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The
UMmrrctZtl
financial
rontrie
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 124.
SATURDAY, APRIL 16 1927.
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The Financial Situation.
There have been no great shifts in security values
during the week except in individual instances.
Averages have continued about at recent highs, although bonds are a shade lower, the industrial stock
average slightly higher, and the railroad stock average slightly lower than at the end of last week. The
great activity in stocks which developed during the
middle of last week continued through Monday,
when 2,467,660 shares were traded in. Since then
the turnover has been slightly less, but averaging
over 2,000,000 shares a day. Call money has continued at 41/
27
0, although it dropped to 4% on
Monday.
The more than normal activity in the market at
the present high level of values raises the question
as to whether the foundation is being laid for a still
higher level of prices, with lower yields, or whether
stocks are being distributed by the more astute
traders prior to a fall necessitated by the market
having reached an artificially high level. There are
many adherents to the latter theory and no doubt
there are, as there probably always will be, individual securities which are too high; that is, where the
price is out of relation with the real value; but some
question whether, for instance, the better railroad
stocks are above their actual investment value.
Speaking in general terms, the prices of railroad
stocks advanced between 1896 and 1910, declined between 1910 and 1921, and have been advancing during the past six years. In terms of averages the
present level is about the same as the high point of
the 1910 peak. Many of the stocks are quite the
same as they were in 1910; that is, so far as par
value and number of shares is concerned, but when
it comes to relation between property and earning
Bank and Quotation Section
Bankers' Convention Section
NO. 3225.
power vast changes have occurred in this period.
Take Atchison, for example. During the past ten
years the company has expended $295,000,000 on
extensions to its properties, yet the number of shares
of common stock outstanding is practically the same
as in 1917. These expenditures are equal to $127 a
share. The stock at the high point in 1910 with a $6
dividend reached 124. Ten years ago, in 1917, still
with a $6 dividend, it did not sell above 107. It is
now selling about 75 points higher. In the meantime, not only has the value been increased by this
amount, but by $50 additional. Railroad stocks
were regarded as low in 1917, because the average
had been declining during the previous six years.
Atchison was low with the rest, but judged by any
fair method of valuing actual property engaged in
the railroad business, Atchison is about 50 points
cheaper to-day than it was in 1917.
The same argument could be made for a number
of other railroad stocks, perhaps to a less extent in
connection with some where developments have been
less fortunate, but in the case of a dozen or more
roads the same kind of progress has occurred. If,
then, we are actually working toward a fair return
on real investment in railroads, and if railroad properties are being productively operated, as seems to be
increasingly the case, it is quite possible that we are
working toward still higher prices for railroad
shares, although, of course, the qualification of a
possible slump in trade is always to be borne in
mind.
As to the industrial properties, there can be little
doubt that in the case of a number of the better established and more progressive companies the situation
for their shares is also extremely good, while in the
case of many other companies the situation is quite
the reverse. Under conditions existing to-day it
cannot be too often said that movements of averages
have not their former significance. The market is
made up of various and contrary movements, and
these movements are in turn made in large part by
discriminating buyers. The general influences are
still of continuing prosperity and abundant supplies
of investment funds.
During the week there have been conspicuous
movements in individual securities. General Electric, after a long period of lethargy, moved sharply
upward. Commercial Solvents continued its spectacular advance well beyond any level justified by
reported figures, but nevertheless regarded by many
buyers as still a cheap stock in view of current
achievements and pOssible prospects. The sugar
stocks of the group made a rapid gain under the influence of a rise in the price of sugar. A number of
2182
THE CHRONICLE
[VoL. 124.
public utilities made spectacular gains, the most
Merchandise imports a year ago were unusually
notable movement among the stocks listed on the heavy in value, reflecti
ng in large part heavy imNew York Stock Exchange being that of Montana ports of crude rubber
and raw silk, the former in
Power, which has advanced close to 100 in expecta- particular at exceptio
nally high prices. Detailed
tion of a dividend increase. Among other conspicu- figures for March this year
are not as yet available.
ously strong stocks have been Corn Products, Inter- For the two precedi
ng months of 1927 the value of
national Harvester and National Biscuit, whereas rubber imports
was only $59,864,000, in contrast
the oil stocks, as a class, have been notably weak, with $131,262,000
for the same period of 1926, a dethis last following, of course, from the demoraliza- crease this year of
54.4%, the value this year being
tion of prices of petroleum and its products.
less than one-half the amount a year ago. In quanA number of prominent bond issues came upon tity, the reducti
on this year is only 4.8%. As to
the market during the week, including $25,000,000 raw silk, the value
for the first two months of 1927
State of New South Wales external 5s, 1958, offered is $59,772,000,
against $73,422,000, a decline this
by a syndicate headed by the Equitable Trust Co. of year of 8.6%. In
quantity the reduction this year
New York at 961/
4, yielding 5.25%; $30,000,000 City is 4.4%. Relatively the same loss
in the value of
of Milan external 6y2s, 1952, offered by a Dillon, imports of these
two leading commodities for last
Read & Co. syndicate, at 92, yielding 7.19%, and month would
account for considerably more than
$55,000,000 Duquesne Light Co. first mortgage 4y2s, one-half of the decline
shown for March in merchan1967, offered by a syndicate headed by Ladenburg, dise imports
, as compared with a year ago.
Thalmann & Co. and H. M. Byllesby & Co., Inc., at
On the other hand, the increase of $35,594,000 in
95, yielding 4.78%. These bonds are to refund pre- the value of
merchandise exports last month over a
viously existing issues outstanding at 51/2% and 6%, year ago, is mainly
accounted for by the increase of
and for other purposes. A new earmark was given $26,392,500 in
the value of exports of cotton shown
during the week to the establishment of the present for March
this year, in contrast with that month in
low yield level of bond prices by the issuance of 1926. Cotton
exports last month were exceptionbonds with 33
4% coupons by the City of Newton, ally heavy for March, 1,129,53
7 bales, contrasting
Mass., the first municipal bonds issued with a cou- with only 519,732
bales in March a year ago, an
pon less than 4% for a number of years.
increase as to quantity of 117.3%. The increase in
Brokers'loans as recorded by the Federal Reserve value last month was slightly
less than 50%. For
Board increased by $36,926,000 as of April 6 com- nine months
of the current fiscal year merchandise
pared with the preceding week, bringing the loans to exports are valued
at $3,803,268,000, as against
practically the same level as a month ago, and about $3,670,675,000 for
the corresponding period of the
$300,000,000 below the peak, recorded on Jan. 6 preceding year, increas
an
e for the past nine months
1926, but about $400,000,000 above the low point of of $132,593,000. Merchandise
imports covering the
the spring of 1926. .Car loadings for the week same period of time this
year, are valued at $3,175,ended April 2 were 69,345 ahead of those for the 666,000, against $3,409,7
90,000, a decrease for the
corresponding week of last year, although they fell current nine months of $234,124
,000. The balance of
below the 1,000,000 mark, amounting to only 992,- trade has been on the export side
for the nine months
745. The Irving Fisher index of wholesale commod this fiscal year to the amount $627,602
of
,000, while
ity prices showed another slight gain, standing at for the corresponding time of
the preceding year
140.9 on April 8, compared with 140.3 on April
1, the export balance was only $260,885,000.
the same figure as the average during March, in
Gold exports last month amounted to $5,619,000
which the low of the recent movement was reached. and were slightly larger than
for the preceding
month or the corresponding month last year. Gold
Exports and imports of merchandise from the imports of $14,254,000 were smaller
than for any
United States during March, according to the report month since October last
and very much reduced
issued by the Department of Commerce at Washing- from a year ago. Silver
exports in March were
ton late yesterday afternoon, make a very favorable $6,069,000 and imports
$4,307,000.
comparison with the earlier months of this year.
The value of merchandise exports in March was
Active steps toward obtaining satisfaction for the
$410,000,000, as against $372,679,000 for the short Nanking outrage
of March 24 were taken in China
month of February and $420,005,000 for January. April 11 by the
Powers, when five identical notes
For March a year ago the value of merchandise ex- were handed to Eugene
Chen, the Cantonese Foreign
ports was $374,406,000, showing an increase this Minister, at Hankow
and to a representative of
year of $35,594,000. Merchandise imports last Chiang Kai-shek, the Cantone
se military leader at
month were larger than for any month since April Shanghai. The Consula
r representatives of the
of last year. The value in March was $377,000,000, United States, Great Britain, Japan,
France and
as against $310,866,000 in February and $357,268,- Italy presented the "terms" simulta
neously. The
000 in January. Compared with a year ago, when text of the Washington note, given out
by the State
imports in March were $442,899,000, there is a de- Department, called for: 1. Adequat
e punishment of
crease this year of $65,899,000. The balance of the commanders of the troops
responsible for the
trade last month on the export side was $33,000,000; murders, personal injuries and indignit
ies and maa year ago there was an "adverse" balance, or one terial damage done, as also of all persons found to
on the import side, of $68,493,000. This exceptional be implicated. 2. Apology in writing by the Comsituation of a trade balance on the import side ap- mander-in-Chief of the Nationalist
Army, including
peared in the report of the .foreign trade of the an express written undertaking to refrain from all
United States during each of the first four months forms of violence and agitation against foreign lives
of 1926, and in the aggregate amounted to a consid- and property. 3. Complete reparation for personal
erable sum.
injuries and material damage done. In conclusion
APR. 16 1927.]
THE CHRONICLE
the note says: "Unless the Nationalist authorities
demonstrate to the satisfaction of the interested
Governments their intention to comply promptly
with these terms, the said Governments will find
themselves compelled to take such measures as they
consider appropriate." A covering statement was
also issued by the State Department detailing the
circumstances which led up to the step. This statement charges unequivocally that the outrages perpetrated against foreign Consuls and other residents
of Nanking were committed by uniformed and organized bodies of troops of the Nationalist armies who
"systematically looted and in many cases burned the
houses and institutions of all foreign residents in
Nanking." In view of those manifestly premeditated
assaults, the statement adds, it has been found necessary to formulate demands for satisfactory amends
by the responsible Nationalist authorities. These
terms are described in the statement as "studiously
moderate," covering only the minimum of what
would in the circumstances be done by way of honorable amends by any Government conscious of its
own dignity and its duty to other friendly peoples
in the family of nations. These demands are not
made in derogation of the sovereignty or dignity of
the Chinese people whom the interested Governments
are glad to believe friendly and with whom they
earnestly desire to continue and improve relationships of good-will and co-operation. They are directed rather toward those influences, both foreign
and Chinese, which made themselves responsible for
the Nanking outrages by their activities in seeking
to break up the existing friendship and to inflame
the Chinese people to distrust, hate and violence toward the people of the friendly Powers.
A prompt reply by Eugene Chen was indicated by
Hankow dispatches of Thursday to the Associated
Press. According to these, the Cantonese Minister
replied sharply, declaring that the Americans and
Britons "bombarded defenseless Nanking," and proposing the formation of an international commission
to investigate the affair. Besides a refusal to admit
that Cantonese troops were responsible for the incident, the reply stresses the point that such occurrences were inevitable as long as unequal treaties
exist. A commission to revise these treaties is suggested.
In Washington there.is no present disposition to
push the case, says a report of Thursday to the New
York "Times." This report adds that officials have
again indicated that the American note on the Nanking incident was drafted on instructions laid down
by President Coolidge, and if the other nations sent
similar communications to the Nationalists it could
only have been because their views coincided with
those of the United States.
Troubles, meanwhile, are multiplying in the councils of the Nationalists. General Chiang Kai-shek,
who is credited with making the military advance of
the Southern armies possible, is reported definitely
at odds with the central body at Hankow. Having
gained control of the native port of Shanghai, with
its immense revenues and overwhelming strategic
importance, Chiang appears to have repudiated the
Bolshevist-inspired advisers and was reported in a
Shanghai dispatch of April 13 to the New York
"Times" as having reached an agreement with the
Northern war lord coalition. Evidence in support
2183
of this report is not lacking. "Pukow has fallen to
the Shantungese, apparently without battle, bringing the Northerners, who less than a month ago fled
more than 100 miles north of the Yangtze River, back
to the river in less than a week's fighting and without causing alarm among the Kuomintang here." A
dispatch of Thursday to the "Times" says that a
Kuomintang conference is to begin in Nanking Friday, the purpose being to organize a new Government and to decide on a reply to the note from the
five Powers. It is indicated that the power of the
radicals within the Cantonese regime is to be destroyed.
In the native quarters of Shanghai sanguinary
struggles took place during the week. Open warfare
developed between the Communists in the labor
uniOns and General Chiang Kai-shek's adherents.
The soldiers of the latter raided the strongholds of
the labor unions and brisk battles resulted in which
many Chinese were reported killed. The raids resulted in gigantic mass meetings outside the foreign
concessions, workers notifying employers that they
were taking a holiday in order to attend the meetings. Strikes continue in the Shanghai area, and
precautions against anti-foreign outbreaks are not
being diminished in the International and French
settlements. With 172 foreign men-of-war in Chinese waters, apprehension among the foreign residents has, however, quieted down greatly. Some
concessions are even being made to the Chinese, the
parks in Shanghai, hitherto reserved for the use of
the foreigners, being thrown open to the natives.
At Hankow difficulty is still experienced by the foreign residents, Admiral Williams reporting officially on April 11 that "the attitude of the Chinese
at Hankow is ugly, particularly large crowds of coolies out of work and hungry."
In Tokio the struggle between Chiang Kai-shek
and the Communists is considered virtually over,
the next question wherein the Japanese are concerned being whether Chiang will compromise with
the North. The North is reported in the Japanese
capital to have been making efforts to reach an
agreement and to be ready to accept most of the
Nationalist program.
The continued rumors of a meeting of the moderate leaders in the Kuomintang or People's Party at
Nanking were confirmed yesterday. Headed by
Chiang Kai-shek, these leaders assembled with what
appeared to be the tacit approval of the Northern
war lords, as military activities have died down.
The first step to be taken at the meeting, according
to a Shanghai dispatch to the New York "Evening
Post," was the passage of a resolution impeaching
the present governmental heads at Hankow, and
calling for the arrest of Michael Borodin, Russian
adviser to the Cantonese, and twenty Chinese leaders and agitators at Hankow. This action, sponsored by a majority of the Central Committee of the
Kuomintang, made real the break between moderates
and radicals, and a bitter war between these two
groups was regarded as certain to result. As Chang
Tso-lin, leader of the Northern forces, is bitterly opposed to the Communists, a truce between him and
Chiang Kai-shek is considered possible, the dispatch
adds. The Cantonese Foreign Minister, Eugene
Chen, was not named in the resolution, speakers at
the meeting declaring that he was not actually a
2184
THE CHRONICLE
[Vol.. 124.
Communist, but was the tool of Borodin and the
after the Easter holidays it would complete the first
others. The means for taking the men named into readin
g of its draft program, so far as this has been
custody were not specified.
agreed to, and then adjourn to permit the Govern
ments to study the situation and decide on future
The raids in Peking and Tientsin on the Russian
action.
compounds attached to the Soviet Embassy and ConLord Cecil apparently made a sincere effort to
aulate have not brought strong action on the part
of reach an agreement, offering to accept practically
Moscow. Eugene Chen, the Foreign Minister of the
everything the French advocate on land and air
Cantonese Government,expressed profound regret to
armaments, even abandoning his position on trained
Moscow for the raids, which were conducted by
reserves and naval effectives, if the French in turn
Northern troops. Alexis Rykoff, in a speech before
would make an effort to accept the British naval
the All-Russian Conference of Soviets, declared on
thesis. The French proposals, he explained, were
April 10 that the Soviet policy in the presen diplot
not acceptable to Great Britain as they failed to
matic conflict with Peking is one of peace. He added
offer the security which was essential to the British
that the Powers should not mistake it for one
of Empire. He said also that he could not accept
any
weakness. Rykoff accused the foreign diplomatic
proposal which in any way jeopardized the Washcorps in China with organizing the raids on the Soington convention or the Coolidge conference. The
viet Embassy in Peking and the Consulates in Shangprincipal danger under the first objection lay in the
hai and elsewhere in accordance with precise instruc
- possibility of a nation not building up to the protions from their Governments, for he said it
was gram in capital ships and suddenly disposing of its
impossible for such events to occur simultaneously
free tonnage in a manner which might menace the
under the different Governments existing in China.
security of other nations. Such a plan would leave
The close connection between the Soviets and
the the door wide open to competition with respect to the
Hankow Governmnt is further indicated by a manipower, size and gun power of ships. Further, it
festo, issued by the Communist Internationale on
would make possible entirely new development in
April 14, declaring General Chiang Kai-shek, who
naval building, such as would call for continued prohas been fighting the Communists within the Canvision, and consequently competition, by other natonese political party, a traitor to the Chinese revovies. Elaborating his objection based on the Washlution, an ally of the "imperialists," an enemy of the
ington treaty, Lord Cecil eulogized that instrument
labor movement and of the Communist Internationand quoted President Coolidge as to its loyal execuale.
tion. It had eliminated competition in capital ships
and even reduced armaments, he said. Britain hati
The work of the Preparatory Disarmament Comscrapped twenty-one, Japan seventeen and the
mission of the League of Nations at Geneva virUnited States thirty vessels aggregating 1,800,000
tually broke down during the past week. The
con- tons.
versations are to continue April 21, but general
The Italian representative, General de Marini&
agreement appears to be far off. The rock on which also
took exception to the French proposal on the
the Commission split is the French plan of limiting ground
that it was too broad. In reply the French
naval tonnage. The French proposition, which is delega
te said his country could go no further away
not acceptable to the British, provides that the con- from
the global tonnage principle because it was estracting parties shall state that a convention on sential
to safeguard the right of distributing in its
global tonnage is deemed indispensable for defense own
best interests the tonnage which the Washingand national security and the global tonnage they ton agreem
ents left free. M.Sato of Japan expressed
consider they must build before the expiration of the himsel
f favorably on the French proposal, as did also
convention. Further, the plan would specify the the
Argentine and Chilean envoys.
global tonnage in each of the four main categories,
The correspondent at Geneva of the New York
namely, ships of the line, airplane carriers, surface
"Times" reported a significant incident at the close
vessels of less than 10,000 tons and submarines:
of the morning session on April 12, when Lord Cecil
Each contracting party, while remaining within the
said somewhat plaintively: "I can only say that
3J
limit of its total tonnage, might modify the
distribu- far we have made a great many concessions.
We
tion in a manner deemed indispensable to its secuhave not had many concessions in return." M. Bonrity, provided that it makes known to the Secretariat
cour replied in Latin: "Not many, but much." These
of the League of Nations the proposed modification
two remarks, adds the correspondent, might cause
at least one year before laying the keels of the vessels
the philosophical reflection that it is all in the point
comprising the modified tonnage. These proposals
of view. But that was the situation at the beginn
ing
had been suggested by M. Boncour, the French dele- and
the object of the session was to find a comprogate, in secret discussions with Viscount Cecil of
mise between these points of view. Instead
of that,
Great Britain. They were taken out of the secret
each side considers it has given three-quarters way
conversations by France on Saturday last and sudand blames the other side for obstinacy.
denly thrown on the Commission table, thus leaving
it to Great Britain to accept or shoulder responsiThe position of the United States Government
bility for wrecking the disarmament effort. The with
regard to the plans for disarmament under conBritish counter-proposals, it is understood, fixed siderat
ion by the League of Nations Preparatory
limits to the number of ships which might be built Commis
sion was made clear by Hugh S. Gibson, the
in each category. Viscount Cecil on Monday re- chief
American representative, in a speech delivered
jected the French compromise offer regarding the Wednesday.
Mr. Gibson explained that as the
method of naval limitation, France, on the other United
States was not a member of the League of
hand, refusing to budge an inch from her conces- Nations, she could
not be bound by any arrangement
sions. The Commission accordingly decided that whereby the machinery
and authority of the League
APR. 16 1927.]
TH1
CHRONICLE
should be utilized in holding Governments to their
pledges under the treaty. He pointed out that this
did not, however, mean that his Government would
not join in any disarmament agreement, even if it
provided that other signatories were to have their
armaments scrutinized by the League or some other
international body. He suggested that a way for
American co-operation might be found through relieving this Government from international supervision of armaments while leaving it applicable to
other members. As far as the United States was concerned Mr. Gibson laid down the principle that observance of treaties should be based on international
good faith. The chief purpose of Mr. Qibson's
speech, it was said in Washington, was to show a
conciliatory attitude on the part of the United States
in the face of proposals for disarmament unacceptable to this Government. What he told his fellowmembers of the Preparatory Commission embodied
a slight modification of the policy which the United
States had adopted with reference to plans for disarmament. This modification was in the interest of
harmony in the Commission and to furnish evidence
of the willingness of the United States to make concessions that might be helpful toward bringing about
an understanding that would lead to the conclusion
of a general disarmament treaty. The United States
has consistently opposed any disarmament treaty
that provides League of Nations or other international supervision for the purpose of compelling observance of treaty requirements. The modification
of this Government's attitude is found in its will.
ingness, as expressed by Mr. Gibson, to become a
party to a treaty carrying such a provision, but on
condition that the United States will not be bound
by any international supervision.
The failure of the Geneva Preparatory Disarmament Commission to agree on a formula for naval
limitation caused widely divergent reactions in European capitals. London was reported as quite
unperturbed by the correspondent of the New York
"Times." The reason alleged for this was that British statesmen attach greater importance to the prospects of sea disarmament through the coming Coolidge conference than through the League of
Nations
deliberations, where the situation is complicated
by
the fact that the majority of representatives
have
only an indirect interest in naval limitation.
The
dispatch says further: "It is understood that
the
British Admiralty is working on well-defined
plans
for the Coolidge conference and it is promised
that
Britain will produce definite proposals. However,
it also is reported that these proposals may
be
largely conditional. That means that Britain will
state what she is prepared to do on condition
that
other nations not represented at the conference
do
certain things, either through the Geneva deliberations or otherwise. For instance, Britain might
state certain limitations on auxiliary craft she would
accept if and when French submarine strength was
limited. There are also reports that Britain may
propose revision and prolongation of the Washington naval treaty in the direction of further limitation of capital ships."
In Paris there was a disposition to regard the
check on the deliberations as fatal to all plans and
efforts. Coupled with this there was a tendency to
blame everyone else, and especially England. The
2185
proposals put forth at Geneva were largely French
in origin and French officials had, apparently, a
great deal of confidence in the success of the meeting. The plan championed by Paris, detailed above,
was regarded by its sponsors as logical and democratic throughout, says a report of April 12 to the
New York "Times." Against that, adds the dispatch, "it may be argued that the project was never
practical, and it is on that rock that it has split at
Geneva. At least it was never practical without control, without the erection of the League of Nations
into a super-State, and in this present world that is
not a practical proposal."
The new British budget for the fiscal year beginning April 1 was presented by Mr. Winston Churchill, the Chancellor of the Exchequer, to the House
of Commons on April 11. Fortunately, it fulfilled
only in small part the fears of British taxpayers regarding new taxes. Sweeping increases had been
deemed necessary owing to the deficit of more than
£36,600,000, which was revealed at the close of the
previous year on March 31, and the question on all
lips in Great Britain was where the new taxation
would fall. Not only were expenditures higher than
the estimates, largely as an aftermath of the coal
strike and the Chinese disturbance, but revenue also
had fallen short £20,000,000 on the basis of existing
taxation. Hence, the reading of the new budget was
awaited with no little misgiving.
Mr. Churchill, however, managed to arrange the
coming year's expenditures and half of last year's
deficit without burdensome additional levies. His
various expedients were described as ingenious by
his friends, but the opposition called the budget
"more a box of tricks than a money chest." He proposed an increase in customs and excise duties on
spirits, tobacco, tires and matches, so as to increase
such revenue £6,000,000. Some £12,000,000 is to be
taken from the surplus of the road fund derived from
automobile owners, and £14,800,000 will be obtained
by making the landlords' property tax payable in
yearly instead of half-yearly installments, thus
bringing an extra half year's installment into the
current year's revenue. The rest of the sum will be
obtained by reducing the period of credit to brewers
for the payment of the beer duty from three months
to one, by introducing legislation to prevent income
tax evasion, and to tax royalties on novels and plays
paid to persons living out of England. After such
alterations in taxation Mr. Churchill estimated the
revenues at £834,830,000, or about £1,400,000 in excess of the estimated expenditures of £833,390,000.
Mr. Churchill announced further that even under
such a broadside as she had received Britain would
not fly distress signals, but would proceed with the
policy of debt reduction. Such a policy was vital,
he said, in view of the necessity for a lower money
rate on the heavy debt conversions which fall due ;11
the next three years. The total of the national debt
he placed at £7,554,750,000, or about P5,000,000,000.
The debt reduction is being pursued at such a rate,
he declared, that with peace and a money rate of
31/
2% the national debt could be paid off in forty
years. The Chancellor pointed out that sterling exchange had remained firm since re-establishment on
a gold basis in April 1925, and as a result, he said,
the precautionary American credits established to
aid it would be canceled next month. The creditg
2186
THE CHRONICLE
consisted of $100,000,000 made available by J. P.
Morgan & Co. as the fiscal agents here of the British
Government, and $200,000,000 arranged by the Federal Reserve Bank of New York which is the correspondent of the Bank of England. They were never
used, it is stated.
Philip Snowden, Mr. Churchill's predecessor in
office under the Labor Government, referred to the
budget on the following day as "profligate and audacious." It was, he said, "a temporary reprieve by
means of artful dodges." Mr. Snowden declared
further that Mr. Churchill's estimates were E100,000,000 more than he had promised two years ago.
Nevertheless, general opinion in England appeared
to be favorable to Mr. Churchill's new budget, securities strengthening appreciably on the London Stock
Exchange on the day following the presentation.
The extension of the voting franchise to all women
over 21 in Great Britain was foreshadowed Tuesday
when the British Cabinet decided to uphold the
pledge given by Prime Minister Baldwin at the last
elections. It was finally agreed at the end of two
long sessions of the Cabinet to introduce a Government-sponsored measure, permitting all women to
vote on reaching the age of 21, and also removing
restrictions that now prevent some women of more
than 30 from voting. The present voting age for
women is 30. Mr. Baldwin announced in the House
of Commons Wednesday that the Government suffrage bill will be introduced the latter part of the
year. Unless it is unexpectedly defeated, 5,000,000
voters will be added to the electorate, and in 70% of
the constituencies women will outnumber the men.
It is estimated that at the next general election
women voters will outnumber the men by 2,000,000.
According to a New York "Times" dispatch of April
13 from London,"two members of the Cabinet, Winston Churchill and Lord Birkenhead, opposed votes
for young women, and the opponents of the measure,
who have considerable following in the Conservative
Party, may yet succeed in amending the measure
materially before it is passed. Regarding the effect
the change will have on the fortunes of the different
parties, every one agrees that it is a leap in the dark,
although Labor hopes it will be benefited in the Lancashire constituencies, where there are many young
women workers in the cotton mills. It will certainly
make elections more expensive for the candidates,"
it is urged. When making his announcement Premier Baldwin added that no changes in the distribution of Parliamentary seats would be made as a result of the increased number of voters. Approximately 3,000,000 women would be enfranchised by
moving down the women's voting age from 30 to 21,
and another 2,000,000 would be enfranchised by removing the other existing restrictions on woman suffrage. There are now 9,500,000 women and 12,500,000 men voters and the proposed law would thus
make the feminine vote greatly preponderant. Members of the Conservative Party, especially the "diehard" Tories, have fought the project consistently,
arguing that England would no longer be "a man's
country," if the electoral extensions were to be made.
Negotiations between Austria and Czechoslovakia
for a trade treaty broke down completely on April 8,
indicating that a new tariff war of sizable proportions will begin on the expiration of the present
[VOL. 124.
agreement. Discussions between the two States
have been carried on for weeks at Prague and finally
came to an end when the Czechoslovak Cabinet refused to accept Austria's final offer. The present
treaty is dated May 1921 and notice of its termination was given several weeks ago by Austria in accordance with the treaty's provisions. The tariff
war, says a dispatch to the New York "Times" from
Vienna, will begin on April 15 unless something of a
miraculous nature occurs. Austria maintains that
it is necessary for her to increase the duties on certain Czechoslovak articles because of the years of
unfavorable balance against her in the trade between
the two countries. Against this claim Czechoslovakia maintains that the balance is superficial, not
real, because Austria re-exports so much Czechoslovak goods that the actual balance is in Austria's favor. In substantiation of this argument, Czechoslovakia cites the respective foreign currency reserves of the Austrian National Bank. There is a
tendency to connect Austrian intransigeance with
the Parliamentary elections of April 24, after which
some observers profess to believe that Vienna will
seek the resumption of negotiations and be less adamantine. Meanwhile exporters and importers of
both countries are rushing through orders against
the eventuality that the fight will be long. Should
both sides remain stubborn after April 15, heavy
losses are said to be certain in the industries of both.
The worst sufferers in Austria, it is claimed, will be
the manufacturers of women's dresses, millinery and
lingerie, which are among the most important items
of her exports because she is the Paris of Central
Europe. The makers of machine tools also will feel
the war keenly. In Czechoslovakia the cotton and
linen goods factories, especially the yarn makers,
and china, glassware and some machine makers will,
it is thought, be hard hit.
The Albanian incident of March, wherein Italy
and Jugoslavia faced each other over alleged revolutionary activities on the part of the latter country,
bids fair to be revivified. The "Giornale d'Italia,"
published at Rome,started that incident by printing
reports of troop movements on the Albanian frontier
which it asserted were fostered by the Belgrade Government. The same journal has again begun to publish reports of Jugoslav military preparations which
it alleges are directed against the Albanian State,
says a report of April 14 from Rome to the New
York "Times." The present Jugoslavian scheme, according to the "Giornale d'Italia," is to create an
independent State in Bossovo, which would immediately be recognized by Jugoslavia and plentifully
supplied with arms and ammunition with which to
foment and support action to overthrow the present
regime in Albania. Such alleged action could not
be viewed with equanimity by Italy, which received
the right, under the Treaty of Tirana, to uphold the
Government of Albania.
The plans for an inquiry into the activities on the
Jugoslav-Albanian frontier alleged by Italy in a
note to the Powers on March 18 are progressing.
The German Government has agreed to participate
in a commission with France and England for an investigation, according to an announcement in Berlin April 9. While France and England are giving
these commission posts to their military attaches at
Belgrade, Germany's representative will be a civil-
APR. 16 1927.]
THE CHRONICLE
2187
ian, probably the senior counselor of the German 570. Below we furnish comparisons of the differLegation at Belgrade. The commission will be re- ent items of the Bank of England return back to
quired to function, first, if exceptional events in Al- 1923:
bania warrant investigation, and, second, if the inBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927
1926
terested countries ask through their envoys that the
1925
1924
1923
Apra 13. AprU 14. April 15. April 16.
AprU118.
commission be called.
2
The revolt against the established Conservative
Government in Nicaragua was declared at an end in
an announcement made Tuesday by Dr. Alejandro
Cesar, Nicaraguan Minister to the United States.
Dr. Cesar said he had cable advices reporting the
complete defeat of the Sacasa Liberal army, led by
General Moncada. At the same time Dr. T. S. Vaca,
representative of the Liberal chief, asserted there
would be no further fighting other than guerilla warfare, as all the important cities are held by American marines for President Diaz "under the pretext
of protecting the railroads."
An Associated Press dispatch of April 13 from
Managua reported captures of ammunition and prisoners by General Viquez of the Conservative army
from the Liberals. Conservatives celebrated his successes in the belief that the backbone of the Liberal
opposition has been broken. Fighting ceased entirely on Thursday and Friday, as custom prohibits,
under the penalty of stoning, even a cartwheel turning the latter part of Holy Week.
The Bank of France on Thursday reduced its discount rate from 5/
1
2% to 570. The previous figure
was in effect since the 3d of February last and the
57
0 rate is the lowest figure quoted since the early
part of 1924. Aside from this change, official discount rates at leading European centres continue to
be quoted at 77
0 in Italy; 670 in Belgium and Austria; 5/
1
270 in Denmark; 570 in London, Berlin and
Madrid; 470 in Sweden and Norway, and 3/
1
270 in
Holland and Switzerland. In London open market
discounts were easier and the rate for short bills
was lowered to 41/
8@4 3-16, from 4 3-16@41/
470 on
Friday of last week. Three months' bills finished at
4 5-16%, in comparison with 41/
4@4 5-16% a week
ago. Money on call in London was also easier but
closed at 33
/
470, which compares with 3%70 a week
ago. At Paris the open market rates remain at
334% and at Switzerland at 370,the
same as heretofore.
The Bank of England in its weekly statement as of
April 13 reported a large increase in gold holdings,
namely, £1,872,937. This brought total gold holdings up to £153,173,394, the highest figure in 1927
to date. Last year at.the corresponding date gold
stood at £146,490,936 and in 1925 (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) at £128,720,928. Note circulation
recorded a small gain (£1,000). Loans on Government securities decreased £2,000,000 and loans on
"other" securities decreased £3,177,000. The proportion of reserve to liability rose from 26.70% to
28.98%; two weeks ago the ratio was 24.97%. Public deposits increased £2,866,000, while "other" deposits fell off £6,174,000. Reserve of gold and notes
in banking department increased £1,872,000. Note
circulation now stands at £137,859,000, against
£140,716,565 in 1926 and £121,362,625 in 1925. The
Bank's official discount rate remains unchanged at
Circulation
137,859,000 140,716,565 121,362,625 125,477,045 122,380,350
PiiiiliFdeposits
23,902,000 19,064715614,780,413 18,402,551 14,103,368
other deposits
97,077,000 103,618,766 110,333,035 102,066,466 111,815.398
-40,2i0,.328 39,292,221 40,917,755 51299:105
COVernrrit securities 28,982,000
Other securities
74,589,000 66,577,355 76,415,649 74,843,131 67,406,298
Reserve notes & coin 35,064,000725,524,371 27,108,303
22,385,046
-24890,609
Coin and bullion_a153,173,394 146,490,936 128,720,928 128,112,091 127,520,959
Proportion of reserve
22.28%
to liabilities
28.98%
21%%
1844%
1954%
Bank rate
5%
5%
5%
S
4%
3%
• Includes, beginning with April 29 1925, 227,000,000 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 29 1925 includes 227,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its statement for the week
ending April 13 showed a reduction in note circulation of 467,694,260 francs. This brings the total
down to 52,883,136,155 francs, against 52,443,156,095 francs last year at the same date and 42,959,748,000 francs in 1925. Advances to the State remain unchanged at 28,150,000,000 francs. In 1926
the State's indebtedness to the Bank at this time was
35,650,000,000 francs, but in 1925 it was only 23,350,000,000 francs. Gold also remained unchanged
during the week, standing at 3,683,507,443 francs,
compared with 3,684,028,059 francs in 1926 and
3,681,886,552 francs the previous year. The other
changes in the report were: Silver increased 48,196
francs, bills discounted 2,314,792,234 francs and
Treasury deposits 61,671,134 francs. General deposits decreased 84,812,349 francs and advances to trade
67,021,212 francs. As stated above, the Bank's discount rate was lowered from 5/
1
2% to 570. The 570
rate is the lowest since the early part of 1924. Comparisons of the various items in this week's return
with the statement last week and with corresponding dates in 1926 and 1925 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Gold Holdings—
In France
Abroad
Changes
for Week.
Francs.
Unchanged
Unchanged
Status as of
April 13 1927. Aprili 141926. AprU 151925.
Francs.
Francs.
Francs.
3,683,507,443 .h684,028,0591‘3,681,886,552
1,864,320,907 1,864,320,907 17864,320,907
Total
*1 Unchanged
5,547,828,350 5,548,348,967 5,546.207,460
Silver
Inc.
48.196_ 342,303,073 _ 332,208,925
316,292,613
Bills discounted:71'10.2314,792,234 4,534,026,089 3,481,989,389T-5,511,813,894
Trade advances:7_Dec. 67,021,212-1,827,865,717 2,479,325,746 V 3,073,892.899
Note circulation_ _Dec. 467,694,260 52,883,136,155 52,443,156,095 42.959,748,000
Treasury deposits_Inc. 61,671,134
97,875,161
34,300,234
10,636.048
General deposits Dec. 84,812,349 3,801,271,632 2,687,180,295 F1,925.162,758
Advances to State_ Unchanged — 28,150,000,000 35,650,000,000 23,350,000,000
In its return for the first week in April the German Reichsbank reported a decline in note circulation of 123,968,000 marks. Other daily maturing
obligations, however, increased 86,399,000 marks,
while "other" liabilities decreased 255,000 marks.
Total note circulation now stands at 3,464,738,000
marks. For the corresponding time last year it
stood at 3,061,441,000 marks, and in 1925 at 2,293,294,000 marks. On the asset side of the account gold
and bullion decreased 331,000 marks. Reserve in
foreign currency declined 11,195,000 marks. Bills of
exchange and checks fell off 38,789,000 marks, silver
and other coin 28,012,000 marks, advances 66,283,000
marks,and investments 7,000 marks. Notes on other
German banks increased 6,932,000 marks, and
"other" assets 94,861,000 marks. Gold holdings are
now 1,851,338,000 marks, against 1,491,122,000
in 1926, and 1,003,430,000 marks the previous year.
2188
TH E CHRONICLE
VOL. 124.
Below we give a detailed comparative statement serves in own vaults there was an increase of $529,000, while reserves kept by these institutions in other
back to 1925:
depositories decreased $44,000. As indicated above,
REICHSBANK'S COMPARATIVE STATEMENT.
member banks increased their reserve with the ReChanges for
April 7 1927. April 7 1926. April 7 1925
Week.
serve
bank $75,897,000, and this,in combination with
Retehstnarks.
Reichstnarks.
Reichstnarks.
Relehonarks.
Assets—
331,000 1,851,338,000 1,491,122,000 1,003,430,000 the contraction in deposits, brought a change in
Dec.
Gold and bullion
Unchanged
101,388,000 262,625,000 160,087,000
Of which dep. abr'd
elimRes. in for'n curfcy_ _Dec. 11,195,000 191,807,000 481,397,000 334,476,000 surplus reserve of $104,573,520, which after.
1,227,669,000 1,486,971,000
1,923,944,000
Bills of exch. dr ch'ks_Dec. 38,789,000
$31,714,of
reserve
inating
week's
last
deficiency
in
64,222,000
90,322,000
Silver and other coin_ _Dec. 28,012,000 103,756,000
Notes on 0th. German
740, left excess reserves amounting to $72,858,780.
10,814,000
15,691,000
13,208,000
Inc. 6,932,000
banks
The figures here given for surplus apply to reserves
7,390,000
7,686,000
14,781,000
Dec. 66,283,000
Advances
92,905,000 246,428,000 205,521,000
Dec.
7.000
Investments
the basis of 13 %legal reserve against demand deon
Inc. 94,861,000 520,368,000 1,011,179,000 1,267,223,000
Other assets
LiabilUtes—
posits for member banks of the Federal System, but
Notes in circulation Dec. 123,968,000 3,464,738,000 3,061,441,000 2,293,294,000
held
0th. daily mat'g oblig.Inc. 86,399,000 703,028,000 770,713,000 732,889,000 do not include $43,996,000 cash in own vaults
255,000 183,350,000 379,467,000 977,612,000 by these members on Saturday last.
Dec
Other liabilities
The weekly statements of the Federal Reserve
banks, issued at the close of business on Thursday,
revealed important additions to the volume of bills
rediscounted, while open market operations were
also larger. For the System as a whole rediscounts
of paper secured by Government obligations expanded $35,400,000. In "other" bills there was a
drop, however, of $11,600,000, so that total bills discounted for the week rose $23,800,000. Holdings of
bills bought in the open market increased $17,500,000. Holdings of Government securities were added
to in amount of $13,400,000. Total bills and securities (earning assets) expanded $54,700,000. The
amount of Federal Reserve notes in actual circulation increased $16,400,000, while there were increases of $32,800,000 and $41,800,000, respectively,
in member bank reserve accounts and in deposits.
Gold holdings were $7,700,000 larger. At the Federal Reserve Bank of New York gold increased nominally $200,000, but changes in other items followed closely those of the group banks. Rediscounting of all classes of paper showed a gain of $40,000,000. Open market purchases were larger, mounting $19,700,000. Holdings of Government securities
increased $12,900,000. Total bills and securities
showed the large expansion of $72,500,000. Among
the other increases were $82,400,000 in deposits and
$82,000,000 in member bank reserve accounts. The
amount of Federal Reserve notes in actual circulation at this Bank declined $5,900,000. The sharp
advance in deposits was sufficient, regardless of
gold movements,to bring about lower reserve ratios.
For the combined system the ratio of reserve declined
to 78.8%, off 0.970. At New York the loss was
greater, and reserve ratios dropped 4.8% to 79.7%.
Last Saturday's return of the New York Clearing
House banks and trust companies made a good showing, in that it indicated the return of funds into
normal channels following month-end operations,
in which the United States Government collected
enormous sums and also paid out enormous sums.
Member banks added more than $75,000,000 to their
reserves in the Federal Reserve institution, while
deposits fell off more than $216,000,000. The item
of loans and discounts shrank $119,622,000, while net
demand deposits declined $216,341,000, to $4,429,489,000, which total is exclusive of $69,365,000 in
Government deposits. Time deposits decreased
S.3,761,000, to $682,468,000. Cash in own vaults of
members of the Federal Reserve Bank increased
R3,791,000, to $43,996,000. This, however, does not
count as reserve. Minor changes occurred in the reserves of State banks and trust companies. In re
The money market the past week turned out to be
somewhat tighter than had been generally expected.
The New York Clearing House bank statement at
the end of last week showed excess reserves of more
than $72,000,000, as against a heavy deficit the previous Saturday; nevertheless the rate for call loans
47
0 for renewals and the rate adon Monday was 41/
vanced to 41/2%, when loans to the extent of $25,000,000 were called. The quotation remained at
0 on the three other trading days of the week,
27
1
4/
the banks calling between $20,000,000 and $25,000,000 on each day. As there was no trading Friday,
0 rate continued over the week-end. Funds
the 41/27
were, however, in comfortable supply at all times
at the higher rate and in the latter part of the week
there was no disposition to regard the 41/270 rate as
unusual in view of the mid-month settlements. A
little unsettlement resulted in the stock market the
early part of the week from the advance in the call
loan rate. Time funds remained quiet at 4% to
2%, most transactions favoring the upper level.
1
4/
The April 6 statement of brokers' loans by the 59
reporting member banks of the Federal Reserve System in New York showed an advance for the week
of $36,926,000. The total is now approximately
$350,000,000 more than at the same time last year.
The figures are carefully watched by banks and
traders alike, as the expansion is not looked upon
as an altogether healthy sign. No gold movements
of importance were reported during the week, except
that $1,175,000 went to Brazil.
Dealing with specific rates for money, loans on
call this week covered a range of 41%@4½%, as
against 4@41
2% last week. The call loan market,
/
however, was very nearly stationary. On Monday
4%,
1
the high was 41/27
0, with the renewal rate 4/
which was also the low; but for the remainder of
the week—Tuesday, Wednesday and Thursday—the
2% rate prevailed and was the only figure named.
41/
On Friday there was no market, the Stock Exchange
being closed because of the Good Friday holiday.
In time money trading was very quiet, especially
toward the latter part of the week. The undertone
was firm and the range was not changed from 4%@
2% for the longer maturities, four, five and six
1
4/
months, with 4%7
0 for 60 and 90 days, the same as
a week ago. Whatever business passed, however,
was transacted at the outside figure, namely, 4/
270,
1
which was the trading rate.
Commercial paper was moderately active, and
offerings were readily absorbed by both local and
out-of-town institutions. As usual, however, offerings were scanty. Quotations for four to six months'
•
APR. 16 1927.]
THE CHRONICLE
2189
values is a subject of keen interest, and doubt is
beginning to be felt that sterling at this time will
go much higher. Of course, if New York money
rates keep step with those in London, the flow
of funds from this centre to London may be unaffected. On the other hand, in a few weeks commercial bills against the usual autumnal efflux of
cotton and grain will likely put in an appearance.
At the same time there are some who maintain their
optimistic opinion, on the theory that sterling is
going to be materially helped by the placing of
foreign loans here, a large portion of the proceeds
of which may find their way to London.
Referring to quotations in detail, sterling exchange
on Saturday last was steady, with demand bills a
shade firmer, at 4.85 3-16 (one rate) and cable
transfers at 4.85 11-16; trading was quiet. On
Monday easier conditions prevailed and there was
a decline to 4.85 1-16®4.85/ for demand and to
4.85 9-16@4.85% for cable transfers. A tendency
towards recovery developed on Tuesday, although
actual quotations remained unchanged, namely—
demand, 4.85 1-16@4.85.4
1 and cable transfers
SPOT DELIVERY.
SO Dags. 4.85 9-16@4.85%; inactivity was still in evidence.
90 Data.
60 Days.
35(€434
3,(1143%
ble bi
334C435i
Prime
Wednesday's market was firmer, and prices adFOR DELIVERY WITHIN THIRTY DAYS.
11,4 big vanced to 4.85/@4.85 3-16 for demand and to
ember banks
1134 bid 4.85%@4.85 11-16 for cable transfers.
e non-member banks
Dulness
characterized dealings on Thursday and demand
There have been no changes this week in Federal ruled all day at 4.85 3-16 and cable transfers at
Reserve Bank rates. The following is the schedule 4.85 11-16. On Friday which was celebrated as a
of rates now in effect for the various classes of paper religious holiday by a majority of the large business
at the different Reserve banks:
concerns, business was at a virtual standstill, with
demand quoted, nominally, at 4.85 3-16 and cable
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 15 1927,
transfers at 4.85 11-16. Closing quotations were
4.85 3-16 for demand and 4.85 11-16 for cable
Paver Maturing—
After 90 After 0
transfers.
Commercialsight bills finished at 4.85 1-16,
B,,'
Days, but
Within 6 Within 9 sixty days at 4.81 1-16,ninety days at 4.78 15-16,docuWithin 90 Days.
Months. Months.
FEDERAL RESERVE
BANK.
ments for payment(sixty days) at 4.81 5-16 and sevenCon'reted Secured
@ by U. S Bankers' Trade Arteut.* Agrietell day grain bills at 4.84 13-16.
Cotton and grain for
and
and
AccepLivestock Govern't AccepPaver. Oblige- lances. tances. Livestock Livestock payment closed at 4.85 1-16.
Paper. Paper.
8.0J.
A shipment of $2,000,000 in gold was reported
4
4
4
4
Boston
4
4
4
4
4
New York
4
4
4
*being on the SS. Fuji Maru on its way from
as
4
4
4
4
Philadelphia
4
4
4
4
4
Cleveland
4
4
Yokoh a, destined for San Francisco. This brings
4
4
4
4
4
Richmond
4
4
4
4
Atlanta
4
4
I shipments from Japan during 1927 up
to
4
4
4
Chicago
4
4
4
4
Bt. Louis
4
4
4
4
4
o
8,000,000. Since last October about $45,Minneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
Dallas
4
4
4
00,000 has been shipped, which with the $15,4
4
San Francisco
4
4
4
4
4
shipped during the early part of 1926 and
000,000
•Including bankers' acceptances drawn for an agricultural pur
an
part of 1925, makes a grand total of
the
latter
by warehouse receipts. dro
$60,000,000. According to bankers, Japan's staIn the sterling exchange market th nfluence of bilization plans call for a gold reserve in this country
religious activities incidental to t
Holy Week of $75,000,000. The Bank of England this week
celebrations became apparent aim t from the start, imported £1,000,000 in gold sovereigns from South
and the market may be said to have been marking Africa, bought £811,000 in gold bars and exported
time with trading routine in character and excep- small amounts to Argentina, India and Spain. At
tionally dull. Rate movements were inconsequential. New York during the week ending April 13 imports
Demand bills ruled the greater part of the time be- have been only $84,000, while the exports reached
tween 4.85 1-16 and 4.85 3-16. Announcement of $1,399,000—$1,175,000 going to Brazil, $165,000
the contemplated discontinuation of the Federal to Mexico and $41,000 to Germany. There were
Reserve Bank-Morgan credits, occasioned little sur- no Canadian shipments.
prise, since it was known that they had never been
used, and sterling has given abundant evidence of
Continental exchange shared in the prevailing dullate that support from this source will not be re- ness, although considerable irregularity was noted in
quired. Discussion, however, centred chiefly upon a few currencies, accompanied by sporadic outbursts
the statement made by Chancellor Churchill to the of speculative activity. Italian lire again took the
effect that service on the British national debt lead and attracted no little attention by the establishwould require £13,500,000 less during 1927-28 than ment of another new high record quotation of 5.04,
has been needed in the fiscal year just closed. This which 'constitutes a gain of 22 points from the close
indicated that lower money rates are expected in of last week and is the highest level reached since
Great Britain, and, of course, less interest on Treas- April 14 1923. Aside from the improvement in
ury bills. Just what effect this will have on sterling economic and financial affairs in Italy and good effects
names of choice character were a trifle firmer, at
4@4/
1
4%,with the bulk of the business at the higher
figure, as against 4% last week. Names not so well
known now require 41/
4@41/2%, as compared with
/
4% a week earlier. New England mill paper and
41
the shorter choice names continue to be dealt in at
4%, unchanged.
Banks and bankers' acceptances remained at the
levels established last week. The market was quiet
and featureless, with the undertone firmer, though
quotations were not changed. The week's turnover
was small. Practically nothing in the way of news
transpired. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council remains at 33
/
4%. The Acceptance Council
makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve
2% asked for bills running
banks 3%% bid. and 31/
/
4% bid and 3%70 asked for 60 days and
30 days; 33
/
4% asked for 120 days and
/8% bid and 33
90 days; 37
/8% sked for 150 and 180 days. Open
4% bid and 37
ow:
market quot
2190
THE CHRONICLE
[Vol_ 124
of the deflationary policies that have been so ,rigor- Trading was feverish and excited, especially at the
ously enforced, the large loans which have been large foreign centres. Dutch guilders were inactive
floated here on Italian account have been elements of and inclined to be heavy though quotations were held
strength. There have also been rumors that the within a fraction of the previous level, 40.00. Swiss
Italian Government had signified its approval of the francs were dull, but steady and unchanged. In the
rising trend to lire values and that to all appearances Scandinavians the only activity discernible occurred
trade and commerce was not showing any untoward in Norwegian crowns which apparently moved for
effects. Very heavy buying of lire developed in this some reason in sympathy with pesetas; probably as a
market, which was said to have emanated from Italy. result of manipulation by the same speculative clique.
Importers of' Italian goods were also buyers of round There was a drop to 25.73, then a rally to 25.83 on
amounts. Bankers reported increasing demands on alternative selling and buying. Here also trade
the part of Italian nationals living in this country for activity dwindled to practically nothing with the
the purpose of shipping funds home to their relatives. advent of the Good Friday holiday.
Bankers' sight on Amsterdam finished at 39.983/2,
There were some who stated that the reason the
Italian Government is no longer in the market as a against 39.9932; cable transfers at 39.993/2, against
2, and commercial sight bills at 39.973/2,
seller of lire is that it has accumulated a very large 40.003/
supply of sterling, dollar and other foreign currencies against 39.983/b last week. Swiss francs closed at
and is in a strong position financially. Toward the 19.23 for bankers' sight bills and at 19.24 for cable
close of the week, however, it seemed as if the spec- transfers, against 19.223/ and 19.233/2. Copentacular rise had occasioned some apprehensions, and hagen checks finished at 26.66 and cable transfers
offerings of lire were placed on the market,for official at 26.67, against 26.66 and 26.67. Checks on
account, it was claimed, and the result was to cause a Sweden closed at 26.78 and cable transfers at 26.79
(unchanged), while checks on Norway finished at
slight halt in the advance.
25.83 and cable transfers at 25.84, against 25.82 and
week
ago,
nearly
a
all
of
the
As was the case
activity was confined to lire and the remainder of 25.83 the previous week. Pesetas closed • at 17.66
the foreign exchange list was neglected. French for checks and at 17.67 for cable transfers. This
exchange was stable, but dull and unchanged. compares with 17.69 and 17.70 a week ago.
Lowering of the Bank of France rate had apparently FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
no effect whatever on actual quotations. Antwerp
APRIL 9 1927 TO APRIL 15 1927, INCLUSIVE.
belgas remain without change. German marks
were slightly easier, but inactive. Greek exchange Country and
Noce; Buying Rate for Cable TranSfera in New York.
Monetary
Value in United Stales Money.
Unit.
was firmly held and maintained the gains of the
1 Ayr. 9. Apr. 11. Ayr. 12. Apr. 13. Apr. 14.1 Apr. 15.
preceding week, ruling at around 1.34 on prospect EUROPE$
schilling -----14078
14073
.14077
.14084 3.14075 3.14068
of the placing of a loan in London. Czechoslovakian, Austria,
Belgium. belga
.1390
.1390
.1390
.1390
.1390
.1390
Bulgaria. ley
007240 .007240 .007257 .007255 .007240 .007240
Polish and Finnish currencies were only slightly Czechoslovakia,
krone .029619 .029818 .029617 .029619 .029618 .029614
Denmark,
krone
.2667
2667
.2667
.2667
.2667
.2667
changed. Rumanian lei ruled most of the time at England, pound sterling
4.8565
.8556
4.8556
4.8561
4.8563
4.8565
0.613/2; although there was no special activity in Finland,
markka
.025201 .025208 .025206 .025205 .025203 .025208
franc
0391
.0391
.0391
.0392
.0392
.0392
this or the other currencies; at the close intervention France,
Germany, reichamark .2370
.2370
.2370
.2370
.2370
.2370
Greece. drachma
013450 .013568 .013469 .013425 .013380 .013323
of the Good Friday holiday caused a general sus- Holland, guilder
.4000
.4000
.4000
.4000
.4000
.3999
Hungary, bongo ....... .1748
.1748
.1748
.1748
.1747
.1748
pension of business.
Italy. lira
.0481
.0481
.0486
.0496
.0498
.0490
Norway, krone
.2581
.2572
.2573
.2580
.2581
.2581
rate
on
Paris
124.00,
check
closed
at
London
The
Poland. zloty
1142
.1137
.1138
.1137
.1140
.1145
0511
Portugal. escudo
.0511
.0512
.0511
.0511
.0511
Rumania,leu
006089 .006138 .006137 .006117 .006086 .006068
which compares with 124.03 a week ago. In New Spain,
peseta
1764
.1745
.1750
.1768
.1767
.1766
krona
2678
.2678
.2678
.2678
.2678
.2678
York sight bills on the French centre finished at Sweden.
Switzerland, franc__ .1923
.1923
.1923
.1923
.1923
.1923
dinar__ .017576 .017586 .017585 .017583 .017576 .017576
3.90%, against 3.90%; cable transfers at 3.91, Yugoslavia,
ASIAagainst 3.91%, and commercial sight bills at 3.89%, ChinaChefoo, tael
.6479
.6500
.6479
.6440
.6431
.6431
Hankow,tael
.6425
.6358
.6400
.6383
.6350
.6367
against 3.89% last week. Antwerp belgas closed Shanghai,
tael___.. .6175
.6232
.6204
.6156
.6153
.6153
tael
. .6500
.6538
.6517
.6477
.6477
.6477
at 13.90 for checks and at 13.91 for cable transfers, Tientsin,
Hong Kong, dollar_ .4955
.4988
.4959
.4948
.4945
.4943
Mexican
dollar
.
.4559
.4544
.4541
.4528
.4534
.4528
rates
on
the same as the preceding week. Closing
Tientsin or Pelyang
dollar
.4417
.4375
.4417
.4408
.4408
.4375
2 Yuan.
Berlin marks were 23.69M for checks and 23.703/
dollar..... .4350
.4388
.4388
.4379
.4379
.4346
India. rupee
.3618
.3617
.3611
.3611
.3611
.3611
for cable transfers, unchanged. Austrian schillings Japan,
yen
.4893
.4888
.4886
.4887
.4891
.4892
Singapore(S.S.),
dollar
.5596
.5596
.5596
.5596
.5596
.5596
have not been changed from 1414. Italian lire NORTH AMER Canada, dollar
1.000859 1.000537 1.000910 1.000634 1.000404 1.000542
finished at 4.89 for bankers' sight bills and at 4.90 Cuba.
pen°
1.000250 1.000188 1.000250 1.000125 1.000375 1.000391
Mexico. peso
.470333 .470400 .468667 .468833 .468833 .469500
for cable remittances. A week ago the close was Newfoundland, dollar .998188
.998000 .998406 .998031 .997781 .998164
SOUTH AMER.4.82 and 4.83. Exchange on Czechoslovakia closed Argentina, peso (gold) .9615 .9618 .9617 .9618 .9617 .9616
Brazil, milreis
.1180
1179
.1179
.1179
.1180
.1180
peen
.1203
.1202
1203
.1203
.1203
at 2.963
.1203
% (unchanged), on Poland at 11.50 (un- Chile.
Uruguay. peso
1 0209
1.0225
1.0229
1.0216
1.0221
1.0201
Finland
at
2.523/
(unchanged).
changed), and on
There was very little doing in South American
Rumanian lei finished at 0.61 (unchanged). Greek
1.323/
2
for
checks
and
at
at
exchange
closed
and rates fluctuated narrowly. Argentine
1
exchange
.333/i
as
against
1.343/
and
1.353/
transfers,
a
paper
pesos
finished at 42.30 for checks and at 42.35
cable
for
for
cable
against 42.26 and 42.31 last week.
earlier.
transfers,
week
Brazilian milreis were firmer, responding to reports
As to the group of Continentals formerly desig- that progress was being made in the negotiations for
nated as the neutral exchanges, activity was con- a stabilization loan to be floated in New York and
fined practically to Spanish exchange which con- London. However, it is understood that permanent
tinued the target for speculative attack and gyrated stabilization is not likely immediately. According
as spectacularly as ever. In the early dealings to despatches from Rio, the Bank of Brazil is operatliquidation of long accounts and 'short selling forced ing in the exchange market with a view to maintaining
the rate down more than 20 points, to 17.42, but no the milreis at a stable basis. The close was at 11.84
sooner had these transactions been consummated, for checks and at 11.85 for cable transfers, which
than fresh buying carried the quotation up to 17.74. compares with 11.75 and 11.80 a week ago. Chilean
APR. 16 1927.1
THE CHRONICLE
exchangewas steady and finished at 12.04, against
12.05,
e Peru closed at 3.63, unchanged.
Less interest was displayed in the Far Eastern
exchanges, and probably the only noteworthy
feature of the week was the large buying of silver for
India, ostensibly in anticipation of the May 21
settlement day. This had the customary effect of
boosting rates of the so-called silver currencies,
though later on there was a reaction and part of the
gain was lost. Japanese yen were quieter but firm
at around 49. Hong Kong closed at 49%@50,
againsq50X.@50 9-16; Shanghai at 61 11-16@62,
against 625
/s@63 Yokohama,48.90@49.00,against
49.00@49.05; Manila 49%@497
4,(unchanged); Singapore 563'@56N,, (unchanged); Bombay,36M@
36h, (unchanged), and Calcutta 363/8@3614,
- (unchanged).
2191
971.44 to three firms which comprise the New England Creamery Products Co., as a result of the attempt of Local 380 of the Milk Drivers and Creamery Workers' Union to force the exclusive employment of union men. Members of the union, it appeared, had followed wagons of the milk companies,
and had induced, or tried to induce, customers, by
threats or intimidation, not to trade with the petitioning companies. The award of heavy damages in
this case recalls the famous Danbury hatters' case,
in which damages amounting, with interest, to some
$270,000 were awarded to a manufacturing corporation in consequence of a union boycott of its goods.
Before the Danbury damages were paid, a good many
members of the local union, it was reported, had
been compelled to sacrifice their homes.
The deeision handed down by the Supreme Court
of the United States on Monday in the case of the
The New York Clearing House banks, in their Bedford
Cut Stone Co. and twenty-three other coroperations with interior banking institutions, have porations against
the Journeymen Stone Cutters'
gained $5,423,985 net in cash as a result of the Association of North America
and others, presents
currency movements for the week ended April 14. a different question and
has, in some respects, a
Their receipts from the interior have aggregated wider general interest. The suit,
which marked the
$6,580,185, while the shipments have reached $1,156,- culmination of
a long controversy between the lime200, as per the following table:
stone corporations of the Bedford-Bloomington disCURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
trict, in Indiana, and the Stone Cutters' Union, was
INSTITUTIONS.
carried to the Supreme Court from the Federal Cir...Nal
a Irmo
Out of
Gain or Loss
Week Bndedpipril 14.-w Ix- w Banks.
cuit Court, where the refusal of the District Court
Banks.
to Banks.
Banks' Interior movement
$6,580.185
81,158,200 Gain $5,423,985 to issue a preliminary injunction had been upheld.
As the Sub-Treasury was taken over by the Fed- The group of corporations, all but one or two of
eral Reserve Bank on Dec. 6 1920, it is no longer which are in Indiana, represent an aggregate invest• ment of some $6,000,000 and had aggregate sales of
possible to show the effect of Government operations on the Clearing House institutions. The Fed- $15,000,000, more than three-fourths of the sales being
eral Reserve Bank of New York was creditor at the inter-State. The Stone Cutters' Union, whose principal headquarters are in Indiana, comprises about
Clearing House each day as follows:
locals in the United States and Canada, with a
150
DAILY CREDIT BALANCESIOF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
membership of about 5,000 representing the various
l.44
eel Ate -Awes*
branches of the stone-cutting trade.
'Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
Apr. 9. • Apr. 11. Apr. 121 Apr. 13. Apr. 14. Apr. 15.
for Week.
The action was brought under Section 16 of the
p.4 $
RI $ ,
$ ^VS
83,000,003 97,000,000 98,000,000 98,000,000 100,000 000 100,000 000 Cr. 576,000,000 Clayton Anti-Trust Act, which provides "that any
Note.—The foregoing heavy credits reflect the huge mass of checks which come person, firm, corporation or association shall be
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances, entitled to sue for and have injunctive relief, in any
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In court of the United States having jurisdiction over
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do the parties, against threatened loss or damage by a
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
violation of the anti-trust laws . . . when and
under the same conditions and principles as injuncThe following table indicates the amount of bul- tive relief against threatened conduct that will cause
lion in the principal European banks:
loss or damage is granted by courts of equity." It
appeared from the record that the union had called
April 14 1927
April 15 1928
Banks of
upon its locals and their members to refuse to work
Gold. 1 Silver. I Total.
Gold.
Silver.
Total.
on
the stone produced by the corporations, such
es
41£1£1£
,1
£
£
£
England.. 153.173,394
153,173,394 146,490,000
France a.
.147,340,288 13,680,000 181,020,268 147,361,123 13,280,000 146,490,000
stone
having been pronounced "unfair" because of
160,841,123
Germany • 87,489,000 c994,600 88,483,600 58,776,750
994,600 57,771,350
Spain _._ - 103,640.000 27,988,000 131,608,000101.475,000 26,622,000 128,097,000
employment
by the corporations, since 1921, of
the
Italy
45,792,000 4.232,000 50,024,000; 35,697,000 3,413,000
Netherrds 34,939,000 2,290,000 37,229,000 35,745,000 2,098,000 39,110,000
37,843.000 members of non-affiliated unions, and that pressure
Nat. Delft- 18.080,000, 1,147,000 19,227,0001 10.954,000 3,682,000 14,8113.000
Switzerl'd_ 18.419,000 2,877.000 21,296,000 18,711,000 3,873.000 20,384,000
had been brought to bear upon builders, contractors
Sweden-.- 12,349,000
I 12,349,000 12.757,000
12,757,000
Denmark - 10.712,000,
812,000 11,524,000, 11.622,000
880,000 12,482,008 and others to prevent the use of "unfair" stone. The
Norway,.. 8,180,000,
I 8,180,000' 8,180,000
1 8.180,000
_
corporations, alleging that the acts of the union and
Total wee
,
,
„
„
„600838.371,473
Prey. week 638,536,775 53,975,600892,512,375'583,942,154 54,709.600638,851.764
its members constituted a combination and cona Gold holdings of the Bank of France are exclusive of gold held abroad,amounting
the present year to 874,572,886. b Gold holdings of the Bank of Germany are spiracy in restraint of inter-State commerce, sought
exclusive of gold held abroad, the amount of which the present year is £5,069,400.
relief through an injunction.
C As of Oct. 7 1924.
As has so often happened in labor cases as well as
Organized Labor and the Law—The Bedford in others, the
Supreme Court found itself divided.
Cut Stone Company Case.
Associate Justices Holmes and Brandeis dissented,
Two important decisions, one State and the other and Associate Justices Stone and Sanford, while
Federal, dealing drastically with the responsibilities concurring with the majority, felt compelled to narof labor unions under the law, have recently been row the basis of their agreement in brief separate
handed down by the courts. On March 22 the Mas- opinions. Associate Justice Sutherland, in deliversachusetts Superior Court approved the findings of ing the opinion of the majority of the Court, found
a Master, awarding damages to the amount of $61,- the case similar, in essential respects, to the well41
ie.
101',1111 0
,
N$
$
$
$
2192
_ THE CHRONICLE
[VOL. 124.
known case of the Duplex Company vs. Deering. In defendant labor organization appears to have relied,
that case, it will be remembered, the union, after au provides "that nothing in the anti-trust laws shall
be
unsuccessful strike to enforce the closed shop, the construed to forbid the existence and operation
of
eight-hour day and the union scale of wages, insti- labor organizations organized for the purpose
of
tuted a "secondary boycott," warning customers of mutual help, or to forbid or restrain individual
memthe Duplex company not to purchase, install or op- bers of such organizations from lawfully
carrying
erate the printing presses of the company and threat- out the legitimate objects thereof, or held
to be comening them with loss and sympathetic strikes if they binations or conspiracies in restraint of trade under
did. The Supreme Court, in adjudicating that case, the anti-trust laws." The decision in the
Bedford
held "that complainant's business of manufacturing case leaves the substance of this provision unimpresses and disposing of them in commerce was a paired; a labor union as such is not combination
a
property right entitled to protection against unlaw- or conspiracy in restraint of trade;
but union conful injury or interference; that unrestrained access duct which necessarily involves, if it is successful,
to the channels of inter-State commerce was neces- a restraint of trade will be held to be
unlawful by the
sary for the successful conduct of that business; and courts. Union labor, in other words, has once
more
that the combination to hinder and obstruct such been reminded by the United States Supreme
Court,
commerce by the means indicated was in violation as it has been by the Massachusetts Superior Court,
of the Sherman Anti-Trust Act, as amended by the of its legal accountability for its acts.
Clayton Act."
It is well that such accountability should be made
Justice Brandeis, in his dissenting opinion, urged clear and its conditions defined, and well for labor
that the restraint upon inter-State commerce, which as much as for the public. It is neither good com•in the Bedford case was "applied wholly intra- mon sense nor sound public policy that any body
State," was not "unreasonable" within the meaning of persons, however high their intentions, should be
of the Sherman Act; that the members of the union allowed to act in any particular outside the rehad refrained from violence, intimidation, picketing straints of law. The trend of modern industrial
or fraud; that there was no boycott against any of organization is toward co-operation between labor
the plaintiff corporations or against builders and and capital, not embattled opposition of the one
others who used their products, and that the union toward the other, and it is to the furtherance of
members were within their legal rights in refusing such co-operation that organized labor, held by the
to work upon stone which had been declared "un- courts to social accountability under laws which
fair." To permit an injunction to lie against refusal labor itself has had much influence in framing, may
to work would, he declared, mean that "Congress pr,operly be asked to lend its aid. If, as has been
created by the Sherman law and the Clayton Act an intimated, the American Federation of Labor is to
instrument for imposing restraints upon labor which attempt to circumvent such decisions as that in the
reminds of involuntary servitude."
Bedford case by working for the repeal of the whole
What weighed with the majority of the Court, body of anti-trust laws, the effect of such an agitahowever, was the actual effect of the conduct of the tion will certainly be to injure labor itself, and to
union. "Whatever may be said," Associate Justice rob the wage earners of substantial benefits which
Sutherland declared, "as to the motives of the re- labor organization has won.
spondents, or their general right to combine for the
purpose of redressing alleged grievances of their Intermission: And the Revolt Against Man-Made
fellow-craftsmen or of protecting themselves or their
Law.
organizations, the present combination deliberately
Obsessed as we are with law-making, when Conadopted a course of conduct which directly and sub- gress adjourns we are forced to take a rest. It is
stantially curtailed, or threatened thus to curtail, then we are enabled to give our whole attention to
the natural flow in inter-State commerce of a very our private affairs, our occupations, to our universal
large proportion of the building limestone of the task of making a living. Not that we are free
from
entire country, to the grave disadvantage of pro- the pressure of countless statutes that regulate
and
ducers, purchasers and the public; and it must be control our business acts, but that in the
ordinary
held to be a combination in undue and unreasonable routine of trade we do not think of them.
At such a
restraint of such commerce within the meaning of time, and we are now, as a people, entering
one of
the Anti-Trust Act as interpreted by this Court. An these periods, we are producing,
distributing and
act which lawfully might be done by one may, when consuming the needs and luxuries of life,
guided
done by many acting in concert, take on the form of largely, if not solely, by natural laws that
surround
a conspiracy and become a public wrong, and may our existence. We grow things and make things,
be prohibited if the result be hurtful to the public in wide and increasing variety, because in
this way
or to individuals against whom such concerted ac- we live, accumulate, exchange, own, in a material
tion is directed. . . . That the organizations, in way, to the end of sustenance, comfort and
happigeneral purpose and in and of themselves, were Yaw- ness. The earth is our patrimony; toil is
our priviful, and that the ultimate result aimed at may not lege; thought is our help; love of others is our mohave been illegal in itself, are beside the point. tive. If we own a field we plant it; if
we own a
Where the means adopted are unlawful, the inno- factory we set its wheels in motion; if we
cent general character of the organizations adopting see an opportunity in shop or store we seize
them or the lawfulness of the ultimate end sought it. The complications of a congested society,
to be attained, cannot serve as a justification."
though they direct our energies, and circumThe decision in the Bedford case evidently marks scribe our activities, at the same time afanother step in the judicial interpretation of what is ford us innumerable new opportunities, and it is
"unlawful" within the meaning of the anti-trust a common thing with us to say that no man who will
Acts. Section 6 of the Clayton Act, upon which the work need go hungry. At this point the thought
Am. 16 1927.]
THE CHRONICLE
enters that we wish to dwell upon, the influence of
most of our man-made laws is latent and not active.
We do practically nothing because our Federal stat• utes command us to do it. We are free agents, and
the arbiters of our destiny.
We might draw a moral from our late experience
in farm legislation—a crop will be grown and harvested before another session of Congress and without the help (or harm) of the laws that failed—but
wherevee we turn we are confronted with the fact
that our toil and trade originally are independent of
legislative acts. Commerce and finance do not wait
upon Washington. No man works because of law.
Of course there is the exception in certain States
which provide that every man must have an occupation. And this is an exception because, save for the
"idle rich" and the indolent loafers and wanderers,
all men do have an occupation. The natural law,
brought down from the ages "thou shalt eat thy
bread in the sweat of thy, brow" prevails.
When we set out upon our lifework we do not
think of legislation or government. These are agencies after the fact—and do not motivate our industry or our choice of occupation. If we have inherited
"capital" we seek to use it, invest it, increase it, and
make it bring us an income. If we have no property
we seek for a "job," an employment that will bring
us a salary, a wage, upon which we may live. And
though, as now transpires, we are forever confronted
by statutes, they are more in the nature of hindrances than helps. No man makes a fortune by
reason of law, save in the way of protection.
From individuals we pass to partnerships that
are bound by voluntary contracts, and from partner.
ships to co-operations acting under articles of association, sanctioned by law—but all our business is
initiated, processed and carried fo fruition and
profit by our own wills, desires, energies, aims and
toil and thought, primarily without the use of law,
• and controlled, shaped and limited by environment.
Thousands upon thousands of proposed laws that
do not pass are proof. As a people, during the next
eight or nine months no aid will come to us from
Washington. Yet we shall do business at the old
stand in the old way. And if Congress should slip a
cog and fail to meet for another year beyond this,
we would be able to survive, and probably prosper.
Or if in such a contingency we did not prosper, it
would be because of other reasons of a more fundamental nature. Congress gave us the Federal Reserve Act, but we have had more bank failures since
it became a law than in a like period before it was
enacted. Not because of it, but because of other
more powerful conditions and reasons. In all our
efforts the rule of reason prevails. When we have
by experience clearly demonstrated this it may be
embodied in a law as a guide, as a common accepted
standard; otherwise it is merely a theory wrought
into a Governmental force.
We shall have ample time to demonstrate these
truths during the intermission from law-making we
are now enjoying. It may be claimed our statements are too broad, that they are the equivalent of
saying that legislation, as we practice it, is false and
futile. It is largely so in both instances, but not
entirely. What is to be regarded is the primal truth
that in "protection" to initiative and enterprise
there is neither regulation nor control, neither
thought nor energy. In our annual pilgrimage to
2193
Washington we are suppliants, not masters; drones
and not doers; weaklings and not strong men. More
than this, the fact that we have so many laws tends
to bring us into collision not only in our business
affairs but in our relations to the "protection" of the
fundamental law. Sections, classes, blocs, proclaim
both selfishness and enmity. We seek advantage
because we assert advantage is given to others. One
law generates another. Protection to freedom in the
lifework of "making a living" needs little specification as to how, when or where. Half or more of our
laws could be repealed and no harm would be done
to the great incentives and customs of life. Escape
would be much like the intermission of Congress.
We would go on much the same.
It is this multiplicity of laws, their particularity,
that brings on the revolt against law. It sounds
strange to say that law breeds anarchy. But when
laws are so thick that no one can obey all of them
they fall into general disuse. What but contempt
can follow the enactment of a law to control the
length of bed sheets in hotels? What but ridicule
can accompany a State law, as proposed in Kansas,
prohibiting the eating of mince pies? What but
jeering can meet the proposal in Oklahoma, to regulate the diameter of fresh biscuits? Freak laws, yes.
The reductio ad absurdam of legislation, yet. But
there are Federal statutes on trade that are so contradictory in themselves that not even the Supreme
Court can construe them without seeming to reverse
itself. The fact is that general law, and that is the
kind that should protect the individual in a republic,
can have only general application. Freedom, in its
best and highest sense, defies definition. Government, such as we possess and are proud of, was not
intended, was not instituted, to pass "sumptuary"
laws—a term once held in repute but now almost
obsolete. Given these thousands of statutes governing life and trade, and law becomes a common thing.
Why try to fasten upon the people Federal laws
that should be left to the police power of the States?
Why fasten upon the citizens of a State laws that
should be left to the ordinances of cities and communities? Why pass petty ordinances upon residents
of a town or county that are an invasion of rights
and privileges established by common consent? Why
essay the impossible in laws in the vain hope that
they will make men moral, or temperate, or religious,
or rich? Are equal rights a synonym for equal possessions? Is human and personal character a product of the man or of his Government? Yet nation,
States, cities, towns, are engaged in writing into
laws the thousand and one things which classes, industries and individuals want. The law has become
a pack-horse for carrying reforms. It has become a
weapon to club rival organizations into submission.
It has become an Aladdin's lamp to light the way to
success, progress, prosperity.
The people of territorial divisions in nation and
States elect men to Congress and Legislatures without a single specific instruction as to what they are
to do when they assemble together. Do parties definitely instruct their candidates as to even general
legislation? Read the evasive party platforms and
answer. Coming together, a flood of bills is poured
into the hopper, from which a comparative few, but
far too many, emerge as laws. For the most part
they are the ideas of legislators as to what ought to
be done. Special legislation affecting a part of the
2194
THE CHRONICLE
voting body, and representing nothing more than
the wishes of sections, classes, industries,individuals
and over-zealous reformers. Then, as a plan of
relief, rises up the "referendum and repeal," another
inchoate system for doing or undoing what is often
better left undone in the first place. Ballots have
been likened to "snowflakes," but laws may be
likened to the seven plagues.
And now,in the intermission, we may demonstrate
by contrast. For eight or nine months the social,
economic and business life will function, not by
permission of law, not by direction, or aid, or control, of law—but by the application of initiative,
energy and enterprise, of a hundred and ten millions
of people, forty millions of them workers, to the
wants and needs of each and all, according to the
powers of men and the resources of environment.
"Big" business, intimidated by fettering laws, may
open the session Acts and revised statutes to find
out on each new occasion what it may do, but "Little" business goes about its task of labor for love of
production for profit, of distribution for mutual
benefit, guided by the rules of business developed by
natural selection, and does not open the law books,
save in emergency, conscious that mutual good follows on mutual interest and contented to be "let
alone" even for a short intermission.
So-Called Parellels in Organization Between
Labor and Capital.
Talk with a laboring man who has been schooled
by the union and is a member thereof, and he will
exclaim in answer to the challenge that labor has no
right to "strike": "Does not capital organize and
has not labor the same right; we advocate the strike
only as a last resort, for we are the losers thereby,
but sometimes it is necessary in defense of our
rights!" Now, it is not apparent to this mind that
the cases are not parallel, that capital does not
"strike" in the sense of compelling the acceptance
of low wages as labor does to compel the payment of
high wages. No—the fault is in carrying the comparison too far. As an original object capital, socalled, organizes only to increase production or to
save expense—in a word, to employ more labor as
an accessory to its legitimate purpose, while labor
organizes for its own interest, and not in any sense
in the interest of capital.
If an employer has an extra demand for his particular product he will pay more for labor in order
to meet that demand. This is a law of business. The
workingman is therefore not without relief in the
nature of things. But this consumption demand he,
at least, cannot increase save by turning out better
work and more of it. An analysis of union labor
methods shows that their tendency is to make work
more plentiful by decreasing the output regardless
of quality. It is almost impossible in all these many
phases of this controversy between labor and capital
to get the unions to see the opposite side. In fact,
unionism is based largely upon the assumption that
to go along with capital is to incur poverty and injustice. We do not say that there never has been a
"lockout" selfishly ordered to compel labor, but that
organization of capital or of employers is never fundamentally for such a purpose. That would be sheer
suicide upon the part of capital.
Capital is interested in introducing more capital
into the equation, enlarging the investment, and thus
[VoL. 124.
the output; labor is not interested in increasing the
number of laborers at the plant or in enlarging the
output. Therefore the parallel is not justified. The
capitalist and the workingman are not on a par when
it comes to the cause of organization. The immediate reply to this is a flat denial. The workingman
says and believes that this is exactly and definitely
just what the employers, capitalists, do do, organize
to control the supply, to limit the output, in the
interest of price. Let us examine this. We do not
say this has never been done. What we are now trying to analyze is the general truth in the case of these
two factors in production as to the chief and primal
cause of organization. As always, in these discussions our terms are inadequate. Both "capital" and
"labor" are not quite definable words. Let us substitute now for our special purpose the words employers and employees.
Employers fall into classes as do employees, workingmen. Most of the building trades are organized
—carpenters, plumbers, plasterers, bricklayers,
stone masons and so on. Each of these unions covers a trade and is separate and distinct from the
other. There is also an association of builders.
Building itself is a trade, but it represents the employers. Now, the object of these unions of workingmen is to regulate and secure wages and working
conditions. These unions strike, independently of
each other, and often to the disadvantage of unions
which do not strike, shutting down work of others
than themselves. Their strike is for more pay and
less hours, as a rule. Associations of builders, employers in this line of industry, do not cease to work
(being under contract to complete a building in a
given time), do not (even if they were to shut down)
affect the work of their associates, and are never
banded together to limit the amount of building, or
the kind, or to set limits on the operating time of
contracts—for the simple reason that on this side
they are dealing with the public.
They may and sometimes do make rules.and regulations for their dealings with the public, but they
do not shut down (strike) against the public, as a
body, for this would be, as already stated, suicide.
On the contrary, they act in an individual capacity
in the making of contracts with the public. The
public is the employer of these employers of workingmen, but severally and separately. The trades union
prevents the workingman from making an individual
contract with his employer, if it can. It orders all
members to "cease to work" by a majority of members voting, and compels the minority to "walk out."
No employers' association tries to control, or is
capable of controlling, its members in any such way.
The former enslaves its members, the latter frees
them. In the very nature of things the two forms
of organization are not parallel, either in principles
or practice. And it may further be pointed out that
(as in the case of builders) the chief necessity of
organization upon the part of employers is to meet
the claims of the trades unions of employees.
If we enlarge the scope of organization in each,
taking the American Federation of Labor as representative of a combination of workers' unions, we
find the parallel fails, and in fact cannot exist.
Manufacturers of plate glass, cement, lumber, steel
and iron, buildings, railroads, for all are makers of
specific utilities and needs of life, are not gathered
into one organization. In the diversity of interests
APR. 16 1927.1
THE CHRONICLE
there can be no basis of union. There is a manufacturers' association, to be sure, but its object is
widely different from that of the A. F. of L. A manufacturer of flour has no essential kinship to a manufacturer of barbed wire fencing. Yet workers in
steel mills and flour mills, when organized, may be
'ruled by the American Federation of Labor. Wages,
vital to the manufacturer as to the workingman, in
the case of the farmer, have no basis of similarity
in a flour mill an da steel mill. So that we must
conclude no parallel does or can exist as a cause for
organization.
If we substitute the commonly used words "capital" and "labor," the comparison shows greater
divergence. Capital is ownership of all property of
whatever form. Labor is ownership of one thing
which, save for skilled and common, is not susceptible of division. Though it falls into trades, it is
merely active human energy. Capital is inert, can
only be used when directed by its owner,is incapable,
of itself, of organization. Labor is active, cannot be
originally directed by its individual owner, and,
formed into an organism, destroys the natural power
of its owner to utilize it for himself by a process of
selection or contract. There is a mutuality of inter-
2195
est between one employer and one employee. There
is and can be no mutuality of interest between a huge
aggregation of employers and one of employees, if in
fact both existed. The so-called mutual interest between capital and labor is confined to the one and
sole parallel, that both are engaged in production,
though each is separate and apart in itself.
The assumption that because capital organizes
labor has a right to organize in the way it does is
therefore untenable. As we have shown, the cause
and object of organization are not parallel in as far
as the two forms of association do exist. And it
would very much simplify the matter if we would
come so to regard it. In a broad way it is fair to
say that capital does not organize against labor,
while labor in its own sole interest does organize
against capital when it uses the "strike." It must
further be true that capital is closer to the public,
sometimes called the third party in interest, is closer
to the consumer, than labor. That it has sometimes
in the interest of price sought to organize against
the public has been met by law. If labor and capital
are on an equal footing in production, do meet the
public in the same way, why did labor seek immunity
from this law?
Gross and Net Earnings of United States Railroads
for the Month of February
The February returns of the earnings of United
States railroads make a somewhat better showing
than did those for the month of January, speaking
of the results collectively. The net figures this time
record a moderate amount of gain, whereas in the
preceding month the net total showed some loss from
that for the previous year. Nevertheless, the comparisons with 1,926 are very irregular, as between
the different sections of the country, and the different groups of roads; and bearing in mind that February in both 1926 and 1925 made quite indifferent
exhibits, there is really nothing to boast of in the
slight improvement now shown over 1926 and 1925.
Stated in brief, our aggregate of the gross registers
an increase of $8,723,567, or 1.90%, as compared
with the same month of 1926, and as this was attended by an augmentation in expenses of only $975,280, or no more than 1/
4 of 1%, a gain of $7,748,287
in the net remains, or about 7.80%. This increase
in the net follows a trifling loss in 1926 as compared
with 1925 and a somewhat• larger loss in 1925 as
compared with 1924. The following compares the
totals of the gross, the expenses, and the net for the
month for 1927 and for 1926:
Month of February—
(187 Roads)—
Mlles of road
Gross earnings
Operating expenses
Ratio of expenses to earnings_
NetearnIngs
(-(-)
1927.
1926.
Inc.
or Dec.(—)•
237,970
236,870
+1,100 0.46%
$467,808,478 $459,084.911 +$8,723,567 1.90%
360,660,229 359,684,949
+975.280 0.27%
78.35%
77.10%
8107,148,249
899,399.962 +17.748,287 7.80%
We have stated that the comparisons were very
uneven as between the different sections of the country and the different groups of roads. Southern
roads have done poorly, particularly those running
through or connecting with Florida, reflecting the
collapse of the real estate boom in that part of the
country, and the record for these roads is one of
almost uniformly heavy losses in gross earnings and
net earnings alike. The only exceptions are the
roads in the Pocahontas region, which had the advantage of continued heavy shipments of coal. As
illustrations of the large losses sustained we may
note that the Atlantic Coast Line reports $1,318,538
falling off in gross and $961,941 in net; the Florida
East Coast $1,137,967 in gross and $390,714 in net;
the Louisville & Nashville $499,682 in gross and
$465,840 in net; the Seaboard Air Line $388,438 in
gross and $164,567 in net, and the Southern Railway
$492,394 in gross and $258,212 in net. This last
relates to the Southern Railway proper. Including
the Alabama Great Southern, the Cincinnati New
Orleans & Texas Pacific, the Georgia Southern &
Florida, the New Orleans & Northeastern and the
Northern Alabama, every one of which suffered a
decrease in gross and net alike, the result for the
whole Southern Railway System is a decrease of
$1,035,534 in gross and of $675,433 in net.
Some of the Northwestern roads in the western
half of the country have also done poorly, this following mainly from the reduced yield of spring
wheat last season.in that part of the country, aa
also the lessened purchasing power of the farming
classes by reason of the relatively low prices prevailing for many classes of agricultural products.
The Northern Pacific furnishes a case in point, reporting $513,450 loss in gross and $214,099 in net.
The Great Northern on its part shows only $13,806
shrinkage in gross, but $329,647 shrinkage in the
net, while the Milwaukee and St. Paul reports $76,366 increase in gross and $33,998 in net. As we
proceed further south in the western half of the
country, down into the winter wheat region, where
the 1926 yield of that grain ran very much heavier
than that of the very poor yield of 1925, and on into
the cotton region of Texas, Oklahoma and Arkansas,
with their prolific 1926 yield of that staple, the returns get very much better and in many instances
important gains in revenues, gross and net, are
found, especially in the case of certain Southwestern systems, of which the Atchison Topeka & Santa
Fe is a notable example. The last mentioned road
2196
THE CHRONICLE
leads all others in the amount of gain in the gross,
namely $2,803,218, and also has $1,390,685 gain in
net. The Chicago Rock Island & Pacific has added
$960,428 to gross and $555,920 to net. The Southern
Pacific has increased its gross by $334,336 and its
net by $138,174. The Union Pacific has suffered
$230,956 loss in gross, but has $427,870 increase in
net, while the Burlington & Quincy reports $192,165
decrease in gross with $245,954 gain in net. The
Missouri-Kansas-Texas has enlarged its gross by
1380,362 and its net by $124,337, but the Missouri
Pacific registers a small loss in gross ($42,098),
though having improved its net by $207,619. The St.
Louis Southwestern, on the other hand, has lost
$231,277 in gross and $124,285 in net. As examples of
the exhibits made by distinctively texas roads, in
enjoyment of a very heavy cotton traffic, the Texas
& Pacific reports $298,358 gain in gross and $115,218
gain in net; the International Great Northern $130,319 gain in gross with $74,867 gain in net, and the
St. Louis Brownsville & Mexico $231,074 in gross
and $100,469 in net.
The distinctly favoring circumstance of large importance in February, as in the months preceding,
was the large coal traffic and the gains in earnings
that this bronght with it. These gains on the coal
carrying roads, anthracite and bituminous, served
to offset the heavy losses on the Southern roads and
on some other roads elsewhere in the country. Had
it not been for the gains contributed by the coal
carriers, the general totals covering all the roads in
the country would have shown a falling off from a
year ago instead of the moderate improvement to
which reference has already been made. In th,.1
case of bituminous coal, mining and shipment of
coal continued large, owing to the certain prospect
of a coal strike on April 1, as has now actually
occurred; in view of this strike the railroads, dealers and consumers alike stocked up with coal, so as
to be prepared for the contingency with an adequate
supply of fuel.
In the case of the anthracite carriers, comparison
was still with the period of the miners 'strike in
the previous year, when for a good part of the month
not a pound of coal was mined or shipped. Settlement of the strike was actually effected in February
last year but not until late in the month. An agreement for the termination of the strike in the anthracite regions was reached on Lincoln's Birthday, Friday, Feb. 12, but the agreement had to be ratified
by conventions of the miners and it was not until
Thursday, Feb. 18, that actual resumption of work
at the mines occurred. With mining thus suspended
for over half a month last year, all the different
anthracite carriers showed heavy losses in gross and
net earnings alike. On the other hand, the present
year, with mining actively prosecuted all through
the month, these losses were recovered. Consequently, all the anthracite carriers are distinguished,
hardly less than in previous month, for the extent
of their increases in both gross and net, which increases, however, are, as stated, nothing more, in
most cases, than the recovery of the previous year's
losses. The Lehigh Valley shows $909,382 gain in
gross and $748,945 gain in net; the Delaware & Hudson $861,617 in gross and $489,855 in net; the Lackawanna $632,404 in gross and $290,435 in net; the
Reading $560,553 in gross and $285,971 in net; the
Central of New Jersey $479,123 in gross and $131,-
[VoL. 124.
994 in net; the Ontario & Western $197,655 in gross
and $41,666 in net, etc., etc.
This has reference to the anthracite carriers. As
regards the soft coal carriers, the larger volume of
the bituminous coal shipments was of benefit to
roads in many different sections, though those in
the Middle States and the Middle Western enjoyed
the greatest advantage therefrom. The Pennsylvania Railroad is, of course, still the largest coal-carrying system in the country, though it also has a
vast amount of other traffic and of a greatly diversified character; on all lines directly operated east
and west of Pittsburgh, the Pennsylvania, however,
reports only $219,604 increase in gross, which has
been converted into no less than $2,713,230 improvement in the net. The Baltimore & Ohio likewise shows
only moderate changes, namely $193,532 gain in
gross and $162,184 gain in net. The Erie is a large
carrier of anthracite and bituminous alike, and its
increases are large-$1,048,266 in gross and $675,545 in net. The New York Central is not in enjoyment of coal traffic to a preponderating extent and
yet carries a large quantity of coal; it reports $507,856 gain in gross and $113,743 gain in net. This is
for the Central proper. Including the various auxiliary and controlled roads, the whole going to make
up what are called The New York Central Lines, the
result is an increase of $440,204 in gross with a decrease of $182,024 in net: As for the coal-carrying
roads in the Pocahontas region, the Chesapeake &
Ohio alone this time is distinguished for very heavy
gains, namely $943,707 in gross and $827,482 in net,
though the Virginian has added $189,500 to gross
and $181,741 to net, while the Norfolk & Western has
added $80,899 to gross, but lost $165,931 in net.
The winter the present year was not severe in any
part of the country, if we except a limited area in
the Rocky Mountain regions, where an unusually
heavy fall of snow was encountered, not alone in
February, but also for a part of January and of
March, which interfered with railroad operations
and interrupted the movement of traffic over the
lines affected. Apart from this limited section, no
serious interruption of railroad transportation occurred from snow or extreme cold at any time during the winter. The previous year the winter was
likewise mild, but with northern New York and New
England not favored altogether in that respect. In
our February review a year ago we pointed out that
the winter, taking the country as a whole, had been
unusually mild, but that in February there had been
some big snowstorms in the East, with, however,
nothing approaching a blizzard. In other words,
that there had been no big drifts of snow to tie up
traffic and interfere seriously with the running of
trains. In this city in 1926 there was no snowfall of
any consequence during the winter until February,
but in this last mentioned month there were two
very heavy storms, namely one on Feb. 3-4, when 10.3
inches of snow fell, and another on Feb. 9-10, when
the snowfall was 11.6 inches. For the whole month
of February the snowfall in this city last year aggregated 25.7 inches, being the heaviest on record for
any February since 1899, when the fall was 27.5
inches, and comparing with only 0.8 inch in February 1925 (in which year, however, the fall was extremely heavy in January), with 11.5 inches in Feb.
1924, and 17.9 inches in Feb. 1923. The present year
the snowfall in this city was 51/2 inches in January,
Amt. 161927.]
THE CHRONICLE
2197
3.6 inches in February (of which 2.6 inches in the sharp cuts in the expenses in these earlier years,
shape of sleet) and but 0.2 inches in March. The cuts which were then an imperative requirement,
snow storms last year in February seemed to have following the tremendous augmentation in expenses
extended all over New England and through New during the period of Government operations of the
York State, with the result that virtually all New roads.
England roads reported large losses in gross as well
In February 1922 our compilations showed
as in net, though doubtless also these roads then had $4,772,834 decrease in the gross, but $54,882,820 intheir coal traffic reduced by the anthracite miners' crease in the net, the result of a reduction in exstrike. With no such interruptions the present year penses of $59,655,654. And this followed $19,171,075
the New England roads have regained these losses decrease in the gross and $11,536,799 increase in the
of 1926, and accordingly, have contributed impor- net in February 1921. The loss in the gross in 1921
tant increases to the general totals.
would have been very much larger, as the country
It was noted above that the moderate improve- at the time was suffering intense prostration of busiment in the general totals the present year followed ness, except that the roads were still enjoying the
either actual losses or very indifferent results in benefits accruing from the great advance in rates
February of the two previous years. In February authorized by the Commerce Commission at the end
1926 our compilations showed $5,029,255 increase in of the previous July—an advance which it was comgross (only 1.11%), and $38,008 decrease in net. In puted would add on the same volume of business
February 1925 our tables showed material decreases $125,000,000 a month ($1,500,000,000 per year) to
in both gross and net—$24,441,938 in the former and the revenues of the carriers. The reduction in ex$4,981,506 in the latter. On the other hand, how- penses at. that time was also smaller than it would
ever, it should be pointed out that comparison then have been because of the wage award made by the
was with strikingly favorable results in 1924, partly Railroad Labor Board the previous July, and which
due to the extra day contained in the month then, on the volume of traffic then being done it was comit having been a Leap Year and February therefore puted would add an average of $50,000,000 a month
having had 29 days. Weather conditions were ex- to the payrolls of the roads. Nevertheless, the detremely propitious in February 1924, with virtually crease in expenses then reached, as we have already
no obstructions to railroad operation in any part seen, $30,707,874.
of the country from snow or ice or extreme cold.
In 1920 and previous years expenses had been runContrariwise, in 1923, the winter was of unusual ning up at a frightful rate. In February 1920 our
severity in many parts of the northern half of the compilations showed $16,428,891 loss in net on $72,United States and the situation then was worse in 431,089 gain in gross. In that year (1920) the FebFebruary than it had been in January, in part be- ruary expenses were swollen in unusual degree by
cause of the cumulative effect of the unfavorable the adverse conditions under which railroad operameteorological conditions. In January 1923 the tions had to be carried on at that time. The winter
roads in New England and in northern New York weather encountered in February 1920 was indeed
suffered from repeated snowstorms and from the of exceptional severity and it was all the more notedepth of the accumulated snowfalls. In February worthy because in sharp contrast with the extremely
1923 these sections continued to be afflicted in the mild weather of the year preceding and comparable
same way and the trouble also extended to many only with the weather of 1918, when the country
other sections of the country—in fact, as we -pointed was still in the throes of war. Temperatures in 1920
out at the time, to practically all parts of the coun- were perhaps not quite so low as in February 1918, ,
try outside of the South. And the result was to but the fall of snow was immensely heavier and the
embarrass transportation and to add greatly to the interference with railroad operations correspondcost of operation, expenses then having increased in ingly greater. In February 1919, notwithstanding
all directions. In February 1924, with no such in- the winter was extremely mild, as already
stated,
terference by the weather, at least only occasional and comparison was with weather in 1918
of excepinterference in isolated cases, it was possible to tional severity, accompanied by snow
blockades,
bring expenses down again to somewhere near the railroad embargoes and freight congestion
of great
normal, and this circumstance, along with the extra intensity, expenses increased so heavily
that a gain
day which the month contained, gave us an extremely of $61,656,597 in gross was converted
into a loss of
satisfactory statement of earnings, both gross and $1,191,014 in net. In February
of the years precednet, in the month of that year, our statement for ing, results were just as bad. In
other words, FebFebruary 1924 having shown $31,939,712 increase in ruary 1918 'showed $25,148,451
gain in gross, but
gross and $33,387,370 in net. These gains, however, $28,944,820 loss in net, while the year
before (Feb-in February 1924 in turn came after a poor or in- ruary 1917) our tables registered
an increase of
different return in February 1923, due to the severe $2,655,684 in gross but
a contraction of $21,367,362
winter weather conditions to which allusion has just in the net. It was this long continued rise
in exbeen made. It must not be supposed that there was penses, with resulting losses in net, that furnished
any loss in the gross earnings in February 1923. On the basis for the subsequent reductions in the exthe contrary, the falling off was entirely in the net penses. In the following we give the February totals
earnings and, as just stated, was due to the severity back to 1906. We use for 1911, for 1910 and for 1909
of the weather. In the gross there was then an the Inter-State Commerce totals, but for the precedincrease in amount of. $44,745,531, but it was at- ing years we give the results just as registered by
tended by an augmentation in expenses of no less our own tables each year—a portion of the railroad
than $50,988,243, leaving, hence, a loss in the net of mileage of the country being always unrepresented
$6,242,712.
in these earlier years, owing to the refusal of some
There were, though,losses in the gross both in 1922 of the roads in those days to give out monthly figand in 1921, but large gains in the net by reason of ures for publication:
2198
THE CHRONICLE
Gross Earnings.
Year
Given.
Year
Increase or
Preceding. Decrease.
Net Earnings.
Year
Given.
Increase or
Year
Preceding. Decrease.
February
$
$
$
120,728,671 95,625,938 +25,102,733 33,486,486 19,937,363 +13,549,271
1906
123,920,810 115,123,660 +8,797,150 30,669,082 32,319,683 -1,650,601
1907
123,389,288 141,102,297-17.713,009 26,154,613 34,919,215 -8,764.602
1908
1909
202,825,380174,574,962423.
,
+13,338,338 49,194,760 37,311.587 +11,883,173
1910
+28.250,418 56,976,253 49,241,904 4-7,734,299
199,035,257202,492,120 -3.456,863 49,888,584 56,920,786 -7,032,202
1911
218,031,094 197,278,939 +20,752,155 57,411,107 49,135,958 +8,275,149
1912
232,726,241 218,336,929 +14,389,312 59,461.341 57,458,572 +2,002,769
1913
209,233,005233,056,143-23,823,138 39,657,965 59,553,012-19,895,047
1914
1915
210.860,681 212,163,967 -1,303.286 51,257,053 39,274,776 1+1,982,277
1916
267,579,81 209,573,963 +58,005,851 79,929,463 51,043,120 +28,886,343
1917
271,928,066269,272,382 +2.655,684 58,904.299 80,331,661-21,367,362
1918
285,776,203260,627,752 +25,148.451 27.305.808 56,250,628-28,944,820
1919
351.048.747289,392,150 +61,656.597 27,623,406 28,814,420 -1,191,014
1920
21,180,876348,749,787 +72,431.089 10,688,571 27,117.462-16,428,891
1921
405,001,27 424,172,348-19,171.075 20,771.731 9,234,932 +11,536,799
1922
400,430,580 05.200,414 -.4,772.834 76,706,840 21,824,020 +54,882,820
1923
444.891,872400.146.341 +44,745,531 70,387,622 76,630,334 -6,242,712
1924
477.809,944445.870,232 +31,939,712 104,117,278 70,729,908 +33,387,370
1925
454.009,669478,451,607-24,441,938 99,460,389 104,441,895 -4,981,506
-38,008
1926
459.227,310454,198,055 +5.029.255 99,480,650 99,518,658
1927
487.808,478459,084,911 +8,723,567 107,148,249 99,399,962 +7,748,287
Note.-Includes for February 101 roads in 1906: 94 in 1907: in 1908 the returns
were based on 151,580 miles of road; in 1909, 232,007; in 1910, 239,725; in 1911,
242,640; in 1912, 237.082: In 1913, 240,986; in 1914, 244,925: in 1915, 246,186: in
1916.245.541;in 1917, 249,795: In 1918. 238.891; in 1919, 232,957; in 1920.231.304;
In 1921, 235.653; in 1922. 235.625; In 1923, 235,399: in 1924, 235,506; in 1925,
236.642; in 1926, 236,839 in 1927, 237,970.
We have already discussed at length the increases
and decreases the present year for the separate roads
and systems and now add our usual table showing
all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases,
and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF FEBRUARY 1926.
Increase.
InCrease.
Atch Top & Santa Fe (3)• $2,803,218 Yazoo & Mississippi Vall
151,004
Erie (3)
145,530
1.048,266 Lehigh & New England__
Chic Rock Is!& Pac (2)..
132,596
960,428 Central New England_ _ _
130,319
Chesapeake & Ohio
943,707 Internat'l Great North__
Lehigh Valley
122,396
909,382 Wheeling & Lake Erie___
112,349
Delaware & Hudson.... _ _
861,617 Chicago & Alton
110,123
Delaware Lack & West_ _
632,404 Wabash
Reading '
104,246
560,553 Indiana Harbor Belt..
New York Central
b507,856
Central of New Jersey__
$15.291,699
479,123
Total (39 roads)
Missouri Kan & Tex (2)
Decrease.
380.362
Southern Pacific (7)_ - $1,318,538
334,336 Atlantic Coast Line
Texas & Pacific
1.137,967
298,358 Florida East Coast
New Orl Tex & Mex (3)_
513,450
284,531 Northern Pacific
Clev Chic Chic & St L_ _499,682
241,443 Louisville dr Nashville_ _ _
c492,394
Pennsylvania
a219,604 Southern Railway
Elgin Joliet & Eastern__ _
388,438
218,852 Seaboard Air Line
Colorado & Southern (2)
339,125
213,562 St Louis San Francisco(3)
Chicago & East Illinois_ _
321,385
204,364 Michigan Central
Bangor & Aroostook__ _ _
200,306 Central of Georgia
277,364
N Y Ontario & Western_
269,467
197,655 Detroit Toledo & Ironton
Baltimore & Ohio
247,126
193,532 Mobile & Ohio
K C Mex & Orient of Tex
190,474 St Louis Southwestern (2)
231,277
Virginian
189,500 Union Pacific (4)
230,956
Long Island
220,074
186,945 Georgia Southern & Fla_
Bessemer & Lake Erie_ _ _
181,992 Illinois Central
215.358
Maine Central
181,648 Chic New On Tex & Pac_
199.094
Buffalo Roch & Pittsb
192,165
170.677 Chicago Burl & Quincy__
Grand Trunk Western
164,991 Nashv Chatt & St Louis.
135.686
N Y New Haven & Hartf
162,800
Chicago & Illinois Micil'd
$7,229,546
Total (18 roads)
160.650
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana.
b The New York Central proper shows 8507,856 increase. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c.. the whole going to form the New York Central System.
the result is an increase of $440,204.
c This is the result for the Southern Railway proper. Including the
Alabama Great Southern. the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $1,035.534.
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
FEBRUARY 1927.
Increase.
Increase.
Pennsylvania
b113,743
a$2,713,230 New York Central
112,254
Atch Top & Santa Fe (3) 1.390,685 Wheeling & Lake Erie_ _ _
Chesapeake & Ohio
102.410
827,482 Central New England__ _
Lehigh Valley
748,945
Erie (3)
$11,796,717
675,545
Total (31 roads)
Decrease.
Chic Rock Isl & Pac (2)555,920
Delaware & Hudson_ ___
489,855 Atlantic Coast Line_
$961,941
Union Pacific (4)
427,870 Louisville & Nashville_ _ _
465,840
390,714
Delaware Lack & Weet
290,435 Florida East Coast
329,647
Reading
285.971 Great Northern
c258,312
245,954 Southern Railway
Chicago Burl & Quincy....
214,099
Boston & Maine
232,408 Northern Pacific
204,088
NYNH & Hartford.. _ _
224,450 Cinc New On & Tex Pac_
185.109
Elgin Joliet & Eastern....
212,099 Mobile & Ohio
175,015
207.619 Michigan Central
Missouri Pacific
165,01
203,422 Norfolk & Western
Maine Central
184,569 Richm Fred & Potomac..
Bangor & Aroostook_ __ _
164.8u
181.741 Seaboard Air Line
164,567
Virginian
162,184 Detroit Toledo & Ironton
152,142
Baltimore & Ohio
156,617 Pittsburgh & Lake Erie_
151,625
Chicago & East Illinois
139,061
144,381 Georgia Southern & Fla
Illinois Central
141,506 Nashv Chatt & St Louis_
131,955
Bessemer & Lake Erie......
139.639 St Louis Southwest'n (2)
124.285
Chicago & Alton
138,174 Los Angeles & Salt Lake_
118,644
Southern Pacific (7)---131,994 Colorado Southern (2)__
112,638
Central of New Jersey
124.337 Western Pacific--------104,735
Missouri Kan & Tex (2)_
116,060
Western....
Grand Trunk
115,213
Total (20 roads)
64,715.152
Texas & Pacific
a This is the result for the Pennsylvania RR. (including the former
Pittsburgh
Cincinnati
Chicago
&
St. Louis
the
Company,
Pennsylvania
and the Grand Rapids dr Indiana.
b These figures merely cover the operations of the New York Central
itself. Including the variousauxiliary and controlled roads, like the Michiresult is a decrease of 8182,024.
gan Central, the "Big Four," &c., theRailway
proper. Including the Alac This is the result for the Southern
bama Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System
the result is a decrease of $675,433.
[Vox,. 124.
When the roads are arranged in groups or geographical divisions according to their location, further confirmation is found of what has already been
said. The roads in the Southern region show heavy
loss in gross and net alike, but those in the Pocahontas region are able to report gains. In the Western district the roads in the Northwestern region
show a small decrease in both gross and net. Elsewhere the large coal traffic, together with the minor
favoring circumstances mentioned, served to raise
the level of earnings and accordingly gains of larger
or smaller amount in gross and net alike appear for
all the remaining regions. Our summary by groups
is as follows:
SUMMARY BY DISTRICTS & REGIONS.
Gross Earning
District db RegionFebruary1927.
1926. Inc.(+)or Dec.(-).
Eastern District$
$
$
%
20,492,414 19,795,598
+696,816 3.52
New England Region (10 roads)
85,874,146 81,030,979 +4,843,167 5.98
Great Lakes Region (33 roads)
108,588,922 105,856.390 +2,732,532 2.58
Central Eastern Region (32 roads)
Total(75 roads)
Southern DistrictSouthern Region (30 roads)
Pocahontas Region (4 roads)
+8,272,515
4.00
66,899,565 72,106.165 -5,206,600
21,795,479 20,656,304 +1,139,175
7.23
5.51
214,955,482 206,682,967
88,695,044 92,762,469 -4,067,425
4.38
Western District-526,768
North Western Region (18 roads)........47.263,505 47,790,273
Central Western Region (22 roads) 72,917,614 70,059,066 +2,858,548
South Western Region (38 roads)_ _ _ _ 43,976,833 41,790,136 +2,186,697
Lie
4.08
5.23
Total(34 roads)
Total(78 roads)
164,157,952 159,639.475
+4,518,477
2.83
Total all districts(187 roads)
467,808,478 459,084,911
+8,723,567
1.90
District cfc RegionNet Earnings
February1926. Inc.(+)or Dec.(-).
-Mileage
1927.
$
Eastern District- 1927. 1926.
%
$
$
New Engl'd Region. 7,289 7,478 4,681,231
3,670,760 +1,010,471 27.55
Great Lakes Region 24,914 24,955 18,936,303 16,394,234 +2,542,069 15.50
Cent. East'n Region 27,160 26,742 21,616,613 17,542.814 +4,073,799 23.22
Total
59.363 59,175 45,234,147 37,607,808 +7,626,339 20.28
Southern District.
Southern Region_
39,459 38.949 16,756,957 19,784.605 -3,027,648 15.31
+678,488 10.39
Pocahontas Region_ 5.555 5,549 7,215,376 8,536,888
Total
45,014 44,498 23.972.333 28,321,493 -2.349,160
Western DistrictNorth West. Region 48,489 48,651 8,054,214 8,601,620
Cent. West'n Region 51,202 50,820 19,321,730 17.305,874
South West. Region 33.902 33,726 10,565,825 9,563,167
8.93
-547.406 6.36
+2,015,856 11.64
+1,002,658 11.05
133,593 133,197 37,941,769 35,470,661
+2,471,108
6.97
Total all districts237,970 236,870 107.148,249 99,399,962
+7,748.287
7.80
Total
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region.-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Marylana
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-This region comprises the section north of the southern
boundary of Virginia, east ot Kentucky and the Ohio River north to Parkersburg.
W.Va.. and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and theme
to Portland and by the Columbia River to the Pacific.
Central Western Region.-This region comprises the section south of the North
wee/ern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the. section lying between the Mb
alssippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads as a whole in February had the advantage of a slightly larger grain traffic as compared with the previous year. The increase was in
the items of wheat and rye, especially the former,
corn, oats and barley not having moved freely to
market. For the five cereals combined the receipts
at the Western primary markets for the four weeks
ending Feb. 26 1927 were 60,524,000 bushels, as
against 57,109,000 bushels in the same four weeks
of 1926. The details of the Western grain movement
in our usual form are set out in the table we now
present:
APR. 16 1927.]
THE CHRONICLE
WESTERN FLOUR AND GRAIN RECEIPTS.
Four Weeks
Flour.
Wheat.
Oats.
Corn.
Barley.
Ended Feb. 26.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.) (bush.)
Chicago1927
963,000 1,317.000 9.067,000 3,606,000 630,000 269.000
1926
946.000 1,167,000 11,135,000 2,882,000 630,000 117.000
Milwaukee1927
110.000
202,000 2,004,000
998,000 703.000 235,000
1926
115,000
101,000 1,219,000
838,000 528.000 109,000
Bt. Louts1927
485.000 1,856,000 1,468,000 1,650.000
26.000 112,000
1926
377,000 1,805,000 1,891,000 2,861.000
44,000
13,000
Toledo1927
1,044,000
539,000
487,000
3,000
12,000
1928
640,000
624,000
238,000
1.000
17.000
Detroit1927
215.000
207,000
72,000
64.000
1926
77,000
138,000
70,000
26,000
Peoria1927
279,000
85,000 2,321,000
658,000 107.000
2.000
1926
169.000
55.000 2,617,000
714,000 139,000
9,000
Duluth1927
2,140.000
133,000
21,000
63,000 1,111,000
1926
1,500,000
1,000
396,000
24,000 369,000
Minneapolis1927
5,104,000 1,728,000 1.060,000 801,000 341,000
1926
6,446,000 1,377,000 1,467.000 1,135,000 342,000
Kansas City1927
5,612,000 1,799,000
251,000
1926
2,627,000 1,960,000
438.000
Omaha de Indiftnapolis1927
1.404,000 4,169,000 1,178,000
1926
890,000 3,511,000 1,104,000
Sioux City1927
28,000
153,000
70,000
1926
169,000
213,000
222.000
8.000
St. Joseph1927
775,000
925,000
52,000
1926
515,000
699,000
136,000
Wichita1927
1,513,000
39,000
94,000
1926
786,000
213.000
52.000
4,000
Total All1927
1,857,000 21,295,000 24,553,000 10,197,000 2,333,000 2,146,000
1926
1,607,000 16,778,000 25,598,000 11,218,000 2,513,000
1,002,000
Jan.Ito Feb.24.
Chicago1927
1 928,000 2,410,000 16.887,000 7,647,000
1,125,000 403,000
1926
1,910,000 2,135,000 22,564,000 5,289,000 1,146,000
235,000
Milwaukee1927
196,000
277,000 3,331,000 1,897,000 1.600,000 356,000
1926
270,000
337,000 3,559,000 1,644,000 1,292,000 276,000
Bt. Louis1927
949,000 3,497.000 3,079,000 3,446,000 127,000
247,000
1926
829.000 4,371,000 4,154,000 5,699,000 157,000
13,000
Toledo1927
2,125,000
860.000 1,691,000
4,000
28,000
1926
1,090.000 1,313,000
614,000
1,000
39.000
Detroit-
r
wr
1927
455,000
382,000
210,000
130,000
1926
156,000
215,000
171,000
45,000
Peoria1927
565,000
174,000 4,574,000 1,307,000 198,000
2,000
1926
374,000
120,000 5.099,000 1,432,000 240.000
10.000
Duluth1927
4,240,000
134,000
53,000
94,000 1,450,000
1926
3,568,000
12,000 2,568,000 103,000 985,000
Minneapolis1927
10,363,000 2,942,000 2,036,000 1,669.000 642,000
1926
15,294,000 2,527,000 3,787,000 2,599.000 789,000
Kansas City
1927
10,120,000 3,472,000
610,000
1926
5,509,000 5,181,000
972,000 11
Omaha .4 Indianapolis1927
2,726,000 8,326,000 2,440,000
1926
1,773.000 7,497,000 2,416,000
Sioux City1927
34.000
189,000
74.000
1926
407,000
554,000
469,000
8,000
St. Joseph1927
1,156,000 1,764,000
214,000
1926
987,000 1,936,000
235.000
Wichita1927
2,977,000
126,000
120,000
1926
1,541,000
546,000
176,000
4,000
Total All1927
3 638,000 40,564,000 46,066,000 21,745,000
4,817,000
3,258,000
1926
3,383.000 37,268.000 55,157,000 25,472,000
5,550,000 2.392,000
On the other hand, the Western live stock
movement was smaller than in the corresponding
period
last year, the receipts at Chicago in February
1927
comprising only 19,294 carloads, as against
20,595
carloads in the month last year; at Omaha
7,166
cars, as against 8,198, though at Kansas City 7,679
cars were received, against 7,422 cars.
With regard to the cotton movement in the South,
this naturally was much larger, owing to the unusual
size of the new crop. Gross shipments overland in
February 1927 were 136,416 bales, as against 130,882 bales in 1926; 180,077 bales in 1925; 113,154
bales in 1924 and 116,065 bales in 1923. At the
Southern outports the receipts of the staple aggregated no less than 858,036 bales, against 564,125
2199
bales in 1926; 711,032 bales in 1925; 361,217 bales in
February 1924 and 337,720 bales in 1923, as will be
seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
SINCE JAN. 1 TO FEB. 28 1927-1926.
keoruary.
Ports.
Galveston
Texas City. &c
New Orleans
Mobile
Pensacola, .kc
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
ounce ran. 1.
1927.
1926.
1925.
1927.
1926.
1925.
229,282
234,083
210,055
22,265
594
77,426
173,019
149,816
134,956
9,793
57
38,344
249,161
171,985
141,267
13,497
219
50,430
519,487
571,985
451.200
44.175
1,274
153,011
433,012
289,823
351,841
22,911
582
87.199
37,529
14,714
32,088
28,217
7,235
22,688
3.5,394
10,724
38,355
63,048
23,728
63,037
53,363
15,080
49,354
607,956
440,700
354,494
25,538
1,116
93,416
350
57,926
23,873
67.979
858.036
564,125
711.032 1.890.945 1.303.155 1.673.348
Should Business Success Mean Failure?
An article in "Harper's Magazine" for March by
an anonymous writer on "Why I Quit Business" is
so unusual, so frank and obviously so truthful that
one wonders that it has not awakened an immediate
and wide response, even though the article is not
illustrated, or "featured," or advertised.
The conditions of life are to-day not so entirely
new that their effect in any direction may be regarded as incidental and negligible. Festine lente,
the ancient warning not to hustle, and Horace's attractive and convincing descriptions of the charm
and even the economic value of leisure, have survived the wear and tear of two millenniums. The
early New England epitaph, "In memory of Peter
Smith. He overdid it," if perchance it is obliterated,
is not forgotten. In the great centres the pressure
of life has always been felt and men have in it the
excuse and the justification of all that they did and
were. Hence the lack of personal responsibility and
the proverbial character of life in great cities in all
ages from Babylon and Rome to Paris and St.
Petersburg.
The simple fact is that financial success maans
material prosperity, and that opens the door to temntation in entirely distinct and apparently opposed
lines which run parallel. The one is that of "the
right to live one's own life" expressed in self-indulgence and all that is involved in luxurious living;
the other is entire absorption in a successful business, and that means in making more money. Both
though so different, when continued, produce the
same result, because they violate the fundamental
law of all life.
Whatever its form, life, whether in the initial cell
or in the sentient being, is relational to external
existences. At its first appearance it manifests this
in laying hold of something outside and quite apart
from itself and using it for its own unfolding and
essential nutriment; and this continues through
every stage of its existence. Cut off from this connection with what may be the necessary supply that
individual life dies.
From the moment of his birth man in multitudinous ways is dependent. If his life in its fullorbed possibilities is to be maintained he may be
said to be the least independent of all known forms
of life. The germ in some seeds may be shut away
even for centuries, and when brought forth and supplied with its normal surroundings will awake and
put forth all its power in productive and unimpaired
growth. Not so man. From the first he must be
surrounded and provided with what will contribute
to every part of his being. His faculties of mind
and heart, of emotion, and will, and impulse, and
2200
THE CHRONICLE
spirit, no less than of his body, are inter-related and
bound up together, making his personal life. Should
any be neglected and left unaffected by what is done
for the others,it begins to fail and the life, if this continues,is impaired. Whether life in its entirety shall
continue or end depends upon the relative importance of the particular function. In any case it is
just so far, and often irreparably, impaired.
When, therefore, a man forgets this his essential
relationship to what is outside and distinctly apart
from himself, especially in connection with the
higher elements of his humanity, the men and
women about him, his family, the community, the
State, the whole world, indeed, of creatures just like
himself, with all that they have done and are doing,
inseparably relational to him as he is to them; and
when he remembers that however successful he may
be in providing for his body with its physical needs
and his appetites and passions, or when he concentrates his purpose upon acquiring material possessions or what will satisfy his sense of self-sufficiency
and pride in achievement without thought for the
higher faculties of his own soul and heart and without care for his influence in these ways upon others,
it is easy to see that he is steadily drying up the
springs of his life.
•
Is it any wonder, then, that a business man like
the one whose statement of his case is before us finds
himself awakened into a compelling sense of personal concern? He sees in the drying up of his sensibilities, the general hardening of his heart and the
narrowing of his vision, happily in his case not advanced beyond possible redress, what is to be seen
on many faces in the business world.
The man of the other class, who in disregard of
"conventional morality" and "traditional religion"
will live his own life, do as he pleases and take all
of sensuous living that comes in his way, dries up
the sources of his own life and brings on what is
sure to be foreshadowed in its weariness and futility, the end that is inevitable.
The complaint of the man who has stated his case
for us is of the other kind. His business success was
overmastering him; he found that he "loved it too
much"; he could not get it out of his mind; it was
between him and his home and the company of his
friends; it destroyed his taste for art, music, literature, even for nature when he had the leisure to take
a vacation. Hi physical and merely material demands Were "in easing by leaps and bounds," and
their gratification only raised new and thicker walls
about his real self. Every increase of the business
made:the response to these calls more eager. He had
come to see what was inevitable in his existing condition.
What would be said to this still young and successful business man who has never known failure but
finds himself by the disaster wrought in his better
nature driven to retire, if he should hear from the
multitude of large-hearted open-minded successful
business men; or from the still larger number of
those who have surmounted disastrous failure or
who have been content for years to go through their
daily task with no other success than providing for
their own or others' daily needs? They would say,
if our friend were married, that the love which led
him to ask his wife to marry him should have started
him in a new life in which he and she were one. They
had common interests, and were no longer two, they
[VoL. 124.
lived and worked together. He did business to provide for her and secure her welfare and she aided
him and forwarded all his plans because she knew
his love and in turn responded to it. How, then,
was it possible for him to be so self-centred or absorbed as to forget her or risk his very self in all that
made him worthy of her and witnessed to his unfailing affection as now he feels that he has done
or is sure to be led to do? He has certainly been
untrue to the new self which his love had created,
and which had he regarded it, would have pervaded
and controlled his daily life, and therefore he was
also untrue to her. His impulse now, though perhaps unconsciously, was to turn back to look after
the interests of his earlier individ dal self as it is that
to which he now makes reference.
If he is unmarried he manifestly ignores the fact
and the extent of his dependence upon what others
had done and were hourly doing for his personal
benefit all his life, through the years of his childhood
and his education, and in aiding and making possible every step in his business career, however humble and unrecognized their service and aid.
Then there is the community represented by the
State and the civic society which makes possible and
protects his business and his daily life. Successful
business men have sought success that they might
create institutions, educational, civil, benevolent,
that would promote the welfare of others, or have
striven to uphold the Government and secure the
legislation which in its administration is essential
to the well-being of all. In doing this they have kept
their hearts open, enlarged their intelligence, made
possible an inner life of the spirit and secured a personal satisfaction and a public regard which are no
insignificant reward. The names of such men are
too well known in the history of our country both
in its great emergencies and in its growth to need
mention either for comparison or example. Every
community has its illustrations. Many owners or
managers of great industries providing the means of
life for thousands of people are in times of depression chiefly concerned for their employees and their
families. Every business, however small, has in it,
besides the owner, those who have in various degree
contributed to its success and are in a measure dependent upon it.
Quite apart from the fact that there is nothing in
religion that requires a man to take his hands off
his daily work, if it is not dishonorable, and that
monasticism in any form has always been hard to
justify or maintain, there is nothing in the New
Testament to indicate that there is anything derogatory in the "sweat of his brow" when a man is at
work to earn his living or "in business," however
large and responsible, provided he keeps his heart
open to God and right with his fellow man.
If he is not doing, or thinks that he cannot do that,
it must be that he has allowed himself to forget his
true relationship and to neglect the practice of what
would exalt it, or that there is something abnormal
in his business or his methods. A robust attack on
these would be good for his body as well as for his
soul, and we may venture to add, possibly for his
business. There is certainly no obligation to save his
life at the price of his soul, and there are mutual
obligations in both directions, though they are not
expressed in the "Sales Quota" policy or the "Gogetter" method.
APR. 16 1927.]
THE CHRONICLE
2201
United States Supreme Court Holds in Violation of Anti-Trust Laws
Action of Stone Cutters in Refusing to Handle Non-Union
Products—Judge Brandeis Dissents.
The stone sold in interstate commerce comes into competition with
Violation of the Anti-Trust Laws by the Journeymen's
other kinds of natural and artificial stone. The principal producers
Stone Cutters' Association of North America is declared by of artificial stone are unionized and are located outside of Indiana.
Before 1921, petitioners carried on their work in Indiana under
the United States Supreme Court, in a decision handed
written agrement with the General Union, but since that time they
down on. April 11, which reverses the decree of the Circuit have operated under agreemnts with unaffiliated unions, with the
Court of Appeals of the Seventh Circuit, denying an in- effect of closing their shops and quarries against the members of the
General Union and its locals.
junction against the stone cutters, sought by the Bedford
Prior to the filing of the bill of complaint, the General Union issued
Cut Stone Company of Indiana and twenty-three other a notice to all its locals and members, directing its members not to
corporations engaged in quarrying and fabricating lime- work on stone "that has ben started—planed, turned, cut, or semiopposition to our organization," and setstone. The majority opinion of the Supreint; Court, de- finished—by men working in
ting forth that a convention of the union had determined that "memlivered by Associate Justice Sutherland, holds that the bers were to rigidly enforce the rule to keep off all work started by
men working in opposition to our organization, with the exception of
acts and conduct of the union, in directing its locals and
-Donnelly, which firm holds an injunction against
members not to work on "stone that has been started— the work of Shea
our association."
planed, turned, cut or semi-finished—by men working in
Stone produced by petitioners by labor eligible to membership in
.opposition to our organization," fall within the terms of the respondents 'unions was declared "unfair;" and the President of the
Anti-Trust Act, and that petitioners are entitled to relief General Union announced that the rule against handling such stone
was to be promptly enforced in every part of the country. Most of
by injunction under Section 16 of the Clayton Act. The
the stone workers employed, outside the State of Indiana, on the
majority also held:
buildings
where petitioners' product is used, are members of the
The strikes, ordered and carried out with the sole object of preventing General Union; and in most of the industrial centers, building conthe use and installation of petitioners' product in other States, neces- struction is on a closed shop union basis.
sarily threatened to destroy or narrow petitioners' interstate trade by
The rule requiring members to refrain from working on "unfair"
taking from them their customers.
stone was persistently adhered to and effectively enforced against
That the organizations, in general purpose and in and of themselves, petitioners' product, in a large number of cities and in many States.
were lawful and that the ultimate result aimed at may not have been The evidence shows many instances of interference with the use of
illgal in itself, are beside the point. Where the means adopted are petitioners' stone by interstate customers, and expressions of appreunlawful, the innocent gnral character of the organizations adopting hension on the part of such customers of labor troubles if they purthem or the lawfulness of the ultimate end sought to be attained, cannot chased the stone.
serve as a justification.
Workmen Lived Up to Order of General Union.
Decree reversed.
The President of the General Union himself testified, in effect,
Justices Brandeis and Holmes dissented from the
living up to their order and if it were
In separate opinions Justices that generally the men were
majority conclusions.
shown to him that they did not do so in any place he would see that
Sanford and Stone concurred with the majority. Justice they did. Members found working on petitioners' product, were ordered
Brandeis maintained- that "if on the undisputed facts of to stop and threatened with a revocation of their cards if they continued; and the order of .the General Union seems to have been enthis case refusal to work can be enjoined, Congress created
by the Sherman Law and the Clayton Act an instrument forced even when it might be against the desire of the local union.
The transcript contains the record of a bearing upon these matters
for imposing restraints on labor which reminds involuntary
the Colorado Industrial Commission, from which it. appears
We quote in part the majority decision as before
servitude."
that in obedience to the order of the General Union its members theregiven in the United States Daily:
tofore employed in Denver upon local building stopped work because
No. 412 Bedford Cut Stone Co., the Central and Bloomington Stone petitioners' product was being used. The local contractor was notified
Cutters'
Association
of
Journeymen
Stone
merely that the men stopped work because the stone being used was
petitioners,
v.
Co., et al.,
North America, Michael W. Mitchell, individually, et al.; on writ of "unfair." The contractor personally had no trouble of any kind with
certiorari to United States Circuit Court op Appeals for the Seventh
the union, and no other reason for the strike than that stated above
existed.
Circuit.
lower
B. F. James, a member and an acting officer of the General Union,
The Supreme Court in this case reversed the judgment of the
court—the Circuit Court of Appeals of the Seventh Circuit affirmitg testified that the local union in conducting its strike against a local
builder had no choice in the matter; that they had their orders from
the judgment of the District Court.of the District of Indiana.
The opinion, written by Justice Sutherland, held that the act of the General Union with which they complied; that there was no differthe General Stonecutters' Union, in directing its members not to ence or feeling whatever between the union and the local employer;
handle non-union or rival products was an obstruction of interstate that the fight was with the Bedford stone producers and they were
commerce and in violation of Anti-Trust Laws. An injunction was trying to affect them through the local employer.
directed against the General Stonecuters' Union.
President of General Union Recognized Handicaps.
Justice Brandeis, in a dissenting opinion, maintained that the pro"Q. And you people have no choice in the matter; you are just
cedure of the Stonecutters' Union was not unreasonable and that it
constituted an act of self-preservation against which the Anti-Trust complying with the orders from the International [General Union]?
"A. We have no choice whatever.
Laws could not legally be invoked.
"Q. Probably, if it was left up to you people here, knowing the emMr. Justice Sutherland delivered the opinion of the Court, the it'll
ployer as you do, why, your organization here, local organization,
text of which follows:
would not strike on this man?
Petitioners, Bedford Cut Stone Company and 23 others, all, with
"A. I don't believe we would, no.
one or two exceptions, Indiana corporations, are in the business of
"Q. But you have got to follow the orders of your International
quarrying or fabricating, both quarrying and fabricating, Indiana limestone in what is called the Bedford-Bloomington District in the State organization?
"A. Yes, sir."
of Indiana. Their combined investment is about $6,000,000, and their
The evidence makes plain that neither the General Union nor the
annual aggregate sales amount to about $15,000,000, more than 75 per
cent of which are made in interstate commerce to customers outside the locals had any grievance against any of the builders—local purchasers
of the stone—or any other local grievance; and that the strikes were
State of Indiana.
The Journeymen Stone Cutters' Association of North America, some- ordered conducted and for the sole purpose of preventing the use and,
times called and hereafter referred to as the "General Union," is an consequently, the sale and shipment in interstate commerce, of petiassociation of mechanics engaged in the stone-cutting trade. It has tioner's product, in order, by threatening the loss or serious curtaila constitution, by-laws, and officers, and an income derived from as- ment of their interstate market, to force petitioners to the alternative
sessments upon its members. Its principal headquarters are in Indiana of coming to undesirable terms with the members of these unions.
In 1924, the President of the General Union said:
and it has a membership of about 5,000 persons divided into over 150
"The natural stone industry needs all the natural advantages it can
local unions located in various States and in Canada, each of such
possibly get, as there are so many kinds of substitutes to take the
local unions having its own by-laws, officers, and income derived from
natural stone's place in the building material market, that it behooves
like assessments.
By virtue of his membership, each member of these local unions the natural stone employers to do their utmost to see that no handicap
is in its way, and it is a well known fact that when any material is
is a member of the General Union. The members of the General
Union and allied locals throughout the United States are stone cutters, known to have labor grievances, it retards that material in the building
market, as the building public do not want the stigma on their building
carvers, curb cutters, curb setters, bridge cutters, planermen, lathemen, and carborundum moulding machine operators, engaged in the that it was built by 'unfair labor,' and they are also afraid of stoppage
cutting, patching and fabrication of all natural and artificial stones; of work and unnecessary disputes while their building is in course of
construction, and no one can blame them for that."
and the General Union claims jurisdiction over all of them.
In the Colorado inquiry, the witness James further testified that the
This suit was brought by petitioners against the General Union and
some of its officers, and a number of affiliated local unions and some strike order did not make any allowance for stone theretofore ordered.
their
officers to enjoin them from combining and conspiring to- "We were trying to affect the Bedford people through the local man."
of
gether to ocmmit, and rom committinf, various acts in restraint of
"0. So the only person injured would be your own local man, who
interstate commerce in violation of the Federal Anti-Trust Act, c. is your employer, and your personal friend, is that it?
"A. In a way. If it was finished that way, he would be the only
647, 26 Stat. 209, and to petitioners' great and irreparable damage.
The Federal district court for the district of Indiana, after a hear- one hurt. We are not fighting on this Denver man. We are trying
ing, refused a preliminary injunction and, subsequently, on final hear- to force these people through the other subcontractors all over the
ing, entered a decree dismissing the bill for want of equity. On appeal, country.
"Q. You are trying to force the Bedford to employ members of
this decree was affirmed by the court of appeals upon the authority of
your union to do this work?
an earlier opinion in the same case. 9 F. (2d) 40.
"A. Yes, sir.
Facts in Controversy Are Set Forth by Court.
"Q. And irrespective of who it hurts, that is the object?
The facts, so far as necessary to be stated, follow:
"A. That is the object. It is done from our headquarters.
Limestone produced by petitioners is quarried and fabricated largely
"Q. Mr. Fernald, or anybody else, they have got to get out of the
for building construction purposes. The stone is first taken in rough road, that is the object?
blocks from the earth and, generally, then cut into appropriate sizes
"A. We are trying to gain this point, irrespective of who it hurts."
and sometimes planed. Part of this product is shipped directly to
From a consideration of all the evidence, it is apparent that the enbuildings, where it is fitted, trimmed and set in place, the remainder forcement of the general order .to strike against petitioners' product
being sold in the rough to contractors to be fabricated.
could have no purpose other than that of coercing sr indusing the
2202
THE CHRONICLE
local employers to refrain from purchasing such product. To accept
the assertion made here to the contrary, ouwld be to say that the order
and the effort to enforce it were vain and idle things without any
rational purpose whatsoever.
And, indeed, on the argument, in answer to a question from the
bench, counsel for respondents very frankly said that, unless petitioners'
interstate trade in the so-called unfair stone were injuriusly affected,
the strikes would accomplish nothing.
Restaint of Commerce Established by Facts.
That the means adopted to bring about the contemplated restraint
of commerce operated after physical transportation had ended is immaterial. Loewe v. Lawlor, 208 U. S. 274, 301; Boyle v. United States,
259 Fed. 803-806. The product against which the strikes were directed,
it is true, had come to rest in the respective localities to which it
had been shipped, so that it had ceased to be a subject of interstate
commerce, Industrial Ass'n v. United States, 268 U. S. 64, 7849;
and interferences for a purely local object with its use, with no intention, express or implied, to restrain interstate commerce, it may be
assumed, would not have been a violation of the Anti-Trust Act. Id.,
p. 77; United Mine Workers v. Coronado Co., 259 U. S. 344, 410-411.
But these interferences were not thus in pursuit of a local motive—
they had for their primary aim restraint of the interstate sale and
shipment of the comomdity. Interstate commerce was the direct object
of atack "for the sake of which the several specific acts and courses
of conduct [were] done and adopted." And the restraint of such commerce was the necessary consequence of the acts and conduct and the
immediate end in view. Swift and Company v. United States, 196
U. S. 375, 397.
Prevention of the use of petitioners' product, which, without more,
might have been a purely local matter, therefore, was only a part of
the conspiracy, which must be construed as an entirety; and, when
so regarded, the local transactions become a part of the general plan
and purpose to destroy or narrow petitioners' interstate trade. Montague & Co. v. Lowry, 193, U. S. 38, 45-46.
In other words, strikes against the local use of the product were
simply the means adopted to effect the unlawful restraint. And it is
this result, not the means devised to secure it, which gives character
to the conspiracy.
Respondents' chief contention is that "their sole and only purpose
. . . was to unionize the cutters and carvers of stone at the
quarries." And it may be conceded that this was the ultimate end in
view. But how was that end to be affected.
The evidence shows indubitably that it was by an attack upon the
use of the product in other States to which it had been and was being
shipped, with the intent and purpose of bringing about the loss or
serious reduction of petitioners' interstate business, and thereby forcing
compliance wit hthe demands of the unions. And, since these strikes
were directed against the use of petitioners' product in other States,
with the plain design of suppressing or narrowing the interstate market, it is no answer to say that the ultimate object to be accomplished
was to bring about a change of conduct on the part of petitioners in
respect of the employment of union members in Indiana.
A restraint of interstate commerce cannot be justified by the fact that
the ultimate object of the participants was to secure an ulterior benefit
which they might have been at liberty to pursue by means not involving
such restraint. Anderson v. Shipowners Association, November 22,
1926; Duplex o. v. Deering, 254 U. S. 443, 468; Ellis v. Inman, Poulsen & Co., 131 Fed. 182, 186.
Case Is Held Controlled by Duplex Co. v. Deering.
The case, therefore, is controlled, not by United Mine Workers v.
Coronado Co., supra and United Leather Workers v. Herkert, 265,
U. S. 457, as respondents contend, but by others presently to be
discussed.
In the United Leather Workers' case, it appeared that the strikes
were levelled only against production, and that the strikers (p. 471)
"did nothing which in any way directly interfered with the interstate
transportation or sales of the complainants' product"; and the decision
rests upon the ground that there was an entire absence of evidence or
circumstances to show that the defendants, in their conspiracy to coerce
complainants, were directing their scheme against interstate commerce.
United Mine Workers v. Coronado Co., supra, pp. 408-409, is to the
same effect.
But in the second United Mine Workers' case, 268 U. S. 295, 310,
this court found sufficient evidence, even where the strike was directed
against production, of an intent to restrain interstate commerce, and
said:
"The mere reduction in the supply of an article to be shipped in
interstate commerce by the illegal or tortious prevention of its manufacture or production is ordinarily an indirect and remote obstruction
to that commerce. But when the intent of those unlawfully preventing
the manufacture or production is shown to be to restrain or control the
supply entering and moving in interstate commerce, or the price of it in
interstate markets, their action is a direct violation of the Anti-Trust
Act."
In the present case, since the strikes were directed against the use
of the product in other States, with the immediate purpose and necessary effect of restraining future sales and shipments in interstate commerce, the determinative decisions to be applied are those pointed out in
the United Leather Workers' case, at p. 469:
"In Loewe v. Lawlor, 208 U. S. 274, and in Duplex Co. v. Deering,
254 U. S. 443, members of labor unions having a controversy with their
employers sought to embarrass the sales by their employers of the product of their manufacture in other States by boycott and otherwise.
They were held guilty of a conspiracy against interstate commerce because of their palpable intent to achieve their purpose by direct obstruction of that commerce."
Respondents cite and rely upon Hopkins v. United States, 171 U. S.
578, and Anderson v. United States, 171 U. S. 604. But of those
cases we need say no more than that they involved agreements which
neither in purpose nor in necessary result related to or had any direct
effect upon interstate commerce.
With a few changes in respect of the product involved, dates, names
and incidents, which would have no effect upon the principles established, the opinion in Duplex Co. v. Deering, supra, might serve as an
opinion in this case. The object of the boycott there was precisely
the same as it is here, and the interferences with interstate commerce,
while they were more numerous and more drastic, did not differ in
sssential character from the interferences here.
A short statement of the case will make this clear.
The complainant was a manufacturer of printing presses and conducted its business on the "open shop" policy. There had been an
unsuccessful strike to enforce the "closed shop," the eight-hour day and
the union scale of wages.
[VOL. 124.
The strikers and the local organizations to which they belonged were
affiliated with an international association having a membership of more
than sixty thousand. They entered into a combination to restrain complainant's interstate trade by means of a "secondary boycott," in pursuance of which complainants customers in another State were warned
not to purchase, install or operate its printing presses and threatened
with loss and sympathetic strikes should they do so.
The strikers threatened a trucking company with trouble if it should
haul the presses; incited employes of the trucking company and other
men employed by complainants customers to strike in order to interfere with the hauling and installation of presses; notified repair shops
not to repair work on the presses; threatened union men with loss of
union cards and the blacklist if they assisted in installing the presses;
and resorted to other methods of preventing the sale and delivery of
complainant's presses in interstate commerce.
Rights in Properties Entitled to Protection.
This court held that complainant's business of manufacturing presses
and disposing of them in commerce was a property right entitled to
protection against unlawful injury or interference; that unrestrained
access to the channels of interstate commerce was necessary for the successful conduct of that business; and that the combination to hinder
and obstruct such commerce by the means indicated was in violation
of the Sherman Anti-Trust Act, as amended by the Clayton Act.
The combination was held to constitute a "secondary boycott," defined
as "a combination not merely to refrain from dealing with complainant,
or to advise or by peaceful means persuade complainant's customers to
refrain "primary boycott," but to exercise coercive pressure upon
such customers, actual or prospective, in order to cause them to withhold or withdraw patronage from complainant through fear of loss or
damage to themselves should they deal with it."
Whether either kind of boycott was lawful or unlawful at common
law was held to be immaterial, and the distinction between a primary
and a secondary boycott was only important to be considered upon the
question of the proper construction of the Clayton Act; and, as to that,
it was distinctly determined that the Clayton Act was not intended to
legalize the secondary boycott.
The court further held (p. 467-468) that by prior decisions of this
court, it had been settled that a restraint of interstate commerce produced by peaceful persuasion was as much within the prohibition of the
Anti-Trust Act as one accomplished by force or threats of force, and
that there was nothing in § 20 of the Clayton Act (p. 473 et seq.)
which modified that rule as applied to the case under review or justified
a resort to the secondary boycott.
And it was said (p. 477) that the harmful consequences of the opposite construction, adopted by the court below, were illustrated by that
case where an ordinary controversy in a manufacturing establishment,
concerning terms and conditions of employment there, had been held a
sufficient occasion for imposing a general embargo upon the products
of the establishment and a nation-wide blockade of the channels of
interstate commerce against them.
Injunction Justified Under Sherman Act.
The conclusion was reached that complainant was entitled to an
injunction under the Sherman Act as amended by the Clayton Act, and
that it was unnecessary to consider whether a like result would follow
twder the common law or local statutes. Finally, it is important to
note (p. 478) the scope of the injunction which was authorized.
Not only were the association and its members to be restrained from
interfering with the sale, transportation, or delivery in interstate commerce of the presses, but also from interfering with the "carting, installation, use, operation, exhibition, display, or repairing of any such
press or presses, . . . and especially from using any force, threats,
command, director, or even persuasion with the object or having the
egect of causing any person or persons to decline employment, cease
employment, or not seek employment, or to refrain from work or cease
working under any person, firm, or corporation being a purchaser or
prospective purchaser of any printing press or presses from complainant," . . .
Loewe v. Lawlor, supra, also dealt with a secondary boycott. The
case arose before the enactment of the Clayton Act, but, in view of
what has just been said, that is not important.
The defendants, certain labor organizations and the members thereof,
undertook to compel complainants to unionize their factory. Being unsuccessful, the members of the labor organizations withdraw from complainants' service and endeavored to persuade others to do the same.
Defendants then declared a boycott against hats manufactured by
complainants found in the hands of their customers in other States,
with the purpose and intent to destroy or curtain complainants' market
in other States and theerby coerce compliance with defendants' demands.
This was held (pp. 292-294) to be a combination falling
"within the class of restraints of trade aimed at compelling third parties
and strangers involuntarily not to engage in the course of trade except
on conditions that the combination imposes," and an unlawful restraint
of interstate commerce as defined by the Anti-Trust Act.
Referring to earlier cases, it was said (p. 297) that the Anti-Trust
Act had a broader application than the prohibition of restraints of trade
unlawful at common law, and that its effect was to declare illegal "every
contract, combination or conspiracy, in whatever form, of whatever
nature, and whoever may be the parties to it, which directly or necessarily operates in restraint of trade or commerce among the several
States."
Interstate Cotnmerce Impeded by Blow at Competition.
In United States v. Brims et al. (November 23, 1926), a criminal
case, this court dealt with a combination of manufacturers, contractors
and carpenters in Chicago, having for its object the destruction of the
competition of non-union mills in Wisconsin and elsewhere by the employment in Chicago of union carpenters only, with the understandig that
they would refuse to install non-union-made millwork. There was evidence tending to show that so-called outside competition was cut down
and .thereby interstate commerce directly and materially impeded, and
that this result was within the intention of the combination, which, upon
these facts, was held to be in violation of the Anti-Trust Act.
In Gompers v. Bucks Stove & Range Co., 221 U. S. 418, 438-439, this
court said that the restraining powers of the courts extend to every
device whereby comemrce is illegally restrained; and that—
"To hold that the restraint of trade under the Sherman anti-trust
act, or on general principles of law, could be enjoined, but that the
means through which the restraint was accomplished could not be enjoined would be to render the law impotent."
In cases arising outside the Anti-Trust Act, involving strikes like those
here under review against so-called urffair products, there is a sharp
conflict of opinion. On the one hand, it is said that such a strike is
justified on the ground of self-interest; that the injury to the pro-
APR. 16 1927.]
THE CHRONICLE
ducer is inflicted, not maliciously, but in self-defense; that the refusal
of the producer to deal with the union and to observe its standards
threatens the interest of all its members and the members of the affiliated locals; and that a strike against the unfair material is a mere
recognition of this unity of interest, and in refusing to work on such
material the union is only refusing to aid in its own destruction.
