high point at the beginning
of 1926. Loans placed for correspondents show a decrease of $140,000,000
for the same period, and the total for both accounts therefore shows a reduction of $450,000,000.
Loans to brokers and dealers are compared in the following table with
total loans on securities as reported by member banks. It appears that
changes in brokers' loans account for most of the fluctuations in total loans
on securities of New York City banks, but brokers' loans placed for correspondents are a smaller element in and are followed less closely by total
security loans of reporting banks outside of New York City.
Reporting Banks, N. Y. City.
1926.
Jan. 6
13
20
27
Feb. 3
10
17
24
Mar. 3
10
17
24
Total
Loans on
Stocks and
Bonds,
2,354,000,000
2,245,000,000
2,230,000,000
2,201,000,000
2,221,000,000
2,179,000,000
2,104,000,000
2,087,000.000
2,061,000,000
1,959,000.000
2,017,000,000
2 0411400 ono
Reporting Banks
Loans to
Outside
Brokers and
Loan to
New York City
Dealers
Brokers and
Total
placed by
Dealers placed
Loans on
N. Y. City
for own account.
Stocks and
Banks for
Bonds.
Correspondents
1,338,000,000
1.267,000,000
1,232,000,000
1,201,000,000
1,222,000.000
1,199,000,000
1,159,000,000
1,149,000,000
1,125,000,000
1,021,000,000
1,033,000,000
1.027.000.000
3.334,000,000
3,322,000,000
3,327,000,000
3,308,000.000
3,307,000,000
3,329,000.000
3,343,000,000
3.340.000,000
3,374.000,000
3.354,000,000
3,317,000,000
3.283.000.000
6
32
55
164 ------------37 __1
3 __
:177
1
---_ ii ____ ;
+3-82 +82 +37 +12-42 -5-52-51 +4
Reserve position of 24 largest
N.Y.City banksActual reserves at close o
business
624 538 699 657 635 579 614 565 561 615
Average reserves (Saturday to
600 538 591 608 613 607 608 565 564 577
date)
1,239,000,000
1,292,000,000
1,306,000,000
1,287,000,000
1,280,000,000
1,340,000,000
1,354,000,000
1,343,000,000
1,321,000,000
1,266,000,000
1,174,000,000
1 09R non non
Loans placed by New York City banks for others than correspondents are not
included in this table.
Annual Report of Federal Reserve Bank of Philadelphia.
For 1925 the Federal Reserve Bank of Philadelphia reports gross earnings of $3,135,550, as compared with $2,915,845 in 1924 and $4,592,771 in 1923. The current net earnings
for the late year were $1,099,282, these figures contrasting
with $762,010 in 1924 and $2,297,045 in 1923, while net earnings increased from $747,092 in 1924 to $1,078,120 in 1925.
These figures are shown in the eleventh annual report of
the Bank, Just made public, from which we take the following profit and loss statement:
1923. 'V 1924.
1925. 0
34,592.771 $2,915,845 33,135.558
2,295,726 2,153,835 2,036,26
Gross earnings
Current expenses
Current net earnings
$2,297,045
Additions to current net earnings
Deductions from current net earnings
Net deductions from current net earnings
$22,131
37,049
$566
*21,728
$119,208
$14,918
$21,162
Net earnings available for dividends, surplus
and franchise tax
32,177,837
Distribution:
Dividends
Paid to Government as a franchise tax
Transferred to surplus account
$762,010 $1,099,282
$19,617
138,825
3582,292
416,957
1,178,588
3747.092 31,078.120
3615.135
$673,212
131,957
404,908
* Of this sum $16,887 represents furniture and equipment charged off.
The Bank notes that "increased capital, due to growth in
membership and in the capital and surplus of member
banks, made larger dividend payments necessary, leaving
$404,908 for transfer to the surplus account, which is still
less than 100% of the subscribed capital." A comparison of
current expenses in 1925 with those in 1924 is given in the
following table:
23
24
8
[Vol.. 122.
Operating DepartmentsLoans and discounts
Carrency and coin (includes insurance, mail
and express charges for shipments)
Transit and collections
Fiscal agency functions
Custody of securities and cash
Purchase and sale of securities (includes insurance, mail and express charges for shipments)
Transfer of funds
Bank relations
Federal Reserve Agent's deposits (Includes
custody of collateral against Federal Reserve notes, note issues, examination of
banks, research and preparation of statistics, publication of monthly business review
and reference library)
Maintenance of accounts
Maintenance of the audit
Service DepartmentsTelegraph and telephone (expenses In 1925
largely distributed to other departments)._
Personnel
Mall distribution and filing
Print and supplies
Guards
GeneralOfficial salaries and supervisory expenses_
Directors' fees and traveling expenses
Assessment on account of Federal Reserve
Board expenses
Insurance
Legal expenses
Traveling expenses (expenses in 1925 distributed to other departments)
Operation of banking house
Miscellaneous
Total current expenses
1924.
356,975 07
Percen
1925.
Change
353,436 09 -6.2
616,690 95
425,605 44
62,280 91
37,318 37
621,344 55
+0.8
423,133 48 -0.6
51,143 49 -17.9
36,371 23 -2.5
25,753 89
11,329 73
8,042 43
31,672 75 +23.0
15,996 09 +41.2
13,364 06 +66.2
148,725 09
96.744 93
72,774 35
105.108 86 -29.3
95,491 56 -1.3
61,615 18 -15.3
44,298 52
20,818 14
20,240 85
45,476 62
20,718 96
-17,253 17 -17.1
18,329 91 -9.4
27.117 55 -40.4
55,715 57 -10.4
62,18079
146,913 55
7,565 40
60,321 67
34,575 80
5,462 02
5,288 64
128,279 15
10,230 44
142,813 91
7,176 34
-2.8
-5.1
66,139 02
+9.8
32,169 06 -7.0
2,846 91 -47.9
126,553 87
10,756 77
-Ili
+5.4
52.153,835 75 32,036,268 38
-5.5
Commenting on the reserve position of the Bank, the reFederal Reserve Bank of New York on Decrease in
port says:
Brokers' Loans Since Beginning of Year.
Reserve Position of the Bank.
In its April "Monthly Review" the Federal Reserve Bank
Owing to the fact that an increasing amount of gold certificates has been
the
defollows,
figures
showing
presents
as
put
into
circulation,
taking
the place of Federal Reserve notes in a mew
York
of New
APR. 10
ure, it is interesting to note the effect upon the reserve ratio. This ratio
is the percentage of reserve cash to the combined liabilities-total deposits
and Federal Reserve notes in circulation. The offsetting of a deposit liability by an issue of notes make no changes in the actual liabilities of the
Reserve bank. However, if gold certificates are issued, reserve cash is
diminished and the reserve ratio declines.
The amount of money in circulation in the United States has remained
relatively steady during the past two years. The extent to which Federal
Reserve notes have been replaced by gold certificates appears in the table:
Federal
Other
Total
Odd
Money.
Certificates. Reserve Notes.
Money.
January 1 1924
$582,000,000 $2,224,000.000 $2,145,000,000 $4,951,000,000
January 1 1925
970,000,000 1,842,000,000 2,181,000,000 4,993,000.000
January 1 1926
1,114,000,000 1,816.000,000 2,078.000,000 5,008,000,000
The circulation of gold certificates increased 532 millions in the Years
1924 and 1925 and Federal Reserve notes declined 408 millions. The total
circulation of Federal Reserve notes fell 17% in 1924 and a little over 1%
in 1925. The notes issued by this bank decreased to a greater extent-24%
in 1924 and 8% in 1925. From 169 millions on Jan. 1 1925, the circulation of this bank declined to 148 millions on Jan. 22, but rose to 164 millions on Mar. 14. Thereafter the trend was irregular, but mainly downward, the lowest point being 143 millions on Nov. 18. Undoubtedly the
strike in the anthracite regions was partially responsible for the low level
reached so late in the year. The Christmas season's demand for currency
followed the usual court and circulation reached its maximum at almost
170 millions on Dec. 24, dropping to 156 millions at the close of the year,
which was nearly 13 millions less than at the beginning of the year.
The growth of the banks of the district is reflected in an increase in the
balances carried here, a gain of more than 9 millions taking place, from
129.7 millions on Jan. 1 to 139.3 millions at the close of the year.
Reserve cash decreased bby almost 15 millions during 1925. At the beginning of the year and in the last two months seasonal changes in Federal
Reserve note circulation exerted a greater influence upon the reserve ratio
than did changes in deposits or reserve cash, but over the balance of the
year the ebb and flow of gold more largely accounted for the significant
changes in this ratio, as will be noted in the table below:
Jan. 1-Jan. 21
Jan. 21-Mar.18
Mar.18-July 8
July 8-Oct. 21
Oct. 21-Nov. 4
Nov. 4-Dec. 23
Dee. 23-Dec. 31
1991
THE CHRONICLE
1926.]
Changes
in
Reserve
Ratio.
Changes in Factors from Which Reserve
Ratio Is Computed.
+4.2%
-8.5%
+7.2%
-9.1%
+6.0%
-6.2%
+2.4%
-35,700,000 -620.300,050 -$2,000,000
-700,000
-18,300,900 +8,200,000
+100,000
+18,000,000 -3.400,000
-28,200,000 -8,800,000 +5,300,000
+400.000
+18.100,000 +1.300,000
-5,300,000 +23,000,000 -6,000,000
+6.600,000 -12,800,000 +12,000,000
Cash
Reserves.
F. R. Note
Circulation.
Total
Deposits.
1925.
1924.
Bills purchased in open market for
1923.
129,441,000
own account
89.140.000
159,105,000
Currency received and counted
1,011,761,000 1,084,405,000 1,117,470,000
35,901,000
30,353,000
Coin received and counted
27,062,000
Checks handled (exclusive of return
items)
15,808,129,000 20,795,229,000 25,743,036,000
Collection items handled:
50,890,000
55,876,000
U.S. Government coupons paid _
63,054,000
529,267,000
All other
462,749,000
432,479,000
U.S.securities-Issues, redemptions,
361,969.000
456,097,000
and exchanges by fiscal agency dept. 578,493,000
Transfers of funds (exclusive of clearings by wire)
3,379,281,000 4,748,989.000 4,907,549,000
* Large total due to redemption of war savings securities which matured Jan. 1
1923.
We likewise reproduce from the report the following relative to the earnings and expenses of member banks:
Earnings and Expenses of Member Banks.
An analysis of operating expenses and earnings of member banks for the
year ended June 30 1925 shows that expenses and net profits of banks in
the Third district compare favorably with those of members throughout
the country:
Amount on Each 5100 of Loans
and Investments.
Third District. United States.
Earnings and Expenses kr Member Banks.
$536
Interest received
$530 •
Other income
Gross earnings
Salaries and wages
Interest on borrowed money
Interest on deposits
Taxes
Other expenses
$6 22
$641
1 07
07
2 00
30
62
1 26
07
2 17
35
74
Total expenses
$406
$459
Net earnings
$216
$182
17
1 06
93
50
91
41
$487
1.99%
9.68%
$626
1.32%
8.24%
Net losses
Dividends
Net to profits and reserves
Other Comparisons of InterestLoans and Investments per $100 of capital, surplus
and undivided profits
Profits* on loans and investments
Profits* on capital, surplus and undivided profits_
* After deducting net losses, but before dividends.
Federal Reserve Relations Committee.
In making known the appointment of a Federal Reserve
relations committee, the report says:
Relation. With Banks.
-4.0% -314.800.000 -312.800,000 +39.100,000
In order to facilitate co-operation between the banks of the district and
During 1925 the reserve ratio of this bank fluctuated more than 15%,
from a high point of 83.6% on Jan. 24 to a low of 68.2% on Oct. 16. At the Federal Reserve Bank, a Federal Reserve Relations Committee WU
the close of the year the ratio was 74.5%, only 4% below the figure on appointed, consisting of 24 bank officers representing the New Jersey
Dec. 31 1924. During the last two years the reserve ratio of this bank and Delaware Bankers' associations and the six groups of the Pennsylvania
Bankers Association included in this district. Two meetings were held in
has usually been higher than that of the System.
1925. At the meeting held on Dec. 7 a plan was adopted to provide for a
• Increased loans, borrowings, etc., by member banks are Nominating Advisory Committee, which would recommend candidates to the
member banks to fill vacancies in the board of directors of the Reserve
discussed in the report as follows:
bank.
Banks of the District.
Contact with the banks of the district also is maintained through perThe industrial activity, large building programs, and the rising and sonal visits and attendance at bankers' meetings held inparious parts of the
active security markets which prevailed during 1925 resulted in increased district. During 1925 more than 800 visits were made to member and
Icons by the member banks in the Third District as in the country as a non-member banks.
whole. The following are changes which took place in the condition of
member banks during 1925:
Secretary of Treasury Mellon Approves Study of Stable
Member BanksThird District.
United States.
Money Plans.
Loans and discounts
+32,094,000,000
+5199,000,000
+79.000.000
Investments
-28,000,000
Secretary of the Treasury Andrew W. Mellon, in a letter
Deposits, total
+1,867,000.000
+163,000,000
+355,000.000 read at the dinner of the Stable Money Association on April 5,
Borrowings
+17,000,000
The situation revealed by these figures differs materially from that in
1924, when deposits accumulated much more rapidly than did loans, with expressed his "best wishes to the members of the Association
the result that borrowings were reduced and very large additions were in the study which they are now making" of plans to prevent
made to investments in securities. During 1925 loans continued to increase, inflation and deflation. The letter was read by Dr. Fredbut deposits did not quite keep pace and the banks added to their borrowerick W. Roman, Professor of Economics in New York
ings..
The weekly reports of member banks in leading cities divide loans into University, who presided. The other speakers were Norman
"loans on securities" and "all other" loans, the latter being largely comLombard, a business councillor of San Francisco, who has
mercial in character. "Loans on securities" rose rather steadily from the
middle of 1924 up to the end of 1925. At member banks in four cities of recently been elected Executive Director of the Association,
this district the increase in the years 1924 and 1925 was 118 millions, or and Prof. Hudson B. Hastings of Yale. Mr. Lombard out41%, and at banks in 100 cities throughout the country was 1,661 millions,
lined the dire social effects of inflation and deflation, averring
or 39%. The greater part of these gains took place in 1925.
Commercial loans in the Third District and in the United States showed that these were twin evils and that one was not a cure for the
approximately the same percentage of change in 1924 and 1925:
other. "As Herbert Hoover says, 'It is stability that we
-Member Banks in Leading Citieswant,'" he said. "Inflation is shown by rising price levels
Third District.
Commercial Loans.
United States.
1924-Changes in dollars
+319,100,000
+5407.000,000 and deflation is shown by falling price levels. Both have
Changes In per cent
+5.7%
+5.2%
1925-Changes in dollars
+34,600,000
+2101,000,000 their own bad consequences. Inflation makes for extravaChanges In percent+1.3%
• 0
Fluctuations during 1925 in this district were very similar to those in gance, robs the bondholder and the receivers of so-called fixed
1924. In both years a high point was attained in the spring, and a peak incomes, and produces strikes and class antagonisms. Deflawas reached in the late summer or fall. The peak in 1925 NVSIB 888 miltion makes for unemployment and leads to political uprisings
lions and 1924, 390 millions. Over most of 1925 such loans slightly exceeded loans on like dates in 1924, but, allowing for seasonal changes, they such as Greenbackism and Free Silverism. Both are bad."
have been very stable over the past year and a half.
He outlined plans of the Association for preventing both evils
Total changes
Details of the operations of the principal departments of and for promoting stabilization.
the Bank are given in the following table taken from the
Prof. Hastings dealt with the means available for controllreport:
ing and stabilizing the general price level, and said:
1923.
1924.
Total Number of Pieces Handled1925.
Bills discounted:
Applications received
17,583
14,029
15,978
53,614
Notes discounted
35,579
36,921
Bills purchased in open market for
11,367
6,830
9,044
own account
156,722,000
164,432,000
Currency received and counted
174.790,000
216.525,000
194,118.000
Coinreceived and counted
205,610,000
Checks handled (exclusive of return
51,325,000
59.010,000
66.164,000
Items)
Collection items handled:
6,355,000
4,952,000
4,292,000
U. S. Government coupons paid458,000
382,000
485,000
All other
U.S. securities-issues, redemptions,
1,211.000
597,000
and exchanges by fiscal agency dept. *6,754.000
Transfers of funds (exclusive of clear74.031
78,662
81.822
ings by wire)
Total Dollar Amoun's Handled82.911,142.000 31,264,030,000 52,014,776,000
Bills discounted
There are two sorts of price fluctuations-cyclical or seasonal fluctuations
and secular or long-term fluctuations. The former may largely be prevented by the Federal Reserve authorities-.
(1) By raising or lowering the rediscount;
(2) By buying and selling capital securities, so as to increase or decrease
the money and credit in circulation;
(3) By circulating or withdrawing gold certificates; and
(4) By advising caution or optimism.
The salutary results of the use of these devices by the Reserve authorities
during the past four years should have our utmost approval. Thanks to
this policy America has had the most stable price level of any country in
the world and has as a consequence enjoyed a large measure of industrial
harmony and prosperity.
Secular fluctuations are another story. They find their deep causes in
increases and decreases in the demand for and supply of gold itself. With
1992
THE CHRONICLE
temonetary system based upon a gold redeemable currency, the most widely
approved remedies are:
(1)jinternational control of the gold mines to limit or stimulate gold production as prices tend to rise or fall, respectively; and
I (2) Compensating the weight of gold behind the gold dollar certificates,
Increasing the weight as prices rise and decreasing the weight as prices
fall. Under this plan gold coin would be retired or would circulate as token
money, as our other metallic money now does.
Aithird group of plans, he declared, comprehends putting
aside a part of the gold supply as ballast-a sort of valorization of gold. "Only the second type of plan," he said,"could
befput into operation by the United States alone, unless it
wishedfto bear the burden of stabilizing prices for the entire
world, and the third group would not prevent long, secular
drops in the price level such as followed the Civil War."
Economists, bankers and business men attended this meeting, which was held at the Yale Club. A previous reference
to the Stable Money Association appeared in our issue of
March 13, page 1409.
Compilation by Federal Reserve Bank of Boston on
Member Banks' Operating Costs and Profits in 1925.
The Federal Reserve Bank of Boston, through its Chairman and Federal Reserve Agent, Frederic H. Curtiss, has
just made public its annual compilation of "Operating Costs
and Profits in 1925 Based on the Experience of All Member
Banks in Federal Reserve District I (Boston) Grouped
According to Size of Banks and Character of Business." In
presenting the tables Mr. Curtiss says:
The low interest rates which prevailed during the autumn of 1924 had
their logical effect on earnings on time loans entered Into before the spring
of 1925, and interest ratios declined slightly in 1925 in some of the larger
banks, the effect of rising money rates since September 1925 being only
partially reflected in current earnings. But because the level of deposits
was unprecedentedly high, the actual volume of earnings was higher than
in 1924. Moderate-sized banks, able to utilize a substantial proportion of
their funds in meeting their own local commercial demands and not greatly
influenced by easy money conditions at the financial centres, were able to
obtain the highest interest rates. Earnings from other sources, such as
profits on bonds sold at the prevailing high prices, rentals received from
office buildings, etc., were considerably higher than in 1924. Consequently,
gross earnings were larger.
Current expenses were kept well in hand. A greatly increased volume of
business was handled without a proportionate increase in clerical costs. On
the other hand, the rapidly rising proportion of savings deposits materially
increased charges for interest paid on deposits, except in the smaller banks,
where time deposits are at a minimum. As a result net earnings (before
losses charged off) were highest in banks doing strictly a commercial business, and declined rapidly as the proportion of savings deposits increased.
The final balance available for losses, dividends and reserves was generally
larger than in 1924. In all but the larger banks the proportion of gross
earnings consumed by current expenses declined .in 1925. And as losses
were charged off most liberally by the largest banks, and by those doing
primarily a savings bank business, the disparity between the operating results of those banks and the high net profits of the small and commercial
banks even snore marked. Consequently 1925 net profits (after losses) were
lower in many banks than in 1924.
Since the capital structure varies widely from bank to bank, a comparison between net earnings or net profits, and capital funds (combined capital, surplus and undivided profits) means little. It is significant, however,
that the proportion of capital funds to gross deposits is falling rapidly. It
is highest in the small banks and in those doing primarily a commercial
banking business; it drops steadily as the banks increase both in size and
in their proportion of savings deposits. During 1925 it averaged below the
generally recognized minimum of 10% in 42 New England banks.
Another illuminating comparison between the different groups of banks
relates to their investment policies. As is to be expected, the proportion of
bonds and stocks owned is greatest in the smaller banks, located in communities where they cannot readily find a local market for their loanable
funds; it becomes progressively smaller in the larger banks. Banks handling a large volume of savings deposits also invest heavily in securities;
but because most of the banks having no time deposits are the small banks,
referred to above, they also carry a large proportion of investment securities. In many cases a substantial part of these investments was purchased
in previous years at much lower prices than now prevail, so that a rate of
interest yield considerably above the ordinary 1925 levels was made possible.
The tables follow:
PERCENTAGES OF OPERATING COSTS AND PROFITS IN 1925
(All Member Banks, Grouped According to Character of Business)
Percentages of Time Deposits to Gross Deposits.
Percentages of
Under
25.1%- 50.1%Over
o
25.1%
50%
75%
75%
(52 banks) (104 banks) (97 banks) (116 banks) (47 banks)
Gross earnings, to Loans
and Investments
Current Expenses, to
Loans and InvestmentsNet earnings, to Loans
and Investments
CurrentExpenses,toOtoss
Earnings
Net Earnings (before
losses), to Gross Earn's
Net losses charged off, to
Gross Earnings
Net profits (after losses),
to Gross Earnings
Salaries and wages, to
Current Expenses
Interest paid on deposits,
to Current Expenses __ _
All other expenses, to
Current Expenses
Interest paid on deposits,
to Gross Deposits
Capital funds, to Gross
Deposits
Time deposits, to Gross
Deposits
get earnings (before losses), to Capital Funds_ _
get profits (after losses),
to Capital Funds
Net earnings, to Capital
Funds and Deposits
iecurities, to Gross Loans
....., ,nneetmotIle
5.9%
5.9%
6.0%
6.2%
6.2%
3.4
3.9
4.4
4.6
4.6
2.5
2.0
1.6
1.6
1.6
58.0
66.0
73.0
74.0
74.0
42.0
34.0
27.0
26.0
26.0
2.0
4.0
5.0
5.0
6.0
40.0
30.0
22.0
21.0
20.0
46.0
35.0
26.0
21.0
16.0
7.0
28.0
51.0
55.0
65.0
47.0
37.0
23.0
24.0
19.0
.4
1.2
2.2
2.7
3.2
43.0
28.0
16.0
13.0
11.0
0
5.0
400
62.0
80.0
8.2
8.0
10.0
11.8
13.1
7.0
6.8
7.5
9.1
10.1
2.3
1.8
1.4
1.5
1.5
44.0
32.0
36.1)
4S f?
1150
OPERATING COSTS AND PROFITS IN 1925.
GROUPED ACCORDING TO SIZE.
A COMPOSITE PICTURE OF ALL MEMBER BANKS IN FEDERAL RESERVE DISTRICT 1,
Size Gross Loans and Investments
Size: Typical Bank.
(56 Banks)
Under
$500,001.
(8350,000)
Percentages of Loans and InvestmentsInterest and discount earned
All other earnings
$
19,600
1,750
Gross earnings
Salaries and wages
Interest paid on deposits
Interest paid on borrowed money
Rent, taxes and other expenses
21,350
5,250
1,750
250
6,050
%
5.6
.5
(84 Banks)
$500,001$1.000.000.
($740,000)
$
40,700
3,700
(103 Banks)
$1,000,001$2,000,000.
($1,500,000)
$
84,000
9,000
7,000
4.200
2,800
2.0
1.2
.8
14,060
6,660
7,400
%
5.5
.5
6.0
1.3
1.2
5
1.4
3.9
2.1
.2
1.9
.9
1.0
Percentages of Gross EarningsInterest and discount earned
All other earnings
19,600
1,750
91.8
8.2
40,700
3,700
91.7
8.3
84,000
9,000
Gross earnings
Salaries and wages
Interest paid on deposits
Interest paid on borrowed money
Rent, taxes and other expenses
21,350 100.0
5,250 24.6
1,750
8.2
1.2
250
6.050 28.3
44,400 100.0
9,620 21.7
8,880 20.0
440
1.0
9.920 22.3
93,000
15,000
33,000
400
16,100
Total current expenses
Net earnings (before losses)
Net losses charged off
13,300
8,050
1,050
62.3
37.7
4.9
28.860
15,540
1,480
65.0
35.0
3.3
Net profits (after losses)
Dividends paid
Net reserves and surplus
7,000
4,200
2,800
32.8
19.7
13.1
14,060
6,660
7,400
31.7
15.0
16.7
64,500
28,500
4,500
-24,000
10,500
13,500
Total current expenses
Net earnings (before losses)
Net losses charged off
Net profits (after losses)
Dividends paid
Net reserves and surplus
Disposition of the Bank DollarInterest on deposits
Salaries and wages
Surplus
Dividends
Losses
Other expenses
Total (representing each dollar earned, or
100% of gross earnings)
6.1
1.5
.5
.1
1.7
13,300
3.8
2.3
8,050
.3
1,050
8
25
13
20
5
29
100
44,400
9,620
8,880
440
9,920
28,860
15,540
1,480
20
22
17
15
3
23
100
93,000
15,000
33,000
400
16,100
64,500
28,500
4,500
24,000
10,500
13,500
(97 Banks)
$2,000,001$5,000,000.
(53,300,000)
(40 Banks)
$5,000,001$10,000,000.
(57.000,000)
(36 Banks)
Over
$10,000,000.
($17,000,000)
$
$
%
%
$
%
%
5.4 850,000
5.0
5.4 378.000
5.6 178.200
.6 136,000
42,000
.8
.6
19,800
.6
5.8
6.0 986,000
6.0 420,000
6.2 198,000
1.0
70,000
1.0 170,000
.9
29,700
1.0
2.3
2.4 391,000
2.5 168,000
82,500
2.2
7,000
3,000
•
*
600
*
1.0
1.0 163,000
67,000
32,400
1.0
1.1
4.3
4.4 731,000
4.4 308,000
4.3 145,200
1.5
1.6 255,000
1.6 112,000
52,800
1.9
.4
68,000
28,000
.4
.3
9,900
.3
- -- 1.2 187,000
1.1
84,000
1.3
42,900
1.6
.6 119,000
.7
42,000
.5
16,500
.7
.6
68,000
.4
42,000
.8
26,400
.9
(416 Banks)
F. R. Dist.
Common
Ratios.
%
5.6
.6
6.1
1.1
2.1
• 1.1
4.3
1.8
.3
1.5
.7
.8
90.2
90.3 178,200 90.0 378,000 90.0 850,000 86.2
42,000 10.0 136,000 13.8
9.8
19,800 10.0
9.7
100.0 198,000 100.0 420,000 100.0 986,000 100.0
100.0
70.000 16.6 170,000 17.2
29,700 15.0
16.1
18.0
82,500 41.7 168,000 40.0 391,000 39.7
344
35.5
7,000
.7
3,000
.7
.3
600
.5
.8
163,000
17.3
67.000 16.0
16.5
32,400 16.3
17.3
- 73.3 731,000 74.1
70.5
69.4 145,200 73.3 308,000
52.800 26.7 112,000 26.7 255.000 25.9
29.5
30.6
6.7
68,000
6.9
28,000
5.0
9,900
4.9
4.8
- 84,000 20.0 187,000 19.0
42,900 12.7
24.6
25.8
42,000 10.0 119,000 12.1
8.3
16,500
11.5
11.3
68,000
42,000 10.0
6.9
26,400 13.4
14.5
13.1
35
16
15
11
5
18
100
42
15
14
8
5
16
100
40
17
10
10
7
16
100
40
17
7
12
7
17
100
34
18
13
12
5
18
100
Other Ratios10.3
11.2
10.7
9.9
10.7
9.4
8.2
Net Earnings, to Capital Funds (a)
8.1
6.8
8.5
7.9
8.6
7.7
6.7
Net Profits, to Capital Funds (a)
1.4
1.4
1.3
1.6
1.7
.
1.9
2.1
Net Earnings, to Capital Funds (a) and Deposits_
39.0
26.0
23.0
40.0
43.0
45.0
49.0
Securities, to Loans and Investments
14.0
14.0
13.0
17.0
16.0
27.0
Deposits
40.0
Gross
Capital Funds (a), to
47.0
43.0
30.0
40.0
50.0
16.0
............
tr. nrrige n1,110811.9
1.0
•Indicates less than .05%.
(a) Consists of capital, surplus and undivided profits.
nearly
typical
of
the
most
greatest
number of banks. Ma
Percentages which were found to be
Note.-Statistically, these data are not arithmetical averages, but the
or extremely low figures. The largest beak carries no greater weight than the smallest.
method was used in order to avoid giving too great weight to a few extremely high
1,-,l/lOttil
APR. 10 1926.]
THE CHRONICLE
1993
is legislation pending that would greatly increase bank reserves making
Governor Strong of New York Federal Reserve Bank on possible an enormous expansion of credit.
The bill, he charged, assumes
that
in
the management of credit by the system has a greater influence on
Dangers
Bill to Stabilize Prices Through
prices
than
is
sometimes
possible for it to have. Credit alone does not
Discount Rates.
control prices.
The fallacies of the legislation embodied in the bill of
The witness discussed open market transactions, explaining to the
Representative Strong of Kansas which proposes to stabil- committee in detail their operation and influences as carried on by the
Federal Reserve banks through the open market committee, of which
ize commodity prices by requiring Federal Reserve Banks
he is the chairman, the other members of that committee being the
to establish minimum rates of discount were discussed by governors of the Boston, Philadelphia, Cleveland and Chicago banks.
Benjamin Strong, Governor of the Federal Reserve Bank
of New York before the House Committee on Banking and C. N.
Fowler Urges Investigation of Federal Reserve
Currency on April 8. Previous reference to the hearings
System Before Rechartering Reserve Banks as
on the bill before the Committee have appeared in these
Proposed in Rider to McFadden Branch
columns March 27, page 1077, and April 3, page 1863. GovBanking Bill.
ernor Strong on the 8th inst. referred to the bill as "apparFormer Representative Charles N. Fowler, for eight years
ently only a declaration of a principle"; he declared that
Chairman of the House Committee on Banking and Curit "does not give the system any power which it does not
rency, has addressed a letter to Senator Edge protesting
already have," and added "I am afraid that the public
against the rider attached to the McFadden branch banking
generally will consider it a mandate to fix prices. Consebill proposing perpetual charters for the Federal Reserve
quently the confidence in the system would be undermined."
Banks. This letter was printed in full in the Newark "News"
The United States Daily reports him as saying:
of April 5, as follows:
The Federal Reserve can regulate or influence the amount of credit or
March 29 1926.
the cost of credit to a certain extent, but there are certain conditions in
lion. Walter E. Edge, Care of Senate Office Building 1, Washington. D. C.
which even this limited power is impossible. The amount of gold proSenator
My
Edge.—Do
dear
you
realize
that
the
most
vital question before
duced and changes in the reserve laws could change the price level in
spite of anything the Federal Reserve Board could do. There is no magic this country today is whether the economic principles of Alexander Hamilton, the greatest banking economist the world has ever produced, shall
formula for regulating prices.
If you want to make a declaration, a better one would be to facilitate, dominate our financial and banking system: or, whether the insane ideas
within reasonable limits, the return to the gold standard in former gold and mad fiat of William Jennings Bryan, the wildest inflationist of the last
one hundred years, shall dominate it_
standard countries.
Do you realize that if the twelve Federal Reserve banks are rechartered
There is a practical problem that we might ask the economists. The
price level has been remarkably stable during the last few years, and now with all the fatal defects which were forced into the act through the
political
power of William Jennings Bryan, overwhelming disaster is sure
still is, except in cotton and grain, which have been declining the last
few months. This lowers the index number, of course. Should the to overtake us_
Position Supported.
Federal Reserve System step in and regulate this and if so, how?"
On Feb. 20 1928, I sent to The Commercial and Financial Chronicle of
The system has practically eliminated the Treasury as a disturbing
influence, he said in response to a question from a member of the com- New York an open letter to my countrymen pointing out the fatal defects
mittee. He said that publicity was not always a wise thing in connec- of the Federal Reserve act and noting the necessary remedies. Though
tion with operations, but that the Federal Reserve System published more this letter was 6,000 words in length, that greatest of all financial papers
published every word of it and gave it its unqualified approval and earnest
data than any other banking organization in the world.
support. Then followed the leading investment paper of New York City,
In its acount of the hearing on the 8th and what Gover- The Wall Street Journal,supporting my position without qualification. The
nor Strong had to say the New York "Journal of Com- editor of The Journal of Commerce, our leading commercial paper, is H.
Parker Willis. Mr. Willis was the government's expert economist of the
merce" stated:
banking and currency committee of the House that prepared the Federal
Louis T. McFadden, chairman of the House Banking and Currency Reserve act and was for the following four years secretary of the Federal
Committee, in opening today's hearing stated that in view of pending Reserve Board at Washington. He is not only supporting my position
legislation to extend indefinitely the life of the charters of the Federal without limitation, but in an editorial in The Journal of Commerce has
Reserve banks there was a great deal of interest in the working of the bitterly attacked the administration of the Federal Reserve system.
system.
Barron's Weekly of Boston has followed the other papers in my support.
Interest is being manifested in regard to the effect, now that the war while in addition many others, too numerous to mention here, are in the
is over, of the repeal or the continuance of the war amendments to the column of my support.
Federal Reserve Act, which called into the Federal Reserve system a
So forceful were the facts and so convincing and conclusive the arguments
large amount of gold and provided for the operation of open market presented in that letter, that not a single paper nor a single banking econotransactions, explained Mr. McFadden.
mist, so far as I know, has ventured to answer the overwhelming arguments
against the re-enactment of the Federal Reserve law as it stands. Indeed.
Misitsterpretatibn Possible.
I do not believe that there is a single economic paper nor a single economist
You fear that your capacity to render this service will be misinterpreted who cares for his reputation as such, that will attempt to defend the Federal
by the country, Representative Wingo of Arkansas, ranking Democratic Reserve act as it stands. Then, why this hurry, this unser.mly haste and
member of the committee, suggested to Mr. Strong. You realize that stealthy strategy..
this bill gives you no power you do not already, possess, and you fear that
Repudiation Predicted.
the country will be led to believe that by mere legislative declaration
With $3.700.000.000 of paper coin in circulation in the United States
capacity to remedy all economic evils will be lodged in this super-wise (greenbacks, silver, national hank notes and Federal Reserve issues), every
(Federal Reserve) board.
dollar of which can be used as bank reserves by some bank, although
Mr. Strong assented, adding that if he felt such a declaration would absolutely nothing should ever be used as a reserve except gold, one of two
accomplish anything, he would be glad to see it enacted. Mr. Wingo things must necessarily happen: First,-either, as George E. Roberts, Viceindicated he considered the bill to be merely a gesture, making a President of the National City Bank of New York, wrote me: "It looks
proclamation that might or might not look good to the country and leav- very much as though we were in for another fight over the fundamentals.
ing it to the board to work out a plan for operation.
. . . I have been apprehensive for the last two years that the greenback
Governor Strong declared that if the proposal means a recognition by and silver campaigns must be fought over again, and perhaps under more
law that some power exists to bring about stabilization of prices, and difficult conditions" or, second, unless this fight takes place now, before It
that it is to be exercised by a group of men or by some man, the public is too late, before the re-enactment of the Federal Reserve law, all the
may interpret this as being that Congress has issued a mandate for the destruction and waste due to a long period of fiatism, repudiation and ruin
fixing of prices.
will follow.
In 1876 it was gold or greenbacks, and the people declared for gold. In
No Power to Fix Prices.
1896
it was gold or free silver, and the people declared for gold. Now the
I do not believe there exists or could be created any such power to
fix prices or that it would appeal to the people of this country, if that Issue is just as clear, just as certain and Just as unequivocal. It is now
gold or bank fiat, which may prove one-hundred-fold worse than either
is what this bill means, declared the witness.
He inquired if the farmers would not interpret the proposal as "a greenbacks or silver. Do you not appreciate the fact that this issue must be
mandate handed to the Federal Reserve system to fix up this matter of met and fought out now or that the dire consequences of Bryan's fiatism
forced into the Federal Reserve act will sweep over the country, utterly
farm prices."
If the danger could be escaped of a general assumption that the power wrecking our present financial and commercial structure_ Do you not
vested in the Federal Reserve system under this mandate can be used suspect that we are on that road now?
C. W.Barron of Barron's Weekly recently wrote: "The Federal Reserve
to influence individual prices, as distinct from the
general price level,
there are many other difficulties that will arise with respect to which act holds the greatest possibility of inflation the world has ever seen. It
surpasses in boom potentiality the South American discovery of silver and
the system has no power to deal, said Gov. Strong.
the California gold output."
The power of the Federal Reserve system, so far
as credit is conWilford I. King, member of the research staff of the National Bureau of
cerned, can be exercised within certain limits in two directions.
One
Economic Research, wrote: "The system as established has proved to be a
is to regulate or influence the amount of credit that is
employed new model, producing results very similar to those yielded by its numerous
being
in the country, and the other is to regulate or influence
credit within certain limitations. There are conditions the cost of that predecessors in the past—the cheap money devices which have so often
where I think dominated the financial policies of the nations and always with untoward
even that would not be possible.
results."
Act Called Unsound.
Question of Safeguards.
Are all the banking economists in the United States wrong, and William
If it is assumed that the system has power to raise or lower
price
inflationist
of the last hundred years. who, through his
J. Bryan, the wildest
levels by some magic, mechanical formula, what safeguards are
against stupidity, or any bad judgment that might be exercised or there political power forced into the Federal Reserve act everything he attempted.
against
divided opinions in our council? Is it possible to guard against misuse right_ That is the question.
Since by common consent every one now admits that the Federal Reserve
or political influence over this power?
He added that while the farmers might desire the application of this act is fundamentally unsound and no one will defend it as it stands, is it
the duty of every honest, intelligent and patriotic man to demand an
not
supposed power when facing a falling market, the consumer might
object. If in cases of world shortages of farm products in the interest inquiry into this most vital question now before the country, before any
of it is re-enacted_
of the domestic consumer the board acted to keep prices from soaring, part
Can it possibly do any harm to investigate this whole subject and be sure
the farmers would object. Were prices fixed on a world consumption
ground before re-enacting these twelve charters, especially since
our
of
and production basis the farmer would suffer when buying for
within eight years_
his
requirements.
There are many other things that make inflation possible, he said,
There is no way of controlling the world's production of gold. There
they do not expire
Under the charge of so many of the leading business and economic papers
that the Federal Reserve act as it stands is utterly unsound and indefensible
and its continuance is fraught with danger and overwhelming disaster in
1994
THE CHRONICLE
the end, who will desire or dare to take the responsibility of continuing it
until its fatal defects are removed?
What would you think of a steamship company that would send a great
liner to sea, with thousands of llves aboard, knowing that certain important
timbers were shattered and even rotten and the hull In a most unseaworthy
condition..
Very truly yours,
CHARLES N. FOWLER.
[VoL. 121
The gross public debt of the nation was cut during March to $20,082,740,991, or by $193,402,049, the Treasury announced. At the same time the
general fund chargeable also against the debt was increased from $340.831,406 to $486,941,846 and the net reduction in the debt during the month
actually amounted to $339,512,489.
Last week (page 1865) we noted that final income tax collection figures for the March quarter, the first under the reduced rates of the new revenue law, showed a total payment
Reduction of $750,000,000 in Public Debt and Treasury to the Government of $499,660,000—almost $60,000,000
Surplus of $270,000,000 Looked for as Result of
more than was collected a year ago under the higher rates,
Increased Income Tax Collections.
and $100,000,000 more than Treasury officials estimated
Emphasis anew on the increased yield from income tax col- would be collected for the March quarter.
lections last month is contained in reports from Washington
April 4 regarding the expected showing of Treasury surplus Ward Food Products Corp. Dissolved By Consent Deat the end of June, the New York "Times" in a reference
cree—Charter Surrender Is Agreed to as
thereto stating in part:
Government Drops Suit.
As a result of the skillful handling of the Government finances by the
By a consent decree entered April 3 by Judge Morris A.
Treasury Department and the unexpectedly heavy income and profits tax
receipts during March, total reduction of the gross public debt for the fiscal Soper in the United States District Court at Baltimore,
year 1925-26, which ends June 30, probably will be about $750,000,000, the Ward Food Products Corp., known as the "$2,000,and the budget surplus, or excess of ordinary receipts over ordinary expenditures, may be in the neighborhood of $270,000,000. This would be even 000,000 bread trust," was ordered dissolved within 30 days
a better record than was made in the fiscal year 1924-25, in which the gross and its charter surrendered to the State of Maryland.
public debt was reduced by $734,000,000 and the budget surplus was The corporation must decrease its capital stock and
effect
$250,000,000.
The'gross public debt on June 30 1925, the close of the last fiscal year, complete separation from the Ward Baking Corp.
was $20,516,272,174. and the reductions accomplished during the present
Under this decree the suit brought by the Government
fiscal year will cut the total to well below $20,000,000,000. A reduction on Feb. 8 against
the corporation and its alleged allied
of $750,000,000 in the present year would represent a saving to the taxpayers
of about $30,000,000 in public debt interest charges. The public debt was companies for violation of the Clayton and Sherman antiat its peak on Aug. 311919, when the total was $26,596,701,648.
trust acts is dropped without prejudice to any of the
That such a record is probable by the end of the present fiscal year has parties concerned.
The decree also dismisses a charge
not generally been known,and the exceptionally strong position of the Federal finances, it is felt, will give added confidence to business and aid ma- against the Continental Baking Corp. under the Clayton
terially in sustaining activity and prosperity on a sane basis. This in turn Act as being already before the Federal Trade Commission,
will contribute toward a continuation of satisfactory tax receipts in the next
but reserved the Government's right to reopen the issue.
fiscal year. ...
Because of the exceptionally heavy income and profits taxes received in The decree further provides that the capital stock of the
March, there is ground for the supposition that, unless Congress votes addi- General Baking Corp. shall be decreased and orders the
tional heavy expenditures which must be met before June 30 of this year,the
revenues will not be much below necessary expenditures and may exceed complete separation of the Ward Baking Corp., the Genthem to some extent. And the estimate that not more than $13,000,000, eral Baking Corp. and the Continental Baking Corp.
the amount by which expenditures exceeded revenues in April, May and
George G. Barber, chairman of the board of the ContiJune 1925, will be taken from the March 31 1926 surplus, by the close of
nental Baking Corp., issued the following statement:
the current fiscal year, seems a conservative one.
There is one item which should be taken into consideration, however,and
that is the possibility that the proposed bill for the return of the seized
German property and the payment of the American claims against Germany
by Treasury borrowings will be passed by Congress and a situation created
where perhaps $50,000,000 of the total amount necessary to make these payments to the American claimants must be found by the Treasury before the
end of the present fiscal year.
Supplementing the above, the same paper in a Washington
dispatch April 5 stated:
The estimate made this morning that the budget surplus at the end of the
fiscal year on June 30 1926 would be about $270,000,000, and that the total
reduction of the gross debt during the year would be about $750,000,000.
was generally accepted here to-day as accurately picturing the outlook
at this time.
Treasury officials have been unwilling to make definite forecasts because
there is always danger that unexpected additional expenditures may be
faced before the close of the fiscal year which would change the situation.
But it was agreed that the unusually heavy income and profits taxes received in March had made it apparent that earlier private estimates were too
low and that if the June receipts held up, as it is now hoped,the estimate as
stated would be realized.
A warning note, however, was sounded by officials, who said that because such a surplus and debt reduction was probable at the close of the
fiscal year it was not to be taken as proof that the situation would be as
favorable in the fiscal year 1926-27, and later years, under the new tax rates.
The point was made that some new expenditures being considered by Congress, such as increased pensions, public building bills and reclamation work,
were concurrent, although the revenues received by the Government in
those years might not be as heavy as in the present fiscal year.
The estimate of a $270,000,000 surplus and a $750,000.000 reduction in the
gross debt in the fiscal year 1926 was based upon conservative calculations
and should be carried into effect even if income and profit tax payments in
June fail to exceed the estimates as heavily as they did in March.
The Treasury has not yet obtained a complete check-up on March income
and tax receipts, which makes it impossible to determine just what percentage of the taxpayers made their full payment instead of only a quarterly
payment. But It is not believed that this feature of the tax collections
will tend to bring the June receipts below the estimates.
In Associated Press advices from Washington April 3 it
was stated that the increase of almost $60,000,000 in income
tax collections for the March quarter over receipts of a year
ago, when the rates were higher, is looked upon at the White
House as the result of improved business conditions fostered
by taxpayers' anticipation of the rate reductions. These
advices added:
The consent decree filed in Baltimore and the dismissal of the complaint of the Federal Trade Commission against the Continental Baking
Corp. ends the litigation against the Baking Company. In the answers
of all the dissentients, both corporate and individual, filed in Baltimore,
each denied the existence of any such combination as was charged by
the government and any plan for any such combination.
The Ward Food Products Corp. was designed, not to combine several
baking companies, but to bring into one ownership various complementary
non-competitive enterprises. By the decree this plan is abandoned. The
decree has been accepted because it relieves all of an annoying and
expensive litigation. The disposition of securities required by the decree
has already been made.
Referring to the provision of the decree which breaks up
"common control" of the baking concerns involved, Federal
District Attorney Amos W. Woodcock said that the defendants William B. Ward, George C. Barber and Paul H.
Helms, characterized in the Government's petition In
equity as a "triumvirate controlling and directing the fortunes of the baking industry," were enjoined from acquiring or holding voting stock in more than one ot the
seven defendant corporations, and must relinquish all voting shares in the defendant corporations other than the
one in which each individual defendant elects to participate.
The Court reserved the right to enter any further orders
necessary to carrying out the decree and to punish any
evasions.
Seven baking concerns and eight individuals, originally
named in the Government's suit, were affected by today's
decree. The corporations are the Ward Food Products
Corp., the Ward Baking Corp., the General Baking Corp.,
the Continental Baking Corp., the Ward Baking Co., the
General Baking Co. and the United Bakeries Corp. The
Individuals are Howard R. Ward of Illinois, William B.
Ward, William Dringer, Paul J. Helms, J. W. Rumbough,
R. E. Peterson, George G. Barber and George S. Smith,
all of New York,
The Government's petition against the Ward Food Products Corp. et al. was given in full in our issue of February
13, p. 833-837.
The baking interests, according to the consent decree,
have agreed to the following terms of the Government in
exchange for the dismissal of the suit:
At the same time another warning to Congress to hold down on proposed
increases in permanent expenses of the Government was issued on behalf of
President Coolidge, who believes a deficit in 1927 still is a dangerous probability.
Final statistics issued by the Treasury showed collections for the quarter
were slightly less than $500.000,000. or $100,000,000 more than it was estimated would be received.
1. The charter of the Ward Food Products Corp., chartered in MaryNo surprise was shown at the White House. In fact, President Coolidge
land on Jan. 30, with a potential capitalization of $2,000,000,000 and
believes the large collections were quite natural. He holds the opinion,
of 20,000,000 shares, is to be surrendered in 30
however,that the returns for the next three quarters will decrease materially authorized capital stock
and that the full effect of the widespread tax reductions ordered by Con- days.
to
be transacted by the corporation except that
2. No business is
gress will not be felt until the end of the year.
termination.
One reason for the heavy collections this quarter, as seen by the President, necessary for its
3. At the next annual meeting of the General Baking Corp., the Board
Is the likelihood that many taxpayers already have paid their total tax rather
of Directors has agreed to change its corporate structure and organizathan use the quarterly installment system.
The President had counted on the Treasury surplus, which appears in- tion. Authorized capital stock must be reduced from 5,000,000 to
evitable at the end of this fiscal year, June 30, but it Is the next fiscal year, 2,000,000 shares. Pending such action the corporation must not issue any
of the 3,000,000 shares to be cancelled.
for which Congress is now appropriating, that is causing him concern.
THE CHRONICLE
1995
4. To widen the control of the General Baking Co., the directors have elusive in all proceedings brought to enforce an observance of this decree
or any part thereof.
already been increased from three to seven.
15. That any parties to this decree may make application to the Court
5. William B. Ward has relinquished his control of 1,000,000 shares of I
voting stock in the General Baking Co. This has been verified by the at any time for such further orders and directions as may be "necessary
or proper in relation to the carrying out of the provisions of this decree,
Department of Justice.
6. The General Baking Co. and the six other baking concerns named and for the enforcement of strict compliance therewith and the punishin the Government's suit have agreed to dissolve any common connection ment of evasions thereof"; and jurisdiction of this cause is retained for
they may have. A director in one concern cannot serve as a director to the purpose of giving full effect to this decree, and for the purpose of
making such other and further orders, decrees, amendments or modificaanother.
7. The directors of the seven companies are enjoined from acquiring tions, or taking such other action, if any, as may be necessary or appropriate to the carrying out and enforcement of said decree.
stock in any other bakery which is engaged in inter-state commerce.
16. That the petition be and it is hereby dismissed as to defendants
The decree of the Court contained the following provi- Will:am Deininger, George B. Smith, Howard B. Ward, J. W. Rumsions:
bough and R. E. Peterson, without prejudice.
17. That the United States shall recover in costs.
1. That the defendants shall, within the time in each instance specified,
carry into execution the undertakings hereinbefore set forth;
2. That pending the dissulution of the defendant, the Ward Food
Products Corp., as herein provided, said corporation is enjoined and United States Senate Confirms Nomination of Thomas
restrained from issuing any capital stock, bonds or other evidences of
F. Woodlock As Member of Inter-State
indebtedness, and from acquiring any property or transacting any busiCommerce Commission.
ness or taking any action other than may be necessary to terminate its
existence;
In executive sess!on on March 26 the Senate by a vote of
3. That until the authorized capitalization of the defendant, the Gen52 to 25 confirmed the nomination of Thomas F. Woodlock
eral Baking Corp., shall have been reduced as hereinabove provided, the
General Baking Corp. is enjoined and restrained from issuing or using as a member of the Inter-State Commerce Commission. The
all or any part of 3,000,000 shares of Class A non-voting stock so to be appointment of Mr. Woodlock to the Commission was origincanceled.
by President Coolidze on Jan. 26
4. That the individual defendants and the corporate defendants, their ally sent to the Senate
officers, directors, agents and employes, are perpetually restrained and 1925. The Senate failed to act on the appointment before
enjoined from directly or indirectly doing any act or thing in furtherance the adjournment of Congress on March 4 1925. and for the
of any such plan as described in the petition for bringing the several
sent the nomination to the Senate
Corporate defendat.ts under common control; and from forming or join- second time the President
ing any like plan for restraining or monopolizing interstate trade and on March 18 1925, on which day a spec:al session of the
commerce in the future;
Senate (convened following the regular session) adjourned;
5. That the defendants, the Ward Baking Corp., the Ward Baking Co.
neither the Senate nor its Committee
and all persons acting for or in behalf of them or any of them, be and at the special session
they are hereby perpetually enjoined, restrained and prohibited from on Inter-State Commerce acted on the nomination. It was
acquiring directly or indirectly, receiving or holding, voting or in any announced on March 26 last year that Mr. Woodlock had
manner acting as the owner of, or exercising direct or indirect control of,
tendered by President Coolthe whole or any part of the shares of the capital stock of the defendants, accepted a recess appointment
the Continental Baking Corp., the United Bakeries Corp., the General idge on March 25. Following the convening of the new ConBaking Corp., the General Baking Co., or any of their controlled com- gress in December the President again submitted (Dec.
panies, and from acquiring any of their physical assets;
Woodlock as a
6. That the defendants, the General Baking Corp., the General Baking 21) to the Senate the nomination of Mr.
Co. and all persons acting for or in behalf of them, or any of them, be member of the Commission, and reference to an unfavorand they are hereby perpetually enjoined, restrained and prohibited from able report voted by the Senate Inter-State Commerce Comacquiring directly or indirectly, receiving or holding, voting or in any
of Feb. 20, page
manner acting as the owner of or exercising direct or indirect control of, mittee on Feb. 19 was made In our issue
the whole or any part of the shares of capital stock of the Ward Baking 963. Mr. Woodlock, who was named to succeed Mark W.
Corp., the Ward Baking Co., the Continental Baking Corp., of the Potter on the Commission, was formerly editor of the "Wall
United Bakeries Corp., or any of their controlled companies and from
Street Journal." Opposition to his appointment had come
acquiring any of their physical assets;
7. That the defendants the Continental Baking Corp., the United from Southern Senators, who had contended that the post
Bakeries Corp., and all persons acting for or in behalf of them, or any
should be tendered to a representative of the South. Reof them, be and they are hereby perpetually enjoined, restrained and
prohibited from acquiring directly or indirectly, receiving or holding, garding the action of the Senate in confirming the nominavoting or in any manner acting as the owner of, or exercising direct or tion on March 26, we quote the following Associated Press
indirect control of, the whole or any part of the shares of capital stock
accounts from Washington that day:
of the defendants, the Ward Baking Corp., the Ward Baking Co., the
After a five-hour battle behind closed doors, the Senate to-day confirmed
General Baking Co., or any of their controlled companies, and from
Thomas F. Woodlcck, of New York, as a member of the Inter-State Comacquiring any of their physical assets;
vote of 52 to 25.
8. That the corporate defendants herein named are hereby perpetually merce Commission, by a
After a heated discussion of the subject, the Senate decided just before
enjoined, restrained and prohibited from acquiring directly or indirectly,
should not be made public.
call
roll
the
that
vote
the
the whole or any part of the stock or other share capital of any other
The size of the majority astonished even the friends of Woodlock. It
baking corporation engaged also in interstate commerce, where the effect
was accomplished by a combination of Democratic and Republican regulars,
of such acquisition may be to substantially lessen competition in such
removed a storm centre that had hung over the Senate during the last
and
the
and
acquired
so
is
commerce between the corporation whose stock
year.
defendant corporations or tend to create a monopoly.
A few weeke ago opposition to Woodlock had gained such proportions that
9. That the defendants William B. Ward, Paul H. Helms and George Republican leaders advised the President to withdraw his name. This MA
G. Barber are severally perpetually enjoined, restrained and prohibited not done, however, and shortly afterward the Inter-State Commerce Comfrom acquiring, receiving, holding or voting or in any manner acting as mittee reported adversely on the nomination. A poll of the Senate then
the owner of any of the voting shares of the capital stock of more than showed a small majority against confirmation.
one of the defendant corporations and its subsidiaries; and from acquirFrom then on developments followed rapidly. The nomination of Riching any of the physical assets of more than one of said corporation;
ard V. Taylor, of Alabama, as a member of the Commission, softened the
10. That the defendants William B. Ward, Paul H. Helms and George opposition of Southern Senators to Woodlock, and the recent announcement
G. Barber are severally required to dispossess themselves of all voting from the White House that Pennsylvania, the South and Southwest would
shares of capital stock in any of the defendant corporations and the be given consideration in filling vacancies removed further opposition based
companies controlled by them, other than such defendant corporation and on. grounds of sectional representation.
its subsidiaries as he may elect to retain his holdings in under Section
Senator Reed, Republican, Pennsylvania, who had opposed Woodlock
9 hereof;
because Pennsylvania, with its huge railroad traffic, was not given repre11. That the defendants the Ward Food Products Corp., the Ward sentation, lined up after this announcement with the forces for confirmaBaking Corp. and Ward Baking Co., constituting one group; the General tion, and they were further augmented when Senator Robinson, Arkansas,
Baking Corp. and the General Baking Co., constituting a second group, the Democratic leader, indorsed him.
and the Continental Baking Corp. and United Bakeries Corp., constitutAt the executive session to-day, Chairman Watson, of the Inter-State
ing a third group, are severally perpetually enjoined, restrained and Commerce Committee, arose to Woodlock's defense and fought it out with
prohibited from electing or appointing and from continuing any person the opponents all through the session.
as a director or as an officer who is at the some time a director, officer,
Senator Wheeler, Democrat, Montana, who acted as prosecutor of Woodagent or employe in any of the corporations of either of the other groups lock at the committee hearing, charged that the appointee was not a Demoor their subsidiaries; the purpose of this provision being to insure to the crat and was unfitted to serve on the Commission because of his associacorporations of each group and their subsidiaries a direction and man- tions with Wall Street. He was supported by Senators Walsh, Demoagement independent of the direction and management of the corpora- crat, Montana, Mayfield, Democrat, Texas, and others.
tions of other groups and their subsidiaries;
Supporters of Woodlock in the main remained silent during the discus12. That each of the corporate groups as defined in Section 10 hereof, sion, and up until the very hour of a vote leaders of the opposition believed
their officers, directors, agents or employes, is perpetually enjoined, they had won a victory.
restrained and prohibited from entering into any contracts, agreements
The adverse report of the Senate Committee on the nomor understandings with one or more of the other corporate defendants
herein for joint purchases of materials, supplies and equipment, or for ination of Mr. Woodlock was taken up by the Senate on
common prices or common policies in the marketing and sale of their March 23—the Senate debating the question for two hours
output, as in the petition alleged.
13. It appears that the charge contained in the petition herein that the without reaching a vote. At that time the Associated
acquisition and holding by the defendant, the Continental Baking Corp., Press stated:
of the stocks and other share capital of alleged competing baking comThe first test of strength between the Administration and anti-Adminispanies is in violation of Section 7 of the Clayton act, was included also tration forces on the nomination came almost immediately after the execuin a complaint filed by the Federal Trade Commission against the Con- tive session began, when the Senate voted, 42 to 30, against debating the
tinental Baking Corp. on Dec. 19, 1925.
question in public.
Wherefore the petition is dismissed as to that charge without prejudice
For two and a half hours the Senate then wrangled, largely over the
other
any
in
issue
the
the
of
United
raise
right
States
to again
question whether Mr. Woodlock was a Democrat or a Republican. The
to the
proceeding.
nominee, appointed as a Democrat, had admitted voting the Republican
14. It is further ordered, adjudged and decreed that this decree and Presidential ticket for several years.
any of the provisions hereof shall be without prejudice to the rights and
Agreement to take up the nomination at 12 o'clock on
interests of the said defendants in any proceeding, civil or criminal,
26, and vote on it not later-than 5 p. m. was reached
March
conbe
shall
recitals
its
be
that
except
brought,
which may hereafter
1996
THE CHRONICLE
In the Senate on March 25. The Senate's confirmation of
the nomination has not ended the controversy which arose
over Mr. Woodlock's nomination. On March 27 efforts were
made to remove the secrecy attendant to roll call on the
25th. By a vote of 34 to 30 on March 27 the Senate rejected a motion by Senator Pittman for an executive session for the purpose of considering the question as to
whether the vote should be made public. The Associated
Press advices from Washington on March 27 Indicated as
follows the dispute over the Issue:
The row was precipitated by Senator Blease, Democrat, of South Carolina, who, with Senator Norris, Republican, of Nebraska, asked unanimous
consent that the vote on Woodlock be made public. Instant objection was
offered by Senator Curtis, of Kansas, the Republican floor leader, and
Senator Means, Republican, Colorado, on the ground that two Senators who
were absent would have made such objection had they been present. They
were unnamed.
Senator Norris then asked unanimous consent for every Senator to be
relieved from the rule for secrecy so he might tell his constituents how he
voted, but Senator Means again objected.
Senator Borah, Republican, of Idaho, said he could not understand the
reasons for secrecy, and served notice that he would oppose further restricting publicity on executive sessions.
Senator Pittman, Democrat, of Nevada, also protested against "this constant secrecy."
Senator Pittman, in urging on March 27 the removal of
the secrecy, said in part:
Let me call attention to the rule of secrecy with regard to nominations.
It is found in Rule XXXVIII, Section 2, on page 42 of the Senate Manual,
as follows:
"All information communicated or remarks made by a Senator when
acting upon nominations concerning the character of qualifications of the
person nominated, also all votes upon any nomination, shall be kept secret."
That is the only vote that shall be kept secret. Publishing the votes on
the question of whether or net we would consider the matter in open executive session is not prohibited under the rule. If anyone can find anywhere that it is prohibited, I would like to have it called to my attention.
Therefore I ask that the Clerk read at the desk the vote taken in executive session on the motion on March 23 to proceed to the consideration of
the nomination of Mr. Woodlock in open executive session. . . .
The Clerk has sent for the original vote, so I can present the matter in due
form. I want to say, as has been said before, that I am quoted in the press
as taking a certain position in the Woodlock matter, and yet under the
rule I am prohibited from either admitting or denying it. A strange situation arises here. One of the Senators most strongly In favor of the confirmation of the nomination of Mr. Woodlock, which Senator's name I am
not at liberty to divulge under the rule, favored an open executive session. He is a Democrat, I cannot quote what he said; but he certainly
gave no reason why it should not be done. Now we find ourselves in the
absurd position where the press has a very full report of the situation that
does not show that anything was said derogatory to the character of the
candidate or reflecting on his integrity or anything of that sort, and yet
this body is so secretive that it will not even allow its members'
constituents to know how they voted on the matter. I am not at liberty to
tell my constituents how I voted on the matter. Fortunately, under the rule,
what is secret is stated exactly, and while I think the rule is an absurdity
I insist that these matters which are not secret under the rule shall be made
public.
[vm... 122.
With the Government seeking to conduct its own affairs in the
most economical manner, arranging our tax laws upon the sound
principles advocated by Secretary Mellon, and pursuing a policy of
non-interference with the legitimate activities of business, and with
the American people working together as they are doing—we can have
confidence that permanent prosperity shall have every opportunity to
flourish.
Gov. Smith of New York Signs the Nicoll-Robinson Bill
Changing Method of Bank Taxation—Bill
Opposed by New York City.
The Nicoll-Robinson bill, which repeals the so-called
Money Capitol Tax Act, and provides new legislation for
bank taxation in New York State, was signed by Gov.
Smith yesterday (April 9). The act repealed had imposed a 1% tax on the capital, surplus and individual
profits of banking institutions; under the new legislation
a tax of 41A% will be levied on the incomes of banks and
trust companies; the 41
/
2% rate on income is the same as
that which prevails in the case of manufacturing and mercantile corporations. The passage of the Nicoll-Robinson
bill by the Legislature was noted in our issue of a week
ago, page 1859. Before disposing of the bill Gov. Smith
held a hearing on it on Tuesday of this week (April 6);
bankers throughout the State in attendance at the hearing
endorsed the bill, and the only opposition, it is stated, was
voiced by representatives of the New York City Administration. According to the New York "Times" Assistant
Corporation Counsel Irving L. Geiser of Rochester told the
Governor that his city would benefit by approval of the
measure, as it would increase by approximately 25% the
city's revenue, owing to the fact that there were many
trust companies doing business in Rochester and that
under the proposed law the cities would get a share of the
tax levied against such institutions, while under the law
now in force the receipts from this source are retained by
the State.
From the "Associated Press" advices from Albany April
6 we give the following regarding the opposition on the
part of the New York City officials:
Loss of revenue was the principal objection to the measure expressed
by representatives of New York City. Henry M. Goldfogle, head of the
city's Department of Taxes and Assessments, estimated that under the
bill New York city would lose annually more than $3,000,000. Senator
Seabury C. Mastick, Republican, Westchester, chairman of the Senate
Committee on Taxation and Retrenchment, said this estimate was $1,250,000 too high.
Venturing another estimate, Charles L. Craig, former comptroller of
New York city, said that it was likely, on the basis of increasing business, that by March, 1927, when the Nicoll-Robinson bill would become
revenues on the proposed new basis would equal those now
On March 28 Associated Press reports from Washington effective,
paid in capital levies.
stated:
The question of constitutionality raised by William II. King, Assistant
Although they blocked several moves yesterday in the Senate to make Corporation Counsel of New York, evoked from Mark Graves, of the
the vote public, Senator Pittman of Nevada, a Democratic member of the State Tax Commission, a reply that that body had considered the
Inter-State Commerce Committee, now gives notice that at the next execu- measure from every angle and found nothing to warrant doubt. Mr.
tive session he will launch all over again his fight to have the ballot on Graves later submitted to the Governor a brief dealing with this point.
confirmation printed.
Senator Mastick, replying to a charge by Mr. King, that the NicollRobinson hi:I "let out" the private banker, said a hill now in preparation
Charles M. Schwab on Return From Europe Finds Re- for introduction next year, under which all private business would be
taxed.
covery From War More Advanced in U. S. Than
Abroad—Looks for Permanent Prosperity.
Charles M. Schwab, Chairman of the Board of the
Bethlehem Steel Corporation, speaking In Syracuse, N. Y.,
before the Syracuse Chamber of Commerce at a dinner
on April 8 contrasted the recovery here and abroad since
the World War, and said:
Mayor Walker of New York in announcing on April 5
that he would appeal to Gov. Smith to veto the bill, said:
The bill is designed to relieve the banks from millions of dollars in
taxes that are now paid into the treasury of the City of New York. It
has been conservatively estimated that it will reduce the income of
New
York City next year by upward of $3,000,000. There is no
provision
made for making this up to the city and the only way in which this sum
I have just come back from Europe, and just to arrive in America can be made good is by increasing the taxes. The enactment of the bill
after a few weeks in Europe is enough to make anybody optimistic into law, therefore, would mean an increase of approximately three points
if they are not already so. Europe is burdened with troublesome diffi- in the next year's taxes within the City of New York.
This bill, which covers fifty-eight pages, is very complicated, and
culties of enormous magnitude. It is a wonder that so much progress
carehas been made in meeting the situation. Europe is making headway ful analysis of its provisions indicates that the deficiency in revenues
in
the city may exceed $3,500,000. There is no apparent necessity
in repairing the ravages of war, but here at home so much greater
for
headway is being made that it is difficult to realize that America and the bill at this time. It practically repeals the Walker law, which was a
compromise measure that resulted in saving about $10,000,000
Europe are on the same planet.
to the
Aside from this general spirit of optimism which flows out of one's city and which has just been sustained by the Court of Appeals.
The fact that the bill does not take effect until March 31, 1927,
gratitude at being an American citizen and being able to participate in
a year
the wonderful opportunities of this country, I am an optimist on the hence, proves that no urgency commands its approval at this time. The
Legislature will be in session next year and if the banks
business outlook for the following reasons:
require the
I. Because the American people as a whole are hard at work relief provided there will be plenty of time for the Legislature to act
producing new wealth at an amazing speed. That means new pur- before the taxes can be collected. In the meantime the
whole situation
chasing power, new savings, new opportunities for expansion of pro- should be studied and reviewed with a view to a
fair solution of the
duction.
problem as it affects New York City.
2. Because Nature promises a year of bountiful crops on top of
The Governor in approving the bill yesterday outlined
the enormous agricultural production of last year.
3. Because the wage-earners of this country are working in a spirit the principal features of the bill as follows:
of greater peace with their employers than I have known in twentyChanges the plan of taxing banks and financial corporations,
other
five years.
than savings banks, from an ad valorem to an income tax
basis;
4. Because business men have been carrying on their work careGives
the
revenue
from
trust
companies
to the localities in which they
fully in recent years and not indulging in speculative expansion reare located;
sulting in over-production and the inevitable crash.
Repeals the Moneyed Capital Law;
S. Because our railroads are providing a transportation service of
greater efficiency than the people of this country have ever before
Taxes the income from moneyed capital and dividend
income from
enjoyed—thus making it possible to do business with smaller investors shares of stock in financial corporations
against individuals;
and reduced lines of credit.
Extends the 1% credit on account of 3% State
bonds to National
6. Because, through the operation of our banking laws, and. by
reason of the prudence of those in charge of our banks, credit facilities banks, State banks and corporations taxable under Article 9A of the
have not been taxed, and the business of the country is generally Tax Law.
sound.
In his memorandum accompanying the bill he also said:
7. Because the Government of the United States under the leaderStatistics compiled by the special joint legislative committee on taxation
ship of the President, stands for a policy of sanity, conservatism, and
and retrenchment and by the State Tax Commission, declared the
progress in all the affairs of the nation.
Am. 10 1926.]
THE CHRONICLE
Governor, show conclusively that the present plan of taxing banks and
financial corporations exacts from them much higher taxes, measured
by net income, than other business enterprises pay.
The principle of this bill is neither new nor novel. In 1922 the special
joint committee said in substance that a dollar earned in the banking
business should pay no higher tax than a dollar earned otherwise. That
A
committee has advocated that principle consistently ever since.
majority of the members of the State Tax Commission advise me there
is no sound economic reason which can be offered in opposition to the
plan proposed in this bill.
The feature of the statute taxing moneyed capital which this bill
repeals is not, as the Tax Commission advise me, capable of fair, equal
and impartial administration, without which elements no tax law can be
said to be a good statute. It has been exceedingly fruitful of litigation.
I am satisfied that this is a good tax measure, that it makes for equality
of taxation, and that it is a forward step in the development of an
orderly tax system in this State. It is said that this bill will reduce
revenue, but if it makes for equality and fairness of taxation, that ob.
jection should not be controlling.
Tax laws should not be judged solely by the manner of dollars they
will bring into the treasury of the Government, hut rather by the measure
of fairness and equality which they produce. The other objections raised
at the public hearing were of minor significance. None of them affects
the bill in any vital or material way, and such of them as have merit can
be corrected later.
1997
As to the "extraordinary expansion in time payment
sales," Mr. Hawes says that the "outstanding advantage
is that it enhances the immediately effective purchasing
power of the individual. The dangers lie In extending this
plan on too large a scale to purely consumptive goods and
of extending the deferred payments over too long a period.
It really resolves itself around the question of the extent
to which it is safe to build up a credit structure based
largely upon anticipated income. Should something happen, such as a period of unemployment, grave difficulties
might arise not only in the field of credit, but in those industries where volume is dependent upon the free utilization
of this plan."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were
reported posted for transfer this week, that of Henry P.
Perry to Walter H. Madden for a consideration of $135,000
and that of Graham F. Blandy, deceased, to Gabriel A.
Constitutionality
The decision last week upholding the
of the moneyed capital tax law was referred to by us last Bellin for $133,000. The last previous transaction was
for $135,000.
week, page 1860.
The New York Cotton Exchange membership of Maurice
A. B. A. Trust Company Division Appoints Committee Simmons was reported sold this week to Bernard E. Hyman
to Co-operate with A. I. B.
for another, the consideration being stated as $27,000.
A committee to advise regarding a special course in trust This is the same as the last preceding sale.
functions for the American Institute of Banking has been
appointed by Edward J. Fox, Vice-President of the Trust
Company Division, American Bankers Association, who presided at the recent mid-winter trust conference in New
York, where Stephen I. Miller, Director of Education of the
Institute, suggested such a committee. The membership is
as follows:
Stephen I. Miller, Director of Education, American Institute of Banking,
Chairman.
William H. A. Johnson, Assistant Secretary, Continental & Commercial
Trust Co., Chicago, Ill.
J. Cunliffe Bullock, Tice-President, Industrial Trust Co., Providence, R. I.
G. Harold Welch, Assistant Trust Officer, the New Haven Bank, N. B. A.,
New Haven, Conn.
Frederick Vierling, Vice-President, Mississippi Valley Trust Co., St.
Louis, Mo.
In the course of his remarks at the trust conference,
where he spoke on the Institute's program for training trust
men, Mr. Miller said:
I would like to ask the presiding officer to name a committee to discuss
the set-up of a special coarse in trust functions for the larger chapters of
the American Institute of Banking throughout the United States. We are
all busy trying to bring to the educational program of the Institute better
instruction, larger vision and a broader service, not only for banks, but for
the people of the entire United States.
Business Independent of Stock Market, Says Richard
S. Hawes of St. Louis.
Stock market movements no longer dominate business as
they did formerly, Richard S. Hawes, Vice-President of the
First National Bank in St. Louis, declares in discussing recent stock market declines in the current American Bankers
Association "Journal." Mr. Hawes, who was formerly President of the Association, says:
Recent severe declines in the stock market clearly show that an important
change has occurred in American business relationships. The really important thing indicated by this movement was the fact that the stock market no longer controls the industrial structure of the country as it did in
the past. So far as our banking situation was concerned fluctuations in the
stock market caused little, if any, worry for the reason that the country
has now gotten to a place where changes in investment markets do not
dominate the sound basic situation of the country. From the financial
standpoint the country to-day is infinitely stronger and more independent
than it ever was in the past.
The consolidation of the Chase National Bank and the
Mechanics & Metals National Bank of this city under the
name of The Chase National Bank of the City of New York
will take effect on Monday, next, April 12. The consolidat,n1 bank will have a capital of $40,000,000, which with the
$10,000,000 capital of the Chase Securities Corporation and
the combined surplus and profits will give the bank a capital
structure of more than $90,000,000.
As we have heretofore noted the stockholders of both
institutions approved the consolidation on March 18, and
ratified at the same time the plans agreed upon by their
directors for carrying it into effect. Albert H. Wiggin, now
Chairman of the Board of Directors and President of the
Chase National Bank, will be Chairman of the Board of
Directors of the consolidated bank; Gates W. McGarrah,
Chairman of the Board of Directors of the Mechanics &
Metals National Bank, will be Chairman of the Executive
Committee; and John McHugh, President of the Mechanics
& Metals National Bank, will be President of the consolidated institution.
In the Chase Securities Corporation, Albert H. Wiggin will
continue as Chairman of the Board of Directors, Edward R.
Tinker as Chairman of the Executive Committee, and Halstead Freeman as President. The present principal offices of
both banks will be retained at 57 Broadway and 20 Nassau
Street. The former will be the main office, and the latter
will become the Mechanics & Metals branch of the consolidated Chase National Bank. The present branch sYstem
and facilities in New York City and Brooklyn of both banks
will be continued.
The records of both banks are interesting, but space will
not permit more than a brief reference here to their history,
as follows:
With the history of The Chase National Bank are identified numerous
Illustrious names, including those of John Thompson, George F. Baker,
James J. Hill, Henry White Cannon, A. Barton Hepburn and Albert H.
Wiggin. The bank's policy from the beginning has been one of unremitting
enterprise and usefulness, and its growth indicates to what degree the
has developed with its opportunities. Named after Lincoln's
As to general business prospects, he says that the "un- institution
Secretary of the Treasury, Salmon P. Chase, the bank was established on
derlying trend since the beginning of the year has been Sept. 12 1877, when a group of five men met at No. 117 Broadway, and as
the sole original stockholders and the first Board of Directors organized the
somewhat inconclusive." He adds:
Despite numerous favorable factors, more than ordinary concern has been Institution, with a capital of $300,000. These men were Samuel C. Thompmanifested regarding the outlook. During the past year profits have been son, John Thompson, Isaac W. White, Francis G. Adams and Lewis E.
generally good and demand satisfactory in practically all important lines. Ransom. '
Doors were opened for business on Sept. 20 1877. The first published
There is little evidence of over-production. Business policies have been
conservative. Despite complaints with respect to hand-to-mouth buying, report, as of Dec. 27 following, showed total resources of the bank to have
this policy has produced a somewhat better adjustment between supply and exceeded a million dollars.
During the first nine years of its existence The Chase National Bank
demand and may be accepted as a source of benefit rather than weakness.
The tariff and foreign competition are among the most important prob- operated under the guidance of Samuel 0. Thompson and his father, John
lems now confronting American business. So far as direct competition from Thompson, men whose names stood for much in the banking life of New
Europe is concerned, we have little cause for concern. Labor in Europe York City in their generation. In 1886 Henry White Cannon, who today
is paid lower wages, but actual efficiency is less than American labor. continues as senior director of the bank, was elected President. His enerUntil we have definite evidence of really detrimental European competition getic guidance marked a notable period in the growth of the bank . .
In 1899, when deposits bad risen to $43.000.000, A.Barton Hepburn, who
we should go slow on the tariff and high protective duties. Such political
measures are often of doubtful value, are likely to stir up trouble and was destined to be the third president of the institution, joined the bank.
Mr.
Hepburn's name has become tradition in Wall Street; his sound knowproduce retaliatory measures that do more harm than good to a healthy
ledge of banking. his keen Judgment and fearless leadership brought notable
development of world trade.
So far as taxation is concerned the greatest danger lies in not paying accomplishments which marked his career as an exceptional one and made
enough attention to the gradual increase taking place in State and local him a leading figure in finance throughout the course of his life. He suctaxes. The people should see that local Governments do not nullify the ceeded to the presidency of the bank in Feb., 1904, Mr. Cannon at that
benefits received from reduced Federal taxes. Attention should be turned time becoming Chairman of the Board.
The Mechanics & Metals National Bank was the fourth institution of its
to this field before State and local taxation becomes a drag upon the gar
, kind authorized to conduct a banking
business in this city. It was incorlags of the individual and a handicap to industry.
porated on March 3 1810, as the Mechanics Bank of the City of New York
1998
THE CHRONICLE
and operated for a period of 55 years under the laws of New York State.
Since May 27 1865, it has operated under the national banking laws. As
constituted today it is the product of a long period of natural growth and a
series of comparatively recent consolidations during the last quarter century.
The Leather Manufacturers National Bank was combined with the
Mechanics National Bank on April 16 1904. Six years later, on Jan. 29
1910, the National Copper Dank was consolidated with the Mechanics
National Bank under the present title of the Mechanics & Metals National
Bank. The Fourth National Bank was absorbed on June 18 1914. The
New York Produce Exchange National Bank was consolidated with the
Mechanics & Metals National Bank on June 21 1920, giving the institution
9 branches, and on July 24 1922. the Lincoln National Bank was also
merged giving the Mechanics & Metals National Bank 3 additional branches.
Records show that the Mechanics Bank took a leading part 70 years ago
In the establishment of the New York Clearing House. In the war period
of 1812. the panic years of 1837 and 1857, the Civil War period, the panic
years of 1873. 1893 and 1907 and the World War period, the Mechanics
& Metals National Bank has played an important part in extending financial
assistance to the Government.
[Vou 122.
twelve story building to be erected on this site, which will
take at least one year to construct. Until that time, the
American Trust Company will occupy its temporary quarters.
Harlem Bank of Commerce at 2118 Second Avenue, this
city, opened its first branch on April 3. The branch is
located in the Murray Hill Section, 431 Third Avenue,
corner of 30th Street. The officers of the bank are: F. M.
Ferrari, President; F. X. Mancuso, Chairman of the Board;
F. Ferrari, Francis S. Paterno, H. W. Hubbard, Capt. G.
Daniell, H. Lazarus, Dr. J. F. Saphir, Vice-Presidents; and
Anthony Di Paola, Cashier. Vice-President Hubbard is
Manager of the new branch.
Franklin Clark Thompson, a partner in the New York
References to the present merger appeared in our issue of Stock Exchange firm of Itarvey Fisk & Sons, died at his
Feb. 13, page 845; Feb. 20, page 966; March 6, page 1265 home, Forest Hills, Long Island, on April 5th from heart
and March 20, page 1563.
disease following an attack of acute indigestion. Mr.
Thompson was 45 yt ars of ago. Out of respect to Mr.
- The Equitable Trust Co. of New York announces the TlicroIssun's memory the offices of Harvey Fisk & Sons
appointment of Wallace M. Montgomery as representative wore closed at 3 p. in. Wcdi esday, the day of thd funeral.
in the Southeast. From _central offices in Atlanta, Mr.
Montgomery will serve a broad territory, including the The plans to increase the capital of the Brooklyn Trust
States of Georgia, Florida, Alabama and South Carolina. Company, of Brooklyn,from $1,500,000 to $2,000,000 were
By this addition to Its staff, the Equitable rounds out Its ratified at a special meeting of the stockholders on March 22.
facilities for handling Southern business, already afforded As indicated in our issue of March 13 (page 1411) the new
by the company's Baltimore office and Special Southwestern stock will be issued at $200 per $100 share. The enlarged
Representative, Mr. Gafford. Mr. Montgomery was at one capital will become effective May 1. The notice to the
time Assistant Credit Manager, and later Spechil New stockholders March 29, says:
stockholder of record on the 29th day of March at 3 p. in. is entitled
Business Representative of the Citizens & Southern, the toEach
subscribe at $200 per share for a number of shares equal to one-third
largest bank in the Atlanta district. The Atlanta office of the number then held, but no stockholder is entitled to subscribe for fracthe Equitable Trust, working in close touch with the main tions of shares.
Subscriptions may be made for whole shares only. Fractional warrants
office in New York, will provide Southern bank:ng and should
be combined with other fractional warrants by purchase or sale
business houses an efficient means of transacting New York through your own broker, making whole shares.
for whole shares or fractional warrants aggregating whole
Warrants
and foreign business.
shares must bo surrendered at the principal office of the Company, 177
Street,
Brooklyn, New York, with the subscription endorsed
Montague
Two rapidly growing sections of the upper West Side have thereon, with payment in full for the subscription on or before 12 o'clock
on the first day of May,1926, on which day subscriptions will be closed,
been selected by the Hamilton Bank as locations for two noon
No assignment of a warrant or of any right evidenced thereby will be
new branch offices. The first one to be opened will be on valid unless made on the back thereof. All, or any part, of the rights
Washington Heights, in the building on the southwest cor- represented by a warrant may be transferred prior to 12 M.on May 1 1926
by executing the assignment on the back thereof and surrendering the
ner of 181st Street and Wadsworth Avenue. Later in the warrants so assigned to tho Company, whereupon a new warrant
or warrants
year another branch will be opened on the southwest cor- will be issued to the person or persons entitled thereto, in accordance with
assignment.
such
ner of 110th Street and Broadway. The Hamilton National
The right to subscribe shall cease and the warrants become void and of
Bank, which is located on 42d Street in the Bush Terminal no avail after 12 M on May 1 1926.
Sales Building, is already operating a branch in Queens
According to the Brooklyn "Eagle" stockholders of the
Village, Long Island, and another at 96 East 170th Street,
People's
Trust Company of Brooklyn who deposited their
and the announcement of additional branches is in line with
the aggressive policies of the present management, of which shares with the National City Company under the terms of
Archibald C. Emery is President. In Queens, a new bank the purchase of the Peoples Trust by the Natoinal City Bank
building is now under construction and the Hamilton branch received on April 5 cheeks for their holdings at the rate
there will move to its new quarters early in May. The of $750 a share, that amount being the first payment on
account of the stock. Final payment approximating $85 a
main office has been undergoing extensive alterations and
share will be made as soon as the appraisal committee made
It new entrance on 41st Street will give access from two
up of members of the two institutions has completed its
principal streets. On March 1 the capital and surplus of
valuation of the asset value of the stock. The "Eagle" also
the bank was increased to $2,000,000 and every department,
says:
the
new
stronger
opened
year
50%
than
the
It is stated,
When the sale of the Peoples Trust Company was announced it was
year previous. The bank is now serving over 45,000 cus- planned that payment for the stock would be made to-day at $835 a share,
if, however, it had been determined by a board of appraisal that the asset
tomers.
value of the stock was equal to $560 a share. Provision was made that
$750 a share be paid on account if the appraisal had not been completed.
• Andrew Houston Mars, Vice-President and one of the The work has not been finished, it was learned to-day, and the $750 payare consequently being made.
organizers of the Fidelity Trust Company of New York, mentsindications
could be obtained as to how far the appraisal had been
No
died at his home in Brooklyn, on April 7. He was 52 years completed and officers also refused to indicate whether the asset value
Bank
in
a share. If it does the stockholders are to receive the
Park
National
exceed
$560
started
with
the
would
Mr.
Mars
of age.
likewise they will get less if it is less than $560 a share. Mean1886, and for a time was in the employ of the Bank of the increase;
while the time for deposit of stock has been extended to April 15.
Republic. In 1902, he became Secretary of the Hudson
Extension of the time for deposit, it was pointed out, would not in any
made
Secreway affect the merger with the National City Bank, as the necessary twoTrust Company of Hoboken, and in 1906, was
the merger effected.
tary of the Home Trust Company of Brooklyn. In 1907, thirds of the stock has been deposited and
Items regarding the purchase of the Peoples Trust by the
he assisted in the organization of the Fidelity Trust Company
National City Bank appeared in these columns March 6,
of New York; he was its first Secretary, later becoming
page 1264 and March 13, page 1410.
Vice-President.
The State Banking Department has approved the plans
Joseph J. Slonin has been elected Assistant Cashier of the
of
the Midwood Trust Co. of Brooklyn, N. Y., to increase
Bowery Branch of the Chatham Phenix National Bank and
capital from $700,000 to $1,000,000. The stockholders
Trust Company. Mr. Slonin has served the institution its
ratified
the plans on Feb. 15. The new stock will be issued
for the past 21 years.
on July 1. Details of the issuance of the new stock were
The American Trust Company of New York has acquired given in our issue of Feb. 6, page 706.
a lease of the property at 57 Bay Street, Staten Island, for a
The Comptroller of the Currency announces the change
temporary Staten Island Office—the site is now occupied
in
the name of the Tarrytown National Bank, Tarrytown,
by the Staten Island Edison Company. Quarters will be N. Y., on April 1 to the Tarrytown
National Bank & Trust
Trust
let,
to
take
care
of
American
July
the
about
opened
Co.
Company's new activity until a permanent building is erected
The death occurred in Boston this week of Edward E.
on the site which the American Trust Company and the
affiliated New York Title and Mortgage Company have Blodgett, a director of the First National Bank of that city.
acquired at 30 Bay Street. Plans are being prepared for a
J
Am. 10 1926.]
THE CHRONICLE
Simon Swig, formerly of Boston and a Vice-President of
the Tremont Trust Co. of that city at the time the institution was closed several years ago by the Massachusetts Bank
Commissioner, has obtained control of the Tamiami Banking
Co. of Miami. Mr. Swig is associated with a group of capitalists. In this regard an Associated Press dispatch from
Miami, which appeared in the Boston "Transcript" of March
29, said in part:
Reorganization of the bank, which was unexpected, has affected every
department of the company. The capital stock of $50,000 has been increased
to $500,000 and a cash surplus of $125,000 added.
The newly-elected officers include Judge William E. Walsh, Chairman
of the board of directors, who is also President of the new University of
Miami; C. J. Anderson, President; Simon Swig, Executive Vice-President;
A. E. Reese, Vice-President; E. A. Fowler, Cashier, and J. E. King, Assistant Cashier. The stockholders include Judge Walsh, Mr. Swig, Gael Coakley and James Pelekis.
Mr. Swig came to Miami last fall for the purpose of establishing a bank.
Negotiations were begun at that time for the purchase of a stable bank.
1999
for almost twenty years, as Second Vice-President. Henry
P. Mauger, the bank's Secretary, was given the added office
of Treasurer and M. N. Ea,stburn, Title and Trust Officer,
was elected a director to succeed Mr. Cox in that capacity.
Mr. Martin, the new President of the Kensington Trust Co.,
was Secretary and Treasurer of the bank when it opened its
doors for business on May 15 1906. Several years later he
became a Vice-President and a member of the board of
directors. Mr. Manger also has been connected with the
institution since its organization, while Mr. Eastbum has
been connected with it for the past fifteen years. The bank
has resources in excess of $15,000,000.
The Lincoln Trust Co. of Jersey City recently opened
its new banking home for public inspection. The building, which is at the corner of Montgomery and Washington
Streets, the site of the former home of the bank, is of granite
and limestone and is of the latest type for buildings to be
used exclusively for banking purposes. It is "L shape,"
having a frontage on Montgomery Street of 58 feet and a
depth along Washington Street of 90 feet. The interior of
the building was thus described in the "Jersey Observer"
of March 27:
The floor in the public space Is of Tennessee marble and the counterscreen Botticinni marble, backed up with bronze—the combination making
a very pleasing and attractive appearance. The floor covering In the work
space and officers' room is of pressed cork. The interior walls are oftravertine, forming arches over the the five large windows on the Washington
Street side. The ceiling is about 40 feet high and the side windows extend
nearly to the ceiling, thereby affording an abundance of natural light, a
feature which Is greatly appreciated by the customers as well as the employees.
There are four vaults in the building; the combination safe deposit and
cash vault being on the first floor; it Is constructed of re-enforced concrete.
the re-enforcement consisting of eleven tons of twisted steel rods on a11 four
sides as well as the top and bottom, all being electrically connected with
over one mile of wire. The main door, 16 Inches thick, is rectangular In
shape: it has 24-Inch bolts, the operation of which is controlled by four time
locks. A round emergency door In the side of the vault, also controlled by
four time locks, reduces to a minimum the possibility of being locked out, as
each of these time locks operates independently of each other. The trim
and paneling in the directors' room, President's private office, consultation
room, trust office and ladies' room are of fiddle back grain walnut.
The Prospect National Bank of Trenton, N. J., is being
organized with a capital of $200,000 and surplus of $50,000.
The Comptroller of the Currency received the application of
organization on March 16. As soon as the charter is granted
the organizers will erect a new banking house to be opened
July 1. The stock is being placed at $125 per $100 share.
The National Bank of America, of Paterson, N. J., announces the appointment of John R. Voorhis Jr. as Cashier
of the bank. Mr. Voorhis was formerly an Assistant Cashier of the Coal & Iron National Bank of New York, which
has been merged with the Fidelity International Trust Co.
Mr. Voorhis has been identified with the Coal & Iron National for 23 years; he started as a runner, and by successive steps advanced to the post of Assistant Cashier. As
Cashier of the National Bank of America he succeeded J. D.
Van Dien, whose ill-health caused his withdrawal.
H. Norman Perkins and Callender S. Smyth, former Treasurer and Trust Officer, respectively, of the Germantown
Trust Co. of Philadelphia, were recently elected Vice-Presidents of the institution, following the resignation of Edward
A. Waters as Vice-President, according to the Philadelphia
"Ledger" of April 1. Other new appointments made by the
directors were as follows: Paul L. Taggart, formerly Assistant Treasurer and Secretary, Treasurer; James A. Kell,
heretofore Assistant Secretary, Secretary; Thomas E. Shipley, Trust Officer; Thomas Humphreys Jr., Assistant Secretary; Stuart W. Kepler, Paying Teller, and Ralph J.
Dubbs, Assistant Paying Teller. Mr. Waters, who retired
from active business, had been with the institution for upwards of sixteen years as a Vice-President and as Title and
Trust Officer, it is stated.
Announcement was made recently that the Provident Savings Bank & Trust Co. of Cincinnati had taken over the
Liberty Banking & Savings Co. at Liberty Street and Freeman Avenue, that city. The acquisition of the latter followed but a few days, it is understood, the absorption of
the East End Bank of Cincinnati by the Providence Savings
Bank & Trust Co. The acquired Liberty Banking & Savings
Co. will be known, it is said, as the Liberty and Freeman
Branch of the enlarged institution and by its absorption the
deposits of the Provident Savings Bank & Trust Co. will be
increased to $33,000,000. B. H. Kroger is President. E. F.
Steinman, until recently the President of the Liberty Banking & Savings Co., was elected in January last to succeed the
late Fred H. Stillman, whose death occurred in December.
Mr. Ballman was one of the founders of the institution and
served as its President from the time of its inception in
1907 until his death.
R. T. Forbes, Vice-President of the Continental & Commercial National Bank of Chicago, died suddenly March 27.
Mr. Forbes served as a bank official for more than 30 years,
the last four of which were with the Continental & Commercial National Bank. He learned the routine of banking
as a clerk in the American National Bank of Dallas, Texas.
He also worked for banks in Missouri and New Mexico before he was elected to his first official position in 1896, at
which time he became Cashier of the AMerican Trust & Savings Bank of Cedar Rapids, Iowa. In 1905 he was elected
Vice-President of the Citizens National Bank, Cedar Rapids,
a position that he held until 1907, when he went to Chicago
as Vice-President of the Drovers National Bank. One year
later he was elected President of that institution. In 1910
he became President of the First National Bank of St.
Joseph, Mo., where he remained until November 1920, when
he returned to Chicago to become Vice-President of the Fort
Dearborn National Bank. He was elected Vice-President of
April 1922.
the Continental & Commercial National Bank in
board of
At the time of his death he was Chairman of the
Trust &
First
the
and
Bank
National
directors of the First
Savings Bank of St. Joseph, Mo. Mr. Forbes always took acin
tive part in civic affairs in the different communities
a
which he lived. During the Spanish-American War he was
Light
Volunteer
Iowa
Battery,
Fifth
the
of
First Lieutenant
Artillery. He was a member of the Military Order Spanishof
American War, was Chairman of the St. Joseph Branch
Council
State
the
of
member
the National Security League,
Chapter
of Defense of Missouri, Treasurer of the St. Joseph
Board
Park
the
of
member
a
and
of the American Red Cross
of St. Joseph.
Edwin L. Read, a Vice-President of the Sheridan Trust
& Savings Bank of Chicago, and the oldest active officer in
point of service, was elected President of the institution on
April 6 to succeed W.J. Kilingberg, according to the Chicago
"Journal of Commerce" of April 7. Continuing the "Journal
of Commerce" said:
Mr. Read's twenty-two years of banking experience began in the Central
Trust Co. of Illinois in 1904. Ho has been with the Sheridan Trust since
1912, first in the capacity of Cashier, and later that of Executive Vice
President. Mr. Read continues to be assisted by the same staff of officers,
five of whom have seen from eight to_fourteen years of service with the
bank
Lucius Teter, President of the Chicago Trust Co. arriving
this week on the S. S. Paris after a stay of several weeks in
France, expressed the opinion that the French Government
is making an earnest effort to balance its budget. "I am
more than ever convinced," said Mr. Teter ,"that the
French are doing all in their power to work out of their
pressing financing problems. Conditions appear prosperous
over there and the outlook seems most promising."
Charles L. Martin, heretofore Vice-President and Treasurer of the Kensington Trust Co. of Philadelphia, was
elected President of the institution by the directors on
April 7 to succeed the late George S. Cox, whose death
occurred recently. James Henry remains First Vice-PresiEdwards Whitaker, Chairman of the board of directors
dent, and the directors chose William H. Brehm of the firm
of Brehm & Stehle, Philadelphia, and a director of the bank of the Boatmen's Bank of St. Louie and for many years a
2000
THE CHRONICLE
prominent figure in that city's traction affairs, died on
April 1 in St. Louis after a long illness. Mr. Whitaker was a
native of St. Louis and received his education in its public
schools. One of his first jobs, during the early days of the
Civil War, was loading and unloading barrels and cases
from the river packets at the Mississippi levee. His financial career began as a clerk in the United States Sub-Treasury
in St. Louis and later he entered the firm of Edwards &
Mathews as a clerk. This latter firm subsequently became
the investment banking house of Whitaker & Co., of which
Mr. Whitaker was the head until his death. In 1910
Mr. Whitaker, then a Vice-President of the Boatmen's
Bank, assumed the Presidency of the institution and served
in that capacity up to Jan. 12 of the present year, when he
resigned because of his illness and was made Chairman of
the board, the office he held at the time of his death. For
the three years preceding Jan. 1 1925 Mr. Whitaker was
President of the St. Louis Clearing House Association, and
for many years was President of the Missouri Botanical
Gardens. He was 77 years of age.
The combined capital and surplus of the American Natioral
Bank of Richmond and the combined capital and surplus of
its affiliated institution, the American Trust Co., were
increased recently to a total of $5,000,000 for the two irstItuCons, when a new stock issue was quickly absorbed. The
capital of the American National Bank, it is understood, row
stands at $2,000,000 with surplus of $1,500,000, while that
of the American Trust Co. is $1,200,000, with surplus of
$300,000. Oliver J. Sands heads both institutions.
E. J. Nolan, a member of the directorate of the Hellman
Commercial Trust & Savings Bank of Los Angeles, was appointed President of the institution on March 25 to succeed
the late Benjamin E. Page, according to the Los Angeles
"Times" of March 26. Mr. Nolan and the late Mr. Page
were close personal friends and associates in many financial affairs, as members of the law firm of Page, Nolan,
Rohe & Hurt of Los Angeles. For two years Mr. Nolan has
been active Vice-President and a director of the Merchants'
National Bank of Los Angeles and the institution's attorney for the last ten years. The "Times" quotes Marco H.
Hellman, Chairman of the Board of the Hell:nail Bank, in
1 Vol.. 122
announcing Mr. Nolan's election to the Presidency, as saying:
Mr. Nolan brings to his office vast fund of financial experience and a
broad knowledge of banking. In addition to his association with the Merchants' National Bank and the one of which he is now President, he is a
director in several local banking institutions, including Banks-Huntley
&
Co., the Guaranty Discount Corporation and the Mortgage Surety Co. He
also is President and director of the First Bank of Maywood and director
of the Bank of San Fernando.
The Dominion Bank of Canada announced on April 5
the removal of the New York agency to 49 Wall St. It
has heretofore been located at 35 Wall St., which building
is being demolished on May 1.
The New York agency of the Anglo-South American Bank
announces the receipt of a cable from its head office in
London to the effect that the directors have declared an
interim dividend of 5s. a share (less income tax) on the
outstanding shares of the bank. This dividend is payable
on April 28 and is at the rate of 10%.
A condensed statement of condition of the Union Bank of
Switzerland (head office Zurich) as of Dec. 31 1925 has come
to hand. It shows total assets of 621,700,718 Swiss francs, as
compared with 586,297,709 francs on the same date the
previous year. The principal items going to make up the
1925 resources are: Commercial and industrial loans,
298,539,283 francs; due from banks and bankers, 151,348,165
francs; bills of exchange, 106,210,359 francs, and cash in
hand, 19,896,691 francs. On the debit side of the statement deposits and current accounts are given as 373,561,973
francs; capital (fully paid), 70,000,000 francs, and reserve
fund, 70,000,000 francs. The Union Bank of Switze land
was established in 1912 through the amalgamation of the
Bank of Winterthur (1862) with the Toggenburger Bank
(1863) and has acquired many other banks and banking
institutions since then. It has numerous branches throughout Switzerland.
The Banque Nationale de Credit, Paris, France, announces
that the dividend proposed at the annual meeting of stockholders will be of 9% for the year 1925 (9% for 1924).
The net profits for 1925 amount to Frs. :32,092,927, against
Frs. 31,444,680 for 1924.
Course of Bank Clearings
Bank clearings the present week will again show a very
substantial increase as compared with the corresponding
week last year. This is due in part to the fact that Good
Friday fell in this week last year, while the present year it
came a week earlier. 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,
April 10) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns
will aggregate 21.3% more than in the corresponding week
last year. The total stands at $9,817,050,664, against
$8,090,550,749 for the same week in 1925. At this centre
there is an increase for the five days of 16.7%. Our comparative summary for the week is as follows:
Marotta-Returns tv Telegraph.
1926.
1925.
Per
Cara.
New York
Chicago
Philadelphia
Boston
Kansas City
St Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,588,000,000
538,549,292
506,000,000
406,000.000
101,337,417
122,800,000
152,821.000
133,288,000
144,345,448
125,018,182
90,236,355
102,670,717
54,038.406
$3,929,761,146
546,076,867
426,000.000
310,000,000
107,456,590
117.500,000
138,198,000
118,000,000
116,158.087
105,446.274
85,266,678
68,428,237
39,193.058
+18.7
-1.4
+18.2
+31.0
-5.7
+4.5
+10.6
+12.9
+24.3
+18.5
+5.8
+50.0
+37.9
Total 13 cities. 5 days
Other cities, 5 days
87,065,104.817
1,115.770.736
$6.107.484,937
848,884,804
+17.6
+31.4
Total all elites, 5 days
All cities. 1 day
88.180.875,553
1.636,175.111
$8,956,369,741
1,134,181,008
+17.6
+44.3
89.817.050.664
88.090.550.749
+21.3
Week Ended April 10.
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 April 3. For
that week there is an increase of 8.0%, the 1926 aggregate
of the clearings being 811,125,063,407 ar d the 1925 aggregate
$10,303,231,879. Good Friday fell in this week the present
year, while last year it was a week later. That diminished
the current week's totals somewhat, as this day is largely
observed as a semi-holiday. Outside of New York City
there is a decrease of 0.1%, the bank exchanges at this
centre recording a gain of 13.6%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the Boston Reserve
district the totals are larger by 17.3% and in the New York
Reserve district (including this city) by 13.7% but in the
Philadelphia Reserve district there is a falling off of 11.6%.
In the Cleveland Reserve district there is a decrease of
2.0%, in the Richmond Reserve district of 10.5% and in the
Dallas Reserve district of 3.4%. The Chicago Reserve
district has a loss of 4.5%, the MinneapolisReserve district
of 19.6% and the Kansas City Reserve District of 8.8%.
In the Atlanta Reserve district there is an improvement of
8.3%, in the St. Louis Reserve district of 4.8% and in the
San Francisco Reserve district of 11.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended April 3.
1926.
1925
Federal Reserve Districts.
$
$
tst Boston
12 cities 619,592,427 528,044,875
Ind New York
11 " 6,997,883,208 6,153,810,416
565,258,861 639,219,313
3rd Philadelphia
10 "
8
••
393,468,855 401,643,260
6th Cleveland
8 5th Richmond
201,498,356 225,054.285
13 5th Atlanta
237,630,859 219,386.891
20 "
7th Chicago
948,869,590 993.246,038
8 8th St. Louis
228,960,525 216,632,668
7 ..
9th Minneapolis
100,690,988 125,149,880
lOth Kansas City
12 "
227.829,776 249,851,373
5 "
11th Dallas
67,014,063 69,375,863
121.11 San Fmnciseo._ 17 . 538,365,879 481.817,098
ludo
Dec.
1924.
1923.
%
$
$
+17.3 507.791,169 474,488,075
+53.76.150.775.1565.042.173.132
-11.6 557,390,824 581,364.521
-2.0 368,562,680 394,399,274
-10.5 195.145,197 221,225.676
+8.3 192,030,639 184.033.997
-4.5 891,663,619 578,827.066
+4.8 205,958,330
71.727.300
-19.6 109,008,448 128,776812
-8.8 211,059,005 248,852,975
-3.4
65,885,008
53.433.782
+11.7 465,418,828 430,072,362
Grand total
129 cities 11125063,407 10303231.879 +8.08.92.3.488.9038,709,377.3
99
Outside New York CRY
4 275,966.108 4.276817,633 -0.1 3.886382,901
3,792.669.230
41.,,A.i.
90 MUM
2440 16.5 Os42 121 nia agq -In a
105 Mg 110
215 011 9011
2001
THE CHRONICLE
APE. 10 1926.]
-
MONTHLY CLEARINGS.
We also furnish to-day a summary by Federal Reserve
Clearings Outside New York.
For
Clearings, Total All.
districts of the clearings for the month of March.
Month.
1925.
1926.
of
country
1925.
whole
the
for
1926.
increase
that month there is an
$
15.5%, the 1926 aggregate of the clearings being $48,505,47,660.896.877 46,161,258.211 +3.2 20,559,798.610 19,440,564,225 +5.7
_ 38,799,487,827 37,490.819.848 +3.5 17,346,130,353 16,433,760.596 +5.5
299,107, and the 1925 aggregate $42,009,334,406. This Feb_
Mar __ 48.505,299,107 12,009,334,406 +15.5 20,413,426,165 18.660,323,657 +9.4
total of $48,505,299,107 for March 1926 establishes a new 1st qu. 134965683,811 125661412,465 +7.4 58,319,355,128 54.534.648.178 +6.6
high record for monthly clearings, not alone for March but
The course of bank clearings at leading cities of the country
for any month of any year. Outside of New York City the
for
the month of March and since Jan. 1 in each of the last
increase for the month is 9.4%. At this centre the bank four years is shown in the subjoined statement:
exchanges register a gain of 20.3%. The Boston Reserve
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to March 31March
district shares an improvement of 16.7%, the New York
(000,000s
1926. 1925. 1924. 1923. 1926. 1925. 1924. 1923.
$
the
$
and
$
20.2%
of
city)
$
this
$
$
(including
omitted.)
$
$
district
Reserve
New York
28.092 23,349 19,650 19,768 76,646 71,127 58,459 56,331
7,917
7,584
8,631
Philadelphia Reserve district of 12.5%. In the Cleveland Chicago
3.050 2,984 2,576 2,833 8,897
5,515 5,327 4,923
5,959
2,079 1,764 1,814 1.762
Boston
Reserve district the totals are larger by 8.6%, in the Rich- Philadelphia
7,522 6,927 6,163 6,093
2,727 2.420 2,095 2,082
1.874
1.889 1,806
1,975
628
594
632
Reserve
677
Atlanta
Loulv
the
St.
in
and
6.0%
by
district
mond Reserve
1,992
682 2.270 2,177 2,023
682
729
791
Pittsburgh
1,974
680 2.497 2,238 2,061
873
758
870
. district by 15.2%. The Chicago Reserve district has a San Franc1sCO
890
845
896
981
329
291
311
338
Cincinnati
1,187
1,249
1,275
1,421
gain of 5.0% and the St. Louis Reserve district of 7.3%, but Baltimore
409
432
452
502
1,762
619 1.685 1,688 1.526
516
598
597
City
The
Kansas
behind.
4.4%
falls
the Minneapolis Reserve district
1,322
1,342
1,373
459 1,464
458
464
502
Cleveland
706
782
793
780
239
237
284
262
Kansas City Reserve district has an increase of 2.2% and New Orleans
870
818
1.037
973
292
289
367
345
Minneapolis
413
397
1,889
1,975
141
138
632
the San Francisco Reserve district of 16.1%. The Dallas St. Louis
677
1,559
1,802
1,868
568 2.100
658
657
769
Detroit
458
479
• Reserve district suffers a loss of 1.4%.
513
544
165
171
186
193
Milwaukee
March
1926.
$
Federal Reserve Dists.
18t Boston_ ___14 cities 2.331,607,475
2nd New York_14 " 28,751.275,209
2,947,836.693
lid Philadelphial4 "
1,821.326,297
6th Cleveland .15 "
935,022,309
5th Richmond _10 "
1,226,830.992
5th Atlanta _ _ _18 "
4,510,180,979
7th Chicago_ _ _29 "
1,048,894.797
8th St. Louis_ _10 "
664.474,265
9th Minneapolls13 "
1,270.752,175
10th ICansasCity16 "
549,726,270
12 "
11th Dallas
2,547.371.656
12th San Fran 28 "
March
1925.
Inc.or
Dec.
$
1,997,874,819
23.909.700,118
2,621.813,433
1,677,404,159
881,955,562
1,065,259,498
4,293,402.139
977,279,634
590,357,362
1,242.865.216
557,683,688
2,193,737,778
Z.
+16.7
+20.2
+12.5
+86
+6.0
+15.2
+5.0
+7.3
-4.4
+2.2
-1.4
+16.1
March
1923.
March
1924.
$
$
2,022,774,239 1,970.602,445
20,196,221,036 20,151.566.939
2,285,292,906 2,270,266.916
1,614,400,456 1,664,079,098
812.521.563
816.810,886
906.710,456
861,541.142
3,849.1326.897 3,999.15805
338,307,064
905,215,585
530,377,084
607,574,636
1,086.587.105 1,252,961,668
416,479,252
449,996,917
2,059,898,440 1,956,453,365
193 cities 48,505,299,107 42,009,334.406 +15.5 36,656,140.245 36,269,484,835
Total
Outside New York City. 20,413.426,165 18,660,323,657 +94 17,005.913,083 16,501.204,839
1 1.11 077 Ok-1
Canada
1 196 534_124
1 171 MA AM
1 101547 V7I1 .1.127
805
56
208
230
139
96
142
232
104
211
74
73
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
1925.
/ne.or
Dec.
1923.
1921.
$
6
$
%
Federal Reserve Diets
1st Boston_ .....14 cities 8,723,532,160 6,238,469.779 +7.8 5,990,963,865
2nd New York _14 " 78,578,517,832 72,817,998,103 +7.9 60,136,733,038
8,175655018 7,540.801.780 +8.4 6.764.723,330
3rd Philadelphial4 "
5,268,680.813 5,001,143,577 +5.3 4,757,588,338
4th Cleveland .15 "
2,661,362,330 2,515388,769 +5.8 2,443,327,074
6th Richmond _10 "
3,593,458,564 3,045.261,850 +18.0 2,638,355,152
6th Atlanta _18 "
7th Chicago.- _29 " 12,937,852,085 13.333.784,523 +4.9 11,137,279,078
3,073.535,889 2,946,432,789 +4.3 2,745 739.656
8th St. Louis...10 "
1,589.339,983 1,661,207,464 -4.3 1,434.692,351
9th Minneapolls13 "
3,544,147,684 3,521,139,115 +0.6 3,173,629.191
10th Kansa8C1ty 18 "
11th Dallas _ _ _ _12 "
1,674,731,633 1.670,190,020 +0.3 1.384.132,746
12th Ban 1Van...28 "
7,143,869.795 6,368,591,696 +12.2 6,200,747.452
$
5.558.372.792
57,443.618,795
6,652,764.804
4,763,293,199
2,338,447.869
2,539,870.597
11,146,993.585
981,437.295
1,532,411121
3,451,142,741
1.245,920.674
5,591,021,828
193 cities 134,965,683,811 125,661,412,465 +7.4 108.807.911,271 103,195,297,300
Total
Outside New York City_ 58,319,355,128 54,534,648,475 +6.9 50,348,445,791 46,864,679,262
3.708.303.982 -1-6.0
3.634.897.304
1,601
156
565
553
433
251
363
661
310
455
141
179
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for March and the three months of 1926 and 1925 are given
below:
Three Months.
Month of March.
Description.
1925.
1926.
1925.
52,271,691 38,294.393 126,985.54W 112.659,392
Stock,number of shares
Railroad dr miscell. bonds_ _ _ $185,100,050 3225,512.500 $571,726,050 $725,300,800
54,530,000 51.097,000 156,235,850 150.434.250
State, foreign, drc., bends__ _
119.414.200
U.S.Government bonds.... 29,910,800 33.361.600 78.353,100
3269,540.850 $309,941,100 $806.315.000 $995.149,250
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1923
to 1926 is indicated in the following:
1926.
1925.
No. Shares.
No. Shares.
1923.
1924.
No. Shares. No. Shares.
41.570.543
32,794.456
38,294,393
26,857.386
20.721.562
18.375,911
19,914,827
22,979,487
25.964.666
126.983.365 112.659.392
65.954.859
68.858.980
38.987.885
35,725.989
52.271.691
Month of January
February
March
Finn nimrtpr
3.929.890.961
Canada
1,951
155
478
554
420
251
389
683
274
520
168
183
48,505 42,009 36,656 36,269 134.966 125,661 108,808 103,195
Total all
46,864
Outside New York_20,413 18,660 17,006 16,501 58,319 54,534 50.348
1926.
1926.
1,925
175
551
617
392
217
408
688
307
504
179
198
44,841 38,685 33,289 33,692 124.371 115,997 98,589 95,919
3.664 3.324 3,367 2,577 10,595 9.664 10,119 7,276
Total
Other cities
We append another table showing the clearings by Federal
Reserve districts for the three months back to 1923:
Three Months
2,207
180
540
683
397
278
394
678
324
571
215
215
580
52
212
194
158
84
151
225
104
170
45
61
644
47
178
182
151
79
134
217
85
185
52
61
672
55
207
206
141
67
141
236
96
182
55
60
3.606.308.313
We now add our detailed statement showing the figures
The following compilation covers the clearings by months for each city separately for March and since Jan. 1 for
two years and for the week ending April 3for four years:
since Jan. 1 in 1926 and 1925:
CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK. ENDING APRIL 3.
1920.
1925.
$
$
First Federal Rese rye District- Boston2,7.41.117
Maine-Bangor
3,000 058
lv Portland
15,174.972
12,898,896
Mass.-Boston
2,078,537,997 1.764.000,000
Fall River
11.096357
8,915.584
3.930,101
3,671.407
Holyoke
Lowell
4,666.030
4,405,717
a
a
Lynn
New Bedford
6,961.484
5,465,978
23,213.325
24.876.900
Springfield
15.073.485
14.935.308
Worcester
55,484,781
73,567.374
000n.-Hartford....
31,247,639
New Haven
31,488,105
8,886.000
9,338,600
Waterbury
54,858.200
R. I.-Providence
55.565,700
2,857.603
N.H-Manchester ....
2,663,695
Total(14 cl!les)
Week Batted April 3.
.51nce .lanuary 1.
March.
Clearings alInc.or
Dec.
%
1926.
$
1925.
Inc. or
Dec.
