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The.
financial
run vie
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 124.
SATURDAY, APRIL 23 1927.
Bank and Quotation Section
Bankers' Convention Section
NO. 3226.
Monday by a large majority of stockholders of the
40% stock dividend and the announcement by Judge
PUBLISHED WEEKLY
Gary that the enlarged amount of stock would probTerms of Subscription—Payable in Advance
12 Mos. 6 Mos. ably be placed on a $7 dividend basis. This news,
Including Postage—
$10.00
MOO
Within Continental United States except Alaska
11.50
6.75
In Dominion of Canada
most significant of the week, except possibly the
13.50
7.75 the
Other foreign countries, U. S. Possessions and territories
NOTICE.—On account of the fluctuations in the rates of exchange, lowering of the discount rate of the Bank of Engremittances for European subscriptions and advertisements must be made
1
2%, was perhaps a
in New York funds.
land on Thursday from 5% to 4/
Subscription includes following Supplements—
principal cause of the short covering and the adSECTIONS—
COMPINDII7118—
BANK AND QUOTATION (monthly)
PUBLIC UTILITY (semi-annually)
vance of the general level of prices, but, as usual,
RAILWAY & inousraisc(semi-annually) RAILWAY EARNINGS (monthly)
BANKERS' CONVENTION (yearly)
STATI AND MUNICIPAL (semi-annually)
the actual realization of this favorable development
Terms of Advertising
45 cents was accompanied by selling out by speculators
Transient display matter per agate line
On request
Contract and Card rates
Omosuo0/111CD—In charge of Fred. H. Gray, Western Representative.
who had purchased for the rise, and Steel, therefore,
208 South La Salle Street, Telephone State 0813.
LONDON OPPICII—Edwards & Smith, 1 Drapers' Gardens, London, E.0. did not participate in the active advance of other
WILLIAM B. DANA COMPANY, Publishers,
issues, but has been selling at a level substantially
Front, Pine and Depeyster Streets, New York
the same as that established before the action of the
Published every Saturday morning by WILLIAM B. DANA COMPANY
on Monday.
stockholders
President and Editor, Jacob Seibert; Business Manager, William D. Riggs
Treas.,William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all. Office of Co
It is generally assumed that the directors of the
Steel Corporation will confirm Judge Gary's intimaThe Financial Situation.
tion and definitely establish the enlarged amount of
Last week we called attention to the fact that the stock on a 7% dividend basis. With this in mind,
more than normal activity on the New York Stock the action of the corporation is highly significant
Exchange at practically the high point of prices, so as giving evidence that not only the steel industry
far as averages are concerned, raised the question as but the entire country has gotten clear away from
to whether the foundation was being laid for a still the unfavorable conditions that reduced the earning
higher level of prices or stocks were being distrib- capacity of the corporation in 1921 and 1922. Steel
uted by the more astute traders in anticipation of common ex 40% stock dividend, or "when issued,"
lower levels. Whether or not this was so, the mar- as it is usually called, is selling at a level to yield
ket itself on Thursday gave clear evidence that for approximately 5.65%, a yield about in line with the
the time being at least, the point of least resistance average of the better investment stocks. In recent
is on the up side, for on that day a number of mar- years the stock has usually sold to yield less than
ket leaders developed great activity and rose to new the average and more in line with such recognized
high levels, carrying the Dow-Jones industrial aver- high grade leaders as General Electric, National
age to a new high at 166.66, which compares with Biscuit, United Fruit, etc. It therefore remains to
the previous high on Aug. 14 1926 of 166.64.
be determined at what price the stock will sell after
When consideration is taken of the fact that ad- the speculators who bought for the rise have been
justments of this index are necessary on account of eliminated from the situation and investment buystock dividends the present level is several points ing becomes the principal determinant.
higher than the August level. There was most eviThe lowering of the Bank of England discount
dently short covering in General Motors, Du Pont rate is a significant financial event. London in the
and several other stocks, General Motors reaching a past has been the great money centre of the world
new high of 195 and making a 53/4 point advance for and has proverbially had the lowest rates, affording
the day, and Du Pont making a new high, closing at a market where enterprise could come from the four
252, with a 5-point advance for the day. On Friday quarters of the world and obtain capital, on either
the trading increased to nearly two and one-half long or short time, at the lowest rates. The war
million shares, with both averages advancing and post-war developments have greatly changed her
sharply, the industrial average reaching 167.36 and position and given to New York that pre-eminence.
new highs for the year being made by many repre- In the recent past the London money market has lasentative stocks, including Atchison, Baltimore & bored under a twofold difficulty. On the one hand,
Ohio, Delaware & Hudson and St. Louis-San Fran- it has been desirable to keep rates high, so as to
cisco among the railroads, and General Electric, attract current funds to London for exchange purGeneral Motors and International Nickel among the poses. On the other hand, in view of the intense deindustrials.
pression that has prevailed in England since 1921, it
United States Steel common was not a leader in has been desirable to keep rates low as a stimulant
the week's market, notwithstanding the approval on to business. The rate has not been lowered sine?
•Ite Thronute
2336
THE CHRONICLE
December 1925 and has been much of the time 1%
higher than in New York, showing that the other
considerations were more potent than the exigencies of prostrate business.
The present'move is, therefore, a significant sign
of a strengthening of the British fiscal position. It
synchronizes with the releasing of the $300,000,000
credit granted in New York at the time of the stabilization of sterling but never used. It is to be hoped
that this move will be followed by reviving business
conditions in Great Britain. The lowering of the
rate is also, of course, significant of easier money
conditions throughout the world.
Among the leading security issues of the week the
most interesting was $50,000,000 Shell Union Oil
Corporation 20-year 5% debentures, 1947, offered
on Monday by Lee, Higginson & Co. at 991/2, yielding 5.04%, this yield comparing with yields well
under 5% of a number of the leading issues of similar kind, Standard Oil of New York, for instance,
selling on a 4.78% basis. The Shell Union Oil Corporation is comparatively a newcomer, at least under its present name, the company having been organized in 1922 as a consolidation of substantially
the entire Royal Dutch-Shell and Union Oil Co. of
Delaware interests in the mid-continent and California oil fields. This issue of debentures was put out
to provide for additional properties and working
capital and for the refunding of the balance outstanding of an issue of $20,000,000 6% preferred
stock sold by the same firm in 1922 on a 61/
4% basis.
This preferred has now been called at 110.
Another issue of importance has been that of $20,000,000 United Cigar Stores Co. of America 6%
cumulative preferred stock, offered on Tuesday by
Kuhn,Loeb & Co. and the Guaranty Co. of New York
at 109 and accrued dividend, yielding approximately
51/
2%. On Briday a syndicate headed by Graham,
Parsons & Co., Roosevelt & Son and Old Colony Corporation, offered U3,938,000 City of Pittsburgh 4/
1
4s,
serial 1928 to 1957, on yields ranging from 3.75 to
3.85%.
A swift succession of events in the past week has
again changed entirely the complexion of the situation in China. Intrigue and chicanery and the personal ambitions of the Provincial Tuchuns, or war
lords, have altered the course of the Nationalist
movement, or at least delayed it. "Less than a
month ago the Nationalists were celebrating the capture of Shanghai and shouting 'On to Peking' and
'Out with the foreigners,' while to-day chaos reigns,"
says the Shanghai correspondent of the New York
"Times" in a dispatch of April 18. The dispatch
adds: "The Nationalist movement seems to be shattered into many pieces. To foreigners, three Governments appear conspicuously, namely in Nanking,
Peking and Hankow, but there are as many others
as there are large cities, and the big three are utterly feeble, each dominated by a war lord, each
controlling little beyond the city in which it is located, each without complete authority even in its
own city, and each in open war with both the others."
The long threatened split within the ranks of the
Cantonese became a reality on April 15 at a meeting of the moderates at Nanking called by the Cantonese generalissimo, Chiang Kai-shek. Resolutions
of impeachment were adopted at the meeting against
Russian or Chinese Communists, including Cabinet
[Vox. 12t.
Ministers of the Hankow Government. On April 16
the Shanghai Defense Commissioner, General Pai
Chung-hsi, indulged in a scathing denunciation of
the Soviet-influenced members of the Kuomintang,
after having called together the foreign correspondents for the purpose. In Canton also, far to the
South, an anti-Communist coup was engineered on
April 16, the moderates being successful in every
locality, strikers' strongholds being raided and
weapons and seditious literature seized. This action
apparently led to considerable opposition in the
Southern capital, a dispatch of Monday advising
that "laborers have stopped work in the mills and
factories, merchants are hindered in conducting
business peacefully, the women folk are alarmed,
and the Bolsheviki have been responsible for tumultuous meetings, processions and disorderly strikes
to embarrass the capitalists and force them to comply with demands for ever-increasing wages." Nor
is the dissension from the views of Chiang Kai-shek,
confined to the laborers. The financial genius of the
Cantonese, T. V. Soong, refused to support Chiang,
saying that the latter was setting up a dictatorship.
At Hankow, which is the seat of the Soviet-influenced Government from which Chiang Kai-shek seceded, war was declared Tuesday by the "Central
Executive Committee" on the Shanghai moderates.
Chiang Kai-shek was declared an outlaw and his
armies ordered to turn against him. In his place
Hankow nominated the so-called Christian General
Feng Yu-hsiang, who spent last summer in Moscow.
General Peng reorganized his forces with Russian
arms and money and now threatens Peking. Chiang,
however, continued his efforts to rid his section of
the country of the Chinese Communists, a dispatch
of April 20 from Shanghai reporting that more than
100 anti-Chiang leaders were executed on that day
and additional hundreds jailed. Reports were current all week that Chiang Kai-shek had reached an
accord with Shang Tso-lin, the Manchurian dictator, but these were suddenly dispelled Thursday
when it appeared that the new Nationalist Government had resumed the campaign to the north. The
forces of Chiang were reported as advancing by two
routes, the objective of one drive being Suchow-fu,
where there is a railroad crossing, and of the other
the important city of Tsinan. Chiang's efforts to
suppress radicalism were said to be making little
progress in the interior provinces of Hunan and
Hupeh, where trade and agriculture are paralyzed,
owing to lack of transport and the instability of the
currency.
The Peking correspondent of the New York
"Times" in a dispatch on Wednesday sounded a note
of warning against too literal acceptance of the
party discord in China. "The distinctions between
groups and individuals are less cIear-cut than appear
abroad. To-day's enemies are perhaps to-morrow's
friends, and at all times accredited agents dicker in
the opposing camps." The same report said that
Nationalist sentiment in Peking "is widespread,
deep-seated and genuine. It is not yet conscious
and forceful, but seems to be determined, groping
toward racial unity and independence on the part
of a nation stupefied by the long years of alien
Manchu domination. The majority of the Chinese
do not yet know what they want or in what form.
But the sentiment is there and is unmistakable. It
animates the war lord and the Communist, the
Am. 23 1927.]
THE CHRONICLE
2331
trader and the intellectual worker and the peasant. partitioned umong the war lords of the North and
It is the most outstanding fact in this capital of the local Governments of the South, but the customs
modern China."
of Shanghai and other coastal treaty ports still are
foreign controlled and are likely to continue so."
So far as foreigners in China are concerned, the
most dangerous situation appears to be that at
The five Powers note of April 11 to China, deHankow, 600 miles up the Yangtze River, where manding an apology and reparation for the Nanking
200,000 Chinese are in idleness. A dispatch on April outrage of March 24 has not yet brought a satisfac20 to the New York "Times" reported that many tory reply. The reply of Eugene Chen, the Hankow
were starving because both foreign and Chinese en- Foreign Minister, was received in Washington April
terprises have ceased operations. The better class 15, but it was declared to be unsatisfactory in that
Chinese were fleeing from the city in large numbers. it failed to meet the American position, though conA Shanghai report on April 21 further remarked: ciliatory in tone. The note offers compensation for
"Rioting and looting are prevalent in Hankow, said the raids on the Consulate, but admits no blame for
a wireless dispatch from that city to-day, with a• them. Reasonable reparations are agreed to and
panic imminent. Eighty-five Americans are hug- Chen announces in the note his readiness to guaranging the edge of the foreign settlement, reluctant to tee the safety of foreigners in China. The question
desert their property, yet fearing to venture far in- of punishment, it is suggested, should await the deland. It was learned authoritatively that if the termination of responsibility by an inquiry ordered
Chinese at Hankow should attempt a repetition of by Chen, or an investigation by a joint Cantonesethe Nanking outrages, the foreign warships would American commission. The most significant paraact without delay. Among the foreign warcraft graph in the note is one which again suggests reanchored in the Yangtze off Hankow at the present linquishment of the rights of extraterritoriality, as
time are eight American vessels—the 'Isabel,' Cin- follows: "The Nationalist Government, however,
cinnati,"Noa,"Preble,"Pruett,"Monocacy,"Pig- would be lacking in candor if it should fail to regard
eon'and ‘Villalobos.'"Firing on American and other and emphasize that the best guarantee for the effecforeign vessels in the Yangtze continued, according tive protection of American and other foreign lives
to reports from Rear Admiral Williams, made public and property in China lies in the removal of the
in Washington. Both Northern and Southern troops fundamental cause of the present troubled relations
were said to be doing the firing.
between Nationalist China and the Powers who conForeign interests are said to be faring very poorly tinue to sustain the regime of the unequal
while the upheaval continues. The Shanghai corre- treaties. It is these inequitable treaties that
spondent of the New York "Herald Tribune," in a constitute the chief danger to foreign lives and
dispatch on April 16, said: "Without being unduly property in China, and this danger will persist as
pessimistic, one is forced to the opinion that foreign long as effective government is rendered difficult by
business, unless re-established by intervention on a foreign insistence on conditions which are at once a
large scale, has small hope of recovering its foothold humiliation and a menace to a nation that has known
within a period of years; that the anarchy in the greatness and is to-day conscious of renewed
interior, instead of mending, is steadily growing strength."
worse; that there has failed to materialize the prosOfficial comment on the note was withheld in
pect of a central Government with which the Powers Washington, but it was said on behalf of President
could negotiate with confidence either for a revision Coolidge that the note would have to be studied and
of the treaties or for indemnities for the outrages at the tenor of the replies to the other protesting PowNanking; that anti-foreignism is increasing; that ers known before any decisions of policy could be
the Christian missionary effort is definitely finished laid down from it. Reports from Paris and London
and that not a single leader has arisen who shows indicated that the Canton Government made differcapacity to control the country. It is probable that ent replies and of varying flavor to the identical
the bulk of Chinese civilians are not actively anti- protest of Britain, France, the United States, Italy
foreign, that they are not sympathetic with the mili- and Japan. France was said to be especially fatarists and that they desire peace in order to pursue vored by Eugene Chen, this being construed in Paris
their industrial occupations, but it is questionable as a deliberate attempt to break the unity of the
whether even the civilians, goaded by incessant agi- Powers. Displeasure with this course was evinced
tation, will not eventually join the wave of anti- at the French capital. In London it was intimated
foreignism." North of the Yellow River, however, that the reply was unsatisfactory and that an ultithere is said to be no hostility toward strangers. matum is regarded as necessary. In Washington it
The adult males are already beginning or planning was said on April 16 that the entire situation is to be
to return to tbc interior in the north from the coast considered not only in the light of all the communitowns to which they fled on reports of Nationalist cations, but the position of the Hankow Government
successes.
in China, before any decision on American policy is
In the treaty ports under Nationalist control the reached. Haste was deprecated.
anti-foreign policy is becoming more pointed, acThe five-Power note of April 11 was also precording to a Shanghai dispatch of April 20 to the sented to a representative of Chiang Kai-shek in
New York "Times." This report remarked that "it Shanghai, but reports -from that city indicate that
is the openly declared policy of the Nationalists to Chiang will not reply. He is said to fear the reperrid China's customs of foreign control. This would cussion if he were to make a favorable reply to the
be tantamount to the repudiation of the foreign Powers, and therefore will consider the reply by
debts, as most of the foreign debts are amortized Eugene Chen as covering himself, even though a
and the interest paid from the revenues of the cus- state of war exists between Hankow and Shanghai
toms and :441 administration. The latter is already in other regards. In China it is considered, accord-
de..04
2338
THE CHRONICLE
[VOL. 124.
jog to a dispatch of April 19 from Shanghai to the an extraordinary meeting of the Privy Council would
New York "Times," that any action that the Powers
might take would be taken at Hankow. The dispatch added: "All observers here agree that there
is now only one alternative to action—namely, to
evacuate the few hundred foreigners remaining up
the river and take the warships out of the Yangtze,
leaving victory to the representatives of the Third
International." In Peking, however, where the
Plenipotentiaries of the five Powers are located, it
was reported by the correspondent of the New York
"Times" that "the foreign Powers are little agreed,
partly on account of the home Governments pursuing
different policies and partly because their representatives here, even the most experienced, are frankly
bewildered. Nothing but a flagrant anti-foreign outburst could produce united action by providing an
objective."
The financial difficulties of Japan which began
about the middle of March, have caused a Government crisis in that country resulting in the resignation on April 17 of the Cabinet of Premier Reijiro
Wakatsuki. The Cabinet resigned after the Privy
Council, in plenary session in the presence of the
Emperor, rejected the Government's plan for supporting the Taiwan Bank with advances up to 200,000,000 yen. This bank is a semi-Government institution and as the principal creditor of Suzuki & Co.
found itself in financial straits when that firm suspended April 5 with liabilities estimated at $250,000,000. According to a Tokio dispatch to the New
York "Times," "the Privy Council, which has special responsibilities under the Constitution regarding the issue of Imperial ordinances, rejected the
Government's plan on the grounds that such ordinances should only be promulgated when circumstances make the convocation of the Diet impossible." After the Cabinet's resignation, which followed a brief deliberation upon the Privy Council's
decision, the heads of seven leading banks met and
decided to make all possible effort to preserve economic stability pending the formation of a new
Government. Baron Giichi Tanaka, head of the
Seiyukai Party, on the following day accepted the
post of Premier. The Seiyukai Party has always
advocated a "positive" financial policy in contrast
to the late Government's "negative" or retrenchment
policy. This is interpreted as meaning that additional State support will be given to new or struggling industries. The share market in Tokio sagged
Monday morning and was closed for one hour to
check any tendencies toward a collapse. The index
stocks later recovered somewhat. Three small country banks failed Wednesday and the Bank of Japan,
the central bank of the country, made heavy advances. The crisis persisted, however, and the public nervousness was greatly intensified Thursday by
the suspension of the Fifteenth, or Peer's, Bank,
one of the oldest established of the so-called big
banks. The term of suspension was given out by the
bank officials as three weeks. Deposits in the bank
total 368,434,000 yen. Frozen loans and imprudent
amalgamations during the boom period are looked
upon as contributing to the bank's difficulties, says
a New York "Times" dispatch from Tokio on April
21. In order to cope with the situation a moratorium was declared Thursday, all banks in Japan to
be closed for two days. It was also announced that
take place April 22, for the purpose, it is said, of
adopting an Imperial ordinance declaring a partial
moratorium for three weeks. The fiscal crisis was
reflected in New York by a break in yen exchange
Thursday from 48y2 cents to 46/
1
2 cents.
The difficulties in Japan are regarded generally as
due in the first instance to the failure of Japanese
business to recover from the post-war depression.
Japanese industry became over-expanded during the
war and the slump which followed it hit Japan in
the early spring of 1920, before any other country.
Important concerns were unable to meet their engagements and a general freezing of assets resulted.
This situation was just beginning to adjust itself
when the earthquake of 1923 struck the nation, devastating Tokio and Yokohama. This aggravated
the conditions and served to offset the subsequent
improvement in business. The failure of seven Japanese banks in March, with runs on several others, is
considered to have been closely connected with the
earthquake,since obligations of firms in the afflicted
area had been carried along as a relief measure. It
was the original intention that these obligations
should be liquidated by Sept. 30 1925, but a further
extension of two years had to be granted, and when
this expired it was again found impossible to effect
the liquidation. The "earthquake bills" falling due
this year are estimated at 207,000,000 yen, or over
$100,000,000, according to a recent review by the
American Department of Commerce.
A new coalition Cabinet of Radicals, Peasants
and Democrats was formed in Jugoslavia April 17,
apparently in order to strengthen the Government
in dealing with the Albanian crisis. The Cabinet
was formed by Velja Voukitchevitch, Minister of
Education in the previous Cabinet, at the request of
King Alexander. According to a Belgrade dispatch
of April 17 to the New York "Times," "the new Government represents all parties in Jugoslavia except
Stefan Raditeh's Croatian following and was agreed
upon during the recent Albanian crisis to strengthen
the Cabinet on the question of Jugoslav foreign policy." Bogdan Markovitch, who a few days ago completed a loan with Blair & Co. of New York, remains
as Finance Minister. The Government is now expected in Belgrade to adopt the aggressive foreign
policy ivhich has been demanded by Radical and
Peasant leaders. The Cabinet is constituted as follows:
Premier and Minister of the Interior and Public Instruction—M. Vonkitchivitch.
Foreign Affairs—Dr. V. Marinkovitch.
Finance—Bogdan Ifarkovitch.
War and Navy—General Harditch.
Commerce and Industry—M. Spaho.
Justice—Srohkitch.
Communications—General Millosayevitch.
Mines and Forests—M. Houmanoadi.
Public Health and Agrarian Reform—M. Andritch.
Agriculture—M. Stankovitch.
Social Politics—M. Wijevitch.
Public Works—M. Choumenkovitch.
Minister Without Portfolio—M. Peritch.
The resignation of the Uzonovitch Cabinet was explained officially as due to dissensions concerning
financial policy. It was further announced in Belgrade, says a dispatch of April 19 to the New York
"Evening Post," that Parliament will be adjourned
until August, and that new elections probably will
come in September. The Italian capital professes
to have advices that the policy followed by the resigning Cabinet toward Italy created sharp differ-
Aim. 23 19271
THE CHRONTCLE
ences of opinion within the Cabinet, says a New
York "Times" report of Sunday from Rome. Hope
was expressed by Fascisti,"that the new Jugoslavian
Cabinet may consider the situation in a more realistic light and continue exchanges of views with the
Italian Government, which professes to be animated
by a sincere desire to place relations between the two
countries on the solid and permanent basis of enduring peace. The semi-official press, which accurately reflects the opinion of the Ministry of Foreign
Affairs, warns Belgrade, however, that this end cannot be reached if any efforts are made to carry on
discussion on the subject of the now famous treaty
of Tirana, by which Italy guarantees the political
status qua in Albania. This treaty, it is maintained
here, concerns only Italy and Albania and cannot
form a basis for negotiations with a Power which is
not a party thereto."
The semi-official Italian assertion that the Treaty
of Tirana concerns only Albania and Italy is not
receiving general acquiescence in Europe. The statement was sharply criticized in Belgrade, where it
was said that the breach between Jugoslavia and
Italy, first alleged to have been made by Italy's declaration that Jugoslavia was arming to overthrow
the Albanian Government, would only be widened
by such tactics. French officials are "frankly uneasy" about the latest phase of the question, said a
dispatch on April 16 from Paris to the New York
"Times." In Berlin, according to the correspondent
of the New York "Evening Post," the conflict is no
longer regarded as between Italy and Jugoslavia,
but between Italy and France, owing to the close
understanding between Paris and Belgrade. The
same correspondent asserts unequivocally "that
England has advised Italy to concede to French and
Jugoslavian public opinion by making public her
interpretation of Article 1 of the Tirana Treaty.
This article, which commits Italy to upholding the
Albanian status quo, was universally taken to mean
a virtual Italian protectorate over the little country,
guaranteeing Ahmet Zogu not only from foreign interference but against his own rebellious people who
accuse him of having sold the country to the Italians. The British suggest strongly that Mussolini
must explain that Article 1 doesn't refer to internal
Albanian affairs, but merely to Italy's determination to uphold Albanian independence at all costs.
Since no country dreams to-day of threatening Albanian independence it is almost certain that such
a statement would relieve the tension and satisfy
the Jugoslays." These opinions from the German
capital are borne out by a warning in the London
"Times," intimating to Premier Mussolini that if he
refuses to heed timely advice the Powers might be
forced to take other steps to preserve European
peace. This statement in the London "Times," still
considered by some the official mouthpiece of the
British Government, created, it was stated, a "mild
sensation" in Europe.
The virtual collapse last week of the negotiations
of the League of Nations Preparatory Disarmament
Commission was followed by further discouraging
developments at Geneva on April 20. A sub-committee of conciliation sat for two days in an effort to
agree on a treaty whereby the private manufacture
of arms might be brought under control. The com-
2339
mittee was headed by Count von Bernstorff of Germany, and included representatives of Belgium,
Italy, Japan and the United States. Differences
developed to such a degree that M. Debrouchere of
Belgium reported to the League Council on Wednesday the inability of the delegates to agree on a
treaty. Hugh S. Gibson, the American delegate to
the Conference, declined to attend, but he sent an
explanatory letter in which he stated that his presence could not serve any useful purpose until it became clear that the committee would put into the
treaty provisions extending its operations to arms
of Governmental manufacture. This, it was pointed
out, is in accord with President Coolidge's agreement to co-operate with the League's campaign for
supervision of private manufacture conditioned upon
full publicity on all forms of armament manufacture. This demand met uncompromising hostility
from the Italian and Japanese delegates, shattering
League hopes of formulating a: treaty on arms
traffic.
The question of security arose on Thursday at the
meeting of the Preparatory Disarmament Commission and a proposal, put forth by the Dutch delegate,
calling for an annual statement of war material in
store and for an itemized account of such material,
developed no opposition. But the instant the President announced that the proposal had been adopted
M. Sato, Japanese delegate, arose to declare that he
could not accept it, for until the security of nations
was assured the secrets of national defense could not
be divulged. Germany and Sweden thereupon lined
up in support of Holland, while France sided with
Japan, further debate being postponed. The work
of preparing for indefinite adjournment, to be taken
next week, was also begun.
The long-standing controversy between the Soviet
and Switzerland over the assassination at Geneva in
1923 of Vaslav Vorovsky, Soviet Representative to
the Lausanne Conference, was settled April 15. Announcement was made in Moscow that Switzerland
had expressed regret for the assassination of Vorovsky by Maurice Conradi, a Swiss engineer, who later
was acquitted, and for the wounding of Hermann
Ahrens, Russian press representative and companion
of Vorovsky at the time of the assassination. The
agreement, it was explained, provided for monetary
compensation of the family of the slain Soviet representative. Vorovsky had been sent to Lausanne
at the time in spite of the fact that the Powers had
issued no invitation to Soviet representatives to attend. His assassin was a Russian, but the Soviet
Government maintained that the Swiss had not supplied sufficient protection. The Soviet Government
had ever since refused to accept invitations from the
League of Nations to attend League conferences of
any kind held in Switzerland. The latest instance of
this was its declination to participate in the forthcoming international economic conference to be held
at Geneva. This boycott of Swiss soil, it is now expected, will be lifted. The whole question of world
armaments limitation, it is reported in a Berlin dispatch of April 16 to the New York "Times," will be
vitally influenced by Soviet Russia participating in
that branch of the League of Nations activity. Dr.
Stresemann, the German Foreign Minister, is generally credited with having a hand in the 'reconciliation.
2340
THE CHRONICLE
A Fascist "Charter of Labor" was promulgated in
Rome on April 21 by Premier Mussolini, on the occasion of a joint celebration of the Fascist Labor Day
and the founding of the Eternal City 2,681 years
ago. The "charter" embodies the fundamental principles of the Fascist Syndicalist State, which is based
primarily upon the theory of replacing the class
struggle by a fruitful co-operation between capital
and labor under direct State control. The document
was presented by the Premier at a special meeting
of the Fascist Grand Council. Mussolini is now
considered in Italy, said a Rome dispatch of April
21 to the New York "Times," "to have assumed the
role of a prophet of industrial peace with a message
directly opposed to that of Karl Marx and Nicola
Lenin." The dispatch said further: "The underlying idea of the 'Charter of Labor' is the State's
undisputed right directly to control all forces of production, acting as the guardian of both capital and
labor, establishing equality of rights and duties between them,compelling them to carry out their tasks
for the common good, punishing infractions and
maintaining peace between them at any cost. To
this end the document, which will be the basis of
further legislation, defines precisely the roles of
labor and capital, enunciates the minimum guarantees of their existence to which they will be entitled
under all circumstances, but beyond which the State
retains a free hand as the agent of the nation, which
is 'an organism superior to all single indivivals with
moral, political and economic unity.'"