The opposite view is illustrated by such cases as Toledo, etc., Ry.
v. Pennsylvania Co., 54 Fed. 730; Thomas v. Cincinnati, etc., Ry. Co.,
62 Fed. 803, 817, et seq.; Moores v. Bricklayers' Union, 23 Wkly.
Cin. Law Bull. 58 (affirmed by the Supreme Court of Ohio without
opinion); Burnham v. Dowd, 217 Mass. 351; Purvis v. United Brotherhood 214 Pa. St. 348; Booth & Brother v. Burgess, 72 N. J. Eq. 181,
188, 196; Piano & Organ Workers v. P. & 0. Supply Co., 124 III.
App. 353.
Clear Right to Injunction Under Clayton Amendment.
But with this conflict we have no concern in the present case. The
question which it involves was presented and considered in the Duplex
Co. case, supra, as the prevailing and the dissenting opinions show;
and there it was plainly held that the point had no bearing upon the
enforcement of the Anti-Trust Act, and that since complainant had a
clear right to an injunction under that act as amended by the Clayton Act, it was "unnecessary to consider whether a like result would
follow under the common law or local status."
Whatever may be said as to the motives of the respondents or their
general right to combine for the purpose of redressing alleged grievances of their fellow craftsmen or of protecting themselves or their
organizations, the present combination deliberately adopted a course
of conduct which directly and substantially curtailed, or threatened
thus to curtail the natural flow in interstate commerce of a very
large proportion of the building limestone production of the entire
country, to the gravely probable disadvance of producers, purchasers
and the public; and it must be held to be a combination in undue and
unreasonable restraint of such commerce within the meaning of the
Anti-Trust Act as interpreted by this court.
An act which lawfully might be done by one, may when done by
many acting in concert take on the form of a conspiracy and become
a public wrong, and may be prohibited if the result be hurtful to the
public or to individuals against whom such concerted action is directed, Grenada Lumber Co. v. Mississippi, 217 U. S. 433, 40; and
any suggestion that such concerted action here may be justified as a
necessary defensive measure is completely answered by the words of
this court in Eastern States Lumber Assn. v. United States, 234 U. S.
600, 613, that.
"Congress, with the right to control the field of interstate commerce, has so legislated as to prevent resort to practices which unduly restrain competition or unduly obstruct the free flow of such
commerce, and private choice of means must yield to the national authority thus exerted."
The record does not disclose whether petitioners at the time of
bringing suit had suffered actual injury; but that is not material.
An intent to restrain interstate commerce being shown, it is enough
to justify equitable interposition by injunction if there be a dangerous
probability that such injury will happen; and this clearly appears.
The Anti-Trust Act "directs itself against that dangerous probability
as well as against the completed result." Swift and Company v. United
States, supra, p. 396; Vicksburg Waterworks Co. v. Vicksburg, 185
U. S. 65, 82; Thomson Machine Co. v. Brown, 89 N. J. Eq. 326, 328.
From the foregoing review, it is manifest that the acts and conduct
of respondents fall within the terms of the Anti-Trust Act; and petitioners are entitled to relief by injunction under sec. 16 of the Clayton Act, 3. 323, 38 Stat. 730, 737, by which they are authorized to sue
for such relief "against threatened loss or damage by a violation of
the anti-trust laws," etc.
The strikes, ordered and carried out with the sole object of preventing the use and installation of petitioners' product in other States,
necessarily threatened to destroy or narrow petitioners' interstate
trade by taking from them their customers.
That the organizations, in general purpose and in and of themselves, were lawful and that the ultimate result aimed at may not have
been illegal in itself, are beside the point. Where the means adopted
are unlawful, the innocent general character of the organizations adopting them or the lawfulness of the ultimate end sought to be attained,
cannot serve as a justification.
Decree reversed.
Dissenting Opinion of Justice Brandeis.
The text of the dissenting opinion of Justice Brandeis
as given in the United States Daily follows:
The constitution of the Journeymen Stone Cutters' Association
provides:
,
"No member of this Association shall cut, carve or fit any material
that has been cut by men working in opposition to this association."
For many years, the plaintiffs had contracts with the Association
under which its members were employed at their several quarries
and works. In 1921, the plaintiffs refused to renew the contracts
because certain rules or conditions proposed by the Journeymen
were unacceptable.
Then came a strike. It was followed by a lockout, the organization by the plaintiffs of a so-called independent union, and the
establishment of it at their plants. Repeated efforts to adjust
the controversy proved futile.
Finally, the Association urged its members working on buildings
in other States to observe the above provision of its constitution.
Its position was "that if employers will not employ our members
in one place we will decline to work for them in another, or to
finish any work that has been started or partly completed by men
these employers are using to combat our organization."
The trial court dismissed the bill. The United States Circuit
Court of Appeals affirming the decree said:
"After long negotiations and failure to reach a new working agreement, the union officers ordered that none of'its members should further
cut stone which had been partly cut by non-union labor, with the result
that on certain jobs in different States stone cutters, who were members
of the union, declined to do further cutting upon such stone. Where,
as in some cases, there were few or no local stone cutters except as
belonged to the union, the completion of the buildings was more or less
hindered by the order, the manifest object of which was to induce
appellants to make a contract with the union for employment of only
union stone cutters in the Indiana limestone district.
"It does not appear that the quarrying of stone, or sawing it into
blocks, or the transportation of it, or setting it in buildings, or any other
building operation, was sought to be interfered with, and no actual
2203
or threatened violence appears, no picketing, no boycott, and nothing
of that character."
If, in the struggle for existence, individual workingmen may,
under any circumstances, cooperate in this way for self-protection
even though the interstate trade of another is thereby restrained,
the lower courts were clearly right in denying the injunction sought
by plaintiffs.
I have no occasion to consider whether the restraint, which was
applied wholly intrastate, became in its operation a direct restraint
upon interstate commerce. For it has long been settled that only
unreasonable restraints are prohibited by the Sherman Law, Standard Oil Co. v. United States, 221 U. S. 1, 56-58; United States v.
American Tobacco Co., 221 U. S. 106, 178-180; Chicago Board of
Trade v. United States, 246 U. S. 231, 238; United States v. Trenton
Potteries Co., No. 27, decided February 21, 1927, p. 3. Compare
United States v. Terminal Ass'n, 224 U. S. 383; United States v.
Reading Co., 226 U. S. 324, 369.
And the restraint imposed was, in my opinion, a reasonable one.
The Act does not establish the standard of reasonableness.
What is reasonable must be determined by the application of principles of the common law, as administered in Federal courts unaffected
by State legislation or decisions. Compare Duplex Printing Co. v.
Deering, 254 U. S. 443, 466. Tested by these principles, the propriety
of the unions' conduct can hardly be doubted by one who believes in
the organization of labor.
Neither the individual stonecutters, nor the union had any contract
with any of the plaintiffs or with any of their customers. So far
as concerned the plaintiffs and their customers, the individual stonecutters were free either to work or to abstain from working on stone
which had been cut at the quarries by members of the employers' union.
So far as concerned the Association, the individual stonecutter was
not free. He had agreed, when he became a member, that he would
not work on stone "cut by men working in opposition to" the Association.
It was in duty bound to urge upon its members observance of the
obligation assumed. These cut-stone companies, who alone are seeking relief, were its declared enemies. They were seeking to destroy
it. And the danger was great.
The plaintiffs are not weak employers opposed by a mighty union.
They have large financial resources. Together, they ship 70% of
all the cut stone in the country. They are not isolated concerns.
Theye had combined in a local employers' organization. And their
organization is affiliated with the national employers' organization,
called "International Cut Stone & Quarrymen's Association."
Standing alone, each of the 150 Journeymen's locals is weak. The
average number of members in a local union is only 33. The locals
are widely scattered -throughout the country. Strong employers could
destroy a local "by importing scabs" from other cities.
And many of the builders by whom the stonecutters were employed in different cities, are strong. It is only through combining
the 5,000 organized stonecutters in a national union, and developing
loyalty to it, that the individual stonecutter anywhere can protect his
own job.
Performance of Union Duties Held Confessedly Legal.
The manner in which these individual stonecutters exercised their asserted right to perform their union duty by refusing to finish stone
"cut by men working in opposition to" the Association was confessedly legal. They were innocent alike of trespass and of breach
of contract. They did not picket.
They refrained from violence, intimidation, fraud and threats. They
refrained from obstructing otherwise either the plaintiffs or their customers in attempts to secure other help.
They did not plan a boycott against any of the plaintiffs or against
builders who used the plaintiffs' product. On the contrary, they expressed entire willingness to cut and finish any stone quarried by any
of the plaintiffs, except such stone as had partially "cut by men
working in opposition to the Association."
A large part of the plaintiffs' product consisting of blocks, slabs and
sawed work was not affected by the order of the union officials. The
individual stonecutter was thus clearly innocent of wrongdoing, unless
it was illegal for him to agree with his fellow craftsmen to refrain
from working on the '.'scab'"-cut stone because it was an article of
interstate commerce.
The manner in which the Journeymens' unions acted was also
clearly legal. The combination complained of is the cooperation of
persons wholly of the same craft, united in a national union, solely
for self-protection. No outsider—be he quarrier, dealer, builder or
laborer—was a party to the combination.
No purpose was to be subserved except to promote the trade interests of members of the Journeymen's Association. There was no
attempt by the unions to boycott the plaintiffs. There was no attempt to seek the aid of members of any other craft, by a sympathetic
strike or otherwise.
The contest was not a class struggle. It was a struggle between
particular employers and their employes.
But the controversy out of which it arose, related, not to specific
grievances, but to fundamental matters of union policy of general application throughout the country. The national Association had the
duty to determine, so far as its members were concerned, what that
policy should be.
It deemed the maintenance of that policy a matter of vital interest to
each member of the union. The duty rested upon it to enforce its
policy by all legitimate means.
The Association, its locals and officers were clearly innocent of
wrong doing, unless Congress has declared that for union officials to
urge members to refrain from working on stone "cut by men working in opposition" to it is necessarily illegal if thereby the inter-state
trade of another is restrained.
The contention that earlier decisions of this Court compel the conclusion that it is illegal seems to me unfounded. The cases may support the claim that, by such local abstention from work, inter-state
trade is restrained.
But examination of the facts in those cases makes clear that they
have no tendency whatsoever to establish that the restraint imposed
by the unions in the case at bar is unreasonable. The difference between the simple refraining from work practiced here, and the conduct held unreasonable in Duplex Printing Press Co. v. Deering, 254
U. S. 443, appears from a recital in that opinion of the defendants'
acts:
Character of Acts of Unreasonable Restraint.
"The acts embraced the following with others: Warning customers
that it would be better for them not to purchase, or having purchased
2204
THE CHRONICLE
sot to install, presses made by complainant, and threatening them with
loss should they do so; threatening customers with sympathetic strikes
in other trades; notifying a trucking company usually employed by
customers to haul the presses not to do so, and threatening it with
trouble if it should; inciting employes of the trucking company and
other men employed by customers of complainant, to strike against
their respective employers in order to interfere with the hauling and
installation of presses, and to bring pressure to bear upon the customers; notifying repair shops not to do repair work on Duplex presses;
coercing union men by threatening them with loss of loss of union cards
and with being blacklisted as 'scabs' if they assisted in installing the
presses, threatening an exposition company with a strike if it permitted complainant's presses to be exhibited; and resorting to a variety
of other modes of preventing the sale of presses of complainant's manufacture in or about New York City, and delivering them in interstate
commerce, such as injuring and threatening to injure complainants
customers and prospective customers, and persons concerned in hauling, handling, or installing the presses." (pp. 463-4.)
The character of the acts held in Duplex Printing Press Co. v.
Deering to constitute unreasonable restraint is further shown by
the scope of the injunction there prescribed (pp. 478-479):
"There should be an injunction against defendants an dthe associations
represented by them, and all members of thoSe associations, restraining
them, according to the prayer of the bill, from interfering or attempting
to interfere iwth the sale, transportation, or delivery in interstate commerce of any printing press or presses manufactured by complainant, or
the transportation, carting, installation, use, operation, exhibition, display,
or repairing of any such press or presses, or the performance of any contract or contracts made by complainant respecting the sale, transportation,
delivery, or installation of any such press or presses, by causing or
threatening to cause loss, damage, trouble, or inconvenience to any
person, firm or corporation concerned inthe purchase, transportation,
carting, installation. use, operation, exhibition, display or repairing of
any such press or presses, or the performance of any such contract or
contracts; and also and especially from using any force, threats, command, direction, or even persuasion with the object or having the effect
of causing any person or persons to decline employment, or not seek
employment, or to refrain from work or cease working under any person, firm, or corporation being a purchaser or prospective purchaser of
any printing press or presses from complainant, or engaged in hauling,
carting, delivering, installing, handling, using, operating or repairing
any such press or presses for any customer of complainant.
"Other threatened conduct by defendants orthe association they
represent, or the members of such associations, in furtherance of the
secondary boycott should be included in the injunction according to
the proofs."
Defensive Act Combination of Employers.
The difference between the facts here involved and those in the
Duplex case does not lie only in the character of the acts complained of. It lies also in the occasion and purpose of the action
taken and in the scope of the combination.
The combination there condemned was not, as here, the cooperation for self-protection only of men in a single craft. It was an
effort to win by invoking the aid of others, both organized and
unorganized, not concerned in the trade dispute.
The conduct there condemned was not, as here, a mere refusal
to finish particular work begun "by men working in opposition to"
the union. It was the institution of a general boycott, not only
of the business of the employer, but of the businesses of all who
should participate in the marketing, installation or exhibition of
its product.
The conduct there condemned was not, as here, action taken for
self-protection against an opposing union installed by employers to
destroy the regular union with which they long had had contracts.
The action of the Duplex case was taken in an effort to unionize
an open shop. Moreover, there the combination of defendants
was aggressive action directed against an isolated employer. Here
it is defensive action of workingmen directed against a combination
of employers.
The serious question on which the court divided in the Duplex
case was not whether the restraint imposed was reasonable. It
was whether the Clayton Act had forbidden Federal courts to issue
an injunction in that class of cases. See p. 464.
In Loewe v. Lawlor, 208 U. S. 274; Gompers v. Buck Stove Co.,
221 U. S. 418; and Lawlor v. Loewe, 235 U. S. 522, the conduct held
unreasonable was not, as here, a refusal to finish a product partly
made by members of an opposing union. It was invoking the
power of the consumer as a weapon of offensive warfare.
There, a general boycott was declared of the manufacturer's.
product. And the boycott was extended to the business of both
wholesales and retails who might aid in the marketing of the
manufacturer's product.
Moreover, the boycott, was to be effected, not by the cooperation
merely of the few members of the craft directly and vitally interested in the trade dispute, but by the aid of vast forces of organized labor affiliated with them through the American Federation
of Labor.
In the United States v. Brims, 272 U. S.—the combination complained of was not the cooperation merely of workingmen of the
same craft. It was a combination of manufacturers of millwork
in Chicago, with building contractors who cause such work to be
installed, and the unions whose members are to be employed.
Moreover, the purpose of the combination was not primarily to
further the interests of the union carpenters. The immediate
purpose was to suppress competition with the Chicago manufacturers.
As this court said:
"The respondent manufacturers found their business seriously impeded by the competition of material by non-union mills located outside
Theer wished to eliminate the competition of Wisof Illinois. .
consin and other non-union mills which were paying lower wages and
consequently could undersell them. . . .
"The local manufacturers, relieved from the competition that came
through interstate commerce, increased their output and profits; they
gave special discounts to local contractors; more union carpenters
secured employment in Chicago and their wages were increased. These
were the incentives which brought about the combination."
In United Mine Workers v. Coronado Co., 259 U. S. 344; 268 U. S.
295; United Leather Workers v. Herbert, 265 U. S. 457; Industrial
Association v. United States, 268 U. S. 64, as in Hopkins v. United
States, 171 U. S. 578; Anderson v. United States, 171, U. S. 604;
Montague v. Lowry, 193 U. S. 38, and Swift & Co. v. United States,
196 U. S. 375, the questions put in issue were not the reasonableness
of the restraint, but whether the restraint was of interstate commerce.
Opinion of Court Cited in Millwork Labor Case.
Members of the journeymen Stone Cutters' Association could
not work anywhere on stone which has been cut at the quarries
Mat. 12d.
by "men working in opposition" to it, without aiding and abetting
the enemy. Observance by each member of the provisions of their
constitution which forbids such action was essential to his own
self-protection.
It was demanded of each by loyalty to the organization and to
his fellows. If, on the undisputed facts of this case, refusal to work
can be enjoined, Congress created by the Sherman Law and the
Clayton Act an instrument for imposing restraints upon labor which
reminds of involuntary servitude.
The Sherman Law was held in United States v. United States
Steel Corporation, 251 U. S. 417, to prmit capitalists to combine in
a single corporation 50 per cent of the steel industry of the United
States dominating the trade through its vast resources. The
Sherman Law was held in United States v. United Shoe Machinery
Co., 247 U. S. 32, to permit capitalists to combine in another corporation practically the whole shoe machinery industry of the
country, necessarily giving it a position of dominance over shoemanufacturing in America.
It would, indeed, be strange if Congress had by the same Act
willed to deny to members of a small craft of workingmen the
right to cooperate in simply refraining from work, when that course
was the only means of ,self-protection against a combination of
militant and powerful employers. I cannot believe that Congress
did so.
Justice Stone Concurs On Strength of Case Cited.
The text of the separate opinion of Mr. Justice Stone
follows:
As an original proposition, I should have doubted whether the
Sherman Act prohibited a labor union from peaceably refusing to
work upon material produced by non-union labor or by a rival
union, even though interstate commerce were effected. In the light
of the policy adopted by Congress in the Clayton Act, with respect
to organized labor, and in the light of Standard Oil Co. v. United
States, 221 U. S. 1; United States v. American Tobacco Co., 221
U. S. 106, 178-180, I should not have thought that such action as is
now complained of was to be regarded as an unreasonable and therefore prohibited restraint of trade.
But in Duplex Printing Press Co. v. Deering, 254 t.J. S. 443, these
views were rejected by a majority of the court and a decree was authorized restraining in precise terms any agreement not to work or refusal
to work, such as is involved here. Whatever additional faces there may
have been in that case, the decree enjoined the defendants from using
"even persuasion with the object or having the effect of causing any
person or persons to decline employment, cease employment, or not
seek employment, or to refrain from work or cease working under any
person, firm, or corporation being a purchaser or prospective purchaser,
of any printing press or presses from complaint, . . ."
These views, which I should not have hesitated to apply here, have
now been rejected again largely on the authority of the Duplex case.
For that reason alone, I concur with the majority.
The full text of the concurring opinion by Mr. Justice
Sanford is as follows:
I concur in this result upon the controlling authority of Duplex Company v. Deering, 254 U. S. 443, 478, which, as applied to the ultimate
question in this case, I am unable to distinguish.
Inquiry Into Cash Value of College Education.
A nation-wide survey of the cash value of a college education, or, more formally, of "Relations Between Occupational
Incomes and Formal Education," has been instituted by the
national professional fraternity Alpha Kappa Psi, under
the direction of its National President, Dean Everett W.
Lord of Boston University's College of Business Administration, Dean Lord announced on April 5. The announcement
adds:
Data from 10,000 persons all over the country and in "widely varying
occupations," will be collected and compiled in an attempt to get at a
representative indication of the effect, if any, of college training, and of
different types of educational training, on the subsequent earning ability
of the individual. The survey, taken with the approval of the Grand
Council of the fraternity, will be carried on by the active chapters, each
of which will "secure authoritative reports from a considerable number of
men engaged in a wide variety of occupations" and in addition every alumnus in the fraternity will make a personal report. There are 46 chapters
in colleges ranging from coast to coast. The survey is instituted in pursuit of one of the fraternity's objects of fostering "scientific research in
the fields of commerce, accounts and finance."
The result of the survey will be to continue and to bring up to date a
study made several years ago by Dean Lord based on statistics then available, which showed the "cash value of a college education"—the average
increased earning power of the college educated man from the time he
begins work after graduation to the age of 60—to be $72,000. Dean
Lord's previous investigation also showed that the "cash value" of a high
school education was $33,000. These totals were found by comparing the
earning power of college and high school graduates, respectively, with the
earning power of grammar school graduates. The grammar school graduate on the average was found to earn from 14 to 60 about $45,000: The
high school graduate earned from 18 to 60 about $78,000, while the college
graduate earned from 22 to 60 $150,000. The difference between each
total and the subsequent one showed the "cash value" of the education
being measured.
With data expected from over 10,000 individuals, the new survey is expected to show even more efficiently than the previous one the relationship between education and income. The number of individuals questioned
will be larger, for one thing, and the new survey will also establish figures
for types of occupation and for types of education. The data received
will be summarized at the College of Business Administration and the fraternity will publish the results, according to the announcement.
Publication of the previous report was criticised in some quarters by commentators who declared that the value of college education lay in the
cultural and spiritual values received. In a statement Dean Lord declared
that the cultural and spiritual values are recognized as "invaluable and
inestimable," and that, while they could not be reduced to figures, the
relation between education and earning power could be so reduced, and
that this alone was the purpose of the inquiry.
APR. 16 1927.]
THE CHRONICLE
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 15 1927.
Trade has again been more or less hampered by bad
weather in different parts of the country. It has been too
cold and wet in the West, Northwest and Southwest and it
has been at times unseasonably cool here in the East.
Snows, rains, floods and tornadoes have all contributed to
slow up trade more or less. The big rivers are rising. The
Mississippi is above the danger line from Cairo to Vicksburg. The Missouri, the Ohio, the Tennessee and Arkansas
rivers show the effects of big rains. In parts of Oklahoma
large tracts of land are under water. The Mississippi River
Government levees have stood the test very well indeed
thus far, although some of the private levees have broken.
The South needs dry, warm weather. Over Wednesday
night Arkansas and Oklahoma had cloudbursts amounting
to over five inches of rain. Texas had too much rainfall
over much of its area, although in the extreme south of
that State rains are needed for the cotton already up and
to promote germination. In general the cotton crop is getting a late start rather than an early one, although there
is still plenty of time to make good any lost ground.
One of the features of American business is the enormous consumption of cotton, not only at home but abroad.
The exports of cotton this season bid fair to reach the highest total ever known ,and the home consumption will also
show a noteworthy increase. The upshot is that the bogey
of an enormous and potentially depressing carry-over this
year, which at one time overhung the cotton market, is
losing some of• its influence, although not altogether dispelled. In any case the carry-over will be nothing like as
large, judging from present appearances, as it was at one
time feared it might be. The South was fortunate in one
respect. It raised what looked like a burdensome crop, but
on the other hand, the foreign cotton crops partially failed.
Iron and steel have remained quiet and steel prices have
shown more or less irregularity if not a certain amount of
weakness. The car loadings make, on the whole, a favorable exhibit. Gross railway earnings vary noticeably, but
on the whole are not unfavorable. Latterly retail trade in
this part of the country has improved somewhat, as usual at
this season of the year. But what the whole country wants
is dry, warm, seasonable weather.
Wheat has declined two cents on May despite delay in
seeding of spring wheat in the Northwest and in Canada.
Other months are higher, however, as export sales on the
13th inst. were estimated at as high as 2,000,000 bushels,
including not a little of our red and hard spring wheat and
on the 14th 800,000 bushels. Big stocks and dull trade depressed corn prices, and oats and rye were lower. The
export trade in rye has been rather disappointing, but latterly has improved somewhat. Lard products have declined, with trade slow and cottonseed oil prices falling.
Cotton has advanced slightly, owing to rains at the South
and poor progress in plowing, planting, growth and germination, where the cotton has been planted. But it is rather
surprising to some to see how little response cotton prices
have made to the bad weather news. It is well to remember that there are still at least two or three weeks in which
to make up the lost ground. It would be better if the whole
belt could be planted by May 1, but planting can be done
much later with good results; only the weather in such a
case has to be very favorable most of the time thereafter.
The chances of a good crop in the case of late planting are
naturally reduced.• Meanwhile the cotton trade got a big
surprise on Thursday when it was officially announced
that the consumption in the United States in March had
leaped to the new high record of 694,200 bales. Now it is
intimated that the consumpmtion may reach 7,000,000 to
7,500,000 bales and the exports overtop the high record of
1911-12 of 10,500,000 bales by half a million. That would
be some 3,000,000 bales larger than the total for last year
and the year before. The sales of cotton goods for the first
quarter of the present year make a gratifying exhibit.
Some South Carolina mint are sold ahead to August. German and Czechoslovakian cotton mills are doing a large
business. Of course the mills of France and Italy have felt
the recent rise in franc and lira exchange—the latter up to
2205
I
5.05c. on Thursday—and British mills the effects of the
Chinese war. Moreover, there is a slackening of business
among some of the American mills after the pronounced
activity earlier in the year. But there is an undertone of
confidence. The buyer. seeks the goods rather than the
goods the buyer, as they had to in recent years. Charlotte,
N. C., mills, it appears, are sold ahead at least well into
the month of May. Some Georgia cotton mills are running
night and day and are sold ahead until well into the summer.
Coffee has declined slightly on very small transactions.
There has been no great pressure to sell, but supplies are
large, the trade buys from hand to mouth, exchange has
weakened somewhat and speculation is absent. Sugar has
advanced to 3 cents or more as demand increased and selling pressure lessened. Crop restriction may not be tried
next season. It has not been entirely satisfactory this year.
It was at best merely a palliative. Cut the production;
anything else is futile. The sugar is there; it is bound to
come to the mill sooner or later. President Machado of
Cuba is to visit President Coolidge on the 23d inst., possibly in connection with a suggestion about the duty. But
restriction of grinding, or tinkering with the American duty,
if that should be done, are alike useless. They do not go
to the quick of the matter. That is over-production.
The stock market has been more or less irregular, but on
the whole has acted very well, although of late money has
1 2%. Trading in stocks
been rather firmer if anything at 4,
continues to be on a large scale and on Thursday the better
class of shares commanded more attention. Strong features were steel, sugar and utility stocks, and it is believed
that easier money rates will appear next week. The general condition of the country is good. Industries, especially
the cotton textiles, are in promising shape. In general,
American industry occupies a strong position. Mass production, standardization and relatively cheap hydro-electric
power, with other things, combine to keep America well to
the fore among the trading nations of the earth. And it
has a stock of gold transcending anything ever accumulated by one country in human history, reaching $4,598,782,795 on April 1. Although London has latterly been quiet,
stocks there have been firm and even Chinese shares have
gained a trifle. It is noticeable that Hong Kong was buying goods in Manchester on Thursday a little more freely.
The United States Government has undoubtedly done well
to join in an identic note to China demanding cessation of
outrages, punishment of the offenders and ample reparation
for injuries done.
Sales of cotton cloth for the first quarter of the year
were 943,896,000 yards, according to the figures of the
Association of Cotton Textile Merchants of New York, or
35.4% greater than corresponding period last year. Production for the three months was 738,872,000, an increaseof 8% over 1926. Stocks on hand March 31 were 162,438,000 yards, or 35% less than at the end of March 1926 and
34.3% less than three months ago. Unfilled orders at the
end of March were 445,171,000 yards, or 72.5% more than.
the same time last year and 37% more than three months
previously.
Exeter, N. H., Manufacturing Co. mills, which recently
resumed operations, are now running at one-third capacity.
The. remaining new machinery will be in full operation
about May 15 and the mill will then have been completely
renovated and equipped with much modern machinery, Including 300 automatic looms. In New Hampshire, by a
vote of 198 to 108, the House of Representatives killed the
workmen's compensation bill, which was said to have the
endorsement of the large textile manufacturers and the
American Federation of Labor. Rumors that the water
power rights of the Amoskeag Co. at Manchester, N. H.,
were to be sold to power interests, subject to the Amoskeag's
reservation of adequate power for itself, were sharply
denied. The company needs about 40,000 horsepower at
full capacity, while the power derived from the river
amounts to about 250,000 horsepower. The Amoskeag Co.
is running, it is said, at 60% of capacity. Somersworth,
N. H., is doing better as a big textile centre than at any
time since 1920. The Queensbnry mills there, manufacter-
2206
THE CHRONICLE
era of woolen yarns, which have been closed for several
weeks, have resumed work. The Great Falls Manufacturing Co. Is well supplied with orders and has 1,000 workers.
.The Great Falls bleachery and dye house is busy. It has
orders for mills out of the State and speeding up of freight
service has brought the bleachery and dye house much new
business. The mills of the Great Falls Woolen Co. are
running at 100% capacity.
The Southern Yarn Spinners' Association, of Charlotte,
N. C., said purchases were confined to immediate requirements. Advices from some sources indicate that buyers
believe spinners are accumulating considerable surplus
'yarns which may shortly be thrown on the market. The
next two months, April and May, will perhaps prove the
turning point in the yarn situation. It is generally believed that spinners are well supplied with orders until
early in May. In the Greenville, S. C., district, many mills
are said to be Sold as far ahead as July and August, suggesting that for the first time in several years curtailment
In that section this summer will be needless. In Clarke
County, Georgia, cotton mills are running at maximum
time and are reported to be sold several months ahead.
Two of the largest mills in that county are running day
and night. The others are at full-day capacity. The James
White mills at Barnett Shoals are running day and night
and in addition, the number of looms is being doubled.
They had to be to meet the demand. These mills are
manufacturing exclusively broadcloth shirting and are sold
up through the summer and early fall. The Whiteford Co.,
organized to manufacture shirts, is running about 50 dozen
per week ahead of the contemplated output. The Atlanta
Manufacturing Co., making a high grade fabric for cord
tires, is running day and night. It has doubled its capacity
In the past two years. The Southern Manufacturing Co.,
with one of the largest mills, is also operating on full-day,
time. The Georgia factory at Whitehall, making sheeting
exclusively, is running at 100%. The Mallison braided cord
mills are running night and day and are reported to have
their output sold in advance several months. The Princeton
and the Clarke mills are running full time in the Athens
section.
Manchester, N. H., wired that a night shift had beeen
started in the Gordon woolen mills at Newport, N. H., in
addition to the full-time day operations. The Brampton
Woolen Co. is operating its plant at better than 50% of
capacity. The Monadnock mills, at Claremont, are now
running 25% of its looms on rayon and decorated cotton
bedspreads. Manchester, N. H.. wired that employees' plan
of representation of the Amoskeag Manufacturing Co. at
adjourned convention voted to continue the existing wages
for another six months. At Fall River, Mass., the strike of
35 loom fixers at the Durfee mills, which had been in effect
since the 11th inst., was settled on the 13th. The loom fixers
returned to work on the 14th and also 300 weavers who
were forced to quit when the strike began. Concessions
were apparently made by both sides. Lowell, Mass., wired
that operatives of the Bay State mills of the American
Woolen Co. will not only lose their positions with the closing of the plant, but their group insurance policies as well.
They feel both keenly.
German and Czechoslovakia cotton mills are busy, in
some cases working at 100%. French cotton mills have had
In some cases to curtail output 10%. Italian mills find
trade unsatisfactory. Paris reports that the employers' federation of the Roanne cotton and woolen district announces
a 15% reduction in wages. Sao Paulo, Brazil, knitting mills
report the best outlook in three years, with mills working
18 hours daily, according to one report.
Unemployment, which had been increasing in the Middle
West for the past two months is now diminishing with farm
,work beginning and large building operations under way.
In general business in the Middle West has been slightly
under the average of a year ago. Now that spring work
has begun with prospects for good crops, there is a more
hopeful attitude everywhere. General Motors sales are at
a new high record. March sales of 621 department and
other retail stores, according to reports to the Federal
Reserve System, were 1.5% smaller than in March last year.
The general level of farm wages is 166% above the pre-war
average, but practically the same as a year ago.
Floods are receding in southeastern Kansas and northern
Oklahoma. Rising rivers menaced 240 square miles of land
in Arkansas. Here the weather has been cool and in the
main pleasant with somewhat higher temperatures within
[VOL. 124. •
a day or two. On the 13th it was 46 to 58 degrees here, 40
to 46 at Chicago, 54 to 56 at Cincinnati, 36 to 46 at Cleveland, 56 at Kansas City, 34 to 44 at Milwaukee, 36 to 46 at
Detroit, 34 to 54 at Minneapolis, 42 to 54 at Boston, 38 to 50
at Portland, Me., and 48 to 62 at San Francisco. To-day
the range here was 40 to 56, at Cleveland 40 to 48, at Chicago
44 to 50, at Milwaukee 38 to 50, at New Orleans 72 to 84, at
Oklahoma 48 to 68 and at Galveston 62 to 76. The St. Lawrence River channel was declared open from Montreal to
Quebec on April 10 as the ice blockade disappeared. The
jam at the islands at the head of Lake St. Peter was expected to be broken very shortiy. Memphis wired that despite the rains, the levee along the Mississippi continued to
hold. Some private levees have broken. Winnipeg reported on the 11th inst. that five deaths and two railroad
wrecks were caused by the worst blizzard of the season in
Saskatchewan and Alberta. The unseasonable weather,
even for the Canadian Northwest, has done much to delay
seeding of wheat. On the 12th inst. a tornado at Rock
Spring, southwest Texas, and at Del Rio, killed, it is said,
150 to 200 persons. In eastern Oklahoma and at Fort Smith
streams overflowed, the floods centring at Guthrie, Okla.
On the 11th and 12th there was snow in Colorado, Montana
and Wyoming.
Industrial Activity As Measured By Use of Electrical
Energy—Decline in March From February Rate.
Industrial activity in the United States in March, as
measured by the consumption of electrical energy, declined
4.9% from the February rate, after corrections are made
for the number of working days contained in the month,
Electrical World reports. If the two previous years are
to be accepted as a bags for comparison, this recession
during March was due to influences other than seasonal
In nature. The picture of industrial productive operations
Is revealed in reports on energy consumption by manufacturing plants of the nation, the plants consuming a total
of more than 9-billion kilowatt hours per annum. All of
the leading primary industries, with the exception of the
rolling mills and the automobile plants, reported a rate
of production under that of February, and only the rolling
mills, textile plants, and paper and pulp mills were operating above March of last year. The productive activity of
Industry as a whole in March was 3.5% under March of
last year. The rate of general industrial activity in the
first quarter of the year was 3.9% under that recorded
for the same period in 1926.
Due to the larger number of working days in March,
actual production of the manufacturing plants of the
nation was materially above that for February, this increased production being especially noticeable in the iron
and steel mills, and the automobile plants. Actual production in the lumber mills and in the paper and' pulp mills,
however, was below that of February. The two outstanding developments in the past month were the record activity
of the iron and steel mills, and the production of automobiles. Productive activities of the rolling mills and the
Iron and steel mills was 1.1% over February, and slightly
above that of March of last year. On the other hand
metal fabricating plants, ferrous and non-ferrous, operated
at about 8.3% under February, and also under last year.
The rate of production in the automobile plants was 2.6%
above February, and about 112% above the low of last
December. March production of automobiles, however,
was still about 17% under March of last year, and the
production of automobiles during the first quarter of the
current year was about 20% under the production in the
first quarter of 1926.
Little Change In Factory Employment In New York State
In March as Compared With February.
Employment in New York State, while not making the
advance that is usual in March, was able to hold the gains
made in February. Industrial Commissioner James A.
Hamilton stated on April 13 that the month to month
comparison showed remarkably little change from February to March. His statement is based on a preliminary
tabulation of reports from a representative list of firms
covering the various industries and localities of the State.
Reports from more than 1300 firms employing approximately four hundred thousand workers were included in
the March tabulation. The preliminary employment index
for March is 98, the same as the final index for February
APR. 16 1927.]
and two points above the January figure. In his summary
of conditions Commissioner Hamilton adds:
Compared with March 1926 employment has decreased approximately 5%. The decline is most conspicuous in the metal industries
where curtailment was heavy during the latter part of 1926. The
iron and steel foundries and the heating apparatus and machinery
groups were all moving downward during the late fall and early
winter. Heating apparatus has advanced somewhat since the first
of the year and so, to a lesser degree, has iron and steel. The
automobile industry which declined steadily from October to January is now picking up and is carrying some of the brass and copper
factories up with it. The instrument and appliances group has
been moving upward since October and is now well above a year
ago.
The stone, clay and glass products and the leather goods and
printing industries form a fairly stable group that have changed
very little compared with last year. Nearly all of the industries
in the food and tobacco group are employing fewer workers than a
year ago. This may in some cases be due to the increased use
of labor saving devices or to the temporary effect of a late Easter.
There can be little doubt, however, that sugar refineries and some
other food industries are reducing operations in the New York
City district.
Manufacturers of chemicals, especially photographic chemicals
and those used in soap and acetylene, are using more workers than
they did in March 1926.
Automobile Factories Busier.
The most important gains for the month were in the metal industries where there were approximately 17,000 more workers employed in the reporting firms alone. A large part of this increase
may be attributed to the spring demand for automobiles. Concerns
manufacturing brass and copper tubing used in automobiles and
those manufacturing automobile gears, automobile wheels, automobile hardware and instruments were all busier. There was also
more ship repair work in March. The other metal industries
showed very little change in employment. Heating apparatus
which advanced in January and February was only slightly higher
in March and the machinery and electrical apparatus group stayed
about even.
Moderate Decline in Foods
In the food industry, the most conspicuous change was in the
candy factories where some of the larger concerns were reducing
operations. This was true also of the chocolate factories but the
sugar refineries were employing a few more workers. This condition may be due to Easter's coming later than usual this year.
The flour and feed mills and the canneries were operating at
about the same rate as in February. There was some evidence of
a seasonal decline in the meat packing industry, especially in the
New York City district, and, in the tobacco factories, forces were
reduced somewhat. Warm weather in March increased the demand
for artificial ice.
Changes in the clothing and textile groups were confined largely
to women's clothing and headwear where the approach of another
season continued to push employment up. In men's wear there
was a small drop. While gains in the shoe factories were small
there was no evidence of lessened activity. The advance in the
production of shoe leather, on the other hand, has apparently come
to an end, as losses were fairly general in March.
The beginning of the building season was indicated by gains in
cement, brick and structural iron work. The reopening of several
cement and brick factories gave further evidence of increased activity. Employment remained practically stationary in the paper and
printing industries and in most of the chemicals, wood products
and public utilities.
Business Summary of Canadian Bank of CommerceBeneficial Effect of Spring-Like Weather.
According to the April "Monthly Letter" of the Canadian
Bank of Commerce," "the mild weather during March had
a welcome influence on the business situation." The Bank
goes on to say:
The mild weather during March had a welcome influence on the business
situation. It had an immediate and favorable effect on some branches of
business, but its greatest influence was seen in the plans for future activity.
Weather plays an unusually important part in the economic life of this
country. Consequently, the commencetnent of spring in advance of the usual
period would permit of an early start on the land, which now contains an
excellent reservoir of moisture, and would largely offset the disadvantages
suffered by stock raisers in some sections who have had to feed cattle since
the beginning of last fall from small supplies; it would also result in a
rapid extension of the building program, already unusually large, and
would provide for the earlier entry of field forces into the mineral regions
to undertake exploration and development, which is expected this year to be
on an unprecedented scale. Furthermore, an early opening of navigation on
the Great Lakes would make it feasible to resume exportation of large quantities of grain before the usual date and this, in conjunction with the disbursement of about $27,000,000 to members of the co-operative wheat pool,
should stimulate retail trade, a class of business that has been adversely
affected by uncertain prospects in some farming communities and, through.
out the West, by severe weather in midwinter. Generally speaking, the
advent of spring-like weather, at the close of a quarter which was marked
by stable conditions, has strengthened the general confidence in the outlook
for the next few months.
The reports received from the principal industrial centres continue to
be favorable and several branches of manufacture are operating on higher
production schedules than at this season last year. There was a slight
decline in steel production during February, but the industry was more
active than in the corresponding month of 1926. Some of the larger engineering and equipment concerns now have sufficient orders to keep their
plants fully employed for the next few months and it is expected that the
railways will place additional contracts. Notwithstanding a decline in
shipments abroad, the production of automobiles during February was about
18% above the output in January, though slightly below that of February
1926. The textile and allied industries are well employed; clothing manufacturers, however, have had only a moderate demand for their goods, but
favorable weather may result in the clearance of retailers' stocks, which are
heavy in some sections. The hosiery and knitting mills have been operating
on a large scale and, as is the case with some textile manufacturers, over-
2207
THE CHRONICLE
time work is necessary in order to cope with orders. There is marked activity in the rubber industry and an increase in production over last year
is reported, ranging from 5% in one factory to 50% in another. Lower
prices are quoted this year, but these are not apt to affect the earnings of
the manufacturers who enjoy a compensating advantage in being able to
purchase crude rubber more cheaply in a comparatively stable market.
Spring Revival of Business in Basic Lines Seen by
Bank of America.
That a spring revival of business in a number of basic
lines is well under way is recorded in the "Chart of Business
Barometers" in the April issue of "The Bank of America
Review." Building contracts and crude oil output increased
in volume in February as compared with January, and further increases were recorded in pig iron production and
automobile manufacture. Bituminous coal production
showed a decline, as did also unfilled orders of the United
States Steel Corporation. Freight car loadings continued
the upwarfl trend which began in January. Merchandise
exports and imports and excess gold imports declined. Decreases in the following indices in February as compared
with January are reported in the Bank of America's barometers: The total circulation and total earning assets of the
Federal Reserve System and the total loans and total bank
debits of the member banks. Interest rate on call loans
also declined. The ratio of reserves to deposits of the Federal Reserve System continued its upward trend of the previous month. Sterling exchange remained unchanged, while
the franc registered a further drop. The number of commercial failures, as well as the liabilities involved, were lower
In February than in. January. Increases were reported in
the indices of new security issues and number of shares sold
as well as bond prices and industrial and railroad stock
prices.
In addition to other industrial and financial indices, the
new issue of "The Bank of America Review" contains articles on "The Internationalization -of the New York Security Market" and "The Water Power Controversy."
Loading of Railroad Revenue Freight Diminishes as
Coal Shipments Fall Off.
Loading of revenue freight for the week ended on April 2
totaled 992,745 cars, according to reports filed by the rail
carriers with the Car Service Division of the American Railway Association. This was an increase of 64,442 cars above
the corresponding week last year and an increase of 69,345
cars over the corresponding week in 1925. Compared with
the preceding week this year, however, the total for the
week of April 2 was a decrease of 16,143 cars. While loading of miscellaneous freight showed an increase of nearly
14,000 cars over the preceding week this year, there was a
decrease of 31,814 in the number of cars loaded with coal.
This decrease in coal loadings was due to a number of factors, which included, beginning on April 1, the strike of
bituminous miners in the union fields, together with the fact
that that day was also a holiday among the mine workers.
The report adds:
Miscellaneous freight loading totaled 389,765 cars, an increase of 18,826
ears over the week before and an increase of 38,058 cars above the same
week last year. Compared with the corresponding week two years ago, it
was an increase of 24,874 cars.
Coal loading for the week of April 2 totaled 175,176 cars, an increase
of 18,259 cars over the same week last year and 42,177 cars over the corresponding week in 1925.
Loading of merchandise and less than carload lot freight for the week
totaled 269,041 cars, an increase of 6,899 cars over the corresponding week
last year and 6,481 cars above the same week two years ago.
Grain and grain products loading totaled 37,957 cars, an increase of 325
cars over the corresponding week last year and 3,590 care above the same
week in 1925. In the Western districts alone, grain and grain products
loading totaled 23,417, an increase of 1,758 cars over the same week last
year.
Livestock loading amounted to 26,873 cars, an increase of 5,509 cars
above the same week last year and 3,038 cars above the corresponding week
in 1925. In the Western districts alone, livestock loading totaled 20,305
cars, an increase of 4,645 cars over the same week last year.
Forest products loading totaled 70,877 cars, 2,538 cars below the same
week last year and 8,709 cars under the same week in 1925.
Ore loading amounted to 10,944 cars, 1,230 cars below the corresponding
week in 1926 and 2,160 cars below the same week two years ago.
same
Coke loading totaled 12,112 cars, a decrease of 840 cars under the
week last year, but 54 cars above the same week two years ago.
commodities
all
of
loading
All districts reported increases in the total
the
compared not only with the corresponding week in 1926 but also with
same period in 1925.
previous
Loading of revenue freight this year compared with the two
years follows:
1927.
Five weeks in January - 4,524,749
3,823,931
_February
Four weeks in
Four weeks in March ____ 4,016,396
992,745
Week ended April 2
1926.
4,428,256
3,677,332
8,877,397
928,803
1925.
4,456,949
8,623,047
8,702,418
923,400
13,357,820
12,911,288
12,705,809
Total
As to wholesale and retail trade, we quote the following
from the "Review":
Eighty-five wholesale tiring, representing six leading lines, sent confidential reports on February's business to the Federal Reserve Bank of Richmond. February sales were greater than sales in January 1927 in dry
goods, shoes and furniture, but were less in groceries, hardware and drugs.
The fewer business days in February doubtless accounted in part for the
declines. In comparison with February 1926 sales, those made in February
this year were less is all lines, except shoes and hardware, which gained
13.8% and 5.2%, respectively. Shoe and hardware sales since January 1
were greater than sales during the first two months of 1926, but total sales
for the two months declined this year in groceries, dry goods, furniture and
drugs. Part at least of the decline in dry goods was due to lower prices
for cotton goods this year, and much of the decrease in furniture sales was
due to unusually large sales in January 1926.
Stocks of dry goods and hardware increased moderately during February,
while grocery and shoe stocks declined very slightly. At the end of the
month stocks of groceries, dry goods and hardware were lower than on
Feb. 28 1926, but shoe stocks were 32.1% larger on the 1927 date.
Collections during February in groceries totaled 59.9% of accounts receivable on Feb. 1. Drugs, with an average of 51.3%, ranged next in percentage of outstanding receivables collected during the month, followed by
furniture with 37.4%, hardware with 33.4%, dry goods with 30.8%, and
shoes with 27.1%. Dry goods, shoe, hardware and furniture percentages
were higher in February this year than a year ago, but grocery and drug
figures were lower this year.
Retail trade, as reflected in sales of 31 leading department stores in the
Fifth Federal Reserve District, was 3-10 of 1% greater in dollar amount in
February 1927 than in February 1926, although the Baltimore stores averaged a decline of 1.6% and the group of stores in Miscellaneous Cities
showed a decrease of 2.9%. Richmond sales increased 12.6% and Washington sales gained 4-10 of 1%. Total sales during the first two months of
1927 averaged 1.2% below sales in the corresponding 1926 months, Richmond with an increase of 5.8% showing the only gain this year. February
sales this year averaged 6.2% above average February sales during the
three years 1923-1925, inclusive, the Baltimore stores alone failing to
register a gain.
Average stocks on the shelves of the reporting stores at the end of February were 1.0% below those of Feb. 28 1926 in retail selling value, but
were 6.9% above those of Jan. 31 of this year, the latter increase being
seasonal and due to the receipt of spring merchandise.
The percentage of sales to average stocks carried during February was
22.2% for the District as a whole, and the percentage of total sales during.
the first two months of this year to average stocks carried during each of
the two months was 45.9%, indicating an annual turnover of 2.76 times.
Collections by the reporting stores during February totaled 25.5% of
outstanding receivables on Feb. 1, all cities showing lower figures than in
January.
Increase in Postal Rates at Fifty Industrial Cities
During March.
receipts
for the 50 industrial cities
postal
total
The
throughout the country for the month of March 1027 were
$3,572,433, as against $3,525,233 for the same month in 1926,
according to figures made public April 7 by PostmasterGeneral New. The increase in last month's receipts over
those for March 1926 was $47,200, or 1.34%. Reno, Nev.,
with an increase of 80.64%, led all the cities. Cheyenne,
Wyo., was second, with an Increase of 47.02%, while Wilmington, Del., ranked third. The summary follows:
March 1927. March 1926.
Offices.
Springfield, Ohio_ __
Oklahoma, Okla_ _ _ _
Albany, N. Y
Scranton, Pa
Harrisburg. Pa
San Antonio, Tex.__
Spokane, Wash
Oakland, Calif
Birmingham, Ala._
Topeka, Kan
Peoria, III
Norfolk, Va
Tampa, Fla
Fort Wayne, Ind
Lincoln, Neb
Duluth, Minn
Little Rock,Ark__
Sioux City, Iowa_
Bridgeport, Coon.....
Portland, Me
St. Joseph, Mo
Springfield, III
Trenton, N.J
Wilmington, Del,._.
Madison, Ms
South Bend, Ind,.,..
Charlotte, N. C
Savannah, Ga
Cedar Rapids, Iowa_
Charleston, W. Va._
Chattanooga, Tenn_
Schenectady, N.Y.._
Lynn, Moss
Shreveport. La
Columbia, S. C
Fargo, No. Dak_
Sioux Falls, So. Dak.
Waterbury, Conn.__
Pueblo, Colo
S4anchester, N. H
Lexington, Ky
Phoenix, Aria
3utte; Mont
Fackson, Miss
3olse, Idaho
3urIlngton, Vt
3umberland, Md.....
len°, Nev
Albuquerque, N. M_
3heyenne, Wyo
Total
$232,812.91
137,896.07
159,385.38
110,283.32
139,656.99
108,380.21
97,391.36
171,358.69
159,775.37
117,687.38
88,219.82
75,751.89
77,522.34
107,715.74
80,163.64
63,759.69
78,938.71
72,694.86
83,439.85
71,749.90
62,385.40
89,619.63
70,862.99
70,811.61
72,216.41
86,189.80
61,303.23
48,242.53
55,620.89
50,909.45
70,033.10
51,216.66
35,399.06
46,326.05
37,954.42
43,239.04
39,333.90
38,871.89
31,643.48
27,157.70
37,212.80
34,563.61
22,564.33
43,747.62
22,184.00
22,031.96
14,616.84
22,084.27
13,808.94
15,691.16
Increase,
P.C. P.C. P.C.
1927 1926 1925
over
over
over
1926. 1925. 1924.
$255,755.10 *S22,942.19 *8.97
129,469.85
8,426.22 6.51
152,127.76
7,257.62 4.77
108,690.46
1,592.86 1.46
126,288.36 13,368.62 10.59
105,084.11
3,302.10 3.14
100,216.69 *2,825.33 *2.82
148,748.22 22,610.47 15.20
9,499.30 6.32
150,276.07
112,147.32
5,540.06 4.94
95,110.22 *6,890.40 *7.24
79,635.01 *3,883.12 *4.88
104,921.48 *27,399.14 *26.11
1,543.97 1.45
106,171.77
77,822.04
2,341.60 3.01
66,031.75 *2,272.06 '344
81,266.58 *2,327.87 *2.86
74,584.65 *1,889.79 *2.53
5,757.33 7.41
77,682.52
70,388.31
1,361.59 1.93
64,003.75 *1,618.35 *2.53
86,670.23
2,949.40 3.40
68,696.88
2,166.11 3.15
56,926.22 13,885.39 24.39
76,288.82 *4,072.41 *5.34
75,347.84 10,841.96 14.39
64,686.08 *3,382.85 *5.23
54,992.02 *6,749.49 *12.27
53,110.43
2,510.46 4.73
1,277.79 2.57
49,631.66
71,816.27 *1,783.17 *2.48
52,814.61 *1,597.95 *3.02
43,888 61 *8,489.55 *19.34
2,658.33 6.09
43,667.72
1,940.93 5.39
36,013.49
45,039.02 *1,799.98 *3.99
47,027.45 *7,693.55 *16.36
202.39 0.52
38,669.50
34,290.33 *2,646.85 *7.72
1.84 0.01
27.155.86
2,467.94 7.10
34.744.86
4,702.96 15.75
29,860 65
1,126.42 5.25
21,437.91
35,536.05
8,211.57 23.11
2,441.00 12.36
19,743.00
20,844.54
1,187.42 5.69
13,914.45
702.39 5.05
12,225.86
9,858.41 80.64
13.097.56
711.38 5.43
10,672.82
5,018.34 47.02
$3.572.432.69 $3,525,232.77 $47,200.12
..... WW
Rediscounts held by the Richmond Reserve Bank declined between the
middle of February and the middle of March, an unseasonal development at
a time when increased demands for agricultural loans usually cause a rise
in borrowing by banks in rural sections. City member banks slightly increased their borrowing at the Reserve bank to counteract deposit withdrawals by correspondent banks in agricultural sections and by merchants
for use in discounting bills for spring merchandise. Debits to individual
accounts figures for four weeks ended March 9 were 6.2% below total
debits during the preceding four weeks ended Feb. 9 and were also 9.9% below aggregate debit for the corresponding period ended Mar. 10 1926. Business failures were more numerous and total liabilities involved were greater
in the Fifth District in February than in any other February since 1922. Unemployment spread considerably between the middle of February and the
middle of Marah, and in some localities reached rather serious proportions.
Construction work provided for in permits issued in February was less than
that provided for in February 1926 permits, and for the fifth consecutive
month, total valuation figures for permits issued fell below the figures for
the same month of the preceding year.
The outlook in the textile field improved during February and early
March, and practically all Fifth District mills are running full time, with
a larger volume of forward orders on the books than they have had in many
months. Increased domestic cotton consumption and higher exports of
cotton in comparison with the same period in 1926 caused spot cotton prices
to rise slightly during the past two months, and this firmness in raw
material prices had a beneficial effect upon the textile industry. Retail
trade in February was moderate only, but was probably up to seasonal average for years in which Easter occurs as late as it does this year. Present
indications suggest a favorable agricultural season, but it is too early to
put much dependence upon crop prospects.
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF MARCH 1927.
COO CO CO WWWW0o...010W04....4..*N.4W001...WON-4.1WON
Business in Richmond Federal Reserve District Marked
by Seasonal Dulness-Course of Wholesale and
Retail Trade.
"Seasonal dulness marked February business in the Richmond Federal Reserve District, and in some lines the recessions from recent activity were greater than can be explained by seasonal trends alone," it was stated in the
March 31 number of the "Monthly Review" of the Federal
Reserve Bank of Richmond. Summarizing conditions further, the Bank says:
[VOL. 124
THE CHRONICLE
I
ItOWO.CON0000
2208
1.39 16.14
62.80
2.03
1.00
111.17
*8.67
4.18
5.31
18.26
7.70
*3.32
6.60
11.44
19.15
*6.34
*5.35
5.74
*0.80
1.64
*1.70
24.95
17.20
*26.81
17.92
*6.46
2.63
8.33
4.16
*8.11
2.64
*6.30
0.04
0.76
17.96
4.20
*0.44
*9.00
22.44
8.13
2.37
*2.60
14.90
*1.82
8.74
24.92
2.83
0.83
4.39
*15.79
1.45
*13.17
5.13
*Decrease.
December 1926 over December 1925, 5.20%; January 1927 over January 1926,
3.85%; February 1927 over February 1926, 3.54%.
Increase in Postal Receipts at Fifty Selected Cities
During March.
Postal receipts for the fifty selected cities during the month
of March 1927 amounted to $34,589,536 as compared with
833,454,478, an increase of $1,135,058 or 3.39%. The
greatest percentage of increase was reported by Fort Worth,
Texas with a gain of 14.39%. The second greatest percentage
of gain was Atlanta, Georgia with 13.85%. St. Louis, Mo.,
was third with 13.46% and Jersey City, N. J., fourth with
12.74%. Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF MARCH 1927.
March 1927. March 1926.
OfficesNew York, N. Y___
Chicago, III
Philadelphia, Pa..
Boston, Mass
St. Louis, Mo
Kansas City, Mo
Detroit, Mich
Cleveland, Ohlo
Los Angeles, Calif
San Francisco, Calif
Brooklyn, N.Y
Pittsburgh, Pa
Cincinnati. Ohio
Minneapolis, Minn_
Baltimore, Md.
Milwaukee, Wis...
Washington, D. C.
Buffalo, N. Y
St. Paul, Minn
Indianapolis, Ind
Atlanta, Ga
Newark, N. I
Denver, Colo
Dallas, Tex
Seattle, Wash
Omaha, Neb
Des Moines, Iowa..,
Portland, Oregon
Louisville, Ky
Rochester, N. Y
Columbus, °Mo.__
New Orleans, La_
Toledo, Ohio
Richmond, Va
Providence, R.I
Memphis, Tenn
Dayton, Ohio
Hartford, Conn
Nashville. Tenn.__
Houston, Tex
Syracuse, N. Y_
New Haven, Conn_
Grand Rapids,Mich
Akron, Ohio
Fort Worth, Tex
Jersey City, N.J_ _ _
3pringfield, Mass
Salt Lake Clty,Utah
facksonville, Fla,,._
Worcester, Maas
Total
$
7,182,557.64
5,916,531.54
1,861,050.39
1,563,678.38
1,305,352.31
1,018,839.81
959,329.40
921,497.78
816,358.89
757,404.47
820,486.69
702,861.05
706,188.70
638.156.06
645,180.79
487,510.60
514,705.75
457,790.45
424,405.13
431,833.64
404,053.74
386.612.39
316,373.30
336,314.91
291,268.98
273,152.78
310,021.48
261,421.42
280,861.52
275,239.44
265,370.96
239,912.70
207,061.66
190,363.46
182,246.12
185,396.58
214,789.47
200,117.37
178,743.99
172,019.81
177,338.77
150,269.86
150,279.66
145,348.61
178,358.62
125,907.07
111.967.90
119,581.32
115,103.98
112,318.88
Per Cl. Per Cl, Per*Ct.
1927 1926 1925
Over Over Over
Increase. 1926. 1925. 1924.
$
$
%
%
%
7,076,996.17 105,562.47 1.49 15.25 8.16
6,713,150.68 203,380.86 3.66 11.22 3.60
1.818,512.73
42,537.66 2.34 13.12 9.16
1,445,724.14 117,954.24 8.16 14.44 5.32
1,150,966.87 154,885.44 13.46 10.25 4.16
1,041,223.19 *22,383.38 *2.15 23.97 11.07
74,787.25 8.45 21.57 6.37
884,542.15
28,242.83 3.16 16.07 9.62
893,254.95
49,908.92 6 51 15.02 2.55
766,449.97
32,824.02 4.53 13.98 4.74
724.580.45
66,391.53 8.80 9.19 13.65
754,095.16
*6,145.95 *.87 16.80
.68
709,007.00
6,708.70
.96 20.21 10.61
699,480.00
553,259.72 *15,103.66 *2.73 12.08 *3.96
3,205.06
.50 34.20 8.50
641,975.73
19,292.43 4.12 14.71 6.27
468,218.17
15,898.99 3.19 20.19 *3,57
498,806.76
*8,242.41 *1.77 14.90 2.19
466,032.86
458,174.17 *33,769.04 *7.37 15.05 2.62
*2,172.45 *.50 16.74 8.63
434,006.09
354,893.30
49,160.44 13.85 17.61 3,15
20,176.55 5.51 16.51 12.04
366,436.84
13,808.54 4.56 16.44 12.64
302,564.76
326.430.53
9,884.38 3.03 15.52 6.70
273,246.81
18,022.17 6.60 12.26 9.50
267,664.81
5,487.97 2.05 11.82
.77
288,959.22
21,062.26 7.29 10.22 ... .32
258,598.61
2,822.81
1.09 15.95 *2.94
261,052.77
19,808.75 7.69 16.16
.56
267,506.23
7,733.21 2.89 12.32 7.87
262,341.86
3,029.10 1.16 15.35 2.85
257,611.22 *17,698.62 *8.87 6.48 17.84
201,282.66
5,779.00 2.87 21.98 *2.85
200,155.77
*9,792.31 *4.89 17.47 8.74
174.652 40
7,593.72 4.35 12.88 *.87
180.100.22
5,296.36 2.94 25.73 8.62
191,731.00
23,058.47 12.03 11.51 17.86
183.405.41
16,711.96 9.11 14.15 5.75
175,942.25
2,801.74 1.69 24.47 2.21
156,891.81
15,128.00 9.04 15.52 6.22
162,920.03
14,418.74 8.85 23.62 2.96
138.212.77
12,057.09 8.72 6.86 9.99
144,939.59
5,340.07 3.68 15.20 4.88
134,753.85
10,594.76 7.86 28.31 8.81
155,951.35
22,407.27 14.37 47.70 *2.21
111,674.23
14,232.84 12.74 5.93
.63
116,309.66
*4,341.76 *3.73 2.62 7.71
115,928.03
3.653.29 3.15 9.65 13.63
120.686.77
*5,582.79 *4.63 38.45 20.64
103,677.29
8,641.59 8.33 11.87 10.00
34.689.536.22 33.454.478.01 1,135.068.21
2.30
15.02
5.91
•Decrease. Dec. 1926 over Dec. 1925, 4.21. Jan. 1927 over Jan. 1926. 4.39
Feb. 1927 over Feb. 1926, 4.31.
APR. 16 1927.]
THE CHRONICLE
New Automobile Models and Prices.
Rolls-Royce of America on April 10 introduced a new model
called the "New Phantom," with one-third more power,
representing the first distinct change in this ear in fifteen
years. In forecasting the announcement, Henry J. Fuller,
President, said that it was the result of several years' continuous research in England and the United States, and that
the Rolls-Royce engineers have constructed a reciprocating
engine whose steady flow of power can only be compared with
the steam turbine and have even achieved greater silence
and safety of operation than was previously believed possible.
On April 11 it was reported that the new Falcon-Knight,
the six-cylindered Knight-motored car, made its initial appearance last week. This new six is priced in the $1,000
class and is the first Knight-haotored six to be built in this
price class.
Employment and Wages. in Pennsylvania in March
Undergoes Little Change from February-Declines
in Delaware.
Figures on employment and wage payments, collected in
March by the Federal Reserve Bank of Philadelphia from
866 industrial firms in Pennsylvania, showed' little change
from February. The number of wage earners increased
two-tenths of a per cent and total wage payments decreased
the same amount, says the Bank, which goes on to say:
'
2209
MAN-HOURS AND AVERAGE HOURLY WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania).
Increase or Decrease
No.
Mar. 1927 over Feb. 1927
of
Total
Average
Plants
ManHourly
Group and IndustryReporting
HOW'S.
Rates.
All industries (42)
494
+0.3%
+0.2%
Metal manufactures
204
+0.5
+0.2
Automobiles, bodies and parts
13
+9.9
+0.5
Car construction and repair
13
-2.2
Electrical machinery and apparatus
15
-9.7
+2.2
Engines, machines and machine tools
31
-2.6
-0.8
Foundries and machine shops
46
-1.1
+0.7
Heating appliances and apparatus
5
-1.6
-0.2
Iron and steel blast furnaces
8
+2.4
+0.3
Iron and steel forgings
7
-12.4
-3.2
Steel works and rolling mills
25
+1.9
+0.3
Structural iron works
8
-6.6
-1.7
Miscellaneous iron and steel products
17
+2.5
+0.8
Shipbuilding
3
+0.2
Hardware
6
-1.6
-0.6
Non-ferrous metals
7
-7.8
+2.7
Textile products
80
-2.1
Carpets and rugs
6
-1.8
-5.2
Clothing
10
-5.9
+2.5
Cotton goods
13
-1.0
-0.4
Silk goods
23
+0.7
Woolens and worsteds
10
-9.6
+3.6
Knit goods and hosiery
13
+3.4
-3.3
Dyeing and finishing textiles
5
-11.8
-3.1
Foods and tobacco
40
+0.4
Bakeries
17
+0.9
-0.2
Confectionery and ice cream
9
+0.1
-0.2
Slaughtering and meat packing
9
-1.6
+0.6
Cigars and tobacco
5
--11.4
+7 9
Building materials
28
+3.3
+1.3
Brick, tile and terra cotta products
6
+7.6
-1.5
Cement
7
+1.8
-0.8
Glass
12
+4.1
+3.6
Pottery
3
+2.5
+1.3
Construction and contracting
31
-3.2
+0.2
Buildings
16
+6.1
-3.5
Street and highway
3
+34.1
-12.0
General
12
-6.5
+0.8
Chemicals and allied products
16
+1.5
+0.4
Chemicals and drugs
41
+0.2
0.0
Paints and varnishes
5
+7.1
+2.3
Miscellaneous industries
+1.7
95
+0.4
Lumber and planing mill products
19
+7.5
-2.6
Furniture
17
+5.7
+1.2
Leather tanning
9
-1.5
-2.4
Leather products
+10.6
5
0.0
Boots and shoes
10
+0.7
+4.4
Paper and pulp products
10
-0.4
+1.4
Printing and publishing
22
+0.7
+0.7
Rubber tires and goods
3
+5.0
+0.3
The metal manufactures group declined slightly in both employment
and wages,and the construction and contracting group continued to decrease
considerably. Textile products decreased 1% in wage payments but increased nearly 1% in employment, while the food industries declined about
2% in employment and increased nearly 1% in wage payments. The
building materials, chemicals and allied products, and miscellaneous industries groups all showed a slight increase over February totals.
The industries in Which the largest decreases occurred were iron and steel
forgings, general construction, and explosives. A few of the industries
which reported the greatest gains were automobiles, bodies and parts,
brick, tile and terra cotta, leather products, and rubber tires and goods.
EMPLOYMENT AND WAGES IN CITY AREAS.
Street and highway construction as well as the erection of buildings, also [Compiled by the Department of Statistics and Reaseach, Federal Reserve Bank of
showed quite a large increase.
Philadelphia.1
No. of
Increase or Decrease.
Of the total number of firms furnishing figures, 494 plants also reported
Plants -March 1927 over Feb. 1927the number of man-hours worked. These firms showed an increase of .3%
Report- EmployTotal
Average
in the number of hours worked and a gain of.2% in hourly earnings.
Areasdna.
ment.
Wages.
Wages.
82
+2.7%
Total figures for Delaware industries showed a decrease in March both in Allentown-Bethlehem-Easton
+2.8%
+0.1%
Altoona
14
+4.1%
+1.8%
-2.1%
the volume of employment and wage payments, although foundries and
Erie
15
+1.2%
+0.9%
-0.4%
machine shops, printing and publishing plants and firms in the miscellaneous Harrisburg
36
-1.2%
-34%
-2.3%
industries group all showed substantial gains.
Hazelton-Pottsville
21
--0.6%
-2.7%
-2.1%
13
+6.0%
+1.7%
-4.0%
Of tho 17 city areas for which figures are compiled, almost all showed a Johnstown
Lancaster
31
+0.7%
+0.5%
-0.3%
decrease in March, although the changes in most cases were comparatively New Castle
9
-2.3%
-3.4%
-1.1%
small. Some cities showed gains in both employment and wage payments, Philadelphia
-0.6%
-0.9%
265
+0.3%
among these being Allentown-Bethleham-Easton, Altoona, Erie, Johns- Pittsburgh
104
+0.5%
+2.9%
+2.4%
Reading-Lebanon
68
-2.2%
-7.1%
-4.9%
town, Lancaster, Pittsburgh, and Sunbury.
Scranton
37
-0.3%
-1.8%
-1.5%
Sunbury
26
+3.2%
+3.4%
+0.2%
The compilations follow:
Wilkes-Barre
20
-1.9%
-2.8%
-1.0%
Williamsport
24
-2.2%
-2.7%
-0.6%
Wilmington
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
30
-2.9%
-1.3%
+1.7%
York
45
--0.2%
-1.0%
-0.8%
(Compiled by the Federal Reserve Bank of Philadelphia
Commonwealth
of
Penns
Labor and Industry,
EMPLOYMENT AND WAGES IN DELAWARE.
(Compiled by Federal Reserve Bank of Philadelphia.]
--increase or Decrease
March 1927 over Fe°. 1927.
No. of
No. of
Increase or Decrease.
Average
EmployTotal
tants
Plants -March 1927 orer Feb. 1927Wages.
rung. men!.
Wages.
Group and IndustryReport- EmployTotal
Average
Per .
Per Ct.
Per Ct.
Industrying.
meat.
Wages.
Wages.
866
+0.2
All industries (46)
-0.2
-0.3
All industries
29
-2.8%
-2.2%
+0.6%
Metal manufactures:
289
-0.3
-0.8
Foundries and machinery products
-0.5
4
+4.3%
+1.1%
+5.4%
Automobiles, bodies and parts
18
+3.7
+7.7
Other
metal
manufactures
+3.9
. 4
-3.6%
-1.7%
+1.9%
Car construction and repair
20
-1.7
-4.1.
-2.5 Food industries
-1.3%
3+0.9%
-2.2%
3
Electrical machinery and apparatus
_1.3%
20
-6.2-0.7 Chemicals, drugs and paints
-1.3%
-2.6%
Engines, machines and machine tools. 38
-2.0 Leather tanned and products
4
-9.0% -13.3%
-4.7%
Foundries and machine shops
38
+1.3
-0.4
-1.6 Printing and publishing
4
+15%
+1.2%
-0.3%
Heating appliances and apparatus.
.+1.8
16
+0.5
-1.2 Miscellaneous industries
7
+1.3%
+4.0%
+2.7%
Iron and steel blast furnaces
11
-1.1
-6.6
-5.6
Iron and steel forgings
11
-0.9
-10.8
The
Bank's
-9.9
report
on
man-hours
worked
during
the
paySteel works and rolling mills
37
+0.1
+2.5
+2.5
Structural iron works
15
-2.4
-5.6
-3.2 roll period was inaugurated a month ago, as was indicated in
Miscellaneous iron and steel products. 25
+0.0
+1.6
+1.6 our issue of March 9, page
1596.
Shipbuilding
3
+4.1
-0.8
Hardware
8
-0.7
-4.2
Non-ferrous metals
9
+0.5
-4.7
-5.2
Textile products:
175
+0.8
-1.0
Business and Financal Review of First National Bank
Carpets and rugs
10
-1.4
-4.0
-2.6
Clothing
34
in St. Louis-Factors Affording Basis for
-1.4
+0.8
Hats, felt and other
5
-1.3
-1.0
16
Cotton good.,
+1.8
Reasonable Confidence.
-4.4
63
Silk goods
+1.9
-0.5
-2.4
"While the industrial weather signs may be somewhat
•
Woolens and worsteds
15
+0.8
-1.9
-2.7
Knit goods and hosiery
12
+0.8
+0.5
-0.3 more obscure than
usual," says the First National Bank in
Dyeing and finishing textiles
10
+3.5
-2.4
-5.7
100
-2.3
Foods and tobacco:
+0.8
+3.1 ,St. Louis, "there are certain characteristics which afford a
Bakeries
32
-0.0
+1.9
+1.9
Confectionery and ice cream
21.
-4.7
-2.1
+2.8 basis for reasonable confidence despite the fact that our proSlaughtering and meat packing
13
+0.2 ductive
Cigars and tobacco
capacity has enormously increased and that we may
39
-2.5
+2.0
+4.5
Building materials:
+4.5
67
+4.3
expect
increasing
competition from Europe in foreign marBrick, tile and terra cotta products 26
+7.7
+6.5
-1.1
Cement
13
+3.8
+3.0
-0.7 kets." "Our improved distribution," the bank continues.
Glass
24
+3.6
+4.7
+1.0
Pottery
4
+2.7
+2.2
-0.5 "and the relatively high efficiency of our labor associated
Construction and contracting:
35
-9.2
-1.0
+8.1 with our machine
Buildings
organized industry will make it possible
17
+7.5
+5.6
-1.9
3
+70.6
Street and highway
+17.9
-30.9 for us to secure and retain our share of world business as
General
15
-15.4
-5.0
+12.3
Chemicals and allied products:
39
+2.6
+2.4
-0.1 well as to defend our home markets from any ruinous comChemicals and drugs
=
+1.3
-0.2
-1.5
Explosives
3
-2.3
-11.6
-9.5 petition from abroad." The bank's business and financial
Paints and varnishes
9
+7.4
+5.3
-1.9 analysis, dated April, also says in part:
Petroleum refining
5
+2.5
+3.6
Miscellaneous industries:
156
+0.3
Irregularity has been the predominant characteristic of business since the
+0.4
+0.2
Lumber and planing mill products
28
-0.4
-2.8
-2.4 beginning of the new year. While there have been exceptions in some
Furniture
21
+0.8
+2.1
+1.3 lines, the physical volume of trade has been declining somewhat and the
Leather tanning
17
-1.9
-L2
Leather products
8
+1.9
+5.7
+3.7 trend of commodity prices has also been downward. Interpretation of the
23
+1.3
Boots and shoes
+2.1
+0.7 existing situation is rendered difficult because there exists no evidence of
Paper and pulp products
18
-1.1
+1.1 either a pronounced trend or of an inflated or deflated condition in any of
Printing and publishing
35
+1.8
+3.5
+1.7 the basic
industries. To the extent that business was disappointing in
Rubber tires and goods
3
+4.4
5.4
+1.0
Novelties and jewelry
3
+4.3
+3.0
-1.2 January and February, allowances must be made for the fact that these are
2210
THE CHRONICLE
months when seasonal dulness is to be expected and too much significance
must not be placed on declines of this character covering only a short
period. Despite the irregular tendency there is nothing now apparent in the
outlook for spring business that is unusually discouraging. Probably the
greatest disappointment has been with respect to the volume of forward
commitments. This, however, is not unusually important from the longer
term point of view. The continued prevalence of the hand-to-mouth buying
policy should not of itself be a factor to cause concern. Business statistics
currently being reported are not as a rule measuring up to the standard set
a year ago, but this was scarcely to be anticipated. It cannot be expected
that this country is to go on, year after year, establishing new production
records without an occasional let-down. Last year was unusual in many
respects and promises to go down in our industrial history as one in which
we produced a record volume of goods.
For the population of the country as a whole there has been unusual prosperity and this has been widely shared. The National Bureau of Economic
Research estimates that the gross income of the people of the United States
for the past year was 89-odd billions of dollars. Doubtless, never in the
history of the world has so large a population enjoyed such wide distribution of prosperity and so high a standard of living. This has been the
basis for what is called the great purchasing power of the people of the
United States during the past several years.
There is and has been for some time a minimum of unemployment in
the United States, and labor has received, as measured by all comparative
standards, high wages. Nor is there any present prospect that wages will
be materially reduced. The principle of high wages, coupled with high
efficiency, seems to have been accepted in general by our people, due to
the favorable results produced by this policy in recent years. This has
become almost a public policy advocated by legislators and supported by
public opinion.
Specific and concrete evidence of the enormous industrial development
and prevailing prosperity are to be found not only in the income statistics
from our Federal and State Governments, but also from many other sources.
Savings bank deposits increased over a billion dollars during 1926 and
individual deposits increased over two billion dollars. Our life insurance
companies have over 80 billion dollars of insurance in force and are writing
at the rate of over 16 billion dollars a year of new business. Similar evidences of great prosperity are shown by the records of building and loan
associations, the increase in employee ownership of corporation stock, and
the sale of bonds, stocks and other corporation securities. As a people, we,
therefore, have an enormous purchasing power, and although we are
spending much we are also saving. . . .
The industrial situation in many specific characteristics is, on the whole,
good. Inventories, in most cases, have been kept relatively low, and the
hand-to-mouth buying policy seems to have become an integral part of our
business operations. The marked improvement in transportation facilities,
both rail and motor, has made it possible to move goods with greater certainty, rapidity, and in larger volume than ever before. It is no longer
necessary, therefore, for inventories to be maintained in large volume.
Goods are moving more orderly and rapidly from the stage of raw product
to finished article and this represents a very decided gain because goods
in the warehouse or on the shelves of retailers represent for the time being
so much dead capital, and to the extent that the time of movement to the
consumer can be reduced just to that extent is there greater efficiency in the
use of both capital and labor. It tends to bring about greater stability in
industrial activity as well as indirectly greater stability in prices.
Another business characteristic which has attracted more or less attention is that of installment buying or deferred payments. There is accumulating evidence that this policy may have developed certain abuses. These,
however, are becoming increasingly recognized and there is a likelihood
that they will be corrected before serious difficulties occur. Recently concern has been manifested with respect to the question of whether or not the
consumer has become overburdened with installment contracts. While there
is some evidence of congestion in the installment credit field, there is no
conclusive proof that this situation will react in such a manner as to cause
a noticeable let-down in demand stimulated from this source. That this is
an important factor is not to be denied, especially since many industries
have expanded their facilities so as to meet a demand largely supported
by liberal installment credits. The relation of installment credit to the
total volume of business of the country may still be relatively small, but it
is steadily assuming a position of increased importance. The expansion of
this method has been an important factor in sustaining to a considerable
degree not only the building industry, which has ramifications in many
fields, but also the automobile and many allied lines. The place of installment sales in our credit economy has not yet been definitely established.
Fundamentally, the method is nothing more or less than an extension of
the existing credit system. It is basically sound when carried on within
proper limits. Just as a corporation or individual borrows on the basis of
goods to be produced in the future, so the wage earner or salaried man,
under the deferred payment plan, borrows on the basis of labor to be rendered in the future. It is sometimes argued that the credit extension in
the one case is for productive purposes and in the other for consumptive purposes, but whether or not this is true depends upon the purpose for which
the credit is extended and in any case it is a difficult matter to draw the
line accurately between consumptive and productive expenditures. There is
no doubt that there has been more or less misuse of the credit extended in
connection with deferred payments, and if a period of unemployment occurs
difficulties may be experienced. How much of the installment buying is a
substitute for the older method of a straight or long term book account no
one can say. To the extent that the deferred payment plan is a substitute
for this older method of selling, it is an improvement, since there is at least
an initial down payment and provision for regular and periodic installments.
Rubber Pool May Have Big Supply-Reported Syndicate
Has 15,000 Tons of Crude Stored Here and
Some 10,000 in London.
Crude rubber dealers profess to see in the report of the
Rubber Association of America for February, an indication
that the so-called rubber pool has about /5,000 tons of crude
rubber stored in this country. The "Wall Street Journal"
of April 7 in stating this, adds:
In addition, it is reliably reported, although unconfirmed, that the pool
has between 10,000 and 15,000 tons of crude stored in London. This latter amount, it is stated, is included in the London stock, which stood at
58,659 tons as of Feb. 28 1927.
The table below shows rubber's statistical position for January and
February 1927, figures, with the exception of London stocks, being supplied
by the Rubber Association of America:
U.S.A. Con1927sumption.
January ___ 31,517
February __ 30,137
[VoL. 124.
Imports
45,736
27,410
U.S.A. Stocks
On Hand. Stocks Afloat.
76,171
45,218
91,086
42,166
London.
Stocks.
54,786
58,659
It will be seen from the above table that stocks on hand in this country
as of Feb. 28 1927 were 14,915 tons greater than at the end of January, in
spite of the fact that consumption in February was 2,727 tons in excess of
imports. The 14,915 tons, of course, represent rubber not previously reported.
Assuming that these 15,000 tons represent rubber stored here by the
rubber pool and that it has between 10,000 and 15,000 tons stored in London, the pool now has at least 25,000 tons of crude rubber in storage.
Pool Formed to Stabilize Price.
The rubber pool was formed in 1926, with a credit of $40,000,000, to
stabilize the price of crude. Interested parties include U. S. Rubber, Goodyear Tire & Rubber, B. F. Goodrich, Firestone Tire & Rubber Co., KellySpringfield Tire Co., Ajax Rubber Co. and other rubber and tire manufacturing companies, as well as General Motors, Willys-Overland, Dodge, Packard, Studebaker and other motor companies. Announcement of the formation of this pool was not made until December. Since that time the price
of crude rubber has continued firm. On Dec. 5 crude sold at 37 cents; it
sold as high as 40 cents in January; went to 38 cents in February, and sold
as high as 41 cents last month. This steadiness in price was generally
credited to the pool and contrasted with price changes in previous years
of as much as 10 cents in a single day. In July 1925 crude rose from 88
cents to $1.21 a pound, and then reacted to 96 cents. In August of that
year the price dropped from $1 to 71 cents a pound in about three days.
While the rubber pool attaches the greatest secrecy to its activities, it is
generally supposed that its present holdings were acquired at less than 40
cents a pound.
Believe Pool Has Not Sold.
Many shrewd rubber men do not believe that the pool has sold any rubber up to the present time and that it will not dispose of any of its holdings under 50 cents a pound. The pool, these experts argue, will only
acquire additional rubber in the event of any recession from the present
market price (between 40 and 41 cents a pound), so as to keep a stable
market. Similarly, should rubber reach 50 cents a pound, it is believed
that the pool will start to liquidate its holdings to prevent a runaway bull
market.
From all indications, the British will restrict imports to 60% on May 1.
In order to prevent a 10% cut from the present 70% on that date, it would
be necessary for the price to average 24.713d. between now and May 1.
From Feb. 1 to April 4 the price of crude averaged 19.65d. There is no
provision for a reduction below 60%, but, unless the price for the MayJune-July quarter averages above 24d., the restriction will remain at 60%.
It is estimated that the maximum purchasing power of the American
rubber pool is around 45,000 tons, which is considered enough to dominate
the market price.
Rug Auction of Alexander Smith & Sons Breaks All
Previous Records.
Breaking all previous sales records, the rug auction held
by the Alexander Smith & Sons Carpet Co. terminated on
April 8 with a sales total of ,048,264. The total turnover
was 130,000 bales and pieces, the largest quantity of floor
coverings ever put up for wholesale auction, says the New
York "Times," which notes that at the October auction
$6,913,000 was received for 112,638 bales and pieces.
Regarding the closing day's sale on April 8,the "Times"says:
Yesterday's turnover was 19,770 bales, which brought $1,250,000. The
offerings comprised Carlton, Potomac, Smith and Ardsley axminsters,
Hudson and Manor tapestries, Katonah and Palisade velvets and Meadow.
brook worsteds.
The general range of bidding yesterday, with the exception of that for the
Meadowbrook worsteds and the higher priced axminsters, was about on
a par with previous prices. The 9 by 12 Ardsley rugs were well bid for,
the last lot bringing a high of $22. Attendance was well maintained
to the close.
Prices obtained on the axminsters were:
Size-11-4
12-4
12.-4
12-4 (special)
11-4
Ardsley.
Highest
Price.
$16.85
22.00
Carlton.
$26.00
26.25
21.25
Lowest
Price.
$15.75
21.10
$24.85
25.60
19.15
Size12-4
11-4
10-4
8-4
6-4
12-4
11-4
10-4
8-4
Potomac.
Highest
Price.
$31.50
28.75
16.75
14.75
7.25
Smith.
133.75
80.00
18.75
15.25
Lowest
Price.
$30.75
26.76
15.10
13.90
6.75
$31.45
27.15
17.75
14.75
Prices for the Meadowbrook worsteds again showed a decline. Yesterday's high price for the 9 by 12 size was $37.25, which compares with $39.25
on Thursday and $38 on Monday. The auction figures on these rugs were:
Highest
Lowest
Highest
Lowest
SizePrice.
Price.
SizePrice.
Price.
12-4
10-4
$37.25
$34.15
$20.80
$19.55
11-4
32.00
30.25
8-4
19.00
17.25
The velvet rugs held strongly to the best prices of the previous sessions.
This was the range of bidding:
Katonah.
Palisade.
Highest
Lowest
Lowest
Highest
SizeSizePrice.
Price.
Price.
Price.
12-4
12-4
514.90
*15.50
$22.50
$21.65
11-4
11-4
12.85
13.50
16.95
17.70
10-4
12.15
13.50
8-4
10.75
10.15
The tapestry rugs likewise held close to the highest bids previously made.
The prices were:
Hudson.
Manor.
Lowest
Highest
Highest
Lowest
SizeSizePrice.
Price.
Price.
Price.
12-4
12-4
$11.25
$12.00
$13.75
$13.50
11-4
11-4
8.05
8.50
10.75
10.15
10-4
.5.45
• 5.75
8-4
5.00
5.25
A previous item regarding the auction appeared in our
issue of April 9,page 2052.
APR. 161927.]
UTE
CHRONICLE
2211
Rug and Carpet Prices for Fall of 1927-Reductions same as heretofore. The new prices are as follows, per
pound:
Made by the Alexander Smith St Sons Company.
Grade A. Grade B. Grade C.
following
is
The
from the New York "Times" of April 13: 75 denier super
$2.50
$2.30
Carpet and rug prices for the fall, 1927, season were given to the trade
yesterday by the Alexander Smith & Sons Carpet Co. Carpet prices
showed no change, but reductions were shown on the rugs. Quotations
are guaranteed against decline to Oct. 1 and orders placed at the new
figures will carry Sept. 1 dating.
These are the new prices on the 9 by 12 rug sizes, together with the
comparative spring figures:
First
Second
Fall List.
Spring List.
Spring List.
Ardsley axminster
$27.30
$27.90
$30.70
Carlton axminster
32.40
33.30
86.65
Carlton special axminster
33.60
34.50
38.00
Yonkers axminster
39.00
41.70
45.90
Yonkers special axminster
41.40
44.40
48.85
Potomac axminster
40.20
42.60
46.85
Smith axminster
46.80
50.40
55.45
Hudson tapestry
14.40
14.40
15.85
Manor tapestry
16.80
16.80
18.50
Katonah velvet
19.50
19.20
21.10
*Palisade velvet
27.60
27.60
30.35
*Colonial velvet
32.40
33.00
36.30
*Meadowbrook worsted
46.20
51.00
56.10
*Irvington
48.00
_.-•Fringed.
Two sizes of fringed oval rugs are offered in both Meadowbrook worsted
and Irvington rugs this season. The respective prices on the former for
the 27-inch by 40-inch and 27-inch by 48-inch sizes are $3.70 and $4.60.
The same sizes in the Irvington rugs cost $4 and $4.80.
March Figures of Raw Silk Imports, Stocks, Deliveries,
8tc.
An increase in the consumption of raw silk in the United
States during March is indicated in the monthly figures
made public by the Silk Association of America, Inc., which
shows approximate deliveries to American mills during
March of 49,242 bales, as compared with 42,860 bales in
February. The imports in March-38,600 bales-were likewise greater than those for February, which amounted to
33,991 bales. The amount of raw silk in storage at the end
of March was 33,116 bales, comparing with 43,758 bales at
the end of February. The following are the details made
public by the Silk Association of America, Inc.:
RAW SILK IN STORAGE APRIL 1 1927.
(As reported by the principal warehouses in New York City.
European.
Japan.
AU Other.
Total.
Bales.
913
286
Bales.
33,759
33,351
Bales.
9,086
4,963
Bales.
43,758
38,600
1,199
869
67,110
24,483
14,049
7,764
82,358
33,116
Stocks March 1 1927
Imports month of March 1927"
Total amt. available during March
Stocks April 1 1927_a
Approximate deliveries to American mills during March_b
330
42.627
6.285
49_242
•Imports at New York during current month and at Pacific ports previous to
the time allowed in transit across the continent (covered by manifests numbers
35 to 53 incl.). a Includes re-exports. 1) Includes 3,830 bales held at railroad
terminals at end of month (part of manifests 48, 50, 52 and 53).
SUMMARY.
Imports During the Month.
Storage at End of Month.b
1927.
1926.
1925.
1927.
1926.
1925.
48,456
33,991
38,600
43,650
38,568
31,930
31,450
35,120
35,612
37,842
46,421
50,415
48,403
59,870
45,119
37,084
39,046
31,571
32,648
41.512
41,074
35,595
40,466
52,375
43.530
49,238
45,495
52,627
43,758
33,116
47,326
43,418
35,948
30.122
31,143
29,111
27,528
28,006
34,459
35,094
47,130
52,478
58,732
60.249
46,663
39,271
42,517
44.016
35,598
32,017
42,708
39,423
46,813
49,824
Total
121,047
Average monthly_ _ 40,349
504,200
42,017
489,634
40.803
43.167
36.814
44.819
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Deliveries
to American Mills.a
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Amount in Transit
between Japan and New York
-End of Month.
1927.
1926.
1925.
1927.
1926.
1925.
48,307
42,860
49,242
46,148
42,476
39,400
37,276
34,099
37,644
39.425
45,943
43,962
47,768
47,634
39,771
39,885
37,529
45,157
40,040
38,266
39,575
44,013
44,047
41,684
46,815
41,848
42,484
17,700
19.000
21,700
14,800
14,400
18,400
18,700
18,000
18,300
23,000
24,000
23,900
32,400
19,700
26,500
18,900
12,400
12,705
16,969
19,100
15,000
19,500
27,600
19,162
27,800
23,500
29,100
Total
140,409 501.546 501,343
Average monthly
46,803
41,779
19,467
41,796
21:668
* Imports at New York during current month and at Pacific ports previous the
time allowed in transit across the Continent (covered by manifests numbersto
35 to
53 inclusive). a Includes re-exports. b Includes 3.830 bales held at railroad
terminals at end of month (par of manifests 48. 50, 52 and 53).
Tubize Artificial Silk Co. Advances Super Yarn Prices
Ten Cents Per Pound-Conditions in Artificial
Silk Market.
E. V. Peters, Vice-President of the Tubize Artificial Silk
Co. of America, announced on April 4 an advance of 10
cents per pound on all grades of super yarns, effective at
once. Prices of all other numbers and grades remain the
90 denier super
100 denier super
2.30
2.15
2.15
2.00
$2.20
2.05
1.90
Commenting upon conditions in the artificial silk market,
Mr. Peters said the drastic drop in prices during the latter
half of last year, together with a marked improvement in
the quality of yarns produced by American manufacturers
are the real reasons for the increased demand and larger
consumption of this product. Quality improvement will go
on with consistent purpose and price adjustments will be
made with a view to the least possible unsettling of market
stability, Mr. Peters said.
Substantial Improvement in Sales of Fertilizer in
Twelve Cotton States.
Material improvement in sales of fertilizer for this year's
cotton crop is indicated by records of tag sales in 12 cotton
States for March,the National Fertilizer Association says in
a statement issued at Washington April 6. Tag sales during March, the association announces, amounted to 86% of
those sold in March a year ago. Earlier this season tag
sales were running as low as 63% of similar periods last
year, but March is a month when a large portion of fertilizer
for cotton moves into consumption. Continued improvement
is expected during April. Georgia made the best showing.
during March of any strictly cotton State, its tag sales for
March being 102% of those for March a year ago. Fertilizer
prices to the farmer are the lowest they have been in 12
years and are practically at par with pre-war prices, according to Charles J. Brand, Executive Secretary and Treasurer
of the association, who ascribes some of the improvement in
sales to this factor. He states that prices of fertilizer are
so clearly out of line with all commodities and cost of production that they should improve.
Agricultural Production Program Better Balanced This
Year.
The 1927 agricultural production program as indicated by
reports from farmers appears to be in fairly good balance as
among crops and live stock, although weather conditions
will be a decisive factor, said the Bureau of Agricultural
Economics, United States Department of Agriculture, in its
April 1 report on the agricultural situation. According to
the Bureau the production season is reported as fully two
weeks early, with frost out of the ground and spring work
coming into full swing over most of the country. Storms in
the North have kept land from drying out in some localities,
but a good share of early grain is sown and fields are being
fitted for later crops. Early crops and general field work in
the South are reported as "markedly advanced, the Southwest, especially, presenting a very promising picture as to
grains and forage crops. Fruit is unusually advanced almost everywhere, although there is still a considerable frost
hazard this month for fruits and tender truck crops." Reports from farmers show an intention to shift acreages of
crops rather than to make any substantial change in total
production. Readjustment in the cotton belt, for example,
Is indicated by a planned increase of about 6,000,000 acres
in feed and food crops. The North and West are planning
about a 3,000,000-acre increase in their principal crops,
which would little more than replace acreage lost by drought
in the Great Plains last year. The Bureau further says:
If conservatism is to be recommended on any part of this intended program it should probably apply at least to the cash crops, especially potatoes.
The intended potato acreage, with average yields, would produce some
410,000,000 bushels, or near a record crop, which would be a sharp inel-cease over the crops of the last two years.
The country is going into the new season without carrying burdensome
stocks. March reports showed only about 14,000,000 bushels more potatoes
stored than a year ago. There are around 880,000,000 bushels less of feed
grains on hand than last year. Even the carry-over of cotton will be much
less than was thought probable a few months ago.
The tendency to expand potato acreage is reported to be
particularly marked in the cotton belt, in Michigan and
Minnesota, and in the Western States. Increases in Virginia and in the cotton States except Florida and Texas
seem to be mostly outside the commercial areas. There is
a marked tendency to increase acreage in both the commercial and non-commercial areas of the Western States, and
it is in these States, says the report, that the marketing
problem is most likely to be serious next fall, if present intentions are carried out and average yields are obtained.
2212
THE CHRONICLE
[VOL. 124.
progress toward farm ownership is difficult. Moreover, the incentive to thrift is weakened by the fact that even without capital a
farmer can obtain a house, land and credit.
Traditional conservatism and lack of contact with other communities are considered the principal obstacles to the economic advancement of these people. Most of them have always lived near
where they were reared and very few have traveled. Their conservative disposition is shown by the fact that few of them are
taking advantage of the opportunities to supply nearby Atlanta
with poultry, dairy products, and fruits and vegetables.
They
'-e also handicapped by the fact that farms in the county are
very small. On such farms the 3wnership and use of modern
planters and cultivators is not e ,nomical.
In 1924 more than
Shipments, which have increased steadily since November, were 40% of the farms had only one work animal, and only 14% had more
Sales than two.
larger in volume during March than in many months.
approached the high record established in January.
Means by which family living i.; maintained in spite of these
Sales in the first quarter of the year were 943,896,000 yards, or economic handicaps involve rigid economy.
More than 90% of
35.4% greater than sales in the corresponding period last year. the families have sewing machines, and the housewife makes most
Production during the three months amounted to 738,872,000 yards, of the clothing worn by herself an the children. Thirty-four per
an increase of more than 8% over 1926.'
cent of the cropper families were living in houses with only one
Stocks on hand March 31 were 162,438,000 yards. This was 35% thickness of lumber. For books, magazines, amusement, education,
1926
less
and 34.3%
less than at the end of the first quarter of
religion, and other forms of "advancement" the average annual
than they were three months ago. Unfilled orders at the end of expenditure was only $24.
About the only luxuries in general
March were 445,171,000 yards, or 72.5% more than they were on demand were tobacco and snuff. The expenditure for these items,
March 31, 1926 and 37% more than they were three months ago.
however, took quite a liberal share ($15 per family) of the net
During the first quarter of this year the ratio of sales to pro- cash income.
duction was 111.5%. In 1926 it was 102.2 per cent. Shipments
Signs of change were noticed, however, especially among the
equalled 127.7% of production for the first quarter of 1927 as com- children of the better placed families. Forty-seven per cent of the
pared with 102.6% for the same period in 1926.
children of farm-owner families who left home had gone into other
Comparison with March 1926 shows increases in the volume of occupations than farming. Only 29% of the children of the cropper
sales, shipments and production. Sales last month amounted to families left agriculture when they left home.
296,165,000 yards, an increase of 28.7% over March last year. ShipIt is estimated by the department that perhaps 100,000 white
ments were 305,134,000 yards, an increase of 22.2% over shipments tenant families along the northern border of the old Cotton Belt
a year ago. Production was 277,052,000 yards, an increase of 8.8%
east of the Mississippi River live no better than those of Gwinnett
over March 1926.
County. Small farms having only a few acres in cotton and a
The reports compiled by the Association are based on yardage .mmewhat larger area in corn and other crops are typical in thil
statistics on the manufacture and sale of more than 200 classifica- Piedmont region, and, in fact, throughout most of the area of the
tions of standard cotton cloths and represent a large part of the older cotton States. In Gwinnett County, Georgia, the area in
production of these goods in the United States.
cotton on the average farm is only 7 acres. The 288 farms covered
in the department's survey averaged 8 acres in cotton, 13 acres in
corn, and 4 acres in other crops. Owner farmers with tenants
working for them had 48 acres in crops all told. Renters and
Activity in European Textile Industries.
owners without tenants had an average of 26 acres in crops. CropCotton manufacturing in Northern and Central Europe pers were handling an average of 24 acres
in crops. Farms so
has maintained a comparatively high level of activity small are not a favorable basis for obtaining adequate farm incomes.
Their
persistence
in
the
older
cotton
States, in an age in
during the last few months, and orders on hand insure
which mechanical methods make it possible for the average farm
satisfactory operations for some time, according to reports family to handle a considerably larger
area, is attributed mainly
received by the United States Department of Agriculture. to the conservatism of the average cotton farmer.
Increase in Sales and Shipments of Cotton Cloth During
March and First Quarter.
Sales and shipments of cotton cloth during March and
for the first quarter of this year increased substantially,
according to reports just compiled by The Association of
Cotton Textile Merchants of New York and made public
April 11. Greater consumption of cotton goods also was
indicated in the further decline of stocks on hand to new
low levels, says the Association, which adds:
On April 6 the Department had the following to say in
the matter:
Stocks of finished and semi-finished goods are low, prices are
better, and the trade is generally optimistic. The generally favorable report of conditions in European textile industries is partly
offset by less satisfactory developments in France and Italy, where
difficulties have been created for exporters by the recent advance
in exchange rates.
All branches of the cotton textile industry in Germany, says the
department, seem to be holding the remarkable gains made since
June last. Spinners and weavers are booked up into July. General
business conditions in Germany point to continued strong demand
for cotton goods. Cotton manufacturers in Germany profited last
year from the British coal strike, which caused a diversion of
textile orders from Britain to Germany. This year they are profiting at the expense of France and Italy, whose effectiveness in competing markets has been restrained by the recent appreciation of
the franc and the lira.
Equally encouraging reports are made about the textile situation
in Czechoslovakia. Sales of yarns and fabrics there are increasing.
Mill activity is rising, and there is general expansion in textile
production and cotton consumption. Business conditions in Czechoslovakia are now showing a slow but definite upward trend.
Austria's cotton industry has regained a fairly high level of
activity. The same is true of the cotton industry of Hungary.
Hungarian spinners are booking up for four or five months ahead.
Comparison of Imports and Exports of Cotton Textiles
in 1926 and 1923.
Reports compiled by the Department of Commerce show
that the favorable trade balance of the United States in
cotton textiles is steadily increasing in volume. At the end
of 1926, according to comparisons made by the Association
of Cotton Textile Merchants of New York, it was 84%
greater than at the end of 1923, the last year of intensive
competition from cotton manufacturers abroad. Imports
declined 72% in this period. Exports of cotton cloth in 1926
were 10% larger than In 1923 notwithstanding a decline of
5% from the volume in 1925, the largest of the four years.
The association, under date of April 5, adds:
Imports of cotton cloth in 1923 amounted to 218,970,000 square yards;
In 1926 they were 60,680,157 square yards. Exports in 1923 were 454,520,000 square yards and last year they were 513,298,000 square yards. In
other words, the excess of exports over imports of cotton cloth increased
from 245,550,000 square yards in 1923 to 452,617,000 square yards in 1926,
or 84%. During the first two months of this year both exports and imports have declined, but the decline in imports was relatively larger than
in exports.
This continued decline in imports is directly in line with the progress
which domestic mills have made in recent years in meeting the demand in
this country for fine cottons. It is in this section of the industry, produci. such cloths as poplins, lawns, organdies, voiles and crepes that serious
con. tition with foreign manufacturers exists.
In e United States these fine goods are produced by about one-sixth of
the sph. '.es of the country in number and about one-fifteenth in capacity
on a basis of either yardage or poundage. Exports of cotton cloths include
a large percentage of coarser goods, unbleached cloth alone accounting for
about one-fourth the volume.
Low Income of Small Cotton Farms, According to Department of Agriculture, Mainly Result of Conservatism
Conditions in Gwinnett County, Ga.
In recent years small cotton farmers in the old cotton
belt have been compelled to face competition of the newer
cotton regions of western Texas and western Oklahoma,
where large-scale methods and up-to-date machinery have
greatly reduced production costs. A statement to this
effect comes from the United States Department of AgriCensus Report on Cotton Consumed in March.
culture which has made a study to determine how the
Under date of April 14 1927 the Census Bureau issued its
white small farmers of Georgia are meeting this competireport showing cotton consumed, cotton on hand, active
tion. As to the resuilts of the inquiry, the Department on
cotton spindles and imports and exports of cotton for the
April 11 said:
month of March 1927 and 1926. Cotton consumed
They are doing so by accepting unusually low incomes and a
notably restricted standard of living rather than by adopting im- amounted to 694,193 bales of lint and 68,176 bales of linters,
proved methods of production. Records obtained from 288 white compared with 635,896 bales of lint and 65,636 bales of
farm families in Gwinnett County, Georgia, a typical Piedmont linters in March 1926 and 590,447 bales of lint and 60,336
district, farmed mostly by whites, showed an average net cash
bales of linters in February 1927. It will be seen that there
income in 1924 of only $424 per family.
These Gwinnett County families average five persons each. Their is an increase over March 1926 in the total lint and linters
cash income was supplemented by food, fuel and shelter from the combined of 60,837 bales, or 8.6%. The following is the
farm, estimated to be worth $396 per family. Out of their net cash
income they had to pay ordinary living expenses. Their actual statement complete:
outlay for family living averaged only $291. This left $133 to apply
on their debts or to add to their capital.
Most of these farmers are tenants, although farms are low in
value. The prevalence of tenancy is attributed mainly to the fact
that men usually start farming that way at an early age without
having accumulated any capital of their own. Their wants, meager
though they are, so generally equal or exceed their income that
Cotton consumed, cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of March 1927 and 1926, with statistics
of cotton consumed, imported, and exported for the eight months ending
March 31.
(The statistics of cotton in this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 500-pound
bales.)
APR. 16 1927.]
THE CHRONICLE
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
Cotton on Hand Mar. 31.
Cotton
Spindles
In Consum- In Public
Active
8 Months Mg Estab- Storage vb at During
lishments Compresses
Ending
March
(Bales).
Mar.51.
(Bales). (Number).
Cotton (Bales)
Consumed During
Locality.
Year
LiuRed States ...
0000000H
NWWWWWNM
March.
*694,193 *4,717,680 *1,980,101 *4,491,955 32,919,288
635,896 4,381,448 1,771,897 4,164,062 33,245,114
497,169 3,399,909 1,339,185 4,123.620 17.596,644
439.838 3,032,176 1,073.405 3.932,260 17,267,146
165,493 1,102,900
540,249
134,089 13,852,780
165.286 1,122,216
597,993
166,117 14,411,638
31,531
214,871
100,669
234,246 1,469,864
30,772
227,056
65,685 1.566.330
100,499
•Includes 21,773 Egyptian. 7,259 other foreign and 1,801 American-Egyptian
consumed, 55,424 Egyptian, 15,234 other foreign and 5,532 American-Egyptian in
consuming establishments; and 13,445 Egyptian, 9,967 other foreign and 3,378
American-Egyptian in public storage. 8-months consumption 150,705 Egyptian,
49,687 other foreign and 14,928 American-Egyptian.
Linters not included above were 68,176 bales consumed during March in 1927
and 65,636 bales in 1926: 226,987 bales on hand in consuming establishments on
March 311027 and 183,508 bales In 1926; and 79,140 bales in public storage and at
compresses in 1927, and 87,763 bales in 1926. Linters consumed during eight
months ending March 31 amounted to 523,327 bales in 1927 and 534,084 bales in
1926.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
'Includes 3,532,157 and 21,103,672 pounds held by refunding and manufacturing
establishments and 2,972,229 and 20,573,620 pounds in transit to refiners and consumers Aug. 1 1926 and March 311927, respectively.
x Includes 2,376.183 and,7,372,690 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments, and
2,702,114 and 7,998,233 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, dge.. Aug. 1 1926 to March 31 1927. respectively.
z Produced from 1,482,516,248 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR SEVEN MONTHS ENDED
FEBRUARY 28.
Item.
Oil, crude
Refined
Cake and meal
Linters
poundal
pounds
tons
running bales
1927.
1926.
17,543,712
12,797,056
405,776
134,518
27,814,056
18,550,460
291,646
59,569
1
Cotton-growing
States
New England
States
All other States _
2213
Imports of Foreign Cotton (500-pound Bales).
Country of Production.
8 Months
Ending March 31.
March.
1927.
Egypt
Peru
China
Mexico
British India
All other
Total
1926.
1927.
1926.
23,692
1,349
3,433
10,854
1,709
230
33.794
1,232
3,000
5,437
1,972
291
139,449
14,428
18,656
90,277
9,016
1,527
176,393
13,326
20.041
22,516
10,257
1,778
41,267
45,726
273,353
244,311
Lumber Industry Proceeds Evenly on 1927 Level.
There was no noteworthy change in the softwood lumber
industry of the country last week, when compared with
reports for the week earlier, according to telegraphic reports
received by the National Lumber Manufacturers Association
from 318 of the larger commercial softwood lumber mills.
In comparison with the same period a year ago, however,
there were decreases in production, shipments and new
business, in line with the generally lower degree of activity
this year. The hardwood operations, with twenty-six more
mills reporting, showed notable increases in all three factors
this week, when compared with reports for the preceding
week. In comparison with the corresponding period last
year, production and shipments were about the same, with
a marked increase in new business, continues the report of
the National Association which then goes on to say;
Unfilled Orders.
The unfilled orders of 186 Southern Pine and West Coast mills at the end
of last week amounted to 531,711,634 ft., as against 529,529,498 ft. for
186 mills the previous week. The 114 identical Southern Pine mills in the
8 Months
group showed unfilled orders of 226,261,924 ft. last week, as against 229,Country to which Exported.
March.
Ending March 31.
567,238 ft. for the week before. For the 72 West Coast mills the unfilled
orders
were 305.449,710 ft., as against 299,962,260 ft. for 72 mills a week
1927.
1926.
1927.
1926.
earlier.
United Kingdom
243,838
137.774
2,183,398
1,899,638
Altogether the 299 comparably reporting softwood mills had shipments
France
80,830
64,226
874,591
773,426 105%. and orders 100%, of actual production. For the Southern Pine
Italy
59,569
58,968
611,411
528,677
Germany
these percentages were respectively 98 and 93; and for the West Coast
mills
252,532
84,816
2,346,541
1,416,376
Other Europe
134,947
54,971
946,345
748,582 mills 109 and 104.
Japan
229,783
82,679
1,268,719
876,892
Of the reporting mills, the 277 with an established normal production for
All other
128,038
36,298
598,051
262,771 the week of 192,437.119 ft., gave actual production 94%,shipments
100%
Total
orders 94% thereof.
and
1,129,537
519,732
8.829,056
6,506.362
The following table compares the lumber movements as reflected by the
Note.-Figures include 45,495 bales of l nters exported during March in 1927 and
7,711 bales in 1926 and 180,013 bales for the 8 months ending March 31 in 1927 and reporting mills of seven softwood, and two hardwood,regional associations,
67,280 bales in 1926. The distribution for March 1927 follows: United Kingdom, for the three weeks indicated:
Exports of Domestic Cotton and Linters-Running Bales
(See Note for Linters).
7,282: Netherlands, 1,572; France, 2,906; Germany, 27,504; Belgium, 1,806: Italy,
360; Spain, 285; Sweden, 136; Turkey, 250; Canada. 3.388; Mexico, 3; India, 3.
The estimated World's production of commercial cotton, exclusive of
linters, grown in 1925, as compiled from information secured through the
domestic and foreign staff of the Department of Comerce is 26.618.000
bales of 478 pounds lint, *while the consumption of cotton (exclusive of
linters in the United States) for the year ending July 31 1926 was approximately 23,940,000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both active and idle, is about 164,000,000.
Cottonseed Oil Production During March.
On April 13 the Bureau of the census issued the following
statementshowing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of March 1927 and 1926:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
State.
Received at Mills*
Crushed
On Hand at Mills
Aug. 1 to March 31. Aug. 1 to March 31.
March 31,
1927.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Missi,ssippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
1926.
1927.
1926.
1927.
352,024 344,866 331,627 325,535
51,915
55,423
50,406
56,553
451.103 430,937 428.536 405,806
87,044
82,685
71.615
72.484
638,323 500,967 591,947 458.681
235,921 232.673 216,778 220,969
675,445 696,667 613,907 597,074
423,193 361,826 374,855 336,129
586,291 533,092 499,538 482,897
294,766 255,020 279,812 247,552
349,545 369,967 332,612 360,171
1,848,701 1,365,995 1,661,539 1,297,082
119,946 141,591 110,126 134,104
20,600
1,554
23.137
11,070
47,798
18,426
67,715
48,759
87,133
15,566
18,754
192,534
9,836
1926.
19,618
40
25,212
14,934
42,267
11,756
100.743
25,962
53,489
8,832
10,243
90,006
7,773
United States
8 100 R5R A 27909A 5 592 29A 4.995922 A59
•Includes seed destroyed at mills but not 23,249 tons and 32,276
tons on hand
Aug. 1, nor 75,542 tons and 128,715 tons re-shipped for 1927 and
1926,
respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT,
AND ON
HAND.
Crude oil
(pounds)
Refined oil
(pounds)
Cake and meal
(tons)
Hulls
(tons)
Linters (running
* bales)
Hull fiber
(500-lb. bales)-
Grab'ts motes,&c.
/Eforai.
.knInel
Season.
0c,c0c..
00,
ocw‹,c,=,
r:VrTri*T?TcPT?T?
Item.
On Hand
Aug. 1.
Produced
Aug. 1 to
March 31.
Shipped Out
Aug. 1 to
March 31.
On Hand
March 31.
*68,280,561 1,658.106,078 1,561,250,935.
140,308,610
4,847,333 1,441,067,988 1,403,118,262 88,271,584
1145,670,884 c1,351,384,851
x502,593,484
173,549,345 1,156.969,858
301,333,268
2.491.597
142,844
2,455,065
179,376
2,329,063
18,976
2,003,421
344,618
1,624,208
92,333
1,484.166
232,375
1,376,714
39,503
1,249,869
166,348
907,216
65,753
798.096
174,873
942,267
18,457
760,574
200,240
77,731
17,335
75,558
19,508
83,276
4,008
68,324
18.960
31,459
6,763
28,034
10 188
1 ,
I
,K0
RC 119
-Past Week- Corresponding Week
Preceding Week
HardSoft1927 (Revised)
Softwood. Hardwood. Softwood.Hardwood.
wood.
wood.
299
150
138
361
305
124
191,629
20,399
uction
239,959
177,454
ilis
21,484
17,050
P
*rMod
21,418
247,496
Shipments
21,896
201,976
195,875
18.153
20,923
235,145
Orders(new business) 191,567
26,395
192,187
18,283
• Fewer West Coast mills are reporting this year; to make allowance for this add
25,000.000 to production, 27,000,000 to shipments and 29,000,000 to new business
in comparing softwood with last year.
(000's ommitted.)
World Statistics.
0.1 000
The following revised figures compare the lumber movement of the
same regional associations for the first fourteen weeks of 1927 with the
same period of 1926:
1926
7
-Production- -ShipmentsOrders
-Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
2,590,295 412,748 2,648,636 410,172 2,797,543 429,990
3,055.527 359,240 3,177,914 347,883 3,266,302 357,394
The mills of the California White & Sugar Pine Association make weekly
reports, but not being comparable, are not included in the foreging tables.
Nineteen of these mills, representing 60% of the cut of the California
pine region, gave their production for the week as 10.029,000, shipments
19,637,000 and new business 22,495.000. Last Week's report from/ 21
mills, representing 62% of the cut, was: Production 9,131,000 ft., shipments, 20,541.000, and new business, 20,164,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 72 mills reporting for the week ended April 9 was
4% above production, and shipments were 9% above production. Of
all new business taken during the week 38% was for future water delivery,
amounting to 29,039,187 ft., of which 18,573,845 ft. was for domestic cargo
delivery and 10,465,342 ft. export. New business by rail amounted to
44,048,093 dt., or 57% of the week's new business. Forty-three per cent
of the week's shipments moved by water, amounting to 34,442,919 ft.,
of which 25,088,407 ft. moved coastwise and inter-coastal, and 9.354,512
ft. export. Rail shipments totaled 42,545,753 ft., or 53% of the week's
shipments, and local deliveries 3,726.111 ft. Unshipped domestic cargo
orders totaled 99,883.477 ft.. foreign 77,960,772 ft., and rail trade 127,605,461 ft.
Southern Pine.Reports Gain in Orders.
The Southern Pine Association reports from New Orleans that for 114
mills reporting, shipments were 1.73% below production and orders 6.82%
below production and 5.17% below shipments. New business taken during
the week amounted to 60,610,942 ft. (previous week 55,541,442). shipments 63,916.256 ft. (previous week 63,389,028) and production 65,044,512
ft. (previous week 61.143.599). The normal production of these mills is
74,841.298 ft. Of the 113 mills reporting running time 81 operated full
time, 16 of the latter overtime. Five mills were shut down, and the rest
operated from two to 534 days.
The Western Pine Manufacturers Association of Portland, Ore., with
one more mill reporting, shows large increases in production and ship
ments, and a marked reduction in new busbies.
The California Redwood Association of San Francisco, Calif., reports
considerable decrease in rroduction, while shipments and new business
were well under those reported for the previous week.
The North Carolina Pine Assocation of Norfolk, Va., with six fewer
mills reporting, shows notable decreases in all three items.
The Northern Pine Manufacturers Association of Minneapolis. Minn.,
reports a slight increase in production, and nominal decreases in shipinents
and new business.
2214
THE CHRONICLE
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production), with three more mills reporting ,shows no noteworthy change when comarped with reports for
the week before.
Hardwood Reports.
The Northern Hemlock St Hardwood Manufacturers Association reported
from 15 mills (three more than reported for the previous week) notable
increases in production and shipments and approximately 100% increase
in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 135 units (23 more mills than reported for the preceding week) marked
Increases in production and shipments and a heavy gain in new busines.
The normal production of these units is 22,680,000 ft.
[Vol,. 124.
Prices Reduced on Crude Oil and Gasoline.
Price cutting in the crude oil and gasoline markets continued this week, although they were not so widespread as
during the past month. Production of crude oil continued
high and the reductions in price are directly attributed to
this factor. The Joseph Seep Crude Oil Purchasing Agency,
on April 13, announced a cut of 25c. in Pennsylvania crude
oil. The new schedule compares as follows:
GradePennsylvania grade in New York transit line
Bradford grade in New York transit line
Pennsylvania grade in National transit line
Pennsylvania grade in Southwest Penn line
Pennsylvania grade in Eureka line
Pennsylvania grade in Buckeye line
Heister grade
New ReduoPrice.
lion.
$2.90
25c.
25c.
2.90
25c.
2.80
25c.
2.80
25c.
2.75
25c.
2.60
1.10
isc
West Coast Lumbermen's Association Weekly Report.
Seventy-two mills reporting to the West Coast Lumbermen's Association for the week ended April 2 manufactured
64,686,427 feet, sold 76,050,691 feet and shipped 72,463,038
The new cut of 15 to 25c. a barrel in Pennsylvania Eastern
feet. New business was 11,364,264 feet more than producgrades of crude oil brings these prices to a new low for the
tion and shipments 7,776,611 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION. STEW BUSINESS, year, according to the "Wall Street Journal" of April 13.
SHIPMENTS AND UNFILLED ORDERS.
This is the second reduction in 1927, Pennsylvania grades
Week EndedMarch 12.
April 2.
March 26.
March 19.
Number of mills reporting
74
72
74
74
reduced 10 to 15c. a barrel March 7. On
Production (feet)
64,686.427
73,406,888
76,198.402
72,418.047 having been
New business (feet)
81,822,926
82,505,284
78,320,286 Jan. 14 Pennsylvania grades were advanced 25 to 30e. a
76,050,691
Shipments (feet)
81,057.048
75,932,546
72,463,038
76,194,383
barrel, at which time top grades were posted at $3.40 a
Unshipped balances:
Rail (feet)
117,571,055 125,662,127 123,191,945 127,887,303
Domestic cargo (feet)
105,803,408 102,422,119 101,821,370 103,299,332 barrel, high for the year. The present price of $2.90 is
76,874,548
Exports (feet)
75,445,066 50c. below 1927 high and 25c. below last year's low of $3.15
76,587,797
70,610,802
Total (feet)
299,962,260 304,958,794 295,624,117 306,631,701 a barrel. In 1926 the high price was $3.90 a barrel, $1 above
First 13 Weeks of1926.
1925.
1924.
1927.
present price. Bradford crude has sold as high as $4.50 a
103
Aver. No.mills reporting_
119
129
79
961,472,443 1,265,313,717 1,308,608,479 1,337,370,954 barrel, in January of 1924, and as low as 32.85, in August
Production (feet)
New business (feet)
1,027,090,181 1,356,906,055 1,298,126,881 1,273,975,282
Shipments (feet)
944,570,940 1.320.780.831 1,312,346,730 1,343,485,993 of the same year.
The reductions in the price of gasoline are the direct results
Lumber Production and Shipments During Month of of excessive production of crude oil with its attendant price
February.
slashing. Downward revisions of gasoline prices occurred
The "National Lumber Bulletin," published monthly by early this week when,on April 11, the Standard Oil Co. of
the National Lumber Manufacturers Association of Wash- New York reduced the price of gasoline lc. a gallon
ington, D. C., and Chicago, Ill., on April 7 1927 reported the throughout its entire territory. The company announced
following production and shipments during the month of that the reduction from 200. to 190., tank wagon prices,
applies to the general market throughout its territory and
February:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY that if compelled to reduce further at competitive points it
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUwill do so. The present tank wagon price of 19c. in New
FACTURERS ASSOCIATION FOR FEBRUARY 1927 AND
York City remains unchanged. The Jenney Manufacturing
FEBRUARY 1926.
Co. in Boston at once reduced gasoline lc. a gallon to 21c.
February 1927.
retail and 19c. at tank wagon, followed by the Gulf
at
Association.
Production.
Shipments.
Refining Co.
Hardwds. Softwoods Hardwds. Softwoods
On the same day,in Louisville, Ky., the Standard Oil Co.
Mills. M ft.
M ft.
M ft.
Efft.
Kentucky reduced tank wagon and service station prices
of
California Redwood
16
26,984
30,761
71,121 of gasoline lc. throughout Alabama. On April 9 it reduced
California White & Sugar Pine Mfrs_ 19
42,866
Southeastern Forest Products
7
8,366
8,045
87,682 gasoline lc. generally in Kentucky,except Louisville, LexingNorth Carolina Pine
52
35,664
Northern Hemlock & Hardwd. Mfrs. 38
38,331
21,590
15,686
27,127
points where prices have been below
26,209
26,758 ton and a few other
Northern Pine Mfrs
7,413 normal. The same day it reduced kerosene prices from
10,792
Southern Cypress Mfrs
8
1,713
2,225
271,915
145
Southern Pine
303.790
to lc. in Kentucky. At the same time, the company
73
283,267
West Coast Lumbermen's
297,697
106,053
41
Western Pine Mfrs
68,726
13
1,224
1,684 reduced tank wagon and service station prices of gasoline
Lower Michigan Mfrs
8,008
7,546
24
18.076 and kerosene lc. in Florida and Georgia and also reduced
20.107
12,790
Individual reports
11,775
Total
445
59,827 864,015
49,688 878.461 kerosene prices lc. in Alabama and Mississippi.
In Denver on April 11, the Continental Oil Co.announced
February 1926.
a reduction of lo. to 17c., meeting the cut inaugurated by
Production.
Shipments.
independents. Effective April 13 the Continental Oil Co.
Association.
Hardwds Softwoods Hardwds. Softwoods reduced tank wagon and service station price of gasoline 2c.
Mills M ft.
M ft.
M ft.
M ft.
California Redwood
26,630 a gallon at Cheyenne, Wyo.,to 180. and 200. respectively.
15
32,362
California White & Sugar Pine Mfrs
71,671
19
42,128
Wholesale prices at Chicago on April 14 stood as follows:
Southeastern Forest Products
8
7,810
7,619
31,097 U. S. motorgrade gasoline We. to 63'c.; kerosene 41-43
North Carolina Pine
47
30,969
Northern Hemlock Be Hardwd. Mfrs 43
15,445
51,355
16,633
33,886
Northern Pine Mfrs
9
33,215 water white 4%(4)4Mc.; 24-26 gravity fuel oil $1.123@
24.637
Southern Cypress Mfrs
9
7,262
2,523
12,569
1,768
Southern Pine
157
351,905 $1.17.
334,810
West Coast Lumbermen's
Western Pine Mfrs
Lower Michigan Mfrs
Individual reports
95
42
11
32
8,935
15.574
382,862
83.444
962
39,065
6,966
16.444
367,565
112,904
1.887
28.872
Total
487
78,131 1,002,944
59,799 1.061.379
Total production February 1927, 923,842.000 ft Total production February
1926, 1,081.075,000 ft. Total shipments February 1927, 928,149,000 ft. Total
shipments February 1926. 1.121.178.000 ft.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
February 1927.
Mills.
Production
M ft.
Shipments
M ft.
24,305,000
30.364,000
62,316,000
23,953,000
5.418.000
12,868,000
69,918,000
23.197,000
26,209,000
95,160,000
15,783,000
, 7,222,000
5,992,000
139,739,000
8,518,000
71,217,000
18,259,000
203,378,000
45,956,000
34,070,000
21,331,000
26.538,000
86,901,000
18,844,000
4,153,000
38,001,000
63,057,000
19,834,000
18,211,000
85,093,000
19,241,000
12,105,000
5,805,000
136,334,000
7,517,000
66,203,000
16,632,000
208.937,000
33,086,000
40,326,000
923,842,000
445
Total
•Includes mostly individual reports, not distributed.
928,149.000
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others 4.
15
16
29
11
8
12
41
21
5
35
11
17
3
39
14
36
16
57 •
31
28
Crude Oil is Cut for Fifth Time-Average Midcontinent
Grade $1.15, Only 15 Cents Above 1923 LowSeminole Producers' Income Reduced.
The following Dallas advices are from the "Wall Street
Journal" of April 7:
Magnolia Petroleum Co. has reduced crude oil in Oklahoma, Kansas and
Texas 15 cents a barrel. All oil below 33 gravity is placed in a single
bracket at a flat price of $1.05 a barrel. Prices range upward, beginning
with 33 to 33.9 gravity oil at $1.07, with a 2-cent differential for each
gravity up to $1.45 a barrel for 52 gravity oil and above. Previously oil
below 33 gravity ranged from $1.10 a barrel for below 28 gravity to $1.20
for 32 to 32.9 gravity.
Price reduction in mid-continent crude oil by Standard Oil Co. of New
York, through its subsidiary Magnolia Petroleum brings average grade of
mid-continent crude oil to within 15 cents a barrel of the absolute low in
1923. It is the fifth price cut since November and the fourth in six
weeks.
Average grade is 37 gravity bracket now listed at $1.15 a barrel while
in 1923 $1 a barrel was paid for crude between 33 and 39.9 gravity. In
1921 all grades of mid-continent crude were at a flat price of $1 a barrel.
Under the new posting, $1.15 a barrel for 37 gravity is $1.22 a barrel lower
than when price cutting was initiated in the mid-continent field last November. This represents more than a 50% reduction.
Seminole Income Hard Hit.
In actual dollars producers in the big Seminole field, the real cause of
breaking the crude market, are hit the hardest. The new schedule posts
Seminole crude at $1.23 a barrel, a total reduction of $1.46 a barrel from
the price paid last November.
APR. 16 1927.]
THE CHRONICLE
As recently as Feb. 21 Seminole producers were getting $2.15 a barrel
with the pool producing more than 300,000 barrels. Present prices, compared with those six weeks ago, mean about $300,000 a day less income.
Further price cutting, of course, reflects continued overproduction of
crude. Whether the latest cut is the last depends on the manner in which
producing fields behave.
Fewer Gravities Significant.
It is significant, however, that in its latest posting, Magnolia Petroleum,
for the first time in current price decline has reduced the number of gravities. Its new schedule eliminates six separate brackets in the low gravities.
Prior to to-day's reduction prices started at 28 gravity and below; under
the new posting the first price is under 33 gravity at $1.05 a barrel.
Reducing the number of gravities may mean that a further cut in crude
would see still more gravities eliminated. In 1923 the price cutting got
to a point where there were only three gravities posted; 75 cents for under
33 gravity; $1 between 33 and 39.9 and $1.26 for 40 gravity and above.
There are now 21 separate brackets in price schedule.
Price reductions have affected the higher brackets more than others and
the top bracket of 52 gravity and above is now $1.45 a barrel, a reduction
of $2.12 a barrel from the price prior to November last.
Below is a table giving crude oil prices in mid-continent effective prior
to the price reduction Nov. 2 last, changes on that date and subsequent
changes to the present:
Prior to
Apr.7. Mar. 12. Mar.6. Feb. 22. Nov. 2. Nov. 2.
Below 28
$1.60
$1.45
$1.10
$1.30
$1.20
28 to 28.9
1.12
1.65
1.50
1.30
1.23
29 to 29.9
1.14
1.39
1.73
$1.05
1.26
1.55
30 to 30.9
1.43
1.81
1.29
1.60
1.16
31 to 31.9
1.65
1.89
1.18
1.47
1.32
32 to 32.9
1.20
1.97
1.35
1.70
1.51
33 to 33.9
1.07
1.75
1.22
2.05
1.38
1.55
34 to 34.9
2.13
1.09
1.24
1.80
1.41
1.59
35 to 35.9
1.11
1.26
1.85
2.21
1.63
1.44
36 to 36.9
1.13
1.90
1.28
2.29
1.47
1.67
37 to 37.9*
1.15
1.30
2.37
1.50
1.95
1.71
38 to 38.9
2.45
1.17
1.32
2.00
1.53
1.75
39 to 39.9
1.19
1.34
2.53
1.56
2.05
1.79
40 to 40.9
2.61
1.21
1.36
2.10
1.83
1.59
41 to 41.9.a
1.23
2.69
1.38
2.15
1.87
1.62
42 to 42.9
1.25
2.77
1.40
2.20
1.91
1.65
43 to 43.9
1.27
1.42
2.85
2.25
1.95
1.68
44 to 44.9
1.29
2.93
2.30
1.44
1.71
1.99
45 to 45.9
1.31
3.01
2.35
1.46
1.74
2.03
46 to 46.9
1.33
3.09
2.40
1.48
2.07
1.77
47 to 47.9
3.17
1.35
2.45
1.50
2.11
1.80
48 to 48.9
3.25
1.37
2.50
1.52
2.15
1.83
49 to 49.9
1.39
2.55
3.33
2.19
1.54
1.86
50 to 50.9
1.41
3.41
2.60
2.23
1.56
1.89
51 to 51.9
1.43
3.49
2.65
2.27
1.58
1.92
52 and above
1.45
2.70
2.31
3.67
1.95
1.60
* Average grade of crude In entire roldcontinent district. a Grade of crude oil
produced in Seminole pool
Crude Oil Output Remains Practically Unchanged.
With an increase of only 400 barrels reported in the daily
average gross crude oil production during the week ended
April 9, the total remained at practically the same level as
during the preceding week, according to the American Petroleum Institute. The daily average gross crude oil production in the United States for the week ended April 9, as
estimated by the Institute, was 2,478,300 barrels, as compared with 2,477,900 barrels for the week of April 2. The
daily average production east of California was 1,837,100
barrels, as compared with 1,840,600 barrels, a decrease of
3,500 barrels. The following are estimates of daily average
gross production by districts for the weeks given:
DAILY AVERAGE PRODUCTION.
Apr.9'27. Apr. 2 '27. Mar.26 '27. Apr. 10 '26.
725,100
724,650
.600
469,200
.150
,
115,700
101,300
122.450
121.100
124.150
7,600
90,600
89,550
91,300
78,600
181,150
184,600
180,900
82,150
42,700
42,150
42,250
56,750
37,450
37,450
37,700
39,700
52,250
51,800
51,100
51,150
122,400
123,900
124,000
169.450
137,900
140.550
137,600
75.200
18.850
16.750
16,050
11,350
106,000
104,500
103,000
100,500
56,600
62,500
60,700
73,150
14,550
14,550
14,600
22,750
7,350
7,500
7,650
6,350
4,100
3,550
4,950
4,000
641,200
637,300
638,700
597,000
Total
2,478,300
2,477,900
2,461.950
1,946,200
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, Panhandle, north, west central, east central
and southwest Texas, north Louisiana and Arkansas, for the week ended
April 9 was 1,491,600 barrels, as compared with 1,490,850 barrels for the
preceding week, an increase of 750 barrels. The Mid-Continent production,
excluding Smackover, Ark., heavy oil, was 1,394,500 barrels, as compared
with 1,392,600 barrels, an increase of 1,900 barrels.
In Oklahoma, production of North Braman is reported at 6,700 barrels,
against 6,100 barrels; South Braman 3,650 barrels, against 3,850 barrels;
Tonkawa 23,300 barrels, against 23,050 barrels; Garber 17,250 barrels,
against 17,400 barrels; Burbank 44,150 barrels, against 45,550 barrels;
Bristow-Slick 27,250 barrels, against 27,300 barrels; Cromwell 13,450
barrels, against 13,400 barrels; Papoose 6,950 barrels, against 7,350 barrels ; 1Vewoka 17,150 barrels, against 18,500 barrels; Seminole 295,500
barrels, against 294,700 barrels; Earlsboro 38,800 barrels, against 36,350
barrels.
In Panhandle Texas, Hutchinson County is reported at 101,500 barrels,
against 104,100 barrels, and balance Panhandle 19,600 barrels, against
18,350 barrels. In east central Texas, Corsicana Powell 19,500 barrels,
against 19,650 barrels; Nigger Creek 5,850 barrels, against 5,950 barrels;
Reagan County, west central Texas 27,900 barrels, against 26,300 barrels;
Crane and Upton counties 66,500 barrels, against 50,500 barrels; Brown
County 32,550 barrels, against 35,550 barrels, and in the southwest Texas
field, Luling 18,200 barrels, against 18,150 barrels; Lareda District 15,000
barrels, against 15,100 barrels; Lytton Springs 2,300 barrels, against 2,300
barrels. In north Louisiana, Haynesville is reported at 7,900 barrels, no
change; Urania 11,300 barrels, against 11,000 barrels, and in Arkansas,
Smackover, light, 11,600 barrels, against 11,650 barrels; heavy, 97,100
barrels, against 98,250 barrels, and Lisbon 4,550 barrels, no change. In
(In Barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West central Texas
East central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
2215
the Gulf Coast field, Hull is reported at 16,350 barrels, against 16,000
barrels; West Columbia 10,150 barrels, against 10,300 barrels; Spindleton
56,500 barrels, against 60,950 barrels; Orange County 5,600 barrels, against
5,000 barrels, and South Liberty 3,700 barrels, against 3,750 barrels.
In Wyoming, Salt Creek is reported at 40,700 barrels, against 44,200
barrels, and Sunburst, Mont., 12,000 barrels, no change.
In California, Santa Fe Springs is reported at 44,500 barrels, no change;
Long Beach 92,000 barrels, no change; Huntington Beach 75,000 barrels,
no change; Torrance 24,000 barrels, no change; Dominguez 17,500 barrels,
no change; Rosecrans 11,500 barrels, against 10,500 barrels; Inglewood
37,500 barrels, no change; Midway Sunset 89,000 barrels, no change;
Ventura Avenue 51,800 barrels, against 53,300 barrels, and Seal Beach
30,700 barrels, against 26,300 barrels.
Decrease in Unfilled Tonnage of United States Steel
Corporation During March.
The United States Steel Corporation in its monthly statement issued April 9 1927 reported unfilled tonnage on
books of subsidiary corporations as of March 31 1927 at
3,553,140 tons. This is a decrease of 43,979 tons under
unfilled orders on Feb. 28 and a decrease of 247,037 tons
below the Jan. 31 figures. On Mar. 31 last year orders on
hand stood at 4,379,935 tons and at the same time in 1925
at 4,863,564 tons. In the following we show the amounts
back to 1922. Figures for earlier dates may be found in
our issue of April 14 1923, p. 1617:
End of Month 1927.
January
3,800,177
February
3,597,119
March
3,553,140
April
May
June
July
August
September _
October
November
December__
1926.
4,882,739
4,616,822
4,379,935
3,867.976
3,649,250
3,478,642
3,602,522
3,542,335
3,593,509
3,683,661
3,807,447
3,960,969
1925.
5,037,323
5.284,771
4,863.564
4.446,568
4,049,800
3,710,458
3,539,467
3,512,803
3,717,297
4,109,183
4,581,780
5,033,364
1924.
4.798,429
4,912,901
4.782,807
4,208,447
3,628.089
3,262,505
3,187,072
3.289,577
3,473,780
3,525,270
4,031,969
4,816,676
1923.
6,910,776
7.283,989
7.403,332
7,288,509
6,981,851
6,386,261
5,910,763
5,414,663
5,035,750
4,672,825
4,368,584
4,445,339
1922.
4,241,678
4,141,069
4,494,148
5,096,917
5,254.228
5,635.531
5.776.161
5,950,105
6,691,607
6,902,287
6,840.242
6.745,703
Steel Demand Slackens Somewhat-Pig Iron Not
Affected by Coal Strike.
Steel production has fallen off from the record March rate,
and demand has slackened, declares the April 14 summary of
conditions in the market as seen by the "Iron Age." Both
are still on a high level, fresh orders, small but numerous
and diversified, adding to the accumulaticius of last month.
Prices, in spite of the volume of business, remain favorable
to buyers, as the close-range buying precludes filling up order
books, observes the "Age," from which we quote further as
follows:
Reduced activity in sheets, tin plate, standard pipe and rails accounts in
part for the adjustment of raw steel making, but a seasonal recovery is
expected in sheets and pipe. Meanwhile the call for structural steel and for
large diameter gas lines for the oil Industry gives promise of being strong
for several months.
The Chicago district again is an exception in that shipments and specifications are at the March rate and operations are not measurably reduced.
At South Chicago the Illinois Steel Co. has blown in a blast furnace.
Pittsburgh proper is operating at an 88% rate in raw steel, but output is
off in the Mahoning Valley and the district comprising Pittsburgh, Youngstown, Wheeling and Johnstown is now put at 85%.against 90% at the end
of March. Late this month the American Rolling Mill Co. plans to light
a stack at Columbus. Ohio, and a little later its recently acquired Norton
furnace.
The steel ingot production record broken in March, with the whole country averaging over 94% of capacity, brings output for the first quarter of
this year within 2% of the record quarter, that which ended March 31 a
year ago.
Production of sheets in March appears to be only a few points under the
record month of October 1925, as measured by the performance of the
independent makers, but the month's sales and shipments were 5% smaller,
and it is not surprising that. new buying is dragging. The operations of
the American Sheet & Tin Plate Co. now average 75% against 80% in the
last week of March. In the East and the Central West blue annealed sheets
are more easily obtained at 2.15c., Pittsburgh basis, a recession of $1 a ton,
and galvanized sheets are more commnoly quoted at 3.65c., Ohio mill.
On plates, shapes and bars, 1.90c.. Pittsburgh, is rarely exceeded unless
the carload lots contain too many sizes. Large buyers are not obliged to
pay 2.40c. for cold finished bars. Shading of $1 under ruling quotations
In alloy steel has occurred in the Detroit terrikerY.
Diminished activity of tin plate mills, averaging under rather than over
85%, is partly the result of increased productive capacity at Baltimore
and Chicago.
Failures to maintain recent advances in semi-finished steel are sown
in sales at concessions of $1 a ton in billets and wire rods.
Some expansion in demand for wire products from the manufacturing
trade is co-existent with shading in nails.
Following closely the placing of 250 miles of 20-in. pipe for transporting
gas eastward from the Amarillo, Tex., oil fields, is the placing of general
contracts for the 400-mile line to Denver, requiring nearly 71.000 ton sf
steel. A 100-mile line to Kansas City may also be built.
The continued activity in structural steel is reflected by the week's bookings of 33,000 tons and inquiries for 36.000 tons. The Chase Na.lonal
Bank Building, New York, requiring 12.000 tons, was placed and 18,000
tons for a bridge at Louisville, Ky., is under inquiry.
Notwithstanding the coal strike. prompt foundry coke has declined 25c.
Blast furnces and foundries made heavy prea ton to $4, Connellsville.
cautionary purchases of fuel, and though union mine output may belong
suspended, fuel costs are not expected to be affected before the fourth quarter.
Meanwhile, pig iror buyers, who have covered most of their second quarter needs, see no need of haste in respect to remote requirements.
A subway tunnel under the East River at Fulton Street. New York, will
require 54.000 tons of caut iron segments, making, with the Fifty-third
Street tunnel,72.000 tons in all.
2216
THE CHRONICLE
Lake Superioriironrore prices of 1926 have been reaffirmed for 1927 by
the sale of about 150,000 tons by a Civeeland company. The Ford Motor
Co.. whose inquiry called for 385,000 tons, has closed for most of this at
the prevailing prices. Ore shippers do not expo(t this year's shipments to
equl last year's, which were 59.979,160 gross tons by lake and rail.
The "Iron Age" composite prices remain uncl]anged. That for pig iron
is $19.21 per gross ton. The finished steel composite is 2.367c. per lb., the
low point since 1922.16,The usual composite price table for the week stands
as follows:
Finished Steel.
Pig Iron.
AprG 12 1927,2.367 Cents per Pound.
April 121927,$19.21 per &On Ton.
One week ago
$19.21
2.367c. ie week ago
One month ago
19.04
2.367c. One month ago
One year ago
2.439c. One year ago
20.96
10-year pre-war average
15.72
1.6890. 10-year pre-war average
Based on steel bars, beams,tank plates,
Based on average of basic iron at ValPlain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago.
and black sheets, constituting 87% of Philadelphia, Buffalo. Valley and Birthe United States output.
mingham.
High.
Low.
High.
Low.
1927_2.453c., Jan. 4 2.367e., Feb. 21 1927_419.71, Jan. 4 818.96, Feb. 15
1926_2.453c.. Jan. 5 2.4030., May 18 1926_ 21.54. Jan. 5 19.48, July 13
1925-2.560e., Jan, 6 2.396c., Aug. 18 1925.. 22.50, Jan. 13 18.96. July 7
1924._2.789c., Jan. 15 2.460c.. Oct. 14 1924__ 22.88. Feb. 26 19.21, Nov. 3
1923--2.824c., Apr. 24 2.446c., Jan. 2 1923.... 30.86. Mar. 20 20.77, Nov.20
Production of finished steel is proceeding at a rate only
slightly under the record pace of March, reports the "Iron
Trade Review" on April 14. Incoming business is lighter in
many lines, forecasting contraction in the future, but at the
moment a carryover of tonnage from last month has a sustaining influence, according to the "Raview's" resume of
the state of trade, from which we add:
The unfilled tonnage statement of the United States Steel Corp. is illuminating. In March 1926, when steel ingot output reached the peak of 160,236 tons daily, the order book for this leading interest shrank to 136,887
tons. But in March 1927, when steel ingot production attained the alltime daily height of 168,867 tons, the unfilled tonnage fell off only 43,979
tons. Expectation, therefore, is that the seasonal drift to lower levels of
production will be more gentle this year. At present the steelmaking rate
Is about 90%, as compared with the record of 94.1% for March;last year's
contraction was from 92.6% in March to 88.3% in April.
Hesitancy of new business to come forward already intensified competitive
effort. Some producers have become less discriminating in quoting the
extreme minimum prices normally applying only to attractive or tonnage
orders. In some directions easier credit terms have been granted. Generalization that prices are weaker would be too sweeping, but more irregularities have developed and a spotty character of the market is accentuated.
The Connellsvllle coke market strikingly portrays what a negligible factor
the bituminous coal strike is at this time. Apathy of consumers has driven
furnace coke down 10 to 25 cents, and foundry grade off 25 cents The
placing of about a million tons Lake Superior iron ore and extension ofsome
term contracts followed reaffirmation of prices governing in 1925 and 1926.
At outset of the ore-buying season there is less interest than a year ago.
The Ford Motor Co. in contracting for 300,000 tons abandoned one-fourth
of its inquiry, but et,en so has placed a larger tonnage than last year.
Bars continue to dominate the market at Chicago, where another steel
works stack has been lighted, as demand for plates from car builders still is
disappointing.. Sheet bookings in all districts is moderate,reflecting chiefly
a failure of two automobile makers to be normal buyers. Some cold finishers have had a record March and still benefit from the momentum.
Wire and nail demand improved, but not sufficiently to warrant putting
on additional capacity.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $36.81. This is the same as last week and compares
with $36.89 the previous week.
Bituminous Coal Trade Shows Little Effect of Strike.—
Anthracite Market Improves.
The usual weekly summary of conditions affecting the coal
trade published by the "Coal Age" shows that unconcern
still characterizes the consumer's attitude toward the bituminous wage controversy. Superficially prices have advanced.
The "Coal Age" index of spot bituminous prices for the current week settled at 178 and the corresponding weighted
average price is $2.15, an increase of 6 points and 6 cents,
respectively, compared with the figures of last week. Primarily the increase was due to higher quotations on storage
coal in Illinois and Indiana and to a general leveling up in
Pittsburgh district prices. Ohio averages receded, reported
the "Age" on April 13, adding:
[voL. 124.
the rookies inrtheir first camp,"or the drill sergeant whipping
into a semblance of soldiers the awkward squad. There is
no West Point alignment or a solid front of operators, either
in the open- or closed-shop fields or fields containing both.
Rather, in almost every district there is at least one who
insists that the others are all out of step, continues the
"Journal" from which we add the following:
These conditions are more marked in districts where both open- and
closed-shop operators are close neighbors and, in some cases, under one
direction. Manylow-volatileminesthat cater moretoa heating or domesticl
clientele are idle, but do not seem to be Worrying, believing their turn wil
come and being Well satisfied with contracts already made with dealers
for this season's supply.
Inthe western part ofthe easternfield, western Pennsylvania and northern
West Virginia,the "no mans land" of the present strike, one large, formerly
closed-shop operation that has now declared for the open shop is offering
a scale of wages higher (probably all the traffic will bear) than their principal
competitors in the same district who had also changed over from the openshop basis, and much higher than others that have been open-shop for a
long time. Just how these varied wage scales will work out in mines that
are competitors and fairly close neighbors only a seer can predict with any
degree of certainty. "Tempus fugit" and the coal trade Will soon know
the result of such a problem.
No Ohio closed-shop mines of any consequence have been reported as
producing. It is believed there will soon be an effort to start some mines
on the open-shop basis. This is thought necessary for survival, as Ohio has
lost most of her foreign market, and serious inroads have been made in her
home market by open-shop competition, while she has endeavored to work
under the Jacksonville agreement.
Indiana is watching the Illinois canary in its cage, hoping it will escape
and they can continue to fly together and share in common the market
tributary to their mines. The outcome of parleys between Illinois operators
and miners is uncertain, but the effort to bring about further conferences
indicates they may not be hopelessly divorced. Maybe, like some in the
outlying districts, they will indulge in a trial marriage.
Further conferences arebeing held in Kansas City, that as yet have not
adjourned indefinitely without an agreement, though two of the largest
mines in Missouri that formerly operated on a closed-shop basis have announced they will resume at the 1917 scale. Is the policy of the open
shop in coal-mine operation spreading Westward?
The week's production shows a further reduction and, with a majority
of the closed-shop mines shut down, there is indication of tonnage that can
be shipped by open-shop mines, though not approaching a maximum
production, as many open-shop low-volatile mines are reported idle.
Decline in Production of Both Bituminous Coal and
Anthracite—Coke Output Also Falls.
Observance of April 1 as Eight-Hour Day caused a falling
off in both the anthracite and bituminous coal production
during the week of April 5. Of coarse the bituminous output was restricted most of all by the suspension at midnight
March 31 of many union mines, but the effect of this cannot
be estimated at this time, according to the information made
available by the United States Bureau of Mines. Coke output also declined, reports the Bureau in its weekly review,
from which we append the following extracts:
The production of bituminous coal in the week ended April 2 is estimated
at 11,097,000 net tons, as against 13,373,000 tons in the week preceding, a
decrease of 2,276,000 tons, or 17%. In part the decrease was caused by the
suspension which began in certain of the organized fields at midnight on
March 31. Since, however, April 1 is a union holiday, known as Eight.