$
%
+11.1
+17.6
+17.8
-11.7
-6 6
-5.6
a
-21.5
+7.2
-0.9
+32.6
+08
+5.1
+1.3
-6.8
8,944,157
42,788,191
5,958.537,997
26.830,493
11,545.532
13,086,821
a
16.520.687
74.476.579
45,727.989
215,390,799
91,222,673
29,542.400
179,957,600
8,960,242
8.827,808 +1.3
39,244,762 +9.0
5,515.462,354 +80
31,211,228 -14.0
12,261.186 -5.8
-5.6
13.866,21
a
a
19.269.71 -14.3
+2.6
72.564.78
+0.9
45.303.81.
178,631.25 +20.6
+0.7
90,541.06
+6.0
27.863.40
174.700.500 +3.0
8,721.700 +2.7
2,331,607,475 1,997,874,819 +16.7
6,723,532,160
6.238.469,779
+7.8
1926.
$
1925.
Inc. Or
Dec.
1924.
1923.
%
$
$
$
840.631
765,503
4,312,520
4,194,325
564.000.000 468,000,000
2,379.260
2,167,236
a
a
1,184,100
c1,067,160
a
a
1,550,364
1,291.640
6.873.50
6,628.993
4.496,62
3,899,402
14.487,445
15,582.87
8,307,053
6,358,282
13,837.500
894.941
619,592,427
+1.7
-1.4
14,090.100
912,514
13,473.600
889.227
528,044,875 +17.3
507,791,169
474,488,075
13,610,700
907.236
Second Faders! Re serve District!-New York-8,934,730
6,869.103
81,906.016 -3.2
79,265,252
29.334,308 -5.8
27,638.340
N. Y.-Albany
1,429,500
1,280.600
14,320.100 +3.5
14,819.000
4.190,200 +5.0
4,401.700
Binghamton
51,144.698
617,235.932 +10.7 d47,463.123
683,472.445
205,704,745 +11.9
230,107,718
Buffalo
894.693
934,570
+4.4
12,573,526
3,849.746
11,689.917 +7.6
4,018,893
Elmira
1,208,547
c1.315,013
17,344,467 +14.1
19,784,841
6,539,140
5.607.975 +16.6
Jamestown
28,091,872,942 23,349,010,749 +20.3 76,646,328,683 71,128.763,989 +7.3 6,849,096.999 6,026,414,246
New York
12.505,834
11.493,692 +8.8
+9.6
3,902,63
4,277,800
Niagara Falls
16,435.665
15,497,750
169,898.826
48,808,453 +8.3
154,710.664 +9.8
52,853,060
Rochester
7,029.845
7.385.968
66.835.755 +11.7
74.677.140
21.018.374 +11.8
23,511,302
Syracuse
c3,072,725
3,007,715
43.101.628
+36.9
+23.3
34,963,777
11,950,476
16.363,571
-Stamford_
Conn.
644,994
567,294
8.387.749
6,635,674 +26.4
2.276.555 +30.2
2,963,9417
N. J.-Montclair.
316.724.239
244.549,214 +29.5
80.610.630 +34.2
108.181.995
Newark
478,999.558
414.197,701 +15.7
138.358,961 +24.6
172.398,684
Northern N.J
17.979,111
64,678.486
15,351.206 +17.1
36.387,360
5.076,313 +21.1
6,146.062
Oranges
Total(14 cities)
28,751,275,204 23,909,700,118 +20.2 78.578,517,832 72.817.998,103
930,983
942,731
-8.9
3,545.200
3.478.236
-2.8
+20.5 448.000.000 419.000.000
2,574,630
2,405,368
-8.9
a
a
a
1,402,176
1,296.210
-9.9
a
a
a
1.477,475
1,631.880
-16.7
6,113.464
5.924,291
-3.6
4319.000
4,306.810
-13.3
13,524.917
15,882.403
-17.0
7,527,314
8.920,626
23.5
4,401.823
7,821,248
-23.1
1,489.700
1.426.100
-10.4
45,200.246
-7.2
45,405,991
907.639
+4.4
1.071,852
1,134.508
+8.8
1,199,763
+13.6 5,034.106,002 4.916,708.167
-5.7
-4.8
+2.2
+13.7
14.108.326
13.921,952
6.099,30
6,318. 73 1
3,084.540
3,076,761
473,730
539,800
+77.7
35,836,956
48,505.543
+7.9 6.997,883,208 6.153.810,416 +13.7 5,150.775,156 5.042.173.532
2002
THE CHRONICLE
[VoL. 192.
CLEARINGS-(Continued.)
March.
Clearings at1926.
Since January 1.
Inc. or
Dec.
1925.
1926.
Week Ended April 3.
Inc. or
Dec.
1925.
1926.
1925.
1,258,036
4,098,043
1,131,863
8,210,561
Inc. or
Dec.
1924.
1923.
1,332,316 --5.6
4,956.610 --17.3
1,599,341 --29.2
1,316,829
4.391,517
1,170,111
1,732,181
4,431,873
1,443.810
8,830,832 -29.7
9.724,763
10,554,748
-11.2
-25.1
-9.1
+13.7
-21.0
515 000.000
4.997,545
6,891.172
4.885,680
2,533,970
541.000.000
5,310,039
5,736.373
3,433,766
2,742,579
5,127,820
a
5,960,512 -14.0
a
a
6,479,237
4,979,152
a
+8.4
565,258,861
639.219,313 -11.6
557,390,824
581,364,521
76.688.000
52,360,585
980,707,139
1,463.831.193
203,732.000
a
11,364.736
a
4.889.979
26,554,422
a
a
63.053.667
8,695,213
a
4,324.093
17,233,192
2,269,553.360
31,074,844
54,618,390
83.940,000 -8.6
58.089.305 -9.9
895,501.042 +9.5
1,373,018,219 +6 6
182,806,600 +11.4
a
a
12,537,349 -9.4
a
a
6.107.323 -19.9
24.038,532 +10.5
a
a
a
a
61.983,950 +1.7
9,235,073 -5.8
a
4,953.413
8
-12.7
20,209.214 -14.7
2,177.300.070 +4.2
36.132,029 -14.0
55,290.558 -1.2
7,851.000
3,644.521
81.080,915
123.625,188
18,564,800
a
5,373.000 +46.1
3.982,575 -8.5
79.239.788 +2.3
120,543,115 +2.5
19,161,200 -3.1
a
a
6.787.000
5.026.993
66.649.685
112.5(13.847
16,993,500
a
8,399.000
5,152,465
68.540.710
119.933,329
21,374,800
a
+8.6
5,268,680,813
5,001,143,577
+5.3
-4.9
a
+4.4
-1.8
a
-7.8
a
-7.6
-26.9
+11.1
+15 3
+11.9
+8.6
19,094.285
a
106,674.263
677.908,000
32a
,789,456
a
35,964,275
20,129.423
1,420,615.299
5.844.375
9,964,660
332.378,294
21,822.226
a
106.647.880
688.089,000
a
33,034,777
a
87,383.461
26,458.017
1,275.180.114
5,301,440
8,966.888
313,504,966
-12.5
a
+0.2
-1.5
a
-0.8
a
-3 8
-23.9
+11.4
+10.2
+11.1
+6.0
+3.4
21.407.000
23.621,272
881,956,562
+6.0
2,661,362,330
2,516,388,769
+5.8
201,498,356
225,054,285 -10.5
195,145,197
221,225,676
Sixth Federal Rey -,re District- AtlantaTenn.-Chattanooga.
39,311,692
30.725.362
Knoxville
14.009,679
13.743.751
Nashville
106,744,497
98.405,964
Georgia-Atlanta-327,147,665
281,572.005
Augusta
9,874,028
10,304,498
Columbus
4.687.847
4.576.614
Macon
6,913,666
7,132,134
Savannah
a
a
Fla.-Jacksonville...
164,060.546
106.293,263
Miami
79.853.777
65.828,428
Tampa
47,733,276
29,996,042
Ala.-Birmingham _
129,171,507
115.959,119
Mobile
9,891,183
8.646,712
Montgomery
8,392,343
8.579,085
Miss.-Hattiesburg.
8,648,687
7,147,913
Jackson
6.999,000
6.158.326
Meridian
4.665.431
4.838.636
Vicksburg
1,793,150
1,677,782
La.-New Orleans
261,933.023
263.693.264
+11.7
+1.9
+8.5
+16.2
-4.1
+2.4
-3.1
a
+54.3
+21.3
+59.1
+11.4
+14.4
-2.2
+21.0
+13.6
-3.6
+6.9
-0.7
98,970,870
42,418.016
289,756.485
948.591,207
27,434.115
13,798,137
20.018,957
a
487,677,417
261.636.474
146,938,233
354,442.471
28,409.136
25,101.692
25,967,026
23,429,320
13.210,846
5.984.348
779,673.813
87,881.489
42,531.514
275.677,762
806.110.360
28.431.153
130,50.016
19.553,246
a
293,016.081
151.867.584
78.313,714
347,500.156
26.559.915
23.608,045
20,229,839
18.518.608
12.384,022
6.355,649
793,372.697
+12.6
-0.3
+5.1
+17.7
-3.5
+3.3
+2.4
a
+66.4
+72.3
+87.6
+2.0
+7.0
+6.3
+28.4
+26.5
+6.7
-5.9
-1.7
e6,614,822
2.418,5.37
19,128,272
56.212.057
1,919,898
6.389.817 +3.5
3,00,711 -19.5
20,494,258 -6.7
59,254,435 +11.7
2,092,627 -8.3
6,469.866
3.1/8 181
18,647.107
50.771.531
1.800,000
6,119,067
3,299.811
19.388,684
50,470,102
1,803,000
1.675,468
a
29,487,971
13,61,5,277
1,712.515 -2.2
a
a
23,425,209 +25.9
13,082.210 +39
1.365,918
•
14,579,277
4,659,277
26.708,918
2,323,045
26,815.798
2,257,225
-0.4
+2.9
27.184.306
2.000,000
28.788,212
2,437,565
1,329.000
1,309,423
$
Third Federal Res erve District -Philadel
ph laPa.-Altoona
6,616.433
5,818,847 +13.7
Bethlehem
16.817,623
15,871,547 +5.9
Chester
6,394,068
5.750,951 +11.2
Harrisburg
20.483,683
20,562,255 -0.4
Lancaster
11,168.628
13.254,691 -15.7
Lebanon
2.466,208
2,630,853 -6.3
Norristown
3,758,494
4,075.342 -7.8
Philadelphia
2,727.000,000 2.420,000,000 +11.8
Reading
16.823.297
14,721,527 +14.3
Seranton
27,603,574
26.508,697 +4.1
Wilkes-Barre
15.373,975
12.057,743 +27.5
York
7,946,074
8,260.429 . -3.8
N.J.-Camden
59,355,904
51,467,499 +15.3
Trenton
26,028,732
20.833,052 +24.9
Del -Wilmington
a
a
a
18,648,895
50,885,271
17,628,282
56,214,863
30.400.609
7,194.605
10,517,831
7,522,000.000
48,165,224
77,785,647
43,631.884
22,518,940
184,357.657
86,105,340
a
17,333.057
46,749,662
16.572,046
60,487.799
34,601,677
6.942,107
11,469,782
6,926,855.000
43,123,741
80,421,618
45.291,834
22,755,551
150,619.840
77,578,066
a
+7.6
+8.8
+6.4
-6.1
-12.2
+3.6
-8.3
+8.6
+11.7
-3.3
-3.8
-1.1
+22.4
+ 11.0
a
Total(14 cities).- 2,947.836,693 2,621,813,433 +12.5
8,176,655,048
7,540,801,780
+25.7
-1.3
+8.4
+8.3
+16.9
a
-11.5
a
-27.4
+3.9
a
a
+4.7
-8.2
a
+22.7
-3.7
+85
+11.2
+3.5
Fourth Federal Re serve District -Cleveland.
Ohio-Akron
27.538.000
21.913.000
Canton
18,934,357
19.173.338
Cincinnati
337.522.283
311,406,909
Cleveland
502,330.747
463.712,726
Columbus
69.194,100
59,207,900
Dayton
a
a
Hamilton
3.873.143
4,377,062
Lima
a
a
Lorain
1,686.747
2.324,419
Mansfield
9,757,803
9,386,873
Eixingfleld
a
Toledo
a
a
Youngstown
19.721,556
18,833,879
Pa.-Beaver Co
2,934.463
3.197.802
Erie
a
a'
Franklin
1,797.268
1,464,571
Greensburg
6,794.700
7.054,352
Pittsburgh
790,835,655
728,549.349
KY.-Lexington
9.509,618
8.550.034
W. Va.-Wheeling._
18.895.857
18.251.945
Total(15 cities) _
1,821,326,297 1,677,404,159
Fifth Federal Re.. eve District- RichmondW. Va.-Ifuntinicton.
6.753,927
7,101.233
Va -Newport News.
a
a
Norfolk
37.405.452
35,825,092
Richmond
232.106,005
236,392,000
N. C.-Asheville._
a
a
Raleigh
11,365,991
12.324,813
Wilmington
a
a
S. C.-Charleston...
11,794,033
12,760.632
Columbia
7.218.213
9,873.631
Md.-Baltimore
502.196.137
451.736.818
Frederick
2,179,44.
1,889.951)
Hagerstown
3.504.332
3,131,414
D. C.-Washington_
120,498,778
110,920,979
Total(10 citles)__
935,022,304
530,000.000
4,174.497
6,401,392
e4,544,196
2,312,453
a
597.000.000
5,574,732
7,040,134
3,996.836
2,928,000
a
d1.938,638
a
a
4,895.585
a
a
a
2,062,690
a
-6.0
a
a
6,0
'
13.907 -18.6
a
a
a
a
2,454,479
a
a
5,432.537
a
1,757.27
a
a
7.713,013
a
151.868,208
165,266,985
-8.1
152.714,644
183,528,878
393,468,855
401,643,260
-2.0
368,562,680
394,399. 27
1,377,318
d7,634,926
48,954,000
•11.503,000
105.257.471
28.774.641
1,617.055 -14.8
1,711.652
2,211,240
7.870.302
40,792,000
7.717,495
45,635.000
7.979.889
51,542.000
-4.3
-50
12,760.632
-9.9
10,514,298
37,383,461
125,252,411 -16.0
103.849.845
104,857.208
25.902.298
1.552,645
14,778.278
+1.5
1.574.700
1.144.787
440,723 +1.0
59.105,9:0 +11.3
428,702
59.371,772
354,802
53,901,044
3,593,458,564 3,045,261.850 +18.0 237,630,859 219,386,891
+8.3
Seventh Federal 1
,erve Metric 1-ChicagoMich.-Adrian
1,141,093
1,325,555 -13.9
3,135.578
3,666,588 -14.5
255,119
271,198 -5.9
Ann Arbor
4.998.966
3.873.492 +29.0
14,439,167
12,241,310 +17.9
1,280,927
979,836 +30.7
Detroit
768,841,901
657.023,530 +17.0 2,100,383,095 1.867,942,046
+2.4
164,457,078
147,998,212
+11.1
Flint
12,517.387
11,000,825 +13.8
36,236,458
29.123,862 +24.4
Grand Rapids
39.379.347
31.648,489 +24.9
108.905,508
94.437,467 +15.3
9,011,873
8,084,935 +11.5
Jackson
7,724,458
6,745,653 +14.5
23,239,027
21.254,191
+0.0
Lansing
13.275.034
11,001,083 +20.6
34.315,106
31.027.255 +10.6
2.300.000
2,376,488 -3.2
Ind.-Ft. Wayne..11,706,963
11.268,407 +25.7
34,009,117
32,003,090
+6.3
2,551.953
2,621.228 -2.7
Gary
24.429.758
20.888.159 +16.9
59.400.871 +24.3
72,858,847
Indianapolis
95,899,000
66,644,000 +43.9
217,133,000 +28.0
278,057.000
20.390,000
14,737,000 +38.3
South Bend
12,594.600
10,525.400 +19.6
56,654,390
31,673.862 +15.7
3.172,383
2,650,500 +19.7
Terre Haute
23,269.881
27.070,098 -8.8
74.499,441
80.589.440 +9.3
4.724,415
6,392,315 -23 1
Wls.-Madison
17.688.782
14,765,689 +19.8
49.737,686
42.570,709 +16.8
Milwaukee
192.995.451
185,894.560 +3.9
544,323,299
512,593.236
+6.2
40,187,156
43,128.383 -6.8
Oehkosh
4.251,630
3,836,421 +10.8
11,461,854
11.129,276
+3.0
Iowa-Cedar Rapids_
13,978,890
13,570,165 +3.0
35,672.911
34.855.854 +2.3
3.021.905
3,397,182 -11.1
Davenport
43,957,848
56,727,367 -22.5
127,751,296
148.548,361 -14.0
Des Moines
53,215.838
55.337,312 -3.8
139.415.752
145,163.072 -4.0
11,439,426
12,877,873 -11.2
Iowa City
2,379,235
2,101.326 +13.2
5.883,076
5.839.871
+0.7
Mason City
2,506.200
7.271.400
Sioux City
34.624,766
36.732,075 -5.7
92,637,913
100.100,052 -7.5 „ 7,290,999
8,401,648 -13.2
Waterloo
5,749.494
6.641.054 -13.4
14.715.033
18.607.793 -20.9
1,542,163
1.531.736
+0.7
Mots-Aurora
7,511.847
6.491,861 +15.7
20,657,076
16.632.063 +24.9
Bloomington
9,065.164
9,499.118 -4.6
21,713.905
22,387,940 -30
1,020,983
2,050.547
-6.3
Chicago
3,050.364,709 2,984,328,101
+2.2 8,897,479.658 8,630.800,622 +3.1
660,876,830 720,466.564 -8.3
Danville
a
a
a
a
a
a
a
a
a
Decatur
5.910.209
17,372,979
6.811.791 -13.2
19.694,164 -11.8
1.315,295
1.641,703 -19.9
Peoria
24.176.096
22,790,329 +6.1
65.994.170
66.605.7_4 -0.9
5,398,226
5,242,557 +2.8
Rockford
14.159.745
13.111,533 -F 8.0
38,657,136
34.724,282 +11.3
4,180,159
3,563,591 +17.3
Springfield
14.372,887
13,242.746 +8.6
37.646,107
35,773,121
3.552.700
+5.2
4,158.082 -14.5
Total(29 cities)._ 4,510,180,979 4,293,402,139 -F 5.0 12,937,852,085 12,333,784,523 +4.9 948,869,590
993,246,038 -4.8
Eighth Federal Re serve District -St. LouisInd.-Evansville
21,937,228
21,829,410 +0.5
66,550,496
68.621,336 -3.0
.5,000,000
5,511,549 -9.3
New Albany
779,236
667.144 +16.8
2,262,939
2,220,236
+1.9
Mo.-St. Louie
677,458,570
631,683,391 +7.2 1.975,002,403 1,888,758.050 +4.6
155,700,000 144,700,000 +7.8
SprInfdleld
a
a
a
a
a
Ky.-Louisville
158,781,849
150,772,366
458,658,435
448,790.196
+5.3
22,573.061
33,099,956 -1.6
Owensboro
1.850.368
2,008,972 -7.9
6,562.807
7,187,427 -8.7
400,388
358,773 +11.6
Paducah
8.175,988
10,218,480 -20.0
26,949.408
33,094,208 -18.6
Tenn.-Memphis
104.124.011
95.727,266
323,929,295
306,953,257 +5.5
+8.8
18,705.110
18,807,798
-0.5
Ark.-Little Rock._
64.363.245
54,226,759 +18.7
186.206,198
166.530,576 +11.8
12,158,810
11,609,156 +4.7
Ill.-Jacksonville_ _ _ _
2.665.532
1,578,650 +68.8
6,081,411
4,833,495 +25.0
378,395
433,214 -12.7
Quincy
8,758,770
8,567.196
21,332,492
21,412.028 -0.4
+2.2
2,044,761
2,038,992 +0.3
193,030,639
184,033,997
226.443
1.262.664
143,155.711
295,653
927.235
102,214,825
Total(18 cities)
445,278
65.792.316
1.226,830,992 1,065,259,498 +15.2
Total(10 cities)._ 1,048.894,797
977,279,834
+7.3
3,073,535,884
2.946,432,789
+4.3
226,960,525
216,632,668
+4.8
7,174.804
7,212,597
2.683.656
2,304,894
2,394,608
2,572,188
18.093.000
2.460.000
4,5111.419
20,803,000
20595,836
5.724,692
35,617,156
36,853,996
2,818,080
3,078,745
10,824,181
12,737,425
7.017,452
1,788.453
7,750.153
1,792,712
1,620.045
637,668.169
a
1.374,306
4.966.787
3.700.839
2,305,560
1.788,607
658,264,856
a
1,387,207
4.719,193
2,966,822
2,746.735
891,663,619
878,827.085
4.460,247
4,805,226
141,800,000
28.076.729
439,557
30,861,948
502,216
18.602,974
10.244.669
315.552
2,018,602
21,901,176
11.208,669
384,934
2,063,133
205,958,330
71,727,302
2003
THE CHRONICLE
APR. 10 1926.]
CLEARINGS-(Concluded.)
1926.
1925.
Week Ended April 3.
Since January 1.
March.
Clearings at
Inc. or
Dec.
1925.
1926.
Inc. or
Dec.
1926.
Inc. or
Dec.
1925.
1923.
1924.
Ninth Federal Res erve District -Minneapoli s35,083,465 -16.6
29,277,328
Minn.-Duluth
367,304,475 -6.0
345,477,542
Minneapolis
1,716,026 +13.3
1,945,024
Rochester
140,955.798 -1.1
139,424.165
St. Paul
8,758,378 -5.0
8,324,104
No. Dak.-Fargo
6,665,000 -13.6
5.756,000
Grand Forks
1,113,015 +9.0
1,213,655
Minot
6,802.163 +2.0
6,941,533
S. D.-Aberdeen.._ _
5,179,099 +34.5
6.968,937
Sioux Falls
+4.5
2,369,51)6
2,475,525
Mont.-Billings
2,607,683 +22.1
3,183.319
Great Falls
11,405,330 +13.3
12,924,202
Helena
397,424 +41.6
562,931
Lewistown
83.941,611
972,729,057
5,792,742
396,620,671
22,466.426
15,967,000
3,140,496
18,416,190
17,229,989
7,113.854
8,892,253
35.368.982
1,660,712
97,976,924
1,037,056,064
4,980,283
392.205,351
23,594,350
18,862.000
2.902.995
18.186.067
13,381.353
7.516.262
8.065,515
35.220,954
1.259,346
-14.3
-6.2
+16.3
+1.1
--4.8
--15.4
+8.2
+1.3
+28.7
-5.4
+10.2
+0.4
+31.9
d5,250,378
63,990,340
8,061,608 -34.9
78,559,501 -18.6
6,486,899
62,532,537
5,573,694
76,580,085
25,073,493
1,727,533
32.090,317 -27.9
1,873,003 -7.8
34.284.633
-1,709,019
39,625.631
2,003,971
-3.6
1,312.000
1,355,759
557,561 -13.6
453.726
582,817
+8.2
2,229.554
3,056,855
-4.4
1,589,339,983
1,661,207,464
-4.3
100,690,988
125,140,80C -19.1
109,008,448
128,778,812
Tenth Federal Res erve District -Kansas Cit yNeb.-Fremont
2,341,667 -14.4
2.004.759
Hastings
3.612,326 -19.1
2.957.284
Lincoln
26.398,991 -8.8
24.089,670
Omaha
207.090,750 +0.6
208.277.865
Kan.-Kansas City
18,583,395 +1.2
18,809,592
a
a
a
Lawrence
a
a
a
Pittsburg
15,138,483 +18.8
17,990,630
Topeka
Wichita
32.864.367 +5.0
34.518.429
7,385,960 +18.6
Missouri-Joplin
8.761.739
Kansas City
597,927.256 -0.2
596.589.229
St. Joseph
38,342,805 -4.3
36.607,197
a
Okla.-Lawton
a
a
1,079.777 -9.6
976,009
McAlester
a
a
a
Muskogee
124.045,624
+8.9
113,864.537
Oklahoma City_ _ _ _
27.298.904 +54.6
42.202.757
Tuls1
5.213,094
5.452.731
+4.5
Colo.-Colorado SPgs.
140.779.848 +11
142,384.043
Denver
4.943,056
4,094.617
+1.0
Pueblo
4,905,559
8.077.999
61.958.220
539,870,061
54,459,192
a
a
48,370,501
98,038,589
25,077.038
1,684,961.731
103,161,025
a
3,331,297
a
369,041.389
119,434,789
14.836,675
393.956.564
14.667,055
5.488.192
8.561.232
64,756,653
550,976,400
55,795,292
a
a
43.054.758
96.820.116
21,678,537
1,687.873,931
109,743,664
a
3,593.968
a
346.104.694
89.738.720
14,938.292
408.002,042
14.011.629
-10.6
-5.7
-4.3
• -2.0
-2.4
a
a
+12.4
+1.3
+15.7
-0.2
-6.0
a
-7.3
a
+6.6
+33.1
-0.7
d346,748
709.803
5,132.628
39,711,082
432.451 --19.9
692.335 +2.5
5,601.956 -8 4
41,459,857 -4.2
250.457
551,570
3.774.634
36,799.937
501,093
729,529
5,089,358
45,921 506
-9.4
-8 5
2,550.344
6,780,000
3,462,627
10,753.000
117.846,895
d6.590,776
133,776,535 -11.9
7.362,847 -10.5
114.742.864
6.644,602
134,886,822
a
a
+6.1
22,440.998
a
a
735.193 -30.3
24,945,635 -12.1
1.161,219 -16 2
a
17.098.509
a
922,076
19.922.868
1.021.144
a
21.050.517
a
1.366,530
24.200.707
891.289
-8.8
211,059.005
248,852,978
Total(13 cities)__
564.474,265
590,357,362
1,382,548
481,609
2.785,087
d*3,500,000
d6,754,364
+4.7
a
d23,813,549
a
512,795
21,938.184
e972,952
1,270.752.175 1,242,865,216
+2.2
3,544.147,684
3,511.139,115
+0.6
227,829,776
Eleventh Federal Reserve Distr let-Dallas7,824,387
12.960,413
Texas-Austin
Beaumont
7.077.000
5.932,561
215,684,325
216,108.449
Datil
El Paso
24,938.662
21,441693
Fort Worth
56.321,350
50.896.856
35.491.000
48.700,400
Galveston
147.556,774
149.267.689
Houston
Port Arthur
2.558.836
02.000.000
3.228.443
3.201,434
Texarkana
Waco
8.270,042
11.405,762
16.111,000
14,072.487
Wichita Fails
21.653,344
La.-Shreveport
24,664,451
-39.6
+13.3
-0.2
+16.3
+10.8
-27.3
-1.8
+27.9
+0.9
27.8
+14.5
+13.9
22.767.903
21.299,313
656.566.323
67,159.921
173.183,062
122.418.000
447.353.932
7.732.448
10.016,288
27.800.975
46.600.225
71,743.243
27.782.066
19.376.698
641.632.483
62.23.128
161 994.564
148,981.875
445.108,844
6,356.077
9.7 7.001
37.892.681
41.392.280
66.735.323
-18.1
+9.9
+2.3
+7.9
+6.3
-17 8
+0.5
+23.6
+3.2
-26.4
+12.6
+7.5
Total(16 cities)__
1,671731,633
1670,110,020
Twelfth Federal eserve Dlstric t-San Franc iscoWash.-Bellingham. _
4.806,000
*3.500,000 +37.3
210.594.443
181.538,666 +18.0
Seattle
51.898,000
48,762,000 +6.4
Spokane
a
Tacoma
aa
6.576,528 -0.5
Yakima
' 6.512.218
1428.823
Idaho-Boise
3.817,830 +16.0
2.288.967
Oregon-Eugene
2.023,000 +13.1
177,462.137
159.239,025 +11.4
Portiancl
Utah-Ogden
6,312,373
5,726,000 +10.2
Salt Lake City
73.323.398
60,106.978 +22.0
2.707.694
2,830,114 -4.3
Nev.-Reno
Arizona-Phoenix_ _
10,691.000
9,930,000 +7.7
Cal.-Bakersfield _ _ _
5.708,013
4,839.226 +17.9
20,422,306
18.283,452
Berkeley
1.7+
15.671.666
12,638,059 +24.0
Fresno
Long Beach
33.689.452
30,737,362
+9.6
Los Angeles
804.886.000
672,146,000 +19.7
3,120,750 +12.7
Modesto
3.517,408
Oakland
97.294.303
86,598,475 +12.3
31,105,890
28,764,594
+8.1
Pasadena
5.095.932
3,656,534 +39.5
Riverside
29,921,919 +20.1
35.991.073
Sacramento
San Diego
28.734.972
22.390,067 +28.3
San Francisco_ _ _ _ .
869,933.000
757,600,456 +14.8
12.165,648
10,510,317 +15.7
San Jose
5.331,384 +44.4
Santa Barbara._ .._
7.696.735
9.819,654
8,557.743 +14.7
Santa Monica_
_
2,059,999 -0.2
2.055.050
Santa Rosa
12,529,500
12,429,300 +0.9
Stockton
11397,000
571.203.950
148,878.000
a
18.193,004
14.082 630
6.815.656
482,606.183
18.598.929
215.416.349
8.008.035
32.915.000
16,817.116
59.492.031
46.482.927
95.995.510
2,207.380,000
10,473.824
275,423.930
87.194.135
13.578,738
102,760,251
79.073,620
2,496.788,107
35,229,513
20.434,401
27,256.666
5.905.084
35.469,200
9,417,000
504,293,357
141,742,000
a
18.313.431
12.244.184
5.971.398
441.798.351
18.071.000
197.806,054
7.673,806
31.200 000
13.290.531
54,998,536
37.761.316
89,063.920
1,924.690.000
9.592.496
244,996.065
82.723.567
11.143.822
96.936.072
62,750,478
2,238,445,655
31,830,814
16.423.158
24,811.368
5.824.218
34,781,800
Total(28 eities)_. 2.547,371656 2.193.737,778 +16.1
7,143,869,795
6,368.594.696 +12.2
549,726.270
Total(12 cities)____
557,683,638
-1.4
Grand total(193 cities) 48.505,299,107 42.009,334,406 +15.5 134.965.683.811 125,661,412.465
Outside New York._
20.413.426 165 18.660,323,657
+9.4 58.319.355.128 54.534,648,477
+0.3
+21.1
+13.3
+5.0
a
-0.7
+15.0
+14 I
+9.2
+2.9
+8.9
+4.3
+5.5
+26.5
+8.2
+23.1
+7.8
+14.7
+92
+12.4
+5.4
+21.8
+6.0
+26.0
+11.5
+10.7
+24.4
+9.8
+1.4
+2.0
1.358,418
40,543,177
d10.688.560
10,406,900
a
1,434,414
2,573.396
3,861.107
7,381,239
249,851,372
3,376,701 -59.8
1,639,658
3,292.301
-5.5
42.139.741
27.800.000
10.126.076 +5.5
8,165.500 +27.4
a
a
9.312,887
7.944,542
a
10.650.877
6,834,002
a
42,909,720
4.648,180
4.856,602
67,014,083
69,375,813
-3.4
65,685.002
53,433.782
42,074,901
9,652,000
a
1,479,930
36.091.464 +16.6
9.924,000 -2.7
a
a
1,486.534 -0.5
37.129,367
9.924.000
a
1,322.461
35,571,242
9,940,000
a
1,369,266
40,727.395
36,060,356
+12.9
37.384,532
34,722.251
17,235,245
a
a
14,608,484 +18.0
a
a
a
a
15,216,355
a
a
13,773,055
a
a
3,457,928
6.819.796
171,468.000
2,784,837 +24.2
7.145,388 -4.6
148,327,000 +15.6
3.284.053
7.788.473
140,506.000
3,951.926
8,340,804
131,238.000
20.948,832
6,736,754
18,923,854 +10.7
6,186.535 +8.9
16.628.252
6,091,371
16.707.602
5,071,159
d6,870,184
6,455,242
195,391.000
2,720,700
1,817,575
+3.1
6.660.988
5,304,495 +21.7
180.477.449 +8.3
2,848.718 -4.5
1.201,827 +51.2
7,264.267
4.323.841
173.600.000
2,143.233
1,311,935
6,383.307
3.954.655
152.600,000
2,827,488
1,153,707
c2,322,300
2,188,097
2.101,200 +10.6
1,683,960 +29.9
2.219,000
2.281,688
2,477,900
538,365.879
481,817,098 +11.7
468,418.828
430,072,362
4,017,028
4.797.776 -16.3
+8.0 8,923.488.903 8.709.377,397
+7.4 11125063,407 10303231.879
+6.9 4.275,966,408 4.276.817.1333 -0.023.880.382.901 3,792.669,
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 2.
Week Ended April 2.
$
343,905,723
346,753,038
232.064,067
58,825.829
22.802.573
19,565.235
11,895,477
17.293.246
29,866,230
10,411,701
7,128,675
9,882,836
17.954.585
12,396,306
2,165,492
1,953,602
5.730.248
4.123.667
3,588,196
2,626,413
2,361,909
1,204,937
3,278,544
3,183,122
3,695,983
11,249,396
1,286,716
3,065,974
2,386,750
%
+26.0
+13.8
-17.3
+30.6
+12.7
+9.7
+2.8
+12.7
+29.5
+13.6
+18.3
+6.3
+16.7
+20.2
-5.0
+15.3
+29.0
+2.9
+24.8
+15.1
+41.0
+78.8
-1.0
+9.3
+5.9
+36.4
+27.0
+17.2
+16.0
$
1,259.255.187
1,195.652,704
547,582.084
215,475.751
74,266.787
65.442.751
35,900.073
56.500.605
102,098.406
33,874.951
26,520,501
30,723.980
62.515,682
45,662.747
5,852,726
6,925,795
21.230.224
13.000.035
12,303.123
9,415,832
8,835,267
4,231,358
8,880,806
9,619,811
11,893,376
43,800,897
4,529,894
9,995.682
7,903,926
1925.
$
1144.113,616
1,110.498,195
615.928,405
183.647.858
71.200.371
68,487,175
35.530,359
52.910,561
86.566.942
30.820.137
22,379.168
31,916,124
57.310.467
41.284.450
6.594,229
5.848,763
17,498,541
13,254.842
10.562.493
8,487,145
6.835,424
3,378,344
9,540,846
8,945,996
11,215,881
33,146,322
4,050,510
8.937,905
7,412,904
1926.
1925.
.C110.
oP.N •P•CnC4C.:NG)
NCnN.
1:
000WV0,0
007COWW*.j
000000000...3N0,
OtON...0.M.W.P.MMWW0WWCWOON 0,4=0,QU.
W
4...
WC.-40WNWMCPOW..0.CAM ,
D.0.
$
433,275,704
394.723.557
191.925.771
76,845.692
25.804.309
21.470,651
12.226,182
19,495,867
38.1371,682
11.825.461
8.431,885
10.502.150
20.956,921
14.905.273
2.057.060
2.252.261
7.395.426
4,244,186
4,477,792
3.021.913
3,329,907
2,154,799
3,245,114
3.479,643
3,915,276
15,343,858
1,634.157
3,595,189
2,769,597
1926.
.wwm
.w.o.w.bzwal.w.o.omwww
w—
co-4w0"..,..40)wcn000mIpaaCo l,IpVcni.,
og.,Dcovo,;:o.a.mow000l.w.mcowwowcpww.o
coin
ea"
cokb.4.ca.i.Vo'
N.
,,
4101,
-,obisoc
00..co..woom..c.000)0.o..-4 ..wol.00
,
.0.4wwww...4.00.P.00-40.wwwww.c
oww0.4,
I 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
1925.
Inc. or
Dec.
+++
II....-1-1.1-.+4.14-..+.
lo
0.-”-`w0-4wcoom..w.ocwwc-ace.4..c-4...
blicio 6DiDin.;.46
.;:eCo.bEainiioW4
,,
1926.
Inc. or
Dec.
Inc. or
I Dec.
00000.40
CotoCOJww..44"..0..00.4.0woc,o,..00-40,10cp.wo.
Since January 1.
March.
Clearings at-
%
-23.0
-9.4
-28.8
+24.6
+5.1
-89
-11.4
-4.6
+32.6
+30
+5.9
-16.4
-14.4
+24.7
-11.6
+15.6
+13.6
-3.2
+3.8
+21.2
+21.8
-12.8
-12.2
-3.9
+39.9
+8.9
+12.6
+8.4
+1.4
1924.
$
99,766.642
90.650.218
35.737.546
15.555.178
6.948.125
5.606.600
3,946,916
4,933.115
5.7 '9.756
2.325,884
2,000,000
2,482,463
4,116.134
2,829.261
437.103
602.295
1,487.010
968,391
860.807
783.432
610.325
261,359
779,222
828.982
870.789
2,926,617
312,499
776,492
604.188
1923.
$
83.988.034
75,419,528
34.698,760
12.306,366
5.846.725
4,579,062
2,259,822
4,779,131
4,311.319
2,562,738
1,685.103
2,453,499
3,885,395
2,798,463
494.093
579,250
1,284,181
1,025,199
1,283.176
751,510
509,407
324,494
699,427
989,886
938,090
2,003.936
348.181
890,488
546,535
r Total(29 citiesl
1.343.977.263 1.1921147.370 -1-12.7 3.929.890_961 3.708.303.982 +6.011 290.185.292 323.794.472 -104 20t .607.340 254 241.798
e Week ended Apr. 2. f No clearings.
a No longer repor clearings. b Do not respond to requests for figures. c Week ended Mar. 31. d Week ended Apr. 1
only one bank open. * Estimated.
2004
THE CHRONICLE
V01.. 122.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
BALTIMORE EXCHANGES.
The stock market during the forepart of the week improved
•
Boston
Philadelphia.
Baltimore.
materially in tone, but in the latter part alternate periods of
Week Ended
April 9.
Shares,
Band Sales. Shares. Bend Sales, Shares, Bond Sales.
strength and irregularity characterized the trading and the
14.171
319,000
15,562
314,100
1,371
$16,900
trend of prices was generally downward, though in some spe- Saturday
Monday
20,789
21,200
29,015
23,650
1,111
21.900
21,330
25,500
43,838
35,800
1,838
19,000
cial issues there was a manifestation of strength that carried Tuesday
Wednesday
18,822
18,500
30,718
63,900
1,203
15,000
Thursday
33,362
30,659
7,100
75,900
2,077
11,000
them to higher levels. Railroad stocks moved into the fore- Friday
24,724
7,000
27,636
15,000
1,488
25,600
ground during the two-hour period of trading on Saturday, Total
183,198
398.300 177,428 5222,310
5,088 $115,100
Pittsburgh & West Virginia advancing more than 7 points to Prey, week revised 156.048 5203.450 345.599 $124.101 16.042
31113.610
97 at its high for the day, followed by Louisville & Nashville
with a net advance of 1 point. Interest centred especially
THE CURB MARKET.
around Ward Baking "B," which was in good demand
Irregularity
and
dullness were the chief characteristics of
after the previous great break, notwithstanding the entry of
a consent decree in the Government suit dissolving the pro- Curb Market trading this week, and while some improveposed baking consolidation. Price movements were some- ment in prices was shown in the fore part of the week, later
what uncertain on Monday, though the marked turned up- there was a reactionary movement, many issues moving in
ward in the afternoon. Railroad stocks made further prog- lower levels. The industrials were featured by the baking
ress, New York Central holding a prominent place in the stocks. Continental Baking Class A in the beginning of the
% to 98% but thereafter moved down
upswing, followed by Reading, Delaware & Hudson, Erie, week jumped from 825
and Atlantic Coast Line. Public Utilities, particularly the steadily to 843's. To-day it recovered to 9034. General
local traction stocks, were strong, Brooklyn (Sc Manhattan Baking Class A rose at first from 563 to 603/2, reacted to
Transit, Interboro Rapid Transit and Third Avenue leading 50 and closed to-day at 503.. Auburn Automobile common
the advance in this group. Industrial shares also were advanced from 453' to 51%. Fox Theatre Class A sold up
prominent,TobaccoProducts crossing par, and Postum Cereal from 21 to 24. Glen Alden Coal after early improvement
4 sold down to 151% and at 152 finally.
moved briskly forward to a higher level. Motor stocks con- from 153 to 1553
tinued weak. The tone improved on Tuesday, stocks re- Utility issues for the most part show small changes. Amor.
5 to 72% and recovered
maining strong most of the day, though there was a brief Gas & Elec. corn. dropped from 74%
downward reaction near the close of the session. Railroad finally to 74. Amer. Light & T rac. com, was conspicuous
shares made further progress, particularly Atlantic Coast for a jump from 202 to 2253', but immediately after dropped
Line, which bounded forward 3% points, followed by New to 204 and recovered finally to 210. Amer. Pow. & Light
%,fell back to 52% and closed
York Central, Atchison, and Baltimore & Ohio. The trend corn, improved from 52 to 563
of the market was again confused on Wednesday, most of the to-day at 533. United Gas Impt. moved up from 90 to
early gains turning into losses as the day advanced. United 93% and reacted finally to 92. Oil shares were very quiet
States Rubber was conspicuous in the trading and advanced and without feature. Solar Refining advanced from 198
4 points to 703/2, General Electric advanced to 311 early in to 206 and sold finally at 203. Gulf Oil lost about two points
the day but declined to 305% as the session ended. Irregu- to 833/b and closed to-day at 833j.
A complete record of Curb Market transactions for the
larity again characterized the movements of the stock market on Thursday and in the forenoon numerous declines of a week will be found on page 2026.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
point or more were recorded, though there were a number of
stocks that moved against the trend. American Woolen
STOCKS(No. Shares)
BONDS(Par Value).
stocks suffered a bad break during the late afternoon, the
Wed Ended April 9
led &Mit
Mining. Domestic. Peen One.
Oil
preferred receding 5 points and the common slipping back Saturday
173,130
51,270
34,600 $520,C00 $286,000
Monday
146,140
77,930
54.930
927,000
350.000
over 3 points. Railroad shares continued to improve, Tuesday
181,215
108,445
57,340
901.000
625,000
Wednesday
195.610
121,260
84,130
691,000
478.000
Chesapeake & Ohio moving forward more than 3 points, Thursday
218,425
£7,075
59.400
933,000
317.000
295,669
768,000
24.310 1,595,000
248,000
followed by Atlantic Coast Line, and Wabash, the latter Friday
Total
1.210,189 1.223,980
314.710 35,567,000 $2,304,000
crossing 40. Erie stocks were in brisk demand at improving
prices. Union Oil was the weak spot in the oil group due in
a measure to the huge loss reported as a result of the fire at
THE ENGLISH GOLD AND SILVER MARKETS.
San Luis Obispo tank farm. Most of the speculative favorWe reprint the following from the weekly circular of
ites, including Baldwin Locomotive, American Locomotive, Samuel Montagu & Co. of London, written under date of
General Electric, Mack Truck, United States Steel common, Mar. 24 1925:
GOLD.
succumbed to the selling and closed the day with net losses.
The Bank of England gold reserve against notes on the 17th hurt.
amounted to £144,169,645 as compared with £144,301,540 on the previous
Price movements on Friday were again somewhat confused Wednesday. About £160,000
was available this week in Ike open market,
and without definite trend, though some noteworthy move- of which India took about a third and the Continent and the trade about a
third: the remainder was acquired by the Bank. Over /100.000 has bees
ments occurred in a number of special issues, particularly arranged for shipment by the steamer leaving Durban for India
on the
National Biscuit, which moved up 7 points to 853/8, and In- Movements of gold to and from the Bank of England since our last 29th.
isms
announced
under:
have
as
been
3
ternational Combustion, which surged forward 13/i to 47%.
Mar.1S. Mar. 19. Mar.20. Mar. 22. Mar. 23. M
General Railway Signal advanced 33/i points and Baldwin
u
sr
7.
,00
240
.
Received
/250.000
L1,000,000
Locomotive 23' to 1043.. The final tone was weak.
Withdrawn_
15,000
14.000
23,000
54,000
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Meeks.
Number Of
Shares.
Railroad,
etc..
Bonds.
671,690
1,019,532
1,223,490
1,200,954
1,056,205
909,400
33,772.500
6,896,000
6,709,000
8,072.500
8,193,400
10,023,000
51,448,500
2,103,000
2,254,500
1,851,500
2,096 000
2,500,000
$652,250
692,250
892,250
1,093,300
826,250
511,000
6.081,271
$43,666,400
$12,253,500
34.667,300
Week Ended !grill'.
Saturday
Monday
'Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks-No. sbaree__ _
Bonds.
Government bonds_ __
State et foreign bonds_
Railroad St misc. bonds
Total bonds
Week Ended April 9
1926.
1925.
Stale,
Municipal ct
Paulen Bonds
Untied
Stales
Bonds.
Jan. 1 to April 9.
1926.
1925
6,081,271
4,655,523
135,363,488
120,330,445
54.667,300
12,253,500
43,666,400
36,046.850
9,994,400
32,144,000
$81,929,100
171,434,850
622,978,450
5121,998,850
177,015,600
799,034,500
$60,587,200 $48,185,250
$894,342.400 81.098.048.950
The receipts on the 19th and 22d (51,250,000 in all) were announced as
sovereigns released on account of the South African Reserve Bank, whilst
the £77,000 sovereigns withdrawn were destined as follows: 554.000 to
India and £23,000 to South America. As a result of the above movements,
£1,201,000 on balance has been received by the Bank, increasing the net
influx since Jan. 1 1926 to £2,232,000 and reducing the net efflux since the
resumption of an effective gold standard to 59,363.000. United Kingdom
imports and exports of gold during the week ending the 17th inst. were:
Imports.
Netherlands
British West Africa
British South Africa
Other countries
Irperts.
£27,500 Netherlands
30.927 France
8.265 British India
5,687 Straits Settlements
Other countries
L15,615
30,639
179,292
102,750
4.019'
£72,379
£352,315
The following figures (in lacs of rupees) relate to Indian trade during the
month of February last:
Imports of merchandise on private account
18,03
Exports, including re-exports of merchandise on private account_ __ _35,08
Net imports of gold
1,96
Net imports of silver
1,89
Net imports of currency notes
1
Total visible balance of trade (In favor of India)
18,40
Nut tilt tte acairtt Irdia on remittance of funds
3,79
APR. 10 1926.]
THE CHRONICLE
SILVER.
The market continues without animation. Any tendency for prices to
recede has been met with fresh bear covering, and the tone, though dull,
has therefore not much affected quotations. The pressure of silver for cash
delivery has been relaxed, thus diminishing the premium for forward.
America has not been an active seller, doubtless not being disposed to sell
much at the present level until assured that it is necessary, taking a broad
view of the future of the market. United Kingdom imports and exports
ef silver during the week ending the 17th inst. were:
Exports.
Imports.
£33,370
Germany
£11,000 Hungary
50,000
U. S. A
53,498 British India
15.549
5,696 Other countries
Other countries
2005
CONSOLIDATIONS.
Mar. 31-The Philadelphia National Bank. Philadelphia. Pa. (No. 539)
capital $5,000,000, and the Girard National Bank of Philadelphia, Pa. (No. 592), capital $2.000.000. Consolidated
under the Act of Nov. 7 1918. under the charter of the Philadelphia National Bank, No. 539. and under the corporate
title of "the Philadelphia-Girard National Bank" with capital
stock of $8,000,000.
:
April 1-The Franklin National Bank of Philadelphia, Pa. (No. 5459)
capital 33.000,000, and the Fourth Street National Bank of
Philadelphia, Pa. (No. 3557), capital 63,000.000. Consolidated under the Act of Nov. 7 1918. under the charter of the
Franklin National Bank of Philadelphia, No. 5459, and under
the title "The Franklin Fourth Street National Bank ef
Philadelphia" with capital stock ef 84.000,000.
£98,919
570,194
Auction Sales.-Among other securities, the following,
INDIAN CURRENCY RETURNS.
Mar. 15. not actually dealt in at the Stock Exchanget were sold at auction
Mar. 7.
Feb. 28.
In Lacs of Rupees.19162
19135
Notes in circulation
19176
in New York, Boston and Philadelphia es Wednesday of
$292
8319
$333
Silver coin and bullion in ladle
Silver coin and bullion out elf India ______ _ _ _ _
this week:
252
225
2232
Gold coin and bullion in India
Gold coin and bullion Gut of India ----------By Adrian H. Muller St Sons, New 'fork:
eii
Ili
Securities (Indian Government)
5711
6 Per sh.
Shares. Stecb.
i Per as. Shares. Meeks.
2900
Securities (British Governnteat)
2900
2900
15200 1 Bankers Joint Steak Land Kai&
10 Boucher Inc.,7% pref
$105 let
No silver coinage was reported durisg the week ending 15th inst. The 10 Boucher Inc., corn., no par
of Milwaukee
I lot
530
301 3 New York Trust Go
stock in Shanghai on the 20th inst, consisted of about 56.600.000 ounces in 200 Wyoming Hotel Co
lo
oe
mum
Hempstead
4951
in
interest
and
title
45
irycee, $71,300,000 and 7,840 silver bars as compared with about 56,500.000 The right,
16 World Mins Co., pref., par $51 217
I
Inc.,
Nomad
Co.,
Bag
shares
Hit
ounces in sycee, $69,300,000 sad 5,730 silver bars on the 13th inst.
common, no par
) $25 305 El Paso Mining Co.. par $5_ _ f lot
Quotations duriag the week:
The right, title & int. In 250 shs.I lot 3 Nomad Kit Bag C.., i.e., sons- 1
Bar Gold
-Bar Myer p. oz. s1(1.n101, BO par
Nomad Kit Bag Co., Inc., pref_ J
Per Cent.
Two Mos.
per oz. Fine. 26 Haytock-Cronemeyer Co. of
Cash.
Boras.
March 18
303-164,
30%cl.
$1,700 lot $4,560 Hempstead Plains Co. deb.
Easton, Pa., common
848.1134d.
66
March 19
3010.
30 5-16d.
848.1114d.
61, A
150 London Dog & Bird Shots.)
March 20
30)(d.
30 7-16d.
848.11)4d.
13100 45,600 Hampstead Plains Co. deb.
Inc., common
34
March 22
30)4d.
84s.11 3d.
30)4d.
2s, B
150 London DAB.Sh., Ina., pref..) lot
March 23
30 d.
30 5-16d,
84s.11d.
Boston:
84s.1014d.
March 24
305-164.
30f4d.
Arnold
By Wise, Hobbs, &
Average
30.343d.
84s.11.2d.
30.208d.
II Pm O.
$ per at Shares. Stmts.
Shares. Stocks.
The silver quotations to-day for cash and two months' delivery are re- 3 Beacon Trust Co
10 Puget Sound Power & Lt. Co.,
254
106% ex-der.
prior prof
25334
3 National Shawmut Bank
spectively the same as and 1-164. below those fixed a week ago.
73
362 6 units First Peoples Treat
4 First National Bank
20 Cambridge Elec.Recur.. par S25.127
255
9 National Shawmut Dank
coinProps.,
Ltd.
Boston
North
10
40
Co
Mfg.
City
18 Border
9336 ex-diy.
mon
171-17134
ENGLISH FINANCIAL MARKETS-PER CABLE.
11 Farr Alpaca Co
113)4
5 American Glue Co., pref
28
12 Davol Mills
_50e. lot
pre_
3d
Co.,
Shoe
Emerson
65
62%
The daily closing quotations for securities, &c., at London, 20 Lancaster Mills. preferred
59%
20 Lowell G.L. Co., par $25
50
3 Suncook Mills, preferred
as reported by cable, hav-e been as follows the past week:
5234 25 Importers & ExportersInsurance
23 Nashua Mfg. Co.,common
68
225
par
15
Co.,
Apr. 3. Apr.5. Apr.6. Apr.7. Apr.8. Apr. 9. 10 Weetamoe Mills
London,
21 Hood Rubber Co.,7%% pr. pfd _104
10 Massachusetts Ltg.Cos..rommon 74
Week Ended Apr. 9.
Sat.
Mon. Tues.
Wed, Thurs. Fri.
73
5 Union Twist Drill Co.,pref_98% ex-div. 6 units First PeePles Trust
d.
_
Silver, per oz
30
61
29 15-16
1-16 30
29%
35 Samoset Chocolate Co., pref__S70 lot 10 Lawrence G.& El.Co., par $25-371
107% 1 New Eng. Contra. Co
Gold, per fine ounce
84.11% 84.1134 84.1134 84.11% 1 U.S. Envelope Co., pref
84.10
84.10
73
10 units First Peoples Trust
73
2 units First Peoples Trust
543i
Consols, 2)4 per cents
54%
Holiday Holiday 5434
5434
40
10 Amer. Glue Co., common
102
102
102
British,5 per cents
Holiday Holiday 102
9514
95%
95%
British, 4% per cents
Holiday Holiday 93%
By R. L. Day & Co., Boston:
$ pm elt.
46.80
47.65
47.85
$ Per sh. Shares. Stocks.
French Rentes (in Paris). fr_Holiday Holiday 48.50
Shares. Stocks.
253% 120 Springfield G.L.Co., par S25_ _ 5934
57.15
57.30
57.70
French War Loan(inParls),fr.Holiday Holiday 57.70
50 National Shawmut Bank
73
2 units First Peoples Trust
262
Bank
National
Atlantic
5
The price of silver in New York on the same day has been: 5 Beacon Trust Co
4 special units First Peoples Trust,- 534
200
2 United El. Lt. Co.. Springfield_ _389
Silver in N. Y., per oz.(cts.):
10 Home Nat.Itk., Brockton, Mass.181
73
8 units First Peoples Trust
168
5 Naumkeag Steam Cotton Co
Foreign
654
65%
651(
653
6534
6534
94 & div. 2 Montpelier & Barre Lt. & Power
10 Nashua Mfg.Co., pref
82
Co., common
73
10 units First Peoples Trust
8special units First Peoples Trust_ - ,534 132 New Bedford Gas & Edison Lt. 78%
Co., par 525
81
1 State Theatre, preferred
14634 40 New Idris Quicksilver Mines. 2
10 Draper Corporation
inc., common
73
2 units First Peoples Trust
158 United Utilities& Service Corp.. 10
40 Greenfield Tap & Die Corp.,8%
National Banks.-The following information regarding
preferred
95
Preferred
126 United Utilities& Service Corp.,
73
national banks is from the office of the Comptroller of the 44 units First Peoples Trust
1
common
common,
Co.,
Secur.
Inv.
Amer.
200
Per cent.
Currency, Treasury Department:
834 Bondspar SIO
I
Paper Co.
APPLICATIONS TO ORGANIZE RECEIVED.
50 Fall River El. Lt. Co., par $25._ 4834 $5,000 Deerfield valley
65
Cigijake 2 units First Peoples Trust
73
1st 7s. April 1937
let
Co.
Wisding
Mar. 30-The DeKalb National Bank of Ft. Payne. Ala
2special units First Peoples Trust__ 5% $2.000 Universal
10034
7s,July 1937,Series A
Correspondent, J. P. Stanley, Ft. Payne, Ala.
7-100 share State Theatre, pref_ _ - 80%
100.000
Mar.30-The Inglewood National Bank. Inglewood, Calif_ _ _
Correspondent, C. L. Hill, Box 571,Inglewood, Calif.
By Barnes & Lofland, Ph ladelphia:
$ Per +h.
200.000 Shares. Stocks.
April 3-The Peoples National Bank of Newark, N. J
$ per at. Shares. Stead.
Correspondent. William L. Morgan, Prudential Bldg.,
35 Burlington Comity Trust Co.,268
25 New National 011 Co., corn.
Newark, N. J.
J
N.
Moorestown.
lot
$3
v. t. c., par $10
5 Independence Indemnity Co---345_
230
APPLICATIONS TO ORGANIZE APPROVED.
10 Nat. Bank of North Philo
40 Star Silk Throwing Co-P64255100 lot
$100,000 10 Phila, Girard National Bank.._512
Mar. 30-The First National Bank of Riverside, N. J
268
14 Phila. & Camden Ferry Co..
5 Quaker City National Bank
Correspondent, Nathan Worth. 42 Scott St., River145
par 250
17 Franklin-Fourth St. Nat. Bank _534
side,
275
14 Phila. Life Ins. Co.. par $10--- 1434
100,000 100 Union National Bank
April 3-The Citizens National Bank of Monrovia, Calif
25 LumbenmeasIns. CO..Par 525-114
667
5 Central National Bank
Correspondent, C44. R. E. Frith, 130 North Myrtle
666
20 John B.Stamen Co..essa..ne Par 93
5 Central National Bank
Ave., Monrovia, Calif.
2 Phila. Germastows& Non'I RR.122
5 Drovers& Merchants Nat.Bank-220
10
APPLICATION TO CONVERT APPROVED.
13 Hare It Chase,Ins.. Prof
5 Drovers & Merchants Nat.Bank _216
225
$50,000 10 Textile National Bank
Mar. 31-First National Bank in Plymouth, Mich
PC fent.
Bends.
Conversion ef the Peeples State Bank,Plymouth,Mich.
12034
31 Mutual Trust Co., par $10
$27 77 Now Natiosol Oil Ca.la 7s,$2 lot
661
1 Fidelity Trust Co
CHARTERS ISSUED.
(fractional eertineate)
653
1 Fidelity Trust Co
& Falls
Mar.31-12907-The First National Bank of Oran. Mo
$25,000 17 Fidelity Trust Co
653 51.000 Wash. Manage's
Pres.. John Dirnberger Sr.: Cashier, Leroy C. Leslie.
Church Ky. 1st eons. IL 1948
314
5 West End Trust Co
$4 lit
deposit)
in
liar. 31-12908-First National Bank
Tishomingo, Okla__ _
25,000 21 West End Trust Co
(certifieste of
313
President. P. A. Norris: Cashier, C. F. Adams.
$3,000 Colo.Spring & Cripple Crk.
10 Guarantee Trust & Safe Dep.Co220
del..
et
(certif.
is
April 1-12909-The Liberty National Bank of Beverly Hills,
let
Ry.
DIM.
213
40 Phila. Co.for Guar. Mtge!
2
Calif
100.000 5 Jefferson T.& T. Co., par S50-- - 70)4
25% pold is ilealdatiem)
President, Richard L. Hargreaves; Cashier, William
33,00 Hestoaville Mantua & rete10 Lawndale Bank & Tr.Co.,pat$50 67
534s,
ext.
G. Walby.
ans.
mount Pass. Ky.
ll Jenkintown Bank & Trust Co_ _ _341
'97
CHANGE OF TITLE.
1934
12 Jenkintown Bank & Trust Co__ -341
April 1-2626-The Tarrytown National Bank. TarrTtown,
22,000 131111•VOillat Protective Order
15 Burlington County Trust Co..
75
of Elks,cos. note.6s, 1942
270
N.Y. to "Tie Tarrytown National Bank & Trust
Moorestown, N I
Company."
By A. J. Wright & Co., Buffalo:
VOLUNTARY LIQUIDATIONS.
$ Per a .
S per *h. Shares. Lamas.
Mar. 29-7657-The Farmers National Bank of Lone Oak,Tex- 820,000 Shares. Steels.
-lipid. ., 1
6 Buff. Mag.& East. Pow., prof__ 2434 3 Tucker Rubber Corp. Cl.
Effective Dec. 11 192C Liquidating Agent, R. D.
lot
_5269
hones_
eon.
shame
11
with
Lake_1934e
Dome
West
1,000 Consol.
Trimble, Lone Oak,Tex. Succeeded by the Citizens
$5 lot
41. 1.000 Silver Bar Mining
2.000 Columbus Kirkland
National Bask ef Lena Oak, No. 12760.
4
100 Tobaisse Holdings Co.. Ltd., of
Mar. 30-1680-The Carolina National Bank of Columbia. S.0- $300,000 10 Buff. Niag. & East. Power,... 26
$4 lot
Canada
64
5 Pratt & Lambert
Effective Jan. 12 111211. Liquidating Agent, the Nor9 Tucker Rubber Corp., Class A pfd.
wood-Carolina Natienal Bank of Charleston, S. C..
with 30 she. common bomus_5620 lot
No. 12865. Absorbed by the Norwood-Carolina
Bank of Charleston, B. OD., which bank was converted into "The Norwood-Carolina National Bank
of Charleston" and subsequently consolidated with
DIVIDENDS.
the South Carolina National Bank of Charleston.
No. 2044.
in two separate tables. In the
grouped
are
Dividends
Mar. 30-10921-The First National Bank of Taylor, N. D_ _ ..
25.000
first we bring together all the dividends announced the
Effective Nov. 24 1925. Liquidating Agent, Samuel
Lewison, Canby, Minn. Absorbed by the Security
current week. Then we follow with a second table, in which
National Bank of Taylor, N. D., No. 12502.
we show the dividends previously announced, but which
Mar. 30-12369-The American National Bank of Bennington,
Okla
25,000 have not yet been paid.
Effective Mar. 22 1926. Liquidating Agent, H. L.
The dividends announced this week are:
Cox, Durant, Okla. Absorbed by the First National Bank of Bennington. Okla. No. 7099.
Mar. 31-8766-The Norwood National Bank Of Greenville,8.0. 250,000
Books Closed.
When
Per
Effective Mar. 13 1926. Liquidating Agent, the
Dan Inane's.
Cent. Payable.
Name of Company.
South Carolina National Bank of Charleston, S. O.
Absorbed by the Norwood-Carolina Bank of CharlesRailroads (Steam).
ton, S. C., which bank was converted into "The
Atchison Topeka & Santa Fe,cam.(qu.) 134 June 1 Holders of rec. Alw.`30a
Norwood-Carolina National Bank of Charleston"
CIO-InnatI Sandusky & Cleveland, pref.. •$1.50 May 1 *Apr. 16 to May t 2
and subsequently consolidated with the South Caro•134 June 1 *Holders of rec. May 16
Hudson 5, Manhattan RR
lina National Bank of Charleston, No. 2044.
iontinructa t tui aliscellancons4M13
2006
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities.
American Light & Traction, corn.(guar.) 2
May 1 Apr. 17 to Apr. 29
Common (extra)
2
May 1 Apr. 17 to Apr. 29
1% May 1 Apr. 17 to Apr. 29
Preferred (guar.)
Associated Gas & Elec., corn. A (guar.) s6234e May 1 Holders of rec. Apr. 10
Bangor Hydro-Electric Co..corn. guar.) 1% May 1 Holders of rec. Apr. 10
Brazilian Tr., Lt.& Pow.,coin.(guar.).
June 1 'Holders of rec. Apr. 30
Cape Breton Electric Co., pref
3
May 1 Holders of rec. Apr. 16a
Eastern States Power, pref
$1.75 May 1 Holders of rec. Apr. 15
Edison Elec. Ilium., Boston (guar.) -- 3
May 1 Holders of rec. Apr. 15
Edison Elec. Ilium.of Brockton (quar.). 62%c May 1 Holders of rec. Apr. 15a
Empire Gas & Fuel, pref.(monthly)_
'66', c May 1 'Holders of rec. Apr. 15
Green & Coates Ste. Pass. Ry.(guar )- - $1.30 Apr. 7 Mar.24 to Apr 7
Havana Elec. fly., L.& P.,corn. & prof. 3
May 15 Apr. 22 to May 20
Havana Electric & Utilities, 1st pref. _ _ _ $3
May 17 Holders of rec. Apr. 21a
Internat. Utilities, corn,. class A (guar.) "8714c Apr. 15 *Holders of rec. Apr. 5
'$1.75 May 1 *Holders of rec. Apr. 19
Preferred (guar.)
Jamaica Water Supply. pref
314 May 1 Apr. 11 to May 2
Lowell Electric Light (guar.)
82%c. May 1 Holders of rec. Apr. 12a
Penn-Ohio Securities Corp., pref.(No. 1) .1% Apr. 15 *Holders of rec. Apr. 12
Public Service Elec. Pow., Pref.(quar.). 1X May 1 Holders of rec. Apr. 15
Republic Ry.& Light, pref.(guar.) --- "1% Apr. 20 *Holders of rec. Apr. 15
Tennessee Elec.Power,6% 1st pref (qu.) 134 July 1 Holders of rec. June 15
Seven per cent first preferred (guar.)- 1X July 1 Holders of rec. June 15
. 7.2% first preferred (guar.)
1.80 July 1 Holders of rec. June 15
Six per cent first preferred (monthly). 50c. May 1 Holders of rec. Apr. 15
Six per cent first preferred (monthly)- 50e. June 1 Holders of rec. May 15
Six per cent first preferred (monthly). •50c July 1 Holders of rec. June 15
7.2% first preferred (monthly)
60e. May 1 Holders of rec. Apr. 15
7.2% first preferred (monthly)
60c. June I Holders of rec. May 15
7.2% first preferred (monthly)
60c. July 1 Holders of rec. June 15
TeXas Electric fly., 1st pref.(guar.)
13.4 Apr. 1 Holders of rec. Mar. 18
Banks.
Corn Exchange (guar.)
5
May 1 Holders of rec. Apr. 30
Peoples Commercial (guar.)
1% Apr. 1 Holders of rec. Mar.25a
[Vol.. 122.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending April 3. 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.
(Dated In thousands of dollars-that is, three (000) ciphers omitted)
New
ReSerie
Capital Profits. Loans,
Week Ending
Discount. Cash
Net
with
Time Base
April 3 1926. Nat'l, Dec. 31 InvestLegal Demand
In
Ds- CirceState, Nov.14 Ine1118. Vault. Depose Deposit,. posits. ha(000 omitted.) Tr.Cos. Nov.14
&e.
tortes
Hon.
Members of Fe d. Res. Bank.
Bank of N.Y.&
Trust Co__ _
4,000 12.807
Bk of Manhat'n 10,
14.732
Meoh& Met Nat 10,000 16.134
Bank of America 6.500 6.223
National City. 50.000 85,032
Chemical Nat
4.500 18.050
Am Ex-Pac Nat 7.500 12,547
Nat Bk of Corn. 25.000 40.936
Chat Pb N13/47 13.
12,571
Hanover Nat_ 5.000 25,505
Corn Exchange 10.000 14.651,
National Park 10.000 23.843
Bow'y&EastRiv 3.000 3,071
First National 10.000 73,804
Irving Bk-Coll, 17,500 13.732
Continental _
1.000 1.161
Chase National_ 20.000 27,184
Fifth Avenue_ _
500 2.905
Commonwealth.
60
1,081/
Garth I.1 Nat'l_
1.(X
1.731
6.
9.764
Seaboard Nat'l
Bankers Trust 20,000 30.391
US Mtge & Tr. 3.000 4,75/
Guaranty Trust 26.000 21,531
Fidellty-InterTr 04.000 03,111
New York Trust 10,000 20,01:5
Farmers L & Tr 10,000 18,521
12.852
Equitable Trust 23.
Average. Average 4verage Average. •4 verage Av.ge
$
'506 8.22
60,196 7,939, ---77,54
2,91 18,10;162,28
129.106 25,5291 -177.739 2.486 21,4
163.064 10.400 546
78,658 1,774 11,82
88,179 4,709 ---'
594,568 4,085 64,081 •643,039 75,817
80
135,586 1,27 15,1
114,492 3,250 347153,43
2.002 18.11'139,649 10,171 4,938
832 38.66
294,344 12.174 -343,32
2,345 24.59
216,60
167,173 40.739 5.893
118.896
102,423
5701 14,237
203,921 6,443 25,842
179,080 31,673 --_160,.11
861 18.982
128.059 8.040 3,483
51,77
1,314 5.303
36.016 15,603 993
HO 27,2
313.803
207,339 10.869 4.830
289.101 2.860 35.99
269.777 29.078 ---142 1.029
8.007
430 -6.757
405.07' 4.514 66.784 "407.159 22.108 988
25.52
759 3,277
24.263
15.223
450 1.546
10.614 5.256
413 2.161
16,872
225
16.506
121.42
1,147 15.238
49
115.623 2,888
342.81
778 36.70: "300.104 52.433 ---.
65,523
715 8,912
60.517 5.845
422.59
1,213 40.26. "402.271 55.559 905 5,28
43,527
39.312 2,983 -500 20.744
182,589
151,621 23,676 -445, 14,239 •108,327 24,897
118,014
275.761 1,623, 30,035 '283.312 38.601 ---.
Miscellaneous.
Allis-Chalmers Mfg. corn. (quar.)
$1.50 May 15 Holders of rec. Apr. 24a
American Chain, Class
' A (guar.)
.50c. June 30 'Holders of rec. June 19
•2
American Cigar. common (guar.)
May 1
15
• ...1)4 kpr. 15 'Holders of rec. Apr. 31
American Seating Co.(guar.)
'Holders of rec. Mar.
Amer.Smelting & Refin ,corn.(guar.)_ _ •13z slay 1 'Holders of rec. Apr. 16
•1% tune 1
Preferred (guar.)
'Holders of rec. May 7
Babcock & Wilcox (guar.)
•19.i July 1
•13,i Jct. 1 'Holders of rec. June 20
Quarterly
"Holders of rec. Sept.20
Quarterly
•134 ian2 27 "Holders of rec. Dec. 20
•Ili kprl'27
Quarterly
*Holders of rec.Mar.20'27
Bigelow-Hartrord Carpet, corn. (quar.)- '$1.30 May 1 'Holders of rec. Apr. 14
Preferred (guar.)
*lay 1 "Holders of rec. Apr. 14
Bloomingdale Bros.,inc., Pf•(qua(No.1) .1% slay 1 *Holders of rec. Apr. 20
Borden Co. (guar.)
"al
June 1 *Holders of rec. May 15
Extra
'25c. June 1 *Holders of rec. May 15
Brown onue. prof.(quar.)
1)4 slay 1 Holders of rec. Apr. 20
Total of averages 310.600507.572 5.151.091 45.232 598.500 c4,307,085520.579 22.149
•1 x May 1 'Holders of rec. Apr. 26
Bunts Bros.. pref. (quar.)
Burns Bros., prior pref.(guar.)
1% stay 1 Holders of rec. Apr. 15a
Totals, actual condition Apr. 35.191,2.3.5 44,809 516.703•c4,352.129 515.161 22,116
California Packing (guar.)
'$2
June 15 'Holders of rec. May 19
Totals, actual condition Mar.27 5,096.491 46,201 578.697 c4,212.572 512.000 22,298
Century Ribbon Mills, pee!.(guar.) -- *114 Juno 1 'Holders of rec. May 20
Totals, actual co ndition Mar.21 5.093.534 47.58 576.924 c4,240,13 496,592 22,267
Cerro de Pasco Copper Co.(guar.)
Si
May 1 Holders of rec. Apr. 15
State Banks Not Members of Fed'i Reeve Bank.
Christie. Brown & Co..Ltd.,com.(No.1)- 30c. May 1 Holders of rec.
Apr. 15
Greenwich Bank 1.000 2.594
23,283 1.9081 1,9951
Preferred (quar.)
22.199 1.097
134 'lay 1 Holders of rec. Apr. 21)
State Bank...3.500 5,867 108,622 4.7431 2,5791
Cluett, Peabody & Co.. corn.(quar.)-- - SI.25 May 1 Holders of rec. Apr. 20
40,005 84,814
Collins & Alkman, pref.(quart
15
1
:
H
0
r3
l
a
d
c
o
r
m
16
5
t
r
..
s
o
A
6
1)
f
t
r
e
c
e
..
.2
Total of averages 4.500 8.4621 131,905
Collins Company (guar.)
62,204 66,811
4.5741
Apr.
Columbian Carbon (quar.)
*31
May 1 *Holders of rec. Apr. 19
Totals,actual on ndition Apr. 3 130,817 6.602 4.4631
Cuyamel Fruit Co
61,015 66,866
$I
may
1 Holders of rec. Apr. 15
Totals,actual condition Mar.27 132.182 6.681 4.339j
Fair (The), corn. (monthly)
62.161 65,551
'200. June 1 'Holders of rec. May 20
Totals, actual condition Mar.21 131.081 6.670 4.6251
Preferred (quar.)
61.372 60,457
;"11I May 1 *Holders of rec. Apr. 20
Fajardo Sugar Co.(gam.)
2% May 1 Holders of rec. Apr. 15a Trust Compan lee Not Membw rs of Fed I Re* y e BankjTitle Guar & Tr. 10,000 17,233 63.2911 1.609 4.33
Fisher Body Corp.. corn.(quar.)
'$1.25 May 1 "Holden Of rec. Apr. 20
38,960 2,289
Lawyers Trust. 3.000 3,204
Globe Automatic Sprinkler, Cl. A (qu.) 62%* May 1 Holders of rec. Apr. 20
881 2,171
21,9281
20,546 1.103
Great Lakes Dredge & Dock Mara_ _
2
May It Holders of rec. Mav 7
Total of averages 13,000 20.437
Hellman (Richard), Inc.. panic. pf (qu.5 '62)4c May 1 'Holders of rec. Apr. 20
88.2191 2,489 6,508
50.506 3.392
- Partici ating preferred (attar.)
.12.85e May 1 'Holders of rec. Apr. 20
Totals, actual condition Apr. 3 86,96
Hercules Powder, pref.(quar.)
2.505 6,594
58.732 3,375
.•114 May It 'Holders of rec. May
5
Totem,actual condition Mar 27 88,564 2,487 8.524 59.683 3.400
Homestake Mining (monthly)
.50c. Apr. 21. Holders of rec.
APr• 20
Totals,actual condition Mar'.20
90,107 2.54
Hood Rubber, pref.(guar.)
61.518 3,312
6,76
'134 May 1 *Holders of rec. Apr.
20
'"(No.
New 7%%
1)
.1
'$1.88 May 1'
bl,
41
•'; ers of rec. Apr. 20
Or'dassr..urw- 328,100636.47215,371,215 54,48 609.58 4,428,795 590,782 22,149
Y.;com.(guar.) '25c. May I'
Horn & Hardart f
ers of rec. Apr. 9
Comparleon wit h prey, week_ _ +49.527 -758 +27.11
Common (vatrai
'1234e May 1 "t„... der of rec. Apr. 9
+78.49)1+126891
137
Intercontinenttu *tubber(No. 1)
'$1
May It 'Holders of rec. Apr. 30
Or'd agsr., at!'!cond'n Apr. 35.400.017 53.916 557.76, 4,471.908 585,402 22.118
International Nickel, prof. Merl
1% May 1 Holders of rec. Apr. 15
wit
Comparison
h
prey.
-1,43
+91%77
week-International Shoe. preferred (monthly)
+137.487
-180
-31.79
+3.451
34 May 1 Holders of rec. Apr. 15
-Intertype Corp., common (guar.)
.25c. May if Holders of rec. May 1
Gr'd aggr., act'!cond'n Mar•2 5.317,2
55,35' 589.55 4.334.419 581.951 22,298
Kelsey Wheel,Inc.. pref.(quar.)
• 134 May
Holders of rec. Apr. 20
aggr..
Gr'd
cond'n Mena 5.314.812 56,:11 588,31 4,363.020 588.361 22,267
sal
(guar.)
common
Co.,
Kress(S. H.)
"1
May
'Holders of rec. Apr. 20
Gled asst... seri cond'n ivlar.13 5,328.039 57.421 07.32r 4,383,441 373.71722,290
Landay Bros., Inc.. Class A (quar.).. 75e. May
15a
Holders
Apr.
of
rec.
Or'd /kern. sat
Mar. 6)5,325,453 58,030 307.877 4.408 815 360.43922,324
Mid-Continent Petrol.. pref. (quar.).- slu June
'Holders of rec. May 15
Gr'd aggr., aelcond'n Feb. 2715,354,595 57.329 192.859 4.418.27 358.77522.313
Moon Motor Car, common (guar.)
'750. May
*Holders of rec. Apr. 19
Gr'd aggr.,
cond'n Feb. 2015,365.164 57.044 105.24 4,408.03 567,247 23.071
Moore Drop Forging, Class A (guar.).- •31.50 May
*Holders of rec. Apr. 15
Mullins Body Corp., prof.(guar.)
.*2
May
'Holders of rec. Apr. 17
Note.-U. S. deposits deducted from net demand deposits in the genera totals
National Carbon, pref.(quar.)
•*2
May • 'Holders of rec. Apr. 21
above were as follows: Average total Apr. 3. 544.431000. Actual totals Apr. 3,
Nat. Dept. Stores; 1st pref.(guar.)
134 May
Holders of rec. Apr. 51
$44.441,000; Mar. 27, $44.447,000: Mar. 20, $57,424.000; Mar. 13. $44,537.000:
2d preferred (guar.)
134 June
Holders of rec. May 15
Mar. 6, $44,537,000. Bills payable, rediscounts, acceptances and other liabilities
Nat. Food Products, class A Mara6254c May 1 Holders of rec. May 3
average for week Apr. 3, $633,909,000: Mar. 27. $638.117.000: Mar. 20, $615,National Supply,common (quar.)
$1 May 1 Holders of rec. May 5
595,000: Mar. 13. 8834,677.000; Mar. 8, $578,377,000. Actual totals Apr. 3,
National Tea, pref.(quar.)
I% May
Holders of rec. Apr. 22
.2
New Jersey Zinc (guar.)
May 10 Holders of rec. Apr. 201 $587,074.000; Mar.27,8856.190.000; Mar.20, $350,918,000; Mar. 13, $650,899,000
Mar. 6, $659.777,000.
New York Merchandise CO., pref.(qua - 134 May
1 Holders of rec. Apr. 20
Orpheum Circuit, common (monthly)._ _ '162-3 May I 'Holders of rec. Apr. 20
• Includes deposits in foreign branches not included In total footings as follows:
"16 2-3 June 1 "Holders of rec. May 20
Common (monthly)
National City Bank, $164,315,000; Chase National Bank, $12,001,000; Bankers
Common (monthly)
'162-3 July I 'Holders of rec. June 19
Trust Co.. $32,458,000: Guaranty Trust Co., $52,812,000; Farmers' Loan & Trust
"2
Preferred (guar.)
Co., $4,481.000; Equitable Trust Co., $65,200,000. Balances carried in Minim In
July 1 *Holders of rec. June 15
Outlet Company,tom.(qu.)(No.1)_
'75c. May 1 'Holders of rec. Apr. 20
foreign countries as reserve for such deposits were: National City Bank, $20,193,090
Common (extra)
.50c. May 1 'Holders of rec. Apr. 20
Chase National Bank, $1,738,000; Bankers Trust Co . $2,254.000; Guaranty Trust
let preferred(guar.)
*134 May 1 *Holders of rec. Apr. 20
Co. 83.327.000; Farmers' Loan & Trust Co., $4,481,000; Equitable Trust Co
2d preferred (guar.)
•134 May 1 "Holders of rec. Apr. 20
$s,iissko.
Phillips-Jones Corp., prof.(quar.)
• 134 May 1 Holders of rec. Apr. 205
a As of March 11926. c Deposits in foreign branches not included.
Postum Cereal (guar.)
'$1.10 May 1 *Holders of rec. Apr. 21
Ray Consolidated Copper Co
.25c. Apr. 31) 'Holders of rec. Apr. 20
The reserve position of the different groups of institutions
Reed (C. A.) Co.. Class A (guar.)
•50c. May 1 'Holders of rec. Apr. 21
Salt Creek Producers Assoc.(guar )___ 20c. May 1 Holders of roe. Apr. 15a on the basis of both the
averages for the week and the
Extra
42 qc May 1 Holders of rec. Ain. 15a
Savannah Sugar Refg. Corp.,cons.(qu.) t$1.50 May 1 'Holders of rec. Apr. 15
actual condition at the end of the week is shown in the
"1%
Preferred ('lIar.)
May 1 *Holders of rec. Apr. 15
following two tables:
Schulte Retail Stores, common (attar.)._
2
June 1 Holders of rec. May 15a
Preferred (guar.)
2
July 1 Holders of rec. June 15a
Securities Management Corp., cLA(gU.) 13-4. Apr. If Holders of rec. Apr. 1
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE
BANKS
Simmons Company, pref. (guar.)
'134 May 1 *Holders of rec. Apr. 15
AND TRUST COMPANIES.
Smith (A. 0.) Corp., common (quar.)
25c. May 15 Holders of rec. May 1
Common (extra)
25c. May 15 Holders of rec. May 1
Preferred (quar.)
Averages,
134 May It Holders of rec. May 1
Standard Publishing, Class A (quar.).. '1)4 Ayr. 20 'Holders of rec. Apr. 12
Cash
Union 011 of California (guar.)
Reserve
'50c. May 10 *Holders of rec. Am. 17
Reserve
in
U.S.Playing Card (aunr.)
Total
1)4 Apr. 1 Holders of rec. Mar.20a
Resents
Surplus
In Vault. DePosUaries Reserve.
11.5. Rubber,1st. pref.(quar.)
2
May 15 Holders of rec. Apr. 201
&Oared.
Resew.
Utah-Apex Mining (gar.)
25e. Apr. 15 Holders of rec. Apr. 9
Members Federal
Washington Oil
$
$
"$2
Apr. 20 "Holders of rec. Apr. 15
3 ,
Bank._
Reserve
Weber & Helibroner, common (guar.)._ *31
598,500,000 598,500,000 575,538,420 22,961.580
June 30 *Holders of rec. June 16
State banks•
6,741.000 4.574,000 11,315,000
WhiteSewing Mach.(guar.)(No.
"al
May 1 'Holders of rec. Apr. 19
118,280
Trust companles*._ _ 2,489,000 6,506,000 8,995,000 11.196,720
Wilcox (IL F.)011 & Gas(guar.)
'50c. May 3 *Holders of rec. Am. 15
8,925,900
69,100
- Wren(Jenny) Stores(San Fr.), of.(qu.)_ '2
Apr. 15 'Holders of rec. Mar.31
Total April 3_._. 9.230.000 609,580,000 818.810,000
595.661,040
Total Mar.27_
9,218.000 582,462,000 591,680.000 585,053,850 23,148,960
•From unofficial sources. }The New York Stock Exchange has ruled that stock
6,626,150
Total Mar.20__ _ 9.112,000 594,626.000 603.738.000
will not be quoted ex-dividend on, this date and not until further notice. !The
595,005.720 8,732,280
Total Mar 13_ _
9.102 000 583.498 000 692 am t)00 588.278.090 4.321.910
New York Curb Market Association has ruled that stock will not be quoted ex
on
not
this
until
date
and
dividend
further notice.
•Not members of Federal Reserve Bank.
a Transfer books not closed for this dividend. d Correction. e Payable in stock
b This lathe reserve required on the net demand deposits In the case of
/Payable In common stock. g Payable in scrip. h On account of accumulated and
State
trust companies, but in the case of members of the Federal Reserve banks
dlvidemds. m Payable in preferred stock. a Payable in Canadian funds.
Bank
Includes also amount in reserve required on net time deposits,
which was as follows:
s At option of holder dividend payable either in cash or stock at rate of one- Apr. 3, $15,617,370; Mar.27. $15,247,860;
Mar. 20, 314,973,810; Mar. 13, 314,816.°Meth of a share of Class A stock.
130; Mar.6, $14.695,110.
Actual Figures.
Cash
Reserve
In Vault
Members Federal
Reserve Bank_
State banks•
Trust companies•__.
2007
THE CHRONICLE
APR. 10 1926.1
Reserve
in
Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Boston Clearing House Weekly Returns.-Inithe 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.
$
546,703,000 541,231,601 581,231,600 34,525,600
76,900
6,602,000 4.463.000 11,035.000 10.988,100
289,200
2,505,000 6,594.000 9,099,000 8.809,800
9,107,000 557,763,000 566,870,000 601.029,500 -34.159,500
Total April 3._
9.151,000 589.559,000 598.710.000 583.136.330 15,573.670
Total Mar.27_
9.212.000 588.312.000 597.524.000 586,389,320 11334.680
Total Mar.
t._
IISO 000 607.326.000 616.405.000 589.310.320 27,095,680
Mar
Total
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Apr.3, 315,454.830: Mar.27, 515,330,000; Mar.20, 514,897,760: Mar. 13, $15,122,550: Mar. 6, $14,728.170.
Apra 7
1926.
Changes front
previous week.
Mar 24
1926.
Afar. 31
1926.
6S.000.000 68.800.000
68,500,000 Unchanged
Capital
636,000 89.058.000 89.058.000
89.694.000 Inc.
Surplus and profits
1037809000
1031479000
2.831.000
Inc.
1034310000
Loans disels & investments_
671.158.000 Inc. 14.529.000 656.629.000 661.074.000
Individual deposits
148.441,000 Inc. 13.118.000 135.323.000 137.211.000
Due to banks
215,939,000 Inc. 1,068,000 214.873.000 217.039.000
Time deposits
2.000 46.900.000 55.822.000
45.902.000 Inc.
United States deposits
Exchanges for Clearing House 40.110,000 Inc. 8,276,000 31.834.00(1 26.125.000
82,192.000 Inc. 5,432,000 76.760.000 79.675.000
Due from other banks
Reserve In legal depositaries_ 78,999,000 Inc. 2,052.000 76.947.000 78.138.000
335,000 10.031.000 10.092.000
10,366.000 Inc.
Cash In bank
519.00
481.000
382,000
853,000 Inc.
Reserve excess in F.R.Bk...
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows:
Qom return for the week ending April 3, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
Reserve Bank. "Cash in vaults"
Previous Week. to be kept with the Federal
April 3.
$1,211,602,200 Inc. 64,830,000 is not a part of legal reserve. For trust companies not memLoans and investments
145.600
4,271,600 Dec.
Gold
Federal Reserve System the reserve required is
20,967,700 Dec. 1,696.700 bers of the
Currency notes
Deposits with Federal Reserve Bank Of New York- 107,603.700 Inc. 4,680,200 10% on demand deposits and includes "Reserve with legal
1,282,371,000 Dec. 312,700 depositaries" and "Cash in vaults."
Time deposits
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City,exchange & U.S.deposits..._ 1,187,245,800 Dec. 2.172.400
180,860,900 Inc. 10,089,100
Reserve on deposits
Percentage of reserve, 19.9%.
RESERVE.
-Trust CompaniesState Banks594,260,300 14.97%
Caeh in vault
•$38,591.700 17.05%
32,243,900 5.12%
Deposits in banks and trust cos_ - 15,765.000 6.97%
$126,501,200 20.09%
$54,356,700 24.03%
Total
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on April 3 was $107,603,700.
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 EndedDee. 5
Dec. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Anr. a
Loans and
Investments.
Demand
Deposits.
$
6,504.882.200
6,498,683.600
6,539.445.800
8.584.447,000
6,688,745.000
6,713.047,300
6,614.199.500
6.557,007.300
6.538,928.200
6,583.367,000
6,5s1.072.500
6,539.198.100
0.538.928.200
5,574,532.600
6,50i,882.000
6.559.263,300
6 528 460,200
fi 582.817.200
$
5.615,024.900
5,602.113,700
5,838.893.200
5,619,923,800
5,740.772.300
5,770.909.300
5.711.092.600
5,657,830,000
5,628,105.200
5.669.834.300
5.617.024.100
5,572.396.500
5,628,105,200
5,621,468.900
5.562 180 300
5,624,406,300
5,539,714.200
5_618 040.1100
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
$
88.462.600 738.833.300
91.126.200 732,709.200
98.884,300 746.673.400
105.692,300 734,118.200
99,811,300 764.938.500
95,988.600 764.899.000
90.893.800 762.604.500
87,033,900 746,110,700
87,174,800 732,989,606
84,220,500 740.775.606
89,198,200 732243,106
85,608,600 732,631.006
87,174,800 732.989,601
84,322,400 744,749,501
85,376,300 726.793,201
83,752,000 737,864,501
82,310,600 726,143.201
79.710.300 765.192.60(
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:
tETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Week Ending
April 3 1926.
Members or
Res'ye Bank.
Grace Nat Bank _ _ _
Total
State Banks.
Not Member, of th
Federal Reserve Bank
Sank of Wash. Me_
Colonial Bank
Total
Trust Company
got Member of the
federal &Wine Bank
Mach Tr, Bayonne_
Capital
Loans.
Diecounts.
InvestNet
Profits. Mfg.,
tke.
Average Average Average Average Average.
$
1,856
12,879
58
1,009
6,888
3,820
1.000
1.856
12,87:
56
1,009
6,888
3,820
200
1,200
604
2,78
9,251
31,000
726
3,121
374
6.248
1.4821 26,042
2,723
5,076
1.
8.1192
40,251
3,84
1,858
32,290
7.799
161
3,217
6,045
9,404
Total
Mar.27
Mar.2
Mar.13
Mar. 6
Reserve
with
Net
Net
Legal Demand Time
Depart- Deposits. Deposits
tortes.
1.000
2.
Grand aggregate_ _ _
Comparison with prey, wee
Or'd agar..
Or'd aggr..
Or'd aggr.,
(Jed agar..
Cash
in
Vaud.
2,
2,900
2.900
2.900
5,8
5.83
5.83
5.838
1
327
9,404
328
3,2171
6,045
62,534
-2,047
4,231
-157
3,026 a42,395
-64 -468
17,664
-49
64,581
63,431
62,478
61,555
4.388
4,339
4,502
4,407i
3,090
3,192
3,346
3,125
17,713
17,709
17,861
17.467
161
a42,861
243,214
243,639
243,120
•United States deposits deducted 5161,000.
Bill, payable rediscoante. acceptation' and other liabilities. $2,779,000.
Mowsreserve $148,170 Increase.
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Reeve with legal depos
Reserve with F.R.Bank
Cash In vault •
Total reserve dr cash held
Reserve required
FXCPAS res.& cash In vault_
Vint
Membersof
P.R.System Companies
$44.275.0
132,146,0
852,304,0
50007.0
120,868.0
140342,0
600,302,0
127,860,0
868,304,0
$5,000.0
17.137,0
50,475,0
902.0
20.0
8110
34,141,0
2,128.0
37,079,0
6,224,0
63,897,0
10,113.0
74.010,0
64,625,0
9,385.0
1.605,0
7,829,0
5,210.0
2,619,0
1925
Total.
549,275.0
149,283.0
902,779,0
50.969,0
120,888,0
140.953,0
634.443,0
129,988,0
905.383,0
6,224.0
63,897.0
11,718.0
81.839.0
69,835.0
12.004.0
Mar. 27
1926.
Mar. 20
1926.
347,275,0
146,573.0
910,568,0
35.854.0
107.0000
136.281.0
615,507.0
125,447.0
877,235.0
4,324.0
62.631,0
11.512,0
78.467,0
68,445.0
10022.0
$47,275.0
146,573,0
916,361.0
44.710.0
119.443.0
143,281,0
635.31)9.0
123,497,0
902,087.0
3,570.0
64,505.0
11,535,0
79,610.0
70.225.0
9.385,0
• 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 April 7 1926 in
comparison with the previous week and the corresponding
date last year:
Apr. 7 1928. Mar.31 1926. Apr. 8 1925.
344.020.000
Gold with Federal Reserve Agent
9.968.000
Gold redemp. fund with U. B. Treasury-
344 020.000
11,532.000
321.638,000
8,442.000
Gold held exclusively aget. F.R.notes_ 353.988.000
Gold settlement fund with F. R. Board_ 253.054.000
351,112.000
Gold and gold certificates held by bank
355.552.000
318.650,000
332,122.000
330,080,000
232,276.000
314.583.000
958,154,000 1,006,324.000
42.878,000
43,675.000
876,939,000
31.180,000
1,001.032.000 1,049.999,000
22,261.000
22.910,000
908,119.000
14,949,000
106,406,000
48,778.000
100.987,000
48,738,000
75,917.000
53,037.000
155,184.000
44,187,000
149.725.000
63,620.000
128,954,000
83.534,05)
5,352.000
30.119.000
22,417,000
4,044.000
29.123,000
21,298.000
12,461,000
93,688.000
5,395,000
57,888,000
2.411.000
54,465.000
2,329,000
111,544.000
3,055,000
Total WM and securities (See Note).... 259,670,000
270,1393)00
327,087,000
643,000
141,915,000
16,701,000
3,202,000
639,000
136,702,000
16,569,000
4,911,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S.Government securities
Foreign loans on gold _
(Stated in thousands of doltars-that U. three ciphers 1000] smiffed.)
CLEARING
SON-MEMBERS
Week Ruled April 3 1926.
Two Ciphers (00)
omitted.
Due from foreign banks (Bee
Uncollected Items
Bank premises
All other resources
Total resources
Note)
643,000
145.077,000
16,701.000
3,518,000
1,448,905,000 1,505,509000 1,408,976,000
LictOGItierFed.]Reserve notes In actual circulation_ 369.838.000
Deposits-Member bank, reserve acc't
839.003,000
Government
8,082,000
Foreign bank (See Note)
2,652,000
Other deposits
6,859,000
371,983.000
902,077,000
6,097,000
804.000
7,082,000
348,102,000
835.784,000
5,073,000
4,721,000
7,809,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
916.060.000
120,743,000
33.903,000
59,964,000
2,858.000
853,387,000
114.239,000
31,318.000
58,749.000
3,181,000
Total liabilities
856.598,000
125,634,000
33,922.000
59,964,000
2,951,000
1.448,905.000 1.505.509.000 1,408,976,000
Ratio of total reeerves to deposit and
Fed'l Reeve note liabilities combined_
81.6%
81.5%
75.6%
Contingent liability on bills purchased
for foreign correspondents
17,962,000
16,508,000
12,421.106
NOTE.-Beginning with the statement of Oct. 7 two new items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets,- now
made up of Federal intermediate credit bank debentures. has been changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only items included
herein
2008
THE CHRONICLE
[VOL. 122.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
of the twelve Reserve banks at the close of business on Wednesday. In the first table April 1, and showing the condition
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
Accounts (third table following) gives details regarding transactions in Federaltwelve banks. The Federal Reserve Agents'
Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks.
Reserve Board's comment upon the returns for the
latest week appears en page 1987, being the first item in our department ofThe
"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS APRIL 7, 1926.
Aprfl 7 1926. Mar. 311926 Mar.24 1926. Mar. 171926
Afar. 101926. Mar, 3 1926. rib. 24 1926 Feb. 17 1926. April 8 1931.
RESOURCES.
$
$
$
$
$
$
Gold with Federal Reserve agents
$
$
1,384,531,000 1,361,723,000 1,404,307,000 1,432,402.000
$
1.408,708.000 1,383,170.000 1,406,149,000 1.397.967,000 1,513,503,111
Gold redemptioa fund with U.S.Tress_
47,741,000
48,754,000
58,086,000
58.431.000
50,406,000
50.723.000
45.334.000
45,009.000
51,428,199
Gold held exclusively agst. F. R. motes 1,432,272.000 1,410.477,000 1,462,393,000
1,490.833.000
Gold settlement fund with F.R.Board
730,247,000 751,935.000 713,203.000 868.599.000 1,469.114,000 1,433.893,000 1.452.483.000 1.442,976.000 1,563,931,190
692,997.000 688.567.000 674.072.000 618,126.000 692,776,111
Gold and gold sertlilsates lead by Nikki_ 620.827.000 604,461,000 618,885,000
631,833.000 647.047.000 642.324,000 1140,048,000 658.194.000 582,675,006
Total gold reserves
2,783,346,000 2.786,873.000 2,794,481,000 2,811,265.000
Reserve/ ether 1111 gis14
150.305,000 152,973.000 155.295.000 153.392,000 2,799.158.000 2,764.784,000 2.768,603.000 2,789.296,000 2,839,382,181
151.682.000 148,754.000 149,907.000 150.860,000 137,226.111
Total reserves
2,933.651.0002.919.846,006 2,949,776.0002.964.657,000 2,950.840.000
2,913.538,000 2,916,510,000 2,940,156,0002.976,688,111
Non-reserve eaaki
61.484,000
62.078,000
66.102,000
86.786,000
68,998,000
05,296.000
Bills diaeounted:
06,298.000
69,032,000
54,215,910
Secured by U.S. Govt. obligations._ 290.169.000 311,487,000 340,564,000
260.479,000 263.904.000 319,423.000 311.570.000
Other bills dbeetnited
315,972,000 192,606,060
288,383.000 320,904,000 276.983.000 220.136,000 238,521.000
263,791.000 228,513.000 222,386,000 198,689,166
Total bills dliteeuxted
578.552.000 632,391,000 617.547.000 410.615.000 602.425.000
583,314,000 540,013,000 538,358,000 391,281.619
Bills bougbt la °pea market
229,773.000 249.633,000 252,228,000 257.138,000 284,520,000
286,607.000 304.128.000 301,641,000 316,685,668
U. S. Government meurItlex
Bonds
74,997.000
70.054,000
63.877.000
63,831.000
60,437.000
60,285,000
60.213.000
Treasury not..
59,978,000
82,631,190
134,897,000 131,644,000 121.308,000
75,418.000 187,335.000 171.482,000 174.954,000
Certificates of ladebtedems
169,863.000 251,177,111
132,135,000 128,139.000 123.016,000 213,328,000 111,894.000
94.041.000
95,418.000 104,605.000
29,432,1011
Total U. II. Government sesurittes
342.029,000 329,837.000 308,201.000 352,577,000 359,666.000
325,758.000 330.585.000 334,446,000 362,240,088
Other securities(ass see)
5.185,000
5,18.5.000
3.810,000
3,610,000
3,150.000
3,150.000
3,150.000
1,9112,111
VOreign loans ea g•Id
3.150,000
8.800,000
8,491,000
8,010.000
7,700,000
8.798.000
8,700.000
7,100.000
11,549.0111
7,000.000
Total bills sad metelties (see note)__ _ 1,184,339.000 1.225.537.000
1.189.796.000
1.101,640,
0
0
0
1.158,559,000
1,207,429.000 1,185,046,000 1.184,595.000 1,976,414.044
Due from foreign basks(se.en.)
643.000
643.000
643.000
712.000
737.000
749.000
780,000
Uncollected items
639.119
725.000
535.145,000 620,294,000 635,857,000 831,669.000 628,454.000
711,125,000 *697,429.000 759.089.000 612,618,9/9
Bank promises
59,480,000
59,441.000
59.406,000
59,406,000
59306,000
59.388.000
59.368.000
All other remounts.
59,368.000
58,967,060
• 15.040,000
14,759,000
14,732,000
14.134.000
17.775.000
16.918.000
17.008.000
16,786,000
20,359,119
Total reemerge
4,889,782,000 4,902,598,000 4,916.312,000 5,039.004,000 4,884,769,000
4,974.423,000 *4942439,000 5,029,751,000 4,791,122,101
LIABILITIES.
F.R.notes la Aetna)elreniation
1,652,878.000 1,658,482,000 1,658,996,000 1,659,210,000 1,671,754,000
1,675,354.000 1,679,362,000 1,661,143.000 1,714,161,800
DepositsMember baaks-reserve assennt
3,191.635.000 2.215.243.000 2.318.007.000 2,230.282.000 2,209,698.000 2,224.329.000
2,202.879.000 3,262,258,000 3,141,760,464
Government
10,580.000
85,813,008
68,892.000
7,019,000
48,554,000
52.472.000
36,670,
Foreign bask fees note)
39,929,000
21,878,600
7,954,000
5,399.000
8,420,000
5,971,000
4,784,000
6.160,000
5.450.0001
Other deposits
6,851,000
6,396.011
18,298,000
16.897,000
18,313,000
21,305,000
18,253,000
19.322,000
17,232,0001
17,480.000
18.134,881
Total deposits
2,278,467.000 2,323.352,000 2,313.632.000 2,264,647,000 2,281.289,000 2,302.283.000 2,282,231,00013,326,518,O®
Deferred availability hems
2,186,978,111
582,779.000 587,879.000 588.910.000 761,101,000 577,943.000 644.103.000
Capital paid la
120,455.000 120.427,000 120,404.000 120.394.000 119,993.000 119,721.000 648,557,000 690,886,000 844,276.9116
'119316000 118.934,000 114,431.11e
1urplus
220,310.000 220.310.000 220,310.000 220,310,000 220,310.000
220,310.000
220,310.000
A I railer liabilities
220,310.000 217,837,161
14,893,000
14,148,000
14,060,000
13,335,000
13,480,000
12,652,000 *12,663,000
11,980.000
12,289,11111
Iota' liabilities
4 889,782,000 4.902,598,000 4,916.312,000 5,039.004,000 4.884,769,000
4,974,423.000
*4142439.000 5,029,751,000 4,791,122,111
Ratio of gold reserves to deposita and
F. R. mote liabilities ewiebtned
70.8%
69.5%
70.3%
71.8%
70.8%
69.5%
70.1%
Ratio of total reserves to deposit and
69.9%
72.8%
E. R. note liabilities oomblaed
74.6%
73.4%
75.6%
74.3%
74.6%
73.2%
74.0%
Contingent liability on bills purchased
73.7%
76.3%
for foreign correspondents
68,172.000
69.161,000
71,016,000
78,975,000
83.009.000
82.408,000
82,168,000
83,666.000
45,281,146
Distribution be Maturities$
$
3
$
5
5
$
1-15 days Nile bought in opus market$
$
97,117.000 117.659.000 110.540,000
96,015.000 111,474.000 110,558,000
1-15 days MU dissounted
430,712.000 472.606.000 486,050.000 364,185.000 390,088.000 485,043.000 122,574,000 113.254,000 116,137,1111
440.813.000 430,065.000 389,691.111
1-15 days U S. certif. of indebtedness_
36,000
10.000
2,884,000
99,013.000
48,000
18,000
74,000
80,000
1-15 day. municipal warrant.
1,223,011
16-30 days bilis bought Is open market_
2,0811
52.615,000
52,635.000
61.546,600
70.533.000
66,139,000
65,568,000
59,878.000
68,537,000
16-30 days bills diseonated
61,478,11e
34,987,000
37.181,000
31,386,000
30,957.000
29.551.000
28,917,000
25,324.000
39,362,000
18-30 days U. S. certif. of Indebtedness_
24,867,041
1,505.000
16-30 days imuntetpal warraate
$160 days bills bought Is open market_
51.824.000
52.287.000
52,619,000
57,847.000
72,552.000
84,340,000
37,880.000
83.832.000
51-60 days bill. dissimilated
88,561,111
59,119,000
65,230,000
51,259,000
43,340,000
43,601.000
47,585.000
42,022.000
42,991,000
11 60 days U. S. sent!, of hulebtodales_
36,694,111
11-60 days municipal warrants
11-90 days bills bench% in open 'market
24.807,000
23,327,000
22,744.000
28,574,000
29,571.000
31,503.000
29,952.000
32,343,000
11-90 days bills dloccanted
47,558,188
37,770,000
41.319,000
35,345,000
29,589.000
27,087.000
30,700.000
22,463.000
26,649,000
25,722,011
11-90 days U.S. eertif. of Indebtedness_
63,991,000
59.418,000
25,203,000
24,988,000
11-10 days municipal warrants
Over 90 days bills bought la open market
2,410,000
3.725.000
4,779.000
4.099.000
4.784.000
4.633.000
3.844,000
3,675.000
8.111,118
Over 90 days Mils discounted
15,964,000
15,055.000
13.507,000
12.544,000
11,098,000
10.058.000
9,461.000
9,291,000
14,915,111
Over 90 gays sent/. of ladebtedaams_ _ ..
69,108,000
68.711,000
94.929,000
89.327.000 111,846,000
94,023,000
93,839.000 104,525.000
28,269,160
Over 90 days munielpal warrants
FR.Dotes molted from Ootaptz•1Ier
F. R.notes held by F. It. Agent
Issuell to Federal Reserve Banks
Flew
By gold aad geld eertifleates
)old redemption foal
3o2d fund-Federal Reserve Beard
By eligible paper
3.803,474.000 2,809,809,000 2.807.701,000 2,819,409,000 2.826,107,0002,839,467,000 2.845,899.000
2.8.30.750.0003
843,251,000 843,106.000 827,637.000 829,901,000 825.142,000 833,374.000 834,530.000 848,950.000 ,008,943,911
988,776,606
1.959,213,000 1,968.703,000 1,980.064.000 1,989,508.000 2.000.965.000 2,006.093,000 2,011,389,000 2.003,800.000
2,124.173,1106
309,393,000 311,743.000
99,051.000 104.805.000
978,087,000 945,175,000
777,026.000 838.769,000
.. ... ..-.........-- •nn ne
.
.. •s
310.498.000 310.748,000
105,606.000 102,162,000
988.203,000 1,019,492,000
827,811.000 704,667.000
310,846,000
107.962,000
919,900.000
754,218.000
es•so •lo nnn o 121 rum (Inn 9 1A9 09A
310,846,000
104,140,000
968,184.000
835.592,000
311,246,000 .
311,245,000 274,916,116
100.489,000 102.647,000 107,181,009
994,414,000 984,075,000 1,131.406,001
802,364,000 797.417.000 675,141,110
Ann 9 910 709 AAA 9900
cl/ AAA 9 Inc ROA nnn ,, •.......
NOTE.-Begtholag with the statement of Oct. 7 1925 two new items were added in order to show separately the amount of balances
held abroad and
lo foreign corresnondemts. In addition, the caption,"All other earning assets", now made up of Federal Intermediate Credit
Bank debenturee, haa beenamounts lais
"Other securities." and the saptIon, "Total earning meets" to "Total bills and securities." The latter term has been adopted
changed is
as
a
more
accurate
description of the total
If the almouatil, a...Deniesu sad escuritle.acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are
the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS APR. 7.
1926
Too ciphers (80) essit144.
raima Suer,. 5.53 0
Reston. Net, York. Phila. Cleve/and Riclancmd Atlanta. Chicago. St. Louis. hfinneap. Kan. City Dallas.
San Fran
Total.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
Geld with Federal Reserve Agents 100.280,0 344,020,0 119,917,0 171,115,0 45,996,0 128,543,0 129,367,0 17,090,0 62,034,0
i
48,379,0 27,407,0 190,383.0
Gold rea'a Nod wItli U.8.Treas. 7,777,0
1,384,531,0
9,968,0 7,502,0 1,991,0 2,634,0 3,838,0 3,479,0 1,223,0 1,582,0 3,377,0 1.758,0
2.612,0
47,741,0
Gold held excl.salt.P.R.ante. 108,057.0 353.988.0 127,419,0 173,106,0 48,630,0 132,381,0 132,846,0 18,313,0 63,616,0
Gobi settle't fund with F.R.Board 61,584,0 253.054,0 61,831.0 54,992,0 33,964,0 29,008,0 137,199,0 17,224,0 19.817,0 51,756,0 29.165,0 192.995,0 1.432,272,0
27,603,0
Gold and gold cartMeates
36.891,0 351,112,0 22,595,0 51,743,0 5,636,0 4,317.0 69,121,0 17,836,0 6,773,0 5,206.0 14,812,0 19,159,0 730,247,0
10,367,0 39,230,0 620,827,0
-Total gold reserve.
208,532,0 958,154.0 211,845,0 279,841.0 88,230,0 165,706,0 339,166,0 53,373,0 90,206.0 84,565,0
54,344,0
Reserves other than gold
251,384,0 2,783,348,0
19,060,0
42.878,0 4,844,0 6,935,0 8,354,0 7,789.0 19,111,0 19,748,0 3,114,0 4.708,0
5,965,0 7,801,0 150,305.0
Total reserves
225,592,0 1,001,032,0 216,689,0 286,776.0 96,584,0 173,495,0 358,277,0 73,121,0 93,320,0 89,271,0
Non-reserve cash
4,917,0
22,264,0 1,800,0 3,096.0 4,163,0 4,261,0 7,592,0 3,423,0 1,288,0 2,446,0 60,309,0 259,185,0 2,933,651,0
2,623,0 3.811,0
Bills discounted:
61,484,0
See. by U.S. Govt. obligations 15,552,0 106,406,0 33,945,0 39,653,0 12,143,0 10,507,0 37,489,0 9,130,0
312,0 5,918,0
Other bills discounted
48,578.0 20,901,0 20,117,0 28,415,0 37,091,0 46,714,0 15,892,0 5,033,0 12,834,0 1,527,0 17,587,0 290.169,0
19,810,0
4,718,0 28,080,0 288,383,0
Total bills dlacounted
35,362,0 155,184,0 54,840.0 59,770,0 40,558,0 47,598,0 84,203,0 25,022,0 5,345,0 18,752,0
BMA bought In open market
40,532,0
44,187,0 10,239.0 22,326,0 9,774,0 10,803,0 31,616,0 4,863,0 9.231,0 13,416.0 6.245,0 45,667,0 578,552,0
10,546,0 22,340,0 229,773,0
U. 8. Government securities:
Bonds_
1,134,0
5,352,0 1,224.0 9,212,0 1,802,0 1,843,0 21,917,0 3,199.0 8,321,0 9,809,0
Treasury notes
74,997.0
1,695,0
30,119,0 1,50^,0 15,490.0 2,885,0 7,363,0 13.814.0 10,335,0 5,347,0 12,801,0 8,926,0 2,251,0
Certificate, of indebtedness_
5,864.0
22,417,0 17,391,0 7,493,0 1.956,0 8,180,0 9,857.0 12,208,0 3,910.0 11,124,0 12,533,0 21,007,0 134,897.0
9,253,0 22,482,0 132,135,0
Total U.S. Govt. securit1es
8,693.0
57.888.0 20.123.0 32,195.0 6.643.0 17.386,0 45,588,0 25.742,0 17.578.0 33,734.0
30,712.0 45,747.0 342,029,0
RESOURCES (Cenauded)Two Ciphers (00) omitted.
Nets York.
Boston.
Phila.
rotal.
San Fran
Cleveland. Richmond Atlanta. Chicago. St. Louis Misstep. Rea. City Dallas.
$
4,625.0
4311,0
I
$
Other mecurities
Foreign loans on gold
2009
TUE CHRONICLE
Am. 10 1926.]
$
$
I
560,0
352.0
s
$
$
$
s
$
$
5.185.0
8.800,
607,0
805,0
343.0
282,0
378,0
1.206.0
466.0
942,0
2,411.0
32,436,0 66,245,0 47,811,0 114,361,0 1,164.339.0
259,670.0 90.669,0 116.233,0 57,441.0 76,699,0 182,513,0 56.005,0
643.0
643.0
13.561.0 38.576,0 24.649,0 35,975.0 835.145.0
56,863,0 145.077.0 59.557.0 68,409,0 56.637.0 36.028.0 74.905,0 35,008.0 2.943,0 4,636,0 1,793.0 3,217,0
59.480,0
16,701.0 1,531.0 7,409.0 2,364.0 2.774,0 7.933.0 4,111.0
4,068,0
15,040,0
402,0 3.309,0
497.0
415.0 2,270.0
380.0 1.030.0 1.899.0
881,0
314,0
3.518.0
85,0
172,083,0 145,818.0 201,671,0 137.487,0 419,658,0 4,869,782,0
613,119,0
294,287,0
217,569,0
471,804,0
370.600,0
1.448.905.0
376,781.0
Total resources
163.099,0 183.839,0 36,733,0 64,379,0 63.516,0 37,071,0 127,415,0 1,652,878,0
F. R. notes in actual etreuhttiou_ 147,988,0 359,838.0 142,751.0 199,943,0 76,301,0
Depodta:
75,213,0 322,873.0 80,632,0 52,619.0 87.785.0 58,906.0 159,355.0 2,191.625.0
68.511,0
60.580,0
Member bank-reserve ase't 138,137.0 839,003.0 135,001.0 173.601,0 2,057.0 7.999,0 9.798,0 1,647,0 4,233.0 1,453.0 2,859,0 4,323.0
8,082.0 4,119.0 6,017.0
7,993.0
7,954.0
Government
504,0
256,0
285.0
234.0
314,0
292.0 1,000,0
387,0
781,0
694.0
2.652.0
555.0
18,298,0
6.291.0
43,0
Foreign bank
185.0
280.0
2.250,0
902,0
118,0
188,0
998,0
100,0
6,859,0
84,0
Other depoeitg
89.708.0 62,063,0 170,473.0 2.278,467.0
146.769,0 856.596.0 139.914.0 181,397,0 71,143,0 83.622,0 334.573,0 84,843.0 57.366.0 34,513.0 25.828.0 38.472,0 582,779,0
Total deposit
,
55,520,0 125.634.0 54.921,0 52.770.0 51.240.0 33.168.0 65,353.0 34.906,0 12.454.0 4.236.0 4.344,0 8,282.0 120.455,0
Deferred availability beam
3.141.0
5,147.0
16,291,0
4,933,0
5,995,0
13,460.0
11.932.0
33.922.0
8.772,0
Capital Paid 111
8.979.0 7,615.0 15.071.0 220.310,0
59.964,0 20,464.0 22,894,0 11,919.0 8,700,0 30,613.0 9,5700 7,501.0
17,020,0
14,893.0
Ourphts
566,0 1.945,0
719.0
977.0
884,0
765,0 2,450.0
971.0
618,0 1,335.0
2,951,0
712,0
All other liabilities
_
4.869.782.11
419.658,0
137,437,0
201,671.0
145,818,0
172,083.0
613,119.0
376.781,0 1,448,905,0 370,600,0 471,804,0 217.569,0 294,287,0
Total liabilities
Mensroule.