Official acknowledgment of the theft of confidential documents from the American Embassy in
Mexico City was made April 16. The news first was
given out in a Washington dispatch of March 28 to
the New York "Times," but no official comment was
made at that time. The New York "Times" dispatch
intimated that much of the strain in the relations
between the United States and Mexico was due to
the stolen documents, some of which were alleged to
have been altered and others forged outright in an
attempt to cause a break. The documents, it was
said, had come into the hands of President Calles.
The substance of the statement made April 16 in
Washington was that Lieut.-Col. Edward C. Davis,
United States Military Attache in Mexico City, had
conferred on the thefts and forgeries with Robert E.
Olds, Assistant Secretary of State .
Further revolt in Mexico was indicated by the defection of Governor Almeida, of Chihuahua, from
the Mexico City regime April 16. Six States in
Mexico are now officially admitted to be centres of
revolutionary uprising. These are Chihuahua, Jalisco, Colima, Guanajuato, Guerrero and Durango.
The situation in the State of Jalisco is particularly
disturbing, a train hold-up in which nearly 200 men,
women and children were killed or injured occurring
there April 20; 500 bandits are said to have been responsible for this outrage. No Americans, apparently, were among the killed or wounded.
The Nicaraguan city of Matagalpa, one of the most
important in the country, was made a neutral zone
on April 18 by Rear Admiral Julian Latimer, Commander of the American Naval Forces in Nicaraguan waters. This action came as a result of the
threat of fighting in the city, the Liberals having
prepared to attack and the Conservatives having
[VOL. 124.
concentrated outside the city to meet them. By
Admiral Latimer's orders fighting within 2,000
yards of the boundary of the zone and the presence
of armed troops within the area are forbidden. A
detachment of American marines will remain in Matagalpa, said a dispatch of April 18 to the Associated
Press. The ban on fighting within 2,000 yards of a
railroad, imposed in order to make traveling safe,
was disregarded April 20 by a band of fifty men
wearing red hat bands and carrying a red flag. The
band attempted to take the village of Posoltega, but
was repulsed by American bluejackets after thre_l
of the "reds" had been killed. Only sporadic guerrilla warfare is being carried on between the opposing native forces, the whereabouts of the Liberal
General Moncada remaining a mystery.
In Washington the Administration spokesman announced on Tuesday that withdrawal of a large part
of the American marines now in Nicaragua was being considered, as victory for the Conservative forces
is in sight. The last time a small detachment of
marines was left in that country, it was pointed out,
they remained for fifteen years, having been removed
only seventeen months ago, shortly before the present outbreak. President Coolidge, the spokesman
said, hopes that troops will not have to be maintained -there for fifteen years again, but he is not prepared to say how soon all can be withdrawn.
The long-looked-for reduction in the Bank of
England rate took place this week, though the reduction at this particular time came somewhat as a surprise. The Bank on Thursday lowered its rate from
5% to 4/
1
2%. The 5% rate had been in effect since
Dec. 3 1925. Yesterday the Bank of Sweden re1
2% to 4%, being the first
duced its rate from 4/
change since October 1925. Aside from these, no
change has occurred in official bank rates at leading
European centres from 7% in Italy; 6% in Belgium
1
2% in Denmark; 5% in Paris, Berand Austria; 5/
/
2% in Hollin and Madrid; 4% in Norway, and 31
land and Switzerland. Open market discounts in
London continue to decline, and short bills
have fallen to 35
/
8@311-16%, from 41/
8@4 3-16%
last week. Three months' bills declined to 33
/
4%,
in comparison with 4 5-16% a week ago. Call
money at the British centre was also easier and the
close was at 31
/
4%, as against 33
/
4% the preceding
week. In Paris and Switzerland open market discount rates continue to be quoted at 33
/
4% and 3%,
respectively, the same as heretofore.
Gold holdings of the Bank of England gained
£674,979 during the week ended April 21 and the
Bank on Thursday, as noted above, reduced its discount rate from 5% to 4/
1
2%. Total gold holdings
now aggregate £153,848,373, against £146,409,505
last year and £128,733,163 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). Notes in circulation declined
£822,000, reducing the total to £137,038,000, coinpared with £140,161,235 in 1926 and £120,279,245 for
the previous year. Reserve of gold and notes in
banking department increased £1,496,000, while the
proportion of reserve to liability advanced to 29.11%,
from 28.98% last week. Other changes of importance were:, Loans on Government securities increased £8,974,000, while loans on "other" securities
THE CHRONICLE
APR. 23 1927.]
diminished £5,809,000. Public deposits recorded a
loss of £8,657,000, but "other" deposits expanded
£13,262,000. We furnish below comparisons of the
different items of the Bank of England return for a
eries of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1925.
1926.
1927.
April 20. April 21. April 22. April 23. April 25.
b137.038,000
'• ulatlon
15,245,000
• bile &MOO
110,337,000
Mar deposits
,•• v • nm't securities 37.956,000
68,780.000
(a her emirates__
• e v notes & coin 36,559,000
Coln old bullion_ _a153,848,373
P.°portion of reserve
29.11%
1. liabillt les
•434%
flash zute
140,161,235
12,369,092
103,195,983
39,270,328
68,030,730
25,998,268
146,409,505
120,279,245
17.057,986
105,770,356
36,811,666
75,529,573
28,203,918
128,733,163
124,855,590
13,704,388
108,375,986
42,237,755
74,493,323
23,017,324
128,122,914
122,779,225
14,006.105
108.641,070
48,205,684
67,605,209
24,490,098
127.519,323
22.49%
5%
23%
5%
1874%
4%
20%
3%
a I.Ludes, beginning with April 29 1925. E27.000.000 gold coin and-bullion
revlouely held as security for currency notes issued and which was transferred to:the
Punk of England on the British Government's decision to return to gold standard.
I Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
J1 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.
Rat • changed from 5% to 43i% on Thursday, April 21.
2341
stands at 1,850,764,000 marks, against 1,491,217,000
marks a year ago and 1,003,735,000 marks in 1925.
Below we give detailed comparative statements back
to 1925:
REICHE3BANK'S COMPARATIVE STATEMENT.
Changes for
April 14 1927. April 15 1926.
Week.
•
Reichsmark:. Reichsmarks,
Reichsmarks.
Assets—
1,850.764,000 1,491,217,000
574,000
Dec.
Gold and bullion
101,388,000 260,386,000
Of which dep. abroad_ Unchanged
Reserve in for'n curr_ _Dec. 29,738,000 162,069,000 278.354,000
Bills of exch.& checks.Dec. 138,936,000 1,785,008,000 1,227,861,000
95,987,000
514,000 103,242,000
Silver and other coin_ _Dec.
Notes on oth. German
27,125,000
18,980,000
Inc. 5,782,000
banks
8,354,000
53,253,000
Inc. 38,472.000
Advances
89,920,000
92,890,000
15,000
Dec.
Investments
Inc. 9,302,000 529,670,000 1,110,932.000
Other assets
LiabUUieS—
Notes in circulation _Dec. 58.905,000 3,405,833,000 2,790,317,000
Other daily maturing
Dec. 63.188,000 639,640,000 1,007,123,000
obligations
Inc. 5,782,000 189,222,000 172,437,000
Other liabilities
April 15 1925
Reichamarks.
1,003,735,000
149,880,000
334,578,000
1,422,456,000
63,707,000
16,976,000
16,974,000
199,772,000
1.322,309,000
2,187,674,000
859,602.000
988,227.000
The Federal Reserve Bank statements for the week
issued on Thursday afternoon were in sharp contrast with the statements issued a week earlier. At
The Bank of France's statement for the week that time general expansion was shown, while,this
ended April 20 showed an increase in the State's in- week sharp contraction occurred in nearly all of the
debtedness to the Bank of 1,150,000,000 francs. Ad- principal items. In the report of the System redisvances to the State now stand at 29,300,000,000 counting of bills secured by Government paper fell
francs, against 35,300,000,000 francs a year ago, and $1,900,000, and other bills $9,400,000, so that total
22,700,000,000 francs in 1925. Note circulation, bills discounted were reduced $11,300,000. Holdings
however, decreased 332,720,000 francs, the total of of bills bought in the open market declined apprethis now being 52,550,416,155 francs, as against 52,- ciably, dropping $9,400,000. Holdings of Govern014,414,240 francs in 1926 and 42,662,347,995 francs ment securities were reduced $22,500,000. Total
the previous year. Gold holdings decreased 1,001,- bills and securities (earning assets) fell off $44,125 francs, bringing that item down to 3,682,507,443 200,000. Member bank reserve accounts declined
francs. At the corresponding date in 1926 gold $15,100,000 and deposits $7,600,000. A moderate
stood at 3,684,085,602 francs, and in 1925 at 3,681,- addition to gold holdings occurred, viz., $4,700,000.
938,754 francs. Silver in hand declined 1,000,000 The Reserve Bank at New York reported $49,700,000
francs, trade advances 84,597,000 francs, bills dis- increase in gold holdings. In all other respects,
counted 301,146,000 francs and treasury deposits however, the report closely paralleled that for the
82,557,000 francs. On the other hand, general de- twelve banks combined. Rediscounts of all classes
posits increased 1,042,382,000 francs. Comparisons of bills were reduced $56,100,000. Open market
of the various items in this week's return with the purchases dropped $20,800,000, and holdings of Govstatement of last week and with corresponding dates ernment securities were reduced $22,500,000, while
in 1926 and 1925 are as follows:
there were declines in all of the following items:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Total bills and securities, $99,300,000; member bank
Status as of
Changes
reserve accounts, $50,100,000, and deposits, $48,900,April
22
1925.
23
1926.
1927.
April
20
April
for Week.
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
Federal Reserve notes in actual circulation
000.
En France
Dec. 1,000.125 3.682.507,443 3,684,085,602 3,681,938,754
1,864.320.907 1.864,320,907 1,864,320,907 remained virtually stationary at New York, but deAbroad
Unchanged
As far as the
Inc.
37,000 1,547.865,350 5,54 .4 6,510 5,546,259,662 clined $14,100,000 for the System.
Total
341,303,073
Silver
333,335,406
Dec. 1,000,000
316,759,003
in deposits,
contraction
reserve ratios are concerned,
Bills discounted_ - _Dec. 301,146,000 4,232.880,089 3 31)8,663.479 5,371,309,141
sent the
holdings,
Dee.
2,459,819,374
1.743,268,717
gold
to
advances
84,597,000
Trade
3,007.238,808 together with additions
Note circulatiou_ _Dee. 332,720,000 52.550,416,155 52.014.414,240 42.662,347,995
against
79.5%,
to
up
banks
15,318,161
45,430,874
Treasury deposits_Dee. 82,557.000
4.489,233 ratio for the combined
General deposits_ _1110.1042.382,000 4,843,653,632 2.641:.847,804 1,947,618,761
brought
factors
same
the
York
New
78.8%; while at
Advances to State_Inc.1150,000,000 29,300,000,000 35,300.000.000 22,700,000,000
an advance in the ratio of reserve to 86.8%, as comweek
ending
the
for
In its statement
April 14, the pared with 79.7% last week.
Reichsbank reported a decrea.4e in note circulation
Important changes were again reported in last
of 58,905,000 marks, bringing the total down to
3,405,833,000 marks. Other daily maturing obliga- Saturday's statement of the New York Clearing
tions declined 63,188,000 marks, while other liabili- House banks and trust companies. Virtually all of
ties increased 5,872,000 maks. Note circulation a the huge surplus rolled up the previous week was
year ago stood at 2,790,317,000 marks, and in 1925 at wiped out as a result of a sharp contraction in the
2,187,674,000 marks. On the asset side of the ac- reserves with the Federal Reserve Bank. Loans decount the majority of the items showed decreases. clined $11,332,000. Net demand deposits, however,
Gold and bullion holdings declined 574,000 marks rose $27,103,000, to $4,456,592,000, which total exand reserve in foreign currencies fell off 29,738,000 cludes $49,762,000 in Government deposits—a loss
marks. Deposits abroad remained unchanged, while in the latter item for the week of $19,603,000. Time
other assets increased 9,302,000 marks. Bills of ex- deposits also expanded, rising $29,222,000, to $711,change and checks declined 138,936,000 marks, but 690,000. A decrease of $3,462,000 was shown in
advances rose 38,472,000 marks. Silver and other cash in own vaults of members of the Federal Recoin diminished 514,000 marks, but notes on other serve Bank, to $40,534,000; this, however, does not
German banks rose 5,782,000 marks. Investment3 count as reserve. Reserve of State banks and trust
decreased 15,000 marks. Gold and bullion now companies in own vaults decreased $337,000 and
2342
'FITE CHRONICLE
there was also a decrease of $414,000 in reserves
kept by these institutions in other depositories. Reserves in the Reserve Bank were drawn down $66,570,000, with the result that surplus reserve decreased $71,743,330, leaving excess reserve of only
$1,115,450. These figures for surplus reserve are
based on legal reserve requirements of 13% reserve
against demand deposits for member banks of the
Federal Reserve System, but not including the $40,534,000 cash in vault held by these member institutions on Saturday last.
An easier tone in the money market, counted on
for some weeks, developed early on Monday and
continued throughout the week. The renewal rate
on Monday morning was fixed at 41/
2% for demand
funds, but by noon the rate dropped to 4%, where it
remained unchanged to yesterday's close. This has
reference to the quotations on the Stock Exchange.
In the outside market call funds were freely available on Tuesday and Wednesday at 334%. The
news of Thursday of the lowering of the Bank of
England rediscount rate to 41/
2% was looked upon
as additional evidence of continued ease in money.
In some quarters this was considered to presage a
similar drop in the rediscount charge of the Federal Reserve Bank of New York, now 4%. Easier
money found its reflection in stock market activities.
Time funds continued to be quoted at 43
/
8% to 41/
2%,
with most transactions favoring the upper rate.
Brokers' loans by reporting member banks of the
Federal Reserve System in New York City showed
further expansion in Monday's statement. The increase of $22,377,000, however, was not as large as
had been looked for by some observers who have
been noting the continued upswing in stocks. The
figures nevertheless are higher than at any time for
13 months and are causing concern in some circles.
Gold movements for the week were very small, the
total comprising imports of only $147,000 and exports of $24,000.
Referring to money rates in detail, call loans ranged
during the week between 4 and 432%, which compares with a range of 43I1g4M% a week ago. The
renewal rate was 432% on Monday, but only 4% the
rest of the week, and no call loans were negotiated at
higher than 4% after Monday.
For fixed date maturities the market was still quiet.
Offerings, however, were freer, and the tone of the
market easy; although quotations continued to be
4/% for sixty and ninety days, and 49g@43/
2% for
four, five and six months' money, the same as last
week.
Mercantile paper rates have been advanced to
4@431% for four to six months' names of choice
character, as against 4%, while names not so well
known now require 4K@432%, comparing with
434% last week. The bulk of the business passing
was at 04%. New England mill paper and the
shorter choice names continue to pass at 4%. A
fairly good demand was noted, but trading was not
active because of the lack of available offerings of
prime names. Both local and out-of-town bankers
were in the market as buyers.
Banks' and bankers'acceptances were without new
feature. Trading was quiet in keeping with other
branches of the money market. The undertone was
steady and the aggregate turnover of moderate pro-
[Vor. 124.
portions. For call loans against bankers' acceptances, the posted rate of the American Acceptance
Council remains at 3%%. The Acceptance Council
makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 3%% bid and 332% asked for bills running
5
30 days; VA% bid and 34%
asked for 60 days and
90 days; 37
4% bid and 3%% asked for 120 days and
4% bid and 3 8% asked for 150 and 180 days. Open
market quotations follow:
SPOT DELIVERY.
90 Dais. . 60 Days.
3,i@3%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
Prime eligible bills
394 bid
394 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
mscouNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 22 1921,
Payer Maturing—
After 90 After 0
Days, but
but
Within 6 Within 9
Months. Months.
WitMn 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Secured
Ariel & by U. S. Bankers' Trade AriCta.* Agrieurl
Livestock Govern't Accep- Accepand
and
Paper. Oblige- tances. lances. Livestock Livestock
n.e.s.
Hons.
Paper. Paper.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. &e
Sterling exchange has experienced another quiet
and uneventful week. Fluctuations in quoted rates
were exceptionally narrow and the volume of business passing confined to mere day-to-day requirements, and of small proportions. In the early part
of the week celebration of Easter Monday as a
holiday at all important foreign centres effectually
put a stop to trade activities locally. Moreover, the
resumption of regular business on Tuesday failed to
bring about any appreciable increase in activity,
and the undertone was listless. In a word, large
operators are showing only a very limited interest
in sterling. Supporting orders were sufficient to
absorb the bills offering and the range of quotations
for the week was 4.85@4.853. for demand bills.
The action of the Bank of England on Thursday in
reducing its official bank rate from 5% to 432%
had only a minor effect on the sterling market.
Quotations were a shade easier, demand bills sagging
off to 4.85, the lowest level of the week, when it became evident that the New York Federal Reserve
Bank did not intend to follow the example of the Bank
of England. That greater change did not occur was
regarded as additional proof of the stability of British
currency conditions. It is evident that withdrawals of
foreign deposits in London are not looked for. It was
claimed that a large proportion of the American balances carried in London at present are in Government
securities, not in bills. That the Bank was thus
able to reduce its rate was made possible by the
heavy influx of gold, also special operations incidental to the elimination of the French debt to the
Bank of England. In the opinion of bankers, a period
Am. 23 1927.]
T H li CHRONICLE
2343
of easy money is likely to develop. It is worth noting the spot rate. The iteady commercial inquiry is
that the Federal Reserve Bank rate is still IA of 1% said to have done away with the spread. Other
branches of the important European markets were
under the new rate of the British Bank.
and featureless. Reichsmarks and schillings
dull
on
sterling
exchange
As to the day-to-day rates,
remain
at the nominal rates prevailing for so long a
still
unchanged;
and
inactive
was
Saturday last
demand bills ruled at 4.85 3-16 (one rate) and cable period. Greek drachmae were firm and continued
transfers at 4.85 11-16; trading was of a pre-holiday to rule at or near 1.33. In the minor Central
character. On Monday most of the large foreign European group very little activity was reported and
markets were closed on account of the Easter Monday rates remained at very close to the levels previously
celebrations and quotations remained at 4.85 3-16 prevailing. Rumanian lei, which have been strong
for demand and 4.85 11-16 for cable transfers. There and active in recent weeks, were quieter and ranged
was no increase in activity at the reopening on netween 0.60 and 0.62, then closed strong at 0.65.
Tuesday, and the rate for demand remained at Aside from the movement of lire, the only other
4.85 3-16 and for cable transfers at 4.85 11-16. incident of real interest was the renewal of activity
Wednesday's market was firmer and demand bills and excitement in Japanese yen, discussed further
moved up fractionally to 4.85 3-16@4.8534 and below.
The London check rate on Paris finished at 124.01,
cable transfers to 4.85 11-16@4.85%. Reduction
in the Bank of England rate from 5 to 432% was as against 124.00 last week. In New York sight bills
4,against 3.90%;
followed by easier conditions and demand sterling on the French centre closed at 3.903
against
3.91%, and com3.91%,
at
transfers
cable
at
cable
transfers
with
3-16
declined to 4.85@4.85
against
3.89% the
3.89%,
at
bills
sight
mercial
was
restill
market
Friday's
11-16.
@4.85
2
4.853/
actionary in tone with the rate for the day 4.85 1-16 preceding week. Closing rates on Antwerp francs
for demand and 4.85 9-16 for cable transfers. Clos- were 13.90 for checks and 13.91 for cable remiting quotations were 4.85 1-16 for demand and tances, the same as last week. Reichsmarks fin4.85 9-16 for cable transfers. Commercial sight bills ished at 23.69 for checks and 23.70 for cable
finished at 4.84 15-16; sixty days at 4.80 11-16; ninety transfers, against 23.693/2 and 23.703/2. Austrian
days at 4.78 13-16; documents for payment (sixty schillings were quoted at 141A, the same as predays) at 4.81 3-16, and seven-day grain bills at viously. Italian lire closed the week at 5.25 for
4.84 15-16. Cotton and grain for payment closed bankers' sight bills and 5.26 for cable transfers.
at 4.84 15-16. The gold movement at this centre Last week the close was 4.89 and 4.90. Exchange
3 (unchanged);
was inconsequential, but the Bank of England was on Czechoslovakia finished at 2.96%
very active in this respect, having bought £680,000 on Poland at 11.50 (unchanged), and on Finland
in gold bars and exported an aggregate of £52,000 at 2.521A (unchanged). Rumanian lei were quieter
in sovereigns to Spain and India. Gold imports at but closed firm at 0.65, against 0.61 a week earlier.
New York for the week ended April 20 were $147,000,
In the Continental exchanges known as the neutwhile the exports were $24,000, the latter all to Gerduring the war there was very little doing. This
rals
Canada.
from
many. There was no movement to or
division of the market was apparently neglected.
In the Continental exchanges the outstanding Guilders are still selling at a fraction either above
feature of a dull week was the spectacular up and or below 40.00. Swiss francs ruled close to 19.23.
down movements in Italian lire. Following a brief As to the Scandinavian currencies, practically no
period of dulness, because of religious holiday ob- change occurred in Dpnish or Swedish crowns.
servance, lire suddenly developed intense activity, Norwegian crowns were a trifle more in demand
and the quotation after opening at 4.92, rose to and advanced from 25.82 (the opening) to 25.95.
4.97
slumped back to 4.913/2, then shot up to Spanish pesetas were less active but well maintained,
5.16, another new high record on the current up- ruling throughout at around 17.60 and 17.65, after
swing. With the resumption of business on Tues- opening at 17.54, but closing easier at 17.49.
Bankers' sight on Amsterdam closed at 39.99,
day a broad general demand, mainly on the part of
Italian private interests abroad, sent prices up against 39.983'; cable transfers at 40.00, against
sharply. Subsequently Italian Government agencies 39.993', and commercial sight bills at 39.98, against
apparently commenced to sell lire, which quickly 39.973' a week ago. Final quotations on Swiss
caused a setback. It is noteworthy, however, that francs were 19.22 for bankers' sight bills and 19.23
as soon as this selling ceased prices again began to for cable remittances, which compares with 19.23
rise, and on Friday there was an advance to 5.28. and 19.24 last week. Copenhagen checks finished
Action of the Italian National Institute of Exchange at 26.663/2 and cable transfers at 26.673', against
was interpreted as indication of the Government's 26.66 and 26.67. Swedish checks closed at 26.79
disapproval of a too rapid and drastic rise. Lire and cable transfers at 26.80, against 26.78 and
quotations moved over a very wide range and it 26.79 the week previous, while Norwegian exwas estimated by some bankers that in the neigh- change finished at 25.80 and 25.81, against 25.83
borhood of 25,000,000 lire changed hands on some and 25.84. Spanish pesetas finished the week at
days.
17.49 for checks and at 17.50 for cable transfers.
move
within a narrow This compares with 17.66 and 17.67 a week ago.
French francs continue to
steady
and quotations
though
the
was
range,
tone
South American exchange was likewise neglected
4. Probably the most and very dull. But here also rates were well mainremained at around 3.903
important development of the week as concerns tained and Argentine paper pesos were not changed
francs was the fact that franc futures were quoted at from 42.30 for checks and 42.35 for cable transfers,
a premium for the first time in about four years. until the end of the week, when there was a drop to
The range was a sixteenth to an eighth of a point 42.26 for checks and to 42.31 for cable transfers,
above the spot rate. Not so many weeks ago franc which was the close. Brazilian milreis closed at
futures were ruling 2 or 3 points per month under 11.79 for checks and at 11.85 for cable transfers,
2344
THE CHRONICLE
[VOL. 124.
against 11.84 and 11.85 a week ago. Chilean exThe New York Clearing House banks, in their
change was easier, finishing at 12.03, against 12.04 operations with interior banking institutions, have
last week, while Peru closed at 3.63, the same as the gained $6,626,711 net in cash as a result of the
previous week.
currency movements for the week ended April 21.
The Far Eastern exchanges once again came into Their receipts from the interior have aggregated
the limelight by reason of the violent fluctuations $7,257,011, while the shipments have reached
$630,in Japanese yen. Opening rates were steady, but 300, as per the following table:
announcement that the Japanese privy council had CURRENCY
RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
rejected plans to extend aid to the Bank of Taiwan,
INSTITUTIONS.
together with the resignation of the Wekatsuki
Into
Out of
Gain or Loss
Week Ended April 21.
Banks.
Banks.
to Banks.
Cabinet, caused a break of 40 points, to 48.50, the
$7,257,011
$630,300 Gain 66,626,711
lowest level of the year. Rumors of delay in the re Banks' interior movement
tnrn to a gold standard for Japan also militated
As the Sub-Treasury was taken over by the Fedagainst improvement. It is claimed that the new eral Reserve Bank on Dec. 6 1920, it is no longer
Japanese Finance Minister will delay the return possible to show the effect of Government operato a gold basis for another year. Later in the week tions on the Clearing House institutions. The Fedrenewed Nig-11,km ss set in as a result of an avalanche eral Reserve Bank of New York was creditor at the
of selling that followed suspension of another Japan- Clearing House each day as follows:
ese bank, and the yen dropped to 463/2, with the close DAILY CREDIT BALANCES OF NEW YORK
FEDERAL RESERVE BANK
at 47.30, which compares with last week's close of
AT CLEARING HOUSE.
48.90@49.00. The fact that the Bank of Japan was Saturday, Monday, Tuesday, Wednesd'y, Thursday,1 Friday,
Aggregate
to come to the aid of the Taiwah bank, it was hoped, April 16. April 18. April 19. April 20. April 21. April 22. for Week.
5
$
$
would clarify matters shortly, while the declaration of 66,000,000 112,000 000 89.000,000 89.000.000 82,000,000
100,000 000 Cr. 538,000,000
a 21-day moratorium for Japan was also a steadying Note.-The foregoing heavy credits reflect the huge mass of cheeks which come
to the New York Reserve Bank from all parts of the country in the operation of
influence. Military developments in China, in- the
Federal Reserve System's par collection scheme. These large credit balances,
however,
reflect only a part of the Reserve Bank's operations with the Clearing
cluding the seizure of stores of silver metal, was House Institutions,
as only the items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
responsible for sharp up and down movements in the New York are not accounted for In arriving at them balances, as such checks do
not pass through the Clesing House but are deposited with the Federal Reserve
silver currencies. Hong Kong declined to 49%, then Bank
for collection for the account of the local Clearing House banks.
rallied and closed at 503/s@50 5-16, compared with
49%@50 a week ago; Shanghai finished at 62%@
The following table indicates the amount of bul624
7 , against 61 11-16@62; Manila at 49@,494
7 lion in the principal European banks:
(unchanged); Singapore at 56H@56/,
3 against 5631
April 21 1927.
April 22 1928.
@,56%; Bombay at 36/@3634 (unchanged), and Bank's ofGold.
Gold.
I Silver. I
Total.
Silver. I
Total.
Calcutta at 363'@363 (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
APRIL 16 1927 TO APRIL 22 1927, INCLUSIVE.
£
I
England.. _ 153,848.373
France a__ 147,300,268
Germany b 87,468,000
Spain
103,775,000
Italy
45,821,000
Netherrds 34,930,000
Nat'l Belg 18,083,000
Switzerl'd_ 18,390,000
Sweden_ _ _ 12,349,000,
10,712,000,
Denmark
Norway __ 8,180,000,
I
£
£
£
£
153,84.76053'
146,409,503
13,680,000 160,980,268 147,363,424 13,320,000 160,683,424
56,893,450
c994,600 88,462,600
994,600, 57,888,050
27,828,000 131,603,000 101,475,000 26,521,000 127,996,000
4,236,000, 50,057,000 35,697.000 3,413,000 39,110,000
2,253.000' 37,183,000 35,712,000 2,128,000 37,840,000
1,148,000 19,231,000 10,954.000 3,660,000 14,614.000
2,822,000 21,212,000 16,721,000 3,693,000 20,414,000
12,349,000 12,747.000
12,747,000
812,000 11,524,000 11,622,000
760,000 12,482,000
8,180,000 8,180,000
8,180,000
Total week 640,856,6411 53,773,600694,630,241 83,774,377 54,589.600638,363,977
Prey. week.640,113,662 54,000,600 694.114,262583,768,873 54,602,600638,371,473
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £74,572,866. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £5.069,400.
c As of Oct. 7 1924.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Unit.