Hour Day, it is uncertain how much of the decrease was due to the suspension and how much to the holiday.
Estimated United States Production of Bituminous Coal (Net Tons)
Including Coal Coked.
1927
1926
Cal, Year
Cal, Year
Week.
to Date.
Week. PR ' rto Date.a
13.020,000
March 19.1,
147,581,000
10
1:7
26
13400
0
129,833,000
Daily average
2,170,000
2,229,000
1,981,000
13.373,000
March 26_ b
160,954,000
9,626,000 ' 139,459,000
2,229,000
Daily average
2,229.000
1,604,000 ' 1,932,000
April &c
11,097,000
172,051,000
9,040,000 / 148,499,000
1,957,000
Daily average
2,209,000
1,586,000
1,907,000
a Minus one day's production first week in January to equalize number of daysIin
Revised
since last report. c Subject to revision._ Eight-hour
the two years. b
day (April 1) equivalent to about 0.7 of a normal working day.
The total amount of soft coal produced during the coal year 1926-27 is
estimated (subject to slight revision) at 601,881,000 net tons. Records for
other recent years are given below:
Generally speaking, however, the coals in which there was active trading
showed no such strength. Western Kentucky, the best situated field
geographically to replace Illinois and Indiana in the steam coal markets
of those two states, reached higher levels, particularly on screenings, which 1919-20
495,924,000 net tons 1923-24
561,627,000'netrnS
533,740.000 net tons 1924-25
showed an advance of approximately 20 cents. On the other hand, spot 1920-21
470.416,0007net tons
1921-22
445,487,000 net tons 1925-26
538,603,000_net tons
quotations on Eastern and Southern coals registered no advances, and in
a number of cases showed actual declines. Aside from the apathy of both
ANTHRACITE.
domestic and industrial buyers in all-rail territory in the Middle West,
Because of the holiday observance of Eight-Hour Day (April 1) the total
the chief contributing factor to this weakness was an embargo against
shipments to Toledo for lake loading by the Hocking Valley Ry. Tidewater production of anthracite during the week ended April 2 declined to 1,127,000
markets shared the indifference of the Midwest. The Southwest and the net tons. The average daily rate of output, however, approximately 225,000
tons as against 195,000 tons in the preceding week, shows an increase of
Rocky Mountain states were equally apathetic.
It is not yet possible to do more than approximate the effect of the suspen- 15%.
The total production of anthracite during the coal year 1926,1927, just
sion so far as output is concerned. Preliminary reports on car loadings
point to a decided reduction. How much of this reduction has been due ended, is now estimated at 92,481,000 net tons.
to lack of this reduction has been due to lack of market and how much to the
Estimated United States Production of Anthraciter(Netinms).
efforts of the union to cripple open-shop operations will not be known for
1927
several days.
Cat. Year
Cal. Year
Week Ended—
to Date.
Week,
The outlook in the anthracite industry has brightened in the past few days.
Week
l'7'. ' to Date a
March
19
16,340,000
1,432,000
buying
more
freely
been
and
some
of
the more important
1,963,000 V L 7,963,000
Retailers have
March 26
17.515,000 -1,172,000
9,954,000
1,991,000
producers interests are talking full-time operating schedules. An active April 2
18,642.000
1,127,000
11,503,000
1,549,000
campaign for business is on in such widely separated markets as Detroit
a Minus one day's production first week in January to equallzdnumber of days
and Montreal, Chicago and New York. Recent reductions in company in the two years.
BEEHIVE COKE.
circulars have stimulated trade.
Reviewing the present market is not the review of a dress
parade declares the "Coal and Coal Trade Journal" in its
weekly review of events in the coal markets. In fact, present
conditions are decidedly en dishabille. It is remindful of
The production of beehive coke for the country as a whole during the
week ended April 2 is estimated at 196,000 net tons, as against 200,000
tons in the preceding week. The total production of beehive during 1927
to April 2 amounts to 2,497,000 tons—less by about 1,511,000 tons that:
in the corresponding period in 1926.
APR. 16
PH Ii
1927.]
CHRONICLE
Estimated Production of Beehive Coke (Net Tons).
1927
1926
-Week Ended
to
to
Apr.2 Mar.26 Apr.3
Date.a
Date.
1927.c
1926.
1927.b
Pennsylvania and Ohio
158,000 163,000 187,000 1,993,000 3,263.000
14,000
221,000
221,000
16,000 16,000
West Virginia
79.000
268,000
5.000 16,000
7,000
Ala., Ky., Tenn. & Oa
94,000
134,000
7,000
7,000
8,000
Virginia
53,000
75,000
4,000
6,000
4,000
Colorado & New Mexico
49,000
5,000
3,000
57,000
Washington & Utah
4,000
198,000 200,000 234,000 2,497,000 4,008,000
United States total
33,000 33,000 39,000
32,000
51,000
Daily average
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision. c Revised since last report.
Estimated Production of Bituminous Coal and Anthracite During Month of March.
The total production of soft coal in the month of March
is estimated, subject to slight revision, at 60,181,000 net
tons, a gain of 7,277,000 tons over the February output,
according to statistics prepared by the U.S. Bureau of Mines.
2217
There were 27 working days in March as against 23.9 in
February, and the average daily rate of output in March
was greater by about 15,000 tons,or 0.7%,than in February.
Anthracite production in March was larger than in
February because of the greater number of working days.
The total output is estimted at 6,098,000 net tons, as against
5,852,000 tons in February. The average daily rate,however
decreased 23,000 tons, or 9.2%, reports the Bureau, adding
the following table:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN MARCH (NET TONS).
BUuminous Coal.
Month.
Anthracite.
No. of Avge. per
No. of Awe. per
Total
Working Working
Total
Working Working
Day.
Production Days.
Production. Days.
Day.
February 1927_ _ _ _ 52,904,000
March 1927
a60,181,000
March 1926
46,137,000
a To be revised.
23.9
27
27
2,214,000
2,229,000
1,709,000
5,852,000
6,098,000
8,790,000
23.5
27
27
249,000
226,000
326,000
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 13, made public, by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows increases for the
week of $54,700,000 in bill and security holdings, $32,800,000
in member bank reserve deposits, $16,400,000 in Federal
Reserve note circulation, and $7,500,000 in cash reserves.
Holdings of all classes of bills and securities were higher than
a week ago-discounted bills by $23,800,000, acceptances
purchased in open market by $17,500,000, and Government
securities by $13,400,000. After noting these facts, the
Federal Reserve Board proceeds as follows:
The Federal Reserve Bank of New York reports an increase for the
week of $40,000,000 in discount holdings and Cleveland an increase o
$6,700,000, while the Chicago bank reports a decline of $22,200.000 in
discounts. The New York bank also shows an increase of $19,700,000 in
open-market acceptance holdings and the Boston bank reports a decline
Of 84,000,000. The System's holdings of Tseasury certificates increased
36,700,000, of Treasury notes $3,500,000, and of U. S. bonds $3,200,000.
The principal changes in Federal Reserve note circulation for the week
comprise increases of $11,200,000 and $10,200,000, respectively, reported
by the Philadelphia and Cleveland Reserve banks, and a decline of $5.900.000 reported by New York.
week, the principal changes comprising increases of $10,000,000 in the New York district and $9,000,000 in the
Cleveland district, and a decline of $13,000,000 in the San
Francisco district. Loans to brokers and dealers, secured by
stocks and bonds, made by reporting member banks in New
York City were $37,000,000 above the March 30 total,
loans for their own account and for account of out-of-town
banks having increased 827,000,000 each, while loans for
account of others declined $17,000,000. As previously
explained, the figures for these member banks are always a
week behind those for the Reserve banks themselves. The
statement goes on to say:
Holdings of U.S. Government securities increased 311,000.000. Holdings
of other bonds, stocks and securities were $44,000,000 less than the amount
freported a week ago, the principal reductions occurring in the Boston, New
York, Cleveland, Philadelphia, Chicago and San Francisco Federal Reserve
districts.
Net demand deposits were $36,000,000 above the March 30 total, the
principal changes being increases of $25,000,000 in the Chicago district,
819,000,000 each in the Boston and Philadelphia districts and $10,000.000
in the St. Louis district, and declines of $37,000,000 and $9,000,000 in
New York and Cleveland districts, respectively. Time deposits increased
$22,000.000 in the Chicago district and $7,000,000 in the Philadelphia
district and declined $13,000,000 and $9,000.000 in the San Francisco and
New York districts, respectively.
Borrowings from the Federal Reserve banks were $45,000.000 lower than
a week ago, the principal changes including reductions of $23,000.000 in the
Boston district, $14.000,000 each in the New York and Chicago districts,
and $13,000,000 in the Philadelphia district and increases of $11,000.000
each in the Cleveland and San Francisco districts.
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 2246 and 2247.
A summary of changes in the principal assets and liabilities
On a subsequent page-this, on page 2247-we give the
of the Reserve banks during the week and the year ending
figures in full contained in this latest weekly return of the
April 13 1927 is as follows:
Increases(+)or Decreases(-) member banks of the Reserve System. In the following is
During
furnished a summary of the changes in the principal items as
Week.
Year.
Total reserves
+37,500,000 +8252,100,000 compared with a week ago and with last year:
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
+7,700.000
+54.700.000
+23,800.000
+35,400.000
-11,600,000
+17,500,000
+13,400,000
+3.200.000
+3,500,000
+6.700.000
+16,400.000
+41.800.000
+32,800.000
+9,300,000
+248.900,000
-201,900,000
-151,500.000
-86,000.000
-65,500,000
-17,300.000
-21,700,000
-16,100,000
-54,600.000
+49,000.000
+62,700,000
-39,900,000
-18,500,000
-20,400,000
Loans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U.S.securities
Other bonds, stocks and securities
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. R. banks
Increase (+) or Decrease (-)
During
Week.
Year.
+$38.000.000 +8435,000,000
+11.000,000
-1.000.000
+15.000,000
+12,000,000
-33,000,000
+11,000,000
-44,000,000
-56,000.000
-1.000,000
+36,000,000
+3,000,000
-21,000,000
-45.000.000
+188,000,000
+248.000,000
+351.000.000
+31,000,000
+320.000.000
+7,000.000
-22,000.000
+282,000,000
+496,000.000
-12,000,000
-122,000.000
The Member Banks of the Federal Reserve System
Reports for Preceding Week-Brokers Loans
Summary of Conditions in World's Markets According
in New York City.
to Cablegrams and Other Reports of the
The Federal Reserve Board's condition statement of 672
Department of Commerce.
reporting member banks in leading cities as of April 6 shows
The Department of Commerce at Washington releases
increases for the week of $38,000,000 in loans and discounts for publication to-day (April 16) the following summary
and $36,000,000 in net demand deposits, together with of conditions abroad, based .on advices by cable and other
declines of $33,000,000 in investments and $45,000,000 in means of communication:
borrowings from the Federal Reserve banks. Member
CANADA
banks in New York City reported increases of 857,000,000
The Canadian boot, shoes and leather industries continue to imin loans and discounts, $4,000,000 in investments and prove. General trade is good and collections fair. Farming prospects in Ontario give promise of an early season; plowing is in full
reductions of $50,000,000 in net demand deposits and swing.
The making of maple sugar has started and it is estimated
$12,000,000 in borrowings from the Federal Reserve bank.
locally that in the next few weeks the Province of Quebec will proLoans on stocks and bonds, including U. S. Government duce about 20,000,000 gallons. A shipment of automobiles, valued at
from Oshawa, Ontario, to Winninpeg, Manitoba, on April 7,
obligations, were $26,000,000 above the previous week's $150,000
reflects the satisfactory outlook in the west. The port of Montreal is
total, an increase of $54,000,000 in the New York district expected to open on April 15.
Four bills giving effect to recommendations of the Duncan report
being offset in part by reductions of $16,000,000 in the
on the Maritime Provinces passed the Senate on April 8, providing
Chicago district and $8,000,000 in the Boston district. "All for
the creation of harbor commissions for St. John, N. B., and
other" loans and discounts increased $12,000,000 during the Halifax, N. S., the subsidizing of plants to be erected for the coking
2218
TITE CHRONICLE
of Canadian coal, and the appointment of a deputy minister to have
charge of the fisheries branch of the Department of Marine and Fisheries. (Legislation in process also provides for increases in the Government subsidy of the Maritimes and for preferential freight rates
on the Eastern Division of the Canadian National Railway). An
agreement has been reached regarding the construction and equipment
of a modern cold storage plant at Halifax, to cost about $2,250,000,
with a capacity of 1,000,000 cubic feet. Amendments to the Canada
Grain Act passed by the House of Commons during the week ended
April 9, gave the farmer the option of designating the terminal elevator to which his grain shall be shipped.
GREAT BRITAIN
In general the coal trade is quiet with new business slow and
prices weak. March returns of London bank clearings show that
advances have been at unprecedented levels. The total for the month
(ten banks) was £926,000,000, an increase of £8,000,000 from the
February total. Compared with the previous comparable periods, the
increase during the twelve months ended with March was £33,000,000
and during the past eighteen months it was £74,000,000. The returns reflect a steady demand for credit concurrent with recent trade
expansion.
As an aftermath of last year's labor troubles, a trade dispute and
trade unions bill was introduced in Parliament on April 5. The bill
would make illegal any strike "designed or calculated to coerce the
Government or intimidate the community.". It would provide protection for persons refusing to participate in illegal strikes, and make
intimidation during any strike unlawful. The imposition of fines or
imprisonment penalties for contravention is contemplated. The bill
also would make it illegal to require any trade union member to contribute other than voluntarily to political funds of the unions.
FRANCE
General economic conditions in France are slightly easier, although
the metallurgical production is declining and textile markets are uneven. Bank clearings for February were the lowest in six months.
Tax receipts and foreign trade returns are satisfactory thus far.
Although the Finance Committee of the Chamber has rejected the
proposal for the sale of the match monopoly, the subject is being reconsidered by The Ministry of Finance and a new report will be presented after Easter. Holders of 10-year 1919 National Defense and
National Credit bonds issued in July, 1922, and also holders of 3, 6
and 10-year Treasury bonds, 1923, first and second series, totaling
21,900,000,000 francs and maturing in 1928 and 1929 are given the
opportunity to convert their securities into new 6% rentes, amortizable in 50 years at a rate of 150 francs per one hundred franc
rente. The 6-month National Defense bonds still in circulation and
the one and two-year National Defense bonds issued prior to April
3 may also be converted into the new rentes. No cash subscriptions
will be received. The conversion operations will take place from
April 25 to May 25. Treasury bonds maturing in 1927 have all
been taken care of. Comment regarding this operation is generally
favorable, although there has been some criticism on the ground that
the operation should be at least contemporaneous with legal stabilization. The project for the new general tariff is still before the Chamber Committee and progress is reported to be uncertain in view of
numerous protests received from industrial interests. The principal
features of the Bank of France's statement of April 7 comprise a
higher note issue and a remarkable rise in miscellaneous credits.
Bank clearings in February showed a big decline. Production of
iron and steel and coal in February showed an appreciable drop. Following widespread price reductions, the 'Market for domestic automobiles is improving. Sales of American cars are slow, but future
prospects are fair, barring the possibility of higher import tariffs.
GERMANY
The industrial progress of the first two months of the year was
well maintained in March. Cotton spinners have booked orders for
several months in advance and many, in fact, throughout the summer. Iron and steel production is still approximately one-fourth
above last year's figures, while the situation in the chemical and electrical industries is good. Coal production, however, is still somewhat on the decline. Favorable winter weather and an exceptionally
mild spring have favored the early resumption of German agricultural
activity and of the projected building program. New constructions
are now exceeding those of the same period of 1926 by more than 20%.
Money conditions remained easy in March and made themselves felt
in the present low discount rate and in the almost total absence
of foreign loans. The balance sheets of leading banks show that
1926 was a year of unusual prosperity; increased dividends were noted
in some cases, and there were large additions to open and hidden
reserves. The March trend of the stock exchange was again optimistic after a slight stagnation in February. An early ratification of
the new provisional Franco-German trade agreement is expected in
Germany. Concessions have been made by Germany with respect to
the imports of French wine, cement, hats, clocks, welding machines,
and flour.
SPAIN
Bank clearings, particularly at Madrid, continue high, reflecting a
strong speculation in the peseta. Total clearings at Madrid are the
highest on record and amounted to 6,096,000,000 pesetas. The Barcelona and Bilbao clearances represent commercial turnover only. Spanish
commercial and financial interests are complaining because the high
exchange is not accompanied by the necessary basic economic recovery. Strong representations are being made to secure governmental intervention to prevent a too rapid revalorization of the peseta.
The gold reserves of the Bank of Spain on April 2 amounted to 2,581,000,000 pesetas which shows an increase of 7,000,000 pesetas during
the month of March. Total tax collections for the first quarter of
the present fiscal year were 37,000,000 pesetas, an increase in the collections for the first quarter of 1926, and exceed budget provisions
by approximately 10,000,000 pesetas. Spanish industry is laboring
somewhat under the burden of the high peseta. Because of cheaper
cotton and good local and provincial demand, the textile industry is
reported still to be operating on a favorable basis. The lead mining
industry has been somewhat affected and many small producers have
been obliged to shut down. House building has shown improvement
and due to the higher gold value of the peseta, large lumber purchases have been made. Orange, rice, onion, almond and oil exports are normal, but because of the peseta improvement, prices have
fallen severely. The 1926 customs statistics show an improvement of
113,000,000 pesetas in the trade balance over that of 1925.
[VoL. 124.
FINLAND
The trade during the first quarter has been normal for the season
and somewhat above that of last year when severe weather conditions prevailed. Shipping conditions have been somewhat easier as a
result of a change in the weather and Helsinfors, which is usually
icebound during the first months of the year, has been kept open.
No traffic congestion which characterized shipping last year in the
winter ports of Hango and Abo, is feared, as the winter has been
milder and the fleet of ice breakers somewhat strengthened. The operations of the Board of Forestry returned a total revenue from State
Forests in 1926 of 252,300,000 marks, while the expenditure was 115,900,000 marks. The net revenue thus totaled 136,400,000 marks. Considerable progress has been made during recent years, as shown in
the increase in net earnings of the State forests which totaled 93,300,000 marks in 1925 and 113,500,000 marks in 1924. The large increase in revenue in 1926 is partly a result of the improvement in the
timber market during the last quarter of the year and partly as a
result of the extended activities of the Board of Forestry.
NORWAY
The labor situation remains very uncertain. Following the failure
of wage negotiations, a conflict affecting 12,000 workers will become
effective in the paper and pulp industry April 13. Negotiations in other
industries have also failed and consequently the old strikes are continuing. It is believed in Norway to be probable that parliament
will consider compulsory arbitration at an early date. Norwegian
exchange remains relatively stable and whether it will be brought back
to par (1 crown—$0.268) is problematic. The money market is still
very easy even though large amounts of speculative capital have left
the country. Prices are becoming stable although deflation has not
yet progressed to a point corresponding to the rise in the crown.
SWEDEN
The large ore deposits in North Africa, recently purchased by the
Grangesberg Company, of Stockholm, and Muller and Company of
the Hague, will be financed by the former through a new issue of
shares. It has been reported that the iron content of these deposits
is about 55%. Sales of wood goods are progressing satisfactorily and
it has been estimated in Sweden that the manufacture of chemical and
mechanical woodpulp during 1927 will exceed that of 1926 by about
250,000 metric tons. French wood importers have been buying in
relatively small quantities owing to the appreciation of the franc.
Plans for the Tenth Annual Swedish Fair, to be held at Gothenburg
from May 14-22, have been practically completed. A large variety
of manufacturers, inventions, patents, and an advertising exhibition
will be the features.
DENMARK
The anticipated improvement in Danish business condition during
the early spring has not materialized and depression continues. The
uncertainty of the labor situation has been instrumental in retarding
the expected economic improvement. The relatively low attendance
at the Annual Buyer's Fair held in Copenhagen March 5 to 20, 1927,
and the limited sales made, clearly reflect the stagnation which marks
current business.
LATO VIA
General business conditions continue greatly depressed and many
companies are experiencing financial difficulties as a result of the
credit restrictions of the banks and of the interest rate law. The
money market remains tight. Bankruptcies and protested notes showed
large increases during January and February and it is feared in Latvia
that this conditions will exist for a time. The money market is also
seriously affected by the unfavorable trade balance. For the first
two months of the year exports totaled 29,000,000 lats while imports amounted to 35,000,000 late. Large stocks of merchandise are
on hand and local business is very dull. Some of the markets are
strengthening somewhat as a result of a stronger demand from France
and Germany. This improvement has taken place mainly in the timber and flax markets. Large quantities of lumber have arrived at the
ports for export. Butter prices are advancing and orders from Germany exceed the local production.
LITHUANIA
Local market conditions in Lithuania continue somewhat dull but
foreign trade during the first two months of 1927 returned an export
surplus of 19,000,000 lits. The budget for 1926 closed with a surplus
of 6,300,000 lits and financial conditions in general show some improvement. Operations of the State Bank during the year returned
a large net profit and the general outlook is encouraging.
POLAND
According to preliminary data on Polish foreign trade for February, based on customs returns, exports for the month totaled 115,700,000 gold zlotys, and imports, 111,300,000 gold zlotys, thus leaving a favorable balance of 4,400,000 gold zlotys. This compares with
a favorable balance of 7,100,000 gold zlotys for January (exports,
114,800,000 gold zlotys against 107,700,000 gold zlotys of imports).
The condition of the Bank of Poland showed a further improvement,
the gold and foreign exchange reserves having increased by the second
half of March to 335,000,000 zlotys, against 305,000,000 zlotys in
January. Banknote circulation also increased during the period, to
631,000,000 zlotys, the highest figure since the establishment of the
Bank, against 585,000,000 zlotys at the end of February, the cover
against the notes thus amounting to 53 per cent. Restrictions of
imports are being tightened as the credit balance of trade is declining,
as compared with the monthly average favorable balance of 22,000,000
gold zlotys for the last quarter of 1926, and 33,000,000 gold zlotys
for the second half of the past year, which included the period of
heaviest exports of coal during the British strike.
AUSTRIA
•
The Spring Fair which closed on March 19, is reported to have
been the most successful fair held in recent years. The number of
purchasers from abroad exceeded the last two years by about 2,000.
Among the foreign purchasers 49 different states were represented.
Exceptionally good business was done in ladies' underwear, knitted
goods, hosiery, embroideries, yarns, wool, small refrigerating plants,
refrigerators, ice boxes, small and medium sized passenger automobiles
and trucks up to VA tons. Good sales were also made in fancy leather,
walking sticks, umbrellas, hoeisehold utensils, fire protection apparatus, agricultural implements, brewery machines, textile machines and
medium sized and small motors.
CZECHOSLOVAKIA
The rediscount rate was reduced on March 7 from 51/2% to 5%, the
last previous reduction had been from 6% to 51A % on October 27,
APR. 16 1927.]
PH 114
CHRONICLE
2219
1926. Loan rates on State securities were likewise reduced ;4% to
BRAZIL
6%; loan rates on private securities to 6'4%. A corresponding reducBusiness in Brazil continues generally sluggish. The authorized
tion of interest on saving deposits to 4% and of private discount
daily coffee entries at Santos were increased on
rates to 54-673% followed.
April 6 to 36,000
bags. The weather continues good, and the new Rio
coffee crop is
JAPAN
estimated at five million bags. The coffee market is still experiencing
The general tone of business in Japan is less encouraging.
The 2 between season dullness. The Stabilization Bureau
is expected to
drop in exchange, after suspension of payment by Suzuki Company,
and
begin operations within the next few days, issuing convertible
general dullness in commodity markets has affected the stock
notes.
market. The Pernambuco legislature has authorized the
creation of an agriMoney has been plentiful since the lowering of bank deposit
and in- cultural bank with a part of the proceeds of the
recent loan obtained
terest rates, but credit is tight. It is believed in Japan
to be im- by the State.
probable that any of the banks which recently closed will
reopen.
PERU
The cotton yarn industry has not as yet resumed the activity
exBusiness in Peru continues depressed and it is believed
pected. Prices are declining and exports have fallen off.
in Peru
to be probable that no change will occur until June
when the proCHINA
ceeds from the sale of cotton begin to arrive. Average
exchange durThe situation at Shanghai has become less tense, but continues ing the wek ended April 8 was the same
as during the week ended
nevertheless to be very uncertain. Although no serious
March 25—$3.64 to the Peruvian pound. By virtue
labor difof
a
decree signed
ficulties have yet occurred, there is still vigorous agitation
on March 30 the ad valorem duty levied on goods falling
for
under seceral strike in spite of the opposition of the more conservative a gen- tion 41 of the Peruvian tariff has been
increased by 15%. This secChinese
elements. The leading trans-Pacific shipping companies
report that tion is one covering all articles not specifically mentioned, but does
cargo shipments, both incoming and outgoing, are
carrying on as not include any articles of prime necessity or for industrial use.
usual, with no difficulties in either loading or discharging,
and there
is no indication of any disruption in Shanghai's
MEXICO
communications with
foreign ports. Several of the foreign trade concerns of
No change has occurred in the depressed conditions in Mexico
the city have
and
been hit financially by recent events, but thus far
business
continues on an extremely low level. Stocks are reported
none has withdrawn from the field.
to be lower than they have been for several years and mrchants
re.
port collections exceptionally difficult. A decree was published on
The Nationalist authorities are now collecting at Shanghai
sur- April
taxes of 254% on ordinary imports and exports and 5%
7,
abolishing
stamp
the
tax
sales
on
amounting
to less than fifty
on luxuries
in addition to the regular customs duties. Maritime customs
pesos.
revenues
at Shanghai for the quarter ended March 31 showed a
PORTO RICO
reduction of
15% as compared with the same period last year.
General business conditions in Porto Rilco during recent
weeks
In North China both Chinese and foreign business interests
are con- have been slightly behind those of the corresponding period of 1926
cerned on conditions reported from the territory in control
the
and
gradual
seasonal
improvement
of the past few weeks now
of the
Southern forces. All import lines report extremely slow sales. Ex- seems to be temporarily halted pending the tobacco
liquidations, inport business is brisk, however, owing to the desire to get away
all creased fruit shipments and better sugar prices. Fruit prices are
possible shipments before hostilities become active in the northern stronger and shipments are expected to increase in the
next few weeks.
area. The continued increase in delay of freight receipt and military
Grapefruit growers are now selling their products profitably to
the
taxs has raised the cost of shipping a 40-ton carload
canneries at approximately $40 per ton. The Insular Department
of
from Fengtai, a junction just outside of Pekin, to Kalgan (distance- Agriculture is now making its second estimate
of the sugar crop and
125 miles) from a normal rate of 427 silver dollars to the present at present there are no indications of
a decrease from the former
rate of 1.193 silver dollars. Selling prices have advanced accordingly estimate of 612,550 short tons. The tobacco
estimate will be slightly
and consumption is naturally decreasing in a similar ratio. These
con- reduced it is reported, because of the destruction of early pickings
ditions are typical of all lines of imported commodities.
of damaged leaf, but the quality is now exceeding expectations. Increased interest in the growing of vegetables for the New York marPHILIPPINE ISLANDS
ket is evidenced both in heavier plantings and increased shipments.
Seasonal quiet continues in trade circles, but business
is steady. The rainfall of the week ended April 9 averaged approximate
ly three
United States grades of abaca are firm and United Kingdom
grades are times the normal precipitation and although benefiting
the pastures
quiet but steadier. Production continues about normal
but stocks are and fruit crops it has delayed the cane harvesting and has
lower on account of heavy shipments of the fiber.
made it difPrices show a ficult to plant and cultivate the minor crops. The excessive
precipislight advance to 38 pesos per pkul for grade F; grade
I, 33; JUS, tation is not favorable to best results in tobacco growing.
24; JUK, 21, and L, 19.50. (1 peso equals $0.50 and
The activity
a picul contains in crop loans continues seasonally dull but commercial
loans are about
139 pounds.) Copra trade is quiet, but the market's
undertone is normal in volume. Textile sales in San Juan are reported
steady. Light arrivals at Manila have caused three oil
to be fair
mills to suspend
better
and
or
stocks
are
approximate
ly
normal
but
business
in other
operations. Prices have advanced slightly and the provincial
equiva- districts is reported dull with collections slow.
lent of resecado (dried copra) delivered at Manila
is now from 12.50
to 12.75 pesos per picul.
DOMINICAN REPUBLIC
Contracts have been let for extension of the Pampanga
It is now announced that due to unforseen delays the opening
Sugar Deof
velopment Company's central at San Fernado in the province
of Pam- the National Exposition of Agriculture, Industry and Arts of the
panga, Luzon, and for the erection of a new central
at Sagay, Occi- Dominican Republic, has been postponed until May 5, and that the
dental Negors.
exposition will continue until May 25, 1927.
NETHERLANDS EAST INDIES
Business is quiet, as a result of two native holidays in
the past
week and the approaching Easter holidays, but the general undertone Great Britain to Return
to Bank of France 458,000,000
continues good. Keen competition from Japan in the principal import
Gold Francs Deposited with Bank of England as
market of Netherlands India is emphasized by figures of textile
imSecurity for Advances to France During World
ports recently released. In the imports of cotton goods in 1926, Japan
made marked advances in all classes except white goods. Imports
War—France Second in Gold Holdings.
of
yarns from Japan exceeded the combined imports from the NetherIt was announced in Paris cablegrams April 11 (Associated
lands, Great Britain and India. In other import lines, Japanese goods
predominated.
Press) that negotiations have been completed for the return
BRITISH INDIA
to the Bank of France of 458,000,000 gold francs deposited
The bazaar business continues healthy and there is a
tendency with the Bank of England as security
for World War loans
towards general improvement in import lines. The Indian
Legislature adjourned on March 28, after referring the Gold Bullion
totaling £77,000,000. This total, it is stated, has been
Standard bill to the joint committee, and it is now reported
in India to be reduced to £33,000,000. The cablegrams report that
the
probable that no definite action will be taken in this important
matter movement for the return of
before September.
the gold will begin April 22.
AUSTRALIA
The Associated Press adds:
The wheat movement in Australia improved slightly during
Several days ago, when it was reported the negotiations had been comthe
week
ended April 7. From the beginning of the season wheat
pleted except for certain formalities connected with the transfer, it was
growers
have
shown an unwillingness to dispose of their holdings,
owing to low stated authoritatively the Bank of Englnd could have declined repayment
prevailing prices, and as a result storage facilities are
beginning to be for four years, during which time France would have had to pay 6% interest.
taxed. Wool sales at Sydney opened during the week
The British Government, however, It was added, had not taken this
with a firm
tendency, the highest greasy merino bringing 31)4 pence
per pound. attitude, but was willing to co-operate to strengthen the gold stock of the
A strike at the Clyde Engineering Works, New South
Bank of France and to settle another obligation which was bothering
Wales, affecting 1,200 workers, has been called. Announcement has
France.
been made
that Western Australia is floating a 5 To £1,500,000
In return for the shipment of the gold here, France will wipe out the
loan on the
London market which will sell at £97/10.
debt against which the gold was deposited by means of foreign exchange
In sterling which has been accumulated for that purpose over a period of
NEW ZEALAND
several months.
The Kauri Gum Control Board organized and held its first
A semi-official communique says every care has been taken in the arsession
on March 31, at which time it was decided not to interfere
rangements
for the transfer
at
with the export of guns and to give three months notice before present end that the money marketof the gold and the sterling exchange to the
shall not be affected. Consequently, little
taking
any definite action in this respect. Unemployment continues to
in- repercussion is expected.
crease as winter approaches and various public works undertakings
The following advices regarding the return of the gold were
near completion, and in order to relieve the situation it has
been
decided to reduce assisted immigration during the winter
contained in a cablegram (copyright) from Paris to the
months.
New York "Times" April 11:
ARGENTINA
France will have again the second largest gold reserve of any country
No appreciable change has occurred in Argentine's business conin the world, second only to the United States, as a result of the agreement
ditions during the week ended April 8. The general credit situation
is reached on Saturday
between the Bank of France and the Bank of England
still far from satisfactory but there has been a noticeable increase in
for the return to the former of gold worth £18,350,000 ($88.997,500).
investments in new joint stock companies. Cattle prices have
risen deposited with the Bank
of England as a guarantee for the loans raised
considerably but corn is selling at a low level, with the result
that
trade papers are carrying on a campaign urging farmers to feed their by the Allies in America.
The total gold reserve of the Bank of France, with this addition, will
corn to livestock rather than sell it at present prices. Imports have
not increased to any great extent although exports are unusually now amount to more than 5,500,000,000 gold francs(about $1.100,000,000)•
It is stated here that the agreement between Sir Montagu Norman,
heavy, the quantity of wheat, corn, linseed, oats, and barley exported
during the first three months of this year amounting to 4,281,000 tons, Governor of the Bank of England, and M. Moreau for the Bank of France,
as against shipments of 2,223,000 tons during the corresponding period provides for the transference before the end of this month of two of the
of last year. March shipments of wool and cereals were as follows: amounts of money involved. E33,000,000 from France to England and
Wool, 66,000 bales; wheat, 794,000 tons; corn, 494,000 tons; linseed, £18,000,000 worth of gold from England to France.
The history of the operations which have thus been concluded satis258,000 tons; oats. 82,000 tons; flour, 17,000 tons, and barley, 91,000
factorily to both parties began in the days before America's entry into
tons.
the war when the Allies to a certain extent pooled their resources and
2220
THE CHRONICLE
Britain became the borrower for the others after she had exhausted her
own capacity as a lender to them. The Bank of England made to the
Bank of France a loan of £60.00),000 (8231.000,000). and in guarantee
the Bank of France shipped a d eposit of a third of that amount in gold
on behalf of the French Treasury.
French Treasury bonds for the total amount of the debt were handed to
the Bank of England and bore interest at 1% above the discount rate
of the Bank of England, though with the provisions that the interest
would not be lower than 6%.
In 1923, after a partial reimbursement, the debt was reduced to £55,000.000 and the gold guarantee to £18,350,000. An agreement was
made for the amortization of the debt and the return of the gold deposit
in installments until 1930, provision being made that the return of the
gold should not begin until May 31 1928. The amount which the Bank
of France still owed had been reduced to £33,000,000 by successive payments
The Bank of France, having that amount now at its disposal, recently
asked that the conclusion of the whole transaction be hastened, and after a
few weeks of negotiations, that is what has been done. The Bank of France
will effect a saving of interest over the years during which the 1923 accord
was still to run, and the situation, which is without advantage for either
bank, will be regulated.
The whole of the repayment of the £33,000.000 will be made in English
currency, and, on its side, the Bank of England, it-is stated, will be able to
return the large amount of gold involved without any prejudice to its
reserves, as the amount, having long ago gone to America, has not figured
as a part of the Bank of England's reserve.
The fact that within nine months after the financial panic of last year the
Bank of France was in a position to repay the £33,000,000 and close its
account is one of the most satisfactory and interesting features of the recovery which has been effected in this country under the Poincare administration.
In earlier Paris advices (April 10) the "Times" said in
part (copyright):
It was pointed out last week that the French Treasury will probably
pay the Bank of England, in part at least, with funds now on deposit in
New York in the form of dollar credits. It is also possible that it will
accept dollar remittances in drawing upon these funds instead of demanding
effective delivery of gold bullion.
Under such circumstances, the completion of the settlement affects
neither the gold reserves nor the reserve of exchange in England. As
seen in this market, the reason for the lack of enthusiasm of London banks
over the agreement is that they will thereby lose part of the French Treasury's deposits with them, for which a very low interest rate has been paid.
To compensate for that withdrawal of resources from the market, the
banks will be obliged to borrow from the Bank of England at a higher rate.
Provisions for Consolidation of French Short
Term Debt.
The Department of Commerce made public on April 14
the following cablegram from the Commercial Attache Chester L. Jones at Paris regarding the arrangement for the consolidation of the French short term debt:
Provisions for the consolidation of the French short-term debt are
contained in a recent decree issued by the Government of France. The
decree grants to holders of 10-year 1919 National Defense and National
Credit bonds issued in July 1922 and also holders of three, six and tenyear Treasury bonds, 1925, first and second series, totaling 21,900,000
francs and maturing in 1928 and 1929, the faculty to convert their securities into new 6% rentes, amortizable in 50 years at a rate of 150 francs
per 100 francs rentes. The six months National Defense bonds still in
circulation and the one and two-year National Defense bonds issued prior
to April 3 may also be converted into the new rentes. The conversion
operations will take place from April 25 to May 25, and the new bonds
will bear interest from May 1. No cash subscriptions will be received.
[VOL. 124.
French Deny Accord with Russia on Debt.
Formal denial was made on April 8 by the French Foreign
Office of the report published by the German press that the
Russo-French debt negotiations had led to an agreement
in principle for the payment of 70,000,000 gold francs in
62 years and would soon be settled. A Paris cablegram
to the New York "Times," April 8 (copyright) announcing
this, also said:
Neither in principle nor in fact have negotiations advanced any nearer
agreement than they did last year. The Russian delegation under Ambassador Rakowski so far has presented nothing but the most vague proposals for the payment of amounts far less than France desires in installments over the first ten years. •
The Bolshevist negotiators have become expert in the art of dangling
the possibility of agreement in the air, but whenever the French begin to
think that serious business is being talked they find that the only serious
business the Russians are prepared to discuss is how much new credit they
will be able to get in exchange for their promises to pay.
Yesterday's report of a settlement is not entirely free of the suspicion
of having been deliberately issued by some interested parties. It caused
an immediate rise in the value of Russian bonds on the Paris Bourse, with
consequent profit to some one. Similar lucrative operations were performed in the days when Leonid Krassin was Soviet Ambassador in Paris.
British Budget for 1927-28—New Taxesto Meet Deficit of
£21,540,000—United States Credits of $300,000,000
Not to be Renewed—United States Affected
by Automobile Tire Tax.
A defict of £21,540,000 is revealed in the budget for the
fiscal year 1927-28 presented to the British House of Commons on April 11 by Winston Churchill, Chancellor of the
Exchequer. While some new taxes are proposed to meet the
deficit, no increase is called for in the income tax, nor is
there to be a suspension of the sinking fund for debt redemption. The closing of three Ministries—Transport, Overseas Trade and Mines—is among the measures resorted to
for overcoming the deficit. According to the Associated
Press from London, March 11, despite the country's immediate financial difficulties, Mr. Churchill was optimistic for
the future. The accounts also said:
He said Great Britain could not afford to fly signals of distress, and
that there was neither need nor excuse for doing so; therefore there should
be no change in the previous policy of continuing to pay off as much as
possible of the national debt.
Not to Renew United States Credits.
The resumption of the gold standard, he contended, has been fully justified. British exchange has stood like a rock, and he did not even intend
to renew the credits due the United States which expire next month.
From the same source we take the following:
After telling the House it would cost more to run the British Government
than it did last year and that receipts under present taxation would decrease further, Mr. Churchill explained the methods which he purposes to
use in not only eliminating the prospective deficit but paying off the deficit
of more than £14,000,000 left over from last year and running up a surplus
of £1,400,000.
He set forth his program in a long speech lasting nearly two and a half
hours and left his auditors generally agreeing that it was a clever statement.
The budget figures showed estimated expenditures of £818,390,000, compared with £812,641,000 for the current budget, and revenue's, under prestaxation of £790,850,000 compared with £804,700,000. Mr. ChurchFrance Reduces Interest on National Defense Bonds. ent
ill proposed to more than eliminate the prospective deficit of £21,540,000
Associated Press cablegrams from Paris, April 12, said: by various administrative economies and by increasing taxation.
America will feel some of the new taxes, especially the inclusion of autoInterest on one-year National Defense bonds has been reduced to 4 from
system (which permits a tax of
5%, on two-year to 5 from 6%, and simulatneously interest on banking mobile tires under the McKenna duty
deposits on current account with the Treasury has been reduced to 2 33 1-3%) and the increase in duties on tobacco. Other duties which were
and tableware of translucent
on
those
increased
matches
wines,
included
from 2% %. This is in line with the cheap market rates for short loans,
but also to check subscriptions to defense bonds, whose outstanding total and vitrified products. Most of the new duties go into effect to-morrow.
Among the economies included in the budget were the abolition of the
again excells the legal limit.
The bank rate is expected to fall to 5%, especially as the private rate Transport Ministry and other post-war Governmental agencies, also proposals
to prevent evasion of the law in the payment of supertaxes on inon good commercial paper is now down around 3% and the last fortnightly
carryover rate on the Bourse was below 3%. Nevertheless long loan come and death duties.
Mr.
Churchill proposed improved machinery for the recovery of income
expensive
12%.
around
continue
taxes on copyright payments to non-resident playwrights, authors, etc. A
The probable reduction in the Bank of France's rate of court appeal having recently decided that sensitized celluloid film for modiscount occurred on Thursday April 14 when the rate was tion picture use is not liable to the customs duty on imported films, he
Included in the budget a provision, effective to-morrow, placing celluloid
marked down from 53/i to 5%.
film within the scope of the duty. Thus the film clause in the budget does
not provide for new revenue, but merely preserves the existing duty.
Mr. Churchill delivered his address before a crowded house, which inthe Prince of Wales and many noted officials.
cluded
Death of Georges Robineau, Former Governor of the
The Chancellor intimated that last year's general strike and coal strike
Bank of France—An Opponent of Currency
were to blame largely for the present budget's deficit. He humorously deInflation.
scribed himself as the public executioner, presenting the bill for the
which he estimated had cost the country's trade £150,000,000.
Georges Robineau, financier, died suddenly on April 9 strikes,
He had to provide for a huge deficit, aggregating £36,000,000, which he
at his home in Paris, according to a copyright cablegram expected to do by taking £12,000,000 from the road fund, which is supported by taxes on automobiles; by utilizing £7,500,800 expected from
to the New York "Times" which says:
war debtors, £8,000,000 from increasing the tobacco taxes and various
He was Governor of the Bank of France from 1920 until last June, when, items from other duties.
during the financial crisis and the Caillaux Ministry, he resigned and
The consuming powers of the masses, he declared, had been little affected
M. Moreau, the present Governor, was appointed. Since then he had been by the labor upheavals. The balance of foreign trade has turned against
known as honorary governor.
year, was born at Bar Le Great Britain and "we are not advancing so rapidly as scene nations, but
M. Robineau, who was in his sixty-seventh
friend of Premier Poincare. During we are still advancing. Even in this wretched year we still are saving and
Due and from his boyhood was a close
his attitude was subject to con- augmenting our capital."
the years of his governorship of the bank
The strike losses, according to the Chancellor, were reflected principally
reproached with being too conservative
siderable controversy. Ile was
above those of the State. He In diminished income from the supertax and less consumption of beer and
and with placing the interests of the bank
other beverages, which latter item had involved a loss to the exchequer of
tenaciously opposed inflation, even though compelled to continue printing £8,000,000.
banknotes during 1925 and 1926 to meet the needs of the Treasury, and he
Former Premier Lloyd George, Philip Snowden and others spoke briefly
ultimate recovery of
remained throughout the crisis a firm believer in the
after the delivery of the budget, reserving their eriticisms until to-morthe franc. Last year, after Premier Poincare came into power, he con- row. Then
the budget resolutions were formally carried in order to put
ferred the dignity of the Grand Cross of the Legion of Honor on his old the changes
in taxation into effect immediately.
friend for his services to the nation.
APR. 16 1927.]
THE CHRONICLE
From the cablegram to the New York "Times" (copyright)
we quote the following:
"Ingenious" is the term used by friends and foes to-night to describe the
various expedients by which Mr. Churchill managed to budget next year's
expenditures and half of last year's deficit without material increases in
taxation. His proposals may be summarized as follows:
There will be new taxation, comprising an increase of 2 shilling a gallon
for wines over 25 degrees and 6 pence on those with less alcohol, with
special reference in cash and strength, 27 degrees instead of 25, for Empire
wines. British-made wines will be taxed a shilling a gallon. Imported unmanufactured tobacco will bear an extra 8 pence a pound. The McKenna
duties of 33 1-3% on automobiles will be extended to cover imported automobile tires, Empire tires receiving a one-third rebate. Imported tableware
of translucent pottery will be taxed 28 shillings a hundredweight, with
Empire preference. Customs and excise duties on matches will be raised
about 20%.
These new taxes will bring in about £6,000,000. From the surplus of
the road fund derived from automobile owners £12,000,000 will be taken,
and A14,800,000 will be obtained by making the landlords' property tax
payable in yearly instead of half-yearly installments, thus juggling an extra
half year's installment into this year's revenues. The rest of the sum will
be obtained by reducing the period of credit to brewers for the payment of
the beer duty from three months to one, by introducing legislation to prevent income tax evasion, and to tax royalties on novels and plays paid to
persons living out of England.
Debt Reduction to Continue.
The Chancellor of the Exchequer relieved the nerves of his hearers by
announcing that even under such a broadside as she had received Britain
would not fly distress signals, but would proceed with the policy of debt
reduction. Such a policy was vital, he said, in view of the necessity for
a lower money rate on the heavy debt conversions which fall due in the next
three years. He again took occasion to refute Secretary of the Treasury
Mellon's recent statement on war debts by emphasizing the deficiency between Britain's payment to America and the receipts from her allies.
Mr. Churchill undoubtedly made the unexpected best out of the bad case.
Rarely in recent years has a budget statement been received with more
relief by Mr. Churchill's own party. The public also will be pleased to
find things not so bad as they seem, but brief speeches made to-night by
Philip Snowden for Labor and Lloyd George for the Liberal Party indicated
that the Opposition would criticize the budget on the ground that it was
more a box of tricks than a money chest.
They will call it a makeshift fair weather budget which frankly gambles
on 1927 trade recovery. There seems to be some ground for this criticism,
but financial opinion probably will be propitiated by Mr. Churchill's refusal
to raid the sinking fund.
Disasters of 1926 Still Felt.
Reminding the House that his budget calculations last year were based
on the hope of industrial peace, Mr. Churchill pointed out that Parliament
is now meeting under the shadow of the disasters of 1926, for which his
own role could only be to apportion the burden, not the blame. The coal
strike, he said, caused a E17,000,000 decrease in revenue and a Z14,000,000 increase in expenditure, the total deficit being £36,500,000 in 1926,
which is bound to be followed by a further loss of £18,000,000 in 1927 and
losses in 1928 and 1929 of nearly 29,000,000.
Serious as was the damage, he said, it was less than might have been expected and the country had borne it bravely, Britain maintaining her position as the world's greatest creditor nation and the financial centre. Her
exchange stood firm, and the precautionary American credits established to
aid it would as a result be canceled next month, he declared.
Turning to the future, "not with any special sensation of relief," Mr.
Churchill estimated the total expenditure for 1927 at £818,390,000. He
admitted that this was £28,000,000 more than Philip Snowden, his Labor
predecessor, budgeted three years ago, but when the expenditures automatically incurred through decisions of the Labor Government and other
previous Governments were deducted, he said, it would be found that the
present Administration added only £17,000,000 of new expenditure, against
which it had made economies which almost exactly balanced the addition.
Economies of £40,000,000 were being urged, he said, but he warned that
they could be effected only by a financial dictator, and in the convulsion
bound to follow them the dictator would fall.
Civil Service to Be Limited.
The Government, he said, would do what it could by
abolishing or absorbing three post-war departments, Transport, Mines and
Overseas Trade,
and accepting fewer entrants to the Civil Service.
Turning to sources of revenue for 1927, Mr. Churchill
pointed out that
whiskey duties, owing to the steadily decreasing consumption,
£5,000,000 less last year. To Lady Astor's "hear, hear" at this produced
announcement the Chancellor of the Exchequer rejoined:
"I have great respect for the noble lady, but I don't think
we are likely
to learn from much from liquor legislation of the United
States."
He discounted this statement in the next breath when
commenting on the
fact•that the reduction of the consumption of whiskey had
been followed
by the consumption of synthetic and more deadly amateur
concoctions. He
regretted that he was forced to predict a decline in the
income tax of nearly
Z23,000,000, which he said was an unprecedented situation
for a Chancellor of the Exchequer to have to face.
The national debt, though being steadily reduced, stood at
£7,554,750,000, he asserted, and Britain's principal and almost only
foreign debt was
£4,500,000,000 owed to the United States. Mr. Churchill said
that £162,000,000 had been paid on the debt to the United States
in
years. Though the gap between the payments to the United the last five
receipts from Germany and Britain's allies was diminishing, States and the
he said the deficiency at present was £110,000,000, and under the
Balfour note, even if
the two sums were equalized, Britain would still have to
bear not only its
own war debt but full responsibility for war debts advanced
by her allies.
The debt reduction is being pursued at such a rate, he
declared, that with
peace and a money rate of 3%% the national debt could
be paid off in
40 years.
Better Tax Collection Proposed.
It was proposed with the aid of an experts' commission to
simplify the
system of income tax collection and defeat evasions of the
tax by the formation of one-man companies, by residence in Channel
islands and other
means. The income tax would also be levied, he said, on
royalties paid to
non-resident playwrights, authors, etc.
The impatient House breathed a sigh of relief as the
Chancellor finally
addressed himself to the subject of new duties. Announcing
the
of the McKenna duties to include automobile tires, he recalled that extension
tires
been originally included in the British blockade against Germany, had
all
American tires passing through British hands before they
reached Europe.
The Michelin tire makers of France anticipated the duty, he said, by
build-
2221
ing an English factory, and American firms are likely to do the same. He
said he was hopeful that the duty would make little difference in tire prima,
and hoped that the increased tobacco duties would not be passed on to the
consumers, of whom a growing proportion are women.
Mr. Churchill said that these new duties and excise taxes would raise
£5,880,000 additional revenue. He said that £30,000,000 which still had
to be found would be obtained by taking £12,000,000 from the road fund
surplus, by reducing the period of credit allowed to brewers in the payment
of duty from three months to one and by requiring that landlords' property
taxes be paid yearly instead of half-yearly. He said this last item would
mean a permanent addition to the annual revenue of only £500,000, but
its importance for 1927 was that the change from the old system to the
new would bring another installment of this tax into the finances of the
present year. It would mean a temporary inconvenience for the taxpayers,
he said, but the Treasury would gain £14,800,000 by receiving two payments this year instead of one.
The total increase in revenue for 1927, Mr. Chamberlain declared, would
be nearly £38,000,000, which would convert the prospective deficit of
£21,500,000 into a prospective surplus of £1,640,000. The sinking fund
would be raised to the unprecedented level of £65,000,000, he said, and
so pay off nearly half the arrears into which the country had fallen owing
to the disasters of 1926. A prospective surplus of £1,400,000 would still
remain, he asserted. Summing up, Mr. Churchill pointed out that his new
taxes spread their weight over all classes, that he is using £17,000,000 of
windfall revenue to meet current needs because he expected the revenue for
next year to recover to that extent, and that the remainder of the windfall
money went toward wiping out sinking fund arrears. It would be quite
impossible, he warned, to repeat these expedients next year, because he is
at the absolute end of his adventitious resources. He said that if expenditures grew there would be no way of meeting them without further taxation.
The following is also from the "Times" of April 13:
The decision of Great Britain not to renew the $800,000,000 New York
credits, granted at the-time of the return to the gold standard in April
1925 had been anticipated in Wall Street. Sir Montagu Norman, Governor of the Bank of England, on his visit to New York several months ago,
had indicated that the credits would be permitted to run out.
The credits consisted of $100,000,000 made available by J. P. Morgan
& Co. as the fiscal agents here of the British Government, and $200,000,000 arranged by the Federal Reserve Bank of New York, which is the
correspondent of the Bank of England. The credits never have been used.
They were arranged solely as a precaution to be used in the event that the
resumption of gold payments by Great Britain might result in undue
pressure against sterling exchange.
Since the return to the gold standard the sterling rate has been below
the British gold export point for only brief periods. It touched par last
spring, for the first time since 1914, and is now quoted at a small fraction
above $4.85.
The Federal Reserve credit did not involve the ear-marking of any gold
for British account. As the credit was not drawn upon, it has not affected
gold supplies or the credit situation in this country.
Increased Wages in Yorkshire:Coal Fields.
Under date of March 30, the Department of Commerce at
Washington stated:
According to Trade Commissioner Homer S. Fox, London, it was reported that the first ascertainment of wages in the Yorkshire coal fields
following the new agreement reached at the end of the coal strike resulted
In a percentage addition to the basis rate for the month of March of 61.81,
or 15.14% more than the minimum in effect during the pre-strike period
and under the new agreement to the end of February. This increase was
due in part to the higher prices obtained for coal following the strike and
probably also to the longer (/
1
2 hour) working day. With 3% less labor
than before the strike the output was 7% less.
Italy Supervises Dollar Loan Proceeds—Treasury Takes
Over Foreign Currency, Deposits Lire to Credit of
Borrower, and Supervises Expenditures.
The following is from the "Wall Street Journal" a
April 14:
Dollar proceeds of recent Italian loans floated here and of those
in preparation are taken over by government agencies and the equivalent
in lire is deposited to the credit of the borrower. The government
also plans to exercise close control over the manner in which the
proceeds are to be spent.
According to an official cable received from Italian Finance Minister Count Volpi by the Italian National Institute of Exchange, over
$26,000,000 is about to be received from the proceeds of sale of the
City of Rome bonds. That amount will be credited to the Italian
National Institute of Exchange, which will place the lire equivalent
in a special time account in favor of the governor of Rome, who over
a period of several years will draw from it the funds necessary for
the public works which have been voted upon.
Proceeds from the sale of the shipping consortium bonds have been
treated similarly, as will proceeds of the City of Milan issue, sold
recently, and the Meddionale Electric Co. and Pirelli issues, which
are expected soon.
Italian Treasury will buy and keep the dollar proceeds, from time
to time distributing the lire necessary to the industries for establishment of plants for which the foreign loans were floated. By this system, which has been adopted and will be fully carried out, according
to the cable, foreign loans will increase reserves of gold standard
foreign currencies, without influencing the note circulation.
Italian Budget Shows Surplus on February 28.
Romolo Angelone Commercial Attache of the Royal
Italian Embassy announces on April 4th the receipt of a
cable communication from Count Volpi, the Italian
Minister of Finance, dealing with the Italian Treasury
situation on February 28th, 1927. The advices state:
On that date the Italian budget showed a real surplus of 237 million
lire showing, thus, an increase of 111 millions over the estimates for
the corresponding period of eight (8) months of the current fiscal
year. As a matter of fact, however, the surplus would have reached
737 million lire if consideration should be given to the fact that 500
millions were withdrawn for the reduction of paper circulation for the
account of the State; 167 millions were spent for railroad construe-
2222
THE CHRONICLE
dons, which in the past were considered in a separate category, and
333 millions represented expenditures of an exceptional, temporary
nature.
For.,
Demand for Dawes Plan Revision in Reichstag.
A demand for a revision of the Dawes reparation plan was
It is further stated that cash balances held by the made in the Reichstag on March 31 by members of all the
Italian Treasury on February 28 reached an amount of parties—the "Herald Tribune" copyright advices from Ber2,407 millions, while total paper circulation for the account lin in noting this stating that despite the criticism, Herbert
of the State and commerce reached 19,585 millions showing Hoover's estimates for war burdens as mapped opt by
thus a reduction of 175 millions over the preceding month. Finance Minister Dr. Koehler were accepted without change
at the end of the debate. The Berlin correspondent of the
Germany to Re-enter U. S. Market for Funds.
New York "Times" had the following to say (March 31) in a
That Germany will be back in the American market for copyright message:
The debate arose over the so-called war burdens section of the German
funds within the next six to eight months, possibly sooner,
budget for the fiscal year beginning to-morrow, which under the Dawes
was the opinion expressed on April 13 by Robert D. White, schedule
totals 1,750,000,000 marks. The budgetary estimate finally was
a member of the firm of Rutter & Co., following his return passed without amendment.
Never has there been so expansive and outspoken an expression of the
from an extensive business trip abroad. Mr. White says:
"At present Germany has an ample supply of capital, owing to the
fact that loans obtained previously have not been fully absorbed. This
also accounts for the present ease in money rates in that country and
to the relatively high prices for securities.
For instance: small
municipal loans which had been floated recently, internally, have been
on close to a 6% basis and mortgage bank bonds have been offered
on an even lower yield basis.
"Virtually every European country is well supplied with funds and
business generally is not as bad there as it is pictured, but is unsatisfactory on account of profits being absorbed by taxation. An effort
is constantly being made to conceal profits in order to lighten the burden of taxes. These are capitalized from time to time in the form of
new stock issues, which usually mean valuable non-taxable rights to
stockholders, materially increasing their incomes.
"I was particularly impressed while in Europe by the number of
times I was asked how I found conditions there. In fact, many
Europeans appear confused with the rapidity with which developments
are taking place on their side of the Atlantic and are keen to obtain
opinions from the outside in order to help get their business bearings.
The political, rather than the financial situation, is the uncertain
factor."
Dresdner Bank of Berlin Increases Annual Dividend on
American Shares.
Hallgarten & Co. and Lehman Brothers announce that
the dividend for 1020, amounting to $8.50 per American
share of the Dresdner Bank, Berlin, Germany, will be paid
on April 16 to stockholders of record at the close of business on April 11, 1927. This compares with a dividend of
$6.85 per share paid for the year 1925.
Run on a Vienna Bank. Depositors Redeposit Withdrawals in Another Savings Bank.
Copywright advices from Vienna, April 10, to the New
York "Times" said:
Owing to disquieting rumors, 20,000,000 schillings, or one-third of its
total deposits, were Withdrawn during the recent temporary run on the
Dorothenwn National Pawn Shop, which operates also as a savings bank.
It attracted some comment, however, that the bulk of the funds withdrawn
in the last few days were redeposited with the savings bank of the Vienna
municipality.
Total deposits in that institution, amounting to 270,000,000 schillings,
now surpass those of all the banks. This means that half of all Austrian
savings banks deposits are politically under control of the Socialists.
1926 Report of Hungarian General Savings Bank.
The annual report for 1926 of the Hungarian General
Savings Bank, just issued, covering the 45th year of operation, shows total clearings of $759,263,646, and gross income
of $455,373, compared to clearings of $539,609,556 and income of $415,834 in 1925. Deposits during the year increased
43 per cent.
The comparative statement follows:
Interest and commissions
Income from Rents
1926.
1925.
$406,243 73 $374,515 75
49,129 64 41,318 38
Total
Expenses and Taxes
Salaries
Claims Written Off
$456,373 37 $415,834 13
157,250 78 132,847 65
151,645 39 160,258 58
7,173 55
3,584 70
Net Profit-
1E139.303 67 $119,143 20
German people's attitude toward its reparational obligations. Party'speakers almost without exception stressed the nation's conviction that payment
must be made to the Allied Powers, not because of any moral motive, but
simply because Germany had lost the war. In other words, the German
Parliament was a unit in rejecting the Allied thesis of the German Empire's
sole guilt in precipitating the outbreak of hostilities.
Its readiness to pay its reparations bill, in so far as it can be paid, is
dictated purely by considerations of expediency. And evidently, judging
by to-day's utterances, it will soon cease to become expedient for the Reich
to fulfill the Dawes plan in its present form.
The Government refrained from intervention in the debate. Representatives of the parties which comprise the Government coalition, hpwever,
were specially emphatic in proclaiming the imperative need for a downward
revision of the annuities. Thus, Deputy Dessauer, speaking for the Catholic Centre, Chancellor Marx's party, declared:
"The total reparations burden at Its highesepoint will reach 4,000,000,000 marks.
The fact that a lesser burden was borne in the past year with coparatively little
friction does not mean that this will be true in future. Last year over 2,300,000,000
marks flowed into Germany in foreign loans. This will not:happen everylyear.
Cites Agent-General.
"Hence the question is open as to whether Germany can produce the payments
demanded. The Agent-General for Reparations himself has stated that the Dawes
Plan is merely a preliminary to the definitive settlement of the problem.&Germany
demands a revision of its burdens."
For the People's Party, whose head is Dr. Stresemann, Deputy Schneider
spoke with equal bluntness. "Europe no longer owes America 12,000,000,000 marks but 25,000,000,000 marks," Schneider observed. "This would
mean an incredible transfer of money to America, against which America
herself would strenuously protest. If the problem cannot be solved by a
transfer it must be finally settled on another basis."
For the Nationalists Dr. Quaatz demanded the withdrawal of the Dawes
control machinery, which, he said, serves only to force Germany to dump
her exports abroad.
The Socialists' spokesman affirmed that the reparations burden has
brought misery to a large section of the German people and an unconditional revision of the Dawes plan is absolutely essential.
Similar sentiments were voiced for the Democrats by Dr. Dietrich, who
said that the German Finance Minister and the Reparations Agent-General
soon would be forced to a modification of the present program, since the
former would not be able to raise the sums required for the annuities and
the latter transfer such huge amounts.
The Communist orator said that America was making all Europe pay
tribute and that the German people could be rescued from ruin only by
complete rejection of the Dawes system.
Calling attention to the fact that once more a German
Cabinet member publicly has denied the possibility of fulfilling the Dawes Plan under Germany's existing economic
composition, the Berlin correspondent of the New York
"Times" on March 16 said in copyright advices:
A statement to that effect was made in the Reichstag to-day by the
Minister of Agriculture, Dr. Schiele, Nationalist, who resigned from the
Luther Cabinet owing to his party's aversion to the Reich's Locums policy.
In the course of a debate on his Ministry's budget Dr. Schiele declared:
"It is unthinkable that the German body economic can carry indefinitely
side by side the burdens of reparations payments, interest and service on
foreign debts, unemployment relief and food importation."
The Minister previously had pointed out that about 4,000,000,000 mark'
have been spent for imported foodstuffs, which he said represents about
one-third of the edible products required for the nourishment of Germany's
11,000,000 urban households. He uttered a warning against self-deceptions
based on the trade balance of the past year.
The danger of a strong diminution of nutritive imports, he continued,
must be met by strengthening German agricultural production. Protective
tariffs for German farmers, he affirmed, are essential for small peasant
holdings and kitchen gardens as well as for big estates.
He concluded by announcing the Government's intention of submitting
a measure to the Reichstag affording adequate protective duties for beet
growing and the sugar industries.
Dr. Schiele's thesis is a fundamental part of the Nationalist program;
which has always aspired to shield the agrarian interests from foreign competition, often at the cost of the urban industrial population.
His attempt to Justify the increased tariff schedules by stressing the
burden of the Dawes Plan is held in line with Junker reasoning, but scarcely
in accord with the German Government's oft-voiced plea for a reduction
of the National customs walls.
Germany, it is said, cannot expect foreign barriers to be leveled while
she is building her own higher.
10% Dividend For 1926 Declared By Hungarian General
Credit Bank.
According to advices received by L. F. Rothschild & Co.,
Hungarian General Credit Bank has declared a dividend of
10% for the year 1926. An increase in deposits is also re- Steps Toward Internationalization of Credit Important
ported from 109,880,000 Pengo ($19,230,000) at the end
to Maintenance of Peace, According to
of 1925, to 194,200,000 Pengo ($34,000,000) at the end of
Harvey Fisk & Sons.
1926.
Recent steps toward the internationalization of credit are
characterized as important to the maintenance of peace, in
Medellin Definitive Bonds Ready for Delivery.
announce
that
definitive the opinion of Harvey Fisk & Sons, as expressed in their
Hallgarten & Co.,as fiscal agents,
bonds of the 25-year external 7% secured gold bonds of the monthly economical and financial review, issued March 29.
Municipality of Medellin, Republic of Columbia, are ready The review says in part:
Never before in the history of modern business have banking resources
for delivery at the National Bank of Commerce in New York here
and abroad been so thoroughly organized and integrated as now. The
n exchange for the temporary bonds.
initiative in this international co-operative movement is to be credited to
APR. 16
1927.]
2223
THE CHRONICLE
American and British banking interests. A year or more ago the central
banks of the Germanic peoples "joined up" and within recent months the
Bank of France has been brought into almost complete co-operation. Paralleling this movement among the leading bankers and banks of the Western
world, is a similar one among industrialists, and we are looking forward
with a great deal of expectance and hope to the forthcoming economic conference which is to be held next month in Switzerland.
The internationalization of credit which now has been effected appeals to
us as being a more practical program for international peace than such
political organizations as the League of Nations. Further, we believe it
to be a more potent instrument for the maintenance of international peace
than the dictates of duty or conventions for the outlawing of war.
To-day an enlightened program of practical co-operation has been established. The policy of the Federal Reserve Bank at Washington, for instance, is designed to meet not only the domestic situation, but also to
deal with international developments as they arise. Being strictly commercial, this league of banks and bankers and business men throughout the
world is non-political in character and slowly but surely the days of the
old diplomacy appear to be passing.
The major problem with which international finance has been wrestling
for some time past, has been the tendency of gold to appreciate in value.
This has been due, not so much to a decrease in output of gold production
29 to the strain which expanding credit requirements have placed upon the
present and prospective supply. It will be recalled that commodity prices
for the past two years have been gradually declining. A prime concern of
International finance has been to prevent a runaway market on the downside in commodities. That the decline has been gentle thus far and for a
time at least has been arrested, attests the efficacy of the program adopted.
Offering of $30,000,000 City of Milan (Italy) Bonds—
Books Closed—Issue Oversubscribed.
Oversubscription of the $30,000,000 external loan of 1927
sinking fund 6%% bonds of the City of Milan (Italy) and
the closing of the subscription lists was announced shortly
after the opening of the books on April 12. The bonds were
offered at 92 and accrued interest, to yield 7.19%, by a syndicate consisting of Dillon, Read & Co., the Bankers Trust
Co., New York, the Guaranty Co. and Marshall Field, Glore,
Ward & Co. A portion of the issue was withdrawn for offering in Europe by Mendelssohn & Co., Amsterdam, and others.
The bonds will be dated April 1 1927 and will mature April
1 1952. A sinking fund is provided for, payable beginning
Jan. 1 1928 in semi-annual installments calculated on an
accumulative basis, sufficient to redeem the entire issue at
or before maturity, by purchase of bonds if obtainable at or
below 100%, and accruing interest, or, if not so obtainable,
by semi-annual call by lot, commencing April 1 1928 at 100%
and accrued interest. The bonds are redeemable as a whole
(but not in part, except through operation of the sinking
fund) on April 1 1937, or on any interest date thereafter
prior to maturity, upon 45 days' notice, at 100% and accrued
Bank of Japan to Advance Funds to Bank of Taiwan. Interest. They are coupon bonds in denominations of $1,000,
The following advices from Tokio April 14 were reported $500 and $100 and interchangeable. Principal and interest
(Apr. 1 and Oct. 1) payable at the principal office of Dillon,
in the New York "Evening Post":
The Government announced to-day that it would issue an urgent imperial Read & Co., New York City, in gold coin of the United States
ordinance allowing the Bank of Japan to advance funds to relieve the Bank of America
of the present standard of weight and fineness,
of Taiwan, which has been troubled by the calling ofloans by private banks.
The ordinance provides a Government indemnity to the Bank of Japan in without deduction for any Italian taxes present or future.
case of possible losses, as the Bank of Japan is required to make loans re- The Bankers Trust Co. is countersigning agent. The City of
gardless of security. The amount of the Government guaranty is not yet
Milan has agreed to make application in due course to list
settled, the Government suggesting 100,000,000 yen and the bank 200,000,the bonds on the New York Stock Exchange. Ernesto
000.
The Japanese Financial Commission announced on April 14 Belloni, the Podesta of Milan, in advices to the bankers, says
the receipt of the following cablegram from Tokio:
in part:
Yesterday the Imperial Japanese Government issued the following statement:'At this evening's Cabinet meeting it was decided that the Govern
ment, complying with the wish revealed in the discussions at to-day's
meeting of the Committee of Investigation on Bank of Taiwan would take
full responsibility and formulate concrete plans to enable the Bank of
Taiwan to satisfactorily carry on its business andalso to stabilize the general
financial circle."
Milan, with a population of about 900,000, is the second largest city in
Italy, being exceeded in population only by Naples. . . .
The administration of the city is supervised -by the Royal Italian Government, full administrative powers over the city being vested in the Podesta,
who is appointed by and responsible solely to that Government.
Security.
These bonds, in the opinion of counsel, will be the direct obligation of
the City of Milan, and their issuance has been approved, in accordance
Adjustment of Affairs of Suzuki & Co., Ltd., of Japan with the requirements of the laws of Italy, by the Royal Italian Government and the appropriate local authorities.
Progressing.
The Kingdom of Italy has agreed to purchase from the City of Milan
According to press advices from Tokio April 14, the
in lire the dollar proceeds of these bonds at a fifteen-day average rate of
affairs of Suzuki & Co., Ltd., are gradually taking shape. exchange, and to resell to the city, at the same exchange rate, the dollars
Its creditors will meet April 20. The same account said:
required to meet principal, interest and sinking fund payments on the bonds
The subsidiary companies are making plans for a readjustment. The as such payments become due.
Under the laws of Italy relating to municipal borrowings, in the event a
Teikoku Rayon Co. is calling in unpaid capital and issuing debentures for
converting debts. A syndicate is reported to be forming to handle the com- city fails to meet any of its obligations the Royal Italian Government is
empowered to appoint a royal commission vested with authority to take
modity accounts of Suzuki & Co.
over the budget making powers of such city, including the authority to
On April 9 the "Wall Street Journal" stated:
eliminate or reduce items of expenditures and to increase receipts through
Unofficial banking advices from Japan indicate Suzuki & Co. will almost additional taxation.
certainly tide over its present crisis, and will continue business, though with
Dept and Property.
structure modified and reorganized. Liabilities have been found to be
These bonds, upon issuance, will constitute the city's only external debt.
more completely covered by assets than was at first reported. It is stated
that when Suzuki & Co. writes down capital and gets rid of un-profitable Including this issue, the total funded debt of the city amounts to the
equivalent of approximately $49,800,000, or approximately $55 per capita
subsidiaries it will be in better position than at any time since the war.
It is stated in some quarters that the only reason the Suzuki crisis was of population. The value of municipally-owned property, including the
delayed this long was that creditors, probably with official guidance, feared city's electric light and power, water and street railway systems, is estithat at many periods of the past few years such unsettlement might have mated to be substantially in excess of the city's total funded debt, and the
had disastrous consequences,but that at present it was thought the country's estimated value of all taxable property in the city is over $700,000,000.
economic position was so far stabilized that it would be best to get it over None of the properties owned by the city are pledged or mortgage, with
with and that it could now be accomplished with a ninimum of disturbance. the exception of the city's electric power plant, against which there is a
lien to secure a present debt of less than $325,000.
The difficulties of the firm were referred to by us last mortgage
Ordinary revenues of the city have exceeded ordinary expenditures in
week, page 2061.
every year subsequent to 1921. The only revenue pledged is a real estate
supertax which in 1926 amounted to approximately 8%% of the city's total
revenue, and which is allocated to and amply covers the service charges of
Republic of Salvador Customs Collections and Debt certain long-term obligations (included in the total funded debt as stated
above) of the city to a Government-owned credit institution.
Service.
F. J. Lisman & Co. issue the following relative to the
Republic of Salvador customs collections and debt service:
March collections
Service on "A" and "B" bonds
1927.
$753,072
87.494
1926.
$721,906
87,494
Available for series "C" bonds
8665,678
$634,412
Interest and sinking fund requirements on "C"
bonds
$70,000
863,333
January-March collections
$1,862,648 $1,945,810
January-March service on 'A and 'B" bonds
$262,482
262,482
Available for "C" bonds
Interest and sinking fund requirements on "C" $1.600,066 $1,683,328
bonds
$210,000
$190,000
Collections for the first three months of 1927 after deducting service
requirements for the period on the "A" and "B" bonds, were equivalent
to over 7.61 times interest and sinking fund requirements on the Series "C"
bonds.
The bankers' representative collects 100% of the import and export
duties, all of which is available for bond service, if needed, and 70% of
which is specifically pledged for that purpose.
a
Purpose of Issue.
The lira proceeds of these bonds will be used for additions and improvements to the above-mentioned municipally-owned utilities, and for other
municipal productive improvements.
All figures throughout the foregoing originally expressed
in lire have been converted into dollars at the rate of 4.75
cents per lira, approximately the present rate of exchange.
It is expected that delivery will be made about April 26 in
the form of temporary bonds of the city, or interim receipts
of Dillon, Read & Co.
More Italian Public Utility Financing.
According to advices received by Moody's foreign department from its Milan correspondent, American bankers in
conjunction with a Swiss group have purchased an issue of
bonds of the Meridional Electric Co. of Naples. The
American group includes Marshall Field, Glore & Ward,
Proposed $2,000,000 Loan to Bank of Colombia.
Blair & Co. and Blyth, Witter & Co., while the Swiss are
Negotiations are under way by F. J. Lisman & Co. and represented by the Union Financiere de Geneve and the
a syndicate of New York bankers for an issue of $2,000,000 Societe Financiere Italo-Suisse. The authorized amount
Bank of Colombia 20-year 7% sinking fund gold bonds, it of the loan is $25,000,000, of which $12,000,000 are to be
was learned on April 14.
offered at once. Bonds will bear interest at the rate of
2224
THE CHRONICLE
7% per annum, will be secured by a mortgage on the properties of the company and will mature in 1957. Payments
are to be made in either dollars, sterling or Swiss francs.
Of the total 18,130,000 francs (about $3,500,000) will be
offered in Switzerland.
Offering of $25,000,000 Bonds of New South Wales
(Australia)—Books Closed—Issue Oversubscribed.
An issue of $25,000,000 external 5% sinking fund gold
bonds of the State of New South Wales (Commonwealth of
Australia), offered by a syndicate on April 11, was oversubscribed the same day and the books closed. The bonds
were floated hy a syndicate composed of the Equitable Trust
Co. of New York, Harris, Forbes & Co., the First National
Corporation of Boston, Estabrook & Co. and the Harris
Trust & Savings Bank of Chicago. The price at which the
bonds were offered was 96/
3
4 and interest, to yield about
5.25%. A portion of the issue was withdrawn for sale in
Europe by Pierson & Co., Nederlandsche Handel-Maatschapplj, Mendelssohn & Co., and H. Albert de Bary & Co., of
Amsterdam, and R. Mees & Zoonen, of Rotterdam. The
present is the second $25,000,000 loan negotiated in behalf of
the State of New South Wales in this country, the previous
loan in which the same syndicate figured, was referred to in
these columns Feb. 5 1927, page 720. The issue offered this
week will be dated April 1 1927 and will become due April 1
1958. A cumulative sinking fund is provided sufficient to
retire at least one-half of the entire issue by maturity. The
bonds are not redeemable, except for the sinking fund, prior
to April 1 1942. Regarding this the official advices state:
Callable as a whole only, on April 1 1942, or on any interest date thereafter, on at least 30 days' prior published notice, at 100 and accrued interest. The State of New South Wales has agreed to provide a cumulative
sinking fund, payable semi-annually, calculated to be sufficient to retire
at least one-half of the bonds of this issue by maturity, by purchase at
not exceeding 100 and accrued interest, or, if not so obtainable, by annual
drawings for redemption on April 1 of each year, on at least 30 days' prior
published notice, at 100 and accrued interest. Principal and interest payable in New York in United States gold coin of the present standard of
weight and fineness, without deduction for any present or futures taxes
levied or collected by or within the State of New South Wales or the Commonwealth of Australia or any political subdivision or taxing authority
thereof, at the principal office of the Equitable Trust Co. in New York.
The bonds, coupon, are in denomination of $1,000. Interest is payable Apr. 1 and Oct. 1. The Equitable Trust Co.
of New York is fiscal agent. In advices to the syndicate,
W. J. McKell, Minister of Justice and Assistant Colonial
Treasurer, and C. R. Chapman, Under-Secretary of the
Treasury of the State of New South Wales, indicate as follows the purpose of the issue:
The proceeds of this present issue of $25,000,000 bonds and the $25,000,000 external 30-year 5% sinking fund gold bonds due Feb. 1 1957 have
been or will be expended by the State for various public works. The expenditures authorized in the law under which these two loans have been
issued are as follows:
Sydney underground railway system and electrification of Sydney and suburban railway lines
£3,291,000
Sydney Harbor Bridge (part cost)
631,600
Construction and electrification of tramways in Sydney and
Newcastle
128,800
Rolling stock and other equipment to meet additional traffic
requirements of State railway lines
1,960,600
Double tracking State railway lines
626,200
Construction of State railway lines for new country development
388,000
Highway construction and improvements
692,000
Water supply and sewerage works and improvements in Sydney and country
1,048,200
Harbor and river works and improvements
387,200
Hydro-electric plants
445,600
Irrigation works
270,220
Redemption of internal bond issues
1,025,750
Miscellaneous public works
547,803
Total
411,318,873
Messrs. McKell and Chapman also state in part:
New South Wales is the oldest, most populous and prominent State of
Australia, whose population is over 97% British stock. . . .
The private wealth of the State was estimated in 1925 at over $5,500,000,000, or about $2,400 per capita. On Sept. 30 1928 the number of depositors in savings banks represented approximately 63% of the population,
with an average deposit of about $245.
As bf March 31 1927 the State's total public debt was $1,150,346,508,
offsetting which are State-owned properties and enterprises, the value of
which is estimated by the State at about $1,596,277,600. About 79% of
these properties and enterprises are revenue producing.
Many of the State-owned public works and enterprises are of a municipal
character, and as a result of such investments by the State the debts of
the municipalities are relatively small and impose a small tax burden.
The sound management by the State of its business enterprises is exemplified by the railways and tramways, the Sydney and Newcastle boards of
water supply and sewerage, and the Sydney harbor works, which for the
20-year period ended June 30 1928 showed net profits of about $28,000,000
after covering all working expenses, including ample provision for maintenance and renewals, and interest on the invested capital. For the fiscal
year ended June 30 1926 the State's net returns from its various
public
works equalled approximately 79% of the total interest charges for
that
year on the total debt of the State, leaving only 21% to be
contributed
horn the State's general revenues from taxation and other
sources.
[VOL. 124.
Revenues and Expenditures.
For the fiscal year ended June 30 1926 total State revenues, including
income from public works and services, were approximately $188,100,000,
and total expenditures, including operating costs of public works and services, approximately $194,300,000. For the year ending June 30 1927
the State's budget shows estimated revenues of about $675,000 in excess of
expenditures. The 1926 deficit was almost wholly accounted for by the reduction of railway revenues due to the poor wheat crop of that year.
For the twenty years ended June 30 1926 the State's total expenditures
exceeded total revenues by about $22,900,000. Expenditures, however, ineluded about $25,800,000 for the construction of schools and other public
works of a permanent nature. If these items had been treated as capital
expenditures, revenues would have exceeded current expenditure by about
$2,900,000. Furthermore, the expenditures included items for debt reduction of about $16,400,000.
Security.
These bonds will be the direct obligations of the State of New South
Wales, which has agreed that if at any time, while these bonds are outstanding, it shall issue, offer for public subscription or sale, or in any
manner dispose of any bonds or contract any loan secured by any charge or
pledge on or of any revenues or assets of the State, the service of these
bonds shall be secured equally and ratably with such subsequent bonds or
loan.
The monetary unit in New South Wales is the pound sterling. All dollar conversions in the foregoing have been
made at par of exchange. It is expected that application
will be made to list these bonds on the New York Stock
Exchange. Temporary bonds are expected to be available
for delivery about April 25.
Offer $3,000,000 7% Bonds of Tyrol Hydro-Electric
Power Company.
F. J. Lisman & Co. are offering $3,000,000 Tyrol HydroElectric Power Co. (Tiwag) 7% guaranteed secured mortgage 25-year sinking fund gold bonds, unconditionally guaranteed as to principal, interest and sinking fund by endorsement on each bond by the State of Tyrol and City of Innsbruck. The bonds are priced at 97% and accrued interest,
to yield more than 7.20%. Both guarantors, it is stated,
have a perfect financial record, their combined revenues
amounting in 1925 to $2,790,000. The State of Tyrol has
virtually no outstanding debt, while the funded debt of the
City of Innsbruck amounts to $415,000 only against cityowned property of more than $9,400,000. With the exception of an amount of $53,000, neither the State nor the City
has any guarantee outstanding apart from that securing the
$3,000,000 7/
1 % (Tiwag) bonds issued in 1925.
According to an estimate of the American Appraisal Co.
based on revenues from contracts, which include agreements for the sale of power to Bayernwerk A. G., City of
Innsbruck, City of Schwaz and Austrian Federal Railroads,
annual earnings available for interest after all operating expenses, maintenance, repairs and depreciation will exceed
1/
1
2 times annual service charges on all Tiwag bonds outstanding, including the present issue.
The first installation of the company with a capacity of
54,700 h. p., is now more than 80% completed and is expected to begin operation on Sept. 1 1927. After final completion the Tiwag plant, with an installed capacity of 124,000 h. p. and an estimated annual output. of 155,000,000
k.w.h., will represent the largest hydro-electric installation
in Austria, and one of the largest in Central Europe, its
transmission system linking Southern Germany and Austria. The proceeds of this issue will be used to enlarge the
main power plant to a total capacity of 124,000 h.. p., for
construction work to provide for a corresponding increase
in water supply and to erect additional high-tension trans
mission lines.
Negotiations for Loan to Poland—Stabilization of
Zloty.
In advices from Berlin April 14 (copyright), the New York
"Herald Tribune" had the following to say regarding the
Polish loan negotiations:
The negotiations for an American loan to Poland are progressing favorably, M. Mlynarski, Vice-President of the Bank of Poland, told the press
after his return from Paris, according to to-night's dispatches from Warsaw. M. Mlynarski is taking the most optimistic view of the chances of
obtaining the loan and conferred in Paris with a representative of the American consortium. M. Mlynarski, who upon his arrival at Warsaw reported
to members of the Cabinet, on the negotiations, denied rumors that negotiations with a German banking group Were under Way.
The propose loan of $80,000,000 will be issued in two installments, the
reports say. One will be a stabilization loan of 620,000,000 bearing 7%
and the other an investment loan bearing 6%. It is possible that the Polish
Government will receive part of the investment loan together with the stabilization plan, fixing the zloty's rate at nine to theklollar.
According to Associated Press advices from Paris April 10,
Dr. Felix Mlynarski conferred at Paris with representatives
of the Bankers Trust Company, the Chase National Bank
and Blair & Co. of New York with a view to working out a
plan for the stabilization of the zloty and to place the Polish
Government in a strong financial position for the future,
APR. 16 1927.]
THE CHRONICLE
2225
with a prospect not only of a loan in America, but one of ark, N. J.) 5% bonds, due June 1 1936 to 1956 and priced at
104 and interest to yield about 4.50% to optional date,
wide international character. These advices added:
Dr. Mlynarski will return to Warsaw to-morrow. It is understood that 1936, and 5% thereafter. These bonds are exempt from all
satisfactory progress was made at the conferences, but it was not said federal, state, municipal and local taxation, other than
whether definite conclusions or agreements had been reached.
The purpose of the conferences was not to obtain a loan for temporary inheritance taxes and are legal investment for savings banks
requirements, the Associated Press was informed, but to work out a plan and trust funds in New Jersey and other states.
fully to re-establish Polish Credit in the world.
Proposed Offering of $1,000,000 Bonds of Saarbruecken
Mortgage Bank.
Ames, Emerich & Co., Inc., and Strupp & Co. will offer
early next week an initial block of $1,000,000 Saarbruecken
Mortgage Bank 6% external sinking fund gold bonds. This
is the first external issue of this bank, which is the principal
one in the Saar Basin, making first mortgage gold loans on
real estate.
Offering of $750,000 Bonds of Pacific Joint Stock Land
Bank of Los Angeles.
Harris, Forbes & Co. and the bond department of the
HarrisTrust & Savings Bank of Chicago are offering $750,000
5% bonds of the Pacific Coast Joint Stock Land Bank of
Los Angeles. The bonds are offered at 103.50 and interest,
to yield about 4.56% to the optional date and 5% thereafter.
Dated March 1 1927 and due March 1 1957 the bonds will
be redeemable at par and accrued interest on any interest
date after ten years from date of issue. They are coupon
bonds, fully registerable and interchangeable in $1,000
denomination. Principal and semi-annual interest (March 1
and September 1) are payable in San Francisco, Los Angeles,
Salt Lake City, New York or Chicago. According to the
official statement of the bank as of February 28 1927, it has
made first mortgages on farm property amounting to $8,010,500 secured by property appraised at $19,013,198. Total
bonds outstanding including this issue are $7,870,000. The
bank has a paid in capital of $500,000, a surplus of $25,000,
reserves of $26,500 and undivided profits of $50,814.21.
The liability of the shareholders is double the amount of their
stock. Present net earnings are at the rate of over 11%
per annum and dividends are being paid at the rate of 6%
per annum. The bank operates in California and Arizona.
J. & W. Seligman & Co. Negotiating for $12,000,000
Yugoslavian State Mortgage Bank Loan.
Representatives of J. & W. Seligman & Co. are now in
Yugoslavia negotiating for the granting of a $12,000,000 loan
to the State Mortgage Bank of Yugoslavia. Following the
completion of details, public offering will be made of the
bonds through a nation-wide syndicate. Due to the importance of agriculture in Yugoslavia (85% of the population
being employed on the farms), the State Mortgage Bank is
one of the most important institutions in the Kingdom,being
second only to the National Bank in size. It has been in
operation approximately 65 years. It is stated that it is
the only mortgage bank in the Kingdom for whose obligations the Government is responsible, and throughout the period of the last war the Government made all payments due
Offering of $100,000 5% Bonds of First Joint Stock Land
the bank regularly.
Bank of Montgomery, Ala.
Offering of $750,000 5% Bonds of Pennsylvania Joint
An offering of $100,000 5% farm loan bonds of the First
Stock Land Bank.
Joint Stock Land Bank of Montgomery, Ala. is being made
Martin & Co. and Brooke, Stokes & Co. offered on April by the Fletcher Savings & Trust Co. of Indianapolis at a
14, at 104M and interest to yield 4.44% to the optional date price to yield 4.55%. The bonds ($1,000 denomination)
and 5% thereafter to maturity, $750,000 5% farm loan are dated July 1 1926, will mature July 1 1966 and will be
bonds of the Pennsylvania Joint Stock Land Bank. The callable July 1 1936 or at any interest date thereafter.
issue will be dated January 1 1927, will become due January Interest is payable Jan. 1 and July 1. Since organization
1 1967 and will be redeemable at the option of the Bank at the bank, it is stated, has received applications to amount
par and accrued interest on January 1 1937 or on any interest of $17,606,975, of which it has approved $11,299,300, and
date thereafter. The bonds will be in denominations of closed loans to amount of $7,584,000. This Joint Stock
$500,$1,000,$5,000,and $10,000 coupon or registered bonds. Land Bank is owned by the share holders of the First National
Interest (January 1 and July 1,) payable at the offices of Bank of Montgomery, Ala., which has a capital of $1,000,000
Fidelity-Philadelphia Trust Company,Philadelphia, and the and total resources of $11,000,000.
Bankers Company, New York. The bank reports that
mortgage loans totaling $6,002,200 have been made the
Index of Railroad Stock Prices Since 1857.
average amount loaned per acre being $37.18. The bank
Three
great cycles in railroad stock prices since 1857 apYork.
and
New
Pennsylvania
states
of
operates in the
pear in a new index just completed by Dr. Fred R. Macaulay
of the staff of the National Bureau of Economic Research,
Offering of $200,000 Farm Loan Bonds of Burlington authorized for publication March 30 by the Bureau's execu(Iowa) Joint Stock Land Bank.
tive committee. This index is part of a comprehensive inC. F. Childs & Co. offered on April 12 at 100 and interest vestigation of the movements of interest rates, bond yields
to yield 4.25%, $200,000 43 % farm loan bonds of the Bur- and security prices since 1857, upon which Dr. Macaulay
lington (Iowa) Joint Stock Land Bank. The bonds will be has been engaged since 1923, says the Bureau, which also
dated February 1 1927, will mature February 1 1957 and supplies the following information:
will be redeemable at par and accrued interest on February 1
The first wave extends from 1860 to 1878, the second from 1878 to 1897,
1937 or on any interest date thereafter. They will be coupon and the third from 1897 to 1022. Since the autumn of 1921 there has been
a great rise resembling somewhat the upward movement which began in
bonds in denominations of $500,$1,000,$5,000 and $10,000, 1897.
fully registerable and interchangeable. Prin. and int.(Feb. 1
Index Rises 233% in Seventy Years.
and Aug.1)will be payable at the Continental & Commercial
In issuing the new index the Bureau emphasizes the fact that, except
Nat. Bank, Chicago; Chemical Nat. Bank, N. Y.; or at for relatively short periods, it cannot be compared directly with the ordinary indices of railroad stock prices. The reason for this difference lies in
the Burlington Joint Stock Land Bank, Burlington, Iowa. the allowances made for stock
dividends and issues of rights. The new index
Land
Bank
was
Stock
Burlington
Joint
The
organized in has been made up on the assumption that the owner of railroad stocks will
all
cash
treat
dividends
as
current
income, but will retain all stock dividends
January 1923 to operate in Iowa and Illinois. An analysis
and will invest the proceeds of the sale of all rights in new stock at the then
of its loans as of March 31,1927 follows:
current market price.
Total Loans-374
$3.964.400 00
Appraised Value of Land
$8,838,996 00
Appraised Value of Land and Buildings
$9,787.447 00
Total Acres Mortgaged
63 239
Average Amount Loaned per Farm
510,606.00
Average Number of Acres per Farm
169
Average Appraised Value per Acre of Land
5135 02
Average Appraised Value per Acre of Land and Buildings
$154 76
Amount
Loaned per Acre
Average
Percentage of Amount Loaned to Appraised Value of Land_ _
46%
Percentage of Amount Loaned to Appraised Value of Land and
Buildings
40%
The bank has a capital of $250,000; surplus and profits of
$25,727 and Reserve (legal) of $17,400; it reports Farm Loan
bonds outstanding of $3,539,000.
Offering of $300,000 New York and New Jersey Joint
Stock Land Bank Bonds.
Adams & Mueller, Newark, N. J., are offering $300,000
New York and New Jersey Joint Stock Land Bank (of New-
On this basis the index shows that an investment of $30 in a typical
group of railroad stocks at their market price in January 1857 with reinvestments each succeeding January in similar typical railroad stocks would
have grown to a market value of $100 by January 1927.
This increase in the total value of the holdings would represent the increase in market value of the individual shares, combined with the increase
in the number of shares resulting from stock dividends and the reinvestment
of the proceeds of the sale of rights.
The index number released to-day is for Januaries only. However, an
index number covering all months will be published in a regular Bureau
report now in preparation. For almost the whole period it will give the
first adequate picture of the history of the railroad stock market which
has yet been drawn.
Adjustments Made for Stock Dividends.
Technically, the railroad stock index number is a chain aggregate of
actual prices. The price of each stock has been weighted each year by the
number of shares outstanding. A chain index number of this particular type
is free from any purely mathematical "drift." Adjustments, as previously
indicated, have been made for stock dividends and for other increases in
holdings resulting from an assumed reinvestment of the proceeds of the sale
2226
THE CHRONICLE
of rights. The number of stocks used is in no year less than 27; in one
year as many as 59 different stocks were used. Only common stocks have
been included.
In his preliminary statement accompanying his railroad stock index,
Dr. Macaulay says in part:
"Weighting each stock by the number of shares outstanding means that year
by year we have an index number showing the percentage change In the total value
of all the stock outstanding of all the companies whose stocks were used in that
year. Moreover, as throughout the period a very large percentage of all the railroad
stock outstanding in the whole country appears in the index number, that Index
number probably gives a very fair picture of the percentage changes in the value
of the outstanding stock issues of the whole railroad system of the United states.
Upward Trend 13i% Per Annum.
"The reader naturally looks at such a chart with curiosity as to trend and cyclical
movements. A straight line fitted to the data for the period under discussion would
show an upward trend of about 1 yi% per annum. The cyclical characteristics of the
chart will be, possibly, a surprise to some of our readers. The length of the three
major cycles and the upward movement of the long-time trends raise Interesting
questions about how far the present upward movement—beginning in 1921—will go
before it turns.
"These great cycles in railroad stock prices contrast sharply with the course of
industrial stock prices during the last quarter century, the period in which industrial
stocks have been such a prominent feature in American markets. The chief type
of fluctuation in Industrial stocks during the last twenty-five years has been one
characterized by a much shorter cycle, of, say, three to four years. While our railroad index shows evidence of much shorter cycles, their amplitude is very small when
compared with the amplitude of the three major cycles. The railroad stock picture
is dominated by these larger cycles."
E. H. H. Simmons Renominated for Presidency of New
York Stock Exchange.
The nominating committee of the New York Stock Exchange reports the following nominations:
[VOL. 124.
It is believed the misapprehension in respect of the present amendment was due to an erroneous report published several months ago in
one of the newspapers to the effect that the Stock Exchange contemplated the introduction of foreign bearer securities to trading.
The difficulty in introducing foreign securities on the Stock Exchange
has lain in the stringent requirements which the Listing Committee
imposes. These restrictions have always applied to home corporations,
before there was any thought of listing foreign securities. The practice of foreign countries, both in their codes of corporation law and in
the listing requirements of their stock exchanges, shows wide variations. Regulations defining the details to be shown in a balance sheet,
for example, and the periods it covers may not conform with American practice. Nor may the form of share certificate or method of
transfer be at all similar to that insisted on by the New York Stock
Exchange. Each case would therefore have to be judged on its merits.
Eligibility of a Foreign Issue.
It is not, however, suggested that the listing committee would insist
on the letter of the law where there was reasonable evidence of protection for the investor. A high class British security, for instance,
that had complied with the requirements of British company law and
stock-exchange practice for a period of years would not be likely to
be refused admittance to quotation on some minor technicality if application were made for listing.
With the great expansion of wealth in America and the increasing
interest in foreign investment, which this surplus wealth has stimulated,
it would seem a normal development to introduce to investors the
stocks of well managed foreign companies whose inancial probity is
undoubted. This has been done in a few notable instances, such as
Shell, Rand Mines and DeBeers. But in these cases American certificates have been issued and traded in against the original shares
trusteed here. Any further amplification of this process, however, is
not contemplated in the present instance.
For President, E. H. H. Simmons.
For Treasurer, Warren B. Nash.
Referring to the newly enacted measure as a bill perFor ten members of the Governing Committee for the term of four years:
Hamilton F. Benjamin, Louis C. DeCoppet, Morgan Davis, Howard C. mitting the trading in bearer shares and bearer certificates,
Foster, Charles R. Gay, H. G. S. Noble. Edwin A. Seasongood, Betrand L. the New York "Journal of Commerce" of April 2 had the
Taylor Jr., Arthur Turnbull, Richard Whitney.
following to say with regard to it:
For one member of the Governing Committee for the term of one year.
The bill, it is believed, will facilitate the listing of securities of
Sherman B. Joost.
foreign corporations in their original form and currency units on the
For Trustee of the Gratuity Fund for the term of five years, H. C. S.
New York Stock Exchange, thus enhancing' the position of New York
Noble.
i international finance.
The listing of foreign securities on a large scale is expected to result
President Simmons is completing his third term as head
in
far more than a broadening of the outlook and investment choice
of the Exchange.
of security buyers here. At the same time buyers of foreign currency
common stocks will make a closer investigation of the holdings than
Discontinuance by New York Stock Exchange of State- they do in taking foreign dollar bonds.
It is pointed out that banks and investment houses will find it necesments Regarding Call Loan Market.
sary to broaden their foreign connections, keep in closer touch with
The statements regarding the call loan market which had developments abroad other than those pertaining strictly to Government finance, and especially to strengthen their sources of
credit inbeen issued daily by the New York Stock Exchange since formation on foreign
financial houses and corporations.
Increased business and a freer flow of funds between New York
July 8 1926? and which had appeared weekly in these columns
and
foreign centers are expected to result from the change to he
were discontinued by the Exchange on March 29. Only the
effected in
listing of foreign securities. The listing of foreign securities
here,
.the daily rates—high, low, renewal and last—are now made it is believed, will lessen London's premier position in the
field of shortavailable by the Exchange. The last weekly record of the term lending.
It is believed that the listing of foreign securities
will result in
market appeared in our issue of March 26, page 1762.
larger opportunity for both banker and investor. The
strengthened
financial relations, it is said, will increase the use by
importers and
exporters abroad of dollar bills.
"Bearer Shares" Defined in Bill Approved by Gov. Smith
Reports relative to the proposed broadening of the New
of New York Amending Personal Property Law—
York Stock Exchange so as to include foreign industrial
Effect on Listing of Foreign Securities.
and public utility stocks were referred to in our issue of
Law—Effect on Listing of Foreign Securities
Jan. 29, page 591.
According to the "Wall Street Journal" of April 11
some misapprehension appears to have been caused in Wall
Street by the approval recently of a bill by Governor Death of Colonel Willis S. Paine, Formerly New York
State Superintendent of Banking.
Smith, officially designated as printed number 2,036, and
Colonel Willis S. Paine, formerly New York State Supergenerally referred to as the "Hofstader Bill," which amends
the personal property tax in relation to the negotiability intendent of Banking, died at the Hotel Plaza, New York,
of certain bearer instruments. The accounts goes on to on April 13. Colonel Paine was born in Rochester in 1848.
After he was admitted to the bar in 1869 his practice was
say:
soon
It has been erroneously supposed that this act opened the way for interrupted by an appointment as one of the three
State
the listing of foreign bearer securities in original denominations on the examiners of trust companies,
says the New York "Herald
New York Stock Exchange without further preliminaries.
The act'has nothing to do with Stock Exchange transactions. It Tribune," from which we quote the following:
simply clarifies the legal position in regard to interim certificates, and
makes them a good delivery in New York state. It amends chapteer 45
of the laws of 1909 by inserting therein a new article to follow article
six, to be known as article six-A. Definitions of the classes of bearer
shares, which are legalized by this provision, and which, no doubt, have
given rise to the misapprehension, are contained in the following
clause:
"For the purpose of this article, the term 'bearer share' means the
share or shares in a corporation, or company, organized under the laws
of any state, territory, district or insular possession of the United
States or under the laws of any foreign government •represented by
an insttument or instruments lawfully issued by such corporation, or
company, by the terms or effect whereof the bearer or holder thereof
is entitled to the ownership of such share or shares. The terms 'bearer
certificates' as used in this article means any instrument or instruments
representing a bearer share on shares. The term 'bearer warrant' as
used in this article means any warrant, issued in connection with a
bearer share, which by the terms or effect thereof entitles the bearer
or holder of such warrant to receive any dividend not theretofore payable or to receive further warrants for dividends."
It cannot be said that the act makes transactions in such instruments legal where they had been illegal before. Question had been
raised, however, in the past in regard to the transfer of interim certificates pending the issue of definite securities. In fact, the courts
have ruled in certain instances against the negotiability of such certificates. The present act simply amends the personal property law,
making these interim certificates, and the bearer warrants attached,
negotiable instruments in this state so that they are an equally good
delivery as the definite certificates.
A Stock Exchange Prerogative
As a matter of fact, neither this act nor any other act can snake
any stocks good delivery on the Stock Exchange, as this is a matter
the Stock Exchange itself determines.
He was only 26 years old at the time, but he
acquitted himselfso well that
in 1875 he was appointed receiver for the Bond
Street Savings Bank, the
failure of which was, with three exceptions, the
largest of its kind in the
United States. In this capacity he paid the general
86% of their claims and the r referred creditors in full.creditors better than
Four years later, with William Dowd, President of
the
America, he was appointed by Governor Cornell to draft Bank of North
new banking statutes for the State. The laws were adopted unanimously
by the Legislature
n 1882.
President Cleveland offered Mr. Paine the post of
United
Treasurer in New York. He declined it, however, and retained States Subhis position
as State Banking Superintendent until 1889, when he
became
President of
the State Trust Co. That position he resigned in
1892 when he made a
trip around the world. On his return he was elected
President of the Merchants' Safe Deposit Co. and of the Trust Company of New York,
Quit Twice to Tour the World.
He later was made Chairman of the Finance Committee
of the Tradesmen's National Bank and President of the Consolidated
National Bank of
New York City, but resigned to make a second World tour.
Colonel Paine was an organizer of the Trust Company and Savings
Bank
sections of the American Bankers Association and was appointed
by
Governors to serve on the Mohansic Lake Reservation Commission.three
He
was a member of the American, New York State and New
York County
Bar associations, and the Association of the Bar of the
City of New York.
Among his contributions to legal literature Were "Paine's
Banking Laws,"
"Paine's Law of Building Associations," and "Insolvent
Savings Banks of
New York."
W. H. Woodin Elected Class B Director of Federal
Reserve Bank of New York,
The Federal Reserve Bank of New York announced on
April 1 that as a result of the special election, the polls for
APR. 16 1927.]
THE CHRONICLE
which closed March 31, William H. Woodin, President of
the American Car & Foundry Co., New York, has been
elected a Class B director of the Federal Reserve Bank of
New York by member banks in Group 1, that is, those having capital and surplus above $1,999,000, to fill the unexpired
term ending Dec. 31 1928. Mr. Woodin accepted and took
office immediately. The total number of votes cast was 59,
all of which were for Mr. Woodin. Mr. Woodin's nomination was referred to in these columns Feb. 12, page 878,
and March 19, page 1617.
Branches of National Banks Under McFadden Bill
Authorized by Comptroller of Currency.
The Comptroller of the Currency announced on April 11
the issuance of certificates authorizing the opening of
branches under the Act (McFadden) of Feb. 25 1927, to
the following national banks:
Mar. 8-374 First National Bank of Jersey City, N..1.
Locations: 286 Central Avenue.
89 Monticello Ave.
Mar. 9-12874 Central National Bank of New York, N. Y.
Location: 5 West Burnside Ave., Bronx.
Mar. 11-1461 National City Bank of New York, N. Y.
Locations: Northwest corner of 149th St. & Cortland Ave.,
Bronx.
• 945-947 Third Ave. (at N.E. cor. of 36th St., Brooklyn).
Mar. 18-1105 Bowery and East River National Bank of New York, N.Y.
Location: Vicinity of 2254 First Ave.
Mar 18-9655 Bank of California National Ass'n, San Francisco, Calif.
Location: Vicinity of N.W. corner of 16th St. and Julian Ave.
Mar.24-723 Central National Bank of Philadelphia, Pa.
Locations: Vicinity of 16th & Chestnuts Sts.
Vicinity of 32d & Market St.
Mar.26-12337 Genesee National Bank of Buffalo, N. Y.
Location: Vicinity of Genesee St. (Schiller Park section).
Mar.28-1106 Highland National Bank & Trust Co. of Newburgh, N. Y.
Location: Vicinity of 244 Broadway.
Mar.28-109 First National Bank of Louisville. Ky.
Locations: Vicinity of Shelby and Broadway.
Vicinity of Preston and Oak.
Vicinity of Douglas Blvd. and Diemer Ave.
Vicinity of 34th and Broadway.
Vicinity of 18th and Oak.
Vicinity of 34th and Market Sts.
Mar.30-1316 National Newark & Essex Banking Co. of Newark, N. J.
Location: Vicinity of corner of Van Buren and Ferry Sta.
Apr. 1-1669 Fourth and First National Bank of Nashville, Tenn.
Locations: Vicinity of 4918 Charlotte Ave.
Vicinity of 1614 West End Ave.
Vicinity of 901 Monroe St.
Vicinity of 21st Avenue, South.
Vicinity of 10th and Woodland Sts.
Vicinity of 901 Second Avenue, North.
Vicinity of 44 University St.
Vicinity of 2704 West End Ave.
Vicinity of Nashville Trust Co. Bldg., corner of Union St.
and Printers Alley.
Note:—The above nine branches were taken over from affiliated
State institutions.
Apr. 9-1352 Hanover National Bank of New York, N. Y.
Location: Vicinity of 135 William St.
Apr. 9-12398 Queensooro National Bank of New York, N. Y.
Locatien: Vicinity of Corona Ave. and 51st St., Corona Heights.
Apr. 9-12631 South Side National Bank & Trust Co., Newark, N. J.
Locations—Vicinity of Clinton Ave. and S-18th St.
Vicinity of Lyons Ave. and Clinton Place.
F. N. Shepherd on "Position of American Bankers
Association on Branch Banking."
Before the banquet of the Mid-West Regional Savings
Conference at St. Louis on March 29, (held under the
auspices of the Savings Bank Division of the American
Bankers Association), F. N. Shepherd, Executive Manager
of the American Bankers Association answered the charge
that the bankers did not know their own minds on the
branch banking issue. Mr. Shepherd in explaining the stand
of the bankers had the following to say:
2227
1. Against State wide branch banking;
2. Against branches in any State where they were not allowed ta State
banks; and
3. Against branches anywhere except in limited number in cities of
25,000 or more in States where branch flanking was legal for State institutions.
This was without doubt a fair proposition but certain anti-branch bankers
felt it did not go far enough to suit them. They were willing for national
banks to have limited branch banking rights in cities of more than 25,000
in the 22 States where State banks enjoyed the branch bank privilege but
they wanted, after the passage of the bill, to debar national banks forever
from these privileges in the 26 non-branch banking States,even though
any one or all might later give State institutions the same or even greater
privileges.
In the interest of harmony and believing it would be expedient for the
bankers to unite and help secure the passage of legislation giving to national banks much needed relief on 14 other points and limited branch banking in 22 States the national bankers, as represented in the 1924 Chicago
convention, agreed, as a compromise, to this contention. It was presented
to the convention,passed without debate,and written into the bill asthe Hull
amendments. In this form the bill passed the House of Representatives.
However, when the matter came for a hearing before the Senate sub
committee on banking and currency, Senator Glass, with an exceptional
background of study and experience in matters pertaining to financial
legislation, made virtually every advocate of the Hull amendments admit
directly or by implication that the amendments were unjust and unfair
in that they put the Federal Congress in the position of granting certain
charter rights to a national institution in one State and denying them,
under the same legal conditions, in another State. In this view the Senate
by vote concurred.
Although the conference committee of the House and Senate agreed
upon every other essential feature of the bill, the Senate conferees positively refused to yield and Senator Glass with unmistakable tenacity assured
the committee that the Senate would never pass the Hull amendments.
Although fortified with the unanimous resolution of the 1924 American
Bankers Association Chicago Convention, certain advocates of the Hull
amendments, for reasons unfathomable but peculiarly their own,forced the
issue upon the 1926 Convention in Los Angeles. Thus the amendments for
the first time came for searching analysis before an American Bankers
Association convention and after a debate of more than three hours' duration a vote was taken which showed that the bankers, as there represented,
had come to the same conclusion as had the Senate before them. Later,
when the amendments were for the first time in the House of Representatives subjected to similar analysis and debate, that body took the same
view and reversed its former position.
As an anti-branch bank measure, just What is accomplished by the
McFadden bill? It puts an embargo upon "nation-wide branch banking;
State-wide branch banking; county-wide branch banking; contiguous-territory branch banking; small-town branch banking; and branch banking
anywhere in the United States by Federal authority except in a few large
cities where State banks are already engaged in branch banking under
State law."
In the three years' discussion of the McFadden bill, during with% time
it was passed upon three times by the House and twice by the Senate, this
controversy over branch banking unfortunately obscured from the minds of
many the real intent, purpose and merit of the measure which, without
doubt, is the most important piece of legislation enacted in recent years.
By this law definite bounds are put upon the extension of branch banking,
out unit system of banking is preserbed, and the modernization and control
ofour national finances through the Federal Reserve System is assured.
"Current Income" of Americans Placed at Almost
Ninety Bit ion Dollars by National Bureau of
Economic Research.
The total "current income" of the American people rose
from $62,736,000,000 in 1921 to a total of $89,682,000,000
in 1926, according to preliminary figures issued Feb. 21 by
the National Bureau of Economic Research, 474 West 24th
St., New York, in a special bulletin giving the advance
results of an investigation of income upon which Dr. Willford
I. King, and a corps of assistants, all under the general direction of Dr. Edwin F. Gay and Dr. Wesley C. Mitchell,
directors of research, have been engaged since 1920. Although the total national income has shown a remarkable
increase since 1921, the growth in dollars being more than
40%, this growth, says the Bureau's "Bulletin," is not
merely a fictitious quantity resulting from an increase in the
price level, for the average price of direct or consumption
goods was actually slightly less in 1926 than in 1921. "The
figures become much more significant when they are reduced
to a per capita basis," continues the Bureau's "Bulletin,"
which points out that in 1926, had the total income been
divided equally among all persons including babes in arms
and the helpless aged, the average income could have been
$770, or one-third more than the per capita in 1921. The
"Bulletin" continues:
The bankers of America have been charged by no less a personage than
a member of the United States Senate with changing their position and
not knowing their own mind in the matter of branch banking.
In this general indictment there are some elements of truth but even
members of that "greatest deliberative body in the world" have at times
found themselves in a quandary as how best and with justice to apply a
general principle. Now and then in the enjoyment of their right of unlimited debate even they at times have been known to change their minds
after consideration and debate. In this they differ little if any from the
banker.
The real problem before the banker opposed to the extension of branch
banking has been to apply, under the conditions as they existed, an antibranch bank policy that would deal with reasonable justice to all institutions.
The preponderant sentiment of American bankers, repeatedly expressed
In State and national conventions, is against the extension of branch
banking—at least outside of cities. Within the period of eight years from
1916 to 1924 the American Bankers Association, representing the vast
When this per capita income is expressed in dollars having constant
majority of bankers in the United States, after debate in general convention,
twice went on record against branch banking in any form. Many State purchasing power, we find that the increase has been about 36%. Ii
associations did likewise. But in the meantime the practice grew and appears, then, that from the economic point of view, the condition of
the number of States permitting branch banking increased to 22. Except the average inhabitant has been improving at a rate of about 7% Per
to let branches into the national system through the side door of absorption annum.
To many persons, figures showing the income per person gainfully occuof State banks with branches, the Federal law was silent on the subject.
per capita. In
Then an Attorney-General rendered an opinion upon which the Comptroller pied seem more significant than do those reporting income
engaged in activities
of the Currency felt warranted in permitting national banks to have branch the United States in 1926 there were some 44,600.000
employers,
were
these
of
Some
them
incomes.
yielding
money
direct
offices in the cities where State law permitted State banks to have branches.
working on their own
So in spite of the general declaration against branches, branch banking many more were employees, and some were simply
children
helping
account. The figures exclude housewives and women and
grew apace and still we had no national branch bank policy.
In February 1924 there was introduced in each House of Congress an the head of the family on the home farm.
to
appears
been
have
there
1926,
in
every
occupied
For
gainfully
person
identic measure known as the McFadden bill. This bill was drawn in
reduced to money of constant
the office of the Comptroller of the Currency and had for its primal purpose an income of slightly over $2,000. When
a
for
money
average person working
the modernization of the charter powers of national banks, in order that purchasing power we find that the
his services than he obtained in
they might be put upon a more nearly equal competitive basis with State income received about one-fourth more for
1909.
in
than
more
and
1917
44%
about
institutions. It also sought to establish for the first time a national policy
American Ingenuity Increases Welfare.
in regard to branch banking.
The indications are, then, that despite the constantly growing population
So far as members of the Federal Reserve System were concerned the
and the relatively inelastic nature of the supply of natural resources, new
main prohltibitions in regard to branch banking were:
2228
THE CHRONICLE
inventions and greater skill and organization are still enabling the average
inhabitant to progress steadily upward on the scale of economic welfare.
Growth of National Income.
How the national income- compares in the years of the pre-war period,
the war period, the post-war boom, the depression of 1921, and the years
of recovery, is shown in the following table, beginning with 1909, the first
year covered by the investigations of the National Bureau of Economic
Research:
Year—
Current Dollars. Year—
Current Dollars.
1909—
27,100,000,000 1919
67,254,000,000
1910
28,400.000,000 1920
74.158,000,000
1911
29,000,000,000 1921
62,736,000,000
1912
30,600,000,000 1922
*65,567,000,000
1913
32,000,000,000 1923
*76,769,000,000
1914
31,600,000,000 1924
*79,365,000,000
1915
32,700,000,000 1925
*86,461,000,000
1916
39,200,000,000 1926
*89,682,000,000
1917
48,500,000,000
*Preliminary estimate.
1918
56,000,000.000
Gain in Purohasing Power.
That there has also been a large increase in the purchasing power of the
American nation is shown when the total current income figures are divided
by index numbers representing the average prices of goods purchased by
consumers. For this purpose, prices of the year 1913 have been commonly
taken as standard. The results indicate that the real income of the American nation has shown a practically continuous upward trend since 1909
with a sharp and continued increase since 1921. Theseligures are given in
the following table:
Year-1913 Dollars. Year—
1913 Dollars.
28,200,000,000 1918
1 909
35,500,000,000
29,100,000,000 1919
1910
37,600,000,000
29,300,000,000 1920
1911
36,300,000,000
30,800,000,000 1921
1912
36,200,000.000
32,000,000,000 1922
1913
40,400,000,000
31.300,000,000 1923
1914
46,900,000.000
32,000,000,000 1924
1915
*48,400,000.000
35,500,000,000 1925
1916
*51,100,000,000
1017
37,300,000,000 1926
*52,900,000,000
Year.
Net Income
Reported to
Income Tax
Authorities.
Estimated
Total
Current
Income.
Estimated
Per Cent
of Totalj
Income
Reported to
Income Tax
Authorities
COCCOD.c0020
WWWWW.
-000040
kit In its announcement of Feb. 21 the Bureau says:
The foregoing estimates are the first issued by the National Bureau of
Economic Research since the summer of 1925, when a report of 305 pages
was published under the title "Income in the Various States, Its Sources
and Distribution, 1919. 1920 and 1921." Figures for the previous years
IMO given in a two volume work entitled "Income in the United States,
Its!Amount and Distribution, 1909-1918."
Number of Number of
Income
Persons
Tar
Gainfully
Returns Occupied.
Filed.
[Vox.. 124.
437,000 38,101,000 $6,298,000,000 $39,200,000,000 16.1%
3,472,00038,681.090 13,652,000,000 48,500,000,000 28.1%
4,425,000 39,981,000 15,924,000,000 56,000,000,000 28.4% "
5,332,000 40,282,000 19,859,000,000 67,254,000,000 29.5% •
7,259,000 40,008,000 23,735,000,000 74,158,000,000 32.0%'
6,862,90040,819.000 19,577,000,000 62,736,000,000 31.2% ,
6,787,000 41,330,000 21,336,000,000 *65,567,000,000 32.5%
7,698,000 42,163,000 24,840,000,000 *76.769,000,000 32.4%15
7.370.000 43.140.000 25.656.000.000 *79.365.000.000 32.3% WI
•Preliminary estimate.
The figures in the first two columns indicate that but one in six of the
persons gainfully occupied in the United States files a report of his income
to the Federal tax authorities, and that the income reported on such schedules amounts to slightly less than one-third of the total current income of
the people of the United States.
It is interesting to observe that, since 1920, the proportion of the total
current income reported to the income tax authorities has been practically
constant, the lowest figure being 31.2% in 1921 and the highest 32.5% In
1922. While,then,for information concerning the two-thirds of the income
falling in the lower ranges, it is necessary to look to sources other than
reports on individual incomes as given by the Bureau of Internal Revenue,
it appears that it is possible to estimate the total amount of such income
with a fair degree of accuracy on the basis of the aggregate reported for
taxation. Unfortunately for the estimator, however, the constancy of this
ratio will presumably be destroyed by the changes in income tax law since
1924.
,
Manufacturers Earned Less in 1929—Large Companies
Showed Gain According to Brookmire's.
The average size manufacturer suffered decreased profits
in 1926 owing to strong competitive conditions, The Brookmire Economic Service, Inc. states,after analyzing 184
manufacturing companies which have reported both gross
and net earnings, and have not engaged in any merger
during the year. The advices add:
Economic Welfare Measured.
Gross earnings of these companies increased 14.1% during the
In order to measure the changes in the economic welfare of the people year and net earnings showed a 14.6 gain. There was also a slight
of the United States (insofar as Income figures are an indication), the increase in operating ratio.
This would seem to contradict the
National Bureau of Economic Research undertook to compare the varia- idea that profits were lower but a careful scrutiny of the figures
tions in the national income, from year to year, with the variations in the shows that although profits of the extremely large companies were
total number sharing this income indirectly and also with the number of well maintained, the moderately sized manufacturer's profits depersons classed as "gainfully employed."
creased.
To do this. the National Bureau of Economic Research was obliged to
Subtract the figures of United States Steel and General Motors
mbke Independent investigations of population growth for the years not from the total for the 184 companies, and there is
a $13,000,000
covered by the Census, and to estimate for each year the numbers classed decrease in net earnings from 1925 for the
remaining 182 companies.
as employers, wage earners, salaried employees and persons in business on Of the 32 groups into which
manufacturers may logically be
their own account—all defined by the Census as "gainfully occupied."
divided, only 11, including 71 individual companies, showed an inThe results reveal d that during the first period of eight years the per crease in 1926 profits over 1925.
Twenty-one groups, including 113
capita income, in terms of 1913 dollars, increased 15% while during the last individual companies, showed
a smaller margin in 1926 than in
nine years it increased 26%, indicating a sharp upturn in the trend of eco- 1925.
nomic welfare in the United States.
The most unfavorable conditions were noted in the automobile
The figures for per capita income in current dollars and in terms of 1913 accessory companies
and the textile group. The former show
dollars follow:
evidence of being crowded out of the field by the tendency towards
Current 1913
Current 1913
integration,
and
the
margins
of profits for the textile industry
Dollars. Dollars. Year—
Year—
Dollars, Dollars.
have almost completely disappeared. Figures do not substantiate
5312
8299
1919
1909
358
640
315
1920
307
1910
the much discussed improvement in textiles.
341
697
1921
312
309
1911
579
334
The largest increases were shown by agricultural implement and
323
1922
321
1912
*369
*597
railway equipment scompanies, both of which have advanced from
329
1923
329
1913
*421
*689
a very low position into a normal one, as well as gained over last
316
1924
320
1914
*700
*426
319
326
1925
1915
*752
*445
year's poor results. Steel companies showed a large increase in
349
385
1926
1916
*455
*770
net, in spite of some decrease in the margin of profit, owing to the
361
470
*Preliminary estimate.
1917
huge physical volume of business.
340
537
1918
The electrical equipment and tobacco industries made normal
Average Citizen Gaining.
increases in gross and more efficient methods produced sharp
The average income of the person gainfully occupied, as shown in current increases in net profits.
dollars, and the improvement in his economic status as shown by purchasing
power in terms of 1913 dollars is given in the following table:
roar—
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
Income per Person
1913
Current
Dollars. Dollars.
$823
5791
809
829
812
821
844
850
864
864
828
836
861
843
1,014
919
1,232
947
879
1,386
Gainfully Occupied.
Current
Year—
Dollars.
1919
1,669
1920
1,851
1921
1,537
192"
,
*1,586
1923
*1,821
1924
*1,840
1925
*1,971
1026
'2,010
*Preliminary estimate.
1913
Dollars.
934
907
887
*979
*1,113
*1,121
*1,165
*1,188
National Income of Great Britain in 1924—An Increase
in Real Wages.
Both the Bankers iirrust Co. of New York and Dominick
&
Dominick have taken occasion to comment on the figures
of
national income of Great Britain in 1924 as shown in
the
survey recently issued by Prof. A. L. Bowley and Sir
Josiah
C. Stamp. Under date of April 6 the Bankers
Trust Co. thus
discusses the findings:
"Current" Income Defined.
The national income of Great Britain in 1924 is estimated at
44,213,The figures as here presented are for "current" income which is defined 000,000,
according to a statement just issued by Professor A. L. Bowley
La the following words:
and Sir Josiah C. Stamp and received by Bankers Trust
Co.
of
New
York
"Current income may be defined as the excess of cash receipts over from its British Information Service, At par of
exchange this is equivabusiness expenses, plus the money value of income received in the form lent to
$20,475,000,000,
or
about
$426
per
capita.
estimated
commodities.
by
is
It
munrnating• (1) wages, salaries and
of
According to figures recently published in New York by the
pensions: (2) profits withdrawn from business: (3;) dividends. Interest and
National
rent received by individuals;(4)toe rental value o homes occupied by their Bureau of Economic Research, the current income of the people of the
owners: (5) interest upon the sums invested in household furnishings, United States in 1924 was $79,365,000,000, or
about $700 per capita.
clothing and the like: and (6) the value of commodities which families proThe British figure for 1924 compares with an estimate of 42,096,000,000
duce for their own consumption."
in 1911. Hence, in the interval of 13 years the
British income has inThe reader should note that the term "current income" does not include crecased £2,115,000,000, or slightly
more than 100%. The per capital
the savings of business enterprises. It may well be, therefore, that the income of 1911 was £46.2, while the 1924 per
capita
income was £87.8,
income
run
materially
would
higher
total
throughout. The say 90% higher
figures for
than that 2f 1911, so that the income per capita increased
estimated amounts in terms of the purchasing power of 1913 have been proportionately
somewhat
Ass
than
the
total
income
increased.
obtained by dividing the current income figures by index numbers reproThe same general trend appears in the United
States. The American
mating the average prices of goods purchased by consumers—in other national income
in
1924
was
$30,365,000,000
greater
than that of 1911,
of
direct
amount
the
total
or consumption goods say
words, they represent
173.6%, but the per capita income increased only 126.5% above
the
which the people could have purchased for their entire current income it 1911 figure of $309.
they had spent it all for such commodities or services.
The authors of the British estimate differentiate
between aggregate
Millions Pay No Income Tax.
income and the disposable income. To arrive at the latter figure,
they
deduct from the aggregate income of 44,213,000,000, the
The National Bureau of Economic Research, In making its estimates of come
outflow of into foreigners, and thus arrive at disposable income for 1924
income, is forced to depend very largely upon sources of information other
of
£4,165,000,000 and for 1911 of 42,020,000,000. The latter figures
than the figures furnished by the United States Bureau of Internal Revenue
they
classify under the heads of "spent freely," "paid in taxes" and
shown
case,
is
the
by
the
this
Is
following
That
income.
individual
for
"aaved," as
per the following table:
table:
THE CHRONICLE
APR. 16 19271
Disposable National Income of Great Britain.
To of Total.
1924.
% of Total.
1911.
11.40
£475,000,000
16.84
£320,000,000
Saved
20.53
855,000,000
11.14
226,000,000
Paid in taxes
68.07
2,835,000,000
73.02
1,475,000,000
Spent freely
Total
£2,020,000,000
100.00
E4,165,000,000
2229
Milk and Cream from Montreal Barred by United States
on Account of Typhoid.
100.00
These figures for both dates are measured in sterling, but as the effective
rise in prices in the 13 years covered was about 9%, "when duplicate
reckonings are included, the real or social income is only about 90%," as
against 106% nominal. Thus, the spending capacity of 1911 and 1924
was about the same, apart from the large compulsory increase in national
and local taxation. In 1911 only about one-ninth of the total income was
absorbed in taxes collected by the municipal authorities and the State,
while in 1924 the proportion was about one-fifth. Thus, the available proportion for discretionary outlays is reduced from eight-ninths to four-fifths,
and that of savings by about the same figure. This is a very important
fact.
It is estimated roughly, by those well informed on this subject, that
savings in the United States are equivalent to about one-seventh of the
total national income-say 14%, which would give national savings Of about
$4,000,000,000 in 1911, and of about $11,300,000,000 in 1924. Taken on
a per capita basis, the average savings of an American in 1911 would
amount to $44; in 1924 to $100. Taking the British per capita savings at
an average of 15.8% and 11.4%, respectively, as shown above, on a dollar
basis the 1911 savings would be $35 and the 1924 savings would be $47.
The average earnings of males of all ages in Great Britain, classed as
wage earners, is estimated in 1924 at £115, the average number of weeks
worked 44 (allowing for sickness, unemployment and holidays) and the
average earnings at full work at 52s. a week. In these averages boys are
included, together with some superannuated workers and some casuals not
attached to any industry; if these are excluded we find that the average
man at full work in 1924 obtained about 60s. a week. The corresponding
figure for 1911 was 32s. The working week has been reduced about 10%
in the period, and average hourly earnings of men have increased from
71hd. to 15%cl. The average earnings of all wage earners in a normal
working week are estimated to have increased 94% compared with an increase in the cost of living index of 75%.
An absolute embargo against milk and cream originating
within a radius of 200 miles of Montreal, Can., was ordered
the latter part of March by the Bureau of Chemistry, United
States Department of Agriculture, on account of the danger
from typhoid infection. The Department's announcement
March 28 said:
This action is taken under the Federal Food and Drugs Act, which authorizes the exclusion of articles that are dangerous to health. In placing this
embargo the Bureau of Chemistry has the co-operation and advice of the
United States Public Health Service, the State Department, and the Customs
Bureau of the Treasury Department.
The typhoid outbreak began March 4 and to date more than 1,000 cases
have been reported in and near Montreal. The infection has been traced
to one large milk distributer which supplies one-eighth of the population
and which gathers its milk and cream from within the 200-mile radius.
Instructions have been issued to Federal Food and Drug officials and collectors of customs at ports of entry to maintain the embargo until the
source of infection has been definitely determined and the United States
authorities are satisfied that the preventive measures taken are adequate
to insure against danger from infection.
Message of President Coolidge To Nations on PacificPan-Pacific Conference at Honolulu.
A message of good will from President Coolidge to the
countries bordering on the Pacific Ocean was conveyed to
the Pan-Pacific Conference on Education, Rehabilitation,
Reclamation and Recreation, assembled at Honolulu on
April 11. Through Hubert Work, Secretary of the Interior,
who was in attendance at the Conference, the President
expressed the belief that discussions at the conference "will
understanding on the probelms comDominick & Dominick's review, dated April 2, says in result in a more thorough
scope, which are common to all the countries
their
within
ing
part:
bordering on the Pacific." The President's
On the basis of per capita income, the Englishman is about two-thirds as and possessions
prosperous as the American. While the aggregate national income in Great message continued in a letter to Secretary Work, was acBritain and Northern Ireland in 1924 was double that of 1911, the real claimed by 200 delegates seeking a closer bond of friendship
social income, allowing for duplicate reckonings and for the increase in
the United States, Canada,
prices, was very nearly the same at the two dates. In the United States in and interchange of ideas among
the same period real income increased 66%.
Latin America, Japan, Australia, China and the Philippines.
Statistical surveys in England are neither as frequent nor as comprehenThe President's message said:
sive as in this country, where there are a number of organizations devoted
to research work of that kind. The study of British national income, just
prepared by Prof. A. L. Bowley and Sir Josiah C. Stamp, will, therefore,
clear away much of the vagueness that has attended post-war discussions on
economic conditions in England. The study only carries the investigation
up to 1924, while figures for the United States are available for as late as
1926.
Aggregate income from all sources in Great Britain and Northern Ireland
amounted to £4,213,000,000, or approximately $21,000,000,000 in 1924.
In 1911 this figure was $11,000,000,000. The $21,000,000,000 in 1924
was for a population of 44,000,000, as compared with an income of $75,000,000,000 for a population of 115,000,000 in the United States in the same
year.
In 1924, therefore, the per capita income of the Englishman was $478
and of the American $852.
Earned income formed nearly the same proportion of the total in both
countries: 71.5% in Great Britain, 73% in the United States. (The figures
for the United States are for 1925 and are given in the National Industrial
Conference Board.) There are about 20,500,000 gainfully occupied persons in Great Britain with a per capita income of $925. In this country
there are 44,600,000 gainfully occupied with an average income of over
$2,000. The most encouraging feature of Great Britain's record is that
real wages have shown a definite increase. The average earnings of all
wage-earners in a normal working week increased 94% since 1911, while
the cost of living increased 75%. The working week has been shortened by
10%.
Despite the last sign of progress, it is evident that there is a wide gap
between the annual money incomes of the two countries. Real income per
head in Great Britain, making allowance for increased population and
higher prices, decreased 5% between 1911 and 1924; real income per head
in this country, on the other hand, increased by about 45%,
It is true that most of this American prosperity is due to improved
methods in industry, and not due to the war. It is equally true that to a
large extent the lack of a similar progress in England is due to the war.
The war's burden, felt very slightly in this country, continues to weigh upon
Europe. According to European calculations, in taxation in 1926 the
United States paid $29 per head, Great Britain $75, France $52, Germany
$48, and Italy $16. On the basis of total income, taxation in 1926 amounted
to 5% of the per capita income in the United States, 18% in England and
Italy, and 30% in France.
Will you please extend my greetings and welcome to the delegates trom
the countries represented at the Pan-Pacific Conference on Education,
Rehabilitation, Reclamation and Recreation, *which it has been my very
great privilege to call?
It is a pleasure for the United States to receive them in Hawaii, one
of the outposts of our country, and to Join with them in the deliberations.
I firmly believe these discussions will result in a more thorough understanding of the probelms coming within their scope, which are common to all
the countries and possessions bordering on the Pacific.
More than half the people of the world inhabit countries touching on that
ocean, and eighty millions live on its islands. Its commerce has grown
tremendously in the past century and its ports now rank with those in other
parts of the world. Ships and cables and the radio all have brought its
peoples into more intimate contact.
This increase in communication, and in the closeness of the relations one
with the other, has made both appropriate and desirable that there should
be found means for mutual helpfulness.
As co-operation between the various agencies interested in the matters
which are to claim your attention has proved most effective in the United
States. it should be equally helpful to establish such relations among all the
Pan-Pacific countries. I am sure our country may learn much of value from
the research, practice and experience of others, and I hope we may contribute our full share to the general good.
Each nation has its own traditions, its own customs and own ideals; but
more and more we are coming to realize that human problems are much
the same the world over. Whatever may be done at the conference to
promote the peaceful arts and pursuits and to make the individual healthier
and happier in his home and national life will be a worthwhile contribution
to civilization.
Secretary Mellon Returns from Abroad.
Secretary of the Treasury Mellon who sailed for Europe
March 26 was a passenger on the Cunard liner Aquitania,
which arrived here from France yesterday (April 15).
Secretary Mellon's trip it is understood was made solely
for the purpose of visiting his daughter who has been ill in
Paris. His departure for Europe was noted in these columns
March 26, page 1767.
Estates under Administration of Canadian Trust What the Federal Income Tax Returns for 1925 Show207 Income of $1,000,000 or More.
Companies Exceed a Billion Dollars.
Canadian trust companies now have one billion dollars of
estates under administration. The billion dollar mark was
touched with the close of 1926, it is shown by the annual
survey of Canadian trust company statistics Just completed
by the "Financial Post," Toronto. Estates under administration by Canadian trust companies at Dec. 31 1926 totaled
$1,046,117,537, as compared with $978,223,929 at the end of
1925. Total assets of the trust companies which would include in addition to estates, shareholders' funds and assets
held to protect deposits, debentures, etc., totaled $1,183,695,346, as compared with $1,096,741,235 a year ago. Figures
for all Canadian trust companies were obtained for the
"Financial Post's" survey.
Individuals with incomes amounting to $1,000,000 or more
were more numerous in the United States during the taxable
year 1925 than in any previous period, the Treasury Department showed on April 3 in making public statistics based on
net incomes reported for the year. There were 207 individuals included in the millionaire class, compared with 75
reporting in 1924. The 207 figure established a new high
record, the former mark of 206 having been made in 1916.
The number of returns of individuals for 1925 filed up to
Sept. 1 1926 was 3,953,976, the aggregate net income $21,189,850,118 and the net tax $731,377,191. As compared with the
returns filed for the calendar year 1921, the returns for 1925
show a decrease of 3,415,812, or 46.35%; also a decrease in
2230
THE CHRONICLE
total net income amounting to $4,466,303,336, or 17.41%, but
an increase of $27,111,801 in the total tax. The average net
income is $5,359.12, the average amount of tax $184.97 and
the average tax rate 3.45%. The 207 million-dollar or more
returns are classified as follows:
One hundred and four with incomes between $1,000,000 and $1,500,000.
Forty-three with incomes between $1,500,000 and $2,000,000.
Twenty-nine with incomes between $2,000,000 and $3,000,000.
Fifteen with incomes between $3,000,000 and $4,000,000.
Nine with incomes between $4,000,000 and $5,000,000.
Seven with incomes of $5,000,000 and over.
The millionaire class in previous years included:
Sixty in 1914, 120 in 1915, 206 in 1916, 141 in 1917, 67 in 1918, 85 in
1919, 33 in 1920, 21 in 1921, 67 in 1922, 74 in 1923, 75
in 1924.
The returns on 1925 incomes by classes follow:
NonTotal
NonTotal
taxable. Returns.
Income Classes- taxable. Returns.
83,519
98.178 $70,000 to 380,000_
3,550
478,981 993.490 80,000 to 90,000_
2,481
390,955 763,565 90,000 to 100,000_
1,868
488,730 732,819 100,000 to 150,000_
4,759
156,285 581,874 150,000 to 200,000_
1.757
9,783 163,708 200,000 to 250,000_
928
4,411 115,717 250,000 to 300,000_
537
2,824
86,738 300,000 to 400,000_
562
2,061
64,563 400,000 to 500,000_
330
1,734
52.156 500.000 to 750,000_
340
10,000 to 11,000_
39,008 750,000 to 1,000,000_
138
11,000 to 12,000_
31,943 1,000,000 to 1,500,000
104
12,000 to 13,000_
26.373 1,500,00010 2,000,000
43
13,000 to 14,000_
21,924 2.000,000 to 3,000.000
29
14,000 to 15,000_
18,362 3,000,000 to 4,000,000
15
15,000 to 20,000_
61,023 4,000,000 to 5,000,000
9
20,000 to 25,000_
33,229 5.000,000 and over,.,
7
25,000 to 30,000._
21,643
30,000 to 40,000_
24,438
Total
1 819,153 3,953.976
40,000 to 50.000_
12,910
50,000 to 80.000_7,781
60,000 to 70,000_
5,057 Taxable
2,334.823
Income Classes.
Under $1,000
$1,000 to $2,000._
2,000 to 3,000
3,000 to 4,000._
4,000 to 5,000
5,000 to 6,000
6,000 to 7,000._
7,000 to 8,000._
8,000 to 9,000._
9,000 to 10,000
Total income in individual returns, distributed by net
Income classes, follows:
Income ClassesUnder $1,000
$1,000 to $2,000
2,000 to 3,000
3,000 to 5,000
5.000 to 10,000
10,000 to 25,000
25,000 to 50,000
50,000 to 100,000
Total Income.
$148.320,513
1,924,799,212
2,182,090,860
5.968.794,284
3,892,693,882
4,037,332,300
2,332,478,043
1,606,357,741
Income Classes$100,000 to 3150,000____
150,000 to 300.000_
300.000 to 500,000._
500.000 to 1,000,000___
1,000,000 and over
Total
Total Income.
$650,394,557
741.675,030
386.442,254
386,332,949
465.011,633
$24,700,723,058
Large decreases in the number of Federal income taxpayers, coupled with a sizable increase in the amount of tax
collected, was noted by Ogden L. Mills, Acting Secretary of
the Treasury, in analyzing the statistics made public by the
Internal Revenue Bureau to-day. Mr. Mills pointed out
that three and a quarter million returns were knocked off
under this last tax bill and that in spite of this reduction
collections were 6% larger.
"The reason for this incongruity," Mr. Mills explained,
"Is that the large decrease in the number of taxable incomes
was confined to those with net incomes of less than $5,000,
while the number of those with net incomes in excess of
$5,000 increased." Thus about one-half of the taxes returned were returned by taxpayers with incomes in excess
of $95,000 a year. "In other words," said Mr. Mills, "ten
thousand persons paid as much in taxes as did the 2,337,000
other individuals who made taxable returns." "The preliminary report," said Mr. Mills, "further shows that the principal tax reduction effected by the 1926 Act was on income
from wages and salaries and that the least reduction was for
those whose incomes came from interest and investments."
Mr. Mills also noted that the report shows not only important increases in the number of taxpayers reporting incomes
In the higher brackets, but an actual increase in the tax
paid by these groups. Mr. Mills's statement is as follows:
The Treasury has collected during March 1927 on the basis of
the daily
Treasury statement, income taxes to the amount of $518,534,789.5
5, as compared wtih $499;628,789.29 collected in March 1926, or an increase of about
$17,000,000. Income taxes collected for the first nine months of
this fiscal
year aggregate $1,649,971,888.58. Based on these figures and those covering
miscellaneous internal revenue and customs, the Treasury estimate
of $3,426,000,000 of receipts from these sources during the fiscal year
1927, made
public in December, appears to be substantially correct.
The Bureau of Internal Revenue is making public to-day its preliminary
report of statistics of income for the calendar year 1925, compiled
from
returns filed up to Sept. 1 1926. This analysis is the first to
be made of
Income tax returns under the Revenue Act of 1926, and it reveals a number of significant facts resulting from the changes effected by that law.
As compared with approximately the similar period for 1924, the first
change to be noted is a large decrease in the number of income tax returns
made by individuals. During the preliminary period only 3,954,000 returns
were made for 1925, a falling off of 3,250,000 of returns. Of those making
returns, millions, of course, had no taxable income. For the full year 1924
of 7,369,788 individuals reporting, 4,489,698 made returns of taxable income. It is estimated that for the full year 1925 only, approximately,
2,400,000 in dividuals will return taxable income, or a decrease of about
2,000,000 taxable returns.
The total net income reported was about $4,500,000,000 less than was
reported by the preliminary report for the preceding year, while the income
of those with taxable income was reduced about $1,240,000,000. Yet, in
spite of this reduction, and in spite of lower tax rates, the tax collected
was about 6% greater. The reason for this incongruity is that the large
decrease in the number of taxable incomes was confined to those with net
Incomes of less than $5,000, while the number of those with net incomes
in excess of $5,000 increased
[VOL. 124.
82% of People Pay No Taxes.
Of the taxes returned, approximately one-half was returned by those with
net incomes in excess of $95,000; about 4%%, or $358,400,000,
was returned by those with net incomes in excess of $100,000. In other words,
10,000 persons paid as much in taxes as did the 2,337,000 other individuals
who made taxable returns. According to these preliminary returns
for the
income year 1925 .29 of 1% of the population pay over 95% of the individual income tax; 17% pay less than 5% of the tax and the remaining
82% pay no income tax.
In 1924 the average rate of tax of those reporting taxable income during
the preliminary period was 3.80%, while in 1925, in spite of the reduction
in rates, the average increased to 4.30%. This was due to the elimination
of 2,000,000 of the smaller payers. On 1925 income the average rate upon
those returning net income of from $1,000 to $2,000 was less than .26 of
1%; upon those returning net income from $3,000 to $5,000, .34 of 1%,
and upon those returning net income of from $5,000 to $10,000, .58 of 1%.
If we study the sources of income they clearly show that the principal tax
reduction effected by the Act of 1926 was on income from wages and salaries. Although the entire income of the people in 1925 was greater than in
1924 the total return of income for tax purposes was $4,500,000,000 less,
due largely to the entire exemption from income tax of over 40% of the
Income tax payers. Wages and salaries returned for 1925 were $4,400,000,000 less; the returns from business and partnerships about $970,000,000
less; from rents and royalties over $185,000,000 less; from interest and
Investments over $485,000,000 less. On the other hand, income derived
from the sale of property of all kinds, increased $860,000,000; from capital
gains $59,000,000 and from dividends over $164,000,000.
In connection with the sharp reduction of rates applicable to the larger
Incomes effected by the Revenue Act of 1926, it is interesting to note that
there were not only important increases in the number of taxpayers reporting incomes in the higher brackets, but an actual increase in the tax paid
by these groups. Thus the number of returns of income in excess of
$100,000 increased 68%; in excess of $300,000 104%, and in excess of
$1,000,000 over 179%, while on the other hand, the number of returns of
income in excess of $25,000 increased only 31%% and in excess of $5,000
/
2%.
but 161
At the same time incomes of $500,000 and over paid $31,000,000 more
taxes at the 20% surtax rate than they did at 40% and incomes in excess
of $100,000 $58,000,000 more. Incomes of $1,000,000 and over paid $20,000,000 more at 20% than they did at 40%.
The most striking increase, however, is that reported in income from sale
of property, which rose from $1,119,840,772 to $1,980,064,055, or an increase of $860,223,283. How much of this was due to anticipation of the
lower rate it is impossible to say.
The largest number of corporations making returns for any one year WAS
417,421 for the full income year 1924. The preliminary report gives the
number of returns for 1925 at 414,461. It is estimated that the completed
returns will increase this number to as many as for 1924. The preliminary
report for 1925 shows 244,544 corporations returning net income. This is
the largest number ever reporting net income. The net income of corporations for the year 1925 is returned at $9,036,680,163, which will be probably appreciably increased by the full year's returns. The tax returned for
1925 was $1,101,657,078, the largest corporation income tax, as distinguished from the excess profits tax, on record.
There were two reasons for this increase in the corporation tax-first,
the prosperity of the country, and, second, the increase in the corporation
tax rate, offset, however, by the elimination of the capital stock tax. The
tax for the year 1925 was imposed at the rate of 13% instead of 12%%, as
in 1924.
The prosperity of corporate industry was also indicated by the reports of
the 169,917 concerns reporting no net income, their combined deficits being
less than for any year since 1919.
Corporation Tax Rate Declared by Under Secretary of
Treasury Mills as "Out of Line."
At a testimonial dinner tendered to him at the Hotel
Astor, New York, on April 7, Ogden L. Mills, Under
Secretary of the Treasury addressed the gathering on the
subject of "Federal Finance" in which he discussed the
normal income yield and incidentally asserting the Corporation tax rate to be "out of line" and referring to that
as "one situation which I believe calls for a remedy." In
presenting what he had to say Mx. Mills said, "I want if
possible to speak as a private individual rather than as an
officer of the Government, and certainly in so far as I
make any observations they will present my own individual
views." In part he said:
We are approaching the end of the first full fiscal year during
which
the Revenue Act of 1926 has been in operation.
Moreover, with the
March returns in, we are in a position to begin to estimate its
yield as
applied to the income of two calendar years-1925 and 1926-both
of
them years of satisfactory prosperity.
I do not know that there is such a thing as a norman
business
year; consequently, it is somewhat hazardous to speak
of a normal
income tax yield. But it occurred to me that it might
be interesting,
by eliminating certain temporary factors, to attempt
an estimate of
what the Revenue Act of 1926 would yield on an average,
year in and
year out, given fairly prosperous and stable conditions,
always remembering that the estimate cannot in the very nature of
things be more
than an approximation, and that a decrease of as
little as 12% in
business activity would result in a variation in tax
receipts of as
high as a quarter of a billion dollars.
It is estimated that the income tax for the fiscal
year ending June
30 next will amount to about $2,215,000,000, which
I believe is a reasonably accurate figure, and that for the year 1928
it will be somewhat less, though the latter date is still too distant
to permit a safe
prophecy. But these figures include in 1927 some
280 millions of
back taxes, and in 1928 some 180 millions.
With the final settlement of the war taxes, back
taxes will tend to
diminish until it is hardly likely that we can look
to them for more
than 100 to 125 million a year. Taking this into
consideration,
it appears that our so-called normal income tax yield
under our present
law would be about $2,050,000,000.