74.0
72.4
60.8
15.3
76.7
60.1
71.9
70.3
65.4
75.2
76.7
81.6
76.5
RINNWVII ratio (per sent)
68,172,11
Contingent liability on bills pur
2.974,0 2.213.0 2,697,0 2.421.0 4.772,0
9,475,0
2,766,0
3,666,0
7.400,0
6,570,0
17,962.0
5,256,0
shamed for foreign corrNpond'tj
F. R. notee on band (notes ree'
&ore F. R. Audit Ism notes Ii I, n•M A 1 A n AAA n oft I7rs A la oftA n 1 II 552 11 91 191 n 17 178 n 5 017 n 2 504 n it 089 n 4 397 n 21.402.0 106.385.1
simulation)
669,0
Total bills and securities
Dye from foreign banks
Uncollected items
Bank premises
AR other resounds_
85,256,0
AT CLOSE OF BUSINESS APRIL 7 1916
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
Federal Reserve Afoul at-
Boston.
MM. Ckuland. Mastoid /UMW&
Nets York.
Chicago. St. Louis. MMus, Kan.
TOM.
!MBAs. San Pres.
8
$
S
S
S
S
S
$
S
$
S
$
64,810,0 84,715.0 116.955.0 55.605.0 283,207,0 2,802,474,0
736.646.0 214.144.0 276.327,0 117,699,0 230,885,0 407,514.0
16,942.0 47,350.0 14,137.0 64,300,0 843,261.9
226,360,0 41,920.0 60,150,0 26.040,0 46.665,0 226,537,0 24.160.0
$
(7'w• Ciphers (00) Omitted.)
F.R.sotm ree'd from Comptroller 213,967.0
F.R.notee held by F. R. Agent__ 48,700.0
_.
F.R.notes lamed to F.R. Bank 165,267,0 .510,286,0 172,224,0 216,177.0
eistiral held m security for
•
Y.R.notes lamed to F. R. Bk.:
500.0 6,720.0
Gold and gold certificates__ 35,300,0 186,698.0
10,980,0
26,322.0 9,728,0 12,335,0
Gold redemption fund
54.000.0 131,000,0 109,389,0 150.000.0
Gold fund-F.R.Board
75.894,0 187.147,0 53,020.0 20,038.0
lliglble paper
rebel artIlataral
17R 171 A
221 1117 11 172 1112 /1 221 122 A
1.959,21361
91,659.0 184.220,0 180,977,0 40,650,0 67,773,0 69.605,0 41.463,0 212,907,0
309.393,11
17.216.0
8,745,0 13,212.0
25,655,0 12.977,0
99.0511
822.0 3.519.0 3.181,0 17,190,0
845.0
2,841.0 8,566,0 3,722,0
976.087,0
7.000.0173,193.0
45.860.0
48,000.0
7.500.0
17,500,0 107.000,0 125.645,0
777.026A
67,117,0
16.4.30,0
49,449,0 57,261.0 115,525,0 29.056.0 14.374,0 31,713.0
43.637.0 257.500.0 2.161.557.11
OS 445 n IRS 8040 244 8820 46 148 0 76408.0 80.094.0
Weekly Return for the Member Banks of the Federal Reserve System.
principal items of the resourees
Following is the weekly statement issued by the Federal Reserve Board, giving thefigures
are always a week behind
These
obtained.
are
returns
weekly
which
from
710
banks
member
and liabilities of the
given in the statement
were
statement
the
in
items
different
the
of
Definitions
those for the Reserve banks themselves.
Board upon tke figures
Reserve
the
of
comment
The
2523.
page
1917,
29
Dec.
of
"Chronicle"
the
of Deo. 12 1917, published in
198S
page
on
Discussions,"
and
Events
"Current
of
our
Department
in
for tie latest week appears
1. Data far all reporting member banks la molt Federal Reserve District at close of business Mar. 31 1926. (Three Maier* (001) emitted )
Dallas. ganTrm. Total.
Chaslead. glshamul Atlanta. Chicago. St. Louis Misemp. Kis.Cap
710
66
49
69
24
33
99
38
68
76
98
62
40
IN:ember of reporting banke
g
$
s
$
$
$
$
$
$
g
8
8
1
Lomas and discounts, grays:
164,335
10.358
3.111
3,754
2.553
11.536
18,472
8,029
5,207
21,086
12,127
11,795
56.310
Secured by U.B. Gov't obligations
24,177 281,685 5,410.449
69,412 104,910
99,334 798,422 203,886
142.619
Meurer! by stocks anl bonds._ 327,673 2.375.253 S10.093 533,025
906.045 8,476,749
369.769 420.058 1,248.908 315.501 167.031 323,045 226,791
AU other loans and discounts- _ 650,893 3,706,368 371,837 771,444
813,079 1.200,08S 14,051,167
431.709
238.996
530,923
2.063,802
527.421
617,595
990,361 5.137.931 774.107 1,326,555
Total loans and discounts
lavistmente:
56.856 261,568 2,480.168
73,569 112,045
59,768
57.056 272,649
70,789
152.610 964,123 114,622 284,518
U.S. Government smuritles
21,842 211,048 3,014,640
80,577
43,577
53,874 457.402 110.931
59,884
Other bonds, stooks and 'amities 221.342 1,161,369 242.015 344,679
78,698 472,606 5,494,708
192,622
117.146
170.699
730,051
110,930
130.673
629,197
373,952 2,125,492 362.637
Totalinvastraeata
1.672,694 10.546.270
391.777
701,622 356,142 624.331
1.364,313 7,263.423 1,136,744 1,954,752 648,268 638,351 2,793.853
Tetal loans and 'armaments
27,430 111.066 1,655.266
52,342
23,534
47,210
37.438 223.632
39,014
79,180 118.296
92.744 803,381
Reserve balances with F. R.Balk
272.422
20,797
10.468
12,323
5.936
7,712
47,222
11,276
13,898
29,009
16.873
77.020
19.888
Gash In vault
12.901.244
365,609 349,777 1,678,325 404,715 219,010 481,928 272,408 760,932
864,802 5,742.642 754.811 1,005,285
Net demand depoalte
5,476,941
238,513
100,318
150,396
113.773
219.638
1,002,976
206.934 212,560
400.500 1,246.502 223,082 762,659
Thai deposits
295,501
30,336
3.824
10,096
6,784
9,922
28,402
14,649
11,313
36.997
36,718
58,306
47,462
Government deposits
214,494
Nils pay. & radial). with F. R. Bk.:
24,172
765
3,054
1,440
6.290
34,944
12,812
5,802
31.517
11,251
78,053
4,387
Secured by U.B.Gov't obligations
205,604
16,093
1.301
3,586
2,803
15,877
42,440
22,679
14,343
13,166
13.102
15,118
36,098
All other
hankers' balance,of reporting member banks In F. R. Bank Mlles:
89,625 2,295,031
27,317
28,724
52.267
82.245
16,729 396,371
30,432
45,590
125,444 1,167,145 171,142
Due to banks
563.48i
46.621
22.160
39.252
20.696
28.968
134 521
12 417
16 298
51554
72 215
40 898 ins n9i
Des fr.., bask.
Federal Reserve Distriei.
Borten. Mem Tort
Flit..
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
Reporting Member Banks in Chicago.
Reporting Member Banks in N. Y. City.
311926.Mar.24 1926 Apr.1 1925.
Mar.
1925.
Apr.1
241926.
Mar.
311926.
Mar.
Mar. 241926. Apr. 1 1925.
46
46
46
65
60
60
736
711
s
$
s
$
$
$
$
$
24,618.000
13,473.000
11,840,000
70,551,000
49,923,000
51,304,000
198,162,000
163,326,000
586,774,000 495,737,000
5,324,069,000 4,779,344,000 2,099,750,000 2,040,938,000 1,943,030,000 592,948,000
701,172,000
8,459,889,000 8,227,641,000 2,379,578,000 2,368,279,000 2,273,302,000 687.450.000 683.541.000
Ail Reportiny Member Ranks.
Mar.311926.
710
lumber of reporting banks
8
Loans and discounta. gross:
164,338.000
Secured by U. B. Gov't obligations
4,410,489,000
Secured by stocks and bonds
8,476,740,000
All other leani and discounts
Total loans and dis00unt.;
14,051,567,000 13,947,284,000 13,205,147,000 4,530,632,000 4,459,140,000 4,286,883,000 1.292,238,000 1,283,788,000
Investments:
2,480,163,000 2,583,438,000 2,623,223,000 850,924,000 865,957,000 927,599,000 130,783,000 159,753,000
Gov't
securities
U.S.
203,593.000
Other bonds, stock and eesurities_ 3,014,540,000 2,991,930,000 2,875,158,000 864,440,000 857,622,000 835,453,000 218,758.000
1,221,527,000
363,346,000
400,153,000
Total investments
5,494,703,000 5,575,368,000 5,498,381,000 1,715,364,000 1,723,579,000 1,763,412,000
349.521,000
193,394,000
206.759,000
19,546,270,000 19,522,652,000 18,703,528,000 6,245,996,000 8,182,719,000 6,050,295,000 1,641,759,000 1,647,134,000 1,621,680.000
Total loans and investments
157,602,000
Reeerve balance, with F. R. Bankel. 1.655.265,000 1,646.568.000 1,604,993,000 743,016,000 722,421,000 677,657.000 152,364,000 162,140,000
25,083,000
21.063,000
20.937,000
59,786.000
62,728.000
268,172,000
62,203,000
272,422,000
276,574,000
Cub in vault
1,098.896,000
1,103,771,000
1,090,346,000
5,055,400,000
5,030,129,000
5,150,463,000
12,755,540,000
12,742,668,000
12,901,244,000
deposits
Net demand
456,408,000
513,424,000
480,485,000
5,476,941,000 5,845,618,000 5,053,072,000 835,248,000 818,467,000 811,608,000
Time deposits
26,306,000
11.361,000
11.362,000
54,066,000
52.067,000
52,067,000
317,758,000
294,090,000
295,809,000
Government deposits
Bills payable and rediscount, with
Federal Reserve Banks:
14,934,000
14,669,000
11,594,000
22,055,000
76,412,000
57.332,000
126,338,000
214,496,000
253,188,000
Secured by U. B. Govt. obligations
8,755,000
5,413,000
32,964,000
31,852,000
21,815,000
30,985,000
110,134,000
165,625,000
205,606.000
All other
Total borrowings from F. It. bks
420,102,000
418.813,000
236,472,000
88.317.000
98,227,000
Loans to brokers and dealers (secured by stoolm and bonds) made by 61 reporting
member banks in New York City: 507:
1,047.784,000 1,026,539,000
For own account
1,006.411,000 1,098,252,000
For account of out-of-town bank.,
518,856,000 565.408,000
For account of others
Total
•Revised figures.
2,573,051,000 2,690,199,000
53.907,000
44.558,000
20.082,000
23,689,000
.
2010
THE CHRONICLE
Vankers' %antic..
Wall Street, Friday Night, April 9 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2004.
The following are sales made at the Stock Exchange
week of shares not represented in our detailed list on this
the
pages which follow:
STOCKS.
Week Ended April 9.
Sales
for
11,eek
Range for Week.
Lowest.
Range Since Jan.1.
Highest.
Lowest.
[vol.. 122.
Daily Record of U. S. Bond Prices Apr. 3. Apr. 6. Apr. 6. Arr.
7. Apr. 8. Apr. 9
First Liberty Loan
(High 100"n 10021: 10011:: 100223, 10022s3
3.4% bonds of 1932-47__ Low_ 10024,, 1002.1 10016:: 1002,32 10022s:
10022st
(First 314s)
(Close 1002,32 100%3 100lin 100"ts 10081:: 100"st
Total sates in $1.000 units_
13
SO
151
50
6
11
Converted 4% bonds of (High
1932-47 (First 4s)......4 Low.
(Close
Total sales in 81.000 units...
_
Converted 434% bonds (High 10"2".;; 102sn 10-2
1
;
16E4; 102.32
of 1932-47 (First 43411)( Low- 102.1, 102.33 102.n
102.n 1022st 102,st
Cloee 102',, 102,33 1022n 102hs 102.33 102"st
Total sales in $1.000
.
2
37
59
165
13
63
Second Converted 434% Illgb
bonds of 1932-47 (First( Low.
Second 434e
(Close
Total sales in $1.000 units..
_-Second Liberty Loan
(High
100
1003-1; 100',,
100213,
4% bonds of 1927-42_
Low.
99,031 100,:t 100'., 100,s: Muss
(Second 4s)
9933,
(Close
100,32 100sn 100,3t 100,,st
Total sales in $1,000 units__
7
5
6
74
Converted 434% bonds (High 16iW," 1002,32
of 1927-42 (Second (Low. 10022,, 100"31 100":: 100,031 100":2 101,31
100"s:
1002.33
100"::
101
,
33
414e)
(Close 1002h 10022ts 100"a: 100203: 100":: 10123:
Total sales in 61.000 Units..
158
202
338
226
110
145
Third Liberty Loan
(High 101 1.31 101.ss
1012n 101.31 1022.st
424% bonds of 1928Low_ 10123: 10123s 101232 101.st 101,s: 10)22st
(Third 434s)
(Close 101.st 101.31 101'82 101,st 101,
” 102",,
Total sales in $1.000 units...
109
122
241
83
168
Fourth Liberty Loan (High 102",, 1021270
3, 102"ss 1022.32 102203, 102.23s
4%% bonds of 1933-38..1 Low. 102"st 102uss
102"ss 102"31 102",,
(Fourth 414e)
(Close 102.31 102"n 102"ss 1022•32 102"32 102"st
Total sales in $1,000 untts_..
182
221
160
337
119
6
Treasury
(High 1072.3: 1072232 108
1072132 10729::
414s. 1947-52
41.0w. 107"32 107"ss 107223,
107"n
107•
211
(Clow 107"32 1072211 1071so
_ 107.132 107"st
Total sales in 81.000 tings....
17
10
31
_
1
24
4s. 1944-1954
(High 103"3: 103,033
1032.3s 103"n 103"st
(Low. 1032.1: 103"ss
103"st 1032.11 103"n
(Close 10322n 103"31
1032.31 103uss 103"st
Total sales in $1,000 unit,..
145
1
50
1
(High
1001,31
1001,31 10012ss
334., 1946-1956
_
4 Low_
100‘.31 100.731 100"ss 1002231
(Close
1001,13 1001,13 lootrs, 100121:
Total sales in $1.000 anat.__
16
63
3
4
Highest.
Par. Share $ per share. $ per share. 5 per share.$ per
share.
Railroads.
Alabama & Vicksburg100 200 108
Apr 6 108% Apr 9 107% Mar 111
Mar
Buff & Susquehanna _100 2001 61
Apr 6 61% Apr 8 61
Mar 65
Feb
Morris & Essex
50
40 80
Apr 3 80
Apr 3 79% Jan 81
Mar
N Y Lack & Western _100
2010434 Apr 7 104% Apr 7 10224 Feb 104% Apr
NY State Rys pref_ _100 100 47
Apr 3 47
Apr
3
45
Mar 5014 Jan
Reading Rts
200 1734 Apr 5 17% Apr 5 16% Mar 2234
Feb
Seabord Airline Rta
13.300 1-64 Apr 7
24 Apr 5 1-64 Mar 324 Feb
Industrial & &Moen.
Abraham dr Straus
* 300 44
Apr 3 45
Apr 5
Mar 50
Feb
Amerada Corp
• 8,100 24% Apr 3 2634 Apr 6 44
2434 Mar 2634 Apr
Barnet Leather
• 200 50
Apr 3 50
Apr
3 48
Mar 5724 Feb
Preferred
100 200 102
Apr 3 102
Apr 3 102
Apr102
Apr
Chandle -Cleve Motor... 6110 1524 Apr 5 16
Apr 3 1534 Mar 26
Feb
Preferred
5.9001 33% Apr 5 3534 Apr 6 3234 Mar 4534 Feb
Com Cred ist Pf(6 )100 1
9424 Apr 5 9434 Apr 5 94
Mar 9924 Feb
Continent.t1 Can p1. 100 100111834 Apr 311834 Apr 3 117
Mar 119
Feb
Deere & Co pref
100 7 106
Apr 3108
Apr 5 10434 Mar 109
Jan
Eisenlohr kros
25 1.400 13
Apr 3 14
Apr
7
12
Feb
2034
Marl
Preferred
100 100 9214 Apr 6 9214 Apr 6 9234 Apr 93
Apr
Elec Auto-Lite
•
Apr 9 (6
64
Apr 7 6134 Marl 8234 Feb
Electric Boat
• 2 300 5
Apr 3 534 Apr 6 4
Maf 834 Feb
Elk Horn Coal corp._• 2 0001 10
Apr 6 1234 Apr 7 9
Feb, 1234 Feb
Preferred
50 500 21
Apr 71 25
Apr 8 21
Mari 25
Apr
First Nat Sic 1st pi_ _1601 haul 9834 Apr 3100
Apr
7
9814
Apr 107
Feb
Flak Rub lst pf Stpd-100 1,7u 7034 Aprs SO
Apr 3 79
Mar 8434 Mar
1st pref cony
100 Sub 98
Apr 5 98
Apr 5 97
Apr107 Mar
Gulf States St'l 1st p1100 100110734 Apr 610734 Apr
Note.-The above table includes only sales of coupon
5 10514 Jan 10734 Apr
Intercontinental Rub..•25 7001 16
Apr 5 1834 Apr 8 1434 Mal 2134 Feb bonds.
Transactions in registered bonds were:
Kinney Co pref
100 300 94
Apr 3 94
Apr 3 93% Mar 99% Jan
Kuppenheimer
1s1 334s
5 500 30
Apr
30
Apr 8 2934 Jan 35
100"ss to 100119 36 4140
Feb 14
1002In to 101231
Life Savers
1st
9
1
Apr 5 1814 Apr 6 1734 Mar 2114 Feb
18
434,
101'st to 101"ss 39 4th 4348
1021,31 to 102"it
Loose-VC Iles Ms lot p110
100h114
19 2d 434s
Apr 6 114
Apr 6 12
10021,2 to 100"H 11 Treasury 414s
Jan
116%
Feb
1072.31 10 107",,
Mack Tr-cks lot Paid__
100 10614 Apr 610634 Apr 6 03 Mar 124
Mar
McCrory Stores
*, 201. 81
Apr t 81
Foreign Exchange.-The sterling exchange market
Apr 6 80 Mar 117
Feb
Manati Sugar
was
100 206 3.14 Apr t 3734 Apr 8 36
Mar
50%
Jan exceptionally quiet with quoted
Miller Rub,.er ctfs____•, 1 400 3534 Apr 1 3734 Apr 7 34
rates little better than
Mar 4434 Feb
Omnibus C6rp
•01.000 16
Apr 1 1834 Apr 6 1434.Mar, 2234 Feb nominal much of the time. In the Continenta
l exchanges
Panhandle P & It p1.1001 400 72
Apr C 73
Apr 6 51
Jan 85
Feb trading was intermittently active and the
Pressed SteelCarnewicol 700 3724 Apr L 38
undertone was
Apr 8 36
Mar 4134 Mar
Pub Ser of N J 6% p1100 200 9634 Apr 7 98
Apr 7 9634 Apr 10014 Jan nervous, with French and Belgian francs strong and weak by
Reid Ice Cream pref _100 LOO 9734 Apr 5 9834 Apr 5 9514 Mar 100
Jan turns. Lire received ample support, and the
Sears Roebuck new_ _ •51,806 4734 Apr 3 4834 Apr 9
Scandinavian
4434 Mar 49
Apr
Sherwit-55 illiams pi_ 1C0 100 108
Apr 9108
Apr 9 07
Mar 108
Apr currencies ruled steady.
Southern Dairies ci A._• 4,200 96
Apr 5 50
To-day's (Friday's) actual rates for sterling exchange
Apr 7 43 Mari 50
Apr
were 4 82 11-16
*28,80 27% Apr 3 3134 Ayr 7 22
Mar' 3534 Mir for sixty days,4 85 15-16 for checks and 4 86 5-16 for cables.
Thompson La )Co..25 406 4334 Apr 5 4424 Apr 6
Commercial
Marl 4714 Feb on banks, sight, 4 85 13-16; sixty days, 4 823-16; ninety days, 4 81
Un Carbide & Carbon_ 15.00( 7934 Apr 3 8334 Apr 6 4234
7734 Mall 8634 Mar 7-16; and documents for payment (sixty days) 4 82 7-16. Cotton for
Vicksburg ChemicaL..5 1,800 4534 Apr 3 4714 Apr 6 45
Marl 5134 Feb payment. 4 85 13-16 and grain for payment, 4 85 13-16.
Vivaudou pref
100, 101 100
Apr 7 100
Apr 7 9434 Jan110334 Feb
To-day's (Friday's) actual rates for Paris bankers' franca
were 34@
West Penn Pw 6% Pf 100 100 96
Apr 7 96
Apr 7 95 M
Mar 3.3734 for long and 3.31334@3.4234 for short. German bankers' 3
97
marks
White Motor Rts
46.155
% Apr 9 234 Apr 6
34 AprI 6% Feb ale not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.66 for long and 40.02 for short.
• No par value.
Exchange at Paris on London, 141.60 fr.; week's range,
139.40 fr. high
and 141.60 fr. low.
The range for foreign exchange for the week follows:
New York City Banks and Trust Companies.
Sterling ActualSixty Days.
Checks.
Cables.
All prices dollars per snare
High for the week
482 11-16
4 85 15-16
4 86 5-16
Low for the week
Banks-N.Y Bid Ask.
Haulca.
48234
801. Ask. Trust Co.. Bid. .1•A
48534
4
86% •
Pans
Bankers'
FrancsAmerica •__
320 330 Hamilton-- 180 190
New York.
High fir the week
Amer Ex Pao 430 440 Hanover
3.443(
3.5034
1080 1110 American__
3513.4
Low
for
week
the
Amer Union's_ zoo 215 Harriman_-__ 575 600 Bank of N Y
3.34
3.3934
3.403-4
Germany Bankers' MarksBoweryEastR 375 390 Manhattan* 220 230
dc Trust Co 600
615
High for the week
Broadway Cen 325 375 Mutual.
23.81
23.81
500
Bankers Truitt 610 615
Low
for
the
week
Bronx Boro._ 1350 1900 Nat American 180 200 Bronx Co Tr. 300
23.81
23.81
Amsterdam Bankers' GuildersBronx Nat... 400
450 National City 698 603 Central Union 895 855
High for the week
39.66
Bryant Park. 210 230 New Neth*__ 270 285 Empire...
40.10
40.12
345 355
Low
for
the
week
39.6334
Butch & Drov 180 185 Park
40.073-4
40.0934
49,1 500 Equitable Tr 275 280
Domestic Exchange.-Chicago, par. St. Louis, 15025c. per
Capitol Nat.. 215 230 Penn Exch._ 124 134 Farm L & Tr_ 510
81,000
52t.
discount. Boston, par. San Francisco, par. Montreal.
Cent Mercan 275 285 Port Morris_ 215
Fidelity Trust 275 290
par.
Cincinnati, par.
435 445 Public
545 560 Fulton
360 400
Chath Phents
wi Seaboard.... 590 610 Guaranty Tr. 357 362
Nat Bk &Tr 350 355 Seventh
180 190 Irving BankThe Curb Market.-The review of the Curb Market is
Chelsea Etch• 220 230 'Standard-600 650
Columbia Tr 317 322
Chemical_ _ _ _ 740 .__ State.
given this week on page 2004.
585 600 Lawyers Tr.....
Colonial• _
Trade*
550 _
157 162 Manufacturer 500 HE
A complete record of Curb Market transactions for the
Commerce... 370 375 United
215 230 Mutual(WestConinwealtb• 290 310 UnitedEitates* 295 305
week will be found on page 2026.
chester)._ 190 210
Continenta'__ 275
Wasis'n HU*. 700
N Y Trust-. 525 535
Corn Exch... 553 560
Brook4n:
Title On & Tr 635 640
Cosmop'tan.._ 250 300 Coney Island* 250 300
S Mtg & Tr 330 400
CURRENT NOTICES.
Fifth Avenue* 2600 675 First
6.51,
United State: 1660 750
First
2600 650 Mechanics'.... 275 285 Westches Tr.
-Leon C. Guest, formerly with Wurts, Dulles & CO., Philadelphia, anFranklin
180 200 Montauk'... 305
Brooklyn.
nounces the opening of offices at 544 Federal Street, Camden, N. J. to
Garfield
360 370 Municipal.... .285 300 Kings Count: 1900 2200
specialize in public utility and railroad bonds, under the name of Guest
Globe Etch.• 220 240 Nassau
355 365 ilidwood _ 1260 275
Grace
325
People's
580 610
& Company.
Greenwich*._ 500 550 Queensboro• _ 175
-Sperry, McKee & Crane. Inc., 149 Broadway. New York, have
elected
• Banks marked (.19 are State banks
Stuart M. Sperry, lately with Lee, Higginson & Co., Vice-President,
(I) New stook. (s) Ex-dividend
and
r Ex rights
have opened a department to deal in high-grade investment securities under
his direction.
New York City Realty and Surety Companies.
-George E. Traendly of Doremus & Co., 44 Broad St., New
York,
has been transferred to the San Francisco Office of the firm,recently opened.
AU prices dollars per share.
Traendly
left
Mr.
New
York
Thursday
titd. Ash
on
the
Twentieth
BUt. Ask.
Century.
Bid Ask
Alliance R'Ity
52 Mtge Bond _ _ 137 147 Realty Arca,
-Irving Bank-Columbia Trust Company has been appointed Trustee of
Amer Surety_ 168 175 Nat Surety.. 202 212
(Bklyn)00m 125 135
authorized issue of $2,000,000 par value ex% Convertible 10
an
Bond & M G_ 310 315 N Y Title &
-Year
1st pref.... 88
93
Lawyers Mtge 260 265
Gold Notes of the Reading Hardware Corporation.
Mortgage_ - 470 480
2d pref _ _ 85
90
Lawyers Title
(IS Casualty_ 375 400 Westchester
Equitable
-The
Trust
Company
of
New
York
has
Guarantee
been
appointed
&
r285 295 ((8 Title Guar 300 310
Title & Tr_ 490
Dividend Disbursing Agent for the Preferred Stock of the Louisiana
011
(I) New Stock.
Refining Corporation.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
in).
Rate.
int.
Rate.
Maturity.
Bid. Asked.
Maturity.
Bid. Asked
Pt. 151926... 424% 100
10021s June 151926... 314% 10034 1001s,1
3% 101.33 101,1, Dec. 151927... 439% 99"1: 100'81
ne 15 1926._
BC. 15 1926... 3li % 1011t.
101633 Mar. 161927... 4St% 100131 100531
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Beloc,
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
n a footnote at the end of the tabulation.
-George M. Forman & Co., Chicago, announce the removal of
their
offices from 105 W. Monroe St. to 112 W. Adams St., where they
will
occupy larger space.
-Charles Sincere & Co., Chicago, advise us that Paul
McNair Becker.
formerly with First Trust & Savings Hank, has become associated
with their
organization.
-Evans, Searles & Co., Chicago, announce that Dart
Arnold Killian has
become associated with them and will act as their representative
in Western
Michigan.
-The Bank of America, New York, has been appointed
Registrar of
150,000 shares preferred stock of the Virginia Public Service Company.
-Frank B. Cahn & Co., 120 Broadway, New York, announce
that
Michael Rose has become associated with them.
-F. M. Lapp, formerly of New York Empire Co., is now
associated
with the New York office of Wallace & Trost.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2011
OCCUPYING SIX PAGES
Itor sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER
CENT.
Saturday,
AprU 3.
Monday,
April 5.
Tuesday,
Aprll 6.
Wednesday, Thursday,
April 7.
April 8.
Friday.
April 9.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rtfil 311ARS
Range Since Jan. 1 1926
On basis of 100-share lots
PIM SHAMS
Ranee for Preldaht
Year 1925.
Lowest
Highest
Lowest
ROAM
$ per shale i per share i per share 8 per share $ per share $ per share
Shares.
$ per share $ per share $ per share S per share
Railroads.
Par
•4412 ---- *4412 46
4412 4412 *44
____ *4312 45
*4312 45
100 Ann Arbor
100 44 Jan 19 45 Jan 6
22 Feb 48 Des
*6918- _ *691z __ _ *6912
__ *6352
- *6314
_ *6314 _ . _ _ ---- Do Pre
100 6413 Jan 21 6934 Jan 27
40 Mar .67 Des
12534 1-26-12 12534 126-34 12658 1-2-734 12613 1-2-7-12 12618
12878 1261s 12-64 9,30 Atch Topeka & Santa Fe 100 122 Mar 30 139 Jan 5 11614 Jan 14011 Deo
9512 9558 90
9618 *96
9618 97
97
.596% 97
974
Do
prof
9714
1.103
100 94% Mar 1, 974 Apr 9
92% Feb 98 Del
13
III 112
112
112 1%
1
112
114
112
114
112 10,800 Atlanta Birm di Atlantio
100
1 A o- 7 10 Jan 2
1114 Del
3 Jan
19114 19114 190 19414 192 196
19412 19712 19678 197
19412 1967
6,603 Atlantic Coast Line RR
100 18112151u 30 262% Jan 2 14714 Jan 269 Dee
8818 8634 8558 8634 86
8778 87
833
8613 8734 87
Baltimore
8758 30,700
& Ohio
100 8312 Mar 3 9534 Jan 11
71 Mar 9413 Del
*6814 6812 6814 6311 6314 6314 6314 6814 684 6814
6314 6314 1,600 Do pref
100 6713 Jan 6 694 Feb 10
*38
6278 Apr 6734 Nov
40
*3818 39
3912 3912 3934 3914 39
3934 388 337
700 Bangor & Aroostook
50 33 Mar 2 48 Feb 1
3514 Mar 5611 Nov
*99-- *9938 10012 .9938 10012 *3912 10012 *93 10018 *98
100
7 Feb 8 100/
Do pref
1011
97
1
4
Jan
20
89
June 100
5818 581Oet
4 5812 61/
1
4 62
63'2 6214 6312 61 .624 6114 63
31,100 Elkin Manh Tr y t o___No par 5418 Mar 31 694 Feb 5
3518 Jan 64 Nov
7914 7914 *79
80
7913 80
80
80
80
8014 80
8012 2,103 Do pref v t cg
No par 78 Mar 31 864 Jan 29
7278 Jan 8314 Del
10
10
*1014 101 *1014 1078 1018 10,s 19¼ 10
600 BrunswlckTerin&RyReolOOI
034 914
Siz Mar 4 1488 Mar 18
3 Feb
171k Nov
*60
75 *60
75 .60
75
*60
75 .60
75
•60
Buffalo Rochester & pitts_iooI 69/
75
1
4 Mar 26 84 Jan 4
48 Apr 923* May
*5812 6258 *5811 6258 *5812 60
*5312 60
*5812 60
60
60
50 Canada Southern
1001 58 Jan 15 60 Apr 9
56
Jan 59 May
155 155
15514 156
15558 15638 156 1563* 15534 156
155 155
3,700 Canadian Pacific
1001 14613 Jan 9 102 Feb 3 13612 Mar 15238 Jan
*245 280 *240 265 *245 260
260 260 *250 270 *250 260
100 Central RR of New Jersa,.iOOI 240 Mar 30 305 Jan 11 265 Mar 321
Jan
12214 123
12134 12312 122 12334 12112 12318 12118 12478 12358 126
55,100 Chesapeake & Ohio
1001 112 Mar 2 13614 Mar 12
•118 128 *118 128 *121 129
894 Mar 13612 Dee
*121 128
129 129
12514 125/
200
1
4
Do pre(
1001 119 Jan 20 136 Mar 12 10514 Apr 130 Del
*7
714
714 714 *7/
1
4 713
73* 738
Chicago
&
713
718
Alton
2,000
7
/
1
4
7
1001
3
*
8
Feb24
Feb
20
113*
358 Apr 1058 Feb
1058 1084 1014 1078 *1034 11
1038 11
*1058 11
1014 11
2,800 Do prat
938 Feb 25 1814 Feb 13
1001
513 Apr 1911 Feb
*155 180 *155 180 *155 180 *155 180 •155 180
*155 180
C C C & St Louts
100 17314 Mar 29 200 Jan 12 140 May 200 Dee
31
31
*3114 33
3112 3112 3234 32/
1
4
*3114
3212
Chic
East
&
Illinois
*
500
3114
32
31
39
Apr
3 37 Feb 10
RP._100I
39
2934 Mar 3814 Aug
39% 39% 39
397
3912 41
*3912 41
4034 4034 1,500 Do pref 1001 3612 Mar 31 511
/
4 Feb 10
40 Mar 5714 Jan
814 9
858 834
83g 9
9
938
9
9/
1
4
9
3,100 Chicago Great WesterlL_1001
9
734 Mar 31 12 Feb 20
9 Jan
1734 18
15
Feb
18
1838 18
1914 19
21
1934 2038 1938 20
14,400
prof
Do
1914 Mar 323 Feb
1001 1614 Mar 30 29 Jan 2
10
101
1012 1034 1012 1058 10
1012
97 10
9% 101
/
4
4,100 Chicago Milw & St PauL....lUOu
9
Mar
29
Jan
1411
6
314 Apr 1688 Jan
1014 1014 1012 *10
*9
10% *914 1014 10
10
Certificates
912
9
800
/
1
4
9
Mar
30
14
1001
Jan 8
7 Sept
11 Nov
15
lSz 1512 17
1534 1612 1514 1612 1558 157
1518 1558 9,700 Do pref
1001 1418 Mar 31. 2214 Jan 9
7 Apr 2813 Jab
1472 1512 1538 16
1534 16
15% 1618 1512 1573 1514 1512 3,603 Preferred certifIcatea
100 1418 Mar 30 217* Jan 5
1278 Oct 22 Nov
6713 6712 68
6914 6834 69
68/
1
4 6914 68
6334 6314 6312 5.100 Chicago & North Western..1001 654 Mar 30 8178 Jan 2
47 Apr 80% Des
0119 123 *119 121 *12014 122
12012 12012 12014 12014 .120 123
300 Do pref
1
11812 Jan 4 12112 Feb 19 10114 Apr 120 Dee
43
431
4314 44
44
447k 4412
434 Ws 433* 44
11,200 Chicago Rock Isl &Paelfle_100 4012 Mar 3 6034 Jan 15
4018 Mar 58% Des
9614 96)4 9611 9612 965* 963* 9714 4512
9714 9712 93
preferred
98
7%
93
Do
800
100 95 Mir 4 100 Jan 2
92
Jan 100 Dee
*85
87
8512 8513 *8412 8512 8412 8412 *8434 86
85
85
800 Do 8% preferred
100 8314 Mar 31 90 Jan 29
82 Mar 8911 Mar
*47% 48
48
48
*48
50
*48
49
*48
49
*48
Minn
Chic
Paul
49
&
St
Om_
100
1(10
48
331
Apr
5
Jan
Apr
53
26
5912 Jab
*98 105
*99 110 .99 110
*99 110 •100 110 *100 110
Do pre(
1
100 Mar 16 114 Jan 9
7314 API* 12018 Dee
•5414 57
5512 5512 *5514 57
*55
57
*5434 57
*5454 57
100 Colorado & Southern
100 52 Mar 3 65 Jan 13
44% Jan 7012 Sept
•66
*66
67
68
*6612 67
66% 6612 *6612 67
pref
lit
*6618
Do
100
67
100
62
Mar 2 67 Jan 11
60 Mar 663* Des
•50
60
*53
60
*53
60
*53
60
*53
60
*53
Do 2d pre!
60
100 59 Jan I 1 59 Jan 11
54
Jan 6213 Aug
1581/ 159's 159 16158 16114 162
159 160
15814 153
159 159
3,600 Delaware & Hudson
100 15014 Mar 30 17414 Mar 12 13312 Mar 155 Apr
13514 136
13512 137
13712 13812 13612 13312 137 13712 137 137
Delaware
Lack
3,900
&
Western_
50 129 Mar 30 15311 Jan 12 125 Mar 14714 June
40
40
*38
42
•40
42
40
40
*40
42
*40
200 Deny Rio Or & West pref 100 38 Mar 31 47 Jan 2
42
34% Oct60 Jan
*4
41
*4
41
*4
41
*4
412 *4
41
*4
Duluth Sou Shore & At1-100
4'z
4 Mar 29
518 Jan 23
238 Apr
512 Des
*6
61
•6
61
•6
61
*6
61
*6
61
*6
Preferred
6'2
100
612Mar 10
814 Jan 18
34 Apr
818 Des
247 25
25% 261, 2572 264 2638 27
265* 27/
1
4 2714 2838 32,803 Erie
100 2212 Mar 29 40 Jan 2
38
263* May 3918 Dee
3613 36
3712 3714 371
3718 3814 3714 3852 3314 3914 19,600 Do 1st prof
100
3334 Mar 30 4558 Jan 4
35 June 4678 Jan
*31
33
33
33 •32
34
33
3414 3412 3412 35
35
1,000 Do 2d pref
100 30 Mar 30 43 Jan 2
34 June 4334 Jan
7218 7214 7234 7412 7374 74
7312 731
7234 73
72% 73
11,500 Great Northern prof
100 6812Mar 30 785* Jan 4
60 Apr 8238 Des
23
2312 2352 2412 2432 243
2412 24'z 2352 24
Ore
23
Iron
Properties_
6,400
_No par 21 Apr 1 2714 Feb 15
z2254
25 Dec 4038 Jan
2712 2712 2712 28
*2712 28
*2712 2752 27
2712 *27
28
600 Gulf Mobile ds Northern_100 26 Mar 4 354 Jan 7
23 Mar 3638 Sept
*9712 100 .98 100
*97 100
99
99
*97 100
*97
100 Do pref
99
100 95 Mar 29 102/
1
4 Jan 28
8913 Mar 10914 Sept
*36
365* 3638 3678 37
3738 3732 3972 3814 40
39)4
Hudson
24,600
& Manhattan
3814
100 342* Jan 22 3012 Feb 9
2114 Mar 3838 Au&
•70
72
70
7212 *72
73
*72
73
7212 7212 72
72
500 Do pre(
100 6734 Mar 31 7511 Feb 20
11612 11634 1167 117
8412 Feb 72 July
11738 117/
1
4 11712 11774 11714
100 11312 Mar 3 124 Jan 2 111 Mar 12513 Dee
*115 11612 *116 11712 11714 11814 *117 11814 *116 11712 11752 11811 3,100 Illinola Central
1184 *117 11834
403 Do pref
100 11512 Mar 30 12313 Jan 2 11212 Apr 1254 Des
*72
73
7212 7212 *70
73
7112 7112 *7114 73 .72
73
60 Railroad Soo Series A_..1000 7114 Jan 6 75 Feb 15
6814 Aug 7414 Dee
*2512 2612 *2512 2834 *2512 2612 *2512 2612 *2512
2612 2512 2512
300 Int Rye of Cent America_ 100 2514 Mar 30 31 Feb 13
Jan 3318 Sept
18
•62
66 .63
66 I *63
641 •64
65
*65
66
65
1001 Do prof
65
100 62 Mar 30 65 Apr 9
5912 Jan 661 July
3014 3034 3012 343,1 34
35
3378 3512 3358 3412 34
361 21,600 Interboro Rap Tran v t 0_100 2412 Jan 15 417 Mar 4
Mar
1312
*114 212 *114 212 *114 212
3411 Feb
114 218 *114 21
*114 2'
liowa Central
100
24 Feb 25
312 Jan 15
I% Jan
312 Mar
3812 38
*38
39/
1
4 39% 402 40
41
3938 4112 40
4078 14,700 Kansas City Southern
100 3414 Mar 3 4938 Jan 13
2858
Mar
51
*61
Des
63 .61
62
6112 611
2612 6212 6274 63
*6214 631
4001 Do pref
100 6052 Mar 31 64 Mar 11
57
Jan 6314 Del
*80
81
8012 81
8014 8112 8112 82
•813
4
821
Lehigh
*82
Valley
3,900
82'2
50 7512 Mar 3 87 Feb 13
69 Mar 8812 Del
12112 12384 121 12312 123 1247w 12414 12414
12412 125
1233* 125
3,100 Louisville& Nashville
100 118 Mar 30 143 Jan 4 106
Jan 148 Dee
.83
93
*83
94 I •83
92
•83
94
*83
94
*83
Manhattan Elevated guar_ 100 84 Mar 3 8914 Feb 5
94
64 May 11912 Sept
4412 4412 44
47141 47
47
46
47
*44
46's 4534 4712 3,600 Do modified guar
100 3818 Jan 26 5333 Feb 15
Mar
3214
5114 Feb
•7
8
*7
8 I
8
8
*8
81
*8
9
*8
9
200 Market Street fly
100
7 Feb 1
10 Feb 9
6 Nov 12 Sept
nais 35
*29
39 I 3018 301 *38
35
*30
34
•30
1001 Do pref
30
100 2514 Jan 5 40 Feb 9
Jan 46/
20
1
4 Sept
43
43
4212 43121 4358 43% 4334 45
45
457
4534 4534 2,5001 Do prior prat
100 40% Mar 3( 5138 Feb 10
4214 Nov 6514 Sept
•18
20
18
18 I 19
19
*18
20 •18
20
19
19
5001 Do 2d pref
100 1312 Jan 18 2212 Feb 10
15 Dec 354 Sept
2
2
218 2)8
23* 238 *2
21
*218 21
*212
Minneap
214
&
900
St Louis
37 Jan II
100
2 Mar 3
214 Oct
4 Mw
.36
38
*36
39 I *36
38
37
378 .37
381 •36
39
300 Minn St Paul & 55 Marie-100 3012 Mar 31 5213 Feb 3
3058 Apr 57 Nov
5514 5514 5514 55141 5634 57! 5914 60
*5812 60
5812 58% 1,5001 Do prof
100 55 Mar 20 79 Feb 3
40 Mar 8614 Nov
.6338 64
*6338 64. I 64
64 .6338 66
•6338 60
.63% 68
100 6212 Jan 4 6678 Feb 24
2001 Leased lines
5712 June 63 Feb
348 3512 3514 amsj 35/
1
4 3714 3612 37% 3614 371
3634 3714 12,000 Mo-Kan-Texaa RR_-__No par 32 Mar 3 47% Feb 9
2814 Jan 4513 Sept
89% 897
893*
90
9012 90
90
*8954 90
894 9012 3,2001 Do Prof
100 82 Mar 2 95 Jan 4
7434 Jan 9212 Des
3014 3034 3018 304l 3012 3112 3012 311
3012 31
3052 3072 9,100 Missouri Pacific
100 27 Mar 3 404 Jan 14
30% Jan 4134 Des
75
7534 75
7613 7618 7714 7512 778
753* 76o 75% 7612 9,2001 Do pref
100 7112 Mar 3 8914 Jan 4
71 Mar 9112 Del
150 150 *145 175 .145 175 *150 175
*150 170 *150 170
100 Nashv Chatt & St Loula__100 150 Apr 3 188 Jan 14 143 Apr 192 Dec
213 212 *214 234
212 212
212 21
*214 212 *214
232
' Nat Rys of Mex 2d pref__100
2 Mar 18
412 Jan 7
112 June
314 Dec
•120 121 *120 124 *120 123 *120 124
*120 124 *120 124
New Orl Tex & MexicO__100 120 Mar 30 13212 Jan 9 11314 June 1373* Del
12114 12134 1201±1223, 122
12214
12332
12154
1233*
12312
New
122
York
23,600
123
Central
100 117 Mar 30 13558 Jan 2 113/
153% 15318 153/
1
4 June 13713 Dec
1
4 1537
, 154 155
155 15514 15314 1557 15414 155
3,350 NY Chic & St Louie Co
100 130 Mar 3 18134 Jan 11 118 June 183 Dec
9714 9714 97
97
9734 98
9734 97/
1
4 *9712 98
974 974
900 Do pre(
100 93 Mar 11 997 Feb 11
3413 35
8812 Jan 987 Nov
3478 3538 35
36
3512 36
35
3512 3518 3512 14,600 NY N H & Hartford
100 305* Mar 30 4584 Jan 2
*2184 22
28 Mar 47 Des
22
224 22
2214 22
2212 22% 2278 *2214 2212 2,200 NY Ontario & Western
100 1934 Mar 30 2812 Feb 13
*330 340 338 34112 338 345
2058 Apr 3484 Aug
34012
34013
341
341
340
341
Y
Railways
N
222
part
ctfs-No par 296 Jan 4 359 Feb 17 262 Aug 315
.11
15 •12
OM
15 .11
15
*15
16
*II
14
.12
15
Preferred certificates-No par
6 Jan 25 2014 Feb 5
•2512 28
5 Dec 12 Juno
2512 2512 .2512 28
*2512 28
*2512 28
*2512 ,28
100 New York State Rallways_100 22 Mar 24 2812 Jan 14
*28
21 Dec 36 Jul"
34 .28
34
*2812 32
•29
34
*2914
34
•28
Norfolk
34
Southern
100 28 Mat 30 37 Jan 13
143 144
217 Apr 45 Sept
144 1448 144 146
14512 14614 14414 144/
1
4 *14414 14434 2,700 Norfolk & Western
100 13914 Mar 30 15714 Jan 10 12312 Mar 151 Del
*84
86
•84
86
•84
86
*84
88 .84
86
*84
Do pref
86
100 84 Jan 7 85 Jan 7
69
6912 6914 70
7512 Jan 86 Dm
6952 7012 6912 7012 69% 70/
1
4 70
7058 10,600 Northern Pacific
100 6584 Mar 30 7612 Jan 2
*26
32
5814 Apr 7814 Dec
*26
32 .26
32
2611 261
! .26
35
*26
35
100 Pacific Coast
100 2434 Mat 31 48 Jan 6
503* 508
20 Aug 40% Del
50
5052 5012 5112 514 5124 • 5128 5112 513 5124 23,100 Pennsylvania
60 4858 Mar 30 5513 Jan 2
*17
20
*17
4212
Apr 5558 Del
23
*17
23
_ _ ____ •I7
21
*17
21
Peoria & Eastern
100 19 Mar 4 2654 Jan 14
*8112 82
8134 8238 8214 8312 33 8374 823 838,
1334 Apr 215g Des
4
8314 8452 6,200 Pere Marquette
100 67 Mar 3 8812 Mar 11
.81
85
_ *33
61/
_ e83
1
4June 8512 Dec
_ *83
__
*83
_
.
___ _
Do prior pref
100 79 Mar 3 8712 Feb 24
*72
74 •8374
i4 *7312 -7-5- *74 2 -75
78 July 8934 Dec
1
7414 75
-7412 7-417515 Do prof
4
*14258- - - •1421/4 --- •143
100 7034 Mar 29 8012 Jan 18
6812 Apr 7953 Des
__ 144 144 .143
_ •143
_
1,400 Pitts Ft Worth & ChM pt_100 14212 Jan
9178 -97
145 Mar 30 139
95% 97
Jan 144 Nol
95 1712 95
97
953
4
96
93
iiiii 5,100 Pittsburgh & West Va
100 85 Mar 30 11938 Jan 11
8214 8278 8234 8412 8378 8434 8314 8434
83 Mar 123 Del
8314 84
82
83
20,300 Reading
50 79 Mar 30 9014 Jan 11
*40
4c
*4018 411t •4018 4114 408 407 .4012
6934 Mar 911
/
4Juni
4112 *4012 4112
200 Do let pref
50 40 Jan 6 41% Feb 17
357k Mar 41 JUDI
/40
401± *4014 4012 4012 4012 405* 41
4118 4118 4118 4118
500 Do 28 pref
•40
45 •40
40 40 Mar 30 4111 Jan 11
3614
Mar
45
44
1
s JIMI
*35
50
*42
50
42
42
*4012 45
100 Rutland RR pref
100 42 Apr 8 57 Jan 7
42 Apr 6278 Jar
871z 8711 38
8812 8834 893* 89
9038 89
8978 8914 897
4,800 St Loula-13an Francisoo----100 85 Mar 30 10114 Jan 21
*81
5713 Jan 10214 Aug
35
8534 8534 8534 85/
1
4 86
86
*85
87
*83
87
400 Do pref A
100 8312 Apr 1 8813 Jan 22
63 64
63
76
Jan 92/
66
65
1
4 Julg
6712 6612 6818 66% 6734 6634 6814 17,000 St Louis
Southwestern
1005712 Mar 19 74 Feb 9
75
75
75
4334 June 694 Dec
75
75
75
*73
7512 .72
7512 *72
300 Do prof
75
100 72 Mar 19 7712 Feb 5
*29
30
7018 June 782 Dec
30
3012 3084 3112 31
3134 3012 31
.3012 30% 7.100 Seaboard Air Line
100 2712 Mar 31 51 Jan 2
20% Jan 5414 Nol
3318 331
/
4 3314 34
353* 3512 3514 36
34
34
35
4,300
Do pref
100 3112 Mar 31 4852 Feb 18
977 98
35 Mar 5112 Aug
98
9812 9878 9938 9838 9933 98% 993 *34
6,700 Southern Pacific Co
99
998
100 9612 Mar 30 10414 Jan 2
10912 10912 109 11012 11014 11152 11012 11114 1095
96
Oct 10838 Jaz
8 11072 x10852 10912 21,000 Southern Railway
100 10358 Mar 30 11934 Jan 4
7753 Jan 12012 Dec
88
8812 8812 8712 8718 8812 8812 88/
88
1
4 89
8912 8912 2,000 Do pref
100 8712 Apr 6 9212 Jan 2
4553 468
46
83
Jan
4714 4818 47% 481z 471 487
467
9512 (*pi
47
483* 21,000 Texas & Pacific
100 421s Mar 30 6158 Jan 13
3312 34
4314 Jan 59 Dm
35
3878 367 388 3658 38
3612
37
3984 21,300 Third Avenue_
100 1312 Jan 8 4112 Feb 5
*7018 7258 *7018 714 *7012 7258 *7012 7514 •_.- 37 .70%
712 Apr 1553 Sepl
728
Twin
City
Rapid
7514
Transit-100 71 Mar 30 7834 Jan 4
58 Jan 7814
*14414 1444 14412 145
144 14512 14434 145
145 1457 14512 14578 4,700 Union Pacific
100 14112Mar 30 150 Jan 2 13314 Apr 15314 Dec
7734 7712 774 7714 7714 7752 7752 .77
*77
Jaz
7712 7712 78
800 Do prof
100 7434 Jan 6 7812 Feb 23
72 Jan 7714 Jul,
24
25
25
2538 263* 27
26
2712 27
27
27
7,900 United Railways Invest....,10019/
27
1
4 Mar 3 2712 Apr 7
85
18 Aug 3311 Mag
8112 83
77
85
8634 8314 85
8334 85
8412 8412 4,900 Do pref
100
65
Mar
2
8634
Apr
0
4812 Mar 8378 Dec
3712 33
393
3734 385* 38
39
, 3812 4038 39/
408
1
4 40
41,000 Wabash
100 337 Mar 30 52 Jan 12
7034 7112 7112 72
1912 Mar 474 Aug
7012 71
72
7212 7152 72
72
72
8,400 Do pre: A
100 68 Mar 30 7834 Jan 13
*57
65
*59
5534 Jan 737 Dec
65
*60
65 .58
69 .57
65
*60
65
Do
pret
B
100
57
Mar
29
72
Jan 29
12
1218 12
3812 Jan 6012 Aug
1214 1214
1214
12
1213 12
1218
1178 1178 2,500 Western Maryland
100 11 Mar 3 16% Jan 4
*1712 1812 *1712 18
11 Mar 1838 Aug
1772 1872 18
1814
18
18
*1734 1812 1.200 Do 28 pref
100 1634Mar 30 24 Jan 4
16 Mar 2614 Jas
Bid and asked prices. s Ex-dividend. 0 Ex rights.
ion
New York Stock Record-Continued--Page 2
page preceding.
For salon during* the week •f stocks usually Inactive, lee second
PRA 1111.491
Range Mace Jan. 1 1926
STOCKS
Sales
HIGH AND LOW SALM PRICES-PIM S11.41LX, NO?' PRA CILVT.
Ors baits ef 100 shwa !Ws
NEW YORK STOCK
for
EXCHANGE
the
Wednesday, Thursday,
friaag.
Trerday,
Monday,
Sanerday,
Mewl
tartest
Week.
April 9.
AprIt E.
April 7.
April 6.
Aprit 5.
Aprtf 3.
per share $ per share 5 per share 5 per akar. 5 per share Week.
$ per share
211's 3,100
34
3i
334 35
344 3532 35
34Is 3412 .3414 35
1,001
79
75
75
794 75
79
79
4812 7912 7512 7912 79
9,001
23
2213 22
2212 2314 2212 2214 22
22
2212 2214 23
503
41
41
41
41
42
*41
41
41
41
4114 4114 41
Railroads (Con.)
Western Pacific new
Do pref new
Wheeling & Lake Erie Ry
Do pref
PER SHARE
AMOS for Prostate
Year 1925.
Lamest
Par 5 Per *Aare 8 Per sears $ per shwa $
1934 July
100 3314 Mar 30 3914 Jan 2
72 July
100 7712 Jan 15 81 Mar 12
104 Mar
1 32 Jan 2
100 18 Mar 3,
22 Apr
100 37 Mar 20 5012 Jan 4
Indust,lal lk allscallane..os
1,530 Ablt1b1 Power & Paper_Ne par
37514 7514
TS
7634 764 7712 7914 *77
•7512 7612 '7512 73
200 All American Cables.
130 141 •133 141
141 141 *136 141
139 149
4 141
1
421/
0
100
0
3,100 Adams Express
105 107
104 107
10278 101
101 101
10012 10012 "10112 103
100
900 Advance Rumeiy
12
12
12
12
12
12
12
12
1112 1112 117; 1178
100
1,100 Do pref
51
SI
52
41
51
51
52
52 '51
'51
51
51
1
212 24 7.900 Ahurnada Lead
; $h
87
84 84
4 878
1
3/
812 9
814 131s
Air Reduction, Ino____No par
1104 11128 11112 1124 1117; 11472 11112 11434 11114 11114 11012 11212 12.10,) Ajax Rubber. Inc
No par
8.300
1012
1012
11
4
1012
103
1012
1012
4
103
102
1012
1012
4
1011
300 Alaska Juneau Gold Min__ 10
4 124
/
4 •I1
/
11
134 .121
4 *152
/
11
4
/
4 134 •I's
/
11
•112 11
11412 11712 11512 1174 105,900 Allied Chemical & Dye_Ns par
11312 11512 1144 116
1107s 11312 11012 114
100
Do pref
300
120
120
120
2
1192
120
•11924
120
*11912 120 41912 120 .11934
100
841; 8372 8372 2,200 Allis-Chalmers Mfg
43
8313 84
84
83/
4 8414 34
1
5112 83
100
10514 10314 10514 10514 105 106 405 107 .105 10512 1.000 Do pref
*10514 106
Chem_ _100
4 2212 2234 2214 2314 2222 2272 2112 2214 4,800 Amer Agricultural
1
4 21/
/
5114 2134 211
100
7034 7,900 Do pref
71
7134 7014 7034 7112 7284 7114 7312 7012 7112 67
10
1,800 Amer Bank Note, new
3612 3814 3612 3534 37
35
15
3514 3512 3512 *36
35
60
Preferred
100
*54
*EA
57
57
57
*56
'56
100
Sugar
Beet
American
7,600
25
2312 2572 2232 2412 *344
27
*28
2834 274 234 26
10(
100 Do pref
78
•75
78
075
78
*75
73
*75
7912 '75
70
79
_No par
2212 2114 3134 214 2112 2,800 Amer Bosch Magnate___Ns par
2112 2134 2214 22
2064 2178 21
_
F
&
Brake
Shoe
Am
1,600
11712 11814 119 1194 11834 11814 117 11712
11612 11612 11524 116
100
100 Do prof
114 114 '111 115 •111 114
41112 114 *112 115 '112 115
3/4 4,200 Amer Brown Boved ELM; par
3214 3372 334 337; 3213 3314 x32
32
32
11134 32
100
200 Preferred
mos $312
494 90
39 '8813 90 •894 91
89
"Sals 89
25
72,900 American Can w 1
4424 434 441; 4234 434 4212 4338 1,000 Do pref
4318 4414 431; 4414 44
100
124 125
4 1244 12472 121
/
124 125 424 12134 1241
425 127
MI 4,800 American Car & Fdy__No par
92
97
9514
9312
9714
97
97
58
96
9514 9614
100
40.) Do poet
4 125 125
/
12312 124 422 1251
420 12614 '120 12614 *120 124
1,000 American Chain, class A.__ 25
24
4 24
/
4 237; 231
1
2312 2312 2312 2312 2334 2334 2322 23/
No par
American Chicle
800
3914
3914
40
"39
40
40
41
41
39
11834 3834 39
Ne par
900 Do certificates
2712 374
*374 22
$S
33
40
37 •38
11134 3634 37
•878 61. 2.500 Amer Druggists Syndicate. 10
57;
64
8
Fs 6
*54 lila •5't 6
100
American Express
1,000
115
116
115
116
115
114
113/
4 11314
1
11214 11414 Ill 111
2134 204 2014 1934 2012 88,300 Amer & Porn Pow new_No par
20
2118 22
20
2112 1978 22
No par
2,000 Do pref
9212
9212
124
.9314
994
•
92
9212
4
1
/
92
4
1
/
92
91
91
92
Do 25% paid
MOM
Per Share
3912 Dec
81 Deo
32 Dee
5372 Dec
Jan 7614 Deo
62
7114 Jan 12 8412 Feb 1
2 Oct
1
Jan 133/
131 Jan 6 14112 Feb 18 119
11714 Oat
Apr
6
Jan
90
109
18
997s Mar
Oat
13 Apr 20
10 Mar 19 1884 Jan 29
47 Feb 6214 Oct
4912 Apr 1 631g Jaa 29
74 Oct 124 May
918 Jan 4
4 Jan 23
1
7/
5634 Jan 11738 Dec
10778 Jan 16 11914 Mar 1
2 Dec 154 Jun
1
9/
011 Mar 30 16 Feb
24 Oat
Jan
1
2 Jan 4
112 Feb I
80 Mar 1164 Des
105 Mar 30 142 Feb 13
Jan 12114 NOY
11834 Mar 20 I217 Feb 15 117
4 Jan 14
1
7112 Jan 9714 Doe
7814 Mar 26 94/
105 Apr 7 110 Jan 4 10314 Jan 109 Dee
2 Oat
1
14
134 Mar 29/
Jan
3411
30
2014 Mar
3612 Mar 824 Des
66 Mar 31. 9612 Jan 14
3911 Dee 443 Doe
3458 Mar 31 437s Jan
5312 Jan 584 Sept
55 Jan 15 37 Jan 9
Jan
2952 Oat 43
2 Apr 8 3834 Feb 5
1
23/
78 Dec 8778 June
76 Feb 2 83 Feb 24
264 Mar 6413 Jan
1218 Mar 30 34as Jan 4
9014 Mar 156 Dee
1134 Afar 20 180 Feb 2
4 Dee
1
11014 Mar 24 12814 Feb 18 10718 Jan 114/
4734 Dec 5378 Oet
3014 Mar 29 4872 Jan 9
901; Nov 98 Dee
814 Mar 31 971; Jan 16
4714 Dec 4934 Dee
354 Mar '10 53 Feb 20
121 Jan 4 12512 Feb 24 115 Jan 1214 Sept
974 Apr 11534 Sept
; Jan 12
9112 Mar 31 1147
12312 Apr 7 1284 Mar 9 12034 Apr 128 July
4 Mar 30 25 Jan 3
/
2212 Oct 27 Feb
231
27 Jan 62 Ape
3712 Mar 31 11 Jan 4
37 Jan 6811 Apr
3412 Mar 31 4714 Jan 7
634 Jan
44 Dec
64 Mar 12
44 Jan 5
Jan
1054 Mar 31 140 Jan 6 125 Apr 166
2714 Apr 5116 Sept
1914 Mar 30 4248 Jan 2
87 Jan 94 Feb
83 Mar 27 98 Feb 13
4 Apr 142 Sept
/
108 Mar 30 131 Jan 3 1141
2 Dee
/
812 Mar 141
9 Mar 30 174 Feb 9
104 1072 1072 1,400 American Hide & Leather_100 45
*1072 1114 111
11
1114 11
164 1034 11
Sept7578 Jan
4812
9
Feb
18
6714
Mar
100
pref
Do
1,500
•4:14 47
*44
48
83 Mar 139 Dee
4414 4614 4714 4712 474 474 4512 47
100 109 Mar 31 13524 Jan 7
Ice
American
2,700
1304
1184
10012
12114
11913
12012
4
11612 11712 11712 11812 11812 1203
7412 Mar 86 July
100 8212 Jan 13 85 Feb 5
400 Do pref
*8313 84
*8312 84
8312 11312 8312 8312 *8312 84
83
Si
Ms Mar 467s Nes
14,500 Amer Intercational Corp 100 344 Afar 30 4634 Feb 16
27
2712 2713 25
371 1 3672 38
3814 57
1114 Jan 20 Nev
1524 371s 37
10 1234 Mar 31 15% Jan 4
FE
France
La
American
700
1332
134
1212
2
1
/
.13
4
123
2 •1332 1334 1312
1
/
Mar 5914 Nov
Jae 4
1211 1311 134 13
5278
20
30
Mar
$0
100
Linseed
American
1,700
2 8312 3314 3314 3312 2312 234 2412 3434 2472
/
Oat
53 Jan 80
4 3314 331
/
311
100 75 Mar 31 87 Jan 4
Do prat
8.0
*77
$O
*77
59
7812 *77
*77
79
7812 *77
4 Jan 4 10413 Jan 14471 Mar
1
47
9014 Mar 31 119/
Par
Locom
neW.-5111
American
21,800
99
2
/
1161
97
124 Feb
Aug
11
Feb
115
31
4
/
9314 954 944 9522 1534 9124 9534 994 96
Mar
1201
11734
100
pref
Do
100
1194
453 Mar 574* Ost
4 11934 419 11914 *119 110,4 '119 11914 119 III *119
1
418/
No par 47 Afar 30 578 Feb 18
4 .1114 Ills ills 5014 1.900 American Metals
501; 5038 504 5012 5034 507k
100 114 Mar la 120 Fels Il 111 Mar 119 Nov
Preferred
IS
s Jan 12213 Nov
413 116 •113 116 *113 116 *113 115 *1111 11512 113 4 116
807
Feb
1204
30
Mar
10112
25
109
2,100 American Radiator
Jan
34
108 11114 119 11012 111 11112 •110 11012 10914 10914 1072
200 Amer Railway Express_ _ _ _100 77h Mar 31 7812 Mar 10 s76 Sept
*774 79
73
"7712 73
4 De4,
1
7712 7712 *7712 78
Jan 79/
5
48
Jan
74
474 78
13
Mar
63
Par
No
Republics
American
200
43
674
*65
63 "6412 674 sgs
63 "65
Nes
611
4
764
Jan
8
Jan
63
47 69
s
267
30
Mar
43
0
3,000 American Safety Razor-10
45
4 45
1
44/
45
46
46
46
441; 4412 444 4412 46
611 Dee 14h Feb
512 Jan 2 1178 Mar 12
1034 1132 23,100 Amer Ship St Comm_ __No par
4 1118
1
9/
4 10;8 1044 1022 1118 1018 1134
1
924 10/
9013 Mar 14412 Dee
1124 Mar 30 14434 Jan 7
11712 11812 1174 11818 19.300 Amer Smelting & Refining_100
11812 120
Jan 1154 Oil
116 11712 117 11.834 11832 120
Feb
105h
11712
31
Mar
30
100 11272
Do prof
900
11344 114 •113 114
113 112
11314 11314 *112 113
413 114
100 13712 Mar 30 165 Feb 9 12814 Apr 154 Nov
900 American Snuff
13112 13912 •138 140
14014 14014 13912 141
4711 Dee
June
2
1
Feb
30
8
467
43912 141 *1411 142
Mar
404
73*
par
4234 *4172 434 2,000 Amer Steel Foundries__Ne
4214 42
42
42
Jan 1131a OK
4112 4122 4112 4112 42
100 111 Apr 9 115 Feb23 108
Do pref
200
111 II l
11114 11114 .110 114 •110 115 •111 114
773 Des
Jan
4
,
47
4
823
Feb
36
Mar
67
100
RefInIng
Sugar
American
111; 684 5,100
09
4 6912 7014. 6912 697s 61
/
691
684 6914 69
4 Jan 10414 Nov
/
011
100 10014 Mar 30 105 Feb 26
800 Do pref
10012 191 •101 1014
241 Feb
10112 10112' 102 102
11
Jan
101 101
May
141s
6
914
29
Mar
40034 102
Amer Sumatra Tobacco_ _ _100
28 Apr 12018 Oct
114 1112 1134 1134 1112 121s •114 117; 1112 1114 3,400 Do pref
11
11
100
130 •____ 1124 •____ 11312
Feb
47
Jane
10
130 •____ 130
374
Feb
4118
3912
26
Mar
•_-_ - 130
_100
Cable_
&
Amer Telegraph
40
*89
40
*39
*3914 40
40
4 Feb 15 1304s Jan 145 Dee
/
*3112 40 "39
40
*39
100 141 Mar 29 15(1
7,200 Amer Telep & Teieg
1464 14614 146 1464 14412 14112 14414 14472 1.400
85 Feb 1214 008
8 Mar 31 12158 Feb 6
1113
1454 14584 14512 146
50
Tobacco
American
4 •11414 1144
1
11214 11334 114 11434 11414 1141; 11418 114/
(1213 113
100 10618 Jan 4 110 Apr 8 10412 Jan 110 Nov
600 Do pref
119 114 •10912 110
8412 Feb 11912 Oat
50 11018 Mar 31 12012 Feb 6
1094 1091s 1014 111114 *109 110 01109 110
1124 1114 7,100 Do common class B
11
114 Jan 22 135 Feb 13 102 Apr 1351s Nov
112 1124* 11322 1127s 11278 1137s 11278 11378 1124 334 122 122
_100
Founders_
Type
American
100
125
•116
125
4
:416
125
Jan
74
3448 Jan 764 Dee
*116
125
30
Mar
2
453
"116
20
4118 125
4812 7,300 Am Water Works & Elea
47
49
9714 Aug 103 Feb
4978 5112 5018 5112; 4914 5024 49
471s 50
100 10112Mar 3 10814 Jan 27
100 Do let prof (7%)
10112 1024
12
4 May 64% Jan
/
841
Jan
8
427
8
Apr
2912
100
1104 10724 •--., 104 •_--- 10734 *10212 10734 •I0218 106
Woolen
294 314 2918 307s 30.100 American
3314 3212 33
694 May 9678 Jan
100 7412 Feb '-3 8914 Jan 4
4 334 3314 334 :33
1
$3/
3,200 Do prof
754 7914 76,2 79
80
74 Jail
80
112 Dec
80
63; Jan 13
134 Jan 4
100
pref.
$03; 2012 2018 204 SO
Paper
Writing
Amer
200
272
Jan
4
12 Dec
418 Jan 13
1 Jan 4
2 24 *214 258 *214 252 *214 17; .24
1
2/
212 218
500 Preferred certificates_ __ _100
•14 2
4 2
/
1213 Jan
7 May
2,4 214 •11
914 214
2
1
/
718 Mar 31 1218 Feb 4
*14 212 *14 3
25
& Smelt
Lead
Zinc.
Amer
700
712
74
718
24 2 May 447a Dee
*752 8
Feb 4
481s
31
Mar
284
74
25
712 712
pref
Do
700
31
•301; S018 110
31
31
3514 Apr 6314 Nov
4112 Mar 30 51 Fob 9
; 307; 31
217
•29
'Mg 50
4312 434 2,800 Anaconda Copper Alining_ 50 3612 Mar 31 441
434 44
Jan 46h Dee
26
4 Jan 2
/
4312 437; 437s 4418 4312 443* 434 4434 2712
100 Archer, Dan'Is MIdI'd_No pa
3712 .364 37
Jan 105 Oat
4
"3712 33
9012
Jan
474 38
105
33
4
Mar
100
101
3712 •36
47
100 Do pref
100
100
10112
10112
*100
100 Oat
Mar
12
9018
Jan
10112
100
974
1
•100
Apr
459 102 *100 101
400 Armour .6 Co (Del) pref._.100 9512
20 Mar 271 Oil
*9511 96 '9512 9612 9512 134 9512 9512 7,600 Armour of Illinois class• 2' 2051 Mar 25 254 Feb 13
954 9511 '2512 96
2214 2214 223g
2218
16
Dec
4
2014 Oat
2
1
/
22
Jan
224
2
31
223
17
Mar
3314
4
1
/
22
8
93
25
22
2
223
2212
1014 104 10s2 104 10,400 Class B
1978 11141 1034 11
4 11
1
102s 1112 11/
90 Dec 93q Nov
89 Mar31 93 Feb 11
UM
100 Preferred
90
*8918
99
;
•391
3912
Jan
6
8912
8
171a Oat
90
40
1972 Mar 30 3144 Jan
96
*II
90
•111
900 Arnold,Consle&Co new No pa
21
2012 2011 •20
21
27 Dec 30 Dee
14 Jan 5 1544 Jan 6
2 2058 2058 *20
/
No par
2112 2112 •2012 211
Certificate*
15
Jan 2018 Nov
ConstructIon___-l0 1918 Jan 2 2312 Jan 26
Metal
Art
100
21
.19
21
•I9
39 June 6014 Dee
;1984 23 49 -21
No par 30 Mar 30 6312 Jan 21
;a- 211;
30() Artioom
5212 524
53
"51
54
5212 5252 *50
100 108 Mar 18 11134 Feb 1 10118 Aug 110 Del
*6112 54
54
Do pref
42
103 '107 103 •107 108
461a Aug 614s Nov
3714 Mar 30 5478 Jan 9
100
_
Goods_
Dry
Associated
0107 110 *107 110 6107 104 •107
413,
9,100
s4124
4234 4334 4114 42
94
Jan 102
Oft
100 96 Mar 25 10212 Jan 6
4114 4134 414 413* 4114 43
200 Do 1st prof
*9634 98
*9612 95
Jan 10814 Feb
964 974 *9612 98
93
100 10712 Jan 4 108 Jan 28 101
9712 *95
*96
Do 26 pref
108 *105 107,2
32 Mar 4714 Des
25 444 Jan 6 611 Mar 4
()II
•105 108 *106 108 •106 108 *106 108 *105
Associated
200
48,4
4812 4812 *48
49
20 Jan 77 Sept
"48
50
_100 3318 Mar 31 6883 Jan 6
49 "48
49
*4712 50
3634 374 3,800 At Gulf & W I SS Line- 100 3912 Mar 31 5814 Jan 13
Jan 60 Sept
31
3512 377; 3712 3832 3812 393* 3734 38
36
35
400 Do pref
42
•40
42
4112 "40
30
110
3
Jan
Jan 1174 Feb
954
4112 *40
Mar
97
100
4 4124 *40
/
4018 404 411
Refining
Atlantic
11,600
10512 109
106
10514
106
3
113
Mar
10512
11712
11734 JUIN
1154
10512
Sept
Apr
8
104
100
8
1057
103
104 106
100 Do pref
11552 '11532 117
45 June 65 Des
No par 54 Mar 4 59 Jan 6
•11514 1171 *11514 11612 •11514 117 "11512 11552 11552 5512 *5512 56
Powder
Atlas
100
25
Mar
Jan
Oct
96
94
9013
8
Jan
94
100
*5512 5618 *5512 5612 *5512 5818 *5512 5618 5512
Preferred
97 *97 - - - -'
918 Feb 21 Dee
"97
No par 10 Mar 27 1712 Jan 30
*9812 _-__ *9612 __._ *9612 _
200 Atlas Tack
1012 1012
*1012 11
*1012 11
22 July 3212 Jan
1758 Mar 31 28 Jan 29
11
No par
1034 1014 "10
vto
11
Austin.Nichols&Co
1,800
*1934 2034 1952 20 '1934 2012
8738 Jan 95 Aug
20
20
100 85 Mar 30 93 Jan 8
1834 1834 1934 20
100 Do pref
*8814 9012
414 May
24 Feb 11
34 Jan 2
4 Dec
*8712 9012 8712 8712 *8814 91
92
431
92
"87
1,600 Auto Knitter Hosiery_ _No par
1
1
112
'1
11
4
Jan
11
13612
31
Mar 146 Feb
Mar
107
9272
Ds 112
*84 1
112
100
1
Wks.
Locomotive
14 60,800 Baldwin
8
1017
105
10314
10112
10438
8
10134
114
Feb
107
Jan
31
Afar
105
104
Aug
11634
4
1013
100
9872 10132 9952 10112
Do pref
•10512 10612 '10512 107 *10514 107 *10534 107
1834 Aug 3312 Dee
. 25 2432 Mar 30 334 Jan 2
*1054 10612 *10512
7,400 Barnsdall Corp class A.
26
2512 2614 26
2712
2612
81
277
2714
2712
2712
274 274
16 Aug 30 Dee
25 2414 Mar 31 2912 Jan 2
100 Do class B
*2412 26
2412 2412 "2412 25
4412 26
384 Sept 534 Feb
No par 39 Mar 31 494 Jan 4
*2412 26
•2412 26
100 Bayuk Cigars, Inc
40
40
42
*3912 4112 *40
80 Mar 77/
2 Aug
1
42 .3912 42
20 55 Mar 25 714 Feb 4
*39
Packing
42
Nut
*39
Beech
2,500
56
5572
5552 56
*5612 57
2Ma131 3924 Jan 4
/
37 Sept 414 Dee
No par 311
5712 5712 58
57
57
57
600 Belding Bros
34
*33
34
34
34
34
34
37 June 5312 Jan
100 3934 Apr 9 504 Jan 7
Steel Corp
3414 344 34
3314 331
Bethlehem
20,000
41
3934
4152
4052
4272
4112 4172 4112 4214 4214 4212 42
600 Do turn cony 8% pref.100 114 Mar 8 120 Jan 26 109 Mar 1164 Feb
11512 11512 *11512 116 *11512 11534
Jan
9314 June 102
100 100 Mar 5 105 Feb 2
11532 11532 11531 11532 "11532 116
pref 7%
2 10032 10032 10012 1,400 Do Fisheries
41; May
878 Oot
44 Mar 24
No par
934 Jan 11
"100 1001 100 10012 100 10032 10092 10032 1003
B.0th
2,600
6
•
512 578 *512
Oot
32
June
5112
25
9
Jan
3512
7
Apr
100
514 572 '5!s 512
472 5
preferred
"134 5
First
100
3512 3512
41
*35
41
•35
41
4058 Aug 46 July
39
•35i2 42 '34
*30
1,300 Botany Cons Mills class A_ 50 7312 Apr 5 4118 Jan 4
34
3412 34
Oct 44l May
par 28 Mar 3 374 Jan 4
27
__No
3312 3312 3412 3472 *3414 3434 34
anufacturing
357
M
35
Briggs
13.300
2972 32814 2834
2978 29
Oct
5
158 May
100
112 Mar 19
3 Jan 18
2912 2914 2952 29
2914 2952 29
British Empire Steel
22,
232 "2
232 '2
Oot
232 *2
22 July 38
232 "2
100 25 Mar 29 27 Jan 28
232 •2
First preferred
*2
"2312 27 '2312 2612
"2312 27
Oct
14
July
8
63
*2312 27
11
100
714
Jan
26
4312 27
1018
Mar
27
preferred
"24
26
9
*7
9
*7
734
*7
Nov
772
15812
Ian
12058
1
Feb
31
133
Mar
1484
100
s
77
Inc
*7
9
*7
'13334 13834 137 13734 1,600 Brooklyn Edison,
par 68 Mar 30 7834 Jan 11
731; Dec 10014 Nov
No
Gas
13612 1361 *13612 13812 138 13814 138 13834 73
Union
Bkiyn
5,500
7314
7314
7314
7334
73
7212 74
46 Dec 464 Dee
72
100 30 Mar 29 4838 Jan 7
71
70
70
3.800 Brown Shoe Inc w 1
35
3578 35
34
36
Oot
"35
36
•35
96 Mar 109
100 109 Jan 18 111 Mar 10
3514 38
36
Do pref
34
116 *106 115 *106 115
4
24 June 4932 Jan
Jan
8
307
par
8
213
30
No
Mar
r
ll
Brunswick-Balke-Co
•108 115 *108 115 *108 115 *108
2,900
2618 2612 2612
2618
8
265
2858
Dee
2718
136
2634
Feb
8
273
13
par
924
14114
Feb
31
2718
121
Mar
No
2678 28
129 129 *128 12912 2,300 Burns Brothers
128 130
125 126
17 Mar 39 Dec
127 1271 122 125
200 Do new class B corn No par 297; Mar 31 44 Feb 13
*3312 35
3312 3312 *3312 35
Oct
*3.334 34
9112 July 99
35
100 0 Mar 30 10012 Jan 11
200 Preferred
324 321 *33
*9512 9972
100pg .954 99
*9512
9712
9712
Jan 103 Sept
65
4
9814
Jan
93
900 Burroughs Add Mach_.No par 8412 Feb 11
*97 10014 9814
864 8614 8614 8512 86
87 • 436
87
87
87
88
.86
day. I Ex-tights. I Ex-Invidend.
•BM and asked pilots; 10 take on Ms
New York Stock Record-Continued-Page 3 .
2013
For sales daring the wean of stocks usually Inactive, see third page preceding.
HIGH AND tOW SALE' PRICES-PET EH 4141. NOT PER CENT.
Saturday,
April 3.
Monday,
Aprle 5.
Tuesday, ilVelnerday. Thar:Lay,
April 6.
April 7.
April 8.
pa share $ Per share
Per share
.10
21
187: 1871 21
21
*8113 26
.85
86
85
86
*9712 _ _ _
•99
____
6
6
5
5
518 512
22
22
2212 2212 227
; 24
12% 1212 1218 124 1212 1212
•____ 20
•28
32
*2812 32
9912 •____ 991 •____ 99,2
$ per share $ per share
*2012 21
2012 2012
, 86% *86
867
87
*99
/
4
*191
5
5's
6
6
*2212 2314
2313 22
1212 1278 1213 1212
29
29
9912
9912 0_
Friday.
April 9.
Safes
for
the
West.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Slice Jan. 1 1926
On toasts of 100-5847, lots
Lowest
!Behest
P27 share Shares. Indus. & Miscall.(Coo.) Par $ Per slurs
per share
•113,4 2118
100 Bush Terminal new ..N.par
1634 Mar 18 2278 Jan 4
*32
Do debenture
$7
209
10(1 81 A or 6 90 Feb 10
*9914
Bush Term Bldg', pref.
100 9913 Jan 20 10112 Jan 20
1,100 Butte Copper dr Zinc
*5
3'8
5 Mar 3
5
64 Feb 10
•211s 21
1,809 Butterick Co '
100 1734 Mar 3 24 Apr I
121s 134 1,603 Butte & Superior Mining
10 11 Mar 30 161
/
4 Jail!
.23
31
101 Byers* Co
N. par 28 Mar 29 2318 Feb 2
-- 9912
Preferred
100 9812 Mar 20 59/3 Feb IR
Caddo Cent Oil & Ref__No par
4 Jan 2
78 Jan 2
127 fit
12614 127
1304 13313 12912 132,2 12814 13014 136 128
14,390 California Packing._ __No par 12114 Mar 30 17114 Feb 4
116 1 3718 3212 35
3312 3412 33
2338 33
3332 33
23% 103,801 California Petroleum
30%
25
Jan
20
Feb 10
3818
•114 17s •134
173
114
138
14
112
144
114
14
11
/
4
600 Callahan Zinc-Lead
10
1 12 Mar 26
258 Jan IS
5812 5854 5712 5134 5734 5938 5414 583g 6738 3712 .65
67
2.000 Calumet Arizona Mining
5512 Mar 29 641
10
/
4
Jan 8
1418 1411 *1418 1412 •14
1412 1414 144 1414 14,4
1411 144 2,091 Calumet * Hecht
25 13% Mar 31
154 Jag 6
*7114 7414 7212 75
7478 8012 79
8012 7714 7314 7634 7514 6,400 Case Thresh Machine
100 6213 Jan 4 9014 Feb 13
*99 10012 *9914 10012 100 100/2 10012 102
102 101
*99 107
801
Do pref
100 96 Jan 5 10531 Feb 23
13
134 1234 1314 131
/
4 134 127$ 1318
934 1212
944 1038 14,900 Central Leather
100 11 18 Mar 30 204 Sac 5
48
49
4914 4978 4912 50% 50
50,2 46
30
43's 484 12,100
Do pref
Inn 45% Apr 9 6834 Jan I
164 1512 15
15
15,2 14
134 144 13
1312 •135s 14
2,800 Century Ribbon MilliNo par 13 Apr 8 397/ Jan 8
Se
87
4,85
95 .85
*85
94
*86
89
*85
81
210 Do pref
SS
/
4 Mar
100 851
90 Jan 21
6218 6234 6218 6212 6212 63
6234 64
61
621
6114 621
4,400 Cerro de Pasco Copper_No pa
5712 Jan 22 69/
1
4 Feb 11
49
42
417; 417s 42
4238 4134 42's 4014 411
41% 417
2,200 Certain-Teed Products_No par 37% Mar 30 4912 Jan
•974 105 .9712 10238 .9713 1024 .
9712 1024 *9712 10218
lit preferred
100 10212 Jan 2 1054 Jan 21
Chandler Motor Car_ _ _No par 4334 Feb 18 4914 Feb 10
Certlficates
N. par 45 Feb 11 484 Jan 7
oioi- 102 loo 100 -oil, 99-1-4 9434 ickW, -156,
-119.1-2 -1-8;i155 Chicago Pneumatic Tool_ _100 9412 Am.
120 Jan 2
5312 64
54
54
5312 5312 5334 5314 534 Stls 62
334 1,409 Childs Co
No par 504 Mar 30 664 Jan 4
324 3238 3211 324 32
3212 3214 3212 32/
1
4 224 $212 2212 6.200 Chile Copper
Mar
30
25
364 Jan 6
3
•17
1912 •17
1034 .181s 1914 20
20
20
20
20/
800 Chino Copper
1
4 2014
5 16 Mar 3 2112 Feb 17
*4012 43
42
42
427; 4338 4338 4311 •411
4312 424 44
800 Christie-Brown certifs_No par 40 Mar 30 634 Jan 4
3314 2434 3312 3434 3414 35'8 344 35
1
4 24/
33/
1
4 2314 14
33,700 Chrysler Corp new _ __No par 2812 Mar 30 547s Jan 9
97
98
98,2 100
10012 10318 10113 102
1014 1014 100 1014 2,900 Do pref
No par 93 Mar 30 108 Jan 2
.62
65
6412 6412 •64
6412 6434 6414 .6418 65 .
644 66
200 Cluett, Peabody & Co_ _ _ _100 6014 Mar 31 684 Jan 7
0102 120 •102 120 •108 120 •108 120 *103 130 .101 120
Preferred
100 10314 Jan 15 110 Feb 25
126 140
13934 144
141 14412 143 146
14218 146
1421
Coca
/
4 144
61,300
Cola Co
No par 128 Mar 24 16112 Feb 4
•100 10214 .100
•100
•100
•100
Preferred
•100
100 99 Jan 14 1011
/
4 Mar 24
8014 301,, 30
30
3013 3114
2934 3012 2211 20
2912 2912 2,900 Co.orado Fuel & Iron
100 2731 Mar 3 381
/
4 Feb 11
6314 6314 63
6313 6314 6412 634 64
637s 6634 6418 6614 8,900 Columbian Carbon•t is No par 55/
1
4
Jan
26
Feb 2'1
69%
TO4 71% 7th 74
7372 764 743i 762i 7314 7438 7278 7478 76,300 Col Gas & Elec
Ns par 6312 Mar 29 90 Jan 9
1131s 1134 •112 11414 •1114 111
112 112 .112 114 •11212 114
290 Preferred
100 112 Mar 30 115 Jan 12
3114 3114 3153 314 32
$0% 31
3234 3178 32
2111 2112 2,700 Commercial Credit____Ne par 2914 Mar 3 474 Jan 14
024
004
2$
25 .
24
25 •34
26
*24
25
O22
Preferred
14
25 25 Jan 20 2614 Jan 13
254 351 *25/
1
4 26
•2512 26 .25/
1
4 26
26/
200 ?referred 11
1
4 2614 .2312 27
26 2514 Apt 8 27/
1
4 Jan 11
056
644 .
56
58
•56
58
*56
53
.31
Li
Comm Invest Truat___No pa
46
6S
55 Mar 30 72 Jan 11
094
99 •96
99
•94
99
•94
91
*94
99
7% preferred
*94
19
100 99 Mar 31 104 Jan 28
•1211 120
129 134
134 13714 .132 135 .130 124 •121 126
9,200 Commercial Solvents A No pa 1204 Jan 4 1521y Feb 13
O126 129
1284 1321 134 1354 13514 13434 130 120
Do
B
127%; 13012 2,1100
No pa 11814 Jan 4 146 Feb 13
17
17 •17
171
1714 1714
1634 1714 154 167
16
1614 1,100 Congolcum Co new _ _ _ _No pa
151
/
4 Mar 30 21114 Feb
•14
7
.84
"4
74
71
7;
•84
7s
Conley Tin Foil stpd_ _ _No pa
*34
"4
7
88 Mar 18
1 Mar 12
Ws 6212 51
521
5113 53
5218 5314 62
1,700 Consolidated Cigar_ _ __No par 484 Mar 30 67 Feb 20
634 at
ss
091
If
*95
99
.9512 9912 98
98 .92
11
100 Do pref
09
*62
100 91 Mar Ill 10211 Feb 11
284 2114
3
3
22
3
274
2
278 8
2,400 Consolidated Distrib'ra No par
214 Mar 2
64 Jan 7
11144 1124 9112 9244 9214 93/
1
4 91114 93
111
/
4 11218 9144 9178 21.300 Consolidated Gas(NY) No par 87 Mar 33 10412 Feb 22
2ii 312
213 212
214 914
212 I'i
212 212 2,600 Consolidated Textile_ _ _No per
211 21
Mar 31
214
83
4 Jan IS
73
76
7614 77
764 77
7612 77
76
7634 73
7144 7,600 Continental Can, Inc_ _No par 70 Mar 3:: 9212 Jan 2
126 126 •125 126 •126 128 •126 130
126 126 •133 121
700 Continental Insurance
25 122 Mar 31 14434 Jan 9
1078 11
11
Ills
11
1114
11
1114 11
111
11
114 11,700 Cont'l Motors tern etts_No par 10a Mar 2 18 Jaa
87% 2784 x37
374 3734 394 39
40
1914 227
38'; MI 48,000 Corn Products Refin w 1_ _ _ _25 3558 Mar 30 4338 Jan 13
•12312
_ _ .12312
_ .1231: ____ .1234
•1211
Do pref
100 12212 Jan 6 125 Mar 2
46
46
4614 4634 4634 47
*4614 47
.4614 4934 *4614 42
_ -065 Coty, Inc
No par 4412 Mar 29 604 Jan 4
.26
42 .30
42
.30
42
*30
42 .25
40
26
23
100 Crex Carpet
100 23 Apr 9 63 Jan 2
it
6912 *69
6914 70
7012 7014 71
69
61'8 66
Crucible
6.900
Steel
6114
of America_ _100 66 Apr 9 814 Jan 4
96
96
•97
9812 91
98
98
98
Ms 11112 .92/
9,000 Do prof
1
4 91
100 96 Mar 30 1004 Feb 20
4312 4312 437s 43% 4472 44% 4434 447; 443; 43
46
1,500 Cuba Co
46
No par 4114 Mar 30 53 Feb 4
91s 04
912 912
944 934
134 038
2,200 Cuba Cane Sugar
I'S 0/
114
1
4
No yet
878 Mar 11 1112 Jai 20
4214 4214 43
43
43
4378 42
43
4114 42
42
4312 4,400 Do pref
1C0 $918 Mar 2A 494 Yela 4
2612 25% 2514 2514 25/
1
4 2514 26
2614 26
Cuban-American Sugar _ _ _ _10 24 Mar 29 304 Jan 23
361
/
4
3,500
254
2
64
•100 104
101 101 •101 103 .
101 103 •101 102 *lel 162
100 Do pref
100 9734 Jan 5 104 Feb 6
*214 24
213 24
173 218
178 2
14 2
1,100 Cuban Dominican Sigg_No per
2
Ds Apr 6
378 Feb 8
017
181 •16
181 *1612 17
16/
1
4 164 •1614 17
17
600
Do pref
181
100 1618 Mar 8 22/
1
4 Feb
113
85
x34
85
84
8412 8418 841 *Ms 847
84
84
1,000 Cudahy Packing
100
Mar
82
20
Jan 4
97
9112 12
90
11
90
91
9114 924 9112 111
11
924 1,90(1 Cushman'.Sons
N. par 7712 Mar 1 100 Mar 4
*4413 47
44512 46
45
47
46
46
45
461
1,201 Cuyamel Fruit
4614 46
No per 43 Mar 29 $1 Jan 14
*24
"4
7
7
"4
7
10(' Daniel Boone Woolen Mills_25
*31
71
34
3 '
/
1
4
28
34 Feb 18
1 Jan
2918 297
21
301
3012 307
3014 31
2014 31
294 2118 1,100 Davison Chemical v t cNo par 274 Mar 30 4634 Feb 17
•2738 251 .28
291: .28
3014 .28/
1
4 30
•2813 2114 .284 20
De Beers Cons Mines_ _No par 28 Jan 9 29 Jan 8
•12314 1261 .12512 126
126 12713 129 123
127 126
1214 1264 1,400 Detroit Edison
100 1234 Mar 30 1411,Feb 1
$74 3724 •36
3812 37
37
37
37
1634 3334 23
13'4 2.100 Devoe & Raynolds ANo par 35 Mar 3 1044 Feb 10
S113 2214 3112 3212 324 3382 3213 331
317; 2212 3178 323i 32.900 Dodge Bros Clasa A _ __No par 2934 Mar 30 4714 Jan 2
112
8312 8234 53
8314 8312 8314 831
8314 8314 8318 833s 4,600 Preferred certifs._ _ _No par 8238 Mar 31 884 Jan
16
16
1614 171
' 1612 17
164 1212 1614 6,000 Dome Mines, Ltd
1612 164 16
No par 15 Mar 3(
20 Mar 13
.26
204 .20
21
*20
21
•20
*20
21
2012 .194 204
Douglas Pectin
No par
19 Mar 23 2512 Jan 30
113 113
113 113
1134 114
114 114 •11512 11412 •11312 1147;
900 Duquesne Light 1st pref _ _ _100 11112Mar 3 114 Feb 11
10$ 101
101 10914 10912 10924 .10914 1091 109 10914 10914 10914 4,10(1 Eastman Kodak
Co_ _ _No par 1064 Mar 30 1124 Jan 5
26
2618 257
; 2634 253 264 2658 29
2812 29
1
4 Feb 13
100 30234 200 2047s 200 206% 20158 2061 2014 3047; 3734 2814 15,106 Eaton Axle* Spring__ _No par 2418 Mar 30 82/
202 21314 14,000 E I du Pont de Nem Co_ _100 1934 Mar 29 23873 Jan 4
102 103
102 102
10214 10214 10218 1021 10234 10234 4,1017s 10178
800 Do pre! 6%
101
100
Feb
1044
25
Jan 18
191
: 1534
1924 207s 2014 21
201
/
4 2058 197; 204 191s 1934 24,703 Elec Pow k Lt ars_ __ _No par
173s Mar 30 3413 Feb 10
•10012 1037; *10034 163 *10034 102
102 102 •1014 10212 10212 10212
Dr
40%
300
ptl
994
Mar 30 115 Feb 11
*100 106 .100 106 •100 106 *100 106
•I00 104
Fret full paid
105 Apr 1 11013 Feb 26
*914 93
924 924 9213 93
93
93
9234 9234 9234 94
2,200 Do pref ctfs
8912 Mar 24 9712 Feb 11
76
7738 7624 7712 7712 7712 77
7712 763s 773s 7612 7712 6,200 Elec Storage Battery No Par 7118 mar 3 7918 Mar
12
*1
2
*112 2
.112 2
•112 2
•11/ 2
17s
17s
200 Emerson-Brantingham Co 100
112 Mar 29
4 Feb 1
IS
13
•13
14
.13
14
1334 *13
*1212 14
•I2
13
200 Preferred
100 10 Feb 20 2434 Jan 29
6734 6734 67/
1
4 6714 .6714 6734 67% 6812 •6714 6812 68
68
900 Endicott-Johnson Corp
50 0512 Mar 31 7218 Feb 8
•114 116 *115 116
1154 11518 11512 11512 •1154 1154 •11518 1151
200 Do pref
100 114 Jan 7 118 Feb 2
46
46
46
46
.46
46
4612 .
4612 *46
4612 46
46
400 Eureka Vacuum Clean_No par 45 Mar 29 5314 Jan 8
•15
16
•15
16
•154 1534 •154 17
•1538 17
*15h 17
Exchange Buffet Corp_No par
1512 Mar 1 164 Jan 2
•2
23
•2
3
•2
*2
3
3
•2
3
•2
3
Fairbanks Co
25
'
349
2/
1
4 Mar 29
34 Feb25
50
4034 493
5014 5012 *51
52
•51
52
•51
52
300 Fairbanks Morse
NO par 46 Mar 29 594 Feb 10
•110 116 •110 116 .110 116
•108 116 •I07 115 •107 115
Preferred
10812
Jan 6 115 Feb 9
11878 120
100
11714 1204 11813 1197
, 11714 11912 11618 11814 117 118
34,500
Famous
Players-Lask
y_No par 1034 Jan 19 12634 Mar 12
11914 1191 11912 1194 *DO 116
119 119
119 119
11814 1183
500 4110o pref (8%)
30
100 115 Mar 31 124 Mar 11
3014 30
3014 31
32
3114 32
3014 311
30% 31
5,200 Federal Light dr Trao
*85
15 28 Mar 31 3988 Feb 3
87
•85
87
*85
*35
87
87
•85
87
*85
87
Preferred
No par 87 Feb 11 89 Jan 4
*8718 90
88
88
88
*90
90
92 .
86
92
90
90
500 Federal Mining & Smelt'g_100 75 Mar 3 11134 Jan 5
72
72
•72
7212 7212 77
76% 76714 *73
761 •73
76
1,200 Do pref
•167 180 •167 175 .168 180 •168 174 .165
100 61 Mar 3 105 Jan 6
175 •165 175
Fidel Phen Fire Ins of N Y25 16314 Mar 31 20014 Jan 23
*16
20
*17
19
19
19
19
19
•I6
19
•17
19
200 Fifth Ave Bus tern ctts_No par 1478 Jan 2 21512 Feb 9
3458 35
35
35
3478 3538 34% 34% 3213 341
3312
331
3,700
First
Nat'l
Stores
90
No par 30 Mar 3(
91
90
91
4918 Feb 5
8978 9178 90
9014 8913 90
8718 90
9,000 Fisher Body Corp
25 85 Mar 24 10534 Jan 4
17
1634 17
1714 1714 1734 17/
1
4 18'z 18
187
No pa
•106 11312 *106 11312 *106 11312 .106 1131, •106 11312 1734 1838 27,200 Fisk Rubber
1434 Mar 3 2614 Jan 13
*106 11312
Do 1st pref
3612 371
100 105/
367 3734 371
1
4 Mar 2 115 Jan 2
/
4 3814 3712 394
•10014 10212 102 10214 10218 10478 101 10412 3713 3812 3758 3812 48,000 Fleischman Co new._ _.No pa
3214 Mat 29 664 Feb 1
1004 102
9958 10034 6,300 Foundation Co
No par 9314 Mar 29 17934 Jan 29
604 61
5912 6112 614 6204 6212 6314 6218 64
6314
65
10,900
Fox
Film
Class
A
No par 554 Mar 31 85 Jan 2
2312 237
2312 2414 2312 243* 2312 24
23
2334 2314 2312 9,400 Freeport Texas Co
No pa
1958 Jan 13 2834 Feb 9
3312 337; 3314 337
34
3412 3434 35
3334 3414 34
34
4,600 Gabriel Snubber A
No par 29 Mar 25 42 Feb 11
612 74
7
7
7
7
'V
718 *714 758 *71
/
4
75
8
2,600
Gardner
Motor
434 4312 4313 4312 4334 44
612 Apr 3
No
Pa
98s Jan 4
4312 44
4312 44
44
44
2,000 Gen Amer Tank Car
100 39 Mar 29 5538 Jan 2
*100 102 *100 102 .100 102 *100 102 *100 102 *100
102
Do pref
6012 621s 5938 6178 6078 6238 6014 6214 594 61
100 101 Feb 10 104 Jan 15
5958
60$4
35,800
General Asphalt
100 50 Mar 3 73 Jan 11
1004 101
101 101
1027* 10278 10314 10412 101.1.4 10114 101 101
1,300 Do pre
100 9478 Mar 3 11314 Jan 11
49
4934 4912 497
4913 50
50
5038 50
50
50
•11114 1154 *11114 11512 .1114 11512 .11114 11512 .11114 11512 *11114 5034 5,300 General Cigar. IncnewNo Par 46 Mar 29 5912 Feb 11
11513
Preferred (7)
100 109 Jan 11 11512 Feb 18
•10914 11312 .10914 11312 90914 11312 *109/
1
4 11312 .10914 11312 *10914 11312
Debenture preferred (7)_100 11114 Mar 17 1184 Feb 10
30013 30714 307 3111
30034 305
/
4 30512 31114 30334 30712 303 306
100 280 Mar 29 38612 Feb 19
1118 1138 1114 1138 111
/
4 1138 1138 1112 1138 1112 1138 1138 58,700 General Electric
5,500 Do special
10 11 Jan 5 1158 Mar 22
*39
3934 3812 39
38
387
3814 3812 38
38
*374 38
1,000 General Gas & Elec A_ _No par 34 Mar 30 59 Jan 2
*9514 9634 *95/
1
4 9634 *9512 964 *9514 9634 *9514 0612 *9514
0634
Preferred A (7)
No Par 9512 Mar 8 9914 Jan 4
•10512 107 .1054 107 *10512 107 .10513 107
10512 10513 .105 10612
100 Preferred A (8)
No par 10512 Apr 8 11014 Jan 15
*934 95
*9334 95
*9334 95
*9334 95 .9334 95
*9334 95
Preferred B (7)
No Par 9334 Mar 30 96 Jan 4
52
52
5314 5314 527 521 .521 53
.5234 53
5234 5234
500 Gen Outdoor Adv A...No par 51 Mar 30 5578 Feb 4
295, 30
, 29
294 2918 287
3038 3038 3
30
294 2934 3,700 Trust certificates_ _ _ No par 2658
Mar 30 33 Jan 6
•Bid and caked prima: no sale. on this day. s Eft-dividend. aIts-rtglits.
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ per share Per Am
141
/
4 June 26 Doe
SO May 89% June
1612 Jan 103 Dee
41
/
4 Mar
814 Jan
17 May 284 Jan
6'; May3414 Jan
Oct 447 Oet
23
Oct
1312 Oct 100
14 Dec
21. Jan
10011 Jan 2612 Nov
234 Jan 343s Dee
114 Oct
44 Feb
46 Apr 6118 Dee
1214 May 184 Jan
24 Mar 6813 Dee
60 Mar 10718 Des
1434 Mar Me Oot
4914 Mar 71
Os
20/
1
4 Sept 4713 Mar
91 De.
9884 Jan
4312 Ma
6434 Nov
4034 Ma
1
4 Sept
58/
8912 Jar 110 Sellt
2712 An, 52 Oct
VI; 1,..fn; fii-
41178 Ma,
3013 Ma,
19 Air
1
4 Dec
62/
74%
3758
28%
6413
Dec
Oel
Jan
Feb
Dec
1-66iJuly 1117* N.y
5812 Mar
7134 Jan
10313 Jan 109 Sept
50
Jan 17734 Nov
90
Jan 10112 Mar
221
/
4 Apr 4814
45 Mar 62/
1
4 Dee
45/
1
4 Jan 86
OM
10414 Jan 11413 Dee
3912 Sep
5513 Dee
25/
2718 Oat
1
4 Sep
$614 Sept2734 Dee
60
Jan 8412 Nov
100 Nov1071s Nov
89 May 190
Jan
76 May 189
Jan
1578 No
434 Jan
$May 17 Feb
2612 Jan 6334 Dec
794 Jan 96 Dee
Jan
94 Feb
74% Mar 97 Dee
2/
1
4 June
5/
1
4 Jam
604 Mar 9313 Dee
103
Jan 140 Dee
24 Jan
1512 Oet
3208 May 4218 Dec
11818 Jan 127 July
48 Aug 6012 Dee
$6 Mar 6414 Dec
6412 Mar 8418 Nov
112 May 102 Dec
4414 Dec 5431 Oet
74 Oct 14/
1
4 Feb
171
/
4 0.1 62/
1
4 Feb
Oct324 Mar
20
111178 Nov101 Mar
24 OctFeb
16 Dec 444 Jan
6312 Dec 107
Oct
62 Mar 104
Oct
44 Nov 59 May
Doc
77s Jan
27/
1
4 Apr 4914 Jan
2014 Mar 29 Dee
110
Jan 15913 Belot
52
Oct 9014 Dee
211
/
4 June 4834 Nov
7312 May 9112 Oct
124 Apr 1818 Nov
14 Feb 2312 Aug
105
Jan 11314 Dee
10434 July 118
Jan
1012 Feb 3012 Dec
13414 Jan 27114 Nov
Jan 10411 Nov
14
1738 Apr 4018 July
100 Mar 110 June
10012 Mar 11034 Jute
3978 Aug 9434 Dee
6034 Mar 80 Dee
lls May
638 July
8 May 264 Aug
634 Apr 747 Sept
111 May 11834 Oct
4812 Nov 5712 Des
1312 July
1978 Jan
214 Mar
434 Aug
3214 Jan 5458 Oot
1061: June 1104 Nov
9014 Feb 11434 July
10378 Feb 120 July
26
Oct 3714 Deo
8213 Sept 89 Dec
1514 Mar 9512 Dee
4912 Mar 9478 Dee
14712 Jan 179 Dee
12
Jan
17/
1
4 July
3812 Dec 40 Dee
6014 Feb 125 Nov
1013 Mar 2834 Oot
7512 Jan 11611 Nov
16"
Jan 18384 No,
6812 Sept 85 Doe
8 Mar 244 Oct
28% Aug 39% Nov
418 Jan 161
/
4 Mar
4412 Aug 60
Oct
9334 Feb 104 Nov
4213 Mar 70 Dee
8612 Mar 109 Dec
1-0-b - Jan
104 July
2271
/
4 Feb
134 Oct
58% Dec
99 Dec
110 Dec
111l
116
33714
1178
6138
100
110
"ig1-8
-i4; Sept
345a Dee
Aug
2018 Aug
Mar
Dee
Aug
July
Deo
Dee
Des
New York Stock Record-Continued-Page 4
201.4
For sales during the week of stocks us, ally Inactive, see fourth page preceding
HIGH AND LOW 3.41.8 PRICES-PER
Saturday,
April 3.
Monday,
April 5.
Tuesday,
April 6.
mtgs. AT3r PE'l
Wednesday, Thursday,
April 8.
April 7.
CIVIT.
Frld2Y,
April 9.
Sales
for
188
West
STOOKS
NEW YORK STOCK
EXCHANGE
PER :WARR
Runge Mace Pyi 1 1926
Oa barb of 100-s/we tots
Lowest
HWrest
PRR SMARR
Range for Pratte:ye
Year 1025.
Lowest
Highest
$ per share $ per share $ per Share $ Per share $ per share $ per share Snares. Indu.. & Miscall.(Con.) Par $ Per Mare $ Per Mare 8 Per share 8 Per *bare
4 Jan 14934 Nov
1
64/
119 120
1174 120
1.2014 12214 13314 13178 11834 1202 119 12014 151,6)0 General Mators Corp__No par 11314 Mar 29 13114 Feb 4
Jan 115 Des
100 11112 Jan 29 11512 Jan 11 102
60) Da 7% pref
115 115 *11214 1154 *11212 11334 114 114
11312 11314 1101: 11321
Apr 994 Nov
8412
11
Jan
100
28
Ian
9813
pref
8%
100
Deb
: *934 99
1099 100
*9712 9934 *971
4 9334 *9312 991
/
*982 01't
42 Jan 594 Deo
25 494 Mar 2 654 Mar 16
5334 53g 5314 23,70) General Petroleum
5914 6014 5314 53's 5312 59'8 531z 5114 54
68 Nov 8034 Oct
674 724 6,933 GenRy Signal new--No par 60,2 Mar 31 844 Jan 7
6312 69
6734 69
654 66
66
6512 674 63
9012 July 10.5e Nov
109 10015 Mar 2 101 Jan 19
Do prat
*10112 105 *10112 105 *10112 105 *10112 105 *10112 1031
4 *10112 103
/
Oct 5812 Jan
42
General Retractorles___No par 41 Mar 29 49 Jan 4
44 *__ _ _ 43 •__ _ _ 43 1._ _ _ _ 43 *____ 43 41._ _ _ 43
Mar 83 Des
47
4
Jan
734
31
Mar
454
Bros
Gimbel
Par
No
7,333
4974 50
50
5012 4974 504 50'8 5038 504 5312 4914 50'8
100 1031
4 Apr 1 11114 Jan 19 10214 Mar 11412 Nov
/
10878 107 *104 10312 *104 10512 1,30) Do prof__
105 10574 105 107
1054 107
2234 Feb 53 Dee
Ginter Co temp ads- _No par 40 Jan 2 4434 Jan 4
1212 Mar 2612 Dee
No par
18 Mar 23 2534 Jan 7
2134 22
21.34 21
6,833 Glidden Co
21
21
21
20
2014 2034 204 21
Oct
37 Mar 51
474 43
4 43
1
47/
6,90) Gold Dust Corp v t o No par 41ly M tr 31 5578 Feb 4
4412 474 4534 46
4 4612 47
/
4414 451
3634 Jan 7434 Nov
No par 53 Mar 33 7034 Feb 3
5918 57
5734 574 5334 57
5734 19,533 Goodrich Cu (B F)
4 5674 5534 5578 57
1
55/
Jan 102 Nov
92
101) 9612 Jan 22 100 Feb 9
203 On pre(
9312 *99
9312
9312 *93
: *99
931
*9934 9912 9912 9312 .93
8618 Jan 11418 Oct
102 102's 10214 10214 1024 10314 10334 10134 1021
4 10214 *10218 10234 1,603 Goodyear T & Rub pf v t 0_100 93'2 Mar 33 10034 Feb 4
/
Da prior pref
109 1054 Jan 32 108 Mar 9 103 Apr 109 Dee
0108 103 *106 103
105 105 *105 103 *106 103 *107 103
39 Dec 42 Dee
4 Jan 11
/
2,30)Gotham Silk Hostery_No par 3314 Mar 33 411
36
36
3512 3541 36
364 3614 3434 3312 35
*35
35
991k Dee 1024 Doe
100 98 Aar 6 10312 Jan 11
233 Preferred.
99
*93
99
*93
93
99
99
*98
99
93 93
*98
184 Dec 23 Sept
23
18
Jan
:
par
211
No
33
Mar
A
Coupler
53)Gould
1814 1812 1814 1814 *1814 1812 *184 184 --------1814 1314
13 Mar 2178 Dee
1,800 Granby Cons M Sal & Pr_101) 1618 Mar 31 234 Feb 5
18
1718 1734 1718 1714 1734 18
1818 184 18
184 18
Jan 11318 June
91
9514 9614 9614 9614 9634 9712 9534 97
954 96
9512 9514 2,703 Great Western Sugar tern ctf25 934 M tr 31 101314 Feb 2
Apr 11512 Des
107
14
1084
Jan
116
Preferred
Mar
11114
100
31
11112
1 10918
.