April 16. April 18. April 19.April 20. April 21. April 22.
EUROPE$
$
Austria, ,chillIng -----14067
.14074
.14062
Belgium, belga
1390
.1390
.1390
Bulgaria, lev
.007235 .007230 .007275
Czechoslovakia, krone .029614 .029616 .029615
Denmark, krone
I 2667
.2667
.2667
England. pound starhog
4 8561 4.8583 4.8563
Finland, markka
025201 .025201 .025201
France. franc
0392
.0392
.0392
Germany. relchsmark. 2370
.2370
.2370
Greece. drachma
013313 .013340 .013315
Holland, guilder
.3999
.3999
.4000
Hungary. pingo
.1746
.1747
.1748
Italy. lira
0494
.0494
.0499
Norway, krone
2582
.2582
.2693
Poland. zloty
1146
.1140
.1146
Portugal. escudo
.0512
.0511
.0512
Rumania,leu
006063 .006088 .006066
Spain, peseta
1758
.1758
.1762
Sweden, krona
2679
.2678
.21378
Switzerland, franc__ .1923
.1924
.1924
Yugoslavia,
.017582 .017585 .017577
ASIAChinaChafe°, tadl
.6423
.6465
.6550
.6392
Hankow.tael
.6433
.6450
Shanghai.
.6164
. .6164
.6257
6519
Tientsin. tael
.6535
.6596
.4957
.5000
Hong Kong, dollar_ .4950
.4531
.4584
Mexican dollar_ _ .4534
Tientsin or Peiyang,
.4375
.4463
.4375
dollar
.4346
.4429
. .4346
Yuan, dollar_
.3610
.3611
.3611
India. rupee
.4845
.4853
.4889
Japan, yea
.5606
.5596
Slngapore(S.S.),dollar .5596
NORTH AMER.1.000873 1.000873 1.000928
Canada. dollar
1 000500 1.000375 1.000375
Cuba. peso
I .469333 .468667 .468500
Mexico, peso
Newfoundland. dollar! .998750 .998250 .998075
SOUTH AMER..9618
.9618
Argentina, peso (gold) .9615
.1182
.1181
1181
Brazil. milrels
.1203
.1203
.1208
Chile. peso
1.0227
1.0225
1.0226
Uru.ot ay. peso
$
.14060
.1390
.007230
.029615
.2667
4.8565
.025209
.0392
.2370
.013269
.4000
.1748
.0504
.2593
.1134
.0510
.006118
.1760
.2679
.1924
.017582
$
.14060
.1390
.007245
.029617
.2667
$
.14063
.1390
.007250
.029613
.2667
4.8565
4.8554
.025210 .025210
.0392
.0392
.2370
.2370
.013290 .013305
.4001
.4000
.1748
.1747
.0515
.0521
.2593
.2584
.1144
.1140
.0512
.0511
.006304 .006354
.1757
.1749
.2679
.2678
.1924
.1923
.017582 .017578
.6492
.6421
.6207
.6546
.4966
.4563
.6533
.6417
.6236
.6575
.4991
.4588
.6525
.6429
.6229
.6575
.4982
.4556
.4413
.4383
.3614
.4852
.5596
.4438
.4408
.3612
.4778
.5596
.4408
.4383
.3611
.4729
.5596
1.000997 1.001011 1.001131
1.000344 1.000344 1.000406
.467900 .468167 .467833
.998750 .998500 .998672
.9619
.1181
.1203
1.0220
.9620
.1179
.1203
1.0217
.9615
.1179
.1203
1.0232
Principles of American Foreign Policy-The
Disarmament Question and China.
In an address on April 13 before the Preparatory
Disarmament Commission of the League of Nations,
the American Minister to Switzerland, Hugh S. Gibson, had some weighty things to say about the attitude of the Administration toward disarmament and
the League. The United States, Mr. Gibson declared, was not only as anxious as ever to see armaments reduced, but it was also prepared,, although
not a member of the League, to become a party to a
suitable treaty aiming to bring disarmament about.
It could not, however, accept League supervision of
the execution of the terms of such a treaty, or "subscribe to international agreements based on supervision or control." The •reason for this important
reservation, Mr. Gibson went on to explain, did
not lie solely in the fact that the United States is
not a'member of the League. "We are opposed" to
such international agreements, "primarily because
we believe them unsound and unworkable. We cannot divest ourselves of the idea that the only practical way to disarm is actually to disarm, and that
the most effective sort of treaty is one which specifies the disarmament provisions upon which Govern-
APR. 23 1927.]
THE CHRONICLE
ments are able to agree, and leaves to their good
faith the enforcement of these provisions."
In substance, of course, the American Minister
was not asserting anything new. However disappointing it may be to the propagandists who still
labor to bring the United States into the League,
the United States remains as firmly opposed as ever
to membership in that organization, and goes steadily on its way declining to admit any authority in
the League to interfere in American policy or affairs. On these points the position of the United
States has been repeatedly made clear, and Mr. Gibson could do no more than reaffirm it in the particular circumstances under which he spoke. It is a
great mistake to assume, however, as many have
done, that the American position in these matters is
in some way peculiar or unique. Substantially similar declarations against outside interference or supervision in the matter of armaments have been
made at various times by Great Britain, France and
Italy, and for reasons identical, in the main, with
those which Mr. Gibson presented. While each of
these Powers, with what we must assume to,have
been entire good faith, has expressed its willingroN3
to join in some form of international disarmament
agreement, none has been disposed to relinquish to
the League a right of supervising national conduct
in what is, to a very large extent, a matter of immediate national defense. They are willing to sign a
treaty, but they prefer that the guaranty of observance shall be, as it ought to be, their own individual
good faith and sense of international responsibMtv.
On the other hand, the remarks of Mr. Gibson regarding the primary weakness of such a disarmament agreement as the League apparently desires are
a pointed reminder of one of the fundamental objections to the League which time has developed.
The basic idea of the League, instead of being that
of an international council in which the common
interests of the nations should be discussed and
common understandings reached, has Lome to be,
rather, that of conjoint outsid 3 interference in national affairs. There would, indeed, no longer be
any compelling need for the League if such were not
the case In place of the conception of treaties as
resting upon the good faith of the signattry parties,
there has been gradually substituted the conception
of an Inlernational body clothed w Hi authority to
see to it that treaty stipulations are observed. The
same idea of enforceable guarantees has appeared,
with the approval of the League, in such regional
agreements as the Locarno pacts. It would be folly
to expect that the United States should ever subject
itself to an outside supervision which the dominating members of the League themselves, on the vital
issue of disarmament, have shown no disposition to
recognize. Were the United States a member of the
League, it would assuredly take the same position
at this point that members of the League have taken,
and the fact that it is not a member merely emphasizes, but does not determine, its attitude. As Mr.
Gibson very well said, America's policy is not determined by its lack of membership in the League,
but by its conviction that the principle of such a
disarmament agreement as the League apparently
hopes to frame is fundamentally unsound. If the
United States signs a disarmament treaty, it will do
so only under conditions which will not allow its
good faith to be questioned.
2345
The same policy of independent action appears in
the repeated statements, given out informally at the
White House, regarding American conduct in China.
In the face of widespread propaganda and, it is to
be suspected, of indirect pressure from American
and foreign political quarters, Mr. Coolidge has refused to commit the United States to the support of
any program of joint action by the Powers in China,
or to allow the American forces in that country to be
merged in a joint military or naval command. Theoretically at least, and as far as possible practically,
he has continued to treat the Chinese disorders as a
domestic quarrel rather than a war, and has confined American activities to the protection of American citizens and their property. He is still, apparently, ready to negotiate regarding extraterritorial
rights and other disputed matters with any Government that can be shown really to represent the Chinese people, that is able to make its authority respected, and willing to observe the terms of any
agreement or treaty to which its representatives set
their hands.
Whether, in the turbulent conditions which obtain
in China, the Administration will be able to adhere
as strictly to these unofficial declarations as it undoubtedly will to those regarding disarmament, is
not yet wholly clear. There can be little doubt that
American public opinion, long since converted to the
policy of the "open door" which John Hay so ably
expounded, is opposed to aggressive action in China
if such action can possibly be avoided, and Mr. Coolidge seems to have recognized the force of this sentiment in the unofficial statements which he has
made. The latest news dispatches from China, on
the other hand, indicate that the Nationalist movement, instead of cementing its hold upon the country, as for a time it seemed likely to do, has begun
to disintegrate, and that a relapse into a condition in
which factional fighting and plundering, under the
leadership of war lords who come and go in kaleidoscopic succession, may be imminent. The fact that
the masses of the Chinese people have not yet been
roused to active interest in the Nationalist move
ment, and that the powerful and astute merchant
class inclines to hold aloof, save as military or political pressure forces a temporary exhibition of
partisanship, suggests that the "new China" upon
which many well-wishers have pinned their hopes
may be more of a dream than a reality, and that
some form of intervention may be necessary in order
to prevent the country from falling into chaos.
It is fortunate that Mr. Coolidge, whose personal
direction of foreign affairs has become increasingly
evident in the past few weeks, does not lack either
courage or practical wisdom in dealing with complicated issues. It is perhaps true that the President, with a Presidential campaign already under
way, has deemed it expedient to reiterate certain
statements of policy in foreign relations in order
that his position may not be misunderstood, but
there is no reason to believe that he will not adhere
to what he has said to the fullest extent that events
shall permit, or that the policies which he has enunciated will be changed save under the invincible
pressure of circumstances. Mr. Gibson, speaking
officially for the Administration, has given notice
that the United States is not to be inveigled into
signing a disarmament treaty at the sacrifice of
either the form or the substance of complete Ameri.
2346
THE CHRONICLE
can control over American affairs. Mr. Coolidge,
speaking through the White House "spokesman,"
has announced his purpose to hold the United States
to an independent course in China as long as such a
course is practicable. If there is to be intervention,
accordingly, it will be, as far as the United States is
concerned, an intervention made necessary by conditions so chaotic as to leave no other course open.
If what has thus been proclaimed as the Administration's policy shall seem to some only another illustration of American "isolation" or "aloofness," those
who use the terms may be left to find such comfort
in them as they may. To most thoughtful Americans, we think, the positions that have been assumed
will appear entirely in harmony with our national
traditions, and not less friendly or sympathetic because they are at the sametime both rational and firm.
The High Cost of Distribution.
There was a time when there was much concern
over the possible elimination of the middleman. It
was the day when politics shouted maledictions
upon monopolies. Department and chain stores
were likened to the octopus, stretching their arms
into every community and destroying the trade of
small merchants. Somehow, this political onslaught
failed, these stores grew in number, operated over
ever widening territory, became fixtures in trade,
and were patronized by the people. Direct and by
mail, their peculiar service enabled them to sell, in
part, at reduced rates and customers were not loath
to patronize them. Yet they did not destroy the
small merchants, and there are probably as many of
these as there ever were. But department and chain
stores have revolutionized the methods of merchandising. They offer a greater variety of products
than is possible to the old-time stores; they buy in
large quantities and are enabled to lower prices
through scientific distribution.
A few of the old-time stores in small towns and
cities have become miniature department stores,
while the old single-line store has often grown
smaller, catering to a more restricted trade. This
innovation, or evolution, so long denounced by partisan politics, has not had the effect of becoming
anathema to purchasers. Personal politics and private economics do not mix. It is natural to buy
where goods are cheapest. And the high cost of
living has compelled a more insistent study of household expenses. As one consequence the "small merchant," so much in danger as a middleman, has been
compelled to study the buying as well as the selling
side of his business and has become a much more
intelligent factor in affairs.
But many of our speculative economists have
come to the conclusion that it still costs too much
to convey goods from producer to consumer. Statistics, more or less reliable, more or less pertinent,
are offered to prove the case. So many influences
obtain, however, that statistics are of doubtful value.
Many of the new customs in retail trade are contradictory. For example, the "cash and carry" system
has grown, while, as everyone knows, the installment
plan has bitten deep into the ordinary retail trade.
Selling from producer to consumer both for cash
and credit is more prevalent than ever before. Without offering statistics, observation induces one to
believe there are too many small merchants. For example, haberdasheries are thick in every city, paying
[VoL. 124.
high rents and selling "gents' furnishings" at prices
which, save for "runs," are not low, compared to the
same lines in department stores. Quality, of course,
is a factor to be taken into account, and the average
man is not a judge of quality. And while there may
seem to be too many middlemen in this line it would
be rash to lay stress upon this belief. Drugs, dry
goods, groceries, hardware, have all felt the effect
of insidious changes and have themselves changed
in character, adding lines that often bear no close
relation to their respective businesses. So that the
only'way to look upon this question is in a large way
and for the most part regardless of statistics and of
appearances. One general fact appears—the towns
are no longer the necessary centres of supply they
once were.
•
None of our theoretical economists offers a solution to this problem, if indeed it is one. If we take
the two classes, farmers and merchants, and say, as
we commonly do, there are too few of the former and
too many of the latter, who or what is going to
change the condition? There is no legerdemain that
will change a merchant into a farmer. Often the
farmd tries to be a merchant and almost always
fails. It is said that the wages of manufacture are
depleting the farms of labor. But this is only an
isolated fact. Perhaps there are too many men who
would rather "keep store" than plow fields or raise
stock, but no form of education will make men choose
occupations where they are most needed. It takes
time to work these changes. And while we are talking about them and delving into statistics the
changes go on. The buyer in all matters of cost and
price holds the whiphand. And if he follows his
natural propensity to save he will bring down the
cost of distribution, he will eliminate the superfluous middleman, though he does so unconsciously.
We must admit that no occupation owes any man a
living, regardless of the costs of service to the
masses. Perhaps one reason for the seeming surplus
of middlemen is the present tendency to spend rather
than save. And it is true that many of our "stores"
would be eliminated by more thrift on the part of
buyers.
Take any city and study the small shops and ask
yourself whether they do fulfill a service that is indispensable? Patrons must pay the cost of their
maintenance. If they serve a neighborhood in a way
impossible to large competitors they will stick, otherwise they will be superseded. Their overhead, in
proportion to the volume of business done, is excessive. And yet it is possible to point out advantages
to their section of the city that is worth while. And
so we are forced to the consideration of men as well
as trade. The hole-in-the-wall merchant is probably
an excrescence; is about the least capable of men
engaged in selling goods. We are told that in certain
lines he is financed by commission men, and is in
reality a mere employee, incapable of initiative and
enterprise in himself. He must charge more on his
sales than better equipped merchants. Yet hand-tomouth buying sustains him, and he will not be eliminated save by the education of buyers to look out
for their own costs of living. No patent system can
be offered as a cure. The people themselves by their
own economies must regulate prices!
We are too much given to these statistical analyses. If it be said that other reasoning is cloudy and
diffuse, the obvious answer is that conditions are
APR. 23 1927.]
THE CHRONICLE
in just this state. Both reasons and reasoners are
in a process of change. There is no fixed point from
which to view the turmoil. Supply and demand control price. Supply, is nearest to necessities. Our
actual needs are few and simple. The distance between production and consumption is, by comparison, short. Middlemen are few in numbers. Demand runs on from needs to wants. It enlarges the
scope of industry. It leads to luxuries. It enhances
price. The distance from producer to consumer is
lengthened. Many more intermediaries, middlemen,
are brought into existence. The lifting of price offers greater opportunity for profits upon which the
many may subsist. We live in an age of tremendous
demand. And thus in economics we are the architects of our own fortunes. We could dispense with
a considerable fraction of our middlemen if we were
content to live more simply, more frugally. In our
large cities thousands upon thousands simply exchange their labors, their wages, and in the end produce nothing. If we were willing to wait upon ourselves we could dispense with the supernumeraries.
Statistics do not work cures. If prices and the
cost of living are too high we can ourselves reduce
them by changing our modes of life. This is not a
suggested remedy, it is merely a fact. For who or
what will make us change our ways? Another element—we patronize without regard to vested interests. Nor are we likely to change in this. As the
trifling phrase goes, "we want what we want when
we want it." The fly-by-night enterprise gets our
patronage often before the old and established. Take
the bus lines and the trolleys, who stops a moment to
think of the railways? Again, we are avid for what
we call "progress." The new thing attracts us,
though it is ahead of its time. We ride in coaches
when we might better walk. Some of us are "crazy
about" commercial aviation—and before our automobiles are paid for. We borrow long before we
know how we are going to pay. Go to the roof garden of a hotel and count the garages,filling stations,
second-hand machine yards, and the parked cars in
sight Millions live upon these phases of an industry
that whether salutary or not adds enormously to
the cost of living. As demand enlarges the field of
luxuries, the middlemen, the intermediaries, increase. We pay always for extra service.
As long as the consumers stand in line waiting to
be served there will be distributers to hand out the
2347
objects of desire. We read constantly long disquisitions on "scientific salesmanship." Writers tell
us that the way to make a business go is to persuade
men to buy. Yet need requires no urging. There
is much truth in these articles. But how many poor
souls on street corners are gaining a few pennies by
the sale of chewing gum? In the aggregate this industry has created millionaires. There are electric
signs with twinkling lights announcing its virtues
in every city. Literally millions of dollars are spent
in advertising it annually. Now, chewing gum is
not a necessity. In any proper meaning of the word
it is not a luxury. It is a fad, a habit, an unnecessary cost of living. The people pay for it out of
wages, earnings, deprivations in more useful things.
Those who make their living, or partly do, out of
selling it, add nothing to the real welfare of man. In
the same way millions go into cosmetics. We read
the statistics. By comparison we are told that more
money goes into this industry than we spend, say,
on special appropriations for army or navy needs.
Cosmetics and chewing gum are leeches fastened
upon savings. What will reduce the cost is to stop
painting lips and chewing gum.
Then we turn our statistical batteries on agriculture and show how little the farmer gets for his
wheat. But it is of record that farmers no longer
bake their bread as they did of old, when living was
cheap and life less complex. In cities and towns the
custom grows to eat away from home. The restaurateur puts about a cent's worth of bread in an electric toaster and charges ten cents for it. In like
manner we harry the railroads about the cost of
transportation per ton per mile. Yet we live as
merchants upon hand-to-mouth orders. The Standard Oil gets rich by building pipe lines. What will
eliminate costs in distribution and middlemen getting a living out of unnecessary service is orderly,
systematic, frugal and simple ways of life. It is
useless to marshal statistics to prove this or that.
As long as people are willing to pay for services they
do not need and would be better without the middleman will be on hand to add to the cost of living.
Buying foods in packages instead of by bulk may be
a good thing, but containers cost money and add to
the cost of living. Meantime, in the absence of remedy or cure, we must remember that constant
changes in methods of living are themselves
costly.
The New Capital Flotations During the Month of March
and for the Three Months to March 31.
The new capital issues brought out in this country during
March were on a greatly diminished scale as compared with
the month immediately preceding, notwithstanding this
preceding month was February and hence a short month.
As a matter of fact, however, the new financing done in
February was of prodigious proportions, that month having achieved the distinction, as pointed out by us at the
time, of having to its credit the largest total of new financing ever recoided in any month in the country's history.
The grand aggregate of the new flotations for that month
reached no less than $938,363,993, and it followed a total of
$877,075,418 of new issues disposed of in January. Compared with these two months of exceptional size, the present
March total looks small, and yet is itself of large magnitude, closely approaching $700,000,000. Our tabulations,
•as always, include the stock, bond and note issues by corporations and by States and municipalities, foreign and domestic, and also Farm Loan emissions. The grand total of
the offerings of ngw securities under thesc various heads
for March amounts to $672,026,121. This compares, as already stated, with $938,363,993 in February and with $877.075,418 in January, and it compares with $621,761,765 in
December, with $697,961,617 in November, with $579,018,819 in October, with $541,128,633 in September, but with
only $351,822,154 in August, a dull summer month, and with
$581,471,484 in July, with $727,146,502 in Jung, with $664,938,357 in May and with $638,372,147 in April.
From all this it is evident that notwithstanding the March
financing fell substantially below that for the two months
immediately preceding, it was fully up to the average of
other recent months. The total is a ually some $20.000,000 larger than that for March 1926, when $652.778.436 of
new securities were marketed, as against $672.026.121 for
March the present year. As is nearly always the ease, the
corporate issues domestic and fJPe'gn, constituted the vast
preponderating proportion of the whole, the amount under
2348
this head being $494,373,255 for March 1927 and $480,399,657
for March 1926. The municipal awards were lighter than
those of the same month of the previous year, being $87,656,684 for March 1927, against $116,378,779 for March
1926, but on the other hand the offerings of foreign Government issues (as distinguished from foreign corporate and
bank issues) amounted to $84,140,000 the present year
against only $21,500,000 in March last year.
For the three months ending on March 31 the new financing the present year has been on an unprecedented scale,
the grand total of the new flotations having reached over
two and one-quarter billion dollars, or at the rate of ten
billion dollars a year. How much in excess of previous
years this is, appears from the fact that at $2,512,713,181
for the March quarter of 1927 comparison is with $1,992,943,348 for the corresponding quarter in 1926; with $1,868,591,967 in 1925; with $1,456,512,168 in 1924; with $1,655,438,991
In 1923; with $1,352,211,202 in 1922; with $943,774,572 in
1921; with $1,137,998,800 in 1920, and with $714,820,415 in 1919. The growth has been particularly
in the corporate flotations, foreign and domestic,
which amounted to $1,890,056,870 for the three months of
1927, against $1,509,137,316 for the three months of 1926,
$1,364,756,460 for 1925 and 8836,400,069 for 1924.
• In the new corporate issues during March, industrial
offerings led in volume with a total of $216,444,955, but, as
In the case of all the corporate subdivisions, fell below the
amount for the preceding month, which reached $279,002,100.
Public utility issues aggregated only $188,212,300 in March.
or but slightly over half the February total of $374,774,615,
while railroad offerings foot up no more than $89,716,000,
as against $131,872,000 the previous month.
Total corporate offerings in March were, as already
stated, $494,373,255, and of this amount long-term issues
accounted for no less than $355,246,500, short-term issues
comprised only $24,620,000, while stock issues totaled $114,506,755. The portion used for refunding purposes was
again relatively large, being $101,947,000, or slightly over
20% of the total. In February the amount used for refunding was no less than $245,061,060, or over 31% of the total,
comprising the second largest monthly refunding total on
record. In January $102,531,800, or nearly 17% of the total,
was for refunding. In March last year only $37,168,000, or
not quite 8%, was for refunding. The more prominent
issues brought out in March of this year for refunding purposes were: $45,000,000 Georgia Power Co. 1st & ref. 5s,
1967, of which $25,000,000 was to refund outstanding issues;
$30,000,000 Chicago Burlington & Quincy RR. 1st & ref.
4%s "B," 1977, of which $18,294,000 was for refunding and
$19,800,000 Public Service Electric & Gas Co. 1st & ref. 5s,
1965, of which $14,000,000 was for refunding purposes.
The total of $101,947,000 used for refunding in March of
this year comprised $86,281,000 new long-term to refund
existing long-term; $4,547,000 new long-term to refund existing short-term; $500,000 new long-term to replace existing stock; $2,116,000 new short-term to refund existing
short-term and $8,503,000 new stock to replace existing
stock.
Foreign corporate issues sold in this country during March
amounted to $31,150,000 and comprised the following: Canadian: $3,000,000 International Power Co., Ltd., deb. 6%s,
1957, offered at par; $2,500,000 Canadian Department
Stores, Ltd. (Toronto, Ont.) 1st (c) mtge. 6%s, 1947, sold
at 99%, yielding 6.55%; $2,000,000 Abitibi Power & Paper
Co., Ltd., 4-year 6s, 1931, issued at par, and $650,000 (Joseph
F.) Langer (Orpheum Theatre), Vancouver, B. C., 1st mtge.
6%s, 1929-41, brought out at prices yielding from 5.95% to
6.38%. Other foreign issues floated in this country were:
$12,000,000 Italian Credit Consortium for Public Works external loan sec. 7s, consisting of $4,500,000 series "A," due
1937, offered at 961
/
4, to yield 7.50%, and $7,500,000 series
"B," 1947, offered at 95%, to yield 7.40%; $7,000,000 Bank
of East Prussian Landowners Association 3-year agricultural mtge. coll. 6% notes, due April 1 1930, sold at 995/, to
yield 6.25%; $3,000,000 Mortgage Bank of Colombia 7s,
1947, sold at 97%, yielding 7.23%, and $1,000,000 HungarianItalian Bank 5-year sec. 7%s, 1932, issued at 100%, yielding 7.35%.
The largest of the domestic corporate offerings was that
of $50,000,000 Pacific Telephone & Telegraph Co. common
stock at par ($1OO); other important public utility issues
were: $45,000,000 Georgia Power Co. 1st & ref. mtge. 5s,
1967, offered at 97, yielding 5.18%; $19,800,000 Public Ser-
[Vou 124.
UTE CHRONICLE
vice Electric & Gas Co. 1st & ref. mtge. 5s, 1965, sold at 99,
yielding 5.06%; $15,000,000 Commonwealth Edison Co. 1st
mtge. coll. 4%s, "D," 1957, issued at 96, to yield 4.75% and
$7,500,000 Federated Utilities, Inc. (Chicago) 1st lien coll.
5Y2s, 1957, offered at 94%, yielding 5.87%.
Industrial issues worthy of special mention were: $15,000,000 Skelly Oil Co. deb. 5%s, 1939, sold at 98%, yielding
5.67%; $11,000,000 American Chain Co. 7% cum. pref. stock,
brought out at par ($100); $10,500,000 Loew's Theatre &
Realty Corp. 1st lien 6s, 1947, issued at par; $10,000,000
Hearst Magazines, Inc., deb. 6s, 1929-38, sold at prices yielding 6.00% to 6.25%; 123,227 shares of no par value capital
stock of Stanley Co. of America, offered at $65 per share,
involving $8,009,755 and $6,500,000 Independent Oil & Gas
Co. cony. deb. 6s, 1939, issued at 99, yielding 6.12%.
Railroad issues of considerable size comprised the following: $30,000,000 Chicago Burlington & Quincy RR. 1st &
ref. mtge. 4%s, "B," 1977, offered at 97, yielding 4.65%;
$22,000,000 The Pennsylvania Ohio & Detroit RR. Co. 1st &
ref. mtge. 41/45, "A," 1977, sold at 95, yielding 4.76%; $16,000,000 Texas & Pacific By. gen. & ref. mtge. 5s, "B," 1977.
brought out at 99%, yielding 5.03%, and $9,750,000 Baltimore & Ohio RR. equip. trust 4%s, "E," 1930-42, sold on a
4.60% basis.
Six separate foreign Government loans were brought out
in this country during March. They aggregated $84,140,000
and comprised the following: $30,000,000 City of Rome
(Italy) 6Y2s, 1952, offered at 91, yielding 7.25%; $20,640,000 City of Tokio (Japan) 51Y2s, 1961, offered at 89%, yielding 6.25%; $15,000,000 Republic of Peru 7s, 1959, sold at
96%,, yielding 7.48%;.$7,500,000 City of Brisbane (Australia) 5s, 1957, issued at 96, yielding 5.26%; $6,000,000 State
of Pernambuco (Brazil) 7s, 1947, sold at 97%, yielding
7.20% and $5,000,000 Republic of Colombia external notes,
due Aug. 1 1927, sold on a 5% discount basis.
There were five small offerings of farm loan bonds during
March for a total of only $3,750,000. The yields on these
issues ranged from 4.25% to 4.59%.
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for March and for the three months
ending with March. It should be noted that in the case of
the corporate offerings we subdivide the figures so as to
show the long-term and the short-term issues separately,
and we also separate common stock from preferred stock.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1927.
New Capital.
Refunding.
MONTH OF MARCHCorporateDomestic-Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canatlian-Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other For'n-Long term bonds& notes
Short term
Preferred stocks
Common stocks
$
$
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
THREE MONTHS END.MAR.31CorporateDomestic-Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian-Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other For'n-Long term bonds & notes
Short term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
242,768,500
12,504,000
20,962,700
85,041,055
6,150,000
2,000,000
91,328,000
2,116,000
8,503,000
15,000,000
8,000,000
Total.