Miscellaneous internal revenut receipts will aggregate this
year
about $620,000,000, but, with the gradual
diminution of estate tax
returns, will probably fluctuate somewhere around
$600,000,000.
We may expect to receive between 575 and 600
millions from customs-say 585 millions-and in addition can rely on
what is known as
APR. 16 1927.]
THE CHRONICLE
2231
draft conventions which we
Mr. President: The French and British
fortnight have unquestionhave now been engaged in examining for the past
to the solution of the disarmably constituted a noteworthy contribution
of the work of the Prestage
ament problem. Whereas in last year's
s we are necessarily engaged
paratory Commission and its sub-commission
these drafts now employ not"
in the discussion of technical questions,
ques-ions, but also the political views
only the attitude taken on technical
methods of solution of the
practical
of various Governments as to the most
of the limitation and reduction of armaments.
problem
company—
actual
ly
limited
comparative
a
becoming
s many delegations have
Income tax payers are
During the course of our present deliberation
of approximately 116,000,000.
some 2,400,000 out of a population
their technical views on points under disindividuals pay half the tax, or again found occasion to reaffirm
thousand
ten
2,400,000,
more engaged in conthese
and
of
more
And
cussion; nevertheless, we are becoming
problems which
as much as all of the other 2,390,000.
of the still more difficult and Involved political
sideration
pay
population
our
of
of
1%
.29
returns,
preliminary
According to
necessarily presents.
less than 5% and the preparation or a final draft convention
pay
17%
tax;
income
individual
the
submit an
of
useinlly
it could
over 95%
The American delegation hes nct felt that
the remaining 829'o pay no income tax at all.
but it has welcomed the presentation of the
convention,
draft
additional
low
indeed.
very
are
brackets
Moreover, the rates in the lower
value in that they Indicate
average tax drafts now before us, which are of the greatest
According to the returns for the calendar year 1925, the
and, further, the methods
to $10,000 was .58 how far certain Governments are disposed to go,
$5,000
from
of
income
net
returning
those
upon
issue.
which they feel can best solve the question at
of 1%.
schools of thought
certain
indicate
by a comIn a general way the drafts before us
It is possible to visualize the steady reduction of taxes
developed in the course of lengthy discussions as to the
been
have
acts.
which
revenue
last
three
the
of
each
under.
paid
amounts
parison of the
armaments. I might
without most acceptable methods of limiting and reducing
Under the 1918 Act, a married man without dependents and
work of the
the avowed purpose of these drafts and facilitate the
deductions, with a net income of $4,000 a year, paid $80 in taxes; best serve
on a type of
comments
frank
certain
time
this
at
offered
I
if
conference
and
$22.50;
Act,
1924
the
under
$60;
paid
under the 1921 Act, he
to those proprovisions common to both of them. I refer most particularly
under the 1926 Act, $5.63,
drafts which envisage utilizing the machinery and authority
It is obvious from these figures that a further increase in exemp- visions in both
treaty.
the of the League of Nations in carrying out the provisions of a final
tion or lowering of the normal rate will so limit the application of
income tax as to result in a pretty complete abandonment of the
America's Relation to the League.
theory that taxes should be levied in accordance with ability to pay.
the obvious conviction of
During the general discussion it was clearly
It will be contended, of course, that the $600,000,000 of customs
of many delegations that the solution of the armaments problem can best be
duties and the $500,000,000 and more, exclusive of the estate tax,
full measure the machinery and authority of
miscellaneous internal revenue receipts are consumption taxes paid by found through utilizing in Government, however, is deeply and genuinely
a
in
My
of
Nations.
course,
of
is,
This
the
League
burden.
equalize
to
the
tend
they
that
all, and
was shown throughout the
sensible of the friendliness and good-will which
measure true.
effort to deal in a practical manner with the problem
But I have observed that the most vociferous advocates of increased general discussion in an
United States is not a member of the League of
exemptions and of a constant limiting of the number of income tax- created by the fact that the
out in the discussion, this fact constituted a
the
brought
of
and
duties
was
import
As
of
reduced
champions
Nations.
the
also
payers are
confident, however, that if this problem cannot
repeal of the excise taxes. Their ideal of a tax system is an inverted difficult problem. I am
no lack of careful study and good-will.
pyramid resting on its point, rather than a symmetrical structure with be solved it will be through
members of the League, but
There are other Governments which are not
a broad base, supported by pillars varying in size in accordance with
t is the only one of them which is here represented.
of
his
GovGovernmen
the
to
support
to
contribute
American
citizen
the
each
of
ability
the
imposes very definite limitaThe fact that my Government is not a member
ernment.
which it is in a position to give in connection
In so far as the large taxpayers are concerned, it is interesting to tions as to the undertakings
In the course of the discussions in the Prenote that the reduction of the very high surtax rates was followed with a convention of this sort.
ions it has repeatedly been made
immediately by a notable increase in the number of individuals paratory Commission and its subcommiss acceptable to my Government,
to be
reporting in each class. Thus, the number of returns of income in clear that any convention, in order
it cannot,accept the jurisdiction of
excess of $100,000 increased 68%; in excess of $300,000, 104%; and must take full account of the fact that
a position to subscribe to internationin excess of $1,000,000, over 179%. This was accomplished by an the League,and further that it is not in
Incomes of $100,000 and al agreements based on supervision or control.
increase in taxes paid by these groups.
above referred to the deleIt will be recalled that in the discussions
over paid $58,000,000 more at the low rate than at the high one; of
Chile,
and
incomes of $1,000,000 gates of the United States, as well as those of the British Empire,
$500,000 and over, paid $31,000,000 more;
of armaments by an
Italy, Japan and Sweden, set forth vision or control
and over, $20,000,000 more at 20% than at 40%.
; they
impractical
and
heated
It is too early to say, "We told you so," since the growing prosperity International body would be extremely comp
measures would be more calculated
of the country was an unquestionable and weighty factor; but Cer- also affirmed their conviction that such
inand suspicion between States than to create the spirit of
tainly the charge of the radicals that we were sacrificing the interests to foment
of the most important results of
of the Treasury to those of the very rich has been anything but sus- ternational confidence, which should be one
the
that
and
of armaments,
tained. And, irrespective of the returns of any given year, all experi- any agreement for the reduction and limitation
the good faith of nations
ence shows that more can be collected at a reasonable and fair rate execution of any convention must depend upon
obligations.
treaty
their
scrupulously to carry out
than at an exorbitant one.
the detailed
I will not take up the time of the commission in reviewing
But there is one situation which I believe calls for remedy. The
or control,
objections of these delegates to any such form of supervision
corporation tax rate is out of line.
that our
clear
it
make
I am not speaking so much from the standpoint of the corpora- but I should be wanting in frankness if I did not
for our unwillingness
tions, which, on the whole, appear to be prosperous, though, if we non-membership in the League is not the only reason
include taxes paid States and local units, they are certainly bearing a to accept measures of this character.
them unsound and
We are opposed to them primarily because we believe
heavy burden. In 1923, for every dollar paid stockholders, the various
that the only pracunworkable. We cannot divest ourselves of the idea
governments receive 62 cents.
the most effective sort
But I am speaking from the standpoint of the small stockholder of tical way to disarm is actually to disarm, and that
t provisions upon which
moderate means, and of the stockholder of moderate means even if his of treaty is one which specifies the disarmamen
good faith the enforcestock holdings in a small corporation are large. The matter is of Governments are able to agree and leaves to their
real importance because of the present widespread investment in cor- ment of these provisions.
porate stock on the part of millions whose income is strictly limited.
Example of Existing Naval Treaty.
Falling, as their income does, in the lower brackets, they would not
that there is a
In this connection I desire to remind the commission
be taxed where it derived from personal exertions, from real property
for four years and which,
or from other sources, at more than 1% or 2%; but, through the disarmament treaty which has now been in effect
al good faith, has
corporation their proportionate share in the income of the latter is dependent for its enforcement solely upon internation
and
now taxed at 13%%. Formerly, when the normal tax rate and the been observed by all the high contracting parties in the most faithful
corporation rate were the same, the exemption of dividends from normal scrupulous manner.
again
up
open
to
attempting
tax took care of this situation. But this is no longer true.
I trust it will be understood that I am not
I am not here to suggest a remedy at this time, but to call your the whole question here involved. I believe it, however, my duty to state
best method of
and
thought
demands
that
study.
a
Finally,
situation
to
attention
fully and frankly the opinion of my Government as to the
on
let me add what I have had occasion to say before. The real tax enforcement of international conventions irrespective of the considerati
problem of the country is no longer in Washington, but in the State that it is not a member of the League of Nations.
the framCapitols, in the city halls and county seats throughout the country.
Nevertheless, this non-membership is a fact which bears upon
part, and I feel
Turn your eyes homeward. Much remains to be done there.
ing of any convention in which my Government is to take
to this fact.
it advisable at the present moment once more to call attention
have referred in very friendly terms to their
colleagues
my
of
number
A
American Views on League of Nation's Disarmament anxiety to draw up a text which can be accepted by my Government. M.
draft, described
Commission Outlined at Geneva by Minister
Paul Boncour, in his admirable'presentation of the French
efficacy of the League
the efforts he had made to reconcile his belief in the
Gibson.—Attitude of United States Governauthority with his desire to bring America into the final treaty.
ment Modified.
Lord Cecil's
We are deeply sensible of his friendly spirit. In examining
same spirit.
In a speech delivered Wednesday, April 13, before the draft it is obvious that he has been animated bytothe
find some solution of the
My Government on its part is mos., anxious
commends
League of Nations Preparatory Disarmament Commission, problem
which will enable it to accept a draft convention which
American Minister Hugh S. Gibson modified the position itself to the other members of this commission as effective and desirable.
types of conI realize that there is a broad difference in the possible
of the United States government and restored a measure of
there is the type of
ventions which might be drawn up. On the one band
of
attitude
The
this
in which
governgs.
accept,
to
the proceedin
harmony
to
convention which some delegation here might be ready
ment has been that it could not join in a disarmament agree- they would utilize in a very extended form the authority and supervision of
ment that provided for League of Nations or other inter- the League.
would be acceptable
the other extreme is the form of convention which
al convention binding as
national supervision. Mr. Gibson made it plain that the toAt
my Government, namely, a general internation fulfillment solely upon
for its
American government, though still adhering to its views between the contracting parties and depending
recourse to any
and respect for treaties without
faith
good
l
internationa
would
,
concerned
ess
beas
neverthel
was
America
insofar
international agency for its enforcement.
the reasons
clarity,
on
adequate
but
condition that the
come a party to such a treaty,
I have already set forth, and I trust with
l superto any measures of internationa
United States would not be subject to international super- why my Government is opposed
attempt to control, direct,
of the opinion that any
firmly
remains
and
vision
nt
our
will
of
that
governme
n
party
the
vision. It is the contentio
of a high contracting
investigate or inquire within the territory
observance of traaties should be based on international Inevitably tend to foster mistrust and suspicion and take us further away
than ever from our common goal.
good faith.
to affirm the belief of my GovI am. therefore, constrained once more
we are now attempting to frame
The text of Minister Gibson's remarks before the Prepara- ernment
that a convention ofthe kind which
the good faith of each Government.
tory Commission, as furnishediby the State Department, should confine itself to provisions of
that all the other members of this
Nevertheless, I fully recognize the fact
millions, even after such
miscellaneous receipts of something over 500
61 millions from farm
items as 50 millions from railroad securities,
to the Treasury by the War
loan bonds, and the return of 25 millions
year, are no longer
this
Finance Corporation, all of which appear
nonrecurring resources.
available, and they are for the most part
we may rely, roughly
Assuming these estimates to be fairly accurate,
$3,750,000,000.
speaking, on so-called normal total receipts of
was as follows:
2232
THE CHRONICLE
commission are at the same time members of the
League. If they are able
to reach agreement among themselves on measures for
utilization of League
machinery and believe that they will be efficacious,
we would not stand in the
way of their adopting such measures as they may deem
desira Jle, no matter
how impracticable they may appear to us.
•
If, therefore, all the other Governments here represen
ted desire the maChinery of an international body to deal with the
enforcement of the treaty
and insist upon it for themselves, and if any way
can be found to accomplish
what they desire for themselves and at the same
time to eliminate the feature
of international machinery so far as the United
States is concerned, my
Government is ready to co-operate with them
in a sincere endeavor to solve
that problem.
ProL. 124.
building at Wall and William streets which will
require a
considerable investment. It is expected that
if stockholders
approve of the increase in capital, quarterly
dividends at
the rate of 18% per annum on the increased
capital can be
paid beginning July 1 1927. A meeting of the
stockholders
has been called for April 29 to vote on
the question of
increase.
A gross estate of $4,029,563 was left by John
A. Stewart,
Chairman of the Board of the United States
Trust Co. of
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
New York, who died on Dec. 17 last at the age of
104 years,
The New York Stock Exchange which was closed yester- according to an apprai
sal by Deputy Tax Commissioner
day (April 15) in observance of Good Friday, will be open Maurice A. Stephenson.
The New York "Times" of March
to-day (Saturday). The New York Produce Exchange, 31, from which this
was learned, said:
which
also remained closed yesterday, will likewise be open
to-day. The New York Cotton Exchange and the New
York Coffee & Sugar Exchange decided to close both days.
The New Orleans Cotton Exchange also announced susa
pension of business on Good Friday and to-day (Satur
day).
Beginning with April 25, the New Orleans Cotton Exchan
ge
will observe summer hours, opening at 8 a. in. and closing
at 1 p. in. daily, except Saturdays, when the closing
hour
will be 10 a. m.
Regarding the status of discussions incident to a possible
merger of the Bank of Manhattan Co. and the Seaboa
rd
National Bank of this city (referred to in these column
s
April 2, page 1931), we quote the following from the
New
York "Times" of yesterday (April 15):
Following the circulation of conflicting rumors
concerning plans for
consolidation of the Bank of the Manhattan Co. and the
Seaboard National
Bank, which kept the financial district guessing all morning
, the following
authoritative facts were learned yesterday:
Negotiations for a merger have not been broken off.
Conversations are
a= progressing between the heads of the two institutions.
The situation
has not changed appreciably in the last two weeks.
An agreement still
is to be reached concerning important details. It is
uncertain at present
whether the plans for a merger can be carried through.
Stephen Baker, President of the Bank of the Manhatt
an Co., and
Chen's Austin, President of the Seaboard National Bank,
refused to comment on the reports, other than to say that no statemen
ts had been
authorized by them.
Rinaldo Stropp-Qua.glia, who is in charge of the Italian
business affairs of J. A. Sisto St Co., was received in Rome
by His Majesty, Victor Emmanuel, the King of Italy,
and
Finance Minister Volpi, according to advices to the
firm
here. Mr. Stropp-Quaglia was formerly a member of
the
Italian Peace Commission at Versailles and was also
associated with Vice-President Dawes on the Inter-Allied
Military Supply Commission.
Three New York State Exchange memberships were reported posted for transfer this week—that of Frank
E.
Brumley to Ira Haupt, consideration, $180,000; that of
Lynford M. Dickinson, deceased, to Neil G. Finch, consideration, $175,000, and that of William A. Brumle
y,
deceased, to William H. Hays Jr., consideration, $170,0
00.
Last preceding sale, $170,000.
The New York Cotton Exchange membership of Malcol
m
H. Reed was reported sold this week to Richard T. Harris
s
for another, for $28,000. This is the same as the last
pre-.
ceding sale.
Although Mr. Stewart had debts of only $7,777,
which were for current
expenses, the estate was reduced to $3,714,288 by
$66,801 for funeral and
administration expenses, and $240,701 commissi
ons to the executor. He
left the entire estate to relatives except $75,000
to Princeton to be paid
after the death of his widow, Mary Capron Stewart,
who gets $30,000 a year,
and $5,000 to three servants.
Mr. Stewart's simplicity in his manner of living was
shown by the fact
that his entire personal effects were worth only
$345. They included a
gold watch, $75; gold pencil, $10; cuff links and
scarf pin, $5 each; cloth.
ing, $150, and silver loving cup presented in
1902, worth $100. He had
$55,932 in cash, but owned no real estate. A month's
salary of $2,083 was
due from the United States Trust Co.
The American Exchange Irving Trust Co. of New
York
announced on April 12 the election of an Advisory Board
for
its Twenty-first Street office, which is to be opened
Monday, April 18, at the northwest corner of Fifth
Avenue and
21st Street. The membership of the Board follow
s:
0. II. Cheney, Vice-President; William Goldman, President of Cohen,
Goldman & Co., Inc.; Adam K. Luke, Treasure
r of the West Virginia Pulp
& Paper Co.; Aaron Naumberg, President
of Jonas & Naumburg Corporation; Charles Pinnell, President of Fred
Butterfield & Co., Inc.; R. H.
Reiss, Treasurer of the International Tailorin
g Co.; Harry E. Ward, President; Arthur Williams, Vice-President
of the New York Edison Co., and
John Williams, Vice-President.
Announcement was also made of the election of
Max L.
1%lasius, Assistant Treasurer of Seeman
Bros., Inc., to the
Advisory Board of the company's Aetna
office, West Broadway at Chambers Street, and of Perry B.
Frank, Treasurer
of John Weber, Inc., to the Advisory Board
of the Eighth
Street office, Broadway at Eighth Street.
Archibald C. Emery, President of the Hamilt
on National
Bank, 130 West 42d Street, New York City,
announced this
week the election of Luther G. McConnell as Vice
-President
of the bank. The,appointment of Mr. McConnell,
Mr. Emery
said, is in line with the bank's policy of injecti
ng into the
institution men who haVe been successful in
commercial
fields as well as those experienced only
along practical
banking lines. Mr. McConnell was formerly
affiliated with
the North American Cement Co., of which
he was VicePresident up to the time of joining the
executive staff of
the banking institution. Shortly after
graduating from
Columbia University, in June 1910, Mr. McConn
ell became
affiliated with the Atlas Portland Cement
Co., with which
organization he remained for twelve years
in variou
s capacities. In 1922 and up to 1926 Mr. McConn
ell continued
in the cement business as Secretary and
Treasurer of the
Acme Cement Corporation of Catskill,
N. Y., which corporation was sold in 1926 to the North
American Cement Corporation.
It was announced on April 13 that Jose Emilio Obregon,
G. P. Beal, heretofore Treasurer of
J. Henry
son-in-law of President Gerado Machado of Cuba
will be- Banking Corporation of New York, was elected Schroder
Vice-Presicome associated with the Chase National Bank of this city dent
and Treasurer of the organization
on April 12. It is
In Cuba.
announ
Baron de VitroIles, Consul General of France at Montreal,
announces that the Government of the French Republic has
made Sir Frederick Williams-Taylor, General Manager of
the Bank of Montreal, an officer of the Legion of Honor.
The Baron states that Sir Frederick has been honored because
of his interest in French matters in Canada. As a philanthropist he aided the numerous French organizations and,
during the war and since, he continued his active assistance
along similar lines.
At a meeting of the Board of Trustees 'of the Bank of
New York it Trust Co. held on April 12 it was decided to
recommend to the stockholders that the capital stock be increased from $4,000,000 par value to $6,000,000 par value,
and that a 50% stock dividend be paid to the stockholders
out of such increase when authorized. The Board of Trustees consider this readjustment of the capital account
de!Arable in view of the beginning of construction of
a new
ced that John McHugh, President of the
Chase National Bank, was elected a director of
the same corporation, succeeding Gates W. McGarrah,
who has resigned because of his appointment as Chairm
an of the Federal Reserve Bank of New 'York.
Ellis Weston, Manager of the Ridgew
ood office of the
Bank of the Manhattan Co., was on April
12 promoted to
the position of Assistant Vice-President
in charge of the
Jamaica office. James McCron Jr. has
been appointed'
temporary Manager of the Ridgewood office
to succeed Mr.
Weston.
The Globe Exchange Bank of New York
opened its new
home in its six-story bank and office buildin
g at 815 Broadway, corner of Ellery Street, near Flushing
Avenue, Brooklyn, on Monday, April 4. The building,
erected at a cost
close to $1,000,000, is of fireproof construction.
The style of
architecture is Italian Renaissance. The
exterior walls are
of granite base and limestone, with brick and
stone trim.
APR. 16
1927.1
THE CHRONICLE
The officers of the bank are Isaac Levin, President; Morris
Walzer, Vice-President; Alpheus M. Mangam, Cashier; Jean
Pen, Louis Levine and Harry C. Naylor, Assistant Cashiers.
The directors are Max Blumberg, Jacob Davis, A. A. Edelman, Aaron Hurwitz, Isaac Levin, Alpheus M. Mangam,
Jacob Rosen, Mortimer Schwager, John Sklar, Morris Walzer and Michael Weinsier.
2233
zation committee of the bank consists of Wilmot E. Fanning, Chairman; Ernst C. Waldeck, Nathan Greenbaum,
Rudolph Bauer, David Dolinsky and Samuel Schreiber. The
institution will have a capital of $200,000 and a surplus of
$60,000. The stock, $100 per share, is being placed at $135.
The bank will locate at 8523 Bay Parkway, corner of 86th
Street.
The Brooklyn "Eagle" on March 28 stated that a moveThe National Bank of Commerce in New York announces
was on foot to buy control of Nassau National Bank
ment
Assistant
heretofore
Graves,
the appointment of W. Sproull
It added that a communication had been sent
Brooklyn.
of
Cashier, to be Setond Vice-President, and Marshall B. Hall
stockholders to buy 7,500 shares at $350 and that
present
to
to be Assistant Cashier.
the offer was said to be for account of a New York trust
Richard Batchelder Young, former Vice-President and company. The same paper in its March 29 issue said in
director of E. H. Rollins & Sons, died on April 12 at the part:
The possibility of the sale of control of the Nassau National Bank of
Hotel Plaza, New York City. Mr. Young was born in Dover,
Brooklyn, which was forecast yesterday in the offer of a broker to buy
N. H., May 17 1869. He was educated at Exeter, and moved 7,500 shares at $350 a share, was not taken seriously in banking circles
to Cincinnati in 1888, when his father, Colonel Andrew H. to-day. Rather, the operation was looked upon as an astute operation of
in making a market for the stock.
Young, U. S. Army, was appointed in command at Fort theG.broker
Foster Smith, President of the Nassau National Bank, again reiterated
Thomas, Kentucky. He was graduated from the Cincinnati his denial that there were any negotiations now going on for the sale of the
Law School and shortly afterwards, in 1890, became asso- bank. "I wish to make this denial as emphatic as possible," he said.
In banking circles it was pointed out that the offer of the broker to buy
ciated with the Boston office of E. H. Rollins & Sons. He
the stock at $350 a share was contingent on his getting 7,500 shares, which
eventually became traveling representative for the firm, would amount to a controlling interest.
In other words, he was merely giving options to buy the stock at that
covering a territory extending from Bangor, Me., to BaltiIf he were successful in getting options giving him control he
more, Md., and as far west as Ohio. In 1892 Mr. Young figure.
would be in a position to reap a handsome profit, because he could easily
and
headquarters,
his
firm
the
of
office
York
New
made the
dispose of the control to a number of Manhattan banks at a figure in the
in 1896 was elected a director. In April 1902 he was made neighborhood of $450.
If, on the other hand, he did not get options on a controlling interest he
Vice-President and, until his retirement from active busi- would lose nothing but his effort and would have gained considerable pubhis
under
was
office
York
New
the
1925,
ness, in October
licity and a better market to dispose of some stock which he might have
supervision. Although retired from active direction, Mr. acquired before the operation was started.
Young continued his association with the firm until the
Augustus C. Froeb, Treasurer of the Holland Laundry,
time of his death. Through a lifetime with one firm, he
was always known to his associates as a great liberalizing Inc., was elected a director of the First National Bank of
force, standing continuously for the highest business ethics, Brooklyn on April 8, according to the Brooklyn "Eagle" of
the most constructive programs and the most generous in- that date.
ternal policies. He was one of the principal factors in the
A charter was issued to the Prospect National Bank of
building of the business. Services will be held at the Central Presbyterian Church, Madison Avenue at 57th Street, Brooklyn by the Comptroller of the Currency on March 31.
The institution has a capital of $500,000. The officers of the
this (Saturday) afternoon, April 16, at 4.30 o'clock.
bank are:
Chairman of the Board of Directors, Donald G. C. Sinclair; President,
Deposits of the Chelsea Exchange Bank totaled $19,575,Maurice F. Hickey; Vice-Presidents, Philip L. Dickinson, Christian E.
the
for
$1,935,709
of
increase
an
518 as of March 31 1927,
Herbst, Harry Michaels.
quarter, and of $3,008,934 for the year. Resources totaled
Items regarding the organization of the bank appeared
$22,887,891 for March 31 1927, an increase of $2,384,939 for In these columns Sept. 25 1926, page 1590, and March 19
the first quarter and $2,513,406 for the year.
11)27, page 1622.
At a regular meeting of the board of directors of the First
National Bank of Brooklyn, held April 8, Augustus C. Froeb,
Treasurer of the Holland Laundry, Inc., was elected a directorrof the bank. Mr. Froeb is a son of Charles Froeb,
President of the Lincoln Savings Bank, and has been prominent in civic and political activities in Brooklyn for many
years. He is a director of the Bushwick Hospital, and also
of the Industrial Home for the Blind. Mr. Froeb was a
member of the Class of 1902 of Polytechnic Institute.
C. Ludwig Bauman was appointed Vice-President of the
Granite National Bank of Brooklyn on April 7. Mr. Bauman has been a director of the bank since its organization
in 1926 and is President and Treasurer of C. Ludwig Bauman & Co.
An application to organize the West Hempstead National
Bank of West Hempstead, N. Y., was received by the Comptroller of the Currency on March 11. The institution will
--4-have a capital of $50,000 and surplus of $25,000; the stock
The"newly organized Flatbush National Bank of Brooklyn in $100 shares is being placed at $250 per share.
formally opened for business in its banking quarters at 830
Flatbush Avenue on April 12. The institution has a capital
Advices from Le Roy, N. Y., on April 6, printed in the
ofi$300,000 and a surplus of $200,000. The bank is headed Buffalo "Courier" of the following day, stated that the
by/John E. Biggins, President of J. E. Biggins Co. Paul B. Marine Trust Co. of Buffalo had acquired a substantial
Roura and Aaron William Levy are Vice-Presidents, and stock interest in the Bank of Le Roy, and that George E.
Francis A. Fullam is Cashier. The bank is owned and Becker, a Vice-President of the Marine Trust Co., had been
officered by Flatbush residents. The organization of the elected a director of the Le Roy institution and expected to
bank was noted in our issue of June 5, 1926.
take an active interest in its affairs. The officers of the
Bank of Le Roy (which is owned and managed by local
W. E. Fanning, Chairman of the Executive Committee of interests) are as follows: Howard Prentice, President;
the Bensonhurst National Bank of Brooklyn, now in process Frank E. Chaddock, Vice-President; William H. Bishop,
of organization, announced on March 27 the election of Dr. Cashier, and Fred W. Sturm and Mrs. Mabel C. Curtis,
Philip I. Nash and Harold Watson to the board of directors. Assistant Cashiers.
Mr. Watson is a member of the firm of Watson, Kristeller &
An application to organize the Frontier National Bank
Swift, director of the Midwood Trust Co. and trustee of the
Kings Highway Savings Bank. Dr. Nash is a director and of Buffalo, N. Y., was approved by the Comptroller of the
member of the Executive Committee of the Bank of Coney Currency on March 31. The institution will have a capital
Island, President of the Coney Island Chamber of Com- of $200,000 and surplus of $50,000. Its stock, par, is being
merce and is connected with various other corporations. placed at $125 per Share. The following will be the officers
It was also recently announced that K. Teipel, President of of the bank. Edw. J. Meyer, President; August C. Baetzthe Longacre Bank, had been elected to the board. The fol- hold, Vice-President, and Raymond P. HummelL Vicelowing is the complete list of directors: Wilmot E. Fan- President and Cashier. The institution will be located at
ning, Rudolph Bauer, Samuel Bloom, David Dolinsky, Na- 225 Genesee Street, corner Michigan Avenue. It will begin
than Greenbaum, Albert A. Sarafan, Samuel Schreiber, business about June 1.
Frederick K. Teipel, Ernst Charles Waldeck, William GottA dividend of 3% and an extra dividend of % of 1% was
lieb, Philip I. Nash and Harold D. Watson. The Bensonhurst National Bank received the approval of the Comp- declared by the directors of the Hartford-Aetna National
to stockholders of
troller of the Currency to organize last JulY. The organi- Bank of Hartford, payable April 1 1927,.
A
2234
THE CHRONICLE
[Vou 124.
record at the close of business March 24 1927. With the ing to advices from that city on
April 8 to the New York
payment of this dividend the stockholders will have re- "Journal of Commerce."
ceived in cash dividends $7,527,048 since the institution became a national bank in 1865.
The Newark "News" of April 6 reported that the respective directors of the Savings Investment & Trust Co. of East
Walter M. Parker, President of the Manchester National Orange, with a branch office in South Orange; the newly
Bank of Manchester, N. H., died at his home on March 25. organized Central Trust Co. of East Orange, which opened
Mr. Parker was 77 years of age and was a graduate of Dart- April 9, and the East Orange Bank, East Orange, on April 5
mouth College. He became associated with the bank as a unanimously agreed to merge the institutions into one bank
clerk and succeeded his father as President of the Man- under the title of the Savings Investment & Trust Co. A
chester National Bank at the latter's death in 1894. Mr. meeting of the stockholders of the three banks will be held
Parker was also a director of the Boston & Maine Railroad on April 20 to ratify the action of the directors and, if apand Vice-President of the New Hampshire Fire Insurance proved, the proposed consolidation will go into effect on
May 16. Under the merger plan, it is understood, the stockCo.
holders of the East Orange Bank and the Central Trust Co.
In its issue of April 13, the Hartford "Courant" stated will exchange their holdings share for share for stock in the
that the directors of the Capitol National Co. (an affiliated Savings Investment & Trust Co. by surrendering their presinstitution of the new Capitol National Bank of Hartford) ent stock and paying the difference in value in cash. The
at a meeting held the previous night voted to increase the enlarged bank will have a capital of $1,500,000, with surplus
number of shares of stuck from 3,000 to 4,500. The entire well over $1,000,000 and total resources in excess of $25,000,issue of 1,500 shares it was stated, will be taken by Kidder, 000. It will have three branches in addition to its main
Peabody & Co. and the Capitol National Co. will become office in the Brick Church Section of East Orange. The
their correspondents in Hartford. Ernest J. Eddy, of the East Orange Bank, at Main Street and Hollywood Avenue,
firm of Eddy & Leavenworth, Inc. (the Hartford represen- East Orange, will be known as the Hollywood Avenue office;
tatives of Kidder, Peabody & Co.) was elected, it was the Central Trtist Co., at Central Avenue and Harrison
stated, Chairman of the Board of the Capitol National Co. Street, East Orange, as the Central Avenue office, and the
and also of the Capital National Bank at meetings of their present branch of the Savings Investment & Trust Co. at 14
respective directorates. A meeting of the stockholders of South Orange Avenue, will be known as the South Orange
the Capitol National Co. will be convened shortly to ratify office. Harry H. Thomas is President of all three banks,
the action of the directors. At the conclusion of the direc- and it is expected, it is said, that he will head the enlarged
tors' meeting, Arthur L. Shipman, general'counsel for both institution. The Savings Investment & Trust Co. was organized in 1892, while the East Orange Bank was founded
the bank and the company, said:
The directors voted to increase the stock of the Capitol National Co. in 1905. Reference was made to the new Central Trust
Co.
In such a way that the increase of one-third ofthe aggregate
-1,500 shares— in the "Chronicle" of Feb. 19, page 1007.
Will be sold by the directors without offering to the existing stockholders
or to the voting receipt holders whom they represented. The ultimate
purpose is that such stock, which will be one-third Interest In the total
stock of the company-4,500 shares—will be acquired by Kidder, Peabody
& Co., which they will hold for themselves and E. J. Eddy, who is interested In the purchase. Mr. Eddy becomes Chairman of the Board
of both the bank and the company and will transfer to the company the
business of Eddy, Leavenworth & Co., Inc., on its liquidation. The
Capitol National Co. will act as correspondents in Hartford for Kidder,
Peabody & Co. This will be submitted to the stockholders in a few days.
It will thus been seen that the stock in the bank is undisturbed so far
as
the company is concerned, the firm of Kidder. Peabody & Co.
acquiring
but a fractional interest. The management remains as heretofore,
the
directors, all of Whom are Hartford people, and membership of the bank
and company directorates being identical.
Mr. Eddy, the "Courant" furthermore stated, has been
a representative of Kidder, Peabody & Co. since 1926, and
has been associated with that firm for 27 years. He was
born in Worcester, Mass., and is a graduate of Dartmouth
College, class of 1901.
The Captiol National Bank had an auspicious opening on
March 28 in the Capitol Building at the corner of Asylum
and High streets. The "Courant" of the following day
reported that at the closing hour the commercial deposits
amounted to $1,032,000 and that during the later hours,
when the bank kept open house, visitors insisted on opening
accounts and the total increased. About $50,000 additional
in savings accounts were also received on the opening day
it is undertood. The institution is capitalized at $300,000
and has a surplus fund of $200,000. C. P. Tomlinson is
President with E. F. Dustin, William A. Sanborn, James
N. H. Campbell and C. S. Timberlake, Vice-Presidents,
and Calvin C. Bolles, Cashier. The Capitol National Co.
opened on the same date (March 28). E. F. Dustin is
President. Reference to the organization of the Capitol
National Bank was made in the "Chronicle" of Feb. 26,
page 1176.
John C. Eisele, Chairman of the Board of the Washington Trust Co. of Newark, N. J., and one of the prominent
business men of that city, died suddenly of a heart attack In
the Washington Trust Building on April 7. When stricken
he was apparently in the best of health and had just presided at a meeting of the directors of the company. The
deceased banker, who was 67 years of age, was educated in
the public schools of Newark. He then entered a mercantile
establishment, which he later left to engage in the insurance
business. At one time he was Manager of the Newark
office of the Equitable Life Assurance Society. Together
with Nathaniel King in 1894 he founded the firm of Eisele
& King, insurance brokers. They later gave up the insurance business and became stock brokers. In 1913 Mr. Eisele
organized the Washington Trust Co., serving as its President and subsequently becoming Chairman of the Board—
the position he held at his death. Among his numerous and
varied interests, Mr. Eisele was Treasurer of the Fox Film
Corporation, in the organization of which he had been
active, a director of the West Side Trust Co., Fidelity Union
Trust Co., Security Savings Bank of Newark and the Public National Bank of New York. Mr. Eisele served
one term
as a member of the New Jersey Assembly, being elected
in
1894.
The Guardian Trust Co. of New Jersey, at Newark, in
its
report published in connection with the call of condition
on
March 23, shows total resources of $19,591,945, a new
high
record for the institution, comparing with $19,568,29
2 reported at the close of business Dec. 31 1926. Total deposits
amounted to $10,513,695. The detailed statement of
condition showed time loans aggregating $1,893,141, discounts
totaled $9,980,344, demand loans $1,135,701, stocks and bonds
$4,274,232, bonds and mortgages $150,095, cash on hand
$1,519,015, customers' acceptance liability $213,243 and other
assets $426,171.
Capital and surplus of $5,000,000 and
$2,500,000, respectively, were unchanged compared with the
last report. Organization fund (unexpended)
was shown as
$300,000, undivided profits $178,533, unearned discount $94,246, acceptances $263,182, rediscounts $722,582 and other
liabilities $19,604.
On Wednesday of this week (April 13) the National
Shawmut Bank of Boston took over the business and deposits of the Citizens' National Bank of that city. Both
the main office of the acquired bank at 179 Summer Street
and its branch office at 148 State Street will hereafter be
maintained as branches of the National Shawmut. The
Citizens' National Bank was organized in 1919 and had
total deposits of more than $8,000,000. At their meeting
on April 12 more than two-thirds of the stockholders assented to the transfer of the business to the National ShawOn March 21 L. E. Ayres was appointed Assistant Secremut Bank.
tary of the Merchants Trust Co. of Newark, N. J. The conversion of the institution from a national bank was
recently
At a meeting of the directors of the Second National Bank effected. It had operated under
the name of Merchants &
of Boston on April 7 John F. Tinsley, Vice-President and Manufacturers
National Bank and its national charter was
General Manager of the Crompton & Knowles Loom Works, surrendered on
March 19. The stockholders authorized the
of Worcester, was elected to the board of directors, accord- change on Feb.
21. The national bank had a capital of
Am. 161927.]
TAR
CHRONICLE
$1,350,000. With its change to a trust company the capital
of the institution is continued at $1,350,000.
2235
The Provident Trust Co. Is capitalized at $2,000,000 and
has total resources of $29,823,532; while the Commonwealth
Title Insurance & Trust Co. is capitalized at $1,500,000 and
has total resources of close to $19,000,000. The main office
of the first mentioned bank is at Fourth and Chestnut
streets, with a branch office in Chestnut Street, west of
15th Street. It has in course of construction a new bank and
office building at the corner of 17th and Chestnut streets.
The Commonwealth company's office is at 12th and Chest-
Robert W. Sims, Comptroller of the Savings Investment
& Trust Co. of East Orange, N. J., has been appointed Secretary and Treasurer of the Central Trust Co. of Essex
County at East Orange, N. J., which opened for business on
April 9 at Central Avenue and Harrison Street, East Orange,
N. J. Harry H. Thomas is President of the Central Trust
and David Inglis is Vice-President. The institution starts nut streets.
A number of Philadelphia's financial, industrial, legal
with a capital of $250,000; Surplus of $100,000, and undicommercial leaders are members of the boards of direcand
vided profits of $25,000.
tors of the two institutions. Among those on the Provident
The Citizens National Bank of Englewood, N. J., has company's directorate are:
Asa S. Wing, Morris R. Bockius, Levi L. Rue, J. Whitall Nicholson,
changed its name, effective April 1, to the "Citizens National
Parker S. Williams, George H. Frazier, Charles J. Rhoads, George R.
Bank & Trust Co. of Englewood."
Packard, Joseph Wayne Jr., Charles W. Welsh, J. Barton Townsend, Joseph
B. Townsend Jr., Richard D. Wood and Charles F. Jenkins.
The National Newark & Essex Banking Co. of Newark
opened its first branch on April 11 in temporary quarters at
165 Ferry Street, near the corner of Van Buren Street. A
new building is in process of erection at the corner of Ferry
and Van Buren streets. Since the branch is located in the
Ironbound section of Newark, it will be called the Ironbound
branch. The establishment of the branch is effected under
the McFadden bill recently passed by Congress authorizing
branch banking. It is the first such branch bank opened
in Newark. The National Newark & Essex Banking Co.
dates back to the early days of New Jersey's history. When
the Clermont sailed up the Hudson River the bank, it is
stated, had been in operation for several years. The Newark Banking & Insurance Co., which was its original name,
founded in 1804, was the first bank in New Jersey and the
first insurance company in New Jersey.
Dimner Beeber is Chairman of the Commonwealth company's board. Other members include:
John C. Eisele, Chairman of the Board of the Washington
Trustro. of Newark, N. J., died on April 7. Mr. Eisele
was sixty-six years of age. He was senior member of the
New York Stock Exchange firm of Eisele & King, President
of the Lincoln Building & Loan Association which he founded
in 1889, President of the Norfolk Building & Loan Associa:
tion, Vice-President of the I. Lewis Cigar Manufacturing Co.
of Newark, Treasurer of the Fox Film Corporation, and a
director of the West Side Trust Co., Fidelity Union Trust
Co., Security Savings Bank, all of Newark, and the Public
NationaliBank of New York.
The Mutual Trust Co. was organized nineteen years ago
and at present has total resources of $11,068,982. Samuel
F. Scattergood heads the institution.
Francis E. Brewster, John T. Windrim, Edward A. Schmidt, Frederick
McOwen, Joshua R. Morgan, Nathan Hayward, Malcolm Lloyd Jr., Alexander D. Irwin, Andrew T. Kay, Charles J. Biddle, Arthur B. Huey, John H.
Craven, Walter C. Redding and Charles K. Zug.
On April 4 the Mutual Trus- t Co. of Philadelphia formally
opened its new bank and office building at 1518 Walnut
Street, almost the entire first floor of which is occupied by
the trust company. The following brief description of the
building appeared in the Philadelphia "Ledger" of the same
date (April 4):
Of dignified architecture of the style of the Renaissance, the Walnut and
Sydenham streets sides are faced with solid granite up to the fourth floor.
Attractive gray tapestry brick was used above. The interior is finished in
Imported Botticino marble, and each decorative detail, the architect's
description notes, has a tone of rich simplicity. The top of the building
has been fitted up as a roof garden and rest room for the use of girl employees of the bank and those employed in offices in the structure.
The Allegheny Title & Tru- st Co. of Philadelphia opened
its new building at Front Street and Allegheny Avenue on
March 28, according to the Philadelphia "Ledger" of that
date. The institution began business on March 2 1925, with
a capital of $125,000 and surplus of $25,000. Its present
capitalization stands at $337,000, with surplus of more than
$55,000. Deposits of the company now aggregate $1,175,000
and total resources exceed $1,700,000. George H. Grant is
Therirst National Bank of Jersey City, it is stated, will President.
be the first national bank in that city to enter the branch
banking system under the McFadden banking law. The
The Ninth Bank & Trust Co. of Philadelphia on April 6
bank plans to open two branches, one at 89 Monticello declared a quarterly dividend of 4%, payable April 15, acAv., Jersey City, and the other at 286 Central Ave.
cording to the Philadelphia "Ledger" of April 7. This dividend is at the same rate as that paid before the company
On April 6 the respective stockholders of the West Jersey increased its capital from $750,000 to $1,000,000 Jan. 1. The
Trust Co. of Camden, N. J., and the Parkside Trust Co. of new stock was subscribed for at par, $100.
that city unanimously approved the proposed consolidation
of the institutions, referred to in the "Chronicle" of March
The York Safe & Lock Co. o- f York, Pa., has completed the
19, page 1622, according to the Philadelphia "Ledger" of new vault for the Schenectady Savings Bank, Schenectady,
April 7. The resulting bank, to be known as the West Jer- N. Y. Extensive additions and improvements have been
sey Parkside Trust Co., will be capitalized at $700,000, with made in the building. A new safe deposit department has
surplus and undivided profits of $1,050,000 and resources been established and placed under the supervision of Arthur
of $12,000,000. Alfred L. Sayers (President of the Parkside H. Bradt, former Head Teller of the bank. The new safe
Trust Co.) will be Chairman of the Board of the new insti- deposit department has installed 1,500 York boxes.
tution, while former Congressman Frank F. Patterson
On March 22 the director- s of the Overbrook National
(President of the West Jersey Trust Co.) will be President,
of Philadelphia recommended that the capital of the
Vice-President.
Jr.,
All
Bank
the other
and Charles H. Laird
planned
officers of the two banks, it is said, will continue in their bank be increased from $300,000 to $500,000. It is
to offer the new stock to the present shareholders at $150
present positions.
per share.
Negotiations are now under way for the purchase by the
On April 1 the First Nati- onal Bank of Darby, Pa., inProvident Trust Co. of Philadelphia of the capital stock of
its capital stock from $150,000 to $200,000 and its
creased
the Commonwealth Title Insurance & Trust Co. of that city
Albert J. Crawford,
—institutions whose combined resources approximate $49,- surplus from $225,000 to $250,000.
directors, succeeding
of
board
its
to
elected
was
Cashier,
of
a
"Ledger"
Philadelphi
April 11.
000,000—according to the
as of March 31 are
Deposits
deceased.
White,
F.
On APri 9 J. Barton Townsend, President of the Provident George
rate is 3% quarterly. The
dividend
present
The
$4,407,863.
the
to
notice
s
of
shareholder
the
following
Trust Co., sent
H. T.
officers of the bank are J. S. Verlenden, President;
that bank:
CrawJ.
Albert
;
-Presidents
Vice
Dwier,
consider it appropriate that you should know that negotiations are now Painter, George W.
pending for the purchase by your company of the capital stock of the Com- ford, Cashier, and Howard C. Carson, Assistant Cashier.
monwealth Title Insurance & Trust Co.
A tentative agreement has been reached with a committee of stockholders of the Commonwealth Co., and when the transaction has sufficiently
progressed and the necessary formalities have been completed you will be
Informed of the provisions of the agreement.
According to the Comptroller of the Currency, the Elizabecome
bethtown National Bank, Elizabethtown, Pa., has
wn.
the First National Bank & Trust Co. of Elizabethto
A similar notice, it was said, was mailed to the stockFormal opening of the han- dsome new home of the Bank
holders of the Commonwealth Title Insurance & Trust Co.,
of Charleroi & Trust Co. of Charleroi, Pa., was to take
of which Joshua R. Morgan is President.
2236
THE CHRONICLE
[VoL. 124.
place on April 14, according to the Pittsburgh "Post" of
district as a Representative in the Minnesota State LegisApril 12, which gave the following brief description of
the lature. Later he returned to Forest City, making
his home
new building:
there for several years before going to Chicago. Through
The new bank building fronts 100 feet on Fallowfield Avenue
and 55 feet his experienc
on Fifth Street. It is an imposing structure of gray granite,
e in the farm mortgage business, Mr. Hanson
ornamented
with fluted and plain pilasters. Tavernellrose marble is used
in the in- had a wide acquaintance among bankers and business men,
terior walls with the floor of Tennessee marble, bordered by black
and gold both in Iowa and Minnesota.
marble. Fifteen tellers' cages of marble, bronze and glass
assure every
modern facility for the comfort of the patrons. The cash
and security
vault is the last word in vault design. A safe deposit vault
with
capacity
for 1,150 individual boxes is provided.
A large community room is located on the sub-ground
floor with a separate street entrance to make it available for meetings
after banking hours.
Churches, civic and fraternal associations will be given
free use of this
room.
The Bank of Charleroi & Trust Co. was organized
in 1898,
according to the "Post," the Hon. Andrew W. Mellon,
Secretary of the Treasury, being one of the original
incorporators and stockholders. The institution is capitalize
d at
$200,000, with surplus and undivided profits of $742,051;
deposits of $4,046,925, and total resources of $5,098,630.
Its
personnel is as follows: Kerfoot W. Daly, President; W.
I.
Berryman, First Vice-President; W. W. Jimeson, Second
Vice-President; C. S. McKean, Cashier; Ewing
B. Todd,
T. R. Eagye and C. S. Bateman, Assistant Cashiers,
and
Willits C. Binns, Trust Officer.
On April 6 the newly organized Inland Bank & Trust Co.
of Indianapolis, and its subsidiary, the Inland Investme
nt
Co., of that city (to which reference was made in
our issue
of Feb. 19, page 1008) opened for business. The
new companies occupy quarters in the former City Trust Building,
now the Inland Bank Building, which, according
to the
Indianapolis "News" of April 4, have been remodeled
, redecorated and equipped with new fixtures at a cost of
approximately $31,000. The personnel of the Inland Bank &
Trust Co. is as follows: Leonard G. Wild, President;
Fred
C. Gardner, Walter C. Johnson and James P. Smith,
VicePresidents, and Gordon F. Miller, Secretary and Treasurer.
Mr. Wild also is President of the Inland Investment Co.,
and
the other officers of this company are: S. N. Campbell
,
Vice-President and Manager; Fred C. Gardner and William
M. Bartlett Jr., Vice-Presidents and Gordon F. Miller,
Secretary and Treasurer.
The new building which the Union Trust Co. of Cleveland
has just completed for its Kinsman-East 140th office,
contains a feature which is new in neighborhood banking.
The
office is equipped with an oil-burning heating plant, which
is smokeless. The bank's new building at Kinsman
and
East 140th was opened for business on April 4. The building is of granite and stone, extending for 50 feet on Kinsman
Avenue, 103 feet on East 140th Street, and rising the equivalent of three stories in height.
The National Bank of the Republic of Chicago, which has
deposits of over $86,000,000 and total resources of approximately $105,000,000, announces the opening of a New York
office at 1 Wall Street. The closer interdependence
of
New York and Chicago business is given as the reason.
The
election of Walter L. Schnaring as a Vice-President of the
Republic is also announced, George Woodruff, Vice-Chairman of the bank, stating that Mr. Schnaring, who
was formerly with the National City Bank of New York, is particularly well qualified by reason of his wide experience to
represent the Republic's interests in New York City. The
announcement by Mr. Woodruff says in part:
During the past few years the rapid growth of the National Bank
of the
Republic and the widening of its scope of activities has made it necessary
for the institution to establish representation in New York to
facilitate
the handling of its Eastern business. The National Bank
of the Republic
is the third largest national bank in Chicago and one of the leading
financial institutions of the Middle West. It has two affiliates, the
National
Republic Co., dealing in investnunent securities, and the National Republic
Mortgage Co., specializing in real estate loans and mortgages. Both of
these companies are very active in their respective fields.
The stockholders of both the Second Northwestern State
Bank of Chicago and the Belmont Trust & Savings Bank
of that city at meetings held on April 11 approved a proposed consolidation of the institutions under the name of
the former to take effect May 1, according to the Chicago
"Journal of Commerce" of April 12. The enlarged Second
Northwestern State Bank will have a combined capital and
surplus of more than $450,000 and resources in. excess of
$4,000,000. It will move to its new building now being completed at Milwaukee and Central Park avenues on May 2,
it is understood. John F. Smulski and Frank E. Lackowski
will continue as Chairman of the Board and President, respectively, of the enlarged bank.
The American National,Bank of Longmont, Col. (capital
$50,000) and the Farmers' National Bank of that place
.(capital $50,000) were consolidated on March 29 under the
corporate title of the First National Bank of Longmont,
with capital of $100,000.
The Bank of Matthews, Matthews, Mo., a small institution, was reported closed by its directors in a press dispatch
from Jefferson City on April 7, appearing in the St. Louis
"Globe-Democrat" of the following day. The directors, the
The Central Manufacturing District Bank of Chicago has dispatch stated, requested the State Finance Commissioner
elected to its board of directors Charles P. Wilson, Vice- to send a State bank examiner to take charge of the institution's affairs, and C. M. Duncan was assigned to the task.
President of the Great Atlantic & Pacific Tea Co.
It was furthermore stated that the failure of the institution
Pour promotions to the post of Assistant to Vice-Presi- was the thirteenth in Missouri since the beginning of the
dent were made by the directors of the Illinois Merchants year.
Trust Co. of Chicago at their regular monthly meeting, April
The temporary closing of the Burlington State Bank,
8. Those who were promoted are John J. Mitchell Jr.,
T. Philip Swift, W. A. Sumner and Mark Coller. Mr. Burlington, Kan., was reported in a special dispatch from
Mitchell and Mr. Swift were previously Assistant Cashiers. Burlington on April 7 to the Topeka "Capital." A. J. Sanders, the President, was quoted as saying that the closing
Harry M. Hanson, Assistant Secretary of the Illinois was only a precautionary measure made necessary because
Merchants Trust Co. of Chicago, died at his home in Evans- of a "run" on the institution which started about a week
ton, Ill., on April 8, after an illness of little more than a previously. The bank, according to its last statement, it
week. He was 55 years old. Mr. Hanson became associ- was said, had deposits of $171,324 and resources of $208,051.
-4ated with the Merchants Loan & Trust Co. in 1917 as a field
F. 0. Watts, President of the First National Bank
examiner for the farm loan department. At the time of
in St.
the consolidation in 1923, when the Illinois Merchants Trust Louis, announced the election of three new directors on
Co. was formed, he became Manager of the department and April 12. The three men elected are:
Harry Scullin, President Scullin Steel Co., President
later Assistant Cashier. In January 1926 he was elected
of the Associated
Industries of Missouri, member of the St. Louis Bond Supervisory ComAssistant Secretary, and from that time until his illness mittee, and former Chairman of the
Board of the Merchants and Manufacdevoted his time and efforts to the Personal Trust Division turers Association.
James E. Taussig, President Wabash Railroad Co.,
President of the Ann
of the trust department. Before going with the bank, Mr. Arbor
Railroad Co., Vice-Chairman of the Board of the New Jersey-Indiana
Hanson was for three years Secretary and Treasurer of the dr Illinois Railroad Co., and Executive Vice
-President of the Toledo k
Farm Mortgage Bankers Association of America, being one Western Railroad Co.
William T. Nardin, Vice-President and General Manager
of the Pet Milk
of the founders of that organization. Born in Forest City, Co. and President
of the American Milk Products Corporation of New
Ia., he received his first banking experience in the Forest York.
City National Bank, A few years later, in company with
The First National Bank with resources of over $160,000,several others, he organized the First State Bank of Han- 000 claims to be the largest
national bank west of the Misley Falls, Minn., and was in active charge as Cashier. In- sissippi. In addition to its large
directorate, the bank's
developm
only
terested not
ent of the community as a personnel consists of 42 officers and
in the
approximately 800
banker, he was active also in civic affairs and served his employees, which does not include
the personnel of its
Am. 16 1927.1
THE CHRONICLE
affiliated institutions, the First National Co. and the St.
Louis Union Trust Co.
2237
The proposed consolidation of the French-American Bank
and the United Bank & Trust Co. of the same city was referred to in these columns in our issue of April 2.
Effective March 10, the First National Bank of Pocahontas, Va., capitalized at $35,000, went into voluntary liquidation. It has been absorbed by the Bank of Pocahontas of
that place.
The Bank of Montreal has issued the following official
announcement on April 12:
The people's Bank of Stafford, Va., which on March 14
was closed following the confession of its Cashier, John M.
Ashby, of shortages amounting to about $10,000, was reopened for business on March 29, according to a special dispatch from Fredericksburg, Va., on that date to the Baltimore "Sun." The dispatch stated that John F. Gouldman,
Cashier of the Farmers' & Merchants' State Bank of Fredericksburg, was in charge of the bank on the opening day;
that there were a large number of deposits and that the only
withdrawals, according to Mr. Gouldman, were in the usual
course of business and not a single depositor made any excessive withdrawals. The closing of the People's Bank was
noted in the "Chronicle" of March 19, page 1623.
The New York agency of the Anglo South American Bank,
Ltd., is in receipt of cable advices from its head office in
London to the effect that the directors of the bank have declared an interim dividend of 55. (five shillings) per shale,
less tax, payable on April 27 1927. This represents a disbursement at the rate of 10% per annum.
The name of the British American Bank, San Francisco, na9 beet
changed to the Bank of Montreal (San Francisco). The institution is a
subsidiary of the Bank of Montreal in San Francisco and the change m
has been made so that it may be identified definitely with the parent
institution.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been somewhat mixed and uneven
during the present week and while the general tendency has
Effective March 21, the First National Bank of Cherry- been toward higher prices there have been several reactionary
ville, N. C., went into voluntary liquidation 'and has been periods that carried a number of the more prominent issues
to lower levels. Some of the favorite speculative stocks have
succeeded by the Cherryville National Bank.
surged forward to new high ground or sold close to their
The Planters & Merchants' National Bank, Commerce, previous tops. Buoyancy in the high grade industrials and
Tex., has been absorbed by the First National Bank of that renewed interest in specialties were the outstanding charplace, the institution going into voluntary liquidation as of acteristics of the two hour session of the' New York Stock
Market on Saturday. Commercial Solvents B shot upward
March 15 last.
10 points to 319 and sharp gains, ranging from 4 to 6 points,
were recorded by Freeport-Texas, du Pont, and American
Smelting. Motor shares as a group did fairly well, General
Motors reaching a new high at 1853. In railroad stocks
substantial advances were scored by Kansas City Southern,
Ches. & Ohio and New York Central, the latter selling at
151%—the highest figure in 20 years. Kelly-Springfield
common and both pref. issues reached new high figures for
the year, following reports that the first quarter earnings
were better than for the same period last year. Oil shares
generally were again under pressure,largely as a result of the
latest reduction in prices of crude oil, though Lago Oil &
Transport was firmly held and made a new high record on a
fractional advance.
On Monday the opening prices were somewhat higher
and a score or more representative issues bounded forward
Provided the stockholders of the Farmers'•& Merchants' to new high reeods, though some stooks moved downward
National Bank of Los Angeles give their approval at a from 2 to 3 points. General Electric sold around the year's
special meeting to be held on May 5, the capital of the best price at 91. International Nickel also displayed reInstitution will be increased from $2,000,000 to $3,000,000. newed activity and closed with a net gain of 3)
,6 points.
The new stock, according to the Los Angeles "Times" of Railroad shares moved to the front late in the session, the
April 5, will be offered to present stockholders in the ratio buying becoming particularly,heavy in such representative
of one share for each one-half share now owned. The plan issues as New York Central, Ches. & Ohio, Bait. & Ohio
provides, however, it was said, that the stockholders shall and Atchison, the latter reaching the highest peak in its
waive one-fourth of their rights to the new stock in order history at 182. Some of the low-priced rails also were in.
that a portion may be offered to employees of long service strong demand at improving prices, particularly Western
and to some of the depositors and customers of long stand- Maryland,Chicago Great Western,and Mo.-Kan.-Tex.com.,
ing. This is the fourth time the capitalization of the insti- the latter reaching a new high at 4834. Following the antution has been increased, it was stated, since its organiza- nouncement that sales of cars were somewhat higher than
tion in 1871. The bank began as a State institution and
the previous month, General Motors again swung upward
was nationalized in 1903.
to a new top at 186, though it closed at 184% with a net
loss of )4 point. Chrysler made a new high record for the
According to advices from San Francisco to the "Wall present capitalization on an advance of 234 points, Hudson
Street Journal" on Tuesday of this week (April 12), Walter Motors came into the foreground with an advance of 3
Dickey, who recently resigned as western representative of points, making a new high for the year at 76, and Mack
the Chase National Bank of this city, has announced the Truck made a net gain of nearly three points. United States
organization in California of the Benefactors Corporation, Steel corn. was in strong demand and sold up to 172k,though
a Nevada corporation which proposeg to operate in bank the net gain was only fractionally more than its record high.
holdings in coast and mountain States in the manner of an The trend of prices was somewhat irregular and confusing
investment trust and a holding company. The company, on Tuesday, several old speculative favorites moving downthe dispatch said, is backed by a western group and proposes ward while some of the new leaders advanced to higher
early public financing through sale of stock and will have ground. There were some sharp recoveries, during one of
capital of $2,500,000 common stock.
which Atchison shot upward and attained new high ground
at 182%, though it closed at 181/
s. International Nickel
Directors of the French-American Bank of San Fran- reached a new high for the year at 54%. Railroad issues
cisco on April 5 voted to increase the bank's capital from were weak, many of the stocks whch had shown pronounced
$1,250,000 to $5,000,000, according to the San Francisco strength during the previous 10 days slipping baekward.
"Chronicle" of April 6, which went on to say:
from 2 to 3 points. A feature of the trading was the sharp
The bank proposes to offer 5,000 shares to stockholders within a short rise in Commercial Solvents B, which moved upward 16
ready
for
not
announcement.
terms
of
although
the
offer
are
time,
points following a gain of 3)4 points on Monday, and
No action was taken in relation to the United Bank & Trust Co. merger
pending conferences between committees from the two banks which will reaching a new high level at 339.
begin to-day to work out the final details of the amalgamation.
Price movements were again unsettled on Wednesday,
Directors of the French-American will hold another special meeting for
appeared to be about evenly
ratification and other purposes in connection with the merger as soon as and advances and declines
Solvents
B was again the star perCommercial
balanced.
work
is
accomplished.
conunittee
tbe
That a newly organized institution, the German-American
Savings Bank -of Los Angeles, said to be the first GermanAmerican.institution to receive a banking charter since the
war, would open its doors for business on March 18, was reported in the Los Angeles "Times" of March 17. The new
bank was organized, according to the "Times," for the purpose of furnishing banking facilities to the German-speaking population of Los Angeles and its environs. It starts
with a capital of $500,000 and surplus of $125,000. Emil
Kirchner, Los Angeles capitalist and banker, it is said, heads
the new bank and the other officers are as follows: Carl
L. Schlossmann, H. R. Kleinbach and Walter Brinkop,
Vice-Presidents, and R. F. Guedemann Jr., Cashier.
2238
THE CHRONICLE
former and bounded forward 16 points to 355, though it lost
part of its gain later in the day. Mack Truck crossed 112
to a new high. Copper shares were in strong demand at
improving prices and Colorado Fuel & Iron closed the day
with a substantial gain to its credit. Except for a brief
setback around midsession prices continued moderately
strong on Thursday, most of the market leaders holding or
Improving their previous gains, though the range in some
issues was extremely wide. Commercial Solvents B which
had been particularly active during the preceding two weeks
advanced 6 points to a new peak at 3573 but weakened later
in the day and dropped back to 343M. Motor stocks were
somewhat erratic in their movements, General Motors advancing 2 points to 186 and later losing all its gain. Mack
Truck opened with a gain of 2 points, but lost all of its
advance in the later recessions. On the other hand, Hudson
Motors and Chrysler maintained their improvement and
closed with a net gain of a point or more. In the railroad
group interest continued to center around Atchison which
made a new high in all time at 1833'. Ches. & Ohio was
another strong issue and gradually worked upward to 170
though it closed somewhat lower. United States Steel common sold close to its high, followed by Allied Chemical, Remington Typewriter and International Silver, the latter advancing more than 9 points. Some of the public utilities
were in strong demand, especially Consolidated Gas which
crossed par, Standard Gas & Electric and Montana Power,
the latter reaching a new top for 1927 at 98. Oil shares
sold in large volume but aside from Atlantic Refining Co.
which advanced more than 3 points to 1133/8, these issues
made little progress. Indeed, several of the stocks, including Marland Oil and Phillips Petroleum, sold at new
low for the year. The New York Stock Exchange and most
of the important financial and commodity markets were
closed yesterday in observance of Good Friday.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended April 15.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,225,640
2.467,660
2,159,913
2,044,600
2,047,240
Total
9.945.053
Sales at
New York Stock
Exchange.
Railroad,
obc.,
Bonds.
State,
Municipaland
Foreign Bonds.
5666,000
54,486,600
51,787,000
7,873,000
514,500
4,000,000
7,294,000
529,100
3,987,000
7,031.000
4,098,000
1,158,500
6,371,500
5,144,500
1,249,000
HOLIDAY- GOOD FRID AY
333.056.100
519.016.500
Week Ended April 15.
1927.
Stocks-No. of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad 4: misc. bonds
Total bonds
United
Stales
Bonds.
1926.
34.117.100
Jan. I to April 15.
1927.
1926.
9,945,053
7,302,545
152,131,286
142,666,033
54,117,100
19,016,500
33,056,100
56,741,000
10,266.500
45,858.500
$95,728,800
294,301.400
712,610,800
$88,670,100
181,701,350
668,836,950
356,189,700 562,866,000 S1,102,641,000
5939,208.400
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
April 15 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
$24,000
21,342
20,300
49,873
30,400
29,018
68,500
21.634
27,700
30.880
HOLI- DAY
1,246
1,402
2,164
2,311
1,571
838,000
71,800
58,000
118,000
77,000
152,747
5170,900
8,694
$362,800
5185.7001 257.639
5278.500
11,608
5244,900
15,015
29,499
26,662
34.063
31,820
8200
30,200
26,900
9,100
8,000
137,059
$74,400
Prey, week revisedl 158.754
Superpower class A sold up from 30 to 323/
8 and class B from
31 to 333. The closing sales yesterday were 323' and 33,
respectively. Penn-Ohio Edison common advanced from
293- to 343/i and sold finally at 34/
3i ex-dividend. Vacuum
Oil was an outstanding feature in this department, jumping
from 107% to 1143. with the close yesterday at 113. Humble
Oil & Refining moved up from 573/i to 59 and sold finally
at 583. Standard Oil (Ohio) gained ten points to 85.
Gulf Oil of Pa. sold down from 90 to 873. and at 88 finally.
Houston Gulf Gas rose from 93' to 123 and reacted to
119/i finally.
A complete record of Curb Market transactions for the
week will be found on page 2264.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended April 15.
Ind&Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Mining.
Oil.
93,530
145,103
136,976
179,434
130,850
Domestic. For'n
36,910
53.700 51,553,000
68,640
109,500 2,254,000
37,940
37,525 2,918,000
52.800
56,400 3,416,000
77,420
66,218 3,734,000
HOLIDA Y-000 D FRIDA
585.893
273.710
8111,000
313,000
449.000
305,000
352,000
323,34313,873,000 51,530,000
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Apr. 9. Apr.11, Apr.12. Apr.13. Apr.I4. Apr.15.
Week Ended Apr. 15.
Sat.
Mon. Tues.
Thurs. Frt.
Wed.
Silver, per oz
d 26
26
26 3-16 26
2634
Gold, per fine ounce
8.84.11
84.11
84.103.1 84.115.1 84.113.1
Consols, 234 per cents ______
54A
5434
5434
5431
British,5 per cents
102
102
Holiday
102
102
13ritlsh, 431 per cents _______
95%
Good
9534
9534
9634
French Rentes (in Paris) __fr.
57.50
58.40
58 ,
Friday
58.25
French War Loan(inParis),fr.
77.90
79.75
79.20
79.25
The price of silver in New York on the same days has been:
Silver In N.Y., per oz. (cts.:
Foreign
56
57
583.1
5634
5634
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a decrease
compared with a year ago. 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 16), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will fall 3.0% below those for the corresponding
week last year. The total stands at $10,113,956,982, against
$10,424,312,355 for the same week in 1926. At this centre
there is a gain for the five days of 0.7%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended April 16.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
54,793,000,000
592,892,782
435,000,000
415,000,000
118,490,093
126,900,000
160.436,000
158.631,000
135,321,130
147,585,792
135,676,113
74,132,598
43,389,182
84,759,000,000
574,318,755
541,000,000
427,000,000
112,493,059
132,800,000
166,500,000
156,421,000
148,233,409
148,174,609
111,853,984
105.313,872
57,663,309
+0.7
+3.2
-19.6
-2.8
+5.3
-4.6
-3.7
+1.4
-8.7
-0.4
+21.3
-29.7
-24.7
Total 13 cities, 5 days
Other cities, 5 days
57,336,454,790
1,091,842,695
87,440,671,997
1,143,124,985
-1.4
-4.5
Total all cities, 5 days
All cities, 1 day
88,428,297,485
1,685,659,497
58,583,796,982
1,840,515,373
-1.8
-8.4
510.113.956.982 510.424 al2 MR
-50
Total all cities for week
THE CURB MARKET.
There was little of moment to Curb Market trading in
the fore part of the week; business was dull and price movements irregular. On Wednesday and Thursday heavy buying caused an upturn to prices and many issues scored new
high records. Unusual strength was displayed by not a
few industrial issues. American Cellulose & Chemical
common ran up from 131 to 1453
4,the first preferred gaining
four points to 117. Auburn Automobile common was a
strong feature, advancing from 102 to 113. Marmon Motor
Car rose from 52% to 56% and finished at 5538. Central
Aguirre Sugar was conspicuous for an advance from 993/s
to 106, the final transaction being at 105. Fajardo Sugar
also was strong, moving up from 151 to 155. Estey-Welte
4 to 11, but reacted to 99
class A stock improved from 73
4 and at
finally. Glen Alden Coal sold up from 166 to 1713
171 finally. Lackawanna Securities displayed unusual
strength, advancing from 913' to 993/s with a final reaction
to 98/
58. Warner Bros. Pictures jumped from 183/8 to 27
and ends the week at 25. Among utility issues American
[VOL. 124.
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 week previous-the week ended April 9. For
that week there is an increase of 10.7%, the 1927 aggregate
of clearings being $10,325,108,197, and the 1926 aggregate
$9,759,252,708. Outside of New York City there is a decrease of 0.8%, the bank exchanges at this centre having
increased 10.9%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that in the Boston Reserve District
there is a gain of 1.5%, in the New York Reserve District
(including this city) of 10.7%, and in the ClevelandReserve
District of 3.4%. The Philadelphia Reserve District shows
a loss of 9.7%, the Richmond Reserve District of 12.6% and
the Atlanta Reserve District of 21.7%, the latter due
mainly to the falling off at the Florida points, Miami having
a decrease of 69.5% and Jacksonville of 33.5%. The Chicago
Reserve District has a gain of 1.4% and the Minneapolis
Reserve District of 17.9% but the St. Louis Reserve District
falls 1.9% behind. In the Kansas City Reserve District the
totals are larger by 17.9% and in the San Francisco Reserve
District by 15.8%. The Dallas Reserve District shows a
loss of 1.2%.
In the following we furnish a summary by Federal Reserve
districts:
BANK CLEARINGS.
SUMMARY OF
Incsr
.Dec.
1926.
1927.
Week End. April 9 1927.
Federal Reserve Diets.
1st Beaton_._..12 cities
2nd New York _11 "
3rd PhIladelphial0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta_ _ _ _13 "
70 Chicago __20 "
8th St. Louis .._ 8 "
9th Minneapolis 7 "
1086 Kansas City12 "
6 "
11th Dallas
12th San Fran...17 "
$
551,961,917
6,251,864,238
570,881,095
407,703,950
188,624,072
200,273,436
919,316,568
216,1146,515
109,041,309
252,185,151
67,552,968
589,676,968
3
543,843,917
5,645,163,568
632,417,416
394,087,742
215,797,412
255,869,076
906,932,559
223,242,058
132,939,883
234,529,192
68,385,372
509,044,513
1924.
1925.
$
%
420,494,443
+1.5
+10.7 4,438,957,183
495,015,314
-9.7
357,847,233
+3.4
182,225,299
-12.6
207,819,712
-21.7
893.898,975
+1.4
206,265,189
-1.9
108,502,492
+17.9
236,339,383
+7.5
67.773,561
-1.2
475,578,112
+15.8
$
428.952,771
4.534,009,641
481,254,526
362,968,603
182,220,625
198,039,567
807,142,770
192,217,973
107,333,593
206,895,470
61,065,845
453,708,451
129 cities 10,325,108,197
Total
Outside N.Y.City..... 4,203,907,876
9,759,252,708 +5.6
4,2.39,495,482 -0.8
8,090,716,896
3,761,094,493
8,015,809,835
3,585,799,897
Q.AA, WM
gel', 454 5.111 -1-11.8
307.281.954
278_251.654
on ...1.1...
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending April 9.
Clearings at1927.
1926.
Inc. or
Dec.
First Federal Reserve Dist rict-Boston
797.387
889,249
Me -Bangor.._ _
3,303,738
4,039,938
Portland
487,000,000
492,000,000
_
_
Mass.-Boston
2,115,125
2,087,521
Fall River_ _
a
a
Holyoke
1,146,640
1,326,883
Lowell
a
a
Lynn
1,363.635
1,174,632
New Bedford _ _
5,967,317
6,555,140
Springfield _ _ _ _
3,482,691
3,947,232
Worcester
18,717,406
17,677,619
Conn.-Hartford
7,437,464
7,406.020
New Haven_ _ _
11,781,900
13,990,000
R.I.-Providence
730,614
867.683
N. H.-Manche'r
Total(12 cities)
551,961,917
+- 11.5
+22.3
+1.0
-1.3
a
+15.7
a
-13.9
+9.8
+ 13.3
-5.6
-0.3
+18.7
+18.8
543.843,917
1925.
1924.
5
$
859,118
3,094,054
370,000,000
2,559,801
a
1,086,796
a
1,614,028
5,961,827
3.766,462
11,564,971
5,788,268
13,442,000
757,118
+1.5
791,012
2,866,869
378.000,000
2,225.787
a
1,153,258
a
1,452,797
6,190,365
4,306.810
13,030,519
6,671,825
11,458,000
805,529
420,494,443
428,952,771
Second Feder al Reserve D istrict-New York6,618,664
5,730,256
7,299,752 -8.6
6,672,954
N. Y.-Albany._
1,240,900
1,247,500
+2.9
1,269,551
1,306,000
Binghamton_ _ _
43.451.586
54,627,279
+1.4
52,426,604
53,158,916
Buffalo
843,697
1,064,277
+19.4
957,028
1,143,071
Elmira
1,306,446
1,662,369
1.956,947 -10.3
1,755,139
Jamestown_ _ _ _
4,430.009,938
4,329,622,403
+10.9
5,519,737,226
New York... _ 6,121,200,321
12,118,616
9,358,429
12,702,824 +19.8
15,212,988
Rochester
5,360,428
5,644,946
5,888.103 +30.8
7,702,005
Syracuse
3,110,832
3,422.228
+12.6
3,370,856
c3,795,153
Conn.-Stamford
464,856
452,935
+6.7
831.461
887.089
N. J.-Montclair
29,483,678
26,124,561
+0.8
38.723,216
39,030,602
Northern N.J_
4,534,009,641
Total(11 citiet) 6,251,864,238 5,645,163,568 +10.7 4,438.957,183
Third Federal Reserve Dist rict-Philad eiphia
+1.8
1,778,776
1,811,266
Pa.-Altoona..
4,389.607 +17.2
5,143,117
Bethlehem._ _
1,514,455 -14.0
1,302,713
Chester
3,775,335 -5.6
3.564,212
Lancaster
Philadelphia_ 535,000,000 596,000,000 -10.2
-14.4
5.229.145
4,475.352
Reading
6,786,688 -3.6
6,543,031
Scranton
4,459,693 +3.1
d4,599,401
Wilkes-Bares..
2,420,259 +8.8
2,632,763
York
8,063,458 -4.2
5,809,240
N.J.-Trenton
a
a
a
Del.-Wilming'n.
1,253,143
4,182,112
1,161,663
3.225,319
465,000,000
3,524,003
5,548,824
4,257.308
2,106,124
4,756,818
a
1,476,803
4,450,462
1,231,217
3.901.905
449,000,000
3.862,333
5.904,159
3.788,858
1,970,489
5,668,300
a
-9.7
495.015,314
481,254,526
4,899,000
4,063,502
67,524,071
106,331,390
16,438,100
a
a
1,781,903
a
a
6,550,941
a
150,258,326
7,563,000
4,902,206
63,235,733
111,514,029
15,714,200
a
a
1,819,346
a
a
8,049,413
a
152,170.676
Total(10 cities)
570,881,095
632,417,416
Fourth Feder al Reserve D istrict-Clev eland
5,995,000 -1.9
d5,880,000
Ohio-Akron _ _ _
+1.2
4,284,656
4,377,298
Canton
74,276,298 -0.9
73,541,164
Cincinnati._ _
122,802,237 110,219,683 +11.4
Cleveland
20,165,500 -11.6
17,824.400
Columbus
a
a
a
Dayton
a
a
a
Lima
+1.0
2,005,448
d2,025,175
Mansfield
a
a
a
Springfield_ _
a
a
a
Toledo
5,262,536 +28.2
6.748,418
Youngstown
a
a
a
Pa.-Erie
+1.5
174,505,268 171,878,621
Pittsburgh.- +3.4
Total(8 cities). 407,703,960 394,087,742
357,847,233
ondFifth Federal Reserve Dist act-Rich's' -5.7
1,532.996
1,445.980
W.Va.-Hunt'g'n
8,172.863 -31.4
d5,605,262
Va.-Norfolk_...
51,035,000 -7.3
47,288,000
Richmond. _
3,600,000 -25.8
d2,672.386
S.C.-Charleston
Md.-Baltimore _ 100.797,629 123,150,166 -17.2
+8.8
28,306,387
30,814.815
D.C.-Washing'n
1,589.763
7,500,422
48,427,000
3.411,676
94,853,068
26,443,370
215,797,412 -12.6
182,225.299
Total(6 cities).
2239
THE CHRONICLE
APR. 16 1927.]
188,624,072
Sixth Federal Reserve Dist rIct-Atlant
7,220.807
d7,311,694
Tenn.-Chattyga
3,473,809
3,194,230
Knoxville
24.316,844
23,341,469
Nashville
64,927,094
49,170,241
Georgia-Atlanta
2,020.627
1.866,679
Augusta
2,150,595
2,408,486
Macon
a
a
Savannah
84,448,651
22,936,337
Fla.-Jack'nville
22,440,799
6,837,307
Miami
26,076.002
24,559,692
Ala.-Birming'm
2,140.646
2,206.769
1,770,000
1,695.482
Mkss.-Jackson
433,015
424.047
Vicksburg
64.450,187
54,321.023
La.-NewOrleans
s(01
Total(13 cities) 200,273,426 255,869.076
+1.2
-8.1
-4.0
-24.3
-7.6
+12.0
a
-33.5
-69.5
+14.7
+3.1
--4.2
--2.1
--15.8
6.438,196
2,651,258
19,965,338
62,392,537
2,056,616
1,583,168
a
23,731,900
13,131,577
27,113,415
2.149,028
1,299,513
391,352
44.915,814
-21.7
207.819.712
Week Ending April 9.
Clearings at
1927.
1926.
Inc. or
Dec.
1925.
1924.
$
Seventh Feder al Reserve D istrict-Chic ago265.868
273,280 -5.2
259,179
Mich.-Adrian _ _
993,205
1,105,681
+1.0
1,117,237
Ann Arbor_ _ _ _
147,748,695 149,645,805 -1.3 128,658,853
Detroit
8,069,339
8,111.097 +1.6
8,239,123
Grand Rapids_
2,205,865
2,460,000 +10.9
2.729,000
Lansing
2,772,095
2,737,898 +3.8
2,843,049
Ind.-Ft. Wayne
16,360,000
21,461,000 +9.5
23,512,000
Indianapolis _ _
2,773,000
3,277,400 +4.3
3.418,400
South Bend...
5,464,968
5.443,545 +43.7
7,824,419
Terre Haute__ _
38,107,501
39,394,529
+3.4
40,737,619
Wis.-Milwaukee
2,697,875
2,628,578 +20.6
3,169,579
Iowa-Ced. Rap_
11,989,759
11,024,195 +0.1
11,038,755
Des Moines_ _ _
8,017,252
7,513,746 -9.9
6,771,232
Sioux City_ _ _ _
1,417,448
1,187.780 +16.9
1,388,475
Waterloo
1,922.834
2,185,560 +7.9
2,358,572
Ill.-Bloomington
641,967.526 636,359,405 +0.9 649,502,431
Chicago
a
a
a
a
Danville
1,257,912 +14.0
1,554,905
1,434,357
Decatur
4,383,495 +20.2
5,030,563
5,267,554
Peoria
2.905,410
3,342,456 +26.3
4,221,131
Rockford
3,189,804
3,139.197 +4.2
3,270,666
Springfield__ _ _
287,863
842,630
122,597,122
6.695,529
2,535,854
2.267,802
17.988,000
2,317,700
5,422,341
38.642.438
2,388,387
10,810,288
6.717,112
1.845,648
1,790,121
572.539,394
a
1,522,948
4,378.347
2,771,157
2,782,091
Total(20 cities) 919.316,568 906,932,559 +1.4
Eighth Federa I Reserve Dis trict-St. Lo las5,573,429 + 14.4
d6,376,824
Ind.- Evansville.
Mo.-St. Louis... 137,400.000 141,000,000 -2.6
33,197,427 +8.3
35,942,119
Ky.-Louisville. _
394,187 +1.7
401,007
Owensboro_ _ _ _
23,999,642 -17.2
19,874,093
Tenn.-Memphis
+0.1
13,678,284
13,700,945
Ark.-Little Rock
363,662 +24.9
454,176
III.- Jacksonville
2,035,427 -6.8
1,897,351
Quincy
893,898,975
807,142,770
6,153,148
135,200,000
31,983,958
423,263
17.029.713
13,243,207
394,257
1,837,643
5,072,973
124,900,000
28,884,837
466,738
19,515,992
11,726,162
313,361
1,337,910
Total(8 cities)- 216,046,515 220,242,058 -1.9
Ninth Federal Reserve Dist rict-Minne apolis7,481,521 -11.4
Minn.-Duluth._
d6,626,016
83,796,448 -20.4
66,763,529
inneapollS_ _ _
34,704,136 -17.1
28,787,304
St. Paul
2,030,000 -0.4
2,022,270
No. Dak.-Fargo
1,644,148 -28.9
1,167,751
S. D.-Aberdeen
625,235 +18.3
739,439
Mont -Billing..
+10.4
2,658,395
Helena
2,935,000
206,265,189
192,217,973
8,410,266
67,804,204
26,083.320
1,763,000
1,387,943
605,733
2,448,026
6,483.417
81,967.068
32,749,406
2,200,669
1,111,128
508,360
2.313,545
Total(7 cities) _ 109,041,309 132,939,883 -17.9
Tenth Federal Reserve Dis tact- Kane as City
+6.8
445,100
d475,380
Neb.-Fremont _
718,489 -31.7
491,101
Hastings
+8.3
5,142,756
5,568,462
Lincoln
40,368,133 -1.5
39,763,698
Omaha
3,808,733 -6.1
3,578,269
Kan.-Topeka..
7,402,814 +12.7
d8,343,080
Wichita
Mo.-Kan. City. 132,967,262 119,252,565 +11.5
6,653,551 -7.8
6,136,557
St. Joseph..._
a
a
a
Okla.-Muskogee
+4.2
27,486,153
Oklahoma City d28,642,543
a .6
a
a
Tulsa
1,171,342
1,117,140
Colo.-Col. Spgs.
20,679,489 +14.9
23,760,208
Denver
1,400,067 -5.6
1,321,451
Pueblo
108,502,492
107,333,593
398,370
640,492
4,864,785
39,492,240
4,585,217
7,363,035
124,909,556
7,440,766
a
23,811,544
a
1,014,707
20.573,039
1,245,632
451,798
481,473
3,791,899
35,802,901
2,863,854
8,905,974
108,890,048
8,603,471
a
17,932.249
a
1,188,984
20,819,386
1,163,433
236,339,383
206,895,470
3,245,254
42,651,610
10,035,291
7,522,700
a
4,318,706
1,669,134
38.513,415
8,948,521
6.391,101
a
5,543,674
Total(12 cities) 252,165,151 234,529,192 +7.5
Eleventh Fede rai Reserve District-Da lias+4.5
1,664,536
1,740,348
Texas- Austin..
+8.8
40,681,676
43,434,194
Dallas
+0.3
11,666,380
11,703,551
_
_
Fort Worth_
8,702,000 -37.7
5,422,500
Galveston
a
a
a
Houston
5,670,780 -7.4
5,252,375
La -Shreveport.
67,773,561
68,385,372 -1.2
67,552,968
Total(5 cities) _
Twelfth Feder al Reserve D Istrict-San Fre ncl sco-48,402,353
41,851,923 -3.4
40.428,117
Wash.-Seattle_ _
10,198,000
10,972,000 +3.1
11,317,000
Spokane
a
a
a
a
Tacoma
1,470,940
1,809,460 -22.2
1,408,122
Yakima
39,978,570
+23.5
35,972,165
44,415,896
Ore -Portland. _
14,737,310
16,613,384 +0.5
16,690,141
Utah-S. L. City
a
a
a
a
Nev.-Reno
a
a
a
a
Ariz.-Phoenix
2,896,454
3,559,182 -4.3
3,408,184
Calif.-Fresno_ _ _
6,464,437
2.4
7.460,369
7.280,396
Long Beach_
Los Angeles... 239.995,000 159,198,000 +50.7 145,550,000
18,320,934
21,835,719 -9.8
19,708.553
Oakland
6,344,134
6,238,711 +23.6
7,710,362
Pasadena
7.632,124
8,880,731 -2.9
8,522,142
Sacramento _ _ _
5,174,702
-4.4
6,021,929
5,755,776
San Diego_ __
San Francisco. 174,192,000 178,838,000 -2.6 159,642,901
2,520,759
2,968,455 -12.
2,585,476
San Jose
1,350,640
1,537,436 -1.9
1.507.789
Santa Barbara_
1,955,754
2,214,049 +3.4
2,289,814
Santa Monica_
19.
2,938,100
3,073,000
d2,462,200
Stockton
81,065,845
48,698.047
12,506,000
'
1,1
99.952
37,962,704
15,061,257
a
a
3,394,267
7,215,492
133,764,000
16,217,028
6,509,008
8,209,287
4,492,967
152,200,000
2,372,987
1,284,597
2,261.258
2,359,400
Total(17 cities) 589,676,988 509.044,513 +15.8 475,578,112 453,708,4.51
Grand total (129
+5.8 8,090,718,896 8,015,809,835
10 325108197 9,759,252,708
cities)
Outside N. Y____ 4,203,907,876 4,239,495,482
-0.8 3.761,094,493 3,585.799,897
Week Ended April 7.
Clearings at
1927.
1926.
Inc.or
Dec.
1925.
1924.
Canada89,378,140
96,529,056
132,025,263 108,359,859 +21.8
Montreal
86,013,396
87,420,142
119,993,920 135,950,661 -11.8
Toronto
32,506,309
53,068,956
33,508,366 +37.5
46,068,065
Winnipeg
14,753,411
14,552,608
+19.9
14,529,158
17,423,564
Vancouver
6,715.984
6,422,057
6,295,390 +21.1
7.624,179
Ottawa
5,798,064
362,968,603 Quebec
5,640,840
6,008,114 +40.8
8,459,776
3,695,583
2,846,956
+54.3
2,523,003
3,894,245
Halifax
4.728,797
4,755,688
3,956,168 +48.3
5,865,844
Hamilton
6,211.838
2,093,752 Calgary
5,773,767
+5.
8,207,708
8.633,697
2,438,417
7,500,031
2,458,372
2.423,167
2,533.616 -4.4
St. John
1,922,380
49,970,000 Victoria
1,885,739
1,834,210 +23.0
2,255,852
2,868,435
2,636,387 London
2,752,725
+51.0
2,537,166
3,830,518
4,985,317
97,204,455
5,269,031
4,130,612 +76.8
6,889.981
Edmonton
2,854,265
3,157,015
22,816,000 Regina
3,254,412 +41.5
4,607,581
487,412
578,968
520,977 +7.3
558,815
Brandon
347.681
519,656
182,220,625 Lethbridge
450,344 +34.8
607,123
1,508.870
1,514,936
+15.3
1,726,574
1.991,397
Saskatoon
983.499
1,075,147
+24.9
1,042,22
1,301,956
Jaw
Moose
924,551
6,375,739
1,014,980
980,295 +24.0
1,216,123
752,529
800,366
4,375,495 Brantford
646,309 +49.0
963.035
549,877
580,194
20,810,278 Fort William_ _ _ _
9
+20.
647,777
783,249
Westminster
306,251
319,140
54,571,429 New
13.0
+
289,02
327,778
729,920
932.081
1,641,849 Medicine Hat_ _ _
649,904 +34.7
875,438
_
985,768
879,666
1,258,154 Peterborough
+38.0
850,67
1,174,101
Sherbrooke
1,060,119
1,063,430
a
-2.5
1,181,09
1,151,524
2,966,431
3,593,786
16,098,901 Kitchener
2,968,061 +77.0
5,253,412
Windsor
331,805
353,95
+13.7
381,683
438,629
778,684
783,269
28,824,322 Prince Albert_
781,445 +7.5
840,405
647,921
739,433
.2,000.000 Moncton
+36.7
709,295
969,338
1,081,062 Kingston
307,281,954
278,251,654
409,934
+11.8
Total(29 cities) 388,447,875 347,455,030
60.592,404
respond to requests for figures. c Week
198,039,567a No longer report clearings. b Do not Week ended April 8. •Estimated.
e
7.
April
ended April 6. d Week ended
2240
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the ,following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 30 1927:
[Vex. 124.
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York.._
140,001
427,000
38,000
240,000
71,000
51,000
Philadelphia__
37,000
125,000
21,000
17,000
Baltimore..._ _
28,000
211,000
49.000
22,000
53,000
Newport News
4,000
GOLD.
Norfolk
1,000
The Bank of England gold reserve against notes amounted to .C149,261,
42,000
710 New Orleans*
87,000
45,000
9,000
on the 23rd inst. as compared with £149,300.205 on the previous Galveston_
491,000
Montreal. _ _.
Wednesday.
30,000
58,000
9,000
46,000
9,000
St.
John,
N.B.
24,000
475.000
The small amount of gold on offer this week-503.000-was
11,000
50,000
divided Boston
20,000
48,000
1,000
9,000
between the Trade and India.
The following movements of gold to and from the Bank of
Tot. wk.'27 326,000 1,920,000
163,000
354,000 130,000
England have SinceJan.
104,000
1'27 6,001,000 57,963,000 3,248,000 4,903,00010,210,000
been announced:
3,756,000
Mar. 24. Mar. 25. Mar. 26. Mar. 28. Mar. 29.
Week 1927_
394,000 1,649,000
Mar. 30.
178,000 1,659,094 588,000
Received
nil
nil
37,000
nil
SinceJan.1'26 6.024.000 38.009.000 6.016.000 9.046.000
nil
nil
nil
Withdrawn_ _ _
7.565.000 1 846 (Inn
nil
138,000
E8,000 £20,000 /57,000 £102,000
Receipts
do
not
include
grain
passing through New Orleans for foreign ports
The total amount withdrawn during the week under
review was 425,000. on through bills of lading.
Of this total .C156,000 was in sovereigns destined as follows:
Spain £105,000
and India E51,000. The net efflux this year now amounts
to £1,000,000,
San Francisco Stock and Bond Exchange.-Recor
and since the resumption of an effective gold standard
d of
to £6.324.000. as transact
ions April 9 to April 14, both inclusive:
set out in the daily bulletins at the Bank.
The following were the United Kingdom imports
Thurs.
Sales
and exports of gold
Last Week's Range for
registered in the week ended the 23rd Inst.:
Range Since Jan. 1.
Sale
ofPrices.
Week.
ImportsStocksPar. Price. Low. High Shares.
ExportsLow.
High,
Esthonia
E10.400 Germany
£42,890 American
British South Africa
Trust Co
203,214 Spain
356
356 360
110 300
50.000 Anglo & London
Jan 398
Feb
Other countries
Parts N B 215
1,120 Uruguay
215 21734
41 195
60,000 Associated
Jan 232
Feb
011
Other countries
46
46
5 46
Apr 49% Feb
7.480 Bancitaly Corporation
_ _ _ III% 110 11154 8,767 89.$i Jan 114%
Feb
Total
Bank California, N
£214,734
Total
253 253
5 250
Feb 270
£160,370 Bank of
Jan
of Italy
• 11.73-5i 172 687
A.___
The following figures (in lacs of rupees) relate to
1,743
528
Jan
687
Apr
India's foreign trade Calamba Sugar, ref
80
80
40 80
Apr 84
during the month of Feb. 1927:
Jan
California Copper
3.50 3.50
38
3.50 Apr
5
Jan
California Packing Corp._ - 6334 6234 6334
Imports of merchandise on private account
045 61
Apr 6934 Jan
17,50 California Petroleum, COM. 2534 2514
Exports, including re-exports, of merchandise on private
2634 2,450 25
Apr 33
Jan
account_ __ _26,01 Caterpillar Tractor
Net imports of gold
2934 2934 2934 17,027 26% Feb 30
Feb
1,82 Coast Co Gas dr El, lst Pf- - ...... 94%
Net imports of silver
200 94
9454
Jan 96
Feb
2,07 East Bay Water"A" pref... 97
Total visible balance of trade in favour of India
97
9734
455 96
Jan 98% Feb
4,71
"B."
preferred
Net balance against India on remittance offunds
11034 Ill
185 105% Jan 111
Apr
1 Federal Brandeis
1451 14
1434 3,320
954 Feb 15
Mar
The Southern Rhodesian gold output for Feb. 1927
amounted to 46.461 Fireman's Fund Insurance
8931 9034
Mar 9231 Jan
131
88
Foster & Kleiser, corn
ounces, as compared with 48,731 ounces for Jan. 1927 and
300 12% Feb 13% Jan
46,026 ounces for Great Western Power, prof 1254 1234 1234
103
Feb. 1926.
10234 103
296 102% Apr 10451 Mar
Hale Bros Stores
34
34
34
30 33% Apr 36% Jan
SILVER.
Hawaiian Com'l Sr Sugar
4834 4834 4834
240 58
Apr 50
Jan
The market has been quiet most of the week. India has
Hawaiian Pineapple
5034 5034 5034
been a buyer Hawaiian
135 4931 Feb 55% Feb
here and in America. and, failing China selling which
Sugar
41
41
50 40% Jan 42
has recently been Honokaa Sugar
Feb
4.50
conspicuous,supplies have not been plentiful. Hence prices
3.50 4.50
200
2.00 Mar
4.50 Apr
Consol Oil
3534 3551 3634 2,405 35% Apr 42% Feb
maintained and the tone kept steady. To-day, owing to have been well Honolulu
a revival of ex- Hunt BrosPack "A"corn_
2451 25
change speculation in China,some competition with
315 24
Apr 26% Jan
the continued moderate Hutchinson Sugar Plant'n_
14
Indian demand set in, and prices sharply rose 5-16d.
14
310 1251 Jan 14
Mar
and Ud.for cash and Langendorf Baking
forward delivery respectively. Silver stocks in China
1234 1251
15 12% Jan 12)1 Mar
continue to be very LA Gas Sr Electric, pref.__ ...... 9934
substantial, notwithstanding the disquieting conditions
10034
35 98% Jan 100% Feb
of
Magnavox
affairs
in
Co
that
.40
country, and the uncertainty of events at Shanghai itself.
.40
200
.40 Jan
.75 Feb
Magnin (I), corn
1834 1834 1934
835 1654 Apr 2834 Jan
The following were the United Kingdom
Market St Ry, prior
...... 4554 4551
10 4534 Apr 47% Apr
registered in the week ended the 23rd inst.: imports and exports of silver Nor Amer Investmentpref._
, corn
101 101
50 101
Mar 101
Mar
ImportsPreferred
9434 9434
Exports60 9251 Jan 94)5
United States of America__ .C82,087 British India
North American 011
Mar
353.4 35 • 3734 7,600 35
Apr 48
£181,375 Oahu Sugar
Feb
Other countries
sog 36 3634
19.790 Other countries
171 35
Jan 37% Mar
14,156 Olaa Sugar
10
120
1034
8
Jan 1031 Mar
Total
Onomea Sugar
£101.877
Total
4034
4031
230 40
Jan 42% Feb
E195,531 Paaubau Sugar
12
12
30 11% Mar 12
INDIAN CURRENCY RETURNS.
Jan
Pacific Light Corp
6% prof ..9734 97
Planta'n_
9734
210 97
Feb 9931 Mar
(In lacs of rupees.)
Pacific
Oil
Mar.
1.25
7.
Mar,15. Mar.22.
1.25
200 1.25
Mar
1.75
Jan
Notes in circulation
Pacific
Tel & Tel corn
18243
13134 131 13234
715 123
18250
Mar 139
18270
Jan
Silver coin and bullion in India
Preferred
10277
10734 10534 10734
110 102
10284
Mar 114% Feb
10304 Paratfine Co's
Silver coin and bullion out of India
Inc, corn __ _ 13134 131 13131
340 110% Jan 139% Mar
Gold coin and bullion in India
Phillips Petroleum cont. _ _ 4534 4534 47
2232
570 45% Apr 59% Feb
2232
2232 "Ugly Wiggly
Gold coin and bullion out of India
W States A_ 2034 20
2034
35 19% Jan 20% Feb
Securities (Indian Government)
Pig'n Whistle
16
16
10 1551 Jan 16% Feb
i07
4977 Pioneer Mill rref
Securities (British Government)
2534 2534
557
60 2534 Apr 2834 Jan
557
557 Richfield 011
Bills of exchange
1634
200
1634 1734 7,905 1434 Mar 26% Jan
200
200
El
F-Sacramen
No silver coinage was reported during the week
to RR trot..10
10
20 10
Feb 14
Jan
ended the 22nd inst. 13 J Lt & Pr prior
rref
10734 10751
The stock in Shanghai on the 26th inst.
45 106% Jan 109)4 Feb
of about 65.200,000
B 6% pref
98
ounces in sycee, 80.600.000 dollars. and 9,640consisted
98
97
Jan 99% Feb
silver bars, as compared with Schlesinger (B F) A corn
2134 2034 2134 1,035 20
about 67.700.000 ounces in sycee, 80,600,000 dollars,
Apr 23
Jan
and 7,820 silver bars
Preferred
90
90
on the 19th inst.
50 8951 Feb 92
Jan
Shell Union Oil corn
2734 2734 28
1,390 27% Apr 31% Feb
Quotations during the week:
Sherman & Cla ,7% rref_ _ ______ 96% 97
105 93)1 Jan 97
Apr
Sierra Pacific Electric 'ref
90
-Bar Silver. Per Oz. Std.9034
57 87
Jan 92% Feb
Bar Gold,
Southern Pacific
11234 114
11234
Cash.
25
106%
114%
Apr
2
Mos,
Jan
Per Oz. Fine. Sperry Flour Co rref
Mar. 24
94
9334 94
2534d.
25 92% Jan 97
Mar
25 9-16d,
848. 1134d. Spring Valley Water
loni 103 10334
25
170 101)4 Jan 10814 Mar
25 11-164.
2534d.
848. 11%d. Standard Oil of Calif
26
5534
5534
55 11-164.
4,249
5534
5454
Apr
60% Jan
25344.
845.
Union
1134d.
011
Associates
28
4034
4034
6,430 40
42
2514.
Apr 5634 Jan
259-164.
84s. 11%cl. Union 011 of California_ __ _ 4134
29
4134 4234 8,560 40% Apr 6654 Jan
__ 25 d.
259-16d.
845. 11%d. Union Sugar com
30
1634 1634
26 -16d.
10 16
Jan 19
25 13-16d.
Jan
845. 1134d.
Preferred
Average c
2634 2634 2634
45 26% Jan 27
25.7604.
Mar
25.583d.
84s. 11.5d. United Bank & Trust Co._ 18754 185 18734
190 149
Jan 195
The silver quotations to-day for cash
Mar
U S Petroleum
and
two
1.90
months'
1.90
1,600
delivery
.67% Jan 2.00
are Universal
respectively gici. and 7-16d. above those fixed
Mar
Cons Oil
a week ago.
1 10 1.10
1,908 .10
Apr 1.15
Jan
Waialua Agricult'l Co Ltd__ 40
3931 40
350 37% Jan 41
Jan
West Amer Finance
9
9
300
9
Jan
9%
Jan
Western Dairy Products
pref.___
A_ iiiii 49% 4934
25 46% Jan 49)4 Apr
Yellow & Checker Cab_ _ _
9
851 9
540
8% Mar
9)5 Jan
Zellerbach Paper6% Pref.. -----9734
20
95% Feb 98
97%
Feb
Zellerbach Corp
3051 3034 3031 1,672 28
Breadstuffs figures brought from page 2321.
Jan 31% Mar
-All
'Par value reduced from $100 to $25.
the statements below regardin
gommercial mantiscellanzons4.ews
g the movement of grain
receipts, exports, visible supply, &c., are prepared
BANK NOTES-CHANGES IN TOTALS OF, AND IN
by us
from figures collected by the New York Produce Exchang
e. DEPOSITED BONDS, &c.-We give below tables which
First we give the receipts at Western lake and river ports
show all the monthly changes in national bank notes
and in
•
for the week ending last Saturday and since Aug. 1 for uouus ana legal tenaers
on aeposiz Inerewr:
each of the last three years.
Amount Bonds
National
Receipts asChicago
Minneapolis
Duluth
Milwaukee.._
Toledo
Detroit
Indianapolis._
St. Louis_ _ _
PeOCIft
Kansas City._
Omaha
St. Joseph..- Wichita
Sioux City...
Tot. wk.'27
Same week '26
Same week '25
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196Ibs.bush.60 lbs.bush.56 lbs.bush. 32 1bs.bush
.481bs.bush.561bs.
233,000
235.000
925,000
653,000
103,000
22,000
941,000
128.000
172,000131,000
33,000
593,000
9,000
14,000
59,000
121,000
60,000
8,000
107,000
107,000
132,000
10,000
110,000
57,000
56,000
5,000
24,000
9.000
22,000
10,000
33,000
267,000
118,000
123,000
344.000
331,000
328,000
3,000
4.000
75,000
5.000
441,000
270,000
42,000
2,000
636.000
150,000
50,000
164.000
314,000
148,000
229,000
91,000
14,000
145,000
12,000
14,000
19.111
95,000
42,000
1,000
491.000 3.486.111 2,936.000 2,008,011
471,000 207,000
413,000 3,271,000 3,770,000 3.269.000 526,001
358,000 1,797,000 2,132,000 2,065.000 404,000 361,000
122,000
SinceAug.I17,028,000274.910.000 170,929,000 109,267,000 15,279,0002
1928
4,433,000
18,170.000275.863.000178.628.000176.090,00061,660,
192.5
GSA 000425 515 non 105 707 000215 dget rmcg cs 1117 094 19,787.000
00050 .154 nnn
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 9, follow:
on Deposit to
Secure Circulation for National
Bank Notes.
Bank Circulation,
Afloat on-
Legal
Bonds.
Tenders.
Total.
Mar.311927.... 7665,641,990
1661,673,603
$38,251,364
$699,924,967
Feb. 28 1927%._ _ 666,138,640
660,366,240
36,825,184
697,191,424
Jan. 31 1927.... 664.503,940
657,364,790
37,856,759
695,221,549
Dec. 31 1926_ -_ 666,211,440
661.046,465
36,7'1,464
697,767,929
Nov.30 1926.... 666,278,180
662,764,813
374047,974
700,692,587
Oct. 31 1926-- 665,493,880
661,742,830
38,971,702
700,714,532
Sept. 30 1926.... 665,830,440
660,555,797
39,178,467
699,734,264
Aug. 31 1926._ - _ 665,889,940
659,760.467
39,768.777
699,529,244
July 31 1926._ _ _ 665,941,890
661.434.195
40,714.779
702,148,974
June 30 1926.-- 665,616,390
660,9813.560
41,682,684
702,669,244
May 311926.... 665,465,140
660,677.175
42,697.987
703,375.182
April 30 1926---- 665.886,140
661,684,478
42.519,201
704,183,679
Mar.311926.... 665,568,140
661,016,470
44,211.319
705,227,789
Feb. 27 1926_ _- _ 665.235,640
601,244,347
45,059,372
706,303,719
Jan. 311926.... 665,363,590
661,298,333
45,050,979
706,349,312
Dec. 311925.... 666,273,130
658,362,223
46,194,204
704.556,427
Nov. 30 1925.... 660,087,630
662,622,888
48,127,556
710,750,444
Oct. 31 1925_ _- 666.185,130
662,538.483.
51,264,261
713,802,744
Sept.30 1925.... 665,542,630
661,380,320
56,543,569
717,923,889
Aug. 31 1925._._ 665,810,130
662.186,083
61,476,914
723,662,997
July 31 1925-- 665,227,130
660,341,413
66,214.271
726,555,684
June 30 1925.... 665,061,330
660,501,393
72,864,681
733,386,074
May 311925.... 665.502.880
661,293,895
78.275,574
739,589,469
April 30 11l2&... 666.010.3311
661.397.558
85.028.281
747.425.819
$4.950,648 Federal Reserve bank notes outstanding April 1
1927: secured by
awful money, against 94,983,378 April 1 1926.
APR. 16 1927.]
THE CHRONICLE
2241
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on March 31.
Mar. 18—Bank of California Nat'l Association, San Francisco,
Calif.
Location, Vicinity of N. W. corner of 16th
and Julian Ave.
Mar. 24—Central National Bank of Philadelphia, Pa. St.
Locations, Vicinity
of 16th & Chestnut Sts. and 32nd & Market Sts.
Mar. 26—Genesee National Bank of Buffalo, N. Y. Location,
Vicinity of
Genesee St. (Schiller Park Section).
U.S.Bonds Held March 31 1927 to Secure
Mar. 28—Highland National Bank & Trust Co. of Newburgh,
N. Y.
Location, Vicinity of 244 Broadway.
Bonds on Deposit
On Deposit to On Deposit to
Mar. 28—First National Bank of Louisville. Ky. Locations,Vicinity
March 31 1927.
Secure Federal
Secure
Total
of
Shelby
and
Broadway,
Preston and Oak,
Reserve Bank National Bank
Blvd. and
Held.
Diemer Ave., 34th and Broadway, 18th and Douglas
Notes.
Notes.
Oak, and 34th and
Market Sts.
Mar. 30—Nat'l Newark Sr Essex Banking Co. of Newark, N.
$
Vicinity of corner of Van Buren and Ferry Sts. J. Location,
2s, U. S. Consols of 1930
591,279,050 591,279,050 April 1—Fourth
and First National Bank of Nashville,
2s, U. B. Panama of 1936
48.607,160
Locations,
48,607.160
Vicinity of4918 Charlotte Ave., 1614 West EndTenn.901
2s, U. B. Panama of 1938
25,755,780
Monroe
25,755,780
St., 21st Avenue, South, 10th and Woodland Ave.,
Sts., 901 Second
Avenue,
North,
44 University St., 2704 West End Ave., and
Totals
665.641,990 665.641,990
Corner of Union Street and Printers Alley.
Mtgs.—The above nine branches were taken over from
The following shows the amount of national bank notes
affiliated
State institutions.
afloat and the amount of legal tender deposits Mar. 1 1927 April 9—Hanove
r National Bank of New York, N.Y. Location, Vicinity
of
135
William
St.
and April 1 1927, and their increase or decrease during the April 9--Queens
boro National Bank of New York, N. Y. Location.
month of March:
Vicinity of Corona Ave. and 51st., Corona Heights,
National Bank Notes—Total Afloat—
April 9—South Side National Bank & Trust Co., Newark, N.J. Locations,
Amount afloat March 1 1927
Vicinity of Clinton Ave. and S-18th St., and Lyons Ave.
8697.191,424
and
Net increase during March
Clinton Place.
2,733,543
Amount of bank notes afloat April 1
$699,924,96
7
Auction Sales.—Among other securities, the following,
Legal Tender Notes—
Amount on deposit to redeem national bank notes March 1 1927
836,825,184 not actually dealt in at the Stock Exchanget were sold at auction
Net amount of bank notes issued in March
1,426,180 in New York, Boston and
Philadelphia on Wednesday of
Amount on deposit to redeem national bank notes April 1 1927--__ $38,251,364 this week:
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per slit
100 National Shawmut Bank
287
1 special unit First Peoples Trust__ 5
6 Federal National Bank
209 6 Metropolitan Associates, pref____ 7434
25 First National Bank
407 9 Maas. Ltg Co.'s,0% preL 100g,ex-div.
20 Beacon Trust Co
26334 5 Terminal Hotel Trust. pref
6134
10 Naumkeag Steam Cotton Co_ _171 g 28 Dennison Mfg. Co., 2d
pf_10234&div.
96 Union Cotton Mfg. Co
8034 20 American Mfg. Co., pre!
82%
1 Esmond Mills, pref
98 38 Boston, Belting Corp., pref. par
14 Naumkeag Steam Cotton Co.
$50
114
17134-17134 25 Edison Elec. Ill. Co.. Brockton,
6 Pepperell Mfg. Co
11034
par $25
74(
200 Parker Mills, com
$10 lot 72 Lafayette Motors, 2d pref
$l lot
33 Great Falls Manufacturing Co-- 15 50 UnitedElec.Lt. Co..
Springfield,
4 Pepperell Manufacturing Co--10934
par
$25
15534
28 Chicks° Junction Rys. & Union
40 Atlantic Pub. Mil., Inc., C11.181,000
Stock Yards, pref
10334-104 10 Atlantic Pub. Util., Inc.. cl. BI
lot
25 Western Massachusetts Cos_ ___ 6134 60 Charlestown Gas & Electric
Co.,
20 Draper Corporation
73
par 825
2 Dennison Mfg. Co., lot pref.130 & div. 2 United States Steel Corp., prat 16314
-13034
10 Springfield Fire & Marine Ins.00549
No. Rights.
Per right.
10 Plymouth Cord. Co_11734-118, ex-div. 220 National Shawmut Bank,$
w.11- 28)(
18 American Glue Co., pref
11834 37 Springfield Gas Light Co
434
25 Blackstone Valley Gas & Elec.
Bonds.
Per cent.
Co., corn., par 850
12034 $3,500 New England 011 Refining
2 International Shoe Co.. corn
17334
Corp. 8s, March 1931
60 & int.
14 Draper Corporation
7234 Mortgage and mortgage note for
28 State.The.atre, pref
68
$2.500 on lot 57, Orchard Park,
Stanley
Works, corn., par $25.... 70
4
Watertown, dated Dec. 15 1926.
25 Quincy Market Cold Storage &
given by Wm. E. Tenzler to JosWarehouse Co.. corn
40
eph L. Charbonneau, Trustee of
4 units First Peoples Trust
68
the Colby Realty Trust
$500 lot
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
April 5—The r irst National Bank of Villa Park, Ill
850.000
Correspondent. Charles II. Davis, Villa Park, Ill.
April 7—The Bloomington National Bank, Bloomington, Calif_
25,000
Correspondent. E. M. Lash, Rialto, Calif.
April 7—The r kst NaJonal Bank of Bloomington, Calif
Correspondent, Lester T. Miller, Bloomington, Calif. 25.000
April 7—First National Bank in Clinton. Minn
25.000
Correspondent, H. A. Hewitt, Clinton, Minn.
At... LICATION TO CONVERT RECEIVED.
April 5—The First National Bank of Crescent City, Fla
Conversion of the Peoples Bank of Crescent City, Fla. 50,000
APPLICATION TO CONVERT APPROVED.
April 5—The Union National Bank of New Kensington. Pa_
_ _ _ 100.000
Conversion of the Peoples State Bank of New Kensington, Pa.
CHARTERS ISSUED.
April 6—The First National Bank of Gig Harbor, Wash
President, H. W. Ticnacek; Cashier, N. Carl Nielsen. $25,000
April 7—The Mount Prospect National Bang of
N. J. 200,000
Pres. Alfred L. Dennis; Cashier, WilliamNewark,
H.Bowerman
April 7—The National Bank of Enunetsburg,
Emmetsbur
g,
President, A. J. Burt; Cashier, Robt. Laughlin. Iowa 60.000
VOLUNTARY
IONS.
April 4—The First National Bank LIQUIDAT
of Winnebago. Nch
925,000
Effective April 11927. Liquidatin
g
agent,
C.B. Betts,
Winnebago, Neb.
By Wise, Hobbs & Arnold Boston:
April 4—The Commercial National Trust & Savings
Bank of Los
Shares. Stocks.
$ per eh. Shares. Stocks.
Angeles,Calif
8 Per sh.
Colony Trust Co
Old
10
2.000.000
32234 75 Saco Lowell Shops, eon)
Effective March 15 1927. Liquidating agent.
534-534
15 Liberty Trust Co
21334-214 180 Haverhill Electric Co
Aldwell, San Francisco, Calif. Absorbed by Edw. C.
2834
National
State
Bank
10
Bank
of
in
Lynn....
-150
9
Columbian
Nat.
America, Los Angeles, Calif., which association
Life Insur. Co_ -205
Lancaster
15
Mills,
pref
was
27
230 Chatham Associates Trust__ _ _ 5
consolidated with the ,,iberty Bank, San Francisco,
4 Devonshire Mills
75 25 New Eng. Pow. Assn.,8% pref_ 9334
uncter the title Liberty Bank of America of San
6 Monadnock Mills
}ran118 5 Saco Lowell Shops, 2d pref
cisco. The latter association was consolinated
12
5 Everett Mills
with the
1,895 lot 25 No. Hog. Ltg.Prop.,com_190, ex-divs
Bank of Italy, San Francisco, and that
Ipswich
Mills.
1
bank
corn
was
7 Reed-Prentice Co., pref., with
3
converted into a national bank under the title
Boylston
West
Mfg.
45
Co.,
"Bank
pref_35-3934
7 shares common bonus
of Italy National Trust & Savings Association
."
25 West Boylston Mfg. Co.. com_434-434 10 United Elec. Lt. Co. of Spring- 17
April 4—The Commercial National
Bank of Berkeley.
250.000 25 Salmon Falls Mfg. Co
29
field, par $25..
Effective March 22 1927. Liquidatin
15734
g
agent,
York
Manufacturi
Edw.
13
ng Co
C.
27
135 Charlestown Gas & Elec. Co.,
Aldwell, San Francisco, Calif.
by the Liberty
12 Androscoggin Mills
45
Dar $50
Bank of San Francisco, which Absorbed
163
association
Naumkeag
was
Steam
8
consoliCotton
Co__
__171M
5 Union Twist Drill Co., pref _104 & diva
dated tvith the Bank of America, Los Angeles,
17 Otis Company
Calif,
24
20Plymouth Cordage Co.115X-16.ex div.
under the title Liberty Bank of America of
ban Fran5 Wamsutta Mills
5834 20 New Eng. Pow. Assn.,6% pref. 93
cisco. The latter association consolidate
d
Dodge
Fort
with
Des
4
the
Moines
& South5 Congress Street Associates
Bank of Italy, ...an Francisco, and that bank
5034
ern RR. Co., pref
$25 lot 13 Lowell Elec. Lt.Corp., par 825_ 77
verted into a national bank under the title was con"Bank of
1 Vermont & Massachusetts By.. __112 4 Board of Trade Building
Italy National Trust and Savings
Trust__
42
Associatio
n."
First
units
4
Peoples Trust
April 5—New First National Bank in Santa
68 25 New Bedford Gas& Edison Light
Paula. Calif
200,000 2 units First Peoples Trust
5834
Effective March 22 1927. Liquidatin
Co., par $25
10534,ex-clic/
g agent, Edw. C•
10 Boston Woven Hose & Rubber
4 Municipal Real Estate Trust_113&div,.
Ald well, San Francisco, Calif.
Absorbed
by the
Co., corn
84 4 special units First Peoples Trust_ 5
Liberty Bank, San Francisco, Calif., which
association
200 Amer. & Foreign Power Co.,
was consolidated with the Bank
25
Blackstone Valley Gas & Elec.
of America Los
Inc., 2d pref., series A
Angeles, under tho title Liberty Bank
7534
Co.. corn.,
$50
121
of America of
14 National Equipment Co., pref_. 46 4 units First par
San Francisco The latter association
Peoples Trust
consolidatea with
5834
2 Hardwick, Inc
the Bank of Italy, San Francisco,
75c. lot 10 Worcester Elec. Lt.Co., par 825.17034
and
that
bank
was
100 Pioneer Petroleum Co., par $5. 6
converted into a National
120 United Elec. Lt. Co., Spring- ,
under the title "Bank
units First Peoples Trust
8
of Italy National Trust & Bank
5834
field.
par $25
April 7—The Breckenridge NationalSavings Association."
4 Lewis A. Crossett Co., pref
33 20 Quincy Market Cold Storage &157
Bank, Breckenridge, Mimi.
Effective Feb 10 1927. Liquidatin
25,000 10 No. Boa. Ltg. Prop., pref.119, ex-cliv.
Warehouse Co., corn
81 Post Office Square Co., pref.,
Bock and M.L. Beeson. Breckenridge,g agents, F. E.
50 West Boston Gas Co., v. t. c„. 3814
certif. of deposit
by Farmers & Merchants State Bank Minn. Absorbed
10
par $25
54
of Breckenridge, I.,.1!n• 10 Mass. Ltg.Cos.,8%pref _120M,ex-div
Minn.
April 7—The First National Bank of
27 No.Bos. Ltg. Prop., pref.11934.ex-div. No. Rights.
Bainvillo.
Mont
$ per right.
37 Saco Lowell Shops, 2d prof
Effectivo Feb. 28 1927. Liquidating
25,000
12
1200,
Springfield
Gas Light Co____ 434
agent, W. F.
Rhea, 13ainville, Mont. Absorbed
By Barnes & Lofland, Philadelphia:
by Farmers State
Bank of Bainville,
April 7—The First NationalMont.
Shares. Stocks.
$ per 8h. Shares. Stocks.
Bank of Okarche, Okla
$ per She
72 Nor. Liberties Gas Co., par
Effective Jan. 18 1927. Liquidating agent,
F. W. 25.000 25 Cadet Knitting Co., corn 825_ 3534 2 Real Estate Trust Co., assented
Wiedy, Okarche, Okla. Absorbed by
634
preferred
the First Bank
28 National Security Bank
of Okarche, Okla.
1105 25 Northeastern Title & Trust Co.,210
April 7—The Griswold National Bank
25 Drovers & Merchants Nat. Bk-_215
Par $50
Mich
7534
10 Drovers & Merchants Nat. Bk...210 5 Provident
Effective March 21 1927. of Detroit,
Trust Co
g Commission,2,000.000 10 Quaker City
800
C. Ii. Newman, Chas, A. Liquidatin
National Bank_ .336
1
Salem
Kanter,
County Trust Co., Woodsand
George
H.
5
Quaker
Kleir, Detroit, Mich. Absorbed by
City National Bank
335
town.
N.
First
.J
State Bank
203
of Detroit, Mich.
5 Franklin Fourth Street Nat.Bank.592 5 Swedesboro
Trust Co., SewdesApril 7—Dinuba National Bank, Dinuba,
2 Tenth Nat.Bank of Philadelphia.350
boro, N. J
Calif
140
2 Broad Street National Bank
Effective March 19 1927. Liquidatin
100,000
350
4
John
B.Stetson Co.. corn., no par 98
g Commission,
20 Union National Bank
F. H. Wilson, It. J....Kirk
286
J. E. Greene, Dinulia,
38 Morristown (N. J.) Trust Co_- _300 20 Commonwealth Casualty Co..
Calif. Absorbed by.Wacificand
Par $10
25
28 Bridgeton (N. J.) Nat. Bank_ _A16
Bank of Los Angeles, Calif.Southwest Trust & Savings
125 Victory Insurance Co.. par $10. 2134
5 Main Line Nat. Bank, Wayne,Pa165
April 8—The Idaho Falls National flame, Idaho
125
Reliance
Insurance
Falls,
par
Co.,
$10
2134
Idaho_
_
_
Effective March 26 1927. Liquidating agent,
100,000 5 Guarantee Trust St S.D.Co
315 20 Phila. Bourse, cont., par 850
24
Anderson
4 Franklin Trust Co
Brothers Bank, Idaho Falls, Idaho.
515
1 Phila. & Camden Ferry Co., par
4 Franklin Trust Co
Anderson Brothers Bank, Idaho Falls, Absorbed by
840
51434
Idaho.
101
5 Broad Street Trust Co., par $50 7834 9 Phila.
April 8—The Hope National Bank, Hope, N. link
& Camden Ferry Co.. Par
5 Bank of Nor. Amer.& Trust Co..19234
Effective April 1 1927. Liquidating
100
$40
agent, 0. W. 50,000 20 Fairbill Trust
Moores, Hope, N. Dale.
Co., par $50
65
14 Allegheny Title & Trust
by the Security
030
1 Commonwealth T. I. & Tr. Co616
National Bank of Hope, N.Succeeded
No. Rights.
$ Ppe:ri
Dak., No. 13041.
ceghnit..
14 Commonwealth T. I. & Tr. Co_611
Tioga
4
40X
Trust
Co
The comptroller has issued certificates
Finance Co. of Penna., 1st pref_327
Bonds.
ng the 23
10 Sixty-Ninth St. Term. Title
opening of branches under the Act of Feb. authorizi
&
$4,000 Electric & Peoples Trac.4%
25 1927, to the
Trust Co., DU $50
110
stock trust, registered, 1945
following National banks:
5634
100 Republic Trust Co.. par 850._ _160
$1,000 Borough of Conshohocken,
Mar. 8—First National Bank of Jersey City, N.
10
West
Phila.
Title
& Trust Co.,
J. Locations, 286
Ms, 1931
..
4
P
Central Ave., and 89 Monticello Ave.
a
par $50
242 81,000 Bergner & Engel Brew., ext.
n
5:
1800
Mar. 9—Control National Bank of New York, N. Y.
65, 1929
Location, 5 West 5 Penna. Co.for Ins. on Lives, &c_885
Burnside Ave., Bronx.
By A. J. Wright & Co., Buffalo:
Mary 11—National City Bank of New York. N. Y.
Locations, Northwest Shares.
corner of 149th St. & Cortland Ave., Bronx,
Stocks.
8 per sh. Shares. Stocks.
$ per sh.
Ave. (at N. E. sor. of 36th St.. Brooklyn). and 945-947 Third 2 Buff. NW.dt East. Pow., no par_
3134 2 Buff. Mag.& East. Power, pref.,
Mar. 18—Bowery and East River National Bank of
March
500
Gold,
Inc..
par
10c
par $25
30.
New
York, N. y. 5 Labor Temple
2634
Location. Vicinity of 2254 First Ave.
Assn. of Buffalo
500 Consolidated West Dome Lake,
and Vicinity, Inc., par 85
82 lot
Par S1
7e.
By Adrian H. Muller & Sons, New York:
$ per share.
Shares. Stocks.
1,900 Jib Consol. Min. Co., par 81525 lot
170 Horace L. Day Co., Inc., Pf610 Horace L. Day Co., Inc., $75 lot
corn., no par
100 Horace L. Day Co., Inc., pf_
600 Horace L. Day Co., Inc., $50 lot
corn., no par
SO Horace L. Day Co., Inc., pf.
240 Horace L. Day Co., Inc.. $35 lot
corn., no par
151
2 Bank of Suffolk County
[You 12i.
THE CHRONICLE
2242
8 per share.
Shares. Stocks.
20,000 Ohio Copper Co. of Utah,
43c.
par El
$800 lot
50 Steaver Motor Car Co
Per cent.
Bonds.
$500 Ocean Apartments 7% ctf.,
90
due Nov. 1 1934
$1,000 Kew Plaza Apartments 7%
9034
ctf. due Apr. 1 1934
$1,000 220 East 18th St.Apartments
9034
834% otf. due Jan. 11938
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Tung Sol Lamp Works, corn. (quar.)--- •20d. May 1 *Holders of rec. Apr. 20
.450. May 1 *Holders of rec. Apr. 20
Class A (quar.)
*50c. May 10 *Holders of rec. Apr. 18
Union Oil Associates (quar.)
50c. Apr. 11 Holders of rec. Mar. 313
Warner (Chas.) Co., corn.(quar.)
First and second preferred (quar.)---- 134 Apr. 28 Holders of rm. Mar. 310
Washburn-Crosby Co., pref. (quar.)---- 134 May 1 Holders of rec. Apr. 23
Wolverine Portland Cement (quar.)..... 15c. May 16 Holders of rec. May 5
$1.25 June 1 Holders of rce. Apr. 23'
Woolworth (F. W.) Co.(quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends anDIVIDENDS.
the preceding table.
Dividends are grouped in two separate tables. In the nounced this week, these being given in
first we bring together all the dividends announced the
Books Closed.
When
Per
current week. Then we follow with a second table, in
Days Inclusive.
Cent. Payable
Name of Company.
but
announced,
which we show the dividends previously
Railroads (steam).
which have not yet been paid.
Atchison Topeka & Santa Fe, corn. (qu.) 134 June 1 Holders of rec. May 8a
75c. June 1 Holders of roe. May 6a
Common (extra)
The dividends announced this week are:
160
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Cincinnati Sandusky & Cleveland, pref_ _ $1.50 May
Si 34 June
Hudson & Manhattan RR., corn
Internat. Rye, of Cent. Amer., pf. (qu.) 1)1 May
$12.50 May
Mahoning Coal RR
Books Closed.
Days Inclusive.
2 Holders of rec. Apr. 15
1 *Holders of rec. May 18
16 Holders of rec. Apr. 30
2 *Holders of rec. Apr. 14
Public Utilities.
Amer. Dist. Teleg.(N. J.), corn. (quar.) •75c. Apr. 29 *Holders of rec. Apr. 15
*154 Apr. 15 *Holders of rec. Mar. 15
Preferred (guar.)
134 May 1 Holders of rec. Apr. 15
Broad River Power, pref. (quar.)
May 1 *Holders of rec. Apr. 15
*$1.25
Eastern States Power, pref.(quar.)
*7.5c. May 2 *Holders of rec. Apr. 18
Fall River Gas Works (quar.)
May 2 Holders of rec. Apr. 15
134
(quar.)pref.
Light,
&
Ft. Worth Power
Knoxville Power & Light, pref. (quar.)-- 134 May 2 Holders of rec. Apr. 20
*$1.50 May 15 *Holders of rec. Apr. 30
Middle West Utilities (quar.)
Montreal Water & Power, corn. (quar.)_ 6214e. May 14 Holders of rec. Apr. 30
1M May 14 Holders of rec. Apr. 30
Preferred (quar.)
111.75 May 16 *Holders of rec. Apr. 30
North West Utilities. Pref.(guar.)
May 2 Holders of rec. Apr. 15
Rhode Isl. Pub. Serv.,Cl. A (No.1)(qu.) $1
50c. May 2 Holders of rec. Apr. 15
Preferred (quar.) (No. 1)
1 Holders of rec. June 15
July
114
(qu.)
pf.
1st
6%
Elec.
Tennessee Eastern
1)1 July 1 Holders of rec. June 15
Seven per (rent first pref. ((Mar.)
1.80 July 1 Holders of rec. June 15
7.2 per cent first pref. (quar.)
50c. May 2 Holders of rec. Apr. 15
Six per cent first pref.(monthly)
50o. June 1 Holders of rec. May 16
Six per cent first pref. (monthly)
500. July 1 Holders of red. June 15
Six per cent first pref. (monthly)
60c. May 2 Holders of rec. Apr. 15
7.2 per cent first pref. (monthly)
80c. June 1 Holders of rec. May 16
7.2 per cent first pref. (monthly)
60e. July 1 Holders of rec. June 15
(monthly)
7.2 per cent first pref.
134
Baltimore & Ohio, corn.(quar.)
1
Preferred (quar.)
331
Chesapeake & Ohio, pref. (guar.)
Cleve. CM.Chic.& St. L.,corn.(qua:.). 134
Preferred (guar.)
154
Delaware Lackawanna & West.(quar.)- $1.50
Missouri-Kansas-Texas, pref. A (guar.). 134
New York Central RR.(quar.)
134
1
Norfolk & Western, adj. pref.(guar.).
134
Northern Pacific (quar.)
Pere Marquette, corn. (in corn. stock).. *20
Prior preferred (qua:.)
134
154
Preferred (quar.)
Pittsburgh & West Virginia con.(qua:.) 134
$1
Reading Company, corn. (guar.)
it. Louis-San Francisco, preferred (qu.) 134
134
Preferred (guar.)
134
Preferred (guar.)
134
Aouthern Railway, corn. (quar.)
IX
Wabash Ry., Prof. A (quar.)
June 1 Holders of rec. Apr.
June 1 Holders of rec. Apr. 160
July 1 Holders of roe. June 80
Apr. 20 Holders of ree. Mar. 3I0
Apr, 20 Holders of roe. Mar.3I0
Apr. 20 Holders of rec. Apr. 90
May 2 Holders of rec. Apr. 15a
May 2 Holders of rec. Mar.31a
May 19 Holders of rec. Apr. 30a
Apr. 12
May 2 Mar. 18 to
Subj. to stockholders meet. May18
May 2 Holders of rec. Apr. 140
May 2 Holders of rec. Apr. 14a
Apr. 30 Apr. 13 to May 2
May 12 Holders of rec. Apr. 13a
May 2 Apr. 10 to May 10
Aug. 1 Holders of rec. July 15a
Nov. 1 Holders of rm. Oct. 150
May 2 Holders of rec. Apr. 20
May 25 Holders of rec. Apr. 160
Public Utilities.
134 May 2 Holders of rec. Apr. 9
Amer.Gas & Electric. preferred (mar.)_
May 2 Apr. 16 to Apr. 23
American Light & Traction, corn.(quar.) 2
May 2 Apr. 16 to Apr. 28
2
Common (extra)
May 2 Apr. 16 to Apr. 28
134
Preferred (guar.)
Amer. Water Works & Elec.. corn. (qu.) 40c. May 16 Holders of rec. May 2s
154 May 16 Holders of rec. May 2a
First preferred (quar.)
W May 2 Holders of rec. Mar. 31a
Associated Gas & Elec., C1888 A (qua:.).
414 June 1 Holders of rec. Apr. 30e
SO preferred (quer.)
June 1 Holders of rec. Apr. 30.
r$144
5634 Preferred (quar.)
Bangor Hydro-Elec. Co., corn.(quar.).. 134 May 2 Holders of rec. Apr. 11
May 2 Holders of rm. Apr. 18s
3
Cape Breton Electric Co., pref
*51.75 June 1 *Holders of rec. May 15
Central Gas & Electric. pref. (quar.)-Central Power & Light, Pref.(quar.).... $1.75 May d2 Holders of rec. Apr. 16.
Central & South West Utll., prof.(quar.) 134 May 16 Holders of rm. Apr. 30
Joint Stock Land Bank.
July 1 *Holders of rec. June 25
*4
134 May 16 Holders of rm. Apr. 30
Prior lien (guar.)
Denver
Chicago Rap.Tran., prior pref. A(mtaly) 65c. May 1 Holders of rec. Apr. 19.
650. June 1 Holders of rec. May 17.
Miscellaneous.
Prior preferred A (monthly)
60e. May 1 Holders of rec. Apr 19.
Aluminum Manufacturers, corn. (quar.) *50c. June 30 *Holders of rec. June 15
Prior preferred B (monthly)
60o. June 1 Holders of rec. May I7a
*50c. Sept.30 *Holders of rec. Sept. 15
Prior preferred B (monthly)
Common (guar.)
Dec.
15
rec.
of
*Holders
*134 June 1 *Holders of rec. May 16
31
*50c.
Dec.
(guar.).
(qua:.)
Illum..
pref.
Common
Cleveland Electric
•750. Apr. 15 *Holders of rec. Apr. 14
American Chain, corn.(quar.)
Columbia Gas & Elec. Corp., corn. (an.) $1.25 May 15 Holders of rec. Apr. 20.
•15‘ June 1 *Holders of rec. May 13
134 May 15 Holders of rec. Apr. 20.
Six per cent preferred (guar.)
Artloom Corp., pref. (quar.)
May 2 Holders of rec. Apr. 15
2
•250. May 2 *Holders of rec. Apr. 20
Balaban & Katz,corn.(monthly)
Commonwealth Edison (quar.)
*25c. June 1 *Holders of rec. May 20
Common (monthly)
Power,common (quar.). 50c. May 2 Holders of rec. Apr. 7
Commonwealth
50c. May 2 Holders of rec. Apr. 7
•25c. July 1 *Holders of rec. June 20
Common (monthly)
Common (extra)
134 May 2 Holders of roe. Apr. 7
British Columbia Fishing, corn. (quar.)_ $1.25 June 10 Holders of rec. May 31
Preferred (guar.)
$1.25 Sept. 10 Holders of rec. Aug. 31
Common (guar.)
Consolidated Gas(N.Y.), 85 pref. (ritt.)• 81c. May 1 Holders of ree. Mar.31a
.8734 Mao 1 *Flolders of re.. Mar. 15
$1.25 Dec. 10 Holders of rec. Nov. 30
Common (quar.)
Old pref. ((roar.)
31.25 3-10-'28 Holders of rec. Feb.2828 Consumers Power,6% pref. (quar.)__
134 July 1 Holders of rec. June 15
Common (quay.)
1.65 July 1 Holders of reo June 15
154 June 10 Holders of rec. May 31
Preferred (quar.)
6.6% preferred (quar.)
31
Aug.
rec.
of
10
July 1 Holders of rec. June 15
Sept.
Holders
1%
1)1
Seven per cent preferred (guar.)
Preferred (quar.)
Dec. 10 Holders of rec. Nov.30
50c. May 2 Holders of rec. Apr. 15
Six per cent preferred (monthly)
Preferred (quar.)
1 3-10-'28 Holders of rec. Feb.28'2
13,
50o. June 1 Holders of rec. May 16
Preferred (quar.)
per cent preferred (xn3nthly)
Six
15
50c. July 1 Holders of roe. June 15
Six per cent preferred (monthly)
British Columbia Pulp & Paper, Pf.(q11.) $1.75 May 1 Holders of rec. Apr. 31
May
55e. May 2 Holders of rm. Apr. 15
6.6% preferred (monthly)
Calumet de Hecia Congo'. Copper (quar.) 50c. June 15 Holders of rec. Apr.
30
rec.
of
Holders
16
May
1%
55c. June 1 Holders of rec. May 16
(quar.)
Converters
preferred
6.6%
Canadian
(monthly)
Apr. 1
550. July 1 Holders of rec. June 15
6.6% preferred (monthly/
Cities Service, bankers' shares (mthly)*1 7.90+ May 1 Holders of rec. Apr. 15
May 2 Holders of rm. Apr. 15
Edison Electric Ilium. of Boston (quar.)- 3
Consol. Bond & Share Corp., pf. (au.). is' May 15 Holders of rec. Apr. 20
134 May 2 Holders of ree. Apr. 12
50c. Apr. 30 Holders of rec.
Elec. Bond & Share, pref. (quar.)
Consolidated Laundries (quar.)
May 50 Electric Investors, $7 prof. (quar.)
$1.75 May 2 Holders of rec. Apr. 15
Continental Can, Inc., corn. (quar.).__. $1.25 May 16 Holders of rec. June
4
$1.50 May 2 Holders of rm. Apr. 15
•50c. June 15 Holders of rec.
Decker (Alfred) & Cohn, corn.(quar.)
$6 preferred (qua:.)
'134 June 1 Holders of rec. May 20
Preferred (guar.)
Empire Gas& Fuel. 7% pref.(monthly). 58 1-3c May 2 Holders of rec. Apr. 150
Apr. 11
cent preferred (monthly)... 66 2-3c May 2 Holders of rec. Apr. 15.
Eight
Dresdner Bank (Berlin), Amer. Shares... $8.50 Aprl 18 Holders of rec.
per
15
Eagle-PicherLead Co., corn. (quar.)_. .40c. Sept. 1 Holders of rec. Aug.
General Public Service, $6 pref. (quar.)_ $1.50 May 2 Holders of rec. Apr. 80
.400. Dec. I Holders of rec. Nov. 15
$1.75 May 2 Holders of rec. Apr. 80
Common (qua:.)
Convertible preferred (quar.)
*1)4 July 15 Holders of rec. June 30
'134 May 1 *Holders of rec. Apr. 15
Preferred (quar.)
Mole Northern Utll., pref. (quar.)
$1.75 May 1 Holders of rec. Apr. 210
'134 Oct. 15 Holders of rec. June 30
Preferred (quar.)
International Utilities, $7 pref.(quar.)
31
Mar.
35o. May 2 Apr. 21 to May 2
Empire Bond & Mtge.7% pref.(corm.). 134 Apr. 15 Holders of rec.
Interstate
Railways
16
May
rec.
of
Holders
I
June
13(
3
May 1 Apr. 12 to May 1
(quar.)
pref.
2d
Fisk Rubber,
Jamaica Water Supply. prof
1
---- 154 May 1 Apr. 21 to May 2
134 Apr. 16 Holders of rm. Apr. 5
Franklin(H. H.) Mfg., pref.(guar.).
Laurentide Power (quar.)
June 1 Holders of rec. May
•$1
75c. May' I Holders of rec. Apr. 18s
Gillette Safety Razor (guar.)
Long
Island
corn.
(quar.)
Lighting,
•12340 June 1 Holders of rec. May 2
62340. May 2 Holders of rec. Apr. 15a
Extra
Lowell Electric Light (qua:.)
Apr. 20
6234c May 2 Holders of rec. Mar. 31a
Gossard (H. W.) Co., corn. (mthly.)--• 33 1-3e May 2 Holders of rec. May 20
Manila Electric Co.. corn
rec.
of
*Holders
1
June
1-30
•33
(monthly)
Common
Massachusetts Gas Cos., corn. ((Mar.).- $1.25 May 2 Holders of rec. Apr. 150
•33 1-30 July 1 *Holders of rec. June 20
134 Apr. 30 Holders of roe. Apr. 201
Common (monthly)
(a.).
pref.
Lt.,
&
Milwaukee
Ry.
Elec.
20
Apr.
•1,i May 2 *Holders of rec.
Preferred (quar.)
Montreal Lt., Ht.& Pow., corn.(quar.)_ 50e. Apr. 30 Holders of rec. Mar. 31
31
Mar.
roe.
of
Holders
15
Apr.
37340
(qua:.)
Apr. 16 Holders of rec. Mar.3Ia
2
Gotfredson Corporation
Montreal Telegraph (quar.)
1.134 May 31 *Holders of roe. May 17
234 Apr, 16 Holders of rec. Apr. 7
Hart, Schaffner & Marx, corn. (quar.)
Montreal Tramways(quar.)
25c. May 24 Holders of roe. May 4
Apr. 20 Holders of rm. Mar.31
Hazeltine Corporation (quar.)
134
Mountain States Power. pref.(guar.).-14 May 2 Holders of rec. Apr. 15
International Shore, Pref. ((Mar.)
Nat. Elec. Power, class A,corn. (quar.)- 45c. May 2 Holders of rec. Apr. 20
•1% July 1 *Holders of rec. June 15
May 2 Holders of rec. Mar.30
'134
Jewel Tea, pref.(guar.)
(quar.).
.
Nevada-Calif
Corp.,
pref.
Elec.
July 1 *Holders of rec. June 15
Preferred (acct. accum. dividends)_ _ _ *h7
Northern States Power,corn. el. A (q11.)- $2 May 2 Holders of roe. Mar.31
Apr. 28 *Holders of rec. Apr. 20
*$2
Apr. 20 Holders of rec. Mar.31
Kaufmann Dept. Stores (quar.)
134
7%
preferred
30
((Mar.)
'1.% May 10 *Holders of rec. Apr.
Lindsay Light, pref. (guar.)
134 Apr. 20 Holders of roe. Mar. 31
6% Preferred (guar.)
•144 May 16 *Holders of rec. May 2
Louisiana Oil Refining, pref. (quar.)_
134 June 1 Holders of rm. May 16
Ohio Edison,6% pref. (quar.)
Apr. 21
June 1 Holders of roe. May le
McCord Radiator & Mfg.. class B (qu.).. *50c. May 1 *Holders of rec.
1.65
6.8%
preferred
(guar.)
75e. May 2 Holders of rec. Apr. 22
Melville Shoe, corn. (quar.)
154 June 1 Holders of reo. May 16
7% preferred (quar.)
May 2 Holders of rec. Apr. 22
$2
Preferred (quar.)
50e. May 2 Holders of roe. Apr. 15
Preferred
(monthly,
6%
21
Apr.
May 2 Holders of rec.
$1
Nash Motors Co., corn. (quay.)
500. June I Holders of rec. May 16
6% preferred (monthly)
*31.25 July 15 *Holders of rec. June 30
National Biscuit, corn.(qua:.)
550. May 2 Holders of roe. Apr. 15
6.6% preferred (monthly)
•154 May 31 *Holders of rec. May 17
Preferred (quar.)
550. June 1 Holders of rec. May 16
Preferred
(monthly)
6.6%
750. May 1 Holders of rec. Apr. 18
National Tile (quar.)
250. May 2 Holders of rec. Apr. 15
Penn-Ohio Edison, corn. (guar.)
2% Apr. 30 Holders of rec. Apr. 20
New York & Rosario Mining
May 2 Holders of reo. Apr. 15
stock)
Corn.
corn.
(1-50th
of
share
20
Apr.
rec.
of
234 Apr. 30 Holders
Extra
154 June 1 Holders of rm. May 21
7% prior preferre I (quar.)
6234e May 1 Holders of rec. Apr. 15a
Ontario Biscuit, corn. (qua:.)
May 2 Holders of rec. Apr. 40
2
Penn -Ohio Pow. dc Lt.,8% pref.(qu.)May 1 Holders of rec. API% 15d
2
Preferred (quar.)
2
Aug. 2 Holders of rec. July 20
E,ght per cent preferred
•1)( May 1 *Holders of rec. Apr. 25
May 2 Holders of rec. Apr. 20
Pacific Coast Co., first pref. (quar.)__
134
Seven per cent preferred (qua:.)
MX Apr. 1 *Holders of rec. Mar. 19
Palmolive Peet Co., pref. (quar.)
154 Aug. 1 Holders of rec. July 20
Seven per cent preferred (quar.)
(0 May 5 *Holders of rec. Apr. 27
May 2 Holders of rec. Apr. 20
60c.
Patin° Mines & Enterprises
7
2%
ureferred
(monthly)
$1.
May 16 Holders of rec. May 5
Penmans, Ltd., corn. (quar.)
60c. June 1 Holders of rec. May 20
7.2% preferred (monthly)
1)4 May 2 Holders of rec. Apr. 21
60e. July 1 Holders of rec. June 20
Preferred (quar.)
7.2%
preferred
(monthly)
25
Apr.
rec.
of
60c. Aug. 1 Holders of rec. July 20
Pick (Albert), Barth & Co., part. pf.(qu.) 4334e. May 16 Holders of rec. Apr. 30
7.2% preferred (monthly)
*50c. May 31 *Holders
Mc. May 2 Holders of rec. Apr. 20
Prairie Oil& Gas (quar.)
6.6% preferred (monthly)
May 16 Holders of rm. Apr. 30
2
55e. June 1 Holders of roe. May 20
Pullman Company (quar.)
(monthly)
Preferred
.6%
6
July 1 Holders of rec. June 20
55e.
Pure Food Stores (Canada)
6.6% preferred (monthly)
of rec. Apr. 15
First and second preferred (quar.)._.. 134 May' 1 Holders
550. Aug. 1 Holders of rec. July 20
6.6% Preferred (monthly)
50c. May 1 Holders of rec. Apr. 21
18e.
May 3 Holders of rec. Apr. 15
Reed (C. A.) Co., class A (qar.)
1)-(No.
(qua:.)
Penn-Ohio
Securities
May 2 Holders of rec. Apr. 20
$2
Apr, 18 Holders of roe. Apr. 20
2
Revillon, Inc., preferred (quar.)
Peoples Gas Light St Coke (guar.)
1% May 15 Holders of rec. Apr. 30
Apr. 30 Holders of rec. Apr. la
$1
RUBS Manufacturing (guar.)
(quar.)
common
Philadelphia
Company,
15
Apr.
$1.50 May 2 Holders of rec.
30 Holders of roc Apr. la
Apr.
(q)
Savannah Sugar Reg., corn.(quar.)
Common (payable In common stock)-50c. May 2 Holders of roe. Apr. 15
$1.50 May 2 Holders of rec. Apr. la
Common (extra)
Six per cent preferred
134 May 2 Holders of rec. Aprl 15
30 Holders of rec. Apr. 150
Si
Apr.
Preferred (guar.)
(qua:.).
common
Transit,
Phila.
Rapid
K May 1 Holders of rec. Apr. 15a
$1.75 May 2 Holders of rec. Apr. 1.
Sears, Roebuck & Co.(quar.)
Preferred
16
May
rec.
of
Holders
15
June
50c.
May 2 Holders of roe. Apr. 15
*2
Skelly 011 Co. (qua:.)
Pub. Serv. of N.Ill.. $100 par corn.
May 16 Holders of rec. May 2
$1
May 2 Holders of rec. Apr. 15
$2
Smith (A.0.) Corp., corn.(guar.)
No pox common (quar.)
May 16 Holders of rec. May 2
154
13.4
May 2 Holders of roe. Apr. 15
Preferred (guar.)
Six per cent preferred (qua:.)