1110812 1111
4 .1 10914 113 *109 113 *109 11212 *109
/
1134 Mar 1914 Jan
703 Greene Cananea copper-100 10 Mar 3 1414 Feb 10
11
*10
11
11
*10
*10
1018 104 1018 104 1014 1014
64 Jan
34 Sept
51s Jan 5 1078 Feb 1
403 Guantanamo Sugar____No par
8
*7
712 712
8
4 8
1
*7/
*714 8
714 *7
7
100 6712 Mar 31 934 Jan 4
671g Mar 9534 Nov
71
71
694 704 3.600 Gulf States Steel
71
07112 72
7111 *71
7212 7174 73
4212 July 89 Feb
100 Hanna 1st prat class A._ __100 50 Aar 8 57 Feb 25
50
*42
50
50
57
*50
53
*50
58
*50
58
*50
2534 Apr 374 Jan
2718 271
2734 284 *274 28
4 274 28
/
2318 2734 2734 1,803 Hartman Corporation_No par 28 Mar 31 35 Jan 6
23
30 Mar 4013 Nov
46 Jan 14
No par 344 Mar 3
3,003 Hayes Wheel
3318 3312 38
33
3734 3334 334 3918 3312 3914 3712 33
66 May 7734 Jan
25 68 M tr 211 744 Feb 11
300 Helme(0 W)
71
714 7118 71
72
41814 7118 *69
1
/
70's 70 g 7018 *71
Dec 4878 Jan
27
6
tern
Jan
ctfs_No
23
Co
&
par
35
(R)
29
Hoe
Mar
530
2814
2514 2514 264 27
*2534 284 *2512
25
27
25
27
Jan
Jan 50
43
100 4712 Jan 4 62 Feb 23
303 1F1ofnestake Mining
55
*53
55
*53
55
55
*54
55
55
54 .53
51
344 Jan 474 Nov
Houseb Prod.inc.tem ctfNo par 40 Mar 3 4314 Jan 8
,
4134 4112 42
*4134 42
4 4114 41
/
411
41
4114 41
*41
Jan
85
Apr
59
5
Jan
71
tern
Tex
of
011
ctts100
31
Hannon
Mar
4
1
/
50
2,303
53
56
56
5334 5514 53
58
.57
56
551s *5614 60
No par 27 Jan 8 3.534 Mar 10
164 June 3114 Nov
324 33 •33l 3284 1,300 Howe Sound
*33
331: 3314 3312 3318 3014 3234 33
Nov
13912
Jan
Gar
par
4
No
333
69
Motor
30
Hudson
Mar
4
Jan
12314
270,50)
7612
7434
7512
4
1
/
73
794
7412 7612 74
4 79s 76
/
7634 761
1414 Mar 31 Nov
214 2112 204 2121 12,30) Hupp Motor Car Corp__ 10 17 Mar 2 284 Jan 4
214 2134 214 2138 2112 2134 2112 22
1312 Jan 4134 June
234 23
23 I 13,40) Independent Oil& Gas_No par 194 Mar 33 34 Jan 2
234 24
2334 2118 2312 2414 23
2312 24
13 Mar 24 Aug
4
18
Feb
Matocycle
par
2414
No
6
Indian
Jan
59)
2112
*21
21
21
21
2012 2012 21
2012 2012 *20
21
1414 DOG
51: Jan
9 M tr 31 1334 Feb 13
10
803 Indian Refining
4
1
94 9/
1014
*10
94 10
4
/
101
1038 10
10
104 *10
6 Sept 1233 Dee
814 M tr 31 121: Feb 10
10
103 Certificates
912 912 *814 912 *814 912 *Ws 912 *84 94 3184 918
D041
110
Mar
Jan
104
1
77
Aar
7
100
Preferred
e014
*85 101 j
*85 101
*85 101
085
95
*85 101
101
1
.8)
77 Nov 10715 Des
99) Ingersoll Rand new-__No par 8314 Mar 31 104 Jan 5
92 1
*90
92
9212 93 • 92
1.8.4
00
8312 91
*88
89
3884 May 50 Feb
No par 37 Mar 30 4312 Jan 7
3712 3312 3938 3984 2,500 Inland Steel
*3312 39
39
*3734 3312 *3814 39
30
100 10334 Mar Pi 115 Feb 9 10412 Apr 112 Sept
200 Do pref
•109 11614 111 111 *_ _ _ _ 1114 *__ __ 10314 41_ _ 10314 •___. 10914
224 Apr 3234 Jan
20 2014 Mar 30 264 Feb 10
2214 2234 2214 2218 227s 224 2234 224 2218 2214 2218 2214 1,100 Inspiration Cons Copper
2418 Nov
No par 1514 Mar 31 2614 Jan 22
74 Jan
4 19l2 1812 *1714 1712 1,600 Internat Agrieul
/
1512 1612 1634 1634 164 1634 164 171
40 Apr 85 Nov
100 8312 Jan 12 95 Jan 27
400 Prior preferred
8338
884 *87
8714 8778 *87
83
88
*87
*87
87
87
4,100 lot Business Machines_No par (1184 Mor 31 817 Mar 2 110, Mar 17614 Nov
424 424 4234 4214 4234 4174 417k 407s 41
42
414 42
52 Jan 8112 Sept
6118 614 1,103 International Cement-No par 57 Mar 29 ills Jan 21
61
61
60
594 594 60
604 6178 60 .60
100 102 Mar 17 109 Jan 26 10212 Nov 107 Aug
100 Preferred
:*102 1024 *102 10212
4 1021
1
*102 103 .102 1024 *102 1024 102/
3134 Jan 6912 Dee
: 4112 454 4512 474 205,800 Inter Combus Engine_No par 3312 Mar 30 6412 Jan 5
4 397g 431
/
4 3978 401
/
3712 384 3734 391
4 Sept
/
964 Mar 1381
4 Mar 29 13113 Feb 10
/
11714 1174 8,600 International Harvester-100 1121
11612 11712 11712 11818 118 11912 11712 118
1164 117
100 118 Jan 5 i2234 Apr 9 114 Mar 121 Nov
4 122
/
1211
1224 12234 1.400 Do pref
1214 12112.1214 122 *12134 122 *1213g 122
74 June 147s Feb
81g Mar 31 123s Feb 17
100
3,100 Int Mercantile Marine
914 934 *978 1012 *934 10
934 10
94 1014
838 10
27 Aug 5234 Feb
100 27 Mar 31) 4638 Feb 1
38
373s 3914 3714 3478 39
405* 91,500 Do pref
3312 4634 3618 394 36
564 Dec 604 Dec
5,090 International Match pref-35 514 Mar 3 664 Feb 2
53
58
59
5912 6074 57
5974 60
60
5778 6014 60
Mar 4812 Nov
2414
Jan
4614
30
Mar
334
Nickel
(The)_25
International
28,400
3514
344
8
357
4
1
/
35
344
354 354 36
344 35
4 364
1
35/
Jan 102 Nov
94
100 1011g Ian 20 10311 Jan 2
Do pref
*103 105 *103 105 *103 105 *103 105 *103 105 *103 105
Oot
484 Mar 76
100 45'2 Mar 3) 634 Jan
5112 4974 497k 7,100 International Paper
5034 514 50
4934 51
4714 494 4834 49
88 Den
Mar
71
Jan
86
19
Jan
85
100
stamped
Do
pre
85
*80
85
*80
*80 85
85
*80
85
*80
85
*80
88 July 9078 Oct
100 901 Mar 3 9312 Jan
503 Do pref (7)
: 924 92
924
9434 *3914 914 *9314 944 921
92 92 .90
4 July
1
108 Feb 199/
International Shoe_No par 150 Mar 24 175 Jan 1
*1504 160 *161 160 *15114 155 *151 160 *153 155 *153 156
8712 Apr 144 Aug
119 12012 118 11912 117 11812 *118 11811 4,203 Internat Teter) & Teleg_100 111 Mar 3 133 Jan 2
4 119 119
1
*118 119/
18 July 2938 Oct
No par 2112 Apr 5 29 Jan
503 Intertype Corp
24
*23
2211 2212
*2212 24
2112 2112 *2112 24
*2(12 24
164 July 2638 Deo
100 211 Jan 4 3614 Feb 1
403 Jewel Tea. Inc
:
*3134 3212 *314 321
.1 3112 33
33
3134 3212 3212 3212 *32
: Dee
: Jan 1151
100 1151s Jan 29 125 Feb 9 1021
Do pre
*115 123 *11214 123 *11214 122 *115 123 *115 123 *11214 122
1134 Dec 2178 Feb
5
Feb
MI
31
Mar
800 Jones Bros Tea,Inc,stpd..100 1412
1612 .1 1512 1614 1578 154
1614 154 1638 16
1612 *15
*15
354 Aug 65 Nov
19
Feb
66
31
Mar
4
373
par
No
Car
Motor
Jordan
34,100
414
40
43
394
45
4314
4412
4338
4414
4174
42
4012
112 June
14 May
34 Jan 8
14 Mar 4
10
600 Kansas Gulf
718
*14
74
*14
12
*14
14
14
74
74
711
*14
99 Jan 1094 Sept
200 Kan City Lt & P 1st pf_No par 10714 Mar 29 111 Apr 3
1081: Ill *10614 ___ *10714 ---- *1064 ---- *1064 ---- *10612 10312
1334 Mar 424 Del
14
Jan
4
1
/
47
3
Mar
4
/
341
par
o___-No
t
v
Co
(J)
Kayser
4,900
3312
371:
37
*
1
381:
.
1
3774
3534
364 3734 3412 36
38
*38
83 Mar 10312 Dec
No par 102 Mar 3) 105 Jan 15
Do 18t prof
*9912 1034 *100 103I
198 10212• 98 1034 *93 10312 .9912 103
1214 Mar 214 July
4 Mar 30 214 Feb 6
/
25 141
1612 4,500 Kelly-Springfield Tires
16
: 167a
1518 11338 161
*1534 1614 154 16
1578 16
91 Mar 74 July
5
Feb
4
743
31
Mar
61
100
8%
Do
pref
70
*61
70
*61
72
*63
70
*61
70
*61
70
*61
43 Mar 72 July
loll 63 Mar 31 734 Feb 5
Do 8% prof
*6414 70
*6414 70
72
*65
*6414 71
*6414 71
71
1164
87 Aug 124 Doe
100 9814 Mar 29 126 Feb 4
10112 10414 1,800 Kelsey Wheel. Inc
4 105
/
1041
10514 10514 105 107
105 105 41103 108
4812 Mar 5914 Nov
No par 493gMar30 584 Feb 10
524 13,900 Kennecott Copper
5214 52
5214 5214 5212 524 524 52
5134 5214 52
34 July
14 Sept
24 Jan 2
14 Mar 13
118 118 1,500 Keystone Tire & Rubb-No par
14 118
118 114 *14 114
4 114
1
.1./
14 lls
75 Mar 100 Oct
No par 61 Mar 30 824 Jan 7
500 Kinney Co
68
6712 6514 6514 *65
*65
63 66
69 63
*63 68
29
Jan
82
30
Mar
4
423
10
4512 464 58.100 Kresge (S S) Co new
4518 4614 4412 464 464 484 40
1 4814 454 47
:
Oct
100 113 Feb 18 11434 Feb 26 1104 Mar 116
Preferred
*108 11434 *108 11434 *111 114 *111 114 *108 114 *108 114
281: Dec 4674 Jan
500 Kresge Dept Stores_ ___No par 1514 Mar 25 334 Jan 14
18
*1712 1812 *17
*1812 19
19
19
19
1712 19 .18
Jan 9734Juni:
88
100 7014 Mar 25 934 Feb I
Preferred
*7212 87
*7212 84
*724 85
90
*72
*7212 90
85
*72
Laclede Gas L (St Loath)_-100 146 Mar 29 168 Jon 14 11014 Jan 178 Mar
1152 157 *15214 158 *15212 157 *152 155 *15212 155 .15212 155
19 Oct
114 Feb
4 Mar 29 14 Jan 4
1
8/
1112 4,200 Lee Rubber dr Tire-No par
1012 1012 1034 1036 1078 1175 *11
10
1014 1014 10
3714 Dec 4412 Oct
No par 304 Mar 30 4118 Jan 2
2,800 Lehn & Fink
32
314 3112 32
32
3218 324 32
32
3214 32
32
92 Dee
Mar
57
25
Jan
944
31
Mar
721s
new__25
'rob
Myers
dr
Liggett
900
4
3
75
4
753
7512
7514 754 75
76
*75
76
7578 757s *75
164 Jan 124 Dee
100 11914 Jan 18 124 Mar 16
Do pref
200
124 124
12112 124 *12112 124 •122 124
12112 12112 *1211: 124
5512 Mar 8974 Dee
25 71 Mar 24 94 Feb 1
4 744 744 7474 7478 1,900 Do "B" new
1
75
7578 744 744 7484 7534 744 75/
60 June 744 Jan
No par 5312 Mar 31 6934 Jan 4
584 *574 5834 5712 5712 1,100 Lima Lou Wks
5712 58
57
57
564 5634 57
22 Feb 4478 Nov
No par 3114 Mar 2 41 Mar 16
10,000 Loew's Incorporated
4 3838 3718 3772 3712 38
1
374 38/
4 3834 3912 3812 3918 37/
1
91g Apr
6 Jan
7 Jan 28 1114 Feb 10
Na, par
Incorporated
Loft
1,600
74
;
4
1
/
7
4
3
7
*712
8
74
814
8
734 8
14 Mar 43 Sept
712 712
3
Feb
5012
30
4812Mar
par
No
A
Lumber
Bell
Long
200
4838
*474
4778 474
48
*4712 434 .
4838 *474 4838 48
148
77
4
Jan
Feb
flea
14012
1434
30
Mar
88
100
1,700 Loose-Wiles Biscuit
99 102
*96 102
*90
93
100 10134 102 102
934 95
100 12014 Mar 30 1434 Jan 8 104 Feb 148 Dec
2d preferred
120 130 *120 130 *120 130 *120 130
.110 130 *120 130
304 Jan 3984 Sept
Feb 3
4214
2
Jan
3514
25
Lorillard
3812 3832 3832 3832 3,200
3934 39
39
39
3834 39 • 3872 39
100 11118 Apr 5 11614 Feb 8 1084 Feb 116 Aug
300 Do prat
112 112 *114 115 *114 115 *114 115
.112 114
11114 112
1338 Oug 2334 Feb
temp ctfe_No par 12 Mar 3 194 Jan 4
1412 1412 144 144 144 1434 1412 1412 1412 144 3,300 Louisiana 011
15
15
23 Dec 264 July
par 2234 Mar 31 264 Feb 10
-No
A.
El
12318 234 234 234 *2312 2338 2312 234 2312 2334 1,800 Louisville G &
234 .
23
3134 Feb 60 Dec
par 3014 Mar 30 5814 Feb 4
NO
Steel
Ludlum
9,000
3814
3512
3834
357g
4
344 3514 34
3778 377g 3814 387e 373
100 13014 Mar 27 138 Feb 9 114 Mar 141 Sept
Mackay Companies
4 13312 *131 1331: *131 13312 *1304 1334 *13014 133 *13014 13312
1
.130/
68 Mar 7834 Fob
100 68 Mar 19 734 Feb 9
100 Preferred
88c2 69t2 4,6914 70
.88'2 70
38814 70
*6814 70
38812 70
par 10312 Mar 30 159 Jan 4 117 Jan 242 Nov
No
Inc
Trucks,
Mack
52,2W
III
10912
4
1113
109 11012 10812 1114 111 11312 11034 11334 10912
112
104
4
Mar
Jan 113 Aug
4
Jan
1094
100
pref
900 Do 1st
10978 110 n0914 11014 10934 10934 10934 10034 *110 11014 110 110
99 Jan 1064 Aug
100 1044 Jan 2 107 Mar 13
200 Do 2d met
.10414 10514 *10412 10512 10514 1054 *10412 1061: 106 106 *105 10612
6911
Oct
10
Feb
Jan 112
105
29
Mar
8612
par
Ine_No
CO.
dc
II)
(R
Mac,
2,800
91
91
: 91
93
4 9114 92
1
93/
914 911
91
91
93
100 1151z Mar 1 11834 Jan 14 11434 Jan 118 Atilt
100 Preferred
117 117 *116 ___. *11614 _-__ *11814 ____ *11614 ____
0116 117
34 Mar 46 Nov
381:Mar 31 444 Feb 10
par
No
Copper
Magma
3,400
38
394 384 384 3834 387s 381
361:
39
39
3814
: 39
2114 Dec 374 Jan
par 1714 Mar 30 284 Jan 5
2118 21
4 21
/
211
194 1034 1,100 Mallinson GI R)& C9-No par
21
*1912 2012 21
*1912 21
32 Mar 59 Mar
56 Jan 4 7618 Feb 11
7014 8,200 Manh ElecSupPtenictisNo
704 68
7078 70
6938 704 681: 694 6911 71
70
Jan 4
2014 Mar
347g Nov
4
327
27
Mar
g
227
25
Shirt
Manhattan
1,100
25
*2412
2512 2414 25
25
25
*24
244 2412 *2414 25
2312 Mar 4013 Apr
20 35 Feb 23
800 Manila Electric Corp __No par 2712 Mar
33
*32
•2812 31
*311: 34
34
34
3012 34
*284 31
2
Feb
28
3
2
Mar
354 Jan
Sept
4
203
03*
2314 24
2234 2212 2234 2,500 Maracaibo On Expl__ _No par
24
22
2312 2312 24
24
24
324 Mar 8012 Dee
No par 4914 Mar 30 6014 Jan 29
4 544 534 5318 5238 5314 5258 5312 44,300 Marland 011
1
53/
54
5314 5378 52
33
11
Mar
Mar
29
Mar
3278 Oct
27
par
105*
No
500 Mariln-Rockwell
2814 2814
30
*29
2912 2914 294 2913 2912 2934 2934 *29
4 Jan
/
19 Dec 371
1812 Mar 2 2154 Mar 12
800 Martin-Parry Corp___ _No par
4 1934 1914 1914
1
1914 1914 1912 193* 19/
19
19
•1812 19
Dec
2
10714
Jan
Jan
1061s
30
51
Mar
7112
MathiesonAlkaliWkstemett50
2,200
77
4 77
1
774 77/
79
7634 7934 79
75
75
76
*73
30
Dec
Mar
2
1391a
Jan
13712
Mar
101
4
1073
Stores_50
12,200 May Department
109 1101: 1104 11134 112 11574 114 1164 114 11412 110 113
100 12238 Feb 2 12412 Jan 18 1164 Mar 124 June
Preferred
130
*122
130
*122
.123 130 *123 130 *123 130 *123 130
Oct
Mar
13
s
19
268
Feb
234
Nov
4
3
217
par
No
Co
Maytag
1,100
201: 204 *2012 22
2012 21
2012 21
23
*204 21
*20
79 Mar 13934 Oct
1,600 McCrory Stores Class B No par 72 Mar 30 121 Jan II
814 8112 8112 *8034 81
8218 81
8212 81
82
7912 80
2234 Oct
30
Jan
2
16
Jan
15
Feb
22311
-5
Mines
Porcupine
McIntyre
300
25
2412 32414 2412 32414 2434 25
32334 2414 32372 2414 24
18 Jan 2912 Nov
600 Metro-Goldwyn Pictures pf _27 224 Jan 8 244 Feb 9
224 2238
4 23
1
*22/
2234 2234 *2212 23
*2234 23
23
23
9 Dec 224 Jan
6 Feb 25 1218 Jan 4
94 14,200 Mexican Seaboard OIL _No par
4
1
9
918 10/
778 814
914 912
4
1
814 9
74 7/
1318
3
Mar
11
Feb
8 May 2434 Jan
11
5
Copper
Miami
1178 1178 5,900
12
12
4 114 1134 12
/
1134 1134 114 1134 111
2534 Aug .38 Nov
14,700 Mid-Continent Petro__No par 28 Mar 30 37 Jan 2
3078 2918 30
3012 304 30
304 31
3034 3114 3034 31
8314 Apr 944 Oct
100 90 Mar 30 971a Feb 27
Preferred
39212 95
39212 95
3921s 95
39241 95
.924 9514 39212 95
314 June
74 Apr
212 Jan 8
114 Jan 2
4 138 19,000 Middle States 011 Corp_ _10
/
11
4
/
14 11
14 14
14 2
112 134
130
134
112 Feb
14 Feb
4 Jan 7
10
118 Jan 8
Certificates
1
8
*7
1,300
1
1
1
I
1
1
I
1
*4 1
147
Jan
Aug
30
96
Mar
23
107
Feb
13312
pref....100
Prod
Steel
Midland
1.400
117 117
112 11214 1134 11512 117 1194 119 118
110 III
Aug
9914
8312
Apr
25
64
Mar
8
14
693
Jan
100
724 7234 3,100 Montana Power
73
744 7214 7412 72
74
7312 74
7212 73
41 Mar 8414 Nov
58 Mar 30 82 Jan 2
oorp_10
ni
Co
&
Ward
Montg
38,600
8
3
63
624
6412
634
654
64
8514
6214 6438 8438
6234 64
Dee
42
Mar
4
223
10
Feb
4
1
/
37
30
Mar
8
287
par
No
Motors
4,200 Moon
324 3114 3234 3038 3114 *3034 32
314 3218 *3214 324 32
914 Jan
6 May
614 Mar 30
712 Feb 8
638 64 3.600 Mother Lode Coalition_No par
4 612
1
8/
834 612
634 631
634 634
812 812
a ErbeW rlgbil. a No par. ii New
•Bid and asked prima; no salmi on thIS day. x Ex-dividend.
New York Stock Record-Continued-Page 5
2015
For sal** during the ar.ek of rocks usually inserive. see firth vase preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
I April 3.
Monday,
April 5.
Tuesday, 'Wednesday
April 6.
April 7.
Thursday,
April 8.
Friday,
April 9.
$ per share $ per share 71 Per share 3 per share $ per share $ per share
1912 1953 19
2012 2014 2012 23
20
20
22
2034 2134
3934 4014 393s 3912 3934 40,4 40h 4034 4013 4012 40
40'2
2634 2673 2634 27
27
2713 27
2713 2712 23
271
/
4 27313
15
15
*1412 16
•14l2 1512 *14h 16
*1413 16
*1412
16
3473 347 .
3414 35
343 35
*3434 35
3434 3434 .13413 35
10
1013 10
1018 10
978 10
10
978 978
55% 57
5612 5812 584 6014 5833 5978 564 5712 55
57
912 9,3
16" 49 "16" ";15" 16" -;6" "16"
9
774 7812 78
7834 7834 80,2 7978 soli. 7812 79
7912 8614
*12811
*12812
*12812
•12812 130 *129 130
12978 12973
4313 43
43
43*3 4234 4313 4212 43
43
4212 4234
2812 *28
28
29
2514 2834 26
2612 25
2512 23
2434
*82
8734 +82
8734 *82
8734 *82
84
80
8112 77
79
6114 6238 60
6112 61
0134 61
6214 5934 6034 5934 8134
29
29
29
29; 29
297 297
30
2812 2312 *23
2934
*9112 93
+9112 92
*91
92
92
92
*92
9312 *9112 9312
•20
2114 *2913 2034 2012 2012 2014 2014 20
2012 1918 1912
57
58
60
*47
*47
60
*50
+45
58
57
*27
2912 .
27
2712 •27
2713 2712 2712 *27
28
*2812 2713
.
4'84
86 .
83
*83
85
86
*83
86
*83
86
*83
86
-1464 148
14613 148
149 150
149 149 *14814 149
148 148
*116 117
116 116 *116 117 ,•11614 11612 11612 117 *11712 119
20241 207
2034 213
22
2234 2114 2238 208 2113 2012 211g
627g 63
63 637
6373 6412' 8412 6412 6233 637a 62$4 63
*105 112 *105 112 *105 112 1+105 112 •1145 112 *105 112
130 138 *132 138 •13413 137
136 136
133 136 +132 137
•1214 1212 1238 1238 1212 127
1234 1234 1238 1212 1238 12'z
39
39 •39; 41
41
42 I 42
42
34018 4134 .4014 4114
5334 *53
*58
5834 534 5341 5834 5334 *5514 59
59
59
35
36
3512 3613 36
3634 3534 3634 35
36
331 343
*34
37
37
3712 33
38
*35
38
*35
33
3514 351
•69
70
6912 6912 *6913 70
*6912 70
*6912 70
•89h 70
*9913
.
9914 100
*994 100
*9914 100
*9914 100
•9914 lt)
o
28
28
*2734 2314 277e 277
277 23
+2734 2314 *2734 23
4658 471
/
4 4658 43,2 473 4812 4755 4312 4678 43181 471
/
4 43
4912 497
4914 5()
*4934 497g 497 4978 4938 4934 494 491
*91
92
9173 92
93
93
93
9314 9314 93131 9312 9353
1034 1113 1018 1118 1014 107
1012 1078 1012 12 I 1118 1138
•13
14
*13
14
•1313 1378 .1314 14
*133 1412 •137 1413
•3038 31
*3014 31
31 I 3134 3173 314 3173 3114 3112
31
Sates
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prelims
Year 1925.
Lowest
HIPbels
Week. Indus. & Miscall. (Con.) Par $ Per share
per akar
$ per share $ per share
4,930 Motion Picture
No par 19 Jan 26 2314 Feb 25
1933 Dec 2012 Dec
4,500 Motor Meter A
No par 36 Mar 30 53/
1
4 Feb 10
40 Nov 447 Oct
5.400 Motor Wheel
No par 24 Mar 30 337g Feb 15
18 Apr 35 June
200 Mullins Body Corp_ No par 1413 Mar 4 1934 Feb 1 13 Aug 2112 Feb
630 Munsingwear Co
No par 3434 Apr 6 38 Jan 2
3018 Apr 39 Dee
2,800 Murray Body
No par
84 Mar 81 1573 Feb 2(1
514 Dec 4213 Mar
86,903 Nash Motors Co
No par 52 Mar 24 66 Feb 23 19313 Jan 488 Oct
Do pref
100 10612 Jan 4 10612 Jan 4 10334 Jan 107 July
503 National Acme stamped_ _100
9 Apr 9 1278 Jan 9
44 Mar 121% Dee
25,700 National Biscuit
25 74 Jan 8 934 Jan 29
65 Apr 79 Dee
100 Do pref
100 126 Jan 27 130 Mar 23 123h Mar 12812 May
6,000 Nat Cash Register A w I No par 4134 Mar 31 54 Jan 5
4.200 National Cloak & Suit_
100 23 Apr 9 57 Jan 2 IF: Dec 1547, -601
703 Do prof.
100 77 Apr 9 9212 Jan 8
Jan
8734 Dec 104
12,300 Nat Dairy Prod tern ctfsNo par 55 Mar 25 80 Jan 2
42 Jan 81h Nov
2,100 Nat Department Stores No par 2814 Mar 31 4232 Jan 7
3813 Jan 45 May
100
Do pref
100 92 Mar 31 97 Jan 19
96 Apr 102
Jan
1,200 Nat Distill Products_ _No par 18 Mar 4 34 Jan 4
2932 Dec 434 Oct
NatDistil Prod pf tern atNo par 57 Mar 5 7312 Jan 4
Oat
5213 Jan 81
100 Nat -Enam & Stamping-100 27 Mar 31 4012 Jan 2
25 Apr 4133 Dec
Do pref
100 85 Mar 24 8934 Jan 4
75 June 895 Jan
1,000 National Lead
100 142 Mar 30 17434 Jan 5 13812 Apr 17434 Nov
200 Do pref
100 116 Jan 16 11712 Feb 10 11412 Sept 119 Bern
60,9)0 National Pr cic Lt ctts_No par
1634 Mar 2 38% Jan 21
3,300 National Supply
ao 551s Jan 4 6572 Mar 16
Dec -ii - Jan
Preferred
100 10414 Mar 3) 110 Jan 26 104% Jan 110 Apr
National Surety
100 208 Man 227 Jan 20 206
Jan 222
Oct
703 National T.'s, co
No par 128 Mar 26 238 Jan 4 201 Dec 250 Dec
2,900 Nevada Cousol Copper____ 5 117 Mar 3 I 14 Feb 15
1134 Apr 1688 Jan
1,500 NY Air Brake tern etts_No par 3612 Jan 2 4484 Mar 11
3112 Oct 5612 Jan
No par 5514 Jan 6 .0 Feb 3
600 Do Clam A
50 Sept 67
Jan
8,503 NY Canners temp ate_ %go par 3238 Mar 29 8434 Jan 29
31.34 Mar 3112 Dec
90) New York Dock
100 32h Mar 33 4578 Feb 5
18 Mar 45/
1
4 Nov
100 Do prat
100 6912 Mar 31 74 Feb 5
5218 Jan 78 Dec
N Y Steam 1st pref__ _No par 9912 Apr 1 101 Jan 12
97
Jan 102 June
503 Niagara Falls Power Pi new_25 2758 Mar 31 2858 Jan 22
2758 Oct 29
Jan
62.003 North American Co
10 42 Mar 30 67 Jan 14
4112 Jen 75
Oct
2,59) Do pref
50 49 Jan 2 5012 Jan 11
4658 Jan 5012 Bent
893 No Amer Edison pret_No par 91h Mar 31 9514 Jan 2
9412 Dec 9612 Dee
14,103 Norwalk Tire & Rubber--10
912 Mar 3) 1518 Jan 14
1212 Sept 184 Aug
Nunnally Co (The)____No par 1318 Mar l 1712 Jan 7
8 Jan
1812 Nov.
2,533 Oil Well Supply
.-25 3)3* Mar 31 38 Feb 5
3338 Dec 38Nov
._
.
Ontario
Sliver
Min
new
No
par
8
10
1012
Jan
Jan 14
512 Jan
11
00
"ig" *3434 36
;ii" 36 i73434- -3534 "iii4 343 ..;c3-4i2 15 -I ---10) Onyx Hosiery
No par 314 Feb 2 38 Jan 12
1858 Jan 39 Dee
*97
9734 97
97
1197
9738 *97
9758 *97
97; *97
200 Preferred
97331
_100 96 Feb
99 Jan 12
7814 Mar 97 Nov
*5114 5312 *53
5312 5313 5413 *5311 541
51
54
Oppenheim
54
CoNo
*53
Collins
530
par 47 Jan 12 6012 Mar 11
&
4i18 Sept 53 Dee
*2814 2334 2334 2314 29
2914 2912 293
2912 30; 291 3013 4,300 Orpheurn Circuit, Inc
2712 Mar 25 3013 Apr 9
2534 Jan 32% July
103 103 •I01 104 *103 104 *103
*103
104
333 Preferred
100 101 Jan 1: 104 Apr 9
Jan 107 Sept
98
114 11513 1144 11418 •114 11514 11534 1181 11514 11514 114 • 101
1,100 Otis Elevator (k)
115
50 11014 Mar 30 12934 Feb 5
8758 Feb 14012 Aug
*10311 107 *10312 107 *10312 107 •10312 107 *10312 107 •10414 107
Preferred
100
1023
107
4
Jan
Feb
1
8
Feb
101
112 July
10/
1
4 10's 10
10'g
1013 1014 1012
934 10
7,603 Otis Steel
973 101s
No par
9 Mar 20 1412 Jan 19
8 Mar 1514 Aug
8814 8314 •87
8334 8858 9458 95'8 9312 96
9514 sgal, 9712 1.493 Do pref
100 b7la Mar 31 10778 Feb 17
97h Aug
Ma
504
59
59
59
61
61
Out 61 6114 6014 6014 5912 6012 2,703 Owens Bottle
25 5334 Mar 29 6814 Feb ft
4234 Ma
69% Nov
501s 51
5173 58
5112 5112 51
5078 5078 50
51
1,400 Outlet Co
50
No pa
47 Mar 29 52 Apr 5
494 Nov 57 NOV
*9734 991
/
4 9314 934 *934 9912 *9313 9312 *9312 9912 *9312 9312
100 Preferred
100 97h Apr 1 10114 Jan 16
98 Nov 10072 Dee
*120 122
12034 121
122 123 *121 123 •121 123
120 1214
109 Pacific Gas dg Electric_ _100 118 Mar 31 13214 Jan 29 10212 Jan 1374 Nov
5312 5334 534 54
531 5134 5th 5113 58
5413 5414 5413 11,100 Pacific 011
5134 Mar 31 834 Feb 13
No pa
51;
Aug 7812 Dee
33h 344 3314 3373 3182 35
35
3714 36
3678 357 3513 39.300 Packard Motor Car
10 3134 Mar 31 4388 Jan 4
15 Jan 484 Nov
197 20
1912 20
2015 2138 204 20% 2314 20141 8,20') Paige Det Motor Car_No Pa
194 20
Ms Mar 31 2312 Jan 4
1738 May 32 Oct
62
6212 6134 62
6212 63
63
6314 62
62 • 62
62
1,70) Pan-Amer Petr & Trans_-.50 56h Mar 31 7612 Jan 2
5912 Sept .8372 Mar
6214 634 1321s 6314 6234 6114 63 6378 6214 6314 6214 63
30,200 Do Ciao° B
50 5378 Mar 31 7838 Jan 4
6012 Aug 8412 Mar
3713 3734 3714 3712 37/
1
4 33
3712 38
3712 3734 336
36'2 3.70) Pan-Am West Petrol B.No pa
34 Mar I 46 Jan 2
Oct 4934 Dee
1714
834 834
8
8
734
A's *3
812
8
8
814 914 4,430 Panhandle Prod & Ret_No pa
412 Jan 21
1134 Feb 23
214 Au
614 Dec
O2012 214 2113 2178 *22
23
22
22
2114 2114 21
21 I 1,03) Park & TIIford tern ctfs _No pa
201
/
4 Mar 31 2812 Jan 4
25 Ben
3512 Jan
67 .7
*612 7
678 63
+612 7
*612 7
590 Park Utah C M
61
/
4 6s
1
61s Mar 19
812 Feb 5
54
5434 5312 5453 5518 5634 53
56
5234 5412 53
7,600 Pathe Exchange A
54
No par 4813 Mar 30 83 Jan 7
70 Nov 90% Ool
1812 183
1812 1812 19
19
*1834 19
*1834 1914 19
900 Penick & Ford
19
No par 1678 Jan 28 2038 Jan 30
17 Dec 28 Apr
*1012 12
*10h 12
31012 12
1012 1053 *1014 12
*1014 12
100 Penn Coal & Coke
50 1012 Mar 39 17 Feb 8
1234 Apr 2682 Jan
134
13
138
153 134
138
158
134
134 9,500 Penn-Seaboard St'l vtc No par
112 13
113
Feb
Jan
17
4
214
1 Aug
3 Jan
11912 1191 120 120
11973 1224 11914 11934 11912 11912 11834 119
2,200 People's 0 L & C (Chit)10O 117 Jan 4 130 Feb 11 112 Jan 123
Oct
69
72
7312 747
71h 7434 7414 761s 7534 7633 7534 76 151,300 Philadelphia Co (Pittsb)-- -50 5313 Mar 2 765s Apr 8
Mar
5112
6714
Dec
.49
50
*4912 501 *4912 501
_
50
4912 491
50
200 6% preferred
50 4734 Jan 4 5072 Mar 30
4512 Jan 49 July
38
38
3734 39
378 383
3814 -394 38
3312 378 33
Phila Sc Read C& 1N0 par 3612 Mar 30 4888 Feb 13
8,500
3734 May 524 Jaa
*36
40
*36
40
41
40
*37
*37
*36
40 .
Certificates of int_ _ _No par 384 Mar 8 4612 Jan 11
40
36
38 July 5012 Jan
*45 531 *45 54 *45 54 *45 5212 *46
521 *46
Phillips-Jones Corp_ _ __No par 50 Mar 30 5534 Jan 29
521
51 Nov
16
16
*15
16
19; 183 1834
1633 191
19
1812 181
6,400 Phillip Morris & Co.,Ltd- _10 16 Apr
2072 Feb 23
1234 Mar 9
25
°14
4 Sept
ju
43/
1
4 43)3 4234 4318 4333 433
4314 4353 4214 431
4238 43h 34,100 Phillips Petroleum
No Par 40 Mar 33 491s Feb 13 3614 Mar 47% June
*3234 38 .33
33
35
35
*33
36
*33
36
*33
200 Phoenix Hosiery
36
5 31 Mar 3) 447 Jan 9
18 Apr 4214 July
*94
95
*94
95
*94
*94
95
95
95
95
*95
99
100 Preferred
100 94 Mar 25 99% Jan 21
84 Apr
Des
2514 2618 243 26
2534 267
26
273
2512 261
2513 261 23,700 Plerce-Arrow Mot Car No pa
22 Mar 30 4318 Jan 9
475 Oct
1072 Mar "
es
*13812 89
88h 891
9014 92
9013 9214 8712 90
*87
3,100 Do pref
92
100 8434 Mar 30 10878 Jan 11
43 Mar 100 Nov
1h
118
114
114
14 1, •114 lh
1h
11
1 Mar 30
*14
178 Jan 30
2
114 1,300 Pierce 011 Corporation
114 Nov
*22
24
•22
25
•22
*22
25
25
*21
24
•
21
24
pref
Do
Mar
30
2012
274
100
Jan
30
2014 Dec 40
3'2 Feb
48
47
47
47
47
434 43
47
458 448
43 Mar 20
433 45
2,500 Pierce Petrol'm tern ettsblo pa
7 Jan 30
412 Dec
84 Feb
*3214 33
*324 33
3212 33
33
33
3212 321 *3213 33
800 Pittsburgh Coal of Pa___.100 3134 Mar 24 42h Jan 5
3714 May
5412 Jan
711
714 7113 *71
7118 7138 713 7134 72
721
72h 7212
900 Do pref
100 71 Mar 25 85 Jan 5
80 May 99
Jas
*94
98
*93
*94
98
*94
98
98
*94
98
*94
98
Pittsburgh Steel pret
94 Mar 29 98 Feb 1
10
94 Mar 10212 Jan
*45
49
*43
*43
48
*44
48
48
*43
46
*43
45
Pitts Term Coal
100 40 Mar 29 6378 Jan 9
30 Apr 633.4 Jan
O83
8713 8312 831 *83
871 *83
8712 *83
871 .83
8712
Preferred
IOC
83 Mar 26 9214 Feb 5
10
79 July 88/
1
4 Nov
1714 177g 1712 1845 1712 181
18
1914 1834 197 319
1914 35,800 Pittsburgh Utilities pref--1
1412 Mar 3 1978 Apr 8
127 Ma
1713 June
17
1712 •14
191 *15
18
1814 1834 1838 19h XIS
1914
Do
4,300
pref
certificates
15 Mar 20 19)8 Apr 8
1
1234 Ma
16 June
17
1713 18
18
•15
18
18.2 1878 19h 1913 19
19
Preferred
900
etre new
10 15 Jan 22 1913 Apr 8
1234 Nov
1512 July
8333 851
834 87% 86
877
85* 87h 85
8634 8418 86
34,600 Post'm Cer Co Inc new-No pa
7512 Mar 31 1247
,Feb 3
64/
1
4 Nov 121 Dec
55
5673
600 Pressed Steel Car
100 5134 Mar 24 7034 Jan 7
45 June 7014 Dec
•83
85 .
85
87
"gi
11Y- 87 If" ;i8" 88
100
Do pref
10
82 Mar 4 9534 Jan 7
7612 July 92h Jan
13
13
13
13
13
1312 1212 12; 13
13
*12h 13
2,000 Producers dc Refiners Corp.5
11 Mar29 1712 Jan 2
1212 Aug 3258 Feb
*31
32
+31
32
32 .
*31
31
*31
32
3133 3158 311
/
4
100 Preferred
50 31 Mar 29 35 Feb 11
27 Sep
47% Feb
7613 7612 7612 7634 77
783s 7712 80
7712 78
7712 7378 10,500 Pubservcorp of NJ newNo pa
Mar
Jan
2
72
19
9213
62
/
1
4 Ma
8773 Aug
*105,4 106
10514 10514 10473 10473 10512 10512 10513 10513 *10514 106
800 Do 7% ore
10 1031s Jan 12 10812 Feb 3
99
Jan 106 Nov
•117 1174 117 117
117 117
11712 11712 11712 11712 *11638 11778
500 Do 8% prat
100 115 Mar 2 119 Jan 28 10858 Apr 119 Oct
*97h 98
*9734 98s •97h 978 9734 On 974 9778 974 988
500 Pub Serv Mee & Gas pfd 100 97 Jan 22 9934 Mar 3
99 Jan 106 Nov
109 109
109 109
109 109 •1004 1094 *10818 10912 *10813
200 Pub Service Elea Pr pret.11)0 106 Jan 18 110 Mar 29
9211 May 10012 Dee
151 15114 15012 15312 15314 15712 15514 15814 156 15733 15513 10912
158
23,200 Pullman Company
Mar
31
145
/
1
4
10
Jan
14
174
129
Ma 17312 Sept
3618 3712 37
37
37
37
*36
37
3634 3634 36
1,300 Punta Alegre Sugar
50 3115 Mar 25 47 Feb 4
33 July 4714 Jan
2634 2678 2634 267g 2633 2678 2633 2673 26343 2633 2614 36
2612 6,300 Pure Oil (The)
2
254 Au
2.553 Mar 30 31 Jan 4
3334 Feb
*107 109 •107 109 •107 109
108 108 *106 108
100 Do 8% pref
100 107 Jail 5 11114 Feb27 10213 Jan 10812 Sept
345 37
34
35
3612 3712
"
ids; 3518 3712 3512 38
33,800 Radio Corp of Amer_ .No pa
32 Mar 30 46% Jan 12
3914 Nov 777g J,..n
4512 4312 45
1
2 46% 4634 48% 463s 4612 .45
4512 46/
46
1.900 Do pref
50 44h Mar 31
4758 Feb 1
45 Dec 54
Feb
6112 62
62 6212 63
64
6312 8438 62h 6414 64
6514 12,100 Railway Steel Spring new.-50 5314 Mar 1 6878 Mar 10
*11612 117
11612 11612 11612 11612 •116 117 *115 117
115 115
300 Preferred
100 115 Apr 9 123 Feb 20 11i414 Ili; 122 Dec
3318 34
'
•331s 34
*3213 34
*3212 34
*3212 34
Rand Mines, Ltd
No pa
33h Jan 18 3438 Feb 5
3334 Nov 304 Aug
1138 1113 1112 1134 1179 1134 12
1268 12h 1258
1212 1234 19,300 Ray consolidated Copper-10 1012 Mar 3 1278 Feb 9
1183 Apr 1738 Feb
481 4812 4834 49
49h 5112 5173 5178 *48
51
*48
50
1.500 Reid Ice Cream
No
pa
Mar
30
4612
Oct 604 Dee
56 Jan 4
43
*11
12
1012 10,2 1034 11
1034 1138
1133 1138 12
1273 4,400 Reis(Robt) Ag Co
No per
914 Mar 31
1834 Feb 23
10 May 2814 July
974 9714 9712 9934 100 10134 9912 10134 100 100
9914 100
3,800 Remington Typewriter _ _ _10
92 Mar 30 127 Feb 3
4634 Jan 11734 Dec
•10112 106 *10514 110 *10514 110 *10514 110 +10514 103 •10514 108
Do lst pref
100
10812
Mar 19 10812 Mar 10 100
Jan 10912 Oct
*104 108 *104 10812 *104 10812 *104 109 *104 10812 *104 10812
Do 2d prof
100 105 Apr 1 111 Jan 5 103 Sep 11312 Apr
1014 1034 . 1014 1014 1012 1012 1012 104 1012 1012 10
1012 3,100 Replogle Steel
No pa
9 Mar 31 1572 Jan 4
1253 June 2314 Jan
494 50
4852 4934 504 52
5113 5234 50
5012 4813 50
12,200 Republic Iron & Steel
100 451s Mar 30 6338 Jan 7
424 Apri 6438 Jan
*92
927 93
*9134 93
93
93 .92
93
43 .92
93
300 Do pref
100 9114 Mar 30 95 Feb 3
84h July 95
Jan
64 814
614 614
614 614 *618 634
612 *Ws 612 1.500 Reynolds Spring
51 Feb 24 1032 Jan 5
No pa
8 July 18
Jan
9312 93
93
93 94
9312 93,4 93,4 9212 9318 92
9218 4,200 Reynolds (RJ) Tob Class B 25 90 Mar 30 9812 Jan 5
72/
1
4
Mar
95
/
1
4
Nov
•139
•88
*8814 92
92
92
*89
92
*897g 92
8978 897
100 Roasts, Insurance Co
86 Mar 2 100 Jan 20
2
85 Jim
9712 Feb
5158 5134 5112 5134 5168 5133 6134 514 52
5233 5113 52
2,600 Royal Dutch Co(NY shares)_ 50 Mar 3 5732 Jan 9
48/
1
4 Ma
5732 Jan
3914 394 38,2 3914 391/4 4014 3913 4038 3914 3914 3912 3913 3,300 St Joseph Lead
3812 Apr 5 4818 Feb 10
10
35
3
4
July
5212
May
*45
46
4412 45
*45
46 .
45
4518 4518 4534 4534
46
400 Safety Cable
48 Dec 5013 Dee
424 Mar 31 54 Jan 14
No pa
8.7102 7912 78
7812 7812 7712 79
79
*7814 79
79
74
7,000 Savage Arms Corporation_100 73 Mar 31 10212 Feb 10
4812 July 108% Mar
57
5
5
5
512
5
5
6
6
6
*534 613 3,600 Seneca Copper
No pa
5 Mar 31 104 Jan 4
9 Nov
11 Nov
56
*4312 4534 5414 5414 *55
*54
5412 554
*54
55
55
100 Shubert Theatre Corp_No pa
52 Mar 4 6012 Jan 28
5112 Dec 5512 Dec
*9312 5534 +46
47
46h 4634 4612 46s 4618 4612 46
46
1,900 Schulte Retail Store& _ No pa
4212 Mar 30 13812 Jan 23 10134 Sept 1347g Dec
•112
1197
118
*112
3
*112
1197
8
•112
11412 •I12 11412 +112 11412
Do pref
Jan 118 Aug
100 11212 Jan 6 118 Jan 12 110
1314 13
13
13
127s 1313 13
1318 *124 1318 1318 13h 2,000 Seagrave Corp
1212 Mar 3 1434 Mar 12
No pa
1314 Nov
16/
1
4 June
188 19112
3,100 Sears, Roebuck & Co
Jan 4 14712 Mar 23812 Dec
17614
241%
100
Mar
29
I
53$
5114 514 53
"iikt 14-14 "&iT. lift;
53
*52
ig" 2,200 Shattuck (F 0)
No pa
47 Mar 30 6958 Jan 4
4013 Mar 92 Aug
•Rid and asked prices: no sales on this day x Ex-dividend
a Ex-rights
Ex-50% stook dividend
b After payment of 909% stock dividend
2016
New York Stock Record-Continued--Page 6
For sales during the week of stocks usually Inactive, see sluts Page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 3.
Monday,
April 5.
Tuesday,
April 6.
Wednesday, Thursday, P
April 7.
April 8.
Friday,
April 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share 8 per share $ Per share $ per share $ per share Shares. Iadus. & Miscall.(Co..) Par
100 Shell Transport & Trading_22
434 *4234 4334
•4234 4438 424 424 *42s8 434 *4278 4318 *43
No par
/
4 24/
1
4 24/
1
4 2514 25
1
4 2518 24/
2412 24/
1
4 241
/
4 25'8 12,600 Shell Union 011
2514 251
100
/
4 104 *1031
10314 104 *10314 104 *1031
30) Do pref
/
4 104 *10372 104
10378 10372
10
2118 2112 21
2112 22
211
/
4 13,900 Simms Petroleum
214 2212 2112 22
214 22
No par
4514 3,500 Simmons Co
1
4 4512 45
4512 4512 4514 457s 4534 4572 45,2 4534 45/
100
*10812 110 *10811 112 *10312 110 *10312 110 *10412 110
200 Preferred
10812 10812
33,400 Sinclair Cons Oil Corp_Ne par
2112 2012 2112 204 21
/
4 21
2114 2118 211
21
211
/
4 21
100
92
92
93
93
*3118 93
93
9214 9414 91
900 Do pref
9212 9212
25
22,600 Skelly Oil Co
301s 30/
1
4 3018 304 3012 30/
/
4 3012 2972 30
1
4 301
29/
1
4 30
1124 11412 11114 1147s 1094 11012 107 10914 4,30.) Sloss-Sheffield Steel & Iron 100
•11012 11114 11012 112
2,100 South Porto Rico Sugar_ _ _100
120 120
123 125 *119 120
119 123
11634 118
*116 118
Preferred
100
•110 118 1.112 118 *115 118 *115 119 *110 119 *114 119
No per
1412 *13
1412 *13
*IS
144 *13
14
14
103 Spear Jr Co
1412
1412 *13
Do prat
300
100
*7312 75
74
*734 75
•734 75
74
74
74
•734 75
211
/
4 211
/
4 2134 231
No per
/
4 22
2112 2112 2178 22
2312 2234 2214 9,609 Spicer Mfg Co
Do prat
100
*9918 102 •1•0 102
*994 102
*2912 102
*9912 102
•99/
1
4 102
5412 5612 561
55
56
94
58
/
4 511
554 554 5584 5514 79,57)3 Standard Gas & II Ce_Ne per
50
55
55
55
554 55
5512 554 554 59
5514 55
5514 5,103 Preferred
74
100
73
7414 73
*73
73
73
7114 7114 2,803 Standard Milling
72
72
73
Do pre!
100
112
*62
87
•112
86
*82
87
*82
89
17
•82
17
544 54 i 5414 544 5413 544 5412 55
1
4 5434 10,400 Standard Oil of California_ 25
5414 544 54/
4192 427
4284 424 424 4314 424 424 4218 42/
1
4 4134 4212 23,200 Standard 0110* Now Jamey 25
1174 1174 1174 11712 1174 11712 11738 11712 11714 11712 11712 11712 2,900 Do prat noa-votiag__ _100
900 Stand Plate Glass Co__No par
718 71
74 712
712 74
714 714
7
7
718 784
Ns per
8134 8134 814 $212 3,700 Sterling Products
7812 7812 7934 11014 801s $114 8112 82
7534 7614 744 764 7612 7734 764 7814 7534 7634 7512 76/
1
4 17,300 Stewart-Warn Sp Corp_No per
200 Stromberg Carburetor_Ne per
•67
63
68
68
70
6814 6834 •67
*Ms 63
06612 68
531s 5411 53
5334 544 5334 544 53
54
534 524 5312 28,200 Studeb'rCorp(The) newN• par
100
100 Do praf
115 115 *115 118 *115 118 *115 118
*115 118 .111 1111
No par
212 214 2.709 Submarine Boat
1
4
214 214
214
214
21s 214
218 2/
21
/
4 24
Ns par
1,300 Sun Oil
33
32
33
•33
3414 331s 3318 3312 3312 33
*83
34
Ns per
400 Superisr 011
212 212
214 24 *244 3
*212 3
234 234 *212 224
100
400 Superior Steel
*21
2312 20% '2014
22
22
*20
21
*19
21
21
21
*812 10
50
200 Sweets Co of America
912 912
*812 10
*812 10
*Vs 10
*811 19
2,000 Symington temp etfs__Ne par
9
9
9
9
9
9
831 9
812 812
838 838
200 Class A temp ars__ _ _Ns par
*1734 18
18
18
19
*1711 194 19
•171s 19
•17
19
501) Telautograph Corp_-_N. par
*11
1212
11
1174 11
*11
117s •11
11
11
•11
12
No par
1218 4,000 Tenn Copp AC
/
4 12
1
4 1218 121
121s 1214 1214 12/
114 12
114 12
/
4 32,0071 Texas Company (The)____ 25
5038 5118 5012 5118 50/
5014 501
1
4 5124 51
514 5014 51
10
13012 13114 16,903 Texas Gulf Sulphur
1
4 13124 13318 13114 132
130 13212 13112 133/
1294 131
1318 13/
10
1
4 13/
144 1314 14
1
4 1312 9,700 Texas Pacific Coal & OIL
14
144 144 134 14
10 Texas Pacific Land Trust_100
601 601
*525 650 *520 640 *520 640 *520 640 *540 640
No par
900 The Fair
2912 2912 *2912 3014 *2912 3018 *2912 30
294 2913 2912 30
100
31% 3218 1.100 Tidewater Oil
32
*3212 33
32
*32
3212 3212 3212 32
82
100
200 Preferred
94
1
4 9372 *93
9318 93,8 93/
*9312 94
94
*9212 941 *93
5012 6,000 Timken Roller Bearing_No par
5018 5014 501
50
50
5012 50
/
4 50/
1
4 5012 5078 50
/
4 10034 100 10034 16,300 Tobacco Products Corp_ 100
1
4 10112 100 10114 1001
924 1004 9912 l0012 100/
Do Class A
100
2,100
106 10614 10614 10612 10612 10612 107 10714 107 10712 10624 107
314 312
3/
1
4 313
314 338 12,200 TranscTIOlitematnew No par
314 312
314 33*
314 33*
Transue & Williams St'l No par
•23
251 *2314 2512 *2314 2512 *2314 2512 *2234 2512 *22
2512
25
55
55
55
5412 *54
5412 5112 1,600 Underwood Typewriter
5412 5514 54
55
55
3914 3914 39/
38
38
1
4 40
4012 4012 40
40
41
4012 3,101 Union Bag & Paper Corp100
25
1
4 44/
1
4 4034 4234 4114 43 105,600 Union 011, California
45/
1
4 4628 4518 4614 4412 4578 42/
100
88
90
90
1,100 Union Tan_ Car
*89
90 '189
*88
88
88
91
•87
88
Do pref
10(
*115 11512 *115 11512 *115 11512 *115 11512 *115 11512 *115 11512
No par
3,100 United Alloy Steel
30
3014 2912 30
30
30
30
30
/
4 30
•2912 29/
1
4 291
91
93/
1
4 9114 92
25
91
9112 8,600 United Cigar Stores
94
911
/
4 9214 92
9178 92
Preferred
100
_ *117 _ _ _ ___ _
_ *117
'117___ *116 120 *116 120 *11712
100
-- 1
4 14178 14412
13814 139% 14013 143/
13738 1-39
9,400 United Drug
- -1
14214 142
-414 139 140
50
57
57
200 Do 1st pref
*561
/
4 58
57
57
*5612 57
*5612 57
*5624 57
United Dyewood
•__
12 •____ 12 •____ 12
100
*10
12
*10
12
*10
12
100
2,200 United Fruit
255 256
253 255
252 253
25312 257
258 253
25612 259
100
600 United Paperboard
*25
2612 2612 2612 *2612 2634 *2612 2634 *25
2712
25
26
200 Universal Pictures let pfd_100
*90
95
91
91
*9118 95
*91
95
*91
95
95
1612 7,600 Universal Pipe & Rad_ _No par
1634 1714 1618 1612 16
17
1714
17
14
1634 16
100
1,500 Do pref
63
60
61
60
6434 6312 6412 *6312 6428 6312 6312 60
17112 17112 17012 17112 6,500 US Cast Iron Pipe & Fdy _100
173 17534 170 176
170 174
168 170
Do prel
100
*101 104 *101 102 *101 102 *101 102 *10112 102 *10112 102
21,300 U S Distill)Corp tem etf No par
4714 4612 47
47
4834 46
/
4 47
43
43/
1
4 4334 4472 441
Do pref.
100
_ *15012 _ _ .15012 ___ *15012
_ _ •15012 _ _ *15012
•1501
5218 5228 3,800 USIloffM*chCorpvtcNepar
51
-53
_- 4 5178 -534924
2-5624 51 -51-4 5134 -512
1
4 4834 5,400 US Industrial Alcohol. _100
1
4 5018 48/
/
4 51
49
4931 491
49
49
5014 50/
1
4 48/
100
100 Do pref
/
4
/
4 10018 10012 *10014 10178 *100 10172 *99 1011
*99,4 10174 •99,4 1011
8,400 USRealty&lmprov't newno pa
54
1
4 5414 53
54/
1
4 53/
54
1
4 55
/
4 53/
1
4 53/
5312 5414 531
100
6712 6614 7012 6818 7014 6818 6018 79,800 United States Rubber
6412 6612 66
644 66
100
/
4 *10534 10628 1,015 Do lst pref
106/
1
4 10638 106 1061
10538 10528 10512 10614 106 106
50
4118 1,000 US Smelting. Ref & Min
4214 4318 4314 4314 4212 4212 *4138 4134 41
4234 43
50
600 Do pref
4734 4734
48
4928 x48
4812 4884 4812 4812 *4812 4902 *49
/
4 157,200 United States Steel Corp 100
1
4 12172 12314 12032 12178 11978 1211
12112 12231 1204 12234 12214 123/
100
126 1261
/
4 126 12614 3,700 Do pref
1
4 125/
1
4 12528 12572 12522 12572 12572 126
125/
Nor par
100 U 8 Tobacco
•5813 60
*5812 60
*5812 60
*5812 60
58
58
60
*58
Preferred
100
_
_ *1124 . _ .112
*11014-- •11034 -_- *11012 -_ _ *112
Utah Copper
10
*93
99 *93 -9-9 *93 -fli *93 -9-9
*93
99 •93 -11111
800 Utilities Pow & Lt AN.per
304 304
3034 31
al
31
*3014 31
*3014 31
31
30
No par
31124 31,100 Vanadium Corp
324 317s 3312 331s 3514 354 3714 35
30
304 31
Van Raalte
Ns par
*1512 16/
1
4.
1514 1634
*1514 167s •154 18
.1514 18 .1514 17
100
Do ist pref
*684 73
*6812 73
*6812 73
484 73
•6842 73
•6812 73
400 Virgiaia-Caro Chan__ _No par
*/
1
4
1 12
.7. 11
/
4
11s
Ds
114
*I
1
1
*1
114
N.par
194 1814 184 *1812 1914 4,400 New
174 174 174 1734 174 1834 19
41
11
/
4 -1
No par
11
/
4
500 Certificates
1
14 14
114
*78
111
*4
14
100
Do pref
*712 912 *712 912 *8
$
10
912
.74 1
*74 9
par
Prof
aft
N.
7
*24 9
*712
2'2
9,2
814 9
*712 9
*74 913 *7 2
17, 114
No par
,
,
1 7$
14
*7, 114
114
14 •1
Do "B"
1111
114
•1
100
60
6014 6,600 6% pre( WI
6034 591s 60
1
4 5512 564 144 584 59
56/
1
4 56/
100
951.4 9512 *9512 954 4,000 7% pref w I
964 9514 96
934 931s 94
94
*93
Virginia Iron Coal & Coke_100
*4512 50
*4512 50
•4512 50
59 .454 50
445
50 .45
No per
1,800 VIvaudou (V) new
274 28
284 284 2712 28
284 29
29
29
384 29
No par
600 Waldorf System
.1734 18
*17/
1
4 18
*17/
1
4 18
17/
1
4 1778 .1772 15
18
18
N. par
800 Walwortb A CO
194 2014 1904 1974 •1904 1972 •1984 1972 1902 1902 •1912 1934
900 Ward Baking Class A....Ne par
110 110
112 112 *109 115 *105 110
109 111 *109 115
No per
321s 334 36,400 Class B
3414 34
31
3614 32
8514 3234 344 321s 33
N.par
*9234 94
•94
9412 8,100 Preferred (100)
94
93
95
1512 II
95
944 95
13
1312 2,200 Warner Bros Pictures A_._ 10
*1312 14
14
14
1304 14
1312 13,2 1814 14
Ns psr
4612
Warren Bros
*44
*44
47
47 .444 47
S411
47 •46
47
*44
61
SW, 68
6712 8854 .1,8712 5812 *5712 58
•68/
1
4 8872 58
2,500 Weber & Ilelibr, newt N.par
1,400 Western Union Telegraph_10
138 13814
1391s 13912 *138 139
13912 146
13114 148
139 137
110 112
1124 113
110 110
11211 11212 109 11212 3,200 Westinghouse Air Brake__ 50
109 109
8,300 Westinghouse Elea & Mfg_ 50
8802 8914 8814 69
684 5934 8914 70
69
684 68
68
1,200 West Elea Instrument
16
16
154 154 16
16
164 *1614 184
•158* 154 15
300 Class A
*2312 2912 2912 2912
29
2912 234 2312 *2$ls 2912 29
*28
No par
West Penn Co
'122
---- ---- ---- ---9014 904 11
90
99
*97
99
*97
108 112 *108 112
2634 2634 264 264
1
4
/
4 65/
6618 651
65
*31
1112
30
31
11s 14
14 14
2233 2414
2212 23
964 964
954 96
*314 4
.3/
1
4 4
20
20 ''10
•10
14614 151
148 152
2518 254
26
26
*7312 78
80
*73
58
*54
58
*54
274 2734
27
27
5012 494 50
47
62
62
*6058 62
2534 2512 26
25
9434
9184 9214 *92
...,,_ ,v,.. 793, 71so
---- ---- ---- --90
90
*MI
92
*97
99
.97
99
108 108 *108 109
264 2834 264 2634
4151
/
4 6512 6522 6634
3112
•30
3112 31
2
2
14
14
2334 2434 234 25
954 854 95/
1
4 95/
1
4
*314 434
*3% 4
17
*10
20
*10
15024 15414 15034 15528
2534
25
2524 25
80
*73
76
*74
*54
58
*54
58
*2712 2734 *2714 2734
50
5014 4978 504
*61
63
62
62
2678
2618 2678 26
*9214 94/
1
4 *9212 9434
79
797, 791e 793e
Do 7% Dr tern elf new_ 100
---- ---- ---- ---600 West Penn Eleetrie A Al• par
*8912 92
*8912 92
100
100 Preferred
97
97
*97
99
200 West Penn Power pref.._ _100
108 108 *107 110
N. par
900 White Eagle 011
261
/
4 261
/
4 2612 26/
1
4
50
6438 6512 6312 6432 27,000 White Motor
1,200 White RR. MA 8 etts_No par
31
*3012 3112 31
1,600 Wickwire Spencer Steel MI.__
2
2
2
2
5
1
4 25 155,200 Willys-Overland (The)
23/
1
4 2412 23/
100
9512 95/
1
4 1.000 Do pref
96
96
No par
Wilson & Co. Ina
*314 412 *314 434
100
Do pref
*9
18
17
*10
25
148 15078 308,300 Woolworth Co (F W)
148 152
100
800 Worthington P & M
.25
2534 *2412 2512
100
Do pref A
*74
76
76
*74
100
Do pref B
58
.54
*54
58
900 Wright Aeronautioal___N• par
2734
2718 *27
27
No par
5014 5012 151,09 Wrigley(Wm Jr)
50
50
25
200 Yale & Towne
*6078 63
*61
63
26/
1
4 6,600 Yellow Truck & Coach
100
2538 2614 26
100
200 Preferred
9434
*93
9434 *93
71
711, 5.100 Youngstown Sheet & T NO Mr
71
79
•Bid and asked prIcee; no sales On this day. x Ex-divIdend
a Ni-right
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share Iota
Lowest
$ Per :liars
42/
1
4 Mar 31
24 Mar 3
103 Mar 3
197s Mar 30
434 Mar 30
10714 Jan 29
194 klar 30
90 M tr 30
264 Mar 30
105/
1
4 Mar 29
10812 Jan 2
113 Jan 8
1312111 tr 29
74 Mar 29
184 Mar 30
101 Jan 12
51 Mar 2
5334 M tr 30
68ss Mu 30
80 Mar 2
5212 Mar 31
404 Mar 3
11614 Feb 25
634 Jan 2
75 Mar 27
7012 Mar 30
6412 Mar 31
504 Mar 29
11412 Feb 23
2 Mar 2
3018 Mar 30
212 Feb 27
20% Apr 9
9 Mar 27
738 Mar 3
1614 Mar 31
11 Apr 5
104 Mar 31
48 Mar 31
11912 Jan 12
121s Mar 2
510 Mar 19
2718 Mar31
311
/
4 Apr 9
99 Mar 31
44/
1
4 Mar 3
95/
1
4 Feb 16
103 Mar 3
3 Mar 4
2512 Mar 23
5118 Mar 30
36 Mar 3()
3714 Jan 20
8114 Mar 31
11334 Feb 24
2512 Jan 21
8318 Feb 4
11478 Mar 4
131 Mar 30
5512 Mar 5
10 Mar 17
236 Jan 7
23 Mar 30
90 Mar 8
134 Mar 31
52 Mar 30
15812 Mar 30
10014 Mar 8
39 Mar 30
454 Jan 2
4538 Mar 30
10018 Apr 6
4812 Mar 29
61 Mar 30
10112 Mar 30
394 Mar 31
4734 Apr 9
1174 Mar 30
12412 Mar 3
5612 Jan 4
112 Mar 19
93 Apr 1
2814 Mar 31
29 Mar 3
1512 Mar 3
6814 Mar 4
38 Feb 26
1882 mar 18
1 Mar 24
10 Jan 30
614 Mar 24
14 Jan 15
524 Mar 31
9212 Mar 18
41 Jan 12
26 Mar 30
17 Jan 12
1
4 Mar 29
18/
105 Mar 29
28 Mar 29
91 Mar 27
124 Jan 21
44 Mar 30
55 Mar 3
13412 Mar 30
10514 Mar 31
654 Mar 81
134 Mar 31
2714 Jan 4
118 Mar 2
12212 Jan 13
957s Mar 8
8812 Jan 6
9612 Jan 8
108 Mar 25
25/
1
4 Mar 31
6018 Mar 30
26 Mar 27
134 Mar 27
21 Mar 25
118 Jan 19
314 Mar 2')
16 Mar 21
142 Mar 3.;
2014 Mar 30
7312 Mar 31
53 Mar 29
2412 Mar 30
47 AN 3
6012Mar 4
2318 Mar 39
9112 Apr 3
Wit Mar 30
Highest
PER SHARE
Range for Preview
Year 1925.
Lamest
Hiyhal
$ per stare $ par share $ per share
3912 Sept 49 Dec
484 Jan 4
214 Aug 2812 Dec
2611 Jan 4
9912 Jan 10614 Nov
10012 Jan 25
2838 Jan 2
1734 Sept 2634 Jan
3114 Mar 5418 Nov
5412 Jan 4
109 Jan 14 1004 Jan 10618 Des
17
Jan 2478 Feb
244 Feb 23
7834 Jan 944 Feb
95 Jan 29
2134 Mar 324 Nov
3234 Jan 25
13612 Jan 4
8014 Mar 14312 Des
62 Jan 1094 Del
14712 Feb 2
9934 Jan 11814 Dee
11711 Feb 8
134 Dec 24 May
1734 Feb 19
7314 Dec 92 May
8212 Jan 13
1518 Feb 364 Sept
314 Feb 5
12 Apr 108 3.17
105 Mar 11
Oil
4014 Jan 61
69 Feb 8
5012 Mar 54t Nov
574 Feb 9
62 May 88 Dee
9212 Ireb 4
81
Jan 8634 Dee
90 Feb 5
5118 Aug 4714 Feb
6214 Jan 2
884 Mar 4718 Feb
464 Jan 2
1184 Feb 23 11614 July 119 Feb
16
Jan
5/
1
4 Aug
107s Feb 10
6214 Mar 82 Dee
8811 Jan 7
55 Mar 964 Dee
924 Jan 2
61 Mar 8918 Ocit
7714 Jan 4
4114 Jan 684 Nov
614 Feb 23
121 Feb 1 112 Mar 125 Sept
Oct 12 Mar
3
314 Feb 1
2811 NO, 4318 Nov
411
/
4 Jan 4
9/
1
4 Feb
2 Dec
414 Jan 8
20 May 414 Jan
2524 Jan 12
1512 Oct
97
; Mar
13 Jan 7
1012 Jan 2078 SePt
1412 Jan 4
1914 Dec 2618 Sept
207s Feb 4
1614 Nov
11 Aug
147s Jan 19
16 Feb 5
7/
1
4 Apr 16 Dee
5472 Jan 2
424 Jan 55 Des
/
4 Dee
14224 Feb 19
9712 Feb 1211
1912 Jan 7
1078 Aug 2338 Feb
785 Jan 13 255
Apr 657 Den
3214 Sept 3914 Oat
34 Jan 14
30/
1
4 Sept 3618 Dee
3914 Jan 25
Oat
99 Nov 101
103 Jan 25
3734 Mar 594 OM
5612 Feb 10
Jan 10114 Nov
70
1101
/
4 Feb 23
113 Feb 20
931
/
4 Jan 11032 Nov
5/
1
4 May
414 Jan 4
312 Sept
Jan
2412 Sept 35
27 Jan 28
3814 Mar 8514 Nov
63/
1
4 Jan 7
71% Jan 5
Oct
36
Apr 86
33
Oct 4328 Feb
491
/
4 Mar 2:3
94 Dec 134 June
94 Jan 15
/
4 May
11612 Feb 8 11314 June 1171
24 May 367s Mar
31 12 Mar 17
60% Jan 11512 Nov
9914 Mar 12
Dec 13314 Des
121 Jan 21 115
/
4 Feb 16212 Oct
167 Feb 4 1101
1
4 Nov
52
Jan 58/
5734 Mar 22
9 Dec 20 Mar
12 Jan 11
297 Feb 16 20478 Mar 246 Sept
1814 Apr 3312 Dee
3812 Mar 2
944 Dec 10318 Oct
95 Jan 6
26 Dec 50711 Feb
2814 Jan 5
65 July 94 Feb
78/
1
4 Jan 5
210% Jan 4 13114 Apr 250 Feb
91 July 113 Aug
104 Feb 2
3011 Feb 634 Dee
6112 Feb 13
130 Ma 250 Dee
Jan 494 Oct
23
5938 Feb 4
7014 Dec 98
OM
7512 Jan 13
10434 Jan 13 102 Dec 115 JIM
7178 Jan 4
$34 'Mar 974 Nov
8814 Jan 23
9234 Mar 10878 Nov
199 Jan 19
30 Feb 51 Del
494 Jan 2
44
Apr 494 Dee
50 Jan 4
13813 Jan 4 1124 Mar 13914 Nov
1
4 Jan
1271s Jan 28 1224 May 126/
5112 Mar 5914 Nov
63 Feb 19
1144 Feb 26 1054 Apr114 Sept
82 Mar 111 Nos
105 Feb 11
32 Aug 38 Am
37 Feb 15
2518 May 3404 July
3714 Apr 8
1514 Aug 264 Net
22 Feb 8
60
Apr50 NOY
75 Feb 11
14 Sept534 Jai,
14 Jai 15
2512 Feb 3
174 Dee 214 Del
Ts Dec
5 July
14 Feb 1L
14 Jan 234 July
11 Feb 3
4 mar 20 prim
114 Jan 7
Ts Aug
14 Jan 8
47s Judy
5614 Nov 6334 Dee
69 Jan 4
1214 Nov 954 Des
984 Jan 6
30 June 46 Dee
4912 Mar 28
74 Jan 2814 Dee
324 Feb 10
1413 Aug
1978 Jai
197s Feb 11
2114 Dec 9434 Dee
2314 Jan 27
195 Jan 2 116 Apr 113 Dee
374 Mar 9i1s OM
854 Feb I
1412 Feb 112 Del
11012 Jan 15
184 Jan 6
174 Dec
24 OM
42 June
504 Feb 18
04 Jail
8512 JIM 13
51
Apr 1004 Dee
Feb
4
11814 Jan 14.434 limpt
1473*
1284 Feb if
97 Apr 144 Aug
7912 Feb 10
6614 Mar 84
Jam
19 Feb 16
914 Apr 2018 Aug
3112 Feb 24
194 Mar
Ws Del
130 Jan 27
974 Sept 145 May
1244 Jan 5 107
Oct 125311 Del
101 Mar 11
14 Apr 100 Ally
97 Feb 11
10018Feb19
112 Jan 16 1-47 Jam 111 July
29/
1
4 Feb 10
2512 Aug 315 Feb
9() Feb 11
5718 Mar 1041s Aug
384 Feb 3
334 Dec 493s Aug
34 Jan 6
2 Dee
Vs May
34 Jan 4
1
4 Nov
918 Jan 34/
99 Feb 4
1
4 Dee
7214 Jan 123/
512 Feb 10
Ms Dec 134 Mar
171
/
4 Feb 2
17 Sept 60 Mar
222 Jan 4 1124 Jan 220
OM
4434 Jan 6
3514 Aug 7938 Jan
Jan
80 Feb 2
76 Nov 88
65 Feb 24
58 Aug 7634 Feb
16 Mar 3238 July
33 Feb 18
59/
1
4 Feb 11
45/
1
4 Mar 57% Oct
6414 Jan 5
62 Sept 7014 July
1
4 Oct
32; Feb 9
22/
1
4 Oct 40/
Oot
9612 Feb 26
90
Oct 100
83 Mar 0214 NOS
8974 Jan 4
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2017
Jan. 1 1909 Me ffsellange method of quoting bonds was changstl and prices are now "and interest"—usept for Income and defaulted bonds
BONDS
N.Y.STOCK EXCHANGE
tWeek Ended April 9.
‘g!
Price
Friday,
April 9,
Week's
Range or
Last Sale
Range
Since
Jan. 1
U. S. Government.
IBM
High NO.
Ask Low
First Liberty LoanD 100".,Sale 1002.8110014s 322
34% of 1932-1947
Cony 4% of 1932-47
100 101 1011342Mar26 _
1.1 D 1021333Sale 102.44 10211n 382
Cony 44% of 1932-47
26 cony 44% of 1932-47
D 101.433102 1011144Mar26 Second Liberty Loan46 of 1927-1942
IM N 1001331001433 994012 100433 19
Cony 44% of 1927-1942
N 1001344 Sale 1001h21004133 311
Third LibertY Loan-44% of 1928
S 101144 Sale 101142 1011144 770
Fourth Liberty Loan102".,Sale 10211,110213n 1107
33-1938
of 1933-1938
65
1947-1952 A 0 107",,Sale 1071144 108
TreseurY 41is
Treasury 4s
1944-1954 J D 103",,Sale 103114410333n 221
Treasury 34s
1946-1956 M S 10011420013n 100114210011n 76
1.1
IA 0
State and City Securities. I
Y City-44s Corp stock_1960 M
44s Corporate stock
1964 IN
448 Corporate stock
1966 A 0
45,
16 Corporate stock
1972.A 0
445 Corporate stock
1971 J D
4%s Corporate stock _July 1967.1
434s Corporate etock
1965'2 D
114s Corporate sleek
1963 M
4% Corporate stock
1959 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock
1956 M N
4% Corporate stock
1955 M N
4% corporate stock
1936 M N
64% Corporate stock__1957 M
N
44% Corporate stock_1957
34% Corporate stk_May 1954 M N
34% Corporate stk_Nov 1954 M N
New York State Canal Ise_441961 J J
4i Canal
1942J J
6148 Canal Impt
1964.1 J
di Highway leant reffisteed1958
Highway Improv't 440 1963 hi-i
Virginia 2-3s
1991 „I .1
10014
10034
10034
101
10512
105
105
10434
_ 10014
100%
101% 10034 Mar'26
101% 10138 Feb'28
10113 10114 Jan'26
10613 1051, Jan'28
105% 105 Mar'26
10534 105 Mar26
10514 10434 Mar'26
98
98
9772 9814 9734
9734
9772 9814 98
98
971s
9714 Mar'26
974
9714
9714
99 Mar'25
10434
10434
IT;
10458
10434
88%
8814 Mar'26
88%
8814 Mar'26
1015 Jan'26
10113 Mar'25
11014 Mar'26
1021
,July'25
1054 Oct'25
761z Feb'25
Foreign.°00000
Argentine (Nat Govt of) 79_1927 F A 10112 Sale 10114
B f 6s of June 1925 temp_ _1959 J D 9812 Sale 9734
Esti s f 6s of Oct 1925
1959 A 0 984 Sale 9711
Sinking fund 69 Ser A _ __ _1957 M
994 Sale 9858
9814 Sale 9712
External 68 Series B_ _Dec 1958 J
Argentine Treasury 58 2_ 1945 M
8712 Sale 8712
Australia 30-yr 5e.._ July 15 1955 J 2 9814 Sate 9738
10034 Sale 10013
Austrian (Govt) s f 78
1943 J
Belgium 25-yr ext s f 710 6_1945
20-year s f 8s
1941F A
25-year ext 646
1949,M
Extl f as inter rcts
1955,2 2
Esti s f 78 inter ars
1955.
1
Bergen (Norway) of 88
1945 M
25-year sinking fund 6s 1949 A 0
Berlin (Germany) 648
1950 A 0
Berne (City of)
Se
1945 51 N
Bogota (City) ext'l s f 88_1945 A 0
Bolivia (Republic of) 88._ _1947 M N
Bordeaux (City of) 15-yr 6a_1934
N
Brazil U S. external 88
1941 J 13
78 (Central RY)
1952 J D
74s(coffee secur) (flat).1952 A 0
Bremen (State of) esti 7s
1935 M N
Buenos Aires (City) esti 6441955 J J
1
Canada (Dominion of) g 5s 1926 A 0
56
1931 A 0
10-year 548
1929 F A
(63
1952 M N
4
1936 F
Carlsbad (City) s f Ea
1954 J
Chile (Republic) ext! f 8s 1941 F A
External 6-years f 8s__ _1926 A 0
20-year esti 78
1942 M N
25-year f 8s
1948 M N
Chile Mtge 13k 64s June 30'19572 D
Chinese (Hukuang Ry) 58_ _1951IJ D
Christiania (Oslo) 30-yr s f 681954
S
Colombia (Republic )645.__1927,A 0
Copenhagen 25-year s f 546_1944,2
Cordoba (Proy) Argen 79
1942'2 J
Cuba 54 of 1904
1944.111
External 58 of 1914 Sec A.1949IF A
External loan 44s
1949 F A
Sinking fund 548
1953.1 J
Czechoslovak (Repub of) 26_1951 A 0
Sink fund 83SerB
Ext'l f 74e Sec A
IN:I g
Daniell Con Munich) 84 A1948 F •
Series B s f
Igo F A
Denmark 20-year $s
1942,2
Dominican Rep Con Mm if 19458,F
Custom Administr 5
_ _1942 al S
Dutch East ladies esti 6.....11471J
40-year fls
19621S 8
313-year extl 510
1953-M S
30-year esti 54e
1953!M N
El Salvador (Rep) thi
1948,1J .1
Finland (Rep) esti tis
1945,M S
External s f 78
1950 92
IfInalsh Mun Ln 64s A__1954 AO
External 6%s Series B1954 AO
French Repub 25-yr esti 34_1945 MS
20-yr external loan 746_1941 JD
External 7s of 1924
1949 .1
Garman Republic esti 70„..19444 A 0
German Cent AgrIc Ilk 7s. __1950 M
Gt Brit & Irel(UK of) 5%11_1937 F A
10-year cony 51ls
1929 F A
Greater Prague (City) 7341.195291 N
Greek Govt 7s
1964 M N
Held (Republic) e f (is
1052A 0
Hungarian NI unle Loan 74s 1945
J
Hungary (Kingd of) et 748.1944 F A
Ind Bank of Japan 6% notee1927 F A
Italy (KIngd of) ext'l 7s
1951 J
1
Japanese Govt £ loan 4s
1931 i J
30-year s f 648
1954 F A
Oriental Development 88.1953 M
Lyons (City of) 15-year 68_1934 M N
Marseilles (City of) I5-yr 69_1934 M N
1943 M N
Mexican Irrigation 4 e
Assenting s f 449
1943 -Mexico(US)esti 5s of 1899 2_45 Q
Assenting 58 0( 1899
1945 -Assenting 58 large
Assenting 514 small
S Due Ally
k Duo Aug.
101%
9812
9832
9914
9813
88
9833
10034
Low
993122 001342
1001144 101
100un 0111n
1013142 0211n
106144 08144
1021322 041244
100"24 0011n
2
1
2
4
10
97
158
239
157
130
40
528
84
108% Sale 107
1094 71
10634 Sale 106
10714 63
92 Sale 89%
9212 179
85 Sale 84
85% 185
222
95
94% Sale 94
11314 114 113
11334 12
99
9917 9913 Mar'26
8718 139
871/ Sale 8612
107 10714 107
10714 10
991s Sale 9832
9912 38
77
98% Sale 981z
99
83 Sale 8232
8312 62
101% Sale 101
101% 83
9214 Sttle 91
9212 267
10334 105 104
7
105
9412 Sale 93
944 49
9913 Sale 9933
9934 38
101%
9834
9834 28
101% Sale 10114
10172 32
102% Sale 102
102% 173
10334 Sale 10334
10432 73
9834 984 9834 Mar'26
10112 102 10213 103
4
10814 Sale 10712 10814 44
101% Sale 10034
1011z 10
101 Sale 10014
10114 52
12
108 Sale 107
108
964 Sale 9614
9712 178
4234 Sale 4234
6
4334
13
9912
9934 100
100
100 Sale 100
10053 23
99% Sale 99
9913 32
8
9734
9712 9734 97
3
10033 102 10034 10034
24
99 10114 98
99
8913 904 91 Mar'26
1014 Sale 10112 10234 34
40
1011
,Sale 1004
102
101 Sale 10012 101
38
9734 Sale 9612
9772 82
1
111% Sale 11034
11112 16
11134 Sale 110%
11134 42
103,4 Sale 10214
10314 49
10112
6
10112 1014
98 Sale 98
981, 52
120
1034 Sale 10334
104
104 Sale 10334
115
104
102% Sale 102
102% 22.
10214 Sale 1021, 1024 39,
106 Sale 106
10614 39
87 Bale 85%
8712 13'
964 Sale 9413
9834 37'
90
9134 8912
72'
91
90% 904 8913
911
91
101 Sale 10012 10112 415.
98 Sale 9512
98% 3151
8834 Sale 88
8912 299'
1017, Sala
96% Sale
1047s Sale
1185, Sale
98 Sale
8612 Sale
98 Sale
8712 Sate
9512 96
100 10014
9412 Sale
86 Sale
944 Sale
8874 Sale
83 Sale
803 Sale
40
66
101%
9614
10414
118%
96
8514
9714
86
9412
10013
9412
10212 245
bl
974
1(1472 116
11872 21
17
98
854 15
22
98
48
88
57
96
100,4 35
9484 868
85%
86
34
9438 426
9334
gg
884 28
83% 30
82
8312 32
828
30 Mar'26
30 Apr'26
4212 .Feb'26
40 I 14
39
38 Mar'26
_
3712 May'25
p Due Nov
s Option sale.
High
991324 013+4
0115n
100
1011122 021344
101442 011434
3
BONDS
N.Y STOCK EXCHANGE
Week Ended April 9.
100 101
10012 10132
10012 10155
100% 10114
10512 10512
1044 105%
10453 10512
10412 105%
97% 9812
9734 9814
974 98
9714 9714
9714 9714
98
99
10412 10514
10414 1054
8734 8834
8834 88%
101% 101%
_
1-1-014 1-1-0-4
Price
Friday,
April 9,
Bid
P7eek's
Range or
Last Sale
Ask Loss
Rang.
Mud
Jass, 1
g
so
1
High 10 so. Low
Htgll
Mexico (Concluded)—
Gold deb 4101 1904
1954 J D
Assenting 411 of 1904
Assenting 48 of 1904 small__
Assenting 4s of 1910
J--i
Assenting 45 of 1910 large
Assenting 48 01 1910 small
Trees 6* of '31 assent (large)'33 22
Small
Montevideo 7e
1952 J D
Netherlands as(flat friees)._1972 MS
30-year external 68 ukin_ _1054 AO
Norway 20-year esti as
1943 FA
20-year external 6a
1944 F A
30-year external 65
1952 AO
40-years f 534a temp
1965• D
Oslo (City) 30-year. f 6,...,i955 MN
9834 Sale
10834 Sale
10334 Sale
10034 Sale
1004 Sale
101 Sale
9814,Sale
99% Sale
2102'26 ____
244 36
Aug'25
Ost'25'____,
2538 27
2414 IS
Mar'26
4012
1
9834 46
10634
104
30
101
72
96
101
101
61
9614 172
100
69
21
- 3-2 -3171;
22
2912
4118 47
40 47
96 100
1061
/
4 1097s
10314 10412
9934 102
100 1024
10014 102%
95 971s
9878 101
Panama (Rep) Intl 545____1953 J D
Peru (Rep of) external 8s___1944 A 0
Esti sink Id 734. temp__1940 St N
Poland (Rep of) gold 6s____1940 A 0
Esti sink fd g Ea
19502 J
Porto Alegre (City of) 8s
1961 J D
Queensland (State) ext s f 71_1941 A 0
25 year external as
1947 F A
Rio Grande do Sul esti f 86.1946 A 0
Rio de Janeiro 25-yr a f 88 1946 A 0
25-yr esti 813
1947 A 0
Rotterdam (City) esti 6n_.1964,M N
102 10212 1024 Apr'211
10334 Sale 10234 10414 78
984 Sale 9712
991s 213
674 Sale 674
89 Sale 8712
122
$9
10034 Sale 994
10034 22
11034 1114 11034 111
87,
1044 Sale 10414
1044 23
101 10112 101
10112 211
30
9972 Sale 99% 100
100 Sale 9914
24
100
10434 106 1044 105
10014 19234
10112 11111
97 994
65 6314
86
91
98% 1021s
11012 114
10414 199
98% 102
9714 10214
97 NM
104 isald
24
25
2334 Sale
2414 Sale
253
, 25%
401: 42
2714
2214
2314
2538
25
2212
42
4012
9714
10634
10312
10012
10014
10014
9512
9918
Sao Paulo (City) if 8s
195288 N 10314 Sale 102
10314
San Paulo (State) ext if 8s 1936 J J 10334 Sale 13314 105
External s I 83 tat reets1950 J .1 103 Sale 102
1031,
External water loan 7s__ _1956 88 S 9612 97
9634
9612
Seine (France) esti 7s
1942 .1 J 87 Sale 8614
874
Serbs. Croats & Slovene. 84.1962 M N 904 Sale 89%
9112
Soissons (City) esti (is
83
1936 51 N 83 Sale 8212
Sweden 20-year 65
1939
D 10434 Sale 1041, 104%
External loan 5148
---1954 MN 10212 Sale 102% 1024
____
Swiss Confed'n 20-yr of ge 1940 J J 115% Sale 1151s 116%
Switzerland Govt ext 548_1946 A 0 1034 Sale 1023
10414
Tokyo City 58 loan of 1912 1952 M S 684 Sale 68%
69%
10012 10218 Trondhjem (City) esti 6%e.1944 J J 9917 Sale 9812 100
96
99
Upper Austria (Prom) 7n....1945 .1 D 9134 Sale 9112
92
95% 99
Uruguay (Republic) ext 812_1946 F A 108 Sale 1074 109
9614 100
Zurich (City of) a f 8.
107
1945 A 0 1064 Sale 1064
9534 99
88
85
Railroad
96% 9838 Ala Gt Sou lot cons A 5s_ _1943 J 13 10217 Sale 10212 10213
100 10234 Ala Mid lot guar gold 58__1928 M N 10038
Feb'26
_ 101
Alb & Buse cony 34s
8512
1946 A 0 8512 Sale 8518
105 111 14 Alleg & West 1s1 g 4s MI— -1998 A 0 8234
84
Oct'25
10534 10852 Aileg Val gen guar g 48
94
1942 M
9438
941
88
95
Ann Arbor 1st g 48
7734 Apr'26
July 1995 @
77
79
8112 87% Atch Top & S Fe—Gen g 48_1995 A 0 9214 Sale 9034
9214
92
97%
Registered
A 0
89,3
9017
113 115
Adjustment gold 4s__July 1995 Nov 8114 Sale 85
8514
98 10012
Stamped
July 1995 M N 8514 Sale 85
8514
8512 88
Registered
Si N 8212 ____ 8514 Jan'26
107 108
Cony gold 48 1909
19562 D
87 Feb'26
t+634 100
Cony 4s 1905
8612 Sale 8612
8617
9812 10118
Cony g 48 issue of 1910
19
96
50
5
D 841g _ _ -- 86
86
8114 8614
East Okla Div 1st g 413_1928 M
89 Mar'26
993 100
100% 104
Rocky Mtn Div 1st 4s
1965 .1 J 8712 8834 8814 Mar'26
894 94
Trans-Con Short L 1st 45,1958.1 J 8938 90
8933
89%
103% 10714
Cal-Aria lot & ref 44s A_1962 M S 9533 Sale 95%
9532
924 9912 Ati Knoxv & Nor let g 5s
10312
10.538
1946 J D 10312
9714 101
Atl & Cheri A I. 1st A 44s 1944
.1 97
9834 9634 Mar'26
1st 30-year Si Series B
1944 J .1 1034 10312 1024 10317
98% 10014 Atlantic City 1st cons 45
854 July'25
1951 J
10114 10212 Atl Coast Line 1st cons 412._51952 M El 93% Sale 93%
9334
1014 10312
16-year secured 7s
10612 10634 10612 107
102% 10432
General unified 4%n
1
1961
9
D
N 96 Sale 954
964
98% 984
L & N coll gold 45..,.,_Oct 1952 M N 9314 Sale 91
934
101% 10312 Atl dr Danv 18t, g 48
1948J .1 77 Sale 77
77
1074 10934
2d 4s
6512
634 6512 63%
10018 10234 All & Yad lit g guar Is
7614 Apr'26
1948
9 .1
A O
j 7634 78
100 10212 Austin & N W 1st arti g 5s_1941 J J 10033 ---- 1004
10014
107 109
1
r
9434 98
Balt & Ohio lst g4s__July 1948 A O 9114 Sale 90%
9112
4234 484
Registered
July 1948 @
88% _ _ _ _ 90 Mar'26
99 101
10-year cony 44s
9638 Sale 964
9634
9934 10053
Refund & gen 5s Series A_ 193
13 9612 Sale 95
141 13
95
32
9834
9814 1004
1st g 5s
10312
1948 A 0 10358 Sale 103
9534 99
10 year as
.1 10234 Sale 10234 10314
5 .2
7 0
195
29
9914 10112
Ref & gen as Ser C
107 Sale 1054 10714
98 10012
PLE&W Va Sys ref 43_1941 MN 9112 Sale 90%
9114
8834 91
Southw Div lit 5s
10034 Sale 9914
10134
100% 103
Tol & CM Div lit ref 4s.4.1
959.1
78% Sale 7612
19592
784
9934 10234 Battle Cr & Slur lit gu 31_1989 J D 61
6214 Feb'26
0t34 10212 Beech Creek lit tu t 4s
1935 J J 9334 -95% 95 Mar'26
954 9914
Registered
1J D 9214
9034 N.•'26
Beech Cr Ext let g 345........19511A 0 80
7714 Des'25
11012 112
Big Sandy 1st 45
9111
91 i;fe- 91
110 112
130s1 & N Y Air Line 1st 44_19
55
4F D
A 721
73%
,Sale 7212
1942
102 103% Bruns & W 1st gu gold 4s_ 193g J J 9338
9312 Jan'26
10113 103
Buffalo II & P gen gold 5e...1
S 1021, _
102 Mar'26
MN
19
95
37 sI
9313 9932
Consul 44s
90
90 Sale 8812
10334 1054
8714 Feb'26
M N
Registered
103% 10514 Burl C R fit Nor 1st 54
10114 Feb'26
i6i10113 1031,
102 10314 Canada Sou cons n•5s1
01 10353 Sale 10314
19218
34 A 0
19
962!A
103 106% Canadian Nat 44s_SePt 15 19541 M S 9313 9414 9414
9414
8434 90
5-year gold 44sFeb 15 1930F A 987
,Sale 98%
984
85 98
Canadian North deb s f 71._1940,2 D 11758 Sale 115
116
8913 9212
20-year s f deb 6412
11734 Sale 1175, 11734
19462
894 9212
10-yr gold 44s_ __ _Feb 15 1935F A 96% 97
97
97
9812 10312 Canadian Pao Ry 4% deb stock.12
84 Sale 8134
84
9212 9934 Cub & Shaw 1s1 gold 4s
96
9314 Oct'25
1932 M S 94
861s 91
Caro Cent lit con g 4s
82%
1938
D 821s _ _
2218
Caro Clinch & 0 let 3-yr .58_11728.3 D 10212 Sale 10112 10212
101% 10212
Ist & con g as Ser A
10813 Sale 10814
10212
94
9714 Cart & Ad 1st, gu g 4s
8552 Sale 8538
85/
1
2
10414 10612 Cent Branch U P 1st g 48._1119
5
2
112
1 D 8014 __
998
48
81 Mar'26
11734 119
Central of Ga 151 geld 541_...p11945r
45 i
10414
10414 Sale - 10414
924 99
Consul gold 54
103
____ 10234
10312
84
8712
Registered
88 N 974
10152 Feb'26
9534 9814
10-year eecur els__Jua• 19292 D 10312 Sale 10234
1031s
8434 88%
Ref & gen 5 tis Ser 19
1959 A 0 10414 Sale 10338 10414
9334 98
Chatt Div per money g 4s_195i .1 D 87
8914 87 Mar'26
9934 1004
Mac at Nor Div lstgsu..j9463 J 0934
100 Dec'25
94
9434
Mobile Division 58
1946 2 J 101
99 Dee'25'
Cent New Eng lot gu 4s
1961
J 6914 Sale I 6914
70
8318 87
Central Ohio Reorg 442_1930 M S 9813
_I 98% Mar'Mar'26
9238 9412 Cent RR dr 1301 Ga coil g 53_1937 91 N 9914 -9912
-994
9917
85
8914 Central of N J gen gold 5s_1987 J
11018
11038
11032
8114 8614
Registered
10914
1087
,Mar'26
8112 8612 Cent Pac lot ref Ku g 48
9:
8 Q
F
194
9034 Sale 90
9074
30
31
Mtge guar gold 334$
k1929 J D 9714
9718
974
2834 343s
Through St L 1s1 gu 45_195-4 A 0 8738
-1 87
87
421s 4533
Guaranteed g 5s
1960 F A 100% Sale 9935
101
3412 43
3734 4004
6
17
72
24
72
116
7
37
51
16
88
6
27
70
10
21
13
2714 2714
2014 2912
10012 10414
10214 10638
10118 10418
9612 9014
84
9014
8712 94
82
85
10418 1004
10112 19638
11512 117%
102% 105
67
70%
9914 101
90
94
10712 111
10678 11014
11 178 10212
101 10112
844 8514
-6-45;
6
50
3
3
7
2
1
6
2
3
28
15
11
14
101
7
6
1
7572 784
8912 9212
8814 9012
88
85
8412 86%
8314 8314
84% 87
8413 88
8312 9514
9834 100
8612 89
88 99
9478 61578
10512 10512
9634 97114
10234 1034
III; 141;
10514 107
9414 9618
91
9414
77
7812
65
6938
7514 7234
10018 10012
315
235
313
106
226
88
416
7$
8914 9238
8838 90
94 97
9313 97
10212 1114
10212 10312
104 19714
8932 911s
98 10134
7434 NM
61
6214
92 96
as
$97 111;
68
17
4
8
32
49
15
14
79
_
2
13
14
2
2
15
__
29
11
17
1
1
29
6
2
462
7314 7278
9314 Ms
10112 1924
8738 99
8714 8714
1003810134
10278 194
934 9436
9838 9104
11434 11714
117 11534
9614 9734
8018 24
-11-4
10112 109118
10712 102,
1
8134 9934
791s 99
1031s 10412
10212 10334
10138 1015,
10112 10312
10118 10412
84314 8722
65
73
9884 98%
9838 99%
108% 11013
10833 1087
,
88% 9112
9634 9714
87
8934
9712 101
Z018
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 9.
vt
Prtce
Friday,
April 9.
Week's
Range or
Last Sale
Range
Since
Jan, 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 9.
Price
Friday,
April 9.
Week's
Range or
Lasi Sale
in
AA
High NO,
Bid
Ask Low
High
Bid
Ask Low
Hick Ho. Low
Charleston & Savannah 78 1936 J J 11712 __ __ 1124 Feb'25
Del & Hudson 1st & ref 4,1_1913 M N 9312 Sale 9212
9312 17
_
Chat & Ohio fund & impt 58_1929 .1 J 1004 1014 10034 10138
30-year cony 55
I935'A 0 110 11034 11012 11158 19
9 10034 10138
let consol gold 58
15-year 5340
1937 MN 1041
1939 M N 10438
/
4 10412 10338 10434 11
10418 14 10238 10412
_ 104
19
10-year secured 78
Registered
1939 M N_ 10214 Mar'26
1930 3D 1074 108 10734 108
0214
102
1
1936 FA 94
95
General gold 4345
1992 M S 9434 Sale 94/
96
95
9434 D RR & Bdge lst gu 40 g
1
4
92
9434 53
Den & R 0-1st cone g 49-1936 31 8838 Sale 8718
Registered
1992 M S
88% 64
901
/
4 July'25
20-year cony 4346
Consol gold 4345
1930 F A 9834 Sale 9838
1936 J
9134 9214 91%
9212 10
9778 99
9834 58
Improvement gold 55
1928 in 98/
1
4 Sale 9812
30-year cony secured 58...1946 A 0 12718 Sale 125
98% 76
12718 10 124 15014
6412 116
Registered
_ 14312 Mar'26
A 0
130 14312 Den & G West gen 56_ Aug 1955 MN 6412 Sale 6278
Des M & Ft D Ist gu 4s__1935 i1 44 Sale 44
44
3
Craig Valley 1st g 58
1941)3 .1 99
9812 Dec'25
Temporary ctfs of deposit.....
38
42
Apr'26
Potts Creek Branch 1st 45_1946 J J 8034 85
40
83 Mar'26
83 83
R dr A Div 1st con g 49.....1989
1947 117-14 9384 9512 9312 Feb'26
8738
1
8554 8V2 Des Plaines Val let 44s
874
2d consol gold 45
1989 J J 82 ii- 84 Mar'26
72
72 Mar'26
8272 841
/
4 Del & Mack-1st lien g 45._1995 in 70
Gold 4s
1995 3D 65
70
65 Mar'26
Warm Springs V 1st g 5s 1941 M S 944 100
9834 Oct'25
__ __ 6814 Mar'26
9514
5
Chic & Alton RR ref g 3s_ -1949,A 0, 68
N 9514 Sale 9514
66 -61i; Detroit River Tunnel 4349 1961
2
Ctf dep stpd Apr 1926 int.....I__I 67
6714 Mar'26
64 674 Dui Missabe & Nor gen 55..1941'3 10314
- 10312 10312
Railway first lien 3As
1
1950,J 3, 5538 Sale 55
/
4 10134 10134
5538 39
514 5818 Dal & Iron Range 1st 55._ 1937 A0 1014 1021
CtIs dep Jan '23 & sub coup_ I__•1 5212 55
3
1937
87
5318 Mar'26
3 87 Sale 87
51
564 Dui Sou Shore & All g 5s
Chic Burl & Q-III Div 3348-1949 J J 8538
8512
7
86
8334 86
Registered
91 Mar'26
13 .1 8238 ____ 8412 Feb'26
8412 84/
1
4 Emt Ry Minn Nor Div let 48248 A0 9114 92
Illinois Division 45
1949.3 .1 9234 ____ 9212
-__ 10012 10012
5
9212
/
4 9358 East T Va & Ga Div g 59_1930 Si
911
1956 MN 104 10412 103/
1
4 104
Nebraska Extension 48_1927,M NI 9978 Sale 9978
5
9 9634 10014 Cons 1st gold 55
110
Elgin Joliet &East Is,g 58 1941 MN 10214 105 102/
Registered
IM N 9812 .... 9912 Mar'25
1
4 Feb'26
El Paso & S W 1st 59
1965 *0 1033
General 49
17
__ 10334 103/
1958 M S 9238 Sale 9238
1
4
93
90e 93
Registered
41077g 10714
10712 24
9238 Mar'26
911
/
4 9238 Er.e 1st 005.801 gold 78 ext-1930 MS 10714
M S 9078
letcons g 45 prior
let & ref 58
1996
1971 F AI 10412 Sale 10414
J 7718 Sale 7814
10478 24 102/
1
4 10478
7718 203
Registered
1997
Chic City & Conn Rya 56-1927IA 01 5012 51
J
7112 Dec'25
49
51.112 18
4712 58
gen lien g 48
let
1996
Chicago dr Eris, Ill Is 08
1934 A 0 106 1064 10612 Jan'26
J 6814 Sale 6519
6814 518
10612 WW2
Regimered
1998'3
41
6814 Feb'26
C & E III Ry (new co) gen 58- 1951 MN 76 Sale 7434
76
7318 7812
Penn col. trust gold 48
1951 FA -664 -69.- 9634 Apr'26
Chic & Erie lst gold 58
1982 M N 1035a -- 10318 10352 12 1014 106
Coe year cony 48 Sec A
224
1953 40 71 Sale 6934
Chicago Great West 1st 48..1959 M S 6612 Sale 65/
6418 6812
71
117
1
4
67
do Series B
40 7018 Sale 6912
71
92
0'.t, Cony is Series D
11953 *0 7912 Sale 7612
Ctilc Ind & Loulsy-Rel 6s-1947 .7 .1 11078
11212 Mar'26
11158 11212
7912 123
Erie &Jersey 1st s f 6s
1947 3-3 10018
1956
1 10612 ____ 106/
1
4 1064
Refunding gold Se
01 Mar'26 --- 101 10112
3
Genesee River let 51 58_1957 3' 106 108 10612 10612
Refunding 46 Series C
1947
8534 90
80
Jan'26 --4
7938 80
1940 ii 894
Erie & Pitts go g 348 B
1966 MN 96 Sale 9538
22
92 Mar'26
General 58 A
96
92
96
Series C 33413
May 1966
1074 118
1940Ii 8912 ____ 8912 Mar'26
General 68 B
0712 10734 24 1034 1084
894 91
90 Mar'26
Chic Ind & Sou 50-year 461956
894 90'z
95 96
Fla Cent & Penn let ext S8194
95 Mar'26
33
0'3 100 _
98 Mar'26
Chic L 8 & East let 414s_1969 JD 94'u 96
Consol gold 5s
4618 4734 47
1943 J J 10012 10178 1004 Mar'26
47
CM & Puget Sd let gu 48___1949
47 524
1
457 5212 Florida East Coast let 430-1959
4634 Sale 4634
5
9618 9634 9614 Apr'26 _
Certificates of deposit
4634
1st & ref 58 Series A
1974 MS 98 Sale 9734
8278 48
ChM & St P gen g 48Ser A_e1989 33 8238 Sale 8212
8138 8312
98141 543
7018 72
Fonda Johns & Glov 434s
3
71.1
/
4
1952
N 60
72
61
6018
6012, 6
General gold 3348 Sec B-e1989 J 3 714
29
Fort St U Co let g 4 WI
l941
614
9038 93
61 Mar'213.____1
93
Gen 434s Series C_May 1989 J J 9218 Sale 9134
48/
1
4 531
/
4 Ft W & Den C 1st g5 Sig.__ 1961 JO 10538
15
49
10512 Jan'26
Gen dr ref Serles A 43-45_612014 AO 49 Sale 4812
4812 Sale 48
4818 29
Certificates of deposit
: Ft Worth & Rio Or 1st g 4s-1928 JJ 9618• 9712 96
96 I
474 531
5
4812 Sale 4814
1933 AO 10814 39
10814 Apr'231____I
49
Gen ref cony Ser B 5s. _412014 F A
4712 5314 From Elk &Mo Val let 6s
48 Sale 4714
GEI&SAM&PIst59
1931 MN 10012 10112 10014 Feb'26
3
Certificates of deposit......
48
53
47
1043
4
Sale
2d
guar
IOU
10414
3
extent; 5s
ii
1031
/
4 1004 100181
1935 13
1st ewe 6s
6
104/
10212 108
1
4
93
33
1 *0 96 Sale 954
1932 in 4712 48
47
4812 97
96
Debenture 4 tis
534 Gale Hous & fiend let 59_ 19
5
47
48 Sale 4634
22
961
/
4 9712 964
48
974
Certificates of deposit
2
464 5314 Ga & Ala Ry let cons 5s_ _ _a/1915
473
4
45%
8
53'
2
Ga Caro & Nor lot gu g 56..1929
Sale 47/
1 10018 100/
1925
1
4
1
4 10038 Mar'26
4812 48
Debenture 48
48 Sale 4678
41
1948 *0
6918
Georgia Midland 1st 35
6938 . 2.
Certificates of deposit
48
4678 53
1941 JJ 95
1934 33 4838 Sale 4712
9812 9534 Mar'26
1
4 Gr II& I ext let gu g 4 Sis
25-year deben ure is
4838 23
4712 53/
.
4634 47.8 471
Grand Trunk of Can deb 75_ 1
1 93
46
0 AO 11478 Sale 11478 115
Certificates of deposit
: 4712 10
14
63
47
9918 Sale 991
1936 MS 107 Bale 107
4
98'8 BOB
15 year s 168
10712 17
/
4
991
/
4
Chic & MO Riv Div 55....192r.
11214 Sale 11138
1936
1124 143
991
/
4 Apr'26
Chic & N'west Ext481886-1926 F A 9934 100
9978 Great Nor gen 75 Series A
99
11214 Feb'26 ....1
1886-1926 FA 9912 100
Registered
Registered
9918 Jan'26
99/
1
4 9912
1987 MN 7612 77
767 Apr'26
1st & ref 4948 Series A____196I 33 9412 Sale 9412
9538 23
General gold 3345
7438 7812
.1 10512 Sale 104
Q F
7212 July'25
1952
General 5 49 Series B
106218
Registered
12
3 10012 Sale 9912 10012' 25
1987 MN 87 Sale 8618
1973
General 49
87
General Sc Series C
85348812
7912 794 Feb'213
1987 MN 8714 88/
Stamped 48
1
4 86/
1
4 Mar'28
Green Bay & West deb etts A____ Feb 75
8538 88
1 104 107
1987 MN 10518 10614 0538
Debenturesetfs It
Feb
16 Sale 1312
16 I 27
General 58 stamped
105/
1
4
/
4 04
1879-1929 AO 10334 1041
1940 MN 88% -- 8818 Jan'26
_
Sinking fund 68
Apr'26
104 10578 Greenbrier Ry 1st gu 4s
1
4
_ 10412 10412
AO 10312
0334 Feb'26
Registered
6
10334 10334 Golf Mob & Nor let 5348_1950 AO 103/
1879-1929 AO 101 12
0134 Mar'26
Sinking fund 58
Gulf & S I 1st ref & t g 513_91952 J J 10412 10512 10418 Mar'26 ___ •
10012 102
1879-1929 AO
0012 Jan'26
Registered
10012 10012
1 100 1014 Hocking Val 1st cons 43019
1933 MN
001
/
4 10058
Sinking fond deb 52
9414155
99
9J 3
+5 9418 Sale 9334
_
004 Dec'25
9012 Mar'26
Registered
Registered
MN
/
4 Sale 0738
1930
1,73
37 M N
j 95/
1
4 97
97 Mar'26
D i071
1071
/
4 33 107 10818 Housatonic Ry cone g 58_19
10-year secured is g
/
4 Sale 12/
/
4 113
10214 10238 102 Mar'26 ____!
1
4 11234 12 1411
& T C Int g int guar
15-year secured 6948103a MS 1121
Waco & N W 1st 68
1930 M N 10134 _ 10134 Mar'26
May 2037 3D 10118 Sale 0014
1011
/
4 12
99/
1
4 102
& ref g 58
5
98
Houston Belt & Term lot 65_1937 J J 98 100
98 I
87
3
8634
85
R I & P-R-aUway gen 48198,, ii 8614 Sale 8514
8412 Mar'26
ii
Registered
8412 8112 Houston E & W Tex 1st it 56..1933 M N 10018 -- 101 Mar'26
10112 Mar'26
1
1933 MN 10018
9012 "iii
1st guar 58 red
1934 AO 90 Sale 8834
Refunding gold ta
8711 901:
9578 425
884 Apr'26
AO
Registered
8814 8S1
/
4 Rod & Manhat Is Series A 1957 F A 9534 Sale 9412
9414 Jan'26
Registered
F A
8012 361
Adjustment income 58____1957 A 0 80 Sale 78
8778
88
11
8634 88
ChB L & NO Mem Div 48 _1951 ID
/
4
02 Mar'26
Illinois central let gold 49.-1951 J J 974 -- 9618 Mar'26
10184 102
()St L & P 1st cons g 55_ _1932 AO 1011
9114
3
93
Mar'26
95
J
J
9612
10312
0312
Registered
10612
10312
68_1930
JD
10412
0
eons
1027
8
St
P
M
&
Ohle
8338 Mar'26
19511.1 J 8378 85
1
4
1st gold 334s
9334 Oct'25
D 93/
Cons 61 reduced to 3345-1930
85
20 IC 161
8234 Jan'26
J J 83
101 Sale 9978
Registered
101
Debenture Is
1930 M
1
4 ____ 8334 Mar'26 ___ I
19
95
51 IA
A O
B 83/
Extended 1st gold 3348-1
991
/
4 Mar'26
1
4 100
98/
Stamped
20
71
Feb'26 ___
88
1st gold 38 sterling
8638 90
T 11& So East let 56..1960 3D 87 Sale 8611
1
4
8914
8914
1
Collateral trust gold 45...1952 A 0 89/
/
4 Sale 7718
79
9
Dee 1 1960 MS 771
771
/
4 834
Inc gu 58
/
4
IA 0 844 87/
Registered
1
4 8634 Nov'25 ____ 1
9634 21
1
4 9612
94/
J 9612 Sale 951
Chic Uu Sta'n let gu 4342 A_1963
93
1041
/
4 20 10218 10414
1955 M N 9212 Sale 9178
56
1st refunding 48
1983 33 1044 Sale 10218
let 56 Series B
19523 J 8234 89
8412 Mar'26
10212 14 100 10212
Purchased lines 3345
1944 JO 10212 Sale 102
Guaranteed g 58
844 July'25
J 7914 84
Regtstered
1
4 118 11714
118
3 11578 11812
1963 ii 117/
let 6 As Series C
I
123 105 10514
8812 • 11
105
Collateral trust gold 4s..1953M N 8614 87 86
01219 & West Ind gen g 68_91932 QM 105 10538 105
86
IM N 8434 ____ 8334 Dec'25 ____!
86
Registered
83
81
1952 33 85 Sale 834
Consol 50-year 46
1
4 10658 106 Mar'26
1955 M N 105/
104
7 1098 1044
Refunding 5s
1962 MS 10378 Sale 10334
15t ref 510 Bei A
10312 22
19343 J 10314 Sale 10234
15-year secured 5345
10238 10312
Choc Okla & Gulf cons Ss__ _1952 MN 10314 10413 10312 Apr'26
1
4 114 11278 11278
1936 J
112/
8
96 Mar'26 -15-year secured 648 g
9618 98
96/
1
4
96
Cin H & D 2d gold 4%s___ _1937 .1
/
4 __-- 9038 Jan'26
19501 D 911
Cairo Bridge gold 45
93/
1
4 044
I St L & C 1st g 4a_ _ -Aug 1936 Q F 9334 -- 0414 Feb'26
74
Jan'26
'
Litchfield Div let gold 39_1951 3 J
9214 Dec'25 -Aug 1936 OF 9234 94
Registered
/
4 83 8134 Mar'26
Loulsv Div & Term g 3As1953 J J 811
9038 Apr'26
8912 905s
CInLeb&Norgu4sg
1942 MN
_
!J J 8034 -_ -- 7838 Jan'26
Registered
1004 101 101 Mar'26
10018 101
OnS & Cl cons 185 5 58-1928
Omaha Div Is gold 3s___-1951 F A 7334 _- 7312 Mar'26
9513
1J 1
J 7314
Irs& Term g 399
St Louis3
- 7414 Feb'26
85
8534
D 8618 864 8512 Mar'26 -Cleve CM Ch & St L gen 49_1993
Gold
8258 -- 7818 Jan'26
9812
5
984
9818
9714
J
9714
99
deb
434s
1931
J
20-year
Springfield Div Is g 3348.1951 J .1 8212 _--- 8212 Feb'26
____ 10314 Mar'26 -- 1024 10314
General 5s Series B
1993 .1 D 103
95
51 F A 89.8 ---- 894 Feb'26
10378 29 10134 10378
Western Lines 1st g 48_19
1929 J J 10318 Sale 1103
Ref & impt (is Series A
---84 Aug'26
Registered
'106 Apr'26 -- 105 107
19413 J 10518
ISs Series C
10118 24
9934 10278 III Central & Chic St L & NO/
4 Sale 10078
1963J J 1011
55 Series D
1963 J D 10218 Sale 10078 102131 37
9118
Joint let ref 58 Series A
Feb'26
91
9034 ---- 91
Cairo Div 1st gold 4s__1939 J
1951 J D 104 10712 104 Mar'26
0
82781 44
814 8314
G0lid 58
Cin W & M Div let g 48..i9giJ J 8278 Sale 8278
D
10214
10214: 8
Registered
8478 Mar'26
824 8512
8434 86
St L Div 1st coil tr g g 46-1990 M
1951
3 D 7914 ---- 7812 Feb'26
Feb'26
834
823
4
83
/
1
4
8314
MN
Registered
90/
1
4
884 Aug'25
09
Ind Bloom & West let ext 48_1940 A
89 Feb'26
89
SPr & Col Div Ist 4s____1940 M S 8934 90
19501 J
9134 Feb'26
87/
1
4 8734 Ind III & Iowa 1st g 48
____ 8734 Jan'26
W W Val Div lat g 49____1940 .1 2. 88
1
4 Ind & Loulaylile 18t gu 49-1956 J
7938 8134 7938 Mar'26
107 I
10678 107/
____ 107
OCC& 1 gen cons g 63 _ _1934 J 3: 107
j 102/
1
4
10212 Mar'26
Clev Lor & W con let R 511_1933 A 0 10112 10212 10112 Mar'26 -- 10112 10212 Ind Union Ry gen 55 Set A 1969
1965.3 J 102/
1
4 __
10218 Mar'26 _ _ _
Gen & ref 55 Series B
1
4 Dec'25
9958 ____ 98/
Cleve & Mahon Val g 56_1938 J
1
4 Sale 10412 10538 56
1
4 Mar'26 -9634 "CY3s lot & Ort Nor 1st 6s Sec A 1952 J J 105/
Cl&Maristgug414e
1935 M N 964 9934 96/
Adjustment 68, Series A 1952 Aprl 66 Sale 66
6714 117
CI dr P gen gu 4 Sis Ser A-1942 J J. 10118 ____ 10112 Mar'26 -- 1014 10112
5
86 I
Stamped
7434 Dec'25
8412
8312 88
1918 MN 8518 86
Series C 33-4u
APN
ri
Vi- 764 7634 22
Int Rys Cent Amer 181 5s___1972 M
8558 8334 Nov'25 -1950 F
84
Series 13 394s
9734 1-60* 112 Iowa Central 1st gold 5s.___1938 .1 D m, 6234 624
63
4
Cleve Sher line lot gu 4348_19611A Oi 10012 Sale 10012 10012
1061
/
4 20 10512 108
Certs of Deposit
604 6212 601
/
4
8018
1
Cleve Union Term 5348-1972 A 01 10678 Sale 10534
1951 M
18
10312 16 10034 10312 jarn
es
fuF
nrdalnk
g g&olcd
1918 184 • 1814
Re
1973 A 0 10312 Sale 10314
1
1st f 5s Ser 13
1
Clear
4s let 49_1959 J 13 884 8912 9114 Mar'26
8718
8834 8734
1945 J
87/
1
4 8914 8718
Coal River Ry 1st gu 4s
35
9814 9914
984
Colorado & South let g 48_1929 F A 9812 Sale 9812
19381 .1 101
/
4
9812 43
954 974 KaA&GRIstgug5s
101
101
Refunding & exten 4348_1935 M N 9612 Sale 961
1
492907
0.1 844 Sale 834
8718 8718 Kan & M let 311448
8718 Jan 28 -1
4
Col & 11 V In ext g 48
1948 A 0 87/
844
6
193 .3 10038 101 100/
2d 20-year 5s
/
4 8712
874
871
1
4 10058
8712 17
1955 F A 8712 90
2
Col & Tot ist ext 45
1928 M N 1024 1024 10214
C Ft S & M eons g 13s
81
8212
8212 Jan'26 -Conn & Masson, Rh' let 48_ _1943 A 0 8412 87
1024 13
K C Ft8& M Ry ref g 45-1936 A 0 9184 Sale 91
7512 82
82 Mar'26 -02
221
1930F 4 8312 90
Consol Ry deb 49
KC&MR&BIstgu 5s-1929 A 0 9958
654 70
100
Non-cony 48
100
3
1954 3 J 6718 6712 6714 Mar'26 -A
0
i
1
City
Sou
let
gold
35_1950
671
/
4
Kansas
753
8
71
6718
6512
7014
Sale 7518
Non-cony debenture 48_1955 J J 6718
7534 146
Apr 1950 3 J 9634 Sale 954
Ref & Impt 55
6512 70
/
4 6712 68 Mar'26
Non-cony debenture 49_1958 J J 671
9638 404
93 I 32
8834 93
1952 J J 924 Sale 91
Cuba RR let 50-year 56 g
3 105 107
107
1936.3 D 107 Sale 10634
let ref 730
9738 72
9214 974
9738 Sale 9614
Cuba Northern Ry 1st 6s_ 196J_
984 Feb'26
97% 98/
1
4
Day& Mich tat eons 4349_1931 3 j 9814
a U80 JAR.