8
334,096,500
14,620.000
29,465,700
85,041,055
6,150,000
2,000,000
15,000,000
8,000,000
392,426,255
84,140,000
3,750,000
101,947.000
494,373,255
84,140,000
3,750,000
86,722,684
2,106,182
934,000
87,656.684
2,106.182
569.145,121
102,881,000
672,026,121
833,505.940
36,075,000
247,219,525
210,954,045
10,375,000
2,000,000
399,389,560 1,232,895,500
8,616,000
44,691,000
21,351,000 268,570,525
20,183,300 231,137,345
10,375,000
2,000,000
91,100,000
8,000.000
91,100,000
8,000,000
1,287,500
1,287,500
1,440,517,010
184,192,800
32,450.000
449,539,860 1,890.056.870
27,000,000 211,192,800
32,450,000
327,533,011
16,750,000
1,385,000
2.002.827.821
6,545,500
26,800,000
334,078,511
43,550,000
1,385,000
509.8115.3511 2.512.713.181
In the elaborate and comprehensive table on the succeeding pages, we compare the foregoing figures for 1927 with
the corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
OF CORPORATE FOREIGN GOVERNMENT FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MARCH FOR FIVE YEARS.
1927.
1926.
1925.
1924.
1923.
Total.
Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
$
$
$
3
3
3
3
$
91,328.000 334,096.50C
34,868,000 253,059.000
218,191.000
148.212.200
70,251,000 218,463.200 165.733,800
9.179.000 174,912.800
180.057.700
24,162.300
2,116.000
14,620.00C
24,150.000
1,000,000
25,150,000
14.465.000
14.465.000
32,490.000
32.490.000
2,082.200
142.800
8,503,000
29,465.70C
103,909.600
1,300,000 105.209.600
65,832.000
65.832,000
4,762,500
i:obb-.666
6,762,500
25.733.127
25,317.573
85.041.055
69,881,057
69.881.057
14.445,900
14,445.900
49,917.857
350,000
50,267.857
12,750,04.1
735.000
6,150.001
3,500,000
7.800.000
3.500.000
7.800,000
2.415,000
2,000.001
4.000,000
4.000.000
15.000.004
8,000.000
17,400,000
17.400,000
31,600.000
2,200,000
480,399.657
21,500.000
29.500,000
282,355,100
25,000.000
11,500,000
31.600,000
1,680,000
70.251.000
3.000.000
3,000,000
352.606,100
28,000,000
14.500.000
254,584.157
494.373.255
84.140,000
3.750.000
2.200,000
443.231,657
18,500,000
29.300,000
934,000
87.656.684
2.106,182
114,923,879
5.000.000
1.454,900
116,378,779
5.000.000
108.510.044
2.557.612
111.067.656
99,779,108
681,000
102,881,000
672,026,121
610,955,536
41.822,900
652.778.436
427.365,144
78,808.612
506.173.756
357,244,265
101.947.000
37.168.000
3.000.000
200.000
11,529,000
2,200.000
1.356.294
1.680,000
19.900,000
266,113,157
242,938.068
2,200.000
23,500,000
101,135,402
681.000
67,453,002
3,000,000
116.000
337,007,070
Total.
204,220.000
2.225,000
51.050,700
13,485,041
2.415,000
19,900,000
50,357,673
293,295,741
2.122.260
52.479,933
69,575.262
3,000.000
116.000
389.487,003
1923.
Total.
New Capital. Refunding.
$
$
a
33,577.500
56,300.000
10,000,000
46,005.000
63,682,700
13,132,300
2,650.000
3,300,000
66,300,001
76,815,001
3,300.000
12,885,294 M70.129,559
Cg lnIV
SUMMARY
MONTH OF MARCH.
New Capital.
Corporate—
$
Domestic—
Long term bonds and notes_ 242.768,500
12.504,000
Short term
20.962.700
Preferred stocks
85,041.055
Common stocks
Canadian—
6.150.000
Long term bonds and notes_
2.000.000
Short term
Preferred stocks
Common stocks
Other Foreign—
Long term bonds and notes_
15.000.000
8,000.000
Short term
Preferred stocks
Common stocks
392.426,255
Total corporate
84.140,000
Foreign Government
3,750.000
Farm Loan Issues
War Finance Corporation
86,722.684
Municipal
2,106.182
Canadian
United States Possessions__
569.145.121
Grand Total
23.500.000
MONTH OF MARCH.
Long Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Dil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Short Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Dther industrial and manufacturing
NI
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Stocks—
Railroads
Public utilities
Iron. steel. coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Total—
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
DU
Land, buildings. &c
Rubber
Shit/Ping
Miscellaneous _
Total coroorate securities
New Capital.
$
55,551.000
73,670,500
1.617,000
3.200.000
1927.
Refunding.
$
34.165.000
48.910,000
1,733.000
Total.
$
89,716,000
122,580.500
3.350.000
3.200.000
15.425.000
24.500,000
47.490,000
3,750,000
2,000,000
19,175,000
26,500.000
47,490,000
New Capital.
$
31.930.000
85.820.000
16.186,000
430,000
5,000,000
12.750,000
16.215.000
48.770.000
1.710,000
40.755.000
263,918,500
770,000
91,328,000
1.710,000
41,525,000
355,246,500
2.400.000
19.590.000
239,091,000
6,000,000
1.450.000
6.000,000
1,500,000
5.000.000
3,500.000
6.000,000
4,050,000
450,000
4,500,000
4,454,000
1,666,000
6.120.000
2.116,000
8,000,000
24.620 000
200,000
24.150,000
59,631,800
34.611,700
300,000
2,125,000
10.000,000
23.085.832
78,000,000
5,135.000
1926.
Refunding.
$
11,050.000
7,035,000
1.600,000
Total.
$
31,930,000
100,064,000
17.125.000
430.000
. 5.000,000
23.800.000
23,250,000
50,370,000
34,868,000
2,400,000
19.590.000
273,959.000
14.244.000
939.000
6.500.000
8.000.000
22,504,000
59.631.800
12,250.700
5,000,000
4.900,000
375.000
23.846.255
106.003.755
8,503.000
8,503,000
20,753.700
5,000.000
4,900,000
375,000
23.846.255
114,506,755
55,551.000
139,302,300
1,617.000
3,200,000
34,165,000
48,910,000
1,733.000
89.716.000
188,212.300
3,350,000
3,200,000
31.725,700
29,500.000
56,844.000
375,000
1.710.000
72.601.255
392.426.255
12.703.000
2,000,000
1.666,000
44.428,700
31,500.000
58,510.000
375.000
1,710.000
73.371,255
494.373.255
770.000
101.947.000
26.733,125
179.990.657
31.930,000
121,881,700
22.486.000
2.555,000
16.500.000
40,835.832
97.715.000
53.905.000
6.500,000
2,400.000
46,523.125
443.231.657
1926.
Refunding.
1.190,000
50,492,000
1,396.000
27.232,000
2,900,000
49.344.200
5.705,000
-______
4.043,11110
5,350,000
187,612,200
6.725,000
70.251.000
1.300,000
1.300,000
___ _ _
15,544,111111
939.000
1924.
Refunding.
$
--.,..—
3.200.000
3.750,000
725.000
14.000
540.000
7,500.000
57.439,800
1,045.000
21,375,500
950.000
9,179.000
7.000.000
176,592,800
6.050,000
167.413,800
2.500.000
1,230,000
2.500.000
1.230,000
1.800.000
27,250.000
150.000
1,800,000
27,250,000
150.000
1,425,000
4.000.000
4.585.000
1.425,000
4,000,000
4.585,000
1.090.000
2.000.000
200,000
1.090.000
2,000.000
200,000
200,000
25.150,000
725,000
14,465.000
725,000
14.465.000
32.490,000
35.911.700
300.000
2,125.000
10,000,000
23,085.832
78,000.000
5,135,030
60.442.000
100.000
60,442.000
100,000
20,255,250
184,000
6,970,100
184,000
6,970,100
3.000.000
3,000.000
860,000
22.509,250
8.000,000
493.357
26,733,125
181.290,657
9,581.800
80,277.900
9.581,800
80,277,900
2,562,500
54,680.357
38,833.000
171,557,000
9.046.000
1.400.000
.84,000
41,332,100
6,900.000
60.972.200
35,377,500
90,310.250
2.800.000
I
6.725,000
22,381,800
70.251.000 352.606.100
1,500.000
6.000.000
3.500,000
6,500,000
1,000,000
Total.
New Capital.
$
$
36,333.000
33.577.500
109,885,000
42,805.000
8.946,000
2.650.000
1,400,000
3.750.000
32,937,000
56,714,800
2,900.000
1.031.000
53.387.200
20,835,500
12,075.000
257.863,200
1.450,000
6,000.000
1.000.000
New Capital.
$
34,443,000
59.393.000
7.550.000
1,400,000
31,930,000
137.425.700
23,425.000
2.555.000
16,500.000
12,050,000
52,885.832
7,035.000 104,750,000
1.600,000
55.505.000
6.500,000
2,400.000
46,523,125
37.168.000 480.399.657i
36,943.000
121.065.000
7,650.000
1.400.000
184.000
35.627,100
6,900,000
56,929.200
15,656.800
282.355.100
•
1,890.000
50.492,000
1.396.000
5.705,000
4.043-.000
4,500,000
35.090,000
250,000
400,000
12,480.000
1,335,000665,000
300,000 .
24,985,000
115.000
202.372,700
24,162,300
Total.
$
4.500.004
35,340,000
400,000
12,480,001
2,000,000
300.000
25,100.000
226,535,001
1,082,200
1.000,000
142.800
1,225.000
1,000,000
32,490.000
2,082.200
142,800
2,225,000
20,255.250
23.432.800
10,926,000
34,358,800
860,000
24,859.250
8.000.000
493,357
3,532,000
8.553.058
1.340,310
13,216,883
984,690
21.769.941
2.325,000
2,562,500
57,030,357
1,625,000
38,483.168
925,000
26,052,573
2,550,000
64,535,741
3.200.000
35,377,500
93,510,250
2,800.000
56,300,000
88.197,700
4.300,000
10,000.000
24,201,100
66,300.000
112.398.800
4.300.000
4.610.000
80,314,050
11.031.000
21.528,857
3,750.000
3,075,000
14.000
540,000
8,360,000
83,389,050
11.045,000
22.068.857
8,612,500
254.584.157
950,000
11.529.000
9.562,500
266.113.157
8,032,000
43,643,058
1,740.310
12.480.000
1,335,000
300,000
26,610.000
242.03R.06R
2.350.000
2,350,000
1,016:666
8.032,000
57.109,941
2,725,000
12,480,000
2,000,000
300.000
27.650,000
50.3117.673
24A 9(A 7,11
13,466.883
984,690
665,000
arlDINOITHO aiiI
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MARCH FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS ENDED MARCH Si FOR FIVE YEARS.
THREE MOS. ENDED MAR. 31.
1927.
1926.
1926.
1924.
New Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital.
DomesticLong term bonds and notes_ 833.505.940 399,389,560 1,23215,500
114,102,000
691183,500
653116,275
134.910,425
805.885,500
788126.700
491145.200
47.556,400
628,082.786
538,601.600
Short term
8,616.000
36.075,000
95,419,195
44,691.000
1,000.000
96,419,195
82,700,000
65.400,000 148,100,000
82.625,000
6.650.000
40,748,200
89.275.000
Preferred stocks
247,219.525
21.351,000 268,570,525
257,131,842
5,400,000 262.531,842
149,937.300
1,683.500 151.620,800
32.067,250
2,000.000
123.784,247
34,067.250
Common stocks
210.954,045
20,183,300 231,137,345
188,631,204
5,109,575 193,740.779
94,226,460
1,582.500
95,808.960 145,376,219
2,400,000 147.776.219
88,343.872
CanadianLong term bonds and notes_
10,375.000
10,375.000
10,000.000
12,750.000
30,000,000
10,050,000
22,750,000
40,050,000
1.000.000
1,000.000
16.296,600
Shortterm
2.000,000
2.000,000
18,000,000
18,000,000
8,000,000
8,000,000
Preferred stocks
4.000,000
2.600,000
4,000.000
2.600.000
Common stocks
382,000
608,000
990,000
2,600.000
2.600.000
Other ForeignLong term bonds and notes_
91,100,000
100,900,000
91.100.000
104,600.000
100,900.000
104.600.000
7.680,000
10,000.000
17,680,000
19,900,000
Short term
8,000,000
4,000,000
8,000,000
12.000.000
4,000,000
12,000.000
Preferred stocks
10,000.000
750,000
10,000,000
750,000
Common stocks
1,287 500
1.287.500
7.920,000
7,920 000
Total corporate
1.440,517.010 449.539,860 1.890,056.870 1,370.167,741 138,969.575 1,509.137.316 1.145.930,035 218,826.425 1,364,756,460 759,793.669
76.606,400 836,400.069 917,155.705
Foreign Government
27,000,000 211.192,800
184.192.800
38.199.000
12,073,000
28.000,000
70,500.000
50,272.000
98.500.000
88,490.000 130,000.000 218.490,000
69,000,000
Farm Loan Issues
32.450.000
38,550,000
32.450,000
200,000
57,825,000
38,750,000
3,000.000
60,825,000
75.900,000
75,900,000 131.500,000
War Finance Corporation
Municipal
327,533,011
6.545,500 334,078,511
329,034,285
318,650,922
4,001,747 333,036,032
8,051,585 326,702,507 292,695.129
2,864.408 295.559,537 240,371.734
Canadian
26,800,000
16,750,000
16.000.000
43,550,000
40.000.000
4,808,000
56.000.000
10,000.000
14,808,000
24,112.562
3,000,000
21.153,000
27,112.562
United States Possessions
1,385,000
5.748,000
1,385,000
3,000,000
5,748,000
3.000,000
3.050.000
3.050,000
321.000
Grand Total
2.002.827.821 509.885,360 2,512,713,181 1.797.699.026 195.244,322 1.992,943,348 1.600.713,957 267.878,010 1.868,591.967 1,244,041.300 212,470,808 1,456.512,168 1.379.501.439
1923.
Refunding.
172.769.714
16.366.800
02,604.839
3,051,760
Total.
800,852.500
57,115,000
186,389,086
91.395,632
16.296,600
19,900,000
254,793,113 1,171,948.818
6,000,000
75.000.000
131,500,000
6,202,760
8,941,679
246,574,494
30,094,679
321,000
275,937.552 1.655,438,991
CHARACTER AND GROUPING OF' NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
1927.
1926.
1926.
1924.
1923.
THREE MOS. ENDED MAR. 31. New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Long Term Bonds and Notes.
$
$
116.726,740 114.207,260 230.934,000
Railroads
81,588,000
15,023,000
32,070,000 148,970,000
116,900.000
96,611,000
129,797,300
500,000 130,297.300
139,656,500
23,903,000 163,559.500
Public utilities
289,526,700 228.386.300 517,913,000
297,076,000
56,534.000 353,610,000
62,822,000 426,094.500
363,272,500
198,080,500
29,624,500 227.705.000
177,704,300
60,820,300 238,524,600
Iron, steel, coal, copper, &c
5.517,000
4,983.000
51.611,000
10,500,000
10,589.000
22.100,000
62.200,000
1,396.000
23,496,000
23,965,000
1,320,000
25,285,000
159.783,139
46.566,861 206,350.000
Equipment manufacturers
4,470,000
430.000
4,470,000
1,400.000
430,000
1,400.000
6.000.000
6,000,000
Motors and accessories
50,000,000
55,000.000
50,000,000
1,150,000
55,000.000
350,000
1,500.000
4,185,000
8.315,000
12,500,000
1.-gW000 11,250,000
9,390,000
Other industrial and manufacturing 117.104,000
34.918,000 152,022,000
61,059,000
32,266,000
93,325.000
11,962,200
74,351,300
86.313,500
69,714,400
16,292,900
86,007.300
66.276,447
73.505,000
7.228.553
Oil
94.300.000
2.000,000
96.300,000
42,715,000
7.935,000
50.650,000
13,500,000
26,900.000
40.400,000
1.031.000
14,000
1.045,000
1,000.000
1,000.000
157,422,500
Land, buildings,&c
6.825,000 164.247.500
141.744,500
3.705.000 145,449,500
122,479,700
10,538,000 133.017.700
50,584.500
540,000
51,124,500
49.530.000
49,530,000
Rubber
1.100.000
1,100,000
30,000,000
30,000,000
1,335,000
2,000,000
665,000
Shipping
1,710,000
2,400,000
1,710,000
2,400,000
4,315,225
684.775
5,000,000
1,500.000
1,500,000
300.000
300,000
Miscellaneous
98,204,000
8.070,000 106,274.000
67.960.000
68.760,000
800.000
29,078,000
37.085.000
8,007,000
20,867.500
950.000
21,817,500
53,304,000
31,726,000
85,030,000
Total
934.980,940 399.389,560 1.334,370,500
802,683,500 126.852,000 929,535,500
788,316.275 144,960,425 933,276,700 499,725,200
57,556.400
664,279,386
557,281,600
172,769,714
837,049,100
Short Term Bonds and NotesRailroads
5.000,000
5,000.000
24,500.000
400,000
24.900,000
1,800,000
6.000,000
7.800,000
Public utilities
11.800.000
16,700.000
14,300.000
2,500,000
16,700.000
35,600.000
15.000,000
50,600.000
39,825.000
8,000,000
3,652,200
47.825,000
6,912,800
10,565,000
Iron, steel, coal, copper, &c
1.000.000
1,000,000
6,000,000
6,000.000
18,915,000
18.915.000
675.000
650.000
1,325,000
1,000,000
1,000,000
Equipment manufacturers
1.200.000
1,200,000
1,150,000
1.150.000
1,000.000
1,000.000
Motors and accessories
2.500.000
2.500,000
15,046,000
9,454,000
24.500,000
Other industrial and manufacturing
8,050.000
4.450,000
25.000.000
12,500.000
9.175.000
26,000,000
1.000,000
9,175,000
1,090,000
1,090,000
Oil
200.000
3,500.000
200.000
6,000,000
3.500,000
56,1:C00;665 56,000,000 35,500,000
35,500,000
20,750,010
20,750,000
Land, buildings, &c
12,475,000
1,666,000
3.375.000
14,141.000
3.375.000
8,635,000
8.635.000
735,000
735,000
Rubber
31,500,000
31,500,000
Shipping
5.000.000
5,000.000
Miscellaneous
11.350,000
11.350,000
5.844,195
5,844.195
3,725,000
3.725.000
2.000,000
2,000,000
300,000
300,000
Total
46,075,000
8.616,000
99.419,195
54.691.000
1.000,000 100.419.195
112.700.000
65,400,000 178,100,000
82,625.000
14,650.000
40.748,200
97.275.000
10,366.800
57,115,000
StocksRailroads
26,843.737
26,823,737
Public utilities
313,858.340
121,015.362
26.000.000 339.858,340
2,005,000 123.020.362
136,347.725
1,563,500 137,911,225
57,509,950
57,509,950
76.969,086
10,926,000
87,895,086
Iron, steel, coal, copper, Stc
150,000
36,675,000
150,000
36.675,000
5.640.000
5.640.000
840,000
840,000
1.066,760
8,004,060
9,070.820
Equipment manufacturers
5,628,500
5,628,500
Motors and accessories
25,000,000
26,351,900
25,000,000
26,351,900
1,709.000
1,709,000
1,96-,000
200,000
2,162,000
9,947,000
1,335,000
11,282,000
Other industrial and manufacturing
38,015,725
88,838,892
50,602,025
12,586,300
5,704.575
94.543,467
52,335,985
5.887,500
46,448.485
46,438.100
51.573,292
4,200.000
50.638,100
15,819,149
67,392,441
011
6,287,500
98,587,140
6.287.500
2,800,000 101,387,140
5.335,000
5,335.000
33,083,180
33,083,180
18,540,173
984,690
19,524,863
Land, buildings, &c
10.165.000
7,323,500
10,265,000
100,000
7,323,500
120,000
12.495,000
12,375.000
1,193,357
1,193,357
Rubber
2,375,000
1,064.537
2,375.000
1,064,537
750,000
750.000
1,600.000
1,600,000
Shipping
2.250.000
2,250.000
Miscellaneous
63.609,505
82,580,215
2.848,000
608,000
66,457,505
83,188.215
895.000
34,058,550
34.953.550
7,993,145
7.993,145
47,094,508
35.525,000
82,619,508
Total
41,534,300 500,995,370
459,461.070
468,065.046
11,117.575 479,182,621
8,466.000 253.379.760
244,913,760
177,443,469
4,400,000 181,843,469 212,128,119
65.656,599 277,784,718
Total116,726,740 114,207,260 230,934,000
Railroads
86,588.000
15,023,000 101,611.000
32.470,000 173,870,000
141,400,000
158,421,037
6,500,000 164,921,037
139.656.500
23,903.000 163,559.500
Public utilities
615.185.040 256,886,300 872,071,340
434.791.362
58,539.000 493,330.362
535.220,225
79.385,500 614,605.725 295,415,450
37.624,500 333,039,950 258,325,586
78.659.100 336,984,686
Iron, steel, coal. copper, &c
6.667.000
94.286.000
11.650,000
4.983,000
10.589,000 104,875.000
46,655,000
48.051,000
1,396.000
25.480.000
27,450,000 168,787.199
1,970.000
47,633.621 216,420,820
Equipment manufacturers
5.670.000
6.058,500
5,670,000
6,058.500
2,550.000
2,550,000
1,000.000
6.000,000
1,000,000
6.000,000
Motors and accessories
75.000.000
83,851,900
75.000.000
83.851.900
350.000
2.859.000
3.209.000
6,147,000
8,515,000
14,662.001
34,383.000
47.032,000
12,649,000
Other industrial and manufacturing 163.169.725
51,954,300 215,124,025
174,897,892
38.970,575 213.868,467
129.974.785
17.849.700 147,824,485
20,492,900 137,735,400 117.849,739
117,242,500
23,047.702 140,897,441
Oil
2,000,000 102.787.500
100.787,500
144.802,140
10.735.000 155,537,140
38.235.000
63,500.000 101,735.000
69,614,180
69,628,180
14,000
40,290,173
984,690
41,274.863
Land, buildings, &c
180.062.500
152.443,000
8,591.000 188,653.500
3.705,000 156,148,000
10.658,000 154,147.700
143,489,700
52,512,857
53.052,857
540,000
49,530,000
49,530,000
2,375.000
Rubber
33,664,537
2,375,000
33,664.537
30.750,000
30.750.000
1.600.000
1.600,000
1,335,000
665,000
2.000,000
Shipping
1,710,000
2,400.000
1.710.000
2,400,000
7.934,775
4.315,225
1=.'250.000
1.500,000
1,500,000
300,000
300,000
10,918,000 184,081,505
Miscellaneous
156,384,410
173.163.505
1.408.000 157,792,410
66,861.550
8,902,000
75,763.550
30,860.645
31,810,645 100,698.508
950,000
67,251,000 167,949,508
Total
1.440.517.010 449.539.860 1.890.056.870 1,370,167,741 138.969.575 1,509,137,316 1,145.930.035 218.826,425 1.364,756,460 759.793,669
76,606.400 836,400,069 917,155.705 254,793,113 1,171 948.818
1
1
Amt. 23 1927.]
TEM CHRONICLE
23511
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1927.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads5
9,750,000 New equipment
30,000,000 Refunding; additions, &c
97
1,755,000 New equipment
930,000 New equipment
5,231,000 Refunding
22,000,000 Refunding; capital expenditures
0634
95
16,000,000 Refunding: capital expenditures
1,425,000 New equipment
9934
2,625,000 New equipment
89,716,000
Public Utilities-1,250,000 Refunding; acquisitions, &c
350,000 Refunding; acquisitions, &c
800,000 Additions
2,700,000 Refunding:additions; working cap_
750,000 Acquisitions; other corp. purp
410,000 Acquisitions; other corp. purp
100
9654
99
10034
97
95
300,000 General corporate purposes
15,000,000 Capital. expenditures
1,150,000 Acquisitions; other corp. purp
1,750,000 Refunding
99
96
99
9834
7,500,000 Acquisitions; retire debt, &c
0454
45,000,000 Refunding; construction, &c
97
3,450,000 Refunding; acquisitions, &cc
95
350,000 Retire debt; add'ns, bettermls, &ti
3,000,000 Extensions & improvements
1,000,000 Refunding; retire debt, &c
2,000,000 Acquisitions; construction, &c
345,600 Acquisitions
1.300,000 Refunding; other corp. purposes..
19,800,000 Refunding; acquisitiona
99
100
95
96
99
98
99
600,000 Refunding; other corp. purp
9934
3,500,000 New construction; wkg. cap., &c. 100
625,000 Additions & improvements
2,100,000 Refunding
1,000.000 Acquisitions; extensions, &c
1,450,000 Acquisitions; other corp. purp
97
96;4
100
9754
1,000,000 General corporate purposes
96
2,000,000 Refunding; add'ns, extensions, Sze_
1,750,000 Acquisitions
98
98
350,000 Additions, improvements, &tr,
94;X
To Yield
About.
Company and Issue, and by Whom Offered.
4.60 Baltimore & Ohio RR. Eq. Tr. 434s, "E," 1930-42. Offered by Bankers Trust Co.. Brown Bros.
& Co., Kissel', Kinnieutt & Co., Evans, Stillman & Co. and Harrison, Smith 4, Co.
4.65 Chicago Burlington & Quincy RR. Co. 1st & Ref. M.
"B," 1977. Offered by J. P. Morgan
& Co., First National Bank and National City Co.454s,
4.50-4.60 International-Great Northern RR. Eq. Tr. 434s, "B," 1928-42. Offered by Freeman & Co.,
J. & W. Seligman & Co. and Hallgarten & Co.
4.50-4.60 New Orleans Texas & Mexico Ry. Eq. Tr. 4 348, "C," 1928-42. Offered by Freeman & Co.,
J. & W.
Seligman & Co. and Hallgarten & Co.
4.70 The Northern Central Ry. Co. Gen. & Ref. M.454s,"A," 1974. Offered by Kuhn, Loeb
Co.
4.76 The Pennsylvania Ohio & Detroit RR. Co. 1st & Ref. M. 4545, "A," 1977. Offered &Kuhn,
by
Loeb Sr Co.
5.03 Texas & Pacific Ry. Gen. 6, Ref. M. 5s, "B," 1977. Offered by Kuhn, Loeb & Co.
4.50-4.60 Texas & Pacific Ry. Eq. Tr. 410, "JJ," 1928-42. Offered by Freeman & Co.. J. & W. Seligman
& Co. and Hallgarten & Co.'
4.50-4.60 Wabash Ry. Eq. Tr. 434s, "G," 1928-42. Offered by Freeman & Co., J. & W.Seligman & Co. and
Hallgarten & Co.
6.00 American Utilities Co. 1st Lien & Ref. M. 6s, "A," 1945. Offered by J. G. White & Co., Inc.;
Parsly Bros. Sr Co. and Paul & Co.
6.88 American Utilities Co. Deb. 634s, 1941. Offered by Parsly Bros. & Co. and Paul dc Co.
5.03 Birmingham (Ala.) Water Works Co. let M.5s, "C," 1957. Offered by W. C. Langley & Co. and
Halsey, Stuart & Co.. Inc.
4.97 Brooklyn Borough Gas Co. Gen. & Ref M. 5s, "A," 1967.
Offered by Otis & Co.
6.30 Central Public Service Corp. (Chicago), Series "A" Coll. Tr. 6s, 1940. Offered by Thompson,
Ross & Co., Chicago, and E. R. Diggs & Co., Inc., N. Y.
5.35 Citizens Water Co. of Washington, Pa., 1st M.
55, "B," 1951. Offered by P. W. Chapman
& Co., Inc.
6.15 Colorado Utilities Corp. 1st M. 65, 1938. Offered by Troy,
Graham dr Co., Chicago.
4.75 Commonwealth Edison Co. 1st M. Coll. 430,
Stuart & Co., Inc.
6.10 Community Water Service Co. Deb. 6s, "A,""13," 1957. Offered by Halsey.
1946.
Offered
by P. W. Chapman & Co., Inc.
0.25 Denver Tramway Corp. 1st (Underlying) M. Coll.
Tr. 6s, 1933. Offered by Boettcher & Co.
and International Trust Co., Denver.