'154 June 1 *Holders of rec. Apr. 29
154 May 2 Holders of rec. Apr. 15
(
Standard 011 (Ohio). prof.(Qum.)
per
Seven
cent
Preferred qdar
)
'
Holders of rec. Apr. 27
16
May
134
A
Class
(guar.)
Corp.,
Tobacco Products
APR. 16 1927.]
Name of Company.
Public Utilities (Concluded).
Sierra-Pacific Elec. Co.. corn. (quar.)-Preferred (quar.)
Southeastern Power dr Lt.. corn.(quar.)
Southern California Edison, corn.(quar.)
South. Colorado Pow., cl. A, corn. (qu.)
Standard Gas dr Elec., corn.(quar.)_
Prior preference (quar.)
United Light & Pow, new com.A&B(qu.)
Old corn. class A dc B (quar.)
West Penn Electric Co., 7% pref.(quar.)
Six per cent preferred (quar.)
West Penn Power Co..6% pref.(quar.)_
Seven per cent preferred (quay.)
York Railways, preferred (quar.)
THE CHRONICLE
Per
When
Cent, Payable.
50e.
14
25c,
50e.
50e.
8735e
1%
12c.
600,
14
1%
14
May 2
May 2
Apr. 20
May 15
May 25
Apr. 25
Apr. 25
May 2
May 2
May 16
May 16
May 2
May 2
624c. Apr. 30
14
Books Closed.
Days Inclusive.
Holders of rec. Apr. 14a
Holders of rec. Apr. 140
Holders of rec. Mar. 31
Holders of rec. Apr. 20a
Holders of rec. Apr. 300
Holders of roe. Mar. 31a
Holders of rec. Mar. 31
Holders of rec. Apr. 15
Holders of rec. Mar. 15
Holders of rec. May 2
Holders of rec. May 2a
Holders of rec. Apr. 50
Holders of rec. Apr. 50
Apr. 21 to Apr. 29
Banks.
Corn Exchange (quar.)
5
May d2 Holders of rec. Apr. 30a
Fire Insurance.
United States (quar.)
8
May 2 Holders of rec. Apr. 250
Miscellaneous.
Abitibi Power & Paper, corn. (quar.)_ _ _ $1.25 Apr. 20 Holders of rec. Apr. 90
Abraham dr Straus. Inc., pref. (quar.) _ _
1% May 1 Holders of rec. Apr. 150
Alliance Realty (quar.)
624c. Apr. 20 Holders of rec. Apr. 110
Allied Chemical & Dye,corn.(quer.),_ _ $1.50 May 2 Apr. 6 to Apr. 25
Allis-Chalmers Mfg., corn. (quar.)
$1.50 May 16 Holders of rec. Apr.d23a
Amerada Corporation (quar.)
50c. Apr. 30 Holders of rec. Apr. 150
American Can. corn.(quar.)
50e. May 16 Holders of rec. Apr. 300
American Cigar Co., corn. (quar.)
May 2 Holders of rec. Apr. 15
2
American Coal (quar.)
May 1 Apr. 10 to May 1
$1
American Glue, preferred (quar.)
May 2 Holders of rec. Apr. 16
2
Amer. Home Products (quar.)
20c. May 2 Holders of rec. Apr. 150
American Ice, common (guar.)
Apr. 25 Holders of rec. Apr. 130
2
14 Apr. 2. Holders of rec. Apr. 13a
Preferred (quar.)
Tune
Amer. Laundry Machinery, corn. )qu.) $1
Holders of rec. May 23
14 May
Amer. Machine dr Ply., pref. (quar.)_ _ _
Holders of rec. Apr. 22a
14 July
American Mfg. Co., corn. (quar.)
Holders of rec. June 164
14 Oct.
Common (quar.)
Holders of rec. Sept. 160
• Common (quar.)
14 Dec. 3 Holders of rec. Doe. 160
14 July
Preferred (quar.)
Holders of rec. June 160
14 Oct.
Preferred (quar.)
Holders of rec. Sept. 160
14 Dec. 3 Holders of rec. Dec. 160
Preferred (quar.)
American Seating, corn.(extra)
250. July
Holders of rec. June 20
25c. Oct. 1 Holders of rec. Sept.20
Common (extra)
Amer. Shipbuilding, common (quar.)__. 2
May 2 Holders of rec. Apr. 150
1% May 2 Holders of rec. Apr. 15
Preferred (quar.)
Amer. Smelting dr Refining, corn.(quay.) 2
May 2 Holders of rec. Apr. 14a
Preferred (quar.)
June 1 Holders of rec. May 60
American Vitrified Products, Pref.(quar.) 14 May 2 Holders of rec. Apr. 20
Anaconda Copper Mining (quar.)
756. May 23 Holders of rec. Apr. 166
Archer-Daniels-Midland Co., corn. (au.) 75c, May I Holders of rec. Apr. 200
Preferred (quar.)
$1.75 May 1 Holders of rec. Apr. 200
Associated Oil, extra
40e. Apr. 25 Holders of rec. Mar. 5a
Associated Dry Goods, common (quer.). 620. May 2 Holders of rec. Apr. 90
First preferred (quar.)
1
June 1 Holders of rec. Apr. 306
Second preferred (quar.)
131 June 1 Holders of rec. Apr. 300
Atlantic Refining. pref. (quar.)
15$ May 2 Holders of rec. Apr. 150
Babcock dr Wilcox Co. (quar.)
July 1 Holders of rec. June 206
Quarterly
Oct. 1 Holders of rec. Sept. 200
Quarterly
1
Janl '28 Holders of rec. Dec. 20a
Quarterly
14 Aprl'28 Hold. rec. Mar. 20 '280
Bankers Capital Corp., pref.(quar.)__
July 15 Holders of rec. June 30
$2
Preferred (quar.)
Oct. 15 Holders of rec. Sept.30
$2
Preferred (quar.)
Jan16'26 Holders of rec. Dec. 31
$2
Barnhart Bros. & SpindlerFirst and second pref (guar.)
15$ May 2 Holders of rec. Apr. 230
Bigelow-Hartford Carpet, common (qu.) $1.50 May 2 Holders of rec. Apr. 86
Preferred (quar.)
14 May 2 Holders of rec. Apr. 8a
Blaw-Knox Co., corn. (quar.)
75e. May 2 Holders of rec. Apr. 21
First preferred (quar.)
131 May 2 Holders of rec. Apr. 21
Bloch Bros. Tobacco. common (quer.).- 3754e.May 15 Holders of roe. May 10
Common (quar.)
374e Aug. 15 Holders of rec. Aug. 10
Common (quar.)
3714c.Nov. 15 Holders of rec. Nov. 10
Preferred (quar.)
1
June 30 Holders of roe. June 25
Preferred (quar.)
1)4 Sept. 30 Holders of rec. Sept.25
Preferred (quar.)
1)4 Dec. 31 Holders of rec. Dee. 28
Bloomingdale Bros., Inc., pref.(quar.)_ _
151 May 1 Holders of rec. Apr. 200
Bon Am I Co.. coin., class A
$1
Apr. 30 Holders of rec. Apr. 150
Borden Company, corn. (quar.)
$1.25 June 1 Holders of rec. May 160
Briggs Mfg. (quar.)
75e. Apr, 23 Holders of rec. Aor. Ila
Brompton Pulp & Paper (quar.)
50c. Apr. 16 Holders of rec. Mar. 31
Brown Shoe. preferred (quar.)
14 May 2 Holders of rec. Apr. 200
Buckeye Pipe Line (quar.)
$I
June 15 Holders of rec. Apr. 23
Bunte Brothers, prei. (guar.)
*1
May 1 *Holders of rec. Apr. 25
Burns Brothers, prior preferred (guar.). 1% May 2 Holders of rec. Apr. 150
Byers (A. M.) Co., pref. (quar.)
151 May 2 Holders of roe. Apr. 156
Canada Cement (quit.)
14 Apr. 16 Holders of rec. Mar.31
Canfield Oil, common (quar.)
•1)4 June 3 *Holders of rec. June 20
Common (quit.)
•14 Sept.3 *Holders of rec. Sept.20
Common (quar.)
el
Doe, 31 *Holders of rec. Dec. 20
Preferred (quit.)
*14 June 30 *Holders of rec. June 20
Preferred (quit,)
p1)4 Sept.30 *Holders of rec. Sept.20
Preferred (quar.)
014 Dee. 31 *Holders of rec. Dec. 20
Century Ribbon Mills, pref.(quar.)
15$ June 1 Holders of rec. May 200
Cerro de Pasco Copper (quar,)
May 2 Holders of rec. Apr. 146
$1
Chicago Pneumatic Tool (quar,)
14 Apr. 25 Holders of rec. Apr. 150
Chicago Yellow Cab Co.(monthly)___ _ 33 1-3e May 2 Holden of rec.
Apr. 200
Monthly
33 1-30 June 1 Holders of rec. May 20a
Childs Co.,com.(pay.in no par com stk.) 11
July 1 Holders of rec. May 270
Common (payable in no par corn. stk.) fl
Oct. 1 Holders of rec. Aug. 26a
Common (payable in no par cum.stk.) 11
Deo, 30 Holders of rec.
Christie Brown Ar Co., corn. (quar,)__,. 30e. May 1 Holders of rec. Nov 25a
Apr. 150
Preferred (quar.)
$1.75 May 1 Holders of rec. Apr. 20
Chrysler Corp., preferred A (quer.)---- $2
June 30 Holders of rec. June 150
Preferred A (quar.)
Sept.30 Holders of rec. Sept. 150
$2
Preferred A (quar.)
Jan 3•28 Holders of ree. Dec. 150
$2
Cities Service. common (monthly)
53$ May 2 *Holders of rec. Apr.
15
Common (payable in common stock)_ - *f4 May 2 *Holders of
Preferred & preferred B (monthly).- •35 May 2 *Holders of rec. Apr. 15
rec.
Apr.
15
Preferred B (monthly)
•34 May 2 *Holders of rec.
Bankers shares (monthly)
•4 May 2 *Holders of rec. Apr. 15
Bankers shares (in stock)
ehyi May 2 °Holders of rec. Apr. 15
Apr. 15
City Ice dr Fuel (quar,)
50e. June 1 Holders of rec. May 100
Quarterly
50e. Sept. 1 Holders of rec. Aug. 100
City Stores Co.. class A
8735e May 1 Holders of ree. Apr. 156
Cleveland Stone (quar.)
500, June 15 Holders of rec. June 50
Quarterly
60o. Sept. 15 Holders of rec.
Cluett. Peabody de Co.. corn, (guar.).- $1.25 May 2 Holders of rec. Sept. 50
Apr. 20
Coca-Cola Co., stock dividend
el00 Apr. 25 Holders of rec. Mar. 180
Collins dr Altman Co., corn.(quat.)_
$1
May 1 Holders of rec. Apr. Ila
Preferred (quar.)
14 May 1
Columbian Carbon (quar.)
May 2 Holders of rec. Apr. 180
$1
Consolidated Royalty Oil (quar.)
2)4 Apr. 25 Holders of rec. Apr. 15
Continental Motors Corp. (quar.)
20e. Apr. 30 Holders of rec. Apr. 150
Copper Range Co
$1
May 2 Holders of rec. Apr. 2
Corn Products Refg.. corn (quar.)
600. Apr. 20 Holders of rec.
Cosgrove-Meehan Coal. pref. (quar,)__ - .14 July I *Holders of rec. Apr. 4a
June 27
Preferred (quar,)
*14 Oct. 1 *Holders of rec. Sept. 28
Preferred (quar.)
*14 Dec. 21 *Holders of rec. Dec. 19
Crucible Steel. common (quar.)
14 Apr. 30 Holders of rec. Apr. 15a
Cudahy Packing. 7% preferred
34 May 2 Holders of rec. Apr. 216
Six per cent preferred
3
May 2 Holders of rec. Apr. 21
Cunee Press, class A (quit.)
June 15 Holders of rec. June 1
$81
Cushman's Sons, Inc.Common (payable in $8 Prof. stook)._ 01.50 Sept. 1 Holders of rec.
Aug. 15a
Davega, Inc. (quar.)
25e. May 2 Holders of rec. Apr. 156
Diamond Match (quar,)
June 15 Holders of ree. May 3I0
2
Dome Mines(quar.)
250. May 5 Holders of rec. Apr '18a
14
14
14
Name of Company.
2243
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
DuPont (E. I.) de Nemours & Co.
Debenture stock (quit.)
Apr. 25 Holders of roe. Apr. 94
Early & Daniels, common (quay.)
6235c July 1 Holders of rec. June 250
Common (extra)
250, July 1 Holders of rec. June 204
Common (quay.)
62340 Oct. 1 Holden] of rec. Sept.204
Common (extra)
25e. Oct. 1 Holders of rec. Sept.200
Common (guar.)
62350 Jan 128 Holders of rec. Dec. 204
Common (extra)
25e. Jan 1'28 Holders of rec. Dec. 204
Preferred (quar.)
$1.75 July 1 Holders of rec. June 204
Preferred (quay.)
$1.75 Oct. 1 Holden of rec. Sept.200
Preferred (quar.)
$1.75 Jan 1'28 Holders of rec. Dec. 200
Eastern Bankers Corp.. pref. (quar.)__ _
May 2 Holders of rec. Apr. 15
I
Eaton Axle dr Spring, corn (quit.)
500. May 1 Holders of rec. Apr. 154
Elgin Natioeal Watch (quar.)
621.4e May 2 *Holders of rec. Apr. 15
Eureka Pipe Line (guar.)
$1
May 2 Holders of roe. Apr. 16
Eureka Vacuum CleanerCommon (payable in common stock)_ _ f5
Aug. 1 Holders of rec. J1113
, 20a
Common (quar.)
May 52 Holders of rec. Apr. 200
$1
Exchange Buffet (quar,)
3734c. Apr, 30 Holders of rec. Apr. 150
Fair (The), common (monthly)
.20c. June 1 •Holders of rec. May 21
Commou monthly
20e. May 2 Holders of rec. Apr. 204
Common (monthly)
'
320c. July 1 *Holders of roe. June 20
Common (monthly)
.20c. Aug. 1 *Holders of rec. July 21
Preferred (quar.)
May 2 Holders of rec. Apr. 200
Preferred (quar.)
*14 Aug. 1 *Holders of rec. July 21
Fairbanks, Morse dr Co.. corn.(quar.)__ 750. June 30 Holders of rec. June 150
Preferred (guar.)
14 June 1 Holders of rec. May 140
Fajardo Sugar (quar.)
$2.50 May 2 Holders of rec. Apr. 20
Famous Players-Lasky Corp.. pref.(qu.) 2
May 2 Holders of rec. Apr. 154
Fansteel Products Co.. new stock
750. May 17 Holders of rec. Apr. 29
Firestone Tire ds Rubber, corn.(quar.)
$1.50 Apr. 20 Holders of rec. Apr. 10
Seven per cent preferred (guar.)
131 May 15 Holders or roe May 1
Fisk Rubber, let pref. (quar.)
134 May 2 Holders of rec. Apr. 150
Convertible preferred (quar,)
134 May 2 Holders of rec. Apr. 15a
First Federal Foreign Investment Trust
$1.75 May 15 Holders of rec. May 5
FooteBros. Gear & Mach..com.(qu.)-- 30e. July 1 June 21 to June 30
Common (guar.)
30c. Oct. 1 Sept. 21 to Sept.30
Common (quar.)
30e Jan 1'28 Dee 21 to Dec. 30
Preferred (guar.)
14 July I June 21 to June 30
Preferred (quit.)
151 Oct. I Sept.21 to Sept.30
Preferred (quay.)
1% Jan 1'28 Dee 21
to Dee. 30
Freeport Texas Co.(quar.)
May 2 Holders of rec. Apr. 154
1
General Cigar, corn. (quar.)
May 2 Holders of rec. Apr. 204
Si
Preferred (quar.)
June 1 Holders of rec. May 244
Debenture preferred (quar.)
July 1 Holders of rec. June 240
General Electric (quit.)
75e. Apr. 28 Holders of rec. Mar. 154
Special stock (quar.)
15e. Apr. 28 Holders of rec. Mar. 15a
General Motors Corp., preferred (quit.) 1
Maya 2 Holders of rec. Apr. 94
Six per cent debenture stock (quar.)„ 14 May 2 Holders of rec. Apr. 90
Seven per cent debenture stock (quar.)
May 2 Holders of rec. Apr. 94
Gilchrist Co (quar.)
75e. Apr, 30 Holders of roe. Apr. 15
Gimbel Brothers, pref.(quar,)
1)4 May 2 Holders of roe. Apr. 164
Gebel (Adolf), Inc., cony. pref. (quar.)_
May 1 Holders of rec. Apr. 15
Goodrich (B.F.) Co. preferred (quar.) 154 July 1 Holders of rec. June 154
Gorham Mfg., 1st pf.(aect.accum.dIv.)June 1 Holders of rec. May 16
Gotham Silk Hosiery, 7% prof.(qu.)--151 May 2 Holders of rec. Apr. 15a
Great Northern Ore Properties
75e. Apr. 30 Holders of rec. Apr. 94
Group No. 1 011
$750 Apr, 26 Holders of rec. Mar.254
Guenther Publishing Co.
Preferred (quay.)
5
May 20 Holders of rec. Jan. 20a
Quarterly
5
Aug. 20 Holders of rec. Jan. 204
Quarterly
5
Nov. 20 Holders of rec. Jan. 200
Gulf States Steel, first preferred (quar.) 151 July 1 Holders of rec. June 154
First preferred (quar.)
151 Oct. 1 Holders of rec. Sept. 154
First preferred (quay.)
14 Jan.3'21; Holders of rec. Dec. 151
Hall(W.F.) Printing
*25e. Apr. 30 *Holders of rec. Apr. 20
Extra
525e. Apr. 30 *Holders of rec. Apr. 20
Hamilton Bank Note
Sc. Aug. 15 Holders of rec. Aug. 1
Harbison-Walker Refrae., pref. (quar.). 114 Apr. 20 Holders of rec. Apr. 9a
Hartman Corporation, class A (quar.)_ 50e. June 1 Holders of rec. May 174
Class II (quar.) In class A stock
(o) June 1 Holders of rec. May 174
Hellman (Richard), Inc., part. pf. (qu.) 6255 May 2 Holders of rec. Apr. 20
Hercules Powder. preferred (guar.)
14 May 14 Holders of rec. May 5
Hibbard,Spencer, Bartlett Co.(monthly) 300. Apr. 29 Holders of rec. Apr. 22
Monthly
30e. May 27 Holders of rec. May 20
Monthly
30e. June 24 Holders of rec. June 17
Hollinger Consolidated Gold IVIInes____ 10c. Apr. 22 Holders of rec. Apr. 6
Holly Sugar Corporation, pref. (quar.)_ _
14 May I Holders of rec. Apr. 15
Homestake Mining (monthly)
50e. Apr. 25 Holders of rec. Apr. 200
Horn dr Ilardart of N.Y.(guar.)
3734c May 2 *Holders of rec. Apr. 11
Special
•12
May 2 *Holders of rec. Apr. 11
Hupp Motor Car Corp., corn.(quar.).__ 35c. May 1 Holders of rec. Apr. 154
Illinois Brick (quar.)
60c. July 15 July 3 to July 16
Quarterly
600. Oct. 15 Oct. 5 to Oct. 111
Independent 011 & Gas(quan)
25e. Apr, 18 Holders of rec. Mar. 31
Indiana Pipe Line (quar.)
81
May 14 Holders of ree. Apr. 22
Internat. Cigar Machinery (guar.)
$1
May 2 Holders of rec. Apr. 22
International Nickel, pref. (guar.)
134 May 2 Holders of rec. Apr. 14e
International Paper, cora. (quit.)
50e. May 16 Holders of rec. May 24
Interstate Iron & Steel, common (quar.) *M.
July 15 *Holders of rec. July 8
Common (quar,)
Oct. 15 *Holders of rec. Oct. 8
*31
Common (quar.)
*31
Jan.16.25 *Holders of rec. Jan. 9'28
Intertype Corporation, corn.(quar.)--- 25e. Slay 16 Holders of rec. May 2a
Kayser (Julius) & Co., corn. (guar.).- $1
May 2 Holders of rec. Apr. 164
Kellogg Switchboard & Sup., com.(qu.). 32)40. Apr. 30 Holders of rec. Apr. 9
Preferred (quit.)
15$ Apr. 30 Holders of rec. Apr. 9
Kelsey Wheel, pref. (quar.)
151 May 1 Holders of rec. Apr. 20.
Kirby Lumber, common (quit.)
151 June 10 Holders of rec. May 31
Common (quar.)
134 Sept. 10 Holders of rec. Aug. 31
Common (quar.)
1% Dec. 10 Holders of rec. Nov.30
Knox Hat. Inc.. corn.(quit.)
$1 May I Holders of rec. Apr. 15
Class A participating (quar.)
May 1 Holders of rec. Apr. 15
$1
Prior Preferred(guar.)
$1.75 July 1 Holders of rec. June 16
Prior preferred (guar-)
$1.75 Oct. 1 Holders of rec. Bept.16
Second preferred
$3.50 Aug. 1 Holders of rec. July 15
Kress (S. H.) & Co. .new corn.(quar.)
256. May 2 Holders of rec. Apr. 206
Kruskal & Kruskal, Inc. (ouarterly)___ 500, May 16 Holders of rec. Apr. 290
Lego Oil & Transport(No. 1) (quar.)___ 75e. May 2 Holders of rec. Apr. lla
Landay Bros., Inc.. class A (quay.)
75e. May 2 Holders of rec. Apr. 154
Lion 011 Refining, COM•(guar.)
500. Apr. 27 Holders of rec. Mar.314
Common (extra)
25e. Apr, 27 Holders of rec. Mar.314
Liquid Carbonic Corp., corn. (quar.)___ 900. May 1 Holders of rec. Apr. 20a
Loew's Boston Theatre (quit.)
15e. Apr. 30 Holders of rec. Apr. 160
Loose-Wiles BiscuitOld corn,(one share of new no par eom) 25 July 1 Holders of rec. June la
New no par common (quay.)(No. 1)_ _ *40e. Aug. 1 *Holders of rec. July 11
Second preferred (quar.)
15$ May 1 Holders of rec. Apr. 184
Lord & Taylor, 2d pref.(quit.)
2
May 2 Holders of rec. Apr. 160
Macy (R. H.) & Co., corn.(No. 1)
$1.25 May 16 Holders of rec. Apr. 29s
Madison Square Garden Co. (quar.)25e. July 15 Holders of roe. July 5
Quarterly
25e, Oct. 15 Holders of rec. Oct. 5
Maple Leaf Milling, pref. (quit.)
14 Apr. 18 Holders of rec. Apr. 3
McCall Corporation, common (quar.)-- 50c. May I Holders of rec. Apr. 200
McCrory Stores Corp.. class A & B (qu.) 40e. June 1 Holders of rec. May 200
Preferred (quar,)
134 May 2 Holders of rec. Apr. 20e
Preferred (quay.)
14 Aug. 1 Holders of rec. July 20a
Preferred (quay.)
134 Nov. 1 Holders of rec. Oct. 200
McLellan Stores. corn. A and B (quit.). 250. July 1 Holders of rec. June 20
Common A and B (quar.)
250. Oct. 1 Holders of rec. Sept.20
Common A and B (quar.)
25e. Jan 2'28 Holders of rec. Dec. 20
Apr. 20 Holders of rec. Mar.314
Mexican Petroleum, corn,(quit.)
$3
Apr. 20 Holders of rec. Mar.31a
$2
Preferred (quar.)
Miami Copper Co. (guar.)
37340. May 16 Holders of roe. May 24
75e. May I Holders of rec. Apr. le
Mid-Continent Petroleum (quit.)
500. Apr. 25 Holders of rec. Apr. 54
Miller Rubber, coin.(qser.)
Apr. 20 Apr: 1 to Apr. 20
Minos Chemical Corp.. prof. (Quara -.- - 2
May 16 Holders of rec. May 54
Montgomery Ward & Co.. corn.(qualm- $1
Motor Products Corp., COM.(quar.)......- 50e. May 2 Holders of roe. Apr. 15
$1.25 May 2 Holders of roe. Apr. 15
Preferred (clualM
May 1 Holders of rec. Apr. 180
2
Mullins Body Corp., pref.(quar.)
14
1)4
14
14
1)4
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusiee.
Miscellaneous (Concluded).
National American Co., Inc.(qu.) (N0.1 1•75e. May 2 *Holders of roe. Apr 15
2
May 2 Holders of rec. Apr. 20
National Carbon, preferred (quar.)____
$1.50 Nlayd15 Holders of rec May 20
National Casket, common (guar.)
Nat'l Department Stores, lot pref. (au.) 154 May 2 Holders of rec. Apr.d15a
1M June 1 Holders of rec. May 16a
Second preferred (guar.)
134 May 1 Holders of rec. Apr. 18
National Tea, pref.(guar.)
$1.75 May 1 Holders of rec. Apr. 15
Nelsner Brothers. pref. (guar.)
300. July 1 Holders of rec. June 20
Nelson (Herman) Corp. (guar.)
July 1 Holders of rec. June 20
el
Stock dividend
300. Oct. 1 Holders of rec. Sept.4
Quarterly
Oct. 1 Holders of rec. Sept. 19
el
Stock dividend
750. May 2 Holders of rec. Apr. 75
New York Air Brake (quar.)
500. May 1 Holders of rec. Apr. 200
N. Y. Merchandise, corn. (guar.)
154 May 1 Holders of rec. Apr. 200
Preferred (dinar.)
15e. Apr. 20 Holders of rec. Mar. 31
Nipkdsing Mines(quart
134 May 2 Holders of rec. Apr. 15
011 Well Supply Co.. pref. (guar.)
May 16 Holders of rec. Apr. 29a
Oppenhelm, Collins Co., corn. (guar.)._ $1
l62-3c. May 1 Holders of rec. Apr. 20a
Orpheum Circuit, corn.(monthly)
Otis Elevator, preferred (guar.)
134 July 15 Holders of rec. June 30a
13.4 Oct. 15 Holders of rec. Sept. 305
Preferred (quar.)
554 Jan1518 Holders of rec. Dee. 310
Preferred (quar.)
May 2 Holders of rec. Arp. 200
$1
(guar.)
corn.
Co.,
Outlet
134 May 2 Holders of rec. Apr. 20a
First preferred (guar.)
134 May 2 Holders of rec. Apr. 200
Second preferred (guar.)
Overman Cushion Tire. Inc.. corn. (qu.) $1.75 July 1
20c Apr. 30 Holders of req. Apr. 154
Packard Motor Car, monthly
20e. May 31 Holders of rec. May 14a
Monthly
Pan American Petroleum & Transport,
$1.50 Apr. 20 Holders of rec. Mar. 310
Common and common B (quar)
Pathe Exchange. common A & B (guar.) 75e. May 2 Holders of rec. API% 115
134 May 2 Holders of roe. Apr. 204
Phillips-Jones Corp.. preferred (guar.)._
Pierce, Butler & Pierce Mfg.,
May 1 Holders of rec. Apr. 20
2
Eight per cent preferred (guar.)
194 May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
Apr. 30 Holders of rec. Apr. IA
17340.
Pioneer Petroleum. pref
Plym'th Cordage, corn.& empl.stk.(qu.) 13.4 Apr. 20 Holders of rec. Apr. 1
$1.25 May 1 Holders of rec. Apr. 210
Postum Co., Inc. (guar.)
$2.50 Apr. 30 Holders of rec. Mar. 31
Prairie Pipe Line (guar.)
334 May 1 Holders of rec. Apr. 20
Prudence Co., Inc., preferred
May 15 *Holders of rec. May 1
•15c.
(monthly)
corn.
Q. R. S. Music,
134 May 31 Holders of rec. May 2
Quaker Oats, preferred (guar.)
Reid Ice Cream Corp.. Prof. (guar.).- •154 June 1 Holders of rec. May 20
Remington-Rand, Inc.Apr. 30 Holders of rec. Apr. 11
Common (payable in common stock).- fl
373.4c, May 1 Holders of rec. Apr. 15
Rice-Stix Dry Goods, corn. (guar.)
*25c. May 1 *Holders of rec. Apr. 5
Richfield Oil(guar.)
500. June 20 June 10 to June 20
St. Joseph Lead (guar.)
250. June 20 June 10 to June 20
Extra
50c. Sept.20 Sept. 10 to Sept.20
Quarterly
250. Befit. 20 Sept. 10 to Sept. 20
Extra
50c. Dec. 20 Dec. 10 to Dec. 20
Quarterly
28e. Dec. 20 Dec. 10 to Dec. 20
Extra
Salt Creek Producers Association (qui).- 750. May 2 Holders of rec. Apr. 156
134 May .16 *Holders of rec. May 1
Savage Arms, second preferred(guar.)_ _
Schulte Retail Stores, common (quar.)_. 873.8c June I Holders of rec. May 156
8734c Sept. 1 Holders of rec Aug. 15a
Common (guar.)
8734c Dec. 1 Holders of rec. Nov 156
Common (quar.)
134 May 1 Holders of rec. Apr. 236
Scott Paper, pref. (guar.)
(p) Apr. 20 Ilolders of rec Mar. 31a
Seagrave Corp
_ 50c. May 2 Holders of rec. Apr. 15
Seeman Brothers. Inc., corn.(guar.)
154 Apr, 25 Holders of roe. Mar.31
Shaffer Oil & Refg., pref.(guar.)
154 May 2 Holders of rec. Apr. 156
Simmons Co.. pref.(guar.)
Spalding (A. G.) ad Bros., first pref.(qu.) 13.4 June 1 Holders of rec. May I40
Juno 1 Holders of rec. May 14
2
Second preferred (guar.)
Spanish Riv.Pulp&Pap.Mills,corn.(qu.) 134 Apr. 16 Holders of rec. Mar. 31
134 Apr. 16 Holders of rec. Mar. 31
Preferred (quar.)
134 May 16 Holders of rec. Apr. 30
Stanley Works, pref. (guar.)
134 May 2 Holders of rec. Apr. 7
Steel Co.of Canada. corn.& oref.(au.). _
May 2 Holders of rec. Apr. 150
31.25
(guar.)
Products
Sterling
30c. May 2 Holders of rec. Apr. 150
Telautograph Corp., common
20c. Apr. 26 Holders of rec. Mar.250
Tenon Oil& Land (quar.)
Thompson (John R.) Co.(monthly)__ _ _ 30c. May 2 Holders of rec. Apr. 226
30c. June 1 Holders of rec. May 23a
Monthly
30c. May 2 Holders of rec. Apr. 8a
Tide Water Associated 011 (guar.)
154 May 16 Holders of rec. May 2a
Tide Water Oil, pref. (guar.)
7 Me. Apr, 21 Apr. 1 to Apr. 7
Tonopah Mining of Nevada
May 10 Holders of rec. Apr. 186
50c.
(guar.)
California
Union Oil of
64340 May 10 Holders of rec. May la
Union Storage (guar.)
6234c Aug. 10 Holders of rec. Aug. la
Quarterly
6234e Nov. 10 Holders of rec. Nov. la
Quarterly
23.4 June 1 Holders of rec. May 166
United Drug, COM.(guar.)
154 May. 2 Holders of rec. Apr. 15a
(guar.)
First pref.
Apr. 30 Holders of rec. Mar. 310
5
United Profit-Sharing, Preferred
United Verde Extension Mining (quar.)_ 75c, May 2 Holders of rec. Apr. 6
June
15 Holders of rec. June la
234
(qu.)
corn.
Fdy.,
U.S. Cast Iron Pipe &
23.4 Sept.11 Holders of rec. Sept. la
Common (quar.)
234 Dec. 15 Holders of rec. Doe. la
Common (guar.)
134 June 15 Holders of rec. June la
Preferred (guar.)
134 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
134 Dec. 15 Holders of rec. Dee. la
Preferred (guar.)
134 May 2 Holders of rec. Apr. 15a
U. S. Industrial Alcohol, corn. (guar.)._
May 14 Holders of rec. Apr. 20a
2
United States Rubber. let pref. (guar.)_
United States Steel Corp.
Snbj. to stockholders'meet.Apr.18
Common (payable in common stock)_ _ •40
Universal Leaf Tobacco, corn. (guar.)._ 75c. May 1 Holders of rec .Apr. 155
Universal Pipe & Radiator, pref. (guar.) 154 May 2 Holders of rec. Apr. 150
154 Aug. 1 Holders of roe. July 15a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (clar.)
873.4c May 1 Holders of rec. Apr. 16a
Vick Cnemical (quar.)
22
Victor Taling Machine.7% prior pf.(gu.) 131 May 1 Apr. 3 to Apr.
$1.50 May 1 Apr. 3 to Apr. 22
$6 convertible preferred (quar.)
154 May 2 Holders of rec. Apr. 150
V. Vivaudou, Inc., pref. (guar.)
134 Apr. 20 Holders of rec. Apr. 146
Vulcan Detinning, pref. (guar.)
Apr. 20 Holders of rec. Apr. I46
52
Preferred (account accum. div.)
154 Apr. 20 Holders of rec. Apr. 140
Preferred A (guar.)
1 Holders of rec. May 166
June
(guar.)
134
Weber & Hedlbroner. pref.
$1.75 Apr. 30 Apr. 1 to Apr. 12
Westinghouse Air Brake(guar.)
Apr. 30 Holders of rec. Mar. 310
Westinghouse Elec. Si Mfg.. corn.(guar.) $1
500. Apr. 20 Holders of rec. Mar. 316
White Eagle Oil& Refining (guar.)
May dl Holders of rec. Apr. 190
White Sewing Mach., prior pref.(guar.)_ $1
May 10 *Holders of rec. Apr. 15
*50e.
(guar.)
Wilcox (H.F.) Oil& Gas
100. May 2 Holders of rec. Apr. 15
Wright, Hargreaves Mines
May 2 Holders of rec. Apr. 200
25e.
(monthly)__
Co.
&
Jr.
(Wm.)
Wrigley
25e. June 1 Holders of rec. May 200
Monthly
25e. July 1 Holders of rec. June 200
Monthly
has ruled that stock
•From unofficial sources. •The New York Stock Exchange
further notice. I The
Will not be quoted ex-dividend on this date and not until
not be quoted exNew York Curb Market Association has ruled that stock will
dividend on this date and not until further notice.
Payable in stock.
a Transfer books not closed for this dividend. dCorrectIon. e
of accumulated
!Payable in common stock. y Payable in scrip. A On account
dividends. m Payable in preferred stock.
preferred stock on the
f Cushman dr Sons common stock dividend is payable in $8
valuation of $100 for preferred stock
o Subject to approval of stockholders.
Seagrave Co. dividend Is 300. cash or 254% in stock.
-twentieth of a Share of
f Philadelphia Co. stock dividend is one one-hundred
sommon stock.
r Payable either in cash or claw A stock.
S Payable either in cash or Class A stock at rate of $25 per share.
t Patino Mines & Enterprises dividend is one shilling per share.
w Dividend Is 50 cts. a share, payable In either cash or class A stock at the rate
of one-fortieth of a share of class A stock for each share of common. Erroneously
simortad 15 preview' larusa '5 64)4 Ma.
[VOL. 124.
1 CHRONICLE
T H 1,
2244
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 9. 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.
(Mated in thousands of dollars-that Is. three ciphers (000) omitted.)
New
Reserve
Capital. Profits Loans,
Time Bank
Net
with
Week Ending
Discount, Cash
De- CircaApril 9 1927. Nat'l, Mar.23 InvestLegal Demand
is
State, Mar.23 merits, Vault. Deposi- Deposits. Posits. lotion.
tories.
cec.
(000 omitted.) Tr.Cos. Mar.23
Members of Fed. Res. Bank.
Bank of N Y &
t
Trust Co_ _ _ _ 4,000 13,429
Bk of Manhat'n 10,700 16,204
Bank of America 6,500 5,412
National City.. 75,000 66,126
Chemical Nat__ 5,000 18,919
Greenwich Bank 1,000 2,554
Nat Bk of Com_ 25,000 42,881
ChatPh NB &T 13,500 13,655
Hanover Nat__ 3,000 26,811
Corn Exchange_ 11,000 16,550
National Park__ 10,000 24,988
Bowery & E R. 3,000 3,686
First National__ 10,000 77,690
Am Ex Irving Tr 32,000 29,170
Continental_ _ _ 1,000 1,286
Chase National_ 40,000 38,761
500 3,215
Fifth Avenue__
Commonwealth,
679
800
Garfield Nat'l__ 1,000 1,887
Seaboard Nat'l_ 6,000 11,445
Bankers Trust_ 20,000 36,945
US Mtge es Tr.. 3,000 5,053
Guaranty Trust 25,000 26,854
Fidelity Trust__ 4,000 3,285
New York True 10,000 22,550
Farmers L & Tr' 10,000 20,26
Equitable Trust; 30,000 23,927
Average. Average Average
$
78,333
496 7,437
167,101 3,056 17,888
77,929 1,161 11,605
778,331 4,220 78,117
134,944 1,125 16,060
23,351 1,567 3,178
371,702
647 41,591
215,011 2,620 22,393
533 14,271
124,766
208,294 4,883 24,131
825 17,453
165,280
68,314 1,843 6,757
316,423
556 25,475
438,614 4,161 53,019
851
.7,959
133
594,555 6,470 69,757
26,462
688 3,499
13,334
502 1,307
483 2,577
17,138
887 16,442
128,338
839 33.975
365,653
733 7,394
63,756
445,065 1,297 48,699
713 4,870
42,858
554 18.300
171,803
530 14,521
146,399
281,281 1,622 29,562
Average. Average Asps.
54,849 8,817
130,570 25,644
87,717 3,719
*803,305 150,994
121,895 3,140
23,152 2,836
314.774 23,921
160,468 44.640
108.336
174,345 31,401
133.694 6.460
46,216 21,025
192.951 13,327
398,893 37,200
420
5,830
*543,454 41.598
26,799
8,975, 4,449
459
16,920
124,759 2,789
*288,281 40,873
57,569 6,307
*439,417 59.136
36,223 4,050
134,160 24,910
*110,525 20,909
*314,067 31,570
95
348
6:iii
4,718
2,985
6,479
2,468
_
.
45
_
_
1
Total of averages363,0f50 554,2365,472,994 43.1571591.129 c4,384,301r6T423,266
Totals, actual condition Apr. 95,416,765 43,09649.880 c4,303,056,610,682 23,364
Totals, actual condition Apr. 25,534,888 40,205573,983c4,518,412614,11523,340
Totals, actual condition Mar.265,399,087 43,750 46,811 c4,353,676'598,191 23,318
State Banks Not Members of Fed'i Res've Bank.
Stake Bank.... 5,000 5,817 107,008 4,543 2,566
34,467 3,360 1,871
Colonial Bank__ 1,400 3,270
38,337 63,871
28,748 5.980
141,475
7,903
4,437
67,085 69,851
Totals, actual c ndition Apr. 9 142,969
Totals, actual Co ndltion Apr. 2 142,172
Totals, actual co nditlon Mar.26 143,308
8,225
7.810
8,040
4,122
4,210
4,186
68.351 69,787
66,501 70,101
67,749 69,764
Total of acerage,I 6,400
9,088
Trust Companies NotMembe rs of Fed I Res'v e Bank
66,795 1,951 4,481
Title Guar & Tr 10,000 20,237
932 1,733
22,316
Lawyers Trust_ 3,000 3,463
42,170
17,430
999
999
13,000 23,701
89,111
2.883
6.214
59,600
1,998
Totals, actual c ndition Apr. 9
Totals, actual condition Apr, 2
Totals, actual condition Mar.26
87,861
90,157
90.765
2.806
2,692
2,515
6,559
6,515
6.724
58,082
60,917
60,535
1,999
2,013
1,987
Total of averag
_
----
-_ ......_
----
Gr'd agar., avge.382,400587,0205,703,580 53,94360i.780 4,510,986682,44323,266
+5
Comparison with prey. week _ _ +30,346 +181-10,487 -35,096 +10,081
Gr'd agar., act'lcond'n Apr. 95,647.595 55,027'660.S61 4,429,489 682,46823,364
Comparison with prey.week __ -119,622+4,320+75853 -216.341--3,761 +24
Gr'd
Ged
Gr'd
Gr'd
Gr'd
Gr'd
aggr.. acticond'n
agar., acacond'n
agar.. acel,cond'n
agar.,
cond'n
aggr., acticond'n
agar., actleondyn
Apr. 25,767,217
Mar.265,633,159
Mar.195,717,104
Mar.125,524,816
Mar. 54,494,370
Feb. 26 5,497,097
50.707584,708
54,305657,722
53,110681,612
56.284644,084
55,000573,300
58,006015,731
4.645,830,686,22923,340
4,481,960,669,94223,318
4,574,5132,34823,266
4,4i2,944667.30723,202
4,370,768d369,73923,363
4,389,693679,52723,368
Note.-U. B. deposits deducted from net demand deposits in the genera 1 total
above were as follows: Average total Apr. 9, $73,128,000. Actual totals Apr. 9,
$69,635,000; Apr. 2. $76,056,000; Mar. 26, $80,840,000; Mar. 19, $81,139,000:
Mar. 12, $22,163,000; Mar. 5, 523,562,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Apr. 9, $656,372,000; Apr. 2, $611,568,000;
Mar. 26, $625,143,000; Mar. 19. $609,186,000; Mar. 12, $34,185,000; mar. 6.
$621.780,000. Actual totals Apr. 9, $745,839,000: Apr. 2, 8573,051,000; Mar. 26.
$689,153.000; Mar. 19, $696,820,000; Mar. 12, $698,354,000; Mar. 5, 8643.573,000.
* Includes deposits In foreign branches not included in total footings as follows:
National City Bank, $235,697,000; Chase National Bank, $13,416,000; Bankers
Trust Co., $37,211,000: Guaranty Trust Co.. $87.591,000: Farmers' Loan & Trust
Co., $4,519,000; Equitable Trust Co., $95,409,000. Balances carried In banks in
foreign countries as reserve for such deposits were: National City Bank, $40,136,000;
Chase National Bank, $1,997,000; Bankers Trust Co., $1,396.000: Guaranty Trust
33,0 ,000; Farmers' Loan es Trust Co., $4,519,000: Equitable Trust Co.,
$7629
520
., 0.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
56.1011.5
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companles*__
$
7,903,000
2,883,000
Total
Reserve.
Reserve
Squired.
591,129,000 591,129,000 588,276,950
4,437,000 12,340,000 12,075,300
6,214,000 9,097,000 8,940,000
Surplus
Reserve.
2,852,050
264,700
157,000
Total April 9_ __
10,786,000 601.780,000 612.566,000 609,292,250 3.273,750
Total April
10,783.000 612,267.000 623,050,000 613,582,430 9.467,570
Total Mar.26._ 10,625,000 605,347,000 615,972,000 611,705,910 4,266,090
Total Mar. 19
12,489,000 606,364,000 618,853.000 618,455,740 75.153,260
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State batik.
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. 9, $18,317,820; Apr. 2. $18,009,660; Mar. 26, $17,896,1100; Mar. 19, $17,039,400; Mar. 12, $17,751,540: Mar. 5, $18,118,380.
APR. 16 1927.]
T1TE CHRONICLE
Actual Figures.
Vase
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks.
Trust companies*.__
$
8,225,000
2,806,000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
$
$
$
$
649,880,000 649,880,000 577,717,740 72,162,260
4,122.000 12.347.060 12.303,180
43,820
6,559,000 9,365,000 8,712,300
652,700
Total April 9._
Total April 2_ -_.
Total Mar.26_
Total mar. 19_ _ __
11,031,000 660,561,000 671,592,000 598,733,220 72,858,780
10,502,000 584,708,000 595,210,000 626,924,740 -31,714.740
10,555,000 657,722,0110 668,277,000 605,198,680 63,078,320
11.997.000 681.612.000 693.609.000 614.316.570 4.536.430
•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 the amount of reserve required on net time deposits, which was as follows:
Apr. 9, $18.320,460; Apr. 2, 318,423,450: Mar. 26, 317,945.730; Mar. 19, 317,942,220; Mar. 12, 317,791,620; Mar. 5, $17,866,140.
2245
BOSTON CLEARING HOUSE MEMBERS.
Apr. 13
1927.
Changes Prom
Previoca Week.
Apr. 8
1927.
Mar.30
1927.
$
$
$
$
Capital
'71,900,000 Dec.
750.000
72,650,000
72,650,000
Surplus and profits....
96,309,000 Dec. 1,361.000
97,670.000
96,012,000
Loans, disc'ts & invest_ 1,017,588,000 Dec. 16,426,000 1,034,014,000 1,043,207,000
Individual deposita
663,146,000 Dec. 7,508,000 670,654,000 661,376,000
Due to banks
152,698,000 Dec. 4,087,000 156,785,000 143,051,000
Time deposits
230,394,000 Dec. 2,650,000 233.044,000 236,502,000
United States deposits.
27,821,000 Dec. 2,580,000
30,401,000
32,441,000
Exchanges for Cl'g Wee
32,592,000 Dec. 8,520,000
41,112.000
30,015,000
Due from other banks
85,054,000 Dec. 2,644,000
87,698,000
79,285.000
Ree've In legal deposles
79,726,000 Deo.
554,000
80,280.000
78,883,000
Cash in bank
9,033,000 Inc.
90,000
8,943,000
8,945,000
Ree've creme In F R llk
645.000 Dec.
310.000
955.01111
25501111
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending April 9, with
comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given
below. Reserve
SUMMARY OP STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differencesfro,* is
not a part of legal reserve. For trust companies not
April 9.
Previous Week.
Loans and Investments
$1,277,969,800 Dec.$3,520,900 members of the Federal Reserve System the
reserve required
Gold
5,096,300 Dec.
237,900
Currency notes
24,436,500 Inc.
336,500 is 10% on demand deposits and includes "Reserve with
Deposits with Federal Reserve Bank of New York_ 106,612,100 Inc. 1,998,000
Total deposits
1 328,427,200 Inc. 2,518,300 legal depositaries" and "Cash in vaults."
Deposits. eliminating amounts due from reserve de-1,246,612,200 Dec. 6,963,400
positaries and from other banks and trust companies in N.Y.City exchange,and U.S.deposits_
Reserve on deposits
177,926,200 Inc. 4,947,300
Percentage of reserves, 21.1%.
RESERVE.
State Banks-Trust CompaniesCash in vault
n39,812,800 17.28%
896,332,100 15.77%
Deposits in banks and trust cos.__ 13,006,600 5.64%
28,774,700 4.71%
Total
$52,819,400 22.92%
3125,106,800 20.48%
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on April 9 was $106,612,100.
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:
COMBINBD RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedDec. 11
Dec. 18
Dec. 25
Doe. 31
Jan. 8
Jan. 15
Jan, 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
II
0,667,713,300
6.064,332,100
0,713,433,300
8,837,671,900
0,954,175,000
8.819,657,900
8,755,555,500
8,710,870,100
6,728,899,400
6,670,129,400
0,657,735,000
6,682.585,900
6,770,284,900
6,769,161,600
6,932,195,300
6,947.733,100
6,954,724,700
6,981.549,800
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
5,588,288,800
5,630,977,600
5,636,517,700
5,741,187,400
5,898,416,700
5,789,308,200
5.801,064,500
5,714,684,400
5,721,854,900
5,642,353,800
5,545,046,000
5,549,193,800
5,645.318,300
5,635.476,400
5,793,224,500
5,788,391,100
5,799,657,600
5,757,598,200
$
88,536,500
96,557,700
105,590,700
95,908,300
91.552.900
91,267,300
81,093,000
85,754,700
83,192.800
86,676,800
84,366.800
86.470,300
83.732.500
83.956,400
82,581,000
82,657.800
83,196,200
83.475.800
$
726,827,700
738.221,800
734,688,400
761,848,700
788,239,700
757,056.100
746,207,209
731,499,000
731,203,500
721,361,700
726,327.800
715,260,10(
732,128,701
731.343,201
757.650.301
751,432,101
755,811,601
750 173 4111
New York City Non-Member Banks and Trust Coropanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers [000) omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
AprIl 9 1927.
Members of
Ired'I Ree've Ban
Grace Nat'l Bank_
State Banks.
Not Members of th
Federal Reserve Bank
Bank of Wash. H'
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr., Bayonn
Loans.
DieNM
counts.
Profits. Invest',tents,
etc.
Reserve
Cash
with
Nes
Net
In
Legal Demanv Time
Vault. Deport- Deposits Deposits.
tortes.
Average Average. Average Average.
8
8
$
8
55
1,111
6,691
3,852
$
1,001
$
1,940
$
13,673
400
1,060
10,880
897
417
7.525
3,420
501
693
9,247
280
184
3,670
5.833
1,9
Gr'd aggr., Apr. 9
comparison with prey. week
3.693
33,800
4-228
1.232
-4-62
1,712 017,886
-14
+228
13.105
455
Gr'd Mgr.. Apr. 2
3,841
3,64'
3,640
3.640
33,5721
33,124
33,394
33,147
1,170
1,130
1,255
1,257
1,726
1,696
1.706
1.71:
17,658
17,858
18,314
18.184
13,050
12,991
12,976
12050
a United States deposits deducted, $50,000
Bills payable. rediseounts, acceptances and other liabilities, 83,039,000.
In reserve, $1,210 increase.
nation
Gen tiger., Mar. 26
Geri aggr.. Mar. 19
Gr'd Mgr.. Mar. 12
Week Ended April 9 1927.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Heave with legal deposits.
Reserve with F. R.Bank
Cash in vault*
Total reserve & cash held
Reserve required
Excess res. & cash In vault.
Membersof
Trust
F.R.System Companies
$50.225.0
154,727,0
953,248,0
34,082.0
97,505,0
138,288,0
622,051,0
157,528,0
917,865,0
April 2
1927.
March 26
1927.
355,225,0 355,225,0 355.225,0
172,576,0 172,549.0 171,701.0
999,883,0 1004,942,0 1004,849,0
34.811,0 44,894,0 32,858,0
97,524,0 109,354,0 96,375,0
139.366,0 140,825,0 136,850,0
648,130,0 657,220,0 641,141,0
159,827.0 160,080,0 156,086.0
947,323,0 958,125,0 934,077,0
3.157,0
3,309,0
3,069.0
71,753,0
71,753,0 68,737,0 68.616,0
9,259,0
1432,0 10,791,0 10,481.1
10,617,0
81,012,0
4,689,0 85.701,0 82,527.0 82,302,0
89,539,0
4,076,0 73,615,0 73,229,0 72.459,0
11,473,0
613,0 12,086,0
9.298,0
9,843.0
*Cash in vault not counted as reserve for Federal Reserve members.
35,000,0
17,849,0
46,635.0
729,0
19,0
1,078,0
26,079,0
2,301,0
29,458,0
3,157,0
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 Apr. 13 1927 in
comparison with the previous week and the corresponding
date last year:
ResowcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury.
Apr. 13 1927. April 6 1927. Apr. 14 1926
$
363,417,000 403,498,000 288,898,000
13,223,000
9,539,000
13,631,000
Gold held exclusively agst. F.R.notes_ 376,640,000
(told eettlement fund with F. R.Board
168,269,000
Gold and gold certificates held by bank._ 482,868,000
413,037,000
125,803,000
488,681,000
302,529,000
296,155,000
358,103,000
Total gold reserves
Reserves other than gold
1 027,777,000 1,027,521,000
33,836,000
32.923,000
956,787,000
45,073,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligations_ _
Other bills discounted
1,061,613,000 1,060,444,000 1,001,860,000
14,595,000
14.966,000
21,095,000
106,847,000
36,360,000
69,301,000
33,917,000
160,627,000
28,342.000
143.207,000
76,542,000
103,218,000
56,884,000
188,969,000
63,437,000
14,717,000
30,041,000
45,684,000
11,947,000
25,711,000
39,864,000
9,936,000
32,117,000
23,922,000
90,442,000
77,522,000
65,975,000
2,384,000
Total bills and securities (See Note)
310,191,000
237.624.000
320,765,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
659,000
190,674,000
16,276,000
2,473,000
659,000
160,659,000
16,276,000
2,249,000
643,000
191,595,000
16,701,000
4,355,000
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
Total resources
1,596,481,000 1,492,877,000 1,557,014,000
LiabituiesVed'i Reserve notes In actual circutation. 415,353,000
Deposits-Member bank, reserve sect.. 901,495,000
Government
6,027,000
Foreign bank (See Note)
897,000
Other deposits
7,418,000
421,222,000
819,451,000
4,858,000
1,126,000
7,975,000
366,065.000
922,827,000
6,098,000
660,000
6,687,000
Total deposits
Deferred availability items.
Capital paid in
Surplus
All other liabilities
833,410,000
135,330.000
38,293,000
61,614,000
3.008.000
936,272,000
157,345,000
34,242,000
59,964,000
3,126,000
Total liabilities
1, It
1,901
1,900
1.900
1927
Total.
Ratio of total reserves to deposit and
Fedi Refry° note liabilities combined
Contingent liability on bills purchased
for foreign correspondence
915,837,000
162,222,000
38,309,000
61,614,000
3,146,000
1,596,481,000 1.492.877.000 1.557,014,000
79.7%
41,499, 000
84.5%
41,049,000
76.9%
18,697,000
NOTE.-BegInning with the Statement of Oct. 7 1925, two new Items were added
n order to show sebarately the amount of balances held abroad and muounts due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made of Federal Intermediate credit bank debentures, was changed 1.0 "Other
securities," and the caption "Total earning assets" to "Total bills and securities.**
The latter term was adopted as a more accurate description of the total of the 5 counts,acceptances and securities acquired under the previsions of Sections 13 and 14
of theltederal Reserve Act. which It was Mated,are the only itemsincluded therein.
2246
T H PI CHRONICLE
[Vol.. 124.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 14 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2217 being the first item in our department nr "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 13 1927.
Apr. 13 1927. April 6 1927. Mar.301927. Mar.23 1927. Mar.16 1927. Mar.91927. Mar. 2 1927 Feb. 23 1927 Apr. 14 1926.
RESOURCES.
5
iS
$
$
$
$
$
$
$
Gold with Federal Reserve agents
1,628,860,000 1,630,855.000 1,613,495,000 1,619,911,000 1,689.080,000 1,573.277,000 1,534,183,000 1,560.960,000
1,385,430,000
Gold redemption fund with U. S. Trea8.
45,304,000
48,740,000
51,105,000
52,021,000
48,481,000
52,815,000
38,751,000
47.442.000
43,204.000
Gold held exclusively eget. F.R. notes 1,677,600.000 1.676.159,000 1,665,516,000 1,671,016,000 1,735,561,000 1.620,719.000 1,577,387.000 1.599,711,000 1,438,245,000
822,994,000 613,278,000 620.488,000 608.963.000 524,085,000 599,876.000
Gold eettlement fund witb F.R,Board
621,859,000 715,880,000
Gold and gold certificates held by banks_ 730.049,000 733.509.000 735,895,000 753,657.000 764.065,000 792,066,000 633,998.000 761.528.000 627,663,000
770,201,000
Total gold reserves
Reserves other than gold
3,030,643,000 3,022.946,000 3,021,899,000 3,033,636.000 3,023,741.000 3,012,661,000 2,981,586,000 2,983.098.000 2,781,788,000
160,280,000 160,490,000 160,794,600 159,644,000 161,144,000 160,619.000 162.328,000 157,938,000 157,017,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
• Other bills discounted
3,190,923,000 3,183,436,000 3,182,693,000 3,193,280,000 3,184.885.000 3,173,280,000 3.143,914,000 3,141,036,000 2,938,805,000
61,480,000
63,759,000
59,972,000
66,465,000
67,896.000
62,838,000
68,554,000
66,126,000
66,755,000
248,722,000
177,045,000
213,306.000
188,642,000
259,088,000
196,937,000
268,421,000
188,716,000
175,457,000
155,065,000
240,074,000
175.865,000
248,505,000
186,139,000
210,357,000
187,572,000
334,735,000
242.549,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
'Treasury notes
Certificates of indebtedness
425,767,000
256,724,000
401,948,000
239,221,000
456,023,000
237,409,000
457.137,000
231,259,000
330,522,000
218,870,000
415,939.000
264,685,000
434,644.000
289,023,000
397,929,000
280,189,000
577,284,000
274,058,000
78.099,000
88,836,000
188,409.000
74,870,000
85,377,000
181,688,000
68,206,000
88,380,000
196,516,000
61,950,000
71,733,000
208,564,000
58,364,000
61,394,000
355,582,000
65,413,000
80,251,000
161,265,000
58.888,000
94,687,000
157.399,000
56,788,000
93,075,000
155,345,000
94,136,000
143.465,000
139,415,000
Total U. S. Government securities.„
Other securities (see note)
Foreign loans on gold
355,344,000
2,500,000
341,935,000
2,500,000
353,102,000
2,500,000
342,247,000
2,000.000
475,340.000
2.000.000
306.929.000
2,000,000
310,974,000
2,000,000
305.208,000
2,000,000
-989.553.000 1,036,641,000
658,000
659,000
616,499,000 693.213.000
58,460,000
58,381.000
12,730,000
12.735,000
985.326,000
659,000
610,228,000
58,351,000
12,577,000
377,016,000
5.185,000
8,700,000
—
1,242,243,000
643,000
768,248.000
59,481,000
16,201,000
Total bills and securities (see note)
Due from ()reign banks (see note)
Uncollected items
Bank premises
All other resources
1,040,335,000
659,000
734,298,000
.58,561,000
13,022,000
Total resources
LIABILITIES.
F.R. notes in actual circulatIOn
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
5,099,278,000 4,945.172,000 4.970,584.000 5.008,019,000 5,194,631,000 4,919,734,000 5,012.298,000 4,874,303,000 5,088,459,000
2,264,762,000 2,231.951.000 2.274.464,000 2,300,454,000 2,295,305,000 2,221,149.000 2,231.271,600 2,165.653,000 2,283,222,000
22,842,000
31,869,000
13,527,000
5,700,000
2,830,000
43,280,000
15,189,000
27,727,000
35,265,000
4,925.000
4,697,000
5,546,000
5,759,000
4,818,000
4,576,000
4,707,000
4,650,000
4,929,000
15,622,000
14,966,000
15,064,000
17.424,000
20.079.000
16,074,000
16,595,000
118.116.000
19.767,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,307,267,000 2,265,467,000 2,327,501,000 2,329.337010 2.323.032,0002,260,755,060 2,289,581,000 2,214,682,000 2,347,152,000
678,127,000 582,633,0011 562,660,000 808,526,000 797,302,000 572,160,000 639,342,000 584,874,000 703,600,000
128,280,000 128,212,000 127,602,000 127,567,000 127,692,000 127,700,000 126.788,000 126,509,000 120,898,000
228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 228,775.000 228,775,000 228.775,000 220,310,000
13,002,000
12,709,000
12,656,000
12,172,000
11,603,000
11,133,000
10,856,000
11,451,000
15,403,000
985,604,000 1,049,034,000 1,032,643,000 1,026,732,000
659,000
660,000
660,000
659,000
643,961,000 602,896.000 644,812,000 844,454,000
58,558,000
58,485,100
58,471,000
58,464,000
12,982,000
13,057,000
11,688,000
11,541,000
1,743,827,000 1,727,429,000 1,711.337,000 1,701,642,000 1,706,227,000 1,718,893,000 1,716,956,000 1,708,330,000 1,681,096,000
Total liabilities
5,099,278,000 4.945,172,000 4,970,584,000 5,008,019,000 5,194,631,000 4,919,734,000 5.012,298,000 4,874.303,000 5,088,459,000
Asti° of gold reserves to deposit and
F.It. note liabilities combined
75.7%
74.8%
75.2%
74.8%
75.0%
75.7%
74.4%
69.1%
76.0%
Ratio of total reserves to deposit and
F. R. note liabilities combined
79.7%
78.8%
79.2%
78.8%
79.0%
78.5%
70.7%
73.0%
80.1%
Contingent liability on bills purchased
for foreign correspondents
148,269,000 147,819,000 147,698.000 147,946,000 145,583,000
96,480,000
915.834.000
02.002.000
68,202,000
Dtstrtbutten by I i aiurtites—
5
1-15 days bills bought in open market_ I 122,602,000
1-15 days bills discounted
337,315,000
1-15 days U. S. certif. of indebtedness_
6,490,000
1-15 days municipal warrants
16-30 days bills bought In open market
64,950,000
16-30 days bills discounted
21,060,000
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market_
50,274,000
81-60 days bills discounted
32,717,000
81-60 days U. S. certif. of indebtedness_
200,000
31-60 days municipal warrants
61-90 days bills bought In open market_
15,152,000
81-90 days bills discounted
21,983,000
61-90 days U. S. certif. of indebtedness_
74,454,000
61-90 days municipal warrants
Over 90 days bills bought in open market
3,746.000
Over 90 days bills discounted
11,792,000
Over 90 days certif. of indebtedness
107.265,000
Over 90 days municipal warrants
$
107,296,000
312,414,000
370,000
$
115,041.000
364,820,000
5,206,000
$
102.980,000
370.035,000
9,140,000
$
89,509,000
241,049,000
177,500,000
$
126,376,000
325,347.000
$
142,585,000
347,065,000
1.829,000
$
140,345.000
309.200,000
$
132,730,000
436,193,000
13,000
68,371.000
23,799.000
53,777.000
22,153,000
58,518,000
25,881,000
550,000
58,439,000
24,948,000
650.000
57,634,000
24,047,000
65,828,000
24,462,000
61,531,000
26,246.000
57,559,000
33,897,000
200,000
48,143.000
34,724.000
53,125,000
36,630.000
56,206.000
32,075.000
52,369.000
33.445,000
54,832,000
35,699,000
55,236,000
35,088,000
51,939,000
35,922,000
54,633,000
56,491,000
12,820,000
19,695,000
74,064,000
13,242,000
21,380,000
76.644,000
11,999,000
20,252,000
74.709,000
15.563,000
21,640.000
146,000
22,587,000
20,976.000
21,815.000
18,368,000
23,234,000
17.628,000
24,268,000
33,156,000
66,863,000
2.591.000
11,316,000
107,254,000
2,224,000
11,040,000
116,666.000
1,556,000
8,894,000
124.165,000
2,990.000
9,440,000
177,286.000
3.256 000
9,870.000
161.265,000
3,561,000
9,861.000
155.570.000
3,140,000
8,933,000
155,345,000
4,868,000
17,547,000
72,339,000
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
2.970.910,000 2,947,635,000 2,927,452.000 2.926.576.0002.921,182,000 2.930.573,000 2,917.319,000 2,928,346,000 2,832,211,000
845,364,000 835,133,000 829.156.000 833,073.000 828,973.000 832.818,000 845.078,000 861,698,000 830,057,000
Issued to Federal Reserve Banks
2,125,546,000 2,112,502,000 2,098,296.000 2.093.503.000 2,092.209,000 2,097,755,000 2,072.241.000 2,066,648,000 2,002,154,000
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
Total
404,605,000 401,604.000 401,604,000 400.640,000 400,640,000 371,534.000 367.1152,000 362,953.000 309,653,000
100,683,000
99,834.000 106.974,000 101.884.000
96,137.000
99.855.000 107.685.000 101.470,000 110,457,000
1,123,572,000 1,129,417,000 1,104,917,000 1,117,387.000 1,192,303,000 1.101,888,000 1,058.546,000 1,096,537,000 965,320,000
650,279,000 620,052.000 670,937,000 666,442,000 532,184,000 657,734.000 700.594.000 654,539,000 822.806,000
2.279.139.000 2.250.907.000 2.284.432.000 2.286.353.000 2.221_264 nnn 2 921 nt i (inn 9 925 777 nnn 9 91n ecm nnn .., -Inn llf. non
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added In order to show
to foreign correspondents. In addition, the caption.'All other earning assets." previously made up ofseparately the amount of balances held abroad and amounts du0
"Other securities," and the caption." "Total earning assets" to "Total bills and securities." The latter Foreign Intermediate Credit Bank debentures, was changed t?
item was adopted as a more accurate description of the total oT
the discounts, acceptances and securities acquired under the provisions of sections 13 and 14 of the
Federal Reserve Act, which. It was stated, are the only items included.
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS APRIL 6 1927.
Two ciphers (00) omitted.
Boston.
New
Cleveland.
York.
PAWN
Richmond
Atlanta. Chicago. St. Louis. Mtnneap. Ran. City Dallas. San Aran.
Federal Raters. Bank of—
Total,
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 119,172,0 363,417,0 125,189,0 196,133,0 64,005,0 169,138,0 234,251,0
21,640,0 60,857,0 63,394,0
Gold redo fund with U.S.Treas. 4,928,0
13,223,0 11,420,0 2,643,0 1,539,0 2,150,0 3,496,0 1,461,0 1,215,0 1,967,0 34,340,0 177,324,0 1,628,860,0
1,500,0 3,198,0
48,740,0
124,100,0 376,640,0 136,609,0 198,776,0 65,544,0 171,288,0 237.747,0 23,101,0 62,072,0 65,316,0
Gold held excl. agst. F.R. no
Gold eettle't fund with F.R.Boe • 56,922,0 168,269,0 48,947,0 40,434,0 33.095,0 21,031,0 144,916,0 18,175,0 14,114,0 27.065,0 35,840,0 180,522,0 1,677,600.0
18701,0 31,325,0 622,994,0
30,494,0 482,868,0 27,696,0 5.5,724,0 4,530,0 4,390,0 54.194.0
Gold and gold certificates
13,410,0 6,913,0 7,732,0 8,912,0 33,186,0 730,049,0
211,516,0 1,027,777,0 213,252,0 294,934,0 103,169,0 196,709,0 436,857,0
Total gold reserves
54,686.0 83,099,0 100,158,0
22,702,0
Reserves other than gold
33,836,0 6,174,0 9,971,0 8,917,0 11.612,0 22.696,0 19,008,0 4,140,0 5,685,0 63,453,0 245,033,0 3,030,643.0
7,515,0 8,024,0 160,280,0
234,218,0 1,061,613,0 219,426,0 304,905,0 112,086,0 208,321,0 459.553,0
Total reserves
105,843,0 70,968,0 253,057,0 3,190,923,0
87,239,0
73,694.0
6,536,0
14,595,0 1,724,0 3,951,0 5,653,0 4,763,0 9,897,0 3,539,0 1,518,0 2,521,0
Non-reserve cash
3,002,0 3,781,0
61,480,0
Bills discounted:
11.416,0 106,847,0 22,369,0 38,272,0 6,302,0 2.756,0 14,907,0 5,218,0 2.176,0 3,423,0
See. by U. S. Govt. obligati°
248,722,0
1.371,0
33,665,0
13,554,0
36,360,0 14,518,0 13,248,0 13,278,0 24,930,0 23,672,0 7,613,0 3,205,0 7,176,0
Other bills discounted
2,592.0 16,899,0 177,045,0
24,970.0 143,207.0 36,887,0 51,520,0 19,580,0 27,686,0 38,579,0 12.831,0 5,381.0 10,599,0
Total bills discounted
76,542,0 11,372,0 20,209,0 9.346,0 11,612,0 31,178,0 21,053,0 7,680,0 12,028,0 3,963.0 50,564,0 425,767,0
22,458,0
Bills bought in open market__
9,250,0 23,996,0 256,724,0
U. S. Government securities.
14,717,0 1,200,0 3,983,0 1,918,0
2,094,0
Bonds
103,0 24,921,0 5,334,0 5,615,0 9,837,0 4,654,0 3,723.0
78,009,0
1,782,0
30,041.0 4,653,0 9,977,0
826,0
Treasury notee
394,0 6,195,0 8,487,0 4,246,0 3,179,0 6.306,0 12,750,0
88,836.0
45,684,0 13,834,0 22,664,0 4,355,0 2,786,0 20,705,0 13,838,0 6,681,0 14,579,0 14,023,0
6,661,0
Cart
'
,mites of indebtedness._
22,599,0 188,409.0
Total U.S. Gov.. securities.. 10.537.0
90,442,0 19,687.0 36,624,0
7,099,0
3,283,0 51.821.0 27.659.0 16.542.0 27.595.0 24.983.0 39072.0
355.344.0
APR. 16 1927.1
RESOURCES (Cowluded)Two ciphers cow mums.
TILE CHRONICLE
Boston.
New York.
$
$
Phila.
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Al. other resources
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
s
$
$
2,500,0
Other securities
2247
$
$
s
$
$
$
$
Total.
s
• 2,500,
310,191,0 70,446,0 108,353,0 36,025,0 42,581,0 121,578,0 61,543.0 29,603,0 50,222,0 38,196,0 113,632,0 1,040,335,0
659,0
659.0
190,674,0 62,570,0 69,688,0 56,898,0 31.375,0 87,802,0 35,631,0 13,449.0 43,041.0 27,922,0 42,801.0 734,298,0
16,276,0 1,714,0 7,119,0 2,152,0 2,898,0 8,038,0 3,957,0 2,774,0 4,459,0 1,752,0 3,476,0
58,561,0
2,473,0
251,0 1,048.0
378,0 1,879,0 2,200,0
987,0 1,823,0
477,0
329,0 1.128,0
13,022,0
57,965,0
72,447,0
3,946,0
49,0
Total resources
375,161,0 1,596,481,0 356,131,0 495,064,0 213,192,0 291,817,0 689,068,0 179,351,0 136,406,0 206,563.0 142,169,0 417,875,0 5,099,278.0
LIABILITIES.
P.R. notes in actual circulation_ 128,668,0 415,353,0 127,642,0 214,408,0 69,335,0 175,128,0 229,357,0 43,324,0 64,357,0 66,368,0 38,539,0 171,348,0 1,743,827,0
Deposits:
Member bank-reserve acet 146,491,0 901,495,0 132,662,0 175,091,0 67,987,0 68,518,0 325,354,0 82,207,0 47,136,0 86,509,0 59,562,0 171.750,0 2,264,762,0
Government
1,525,0
6,027,0 1,999,0
464,0 2,499,0 2,680,0 1,039,0 1,513,0 1,065,0 1.021,0 1,225,0
1,731,0
22,842.0
Foreign bank
394,0
897,0
505,0
216,0
725,0
557,0
226,0
273,0
158,0
194.0
184.0
368,0
4,697.0
87,0
7,418,0
Other deposits
324,0 1,145,0
61.0 1,057,0
302,0
66,0
132,0
132,0
55,0 4,116,0
14,966,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
148,497,0
71,048,0
8,889,0
17,606,0
453,0
915,837,0
162,222,0
38,309,0
61,614,0
3,146,0
135,490,0
58,360,0
12,981,0
21,267,0
391,0
177,257,0 70,825,0 71,475,0 328,229,0 84,248.0 48,562,0 87,856,0 61,026,0 177,965,0 2,307,267.0
64,514,0 53,927,0 30,021,0 79,921,0 35,623,0 11,920,0 38,492,0 29,637,0 42,442.0 678,127,0
13,814,0 6,166,0 5,021,0 16,979,0 5,280,0 3,004,0 4.207,0 4,273,0 9,357,0 128,280,0
23.746,0 12,198,0 9,632,0 31,881,0 9,939,0 7,527,0 9,029,0 8,215,0 16.121,0 228.775,0
1,325,0
540,0 2,701,0
741,0
611,0
937,0 1,036,0
479,0
642,0
13,005,0
Total liabilities
375,161,0 1,596,481,0 356,131,0 495,064,0 213,192,0 291,817,0 689,068,0 179,351,0 136,406,0 206,563,0 142.169.0 417,875,0 5.099,278,0
Memoranda.
Reserve ratio (per cent)
84.5 •
83.4
79.7
77.8
82.4
84.5
80.0
57.8
68.6
77.3
71.3
72.4
78.8
Contingent liability on bills purchased for foreign correspond'ts 11,076,0
41,499,0 14,177,0 15,654,0 7,679,0 6,055,0 20,379,0 6,350.0 4,430,0 5,464,0 5,169,0 10,337,0 148,269,0
,R. notes on hand (notes reed
from F. R. Agent less notes In
24,441,0 125,818,0 37,547,0 21.317,0 14,916,0 31,276.0 51,261,0 5,011,0 4.739,0 10,823,0 5.950,0 48,620,0 381.719,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAR. 30 1927
Federal Reserve Agent at-
Boston.
New York.
Phila.
Cleveland. Richmond Aaarua. Chicago. St. Louis. Minna'''. Kan. City Dallas. San Pram
Total.
5
(Two dphers (00) milled.)
$
F.R.notes reed from Comptroller 254,059,0
1.11.notee held by F. R. Agent__ 100,950.0
$
$
$
$
$
$
5 '$
$
5
$
833,251,0 192,689,0 281.005,0 108,965,0 271,100,0 442,118,0 69,795,0 87,003,0 103,731,0 62,526,0 264,668,0 2,970,910,0
292,080,0 27,500,0 45,280,0 24,714,0 64,696,0 161,500,0 21,460,0 17,907,0 26,540,0 18,037,0 44,700,0 845,384,0
F.R.notes Issued to F. R. Bank
Collateral held as security for
H.R. notes issued to F. R. Bk.
Gold and gold certificates__
Gold redemption fund
Gold fund-F.R. Board
Eligible paper
541,171,0 165,189,0 235,725,0 84,251,0 206,404,0 280,618,0 48,335,0 69,096,0 77,191,0 44,489,0 219,968,0 2,125,546,0
Total collateral
153,109,0
35,300,0
14,872,0
69.000,0
47,428,0
166,600,0
235,104.0
8,780,0 36,468,0 16,458,0
18,238,0
7,740,0 13.507,0
22,313,0 12,312,0 12,353,0 4,537,0 5,680,0 2,251,0 3.590,0 1,350,0 4,534,0 3,102.0
106,000.0 112,877.0 175,000,0 23,000.0 147,000,0 232,000,0 10,300,0 46,000,0 58.680,0 13,000.0
201,262.0 40,647,0 70,578,0 26,451,0 38,882,0 69,197,0 33,350,0 12,837,0 22.367,0 13,039,0
33,000.0 404,605,0
13.789,0 100,683.0
130,535,0 1.123,572,0
74,251,0 650,279,0
564.679,0 165.836.0 266,711,0 90,456,0 208,020,0 303,448.0 54,990,0 73,694,0 85.761,0 47,369,0 251,275,0 2,279,139,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 672 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 2217.
1. Data for all reporting member banks In each Federal Reserve District at close of business April 6 1927
Federal Reserve District.
Boston. New York
Number of reporting banks
Leans and discounts, gross:
Secured by U.8.Gov't obligations
Secured by stocks and bonds
All other loans and discounts,,
37
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
92
49
71
67
$
$
8,317
63,072
340,975 2,341,903
639,632 2,886,831
S
10,087
401,495
386,480
$
20,825
582,915
811,981
988,924 5,291,806
798,062 1,415,721
152,319 1,003,811
262,167 1,250,259
115,070
280,896
282,739
387,264
414,486 2,254,070
395,966
670.003
Total loans and investments_ _ _.1,403,410 7,545.876 1,194,028 2,085,724
Reserve balances with F.R. Bank.._
98,248 702,176
88,422 136.182
Cash In vault
18,695
14,472
71,375
28,369
Net demand deposits
902,076 5,640,780 777,404 1,093,164
Time deposits
428,451 1.396,831 263,568 852,504
Government deposits
28,403
86,212
32,938
22,290
Due from banks
54,462 136.936
61,692 111,690
Due to banks
154,797 1,200.402 179,582 253,644
Bills pay. & redis. with F. R. Bk.:
Secured by U.S.Gov't obligations
4,220
55,664
5,045
20,944
All other
. 5,333
22,692
5,686
11,601
Total loans and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
Total investments
Total borrowings from F.R.Bank
9.553
78.356
10.731
(Three ciphers (000) omitted.)
32.541
34
Total.
97
31
24
66
45
$
5,287
152,233
361,540
$
$
6,262
21,402
110,713 839,110
389,438 1,259,034
S
4,447
192,099
301,796
S
2,997
75,199
162,247
$
4,439
107,201
299,848
$
2,502
78,838
240,448
519,060
506,413 2,119,546
498,342
240,443
411,488
321,788 1,285.221 14,396.814
77,688
120,593
64.414
55,841
107,390
98,908
56,617
58,966
305,614
464,922
145,151
115,583
770,536
198,281
120,255
206,298
664,211
42,956
15,059
381,548
217,197
10,608
56,153
117,390
621,9962,890.082
40,398 251,485
47,540
10,950
338.776 1,751,818
235,508 1,060,605
14,614
29,486
77,183 237,804
110,568 529,489
696,623
47,661
7,680
405,712
232,992
7,892
60,430
150,572
360,698
25,904
5,844
215,569
125,622
2,238
43,649
96,197
617,786
54,337
12,209
497,660
147,798
3,786
126,694
219,820
72,160
72,991
59
672
$
S
13,328
162,965
314,834 5,537.515
957,059 8,696,334
59,689
26,115
256,260 2,553,771
248.220 3,327,142
85,804
504.480 5,880,913
407.592 1,789,701 20,277.727
31,244 110,301 1,629,314
263,187
21.358
9,636
280,994 756,982 13,042.483
107,189 943,790 6,012,055
9,275
34,078
281,820
66,804 146,334 1,179,831
99,344 217,485 3,329,290
2,684
4,636
2,988
12,506
23,110
18.269
3.050
600
1,835
528
3,441
1,743
1,085
781
27,278
16,064
151,344
100.439
7 370
15 404
41 370
36.5n
2 2115
5 154
1560
45 342
251 711.1
•Not available.
2. Data of reporting member banks In New York City, Chicago, and for the whole country.
All Reporting Member Banks.
Reporting !ember Banta in N. Y, City.
Reporting Member Banks In Chicago.
Apr. 6 1927. Mar. 30 1927. Apr. 7 1926.
, Apr.6 1927. Mar.30 1927. Apr. 7 1926. Apr.6 1927. Mar.301927. Apr. 7 1926.
Number of reporting banks
672
674
54
709
54
60
45
48
45
Loans and discounts, gross:
$
$
$
$
$
$
$
$
$
Secured by U. S. Gov't obligations
162,965,000
151,963,000
60,377,000
164,102.000
50.929,000
50,804,000
13,983,000
14.767,000
13,532,000
Secured by stocks and bonds
5.537.515.000 5.522,752,000 5.349,972,000 2,012,592,000 1,974,489,000 2,054,696,000
All other loans and discounts
8,696,334,000 8,684,327,000 8,448,024,000 2.537,596,000 2,528,512.000 2,338,763,000 623,493,000 636,373,000 588,197,000
693,863,000 688,611,000 695,167,000
Total loans and discounts
14,396,814,000 14,359,042,000 13,962,098,000 4,610,565,000 4,553,930,000
4,444,263,000 1,331.339,000 1,338,516,000 1,298,131,000
lavestmente
U. S. Government securities
2,553,771,000 2,542,790,000 2.523,209,000 914,205,000 904,099.000
Other bonds. stocks and securities_ 3,327,142,000 3.370,875,000 3,007,245,000 928,526,000 934,531,000 870,248,000 173,107,000 170,640,000 148,244,000
864,625,000 220,072,000 224,440,000 213.679,000
Total investments
5,880,913,000 5,913,665,000 5,530,454,000 1,842.731,000 1,838,630,000 1,734,873,000 393,179,000 395,080,000
361,923,000
Total loans and investments
20,277,727,000 20,272,707,000 19,492,552.000 6,453,296,000 6,392,560,000 6,179,136,000 1.724.518.0001,773.596.000
1,660,054,000
balances
Reserve
with F. R. Banks
1,629,314,000 1,685,470,000 1,621,929,000 643.413,000 755,084,000 682,867,000
169,984,000 152,324,000 163,549.000
Cash in vault
263,187,000
264,340,000
58,615,000
57,471,000
285,121,000
66,417.000
21,144,000
20,048.000
19.587.000
Net demand deposits
13,042,483,000 13,006,458,000 12,760,754,000 5,059,594,000 5.109.408,000 4,999,087,000 1,156,764,000
1,149.401,000 1,130,666,000
Time deposits
6,012,055,000 6,009,406,000 5,516,174,000 936,201,000 942,547,000 836,291,000 516,220,000 498,210,000 495.874,000
Government deposits
281,820,000
302.861,000
87,208,000
81,467,000
293,965,000
52,067,000
18.873,000
11,362,000
17,321,000
Due from banks
1,179,831,000 1,125,063,000
96,117,000 104,748,000 147,136,000 136.998,000 144,540,000
96,322,000
Due to banks
3,329,290,000 3,197,638,000
1,136,136,000 1,105,651,000 1,078,815,000 374,709,000 355,788,000 405.408,000
Bills payable and rediscounts with
Federal Reserve Banks:
lisourod by U.S. Gov't obligations
151,344,000
190,754,000
202,877,000
74,012,000
69,650,000
49,450,000
19.965,000
10.395,000
12.185,000
All other
100.439,000
105,724,000
170,482,000
32,684,000
14,130,000
22,398,000
13,471.000
9,394,000
10,896.000
Total borrowings from F. R. bke
251,783,000
296,478,000
33.436,000
83,780,000 106.696.000
373,359.000
21,579.000
71,848.000
21,291,000
Leans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
For own account
968,794,000 941,742,000 958.386.000
For account of out-of-town banks
1.072,575,000 1,045,707.000 1,018,156.000
For account of others
798,869,000 815.863,000 510,810,000
Total
2,840,238,000 2.803,312,000 2,487,352,000
On demand
2.175.439,000 2,144,101,000 1.636.724,000
On time
664.799.000 659.211,000 850.628,000
•anima figures.
f Vot.. 124.
TBEE CIMONICLI.1
2248
Oaniters'
New York City Banks and Trust Companies.
azettz
Wall Street, Friday Night, April 15 1927.
Railroad and Miscellaneous Stocks Review—page 2237.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
•
STOCKS.
Week Ended AprU 15.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares S per share.
Railroads—
per share.
Per share $ Per share.
Apr
Feb 48
Ann Arbor
100
20 48 Apr 13 48 Apr 13 48
Feb
50
Buff & Susquehanna 100
100 47 Apr 13 47 Apr 13
Car Clinch&Ohiost'd 100
70101 Apr 13 102 Apr 12 98% Feb 10234 Mar
Apr
Chesapeake&Ohlo pf 100
Jan 168
100 168 Apr 9 168 Apr 9 162
Apr 10434 Jan
C C C & St Louis pref 100
190 100 Apr 14 10134 Apr 14 100
Feb
Chic Inda & Louis pf 100
40 7134 Apr 12 71% Apr 12 7034 Jan 74
Feb 75% Apr
Cleve & Pittsburgh_ _50
20 7534 Apr 9 7534 Apr 9 73
Apr
Cuba RR pref
100
3 7934 Apr 11 7934 Apr 11 79% Apr 84
Gt Northern Pr ctfs.100
23 87 Apr 12 87 Apr 12 85% Mar 87% Apr
Havana & Elea Fly _* 200 2534 Apr 12 2.534 Apr 11 25
Feb 2634 Jan
Preferred ctf
100 200 82 Apr 11 8234 Apr 11 80
Mar 8234 Apr
Hocking Valley
Jan 24034 Apr
100
40 230 Apr 12 40% Apr 13 200
Iowa Central
Jan 634 Feb
100
30 334 Apr 12 3% Apr 12 1
Apr
Min & St L ctf
Feb 3
100 600 3 Apr 11 3 Apr 11 1
Morris & Essex
Feb 8334 Apr
50
10 8334 Apr 12 8334 Apr 12 80
Apr
N Y & Harlem
50
80 18234 April 184 Apr 11 16831 Mai185
Apr 8734 Apr
Northern Pacific etfs 100 210 86 Apr 13 8734 Apr 9 86
Phil.% Rapid Transit. 50
Mar 55% Apr
10 5534 Apr 13 5534 Apr 13 53
Mar
Pitts Ft W & Chi pref 100
Mar 151
30 151 Apr 12 151 Apr 12 147
St Louts San Fran Rts._ 4,400 231 Apr 13 3% Apr 9 234 Mar 334 Apr
Industrial & Misc.
Alb PrefWrap Pap Pk 100
100 98 Apr 12 98 Apr 12 9734
Ail Amer Cable cas._100
30 17834 Apr 1317934 Apr 9 167
Amalg Leath pref___100 500 9734 Apr 13 9834 Apr 9 9734
Am Chicle Prior pf ctfs *
100 95 Apr 13 .95 Apr 13 91
Am-La Fr FE 7% pf 100
100 78 Apr 11 78 Apr 11 65
Am Plano preL___100
90 105 Apr 14 107 Apr 11 10134
Apr 13 80
Am Shipbuilding._ _ _100
30 82
Apr 13 82
Amer Snuff pref
100 350 9834 Apr 11 9934 Apr 11 9434
Apr 911034 Apr 12 10734
Amer Type Fdrs pref 100
120 110
Apr 14 9934
Apr 14 105
Amer Wholesale pref_100
20 105
•11,100 1034 Apr 9 12
Apr 11 1034
Am Writ Paper ate
Apr 14, 2534
Preferred ctfs
ioo 2,420 2734 Apr 9 32
Bamberger(L)&Co pf 100 1.7110 108% Apr 910934 Apr 12 10634
Bayuk Bros 1st pref_100
15010434 Apr 1310534 Apr 14 101
Apr 13 50
Apr 13 44
10 50
Blumenthal & Co pf_ 100
British Empire Steel—
Apr 11 1
Apr 11 1
100 1
British 2d pref....100
20 115
Apr 9 115
Apr 9115
Burns Bros prior pi_ _100
Byers dr Co, pref._ _100
14010734 Apr 11 10834 Apr 13 106
Apr
Apr 1110634
Central Alloy St'l pf_100
1110734
10010734
700 934 April 934 Apr 11 734
Central Leather ctfs_100
Apr 14 6434 Apr 9 54
Preferred ctfs
100 2,200 63
Apr 14 4334 Apr 11 39
Chicago Yellow Cab...*
60 41
5
City Stores cl A
200 49
Apr 9 4934 Apr 2 4634
Class B
*
200 4234 Apr 12 4234 Apr 12 4134
Apr 11 174
_
•
80 195
Apr 11 195
Coca-Cola
Apr 12 120
ContinentalInternetCan pref 100
2012334 Apr 11 124
Apr 9 116
Col Fuel & Iron pref_100
6012734 Apr 9 131
Consol Gas pref
• 5,700 9434 Apr 9 96
Apr 141 93
Crown Wmtte 1st Dr_
200 8834 Apr 11 8934 Apr 13 8834
Apr 12 103
Cushman's Sons pf 8%.*
10 107
Apr 12 107
Apr 12 106 34
Preferred 7%
100
100 107
Apr 12 108
De Beers Cons Mines...
100 3134 Apr 11 3134 Apr 11 3034
Deere & Co pref
100
70 108
Apr 14 10934 Apr 13 10534
Apr 13 101
Devoe & Ray 1st pi_ _100
16010334 Apr 9 108
Apr 9 115
Diamond Match_ _ _100
7011934 Apr 11 121
April 7
Apr 11 7
Durham Hosiery
100 7
50
Apr 13 89
100 90
Apr 13 90
Eisenlohr & Bros pf_100
Elk Horn Coal Corp....* 1,800 1034 Apr 13 1134 Apr 13 9
Apr 13 21
100 25
Apr 13 25
Preferred
50
760 4
Apr 13 434 Apr 14 334
Emerson Brant el 13____*
*
200 33
Apr 11 3434 Apr 13 33
Emporium Corp
• 100 1234 Apr 9 1234 Apr' 9 12 34
/fifth Ave Bus
4011234 Apr 1111334 Apr 13 10934
Franklin-Simon pref.10l
40 121
Apr 1212134 Apr 11 11834
Gen Baking pref
100 39
Apr 12 39
Apr 12 3534
Gen Gas & Elec cl B
Gen Ry Signal pref..1I I 1,000 105% Apr 1110534 Apr 11 8234
3301 93
Apr 13 9334 Apr 12 90
Glidden Co prior pref.10l
Apr 14 9534
60,100
Apr 9 101
Guantanamo Sug pf.lOI
Gulf States SU lot pt_il I
10010434 Apr 1410434 Aprl 1 9934
100 2334 Apr 9 2334 Apr 9 2334
Hackensack Water___2
Preferred
2
40 2534 Apr 9 2534 Apr 12 2534
10 10834 Apr 910834 Apr 9 100
Hayes Wheel pref....1s
Indian Refining prof_lOP
100 108
Apr 14 102
Apr 14 108
Apr 14 13534
International Silver. 100 3,200157
Apr 13 166
1
200 55
Apr 14 5634 Apr 13 4834
Island Creek Coal
Jones&LSteelpref..1l
Apr 9 117
30011934 Apr 12 120
Kelsey Wheel Ine pf_ 100
60111334 Apr 911334 Apr 9 11334
Kinney Co pref
10
i6Oi 7534 Apr 13 8434 Apr 11 70
Kress Co new
1001 7034 Apr 14 7034 Apr 14 59
Kuppenhelmer
Apr 11 34
1801 3934 Apr 9 40
50 113
Apr 12 113
Apr 12 95
Laclede Gas pref......iOI
1001 60
Apr 13 62
Apr 11 55
McCrory Stores el A_ _ _
Apr 11 97
Apr 11 97
Preferred
101
1001 97
* 2,100 150
Macy Co
Apr 915834 Apr 11 124
Apr 14 40
Menet,Sugar
100
2001 42 . Apr 14 42
May Dept Stores rights. 26.460 134 Apr 3 134 Apr 9 1
1101 89
Apr 9 8934 April 80
Mullins Body pref...1ll
Nat Bella. Hess
100 1,100 4034 Apr 9 4431 Apr 11 39
Preferred
100 200 9634 Apr 12 9634 Apr 12 9634
40 111334 Apr 911634 Apr 9 114 34
NatlonalSupplypref..10s
April 238
101
National Surety
140125434 Apr 12 256
NY Steam 1st pf(7)..* 400110634 Apr 1310734 Apr 13 105
Apr 14 116
Apr 1411234
20 116
Nia Lock & Ont Pr pf 100
140j 50
Apr 13 51
Apr 13 4334
Norwalk T & R praf.1I I
_10
Apr 9 10234
460i10734 Apr 9 108
011 Well Supply pref.
34
8,40
34 Apr 11
34 Apr 12
Rights
Apr 9 9234 Apr 12 81
100 400j 92
Omnibus pref A
30 117
Apr 1411734 Apr 14 115
Owens Bottle pref. _ _ 100
180 13134 Apr 1413234 Apr 9 124
Pacific Tel & Tel__ 100
10(3110534 April 10534 Apr 11 10334
100
Preferred
Apr 14 20
Patin° Mines & Ent pf 25 8,300 2234 Apr 9 25
Apr 9 10034
Penick & Ford pref._100
7010034 Apr 9 101
50
20 45
Apr 9 45
Apr 9 40
Phlla Co 5% pref
100 1,300 3534 Apr 14 38
Apr 11 3034
Pitts Terra Coal
40
100
80
Preferred
1001 7834 Apr 11 7834 Apr 11 78
Porto Rican-Am Tob 100
1001 9934 Apr 11 9934 Apr 11 9734
Reid Ice Cream pref_100
*52.9001 3734 Apr 14 4034 Apr 14 373e
Remington-Rand
Apr 14 9934 Apr 14 99
200 99
100
1st preferred
100
110110034 Apr 1410034 Apr 14 10034
2d preferred
10 114 34 Apr 9 114 m Apr 9 113
Rem Typew 2d pf etf 100
Apr 14 108
Apr 14 10434
Sloss-Sheff St& I pref100 1,10 107
34 Apr 11
M Apr 11
54
Southern Cal Edison rts_ 2,500
Apr 14 105
Apr 14 103
Spalding Bros 1st pref100 20 105
3201 1024 Apr 12 1334 Apr 14 10
Stand Plate Glass pf_100
Apr 12 123 Apr 12 120
4 123
Underwood Typew pf100
Apr 13 634 Apr 131 5
280 5
United Dyewood_ _ _100
Apr 12 3334
*1613001 3634 Apr 9 41
Victor Talk Mach
•11.6001 9034 Apr 11 9634 Apr 13 90
6% preferred
Apr 13 97
Apr
1210034
9
100
7% prior prof
7.6001 834
100 810 2134 Apr 12 2934 Apr 13 1634
Vulcan DettnnIng
Apr 911834 Apr 13 90
100 4 106
Preferred
10016434 Apr 13 6434 Apr 13 6434
Ward(M)& Go new__ _*
Apr 11 10034
100(10434 Apr 11 105
West Penn Pr 6% pf_100
2334 Apr 9 2534 Apr Ill 2134
Mach...*
6.4001
White Sewing
•Ito par value.
Apr 10034
Mar 180
Api 108
Feb 95
Apr 9034
Jan 11034
Jan 8434
Jan 10034
Feb 110%
Jan 105
Mar 12
Apr 32
Mar 10934
Jan 10734
Jan 61
Jan
Apr
Mar
Mar
Jan
Mar
Feb
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Apr 334 Feb
Apr
Ma 117
Feb
Jan 109
Apr
Jan 109
Jan 1034 Mar
Mar
Jan 67
Mar
Apr 45
Mar 4934 Apr
Apr 4434 Mar
Apr
Feb 195
Jan 12534 Mar
Apr
Jan 131
Apr
Mar 96
Jan
Apr 91
Feb 10934 Jan
Jan
Jan 110
Mar 3234 Feb
Apr
Jan 111
Apr
Jan 108
Mar
Feb 122
Apr 834 Apr
Jan 9534 Feb
Jan 1234 Mar
Feb 2534 .Mar
Mar 454 Apr
Apr 3734 Mar
Feb
Jan 14
Jan 11434 Feb
Jan
Apr125
Ap 4234 Feb
Mar
Jan 107
Mar
Ma 94
Apr
Jan 101
Jan 10834 Mar
Ap 2634 Apr
Apr
Ma 26
Feb 10834 Apr
Mar
Feb 112
Apr
Ma 168
Apr
Mar 60
Mar
Feb 120
Feb 116 34 Jan'
Ap 8634 Jan
Jan 7434 Mar
Mar
Jan 40
Feb
Jan 128
Jan
Ma 75
Ma 11634 Jan
Jan 15834 Apr
Feb
Ma 46
Jan 134 Mar
Jan 8934 Apr
Ap 4434 Apr
Ap 9634 Apr
Jo. 11834 Mar
Feb 26134 Apr
Jan 10734 Apr
Apr
Jan 116
Jan
Ap 75
Ma 10834 Jan
Ap
34 Apr
Jan 9334 Apr
Jan 11734 Apr
Jan
Ma 140
Ma 11234 Mar
Mar 2734 Feb
Mar
Ap 104
Apr
Jan 45
Apr 4334 Jan
Mar
Feb 83
mar 9134 Jan
Feb
Mar 100
Apr 4034 Apr
Apr 9934 Apr
API'10034 Apr
Mar 114% Apr
Jan
Mar 108
Apr
34 Apr
Mar
Jan 110
Mar 1334 Apr
Jan
Jan 123
Feb
Apr 10
Apr
Feb 41
Jan 9634 Apr
Feb 10034 Apr
Jan 2934 Apr
Jan 11834 Apr
Apr 6434 Apr
Jan 10634 Mar
Mar 2634 Apr
share.
Ask. Trust Co.. Bid. All
650
New York.
280 Am Ex Iry Tr 339 842
___ Bank of N
542
,k Trust Co. 855 865
330 Bankers True 800 810
526 Bronx Co Tr_ 330 350
155 Central Unto. 1005 1015
___ County
315 325
392 398
578 Empire
775 Equitable Tr_ 315 317
185 Farm L & Tr_ 565 575
800 Fidelity Trust 304 310
395
480 490
590 Fulton
288
200 Guaranty Tr_ 452 458
885
200 Interstate__ _ _ 209 214
1100
...
338 LavryersTrus _
458
900 Manufacture 630 635
320
142 Murray HUI__ 215 222
268
Mutual(Wes
558
chester) ___ 240 255
350
_
_ _ N Y Trust__ 578 585
2500
400 Terminal Tr_ 192 196
2890
295 Times Square. 134 138
170
376 Title Go &
697 702
410
300 US Nitg & Tr. 465 475
-__
380 United States.1940 1980
___ Weetchest'r
550 --207
I Brooklyn.
1225
Brooklyn_ __ _ 850 865
Kings County2100 '250
Midwood_ ___ 270 280
*Banks marked (*) are State banks. I New stock. z Ex-div. o Ex-stock dir
y Ex-rights.
Banks—N.Y Bid.
Amerlen*__-_ 300
Amer Union' 195
Bowery East
495
Bronx Soros_ 1375
Bronx Nat___ 490
Bryant Park' 215
Capitol Nat__ 218
Cent Mercan_ 277
Central
138
Chase
459
Chath Phenix
NatBk &Tr 391
Chelsea Etch* 282
Chemical_ __ _ 875
Colonlal*__ 975
Commerce_ _ _ 455
Com'nwealth* 310
Continental.* 265
Corn Exch... 552
Cosmoplans. 300
Fifth Avenue•2250
First
2870
Franklin
165
Garfield
395
Globe Each*. 250
Grace
326
Hamilton.... 200
Hanover
1210
Ask.
310
202
505
___
505
225
222
284
143
462
AU prices dollars per
Banks.
Bid.
Harriman__ 640
Manhattan'. 275
610
Mutual*
National City 538
New Neth'ds* 320
522
Park
Penn Exch.... 145
375
Port Morris
570
Public
Seaboard ___. 765
175
Seventh
670
Standard
575
States
190
Trade.
188
United
United States* 330
Wash'n Hwy_ 700
135
Yorktown *
Brooklyn.
Coney Island* 300
225
Dewey•
386
First
Mechanics"*._ 290
Montauk'... 360
Municipal •._ 2°5
350
Nassau
750
People's
New York City Realty and Surety Companies.
Alliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee
Bid.
50
225
338
284
288
All prices dollars per
Bid
Ask.
153 Mtge Bond-- 148
229 Nat Surety.. 256
344 N Y Title &
Mortgage._ 440
287
U 8 Casualty_ 320
293
share.
Bid. Ask.
Ask
153 Realty Assoc's
(Iiklyn)corn 240 246
260
93
1st pref.__ 90
91
88
2d pref._
445
335 Westchester
Title & Tr_ 550
uotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Ins.
Rate.
Bid.
June 15 1927_ _ _ 314% 99nn 10041 Sept. 15 1927... 334%
Sept. 15 1927... 334% 9914
99",. Mar. 15 1928... 3)4%
Dec. 15 1927... 414% 1004 100111. Mar. 151930-'32 334%
Asked.
9922n 99"ts
9915st 9917st
991233 100
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of El. S. Bond Prices. Apr. 9. Apr. 11 Apr. 12 Apr. 13 Apr. 14 Apr. 15
First Liberty Loan
High
314% bonds of 1923-47— Low.
Close
(First 3%a)
Total sales in 51.000 units...
Converted 4% bonds of(High
._
Low.
1932-47 (First 4s)
Close
Total sales in $1,000 units_
Converted 434% bonds
bonds(High
of 1932-47 (First 410) Low
101
101
101
101
100"st
1002231 1002233 100% 1001031 1002211
101
101
100",, 100",, 100"ss
164
27
23
203
1
10311st 1031st 10310,2 10316as 1036,1
1031n 1031,t 1036,, 1036,2 1036n
1031a, 10316,2 1035s, 1036st 1035st
11
14
3
16
12
Total sales in 31,000 units..
Second Converted 434%111110
bonds of 1932-47 (First Low.
w
434s
Close
34
Total sales in $1,000 units
Second Liberty Loan
{High
4% bonds of 1927-42_ _ __ Low.
(Second 4s)
Close
Total sales in $1,000 units
Converted 434% bonds(High 10022n
of 1927-42 (second
Low. 10022n
434s)
Close 10013n
Total sales in $1,000 units__
104
Third Liberty Loan
High 1011n
. 43I% bonds of 1928....1 Low. 100an
(Third 4345)
Close 101
Total sales in 81,000 units _ _.
92
Fourth Liberty Loan
High 104
434% bonds of 1933-38..4 Low. 103"ss
(Fourth 434,)
Close 103"n
Total sales in 51.000 units...
88
Treasury
{High 11310,,
434s, 1947-52
Low 1132233
Clost 113"n
Total sales in $1,000 units...104
{Hig
10811n
4s, 1944-1954
Low_ 108"st
108120
2313
Total sales in $1.000 unttsCl_7_
(High 105"ts
334s, 1946-1956
Low 105"n
Close 10521s,
Total sales in 51 nnn unite
I
100
100
100
100"3,
1002231
100"st
121
101
10029n
1002233
94
10332,3
10315n
103"ss
168
1131%
1131231
113"n
20
10811,1
108"n
108%
4
105551,
105"st
10526,1
11
1003333
1002231
10015n
219
101
10021ln
1002331
132
103"n
10315as
10316s,
101
113"n
1131233
11311n
8
108"st
108%
1086st
13
105",,
105",,
105",,
1
1002211
1001•33
10015n
141
10161n
10026n
1002133
35
103203,
103151,
103"ss
12
113",,
1131s,
1136st
36
108111n
1085n
1081ss
111
105",,
105"st
105",,
I
1
100223s
1002031 HOLP
10011,1 DAY
428
10011ss
100"st
1002233
41
10320,3
103"ss
103"s,
209
1135,,
113,41
1131st
35
108114,
108',
,
1081n
202
105"ss
105"n
10515ss
0,1
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st 334s
10 1st 43411
1 2d 45
1002232 to 1002281 48 2d 4345
103233 to 103233 160 3d 4348
7 4th 434s.
100
to 100
100233 to 100"ss
1003412 to 100"ts
10311ss to 1035%
Foreign Exchange.—Sterling exchange was quiet and
steady at virtually unchanged levels.
To-day's (Friday's) actual rates for sterling exchange were 4.85 3-16
for checks and 4.85 11-16 for cables. Commercial on banks sight 4.85 146.
sixty days 4.81 1-16, ninety days 4.78 15-16 and cdouments for payment
(sixty days) 4.81 3-16. Cotton for payment 4.85 1-16 and grain for payment 4.85 1-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.8934
for short. German bankers' marks are not yet quoted for long and short
bills. Amsterdam bankers' guilders were 39.1)73.4 for short.
Exchange at Paris on London, 124 francs; week's range, 124 francs high
and 124.03 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual—
Cables.
Checks.
High for the week
4.85 3-16 4.85 1146
Low for the week
4.85 1-16 4.85 9-16
Paris Bankers' Francs—
High for the week
3.9134
3.9034
Low for the week
3.9334
3.9034
Germany Bankers' Marks—
High for the week
23.7034
23.6934
Low for the week
23.70
23.69
Amsterdam Bankers' Guilders—
High for the week
40.0034
39.9934
Low for the week
39.9934
39.9834
Domestic Exchange.—Chicago, par. St. Louis, 15(4)25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal. $0.78125 per
$1,000 premium. Cincinnati. Par.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2249
OCCUPYING Silt PAGES
Par sales during the week of stocks 13•1.10117 inactive, Sr. preceding
page
PEE SHARE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
PER SHARB
CENT.
Sales
STOCKS
Range Since Jan. 1 1927
Range for Previtnu
for
NEW YORK STOCK
On basis of 100-share lots
Monday,
Tuesday.
iVednesday, Thu'isday,
Year 1926
Friday,
the
EXCHANGE
April 11.
April 12.
April 13.
April 14.
April 15. Week.
Lowest
Highest
Lowest
Higbee:
$ per share $ per share $ per share $ per share $ per share
$ per share Shares
$ per share 5 per share $ per shareper share
$
Railroads.
Par
17818 179
17814 182
18014 18238 18014 18112 181 18318
57,900 Atch Topeka & Santa Fe100 16134 Jan 6 18318 Apr
10134 10134 10134 10134 10134 10134 10134 10134 10134 1017
14 122
8
2,000 Preferred
100 9938 Jan 5 102 Mar 22 9418 Mar 172 Dec
Mar 102 Dec
Atlanta Birm & Atlantic.._100
58 Jan 3
1823'4 18234 18134 18214 18078 182
178 Feb
18078 18078 17912 180
12 May
10
Jan
2,900 Atlantic Coast Line RR___100 17478 Apr 6 205 Jan 3
116 117
11658 118
11612 11758 11618 117 211514 116
3 18112 Mar 26212 Jan
25,900
Baltimore
dc
Ohio
100
10612
Jan
4
118
*7634 77
77
77
Apr 11
77
77
77
8312 Mar 10934 Sept
7714 *7612 7718
1,000
Preferred
100 734 Jan 3 7714 Apr 13 6712 Jan
72
7334 7012 72
7212 73
7238 7212 7212 7212
7378
2,000 Bangor dc Aroostook
50 44 Jan 8 7414 Apr 5 33 Mar 48 Aug
10934 10934 110 110
10914 110
10914 10914 *10914 11014
Feb
80 Preferred
100 10112 Jan 10 110 Apr 8 9778 Feb 103
6718 6734 67
6738 6678 67
66
8618 6534 6634
Dec
6.100
Bkln-Manh Trao v t o_No par 65 Mar 19 7078 Jan 20 5418
*8512 86
86
8614 8618 8618 8618 8618 8618 8618
Mar 7778 Dee
600 Preferred v t 0
,
No
8
Apr
85
par
2
88
1178 13
1034 11
Jan
134 1438 13
4
78 Mar 8934 Dec
1378 1214 134
15,500 Brunswick Term & Ry Elec_100
912 Jan 25
1518 Jan 7
*100 10212 100 100
9912 9912 *99
812 Mar 1858 Nov
9912 98
99
220 Buffalo Rochester & Pitts_ 100 8014 Jan 8 115 Mar 10
6934 Mar 8734 July
6014 60
6014 6014 *60
60
*60
63
60
60
150 Canada Southern
100 59 Jan 18 61 Apr 5
18312 184
184 18434 18312 18438 18312 18378 18358 18358
58
Jan 61
4,700 Canadian Pacific
100 165 Jan 6 19212 Feb 28 14612 Jan 17014 June
*295 305 *300 308
308 308 *300 308 *300 307
Dec
100 Central RR of New Jersey_100 285 Jan 4 309 Apr I 240
16712 16978 16934 17112 169 171
16734 169
Mar 305 Jan
16834 17034
44,200 Chesapeake & Ohio
3
100
4
Jan
1513
Apr
17112
25
11
758 734
74 8
112 Mar 17838 Sept
74 74 *7,2 3
74
712
2.800
Chicago
&
Alton
100
114 1134
434 Jan 8 10% Feb 9
1158 12
1114 12
414 Sept 1158 Feb
1112 1112 1112 1112
4,000 Preferred
100
712 Jan 5 134 Feb 8
8270 300 *261 300 *270 300 *270 300 *270 300
64 May
1814
C C C & St Louis
100 275 Jan 31 302 Feb 16 17314 Mar 275 Feb
*31
33
*30
*30
33
33
*30
32
*30
33
Aug
Chic
East
&
Illinois RR__ _100 3012 Jan 10 3778 Feb 8
474 4712 471.2 49
4812 4812 *4712 49
30 Dee 37 Feb
54712 49
1,200 Preferred
100 43 Jan 6 5114 Feb 9
1534 1618
154 164 154 1612 1534 1578 1512 16
3612
Mar 514 Feb
14,500
Chicago
Great
Western
100
812 Jan 6 2212 Feb 9
2734 2914 28
3018 29
3038 29
734 Mar 1218 Sept
2912 2814 2938
15,100 Preferred
100 2314 Jan 7 3334 Feb 8
1534 16
1534 1638 1512 1614 1558 16
1614 Mar 3158 Sept
1538 1558
16,000 Chicago Milw & St Paul
ltiO
9 Jan 4 17321 Feb 9
1538 16
1538 1618 1512 16
1534 1614
814 Dec 1412 Jan
1512 1558
13,200
Certificates
100
9 Jan 4 1714 Apr 6
24
2414 24
734 Dec 14
2434 2334 2438 2334 24
Jan
2312 2414
12,100 Preferred
100 1858 Jan 3 2814 Apr 6
2418 2412 24
1418 Mar 24 Aug
2458 24
2412 2378 2414 24
24
10,100 Preferred certifIcate8
100 1878 Jan 3 26 Apr 6
8318 8334 8314 8312 825s 8312 8238 8212 824 8214
14 Apr 2358 Aug
7,400
Chicago
& North Western_100 784 Jan 27 874 Feb 18
*131 135 *131 12 135 *13012 135 *131 135 *131 135
6514 Mar 8334 Sept
Preferred
100 12414 Jan 3 13412 Feb 3
934 94
9312 9438 92
9314 9112 9278 92
Jan 12812 Apr
93
14,300 Chicago Rock Isl & Paciflo_100 6812 Jan 4 95 Apr 4 11812
*107 108
4012 Mar 7114 Dec
103 108 *10734 10314 108 108 *108 10812
300 7% preferred
100 10234 Jan 4 1081 2 Apr 6
100 10034 10014 10014 9978 10012 9934 9934 *100 10012
96 Mar 108 Dee
800
6%
preferred
100
28
Jan
9514
1003
4
*101 104
Apr
9
8314 Mar 98 Nov
10312 10312 10278 10278 10212 1034
10378 104
1,000 Colorado & Southern
100 84 Jan 3 10412AI:sr 31
52 Mar 9814 Oct
*74
*73
*74
78
78
78
*73
78
•73
78
First preferred
100 70 Jan 4 75 Feb 19
*69
62 Mar 74
*69
73
73
*68
73
*68
73
Oct
*70
73
Second preferred
100 68 Jan 14 7112 Jan 15
59
Jan 72 Sept
71
7034 7034 70
70
70
70
7014 7112 7178
3,000 Consol RR of Cuba pref.__100 6872 Apr 6 7414 Mar
19358 194
19412 19614 19318 196
4
Nov
683
4
19338 19334 19214 194
7212
Dee
5,800
Delaware & Hudson
100 17118 Jan 28 19912 Afar 29 15014 Mar 18312 Sept
16134 162
16034 16212 161 16212 16112 18238 16212 16314
8,400 Delaware Lack dc Western_ 50 14014 Jan 27 173 Mar 23 129
6134 59
6014 614 60
60
Mar 15312 Jan
5918 5978 *59
60
3,400 Deny & 1110 Or West pret 100 4118 Jan 5 6134 Apr 11
5538 5358 5478 5338 54
5453 5538 54
371t May 47
Jan
5314 5458
54,100 Erie
100 3912 Jan 3 5534 Apr 5
5878 594 5734 5878 .5734 583s 5712 58
2212 Mar 42 Dec
5712 58
13.100
First
preferred
100
5238
Jan
4 6014 Apr 5
5378 5412 5378 5412 *5312 54
5378 54
3334 Mar 5514 Dec
54
54
5,000
Second preferred
100 49 Jan 4 55 Apr 5
87
30 Mar 5014 Dec
8712 8612 8738 8614 87
8712 87
86,4 86,2
8,200 Great Northern preferred 100 7958 Jan 4 9118 Feb 19
2012 2034 2018 2012 1978 2038
6812 Mar 8418 Dec
1934 20
1934 2038
3,700 Iron Ore Propertles__No par
1914 Jan 13 2314 Feb 4
6412 6514 6278 6458 62
18 Dec 2714 Feb
65
6214 6312 6112 634
19,500 Gulf Mobile & Northern100 3518 Jan 6 6838 Apr 5
•10712 10812 10712 108 *108 10834 1084 10834 *108
2518 Apr 414 Sept
10878
300 Preferred
100 105 Jan 14 111127.lar 12
55
56
95 Mar 10912 Sept
56
5718 551s 57
54
5518 5314 55
23,400
nucleon & Manhattan
100 4012 Jan 3 5718 Apr 11
8514 8514 *8412 8512 8412 8412 8412 8412 *81
3458 Jan 4112 Des
84
Stock
500 Preferred
100 78 Jan 6 8514 Apr 9
12918 12978 130 13012 12914 13014 12814 129
6734 Mar 80 Dec
129 12912
5,000 Illinois Central
100 12118 Jan 10 13034 Apr 8 11312 Mar 131 Sept
*127 131
12812 12812 12812 12812 *127 131 *127 132 Exchange
300 Preferred
100 1204 Jan 12 12912 Apr 8 11512 Mar 12912 Sept
*7812 8.0
*7812 80
78
80
78
78
*79
80
70 Railroad Sec Series A__1000 74 Jan 4 80 Apr 12
no
25
*23
25
7114 Jan 77 June
*23
25
*23
2414 na
2414 Closed;
Int Rys of Cent America 100 24 Jan 18 25 Jan 15
*62
64
*62
24 Dec 31
64
*62
6278 *62
Feb
624 624 624
10 Preferred
4612 4612 4412 45
100 624 Apr 14 6512 Feb 9
62 Mar 66 June
41
44
*43
44
44
4414
Good
1,300
Interboro
Rapid
Tran
v
t
0_100
Apr
41
12
5934 621s 6018 6212 5734 6118 5858 5934 594 62
521s Feb 26
2412 Jan 5334 Dec
99,500 Kansas City Southern
100 414 Jan 4 6212 Apr 11
6812 69
8812 6812 6812 6812 *6834 8912 69
3414 Mar 514 Sent
69
Friday
400 Preferred
100 644 Jan 7 63 Mar 19
11912 120
11912 120
6058 Mar 684 Sept
119 12178 120 122
7,000 Lehigh valley
138 13834 13739 13878 13634 13812 13753 13812 121 122,2
50 9934 Jan 6 123 Feb 18
7512 Mar 106 Dec
13514 13514 Holiday
3,500 Louisville & Nashville
100 12838 Jan 14 139 Feb 18 118 Mar 144 Sept
*874 90
*8714 91
*8714 91
*8714 91
*8714 91
Manhattan Elevated guar_100 85 Jan 26 90 Feb 11
4914 4912 4834 49
84 Marl 9234 Apr
4812 4834 4838 4858 48
485
8
2,500
Modified
100 4712 Afar 30 5478 Febr 28
guaranty
*512 6
*512 6
3818 JanI 6178May
*512 6
*512 6
*512 6
Market Street Railway _ __ _100
Feb 2
412
64
*20
Mar
25
25
no
44 July 10 Feb
25
*20
25
no
28
*21
28
Preferred
100 18 Feb10 20 Feb 4
4612 4612 *46
1912 OctI 40 Feb
4612 *46
47
*46
4612 *46
463
4
preferred
200
Prior
100 4158 Feb 7 4712 Apr 8
•1112 18
3918
June1 5138 Feb
*1212 18
51212 18
*12
18
*11
18
Second preferred
100 11583,far 15 16 Mar 30
3
318
1134 Oct 2212 Feb
318 334
312 334
338 312
312 312
14,600 Minneapolis & St Louis_ 100
138 Jan 13
4,
8 Feb 3
*3038 32
*30
118 Dccl
33
378 Jan
*30
33
*30
32
*3014 32
Minn St Paul & SS Alarle.100 27 Jan 6 40 Feb 4
*45
55
2578 Dccl 5212 Feb
*45
57
*45
57
*45
55
*45
55
Preferred
100 51 Jan 12 5834 Feb 8
604 6078 *6078 6214 62
50 Dccl 79 Feb
62
*62
6214 6312 63,2
Leased
lines
30
100 5814 Afar 25 6312 Apr 14
4618 4734 47
60
Oct 687s Feb
481. 4512 48
4534 47
4534 4714
88,800 Mo-Kan-Texas RR____No 957 31 12 Jan 6 4812 Apr 11
10278 10318 103 10318 103 10338 103 10314 21015
2912 Oct 4718 Feb
8 10238
4,200 Preferred
100 9534 Jan 4 1034 Apr 12
5612 5712 5612 5712 554 574 554 5638
82 Mar 963s Dec
555
8
563
4
42,800 Missouri Pacific
100 3778 Jan 4 59 Apr 5
10678 1074 10678 10778 10558 10778 10558 10658 1054 1065
27 Mar 45 Sept
8
13,500 Preferred
100 9018 Jan 4 10914 Mar 30
*4
5
7112 Marl 95 Sept
*414 534 *412 434 *414 534 *414 534
Nat Rye of Mex 1st pref__100
44 Mar 9
*134 2
5,2 Feb 3
2
434 AprI
2
*134 2
834 Jan
158
15
8
13
4
134
600 Second preferred
•14414 146
100
158 Apr 7
2313 Feb 2
14714 14714 145 145
134 OctI
412 Jan
144 14412 14114 142
90 New On Texas de Mexico....100 121 Jan 8 14834 Apr 4 120 Marl
15014 1514 150 15158 148 1504 14838 14934
13212 Jan
1483
8
14912
65,300
New York Central
19112 19112 19134 19212 *19112 19212 *19112 19212 *191
100 13714 Jan 27 15158 Apr 8 117 Marl 14712 Sept
19234
1,800 NY ChM & St Louis Co
106 106
100 186 Jan 8 1974 Feb 21 130 Marl 20412 Sept
105 10612 106 106
106 10612 106 10812
1,500 Preferred
5378 5458 534 544 5214 5334 5214 53
100 102 Mar 8 10612 Apr 11
93 Mar 106 July
5218 53
61,800 NY N H & Hartford
2978 3012 2978 3034 2912 3018 29
100 4158 Jan 4 5838 Felt 16
3058 Marl 4338 July
2978 2884 2912
6,700 N It Ontario & Western ._100 2314 Jan 1' 3414 Feb 18
*12
13
*12
13
*11
1934 Marl 2878 Feb
13
10
10
*10
13
400 N Y Railways pref ctis_No par
10 Apr 13 154 Jan 14
6
JanI 2014 Feb
•16
2014 *17
2012 *17
2012 *16
2012 •16
2014
New York State Rallways_1001 1618 Jan 26 22 Feb 3
51
51
51
51
50
51
13 Dee( 2812 Jam
4958 4958 4934 50
1,309 Norfolk Southern
183 184
181 18318 181 182
100
374
Jan
14
584
Afar
18058 181
12
2778 Apr 4438
18012 182
9.100 Norfolk & Western
*8514 88
*86
100 156 Jan 4 18412 Apr 2 13914 Mar 1704 Sept
8612 *86
8612 *SG
88i2
8612 *86
Oct
Preferred
87
8758 8612 8778 8612 8734 8512 8612
100 84 Feb 3 86 Jan 3
834 Nov 8538 MIR
8614 864
12,200
*15
Northern
25
Pacific,
*15
25
100
*15
Jan
78
3 9112 Feb IS
25
*15
25
6534 Mar 824 Aug
*15
25
Pacific Coast
614 62
6158 62
100 1514 Feb 3 2714 Feb 15
6114 6134 6118 6112 61
15
Oct 48
Jae
6112
18,300 Pennsylvania
*31
33
31
32
31
60 5634 Jan 3 6231 Apr 5
31
*3012 33
4858 Mar 5718 Ocl
*31
32
300 Peoria & Eastern
•118 121
120 120
100 20 Jan 25 3434 Apr 5
11834 120
11812 11834 11834 119
157
8
Oct
2634
Jam
2,700 Pere Marquette
954 95,a *93
9431 0412 9412 *9312 9512 29412 9412
100 11412 Jan 6 12638 Mar 2
67 Mar 122 Dec
400 Prior preferred
*9014 9l34 *9114 9134 9134 9134 9278 9278 29112 92
100 93 Jail 22 9518 Jan 11
79 Mar 96 July
600
13112 13238 *131 13212 212914 12914 *128 130
Preferred
100 8934 Jan 4 9.!78 Apr 13
128 128
704 Mar 9178 July
700 Pittsburgh & West Va
11034 11112 11012 11112 1104 11312 111 11178 11012
100 12212 Jan 18 148 Feb 8
85 Mar 13514 Dec
11112
48,800 Reading
414 414 *41
42
*41
42
4118 4118 *41
50 94 Jan 4 11312 Apr 12
42
79 Mar 10114 Dec
300 First preferred
48
*48
*46
47
*46
50 4012 Jan 13 4212 Feb 16
48
*46
47
*46
3934 Dec 42 Apt
4712
Second preferred
*55
5614 *54
57
*5312 5612 *54
50 4334 Jan 12 50 Feb 16
5514 *54
40 Mar 4534 Dec
56
1114
11012
Rutland
4
1103
RR pref
11114 10978 11034 10958 110
100 43 Jan 7 594 Feb 8
10912 11014
42 Apr 6114 Aug
10,100 St Louls-San Francisco
974 974 *96
9712 *96
9614 *96
100 10034 Jan 6 1144 Afar 12
9712 9734 9784
85 Mar 10312 Dec
200 Preferred A
7334 74,4 73,4 7434 73
74
100 96 Jan 26 9812 Jan 15
7112 7338 7112 7358
8312 Apr 974 Dec
13,600
St Louis Southwestern
*87
874 *86
88
8734 8734 *85
100 61 Jan 6 7434 Apr 11
8712 *86
8712
5712 Mar 74 Feb
100 Preferred
3012 304 3014 31
30
3038 2934 30
100 767s Jan 8 83 Apr 6
294 30
72 Mar 8014 July
6,700 Seaboard Air Line
36
354 354 *33
*35
36
100 281s Mar 31 4114 Feb 17
35
35
3414 3484
2712
Mar 51 Dec
500 Preferred
114 11434 1137s 11434 11212 11414 11212 11314 11238 1133s
100 3258 Mar 31 4334 Feb 4
3112 Mar 4838 Feb
30,000 Southern Pactfie Co
100 10614 Jan 28 1152 Apr 8
964 Mar 11214 Dec
126 12638 126 12658 12538 12612 1254 12614 12512 12634
26,200 Southern Railway
9412 9412 944 95
9412 05
100 119 Jan 28 127 Jan 3 10358 Afar 13114 Sent
9414 9434 9454 9434
2,400 Preferred
6934 7112 70
6918 70
7178 69
100 94 Mar 10 9512 Feb 21
7012 70
8712 Apr1 9512 Aug
7034
33.700 Texas & Pacific
35
3514 3334 3334 34
3614 53412 3812 *3412 36
100 534 Jan 7 7178 Apr 12
4218 Ma"l 6158 Jan
1.700
Third
Avenue
17134 17214 17112 17234 17112 17234 17134 17212 17138 172
100 3334 Apr 11
41
Feb
1312 Jan 43 Apr
8
7,700 Union Pacific
8112 8112 *8112 8158 8112 8112 8114 8138 8112 8112
100 159,
2 Jan 27 1744 Apr 7 14112 Marl 1683s Oct
1,200 Preferred
71
7114 6934 7012 6934 7034
7214 70
7112 72
100 77 Mar 5 8213 Feb 11
7434 Jan 8114 Aug
26,800
Wabash
9618 954 9558 95
96
954 96
100 4012 Jan 4 7534 Feb 28
3378 Marl 52
9512 29418 9414
Jan
4,900 Preferred A
*90
93
93
*89
*90
91
100 76 Jan 3 9618 Apr 11
68 Mar 7834 Jan
*90
*87
93
90
Preferred It
364 374 3738 4014 3814 40
100 65 Jan 15 93 Mar 28
67 Marl 72
3718 384 3558 3734
Jan
223,100
Western Maryland
5434 5512 5778 5138 5658 54
53
100 1334 Jan 6 4434 Feb 7
11 Marl 1658 Jan
5538 5253 544
20,000 Second preferred
3112 324 3112 3112 3212 3212 31
*3112 32
1638 Marj 2438 Sept
100 23 Jan 7 5312 Apr 6
3118
3,500 Western Pacific new
66
6552 6618 65
*65
100 2738 Mar 29 3912 Feb 9
2712 flecj 3914 Jan
6638 6512 6512 *6512 66
1.000 Preferred new
*60
73
73
*61
*61
100 60's Mar 30 7638 Feb 7
72 Dccl 8634 Sept
73
*80
*614 63
73
Wheeling /c Lake Erie Ry100 2712 Jan 3 130 Feb 8
*7912 82
•794 82
•7918 82
IS M
32 Jan
*7918 82
7918 7915
100 Preferred
100 4712 Jan 7 93 Feb 8
37 Ma
5012 Jaz
Saturday,
April 9.
9338 9312 92
70
70
*66
11114
112 112
•178 1794 *17718
•135 138 *134
•I214 1312 1312
9278 9112 92
91
724 *68
7112 *68
11178 *11114 112 *11114
180 *176 178
17812
136 *133 136
13312
1312 131 1 13ii
1214
•Bid and asked prices s El-dlyldend
9134 91
7112 *67
112 *11114
17812 *17512
13312 *134
1214 *1214
91
70
11112
17812
137
131 2
s E%-rights.
Industrial 8c Miscellaneous,
2,100 Abitibi Power & Paper_No par 83 Jan 27 94 Apr 6
1,400 Abraham & Straus____No par 6214 Mar 28 7258 Apr 11
60 Preferred
100 11012 Fen 1 11312 Feb 30
100 All America Cables
100 13934 Feb 18 1782 Apr 5
100 Adams Express
100 124 Jan 5 139 Feb 25
700 Advance Rumelv
100
94 Jan 3 1534 Feb 9
7034 May8
43 May
10418 Mar,
131
Jan
994 Marl
8 Dccl
98
72
112
155
136
22
Sept
Dec
Dec
July
Sent
Sept
New York Stock Record-Continued-Page 2
2250
For gales during the week of gtocka usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 9.
Monday,
April 11.
Tuesday,
April 12.
Wednesday, Thursday,
April 13.
April 14.
Friday.
April 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
1,12li 013.R.
nazi,
yr
1,11. 41.1U...
Range Since Jan. 1 1927
On basig of 100-share tots
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Mace'. (Con.) Par $ per share $ per share $ per share $ per share
2874 Dec 6534 Sept
1,500 Advance Rumely prof
100 3014 Jan 25 41 Feb 9
*3434 35
*3318 35
35
3511 3512 3434 35
34
414 Nov
512 Mar 5
418 Feb 16
*1
900 Ahumada Lead
412 412 *438 412
458 458
*411 458
918 Jan
412 412
15,900 Alr Reduction, Inc_-No par 13412 Jan 26 15778 Apr 14 1074 May 14634 Dec
*15012 151
15018 15212 1514 15278 15312 15712 156 1574
718 Oct 16 Feb
9 Jan 4 134 Mar 25
7,100 Ajax Rubber. Inc
1138 1134 1114 1134 1118 1138 11
No par
1118 11
1114
2 Jan
78 Oct
800 Alaska Juneau Gold Min__ 10
214 Feb 18
*112 158
114 Jan 6
112 112
112 14
112
112
112 112
14011 142
56,200 Allied Chemical & Dye-No par 131 Jan 25 145 Apr 14 106 Mar 1484 Dee
14058 14112 13958 14078 13934 1424 14114 145
1,300 Preferred
12112 12158 12118 12118 12078 12078 12034 121
121 121
100 120 Mar 11 122 Feb 16 11834 Mar 12234 Dec
18,800 Allis-Chalmers Mfg
7814 Mar 944 Jan
99 1007g 100 10012 9934 10078 101 10334
9818 99
100 88 Jan 25 10334 Apr 14
200 Preferred
51110 11012 110 11014 *110 11012 *11014 11012 *11014 11012
100 109 Feb 9 11112 Mar 2 105 Apr 11112 Dec
1,300 Amalgamated Leather_No par
*1714 1778 174 1714 1858 1658 1612 1612 1632 1688
1434 Oct 21 Elepi
1534 Mar 24 2418 Feb 11
304 3014 3018 3012 2958 30
2414 May 3278 AU1
6,400 Amerada Corp
No par 2834 Apr 14 3758 Feb 7
22834 2912
2958 30
9 Oct 3433 Jan
2,400 Amer Agricultural Chem_100
10
11
11
818 Apr 6 1434 Feb 14
*10
11
1018 1018 1018 1018
11
2,100 Preferred
334 3578 3334 34
3538 Oct 964 Jan
100 2814 Apr 6 5134 Jan 10
*32
33
3314 3314 3314 3312
3458 Mar 46 (.01
*45
47
10 41 Jan 6 484 Jan 20
500 Amer Bank Note
4614 4614 4614 4614 464 4638 47
47
.
130 Preferred
55 Jan 5812 July
*57
574 57
.50 5612 Jan 4 5958 Jan 22
57
5714 574 *57
574 5733 574
*294 2212 *21
1,100 American Beet Sugar_ _No par 2134 Apr 6 2334 Mar 14
2012 Sept 3834 Fat
2218 2312
22
2134 *2134 22
22
Fat
55 Nov 83
100 Preferred
100 54 Mar 26 6018 Jan 3
4%.- _ 57 *__
57
57
57
57 *_ _
57 *__
1634 1718 1612 1678 16
16 May 3438 Jae
13 Jan 20 1838 Feb 28
9,300 Amer Bosch Magneto_No par
1712 17
1732
1634 16
Fet
1444 14434 14412 145 *141 14412 *14212 14412 14412 14412
700 Am Brake Shoe & F-No par 134 Jan 26 15212 Mar 18 110 May 180
Preferred
100 11714 Feb 7 128 Mar 12 11014 Mar 1284 Fee
120 123
*120 123 *120 123 *120 123 *120 123
3014 Mar 50 AM
13,100 Amer Brown Boverl EI.No par 21 Apr 2 3912 Jan 5
22
23
22
2212 2212 2312 2234 2312 23
2334
8612 Mar 974 Jan
85 Mar 31 98 Feb 1
Preferred
100
*85
87
*86
90
90
*86
*85
*86
90
90
3878 Mar 634 AO
25 4358Mar 31 5034 Feb 28
122,400 American Can
4434 451g 447s 46
4538 474 4614 474 4678 4812
Jan 13018 Dec
1,100 Preferred
129 12914 130 130
*128 129
100 126 Jan 14 130 Mar 9 121
130 130
130 130
9112 Mar 11478 Jo
2,700 American Car & Fdy___No par 9912 Jan 28 10714 Feb 28
1024 103
102 102
10214 10234 102 102
10134 1034
100 12734 Feb 10 13034 Mar 22 12012 Oct 13014 Dee
100 Preferred
130 130 *127 13014 *127 1301 *127 13014 *127 130
2314 Mar 2614 July
American Chain. class A__ _25 2514 Jan 7 304 Mar 1
Jan
Oct 51
31
No par 36 Jan 26 52 Mar 17
4,300 American Chicle
-..i.514 1i3613 164 -iii4 iti- -iii4 li -4511 iiii -,Oct 4714 Jan
28
No par 35 Jan 4 48 Mar 17
900 Do certificates
4514 4514 45
4512 4412 441 *4434 4538 454 46
4.912 9%
912 912
912 958
1038 Aug
912 912
912 913
414 Jan
1112 Jan 13
912 Apr 1
1,700 Amer Druggists Syndicate_ _10
Jan
100 127 Jan 17 138 Feb 26 10578 Mar 140
300 American Express
*130 132 *131 13212 131 131 *12912 13112 13034 13034
1414 Nov 4238 Jan
1878 Feb 17 2512 Mar 29
24,900 Amer & For'n Power__No par
2434 2312 2412
2312 24
2358 2458 24
2338 25
Oct 98 Feb
79
No par 8612 Feb 15 9538 Apr 14
4,100 Preferred
9434 9538
9414 9412 94
94
94
9412 944 95
7 May 1712 Feb
818 Jan 20 1012 Feb 8
300 American Hide & Leather_100
814 814 *812 9
*814 834 *814 84 *814 834
3312 May 6714 Feb
100 48 Mar 1 5278 Jam 12
500 Preferred
*4912 514 5118 5112
*50
5111 *50
50
5112 50
2358 Oct 3058 Dee
2,400 Amer Home Products_No par 3038 Jan 3 34 Mar 17
3211 3212 3258 3258 3214 3212 3214 3212 z32
324
100 1144 Jan 26 135 Mar 1 109 Mar 136 JUIlli
3,000 American Ice
130 131
130 1.3014 12912 13034 212712 12812 12758 128
8112 Oct 8634 June
100 84 Jan 7 88 Apr 1
200 Preferred
881g 8812 *864 8712 *8612 8712 *8512 8712 *8512 8712
3134 July 46% Feb
6,200 Amer Internal Corp__ _No par 37 Mar 23 454 Apr 6
424 *4212 4338 4258 4334
4312 42
4312 4312 43
978 Dec 15% Jan
5 Apr 8 10 Jan 3
3,000 American La France F E-10
578 6
64 614
578 614
55s 558
54 6
2558 Oct 5278 Jan
100 2018 Apr 5 3012 Jan 12
6,400 American Linseed
2338 2278 2414 2312 2312
224 2212 21
2258 22
Jan
6734 Oct 87
100 4638 Mar 19 7118 Jan 3
.3.800 Preferred
55
5612 *5312 5434
4812 54
4914 51
52
52
9014 Mar 11978 Jan
6,100 American LocomotIve_No par 10534 Jan 19 11514 Mar 1
1094 10934 1094 110
10918 10912 109 1094 10912 10934
Dec
12414
Aug
116
Apr
2
Preferred
100
11912 Feb 23 124
600
121 121
1234 12312 12234 12234 *122 12212 122 122
6514 Oct 8012 Aui
400 Amer Machine & Fdy_No per 7314 Jan 3 86 Feb 21
81
81
*80
8012 *SO
8012 8012 8012 *80 ' 81
100 12518 Jan 6 149 Mar 29 114 July 125 Dec
70 Preferred
142 142 *142 145 *142 145 *14218 145
*142 143
4314 Dec 5738 Fel
1,100 Amer Metal Co Ltd___No par 4078 Apr 12 44 Jan 20
4112 4112 4112
*414 42
*4114 4134 404 4112 41
100 108 Jan 6 111 Mar 17 11312 Apr 120 Feb
Preferred
*109 111 *109 111 *109 11218 *109 11218 *109 11212
5034 May 7212 8eP1
5814 554 584 5912 5814 584 5838 5812 5812 5984
5,600 Am Power & Llght----NO par 54 Jan 27 6112 Jan 3
25 11012 Jan 21 11912 Mar 11 10114 May 12238 Aull
9,500 American Radiator
11533 11538 11534 11534 115 1154 115 11778 11534 11614
7738 Mar 90 Des
200 Amer Railway Express___100 8712 Apr 4 94 Feb 2
*87
90
*87
89
88
88
88
90 ' 88
*88
3978 Nov 74 Jan
300 American Republica_ __No par 354 Jan 4 6012 Feb 9
545
*45
50
*4514 48
48
48
4912 4778 48
42 Apr 7034 Aug
1,600 American Safety Razor--_ -100 48 Jan 28 6112 Mar 28
5014 51
51
51
52
507s 51
5012 5012 51
538 Dec 1178 Mal
634 Jan 7
312 Mar 23
3,100 Amer Ship & Comm_ No par
412 458
418 412
4
438
412
4
*37g 4
102,200 Amer Smelting & Reftning-100 1324 Jan 25 15312 Mar 4 10958 Apr 152 All
Stock
145 14858 149 15034 148 15058 14834 15012 z147 14814
100 11914 Mar 16 12212 Apr 13 11278 Mar 12232 Del
1,500 Preferred
122 122
1i 4 122
12214 12238 12238 12212 12212 12212
100 11938 Jan 17 13078 Mar 10 12134 Oct 165 Feb
American Snuff
.5125 129 *125 12912 *125 129 *125 129 *125 12953 Exchange
40 May 47 Aui
1,900 Amer Steel Foundries_No par 44 Jan 3 4612 Feb 14
444 4438 4418 4434 4412 4412 4414 4412 4414 444
100 113 Jan 7 115 Jan 13 11014 Sept115 Yet
100 Preferred
Closed;
*11314 114
114 114 *11314 115 *11314 115 *11314 115
13514 Apr 8714 Not
100 79 Jan 25 864 Apr 14
10,200 Amer Sugar Refining
84
8412 8414 8434 8412 864
84
84
*834 84
100 10778 Mar 3 11038 Mar 18 100 June 1104 Net
500 Preferred
Good
110 110 *110 11014 110 110
*10978 110
11014 11014
2914 Aug .44 Del
68 Apr 13
414 Jan
20,800 Am Sum Tob v t c_ __No pa
5718 58
56
564 5512 5612 5558 57
5638 58
2512 July 4118 Fel
Amer Telegraph & dable_100 26 Apr 1 29 Jan 7
Friday
*27
28
*28
30
*28
30
528
36
*27
30
100 14914 Jan 3 17238 Apr 8 l3958June 151 Do
14,400 Amer Teleo & Teleg
168 16878 168 16878 16634 168
16658 16738 16634 1674
11138
Mar 12434 SO
18
12712Mar
120
Jan
com__--50
7
American
Tobacco
1,700
Holiday
4
12714
4.12514 126
12534 12572 126 126
12612 12612 1263
50 11914 Jan 5 127 Mar 17 11018 Mar 124 So
3,700 Common Class B
12478 12534
11578 11578 *114 116
1154 1154 *115 116
100 11018 Jan 4 11578 Mar 9 1064 Jan 113 Mal
200 Preferred
124 12414 124 12414 12414 12412 124 12458 *114 115
Jan 135 Fel
1,000 American Type Foundera_100 125 Jan 7 146 Feb 18 114
1344 1341g
13612 13612 13412 137 5.13453 13714 135 135
4334 Apr 74 Jai
17,800 'm Water Works & Elee-20 6214 Jan 3 8158 April
80
81
80
794 8158 7912 8034 79
7934 81
100 10412Mar I 11078 Jan 21 10112 Mar 1084 Jai
500 let preferred (7%)
1094 10912 10912 1091 *10912 110 *10912 110 *10912 10958
19 June 4278 Jai
100 1814 Apr 13 3338 Jan 5
12,900 A.aerIcan Woolen
1858 1918
1812 1912 1814 1914
19
1914 1914 191
66 Apr 9014 Do
100 51 Apr 13 8612 Jan 7
5,200 Preferred
51
5378 5238 5258
5458 554 5112 55
55
55
12 Aug
158 Mar 7
1 Jan 3
5311 Jai
Amer Writing Paper pref-100
14 *1
118 *1
153
51
138 '
14 *1
151
Si.May 124 Fel
814 Apr 14 1014 Feb 17
700 Amer Zinc, Lead Lk Smelt---2
814 812
*812 87
*812 9
812 81
*812 84
20 Max 54 Ds
25 42 Jan 5 5114 Feb 18
1,500 Preferred
4718 48
48
484 48
484 48'8 48
484 49
4112 Mar 517 Aul
14,100 Anaconda Copper Mining_50 45 Feb 9 4912 Jan 12
464 4634 4618 4784 z4634 47
464 4658 4618 463
3478 June 4434 Jal
300 Archer, Danls. Midrd-No par 38 Mar 12 42 Jan 18
3834 3834
39
39
*38
39
*38
39
*38
39
Oc
101 106 Jan 4 108 Feb 23 100 Mar 108
10 Preferred
108 108
*107 109 *107 109 *10712 109 *108 109
9014 May 9778 Jai
4,000 Armour & Co (Del) pref_100 86 Apr 13 9618 Feb 16
86
891
8618 8712
90
9314 8912 904 8918 90
1318 May 2512 Fel
20,000 Armour of Illinois Class A__25912 Apr 14 1578 Jan 7
912 10
10
104
94 10
978 10
978 104
54 May 17 Ja,
918 Jan 6
534 Apr 11
25
5,600 Class B
534 572
534 6
534 6
534 6
6
638
Apr 93 Fel
80
100 60 Apr 13 8614 Jan 27
2,400 Preferred_
61
62
60
63
66
65
6514 65
6218 70
300 Arnold Constable Corp_No par 21 Apr 1 25 Jan 20 18 Apr 31114 Jai
23
2134 213 *22
52178 23
*2218 23
22
22
1918 Jan 2334 00
_10 22 Jan 11 27 Mar 12
700 Art Metal Construction
24
*2372; 244 24
2334 2334
24
24
24
24
464 Sept 63% Jai
No par 49 Apr 4 5434 Jan 5
2 300 Artloom Corp
*49
50
494 4912 4912 50
*4834 51
*49
50
_100 112 Apr 4 113 Feb 8 108 Mar 113 De
Preferred
*11014 11414 *110 11414 *110 11414 *110 1141 *110 11414
448
3714 Mar 544 JW
447
8
Apr
11
3912
Feb
9
Assoc
par
Dry
Goods
No
28,400
42
7
8
43
3
8
44
44
44
447
8
4214 44
4312
96 Mar 10212 Jig
100 974 Mar 3 102 Jan 2
200 let preferred
*10038 10112 10112 10112 *10112 10214 10158 10158 *10112 102
10634 1063 *10612 109
.