°Duo Feb. eDue May, 0 DUO Oct. V Dile DOO
8 Option Phi.
Ran&
Since
Jan. 1
Low
Htoll
905a 934
10818 11614
1024 1054
107 110
9414 15
8538 884
89
9218
98 99
704
62
474
44
42
47
16"
72
65 65
9434 96/
1
4
10312 1034
10118 1024
85
874
91
91
1003s 101
10214 1044
10118 102%
102/
1
4 103%
1074 10812
1
4 78
74/
Wi"
V1-81;
65 6814
905 98/
1
4
674 73%
6714 74/
1
4
1
4 85
73/
104 107
10414 106%
86 92
89 894
98 100
984 10038
9519 9784
97 99%
59% 64%
1
4
103 105/
98
96
1
4
107 108/
10012 10084
1001s 101
1
4
9312 97/
97/
1
4
96
10018 10011
63 7214
95% 97
114114 116
1
4
106% 107/
10934 113
11214 11214
93 96
10238 106
9714 10012
7815 7914
1312 19%
884 884
101 10411
10311 105
91/
1
4 9484
_9512 9854
100 1024
10134 10134
9612 984
101 101
100 101/
1
4
9212 96%
7514
1
4
9285 96/
93 93
8314 8484
8334
71
71
11813 89%
90?a 93
811
/
4 941j
85 ii"
106i 10658
102/
1
4 104
11112 11312
9038 9018
74
74
43
8°
7
774
3:
7:4 8708
381k
Pa
811182 82
821
1
89% 8984
99/
1
4 10211
104 10512
10214 10214
7812 7522
890 9158
794 7984
10038 10211
10079 10211
103 106/
1
4
66
78%
7658 "fit;
ow. 66611
&us 65
1
4
1914 23/
so% 9114.
101 101
83 8414
10018 1014
10018 10381
8918 92
984 100
76
74
93% 97%
New York Bond Record—Continued--Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 9.
FL'
Zi
a.,
Price
Friday,
April 9.
Week's
Range or
Last Sale
co 63
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 9.
2019
Price
Friday,
April 9.
Week's
Range or
Last Sale '
03.2
Range
Since
Jan. 1
Bid
Ask Low
High N o Low
High
Bid
Ask Low
High No Low
HI03
87 Sale 8534
343
87
N Y Central & Hudson River87
85
8512 87
86
87
3
Mortgage 31.48
86
913
87
721
1997 3 3 7918 80
7611 80
8938 Mar'26
8212 894
__
Registered
9's
58 Jan 26_
7812 78,
764 7712
4 76
8714 Mar'26
Debenture gold 4s
8514
8534 874
193
97
9414 9572
4j
al N
j 9558 Sale 95
102 Sale 102
102
30 10012 102
Registered
9514
__!! 941s 941s
_ 9418 Jan
9
'
5238
100 10012 100
10038
5
30-year
9838 101
934
debenture 4e
1
11999A
42
8j
9312
iVI
F N
94
J
_ 93i8
93
8114 80
80
80
1
7858 8112
Registered
93 Feb'26
7814 Mar'26
LaR
ke
eathtoerreedcoll gold 3;ia_1998,1-80
77
11"
F -A -76gs -7814
99 Sale 9878
38
99
984 99
76%
612
76
77
4 13
7612
76
5
974 Sale 97
Mich Cent colt gold 3;0..1998 F A -:77
9614 9734
9714 24
- 12 7614 78 Mar'26 ---7912
77
96 Dee'25 _
Registered
____
77 Mar'26
77
77
1998
F
A
10234 104 104 Mar'26
N Y Chic dr St L lat g 4a
102 104
9418
9414
924 9414
3
19371A 0 9434
9518 9835
87
8912 9734 Mar'26
Registered
9234 ____ 924 Mar'26
92
9218
1937IA
8314 Sale 8314
1
25-year debenture 4s
8258 8414
83 4
1
9313 9734
1931 nos N 9,34 Sale 9534
9534
9
80 Feb'26....
2d 138 Series A B C
80
8054
1931 m N 10318 Sale 10234 10318 15 10234 105
93 Sale 9234
9412
11
Refunding 584s Series A 1974 A 0 10234 Sale 10078
92
93
10234 144
9812 10234
10312 105 10212 10314 13 10084 10358
Refunding 5341) Ser B
1024 205
1,
95
73
59
5 A
9814 10258
j 10212 Sale 10018
10314 Sale 10314
10314
2 10212 104
NY Connect Ist gu 4 Sis A..1953 F A
9334 Sale 9358
94
8
92
94
89 Sale 89
8858 904
1st guar 53 Series B
8912
101
3 1001s 10034
101
108 Sale 10714
108
2 10512 108
V aYd Erie
8912 Feb'26 -ex, gold 4s 193
8911 8912
9-17
0
M
A
N
o
9512 Apr'26 85
8458 8712
94 Nov'25
193
23
8:
A
i D
s 9618
109 110 10912 Feb'26 _
109 10912
4th ext gold be
10018 ____ 10058 Mar'26 -- 1001, frici5-2
1004 ____ 10012 Feb'26 __ _ _ 10018 10012
9838 ____ 9839 Mar'26
6th ext gold 48
95ss 95%
9412 ____ 9412 Apr'26
0413, 95
N Y & Greenw L gu g bs
9534
_ 9512 Mar'26 -1946 MN
97
1)4
9034 ____
NY & Harlem gold 3A s_ _ _ _2000 M N
7914 __ 79 Nov'25
9058 91
82
87
9312 Aug'25
1
864 ____ 854
8618
N
Y
Lack
2 -814 -1;6-180
_
&
5u13'241
W
1st
& ref bs1973 MN
8
_ 9958
9834 Mar'26
-6534 foil; Iowa
10081 10
let dr ref 434s
9738 994
9,534 97
9.5
18
96
9612 V Y I, E & W ist 79 ext__ 10,
11-1
9:7
370
3 WIN
F
NI S
A 16618 _ _ 107 Dee'25
87 Sale 8618
10034 10114
85
29
101
87
If Y & Jersey tells
87
101 141
7
9912 10014 9959
90 Mar'26 -- -9958 IC
9958 10014 N Y & Long Branch gen g 49_1941 NI S
9978 100
9978 100
7013 Jan'26
:
1-913664
N Y N II & Hart n-e deb 48_1947 m 9
994 101
0
9
911
1: 1 1;17
;
8778 88
88 Apr'26 - - - 8658 894
_ 80 June'26 -Registered
M R ____
10418 ____ 104
104
1 10212 104
Non-cony debenture 3148_1947 m 9 6413 •-6- _912 6618 Feb'26 -6
41)
-2
71-13
11
4, -6
94
-1:4
1-2
9438 Sale 9412
9558 24
63,
8 62
634
934 9558
3
Non-cony debenture 3518_1954 A 0 62
10014
Non-cony debenture 4s___1955 .1 j 70 Sale 6814
10112 10112
70 I 11
5 101 104
6
68
7,1 71
10612 Sale 106
10634 13 111514 107
69121
7
Non-cony debenture 4s_1956 M N 6912 Sale 6814
107 108 107
107
6218, 16
Cony debentlire 350
11 10612 11014
1956 j 5 62 Sale 61
64
61
10638 Sale 10538 10638 14 10412 1084
Cony debenture 68
1948 j J 9839 Sale
98
9812 9714
_!
r9281 __3
81. Ma9
9817
96
Registered
6
96
98$4
J J
10614 107 10614 Mar'26
9813 13
Collateral trust 68
1047s 107
9112 99
712
1910 A 0 -95- 911-2 9734
104 105 10358 Mar'26 6034 22
6034 Sale 584
Debenture 48
10358 10355
58
6234
913
9114 9212 9138 Feb'26 -874 15
87
Harlem R & Pt dime 1st 4s11954
141 14 9135
967 hil
m N 87
6514 664 6513 Mar'26
10014
1 100
6512 6612 N Y & Northern 1st g .5e._1927 A 0 10014 10034 10014
8
,64
2
7;
4
42 18
8
0
77
5
01:4s
9918
99 Feb'26
69 I
3
8 6918 6812
NY 0& W ref lett: 4s_June 1992 m s 68,
9878 99
8718 Sale 87
II
6312 13
General 48
854 8718
1955 3 D 6512 Sale 6212
9214 93
9158
23
92
NY Providence & Boston 4s 19
9014 92
94
22
7m
A O
s 8518 __ 8612 Fee'26
9912 ____ 9912 Mar'26H-....
9914 99.
3 1 Y & Putnam 1st con gu 48.1993 A 0 85,8 9658 8618 Mar'26
102
_ 10134 Mar'26_,... 10134 1013
994 10014 l0034 Apr'26 . V Y & R B 1st gold 5s
1-00
7
i6.
738
10 1-00
84
i6-1,34
8
N Y SU811& West 1st ref 58._1937 3 5 794 8012 7814
61
80 I 24
63 62 9lar'26
_
60,3 64
65ls 74
68 Mar'26
6512 6612
64
6212 6114
6612
2d gold 414s
2
100 ____ 100 Mar'26
3
67 Sale 67
67 I
General gold 5s.
_ 100 1004
1194
937
4111
63
1
1 F A
79
8158 ____ 81 Nov'25
Terminal let gold 5s
1943 M N 9712 ____ 9812 Mar'26
64
1004 _
10078 Mar'26
74
1-00-78 1-6678 N Y W'ches & B 1st Ser 1 448'46 J 3 74 Sale 7012
10014 Dec'26 -7912 53
9358 Sale 9358
V2-59358
8 VS" Nord Ry eat! sf 61.4s
2
1950 A 0 78 Sale 7758
82 I 48
8112 Sale 80
8014 8112 79 Mar'26
79
_
8038 Norfolk South let & ref A 58 1901 F A
9812 99
9814 Mar'26
83
8312 Mar'26
8312 sZorfulk A South 1st gold 58.1941 m N
9734 98,4 Norf & West gen gold 68. _ -11,3
9814 Sale 9734
06
87797 111
10612
9814 11
6 190767
8: 198708
1
16
932
69
1 M
A o
2295
:
:
N 10612 107 10612
4
9012 95
92
Improvement & ext 68 _1934 F A 10912 ____ 1084 Apr'26 --I
9412 94 Mar'26
_
10018 10112 10013 Mar'26 - - 10018 10034
1074 ____ 10712 Mar'26 --.1 1:
New River 1st gold
-6
9 71 1-6
9
:3
9412
9412 Dec'25 -92
N & W Ry let cons g 4s_ 1994
'23
19 A 0 92 Sale 914
904 93
9412 95
89 Feb-26
Registered
9434 Mar'26
OHs 9884
89
89
91 Sale 8934
91
Div'l let lien & gen g 43_1944 3 3 9134 9213 9112
91
91 12
86
53
1
82
87
814 Dee'25
19-year cony 65
138 1564
1929 NI S 142 143 142 Mar'26
9212
I
913
92
3
93
4
Pocah
C
&
C
joint
45
1941 J D
Minn & St Louis let 7e
1927 in
1
1004 Mar'26 ----1 10
10212 103 Nov'26
Nor Cent gen dr re/ 58 A._.1974 64 s
9
92
34
9
80
31$
8
138 10
1st consol gold 58
1934 SIN 57
9218 92
62 62 Mar'26
,
8 92 Mar'26
-6-i- 64
North Ohlo lot guar g 5s
194-5 A 0 103Temp Ws of deposit
• N 57
88
,
8 52
5814
583
4
5814
Pacific
Nor
Mar'26
634
prior lien 4s
1997 Q 3 88 Sale 8712
8618 884
let & refunding gold 4e___1949 M
1912 20
1912 20
86
871s
5
1934
5
Registered
1932
86
871s
Ref & ext 50-yr 58 Ser A__1962 Q F 15
64 I 74
General lien gold Is __a2
lb
1534 16 Mar'26
164
614 6512
19
047
97 Q 9
.1 6378 Sale 6234
1st guar g 78
1927 in 9912 100 102 Sept'25
Jan'26 _
Registered
82047 Q F
60 60
14 141 PA SSNI con g 45 int 2212'38 J J 90 Sale
014 18
56
8838
Ref A impt 434s set A._.2047 J 3 -9024 92I 91
8578 90
90
87 9118
1st cons 53
19:Se
J 98
8334 Feb'25 ....1
14758 99,
13
9834 98
9814
Registered
4
1st cons Is gu as to Int
1938 33 9838 Sale 9734
1114 154
8
9734 9914
Ref &'mot 6e eer B
9878 95
2047 5
3 .1
..1 11.1 13 Sale 110,
40-year coil Met 6S1s._ 1931 91 S 103 10312 10314
11014 Mar'26
1 10234 104
Registered
10314
11014 1104
tat & ref 6s Series A
194f ii 10134 Sale 10134
1 10038 1034
981-4
10012 20 1-6
Ref & impt be ser C
10134
4 1110
20473
1
3 j
(
1114
:
.1 10612 gale 100
2
25-year 6i.4s
1804 Sale 10014
1949 MS 8918 9038 91
10012 39
8912
11
Ref
927
8
&
91
!mot
5s
ser
D
2047
3
984 1004
J
let Chicago Term a 1 45_ 1941
N 9212 93 Mar'26
1,3
93
1094
Nor Pac Term Co 1st g 68..1933 1 J 10934 ____ 10934
5 10934 11914
Mississ1991 Central 1st 5s
10284
1949 J J 93
101 12 Jan'26 -- 10112 1001
93
94
93
03
9334 No of Cal guar g be
1938 A 0
Mo Kan & Tea—let gold 49.1991
____ 1024 Jan'26 -- li0
D 86 Sale 8518
71
8458 8612 North Wisconsin 1st 6s___ .1930 J J 103
811
:
11692
11
689
21:44
:
Mo-K-T II.R—Pr 158 Ser A_1962 J J 9978 Sale 99
9014 100
81
100
40-year 4e Serlee 11
8012 8512 Og & L Chem 1st gu 48 g___1948 J J 75
1967 • J 8312 Sale 82
75341
7614 7514
6
22
8312
10-year 6s Series C
1932 1 .1 10212 103 10212 101
101 12 Feb'26 ----I 10
20 10212 10414 Ohio River 11.11 1st g 58
1936 .1 11
76
2
7012
3 10
Cum adjust 5s Ser A Jan_1967
0 9258 Sale 9034
Dec 2o
General gold 58
9012 9534
924 685
1937 A 0 10039 10134 IOU
Missouri Pacific (reorg Co)
10039 Sale 10014
100,
Ore
8 30
&
CI
I
1st
guar
g
be
1.
1027J
J
1st & refunding 58 Ser A 19135 FA 95 Sale 9314
9212
91
12
'28
9118
9112
89,4 954 Ore RR & Nay con g 4e
9538 94
1946 1 D
let & refunding Os Ser D_ _1941 FA 10518 Sale 10412 10512 119 10134 10512 Ore Short
106 10613 11)6
106 j
2 10434 107
Line—let
cons
g
bs_'46
J
J
1st & refund Os Ser E Int_1955
N 105 10514 10378 10512 148 10134 10512
10612
Guar cons Is
4 10
1946 J J 10618 1(1612 10614
9898,7,
,986
5
1:
%zit' 1061
General 48
1975 MS 6778 Sal 6534
97.2 93
65 68,
8
Guar refund 48
6778 435
1929,5 D 97.2 Sale 974
Mo Fag 3.1 is eat at 4%
1938 • N 8914 Sale 8914
4
854 70
88
8912 Oregon-Wash 1st & ref 4s
89,4
19611.1 J 8512 Sale 844
914
914
1
PacifIc Collet Co 1st g 5s_ _194611 D 9158 92
Mob & Ilir prior lien g be_ _1945 J J
9112
1
01 12 Sale 9113
99 Sept'25 _ _ _ _
99,3
Pac RR of Nlo 1st ext g 42_19381F A
9112 924
Mortgage gold 441
1945 J J 82
11-5;
10012
____
Mara{
100-2
82
8158 Jan'26
2d
extended
Is
gold
100 100
193811
,
8
1
Mobile & Ohio new gold t3s_ _1927 1 D 10318 Sale 10212 10318
9614 ____ 9614 Mar'26 -2 10158 10312 Paducah & Ills 1st s f 4 S4s 1955,3 J
9614
96,4
let extended gold 6a
81927 Q J 101 10112 10078 Mar'26 - - - - 10078 10212 Paris-Lyons-Sled RR 6s_.1958,F
64
76 Sale
5
7312
784
A
General gold 4a
1938
$ 904 9112 9039 Feb'26
90
84713
74 824 8752
8312
90,
8
S 1 external 7s
1958.M S 8312 Sale 757
Montgomery Div mete 58_1947 F A 10012
9914 101
4 Sale 83
48
84
101
101
49
Paris-Orleans RR s 1 7!
1954 Ivf S 82,
4 100
8'21:
10
82
7
St LOUIS DIvialon 58
1927 1 D 9934 10012 100 Mar'26
10112 Sale 101 14
993
4
10012
10112
Paullsta
By
7s
1942
M
S
Mob & Mar lst go gold 48.....1991 91 S 89
8812
8834 23
91
87
8834 Pennsylvania RR—cons g48 1943 M N
941s
.
,,
2 ----1 94
Mar.
'
1
Mont C Ist gu g 68
94
3
1937J J 1104 11212 10939 Mar'26
10958 101.4
Como! gold 441
1948 M N 9414 Sale
let guar gold be
1937 .1 1
4
11 9144 95
_ _ 10234 10234
1 4014 10234
48 sterl stpd dol___May 1 1948 MN 95 Sale 04's
Morris & Essex 1st gu 3lis 2000 J D 1023
95
7918 80
7878 814
101
24
7934 Mar'26
101
5' 9
Consul 4 Sis
g8
17: 10
1960 F A 101
91:
Nashv Chatt A St L let 58.1928 A 0 101
9814 166
Sale 101
101
9 10034 1014
General 4 34s Ser A
11)653 D 9818 Sale 9024
N Fla & 1st gu g bs
1937 F A 10134
10134 10134
10134 Feb'26
102 10
106
General 55 Ser B
11)585 D 106 Sale 10518
9
07
4
24
Nat RY of Hex pr den 4 tis 1957 3 J
4
1
3
68
84
64
30 Sept'24,.-_ _
10-year secured 75
53
1930 A () 111734 Sale 10712 108
July 1914 coupon on _______
19 Apr'26
8 Sale 112,
8
11239 151 11132 11272
15-year secured 6345-1936i F A 112,
Assent cash war ret No 3 on.....
5- 17
1912
15
15
10913
15
June'25
7
Registered
F A
Guar 70-year e f 45
1977 A 0
June'24„.
lt1114 246
40-year gold 58
1964 NI N 11)1 Sale
Assent cash war rot No 3 on..... 1812 2212 8712
9813 111115
19 Mar'26
-181-2 22 - Pa Co—Gu 310 coil tr A reg 193791 S 8612 --- 8612 Oct'25 -Nat RR Hex prior lien 410_1920 J J
3812 July'24
__
8
Mar'26
Guar 314s coil trust Ser B.1941 F A
8314
83
July 1914 coupon on
3 J
24 Sept'26
831s
_
82
_
Dee'25
Guar
314s
trust
ctts
C
1942
J
D
Assent cash war rct No 3 on_
- 27 -21 2834 Mar'26 _ _ _
833 82 Mar'28 -Guar 334s trust ctfs D
1944 J D 82
let consol 4s
_-1951 4.0
28 Apr'25' _ _
Guar 15-25-year gold 4a 1931 A 0 9612 96, 9614
0614
8
Assent cash war rct No 3 on. _
13
1341
13 -11;8-4
2
_ 9612 Mar'26
15,4 1314
Guar 45 Ser E
1052M N
8618 83
New England cons Is
I
1945 3 J 95
9514 Mar'26
9514 9514 Peoria & East 1st cons 4s__ _19443 A 0 83
83 1
_
4
84
83
7958 84
Consol 40
1945 J J 8412 Sale 8234
8412
81
84121
6
3612
Sale
3512
Income
45
363
4
40
1990 Apr.
N J June RR guar 1st 45_
1986 F A 8418
8412 8411 Peo dr Pekin Un let 534e___ _1974 A 0 10034 103 10039 Mar26 - -1:
8412 Mar'26 _ _ _ _
11
0
98 :
!
00
3
980 311i 1
153
NO&NE ler refddrop 4 tie A '52 .1 .1 9512 8534 9538
9234 9512 Pere Marquette tat Ser A 58_1956 3 .1 10314 Sale 10234
953s
5
10314 45
New Orleans Term let 85_ _ _1953 J J 8534 62:tW
8612
84
867
8
863
4
let
87
49
Ser
I 13
B
1956 3 J
N 0Texas & Hex n-c Inc 5s_1935 A 0 10014 10034 gn 1P13
9614 10012 Phila Balt & W let g 4s
2
1
4 10.
9312 Mar'26
1943 M N
let ba Series 11
1954 A 0 10012 Sale 9854 10012 161
96 10012
Gen Is Series 1.1
1974 F A 10758 10734 10712 Mar'26
10018 1081*
let 584s Series A
1954 A 0 105 Sale 10414
10515 226 1024 10514 Philippine Ry 1st 30-ye 81 85 1937 .1 3 44 Sale 4334
4412
7
4012 644
N & C Beige gen guar 4 Y6s1945 J J
9412 9634 Pine Creek regstd 65
964
_
9634
1932 J 1) 1054 _ _ _ _ 10512 Mar'26 ---.1
N Y B & 91 11 1st con g 544_1935 A 0 10034
96497
,
8
102
- - 10014 Mar'26
97
P C C & St L gu 4 Sis A
98
Jan'26
1940
0
A
-9-tFe 97
NY Cent RR cony deb 6a1935 M N 10714 Sale 10734
08766
-11
2
1
1
8
108
9712
Series li 434s guar
8
9712 20
1942 A 0 974 94539 9712
Registered
M N
10612 10612
974
10612 Jan'26
Series C 43'4s guar
974
9738
1
104291 N
9732 9739
Consol 4a Series A
1998 F A 8818 Sale 8634
853, 8814
9312
8818 26
9218 Dec'25
Series D 4e guar
1945 SIN
82
82
Ref & impt 4 48"A"
2013 A 0 9458 Sale 94
924 9518
9434 41
9214 Feb-26 ---_
Series E 351e guar gold...1949 F A
Ma 924
Ref & Mint 58 Series C
2013 A 0 10378 Sale 103
251 1011s 104
104
Series F 48 guar geld
1953 J D 9313 ____ 924 Feb'26
9278 93
Registered
A 0
10034 Aug'25 _
9311 Mar'26
Series (I 48 guar
93,2 - 1957 M N
9312
93
Kansas City Term let 4a_ 1960 j 5
Kentucky Central gold 4s__1987 J
Kentucky & Ind Term 4 yie_1961 J
Stamped
1961 3 .1
Lake Erie & West let g 55_ _1937 J J
24 gold bs
1941 J J
Lake Shore gold 3A11
1997 J D
Registered
1997 J D
Debenture gold 45
1928 M S
25-year gold 48
1931 m N
Registered
1931 ni N
Leh Val Harbor Term 55_1954 F A
Leh Val NY let en g 4
_1940 S .1
Lehigh Val (Pa) cons g 4s_ _2003 M N
Registered
.M N
General cons 414s
2003 M N
Lehigh Val RR gen Is Serlea_2003 m N
Leh V Term Ry let gu a 5s 1941 A 0
Lob & N Y 1st guar geld 4s 1945 M S
Lex & East 1st 50-yr 5s gu1965 A 61
Little Miami 4s
1952 MN
Long Dock consol g 6s
1935 A 0
Long Isid 1st con gold ba_h1931 Q J
let consol gold 4s
819310 J
General gold 415
1938 J D
Gold 49
1932 1 D
Unified gold 4s
Debenture gold 58
1 1,1
20-year p m deb 58
1937 M N
Guar refunding gold 4s
1919 M S
Nor St) II 1st con g gu 58..o1932 ty
Louisiana & Ark 1st g Is.. _1927 Si S
Lou & Jeff Bdge Co gu g 4s 1945 m S
Louisville & Nashville 5a
1937 M N
Unified gold 43
1940 J
Collateral trust gold 59-1931 H N
10-year secured 7s
1930 m N
1st refund 5148 Series A 2003 A 0
let & ref Is Series It
2003 A 0
1st & ref 448 Series C
2003 A 0
N 0 & NI 1st gold 68
1930 3 J
21) gold Os
1930 3 J
Paducah & Mem Dly 48_1946 F A
St Louis Div 21 gold 3a..119411
Mot)& Monte 1st g 4 S4s....1945 M S
South Ry joint Monon 48_1952 I 1
Atl Knoxv & Cln Div 4s
1955 M N
Louisy Cin & Lea gold 444_1932 M N
Mahon Coal RR 1st be
1934 j 3
Manila lilt(South L nee) 48_19314 M N
1st 48
1959 M N
Manitoba Colonization 5g...,.1934 3 D
Man G & N W lat5l.,ts.1941 3 J
Mich Cent Dot dr Bay City 5s.'31 M S
M
Mich Air Line 43
1940 1 J
.1 LAS 1st gold 3Yis
1951 M
let gold 314s
1952 M N
20-year debenture 46
1929 A 0
Mid of N J let ext ba
14111w
& West Imp ft 5s 1gt
1 :
I
74.
Mil & Nor Ist ext 4 tie(blue)1931 3 D
Cons ext 414e (brown)
1934 3 D
M11 Spar dr NW 1st go 4&..1947 M 13
Milw & State L let go318s1i34i S
3
o
87181
284
a Due Jan. 8 Due July
e Due Oct
a Optlon gale
961; 16-72
2020
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 9,
New York Bond Record-Continued-Page 4
Price
Friday,
April 9.
Week's
Range Or
Last Sale
Ask Low
Puts Cm Chic & St L (Concluded)
Series II 4s
1960 F A
Series I cons guar 448_1963F A
Seriee J 44s
1964 M N
General M 5s Series A
1970 3D
Gen mtge 59 Series B
1975 AO
Pitts dz L Erie 2d g 5s
a1928 AO
PIM MeK & Y 1st gu 6s___1932.33
Pitts Sh & L E 1st g 5a
1940 AO
lst consol gold 5e
1943 JJ
Pitts Va & Char 1st 4s
1943 M N
Pitta Y & Ash 1st cons 5s_ -1927 MN
1st gen 45 series A
19481.1 D
1st gen 55 series B
1962,F A
Providence Secur deb 4s
1957 M N
Providence Term 1st 46
1916 M S
Range
Since
Jan. 1
g
co 4
High No. Low
94
9334 Sept'25
9614 Mar'26
9614
9638 -1114 967 Mar'26
10112 Sale 10112 102
10112 Sale 10014
10158
101 101 Dec'25
106
____ 106 Aug'25
10138
102
102
10014 102 1004 Oct'25
92
9114 May'25
100 Sale 100
100
9112 Mar'26
9112
_ 1027s Jan'26
100,4
63 64 Mar'26
8414 --- 8318 Dec'25
9614 9814
98
96%
100 102
9912 10174
1
101" flint
5
9934 100
9112
91
10212 1027.
64
64
Reading Co gen gold 4s
1997' J J
Registered
.3 .1
Jersey Central coil g 4s_1951 A 0
Gen dr ref 44s Ser A
1997
J
FUchm & Danv deb 58 stpd_1927 A 0
Rich & Meek 1st g 48
1948 M N
Richm Term Ry 1st gu 58.._1952 J J
Rio Grande June 1st an 58_1939
D
Rio Grande Sou 1st sold la_.1940
J
Guaranteed (Jan 1922 coup on)J J
Rio Grande West 1st gold 46.1939.3 J
Mtge & coil trust 48 A
1949 A 0
R I Ark & Louts 13t 44s
1934 pa
Rut-Canada 1st gu g 45
1949
Rutland 1st con g 44s
1941 j j
St. Jos & Grand 181 1st g 4a 1947 j j
St Lawr & Adir 1st g 5s
1996 3 JI
2d gold 68
1996 A 01
St L & Cairo guar g 45
1931 j .1!
• L Ir M & S gen con g 58_1931 A 0
Unified & ref gold 4s
19293 J
Registered
Riv de G Div 1st g 4s
1933 M N
• L M Bridge Ter gu g 5s
1930 A 0
se L & Ban Fran (reorg co) 48 1950 j k
Prior lien Ser B 58
1950 J .1
Prior lien Ser C 56
.1
1928
Peor lien 54s Ser D
19423 3
Cum adjust Ser A 68____51955 A 0
Income Series A 66
h1980 Oct.
StLouis & San Fran Ry gen es 31J j
1931 j j
General gold 55
Bt. 1. Peo & N W
gu 33_1948 J J
St. Louis Sou ist gu g 4s 1931 m s
St L W 1st g 4s bond ctfs 1989 M N
2dg 48 income bond ctfs_ 91989.3 J
Cense! gold 4s
1932 .1 D
1st terminal & unifying 50_1952 J J
St. Paul dr K C Sh L 1st 445 1941 F A
Bt. Paul & Duluth let 5s1931 Q F
1st corisol gold 4s
1968.3 D
St Paul E Or Trunk 445_1947 J j
Bt Paul Minn & Man con 451_1933 J D
Registered
J D
1st consol g 48
1933.3 D
Registered
6e reduced to gold 44a1933 J J
Registered
1933 J J
Mont ext 1st gold 48
1937 J 13
Registered
J D
Pacific ext guar 4s (sterling)'40 J J
FR Paul Union Depot 68___ .1972.3 3
96 ____ 96 Mar'26
44% May'26
91
907 Sale 9012
9614 25
9614 Sale 9512
_ 9934 Mar'26
9934
- 75 Dec'25
76
10174 103 10134 1011
98
8
975
98
4
7
54 Dec'25
4
6 May'25
1
-8934
90% -6
9014 59
7814 8015 79
8018 60
92% Sale 9112
9258 102
77 Feb'26
8812 8912 8912 Mar'26
80
81
80 Mar'26
on Mar'26
974
10118 102 .101 Sept'25
964 Mar'26
9518 98
31
10034 Sale 10012 1007
9714 36
97 Sale 9874
____ 93 Sept'25
0238 Sale 91%
9258 198
1
100
9934 10114 100
81 Sale 7938
825
81
7
Sale
95
170
9712
974
51
1023s Sale 1024 103
10314 149
10234 Sale 1024
957 351
953 Sale 93
87 Sale 8534
8738 369
105% ____ 1053s Mar'26
10034 ____ 1003 Mar'26
6
10314
945 931, 94% Apr'26
8534 233
8534 Sale 85
77% 76 Feb'26
76
9418 54
9418 Sale 92%
9114
9312 14
9314 94
88% 50
8814 Sale 873s
9914 Mar'24
1014
9014 89 Feb'26
89
92
91
Jan'26
1
97 Feb'26
97 4
9214 July'25
10858 Mar'26
10878
107 Mar'26
9934
9934 116 9934
9812 Feb'26
904 9513 93 Mar'26
•
9238 Mar'26 _
8914 Mar'26
8912
102% 10312 10212 102% 11
S A & A Pass 1st gu g 4s___,,19133 J
Santa Fe Prca & Phen 58_1942 M S
Say Fla & West 1st g 8s1934 A 0
1st g 58
1934 A 0
Belot° V & NE let gu g 45_1989 MN
Seaboard Air Linea 45
1950 A 0
Gold 4s stamped
1950 A 0
Adjustment 56
Oct 1949 F A
Refunding 4s
1959 A 0
1st & eons 68 Series A
1945 M S
Atl & Birm 30-yr 1st g 4s_ d1933 M S
Seaboard-All Fla 1st an 65 A.1935 F A
Seaboard & Roan ist 5&_1926J J
So Car & Ga 1st ext 546_1929 M N
1936 F A
8&NAlaconsgutt5s
Gen cons guar 50-yr 58
1963 A 0
Bo Par Col 45(Cent Par col)k1949 J D
Registered
J 13
20-year cony 4s
June 1929 M 8
20-year cony 58
1934 3 D
20-year g 511
19441W N
San Fran Terml 1st 4a
1950 A 0
A 0
Registered
SO Par of Cal-Gu g 55
1937 M N
1937 J J
So Pao Coast 1st gu g 4s
Bo Par RR let re/ 49
1955 1 J
8612
8638 864 8614
10234 Sale 10258
10234 14
Jan'26
110
107
102_ - - 10134 Dec'25
2
8918
894 -9012 8918
1
7834
8014 8112 7834
80% 30
80% Sale 78%
79% 197
7834 Sale 77%
16
71
70 Sale 70
9312 Sale 92
93,4 103
9134 27
9134 Sale 9014
71
95
95 Sale 93
100 --- 100 Apr'26
5
10114
101% 10112 10114
4
10358 10414 103% 10334
10634 1074 10714 Mar'26
8814 66
8712 Sale 8634
85 Sept'25
97% 62
977 Sale 97%
25
101
101 Sale 100
3
100%
100 10038 10014
8914 10
8914 Sale 8834
Jan'26
85
86
1033s Sale 10338 103%
I
9418 __ __ 9414 Jan'26
9212 392
9238 Sale 9112
8634
84
10012 10234
110 110
Southern-ist cons g 56_A994 J J
J D
Registered
Develop & gen 4s Ser A__1956 A 0
Develop & gen 65
1956 A 0
Develop & gen 64s
1956 A 0
Mem Div 1st g 44s-5s-1996 J J
Elt Louts Div 1st g 4s
1951 J J
East Tenn reorg lien g 55_1938 M S
Mob dc Ohio roll tr 4s_ 1938 M S
Spokane Internal 1st g is..19553 J
Term Assn of St L 1st g 449_1939 A 0
1st C0119 gold 5s
1944,F A
Gen refund s f g 48
1953 J J
Tex & N 0 con gold 5s
1943.3 J
Tease & Par 1st gold 8e....2000,J D
La Div B L 1st g 59
19313 J
Tat P50-Mo Par l'er 5411_1984 M S
Tol & Ohlo Cent 1st an 5..19353 J
Western Div 1st g 50-1935 A 0
1935 .1 D
General gold 56
Toledo Peoria & West 46_1917 J 1
Tol St L & W 60-yr g 43-1950 A 0
1931 .1 J
Tol W V & 0 gu 44a A
Series 13 44.1
1933.3 .1
Series C 15
1942 M S
Tor Ham & Buff 1st g 4i__ _ _1946 J D
10512 Sale 105
-- 103
8434 Sale 8234
10918 Sale 108
11434 Sale 11334
1037s
103%
86 Sale 86
100 10212 100
9114 Sale 91
8118 8334 8214
9712 9814 97%
102 103 10214
8634 Sale 8534
101
100
1034 Sale 10312
10018 10012 100
10134 Sale 10012
1014
10138
1004
-- 10078
994
9912
___ 35
3758
-884 Sale 884
98
9858
9812
90
91
8734 ---- 88
10534 52
Mar'26
8434 700
10912 31
11434 56
Mar'26
3
86
Mar'26
9112 15
83%
Mar'26
Mar'26
8634 53
5
102
10312 12
Mar'26
10134 33
Apr'26
Mar'26
1
9914
Jan'26
884 15
Mar'26
Dec'25
Nov'25
2
88
194 1057s
10134 103
8114 804
1071a 10858
112 11434
101% 103%
85
8914
99% 100
8712 92
81 . 8334
go% 8714
101 106
8434 87
9858 102
103 1944
9934 101
991, 1017s
10018 10114
10012 1011s
9758 100
34
37%
87% 884
9751 98
7412 76 Apr'26
Ulster & Del 1st corui 6 5s
19281.1 D 71
4512 Marla
45
let refunding g 44
1952IA 0 41
94
Union Pacific 1st g 46
194713 J 9412 Sale 93%
9334
J J 9112 ---- 9334
Registered
9912
20-year cony 42
1927.3 J 9938 Sale 9914
89%
1st & refunding 42
42008 M El 894 Sale 8858
108
1st lien & ref 6s
52008 M 8 1084 10812 107
10-year perm secured 68-19283 J 103 Sale 10258 103
39
3
68
61
4
53
.
95% 971
16"
9414
9184
9612
9934 100
10158 10212
9512 98
-9114
ocht
93
77
8954
80
97%
95% 9815
10014 10074
9534 9714
;
-11 - -12-5
100 10012
7712 81
9712
93
102 103
9914 1034
9212 96
8458 8914
101 10514
.
1004 1011
10212 1934
9418 94%
8418 8134
75
78
91% 9418
89.2 9312
88
99
_
If so
404 91
97
96
10778 109
107 107
9955 99%
9812 9812
93
963
.
92% 9212
89,4 89%
10178 103%
ii75 8918
7814 82
784 82
78
87%
6914 74
91
96%
8812 91%
9214 9834
100 1003s
10114 10134
103% 1934
10534 10714
86
8814
967g 978
100 10234
9954 1014
87 90
85
85
10314 104
9414 9414
90 ,9212
871k 88
75 80
4414 48
9214 9412
904 9334
9914 100
86
8984
10812 .0812
10258 10334
a Duo Jan. 40125 May a 0110 June. Is Due July. k Due Aug.
AFi
Pr
pr alei
l
High
13
78
I671
74%
89
75%
87
7818
9734
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 9.
NJ RR & Can gen 4s____1944 m s
Utah & Nor gold 58
1926j j
1st extended 4s
1933 J J
Yandalla cons g 4s Ser A
1955 y A
Consol 48 Series B
1957 M N
1934 j j
Vera Cruz & P 1st gu 44a
Assenting 1st 44s
1934I____
Virginia Mid is Series F__1931 j
General 55
1938 M N
Va dz Southw'n 1st gu 5s..20033 J
let cons 50-year 59
1958 A 0
Virginian 1st is Series A
1962 M N
Wabash 1st gold 55
19391W N
2d gold is
1939 F A
Ref f 54s ser A
1975 51 8
Debenture B6sreglatered_1939
1st lien 50-yr g term 4s....1954j 3
Det & Chl ext 1st g 5s
1941
3
Dee Moines Div 1st g 4s 1939 .1 J
Om Div 1stg33s
1941 A 0
Tol & Ch Div s45
1941 m s
Warren let ref gu g 34s
2000 F A
Wash Cent 1st gold ts
1948 Q M
Wash Term 1st gu 34s
1945 F A
1st 40-year guar 48
1945 F A
jst Mm W & NW let gu 55_1930 F A
West Maryland it g 4s
1952 A 0
West N Y & Pa 1st g 5s1937 J J
Gen gold 4s
1943 A 0
Income g 58
Apr 1 1943 Nov
Western Pae 1st Ser A 5a._1948 m
1st gold 68 Series B
19461W
West Shore 1st 4s guar
2361 3 J
Registered
2361 3 j
Wheeling & LE 1st g 50
1926 A 0
Wheeling Div 1st gold 55_1928 J .1
Ext'n & impt gold 58
1930 F A
Refunding 44s Series A.-1968 M S
RR 1st consol ds
1949 M S
Wilk & East Ist gU g 5s_1942 J D
Will & S F 181 gold 58
19383 D
Winston-Salem S B 1st 4s...._1960 J .1
Wis Cent 50-yr 1st gen 48
1949 J J
Sup & Dui div dz term let 4s'313 M N
Wor & Con East 1st 445-1943 J J
INDUSTRIALS
tdams Express coil tr g 413_1948 M
tjax Rubber let 15-yr s f 88_1936 J
tiaska Gold M deb 8s A
1925 m
1928
Cony deb 6s Series B
tipine-Montan Steel 7s
1955 M
km Acne Chem 1st 55
1928 A
1941F
1st ref s f 748 g
kmer Beet Sug cony deb 68..1935 F
tmerlcan Chain deb a 114_1933 A
1931 1W N
km Cot Oil debenture 5s
kmDock&tmptgulls
1936 3 J
tmer Ice deb 711__Ju.y 15 1939
km Maeh & Fdy s f (Is
1939 A 0
km Republic Corp deb 6s-1937 A 0
Ion Elm & R Ist 30-yr Meer A1947 A 0
lst M ea Series B
1947 A 0
tmer Sugar Ref 15-yr 66_1937 J J
km Telep & Teleg coil tr 48.1929.3 J
Convertible 4s
19361W S
1933 M 8
20-year cony 44s
30-year eon tr 58
1940
D
1960 3 J
35-yr a f deb 58
1943 M N
20-year f 549 "
Am Type Found deb 6s ,.,.A940 A 0
Am Wat Wks & Elea 5s
I934 A 0
km Writ Paper s I 7-8s_ _1939 J J
Temp interchangeable Ws dep _l_
Iknaeonda Cop Min 1s1 60_1953 F A
15-year cony deb 7s
1938 F A
tndes Cop Min deb 75 50% pd'43 J J
togio-Chilean Nitrate 7s
1945 M N
tntilla (Comp ..zue) 7).4s....1939 J J
trk & MemBridge & Ter 55.1964 M
Armour & Co 1s1 real eat 41.4519393 D
Armour & Cool Del 54s..19433 J
Associated 0116% gold notes 1935 M S
1947 J D
Atlanta Gas L 181 58
Atlantic Frtht 75 ctfs dep
1934 J D
Stamped ctfs of deposit
1937 3
Atlantic Refg deb 55
Feet's
Range or
Last Sale
I e;
el
hi
Range
Since
Jan. 1
Bid
Ask Low
High No. Low IRO
91%
924 Dec'25
9958 ____ 10012 Mar'2131---- -997s 10012
9612 9212
945* ____ 9512 Mar'26
88
8814
8934
-- 8814 Mar'26
8738 Dec'25
8818
231, 70 Sept'25
19
23" IC
2578 Jan'26
too- :::: 100 Dec'25
1 ich- 102
_ 102
102
9912 100
100 1-0-012 100 Mar'213
2
9014 9214
9158
914 92
915*
99% 102
10158 Sale 10118 10158 65
27 10114 104
104 Sale 10234 104
9812 10112
10112 Sale 10018 10112 90
984 1033s
10234 Sale 10118 1038 133
9334 Feb'26
8484
8412 ____ 8434 Mar'26
101 1024
10212 ____ 10214 Mar'26
841, 85
845* ____ 85 Feb'26
7714 83
8212 13
83 Sale 8038
1
87 89
8878 Sale 88%
88%
7712
Oct'25
77
11184
'82
85
84
83 887s
8312 ____ 8312
8312 14
83
914
Apr'26
903* ____ 9038
98%
68% Sale 6758
10114
100%
8618 8714 8612
4112
45
99 Sale 9712
10334 ---- 0612
85 Sale 8414
84 Sale 83%
99% 10012 00
10012 ____ 01%
99,4 --- 99
8618 8712 86
8712 Sale 86%
6638 69% 6612
10212 10378 10212
88
86% 86
8278 Sale 82
89% 8934 8934
7534 ___ 7614
Mar'26
6834 39
Apr'26
4
86%
Feb'25
101
99
10612
10
85
10
84
2
100
Mar'26
2
99
9
8618
8712 23
2
6612
Jan'26
29
86
8278 11
Mar'26
Mar'26
85
8634 85
10358 Sale 10312
418 5
44
418 6
44
91 Sale 9012
10312 Sale 10314
10414 Sale 104
9612 ____ 9714
10038 Sale 100
94
96
934
10558 100% 10558
110 137 125
10112 10212 10112
9914 Sale 9914
10034 Sale 10014
10812 Sale 1073*
10314 Sale 103
977 Sale 9758
93 Sale 92%
10014 ____ 10014
10214 Sale 10018
10018 Sale 9958
105 Sale 104
1037 104 10334
97 Sale 97
4514 Sale 42%
454 4712 42
8514
1037e
Feb'26
Feb'26
91
10414
10412
98
101
95
Mar'26
Mar'26
10112
993
101
10812
1037
9778
9314
10212
10214
1003s
10514
104
9712
46
46
10312 Sale 10212 10312
104% Sale 10312 10514
9914 Sale 9712
9914
97 Sale 9634
9714
92
9112 Sale 91%
95%
95% Sale 9512
92
9112 Sale 9034
95
95 Sale 94%
13278 Sale 1024 103
99% _ - - 99% Mar'26
Jan'26
26%
_ 28
23% 39% 201s, Jan'26
10012 Sale 10014 10012
10
8
44
4
68
5
21
12
8
14
161
21,
601
165'
23
13
265
462
202.
21.
32
14
22
9655 985s
67 703s
100% 10212
834 86%
-117 99IOW% 10613
83% 86
83 85
9974 100
16014 10214
9812 99
80% 874
81
8712
6414 731s
1023* 10212
8514 87%
801s 84
8812 89%
Ms 7814
85
88
102% 105
44 44
4
412
90% 914
10234 10414
103% 106
974 1014
98% 101
9312 974
1063519658
118 13412
10014 103
98
99$4
99 10114
108 10814
102% 104%
9674 98
92
9314
974 10212
10014 10314
97581003*
103 10514
10314 10484
9554 9714
42 66
414 644
2771 101% 104111
164 103 10712
967s 102
152
9614 1001g
68
18, 864 11214
9414 9714
3
5034 9214
106
107
93% 961s
25 102 113311
8
2028
ma 2014
99% 1014
Baldw Loco Works 1st 5s- _1940 M N
Baragua (('oup Az) 74s____1937 J J
1940 3 D
Barnsdall Corp deb (Ss
19383 J
Belding-Hemingway 8s
1948 J J
Bell Telephone of Pa 55
1060 A 0
1st & ref 5s Ser C
Beth Steel 1st & ref 5s guar A_'42 1W N
1938 J J
30-yr p m & imp s f 58
Cons 30-year as Series A _1948 F A
950m
53 F A
s
Com 30-year 54s Series! B 19
Bing & Bing deb 6)4s
Booth Fisheries deb SI 613_1926 A 0
Botany Cons Mills 64s__1934 A C
1942 A 0
Brier Hill Steel Ist 54s
B'way & 7th Av 1st c g 58-1943 J D
stmpd June '25 lnt;_
Ctfs of
1941.3 J
Brooklyn City RR 5s
Bklyn Edison Inc gen 5, A 1949 3 J
1930 3 J
General (is Series B
Bklyn-Man R Tr Sec . 1968 J J
gtd 58'41 MN
6sBklyn Qu Co & Sub con
1941J J
1st 55
Brooklyn R Tr 1st cony g 48_2002 J J
J
1921
3-yr 7% secured notes
CUs of deposit stamped
_
1950
Bklyn Un El 1st g 4-58
1950 F A
Stamped guar 4-58
Bklyn Un Gas 1st cons g 5s 1945 M N
1st den & ref 68 Series A 1947 1W N
1936 3 J
Cony deb 545
19323 D
Buff & Snag Irons 1 55
1952 A 0
Bush Termini.. let 4s
19553 J
CO11901 59
Bush Term Bldgs58gu tax ex'50 A 0
2
103 104 10278 103
1
104
10312 104 104
98 Sale 9734
9811 96
24
1
9818 Sale 97
98 4
10312 Sale 1021
1034 50
10314 Sale 102
10314 268
995 Sale 99
9934 33
87
96 Sale 9514
96
9812 Sale 97%
9812 170
923 Sale 92
9234 146
25
94 Sale 901
94
8
8212
8('2 79
9012 Sale 90
9112 25
17
102 Sale 102
10214
7112 74
7212
7314
71
7014 74
71
94
12
94 Sale 9312
28
10412 Sale 103%
105
105 Sale 105
10512 27
9514 620
951 Sale 93
6112 634 6l12
62
11
753 77
7612 Mar'26 -- -88
____ 92 June'25
13612 Nov'25,---__
12314 May'25 - -92- 924 92
9215 21
92
92% 92
9212 11
10234 104 10178 1027* 22
112 Sale 11134 11238 15
130 Sale 128
130
187
92 Mar'28 -- -8734 89 89 Mar'26
92 Sale 90
92
12
9714 Sale 9612
97
14
10214 1053d
104 106%
97 101
97 1004
1005s 103%
100 10314
9514 100%
93 9612
954 9934
874 9314
904 95
70 97
90 9514
101 103
71
Ms
7012 71
9314 96
103 10534
1037s 1061s
92% 98%
61 84
72
774
Cal G & E Corp unit Sc ref 5s_1937 M N
1933 A 0
Cal Petroleum s f g 648
Camaguey Sus 1st s f g 7s1942 A 0
Canada 88 Lines 1st coil 517s'42 MN
1943 J D
Cent Dist Tel 1st 30-yr 58
1931 F A
Cent Foundry 1st s f 65
Cent Leather 1st lien s f 85-1945 J J
1001 10034 100%
a
101
10334 10378 10374 10414 15
9958 Sale 99
38
995
10334 104 10312 1035
12
103 ____ 10274
1
10278
935* 9514 9512 Mar'26
10014 Sale 100
10034 152
10014 1011s
10312 10334
9012 997s
1011s 144
Rds4 10314
934 9914
100 10111
F--A
o Duo Nov. 5 Option sale.
-184 92%
884 9212
1014.1031s
110 1128.
128 136
92
92
8714 89
90
93
9512 100
2021
New York Bond Record-Continued--Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 9,
I
I
Central Steel 1st g s f 88._ _19411M N
Ch L & Coke lot gu g 5s_ _1937
Chicago Rye lot 55
1927 F A
Chile Copper es Ser A
1932 A 0
Cincln Gas & Elec 1st & ref 58'56 A 0
5%s Ser B due Jan 1
1961 A 0
Clearfield Bit Coal 1st 45_1940 J J
Colo F & I Co gen 5 f 55_1943 F A
Col Indus 1st & coil 55 gu... _1934 F A
Columbia & E 1st 59
1927.1 J
Stamped
1927 .1 J
Col & 9th Av 1st gu g 5s__1993
Columbus Gas 1st gold 5s. _.1932 .1 J
Commercial Cable 1st g 48_2397 Q J
Commercial Credits!65_
1934 M N
Col tr
% notes_ _ _1935 .1 J
Commonwealth Power 6s...1947 M N
Computing-Tab-Roe 5 f 138_1941 J
Conn Ry & L lst & ref g 4513 1951
J
Stamped guar 431s
1951 .1 J
Cons Coal of Md 1st & ref 55.1950 J D
Consol Gas(N Y) deb 5%8._1945 F A
Cons'd Pr & Ltg 1st 6.315._1943 IN 15
Cont Pap & Bag Mills6%5 _1944 F A
Consumers Gas of Chic gu 58 1936 J J
Consumers Power 1st 55
1952 M N
Copenhagen Telep ext 65_1950 A 0
Corn Prod Refg sighs
1931 m N
15t 25-year s f Is
1934 MN
Crown Cork & Seal lets!68.1943 11 A
CubaCoconveiSs.
1935J J
Cuba Cane Sugar cony 78_ __1930 J J
Cony deben stamped 8%193i) 2 J
Cuban Am Sugar 1st coll 88_1931 M S
Cuban Dom Sug 1st 7%8_1944 111 N
Cumb T & T 1st & gen es_ 1937 2 J
Cuyamel Fruit 1st Os int ctfa '40 A 0
Deny City Tramw 1st con 581933 A 0
Den Gas & E L 1st & ref 13 f g 513'51 MN
Stamped
M N
Dery Corp(D G) 1st s f 75_1942 M
Detroit Edison let coil tr 58_1933 J J
1st & ref 55 Series A.July 1940 M S
Gen & ref 5s Series A
1949 A 0
lat & ref es Series B..July 1940 M S
Gen & ref 5s ser B
19552 D
Del United 1st cons g 4)
,1p_.1932 J J
Dodge Bros deb 6s
1941 MN
Dold (Jacob) Pack 1st 65....1942 M N
Dominion Iron & Steel 58_ _1939 J J
Donner Steel 1st ref is
1942 J J
du ront(E I) Powder 4%s 1936 J D
Duquesne Lt 1st & coil es_ _1949
J
1st coll trust 5%s Series B_1949 I J
East Cuba Bug 15-yr 5 f g 7%s 37 M S
Ed El III 13kn 1st eon g 4s.19392 J
Ed Elec Ill 1st cons g 55_ _1995 J J
Else Pow Corp(Germany)6348'50 111 5
Elkhorn Coal 6% notes
1925 J
Empire Gas & Fuel 7%8._ _1937 M N
lat & ref 6.45(wIth warr'te)'41 A 0
Equit Gas Light 1st con 55_1932 IN 13
Federal I.ight & Tr 1st 55. _1942 M S
1st lien 68 stamped
1942 M S
30-year deb 65 Ser B
1954 J D
Federated Metals s f 75
1939
D
Fisk Rubber 1st s f 88
1941 MS
Ft Smith Lt & Tr isle 58..1936 M S
Frameric Ind & Dev 20 yr 7%5'42 J J
Francisco Sugar 1st st 7%8. 1942 M N
Gas & El of Berg Co cona g 531949 J D
Gen Asphalt cony es
1939 A 0
Gen Electric deb g 3%5
1942 F A
Gen Refr 1st f g es ger A._1952
German Gen Elec 7s Jan 15 1945.3 J
Goodrich (B F) Co late 40_1947 1 I
Goodyear Tire & Rub 1st s 1941 M N
10-year el deb g 88
41931 le A
Gould Coupler 1st s f
_ _1940 F A
Granby Cons 11.1 & P 135.con 118 A'28 1W N
Stamped
1929 M N
Cony deb 78
N
l930 MN
Gray & Davis 1st COUV s f 78.1932 F A
Gt Cons El Power(Japan)713.1944.F A
Great Falls Power 1st s f 58_ _1940M N
1
Hackensack Water let 45_1952,J
.1
Hartford St Ry let 48
1930M S
Havana El Ity LA P sen 58 A'54 M S
Havana Elec cons& g 5s_ _ _ _1952 F A
Hershey Choc lot & colt 5%s 19101
Hoe(10 & Co lst6 s temp.1934 A 0
Holland-Amer Line es C1laf).1947 MN
Hudson Co Gas Mg
1990 M N
Humble Oil& Refining 53.5.1932 J .1
Illinois Bell Telephone 56_1956 .1 D
Illinois Steel deb 4 %8
1940 A 0
Ind Nat Gail & 011 58
1936 M N
Indiana Steel 1st 58
1952 1W N
Ingersoll-Rand 1st 55 •
1935 J J
Interboro Metrop coil 4%s_ _1956 A 0
Guaranty Tr Co ctfs den
Ctf dep stpd asstd 16% sub_
---Interboro Rap Tran 1st 55_1966 J J
Stamped
10.year 68
1932 A 0
10-year cony 7% notes. _1932 M S
Int Agile Corp 1st 20-yr 55. _1932 M N
Stamped extended to 1942_
N
Inter Mercan Marines f 6s..1941 A 0
International Paper 55
1947
J
Ref f es Ser A
1955M S
Int Telep & Teleg cony 53(s 1945 51 S
Jurgens Works es(flat price).1947 J
Kansas City Pow & Lt 58_1952 M S
Kansas Gas & Eiectle es ..1952 IN 13
Kayser (Julius) ds Co 1st 51 75'42 F A
gelly-Springf Tire 8% notes_1032 MN
Keystone Telep Co let Se.... _1936 .1 1
Kings County El & P g 58
1937 A 0
Purchase money 68
1997 A 0
Kings County El 1st g 4s_1949 F A
Stamped guar 43
1949 r A
4 Due May. a Option tale,
Prigs
Friday,
April 9.
Bid
Ask
11712 118
10154 102
7114 Sale
10714 ____
102 103
10414 105
Week's
Range or
Last Sale
how
11714
10112
69
10612
102
10414
824
92
9212 92
85 Sale 8412
10014 10088 100
10088 Sale 100
10
to.2
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 9.
....i'11. 1
4r.
ggr,
Price
Friday,
April 9.
Week's
Range or
Last Sale
234
Range
Since
Jan. 1
High
High No. Low
Ask Low
-Bid
H105
Mak No, Low
Kings County LighUng 58_1954 J J 9814 99
9858
11743 10 11514 118
9858
8
98% 10055
1st & ref 6%5
10112 1024
Mar'26
1954 1 .1 10884 110 1097s
110
12 106 110
7212 135
Kinney(OR)& Co7)4% notes'36.7 D 105 Sale 105
6534 81
105
7 104 107
10743 45 10512 1094 Lackawanna Steel 1st 55 A_ _1950 m 5 97 Sale 97
97%
9614 9812
5
34 Lac Gas L 01St L ref&ext 58_1934 A 0 10114 Sale 1014
02212 114
Mar'26
10
10114
2 10034 10114
10412
Coll & ref 534s Series C
2
10414 46 10244 10472
1953 F A 10488 Sale 104
Feb'26
821g 824 Lehigh C & Nav s f 4 Sis A _ _1954 J J ---- 99
98
Jan'26
98 98
921
93'4 Lehigh Valley Coal let g 5E1_1933 J .1 100% Sale 10018
4
10018
6 10014 101
8514 16
302 4012
91
85
3114
4 Lax Ave & P F 1st gu g 55_1993 M S
834
4012 Feb'26
1011,
Liggett & Myers Tobacco 75_1944 A o iio- 9 100
10014
61 1e- 119
120
13 118 12612
10058
122
Registered
6 100 101
Jan'26
122 122
Oct'25
10214 21
58
:
0
1951
9934 103
III18 611-1-15- 101
98
Oct'25
F A 984
9914 ____ 100
Lorilil
laeei
4
100
9914 100
0 Sale 1183*
rcle&er(e°
P) Ts
1151812014
A 0
0A h1914
1951
944 AF
119
'
2
8
7488 76
75 Mar'26
78
11514
75
Oct'25
Registered
9914 Sale 99
99 1001.
99 gale 9812
9914 15
994 27 Ws;fairs
58
95 Sale 9454
94
9612
1
9614 Oct'25
Registered
9434
103 Sale 103
Louisville Gas & Electric 58_1952 t
10314 61 10254 105
9912 120
I11 A
19114 ga-ie- 99
105 Sale 10488 105
7 104% 106
90
Loulsv Sty 1st con 5s
90
1
90 0412
Lower Austrian Hydro-Elec 0
8712 ---- 9012 Mar'26
10930 j j 89'4 9°
9012 92
921,
90 Sale 90
90
921
1st a f 6348
3
1944 F A 85
85 8754
8558 14
854 85
8014 86
8054 Sale 8014
82
36
106% Sale 10514
Mania! Sugar 734s..1942 A 0 10054 Sale 10012 101
10688 180 10414 106
18 100 103
1044 10638 vfanhat Ry(N Y) cons g 49_1990 A 0 6378 Sale 63
10478 Mar'26
637
84
5914 65
5812 5812 Mar'26
D 58
8
77
2d 4s
2013
73% 82
53
MI
7714
1113*
981
ioiTs
11514 285 102 1154
10114 10114 2
1942 M N 115 11518
101',1 31anila Electric 7s
9712 101'2 Manila Elec Ry & Lt Sf 58-1953 M 5 9112 9112 91
10034 gale
91
5
9918 10054 112
894 94
99 100 10014 Mar'26
99 10014 Market St Ry 75 Scrim A. _1940 Q J 9814 Sale 98
98 9912
9812 49
99
____ 9088 July'24
107
7 104 108
Nietr Ed 1st & ref gas Ser B.1952 F A 107 10714 102
997
29
1-661
997 Sale9912
.
2
_ 101
96% 99%
let & ref 58 Series C
1953
Apr'26
8354 Sale 8354
4 10212 10412
19532 13 10312 10414 10312 10314
8412 25
8214 8131, Metropolitan Power 65
71% 7414
94 Sale 9312
93
964 Met West Side El(Chic) 0_1938 F A 73
1
7414
94
14
73
212 10
103 Sale 10
93 Sale 93
73
40 10113104¼
Mid-Cont Petr lat.63.48
19401W
9312
93 96
6
94
Sale
9612
98
100
9812 9718
172
Mtdvale Steel &0 cony r f 5s 1936 81 5 95
9812 25
9234 954
109 Sale 1087
99 Mar'26
983* 99
97 99
109
6 108 1091: MilwElecRy & Ltref &ext 4345'31 J
94,4
2
96
912 17
9
0,9
10% 981
9714 Sale 94
9 ,
10
5
9114 0858
J D 90
General & ref 55 A
19,
951
1j
9788 139
9833 100
10114 Sale 10114 10154
let & ref 5s 13
5 10014 102
9012 06
9384 954
104
9412 Sale 94
28 10054 10458
1st & ref g Os Series C.._ _1953 M g 104 gale 10318
9
9412
9918
9914
53
Milwaukee Gas 1.t 1st 4s_ _ _1927
99 9933
..,r7
e 10078
j lgr4te
101% 44
924 Aug'25
Montana Power let 58 A _19437 is
9974 101114
9612 9734
9512 14
9514 Bale 944
97
27
9588 Montreal Tram 1st & ref 58.1941 J g 97 Sale 9612
953
9512 Sale
9512 10
Gen & ref s 5s Ser A _
9312 96
9212 93
1955 A 0 9238 93
93 Feb'26
8 6 --5a
7912 87
8754
Morris & Co 1st at 4348_ _ _ _1939 3 J 87 Sale 84
8512 91
1
84 88
8784
8
9014
6 Mar'26
10114 10114 1014
101 12
9 101 102% Mortgage-Bond Co 45 Ser 2_1966 A 0 §9.34
80
81.1
10212 Sale 102
Sale
10-25-year 5s Series K.....1932 J J
10284 24 10058 10254
9614 98
8312 9312
101 10188 101
84
ft
.
. Murray Body 1st 63.18
10158 16 100 10211
19343 D 8378 Sale 83e
Fuel
Gm
let
gu
10212
Sale
N
g
5
8_
194.7
10814 Sale 10712 10814 21 106 1081
10211
1024
2
9824 10212
. Mu
10152 10214
10114 Sale 10114
10114
4 1004 10112 Mut Un gtd bonds ext 4%1941 1W N 99 10212 1014 Feb'26
9414 13
9012 9312 9312
90 97
59
6012 36
9534 Sale 9314
97% Nassau Elec guar gold 45_ 1951 j ji 60 Sale
93
9534 207
5834 6434
98
9912
99
75 Sale 76
6
72
98 10014
National Acme 7348
83
77
1931 ID' 98
4
9812 9818
54
074 72
57
5934 62.
1 Nat Dairy Prod 6% notes_1940 111 N 9712 Sale 9614
6058 Mar'26
Feb'26
94 Sale 93
9278 974 Net Enam & Stamm/ let 55_1929 I D 101 10318 101
101 103
32
94
103
9958 101
____ 106 Mar'26
9914 106
Nnt Starch 20-year deb 5.1. _1930 j g 9914 101 101 Mar'26
11 10114 103%
10614 Sale 10554 10614 30 10514 107
National Tube let 55
1952 M Nj 10288 10314 102% 103
10243 31 10012 10278
10514 Sale 105
105 1064 Newark Consol Gas 55
1948 J D. 1027 Sale 1027
10514
New England Tel & Tel 55_1952 J D 10234 10314 10212 10314 11 10072 10314
10634 Sale 10588 107
5 10074 10231
47 104% 1084 N Y Air Brake 1st cony 6s_ _1928 m N 10.12 Sale 10112 10112
9488 Sale 94
94
24
93
994 New ON Pub Serv let 55 A_1952 A 0 94 Sale 9254
9034 9412
9458
6
1051
9312 34
103 105
0012 9414
___ 105 Mar'26
ist & ref 55 ser B
1955 J D 9313 Sale 9234
8578 8914 N V Dock 50-year 1st g 48_ _1951 F A
8712
8-8754 874
8112 8334
8712 21
15
8'4
4
18
113
358 SW 18
16
8'14
4 48
99 100
N Y Edison let & ref 6)4s A_1941 A 0 18
8 115 11658
100
9988 100 100
37
10214 Sale 10114
1st lien Es ref 58 13
10212 124 10114 104
1944 A 0 1034 Sale 10212 10314 38 102 103%
97
9788 9712
9714
3 9712 98 NY Gas El TA & Pow g 58_1948 J D 1043* 105 10438 10434 5 104 105
91
14
894 91
9012
9972 10012
10088 101 10388 Feb'26
9912 91
Purchase money g 48
1949 F A
100
94 Sale . 94
24
2
9212 9778 NV L E& West c &RR 5)451942 M N 100
94
3
M
AD
_
-_
a:::2
26
8
10212 Sale 1008
10212 35 100 1044 N YLE&W Dock dr Imp 55_1943 J J
10115 jOF
102 Mar'26
93
94 Sale i 934
N y. Q El L & P 1st g 513.__.1930 F A 10158 10212
96
94
1004 10354
17
60
Feb'26 _ _ _ _
92 Sale 92
92
97
N Y Rys 1st R E & ref 4s.. _ _1942 g g
9278 12
52 60
52 Mar'26' _ _ _ _
50__50
597
8
11412 Sale ,11354
11312
1161
:
Certificates
of
115
deposit
46 60
17
6
Apr'26 _ _ _
5
80
81
534 1014
7514 86
80
30-year ad) Inc Ss.. _ Jan 1942 A 0
80
12
5
5 Sale
90 Salt I 8912
312 1014
88
93
Certificates of deposit _____ . __ _ _
91
18
5I
1
2712
30
29
Sale
1
4
340
10514 10512 10554 10584
104
1074 NY Ry5 Corp Inc es_ _ _ _Jen 1065 ---22 3434
3
1 10032 1024
1951 M N 10112 102 10112 10112;
N Y & Rich Gas 1st es
me 23
101
10058 100% N I' State Rye let cons 4%5_1962 M N 56 Sale 56
____ 10078 Mar'26
5914
54
7814 Mar'26
784 82
105% 107 .106
1st con 6%s series B
1064
1962 M N 584 75
4 1044 1064
2 10118 10354
87
88 p88
87
881
. N Y Steam 1st 25-yr es Ser A 1947 MN 102% Sale 10212 10258
1
88
98 Sale 974
98181 71
102 Sale ,10114 102
9812
97
2 10012 1024 'IV Telep IN & gen 83 43-48.1939 MN
110/81 14 10972 110%
95
9743 Sale ; 964
9813
9812 51
30-year debens f 65_ __Feb 1949 F A 11014 Sale 11018
1094, 51 1074 10912
106 Sale 105
106
20-year refunding gold 68.1991 A 0 10918 Sale 10814
78 104 10618
_ 10134 10134
3 1004 102%
12058 Sale 120
'iagara Fall Power let 55..1932 J .1 102
1214 39 120 122
10548'
1 1044 1064
11014 Sale ,110
Ref & gen 65
Jan 1932 A 0 10534 100 10548
11014 74 109% 111%
10018 13
90
99 101
90 Sale I 90
9314 Niag Lock &0 pr 1st 55 A__1955 A 0 10012 Sale 9934
15
90
984, 68
9712 100
100 101
100 ____'100 Mar'26
No Amer Cement deb 6%s A 19401W S 99 Sale 9758
10354 64 10114 1044
_ 10012 Jan'26
10012 101
100
VOf Amer Edison 65
1952 IN 8 10314 Sale 10214
10558 22 10378 106
102 10314 10114 103
Secured s f g 031sSer B_ _1948 M S 10558 Sale 105
55 100 10912
9412 14
9614 109
105 Sale 105
Nor Ohio True& 1./ahs 13s_ _J947 IN 8 9412 Sale 94
9284 9558
105 I 21
10014 96
9114 Sale 9018
90% 934 'or Stetes Pow 25-yr 58 A 1941 A 0 9912 Sale 99%
9724 1004
9188 59
9314 Jan'25
10212 104 10412 Mar'26 ___. 10184 10412
Registered
'A 0
Sale
- 10514
10514 10 1051* 19614
let Es ref 25-yr 65 Ser B._1941 A 0 laT f3;1
98
Apr'26
__
86% 88
8754 _ _
9812 98
North W T 1st fd g 4345 gtd_1934 J J98
__
8788 Mar'26
864 .___ 8512 Aug'26 __ -113
16 11212 11314
2 0
.458 Ohio Public Service 7%8 A_.19461A 0 113 Sale 11258
9334 9454 9488
2 -9.2-19488
5 11033 11134
111%
947
9412 961.
9618 9478
2
15t & ref 7.3 series 13 e_1949J
1947 F Al 111 Sale 111
104 Sale 10212 104
10 10114 10413
101 Sale 10114
Ohio River Edison 151
10114 92
99% 102
95%
25
96%
94
96
991
96
Old
,
96
9534 9714
Ben Coal let 65
5
96
944
10012 30
0934 101
79 85.
814 Sale 814
8112 14
91114 L
1 Ontario Power N F let 5.3_ ..21943 F A 1u
ale
e 100
102 Sale .10118 102
17 10018 102
9932 9932
Ontario Transmlssion 58._ _1945 M,N 9934 ---- 9912 Mar'26
108
108
Sale
10814
9
10258 Sale 102
1084 10834
Otis Steel 85
1941 F A
1023e 78 10112 103
103
38 10032 10353
103 Sale 1024
73 10054 103%
103
let 25-yr a f g 7%s Ser B 1947 F A 103 Sale 103
9912 60
9512 Sale 95
974 100
94% 96% Pacific 0& El gen & ref 55_ _1942 J J 9914 Sale 997g
9512 13
991
4
993
4
Sale
100 ,
8
94
__
9312 Mar'26
9914 101
911 9358 Pac Pow & Lt 10W:ref 20-yr 5e'30 F A
10218 151 101 10212
- 10388 104
5 102% 1044 Pacific Tel & Tel 1st 58
4
10388
1937 3 j 10218 Sale 10114
1952 ea N 10112 Sale 100
10112 206
100
8872 10314
9934 Dec'25
Bef 131 &series A
10614 66 104 1124
13
11
Apr'25
Pan-Amer P & T cony s f 65_1934 ki N 10518 Sale 10518
10512 Sale 1053*
10614 66 10378 10775
15
412 Aug'25
1st 10-year
9578 51
1012 Mar'25
78A
__
J J 9534 Sale 9212
Paramount-Bdway
let 5%519
95
31° F
9212 9614
-e924 fif;1-e- 6654
944
3
6914 147 -E1-2
Park-Let st leasehold 6348..1953 J J 9212 Sale 9212
854 96
10118 Mar'26
62
6884 Sale 6612
69
100 1011s
7214 Pat** Passaic0& El cons 58 1949 M 5 1018
479
64
7678 Poop Gas & C IN cons g 68..1913 A 0 11058 11112 11014 Mar'26
7078 Sale 69
_ 1104 Ill
7114 64
10012 Sale 10014
91 Sale 894
10012
85% 94
91
4
68
0832 101
Refunding gold 58
9378 Sale 9314
22 103% 105
884 9512 PenadeIphla Co coil tr 68s A_ 19
9312 12
F S
A 10434 Sale 10414 105
94
44
7M
101
89% Sale 86
09
8212 90
8914 43
I5-year cony deb 5%11-- -1938 M 8 100 Salo 95-18
9858 101
101
8888 Sale 8588
8954 8952 Phi% & Reading C & I re156.19731J J 10118 Sale 10018
14
884 633
9912 102
9212 Sale 918
91% 9514
9212 37
105
9812 Sale 974
9612 100
11 103 1084
Pierce-Arrow Mot Car deb 881943 M 8 1044 Sale 104
98141 46
10513
10553
1064
11054 Sale 110%
Mar'26
113812
'
,
11614
term Oils f 8s___ _Dee 15_19311J D
11114, 336
....l 10312 10772
22 1014
Pillsbury Fl Mills 20-yr 68._1943.A 0 103 Sale 1u212 103
9812 ____ 9858 Mar'26 --1 9812 10454
10712 Sale 10712 107121 15 100 111% Pleasant Val Coal 1st get 55.1928 J J
9858
3
92
10212 Sale 10112 10218 30 10014 102% Pocah Con Collieries lag f 5e1957 J J 92 Sale 91
9058 92
10454 Sale 10314
103
10414 13 101% 10514 Port Arthur Can & Dk es A-1953 F A 10514 Sale 103
2 Ma 10
0,
31/4
li
10318
10318
10612 10714 10614
st M es Series B
1
106% 18 10614 10712
F N
A 10
04
953
7 0,1
10114 10112 1014
18. 99 10214
102
10512 Sale 10434
Portland Else Pow 1st 65 B.11
10514 33 1034 108
- - 1 994 10014
9112 Bale 914
9112
1 90 9112 Portland Gen Else lst 56_19354 .1 10058 ____ 10038 10014 it
10314
94% Mar'26
102 10318 Portland Ry 1st & ref 5s
10318 Apr'26
1930 M N 9414 95
9254 9511
123 -91 1-7.:
12078 123
1221 Mar'26
9112, 901a
Portland Ry Lt & P 1st ref 561942 F A 91
1947 IN N 10014 Bale 10014
l;
i
1004 '
79 Sale 78
8834 102¼
83
7714 79
let I & ref 65 Ser B
79
1075890
, yy
9 1082
7812 794 7712
7712 SO
1st dr refund 73.45 Ser A 1946 m N 10712 Sale 10712
78
10
:
Porto Rican Am Tob 88
1931 IN N 10514 19574 10514 Mar'26 .._. • to5411
[VOL. 122.
THE CHRONICLE
2022
New York Bond Record—Concluded—Page 6
Quotations of Sundry Securities
All bond prices are"and interest" except where marked °P."
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 9.
'
33
t
t
•As.
Pressed Steel Carte
1933 J .1
prod & Ref 8s(with war'nts)'31 J D
Without warrants attached_
J D
Pub Serv Corp of N J sec 68_1944 F A
Pub Serv Elec & Gas 1st 5461859 A 0
18t & ref 548
1964 A 0
Pub Sent El Pow & Lta 65_1948 A 0
Punta Alegre Sugar deb 75_1937 J J
Remington Arms 68
1937 M N
Ftepub I & S 10-30-yr 58 o f_ _1940 A 0
Ref & gen 5Sie Ser A__ _ _1953 3 J
Rime Steel 1st 7s
1955 F A
Robbins & Myers at 75
19523 13
Rochester Gas & El 7s Rer B.1946 M S
Gen Mtge 548 Series C
1948 M S
Rogers-Brown Iron Co 7s
1942 M N
Price
Friday,
April 9.
Range
Since
Jan. 1
Week's
Range or
Last Sale.
Bid
Ask Lou
9512 9534 9412
11112
111
110 11034 11012
10238 Sale 101
105 Sale 105
10514 Sale 105
10738 Sale 10714
106 Sale 10434
84 Sale 84
9834 Sale 977g
9314 Sale 9258
88
8834 8814
63 Sale 63
11238 113 11238
10518 10512 10534
71
71
68
High
High No LOY!
94,2 984
9534
9
11014 11234
Mar'26
1094 11011
Mar'26
10238 74 100 10314
10518 33 1034 10512
10514 54 1037s 10512
10738 16 106 108
10614 14 104 111
8238 88
8414
9
9714 10014
9834 21
9212 941,
9314
11
88 9078
89
3
60 6812
63
2
1135s 18 11238 114
10514 108
Mar'26
68 7334
Mar'26
St Jos Ry Lt HI & Pr 58_ _1937 MN
St Jorreph Stk Yds 1st 430_19:1C I J
St L Rock Mt & P56 stmpd_1955 J J
St Louis Transit gen Imp 5A924 A 0
St Paul City Cable cons 5s_1937 3 J
Saks Co s f 75
1942 F A
Saxon Pub Wks(Germany) is'45 Al S
San Antonio Pub Serv 1st 65_1952 3J
Sharon Steel Hoop 1st 85 Ser A'41 M S
Sheffield Farms 1st & ref 634s_'42 A 0
&erre & San Fran Power 58_1949 F A
Sinclair Cons 011 15-year 74_1937 M S
let In col tr 64 C with warr 1927 J
1st lien 6345 Ber B
Sinclair Crude 011 3-yr Cs A_ 119
92
31
;FA
3 D
3-yr 6% notes B Feb 15_1926 F A
Sinclair Pipe Line s f 5s
1942 A 0
Skelly Oil 634% notes
1927 A 0
Smith (A 0) Corp 1st 648_1933 M N
9412
94
0434 9412
Jan'26
96
9718
7912 8114 8014 Mar'26
7012 Feb'26
9514 Feb'26
9534 100
11012 135
11012 Sale 11014
9534 99
9534 Sale 9434
10212
3
10214 10212 10214
16
10712 10778 10712 108
18
10712 Sale 10738 108
93
20
9234 933s 9278
9512 60
9512 Sale 95
246
107 Sale 10658 108
90
67
90 Sale 8938
10034 Sale 100,2 10034 75
10058 Sale 10033 10034 34
90
90 Sale 8812
57
123
120 12112 12018
208
101
101 Sale 101
7
9114 97
9534 96
817e
78
7012 7012
9514 9555
1071s 11012
9234 9678
10158 10312
1074 109
1067s 1081/
9112 95
934 9714
106 11334
87 9054
10(114 101
10038 101
87 91
1113s 131
101 1021:
South Porto Rico Sugar 7s 1941 J D
South Bell Tel & Tel lets 1561941 J J
Southern Cob Power 6s
1947 J J
Erwest Bell Tel let & ref 5s 1954 F A
Spring Val Water g Se
1948 M N
Standard Milling let 5s
1930 M N
1st & ref 5348
194558 S
Steel & Tube gen s f 75 Ser C 1951 3 .1
Sugar Estates (Oriente) 75_ _1942
Superior Oil 1st s f 75
1929 FA-I
Syracuse Lighting 1st g 56 1951 J D
Tenn Coal Iron & RR gen 55_1951 J
Tennessee Elec Power 1st 65_1947 3 D
19603 J
Third Ave 1st ref 4s
Adj Inc 56 tax-ex N Y5196P A 0
Third Ave Ry 1st g 58
1937 J .1
Toho Elec Pow 1st 75
1955 hi S
Tokyo Elec Light 6% notes_1929 P A
Toledo Edison 151 75
1941 M S
Toledo Tr L& P 534% notes 1930 J 3
Trenton G & Ei 1st g 58194g M S
Trumbull Steel 1st 81 Ca.....1940 F A
Twenty-third St Ry ref 58_1962 1J
Tyrol Hydro-El Pow 745_1955 58 N
Underged of London 4345_1933 3 .1
Income 65
1948 J J
Union Bag & Paper 1st M 68_1942 MN
Union Elec Lt & Pr 1st g 58_1932 M S
Ref & ext 58
1933 ki N
lst g 545 Series A
19543 J
Union Kiev Ry (Chic) 55_1945 A 0
Union Oil 1st lien at 5s
1931 IJ
30-yr 65 Ser A
May 1942 F A
1st lien f 55 Ser C
1935 F A
United Druz 20-yr 65_0c1 15 1844 A 0
United Fuel Gas 1st 8 f M._ _1936 IJ
United Rys Inv be Pitts issue 192658 N
Stamped
United Rys St L 1st g 4s_ ___1934 J J
United SS Co 15-yr Cs
1937 61 N
United Stores Realty 20-yr 65'42 A 0
US Rubber 1st & ref 55Ser A1947 J .1
10-yr 714% sec notes
1930 F A
US Steel Corpicoupon__d1963 MN
S I 10-60-yr 551 registered _d1963 MN
Utah Lt & Trac 1st & ref 55_ _1944 A 0
Utah Power & Lt 1st 55
1944 F A
Utica Elec L & P 1st 5s....1954
J
Utica Gas & Elec ref & ext 58 1957 I 1
Vertientes Sugar 1st ref 714.,_1942 r D
Victor Fuel 1st sf58
1953 J
Va-Caro Chem let 75
1947 J D
Certificates of deposit
Mod as to payt 40% of prin
1947
1st 75
Ctf of deposit
CtI of deposit stpd ______
7345 with & without war .1937
Certifs of den without Warr.....
Certifs of dep with warrants _ .
VA Iron Coal & Coke Is; g 55 1949
Va Ry Pow 1st & ref 55_ _ _ 19343 J
Walworth deb 634s(with war)'35 A 0
1st sinking fund 68 Ser A_ _1945 A 0
Warner Sugar Refill 1st 75_ _1941 J D
Warner Sugar Corp 1st 75..,_1939 3J
Wash Wat Power s f 5a. _1039 J J
Westches Lts g 5e stmed gtri 1956 J D
West Kyr Coal ist 7s
1944 MN
West Penn Power Ser A 55_1946 in S
1st 78 Series D
194CM P
1st Ss Serles E
1963 M S
1st 545 Series F
1953 A 0
West Va C & C 1st 138
1950
J
10712 Sale 10712
10234 10314 10214
9814 Sale 98
103 Sale 10218
981,
99,4
10012 10038 10034
9834 9912 9912
10712 10734 10734
9934 Sale 9834
95 Sale 95
10038 - - -- 10034
10118 10312 10312
10512 Sale 10434
6018 Sale 5818
5914 Sale 5514
95
9534 96
9112
9112 02
93 Sale 9758
108 Sale 108
9938 Sale 9814
10114 -- 10018
9534 Sale 9514
65
6718 6518
9614 Sale 9534
95
95
951s
10478 105 10478
101 1014 10034
101
101
10134 Sale 0114
80
794
1003s - _ 10138
104 Sale 104
9534 Sale 9.512
10512 Sale 10434
10112 Sale 10112
9934
9934 100
9978
9934 100
7914 7714
78
94 Sale 94
10412 Sale 104
9412 Sale 9234
10734 Sale 10712
106 Sale 0514
10518
88 Sale 8738
9634 Sale 9578
10178 Sale 10134
10178 _ _ 101713
9914 Sale 99
62
58
52
106 Sale 10518
10514
107 10574
10118 10314
974 01)I4
1005s 10314
1914 9914
985s 10114
9778 100.2
10734 019
8912 100
95 971,
100 10034
10318 10378
10233 10512
5513 651,
4112 657
.
9378 90
9012 9278
97 985e
108 1093
98
Ws
10015 101
9514 97
61
704
9534 9712
94 05..
90 95
1047s 1054
10035 10214
10015 10154
10015 10214
7712 80
10012 10111
1004 10512
954 g8
10312 10014
10112 104
9934 1004
9976 100
744 78
94 95
103 105
9134 947v
10634 1084
105 1065
.
10588 10534
8818 8914
95 97
10058 1017s
10013 10214
9012 91412
5314 02
105 111734
10514 106
10534 Sale 10512 10612 19
10712 107
10614 Sale 10458
10712 Jan'26
110 Feb'26
27
102
95
Jan'26
107
10
94
-9114 96 93
9852 15
9838 Sale 9814
7
94
94
9412 94
6
9412
94 Bale 94
5
93
93 Sale 9238
21
80
80 Sale 7814
10178 _ 1624 Mar'26
102 103 103 Mar'26
7
101
1011s
101
9
10112 Sale 10010112
10612 21
10612 Sale 106
10158 14
10158 Sale 10118
10414 Sale 10534 • 10534 12
9
8315
8354
85
84
105 108
10412 10934
1067s 10314
107 11112
93 1137
,
107 107
9114 94
971, 99
94 94
9114 0412
92 100
76 884
10112 10214
1024 10338
100 10134
997s 102
1051s 10834
9934 102
1043s 106
91
81
Western Electric dab 5s1944 A 0
Western Union coil tr cur 55_193,I J
Fund dr real estate g 445_1950 MN
15-year 6 Ms g
1936 F A
Westinphouse E & M 75
1931 MN
White Sew Mach 6s(with warr)*3 I J
Wickwire Seen Steel 1st 75_1935 J J
Certificates of deposit
Certinestes of dersoilt stamped MN
Vilekw1re Sp Steel Co is Jan 1935 MN
Wiitys-uverland s f 6jis____1933 MS
WiLson & Co 15t 25-Yr a I 63-1941 AO
Registered
10-year cony at 65
1929 3D
Cert/fIcate5 of deposit......
10-yr cony if 734s
91931 Fri
Certificates of deposit......
Winchester Arms 748
1941 AO
Young.° Sheet AL T 20-yr 65_1943 I,
10214 Sale 10112
103
103
97 Sale 97
11138 113 111
106 Sale 10534
93 Sale 9412
66
6012 65
7412 6014
7012
53
5712 *57
1025e Sale 10214
9978 Sale 9914
93
60
62
40
45
45
48
75
52
4518 50
4378
102 102,4 102
10214 Sale 102
10258 58
4
103
9712 20
11234 14
104
106
9512 20
Mar'26
Mar'26
Jan'26
5
58
10258 22
64
100
Feb'25
Mar'26
10
50
Mar'26
11
50
10214 14
10214 132
10015 1025s
102 1033s
9614 974
111 113
105 10814
9412 9578
68
711,
6014 6078
7012 71.0:
57 681:
102 10314
9878 101
10734
103
9838
103
99,4
10114
100
108
9934
95
Mar'26
10312
10512
6012
6012
95
9134
98
10814
9938
Jan'26
957
Mar'26
9614
Feb'26
Mar'26
10478
101
10114
10214
80
Mar'26
104
9714
10558
10212
9934
Mar'26
7714
94
10412
9412
108
106
Mar'26
88
9634
10178
Mar'26
9912
Feb'26
106
Mar'26
a Due Jan. d Due April. p Due Des. tOption sale.
22
18
40
166
1
6
4
18
23
2
_
2
48
27
506
5
47
91
29
91
74
21
2
16
3
24
25
77
18
9
1
3
4
16
271
39
202
17
84
2
74
5
16 If
45 72
6712 83
4378 72
1019, 10234
10114 103
All
Railroad Equipments Per Ct, Basis
Standard 011 Stocks Par Bid
5 15 5 00
Anglo-Amer 011 vol st___gl *1713 1814 Atlantic Coast Line 68
81713 174
4 90 4 75
Equipment 6348
Bonus stock
5 15 5 00
Atlantic Refining
100 109 10912 Baltimore & Ohio 6s
4 80 4 70
Equipment 4345k 5s
Preferred
100 117 11712
Borne Scrymser Co
100 230 250 Buff Roch & Pitts equip 65. 5 15 5 00
Buc _eye Pipe Line Co_ _ _ 50 *5312 54 Canadian Pacific 44s A 65- 4 95 4 70
5 12 5 00
6712 Central RR of N J 6s
Chesebrough Mfg new
25 *66
5 15 5 00
Chesapeake & Ohio Cs
Preferred
100 •
5 00 4 80
Equipment 6348
Continental 011 new
10 *2034 2078
4 85 4 70
Equipment 58
Rights
*85c 85c
5 15 5 00
Crescent Pipe Line Co.._ 50 *1312 15 Chicago Burl & Quincy 6s
Cumberland Pipe Line_ A00 121 122 Chicago & North West 13s...
5 00 4 80
Equipment 6148
Eureka Pipe Line Co_ ._10
5314 55
4 90 4 70
22 Gine R I & Pan 4;48 dr 58
Galena Signal Oil com _ _ _ 100 *21
5 30 5 05
85
Equipment65
Preferred old
100 82
520 500
85 Colorado & Southern 68
Preferred new
100 82
515 500
Humble Oil & Ref
25 *5714 5712 Delaware & Hudson Cs
8574, 5712 Erie 410 & 58
5 00 4 80
New
530 510
*2118 2138
Equipment 68
Rights
5 20 5 00
Illinois Pipe Line
100 14112 14212 Great Northern 69
4 81 4 70
25 *13412 135
Equipment 5s
Imperial 011
4 80 4 70
Flocking Valley 5s
New when issued
t 3312 34
5 20 5 00
6412
Equipment 6s
Indiana Pipe Line Co...,., 50 *64
4 75 4 65
International Petroleum_t *3078 3118 Illinois Central 414s & 55
515 500
Equipment 6s
National Transit Co__12.50 *17
1712
4 95 4 75
46
Equipment is & 13)48
New York Transit Co....,100 843
5 20 5 00
6
74
1 12 KaEn0
11clisigan 6s.
pme
&ntk4
Northern Pipe Line Co_ _100 73
a0
v.iha
5 00 4 80
Ohio 011 new
25 60
18
Penn Mel Fuel Co
25 *17
Kansas City Southern 53-48. 5 35 5 00
512 500
hville
4
Prairie Oil& Gas new
6Tis
25 *5314 6
Louisville tN
4 90 4 75
5
Prairie Pipe Line new
100 125 12
Solar Refining
100 202 205
Michigan Central 5s & Co..— 4 95 4 75
5 10 4 85
Southern Pipe Line Co_ _100 6512 16
60
7
ME
l nqnuSit
p
5 20 4 90
-!
5
South Penn 011
m
P tS6S14N
"
si dr 78-&
100 156
Southwest Pa Pipe Lines.100 *53
56
Missouri Kansas & Texas 68. 5 35 5 10
5 25 5 00
Standard 011 (California) 25 *5334 5412 Missouri Pacific 6s & 6345
5 00 4 70
Standard 011 (Indiana)_. 25 *6212 6278 Mobile& Ohio 4 Sis & 58— Standard Oil (Kansas)
2
1812 New York
25 *2712 18
nntsral 4 A s & 511 4 75 4 65
5 15 5 00
Standard Oil (Kentucky) 25 116
Equipment
4 85 4 75
Standard Oil(Nebraska).100 258 262
Equipment 7
4 70 4 60
4218 Norfolk & Western 4 yis_
Standard 011 of New Jet._ 25 42
4 95 4 80
Preferred
100 117 11712 Northern Pacific 78
5 00 4 80
Standard 011of New York 25 *32
3214 Pacific Fruit Express 75
Standard 011 (Ohio)
100 312 317 Pennsylvania RR en 56 & 93 5 10 4 70
5 05 4 80
Preferred
100 118 120 Pitts & Lak. Erie 635g
5 30 5 05
Swan & Finch
1912
Equipment 68
100 18
75 4 60
4
Union Tan_ Car Co..,...100 *89
&
Reading Co 4
91
Preferred
100 115 11512 St Louis & San Francisco 5s. 54 95 4 75
Vacuum Oil new
25 99 100 Seaboard Air Line 5348 & 65. 5 40 5 15
Washington 011
10 * - - ---- Southern Pacific Co 43.45...'. 4 75 4 65
4 95 4 75
Other Oil Stocks
Equipment 7s
4 95 4 70
Atlantic Lobos 011
t *134 2 Southern Ry 4148 & 58
515 500
Equipment68
Preferred
50 *214 4
85 Toledo & Ohio Central 6s- 520 600
Gulf 011 new
25 *84
4 90 4 75
Mountain Producers
10 *2312 234 UnlosPacific 75
Mexican Eagle Oil
5
Tobacco Stocks
1
National Fuel Gas
100 iiiiii ii6Salt Creek Cons 011
10 *838 834 American Cigar common 100 114 117
100 97 100
Preferred
Salt Creek Producers
10 3014 3012
Amer Mach & Fdy new-100 167 . 70
British-Amer Tobac ord. El *2612 274
Public
£1 .26 , 27
873
75
Bearer_
Amer Gas & Elea
*92
93 Imperial Tob of(I B & Irei'd .24 1 25
6% pref new
9912 Int Cigar Machinery __ _.100 95 105
Deb 63 2014
bl&N *99
Amer Light & Tree com _100 210 212 1 Johnson Tin Foil & Met_100 60 1
.
Preferred
100 104 107 1MacAndrews & Forbes_ _100 40 1 li
100 100 103
Amer Power & Lt common.. 52
5312 I Preferred
100 35 I 40
Preferred
100 9212 9314 Mengel Co
75
Deb 65 2016
MAS 9612 9713 Porto Rican-Amer Tob_ _100 70
62
Amer Public UM corn_ _ _100 80
3 Universal Leaf Tob corn-100 58
100 97 100
7% prior preferred__ ...100 87
90
Preferred
100 125 130
86 -Young (J 8) Co
4% panic pref
100 83
100 104 108
50 I Preferred
Associated Gas & El pf
t *47
Secured g 6345 1954_ _J&J 10012 10112
97 Rubber Stocks (Cleveland)
Blackstone Val G&E corn 50 •92
01 •5 1 10
Cities Service common
20 *3934 4014 Falls Rubber corn
25 •12 I 187S
Preferred
Preferred
100 8278 8338
Preferred B
10 *738
-- Firestone lire & Rub cow 10 *115 120
100
10018 10112
preferred
74
6%
Preferred B-B
100
100 98 , 9914
7% preferred
Cities Service Bankers Shares •1934
171
3638 General Tire& Rub cora_ 25 •
Com'w'Ith Pow Corp new_t *36
100 108 1101a
Preferyej
Preferred
100 8512 8613
Elec Bond & Share pref.
_100 105 107 . Goodyear Tire & R com_100 33 1 341i
Elec Bond & Sh Secur
6412 6512 Goody'r T & 5.01 Can p1100 r95 1 ____
100 163 170
Lehigh Power Securities_ _t
13141 14 India Tire & Rubber
97 100
70
Preferred
Mississippi Rly Pow corn 100 60
113
•1
com_(t)
Rub
92
&
94
Tire
Mason
Preferred
100
12
100 10
Preferred
First intge 58 1951
J&J 9934 1004
3712,
8 F g deb 78 1935__M&N 102. Miller Rubber corn nevt_100 37
100 10113 102
*98 IOW
Preferred
Nat Pow & Lt pref
100 35
45
Income 73 1972
J&J 103 104 Mohawk Rubber
I 70
75
Preferred
North States Pow corn...,100 10312 105
22
100 100 102 Seiberling Tire & Rubber (Si *21
Preferred
100 93
95
40
Preferred
Nor Texas Elec Co com_100
Preferred
100
Sugar Stocks
99
Pacific Gas & El 1st pre:_100 98
1
50 *112 313
10 Caracas Sugar
Power Securities corn
t, *5
81
*12
17 Cent Aguirre Sugar corn., 20 79
Second preferred
100 134 136
90 Fajardo Sugar
Coll trust fis 1949_ __J&D *86
55
80 Federal Sugar Ref corn— 100 50
Incomes June 1949...F&A' *76
100, 60
75
Preferred
Puget Sound Pow & Lt..,100 4912 51
(t)! *213 44
86 Godschaux Sugar. Inc
100 83
6% preferred
20
100 15
Preferred
100 10612 10812
7% preferred
38
1st dr ref 5345 1949__J&D 10012 1014 Holly Sugar Corp com (t) •34
100 83 86
Preferred
Republic Ry & Light,. 100 80 1 90
100 _
100 105 ...._ Juncos Central Sugar...-—
Preferred
South Calif Edison com_100 120 12012 National Sugar Refining _100 107 1-6870
100 120 130 New Niquero Sugar_ _._100 55
8% preferred
1
4
Standard (I&EI 7% pr p1100 9814 9913 Santa Cecilia Sus Corp pf100
Tenn Elec Power 1st pf 7%1 98 100 Savannah Sugar corn....,t) 5120 130
100 105 112
96
Preferred
_ _100 93
Western Pow Corp pf.
72
97 Sugar Estates Orients pf_1001 67
West Missouri Pr 7% pref_ _ 94
Short Term Securities
Anaconda Cop MM 65'29 JI&J
Chic RI & Pao 59 1929.J&J
Federal Bug Ref 6s'33_M&N
Missouri Pacific 58 '27_J&J
iloas-Sheff S&I 65 '29.Fda%
WI. Cent 5(4s Apr 15 '27
Joint Stk Land Bk Bonds
Chic Jt St Ld B 58.___1951
58 1952 opt 1932
58 1963 opt 1933
5345 1951 opt 1931
4545 1952 opt 1932
4345 1952 opt 1932
4345 1964 opt 1934._
4503 1963 opt 1933
4348 1965 opt 1935
Parr Coast of Portland, Ore—
Se 1955 opt 1935___M&N
55 1954 opt 1934__M&N
10212 103
994 100
92 1 98
100 1004
10212 10314
10014 10058
101 110214
10114 10212
10114 103 I
10212 10412
4 -9914 10014
9911 10012
10014 10112
100 10034
Indus, St Miscellaneous I
American Hardware
25
Babcock & Wilcox
100
(5)
Bliss(E W)Co new
50
Preferred
Borden Company corn (5)
Celluloid Company _ _ _ _100
100
Preferred
Childs Company pref....100
100
Hercules Powder
100
Preferred
International Silver pref_100
Lehigh Valley Coal Sales 50
100
Phelps Dodge Corp
Royal Baking Pow com_100
100
Preferred
Singer Manufacturing_ —100
82
*80
127 13022
•19
60
*55
97
*95
24
20
72
67
115 117
148 153
114 116
97
"
5794 Icr.
120 125
165 180
102 104
317 322
10114 103341
101 110234
•Per shAre. t No par value. I) Basis. d Purchaser also pays accrued dividend.
Ex-dividend. y Foc-rIghts.
1 New stock. ,f Flat price. k Last sale. n Nominal.
0 Ex-irtock dividend. s Sale price. r Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record...V.7Spage
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 3.
Monday,
April 5.
Tuesday.
Aprll 6.
Wednesday,' Thursday,
April 7.
April 8.
Parlay.
April 9.
Saes
for
the
West.
STOCKS
BOSTON STOOK
EXCHANGE
1 Range SIMI Joe. 1 1926
2023
I
I
I
1
Ra;14T4- far Proof.=
Yaw 1925.
Lowest
Highest
Lowest 1 Highest
Railroads
1
393 Balm & Albany
170 170
170 1704 170 170
170 170
1001 159 Jan 9 175 Feb13 156 FeblI 16414 •110
170 170
172 172
411 Bo•iton Elevated
73/
1
4 79
78
*734 79
100 78 Jan 26 824 Jan 1 1
734 79
7834 79
79
734 7312
Jan
754 Mar 86
*99
9912 *99
932 *33
9912 *9) 994 9) 93
23 Do pret
9)
100, 89 Feb 27 102 Mar 20
99
92
Jan 10414 Der
110 Do 1st pref
116 116
116 116 •81.15 116
116 116 .11153116
100, 11518 Jan 16 122 Jan 7 109 Mar 130 Dec
116 116
preferred
Do
20
94
100 9811 Jan 9 112 Jan 2
10214 103 *10112 _ _ ....- 104
1034 10378 103 10374
101 101
94 Mar 316 Dec
823 Boston & Maine
100! 31 Mar 30 4814 Jan 7
33
1
4 3312 39
3734 33
33
33
I.; --------33 33/
10 Apr 4912 Dec
100 33 Apr 7 4712 Jan 0
35 .33
35
_ _ *33
33
*33
*31 ------------25 Do pref
33
1113 Apr 46 Dec
i
sal
63
61
6
___
_
____
163 Do series A 1st pref.
*8012 62
62 -62.
6034 62
594 Jan 2 88 Feb 4
17 Apr 65 Dee
85
85
100, 85 Jan 29 95 Feb 20
85
85 .3512 85
55 Do series B lst. pref
86 .331
___ _-_- - -*35
29 Apr 8713 Dec
5 Do series C let prat-100 75 Jan 4 85 Feb 20
2.
83
80 .7513
*7512 ---- .7513 7712 .77
75
75
25 Apr 794 Dec
.11012 ____ 11012 11-62
•110
53 Do series D lit pref.-100, 105 Jan 29 120 Feb 20! 3513 Apr 116 Dec
_ .11012 ____ *11012
*11012
7) Prior preferred
96la -93-14 *35 _ _._ 952 052
095
1 95 Jan 25 9812 Jan 4
- -- 96 I& •95_
96 Dee 99 Nov
17513 1-7512 *17512 _ _ 17524 17.54 17513 1752 *1754 ------------95 B02200 it Providence
100 s17512 Mar 19 182 Jan 29; 167 Feb 180 May
--------315 Ea.t. Mass Street Ry 00.-100 50 Mar 4 81 Jan 6; 26 Sept 6212 Nov
55
51
51/
54
1
4 .51
54
51 -51
51
54
.
153 Do let prof
63 63
63 63
6113 632 6312 6113 ____ ____
100 60 Mar 29 71 Jan 21 60 July
634 64
73 Dee
6312 .57 632 .57
63'2 ____
.58
.. _--._
Do prof B.
100 54 Mar 21 69 Jan 13
6012 *59 6312 057
51 Aug 70 Dee
433 Do adjusiment
43'2 *41
4312 41
41
_.41
*41
041
40'2 -41
43
43
100 4312 Apr 9 491
/
4 Jan 29
35 Sept 50 Dee
____ ____
55 ._ _- 55 •
55 .53
75 Maine Central
55 .59
5I'
55
100 50 Feb II) 60 Feb 3
23 May 56 Dee
1
4 3514
__ ____ _ ______ & Hartford
1
4 *3512 33 .31/
*3413 35 .3518 3524 *3514 35/
100 314 Mar 33 454 Jan 4
28 Mar 464 Dec
--------23 Northern New Hampshire _100 81 Apr 8 88 Jan 6
81
81
83 83 *82
*31
*3014 82
84
82
70 Feb 90 Des
•
.12012 123 *12012 122 *12012 122 .12012 122
r _ ____ ____ ____ __ Norwich & Worcester prer_100 121 • Jan 7 124 Mar 18 100
Jan 125
Oet
.11534 116
11512 11512 115 115 .11512 116 .12013-100 111' Jan 6 120 Jan 29
11512 11512 --------181 Old Colony
96
Jan 113
Oct
1100341011 ..299714 10012 +29934 10013 *9934 1004 9934 9934 10) 100
17 Vermont & Massachusetts_100 9924 Mar 12 10314 Feb 4; 87 Feb! 101 Dec
Miscellaneous
i
338 338
•4
4
4
412
488 412
414 414
4
314 Mar 29
4
600 Amer Pneumatic Service_ _ _25
5 Jan 7,
212 Mar
5 Dec
23
Do pre
2234 2234 .2224 2312 22
23
22/
*2212 23
331
1
4 224 2212
50 21 13 Mar 3 24 Jan 29
1612 Mar 244 Des
14114
Telephone
146
Amer
145 1454 1454 14614 146 14812 145/
144
&
1,100
Teleg
146
1444
.2
100 141 Mar 30 150/
1
4
1
4 Feb151' 13038 Jan 145 Des
554 56
No par, 53 Aim! 9 71 Jan 2
56
56
56
5884 5634 56
554 55
55
535 Amcwkeag 312g.
5514
6112 May 87 Aug
30
pis lire(
_ - 76
No par 734 Jan 27 78 Feb 23
.76
76
___ .76
-- .76
___
75
76
7014 May 86$4 Aug
*76*20
.20
*23 -20
22
22
22
*20 -+20 -22
. Art Metal Construe. Inc_ 10 20 silli 16 2112 Jan 23
---- ---14
Jan
16 Aug
____ ____
I 55 Mar 30 6334 Jan 19
10 Ada:. Plywood t 2
5524 5534 *25512 57 .85412 5(3 •x5412 53 ..r5312 55
4612 Aug 6712 Dec
11
11
11
11
11
__
*10
•10
*10
*10 11_
25 4.118, Tack Corp
No par' 10 Mar 30 1714 Jan 2
94 Aug 21 Dee
1512 161
.1424 1512 .1434 151
1
4 17 -17
1634 17
1614 16/
1,025 Fit-con 011 Co corn T C
1518 Mar 25 204 Jan 14
89
89 .8312 89
90
451 13tgelow-Hartf Carpet_No par, 8312 Max 29 9813 Jan 2
90
90
90
89
8812 8312
89
9712 Nov 10-4712 Oct
'107_. __ 107 1071 --------------------------------30 Itnston Cons Gas prof 6)4%100 1051: Jan 25 10818 Feb 18 103 Jan 10814 Au:
63
63
58
63
59
53
53
58
58
•59
____ --150 Dominion Stores, Ltd__No par; 03 Apr 6 6812 Feb 1
2814 Jan 74
Oct
*112 114 .112 114 *112 114 *112 114 +112 114
__ _
Do pref A
100; 104 Jan 5 112 Jan 28
99 June 100 Deo
*214 23
*24 214 *2L/ 234 ---*214 234 .214 23
-- ______ East Boston Land
101
2 Mar 31
34 Jan 21
634 Sept
14 Apr
Eastern Manufacturing- 5;
312 Mar 8
34 334 *312 4
412 Jan 19
`3's 4
•312 4
*312 4
•3'2 --4
3 July
634 Jan
64
6412 6434 64
64
65
64
83 63
64
25 5913 Mar 31 8812 Jan 22
634 6312
445 Eastern elS Lines. Inc
42 Mar 894 Dee
42
42
42
42
414 4112 4112 411
42
42
___ _.
No par 411
203 Do pref
/
4 Mar 31 45 Jan 6
85
Jan 4614 Oct
*96
98
98
93 .96
93 .96
.95
•96
____ ____
93
let pre(
__
89
Jan 100 July
100197 Mar 3 994 Jan 9
2214 .4012 ___ *82012 22 tr20
22 *220
l's20
22
___ _-_- ______ Economy Grocery Stores
I 20 Mar 31 26 Feb 5
18 Aug 2311 Sept
217 218
21712 219
217 218
218 218
217 217
216 217
100x207 Jan 15 250 Feb 11' 200
535 Edison tIectrle Ilium
Jan 213 May
.1
2
2
.2
2
_
_
.2 ___
____ __100 Elder Mfg Co (vlic)
10
1 Mar 16
24 Jan 8
2 Dec•
534 Oa
•____ 22 •--... 21 •___
.2-21- •___- -2f .____ 21
____ ____ __ Galveston-Houston Elee-100 22 Jan 7, 2512 Feb 25 17 Oct 38 Jan
*1112 1212 1212 1212 *1112 1212 *1112 12
*1112 121
40 General Pub Ser Corp corn__
___
____
12 Jan 261 17 Jan 22
__ ...,_
36
36
36
36
37
38
*36
37
36
36
No par 35 Apr 9 4038 Jan 12
35 -3514
375 Gilchrist Co
3234 -Ailit 43 July
95
964 97
98
98
11.023 Glilette Safety Razor...No par 8812 Mar 30 11312 Feb 6
9934 99 1001
98
/
4 9712 9978 96
5712 Jan 11512 Dec
10/
*1012 11
1
4 104 •1012 11
11
*1012 11
11
___ ___
35 Greenfield Tap & Die
25 1011 Jan 12* 12/
1
4 Feb 11
11 May
1512 June
62
62 62
63 63
63
63 63
61
145 Hood Rubber
63
No w, 60 Feb 9 68/
____ ___1
4 Feb 4
52 May
72 Oct
*6112 62's 059 12 6012 •5912 604 .
internal Cement Corp_No par, 604 Jan 7 6814 Feb 9
5912 6012 *6012 6112 ____ ____
5212 Jan 80
Oct
..25 .4
..10 .45 ..10 .45 ..10 .45 +.10 .45 ____ ____
International Products_No par .10 Jan 2 .25 Mar 21 .05 Dee
2
Jaz
3..50 1
*.25 1
•.25 1
+.25 1
_ _. ___ .
Do pref
101) .50 Mar 3 .55 Jan 5 .1(1 Dec 1013 Jan
------*95/
1
4 - 9514 9514 .9514 - - 9514 954 •.25302 Kidder. Peab Accep A pref-100 95/
954 9514
1
4 Jan 5 9514 Jan 9
8212 Jan 9512 Nov
7
8
-7
814
.
8
8
814 -812
5818 834
813 84 . 730 Libby, McNeill & Libby_ 10
7 Mar 24
94 Feb 1
614 Apr
932 Jan
1012 11
*1034 11
1012 1034 *1012 11
*1012 11
140 Loew's Tbeatree
251 1012 Mar 31 1218 Jan 18
1114 Aug
1374 Jan
84
84
85
84
8312 84 .84
84
84
8412 8313 .
182 Massachusetts Gas Co8-1001 83 Apr 1 8611 Feb26
84
68 Feb 85 Dec
67
6712 671 .6712 ___ *674 __.. 67
67
116 Do pref
6712 68
63
100' 65 Jan 6 7018 Feb 20
6313 Jan 70
Oct
*._ __ 210
204 205
100 Mergenthaler LInotype_1001 1934 Jan 6 218 Jan 26 167
205 105
207 108 0203 210 *205 210
Jan 197
Oct
•____
8 •_ _- 8 *____
8 .__ -8 ._ - _ _ 8_
Mexican Investment, Inc
10
8 Mar 11 1024 Jan 7
714 Sept 1634 Jan
92 •92
94 •____ 91 '3._._ 91 •____ 91
92
89
Itiv
Pow
stpd pref
39 Nilss
89
100 89 Apr 9 96 Jan 4
8712 Jan 9614 Nov
1
4
3/
3/
1
4 3/
3/
1
4 3'e
338 3/
1
4 318
1
4 .3/
1
4 3/
1
4 --------210 National Leather
10
3/
1
4 Apr 1
412 Jan 5
324 Dec
Clay Jan
.2112 23
211
/
4 2124 2184 2224 22/
21
1
4 22
2224 --------520 Nelson (Herman) Corp
5 1514 Jan 9 2814 Feb 19
111
/
4 Deo 17 Dee
•.30 .4
.30 .30 •.30 .40 ..30 .40 ..30 .40 --------50 New Eng 011 Ref Co tr car-.20 Jan 2 .65 Mar 6 .10 Dec
2 June
101
1012 .8
*8
.8
1012 .8
1012 .8
1012
9
9
50 Do pref (tr ctfs)
100
8 Feb 25 1013 Jan 8
IA Apr 12 Sept
4198
99
98
98
98
98
98
98
98
98
98
295 New England Pub Serv prior pf 96 Mar 2 100 Jan 6
98
*____
4 •____
4 ..___
4 *._ _ _
4 •____
4
____ ____
New Eng South Mills_ _No par
4 Mar 15
8 Feb 18
278 Dec 11 -Feb
•_,..... 20 •____ 20 •____ 20 •__ _ 20 •
20
____
_ _ _ _ _ _1 Do pref •
100 20 Mar 25 28 Jan 29
20 Dec 55 Jan
112 11214 112 11254 112 1128 110/
112 112
1
4 112
.... 1,547 New Enged Telep & Teleg_100 11078 Apr 1 11824 Feb 17
11124 11214
99 Apr 12212 Nov
*02
*92
96
96
96
*92
92
92 .92
94
___ ___,
20 No Amer Utll let ph full paid-1 89 Feb 15 93 Feb 25
90 Sept 100 May
21
21
20
2018 20
20 .19
21
.19
21
____ ____
140 1st pref 25% paid
1 18 Feb 1 27 Feb 25
20 May, 28 Mar
Orpheum Circuit. Inc
1 2924 Jan 9 80 Jan 14, 2118 Oct' 3214 July
-i3
- T4 111.
4 -,-1.
------------421 Pacific Mills
a ii24 .43 '43
100 42 Jan 26 55 Jan 2
50 Dec 8112 Jan
Ill
_ *41_. .41
__ .41
*41
-- --._ ---- ____ _ _ Plant(Thos 0), 1st pref.._.100 40 Mar 25 6814 Jan 12, 32 Aug 75
Oct
.1512 1614 *1512 -1-614 16 -.