5.87 Federated Utilities, Inc.(Chicago), 1st Lien Coll,
534s, 1957. Offered by Federal Securities Corp.,
H. M. Byliesby & Co., Inc., West & Co.,
Ross & Co.. Inc., and Hambleton & Co.
5.18 Georgia Power Co. 1st & Ref. M. 5s, 1967. Thompson,
Offered by Drexel & Co Bonbright & Co., Inc., and
Harris, Forbes & Co.
5.35 Greenwich (Conn.) Water & Gas Co. Coll. Tr. 5s.
"A," 1952. Offered by E. H. R0111118 & Som.
Stone & Webster and Blodget, Inc., Brown Bros. & Co.
and Putnam & Storer, Inc., Boston,
6.13 Hanover & McSherrytown Water Co. 6s, "A."
Co., Inc.
6.50 International Power Co., Ltd., Deb.654s, 1957.1937. Offered by Vought &
Royal Securities Corp., Ltd.. and G. E. Barrett
& Co., Inc.
5.30 Joplin Water Works Co. (Joplin, Mo.) 1st M. 6s,
"A." 1957. Offered by W. C. Langley & Co.
and Halsey, Stuart & Co.. Inc.
5.27 Mississippi Power Co. 1st & Ref. M.5s, 1955. Offered by
Harris, Forbes & Co., Bonbright & Co.,
Inc., and Coffin & Burr, Inc.
6.10 Northern Michigan Public Service Co. 1st M. 6s, "A,"
1945. Offered by Hayden, Van Atter
& Co., Detroit.
5.65 Pennsylvania State Water Corp. 1st Lien 510,"A," 1952.
P.W. Chapman & Co., Inc.
5.06 Public Service Electric & Gas Co. 1st St Ref. M.5s, 1965. Offered byDrexel & Co.and Bonbright
Offered by
& Co., Inc.
5.55 Public Utilities Corp. Coll. Tr. 534s, 1947. Offered by Jackson
& Curtis, Wean.
7.00 Rio Grande Valley Gas Co. 1st M.7s,"A," 1937. Offered by G. E.
Barrett & Co., Inc., Estabrook
& Co. and Frederick, Peirce & Co.
6.40 Southern Ohio Public Service Co. Gen. M. Cony. Os, 1937. Offered by
Harrison. Smith & Co.
and Howe, Snow & Males, Inc.
5.75 Southern Ohio Public Service Co. 1st M. 634S, "C," 1957. Offered by Harrison. Smith & Co.
and Howe, Snow & Bertha, Inc.
6.00 Texas-Louisiana Pr. Co. 1st M.65. "A," 1946. Offered by R. E. Wilsey & Co., Troy & CO. and
A. E. Fitkin & Co., New York.
5.75 Union Water Works Co. (Richmond, Va.) 1st Lien .534s, 1942. Offered by Hambleton & Co.,
Inc., N. Y., and Aylward & Co., Chicago.
5.33 United Pr. & Lt. Corp.(of Kansas) 1st M.58,"I3," 1947. Offered by Harris. Forbes & Co.. K.H.
Rollins & Sons, N. Y.: Peters Trust Co., Omaha, Neb.. and Arthur Perry & Co.. Boston..
5.18 Utah Pr. & L. Co. 1st M. 55, 1944. Offered by Harris, Forbes & Co. and Coffin & Burr. Inc.
5.65 Washington Gas & Electric Co. 1st M. 534s, 1947. Offered by A. C. Allyn & Co-. Inc.. and
W. C. Langley & Co.
5.40 West Virginia Water Service Co. 1st M.5s."A," 1951. Offered by G.L. Ohrstrom &
122,580,500
Iron, Steel, Coal, Copper, &c.
350,000 Acquisitions; working capital, &c
9934
3,000,000 Refunding; working capital, &c__..
9954
6.55 Danville (Pa.) Structural Steel Co. 1st Coll. (closed 1st Mtge.) 6345, 1939. Offered by Wells,
Deane & Singer, Inc., Pittsburgh.
6.64 Sheridan-Wyoming Coal Co., Inc., 1st (closed) M. 68. 1947. Offered by Lee, Higginson & Co.
3,350,000
Equipment Manufacturers1,000,000 Finance lease of equipment
2,200,000 Finance lease of equipment
3,200,000
4.70-5.10 North American Car Eq. Tr. 5s, "H." 1929-38. Offered by Freeman & Co.
5.00-5.50 North Western Refrigerator Line Eq. Tr. 5345, "D," 1929-38. Offered by Freeman & Co
•
Other Industrial & Mfg.Additional capital
't,000 Additions,
working capital
5,000,000 Refunding, acquisitions, &c
9734
1,750,000 Reduce bank loans
97
2,000,000 Development of properties
9854
1,100,000 Refunding; additions & betterm'ts.
2,000,000 New construction
100
1,500,000 Fund current debt; working capital 100
1,000,000 Organization of business, &c
101-100
1,200,000 Working capital
2,500,000 General corporate purposes
101-100
98
5-6 (W. F.) Black & Co., Inc. (Chicago) 1st M.8s, 1928-37. Offered by Hitchcock & Co., Chicago.
6-54 Century Electric Co.(St. Louis) 1st M.& sec. 5 As, 1930-33. Offered by Federal Commerce Trust
Co., St. Louis.
5.75 Robert Gab. & Co. (N. Y.) 1st M. 5348. 1942. Offered by Edward B. Smith & Co.; Hayden.
Stone & Co. and Old Colony Corp.
5.75 Craton & Knight Co. 1st (closed) NI. 534s, 1947. Offered by National City Co.; Lee,
HilIginSOn
& Co., and E. 11. Rollins & Sons.
5.65 Lawrence Portland Cement Co.(Pa.) Deb.5 As, 1942. Offered by National City Co. and Kean,
Taylor & Co.
534-6 Mueller Brass Co. (Port Huron, Mich.) 1st M.6s, "A," 1930-37. Offered by Illinois Merchants
Trust Co., Chicago.
6.00 North Shore Coke & Chemical Co 1st 38.65,"A," 1947. Offered by Geo. M. Forman & Co.
5.25 Pabst Corp.(Milwaukee) 1st (closed) M.5 XS, 1930-39. Offered by First Wisconsin
Co., Milwaukee
5.10-6 Root Glass Co. (Terre Haute, Ind.) 1st (closed) M.(is, 1928-37. Offered by Ames,
Emerich &
Co., Inc.
5.45-6 United States Can Co. 1st M.6s, 1929-42. Offered by Central Trust Co. of Illinois, Chicago.
5.75 Westvaco Chlorine Products Crop. Deb. 534s, 1937. Offered by Taylor, Ewart & Co.,
Inc.
19,175,000
Oil6.500,000 Retire existing debt; development-99
15,000,000 Retire debt; expansion. &c
98%
5,000,000 Refunding, development, &c
100
6.1
5.6
Independent Oil & Gas Co. Cony. Deb.(is. 1939. Offered by co. to stockholders; undwerwritten.
Skelly Oil Co. Deb. 534s, 1939. Offered by Taylor, Ewart & Co., Inc.; Continental & Commercia
Co.; Halsey, Stuart & Co., Inc., and the Union Trust Co. of Pittsburgh.
5.50 White Eagle Oil & Refining Co. Deb. 534s, 1937. Offered by Dillon, Read & Co.
26,500.000
Land. Buildings, &c.
350,000 Finance construction of building
100
6.50 (J. P.) Allen & Co., Inc. (Atlanta, Ga.) 1st M. Leasehold
654s, 1929-42. Offered by the Canal
Bank & Trust Co., New Orleans.
6.50 American Bond & Mortgage Co., Inc., Deb. 6345. 1937. Offered by American
Bond & Mortgage
Co., Inc.
500,000 Acquire leasehold interest
100
6.00 American State Bank Bldg. and Liggett Bldg. 1st M. Leasehold 65, 1947. Offered by Howe.
Snow & Bertles, Inc., and Guardian Trust Co. of Detroit.
390,000 Finance construction of building_ 100
6.50 Architects Bldg. (Wright.Aiken, Inc.), Los Angeles, 1st M. Leasehold BYO, 1930-13. Offered
by the California Co., Los Angeles.
Finance
350,00
construction of apartment
6-634 Astor Court Apts. (Detroit) 1st M.6345, 1927-34. Offered by American Bond & Mtge. Co., Inc.
300,000 Finance lease of property
ino"
5.50 Atlanta Parcel Post Office 1st M. 514s, 1937. Offered by Robert Garrett & Sons, Baltimore.
and Love, Van Riper & Bryan, St. Louis.
550,000 Fund outstanding obligations
100
6.00 Baptist State Convention of No. Caro. 65, 1928-35. Offered by Whitney-Central Bank, New On.
550,00 Finance construction of building__ 101-100
4.95-6 Beaumont Medical Bldg. Co.(St. Louis) 1st M.6s, 1928-43. Offered by Taussig, Day, Fairbanks
& Co., Inc.; Real Estate Mortgage Trust Co., and L. E. Anderson & Co., St. Louis.
350,000 Finance construction of hotel
100
6.50 (The) Bergonian Hotel (Seattle) 1st M.Leasehold
6348, 1930-34. Offered by Seattle Title Trust Cos
685,000 Finance construction of apartment 100
6.50 (Daniel) Boone Apts. 1st M. Fee 634s, 1937. Offered by American Bond & Mortgage Co., Inc.
140,000 Finance construction of apartment 100
6.50 Boulevard Manor Apts.(Chicago) Certified 1st M.
634s, 1929-37. Offered by Cochran & McCluer
Co., Chicago.
615,01)0 Improvements to property
100
6.00 Boulevard Temple Methodist Episcopal Church (Detroit) 1st hf.6s, 1929-36. Offered by Union
Trust Co Detroit, and Wm. L. Ross & Co., Inc., Chicago.
225,000 Finance lease of property
100
6.00 Burns-Gray Bldg. Corp. 1st M. Leasehold Os, 1937. Offered by Livingstone & Co., Detroit.
250,000 Finance lease of property
Price on application Burton Hotel (Chicago) 1st M.
6)4g. 1929-37. Offered by Cochran & McCluer, Chicago.
300.000 Real estate mortgage
100
6.0 Capitol Hotel 1st M.6s, 1929-38. Offered by Continental Trust Co., Pittsburgh.
675,000 Real estate mortgage
5-534 (The) Chesterfield (N. Y.) Guar. 534% Prudence certificates, 1927-35. Offered by Prudence Co.,
Inc. New York.
5,000,000 Retire bank loans; other corp. purp 100
2352
Amount.
THE CHRONICLE
Purpose of Issue.
Price.
To Yield
About.
rvoi.. 124
Company and Issue and by Whom Offered.
Land, Buildings, Pc. (Con.)100
265,000 Finance sale of property
6.00 Eight-Oak Land Co.(Detroit) lot M.65, 1936. Offered by Harris, Small & Co.; Nicol, Ford & Co.,
and Union Trust Co., Detroit.
6-6.50 El Castillo Apts. (Detroit) 1st M.630, 1929-37. Offered by American Bond dr Mtge. Co., Inc.
6.00 (J. R.) Ellison and (C. H.) White Studios Bldg. (Portland. Ore.) 1st (closed) M. 68, 1928-39.
Offered by Lumbermen's Trust Co., Portland, Ore.
6.00 1500 Walnut St.(Frank F. Barker), Philadelphia, 1st (closed) M.6s, 1947. Offered by Stroud &
2,500,000 Finance construction of building
Co.. Inc.; Reilly, Brock & Co., and Bank of North America & Trust Co., Philadelphia.
6.00 15950 Woodward Avenue Corp. 1st (closed) mtge. 65, 1928-37. Offered by Livingstone & Co.. Det.
325.000 Improvements to property
6.50 5737.39 Kenmore Ave.(Chicago) 1st M.6345, 1929-33. Offered by Provident State Securities Co.,
275,000 Finance construction of apartment
Chicago.
200,000 Finance construction of hotel bldg.
534-7 Flintridge Hotel Co. (Calif.) 1st M. 7s, 1928-44. Offered by Los Angeles Investment Secur. Corp.
100,000 Provide funds for loan purposes...._
5.75 Hibernia Mortgage Co., Inc., 1st M. Coll. Tr. 6s, "C," 1930-33. Offered by Hibernia Securities
Co., New Orleans.
100
6.00 Howard and Bosworth Bides. (Chicago) 1st M. 65, 1928-34. Offered by Central Trust Co. of
250,000 Real estate mortgage
Illinois, Chicago.
5.95-6.38 (Joseph F.) Langer (Orpheum Theatre), Vancouver, B. C., 1st M.6348, 1929-41. Offered by the
650,000 Finance construction of building.._
Minnesota Loan & Trust Co.
100
6.00 Loew's Theatre & Realty Corp. 1st Lien 6s, 1947. Offered by Lawrence Stern & Co.; Halsey.
10,500,000 Acquisition of properties
Stuart & Co., Inc., and E. H. Rollins & Sons.
100
5.50 Louisville Parcel Post Office 1st M.530, 1943. Offered by Love, Van Riper & Bryan. St. Louis.
250,000 Finance lease of property
100
6.00 Majestic Bldg. (Columbus, Ohio) 1st. M. Leasehold 6s, 1936. Offered by L. R. Ballinger Co.,
400.000 Real estate mortgage
Cincinnati, and First Citizens Corp., Columbus, Ohio.
6.00 Maple Terrace Apts. Co.(Charleston, W. Va.) 1st M.65, 1930-40. Ofered by Kanawha Banking
60,000 Retire debt: other corp. purposes_ _ 100
& Trust Co.. Charleston, W. VII.
434-534 McCulloch Office Bldg. (Okmuigee, Okla.) 1st M. 530, 1927-36. Offered by Mississippi Valley
225,000 Finance construction of building_
Trust Co. St. Louis.
Manufacturers Terminal, Inc.(Birmingham, Ala.) 1st M.630, 1928-38. Offered
'
6.50 Merchants &
275,000 Finance construction of building_ _ 100
,,y Caldwell & Co. Nashville, Tenn.
'(Jefferson City, Mo.) 1st M. 634s, 1929-37. Offered by the Straus Bros.
Hotel
Missouri
(Tae,
mortgage
6-634
350,000 Real estate
Co., St. Louis.
rgage Bond Co. of New York 10-year 53.45, series 12, due 1937. Offered by.company.
100
5.25
2,000,000 Provide funds for loan purposes
100
6.00 I folk Parcel Post Office 1st M. 6s, 1935. Offered by Love, Van Riper & Bryan, St. Louis.
350,000 Finance lease of property
6.50 Jiympic Bldg.(San Francisco) 1st M.630, 1042. Offered by Anglo-California Tr. Co., San Fran.
260.000 Finance construction of hotel bldg 100
mortgage
let W. 37th St. (635 Sixth Ave. Corp.), N.Y. City, Guar. 534% Prudence-Certificates, 1928-34.
5-534
estate
1,550.000 Real
Offered by Prudence Co., Inc., New York.
6-634 14: -144 Joralemon St. Corp.(Brooklyn, N. Y.) 1st M.630, 1929-42. Offered by Commonwealth
570.00 Real estate mortgage
Bond Corp.. New York.
6.50 Parkview Apt. and Parkview Manor Apt. Bldgs.(Dearborn, Mich.) let M.634s, 1928-33. Offered
220,000 Finance construction of apartments 100
by U. S. Mortgage Bond Co., Ltd., Detroit.
5.00 Portland Masonic Temple Association 1st (closed) Mtge. 5s, 1942. Offered by Blyth, Witter & Co.
350,000 Finance construction of building_ _ 100
6.00 Riviera Annex Theatre Co. (Detroit) 1st (closed) M. 68, 1928-37. Offered by Joel Stockard &
200,000 Finance construction of building_ _ 100
Co.. Detroit.
534-6 Rule Bldg. (Amarillo, Tex.) 1st M.68. 1928-36. Offered by First National Co. and Mississippi
400,000 Real estate mortgage
Valley Trust Co., St. Louis.
b6.00 St. Albans Apartments (Carco Realty Co., Inc.), N. Y. City, let M. 68, 1929-39. Offered by
340,000 Finance construction of apartment 100
Empire Bond & mortgage Corp., New York.
6.50 Saranac Apartments (Chicago) 1st M. 6345, 1929-37. Offered by Garard Trust Co., Chicago.
525,000 Finance construction of apartment 100
101-100 5.45-6.50 South Coast Land Co.(Los Angeles) 1st M.634s, 1928-37. Offered by Stevens. Page & Sterling.
1.000,000 Finance sale of property
First Securities Co. and Banks. Huntley & Co., Los Angeles.
6.00 Southside Warehouse & Bakery Bldg.(Chicago) 1st (closed) M. Bldg. & Fee 6s, 1939. Offered
160,000 Finance construction of building- 100
by E. H. Ottman & Co., Chicago.
building
100
6.00 Standard Bldg. Corp. (Albany, N. Y.) 1st M. Os, 1948. Offered by G. L. Ohrstrom & Co.. Inc.
2,150,000 Finance construction of
Janney & Co. and Graham. Parsons & Co.
capital
working
100
Stovall Properties (Tampa Tribune Publishing Co.) 1st M. 7s, 1928-39. Offered by the Canal
1,100,000 Retire debt;
Bank & Trust Co. and Mortgage & Securities Co., New Orleans.
101-100 6.20-6.25 Sun Realty Co. (Mayfair Hotel), Los Angeles, 1st M. 6315, 1930-1944. Offered by Alvin H.
1,500,000 Improvements to property
Frank & Co., Hunter, Dunn & Co. and Union Bank & Trust Co. of Los Angeles.
100
7.00 Textile Realty Co., Inc. (Decatur, Ala.) 1st (closed) M. 78, 1929-41. Offered by Caldwell & Co.,
380.000 Finance construction of building
St. Louis.
100
5.50 33-39 Sumner Street (Hartford, Conn.) 1st M.534s. 1927-36. Offered by Bodell & Co
125,000 Real estate mortgage
100
6.00 (The) Twentieth Century Club of Detroit 1st M. 68, 1929-42. Offered by Watling, Lerchen &
150,000 Improvements to property
Co.. Detroit.
100
6.00 236-240 West 27th St. Bldg.(N. Y. City) 1st M.68, 1929-39. Offered by American Bond & Mort,
575,000 Finance construction of building
gage Co., Inc.
5.50 United Post Offices Corp. 1st M.530, 1935. Offered by McKinley 6c Co. and Redmond & Co.
100
5,200,000 Acquisition of properties
6.00 Westminster Presbyterian Church of New Orleans, La., 1st M. 65, 1930-41. Offered by New
100
80,000 Real estate mortgage
Orleans Securities, Inc.
47,490,000
Shipping6.00 Gravel Motorship Corp. (Steel Diesel Motorship Ormidale) 1st M. 6s, 1927-35. Offered by
100
210,000 General corporate purposes
Benjamin Dansard & Co., Detroit.
97
6.35 Hudson River Day Line 1st M.(ls, 1939. Offered by Eastman, Dillon & Co.
1,500,000 Wkg.cap.; constr. new steamer,&c
240,000 Finance construction of apartment
210,000 Finance construction of building
7.00
1,710.000
Miscellaneous
2,500.000 Acquire constituent companies____
1,800,000 Acquisitions; other corp. purposes_
200,000 Acquire minority interests, &c____
1,500.000 New plant
500,000 Finance construction of toll bridge_
1,000,000 Acquisitions; other corp. purposes_
575,000 General corporate purposes
10,000,000 Acquire constituent companies
1,000,000 Acquisitions; working cap., &c_
12,000,000 Provide funds for credit advances_
3,000,000 Provide funds for loan nurno.,-..,ke
500,000 Provide funds for Invest. nurposes_
200,000 Refunding; working capital
3,000,000 Retire bank loans; equipment
350,000 Refunding; add'as, bett'ts, &c___ _
2,500,000 Expansion of business
900,000 Refunding; pay current debt, &e
6.65 Canadian Department Stores, Ltd. (Toronto, Ont.) 1st (closed) M. 634s, 1947. Offered by
Edmund Seymour & Co., Inc., True, Webber & Co., Throckmorton & Co., Charles D. Robbins
& Co. and J. A. Ritchie & Co., Inc.
6.50 Carthage (Mo.) Marble Corp. 1st M.6345 "A," 1942. Offered by Taylor, Ewart & Co., Inc.
100
6.00 Detroit Storage Co. 1st (closed) NI. 6s, 1935. Offered by Hayden. Van Atter dr Co., Detroit.
101)
99%
5.02 First National Stores, Inc., 1st M.55 "A," 1952. Offered by Lee, Higginson & Co.. Harris, Forbes
& Co.. and Old Colony Corp.
6.15 Fullerton-Portsmouth Bridge Co. 1st (closed) M.65, 1957. Offered by the Bank of Pittsburgh,
98
N. A.
6.60 Golden Gate Ferries, Inc., Coll. Trust 6345 "B," 1941. Offered by E. H. Rollins & Sons, First
99
Securities Co. and Crocker First National Bank, San Francisco.
6.50 Greater Newark Baseball Club, Inc.. 1st (closed) M. 634s, 1942. Offered by Hancock-Nourse
100
& Co., Inc., Newark, N. J.
6-6.25 Hearst Magazines, Inc., Deb. 6s, 1929-38. Offered by Halsey. Stuart & Co., Inc., and Anglo100-98
London-Paris Co.
6.50 Indiana Ice & Fuel Co.(Indianapolis. Ind.) 1st M.634s "A," 1947. Offered by John l'ilckerson
100
& Co. and C. D. Parker dr Co., Inc.
9634-9534 17.50 Italian Credit Consortium for Public Works External Loan Secured 7s, Series "A." due 1937,
and Series "B," due 1947. Offered by J. P. Morgan & Co.. First Nat. Bank and Nat. City Co.
17.40
7.23 Mortgage Bank of Colombia 20-year 7s, 1947. Offered by Baker, Kellogg & Co., Inc., and Ames,
9734
Emerich & Co., Inc.
5.50 North American Investment Corp. (of Calif.) Coll. Trust 55, 1947. Offered by Weeden ,k Co.,
94
San Francisco.
6.50 Orange-Crush Holding Corp. Deb. 634s, 1929-37. Offered by Valentine-Anderson Co.. Inc.,
100
Chicago.
100.95-97.43 4-534 Press Publishing Co. 1st M. 5s, 1928-42. Offered by Mellon National Bank, Pittsburgh.
6.50 Southern Wood Preserving Co. (Atlanta, Ga.) let (closed) M.630. 1939. Offered by J. A. W.
100
Iglehart & Co., Baltimore. and Courts dr Co., Atlanta.
5.50 Warren Bros. Co. 10-year 5345, 1937. Offered by Paine, Webber & Co. and First National Corp. of
100
Boston.
Wood Live Stock Co. 1st (closed) NI. 634s, 1930-40. Offered by First Securities Co., Los Angeles.
6.90
9934
41,525.000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities500.000 Acquisitions
9934
800,000 Acquisitions; other corp. purposes_
100
2.200,000 General corporate purposes
2.500.000 Capital raps.; other corp. purposes
99
To Yield
About.
Company and Issue, and by Whom Offered,
6.20 Atlantic Public Utilities, Inc., 3-Yr. 6s, Feb. 11930. Offered by Sawyer, Fiske & Spencer, Boston; Paul & Co., Phila.; Dangler, Lanham & Co., and Emery. Peck & Rockwood, Chicago.
5.50 Continental Telephone Co. (Lincoln, Neb.) 5-yr. Coll. Tr. 534s "A," Mar. 1 1932. Offered by
Merchants Trust Co.. St. Paul, and Peters Trust Co., Omaha, Neb.
4.15 Edison Electric Illuminating Co. of Boston 6-months notes due Sept. 30 1927. Offered by Curtis
& Sanger, New York.
6.50 Houston Gulf Gas Co. 2-yr. Secured 6s, April 1 1929. Offered by Taylor, Ewart & Co., Inc.,
P. W. Chapman & Co., Inc., and Rogers, Caldwell & Co., Inc.
6.000,000
Other Industrial & mtg.2,000,000 Acq.securities of affiliated cos_
_
1,500,000 Refunding; working capital
1,000,000 Reduce current debt, add'ns, &c
100
9934
100
6.00 Abtibi Power & Paper Co., Ltd., 4-year 6s, March 15 1931. Offered by Peabody, Houghteling &
Co. and Royal Securities Corp., Ltd.
5.10 Ohmer Fare Register Co. (Dayton, 0.) 3-year 55, April 1 1930. Offered by Redmond & Co. and
Bond & Goodwin, Inc.
5.50 Trinity Portland Cement Co. 3-year 5348, Jan. 11930. Offered by First National Co., Mississippi
Valley Trust Co. and G. II. Walker & Co., St. Louis.
4,500,000
Land, Buildings, &c.2,000.000 Refunding; retire bank debt, &c._
99
375,000 Finance construe. of theatre bldg._
100
125,000 Working capital
225,000 Real estate mortgage
100,000 Provide funds for loan purposes_ _ _
285.000 General corporate purposes
100
100
106
6.25 Detroit Properties Corp. 5-year secured its, March 11932. Offered by Union Trust Co., Nat. Bank
of Commerce, Griswold-First State Co., Benjamin Dansard & Co.and Wm.L. Davis & Co., Detr.
6.00 Drexel Theatre-C, Benton Cooper (Drexel Hill, Pa.) 1st 51.65, Feb. 15 1932. Offered by Mackie.
!Lentz dr Co.. Philadelphia.
6.50 (T. L.) Durocher Co. 1st (c.) M. 1334s, 1928-32. Offered by Benjamin Dansard ,k Co., Detroit.
6.50 Ellison Apt. Hotel (K. C., Mo.) 1st 50.0348, 1928-32. Offered by Arthur Fels, Kansas City, Mo.
534-7 Grace Securities Co. (Richmond, Va.) Coll. Tr. "N." 1927-30. Offered by company.
6.50 Grand River-Fenkel Land Co.(Dot.) 1st M.6 34s. 1932. Offered by Fenton, Davis & Boyle, Detr.
APR. 23 19271
Amount.
THE CHRONICLE
Purpose of Issue.
Price.
To Yield.
About.
2353
Company and Issue, and by Whom Offered.
Land, Buildings, &c. (Concl.)•
$
1,850,000 Real estate mortgage
100
5.50 911 Park Avenue, Southeast Corner at 80th Street (N. Y.) jot M. 5515,
Certificates, 1927-32.
Offered by New York Title & Mortgage Co.
60,000 Finance construction of building_ _ Price on application St. Mary's Seminary (Perryville, Mo.) 1st M. 551s, 1927-31.
Offered
by
Lafayette
South Side
Bank, St. Louis.
500,000 Provide funds for loan purposes.- - 100
6.00 Security Bond & mortgage Co.(Fla.) 1st M. Coll. 8s,"G," 1928-32. Offered
& Co., BodeII & Co., Harrison, Smith & Co., Reinholdt & Co. and James by J. A. W.Iglehart
C. Willson & Co.
85,000 Real estate mortgage
100
6.50 Sheridan-Wilson Bldg. 1st M.6315, 1929-32. Offered by Equitable Bond &
Mortgage Co., Chicago.
100,000 Provide funds for loan purposes
100.93-100
5-6 Standard Bond & mortgage Co., Inc., 1st Coll. 65 "B." 1928-32.
Offered by company.
315,000 Real estate mortgage
100
5.50 2710-2730 Sedgwick Ave. (N. Y. City) 1st M. 53170 certificates, 1927-31.
Offered by New York
Title At Mortgage Co.
100,000 Provide funds for loan purposes..._
55§-7 Virginia Bond & Mortgage Corp.(Richmond, Va.) Coll. Tr. 75 "Q,"
1927-29.
Offered by Wheat,
Galleher & Co., Inc., Richmond, Va.
6,120,000
Miscellaneous7,000,000 Provide funds for loan purposes__ _
6.25 Bank of East Prussian Landowners Association 3-Year 6%
9951
Agricultural Mtge. Coll. Notes
(Participation Certificates), due April 1 1930. Offered by Blair
dr Co., Inc.
1,000,000 Provide funds for loan purposes... 10055
7.35 Hungarian-Italian Bank 5-Year Secured 75§s, March 1 1932.
Offered by P. W. Chapman & Co..
Inc., and A. M. Lamport & Co., Inc.
8,000,000
STOCKS.
Par or No.
of Shares.