1054 10712 *106 108 *105 107
*46
48
*46
48
48
546
*46
48
*46
48
344 341g 3438 3412
35
*34
35
*34
3512 *34
32
32
*31
32
32
*31
3212 32
*31
34
109 10912 108 10912 1084 10914 10918 10938 10918 11378
*118 120 *118 120 *11814 11934 *118 11934 *116 119
*58
60
558
60
60 '
*58
60
1560
6012 60
10212 10212 10214 10214 *10214 10212
*10112 10134 10134 102
1138 1138 1138 *11
1112 11
1112
1114 *11
11
518 514
5
5
478 5
*478 5
*434 5
42
*38
38
537
42
42
38
*37
*3614 42
___
4 iii" iiiti 186% 19078 18712 19312 18978 1924
.11512 117.1
120 120 *120 12034 120 120 5120 12034 *120 12034
2814
2812 2858 2838 2834 2812 2834 2818 2878 28
27
27
27
27
27
2714 27
2714 *27
527
5712 5718 5812 5818 584 5634 5712
*5612 574 *57
53
53
53
53
54
53% 5318 5318 53
52
*2112 22
2112 22
2212 2112 2158 2112 22
22
533
8
5414
5312
5318
535
8
543
4
4
557
8
533
5
8
5518 55
1103* 11084 11034 11078 11014 11012 11018 1104 1104 11012
35
3812 537
3712 35
*37
38
3812 37
37
4,11014 111 *11014 11178 11014 11014 *11012 11114 11114 112
5534
5514 5612 5634 5558 5558 *5558 5538 *55
56
758 8
712 888
714 734
818
7
64 712
50
*45
4912 *46
50
*45
50
4914 48
45
*204 22
21
21
21
21
21
21
22
*21
32
4
313
8
•
32
303
4
3212
3212
307
x313
8
3318
3278
34
*12
*12
34
34
*12
12
12
34
*12
15612 15612 15612 15838
15714 158
157 158
*15712 158
9378
9278 934 9234 9314 93
9058 9034 904 93
3112 32
32
*3112 3214 3158 3238 32
32
32
*114 120 *114 1184 *114 118 *114 11812 *114 118
32
3212 32
3212 *32
32
32
32
32
32
10112 10234 10134 10234 101 10212 102 10338 9518 103's
26
21
8
257
2434 244
2234 2378 2378 2434 24
954 95's
*9514 96
95
95
95
95
*9434 95
94
9312 9414 *9312 9434 94
94
95
9312 94
3912 3953
39
3978 3918 3918 39
*3812 3972 *39
97
*92
96
96
*96
97
*96
97
97
*96
11314 11418
114 11412 11334 114
11334 11334 114 115
334 334
*334 34
34 34 *372 4
34 334
57
5612 571 *56
58
5834 58
5912 8012 58
914
9
914 958
912
9
9
9
9
9
804 81
80
82
83
86
774 8214 79
85
664
6612 6412 65'z 65
8314 6412 8314 65
64
*BM WA Sated prices; no sales on this day •ra-d110dena
100 2d preferred
100
25
Associated 011
500 All 0 & W I OS Line_NO par
300 Preferred
100
9,400 Atlantic Refining
100
Preferred
100
100 Atlas Powder
No par
120 Preferred
100
1,000 Atlas Tack
No par
1,200 Austin, Nichols&Co vto No par
100 Preferred
100
Auto Knitter Hosiery.._No par
127,500 Baldwin Locomotive Wks 190
200 Preferred
100
9,000 Barnadall Corp class A
25
400 Class B
25
1,400 Bayuk Cigars, Inc
No par
1,600 Beech Nut Packing
20
1,500 Belding Hem'way Co__No par
55,000 Bethlehem Steel Corp
100
1,600 Preferred (7%)
100
600 Bloomingdale Broa____No par
170 Preferred
100
800 Bon Ami, class A
No par
33,500 Booth Fisheries
No par
1,900
lat preferred
100
300 Botany Cons Mills class A__50
6 400 Briggs Manufacturing_No par
190
100 British Empire Steel
3,800 Brooklyn Edison. Ino
100
14,100 Bklyn Union Gaa
No par
900 Brown Shoe Inc
No pa
Preferred
100
1,100 Brunsw-Balke-Collan4_No par
7,300 Burns Bros new clAcom No par
17,000 New elan B oom__ __No par
300 Preferred
100
1,800 Burroughs Add Maoh_No par
1,200 Bush Terminal new __No par
10 Debenture
100
140 Bush Term Bldg,. pref.-100
400 Butte Copper & Zino
5
5,000 Butterick Co
100
1,100 Butte & Superior Mining_ 10
6,300 By-Products Coke--._No par
20.lOOByers & Co (A M)----No Par
105 Mar 23
48 Mar 23
3038 Mar 25
2934 Mar 2'
107 Jan 28
11512 Feb 1
5612 Mar 17
98 Jan 6
732 Mar 14
414 Mar 22
37 Apr 7
14 Jan
14318 Jan 18
116 Jan 14
27 Jan 4
25 Jan 4
4912 Jan 25
52 Apr 9
2035 Jan 26
4334 Jan 27
10434 Jan 3
344 Mar 24
10912 Jan 20
5318 Jan 5
64 Jan 28
45 Jan 11
21 Apr 11
2838 Jan 3
12 Apr 11
14812 Feb 11
8958 Apr 4
3012 Feb 1
109 Feb 7
2812 Mar 21
9414 Mar 18
1614 Mar 18
9412 Mar 22
z90 Mar 2
2934 Jan 12
9114 Jan 5
1034 Feb 14
334 Mar 19
504 Jan 3
734 Apr 4
66 Jan 29
42 Jan 3
1074 Feb 7 102 May 110 De
444 Jan 60 Ma
5014 Feb 19
29
Oct 6838 Jig
42 Jan 5
3314 Oct 5814 Ja]
3812 Jan 8
97 Mar 1283s Ma.
117,
8 Mar 1
118 Mar 11 11512 Oct 120 Jun
54 Mar 64 No
6212 Jan 20
94 Jan 973 De
10212 Apr 12
8 Oct 1712 Ja
124 Apr 7
Ja
7% Oct 28
1014 Jan 3
54 Nov 93 Ja
61 Jan 5
24 Fe
4 Oct
38 Jan 7
9278 Mar 16734 De
20134 Feb 23
12012 Apr 1 105 Mar 11914 NS
2313 May 334 Ja
3512 Feb 26
3212 Feb 28
2212 Oct 394 Ja
39 Mar 555 No
5912 Mar 16
5214 Oct 7178 Fe
6078 Feb 15
26 Dec 3934 Ja
2714 Jan 7
374 May 5118 Bev
5614 Apr 7
99 June IOUs De
111 Mar 28
28 June 42 Da
4138 Jan 11
112 Feb 1 10414 June 110 De
58 Mar 14
534 Dec 5812 De
838 Apr 14
934 Ja
418 Mar
10 Mar 17
344 Oct 5112 Ja
20 May 4118 Je
2812 Jan 5
Oct 3718 Ja
364 Feb 23
24
3 Ja
4 may
132 Feb 10
1594 Mar 17 133 Mar 163 Bev
9378 Apr 14
68 Mar 98 De
2912 June 4858 Ja
3412 Jan 5
11612 Apr 7 107 June 111 Ms
3878 Jan 10
2438 Mar 3934 Sell
12534 Jan 20 121 Mar 144 Jul
2612 Nov 44 Fe
3434 Jan 27
100 Jan 3
97 Mar 10312 Jun
7712 Apr 124 De
126 Feb 23
444 Mar 17
1634 Mar 3414 Jul
Apr 93 Au
9778 Mar 21
80
115 Apr 11
9912 Jan 104 No
614 Fe
4 Dec
412 Jan 4
1734 Mar 71 Set
6134 Feb 15
1614 Ja
1134 Jan 7
7% May
86 Apr 9
53 June 90 Sel
28 Mar 44% No
6812 Mar 30
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually Inactive, see third
page prom
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Aprti 9.
Monday,
April 11.
Tuesday,
April 12.
Wednesday, Thursday,
April 13.
April 14.
Friday,
April 15.
Sales
.for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
•
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
2251
PER MARE
Range for Previous
Year 1926
LOtO6St
Highest
Lowest
Highest
$ per share
per share $ per share 5 per share $ per share
per share Shares Indus. & Miscall.(Con.) Pat
Per share $per
62h 6212 62
m
share5 $ per share per share
6312 6212 6212 6234 6314 6234 63
3,100 California Packing_ _ _ No par 6014 Apr 1
70
2638 261s 2614 2614 26
Jan
2632 257 2614 2512 26
6614 Oct 17912 Feb
10,100 California Petroleum
25 2512 Apr 1
14 14
32% Jan 18
134 134
134 134 *132 173
29% Oct 384 Feb
178
178
1,500 Callahan Zinc-Lead
14 Jan 3
10
258 Jan 17
6618 664 66
673s 65% 6574 6412 6634 664 67
112 Mar
258 Jan
2,100 Calumet Arizona Mining
6112
Apr
10
13
*1514 1512 1512 1512 154 1514 1512 151
69 Feb 24
5512
Mar 7358 Aug
15h 16
2,300
Calumet
&
Hecht
25 1412 Jan 4 1612 Jan 20
44
44% 434 4414 44
44h 4334 44
437 45
13%
Mar 1812 Aug
5,800 Canada Dry Ginger Ale.No par 36 Jan 5 4612 Apr 5
*16618 16834 16612 168
166 167
166 167
3212 Oct 49 Sent
167 16714
1,900 Case Thresh Machine
100 132 Jan 27 17112 Apr 5
*110 113 *110 113 *110 113 *110 113 *110 113
624 Jan 176 Aug
Preferred
100 111 Feb 28 117 Jan
25% 26
2534 2618 2614 2712 2712 2838 29
96 Jan 11812 Aug
31
12,700 Central Alloy Steel__ _ _No par 24 Apr 1 31 Apr 12
*934 10
*958 10
14
93g 953 *912 98
2812 Oct 3314 Aug
9711 98
200 Central Leather
838 Jan 3 1034 Jan 7
100
701
*68
7012 *68
7012 *68
69
7 Nov 2012 Jan
69
*68
7012
100 Preferred
100 54 Jan 14 72 Apr 2
14
13 .13
13
127 13
313
434 Apr 6814 Jan
1312 .13
1312
300
Century
Ribbon
Mills..
par
_No
1012
Jan
26
1612
Mar 18
80
*77
*77
*77
80
80
1014 Oct 3274 Jan
*77
80
7718 774
20
Preferred
100 70 Jan 24 82 Mar
6212 6274 62
*6212 83
62h 62
7814 Dec 90
6234 26114 6112
Jan
5.800 Cerro de Pasco Copper_No par 604 Jan 29 6312 Feb 8
4614 4614 46
4612 4534 4618 46
24
5712 Jan 7312 Aug
4614 4634 4612
3,300 Certain-Teed Products_No par 42 Jan 25 4934 Mar 14
*10812 10958 *10812 10938 *1084 10938 *1084 10938 10812 108
aws
May
494
Jan
12
100
let preferred
100 106 Feb 1 11034 Mar 7 100 May 10614
•12
1212 *1134 1212 1112 1112 '
31112 1234 1114 114
Nov
300 Chandler Cleveland MotNo Par
814 Jan 6 14 Mar 22
•22
2212 2212 22
23
2212 22
84 Nov 26 Feb
22
*22
2212
600 Preferred
No par 214 Jan 25 2478 Mar 22
13514 13514 13412 13614 *13534 136 213314 13412
13412 136
2034 Dec 4514 Feb
3.200 Chicago Pneumatic Tool_ _100 12012 Jan 3 1374 Mar 2
9411
Apr 12814 Dee
*5012 5112 5012 5114 5114 5134 5112 534 5214 5312
9.800 Childs Co
No par 48% Mar 31 5358 Jan II
3614 3638 3614 3612 3614 3634 3638 3714 3634
4518 May 6638 Jan
3738
16,600 Chile Copper
25 3434 Jan 3 3914 Mar 21
*2214 26
24
*2214 26
24
30 Mar 3638 Jan
*2214 28
*2214 26
100
Chino Copper
5 2218 Jan 7 24 Apr 11
38
3814 38% 3874 38
16 Mar 26 Nov
40
40
41
x40
4334
6,000 Christie-Brown tern OM No par 3474 Jan 5 434 Apr 14
41
431
4412 46
43h 454 4334 4412 4358 4518
2912 Oct 6314 Jan
329,600 Chrysler Corp
No par 3818 Jan 28 46 Apr 11
10212 102S 10238 103
103 103
284
Mar 5/73 Jan
10334 10434 10434 10512
2,900 Preferred
NO par 10238 Apr 11 105 Jan 12
*59
*59
60
591
93 Mar 108
59
59
59
59
59
59
Jan
400 Cluett Peabody & Co No par 56% Mar 17
14
8
m
Jaax
n2
116 116's 116 116
116 116
60 Dec 6812 Jan
11612 1164 11534 117
300
100 11114 Jan 6 1661884
195 19512 19514 19713 195 197
10314 Jan 116
195 197
196 1974
8,400 Coca Cola Co
No par 16712 Jan 4 19734 Apr 14 128 Mar 17414 Sept
75% 76'4 z7412 7514 744 768 7614 77
767k 78
Dee
12,400 Collins & Aikman
No par 63 Jan 4 8614 Feb 28
*150 --__ *148 ____ *150
3434 May 6912 Dee
_ *150 ____ *150 _ _
Preferred
100 126 Jan 4 165 Mar 9
7114 73% 7058 731s 7118 76
9814 May 13813 Dec
75
7834 7638 798
193,200
Colorado
Fuel
&
Iron
4258
100
4
Jan
793
8
Apr
14
8112 8134 81
2718 Mar 4918 Oct
817s 804 81
7814 8012 79
7984
4,100 Columbian Carbon v te No par 6678 Jan 3 8512 Mar 18
9038 91h 9114 93
55% Jan 7014 Des
9158 9234 9134 9614 94
953
69,300 Colum Gas & Elea new.No par 8278 Feb 11 9614 Apr 13
85% Nov 91 Dee
10434 10434 104% 1051 105 1051 10518 10512 10512 10558
Preferred new
1,800
100
9912
Jan
24 10558 Apr 14
9878 Nov' 10158 Nov
16
16
1534 164 16
16
16
1658 164 164
1,600 Commercial Credit__ _No par
1458 Feb 1 2058 Feb 21
1612 Nov 4713 Jan
211 *21
211 *21
2112 *21
321
2112 21
21
170 Preferred
25 194 Jan 28 23 Mar 10
*2112 22
2114 Nov 2614 Jan
*2112 22
*2112 22
*2112 22
2138 213*
10 Preferred B
25 1958 Feb 19 23
7
20 Nov 2714 Jan
*78
85
*78
80
85
*78
*78
81
*78
80
1st preferred (634 %)-___100 76 Apr 1 8518 Jan
Jan 12
52
521s 51
8512 Dec 9912 Feb
5238 4974 5212 50
5212 50
5238
5,600 Comm Invest Trust-No Par 4858 Mar 25 5614 Mar 14
5412 Dec 72 Jan
*9534 967 *9534 9674 *9534 9614 *9534 97
*9514 98
7% preferred
100 9614 Jan 28 9812 Jan 27
June 104 Jan
97
90
94
9412 *91
*90
90
*90
9334 *90
9334
400 Preferred (63i)
100 8914 Apr 5 95 Mar 14
89 May 100 Jan
311 319 320 325 319 339
33812 355
34334 35734
38,800 Commercial Solvents B No par 223 Jan 3 35734 Apr 14
11814 Jan 237 Nov
181
1834 187
,
1834 19
1834 1858 198 191 1958
20,500 Congoleum-Nairn Ine_NO per 1714 Jan 26 2134 Mar 17
1212 May 2918 Sept
60 608 5938 6012 59
5934 5854 5984 594 5933
7,000 Congress Cigar
No pa
47 Mar 11 6114 Apr 8
4.12
%
•12
*12
40':May 57 Des
3
34
*12
3
"2
34
Conley Tin Foil stpd_ __No pa
14 Feb 1
32 Jan 5
38 Dec
7738 7012 78
1 Mar
7834 7714 76
7758 77
7758 701
5,600
Consolidated
Cigar____No
pa
78 Mar 24 8512 Feb 17
454 Apr 8714 Dee
*9812 100h *9812 99
*9812 99
*9812 99
99 1007
300 Preferred
100 99 Mar 22
91 Mar 10738 July
14 las *114
*114
112
138
138
138
112
138
Consolidated Distrib're No par
700
14
Apr
4 102
'
12 Feb
14 Aug
b 4
2
9812 9758 9812 98
98
99
9814 99
012 Jan
99 1001
33,900 Consolidated Gas(NY)No pa
94 Mar 9 10912 Jan 10
87 Mar 11558 Aug
534 84
58 612
514 57
534 818
514 534
185,200 Consolidated TextileNo pa
34 Mar 14
632 Apr 11
4034 4112 39
4112 3912 4058 40
414 Nov
14 May
411
3818 40
Continental
21,300
Baking
Cl ANo par 3412 Apr 1 7478 Jan 6
5%
504 Oct 9374 Aug
5
5
5
514
54
478 51
434 5
10,900 Class B
No pa
412 Apr 1 1014 Jan 5
84
8412 8138 84
758 Oct 1518 Sept
8234 823
8134 8212 8184 8214
3,800
Preferred
72
Apr
100
1
9714 Jan 13
87
• 5834 5914 5878 6134 6134 6358 6314 6478 6458 6534
Oct 9612 Aug
68,400 Continental Can, Ines_No par 5834 Apr 9 734 Jan 3
159 16034 1594 16054 159 1593 *156 160
70 Mar 9212 Jan
158 158
Stock
1,600 Continental Insurance__ - 2 135 Jan 27 16414 Apr 4 122 Mar 144%
1212 1258 1212 1234 1238 1234 124 1212 11218 1212
Jan
9,900
Continental
Motors__
pa
.No
1188
Jan 28 1334 Jan 6
574 58
5658 58
97s May 1378 Dec
5634 5734 5758 604 5912 62 Exchange 135,400 Corn Products Refining
25 4678 Jan 12 62 Apr 14
*129 130 *128 130
3558 Mar 5158 Dee
130 130 *130 132
13034 13034
800
Preferred
128
100
Jan
11
13034
Apr
14
12211 Jan 1304 Dec
7058 7114 7018 7018 71
7114 *7118 7112 714 72
Closed;
1,500 Coty, Inc
No pa
56 Jan 3 7514 Mar 29
4412 Mar 62 Dec
9114 9278 9212 9314 9134 9278 9134 9238 x9012 9138
7,700 Crucible Steel of America-100 77 Jan 4
Mar
107 107 *107 108
64 Apr 8254 Dec
107 107 *105 107
107 107
Good
Preferred
400
103
Jan 18 12834
09 M
4
7
2712 2778 2738 2814 2712 273
96 Mar 104 Dee
28
2834 303 3112
29,700 Cuba Co
No par 2614 Feb 2 3414 Jan 8
2814 0
84 818
5338 June
8
84
8
814
83, 838
812 9
Friday
4,400 Cuba Cane Sugar
No pa
8 Apr 11
1034 Jan 5
4018 4012 3978 4038 4018 41
858 May 114 Jan
4012 4012 40h 4314
11,600 Preferred
100 3938 Apr
5034 Jan 4
12314 24
June
23
50.18 Dee
35'z
234 2312 2312 *2312 2334 24
2434 Holiday
2,900 Cuban-American Sugar
1
2238 Apr
2812 Jan 3
204 Aug 30% Jan
810214 108 *103 108 *103 108 '103 108 *103 108
Preferred
100
Jan
102
31
104
Feb
7
9754 Jan 105 Nov
*1412 16
*144 1512 *1412 15
15
154 *1434 16
Cuban Dom'can Susnew No par 15 Feb 15 18 Jan 21
154 Sept 2914 June
4518 45h 4514 4534 454 4514 45
4578 4412 4538
5,300 Cudahy Packing new
50 4312 Apr 8 5278 Feb 23
5118 Nov 55 Dee
108 108
10918 110
110 • 110 •10914 110 .310914 110
Sons
Cushman'*
1,300
No
par
103
Apr
4
112 Jan 17
7712 Map 198 Dee
*3212 34
34
3458 3378 34
344 3438 *33
341
900 Cuyamel Fruit
No par 3014 Mar 10 3458 Apr 11
32 Nov 51
2734 29% 2818 2814 2812 2934 29
Jan
29
2814 2814
2,400 Davison Chemical v t o_No par 2612 Feb 24 3212 Mar 1
23% Oct 4614 Feb
13958 14158 13912 140
1394 14012 139 1391 13914 140
4,300 Detroit Edison
100 1334 Jan 21 14158 Apr 9 12312 Mar 14113 Dee
3958 40
4014 4111 4178 4238 41
41% 404 407
8,700 Devoe & Reynolds A..No par 37% Jan 2
4234 Feb 2
31
Oct. 10418 Feb
1914 1978 194 2018 1938 20
194 1934 1938 193
34,400 Dodge Bros Clan A...No par 18 Mar 30 2712 Jan 5
2114 May 4714 Jan
7512 7684 7558 7658 7458 7578 744 7538 7412 747
6.100 Preferred card!
No par 7234 Mar 30 85 Feb 14
7912May 90 July
814 838
814 814
gh 812
84 81
814 814
2,700 Dome Mines. Ltd
gig Apr 1
NO Par
1114 Jan 4
8 Oct 20 Mar
*57
60
574 5714 5712 571
58
614 6114 62
1,400 Douglas Pectin
No par 46 Jan
62 Mar 14
19 Mar 46 Nov
*116 117 *116 117 *116 11614 116 116 *116 11614
100 Duquesne Light 1st prof_ __100 1144 Mar
11614
Jan
11112
3
Mar 11614 Aug
14312 14312 14212 144
141 143
14012 142
14112 142
3,500 Eastman Kodak Co. No par 12614 Jan 28 14712 Apr 4 10658
2534 2573 254 253
26
Mar 13634 Dee
267* 2634 274 22634 2732
6,500 Eaton Axle & SpringNo par 2418 Mar 21 2812 Mar 28
23 Oct 3234 Feb
243 250
24114 24714 239 246
24014 247
245 2477
89,700 El du Pont de Nem new-No pa 168 Jan 25 250 Apr 9 15434 Nov 18112 Dee
*10912 11113 10912 10934 10978 110 *110 11034 110 110
700 6% non-vot deb
100 10512 Feb
111 Mar 28 10084 Apr 110% Dee
*1212 1234 *1212 1284 1258 1258 1258 1338 1314 1338
1.500 Eisenlohr & Bros
25 1178 Jan 3 1612 Feb 15
74
74
7334 74
104 Oct 2012 Feb
7314 75
75
75
75
75
1,500 Electric Autolita
par 6312 Jan 13 78
No
Ap
ar 4
1858
18% 1934 1814 1934 1814 1878 17
%M
8
6134 Mar 82 Feb
1838 174 1778
31,300
Electric
Boat
No par 1312 Mar 2
19
Apr
1938 19
2034 191 20,
4 Mar 16 Dee
1
193g 2014 20
203
4
92,400 Electric Pow & Lt
No pa
1612 Jan 27 12
*10818 1097 10812 10878 10978 110
1,e1,
4 Apr 14
4
1514 Oct 3412 Feb
110 11018 110 11014
1,800 Allot ctfs for pref 40% Pd.- 10378 Jan 213
•108 ____ *1084 ____ *109
9912 Mar 115 Feb
*109
*109
Allot etre for pref full pd.- 10812 Apr 8 10812 Apr 8 10212 Oct. 11012
Feb
10012 10034 10034 10114 101 10134 10118 10138 10138 1017
2,700 Preferred
No pa
96 Jan 1 10078 Aor 14
2314 2334 2234 2338 2212 25
8912 Mar 9814 Sept
24
2558 2518 26
Electric
51,200
Refrigeration
_No
378
pa
2212
Apr
6938 7084 69
12
70
33% Dec 7812 June
6914 693
6834 6914 6938 603
4,800 Elm Storage Battery-No pa
*73, 97
*712 97
6818 Apr 8 7912 j
07
Jan 6
9
3
7114 Mar 9414 Aug
1014 1212 1212 13
1,200 Emerson-Brant Class A.No pa
661 *6614 6812 6618 6614 6584 661e 66
*66
713 Jan 4 13 Apr 14
614 Dec
814 Dee
66
Endicott-Johns
1,600
on
Corp*11834 121 *11834 121
50 6434 Jan 28 69 Feb 25
11834 1183 *11834 1191 *11834 11912
6512 Mar 7258 Feb
100 Preferred
100 116% Jan 5 12112 Mar 28 114
25
25
2434 251
25
25
2434 25
Jan 120 Sept
2484 25
3,900 Engineers Public Eery...No pa
*102 103
1017 102 *102 103 *102 103 *102 103
2134 Jan 11 2512 Mar 30
194 Oct 2412 July
300 Preferred
No par 9384 Jan 8 102 Apr 11
2834 291
2814 29
2814 2832 2818 2838 28
9214 Nov 9512 Aug
2814
5,600 Erie Steam Shovel
*107 1071 *10718 10714 10614 1071 *106 107
5 2414 Jan 3 3114 Mar 25
2112 Oct 2558 Nov
10434 10478
600 Preferred
100 10112 Jan 6 10712 Jan 17 100
*134 137 *134 13612 *136 1361 13618 1393 13934 14238
Oct 102 Nov
3,400 Equitable Office Bldg p16-100 11814 Feb 5 14238 Apr 14
7078 7113 6934 7138 6958 70
6834 70'8 70
9978 June 13214 July
7114
16,000 Eureka Vacuum Clean_No par 6078 Jan 25 7238 Mar 26
*19
19l2 *19
194 19
19
*1812 191 *1812 1912
43 May 6853 Dee
4012 4012 41
Exchange
100
Buffet
Corp_No par
1518 Jan 25 1914 Apr 7
41
41
41
1434 July 17 Apr
4014 41
*4014 41
1,800 Fairbanks Morse
No par 38% Feb 10 4274 Jan 22
*11012 112 3.11012 112 *11012 112 *1104 112 *11012 112
37% Dec 5934 Feb
Preferred
100 10718 Feb 7 112 Mar 2 10612 Nov 115 Feb
10678 10734 10612 1077 10712 1088 10714 1094
10658 108
33,000 Famous Players-Laaky_No par 10512 Mar 30 11434 Feb 24 10318 Jan 12712
*11714 118
118 118
11978 1197 *119 1191 /11978 11978
June
300 Preferred (8%)
100 117 Apr 8 1248* Jan 12 115 Ma 1244 Dec
4158 4212 42
4238 42
44
424 431
434 444
36,000 Federal Light & Trao
15 3713 Jan 17 4414 Apr 14
*9612 9634 *9612 96
96
28 Mar 4712 Dee
96
96
961 *9534 97
70 Preferred
No par 9112 Feb 23 9912 Mar 31
'105 112 *110 114 *105 115 *105 115 *102 115
88 June 94 Dee
300 Federal Mining & Smeit'g.100 60 Feb 9 120 Mar 12
94% 95% 9412 95
94
41 May 11134 Jan
94
94
94
94
94
Preferred
4,200
100 7512 Jan 28 97 Mar 12
264 264 2618 2612 26
ggi
61 Mar 105 Jan
254 254 25
25
1,800 Federal Motor Truck_No par 24's Mar 24 3075
10514 10514 1044 105
10412 1051 104 10414 10414 1044
23 Oct 3438 Aug
2,000 Fidel Phan Fire Ins of N Y- 25 9312 Feb 23 193 .7
Jan 16
0 160 Apr 20014 Jan
*98 10234 *100 10234 *100 1023 *101 10234 *101 10234
First Nat'l Pic. 1st pref.-100 9712 Jan 13 103 Mar 4
2414 244 2434 2478 2412 2412 24 . 2414 *24
96 May 107 Feb
2412
1,700 First Nat'l Stores
No par 2334 Mar 23 '30 Feb 7
1854 1878 1838 1878 1838 1878 1818 1838 1814 1812
28 Nov 4938 Feb
7.600 Fisk Rubber
No par
16 Jan 24 194 Mar 14
8712 8772 *8634 871
88
1414 May 2814 Jan
57
*87
87
56% 8634
preferred
stamped......10
000
let
81
0
Jan 5 894 Apr 5
*99
76% Apr 8414 Mar
9934 99
*99 100
99
*98 100
39614 99
preferred cony
100 97 Jan 24 10012 Mar 7
1st
200
94
5334 5412 53
June 107 Mar
54
5314 541
53
5514 5478 5534
87,200 Fleischman Co new__ __No par 4614 Feb 1
5534 Apr 5
3214 Mar 5612 Feb
854 8634 844 85
84
8538 85
8514 85
85
2,300 Foundation Co
No par 75 Feb 9 8858 Apr 1
7314 Dec 17984 Jan
5812 5718 59
57
574 59
6114 602* 6112
58
47,000 Fos Film Class A
No par 5558 Apr 7 7412 Jan 6
554 Mar 85
7458 664 70'2 6338 65% x8454 6714
7012 7434 69
Jae
273,700 Freeport Texas Co--NO Par 3414 Jan 4 7484 Apr 9
1958 Jan 36 Dec
3118 314 3114 32
32
327
33
34
344 3512
27,200 Gabriel Snubber A
No Par 2914 Jan 3
25
5
8
Nov
42
1012 1114 1018 11
Feb
1012 107
1014 1034 1012 1058
4,900 Gardner Motor
No par
111%
64 Jan 27 35
4M
Aa
P8
r2
538 Nov
19
4
4818 4812 484 4812 4712 48'8 4734 48
984 Jan
477fi 49
4,100 Gen Amer Tank Car-.,.No Dar 46 Jan 3 505* Feb 25
39 Mar 5538 Jan
*10812 109 *10812 109
10812 1081 *10812 10834 *108 109
300 Preferred
10634 Mar 1 109 Mar 14
100
9912
June 109 Des
8114 8212 8134 83
8112 82
8112 8112 8112 8332
5,500
Jan
7712
General
27
96
3
Asphalt
4
Mar
100
2
50 Mar 9414 Aug
12012 130 *12012 130 *12012 130 *12012 130
*120 130
Preferred
100 120 Jan 25 1447g Mar 2
9478 Mar 14018 Aug
5358 5338 5312 5334 5312 531
5432
64
5312 54
3,400 General Cigar, Inc new _No par 52 Jan 26 89% Feb 24
48 Mar 5912 Feb
*117 121
117 121 3.11718 121 311714 121 *1174 121
Preferred
(7)
100 116 Jan 5 134 Feb 24 109
Jan 118 Dec
115 117 *115 117 *115 117 *115 117
*115 117
Debenture preferred M-100 116 Jan 11 117 Mar 19 10914 Apr 1184 Feb
*55
5512 543* 5538 5478 5518 5434 55
5434 '5538
2,300 Gen Outdoor Adv A__ _No Par 5458 Apr 11 5812 Feb 9
51 Mar 5638 Aug
3938 40
3958 40
391 391
3912 3973 3973 40%
5,200 Trust certifIcatee___No par 37 Jan 18 467g Mar 2
2658 Mar 3978 Dee
8814 8878 884 91
8912 9034 8934 9334 9218 9358
102,100 General Electric Now --No Par 81 Jan 27 9334 Apr 13
79 June 9512 Aug
1158 1158 1112 1158 1112 1158 1158 1158 1112 1112
5,900 General Electric special---10 1114 Jas 3 11% Jan 5
11
Jan
40
1134 Dec
4088 404 4058 40 40l;4084 4014 4112
4,700 General Gas & Elea A _go par 34 Apr 1 4712 Feb 2
34
Mar 59
Jan
•BUI and asked Mean no gales on *la day. s Es-01sIdond•
a Es-rlinte.
New York Stock Record-Continued-Page 4
2252
Fes melee during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 9.
Monday,
April 11.
Tuesday,
April 12.
Wednesday, Thursday,
April 13.
April 1 .
Friday,
April 15.
$ per share $ per share $ Per share $ Per share $ Per share $ Per share
'
3102 105 *102 105 *102 105 *10214 105 *10112 105
*113 117 *113 117 *113 117 *113 117 *114 117
•98 100
*9834 100
*98 100
*98 100
*98 100
18418 18514 18314 186
18234 18534 18214 18514 184 186
11918 1194 11914 11912 11914 11958 11938 11934 11934 11978
_ *103
*103
__ *103
__ 104 104
*10311334 1-147
- 8 111 1-1-4
112 11312 11238 11-314 11212 113
51
5158 51
51
50
50
*47
4912 *47
49
4612 47
4638 4934 48
4914 47
4614 48
49
10212 10212 103 103
10312 10458 104 105 *10212 105
194 20
1912 194 1912 20
20
20
20
204
4812 5038 4958 504 494 5034 503s 52
51
5214
56
5612 5518 5612 5533 5638 5118 5134 5514 5612
*100 10014 100 100
10018 10018 *100 10018 •100 10018
106 107
106 108
10918 10918 108 10812 10678 10812
*10858 109 *10834 10914 10914 10914 *10838 10912 *10858 10912
6412 66
*65
6534 6538 6538 6512 6512 *6514 66
6612 6612 6614 664 66
66
6438 6534 6.5
654
1094 10912 109 109
109 109 *109 110
10814 1084
*818 812 *84 812 *818 812
81s 84 *818 814
3514 3534 35
3513 3434 35
3434 35
347s 3518
11212 11234 112 11234 11234 11358 11278 11338 11358 117
11934 11934 12014 12012 *120 12012 120 12014 118 12014
364 3614 3612 3714 3738 374 374 3733 37
37
812 812 *812 834
812 834 *853 834
834 912
5914 5914 5814 5914 56
5612 5712 5718 5718
58
60
60
5814 60
5934 5934 5812 5812 58
5814
*26
27
*26
27
27
*2512 27
2634 2678 *26
2618 2612 2634 2718 2713 2833 2714 28
27
2778
2614 27
2618 264 2534 2534 *25
26
2534 264
*94
95
*94
*94
95
95
*94
*94
95
95
*29
31
29
*2912 3012 *29
30
*2712 30
31
6112 62
*6178 62
_ 62
62
62
62
4814 49
49
4912 ii812 16 *4858 4834 4834 4834
103 10714 101 10612 10238 10512 10214 10412 10212 10412
3812 3834 38
3834 3938 393s 3934
384 3813 39
7214 7312 7212 76
7314 7534 7358 7512 7334 754
2118 2138 214 214 21
2112 22118 2138
2138 21
2212 224 2238 2212 2212 2212 2218 2258 2218 224
*1412 15
16
1412 1412 '
1838 1714 1814
16
315
*94 938
938 912
94 934
912 938
914 912
*834 914
812 834
918 938
914 914
914 912
•93
96
*93
96
*94
9534 *93
96
*93
9512
4278 4278 *4212 4278 4278 43
4214 43
43
43
1311218 11312'11218 11312 *11218 11312 *11218 11312 *11218 11312
•19
1912 19
1912 1834 19
1812 1834 184 1838
1278 13
13
1318 1314 13
1318 1318 1378
13
684 684
612 634
634 634 *634 712 *634 712
*3314 36
*3314 36
34
*35
40
34
*3434 36
6718 6758 6718 6812 6818 7178 7034 7234 7212 7334
.52
52
5212 53
5218 5258 5212 53
5334 5334
*10734 10814 *10734 10814 10814 109 *10834 110 *109 110
53
5318 5118 5278 5158 5338
5334 5112 5338 51
15814 15978 15838 16178 159 161
159 16134 16012 1614
*12712 129 *127 129
Stock
129 12912 12934 12934 *128 130
7
7
•634 738 *634 7
634 634 •,634 714
4012 4173 4038 4212 4112 4212 4118 414 404 414 Exchange
65
66
66
6614 6514 6512 66
6614 66
6614
4658 4738 48
5038 51
5458 5214 5414 5034 5234 Closed;
:3102•102
_
*102
_ _ *102
_ *102
___
56 -567Good
8 561s -56-3-4 56 -5i34 55 -5614
_5413 -5518
*9814 9834 *9814 9834 9814 9812 *9818 9812 *9814 9812
*171 180 *174 180 *174 180 *174 175 '
Friday
3174 180
13412 135
13378 13412 13214 13334
13334 13412 13234 134
:32512 2534 254 2534 2534 2612 27
2712 27
2712 Holiday
An34 -5912 60
nil
*57
am
6112 5934 -5712 57
-- 2
120 120 *118 122 *115 122
*11514 120 *11514 120
24
2478 2312 2478 24
2312 24
2478 2434 2558
*1712 1812 *1734 1812 *1734 1812 1734 1734 1734 181
11312 11338iii- 111- *HI 11438 11411 11438 1144 illia
25034 5138
5134 5258 5112 5134 52
5218 5178 52
2214 2378 2218 2314 2214 23
211
. 2238 2114 23
73
7384 7414 7212 7312 7112 72
*70
714 73
•72
7312 7313 *71
73
76
7434 7312 74
76
86
*78
*78
86
88
88
8612 8612 86
*78
6234 63
6214 6212 6214 6234 6233 6234 6218 63
4
12
12
*12
*12
34
12
4
4
12
31
31
3312 3312 *34
34
34
3678 *34
36
5712 5734 5812
5712 5712 5738 5734 5712 5712 *57
5912 5012 5034 5134 5014 5158 5012 5034 5058 5073
•11112 11212 11312 11312 *11278 11312 *11278 11314 *11278 11318
.14
1414
14
15
14
1418 144 14
17
14
60
*40
____
*41
60
__ *41
60 .5978 60
191 191
190 115
*185 193
197 19812 195 19812
3134 3012 3114 2912 3012
3178 3213 23112 3238 31
71
701g 7138 70
70
7014 70
7058 7034 7278
8
8
812 812
812 858
834 834
812 834
3418 3412 3413
344 3458 3418 3418 3412 3412 34
*2158 2178 214 2158 *2114 2158
2214 *2158 22
22
9912 994 9934 994 9978
9712 9738 9778 98
*97
9912
99
41128 130 *128 130 *128 130 *128 130
9978 *128 130
99
974 9712 99
974 9738 97
66
*6512 66
65
6538 66
66
6512 66
6612
50
513
50
5012 5012
50
*4912 5012 50
50
5612 574 5512 5658 554 5618 5518 5812 5613 584
518 614
64 613
64 614 *64 64
*618 63s
*4012 404 4012 4034 *4012 4034 4033 4012 404 404
16388 16334 *163 164
161 164
•161 162 •161 162
*160 165 *160 165 :3161 165 *162 165 *161 165
2878 2758 2858 2712 2838
27
*27
2714 2634 27
114 114 *114 11412 *114 11412 *114 11412
*114 115
134 13
1312 i3lz 1312 1311 134 1358 13
133s
*9113 94
*9112 94
*92
*92
94
94
*9112 94
2612 2658 2614 2658 2612 2658
20114 261
264 261
2918 2878 294 2834 29
294 3018 2918 2933 29
•121 124 •121 124 *120 124 *121 124 *120 123
7078 704
7058 7038 *7012 71
*7012 71
*7014 71
105 10534 10514 10858 10714 11114 10018 11214 110 112
•10912 11112 10912 10912 *11012 11112 *110 111 *110 111
*105 10614 *105 106 *105 10614 *105 10614 *105 10614
3438 3412 *3414 3458 3414 3458 344 3413 3414 3414
•12
14
14
*1212 13
1178 12
1238 1238 *12
71
72
71
*69
71
71
*69
71
.69
*69
6634 6714 '6658 664 6653 67
6634 6678
6538 67
284 2778 28
2734 2878 2812 2914 284 2878 28
45
*4412 46
45
*45
46
*45
46
46
*45
1538 1512 154 151 *154 1534
1512 1512 *154 16
4514
4613 4714 4638 4678 4614 4634 454 4658 44
34
341 *3414 3434 34
35
3418 3434 *34
35
1758 1812
2018 1712 19
20
20
20
20
20
1034 10334 103 10478
104 104
10312 10312 104 104
684
6778 6938 6773 6818 68
6834 6878 6712 69
2712 2712 2753 2758
28
2814 2818 2814 2758 28
63
432
*6158 63
*6112 63
*6112 63
*62
63
25
25
2434 25
*2434 25
*2434 25
*2434 25
2514 2514 *2514 2512
*2514 26
*254 2534 *2514 26
612 634
634 634 •634 678
634 7
.634 678
1558 1534
1512 1512 1512 1534 1558 1578 1558 153
324 3278
3258 3234 3234 327
3258 324 3258 33
*102 1021 *98 103 *10112 102
10112 1011 *10112 102
212 278
238 23s
218 24
258 234
212 258
124
134 2
•112
13
134 *158
134
•14 178
109 109
10813 10818 106 10812 10614 10638 10911 110
s Ks-Alva:len
1110 'no aaked pricer no sales ea %Ms Aar
Sale*
for
the •
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miami!.(Con.) Par
Gen Gas & Elec pf A (7)No par
Preferred A (8)
No par
Preferred B (7)
No pat
415,100 General Motors Corp-No par
4,700 7% preferred
100
100 (1% preferred
100
20,300 Gen Ry Signal new____No par
400 General Refraetories___No par
27.300 Gimbel Bros
No par
1,100 Preferred
100
7,800 Glidden Co
No par
32,300 Gold Dust Corp v t o No par
10,400 Goodrich Co (13 F)
No par
200 Preferred
100
2,000 Goodyear T & Rub pf v t o_100
100 Prior preferred
100
900 Gotham Silk Hosiery_Ne par
1.000 New
No par
1,100 Preferred new
100
500 Gould Coupler a
No par
7.700 Granby Cons M Sm & Pr_100
11,000 Great Western Sugar tem et125
350 Preferred
100
2,800 Greene Cananea Copper
100
1,900 Guantanamo Sugar____No par
100
3,100 Gulf States Steel
240 Hanna 1st pref class A
100
200 Hartman Corp class A_No par
5,200 Class B
No par
2,500 Hayes Wheel
No par
Heime (G W)
25
200 Hoe(R) & Co
No par
400 Homestake Mining
100
2,300 Househ Prod,Ino.tem ctfNopar
26,100 Houston 011 of Tex tern otfs100
2,900 Howe Sound
No par
219,600 Hudson Motor Car__ __No par
5,500 Hupp Motor Car Corp____10
7.100 Independent 011 & Gaa_Na par
5,100 Indian Motocycle
NO Vat
1,900 Indian Refining
10
2,800 Certificates
10
Ingersoll Rand new--__No par
1,800 Inland Steel
No par
Preferred
100
1,800 Inspiration Cone Copper___20
3,900 Intercont'l Rubber___No par
1,600 Internal Agricul
No par
100 Prior preferred
100
26,600 Int Business Machines_No par
3,900 International Cement_No par
200 Preferred
100
44,200 Inter Comb Eng Corp_ _No par
16,500 International Harvoster
100
700 Preferred
100
lot Mercantile Marine____100
10,600 Preferred
100
3,000 International Match pref_35
483,300 International Nickel (The)_25
Preferred
100
10,400 International Paper___No par
200 Preferred (7%)
100
international Shoe__ _No par
6.500 Internal Telep & Teleg___100
2,400 Intertype Corp
No par
No par
8,200 Jewel Tea, Inc
100
300 Preferred
10.600 Jones Bros Tea. Ino.stpd-100
1,300 Jordan Motor Car
No par
Kansas Gulf
10
400 Kan City P&L let pf A_No par
2.200'Kayser (J) Co v t o____No par
25
83,600 Kelly-Springfield 'Tire
2.100 8% preferred
100
1,100 6% preferred
100
400 Kelsey Wheel, Inc
100
No par
20,800 Kennecott Copper
1.400 Keystone Tire & Rubb_No par
400 Kinney Co
NO par
1,200 Kraft Cheese
25
4,600 Kresge (S El) Co new
10
110 Preferred
100
1,000 Kresge Dept Storee____No par
100
Preferred
2,100 Laclede Gas L (St Louis)_100
19,500 Lago 011 & Transport.No par
16,900 Lambert Co
No par
1,400 Lee Rubber & Tire__ No par
1,200 Lehn & Fink
No par
600 Life Savers
No par
4,100 Liggett & Myers Tobacco_25
12,800 Series 11
25
Preferred
100
900 Lima Loo Wks
No par
900 Liquid Carbonic certifs_No par
27,500 Lcew's Incorporated
No par
1,100 Loft Incorporated
No par
700 Long Bell Lumber A
No par
1,700 Looee-Wiles Biscuit
100
26 preferred
100
18,200 Lorillard
25
100 Preferred
100
4,100 Louisiana 011 temp etfe_No par
Preferred
100
3,700 Louisville 0& El A___ _No par
3,000 Ludlum Steel
No par
Mackay Companies
100
200 Preferred
100
203,100 Mack Trucks, Ina
No par
1s1
200
preferred
100
201 preferred
100
1,000 Magna Copper
_No par
500 Mallinson (H R)& Co_No ear
300 Mama Sugar pret
100
5,600 Manb Elec Supply-- No par
4,500 Manhattan Shirt
25
100 Manila Electric Corp_No par
800 Maracaibo 011 Expl_ __No par
140,200 Marland 011
No par
800 Marlin-Rockwell
No par
1,300 Martin-Parry
._No par
2,000 Mathieson Alkali
Works__ _50
Corp_9,500 May Dept Stores new
25
1,900 Maytag Co
No par
McCrory Stores Class B No pa
McIntyre
1.500
Porcupine Mines__5
100 Metro-Goldwyn Pictures pf.27
500 Mexican Seaboard 011_ _No par
2,300 Miami Copper
6
5,400 Mid-Continent Petro__Ne par
100 Mid-Cont Petrol pref
100
21,500 Middle States 011 Corp-__10
1,800 Certificates
10
2,300 Midland Steel Prod prof-109
ax-ruble.
PER RR AXE
Range Sines Jan. 1 1927
On basis of 100-shore lots
Lowest
i per share
100 Jan 3
11314 Mar 22
96 Jan 13
14512 Jan 25
11812Mar 9
104 Mar 7
8218 Jai:114
38 Jan 14
3712 Mar 24
9938 Mar 18
1812 Jan 26
42 Mar 9
4234 Jan 3
95 Jan 3
984 Jan 27
105 Jan 7
5738 Jan 12
58 Jan 12
101 Jan 26
8 Mar 18
3118 Jan 27
109 Jan 26
11612 Feb 26
2914 Jan 27
8 Jan 25
53 Jan 4
56 Jan 31
25 Jan 22
2312 Feb 9
1512 Feb 15
7612 Jan 14
22 Jan 31
60 Jan 25
4314 Jan 3
6018 Jan 11
3778 Feb 14
4814 Jan 24
2012 Mar 31
2112 Mar 31
13 Mar 30
738 Jan 29
758 Jan 12
92 Jan 10
41 Feb 15
111 Jan 3
1814 Apr 14
1112 Jan 3
64 Apr 8
33 Mar 20
5318 Jan 13
4514 Jan 21
10214 Jan 21
434 Jan 28
13538 Jan 18
12684 Jan 12
614 Jan 4
3718 Jan 6
62 Mar 2
3814 Jan 3
10358 Mar 2
534 Jan 3
9612 Jan 3
160 Jan 21
12214 Jan 25
1912 Jan 31
5312 Jan 3
117 Afar 18
1058 Jan 3
1512 Mar 3
14 Jan 11
112 Feb 10
50 Jan 4
912 Jan 27
35 Feb 2
44 Jan 19
65 Mar 25
60 Feb 9
12 Jan 3
2114 Feb 11
50 Feb 10
4578 Jan 28
11018 Feb 9
14 Apr 14
674 Mar 2f
17334 Jan 27
2012 Jan 13
66 Jan 28
7 Jan 4
3334 Apr 2
2158 Apr 13
*8712 Feb 10
*8658 Feb 10
1244 Jan 27
62 Jan 6
484 Mar 15
464 Jan 4
6 Feb 23
4014 Apr 14
150 Jan 18
157 Mar 1 I
26 Mar 25
11138Mar 18
1238 Apr 4
90 Apr 6
234 Jan 3
2618 Jan 12
120 Jan 14
70 Mar 17
8814 Jan 24
109 Jan 25
102 Jan 18
2912 Feb
1112 Apr 7
69 Apr 1
5318 Jan 25
2414 Jan 18
40 Jan 22
1514 Apr 5
44 Apr 14
27 Jan 11
1712 Apr 13
82 Jan II
6714 Jan 27
2338 Jan 15
5612 Mar 4
2412 Mar 14
2434 Jan 3
612 Apr 14
1434 Feb 8
3134 Apr 4
10112 Apr 13
14 Jan 3
Ps Jan 28
106 April
Highest
PER EllARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ per share
10712 Jan 24
96 May 100 Dec
11534 Jan 28 10512 Apr 113 Sept
9934 Mar 29
9214 Apr 96 Jan
186 Apr 11 11314 Mar 22584 Aug
122 Jan 7 11312 Jan 12214 Dec
105 Jan 3
9814 Apr 105 June
12014 Apr 6
6012 Mar 9378 Aug
52 Apr 6
36 May 49 Jan
4934 Apr 11
4114 Nov 7878 Jan
105 Apr 13 100 Nov 11138 Jan
22 Mar 10
1538 June 2584 Jan
5214 Apr 14
4112 Mar 5678 Feb
5834 Mar 3
3912 Nov 7034 Feb
10012Mar 14
9412 Dec 100 Feb
11138 Apr 4
9812 Dec 1097g Aug
10914 Apr 12 10414 Dec 109 Sept
6778 Mar 25
3314 Mar 6912 Nov
674 Feb 24
4712 July 6878 Nov
10912 Apr 9
958 Jan 13
8 Oct 2112 Jan
3814 Feb 24
1618 Mar 3678 Dec
11914 Feb 28
89 Apr 1134 Dec
12178 Jan 17 10812 Mar 11814 July
934 Apr 3484 Deo
40 .Mar 11
10 Jan 4
54 Jan
1078 Feb
64 Feb 28
5138 Oct 9338 Jan
45 June 6012 Dec
67 Jan 19
274 Mar 29
26
Oct 2812 Nov
2818 Apr 6
2458 Det, 30 Sept
1718 Dec 46
2812 Mar 31
Jan
68 Mar 88 Dec
10178 Mar 17
1713 May 3512 Aug
3334 Feb 14
474 Jan 63 Oct
6318 Jan 15
40 Mar 4888 Jan
5014 Mar 17
Jan
12434 Mar 8
5014 Mar 71
27 Jan 45 Sept
404 Mar 21
4034 Oct 12314 Jan
76 Apr 11
17 Mar 2888 Jan
2358 Jan 10
1958 Mar 34 Jan
3234 Feb 1
2414 Feb
1412 D
1838 Apr 13
1118 Mar 14
73* Oct 1334 Feb
713 Oct 1212 Feb
1012 Mar 14
8014 Marl 104 Jan
9612 Apr 2
434 Jan 3
3438 Mayl 4384 Dee
114 Mar 16 10884 Marl 115 Feb
204 Marl 2858 Nov
2512 Jan 12
12 Dent 2134 Feb
1534 Mar 12
94 DecI 2614 Jan
1078 Feb 23
65 Feb 14
5838 Dccl 95 Jan
3818 Marl 5678 Dee
7314 Apr 14
5334 Apr 6
4438 OctI 714 Jan
109 Apr 12 10178 OctI 106
Jan
64 Mar 1
334 Marl 6412 Jan
1634 Mar 1 11214 Marl 15818 Dec
1294 Mar 26 118
JanI 129 Dee
838 Feb 7
6 Sept 1238 Feb
4458 Feb 7
27 Mar1 4e38 Feb
6934 lar 21
534 Marl 6688 Feb
544 Apr 12
3288 Marl 484 Jan
10614 Feb 2 10118 Jan 10418 Dec
444 Apr 6334 Aug
6078 Mar 7
10014 Mar 15
89 Maya 100 Dec
173 Apr 7 135 May 175
Jan
13538 Apr 7 111 Marl 133 Jan
294 Apr '2
1812 Jul71 29 Jan
6112 Apr 12
25 Jan 5811 Dee
12512Mar 15 11512 Jan 12712 Nov
2714 Apr 6
9 Dec 1911 Feb
2212 Jan 5
12 Nov 66 Feb
4 Mar
4 Jan 11
34 Jan
11434 Apr 14 10714 Mar 115 Not
3314 May 5134 Dec
5714 Jan 31
2378 Apr 12
9 Oct 2112 Feb
7414 April
4312 Oct 7484 Feb
7434 Apr 9
45 Dec 7314 Feb
784 Nov 126 Feb
90 Mar 31
6412 Feb 24
4934 Mar 6414 Not
12May
218 Jan
1 Mar 11
45 Jan 5
39 Nov 8218 Jan
6278 Feb 25
5658 Dec 68 Not
55 Jan 7
4234 Mar 82 Jan
11312Mar 11 11212 Nov 11484 Feb
1618 Mar 334 Jan
1712 Feb 8
80 Jan 4
7014 Mar 934 Feb
19812 Apr 13 146 Mar 19614 Dec
3212 Apr 9
1918 May 2412Junc
744 Mar 16
39', May 72 Not
933 Mar 14
84 Dec 14
Jar
3734 Jan 19
3084 Mar 4118 Jan
244 Feb 17
1714 May 25 De(
7218 Mar 103 Dec
10278 Jan 4
10234 Jan 18
71 Mar 7234 Dec
12934 Apr 5 11934 Jan 12934 Ma)
6312 Mar 8984 Jar
7412 Feb 11
5938 Feb 14
4312 Oct 584 Not
344 Mar 4838 Dec
634 Mar 17
758 Jan 20
6 Oct 1114 Feb
4l84 Dec 5012 Feb
43 Mar 7
88 Mar 1774 Da
17312 Feb 26
1694 Feb 28 12014 Mar 175 Dec
2734 Oct 424 Fet
3278 Jan 3
11811 Jan 13 11118 Apr 120 Aui
1813 Jan 5
12 Mar 1978 Juni
97 Feb 5
03 Dec 08 Dec
2214 Mar 2618 Feb
2758 Mar 24
334 Mar 18
2258 Oct 5814 Feb
12738 Feb 25 122
Oct 138 Feb
72 Jan 27
68 Mar 734 Fet
11214 Apr 13
8958 Nov 159 Jai
ill Jan 4 10712 Nov 113 Juni
106 Mar 14 102
Oct 10834 Bern
3618 Mar 7
34 Apr 4478 Fel
16 Jan 5
1258 Nov 284 Jal
77 Feb 23
55 June 82 Fel
72 Mar 14
44 Oct 8734 Jul7
2934 Apr 6
214 Oct 3278 Jal
46 Mar 10
2712 Mar 4538 Sep
2234 Jan 18
1612 Oct 28 Fel
5812 Jan 17
494 Mar 6338JUni
38 Feb 9
2412 Oct 33 Ma
2434 Feb 24
17 May 23 Juni
6213 May 10618 Jai
10958 Mar 29
714 Mar 22
6912 Dec 70 Do
2878 Mar 29
115 Mar 2412 840)
Jai
7512 Jan 3
72 Mar 121
2712 Feb 28
2214 Oct 30 Fel
264 Feb 21
2214 Jan 254 No,
134 Jul:
914 Feb 16
6 Feb
1612 Feb 28
1738 Oe
11 Mar
jai
3938 Jan 21
2712 July 37
05 Feb 3
90 Mar 1044 De
24 Jal
314 Feb 8
84 Nov
214 Feb 8
4 Oct14 De
11912 Feb 17 107 Mar 13312 Fe
New York Stock Record-Continued-Page 5
2253
We sale. during the week Of eteeke ueu.lie ina4ti•e. see fifth page conceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday,
Saturday,
Apr14 9. IApril 11.
Tuesday,
April 12.
Wednesday
April 13.
Thursday,
April 14.
Friday
April 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sine. Jan. 1 1927
On Oasis of 100-share lots
Lowest
HIghe.st
$ Per share $ per share $ per share
Per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par $ per share
$ per share
36% 3614 3618 36% Ws 3534 36% 3658 3614 3638
3,200 Miller Rubber ctle____NO Par 3158 Jan 25 36% Apr 12
94
9518 95
94
94
95
94
9534 9512 98%
25,000 Montana Power
100 8112 Jan 28 0812 Apr 14
6414 6412 64
65
6414 54% 6412 65
64
55
14,700 Montg Ward & Co Ill corp 10 60% Feb 8 6814 Feb 24
84 812
.8'4 8%
8
8
8
734
878
Moon Motors
4,000
par
No
734 Apr 13 1212 Jan 5
418 414 4% 414
.418 414
4% 414
418 414
3,500 Mother Lode Coalition_No par
4 Feb 9
4% Jan 3
1234 1318 13le 1318 13
13
12% 13
1212 13
2,300 Motion Picture
par
No
9%
Feb 17 16% Mar 18
3434 3512 35% 36% 36% 37% 37% 3734
3412 35
13,100 Motor Meter A
No par 3212 Mar 31
37% Apr 14
24% 2438 2438 2434 24% 24% 24% 25
24% 25
5,100 Motor Wheel
No par 2084 Jan 3 2778 Mar 29
17
16
1512 1712 17
16
15
1712 1612 1714
5,500 Mullins Body Corp
No par
10 Jan 5 1712 Apr 12
*3612 37
*3612 37
*3612 38
*3612 3712 *3612 37
Munsingwear Co
No par 36 Feb 25 39% Jan II
29% 32
*29% 30
30
30
31
3134 3112 32,4
7,700 Murray Body new
29%
Mar 23 43 Feb 23
No
Par
6334 64,4 63% 6414 6334 67
6412 56
6412 6518
25,700 Nash Motors Co
No par 6218 Mar 23 7312 Jan 5
*512 6
5
*512 6
6
*512 6
534 5%
200 National Acme stamped__ _I00
5 Feb 15
652 Jan 7
11178 1117 111 11112 11034 11312 113 115
113 11434
11,500 National Biscuit
25 9134 Jan 27 115 Apr 13
13412 13412 *134 13412 *133 135 *133 13412
•I34 136
Preferred
100
100 130 Jan 10 13434 Apr 8
4412 45
4434 4412 45
44
4412 44% 4412 44%
28,700 Nat Cash Register A W I No par 3978 Jan 3 4578 Mar 21
42% 4278 4478 4212 44% 41
40
4212
4318 40
12,600 National Cloak & SuIt__ 100 18 Jan 22 44% Apr 11
9518 96% 9634 9634 96% 95% 9612 9612
9478 95
Preferred
2,100
100 61 Jan 31 96% Apr 13
7558 7612 7978 7734 79% 7712 807s 78% 7978
75
51.500 Nat Dairy Prod tern ctrsNo par 70% Jan 3 8078 Apr 13
25
.25
253
25
25
25
25
25
25
25
1,700 Nat Department Stores No Par 24% Eeb 7 27% Mar 1
91
*91
91
9218 *91
9218 .91
92
*90
92
1st preferred
100
100 91 Feb 17 9414 Jan 10
2434 253
2312 231
2334 24
24
2478 2412 253
4,300 Nat Distill Prod otfs_ __No par
17 Feb 8 2712 Feb 15
*4914 50
*4712 49
50
50
*48
50
50
50
Preferred
200
temp
ctf__NO
Par 43 Mar 22 551 2 Feb 21
26
ns
247 25
2378 2418 *2414 2434
2412 241
1,100 Nat Enam At Starnping
100 23% Apr 13 3014 Feb 28
II*80
*80
83
83 .80
83
8014 8014 80
80
Preferred
200
100 80 Apr 14 8312 Jan 28
191 193
190 190
189 193
19012 19614 19114 193
6,500 National Lead
100 160 Jan 27 250 Apr 1
*126 128 *126 128
127 127 •126 127
125 127
Preferred
500
100 11714 Feb 3 130 Mar 21
2238 2234 2314 2212 231
22
2238 2278 2258 2318
25,400 National Pr & Lt etfm__No par 19,8 Jan 2S 2378 Mar 24
90
908 9012 9012 88% 90
8812 8858 86% 883*
7,800 National Supply
50 8212 Jan 3 95% Feb 18
*111 116 *111 116 *111 116 *111 115 *111 116
National Tea Co
No Par 11412 Jan II 122 Mar 15
1414 1414 1414 14% 14% 1412 1434 1412 143* 1412
8,600 Nevada Consol Copper
6 13% Feb 10 15 Jan 3
*4212 4314 4238 43
43
43,4 4234 43
43
4314
2,200 N Y Air Brake
No par 40% Jan 8 47% Feb 11
1512 16
1518 1518 1518 16
153 16
15% 153
3,100 N Y Canners
No
par
1334 Feb 16 2178 Jan 3
*43
44
44
4812 *4712 50
*4712 50
*4712 50
400
Preferred
No par 43 'Mar 30 72 Jan 13
3814 38,4 *37
38
.38
391_ 38
40
3814 40
1,400 New York Dock
100 34 Jan 14 43',, Mar 25
751 *7412 75 .7412 75
75
*7412 7512 7412 75
500 Preferred
100 7218 Feb 9 7734 Mar 25
*2734 2814 *2818 2834 2814 2814 28% 2838 *2512 29
400 Niagara Falls Power pf new_25 27% Jan 31
29 Jan 5
4812 4814 4912 49% 50,2 4912 5014 4934 501 2
48
89,500 North Amalie= Co
10 45% Jan 14 50% Feb 25
5112
5112
5112
5112 513* 513* 5158 5134
*5112 515
Preferred
900
50 50 Jan 10 52 Mar 23
101 101 *10058 101 *10012 101
*100 10111 101 101
No
200
Amer
Edison proi__NO Par 961% Jan 5 10114 Apr 8
418 418
4
4
418 414
418 418
334 33
1,700 Norwalk Tire & Rubber__ 10
312 Apr 8
538 Feb 10
*11
12
12
*11
12
11
.11
12
11
11
100 Nunnally Co (Tha)__ --No Par
1018 Mar 28 13 Jan 19
34
*3412 3512 34
34
34
34
34
*34
35
700
Well
01/
BUDDly
3114 Jan 28 40% Feb 7
2
/378 1434 1334 1414 13% 14
1312 1312 13% 13%
3,700 Omnibus Corp
No pa
11 Mar 25 1538 Apr 4
64
651
65
66
65
6512 6412 65
64
6514
4,200 Oppenheim Collins & Callo pa
5812 Feb 8 67% Feb 28
3414 34
341
3334 3414 34
3412 3434 34
34%
5,300 Orpheum Circuit, Inc
Jan 4 35 Apr 7
3018
107 10718 *106 107
.107 108 *107 108
106 106
Preferred,.
300
100 10312 Mar 23 107% Apr 12
110 1103s 11014 1101 11012 11012 11014 111
11038 111
2,300 Otis Elevator
50 2103 Feb 2 131 Jan 18
11012 11112 *11012 111 *110 111
10912 10934 11012 111
270 Preferred
100 108 Feb 16 11814 Mar 22
834 834
8*
9% 1134
834 9
10% 1214
89,600 Otis Steel
714 Feb 10 1214 Apr 14
No Pa
6912 70
•6914 6934 *69% 691
7112 75
75% 78
5,700 Prior ,,ref
100 61 12 Feb 8 78 Apr 14
83
83
8212 821
8112 821
80
80% 7934 797
3,400 Owens Bottle
7518
Jan 18 84% Mar 14
2
58% 59
5878 587 *58
59
59
59% 59
591
1,200 Outlet Co
No pa
52% Jan 24 61 Feb 23
.109
*109
*109 110 *109 110 *109% 110
Preferred
100 107 Jan 27 110 Apr 7
3212 -32.12 3238 -3-2-34 33
•
3334 3314 3312 3314 331, Stock
7,100 Pacific Gas & Elec new
25 31 Feb 18 3334 Apr 12
•114
1%
1%
12
138
1%
1%
1%
*114
1%
2,200
No pa
114 Mar 29
174 Jan 7
35% 3612 3518 3634 3512 3658 3534 3618 z35% 3512 Exchange 22,20( Pacific Oil
Packard Motor Car
10 34 Jan 25 3712 Mar 14
8% 878
8,
s 834
8
8% 834
812
9
1138
18,70( Paige Dot Motor Car.
778 Mar 22
1178 Jan 6
.-No Pa
58,2 5834 573s 581. 5838 58% 58
58
57
Closed;
58
4,400
Pan-Amer Petr & Trans5
5618 Apr 5 65% Jan 19
58% 59% 57% 59
58% 5912 58% 58% 5712 5858
Class B
60,000
50 5618 Apr 5 6638 Jan 20
21% 2134 2112 2134 2118 2118 21
2118 2058 21
Good
2,700 Pan-Am West Petrol B_No pa
19 Mar 30 37% Jan 24
9
912
858 912
9
9
912
912
8% 9
3,800 Panhandle Prod & Rei_No pa
814 Apr 4 1878 Jan 17
*5014 69
*501 4 70
*50,4 70
*5014 70
*5014 70
Friday
Preferred
100 6812 Mar 15 8114 Jan 17
•22
23
23
23
2314 2312 2234 2234 23
2312
&
900 Park Tilford tom otfs_No pa
20 Jan 27 25 Feb 28
7
7
718 718
7
7
*7
7%
7,4
714 Holiday
700 Park Utah C M
6 Jan 3
8 Star 4
4534 46
44
45
44
44% 45
47
46
4512
25,100 Pathe Exchange A____No par 37 Feb 1
4812 Apr 14
2418 24% *2438 2412 23% 2414 2312 24
*2312 23%
3,10 Peerless Motor Car
50 2312 Apr 1
32 Jan 8
*22
2212 2278 23
2212 2278 23
2334 2312 2334
6,200 Penick & Ford
No par 21 Jan 17 24 Feb 15
1412 1412 *1414 1412 1412 1412 1412 1412 *14
15
400 Penn Coal & Coke
50 1014 Jan 1.
15 Apr 6
3318 3314 3314 33% 3314 33% 3312 3312 34
37%
6,70 Penn-Dixie Cement_ __No par 32% Apr 7 39% Jan 13
*99
9912 99
99
99
99
99
99
99
99
Preferred
500
100 9834 Mar 8
*58
34
%
%
58
58
34
54
2,20 Penn-Seaboard St'l vto No par
%
%
58 Jan 3 997
11
:Feb
jan 14
3
139 141
140 141
138 138
13734 13814 138 139
3,00 People's 0 L & C (Chic) 100 126 Jan 14 141 Apr 9
10312 10312 103 10318 10314 10314 103 103
104 105
80 Philadelphia Co (PIttsb)......50 8514 Jan 18 110 Mar 25
*51
5134 *5112 52
.51
51% *51% 5134 *5114 51%
6% preferred
50 50 Jan 6 53 Feb 10
41% 42
4112 42,4 4214 4414 44
4612 45
46%
90,800 PhDs At Read C & I___No pa
4112 Apr 2 4758 Mar 4
*4112 42
4034 4112 42
4334 4514 46
45% 45%
4,100
Certificates of Int_-_No Pa
4034 Apr 11
47 Mar 4
*49
4934 *49
4934 *49
4934 *49
4934 *49
4934
Phillips-Jones Corp__No pa
Jan 3 62 Mar 7
47
33
33
3212 33
*3258 34
3214 3612 35% 36
7,700 phillIp Morris & Co, Ltd__ _1
3214 Apr 13 6
Jan
40
1114
8F
b1
16
0
4518 47
46% 46% 46% 47% 45% 47
4478 4534
146,000
Phillips
Petroleum____No pa
44% Apr 14
47
*47
47
4712 47
47
46% 47
.45
48
400 Phoenix Hosiery
42 Jan 7 51 Mar 17
•10234 10412 *10234 10412 *10234 10412 •10234 10412 *10234 10412
Preferred
103
Jan 5 106 Mar 7
100
1714 1812 1712 1818 18
18% 18%
1838 181s 18%
9,100 Pierce-Arrow Mot Car No Par
1714 Apr 7 28% Mar 8
80
El
77
81
7758 7834 79
80
79
80
Preferred
4,600
100 77 Apr 11 10212 Jan 3
14
34
54
34
58
34
54
14
5
8
54
011
Pierce
4,800
Corporation
25
12 Mar 25
1612 1612 •16
17
*15
*16
17
17
1512 1912
Preferred
300
100 1312 Mar 24 1841 M
jaanr 29
4
3,4 3,2
3,4 3%
312 3%
312 338
312 358
16,700 Pierce Petrol'm tern ctteNo par
212 Mar 22
*3614 38
*3614 38
3612 37,4 3712 3712 37
37
800 Pittsburgh Coal of Pa
100 32% Mar 22 427;1 j
A
a
p
n
r
15
3
7814 *7518 78
78
*7518 78
*7518 78
*7518 78
Preferred
500
*9512 9612 9512 96
100 70% Mar 10 7912 Apr 5
*9512 9612 49512 9612 *95
98
300 Pittsburgh Steel pref
9414 95% 94
9478 9434 05
100 9512 Apr 11 101 Jan 18
94
951
94% 957
5,900 Postum Co, Inc
No par 92,
6334 65
8Slar 1
10234 Jan 14
64
6458 6312 641
63% 65
63
641
5.80( Pressed Steel Car new
100 3612 Feb
*8612 85
*87
00 'Ml,
70 Mar 28
.8612 88
87
87
*8612 871
Preferred
100
100 76% Feb
2334 2334 2312 23% 2312 2314 23% 2538 24
89% Mar 25
24
0,300 Producers & Refiners Corp_50 1634 Jan
4014 40% *40
40% *40% 40% 4078 431
32 Feb 10
4014 40,
Preferred
67(
3718 3712 3712 3912 3834 39% 3812 39
ao 3678 Jan
50 Feb 9
3814 387
53 700 PubServCorp of NJ new No par 32 Jan
*100 100% *100 10014 •100 10058 16058 10058 •100 100%
3912 Apr 11
6% preferred
10
*11112 11418 *112 11312 11212 11212 11212 1211 11212 11212
100 98% Feb 1
lot Mar 11
7% preferred
1,300
•12612 12714 *12612 12714 12714 128 •12612 128 *127 128
100 10812 Jan
11558 Mar 23
300 8% preferred
•10412 105
104% 10518 105% 10512 *10514 10512 10512 106
100 125 Jan 10 128 Apr 12
600 Pub•Serv Elea & Gas pfd 100 102 Jan 4 106 Apr 14
*11618
•11618
.116% -- *116%
*11438
_
Service
Pub
Elea Pr pref_100 113% Jan 18 11618 Mar 31
177 178
176 17712 17214 175
173 174
173 17434
9,700 Pullman Company
38
38
3812 3812 3634 3938 3834 3878 39
100 17214 Apr 12 18912 Jan 3
4012
10,300 Punta Alegre Sugar
2814 2812 27% 2814
ao 3418 Mar 22 4678 Jan 3
28 2812 2734 28% 27% 2778
13,300 Pure 011 (The)
*112 113 *112 113 •11212 113 •I12 113 *11212 113
25 2714 Jan 3 33% Mar 4
8% preferred
*5112 5134 51% 52
100 11138 Jan II 113 Feb 24
*5112 52
*5112 52
5112 51%
600
Purity
Bakeries
5918 5934 5918 5978 5912 5912 5912 5912 *59
class A._ _25 4234 Mar 31
54 Feb 21
5912
1,000
Class B
104 104 *103,2 -- •10312 -- •10312
No par
4184 Jan 3 6138 Mar 18
*10312 ___
300
Preferred
4314 4434 4314 44% 4218 43
100 10114 Jan 8 105 Mar 10
4118 42
4114 43%
40,600
Radio Corp of Amer.__No par 41% Apr 13 5634 Mar 1
5012 51
*5078 51
4912 50% 4958 50
49% 49%
1,400
Preferred
*42% 43,s 43% 43% 441s 4418 *4412 45
50 4912 Apr 12 53 Feb 28
*4412 45
40 Rand Mines, Ltd
No pa
40 Jan 5 4514 Mar 7
15
*15
15
15% *15
1514 15
15 1'15
1514
600
Ray
Consolidated
4512 4534 4618 463 *45
Copper__10 1412 Feb 7 152 Mar 1
45% 4612
4534 4512 46
3,800 Real Silk Hosiery
*97
98
*97
98
10
3412
*97
Jan25 48% Feb23
98
98
*97
*97
98
Preferred
4112 4112 *42
4212 *41
100 91 Jan 29 99 Mar 2
4213 *40% 42% *4112 4212
100 Reid Ice Cream
*618 678 *5,4 634
No par 3812 Jan 24 4312 Mar 15
6% 6'13 .618 5%
612 612
300 Reis (Robt) & Co
17312 176
*175 178
No par
173 173 •I60 173 *170 186
6 Mar 19
9 Jan 10
400 Remington TYPewrIter____100 11212 Jan 12 18512 Apr 5
*114 115 •11314 11434 *11314 1 145s .11312 1143* 11314 11412
130
7% 110 preferred
*115 115% •11413 115 *11412 113 *11412 115 •11412 115
100 110 Fel) 18 117/2 Feb 10
8%
2d
1018
preferred
10%
10
1014
1012 1034 1012 1012 1012 10%
100 111 Jan 6 119 Feb 10
3,700 Replogle Steel
72% 71
7058 7138 72
No pa
10 Apr 9 1312 Jan 10
72
1
7112 7214
7014 72
10,600 Republic Iron & Steel
104 104 *10334 10412 10412 10412 *10414 10412 10414 104%
100 5612 Jan 4 75%Slur 11
400
Preferred
4
4
4
4
4
100 96% Jan 3 104% Slur 11
418 *4
4% 412
414
2,800 Reynolds Spring
114 11412 114 11678 11712 120
43g Jan 13
No pa
4 Feb 21
118 11834
11834 120
45 900 Reynolds (It)) Tob Class 13
80% *78
.78
801* *78
9818 Feb 24 124 Jan 14
2
82
82
*78
*78
82
Rosala Insurance Co
4914 4914 49
4914 4912 495
Apr
74 Jan 13
2
49% 4912 *4914 49%
2,100 Royal Dutch Co(N Y shares)-48% Apr 4 M84:22
4012 4012 4013 4013 *4014 41
9
1
4014 4012 4014 4012
1,200 St Joseph Lead
*5934 60
598 597
5912 5312 6214 63% 6112 6334
10 40% Mar 22 43% Mar 4
13,900 Safety Cable
61
GI
61
*57
No par 52% Jan 3 6412 Mar 9
01
51
6014 6014 *60
62
800 Savage Arms Corporation 100 6014 Apr 13 7212 Mar 5
214 212
2,4 2%
212 212
214 238
238 212
2,400 Seneca Copper
58% 5834 5812 5312 58
NO par
3% Jan 10
1% Mar 30
5812 57% 5914 5914 5914
1,600 Shubert Theatre Corp_No par
475 483
4514 4778 48
48
5612 Jan 12 66 Mar 10
4514 49% 4814 49%
24,300 Schulte Retail Stores-No par 47 Jan 18
•117 111) *117 119 *117 119 *118 119 •118 119
Preferred
11% 1134 1134 1134 *11
r 7
4
le
ab
100 11614 Jan22 15°
19'2 NF
1212 1212
1134 11% 12
2,000 Seagrave Corp
No par
1158 Apr 13
1358 Jan 3
•Bid and asked prime no sales on this day
x Er-dividend. a Ex-rIghta
Ex-divldend one share of Standard 011 of Callfornta new
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
5 per share $ per share
30 May
4434 Feb
6938 Mar 8612 Nov
56 May 82 Jan
934 Nov 37% Feb
4 Nov
712 Feb
10% Dec 23'!June
3334 May 5338 Feb
19% Nov 33% Feb
8 Nov
19% Feb
34% Apr 38% July
52 ifoi•
5 Nov
74 'Jun
126
Jan
3712 Oct
18 Nov
5818 Nov
53 Apr
24
Oct.
8934 Oct
1212 Slay
3712 Aug
21% July
76 July
138 Apr
116
Jan
1634 Mar
5512 Jan
11612 Nov
1158 June
3612 Jan
2018 Nov
7014 Dec
32
Oct
69 May
2758 Ma
42 Ma
49
Jan
9118 Ma
418 Oct
1234 Dec
30 July
12
Oct
47
Jan
27% Ma
101
Jan
105 May
10234 Jan
8
Oct
63 Nov
53% Ma
44 Ma
9712 Apr
_
n1 Slay
3134 Ma
9 Nov
5618 Ma
5672 Ma
30
Oct
412 Jan
51
Jan
1858 Oct
5,8 Sept
3214 Nov
2338 Nov
1678 Jan
7 Aug
38 Dec
99 Nov
58 Oct
117
Jan
5918 Mar
45
Oct
3614 Apr
35% June
45 Dec
16
Apr
40 Mar
31 Mar
94 Mar
19 May
7612 Apr
12 Oct
11% Nov
214 Aug
29 June
70 June
94 Mar
7512 Mar
34% May
7712 Dec
11 Mar
3034 May
3114 Oct
0612 Apr
10312 Jan
115 Mar
97
Jan
106
Jan
14514 Mar
33 Apr
2514 Oct
106 Apr
Oct
47
4112 Nov
Or
99
32 Mar
4458 Mar
32% Apr
1012 Mar
gm Nov
93% Dec
3934 Dec
712 July
8312 Apr
106 Apr
105 Apr
Oct
8
44 May
911
/
4 Mar
4% Oct
90 Mar
Mg Dec
47% Oct
3558 May
4218 Mar
6714 Nov
212 Dec
52 Mar
4212 Mar
11212 Jan
12% Slat
7O7s- Dec
1278 Jan
102 Dec
13112 Apr
Jan
54
Jan
57
9212 Jan
Jan
80
4232 Jan
97
Jan
34
Jan
7318 Jan
4612 Jan
8934 Jan
181
Dec
120 May
3832 Jan
88 Dec
238
Jan
1614 Nov
4612 Sept
84% Jan
85
Apr
45% Feb
77 Doe
2912 Deo
67
Jan
5214 Aug
97 Dee
1518 Jan
1712 Jan
36% Oct
2214 Feb
63% Sept
3318 Nov
105 Apr
136 Dec
10912 Aug
1412 Jan
74 Sept
90% Dec
5514 Dee
10712 Dec
-8318 Feb
4514 July
2812 Jan
76% Jan
78% Jan
46
Jan
32 June
99% June
2818 Jan
812 Feb
Jan
83
3112 Nov
24 Des
19
Oct
41 Dec
10012 Nov
2% Jan
131 Dec
91 Dec
5114 July
4838 Feb
4612 Jan
5534 Jan
41 Dec
57% Dec
4614 Nov
103
Oct
4318 Jan
12714 Aug
1% Jan
2718 Jan
7 Jan
4212 Jan
85 Jan
10018 Dec
124% Feb
44 Nov
9534 Jan
2034 Oct
4134 Oct
33% Nov
Oct
101
110 Nov
12434 Nov
10412 Sept
114 Aug
19912 Sept
4914 Dec
Jan
31
11234 June
49% Nov
44 Dec
103 Dec
61% Nov
53% Dee
4134 Oct
1834 Nov
5014 Oct
100 Nov
56 Jan
18% Feb
127 Feb
118
Oct
11514 Aug
15% Jan
63% Jan
99 Sept
10% Jan
12171 Nov
100
Jan
5732 Jan
4818 Feb
5512 Nov
10212 Feb
1014 Jan
70% July
1381: Jan
120 Sept
1434 Mar
2254
New York Stock Record-Continued-Page
For sales during the week of stocks usually inactive,see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Apra 9.
Monday, 1 Tuesday, 1 Wednesday. Thursday.
April 11.
April 12.
April 53.
April 14.
Friday,
Apra 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Plea SMASH
Range Mee Jan. 1 1927
On basis of 100-share lots
PER SHARE
Range for Prick's,
Year 1926
Lowest
Highest
Lowest
Highest
$ Per share 3 Per Share $ per share $ per share 3 per share $ per share Shares Indus.& &Dwell.(Con.) Par
per
Mare $ per share $ per share $ per Shari
$
55
5514 5538 557
55
553
5434 55
544 55
21,200 Sears.Roebuck & Co newNopar 51 Jan 17 5058 Feb 25
4414 Mar 583a Sept
6158 6158 6112 6112 *61
6112 6058 6112 61
62
1.000 Shatuck (F (3)
No par 5638 Jan 17 6618 Feb 23
47 Mar 6958 Jan
.*4358 44
4418 4418 4412 4412 .4438 45
500 Shell Transport & Trading.52 44 Apr 8 478 Feb 10
*4414 4412
4012 July 48% Jan
28
2814 2734 28
2778 2818 2758 2778 2738 28
14,300 Shell Union Oil
No par 273 Apr 14 3134 Feb 7
24 Mar 31 Nov
noo 10914 *109 10914 *109 10914 109 10912 10978 110
600 Preferred
100 10712 Jan 27 110 Apr 14 103 Mar 114 July
1818 1818 18
1818 18
1814 177 18
175* 18
8,700 Simms Petroleum
10 1752 Apr 14 2234 Feb 16
1515 Aug 2858 Jan
3734 38
38
38
3734 38
3758 38
1,200 Simmons Co
38
38
•
No Par 3312 Jan 6 40 Feb 25
2838 Oct 5412 Jan
10914 10914 *10912 110 *10934 110
10934 110 :108 108
130 Preferred
100 10714 Jan 4 110 Feb 10 10511 Nov 10918 Jul/
1714 1738 1714 1734 1712 1818 1778 1838 1778 1818
31.100 SInclaIr Cons 011 Coro-No pm
17 Apr 2 223* Jan 20
16% Oct 2472 Feb
*99 10012 100 100
100 10018 102 102 *100 102
400 Preferred
100 97 Jan 6 10314 Jan 31
90 Mar 9912 Jane
2952 3034 2958 2978 2914 2934 29
29/
1
4 2818 29
15,300 Skelly 011 Co
25 28 Mar 31 3738 Feb 21
2652 Mar 3718 June
131 132
13012 13214 12934 13014 131 131
1,900 Slose-SheMeld Steel & Iron 100 12314 Jan 20 13414 Apr 6 103 Apr 14212 Aug
131 13312
161 162
16112 16212 161 16434 16234 16312 165 173
9,800 South Porto Rico Sugar_100 154 Jan 25 17634 Feb 23
92 Apr 16912 Dee
*125 126
125 126 *126 12634 12634 12634 *126 12734
40 Preferred
100 1181:Mar 4 12634 Apr 13 110
Oct 121 Dee
3314 338 324 33
3212 334 3234 33
33
33
8,800 Southern Calif Edison
25
315
8
Jan
3
3412
30 Dec 33 July
Feb
23
2118 2178 2112 2112 2158 2312 2234 23% 23
2353
6,400 Southern Dairies el A_No par 2118 Apr 9 45% Jan 13
41
Oct 5512 July
918 938
9
9311
878 954
918 1014 10
14,300
1014
Class B
No par
712 Mar 22 20 Jan 7
1712 Oct 3534 Mar
*1018 12
3101, 12
*1018 12
*1018 12
*1018 12
Spear dr Co
No par 1038 Feb 4 13 Jan 20
10 Dec 1734 Feb
no 7913 no 7912 *77
7912 *77
7912 *77
7912
Preferred
100 73 Feb 24 80 Feb 14
72 Apr 8212 Jan
26
2634 26
26
2514 2512 2578 2578 2538 2512
2,300 SPicer Mfg Co
No par 2012 Jan 27 2712 Mar 29
1854 Apr 8138 Feb
*108 109
108 109 *108 109 *108 109 *108 109
Preferred
100 104 Feb 21 110 Mar 19 101
Jan 10714 Dee
5514 5512 5518 954 5512 557g 5514 5534 5538 57
17,300 Standard Gas & El Co-No par 54 Jan 25 58 Mar 11
51 Mar 69 Feb
5934 5954 5914 5934 5914 5934 5912 5912 *5912 5934
1,200 Preferred
50 5712 Jan 3 60 Feb 16
5753 Feb
53
3
4
Mar
*7412 75
74
7418 •37312 74
7314 7314 *734 7312
400 Standard Milling
100 7014 Jan 4 7814 Feb 28
6718 Oct 9212 Feb
*88
8812 8812 89
9018 9018 *9018 9034 9018 9018
70 Preferred
100 84 Jan 5 91 Mar 15
80 Mar 90 Feb
5514 558 5512 555
55% 5553 5518 5514 55
8,500 Standard 011 of Cal new.No par 5414 Apr 1 6034 Jan 19
5553
5252 May 6353 Sept
3634 37
3658 3678 3612 3678 3612 3678 3614 304
26,100 Standard 011 of New Jersey_25 36 Apr 4 4138 Feb 5
3753 Dec 4638 Jan
Pref non-voting
100 11458 Feb 25 11614 Fob 11 115 Nov 1191,May
31's 11-38 31T8 -3.1-1-2 iii's iiii -51Ts iii
s -56g8 -3-1-1-4
17,500 Standard Oil of New York...25 3014 Mar 31 3418 Jan 18
3212 Dec 3314 Dec
212 212
258 258
313
3
238 3
3
314
4,100 Stand Plate Glass Co__No par
2 Mar 29
312 Nov 1078 Feb
414 Jan 3
9958 9953 9958 9934 99
9934 *99
9912 9812 9834
800 Sterling Products
No par 9012 fan 4 10314 Mar 12
75 Mar 9614 Nov
57
5753 57
5778 5714 5778 573s 5834 5814 6134
Stewart-Warn Sp Corp_No par 5114 Mar 15 678 Jan 5
23,200
61
Nov 927 Jan
337 3418 '33
35
3312 3312 3412 35
35
3638
1,400 Strombenx Carbliretor_No par 33 Mar 10 5412 Mar 1
473 Dec 7714 Jan
568s 504 5538 57
5514 5614 5434 553s 547 558
53,600 Studeb'rCorp(The) new No par 494 Mar 18 57 Apr 8
May 62 Sept
47
8119 122
11814 119 *119 12112 15119 12112 *11858 12112
300 Preferred
100 118 Feb 10 122 Feb 23 11412 Feb 12212 June
31
453
4
434
4
412
312 Ca
338 4
97,800 Submarine Boat
112 July
No par
334 Feb
212 Feb 28
434 Apr 11
3338 3334 3312 3338 3312 3312 3314 333*
33
33
2,100 Sun 011
3018 Mar 4158 Jan
No par 30 Mar 21 3478 Jan 17
44 412
412 47
4% 553
434 553
27,400 Superior 011
453 48
514 Dec
1 July
334 Mar 30
No par
612 Feb 18
*22
24
2212 2212 2258 2258 24
2518 2458 2453
2,500 Superior Steel
100 1953 Jan 25 2514 Jan 21
1912 Apr 347 Sept
01012 1112 *1012 12
10% 1053 *978 10
97 Apr 14 1353 Feb 3
9% 98
500 Sweets Co of America
Apr 17% Sept
60
8%
*353 412
*414 5
*4% 5
312 4
*312 4
500 Symington temp otfs_No par
1412 Jan
312 Apr 12
4 Nov
6 Jan 14
*834 9
137$ 9
834 834
834 834 .'878 9
500 Class A temp otfs_ -No par
1052 Oct 203* Feb
1338 Jan 14
812 Mar 1
14'8 1414 1414 1414 1358 1418 *1312 14 :1314 1314
700 Telautograph Corp__ _No par
11
1112 Mar 9 1412 Apr 8
Apr 14% Jan
11
1118 11
1118 1118 11111 1118 1114 1118 1114
3,500 Tenn Copp & C
No par
1038 Dec 16 Feb
1058 Jan 4 1314 Jan 13
*51
53
51
51
*51
35
1551
53
*51
53
100 Texan Company (The)
25 51 Apr 11 68 Jan 17
48 Mar 58 Aug
4712 478 478 4712 4718 4712 47
4713 4678 474
21,900 Texas Corporation
25 4678 Apr 14 58 Jan 17
5312 Nov 5772 Dec
6458 6514 6253 6412 6153 6278 618 6238 6134 6212
148,900 Texas Gulf Sulphur new No par 49 Jan 3 654 Apr 9
•
Oct 625g Nov
39
1352 1334 137 14
1334 14
1358 1378 1312 1334
7,000 Texas Pacific, Coal & 011.- 10 13 Mar 15 1658 Jan 12
12 Oct 19% Jan
1818 1838 1818 1812 175* 1812 1712 1712 171s 1812
7,900 Texas Pac Land Trust new_ _1
1512 Jan 25 2134 Mar 1
..30
3034 3114 3112 3012 3012 3053 31
311* 3112
1,900 The Fair
No par 2414 Jan 11 3112 Apr 8 -16 -Dec .14 Jan
ft15
.4834 49
'484
4854 4834 *4858 4834 4853 4834 4834 4834
400 Thompson (J R) Co
25 47 Jan 26 50 Feb 24
4214 May 5012 Sept
*24
25
*23
24
*23
25
*23
25
Tide Water 011
*23
25
100 24 pAr 4 2918 Jan 13
27 Nov 3914 Jan
8734 88
8818 8812 .88
8812 *88
8812 *88
500 Preferred
_
100 871* Feb 2 8912 Jan 19
8812
874 Nov 103 Jan
87
87% 87
8812 87
49,600 Timken Roller Bearing_No par 78 Jan 3 9534 Feb16
878 8712 9034 8853 9034
4478 Mar 8538 Nov
9618 9758 9312 9734 9714 9814 945* 9738 9513 9678
75.600 Tobacco Products Corp-100 9312 Apr 11 11038 Jan 5
Stack
9514 Apr 11658 Sept
11078 11112 11034 112
110 11078 110 11014 10914 11014
2,400 Class A
100 10914 Apr 14 11612 Jan 18 103 Mar 1185* Sept
4
418
4
44
4
4%
4
418
4
418 Exchange 17,200 Transtrel Oil temotf newNopar
3 Mar
5 Feb 14
338 Apr 6
512 July
*1278 1278 '1255 1234 1253 1234 1258 1234 1234 1234
1,300 Transue & Williams St'l No par 1238 Apr 12 1514 Jan 6
15 Aug 27 Jan
5118 517
515* 5214 52
5378 5312 5414 53
19,300 Underwood Typewriter ____25 45 Jan 29 57% Apr 14
5712 Closed;
4314 Nov 6384 Jan
*47
4712 47
4812 49
54
5212 5478 4812 53
31,500 Union Bag & Paper Corp_100 3812 Jan 25 547 Apr 13
35 May 7114 Jan
11912 1217 119 12134 1194 12038 11812 11912 119 12034
27,300 Union Carbide & Carb_No par 998 Jan 26 12212 Apr 6
Good
7712 Mar 1003 Dee
42
4234 417 433k 4214 4234 42
18.700 Union 011 California
4234 41
25 4058 Apr 1 5612 Jan 6
37% Jan 58% Sept
4134
102 10312 103 103% 104 104
10414 11234 10914 111
6,000 Union Tank Car new
Friday
100 94 Jan 3 11234 Apr 13
93 Dec 9514 Del
8614 8712 85
87
8552 8618 84
14,300 United Cigar Stores
87
85
25 82 Apr 4 100 Jan 6
85%
8312 Feb 10934 AIX
137 137 *13712 160 *13712 __ __ *137 ___ 13734 13912 Holiday
80 Preferred
100 125 Jan 5 13912 Apr 14 11472 Mar 125 June
170 17278 1715* 1735 170 172
16934 170
10,100 United Drug
171 17312
100 159 Jan 25 1735
,
,Apr 11 184 Mar 174 Dec
85912 60
60
60
*60
6011 60
500 151 Preferred
60
*5878 5934
50 5812 Jan 6 60 Jan 12
5512 Mar 59 July
12312 124
124 124
12312 12434 12434 12734 126 12734
3,800 United Fruit
No par 11311 Jan 26 128 Apr 4
98
Ayr 126 Nov
1518
24
*18
24
*18
24
United Paperboard
*18
100 1612Mar 2 19 Apr 7
20
*18
20
17 Dec 3812May
*10212 104 *10212 104
10258 10258 •102% 10312 10212 103
100 Universal Pictures let pfd_100 99 Jan 14 103 Apr 8
90 Mar 98% Dee
341 35
34
3454 3314 34% 317 34
48,900 Universal Pipe & Rad_ _ No par 2712 Jan 25 3714 Mar 29
3212 3414
1353 Mar 3412 Dee
*86
88
*86
88 '*86
88
*85
_100 8134 Jan 27 90 Jan 11
1,200 Preferred
88 :88
89
52 Mar 9013 Deo
217 21852 21612 21712 217 21712 219 223
217 219
6,500 U S Cast Iron Pipe dr Fdy_100 202 Jan 25 22812 Jan 3 160 May 24812 Aug
811318 114 *113 115 *113 114 *11314 114
100 112 Mar 14 115 Jan 6 10014 Mar 118 Dec
100 Preferred
11314 11314
5414 547
5334 5414 5314 5414 5314 54
8,500 U S Distrib Corp tam ctf No par 51 14 Feb 14 6078 Jan 12
39 Mar 6112 Feb
5414 548
5712 58
5712 5978 58
11,200 U S Hoff Mach Corp vtoNo par 5152 Feb 1 598 Apr 11
5812 5758 585
, 58
457 Jan 595 Feb
5853
7612 78
76
7732 735* 7512 7314 747 :7312 7438
100 69 Mar 30 89 Feb 28
20,600 US Industrial Alcohol
4558 Mar 8412 Dec
15107 108
10712 107% 108 108 *10714 10912 *10714 10912
100 10714 Apr 4 11012 Mar 15
200 Preferred
9914 Apr 11478 Nov
5414 5453 54% 544 5418 5412 5418 5534 5512 5712
8,400 US Realty & Impt new.No par 54 Apr 6 6858 Feb 7
4818 Mar 717 Jan
6338 641s 6238 6438 62
33,500 United States Rubber
6278 6188 6218 6138 633*
100 9634 Jan 25 671s Feb 28
5014 May 8814 Jan
1115* 11138 11114 11114 11034 11118 110 11058 10912 11014
2,600 1s1 Preferred
100 10718 Jan 27 11138 Apr 8 10112 Mar 109 Jan
3658 3653 *37
38
3718 3712 3714 3814 *3558 38
1,000 US Smelting, Ref & Min_ _50 3338 Jan 13 42 Mar 24
30
Oct 4978 Jan
*4738 48
*473 48
473* 4812 475 484 *4712 4814
600 Preferred
50 45% Jan 18 49 Mar 4
42
Oct 50 Jan
,1724 170 17134 170 17158 1707* 17214
17012 17134 1718
103,600 United States Steel Corp__100 15312 Jan 28 17234 Apr 11 117
Apr 16012 Des
12312 12414 12412 1247* 123 12458 123 12418 1235, 12434
New w 1
176,100
1118* Jan 29 12478 Apr 11 11378 Dec 117 Dec
132 132
132 132% 132% 13234 13212 13258 13212 13234
4,500 Preferred
100 129 Jan 28 133 Apr 4 12412 Mar 13034 'Dec
79
*73
*73
79
*72
80
U S Tobacco
73
80
*72
80
No par 67 Jan 4 8212Mar 21
5612 Jan 67 Dec
*124 128 *124 128 *124 128
124 128
Preferred
125 128
100 123 Jan 14 125 Feb 16 112 Mar 123 Dee
*112 1151 15112 1155* *112 11518 *11218 11518 112115%
Utah Copper
10 111 Feb 11 11311 Jan 4
93 Apr 116 Nov
29
2814 2938 2734 28% 28
*28
3,000 Utilities Pow & Lt A___No par 27 Jan 8 307 Feb 28
2818
2812
2758 Dec 37 Feb
497 5014 49
5078 51
50
49
4,300 Vanadium Corp
4912 487 4934
No par 37 Jan 20 5212 Mar 30
29 Mar 43 Aug
54
563* 55
5653 5512 573
5612 573* x5514 5718
15,400 Vick Chemical
No par 48 Jan 3 58 Feb 11
4314 July 52 Aug
778 818
818 858
834 938
Virg-Caro
9
3,100
Chem
9
No par
734 Mar 1
*834 9
108 Feb 14
9 Oct 25% Feb
2838 283* 29
29
30
30
3014 3014 30% 3012
700 6% preferred
100 2;18 Apr 4 3634 Feb 14
3138 Oct 69 Jan
4•76
80
7658 7658 *7712 79
78
78
600 7% preferred
79
793*
100 74 Mar 18 8734 Feb 11
83
Oct 9818 Jan
*40
50
*40
50
*40
50
*40
50
Virginia Iron Coal & Coke_ 100 43 Feb 9 51 Jan 4
*40
50
40 May 601, Not
34
337 337
3414 34
347
3414 347
13,900 Vlvaudou(V)
3414 3412
No par 3212 Jan 24 3534 Jan 31
26 Mar 3612 Dee
5105 107 *10412 107 *10512 107
10634 10634 10553 10538
200 Preferred
100 104 Mar 30 108 Feb 3
9434 Jan 11012 Dec
2212 *2212 227 *2212 2278 2212 2212
22
22
22
1,500 Waldorf System
No par 2134 Mar 23 25 Feb 7
17
Jan 23 Dee
22
2278 22
22
2112 2178 2112 2234 2214 2234
3,900 Walworth Co ctfe
No par
IA Jan 14 2412 Apr 1
1214 June 2314 Jan
P.__ _ 90
90
90
90
90
8918 90
900 Ward Baking Class A..-No par 89% Apr 13 105'2 Mar 17
__ 90
99
June
195 Jan
2118 225* 22
22
2114 22
2112 22
10,700 Class B
21
22
No par
197 Apr i 33% Feb 18
2114 Oct 855* Feb
88
85% 88
84
*86
89
8778 88
1,800 Preferred (100)
*86
8612
8813 Oct 1101, Jan
No var 84 Apr 9 9534 Feb 3
2812 29
2814 29
2812 29
5
2958 3453 35
58,600 Warner Bros Pictures A----10 2352 Mar 21 4512 Jan 6
3712
12 June 6914 Sept
81
81
81% 817s *81
82
*80
82
200 Warren Bros
*8014 81
No par 65 Jan 14 9014 Feb 18
4378 Apr 69 De*
85812 61
*5812 61
*5912 60
*5912 61
60
100 Weber & Hellbr, new e_No par 5612 Jan 5 62 Mar 14
60
63 Apr 8512 Jan
157
15512 159
15512 1553 154 15512 154 154
157
1,600 Western Union Telegrapb_100 14412 Jan 8 1604 Apr 6 13412 Mar 15778 Sept
15112 15314 151 1511 1514 152
15112 153
3,800 Westinghouse Air Brake---50 13312 Jan 4 15734 Mar 12 10514 Mar 146 Deo
152 154
7412 75% 745* 7553 7412 754 7414 7538 7434 761s
22,700 Westinghouse Elea & Mtv...50 6731 Jan 4 7818 Mar 28
65 May 794 Feb
16% 1634 *1614 1634 165, 1612
1632- 16% *1614 17
1,400 Weston Elec Instrum't_No par
15 Jan 8 185* Feb 15
1334 May 1911 July
*3338 3312 3312 3312 *3338 337
3338 3338 337 337
400 Class A
_No par 3014 Jan 6 345 Jan 28
2714 Jan 3212 Oct
10214 10214 10214 103
102 10212 102 102
102% 10212
110 West Penn Eleo Cl A vtf No par 9778 Jan 4 103 Feb 8
8813 Jan 98% Oct
10614 10612 10634 10712 10634 10634 10014 1067g 107 10714
220 Preferred _ _... _ _ .___100 102 Jan 4 107% Jan 31
9512 May 10212 Des
115 11512 115 115
1115 11512 115 115
115 115
140 West Penn Power-pref.... _100 111 Jan 15 115 2 Apr 6 108 Mar 115 Sept
2414
24
2414
2414
2414
2418
2418
2418 24
24
1,100 white Eagle 011 arRerg_Pio par 24 Apr 5 2712 Feb 15
2518 Apr 29% Feb
505* 51
4912 5012 4914 5012 50
4912 51
14,300 white Motor
5034
50 4538 Mar 31 5818 Feb 28
5118 Apr 90 Feb
3212 32
3414 3012 3312 32
32
34
3114 3134
5,300 White Rock Min Sp at!_Na par
26 Jan 26 3612 Apr 2
22 Oct 3838 Feb
4912 4934 497 50
4912 493* 4914 4934 4918 50
2,500 White Sewing Mach pf_ No par 46 Feb 18 59 Jan 17
4612
Oct 644 Oct
14
58
52
34
34
34
54
P38
900 Wickwire Spencer etf__No par
58
58
112 Feb 14
4 Jan 26
38* Jan
58 Dec
2214 2174 2234 217* 2214 2134 22
22
2114 2134
33,600 Wlily8-0.arland (The)
1912 Jan 24 2434 Mar 3
34 Jan
6
18
May
*90
90
9014 90
9112 90
9014 *89
91
*90
300 Preferred
100 88 Mar 26 95 Jan 11
Feb
99
8812
Oct
12
1134 1134 1138 1134 1134 1134 12
1118 1178
2,600 Wilson & Co, Ino, new.No par
1118 Mar 29 1758 Feb 21
6 May 144 Del
19
1978 20
20
20
1934 2014
1912 1912 19
1,800 Claw A
1818 Apr 8 3278 Feb 23
14 May 3058 Dee
par
No
59% 60
62
6312 6312 63
60
63
6318 64
2,200 Preferred
42 May 8138 Dec
•100 58 Apr 7 843* Feb 23
13258 13334 13378 13514 13234 134% 13214 1337s 133 134
22,800 Woolworth (F W) Co
25 1173* Jan 11 13514 Apr 11 120% Dec 128 Dee
2912 30
30
29% 2915 29% 3012
3034 3034 30
2,600 Worthington P & m
100 2012 Jan 27 3134 Apr 1
19 Nov 4484 Jan
53
1550
*50
53
*50
53
*50
53
100 Preferred A
53
5212
100 46 Jan 22 5412; Mar 1
44 Nov 80 Feb
4312 4312 4312 4334 *4212 4312 *4212 431 *4212 434
600 Preferred B
100 40 Feb 2 45 Feb 28
3714 Nov 65 Feb
29
29
2918 29
29
3078
28% 284 2812 29
3.100 Wright Aeronautical-No par 2412 Apr 5 3514 Jan 6
24% Mar 393* J1111
4.5178 52% 5214 5214 5214 52% 5214 521
5178 52
800 Wrigley(Wm Jr)
No par 504 Jan 4 5214 Jan 21
47 Apr 5934 Feb
75
7434 747
75
7434 74% 7412 747
75
800 Yale & Towne
*74
25 7014 Jan 8 76 Mar 9
6012 Mar 7212 AIM
2658 2712
50,400 Yellow Truck dr Coach.__.100 25 Jan 14 297 Jan 5
274 2818 2612 2834 2634 2714 263 271
20 May 395 Sent
9334 92
90
92
*92% 93
8912 917
92
1,600 Preferred
100 8912 Apr 11 99 Jan 3
92
9112 Apr 10712 Bent
9412 9312 9412 94
94
95
95
4,400 Youngstown Sheet & T.Na par gals Jan 29 9714 Mar 24
9412 94
94
69 May 9514 Alla
'Bid and asked prIjes u 4.41tt5 011 tills day. b Ex-dividend and ex-rights. a Ex-dividend.
a
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 tie Skein:age method of gaoling bonds was changed and prices are now
BONDS
H.Y.STOCK EXCHANGE
Week Ended Apr1115.
Price
Thursday,
April 14.
Week's
Range or
Last Sale
24
c?,Q
U. S. G eeeeemint.
Bid
sit Low
Nigh No.
first Liberty LoanJ D 1003022 Sale 100,833101
425
334% of 1932-1947
J D 1011522 - 10142 Apr'27
Cony 4% of 1932-47
J D 10342 Sale 103528 103142 56
Cony
% of 1932-47
J D 102148
3d cony 434% of 1932-47
103 Apr'27
Second Liberty LoanM N 100
As of 1927-1942
Sale 100
1
100
MN 100148 Sale 100,
Cony 434% of 1927-1942
.113100,333 1013
Third Liberty LoanMS
1005522 Sale 100,333101,33 394
43(% of 1928
fourth Liberty LoanA 0 103548 Sale 1032522104
434% of 1933-1938
578
1947-1952 A 0 113522 Sale 113522 113142 223
Treasury 4445
1944-1954 J
Treasury 43
108522 Sale 108528 108148 431
1940-1958M S 1051142 Sale 1051528105542 75
Treasury 34/
State and City Securities,
Y City-4 s Corp stock-1960 MI 13 10078 Sale 10078 1008
7
1964 M
434a Corporate stock
10478 10534 105 Apr'27
440 Corporate stock
1966 A 0 1047 105% 102% Mar'27
44/a Corporate stock
10558.106 10258 Feb'27
He Corporate stock
1971
4
g 109
10712 Mar'27
434e Corporate stoek_July1967
10
09812 Sale 10912 10912
1
434s Corporate stock
1965.3
10658 Jan'27
4 4:s Corporate stock
1963 111. 1,
1 10818
107 Mar'27
4% Corporate stock
1959 171 N 1005 10034 10012 1004
5
4% Corporate stock
1958 M N 1004 101 10014 Mar'27
4% Corporate stock
1957 M N
995 Jan'27
- 4% Corporate stock
1956 M N 9978 ____ 9812 Nov'26
4% Corporate stock
1955 M N 997
9878 Oct'26
4% Corporate stock
9912
99 Mar'26
444% Corporate stock...Ng; MN 108 109 10611 Mar'27
434% Corporate stock _ _ _1957 MN 108 109 10714 Apr'27
344% Corporate stk_May 1964 MN
91 Mar'27
344% Corporate stk-Nov 1954 MN
9114 Mar'27
340 Corporate stock
1955 M N
89 Apr'26
11-w York State Canal Im 48.1961
10212 00'26
1960
48 Canal
1025, Mar'27
440 Canal impt
1964 j102 Apr'26
S
Highway Improv't 444s-1963 M
111 Dee'26
eirainia 2-3e
1991 3 J
7611 Feb'26
Iersien Gov't and Municipal's
Antioquia (Dept) Col 78 A._1945.3
9614 Sale 96
96% 62
1945 J J 9613 Sale 96
Externals f 7e ser B
96% 63
Argentine Goat Pub Wks 6s.1960 A 0 997 Sale 9912 100
60
Argentine Nation (Gott of)Sink rind fts of June 1926_1969 J D 100 Sale 9938 100
77
7
0
99 Sale 9934 100
Eat! s 6s of Oct 19215_ ISM%) A
63
Sink fond as series A__ _1957 51 a 10012 Sale 100
10034 37
External 68 series B. Dec 1958.3
9934 Sale 9934 1003
70
1960 M N
Esti s f de of May 1928
993 Sale 9913 100
75
Esti (le Sanitary Works...199i F A
995 Sale 9958 100
229
srgentine Treasury 58 2_1945 M
8934 9014 90
90
1
Australia 30-yr 5s_ __July 15 1955.3 J 98 Sale 9738
160
98
austrian (Govt) s1 78
10334 Sale 1034
104
23
D
A 991 Sale 99%
Bavaria (Free State)64_194
3
0 1945
9934 45
Belgium 25-yr ext at 740 g1945' D 112 Sale 11158 11238 48
20-year f Se
10858 Sale 10814
9
1084
25-year ex
external 640
10013 Sale 10014
ir41
49 ir
d
10034 40
External a I as
9658 Sale 9638
_1955 J
9634 169
External 30-year s f 78_1955 J 1.1 10453 Bale 10414
10478 123
Stabilization loan 7s
1956 51 h 103 Sale 10234
10318 140
1945 MN 114 Sale 114
ergen (Norway) 8 ISa
114
1
25-year sinking fund
: Apr'27 -J949 A 0 10012 101 1001
Perlin (Germany)640
1950 A 0 9978 Sale 9912 100
59
Bogota (City) ext'l 51 81..J945 A 0 104 10414 104
6
1044
Bolivia (Republic of) 86-- 1947 M N 10418 Bale 104
105
40
Ertl see 7s tern
1958 I J 9712 Sale 97
9712 157
Bonleaux (Cite of) 16-yr 68.1934 M N 974 Sale 963
9712 50
sra,li &U Sot)external de_ _ _1941 J D 10614 Sale 106
10612 34
Etter:- al s f 640 of 1928_ _1967 A 0 927 Bale 918
93
374
Te (Central Railway)
1952 .1 D 9614 Sale 9534
9658 90
740(roffee eecur) (flat).1962 A 0 1034 Bale 10314
6
10314
Bremea (State of) esti Te_.1935 M S 10312 Sale 10313 10414 30
Buenos Aires(City) esti 1134.1955.
3 J 101% Sale 10112 10214 22
Bulgaria (Kingdom) a f 76..1967 J J 9258 Sale 918
9258 115
i'alelaa Dept of(Colombia)7Hs'46 J
974 Sale 97
9714 12
Canada(Dominion of) 15e__.1931 A 0 10112 Sale 10112 10134 20
10-year 6445
10218 48
1929 F A 102 Sale 102
63
1952 hl N 105 10518 105
10514 44
&He
1936 F A 9913 Sale 9914
9958 22
Carlsbad (City) s
1954 J J 10414 106 106
10614 12
Chile(Republic) exel f 8e-1941 F A 107 Sale 107
10758 63
20-year external a f 76._ _ _1942 M N 9958 Sale 998g
10014 57
25-year external f 8s. _1946 M N 107 107's 10712 10711
2
External sinking fund 66_1960 A 0 9214 Sale 92
9214 184
1961
F A
External m f 68
92% Sale 92
9214 137
Chile Mtge Bk 634.June 30 1967.3
9518 27
944 Sale 944
f 640 of 1928_ _June 30 1981 J
9634 Sale 9612
9678 60
Chinese(Hukuang Ry)be. _1951
D 2438 284 2458
25
4
Christiania (Oslo) 30-yr at 661964 M S
10214
10214
4
Cologne (City) Germany6540950 M
9912 Sale 994 loo
46
Colombia (Republic)834....1927 A 0 10058 Sale 10012 101
14
Copenhagen 25-year e f 5H s..1944
10018 10014 10018
10034 15
Cordoba (Prov) Argentina 7e1942
98% 18
.1 98 Sale 98
Cuba be of 1904...........1944 M k 10314 101 101
101
1
External 58 of 1914 .ner A.1949 F A 10112 ____ 10112 Apr'27
External loan 4He ser C..1949 F A 9412 Sale 9414
9404 10
Sinking hind 540.
103 1034 103
1953 .1
10318
4
Cundinamarea (Dept-Cot) 76 '46 J D 94% Sale 94
9438 33
Osecheeloyakta (Rep of) as. 195i A 0 10813 Sale 1085s 10878 111
Sinking gond de ser It ....1952 A 0 10812 Sale 10838 1087
18
External f 7He series A .. 1045 A 0 10558 Sale 10512 10534 36
Genie: Cone Municip Se A...1946 F a 11014 Sale 11014
111
51
Series B f ge
1946 F A 11018 Sale 1104 111
9
Der:mark 20-year 6s
105 Sale 10434 105
19423
27
Dominican Rep Cuet Ad 541
9912 15
'
42 M 8 9914 99% 9912
lot sec 644e of 1926
0
9913
Sale 99
1940 A
9912 56
Dresden (City) external 76_1945 M h 99 Sale 10218
24
1023
Dutch East Indies. 00168
1947 .3 J 10234 Sale 10212 1023
, 19
40-year 6s external.
_1982 M 14 10212 Sale 10212 10253 22
80-year external 04s
1953 M S 10158 1018 10112 1017
11
30-year external 1540
1953 MN 10158 10112 10158 10158
2
111 Salvador (Repub) Si _ _1948J
10834 Sale 10858 1083
12
Vinland (Republic) exit 68..1945 51 S 9612 Sale 964
97
42
External sink fund 7e._ _1950 M s 10014 Sale 100
10012 24
External I: f 644s
9858 73
1956 MS 984 Sale 98
Moist: Mun Loan 0345 A1954 A 0 99 Sale 98
99
33
External 844e series B_ _1964 A 0 9812 99
99
98
22
Trench Repub 25-yr esti 86_1945 M
10978 Sale 10934 110
20
20-year external loan 740_194j J D 11218 Sale 112
11258 212
External 7e of 1924._ _ .1949 J D 10312 Sale 103 . 10358 697
German Republic eke] 76._ .1949 A 0 10712 Sale 10712 10758 58
German Cent Agrie Bank 76 1950 M S 10212 Sale 1024
1024 39
Gras (Municipality) dm
1954 MN 1024 Sale 10234 103
3
Gt Bet & het(UK of) 510_1937 F A 10414 Sale 10414 10458 95
10-year cony 1540
1929 F A 11814 Sale 118
1181s 52
Greater Fragile(City)7446 1952 M N 10512 Sale 1054 10634 18
Greek Government
1964 Id N 9534 Sale 9514
964
8
Haiti (Republic) s I Ca.... 1952 A 0 997 Sale 9912 10014 25
Heidelberg (Germany)ext 714.503
6
105
105 Sale 105
Hungarian Muntc Loan 740 1948.3
100 Sale 9934
100
25
963 Sale 953
External s f 7e
Sept 1 1946 .1 J
97,4 143
Hungary (Kinen of) s f 740.1944 F A 10138 Sale 10158
103
27
lad Bank of Japan 6% notes.1927 F A 10014 Sale 10014
10038 54
Italy (Kingdom of):del 74..1951 J D 9658 Sale 9534
9634 1286
Japanese Govt loan
91
122
_1931 J J 904 Sale 90
30-year •f 644s
10038 532
1954 F A 10038 Sale 9934
Odental Development 6..1953:M 14 9434 Sale 9318
95
194
I 1111=ft
Range
Sines
Jan. 1.
2255
and hallf881**-excein for locome pad defaulted Omega
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 15.
Low
High
Leipzig (Germany)5 f 7e_ _1947
100,42101548 Lyons (City of) 16-year 63_1934
10014210155n Marseilles(City of) 16-yr 8e-1934
1025522103"n Alaskan Irrigation 440__1943
102142103
Assenting e f 4443_
_ _1943
_-1899 2'46
Mexico(U El) esti 6801
100 101
Assenting 5s of 1899
1945
100141101 58
Assenting 58 large
Gold deb 4801 1904
1954
100258810111si
Assenting 48 of 1904
A.s.sentIng 4s of 1904 large_
103142104 5u
Assenting 48011904 small
11042114"H
Assenting 4 of 1910
106.11108"n
Assenting 4sof 1910 large
103'51106'n
Assenting 46 011910 small
Tress65 of'13 assent (large)'33
10013 101 4
Small
102% 105
Montevideo (City of) 7s____1952
102% 102% Netherlands 65 (flat pr4ces)__1972
IO2% 102%
30-year external 6s (flan_ _1954
10712 10712 Norway 20-year exti 68
1943
20-year external 68
1944
106% 1091:
106% 10838
30-year external 68
1952
10638 107
40-year s f 540
1965
99 10058 Oslo(City)30-year.f 6s
1955
99 10014
Sinking fund 540
1946
9878 100
Panama (Rep) esti 540.....I953
Peru (Rep of) extlgs (of'24) 1944
Esti 83(ser 01 1925)
1944
Esti sink fd 740
_1940
10558 10673
Esti s f sec 7448 (of 19264_1956
105% 108
Poland (Rep of) gold 65
1940
89% 91
Esti sink fd g fie
1950
89% 9114 Porto Alegre(City of) Se.-.196l
Queensland (State) esti s 17131941
25-year external 68
1947
1025
, Rio Grande do Sul mitts f 88_1946
Rio de Janeiro 25-yr s f 8s_ _1946
25-yr esti 8s
1947
Rome (City) esti 6548
1952
Rotterdam (City) ext1 64 _1964
94
9712 Sao Paulo(City).18s__Mar 1952
94
9712 San Paulo (State) esti Sf 83_1936
9738 100
External sec f 8a
1950
External 5 f 7s Water L'n_1958
97% 100
Santa Fe (Prov, Arg Rep) 7s 1942
974 100
Seine, Dept of (France)extl 78'42
117.3 1007s Serbs, Croats & Slovenes 81_1962
97% 100% Boissons (City of) esti 66
1936
97% 100
Sweden 20-Year 65
1939
98 100
External loan 6445
1954
89
02
Swiss Confed'n 20-yr s I 88._1941)
9714 9812 Switzerland Govt ext 640-1946
10114 105
Tbkyo City 5s loan of 1912_1f152
9814 10014
1961
Esti 8 f 50 guar
111 114
Trondbjem (City) esti 15345..1944
108 10912 Upper Austria (Prov) 7s_
1941
9634 1024 Uruguay (Republic)esti 85-1946
9258 98
1960
Externals f 64
10212 1054 Yokohama (City) exti 611.. 1961
10128 104
Railroad
11213 114
Ala Ot Sou let cons A 50.-1943
9914 101% Ala Mid let guar gold 5a.. 1928
9818 10034 Alb & Saha 1st guar 344e ..1946
1024 10412 Alleg & West let g gu 43___ .1998
1031e 1054 Alleg Val gen guar a 4s
1942
97
98
July 1995
Ann Arbor let 84.
93% 97% Atoll Top & 8 Fe-Gen g 48_1995
104 1081
:
Registered
9.1
89
Adjustment gold 4a__Jnly 1995
944 994
Registered
102,8 107
Stamped
July 1995
10218 105
Registered
994 10214
Cony gold 48 of 1909
1955
91
9414
Cony 4. 01 1906
1955
9614 904
Cony g 48 issue of 1910_ _ _1960
10014 102
1928
East Okla Div let g 4a
10138 1021 1
Rocky Mtn Div let 4s...- -1965
104 1064
Trans-Con Short L 1st 4.1953
9818 99%
Cal-Ariz lst & ref 440 A 1962
1034 10612 Atl Knoxv & Nor let g 58-1946
107 10914 Atl & Charl AL let A 44418-1944
9958 101
1s1 30-year ria series B
1944
107 109
Atlantic City lot cons 40-- _1951
92
931
: Atl Coast Line 1st cons 45 July '52
92
93%
1930
10-year secured 76
944 964
General unified 4446
1964
96
984
LA N coil gold 4a___ _Oct 1952
24
30
AU & Dana lstg4s
1948
9934 10212
264.
1948
97% 10012 Atl & Tad let g guar 41:
1949
99% 10114 Austin & N W lit III fl 58.J941
9914 1011: Bald &Ohio let g 4a__ _July 1948
97'S 9912
Registered
July 1948
10018 101:
1
20-year cony 4)4,
1933
10114 102
Registered
9338 9538
Refund & gen 58 series A._1995
101 18 10338
let 56
1948
94
96
10-year 65
1929
105 110
Ref & gen 68 aeries C
1995
1004 109
P LEA W Va By. ref 419..1941
104% 10814
Soutbw Div let 5e
1950
109% 111 12
Tot & Cin Div let ref 48A.1951)
10914 111%
Ref & gen 53 series D_2000
103% 10514 Battle Crk & Slur let gu 3a 1989
99 1004 Beech Creek 1st gu g 4a
1938
99
0911
Regletered
10012 10412
26 guar g fo
1936
10238 1944, Beech Crk Ext let a 840-1951
10214 10338 Sig Bandy let 4.
1944
10038 102
Bost & NY Air Line let 46-1955
100% 103
Bruns & W let gu gold 45
1938
10614 108% Buffalo R & P gen gold 58_1937
93
97
Consol 4545
1957
9814 102
Registered
96 10073 Burt C R & Nor let 5a
1934
96
99
Canada Sou cone gu A 5a
1962
9574 99
Canadian Nat 434e_Sept 15 1954
10814 110
5-year gold 444e_ _Feb 16 1930
105 112/4 Canadian North deb 5 f 78..1940
99 104%
25-year e f deb 654s
1946
10814 1091
:
10-yr gold 444..._ __Feb 16 1935
101 103% Canadian Pee Re 4% deb stock.
10113 103
Col tr 440 '
194(1
10418 10534 Carb & Shaw 1st gold 4e.... _1932
11614 11812 Caro Cent let cone g 0
1949
103% 107
Caro Clinch &0 lin 30•Yr 581938
931, 9612
1st & con g as series A. _1952
99 1004 Cart & Ad let gu g4,
1981
1031: 106
Cent Branch 1./ P let g 4s. 1948
9758 101s Central of Get 1st g 5e.Nov 1945
9514 9';
Consol gold 5e
1945
10014 105
10-year secured 6,..June 1929
160 uars
Ref & gen 5148 series B.-1959
92% 97
Chatt DIY our money g 48-1951
90
921:
Mao & Nor Div lit g 51-1948
99% 102
Mobile Division be
1946
9318 98
1961
Cent New Rug
1711 45._
jogs
.-_-
____
let
1
Price
Thursday,
April 14.
Week's
Range or
Last Sale
FASO
Miled
Jan. 1.
Bid
81
101% 102
97% Sale
9714 Sale
Low
Mob No.
10138 102
15
96%
9712 18
96%
9738 36
30 Mar'28
364 37
36
278
41
50 Feb'27
41% Bale 4178
50
41
4258 37
28 11_ _ 34 July'26
2712 Sale 2712
2712
4
27 Dec'26
2558 Sept'28
27
2734 27% Jan'27
_
2713 Bale 2712
27% 41
24
2514 135
43% Sale
1
43% 29
4312
4434 17
10112 Sale 10112 102
7
1064 Sale 10618 10613
2
10311 Sale 103% 1034 25
10318 Sale 102% 10314 25
103 Sale 103
10338 25
10314 Sale 10234 103% 20
10112 Sale 100% 10111 86
10212 Sale 102
10211
6
9914 Sale 9914
8
9934
102% 10234 10234 Apr'27
_
104% 105 10412 10411
2
10412 10478 1044 Apr'27
10158 Sale 101
10178 18
100 Sale 100
100% 116
8318 19
8212 Sale 82%
97% Sale 9738
98
372
105 10612 105
10512
6
112 11212 11214
8
11212
10558 106 10558. 106
18
106 10614 106
10612 33
105 Sale 10412 10514 15
10418 Sale 104
17
105
92 Sale 91%
9238 1308
106 Sale 1054 106
6
10812 109 10814
3
109
1051/ Sale 10514
10534
8
10614 Sale 10578 10612 16
98% Sale 9814
9914 20
95 Sale 95
9512 28
10112 Sale 101
101% 102
1024 Sale 10212 10253 228
96
96 Sale 95%
41
104 Sale 104
1044 20
10378 Sale 10334 104
13
112% Sale 11258 113
10
10511 Sale 10478
105% 28
7714 Sale 7534
7714 15
8938 232
8834 Sale 8812
10012 Sale 10012 10014
7
9538 Sale 9538
95% 22
10914 Sale 10914 110
19
96 Sale 9553
9814 87
93% Sale 93%
9413 161
1004 101
1038834 90
-
10313 Feb'27
1004
1004
884 ' 8814
85 Mar'27
859
86
14 9
87
11
1
96 Sale
-- - - - -8914 Sale
8778 89
8914 Sale
8
911
'4
9
86034
,
96
967
s
95 Apr'27
89
8412 Sepe211
894
90
as
88
8934
KO
1584
891
8934
MN
997k
997
8934 Mar'27
92
9214
981.2
983
08
237
10
00
434 Mar'27'
8
99
934 Sale
894 Bale
877 ---9974 Sale
8814 89
92._
9818 99
10
00
54
.-
105 Sale 105
88
8912 8634
97 Sale 9612
1034 1033s 10318
98 Bale 98
921 Sale_ 92%
Si Sale 8034
7213 Sale 721
8312
1024 __..- 104
96 Sale 96
9114 95
944
9834 Sale ash
97
21
e- 10
Sale
102% Sale 10228
10918 Bale 1094
954 Sale 95
1034 Sale 10318
8514 Sale 8514
103 Sale 103
653 6712 65
955 964 9512
9412 ____ 9412
--- 99
82
9938-84
8158
,6
9158
12 97
2 9
,
158
14
8218 Sale 82
High
Low
10014 1027s
9311 9774
934 9778
Ie. if50
60
3938 60
89% 4253
"iii4
8458
-ifis
264 311z
22% 28%
41
464
41% 4812
9973 1021z
106 1081
:
10314 103%
1014 104
1014 104
100 10334
98% 101%
10053 10258
97 100
1021s 10238
10312 107
10338 105
I0014 103
98% 101
784 85
9314 9814
1084 10514
111 11878
104 1064
103% 1061
:
10213 106
10214 105
91% 9234
103% 106
107% 10914
1044 106
105 1071
)
9314 10011
93% 96%
9758 10234
9714 102%
9114 97
10312 1004
102% 1015
11253 11873
102% 10558
754 794
881
: 90%
994 10134
94
97%
1084 112
95
961s
93% 9712
102% love
1 tom4 tom:
ars ass.
2
18
14
138
4
14
1
1
14
2
4
5
2
5
105
8
Dee28
97
39
103% 28
98't 32
9234
10
8158 85
73
13
Apr'27
Apr'27
97
82
Mar'27
99
173
_
'
4
6
1 _ 1_05_98
15,
00732
N0
i101/52i4
844
9514
7913
9214
92
874
85
9634
81,1
97
95
914
"Ili;
91
85
58
88
8934
8714 8912
89%
$6
9914 9974
894 90
90% 9213
9718 994
10434 10414
98% 100
10334 105%
"9314 If
1034 10512
97
98%
at% 9314
7873 81%
714 7584
3213 84
1024 104%
934 9713
92
91178
97
9914
ioois
10434108
10034 1031$
107,
4 110
9253 96
101% 10312
82
85%
10018 103%
64
65
9512
9412 9512
99
99
814 815s
91
911t
7858 82%
9534 9653
1034 Sale 1034 10312
1 101 10312
9814 Bale 974
941s 9814
9814 74
95
96
10114
_ 10
92
5 M112
27 -1
- 101 102
10658 10/
- 18 10618 10634
8 106 107
98%
98
96
9834 98531 9871 28
9918 100
31
100 Sale 9934 100
11558 Sale 11558 11534 23 114% 11614
, 14 117% 1194
1188 Sale 11834 1187
974 99
98% 20
9812 9834 9812
8318 861,
8638 132
8534 Sale 8434
96
98
98
60
9734 Sale 9718
963 9734 9558 Jan'27
9658 9653
6 834 86
86
86 Sale 8434
10314
7 1024 10334
103 Sale 103
10812 26 108 109
102% 108 108
904 92%
83
2 -I
le 9
8612
86
2::
M
a8
e6217
8
9612
11 S9
a3
1057
2 10414 10573
10578 Sale l057s
105
23 10214 105
105 Sale 103
1021s 25 102 10234
10214 102I 102'
10538 106 10412 106
8 1041
:10614
484 91%
9158 Mar'27 _ _ _92
90
10234 104
103 105 10284 Apr'27 _ _
10312 105 104 Mar'27 _
101% 104
84
13
838 Sale 8312
784 85
1024 50
10924 48
9573 60
103% 67
851z 11
1034 42
Jan'27
_
Jan'27
Mar'27
Jan'27 _
Mar'27
Mar
9
8'2
625817
2
5
2256
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 15.
Price
Thursday,
April 14.
Week's
Range or
Last Sale
153
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 15.
H
Price
Thursday,
April 14.
Week's
Range or
Lost Sale
raQ
Range
Sines
Jan. 1.
4 N oi Low
High
n6
.1914 Ask__ LAs14
11
9i9g1h
Sid
Ask Low
High
High No. Low
S
Central Ohio reorg 4148__1930
9912 10034 Cuba RR let 50-year 55 g_ _1952 S i
2
9412 9613
Central RR of Oa coil g 68_1937 Si N 10034 gfZle 10034 10034 10
let ref 719s ser A
9912 101 12
1936 3D 10
99
614 S9
a6
1e12 10
99
6'2 10
1 107 10912
99
612
Central of NJ gm gold 58__ _1987 J J 11534 116 11534 11534 10 112 11534
J
let lien & ref 69 ser B
1936
10014 1003s 10012 Apr'27
9912 101
Registered
1987 Q S 11512 116 113 Apr'27 ---- 11238 113
Cuba Northern RY let 68_1968 I J 10212 10234 10212 10234 15
9934 1034
1949 F A 93 Sale 93
Cent Pac let ref gu g 4s
9314 50
9114 9358 Day & Mich let cons 4198
1931 J J 99
9858 99
Registered
F A 90
Del& Hudson 1st & ref 4s__ _1943
9038 92
98
92 Apr'27 -N 9478 S9
a9
le
% 99
458 Ma9
9
r5
.213
4
9318 955s
Mtge guar gold 3As_ _Aug 1929 J D 9814
30-year cony 58
9784 9814
_ 98 Mar'27
1935 AO 12812 Sale 128
13012 72 1144 13112
Through St L let gu 45_--1954 A 0 91
9112 9958 9112 4 8912 9234 15-year 5195
1937 MN 10358 10412 10378 10478 10 103 105
Guaranteed g 58
1960 F A 10278 Sale 10278
10-year secured 78
10314 58 10112 10314
1930 3D 10634 Sale 1064 107
18 10638 10778
Charleston & Savn'h 1st 78_1936 J J 11838_ 11812 Oct'26 D RR & 13dge let gu 49 6._1936 FA 974 9818 9614 Apr'27
96
9614
Ches & Ohio fund & impt 56_1929• J 101 .
02 Den & R 0 1st cons g 4e_ 1936 J J 9258 Sale 9214
10112 10138 10112 20 Hifi; 19118 93
9234 87
lit consol gold 55
1939 Si N --------10012 10612
1 10338 1064
'
S 9514 96
Consol gold 4195
1936
2
9538
9612
94
97
Registered
1939 M N 10638 ___ 10412 Mar'27
10212 10412
Improvement gold 58- _ _ _1928 J D 100 Sale 100
30
1004
9912 10018
General gold 4%s
1992 M 5 9814 Sale 9814
Den & RU West gen 5s_Aug 1955 MN 8212 Sale 8212
9718 99
8312 487
9858 53
7358 8312
Registered
M 13
9438 Oct'26
Des M & Ft I) let gu 48_ _ _1935 J J 35
40
35 Mar'27
34
36
20-year cony 4s
9918 10112
10014 123
1930 F A 10018 Sale 100
Temporary ctfe of deposit__ _
34
35
3418
3418
2
834 85
Craig Valley let 58
1940 J J 10078 ____ 10078 Feb'27 ---- 10034 101
Des Plaines Val let gu 4198_1947 11,113
Potts Creek Branch let 4e_1946 J J 8918 ___ 8712 Dec'26
Del & Mack let lien g 48- -1995• D 71
ar:
226
7
7314 9
73
6134 NAIug
70', 7312
R & A Div let con g 4s__ _1989 J J 9018 Sale 8834
9018 17
Gold 4s
1995 3D 6512 68
8784 OO's
65 Mar'27
65 851a
2d consol gold 48
1969 J J 8634 ____ 8712 Mar'27
8534 8712 Detroit River Tunnel 4198_1961 MN 9812 9934 9912
7
9978
974 9974
Warm Springs V let g 58.1941 Si S 10014-- _ 10018 Feb'27
9978 10018 Dul Missabe & Nor gen 58_1941 • J 104
__-- 10434 Apr'27
10334 10434
734 Dul & Iron Range let 5s_ __ _1937 A0 10218 10234 10234 10234
01119 & Alton RR ref g 3s_ _ _1949 A 0 7134 72- 7134
7134
2
71
1 10134 103
Ctf dep stpd Apr 1926 int__
7112 72
72 Apr'27
'
3 86 Sale 844
Dul Sou Shore & AtI g 5e__1937
7112 72
l937
10
86
7514 86
Railway first lien 3A s_ _ _ _1950
6414 Sale 6414
6512 32
6114 6814
Ctfs dep Jan '23 & sub coup
87
38
East Ry Minn Nor Div let 43248 AO 9312 94
63 Sale 63
64
60
9212 Dee'24
Chic Burl &
Div 3196_1949 J J 884
East T Va & Ga Div g 5s__ _1930
8834
89
13
885s 89
101
_...191
101
lOOli 102
Registered
Cons let gold 56
8614 Dec'26 _
1956 MN 10614 _--- lO6li
88
10614
1 106 10612
Illinois Division 49
1949 J J 9634 97
N 104 10434 10312 Apr'27
9438 9714 Elgin Joliet & East lst g 55_ _1941
9714
9714
3
102 10414
Nebraska Extension 49_ _1927 M N 9978 ____ 100 Apr'27
1965 AO 106 107 10578
9934 1004 El Paso & 8 W 1st 58
10612 17 10434 10612
Erie let consol gold 76 ext 1930 M S 10638 Sale 10638
9912 Nov'26
_
Registered
M N 9938
10638
3 106 10712
964
General 43
let cons a 48 prior
96
6
1958 M S 9578 Sale 9578
'
3 8414 Sale 8378
1996
8518 247
814 88
Registered
924 Mar'26 Registered
M S 9158
'
3
1997
Jan'27
---- 79
79
79
let & ref 4 As ser B
9738 9812
9838 429
1977 F A 9818 Sale 98
let consol gen lien g M
19913 J
7812 191
7734 Sale 7758
734 7912
10634
4 10512 107
1st & ref 56 aeries A
1971F A 10614 10612 10638
'
3
Registered
1996
_
72
72 Mar'27
75
____ 106
Apr'27
_ _ 106 106
Chicago & East Ill let es__ _1934 A 0 106
Penn coil trust gold 46.__ _1951 FA
4
i
9838'
7
6877
is
se -6i
9838
9814 1004
83
9'
e 8
50-year cony 48 series A._1953 AO gill
8038 834
C & E Ill Ry (new co) con 581951 M N 8234 Sale 8214
8;3%388
8
54
3341 8
15
2
7834 8512
1982M N 1074 Sale 10758 1074 39 105 108
Series B
Ohio & Erie let gold 5e
1953 AO
79
8514
594 7212
72
8418 11114
Gen cony 48 series D
228
Chicago Great West let 411_ _1959 M S 7134 Sale 7112
1953 AO 108 Sale 10612 11012 1305
11378 1154
116
____ 11518 Mar'27
Erie & Jersey lets f 63
Chic Ind & Loulsv-Ref 61_1947 J
1955 J J 113 11312 11312 11312 10 11112 11358
10338 10358
1947 3 J 10258 ____ 10358 Mar'27
Genesee River let s I 50..1957 J J 11234 11312 11234 113 1
Refunding gold 5e
6 11158 11312
9114 9114 Erie & Pitts gu g 359e B
9114
9114 10
Refunding 4$ Series C___ _1947 3 J 901
1940 5' 8834 _--- 8812 Nov'26
103 102
9978 10212
102
6
1O66 MN 102 2Series C 314e
General 59 A
1940 Si
108
13 10634 108
May 1986 J J 10734 108 10718
Est RR esti 5 f be
General 68 B
1954 MN 10014 Sale "
1-611;
201
-8
99 8°1)
107162 .9414 Apr'27
9218 9412
Ohio Ind & Sou 50-year 48_1956 J J 9412
9658 9712 Fla Cent & Penn let ext g 56_1930 .11
_
Chic L & East lst 4 As_ _1969 J D 9718 ____ 9712 Apr'27
10018 1004 10018 Apr'271 ____ 10018 10158
6312 11
Cense! gold 58
5538 6312
1943 J 2 10158 - - 10158 Apr'27
M & Puget Sd lst gu he_ _1949 J J 7312 Sale 6312
10134 1017s
5554 6334 Florida East Coast let 4 Aa_1959 J D 983s 9812 0838
6334 Sale 63
6334 60
U S Tr certifs of deposit
9734 9812
3
9835
88
85
let & ref Miseries A
874 42
Ch M & StP gen g 4s Ser A.e1989 J J 8678 8718 87
1974 M S 9578 Sale 9512
9414 1014
9614 100
8314 83,4 Fonda Johns & Olov 4 As__ _1952 M N
Q J 0314 ___ 8314 Mar'27
Registered
6
6114 85
6334 Sale 6334
6334
7518 774 Fort St 11 D Co let g 4196._ _1941 .3 J
7733
4
General gold 3As tier 13.411989 J J 7712 ---_ 774
94
9414
9434
- 9414 Feb'27
9478 98
9678 12
9678 Sale 9678
l•tW&DenC lstg 5As
1981 J D 10634 ---- 10634 Mar'27
Gen 419s Series C__ _May 19895
1063s 10834
6518 Ft Worth & Rio Or lst g 49-1928 3 J
57
6518 99
Gee & ref ser A 4196_ _Jan 21)14 A 0 6518 Sale 64
98
1
08
9753 9813
6514 392
564 8514 Frem Elk dc Mo Val let 83._ _1933 A 0 10714 109 108 Apr'27
Guar Tr centre of deposit....... 65 Sale 6414
10712 1081s
5512 6338
6358 56
Gen ref cony ser 13 68.Jan 2014 FA 634 Sale 63
6358 146
63 Sale 6234
5534 634 OR &SAM&P let 56_1931 MN 10034 101 101
Guar Tr certifs of deposit_
Apr'27
10012 101
26
10612
10418
11
extens 56 guar
10314
• 19343 J 104 10418 104
1931 J J 10038 -- -- 10034 Apr'27
1st sec 68
1001g 1004
5612 6414 Galv Hous & Rend let 58_ _1933 A 0 9912 Sale 9914
6414 128
1932 J D 6414 Sale 6314
Debenture 4398
9914
5
9134 9914
6412 Oa & Ala Ry let cons 58.Oct 19453 J
6412 188
56
9978 Sale 994
6412 Sale 63
Bankers Tr certifs of deposit
9978
1
9812 9974
5612 6414 Ga Caro & Nor lst gu g 58_ _1929 J J 10012 Sale 10014
6414 67
10253 D 6414 Sale 6312
Debenture de
10012
5
99 10012
1946 A 0
5612 6414 Georgia Midland let 35
6414 Sale 6314
6414 99
US Mtge & Tr ctfs of dep_
7512 Mar'27
7214 7514
Nis 64
g4135-1941 J .1 9812 984 984
64
42
1934
Gr R& Text lst
64 Sale 634
85-year debenture 45
9714 9834
9834 11
5638 64
Grand Trunk of Can deb 75_1940 A 0 1154 Sale 11534 116
64
241
Farm L & Tr ctf8 of dep__- _ _ 64 Sale 6314
19 1154 116
15-year s f (is
78,s 834
8274 8318 8318
8312 50
1936 M S 10778 Sale 10734
Ohio & N'west gen g 33e.1987
10818 46 1064 10814
7412 7612 Grays Point Term let 56_ __ _1947 J D 9818 ---- 9514 Mar 27 ___ _
Registered
@ F 7414 ____ 7412 Jan'27
94
9012 9414 Great Nor gen 75 series A
10
General 4e
1987 M N
1938
J 11414 Sale 114
9312 Sale 9312
1144 81
1.1-475;
87 Aug'26 _
Registered
J J
Registered
Q F 8912
_
11338 Nov'26
let & ref 415e series A.__1961 J .1 99 100 10014
9012 9414
9414
1
Stpd 48 non-p Fed In tax '87 M N 9414 Sale 9414
10014
6 "9714 fobli
19523 J 11038 Sale 11038 11012 11 108 112
12 105 109
Gee 4he etpd Fed ine tax_1987 MN 109 11014 1084 109
General 5 As series B
General 53 series C
19733 J 10512 Sale 10478 10512 24 102114 10534
Gen 5s stpd Fed lac tax_ _1987 MN 11312 Sale 11312 11312 48 10814 11312
1879-1929 A 0 10318 10358 1034 Mar'27 _
General 44e series D
1978
.1 9718 9712 97's
10114 10338
Sinking fund 136
974 81
9414 9734
101
Jan'27
Green Bay & West deb Mrs A._ _ Feb
101 101
Registered
A 0 10234
8518 8612 85 Mar'27
834 85
Feb
10014
1879-1929 A 0 10014 1-6034 10014
Debentures etre B
1 100 10134
Sinking fund 58
24
17
21
23
244 23
2512
10014
2 10018 10214 Greenbrier Ay let gu 4$__1940 M N 9312 95
1879-1929 A 0 10014 Sale 10014
Registered
92 Dec'26
10218
1933 M N 10218
10218
2 101 10212 Gulf Mob & Nor let 510...A950 A 0 10614 Sale 10614
Sinking fund deb 58
10614
3 ioiEs icierz
PA N 10138 ____ 13138 Apr'27
10118 10138 Gulf & S I lst ref & ter g 54 .519623 J 10138 10138 107 Mar'27
Registered
10614 107
1930 J D 1064 Sale 1064 10638 13 106 107
10-year secured 76 g
11218
4 11158 11234 Hocking Val let eons g 4 398.1999 J .1 10358 104 110314
9738 10334
15-year secured 619s g_1936 M 8 11238 Sale 11218
10334 23
Registered
1999 J J
10212 109
May 2037 J D 10734 108 10818 Apr'27
9534 Mar'27
let & ref g 58
9534 9534
9012 90
9014 11
8734 90!2 Housatonic Ry cons g 5e___ _1937 M N
9812 9934
9934
Chic R I & P Railway gen 46_1988 J J 90
9934 Apr'27
H
AT
C
1st
g
Int
guar
1937J
J
877
8
Apr'27
8778
.1 J 8818
8612
Registered
10034 10132
10158 ----'10158 Mar'27
Waco & NW div 1,1 68 _A930 MN 10134
9214 9478
9478 119
1934 A 0 9434 Sale 9438
Refunding gold 48
10134 Mar'26
_
9253 9378 Houston Belt & Term 1st 58_1937 J .1 101 /Sale 101
9378 Mar'27
A 0
Registered
2 -oil; CO;
1014
Houston E W Tex 1st g 58_1933 Si N 10018 ---- 101
8978
1
8914 90
Apr'27
Ch St L & N 0 Mem Div 48_1951 J D 8978 ___ 8978
10034 10132
10114 10214
10218 Jan'27 _
let guar 5s red
1933 M N 10118 _--- 10018 Mar'27
Ch St L & P 1st cons g 58-_1932 A 0 10258
10014 10034
10314 18 10314 104
Hud & Manhat 5s series A_ _1957 F A
Me St P M & 0 cons Cs_ _1930 J D 10314 10312 10314
98
9914 Sale 9914
99,2 86
99%
96
95 Nov'26
Registered
F A
Cons6sreduoedto8e.l930J D 95
Apr'26
---- 97
100
2 "oirz fob1930 M S 9934 Sale 9934
Adjustment income 55 Feb 1957 A 0 8914 Sale 89
Debenture 56
84
898g
8934 131
_
994
Apr'26
9938 994
Stamped
Illinois Central let gold 48.__I951 J
99
58
Ohio T H & So East lst &LAN° J D 9878 994 9814
93% 99
9412 Mar'27
94
98
9514
Dee 1 1960 M S 954 Sale 9418
Registered
8734 9512
9512 207
1951 .1 J
Inc gu 58
9258 924
9238 Apr'27
let gold 3196
9714 9915
9918
6
1951 J J 8712 90
Ohio tin Sta'n let gu 4198 A_1963 S .1 09 Sale 99
7438 Jan'27
7438 7432
1983 J J 10312 10334 10412 10458 21 10418 10534
let 58 series B
Registered
J J
8234 Jan'25
1944 3 D 10334 Sale 10334 .104
8
Extended 181 gold 319s._ _1951 A 0 8738
6 10112 105,
Guaranteed g 58
891,e
8814 Apr'27
87
_
19633 J 11712 118 11712 11712
let gold 36 sterling
5 11718 11834
1st 6 As series C
1951 M B 7518 __
73' Jan'27
73
7438
10512 106
Collateral trust gold 48.....1952 A 0 924 93
Chic & West Ind gen g 611_4,1932 Q M 10512 ____ 10534 Mar'27
9015 93
9214
923s
3
1952 J J 8812 Sale 8812
8834 19
8658 884
Consol 50-year 48
Registered
A0
8912 Mar'27
8912 8912
1962M S 10434 Sale 10434 105
41 10312 105
let refunding 48
let ref 519s ser A
1955 M N -59ig Sale 9614
9678 27
9314 9678
10414
1 10314 10414
Oboe Okla & Gulf cons 5s_ 1952 M N 104 ____ 10414
Purchased lines 3148
1952 J J 88
884 8838 Apr'27
8838
85
9738 9734
Registered
Cin H & 2d gold 4196_ _ _1937 J J 974 ____ 9738 Apr'27
J J
8412 July'25
9514 9714
98
9678 Apr'27
I St L & C 1st g 48___Aug 1938 Q F 97
Collateral trust gold 4s......1953 M N "8938
8015
8914
8914
88
9518 Jan'27
Aug 1936 Q F 961s
9518 954
Registered
Registered
M N
8512 Oct'26
_
9212
2
1942 M N 9212 9312 9212
904 92,2
Refunding 56
CID Leb & Nor gu 48 g
1955 M N 10734
10734
- 10734
2 ioi;
100 1003x
15-year secured 515e
ClnS&Cl000slitgSS.__ l928J J 10014 ____ 10038 Mar'27
1934 J J 10258 Sale 10218
10314 44 1014 10312
9438
89
9334
2
15-year smured 6
Cleve Cin Ch & St L gen 4s 1993.3 D 9338 ____ 9334
g___ _1936
J 11214 11212 11214
11214
1 11138 1134
1931 J J 9934 Sale 9934
100
2
40-year 434s
984 100
20-year deb 4 As
Aug 1 1969 F A 9914 Sale 99
9934
9635 994
1993 J D 112 113 112 Mar'27
10734 112
General 56 Series B
Cairo Bridge gold 48
1950 J D 934
- 934 Mar'27
9213 933s
103
6 10238 1034
Litchfield Div 151 gold 35_1951 J J 763s -- 7634 Mar'27
Ref & impt 65 seriee A-1929 J J 10278 103 10234
7811 7034
105 108 106 Mar'27
19413
106 10734
Loutsv Div &Term g 3A 9_1953 J
65 miles C
8334 8412 8312 Mar'27
8314 8418
10418
1963
J
10438 104
10438 10 1034 105
.1
56 series D
Registered
J
8118 Aug'26
95
15
Omaha Div let gold 138._ _ _1961 F A -7
Cairo Div 151 gold 49-1939 J J 9412 ____ 9412
9312 05
76F8 1/7-4 76 Mar'27
75
7738
9012
1
.1 8912 ___ 9012
9012
86
St Louis 131v & Term g 35_1951 J J
Cin W & M Div 1st g 48_1991
79 Mar'27
7834
764 79
8912 90
8938
8958
2
Gold 334.