1512 -1512 --------85 Reece Button Hole
16
16 Ili
10 15 Feb 8 17 Jan 12i
15/
1
4 Aug 18 Apr
•112 11
/
4 .14 11
/
4 .11
/
4 124 .112 124 .112 1/
Reece Folding Machine__ 10,
1
4
112 Jan 19
113 Jan 191
11
/
4 Nov
2/
1
4 Jan
100 100
10078 101
9924 10034 100/
1
4 10024 9938 10024 9912 100
787 Swed-Amer Inv par pref_100 99 Feb 6 106 Feb 101 99/
1
4 Dec 101 Dee
113 113
11312 113/
1
4 113 11324 11238 113
113 11312 11312 114
617 Swift & Co
100 11112Mar 30 117 Feb 20; 10914 Aprl 120 Feb
58
6012 6012 061
69
60 6014 .6012 63
63
61
61
191 Torrington Co
25 51 Mar 31 70 Jan 4' 4513 Apr. 7313 Dec
.1012 11 .104 11
.1012 11
.1012 11
1012 1012 10
1014
860 Union Twist Drill
5
7 Jan 5 1512 Feb 111
3 Oct' 74 Jan
4734 48
474 474 4712 4734 4724 48
48
48/
1
4 4813 49/
1
4 1,915 United Shoe Mach Corp
25 47 Mar 31 52/
1
4 Feb 20
40/
1
4 July! 50 Nov
28
284 .28
28
2812 28
28
28
28
28
28
541 Do pref
28
25 28 Jan 2 2812 Jan 25
2612
Jan 29
Oel
18
18
1818 .18
18
1814 18
18
18
18
18
18
1,165 Waldorf Sys,Inc,new sh No par, 17 Jan 6 20 Feb
1413 Aug 1924 Jan
*3213 37
37
3212 3212 354 3512 36
37
37/
41
1
4 39
990 Walth Watch Cl B com.No par; 29 Jan 18 40 Feb "I
5,
5 Jan 34 Dec
56 .55
5212 5213 *5234 ___ 544 544 55
58
'59
59
243 Do pref trust etfs
100, 52 Jan 23 59 Feb 10'i 1714 Jan 57 Da
.___ 104 _ •____ 104
.100 101 .100 104
104 104
104 108
162 Do prior pref
100 102 Jan 29 108 Jan 411 65 Jan 105 Dec
1924 2018 20
1912 194 20
20
1978 20
20
1924 1978
451 Walworth Company
20 19 Mar 31 23 Jan 271 16/
1
4 June 2714 July
45
4512 4512 4513 46
46
46
4618 4614 4612 46
46
470 Warren Bros
50 44 Mar 25 5013 Feb 18
37
Jan 5012 July
•3912 40
*394
40
40
4012 40
40
40
____
40
_
84 Do 1st pref
50
40
Feb
25
4214
Mar
III
37
/
1
4 Jan 4312 July
.44
46
44
4412 .44
44
45
44
4312 4312 42 -4212
320 Do 2d pad
45 Mar 30 47 Feb 10
50
404 Jan 48 De
•1412 154 .1413 154 .1413 1512 .1412 15/
1
4 1412
10 Will dr Baumer Candle oom- 1412 Mar 27 1712 Jan 2
11 Mar 217s Del
Mining
1
1
•.06 .20 '3.06 .20 ..06 .20 ..06 .20 0.06 .20 ..06 .20
Adventure Consolidated
25 .05 Mar 15 .20 Feb 1 .05 Dec .25
Jar
•.05 .20 3%05 .20 ..05 .20 4%05 .20 '
4.05 .20 •.05 .20
Algomah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar .25
Jar
.30 .30
.27 .30
.35 .35
.35 .36
.4() .40
.40 .45 3,870 Arcadian Consolidated
25 .25 Mar 2.„" .90 Jan 4 .60 Dec
Jar
3
1013 1014 1028 1038 1018 1014 10
1032 10
10
9$4 10
485 Arizona Commercial
6
924 Mar 37 1234 Jan 2
913 Mar 1528 Fel
4412 45 .44 . 46
4414 4414 43
44
44
44
414 4212
550 13ingham Mines
4113
10
Apr
9
55
2
4
Jan
4
2814
July 6014 Oel
13/
1
4 1418 14
1418 1418 1414 14/
1
4 1412 1414 1412 1414 144 2,567 Calumet & Hecla
25 13/
1
4Mar 31 1512 Jan 7
12/
1
4 June 18/
1
4 Jar
.30 .35 ..35 .50 +.35 .50 ..35 .50 ..35 .50 •.35 .50
140 Carson Hill Gold
I, .30 Mar 1 .50 Jan 2 .20 May .90 Atu
18
1812 1812 1612 1612 1634 1614 1614
ails 1612 1618 161s
700 Copper Range Co
25
1512
Mar
18
20
Jan 4
18 Dec 33 Jar
*333 34
34 314
333 332
314 312 .34 31,
314 314
4051 East Butto Copper Mining_ 10
314 Jan 27
4 Feb 3
3 June
614 Jar
*a.50 .75 'a.50 .75 *a.50 .75 *a.50 .75
.50 .50 •.50 .75
50 Franklin
25 .50 Jan 4
11
/
4 Jan 20 .04
Jan
•.50 .75
1/
1
4 Jar
.80 .80 +.50 .80 •.51) 1
•.50 1
..50 .90
55 Hancock Consolidated
25' .50 Feb 25 .80 Feb13 .50 June
'31413 16
*1412 16
1/
1
4 Fel
15
1514 15
1512 15/
1
4 15/
1
4 1524 15/
1
4
300 Hardy Coal Co
ii 14 Mar 29 2114 Jan 4
154 July 23
.1
14 .1
Jar
114 ..80 114 .1
114 .1
114
1
1
40 Helvetia
25
.80
Mar
27
2
Jan 11
1 Dec
155 157
155 156
34
155 156
156 15618 157 15912 158 158
467 Island Creek Coal
1 141 Mar 29 175 Feb 8 121 Mar 165 Fel
.100
- .100
De
_ .100 102 .100
_ *100
_ *10012 102
Do pre'
1
994
Jan
4
10212
Jan
26
.10 -.
944
1 1.- .10 -11 *10
May 10012 De
11
11 .
.
11
.
11
-II
11
11
225 Isle Royale Copper
25 10/
1
4 Mar 31 1314 Feb 10
•.85 .90
9/
1
4 Apr 2013 Jar
.90 .90 0.85 .9'
.85 .85
.90 .90
.90 .90
500 Keweenaw Copper
25 .50 Jan 2 .95 Mar 22 .50 June
131
113 Jun
114
1
1
*1
114
.90 .90 •1
114
1
1
158 Lake Copper Co
25
.90
Mar
10
14 Jan 4
1 Apr
1
1
3 Jar
•1 ifs Ps •151.4 138
*1,4 114 •115 114
1 if, 1 1X
30 La Salle Copper
25
1 Feb 1
212 Mar 15
1
Dec
/
1
4 Jar
*178 2
*1/
1
4 2
11
/
4 1/
1
4 .124 2
.114 2
.173 2
100 Mason Valley Mine
5
11
/
4 Jan 26!
Vs Feb20 .95 Sept'2/
.40 .40 ..35 .50 '
1..40 .60 0.35 .50 •.35 .50 ..40 .50
1
4 Jai
200 Mass Consolidated
25
.25
Mar
16;
.70
Feb13
14 Jai
*ails 112 *ape
.40 May
14
118 'al
1
14
.90
11
.90 .90
895 Mayflower-Old Colony-.
__
25 .90 Apr 8;
14 Jan 5 .50 Nov
30/
1
4 3034 3112 3112 31
304 31
3112 31
3
- Jai
31
*3012 31
655 Mohawk
25 30 Mar 3D' 37 Feb 10
2512 Jun
1
4 19/
1
4 19/
1
4 20
1928 194 19/
41
19/
1
4 20
20
Jai
20
20
20
1,010 New Cornelia Copper
5 19 Mar 3 2114 Feb13
0.10--- ..10
18 Mar 25
__ •.10
__ ..10 .25 0.I0 .26 --__
Jai
New
Dominion
Copper
.05 Jan 30 .10 Jan 7 .10 July 85 Fel
1__ -25 •__-- 15 .___ 15
____ 25 •____ 25 .____ -25
New River Company
100
25
Feb
4
25
Feb
4
25
5518
5518 .1..___ 55 *i__-- 55 •x_ _ - - 55* __
Apr .31 Aui
*ils 56
55
10 Do pref
100 50 Jan 4 72 Feb 11
41578 fps
40 Jun
612 812
61
/
4 64 *x578 6
.1534 6
65 A tli
-.57
.
8 6
20 Nlpissing Mines
5
524 Mar 5
Vs Jan 27
4/
214 284
21
1
4 Jul"'
/
4 235
*214 284 *Vs 282
218 214
214 238
61
/
4 Jal
346 North Butte Mining
15
218
Mar
30
3
/
1
4
Jan
9
.89 June
70.80 .95 *a.80 .95 *a.80
sa.84) .95 •42.80 .95 '
.95 ..85 .95
378 No'
0.11bway Mining
25
.50
Jan 4 .80 Mar 20 .15 Nov
Hui 1912 •15
1524 15/
16
1
4 1512 1512 .1512 16
14 Jai
1512 1512
160 Old Dominion Co
25
14
/
1
4
Apr
1
1912
Feb
10
12
.11
12
1634
/
1
4
12
/
1
4
.11
/
1
4
11
Dec
12
1184
12
12
.111
/
4 12
27
Jai
165 P'd Cr'k Pocahontas CoNo par 104 Mar 29 15
Jan 2
1012 June 1873 sap
21
2014 204 3'20
2024 *20
1912 1912 1934 1934 •20
20/
1
4
125 Quincy
25 1834 Jan 22 23/
1
4 Feb25
31
.3013 3112 31
31
19 Apr 391,
304 31
314 301
: 3012 3012 3012
206 St Mary's Mineral Land-- 25 29 Mar 30 3812
Feb
10
*5
512 *5
512 .5
2812 Apr
Ms .512 6
*512 64 .512 614 ___ _ Seneca Mining
48 - j
Jar
5/
1
4 Apr 1
9/
1
4 Jan 4 .5071/4
3.50 .75
.50 .50 0.50 .70
5.50 .75 ..50 .70 '
11
.50 .50
112 N
j.iit
oi
400 Shannon
10 .50 Jan 18
.60 .62 *45 .75 ..55 .75 '3.58 .75
•.51 .75 *.55 .75
Ma
200 Superior & Boston Copper 10 .50 Mar 16 .80 Jan 5
14,
Mar
1 .70 May
0
94 9/
1
4 934
912 9/
94 *94 94
1
4
9/
1
4 z918 94 2,715 Utah-Apex Mining
2
5
6 Jan 6 111
/
4 Feb 5
3/
1
4 Jan 8118 Jai
0131 172
174 178
124 178
124 134
124 212
214 212 31,055 Utah Metal di Tunnel
1 .50 Jan 8213,. Mar 13
•,50 .60 *AO .60 *.50 .60 ..50 .60 '7.50 .60 '3.50 .60
Jar
Victoria
25 .43 Mar 2 .75 Feb 23 .40 July .88
-22
•.17 .25 •.17 .25 *18 .25 •.17 .25 '
7.17 .25 7..17 .25
11
/
4 Jai
Winona
25 .15 Jan 23 .25 Feb 9 .10 Nov
Doe .48
*a.40 .60 .a.40 .50 *a.40 .50 841.40 .50 .a.40 .50 .11.40 .50
Jai
Wyandot
25 .40 Feb 1 .45 Mar 22
.06 Aor .21
Fel
•anand Nana Vetoes: no sales on thus day. e Ex-tights. 3Igx-81eldend and eights. s ea-dividend. S Ex-stook dividend. a
Assessment paid. Pries on n. w basis.
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Per. Price. Low. High Shares.
Abbotta Al Dairy. pref_100
10
Alliance Insurance
Amer Elec Pow, pref._100
•
American Stores
Baldwin Locomotive_ _100
Bell Tel.Co. of Penn., pref
100
Buff& Slum, pref
•
Congoleum Co Inc
Consol Traction of N J.100
East Shore G & E8% pf_25
100
Elsenlohr (Otto)
Fire Association, New_ _ _10
100
General Asphalt
100
Preferred
Insurance Co of N A.--10
Keystone Watch Cass _100
Lake Superior Corp_ _100
50
Lehigh Navigation
50
Lehigh Valley
10
Brothers
Lit
10
Mail Rubber
Minehill & Schuyl Hay_ _50
Penn Cent L & P cum pf--•
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _60
Philadelphia Co(Pitts)-10
50
Preferred (5%)
Preferred (cumul 1%)-10
21
Phila Electric of Pa
Warrants
50
Phila. Germ & Nor
Phila. Rapid Transit._ _ -50
•
P & R Coal & Iron
Philadelphia Traction_ -50
10
Phila & Western
50
Preferred
so
Reading Company
50
let preferred
*
Warrant
_1
Tono-Belmont Devel
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
•
U S Dairy."A"
United Railways, pref 100
Victory Park Land Imp_10
West Jersey & Sea Shore_50
50
Westmoreland Coal
50
York Railways, prat_
101 101
101
494 514
51
111 111%
111
654 654 69
1024 1044
11035 1104 110%
48
48
48
17
17
30
20
30
26
26
14
14
56
55
55
614 6135
4515 4535
5235
1234 51
69
69
24 3
10535 104 107
81
81%
254 2635
335
3
15131 52w
7235 7235 73
514
50
74
74
72% 764
37
38
4965 50
4435 4435 484
3
1
135
12234 1224
5334 524 54
3934 3934
6735 5834 59
1334
13
13
3534
85
8435 8415
4035 4034
3435 3435
315 335
535 6
3934 3935 3935
9135 9034 94
38
36
85
85
635 64
4334 4335
51
50
50
3735 3735
10
105
142
16,875
65
170
20
10
50
70
5
25
25
25
1,079
67
145
1.187
22
2.400
200
54
1.444
45,315
10
496
89
80
58,716
27,894
15
405
25
120
405
114
50
33
25
1,875
3,131
701
11,400
90
100
100
47
233
45
Bonds
9435 6,300
91
Amer Gas & Elea 5s2007
29,400
63
60
EJec & Peoples tr ails 4111 '45 61
1,000
63
6235
1945
Small
1,000
10534 10534
General Asphalt 6s-1939
10,000
56
58
56
1943
is
coil
Inter-State Rys
9134 914 5,000
Keystone Telep 1st 58_1935
2,000
64
64
Peoples Pass tr ctfs 48_1943
Phil.% Co stmpd 8f & red '51 984 984 984 10,000
100
87
87
Phil& Elee 1st s f 4s__ _1956
600
10234 10334
1960
58
72,700
1966 10334 103 104
1st 58
2.600
10235 103
1966
Small
10735 1074 3,000
1953
534s
1941 10734 1074 10734 3,000
ee
10034 10134 44,000
Pbila Elec Pow Co 548'72
500
254 26
United Rye (Pitts) 5158 '26
10,000
61
61
United Rye gold tr ctf 48'49
1,000
9534
9534
58_1937
York Railways 1st
Range Since Jan. 1.
Low.
High.
10035 Jan
Jan
36
1014 Jan
Mar
60
Mar
100
109% Mar
Apr
48
1635 Mar
Jan
30
Mar
25
Apr
14
Apr
55
Mar
56
454 Apr
Mar
49
Jan
60
235 Mar
9735 Mar
Apr
81
Mar
25
234 Jan
5115 Mar
Mar
71
4834 Mar
71
Jan
66% Feb
37
Mar
Mar
49
414 Mar
Apr
1
1224 Apr
51
Jan
3934 Apr
5634 Jan
Mar
11
34% Jan
8234 Apr
4515 Jan
344 Apr
2•15 Jan
4,15,
Jan
38
8434 Mar
Mar
36
Apr
85
635 Jan
Mar
43
Mar
50
3634 Jan
102% Mar
Jan
59
11135 Apr
9435 Jan
104% Apr
Jan
112
Jan
53
Feb
21
Feb
35
264 Feb
20% Feb
Jan
68
674 Mar
4535 Apr
6414 Jan
Feb
70
435 Jan
1204 Feb
834 Jan
3335 Jan
Jan
8
Apr
52
Feb
91
5534 Jan
Feb
91
764 Apr
Jan
38
Mar
50
6734 Jan
715 Mar
Mar
123
57% Feb
484 Feb
Feb
65
1434 Jan
3535 Mar
8535 Feb
4034 Apr
3434 Apr
435 Jan
735 Feb
4334 Jan
14434 Jan
384 Mar
Apr
85
Mar
7
Jan
47
Jan
56
384 Feb
894
574
624
10534
5535
91
634
9635
84
102
102
1024
10334
1074
1004
2534
5935
954
Feb
Jan
Apr
Apr
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Apr
Apr
Jan
Jan
9434
6515
63
1054
564
9234
6835
9934
87
103%
10434
1034
1014
10834
10115
26
65
98
Mar
Feb
Apr
Apr
Feb
Feb
Jan
Mar
Apr
AV
Feb
Mar
Jan
Feb
Apr
Apr
Jan
Jan
•No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange April 3 to April 9, both
inclusive, compiled from officials sales lists:
Stocks-
Saks
Friday
LAW Week's Range for
Week.
ofPrices.
Sale
Par. Prim. Low, High. Shares.
Am Vitrified Prod, com_50
100
Preferred
Am Wind Glass Mach_ _100
Am Wind Glass Co, pf _100
Arkansas Nat Gas, com_10
Auto Finance, corn
25
Blaw-Knox Co
Byers(A M)Co. pref_ 100
10
Carnegie Metals
10
Devonian 011
Dollar Say & Trust__ _100
Houston Gulf Gas
Indep Brewing, corn._ _ 60
50
Preferred
Jones & Laughlin, prat _100
25
Lone Star Gas
31
31
91
91
69% 70
110 110
6%
6
6
25
25
48
48
9935 9934 994
1835 19
1435 1435
144
326 326
635 635
635
5
5
7
7
115 115
31
3334
33
Range Since Jan. 1.
Low.
High.
Jan 334
70 31
Mar 9435
50 91
95 694 Mar 80
50 10634 Jan 112
7
5% Feb
2,245
API' 25
20 25
Mar 56
20 45
Jan 100
50 99
Jan 21
50 16
Mar 17
240 14
Apr 32635
10 326
634 Mar 10
205
634
235 Jan
200
535 Feb
50
Mar 114
30 115
Apr 56%
2.793 30
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange April 3 to April 9, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
IndustrialsAm Laundry Mach com _25
American Products
Amer Rolling NIill com_25
100
Preferred
American Thermos corn__
Preferred
100
Baldwin new pref
Buckeye Incubator__ _IN
Carey (Philip) prof _ _ _ _100
Champ Coated Paper pf100
100
Champ Fibre pref
Churrigold Corporation_ _•
•
City Ice & Fuel
Cooper Corp new pref-100
Crown Overall prof _ _ _ _100
Dalton Add Mach com_100
100
DOW D1119 pref
Eagle-Picher Lead com-20
•
Early & Daniel com
100
Fay & Egan pref
•
Formica Insulation
•
Giant Tire
•
Gibson Art corn
Globe Wernicke cons__ _100
100
Preferred
•
Gruen Watch corn
100
Preferred
Hatfield-Reliance cons-.
Johnston Paint pre--- -100
10
Kroger corn
100
New preferred
Paragon Refining corn- _25
Procter & Gamble corn. _20
100
8% preferred
100
6% preferred
100
Pure 011 6% pref
100
8% preferred
100
Richardson prof
•
U.S. Can corn
100
Preferred
20
U.8. Playing Card
U.8.Pent & Litho cons100
100
Preferred
100
Whitaker Paper pref
•
Wester Paper A
100
Wurlitzer 7% pref
100
8% preferred
11635
3434
5115
109
1534
414
105
32
112
111
1034
54
2434
100
101
63
110
30
42
60
20
34
384
92
89
40
105
16
0934
11734
112
74
148
16034
114
9334
10634
1074
50
100
141
88
100
100
28
110
106
Banks100 220
Citizens National
Fifth-Third-Union unit8100 325
111 10935
2435 25
5035 5135
109 110
1565 1535
4135 4135
105 105
3135 3335 •
112 112
111 111
1034 10334
5334 55
2435 2414
100 100
101 101
65
63
110 110
29
30
39
42
60
60
20
20
34
34
33
3834
96
92
89
89
3934 40
105 105
16
16
9935 9934
110 1214
111 112
735
7
143 150
160 1614
11235 11635
9234 9335
10614 1094
10734 10734
50
50
100 100%
1404 14235
374 89
100 100
100 100
28
23
109 100
106 106
219
325
Public UtilitiesCincinnati & Sub Tel_ _ _50 824 8134
100 9035 8934
On Gas (Elm
113
Cin GEM Trananortationl00 113
8435
C N & C Lt & Trac corn106 85
83
100 85
Preferred
109%
10934
100
prof
Ohio Bell Tel
TractionsCin & Ham Trac corn_ _100
50
Cin Street Rv
Ohio Trite prof deposit _100
1CO
Preferred
10
334
80
79
Railroads-'
100 805
CNO&TPcom
100 102
Preferred
10
3234
et)
78
305
101
220
325
83
91
113
85
65
1094
640
116
1.173
310
25
10
28
830
10
SC
5
200
165
60
2
110
25
2,14r
95
2
10
10
618
59
e
35
8
70
4
1.977
10
205
1.034
100
292
231
103
23
60
32
399
13
2
11
40
5
10
High.
Low.
1C8
2434
4734
10834
153.4
415
104
30
110
10835
103
5334
2435
100
101
63
110
2635
3734
60
20
2334
3634
92
89
364
10334
144
99
1044
100
635
13935
160
110%
8535
1054
105
60
99
139
81
92
100
23
107
105
Mar
Apr
Mar
Jan
Apr
Apr
Feb
Jan
Feb
Feb
Feb
Apr
Apr
Mar
Mar
Apr
Jan
Mar
Mar
Apr
Apr
Feb
Feb
Apr
Apr
Jan
Feb
Mar
Feb
Mar
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Apr
Apr
Jan
Mar
0 212
40 321
Jar
Jar
129 81
617 83
24 11215
77 814
281 84
77 1094
Apr
Mar
Jar
Jar
Ap
'al
10
32
80
69
Ma'
Ma,
AP,
Ap,
20 805
6 101
Anr
Feb
7
10
65(
3"34
r
80 '
201
70
810
102
Range sew Jan. 1.
gi; LIS;t44414.1W3MitngvominnnagantEMILIgagngotg
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, April 3 to April 9, both
inclusive, compiled from official sales lists:
• No par value. x Ex-d vidend
Note.-Sold last week and not reported: 100 Arkansas Natural Gas at 6; 10 A. M.
Byers Co., pref., at 9935: 50 Salt Creek Consol Oil at 835@8% •
,Igggga
Jan
Mar 70
6634. 3,100 65
Jan
Mar 80
1,500 75
75
Feb
3.000 10435 Jan 105
10435
1,000 9134 Mar 934 Jan
9135
0334 2,000 9235 Mar 9335 Mar
98% 3,000 9735 Mar 98% Mar
994, 3,000 984 Jan 9934 Feb
Feb
Jar. 97
4,000 96
97
101
3.000 993.5 Feb 10515 Apr
Jan
Mar
100%
99
2,000
10034
1014 6,000 100% Feb 10135 Feb
Feb
Mar 111
1,000 100
104
Mar
5,000 9635 Mar 97
97
Mar
1004 8,500 994 Jan 101
Apr
Apr 82
1,000 82
82
10035 11,000 994 Mar 10135 Jan
Apr
1 000 9235 Mar 93
93
livra
65
75
1044
914
9215
0835
9935
97
101
9935
10035
104
97
9935
82
100
93
V&
Apr
API*
Feb
Feb
Mar
.
-- ...
1-.1-, ... .-... r. ... --- .
SG=9,1M9=354S.;;gE;Stnitt43t4G;Intin=38t8zSlit
x x
xx xx xx
xx x x xxxx
High.
Apr 100
15,000 100
100
953.5 20,000 9534 Apr 954
Mar 74
6765 9,000 67
Jan 873(
87
1,000 86
Jar 101
100
3,000 99
WN
Low.
100
9534
65
87
9934
ti,T.
Amer Tel & Tel 5s_1960
Assoc Elec Co 535s w 194t
Atl G W SS L 5a_ _1959 67
Chic Jet Sty & U S Y 4s'40
1940
5s
East Mass St RR Co 5:
1946
Series B
1946
69 Series D
193: 104%
Hood Rubber 78
lilt Power Sec Corp 635s'56
1939
KCM&B4s
1939
Income 58
192, 991:
Mass Gas 4358
1931
4658
144.
534s
Miss River Pow 58_ _ _1951 10035
New Eng Tel & Tel 58_193'
P C Pocah Co 76 deb193'
So Ice Utilities Co 6s_194
194.,
SwUt&CoSs
United Indust Corp 68 194'
Western Tel & Tel 58_ _193:
West End Rt RN 48_ _ _193: 93
Range Since Jan. 1.
STAraT
xxxg x
Bonds-
83Nr.:
x
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
.0O
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange April 3 to April 9, both inclusive:
Sales
Friday
Range Since Jan. 1.
Last Weak's Range for
Week.
ofPrices.
Sala
High.
Low.
Stocks (Concluded) Pat Price, Low. High. Shares.
Feb 1834 Feb
80 14
1435 15
Nat Fireproofing, com50
Feb
Feb 39
1,015 34
35
50 35
36
Preferred
Apr 3634 Jan
Dblo Fuel Corporation_ _25 344 3334 3434 5.503. 33
Jan
34
Mar
28
970
294
2834
_25
Gas_
Natural
Oklahoma
2934
Mar
7
Jan
3
590
54
5
Pittsburgh Brew,com_ _50
Feb
Jan
15
190 11
1335 1334
60 134
Preferred
Apr 8314 Jan
7135
83 71
71
Pittsburgh Cosi, pref_100
135 Feb
100
154 14
134 Feb
Pittsbr Mt. Shasta Corp
6
Jan
Mar
04
10
435
435
_5
Gas__
&
011
Pittsburgh
Jan
Mar 310
50 273
280 285
Pittsburgh Plate Glass_100
10
Feb
835 Mar
15
835
835 835
3alt Creek Consol Oil__.10
118%
Jan
Mar
1054
193
1074
10635
3tand Sat* Mfg, com25 106
Jan
834 Mar 10
IV
9
9
10
['Mal Osage 011
1934 Jan
320 174 Apr
1735 18
25 18
1 S Glass
Mal 1274 Feb
277:106
110 113
Aresehouse Air Brake_ _50 110
202 904 Jan 9114 Ant
9134
91
Wear Penn'Rya nref _ _ _1(10
Eg
Outside Stock Exchanges
I "
V.11
THE cHIZONICLE
2024
•No Par value.
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange April 3 to April 9, both
inclus've, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Bank StocksFirst National Bank. _100
Nat Bank of Commerce 100 164
Street Railway Stocks
United Railways pref-100
100
Preferred C-D
Miscellaneous Stocks
Amer Credit Indemnity_25
•
Amer Investment B
Best Clymer Co
•
Boyd-Welsh Shoe
100
Brown Shoe pref
100
Brown Shoe corn
1CO
Preferred
Certain-teed Prod let num
Century Electric Co. _100
100
Curlee Cloth pref
•
E L Bruce corn
_25
_
com
DO
Walker
Ely &
100
let Preferred
Fred Medart Mfg. com--•
Fulton Iron Works com_.•
Hamilton-Brown Shoe..25
•
Husiman Refr corn
•
Huttig S & 13 corn
Hydraulic Prows 13 oref.100
735
735
233 233
16235 164
734
734
8
8
51
50
14
14
60
61
41
37
40
10934 10935
3615
35
10935 10934
9835 10035
110 115
101 101
43
44
29% 2935 2935
87
90
31
32
2434 2434
43
44%
3735 373.4
3435 34%
8734 8814 874
Range Since Jan. 1.
Low.
14 228
53 155
185
2,668
so
10
190
500
10
539
10
40
50
65
143
230
25
29
10
285
20
80
53
Jan 235
Jan 171
735 Apr
7% Apr
49
14
CO
354
110%
32
110%
9834
110
101
43
294
87
31
2434
43
34
3435
8634
High.
Mar
Apr
Apr
Mar
Jan
Mar
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Mar
Feb
10
10
Mar
Jan
58
14
66
4435
110
4435
110
105
115
104
5334
3334
90
34
3634
57
41
44
9714
Jan
Apr
Mar
Feb
Mar
Feb
Mar
Mar
Apr
Mar
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
APR. 10 1926.]
THE CHRONICLE
2434
Street Railway Bonds,
E St L & Sub Co 59_ _1932
St L & Sub Ry gen 58_1923
United Rys 48
1934
United Rys 48 ars dep 1934
Miscellaneous BondsKinloch Long Dist 58_1929
2534
20
4634
11314
47
31
2334
7434
4031
105
20
70
50
550
85
55
5
70
155
1,435
200
10
745
30
295
710
540
35
65
40
5
30
1,621
390
200
578
1,585
10
640
12
25
180
60
425
149
50
285
800
206
415
15
24
2434
375
8434
94
7734
7734
8414 82.000
95
16,000
78
25,000
7734 5,000
100
100
4.000
10
Mar
49
14
60
3514
32
10734
100
101
43
2934
25
112
43
34
333.4
2534
150
10934
30
60
8434
148
4834
74
30
32
2134
100
26
105
40
25
20
46
11214
47
29
20
70
40
10414
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
55
14
65
4434
4434
111
105
104
5334
3334
35
11334
57
41
44
29
17514
11134
Jan
Mar
Feb
Feb
Feb
Jan
Mar
Mar
'Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
9834
85
150
67
92
39
3734
2534
10234
30
107
45
2934
22
59
11434
5034
3534
3434
85
4414
IN
Jan
Mat
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Mar
Jar
Feb
Jar
Mar
Jar
Jar
Jar
Jar
Jar
Mar
24
Mar
28
Mai
85
95
78
7734
Mai
Mai
Mai
Mtn
8334 Feb
87
Jan
75
Jan
74
Jan
9934 Mar 100
Mai
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange April 3 to April 9, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amstrong-Cator 8% p1.100 35
Amstrong Wholesale p1.100
• 32
Arundel Corp new
Atlantic C Line (Conn)..50 200
100
Baltimore Brick
Baltimore Trust Co
50 141
Baltimore Tribe Pref.-100
•
Benesch (I)corn
25
Preferred
ao
Century Trust
C & P Tel of Bait pf-100
35
35
100 100
31% 32%
200 201
1014 10%
140 143
45
45
40
40
27
27
155 159
112% 112%
20
10
1,590
45
15
221
33
20
24
98
11
Range Since Jan. 1.
Low.
33
9931
28%
190
1034
140
45
3914
26%
155
110%
Mar
Mar
Mar
Mar
Apr
Apr
Mar
Jan
Jan
Apr
Jan
High.
53
101
36
262%
11
154
55
40
27
182
11334
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Mar
Mar.
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Apr
Feb
Apr
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange April 3 to April 9, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range ler
Sale
ofPrices.
Week.
F. Price, Low. High. Shares
Adams Royalty Co eom_ •
All Amtrican Radio cl A..5
American Pub Sent pf _100
Am Pub Urn Co par pfd100
American Shipbuilding _100
Amer States Secur Corp A•
234
Class B
•
131
Warrants
34
Armour & Co(Del) pref 100 9534
100 90
Armour & Co prof
Common el A v t c__25 2231
Common cl B v t c_25 1031
1:
Armour Leather
37
Asso Invest Co nom----4
49
Auburn Auto Co com...2
Balaban & Katz v t c_ _ _2
69
100
Preferred
4
Beaver Board v t c B...."
Preferred certiftcates.100
10 2731
Bedix Corp cl A
10 2934
Borg & Beck com
Brach & Sons(E J) com_ .
Central ill Pub Serv pref.' 88
Central Ind Power pref _100 8934
Central S W 7% pref
''
' 97
Prior lien pre(
Warrants
17
Chic City dr Con Ry pt sh •
Preferred
Chicago Nipple Mfg cl A 50....
Chic N S & Milw corn_ _106
Prior lien pref
100 100
Preferred
100 76
Chic Rye Part ctfs ger 2_100
Chleago Title & Trust.10(1 545
Commonwealth Edison.100 14034
Consumers Co new
5
73.4
Preferred
100 78
Continental Motors
• 1134
Crane Co
25 55
Preferred
100
Crown(Wm)Pap 1st pfd.•
Cudahy Packing Co_ _-100
Cuneo Press A
50 48
Daniel Boone Wool Mills 25
Decker (Alf)& Cohn,Inc..• 2914
Deere & Co
100
Diamond Match
100 123
El Household Util coro_io 20
Elec Research Lab
• 1914
Empire G & Fuel 7% Pf 100
Evans & Co, Inc, cl A...5
Fair Co (The)
• 2934
Preferred
100
Fitz Simons & Connell
Dock & Dredge Co
Foote Bros(0 & M)Co__* 12
•
3
Godchaux Sugar
• 33
Gossard Co (H W)
Great Lakes D & D....100 133
Greif Bros Coop'ge A corn • 38
Hart,Schaffner Si Marx 100
Hibbard,Spencer, Bartlett & Co
25
Hupp Motor
10 21
Illinois Brick
25 43
Illinois Nor Utilities pf..100
2734 2934 4,01t
934 974
1,090
97
97
241
85
84
11
73
195
74
234 234 1,920
114
2,150
13,4
34
14 6,840
95
411
96
8934 90
607
22
1,261.
2231
1034 11
48'
5
5
92
37
137
3731
4431 5131 19,256
6611 70
1,467
10134 102
11/
4
4
41.
36
38
221
2734 2731
511
2814 30
1,621
3534 37
517
88
8831
17;
89
144
8931
93
95
1,020
96
98
497
16
1731
(
60
600
h
34
434 434
171
42
4231
141,
5014 51
9;
9934 100
24t
76
77
55
13,4
13,4
50
545 575
5
13934 141
998
734 834 2,190
76
78
63
11
1134
230
55
5534
345
11634 117
131
9714 9834
160
83
83
20
5734 48
190
%
160
%
2834 293.4
350
1073.4 109
270
12034 125
235
1931 2011
705
19
20
820
9131 92
300
2534 2614
235
29
3014
520
107 '107
60
2734 2734
12
12
3
3
343.4
33
13014 134
38
3834
115 115
7834
21
41
92
79
22
43
92
YAWN Singe Jan. 1.
Low.
100
140
835
765
950
300
10
50
305
1,380
30
Xx
50
14
60
38
35
110
100
10134
45
30
25
112
4514
34
35
2634
157
110
30
60
8434
148
5134
79
3034
34
23
100
2634
105
Mar
JMO M
.MIWW190,
1
50
14
60
3514
32
110
100
101
43
2934
25
112
43
34
3334
2534
150
110
SO
60
843.4
148
4834
74
30
32
2134
100
26
105
40
25
20
46
113
47
30
20
70
40
105
8
xX XX X
115
x
934
High.
I
814: :514444: :4484448:4:444444:411:4444;!Reer!'rE4'rr!!44144::44:
Mining StocksConsol Lead & Zinc "A"._*
8
Mar
Feb
Mar
xxxxxxXx X X
$
Miscellaneous Stocks.
Amer Credit Indemnity.23
American Inv"B"
•
Beet Clymer Co
• GO
Boyd-Welsh Shoe
• 36
Brown Shoe,common_ _100
Preferred
100
Certain-teed Prod 1st 91100
Curlee, preferred
100
E L Bruce, common
• 43
Ely & Walker D G,com.25
Fulton Iron Works,cam_ •
Globe-Democrat,pref.-100 113
Hamilton-Brown Shoe_23 43
Husaman Refr., common.
34
Huttig S& 13,common_ •
Independ Pack com
•
Internat'l Shoe, corn
•
Preferred
100 100
Johansen Shoe
• 30
Johnson-S &8Shoe__ -.........
Laclede Gas Light, pfd.100
Laclede Steel Co
100 148
Mo Portland Cement_ -.25 5134
Nat Candy common_ _ _100 75
Pedigo-Weber Shoe
• 30
Polar Wave L Jr F"A". •
Rice-Stix DO,common....• 23
2d preferred
100 100
Scruggs-V B D G com__25
Scullin Steel, pfd
100 105
Securities Inv, common_ •
Sheffield Steel, corn
• 25
Sieloff Packing, common.* 20
Skouras Bros "A"
*
S'western Bell Tel pfd_ _100 113
St LOUIS Amusem't"A" •
Stlx Baer & Fuller nom...* 30
Wagner Elec. common_ _ _• 2334
Wagner Elec Corp, pfd-100
Wm Waltke Soap com......• 40
Preferred
100
Jan 235
Jan 171
Mar 155
x
Street Railway Stocks,
United Rys, preferred _ _100
10 228
96 155
25 155
High.
Feb
Feb
Mar
Mar
Feb
Mar
Apr
Mar
Mar
Apr
Apr
Apr
Feb
Mar
Mar
Mar
Mar
Feb
Mar
9M01=;,....1 = .4=910&
.Q09MmWMNO 61:04.0..W
VO0
..4N.AWNOWGROG.S. 0.0M-..CAM.WW01
490vOlm
235 235
16034 161
155 155
Low.
102%
100%
102%
95%
98
10711
100
9714
9634
101%
100
8134
98%
7134
5034
7114
96
73%
10214
X XXX X XX
Bank StocksFirst National Bank_ _J00
Nat'l Bk of Commerce_100
Franklin Bank
100
Range Since Jan. 1.
Ma
Mar
AP
Jan
Feb
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Mar
Jan
Jan
Mar
Jan
$2,000
3.000
3.000
3.000
2,000
2,000
6,000
8,000
1,000
1,000
500
2,000
1,000
33.000
7,000
3,000
10,000
10.000
1.000
XXX X
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
100
994
1
100%
9474
9514
10534
99
9134
96
10131
100
8134
9834
69
48
6734
9114
68
10114
10034 10034
100 100
100% 10134
9534 9534
97
97
107 107
9934 100
97
97
96
96
101% 10134
100 100
8134 813.4
9834 9834
70
7134
4934 50
7054 7034
9434 95
68
6834
10234 10234
.
We also add the transactions at the St. Louis Stock Exchange for March 27 to April 1, both inclusive (Friday the
2nd having been Good Friday and a holiday on the Exchange), which we were unable to publish last Saturday because of the failure of the telegram to come through:
mar
BondsBernhelmer Leader 78.1943
Corn Credit 68
Cons Gas Ss
1193394
9
Gen 4348
1954
Cons G E L & P 434s_ _1935 9534
_1949
6% notes ger A
Elkhorn Corp 6148
Md Elec 6348
N News & Old Pt 1st 55'
Pub Service Build let 5s ......
Seaboard & Roan 58..1926
Sparrows Point 4148
United E Lt & P 410.1929
United Ry & E 4s_ _ _ _1949 7114
Income 43
1949
936 50
Fund 58
1949 9454
613 when issued
Wash Bait & Annan 581941
Wil & Weldon 5s
1996
01,DNO..Z5W
0,
10..c00,0WW
93
API
10134 Jar
ton
Am
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Jan
X
85
mat
Jar
88
7834 API
7834 Apr
6141
46%
2634
27%
99
5714
105
110
115%
128%
53
94
48
124
21%
12
92
89
68%
23
24%
102
211
53%
23%
23%
46
83
5631
81%
171
22
10034
98
1914
219%
25%
1183.1
5434
.
.
.WWW .I.2
9MN.W.0
Mar
Feb
Mar
Mar
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Apr
Ma
Mar
Ma
AP
Jan
Apr
Mar
Ma
Ma
Ma
Jan
AP
Jan
AP
Mar
Jan
Ma
Ma
Jan
Low,
X
1,000
1.000
2.000
28
5714
30
2434
25%
94
45
102
108%
109
124
36
93%
3114
117%
20
12
90
81
59
21
22
98
211
44%
22
1334
41
7234
49
78%
140
12
99
98
17
187
2234
94
5234
Range Since Jan. 1.
VW.-.1
09.400
Miscellaneous BondsPierce B(Incomt Leasehold
1931
Co) 55
93
93
Wagner Elea Mfg 7s_Sorial 10034 1003.4 100%
Houston 011614s
1935
100 100
•No par value.
Pvppwoovvcrovg,..wvw,pvcroocoo
8435 3,000
80
55,000
7834 21,000
7834 13,000
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jul
Mar
v
8434
80
78
773,4
7831
7834
29
17534
11154
45
9834
150
67
92
39
3734
2534
109
10234
30
4134
293.4
59
11431
5914
3534
3414
85
4434
106
9..m
8434
High.
imo
A X
...
..
.
391
X
.
2434
...
4.0.00,0WWW00,
A0M.h7CO,
MMO.000
24
X
243
,.00,.
Street Railway Bonds
East St L & Sub Co 58_1932
St L & Sub gen mort 55'23
United Railways 4s._ _1934
48 C-D
1934
70
735
25
55
230
11
130
256
55
245
335
5
15
80
45
35
10
133
30
10
295
940
415
10
..
8QS
Mining StocksConsolidated Ld & Zinc.20
26
26
10 155
110 110
31
3234
64
60
148 148
53
55
75
75
32
32
32
33
23
2334
10834 10814
100 100
26
26
40
4134
25
2534
463.4 -113 11234
47
46
31
30
22
2334
7334 75
40
4114
105 105
Low.
XX
Independent Packing corn • 26
International Shoe com_ •
Preferred
100
Johansen Shoe
•
Johnson-8 & S choe
Laclede Steel Co
100
Mo Portland Cement__ _25 54
Nat Candy, corn
100
Pedigo-Weber Shoe
•
Polar Wave I & F,A
. 33
Rice-Stix Dry Goods,com • 2334
let Preferred
100 10514
2nd Preferred
100 100
Scruggs-V-B D G corn_ _100 26
Securities Inv corn
' 413
Sheffield Steel corn
•
Skouras Bros. A
•
Southwest'n Bell Tel p1160 113
St. Louis Amusement, A.
Stix Baer & Fuller com. •
Wagner Electric corn..,..'
Preferred
100 7334
Waltke & Co nom
•
Preferred
100
Range Sines Jan. I.
2025
Frtaay
Sates
Last Week's Range for
Sale
of Prices.
Week
Stocks (Concluded) Par Price. Low. High. Shares
Comm Trust
100 5934 5914 61
so
Corn Credit
*
32
32
30
Preferred
25 24% 2434 25
366
Preferred B
25 2514 2514 26
8
Preferred 634%
100
94
94
5
Consol G E L & Pow
• 5011 48% 5141
711
6% preferred
100
102 102
32
634% preferred
100
109% 109%
43
7% preferred
100
112 112
9
8% preferred
100 127% 12734 128
68
Cons Coal
100
37
37%
50
Preferred
100
94
94
10
Eastern Roll Mill new. _• 34
34%
33
50
Fidelity dr Deposit
50 118% 11834 119
359
Finance Service A
10 20% 20
294
2034
Guaranty Co Md
12
12
12
10
Hare dr Chase pref
•
90
90
3
Houston Oil pref
100 82% 82
83
165
Man Finance
25 59
66
59
60
let preferred
25 21% 2134 21%
376
2nd preferred
25 22% 2231 23
15
Md Casualty Co
25
97
234
9814
Md Mortgage Units
211 211
10
Merch & Miners new
• 45
45
685
46%
Monon Val Tract 7% pf_25
22
23%
92
M org & Acceptance corn_ _• 1334
1334 14
205
Preferred
50
4114
41
242
Mt V-Wood S Mills Pi-100
74
74
10
New Amsterdam Can Co 10 51% 50
241
52
North Central
50
SO
95
80%
Penn Water & Power._100
142 145
63
Selica Gel Corp
•
14
14
60
Stand Gas corn
100
99
60
9914
Preferred
98
98
10
United Ry & Elec
50 19
17% 19
490
S Fidelity dr Guar_ _ _50 198
190 198
103
Wash Balt & Annap pf.
_50 23
23
23
487
West Md Dairy Inc com •
20
11634 11634
Preferred
50 5215 5234 5234
43
X
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
High.
3734
193.4
98
91
9534
854
53,4
31
98
9274
2554
17
634
3754
7274
73
103
414
40
3174
3434
3734
91
93
95
100
2254
%
7
4231
6134
101
83
13.4
585
144
1034
93
1331
60
11734
10034
9534
50
1
31
10934
12934
25
3234
97
3074
3334
107
Feb
Jan
Max
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Mar
1,155
Mar
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jell
Apr
Feb
Feb
Jan
Jar
Apr
Feb
Mar
Jar
Jar
Jar
Jar
Pet
Fet
Jar
Jar
Jar
Jan
Jar
Pet
Jan
Pet
Fet
Fet
Jar
Jar
Jar
Fe!
Jar
Feb
3034
1534
7
39
171
4031
125
Fe!
Jar
Fel
Jar
Jar
Fe!
Jar
79
Api
2834 Jar
4434 Fet
Mal
92
[Vora. 122.
THE CHRONICUI
PO4041r
..114-04
Week's Range fee
Week
of Prices.
Sale
Stocks (Concluded) Par. Price Low. HUM Shares
L6.11.
Jaeger Mach Co corn.
Kellogg Switchboard.....25 31
Hy Hydro-Elec pfd .l00
50 51
KY Utilities Co old
25 68
Strait Cheese Co
Kup'heimer &Co(B)Inc.5
100
Preferred
La Salle Ext Linty (111)..10
84.
Libby,MeN&Libby,new 10
10
Lindsay Light prof
McCord Radiator Mfg A."
Maytag Co
• 117
Middle West Utilities_
-ioc 107
Prefe-red
Prior lien preferred ,l00 118
44
Midland Steel Products_
Midland Util prior lien _100 98%
100 96
Preferred A
Morgan Lithograph Co..' 55%
Nat Carbon pref. new AOC
21
Nat Elec Power A iv
ic 3%
National Leather
National Standard core '
North American Car el A.' 281,
NorWestUtil preen prof 100 95%
100 94
7% preferred
17
Omnibus vet tr etfa WI a
•
Penn Gas dr Elec w I
Pick Barth dr Co met A..' zo
•
Pines Winterfmnt A
131
Pub Serv of Nor III
Pub Serv of Nor III_ .100 131
100
Preferred
100
7% preferred
12836
Quaker Oats Co
100
Preferred
Real Silk Hosiery Mills..10 4414
10
Reo Motor
Southw Gaa & El 7% pf 100
Sprague-Fells Corp el A30 30
Stewart-Warner Speedom • 76%
100 113
Swift & Company
11 174
Swift International_ _
Thompron (211.)_-_ _25 44
Union Carbide & Carbon.* 82
United Biscuit clam A-• 431,
United Lt & Pr, Awl new 0
Preferred cl A Wi a_ __.° 84
Preferred Cl 13 WI a_,-' 454
TJnited Paper Board. _15120 138
U S Gypsum
100
Preferred
Vesta Battery corp._ _10
11%
Wahl Co
Ward (Monts)& Co pf.100 116
1104
Class A
20
',11 0 Mat com..0
Wolff Mfg Corp
'
Voting trust certificates
631
Wolverine Portland Cem 10
50
Wrigley Jr
Yates Machtnee part pfd' 284
YellowTr dr Coach Mfg I310
100
Prete'r sr,
Yellow Cab Co Inc (Chic)• 46
Range Since Jan. I.
2514 25%
120 25
841 31
33
31
247 9114
91% 94
180 49
51
51
274 65
68
67
300 2914
31
31
10 100%
1014 101%
34!
9
10
1011
716
714 I% 4,022
7
9(
7
110 3634
3934 37
20 20
2014 20%
114 118
4,321 109
1,541 97;4
105 107
1,24" 10535
11514 116%
171 41
42
44
400 98
9854 9851
96
33 06
941.6
5516 56
1,850 52%
10 125
128 128
331 1954
21
211(
214
80"
2% 4
2754 273.0"
571 2756
27
500 26
28%
9434 95%
141 93
21 93
9416
93
_ 250 1414
1614 17
50 1914
20
20
2o0 19%
20
204
344 35
210 33%
13036 131
20" 130
13034 131
1E0 130
7 10015
102 102
43 112
116 114
75 128
12844 1283,
30 105
10616 10636
45% 4.000 40%
44
1,151 19%
204 2254
9314
934 934
420 30
30
30
113.300 7134
78
75
1,040 112
113 113%
2,500 1714
1754 18
210 43
4334 4416
7934 83% 10 100 72%
2,080 38
44
41
l'O 14
14%
14
Se
825 81%
82
4516 46
200 45
28
27% 1 MO 22
13516 144
2,795 125
20 1134
11314 113%
5(- 11%
124 121'
9
40(
10
11%
CO 115
11534 116
32' 109
110 111
951 16%
1914 201f
8
300
814 81(
814
101'
1314 816
534
201'
6% 6%
40
514 6,043, 49
27% 281( 1.890 26
211 2314
25
201%
31 9134
0114 924
931 42%
454 4616
Bonds
6916 72
Chicago City Ry 58.-1927 72
5014 51
Chic City & Con Rys 58'27
72
72
Chicago Railways 58..1927 72
50
47
1927 50
53, series A
31
3316
1927 33
45, series B
HousGGCosfg 6481931 964 9534 97
Madison-Michigan Bide100 160
1943
1st M Let6s
8114 8114
Northwestern Elev 58.1941
98% 98%
1945
Ogden Gas Co 55
98
98
Pub Serv 1st ref g 58.1956 too tg
100id Inn 4
Swift & Co 1., of"1oi0
$6.000
12.000
3,000
20,000
26,000
42,000
High.
Lore.
87
47%
67
45
30
954
5,000 100
8,000 80
10.000 9734
12,000 98
4
noo 019,
Mar
Mar
Apr
Mar
Mar
Jan
Mar
Ma
MaMat
Apr
Mat
Ma,
Jar
Jar
Mar
Mat
Jar
Mar
Pet
Mat
AD'
Apt
Mar
Jar
Apr
Mar
Mar
Mar
Mar
Jar
Jar
Jan
Jar
Jar
Fot
Mat
Ma'
Apr
Mar
Mar
Mar
Mar
Mar
Jar
Mar
Apr
Mar
Mar
Mar
At
Mar
Jar
Jar
Jar
Jar
Ma.
AP
Fel
Au
Ma.
Mal
An'
Ma
Mar
Mar
Mar
Mar
Mar
Apr
2914
38
95
51
904
35
10134
1434
10
8
42
23
13414
1114
1234
49%
100
98
65
128
26
4,4
27%
32
99
06
21%
24
2216
594
137
13115
1024
111334
136
107
5814
25;4
98
30%
03
117
2254
48
803,4
58%
26
92
51
38
16114
117
'25
144
117
1124
23%
1034
10%
914
554
32
33
98
504
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb'
Jan
Mar
Feb
Apr
Jan
Jan
Apr
Jan
Jan
Mar
Fob
Feb
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Feb
Mar
Fob
Mar
Jan
Mir
Jan
Fob
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
794 Jan
5(314 Jan
Jan
80
5811 Jan
Jan
40
Feb
99
Apr 100
Jan 82
Jan 98%
Apr 104%
Jon 1°04
Apr
Feb
Apr
Mar
Jan
•No par value.
New York Curb Market.-Official transactions in the
New York Curb Market from April 3 to April 9, inclusive:
.sales
lortday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week Faded April 9.
Stocks-
Indus. & Miscellaneous.
Ala Gt Southern.com ...&
At
Preferred
14
Allied Packers. common_ ...•
Alpha Portland Cement 11)0
Aluminum Co com new_ •
Amer Cigar common__ .100
Amer Cyanamid class B.20 3914
100
Preferred
Amer Elec Corp v t c____• 1014
American Gas & Elea com • 74
• x9014
Preferred
10
Amer Hawaiian SS
American Home Producta.•
Amer Lt dr Trac corn_ _100 210
100
Preferred
'
Amer Mach & Fdy corn,
• 534
Amer Pow & Lt corn
• 934
Preferred
• 31
Products_
Rayon
Amer
Amer Rolling 1.1111com_25
100
Preferred
Am Sumatra Tob (new co)
18
Voting tr Mb w I
Am Superpow Corp CI.A.•
• 2334
Class B
25 2454
Prior preferred
American Thread pref._ _5
Arkansas Lt& Pow pref 100
Assoc Gas& Elec Class A.• r30
14
Atlantic Fruit & Sugar...'
Atlas Portland Cement.*
5116
com25
Automobile.
Auburn
19
Bliss (E W) new w I
Bloomingdale. Inc, com_ _• 294
100 104
Preferred (7%)
50
Borden Co new
Bradley Fireproof Prod__1 88c
9
Bridgeport Mach corn _•
Brill Corp (new) Class A..• 3816
• 194
Class B
Brit-Amer Tob ord bear.£1
Ordinary registered_El
26
Brockway Mot Trk new.
74
10
Brooklyn City RR
100
Bucyrus Co,Corn
100
Preferred
Buff Niag & E Pow ooM-•
2
Preferred
Burroughs Add Mach 14100
Range Since Jan. 1.
Low.
High.
200 95
98
97
20 9434
9854 984
134
300
14 114
20 115
1284 12854
800 5414
65
64
100 110
115 115
300 353.4
3934
38
60 88
01
00
9
300
1054 1034
7215 754 6,400 (14
1.100 x9015
x9014 924
94
200
954 054
1.500 2454
25
2554
202 22534 4,025 195
125 105
108 106
100 6634
6654 6654
5054 16,000 484
52
170 92
92
9334
900 2934
3154
31
10 484
504 504
500 106
109 109
Mar
Mar
Apr
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Apr
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Feb
Apr
Jan
1083(
110
314
138
76
1174
47
96
1134
9954
9534
1154
2754
264
11516
004
794
98
3514
593,4
109
Feb
las
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Apr
100 18
18
18
2214 1,300 1914
22
2454 4,500 214
23
300 23
2454 2434
316
200
346 346
10 94
94
94
7,300 2554
2934 32
114 14 3,600 89e
1,000 48
48
4854
600 4154
4534 514
100 19
19
19
3035 2.500 29
29
700 1034
1034 104
900 92
974
95
10,000 830
81): 98c
734
900
9
84
GOO 38
40
38
400 1934
1934 2034
200 2854
2635 2834
2634 2634 1,100 2854
500 244
2654
244
734
715 716 3,400
25 179
203 203
50 100
104 105
1,900 234
2534 26
200 24
2434 2414
10 10554
10534 10534
Apr
Mar
Mar
Mar
Mar
Apr
Mar
Jan
Apr
Mar
Apr
Apr
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Apr
Jan
Jan
Jan
Mar
Feb
Jan
18
3734
39
2654
4
99
3534
254
5534
73
19
3254
10454
110
114
154
5734
33
2734
2634
2954
054
335
1054
3834
2454
107
Apr
Jan
Jan
Feb
Jan
Jan
Jaa
Feb
Mar
Mar
Apr
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Apr
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High Shares.
•
an Dry Ginger Ale
234
Car Ltg & power,00m__25
100
Celluloid Co. coin
100
Preferred
Central Aguirre Sugar_ _50
Cent States Elea com. •
Central Steel corn.. .100
Centrifugal Pipe
-• 19
Chic Nipple Mfg CIA...50 42%
t-tRss
284
100 116
Childs Co prof
25 3914
Cities service corn
100 83
Preferred
734
10
Preferred Ft
19%
Bankers' shares
• 234
Cohn-Hall-Marx Co
Collins & Alkman Co corn • 35
100 9834
Preferred (7%)
234
Colombian Syndicate
Com'wealth Power Corp• 30
Common
100
Preferred
44
warrants
_ __
Congress Cigar Co w I __• 43
Comm' Dairy Product"' •
Con Gas, E L&P Halt corn* 50
Consol Laundries. w I. ___• 2214
Continental Baking.comA• 90%
• 1434
Common B
100 92%
R% preferred
Continental vbacco. •
El
Courtaulds Ltd
Cuban Tobacco. v t o.
Curtim Aaron' dr M.com •
DP Forest Radio Corp. •
Dinkier Hotels CoClass A with purely warr•
Dixon (Jos) Crucible_ -100
I Nwhier Die Casting .-- • 14
Dorrinion Stores Ltd....' 5954
Dow Chemical common •
I /ubiller Condenser & Bad'
•
Dunhill International_
.•
Entrant Moron,. tor
634
Eitingon Schad Co, corn.' 3354
Elec Bond & Share. p1100' 10134
Elec Bond & Share Sec...5 65
glee levee/ore without war' 3854
Electric Railway BMus. •
61
leotrie Refrigeration.....
• 23%
Empire Power Corp
•
Emporium Corp w I
Engineer', Public Seri,atm• 234
Preferred full neitl•
Preferred (70% Paid).-0 99
Estey-Welte Corp class A •
534
Fageol Motors Co. Corn.It)
100
Fajardo Sugar
Fedl Finance Corp, cl 13.• 13%
Federal m ,trer Truck
•
Federated Metals
Firestone T & R 7% 01-100 9814
Ford Motor Cool Can.100
• 1614
Forhan Co. cia•s A
Foundation CoForeign shares Class A-• 1814
Fe, Theatres Ci A. corn.• 24
Franklin(H H)Mfg, corn.* 20%
Freed-Eisemann Radio_ •
• 264
Freshman (Chao) Co
3
Garland Steamship
•
Garod Corporation
. Viking chrs A • 50%
nrc.r.al
Ger.
•
714
Gen Gas & Elec of Del B * 284
.en'I ire Cream Corp._. • Si
• 13
Gen Pub Serv corn
•
effety Razor_ _ • 97
7e/tePrEla
G111
•
Glen Alden Coal
loodveer Tire & R.com 1
.3334
' 58
Grand (F W)5-10-25e St
Grt A dr P Tea, 1st pf_100
1%
(rime/. Ha & Cam Bee .•
Habirshaw Cable & Wire.•
Happiness Candy St CIA.'
•
,
'
minder.share"!
Havana Elec & 17111 v t c.• 4114
• ItiPltine Corporation_ • 1234
Hellman(Richard)Inc,com •
Pret with warrants . • 32%
Hercules Powder, pref.100
•
134
Hayden Chemical
Hire'(Chas E)CoClass A common
Hollander(A)Jr Son com •
•
Horn & Hardart Co.
Imperial Tob of Canada_ _5
Imp'l Tob of G B & Ire_,E1
Industrial Rayon Class A.• 10
•
Int Projector Coro
100
Internal Rya v t c
Internat Utilities class /1.• 33
•
Class B
•
'ohns-manvIlle Ino_
10 110
Keystone Solether
25 67
Kraft Cheese
Lambert Co common,,..' 41
rand On of Florida . . • 28
Landay Bros, Inc. class A •
Landover Hold'g CorpCI Al 3134
Lehigh Power Securities
• 13%
New Cons Corp
Lehigh Valley Coal Salee.50 83%
38%
Lehigh Vail Coal Mfg new.
Libby. McIit dr Libby__ _10
1 ihby Owens Sheou'llass 25 150
Liberty Radio Ch Stores.* 10c
McCord Had & Mfg v t c."
Melville Shoe without warr 55
100
Mengel Co
134
•
Mesabi Iron
_100
pref
St
50c
&
5
Metrop
Mt/trope'. Chain Stores •
Middle West Utilitiee.com• 11514
100 1154
Prior lien stook
100 107
Preferred_
•
Products
Steel
Midland
• 244
Midvale Co
Miller Rubber, pref._ _100
Miss River Power pref _100 92
Mohawk &Hud Pow com • 24
• 33%
Mohawk Valley Co
•. 12%
Municipal Serv Corp
35c
Music Master Corp
Nat Elec Power. Clam A • 1204
10
National Leather
• 98%
Nat Pow & Lt prof
Nat Pub Serv CIA com • 1934
• 114
Clam B common
4534 4634
24
2
24
25
66% 6614
7834 soy,
Range Since Jart. 1.
20
6234
19
424
2614
116
39%
82%
714
19%
2314
35
97%
214
20
0354
2036
42%
2634
116
4016
83
7%
19%
25
35%
99
214
31%
8534
40%
40
314
3814
864
46
43
4
51%
224
98%
1734
954
1235
32%
57
19
334
11.300
500
1.675
1,600
1,800
8,700
5,200
20.900
162,900
11,800
200
2,500
300
1,300
500
29
82
305(
38%
314
44%
22
65
1036
8614
11%
30%
53
17
3
21
20
142 142
1334 14
60
58
75
75
7
6
19% 19%
6% 8
3314 3314
108 1004
6434 70
374 41
6
6
56% 61%
23% 25%
3014
36
224 23%
99
99%
99
994
26
26
534 5%
136 1394
144
13
37% 42
17
17%
98% 99
585 594
10
1635
1.000
10
600
150
100
1,300
200
16,300
200
330
24.05 ti
11 000
100
17,1,00
200
200
1.700
200
200
100
2.800
120
600
1,400
800
290
30
800
20
130
133(
58
74
534
19%
6
33
104%
8414
30%
"4
524
2314
33
2114
97
9514
24
44
1344
12
32
17
98%
575
134
18% 20%
24
21
21334
24
436 534
20% 2634
91e
91e
214 234
80%
00
6% 934
284 28%
51
51
12% 13
100 10034
95 101
151% 15536
35%
33
58
58
11834 118%
1% 1%
11
12
636 7
634 834
41% 414
1234 13
15% 1534
3234
31
109 113
154 1%
3,700 16%
8,400 1916
900 20%
2,100
314
45,000 174
200 90e
2%
600
49,100 45
514
74,000
100 28
300 474
200 12%
60 100
21,000 89
2,100 1384
7,100 31
100 50
10 11614
134
2.300
200 11
413,4
800
4834
22
8234
144
90
12%
32%
56
111%
316
High.
Low.
5016
1,400 4014 Jan
234
114 Jar
6,700
26
Fel
30 15
Fel
6914
30 51
Mar 95
50 75
AD: 3436
100 20
Mat 744
300 60
Mal
27
2,800 18
CI%
Fel
2.600 42
600 24134 Apr 27
100 11314 Jar 125
4214
25.100 3736 Fel
84
2,300 82% Ala714
714 Pei
500
Jar 2014
100 19
500 2314 Ay' 3354
600 3'234 Ma! 3914
1,600 97% At) 10154
Mar
334
2
6,400
Mar
Mar
Apr
Mar
:NM
Feb
Jan
Jan
Jan
Jan
Oct
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Mar 4234 las
Jan
88
Mat
Feb
Mar 76
Feb
Mar 44
514 Jan
Mar
Feb
Jar 58
Mat 2814 Feb
Mat 12114 Feb
Mat 3034 Jan
Feb
Mat 101
NIP' 1614 Jan
Mar 344 Jan
Jan
An! (14
Mar 2354 Jan
1034 Jan
Mar
Mat 2534
Mar 159
Jan 18
6714
Ale
75
Jar
Mar 11
An! ../0)4
Mar 1334
37-4
Mar
Jan 1054
Ma, M
Mar 7434
I''
J,I1
Mar 9014
Apr 32
Mar 394
Mar 29%
Mat 104
Mar 10454
Jan 2a
Mar
1034
Mar •169
Mm
1715
Mar 45%
22
Mar
Fel 100
Mar 655
Mar 20
Jan
Jan
Jan
Jan
Anr
Jan
Jqn
Jan
Jan
Jan
Jan
Jan
.1»n
Jan
Feb
Jan
Jan
Feb
Feb
Jan
JIM
Feb
Jan
Feb
Jae
Jan
Mar
Jan
Ma,
Ma!
Ma
Mat
Jan
Ja
Fel
Mat
Ma.
Ma'
Ma
Apt
Iiis
Ma!
Jar
Ma!
Ma:
AP'
Ma.
Ap
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
200 23%
24%
28
100 28
48
300 41
8%
6
100
24%
100 24
1134 7,200
9%
1114
200
9
3114 31%
100 3034
33
33
100 32
414
4% 6
3.700
139 139
100 130
12c 5,000 10e
100
87
67
200 65
414 12,600 37
37
264 32
1.400 21
32
32
200 32
28% 324 2,800 2734
Mar 213
Apr 3616
Mar 6234
Feb
7
Feb 25
Apr 19%
Apr 1534
Mar 32
Mar 39
Mar
9%
Mar 149
Apr 450
Mar 884
Ant 4116
Mar 4714
Ma
37
Ma
35
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
134 144 49,200 10
824 84
400 80
3834 40
2,600 384
300
816 814
754
180 148
150 151
100 10e
10c
be
100
20
20
20
55%
55
200 55
30% 39
150 34
134
114
600
14
31% 31%
25 26
30% 32
500 2514
1154 117% 2,420 109
115 116%
690 98
105% 107
380 97
43% 434
200 41
24% 24% 1,700 2314
101 101
10 100
92
92
200 92
224 244 2,500 2034
400 30
3356 34
12% 1234
800 1234
35c
70c 15.800 35e
21% 1.900 1514
220
3% 314
200
34
98 100
150 97
18% 20
1,800 153.4
114 1134
300 10
Mar
Mar
Ma
Mat
Mar
AP
Apr
Apr
Apr
Mar
Mar
Mar
Mar
Jan
Jan
Ma
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Boo
300
300
100
600
100
1,400
50
34%
33
814
26%
1
7
7914
17%
49
86%
16%
100%
114
186
50
05
1174
7
15
134
1%1
Jar
7,4
4116 Al)' 4454
174
1274 Apt
1434 Ja•
19
Mar
30
3(534
Ap! 114%
109
1% Apt
234
2414
28
48
6%
244
934
Apr
Mar
Mar
Maid
Apr
Ma
Ma
Ma
Mar
Ma
22
88%
454
9%
219
3%
2534
62
52
214
49
4914
135
122%
111%
484
2534
103
96
25%
374(
13%
3%
2614
414
102%
24
12%
APR. 10 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Nat Sugar Refining_ .100
Nelson(Herman)Co
5
Neptune Meter Class A.._
Nev-Calif Elec corn_ _100
New Mex & Ariz Land
1
N Y Telen 6%% prof __100
Northeast Power com
.
Northern Ohio Power Co..•
Nor Ont Lt dc Pr com _ _100
Nor States P Corp cora.100
Preferred
100
Pacific Steel Boller
•
Pander (David) Grocery A•
Class B
Penna Pow Sr Lt, prat •
Penna Water & Power_100
Peoples Drug Stores. Inc..
Phelps-Dodge Corp__ _100
Pitney Bowes Postage
Meter Co
•
Pitts& L E RR com_ _50
Procter & Gamble corn_ _20
Puget Sound P & L corn 100
Purity Bakeries Class A_25
Class B
•
Preferred
100
Rand-Kardez Bu new w L•
Rem Noiseless Typew A_ _•
Preferred A
•
Reo Motor Car
10
Republic Mot Truck v t c..•
Richmond Radiator
•
Preferred
100
Rickenbacker Motor
•
Royal Baking Pow& pf.100
Safety Car Mg & Ltg _ _100
St Regis Paper corn
•
Serval Corporation A........'
Certificates of deposit_
Sharon Steel Hoop
50
Shredded Wheat. new__ *
Sierra Pac Elec Co corn_100
8111ca Gel Corp corn vi
Silver (Isaac)& Bros
Snit+ Vlscosa, ord _(200 lire)
Dep recta Chas Nat Bank
Sou Calif Edison com _ _100
New common
25
7% pref series A___..100
Southern Cities UtIlities100
Southern G &P Class A _.•
d'eastern Pr & Lt. Com..•
Common new w
Prior preferred
7% preferred
•
Warrants
Southwest Bell Tel pref 100
Sparks Withington Co_ •
Splitdorf Beth Elec Co_ _ _•
Stand Publishing Cl A__25
Stromberg-Carlson
•
Stroock (5)& Co,Inc _ _ _•
Stutz Motor Car
•
Swift & Co
100
Swift International
lb
Tampa Electric Co__ __i00
Terre Haute I & E pref_100
Thermlodyne Radio
•
Thompson(RE)Radio ate •
Timken-Detroit Axle_ __10
Tobacco Prod Rap Corp....
Tower Mfg Corp
5
Trans-Luz Day Plot Screen
•
Claes A com
Trumbull Steel, corn..__ _25
Truscon Steel
10
Tubize Artit Silk Cl 13 •
Tulip Cup Corp, corn_
•
Tung Sol Lamp Works..'
Class A.
•
United Elec Coal Cos v to
United Fruit Co w I
United Gas Improvem't_50
United Lt dr Pow corn A •
Common A new
•
Preferred A
•
United Profit Sharing.. _1
United Shoe Mach com.._25
U S Gypsum corn
20
US Light & Heat corn..,...10
Preferred
10
U S Rubber Reclaiming.. •
Utilities Power & Lt B.....'
Utility Share Corp
Option warrants
Valley Mould & Iron..
•
Van Camp Packing, prof.60
Victor Talk Machine__100
Warner Quinlan Cow
Western Power. pref_ _ _100
White Rock Min Spgs, new
White Sewing Mach, preL•
Wilson & Co (new) w Class A
•
Preferred
Yellow Taxi Corp. N Y •
RightsAmer Mach & Foundry
Humble Oil & Refining _ _
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil(vol ah).£1
Vot shares ctf of dep__ £1
Non-voting shares
1
Buckeye Pipe Line
50
Cheaebrough Mfg
25
Continental 011 v t o _ _ _ _ lo
Crescent Pipe Lines_ _25
Cumberland Pipe Line-100
Eureka Pipe Line
100
Galena-Signal Oil. com_100
New preferred
100
Old Preferred
100
Humble Oil& Refining _ _25
Old ex-rights
New
Illinois Pipe Line
100
Imperial 011 (Can)
•
Indiana Pipe Linea
50
New York Transit
100
25
Ohio 011
25
Penn Me: Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
25
New wl
Southern Pipe Line_ _100
Standard 011 Calif new co_
Standard 011(Indiana)- _25
Standard 011 (Kansas)__25
11%
20%
14%
74
104
9954
29
50
38
28
37%
34%
100
21
6
17%
40
5
127%
20
2554
15
12054
24
25%
26
98%
854
11354
3054
15%
3454
39
2154
113
1756
275%
26
9%
9%
8%
18%
103%
92
71%
14%
87
141
1954
6
14%
254
26%
25%
94
43
16
4954
1754
21%
17%
110 110
2154 23%
2354 24
23
23
11
11%
11054 112%
1954 21
13% 1554
72
74
104 105%
9954 10054
12
13
44
45
24
25
104% 104%
144 144
27
28
126 126
5
5%
200
140 143
90
14354 148
13
51% 1,400
50
37% 40
1,50
26
31% 3,700
93
93%
8
3454 40
12,60
34%
34
30
100 100
2
2034 22
3,800
6
6
100
17
17%
200
37
40
500
5
6
3,200
101 101
10
125 127%
390
52% 5454
600
20
20% 1,700
20
20%
300
21
2154
200
46
48
600
25% 25%
400
1454 1554
600
28
28
50
13
1454
500
13
1354
700
11954 120%
2,050
3054 3051
900
111% 11154
100
27
2754
300
2254 24
800
25
2634 9,300
2554 2654 1,30
59% 5954
10
98% 9854
20
8% 8% 1,800
11234 113%
26
17
17
10
3054 31
300
15
1554 6,40
34% 38
600
39
40
400
2154 24
3,100
113 114
500
1754 1854 2.800
260 276
130
26
26
100
40c 40c
1.000
2%
2
1,000
9% 9%
800
4% 4%
300
9% 954
200
8
11
22%
175
14
8
1754
2454
10154
90
70
14
87
12
47%
141
19
6
15%
14%
8%
2%
10
23%
71
24%
93
29
43
854
15%
47
15
9
11
2254
181
14
8%
1854
28
105
9354
73
1454
87
12%
48
145
1954
6%
17%
14%
9
3%
10
27
76
25%
94
29
4334
934
19
4954
17%
1
1
20% 2154
1734
17%
17%
5354
67
2054 20%
1454
122
5434 5454
2254
85
82
84% 80%
17%
54
25
2,800
400
100
2.400
370
8,900
6,400
2,400
1.000
175
500
700
1,000
100
20
600
20
18
1754
1754
54
67
21
1454
122
54%
2256
85
84%
Range Since Jan. 1.
Low.
102
1954
2354
1854
1054
11054
1754
11
45
9954
9956
11%
44
24
104%
13054
20
120
Apr
5
130
Mar
14254 Jan
45
Mar
Mar
35
24
Mar
91
Mar
3454 Apr
3054 Mar
100
Mar
19% Apr
6
AP
15
Jan
3654 Feb
Ma
5
101
Sta
123
Jan
48% Ma
1554 Ma
1654 Ma
20
Ma
46
Apr
23
Mar
11% Mar
28
Apr
11% Mar
13
Apr
115% Mar
29
Mar
109% Feb
Apr
27
22
Mar
2154 Mar
2254 Mar
Mar
59
98% Apr
7
Mar
11154 Jan
1534 Ma
30% Apr
15
Ma
28
Ma
39
Apr
19 54 Mar
112
Jan
1654 Ma
25054 Ma
Ma
20
400 Apr
1% Ma
854 Ma
Apr
4
7
Jan
14,900
8
200
8%
200 22
90 175
100 14
400
7%
2,200 17
600 23
2,500 9954
11,700 84
10,50
68
22,90
13%
10
87
40
11
20
47
3 125
300 16
1,40
554
1,50
1355
700 14
50
8%
1,400
254
100 10
750 2034
700 71
900 23%
70 91%
100 27
2.000 38
200
8%
1,200 1554
1,900 42
35,300
9
500
9.700
Mar
Jan
Mar
Mar
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Apr
Jan
Apr
Mar
Ma
Ma
Ma
Apr
Ma
Apr
AP
Mar
Apr
Ma
Mar
Ma
Ma
AP
Ma
Ma
Ma
Apr
1
1754 Mar
600 17
100 1654
100 16%
250 5334
100 65
6,800 20%
100 14
30 122
50 54%
125 22
40 78
20 80%
5754 55% 5754 8.900
57% 56
6754 2,600
141% 141 143
90
33% 33% 34% 3,500
65
65%
150
44
44
45
100
60% 60% 62
1,400
17
16
17
300
53% 5254 54% 5,000
125
123% 125
350
203
198 206
180
15954 15954 162
220
4034 4034
200
66
67
150
53% 5354 5454 4,400
6254 6254 63% 12.800
2754 29
800
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Apr
Jan
Mar
Mar
Jan
52
5354
13454
3254
58
39
5934
15
48
12254
191
149
39
61%
51%
61%
25
High.
12954
26
2554
4454
17
11334
3654
2654
74
136%
10154
16%
50%
36%
10656
174
34%
135
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Feb
8% Feb
16254- Jan
163
Jan
6654 Jan
42
Jan
3954 Jan
9554 Jan
48
Jan
52% Jan
113% Jan
2554 Jan
16% Jan
23
Feb
41% Star
954 Jan
103
Feb
128% Feb
Jan
90
3054 Jan
23% Mar
29% Feb
4936 Mar
28% Jan
22% Jan
Feb
42
16
Jan
1354 Apr
142
Jan
Feb
35
Jan
112
49
Jan
275( Feb
4854 Jan
41% Feb
65% Feb
9854 Apr
15% Feb
Mar
114
28% Jan
4354 Jan
Feb
19
Apr
38
4554 Feb
3734 Jan
116% Feb
2256 Jan
Feb
330
Feb
36
254 Jan
5% Jan
1154 Jan
454 Jan
13% Feb
14
13%
30%
240
155,
1054
20%
4454
117%
14454
14356
28
87
14%
80
158
23%
754
21%
18
1454
6
1555
38
96%
29
99
305g
50%
1454
30%
7354
17%
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Apr
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Apr
Apr
1
2754 Feb
Mar 19%
Mar 18%
Mar 18%
Apr 59%
Jan 7354
Mar 2534
Mar 16
Mar 137
Apr 63%
Mar 32%
Mar 85
Apr 9754
Jan
Jan
Jam
Feb
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Mar
Mar
Jan
Feb
Mat
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jars
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
6356
6554
144
3854
70
5154
67%
23
605(
127%
212
197
50
7454
58%
7034
3634
Jon
2027
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Standard Oil(KY)
25 116
Standard Oil(Neb)_ __100
Standard 011 of N Y_ _25 32
Standard Oil(0)corn.. _100 317
Preferred
100 119
Swan Jr Finch
100
Vacuum 011
23 99%
Other Oil Stocks.
Amer Contr Oil Fields_ _ _5
454
•
7
Amer Maracaibo Co
Argo Oil Corp
10
574
Arkansas Natural Gas_ _10
Barnsdall Corp stk pur warr
Beacon 011 Co corn
* 16
Cardinal Petroleum Corp10
1
Carib Syndicate
1254
Consol Royalties
9
1
Creole Syndicate
5 1134
Crown Cent Petrol Corp..'
234
Derby on & Ref common_*
Elend Oil
1
1.06
Gibson Oil Corp
.1
454
Gulf 011 Corp of Pa
25 83%
International Petroleum _ ..• 31
Kirby Petroleum
•
234
Lago 011 & Tr Corp cl A-• 1754
Lago Petroleum Corp- •
954
Leonard 011 Developm't_25
8
Lion Oil& Refining
•
Livingston Petrol
25
Lone Star Gas
•
Margay OR Corp
254
Marland Oil of Mexico_ _1
454
Mexican Panuco On_.10
10
Mexico Oil Corp
Mountain& Gulf Oil
1
Mountain Producers _ _ _ _ 10 2354
100
National Fuel Gas
New Bradford 011
6
634
New England Fuel 011 •
stew York 011
25 1074
•
9%
North Cent Tex 011
Ohio Fuel Corporation.. 25
Peer 011 Corp
• 88c
Pennock 011 Corp
• 1954
25 20%
Red Bank Oil
Reiter-Foster Oil Corp_ _ _• 19%
Royal-can 011 Syndicate.' 30c
Ryan Consol Petroleum_ •
'Salt Creek Producers- _10 3034
5
Savoy 011
Tide Water Assoc Oil- •100 2354
Preferred
100 9754
Venezuelan Petroleum __5
654
Klleox Oil & Gas new _ _ _ _• 2534
Woodley Petroleum Co_ •
“Y" 011 & Gas
1
7c
Mining Stocks.
Arizona Globe Copner _ _ -1
154
1 69c
Beaver Consolidated
1
Calaveras Copper
Calumet & Jerome Copp.1
Carnegie Metals
10 18
1
Chino Extension
Consol Copper Mines
1
Cortez Silver Mines
254
Cresson Cons Gold M & M _1
1
6c
Divide Extension
Engineer Gold Mines,Ltd.5 1454
_1
Eureka Croesus
First Thought Gold Mln _ _1
Forty-nine Mining
10c
--1
Golden Centre Mines_ _6
1
Goldfield Florence
Elawthorne Mines, Inc_ _ _1
154
1754
25c
Beds Mining
Bollinger Consol G M__ _5 18
terome Verde Develop _50c 73e
Jumbo Extension Mining _1
1
o.dy Copper Cu
5
gerr Lake
a
Mason Valley Mines
50(
National Tin Corp
New Cornelia Copper..
New Jersey Zinc
.100 185
Newmont Mining Corp_10
*Missing Mime
6
• 14%
Noranda Mines Ltd
01110 Copper
53c
Parmac Porcupine Min.._1
Plymouth Lead Mines....
Portland Gold Mining_ _1
Premier Gold Min, Ltd_ _1
Red Warrior Mining
Reorg W Div
6
Rochester Silver Corp_ _1
sleuth Amer Gold &Plat _1
4%
'Spearhead Gold Mining...
12c
Standard Silver-Leath _ _ _1
rock if ugned
Tonopah Belmont Devel_ 1
1
60c
Tonopah Extension
Tonopah Mining
1
Tri-Bullion Smelt&Dev 10c
7c
11 S C011thil Mines new....
United Eastern Mining...1 43c
tinned Verde Extols_ _ _50c
5
Utah Apex
934
25ir
Utah Metal & Tunnel....... 1
wenden Copper Mining-- ----White Knob C & Dev pf_10
Yukon Alaska tr ctfs
Hoods-Allied Pack. deb 8s-1939 79
1939
Debenture 65
tluminum Co of Am 7E11933 10654
G & E deb 65__ _2014 9954
2019
65 w 1
American Power & Light611 old without warr_2016 9754
tmcr Rolling Mill6s_ _193a 10254
tmer W Wks & El 68.1975 9454
Anaconda Cop Mm 65..1929 102%
team Gas dr Elec 65_1956 9354
tasoe'd Sim Hardw 656933 95
1949 23
Atlantic Fruit So
Ati G & W SS L Sa_ _1959 67%
Bait dr Ohio RR 58-2000 96
1933
Beaver Board Co fia
Telep of Can 55_ _1955 100%
Berlin City Elec 6548_1929 9754
data Steel equip 75_ _ _1938
50,140 & Maine RR 681933 9654
Brunner Turb & Ea 7%s'55 05%
Buffalo Gen Elea 54..__1956 102
Canadian Nat Rya 75-1935 110%
Carolina Pow & Lt 511_1956 97%
1966 9234
Cities Service Os
New w I
9134
Cities Serv 75. Fier C 1960 12794
Range Since Jan. 1.
Low.
High.
116% 11754
900 108
Mar 134%
259 267
670 211
Mar 267
31% 32% 17,500 31% Mar 47%
308 319
150 30234 Mar 362
119 119
70 116% Feb 119
1854 19
300 1554 Mar 23
99 10051 3,900 9454 Mar 10934
Jan
Apr
Jan
Jan
Apr
Jan
Jan
5% 2,000
4
4
6% 75: 17,600
5
3% 354
200
234
5% 554
200
5%
7% 754
200
3%
15
17% 10.300 14%
3.800
1
1254 1454 21,500
954
9
9%
1.700
8%
1054 1154 8,500 10
254 2%
1,500
154
2
2
200
2
96c
Pie 2,700 880
454 4%
7,700 95e
8356 8554 3,900 82%
3054 31% 14,300 2854
254 255
600
2%
17% 1854 22,700 1754
954 10% 5.400
9
754 854 35,200
7
2356 24
200 2254
73e 73e
300 71c
53
53
20
52
2% 2% 4,600
154
2% 3
1,100
2%
4
454 11,000
3%
9c
90
3,000
Or
1% 154
90
1%
2354 23%
4,10
2354
135% 139
12 135
654
6
1,70
5%
4
454
30
2
10
1034
300
8
9
700
9
34
100 33
88c
154 11,60
88c
19% 2054
600 1855
20% 243.4 3,800
6%
22% 5,300 14%
19
301 33c
5,000 250
5% 556
500
534
30
3034 4,100 29
234 254
154
900
2234 24
11,600 2154
9754 9754 4,000 9754
5% 7
36,800
4%
24% 25%
1,400 22
600
534 5%
0%
Sc 10c 113.000
Sc
Apt
654
Mar 1454
Mar
354
Mar
654
Feb
754
Mar 19%
Jan
354
Mar 22%
Mar 10%
Mar 1554
Mar
7%
Feb
3
Mar
3%
Mar
654
Mar 93%
Mar 3754
Jan
Mar 25%
Mar 13
Apr 1254
Mar 25%
Mar
156
Jan 56
Jan
2%
Apr
354
Mar
554
Star 120
Mar
131
Mar 26
Jan 159
Mar
(1)4
Mar
5
Mar 17
Mar 1254
Mar 36
Apr
254
Mar 22%
Feb 2434
Jan
2434
Ma
660
Ma
734
Mar se
2*4
Feb
Ma
27
Mar 9954
Jan
754
Mar 2754
Jan
634
Jan
100
Feb
Jan
Apr
Jan
Apr
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Apr
Feb
Jan
Jan
Jan
Apr
Mar
Mar
Mar
Jan
Mar
Apr
12c 12c
9.000 1le
Jan 210
690 69c
200 45c
Jan 96c
2% 234
100
2% Mar
4
10e 100
2,000 100
Jan 160
18
19
300 1734 Mar 2154
4c
Sc
9,000
Jan
3c
6c
154
1,500
17-4
1% Mar
2%
Sc
6c
1,000
6c
Jan
Sc
2% 256
400
2% Mar
254
50
7c
7,000
Feb
3c
7c
1354 1554 5.500 11
Mar 18%
Sc
Sc
5.000
Jan
50
70
Sc
7c 22.000
54, Mar 100
10c 19c 40,300
Sc Feb 190
154 1%
20
Mar
1
254
9c
9c
3,00
Jan 180
90
12c 22c 124,000 12c
Apr 320
1756 1734
500 15% Ma
1954
1756 18
700 1754 Jan 1954
70e 90e
1.500 70c
Apr
1%
le
lc
6,000
lc Apr
4M
1% 1% 32,900
154 Jan
2%
1
500
154
Jan
1
134
2
2
200
1% Jan
254
4c
Sc
7,000
4c Ma
7e
1974 20
1,300 19
Mar 2154
180 185
180 ISO
Mar 210
4956 49%
100 4656 Jan 57%
6
6
600
5% Mar
7%
13
1454
5.200 1254 Mar 18%
50c 60c 12,300 470 Mar 750
20c 25c
3,000 20c Mar 35c
10c 25c
8,000
Jan 28e
Sc
58e 65c
400 50c Mar 62c
254 256
200
2% Jan
2%
25c 25c
1,000 20c
Jan 35e
6
6
2,00
Apr
6
6
3c
3c
1,00
3c Feb
3e
434 436 3.50
354 Feb
534
3c
4c
6,00
2c Feb
5c
12c I2c
1,00
Jan 12c
7c
354 354
1.00
2ttir Jan
35(
3% 3%
90
254 Jan
4%
60c 70c 10,700 52e Feb
1%
554 5%
1,400
Jan
5
736
5c
Sc
2.000
Jan
Sc
90
7c
7c
4,000
Jan
7c
10e
93c 43c
1,000 43c
Jan 47c
2754 29
1.200 27
Ma
33
9
10
3,400
0% Feb 11%
134 254 5,500
1% Fe
234
255 2%
200
254 Mar
3%
50c 50e
200 50c
Apr 60c
2054 2034
100 20
Feb 23%
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Apr
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Feb
Apr
Feb
Feb
RIO
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Apr
Jan
79
67
106%
9954
9854
79
67
107
9954
99%
$8,000 75
Mar 89
Jan
1,000 67
Mar 80
Jan
35,000 106% Jan 107% Feb
33,000 98
Jan 100
Feb
176,000 98% Apr 9934 Mar
96% 9754 166.000
102 10254 9,000
93
9154 87.000
10254 103
17,000
93
95 178,000
95
95
13,000
2034 23
34.000
6454 6754 81,000
9454 96% 715,000
9554 9554
2000,
100 100% 41,000
0754 97% 34,000
104 10454 25,000
95% 9654 17,000
9554 95% 4,000
10054 10254 114.000
110% 110% 20.000
9754 9754 35,000
9134 9254 38,000
91% 9254 89,000
12754 128% 41.000
96
101
9254
10256
9254
95
le
63
9154
9354
9934
97
103%
9454
95%
9954
110
97%
91%
91%
12554
Jan
Jan
Mar
Mar
Mar
Jan
Star
Mar
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Apr
Apr
Feb
98
103
943.4
103%
9554
9654
3354
75
96%
98
100%
98%
10434
9654
101%
10234
11154
98%
9354
94
131
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Apr
Feb
Jan
Mar
Jan
Apr
Feb
Apr
Feb
Mar
Mar
Mar
Mar
Bonds (Concluded)Cities Seri 78, Ser D..1966
Cities Serv Pr dr Lt 613_1944
Cleve Elec Ilium 5s_1954
Cons G,EL & P 6s A.1949
1952
534e series E
1985
51 series F
Consolidated Textile 8s '41
Crown W111 Paper 7345 '51
Cuban Telep 734s_ __ _1941
Cudahy Pack deb 5348.1937
1948
58
Detroit City Gas 60_ A947
Eltingon-SchIld Co 6s-1935
Elea Refrigeration 611..1936
Est RR of France 7s .1954
Europ'n Mtg dr Inv 73050
1933
Federal Sugar ee
Fisk Rubber 530._1931
Florida Pow & Lt 56..1954
Gair (Robt) Co 7s_ _ -1937
Galena-Signal Oil 75...1930
General Petroleum 68_1928
Aug 15 1940
let 58
German Gen Elm 630.1940
Goodyear T & R 56-1928
Grand Trunk Ry 6%9-1936
Great Cons Elec 6345_1950
1937
Gulf 011 of Pa Ss
Hamburg Elec Co 7s_ _1935
1936
Hood Rubber 7s
IndepOil Gas(i%s__1931
1948
Ind Gen Serv ba
Inland Steel deb 5346_1945
Insplr Con Cop 634s._1931
Keystone Telep 534 s_ _1955
Krupp (Fried), Ltd, 781929
Laclede Gas L 534s...-1935
Lehigh Pow Secur 6s 2026
Leonard Vets Inc 734s'46
with stock purch warr'ts
Libby, McN & Lib 78_1931
Liggett Winchester 7s_1942
Long Island Ltg C068_1945
Manitoba Power 5%8_1951
Manz Gas Cos6%/1..-1940
Missouri Pat RR 58.. -1927
Morris dr Co 7 Sis__ .1930
Nat Dist Prod 634s._.1945
Nor States Pow 6%s_ _1933
1933
634e gold notes
Ohio Power 58 Ser B _ 1952
1941
Otis Steel 58
Pan Amer Petrol tle _ _1940
Penn-Ohio Edison 68-1950
Penn Pow & Light 5s_ A952
1953
58 Series 13
1927
Pennok 01168
1941
PhUa Elec es
Phil& Elec Power 5%8_1972
Plilla Rapid Transit 681902
1933
Pure 011 Co 6%s
Rand-Kardex Bur 534s 31
Rhine-Maln-Danube Corp
1950
78 Series "A"
Rhins-Westpbal El P 713'50
Sanaa alla Co 5a_ _ 1955
Schulte R E Co 6s_ .. _1935
68 without coin stock1935
Servel Corp 63 w 1...._1931
Shawsbeen Mills 7e....1931
Stamm.& Halake 7s_ _19'2F
1935
7e
Sloss-Sheff Steel & I tls 1929
1934
Solvay & Cie 6s
Southeast P & L Si. 202b
Without warrants
Sou Calif Edison fm_ .1944
Stand Oil of N Y 6345.1933
Stuts Motor of Am 730'37
1939
Sun 011 530
Swift & Co 5s_ _Oct 15 1932
Texark & Ft Smith 53is 50
Thyssen (Aug) I&S 75 1030
Tidal-Osage Oil 78_ _ _1931
Trans-Continental Oil 7830
United Else Westph Power
'50
Corp (Germany)6
United 011 Producers 88'31
LTS Rub ser 634% notes_'28
Serial 634% notes. _ 1929
Serial 634% notes_ _1930
Serial 634% notes_ _1931
Serial 634% notes-1932
Serial 634% notes_ _1933
Serial 634% notes_ _1934
Serial 634% notes_ _1935
Serial 634% notes_ _193(,
Serial 6%% notes...1937
Serial 634% notes_.1938
Serial 634% notes_ _1939
Serial 634% notes_1940
US Smelt & Ref 530-1935
Webster Mi.% 6348.-1933
Friday
Last Week's Range Sales
ofPrices.
for
Sale
Price. Low. High.
Range Since Jan. 1.
Low,
40,000
10234 103
94
94% 95,000
10234 10234 5.000
107 10734 12.000
1,000
10534 10534
10034 10134 38,000
85
8534 3,000
99
99
12,000
111 11134 7,000
93
9334 17,000
9534 953.4 2,000
106 10634 21,000
9535 9834 153,000
101
10134 30,000
8034 8134 144,000
96
96
2,000
9034 9134 9,000
9634 97 127.000
9234 92% 106,000
5.000
10434 105
6,000
10234 103
10134 10134 3,000
95
9574 223,000
98,000
9734 98
97% 9834 153,000
108 10834 20,000
85
8534 75,000
99% 10034 32,000
9434 9534 27,001
10434 10434 2,000
9634 9634 32,000
5,004,
97
97
983.4 9834 97,000
10034 10134 51,001
1,000
83
83
9334 9434 49,000
98% 9934 13.001
95
95
81,004,
94% 95
10434 104% 104%
10834 108% 108%
190% 100%
94% 95
95
10134 101% 101%
100% 100%
105% 105%
973.4 9634 9735
11034 112
112
103 103%
95%
95% 95
9834 98% 98%
997,4 99% 100
98% 98%
97% 98%
9834 98% 98%
100 100
10734 107% 107%
10134 100% 101%
9934 99% 99%
10334 103 103%
104
103% 106
3,000
7,000
2,000
18,000
54,000
94,000
10.000
17,000
11,000
21,000
6,000
62,000
42,000
55,000
38,000
18,000
41,000
5.000
2,000
79,000
14,000
28,000
73,000
96% 96%
94
95%
94% 95
93% 95%
83% 84%
9954 99%
100% 10074
99
9834 99
9634 95% 9634
10334 103 10331
10334 103% 10334
12,000 94
62,000 9334
36,000 94
23,000 93
12,000 83%
41,000 99%
2,000 99%
17,000 8634
34,000 94
12,000 102
4.000 102
10234
9438
10734
10034
85
11154
93
10634
9534
81
97
9234
9534
9734
9834
108
8534
10034
9534
9634
97
987-4
10134
9434
9634
9534
95
95
8434
9934
9234
10634
9934
9834
10134
96
10334
8635
10134
10134
102
102
102
10134
10134
101%
102
10134
102
102
101
High.
9734
107%
85
98%
94
104%
9534
97
98
100%
83
9034
98
93
Jan
Jan
Apr
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Mar
Mar
Jan
Apr
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Apr
Feb
Jan
Jan
Mar
Apr
Mar
Mar
Apr
Jan
Jan
Mar
104
9534
102%
10734
105%
101%
92
9934
112
95%
95%
108%
98%
107
84%
9634
9834
98%
94
105%
104
10234
97%
99%
99%
109%
86
101
9834
105
100%
97
99%
101
88%
94%
100%
95%
9335
104%
10734
99%
94%
99%
100
104%
9634
108
10254
94
97%
99%
98%
97%
97%
100
106
10034
9734
102%
101%
Mar
Jan
Jan
Mar
Apr
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Apr
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Mar
97%
105
108%
101%
96%
10234
100%
105%
99
131
104%
00
98%
104%
106
99
99
10754
10731
101%
93%
102%
105%
105
100
85
99
10834
9234
943.4
104%
95%
100;4
77%
92%
9035
95%
9134
103%
102
10134
93
9354
Mar
Mar
Apr
Apr
Jan
Apr
Feb
Feb
Ma.
Ja
Feb
Feb
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Apr
Feb
Mar
Jan
Apr
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Feb
Feb
Apr
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Jan
101% Apr
9951 Fri
1033,4 Feb
115
Jan
Feb
Jan 98
Mar 96
Feb
Feb
Mar 96
Mar 9834 Jan
Apr 8634 Jan
Mar 10134 Mar
Feb 10234 Jan
Jan 9974 Jan
Jan 9734 Feb
Jan 103% Mar
Jan 10334 Mar
90%
9834
106%
107%
9834
97%
100%
9534
103%
94
92%
98%
106%
108
9934
9834
10134
96
10334
94
335,000
2,000
51,000
6,000
48.000
227.000
139,000
115,000
6,000
2,000
89
96%
105%
107%
9734
96%
100%
93
10334
92%
Mar
Jan
Mar
Apr
Jan
Jan
Mar
Jan
Jan
Mar
93
99%
107)4
120
99%
98%
101%
97
10534
98
Feb
Mar
Jan
Jan
Feb
Apr
Apr
Feb
Mar
Jan
84%
33%
101%
102%
101%
101%
10134
101
101
101
101
101
101
100%
100%
101
97
'86%
34
102
10335
10234
102
102
102
101%
101;4
101%
102
101%
102
102
101%
98%
60,000
6,000
9,000
11,000
17,000
16,000
18,000
38,000
6,000
4.000
14,000
16,000
13,000
24,000
26,000
13,000
6,000
84%
3034
101%
102
101%
101
100%
10034
10034
101
100%
10034
10034
100)4
100
100
97
Apr
Jan
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Feb
8734
45
102%
103.4
10234
102%
10254
102%
102%
102%
102%
102%
10234
10254
102
102
101
Feb
Feb
Jan
Apr
Jan
Jan
44,000
61,000
16.000
5,000
14,000
41,000
93
9934
99
96%
95%
85
Feb 9354 Feb
Jan 10135 Feb
Apr 100% Apn
Apr 96% Apr
Mar 95% Mar
Jan 8834 Feb
78,000
9,000
64,000
75,000
09,000
38,000
66,000
1,000
1,000
90
Jan 9234 Mar
Apr 99% Feb
Mar 995{ Jan
Jan 10134 Jan
Jan
Mar 94
Mar 824 Feb
Mar 95% Feb
Jan 9834 Mar
Mar 98,1 Jan
Foreign Government
and Municipalities.
933.4
Baden (Germany)75..1951 9334 93
99% 100%
Buenos Aires(Prov)734 '47 100
99 100%
1936 99
7Sis
1952
9634 9634
7s
95% 9534
Caldas(DePtoliCol 730'46
Cologne (City) 6348-.1950 8634 8534 8634
Columbia (Rep of) Dept of
92%
1945 9234 91
Antioquis 78
9634 9734
Danish Cons Muni°53055
98% 99
Denmark(Kg)53xs _ _1955 99
1970 10034 10034 101
68
91
93
Dresden (City) 7s_ _ _1945 93
80
79
French Nat Mali SS 78 1949 79
94% 95
German Cons Munk 78'47 95
97% 97;4
Gratz (City) Austria Se '54
98
98
Heidelberg (City) 73451950
Indust Mtge Bk of Finland
96% 97%
1st M cell s f 7e._ _ _1944 97
93
92
Italian Pub ULU Inst 78'52
94% 94%
1947
Leipzig 75
98% 9834
LowerAustria(Prov)7348.50
99%
Medellin (Coloru) be.. _ 1948 9934 99
106% 106%
Nether'ds (7KIngd) tis B '72
96%
1946 9434 93
Oslo (City) 5%s
Rhlnelbe Union 7s- 1946 95% 95% 9634
13% 1334
Russian Govt630_ _1919
1919 1334 1234 13%
630 ctfs
13
13
1921
5344
93%
SantaFe(A rgentina)7s 1942 93% 93
9334
Saxon State Mtge Inv 73'45 9334 93
101% 101%
Switzerland rtnyt 5".1090
96%
98
9934
91
78
94%
96
9734
29,000 9634 Jan 99
Mar 93
25,000 92
13,000 94% Mar 94%
1,000 98% Mar 98%
Jan 100
16,000 98
1,000 106% Mar 109%
Mar 9734
156,000 93
1093000 9335 Mar 9634
Mar 17%
5,000 13
17
23,000 1234 Apr
17%
Mar
3,000 13
36,000 92% Jan 9454
49,000 9234 Mar 9434
28,000 101% Mar 10254
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Jan
Mar
Mar
Max
Feb
Feb
Mar
Apr
Feb
Feb
Jan
Feb
Feb
380
this week, where
• No paravalue. trorrection. I Listed on the Stock Exchange
Ex-cash and
additional transactionsjwill be found. o New stock. s Option sale. o
otock:clividends.arojWhen issued. z Ex-dividend. w Ex-rights. z Ex-stock div.
[VoL. 122.
TILE CHRONICLE
2028
CURRENT
NOTICES.
-Real Estate Mortgage Bonds-Booklet of Robert Garrett & Sons.
A pamphlet dealing with real estate mortgage bonds has been issued by
Robert Garrett & Sons of Baltimore. Pointing out that the subject of real
estate mortgage bonds which are guaranteed principal and interest by a
surety company is one of comparatively recent national development and
interest, the firm says this type of security has made a popular appeal to
large numbers of conservative investors throughout the United States.
It is the source of frequent public comment and extensive publicity in daily
papers as well as in magazines with national circulation. In many instances,
however, the most essential factors of safety which apply to the intrinsic
value of the m•rtgages themselves and to the financial strength and management of the issuing mortgage company are being subordinated in the minds
of investors to the modern feature of the guarantee by the surety company.
This added protection does help to make assurance doubly sure, but it is a
feature upon which the investor only indirectly should rely. The direct
and primary source of his payment of principal and interest is the mortgage
company whose securities he buys and that is the source to which he should
give the first consideration in his selection of such investments. For the
benefit of those interested in this type of security the firm deems it important
that this fact should be impressed upon them, "in contrast with the more
popular but less reasonable method adopted by many who have such
securities to sell, of emphasizing the better known name and prestige of the
guarantor, who, although ultimately liable, is not the direct and primary
source of payment." It is with the hope of bringing the importance of the
subject to the consideration and enlightenment of the public that the firm
has prepared the pamphlet, and a circular presenting "features vitally
concerning the security of guaranteed mortgage bonds," both of which
may be had upon request.
63D EDITION OF POLK'S BANKERS' ENCYCLOPEDIA.
The 63d edition (March 1926) of Polk's Bankers' Encyclopedia, which
that
changes
have
the
been
on
going
reflects
appearance,
its
has just made
In the banking world during the six months period since the September
1925 edition. During this period a quarter of a million changes of one
kind or another, in the listing of the banks, has been made, it is stated.
and the publishers also have the following to say: "The past six months
have been exceptionally prolific in changes among the banks. No less than
256 banks have gone out of business; consolidations and changes in title
are recorded to the number of 315 and 270 now banks have been added
to the list. An unusual number of liquidations have been the result of
well-known economic conditions in the agricultural sections, a situation
which is now, however, steadily clearing up. The same conditions have led
to an extraordinary number of consolidations. Operating costs, which
have become so high in recent years, have also powerfully tended to the
amalgamation of competing banks, especially in the smaller towns. Then,
too, the need of larger credit resources to carry on the tremendous expansion
of big business has led to the merger of many of the greater banks in the
metropolitan centres. The present edition of Polk's Bankers' Encyclopedia reflects these important changes in our banking affairs. In the
present issue has been completed the listing of the banks of all classifications
and trust companies, in the principal cities, in alphabetical order. This
arrangement facilitates reference, making it unnecessary to refer to different
sections of the list for trust companies or savings banks, &c. A complete
list of the members of the Investment Bankers' Association is given together with members of the various stock exchanges and including a list
of outside brokers and investment houses. This is a new feature.
-Carroll Ragan, of the United States Mortgage & Trust Co. of New
York, and President of the Financial Advertisers' Association. has assured
the success of the next Convention of the Financial Advertisers' Association
through his able selection of the Program Committee they are: Clinton F.
Berry, Assistant Vice-President, Union Trust Co., Detroit, Chairman;
Theodore Weldon, Advettising Manager, Northern Trust Co., Chicago:
Charles R. Wiers, Assistant Vice-President, National Shawmut Bank,
Boston; II. D. Hodapp, National City Bank, New York City; C.E.Bourne,
Advertising Manager, Royal Bank of Canada, Montreal; Paul T. Bollinger
of Harris, Small & Co., Detroit; Ernest L. Colegrove, Assistant Trust
Officer. Guaranty Trust Co., Now York City. Chairman, Trust Departmental; Fred Ellsworth, Vice-President. Hibernia Bank and Trust Co.,
New Orleans, Chairman. Savings Departmental; C. H. Handerson, Manager, Publicity Department, Union Trust Co., Cleveland, Chairman Commercial Departmental.
Dynamic Detroit is the City which will welcome the delegates of the
Financial Advertisers' Association, Sept. 20-23, (both dates inclusive).
-Messrs. McClure, Jones & Co., New York City. are issuing a pamphlet
entitled"A Thirteen Year Comparison" of the leading New York City banks,
compiled by Conning & Co., Hartford, Conn. and now in its fifth year.
The pamphlet contains a clear and concise statement of fifteen of the principal banks of New York, showing the capital, surplus and profits, gross
deposits, dividend rate, book value and high and low prices for the last
thirteen years. The book also contains charts showing the rise and fall
in deposits, dividends and market prices.
-Chatham Phenix National Bank and Trust Company has been appointed Trustee under Indenture of Mortgage dated March 15, 1926.
% Sinking Fund Gold Bonds
securing $606,000 First Closed Mortgage
of Chas. W. Poulson & Sons Carpet Company, Inc. The Chatham Bank
and Trust Company has also been appointed Registrar of 20,000 shares.
par value $100 each, of the capital stock of First Federal Foreign Investment
Trust.
--Whitaker & Company, St. Louis. announce that owing to the death
of Mr. Edwards Whitaker, the partnership heretofore conducted under the
name of Whitaker & Company is terminated. E. J. Costigan, E. G.
Stockton, C. L. Kraft & Chas. Scudder, surviving partners, announce the
formation of a new partnership to continue the business under the same
firm name.
-Fred'k Southack & Alwyn Ball, Jr., Inc. of 11 Broadway, New York
City announce that Kenneth B. Day formerly with the Mechanics & Metals
National Bank and William D. Lillie, formerly with the Puritan Mortgage
Co., have become associated with their Retail Bond Department.
-George C. Stevens, until recently with H. M. Byllesby & Co. Is now
associated with the First Illinois Co., underwriters and participating distributors of investment securities. The company has offices in Chicago,
Milwaukee, St. Louis and Aurora and Springfield, Illinois.
-The Seaboard National Bank of the City of Now York has been appointed trustee under agreement dated March 1 1926 with Farmer & Ochs,
Inc., securing an issue of $1,000,000 Guaranteed Collateral Trust 574%
Series "A" Gold Bonds.
-Stone & Webster, Inc., have issued a general circular on bonds and
notes, preferred stocks, and common and capital stocks of numerous publIC
utility companies. The yields obtainable from these securities range from
about 5% to 8%.
-Hayden, Van Alter & Co., Detroit. announce the removal of their
offices to Suite 1832 Buhl Building.
Xnutstment anti
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of March. The table covers 13 roads and shows
16.07% increase over the same week last year:
Fourth Week of March.
1926.
$
515,886
Buffalo Rochester & Pittsburgh
Canadian National
7,264.474
Canadian Pacific
4,826.000
162,817
Duluth South Shore & Atlantic_
Georgia & Florida
57,900
Great Northern
2,416.000
Mineral Range
10,669
Mobile & Ohio
602.261
Nevada California Oregon
7,643
St Louis San Francisco
2,445,161
623,900
St Louis Southwestern
Southern Railway System
6,013,663
Texas & Pacific
896,770
Total (13 roads)
Not ineroase (16.07%)
•
1925.
Increase. Decrease.
$
IS
421,819
94,067
5,675.122 1,589,352
3,998,000 828,000
142,619
20,198
49,474
8,426
2,222,523 193,477
17.990
540,388
61.873
6,078
1,565
2.287,503 157.658
707.748
5,339.739 673,924
864,946
31,824
25.843,144 22.273.949 3.660,364
q Mg 105
$
7,321
83,848
91,169
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week
2d week
ad week
4th week
1st week
2d week
3d week
4th week
let week
2d week
3d week
4th week
Jan. (15
Jan. (15
Jan. (15
Jan. (15
Feb. r.5
Feb. 15
Feb. 15
Feb. (15
Mar. 4
Mar. 14
Mar. 14
Mar.(13
roads)__._
roads _ ___
roads ____
roads)___.
roads)____
roads)_..__
roadsL.__
roacia)____
roads)_ --_
roads)____
roads)____
roads)_ - --
$
16.483.387
16.801.718
17,314,742
23,422,685
17,503.007
17,767,644
17,674,105
17,941,175
17.011,615
17,403,986
17.723.131
25.843.144
Previous
Year.
Increase or
Decrease.
%
$
$
15.221.149 +1.262.238 8.29
15,778,084 +1.023,634 6.50
16.076.124 +1,238,618 7.71
23,465,449
-42,764 0.18
16,641,621
+861.386 5.17
17.263 755
+503.889 2.91
16.950.595
+723,510 4.27
16,783,658 +1.157,517 6.90
16,195.029
+816.586 4.90
16,675.446
+728,540 4.35
16.555.077 +1,168,054 7.05
22.273.949 +3.56010.5 16.03
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross &arming*.
Net Earnings.
Meath
1925.
1924.
Increase or
Decrease.
1925.
1924.
$
Mar._ 485.498.143 504,362,976 -18.884.833 109.230.086 114.677,751
April - 472,591,685 474.287,768 -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
July__ 521.538,604 480.943.003 +40,595,601 139,606,752 111,786,887
Aug.. 554.559,318 507.537,554 +47.021,764 166,558.666 134,737,211
Sept__ 564,443,591 540,063.587 +24,381.004 177.242.895 159,216,004
Oct.. 590,161,046 571.576,038 +18.585008 180,895,428 168,640,671
Nov- 531,742,071 504,781.775 +26.960,296 148,157.616 131,381,847
Dec__ 523,041,764 504,450,580 +18.591,184 134,445,634 124,090,958
2029
&aroma intelliffente.
Increase or
Decrease.
-5.447.885
+5.389,790
+18.805,030
+29.350,008
+27,819,885
+31.821.455
+18.026.891
+12,054.757
+16,775.769
+10,354,676
FINANCIAL REPORTS.
Chesapeake & Ohio Railway Co.
(48th Annual Report-Year Ended Dec. 31 1925.)
The text of the report, signed by Chairman 0. P. Van
Sweringen and President W. J. Harahan, together with the
income account and balance sheet, will be found under
"Reports and Documents" on subsequent pages.
TRAFFIC STATISTICS, CALENDAR YEARS.
1922.
1924.
1925.
1923.
As-go. mileage operated_
2,549
2,553
2.615
2,556
Revenue coal and coke
carried (tons)
52.241,959 41,747,672 35.377,871 28,526.039
9,400.386
0th.rev. fgt. carr.(tons) 11,754.347 11.917,940 12,571,623
$1.811
Avge. rev. per rev. ton_ _
$1.692
51.777
$1.718
Av. rev, per ton per mile
from all rm.. freight
.50620 cts. .00646 eta. .00657 eta. .00687 cts.
6.654,126
No.of passengers carried 5.811,872
7,430.827
6.845,756
No. pass. carr. one mile_280.509,871 312,427.518 334.582.773 304,221.296
Per mile of road
2,335
3,038
2,795
$i.59
Avg. rev. from each pass
21.66
3.480 eta.
Av.rev, per pass. per m_ 3.431 eta.
eta.3,482 Cts.
3.473 '
$32,761
$39,948
Oper. rev, per mile opor_
$47,107
$42,272
$6,823
Net oper. rev. p. in. oper
89,044
$9,881
313,079
RESULTS FOR CALENDAR YEARS.
Operating Revenues1924.
1925.
1923.
$
$
$
Freight traffic
108,283.190 92,223,413 85.202.379
Passenger traffic
9.623,037 10,851.180 11,650.941
Transportation of mails_
894,146
822,373
876.645
Transp'n of express_ _ _ _ 1,247.091
1,278,851
1.183,615
Miscellaneous
3,021.253
2.898,596
3,136,639
1922.
68,671,907
10,586.625
764,796
1.110.261
2,377,973
83.511,561
Total oper. revenue_ _123.184,103 108.033.448 101,975.798
Operating ExpensesMaint. of way & struc__ 18,778,635 15,551,838 12.847,570
Maint. of equipment___ 31.128,451 30.116,566 28,693,866
Traffic
1,040.339
1,173.219
1,310,419
Transportation
31,730,786 33,127.514 33,725,951
Miscellaneous operations
418,951
431,926
444,148
General
2.248,921
2.521,742
2.677,903
Transp'n for invest't_ _ - Cr.88,924 Cr.141,102
Cr.85,822
10,558,138
22.530.747
942,913
29.831.398
330.381
1.953,360
Cr.28.908
78.889,776
23.086,021
4,687.394
29.275
66.118,030
17.393,531
3,301.201
11.203
Total oper. expenses__ 88,981,419 82,781,702
Net operating revenue__ 34,202,684 25.251,746
Railway tax accruals... 6,776.290
4,628.463
Uncollec. railway revs__
160,206
36,000
Railway oper. Income- 27.390,394 20,463.076 18.369,351 14,081,127
Equipment rents (net)__ 3.857,576
1,331.416
2,155,899
2,748.747
Joint facility rents (net).Dr1,229,898Dr.1.318,903Dr.1,389,894Dr.1,002,213
Net railway oper. Inc- 30,018,071
Incomefrom Other SourcesInt.from invest. & accts. 1,332,966
Miscellaneous
161,799
21,892.920
19,135,356
14,410,330
1,710.108
175.972
1.348.630
867.418
1,216,290
1.262.213
Gross income
31,512,836 23,779,000 21,351.404 16,888.833
Deductionsfrom Gross IncomeInterest on debt
11,035,252 11,263.067 11,991,208
9.995,942
Rentals, leased roads,
joint tracks, &c
180.289
194,417
163,069
139,995
Loss on C.&0. grain elev
23,328.
15,793
18.187
Miscellaneous
204,653
187,133
251 .109
217,443
Preferred dividend..(63i%)815,247[6 )816,302(63i)816,302(14)204,070
Common dividend...(4%)3,035,885 (4)2,619,500 (4)2,591.032(4)2,511,264
Total
'
deductions_
15,335,970 15.113,733 15,779,308 13.080,497
1928
1925
Net income
16.176,867
5,572.096
8.665,267
3,808.336
1926.
1925.
Jan __ 480.062,657 484,022,695 -3,960,038 102,270,877 101,323,883 + 946,994
GENERAL BALANCE SHEET DECEMBER 31.
Feb ... 459,227.310 454.198,055 +5.029,255 99,480.650 99,518.658
-38.008
Note.-Percentage of Increase or decrease in net for above months has been: [Excluding stocks and bonds owned by the 0. & 0. By. of Indiana and of
the C. & 0. Equipment Corporation.'
March, 4.74% doe.; April, 5.53% inc.; May, 17.49% inc.; June, 18.91% Inc.:
July, 24.88% Inc.; Aug., 23.26% inc.: Sept., 11.32% Inc.; Oct., 7.14% inc.; Nov
1924.
1924.
1925.
1925.
12.77% inc.; Dec., 3.69% Inc.; Jan. 1926, 0.93% inc.: Feb., 0.04% dec.