(a)Amount Price
To Yield
Involved. per Share. About
Purpose of Issue.
Public Utilities$
1,000,000 Additions; working capital
5
1.000,000
200,000 Acquisitions; other corp. purposes_
50,000.000 Capital expenditures
*9,800shs Additions, improvements, &c
•100,000shs Extensions, improvements, &c
..-
50
200,000 102
*20,000shs Acquisitions
2,000,000 Additions, extensions, &c
1,500,000 Capital expenditures
1,890,000 9451
2,000,000 100
1,500,000 9234
50,000,000 100 (par)
891,800 91
2,150,000 2131
-59,631,800
Other Industrial & Mfg.11,000,000 Refund!'3g; other corp. purposes_
11,000,000 100
400,000 Working capital
400,000
1,000,000 Acquire constituent companies
1,000,000
*35,000shs Acquire constituent companies... _
962,500
625.000 Working capital
*100,000shs Expansion; working capital
500,000 Acquire predecessor company
9934
99
2734
775,000 31
3,300,000 33
500,000 10234
1,170,000 Acquisitions; other corp. purposes_
1.,
500,000 Acquire constituent companies....
•5,000shs Acquire constituent companies_ _
*20,000shs Acquisitions; working capital
1,170,000
9834
550,000 {1 sh pref1
1 sh coca!
600,000 30c
*11,000shs. Expansion of business
386,200 Retire current debt: work'g capital
110,000 10
386,200 100
20,753,700
Oil5.000,000 Working capital; additions
5,000,000
Land. Buildings, &c.4,500 ctfs. Finance lease of property
25
400,000
7.00 American Chain Co., Inc., 7% Cum. Pref. Offered by Dillon, newt & Co.
and Hemphill, Noyes & Co.
7.03 Berkey & Gay Furniture Co. 7% Cum.Pref. Prior. Offered by Peabody,
Houghteling
& Co.
7.07 Davenport Hosiery Mills, Inc., Cony. 7% Cum. Pref. Offered by Merrill,
Lynch &
Co. and Ilallgarten & Co.
....._ Davenport Hosiery Mills, Inc., Common Stock. Offered by Merrill. Lynch
dr Co.
and Ilallgarten & Co.
8.00 Davis Industries, Inc., Class "A" Partie. Stock. By M.J.Traub & Co., Inc.
Chicago.
____ Electric Refrigeration Corp. Cpaltal Stock. Sold privately.
6.83 Elliott Addressing Machine Co. (Cambridge, Mass.) 7% Cum. Pref. Offered by
Curtis & Sanger, Boston.
161
7.10 Hengler's of Delaware, Inc., 7% Cum. Pref. Offered by Hemphill, Noyes & Co.,
William R. Compton Co.
For
(Louis) Mark Shoes, Inc., 7% Cum. Cony. Pref. Offered by Geo. H.Burr & Co., N.Y.
110
(Louis) Mark Shoes, Inc., Common Stock. Offered by Geo. H.Burr & Co., N.Y.
---- Seebold Invisible Camera Corp. Class "A" Stock. Offered by Paul N.Berner, Inc.,
Buffalo, N. Y.
____ Tulip Cup Corp. Common. Offered by company to stockholders.
7.00 Vulcan Last Co. 7% Corn. Pref. Offered by W. E. Hutton & Co. and J. R. Edwards
& Co., Cincinnati.
7.00 Richfield 011 Co. of Calif. 7% Cum. Pref. Offered by Bond & Goodwin & Tucker,
Inc., Hemphill, Noyes & Co., Aronson & Co. and Hunter, Dunn & Co.
4,500,000 1,000
-
400,000 Provide funds for loan purposes...
Company and Issue, and by 1Vhom Offered.
%
6.00 Brooklyn Borough Gas Co. 6% Cum. Pref. Offered by company
to customers and
employees.
6.86 Citizens Water Co. of Washington, Pa., 7% Cum. Pref.
Offered
by Thomson,
Fenn & Co., Hartford.
6.88 Federal Water Service Corp. 5631 Cum. Pref. Offered by G. L. Ohrstrom
& Co., Inc.
6.00 Long Island Lighting Co. 6% Cum. Pref. Offered by W. C. Langley
6.48 Midland Utilities Co. 6% Corn. Prior Lien Stock. Offered by Utility & Co., N. Y.
Securities Co.,
Chicago, and Central States Securities Corp.. New York.
____ Pacific Telephone & Telegraph Co. Common. Offered by company
6.60 West Virginia Water Service Co. 86 Cum. Pref. Offered by Hale, to stockholders.
& Co.
7.40 Notional Public Service Corp. Class "A" Common. Offered by Howe,Waters
Snow
Inc. Eastman, Dillon & Co., Stroud & Co., Inc., A. E. Fitkin & Co. & Bertles,
and R. E.
Wiley & Co.
98
5.50 Michigan Office & Theatre Bldg. (Detroit) Fee Ownership certificates. Offered by
Myth, Witter & Co., the Tillotson & Wolcott Co., Guardian Trust Co., Cleveland,
and Wm. R. Compton Co.
7.14 Security Housing Corp. 7% Cum. Pref. Offered by Blyth, Witter & Co.
4.900,000
Rubber*75,000 she. Additional capital
375,000
Miscellaneous3,154,500 Additional capital
300,000 Open add'I stores; work'g capital
3,785,400
300,000
20.000 ohs. General corporate purposes
980,000
550,000 Acquisitions; other corp. purposes_
550,000
*57,200shs. Acquire predecessor company
*75,000shs. Acquire predecessor company,_
2,688,400
3,637,500
100,000shs. New capital
800,000
.80,000shs General corporate purposes
*2,777 she Additional capital
*833she Additional capital
2,280,000
1
277,700
500,000 Provide funds for Invest. purposes. 1
*5,000 she Provide funds for invest. purposes_ J
537,500
*123,227sh5 Additional capital
8,009,755
___ Norwalk Tire & Rubber Co. Common. Offered by company to stockholders.
5
____ Borden Co. capital stock. Offered by company to stockholders.
7.00 (J. W.) Crook Stores Co. (Baltimore) 7% Cum. Pref. Offered by Mackubin, Good
rich & Co. and Gillet dr Co., Baltimore.
49
6.12 Forbes & Wallace, Inc. (Springfield, Mass.), Class "A" stock. Offered by F. S
Moseley & Co. and Tlfft Bros., Boston.
25
8.00 Golden Gate Ferries, Inc., 8% Cum. Panic. Pref. Offered by E. H. Rollins & Sons
First Securities Co. and Crocker First Nat. Bank. San Francisco.
___ W. T. Grant Co. (of Del.) Common. Offered by Blake Bros. & Co. New York.
4831
47__-- Mandel Brothers, Inc. (Del.) capital stock. Offered by Lehman'
Bros., Laurenc,
Stern & Co. and Ames, Emerich & Co.
8
--- Mavis Bottling Co. of America, Common. Offered by M. H. Thomas & Co. an(
H. R. Roberts & Co., Dallas, Tex.
2834
_.... The Conde Nast Publications, Inc., Common. Offered by Goldman, Sachs & Co
and Shearson, Hammitt & Co.
10 abs. Pt. 3 shs. Parke, Austen & Lipscomb, Inc.,$7 CUM. pref. Offered by A. D. Phelps
& Co., N.Y
Com. for'
$1,000 Parke, Austen & Lipscomb,Inc.. Common stock. Offered by A.D.Phelps & Co..N.Y
1 share
' Pref.,
Southern Bankers Securities Corp. 7% Cum. Pref. Offered by Stein Bros. .1
1 share Corn.,
Boyce, Baltimore.
for
Southern Bankers Securities Corp. Common stock. Offered by Stein Bros. 4
Iloyee, Baltimore.
$10731
65
-_. Stanley Co. of America capital stock. Offered by company to stockholders.
60
50
23,846,255
FARM LOAN ISSUES.
Amount,
Issue.
100,000 First Joint Stock Land Bank of Fort Wayne
(Ind.) 434s, 1936-56
2,000,000 First-Trust Joint Stock Land Bank of ChiCage 4 51s, 1937-57
750,000 Fremont(Neb.) it. Stk. 1.41, Bk. 411s, 1936-66
400,000 Greenbrier Joint Stock Land Bank of Covington,,Va., 5s, 1937-67
500,000 Union Jt. Stk. Ld. Ilk, of Detroit 55, 1937-57
Price.
To Yield
About.
Offered by-
102
4.25 The Fletcher Savings & Trust Co. of Indianapolis.
100
101%
4.25 First Trust & Savings Bank, Chicago.
4.58 C. F. Childs dr Co.
10304
104
4.59 C. F. Childs & Co.
4.50 C. F. Childs & Co.
3,750,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
5
7,500,000 City of Brisbane (Queensland, Australia),
30-year Is, 1957
5,000,000 Republic of Colombia External Notes, due
Aug. 1 1927
6,000,000 State of Pernambuco (Brazil) Ext'l 75, 1947_
15,000,000 Republic of Peru Secured 7s, 1959
97%
96%
30,000,000 City of Rome (Italy) External Loan 654s of
1927, due 1952
20,640,000 City of Tokio Ext'l Loan 55§s of 1927, due 1961
91
8931
84,140,000
96
To Yield
About.
Offered by-
5.28 The National City Co.
liallgarten & Co., Kissel, Kinnicutt & Co.. Halsey, Stuart & Co., Inc., Lehman Bros.;
5.00
Cassatt & Co., Wm. R. Compton Co. and Northern Trust Co., Chicago.
7.20 White, Weld & Co. and the First National Corp. of Boston.
7.48 J. & W. Seligman & Co., National City Co., E. H. Rollins & Sons, Graham, Parsons &
Co.. F. J. Lisman & Co. and Ames, Emerich & Co., Inc.
7.25 J. P. Morgan & Co., National City Co. and First Notional Bank.
6.25 J. P. Morgan & Co., Kuhn, Loeb & Co., National City Co., First National Bank and
the Yokohama Specie Dank, Ltd.
• Shares of no par value.
a Preferred stocks of a stated par value are taken at par while preferred
stocks no par value and all classes of common stocks are computed at their offering prices.
b With Unconditional guarantee of the United States Trust Co. of Detroit as to of
payment of Principal and Interest, the price of this issue Is a 6% yield basis.
c Bonus of 1 share of class B stock given with each share of class A stock.
2354
fvoL. 124.
THE CHRONICLE
Power of Federal Trade Commission to Compel
Monthly Reports-United States Supreme
Court Dismisses Claire Furnace Case.
[From Washington Correspondent of "Wall Street Journal," April 19.]
The United States Supreme Court decided on jurisdictional grounds the Claire Furnace case, which involved the
right of the Federal Trade Commission to require steel corporations to make extensive monthly reports of their business. The Supreme Court said that the lower Court should
have dismissed the case for want of equity and reserved
the findings of the court. The Claire Furnace injunction
was granted twenty-two steel companies by the lower court
restraining the Commission from requiring obedience to its
order demanding the information. The Commission demanded reports which ;were to include cost and sale prices
for the month, corporation capacity, its production and other
Information under authority of law passed in 1919 appropriating $160,000 for an investigation of basic industries.
The companies refused to make the reports monthly, asserting that the information demanded included trade secrets,
and they won in the lower court. Government appealed.
In effect the Court held that the Claire Furnace had proceeded impropePly. In place of seeking to enjoin the Federal
Trade Commission, it should have stood pat and waited for
the Federal Trade Commission to bring mandamus proceedings to obtain the information solight. The effect of the
decision will be that the whole proceedings must be started
anew. The decision does not uphold the Federal Trade Commission's power to require the information sought, but it
merely outlines the procedure by which a test of the Commission's power can be carried through the courts.
The Court said that until the Attorney-General as law
officer of the Government acted to enforce the orders of the
Federal Trade Commission the Claire Furnace had not been
injured. If the Attorney-General brought such action then
It had ample means to reply and to resist his action and to
have its case threshed out in the court. However, for the
Claire Furnace to anticipate the action of the Attorney-General was premature and has the effect of bringing before the
court matters which the Government might not wish to
defend.
The Claire Furnace case started in 1919 when the Commission had a different personnel than it has at present and
when its methods of procedure were much more aggressive
than they are now. For these reasons there is some doubt
whether the Commission will ask the Attorney-General to
renew the case in accordance with the dictates of the Supreme Court. If the case were not renewed the Claire Furnace would have won its point against giving the Federal
Trade Commission the information sought.
The case has been twice argued before Supreme Court and
was watched with particular interest because an adverse
decision would have practically crippled the Federal Trade
Commission and made it almost impotent. However, the
Court decided neither for nor against the Commission. Justice McReynolds dissented, holding that decisions of the
lower court against the Federal Trade Commission should be
upheld.
New Capital Issued in United Kingdom.
We give below statistics of new capital issues in the United
Kingdom as compiled by the Midland Bank, Ltd. In presenting the figures the Bank says:
These compilations of issues of new capital, which are subject to revision,
exclude all direct borrowings by the British Government for national purposes, shares issued to vendors, allotments arising from the capitalization
of reserve funds and undivided profits, issues for conversion or redemption
of securities previously held in the United Kingdom, short-dated bills sold
in anticipation of long-term borrowings, and loans by municipal and county
authorities except in cases where there is a specified limit to the total subscription. They do not include issues of capital by private companies
except where particulars are publicly announced. In all cases the figures
are based upon the prices of issue.
The figures follow:
SUMMARY TABLE OF NEW CAPITAL ISSUES* IN UNITED KINGDOM.
(Compiled by the Midland Bank, Limited.)
Year to
Month of
3 Months to
March 31.
March 31.
March.
£69,356,000 £147.016.000 £344,671,000
1920
58,350,000 295,545,000
1921
25,518,000
93,207,000 250,653,000
24,867,000
1922
188,350,000
45,889,000
14,880,000
1923
47,253,000 205,123,000
13,324,000
1924
57,399,000 233,692,000
1925
21,737,000
78,028,000 240,526,000
23,902,000
1926
82,946,000 258,183,000
34,714,000
1927
*Excluding British Government loans raised directly for national purposes.
NEW CAPITAL ISSUES* IN THE UNITED KINGDOM Br' MONTHS.
(Compiled by the Midland Bank Limited.)
1927.
1926.
1924.
1925.
£11,540,267 £20,093,869 £28,367,583 £26,331,980
January
21,898,747
25,758,587
22,388,347
15,567,790
February
34,714,108
23,901,911
13,324,119
21,737,104
March
3 months
April
May
June
July
August
September
October
November
December
£47,252,733
£67,398,753
£78,028,081
£4,804,810
34,836,124
19,321,742
21,352,241
3,648,962
7,902,393
36,958,810
21,401,369
28,066,748
£9,555,423
33,748,426
23,651,580
16,536,272
1,564,436
2,533,777
21,081,195
29,424,783
24,401,985
£13,497,682
10.887,531
29,222,434
26,728,861
1,479,507
15,925,930
29,221,949
28,111,190
20,163,249
£32,944,835
£223,545,932 £219,896,630 £253,266,414
Year
*Excluding British Government loans raised directly for national purposes.
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES* IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited.]
India and Other British Foreign
United
Countries. Countries.
Total.
Ceylon.
Kingdom.
14,266,000
1925-January
February........ 11,202,000
16,031,000
March
500,000
75,000
1,233,000
963,000
1,817,000
3,103,000
4,365,000 20,094.000
2,474,000 15,568,000
1,370,000 21,737,000
41,499,000
1,808,000
5,883,000
8,209.000 57,399,000
3 months
1925-April
May
June
July
August
September._
October
November
December_
Year
1926-January
February
March
3 months
1926-April
May
June
July
August
September
October
November
December
Year
1927-January
February
March
6.004,000
15,870,000
21,775,000
8,775,000
828,000
1,739,000
11,043,000
12,296,000
12,270,000
132,099,000
9,474,000
22,307,000
12,336,000
44,117,000
6,495,000
4,281,000
13,530,000
15,943,000
840,000
8,665,000
13,882,000 •
18,719,000
14,390.000
140,862,000
10,317,000
15,430,000
27,738,000
836,000 1,121,000
297,000 16,701,000
1,342,090
5,000
123,000 6,900,000
657,000
379,000
125,000 3,676,000
176,000 13,222.000
57,000 4,097,000
1,595,000
880,000
529,000
738,000
80,000
416,000
6,237,000
3,732,000
7,978,000
9,556,000
33,748,000
23,651,000
16,536,000
1.565,000
2,534,000
21,081,000
29,425,000
24,402,000
3,426,000 53,978,000 30,394,000 219,897,000
8,888,000
1,258,000
5,037,000
44,000
53,000
9,961,000 28,367,000
2,141,000 25,759,000
6,529,000 23.902,000
97.000 15,183,000 18,631,000 78,028,000
201,000 5,613,000 13,497,000
47,000 10,888,000
6,160,000
9,684,000 5,735,000 29,223,000
7,860,000 2,835,000 26,729,000
143,000
455,000
1,479,000
4,093,000 3,168,000 16,926,000
2,014,000 13,211,000 29,222,000
3,209,000 5,992,000 28,111,000
1,402,000 4,307,000 20,163,000
1,188,000
274,000
91,000
41,000
115,000
191,000
64,000
2,061,000 49,949,000 60,394,000 253,266,000
343,000
13,000
11,876,000
3,943,000
1,248,000
4,139,000 26,332,000
2,183,000 21,899,000
5,715,000 34,714,000
3 months
53,485,000
356,000 17,067,000 12,037.000 82,945,000
•Excluding British government loans raised directly for national purposes.
Indications of Business Activity
STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, April 22 1927.
Trade in general has continued to be hampered, as it has
been for weeks past, by bad weather, and now great floods
In eight States of the Mississippi Valley, and they caused
President Coolidge to-day to issue a proclamation calling
for aid for 75,000 refugees. He also appointed four Cabinet
officers to co-operate with the Red Cross in its relief work
In the afflicted States, which face a flood disaster of the
first magnitude. A side issue is the overflowing of cotton
lands estimated at 4,500,000 or 5,000,000 acres, or fully 7,500
square miles, with an attendant advance in cotton of half
a cent. There is a fear of serious delay in planting the crop
and of a no less notable decrease in the acreage devoted to
It if the delay should become prolonged. There has been
unusual activity of late at the Cotton Exchange because of
the breaking of levees on the Mississippi River and also on
the rivers of Arkansas. Over most of the West, Southwest
and Northwest it has been too cold and rainy for farm work
in both the grain and the cotton States. Remarkable cloudbursts have occurred in Louisiana, Mississippi and Arkansas, while further north the rains have also been heavy.
The seeding of the spring wheat crop has been delayed at
the Northwest and freezes in the winter wheat belt have
endangered the plant. On Thursday night there were temperatures of 24 to 32 degrees in Texas and Oklahoma, 30 in
Illinois, Indiana and Michigan and 24 in Minnesota. Over
two-thirds of the United States farm work is in arrears.
But, remarkable as it seems, New York on the 20th inst. had
the high record temperature of 88 degrees, and in Boston it
APR. 23 1927.]
THE CHRONICLE
was even up to 90 degrees, followed, it is true, by a sharp
fall all over this section since then. In the East the warm
weather helped both retail and wholesale trade.
The bad weather elsewhere has caused higher prices for
grain as well as cotton. The advance in wheat, however,
has been due in some measure to a continued foreign demand, though latterly, it is true, this has been more for
Canadian than for domestic wheat, much to the disappointment of the trade here. A steady foreign demand prevails
for our American rye, but the transactions are not on a large
scale. It was noticed to-day, however, that there was some
foreign inquiry for American oats. Corn also advanced on
a fear of delayed seeding. Raw sugar is higher, owing to a
better demand from refiners, who are having larger withdrawals of their product, due to the recent warm weather,
the precursor, of course, of a much larger consumption in
the not very distant future. Coffee declined for a time
under some pressure, apparently from Brazilian holders;
and nothing more is said about a proposed loan to be floated
In this country. But, after all, the tendency to oversell the
coffee market is apparent in the fact that final prices today show little change as compared with those of a week
ago, despite the talk about big supplies in Brazil and of
that country's anxiety to sell. Rubber prices have latterly
been steady, but have developed no distinct tendency either
way, though some of the statistics are considered bullish.
Crude petroleum prices have been further reduced, and
gasoline has also declined, the logical effects of over-production, in some directions at least. Steel has sold less
readily without showing much, if any, change in price. Pig
iron has been quiet. Lumber prices have been firmer, with
some curtailment of output. Anthracite coal has been in
better demand. The buying of hardware has been on a
larger scale. Car loadings, it is noticed, are still well ahead
of those of a year ago, despite the soft coal strike, which is
said to involve 200,000 men, and a drop in the output to
8,000,000 tons. Cotton goods have been in fair demand and
not a few of the mills at the South are sold well ahead, in
some cases as far ahead as July and August. But there is
less business in woolen and hosiery goods, and also in furniture. The shoe trade shows less activity. Navigation has
been formally opened at Montreal, whence a number of
grain ships have sailed during the week. Prices of hogs
are at the lowest for a year and a half. Prices of livestock
in general, however, are noticeably higher than those of a
year ago.
The stock market has continued on the whole to rise, with
large transactions. And new high levels for prices of solid
securities are becoming almost a commonplace. The average price of railroad and industrial stocks has reached a
new altitude under the spur of a vigorous demand and
money down to 4%. The reduction in the Bank of England
rate of discount to 4%% has given rise to queries whether
the rediscount rate here may not be reduced in the near
future. The United States Steel "melon" was a
recent
notable event and suggests burious reflections, when
it is
recalled that many years ago the capitalization of
the great
and then new corporation excited wonder and
some criticism as excessive. Time has revealed Mr.
Carnegie's prescience as to the future of the steel industry in this
country.
No practical substitute has been found for it any
more than
there has been for copper or, to leave the metal
field, for
cotton. One regrettable incident of the week was
a recrudescence of the financial crisis in Japan. It has had
to be
met by the declaration by the Japanese
Government of a
moratorium for twenty-one days. This may give
the .requisite breathing spell, go far to relieve the tension
and restore confidence, usually the one thing needful
in such
emergencies. To-day there was a rally for a time
in yen
exchange on this announcement, though Japanese
bonds
are not unnaturally lower for the time being. They
rallied
from the low price of this morning, however. London
took
the Japanese crisis more seriously than did New York,
though quotations of British railroad stocks moved
up
later. The tendency of money rates seems, for the
time
at least, to be downward on both sides of the water. The
rise in Italian lire here to the highest price in five
years
has been a feature of the week. American bonds have been
in good demand and the most desirable issues have
been
distinctly firm. This in a sense is the underpinning of
the
stock market. Of course, it shows confidence in the state
American
trade. The Chinese situation still reveals a
of
chaotic condition of affairs in the old Kingdom. The United
States Government, there is no doubt whatever, will unite
2355
with the other leading Powers of the world to protect their
nationals so. that there will be no repetition of the outrages
at Nanking for which reparations must and will be exacted.
China must learn that if it desires to take its place in the
family of civilized nations it must comport itself like a
civilized nation. That means that all factions must so act
as to command the respect of the civilized world, or they
will be brought to a stern account.
The New Hampshire State Legislature on the 15th passed
a bill which will give cities and towns the privilege of exempting local industries from any or all taxation. A two-thirds
vote is required to exempt such industries in towns and a
majority vote in cities. Some of them have been mulcting
the mills to the point, it seems, where the mills have given
the politicians plain notice that the thing has gone too far.
There are other places where mills can locate. The South
does not seem to pluck them as they have, it is said, been
plucked at the North. Spartanburg, S.C.,wired that many
of the good number of the cotton mills of that section which
embraces Spartanburg, Greenville, Anderson, Union, Cherokee and Laurens.counties, where the greatest spindleage of
the State is located, have sold their output as far ahead as
July and August. For the first time in a number of years
curtailment,it is believed, will not have to be adopted by the
mills of Piedmont, Carolina, during the summer. Last year
at this time the curtailment schedule was already in effect
in a number of mills of that territory, and as summer advanced, more mills went on part time. An effort is being
made in South Carolina to induce 5 mills at Lewiston, Me.,to
move to that State. Montgomery, Ala., advices say that
most domestic mills, especially in the South, are requesting
shippers to hold up on contracts, as they have not enough
room to store the cotton. Georgia wires said that cotton
mills in Clarke County were running full time, with many
operating day and night, and have their product sold for
several months in advance.
It is said that 10,000,000 second hand burlap bags have
been bought for use on the Mississippi levees and that the
supply of all light weights has been exhausted. Heavy
weights are scarce and at a premium. This means destruction after use and takes fully 20,000,000 yards of the supply
of burlap.
Paris reports that the 15% reduction in wages scheduled
by the employers' federation to go into effect Saturday
and because of which 20,000 textile workers in the Roanne
district decided to strike, was postponed, it was reported,
until April 25. Meanwhile efforts to negotiate an avoidance
of a general walkout were continued by the manufacturers.
Paris cabled later that the labor situation in the Roanne
textile industry had become deadlocked with the workers
refusing to accept more than a 3% reduction in wages and
the employers wanting a cut of 12%. In Germany cotton
spinners are sold ahead for several months and many spinners
have orders that extend throughout the summer. In Spain
after, prolonged depression conditions are reported favorable
in the cotton industry. Home demand is good, with mills
working about 70% of capacity. In France the cotton
mills are having a fair business. All records for Easter
season business were broken, it is said, by the F. W. Woolworth Co.with sales of $6,660,547 in the week ended April 15.
Sales by the company up to Easter indicate April sales of
$22,000,000, which would mean a gain of more than $3,000,000 over the April business last year.
The temperature here on the 20th inst. was 88 degrees, the
highest on record for that date. In Boston and Portland,Me.
it was 90, in Philadelphia 88, in Chicago 46, in Cincinnati
66,in Cleveland 50,in Milwaukee 48,in Quebec at Montreal
76, in Winnipeg 30, in Omaha 44, and in Minneapolis 46.
It was warmer in this latitude than at New Orleans, where
it was not above 82 and in Galveston, where it was 80.
On the 19th inst. at New York it was 44 to 60 degrees, at
Chicago 76, Cincinnati and Cleveland 82, Detroit 78,
Helena, 20, Kansas City 66, Los Angeles 62, Milwaukee 76,
Montreal 78, Philadelphia 70,Pittsburgh 82,Portland, Me.,
74, Portland, Ore., 54, St. Paul 60, Washington 80, and
Winnipeg,36. On the 21st it was 42 at Chicago,68 at Cincinnati, and 38 at St. Paul. On the 22d it was 30 to 42 at
Chicago, 34 to 63 at Cincinnati, 34 to 72 at Cleveland, and
30 to 32 at Milwaukee,and 24 to 38 at St. Paul. It has been
cool and varying at the South and West and Northwest.
On the night of the 21st inst. there was a thunderstorm in
New York,and spreading northward and eastward must have
affected the forest fires up the State and on Long Island.
New York's maximum temperature on the 21st inst. was
2356
THE CHRONICLE
68, or 20 degrees lower than on the previous day and the
minimum was • 51. At Portland, Me., the temperature
dropped from 90 to 56. Here to-day it has rained off and
on all day and it is raining to-night. The maximum temperature was 60 degrees, but the forecast is for colder
weather.
Most serious floods menaced sections of Arkansas; the
Arkansas, White and St. Francis rivers have broken through
in a dozen places. At Fort Smith, Ark., the Arkansas River
registered new rises and the official prediction said new floods
would break all records with a stage of 37 to 38 feet. The
Scott levee in Pulaski County, Arkansas, broke under the
pressure of Arkansas River flood waters and the water swept
rapidly over 15,000 acres of some of the State's largest and
richest plantations. The towns of England, Althemier and
Keo are in the path of the flood and the water is expected to
spread for sixty miles south of Keats. The town of Van
Buren is also threatened by a weak levee. Water from the
Arkansas River was spreading over North Little Rock.
The most serious situation on the Mississippi River north of
Vicksburg was reported to be at Knowlton, Ark., just above
Laconia Landing. The Mississippi River is steadily rising
and the crest will not pass until sometime between May 1
and May 15. The main levee broke at several points on
the Mississippi River in the State of Mississippi.
Downward Trend of Wholeiale Prices.