8714 91
St L Div list colt tr g g 48_1990 MN
1951 J J 86 Sale 86
86
87
88
8512 ___ 8314 Feb'26
MN
Registered
Springfield Div let g 310_1951
J
84 Sept.26
Id" Western Lint* 1st g 4s____1951 F A 9118 93 9118 9114
97
96 Mar'27
Spr St Col Div lst g 45-_1940 M 5 96
.
-Bois -2115
9712 Sale 9712
9712
91
9712
1
Registered
W W Val Div 1st g 4s___ _1940 J
1951 F A
84 Aug'25
10918 10914 10918 Mar'27
10714 109.8 Ill Central & Chic St L & N 0
CC C & Igen consg 68____1934 J
10238 10314
Joint 1st ref 56 series A.,,.1963 J D 1044 10434 10458 10434 25 10318 10514
Clev Lor & W con 1st g 136_1933 A 0 10238 ____ 1034 Mar'27
Gold 56
1951 .1 D 1044 10714 10458 Mar'27
Cleve & Mahon Val g 58-1938 J J 10014 ____ 9938 Sept'26
10438 10312
1935 M N 9858 9934 9858 Apr'27
085* 98i
& Mar lst gu g 4As
J D 10358 ---- 10312 Mar'27
Registered
10312 1031s
Gold 3198
1951 .1 D
(Sieve & P gen gu 43s ser B_1942 A.0 10234 ____ 9918 Aug'26
794 ---- 7812 Feb'26
10234 ____ 101 Mar'27
1942 J
loci- Rif' Ind Bloom & West 1st ext 48_1940 A 0 9318 ---- 9338 Dec'26
Series A 430
1948 M N 8914 9014 8514 Oct'26
Ind Ili & Iowa let g 45
93l 94
Series C 3
19503 .1 9438 _--- 94
Apr'27
1950 F A 8918 ____ 8458 Sept'26
Ind A Louisville let gu 40_1950 J J 87 Sale 87
Series D 3 As
87
84
87
5
3 jai; 104
103,4
Ind Union Ry gen 56 ser A_ _1965 J J 10218 10314 10218 Mr.r'27
Cleve Shot. Line let gu 410..1981 A 0 10314 104 10314
10218 1031s
1972 A 0 10912 Sale 10912 10958 10 10858 11038
Gen & ref 58 series B
1965J J 10218 10314 10218 Mar'27
Cleve Union Term 5158
10218 10238
7 10312 105
1973 A 0 10438 Sale 10438 10434
let & Gil Nor let 68 ser A_ _1952 J J 10638 Sale 10618
let s f 5s ser B
107
23 10532 10734
D 9034 -__ 8858 Jan'27
884 8853
.
Adjustment 65 ser A July 1052 Alrl 93 Sale
Coal River Ry let itu 43.-1945
834 98
80
9938
6312 84
6
9854 9912
Stamped
87 Mar'27
Aprl
Colorado & Bouth let g 45_1929 F A 9938 Sale 9914
8112 884
9734 27
lot Rye Cent Amer Let 5e___1972 M N 7534 Sale 7558
9678 99
Refunding & exten 4)98-1935 Si N 97% 9734 9738
76
9
7513 774
93
93
914 9314
1948 A 0 9338 ___ 934 Apr'27
94
let coil tr 6% notes •
1941 MN 93
93
9612
7
Col & 11 V 1st ext 4s
9012 Mar'27
9012 9012 Iowa Central let gold 53....A938 J D 50
1955 F A
54
5214 Mar'27
151 12 5812
Col & Tol 1st ext 48
52
50 Apr'27
Certificates of deposit
49% 55
Conn & Paseum Riv let 65_1943 A 0 8638 ____ 88 Nov'26
9238 Dec'26
1930 F A
Refunding gold 48
1951 /111 18 Sale 18
2114
1
0913801 Ry deb 48
17
2
7412
3
James Frank & clear let 45_1959 J D 9312 9413 9358 Apr'27
1959 J J 7412 Sale 7412
9184 Ms
Non-cony 45
70 Sept'26
J D
Registered
-517118 Y7-14
- Ka A &0R let gu g
1938 3 J 10238 10512 101
Apr'26
Non-cony debefallre 40.- _1955 J J 7538 7512 76 Mar'27
7513 Apr'27
Kan & M let gu g 48
894 77
__-- 8614 Mar'27
1990 A 0 87
"ii3•78 87
Non-cony debenture 4s--1956 J J 7538 76
26 20-year 56
1927 J J 100 104 100
100
1 no lows
K C Ft BA M eons a 91s1928 Si N 10138 10158 10138 Apr'27
um% Inv,
-55T2
6;1;,-
b Due Nib. eDiss May
p Due Dee
New York Bond Record-Continued-Page 3
BONDS
N Y.STOCK EXCHANGE
Week Ended April 15.
i3
Price
Thursday,
April 14.
Week's
Range or
Last Sate
Range
Since
Jan, 1,
BO
Ask Low
HigA fsO.
9312
K C Ft S & M Ry ref g 48_ _1930 A 0 0312 Sale 9314
2
KC&MR&Bletgu 58_1929A 0 100
_ _ 10038Mar'27
Kansas City Sou 1st gold 36_1950 A 0 74,
4 Sale 7434
7538 12
Ref & impt 5s__ _ _ . Apr 1950 J J 100 Sale 100
10034 28
&MUM city Term let 4e__ _1960 J J
9014 9012 90
9034 40
Kentucky Central gold 4s1987 J J 8918 _-- 8878
1
888
Kentucky & Ind Term 4386_1981 J .1 8514 87
87
Apr'27
1981 J J 90
Stamped
9112 9014 Mar'27 -Lake Erie & West let g 5e 1937 J J 10238 103 10218 10238 15
1941 J J 10114 ____ 10014 Mar'27 - 2d gold Ee
Lake Shr & Mich S g 33413-1997 J D 8318 84
8334
8418
3
1997 J D 82 Sale 82
Registered
82
5
1928 NI S 998 Sale 9912
Debenture gold 48
45
995
1931 MN 9812 9834 9834
28
25-year gold 413
99
1931 NI N
Registered
96 Dec'25 _
Leh Val Harbor Term 5s_ _1054 F A 15513
105 Feb'27 _
:An Val N Y let gu 6 4370_1940 J J 9912 9934 10018 Apr'27
M
N
46_2003
Lehigh Val (Pa) cons g
9012
9018 Sale 9012
5
M N
Registered
Jan'27
84
2003 MN 9878 Sale 9878
General cone 410)
99
4
Lehigh Val RR tense series_2003 M N 10618 107 10612 10612
1
Leh V Term Ry 1st gu g 58_ _1941 A 0 10512 Sale 10312 10513
3
Registered__
A 0
10218 Mar'27
Leh & NY let guar gold 4e __1945 NI S 9034 ___ 9018 Feb'27
Lea & East let 50-Yr 591311-1965 A 0 112
___ 112
5
112
1952 M N 8912 9212 90 Mar'27
Little Miami 45
_
1935 A 0 10912 110 10834 Apr'27
Long Dock consul g 65
__
T.ong Ield let con gold 553tar 1931 Q J 10118 __-- 101 Apr'27
lei corm' gold 48___ _July1931 Q 3 9534 ____ 98 Feb'27 -- -General gold 4s
1938 J D 93
9312 93
1
93
1932 J D 9534 97
Gold 45
94,
8 Mar'27
Unified gold 48
1940 M S 8918 Sale 8918
2
808
Debenture gold 55
1934 3 D 10014 ____ 10034 Apr'27
1937 M N
99 Sale 9834
20-year p m deb 521
99
3
1949 M 8, 90 Sale 8978
Guar refunding gold 4e
90
13
Nor Sh 11 let con gu 58_ Oct '32 Q J 10078 ____ 10014
10034
2
Louisiana & Ark 1st g 58-1927 M 5 100 10014 103 Apr'27
Lou &Jeff Bdge Co gu g 4s 1945 M S 9212 ____ 9112
92
6
N
M
1937
&
Nashville
10612 _--- 10612 10612
Louisville
5e
1
1940 3 J 97521 Sale 9712
Unified gold 4s
9812 38
J J
Registered
95 Mar'27
NI
N
102
Collateral trust gold 56.....1931
____ 102
Apr'27
__
1930 M N 10413 Sale 10412 10512 22
10-year secured 7e
let refund 5e series A 2003 A 0 10812 Sale ,10814
10812
6
-- 10612 Apr'27
2003 A 0
let & ref 5s series 13
10138 10213
let & ref 43ja series C_...2003 A 0 106123
10212
10212
gold
6.3
1930 3 3 1037 104 10334 Apr'27
N 0 & 13.1 let
2d gold 6s
1930 J 3 10334 Sale 10334 10334
Paducah & Mem Div 4s..1948 F A
93
- - -1 95 Mar'27
81 Louis Div 2d gold 39..1980 M S 6712 -6812 6712 Mar'27
_
Mob & Moetg let g 4.38s.._1945 M S 1008 ____ 10038 Feb'27
South Ry joint Monon 48_1952 3 J 8834 Sale 1 8834
11
89
All Finoxy & Cin Div 46..1955 M N
9614 967s 9614
9638 15
Lousy Cin & Lea Div g 41,513'3 I M N 10014 101 110012 Mar'27
Mahon Coal RR 1st 56
1034 3 3 10314_ 10318 Apr'27
Manila RR (South Lines) 45_1939 M N
6812 -6934' 6934 Apr'27
let 46
1959 Ivl N
7714 80 1 7718 Mar'27
Manitoba S W Coloniza'n Is 1934 3 D 100 10012 10014
10014
1
Man 0B dr N W let 3St 6_ _ _1941 3 J
87,8 ----I 8312 Oct'26
Mich Cent Det & Bay City 56.'31 S Pil 10134 ___- 10134 Apr'27
QM
Registered
101 Dec'26
Mich Air Line 4e
1940.1 3 9578 ____ 957
9578
1
Registered
.1
92 Nov'26
3 L & S let gold 3%0
1951 MS 8518 ---_ 79 Nov'26
Let gold 31ta
1952 M N
8912 Apr'27
20-year debenture 4e
1929 A 0 99 Sale 99
10
O0's
Mid of N J let ext 56
9778
9718 Sale 9738
2
Milw L S & West Imp g 56 1
5
'
.
i 101
:
129
____ 10114 Apr'27
Mil & Nor 15t ext 4 St e(blue)1934 J D 96,
4 9712 9412 Dec'26
Cons ext 4,js
1 (brown)
1934 J D 9634 9718 9678 Apr'27
1111 Spar & N W 1st gu 4s_ _ _1947 m 18 94
9512 9412
9412
5
Mtlw & State L let gu 3I48_1941 3 3 8318 ---.1 8138 Dec'26
Minn & St Louis 1st 7e
99 I 99
1927 3D 98
Apr'27
Ler guar g 79
1927 J D 9934 10018 10012 Apr'27
let consol gold 56
1939 MN 5312 55
5312 Apr'27
MN 5114 5314 52
Temp Ms of deposit
5314 12
1st & refunding gold 4s___1949
S 197 2078 1934
20
4
Ref & ext 50-yr 58 ser A._1962 Q F
1312 1418 1378
1378
2
M it PASSM con g 4s int gu'39 33 8818 Sale 8818
8814 142
.1
.1
let cons 58
9612 Sale 9612
1939
97
8
let cons 50 gu as to Int_ _1938 .1
9712 Sale 9612
9712 30
10-year coil trust 6128
1931 M S 101 Sale 101
10112 22
let & ref 8e series A
1946 J J 9984 10918 100
100
5
35-year 5(4s
1949 MS 86
87
86
87
3
let Chicago Terms f 4s
1941 MN 9618 ____ 9784 Jan'27
01168113111991 Central let 5s
1949 J J 9612 ____ 9612
1
9612
ble Kan & Tex-1st gold 45_199C J O 8878 8918 8834
8914 76
tio-K-T RR-Pr 15e aer A _ _1962 • 3 193 Sale 11027g
10314 21
40-year 4e series B
8818 8812' 87,
1982 j
4
4
88
10-year fie series C'
1932 JJ 10318 10318 10312 10378 12
Cum adjust 5s ser A Jan_1967 AO 10312 Sale 10234
10334 287
Missouri Pacific
let & refunding Is ser A_ _1965 P A 10014 Sale 10014
10078 79
let & refunding 85 ser D_ _1949 P A 10734 Sale 10758 107,
4 67
let & refund fis aer E___ _1955 MN 10713 Sale 10712 107,
4 39
MS
General 4e
78 Sale 78
1975
7814 227
let & ref 5s ser F
1977 MS 100 Sale 100
10018 57
Mo Par 3d is ext at 4% July 1938 MN 9334 ____ 95
95
1
Mob & Bir prior lien g 58___1945 3 J
Mortgage gold 45
1945 3 3
Small
1945 3 3
Mobile & Ohio new gold (15 1927 J D
let extended gold 65__Ju1y1927 Q J
General gold 4s
1938 M S
Montgomery Div 1st g 58_1947 F A
St Louis Division 58
1927 3 13
Mob & Mar let gu gold 49_ _1991 M S
Mort C let gu g fie
1937 3 3
Registered
J J
let guar gold Is
1937 3 3
Morrie& Essex let gu 3(-4s..2000 3 D
Nattily Chatt & St L let 5a 1928 A 0
N Fla & Ei lat gu g 544
Nat Ry of Mex pr lien 4 He_ 12,g;
July 1914 coupon off
---Assent cash war rct No 3 on
Guar 70-year 6 f 4e
1977 lii
Assent cash war rct No 3 on
Nat ER Mex prior lien 4tt8_1926 1-3
July 1914 coupon on
J J
Assent cash tv.a. rct No 3
on.A -CI
let consol 4t3
1951
April 1914 coupon on
A 0
Assent cash war rot No 3 on_ ---
10018
99 Sept'26
8718
8714 Mar'27
82% 85% 8212
8212
101 10118 101
101
10018 Sale 10018
10018
9313 9518 9518 Apr'27
10034 10238 10078
10114
9978 10018 9978 Mar'27
9212 9312 9258 Apr'27
11338 11413 11314 Apr'27
11112 Mar'27
104 l053 104 Mar'27
85 Sale 82
85
10014 10114 101
101
10318 10312 10318 Jan'27
30 Sept'24
19 Apr'25
-15E8 165-8 1512 1634
8712 Aug'25
2034
24 Sept'26
3812 July'25
24 Sept'25
23)4 244 25 Apr'27
28 Apr'25
1812 June'26
1314 1433 1434
1434
10
1
New England cone 53
1945 3
Consul guar 4s
1945 J
N I June RR guar 1st 4e
1986 F
N 0& N E let refeeimp 4346 A'52 J
New Orleans Term let 46_ _1953 J
N 0Texas & Mex n-o Inc 58_1935 A
1st 56 series 11
1954 A
let 5St e series A
1964 A
N & C Bdge gen guar 4558_1945 J
N Y B & M 11 let eon g 58_1935 A
N l'Cent 11,R °one deb 6a 1935 M
m
Registered
10012
878
8512
9734 99
9734
8812 ____ 8838
10014 ____ 10018
101 Sale 10034
10534 Sale 10538
__ 9814
97
100% 02
1. 1101
10713 Sale 10718
10614
10013
887
Jan'27
Apr'27
8838
101
101
10513
Mar'27
Mar'27
10712
Mar'26
2
72
23
66
I. 1
3
J
A
J
J
0
0
0
1
0
N
NT
100
8778
15
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 15.
re
a.
2257
Pries
Thursday,
April H.
Week's
Range or
Lan Sale
43',s
g
08.2
Range
Since
Jan. 1:
High New York Central (Concluded).
Ask Low
Bia
Mee No . Low
Mak
94
,onsol 4s series A
1998 FA
9318 9358 9314
93% 10
94
90
101,
8
Ref & !mot 4356 A"
2013 A0 100,
4 101 10034
101% 13
97% 10114
753s
Ref &'met 55 series C___.2013 A0 10738 Sale 10714
107% 77 105% 108
Reeiseered
A0
101
10512 Jan'27
10513 10512
91
NY Central & Hudson RiverMortgage 3 -is
1997 J J
89%
84 Sale 8338
8412 125
80% 8412
Registered
1997 J J
87
8212 Sale 8212
8212
2
78,
8 83
9012
Debenture gold 49
1934 MN
9712 Sale 9714
97% 45
9612 98
Registered
MN
10234
96 Feb'27
98
96
1942• J -6658 9734 9712 Mar'27
10013
30-year debenture 48
9412 9712
Registered
84,s
93 Feb'25
Lake Shore coil gold 3348_1998 FA
8214
8112 8314 8112
2 -761s 12-38218
4
Registered
99
,
4
1998 P A
_ _ 81 Mar'27
7884 81
99
Mich Cent coil gold 3
78%83
8312
- 83%
-1998 P A
1
83%
7934 84,2
Registered
1998 FA 82-._
82
82
5
78% 821A
ioi;
N Y Chic & St L let g 4e
1937 A0 9518 953-4 95
95
1
9434 90
9812 10018
Registered
1037 A0
9314 May'26
8614 90,2
1931 MN 9712 98
25-year debenture 48
98
98
4
96s 98
84
84
1931 MN 10278 Sale 10212 103
2d 65 series A B C
15 10218 10314
97 100
Refunding 53es series A ..1974 AO 10613 Sale 10614
10612 39 10418 10612
10312 10612
Refunding 5388 series B ..1975 J J 10638 Sale 10614
107
10 104% 107
10212 10512 N Y Connect let gu 4 Ste A 1953 FA 98
0812 9812
9812
2
9438 99
10218 10212
1st guar 55 series B
1953 F A 10438 10512 10438
105
9 103% 105
90
9058 N Y & Erie let ext gold 45..1947 MN
9134 Oct'26
109
,
4 113
3d ext gold 434a
1933 MS 98Is
9878 Mar'27
98's 98s
86% 90,2
4th ext gold 56
1030 AO 100% -- 98% Feb'27
98% 10012
10834 109
5th ext gold 46
1928 3D 9812
99 Mar'27
10034 101
N Y & Oreenw L gu g 5s
1946 MN 10014
100 Mar'27
-99T2 168-1-4
98
98
NY is Harlem gold 334e
2000 MN
8538
81,
4 85,
9538
3
8
92% 9438
Registered
MN
8212 Mar'27
8214 8212
9438 94%
00
89
NY Lack & W 1st & ref 58__1973 MN 10278- 80 July'25
99 10034
First & ref 43es
1973 MN 105 166 10314 Apr'27
10214 1-68.1-4
98%
jet 7s ext
90
NYLE&W
1930 51 S 10558 -- 106 Feb'27
106 106
8884 90
NY A jersey 1st 5a
1932 P A 10158 Sale 10078
101%
5 10034 101%
100 10034 NY et Long Branch gen g 481941 M S 9014 _ _ _ _ 90 Dec'26
100 100,
4 NYANE Bost Term 48..1939 AO
Apr'27
91
8952 92
NYNH&
ia-c deb 4s__ _1947 MS 8012 ---- 8212 Mar'27
74
8212
10618 106%
Registered
_ 60 June'26
MS ____
9578 9812
Non-cony debenture 334s 1947 M
72)1 76
72 _- -- 76 Apr'27
95
95
Non-cony debenture 3%0_1954 AO 73 Sale 73
73
3
6934 7312
10118 102
Non-cony debenture 4s___1955 J J 80
81
4
76
8038
8034
80
103% 106
Non-cony debenture 4s__ _1956 MN 8038 8012 8034 Apr'27
7714 80,
4
105 109
Cony debenture 334s
1956 J J 7134 Sale 7134
721
14
6934 7314
Cony debenture Os
10534 10684
1948 J J 109 Sale 10812 109
48 10512 10912
99
,
4 10212
Registered
J J
103 105%
10412 Mar'27
10384 10378
Collateral trust 135
1940 AO jOii± Sale 10418
1041
86 10314 10514
10338 10334
Debenture 46
1957 MN 75 Sale 7334
6912 76
75
3
9372 95
Harlem R & Pt Ches let 481954 MN 8978
89
90
1
8934
89,
6612 68
N Y & Northern 1st g 58._ 1927 AO 100 1664 100
9978 100
100
14
100,
8 10012 N Y 0& W ref let g 4s_June 1992 NI
781
7614 7912
25
7812 Sale 77%
8712 89
Registered 95,000 only
MS
7218 Dec'26
9312 9658
General 48
7612 77
1955 3D
7
73
77
78's
771
100 10012 N Y Providence &Boston 48.1942 AO 8912 -- - 8612 Dec'26
1031s 103% N Y & Putnam 1st con gu 481993 A0 9118 921,2
9118
OD
1 -S572
66
69,
4 N Y & R B lat gold 56
1927 M S 99% 10434 99% Apr'27
99% 100
7312 7714 NY SUM A West let ref 58_1937 J J 91 Sale 91
91
8712 9114
100 10014
1937 FA
2d gold 4345
72,
4 75
7538 77
74 Feb'27
1040 FA 77 Sale 77
General gold 58
14
7118 7714
77
10158 1-61-84 Terminal let gold 56
1943 MN 9938
98% 9912
9918 Jan'27
NY W'ches AD 1st set I 43.0'46 J J 8214 8212 8214
8238 41
7812 8314
Low
92
9912
7318
9814
88
8112
8518
8812
10214
100%
8012
80
9814
9738
-53r4 -017-8
1950 AO 96% Sale 9612
Nord Ry ext'l ft f 35e
9712 140
Norfolk South 1st & ref A 58_1961 FA 9278 Sale 9212
927e 25
-02 Norfolk & South let gold 56_1941 MN 10138 -- 10114 Apr'27
9914 Norfolk & Wtst gen gold 69_1031 MN 10618 1-0638 10618
106%
3
98%
Improvement & ext 6s
1934 P A 10812
10834 Mar'27
New River it gold 6s___ _1932 AO Iowa -- 107 Mar'27
10114
N & W Ry let cons g 4s
1996 AO 9611 sale 9638
9612 81
Registered
1998 A0
95'2 97
_ 95 Mar'27
Div'l let lien & gen g 48.1944• J 94 Sale 9334
9214 95
16
9414
10-yr conv. 51929 SI S 180 185 180
Apr'27
Pocah C & C joint 48
1941 J O 9414 9478 94%
94%
99
98
North Cent gen & ref 56 A 1974 M
Jan'27
106% 109 106
100 10012 North Ohio let guar g58..._1945 AO 9678 Sale 96%
5
97%
53
57
1997 Q J 9514 Sale 9518
North Pacific prior lien 4s
9512 62
Registered
5114 55
1997 Q J
91 Mar'27
1712 23
Gen 11 lien gold 3s_ __ _Jan 2047 Q F 6812 Sale 6813
69
17
Registered
13
Jan2047 Q F
1514
67 Mar'27
87
8878
Ref & impt 434e series A__2047 Ii 99'8 991 9812
5
99
9612 9838
Registered
J J
8534 Feb'25
96-2 10038
Ref & ImPt 65 aeries B_ __ _2047 3,
143
11412 116
10038 102
Registered
J J
11014 Mar'26
100 102
Ref & inlet 56 series C ___2047
J 10618 1-6634 10618
10618
86
89
Ref & !rapt 58 series D___2047 3, 10613 10634 10614
10614
97
,
4 97,
4 Nor Pac Term Co 1st g 136..1933 J J
- - 10934 Apr'27
9512 97
1938 A0 10934Nor of Calif guar g 55
- 10512 1051
10412 10612
86
,
9 8978 North Wisconsin let Ss
1930 J J 10212 __-- 10318 Mar'27
101 10314
851 2 8812 Og & L Chem let gu 4s g_..1948• .1
863
84% Sale 84
59
10234 10378 Ohio Connecting Ry let 48_ _1943 MS 9514
- 94% Mar'27
96 10334 Ohio River RR let g 5e
1936 3D 10238 -- 102
Apr'27
General gold 55
1937 AO 10034- 10218 Feb'27
9934 101
Oregon & Cal 1st guar g 88 1927 Ji 100 11 14 100
100
3
10613 100
Oregon RR & Nay con g 46_1946 J D 93
93
9334 93
13
106 108
Ore Shore Line let cons g 56_1946 J J 109 110 109
10918
76
7914
Guar cone fet
1946 J J 109 Sale 109
109
100 10013
Guar refunding 48
1929 J O 9914 Sale 99
9914 70
9278 95
Oregon-Wash let & ref 48__ _1961
'
3 9012 Sale 8914
9034 61
Pacific Coast Co let g 58_ _1946 in 9118 9112 9134 Apr'27
Pac RR of Mo let extl g 48_ _1938 FA 9414 Sale 9414
3
9414
-ie.
;ill; 2d extended gold 5s
1938• J 102
__ _ - 102 Apr'27
82
8212 Paducah & Ills let e f 4345_1955 3
09
99 Sale 99
1
10014 101,
4 Paris-Lyons-Nled RR 6s
1958 FA 9412 Sale 9334
9512 823
99
,
4 10012
Sinking fund external 78..1058 MS 10038 Sale 100
10034 84
93
9518 Paris-Orleans RR a 1 79
1954 MS 10014 Sale 100
10014 50
100% 10114 Pauline Railway 76
1942 M
1
10214 10112 10112
9918 10014 Pennsylvania RH. eons g4s 1943 MN 10134
97
_
9718
97'8
9114 971,
Consul gold 4s
1948 MN 9612 9714
9714
8
963
11112 11313
48 steel stpd dollar_May 1 1948
N
9614 983 9012 Apr'27
11112 11112
Consolidated 434s
1960 FA 10434 105 10412 1051
55
10318 104
General 4345 aeries A._ _ _ 1965 J D 10138 Sale 10138 10178 178
8012 85
General 58 series B
1968 J o 110 Sale 110
11034 45
10014 101 12
10-year eecured 7s
1030 A0 10612 Sale 10612 10634 56
10252 10318
16-year secured 6335
1936 FA 11214 Sale 11214
11234 25
Registered
P A
11114 Oct'26
40-year gold 58
1904 MN 103% Sale 103% 104
35
14
20
Pa Co cu 334s coil It A reg.-1937 MS 8718 91
89 Mar'27
GuL. 1's 0011 trust set B_1941 FA
Mar'27
881
8618
86
-1813 26
Guar 334e uet cite C
1042 3D 85% 861 8612 Mar'27 -Guar 334s trust etre D
1944 J o 8438 861 8412 .Ian'26
_
Guar 15-25-year gold M._ _1931 AO 97% Sale 9778
9778
2
23
2634
Guar 46 series E
_
8918 Mar'27
1952 MN
8814 91
Peoria & Eastern let cons 4e.1940 AO 8818 Sale 88
6
8814
Income 4s
4518 42
April 1990 Apr. 45 Sale 45
1234 1612 Peoria & Pekin Un 1st 534e.1974 FA 10512
10512 60
Sale 10514
Pore Marquette let ser A 58_1956 3 .1 10412 Sale 10413 10434 20
9912 100
,
4
9112
1st 4e series 11
4
91
9112 92
1956 3
87,8 89
_
Phila Bait & Wash let g 48_ _1943 NI N
97, 96% Apr'27
96
8512 8512
General 55 series II
11214
8
1974 P A 11214 114 11214
9612 9734 Philippine Ry let 30-yr e f 48 1037 3
43% 29
4318 Sale 4234
87% 8812 Pine Creek registered (is
1932 J O 106% -- 10634 Feb'27
100 101
10018 Mar'27
PCC&StLgu434eA
1940 A0 10112
10018 10112
Apr'27
Series 134135 guar
1942 AO 101 1-13-2-7;101
10434 10534
10114
1
Series C 434s guar
1942 NI N 10114 _-_-- 10114
9714 9834
Series D 4s guar
9.53s 9814 9614 Mar'27
1945 51 N
10034 101
Series E 3 St e guar gold
95% ---- 0312 Nov'26
1949 F A
10633 108
_
Series F 48 guar gold
1953 3 D 95% - -. 10038 Feb'27
9515 ---- 97
Jan'27
Series G 4s guar
1057 M N
-8.
.1.1
5
9888
05
100%
9314 97%
90,
4 93%
10012 101 12
10512 106%
108,
4 108%
107 107
9212 96%
9278 95
93
9434
158 180
92% 96
105% 106
9412 Ms
91 14 9512
90% 9133
6558 6,0,
63
,
8 67
96
99
113
116
ioirg
10318
10934
10514
10278
10634
10914
10512
10311
8158 8614
94% 94%
102 102%
10114 102%
100 10012
88% 93
107 1091s
107% 10918
9814 9918
8674 91
9014 03
9314 9414
102 10212
99
98
8713 9512
9612 101
9514 101,4
10112 103
95,2 97,
4
94% 9714
94% 9612
102 10512
9914 10178
106% 11034
10614 107%
11134 113
102
89
88
85
1-64-1-2
89
8912
8612
-5iT, WI;
88
89%
8514 88,2
4174 47,2
104 105,2
103% 105
92
89
9518 97
11012 11214
42
43,3
10612 10634
99% 10113
1001,4 10111
10114 10114
10,14
96
ioois 10-638
97
97
2258
BONDS
N. Y STOCK EXCHANGE
Week Ended April 15.
New York Bond Record—Continued—Page 4
Prate
Thursday,
ApriZ 14.
814
Pitts CPI Chic & St L (Concluded)
Caries H 4e
1960 F A
Series I cons guar 4IM
1963 F A
Series J 4)56
1964 MN
General M 511 series A
1970 J D
Registered
J D
Gen mtge 5e series B
1975 A 0
Pitte k L Erie 2d g 5s_ _ _Jan 1928 A 0
Pitts MOT & Y let gu 6s
1932 3 y
2nd guar 15e
y
1934
PRO Sh & L E lst1156
1940 A 0
let consol gold Se
1943 3 .1
PIttsVa & Chisr lst 4s
1943 m N
Pitts Y & Ash let eons 55........1927 M N
let gen 48 series A
1948
D
1st gen te series B
1962 F A
Providence Secur deb 4i___A957 M N
Providence Term 1st 45
1958 IA B
Ask Low
9534
10314
10314
10978
_ _
104%
_ _
Sale
_
11018 Sale
9978 10014
106 107
10378 ____
10212 _ _
10014 ____
9258
10018 ____
9414
93
10678
_
7312 ____
8418 ____
Range
Since
Jan. 8.
Week's
Range or
Last Sale
Mob No. Low
10012 Jan'27
10314
103,4
10312 Apr'27
11018
10978
102
Oct'26
11018
11012
100
Apr'27
10578 Jan'27
10134 Nov'26
102
102
10012 Apr'27
9114 May'25
10014 Dec'26
94 Mar'27
10658 Jan'27
7358
7358
8458 Aug'26
96
50
49
1
2
45
Reading Co Jersey Cent coil 4s__ A 0
Registered
Clen & ref 4)58i series
I997 J J
Bich & Meek lat g 45
1948 M N
Etichm Term Ry let gu 56-1952 J J
aoGrande3unolstgus&19393 D
Rio Grande Sou 1st gold 4s_ _1940 J J
Guaranteed (Jan 1922 coup on) J J
BM Grande West let gold 4s_1939 J .1
Mtge & con trust 46 A
1949 A 0
R I Ark & Louis let 4Sie_
1934 M S
Rut-Canada let gu g 46
1949 3 1
Rutland let con g 435
19413
St Jos & Grand Eel let g 4s 1947 J
St Lawr & Atilt lst g 58
19963 J
26 gold 65
1996 A 0
1931 1 3
St L & Cairo guar g 40
St L Jr Mt & S gen con g 56_1931 A 0
1931
Stamped guar 58
1929
Unified & ref gold 463
3 .1
Registered
& CI Div let g 40_ ....1933 PA N
St L M Bridge Ter gu g 58.-1930 A 0
St L & San Fran (reorg co) ite 1950 J J
J J
Registered
1950 J J
Prior lien series B 56
19283 J
Prior lien series C 60
Prior lien 53.58 series D J942.9 J
Cum adjust ser A 66_ _July 1055 A 0
Income series A Se.. July 1960 Oct.
44
9912 Sale 9912 100
8214 82
1
82
80
1
103
10214 ____ 103
10058 10114 10078 Mar'27
718 Dec'26
712 9
____ 6 May'25
9
9234
9212 94
9234 24
8614 Sale 8614
8634 12
97 Sale 9634
9714 42
8512 Sale 8334
8512 19
1
94
94
94
_
8814 88,2 8818 Mar'27
100
Feb'27
100
10534 Mar'27
10534 1
9712
0712
9712 98
10078 59
10078 Sale 10058
10038 Sept'26
79
99
99 Sale 9858
9814 93 Sept'25
42
95
95 Sale 9434
10014 101 10114 Feb'27
8778 359
8734 Sale 8712
8212 Oct'26 - -10134 66
10112 Sale 10138
10158 24
10138 Sale 10138
10234 32
10212 Sale 10214
10058 100
10012 Sale 10014
9778 Sale 9734
9818 294
St Louis & San Fr Ay gen 60_1931 j
J
1931
General gold 58
St Poor & N W 1st gu 5s 1948 3
St Louts Sou let gu g 4s.—1931 MS
St L 8 W 1st g is bond ctis_1989 MN
ld g 4s Inc bond ctfs_Nov 1989 33
1932 JD
Consol gold 45
let terminal & unifying 56_1952 ii
St Paul & K C Sh List 435e_1941 FA
1931 FA
St Paul& Duluth let 56
1968 JD
let consoI gold 45
13
St Paul E Or Trunk
St Paul Minn dc Man con 45_1933 3,
1933 3,
let consol g 65
3,
Registered
65 reduced to gold 455_19333,
1933 3'
Registered
Mont ext lot gold 4a
1937 in
in
Registered
Pacific ext guar 411 (sterling)'40 3'
St Paul Union Depot 58_ _1972 y j
105
105
10112 Sale 10112
10514
10378 _
97
9734 9614
8758 8812 88
8258
82% 83
96 Sale 9558
9918 Sale 99
9434 9538 95
10134 10212 10134
93
9218
9538
_ 98
97
9814 97%
10838 109 10838
10714
107
10012
10012
9812
10018
9738 9734 9738
9512
9418
9134 _- 9212
10634 Sale 10638
a A & Ar Pam let gu g 4s_ ___1943 J J
Santa Fe Pres & Phen 56 _ ___1942 MS
1934 A 0
Sav Fla dr Wean 1st 6e
1934 A 0
let gold 55
adoto V dt N E let gu g 48_ _1989 M N
1950A 0
Seaboard Air Line g 48
1950 A 0
Gold 4s stamped
Oct 1949 F A
Adjustment bs
1959 A 0
Refunding 40
1945 M S
tet&conadsoerlesA
Atl & Birm 30-yr 1st g 4s_d1933 M S
Seaboard All Fla lst gu (Ss A_1935 F A
1931 J
Seaboard & Roan 512 extd
1929 M N
So Car & Ga 1st ext5)56
1936 F A
S&NAlaconegug 56
Gen cons guar 50-yr 58.-1963 A 0
So Pac coll 46(Cent Pao coil) k'49 J D
J D
Registered
June 1929 M
20-year cony 48
1934 J D
20-year cony 55
1944 I'd N
20-year gold 55
1950 A 0
San Fran Terml 1st 45_
A 0
Registered
1937 M N
So Pac of Cal—Gu g 548
1937J .1
So Pao Coast let gu g 4e
19553 J
So Pao RR lst ref 46
9112 35
9112 Sale 91
0218 Mar'27
102
109 10912 10834 Mar'27
2
103
102% 104 103
9434 Apr'27
9478 96
8178 -_-_ 8118 Apr'27
7
8178
8114 Sale 8118
63
84
8312 Sale 8312
7211 47
7214 Sale 72
9678 153
9614 Sale 76
1
9234
93
9312 9234
0638 Si
9614 Sale 96
0558 Jan'27
100
10118 10112 0158 Mar'27
2
10418
10412
0418
7
12
111
30
9112 Sale 91
87 Feb'27
8634 88
99 Sale 99
.99,4 77
4
10218
10134 Sale 0134
3
101
01
101
9112 9178 9134
9134 24
86
8812 87 Mar'27
105
10518 Apr'27
9514 -- 9512 Mar'27
9638 Sale 96
96% 47,
1
10734 202
10758 Sale 10738
Jan'27
10312 10612 104
8812 Sale 8818
8858 94
11578 10
11512 Sale 11514
12212 36
12214 12212 12214
3
10738 Sale 10738
10738
1
9234 Sale 9234
9234
Apr'27
10112 10212 94
5
9338 ____ 9312
9312
38
88
8758 -- 8712
9318
9212 Jan'27
Ap1or 22778
9938 ____ 1053
11003712 Sept'26
9834 -3
10278 10338
6
8978 Sale
2410
86
10534 10618 8978
97
4 10
1
100
9934 100 100
10712 108 10812 Apr'27
10012 101 10012 Apr'27
10
106
106 10614 106
10118 Mar'27
101
1
10012
10012 101 10012
10014 101 10118 Mar'27
15
Jan'27
___ 32
9
-9012 9114 9012
9012
99
Jan'27
9918
_ 96% Dec'26
Jan'27
94
95% 94
9078 Apr'27
90% 91
J
Southern—let cone g
194358—
j
Registered
Devel & gen 4s series A___1956 A 0
1956 A 0
Develop & gen es
1956 A 0
Devel & gen 6 As
.19963 J
Mem Div let g 5e
J
1951
St Louts Div lst g 46
East Tenn reorg lien g 5s-1938 M S
1938 M S
Mob & Ohio coll tr 4s
Spokane Internet tot g 56—.1955 .1 J
Sunbury & Lewiston 1st 45_1936 J
Superior Short Line 151 5e-61930 M 8
rerm Assn of St L let g 4)56-1939 A 0
1944 F A
1st cone gold 58
19531 J
Oen refund f g 46
rexarkana & Ft S 1st 535s A 1950 F A
19433
rex & N 0eon gold 56
rexas di Pao lstgold5e....2000J D
1931 J J
La Div B List g be
Vex Pao-Mo Pao Ter 5346-1964 M S
Vol & Ohio Cent let gu 5e__ _1935 J
1935A 0
Western Div 1st g 5e
1935 J D
General gold 58
J
roledo Peoria dr West
Vol St L dr W 50-yr g 48—.1950 A 0
1931.9 J
rolWV&Ogu446,6
let guar 4tis series B_ —1933 J
1942M
Ist guar 4s, series C
Cor Hain & Buff 1st g 4e„-1946 J 13
9558 Sale
9418
Mar'27
10112
Feb'27
Mar'27
8814
Apr'27
96
99,4
9538
Apr'27
Mar'27
Jan'27
9758
10838
Apr'27
Apr'25
Aug'62
9738
Jan'27
Apr'27
10638
5
12
81
20
17
1
2
3
11 191
62
60
60
Older & Del istoonsg6s...l92SJ D 60
42
1952 A 0 42 Sale 42
let refunding g 45
97
Sale
9712 271
9712
J
gt
45473
AL
Id
RR
Pacific
lot
Union
J J 9358 -- 9434 Mar'27
Registered
997
8
100
8
9978 54
997
J
J
1927
46
cony
-year
30
-- 9414 Dec'26
J J
Registered
9534 21
lst)lefl&ref4O._..June2008M S 9378 Sale 9378
11212 16
June 2008 M 81 11134 -- 112
let lien & ref 5s
33
102
10134 Sale 10158
10-year Perm secured 65-1928 J
4 Due May. a Due June. k Due Aug.
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 15.
Price
Thursday,
A prtl 14.
Week's
R.ange or
Last Sale
High
FRO
1301
sk Low
1:1 N J RR & Can gen 46_ _1944 MS 9412 9614 9458
94%
10012 10012 Utah & Nor 1st ext 40
1933 31 98
9858 97 Mar'27
99% 10314 Vendetta cons g 48 seiles A 1955 FA 9534 97,4 9714 Apr'27
100 1031,
Coneol 46 series B
9534 9714 9012 Oct'26
1957 MN
10634 110,4 Vera Cruz & P lst nue %IL-JOU
J
July 1914 coupon on
24 Apr'26
10834 III
24
Assenting 1st 4345
1934
2418 Apr'27
28
99 10078 Virginia Mid be series F__1931 MS 10034
101 Sept'26
N 102%
10578 105%
1936
10238 Apr'27
General 58
Va & Southw'n let gu 562003ii 102
102 Feb'27
joii8
1st cons 60-year Ss
1958 AO 9512 96
9558 Apr'27
10012 10012 Virginian let 58 aeries A.
1962 MN 10578 Sale 10578
10612
N 10358 Sale 10358
Wabash let gold 55
1939
104
26 gold fis
1939 FA 102 10238 10178
10212
-1524 04
S 10434 105 10434
Ref s f5)56 series A
1975
105
10438 106%
Ref & gen 5s series B
1976 FA 10114 Sale 10078
10112
75
Debenture B 6sregistered_1939 31 99
72
8314 Feb'26
8812
1614 8812 Apr'27
let lien 50-yr g term 4e
1954 J
105
Det & Chi eat let g 5e_1941 J, 10312
105
92 100
93
Des Moines Div 1st g 45_1939 .1 3 9212
Apr'27
1941 A0 8412
8412 Mar'27
Om Div lst g 3345
98 10012
9012 Feb'27
Tol & Ch Div g 45
1941 MS 9114
7912 8238 Warren 1st ref gu g 334s___.2000 F A
8112 Apr'27
81
102 103
Wash Cent let gold 48
1948 QM 8734 8834 87% Feb'27
100% 10078 Wash Term let gu 3%6
1945 FA 8618 8712 868
8638
1945 FA 9158
88
Apr'27
let 40-year guar 4!
43,2
o Low
1
9415
97
92%
23
93's
87%
9714
85,2
9414
89
100
107,4
97,2
8778 8978
High
9438
97
9714
3784
10238 Lies
42
32
23
25
99
1
5
W Min W & NW 1st gu 56_1930 TA 9878 9914 9938 Mar'27
8314 402
West Maryland lot g 45
1952 AO 83 Sale 8238
102,
8
West N Y & Pa 1st g 5s_1937'3 10214 - -- 10238
7
1943 AO 8812 89,4 8858
Gen gold 48
88%
_
45
Feb'25
_
Apr 1 1943 Nov
Income g58
9912 84
Western Pac 1st ser A 56_-1946 MS 99 Sale 99
2
10312 Sale 10312 10312
let gold (is series B
1946 M
12
90
2361'3 89 Sale 89
West Shore 1st 4s guar
6
8712
88
2381'3 8712 88
Registered
10134 Wheeling & Lake Erie
Wheeling Div let gold 58_1928 3, 10018 10014 10018 Apr'27
978 99
Apr'27
100
Ext'n & Impt gold 5e
1930 PA 100
9312 11
Refunding 43.45 series A 1966 MS 9238 9314 9212
-55T8 IS" Refunding 5s series B
1966 MS 9912 10078
90
100 101
1949 MS 90 Sale gO-RR let coosol 45
8034 11
Wilk & East list gu g 56—....1942 JD 7912 8034 7934
8412 88
_
1938 Jo 10434 -- 10458 Mar'27
Will & S F lat gold 50
13
9984 102
90
8912
Winston-Salem BB 1st 461960 3, 8914 90
5
100 10238 Wis Cent 50-yr 1st gen 4s
83
8314 83
1949 J J 83
5
10112 10234
9034
N 9012 01
Sup & Dul div & term 1854!'36
9034
99 101
Jan'27
89
3
Wor dr Con East let 4)56„ _1943
9514 9914
INDUSTRIALS
105 105% Adams Express coil tog 4s_1948 M
9012 Sale 00
9034 16
10012 10178 Ajax Rubber 1st 15-yr s f 88_1936 J
11
10918 Sale 10858
10918
105 10512 Alaska Gold M deb 13s A
1925 M
312 312 312 Feb'27
9618 97,8
Cony deb 66 series B
1926 M
3% 3,2 318 Mar'27
8612 89
10
95 Sale 9434
1955 M
95
Alpine-Montan Steel 7e
83
81
103
Oct'26
Am Agric Chem 181 55
1928 A
9418 96%
88
9978 Sale 9934
1941 F
101
let ref f 7Sie g
9934 Amer Beet Sug cony deb 68_1935 F
95
9212 9314 93
9318
92% 96
14
10278 103 10234
103
American Chain deb s f 66..1933 A
10134 102
9712
9712 10
Am Cot 011 debenture 58_ _1931 M N 9712 100
93
92
10534 Mar'27
.1 10534
Am Dock & Impt gu 6s
1936
98
98
104 -1038 10358
10334 15
Am Mach & Fdy s 65
1939 A 0
97% 9812 Am Republic Corp deb 65 1937 A 0 9918 9934 9934 Apr'27
1077s 108% AmSm< list 30-yr 56 Her A '47 A 0 10212 Sale 10212
10234 56
26
107,4 107,4
109
1947 A 0 10858 Sale 10814
let M 6s series Is
18
9934 100% Amer Sugar Ref 15-yr 6s_ _ _1937 J J 10514 Sale 10478
10514
9914 87
99 Sale 99
Am Telep dr Teleg eon to 40.19293 J
1
9634
1936 M S 9634 Sale 9634
Convertible 45
9512 1873
100
9512 9512
9812 Apr'27
1933 M
20-year cony 4356
9212
10412 34
91
19463 D ioir8 sale 10418
30-year coil to 55
_ 03 June'26
10514 10612
Registered
10314 224
1960 J J jars gale 10258
35-yr s deb 56
10712 151
8838 9112
1943 M N 10738 Sale 107
20-year s 5156
9
106
102,8 10218 Am Type Found deb 65
1940 A 0 106 Sale 06
34
99
10834 10834 Am Wat Wks & El col tr 58_1934 A 0 9878 Sale 9858
27
10234 103
0212 103
Deb g 6s eer A
1975 M N 10212 103
13
95
64
91
1939 J J 64 Sale 62
Am Writ Paper e f 7-68
17
64
6212 Sale 6212
8118 84
Temp interchangeable ctfe dep _
8538 84
85 Sale 8434
8118 8778
1st g 6s temp
1947
8318 8812
10478 90
7114 7634 Anaconda Cop Mtn lot 65_1953 F A 10458 Sale 10414
0434 Dec'26
96
99%
Registered
91% 94
10812 69
1938 F A 108 Sale 108
15-year cony deb 7s
9512 98% Andes Cop Min cony deb 78_1943 J J 10618 Sale 106
10612 66
10012 10058 Anglo-Chilean 78 without war.'45
8934 Sale 8938
90,4 278
10114 10158 Antilla(Comp (Azuc)7)56.._1939 :1-"J 9414 9412 9312
9414 10
3
10158
1037s 10418 Ark & Mem Bridge & Ter 58_1964 M 13 10112 10212 10158
260
11014 11118 Armour & Co let real set 415e'393
92
8934 Sale 8812
8814 9112 Armour & Co of Del 5346-1943 J
319
93
89 Sale 8758
87
86
Associated 0116% gold notes 1935 M S 10238 10234 10234
10278 18
98% 99'2 Atlanta Gas L let So
19473 D 101 10314 995 Mar'25
10014 103
1558 1)ec'26
1778 24
Atlantic Fruit 7s ctfs dep.... _1934 J D
100 103
78
Jan'27
72
Stamped Otis of deposit........... 71
9018 9134 ALI Gulf & W I SS L col tr 581_1959 J J 7134 Sale 7112
13
72
87
87
10118 15
10512 Sale 10012
Atlantic Refg deb 56
1937 J
10412 10512
9514 g312 Baldw Loco Works let 5&...1940 M N 107 10712 10712 Apr'27
9338 96% Baragua(Comp Az) 73.5s .19373 .1 10758
10814 Apr'27
Barnedall Corp 613 with warr_1940 J D 100 Sale 9978
10034 218
106% 10812
Deb 68(without
19403 0 9112 Sale 9118
9112 68
10338 104
Belding-Hemingway 65
1936.9 J
9.378 29
9578 Sale 95e
89
86
Bell Telephone of Pa Eis
1948.9 J 10412 Sale 10414
8
10412
11332 115%
let & ref 55 series C
1960 A 0 10518 Sale 105
10512 36
11914 123
10114 37
Beth Steel 1st & ref 56 guar A '42 M N 10034 Sale 10058
106% 108
30-yr p m & Imp s I 56_ _ _1938 J
13
1003.1
10014 Sale 10018
8934 9234
Cons 30-year (Ss series A,1948 F A 10334 Sale 10334
127
104
94
94
Cons 30 year 5%6 serial B_1953 F A 10112 Sale 10078
10112 75
9312 Bing & Bing deb 6348
92
9412 93
1950 M
8
92
9414
8412 88
Booth Fisheries deb s I 611_1928 A 0 10214 -- 10118 Feb'27
9212 9212 Botany Cons Mills 6)55..._1934 A 0 8112 83
81
8134 12
_ Brier Hill Steel let 5355.-1942 A 0 105 Sale 10478
10514
6
98% 99
B'way & 7th Av ist g 55-1943 J D 75 Sale 747fs
7512
9
102% 103
Ctfs of den stmpd Dec.'26 lot
74 Sale 74
7
74
Brooklyn CIty RR 5e
93
1941 J J
9378 10
9358 9314
103% 10638 Bklyn Edison Inc gen 5e A 1949 J J 105 10514 105
10514 10
100 1011s
General Os series B
1930 .1 J 1004 Sale 10438
8
105
105% 10812 Bklyn-Man It T sec as
1968 J J 9918 Sale 9918
9978 649
100 10072 Bklyn Qu Co & Sub con gtd 58'41 M N 6258 64
6358
2
6358
4 1(1;14
1
1st 58
7914 84
7912 Mar'27
1941 3 J
LCO 10212 Brooklyn R To let cony g 45_2002 J
8812 Aug'26
10014 102
8-yr 7% secured notea_ _ _1921 J J
13612 Nov'25
10018 10114
Ctfe of deposit stamped..........
12812 Nov'25
15
15
Bklyn Un El let g 4-be
95 Sale 95
1
1950
95
8958 91
95
Stamped guar 4-5e
1950 F A
9
05,2
99
99
Bklyn UP Gas 1st comae 56_1945 U N 10534 - - -- 10534
3
10534
let lien & ref tle series A 1947 M N 11434 Sale 11434
6
11434
94
94
16111 247
Cony deb 5155
19361 3 161 Sale 159
90
9078 Buff & Elusq Iron 5 f 56
9214 Jan'27
29321 13
Bush Terminal let 46
9312 9158 Apr'27
1912 A 0 02
5612 64
98
9818 _ _
Consol 5e
1955.9 J
98
3934 42
Bush Term Bldfis Si gu tax-ex 'CO A 0 10058 Sale 100
100% 21
9478 9934 Cal & E Corp unit & ref 68-1937 MN 10138 Sale 10138
10134 30
937ii 9434 Cal Petroleum cony deb s I 581939 F A 9412 Sale 9412
95
48
pp% 100%
09 Sale 99
Cony deb s I 5 kis
1648 M N
9978 26
8
Camaguey Sue let e f g 76
1942 A 0 10012 Sale 100
10012
-91% 96
Cent Diet Tel let 30-yr 56_ _ _1943 J D 103 10314 10318 Apr'27
108% 113
98
Cent Foundry let 51 6e_May1931 F A 97
11
9734
98
101% 103
Cent Leather let lien 5 f 65-1945 .1 ) 10134 10218 10212 10212 17
90'l
84
9438
8212
91%
8634
100
105%
98,4
100,4
Raw.
gine.
Jan. 1
102
945k
10212
103
10058
103%
10014
102
97
10612
10412
103%
105,4
10112
8512
10312
8812
83%
90
80
8714
85,
8
88
88'2
105
93
8412
91
82%
87%
8638
9212
9814 9932
7614 8314
10112 10212
88
89
99 1-6414
103 10412
88% 90
86
88
9934 101
9912 100
9012 9312
"iir4
7214
104
8658
8214
89
89
90
8034
104%
90
8614
92
89
9212
89
10578 109%
a
312
318 3,4
9212 9712
Nis;
92% 98
101 10312
95
9812
10512 10584
10312 104
99
9934
10072 10284
107% 109
104 10514
9814 9914
9314 9834
9412 10012
10234 104%
jai- 163-1:
10544 313712
10313 10614
98
100%
58%
5s78
8434
9912
103
84
64
86
103% 10478
ioofs 10912
106 108%
8612 90%
9312 9714
10014 10214
8812 93,s
87% 9534
10034 104
18
18
70% 76%
10012 10234
10112 1 37
8114
2
98% 10634
412
95
1 18
3 98
10238 10412
10278 10512
983, 100
0234
100
112
04
14
68 10
19
07
92
10118
8034
3,
18
2
19
0
783
72%
9414
10118
92
10
970
;
7
184
7912
93% 95
10318 10534
5
00
03
2%
12 10
16
2918 7912
94
9512
102% 10578
113% 114%
156 102
9214 9214
9028 91%
0812 98
9914 101
101% 103
9412 96%
99 102%
95% 10012
10214 10832
9534 98
101 10212
2259
New York Bond Record-Continued-Page
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 15.
Price
Thursday,
Apri114.
Week's
Range or
Last Sale
11
61
Range
Since
Jan, 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 15.
.4 go
Pries
Thursday,
Aprl/ 14,
Week's
Range or
Leal Sale
Range
Since
Jan. 1,
i.e Low
Bid
Ifigl No Low
High
High
Ask Low
1110 No Low
Bid
1
9512
40 118/
ICeyston Telep Co lot 156_1935 S .1 9412 9512 9512
9512
4 123
1
93
123
Central Steel lat g s f 85_ __ _1941 MN 122 12312 122
_ 10378 Mar'27
_ 103/
22
4 103/
1
4 10034 -Lingo County El & Pg 6s.,.l937 A 0 104
1
98/
100
4
1
Ceevedes Sugar Co 181 e f 73413'39 MS 100 Sale 100
___1997 A 0 126
_ 12512 12512
Purchase money 65
614
12414 12614
53
_ 6112 Mar'27
Chic City & Conn Rye 66Jan1927 A0 6212
843-4 8414
2
86
82
102 103
8414
Kings County Kiev let g 44_1949 F A 8414 _Ch L & Coke 1st gu g 56._1937 J J 102 10214 102 Apr'27
10
85
1949 F A 8414 8512 8458
88
81
7434 7912
7912 156
Stamped guar 431
1927 FA
7918 Sale 7734
Chicago Rye lot 523
1 101 10212 Kings County Lighting 56-1954 J S 10334- 10358 Apr'27 _ _ _ _ 1011
4 10418
/
Cin3in Chia & Eleo let & ref 68'56 *0 10134 10212 10134 10134
1954 J .1 117 1-1-8 117 Mar'27
_ 11214 1174
7 10438 105
Phut & ref 6548
Jan 1 1981 AO 10458 Sale 10458 10458
510 ser B due
Kinney(OR)& Co 731% notes'38 J 0 103 10514 10334 10412 12 10078 10512
9738 104
195
Cities Serv Pow & L t 68_ _ _1944 MN 10214 Bale 10214 103
1938 J 13 10314 Sale 10314
4
1
103/
8512 8512 Kresge Found'n ooll tr 6s
8 102 103/
4
1
8512 Mar'27
Clearfield Bit Coal let 46_1940 J J
10112 20
Lackawanna Steel let 533 A 1950 M 8 10112 Sale 101
96 100
Apr'27
99,4 10112
100
9934 _
LAno F & I Co gen e 1 56____1943 FA
4 10012 10214
10114
9312 9612 Lac Gas L of St L ref&ext 55_1934 A 0 10112 Sale 10118
9618 32
9538 96/
4 96
1
Col Indus let & coil Si gu___1934 FA
1953 F A 10412 Sale 10412 10434 14 103/
Coil & ref 5 Ns aeries C
Oct'25
4 10538
1
10
Ool&9thAv lin gu g 56.._ 1993 MS
9834 Mar'27
2
9712 9834
9638
9658 97¼ Lehigh C & Nay s t 490 A 1954 J J 9812 100
4
1
Columbus Gas let gold Ss__ A932 ii 9638 9634 96/
4 102 10112 102
/
2 10118 102
Apr'27
Lehigh Valley Coal iota 5a_ _1933 J J 1011
82
77
8034 81
80
Commercial Cable let g 48_2397 Q
4
1
97 Jan'27
97
3
97
95
9512
lst 40-yr gU b3t red to 4%_1933 J .1 95/
97
95 Sale 95
Cemmercial Credit 1 86_1934 MN
__
1934 F A 101
101 Mar'27 _ - _ 101 104
7
1st & ref s f 55
901s 92
9112
1935 J J 9112 Sale 9112
% notes
Col tr f
__
1944 F A 100
100 Feb'27 _ -- _
N 10412 10434 10412 104/
4
1
let & ref s 1 55
4 10012
1
4 105/
1
99/
4 16 104/
1
Commonwealtn-Power (is__ _1947
A
F
1954
10018 _
9934 Apr'27
9934 10012
1 104/
let & ref 55
4
/
4 1061
1
10514
Computing-TaTo-Rec s f 68..1941 J J 10514 Sale 10514
- 8 9978
3
9978
1964 F A 100 1003
4 10012
1
99/
lot & ref 55
9818 9614
9614 Apr'27
Cone Ry it L let & ref a 4340 1951 J J 963s 98
_ _ _ _ 101
1 100 101
101
1974 F A 100
9434 981 2
let & ref 5 8 55
1961 J J
9638 98/
97
Stamped guar 4544
4 97
1
4012 Feb'26
52
4 161313 Lex Ave & P lst gu g 158_1993 MS
1
98/
Consolidated Cigar s f 68_1936 A0 9912 Sale 9912 100
12214
7 120 1131Liggett & Myers Tobacco 76_1944 A 0 122 12312 122
2
Consolidated Hydro-Eleo Works
A 0 11718 _ _ 10213 May'26 -Registered
99 101
2
100
of tipper Wuertemberg 78.1956 J J 9912 Sale 99
11144 1_0214 10214
09
5 10214 104
103
1951 F A 19
83,8
78
8212 22
5s
Cone Coal of Md 1st & ref 56_1950 SD 8238 Sale 82
10114 Feb'27
Registered
1014 10114
51 10612 10614
'Denial Gas(N Y)deb 6%13_1945 FA 106 Sale 10534 106
35
78
8118 Liquid Carbonic Corp 838_1941 F A 10534 Sale 10512 10614 77 104 112
76
Coot Pap & Bag MI1166346..1944 FA 7534 78
76
10378 82 101 10532
Loew's Inc deb 65 with warr.1941 A 0 10314 Sale 10314
10114 102
4 Apr'27
/
Consumers One of Chic gu 5e 1936 SD 10138 _ _ _ 1011
97 Sale 97
4 23
1
97/
Without stock pur warrant&
4 99
1
98/
16 102 10334
103
Consumers Power 1st be__ _1952 MN 102 Sale 102
_
-e• 11612 117 11612 11612 17 11812 120
1944 i
Lorillard (P) Co 79
4 101
1
99/
Copenhagen Telep eat 66_1950 A0
100 Apr'27
A 0
11812 June'26
_
N 10134 102/
Registered
1 1011
4 103
/
Corn Prod Refs 1st 25-yrs f 56'34
4 11034 10134
1
9814 53
4
1
1951 F A 9712 981 97/
964 1-001;
9334 10312
55
186
Crown Cork & Seal 1st et 66_1942 FA 10218 Sale 10218 103
4
9712
9712
F A
Registered
9634 9784
10012 11
9958 101
Crown-Willamette Pap 66_ _ _1951 J J 110 Sale 100
Sale
4 20
1
/
101
10112
Si
9958 1011
Else
&
Gas
is
52
Louisville
4
/
9914
(Ky)
95
10184
12
N
M
9612
4
1
/
95
97
9558
Cuba Cane Sugar cony 78___1930
22
99
99
94
Louisville Ry let cons 58_ _ _1930 J J 9734 Sale 97
9814 102
9914 23
4 Sale 9978
1
98/
Cony deben stamped 8%_1930 J
10734 Sale 10734 10814 25 1074 10834 Lower Austrian Hydro Elee PowOnban Am Sugar lot coil 86_1931 M
32
94
4 9512
1
89/
1944 F A 94 Sale 94
99 101
let of 8540
Cuban Dom Sug let 734s__ _1944 MN 10034 Sale 10014 10078 16
4 10134 15 10012 1021.4
1
4 Sale 101/
/
Comb T & T lat & gem 5e_ _ _1937 is 1011
14
106
4
1
/
105
Sale
96
7;45_
4 108
1
/
51
104
15t
10512
9414
0
Sugar
A
A0
1942
Menet'
34
96
94
94
95
_1940
_
A_
211
f
lets
1Frult
ayamel
5
6914 6914
6714 704
6914
Manhat Ry (N Y)con. g43-1990 A 0 69
97
90
9614 18
Davison Chemical deb 830_1931 is 9818 Sale 9512
4 61 Mar'27
1
62/
2013J D 55
63
68
2d45
4 Aug'25
1
--- 92/
Deny City Tramw lit con 68 1933 AO
9914 92
9334 97
9512 Sale 9512
99'2
9912 9934 99
3 -314- 10-1-2 Manila Flee Ry & Lt s bs_ _1953 M
Des Ose dcE L let& ref Big 50'51 MN
6
9934
4 9812
1
96/
9712 Sale 9712
N
4
1
98/
4 9934 Market St Ry 70 eer A Anr111940 Q
1
98/
4
9912 9934 9912
Stamped as to Pa tax
9 10512 10834
7684 14
81
75
Metr Ed let & ref g Meer B.1952 F A 10812 Sale 10814 108,2
Der, Corp(D 0)let of 7s_ _1942 M S 75 Sale 75
4 100 10112
4
/
1953 J J 10118 Sale 10118 1011
lst & ref 58 series C
10214
5 10138 10234
Detroit Edison 1st coil tr 58_1933 is 102 Sale 102
4 Mar'27
1
10514 106
_ _ 105/
6 10212 10358 Metropolitan Power lot 813 A1953 J
let & ref 6s series A_July 1940 MS 10234 10318 10258 103'A
A
Apr'27
80
76
F
8
46_1938
783
El
7713
AO
8
1043
7812
(Chic)
10614Side
4
West
1023
Melt
1024
2
10318
10234
10234
1949
A
series
Gen & ref 52
8 10434 10514
12 10713 10812 Mid-Cont Petrol let 654o ..1940M S 10478 105 10478 105
let & re/ Metrics B_ _July 1940 M S 10758 Sale 10758 108
9914 89
9714 994
4 Sale 9834
/
991
10158 10338 Midvale Steel &0oony s bs 1936 M
Gen & ref 56 ser B
1955 JD 10313 -- -- 103 Apr'27
2
4 99
1
98/
4
1
98/
9838
93
_
4 Apr'27
1
944 93/
954 Mllw Elec Ry&Lt ref&ext 434s'31 J J 9838 9853
94
Det United let cone g 4;14 1932 J J
10014 _ _ _ 100
10114 10
994 10114
1951
92
8912 96
General & ref Si A
196
4 Sale 91
1
91/
1940 MN
Dodge Bros deb 66
9918 50
98 100
19615 D 9918 Sale 99
86
8958
86
2
lst & ref 8518
8712 86
87
Dold (Jacob) Pack let 6s___1942 MN
1
4
1
99/
4
1
9812 loo
Milwaukee One Light let 413_1927 M N 9978 Sale 99/
57
48
4
55
Dominion Iron & Steel 5e__1939 MS 55 Sale 55
10234 27 1014 10234
4914 5E04 Montana Power let 513 A _1943 J J 10212 Sale 10214
5438 28
4 Sale 5378
1
54/
Certificates of deposit
95/
J
Mar'27
8
995
4 9958
1
991
3
987
.1
_1941
631_
ref
&
1st
Tram
1
98
4
1
/
Si
Montreal
95
3
2
Steel
97
4
1
/
96
Is
9712
ref
let
9718
1942
Donner
9812 100/
4
1
99/
4
1
Gen & ref 3 1 bs series A_ _1955 A 0 9614 963 99
Duquesne Lt let & coll 6s
1949 J .1 10514 Sale 10518 10512 69 105 10612
se
87
83
8934
Morris & Co lot of 4 Ns_ _ _1939 S J 84 Sale 83
7 10473 106
10518
lot coil trust 534s series BA949 is 10514 10538 105
81 Dec'26
Mortgage-Bond Co 411 ser 2_1986 A 0 83
3
1932 5 J 9734 -Ol 97/
4
1
9 54 954
4
1
98/
10-25-year Se series 8
24 10534 108
Kest Cuba Bug 15-yr of g 754437 MS 10534 Sale 10534 106
9814
19343 D 9814 Sale 97/
4
1
Ms 9812
Ea E1111Bkn let con g 4s___1939 J J 9534 ---- 9534 Apr'27
9473 9534 Murray Body lot 054e
102
10111 102
10873 10853 Mutual Fuel Gas lot go g 56_1947 MN 10112 103 102
Ed Eleo III let cone g 6s_1995 Si 10858 _--- 108/
4 Mar'27
1
4 Jan'27
1
101/
4 10134
1
Else Pow Corp(Germany)854s'60 M
994 Mut Un Tel gtd b ext 4% _ _1941 M N 10134 --- 101/
97
9934 Sale 9838
9878 30
Elk Born Coal let & ref 830.1931 SD 9914 9934 9912 Apr'25
9813 100
71 6014 6212
6112-61951 J
61 Sale 61
4 Nassau Elec guar gold 433
1
97/
95
Deb 7% notes (with warr'ta'31 SD 9812 99
9714 Mar'27
4 102
/
981
4 19912 National Acme 1st 6 f 754o....1931 J D
1
Empire Gas & Fuel 754s_1937 M
107 Sale 10634 107/
4 112 105/
1
74 100 10314
98 11034 Nat Dairy Prod 8% notee_ _ _1940 MN 103 1031 10212 1031
1st de ref 6 Astwith warrlay41 *0 10312 Sale 10312 10378 14
10138 103/
4
1
Nat Enam it Stamps/ let 56_1929 J D 10313 104 10318 Apr'27
Equip Gas Light let con 5a_ _1932 MS 10014
9934 101
- 10018 Mar'27
9934 10034 9912 Oct'2
95
Federal Light & Tr let So.._1942 M
9633 Nat Starch 20-year deb 56_1930
954 16
9512 Sale 954
1 10332 10412
-53
94211
1;
3 se0
214
4
09
1 19
_!
4'818 19_094:
09
let lien sf54 stain ped _ _1942 M
95
9512 Sale 9514
4 National Tube Isle t 58_._1952 MN 19
1
96/
9558
8
MN
Registered
4
1
let lien Eis stamped
3 103 104
10358 Sale 10358 103/
1942 M
10258 1-61;
1
Newark Consol Gas cons 59_1948 J D 102134_ _ _ 10312 Mar'27
97 100
80-year deb Ils ser B
2
1954 Jo 100 Sale 9912 100
11 103 10434
1041
91
New England Tel & Tel MA 1952 J D 10418 Sale 104
89
1
Vederated Metals s f 70
90
1939 J D 8912 90'4 90
81
95
9714
N
M
97
9712
6
5
Sale
1961
9712
let
B
aeries
As
4
g
10813
9212
Si
1073
Flat deb 76 (with wary)
120
4
1
/
10734 Sale 106
1946
47
98
98
96
New Orl Pub Serv ist 56 A_ _1952 A 0 98 Sale 97
9134 97
Without stock purch warrants
9658 Sale 95/
967 203
4
1
97
98
9678 82
4 Sale 9612
/
Flret&ref6eeer1esB...l95ii D 961
Flak Rubber 1st e I 82
5 116 11614
1941 MS 11534 Sale 11534 116
2
4
1
/
100
10234
4
1003
MN
4
1003
Sale
4
1
/
100
613_1928
lot
cony
Brake
Air
NY
MS
8713 9014
Ft Smith Lt & Tr lit g 6e
2
8812 Sale 8812
1936
89
5
4
1
85/
845s 87
4 10534 N Y Dock 50-year 1st g 46_1951 F A 8514 Sale 8514
1
98/
105
Frarneric Ind & Dev 20-yr 7316'42 iJ 104 Sale 10318 104
4 11812
/
4 11612 42 1161
/
107
2 10834 10912 N Y Edison let & ref 9546 A.1941 A 0 11634 Sale 1161
Francisco Sugar lot el 73.4s_1942 MN 107 10712 107
20 102/
4 104/
1
4 104
1
4
1
1944 A 0 104 Sale 103/
First lien & ref 5518
9434 10014
French Nat Mall SS Lines 7s 1949 Jo 99 Sale 98/
4
1
991 121
4 106 10714
10718 ____ 10718 10718
10278 10278 N Y Gas El Lt & Pow g 56_ _1948 J
U.& El of Berg Co cons 8581949 in 10238
10278 Feb'27
24
4
933
4
933
924
4
1
/
13
A
F
_1949
9318
Sale
46_
gold
money
Purchase
11212
AO
4
/
1061
8
10818 Sale 10714 1081
Gen Asphalt cony 88
1939
_
NYLE&WC&RR554a_1942 MN 10118 ____ 101 July'26
93
91
Gen Electric deb g 3%s__ _1942 FA
9234 92 Apr'27
92
10112 10178
2 Mar'27
18
17
07
_ 16
30 103 10512 NYLE&WDock&Imp 581943 J
Gen Elec(Germany)70 Jan 15_'45 J J 105 Sale 10458 1051
10112
4
10012
Mar'27
A
4
1
F
1003
66-1930
01_1
.
NY&QEIL&P
lets
125 11312 124
B f deb ONs with war
1941 SD 12314 Sale 11812 124
26
NYRyelBtRE&ref4o.1942i J
V.ithout wants attach'd '40 SD 10118 Sale 10084 1011
9914 102
31
63
62
62 Mar'27 _
Certificates of deposit
10158 48 10012 102
Goal Petrol let if 66
1941, FA 107 Sale 101
8 Dec'26 _ _ _ _ -- -.30-year ad) Inc 633___ _Jan 1942 A 0
1 101 12 10312
103
Urn Refr let of g 66 eer A_ _ _1952 FA
10218 105 103
513 Mar'27
-_ 10
512 512
Certificates of depoent......
9912 103
Good Hope Steel & I see 7s. _1945 AO 10278 Sale 10238 1027
33
2814 57
26
4 Sale 27/
1
27/
Apr
3071
4
1
4 108
1
Goodrich(B F) Co let 650_1947 Si 10714 Sale 10718 10753 30 105/
N Y Rye Corp Inc 613_ _Jan 1985 ---1
8138
4
1
81/
81
1965 J J 8138 82
8514
Prior lien 66 series A
Goodyear Tire & Rub lot 80_1941 MN 12214 Sale 12112 1221
81 12054 12214
5 102 10414
MN 10414
4 10454
1
104/
10-year s I deb g 8s_May 1931 FA 11012 11034 11012 1103
4 N Y & Richm Gm 1st 813.._
/
30 11018 1111
5
57
4
1
5334 5912
4 Sale 56/
/
99
Gotham Silk Hosiery deb 613_1936 JO 9834 99
99
16
4 N Y State Rys lst eons 4;0_1962 MN 561
/
99 1001
82
3
771
77
77
71
75
1962 MN
Gould Coupler let s f 68_ __.l940 FA 8312 Sale 8312
8314 87
, series B
8312 11
let eons(190
101
10514 107
4 1067
/
Granby Cons MB & P con (is A'28 MN 101 Sale 101
____ 1061
2 101 102
NY Steam let 26-yr 68 ser A.1947 M N 107
23
101 102
997
Stamped
4 9972
1
98/
4 Sale 9912
1
NY Telep let & gun of 4540.1939 MN 99/
1928 MN 101 10512 102 Mar'27
7 1101a 11112
Cony deb 78
4 Ill
1
1930 MN 141 Sale 13978 14112 44 127 155
30-year deben s f 6s._ _Feb 1949 F A 11014 11038 110/
23 10778 109
1081
143 143
Registered
143 Mar'27
20-year refunding gold 65.1941 A 0 10818 Sale 10818
10238 10 10012 102/
98
4
1
01 Cons El Power(Japan)78_1944 FA 9758 Sale 9534
76
9534 9912 Niagara Falls Power let 543..1932 J J 102 Sale 102
5 1041
1053
Great Falls Power lit of is_ _1940 MN 10334 105 10334 Mar'27
4 106
/
10234 1061
Ref & gen 136
4
Jan 1932 A 0 10511 Sale 10514
/
56 100/
8812
Backeneack Water lot 4.8._ _1952 J J 8878 _-- 8812
4 102
1
8812 881
2
4 102
/
4 Niag Lock &0 pr 1st 55 A_ _1955 A 0 102 Sale 1011
/
9418
Hartford St Ry let 46
964
4 941
/
90
931
16
5
901
1930 MS 9518 Sale 9418
9012 Sale 90
4 No Amer Cement deb 690 A.1940 M
/
964 9718
4 __- 9713 Apr'27
1
97/
Havana Elm consol g 56_ _ A952 FA
96/
20
97
4
1
4 9734 Nor Ohio Trac & Light 86_ _ _1947 M S 96/
1
4 Sale 96/
1
Deb 6545 series of 1926_ 1951 MS 8834 Sale 8834
4 903s Nor'n States Pow 26-yr be A_1941 A 0 10112 Sale 10114
1
88/
4
8878
10112 13 100 10112
4 72 1011
1
103/
Hershey Choc let & cell 5)01940 Si 103 Sale 103
4 16334
/
9914 Sept'26
_
A 0
Registered
Hoe(R)& Co 1st°Ns ser A_1934 AO 10014 101 10014 10012
98 10112
20 10412 106
5
1st & ref 25-yr lie series B_1941 A 0 106 Sale 10534 106
Holland-Amer Line Os (flat) _1947 MN 10114 Sale 10073 10112 35
9112 10113 North W T 1st fd g 414s gt41.1934 J
2
9812
98
9812 Sale 9812
9812
103
Sudden Co Gas let g 5&...l940 MN 10212 10312 103
5 102 103
Humble Oil & Refining 6445_1932 J J 10238 Sale 10214 10212 64 102/
4 10234 Ohlo Public Sendee 7;is A _ _1946 A 0 11414 11434 11412 115
1
16 114 116
10018 90 100 10018
Deb gold be when Issued_ _1937 A0 1001
4 Sale 100
/
4 11512
1
1 113/
114
let & ref 72 aeries B
1947 F A 114 Sale 114
1111nom Sell Telt:0,mm 456_1956 SD 10412 Sale 10412 10412 16 10254 1044 Ohio River Edison lit 62_ _1948 J J 106 107/
9 105/
4 10736
1
4 10713 10738
1
Si)
9
4
1
Illinois Steel deb 4;is
91/
9834 32
1940 AO 9834 Sale 98
9634 9912 Old Ben Coal let 88
9018
1944 F A 90 Sale 90
7
102
101
9 10038 10234 Ontario Power N F let 5e___1943 F A 1013
ilseder Stee More of 74
4
1013
4
1948 AO 10134 Sale 10134 102
1013
- 99
4 Mar'27
1
98/
10034 10138
98
Ind Nat One & 011 Si
4 Apr'26
/
1938 MN 99
98', Ontario Transmission 5e__1945 M N 10114
102 1011
4169
Indiana Steel let 6a
9312 9612
96
Otis Steel 1st M Bs ser A_ _ _ _ 1941 M S 9534 Sale 94
1962 MN 10414 10412 10412 10434 24 10312 los
9934 10112
Ingersoll-Rand let be Dec 311935 35 10018 ___- 9934 Dec'26
_
Pacific Gas& El gen & ref 66_1942 J J 10034 Bale 10013 10112 322
4 10114
1
4 39 ioira 1044 Pae Pow & Lt list&ret 20-yr 521`80 F A 1001
1
103/
99/
Inland Steel deb 534e
4 10038 10018 10038 10
/
1945 M N 10338 Sale 10314
4 16 1001
1
4
1
4 102/
/
4 26 1011
1
102/
Inspiration Con Copper 690. 931 M
10034 Sale 10014 100/
4 10132 Pacific Tel & Tel let Se
/
10214 10212 10214
1937 J
Apr'26 _
11
4
1
20
10314 52 10112 193/
interboro Metrop ooll 434e_ _ 956 *0
4 Sale 10278
1
1952 M N 102/
Ret mtge fis aerial A
13 Nov'26
13
Guaranty Tr Co Ms dep
Pan-Amer P & T cony of 66_1934 M N 10234 Sale 10284 10314 100 10234 10614
1012 May'25
_
let lien cony 10-yr 75
1930 F A 10412 Sale 10412 10478 16 10412 10514
Ctt dep atpd asetd 16l sub..
77
7935 Pan-Am Pet Co(of Cal)cony 88'40 J D 9438 Sale 94
9234 10012
9434 58
e" 7618
59
giaanterboro Rap 'Fran let 68_1966 Tri
4
1
98 100/
10014 20
4
1
J
7634 129
753s ..791
7638 Sale 76/
Stamped
4 Paramount-Bway lot 554._1951 .1 J 110 Sale 100
/
8012
88
22
9312
4
863
86
80
Sale
79
86
Sale
86
AC
80
J
_1963
Park-Lox
8212
1932
et leasehold 63.03_
10-year 621
4 103
/
1 1021
98
961
4 10314 10212 10212
1
57
4 99
/
Pat & PasealcO & El cons 58.1949 M S 102/
10-year cony 7% notee_ _ _1932 MS 9734 Sale 9758
9912 101
169
101
8334 90
2
8334
8334
_1941 M S 101 Sale 10014
4 83
/
811
Penn-Dlide Cemen t 138 A
Int Agri° Corp let 20-yr 58._1932 MN
70
2
70
671
4 83
/
Peop Gas & C
7018 77
M
Stamped extended to 1942_ _
oona g 83__1943 A 0 11312 115 11312 Mar'27 - - 11312 115
10212 18 10132 10234
102
230
9558 10278
1947 M S 10134 10218 102
Mater Mercan Marines t 88_ _1941 AO 10112 Sale 10118
Refunding gold 58
4 27 10314 10472
1
98
9912 Philadelphia Co coil tr 86 A.1944 F A 10334 Sale 10312 103/
48
97
international Paper Si
9734 Bale 9712
1947 J J
9958 103
4 Sale 10138 10238 26
/
15-year cony deb 590__1938 M S 10218 Sale 10134 10212 10 10012 10212
RefsfdseerA
1955 MS 1011
12 100 10212
102
9878 44
9734 9878 PMla & Reading C & I ref 58_1973 J
101 Sale 100
Cony deb Os
1941 *0 9834 Sale 9818
4 10714
/
4 Pierce-Arrow Mot Car deb 821943 M S 10212 Sale 10212 10414 74 1021
nt Telep & Teleg cony 6544 .945 MS wets Sale 10934 11012 310 10878 110,
10038 30
99,2 103/
4
1
9612 9678 Pierce Oil deb s 188. _Dec 15 1931 J D 100 101 100
4
1
4 16
1
98/
Italian Cred Consortium 78A1937 MS 9638 Sale 96/
1 1024 1051
103
96
9512 97
38
4
/
Extl sec s Theer 13
Pillsbury Fl Mills 20-yr 66_ _1943 A 0 103 10412 103
1947 MS 98 Sale 9512
1
100
_ _ 100
9912 100
9058 101
Pleasant Val Coal 1st g 8166_1928 .1 .1
Italia° Public Utility sit 7e.1952'5 9214 Sale 9412 101 2319
3
9114
9114
9114 9212
4 10911 Pocah Con Collieries let if 581957 J J 1001
4 9112
/
911
Juritens Works88(fiat price).1947 J J 10638 Sale 10612 10658 18 104/
4 13 103 10573 Port Arthur Can & Dk 60 A.1953 F A 104 1043 10338 Apr'27
1
10332 10532
104/
Kansas City Pow & Lt 68-1962 MS 10418 Sale 10418
4 106
1
104/
10512 19 10334 10634
1st M 68 series B
1953 F A 10412-- 105 Mar'27 _
10518 10534 10514
Karma Gas & Electric 613..„1952 M
10112
8 10014 102
14 10834 108,1 Portland Eiec Pow let Be BA947 M N 10114 9tle 10114
Kayser (Julius) & Co let Of 7.'42 FA 10778 Sale 10778 108
4 99/
/
100 101
991
10038 10158 10012 Mar'27
4 Apr'25
1
98
9934 Portland Gen Elea let 58_1935.1
Keith (11 F) Corp 1st 68_ _1948 MS 99
4
96
9412 97
9534 963 9512
106
99 106
74
1930 MN
Portland Ry lot & ref 56
4 Sale 105
1
Kelly-Porinat Tire 8 w. notes 1931
N 105/
"7512
2260
THE CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N.T.STOCK EXCHANGE
Week Ended April 15.
Pries
Thursday,
April 14.
[VOL. 124.
Quotations of Sundry Securities
All hon4 orlee3 are "and Intereet" escent whore marked
Week'.
Range or
Last Sale
Range
Since
Jan. 1.
Standard 011 Stocks Par 880. AWL!
Public Utilities
Per Ct.'Basts
Anglo-Amer Oil volstook-El •1938 1958 American Gas & Electzle_t "77
7812
Non-voting stock
El "1858 1914
6% preferred
*100
101
t
BM
Ask Low
His) N•. Low
High Atlantic Refining
100 1124 11234
Deb 6.2014
MAN 10312 104
Penland Ry L & P 1st ref da.1942 F A 96 Sale 9538
21
Preferred
98
91% 98
100:116 119 Amer Light & Tract com_100 rx22712 8229
let lien & ref 615 aeries B___1947 M N 10138 102 10114 10114
7 10012 101% Borne Scrymser Co new...- '50 63
Preferred
100 125
let & refund 7)4s aeries A_1946 MN 10714 -- 10712 Apr'27
Buckeye Pipe Line Co..,.._,60 *4914 4934 Amer Pow & Light pref-100 100 127
10612 10.9
101
Pressed Steel Car cony g 60_1933 J J 9614 Sale
9578 ' 9638 21
9412 97% Chembrough Mfg Cone-26 *82 83
Deb fts 2018
M&S 102
Prod & Ref s f 8s With warts)'31 J D 11118 _
11118 Apr'27
11118 1114 Continental Oil v to
10 •1858 1834 Amer Public Util oom___100 55
72
Without warrants attached__ J D 11034 Sale 11012 111
17 110 11112 Crescent Pipe Line Co 60
7% Prior preferred----100 89 92
Pub Serv Corp of N J sec 68_1944 F A 108 Sale 108 • 10812 25 10334 10612 Cumberlandripe Line._ 100 93 95
4% panic preferred
Pub Serv Elec dr Gas 1st5)01959 A 0 105 10514 10514 10514
2 10434 108
Eureka Pipe Line Co___100 z52 64 Associated Gas & Elea--100Pref-t
--1st & ref 5)0
1984 A 0 10512 Sale 10514 1051
10 104 1055s Galena Signal 011oom_-100 11
12 Blackstone Val G&E com_60 *5114
_
Punta Alegre Sugar deb 78_1937.1 J 108 Sale 108
Preferred old
10834 12 107 11112
100 49 52 Com'w'ith Pow Corp
t *122'44 4434
-Rand Kardex 510(with wart)'31 .2
172
170
Preferre I new
7 10212 170
170
100 40 45
Preferred
100 95 98
Without stock our warrants_ _ _
10112 Sale 101% 10112 14 100 10158 Humble Olt& Refining___25 *58 5834 Consol GM 6% prof
57
50
*5612
Remington Arms 85
1937
98 Sale 9714
Illinois Pipe Line
32
954 98
98
100 13812 13811 Elea Bond & Share pref_100 10814 107
Repub I & 10-30-yr ba f 1940 A 0 10112 103 10258 103
.4314 43713 Elec Bond & Share &sour__ t 8834 6914
1 100% 10312 Imperial Oil
Rf&gen6348eerlesA1953J
101 Sale 101
9858 1024 Indiana Pipe Line Co--50 *88 6612
10134 15
Power Securities_t *31938 81912
Rheinelbe Union 7. with war 1948 J J 128 Sale 12538 12834 212 11811 12634 International Petroleum-..t *3114 3138 Lehigh
Mississippi Itly Pow pref.100 100-Without stk pure!) war'ts_1948 5 J 101 Sale 10078 10112 220
1414
9978 10412 National Transit Co-12.50 •14
First mtge Ss 1951___J&J 10112 0212
Rhine-Main-Danube 78 A_ _ _1960 M $ 1034 Sale 103
9 102 10412 New York Transit Co...100 32 34
10314
Deb bs 1947
MAN 9614 97
Rhine-Westphalia Elea Pow 78'50 M N 103 10312 10234 10338
Northern Pipe Line Co 100 76
78 National Pow & Light pref-t *105 100
4 10134 105
Rime Steel let of 78
_1966 F A 97% Sale 9678
Ohio 011
98
25 5714 58 North State]Pow com__100 116 117i2
32
9334 98
Robbina & Myers lat a f 7s_A952 J D 59
5912 5912
Penn Mex Fuel Co
18
26 *13
80
2
5912 85
Preferred
100 10312
Rochester Gas & El 76 ger B_1946 M S 11114 11112 11114 11114
25 *474 4714 Nor Texas Elm Co com_100 29 31
6 1114 11214 Prairie Oil& Gas new
Gen mtga 53/8 series C1948 M S 1054 Sale 10514 10514
2 105 10814 Prairie Pipe Line new100 14912 15012
Preferred
100
71
73
(loch & Pitts C&Ipm 5e1948 MN 90
921 9212 Jan'27
100 184 188 Ohio Pub Serv, 7% pref-100 10414
9212 9212 Solar Refining
Rogers-Brown Iron gen&ref 78'42 M N
3834 Apr'27
3834 4972 Southern Pipe Line Co-50 *174 18,4 Pacific Gas& El 1st pref-_25 3'25 105l4
2512
Stamped
M N 38 Sale 38
South Penn On
26 *3512 3578 Power Securities corn
38
3814 12
50
t 315
8
Southwest Pa Pipe Lines.100 *6114 63
Second preferred
t •30
33
St Jos By Lt & Pr 1st 5s__1937 m
9612 -___ 9812
9558 9712 Standard 011 (California)...t *5514 5538
9812
2
Coll trust 88 1949___J&D '
592 94
Eft Joseph Stk Yds 1st 4 A a_ _1930 j
9734 ____ 9734 Feb'27
_
9734 9734 Standard 011 (Indlana)26 *6633 6634
Incomes June 1949__F&A *86 88
St L Rock Alt & P ba stmpd_1955
7912 797s 7934 Apr'27 -Ms 814 Standard Oil(Kamm)_ _ _25 *1718 1738 Puget Sound Pow & Lt_-100 2812 2912
St Paul City Cable cons bs_ _1937 J J 9514 ____ 9638 Apr'27
9514 98% Standard 011 (Kentucky)-25 *11314 114
preferred
6%
100 86 88
San Antonio Pub Serv 1st 88_1952 5 5 106 Sale 108
10714 12 10512 10753 Standard Oil(Neb)
26 *4714 4712
100 d107 109
7% Preferred
Saxon Pub Wks(Germany) is'46 F A 10234 Sale 10212 10234 26 10114 104
Standard 01101 New Jer._25 .3638 37
1st & ref 530 1949._SAD 10012 10112
Gen ref guar 636s
1951m N 98 Sale 98
98
9812 42
9912 Standard 011of New York.25 .3012 3034 South Cal Edison 8% pf_ _26 '38 --19463 5 10114 Sale 10034 10114 12 9938 10112 Standard 011(Ohio)
fichulco Co guar 8 As
100 335 345 Stand 0& E 7% pr 0_100 1074 10814
Guar a I 6 As Series B__ _ _1948 A 0 9978 Sale 997
New
25 *84 86 Tenn Elea Power let prof7% 1054 1064
99 10114
10014 10
Sharon Steel Hoop 1st 8s ser A '41 M 8 10878 Sale 10812 10878
Preferred
100 119 120 Toledo Edison 7% pref-100 10734 10812
b 10712 10912
Sheffield Farma 1st & ref 634842 A 0 10712 10734 10712 10712
17
100 16
2 107 10814 Swan & Finch
100 116 117
8% Preferred
Sierra & San Fran Power 66-1949 F A 9834 Sale 9834
Union Tank Car Co
9834
100 109 110 Western Pow Corp pref-100 98 100
1
96 97
Silesia Elec Corps I 634s
1046 F A ____ 9714 912
9612 9814 Vacuum 011
9714 14
25 *11278 113
011ealan-Am Exp col tr 7s_ _1941 F A 101 Sale 10012 101
Washington
10112
011
4
10
89
983
•
Chic St Stk ILd Bk Bonds
Simms Petrol 8% notes._ _ A929 M N 9934 Sale 9934 10012 64
9934 105
610 Nov 1 1961 opt 1931- 10012 10134
Sinclair Cons 011 16-year 76_1937 m s 9914 Sale 9812 100
9754 10234
Other 011
171
68 Nov 1 1961 opt 1931- 9912 10034
lstl'nooltr8eCwlthwarj927J p 100 Sale 9978 100
t
•118
9938 10214 Atlantic Lobos Oil
42
114 bs May 11952 opt 1932- 9912 101
ist lien 8 As /*Mee B
1038j D 97 Sale 96
Preferred
9214 10238
9712 171
60 *278 312 4(o Nov 1 1952 opt 1932-- 9814 9934
Sinclair Crude Oil 3-yr 88 A1928 F A 10034 Sale 1008* 10034 37 10038 10118 Gulf 011
8812 00 Nov 1 1952 opt 1932-- 96 99
26 *88
Sinclair Pipe Line e f ba
1942A 0 9338 Sale 9314
9214 Ws Mountain Producers
94
10 •2438 2434 434s May 1 1983 opt 1933_ 9814 10012
18
Smith (A 0)Corp lat 34a-1933 M
10134 10238 10134 10212 11 1014 10234 National Fuel Gas
100 236 238 I be Nov 11063 opt 1933__ 9912 101
South Porto Rico Sugar 7s._1941
New WI
10812 10834 10834 10834 11 107 109
t "2334 2414, 430 Nov 1 1984 opt 1934_ 97 100
South Bell Tel& Tel lst s f 631941 j J 103 Sale 103
10338
5 10212 10334 Salt Creek Consol 011----10 •7
714 43.0 Oct 1 1986 opt 1936_ 97 100
Southern Colo Power fla A._1947 j j 10314 Sale 10314 10312 22 10018 10412 Salt Creek Producers- -10 22911 2934 Pac
Coast of Portland,OreS'weet Bell Tel let & ref Es_ _1954 F A 10414 Sale 104
10418 19 10254 10414
58 1956 opt 1935___M&N 10114 103
Spring Val Water lat g ba- _19 3 MN 9912 10038 10018 Apr'27
Railroad Equipments
9812 10018
ba 1964 opt 1934___M&N 1014 10238
Standard Milling lit ba
1930 M N 10114 10158 10158 10158
Atlantic Coast Line 68
5.00 4.85
5 100 102
lst & ref 630
1946 M
4.70 4.62
Equipment6348
103 10314 10318 10318
1 10178 103%
Sugar Stocks
Stand 011of NJ deb 5a.Deo 1546 F A 10218 Sale 10178 10212 156 101% 102% Baltimore & Ohio 130
6.06 4.90 Caracas Sugar
60 •1
3
Stand 011 of N Y deb 4 As_ _1951 j D 9534 Sale 9518
Equipment 434s & 58.--- 4.75 4.80 Cent Aguirre Sugar com 20 104 106
954 96
958 133
Stevens Hotel let 138 tier A
19465
100 10014 9978 10014
99 1004 Buff Roch & Pitta equip 88_ 4.90 4.70 Fajardo Sugar
8
100
163
155
Sugar Estates (Oriente) 78_1942 M
9912 100 994 100
9812 10014 Canadian Pacific 4348 & 60. 4.95 4.85 Federal Sugar Ref com 100 36 44
7
Superior 011 Ist f 78
1929 F A 10014 10034 10014 10014
6.00 4.86
9934 10214 CentralRR of N J fla
b
Preferred
100 50
75
Symcuse Lighting lat g ba-1951 D 10334 ____ 10334 10334
4.90 4.80 Godchaux Sugars,Inc
b 10234 10334 Chesapeake & Ohio68
t *1
3
Tana Coal Iron & RR gen 58-1961
Equipment8348
4.80 4.65
10314 104 10458 Mar'27
103 10658
Preferred
100 16
20
Tenn Copp & Chem deb 6s_ _1941 A 0 9912,100 10014 Apr'27
Equipments.
4.70 4.80 Holly Sugar Corp cora--t *31
100 10114
34
Yennessee Elea Powlst 68_ _ 1947 J D 10812 Sale 10638 10812 26 10518 10712 Chicago Burl & Quincy 6... 6.00 4.90
Preferred
106 88 84
Third Ave 1st ref 48
1980 J J 85, Sale 85
6512 63
63 8812 Chicago& North West 88... 6.05 4.90 National Sugar Refining_100 138 138
Adj int, la tax-ex N Y Jan 1960 A 0 58 Sale 5812
5612 6512
Equipment634s
4.90 4.75 New Niquero Sugar
5818 475
100
85 70
Third Ave By 1st g be
19375 j 9758 99
9758 Apr'27
9812 Chic R I & Pas 430& ba--- 4.80 4.66 Santa Cecilia Bug Corp Pf100........
97
Tobo Elec Pow 181 78
19155 M
EquipmentOs
97 Sale 96
6.16 6.00 Savannah Sugar corn
96
9712 115
9934
t
"138
140
6% gold notes _ _ _July lb 1929
.1 9778 Sale 9812
6.20 5.00
9312 9914 Colorado & Southern
9814 39
Preferred
100 118 120
Tokyo Elea Light 6% netee-1928 F A 9838 Sale 9814
5.00 4.90 Sugar Estatee Oriente pf _100 67 70
984 9912 Delaware & Hudson 68
99
80
Toledo Edison let 7a
1941 M S 108 10812 108
Erie
5.00 4.75 Vertlentes Swear Of
434s & ba
10811
9 10724 10834
100 65
70
Toted° Tr L&P bA% notes 1930 J j 9934 Sale 9934 100
Equipment 6s
6.16 5.00
98% 100
22
Tobacco Stocks
rrenWn & El 1st g ba_ _ _1949 m s 10238
Great Northern es
6.06 4.95 American Cigar com---100 118 120
10218 Dec'28 _ _
_1940
let
Trumbull Steel
M
sf 6a_
Equipment 55
101 Sale 10034 10114 18
4.70 4.60
Preferred
9712 l01'4
100 101
Twenty-third St By ref 56.._1962
4.75 4.65 Britlah-Amer Tobac ord__
____ 88 8712 Mar'27
67 6712 Hocking Valley 6.
'24 -21Tirol Hydro-Elec Pow 750.1955 M N 101 Sale 101
Equipment as
6.06 4.90
102
99 10214
earer
40
£1 *24
25
B
Illinois Central 434e & 6e.,
4.86 4.66 Imperial Tob of GB & Irei'd '25
28
1946 N S 99 Sale 97
01fgawa El Pow f 7a
Equipment 68
6.00 4.86 Int Clgar Machinery_100 132 142
99
97 100
101
Undergr'd of London 434e_1933 S J 9534 9714 9534 Mar'27
Equipment 78&634.
4.75 4.65
9534 96
New Stock
t "48 53
1948
Income fis
9878 Mar'27
9878 9678 Kanawha & Michigan 6s___ 6.20 15.00 Johnson Tin Foll & Met_100 60 75
Union Elea Lt & Pr(Mo)58_1932 M S 10178
102
10212 18 10114 10212 Kansas City Southern 8348. 6.10 4.86 MacAndrews & Forbes_100 41
43
1933 M N 10212 Sale 10258 10212
Ref & ext bs
6.00 4.85
7 1014 10258 Louisville& Nashville Os..
Preferred
100 101 104
Un E L&P(I11)1stg 6As ser A1954 S J 10234 Sale 10212 103
Equipment6348
4.70 4.62 Mengel Co
3 10134 10312
100 28 32
Union Day By(Chic) 5a
1945 A 0 8014 83 82 Apr'27
Michigan
Central
4.95
58
4.75 Universal eaf Tob corn --t *42 44
& Os-81
844
Union Oil 1st liens f 58
1931 5 J 10158
Minn/A P & SSM4345 & ba 6.10 4.85
_ 10158 Apr'27
10112 102
Preferred
100 103 108
30-yr 88 Bertha A
May 1942 F A 108 Sale 108
Equipment 630 & 75_
6.10 4.80 Young (55) Co
10812
3 108 109
100 105 115
1st lIens foe series C Feb_1935 A 0 9878 Sale 9812
9812 OW% Missouri Pacific 6s & 8345.. 5.20 4.90
9878 14
Preferred
100
103 107
United Drug 20-yr 6a_ Oct lb 1944 A 0 10738 Sale 1073$ 10712 11 10612 107,
4.90 4.70 Rubb Stks (Cleee'd guotarn)
11 Mobile & Ohio 56
United Fuel Gas 1st,f 83._1938 J 5 10434 Sale 10412 10434
8 1024 104% New York Central 43411& be 4.85 4:65 Falls Rubber cam
214
t
3
United Rys St L 1st g 4s_ ___1934 J .1
Equipment68
7718 Apr'25
4.90 4.80
7714
76
Preferred
26"
7
United SS Co lb-Yr 68
1937 MN 9434 96 9434
Equipment78
4.70 4.85 Firestone Tire& Rub com.10 121 127
90
9814
9614 24
United Stores Realty 20-yr (Ss '42 A 0 10518 106 10514 10514
Norfolk
& Western 434s
4.82 4.55 6% preferred
3 103% 10512
100 106
17 8 Rubber lat & ref ba ser A 1947 3 .1 9814 Sale 96
9634 187
4.80 4.75
9434 9634 Northern Pacific 7e
7% prtferred
100 101
Registered
S J_
9438 9438 Pacific Fruit Express 72.-9438 Feb'27
4.75 4.70 General Tire &Rub com-25 150 156
10-yr 734% secured notee_1930 F A 10534 Sale 10534 1064 34 103% 106% Pennsylvania RR eta bs & Os 4.96 4.60
Preferred
100
11012
U S Steel Corp(coupon Apr 1983 MN 10738 Sale 10738 10712 101 10618 108
Pittab & Lake Erie 630-- 4.90 4.70 Gloody'r R &R of Can pf.100 rlOO 101
if 10-80-yr balresist_.A pr 1983 MN
_ _
Equipmentfis
108 Mar'27
10634 108%
6.00 4.80 India Tire & Rubber new_ _
27
Universal Pipe & Bad 88.--1936 J D 88
Reading Co 434s & ba
8912 8914
3 8714 90
8914
4.66 4.55 Mason Tire & Rubber com-t *214 212
17tatt Lt Tma 1st & ref 56-.1944 A 0 9478 Sale 9412
9338 9512 St Louis & San Francisco bs. 4.80 4.70
94% 48
Preferred
100 20
22
1944 F A 9914 Sale 99
Utah Power & Lt 1st be
9738 9934 Seaboard Air Line /40 & 6s 6.26 4.95 Miller Rubber preferred_100 10212 103
99% 41
1950 J J 10278
Utica Elec L & P 1st as
_ 10278 Oct'27
Southern Pacific Co 4345... 4.65 4.55 Mohawk Rubber
100
18
Utica Gas& Elec ref & ext 58 1967 J J 10378 10418 10314 10334
Equipment78
4 10218 10334
4.76 4.85
Preferred
100 40 45
Vertientea Sugar 1st ref 7s._1942 J D 10034 Sale 9934 10034 22
9834 10034 Southern Ry 4348 & ba
4.85 4.70 Selberling Tire & Rubber--t •2212 23
victor Fuel 1st 8 f bs
1953 .1 .1 5814 80 5714 Mar'27
5614 57%
Equipment Os
6.05 4.95
Preferred
100 99 -Va iron Coal& Coke 1st g ba 1949 M S 9438
9478 Apr'27
94% 94% Toledo & Ohio Central 6s--- 5.00 4.90
Water Bonds.
1934.1 J 100 Sale 9914 100
Va By Pow 1st & ref 65
Union Pacific 78
17
4.70 4.62 Arkan Wat lst 68 68 A.A&O 9512 9534
98% 100
Wslworth deb 830(40th war)'35 A 0 9534 Sale 9534
98
4
92
9612
Birm WW 1st634sA'64.A&0 103 104
1946 A 0 9512 Sale 95
let sink fund 6aserlea A
Short Term Securities
9512 18
9314 98
1st M 68 19154 ser 13__J&D 9912 100
Warner Sugar Refin 1st 78_ _1941 3 D 10812 Sale 084 10812 27
91% 10712 Anaconda Cop Min 88'292&J 102 10238 Butler Wat Co e f 15a'27.J&J
1939 J J 9458 Sale 9158
Warner Sugar Corp let 7s
y818 9814 Chic RI & Pac be 1929_J&J 100% 0118
9514 39
58 Sept 2 1931__M&S 1 9812 98
Wash Water Powers f 5e1939
5 103
6% notes 1929
03 Apr'27
10234 103
Mdt13 10078 014 CItyW(Chatt)5 As'154AJ&D 10314 10414
Westchea Ltg g bs stmPd gtd 19505 D 103 Sale 03
411% notes 1928
103
1 1024 10312
J&D 9978 1004
1st M Ss 1954
SAD 974 9812
1944 M N 10178 10234 10214 19258
West Ky Coal 1st 75
4 10112 10258 Federal Sus Ref 135'33 MAN 87 90 City of New Castle Water
West Penn Power ser A 66_1948 M El 10214 Sale 102
10018 10214 Missouri Pacific ba '27--J&J 100 100%
10214
bs Dec 2 1941____J&D 1 93 95
1983 M 8 10112 Sale 10112 102
1st ba series E
9 10014 10312 Blosa-Sheff El & I 69'29_F&A 1024 103 Clinton WW 1st 58'39..F&A 95
-1963A 0 105 108 105
Indus & Mims!!
1st34s series F
105
1 10412 1064
Com'veth Wat 1st 1534sA '47 103 1-04
1956 D 101% Sale 10138 101% 67 100 10134 American Hardware
let sec 58 series
25 "82 84 Connelisv W 5a0M2'39A&01 92 9312
1960
Os
let
5
.1
78
C
Babcock
C
&
&
79
Va
79
West
79
Wilcox
79
80
100 119 122 E St L Int Wat '42 J&J 98 97
Bliss(E W)Co
•2312 24
lot M (is 1942
J&J 103 104
1944 AO 10234 Sale 10234 103
Western Electric deb 58
Preferred
84 10118 103
60 "56 60 Huntington let 66'64.-M&9 104
68_1938is
Union
coil
tr
cur
Borden
10234 103 10314 Apr'27
Western
Company corn_ 60 $10712 10912
10138 10514
5e
1954 9714 98
Fund & real eat g 4As--_1960 MN 9858 Sale 9838
1
9712 9934 Celluloid Company
9838
100 20 22 Mid States WW 66'38 MAN 100
1938 PA 11112 Sale 11138 11158
16-year 6 As g
Preferred
9 11114 11214
100 89 72 MonmConW 1st 56'56A5&D 114 -904
1951 SD 10278 Sale 10212 103
25-year gold 55
95 101 10314 Childs Company prof...-100 118 120 MoaM Val Wt 554s '60 J&J 9912 1004
Wee'bouse E & M 20-yr g 68_1948 MS 10234 Sale 10234 10314 59 101 10314 Hercules Powder
100 190 194 Muncie WW re Oct 2'39 A01 95 _
Westphalia Un El Pow 6340_1950 JO 9734 Sale 9738
Preferred
981.2 11
9634 99,2
100 116 118 StJoaeph Water ba 1941A&O 96
100 Sale 9914 100
Internet Silver 7% prof -100 115
Wheeling Steel Corp 1st 534s 1948
31
9834 100
Shenango Val Wat bs 58A&0 94 95
10312 Sale 102
10312 72
97% 10312 Lehigh Valley Coal Sales-60 *96
White Sew Mach 851(with war)'36 .1
98 So Pitt& Wat lat 58 1960 J&J 97 98
Phelps Dodge Corp
4412
J 4412 Sale 4412
Wickwire Stem SVI let 7._ -1936
2
4412 58
1s8 M ba 1955
FAA 98 99
100 121 128
Royal Baking Pow com-100 180 165 Ter
35
36%
52
Wickwire Sp St'l Co 78 Jan 1935 MN 3638 Sale 3618
WW 68 '49 A-J&D 102
Preferred
Willys-Overland e f 634s_.-1933 MS 10212 Sale 10214 10258 24 10134 102%
lat M ba 1966 ger B_ F&A 95 _
100 10112 10212
Wilson di Co lit 26-yr s f88 1941 AO 100 Bale 9912 10014 60
9734 102% Singer Manufacturing
100 374 377 Wichita Wet let 68'49.1141&8 103-.
Singer Mfg Ltd
AO
93 Feb'25 _
1st M 68 5956 ear BF&A 95 98 Registered
6
El *5
1941 AO 106 Sale 108
10812 23 10412 1-06-12
Winchester Arms 7As
'Per
share.
t No par value. b Basis d Purchaser also pays accrued dividend.
10434 Sale 10458 105
188 103% 106
Emmen Sheet & T 20-yr 68_1943
r New stock. .1 Flat price. k Last sale. n Nominal. z Ex-dlvIdend. y Ex-right.
r Canadian quotation. sSale price.
if
2261
BOSTON STOCK EXCHANGE-Stock Record s..6,rerspage
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aprtl 9.
Monday,
Aprit 11.
Tuesday,
April 12.
Friday,
Aprti 15.
Wednesday, Thursday,
April 14.
April 13.
Sales
for
the
Week.
PER REARM
Rangefor Previous
Year 1928
Range &nee Jan. 1.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Hfahal
Lowest
Highest
Railroads.
Shares
100 171 Jan 7 183 Jan 26 159 Jan 17513 Dos
258 Boston & Albany
178 17812 178 18212
17912 17912 +178 180
8179 180
77 May 8612 July
100 83 Jan 4 94 Jan 16
742 Boston Elevated
8412 8312 84
8412 84
8434 84
8414 8434 84
89 Feb 103 Dee
100 99 Jan 4 102 Mar 22
Preferred
60
100
100
*100
10012
10012
8100
10012
3100
8100 10012'
Jan
117
Mar
30
17
Mar
109
Dec 122
100
11212
preferred
let
40
- - 811112 ___ 113 113 *11234 ___ 114 114
*1111
Jan
9812 Jan 112
100 101 Jan 20 10713 Feb 28
350 2d preferred
103 1-0312 10312 10312
10212 103
10i12 *10212 1-03
210212
July
5812
Mar
7
61
Mar
100
85
7
Feb
5113
Maine
&
Boeton
1,254
56
__-- ---- 5312 5312
56
55
5512 55
55
6214
Apr
Dee
22
9
Jan
6112
100
32
56
Apr
Preferred
20
6214 6214 •6214--- *6214 --- *6214 _ _ ____
100 7634 Jan 15 86 Feb 5
59 Apr 86 Dec
12" Scene A 1st pref
ii *81 13
83
881 -83
881 -83
83
*81
100 125 Jan 8 180 Feb 28
84 Apr 130 Dee
74 Series B let pref
124 125 8120 ____
125 125
•125 __ 126 126
74 Apr 110 Sept
100 104 Feb 15 113 Feb 4
Series C let pre
+103 ____ 8103 110 *103 ____ 8103 ____ 8103 ___
100 155 Jan 15 164 Feb 4 105 Jan 165 Deo
Series D let pref
_
__ 8155
___ 8155
8155
__ *155 - -- 8155
10912
Apr
13
Apr 10712 Dee
9
94
Jan
105
preferred
243 Prior
10712 1-09
109 1-09
10912 10912
10912 10912
-109 10912
100 196 Jan 18 205 Mar 30 217512 Mar 20712 Dea
22 Boston & Providence
196 197 8196 200
'198___ 8196 200 *197 200
Jan
Feb
30
26
28
4
Oct 61
Feb
25
-100
Ry
Co.
Street
Mass
170
East
2812
2812
2912 2912 2812 2812 82812 30
29
29
Jan
5912 Apr 71
100 64 Feb 8 71 Jan 11
15 let preferred
67
6512 6512 6612 6612 865
67
865
67
*65
56 May 69
Jail
60 Mar 14 67 Jan 5
100
B
Preferred
25
62
60
8
62
*60
62
*60
62
60
8
62
62
4
40
Jan
Jan
Apr
4814
4914
1
Apr
42
100
Adjustment
137
45
4412 844
4412 44
843
*44
44
44
45
49 Sept 60 Feb
100 4712 Jan 13 74 Mar 29
345 Maine Central
71
71
71
7112 71
71
7272 7112 72
72
3172 Mar 4812 July
100 4112 Jan 6 5834 Feb 16
960 N Y N H & Hartford
544 5458 5352 5478 5218 5378 5212 5278 5238 5232
81 Apr 9812 Dee
20 Northern New Hampehlre_100 9212 Jan 13 10114 Mar 9
810012 ____ *10012 ---- •10012 ____ 101 101 *10012 -.-15
140
Feb
4
120
Apr 132 Dec
Jan
127
Norwich & Worcester pref_100
3135 138 8135 138 *135 318 8135 138
*135 138 '
Jan 125 83316
100 122 Jan 4 130 Mar 7 111
133 Old Colony
12612 12612 12612 12612 127 127 *128 130
•126 129
31
4
116
3
99
Jan
Mar
107 Dm
6
Jan
107
kr
100
Massachusetts_
Vermont
3708 115 *108 115 +108 112 *110 __.- *108 ---Miscellaneous.
2 Nov
413 Mar 1
5 Jan
214 Jar 3
312
314 *3
1,981 Amer Pneumatlo Service_25
3
314 312
312 332
312 312
18 Dec 2414 June
50 1512 Jan 12 21 Mar 17
175 Preferred
81812 20 8_...... 1912 *1812 1912
1912 1912 81912 20
& Teleg-100 14912 Jan 3 172 Apr 7 13912 June 15034 Feb
Telephone
Amer
3,482
16612
8
1663
1673
3
16712
16814
16612
16918
168
168 16918
Jan
4812 July 71
No par 48 Jan 17 70 Mar 14
1,436 Amoakeag Mfg
6112 6112 6414
6312 6112 6112 61
6212 6312 63
7212 Nov 78 Feb
No par 7352 Jan 10 85 Mar 7
Preferred
85
*80
85
880
85
-- _ *80
+80
__
5212 Apr 6334 Jan
Jan 19 59 Feb 10
Otis
tr
54
Plywood
Atlas
150
56
56
57
*256
4
561
4
561
*805634 -563 825634 -58
814 Oct 1714 Jan
8 Jan 22 12 Apr 7
No par
25 Atlas Tack Corp
12
371
12
1114 811
1114 1114 *11
*1112 12
14l May2012 Jan
1514 Apr 5 2012 Jan 3
Beacon 011 Co coin tr We__
1714 81714 , 18
1712 816
•____ 1712 *1612 1712 816
74 Nov 9812 Jan
Jan 7
8612
17
Feb
77
par
Carpet__No
Blgelow-Hartf
657
80
80
8014
8012 8014 8014 *279
79
807
80
5 Jan 3
112 Apr 6
410 Coldsk Corp., class A 7' C ___
112 *112 134
112
134 134
8112 2
8112 2
110 Dominion Stores, Ltd_ _No par 67 Jan 26 78 Mar 30 -57 May -71 Dec
771 31634 7778
77
7612 77
76
76
76
*75
312 Jar
112 Dec
334 Feb 3
26
Jan
112
10
Land
Boston
East
50
212
212 +2
212 82
212 *2
82
2
2
312 Mar
763 Ool
734 Mar 17
312 Jan 11
5
10 Eastern Manufacturing
512 512 8512 6
*512 534 8512 6
*512 53
44 Nov 8812 Jan
4 66 Apr 12
Jan
Inc
45
Lines,
25
SS
Eastern
1,575
6412
6512
6512
65
66
6412
6212 64
6314 631
Jar
45
34
Apr
Nov
5
4234
15
Feb
35
par
No
Preferred
65
4112
4112 8241
4112 4112 8241
42
*24112 42 *241
9014 Oct 9912 Jan
100 8734 Feb 17 97 Apr 13
40 let preferred
97
97
97
97
*9614 97
97
896
*9614 97
14 Nov 28 Fat
18
Jan
4
8
14
3
Feb
12
Grocery
Stores
Economy
____
212
8
__ *212
___ 8:12
. *212
Jan 250 Fat
100 217 Feb 18 253 Mar 29 2207
863 Edison Electric Ilium
4 24312 245
247 249
-.1
24712 i49
247 2-49
247 149
*212---- ---- __
2712 Feb 26 2934 Jan 26
480 Federal Water Serv corn
2814 2811 2814 2832 2814 2812 2814 2814 2814 2812
Oel
14 Junel 27
Galveston-Houston Elea_100 2312 Apr 8 30 Jan 31
2212
82212 231 822
*2212 24
*2212 24
*2211 24
11 Deal 17 Jai
1124 Jan 11 14 Feb 3
100 General Pub eery Corp nom_
1384
813
13
13
*1214 13
*1214 13
•1214 13
19 Feb 2 2112 Jan 4
& Inv let pref
Creel
Germ
115
1914
1914
1914
1914
1911
81914
1912
*1914
19
19
3414 Aprl 4032 Jaz
No par 3534 Jan 24 38 Mar 15
535 Gilchrist Co
23614 3814
3612 364 3634 37
3612 37
37
37
8812 Marl 11312 Fat
No par 8412 Mar 22 9514 Jan 11
3,031 °Bette Safety Rasor
90
9212 9014 92
9012
9114 9134 9134 9232 92
10 Mayl 14 Beni
25 1012 Apr 5 1212 Mar 2
Die
&
Tap
Greenfield
12
*1012
12
12
*1012
*1012
12
*1012
81012 12
__ _
___
Mar
13
17
Jan
coin
12
Baking
Hathaway
10
1212
•12
12
1212 12
1212 *12
1212 •12
*12
-Dec -61134 -Fat
4514
3
14Jan
47
3
No par 4012 Mar
824 Hood Rubber
41
4114 4113 4118 41
4134 41
4112 4112 41
3 293 Apr 96 Alb
Feb
9512
10
Jan
95
A
-100
Accep
pref
Peab
ladder,
206
__
*94
...
43514
_ _ 9514 9514 *9514 .. *9514
612 Aug 1014 Dei
914 Mar 24 1012 Jan 6
18 Libby, McNeill & Libby___10
10
*934 10
98 -*934 "xi
*934 10
8932 -1-0
6 July 1212 Jat
6 Jan 3 10 Jan 18
25
7 Loew's Theatres
634
-- *6
612 612 *612
8612 614 *612 -- 9412 Nei
A
8
80
Apr
90
25
Mar
84
Cos___100
Gas
Massachusetts
1,646
8912 89 1914 28812 89
8912 -8953 89
90
89
65 Jan 7012 Fel
100 70 Jan 3 75 Jan 25
145 Preferred
Stock
•731s 74
73
7312 73
7318 73
73
74
*73
par 108 Feb 18 112 Jan 21 1104 June 1110 Mal
Linotype_No
Mergenthaler
470
10912
11014
11012
10934 10934 109 10934 10934 11012 110
Jai
89 Apr 96
30 Miss Riv Pow stpd prof.-100 95 Jan 22 99 Apr 13
*99 - __ Exchange
99
99
99
99
8100 - - *99 100
412 Jai
2 Augi
432 Jan 20
214 Mar 24
10
175 National Leather
232 -212
212 212
263 238
*232 -2-58 8233 212
1512 JanI 2912 Jull
Feb 14 31 Apr 14
2312
6
Corp
(Herman)
Nelson
7,935
Closed:
2934 31
29
2714 82634 2712 27
*2634 2712 27
Jan .95 Atn
New Eng 011 Ref Co tr Ws_ .20 Feb 1 .20 Feb 1 .20
.20
.20 8--__
.20 *____
.20 •____
.20 8_ ___
•.--1012 Jai
3 July
5 Mar 30
312 Jan 11
100
Preferred tr cas
Good
4
4 • _
4 8..
. _
4 8
,
8_...,
4 ...
_ _ -___
26
Mar
97
18
Jan
91
pref
$7
Serv
Pub
England
120 New
_____
95 829472 95 *;fiE
9,-Ii2 9413 96
95
Sept
101
95
Sep
18
Mar
_103
26
Jan
9714
220 Prior preferred
10014 10014 821001410-012 Friday
100 10012 10014 102
101 101
8 Fel
314 Feb 23 .50 Dec
Apr 14
.75
par
MUla--No
South
Eng
New
10
.75
.75
134
134 '3.40
134 '3.40
134 8.40
+.40
Jai
2 Dec 28
878 Feb 28
2 Apr 1
100
Preferred
Holiday
4
82
4
32
'
*2
4
4
32
'
4
*2
100 11512 Jan 4 130 Mar 22 11078 Apr 11884 Fel
699 New Eng Tel%)& Teleg
12512 12534 12512 12612 12512 12512 125 12512 125 1231
89 Feb 96 Fel
90 Jan 5 95 Feb 22
70 No Amer Utli let pf full paid__
891
9112 93
93
9212 9212 93
__
*91
1434 Dec 27 Fel
40 Jan 6 4612 Feb 23
100 let pref 50% paid
4512 4512 *4434 -4512
824434 1512 *4434 4534 84434 46
Jai
3512 July 55
100 3512Mar 28 4312 Jan 7
Mills
Pacific
735
36
37
4
363
36
37
36
3712 +3712 38
*37
40 Mar 6814 Jai
3
Jan
4252
5
Feb
20
100
pref
let
0),
(Tilos
Plant
35
30
826
30
826
26
824
26
26
26
4
Feb
1
17
824
15
Au
10
Feb
1612
17
Mar
15
10
5 Reece Button Hole
•
81534 16
*1512 16
1512 1512 *1512 16
81512 16
112 Dec
2 No
152 Jan 11
1 Mar 4
10
185 Reece Folding Machine
133
138 8114
138 8114
114 8114
114
114
3.118
98 May 110 Au
1,021 Bwed-Amer Inv part pref 100 10512 Jan 5 11012 Mar 21 111
109 10914
108 1081 10812 109
10812 10812 10812 109
De
11814
Apr
24
Feb
120
3
Jan
100 115
671 Swift & Co
11612 11634
117 11712 11634 1171 11634 11714 11634 117
54 Mar 72 Sep
25 66 Jan 3 7014 Feb 23
65 Torrington Co
70
*68
70
•68
68
68
68
-31
------6734 6734 68
Jan
3
Mar
4
3
5
9
560 Tower Manufacturing_
*418 412
412 41
412 413
411 452
434 434
1658 Jan 4 1812 Mar 22
170 Traveller Shoe Co T C
18
18
*1712 18
31712 18
18 '
18
18
•17
7 Jan 1512 Fel
5 11 Jan 4 1412 Jan 24
200 Union TWIBt Drill
12
12
1284 12
12
1263 812
*12
12
12
47 Mar 5314 Au
25 30 Jan 8 55 Feb 23
Shoe Mach Corp
United
2,415
5412
5414
54
541
5412
54
5414
54
5413
5418
28 Jan 30 Jun
28 Jan 3 2934 Apr 7
25
Preferred
38
29
2812 281 82812
*2812 29
29
82812 2914 29
82 Nov 135 Fe'
125 US & Foreign Sec let pref f pd 86 Mar 24 89 Jan 3
88
863 *86
86
87
8612 86'2 87
*8613 87
60 May 90 Ap
77 Apr 1 82 Feb 4
30 1st pref 75% Paid
78
78
78
78
7812 7812 *27712 79 *.r7712 79
14
Mar
3
3
9
26
Jan
513
Corp
Holding
Venezuela
225
612
61
6
7
672 6s
61
67
7
+6
17 Jan -2234 Oc
23
Feb
2
2712
Mar
2152
par
475 WaldorfSysano,new sli No
2212 2212 2234 2234
22
2214 2212 22
22
22
29 Jan 41 De
50 Walt)] Watch ol B com_No par 4012 Jan 21 4912Mar 25
*47
47
47
4712
84612 48
47
*4612 • 4712 47
Nov 61 De
24
65
4812
Mar
Jan
3
61
100
Ws
trust
100 Preferred
68
*65
68
*65
65
65
65
*63
65
'63
100 110 Mar 14 116 Apr 5 101 Sent 112 Di
prIor preferred
8116 118 8116 118 8116 118 3716 118 *116 118
23 Ja
8
May
12
1
Apr
4
243
.
18
Jan
4
173
20
Company
Walworth
370
23
2334 2112 2134 2134 221 822
22 •22
22
44 Marl 69 Di
50 6512 Jan 13 91 Feb 18
760 Warren Brod
8034 81
8111 8034 8114 8012 81
8112 81
81
46 Di
AprI
16
39
Feb
50 44 Jan 5 50
48 let preferred
4512 4512
*4512 4612 84512 461 +43'2 4614 4512 451
42 Apr1 47 Fe
50 45 Jan 17 52 Apr 14
52
100 2d preferred
5112 52
511 360
511 360
*50
52
360
4
1713 is
3
10
AugI
15
Mar
1714
14
12
Jan
camBaumer
Candle
Will dr
•1612 1634 *1612 163 *1612 1014 •1612 163 81612 1634
•_
0
;.-47
*41
153s
+.15
13
*2
8a.50
3%50
815
•.80
5912
.25 *_
.60 ;.-4-1
7
8634
*4112
42
1512 1514
.40 8.15
1272
13
2
214
.75 *a.50
.75 8.50
1612 815
1.80
'
1
5912 5812
.2 8__
.:1-1
.55
7
612
4212 4272
1512 1514
3.15
.40 '
1278 1212
2
.32
.80 .341.50
.40
.75
1612 475
3.80
'
1
5812
59
.2 *
.41 -;.4-1
652
612
4452 45
1512 1512
.40 8.15
1234 1238
2
218
.75 •a.50
.35
.50
1612 815
+.80
1
5812 5612
.2 8_
.5
i.:1-1
634
634
4532
47
1514 1514
.4
8.15
1234 1212
2
*2
.8 *a.50
.30
.3
1612 *15
8.80
1
5814 54
.25
.55
634
4712
1572
.40
1212
212
.75
.30
1612
-56
..:
*ioW2 iiii- *jai! iiii - ii6" iiii" *led "._-__
i
'105'2 iii*912 1014 *912 1014 1014 1014 8934 -1014
10
10
212 214
213
214 82
82
2
2
214
*2
3.90
114 '
114
114 8.90
.95 .95 '3.95
114
•.95
.70 .75
1
1
8.70
'3.70
1
8.70
1
•.70
138
8113
112 112 8112 134
14 1%
•112 2
3.25 .35
0.25 .35 '
3.25 .35 '
.20 .20 '
8.25 .35
%50
3
.55
.51
.50
.60
.51
.50
.60
.50 .51
39
83812 39
3912 3938 39
391s 39
83914 40
2212 2212 2218
82218 2238 2214 2212 2212 2212 •22
8.05 .15 *65 .15 8.05 .15 8.05 .15 8.05 .15
.20
_ 18• _ 18 '3_ _
18 8
18 ••
60
63
62
6211 6212 *66
.6
*6
63
*621163
738 812 *2772 814
4/728 752 *2732 734
712 711
2
2
152 134
134 134
134
134
134 Ps
112 '
3.95
112
8.95
112 8.95 114 8.95
•.95
11
14
1334 1334
*13
14
141 *1312 1412 *13
•I4
312
'
12
1214
12
12
12
12
12
12
12
1634 *1612. 16% 1618 1612 1634 1618 16*
•16
2112 2112
2118 2112 2118 22
2112 211 *2112 -21
•184 218 +2
3
8214 314 8232 272 *218 212
.25 .25
.30 .30
.26 .26 8.25 .40
*.26 .40
8.25 .40 8.25 .43 8.20 .40 8.25 .40 8.25 .40
572 572
8578 618
6
6
534 572 *534 6
114
114
114 1 3X
I%
114
138
138
114
114
.85
.75
8
.85
8.75
.85
8.75
.85
8.75
8.75 .85
.07 .07
.07 .07 8.06 .12 8.06 .12
•.06 .12
•Bid and asked miaow no same on 2612 day. I Assmsmint paid
Mining.
100 Adventure Consolidated----25
471 Arcadian Consolidated-- 25
5
6,015 Arizona Commercial
10
2,367 Bingham Mines
25
Calumet & Recta
1
424 Carson HIll Gold
25
221 Copper Range co
East Butte Copper Mining_ 10
25
501) Franklin
Hancock Coneoildated__ 25
1
Hardy Coal CO
26
2,127 Helvetia
1
Island Creek Coal
1
242 Preferred
25
75 Isle Royale Copper
25
305 KeweenaR Copper
25
30 Lake Copper Co
.05 Jan 14
.40 Apr 7
612 Mar 24
30 Jan 3
1453 Jan 7
.10 Jan 7
128 Apr 13
2 Feb 9
.05 Feb 1
.30 Apr 14
1534Mar 9
.75 Feb 9
47 Feb 26
105 Feb 16
912 Feb 19
112 Jan 6
.80 Jan 7
.50 Mar 28
112 Mar 15
.15 Apr 8
.41 Mar 16
37 Feb 18
2172 Mar 25
.06 Feb 1
.20 Feb 10
.89 Jan 15
1014 Jan 6
4712 Apr 14
1634 Jan 25
.50 Mar 29
1434 Jan 19
234 Jan 4
.80 Mar 17
.75 Jan 13
18 Jan 7
.85 Jan 8
61 Mar 16
107 Apr 13
1112 Jan 19
274 Feb 4
118 Mar 18
80 Jan 24
2 Jan 4
.85 Jan 3
112 Jan 11
4114 Jan 13
24 Jan 213
.06 Feb 1
.05 Mar .40 Jul
132 Au
.25 Mar
914 May 1234 Ja
29 June 5534 Ja
1314 June 1852 All
Js
.10 Dccl 50
Ja
13 May'I 20
4 Fe
214 Octl
.25 NovI
114 Ja
114 Jul
.27 Deal
14 Marl 2114 Jo
2 is
Octl
.75
9912 Jan 106 Jul
gllJunel 14 At
212 Sal
.60 JanI
163 Jul
OctI
.60
.80 June
25
170 La Salle Copper
184 JanI
5
50 Mason Valley Mine
.15 Dee
25
5 Mass Consolidated
.40 Deal
1,S60 Mayflower-Old Colony.- 25
30 Marl
25
105 Mohawk
181,Mayl
6
330 New Cornelia Copper
.05 Jan
New Dominion Copper
Dec
18
100
New River Company
45 July
100 58 Apr 14 75 Feb 8
275 Preferred
July
5
2
Feb
1012
15
Mar
7
5
697 NiplasIng Minim
2 Apr
332 Jan 5
10
Pi.Mar 24
750 North Butte Mining
114 Jan 26 .50 Jan
25 .75 Apr 7
Ojibway Mang
Dec
13
1
Apr
15
18
25 12 Feb
100 Old Dominion Co
1012 Mar
11 Jan 4 13 Feb 4
205 Pd Cr'k Pocabonta2 Co No par
1512 May
25 1414 Feb 17 1734 Mar 19
120 QuInCY
25 Dee
25 2014 Feb 17 2514 Jan 6
477 82 Mary'* Mineral 1..and
28 Dec
312 Jan 14
178 Apr 1
Seneca Mining
Dec
.15
12
Jan
.40
6
Jan
10 .20
310 Shannon
Nov
.20
23
Feb
Superior & Boston Copper_ 10 .15 Mar 23 .40
434 Oct
778 Feb 24
534 Apr 7
5
590 Utah-Apex Mining
2 Feb 2 .25 Dec
1 Jan 3
1
1,075 Utah Metal & Tunnel
25 51 Feb 10 .90 Mar 12 .40 May
Victoria
Jan 17 .10 Sept
.21
9
Mar
.03
25
105 Winona
4Rn-dividend and
6 Hz-stook dividend i New stook. s Hz-dividend. a Ex rights.
212 MI
252 Sal
.75 Jul
112 Js
48 01
24 All
.20 Jut
25 Fe
72 Fe
1012 Di
372 Bei
2 Na
20 Jul
15 is
25 Jul
3812 Fe
038 Ja
Ja
.80
1%3 MI
1134 Fe
2% Mi
75 Fe
40 Jul
mous
2262
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Record transactions in bonds
at
Boston Stock Exchange April 9 to April 14, both
inclusive
(Friday, the 15th, being Good Friday and a holiday
on the
Exchange), compiled from official sales lists:
Bonds-
Thurs.
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
ChicJct Ry & U S Y 581940
101 101% 84,000 10034
East Mass Street RRJan 101% Mar
434s series A
1948
65
65
5,000 65
Feb 69
Feb
52 series B
1948 70
69% 70
500 69
Jan 75
Feb
6s series C
1948
8454
8454
5,000
83
Apr
85
Jan
First Bohemian 78_ _ _ _1957
973 9754 2,000 97% Feb 9754 Feb
Hood Rubber 78
1937
101 101% 19,000 10134 Apr 104
Jan
Mass Gas 4%s
1931 98
98
98
1,000 97% Feb 99
Mar
Miss River Power 5s_ _1951 101% 101 10132
4,000 10034 Apr 101% Jan
New Eng Tel & Tel 58_1932
10152 101% 2,000 10054 Jan 101% Jan
PC Pocah Co 75 deb_ _j935
103% 10354 3.000 102
Jan 10434 Feb
Swift & Co 58
1944
101% 10355 8,000 101
Feb 10234 Mar
Western Tel & Tel 5s_ _1932
10032 100% 6,000 10054 Jan 10134 Jan
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange April 9 to April 14, both inclusiv
(Friday, the 15th, being Good Friday and a holiday on thee
Exchange), compiled from official sales lists:
Stocks-
Thurs.
Last Week's Range Sales
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
[Vox. 124.
Thurs.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High.
Shares
Range Since Jan. 1.
Range Sinai Ans. 1.
Low.
High.
Keystone Watch Case_ •
79
79
105 76
Jan 80
Mar
Lake Superior Corp__ _100
134
134
220
13.2 Jan
29-4 Mar
Lehigh Navigation
50 10734
10754
429 106
Apr 11994 Jan
Lehigh Power Sec com___. 1931 10634
1994 20
11,812
1534 Jan 2034 Apr
Lehigh Valley
50
121 121
40 100
Jan 125
Jan
Lit Brothers
10 2594 25
2534 2,160 2454 Mar 28
Jan
Louis Mark corn
• 1334 13
1354
505 1294 Mar 1334 Mar
7% preferred
10034 wog
20 9935 Mar 101
Mar
Man Rubber
10
34
34
134
420
34 Mar
134 Apr
Minehill & Schuyl Hav _ _50
53
53
22 53
Mar 54
Jan
Penn Cent L 8t P cum prat• 743( 7494 7434
337 7154 Jan 75
Mar
Pennsylvania RR
50 6154 61
62
22,700 5834 Jan 6834 Jan
Pennsylvania Salt Mfg..60 77
76
77
393 7554 Jan 7954 Feb
Philadelphia Co (Pitts)..50) 104
104 104
100 8794 Jan 10694 Mar
Preferred (cumul 6%)-50 5151 5152
24 4934 Jan 52
Feb
Phila Electric of Penns_ _25 4894 4854 5134 11,124
4654 Feb 54
4935
Jan
Power receipts
25
1394 1334 1,110
9
Jan 1434 Mar
Full paid receipts
4834 4852 4934
1,018 4634 Mar 4952 Apr
Phila Rapid Transit__..50 53.52 53
5334
300 52
Apr 5434 Jan
Philo,& Read C & I Co_ _ _* 4534 4454 4634 2,371
4234 Feb 47
Mar
Philadelphia Traction_ _.50 55
55
55
243
53
Mar
60
Mar
Phila. & Western
50
1434 15
101
1534 Mar
1154 Jan
Preferred
50
3654 3655
10 3654 Mar 3854 Mar
Reading Company
50 11154 11154 112
55 9494 Jan 112
Apr
Second preferred
50
46
46
8 4334 Jan 46
Apr
Shreve El Dorado Pipe L 25 2254
23
635 2194 Jan 2434 Jan
223-4
Scott Paper Co prof__ _100
100 100
75 9734 Feb 100
Apr
SE Light & Power
•
3134 3134
100 3034 Mar 3132 Mar
Stanley Cool America___* 84
8334 8494 1,786 7934 Mar 9034 Feb
Tono-Beimont Devel. _ __ 1
154
134 254 7,460
134
Feb
234 Mar
Tonopah Mining
1
234
234 234 3,295
254 Apr
294 Apr
Union Traction
50 3734 3754 3732
759 36
Jan 3934 Mar
United Gas Improv't
50 9954 9854 100% 29,205 8994 Feb 10034 Apr
United L & P"A" com___• 14
1,830 1254 Mar 1594 Jan
1334 1434
Victory Park Land Imp_10
100
554 Apr
534 554
534 Apr
Victor Talking Machine_ _1
155 155
70 146
Feb 1593-4 Jan
New
4094 3634 41
12,068 3331 Feb 41
Apr
6%
95
473 8754 Jan 9634 Apr
9094 9654
7% Pref
100
100
Jan
665
97
9834
100
Apr
West Jersey & Sea Shore_50 4534 4
170 40
Jan 4731 Mar
534 4534
York Railway Pref
50 3954 30
15 3754 Mar 40
40
Mar
itita.434g2.,
7.1M9,P,VI,n;47,470agg7V4aagliagIVW42,16°2-73V,Agg,Trg
'.e.gggENg
8=Zw ..00co
000000,—w
,WW00.0WW000000.
,
ii.14,
00000!.
XXXXXg
Xg gX
Xg
X
XXX=
gg
X
X
g
io
XX
XX
X
,,,,,,5,..0,—,3 8www5*...0:,,,-4 Z 15-45.3
Scc....cct000t.
Vo....4004,4NoP01-,ONOONW00.400,O.N
o-.000 ...4..1000Cr101SIGnWONC50,
P..
=
.c'
9934
000..)NOOMQ000000.n000N0
001
,
0.-.000000000NOOMN
04Q.N
,
,
NNVON
0000N
INVO0.
,
,
010.0
0M0000
*.00.
0,
a000 ....MMO.MCCOG
0M0.4.C.00=CONM
C.= --..0001
OM,..pcoNoo,mor
.
...0,
-,NMM
.Ny,...N,,
....GINN ...t.J.-,
,,.,,,
,,,,,
.
-. 00.0VWC
.
,-.MNN,
.
-.,
-, tl,N^V
'tN
N
bC4N.2 t...4,0,-.
aN
M
N,
I,i
ta'
a
a
...4
,-4
N
W;,,ia
..
Low.
High.
Amer Wholesale new rref_ 10334 1033.4
10 102
10334
Jan 105
Mar
Arundel Corp new stock_ _. 3434
3494 35
575 3134 Jan 36
Jan
Baltimore Trust Co
50 141
140 142
306 12934 Feb 144
Apr
Baltimore Tube
100
10
10
80 10
Jan
12
Jan
Benesch (I) corn A
41
41
4 38
Feb 41
A r
Preferred
25 27
27
27
13 2634 Jan 2734 Feb
BondsCanton Co corn
•
251 251
15
250
Jan
251
Amer Gas & Elec 58...2007 10094 97 10034 $17,200 95
Apr
Central Teresa Sug pref_10
Feb 10034 Apr
.20 .20
100 .20
Air .90
Feb A T Bakers6%s
Chas & Po Tel of Balt pf100 1173.4 117 11794
100 100
1,000 100
Apr 101
Mar
8 115
Jan 11754 Ayr Consol Trac NJ 1s158 1932
Commerce Trust
43.000 62
78
79
Jan 79
Apr
50
5494 5434
12 5494 Apr 5734 Jan Elec dr Peoples tr ctfs 4s
45 5754 5654 5754 30.600 54
Commercial Credit
Jan 5834 rJan
*
16
154 1434 Feb 20
16
Feb Keystone Telco 1st 53_1935
Preferred
9434 95
10,000 93
Apr
Feb 95
25
21
2134
16 2034 Mar 2234 Jan Leh C di Nay cons 454s '54
Consol Gas, E L & Pr...* 5534 5434 5534
Jan
707 51
Jan 5534 Apr Peoples Pass tr etis 4s_1943 9094 9934 9934 2,000 9834 Mar 100
654% Preferred
64
64
2,000 64
Jan
Apr 71
100
112 112
1 111
Jan 11234 Mar Phila Co cons & coil tr 58
7% i referred
100 114
114 114
41 11234 Mar 11594 Feb
Stpd
sk
fd
&
red_
__ _1951 10094 10034 10032 2,000 9954 Jan 10032 Mar
8% preferred
100
12754 12734
57 126
Mar Phila Elec (Pa) 55... _1960 104
Jan 129
Consolidation Coal_ __100
10334 104
5,000 103
Jan 10452 Mar
3354 35
385 3052 Mar 3794 Jan
1st 55
1966 10534 10434 10594 15,100 10334 Feb 10534 Mar
Delion Tire & Rubber_
•
2
2
20
2
652
Feb
Apr
554s
1953
Eastern Roll Mill new stlx.• 2334 2334 24
107
6,000
10634
105
Feb
10794 Mar
198 2134 Mar 28
Feb
6s
1941
Fidelity & Deposit
108 10834 5,000 107
Jan losi, Apr
50 18334 180 185
156 13534 Jan 188
mar Mina Elec Pow Co 5348'72
Finance & Guaranty pf_ _25 13
10434 10434
1,000 103
Jan
105%
Feb
13
13
20 13
Apr
1554 Jan Reading general 450_1997 9934 9934 9935 3,000
Finance Co of America_ _25
9934 Apr 9934 Apr
934 934
58
93.4 Jan 1034 Feb York Railways 1st 53.1937 96
Houston Oil pref v t o__100
96
96
4.000 9334 Jan 9634 Mar
91
91
10 86
Feb
Jan
94
Manufacturers Finance_25 311
•No par value
30
32
471 30
Jan
Apr 44
1st preferred
25 19
19
49 19
Apr 2254 Feb
2094
2d'
-referred
25 1634 1654 18
Chicago Stock Exchange.-Record of transactions at
1654
332
Apr
22
Jan
Trust preferred
25 21
21
93 20
2134
Jan 2132 Feb Chicago Stock
Maryland Casualty Co 25 10632 10554 10634
Exchange April 9 to April 14, both inclusive
222
98
Jan
116
Mar
Maryland Mtge Co corn_ •
20
20
10 1754 Feb 24
Mar (Friday, the 15th, being Good Friday and a holiday on the
March & Miners new_ __ _* 39
39
3932
115 3834 Mar 43
Jan Exchange), compiled
Monon Vail Trac pref._ _25
from official sales lists:
24
49 2354 Mar 25
2434
Feb
Mt Vernon-Woodb MillsPreferred v t r
Thurs.
100
Sales
80
40 7834 Jan 85
3054
Jan
New Amsterdam Cas Co.10 5994 59
Last Week's Range for
Range Since Jan. 1.
407 5254 Jan 6354 Mar
5934
Northern Central
Sale
of
Prices.
Week.
50 83
8294 83
31 81
Apr
Jan 83
StocksPar. Price. Low. High Shares.
Penna. Water & Power_100
19034 190
Low.
15 176
High.
Jan
Apr
190
Sharpe & Dohme prat _100
10852 109
80 103
Mar Adams Royalty Co, corn..
Jan 109
Silica Gel Corporation....5 1654
2454 2454 2734
16
2454 Apr
1754
1,235 15
Jan 19
Mar All America Radio class A.5
Un Porto Rico Sug corn...* 37
5
752
5
Apr
37
37
30 37
Feb 3834 Jan Am Fur Mart lildg pref.100 95
United Railwa & Elec_ _50 2134 2132 22
93
95
93
Apr
496 20
Jan 2234 Mar Amer Pub Serv prat__ _ _100
100
U S Fidelity & Guar_ __ _50 263
9932 100
94
Jan
260 265
211 205
Feb 272
Apr
Am
Pub
Util
Co
par
pfd
100
85
Wash Bait & Anna!). _50
83
85
73
Jan
1534 18
245
834 Jan 18
Jan American Shipbuilding_100
Preferred
84
85
50 20
7952 Jan
18
20
103 18
Mar 2494 Feb Amer States Scour Corp A
•
West Md Diary, Inc, pref.* 5254 52
3
23-4
334
5234
23.5 Apr
6 50
Feb 5234 Apr
. 3
Class B
3
334
3
Apr
Warrants
Bonds34
34 Mar
34
Armour
&
Co
(Del)
pre:
Balt Sparrows P&C 4558'53
100
88
86
8954 8954 $1,000 87
9234
86
Apr
Jan 90
Feb Armour & Co pref
Bait Traction 1st 55_1929
100 6134 5954 7034
100 100
5954 Apr
1,000 9932 Apr 100
Apr
Common class A v t c_25
Black & Decker Mfg 6%s._
935
934 1034
9932 100
934 Apr
1,500 99
Mar 100
Apr
Common class 1.3 v t c.25
Consol Gas gen 4548...1954
6
9934 9934 1,000 99
6
6
Apr
Jan
Mar
9932
Consol GE L &P 4%51935 .
35
35
0994 9934 2,000 9834 Jan 9994 Mar Associated Investment Co * 35
35
Apr
Preferred 58
101 112
1965 10234 10234 10234 6.000 10134 Feb 10254 Apr Auburn Auto Co corn._ _25 111
6834 Jan
Balaban
& Katz v t e_ _ _25 61
Consol Coal ref 4348.1934
61
6134
9232 9232
1,000 9234 Jan 9294 Apr
60
Mar
Preferred
Refunding 58
100
1950
105 105
82
82
1,000 81
100
Feb 82
Feb
Apr 13eaver Board v t c
Danville Trac & P 58_ _1941 55
"A"_10
3
55
3
55
2,000 50
3
Mar 55
Mar
Apr
Bendix
Davison Chemical 654s____ 96
Corp
A__ _ _10 54
94
4954 54
96
15,500 9352 Apr 96
3634 Jan
Apr Borg & Beck class
Elkhorn Coal Corp 6545'32
corn
10
9954 993-5 5.000 98
5734
5934
60
53
Jan 9934 Feb Brach &
Jan
Lexington (Ky) St 58_1949
Sons(E J) com__• 2554 2534 2554
101 101
2,000 98
24
Jan 101
Feb
Apr Bunte Bros corn
Maryland Elec Ry 6348'52 100
10 1894
1852 1834
61,500 98
9934 100
17
Jan 100
Jan
Apr Butler Brothers
Stand Gas Equip 1st 681929
20 2234 22
10034 10034 2,000 100
2254
Jan 10054 Jan
17
Jan
United E L & P 434s_ _1929
• 75
9934 9934 25,000 9934 Jan 99% Apr Celotex Co, corn
74
76
70
Jan
Preferred
Un Porto Rican Sug 7% '31
100
102 102
89
19,000 10052 Mar 102
8934
Apr Central Gas
8734 Mar
United Ry & Elec 43..1949
& El Co pref.* 96
763.4 77
19,000 7052 Jan 77
93
96
Mar Central
95
Apr
Income 45
1949 5434 5354 5434 45,000 51
Jan 5434 Apr Central III Pub Serv pref.* 90
8994 90
883.4 Jan
Ind Pow pref _100
Funding 58
1936 83
7934 83
90
56,200 753.2 Jan 83
90
Apr
8554
Jan
Central
Pub Serv (Del)_ _• 18
6% notes
1930
9934 9994 3,000 9934 Mar
1732 18
Mar
17
Jan
6s, when issued_ _1949 9954 99
9954 7,000 9734 Jan 9932 Feb Central SW Util com____• 62
6194 62
5651 Jan
Preferred
Wash Bait & Annap 561941 76
7434 76
• 97
59,000 65
9652 9754
Jan 77
Jan
933-5 Jan
WP511 marv'd Diary 6s.1946
Prior lien
103 103
1.000 10034 Jan 104
99% 101
Apr Chic City & preferred.. • 101
9854 Jan
Con Ry pt sh*
34
55
% Jan
• No par value.