AssetsIn March the length of road covered was 238,559 miles in 1925, against 236,048 Inv. in road and
Common stock_ 90,691,281 67,265,725
miles in 1924; in April, 236,664 miles against 236,045 miles; in May, 238,663 miles
equipment__ _358,517,770 344,956,619 654% cum. cony
against 236,098 miles; in June, 236,779 miles, against 236,357 miles; In July,236,762 Secure. of Prola'Y
pref. stk. "A" 12.097,500 12,558,500
miles, against 236,525 miles; In August, 236,750 miles, against 236,546 miles: in
1st pref. stock._
affiliated and
3,000
3,000
September, 236,752 miles. against 238,587 miles; in October, 236,724 miles, against
controlled cos. 34,040,820 17,224,667 2d pref. stock__
200
200
236,564 miles; in November, 238,726 miles, against 235,917 miles; In December, Other invest'ts. 1,459,026
385,000 Common(C.&0.
236,959 miles,against 236,057 miles; in January, 1926,236,944 miles,against 236,599 Secure. Issued or
Ry.of Ind.).1.200
1,200
miles in 1925; in February, 236.839 miles. against 236,529 miles.
assumed
a76,124,000 67,329,001 Funded debt_ ..186.723,524 188,019,524
Inv. toys, prop_
504,080 Equip. tr. °Wig.
514,202
and contracts. 47,137,000 46,622,800
Net Earnings Monthly to Latest Dates.-The table Special funds &
1st lien & imp.5sa75,045,000 88,842,000
funded debt isfollowing shows the gross and net earnings for STEAM
used & reeve_
98,225 Gen. mtge. 454s a1,039,000
railroads reported this week:
Impts. on leased
let mtge. R.&S.
59,023
railway prop_
36,653
W. Ry. 4s..
a40,000
-Gross from Railway- -Net from Railway- -Net after Taxes
- Sinking funds
Loans and bills
354,667
1926.
1926.
1925.
1925.
1926.
1925.
Depos. In lieu of
50,783 2,855,743
Payable
S
3
$
$
$
$
mtg. prop sold
Traffic balances.
604,044
520.725
561,970
American By Express inCash
8,911,128 6,327,136 Vouchers & payDecember._27,184,750 27,132,790
161,098
283,478
45,226
107,056 Cash dep. to pay
rolls
8,792,158
9,173,007
FemJan 1290,303,042 287281,418 3,282,144 3,193,174 1,195,464 1,045,468
int. & diva... 2,977,934
2,612,718 Unpaid wages62,297
Chicago Peoria & St LouisMisc. accts. pay.
Cash dep.-pref.
483,937
490.599
February _ _
65,911
101,050
-3,268
8.543
-6,018
5,029
Matured
int.
&
stock
3,325,515
Ser.
"A"
1,252,573
From Jan 1_
149,248
219,298
1,546
15,058
-3,954
8,010 Cash dep.-Spec
diva. unpaid_ 2,908,235
2,548,580
zGrand Trunk Westernfund for add's
Matured mtge.&
February __ 1,439,626 1,323,629
339,765
217,639
271,322
& bett'ts, new
sec. debt unpd
143,416
19,174
18,174
From Jan 1_ 2.917,721 2,564,095
682,000
309,667
544,908
0th. work.'lab_
equips&maint.
161,178
40,712
487
The Pullman Coof equip. res_ 9,930,886
8,044,117 Unmatured Int.
February __ 6.032,011 5,652,237
791.724
and rents
687,532
2,849,072
3,174,200
478,338
404,098 Cash dep. to pay
From Jan 1_13,138,899 11,972,084 2,379,765 1,789,982 1,688,950 1,193,490
equip. tr. prin. 4,920,000
2,781,931 Tax liability_ 4,287,841
2,364,323
Misc,cash depos
126,211
12,000 Accrued &pen_ 24,623,928 17,150,014
z Figures for 1925 corrected.
Loans dr bills rec.
142,734
247,640 Sundry accounts 4,315,791
4,677,115
Electric Railway and Other Public Utility Net Traffic balances. 5,361,823 3,940,254 Add'ru3 to prop.
Agents & conduc
721,907
417,656
through Inc.
Earnings.-The following table gives the returns of Misc.
accts. rec. 1,715,766
2,637,745
and surplus
25,235,859 25.024.193
ELECTRIC railway and other public utility gross and net 0th.work assets. 158,401
43,151 Res've Inv. In
Material & 8111313. 6.292.177
7,495,272
sinking funds_
37,214
354,667
earnings with charges and surplus reported this week:
Int., dive. and
Insur.& casualty
-Gross Earnings- ----Net Earnings
rents receiv'le.
126,908
180,426
reserve
1.31.704
Current
Previous
Secur.
Current
In
treas.Funded debt rePrevious
Year.
Year.
Year.
Year.
unpledged 11,397,111
tired through
Companies.
$
Deferred assets_
$
415,007
5,948,498
$
Income & surp
517.126
305,219
$
Oth, unad1. deb. 3,277,253
eBarcelona Traction. Light &
Profit and lossPower Co, Ltd
Feb 8,029.473 7,835,622 5,465,358 5,523,912
49,256,147 35,842,051
balance
2 months ended Feb 28..16,651,648 15,757,671 11.498,987 11,144,055
Total
518,004,260 485.764.989
Total
518,004,260 185,764,989
Winnipeg Electric Co_ Feb
464,198
459,553
*149,114
*132,399
2 months ended Feb 28.. 972.031
964,367
a Meld by or for company at date see contra).
*317,971
4'281,557
Note.-Company is also liable as guarantor of the following securities:
e Given in pesetas.
•After taxes.
Western Pocahontas Fuel Co. coupon 5% notes, due 1919 and
Gross
Net after
Fixed
Balance,
1921 ($500,000 each year), owned by this company
21,000,000
Earnings.
Taxes.
Charges.
Ches. & Ohio Grain Elev. Co. 1st mtge.4% bonds, due 1938_
824).000
S
u
r
p
l
s
.
C
o
m
a
n
i
e
$
$
3
Richmond-Washington Co. coll, trust mtge.(C. & 0. proportion
Feb '26 *2.929,482
Boston Elev By
478,041
1-6) 4% bonds due 1943
664.031 -185.990
10,000,000
'25 *2.803.468
Jeffersonville
Bridge
&
Louisville
&
RR.
784,897
666.714
Co. bills payable
118,183
(C. & 0. proportion 1-3) 6% notes due 1931
Jan '26
256,680
147.000
Lake Shore Elec
40,805
34,471
6.334
& Jeffersonville Bridge & RR. Co. mortgage (C. & 0.
'25
264.637
47,797
By System
37,217
10,580 Louisville
proportion 1-3) bonds due 1945
4.500.000
Nevada-Calif Else Feb '26
373.375 '
1'197,388
108.101
89.287 Western Pocahontas Corp. 1st mtge. 4)4% bonds due 1945_ __ _
750,000
'25
Corp and sub cos
368,758 '153,969
105.901
48.068 Western Pocahontas Corp. ext. M. No. 1,
7 bonds due 1945
97.000
12 mos ended Feb 28'26 4,902,511 *2,650,269 1,281,167 1,369,102 Western Pocahontas Corp. ext. M. No. 2,4%
44
bonds due 1946
51,000
'25 4.501.882 *2,095.327 1.182,118
913,211 Norfolk Terminal & Transp. Co. 1st mtge. 5% bonds due 1948._
500,000
•Includes other income.
-V.122, p. 1914. 1605.
2030
[vou 122.
THE CHRONICLE
Reading'Company
:
The Hocking Valley Railway Company.
(27th Annual Report-Year Ended Dec. 31 1925.)
(28th Annual Report-Year Ended Dec. 31T1925.)-W1
The remarks of President Andrew T. Dice, together with
On subsequent pages will be found the text of the annual
comparative income account tables and balance sheet for the report, signed by Chairman 0.P. Van Sweringen and Presifiscal year ended Dec. 31 1925, will be found under "Reports dent W.J. Harahan, together with balance sheet as of Dec.
and Documents" on subsequent pages.
31 1925 and the results for the calendar year 1925.
TRAFFIC STATITICS-YEAR ENDED1DEC. 31.
1925.
1923.
1924.
1,149
Average miles operated
1.139
1,148
Number tons mdse. freight carried
29,976,987 28,859,386 32,155,450
Number tons anthracite coal carried- 11,589,689 13,050,187 14,933,342
Number tons bituminous coal carried 22.488.706 19,291.092 23.071.798
Number tons all freight carried
64,054,782 61,200,665 70,160,581
Average revenue per ton per rnile
0.01174 cts. 0.01241 cts. 0.01204 cts.
Number passengers carried
23,995,631 24,858,448 25,996.453
Number passengers carried 1 mile_ _ _400,960.131 413,497,696 429.682,502
Average distance per pass. (miles)
16.71
16.53
16.63
Total passenger revenue
$9,881.422 $10,187,574 $10,635,380
Average far per pass. per mile
2.464 cts. 2.464 cts. 2.475 cts.
GENERAL BALANCE SHEET DEC. 31.
1925.
Assets3
Inv. lord. & eq_276,960,427
Impts. on leased
ry. property__ 22,426,369
Dep. In lieu of
mtged. property sold
839,899
Misc.phys. prop.14,248,444
Inv. In Mill. cos.:
Stocks
21,380,592
Bonds
10,368,237
Advances_ _
6,549.662
Other investm'ts 38,851,561
Cash
4.962,235
Special deposits_
34,071
Loans& bills rec.
278,062
Traf.& car serv.
bids. rec
1,985,204
Net bal. roc. Or.
agts.&conduc 1,792,112
Misc, accts. rec_ 2,071,509
Materials & sup. 9,447,862
Int. & dive. rec_ 1,146,034
Rents receivable
33,337
0th.cur. assets_
23,083
701,648
Deferred assets_
Unadj. debits
3,544,508
1924.
1924.
1925.
Liabilities264,660,601 1st pref. stock- 27,991,200 27,991,200
2d pref. stock__ 41,970,650 41,970.650
20,888,359 Common stock_ 69,989,100 69,989,100
Long-term debt_124,334,766 126,376,863
Traf. & car serv.
bats. payable_ 3,908,314 3.069,710
848,628
11,841,922 Aud. accts, and
5,212,372
wages payable 5,073,096
615,477
355,558
21,201,158 Misc.accts. pay.
1,415,313
7,167,845 Int. mat'd unpd. 1.420,369
557
146
9,982,199 Divs.mat'd unpd
39,016,884 Fund. dt. mat'd
57,889
unpaid
57,889
9,866,059
38,951 Unmatur. dive.
declared
1,819,488
1,819,488
282,916
Unmatured in803,410
terest accrued
897,113
1,444,100
Unmatur. rents
265,044
accrued
264,534
2,077,354
148,494
228,374
2,817,975 0th. cure. Debit_
247,396
153,323
9,033,028 Def'd liabilities_
942,033 Unadj. credits 48,981,437 41,591,825
29,354 Addns. to prop.
9,275
through Inc.
and surplus 82,414,686 69,874,416
666,813
3,952,061 Fund, debt ret'd
through inc.
and surplus
1,738,000 1,738,000
P.& L. balance. 8,032,679 13,592,508
417,644,917 406,765,519
Total
-V. 122, p. 1759.
Total
417,644,917 406,765,519
GENERAL STATISTICS
1925.
Revenue coal and coke
carried (tons)
18,929,125
Oth.rev.frt. car.(tons)_ 3,925,127
Av.rev, per ton per mile 0.549 cts.
Other per mile
1.255 cts.
Passengers carried
410.684
Pass.carried 1 mile
24,898,904
Rev,per pass, per mile
3.281 cts.
Rev,freight tons carried 22,854.252
Rev,tons carrled 1 mile_ 2613880450
Rev. per ton per mile_ _ - 0.654 cts.
Oper. rev, per mile
556,401
FOR CALENDAR YEAR.
1924.
1923.
1922.
16.412,043
3.889.525
0.555 cts.
1.259 cts.
506.735
26,068.051
3.449 eta.
20,301,568
2259716943
0.665 cts.
$50,043
13,546,468 9,694,416
3,884,980 2,975,941
0.618 cts. 0.663 eta.
1.291 cts. 1.306 eta.
648,485
701,319
32,305.564 31,107,670
3.448 cis. 3.460 cts.
17,431,448 12,670.357
2043870203 1484625674
0.742 cts
0.784 cts.
$50,387
$39,723
A comparative income account was published in V. 122,
p. 1753.
BALANCE SHEET DEC. 31.
1924.
AssetsRoad & equipm1.60,130,268 57,820,428
Securities of affil.
&c., cos.:
108,089
Stocks pledged_ 108,089
300,000
BondsPledged-- 300,
" 196,653
Misc. unpledged 1,477,146
General mortgage
6% bonds
10,653,000 10,653,000
500,000
Time drafts & dep. 750,000
250,000
Dem'd loans& dep.
424,526
Special deposits._ 418,954
26,000
Loans & bills rec_
10,000
Cash
2,598,088 4,275,767
Inventories
1,231,849 1,138.725
729,466
Traffic balances__ 963,003
39,236
Agents' balances__
27,687
406,115
Misc.accts.receiv. 439.077
23,136
Miscellaneous_ _
54,679
Securities in treasury (unpledged) 2,562,000 2,474,500
Adv. to propriet'y
affil. & con. cos
58,929
60,387
Special depos. with
trustee (mtg.fd.) 1,075,733 1,170,693
Other def. Items__ 522,724 1,029,320
1925.
1925.
Capital stock
11,000,000
let cons. M.450_16,022,000
1st M.C.&H.V.4s 1,401,000
lstM.C.&T.RR.4s 2,441,000
10-year coll. notes 1,665.000
6-year coll. notes_ 700,000
2-yr. secured notes 6,000,000
Gen. M.6% bonds
not out (contra)12,801,000
Equip. trust oblig. 7,556,837
Miscell.accts. pay. 116,971
Traffic balances_ _ 917,389
Vouchers & wages 1,340,662
Miscellaneous_ _
18,383
Matur.Int.,div.,&c. 409,797
Unmatur. Interest,
dividends, &c
264,218
Taxes accrued.,.,664,457
Insur.& casual. res. 86,113
Accrued deprec'n. 4,716,637
Operating reserves
Deferred Items
728,768
Approp. surplus
487,426
Profit and loss_ _ _14,045,001
1924.
11,000,000
16,022.000
1,401,000
2,441,000
1,665.000
700,000
8,000,000
12,801,000
8,166,055
129,963
863,491
1,080,960
19.310
415,370
272,766
771,206
78,850
4,286,154
126,300
460,838
x586,424
12,336,895
Total
83,382,661 81,824,583
Total
83,382,661 81,624,583
Louisville & Nashville Railroad.
x Includes in 1925 additions to property through income since June 30
(75th Annual Report-Year Ending Dec. 31 1925.)
1907, 5293,521;funded debt retired through income and surplus, $138,757;
appropriated surplus against contingent liability for freight claims,$13,405,
The report, signed by Chairman H. Walters and President and
other reserves, $41,742.-V. 122,p. 1753, 1605.
W.L. Mapother, together with income account, comparative
balance sheet as of Dec. 31 1925 and other statistical data, General Gas & Electric Corporation & Subsidiaries.
will be found under "Reports and Documents" on subsequent
(Annual Report-Year Ended Dec. 31 1925.)
pages of this issue.
The remarks of President W. S. Barstow, together with
INCOME ACCOUNT FOR CALENDAR YEARS.
income account and balance sheet as of Dec. 31 1925, will
1922.
1924.
1923.
1925.
5,039 be found under "Reports and Documents" on subsequent
Aver. miles of road oper_
5,042
5.044
5,040
$
$
111.1,085 103,038,588 101,680,240 90,648,972 pages.
Freight revenue
Passenger revenue
Mail, express, &c
22,799.553 23,846,817 26.001,967 22,793,320
8,326,669 8.620,273 8,693.466 7,696,548
Total income
142,244,307
Expenses-Maint. way.. 20,332,051
Maint. of equipment_ 32,149,513
Traffic expenses
2,895,007
Transportation exp.,_ _ 49,144,204
Miscell. & gen. expenses 4,111,246
229,765
Transp. for inv.-Cr__ _
135,505,677
19,792,804
31,731,417
2,765,867
49,510,658
3,741,972
415,821
136,375,673
18,285,584
3%329,992
2,715,811
50,987,533
3.637,322
191,152
121,138.840
16,872,543
30,017,110
2,544,557
46.932,231
3.340,049
101,994
Totalexpenses
108,402,256 107,126.897 109,865,090 99,604,496
Net from railroad
33,842,051 28,378.780 26,510.583 21,534,344
Taxes
7,049,363 6,189,994 6.372,310 4,710,247
13,700
192,000
34,752
Uncollectible revenue_ _ _
32,569
Rent of equip, and joint
facility rents (net)
Cr.178,500 Cr.137,340 Cr.726,871 Cr.793,925
26.938,619 22,291,374 20,673,144 17,604,321
Net after rents
-V. 122, p. 1759, 1606.
Central of Georgia Railway Company.
(31st Annual Report-Year Ended Dec. 311925.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1923.
1924.
Railway Oper.Revenues- 1925.
$21,452,533 $19,375,562 $18,040,942 $15,893,822
Freight
6,099,378 5,378,293 5,675,132 5,132,171
Passenger
1,952,580 1.783,357
1,899,923 1,841.786
Mail, express, &c
433,436
486,784
527,680
Incidental
723,159
43,951
43.407
49.888
Joint facility
54,416
Total ry. oper. revs--$30,229.408 $27,173,209 $26,198,846 $23,286,737
Railway Oper.
. Exp.Maint. of way & struc__ $4,663,221 $4,201,129 $3,414,982 $2.983,857
5,605,847 4,389,661
Maint. of equipment--- 5,191,129 4,866.691
777,176
835,118
823,287
Traffic
875,500
Transportation
10,970,861 10,148,631 10,197.285 8,824,396
88,777
113.187
139,963
Miscellaneous operations
194.060
895,264
996,165
1,070,221
General
1,111,113
17.736
24,514
Transp'n for invest.-Cr.
268,402
178,871
Total railway oper.exp$22,737,482 $21,071,051 $21,138,070 $17.941,396
$5,345,341
$5,060.776
Net rev,from ry. oper-- $7,491,927 $6,102,159
1,344,503 1,177,929 1,222,280
Railway tax accruals_ -_ 1,339,921
21,745
35,910
9.363
20,542
Uncollectible railway rev
Railway opr.income_ $6,142,642 $4,737,113 $3,846,937 $4.101,316
290,768
97.434
Dr.674.898 Dr.181,310
Other income
Net ry. oper. income_ $5,467,744 $4,555,803 $3,944,371 $4,392,084
Non-Oper. Income$431,872
$571408
$515,833 $2,430,789
Dividend income
128,740
180,630
109,030
Income from funded sec..
110,821
108,676
106.154
107,218
Muse, rent income
105,768
138,472
150.015
305.953
Misc. non-oper. income..
334.082
$807,751
Total non-oper.inc___ $1,122,079 $1,038,035 52.867,590
$5,199,846
Gross income
$6.589,823 $5,593,838 $6,811.961
Deductions--
Int. on funded debt_--- 2,795,481
Int. on non-negot'le debt
33,922
to affiliated companies
373.360
Rent for leased roads_ _ _
281,947
Miscellaneous
•
2,686,240
2,403,650
38,372
372,959
259,971
117,948
372,710
261,296
Operating Income
Other income
$6,857,046 55,444,028 $4,123.161 $3,497.969
479,569
538,247
432,588
160,358
Total income
Int. on funded debt-
57,336,615 55,982,275 $4,555,749 53.658.327
3,324,282
172.208
Gen. Gas & Elec. Corp
175.608
Other int. & misc. chges262.477
Amort of disc. & exp.,&c.
Divs.on stks. ofsub.cos. 1,435.507
Divs.0.0.& E. Corp_ 1,014,441
Subsidiary companies-
2,638,974
328.844
160.645
211,872
1,093,295
844,324
1.789,785
347,965
87.204
150,522
900,570
178,745
1,622,826
375,871
117,224
180,144
565,694
48,240
$704,321 $1,100,958
Balance, surplus
$952.092
$748,328
Profit and Loss Account.-Surplus Jan. 1 1925, including surplus of comnet
income
as
year,
$5,259,730;
above, 8952,092:
panies acquired during
total, $6,211.822; less additional depreciation, $622.260; miscellaneous deductions, $150,127; profit and loss surplus Dec. 31 1925, 55,439,435...s.....1
CONSOLIDATED GENERALBALANCE SHEET DEC. 31.
[General Gas & Electric Corporation and Subsidiary Cos.]
1925.
1924.
1924.
1925.
LiaMlities-5
5
Assets119,173,526 101,014,430 Capital stock G.
Property
G.& E
a28,482,067 11,449,358
Funds for constr.
Subsidiary cos 25,091,089 17,965,143
588,207
716,067
dep. with true
445,745 Fd.fit. G.G.&E.
333,639
4,424,350
Securities owned
Subsidiary cos 59,921,741 60,453,731
Sinking & other
1,283,069 1,419.023 Loans payable__
350,995 1,812,994
funds
1,742,003 1,907,880 Accts. payable.- 2.781,757 2,247,884
Cash
427,981
548,369
Notes&accts.rec. 2,735,615 2,103,004 Consumers' dep.
Adv. by consumCoal& other maera for exten's.
282,884
298,923
terials & supp. 2,328,877 1,810,999
162,262
141,352 Miscellaneous...
Work Ids.&misc.
225,907
235,526
Taxes & rentals761,845
726,956
Unamort. disc't•
4,611,184 4,566,238 Int.on fund.debt
843,101
744,384
and expense
Miscellaneous
107,185
Unamort.adj. of
173,200
549,503
544,529 Depr.& cont.res 8,315,652 7,377,503
property sects
Res. for injuries.
TJndistrib. debit
103,424
219,564
uncollect. acitems
395,681
counts, &c...,..
390,724
357,738
Misc. reserves-309,218
Total(each side)133,835,308 114,644,631 &Wit,& loss,sur 5,439,435 5,536,635
a Capital stock (no par): (1) $8 Cumulative pref.,ClassA, 62,414 shares:
ss B, 32,421
(2) $7 cum. pref. Class A, 40,000 shares; (3) cum. pref. Class
shares;(4) Common, Class A,303.004 shares;(5) scrip certificates for common Class A. 57.5 shares; (8) common stock, Class B. 203,898 shares.2,355,393 V.
122. p. 1761, 1309:
187,146
Western Union Telegraph Co., Inc.
370,766
220,728
53,105.113 52.236,294 $3.656,354 $2,065,812
Net income
900.000
900,000
Preferred dive. (6%)_
(8%)1.200,000(6)1,200.000 (5)250.000 (5)250,000
' Common dive
$915.812
51,905.113 51.036,294 $2,506,354
Balance, surplus
-V.122, p. 1914, 1306.
INCOME ACCOUNT FOR CALENDAR YEARS.
[General Gas & Electric Corporation and Subsidiaries.]
1922.
1923.
1924.
1925.
$20,982,563 $18,373,851 $15,715,317 $13,099,360
Operating revenue
10,337.246 . 9,011,759 8,125,312 6,824,649
Oper. expenses & taxes
Maintenance & deprec'n 3,384,633 3,517,460 3,069.919 2,377,388
399,354
396,924
400.604
Rentals
403.638
(Annual Report-Year Ended Dec. 31 1925.)
The remarks of President Newcomb Carlton, together
with income account and comparative balance sheet as of
Dec. 31 1925, will be found under "Reports and Documents"
on a subsequent page.
THE CHRONICLE
10 1926.]
COMPARATIVE INCOME &.. SURPLUS ACCOUNT FOR CAL. YEARS.
1922.
1923.
1925.
1924.
$
$
$
$
Gross oper. revenues__ -127,078,023 112,861,555 111,733,560 105,447,748
Oper. exp. (incl. repairs,
res. for deprec.. rent
for lease of plants,
taxes, &c.)
110,628,842 99,581,556 97,712.714 91,651.275
Income from divs. & int_
16,449,181 13,279,999 14.020,846 13,796.473
1,668.557
1.894,910
2,073.594
2.374.008
2031
The net increase in investment in road and equipment on lines owned and
leased, as carried on the general balance sheet, was $24,070,210, as follows:
Road
$7,509,229
Equipment
15,819,600
General expenditures
321,732
Total lines owned
Improvements on leased railway property:
Road
Equipment
General expenditures
$23,650.561
$600,958
decrease206,985
25,676
Total leased lines
$419,649
Changes in Other Assets.—Under "investments in affiliated companies,'
:
the decreases in "stocks" and "bonds" are due to the sale of securities of
certain leased and affiliated companies, while the increase in "notes" is due
largely to accounting adjustments. The decrease in "advances" is due to
Balance, surplus
15,186,259 12,336,682 11,608,906 11.158,180 settlements by affiliated companies. Under "other investments," the dePrevious surplus
56,980,027 51,814.706 46,854.538 43.063,693 creases in "stocks"is caused by sales and adjustment in book values of stocks
Profit from sale of sec_ _ 4,514,192
owned by company. The sales of stocks above referred to include 18,600
shares of Southern Pacific Co., the balance of the holdings of Pacific Oil
Total surplus
76,680.479 64,151,388 58,463,444 54,221,873 Co.stock and the shares of Arcade Real Estate Co. Philadelphia, of which
Deduct—
this company was the chief owner. The increases Al "bonds' and "notes"
Divs, paid and declared_ 7.232,457
6,082.694 represent chiefly the purchase during the year of U. S. Government securi6,982,929 6,982,797
Adjust, of sun). (net)- -279,911 Deb.188,432 Cr.334,060 Deb.384,641 ties for temporary employment of funds awaiting use in the improvement
Approp.for development
of the property.
ofocean cables
4,200,000
The increase in "advances" is due chiefly to construction advances made
to the Cleveland & Pittsburgh RR., one of the leased lines, which will be
Profit & loss surplus
64.968,111 56,980,027 51,814.706 46.854,538 repaid. Under "current assets," the decrease in "demand loans and de—V.122, p 1458, 394.
posits" reflects their withdrawal for investment in securities of affiliated
companies, while the decrease in "special deposits"is due to their withdrawal
Pennsylvania Railroad Company.
for capital account expenditures, for which they are now held as "time
drafts and deposits." The increase in "loans and bills receivable" repre(79th Annual Report—Year Ended Dec. 31 1925.)
sents increased amounts due by affiliated companies. The further large
in the stock of materials and supplies on hand means that comPresident W. W. Atterbury, Philadelphia, March 24, reduction
pany,like other railroads and industries, has found in better transportation
wrote in substance:
and production methods a way to carry on its operations with a much smaller
Most Successful Year—The year 1925 was one of company's most success- inventory. The settlement with the U. S. Government for the guaranty
ful years. Business and financial conditions affecting the railroads were period enabled the company to close out its accounts covering that period
generally satisfactory. Co-operation between shippers, railroads and em- and the Federal control period, and explains the decreases in "other unadployees and improvements and additions to railroad property and equip- justed debits" and "other unadjusted credits," the items covering both
ment resulted in greater efficiency in handling a larger volume of business. periods having been carried in those accounts pending final settlement
Changes in Funded Debt and Other Liabilities—Thefunded debt was rePrompt and dependable transportation service and an adequate car supply
enabled the country to carry on its business with smaller inventories and duced by retirements, through the sinking and other funds, of consol. mtge.
working capital. The railroads were also benefited by a more sympathetic 34% bonds, Sunbury Hazleton & Wilkes-Barre By. 1st mtge. 5% bonds,
and helpful public attitude and by comparative freedom from unwise legis- Pennsylvania Co. guaranteed 3%% and 4% trust certificates and Girard
Point Storage Co.1st mtge.3 % bonds,and by the payment of$16,874,000
lation and labor disputes.
Income Statement for 1925.—The results for 1925. compared with 1924, 6% collateral note and $7,063,900 equip. trust obligations. The increase
show considerable improvement, and may be briefly summarized as follows: in "mortgages and ground rents payable" represents a mortgage given in
Year Ending Inc.Compar. connection with purchase of additional property. The decrease in "miscelDec. 31 1925. with 1924. laneous accounts payable" is due to withdrawals by affiliated companies
Railway operating revenues
$672,136,962 $26,837,786 to reduce their indebtedness for construction and other purposes. The inBy.°Per. exp., incl. taxes, hire of equip., &c_ _ _ _ 572,028,955
5.529,691 crease in "tax liability" is caused by increased taxes as previously explained,
and unsettled taxes for the year 1924. The increases in accrued depreciaNet railway operating income
$100,108,008 $21,308.095 tion are the results of normal transactions during the year in meeting deNon-oper.income, chiefly divs. & int.fr. sec. own. 37,281,490
6,272,569 predation on road and equipment.
Financial Requirements for 1926.—If sound business and financial conGross income
$137,389,498 $27,580,663 ditions continue and no unforeseen emergencies arise, the company's cash
Fixed charges, chiefly interest on debt and rentals
and current assets should be sufficient to meet its necessities in 1926 without
paid for leased roads
75,169,173
3,495,016 new financing, beyond the issuance of some equipment trust certificates
and small amounts of securities by branch and leased roads to recoup it
Net income, equal to 12.46 1 on capital stock,
for advances made to them.
out of which are paid skg.fds., dividends, &c. $62,220,324 $24,085,647
Equipment Program for 1926.—Expenditures for new all-steel equipment
Earnings and Expenses.—Freight and express revenues increased, while in company's program for 1926 are under consideration. The program provides
for 300 locomotives, 15 electric locomotives, 2,000 automobile box
the passenger revenue decreased principally because of the continued increase in the use of private automobile and motor buses. The effect upon cars, 100 cabin cars, 74 passenger coaches, 125 baggage-express cars. 7
the revenues of the long continued anthracite coal strike in Pennsylvania, passenger-baggage cars, 8 cafe cars, 20 electric cars, 4 car floats and 1
which began Sept. 1 1925 and terminated Feb. 12 1926, was offset by a mooring scow. In addition to the foregoing, 100 locomotive tenders. 6
greater volume of bituminous coal traffic, but the temporary cessation of electric road locomotives, 2 electric shifting locomotives and 24 dining cars
mining in the anthracite field, the resulting losses to mine owners,employees have already been ordered.
Philadelphia Terminal Improvements.—Reference has been made in preand business interests, the increased fuel costs and privation suffered by
the public were harmful to the State as well as the railroads. The entire vious annual reports to the necessity for the reconstruction of the passenger
terminals
and tracks to properly accommodate the through and local pascountry is so closely knit together, and capital and labor are so dependent
upon each other and their continuous co-operation is so essential to the gen- senger service in and adjacent to the city of Philadelphia, the elimination
eral welfare that no large enterprise can be injuriously affected without of the present Filbert Street elevated railroad structure east of the Schuylkill River, which has been further emphasized by the necessity for the exImposing a hardship upon the public at large.
Operating expenses increased due to greater volume of traffic and larger pansion and development of the central section of the city of Philadelphia,
outlays on account of roadway, structures and equipment. The decrease and for general office accommodations in that city for official and clerical
in transportation expenses, notwithstanding a 4% increase in traffic, was forces, the lack of which have been apparent for several years. The plans
brought about by increased operating efficiency, decreased costs for fuel covering these improvements were described in the 1924 annual report,
and a reduction in loss and damage charges. Taxes increased, due chiefly and during the year the necessary enabling ordinances, prepared in collabto increased Federal income taxes, larger gross earnings and higher valu- oration with the Mayor and the Council of the city, were passed and an
ations on property. Company was able to effect a decrease of 29% in hire agreement entered into covering the proposed improvement Program.
In addition to the proposed changes in railroad facilities and improveof equipment charges, by decreased use of foreign cars on its lines and increased use of its cars by connecting roads. As the result of larger traffic ments, the plans contemplate the creation of a new central avenue, 90 feet
in
width, to be called "Pennsylvania Boulevard," on the location of the
and greater operating efficiency, the net railway operating income amounted
to $100,108,007, an increase of $21,308,094, or 27%. This net railway present Filbert Street, extending from City Hall to the main passenger
operating income was equal to 4.66% on the road and equipment invest- station on the west bank of the Schuylkill River. An initial appropriation
3 % fixed by the I.-S. C. Commission has been made by the city in connection with its participation in the cost
ment, which is still far short of the 54
under the provisions of the Transportation Act as a.fair rate of return of carrying out these improvements.
The general office accommodations in Philadelphia have been inadequate
to the carriers.
Income—Various Sources.—Under "non-operating income" the increase for some years; about two-thirds of the forces are located apart from the
in "dividend income" is due to larger holdings of stocks of leased and affili- main building, some in buildings owned by the company and some in leased
ated companies and to higher returns received thereon. This income was quarters, in different parts of the city. It was not until the plan for general
further augmented by dividends upon the shares received in payment of improvements in Philadelphia was fully developed that the location for a
the special dividend of 10% paid by the Pennsylvania Co.at the end of 1924. new office building could be determined upon. A considerable number of
The increase in "income from unfunded securities and accounts" is the forces occupy buildings on Filbert Street, which must be removed to
attributable in large measure to interest on larger amounts due by affiliated clear the way for the construction of the proposed Pennsylvania Boulevard
companies, principally the Pennsylvania Tunnel & Terminal RR., which and the subway. In the autumn of 1925, therefore, the construction of a
was able to pay interest on its debt out of the rents received for the use of modern fireproof office building, at the Junction of 32d St., Market St. and
its railroad. Under "deductions from gross income" the increase in "rent Lancaster Ave., was commenced. This will not only afford a means of
for leased roads" is due chiefly to larger amounts paid roads operated on a concentrating the forces, but will effect a large saving in rentals and greater
fixed rental basis on account of increases in their outstanding stocks and efficiency and economy in carrying on work.
It will, of course, take several years to complete the contemplated imbonds issued in 1924 and 1925. Those rents were further Increased by a
change in the rental basis of the agreement for operating the railroad and provements. The plans embrace the electrification of additional local
appurtenances of the Pennsylvania Tunnel & Terminal RR., the entire lines radiating from Philadelphia in order to handle the suburban traffic
capital stock and indebtedness of which is owned by company. The de- through the proposed subway terminating in an underground station becrease in "interest on funded debt" was effected by final payment and can- tween 15th and 17th Streets, north of the present Filbert St. elevated struccellation of the 6% collateral note issued to the Government in connection ture. The electrification of the lines between Philadelphia and Wilmington
with the settlement covering the Federal control period, and to the payment and between Philadelphia and West Chester, via Media, has been authorof maturing securities, notably equip, trust ctfs. This decrease was ized, the work of placing the signal and telegraph lines underground between
offset, however, to a large extent by increased interest on issues during 1924 Philadelphia and Wilmington having already been started.
Tne total cost of the improvements under the plan agreed to with the
of equip. trust certificates and of 850,000,000 40-year 5% secured gold
bonds. It Is a satisfaction to record that the company was able to most city is estimated at approximately $60,000,000, of which the city will pay
its maturing obligations and provide for its capital expenditures without its fair proportion for street and other municipal improvements, which will
the issue of further bonds or stock, and to carry forward a fair balance of develop and improve the central section of the city and that part lying west
of the Schuylkill River.
cash and other liquid working capital into 1926.
Net Income, Dividends, &c.—The net income for the year was $62,220,324,
Company will be able to release considerable property in the heart of
an increase of $24.085,647, or 63%, compared with 1924, against which the business section of Philadelphia, which can be sold for commercial purwere charged appropriations to the sinking and other reserve funds and the poses, and thus reimburse itself for a large part of the cost of the improveusual dividends of 6% upon the capital stock. Against the remaining ments. The removal of the elevated structure, the construction of a subbalance were charged uncollectible construction expenditures and advances way and the freeing of this property for commercial development should
amounting to $2,447.630 for subsidiary leased and branch lines. After encourage business and enhance values to an extent, which should bring
meeting all charges the remaining surplus of $25,892,985 was transferred financial returns to the city that will more than justify its participation
to the credit of profit and loss account. That account was credited with in the cost of the improvements.
$6,159,938, representing profits on sales of securities and real estate and
Cincinnati Terminals.—Negotiations are under way jointly with other
adjustments of accounts, and was charged with the net book loss sustained railroads for the improvement of terminals in Cincinnati. Similar improveFederal
control
ments
and
leaving
a
credit
in other cities will be undertaken when and as the earnings of the
guaranty periods,
to profit and
for the
company and financial and business conditions justify proceeding with the
loss of $88,391,548, an increase of $23,636,947 over 1924.
Government Settlement.—Final settlement with the U. S. Government for work. These terminals are reservoirs for the collection and distribution
the guaranty period (the 6 months succeeding Federal control, March 1 to of traffic, without which no railroad can prosper, although the expense is
Aug.311920) was concluded during the year. The net book loss sustained generally very burdensome. Such improvements also require broad cofor the Federal control and guaranty periods. $8,415,976, was charged to operation from the local authorities, without which they cannot be underprofit and loss account, and the accounts with the Government are now taken, and they are of paramount importance in advancing the interests
closed. It by no means represents the total losses caused by the war, of municipalities and their citizens. Adequate transportation facrl.ties
turn produces
but under the contract interpretations and the settlement basis established permit the rendition of a high standard of service, which in returns
of the
net
by the Government the company's claims against it were not allowed to comfort and prosperity to the users, but the restricted
necessary
capital in
promptly
the
raising
them
from
railroads
prevent
foregoing
they
were
of
the
amount,
though
stated
on
a
even
extent
the
adequate sums and on reasonable terms for such necessary improvements.
reasonable basis.
Chicago Union Station.—The new station of the Chicago Union Station
General Balance Sheet.—The principal changes in the general balance
Co.. which also includes an office building, was formally opened and dedisheet, compared with 1924, are explained as follows:
and conRoad and Equipment.—This report contains a summary of the road and cated to public use on July 23 1925. This station was designed
equipment expenditures during the year. The investment in road shows a structed to furnish the maximum of convenience to the traveling public
to and
passenger
traffic
going
volume
of
handle
the
large
net increase of $7,509,229 and the investment in equipment a net increase and expeditiously
coming from a great commercial centre like Chicago, and to and from the
of $15,819,600.
Appropriated for ocean
cable development__ _
Interest on bonds
18,522.775
15.654,007
1 ,000,000
2,336,516
1 ,000,000
2,317,325
15,915.756 15,465.030
2.000,000
2,306.850
2.000,000
2,306,850
2032
THE CHRONICLE
[VOL. 122.
many connecting railroads entering that city. A 7-story mail building, poses, which cannot be best or more economically realized through
ordinary
which has been leased to the U. S. Government, was built adjoining the railroad service. Company has, therefore, deemed it wise to
reduced or
station and is connected with it by a tunnel under the concourse. Other abandon service on certain of its branch lines
having rather light traffic
Important work carried out in connection with the construction of the sta- and to substitute therefor a gasoline motor rail service,
which should fully
tion includes the relocation of the freight facilities of your company, the meet the transportation requirements and prove more economical.
It may
Cnicago Burlington & Quincy RR.and Chicago & Alton RR.,the relocation become desirable in other cases to substitute motors on the highways
and rebuilding of approach and station tracks on concrete foundations; the ordinary rail service, and in order to be in a position to utilize this formfor
of
Installation of an interlocking signal system; the extending and widening of service where it can be done in the interest of both public convenience and
12 streets which care carried across the station layout on concrete viaducts, economical operation, company has applied for a charter for a company
and the widening and grading of Canal St. for 9 city blocks.
through which such operations may be conducted in those counties of the
The cost of this work has been financed through the issuance and sale of State of Pennsylvania now reached by your rail lines. It is not
the purpose
1st mtge. bonds of the Chicago Union Station Co. and advances made by of the company to enter the general business of transportation by
motor
the four owning companies. The capital stock of the station company is bus or truck, but to engage in such service in so far as it
may be necessary
owned one-half by your company and its leased line, the Pittsburgh Cin- to protect existing traffic, or to provide further convenience
in
handling
cinnati Chicago & St. Louis RR.,and one-half by the Chicago Burlington & present business.
Quincy RR. and the Chicago Milwaukee & St. Paul Ry. These four comOrganization Changes.-On Oct. 1 1925 Samuel Rea, who had been
panies also guarantee the principal and interest of these bonds, the rentals President of the company and of its principal
affiliated companies since
from the use of the station being more than sufficient to pay the fixed Jan. 1 1913, having. after 54 years' service, reached
the age of 70 years,
charges of the station company. The Chicago & Alton RR. also uses the was retired under the company's age limit regulations. Mr. Rea
was the
station as a tenant.
first President to attain that age in active service. The board feel assured
Pennsylvania Ohio & Detroit RR.-The I.-S. C. Commission on Dec. 10 that the stockholders fully share their high appreciation of Mr. Rea's long
1925 approved the application to issue stock of Pennsylvania Ohio & and distinguished services. It is a source of gratification to the board
Detroit RR.in exchange for stocks of its constituent companies, all of which that Mr.,Rea has consented to remain as a director of the company, which
are owned by, and are operated in connection with, your system, namely
will thus continue to receive the benefit of his ripe experience and sound
the Cincinnati Lebanon & Northern Ry., the Cleveland Akron & Cincinnati judgment. To fill the vacancy caused by Mr. Rea's retirement, W. W.
Ry., the Toledo Columbus & Ohio River RR., the Manufacturers Ry. and Atterbury, Vice-President, was elected President, effective Oct. 1 1925.
Pennsylvania-Detroit RR. To conform to the policy in operating similar
80th Anniversary oe Company.-The date of the next annual meeting on
subsidiary companies in the system a lease of the Pennsylvania Ohio & April 13 1926 is the 80th anniversary of the incorporation of the PennsylDetroit RR. is desirable so as to further simplify operation, administration vania RR. Parts of the system, however, are much older than the parent
and accounting, and to take the place of the existing leasse. Therefore, company. Notwithstanding many financial and business vicissitudes in
the lease will be submitted for your consideration and action at the annual that long period, the company has endeavored to discharge its duty to the
meeting, and an application for approval thereof will be made to the I.-S. public. It has encouraged the development of the territory and industries
Commerce Commission.
served by its lines and cosnections and safeguarded the interests of the stock
Western Allegheny RR.-Several years ago the company planned to con- and bondholders and the welfare of its employees. Since its incorporation
struct a 60-mile connecting link north of Pittsburgh between Red Bank,Pa.. the company has paid cash dividends amounting to $783,042,707 upon its
and a point near Enon, Pa., on your Ft. Wayne road, to relieve the Pitts- capital stock. or an average of 6.2% per annum, and in addition has paid
burgh terminals of part of the through east and westbound train movements. stock dividends, representing cash expended for additions and betterments,
As the Western Allegheny RR. occupies a large part of the proposed routed and issued valuable stock rights. The value of the property and the
between those points, your company purchased its capital stock, amounting average and regular returns received by the stockholders place its securities
at par to $1,511,100. That road will be improved and ultimately used to In the first rank of reliable investments. It also pursued the sound financial
expedite and increase the movement of through traffic, and thus greatly policy of devoting several hundred millions of dollars of its income to provide
betterments and improvements to its railroad and equipment, instead of
relieve the Pittsburgh Gateway.
Issuing stock or bonds to procure all the funds therefor. The result of this
Relations with Employees.-Evidence of increasing co-operation and a policy is
that while the total investment in the system amounts to almost
growing understanding of their mutual interests as between the management and employees is reflected in the improvement in company's operations 23.6 billion dollars, the outstanding securities in the hands of the public
during the past year. Company values highly the results already realized amount at par to slightly over 1 SS billion dollars.
through the operation of the Pennsylvania plan of employee representation.
TRAFFIC STATISTICS PENNSYLVANIA RR, REGIONAL SYSTEM,
The essential aim of this plan was to promote the welfare of the employees.
Calendar Years1924.
1923.
1923.
1925.
to assure them adequate representation in discussing with the management
No.
of
147,910,428
pass.carried__ 140,184,622
144,852,089
151,953,566
questions of wages and working conditions, and eventually to develop relations of such confidence that the management might be able to mobilize No.pass.carr'd 1 mile 4,860,581,036 4,940,336,748 5,206.471,435 4,934,887,037
effectively the results, not merely of the effort but of the observation, ex- Avge. rev, from each
passenger
105.1 eta.
107.4 cts.
107.9 cts.
109.2 cts.
perience and wisdom of all employees in the improvement of every Phase
Ave. rev. per pasof the company's operations.
senger per mile3.150 cts.
3.150 cts.
3.149 eta.
3.149 cts.
It is evident that the growth of mutual confidence already achieved reflects an increasing realization by both officers and employees that their No. of pass, carried
14,600
per mile of road_
14,274
15,022
14,068
Interests are the same and that their common welfare can be best served
195,067,931
215,467,806
246,905,248
by co-operative effort. The management believes in its employees, and its No.of rev,tons carr'd 229,509,596
experience justifies the statement that when a spirit of understanding is No. of rev, tons carried 1 mile
45,025.731,078 41,755,039,974 48,622,873,727 40,509.787,887
established the representatives of the employees can be expected to deal
Just as fairly with the company as the employees are justified in expecting Average train load
774
(tons)
806
781
811
•it to deal with them. Joint handling of labor questions through reviewing
$2.28
$2.05
$2.07
$2.08
committees representing with equal power both management and men has Avge.rev. per ton_
thus come to be fundamental to the Pennsylvania RR. policy, and is every Avge. rev. per ton
1.098 eta
per mile
1.045 cts.
1.045 cts.
1.067 cts.
day becoming more firmly established as a sound method of insuring indusNo. of rev. tons cartrial peace and producing the best results for all.
17,894
fled per mile of road
22,640
21,080
19,673
It is gratifying that recognition has now been given in a bill pending before Congress to the desirability of just such methods of handling labor Gross revenue per
mile of road
$40,814
$43,209
$40,672
$48,592
questions throughout the country. The proposed legislation, known as
the Watson-Parker bill, would repeal existing railroad labor legislation as
INCOME STATEMENT FOR YEARS ENDED DEC. 31.
expressed in the Transportation Act, and substitute for it a method of deal1922.
1924.
1925.
1923.
ing with labor questions which holds promise of far more satisfactory reMileage (Including 67 miles of
sults than anything which has yet been realized.
10,601
canals
and
ferries)
10,577
10,582
10,575
General Railroad Situation.-Record-breaking traffic was handled by the
Railway Operating Revenues$
$
8
$
railroads of the country in 1923 and 1925, while 1924 may be considered
439,528,929
502,698,608
Freight
465,013,724
440,567,310
as a normal year. Measured in ton miles the 1925 performance exceeded
144,9155,516,00369,963 147,523,905„
the record year of 1923, while the cars loaded with freight in 1925 averaged Passenger
42,087,354 38.526,191 41,816,898 39,459,714
nearly 1,000,000 a week, or slightly in excess of the year 1923 and 5.5% Mall, express, &c
19,149,262 18,727,545 21.324,982 19,807,454
greater than 1924. When it Is realized that it was not until 1920 that the Incidental
Dr.016,659 Dr.45,776 Cr.40,919 Cr.131,763
Class I roads of the country first handled as many as 1,000,000 losded Joint facility (net)
freight cars in any week, some idea may be had of the magnitude of the
Total railway over. revenuee_672,136,962 645,299,176 721,397,408 646,352,108
freight service that is being rendered by them. The year 1925 was notable
Railway Operating Expensesalso as the culmination of a remarkable three-year period, in which the railMaInt.
of way and structures_ __ 85,003,417 74,025,530 85,383,281 78,536,995
roads suc,ceesfully emerged from the destructive influences of the war and
162,033,562 158,884,751 188,577,703 167,127,562
were able to meet the unprecedented demands for transportation service. Maintenance of equipment
These three years marked the end of a peril during which the Class I Traffic
245,226,468
250,364,384 281,851,982 255,732,666
Transportation
roads of the country spent an average of $900,000,000 per annum to im8,734,359 9.409,244 9,772,346 9,700,743
prove and increase their equipment and facilities. These expenditures, Miscellaneous operations
17,222,321 17,345,432 16,128,117
18,203,608
General
together with the hearty co-operation of the shippers in avoiding peaks in
production and inventories, and in more promptly loading and unloading Transportation for innstment- Cr.237,507 Cr.301,878 Cr.167,454 Cr.60,537
cars, contributed larsely to the improved operating performance. The net
Total railway oper. expenses_ _527,139,347 517,450,673 590.518,030 534,118,684
results were that, notwithstanding the decreasing average of ton-mile
allway operations _144,997,615 127,848,503 130.879,378 112,233,424
revenue, the railroads in 1925 enjoyed the best year since 1916. earning a Net rev,fromaccruals
31,700,789 30.457,970 32,690,522 29,083,520
net railway operating income of 4.83% on their property investment. The Railway tax
114,132
124,598
279,863
212,947
railway
revenues-- _
Uncollectible
encouraging feature of railroad progress is the better understanding by the
public and the legislative and regulatory authorities of the problems of
98,064,258 83,035,772
97,177,586
operating
income_Railway
__113,018.963
companies performing a public service, and a more general realization that Hire of equipment-Debit bal._ 12,723,991 18,034,348 13,927,103 9,689,671
encroachment on fair returns and restriction of management are against
Dr.184.995 Dr.343.325 Dr.590.4S7 Cr.59,227
Joint facility rents
the public interest.
Net railway operating income_100,108,008 78,799,913 83,546,667 73,405,328
The railroads have by no means reached the limit of their ability to furnish
Non Operating Incomethe best and cheapest transportation, but their progress is retarded through
6,464
5,890
5,736
13,570
unnecessary restriction of their net returns. The railroads as a whole are Income from lease of road
2,684,429 2,641,008 2,352,543 2,820,077
in better physical condition than at any time since the war as the result of Miscellaneous rent income
46,536
68,586
56,362
120,111
carrying out a continued maintenance and improvement program, but they Miscel. non-oper. physical prop
115,682
132,437
66,806
191,287
cannot make adequate capital expenditures on their properties when their Separately over. prop., profit.-21,804,028 20,456,357 19,802,002 18,232,009
earnings do not produce the very moderate return of 5Si%. Their net Dividend income
railway operating income in an active traffic year like 1925 was only slightly Income from funded securities_ _ _ 2,335,475 2,208,528 2,588,627 2,266,209
5,805,915 3,089,302
higher than the year 1918, notwithstanding the expenditure of over 5 billion Inc.from unfund.sec.& accts.-- 7,415,582 2,987.081
dollars since then for additions and betterments to the railroad properties. Inc.from skg.& other res. funds_ 2,850.618 2,492,766 2,530,049 2,616,357
3,921
3,921
3,921
3,921
The average return on the road and equipment investment earned in the Release of prem. on funded debt..
2,001
29.100
50,648 Dr.259,590
last 5 years was about 4% per annum, or a total slightly exceeding 20% Miscellaneous income
instead of the aggregate figure of 28Si%,based on the fair return of 5%.%
Total non-operating income... 37,281,490 31,008,921 33.262,610 29,093,153
per annum. This means that they have, during this 5-year period, served Gross income
137,389,498 109,808.834 116,809,278 102,498,481
the country for about 1 SS years without any return whatever on their inDeductionsvestment in road and equipment.
44,385,949 38,291,128 35.246,256 34,290,804
Rent for leased roads
The railroads in determining their improvement policy must act not on Oper. deficits of branch roads
the results of one year alone but from the broader standpoint of their costs
154,858
474,999 Cr.957,964
borne by Pennsylvania RR-910,789
and net returns over a period of years. They must consider the future Miscellaneous rents
1.210,820 1,242,826
1,163,997 1,064,717
outlook and the passibility of raising funds through the sale of capital stock Miscellaneous tax accruals
115,092
118,369
209,569
356,327
ability
to
earn
and their
sufficient to pay reasonable dividends on such new Interest on funded debt
28,261.040 30,527,956 28,062,553 25,571,853
stock. They cannot rely solely upon the issue of equipment trust certifi- Interest on unfunded debt
742,411
715,888
841,204 7,373,689
cates, bonds or guaranteed securities to provide all the funds essential for Miscellaneous income charges-- 299.003
302,991
705,594
548,243
capital purposes. It is difficult to get the fact appreciated that the paydeductions
75,169,173
Total
71,674,157 65,271,200 70,116,423
ment of the return on the invested capital is one of the smallest drains on
62,220,324 38,134.677 51,538,078 32,382,058
the earnings. For instance, on the Pennsylvania RR. it required only Net Income
Disposition of Net Income-12 cents out of each dollar of revenue to meet its fixed charges and dividends,
4,090,091
3,871.837 5,112,397 3,023,490
while items like wages required about 47 cents, and materials and supplies Sinking and other reserv funds
(6)29.050.404(6)29950,404(6)211950.404(5)24958,670
Dividends
about 24 cents.
Balance,'surplus
28,179,829 4,312,435 16.475,277 3.499,909
Railroad Consolidation.-Congress has taken up the general question of
railroad consolidation, and a bill is now being considered to relieve the
RETURN ON THE INVESTMENT IN ROAD AND EQUIPMENT.
L-S. C. Commission of the duty of adopting and publishing a complete
Showing per cent of net railway operating income on property investment.''I
plan of Consolidation for all the railroads in the country. This would be a
Ret Railway P. C. Cal.
Property
Cal.
Property
Net Railway P.C.
constructive step, because the effect of the present law has been to prevent
Divestment. Over.Income. Inc. Year.
Investment. Over.Income. Inc.
consolidations from being actively consummated until the Commission shall Year,
1910--S1,533,111.360 876,966,497 5.0 1918_ _$1,952,017,162•$27,017,878 *1.4
have promulgated such a plan.
In the pending legislation it is hoped that, if the right to recapture one- 1911- 1.568,863,769 74,020,181 4.7 1919_ 2,069,968,807 .10.034,053 5.05
half of any surplus earning on the railroad property investment in excess 1912--- 1,606,721.857 81.089.138 5.0 1920_ __ 2,092,052,738df*62742.376 -1.681,779,771 67,850,644 4.0 1921._ 2,102,582,603 40.926,284 1.9
of6% per annum is retained as the policy of congress, it will be based not 1913
on one year's results, but on a 5-year period so as to average the good years 1914..._ 1,710,368,222 61,980.355 3.6 1922... 2,112,565,888 79,832,502 3.8
1915_ __ 1,739,081,326 83,747,573 4.8 1923 _
2,196,947,406 88,065,252 4.0
with the results of the poor years.
Motor Competition.-Company, like all other railroads, has in recent I 1916_ __ 1,799,055,282 102,201,922 5.784,010,909 3.72
years felt the serious inroads upon its traffic, and particularly in passenger 1917... 1,872,315,915 77,800,154 4.2 1925_ 2,302,802,826 107,792,415 4.68
*Based on result of Federal operation and taxes and expenses of the corporations.
business, arising out of the general use of public bus lines and motor trucks
Property investment above stated does not Include material and supplies or work
and private automobiles. The management appreciates the great value
log
capital. Net railway opsrarl”"!I aosroe Includes income from lease of road.
instruments
of
many
purnew
transportation
and
utility
for
their
these
of
APR. 10 1926.]
THE CHRONICLE
GENERALISALANCE SHEET DEC .31.
1925.
1924.
1924.
1925.
AssetsLiabilities$
Investment InCapital stock _499,173,400 499,173,400
Road..
488,158,595 480,649,366 Prem, on stock.. 7,254,248 7,254,248
Equipment _447,592,922 431,773,322 Grants in aid of
Gen'l expend_ 1,109,027
787,294
construction 52,650
52,650
Impt. on leased
Funded debt_.-428,656,310 445,564,260
ry.property 74,129,774 73,710,125 Fund.dt. of Req.
Sinking funds
102,176
76,679 cos.aS8UM. by
Dep. in lieu of
Penna. RR__ 39,720,100 39,765,100
mtgd.Propeold
66,865 Fund.dt.assum. 30,790.000 31,264,000
80,894
972,949 1,066,507 Guaranteed stk.
Mise.phys.prop.
in
attn.
cos.:
Inv.
trust ars_ _
7,478,250 7,478,250
Stocks
271,047,362 276,924,934 Equip.tr. obits_ 86,497,125 93,561,026
Bonds
21,022,932 23,205,454 Girard T. Btor.
Notes
65,412,388 59,276,382
Co.1stM.3%s 1,718,000 1,742,000
Advances
83,320,353 89,131,126 Mtges.& ground
Inv.in see.Ised,
rents payable_ 3,246,588
246,588
assura.orearn
Loans&billsPaY.
812,810
782,810
as liability by
Tmf.& car serv.
211,800
accounting co.
14,014
balances pay_ 8,420,397 7,812,546
0th.InvestMts_125,014,629 96,439,945 Audited accts.&
Cash
34.749,108 25,529,394
wages payable 32,199,282 30,599,045
Demand loans,
Misc.accts.PaY. 25,218,017 31,352,949
time drafts &
Int. mat.unpaid
518,465
539,319
deposits
30,813,963 13,082,889 Div.mat,unpaid
184,592
175,739
Special deposits_ 7,829,048 34,836,483 Fund, debt mat.
Loans & bills rec. 5,227,832 2,161,325
unpaid
73,571
67,571
Traf.& car serv.
Unmat.Int.accr. 7,031,326 7,222,347
balances ree'le 11,241,496 8,597,804 Umnat.rentsacc. 7,751,675 6,195,163
Net bal. rec. fr.
Oth.curr. habil_
852,271
578,885
agts.&conduc. 9,886,352 11,558,111 0th. del. ilabirs 2,116,594 1,907,336
Mlf3C. accts. rec._ 15.000,346 14,684.282 Tax liability
30,247,882 25,292,782
Mat'l & supplies 45,397,878 60,263,446 Prem,on fd. dt_
135,610
139,532
Int. AZ dive. rec_ 2,065,308 1,884,715 Accrued deprec.
0th. curr. assets 1,514,412 2,272,411
road & equip_158,360,260 146,830,175
Work.fund adv.
220,333
215,781 Oth.unad1.cred. 78,264,210 86,892,993
Beam & 0th. Ms.63,615,293 61,476,878 Addlis to prop.
Other def. assets
143.293
96,295 thr.Inc.& sur.212,223,346 212,155,818
Unadlus.debits_ 12,700,010 53,258,905 Fund.dt.retired
thr.Inc.& sur. 4,101,087 3,657,410
Sinking fund res.
984,576
914,079
Misc,fund res 48,603,915 61,565,364
Approp. surplus
not smelt.Inv. 7,487,601 7,487,661
Prof.& loss, bal. 88,391,547 64,754,600
Total _ _1,818,550,564 1,823,040,732
Total
1 818,550,564 1823040,732
-V. 122, P. 1606, 1452.
Maine Central Railroad Company.
(65th Annual Report-Year Ended Dec. 31 1925.)
President Morris McDonald, Portland, Me., March 26,
wrote in substance:
Operating Results.-The net income for the year
$1,177,000, an increase of $787,978 compared with the previous year. was
The current quarterly
dividends on the pref. stock,amounting to 5% or $150,000,
and the balance
of the back dividends on the pref. stock, amounting to $300.000,
were allpropriated from the net income for the year. leaving $727,000, which
has
been placed to the credit of profit and loss.
The entire amount of the back
dividends on pref. stock has now been paid.
Operating revenues decreased $107,748 compared with 1924. There was
a decrease in passenger revenue of $362,804, and an increase in freight revenue of $150,866. The decline in volume of passenger
has continued
and has still further seriously affected the company'stravel
passenger revenues.
Operating expenses decreased $860.760. The greater part
of the decrease
in operating expenses was in transportation. The expenses for
of way were favorably affected by reason of bridge and tie maintenance
renewals made
since 1920 and the adoption of a program of concentration
of materials and
performance of work in the early summer. During the latter
part of the
year a radical change in shop operation was inaugurated by
concentrating
substantially all locomotive and car repair work in the Waterville
ana
discontinuing use of a large portion of the Thompsons Point shopplant
facilities
of the Portland Terminal Co. This will result In a
substantial reduction
In future costs of maintenance of both locomotives and
cars.
Payrolls -The comparison of payrolls is as follows:
Total Payroll1925.
1924.
Decrease.
Ve_
Maine Central
$8,709,486
$9.045,868
$336.382
3.7
Portland Terminal
2,994,656
3.185,728
191,072
6.0
Taxes.-There was a decrease in taxes of $32,106,
as shown by the following:
1925.
1924.
1924.
State of Maine__ _ $915,450 $962,109 Prov. of N. Bruns. 1925.
$510
$510
State of N. Ramp.
58,780,
56,900 U. S. Government
85,172
73.203
State of Vermont.
6,775
7,000 Cities and towns__ 115.906
114,977
Prov. of Quebec__
1,585
1,585
Total
21,184,180 $1,216.286
Stockholders.-On Dec. 31 1925 the company had 2,043 common stockholders as compared with 2,172 on Dec. 31 1924. Leaving out the block
of 28,815 shares held in the company's treasury, the average held by
the
remaining stockholders on Dec. 31 1925 was 59 shares and on
Dec. 31 1924
55 shares.
Funded Debt.-Funded debt held by the public decreased during
the Year
$247,000 on account of the payment at maturity of the equipment
gold
notes and equipment trust certificates.
Fixed Charges.-The
on funded debt for the year was $1,213,994,
an increase of $30,552Interest
compared with 1924. This is explained
by the
accrual of interest for a full year on the equipment trust certificates of
1924
and the decrease in funded debt.
Stocks and Bonds Owned.-Stocks and bonds owned show an
increase
of
$462,630 on atcount of the acquisition of 7,742 shares of the stock of
Hereford Ry. at $60 per share, and the sale of 63 shares of Boston
& Maine RR.
common stock which was carried on the books at $30 per share.
Additions and Betterments to Property.-On Account of equipment
retirements there was a net decrease of $270,992 in the road and
equipment acct.
Improvements to Leased Roads.-The net amount expended
during the
year for additions and betterments to leased roads was $52,244.
Abandonment of Hereford Ry.-Pursuant to the authority granted by
vote
of the stockholders at the last annual meeting, and
the
of the I.-S.
0. Commission, the Maine Central RR. entered intoapproval
an agreement with
the Hereford By. Co. briefly as follows:
1. The lease between the Hereford Ry. and the Maine
RR.,
dated Aug. 28 1890, for 999 years to be terminated, effectiveCentral
Nov. 1 1925.
2. In consideration of the termination of the lease, the Maine
Central
RR.to assume and pay the interest on the first mortgage bonds of
Ry. at present outstanding as the same may become due from the Hereford
first day
of Nov. 1925 until the maturity of said bonds.
3. The Maine Central RR. to purchase all shares of the capital
of
Hereford By. which the individual owners thereof may be ready andstock
willing
to sell and transfer to it within 90 days after final consummation of contract
for termination of the lease, as aforesaid,at a price of $60 per share,together
with dividend payable on Nov. 1 1925, on all shares transferred prior to
that date.
Under this agreement 7.742 shares of the capital stock of Hereford By.
have been purchased at the agreed price of $60 per share. The lease was
terminated from and after Nov. 1 1925, and the operation of the line of
Hereford By. extending from the boundary line between Vermont and
Canada. near Beecher Falls, Vt., to Lime Ridge, Que., terminated at midnight Oct. 31 1925. thereby saving a substantial annual deficit in the
operation of this lino.
Cancellation of the Lease of the Belfast & Moosehead Lake RR.-The lease
of the Belfast & Moosehead Lake RR.to this company, which was renewed
on May 10 1921, contained an option that the lease might be terminated
on 6 months' notice of either party of its desire so to do. On June 30 1925
the directors of this company issued notice to the Belfast & Moosehead
Lake RR. of its desire to terminate the lease of that road at 12:01 a. m.,
Jan. 2 1926. The lease was accordingly terminated and operation by this
company of the line between Burnham Junc.and Belfast was discontinued.
Portland Terminal Co.-There was no change in the capital stock of this
company during the year. Company issued its 1st mtge. 5% bonds due
2033
July 1 1961 to the amount of $1,800.000 in order to refund its $1,800,000
one-year 535% notes which matured April 1 1925.
The SamOset Co.-On May 29 1925 the name of the Ricker Hotel Co.
was changed to the SamOset Co. and a new division or department of
operation (transportation lines) was established for the operation of such
motor coach and truck lines on the highways from time to time as may be
found advisable in the interests of co-ordinating with, supplementing or
substituting for railroad train service.
Motor coach and truck lines were inaugurated between Portland, Bridgton and Harrison during the year: the truck service operated from July 6
to Dec. 28 incl., and the coach service ffrom Aug. 1 to Nov. 28 incl.
Motor truck line was also established between Bangor and Bar Harbor,
effective July 27, and continued during balance of the year. The results
of these operations have been fairly satisfactory. Application for authority
to operate motor coach service between Bangor or Ellsworth and Bar
Harbor, effective with the summer season of 1926, will be made to the
Public Utilities Commission of Maine.
The inauguration of these lines of highway service has been undertaken
only after careful consideration of the conditions in each locality, review
made through public conferences with the citizens of the communities
affected and their expression received of desire for and support of the
service.
The investment in motor coaches and trucks was financed through cash
advanced by the Maine Central RR., which assumes any operating deficit
and receives any operating profit in connection with these motor vehicle
operations.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Average miles operated_
1,199
1,208
1,215
1,201
Revenue pass. carried__ 2.197,977
2.523,614
2,894,194
2.907,799
Rev. pass. carried 1 mile 108,446,099 118,709,804 134,918,167 128,430,706
Rev, per pass. per mile_ 3.580 cts. 3.576 eta.
3.551 eta. 3.558 eta.
Rev, tons freight carried 7,403.651
7.457.669 7,854,985
7.352.698
Rev,tons fgt.carr.1 mile.854,533,856 865,395,023 896,817.181 857,667.341
Rev, per ton per mile... 1.669 eta.
1.631 cts.
1.641 eta.
1.652 cta.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Freight revenue (rall)- --$14,265,126 $14,114.259 814.715,624 $14,165,202
Passenger revenue (rail)_ 3,882,146
4,244,950 4.790.612
4,569,470
Mail, express, &c
1,495.344
1,464.639
1,345.986
1,390.703
Water line revenue
49.480
57,904
56.259
51.786
Incidental
378.491
296.585
283.782
210.010
Total ry. oper. rev- _$20.070,587 $20.178.336 $21.192,264 $20,387,172
Operating ExpensesMaint. of way & struc_ - $2,966.147 $3,251.444 $3,329,873 $3,197,115
Maint. of equipment-- 3,908.765 3,939,243 4,137.633
3,302,011
Traffic
168,039
167,434
164.734
163.596
9 ransport.-rail line_ --.. 7,941.517
8,489.031
9,531,741
9,092,827
Transport.-water line_
85.957
84,868
89.045
70,876
Miscellaneous operations
20,085
18,900
19,311
34,253
General expenses
578.018
575.912
565,881
595.153
Transport. for inv.-Cr_
2.791
1.475
1.345
950
Total ry. oper. exp---$15.667,792 $16,528,551 $17,843.123 $16.443,382
Net rev,from ry. oper.- $4,402,795 83.649.785 13,349.141 $3,943,790
Railway tax accruals_.. 1.184.180
1,182,489
1,216.286
1.180,44Z
Uncollectible ry. revs__ _
4.950
2.09
(
2.477
4,186
5
Railway oper. income $3,216,138 $2.428.548 $2,162,465 $2.761,243
Total non-oper. income_
559.964
166.23R
610,573
479,722
Gross income
13.776.102 83.0.39.122 82.642,187 $2,927,47
DeductionsHire of freight • carsdebit balance
1213.003
Rent for equipment_ _ _ _
$116,930
1123,967
$164,866
91.098
Joint facility rents
298,293
366,218
82,699
165.749
Rent for leased roads__. 902.121
912,896
905.591
905,590
Miscellaneous
7.626
7,679
7.600
7.445
Miscell. tax accruals
rents_6.431
6.435
5,357
6.886
Interest on funded debt.. 1,213.994
1,183,442
1,103,895
1.139.701
Int. on unfunded debt
46,447
46,233
40,309
6,130
Sep. oper. prop. loss_ _ _
3.846
Misc,income charges
3,412
3.229
5.787
3,550
Improv'ts to leased roads
60.370
92,434
Total deductions
$2,599,101 $2,650,100 $2,631,723 $2.376.321
Net income
$551.158
$1,177.000
$389.022
$10,464
Disposition of Net IncomeIncome applied to additions to property
$132.524
Dex. & Newp. RR. 4%
bonds assessed
175.000
Income applied to sinking, &c., reserve
18.633
4,285
Dividend appropriations
a337,500
450.000
Income balance
$51,522
$727.000
$6.179
$225,000
a Includes $37,500 div. No.36 on pref. stock paid Dec. 1 1924 (1 X%)and
$300,000 reserve fund for payment of divs. accumulated on pref. stock.
BALANCE SHEET DECEMBER 31.
1924.
1925.
1924.
1925.
AssetsLiabilitiess
$
$
$
*Invest. In road &
Preferred stock___ 3,000,000 3,000,000
equipment
46,818.680 47.089.672 Common stock-14,888.600 14,888,600
Impts. on leased
Stk. Ilab. for cony.
19,017
19.017
railway prop
173,309 Fund,debt unmat.26,248,000 26,495.000
208.277
Misc,phys. prop
409,578
364,331 Loans dr bills pay_ 880,000 1,000,000
Inv. in aini. cos._ 3,641,560 3,149,668 Traffic & ear serv.
Other investments 715,618
717,508
balances payable 516,422
608,072
Cash
1,251,943
781,405 Audited accounts
Special deposits_
939,293
17,689
13,583 & wages payable 884,923
Loans & bills rec
16,585
30,103 Misc. accts. pay__
20,700
30.103
Traffic & car serv.
Int. matur. unpaid
79.227
75,105
balances receiv_ 493,874
515,819 Unmat,dive. dee!. 450,000
300,000
Net bal. rec. from
Divs. matur.unp'd
28,686
28,680
98,561
ams. & conduc_
98,916 Fd.dl. tnat. unp'd
12,392
3,500
Misc.accts. receiv. 415,095
409,404 Unmatur.Int.accr. 158,160
158,035
Materials & supp_ 1,920,367 2,001,528 Unmet. rents accr.
81,934
87,380
Int.& diva.recelv_
21,020 Other current nab_ 160,421
24,474
179,724
0th. current assets
44,957 Deterred liabilities 1,183,884 1,183.758
60,509
Deferred assets
1,080,062 1,079,818 Tax liability
32,114 def.2,760
Rents dc Ins. prem.
Accr.depr.,equip.. 5,623,144 5,371,774
Paid In advance..
18,314 0th. unacil. credits 377,463
14,067
168,292
Other unadjusted
Additions to prop.
debits
821,827
723.890
thro. Inc. & Bur_ 2,024,853 2,027,34$
Securities issued or
Fd.debt ret'd thro.
assum.,unpledg. 3,542.143 3,542,143 Income dr ourplus 866,130
867,021
Profit and losscredit balance__ 4,045,485 3,343,829
Total
61,564,427 60,775,388
Total
61,564,427 60,775,388
* Does not include property of leased roads.
Note -Bonds pledged as collatera or held by trustee not included as
either assets or liabilities, as follows: Year ended Dec. 31 105,14.503.000;
year ended Dec. 31 1924, 14.503,000.-V. 122, p. 745, 606.
Associated Gas & Electric Co.
(Summary of Financial Statement Furnished Bankers.)
In connection with the organization of the Associated
Electric Co., a subsidiary of the Associated Gas & Electric
Co. and the offering of $65,000,000 bonds of the latter (see
subsequent page under "Public Utilities") we give herewith
a digest of certain statistical data furnished the bankers
by the Associated Gas & Electric Co.:
Associated Gas v% Electric Co.-A holding company incorporated in 1906
in New York State. It and affiliated interests own, control or operate a
number of public utility properties rendering electric, gas, water and
transportation service in over 1,000 communities located in 11 leading
Eastern States of the United States and in Manila, P. I. Certain of the
subsidiaries in connection with their major operations carry on an incidental
heating, ice and bus business. Total population served by the Associated
2034
THE CHRONICLE
System estimated in excess of 2,000,000. and electric, gas and other public
utility service is rendered to over 330,000 customers.
The territory served by the operating properties in the Associated System
Is diversified to an unusual degree both as to geographical location and
type of industrial activity. The territories include important agricultural,
mining and summer resort regions as well as substantial industrial centres.
In density of population the communities served vary from portions of
New York City to exclusively rural districts.
os. Property.-The power and light properties of the Associated System
includes electric generating stations with an aggregate capacity of 256,000
kw. During 1925 over 495.000,000 kw.h. of energy was distributed to
over 270.000 customers. The high tension transmission systems total
2,727 miles.
0. The gas properties have distributing systems, including 317 miles of
mains and serve over 34,000 customers.
The railway properties are for the most part located in Manila, P. I.,
and are operated at a profit. They are constructed in accordance with
standard American practice and are fully equipped with car barns and
repair shops and have been adequately maintained.
All of the properties have been well maintained and are in first class
operating condition.
Capitalization of Associated Gas & Electric Co. as of Dec. 31 1925. After
Giving Effect to the Present Financing.
Secured gold bonds-63i% series, due 1954
$1,787,700
O.. do
6% series, due 1955
12,484,200
Option warrants-Amount paid. $10,315,903; subject to call,
$8.312,505
18,628,408
Convertible debenture certificates without fixed maturity:
Convertible at holder's option
120,100
To become convertible at company's option
3,749,600
Now convertible at company's option
3,453,400
Capital stock (without par value):
Preferred stock-Original series
157,166 shs.
do
$6 dividend series
47.713 shs.
do
$6 511 dividend series
5,063 shs.
do
$7 dividend series
25.471 shs.
Class A stock
268,418 sirs.
Class B stock
300.000 slis.
Common stock
1.004,735 sbs.
Secured Gold Bonds.-The collateral for the two series of secured gold
bonds includes the voting stocks (or their equivalent) controlled by Associated Gas & Electric Cos. of companies in the so-called pledged group (New
York State Gas & Electric Corp., Staten Island Edison Corp., Van Wert
Gas Light Co. and Springbrook Water Co.). After April 1 1927 bonds of
the 6%% series are convertible at the holder's option into preferred stock
of the "original series" ($3 51) cumulative dividend plus 50c. non-cumulative) at rates beginning at 22 shares per $1,000 bond and decreasing to
20 shares per $1,000 bond. Both series are now vallable on the first day
of any month at 105.
Option Warrants.-The 63 % interest bearing option warrants are for
895 par value each. These were sold on the basis of $35 principal amount
Paid in, the balance being subject to call, the purchaser having the option
to make payment in full at any time. Company cannot call for more
than $10 on each warrant at any one time. The first call was made for
payment April 5 1926 and the subsequent calls can be made only at intervals
of at least 90 days. On the original terms each warrant when fully paid
(but not before Sept. 1 1920) may be exchanged for M share of common
stock plus either $100 or 6% convertible debenture bonds or at the holder's
option one share of preferred stock, $6 50 dividend series. Such 6%
convertible debenture bonds will be without fixed maturity. They are
callable at par and after July 1 1928 each $100 bond will be convertible at
the holder's option into one share of the $6 50 dividend series preferred stock.
In order to influence as many holders as possible to take the preferred,
the company has sent out a notice that anyone who pays up his warrant
In full can make the conversion into preferred stock immediately but those
who want debentures will have to wait until they are ready for delivery.
At the time the call for the first $10 payment was made, the company
also gave the holders the option of making a $5 additional payment and
getting the 3. share of common at once. About90% of the holders who
have already responded to the call have availed themselves ofthis latter offer.
Other Unsecured Indebtedness.-The unsecured indebtedness is made up
of convertible non-maturing debenture certificates. All are convertible at
the holder's option into preferred stock. Of the total amount, $3,453,400
are at the present time and have been since Oct. 1 1925 convertible into
preferred stock and $3,749,600 additional will become convertible at the
company's option on or before Jan. 1 1928. Company is in no hurry to
exercise its option to convert these debenture certificates into preferred
stock because such conversion would increase the annual cost of the money
by about 1 2-3% on the total amount involved. This increase is reprosented partly by the higher annual payments on the preferred stock and
in part by various additional tax liabilities incurred.
Preferred Stock.-The preferred stock is fully paid and non-assessable
and has preference over class A, class B and common stocks both as to
dividends and assets. There are 4 series, all of no par value, each bearing
a different dividend rate but otherwise ranking equally. Has no voting
power except in the event of non-payment of cumulative dividends.
Class A Stock (No par value).-Has preference over class B and common
stocks as to assets and non-cumulative dividends of$2 per share per annum.
payable quarterly. After dividends for the same period at the rate of
$2 per annum have been paid on the class B stock (but not exceeding in
the aggregate the total required for the priority dividend on the clam A
stock) additional dividends may be paid on class A stock to the extent
of „H the remaining earnings. In liquidation class A stock is entitled to
$35 per share and, after an equal aggregate amount has been set aside for
the class B stock, divides any balance equally with common. Has no
voting power unless dividends are in arrears for two years, in which event
the holders are entitled to elect two directors until two years' dividends
shall have been declared or set apart.
Class B Stock (no par value)
sole voting rights except for contingent
voting rights outlined in descriptions of other classes of stock. Entitled
to dividends up to $2 per share per annum after payment of a like amount
on Class A stock but in aggregate not exceeding the amount paid on the
Class A stock. In liquidation Class B is entitled to an aggregate amount
equal to the total priority ($35 per share) on the Class A stock.
Common Stock.-Common stock represents the interest in half the company's earnings after payment of preferential dividends on other stocks,
including dividends on preferred stocks, $2 per annum on class A stock and
limited dividends not exceeding $2 on class B stock, provided that aggregate
dividends paid on class B and common stocks shall not exceed the aggregate
amount paid on class A stock as preference and additional dividends. On
liquidation common stock is entitled to assets remaining after preference
distribution on prior stocks subject to the participating rights of the class A
stock. Common stock is without par value and is non-voting except with
the consent of the majority of class B stock.
Stock Purchase Rights.-Each option warrant sold and each share of
preferred stock of the $6 50 dividend series previously sold has carried a
stock purchase right to buy one share of common at $20 from March 1 1926
to Sept. 1 1927 and at $30 thereafter up to and including Sept. 1 1930.
Earnings.-Earnings of the properties now included in the Associated
System have shown steady increases over a long period of years. The gross
and net earnings excluding income from investments and credit for interest
during construction for the last 5 calendar years have been as follows:
Net.
Gross.
Net.
Gross,
823,003,906 $10,194.916
1921
817.779.210 85.992,454 1924
11.459,320
24,810,835
1922
18,934,932
7.418,070 1925
1923
21.410,296
9,241.326
PROPOSED FINANCING.
During 1924 and 1925 the Associated Gas & Electric Co. acquired public
utility properties having a combined gross income of approximately $14.000.000.
The fact that the financial structures of some of these acquisitions which
thereupon became a part of the Associated System were complicated and
involved was not allowed to deter the Associated management from acquiring what were otherwise desirable properties. It was necessary, however,
for the Associated management to take immediate steps to materially
simplify the situation before doing any extensive permanent financing.
Practically all of the properties acquired had underlying divisional and
general mortgage bonds and preferred stocks outstanding and in some
Instances the securities of the operating companies were pledged under trust
indentures executed by subsidiary holding companies which in turn had
their own securities outstanding in the hands of the public. The reduction
of the number of these issues of varying amounts (some of them very small)
with the numerous trust indentures, mortgages, preferred stock, charter
agreements and. other complications would have rendered the doing of
(Vol. 1211.
permanent financing on a comprehensive scale a difficult, involved and
expensive proceeding. Furthermore, the refunding of numerous high
coupon rate obligations would also have been made difficult under existing
financing vehicles.
Immediately upon the acquisition of these public utility properties, plans
were laid out and adopted looking toward the immediate permanent financing of cash outlays in connection therewith and for the 1926 budget of the
Associated System which would at the same time eliminate a score or more
of separate issues of securities and provide for a permanent medium for
financing the subsequent requirements of the Associated System.
As a result of this plan the Associated System is substantially reducing
the capitalization in the hands of the public of a group of its larger and
more important properties by exercising its right to redeem such securities
forthwith. Ownership of this group of properties will be vested in Associated
Electric Co., the entire common stock of which will be controlled by
Associated Gas & Electric Co. From time to time as the financial structures
of other of the important properties of the Associated System have been
sufficiently simplified they will be added to the Associated Electric Co.
group. An indenture to be executed by Associated Electric Co. will
provide a sound, conservative vehicle for the company's future financial
requirements. This indenture will provide a sound, conservative vehicle
ofsufficient size and standing for the company's entire future senior financial
requirements other than those to be provided from the sale of junior securities. leaving the remaining requirements to be taken care of by the sale of
junior securities of the Associated Gas & Electric Co. The indenture will
carefully restrict the issuance of additional bonds thereunder or by the
subsidiaries but will nevertheless make possible the prompt financing in an
economical manner of additions to the physical property.
ASSOCIATED ELECTRIC COMPANY.
Associated Electric Co. is by far the largest subsidiary of Associated
Gas & Electric Co. It controls properties producing 75% of the gross
operating revenues of the Associated Gas & Electric System. The properties
of the Associated Electric Co. may be divided into 7 operating groups, viz.:
(1) Penn public group, (2) Long Island group, (3) Eastern New York
group,(4) Manila group, 5) Kentucky-Tennessee group,(6) New England
group and (7) Western New York group.
The relative size of Associated Electric Co. with respect to the entire
System of the Associated Gas & Electric Co. is indicated by the following
tabulation, showing gross and net earnings, number of customers. &c.,
for a period of five years:
Associated Electric Company.
-12 Months to Date
Electric
Other
Consolidated Earnings
Net.*
Kw.h. Sales. Consumers. Consumers.
Dec. 31. Gross.
123.439
36,846
$4,982,285 228,888.784
1921 __$13,681.911
142.063
41,503
l922.._ 14,541 ,037
5,918,531 269,723.971
162,402
44,045
7,482,356 325,170,538
1923__ 16,494,954
182,849
47.371
8,240.194 346,711,275
1924 -- 17,802,977
201,781
50,84..
1925__ 19,066,853
9,204.700 396,781.500
Associated Gas & Electric System (Including Associated Electric Co.Groups).
-12 Months to Date
Electric
Other
Consolidated Earnings.
Kw.h. Sales. Consumers. Consumers.
Net.*
Dec. 31. Gross.
165,067
48,926
1921 -$17,779,210 85,992,454 273.088,174
185,502
54,018
1922_. 18,934,932
7,418,070 312,768,008
212,559
57,185
1923.. 21,410.296
9,241,326 369,715,948
240,697
60,501
10.194.946 411.484.180
1921-- 23,003,906
270,734
64,707
11,459,320 495,395.561
1925 -- 24,810.835
* Excludes income from investments and credit for interest during
construction.
The territories served by the properties of the Associated Electric group
include populous urban and suburban residential sections, thriving trading
centres for rich agricultural territories and highly developed industrial
districts (see also under Associated Electric Co. under "Public Utilities"
below).
CAPITALIZATION OF ASSOCIATED ELECTRIC CO. AS OF THE
COMPLETION OF THE PRESENT FINANCING.
Corn. stock of no par value (all owned by Assoc. G.& E. Co.)_400,000 she.
Cony,gold bonds,534% series (see description on subseq. page)$65,000,000
Subsidiaries' minority common stocks (at book value) and
surplus applicable thereto
3.770.730
Subsidiaries' bonds and preferred stocks
31,589,805
The divisional bonds and preferred stocks outstanding on completion of
this financing, including 8600,000 of subsidiary bonds and (or) preferred
stocks to be presently acquired, comprise the following:
Outstanding.
rids$60,000
Chasm Power Co. 1st mtge. 55, due serially 1926 to 1955_22,500
Chatham Electric Lt.. Ht. & Pr. Co. 1st mtge. 64, 1928
1,500,000
Citizens Lt., Ht. & Pr. Co. 1st mtge. 5.5. 1934
85.200
Clarion Water Co. 1st mtge. 5s. 1929
923,100
Depew & Lancaster Lt., Pr. & Conduit Co. 1st mtge. 5s, 1954280.500
Du Bois Electric Sr Traction Co. coll. tr. 5s, 1932
3,034,000
Erie Lighting Co. 1st mtge. 55, 1967
395,000
Erie Traction Co. 1st mtge. 5s, 1929
44,000
Granville Elec. & Gas Co. 1st cons. mtge. 58. 1943
499,500
Jefferson County Elec, Co. 1st mtge. 5s, 1933
985,000
Kentucky Public Service Co. 1st mtge. 55. 1941
3.000,000
Long Island Water Corp. 1st mtge. 5J45, 1955
258.000
Manila Electric Co. 1st & ref. mtge. 5s. 1946
3,738,000
Manila Elec. RR. & Ltg. Corp. 1st & coll. tr. 58, 1953
185,000
Manila Suburban Rys. 1st mtge. 58, 1946
2,112,000
Penn Public Service Co. 1st mtge. 58, 1962
4,000.000
Penn Public Service Corp. 1st & ref. 5s, 1954
7.000,000
Penn Public Service Corp. 1st & ref. mtge. 68. 1947
358.000
Plattsburg Gas Sr Electric Co. 1st mtge. 64, 1939
32,000
Ridgefield Electric Co. 1st mtg.e. 5s, 1932
25,000
Salem Light, Heat Sr Power Co. 1st mtge. 58. 1928
173,000
Warren Light & Power Co. 1st mtge. 58, 1931
125,000
Warren Street Ry. 2d mtge. 58, 1931
Preferred Stocks*1,891,785
Erie Lighting Co. pref. ($2) 54,051 8118
1.350.300
Penn Public Service Corp. ($6) 13,503 shs
Clarion River Power Co. 8%. 852 shares
85,200
Patchogue Electric Light Co., 277.2 shs
27.720
Total
$32,189,805
* Stated at liquidation value, which is $540,510 more than the stated value.
Note.-The above total will be reduced to $31,589,805 by the purchase
and retirement of $600.000 additional bonds and (or) stocks.
The subsidiaries minority common stocks (at book value) and surplus
applicable thereto shown in the above statement of capitalization as
$3.770.730 consists of $2,116,243 common stock of the Manila group,$2,525
common stock of the Eastern New York group, $1.540 common stock of
the Long Island group and $1,627,250 participating stock of Clarion River
Power Co. and the balance of $23,172 is the surplus applicable to these
common stocks.
The present financing results in increasing the principal amount of the
outstanding securities by 43%,whereas the fixed charges (interest, dividends
and sinking funds) are increased by only 25%.
ASSOCIATED ELECTRIC CO. SYSTEM.
(Statistical Data Dec. 31 1925.)
-Volume
of Business 1925sa es
Elec. Gen,
Railuray
Electric
Plants Kw Miles of
Sates
Passengers Electric Kiv.Inst'd Transm.
Kic.h,
M.C.F. Carried. Customers, Capacity. Lines.
Group275,643,350 831,797 4,024,857
Penn Public
88,303 138,500 1,278.94
Manila Electric 37,265,767
35,100,508
51,268
17.11
29,500
2,570,504
Long Island
5,228
15.0
4,550
15,951,050
95,816
Ky.-Tenn
18,388
344.93
10,701
82,491
Eastern N.Y___ 21,160,421
19.569
153.33
3,890
New England__ _ 26,908,388
8.490
111.0
15,500
Western N. Y_ 17,282,020 145,156
59.05
12,535
760
396,781,500 1,155,260 39,125,365 201,781 203,401 1,979.36
Total
Maintenance & Depreciation.-Reserves and expenditures for maintenance
and depreciation of the Associated System and particularly the Associated
Electric Co. have been entirely adequate. During the past 3 years the
major portion of the railway property in Manila has been reconstructed
and rehabilitated and in addition all of the properties, with minor and
unimportant exceptions, are in first class operating condition. The actual
expenditures for maintenance and accruals for depreciation for the past
five calendar years were as follows:
APR. 10 1926.]
'
THE CHRONICLE
(Associated Electric Co.)
1921.
1922.
1923.
1924.
1925.
aMaint. expend-$1,235,682 $1,204,970 $1,274,864 $1,283,458 $1,262.518
Accruals to depr.
reserve
933,581 1,089,945 1,241,266 1.296,015 1,200.286
Associated Gas & Electric Co. (Including Associated Electric Co. Group).
1921.
1922.
1924.
1923.
1925.
aMaint. exp_ _ _651,907,370 $1,728,872 $1,846,362 $1,828,413 $1.846,674
Accruals to depr.
reserve
1,038,128 1,263,461 1,460,610 1.666.231 1,449.459
a Included currently in operating expenses. b Due to heavy maintenance on Staten Island railway department.
Valuation.-The reproduction cost new of the properties of Associated
Electric Co., based on appraisals of independent engineers made at various
times in the past 18 months, plus net additions from the dates of the various
appraisals to Dec. 31 1925, after deducting the sums applicable to the
minority common stock interests, is $129.944,131. In addition, the investments of the company in the securities of affiliated properties total $8,440,100, making a grand total of $138,384,231.
The divisional bonds and preferred stocks of the various groups, together
with the valuation, as above, of the respective properties, is as follows:
Bonds & PreValue.
ferred Stks.
Balance,
Penn Public group
$81,422,046 $21,931,485 $59.490,561
Manila group
13,980,300
4.181.000
9,799.300
Long Island group
8.829,622
3,027,720
5.801.902
Kentucky-Tennessee group
7.839,532
985,000
6,854,532
Eastern New York
7.650,043
541,500
7,108.543
New England group
5.912,090
5,912,090
Western New. York group
'4.310.498
923.100
3.387,398
Total
$129,944,131 $31,589,805 $98,354,326
Add investment securities
8.440.100
Total balance
$106.794.426
CONSOLIDATED EARNINGS
12 MONTHS ENDED
(Associated Electric Co.)
Gross EarningsElectric
Gas
Transportation
Water
Ice, heating and auxiliary operations
Other operating income
Total
Operating ExpensesMaintenance
Taxes, except Federal taxes
Other expenses
Minority net earnings
Total
Net earnings
Add-Income from investments
Credit for interest during construction
Total
Annual int. & divs. on-Conv, gold bonds (this issue)
Divisional bonds and preferred stocks
Balance
JAN. 31
1926
$14,513,378
1,055,032
2,006,811
893,350
574,444
228.425
$19,271.440
$1,258,067
622,485
8.112.462
275.434
$10,268,448
9.002,993
594,717
948.965
$10,546,675
$3,575,000
1.694.340
$5.277.334
CONDENSED CONSOLIDATED BALANCE SHEET DEC.
31 1925.
(Associated Electric Co.)
Before
After
Before
After
Financing, Financing.
Financing. Financing.
Assets$
$
Liabilities$
$
Fixed capital- _ _133.770,213 133,770,213 Due anti. cos_ z_a65,382,356 a8,810,755
Inveetments_ _ 8,440,100 8.440,100 Corn,stock-No
Cash
2,054,780 2,038.267
par
40,000,000
Spec.dep.(cash)
581.026
581,026 Pa. El. Co. debs
Accts.receivable 2,265,011 2,265,011 5pi% cony.gold 7,388,500
Notes receivable
312,485
312,485
bonds
65,000,000
Matls & suppl. 2,347,280 2,347,280 Underlying cos.
Unamort. debt
with public:
disc.& exp.__ 4,396,805 12,802,900
Corn.stocks &
Prepaid aces__ _
201,747
201,747
surplus-- 3,856,365 3,770.730
Suspense
268,802
268,802
Pref. stocks.- 10,093,170 2,814,495
Funded debt- 51,110,600 28,834,800
Notes payable-- 2,003,368
Accts. payable- 1,471,504 1,471,604
Accrued accts.- 1,616,377 1,616,377
Consumers' dep
613,694
613,694
Res. retirement
of property... 7,363,423 7,363.423
Optional reserves 1,702,408 1,702,408
Surplus (capital
Total (ea. M0).154,638,249 163,027,831
& corporate). 2,036,484 1,029,646
a Payable in securities junior to the 534% convertible gold bonds.
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31 1925.
[Associated Gas it Electric Co. and Subsidiary & Affiliated Companies.)
AssetsLiabilitiesProperty & plant
$172,985,125 Funded debt Assoc. Gas
Organization costs
& Electric Co
351.792
$18,042,400
Investments,
2,331.773 Funded debt of operating
Cash
prop. held by public_ 70,873.150
3.740.701
Special deposits
1,212.599 614% int. bearing option
Notes receivable
115.999
warrants
18.628.408
4ccts. rec, from conProp. purch. obligations_ 11.369.916
sumer% less reserve_ _ _ 2,558.966 Notes payable
8.418.168
Miscall. accts. receivable
247,092 Accounts payable
2.465.389
Due from subscribers to
Accrued interest
1,418.535
capital stock, &c
679.515 Accr. taxes (cos. est.). _
933,795
Materials & supplies_ __ _ 3,092,622 Consumers' deposits_-_ 1,210.251
Due from affil. cos
1,433,434 Retirement reserves_ _ __ 11,770.609
Due from subscrib. for
Res. future pref. divs_ _ 453.434
def. install. on 634%
Other optional reserves-3,026,446
option warrants
8,288,277 Minority stks. of sub. &
Unamort. debt, discount
MM. cos. outst'g with
& expense
public & surplus applic.
11.697,566
Prepayments
thereto
321.792
21,682,433
Miscellaneous items in
Cap. stks. & surp., incl.
suspense
deb. ctfs. cony, by co.
654,374
Into preferred stocks_- 39,418,695
Total (each side)- -3209,711.629
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31 1925
(Associated Gas & Electric Co. and Subsidiary & Affiliated Cos.)
Reflecting important financial changes to March 20 1926, including
present issue of $65,000.000 534% bonds.
AssetsLiabilitiesProperty
$173,145,825 Associated Elec. Co.bds_$65,000,000
Organization costs
351,792 Funded debt of oper.
Investments
prop. held by public__ 41.153,850
2,331,773
Cash
7.952.517 Assoc. Gas & Elec. bonds 18.141.600
Special deposits
% int. bearing option
1,212,599
Notes receivable
warrants
135,999
18,628.408
Accts. rec. from conAccounts payable
2.465.389
consumers, less reserve 2,558.968 Accrued interest
1,418.535
Miscall. accts. receivable
246.692 Accrued taxes (cos'. est.)
933,795
subscribers
to
from
Due
Consumers' deposits1,210,250
capital stock. &c
679.515 Retirement reserve
11.747,309
Materials & supplies_ _ _ _ 3,092,622 Res. future pref. stk. div
453.434
Other optional reserves.,. 3,026,446
Due from affil. cos.(other
Minority stocks of subthan those incl. in consolidation)
sidiary & affiliated cos.
1,383,434
outstand'g with public
Due from subscribers for
deferred installm'ts on
& sur. applic. thereto_ 17,574,857
655% option warrants.. 8.288,277 Capital stocks & surplus_ 40,706,754
Unamort. debt, discount
20,104,248
& expense
321.792
Prepayments
Total (each side)----$222,460.427
654,374
Misc. items in suspense-V. 122, p. 1916, 1760.
2035
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Pennsylvania RIZ. Denies Clerks' Application to Road .for Restoration of
Wage Scale in Effect Prior to July 1 1921 When Cut of $7 24 Per Month Was
Established.-"New York Times" April 6.
New Eguipment.-Class I railroads during the first two months this year
Installed in service 12,817 freight cars, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This can be compared with 28.120 installed during the corresponding period
in 1925 and 27.729 installed during the corresponding period in 1924. Of
the total number installed during the first two months this year, 7,910 were
placed in service in February, including 4,303 box cars. 2.845 coal cars and
337 refrigerator cars. Freight cars on order on March 1 totaled 50.947
including 22,140 box cars, 19,753 coal cars and 6.627 refrigerator cars.
Class I railroads on Mar. 1 last year had 5,6029 freight cars on order while
on Mar. 1 1924 they had 45.074 freight cars on order. Class I railroads
during the first two months this year installed in service 366 locomotives
compared with 292 installed during the same period last year and 485
during the same period in 1924. Locomotives placed in service during the
month of February totaled 175. Locomotives on order on Mar. 1 this
year totaled 441 compared with 293 on the same date last year and 457 on
the same date in 1924.
These figures as to freight cars and locomotives include new, rebuilt and
leased equipment.
Surplus (Jars.-Class I railroads on Mar. 22 had 213,780 surplus freight
cars in good repair and immediately available for service, according to
reports filed by the carriers with the Car Service Division of the American
Railway Association. This was an increase of 14.926 cars over the number
reported on Mar. 15. Surplus coal cars in good repair on Mar. 22 totaled
79,551, an increase of 7,337 within approximately a week while surplus
box cars in good repair totaled 88.180, an increase of 6.409 during the same
period. Reports also showed 25,990 surplus stock cars, an increase of 546
over the number reported on Mar. 15 while surplus refrigerator cars totaled
12.201, an increase of 493 cars compared with the same previous period.
Car Shortage.-Practically no car shortage is being reported.
Repair of
tives.-Locomotives in need of repair on Mar. 15 totaled
10,965 or 17.4% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 889 locomotives compared with the number in need
of repair on Mar. 1, at which time there were 10,076 or 16%. It also was
a decrease of 1.034 locomotives compared with the number in need of'ah'
me date last year, at which time there were 11.999 or 18.7 rt.
on the same
Of the total number in need of repair, 5,677 or 9% were in need of classified repairs on Mar. 15, an increase of 385 compared with Mar. 1 while
5,288 or 8.4% were in need of running repairs, an increase of 504 within
the same period.
Class I railroads on Mar. 15 had 4,908 serviceable locomotives in storage,
an increase of 69 locomotives compared with the number of such locomotives on Mar. 1.
Freight Car Repairs.-Freight cars in need of repair on Mar. 15 totaled
165,258 or 7.2% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 3.299 cars over the number reported on Mar. 1. at
which time there were 161,959 or 7%. It was also a decrease of 23.661
cars compared with the same date last year. Freight cars in need of heavy
repair on Mar. 15 totaled 116.585 or 5.1%, an increase of 1.413 compared
with Mar. 1. Freight cars in need of light repair totaled 48,673 or 2.1%.
an increase of 1,886 compared with Mar. 1.
Matters Covered in Chronicle April 3.-(a) Loading of revenue freight
increases, p. 1842. (b) Chesapeake Oz Ohio RR. bond issue denied by
Inter-State Commerce Commission-Road must get capital by sale of
stock, p. 1868. (c) Bill authorizing reduction in emergencies of freight
rates passed by U. S. Senate, p. 1869. (d) Chesapeake & Ohio decision
criticized-Transportation bankers see usurpation of power, p. 1869.
(a) Inter-State Commerce Commission disallows Pittsburgh & West
Virginia Ry.stock plans so as to give proposed preferred issue equal voting
power with common-Company to maintain present capital structure,
p. 1870.
Boston & Maine RR.-Chairman Hopes Readjustment
Plan Can Be Put in Operation by July.-In a letter to the stockholders Homer Loring, Chairman of the executive committee,
says:
Some of our stockholders have asked for a brief statement explaining the
situation regarding reorganization.
When you consider that it involves larger amounts of securities and
probably more complicated legal problems than any other voluntary railroad reorganization hitherto undertaken, you will appreciate that a large
amount of time is necessary to accomplish the various steps.
85% of all the stock has been deposited under the plan. So far 80%
of the bonds have been deposited,and additional amounts are being received
daily.
The fact that the railroad is incorporated subject to the jurisdiction offour
States has created numerous and wholly original legal complications. The
bondholders, directors of the railroad and the general readjustment committee have been represented by counsel, and it would appear that the difficult problems are in process of solution. Application has been made for
the approval of the Department of Public Utilities of Massachusetts and
the approval of the I.-S. C. Commission will soon be requested. It is hoped
that the plan can be put in operation by July.
Regarding earnings, revenues declined $835.000 for the first two months
of the calendar year, due very largely to the anthracite coal strike: snow
expenses for Feb. exceeded Feb. 1925 by $401.000: and net income for the
2 months compared with the previous year was reduced $443,000.
With the reorganization completed, your road will be in a very strong
financial position.
Hustis retired on April 3 as President of the road.
James'
Reginald Foster, Vice-President of the New England Mutual Life Insurance Co., and Roger Pierce, first Vice-President of the New England Trust
Co. have been elected directors of the Boston & Maine RR., succeeding
Hairy G. Stoddard of Worcester and Edward Lovering of Taunton. Mass.
-V. 122, p. 1905, 1599.
Chicago Milwaukee & St. Paul Ry.-Hearing Resumed.
The inquiry of the I.-S. C. Commission into the receivership and reorganization of the road, which has been in progress for several months, was
resumed April 7.-V. 122, p. 1758, 1605.
Chesapeake & Ohio Ry.-Minority Interests to Get Representation on Board.-The Scott committee of the minority
stockholders has reached an agreement with 0. P. and M. J.
Van Sweringen whereby George Cole Scott and John Stewart
Bryan are to be elected directors at the annual meeting
April 20. Chairman Scott states the committee will dissolve
as soon as it can be called together for that purpose.
In a letter being mailed to the C.& 0.stockholders supporting the committee, the latter makes reference to its previous request that stockholders
execute no proxies for the approaching annual meeting until further notice.
The committees letter continues:
"Since making that request 3rour committee has had a full and frank conference with Messrs. 0.P. and M.J. Van Sweringen, through George Cole
Scott. Your committee went into this conference convinced that the most
satisfactory solution under the circumstances would be reached if the stockholders represented by this committee were given proper representation on
the board of directors of the C. & 0. This proposal received the cordial
approval of the Messrs. Van Sweringen, who expressed themselves as entirely willing to see Messrs. George Cole Scott and John Stewart Bryan
members of the Ches. & Ohio board, and who have given assurance that
these nominations will have the support of the majority interest at the
annual stockholders' meeting.
"In view of the representation that this action will give the stockholders
represented by this committee, it is not thought to be either necessary or
desirable for your committee to ask for proxies. The two membersso chosen
will assume their positions on the board,of the Ches.& Ohio with fullfreedom
to act as their judgment may direct."
The invitation from the Van Sweringens to Mr. Scott and Mr. Bryan to
join the board was unanimously approved by the entire committee.-V.122.
p.1914, 1605.
2036
• THE CHRONICLE
Operating income
Equipment rents, &c..
1922.
1923.
1925.
1924.
$31,077,083 $30,854.030 $33.588,193 $27.593,925
24.717.990 25,141.376 26,673,361 24,619.558
$6.359,093 $5,712,654 $6,914.832 $2,974,367
1,442,180
1,595,265
1,317,861
1,811,223
Net operating income_ $4,547,870 $4,394,793 $5,319,567 $1.532,187
304,667
242,884
'Other income
212,293 Dr.642.868
Total income
Interest, rent, &c
Net income
-V. 122, p. 1914.
$4,760,163 $3,751,924 $5,562,451
4,718,880 4.787.166 4,445.306
$ig:Ngt
4,
$41.283def$1035,242 $1,117.145defS2490.482
Cinc., New Orleans & Texas Pac.-Preliminary Report.
Calendar YearsOperating revenue
Expenses. taxes, &c_ _
[VoL. 122.
Georgia & Florida Ry.-Results.-
Chicago & Alton RR.-Preliminary Report.Calendar YearsOperating revenue
Expenses, taxes, &c
'
John Skelton Williams. receiver in a report dated April 6 sent to the
security holders, gives the results of the operations of the company since
Oct. 1 1925. He states that the business of the property has continued to
show a substantial and healthy growth. The earnings of the road for Nov.,
1925. were the largest for any month in its history, and for each succeeding
month its gross earnings have surpassed those shown in every corresponding
month in all previous years.
The following figures show the operating results of the road for the 9
months ending March 31 1926. Gast week in March approximated):
$1,619,006
Gross operating revenue
1,096,021
Operating expenses
$522,985
Net operating revenue
67.7%
Ratio operating expenses to earnings
Net income after payment of operating expenses, taxes, rentals,
4466,309
and all other charges except interest and car hire
Interest for 9 months of receiver's certificates, U. S. loan, old
119,424
divisional bonds, &c
1922.
1924.
1923.
1925.
$23,433,243 $21,951,667 $23,049,393 $16,801,374
16,104,289 17,377,224 18,192.687 14,891,355
$346.885
Balance, after all receiver's interest charges
Interest for 9 months on $6,200,000 old 1st mtge. 5% bonds
232.500
outstanding
Net.operating income- $7,328,954 $5,574,443 $4,856.706 $1,910.019
Balance in excess of 9 months' interest on $6,200,000 old 1st
277.861
Other income
351.197
848,137
430.402
$114,384
mtge. bonds
x Car hire for the 9 months amounted to $171.213 but provision is made
Total income
$8,177,091 $6.004.845 $5,207.903 $2,187,880
ofadditionalfreight cars,
acquisition
the
for
plan
reorganization
pending
the
in
1,551,312
Interest. rents, &c
1.575.241
1.665,076
1.689.672
of car hire. In their
122.670 which are expected to practically eliminate the item
Preferred divs. (5%)
122,670
122.670
122,670
Coverdaie and Colpitts,
388,700 recent report on the property of May 20 1925,
Common diva.(13%)_ _ _
388,700
388.700
388.700
car hire charge in 1924: "The
the
to
referring
say,
Engineers,
Consulting
Additions & betterments
884,847
469,331
429.793
entire car hire debit of $158,151 can be eliminated by the purchase of 500
calculations the car hire item.
$125,198 freight cars." Therefore if we omit in these
$5.570,852 $2.918,956 $2,651,961
the net results for the 9 months would be as foregoing.
P. 1758.
hire for the 9 months ending
car
and
The road's net income before interest
has amounted to more than twice the proposed fixed interest
Denver & Rio Grande Western RR.-Kenilworth & March 31 1926,the
pending plan of reorganization for a 9 months' period,
charges under
Helper RR. Abandonment.Including in such charges the interest on car trusts which are to be issued
The I.-S. C Commission on March 23 issued a certificate authorizing for the purchase of the new freight cars, and also including interest on the
the Kenilworth & Helper RR. Company and the Denver & Rio Grande cost of the construction of the proposed 56 mile extension to Greenwood.
Western RR., lessee, to abandon, as to interstate and foreign commerce. S. C.
a line of railroad extending from a connection with the Denver's railroad
From the foregoing figures it will be seen that the gross earnings for the
at Kenilworth Jc. in a general northeasterly direction to the town of Kenil- 12 months ending March 31 1926 on 404 miles, were at the rate of about
worth, a distance of 3.75 miles. all in Carbon County. Utah.
$5,000 per mile. At the time of its reorganization the Gulf Mobile & NorthThe Commission also issued a certificate authorizing the Denver to ern RR.on 402 miles was earning only about $4,600 per mile: but following
construct a branch line of railroad extending from a connection with its the completion of its 40 mile extension to Jackson. Tenn., this latter road
existing line at or near Spring Canyon Jc. in a genrei easterly direction increased its earnings on 466 miles in 1925 to $13.564 per mile, gross. The
6.28 miles, all in Carbon County, Utah.-V. 122, p. 1915, 1605.
receiver agrees with the views expressed by General Manager Plwvis in his
after its completion to Greenletter of March 31 1926, that the road soon
Delaware & Hudson Co.-Bonds Authorized.wood, S. C., ought to make not less than 8057 of the earnings per mile shown
The I.-S. C. Commission on March 24 authorized the company to issue by the Gulf, Mobile & Northern in 1925.-V. 121. p. 3.000. 1904.
62.196,000 1st & refund. mtge. 4% bonds: to be sold to Kuhn, Loeb & Co.
Joliet & Chicago RR.-Wolker Group Retain Control.at not less than 00 and Int. and the proceeds used to reimburse the treasury.
-V.122. p. 1022. 1908.
The Walker group of stockholders announced April 5 that they had been
successful in re-electing their entire list of officers at the annual meeting held
Detroit Toledo & Ironton RR.-Earnings.In Chicago and of capturing one more place on the directorate through
the election of Samuel B. Walker. A minority interest in the road is held by
1923.
1925.
1924.
Calendar YearsChicago & Alton, which, according to the Walker group, was planning to
455
471
operated
road
of
468
Average miles
$13,663.275 $11,673.038 $10,103,129 get control at the meeting.-Y.118, p. 1772.
Freight revenue
117.684
Passenger revenue
84,358
98.860
Long Island RR.-Equipment Trusts.The I.-S. C. Commission on March 24 authorized the company to
Total, including other revenue____$13,911,371 $11,995,758 $10,417.412
1.573.578 assume obligation and liability in respect of $1.230,000 equip. trust certifiExpenses-Maintenance of way
2.143.425
1,848.364
1.417,571 cates, series H, to be issued under an agreement, dated March 11926, and
_ _ 2,246,185
Maintenance of equipment
1,982,179
79,871 sold to Kuhn, Loeb & Co. at not less than 97 and div. in connection with
Traffic expenses
102,509
86.166
Transportation expenses
3,599,138 3,425,712
3,485,764 the procurement of certain equipment.-V. 122, p. 1452.
-ME:
Total expenses, including other $8.427,413 $7.622,618 $6,766,472
Net from railroad
5,483,958
4,373.140 3.650,940
180,799
'Taxes
590,132
442.089
2.010
Uncollectible revenue
3.748
892
Net after taxes, &c
Equipment, rents
$4,890,078 $3,930,159 $3,468,131
1,375.398
1,681,207
1,275,434
Net operating income
Other income
$3.614,644 $2,554.761 $1,786,924
363,129
144.595
84.337
Total income
Interest. rents, &c
$3.759,239 $2,639,098 $2,150.053
918,114
733,017
1.686,450
Balance, surplus
-V. 121, p. 326.
$2,072,789 $1.720.984 $1,417,036
Duluth & Iron Range RR.-Obituary.-
President Francis E. House died at Jameovllle, Wis.. on April 4.V. 120, P. 2541.
Erie RR.-Equipment Trusts Offered.-Drexel & Co. are
offering $2,190,000 equip. trust 4%% gold certificates series
LL, due semi-annually in serial instalments of $73,000
Sept. 1 1928 to Mar. 11941, at prices to yield 4.80% for all
maturities plus dividend.
Louisville & Nashville RR.-New Director.E. L. Smithers, New York, V.-Pres. In charge of finance has been elected
a director to succeed the late L. W.Bott, Loulsville.-V. 122, p. 1759.
Maine Central RR.-Bonds.
The stockholders will vote April 21 on authorizing the directors to join
with the Portland & Rumford Falls RR. in accordance with provisions of
lease of April 26 1907, in an issue of first mortgage bonds of the Portland
& Rumford Falls Ey.. to be dated Nov. 1 1926, and to be of an amount
sufficient to anticipate the payment of the Portland & Rumford Falls By.
debenture bonds maturing Aug. 1 1927.-V. 122, p. 745, 606.
Mobile & Ohio RR.-Preliminary Report.Calendar YearsGross revenue
Oper. exp., taxes, &c-
1922.
1923.
1924.
1925.
$19,255.064 $19,464,381 $20.112,416 $17,878,005
15.612.145 15,932,226 17.417.407 15,164.723
Net operating income_ $3,642.919 $3,532.155 $2,695,009 $2,713,282
3.582
152.372
121.265
167.651
Non-operating income__
$3,810,570 $3,653,420 $2,847.3$1 $2,716.864
Total income
1.697,903
1.719,414
1,572,350
1,622,947
Interest, rents, &c
(10%)601.680 (7)421.176 (7)421.176 (4)240.672
Dividends
$778.289
$706,791
$1,585,943 81,659,894
Surplus
-V.122, p. 477.
Nashville Chattanooga 8c St. Louis Ry.-Earnings.-
1922.
1923.
1924.
1925.
Calendar YearsThe certificates are to be issued in part payment for new standard railway
$24.000.050 823.601.646 824,801.787.822.353.763
earnings
equipment, consisting of 1 heavy Mikado type locomotive, 1 heavy Pacific Gross
3,465,103
2,642.169
2,709,083
4,050,842
taxes
after
type locomotive. 24 steel through-line coaches, and 100 steel suburban Net
258,871
757.285847,243
, 293,570
income, &c
coaches. This equipment will be new and will cost approximately $2,747.- Other
000 of which approximately $557.000 is to be paid by the railroad company
$4,344,412 $3,723,974 83.399.454 $3,566,326
Total income
in cash.
1.770.648
1,768,665
1.875,803
1,815.370
Int.rentals. &c
The 1.-S. 0. Commission on March 27 authorized the' company to Dividends (7%)
1.120.000
1.120,000
1.120,000
1,120,000
assume obligation and liability in respect of $2,190.000 434% equip, trust
Trust
&
America
North
of
Bank
the
by
certificates. series LL, to be issued
$835,509
$508.806
$560.522
surplus
$1,409.042
Balance,
Co.. under an agreement to be dated Mar. 3 1926, and sold at not less
122, p. 1759.
than 97 and dividends in connection with the procurement of certain -V.
equipment.