The downward trend of wholesale prices which began in
the late summer and fall of 1926 continued through March,
according to information collected In representative mar•kets by the Bureau of Labor Statistics of the United States
Department of Labor. The Bureau's weighted index number, which includes 404 commodities or price series, registered 145.3 for March, compared with 146.4 for February, a
decline of % of 1%. Compared with March 1926, with an
indek number of 151.5, there was a decrease of a little over
4%. The Bureau's advices, issued April 16, add:
In all groups of commodities included in the comparison, except Metals
and miscellaneous commodities, there were decreases in the price level
ranging from less than 1-10 of 1% in the case of housefurnishing goods to
5% in the case of fuels. Metals and metal products averaged slightly
higher than in February, while a smaller increase was shown for the group
designated as miscellaneous.
Of the 404 commodities or price series for which comparable information
for February and March was collected, increases were shown in 83 instances
and decreases in 135 instances. In 186 instances no change in price was
reported.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1913 EQUALS 100.0)
1926. -----1927
March. February. March.
Groups and Sub-Groups136.6
144.0
136.9
Farm products
139.9
136.7
152.2
Grains
1422
138.8
133.9
Livestock and poultry
129.5
132.0
148.4
Other farm products
147.1
148.2
151.4
Foods
148.8
152.3
149.9
Meats
157.3
158.9
148.0
Butter, cheese and milk
142.3
145.5
154.2
Other foods
168.4
168.7
180.5
Clothing materials
184.4
184.3
186.1
Boots and shoes
147.3
167.2
146.3
Cotton goods
189.8
190.1
201.0
Woolen and worsted goods
143.1
162.1
148.2
Silk, ,fze
168.3
175.1
177.1
Fuels
221.5
226.8
232.0
Anthracite coal
206.0
209.0
200.4
Bituminous coal
131.7
146.2
145.8
Other fuels
122.8
122.2
127.7
Metals and metal products
132.0
131.9
136.2
steel
and
Iron
102.4
100.7
108.9
Nonferrous metals
166.8
187.9
175.5
Building materials
179.0
180.1
189.4
Lumber
207.5
207.9
205.6
Brick
125.8
129.1
129.1
Structural steel
154.5
155.2
162.9
Other building materials
120.7
122.0
131.6
Chemicals and drugs
113.7
115.5
118.3
Chemicals
106.4
105.8
114.7
Fertilizer materials
151.7
153.4
182.0
Drugs and pharmaceuticals
157.4
157.5
163.9
Housefurnishing goods
137.6
137.6
143.5
Furniture
222.2
222.6
230.5
Furnishings
118.6
118.5
128.3
Miscellaneous
131.6
138.0
112.8
Cattle feed
137.4
138.7
140.1
Leather
154.8
154.8
180.3
Paper and pulp
100.2
99.2
111.9
Other miscellaneous
145.3
146.4
151.5
All commodities
[vol.. 124.
pork chops and butter, 2%; round steak and hens, 1%, and sirloin steak,
chuck roast, wheat cereal and tea, less than 5-10 of 1%. The following 12
articles showed no change: Rib roast, plate beef, fresh milk, evaporated
milk, vegetable lard substitute, bread, corn meal, rolled oats, macaroni, rice,
canned tomatoes and prunes.
Changes in Retail Prices of Food by Cities.
During the month from Feb. 15 1927 to Mar. 15 1927 the average cost of
food decreased in 60 of the 51 cities as follows: Buffalo, Milwaukee and
Scranton, 3%; Baltimore, Boston, Butte, Charleston, S. C., Chicago, Cleveland, Detroit, Fall River, Houston, Indianapolis, Jacksonville, Kansas City,
Manchester, Memphis, Minneapolis, Newark, Norfolk, Peoria, Philadelphia,
Pittsburgh, Portland, Me., Portland, Ore., Richmond, Rochester and Springfield III., 2%; Atlanta, Birmingham, Bridgeport, Cincinnati, Columbus,
Dallas, Denver, Little Rock, Los Angeles, Louisville, New Haven, New York,
Omaha, Providence, St. Louis, St. Paul, San Francisco, Savannah, Seattle
and Washington 1%, and Mobile and Salt Lake City less than 5-10 of 1%.
In New Orleans there was no change in the month.
For the year period Mar. 15 1926 to Mar. 15 1927 all cities showed
decreases: Buffalo, Jacksonville and Minneapolis, 7%; Detroit, Kansas
City and Memphis, 6%; Baltimore, Charleston, S. O., Cleveland, Fall
River, Indianapolis, Milwaukee, Omaha, Providence, Richmond, Rochester
; Birmingham, Boston, Bridgeport, Chicago, Cincinnati,
and St. Paul,
Columbus, Manchester, New Haven, New York, Portland, Me., St. Louis,
Savannah, Scranton and Washington. 4%; Atlanta, Denter, Houston, Little
Rock, Louisville, Mobile, Newark, Norfolk, Peoria, Philadelphia, Pittsburgh,
; Dallas and Portland, Ore., 2%, and Butte,
Seattle and Springfield, Ill.,
Los Angeles, New Orleans, Salt Lake City and San Francisco, 1%.
As compared with the average cost in the year 1913, food on March 15
1927 was 65% higher in Chicago, 60% in Birmingham, Detroit, Richmond
and Washington; 59% in Baltimore and Scranton; 67% in Atlanta, Buffalo,
Charleston, S. C., New York, Philadelphia, Pittsburgh and St. Louis; 55%
in Cincinnati, New Haven and New Orleans; 54% in Boston; 63% in
Cleveland, Milwaukee and Providence; 52% in Omaha; 51% in Dallas and
Fall River; 50% in Kansas City, Manchester, Minneapolis and San Francisco ; 49% in Jacksonville and Louisville; 47% in Indianapolis, Little
Rock and Newark; 43% in Memphis and Seattle; 42% in Los Angeles;
39% in Denver 37% in Portland, Ore., and 32% in Salt Lake City. Prices
were not obtained in Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, Savannah and Springfield,
Ill., in 1913, hence no comparison for the 14-year period.can be given for
these cities.
National Bank of Commerce in New York on Downward
Tendency of Wholesale Prices.
In issuing on April 21 its wholesale price index the
National Bank of Commerce in New York states that the
tendency of prices to move to lower levels is still in evidence
although price movements in the major commodity markets
have been within a narrow range in the past month. At
87.1, the price index of the bank as of mid-April shows a decline of 1.9% since mid-March when the index figure was
88.8. A year ago the index stood at 96.3. Continuing the
Bank says:
Of the twenty-three prices used in this index,seven were higher this month
than last, four were unchanged and twelve moved downward. The nonferrous metal group as a whole declined in contrast to its advance last month
In the face of a generally downward price trend. Foodstuffs included in the
Index were mostly lower, cattle providing a marked exception.
Changes in other quotations showed no very definite trend. Steel,
coal and petroleum were unchanged; in the textile group cotton and burlap
moved up and silk and wool declined. As a rule price movements throughout the list were small. While the general trend was unmistakably downward, none of the commodities included suffered such a sharp decline as
occurred in some instances last month.
Kardex Institute Finds Business Trend Steadier.
"The present trend is steadier," according to Kardex
Institute. The General Business Conditions bulletin .of
April 22 states:
"The latent resources of America have apparently met the challenge of
the economic situation. Intense efforts to widen distribution have kept
the industrial mechanism in operation with payrolls only slightly lower
than those of a year ago. Employment increases are shown in textile mills,
shoe factories and in the petroleum industry. Steel operations are encouraging, and the boost in building contracts, together with a general pickup in
automobile business, renews public confidence and enlivens competition.
"Management enters the second quarter alert to the necessity for consistent control and intent on watching company policies to increase net earnings.
Minor readjustments are inevitable, but problems are being met with
intelligent foresight. Neverheless, commercial failures have been numerous
and liabilities heavy. But the present trend is steadier and the volume
of commercial loans is increasing.
"The agricultural situation is spotty, with staunch fields of winterwheat
on one hand and many acres of flooded cotton plantations on the other.
Livestock raisers and dairy farmers are prospering.
"Bank clearings have been exceptionally heavy due partially to the payment of income taxes. Many new high levels have been reached in recent
stock market activities.
"A favorable trade balance of 5157,786,000 is reported for the first three
months of the year, March exports exceeding imports by $33,000,000."
Decrease in Retail Food Prices.
The retail food index issued by the Bureau of Labor Sta- Colonel Ayres, of Cleveland Trust Co., Finds Business
for
tistics of the United States Department of Labor shows
During First Quarter of 1927 on High Level.
2% since Feb. 15 1927;
1
March 15 1927, a decrease of nearly 1/
an
a decrease of more than 3%% since March 15 1926, and
Index
The
1923.
15
March
since
increase of less than 59%
in
number (1913=100.0) was 159.9 in March 1926; 156.0
surBureau's
The
1927.
March
in
153.8
February 1927, and
vey for the month, issued April 18, also says:
articles on
During the month from Feb. 15 1927 to Mar. 15 1927, 19
eggs,
which monthly prices were secured decreased as follows: Strictly fresh
; canned salmon, oleomargarine,
20%; potatoes, 3%; flour and bananas,
peas,
cheese, lard, cornflakes, navy beans, baked beans, canned corn, canned
5-10
sugar, coffee and raisins, 1%, and bacon, ham and oranges, less than
lamb,
4%;
3%
onions,
of 1%. Eleven articles increased: Cabbage, 6%;
•
Colonel Leonard P. Ayres, Vice-President of the Cleveland Trust Co., of Cleveland, Ohio, finds the condition of
general business during the first quarter of 1927 "about as
good as it was in the first quarter of 1926, and this means,"
he adds, "that it has been on a distinctly high level."
Colonel Ayres, in the company's "Business Bulletin," dated
April 15, further reviews conditions as follows:
Industrial production, reduced to a per capita basis, has been at almost
the same level so far this year as it was in the opening months of last year.
The goods produced have been moving steadily from producers to consumers,
as is indicated by the fact that car loadings on the railroads have been
APR. 231927.]
THE CHRONICLE
rather higher than they were in 1926. The figures for bank debits have
been higher this year than they were a year ago, and this tends to indicate
that goods and services have been paid for about as promptly in 1927 as
they were in the first quarter of 1926.
A brief summary of the comparisons of general business conditions so far
this year with those of the corresponding months of 1926 may be made in
the Statement that industrial production has gone forward in about equal
volume, commodity prices have been generally lower, credit conditions have
been even easier, security prices have been higher, and business competition
has been more severe, as is indicated by an increase in ccanmercial failures.
In considering these statements it should be remembered that the basis of
comparison is a hard one, for the first quarter of 1926 was a period of exceptional industrial activity and general business prosperity.
It now seems likely that it will be possible nine months from now to
make comparisons between business conditions covering the entire years of
1927 and 1926 that will not be very different from those that we can now
make between the two first quarters. In some important respects the outlook now is less favorable than it was one year ago. At that time the agricultural situation was not good, but now it is still worse. A year ago the
volume of new building construction was still vigorously rising, but now it
appears rather definitely to be past its peak and slowly declining. Last
spring the output of new automobiles was at high levels, while the current
production is distinctly less.
Despite these important differences in favor of last year over this year
the.preponderance of probability seems to be against any important decline
in general business activity during 1927. The basis for this conclusion is
to be found in the probability that during the rest of this year the business
situation will continue to be characterized by the combination of high wage
rates, gradually declining or stabilized commodity prices, and easy credit
conditions that have been foremost among the controlling fundamentals of
trade and industry during the past two years. The high level of wages
creates great purchasing power among industrial workers and on the part
of most of the general population. The stability of prices discourages commodity speculation, and makes for close adjustment between the production
of goods and the demand for them. The abundance of credit facilitates
business activity and enterprise.
Under these conditions any slowing down in production promptly runs
into demands for goods, with the result that output quickly responds to
meet the demands. The general result is a continuation of a high level of
national income, but under conditions which produce disconcertingly keen
business competition. The rewards of business are large in the aggregate,
but they are reaped by those who capture them by the efficiency and economy of their operations in markets which are dominated by the buyers rather
than by the sellers.
The security markets reflect this general business situation. Bond
prices are still advancing under the influence of low interest rates, generally good conditions of corporate finances, and a steady shrinkage of
available real estate mortgages. Stock price movements are selectively
active, with the market quotations for the shares of the best entrenched and
most efficient companies still advancing, while those of many less fortunate companies are moving sideways or slowly declining. For the first
time in five years the month of March has come to a close without a major
decline in the stock market.
Canadian Life Insurance Sales in March Exceed Those
of Same Month Last Year.
Canadian purchases of ordinary life insurance during the
month of March are 6% ahead of the corresponding period of
last year, according to figures just issued by the Life Insurance
Sales Research Bureau of Hartford, Connecticut. Companies having in force 84% of the total outstanding business
in Canada paid for $42,883,000 of new business this month.
This represents an increase of 82,400,000 over last March,
says the Bureau, which adds:
All the provinces in the Dominion, with the exception of British Columbia,
show improved conditions. New Brunswick leads with a 21% increase.
Saskatchewan and Prince Edward Island follow closely, each showing a
20% gain. The sales in the first three months of this year are 6% higher
than in the same period of 1926. The highest gain of19% is in Nc va Scotia
followed by Prince Edward Island with a 13% increase. Figures for
reporting cities show substantial gains for the first three months of this year.
Ottawa leads ix th the monthly and year-to-date Increases by a wide margin.
The average increase in Canada as a whole in the twelve months ended
March 31 1927 aver the preceding twelve months is 9%. Every province
vriththe exception ofManitoba showsa gain ofat least4%. Sales in Quebec
and Saskatchewan increased 16% in the twelve-month period.
A Billion and a Half Spent in United States for New
Building During First Quarter of 1927, According
to Indiana Limestone Co.
America has spent a billion and a half dollars for new
building during the first quarter of the year, according to a
nation-wide survey by the Indiana Limestone Co. "Spring
building has begun.under favorable conditions," says Thomas
J. Vernia, Vice-President, under date of April 8, "and the
signs that serve as guides of future building point to another
year of large volume." Continuing, he says:
While the aggregate totals for the year to date are behind those of 1926,
recent activity has narrowed the margin considerably, March figures showing an appreciable increase over the same month last year. The mid-West
is setting the pace for the country. A program aggregating two and a
quarter billion dollars to carry out building programs in eight States is
planned this year. Chicago, the hub of this activity, is chalking up records
far in excess of any previous year. A daily rate of a million and a quarter dollars is being registered by this city. Residential structures account
for about 70% of the figure, this vast volume being due largely to the
drift from city to suburb.
In the East, residential and commercial construction are showing the
greatest activity. But .there is a general increase in all classes of construction in that section. Building activity in the New England States is maintaining a balanced increase, commercial and residential building producing
greatest totals. In the Southeast and Southwest, a decided improvement
has been noted. The Northwest, with the exception of the Minneapolis
district, has shown a marked improvement. In Portland, Ore., a large
program is under way.
2357
Residential building in the latter part of March has surpassed for the
first time this year the volume for the same period last year. This type of
building is gaining over all others. Public works and utilities are several
millions behind the total of last year, but these totals should be enlarged
in the very near future. Commercial and educational buildings to date
have steadily climbed ahead of last year's totals. In point of valuation of
building permits, New York leads, with Chicago, Detroit, Los Angeles,
Philadelphia, Boston, San Francisco, Cleveland, Baltimore, Milwaukee, St.
Louis, Indianapolis, Pittsburgh, New Orleans, Kansas City, Seattle, Buffalo,
Atlanta, Minneapolis, Dallas following in order named.
In the Bedford-Bloomington quarry district, steam shovels are clearing
away the top soil preparatory to the large output of stone needed this year.
Demands incident to large projects requiring thousands of cubic feet are
numerous. It has been estimated ten years of construction activity like
that of the past two would be required to modernize America. Changes in
the distribution of wealth, increased purchasing power of the average citizen and a higher plane of living, together with obsolescence of buildings,
are important factors. This added to new building requirements to take
care of population growth, will keep the construction industry active for
some time to come.
Continued Decline in Rents in United States During
Past Year.
Rents on the average for the United States have continued
to decline during the past year, but at a slower rate than
during the previous year, according to the National Industrial Conference Board, 247 Park Avenue, New York. Average rents in February of the current year were 2.8% lower
than in February 1926, while the decrease from February
1925 to February 1926 had been 3.3%. Average rents for
the country as a whole are now nearly 8% lower than they
were at their peak, which was reached in 1924. These figures are based on data collected in 181 cities in all sections
of the United States, including cities both large and small,
and apply to houses and apartments such as are occupied by
families of moderate incomes. The Board's further statement in the matter, dated April 11, says:
Of the 181 cities reporting to the Conference Board, 94 experienced no
appreciable change during the year ending last February, 65 showed decreases and only 22 in all experienced rent increases. Rents seem to be
most stable in the East, where 33 out of the 62 cities reporting indicated
no change; 24 cities reported lower rents, and only 5 cities higher rents
than a year 'ago. Of the 69 cities covered in the Middle West, 35 cities reported no change, while rents were lower in 27 cities and only 7 localities
experienced increased rents. There were proportionately more increases in
rents in the Far West and in the South. Rents were higher in 4 cities out
of the 24 reporting in the Far West, and higher rents than a year ago were
also quoted in 6 out of the 27 Southern cities covered.
Of the 25 largest cities in the country, rents were reported as stable in
Baltimore, Buffalo, New York, Philadelphia, St. Louis, San Francisco, Denver, Portland (Ore.), Rattle, Newark (N. J.), and Cincinnati, showing
practically no change from the previous year. Rents on the average were
lower in Chicago, Cleveland, Detroit, Los Angeles, Pittsburgh, Minneapolis,
Milwaukee, Washington (D. (1), Indianapolis and Jersey City than they
had been the year before; New Orleans, Rochester (N. Y.), Boston and
Kansas City (Mo.) reported increases.
Of these larger cities, Philadelphia still shows the highest increase in
rentals as compared with pre-war or 1914 figures. The average rent increase in Philadelphia as of February was about 115% over 1914, as compared with an 85% increase over 1914 in New York, 75% in Baltimore, 85%
in St. Louis and 45% in San Francisco. In Detroit, Pittsburgh and Jersey
City the average rent level is still more than 100% higher than they were
before the war.
Large cities showing relatively small increases over their 1914 level are
Seattle, where rents average about 35% higher; Minneapolis, with increases
ranging from 21 to 30% higher, and Indianapolis, where rents are approximately 25% higher than they were in 1914.
In Nashville, Tenn., rents are practically the same as they were before the
war. Below are given cities where rents are either much above or below
the present average level:
Rents below the 1914 level prevailed in:
Billings, Mont. (between 21 and 30% below 1914).
Butte, Mont.(between 31 to 40% below 1914).
Miles City, Mont. (less than 20% below 1914)•
Wichita, Kan. (less than 10% below 1914),
Bay City, Mich. (less than 10% below 1914).
Davenport, Iowa (less than 20% below 1914).
Alliance, Ohio (less than 10% below 1914).
Roanoke, Va. (between 21 and 30% below 1914).
Rents in the following cities have increased less than .20% above the
1914 level:
Duluth, Minn.; Fort Wayne, Ind.; Lincoln, Neb.; Tulsa, Okla.; Springfield, Ohio.
Fort Worth, Tex.; Superior, Wis.; Lansing, Mich.; Houston, Tex.; Portsmouth, Va.:
El Paso, Tex.; Mobile, Ala.; Peoria, Kan.
Rents higher than the present average for the country as a whole prevailed in:
Johnstown, Pa. (between 151 and 160% above 1914).
Kenosha. Wis. (between 161 and 170% above 1914).
Louisville, Ky. (between 131 and 140% above 1914).
Camden, N..1. (between 131 and 140% above 1914).
Ann Arbor, Mich.(more than 200% higher than 1914).
Tampa, Fla. (between 151 and 160% above 101,4).
Grand Rapids, Mich. (between 141 and 150% above 1914).
Evansville, Ind. (between 141 and 150% above I914)•
In Great Falls, Mont., rentals within the past few months have increased
from between 11 and 20% above the 1914 level to between 41 and 50%
above the pre-war figures.
Industrial Conditions in IllinoisT-During March—
Falling Off in Employment as Result of Decline
in Factory Operations.
Reviewing the industrial situation in Illinois during
March, the Bureau of Industrial Accident and Labor Research of the Illinois Department of Labor, has the following to say under date of April 18:
Illinois manufacturers reported that they dismissed 0.3% of their workers as a result of the unusually early spring decline in factory operations.
2358
THE CHRONICLE
Five of the nine major manufacturing industries reported fewer employees
than a month ago. Decreases in the number of workers were greatest in
the metal and meat packing industries. Although this recession is more
general than it has been during any March since 1922, there are no indications that it is of greater significance than the seasonal decline in 1925,
which also began this month. It is to be noted, however, that fewer workers are now employed in Illinois factories than during the corresponding
month in the last five years. With the single exception of February, industrial employment has steadily receded since October.
Reports from the free employment offices affirm this general scarcity of
jobs. Over 174 workers applied for every 100 jobs offered. While this
shows an improvement over February, the competition for jobs is more
severe than in any March since 1921. More workers registered in the 13
offices throughout the State than in any corresponding period since 1923.
The number of jobs offered through the offices is less than a year ago,
although no general downward trend is discernible.
Decreases in the working forces of Chicago manufacturers is largely
responsible for the downward trend in Illinois factory employment. In
ten of the fourteen leading industrial centres, increases are reported over
the previous month. Aurora, Joliet and Bloomington were the only downState centres to report decreases.
The cessation of coal mining activities due to the strike will undoubtedly
contribute thousands of available workers to the labor market. According
to union authorities, approximately 75,000 miners are now unemployed. Wage
agreements between operators and miners' unions make it possible for several hundred miners to continue working.
The general increase in building activity which continues throughout
Illinois, will probably absorb many workers, but it is to be noted that the
labor supply is already in excess of the demand. During March 7.9% more
employees were added to the pa3,rolls of building contractors. That the
present activity is likely to continue is indicated by building permits
Issued during March giving estimated cost in the thirteen principal cites
of Illnois at $53,696,837. This is an increase of more than $15,000,000
over the preceding month and a gain of a little more than $14,000,000 over
the corresponding month of last year.
In response to this heightened building activity, employment in establishments manufacturing building materials has increased 5.2%. Brick and
tile manufacturers showed the greatest gain, with an addition of 8.1% more
workers. Employment in this industry is 2.8% above that of a year ago.
One-tenth per cent fewer workers are reported by metal manufacturers.
Six of the twelve industries show reductions. The greatest decline is reported by manufacturers of railroad equipment, although the largest numbers of workers were laid off by factories manufacturing electrical products.
The most significant payroll additions are noted in foundries and in automobile manufacturing establishments.
Employment in the wood products group rose 0.1% as a result of additions on the part of saw-mill operators and box manufacturers. Two and
five-tenths per cent fewer workers are employed in furniture factories and
a decrease of 4.2% is recorded in .piano manufacturing establishments.
Three and eight-tenths per cent fewer workers are employed in the fur
and leather goods industries as a result of the usual spring curtailment by
boot and shoe manufacturers. Slight declines are reported by leather and
glove establishments. The only additions are in the fur and fur products
group.
The chemical industry shows no change from a year ago. The addition
of 7% more workers in the paint industry counterbalanced slight reductions of workers in other chemical groups, with the result that 4-10 of 1%
more workers are engaged in the manufacture of chemical products than a
month ago.
Spring-time recessions are reported in the paper and printing industries.
The addition of 3.9% workers by book binderies and an increase of 2.1%
workers on the part of newspaper publishers are the only exceptions to the
decline 1.8% fewer printers have jobs than a month ago, although more
of them are working than in March 1926.
For the third successive month textile and manufacturers report an
Increase in the number of employees. The increase is a general one, ranging
from 0.6% by canvas manufacturers to 3.6% by establishments manufacturing woolen and cotton goods.
Seasonal declines on the part of men's clothing manufacturers are checked
by considerable gains among firms making women's clothing, so that the
decrease is less than usual for this season. Comparison with a year ago
shows that 5.6% fewer clothing workers are employed than was the case
a year ago.
A reduction of 4.3% in the working forces of meat packing establishments
Is the factor chiefly responsible for the 1.8% decline in the food products
group. Eight of the eleven food industries report gains. Comparison with
March 1926 shows that 0.9% more workers are engaged in the manufacture
of food products.
Trade began its customary spring decline with a drop of 1.6% in employment, retail clothing firms excepted. Mail order houses report that they
now have 14% fewer workers than they had a year ago.
Public utilities added 0.1% workers since February. With the exception of railroad repair shops increases appear over February of this year
and over March of a year ago. Lay-off in the shops have brought the
volume of employment 13.3% below that of March 1926.
While building employment is 17.1% below that of a year ago, a continuation of the rapid strides made in the last month will soon equalize
the difference between the two years. Road builders hired 44.2% more
workers and building contractors added 7.9% more employees to their payrolls than they had a month ago.
The following is the analysis by cities:
Aurora.-Aurora reflects the general condition with a slight decline in
employment. The decrease in number of workers on payrolls is the fourth
In as many months. Metal manufacturers contributed most heavily to the
1.8% decline, and with two exceptions their reports indicate that their
working forces have been reduced. Textile and clothing concerns made
slight increases. Reports from the free employment office indicate that
workers are not finding it difficult to find jobs, however. The expansion
of the building industry together with the demand for spring workers on the
part of farmers has not only absorbed those factory workers who lost their
jobs this month, but reduced the ratio of applicants for each 100 jobs from
204 in February to 160 during the last month. This contrasts with 140
for March of last year. Permits for new buildings are given at the estimated cost of $273,882-an increase of $134,917 over last month. Comparison with figures for a year ago indicate a decrease of $275,528 in the
estimated cost of buildings to be constructed.
Bloomington.-Reports from 11 Bloomington manufacturers indicate a
decline of 1.0% in the number of factory employees. The decline is largely
attributable to a general ,recession among metal products manufacturers
whose payrolls have been reduced in comparison with a month ago. Food
manufacturers also report that they have fewer workers than they had during February. The early spring season has enabled farmers to give jobs to
many of those who are unemployed, so that the net result has been that
[VOL. 124.
there are fewer job seekers per hundred jobs offered than a month ago.
The March ratio of applicants per hundred jobs is 123, in comparison with
143 in February. This ratio compares with 150 for the same month a year
ago. .Building permits indicated a considerable increase of activity among
builders. The estimated cost of buildings to be constructed is $64,500, in
comparison with $23,500 for a month ago. These figures are to be compared with $91,500 for March 1928.
Chicago.-There were 0.5% fewer factory workers employed in Chicago
during March than in February. The metal industries and the meat packers reported the greatest reductions, although men's clothing manufacturers
and printing establishments contributed to the general decline. Additions
in the iron foundries and in establishments manufacturing women's clothing
are the most significant exceptions to the general reduction throughout
Chicago industry. The free employment offices report that 212 job seekers
applied for every 100 jobs offered to them, in comparison with 264 in
February. There are 1,872 more applications and 1,863 more jobs than in
the previous month. Comparison with the corresponding period in previous
years indicates that competition for jobs is more severe than it has been in
any March during the last four years. The number of jobs offered through
the free employment offices shows no tendency to increase, while the number of registrations is greater than any comparative period since 1923.
Building operations continue to expand. Permits issued during March
estimate the cost of buildings to be constructed at $49,336,290, or a gain
of $13,049,136 over the preceding month. Permits for $35,866,475 worth
of building construction were issued during March a year ago.
Cicero.-Reports from Cicero manufacturers indicate that the downward
trend in Cicero factory employment has been broken with a sharp increase
of 8.4%. Heightened activity on the part of ferrous metal products manufacturers is largely responsible. Of the seven firms reporting only one
showed a decrease in the number of employees. The general improvement
is affirmed- by reports from, the Cicero free employment office, which reported a ratio of 200 applicants per 100 jobs, in contrast with 213 for a
month ago. It will be noted that the competition for jobs is still more
severe than a year ago, when only 145 applicants registered for every 100
jobs offered. Permits for the construction of buildings indicate that building activity is increasing. The estimated cost of buildings to be constructed is $488,972, a gain of 74.8% over February and only 4.1% behind March of a year ago.
Danville.-Reports from 17 Danville manufacturers indicate that the upward employment trend which began in February has continued during
March. They report a 5.4% increase over the preceding month. All reporting metal manufacturers show increases ranging from 1 to 100 workers.