34
Participation preferred.*
5
6
6
334 Jan
Chicago Elec Mfg "A" •
Philadelphia Stock Exchange.-Record of transactions Chic
2354 24
2334 Apr
N S & Milw com__100 33
31
33
3054 Apr
at Philadelphia Stock Exchange, April 9 to April 14, both
Prior lien pref
100 100
9954 100
99
Jan
Preferred
inclusive (Friday, the 15th, being Good Friday and a holiday Chic
100 69
68
69
68
Feb
Rap Tran pr pf A 100
10254 103
10235 Feb
on the Exchange), compiled from official sales lists:
Chic Rys part elf ser 1.100
5
5
5
Feb
Commonwealth Edison 100 x1423-5 14254 145
138
Thurs.
Jan
Sales
Consumers Co corn
6
5
6
6
Last Week's Range for
Mar
Range Since Jan. 1.
Preferred
100
71
70
72
6931
Feb
ofPrices.
Sale
Week.
Continenta
l Motors com_•
Stocks1294 1234
113.4 Mar
Par. Price. Law. High. Shares
Low.
High.
Crane Co corn
25 50
48
50
47
Apr
Preferred
100
11894 11834
Almar Stores
117
Feb
10%
1034 12%
205 1054 Apr 17% Jan Cuneo Press A pref
5154 5134
50
Alliance Insurance
4934 Mar
10
53
Feb 55
124 48
54%
Apr Deere & Co pref
10932
100
110
Am Ship & Corn Corp__ *
106
Jan
4% 4y,
452 Apr
50
4% Apr Diamond Match corn_ _100
11954 120
American Stores
116
Jan
• 6534 63
12,727 63
Apr 7354 Jan Eddy Paper Corp (The)_ _• 20
67
20
20
Baldwin Locomotive__ _100
20
Apr
18934 189%
20 147
Jan 1975( Feb E. Household Util Corp.10 1134
1154 12
Bearings Co of Amer corn. _
11
Jan
15
15
5 15
Feb
15
Feb Elec Research Lab Inc
8
•
855
Preferred
8
Apr
92
92
92
20 92
Jan 92
Jan Empire G & F Co 7% pf100 x97
9634 97
Bell Tel Co of Penn pref _ _ 11334 113 11354
9254 Mar
50 11254 Jan 114
Mar
8% preferred
100
10254 102%
Cambria Iron
10054 Mar
4154 4154
50
106 40% Mar 42
Mar Evans & Co, Inc. cl A_ _ _5 3334 3694
3834
Congoleum Co Inc
2854 Jan
•
110 1734 Jan 2154 Mar
18% 19
Class 11
5 37
3434 37
Consol Traction of N J.100
2434 Jan
41
41
30 3554 Jan 42
Jan Fair Co (The) corn
3034
3154
•
313-4
East Shore G & E 8% p1.25
2254
Mar
27
27
12 26
Jan 27
Mar
Preferred
100 109
109 109
Eisenlohr (Otto)
105
Feb
1254 1254
100
25 1234 Feb
16
Feb Fitz Simons & Connel Dock
Electric Storage Batt'y.
130 68% Mar 7934 Jan
_100
70
7034
& Dredge Co com __20
2634 27
Fairmount Pk Transit Co_ _
2634 Apr
975
634 8%
694
Apr Foote Bros(G & M) Co_.5 1334
534 Mar
834
1354
137-4
Fire Association new_ _ _ _10 53
12
Jan
53
85 51
53
Mar 55
Jan General Box Corp prefA100
40
40
40
General Asphalt
Apr
100
15 80% Jan 9554 Mar Gossard Co(H W) com_ _• 40
81% 81%
3334 3354 34
Giant Portland Cement_50
33
Apr
59
59
100 55% Apr 93
Jan Great Lakes D & D__.100
147 147
140
Preferred
Mar
50 4334 43% 4494
Jan 4854 Jan Greif Bros Coop'ge A corn •
267 34
3954 3934
Horn & Hardart(Phila.) corn
3834 Jan
215 216
75 210
Mar 261
Jan Hupp Mot Car Corp com10
21
21
Horn & Hardart(NY)corn 50% 5054 52
21
Jan
232 5034 Apr 55
Jan
Illinois
Brick
Co
25 54
5154 54
Insurance Co of N A_ _ .10 59
49
Jan
2.919 5154 Jan 61
61
59
Apr ill IVIra A. rrthle On nisrn In 95
25
255.4
24
Mrtr
Sales
Thurs.
Last Week's Range for
freak.
ofPricey.
Sale
Stocks (Concluded) Par Prize. Low. High. Shares.
Kellogg Switchb'd corn_ _10 1434
Ky Hydro-Elec prof_ _ _100 95%
Kentucky Util Jt cum pf.50 51
KeystoneSt&Wire com_100 50
100
Preferred
Kraft Cheese Co corn_ _ _25 5835
Kuppenbelmer & Co Inc_5 40
La Salle Ext Univ com_ _10
Libby, McNeill & Libby _10 10%
10
Lindsay Light corn
McCord Radiator Mfg A.*
•
McQuay-Norris Mfg
•
Maytag Co corn
Mer & Mfrs Sec part pref 25
Middle West Utilities._ _ _* 110%
100 108
Preferred
Prior lien preferred_ _100 118
Midland Steel Prod corn_ _• 3934
Midland Utll prior lien_100 102
100 98
Preferred A
Morgan Lithograph com_* 65%
Mosser Leather Corp corn.* 16
Nat Elee Power A part__ _* 2434
National Leather corn_ _ _10
235
National Standard corn..° 34%
North American Car com_• 29%
Nor West UM pr In pref 100 98
100 9535
7% Preferred
Novadel Process Co pref __.
Common
Omnibus vot trust ctgs___*
Pick, Barth & Co part pref•
Pines Winterfront A com_5 46
Pub Serv of Nor III corn...5
Pub Serv of N III 6% pf.100
Q-R-S Music Co com____* 39
Quaker Oats Co pref._ _100 110%
Real Silk Hos Mills com 100
Reo Iklotor Car Co
10 2135
So Colo Pr Elec A corn 25
So'w G & El Co 7% pf _ _100 9734
Stewart-Warner Speedom • 6135
Swift & Co
100 11635
Swift International
15 2134
Thompson (J It) com_ _ _25 4835
United Biscuit class A _._ _* 41
United Iran Works corn...5
5
United Light & PowerClass A preferred
*
• 52
Class B preferred
Common class A now...5 13%
Common class B new..5
United Pap Board com_100
U S Gypsum
20 104%
Preferred
100
Vesta Battery Corp com_10
Wahl Co corn
• 1335
Ward (Montg'y)& Co cl A•
Williams 011 0 Mat corn_* 13
Wolff Mfg Corp com____•
5
Wolverine Portland Cem 10
535
Wrigley(Wm Jr) Co com_* 5235
Yates Machines part pfd_• 2535
Yellow Tr& Coach Mfg B 10 .
Yellow Cab Co Inc (Chic) * 41%
1435 141%
9535 95%
51
51
50
54
89
89
56
5835
40
40
634 735
934 10%
2
2
3935 39%
18% 18%
28
28
27
27
110 113%
107% 109
118 118%
39
40%
101% 102
98
98
64% 66
16
1635
2435 25
235 234
34% 34%
2934 29%
9734 98
95
96
25
25
9
9
1334 14%
21
21%
4534 4635
136% 137
105 105
3735 39
110% 110%
4634 4634
21
2134
27
27
96
98
57
6134
116% 117%
2034 22
4835 49
41
42
6
5
93
94
51% 52
13% 1434
16
16
1835 19
101% 104%
118 118
3534
35
1135 1335
114 11435
13
1334
531
5
534 5%
5134 5234
25
25%
2634 27%
41
43
210
21
37
50
15
535
145
450
3,290
50
40
100
25
300
4.450
1,895
442
1,285
340
344
5,675
60
1,290
806
2,395
125
60
195
10
200
200
400
610
62
10
625
100
30
320
230
233
6,81
1,91
4,86
220
315
2,835
Sates
Thurs.
for
Last Week's Rang
ofPrices.
Week.
Sale
"
s- Par. Price. Low. High Shares.
"r"^
Stocks--
Range Sines Jan. 1.
Low.
High
1334 Jan 1934 Mar
9435 Jan 9735 Feb
51
Jan 5134 Jan
Apr
45
Mar 54
Jan
8835 Mar 92
Feb
Feb 63
41
Apr
36
Jan 40
Jan
9
5% Mar
Mar 1034 Jan
9
135 Mar
234 Apr
Jar
Jan 40
38
Jar
Jan 21
17
Feb
26
Jan 28
Jar
Apr 31
25
Apr 114% Feb
108
105% Jan 113% Feb
Feb
117% Jan 120
Apr 4735 Feb
39
Jan 10234 Ma
98
96% Mar 9935 Feb
Ap
Jan 66
58
Jan 16% Ma
11
23% Feb25% Jar
435 Jar
235 Ja
3035 Jan 3531 Ma
Jai
2234 Jan 30
Jai
9735 Mar 101
Fel
94% Mar 100
Mar 2735 Fel
25
Ap
Apr
9
9
1135 Mar 1534 Ap
19% Jan 2134 Fel
Feb 5134 Jai
41
Ap
13035 Jan 142
Fel
102 • Jan 105
32% Jan 39% Fel
Jan 110% Ap
107
3934 Jan 4834 Fel
19% Mar 23% Jai
Ma
2534 Jan 28
Fe
9435 Jan 98
5434 Mar 8734 Ja
115% Jan 120% Ma
is
18% Mar 23
Fe
Apr 50
40
Fe
3935 Jan 44
Ma
7
234 Jan
110 87
280 50
990 12%
2,310 1534
75 16
2,500 9234
25 115
100 2734
8%
1,875
370 112%
100 13
405
434
5
10
710 51
1,575 24%
375 2535
1,140 38
BondsChicago City Ry 5s...1927
7935 80 823,000
Chic City & Con Rys 55'27 62% 62
28,000
63
Chicago Rys 5s ser A _ _1927
4,000
60
60
58 series Li
1927 4035 3935 4034 15,000
Hous G 0 Cos 1 g 6%81931 105% 102% 105% 139,000
III Bell Tel 1st & ref 5s A '56
104% 104% 10,000
Loew's H R. 1st I 6s s 1_1947
7,000
100 100
Peop G L & C ref g 5s.1947
101% 101% 1,000
Pub Serv 1st ref g 5s...1956
9934 99% 2,000
SpruceFalls 1st 535s s g b'45 100
5.000
100 100
State Rand Bldg 15-yr s I
6355
5.000
1937
100 100
Swift & Co 1st of g 58_1944
101% 101% 3,000
Westvaco Ch Pro 535% of
gold deb
1027
90'A 9934 8.000
75
5235
52
35
96
104%
100
101%
9934
100
Jan 94
Jan 52%
Mar 1534
Mar 17
Feb 20
Jan 109
Star 119
Jan 37
Jan 13%
Mar 117
Apr 16%
7
Mar
635
Feb
Jan 53
Star 2731
Mar 2934
Mar 55%
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Apr
Jan
Apr
AD
Fe
Ja
Ja
Ar
is
Ar
Fe
is
is
Fe
Ja
Jr(
Ja
Mr
is
is
Amer Laundry Mach.._25 114%
100
Preferred
American Products
25 53
Amer Rolling Mill
Preferred
100 113%
Amer Thermos pref
100
Baldwin
Burger
20%
Preferred
55
Buckeye
Campbell T M
50
Champ Coated Paper pf100
100
Champ Fibre pref
Churngold Corp
* 40%
Cincinnati Car
25 26
Cin Postal Term pref_ _100 90
*
City Ice & Fuel
20 2734
Coca Cola
Cooper Corp new pref__100
Crown Overall prof. _ _ _100 10335
Eagle-Picher Lead
20 27
Preferred
100
•
Early & Daniel
French Bros-Bauer pref 100
41
Gibson Art
Globe Wernicke
100
Preferred
100
Gruen Watch pref
100
Hobart
*
Jaeger
100
10 126
Kroger
Kahns
100 44
1st preferred
100
Linkenheina
29
Mead pref
100 100%
McLaren Co
Nash "A"
100 120
Paragon Refining
25
Procter & Gamble corn..20 192%
8% preferred
100
100 114
6% preferred
Pure 0116% preferred_ _100 09%
8% preferred
100
Richardson common_ _ _100 142
U £3 Can common
*
U S Playing Card
20 9834
U Sprint.& Litho coin _100
Preferred
100
Whitaker Paper common_*
Preferred
100
Vulcan Last
*
8135
63
60
4034
105%
104%
100
Al
AT
Al
At
Al
At
Mr
Ka% Al
10035 F(
Al
100
Al
Apr 100
100
10134 Jan 102% M
9934 Aor
9934 A
• No par value. z Ex-dividend.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange April 9 to April 14, both ininclusive (Friday, the 15th, being Good Friday and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Amer Vitrified Prod corn.50
Preferred
100
Am Wind GI Mach com.100
Preferred
100
Amer Wind Glass Co pf.
_100
Arkansas Nat Gas corn _100
7,35
Blaw-Knox Co corn
25
Carnegie Metals
10
Columbia Gas &Elec com.5 94%
Preferred
100
Consolidated Ice corn.....50
6
Devonian Oil
10
Duquesne Light 7% pt _100
Harb-Walk Refrac com.100 137
Houston Gulf Gas
• 1135
Jones & Laugh St'l prof _100
Lone Star Gas
25 42%
Nat Fireproofing com_ _100
Preferred
100 28
Okla Nat Gas etfs of dep.. 2235
Pittsburgh Brewing ref _50
Pittsburgh Coal pref...100
Pittsb Plate Glass com_100
Pittsburgh Trust Co.._100
Salt Creek Consol Oil__ _10
Stand Plate GI prior pf_100
Stand Sault Mfg corn...25 8135
Union Steel Casting corn.*
Preferred
100
United States Glass
25
Waverly Oil Works Cl A. *
West Penn Rys pref_ _ _100 9835
2334 23%
83
83
3934 40
72
72
102% 103
734 7%
71% 72
13
13%
94%
92
105% 105%
6
6
11% 1135
116% 116%
135 137
935 12%
120 120
42% 44
7% 7%
28
28%
22% 2234
10
10
78
78
248 249
250 250
7% 7%
30
30
84
81
38% 40
106 106
14
14
4234 4235
98%
98
25
100
530
10
150
6,140
50
350
317
11
60
210
10
59
4,875
45
1,767
325
70
3,650
150
50
40
2
70
10
1,542
580
90
32
10
20
Range Since Jan. 1.
Low.
23
83
35
70
101
6%
70
1135
8336
9935
2%
1134
115
131
6
118
3734
7%
27
2034
10
71
239
230
7
30
81
3234
102%
13
4135
9735
Mar
Apr
Mar
Mar
Apr
Apr
Jan
Jan
Feb
Jan
Jan
Apr
Mar
Mar
Feb
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Feb
Apr
Air
Apr
Jan
Jan
Feb
Mar
Mar
High.
27
8734
52
80
109
8%
73
1334
9434
10535
6
15
116%
138
1234
120
4634
9
3034
23
11%
79
270
250
8
68
9234
40
106
1535
43
100
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Feb
Apr
Jan
Mar
Feb
Mar
Feb
Jan
Apr
Jan
Apr
Feb
Feb
Jan
Apr
Apr
Jan
Feb
Jan
BondsIndep Brewing 60_ .... _1955
$1,000 73
73
Apr 75% Jan
73
•No par value.
Note.-Sold last week and not reported: 16 Columbia Gas & Electric pref. at 10434
70 Standard Plate Glass preferred at 10,,,1135.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange April9 to April 14, both inclusive,
(Friday, the 15th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
2263
THE CHRONICLE
APR. 16 1927.1
BanksCitizens' National
High.
Low.
Jan 11534 Jan
11334 115
1,054 110
51 124% Apr 126% May
12434 125
2434 2434
400 2135 Feb 2535 Mar
5235 5334 2,606 44
Jan 5134 Apr
Feb
362 110% Mar 114
113% 11335
35
75 34
35
Feb 3735 May
Jan
Apr 190
185 186
13 182
Mar
Feb 21
2034 20%
188 12
Mar
55
55
56 5035 Feb 56
Apr
1,307 44
Jan 51
5134 .5235
Apr
Apr 50
50
40 50
50
25 111% Feb 112% Mar
112 112
104 104
1 103
Jan 105% Feb
Mar
937 34% Jan 45
4031 42
998 2135 Feb 2535 Apr
24
26
Apr
Mar 91
91
52 90
90
2635 2734
1,054 2234 Jan 2735 Apr
Apr
1,100 2735 Apr 28
27% 27%
Jan
Apr 103
100 10135
70 100
53 103
Apr 105
Jan
10335 10334
Mar
748 26 34 Feb 31
2734 28
Apr
60 116
Apr 116
116 116
Feb
10 47
Feb 48
48
48
8 9034 Mar 99% Apr
9234 9234
Feb
Mar 44
40% 41%
666 40
215 86
Jan 9035 Apr
89
9034
Apr
90
25 85
Jan 91
90
19 109
Feb 11334 Apr
113 11331
209 26% Feb 2934 Jan
2834 2835
Mar
270 2735 Feb 30
29% 30%
765 12435 Jan 129% Mar
12434 126
94 40
Jan 45
Jan
44
4435
Jan 10535 Mar
30 99
105 10531
Apr
1,316 2635 Apr 30
26% 30
Feb
201 9934 Apr 105
9934 100%
1735 Feb
75 1634 Feb
16% 1634
Apr
95 9834 Jan 120
119 120
735 Jan
635 Apr
45
6% 6%
Feb 19134 Feb
1,224 177
187 193
Apr
Apr 165
6 165
165 165
Mar
Feb 116
85 112
114 11431
Feb 9934 May
110 97
99
99%
67 11234 Apr 11235 Apr
112% 11235
Jan
Apr 150
25 142
142 142
Feb
100 3835 Jan 42
39
39
Apr
41 8534 Jan 97
97
9835
Jan 7834 Feb
10 75
76
76
23 9234 Jan 10035 Feb
100 100
Mar
Jan 65
68 61
58
58%
40 9935 Jan 10034 Mar
9934 100
62 9935 Jan 10035 Mar
100 100
25734 25734
100
Public UtilitiesCincinnati & Sub Tel.._50
100
Cinc Gas& Elec
C N & C Lt & Tr com 100
100
Preferred
100
Ohio Bell Tel pref
TractionsCincinnati Street Ry___ _50
ColumbusRyPr&Ltpfd_100
RailroadsCN O&TP common__100
Range Since Jan. 1.
95
9634
91
71
95
9534
91
71
112%
4335
42% 44
100 100
337
96
96%
9135
71%
113
337
7 255
Ma
98
183 90% Ja
330 93% Jan 9735
Ma
92%
73 91
73
Ja
132 70
114
100 110% Ja
842
5
Jan
260
Mar
Mar
Mar
Jan
Mar
38% Jan 43
Feb 100
96
Mar
Apr
Apr 365
Jan
1 337
* No par value.
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange April 9 to April 14, both inclusive
(Friday, the 15th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Bank Stocks100
Boatmen's Bank
Nat Bank of Commerce 100
Trust Company Stocks
American Trust
100
Mercantile Trust
100
Mississippi Valley Tr_ _100
Street Railway Stocks
St Louis Pub Serv Co....5
Miscellaneous Stocks20
AS Aloe Co
100
preferred
Boyd-Welsh Shoe
Brown Shoe
100
•
E L Brude
Preferred
100
Elder Mfg, lot pref _ _ _ _100
Ely & Walker D Goods_ _25
*
Fulton Iron Works
Hamilton-Brown Shoe_ _25
Hussman Refr
•
Hydraulic Press Brick _ _100
Independent Pack, pref 100
*
International Shoe
Preferred
100
Laclede Gas Light, pref 100
Mo Portland Cement_ _ _25
Moloney Electric pref _ _100
100
Nat Candy
2d preferred
100
Pedigo-Weber Shoe
*
Planters Realty, pref _ _100
Polar Wave I & F "A"....5
Rice-Stlx Dry Goods....*
1st preferred
100
2d preferred
100
Scullin Steel, pref
*
Sheffield Steel, corn
•
*
Skouras Bros. "A"
Southern Acid & Sulphur_*
Southwest Bell Tel, pf_100
St Louis Car, prof
100
Stix-Baer & Fuller
*
Wagner Electric
*
Wagner Elec Corp, prof 100
Wm Waltke & Co
*
Preferred
100
Mining StocksConsol Lead & Zinc "A".*
Street Railway Bonds
E St L & Sub 5s_ _1932
St L & Sub Ry gen M 5s'23
Gen mtge 55, ctf dep '23
United Railways 4s..1934
1934
4s, ctf dep
Miscellaneous BondsMerchants' Bridge 68_1929
Missouri Edison Elec 55'27
1935
Houston Oil 635s
.......- 0.--, C.
lad I
* No par value.
Range Since Jan. 1.
High.
Low.
Mar 155
Apr 163
Jan
Jan
153
155
153
156
5 150
65 155
164
429
285
164
430
285
Feb
5 16334 Mar 165
Mar 43035 Mar
41 428
Feb
Apr 290
10 285
1935 1935
3635 3631 3635
10235 10235 10235
39
39
32% 32%
35
35%
97
97
10115 100 10134
34
3735
3734
11
11%
1134
3835 39
32
32
434
435 435
110
110 110
175
17234 175
10935 10935
112 114
112
51
48
51
101
101 101
9035 93
93
103
103 103
3035 3034
94
94
94
33
33
33
19% 2034
107 108
100 100
38
38%
38
28
28
28
41% 42
40
40
116
115% 11631
9634 98
2835 2835
24
26
81
80
81
7934 80
11234 113
131
705
150
100
65
30
10
205
1,007
1,065
77
10
10
25
279
304
102
1,271
20
545
26
50
10
125
220
115
27
470
45
415
25
189
92
30
497
215
105
55
1835 Mar
32
100%
39
3134
35
97
100
31%
10
36
31
434
10834
158
108
96
4535
9934
84
100
30
9334
32%
1931
10535
99
38
2535
41%
40
11535
96
2835
1835
68
5135
111
Feb
Mar
Apr
Mar
Apr
Apr
Apr
Feb
Mar
Feb
Star
Apr
Jan
Feb
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Apr
Feb
Apr
Apr
Mar
Jan
Apr
Jan
Feb
Jan
Feb
2034 Feb
3635
10235
42
3434
36
9735
10135
3835
12
40
36
7
110
175
10935
127
54
10235
92
105
33
94
3435
2235
110
100
39
2834
48
4535
117
9834
31%
26
81
8634
113
Apr
Apr
Feb
Jar
Jar
Jar
Api
Apr
Jar
Mai
Jar
Jar
Ap
Ap
Ap
Fel
Jar
Mal
Min
Fel
Jar
Api
Mai
Jar
Mai
Api
Mai
Ap,
Jaz
Jar
Mai
Jar
Jar
Ap
Ap
Ap
Ap
13
1435
370
13
Apr
17
Jai
9134
82
8234
7634
7634
9134
83
8235
77%
7635
$1,000
12,000
10,000
32,000
11,000
8634
81
80
7535
7535
Jan
Feb
Feb
Mar
Mar
9135
8435
8235
773.4
7634
Ap
Ma
Ap
Ap
Ap
101%
100
100
103% 10335
inn%
10195
100
103%
10031
3,000
2,000
9,00
3.000
101%
100
103
10034
Apr
Apr
Jan
Mar
1435
83
8235
7634
10135 Jai
10035 Feb
103% Ap
101
Ma
2264
THE CHRONICLE
San Francisco Stock and Bond Exchange.-For this
week's record of transactions on the San Francisco Stock and
Bond Exchange see page 2240.
Thurs.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low
High. Shares.
[Vol,. 124.
Range Since Jan. 1.
Low,
High.
Eastern Rolling Mill
•
22
22
50
2034
Mar
27
Jan
Eitingon-Schild Co corn_ •
3334 3331
300 33% Jan 3431 Mar
Elea Bond & Share pfd_100 10654 10631 10734 2,190
Mar 109
Jan
New York Curb Market.-Below is a record of the Elea Bond
& Share Smut.* 6931 6831 6931 9,900 105%
Cleo Invest without war.' 3634 35% 36% 11,600 6634 Mar 7241 Jan
transactions in the New York Curb Market from April 9 to Elec
32% Feb 37
Jan
Pr & Lt 2d pf A ____•
94% 96
250 8931 Mar 96
Apr
Option warrants
Apri114, both inclusive (Friday, the 15th, being Good Friday Cleo
8
8% 1,000
641 Jan
834 Apr
Railway Secur
•
755 754
100
6
Feb
8
Apr
and a holiday on the Exchange),as compiled from the official Empire Pow Corp part stk.
35
35
37% 2,200 26
Jan 3834 Mar
Office Bldg com• 7034 6831 74
1,400 67% Apr 74
lists. As noted in our issue of July 2 1921, the New York Equitable
Apr
Estey-Welte Corp class A.'
5
931
10% 14,300
794 Mar 10,1 Apr
Class
B
•
431
3
4% 1,400
Curb Market Association on June 17 1921 transferred its Fageol Motors Co com.-10
3
Apr 18% Jan
2% 2%
100
234
Apr
4% Jan
activities from the Broad Street curb to its new building on Fajardo Sugar
100 155
151 155
360 150% Mar 164
Jan
Fall River Electric Light.25
6734 68
150 48
Mar 68
Apr
Trinity Place, and the Association is now issuing an official Fanny Farmer
Candy St.*
28
28%
500
25
Mar 33
Jan
Fansteel Products Inc__ __* 2631 20
2634
800 20
sheet which forms the basis of the compilations below.
Apr 3435 Mar
Film Inspection Machine.'
534
534 6
600
4% Jan
8% Feb
Firestone T & R 7% pf_100 10134 101 10131
260 99
Thurs
Jan 10235 Feb
Sales
Ford Motor Co of Can.100
417 437
Week Ended April 16.
70 339
Apr 500
Last Week's Range for
Feb
Range Since Jan. 1.
Forhan Co. class A
•
17,1 17% 1,100 1731 Jan 19
Sale
ofPrices.
Jan
Week.
Foundatio
Co
n
StocksPar. Price. Low. High Shares
Low.
High.
Foreign shares, class A.* 1631 1631 17
1,300 16
Jan 20% Mar
Fox Theatres el A cora _ ..• 21
Indus. & Miscellaneous.
19
2131 17,400 19
Apr 2144 Apr
Franklin(H H) Mfg, corn •
1231 1331
Aeolian Web Piano &
300 1231 Apr 1944 Jan
Preferred
100 78
78
78
Pianola corn
75 78
Apr 80
100 543-4 5331 5491
Feb
375 33
Feb 72
Mar Freshman (Chas) Co
•
Aero Supply Mfg class B.'
12%
1036
1041
3,100
10114 Apr 23% Jan
,
3% 3%
200
341 Apr
341 Apr Fulton Sylphon Co
•
4431 4541
Ala Grt Sou RR,com_ _50
600 3934 Jan 4634 Mar
125 12534
200 124
Jan 130
Feb Galv-Hous Elec, prof. 100 72
72
Preferred
72
60
66
50
Jan
72
12441 12534
Apr
110 124% Feb 130
Jan Gamewell Co,corn
•
Alpha Port! Cement corn.• 39
5634 5734
100 6334 Jan 69% Jan
39
39
300 37
Jan 4231 Jan Oared Corp
•
Aluminum Co, pref__ _100
131 131
100
750 Jan
3% Jan
104 10431
800 10131 Mar 10431 Apr General Baking el A
•
5231
American Arch Co
5231
5436
15,500
5231
100
Apr 63% Jan
97
400 85
9734
Mar 109
Jan
Claes B
•
4%
Am Brown Boverl El Corp
441 5% 8,300
4% Mar
731 Jan
General Electric(Germany)
Founders shares
• 11% 11% 1341
600 11% Apr 21
Jan
Stock
trust
receipts
43%
4334
Founders shares v t C.
500 40
Jan 4334 Apr
12
11% 13
2,900 11% Apr 21
Jan
Warrants
227
180 227
Am Cellulose & Chem com• 14534 131 145% 1,700 74
25 110
Mar 227
Apr
Jan 14541 Apr Gen'l Fireproofing com_ •
6731 6731
7% let preferred____100 117
50 51
Jan 84% Mar
113 117
1,700 100
Jan 117
Apr General Ice Cream Corp.*
4431 46
Am Cyanamid,el B corn.20
200 40% Feb 493-4 Mar
26
26
200 26
Apr
35% Jan General Pub Seri,corn_ •
13
13
Preferred
300 1131 Jan 1441 Feb
100
86
8734
30 86
Apr 89
Jan Ga Pow (new corn)96 pf_ •
9514 95%
Amer Electric Corp v to..•
100 94
Mar 96% Mar
100
3% 341
3
Feb
6
Mar Gillette Safety Razor....' 90
89% 9254 6,200 86% Mar 95
Class A
Jan
25
1234 1231
100 11
Mar C G Spring & Bump corn_• 11
Feb 15
11
Amer Gas & Eleo11
100
9,1 Jan 11% Mar
Gleasonite
Prod
com--10
841
8,1
Corn (new ex-stk div)__• 79
8
800
Mar 1254 Jan
77% 7941 10,600 6834 Jan 79% Apr Glen Alden Coal........*
171
17141 2,100 15935 Apr 17141
Preferred
•
100 100%
600 9531 Feb 101
Apr Gobel(Adolph) Inc cow_ _• 2834 166
2831 2841
Amer Hawaiian S
500 2541 Jan 3031 Mar
10
14
15% 6,000
9
Jan 15% Apr Goodyear T & R com _ _100 4534
4431 46
Amer Laundry Mach corn• 114
7,000 2834 Jan 4831 Apr
114 114
25 111
Jan
115
Jan Gorham Mfg, pref
100 115
115 116
Amer Lt & Trao corn.._100 z22734 22734 230
300 115
Apr 116
Apr
700 222
235
Mar
Feb
Grand
(F&W)
5-10-25c
St
•
62
Preferred
62
62
100 60
Feb 67
100
12134 126
Feb
225 112% Feb 126
Apr Grt Atl&Pac Tea,1st
118 118%
Amer Meter Co
30 116
Feb 11831 Apr
•
93
93
10 8931 Jan 10041 Mar Greif (L) Bros corn pf.100
•
Amer Piano common__100 243
17,1 18
1,000 17
Apr 18
Apr
243 243
50
Apr 285
Jan
Preferred_x
Amer Pow & Lt prat _100 10031 100 100)4 1,550 240
99%
300 99
Apr 100
Apr
9734 Jan 101
Mar Habirshaw Cable & Wire_• 1634 99
1631
Amer Pub Util prior pf_1(10 92
1631
600 15
Jan 20% Jan
92
92
10 8731 Jan 92
Apr Happiness Candy St al A-•
6
American Rayon Products*
6
631 1,500
6
Jan
7
Jan
534
534 5%
400
331 Mar
Feb
9
•
574
Founders shares
Amer Rolling Mill com _ _25 533-4 5241 53% 1,150 4444
531 5% 1,400 431 Apr
6% Jan
Feb 6344 Apr Hartford Elec Light...100 335
332 381
Preferred
180 332
Apr 381
100
Apr
11231 113
20 110
Apr
Jan
113
Hazletine
Corporatio
n..
11
1134
Amer Seating Co v t o._• 4434 4241 44% 3,200 41% Apr 4641 Mar
11%
500 1041 Mar 13
Jan
Hellman (Richard) CoAmer Solvents & Chem_
1331 1311
30 1231 Apr 1334 Apr
Common
•
16
16
Amer Superpower Corp A-• 3231 30
100 1341 Mar 16
Mar
32% 4,800 27% Jan 32% Apr
Partie
pref
with
warets.•
34
34
Class B
200 2894 Jan 347-1 Apr
• 3331 31
3331 18,800 2834 Jan 33,1 Apr Hayden Chemical
*
131
131 141 1,100
Partic preferred
131 Jan
25
1,1 Mar
28
28%
600 2641 Jan 28% Feb Hires(Chas A)Co CIA corn'
223-4 2241
First preferred
100 2141 Jan 2231 Feb
•
97
97
100
Apr
9334
97
Hobart
Jan
Manufactu
ring. •
28
28
American Thread pref____5
100
2731
Mar
29
Jan
331 3%
400
334
The Mar Hollander(H)dr Son coin.* 3051 2834 3031 4,000 24%
Jan
Anglo-Chile Nitrate Corp• 1734 17%
Feb 3041 Apr
1831 1,600 14
Feb 1934 Apr Horn & Hardart corn- •
5041 60%
Arizona Power corn _ _ _ 100 2734 26%
100 50% Apr 55
Jan
2734
75
22
Apr
Jan
2734
Industrial
Rayon class A-•
7% 8
734
Assoc Gas & Elec class A..• 41
4,700
431 Jan
831 Feb
40% 41% 2,600 35
Mar Imam Co of North Amer.10
Jan 42
59
Atlantic Fruit & Sugar__ •
60
700 51
Feb 60
Apr
95c 95c
200 955 Mar
1% Jan Internat Cigar Machinery•
49
49
Auburn Automobile com.25 113
100 49
Apr
49
102 113
Apr
2,425 69
Apr
Jan
Internat
113
Projector Corp_ •
Babcock & Wilcox Co_ _100
934 935
100
931 Apr 10% Jan
119 119
20 11534 Jan 124
Mar Internat Utilities, class A.• 3331 33
Bancitaly Corp
3334
1,600
28
Jan 3531 Mar
25 1107-4 110 110% 1,300 85% Jan 114% Mar
Class B
..•
431
344 4% 6,900
Beaver Board Cos pref.100
3
Jan
5% Jan
38
38
300 38
Jan 3974 Mar
Participating preferred........ 89
89
Sandia Corp el A com__10 5334 49
125 89
Apr 89
Apr
5331
600 40
Jan 5331 'Apr Jaeger Machine
•
30%
Blgelow-Hartf Carpet corn*
3031
25 28
Jan 30,1 Apr
7934 7934
100 76
Mar
Mar
80
Cent
Jer
P
&
L
7%
pf__100
10234 10235
Blackstone V GdrE, com.50 12134 119 122
25
100
Apr
102%
Apr
1,750 y98
Apr Johns-Many,new corn w
Feb 122
65% 6331 66% 16,700 5534 Jan 7341 Mar
Bliss(E W)& Co,com-__• 239,
6 23,1 2334
900 20
Apr
Jan 24
New preferred w l...100 11634 11534 1163,6 1,925 114%
Blyn Shoes Inc com_ __ _10
Jan 118
931
Mar
931 941 14,900
3% Jan
9% Apr Kawneer Co
•
29
29
Borden Co common _ _ _5e ...... 107 111
100 29
Jan 2944 Mar
2,100 101
Apr Lackawanna Securities w i• 9841 91% 99% 5,700
Jan 111
Nat City Co rots new stk 104
87
Mar 99% Apr
102 105%
500 102
Apr
Landay
Apr
106
Bros,
Inc,
ci
A..'
3131 32
Bridgeport Gas Light new*
200 30
Feb 3434 Jan
54
54%
400 54
Apr 54% (Apr Landover Holding CorpBridgeport Machine com.•
5
5
200
4% Feb
6,5 Mar
Class A stamped
1
16% 1751
300 14
Brill Corp class A
Jan 17% Apr
• 40
39
40
900 38% Mar 4731 Jan Lehigh Power Securities..' 1935 1931 20
16,200 15
Brillo Mfg com
Jan 20
Apr
•
8
8%
300
7% Feb
931 Jan Lehigh Val Coal Ws new.. 4134 40% 41% 5,700 38%
Class A
Mar 46
• 2134 2131 2134
Jan
100 20
Mar
Lehigh
Jan
22%
Valley
Coal
Sales.60
9631
9691
9631
Brit-Amer Tob ord bear_ £1
125 8934 Mar 100
Mar
2434 2431 2,600 23,1 Feb 25% Mar Libby, McNeill & Libby-10
10% 1,200
Ordinary registered _El
941 Mar 1044 Jan
2431 24% 1,000 23% Feb 2431 Mar Libby Owens Sheet G1as525 10% 10
12931
132
12931
Brooklyn City RR
200
116
Apr
10
15934 Jan
5
5
531 5,300
6
Jan
634 Jan Lit Brothers Corp
10 2541 2534 2531
Bucyrus Co (old) com_ _100
100 25
Feb 2631 Feb
220 230
50 203
Mar 235
Jan Loose-Wllee BiscuitNew common
25
55% 5541
100 54
Jan
New
59%
common
Jan
25
40%
4134
1,300 40
Budd (Edw G) Mfg com_*
Apr 41% Apr
23
23
100 23
Apr 32
Feb MacAnd & Forbad, com- •
4141 42
Buff Niag & East Pr corn.'
700 4034.Jan 13)1 Mar
3131 3134
300 2531 Mar 3131 Apr Madison Sq Gard Co v t o• 17
16% 17
Bullard Machine Tool._ •
1,600 16
Mar 1831 Jan
41% 4235
600
3541
Apr
Feb
4231
Maine
Central
RR
com_100
7034 7031
Canada Cement, LUI__100
10
Feb 75
Mar
145 145
10 130
Feb 149
Apr Mandel Brothers, Inc _ .• 4834 48% 48)5 2,400 6234
Canadian Indust Alcohol.* 30
4831 Mar 48% Mar
2941 30
700 22
Jan 30
Apr Manning, Bowman dr CoCase (J I) Plow Wks cl B
Class
A
•
1934 19%
25 1931 Mar 2031 Mar
Vt
731 731
40
331 Feb 13
Mar
Class B
1234 12%
Celluloid Co, pref
500 1231 Apr 1231 Apr
100 6931 69
6935
6
65% Jan 72
Jan Mansfield Min dr Smelt19% 1941
Celoter Co common
200 19% Apr 2031 Apr
•
7531 7531
50 72
Jan
Feb
83
Warrants
130
130 130
7% preferred
18 113
Apr 130
100
Apr
88% 88%
60 8734 Mar 91
Mar Marconi Wirel Tel of Can.1
1
Central Aguirre Sugar _ _
1
100 79e
Jan
1
105% 99% 106
Mar
2,000 97% Jan 106
Apr Marconi Wirel Tel of Lon£1
431 434
Cent Leath (new)el A vte.• 2531 25
200
334 Jan
434 Jan
26
800 1931 Jan 26% Apr Marmon Motor Car corn.' 5531
Prior pref v t e
5234 5854 3,000 47,1 Jan 62% Jan
100 87
8631 87%
700 73% Jan 88% Apr Massey-Harris Co,Lt41_100
130 135
Cent & S W Utilities_..100
7
66
Feb 135
Apr
63
63
100 5735 Jan 67
Feb
New w 1
•
333(
33
Cent States Elec 8% pf_100
400 29
Mar 3341 Apr
94
94
4
Jan 95% Feb
7% preferred
100
10841
Centrifugal Pipe Corp_ _ _ _• 14% 1431 1436 1,900 92%
10851
20
105
Feb 111
Apr
13%
Ma
McCall
18)4
Jan
Corporatio
n
55
•
55
200 52
CM & St P (new co) w I.. 2331 2331 24
Jan 60
Mar
3,700 20
Ma
Apr McCord Rad & Mfg v t c_*
25
17
200 16% Mar 21
17
New preferred w I
32
Jan
32
33% 5,600 27% Mar 3531 Apr Mead Johnson &
Co
corn_
4134
•
4134
1,200
403-4
Childs Co, pref
39,1
Jan
100 119
43% Feb
119 119
10
Feb Melville Shoe, corn
Ma 121
7531 7531
•
2
Cities Service common_ _20 25191 5134 51% 16,500 11834
59
Feb 7531 Apr
4094
Ma
6851 Feb Mengel Company
100 30
30
29
40
Preferred
28% Feb 37
100 z90
8931 90
Apr
3,600 87
Mar 92% Jan Mercantile Stores com_100 103
103 103
100 100
Preferred B
Feb 112
10 z8
8
8
Mar
200
831 Feb Metrop Chain Stores._ _ -• 3234 3034 3234
7% Ma
800
Preferred BE
30
Feb 35
100 x8131 8131 82
Mar
300 81
Apr 8534 Mar Met 5 & 50c Stores, pref 100
30%
30%
2
30
City Ice & Fuel (Cleve)..' 27
Feb
37
2694 2734
Jan
200 23% Jan 2731 Apr Mlag Mill Mach warrants_
114 119
Cohn-Hall-Marx Co
85
Jan 120
•
1831 1834
Feb
200 1831 Ma
Jan Middle West U talcum_ _ -• 11031 10934 113
20
1,40 108
Colombian Syndicate
Feb 114% Feb
2
2,1 11,000
1% Apr
334 Jan
Prior lien
118
100
118
Columbus Elec & Power..'
50
117% Jan 119
71
71
Feb
25 6731 Fe
72% Feb
7% preferred
100
107% 109
550 105% Jan 11344 Feb
Corn'wealth-Edison Co.100
146 146
20 139
Jan 147
Apr Midland Steel Products..•
3954 3935
Com'wealth Power Corp200 3931 Apr 4534 Jan
Miller
Rubber
prat
102% 102%
_100
10 101
Common
• 44% 44
Jan 10534 Feb
45
7,500 4231 Jan 48
Mar Missouri Portl Cement_ _25 51
51
51
100 51
Preferred
100 96
Apr 61
95% 96
Apr
1,400 9131 Jan 97
Mar Mohawk dr Bud Pow corn• 24
24% 1,400 20% Jan 27
24
Conde Nast Publications_' 3341 3331 3431 3,100 3034 Mar 3441 Apr Mohawk
Feb
Valley
Co
• 43% 4234 433-4 3,000 37
Consol Dairy Products..'
Feb
1% 1%
44
Apr
100
141 Jan
2% Jan Moore Drop Forg el A....* 2531 2534 30
200 2531 Apr 60
Con Gas H L& P Balt com• 5541 54% 5535 8,700 50% Jan 55% Apr National
Jan
Baking,
pref.
83
83
25 78
Consol Laundries
• 2231 2141 2291 4,800 20
Feb 85
Apr
Feb 2231 Apr National Casket, corn_ _100
76
_ _ _• 76
76
Consolidation Coal corn 100
100
Jan 78% Mar
34
34
25 31
Mar 36
Jan Nat Elec Power,class A.-• 2441 2434 247-4 1,700 67%
Copeland Produats, Inc2331
Feb 2531 Feb
Preferred
9634 96%
100 96
Class A with warrants.•
Feb 9634 Apr
834
8
851 1,300
7% Apr 11% Jan Nat Food Products el 100
6%
6
B.
731 1,100
Creamery Pkge Mfg corn*
53( Ada
30% 30%
731 Jan
200 29% Apr 3031 Apr National Leather
2%
2%
10
254
100
231 Apr
10
80
Cuneo Press corn
431 Jan
30
100 30
Jan 32% Jan Nat Power & Light, pref..' 107
105 10731 1,250 101
Curtiss Aeropl & M com_ _• 2331 23
Jan 10731 Apr
2331 1,300 19
Jan 2534 Mar Nat Pub Sem,corn class
2141 2234 4,600 1814 Jan 22% Mar
A.8 22
Preferred
9131 9131
100
100 8441 Jan 94
Mar
Common,clam B
1,700 14
• 1944 1741 20
Jan 2031 Mar
Curtis Pub Co corn
•
176 177
90 17034 Jan 180
Feb
Warrants
2,1
500
1% 2%
134 Ma
• 115
331 Jan
115 11534 4,900 114
17 preferred
Jan 118
Jan Nat Sugar Refining__ _ _100 138
135 136
175 126
Ma 140
Davenport Hosiery__
30
28% 30% 3,500 2731 Mar 30% Apr Neisner Bros.
Apr
Inc. corn...' 4531 4434 46
1,150 3631 Fe
50
100 110
Apr
Deere & Co common._ _100 101
600 70
Jan 110
Apr
Preferred
9731 9731 993'4
130 96
Jan 100
741 836
Apr
De Forest Radio Corp_ •
400
7
Feb 10% ran Nelson (Herman) Corp_ 100
2736
30
3031
1,900
__5
2336 Feb 30
Dixon (Jos) Crucible_ __I00 170
168% 172
Apr
600 151
Mar 17231 Feb Nev-Calif El Corp corn.100
31
31
100 25
Feb 31
Doehler Die-Casting
• 1931 19
Apr
20
2,200 18
Jan 22% Mar New Bedford Gas & Ed Lt
103 109
475 103
Apr 109
•
Dominion Stores. Ltd_
Apr
76% 7635
100 66
Jan 7734 Mar New England Pow Assn 100
54
110 4931 Feb 56
56
DubIller Condenser Corp.•
1,100
Apr
451 5
331 Feb
5% Mar New Me:& Ariz Land_. 1 1054 1054 1054 1,300 10A
Apr 13% Fat
Dunhill In ternational _ _ _• 29% 27% 3036 5,400 22
Jan 3034 Apr New On GO Nor RR 100
38
38
100 19% Jan 4134 Apr
• 1234 11% 12% 29,300
Durant Motors, Inc
551 Jan 1431 Mar N Y Merchandise Co_ _ _ _• 35
31% 35
400 27
Jan 35
Apr
rApr
APR. 16 1927.]
Sates
Thurs.
Last Week's Range for
Week
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High Shares.
Range since Jan. 1.
Low.
High.
325 112% Apr 115% Mar
1,1 Y Taloa 84% pre!__100 11314 11231 113%
24% 3,800 2131 Mar 253( Mar
24% 24
Nichols dr Shepard
700 1831 Jan 23% Mar
22
20
Niles-Bement-Pond, corn.* 22
Mar
Mar 12
5
100
8
8
8
North American Cement.'
631 Apr
631 Apr
Sec_
North America Utility
Apr 894 Apr
200 89
894
89
First preferred
Mar 1835 Jan
Northeast Power, corn...' 1531 15% 15% 2,400 15
1331 Feb
931 Jan
Northern Ohio Power Co_' 1154 114 114 7.500
Nor States P Corp.com.100 116% 113% 11731 3,600 109% Jan 11731 Mar
Jan
36
27
Feb
200
29
30
_100
com_
Co
Nor Tex Elec
Feb 10531 Feb
30 104
OhloPubServ,18t pf,clA100 10434 104 10434
200 2431 Feb 26;5 Jan
Pacific G & E lst pref.-25 25% 2531 25%
Apr 102
Apr
102 102
20 102
Pacific Pow & Lt7% PL100
• 114 10% 1194 1,600 104 Apr 12% Jan
Pacific Steel Boiler
77
71
Mar
Mar
225
75
76
7531
*
com
Co
Peet
Palmolive
Mar 1084 Apr
60 106
100 10831 107% 108%
Preferred
Feb 146
Jan
138 138%
50 137
Parke, Davis & Co old_ _25
Ma
31
2731
Apr
1,000
284
31
31
*
New
Jan
100 45% Apr 48
Pander(David) Groc cl A.* 454 4531 454
Jan 28% Feb
200 22
22% 22%
•
Class B
Apr
Jan 103
290 100
101 103
Penney (J C)Co el Apt 100 101
Fe 235
Apr
10,000 27
Penn-Ohio Edie new corn.' 23431 2934 235
101 1014 3,700 974 Jan 101% Apr
7% prior preferred. 100
• 854 823( 8535 1,400 8034 Jan 8531 Apr
$6 preferred
134 1034 13% 8,100 104 Jan 13% Apr
Warrants
84 Feb 212
Apr
5,900
10 212
Penn Ohio Secur Corp_ __• 212
Jan 10934 Feb
75 106
10831 10831 108%
Penn Pow & Light pref..*
270 17531 Jan 191% Apr
Penn Water & Power_ _100 18934 189% 191%
Mar 49% Apr
48
100 45
48
•
New w I
600 28% Apr 31% Jan
29
2935
Peoples Drug Stores
•
48% 4931
Jan
75 46% Mar 53
25
Phila Elec Co corn
PnIllip-Morr Cons Inc coin' 1631 1331 1631 10,500 13% Apr 2034 Jan
1,800 174 Apr 22
174 1835
Jan
25
Class A
Pick (Albert) Barth & Co14
Feb
5,600 12% Jan
1331 14
Prof Cl A (part pref)--• 14
173 17535
550 16734 Jan 1814 Feb
MUM & Lake Erie com-50
•
Mar 5334 Jan
200 48
52
52
Pratt it Lambert
Feb 19331 Apr
280 178
Procter & Gamble com__20 19334 198 19331
101
Apr
Max
175
86
99
101
Providence Gas Co
50
Apr 334 Jan
1,000 28
2931
Puget Sound P&L.com.100 2914 28
Apr 7834 Feb
2,100 69
69
72
Pullman Co(new corp) w 1* 69
1434 Jan
9
Feb
700
931 91.1
934
Pyrene Manufacturing__10
Jan 76
Apr
200 57
7335 76
Rand-Kardex Bureau_ -• 76
Jan 800
Apr
30 400
650 800
800
Warrants
Jan 255
Feb
243 244
30 225
Realty Associates corn_ •
Mar 16
7
Apr
10
600
16
Remington Arms Co,corn• 16
3434 36
1,000 3334 Apr 3931 Feb
Rem Noise'Typew corn A• 36
3731 Mar
3534 3731 51,600 33(4 Pm
Remington-Rand corn w i•
9931 100
400 974 Mar 10034 Mar
100
First preferred
Mar 10031 Apr
300 98
100 100
8% second preferred.100
Jan
10 2131 204 2131 3,900 1934 Mar 23
Reo Motor Car
331 Apr
54 Jan
200
334
334
334
Republic Motor Truck- _ _*
Apr
Apr 154
153 154
30 153
• 154
Richman Bros Co
2331 244
900 204 Feb 254 Mar
Richmond Radiator corn..* 24
100 3934 Apr 3931 Apr
3934 394 3935
7% cum cony pref
Apr 9394 Apr
500 91
Rolls-Royce of Amer pf 100 9131 91
93%
Apr 50
45
10 45
Mar
Rome Wire Co class A corn* 45
45
Feb 194
162 162
20 161
Feb
Royal Bak Powd corn 100 162
102 10231
Preferred
60 2994 Mar 1023.4 Apr
100
Mar
132 135
Safety Car Heat & Ltg_100
100 12531 Jan 141
Feb 301
310 232
Safeway Storeseons
280 287
Apr
• 280
40
100 3931 Mar 46
Jan
St Regis Paper Co
•
40
25 154 Jan
Schulte R E Co
1631 1631
1831 Mar
300 2631 Apr 28
264 26%
Seeman Brothers com_
Jan
•
5% Apr 10
Mar
Rervel corp (Del) corn..'
5% 634 13,400
531
52
Feb 54
50 44
52
Mar
Sherwin-Williams com__25 52
Feb 70
Shredded Wheat Co
300 56
65
Apr
70
•
Sierra-Pars Elea Co cons 100
300 2634 Jan 2834 Apr
28% 28%
Silica Gel Corp corn v to.'
1631 17%
Feb
600 1331 Mar 19
Jan 3874 Feb
Singer Manufacturing..100
374 376
30 365
Snla Viscosa ord (200 lire).
11
11
5
Apr
Jan
100
11
1031 Apr
5
Jan
Dept recta Chase Nat Bk
1031 10% 1,500
Sou Calif.Edison pref B.25
200 2431 Jan 25% Jan
24% 24%
Sou Cities Util corn A...'
300 2334 Jan 424 Mar
4035 4134
100 28
27
South Cob Pow,class A.25
27
Feb2734 Mar
Sou Gas & POW class A_ _ 4. 2134 2131 2134
800 1834 Mar 2274 Apr
Southern G roc Stores cl A.• 3331 3331 3334
50 3331 Mar 3531 Feb
S'eastern Pow & Lt com__* 3114 30% 32
8,600 2931 Mar 32% Mar
100 6734 Jan 78
Apr
Participating preferred.'
7734 7735
1,200
9
834 Jan
Jan
Warrants to pur corn stk.
8% 9
575 11334 Jan 118
Jan
S'west Bell Tel pref__100 11631 11531 116%
10 104
Jan 1074 Apr
10731 10731
SouthwestP & L 7% pf 100
27. 28
Stana Comm.
600 19% Jan 29
Mar
'Tobacco_ •
Stand Claa & Mee 7% pf 100
1074 108
150 104% Jan 109
Mar
Jan 2434 Jan
Stand Pow & Lt com_25 22% 22% 22%
300 22
Stand Publishing el A__25
331 Apr
800
3% 34
694 Jan
3%
Stern Brothers class A_ •
4531 45%
50 42
Feb 4734 Mar
Stutz Motor Car
500 14
1631 17
Jan 21
• 1634
Mar
250 109
Swedish-Amer Invest..100 109
109 109
Apr 109
Apr
Swedish Match cl A(100 kr)
500 7734 Apr 78% Apr
77% 7831
Swift dr Co
1,050 11534 Jan 120% Mar
100 11631 11631 1174
Swift International
lb 2131 2034 21% 5,500 1831 Mar 23
Jan
Tampa Electric Co
20
6131 6134
49
Jan 6254 Feb
•
Teitz (Leonhard)
34% 37
22
31
Jan 37
37
Apr
Warrants
130 146
4 90
Mar 146
Apr
Thatcher Mfg new corn...*
1434 15
300 1431 Apr 18
Mar
Convertible preferred..' 454 4431 4531
900 4431 Apr 46
Mar
Timken-Detroit Axle_ _10 13
12% 1331 3,200 114 Mar 1331 Apr
Tobacco Prod Exports •
3
331 3% 1,900
Mar
311 Jan
46
Todd Shipyards Corp.._.* 46
200 46
4631
Apr 50
Jan
Trans-Lux Day Net Screen
634
3,000
Class A common
531
•
634
5
Ma
831 Jan
114 13
Trumbull Steel cons
8,200
25 1231
934 Jan 13
Apr
208 220
Tubize Artificial Milk el 13.• 215
430 145
Jan 230
Apr
1031 104
Tulip Cup Corp corn
100 10
*
Fe
15
Feb
Tung-Sol Lamp Wks el A.* 194 18% 194
500 1731 Jan
1934 Mar
400 76
76
79
Union & United Tob corn.' 76
Apr 90
Feb
United Artiste Theatre Co
Allot ctf for corn & pref.
200 9531 Jan 99
99
99
Mar
United Biscuit class A_ _ _ _• 39
100
39
39
38
Mar 45
Feb
Class 11
•
931 1034 1,100
7
Jan
13
Feb
United Elea Coal Cos vi0a 2334 23
2331
500 23
Apr 2631 Jan
United Gas Impt
Feb 10034 Apr
50 99% 9834 10034 18.000 89
United Light & Power A-• 2133( 134 1434 43,200 1234 Mar 15(4 Jan
Preferred A
1,500 85
• 29334 9331 9431
Jan 9431 Apr
25 504 Jan 52
Preferre B
514 514
•
Feb
575 51
United Shoe Mach,com-25 543( 534 5431
Jan 544 Feb
1434 1431 10,100 12% Jan
U S Distributing corn_.• 144
17
Feb
7% conv pref
8334 8434 2.100 8331 Apr 90 34 Jan
100 84
150 694 Mar 72
704 71
71
U S Freight Co
Apr
1034 104
100 94
Jan 110
U S Gypsum corn
20 104
Jan
1,700 29
5231
Jan 53
0 9 Light & Heat corn. 10 51% 50
Apr
2.200
Preferred
831 835
831
731 Jan
10
831 Apr
100 1131 Apr 134 Feb
114 114
U S Rubber Reclaiming _ _•
100
10
9
10
Mar 18
U S Stores Corp class A _ _• 10
Jan
3731 Jan 49
Univ Leaf Tobacco corn..' 24234 4131 24234
1,00
Mar
100 29% Jan
Universal Pictures
37
•
37
45% Mar
5,700
1435
1334
Pr
134
&
I.t clam B * 14
Jan
Utilities
154 Feb
100
1031 1031
Utility Shares Corp corn'
934 Feb 10% Jan
15,300 1534 Ma
1831 27
Warner Bros Pictures____• 25
33 4 Jan
Warner-Quinlan Co
700 254 Jan 2731 Mar
2634
28
•
725 52% Jar
Wesson O&SD comvto.• 5531 5534 513%
594 Jan
•
no 96
9834 9834
Preferred
Mar 9934 Jan
900 474 Fe
5034
West Dairy Prod,class A
50
'
51
Mar
300 15
17
ClamB v to
17
•
Fe
184 Mar
250 98
West Md Ry let pfd-100
131 13231
Jan 13231 Apr
270 98
Western Power, prof...l00 9934 9831 1004
Jan 102
Feb
20 163
Wheeling &LE pr In stk 100
163 16535
Feb 171
Jan
100 27
35
35
Feb 35
White Rock Min Spgs corn'
Apr
100 13
1331 1334
Mar 164 Feb
Williams 011-0-Mat Heat.' 1331
100
25
25
25
Apr 27
Yates Amer Mach part pf *
Jan
2265
THE CHRONICLE
Thurs.
Last Week's Range Sales
Sale
Week.
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
2831 2931
11034 11034
Yellow Taxi of N Y
Youngs Sheet & T, pref.100
Rights.
Bancltaly Corp
Commonwealth Power_ _ _ _
Flat
Interstate Nat Gas bond rts
231
440
3
27
Former Standard Oil
Subsidiaries.
Anglo-Amer 011(votsh)-ZI
Non-voting stock_ _Z1
Borne-Scrymser Co__ _100
Buckeye Pipe Line
50
Chesebrough Mfg CowL25
Continental Oil v t e_ _10
Cumberland Pipe Line_100
Galena-Signal Oil. com.100
Old Preferred
100
Humble 011 & Refining _ 25
Illinois Pipe Line
100
Imperial 011 (Canada)...'
Indiana Pipe Line
50
National Transit ___12.50
100
New York Transit
Ohio 011
25
Penn-Meg Fuel 011
25
Prairie Oil& Gas
25
100
Prairie Pipe Line
South Penn 011
25
SO West Pa Pipe Lines_100
Standard 011(Indiana)._25
Standard 011 (Kansas)__25
Standard 011(Ky)
25
Standard Oil(Neb)
25
Standard 011(0) new cons_
Old common
100
Preferred
100
Vacuum 011
25
1931
18%
9334
5831
4331
66
14
5735
474
1494
3531
6694
1731
1134
85
330
113
Other Oil Stocks.
Amer Contr Oil Fields
_5
Amer Maracaibo Co
•
Arkansas Natural Gas..10
Atlantic Lobos 011 com •
Barnsdall Corp stk porch
warrants (deb rights)...
•
Beacon 011 Cs corn
Cardinal Petroleum Corp10
Carib Syndicate
Consolidated Royalties_ _1
•
Creole Syndicate
Crown Cent Petrol Corp_ •
•
Darby Petroleum
Voting trust certificates_
Gibson 011 Corpomtion_l
Gilliland OIL corn, v t c_.•
Gulf Oil Corp of Penna-25
Houston Gulf Gas
Intercontinental Petroleum
International Petroleum _.*
•
Kirby Petroleum
Leonard 011 Develop3_2
Lone Star Gas Corp
Magdalena Syndicate__ _1
•
Margay oil
1
Marland Oil of Men
Mexico Oil Corporation..10
1
Mountain & Gulf Oil
Mountain Producers__ __10
100
Nat Fuel Gas
•
New
New Bradford Oil
New York 011
25
North Central Tema Oil..'
Northwest 011
1
Pandem 011 Corporation.'
pantepec 011of Venezuela.*
Pennok Oil Corporation_ •
25
Red Bank 011
Reiter Foster 011 Corp...'
Richfield 0110? Calif _ _25
Royal-Can 011 Syndicate...
Ryan Consol Petroleum__•
Salt Creek Consol 011_ _10
Salt Creek Producers_ -10
Tidal Osage non-vot stk.'
Tide Water Associated 011*
Preferred
100
Venezuela Petroleum_...5
Wilcox (H F)011 & Gas- •
Woodley Petroleum
*
"Y" Oil& Gas
5
Mining StocksAmer Coufl Min &
Amer Exploration Co
Arizona Globe Copper__ 1
Bunker Hill & Sullivan_ JO
Calaveras Copper
1
Carnegie Metals
10
Chief Cousol Mining
1
Consol Copper Mines....
Consol Nevada Utah.......3
Cortes Silver Mines
1
Cresson Consol U m a, m 1
Divide Extension
1
Engineer Gold Mines,Ltd 5
Eureka Croesus
1
Falcon Lead Mines
First Thought Gold Miner%
Forty-Nine Mining
1
Golden Centre Mines_
5
Golden Cycle MM & Red.1
Golden State Mining _ _ .10c
Goldfield Florence
1
Hawthorne Mines, Inc...
Heels Mining
25e
Hollinger Cone Gold Min _5
Iron Cap Copper Co.__ _10
Kerr Lake
Lake Shore Mines, Ltd._ _1
Lucky Tiger Gold
Mammoth Divide
10c
Mason Valley Mines
5
New Jersey Zinc
100
Newmont Mining Corp 10
NIplesing Miner
5
Nora.nda Minee, Ltd
•
North Butte
10
Onto Copper
1
Plymouth Lead Mines_ l
Premier Gold Mining_ _ _1
rted Warrior Mining . .1
Reorganized West Diside.1
Shattuck Dean Min Corp_•
So Amer Gold & Plat__ -_1
Standard Silver-Lead.-- _1
Teck-I1 niches
Tonopah Belmont.Deve1.1
5
80e
454
794
434
17
19c
16
124
831
8
231
88
1191
134
31%
131
4234
131
24%
237
24
5
531
1131
7
22934
1791
9135
5
3;1
100
97e
8o
231
235
40
220
2
Sc
60
(310
14
4c
13%
Range Since Jan. 1.
231 274 2.900
400 450 24,000
3
3
400
27
27
100
Yigh.
Low.
500 30
300 109
Apr 344 Jan
Mar 1104 Apr
Jan
Mar
Feb
Mar
34
62e
3%
29
Mar
Mar
Mar
Mar
1934 19% 1,000 1831 Apr
1831 18%
100 17% Apr
50
52
Apr
200 50
4934 49%
Jan
200 45
82
82
100 7631 Jan
1831 19
8,500 18% Apr
9231 94
Mar
70 v90
1035 1131
Apr
500 10
4831 49
90 483( Apr
Mar
5731 59
5,400 54
150 1234 Jan
13831 139
4431 9,500 374 Jan
43
200 61
66%
Jan
66
1431
700 1341 Jan
14
32
33
250 314 Jan
1,800 58% Apr
564 58
12
Apr
100 12
12
4831 14.000 47
Apr
47
1,650 132
14831 150
Jan
600 35
35% 3731
Mar
6231 6231
ao 5531 Jan
6531 6631 24,400 654 Apr
1,400 15% Ma
174 1735
Ma
1134 114% 1,000 112
Apr
100 46
474 474
1,300 73
85
AD
75
Apr
90 294
320 330
Jan
50 118
118% 119
107% 11431 29,700 95% Jan
21%
20%
69
50%
82%
2231
137
134
60;1
824
141
47
69%
1434
36
64)(
19
5534
151
41%
6451
74)(
20%
12231
4931
85
354
122
11431
Jac
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Mar
Jan
Feb
It,,
Jan
Jan
Feb
Apr
Jan
Feb
Apr
Apr
Ma
Mar
Jan
21r.
74
831
14
Jan
Jan
Feb
Jan
760
434
731
131
83
434
7%
14
8,200
4,800
2,200
300
550
35c
131
27
770
4
7
14
Mar
4
434 44 3,800
1631 1754 5.300 1531 Apr
Apr
190
200 3,000 150
1534 1631 8,900 1531 Apr
8% Jan
200
83,4 894
1294 1331 18,300 1114 Mar
300
131 Mar
131
1%
400
43( Jan
834 9
Apr
8
300
8
8
2
1% Mar
234
7.200
800
80c Apr
8.0c 2,000
5,100 8931 Apr
8734 90
934 1231 9,800
831 Apr
131
14 Apr
131
5,700
3031 3131 23,100 30% Mar
131
14 Jan
131
500
731 734
1,400
7;1 Mar
4234 43
500 37
Jan
131
234 9,100
14 Mar
1231 1231
100 12
Mar
100
1
1
Apr
200
20c 2,000 104c Apr
100
131
1%
14 Jan
24% 25
4,500 2431 Ma
236 237
60 192
Jan
1,500 234 Mar
24
24
431 5
431 Mar
700
400
1034 103,1
94 Mar
114 114
100 1131 Jan
4c
4c 1,000
4c
Jan
531 6
500
5% Mar
1031 114 12,400 10% Apr
200
934 9%
931 Mar
100 17
17
17
Apr
734
3,800
534
534 Apr
100 1531 Mar
1734 1731
210
210 2,000 200 Apr
54 54
200
5
Jan
800
7
731
7
Mar
3,900 22931 Apr
2294 3031
2,10
19
20
19
17% Na
A
lti
1731 1731 7,300
800 9135 Apr
9135 9231
5
53( 3.500
Mar
5
900 22
2431 244
Mar
6
6
700
531 Apr
331 334
100
231 Mar
Sc
91c
40
7434
2
13
235
3
40
20e
2
50
2%
Sc
61c
30
(3c
14
Pit
30
60
40
2
10
3%
4
100 32,000
97e
3.300
8c 18.000
7431
375
2.1, 6,700
100
13
231
600
3
4.800
40
1,000
24c 20,000
231
1,400
Sc
8,000
34
900
7c 197.000
630
4,400
30
2,000
60
1,000
131
400
400
3c
5,000
80
3.000
4c
2,000
4 1,500
300
2
11
4%
100
2
2
100
730 73c
100
19
19
100
631 631
13e 150 14,000
15c
100
131
135
50
189 190
7334 8031 12,500
74
7% 84 2,100
8
100
400
2031 2131 11:
21
200
14 134
43c 43e
1,000
90
irc
1:0
2114 24 2
Doi
22c 220
20
3.045, 900
20
5
600
334 34
331
4,000
24c 26c
26c
28,300
64 7
634
800
Pr• 2
Pre
2
730
19
12
50
510
3c
67;1
131
12
254
2,1
3o
7o
2
50
231
40
600
20
50
131
Pre
30
50
3e
12%
2031
1%
730
19
651
120
134
1814
674
734
19%
134
40c
Sc
1%
160
10
431
34
160
544
134
7%
2034
26e
284
94
1414
3
12
11%
34
2
964
123(
2
34%
24
10%
4634
234
124
2
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Apr
Mar
Feb
Jan
Feb
Mar
Jan
Jan
Jan
38o Jan
131 Jan
26% Jan
Mar
250
Mar
24
514 Mar
11
Feb
124 Feb
Feb
Sc
831 Jan
12% Mar
1331 Jan
24% Jan
1534 Jan
2731 Jan
35e Feb
Jan
7
Jan
8
32
Feb
2331 Mar
234 Jan
954 Jan
7% Jan
32% Jan
Jan
8
Jan
6
Jan 10o Mar
14 Mar
Jan
Sc Apr
Mar
Feb 7731 Mar
2.4 Apr
Mar
Jan 1334 Jan
34 Jan
Mar
34 Mar
Feb
4c Feb
Feb
Jan 30o Feb
21114 Jan
Apr
Jan
70
Jan
534 Jan
Mar
o Feb
Apr
Apr 780 Jan
Jan
40
Jan
Jan
70
Jan
Mar
2
Feb
1% Feb
Apr
Feb
Sc
Jan
So Mar
Feb
110 Jan
Ma
15% Jan
Fe
Jan 224 Feb
Jan
3
Fe
Apr 950 Feb
Jan
19
Jan
631 Apr
Apr
15o Apr
AP
24 Jan
Ma
Mar 19331 Mar
Apr
Jan 81
Mar 104 Feb
Jan 24% Mar
Ma
335 Jan
Jan
Mar 49c
15c
Feb
Jan
2.4 Feb
Jan
Jan 39c Feb
6e
Feb
Jan
6
Mar
Jan
334 Jan
Mar
270
Jan
Feb
Jan
7
Apr
Feb
2.14 Jan
2266
Mining Stocks.
(Concluded)
THE CHRONICLE
Thurs.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price.
Low. High Shares
Par
Tonopah Mining
1
United Verde Extension.50c
Unity Gold Mines
1
Utah Apex
6
Utah Metal & Tunnel__ _1
Wenden Copper Mining...1
West End Consolidated..5
West End Extension
1
25
1%
6c
234 2%
600
25
1,000
25%
45c 45c
1,000
5% 6
400
1%
200
134
254 2% 5,700
10c
10c
1,000
Sc
6c 38,000
Range Since Jan. 1.
Low.
2
22%
45c
554
lhe
214
Sc
30
Apr
Jan
Apr
Apr
Jan
Mar
Apr
Jan
High.
3341 Jan
Feb
28
Apr
45c
7% Feb
255 Feb
3% Jan
15c Mar
60 Apr
Bonds- (Concluded)
[VOL. 124.
Thurs.
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Range Since Jan, 1.
Low.
High.
North Amer Edis58 A.1957 97% 97% 9731 126.000 9731 Mar 98'4 Jan
Ohio Power 55 ser B...1952 99% 99
9935 22,000 97% Feb 9934 Mar
4155 series D
1956 91% 91% 92
89,000 8951 Feb 92
Apr
Ohio River Edison 58_1951
99 100
49,000 97
Apr
Jan 100
Okla Natural Gas 68_ _1941 104
1 10415 102,000 99
103%
Jan 10431 Apr
Pa Ohio & Det RR 431e '77 9711 97% 9715 101.000 95
Mar 07% Apr
Penn-Ohio Edison ds_ _1950
120 121
8,000 115% Jan 121
Jan
Without warrants
9815 9811 98% 21,000 9531 Jan 98% Apr
Penn Pow & Light 58_ _1952
100% 101
5,000 99
Jan 101
Mar
58series D
100% 101
1953
11,000 9934 Jan 101
Apr
Phila.Electric 6s
1941 10715 10715 107%
1.000 107% Jan 108
Mar
Phlla Elec Pow 5315..1972 10434 104 10411 45,000 10231 Feb 10415 Mar
Phila Rap Transit 6s_ _1962
10235 102%
1,000 99% Jan 102% Apr
Porto Rican Am Tub 68'42 99
99
9915 26,000 9834 Feb 100
Mar
Potomac Edison 55_ _1956
96% 96% 14,000 95
Mar 97
Jan
Pub Serv Corp NJ 531s'58 10255 102% 103% 24,000 99% Mar 103% Apr
Pub Serv Elec & G 55.1965 102
10154 10215 101,000 99% Mar 102% Apr
Pure 011 Co 63.55
1933
10315 103% 9.000 103
Jan 103% Feb
Richfield 011 of Calif 651941 9531 9511 9655 49,000 9135 Apr 99% Mar
Salida Falls Co 55._1955
9915 9931 27,000 9734 Jan 10031 Mar
Schulte RE Co 6s_ __ _1935 954. 94
9515 29,000 92% Mar 9611 Apr
65 without corn stock1935 87% 8715 8755 124,000 85
Mar 8751 Mar
Serve! Corporation (18_1931 6615 66
72% 99,000 66
Apr 8515 Mar
Sizawsheen Mills 75_ ..1931
98% 98% 10,000 9415 Mar 10114 Feb
Slemans & Ha/eke 35_1935 103% 102% 10334 37,000 10134 Jan 103% Apr
Siemans & Halske SS
6155 with warrants_1951 105% 105% 105% 244,000 98
Jan 106% Feb
Skelly Oil 5345
1939
9815 9815 39,000 98% Mar 9854 Mar
Sloss-Sheff S Jr I 6s..1929
102% 102% 15,000 101% Jan 102% Jan
Solvay-Amer Invest 58 1942 9834 98% 99
91,000 98% Mar
09% Jan
Southeast P & L 68_ _ _2025
Without warrants
100
98% 100% 204,000 96% Jan 100;4 Apr
Sou Calif Edition 55___1951 9951 98% 100 113,000 9731 Jan 100
Apr
New
Jan 100% Apr
99% 98% 10051 162,000 98
55
1944
10155 101% 7,000 101
Jan 102% Jan
Southern Gas Co 6555-1935 10214 10215 10215 13,000 101% Jan 103
Feb
Southwest'n P & L 65.2022
101 102
5,000 99% Jan 102% Apr
Stand Invest 55 with war'37 101% 101% 10134 22,000 100
Mar 10134 Apr
Stand 011 of NY 6345-1933 104% 104% 104% 23,000 10434 Mar 105% Feb
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr 100% 10015 10034 137,000 99% Jan 100% Apr
781946 with Warrants... 10034 100% 10055 225,000 9935 Jan 101
Mar
Stutz Motor 7155
1937
Jan 100
93
Feb
03
2,000 88
Sun Maid Raisin 6146 1942 97
Apr 98% Feb
96
9731 71,000 96
Sun 0115%8
1939
100 10054 14,000 9954 Jan 100% Jan
Swift dr Co 55 Oct 15 1932 100
Jan 100% Mar
99% 100% 76,000 99
Texas & Pao fly 58 B__1977 10034 10034 10015 111,000 9915 Mar 10014 Apr
Texas Power de Light 55'56 96% 96% 96% 23,000 9531 Feb 97% Jan
Thyssen (Aug) I &B 751930 102% 102% 102% 12,000 102%
Mar 10334 Jan
Trans-Cont'l Oil 75...1930 98% 98
9835 12,000 9751 Jan 9914 Feb
Ulan & Co 646
1936 100
9931 100
Jan
28,000 9934 Jan 100
United El Serv (Unes) 75'55 102% 10154 102% 517,000 93
Jan 102% Apr
Without warrants
93% 92% 94
Apr
79,000 92% Apr 94
United Industrial 6158.1941 97% 95% 9715 50,000 55% Apr 99
Jan
United Light Ar Pow 08 1952
103 103
Apr 103
Apr
1,000 103
United Oil Prod 85_ _ __1931 85
85
86
5,000 6034 Jan 89% Mar
Unit Rys (Havana)734s'36 110
110 110
16,000 109% Mar 112
Jan
U S Rabb 6 A% notes_1929
10214 10215
2.000 10115 Mar 103
Jan
Serial 615% notes_ _1930
102 102
Feb 103
1.000 102
Jan
Serial 615% notes_ _1931
10214 102% 6,000 102
Jan 103
Feb
Serial 614% notes_ _1932 10215 10211 10234 43,000 102
Jan 103
Jan
Serial 614% notes__1933 102% 10215 103% 61,000 102
Feb 10315 Apr
Serial 614% notes..1934 102% 10254 103
Apr 103
56,000 102
Apr
Serial 635% notes...1935
103 103
17,000 102% Jan 103
Jan
Serial 635% notes_ _1936 103
10234 103 171,000 10234 Jan 103
Jan
Serial 6155 notes_ _1937
103 103
25,000 102% Jan 103
Feb
Serial 615% notes_ _1938 103
102% 103
6,000 102
Jan 103
Jan
Serial 615% notes_ _1939
102% 103% 16,000 10234 Jan 104
Mar
Serial 694% notes 1940
104 104
2,000 1023,4 Feb 10434 Mar
S Smelt & Ref 53.48_1935 103
103 104
19,000 101% Jan 104
Apr
United Steel Wks Burlach
Luxemburg 75
1951
101% 10235 29,000 98% Jan 103% Jan
1313 Steel Works A 63451951
With stk pur warr ser A. 10515 105% 105% 07,000 10211 Jan 11034: Jan
Without stk purch warr_
99
99% 31,000 9555 Jan 100% Jan
Series C
105% 105 10555 12,000 10234 Jan 110
Jan
Van Camp Packing 85_1941
85
85
2,000 85
Mar 8854 Feb
Warner Bros Plc 6355.1928 103% 9915 10431 188,000 98% Mar 11155 Feb
Webster Mills 6158.-1933
9131 93
9,000 9154 Apr 99
Jan
Western Power 5158_ _1957 9711 97% 9714 9,000 97% Mar 99
Jan
Westvaco Chlorine 5348'37 100
99% 100
57,000 9854 Mar 100
Apr
White Sew Mach 65..1936
With warrants
9835 64,000 9734 Apr 9915 Mar
97
98
Wise Cent fly 55
1930
9811 9811 5,000 98
Mar 99
Jan
BondsAlabama Power 55_ _ _1956
100% 100% $10,000 98% Mar 10011 Apr
Allied Pack deb 8s_-1939 49
49
Mar 76
34,000 47
51
Jan
Debenture 65
1939 49
5134 21,000 43
51
Mar 66
Jan
Aluminum Cost deb 50'52 10034 100 100
Feb 100% Mar
80,000 100
Amer CI & El 68,
2014 104
103% 104% 141,000 101% Jan 104% Mar
American Power & Light.* without warr-2016 103
Mar 103% Jan
102% 103
99,000 100
Amer Roll Mill 66_ _1938
104 104% 16,000 103
Jan 10411 Mar
Amer Seating 68
1936 103
102% 103% 12,000 101% Jan 105% Feb
American Thread 66_1928 10131 101% 101% 6,000 101% Jan 102
Jan
Anaconda Cop Mtn 65.1929 10231 102% 102% 29,000 10134 Jan 10214 Feb
Appalachian El Pr 58_1956 96% 96% 96% 148,000 95
Feb gg 31 Apr
Arkansas Pr & Lt 5s__1956 96% 96
Apr
9611 14,000 94% Feb 97
Assoc'd Sim Hardw 65033 92
94% 15,000 93
92
Feb 9755 Jan
Atlantic Fruit 85
1949
Apr 20
18
Jan
18% 7,000 18
Batavian Petr deb 4156 '42 9431 94
9411 291,000 93% Apr 96% Jan
Beacon 01168. with warr'36 100% 10015 100% 14,000 1•30% Apr 10334 Jan
Beaverboard Co 8s_ _1933 9655 9611 9634
Mar 99
Jan
4,000 96
Beaverboard Prod 75451942
1,000 108% Apr 109
108% 108%
Mar
Bell Tel of Canada 58_1955 10231 101% 102
Apr
Feb 102
34,000 101
Berlin City Elec 6345_1951 9755 97
Apr 9914 Jan
98 135,000 97
Berlin Electric 6545_ _ _1928
Mar
3,000 100% Jan 101
100% 100%
6158
1929 100
100 100% 6,000 100
Mar
Jan 101
Berlin Elm, Elev 6156_1956 9734 97% 98
57,000 96% Jan 99% Jan
Boston Consol Gas 55_1947
Feb 103
5,000 103
103 103
Feb
Boston & Maine RR 68 '33 102
102 102% 4,000 10015 Jan 103
Mar
Brunner Tur & En 748'55 85
24,000 84
86
85
Mar 92% Jan
Buffalo Gen Elec 5s...1956
103 10355 8,000 102% Mar 103% Jan
Burmeister & Wain Co of
Copenhagen 15-yr 65.'40 9634 96% 9755 25,000 94
Jan 97% Apr
Canadian Nat Rys 78.1935
111% 111%
Feb 11131 Mar
4.000 111
Carolina Pr & Lt 56_1958 10134 101% 101% 32,000 100
Jan 101% Mar
Chic Milw & St P (new co)
50-year 5s w 1
94% 504,000 92% Mar
Apr
9431 94
95
Cony ad1 w I
5935 57% 59% 2539000 54% Mar
5935 Apr
Chic & N W Ry 4155_ _2027 98
98% 140,000 95
98
Mar 98% Apr
Chile Copper 55
1947 95% 95% 9555 185,000 9434 Feb 06% Jan
Cities Service 55
1956
91% 91% 34,000 9131 Mar 91% Feb
Cities Service 65
1966 10115 101
10154 94,000 98% Jan 103% Feb
Cities Service 76. ser D 1966 122% 122% 123
57,000 120% Mar 13331 Feb
Cleve Elec Ilium 58, B 1961
104% 104%
Feb
5,000 103% Jan 105
Cleve Term Bldg 68_1941
99
Jan
99
9,000 98% Mar 100
Columbia Gas Sc El 55_1928 100% 100% 100% 10,000 10015 Jan 10055 Mar
Commander-Larabee 65 '41 97
Jan
5,000 9555 Jan 98
96% 9711
Cons El & P 66. ser A'49 10731 107% 107%
1,000 107% Jan 10811 Jan
55 series F new
1965
102% 103% 10.000 101% Feb 103% Air
Consol Publishers 6315 '36
99% Apr
9915 9955 17,000 97% Feb
Consol Textile 85
1941
95
9731 40,000 8931 Jan 97% Apr
Coat'l Gas & El 6155 A '64
103% 103% 21,000 102% Apr 103% Apr
Cuba Co 6% notes___1929 97
Jan
97
19,000 96% Jan 98
97
Cuban Telephone 73.4s 1941 111
111 111%
5,000 110% .Jan 11134 Feb
Cudahy Pack deb 535s 1937 9734 9735 98
Jan
52,000 9431 Jan 98
55
1948 99% 9934 100% 20,000 97% Jan 100% Mar
Detroit City Gas 66_1947 107
106% 107
17,000 10631 Jan 107% Mar
56, series B
1950 10015 99% 10034 146,000 99% Mar 100% Apr
Duke-Price Pr let 65.1966
105% 105% 34.000 104% Jan 105% Feb
E Term Off Bldg 6158_1943
Apr
Jan 100
1,000 99
100 100
Eitingon-Schild 65_ __ _1938 98
Mar 98% Apr
98
98% 14,000 97
Klee Refrigeration 65_1930 85
Mar 0734 Jan
83% 86% 126,000 83
Fairb'ks, Morse & Co 5542
97% 97% 15,000 9714 Mar 9734 Mar
First Bohemian Glass Wkii
let 76 with etk our war'57
97% 9711 1,000 97% Feb 9734 Mar
Flak Rubber 5155._ _ _1931 97% 9731 97% 26,000 9734 Jan 9835 Mar
Florida Power & Lt 56_1954 94
9351 94 187,000 92% Mar 94% ; Jan
Galr (Robert) Co 75_1937 107% 107% 107% 29,000 10414 Jan 10814 Mar
Galena-Signal Oil 78_ _1930
Feb
Jan 93
91% 92
3,000 90
Gatineau Power 58_1956 9731 9711 9735 41,000 9415 Jan 97% Apr
65
1941 101
100% 101
Apr
27,000 9831 Jan 101
Gen Amer Invest 55_ _ _1952 107% 102% 10715 148,000 100
Feb 107% Apr
Gerd Motor Accept 66_1937 10015 100% 10015 343,000 100
Feb 100% Mar
General Petroleum 65_1928 101
101 101
20,000 100% Feb 10134 Jan
Georgia & Fla RR 65._1946
97% 98
Jan
7,000 97% Mar 98
Georgia Power ref 55..1967 9735 97
Mar 98
Apr
9714 62,000 97
Goodyear T & 11 58....1928 98% 98% 981
% 30,000 97% Mar 98% Apr
Goodyear TAR Cal 5558'31 97
93
Jan 9715 Mar
97% 57,000 95
Grand Trunk fly 6%8_1936 10815 108% 108% 11,000 108% Jan 109
Jan
Foreign Government
Great Cons Elec 6%5_1950 9315 9214 94 168,000 9214 Apr 97
Feb
and Municipalities
Gulf Oil of Pa 56
1937 100% 100% 100% 37,000 100
Feb 100% Apr Agricul hitg Bk Rep of Col
56
1947 10034 100 100% 82,000 99% Apr 100% Jan
20-year sink fd 78_ _ _1946
964 97 $30,000 95% Mar 0734 Mar
Serial 554s
1928
10115 10134 5,000 100
Jan 10131 Apr
20-year 75__Jan 15 1947 97
9655 97
20,000 9614 Apr 97% Mar
Gulf States Utile 55_ _1956
9534 95% 64,000 94% Jan 96% Feb Antioquia (Dept of) Col
Hamburg Elm Co 7s..1936 102
101% 102
9.000 100% Mar 103
Feb
75 series C
1945 9611 96% 9655 46,000 96% Apr 97
Apr
Hood Rubb 5155.0ct 15'36
93% 9354 1,000 93
Apr 94
Apr Austria (Prov of Lower)75
1936 102
101 102% 24.000 101
Apr 104
Feb
As
1950 100% 99% 10015 30,000 98% Jan 101
Mar
Indep Oil& Gas deb 6s 1939 99
99
09
Mar 99
93,000 99
Mar Baden (Germany) 75..1951 100% 100% 101
47,000
99
Jan 1024 Jan
Indiana Limestone 65_1941
98% 98% 56,000 97% Feb 9931 Jan Brisbane (City) 55_...1957 96% 96
96% 35,000 96
Mar 963( Mar
Indian'p's P & L 55 ser A'57 9734 9734 97% 69,000 97% Mar 9831 Jan Buenos Aires(Prov)7155
'47 100% 99% 100
97,000 97% Jan 100% Apr
lnternat Gt Nor 55 B.1956
100% 100% 22,000 9711 Jan 100% Apr
75
1936
9811 4,000 9515 Jan 984 Mar
98
jot Rys Cent Am 6158.1947 92
92
Feb
26,000 92
92
9214 Mar
75
1952 96% 9611 96% 56,000 94% Feb 9711 Feb
Interstate Nat Gas 65.1936
75
94% 95
1957 95
91,000 94% Apr 97
Apr
Without warrants
102% 102% 10,000 10054 Jan 102% Feb Costa Rica (Rep) 75..1951 96% 96
9634 156,000 95
Feb 9615 Apr
Interstate Power 5s_ _ _1957 9734 97% 9715
2,000 9754 Feb 97% Feb Danish Cons Munic 515555 9954 99
99%
21,000 9715 Jan 100
Mar
Jeddo-Highland Coal 68 '41 102% 101% 10234 10,000 101% Mar 103
Jan Denmark (King'm)5148'55 100% 100% 101
38,000 99% Jan 101% Feb
Kayser(Julius)&Co5158'47 9614 9634 9615 65,000 9615 Mar 97
Feb
(35
101
1970 101
101
5,000 100
Mar 101% Apr
Keystone Telep 534a_1955 93
Mar 94
93
Apr German Cons Munic 75 '47 101% 10115 10131 156,000
11,000 90
93
994 Jan 102
Jan
Krupp (Fried) Ltd 75_1929 102% 102% 10214 16,000 9931 Jan 102%
Hamburg
(State) Ger(35'46 99% 99% 9935 44,000 9535 Jan 99% Apr
Jan
Laclede Gas Light 5548 '35 10035 100% 100% 12,000 10055 Feb 101% Jan
Hungarian Land Mtge Inst
Lehigh Pow Occur 65..2026 99% 9954 100
21,000 9534 Jan 100
Apr
7%s series A
9934100%
1961
5,000 98% Jan 101
Mar
Leonard Tiets Inc 7345 '40
Indus Mtge Ilk of Finland
With elk pur warrants__ 116% 111% 116% 68.000 108
Mar 116% Apr
1st mtge coils f 78..1944 10035 100% 101
22,000 9931 Jan 10154 Jan
Without stk pur warrants 100% 10015 101% 07,000 99% Apr 10134 Mar Medellin (Colombia) 88
'48 10434 10454 10415 3,000 103
Jan 105
mar
Libby, AieN & Libby 7531
2,000 10331 Jan 10415 Mar
104 104%
7s
1951 93% 93% 944 103,000 931( Jan 96
Feb
Liggett Winchester 75_1942
Feb 109
Jan Mendoza (Prov) Argentina
107% 107% 5,000 108
Lombard Else Co 75_ _1952 974 9654 97% 22.000 9411 Feb 9951 Mar
7155
1951 96% 96% 97% 99,000 9614 Mar 9914 Jan
Long Isld Ltg Co 6s_..1945 103% 103% 10354
1,000 102% Jan 104% Feb Milan (City) Italy 6145 '52
92
9234 29,000 92
Apr 92% Apr
Manitoba Power 5%e1951 99% 99% 99% 57,000 98
Jan 10014 Jan Montevideo (City) 615s '59 93% 93% 93%
26,000 92% Feb 9454 Feb
Mansfield Min & Smelting
Mtge Bk of Chile 6%5.1961 9631 9634 97
67,000 96% Mar
k Feb
Jan 112% Apr Neth'ds (Kingd) 6s B_1972
(Germany)75 with war'41 11134 110 112% 39,000 104
106% 10631 6,000 106
Mar 109
Jan
Without warrants__
98% 99% 114,000 9814 Apr 101% Jan New So Wales(State)55'67 9635 9614 96% 192,000
99
96%
0635
Mar
Feb
Feb
Maim Gas Cee 5145___1948 1034 103% 104
10415 Jam
31,000 103%
External 5 f 58
1958 9631 9611 96% 12,000 96% Apr 96% Apr
Jan 9834 Jan Pernambuco (State) Brazil
McCrory Stores 615s--1941
98% 78,000 98
9534 98
Miag Mill Mach 75_ _ _1958
105% 107% 26,000 97% Jan 10954 Feb
7s
9911 99% 7.000 97% Apr 99% Apr
1943
Jan Peru 76
Jan 98
9515 96% 18,000 93
Without stk pur warrant
,
1959 96% 96% 97
30,000 96% Mar 97% Mar
Midwest Gas 78 A....1936
Jan Philippine Govt 4545_ _ 1952 102
3,000 9515 Mar 100
9655 97
102 102
1,000 102
Apr
Apr 102
Feb
100
100%
Mo Pac Rh 5$ ser F_ _ 1977 100
Feb
1,000
100 100
Prussia(Free State) 6155'51 9931 99% 99% 93,000
9834 Jan 10014 Feb
Feb 103
Apr Rio Grande Do Sul (State)
Moi2tecatini (Italy) 79.1937 101% 101% 103 745,000 97
Montgomery Ward 58-1946 98% 9815 9814 5,000 9731 Jan 9915 Mar
Brazil ext 75
97% 20.000 97
1966 9731 97
Mar 983i Jon
20,000 9951 Jan 100
99% too
Apr Russian Govt6155_ _ _ _ 1919 1215
Montreal LB & P 56 A '51
12% 12% 4.000 1215 Apr 15
Jan
Apr 10414 Mar
Morris & Co 7)46_ __ _1930 10135 101 103% 27,000 101
615% Ws
1215 16,000 12
12
1919
Jan
Apr 15
Narragansett Co col 551957 99% 9914 100 101,000 98% Mar 10015 Apr
5158 ctis
1215 1215 9.000 12% Air
1921
1551
Jan
Nat Dist Prod 634s_ _ _1945 98% 98% 99
15,000 98% Jan 100
Jan Saxon State Mtge Inv 76'45
10055 101
32,000 100
Jan 102% Feb
Nat Pow & Lt 65 A.__2020 102
53.000 98% Feb 102
Apr
101% 102
6356
1946 98% 98% 99
25,000 9734 Jan 100
Jam
Nat Pub Serv 13346____1955 10111 101% 101% 34,000 97% Jan 192
Mar Serbs Croats & Slovenes
Nebraska Power 6s.._2022
1,000 10215 Jan 104
Apr
104 104
(King) eat sec 7s ser B'62 9234 92% 9254 69,000 9214 Apr 92% Apr
Feb
95
Nevada Cons 55
4,000
10214
Jan
95%
97
1911
Switzer'd Govt 545..1929 101% 101% 101% 16,000 101% Jan 301% Mar
N Y Trap Rock let 86_1946
9734 98% 33,000 97% Mar 9831 Feb
•No par value. k Correction. I Listed on the Stock Exchange this week, where
Niagara Falls Pow 65_1950 106
1,000 104% Feb 107
Jan
106 106
additional transactions riffl be found. miSold under the rule. n Sold for cash.
Nichols & Shepard Co 6537
With stock purch warr'ts 101% 10114 10131 45,000 98
Feb 103
Mar o New Stock. r Ex 33 1-3% stock dividend sold at 14834 on Jan. 3 1927 with stock
Nor States Pow 6%8_1933 113
Apr 11434 Feb dividends on. s Option ea e. t Ex rights and bonus. u Ex special dividend of
111% 113% 154,000 110
es% gold notes ...l933 103% 103% 103% 14,000 10235 Mar 10331 Mar 33% and regular dividend 01 2%. •Ex cash and stock dividends. w When issued.
z Es dividend. y Ex-rights. a Ex stock dividend.
atirraut Antelliffente.
Investment an
2267
Delaware Lackawanna & Western RR.
Latest Gross Earnings by Weeks.-In the table which
(Annual Report-Year Ended Dec. 31 1926.)
follows we sum up separately the earnings for the first
week of April. The table covers 10 roads and shows
The remarks of President J. M. Davis, together with
comparative income account and balance sheet for 1926, will
0.98% decrease from the same week last year.
be found under "Reports and Documents" on subsequent
Increase. Decrease.
1926.
1927.
First Week of April.
pages. Our usual comparative tables were given in V. 124,
$
S
$
S
p. 1209.-V. 124, p. 1816.
31,178
284,439
315,617
Pittsburgh_
Buffalo Rochester &
18,000
Atchison Topeka & Santa Fe Railway Co.
3,233,000 3,215,000
Canadian Pacific
92,917
4,344
88,573
Duluth South Shore & Atlantic_
Annual Report-Year Ended Dec. 31 1926.)
(32d
556,140
9,866
_
_
_
546,274
Georgia Southern & Florida_
42
5,118
5,160
Mineral Range
The remarks of President W. B. Storey, together with the
271,338
19,511
251,827
Minneapolis & St Louis
382,786
368.705
14,081 income account for 1926, will be found under "Reports and
Mobile & Ohio
747,113
616,457 130,656
Texas & Pacific
Documents" on subsequent pages.
30,686
467,100
436,414
Southwestern
St Louis
Southern Ry
3.869,980 4.193,802
Total (10 roads)
Net decrease (1).98%)
9,893,349 10,054,411
323,822
210,562
371,624
1(11 .0(12
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
let week Jan. I11 roads ____
2d week Jan. 13 roads ---3d week Jan. 13 roads ---4th week Jan. 13 roads __-1st week Feb. 13 roads __-_
2d week Feb. (13 roads ---3d week Feb. (13 roads -_-4th week Feb. (13 roads __-1st week Mar.(13 roads __-2d week Mar. r3 road.)....
3d week Mar. 13 roads)„...4th week Mar. 13 roads)__-Tht. svPak Am•ii ein ,s,..is'l
13.051,798
14,583,490
14,070,737
19,730,700
14,230,561
14.758,017
14,545,407
14,632.602
14.995,998
15,453,141
15,190,382
22,052,923
9.11193.349
Increase or
Decrease.
Previous
Year.
12.886,210
13,746,043
14,195.271
19,198.456
14,180,984
14,563,085
14,540,989
14,742.040
14,308,298
14.781.223
14,973,426
22,226,451
10(154 411
+165.498
+294.828
+124,534
+532.244
+49,577
+194.932
+4,418
-109.438
+687,700
+671,918
+216.956
-173,528
-1110(12
%
1.28
2.14
0.87
2.77
0.35
1.33
0.03
0.74
4.81
4.55
1.45
0.78
005
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
Gross Earnings.
Month
1926.
1925.
Increaseor
Decrease.
TRAFFIC STATISTICS FOR CALENDAR YEARS-SYSTEM.
1923.
1924.
1925.
1926.
40.695.205 39.683,688
Tons ofrev.fr't carr. 47,674.557 42,781.931
..st
icTons rev. freight
carried one mile_ -16314038059 13861804088 13080877846 12323632260
$4.19
$4.13
$4.09
$4.12
Avge. rev. per ton__
1.350 cis.
1.285 eta.
1.262 cts.
Av.rev.per ton p.m. 1.203 cts.
9,239.343
8,040,686
6,431,275
No.passengers carr'd 6.091.014
Pass.carried 1 mile-1387536.095 1409504,095 1510.070.161 1614,122.904
$5.73
$5.99
$6.55
$7.23
Avge.rev.per pass:_
3.278 eta.
3.189 cts.
3.130 eta.
Av.rev.per pass.p.m. 3.173 eta.
x Number of tons of freight carried one mile shown above includes water
ton miles. San Francisco and Galveston bays.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
$$
Operating Revenues$
196,327,515 174,868.231 168,181,036 166,332.196
Freight
44,024,407 44,116.182 48,154,636 52.918.570
Passenger
18.688.393 17.958,116 19.155,280 19,432.970
Mail,express & miscell
Totalrevenue
259,040,316 236,942.529 235.410,952 238.683.736
Operating ExpensesMaint. of way & struc 34,656,075 34,205.079 36.713,084 33.621,546
Maint. of equipment_ -- 47.423.683 46.893.904 52.780.856 57.605.367
5.171.495 4.760.213 4,460,560 4,216,341
Traffic
Transportation-railline 76.901,305 72,800,601 72,599.043 73,590.674
77.472
136.350
184.790
112,314
Miscellaneous operations
5.491,466 5,518.571 5,212,236 5,036.334
Generalexpenses
1.071.467
1.587,321
821,431
997,029
Transp.for invest't--Cr.
1926.
1925.
Increase or
Decrease.
$
-38.008
Feb -- 459,227,310 454,198,055 +5,029,255 99,480.650 99,518,658
March 528,905,183 485,236,559 +43,668,624 133,642,754 109,081.102 +24,581.652
April- 498,448,309 472,629,820 +25,818,489 114,685,151 102,920.855 +11,764.296
May.516,467,480 487,952,182 +28,515,298 128,581,566 112,904,074 +15,677,492
June - 538,758,797 506,124,762 -1-32,634,035 149,492,478 130,920,896 +18,571,582
July-- 555,471,276 521,596,191 +33,875,085 161,070,612 139,644,601 +21,435,011
Aug-- 577.791.746 553.933,904 +23.857.842 179,416,017 166.426.264 +12,989,753
Sept_ 588,945,933 564.756,924 +24,192,009 191.933,148 176,936,230 +14,996,918
Oot 604.052,017 586,008,436 +18,043,381 193.990,813 180.629.394 +13,361,419
Nov.._ 559,935.895 531,199,465 +28.736,430 158,197,446 148,132,228 +10,065,218
Dec.. _ 525,411,372 522,467,600 +2,943,972 119,237,349 134,504,698 -15,267,349
1926.
1927.
1927.
1926.
Jan __ 485,961.845 479,841.904 +6,119.441 99,428,246 102,281.496 -2.853,250
Note.-Percentage of increase or decrease in net for above months has been
1926-Jan.,0.93% Inc.; Feb..0.04% dec.; March. 22.50% Inc.; April, 11.43% Inc.;
May, 13.89% inc.: June, 14.18% inc.: July, 15.35% Inc.; Aug.. 7.86% Inc.; Sept..
8.48% Inc.; Oct.. 7.35% inc.; Nov., 6.79% inc.; Dec., 11.36% Inc.; 1927-Jan.,
2.79% dec.
In January the length of road covered was 236,944 miles in 1926, against 236,599
miles In 1925;in February, 236,839 miles, against 236,529 miles; in March, 236.774
miles, against 236,500 miles; in April. 236,518 miles. against 236,526 miles; In May.
236,833 miles, against 236,858 miles; in June, 236,510 miles, against 236,243 miles:
n July, 238,885 miles. against 235,348 miles; in August. 236,759 miles. against
236.092 miles; In September. 236,779 miles, against 235,977 miles; In October,
238,654 miles, against 236,898 miles; In November, 237,335 miles, against 236,369
miles;In December, 236.982 miles, against 237.373 miles. In January 1927,237.846
miles. against 236.805 miles in 1926.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other pubhc utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Feb 7,896,000 7,759,000 3,717,000 3,554.000
Amer Tel & Tel
2 mos ended Feb 28.-15,869,000 15,648,000 6.808,000 7,225,000
977,000
Feb 5,621,000 5,056,000
Illinois Bell Tel
856.000
2 mos ended Feb 28_ - -11,625,000 10.411,000 2,505,000 2,338,000
60,746
Mar
71,200
27,550
Philippine Ry Co
18,607
717,391
173.864
12 mos ended Mar 31.__ 692,477
189,187
000
10,072,000
Union
9,837,000
Feb
Western
2 mos ended Feb 28._..20,261.000 20,690,000 1,692:000 1,85
43:222
Net after
Gross
Fixed
Balance.
Taxes.
Charges.
Earnings.
Surilus.
$
$
$
Companies.
772,535 0270.074 6166,240
Adirondack Pow
Mar'27
104.734
& Lt
742,199 0261.469 6170,855
'26
90,614
12 mos end Mar 31 '27 9,389.487 03.406,288 62,024.224 1.382,064
'26 8,531,354 03,298,942 61,870,664 1,428,277
251,427
Federal Light &
70.248
Feb '27
612,197
181,179
230,338
Traction
64,901
'26
565,263
165.437
532,316
140,430
2 mos end Feb 28 '27 1,268,635
391,886
476,716
130.172
'26 1,168,663
346,544
Market Street Ry
Mar'27
847,006 *164,918
73,008
91,910
81,880
'26
865,567 *177,841
95.961
219,828
3 mos end Mar 31 '27 2,408,117 *410,526
190,698
246.012
*461,361
'26 2,402,990
215,349
West Penn Elec Co Feb '27 3.163,948 1.489,267 11,159,030 0530,237
'26 2,914,948 1.425,059 1967,903 0457,156
12 mos end Feb 28 '27 34,989,899 16,102,962.1'11,302,715 04.800.247
'26 31,864.342 14.090,7151'11,403,827 03.686.888
•Includes other income. b After rentals. c After depreciation. f Includes preferred stock dividends of subsidiaries.
Companies.
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 26. The next will appear in that of April 30,
168,759,308 163,541,728 170.314,808.173,076.268
Total expenses
Net railway oper.rev__ _ 90,281,008 73,400,801 65,096,144 65,607,467
20,986.148 17,565,042 17,730.961 20.316.491
Taxes
112,187
66,085
71,564
48.391
Uncollectiblery.rev_..
Ry.operating income- 69,246.469 55.764.194 47,299.098 45,178,789
Equipment rents (net)._ Dr2487,611 Di!.328.693 Cr551,912 Cr1,760.909
Joint facility rents (net). Dr679.977 Dr768,809 Dr567,731 Dr577.426
Net railway oper.inc. 66.078,881 53.666.693 47,283,279 46.362,271
Non-Operating Income189.809
187.961
201.052
208,260
Income from lease ofroad
440,126
417,476
446,350 Dr52,887
Miscell. rent income.....
141.703
159.472
172,952
188,273
Misc. non-op.phys.prop.
2,822,822 3,461,980 1.559,033 2.507.733
Dividend income
934,270 3.202,802 2,631,532
Inc.from funded secure- 1,180,670
Income from unfunded
916.820 1.022,795 1.449,137
securities & accounts_ 1,310,546
Income from sinking and
45
52
831
902
other reserve funds_ _ 144,183
104.280
74,105
28,974
Misc.income credits__
72.265,677 59,375,815 53,937,149 53,866,541
Gross income
Deductions13,073
10,917
11.067
10.604
Rent for leased roads_
166.403
173.969
171,170
165.635
Miscellaneous rents...54.480
53.896
61.827
54.545
tax accruals
Inter.est on funded debt- 11,256,182 11,246,718 11,247.995 11.323.743
115,992
186.605
123,664
56,679
Int. on unfunded debt
105.047
111.959
1.603.434
90,536
Misc,income debits
Net corporate income- 60.631,495 46.157,934 42.151.806 42,087,801
Preferred dividends_ _ _ - 6,208,640 6,208.640 6.208,640 6.208.685
18.011.736 16.268,665 14.525.594 13.909.245
Common dividends
Calif.-Ariz. Lines bonds
17,898
18.437
18,994
19,560
fund
sinking
S. F. & S. J. V. Ry. Co.
26,897
26.776
29.042
56.440
bonds sinking fund-36,335.110 23,632,593 21.372.359 21,925,078
Balance,surplus
She.ofcorn.out.(par6100) 2.324.095 2.324.095 2.324.095 2.324.185
$15.44
$15.47
$17.19
$23.42
Earns.per sh. on corn.....
GENERAL BALANCE SHEET, DECEMBER 31-SYSTEM.
1924.
1925.
1926.
Assets
Investment in road & equip__ 945,224.740 920,467,963 874,527,137
Exp.for add'ns & bett'ts Zt road
45.940,825
24,756.778
35,110,166
exten.during curr.fiscal year
22.466,137
21.834.016
22.287,072
Investments in terml.& coll.cos
303
233
296
Sinking funds
5,443.443
6,275,536
9,198,082
Miscell. physical property_ .. _ _
15.045,712
16.319.017
36,638,075
Other investments
35,558.426
39,758.583
34,051.405
Cash
65.000
85,000
55.000
Time deposits
284.107
269,000
272,355
Special deposits
317.639
148.675
_
receivable_
154,046
Loans and bills
2,943.442
3.369.604
4,200.402
Traffic and car service balance
1.216,942
1,201,809
1,326,585
Agents and conductors
7,582.335
6.581,120
7,006.578
Miscell. accounts receivable..
29,781.665
26,697.073
27,164,601
Material and supplies
50.828
169,737
395.735
Interest & dividends receivable
131.371
154.467
216.552
Other current assets
601.267
994.444
577,077
Deferred assets
2,036.665
1.936,855
1.951,718
Unadjusted debits
U.S.guaranty under Transpor1.500.000
tation Act, 1920
Total
1,125,830,485 1,071.019,911 1.045.493,246
Liabilities124,172,800 124.172,800 124.172.800
Preferred stock
232,409,500 232,409,500 232,409.500
Common stock
277,178,172 275,906.992 275,933.158
Funded debt
1.489,927
1,660,129
2,522,666
Traffic and car service balances
14.747.770
14,600,973
16,385,030
Audited acc'ts & wages payable
874.255
714.828
799.883
Miscellaneousaccounts payable
763,553
747.263
743.066
Interest matured, unpaid.....
234.525
228,851
228,861
Dividends matured,unpaid__ _
7,171,488
7.171,486
8.914.558
Drimatured dividends declared
3.125,912
3,125,589
3,138,240
Umnatured interest accrued
56,317
88,533
101,755
Unmatured rents accrued_ _ _ 616.849
401.578
866.902
Other current liabilities
735.274
1.029.691
1.148,839
Deferred liabilities
011I2
.137
4.
12,698,810
16,280,407
Tax liability
Operating reserves
85,398.156
94.394.127
102,381.420
Accrued depreciation
3.696.451
4.170,947
4,780.321
Other unadjusted credits
Add'ns to prop,through income
87,014,624
87.240,424
87,578,089
and surplus
Funded debt retired through
134,944
161,789
190.769
income and surplus
222.126
243,317
290.346
Sinking fund. &c., reserves....
187.419.332
209,852.286
245.718.862
loss-balance
Profit and
1,125,830,485 1.071.019.911 1,045,493,246
Total
-V. 124, p. 2115.
2268
THE CHRONICLE
(VOL. 124
Central of Georgia Railway.
1927, will be found under "Reports and Documents" on
(32nd Annual Report-Year Ended Dec. 311926.)
subsequent pages. A balance sheet as of Jan. 31 1927 is
The remarks of Chairman Charles H. Markham, together also given.
with the income account for 1926 and 1925 and comparative
CONSOLIDATED BALANCE SHEET.
balance sheet as at Dec. 31 1926, will be found under "ReJan. 3127. Dec. 31'25.
Jan.31 '27. Dec.31 '25.
Assets
-$
ports and Documents" on a subsequent page. A comparaLiabilities$
Real estate, plant
Convert. pref. stk_ 5,100,000 5,100,000
tive income account was published in V. 124, p. 2111.
and equipment.y4,822,808 5,020,590 Common stock___
x648,808
648,808
Cash
143,371
480,182 Notes payable,,.,,,2,923,984 3,130,600
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Accounts and notes
Accounts payable_ 730,607
407,606
receivable
1926.
z1,719,850 1,540,665 Res've for conting_
1925.
1924.
1923.
83,379
Average miles operated_
Inventories
1,915
4,991,899 6,518,590 Res. for Fed. taxes
1,920
1,921
1,921
183,289
Rev.frt. carried (tons)_ _ 11.340,921 10,119,138 8,894.582 8.420,264 Prepaid interest &
Min. int. In N. Y.
Rev.frt. carried 1 mile_ 2459885897 2219863,180 1898138.851 162.274,453
Insurance
36,104
57,545 Pea Pack., Inc_ 311,000
334,920
Avge.rev. per ton per m. 1.07 cts.
Investments
1.15 cts.
98,634
cts.
98,634
cts.
1.19
Surplus
1.11
2,014,889 3.910,983
Rev, per fgt. train mile_
$5.26
$4.94
84.92
$5.05
Av.rev. train load (tons)
Total
560.69
11,812.666 13,716,206 Total
511.11
497.46
494.69
11,812,666 13,716,206
Passengers carried
2,848,473 3,166,655 3.293,064 3,797,968
x
129,762
shares
of no par value. y After depreciation of 33,332,614. z After
Pass. carried one mile_ --187,016,372 192,483,869 170.791,575 180.028,985 reserves of 3120,234.-V.
124, p. 1230.
Av.rev, per pass, per m_
3.16 cts.
3.17 cts.
3.15 cts.
3.15 cts.
Earn. per pass. train mile
$1.35
$1.39
$1.39
81.29
Op. rev, per mile of road
International-Great Northern RR. Co.
816.617
815,741
$13,641
814,148
-V.124, p. 2111.
Erie Railroad Company.
(32d Annual Report-Year Ended Dec.,31 1926.)
The remarks of President John J. Beinet, together with
the comparative income account and balance sheet and other
statistical tables, are given under "Reports and Documents"
on subsequent pages.
OPERATING STATISTICS FOR CALENDAR YEARS.
1926.
1925.
1924.
1923.
Miles of road operated-2,317
2,323
2,325
2,325
No.tons mdsr.fgt. caed_ 26,391,865 26,151.082 24.084,670
26,287,956
No.tons coal & coke car- 20,288,980 16,743,495 19,020,258 24,149.762
Tot, no. tons all fgt. car_ 46,680.845 42,894,577 43,104,928
50.437,718
Total no, tons all freight
carried one mile---10407367,882 9469280,360
11363376567
Avg.rev, per ton per mi.. 0.980 cts. 1.000 cts. 9880512.589
0.966 cts. 0.957 cts.
Freight rev, per tr'n mile 88.44596
$8.43181
88.23067
$8.38553
Av.no.tons fgt.in ea.tr'n
860.98
842.47
850.93
875.44
No. of pass. carried.-- 29,547,525 30,488,408 30,637,754
31,168,094
No. pass. carried 1 mile_650,594,209 672,064,743 666.139.095 680.537,156
Avg.fare per pass. per m 2.000 cts. 2.046 cts. 2.095 cts. 2.160 cts.
Pass.tr'n rev.per ten mi. $2.35851
82.42790
32.40137
82.52769
Gross rev. per mile of rd. $54,147.33 $51,034.52 851,214.43
857.200.15
-V. 124, p. 1354.
Pan American Petroleum & Transport Company.
(Annual Report-Year Ended Dec. 31 1926.)
The remarks of Chairman F. H. Wickett, together with
income account and balance sheet as of Dec. 31 1926, will be
found under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
[Company and owned and Controlled Companies.]
1926.
1925.
1924.
1923.
Profit from operation_ _ _846,911,989 841,973.196 $29,721,151
832,412,906
Int. & amort. chgs.(net)
476,569
79,221
1,586,610
809,962
Depreciation & depletion 11.825,434 10,053,519 10,577,180
8,359,269
Federal taxes
4,600,000 4,000,000 2,250,000 2,500,000
Appl, to minor. interests
483,636
504.462
122,289
391,288
Company's proportion of
profit of Lago 011 &
Transport Corp_ __ _ _Cr.2,060,617
Intercompany profit excluded from inventories
of Lago Oil Co
Dr.306,959
Net income
831,280,008 827,335,995 815.185.072 820,352,387
Previous surplus
15,358.481 11,832.605 8,276,917 30,830.122
Total surplus
$46,638,489 $39,168,600 823,461.990 851,182,510
Prop. aband. unamort.
discount and premium
1,261,714
Common dividends
17,456.876 16,477 044 10,367 671 20,457,510
Rate
(12%)
(1%)
(A%)
(16%)
do Common stock_
(20)21232088
Investment, &c., adjust_Dr.924,688Dr.7,333,075
Dr.1,215,994
Profit & loss surplus_ 428,256,925 815.358.481 $11,832.605 88,276,917
Earns, per share on avge.
stock outstanding_ _ _ _
810.75
39.95
85.85
88.00
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1926.
1925.
1926.
1925.
Assets$
$
Liabilities$
$
Properties__ .._ x112,820,256 110,180.872 Common stock.. 50,077,950
50,077.950
Investments._ _ _ y81.849,860 20,122,501 Corn, stock B _ _117,697,750
87,738,100
Acc'ts receivable 11,536,181 11,303,374 Controlled comCash in hands of
Dailies'stock a 1,281,857 1,332,369
trustees under
10-yr.conv.s.f.6s 10.161,900 11,076.900
mortgages .-- 606,846
984,813 Marine eq't bds_ 3,745,500 4,726,500
U. S. Govt.Sub. cos. bonds.
934,600
936,600
reeelv, in oil_
599,209 Mtges. secured
Deposited with
by lands
43,000
Mexican GovMisc. mortgageS
354,040
ernment to
Notes payable
857,300
7,300
protect minorAcc'ts payable_
7,084,005 4,870,353
ity interest _._ 1,500,000 1,500,000 Divs. payable _ 5,058,618
4,163,760
Invest. in securs.
Res.for tax, dze. 8,695,877 6,710,319
(temporary)-_ 6,232.562
Capital surplus. 23,005,277
Cash
20,300,815 21,953,685 Surplus
b29,690,681 16,580,284
Inventories ____ 21,051,107 20,240,735
Deferred charges 1,897,728 2,234,247
(5th Annual Report-Year Ended Dec. 31 1926.)
CONSOLIDATED INCO LE ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1926.
1925.
1924.
1923.
Freight
815,071,100 813,176.198 $12,673,345 $11.607,925
Passenger
2,462,023 2,276.800 2.600.576 2.773,103
Mail
411,906
407.284
401,492
378,681
Express
538,839
468.930
496,577
407,858
Miscellaneous
471,898
455,346
529,981
431,569
Incidental
264,826
277,040
208,864
236,032
Joint facility rev.-net_ _
25,052
22,149
Dr9,388
Dr28.560
Total operating rev_ _819,245.644 $17,083,748 816.901.447 815,806.608
Operating ExpenseMa1nt. of way & struc
3,404,365 3.085,733 2,988,936 2,965,152
Maint. of equipment.,,,, 3,330,133 2,882,165 2,999.927 2,742,532
Traffic expense
400,001
415,722'
423.536
379,569
Transportation expenses 7,303,052 6.654.870 6,112.183 5.879,493
Miscellaneous operations
107,590
81,184
66.519
74,578
General expenses
714,613
604,962
698,551
573,836
Trans. for invest.-Cr
185.312
300,474
240,823
72,527
Total operating exps_ _ 815,074,442 $13,517,750 812,955.240 $12,542.633
Net operating revenue $4,171,202 33.565,998 83.946,207 $3,263,975
Operating ChargesTaxes
$543.291
$516,138
8555,456
$485.295
Uncoll, railway revenues
6,181
2,067
3.246
616
Hire of equip.-Debit
946,392
555.069
741,500
760,045
Joint facility-Net
120.540
47.069
67,015
55.540
Total oper. charges,,,,,, 81,616.403 $1,326,720 $1.374,287 81,088,049
Operating income
Other income
82.554.798 82,239.278 82,571.920 82.175,926
111.554
94,910
102.261
160,453
Total income
82,666.352 82,334,187 82,674,181 $2,336,379
Deductionsfrom IncomeRentals
82,335
84,344
$24,126
838,884
Miscellaneous
16,661
23.383
5.329
2,249
Total deduc. fr. Inc
818.996
827.727
$29.454
841.133
Bal, avail, for int., &c 82.647.356 $2,306,460 $2,644,727 82.295,245
Int. on fixed chg. oblig- 1,282,706 1,179,000 1,191,314
1,183,734
Int. on adj. mtge. bonds
at 4%
680.000
680,000
680.000
680,000
Balance ofincome
8447,461
$684,650
8773,413
$431,511
Shares of capital stock
outstanding(par *100)
75.000
75.000
75.000
75.000
Earns.per sh.on cap.stk
$9.13
$5.97
$10.30
$5.76
Profit and Loss Account.-The consolidated profit and loss account for
the year ended Dec.31 1926 shows: Credits-Credit balance Dec. 31 1925,
$634,637; balance transferred from income account, 8684.650; profit from
sale of road, 819,976; unrefundable overcharges, 38.904; donations, $1,152:
miscellaneous credits, $4,171: total credits, $1,353,491. Debits.-Surplus
appropriated for investment in physical property. 81.153; surplus applied to
sinking and other reserve funds, $340,000; debt discount extinguished
through surplus, $513,785; loss on retired road, $11,107; miscell. debits,
89,982; credit balance Dec. 311926. 8477.463.-V. 124, p. 1816.
Eastman Kodak Company & Subsidiaries.
(Annual Report-Year Ended Dec. 311926.)
Net
Props.
Preferred
Dividends.
$
162.366
360,347
369,942
369,942
369.942
369,942
369,942
369,942
369,942
369,942
369.942
369,942
369,942
369,942
369,942
369,942
Common
Reserve
Dividends.
Fund.
Surplus.
$
$
$
1902,6 mos. 1,48,295
8
465,930 8,999
1904
3.339.148
1.921,019
1.057,781
1906
5,415,700
3.418,260
500,000
1,127,498
1908
7,472,519
3,904,140
1,000,000 2,198,437
1910
8.975,177
7,806,390
798,845
1912
13,999.047
7,807,957
500,000 5,321,148
1914
11.313.012
5,859,840
5,083.230
1916
17.289,206
13,674.635
3,244,629
1918
14,051,969
8.792,280
4,889,747
1920
18,566,211
7.865,840
10.330,429
1921
14,105,861
7,953,215
5,782.704
1922
17.952,555
12,574,962
5,007,650
1923
18,877,229
15,678,337
2,828,950
1924
17,201.815
16.267,400
564,473
--1925
18,467.114
16.231,640
--113.800 1,751,732
1926
19,860,635
16,167.880
227,000
3,095.213
Totals
.
(16X yrs)304,544,033 9,024,771 202,759,723 5.591.400 87,168,139
Deduct-Reserve required in addition to previous reserves and
appropriations to offset entire book value of goodwill & pats_ 15,798,081
Total
257,795,355 189,119,435 Total
257,795,355 189,119,435
$71,370,058
x Oil lands, leases and development, steamships, refineries, marketing
1926. 1925. 1924. 1923. 1922. 1921.
stations and facilities, &c., $191,599,205, leas reserve for depreciation
and Earns, per,share on common_$9.50 $8.84 $8.26 $9.13 $8.72 468.68
depletion, $78.778.949. y Includes Lego Oil & Transport Corp., 868,x Earned on shares of 8100 par value.
902,920, miscellaneous, $1,921,940, Pan American Western Petroleum Co.,
$11,025.000. a Includes Mexican Petroleum Co., Ltd. (of Delaware),
COMBINED BALANCE SHEET DEC.31 (INCLUDING SUB. COS.).
preferred 8% non-cumulative stock, $148,400. common. $784,300. Caloric Co.,
1926.
1925.
preferred 8% cumulative stock, $57.514. common, $186.086. Mexican
1926.
1925.
AssetsLiabilities$
$
Petroleum Co. (California) stock $5,557, Pan American
$
$
Petroleum
Real est., buildCommon stock_1320,513,100 20,461.900
(Tenn.) common, $100,000. b Includes $28,256,925 applicable toCorp.
Pan
ings, dm
a39,738,471 37,096,854 Preferred stock_ 6,165,700 6,165.700
American Petroleum & Transport Co., and 81,433.756 applicable to minorSupplies,
&c..
28,808,362
26,654,352
Acc'ts
incl,
pay.,
ity stockholders.-V. 124, p. 1523.
Accounts & bills
provision for
receirle (net). 10,160,564 9,274,516
Federal taxes_ 11,607,327 11,695,720
Call loans
American European Securities Co.
5.000,000 2,500.000 Pref. div. Jan.!.
92.485
92.485
Bonds & stocks_ 4,132,148 4,128,628 Corn. div. Jan. 1 2,528,575
2,522,175
(Annual Report-Year Ended Dec. 31 1926.)
U.S. obligations 24,459,992 2
2 coE
nxtitnr8
93
98
a
14
1:4
553
39:5
1,517,145 1,513,305
Cash
. reserve 5,769,623 5,440,561
'rho remarks of President Ernest B. Tracy, together with Prepd.items,&c. 6,635,710
518,812 Surplus
628,766
71,370,058 68,274,845
the income account and balance sheet for 1926, will be
Total
119,564,013 116,166,692 Total
119,564,013 116,166,692
found under "Reports and Documents" on a subsequent
a Includes real estate, buildings. plant. machinery
capital investments
page.-V. 123, p. 457.
at cost less depreciation reserve. b 2 500.000 sharesand
of no par value authorized, 11,100 shares of no par value issued in 1924 for cash at $10 per share,
8.240
shares of no par value issued to employees In 1925 for cash at $10 Per
New York Canners, Inc., Rochester, N. Y.
share, and 5,120 shares of no par value issued to employees in
1926 for cash
at $10 per share. Of the foregoing shares of common stock
28,450 are
(8th Annual Report-13 Months Ended Jan.311927.)
claimed by the Allen Property Custodian and the issue thereof is in litigation;
The remarks of President James Moore, together with there remains to be issued 6,250 shares of common stock of no par value
under
plan
for sale to employees, as approved by the stockholders April 6
comparative income account table of years 1922 to Jan. 31 1920.-V. 124.
p. 929.
APR. 16 1927.]
THE CHRONICLE
Wabash Railway Company.
(11th Annual Report-Year Ended Dec. 31 1926.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
Fet(tons)car'd 1 m.(000) 5,994.134 5,771,915 5,327,549 5,096,792
$.011063
$.010475
$.010572
Aver.rev, per ton per m.. $.010639
Freight carried (tons)__- 21,754.999 21.155,633 19,289,805 18,739,365
3,087,287 3.419.086 3,555,769
2,936.571
Passengers carried
Pass. carried one mlle__ -294,281,148 297,204,138 284,538,990 294,368.685
$.03327
$.03728
$.03138
$.03151
Rev. per pass. per mile
INCOME ACCOUNT YEARS ENDED DEC, 31.
1924.
1923.
1925.
1926.
2,489.93
2.476.59
2,524.20
Aver, mileage operated.. 2,524.20
$57,205,296 $55,329,533 $51,546,110 651,698,168
Freight revenue
.234,815 9,364,4889,328.4659,794,594
Passenger
832,169
849,062
821,243
810,434
Mail
1.690.049
1,702,325
1,722,641
1,849,684
Express
2,354.967 2.602,656
2,720,156 2.545,356
Miscellaneous
Total oper. revenues_ 471,693,341 $69,910,301 $65,780,929 666,617,636
ExpensesMaint. of way & struct__ $9,859,556 $9,311,985 $9,913,565 $9,501,515
Maint. of equipment___ 12,457,128 12,348.291 11,579.914 '13,884,271
1,518,004
1,816,543 1.640.320
1,890.493
Traffic
26,276,878 25,431,804 24,973,374 24,997,690
Transportation
326,555
346,745
417,702
387,661
.Miscall, operations
1,932,980 1,864,185
2,057,377
1,948,564
General
58,726
88,481
Transp. for investment_ Cr.493,455 Cr.164,424
Total oper. expenses_ _652,465,680 $51,080,424 $50,298,418 $52,033,494
19,227,661 18,829,877 15,482,512 14,584.141
Net rev,from ry. oper
3,428,682 3,287,580 3,0.36,367 2.470,800
Tax accruals
16,384
7,069
14,182
8,380
Uncollectibles
$15,790,598 $15,535,228 $12,431,963 612,096,957
Operating income
712,492
482,325
612,211
431,745
Other oper. income
530,392
660,621
770,107
1,262,370
income...
Non-operating
$17,665,179 $16,737,080 $13,674,846 $13,239,904
Gross income
j,852,2a7
1.751,072
1,881,230
1,051,695
Hire of freight cars
1,623.654
1,791.809
1,673,350 1,710,086
Joint facility rents
296,527
365,251
361,704
363,258
Rent for leased roads._..
Interest on funded debt- 5,027.594 4,587,596 3,953.703 3,860.182
207,154
234.370
197,222
159,877
Rent of equipment
84,270
90,438
216,114
126,884
Miscellaneous
Total deductions
Net income
Dividends paid
$9,447,692 $8,790,641 $8,199,898 $7,829,030
8,217,488 7,946.438 5,474.948 5.410,873
2,585,361
3,458,426
Balance, surplus
-V. 124, p. 1817.
$4,759,062 $5,361,077 $5,474,948 $5,410,873
2269
ducting all royalty and partnership oil, being 30,797 bbls. daily as compared with 24,818 bbls. daily in 1925. The average during the first quarter
of 1927 was 44,000 bbls. daily.
Unsettled conditions resulted in curtailment of operations in Mexico,
which was reflected in a decline in Mexican exude oil production.
Production of casinghead gasoline was almost 100% greater than in 1925.
this increase being the result of plant additions completed during 1926 in
furtherance of the policy of utilizing the gas from oil properties developed.
The average daily production in 1926 was 120.480 gallons as compared with
60,640 gallons daily in 1925. The average daily production during the
first quarter of 1927 was 144,700 gallons.
Investment in additional marketing facilities resulted in a material increase in the earnings of the marketing department. The full benefits of
these add.t,onal facilities, however, were not realized in 1926.
Of special importance in 1926 was the successful marketing of a premium
gasoline developed by the refinery department in 1925, known as "II. C.
Gasoline. This is a high compression, no-knock gasoline, a pure 100%
petroleum product. The high quality of this product is evidenced by its
very favorable reception.
Improvements made in company's refineries represented a relatively small
expenditure; nevertheless, they made possible a very substantial increase
In operating efficiency, reflected in lower costs and increased capacity.
1926.
Increase.
1925.
Statistics upon OperationsNetcrude oil production in U.S.(bbls.) 11.240.799 9,058,709 2,182,090
Net crude oil produc.in Mexico (bbls.) 2,685,890 4.475.345dec1,789,455
Net casinghead gasoline prod.(gals.)_ 43,974.677 22,134,578 21,840,099
Crude oil run through gasoline and lu24.766.326 20,048.306 4,718,020
bricating oil refineries (bbls.)
Crude oil run through asphalt refinery
3,284,729 5.807,013dec2,522,284
(bbls.)
683.048,593 601,938,164 81,110,429
Gasoline sold (gals.)
Oil cargoes transported by tank steamships, exclusive of Cuban intercoastal shipments and barge de17,605,032 17,561,024
44,008
liveries (bbls.)
Sinclair Pipe Line Co.(50% owned)
29,621,997 28.971.931
650,066
crude oil deliveries (bbls.)
Sinclair Crude Oil Purchasing Co.
(50% owned)-oTet amount ofcrude
34.230,757 38,079.761dec3.849.004
oil on hand Dec.31 (bbls.)
Sinclair Pipe Line Co.(50% owned) reduced its funded debt during the
year $2,944.000.
Sinclair Crude Oil Purchasiag Co.(50% owned) reduced its funded debt
during the year $10,522.000.
Outlook.-By reason of the higher level of Company's crude oil production
In the United States, its increased manufacturing efficiency, the constantly
growing demand for its products and its additional and enlarged facilities
for distribution, your company is in better position than ever before to
meet the present unsettled conditions in the industry which have come about
through overproduction of crude oil.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
Gross earnings anci misc.
income, exclu of interco. sales & charges for
transportation
191.737,701 159.544,216 123,894,049 107,592,665
Purchases, oper. & gen.
exp., maint., insur.,
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
ordinary taxes, &c_ _ _148,798,192 130.599.569 107.467.119 94.156.161
1923.
1924.
1925.
1926.
Sales of234,173,625 214,162,139 214,592.733 195,142.919
Copper, lbs
Net earnings_ _ _ _____ 42,939,509 28.944,647 16,426,930 13.436.504
13.894 eta. 14.069 eta. 13.121 eta. 14.376 eta. Deduct-Int.
Average price
discount. 7.722.622 7.731,734 6,036.137 3,435,880
72,549 Res.for depr.&
76,907
78,158
86,028
Gold, ounces (at $20)
& oth.res_ 17,568,855 15,210,120 12,540,060 11.289,673
630,940
652.586
692.782
760.910
Silver, ounces
$0.75910
$0.66750
$0.69020
$0.6127
Average price
Income avail.for dive_ 17,648,032 6,002.793 def2,149.267 dell.289,049
Operating RevenuePreferred dividends_ ___ 1,408,742 1.455,474 1.512,990 1,571.i72
$32,537,384 $30,130,562 $28,156,891 $28,053.733 Common
Sales of copper
($1)4486,384(62)8970,999
dividends
1,450.975
1,538.142
1,563,169
1,720,561
Sales of gold
478,945
435,619
478,152
466.177
Sales of silver
16,239,290 4.547,319 def8.148.641 dfll.831,220
Balance, surplus
15,423,646 10.876.327 19,349,795 30.904.178
surplus
$34,724,121 $32,171,883 $30,130,652 629,983.653 Previous
Total income
Dr.324,826 Cr.276,838
Adjustment prior years_Dr.2,735,704
ExpensesMin., mill. & strip.exps411,121,762 $11,030,664 $11,655,604 $10,760,941
10.876.327 19,349,795
15.423,646
and
surplus
Profit
loss,
28,927.232
1,214,803
1,585,876
1,443,083
1,414,975
Ore delivery
4,491,892
300.632 Shs. corn. out. (no par).. 4,509.481 4,499.162 4.491.892
268.251
292,717
267.703
Selling expense
Nil
Nil
$1.01
Earns, per share on corn..
$3.60
6,198,656
6,969.216
7,010,872
7,734,032
and
refiningTreatment
SHEET DECEMBER 31.
BALANCE
CONSOLIDATED
$20,563,485 $19,752,322 $20,478,946 $18,475,032
Total expenses
(Sinclair Consolidated Oil Corp. and Subsidiaries.)
Net operating revenue $14,160,637 612,419,561 $9.651,705 $11,508,621
631.641
614,053
1,118,542
2,425.749
Miscellaneous income
1924.
1925.
1926.
$
$
$
Assets$16,586,386 $13,538,103 $10,265,758 $12,140,262 Real
Total income
foreign
leases,
gas
and
oil
estate,
1,132,169
1,207,270 1,175,650
Depreciation
1,229.358
oil wells & equipment,
concessions,
equipand
Loss on plant
pipe lines, steamships, tank cars,
535,294
241,537
206.434
228,795
ment retired, &c
terminals, refineries, distributing
663,252
1.318,923 1,020,894
Federal taxes, &c
x242,259,418 231,089,979 314.284.384
stations and facilities, &c
60,855,058 60.163.788 60,035.238
in other companies
.185.320 $10,472,799 Investments
$13,809,311 $11,103,508
Net income
1,511.002
1.601,201
Insurance funds,cash and securities.._ 2,376,285
248,553
6,975,560 3,8^
Dividends (earnings
5,726.437 5.798.935 6.174.807
hand
on
and
banks
in
Cash
,099 6,249,407 6,497,960
1,553,012 .
Divs. (cap. distribution
11,028.921
13,381,153
14,414,633
reserves_y
less
receiv.,
notes
Accts. &
(40%
(40%
Total rate per cent
(523%
(4254%
29,805,546 27.635,606 24.304.689
Inventories
47,144 2.588.460 2,639,385
Balance, surplus
$5,280,738 $4,199.423 $1,687,359 $3,974,839 Marketable securities, at cost &c._..
6,757,812 7,811.569 8,905.158
1 624 490 Deferred charges to operations,
1,624.490 1 624 490
Shs.cap.stk.out.(par$10 1,624.490
920.118
508.700
438.188
subscriptions
stock
Employees'
65.04
$6.45
Earns. per sh.on cap.stk.
$6.83
$8.50
419,325
471,647
167.832
Advance payments, oil, Stc
1,124.137
861,720
Bonds and stocks of company at cost 1,968,880
BALANCE SHEET OF UTAH COPPER CO. DECEMBER 31.
1926.
1926.
1925.
1926.
364,817,232 351,512,759 431.347.163
Total
Assets$
Liabilities$
$
$
LiabilittesCapital stock
18,244,90016.244,900
Min. & mill. prop.
17,210.000 17.852.200 18.541.100
stock
cumulative
8%
& equipment.. x24,445,831 24.592,062 Accounts payable_ 3,813,615 2,096,322 Preferred
204,414,529 204,197,841 204,052.441
Common stock_a
29,499,491 16,298,298 Reserve for taxes,
Investments
15,423,646 10.876,327
28.927.232
Surplus
1nsur11,668,384
accident
charges_y12.291,390
Deferred
109.790
109.790
109,790
545,000 ance, &c
3,859,016 3,138,481 Minority stockholders'int. in sub.cos.
Bond deposit acct.. 646,000
2,769,822 85.148.177
6,277.471
Miscellaneous reserves
Materials & supp- 1,653,398 1,863,182 Treatment, retin'g
47,875.500
46.829,500
bonds.
A
45,566,500
coll.
Ser.
lien
1937...
1st
7%,
eic delivery chges.
558,506
Accts. reedy., dm- 628,973
23,339,500 23,875,000 24.432.000
Series B, 634%. 1938
not yet due__
2,174,462 1,771,202
Copper in transit_14,129,643 12,981,429
Series C,6%, 1927
12,350,600 15.000.000 15,000.000
3,826,044 Surplus from sale
Marketable secure.
1,788,496 3,986,130 of securities__ 8,290,620 8,290,620 Equip. trust notes & pur. mon. oblig_ 6,803,184 7,225.428 8,998.787
Cash
2.000,000 2.000,000 3.600,000
Due for cop. deliv_ 1,139,959 1,681,219 Surplus from oper_61,639,467 46,358.729 Notes payable
14.965,969 . 14,223,542 9.878.378
Accounts payable
2.834,662
2.852,456 2.405,991
86,022,081 77.900,264 Accruals and miscellaneous
Total
36,022,081 77,900,254 Total
x After deducting $9,907,331 for reserve for depreciation. y Includes
Total
364.817.232 351.912,759 431.347,162
$12,285.403 for stripping ore, dumping rights &c. and $5,987 for other
x After deducting $111,938,149 reserves for depreciation, depletion and
deterred expenses.-V. 124, p. 1526.
amortization. y After deducting $294.682 reserves. a Common stock
represented by 4,509,481 shares of no par value.-V. 124, p. 1233.
Utah Copper Company.
(22d Annual Report-Year Ended Dec. 31 1926.)
Sinclair Consolidated Oil Corp. and Subsidiaries.
(Annual Report-Year Ended Dec. 31 1926.)
Chairman H. F. Sinclair, New York, April 12, wrote in
substance:
Record Year.-Operations during the year 1926 resulted in the largest
earnings, before reserves, in the history of the company, and were due in
a large measure to the better balanced condition of its activities. Net
earnings from operations amounted to $42,939,509. Deducting from this
amount interest and discount of $7,722,622, depreciation, depletion and
amortization of $17,568,855, and dividends on preferred stock of$1,408,742.
there remained $16,239,290, or $3.60 per share on the common stock as
compared with $1.01 per share in 1925.
The corporation in 1926 reduced its funded debt and preferred stock outstanding $5,840,100, reduction of funded debt being $5,197,900 and of
preferred stock $642.200.
Expenditures for the development of and additions to properties required
to meet the rapid growth bf the business included approximately $9,000,000
for the drilling of oil wells and the development of oil and gas leases in the
United States; $3,125,000 for additional undeveloped oil and gas leases in
the United States;62,000.000 for new casinghead gasoline plant construction
$1,300,000 for refinery improvements and $10.000,000 for real estate, deepwater terminals, marketing stations and other distributing facilities.
Production, &c.-Company's production of crude oil in the United States
bowed a material increase in 1926, the average net production, after de-
Chicago Railways Company.
(19th Annual Report-Year Ended Jan. 31 1927.)
President Harry A. Blair, Chicago, March 11, wrote in
substance:
Traffic Statistics.-The unified system-Chicago Surface Lines-during
of 34.048,210
the year carried 876.249,663 revenue passengers, an increase
transfer passengers carried
over the previous year. or 4.04%. Revenue and 57,459,241.
The heaviest
of
increase
an
1.574,969.902,
of
total
reached a
Lines Companies,
day's traffic, and the largest in the history of the Surface
passengers were carried.
was on Dec. 18 1926. when 2,934,771 revenue
and transfer, was 5.126,731.
The total number of rides on this day,revenue
capital valuation,
Rate of Return.-The rate of return for the year upon theas
6.417%,
compared with
was
company
the
of
purchase-price"
or "city
6.203% the previous year.
City Purchase-Price.-At the close of the fiscal year, the certified capital
valuation was as follows:
Certified valuation at Jan.311926 certificates have been issued$94.258,469
Additions during the year.for which
180,172
by the Board of Supervising Engineers
Purchase-price at Jan. 31 1927
694,438,641
2270
THE CHRONICLE
Compensation to City of Chicago.-The amount payable
the city
representing 55% of the divisible net earnings for the year, isto
compared with $1,384,001 last year, or an increase of $248.785.$1.632.787,
In this connection, it may be of interest to note that the Chicago Railways
Co., during its 20 years of operation under the ordinance of 1907 and
subsequent ordinances, has paid to the City of Chicago
the
amount accrued for the fiscal- year just ended) $24.589,606,(including
as 55% of the
divisible net earnings.
Renewal & Depreciation Reserve.
Balance in reserve at Feb. 1 1926
$9.091,726
Sale of unnecessary property. &c
197,166
Interest earned
279.328
[VoL. 124.
Dividends and Surplus.-After payment of operating expenses and bond
interest, the property of the Chicago City Railway produced a net
of $1,826,631, an increase compared with last year of $247,624.income
Four
quarterly dividends of1)4% each, or 6% on the $18,000,000 of capital stock
were paid, amounting to $1,080,000. The remainder of the net earnings
amounting to 3746,631, was carried to surplus, which at the close of the
year amounted to $4,014.987. During the year the company paid off
the
balance of its loans amounting to $786,744 which
represented capital expenditures in previous years.
Cash Renewal Reserve.-Under its ordinance, the company is required
to set aside, in cash, on or before the 5th day of each month, a sum
equal
to 8% of the gross receipts for the preceding month. This
sum constitutes
the renewal fund, and is kept in a separate bank account,
distinct from
Balance in reserve at Feb. 1 1927
$9,568,221 the company's general funds. Out of this fund on certificates issued by
the Board of Supervising Engineers, the company pays the cost of current
Special Renewal & Equipment Reserve.
renewals and replacements. There has
Balance in special reserve at Feb. 1 1926
paid into this fund since April
$489.416 15 1910, including interest and proceedsbeen
8% of gross earnings
from sale of unnecessary property,
2.936,333 a total of $13,023,432, and there has been
paid out of this fund for renewals
Interest earned
18.076 and replacements, a total of $7,744,475, leaving
in the fund the sum of $5,278,95'7 on Jan. 31 1927.
Total
Since July 1 1920. however,the 8% ofthe gross receipts, including interest
Evended during the year: For renewals
amounting to $11,291,332 has been paid into al"Special Renewal and Equipor new passenger cars
927.934 ment Fund,- under an order of the Public
Utilities Commission entered
For track extensions
3,304 July 31 1920. There has been paid out of this
fund for current renewals
the sum of $7,644,475, for the purchase of new cars the sum
Balance in special reserve at Feb. 1 1927
of $2,585,420,
$113,270 for track extension the sum of $574,376, and
for track reconstruction the
Under orders of the Illinois P. U. Commission and of its successor, the sum of $251,445, leaving a balance
of $235,611 in the fund.
Illinois Commerce Commission, a total of 34.290,054 has been expended
Since July 1 1920, no funds have been withdrawn from the renewal fund,
since July 1 1920, out of the special renewal and equipment fund for new created by the company's ordinance.
These two funds amounted, on Jan.
equipment and extensions. The property thus acquired and constructed 31 1927, to $5,514.570 in cash, in addition
to the sum of $3,411,242 withdoes not appear in the capital account, as the commission
orders provide drawn for new cars, new extensions, and track reconstruction
-no part of
that such expenditures shall not be charged to capital account
"unless and which was charged to capital account-or an amount in cash and property
until the sum or slims thus expended have been paid into the renewal and equivalent to 88925,813.
depreciation fund. •
Capital Expenditures.-Capital account was reduced by inventory adjustReceivership.-On Dec. 15 1926, the board of directors directed counsel ment during the year $43,181, making the purchase
price at Jan. 31 1927.
to enter the appearance of the company in the United
States District Court $55,776,789.
in a suit brought by Westinghouse Electric & Manufacturing Co. and
Pending Transportation Plans.-On April 16 1926 the Corporation Counsel
to
consent to the appointment of a receiver or receivers as prayed in the bill pursuant to directions of the Committee on Local
Transportation, subof complaint. In the judgment of the directors the protection of every mitted a draft of an ordinance for a system
of street railway transportation
interest in the properties and the preservation of such properties
as an in Chicago, and on June 16, a draft of an ordinance for a system of elevated
efficiently functioning street railway system required that such street rail- railways; both drafts being based on a terminable
permit and a system of
way system be taken into judicial custody, in view of the maturing on Feb. mutual transfers to be agreed upon.
1 1927, of all the bonds of the company and the impossiblity of refunding
In lieu of these and after several months of earnest effort on the part of
such bonded indebtedness until new franchise has been obtained. The the representatives
of the City and the several companies there was preCourt appointed John J. Mitchell, Henry A. Blair and Frederick H. pared and on Jan. 10
submitted to the Committee on Local TransRawson as such receivers and directed them to utilize, until the further order portation a draft of an1927
ordinance providing for a comprehensive and comof the Court, as their operating agency or instrumentality, the board
of pletely unified system of local transportation comprising the surface and
operation of Chicago Surface Lines, and thus preserve the unified operation
elevated systems, city owned subways, an
@FedFRASER