Northwestern Terminal Ry.-Reorg. Plan Operative.The company represents that no arrangements have been made for the
The plan of reorganization dated Dec. 15 1925 has been declared operative
sale of the trust certificates. It proposes to sell them at not less than
April 2 1926. Further deposits of bonds can only be made upon the
of
97 and dividends, at which price the annual cost will be approximately as
specific consent of the committee (S. M. Perry, Chairman) and on terms
4.996.
prescribed by it.-V. 122. p. 1023.
conditions
and
will
City,
York
New
The Guaranty Trust Co., trustee. 140 Broadway.
until May 5 receive bids for the sale to it of (a) Erie & Jersey RR.50-Year
Pittsburgh & West Virginia Ry.-Dividend Dates.6% Sinldng Fund Gold bonds. due 1955, to an amount sufficient to exhaust
The dividend of 6% recently declared is payable in four quarterly
$46,107. at a price not exceeding 115 and interest: and (b) until May 4 for
the sale to it of Genessee River RR. 50-year 6% gold bonds dated June 1 installments, as follows: 1347 on April 30 to holders of record April 13.
exceeding
not
price
a
at
134% on July 31 to holders of record July 15, 134% on Oct. 30 to holders
1907, to an amount sufficient to exhaust $37,294.
of record Oct. 15 and 134% on Jan.31 1927, to holders of record Jan. 15
115 and int.-V. 122. p. 1605.
1927. See also V. 122, p. 1916.
In view of the announcement of the company to the effect that the plan
Federal Valley Railroad -Notes.
of the capital structure has been abandoned, the committee on
The I.-S. C. Commission on March 25 authorized the company to issue for a change
and securities of the New York Curb rules that contracts made for
$43,557 promissory notes to retire maturing notes of like amount as follows: listing
Pittsburgh & West Virginia preferred of $100 par value and
in
exchange
on
$3,000
and
11:
June
on
mmil
on
$7,000
16;
$30,560
April
10:
$2.996.
common stock of $50 "w.i.' under the plan, as set forth to stockholders
July 25, 1926.-V. 121, p. 2871.
Nov. 2 1925, are void. The 152,000 shares of preferred stock $100 par
value and 488.000 common shares of $50 par value have been removed from
Georgia Southern 4:c Florida Ity.---Report.--unlisted trading privilege.-V. 122, p. 1916.
the
1923.
1922.
1924.
1925.
Calendar YearsGross operating revenues $6,749.309 $5,180,128 $5,319.344 $4,518,016
Valley RR.-Abandonment.Poteau
3,744,211
3,611,860 4.102,187
Total operating expenses 4.415,379
The I-S. C. Commission on March 24 issued a certificate authorizing the
as to inter-state and foreign commerce. its railroad,
abandon,
to
company
$773,806
Net rev,from oper___ $2,333.923 $1,568,266 $1,217.157
205.527 which extends from Shady Point westward to Calhoun, a distance of 6.6
239.621
220,734
Taxes & uncollect. rev__
377,718
Okla. The report of the Commission says
County,
Fiore
Le
in
all
miles,
173.740
344,515
486,619
557,814
Equip.& joint facil. rents
In part:
The company is an Oklahoma corporation. Its line was constructed
$394,539
$633,021
$860.916
oper. income__ $1,398.391
30.465 during 1900 by the Choctaw Coal & Mining Co., which company was
19.961
46.945
52,891
Other income
succeeded in 1905 by the Sequoyah Coal & Mining Co. for the purpose of
transporting coal from the mines at Calhoun and delivering it to the Kansas
$425,003
$652,982
income_
'gross
$1.451,282
$907,861
Total
18.944 City Southern By. at Shady Point. It is represented that the Kansas
15,972
30,721
Deduc's from gross inc_ _
City Southern acquired the control of the line through purchase of out447,502
Int. on mtged., bonded
287,982 standing stock, on March 2 1912.
245,327
l295,947
154;&NMI/NMI debt
The applicant represents that the Kansas City Southern Ry. has agreed
Div. on preferred stock_ 5%)88.400 (5)88.400 (236)44,200
to purchase the railroad and property in question and to operate the same
an industry track, if there should be sufficient traffic to justify such
a
$118.078
$347,483
$915,380
$492,792
Income:is:dance
operation.
__Ir. 122.P. 1022.
APR. 10 1926.]
THE CHRONICLE
There are no bonds resting upon applicant's property. It does not
appear that any substantial public convenience or necessity
would be
affected by the proposed abandonment.
Reading Co.-Want More Time on Rights.-
An application for a further extension of time to exercise
of the
Philadelphia & Reading ER. will soon be made to the United rights
States Court
at Philadelphia, it was reported April 8. The time was originally set
for
Jan. 1 1926, but last Fall the Court granted an extension to July 1 1926.
Less than 50% of the rights have been exercised it is said.-V.122.
P. 1759.
Santa Fe Northwestern Ry.-Operation of Line.-
The I.-S. C. Commission on March 22 issued a certificate authorizing the
company to operate in inter-state and foreign commerce, under lease,
a
line of railroad extending from Deer Creek in a northerly direction to
Porter, a distance of 6.32 miles, all in Sandoval County, N. Mex.
By a certificate issued Aug. 25 1925, the commission authorized the
company to operate in inter-state and foreign commerce a line of railroad
extending from a connection with the Atchison, Topeka
Santa Fe RR.
at Bernalillo to Deer Creek. The company now proposes &
to lease from the
White Pine Lumber Co.. a line of railroad extending in a northerly
direction
from Deer Creek to Porter, at which point the lumber company has
established its logging headquarters. The line has not been operated heretofore
as a common carrier. The lease will be on a year-to-year basis at
an
annual rental of $6,000, which is represented to be
6% of the cost of construction of the line, exclusive of accounting costs and the
fair
value
of
the
lands used for right of way and terminal purposes. As soon as its earnings
Justify. the company proposes, to purchase the leased line.-V.121,
p. 1346
Seaboard Air Line Ry.-Equipment Trust Obligations.
The I.-S. C. Commission on March 27 dismissed
company's application for authority to renew and extend the paymentthe
of,
and
to
pledge
with
the Guaranty Trust Co., New York, corporate trustee of the 1st
& consol.
mt. dated Sept. 1 1915, $551,250 of matured and paid equipment
-trust
obligations.
The purpose of the proposed pledging of these
-trust obligations
was that the company may be enabled to drawequipment
down an equal amount of
deposited cash now held by the trustee and thus reimburse
tures heretofore made in taking up the equipment-trust itself for expendiamount of cash was deposited by the company with theobligations. This
trustee to secure
the release from pledge under the let and consol. mtge.
of $525,000 of
East & West Coast By. 1st mtge. bonds that had
been
called
for redemption.
--p. 122, p. 1916. 1452.
Southern Pacific Co.-New Executive.-
James S. Alexander. Chairman of the National Bank of
Commerce of
New York has been elected to the Executive Committee.
-V. 122, p.
478, 211.
Southern Railway.-Equip. Trust Offered.-Drexel &
Co., Philadelphia, are offering at prices ranging from 97.34
and div. to 100 and int. to yield from 0•0
0 to 43
4%, according to maturity $6,900,000 •ii% equip, trust
gold
certificates, series AA. Issued under the Philadelphia plan.
Dated April 1 1928; due $230,000
semi-annually
1941. Denom. $1,000. Certificates and dividendOct. 1 1926 to April 1
warrants (A. &
payable at the office of the trustee. Pennsylvania
Co. for Ins. on Lives
and Granting Annuities, Philadelphia.
Issuance.-Autherlzed by the I.-S. C. Commission.
The certificates are to be issued in
payment for the new standard
railway equipment. The title to thepart
equipment is to be vested in the
trustee and the equipment is to be leased
to Southern Railway at a rental
sufficient to pay these certificates and the dividend warrants
and other
charges as they come due. Payment of the
and dividend
warrants will be unconditionally guaranteed by certificates
Southern by endorsement
on the certificates.
The equipment subject to this trust will be as follows:
1.000 50-ton
steel frame coal cars, 1,500 40-ton steel center
sill box cars, 250 ballast cars,
20 Mikado type locomotives, 12 Pacific type
locomotives.
12 switching
locomotives, 10 consolidation type locomotives, 7
25 steel passenger coaches, 15 steel baggage-express mallet locomotives.
cars, 4 steel postal
cars and 6 steel mail-baggage cars
All of the foregoing equipment will be new and
cost approximately
$8.622,000, of which approximately $1,722,000 is to will
In cash, such cash payment being about 20% of thebe paid by the company
cost
of the equipment
and about 25% of the face amount of the certificates.
Income Results e Company for the Last Three Years,
1925.
1924.
1923.
Income available for hit. charges, &c_$37.310,6
20 $32,245,333 $28,272,166
Int. charges & diva. on equip. tr. ctfs_ 14,731.448
14,476.193 13.135.168
Balance of income over charges
$22,579,172 $17,769.140 $15,136,998
Hearing of the suit of Arthur Lyman
others against the company in
which an injunction is sought restrainingand
the
from paying common
stockholders more dividends than preferred company
stockholders, will begin in the
Law and Equity Court at Richmond June 29.-V.
122, p. 1916, 1759.
Texas & New Orleans RR.-Tentative Valuation.
The 1.-S.C. Commission has placed a tentative valuation
of $18,313,730
on the total owned and $19.809,819 on the total used
property
of
the company, as bt June 30 1918.-V. 113. p. 1472.
Trinity & Brazos Valley Ry.-Receiver's
The I.-S. C. Commission on March 25 approved the Certificates.
issuance of $90,000
of second series receiver's certificates; and to extended
the
time
of
payment
of $210,000 of certificates, series A, now due and unpaid,
to Jan. 11927.
-V. 120. p. 2812.
PUBLIC UTILITIES.
All America Cables, Inc.-Balance Sheet Dec. 31.1925.
1924.
1925.
1924.
AssetsS
$
Plant Cequipm't_23,861,852 24.018,159 Capital stock
26,987,080
Investments
11,266.042 10,537,605 Sundry creditors._ 498,609 26,892,760
587,147
Inventories
840,387
787.578 Federal taxes
361.508
465,598
Accts. reedy., &c. 1,483,759 1,247,953 Dividends
payable 472,260
470,606
Cash
2,152,682 2,138.776 Fire losses, penDeferred charges
142,782
63,721
sions, dm
708,720 1,256,228
Surplus
x
.•
10,719,327 9,121,454
Total
'39.747,505 38.793,795
Total
39,747,505 38,793,795
L. The income account was published in V. 122. p.1606.-V.
122. p. 1760.
American Electric Power Co.-New Directors.-
Three new directors, representing the American Gas & Electric Co.,
have
been elected. They are M. F. Milliken, N. M. Argabrite
and J. P. Vandervoort.-V. 122. p. 1760.
p American Light & Traction Co.-Common Stock Put on
a48% Annual Dividend Basis-Extra Dividend of 2% Also
Declared.-The directors on April 6 declared a quarterly
dividend of 2% and an extra dividend of 2% on the common
stock, both payable May 1 to holders of record April 16.
This compares with quarterly dividends of 147
0 each paid
on the common stock from May 1 1925 to Feb. 1 1926, Incl.
-V. 122, p. 1606, 740.
American Telephone & Telegraph Co.-New Director.
Willard has
r
been elected a director, succeeding W.W.McClench.
11/ Daniel
PT The company has reduced its charges for services and instrument rentals
to all of its licensed companies from 4 % of gross of these companies
to 4
122, p. 1453. 1445.
American‘Utilities Co. (Delaware).-Earnings, &c.-
The company through a new subsidiary. the Missouri General Utilities
Co., recently acquired the electric light and power properties in St. Genevieve, St..Marys, Perryville and Bloomfield, Mo.
2037
The earning results for the year 1925 including the Missouri properties
have been reported as follows:
Gross earnings, wholly owned companies
$793.303
Operating expenses, maintenance, taxes, &c
523.866
Balance for interest charges, &c
$269.437
Annual interest requirement 1st lien & refunding bonds
*96.000
Balance for depreciation. Federal taxes, dividends, &c., of
subsidiary companies
$173,437
Estimated dividend requirement for 1926 on present issue cumulative preferred stock
a78.400
* The above interest charge allows for
increase of $350,000 in the
amount of 1st lien & ref. gold bonds, seriesan
A 6% which may be issued on
account of the purchase of the Missouri properties.
a There were originally issued allotment certificates $50 paid, calling
for delivery, when fully paid, of 14.000 shares
dividend cumulative
preferred stock. Stockholders had the option of $7
making their stock fully
paid. Since the date of issuance a number of holders
have elected to pay
for their stock in full. Company has exercised
its option and has called
for two additional payments on the allotment certificates,
one of $10 per
share which was payable March 15, and a second of
$10 per share which is
due April 15. Further calls will undoubtedly be made
so
the dividend
that
requirement as listed above is an approximation of
the amount required
for the year 1926.
Company is in the process of acquiring certain additional properties.
Earnings from these properties are not included in the above
statement.
The operation of all properties is now under the direct supervision
of
Gannett. Seely°, & Fleming, Inc.-V. 122. p. 478;
V. 121. p. 2872
Asheville (N. C.) Power & Light Co.-Consolidation.-
See Carolina Power & Light Co. below.-V. 122, p. 1453.
Associated Electric Co.-Bonds Sold.-Harris, Forbes &
Co.; Lee, Higginson & Co.; Guaranty Co. of New York;
Kidder, Peabody & Co.; Brown Brothers & Co.; Equitable
Trust Co. of New York; E. H. Rollins & Sons; Marshall
Field, Glore, Ward & Co.; H. D. Walbridge Co., and Edward B.Smith & Co. have sold at 95 Wi and interest, yielding
over 5.90%, 865,000,000 Convertible gold bonds, 53%
series, due 1946. This is one of the largest and most important pieces of public utility financing ever undertaken at one
time.
Dated April 1 1926: due April 1 1946. Interest payable A. & 0. at
Harris, Forbes & Co., New
York or Boston, or at Harris Trust & Savings
Bank. Chicago. Callable, all or part, on the first day of any month on
60 days' notice, at 105 and interest to and including March 1 1931. and
thereafter at a premium of 1;.1% for each five year period or fraction
thereof to maturity. Denom. c* $1,000 and $500. and r $1,000
authorized multiples, interchangeable. National Bank of Commerceand
in
New York. trustee. Company will agree to pay interest without deduction
for any Federal income tax not exceeding 2% per annum which the company
or the trustee may be required or permitted
pay thereon or deduct therefrom, and to reimburse the holders of these to
bonds upon application within
sixty days after payment for the Penn. and Conn. 4 mills taxes and for the
Mass.income tax on interest not exceeding 6% ofsuch interest per annum.
Securities to Be Retired in Connection with Associated Electric Co. Financing.
Price at 1Which
Called Bonds
Will Be Accepted
In Payment for
Amount
Date to Be
New Issue
Funded ObligationsOutstanding.
Called.
Call Price. (See Note).
Baldwin Water Co. 1st 6s,
due July 1 1933
$25,000 July 11926 105 & int. 105.2703 dc int.
Clarion River Power Co. 1st
634s. due July 1 1947._ 2,700,000 July 1 1926 110 "
110.3164 "
County Realty Co. real est.
mtges.,6%,due Jan. 1 '29
50,000 Dec. 31 1926 100 " 101.1176 "
Crawford County RY. 1st 6s.
due July 1 1961
309,500 July 1 1926 100 "
100.3015 "
•Earlville Electric Light Co.
1st 6s, due July 1 1927._ _
6,500 Not callable
Granville Lt.. Pow. & Fuel
Co. lat 6s, due July 1 1932
6,500 July 1 1926 100 •'
100.3019
Halfmoon L., It. & P. Co.
1st Os, due Nov. 1 1943_
100.000 May 15 1926 105 '•
105.0515 ••
Litchfield E.L.& P.Co.gen.
& ref.7Sis, due Oct. 15'35
100,000 Oct. 15 1926 110 "
111.2325
*Madison Power Co. 1st 68,
due July 1 1951
96,900 July 1 1926 105 "
105.2703
Manila Electric Co. 1st ref.
7s. due May 1 1942
3,415,300 May 15 1926 115 "
115.0692
Middlesex County Elec. Co.
1st 7s, due Jan. 1 1937
100,000 Not callable
*Murray Elec. Lt. & P. Co.
1st 6s, due Jan. 1 1943._
90,900 Jan. 1 1927 100
101.1176
*N.Y.State Gas& Elec.Corp.
1st 5s. due March 1 1926
125,000 Paid off
Northwestern Elec.Serv.Co.
of Pa. 1st & ref. (is, due
July 1 1962
582,000 July 1 1926 105 "
105.2703
*Ovid Electric Co. 1st 64,
due July 1 1943
10.500 July 1 1926 102 '•
102.2892
Penelec Coal Corp. 1st 6145
due Feb. 1 1944
1.411.500 June 1 1926 110 "
110.1488
Penna. Elec. Corp. deb. 6s,
due Anti' 1 1955
2,482,500 July 1 1926 105
105.2703
Penna.Elec. Corp.deb.034s.
due April 1 1954
4,906,000 July 1 1926 105
105.3479
Penn Public Service Corp.1st
& ref. 6s, series A, due
Dec. 1 1929
4.750,000 June 1 1926 10134"
101.6374
Penn Pub, Serv. Corp. deb.
634s, due March 1 1938
3,996,000 June 1 1926 105
105.1637
Portsmouth Power Co. 1st(is,
due Dec. 1 1945
1,400,000 June 1 1926 105
105.1270
Raymond Candle, Elee. Co.
1st 6s. due July 1 1945_
40,000 June 1 1926 105
105.1270
Real estate mtges.6%, various maturities
15,000
100
'Real estate mortgages,6%,
various maturities
3,750
100
Roosevelt Water Power & Lt
Co. 1st Os, due serially58,000 Not callable
•Solsville El. Lt. & P. Co
Inc., lot Os, due July 1 '34
16,500 July 1 1926 102
102.2802
Warren Lt. kr Pow.Co.lat
& ref. es. due Dec.1 1933_
325,000 Sept. 1 1926 105
105.4786
Warren Street RY. gen. 6s,
due Feb. 1 1926
101,000 Paid off
Youghiogheny Hydro-Elec.
Corp. 1st6s,due Apr.149 2,750,000 July 1 1926 10734"
107.7546
Total funded obligations
to be retired
$29,973,350
Preferred StocksLitchfield Electric Light &
Power Co. 8%
$40,000 July 1 1906 110 & dlv,
Penn Public Seri,. Corp.7% _ 5,495,220 May 1 1926 103 "
Portsmouth Power Co.7%338,400 May 1 1926 110 "
Total preferred stock to be
retired
25,873.620
Grand total retired
235.846,970
•Indicates securities of subsidiaries of Associated Gas & Electric Co. other than
Associated Electric Co.
Note -Bonds to be called will be accepted in payment for the Associated Electric
Co. convertible 534% bonds on a4% discount basis for Issues called on. or prior to.
July 1 1926, and a 434% discount basis for those called subsequent to July 1 1926
The prices given in right-band column have been computed as of May 4 1926. the
probable delivery date of the new issue.
2038
THE CHRONICLE
Data from Letter of President J. I. Mange,IlDated Apra&
Company.-Incorp.in March 1926 in Delaware. Will control an important group of public utility properties serving a population of 1,750,000 in
New York,Pennsylvania, Maine, New Hampshire, Connecticut, Kentucky,
Tennessee, Indiana and the Philippine Islands. Company is controlled by
Associated Gas dr Electric Co.
Purpose of Issue.-Indenture under which the convertible gold bonds are
to be issued is designed to provide a sound and permanent medium for
major funded debt operations in financing the future development of the
Associated Gas & Electric system, and constitutes the first step in the
simplification of the capital structure of this gruop of properties. The
major portion of the proceeds of the present issue is to be used to retire
various high rate securities, effecting a substantial saving in the aggregate
annual interest, dividend and sinking fund charges.
Capitalization.-Upon completion of the present financing Associated
Electric Co. will have outstanding. including all stocks and bonds of subsidiary companies held by the public:
400.000 shs.
Common stock (no par value)
$65,000.000
Convertible gold bonds,5%% series, due 1946 (this issue).
Subsidiaries' minority common stocks, at book value, including
3,770,730
any surplus applicable thereto a
31.589,805
Subsidiaries' bonds and preferred stocks_b
a Includes 16.272% shares of Clarion River Power Co.participating stock
at par. b Preferred stocks included at par, or at liquidation value if
without par value.
Bond Issue.-Indenture will provide that neither the company nor any
subsidiary company shall create any indebtedness not therein permitted
and that the company shall not mortgage or pledge any of its assets, including stocks, bonds or other securities of subsidiary companies now or hereafter
owned. Additional bonds may be issued only (a) for refunding, retiring
or replacing an equal amount of bonds and preferred stocks of subsidiary
companies, and (or) of bonds of any series outstanding under the indenture:
(b) for not more than 75% of the cost or fair value, whichever is less, of
construction or acquisition of new properties and additions, including
minority interests; or (c) to the extent of not exceeding $1,500.000 for the
purpose of acquiring outstanding minority interests of certain of the subsidiary companies to be controlled upon completion of the presentfinancing.
The indenture will further provide that additional securities, including
preferred stocks, of subsidiary companies shall not be sold except to the
company or another subsidiary company,if the total amount ofsuch securities held by the public be thereby increased to an amount exceeding 50%
of the bonds then outstanding under the indenture,including as outstanding
any bonds issued under the indenture and converted into a security junior
thereto. Subject to this restriction, bonds and preferred stocks of subsidiary companies may be sold to refund, retire or replace outstanding bonds
and preferred stocks of subsidiary companies and bonds issued under the
indenture, but for no other prupose unless the following earnings restriction
is also complied with.
No additional bonds may be issued under the indenture, and no securities.
Including preferred stocks, may be sold by subsidiaries, except for the
purpose of refunding, retiring or replacing outstanding securities, unless
consolidated net earnings before depreciation for 12 consecutive calendar
months within the 15 calendar months immediately preceding application
for issue have been at least equal to twice the annual interest and fixed dividend charges on all bonds and preferred stocks of subsidiary companies
held by the public and all bonds outstanding under the indenture, including
any bonds and preferred stocks of subsidiary companies or any bonds then
to be issued; provided that if such consolidated net earnings for any such
12 months period shall exceed $15.000,000 the ratio ofsuch consolidated net
earnings to such annual charges need only be twice the first $7,500,000 of
such annual charges and 141 times the amount by which such annual
charges exceed $7,500,000. Not more than 15% of such consolidated net
earnings shall consist of non-operating income.
Indenture will provide that future issues of bonds thereunder may be
either of this series or of other series having such rates of interest, maturity
dates and other provisions as the company may determine.
The indenture will contain certain provisions permitting the modification
or alteration thereof or of any supplemental indenture with the assent of the
company and of the holders of not less than 85% in aggregate principal
amount of the outstanding bonds, not including any bonds owned by the
company; provided that any such modification or alteration shall not
permit (a) the extension of the maturity of any bond, or the reduction In
rate of interest thereon, or any other modification in the terms of payment
of such principal or interest, without the consent of the holder thereof; or
(b) the creation by the company of any indebtedness not permitted by the
Indenture or of any mortgage or pledge of any of the assets of the company
unless the bonds issued or to be issued under the indenture are secured by
such mortgage or pledge on an equality with any other indebtedness to be
secured thereby.
Conversion Privilege.-Under arrangements made with Associated Gas &
Electric Co., the bonds of the 53.i% series, due 1946, will be convertible
at the option of the holder into preferred stock of Associates Gas & Electric
Co.,$6 dividend series, at the rate of 11 shares ofstock for each $1,000 bond.
This conversion may be made on the first day of any month during the life
of the bonds to and including the maturity date or, in the case of bonds
called for redemption, the date fixed for redemption. Arrangements are to
be made for adjustments with respect to any accruals of dividends on the
stock and interest on the bonds .
Provision for Maintenance and Replacements.-Indenture will require
provision for maintenance and replacements through the expenditure or
reservation by the subsidiary companies from each year's earnings of an
amount equal initially to 12%% of the consolidated gross operating revenue
from electric operations. 10% of that from gas operations. 5% of that from
water operations and 25% of that from traction operations. These percentages, which will be subject to arbitration and adjustment at five-year
Intervals, will, in the opinion of competent engineers. adequately provide
for the maintenance of these properties at their present high standard of
operating efficiency.
Earnings.-Consolidated earnings of the companies to be included in the
Associated Electric group for the 12 months ended Jan.31 1926, and annual
Interest and dividend charges on securities to be held by the public upon
completion of this financing, were as follows:
Gross earnings. including $948.965 interest during construction
$20,815,122
and $549.717 annual income from investments
Operating expenses, including maintenance and amounts appli10.268,448
stocks
common
minority
cable to subsidiaries'
Net earnings before provision for replacements, &c
Annual interest and dividend charges on:
Convertible gold bonds (this issue)
Subsidiaries' bonds and preferred stocks
[Vou 122.
each year since 1906. Power is supplied from a modern steam electric
Isr
station with a rated capacity of 29,500 k. w.
(c) Kentucky-Tennessee properties serve nearly 30,000 consumers in 60
communities with a population of more than 150.000. The properties include electric power stations with a generating capacity of 10,700 k. w.,
over 340 miles of high tension transmission lines and gas plants with adall
capacity of 605,000 cu. ft.
(d) Long Island Water Corp. serves 25,000 consumers in Queens and
Nassau counties on Long Island in and adjacent to the City of New York.
The electric property owned by the Patchogue Electric Light Co. serves
Paychogue and a number of smaller communities on southern Long Island.
The steam electric generating station has a capacity of 4.550 k. w.
(e) Depew and Lancaster group in western New York supplies electricity
to over 12,000 consumers in a territory in western New York just north of
the Pennsylvania territory served by the Penn Public Service Corp.
(') Eastern New York group supplies electricity to 20.000 consumers and
gas to 3,500 consumers in a territory which includes Plattsburg and various
other Communities in the northeastern corner of the State as well as most
of the communities along the Vermont. Massachusetts and Connecticut
border from a point northeast of Albany almost to New York City.
(0) The Portsmouth Power group serves over 8,400 consumers in 20
communities, including Portsmouth, Newmarket. Rye and Epping in New
Hampshire, and Kittery and Eliot in Maine. Wholesale power is also sold
to adjacent distributing companies. The properties include a 15,500 k. w.
steam station and over 110 miles of high tension transmission lines. The
total population served is approximately 47.000.
Growth e These Properties. Calendar Years.
K. W. H. Consum. Dec. 31
Consolidated Revenues.*
Electric. Other.
Sold.
Net.
Gross.
123,439 36,846
228.888,784
$4,982,285
$13,681,911
1921
5,918,531 269,723,971 142,063 41.503
1922
14,541.037
7.482.356 325,170,538 162,402 44.405
1923
16.494.954
1924
17.802,977 8.240,194 346.711.275 182,849 47,371
1925....
19,066,853 9.204,700 396.781,500 201,781 50,847
* Excludes credit for interest during construction and income from investment securities.
Associated Gas & Electric System.-In addition to the Associated Electric
group, Associated Gas & Electric Co.and affiliated Interests control important electric power and light properties serving central New York State and
Staten Island. The combined operating properties supply electricity, gas
and other public utility services to more than 330.000 consumers in over a
thousand communities with a total population estimated to exceed 2,000.000. The business and properties have shown steady and substantial
growth over a long period of years and consolidated gross earnings for the
year 1925 of all properties in the System exceeded $26.500,000.
Further details regarding the new company,including earnings, statistical
data, &c.. see Associated Gas & Electric Co. under "Financial Reports"
above.-V.122, p. 1916.
Brooklyn-Manhattan Transit Corp.-Suit Against City
Upheld.-
Federal Judge Thacher signed an order April 8 declaring that the M.000,000 damage suit instituted against the city by Lindley M. Garrison,
formerly receiver of the old Brooklyn Rapid Transit Co., was properly
before the court notwithstanding the sale of the company's property under
a reorganization plan, and that the receivership had passed from Mr.
Garrison to William S. Menden, Pres, of the New York Rapid Transit
Corp. the present owner of the old B. M. T. properties.
The decision came after an attempt by counsel for the city, and counsel
for the Transit Commission, to end the action. Before the suit can be
tried the Board of Transportation will have to be joined as one of the
defendants.
The suit was begun on April 20 1922, by Mr. Garrison, as receiver, on the
ground that the failure of the Board of Estimate to approve contracts for
the construction of the Fourteenth Street-Eastern District line, delay in
the building of the Nassau Street subway, and other delays, had deprived
the company of large sums which it would have earned if the lines had been
made ready for operation.-V. 122, p. 1607, 478.
Buffalo General Electric Co.-Annual Report.-
1922.
1923.
1924.
1925.
Calendar Years$10,450,418 $9,610,657 $8,818,623 $7,783,032
Total revenues
4,416,559
5,077,538
5,680,150
Operating, &c., expenses 6,345,146
699,304
758.063
871,630
893,383
Taxes
Operating income.... $3,211,889 $3.058,876 $2,983,022 $2,667,169
143,340
151,598
126,383
131,279
Non-operating Income...
$3,343.167 $3,185,259 $3,134,620 $2,810,509
Gross income
681.320
594,221
555,605
578,197
Interest
181.501
176.237
161.278
155.239
Sink.fund & amot. chgs.
x1.195,339(8)1.153,887(8)1,082.607 (8)882,359
Dividends
$1,414,392 $1.314.489 $1,281,555 $1,065.327
Balance. surplus
x Being 2% on the old common stock (par $100) and three quarterly
on the new no par stock.
share
per
40c.
of
dividends
Condensed Balance Sheet December 31.
1924.
1925.
1924.
1925.
Assets14,975,800 14,747,700
Capital stock
Real estate, bldgs..
9,978,000 10,275,300
machinery,&c..34,798,153 32,651,148 Funded debt
1,095.757 1,085,757 Notee payable.... 1,700,000 1,200,000
Investments
387,280
448,374 Accounts payable_ 429,403
523,808
x Sinking fund_
300,926
723,684 Consumers'dews. 296.365
602.741
Cash
919,071 Dividends payable 299,516
Accts. receivable.. 062,742
288,303
interest accrued.- 285,883
Spec.dep.for bond
361,265
195,619 Taxes accrued---- 393,909
interest accrued 193,655
46.251
46,711
Payroll accrued.Special deposit for
Premium on stock 150,000
148,750
299,516
dividends pay
897,700 Unamort.premium
Materials & supp_ 784,566
690
690
on debt
209,407
Prepd. taxes & ins. 226,911
796 Acer.amort.ofcap 3,478,410 3,392,471
Unamort.debt disc
17,227
30,324
7,268 Res. for bad debts
3,572
Miscell. suspense_
Res. for amort. of
intang.capital
410,019
494,128
Other reserves....
263
257
$10,546,674 Total (each alde)_39,491,421 37.138.824 Surplus
6,945,577 5,548,828
bonds.
&
Co.
-V.
Conduit
Power
478.
p.
Cataract
122,
For
of
x
payment
$3,575.000
1.694,340
Railway & Power Co.--Offer Made to Minor-
California
$5,277,334 ity Stockholders to Exchange Holdings for Standard Gas &
Balance
Net earnings after providing for both maintenance and replacements at Electric Co. Stocks.
the initial rates to be required as above in the indenture were $9,300,592.
See Standard Gas & Electric Co. below.-V.122. p. 1760.
or over 141 times the above annual charges. After deduction of such
maintenance and replacements and the above charges the balance remaining
Carolina Power & Light Co.-Consolidation Approved.for reserves, Federal taxes and dividends on the stock of Associated Electric
The stockholders of the Carolina Power & Light Co., the Yadkin River
Co. is more than $10 per share on 400,000 shares of capital stock. Proper- Power Co., the Asheville Power & Light Co.. the Pigeon River Power Co.
ties under construction or placed in operation since Jan. 1 1925 represent
the Carolina Power Co. at special meetings have voted favorably, and
an investment of over $17,000,000 from which only partial benefits are and
without any dissent, on the merger and consolidation of these companies
reflected in the above statement. The operation of such properties has under the name of the Carolina Power & Light Co. The necessary papers to
resulted in a substantial increase in earning power and current gross earnings effect the consolidation have been filed with the Secretary of State of North
computed as above are at the rate of over $21,750.000 per annum.
and Is
Carolina and the new Carolina Power & Light Co. has
Properties.-The physical properties to be comprised in the Associated now operating the properties of the former companies. taken over
Electric group include electric generating stations with an aggregate installed
&
is
Power
Light
all
Carolina
Co.,
new
stock
The
of
common
whose
capacity of 203.000 k. w. and over 1,900 mils of high tension transmission
by the National Power & Light Co.. supplies directly or indirectly
lines. During 1925 over 75% of the consolidated gross operating revenue owned
light
in
and
service
and
power
130
Carolina
electric
in
North
communities
more
important
was derived from electric light and power operations. The
South Carolina,including Raleigh. Asheville, Goldsboro, Henderson, N.C.
properties are briefly described as follows:
Florence. Marion and Darlington, S. C. It also supplies the street
(a) Penn Public System serves electricity and (or) gas to over 100,000 and
and the gas service in Raleigh and Asheville and the gas service in
railway
consumers in 350 communities in a territory extending from Lake Erie and Durham.
the New York boundary across western Pennsylvaia and into Maryland.
the outstanding 1st & ref. mtge. 6% gold bonds, series of 1953, of
of
All
transmission
tension
high
The properties are connected by 1,278 miles of
the Carolina Power & Light Co. have been called for redemption May 16
lines, principally 110.000 volts, extending from Erie. Pa., on the north at 105 and int, at the Irving Bank-Columbia
Trust Co.. 60 Broadway,
through to Deep Creek, Md. on the south. The generating stations have N. Y. City.-V. 122. p. 1607.
' of over 138.500 k. w., of which 38,400 k. w.
an aggregate installed capacity
Is hydro-electric. The properties also render some incidental gas, heating
Kansas
Power Co.-Bonds Offered.-Peters
Central
and traction service.
(b) Manila Electric Co. and its predecessor companies have furnished Trust Co. of Omaha, Neb., recently offered at 99 and int.,
since 1905 the entire electric power and light and street railway service in to yield about 6.10%, $300,000 1st mtge. gold bonds,
the city of Manila and its environs in the Philippine Islands. The total
population now served is over 400,000. Both the electric and the railway series of 6s, due 1946.
Dated March 1 1926; due March 1 1946. Int. payable M.& S. at Peters
departments have been continuously profitable and dividends have been
on
paid on the capital stock of Manila Electric Co.and its principal predecessor Trust Co., Omaha, Neb. Denom. $1,000.1$500 and $100 c*. Red.
2039
THE CHRONICLE
APR. 10 1926.]
102 and int. on
any int. date to and incl. Sept. 1 1927 at 103 and int.; atdate
in 1930 and
any int. date in 1928 and 1929; at 101 and int. on any int.Red. at
any time
int.
and
par
at
date
int.
any
on
thereafter
1931, and
and int.
par
at
notice
days'
during last 6 months before maturity on 30
inCompany agrees to pay int. without deduction for the normal Federal
-mM tax
6
,
23
Kansas
present
the
refund
to
agrees
and
come tax up to 2%,
to holders resident in Kansas who have paid such tax. Principal payable
at Peters Trust Co., trustee.
Issuance.-Approved by proper regulatory bodies.
Data from Letter of C. L. Drown, President of the Company.
Company.-Owns and operates a complete system for the generation,
and
transmission and distribution of electric power and light, its properties
transmission lines centering in Hays, Kan. Company serves a population
Fairof approximately 10,250 people in Hays, Russell, Collyer, Gorham,
total
port, Quinter, Victoria. Wakeeney and Walker. Company has a and
generating capacity, including a new turbine at Hays of 2,940 k.v.a.
of which
serves its customers over 75 miles of transmission line, two-thirds
is
is 33,000 volts. Through common ownership of stock the company
closely identified with the United Power & Light Corp. of Kansas.
Purpose.-To retire an issue of outstanding bonds which mature in 1926
and other corporate purposes.
1925. Dec.'25. '26(Est.)
Earnings$131,184 $22.413 $201,036
Gross earnings
118.800
11,851
Oper. exp., maint. & tax.(not incl. Federal). 91.445
Co.
Duke and Price estates their entire holdings in the Duke-Price Power
Of the total, 60%. it is said, went to the Aluminum Co. and the balance to
p.
121,
2520.
the Shawinigan Company.-V.
Eastern New Jersey Power Co.-Bond Offering.-Bonbright & Co., W. C. Langley & Co. and Hoagland, Allum.&
Co. are offering at 97M and int., to yield about 5.70%,
series of 1949.
$1,350,000 1st mtge. gold bonds, 5
$82,236
$39,738 $10,561
Net earnings
Capitalization (Upon Completion of Present Financing).
$300.000
First mortgage 6s, 1946 (this issue)
137.007
Preferred stock (par $100)
1,500 shares
Common stock (no par value)
Chicago Railways Co.-Committee for "B" Bonds.-
The following have agreed to act as a protective committee for the
Reynolds,
holders of the consol. mtge. 5% gold bonds, series B: Arthur and
C. H.
Chairman; H. G. Brengle, C. G. Burnham, Arthur Lehman
Worcester, with Richard Wagner, Sec.. 208 S. La Salle St.. Chicago, and
Chicago.
counsel.
Platt,
&
Austrian
Meyer,
Mayer,
Depositary: Continental & Commercial Trust & Savings Bank, Chicago;
sub-depositaries: Chatham Phenix National Bank & Trust Co., New York,
and Philadelphia Trust Co., Phlladelphia.-V. 122, p. 1917, 1911, 1607;
V. 120, p. 2145, 2141.
Dated Jan. 1 1926; due Jan. 1 1949. Int. payable J. & J. at office or
agency of company in New York and Chicago. Red., all or part, after
104
60 days' notice on any int. date at 105 up to and incl. Jan. 1 1945; atincl.
thereafter up to and incl. Jan. 1 1946; at 103 thereafter up to and on
Jan. 1 1947; at 102 thereafter up to and incl. Jan. 1 1948: and at 101
July 1 1948. plus int, in each case. Denom. c* $1,000, $500 and $100
and r $1.000. $5.000 and $10,000. Company agrees to pay the normal
Federal income tax to the extent of 2% and to refund the Penna. and Conn.
taxes not exceeding 4 mills per annum. the Maryland security tax not exceeding 4% mills per annum and the Mass, income tax not exceeding 6%
per annum on income derived from the bonds. Free of personal property
taxes in New Jersey. American Exchange-Pacific National Bank, New
York,trustee.
Issuance.-Authorized by the New Jersey Board of Public Utility Comm.
Data from Letter of H. L. Clarke, President of the Company.
Company.-Owns and operates electric light and power properties serving
a rapidly growing residential area along the Atlantic Coast. in eastern New
Jersey, in which are located Asbury Park, Ocean Grove, Bradley Beach,
Belmar, Avon, Deal, Allenhurst and adjoining conununities. Company
also operates in a combined residential and industrial area located in the
centre of the State, serving Hightstown, Jamesburg, Old Bridge, New
Egypt, Browns Mills and adjoining communities. Company supplies
power to, and operates through subsidiaries, an electric railway line of about
16 miles, and also a water distributing system in Ocean Grove.
Security.-Secured by a direct 1st mtge. on the entire property of the
company now owned and by a direct mortgage on property hereafter
acquired except securities not specifically pledged. All the outstanding
bonds and capital stock (except directors' qualifying shares) of the electric
railway company and the water company are pledged under the indenture.
1925.
1924.
Combined Earnings 12 Months Ended Dec.31$1,227.329 $1,370,681
Gross income
746,770
626,852
Operating expenses, maintenance and taxes
Net income available for interest and Federal taxes $600,477 $623,911
Annual int. requirements on 1st mtge. bonds (incl. this issue).- $287.250
reThe statement, as shown above, does not include earnings from the
gross
cently acquired properties at Ocean Grove and other properties. The
earnings from these properties amounted to,approximately $200,000 during
the past year.
Outstanding (Upon Completion of Present Financing).
$1,350,000
Clarion River Power Co.-Bonds to Be Called-Holders 1stCapitalization
mtge. gold bonds, 534% series of 1949 (this issue)
3.550,000
Bonds.
Co.
6% series of 1949
May Exchange for Associated Electric
1,350,000
Preferred stock, cumulative, 8% series
See Associated electric Co. above.-V. 120, p. 3185.
400,000
Preferred stock, cumulative, 7% series
25.000 shs.
Common stock (no par value)
County Gas Co.(Dallas, Tex.).-Bonds Called.Purpose.-Funds realized from the present issue of 31,350.000 1st mtge.
All of the outstanding 1st mtge. 6% gold bonds. due 1941. have been
the company's treasury for
called for payment May _l at 105 and int. at the American Trust Co.. bonds, 534% series of 1949. are to reimburse
of the electric and
trustee. 135 Broadway, N. Y. City. The trustee has been authorized by expenditures incurred in connection with the acquisition
Grove, Browns Mills and
Ocean
at
systems
bonds
the
of
any
1,
distribution
May
to
prior
and
behalf,
plants
its
water
on
the company to purchase
unit,
turbo-generator
k.v.a.
New Egypt, N. J.: the installation of a 7.500
at 105 and int. to the date of purchase. See also V. 122, p. 1454, 1761.
with necessary auxiliaries at the Allenhurst, N.J., power plant; the installaplant;
Allenhurst
the
at
s
aux.liartes
Called-Holder
boler
Be
to
with
boilers
-Bonds
Co.
Ry.
h.p.
871
tion of two
Crawford County
and
the construction of 33.00a-volt transmission lines between Allenhurst
May Exchange ,for Associated Electric Co. Bonds.Belmar, N. J.. with substations at Allenhurst, Bradley Beach and Belmar,
territory
of
6. See Associated Electric Co. above.-V. 118, p. 1772.
extent
the
throughout
systems
and additions to distribution
-Earns.6 Mos. End. Dec.31 '25. served by the company.-V. 120. p. 3313.
Cincinnati Gas & Electric Co.-Tenders.
The Irving Bank-Columbia Trust Co.. trustee, will until April 23 receive
bids for the sale to it of 1st & ref. mtge. 5% 40-year S. F. gold bonds, due
April 1 1956, to an amount sufficient to exhaust 3151.425. at prices not
exceeding 102 and int.-V. 122„ p. 1308.
Denver Tramway Corp.
(Corporation and Denver & Intermountain RR., with inter-company
transactions eliminats:v1.1
$2,408,448
Total operating revenue
1,572,382
Total operating expenses
Net operating income
Total miscellaneous income
$836.065
18.123
Gross income
Total deductions from income for taxes and interest
$854,188
544.424
Net income
Less net profit and loss charges
Preferred dividend requirements at 5%
$309,764
3,799
260,410
$45.556
Surplus transferred to contingent reserve fund
Condensed General Balance Sheet Dec. 31 1925.
Liabilities.
Assets.
$10,416,400
Property, equip.& franchise_$27,092,993 Preferred stock
583,188 Common stock and surplus__ x7,725.092
Real estate not used in over.
10,970.500
30,608 Funded debt
Sinking, &c.,funds with trus_
305,686
68.968 Aud. accts. & wages payable
Invest. & securities owned_ _ _
305,086
unpaid__
divs.
&
int.
Matur.
512,924
Material and supplies
66,179
21.130 Accrued interest payable-..._
Ins. prem.& taxes paid in adv.
427,408
taxes
Accrued
2,048,338
Cash
82,889
53,399 Service liabilities
Accrued int. & accts. receiv_
150,954
56,622 Operating and other reserves
Def. & suspend. deb. items_
7,978
Def.& susp. credit items_ _ _ _
Total
$30,458,172
Total
x 61.240.8 shares of no par value.-V.122, p. 748.
$30.458,172
$18,115
Balance, deficit
Note.-Operating under service-at-cost franchise, fares increased Oct. 1
192.5 to 10c.cash,9;ac. tickets, children,5c.,school children,2%c.-V.121,
p. 1676.
Diamond State Telephone Co.-Earnings for 1925.Rent & miscellaneous deduc's_
Interest deductions
Pref. dividend appropriation
Common div. appropriation
Other appropriations of income
$27,653
18,833
12,229
190,000
5,000
Balance for corp.surplus.-
$87,545
$336,319
Operating income
4,941
Net non-operating income__ .._
Total gross income
-V. 120, p. 2400.
$341,260
Dominion Power & Transmission Co., Ltd.-Report.
1923.
1922.
1924.
1925.
Calendar Years$3,120,509 $3.814.512 $4,019,766 $3,830,559
Gross earnings
2,952,144
2,810.924
2,963.779
2,189.070
Operating expenses
450,875
442.883
447,273
429.206
Bond and other interest_
24.600
New York exchange_
Balance. surplus
Previous surplus
$502,234
678,973
$403,460
1.081,413
$616,747
1,098,091
$552.151
1.071.923
$1,181,207 $1,484,873 $1,714.838 $1,624.074
Total surplus
3,302
2,966
7.193
1.571
Bad debts, &c
22.263
7,296
30.136
Income tax paid
320.831
256,884
352,812
354.058
Trawl% to deprec. res've
258,837
258.837
415,759
296,730
Dividends
9,937
Bond commission
Profit and loss
-V.121, p. 1100.
$528.848
Duke-Price Power Co.
$678.973 $1,099,669 $1,098,091
Water & Power Co.
A dispatch from Toronto says that the Shawinigan
have purchased rote the
and the Aluminum Co. of America are reported to
Net operating income_ $8,193,266 $7,661,432 $6.510,791 $5,523,679
77.226
58.935
74.711
110,604
Non-operating income
$8,303,870 $7.736,143 $6,569,725 $5,600,903
Gross income
1,555,646
1,354,041
1,173.288
1.599,434
Interest. &c
2,703.360
3.890,610
4,667.964
5,605,692
Dividends paid
$1,894,891 31.325,074 $1,341,897
December 31.
1924.
1925.
$
$
LiabilitiesCapital stock_ _ _ 46,714.100 38.928,400
Prem.oncap.stk. 28,914,634 24,614,544
619.593
Inst't on new stk
140,000 1,315,000
Notes pay..see'd
Notes pay.,unsee 5,865,000 24,445.000
Coupon notes__ 30,000.000 12,000,000
450,590
576,325
Accounts Parle.
347,187
621,640
Accrued acc'ts__
Diva declared__ 1,401,423 1,167,852
59.239
Sundry accounts
Depreciation_ _ _ 4,188.284 4,045,323
765.769
646,927
Total(each side)119,063,332 108,758,498 Prorit and loss__
-V. 121. p. 1908.
$1.098.744
Balance Sheet
1924.
1925.
$
$
AssetsProperty acc't...114,079,804 103.377.274
428,754 1,072.760
Cash
Material & sup2,087,107 2,211,686
plies
18,681
27,298
Notes receivable
Accounts reedy2,078,097
2.125,391
able
Sundry ledger ac319,977
counts
Balance, surplus
Electric Bond 8c Share Co.-Balance Sheet.-
Des Moines City Ry.-Earnings for Year 1925.-
Passenger revenue, $2,248,092; other revenue. $96,946; total- -32,345.038
1,693,177
Operating expenses. $1,541.177; taxes, $152,000; total
332.350
Interest, $324.582; other charges, $7.768; total
217,000
Depreciation reserve
120,625
Dividends on preferred stock
Telephone operating revenues_81,346,592
Telephone operating expenses_ 897,394
4,200
UncollectIble operating revs__
Taxes assignable to operations 108.678
Edison Electric Illuminating Co. of Boston.
1922.
1923.
1924.
1925.
Calendar Years$21,315,240 $91,494,784 $17.877.963 $15.885,820
Operating revenues
8,292,208
9,106,172
9,333.352
9,840,877
Operating expenses
59.933
36,000
30.000
61,096
Uncollectible oper. revs_
2.010,000
2.225.000
2.470.000
3.220,000
Taxes
Feb. 28'26. Dec.31,25.
$
Assets6,785,341 8,425,362
Cash
734.922
1,119,724
Accts. receivable
Customers' secur.
287,412
133,858
& accts., sales
Notes receivable 9,301,703
77,431
Int. accrued, rec.. 222,003
Syndicate holdings
864,814
205,143
& advances....
68,591,993 70,769,190
Investments
76,255
69,997
Other assets
Feb:28'26. Dec. 31'25.
LiabilitiesPreferred stock.. 25,000,000 25,000.000
Common stock.._25,000,000 25,000,000
39,091
4,897
Accounts payable_
Customers' secur.
39,729
55.688
& accts., porch.
Accrued accounts. 2,521,466 1,771.416
250.000
Pret diva. accrued 125.000
785,096
Syndicate liabil's_ 757.222
758,679
758,679
Reserves
32,208,809 27,591.378
Surplus
86,429.762 81.235.388
Total
86,429,762 81,235,388
Total
A comparative income account was published In V. 122, p. 1917.
Electric Investors Inc.-Annual Report.-
12 Mos. -Yrs.End. Dec.31*1924
1925.
Feb. 28 26.
Period$341,184
$2,984.192 $2.964.745
Gross earnings
10.558
36,624
46.129
General expenses
6.140
115.275
140.360
Taxes
56.647
50.683
42.097
payable....
accts
&
notes
on
Interest
$267.840
32.755.606 $2.762,164
Net earnings
206.165
x75.225
214,865
Preferred dividends ($7)
109.950
159,950
Preferred dividends ($6)
Balance available for com. stock divs.
2.446.049
192.615
2,380.791
& reserve
536.079
463.694
1.355,610
Surplus at beginning of period
$3,736,400 $2,909,743
Total
Transferred to reserve
Electrical
on
1924,
10
Div. paid May
Utilities Corp. com. stock
1,422.584
1,422,584
y Dividend paid in common stock
$728,694
175,000
90.000
$463,694
32,313.816 81.487.159
Surplus at end of period
Electric Investors Inc. and
* These are the consolidated earnings of thewere
on
consolidated
Dec. 1
the Electric Utilities Corp.. which companies
Electrical Utilities Corp. 5%
1924. x Includes dividend on 15,000 sharesand
dividend on 17,050 shares
participating preferred stock for 11 months
y Jan. 2 1926.
Electric Investors Inc. $7 preferred stock for one month.
71.129 2-10 shares, charged to surplus account at $20 per share.-v. 122.
p. 347.
2040
THE CHRONICLE
Easton (Pa.) Gas Works.-Tenders.
-
The Girard Trust Co.. trustee, Phila., Pa., will until April 28 receive
bids for the sale to it of 1st Consol. Mtge. 5% bonds, due July 1 1960.
to an amount sufficient to exhaust $10,066 at a price not exceeding 105
and interest.-V. 120, p. 1881.
[VOL. 122.
Hull (Can.) Electric Ry.-New Control.-
See International Paper Co. under "Industrials" below.
International Ry. Buffalo.-Annual Report.-
Calendar YearsOperating revenue
Operation & taxes
1925.
1924.
1923.
1922.
$10,695,695 $10,276,330 59.795.186 $10,721,279
9,408,103 9,509,345 9,293.906
9,301,915
Operating income__ - $1.287,592
$766,985
$501.280 $1,419,364
Non-operating income__
48.094
46.226
44.721
179,703
Dated April 1 1926; due April 1 1941. Int. payable A. & 0. Denom.
$1.000 and $500 c*. Red.. all or part, on any int, date on 30 days' notice
Gross income
51,335,686
8813,210
5546 001 81,599.067
at 103 and int. to and incl. April 1 1931, at 102 and int. to and incl. April 1 Income deductions
1.546,041 a1,479,724
1.573.240
1,499,956
1936. at 101 and int. to and incl. April 11940. and thereafter at 100 and int.
Principal and int. payable at Guaranty Trust Co. of New York.
Net deficit
trustee.
$210.355
8666.513 61,027 238
899,111
Company agrees to pay the normal Federal income tax up to 2%. Penna.
a 587,106 credited to fixed charges,
the amount contributed by
4-mills tax, Conn. 4-mills tax and Mass. 6% income tax refunded.
I. R. C. stockholders through return ofbeing
interest on underlying bonds held
Data from Letter of R. A. Pratt, President of the Company.
by voting trustees. b This loss from operation
for the year 1923 represents
Company -Serves, directly through its subsidiaries, electric light and strike costs.-V. 122. p 480.
power and gas in 16 different communities in Ohio and Oklahoma.
The
Interstate
Railways.-Report for Year Ended Jan. 31.approximates 40.000.
cininneitnitirasmstieirm1
Total
rcTillaeti&ne "r
Interest
tojneelo
d=wn VaMa
'
'
fir2rx
Expenses
-DividendslIgeomOdt,
Balance,
Receipts.
Coll. Trust. de Taxes.
burg, Jerry City, Mermill, North Baltimore Rudolph and Van Buren.
Pref.
Common. Surplus.
The Oklahoma communities served include Bristow, Burbank. Drumright* 1925-26.5363,929 8265,888
$22,274
$199
$51,497
$24.072
1924-25. 349.915
Fairfax. Hominy and Ralston.
274,059
26,535
4,770
20,000
24,558
Security.-Direct obligation of company. In addition, secured by de- 1923-24. 325,994
284,640
27.777
13,577
posit and pledge of all the common stocks (except directors' qualifying shares 1922-23. 337.271
306,640
17,718
12.913
-V.
122,
p.
the
1917.
Oklahoma
of
348.
Utilities Co., North Baltimore Service Co. and the Southwest Pipe Line Co.
Jamaica Wpter Supply Co.-Offers Preferred
Capitalization Outstanding Upon Completion of Current Financing.
The company offers for subscription its•7%% cumulativeStock.
15-year 6% secured gold bonds, series A (this issue)
pref. stock
$700,000
(par
$50) at 352 50 per share to all its consumers and employees
3-year 6% gold notes
and to
450.000 other investors.
7% preferred stock (par $100)
100.000
The company on Dec.31 1925 had 49.836 service connections, an increase
Common stock (no par value)
20,000 shit. of 9.727 over the previous year.-V.
122. p. 610.
Earnings (Including Subsidiaries) Year Ended Dec. 31 1925.
Kankakee & Urbana Trprtion
Gross earnings
$341,612
John
Oper. expenses, maintenance and taxes other than Federal
H.
Thornburn. President of the Urbana (Ill.) Banking Co., bought
230.040 the company's
holdings for $119,000 in satisfaction
a judgment on a
mortgage at a foreclosure sale March 27. The road,it of
Net earnings available for interest on this issue, for depreciation
is said, will probably
be
junked.-V.
and Federal taxes
121, p. 1227.
8111,572
Annual interest, this Issue
Lake Erie Power & Light Co., Sandusky, O.-Bonds
Purpose.-Proceeds will be used to retire short-term indebtedness42,000
of the
company and for other corporate purposes.-V. 121. p. 2750.
Offered.-Coffin & Burr, Inc., and
Electric Public Service Co.-Bonds Offered.-Stanley &
Bissell, Inc. are offering at 96 and int., to yield over 6.40%,
$700,000 15-year 6% secured gold bonds, series A.
Putnam & Storer', Inc.,
Boston, are offering at 983' and int., to yield over 6.10%,
$500,000 1st & ref. mtge. s. f. gold bonds, series A 6%.
April 11926;due Oct. 11946. Int. payable A.& 0. In N.Y.City
Engineers Public Service Co.-Acquires El Paso Elec. or Dated
at Union Trust Co., Cleveland, trustee.
The
El Paso Electric Co. (Del.).-Plan Effective.-
See Engineers Public Service Co. below.-V. 122, p. 1309.
company has completed the acquisition of the El Paso Electric Co.
of El Paso, Texas, throuzh exchange of Engineers securities for purchase
of the common stock of the El Paso company. C. W. Kellogg, President
of Engineers, announce,that 75% of the stock of the El Paso company is
now owned by Engineers or has been deposited under the plan and agreement for acquisition of this stock and the plan becomes effective.-V.
122, p. 1608.
Florida Power & Light Co.-Acquisition.-
Operation of the public utilities of Coral Gables, Florida. including light,
water, and the Flagier and Rapid Transit street-car systems, will be taken
over by the Florida Power & Light Co. on April 1, according to an announcement made by F. Winfield Webster, Vice-President and Executive
Manager of the Coral Gables Corp. The consideration in the deal was
$1.250.000. and a franchise acceptable to the Florida Power & Light Co.
was drawn up by the commissioners of the city of Coral Gables.-V.
122. p. 1608.
General Gas & Electric Corp.-Engraved Certificates.-
Engraved certificates for all classes of stock and dividend participations
will be ready for issuance in exchange for outstanding temporary certificates
on and after April 20, at the Equitable Trust Co.. transfer Agent, 37 Wall
St., N. Y. City.-V. 122. p. 1761. 1309.
.
Georgia F'a;Iwpy & Power Co.-Exchanae of Stork,-
Holders of deposit receipts representing the second preferred stock,
common stock and voting trust certificates of the Georgia Railway & Power
Co. have received notice that deposit receipts may now be exchanged for
shares of common and preferred stock of the Georgia Securities Co. According to the terms agreed upon, the shares of Georgia Securities Co. may be
exchanged for participating preferred stock and common stock of the Southeastern Power & Light Co.
Shareholders in the Securities company may surrender one share of
preferred and one share of common in exchange for one share of common
stock and 1.633 shares of participating preferred stock of the Southeastern
Power, It Is stated that fractional shares will not be issued, but that
arrangements have been made so that these holdings may be disposed of
at the rate of $80 per share. The Irving Bank-Columbia Trust Co. has
been designated as agent for the exchange of the above securities. See also
V. 122. p. 610. 1608.
Harlem Valley Electric Corp.-Acquisitions Approved.-
The New York P. S. Commission has approved the purchase by the
corporation of the Carmel Light & Power Co.. the Chatham Electric Light,
Heat & Power Co. the Lebanon Valley Lighting Co., Inc., the Morgan &
Wyman Electric Light & Power Co. of Dover Plains, George Juengst &
Sons of Croton Falls. the Katonah Lighting Co. and the Amenia Electric
Light & Power Co., Inc. Permission was also given for the transfer by the
Ridgefield Electric Co. of Connecticut to the Harlem Valley Electric Corp.
of the Ridgefield company's property in Lewisboro, Westchester County,
N. Y. In addition, the Harlem Valley corporation, which is affiliated with
the Associatea Gas & Electric Co., was authorized to exercise franchises in
a portion of the towns of New Salem, LewLsboro and Southeast, N. Y.
-V. 122, P. 882.
Havana Electric & Utilities Co.-Initial Dividends.The directors have declared an initial semi-annual dividend of$3 per share
on the 6% cumul. 1st pref. stock (par $100). payable May 17 to holders of
record April 21. This dividend is for the 6 months' period ending May 14
next.-V. 122, p. 748.
Callable, all or part. on any
int, date at 105 to and incl. 1941, at 104 during
1942, at 103 during 1943.
at 102 during 1944, at 101 during 1945 and at 100
during 1946. Denom.
$1.000 and $500 c*. Company agrees to pay the
normal Federal income
tax not to exceed 2% and to refund the Mass. Income
tax not to exceed 6%.
the Penna. and Conn. personal property tax lip to 4 mills,
the New Hemp.
shire personal property tax up to 5 mills, the Dist. of Col. personal
property
tax up to 5 mills and the Virginia 5 mills tax.
Data from Letter of Charles S. Thrasher, President of Company.
Company.-Organized in 1925 in Ohio. Is purchasing with the approval
of the Ohio P. U. Commission all properties, rights and franchises
the
Peoples Light & Power Co., the Bellevue Light & Power Co. and the of
Bellevue Illuminating & Power Co., and will in addition acquire the service and
industrial business in and about Woodville and Olbsonburg. The properties which the company Ls acquiring do an electric light and power business
in the region between the cities of Cleveland and Toledo.
Earnings Year Ended Dec. 31 1925.
Gross earnings
$356,128
Operating expenses and taxes (partly estimated)
233,542
Net earnings
$122,586
Annual interest on 5500.000 bonds (this issue)
30,000
Balance before Federal income taxes and depreciation
The above earnings statement for the year 1925 Is made up of592.586
actual
and estimated earnings and expenses of the properties being consolidated.
the estimated figures being a minor part of the whole and prepared on a
particularly conservative basis.
Sinking Fund.-Mortgage provides that on or before July 1 1930 and
annually thereafter, so long as any bonds of this series remain outstanding.
company shall pay to the trustee in cash an amount equal to 1% of the highest principal amount of bonds previously issued under this 1st & ref. mtge.
except bonds retired from the sale of mortgaged property. The entire
amount of these payments must be used for the retirement of 1st & ref.
mortgage bonds.
CapitalizationAuthorized.
Outstanding.
Common stock (no par value)
5,000 shs.
4,650 abs.
Second preferred stock, 6% cumulative
8100.000
8100,000
Preferred stock, 7% cumulative
1,000.000
100.000
1st & Ref. mtge. sinking fund gold bonds
10.000.000
500.000
Control.-All the common and 2d pref. stocks of company, except directors' qualifying shares, are owned by the Lake Shore Electric Ry.-V. 122.
p. 213.
Lake Shore Electric Ry.-Controls LakeErie Pow. & Lt. Co.
See that company above.-V. 122, p. 213.
Lake Superior District Power Co.-Annual Report.-
Calendar YearsOperating revenues
Operating expenses (incl. taxes)
1925.
1924.
1923.
$1,359.492 51.268.213 $1,158,187
737.598
644.307
653,803
Net operating income
Non-operating income
$621.894
17.087
$623.905
2.794
$504,38a
9.364
Gross income
Interest and miscellaneous deduct'sPreferred dividends
Common dividends
$638,961
311.182
150.022
149.088
5626.699
328.362
73.870
143.508
$513.747
303,477
43.479
Honolulu Rapid Transit Co., Ltd.-Annual Report.-
Calendar Years1925.
1924.
Rev,from transportation $1,062,788 $1,005,193
Operating expenses. &c..
735.000
739.363
1923.
$978,433
653.227
Net rev, from transp_
Rev.from other ry.oper.
$327.788
11.696
$265,830
9,155
$325.206
10,494
Surplus for year
$28,669
$80,959
3166,791
-V. 122, p. 1762.
1922.
$973.129
Valley
Lehigh
Transit Co.(& Subs.).-Annua/ Report.
602.757
Calendar Years1925.
1924.
1923.
1922.
$370,372 Total gross earnings-- $5.047,105 $4.975.240 $5,268,507 $5,331,305
16.392 Total op. exp.,incl. tax. 3.603,063
3,677.474
3.691.180 3,761.723
Net rev,from ry.oper.
Interest
Taxes
Depreciation
Dividends
5339.484
5.208
94.847
45.156
175.000
$274,985
1.506
128.577
45.089
75.000
$335.700
6.423
135.343
37.519
190,000
8386,764
8,311
107.161
56.473
160.000
$24,812 def.$33,585
$54.819
Balance, surplus
-V. 120. p. 2146.
$19,272
Houston (Tex.) Electric Co.-Tenders.The First National Bank of Boston, trustee, will until April 23 receive
bids for the sale to it of 1st mtge.6% gold bonds,series A. due June 11935.
to an amount sufficient to exhaust $100,000 at prices not exceeding 102
and interest.-V. 120, p. 3064.
Houston Gulf Gas Co.-Contract.-
The company announced that it has concluded a contract with the Sinclair Refining Co. of Houston, Texas, whereby the latter will take not less
than 6,000,000 cu. ft. of gas daily. The Sinclair Refining Co. will also
use additional gas providing such is available after the Houston Gulf Gas
Co. has complied with the requirements of its contracts with the Houston
Gas & Fuel Co. and the Houston Lighting & Power Co. The Sinclair
contract, together with the contracts previously made with the Houston
Gas & Fuel Co. and the Houston Lighting & Power Co., will provide a
fixed market over a period of years for practically the entire output of the
company.-V. 122, P. 1309.
Net earns, from oper- $1,444,042 $1.297,768 $1.577,327 $1.569,581
Inc. from int. on bonds_
907
1.862
4,202
3,895
Inc.from int, on notes &
deposits
3.619
7,058
10,322
7,837
Inc.from diva, on stock..
110,075
111,075
111.408
110,488
Total net earnings...__ 81,558,643 $1,417.761 $1.703.259 $1,691,801
Depreciation allowance..
377,799
231,453
506.854
492,957
Int. on funded debt-599,803
600,949
625.484
662,674
Int. on floating debt_
31.119
49,792
86,907
Amort. of disc. & exp--21.705
21,705
22.060
22,578
Net income
3559.336
$532,534
$499,069
8446,689.
-v. 120, p. 2147.
London (Ont.) Street Ry.-Annual Report.-
Calendar YearsGross earnings
Operating expenses
Interest and taxes
Depreciation
Dominion income tax......
Dividends
Balance, surplus
120. p. 2147.
1925.
5628.918
529.011
45.418
38,125
1,514
1924.
$665.302
546.384
43.201
38,091
3.743
$14,861
$33,903
1923.
1922.
3693,411
$594,684
572.082
494,986
34.821
37,087
35,423
37.364
4.7122.893
(5%)31.874 (2H)15.937
$10,292
$10,724--
THE CHRONICLE
APR. 10 1926.]
Lone Star Gas Co.-Plan Effective.-
It is announced that the plan of acquisition of the Lone Star Gas Co.
shares by the Lone Star Gas Corp.,a new corporation, has become effective.
See V. 122, p. 1609.
Lone Star Gas Corp. (Del.).-Plan Effective.Los AnPeles Gas & Electric Corp.-Annual Report.1924.
Calendar Years1925.
Total receipts. incl. amount received from sale of
gas, electricity, carbon briquets & all other rev_$17,049,593 $16.056.722
8,067.421
8,212.881
Operating expenses
1.379,183
Taxes,incl. States & local taxes, and Fed.inc. tax. 1,636.108
2.549,146
2.157.713
Interest paid
1,682,910
1.338.870
Depreciation reserve
Leaving the balance for dividends and surplus__ $2,968,548 $3,113,535
Balance Sheet of December 31.
1925.
1924.
1924.
1925.
Liabilities$
$
Assets$
$
Plants & equipm't.82,484.342 72,059,431 Preferred stock_ A9,224,687 14,139,280
Subscr. to cap.stk.
708,815 Common stock_ _12,500.000 12.500.000
46,265,000 43,314,500
Sinking funds_ _ _. 1,344,678 1,246,438 Bonded debt
10,728,520 11.179,564 Surplus & reserves 12,731.015 10.483,264
Other assets
3,836,838 4,757,204
Other liabilities
Total
New York State Gas & Electric Corp.-Bonds to be
Called-Holders may Exchange for Associated Electric Co.
Bonds.See Associated Electric Co. above.-V. 121, p. 2875.
Northern Canada Power, Ltd.-Annual Report.
-
See Lane Star Gas Co. above.
Total
94,557,540 85.194,248
-V. 122. p. 1455.
2041
94,557.540 85,194.248
Manila Electric Co.-Bonds to be Called-Holders may
Exchange for Associated Electric Co. Bonds.
Calendar Yearsx1925.
Power sales. $1,031.079; misc. income, 51.534:
total
$1,032.613
Operating, maintenance and administrative exps314.187
Taxes
10,269
Interest charges (net)
386.610
Reserves for depreciation
274.364
Dividends
225,000
y1924.
$934,860
172.251
11,000
148,412
317,850
Balance,surplus
def$177.817
$285,347
Profit and loss surplus Dec. 31
110,635
1.052,858
x Including the Quinze Power Co., Ltd. for the year. y Including the
Quinze Power Co., Ltd. for the 3 months ended Dec. 31 1924.-V. 121.
p.2521.
Northern Ontario Light & Power Co., Ltd.-Earnings.
Calendar Years1924.
1925.
1923.
Gross inc. (all sources).,.. $1,389.851 51.327,753 $1,113,134
Operating expenses, incl.
maint.. taxes. &c_ 535,429
567,136
362.001
Bond interest
300,390
285,473
270.390
Exchange charges, &c
2.848
. 7,380
5.312
1922.
$886,522.
Profit for year •
Previous surplus (adj.)_ _
Pulpwood inv. adj
5317,098569,383-
5551.184
475.007
28.807
5467.764
568,603
Cr.I 1.060
5475.430
546,639
See Associated Electric Co. above.-V. 122, p. 1455.
Total surplus
$1.052.998 51.047,427 51,022.060
Preferred dividends- -142.968
357,420
214,452
Common dividends
45.322
company
has
offered
common
sto4k
for
The
all classes of stockholders
Transferred to reserves..
215,000
240.000
239,000
subscription to the extent of 20% of their holdings, at $100 a share. Stockholders of record April 20 will be entitled to subscribe. Rights expire May
Profit and loss surplus $624,708
$475,007
$568,617
15.-V. 122. p. 1917.
-V. 122. p. 214.
285,709270,390
13,325
5886,481
Middle West Utilities Co.-Rights.-
Midway Gas Co.-Comparative Income Account.Years Ending Dec. 31Operating revenues
Operating exp., taxes, deprec. & maintenance
1924.
1925.
$5,000,220 $5.342,146
4,345,816 4.245,937
Net operating income
Non-operating income •
$654.404 $1,096,209
29.727
30,969
Gross income
Interest, bond discount and expense
$684,131 $1.127,178
95.020
97.861
300,000,
$586,481
Northwestern Bell Telephone Co.-Annual Report.
-
Calendar YearsGross
Operating income
Other income
Total income
Rent. &c
Bond interest
Other interest
1925.
1924.
1923.
525.959,419 524.111,726 523.223,939 •
56.379,733 $5,512,864 $5.296.446
905,504
1.040.717
952.721
57,285,237 $6,553484 $6,249.167
8349,552
329.476
309.603
159,730
2,098,434
2.100.000
488.780
88,873
91,916.
Surplus for year
Net income
56.287,175 $4,036.798 $3.747.648
$589.111 51,029,317
Dividends
4,743.000 3.372,000
2.529.000Comparative General Balance Sheet December 31.
1924.
1925.
1924.
1925.
Balance, surplus
$1,544,175
$664.798 $1.218,648
Assets$
$
$
Common stock__ 2,326,400 2,326,400 -V. 122, p. 884.
Plants, rights and
franchises
12,829.966 11,503,112 Bonds
Northwestern Electric Service Co. of Penn.-Bonds to
1.033.000 1,183.000
Treasury securities
20,302
20.302 Bond interest and
32,292
other accruals
Cash
52,955
573,685 be Called-Holders may Exchange for Associated Electric Co.
507,465
Bonds.Accts.receivable_ _ 472,479
447,800 Notes payable_
775,000
Notes & mt. ree
210
2,214 Accounts payable_ 378.563
275.144
See Associated Electric Co. above.-V. 118, p. 1774.
Material & supp
120,876
31,051
144.818 Other CWT. liabil's
51.527
Northwestern Utilities, Ltd.-Tenders.Bond disc. & exp.
53.426
5,634,861 5,059,530
80.877 Reserves
76.674
2,952 Surplus
2.919,885 2.785,744
Misc. def. debits_
The Trust & Guarantee Co., Ltd.. Toronto, Canada, will until April 16
receive bids for the sale to It of let mtge. 7% 15-years. I. gold bonds dated
Total
13.606,225 12,255,030
Total
13.606.225 12.255.030 June 11923. to an amount sufficient to absorb $78.800.-V. 121, p. 2521.
-V. 121. p. 1908.
Nova Scotia Tramways & Pow. Co.,Ltd.-Ann..Report,
1925.
1924.
Milford & Uxbridge Street Ry.-Suit by Bondholder.- Calendar Years1923.
1922.
51.344.099 51.299.371 51.393.980 51.419.471
Charles 8. Cummings. Boston, owning $10,000 bonds of the Milford. Gross earnings
852.728
916.935964,146
Holliston & Framingham St. Ry., has brought a bill in equity in the Suffolk Operating expenses
987,676
106,642
105,302
112.136
(Mass.) Superior Court against the company and the American Trust Co., Taxes
111.109
215,557
216,712
217,497
193.863
trustee of the mortgage securing the first mortgage bonds of the Milford. Bond & coupon interest.
1,368
1.228
538
Holliston & Framingham Street Tly., to have the Trust Co. ordered to take Sundry interest
5.802
16,526
the net income of the Milford & Uxbridge Street Ry. and apply it to pay- Amort.of debt disc.& exp
7.984
ment of the interest on the first mortgage bonds, of if the Trust company
Bal.for res., divs., &c. $151,276
559,194
$99,663
fails to do so, to have a receiver appointed for the Milford & Uxbridge com5113,038
-v. 120, p. 2149.
pany and have him pay the interest on the bonds.-V. 121. p. 2273.
Missouri Gas & Electric Service Co.-Income Account.-
Calendar YearsOperating revenues
Operating expenses (incl. taxes)
1925.
5564.374
458.779
1924.
$494.114
396.752
1923.
$431,738
340.298
Net operating income
Non-operating income
$105.595
1.557
597.362
1.626
$91,440
788
Gross income
Interest on funded debt
Amortization of debt disc. & expense
Miscellaneous amortiz. & interestPrior lien dividends
Preferred dividends
5107.152
49.112
3.150
3.266
26,171
18.000
$98,988
29,079
413
21,933
18.284
18,000
$92,228
25.573
413
17.906
14.997
$7.453
$40,681
$11,279
$28,122
$33,339
$34,024
Net income
Profit and loss, surplus
-V. 120, p. 2012.
Monongahela West Penn Public Service Co.
The Baltimore Stock Exchange has authorized the listing of $314.500
additional pref. stock (par $25). The above stock, which with the $5.651,100 now listed on this Exchange. Is part of an authorized issue of $15,000.060, was issued as of Dec. 31 1925 to tile West Penn Securities Department,
Inc., the sales organization for distribution of all of West Penn system stock,
to be sold for corporate purposes.
Earnings Years Ended Dec. 311925.
1924.
Gross earnings (all sources)
57,126,363 $5,671,124
Oper. expenses, incl. taxes, mtge. maint., deprec.
and depletion requirements
5.018,783 3,749,922
Interest and amortization
1,271,288 1,172.430
. Net income
$836,292 $748,772
-V. 121, p. 839.
Montreal Tramways Co.-Report.
6 Mos. Ended
Year Ended June 30--1925.
1925.
1924.
1923.
Gross receipts
56,305.492 512,476.567 512,463.799 $12,056,355
Oper. expenses and taxes $3.052,441 $6.323.001 $6,246,890 $6,099.993
Operating profit
26.606
50,684
48,554
48.304
Maint.and renewals_ _- _ 1,559,543
2.577,260
2,579.799
2,492,792
Balance
51.626.901 63.525,621 $3488,574 63.415,264
6% on capital value__ $1,088.589 $2,177,178 $2,177,178 $2,177.178
Additions to capital_ ___
195.862
277.667
175.919
164.973
1.734
63" on working capital__
5,707
5.351
2.530
Financing expense
90.716
181,431
181,431
181,431
Total
51.376,900 52,641.983 52.539,879 $2.526,113
Balance
City of Montreal rental_
Contingent reserve fund
$250.000
250.000
5883,638 51,048.695
500.000
500,000
5889,152
500,000
41.598
Total
6250,000
5500.000
5500.000
$541,598
Surplus
383,638
548.695
347.554
The compiany s fiscal year has been changed from June 30 to Dec. 31.V. 122, p. 348.
Northeastern Power Corp.-Acquires Additional Stock
in New England Power Association.see International Paper Co. under "Industrials" below.-V.122, p.612.
Ohio Public Service Co.-Annual Report.The annual report for the year 1925 says in part:
The sales of electricity during 1925 reached a total of 465,349,872 k.w.h..
an increase of 17.9% over 1924.
Sales of natural gas amounted to 3.170,642,000 cu. ft.
The city railway lines at Mansfield, Ohio, have shown considerable
Improvement in earnings since tne weekly pass system was introduced.
The interurban line from Marblehead to Toledo handled 27.5% more
carload freight than in 1924.
Expenditures amounting to approximately $1,400,000 were made for
new transmission lines and substations. &c.
Tne financial structure of the company was improved through the
retirement of 81,600.000 5% gold notes and $259,900 pref. stock of the
Sandusky Gas & Electric Co.
Sales of merchandise including electric irons, washing machines,fixtures,
lamps, motors,other power apparatus, &c.,amounted in 1925 to $1,175,345.
an increase of 48.4% over similar sales in 1924.
As a result ofa customer ownership activities, both full time and employee.
the number of preferred stockholders of the company was increased to
11,271.
Company furnishes light and power, gas and transportation directly or
indirectly to 157 communities in 23 counties of northern and central Ohio,
serving a population of more than 430,000.
In 1925 it served 65,960 customers with electricity and 28.145 with gas;
transported 2,815493 passengers, and had total assets of $53,301,532.
The Marblehead Power Co. was acquired during the year.
Property includes 7 steam-electric generating stations located at Warren.
Massillon, Mansfield (Melco), Lorain, Sandusky and Port Clinton, in
addition to 3 small hydro-electirc plants located near Warren, now used
principally for voltage and power factor correction on the local distribution
system. High tension transmission lines-operating at 132,000 volts,
connect Warren. Alliance and Massillon, forming the eastern system;
Mansfield. Ashland, Elyria and Lorain forming the Western system.
Work is now under way to connect Lorain, Sandusky and Port Clinton.
Of this latter, the portion between Sandusky and Port Clinton has already
been completed and is now in operation at 22.000 volts, connecting with the
lines feeding the towns on the Peninsula, as far west as Wendts Siding, and.'
supplying the railway into Toledo and connecting with The Toledo Edison
Company.
Street railway service is supplied at Mansfield and interurban service,
from Mansfield to Shelby. Interurban passenger and freight service is
supplied from Marblehead through Port Clinton, Oak Harbor, Genoa and
Ryan to Toledo.
Natural gas is supplied to the territory extending from the outskirts of
Cleveland through Berea. Medina and Mansfield to St. Marys, and from
Coshocton, through Bladensberg, Granville to Buckeye Lake. Thirty-six
towns are supplied at retail, including Alliance, Mansfield, Sandusky,
Berea, Coshocton and Medina and 11 at wholesale. During 1925, the
company supplied 3,170,642,000 cu. ft. of gas to this territory.
At present the company owns gas leases on approximately 25,000 acres;
has 207 producing gas wells; 981 miles of pipe line: eight compressor stations;
and serves 28.145 gas customers.
1925.
Earnings for Calendar Years1924.
$11,315,432 $10,525,813
Gross operating revenue
6,928,394
Operating expenses, maintenance and taxes
6,667,347
Net operating revenue
Non-operating revenue
54.387.037 $3.858.466
29.262
55.139
Gross income
Interest on funded debt and other obligations
Amortization of bond and note discount
84.416.300 $3,913.605
1.730.725
1,530.062
116.142
94,088
alance available for dividends and reserves--- $2,569,433
V. 122, p. 482.
2.289,456
2042
THE CHRONICLE
Ohio Fuel Corp.(& Affil. Cos).-lst Annual Report.Pres. Geo. W. Crawford, says in part:
The corporation is a holding and operating company,incorporated Sept.
4 1924, in Delaware. Annual meeting first Tuesday in April. Fiscal year
ends Dec. 31. Organized to acquire the stocks of the Ohio Fuel Supply
Co., the Union National Gas Corp. and the Manufacturers Light & Heat
Co., which companies were engaged directly, or through stock ownership. in
the production, transmission and distribution of natural gas for domestic
and industrial purposes to 530 communities in Ohio. Pennsylvania and West
Virginia, and the production and sale of oil and gasoline.
During 1925 it acquired stocks of the Natural Gas Co. of West Virginia,
the Pennsylvania Fuel Supply Co. and the Ohio Fuel Oil Co.. and the
capital stock of the Ohio Fuel Corp. has increased in accordance therewith.
The physical properties of the system include 3,440.699 acres of oil and
gas land under lease, of which amount there is now being operated 561.687
acres, with 5,429 producing gas wells. 2.150 producing oil wells, and a
total of 8,244.69 miles of field and transmission pipe lines; 4,959.02 miles
distribution pipe lines; serves 502,488 consumers in 570 cities and towns
direct, with an approximate population of 2,500.000. and in addition
delivers natural gas to other companies supplying 82.145 consumers and to
'various cities and towns comprising an approximate population of 400.000.
During 1925. gas sales, all purposes, aggregated a total of 70,671,967,000
Cu. ft. of gas. The amount of oil produced was 754,957 bbls. and gasoline
sales amounted to 10,916,948 gallons.
There are 12,251 holders of outstanding stock, as of Dec.31 1925.
Capital expenditures for additions and extensions to the properties of the
various companies have aggregated $5,383,916.
During the year cash dividends have been paid to shareholders of the
Ohio Fuel Corp. in amount of $8,259.966 including $210,178 paid to
minority stockholders of subsidiary companies.
Consolidated Income Account for Year Ended Dec. 31 1925
[With inter-company transactions eliminated.]
Gross earnings: (1) Gas. $36.144.426: (2) oil, $2,348.472:
(3) gasoline, $1.232,141; (4) miscellaneous, $713,189; total-__ $40,438,228
23,585,433
Operating expenses, gas purchased, &c
3.138,361
Taxes
5.405.911
Depreciation
Net earnings from operations
Other income, int., earns, and dividends on stocks owned_ _ _ _
$8,308,523
2,162,937
$10.471.460
210,615
Cr187.895
8,259,957
Gross income
Interest on funded and current debt
Profit and loss credit adjustments
Appropriated for dividends
$2,188,774
21,133.184
Net surplus for year
Corporate surplus, Dec. 31 1924
.
Corporate surplus, Dec. 31 1925
$23,321,958
Consolidated Balance Sheet, Dec. 31 1925
[With inter-company transactions eliminated.]
AssetsS
LiatAlities$
Fixed capital
160,545,594 Capital stock outstanding_ -103,958,500
Book value of affiliated cos.
5.085
Capital stock premium
cap.stkless par val.thereof 14,616,823 Bonds of affiliated cos
1,354.000
Constr. work in progress--__ 3.468,420 Matured funded debt
400,640
5,526,022
11,585,049 Accounts payable
Investments
2,098,685
Re-acquired securities
663.495 Divs. pay. Jan. 1926
Sinking fund assets
1,717,045
171,856 Accrued taxes
Special deposits
441,170 Accrued interest
93.
Contingent acc'ts receivable_
967,479 Res. for depreciation
57,419,759
Cash
5.118.562 Res. for Mi.. damages. ,kc___
347,648
Accounts receivable
5,656 455 Deferred credits
980.814
Other current assets
86,030 Surp. from prop. appraisal,. 10,611,880
Material and supplies
3,577,151 Surplus unappropriated
23,321,958
Prepaid accounts
622,136
Deferred charges
315,128
Total
-V.121.9. 2976.
207,835,349
Total
207,835.349
Oklahoma Natural Gas Co.-Annual Report.Calendar YearsGross earnings
Operating ExpensesGas purchased
Gas royalties
Operating expense
Taxes
Interest on funded debt
Interest on notes payable
Dividends paid
Net to sur. (bef. deprec. & depl.)--V. 120, p. 2684.
1925.
1924.
1923.
$6,115,236 $5,487,529 $5,020,526
Bank, Union Trust Co. of Pittsburgh, and Hayden, Stone
& Co. have sold at 100 and int. $10,000,000 2-Year 5%
1st lien gold notes.
Dated April 15 1926, due April 15 1928. Principal and interest(A.& 0.)
payable in New York at the office of the trustee and int. also payable in
Chicago at Continental & Commercial Trust & Savings Bank. Denom.
$1.000 and $500 c*. Red. all or part at any time.upon 60 days previous
notice, at 101 and hit, on or prior to Oct. 15 1926, the premium thereafter
decreasing 3i% for each 6 months or fraction thereafter elapsed to date of
redemption. Interest payable without deduction for Federal normal
income tax not exceeding 2%. Indenture will provide for the refunding
of Penna. personal property tax, not in excess of 4 mills, and Mass,income
tax not exceeding 6% of annual interest, to holders who are residents of
these respective States.
Data from Letter of Mason B. Starring, President of Corporation.
Corporation.-Owns over 52% of the common stock of Philadelphia Co.,
which through its subsidiaries controls the comprehensive public utilities
system providing electric light and power, natural gas, street railway and
other public utility services in the city of Pittsburgh and vicinity. The
combined annual gross earnings of the system are over $60.000,000.
Security.-Notes will be the direct obligation of corporation and will
constitute its only funded indebtedness. They will be secured through
deposit under a trust indenture with the First National Bank, New York,
trustee, by a first lien on 324.200,000 Philadelphia Co. common stock
(484.000 shares of $50 par).
The stock is to remain deposited during the life of the notes. Indenture
will contain a covenant that there will at all times be subjected to the lien
of these notes a majority of the stock of Philadelphia Co. entitled to vote
for directors. This stock has a value at present market price (April 7 1926)
of more than $35,000.000, which is equivalent to over 334 times the amount
of this issue. Dividends from the stock pledged have not been less than
234 times the annual interest requirement of these notes in any one of the
last 15 years, and during that period have averaged annually nearly ni
times the requirement. In 1925 dividends received from the pledged stock
amounted to $1,936,000, or over 33( times such requirement.
Total net income of Pittsburgh Utilities Corp., available for the payment
of interest on funded indebtedness, for the year ended Dec. 31 1925, was
$2,100,573, or more than 4 times the annual interest on these notes.
Purpose.-Proceeds will be applied to the payment of United Railways
Investment Co. collateral trust sinking fund 5% gold bonds, due May 1
1926, which were assumed by Pittsburgh Utilities Corp.
Offer Made to Minority Stockholders to Exchange Holdings
for Standard Gas & Electric Co. Stocks.See Standard Gas & Electric Co. below.-V. 122, p. 1764.
Pittsfield Electric Co.-Annual Statementfor 1925.-
Operating revenues
$946,879
Oper. expenses. $556,845: deprec. charge, $136,834; bad debts
charged off, $2,042; taxes assignableto 1925. 376.513; total
772,234
Net operating income
Non-operating income
$174,645
13,018
Gross income
$187.663
Int. on bonds. $37.500; miscell. int., $14,038: amort. of bond
discount,$2,162; total
53,700
Income balance to profit and loss
Profit and loss balance Dec. 31 1924
$133,963
70,145
Dividends
Other deductions from surplus, property abandoned, &c
$204.108
100,000
7,532
Profit and loss balance Dec. 31 1925
-V. 118, p. 2712.
- 396,576
Porto Rico Rys. Co. Ltd.-Annual Report.Calendar YearsGross earnings
Operating expenses
Depreciation reserve_ --1
{
1925.
1924.
Not stated
1922.
1923.
131,324,798 31,330.446
891,446
813,607
t
100.000
150,000
1,527,516
106,742
2,263.214
366.598
9,790
43,993
1,143,440
1,013,306
1,228,630
Net profits from oper_
Other revenue
$371.710
12.251
3404.388
16.484
$333,354
13.967
$366.839
13,905
2,053,251
373.879
22.835
10.135
1,142.881
2,093,209
280.474
39,785
15.645
642.875
Net income
Bond interest
Other reserves
Income tax reserves_
Preferred diva. (7%)_..
3383.961
177,529
25,000
8.000
70,000
3420.872
180,600
103.000
27.000
70,000
3447,320
183,504
3530,744
186,275
70.000
70,000
$653,943
$871,242
$719,909
Balance, surplus
P.& L. surplus Dec.31_
-V. 120, p. 1882.
$103,432
794,926
$40.272
691,494
393.816
651,222
3124.469
557,405
Oklahoma Railway Co.-Report.
Calendar YearsRevenue from transportation
Revenue from other ry. operations
1924.
1923.
1925.
$1,531,330 31,521,843 $1,719,947
197.568
230,653
201,972
Total operating revenue
Operation expenses
Taxes
31.733.303 31,719,411 $1,950,601
1,353.077
1,314,136
1,173,728
101,513
111,225
81.698
Net operating income
Non-operating income
$337,470
12.046
$444.169
13.264
$486,298
15,820
Gross income
Int. on funded & unfunded debt
Amortization of discount & miscell-
3349,515
322,262
47,784
3457,433
322.678
48,012
$502,119
318,515
48,084
$135,520
$86,743
xdef$20,531
Net income
x To get an actual comparison with 1924, the following should be added
to surplus: An unexpended balance in receiver's account of $3,084 and $148,223 depreciation, which was charged to operating expenses, track and roadagainst operating
way and power houses,
es making a total of 151,307 charged again
expenses for year 1925. which was not included in 1924.-V.]21,p. 1679.
Penn-Ohio Securities Co.-Initial Dividend.-
The directors have declared an initial quarterly dividend of 31 50 a'share
on the pref. stock of no par value, payable April 15 to holders of record
April 12.
This action followed immediately after a meeting of the directors of the
Republic Ry. & Light Co., at which it was voted to resume regular dividends on that company's pref. stock with a quarterly declaration of $1 50
per share, also payable April 15 to holders of record April 12. The last
payment on Republic preferred was in April 1920, after which nividends
were suspended because of approaching heavy bond maturities.
The Penn-Ohio Securities Corp.'s pref. stock was issued in a recent
exchange under which over 80% of Republic preferred has ben acquired
by the Securities Corp. By the terms of this offer, which expires April 10,
Republic preferred stockholders receive one share of Penn-Ohio Securities
preferred and $34 50 in cash for each share of Republic preferred deposited.
The cash payment of $34 50 a share is equivalent to the back dividends
accrued and unpaid on Republic preferred stock to Jan. 15 last.-V.122,
p. 1764.
Penn Public Service Corp.-Bonds to be Called-Holders
may Exchange for Associated Electric Co. Bonds.See Associated Electric Co. above.-V. 119, p. 2530.
Pennsylvania Electric Corp.-Bonds to be CalledHolders may Exchange for Associated Electric Co. Bonds.See Associated Electric Co. above.--V. 121. P. 1370.
Philadelphia Co.-Offer Made to Minority Stockholders
to Exchange Holdingsfor Standard Gas & Electric Co. Stocks.See Standard Gas & Electric Co. below.-V.122, p. 1904.
Pittsburgh Utilities Corp.-Notes Sold.-Ladenburg,
Thalmann & Co., H. M.Byllesby & Co.,Inc., First National
[Vol,. 122.
Portsmouth Power Co.-Bonds to be Called-Holders
may Exchange for Associated Electric Co. Bonds.See Associated Electric Co. above.-V. 120, p. 212.
Potomac Edison Co.(& Sub. Cos.).-Earnings.Calendar Years1924.
1925.
1923.
Gross earnings from all sources
34,037.701 33.621.846 $3,630,199
Operating expenses, maint, and taxes 2,126.942
1,908,154
1,977,419
Int., amort. pref. divs, of subs., &a- 1,086.423
1.028,669
802,571
Res. for renewals & replacements_
353.678
368.535
349.011
Net income available for dividends- 3470,658
$316.487
$601,199
No. of consumers, gas & elec
34.744
32,056
29,022
Kilowatt hour output
158.537.028 141.188,951 131,784,960
Pres. M. F. Riley, says in part: "The company has acquired practically
all of the stock of the Union Bridge Electric & Mfg. Co., the physical
property of which company serves the communities in and about Union
13ridge and Taneytown, Md. The company also acquired, late in 1925.
all of the stock of the Shepherdstovrn Light & Water Co., which company
operates the electrical distribution and water supply systems in the town
of Shepherdstown, W. Va."
On Feb. 1 1925 the company paid and retired $56,000 of 1st mtge. 5%
20-year gold bonds of the acapon Power Co. and $20.000 of 2d mtge.6%
bonds a Cacapon Power Co., maturing on that date.
"On July 1 1925 the company paid and retired 330.000 of 1st mtge.
17-year bonds of the Monocacy Valley RR. maturing on that date. 5% "
"All of the outstanding bonds of the Northern Virginia Power Co., aggregating $597,000, have been called for redemption on Jan. 1 ,May 1 and June
1 1926.
"For the purpose of funding capital betterments and the retiring of bonds,
the company issued and sold $2,250,000 Series D 534% 1st mtge. ,sc ref.
gold bonds due May 1 1949.
"During the year the Blue Ridge Transportation Co. issued and sold
$200,000 of 3-year 6% gold debentures dated June 15 1925. guaranteed as
to principal and interest by the Potomac Edison Co. Proceeds from the
sale of these debentures were used to pay obligations of the Blue Ridge Transportation Co. incurred for the purchase of property and for other corporate
purposes.
"No additional voreferred stock has been issued during the year. The
number of stockholders on Dec. 31 1925 was 3.543; 80% of the permanent
employees are stockholders. Four quarterly dividends were paid on the
preferred stock of the Potomac Edison Co. and its subsidiaries. -V. 122.
p. 1764.
Public Service Co. of Oklahoma.-Annual Report.-
Calendar Years1925.
1924.
1923.
1922.
Operating revenue
32,796.690 31.932,303 31,867.366 $1,710,299
Oper. exp. & taxes
1,858,378
1.328.428
1,280,610
1,129,839
Interest
279,750
278.882
204,852
229,195
Amort, of debt discount
& expenses, &c
27.385
21,024
24,227
36,220
7% prior lien divs
150,526
42,448
24,621
40.033
6% preferred dividends15.480
15,600
30,000
30,000
Common dividends
200.040
160.040
160,040
160,040
Balance, surplus
$265,131
385.771
3103.260
$124,727
APR. 10 1926.]
THE CHRONICLE
2043
to be offered at $80 per share to common stockholders of record April 30,
Comparative Balance Sheet Dec. 31.
on the basis of one share of the new stock for each five shares held. The
1924.
1925.
1924.
1925.
subscription
price is payable in full at the Montreal Trust Co., 11 Place
Liabilities
$
Assets$
Montreal, Que., on or before June 30.
d'Armes,
876,700
Plant, real estate.
7% Prior lien stk__ 2,319,900
President James B. Woodyatt says:"During the last 6 months, through
260.000
less depreciation10,276,151 8,208,694 6% pref.stock..._ 258,000
and the addition
22,095 Common Block... 2,500,500 2,000,500 the completion of the new power plant at Hemmings Fallshas
26,933
Miscellaneous inv.
added 48.000
57,900 of new units at the Drummondville plant. the company development
456 Cap,stock subscr_ 149,900
Sinking fund
of
4,518.400 4.806,400 h.p. to its power resources and the remarkable industrial
95,330 Funded debt
118,617
Inventories
company."the
for
future
bright
a
in
assures
teritory
the
operate
we
which
23,000
4.756 Notes payable_ _ _ _ 100,000
5,393
Prepayments
97,225 V. 122. p. 95.
39,301 Consumers' depos_ 147,474
58,364
Subs, to cap. stock
142.953
235,187
174,937 Acc'ts payable_
Acc'ts & notes rec. 230,656
San Joaquin Light & Power Corp.-Annual Report.4.171
39.132
212,604
124,590 !sc, cur. nab 1 s_
Cash
1922.
1923.
1924.
1925.
Calendar Years217,602
459,701 Accr.taxes & int_ 215,767
410,542
Deferred charges
operating revenues $7,759.089 $7,450,925 $6,898,353 $6,405,116
Gross
442,004
583.389
Reserves
2,791,900
2,954.544
4,320.945
expenses
3,384,134
Operating
166,442
306,572
Total (ea. side)_11,339,260 9,129,859 Surplus
During 1925 the company issued 5.000 shares of common stock and
Net earnings
$4,374,955 $3,129.979 $3,943,809 $3,613.216
14,556 shares of 7% prior lien stock. This new capital was used to finance Sundry earnings
156.010
138,298
130,376
190.196
the acquisition of new properties and to make additions and extensions to
existing properties. The outstanding issue of general mortgage 6% gold
Total net income
$4,565,151 $3,260,355 $4,082,107 $3.769,226
bonds was reduced by 2288,000 leaving $348.000 in par amount outstanding. Doild interest
1,804,852
1,895,908
2,124,752
2,149,170
No first mortgage bonds were issued during the year.-V.121,P. 2158.
35,873
5.548
Interest on floating debt
6,014
21,026
Cr212.409 Cr117,129
Int.
to
charged
capital
Cr180,204
Cr171,945
Quebec Power Co.-Annual Report.140,509
111.253
97,609
Bond discount expense
84,189
1924.
1923.
Calendar Years1925.
684,207
830,479
Depreciation
878.192
975,294
$908,471
$544,090
$1,046,944
Gross income from all sources
238,296
230,284
Operating and maintenance expense_
236,444
$766,800
Balance, surplus
$333,993 $1,451,311
21,507,417
50,748 -V. 122, p. 750.
General interest
300,000
50.166
Interest on bonds and debentures--300,000
Depreciation
24,000
30.000
60,000
Southern Indiana Gas & Elec. Co.-Annual Report.Dividends-Public Service Corp. of
1922.
1923.
1924.
1925.
Calendar Years40,000 xTotal gross earnings_ _ _ $2.671,997 $2,654,614 $2.578,764 $2.280,038
Quebec stock
76,494 xOper. exps. and taxes__ 1,612,458
207,666
156.185
Dividends on preferred stock
1,494,182
1,626,932
1.630,064
157,352
198.608
Dividends on common stock
378.992
433.418
438,530
402.464
Int.& other fixed charges
163.297
188.803
217.537
260,792
Divs. on pref. stock____
$64.396 Common dividends
$44,226
$34.649
Surplus
180,000
120.000
120.000
120,000
1,357
Add surplus from previous year
96,961
36.006
$62,566
$209,611
$248,484
$276,283
Balance. surplus
Total
$161,357
$36,006
280,232
x In accordance with the accounting practice adopted by the Indiana
Div. of 1% on P.S. Corp. of Quebec,
Commission, sales of gas residuals in 1925 and 1924 were credited
S.
P.
stock paid in pref. stock
160,000 to operating expenses of gas department instead of being included as heretofore in gross earnings. The 1923 and 1922 figures have been adjusted
Surplus
480,232
436.006
$1,357 accordingly.
x Subject to deduction for income tax.-V. 122, p. 482.
Rev Pass.
Heating Sales
Gas Sales
Electric Sales
Calendar
Carried.
(Kilowatt Hrs.). (1,000 Cu. Ft.). (1,000 Lbs.).
Quebec Ry., Light, Heat & Power Co. Ltd.-Report.- Years14,769,388
79,745.4
336,697.7
23.224.529
920
1925.
1923.
Calendar Years'
1922.
1924.
13.329,589
67,288.6
317,354.8
24,157,888
1921
$3,243,123 $3,133,806 22,973,004 $2.858,607 1922
Gross income
13.315.196
75.297.2
323,170.8
28,338,294
2,194.987 2.156,492
Operating expenses
2,100,731
2,010,815 1923
13,935,605
81,495.2
354,934.4
34,349,560
% of city earns, pay. to
12,931.255
92,203.4
379,762.4
36,428,606
1924
43.021
44.665
44.248
42,697 1925
12,030.431
92,958.2
371,296.8
40.407,938
756.363
493,081
632.652
497,128
Interest on bonds
483.
p.
122,
-V.
15,867
General interest
35,742
43.133
22,184
220,000
Depreciation reserve_ _ _
150,000
182,546
250,000
Southern Wisconsin Electric Co.-Annual Report.Discount on bonds
21,144
12.116
1923.
1924.
1925.
Calendar YearsExtraord. repairs, &c
See below
123,621
$354,035
$391,361
$436,221
Gross earnings
287,215
320,919
356,563
expenses,
taxes
&
retirem't
Operating
Balance, surplus
411.241
$86,101
$3.252
$14,672
x Subject to deduction for income tax.
$66,820
$70.442
$79,658
earnings
Net
Note.-An item of $83,001 for extraordinary repairs and expense prior to
2,946
2,795
2,512
Jan. 1924 was deducted from profit and loss account while balance of latter Other income
account at Dec.31 1924 of $423,860 was transferred to depreciation reserve. Gross income
$73.238
$69.766
$82,170
27,726
27,726
27,726
Interest on funded debt
President Julian P. Smith, says in substance:
764
193
702
interest, amortization, &c._ _ _
During 1925, $518,000 of the 7% general mtge. bonds have been sold, Other
8.329.
8.346
on pref. stock_ __ _
8,358
accr.
&
paid
Divs.
and the proceeds applied to the necessary construction and betterments. Dividends paid on common stock_
12,856
20,968
22,668
repairs
In accordance with plans prepared in 1923, additional extraordinary
and improvements to the property in general were made during the year.
$20,090
$16,005
Balance, surplus
$22,716
and further betterments to the system are contemplated. In addition, the -V.
122, p. 95.
directors have under consideration the building of new workshops. As the
present shops are small, old and inefficient, it is felt that by putting this
Southwestern Light & Power Co.-Acquisition.-project into execution, economies and better operation will result.
The company has purchased the ice plant at Snyder, Okla., it is anThe directors report the renewal of the street railway franchise for a nounced.
The company's subsidiary, the Southwestern Gas & Fuel Co..
period of 30 years.
purchased gas properties in Duncan and Marlow, Okla.-V. 122,
Substantial adjustments of the capitalization of the company were made has1312.
The capital stock was reduced from $10,000.000 to $2,500.000, and the ri•
assets were correspondingly adjusted.-V. 120, p. 2944.
Springfield Street Ry.-Earnings for 1925.$3.219,379
Operating revenues
Reading Transit Co.(& Subs.).-Earnings.2.697,362
Operating expenses
Year Ended Dec. 311924.
1925. •
74,146
Taxes
$3,031,602 $3.018.222 Non-operating income
Operating revenue
Cr9,367
1,660.893
Operating expenses & taxes
1,715,321
218,102
interest charges, &c
lines,
leased
of
Rental
Maintenance tic depredation
776.627 Dividends
735,056
232,735
Rentals
329.190
334,403
251,512
Operating income
246,822
$6.401
surplus
Balance,
Other income
23,701 -V.122. p.75 .
19,097
Totalincome
$275,214
$265.919
Springfield Terminal Railway Co.-Earnings.Interest on funded debt
78.278
81.585
1923.
1924.
1925.
Calendar YearsOther deductions
8,567
10,113
$99.426.
$96,823
$96,534
operating revenues
Railway
119,145
119,145
Provision for dividend on preferred stock
73,055
82.766
73,254
Railway operating expenses
$71,223
Balance of net income
$55,076
226.370
$14.057
$23,280
railway operations_ _ _
revenue
Net
Consolidated General Balance Sheet. Dec. 311925.
12,634
14,115
12.866
Net revenue auxiliary operations ___ _
LlabUftiesProperty
8188,500
85,909,996 6% pref.stock, class A
$39,004
$28,172
$38.148
Net operating revenue
Leaseholds,rights& contracts 2,315.864 7% pref. stock, class B
1,540,500 Taxes
2,486
2,575
3,766
Securities owned
2,900,000
160,172 Common stock
Sinking & other funds
1.064
217,136 Subs°.for 1st mtge. bonds__ _
$36,518
$25,697
$32.379
Operating income
C.)urrent & working assets....209,433 Funded debt
1,691,700 Non-operating income
905
2,019
1.018
Unamortized disc. Sc expense_
41.450 Current liabilities
428,740
Accrued liabilities
144,071
$37,423
$27,616
$33,397
Gross income
Reserves
768,139 -V. 120, P. 3184•
Total (each side)
$7,954,051 Profit & loss surplus
291,335
-V. 121, p.2753.
Standard Power & Light Corp.-Control Acquired by
Standard Gas & Electric Co.-The Standard Gas & Electric
Co. has acquired 80% voting control of Standard Power &
Light Corp., which latter corporation controls electric light
and power, gas and street railway properties serving the City
St. Louis County Water Co.-Pref. Stock Offered.- of Pittsburgh and surrounding communities, and also conFrancis, Bro. & Co., St. Louis, recently offered at 90 and trols approximately a 40% stock interest in the Market Street
Ry. system in San Francisco. In connection with the
div. 3,600 shares $6 cumulative pref. stock (no par value).
Exempt from all Missouri taxation and from normal Federal income tax. acquisition, John J. O'Brien, Pres. of Standard Gas & ElecDivs. at rate of $6 per share per annum, payable Q.-F. Red. on any div. tric Co., says in part:
date upon 30 days' notice at $106 per share. Liquidation value $100 per sh.
Republic R.& Light Co.-Resumes Dividend.-
0 on the 6%
The directors have declared a quarterly dividend of 1%7
pref. stock, payable April 15 to holders of record April 12. this dividend
is the first distribution to be made on this issue since April 1920. (See
also Penn-Ohio Securities Corp. above.)-V. 122, p. 1764.
Company.-Is the successor to the West St. Louis Water & Light Co.
and the West St. Louis Pipe Line Co., heretofore largely owned and operated by the same interests which will continue in the management.
Authorized. Issued.
Capitalization82,800,000
1st M.53% gold bonds, ser. "A," due Dec. 1 1945..
25,000 shs. 14.000 shs.
Cumulative pref. stock (no par value)
25,000 shs. 14.000 shs.
Common stock (no par value)
Valuation.-On the basis of reproduction value less depredation as of
Sept. 1 1923 and plus the cost of additions and improvements since made,
the properties have a value of $5,756,745 as of Dec. 311925.
Earnings of Consolidated Properties Years Ended Dec. 31.
1925.
1924.
$608.927 8751,136
Gross income
308,265 345,247
Deprec., all taxes, oper. exp., maint. & amortization_
Net income before fixed charges
Fixed charges
Net income after fixed charges
Dividend requirements, this issue
-V. 122, p. 749.
$300,662 $405.889
154,000
Southern Canada Power Co., Ltd.-Rights.-
$251,889
84.000
The directors on March 26 decided to increase the amount of no par
value common stock issued, from 50,000 to 60.000 shares, by the issue from
the treasury of an additional 10,000 shares no par value common stock,
Standard Gas Sc Electric Co. proposes to acquire for its subsidiary, Standard Power & Light Corp., all minority stocks of Pittsburgh Utilities Corp.,
United Railways Investment Co.and California Ry. Sc Power Co., the various corporations having an interest in this situation, as well as all minority
common stock of Philadelphia Co., the corporation owning the Pittsburgh
system properties. (See Standard Gas Sc Electric Co. above.)
A general summary of the transactions involving the acquisition of the
new properties is as follows:
Standard Gas Sc Electric Co. has acquired and will sell to Standard Power
Sc Light Corp. a 71% stock interest in United Railways Investment Co.
in consideration for stock representing an 80% voting control of Standard
Power Sc Light Corp., in which Standard Gas Sc Electric Co. heretofore
has had only a 50% voting stock interest. Standard Power & Light Corp.
also owns preferred shares representing a majority of the voting stock of
Pittsburgh Utilities Corp.
Standard Gas Sc Electric Co. has made an offer to the minority stockholders of United Railways Investment Co.. Pittsburgh Utilities Corp. and
California Ry. Sc Power Co. and to the minority common stockholders of
Philadelphia Co., to exchange their shares for preferred or common stock,
or both, of Standard Gas Sc Electric Co.,such exchanges to become effective
upon the approval of an increase of the authorized number of shares of common stock of Standard Gas Sc Electric Co.
Standard Gas Sc Electric Co. will sell the minority shares of stock so
acquired to Standard Power Sc Light Corp. to the end that the ownership
of all common stock of Philadelphia Co. and all the shares of stock of the
other companies named will be in Standard Power Sc Light Corp., and in
the course of these transactions Standard Power Sc Light Corp. will issue
2044
THE CHRONICLE
[VOL. 122.
in prosperous sections of nineteen States.WThe recenrinclusionvin7the
Standard Gas & Electric Co. system of the electric light and power, gas
and street railway utilities serving the City of Pittsburgh and surrounding
territory and the Market Street Railway of San Francisco make this one
of the largest groups of utility companies in the United States controlled
and managed by one company.
The combined earnings of the present operated and affiliated utility
companies were as follows for the year ended Dec. 31 1925:
Gross earnings
1137.324,816
Net earnings before depreciation
56.004.357
Of the total net earnings of the operated utility companies more than 70%
are derived from the sale of electricity.
In addition to the operated and affiliated utility companies, the company
owns the controlling interest in Shaffer Oil & Refining Co., which for the
year ended Dec. 31 1925 had gross earnings of $15,297,880 and net operating
earnings of $4.428,406.
The combined earnings of all the properties operated, for the period
mentioned, therefore, were:
Gross earnings
$152.622.696
Net earnings before depreciation and depletion
60.432,763
The combined assets of the present operated and affiliated utility companies, as of Dec. 311925, were in excess of $750.000,000.
For the calendar year 1925 Standard Gas & Electric Co. had earnings of
$6 per share on its common stock outstanding Dec. 31 1925-2 times the
present rate of $3 per share paid on its common stock-represented by
$4 22 per share actually distributed to the company and the earnings of
operated and subsidiary companies carried on their books to undistributed
surplus. Upon completion of all the exchanges of the stocks of the utility
companies serving Pittsburgh District and San Francisco, for preferred and
common stocks of Standard Gas & Electric Co., such annual earnings for
the full number of shares of Common stock of Standard Gas & Electric Co.
then outstanding, should be not less than $6 per share.
The total number of communities served is 1,190, having a combined
Standard Gas 8c. Electric Co.-Acquires Control of estimated
population of 5.500.000.
The operated utilities under the dhection of Standard Gas & Electric
Standard Power & Light Corp.-It was announced April 5
Co. prior to recent property acquisitions shows an increase of 50% in gross
that control of the Standard Power & Light Corp. had been earnings
and 92% in net earnings in the last five-year period.
The principal utility companies composing the Standard Gas & Electric
acquired by the Standard Gas & Electric Co.
Standard Power & Light has been controlled jointly by Ladenburg, Co. system are:
Thalman & Co., and Standard Gas & Electric Co. The former will retain California Oregon Power Co.
(a) Duquesne Light Co.
a substantial financial interest and Moritz Rosenthal of that firm will Coast Valleys Gas & Electric Co.
(b) Equitable Gas Co.
remain as Chairman of the board of-Standard Power & Light Corp. The Fort Smith Light & Traction CO.
(c) Pittsburgh Railways.
firm also continues together with H. M. Byllesby & Co. as bankers for Louisville Gas & Electric Co.
San Diego Consul. Gas & Electric Co.
the properties.
Market Street Railway.
Sierra & San Francisco Power Co.
fr In acquiring control of the Standard Power & Light Corp, the Standard Mountain States Power Co.
Southern Colorado Power Co.
Railways
Investment
Co,
Gas & Electric Co. acquires control of United
Northern States Power Co.(& subs.) Western States Gas & Electric Co.
California Railway & Power Co., Market Street Railway, Pittsburgh Oklahoma Gas & Electric Co.
Wisconsin Public Service Corp.
Utilities Corp.. Philadelphia Co. and Duquesne Light Co. Majority Philadelphia Co., under which are
control in all these companies is represented, except in the case of the
included:
Market Street Railway Where 40% of the voting control is owned.
The present operated utility companies of Standard Gas & Electric Co.
at the close of 1925 served 889,209 electric customers and 497,345 gas
Offers to Exchange Stock for Minority Holdings of Phila- customers,
a total of 1.386,545. During that
the total electric current
delphia Co., Pittsburgh Utilities Corp. United Rys Investment sold was 3,027,373,783 kilowatt hours, and theyear
gas output was 53,508,802,cu.
ft.
400
Co., California _Ry. & Power Co.-The Standard Gas &
The electric part of the business
supplied by 144 power plants with
Electric Co. on April 6 sent letters to minority stockholders and installed capacity of 1.478.933was
h.p. of which a large portion is water
power,
connected with 35,655 miles of transmission and distributing lines.
of United Railways Investment Co., Pittsburgh Utilities Gas manufacturing
Corp. and California Railways & Power Co. and to minority 107,120,000 cu. ft. plants in the system have a total daily capacity of
Standard Gas & Electric Co. and Standard Power & Light Corp. had
common stockholders of Philadelphia Co., offering to jointly
a total of approximately 35,000 stockholders at the close of 1925.
exchange stock of Standard Gas & Electric Co. for their
Balance Sheet Feb. 28 1926. (Standard Gas & Electric Co.)
present holdings. These shareholders numbering about
[Giving effect to acquisition of control of Standard Power & Light Corp.
minority
stockholders of subsidiaries of Standard after that company has acquired entire outstanding common stock of
12,000 are
Philadelphia Co., under the proposed plan of reorganization, and to the
Power & Light Corp.
liquidation of obligations incurred in connection therewith for the account
The offers of exchange of shares of stock and the terms of Standard P
@FedFRASER