The free employment office reports some recession on the part of nonreporting iron manufacturers. Establishments engaged in the manufacture
of wood products follOwed metals with an increase. Clothing manufacturers
indicated that their payrolls had remained unchanged. The free employment office reports some recession on the part of non-reporting iron manufacturers. Establishments engaged in the manufacture of wood products
followed metals with an increase. Clothing manufacturers indicated that
their payrolls had remained unchanged. The free employment office reports
reflect heightened activity in its ratio of 153.4 applicants per 100 jobs
offered. This ratio compares with 162.9 for last month and 163 for a year
ago. The demand for jobs created by thousands of striking miners who live
within the district served by this office is not yet reflected in these fig- .
ures. Building activity has been stimulated and the estimated cost of buildings to be constructed is $153,200. This compares with $85,000 for February. In March the estimated cost was $65,000.
Decatur.-Employment conditions in Decatur continue the upward trend
which characterized them during the preceding month. Only five of the
23 manufacturers who reported cut the number of workers on their payroll.
In comparing the situation with that of a year ago we may contrast the
present increase over February of 6.9% with the 0.2% for March 1926.
An increase of 90 workers by an establishment manufacturing automobile
accessories, together with general increases by food manufacturers is largely
responsible for the better conditions. As the month closes, several factors
appear of a less favorable nature however. One hundred and eighty railroad workers were taken from the payroll and 350 miners find themselves
unemployed as a result of the strike. A plumber's strike is also threatening. These latter influences apparently are not yet reflected in the employment office ratio of 106 applicants to each 100 jobs, as compared with
194 for February. The ratio for March 1926 was 167. Building permits
for the construction of property whose estimated cost is $613,025 shows a
significant expansion over the previous month, when the estimated cost
was $201,800. These figures may be compared with $476,550 for March
1926.
East St. Lanis.-The volume of employment continued the expansion
which it began two months ago. While 13 of the 22 reporting manufacturers indicated that they have fewer employees than they had a month
ago, significant increases on the part of chemical factories resulted in a
net gain of 0.8%. Among those factories reporting a downward trend,
food manufatcurers show the largest decline. The recession of mining
activities in the country surrounding East St. Louis are expected to contribute many available workers. Possibly this increased demand for jobs
has already asserted itself in the free employment office ratio which reports 140 applicants per 100 jobs in contrast with 134 for a month ago.
This ratio is to be compared with 197 in March 1927. Building figures
showed significant increases over last month. Permits for buildings with
an estimated cost of $1,123,585 were issued during the month. This figure
compares with $742,750 for February and $381,878 for a year ago.
Joliet.-Thirty Joliet manufacturers' reports indicate that the volume of
employment in that city has decreased 0.4%. Reductions of working forces
in the paper and metal industries are largely responsible for the exact
reversal of the trend in March 1926, when employers added 0.4% more
workers to their payrolls. Foundries contributed most heavily to the
decline, although in one instance 100 iron workers were given jobs. The
free employment office ratio indicates that the competition for jobs was
less than it was a month ago. During March 179 workers applied for each
100 jobs, in contrast to 213 applicants a month ago. The present ratio Is
on the same level as it was a year ago. The greater abundance of jobs
during this month is attributable to demands from builders and fanners.
Building permits issued during March indicate that buildings worth $385,600 are to be constructed. This represents an increase of $288,150 over
the preceding month.
Moline.-The volume of manufacturing employment increased by 0.1%
In Moline, according to reports from 20 factory owners. Additions made
by printers and automotive manufacturers are responsible. Foundry operators also contributed by increasing the number of workers on their payroll.
Farm implement factories hired fewer men than they did a month ago.
The estimated valuation of buildings to be constructed is $117,328, or
$74,400 greater than a month ago. This figure is slightly below that of
a year ago.
Peopia.--Employment remained unchanged in Peoria during the past
month. No significant changes were indicated by any of the 82 factory
APR. 23 1927.]
THE CHRONICLE
employment reports. Food manufacturers, together with lumber mills,
made slight additions, but metal products manufacturers reduced the numbers on their payrolls. A ratio of 178 applicants per 100 jobs reflected a
stronger condition than existed a month ago, when two men applied for
every job open. The competition for jobs is also less pressing than it was
a year ago. Approximately 3,000 coal miners live in the vicinity served
by this office, so that a greater demand for jobs is expected in April. Permits for buildings with an estimated cost of $378,390 have been granted.
Last month permits for the construction of $121,935 worth of buildings
were issued. The March figure represents an increase of $115,835 over
the corresponding month of a year ago.
Quincy.-Moer workers to the extent of 4.2% were employed in Quincy
during March than in February. Payroll increases on the part of manufacturers making heating equipment and electrical apparatus were responsible. Forty-seven shoe workers lost their jobs as a result of the seasonal
decline in their industry. Bad weather conditions have retarded the usual
spring demand for road workers and farm hands, although more jobs were
available from all sources than a month ago. The decrease to 173 applicants per 100 jobs from 184 of a month ago, as reported by the free employment office does not do justice to this improved situation because of the
large number of transients who have asked for work in Quincy during the
last month. Building permits indicate an expansion in that industry since
last month. The estimated cost of buildings to be constructed is $96,548,
In comparison with $53,905 for February. A year ago builders estimated
the cost of projects at $142,500.
Rockford.-The addition of 50 men to the payroll of an implement manufacturing establishment and a lesser increase by a foundry was responsible
for the 0.1% increase in industrial employment during March. Furniture
manufacturers and mills indicated very slight changes. There were fewer
clothing workers employed than in the previous month. Rockford continues
to enjoy the distinction of being the only city in Illinois in which the
number of jobs exceeds the number of available workers. According to the
employment office ratio, there were only 97 workers for 100 jobs open.
Comparison with the ratio for February of 95 and 85 in March 1926 indicates that the. available labor supply is increasing. As it stands now, however, farmers are finding it rather difficult to get sufficient help for their
spring work. Two hundred and twenty-live building permits for buildings,
with an estimated cost of $422,243, have been issued. In February $180,250
was the estimated cost of building to be constructed and in March 1926 it
was $310,825.
Rock Island.-4.7% more workers were given jobs this month by nine
Rock Island manufacturers who reported their payrolls. The metal and
textile industries reported the largest increases. Unfavorable weather conditions have retarded the demand for outside workers. A slight change in
the employment office ratio was noted, the ratio for this month being 133.
This level indicates that there is less competition for jobs than there was
a year ago. Building activities have been less favorable than they were a
month ago. The estimated cost of projects is $68,062 for March, in contrast with $97,631 for a month ago; $129,285 was the estimated cost in
March 1926.
Springfield.-The decline in industrial employment which has taken
place during the last two months was checked by an upward trend of 0.4%
in March. This increase is largely attributable to additions made by factories manufacturing electrical equipment, although food manufacturers
are to be credited with some of the increase. While more placements were
made than a month ago or in March 1926, a greater labor supply increased
the free employment ratio from 106 applicants in February to 113 in March.
With a chahge of weather conditions, farmers are expected to create a ready
demand for many of those who are now unemployed. The mining strike
will unquestionably increase the demand for work in this vicinity. And
the recession in the building industry will likewise result in some unemployment. During March, permits for buildings with an estimated cost of
only $245,212 were issued in contrast with $262,630 for the month previous and $530,875 for March a year ago.
Loading of Railroad Revenue Freight Still Runninr
Ahead of Last Year.
Loading of revenue freight for the week ended on April 9
totaled 959,474 cars, according to reports filed on April 19
by the rail carriers with the Car Service Division of the American Railway Association. This was an increase of 30,131
cars above the corresponding week last year and an increase
of 41,074 cars over the same week in 1925.
Compared with the preceding week this year, however,
the total for the week of April 9 was a decrease of 33,271
cars, due principally to a decrease in coal loadings because
of the strike of bituminous miners in the union fields which
began on April 1. Miscellaneous freight loading for the
week of April 9 totaled 380,740, an increase of 40,462 cars
over the corresponding week last year and 23,626 cars above
the same week two years ago. Coal loading totaled 152,876
cars, & decrease of 11,516 cars under the same week in 1926
but 13,869 cars over the corresponding week in 1925. Other
details are as follows:
Five weeks in January
Four weeks in February
Four weeks in March
Week ended April 2
Week ended April 9
Total
2359
1927.
4,524,749
3,823.931
4,016,395
992,745
959,474
1926.
4,428,256
3,677,332
3,877,397
928,303
929,343
1925.
4,456,949
3,623,047
3,702.413
923.400
918.400
14,317,294
13.840,631
13,624.209
Business Conditions in Cleveland Federal Reserve
District-Turn for Better Reported.
Under date of April 1 the Federal Reserve Bank of Cleveland stated that "during the past month business conditions
both in the country and in the Fourth 'Cleveland] District
have undergone a turn for the better which appears to be
somewhat greater than seasonal." The bank adds in part:
One factor in the present upswing, particularly in the Fourth District,
has been the extremely high rate of coal production in anticipation of a
possible strike on April 1. As previously pointed out, this also affects car
loading figures, so that the gain in these two business indicators may be
largely ascribed to a special and unusual situation. Activity in the iron
and steel mills in this district is at a high level, the United States Steel
Corporation being practically at capacity and independents around 90%.
Operations in various other lines are normal, while in still others a dull
situation still prevails. The following survey affords a brief summary of
conditions in various industries in this district:
Iron and Steel.-February pig iron and steel ingot output about equal to
last year; February made a relatively better showing than January as compared with a year ago. Seasonal improvement in March.
Coal.-Activity ahead of last year, owing to storage buying in anticipation of a possible strike. Prices weak.
Tires.-A real improvement over 1926. Stability of crude rubber prices
an important factor.
Automobiles.-Conditions spotty; keen competition; February production
16% less than last year.
Clothing.-Fairly satisfactory.
Shoes.-Some improvement recently. Compares favorably with a year
ago.
Paint-Seasonal gain in March; business in general is good.
Miscellaneous Manufacturing.-Most lines not up to last year, but are
showing seasonal improvement.
Building.-Conditions irregular, but ahead of last year in February for
the district as a whole.
Laraber.-Business is rather dull; demand slow.
Retail Trade.-About equal to a year ago.
Wholesale Trade.-Sales running behind 1926; dry goods weak; drugs
and shoes did well in February.
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District-March Business Below
That of Year Ago.
March business In the Minneapolis Federal Reserve District was in smaller volume than during the same month
last year, according to the prelinlinary summary of agricultural and financial conditions prepared by the Federal
Reserve Bank of Minneapolis and made public under date of
April 18. The bank says:
The money value, as reflected by individual debits at representative
banks was 7% less in March than a year ago; and all of of the 17 reporting cities experienced declines except St. Paul, Billings, Helena, Sioux Falls,
Winona and La Crosse. This is the eighth consecutive month to show a
decline in debits as compared with a year ago. The physical volume of
business, as shown by car loadings, declined. Livestock and grain receipts
at terminals and flour shipments declined, while linseed products shipped
increased.
As compared with February, the volume of business in March, measured
by the debits at banks, increased slightly less than the customary seasonal
amount. Grain receipts at terminals declined, although customarily gains
should be shown during this month. Flour shipments increased, Lut linseed products shipments declined as compared with February.
Prospective business activity based upon building operations, as reflected
in the teal tvaluation of building permits granted at 18 cities in this district, was 14% greater in March than a year ago. As compared with last
month, permit valuation totals increased more than three time the customary seasonal expectancy. Dwellings available for rent in Minneapolis,
according to the number of newspaper advertisements of the same, increased
materially for the third consecutive month, after adjustment is made for
seasonal tendencies.
In the country sections of this district, business actWity has been in
much smaller volume than during last year. Debits reported for our group
of eight wheat belt cities declined 9% in March, 10% in February, and 6%
in January, as compared with the respective months of last year. glports
received from more than 500 retail lumber yards scattered throughout the
district indicate declines of 13% during the first three months of 1927 and
1% during March in their sales of lumber measured in board feet, as compared with last year, and declines in the dollar value of their sales of both
lumber and other commodities of 3% and 6% for the same respective renods. The accounts and notes receivable of these same retail yards were
less than in March of last year, while their cash collections declined
14%. Building permits granted during March in our group of four wheat
belt cities and in our group of six mixed fanning cities, declined substantially as compared with a year ago.
Loading of merchandise and less than carload lot freight for the week
totaled 271,412 cars, an increase of 7,036 cars over the same week last year
and 10,261 cars above the corresponding week two years ago.
Grain and grain products loading totaled 35.766 cars, a decrease of
105
cars under the same week in 1926, but 4,601 cars over the same week in
1925. In the Western districts alone grain and grain products loading
totaled over 21,925 cars,an increase of813 cars over the same week last year.
Live stock loading amounted to 26.434 cars, an increase of 2.037 cars
over the same week last year and 918 cass above the same week in 1925.
In the Western districts alone live stock loading totaled 19,888 car, an Columbia
National Bank of Kansas City on Condition
Increase of 1,622 cars above the same week lasst year.
Forest products loading totaled 69,065 cars, 5,039 cars below the same
of Western Business.
week last year and 9.484 cars under the same week in 1925.
Business reports are described "as contradictory as they
Ore loading amounted to 11,283 cars, 1,968 cars below the corresponding
can be" by Thornton Cooke, President of the Columbia
week in 1926 and 3,319 cars below the same week two years ago.
Coke loading totaled 11,898 cars, a decrease of 776 cars under the same National Bank of Kansas City, Mo., in depicting the condiweek last year but 602 cars above the same week two years ago.
date of April 13. In part
All districts reported increases in the total loading of all commodities tion of Western business under
compared with the same week in 1926, while all except the Northwestern an Mr. Cooke says:
Southwestern reported increases compared with the same period in 1925.
Asked what was the most striking feature of trade, a wealthy and successLoading of revenue freight this year compared with the two previous ful Kansas City wholesaler who sells his goods from Missouri to Idaho,
follows:
years
answered: "Complete stagnation." On the other hand, a dry goods jobber
2360
THE CHRONICLE
reports that his sales so far this year have equaled those for the same
months of 1926 in dollars, which means an increase of about 16% in yards
and dozens, because of the lower prices prevailing this year. The president of a company which operates lumber yards in about twenty towns in
Missouri and Kansas says that sales are running well ahead of a year ago,
and collections, too. Recently he informed his managers at all these points
that the company had bought another yard for $25,000. "Now," he said,
"there are two ways of paying for this. We can borrow the money, or you
managers can collect it for us from your outstanding accounts." Within
a week the managers had sent him $22,000. Evidently many farmers have
money. Another line yard lumber company finds that it is making a profit
at a certain yard which had lost money continuously for the last six years.
On the other hand, some country stores find their business so poor that
they wonder what became of the money from the big wheat crop of 1926.
There is a difference, of course, in the financial conditions of different
localities. It may be the case that farmers, while doing without many
things, consider it essential now to make long delayed repairs and improvements to farm buildings. Mail order trade seems to be running somewhat
less than last year.
Retail trade in cities is reported poor on account of the unemployment
that has resulted from the curtailment of business operations, and in a few
stores salesmen working on commission report it hard to make a living.
Building permits issued in Kansas City for the first three months this year
called for an expenditure of $600,000 less than those of the first quarter of
1926. It is noteworthy, however, that all the loss and more occurred in
January. There was a great hurry in February and March to take advantage of the opportunity to begin the construction of three-story, non-fireproof, apartment buildings, such being forbidden by a new building code just
adopted. Unemployment is therefore not now acute. Some of the best
retail merchants report their trade equal to last year's.
Lumber prices are higher, especially for fir, of which there Was for a
time considerable overproduction. Many lumber ccmpanies, finding that
they had pretty well cut out their Southern timber have, during the last
few years, acquired large acreages of Pacific Coast fir, and for a time
oversupplied the market.
The textile industry is feeling the stimulus of low-priced cotton, the
result of the eighteen million bale crop of 1926. Silks and rayons are
active, too. Woolen prices are a disappointment to manufacturers and
auction sales of rugs in New York have been at prices about 15% lower
than a year ago. Furniture, on the other hand, is not quotably cheaper,
although shipments from the factories of the United States are 30% less
so far than for the same time in 1926. For March production was at 72%
of capacity, shipments at 46% and orders 38%. . . .
Taking the United States as a whole, a very large business is being done.
Car loadings are running ahead of a year ago, but it must be considered
that coal rushed to storage in anticipation of the strike just declared has
made up a larger proportion of railroad tonnage than usual. Steel mill
operations have been close to capacity, and this fact is a forecast of activity
In building construction and in the manufacture of automobiles. There
has been enough recession in business to keep money still easy, or perhaps
one should put it that there has been no increase sufficient to make it tight.
The Federal Reserve banks have reserves equal to 79.7% of their liabilities.
and the pressure of money for investment continues to be the greatest ever
known. The bond department of this bank is, as a consequence, enjoying
the best trade in its history. Yet money is not everywhere easy. The
wholesaler who told us that trade was in a state of complete stagnation
added that in the last six months more checks from his customers had been
returned to him unpaid than in the previous 20 years of his business experience. There are some localities in the West, he says, where he doesn't
expect a check to be honored the first time it is sent there. It is true that
banks are stricter about overdrafts, but there has been no such change in
policy as would account for such a flood of dishonored checks. Many
country merchants are hard up.
Can any conclusion be drawn from facts so inconsistent? Wholesale and
retail trade disappointing, with prices falling; yet bank transactions increase. The crops of 1926 already spent, yet the farmers buy lumber.
Money easy, yet checks come back marked "no funds." Perhaps this is the
explanation, that business in the Central West was not very good even last
year, and that farm recovery may have begun in parts of this vast region,
while in others depression still rules. We believe that this is true, and
that while no pronounced forward movement of trade can be looked for in
the Middle West this year, it is likely that the good crops now in prospect
will cause the movement of recovery to spread to more and more facilities,
and so bring us closer to the time when the population of this great producing section will enjoy full prosperity.
[Vol.. 124.
Automobile Production Increasing but Still Below a
Year Ago.
March production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce,
was 386,721 (of which 341,665 were passenger cars and 45,056
were trucks), as compared with 298,750 passenger cars and
trucks in February and 422,728 in March 1926. The totals
heretofore published have been revised because of corrections
made by some manufacturers.
The table below is based on figures received from 158 manufacturers in the United States for recent months, 53 making
passenger cars and 123 making trucks (18 making both passenger cars and trucks). Data for earlier months include
93 additional manufacturers now out of business, while
March data for 24 small firms, mostly truck manufacturers,
were not received in time for inclusion in this report. Figures
for passenger cars include taxicabs and those for trucks include ambulances, funeral cars, fire apparatus, street sweepers and buses. Canadian figures are supplied by Dominion
Bureau of Statistics, and up to last night the figures for the
month of March had not yet come to hand.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
Canada.•
United States.
Total.
1926.
January
February
March
Total (3 months)
April
May
June
July
August
Septanber
October
November
December
Total (year)
Passenger
Cars.
Trucks.
Total.
Passenger
Cars.
Trucks.
300,612 272,922
354,431 319,763
422,728 381,116
27,690
34,668
41,612
15,479
18,838
22,374
11,781
14,761
17,999
3,698
4,077
4,385
1,077,771 973,801
103,970
56,691
44,531
12,160
383,907
373,140
339,570
317,006
380,282
350,923
289,565
219,504
137,361
46,616
44,071
40,802
37,388
42,012
42,433
39,577
31,446
26,068
21,502
24,934
21,751
15,208
15,286
17,495
14,670
9,828
7,752
17,929
21,429
18,818
12,953
12,782
12,624
10.595
6,774
6,052
3,573
3,505
2,933
2,255
2,603
4,871
4,075
3,054
1,700
4,219,442 3,765,059 454,383 205,116
164,487
40,629
11,745
14,826
(I)
3,631
3,829
(x)
430,523
417,211
380,372
354,394
422,294
393,356
329,142
250,950
163,429
1927.
January
February
March
234,216 196,973
298,750 260,632
386,721 341,665
37,243
38,118
45,056
15,376
18,655
(I)
Total (3 months)
919,687 799,270 120,417
* Reported by Dominion Bureau of Statistics. 'a Not yet available.
Business Summary of Bank of Montreal-Volume of
Domestic Business Maintained.
The Bank of Montreal, in its business summary dated
April 22, in describing domestic conditions, says:
. Domestic business, taken as a whole, maintains its volume and presents many satisfactory features. Bank debits to individual accounts
for March amounted to $24600,367,571, an increase of $291,367,571 as
compared with March, 1926. Railway earnings in the gross continue to
enlarge, another way of saying that car-loadings are larger than last
year. Building construction is being actively prosecuted, and allied
trades are profiting therefrom. Manufacturing inderstries are well employed, particularly textiles and motor car, as well as agricultural implement and foundry plants. At the recent fur auction sale in Montreal,
a large quantity of pelts were sold at firm prices. Dairy products move
in a regular course, and the stocks of butter and cheese in Canada are
not now excessive.
The adjustment of wages •to the cost of living, so far as this can be
effected, seems to have been reached. The index number of wholesale
prices, upon the basis of 100 in 1913, was 148.7 in March, as compared
with 160.0 in March, 1926, and 241.3 in March, 1920; and while retail
prices have not declined in the same proportion, the drop in what is
termed the weekly family budget has been to $11.05 from $15.99 in
March, 1920. Meantime, wages have decreased slightly, if it all, taken
all round.
Operations in the mining fields have been accelerated by the coming
of Spring, and a season of increasing development is anticipated. Mineral production now ranks high, both in precious and other metals.
The newsprint industry continues to record new high figures, production in the first quarter of this year, 487,804 tons, being 58,360 tons in
excess of the corresponding period last year. Construction of new mills,
which still proceeds, is, however, reflected in a decline of percentage of
operation to capacity.
The market for first grade Canadian securities has maintained its
upward movement during the month and provincial and municipal governments have borrowed publicly on more favorable terms than have
been obtainable since before the War. The stock markets have been
generally strong.
In a broad survey of the national situation, nothing is more encouraging than the growth of immigration. It seems assured already that this
year will record a larger influx of settlers than in any like period since
pre-war days, settlers who. go upon the land or engage in development of
other natural resources, and all of a class easily assimilated. Arrivals
from Great Britain and Scandinavian countries during the last four
weeks' have been much more numerous than in any like period for several years past, and the hope may be held that the movement will stadily
increase.
New Automobile Models and Prices. •
An important addition to its truck lines was announced on
April 18 by the General Motors Corporation when it introduced a new speed truck in 1 and 2 ton capacities equipped
with the Buick 6-cylinder valve-in-head motor. The prices
are: 1-ton (model T. 20), $1,095; 2-ton (model T. 40),
$1,950 and 2-ton (model T. 50), $2,050. These are prices
for the chassis only, f.o.b. Pontiac, Mich. There will be
complete line of General Motors built bodies. On the same
day, the Chevrolet Motor Co. brought out the Imperial
Landau, a de luxe type of closed car, to list at $780.
The Chandler-Cleveland Motor Co. has added a new body
model, named the Country C ub coupe and priced at $1,695
in the big six series and $2,195 in the Royal eight series.
Chandler now sponsors one of the largest and most selective
lines of motor cars before the public. Twenty-five custom
body styles: the sixes ranging from $945 to $1,895, the eights
$2,195 to $2,295; (f.o.b. factory).
Two Commander coupes, one for four passengers and the
other for two are the latest additions to the Studebaker
Corp. of America line of custom cars. Combined with its
extraordinary power, the Commander coupe offers those
features of custom beatuy, comfort and refinement that
Lumber Buying Reaches Level of a Year Ago.
characterize the company's cars. Through Studebaker's
Production and new business in the softwood- lumber
one-profit manufacturing facilities, the Commander coupe is
priced, fully equipped, with front and rear bumpers and industry were at about the same level last week as the
preceding week, with a nominal reduction in shipments,
snubbers, for four passengers, $1,645; for two, $1,545.
APR. 23
1927.]
THE CHRONICLE
according to telegraphic reports received by the Nationa
Lumber Manufacturers Association from 315 of the leading
softwood lumber mills of the country, for the week ended
April 16. When compared with the corresponding period a
year ago, new business was about the same, with considerable
decreases in production and shipments. The 142 hardwood
operations this week reported a notable decrease in production and shipments, with new business about the same as
that reported the week earlier. In comparison with the
same week last year, when eight more mills reported, there
was some decrease in production, shipments were about
the same, with a marked decrease in orders, according to the
weekly survey issued by the National Association which
continues as follows:
2361
West Coast Lumbermen's Association Weekly Report.
Seventy-two mills reporting to the West Coast Lumbermen's Association for the week ended April 9 manufactured
73,875,636 feet, sold 76,813,391 feet and shipped 80,714,783
feet. New business was 2,937,755 feet more than production and shipments 6,839,147 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
Week EndedApril 9.
April 2.
March 26.
March 19.
Number of mills reporting
72
72
74
74
Production (feet)
73.875,636
64,686,427
76,198,402
73,406,888
New business (feet)
76.813,391
76,050,691
82,505,284
81,822,926
Shipments (feet)
80,714,783
72,463,038
76,194,383
81,057,048
Unshipped balances:
Rail (feet)
127,605,461 117,571,055 125,662,127 123,191,945
Domestic cargo (feet)._ 99,883,477 105,803,408 102,422,119 101,821,370
Exports (feet)
77.960,772
76,587,797
76,874,548
70,610,802
' Total (feet)
305,449,710 299,962,260 304.958,794 295,624,117
First 14 Weeks of1927.
1926.
1925.
1924.
Unfilled Orders.
Average number of mills_
79
103
119
129
1 035,348,079 1,379,717,309 1,410,687,241 1,435,673,949
(feet)
The unfilled orders of 186 Southern Pine and West Coast mills at the end Production
New business (feet)
1,103,903,572 1,470.820,935 1,406.001,351 1,364,537,542
of last week amounted to 553,135,534 ft., as against 534,449,164 ft. for Shipments (feet)
1,025,285,723 1.402,098,231 1,416,494,502 1,446,943,172
186 mills the previous week. The 114 identical Southern Pine mills in the
group showed unfilled orders of 229,871,408 ft. last week, as against 228,999,454 ft. for the week before. For the 72 West Coast mills the unfilled Output of Canadian Newsprint Mills Greater in First
orders were 323,263,926 ft., as against 305,449,710 ft. for 72 mills a week
Three Months of 1927 than in Corresponding Period
earlier.
of 1926-U. S. Output Lower in First Quarter.
300
comparably
Altogether the
reporting softwood mills had shipments
100%, and orders 103%. of actual production. For the Southern Pine
From the Montreal "Gazette" of April 18 we quote the
mills these percentages were respectively 95 and 97; and for the West Coast
following regarding the newsprint output of United States
mills 102 and 111.
Of the reporting mills, the 276 with an established normal production for and Canadian mills.
Production of newsprint in Canada during March 1927 amounted to
the week of 189,180,697 ft., gave actual production 94%, shipments 94%
174,094 tons, and shipments to 169,061 tons, says the current issue of the
and orders 97% thereof.
The following table compares the lumber movement, as ref ected by the Newsprint Service Bureau Bulletin. Production in the United States was
reporting mills of seven softwood, and two hardwood,regional associations, 133,731 tons and shipments 129,451 tons, making a total United States and
Canadian newsprint production of 307,825 tons and shipments of 298,512
for the three weeks indicated:
tons. During March 19,236 tons of newsprint were made in Newfound-Past Week- Corresponding Week
Preceding Week
land and 1,308 tons in Mexico,so that the total North American production
1926
1927 (Revised)
Softwood.
wood. Softwood. Hardwood. Softwood. Hardwood. for the month amounted to 328,369 tons.
(000'8 ommilled.)
300
142
358
145
eMills
305
150
The Canadian mills produced 58,360 tons more in the first three months
189,242 16,767
Production
240,511 23,535
191.919 20,399
189,225 21,602
Shipments
238,142 23,548
203.194 21,418 of 1927 than in 1926, which was an increase of 14%. The United States
Orders (new bus.)_ _ _ 194.693 21,014
227.866 21.216
193,817 26,395 output was 24,787 tons, or 6%,less than for the first three months of 1926;
*Fewer West Coast mills are reporting this year; to make allowance for this add that in Newfoundland 10,153 tons, or 25%, more, and in Mexico 421 tons,
27,000,000 to production, 26,000,000 to shipments and 26,000,000 to new business 14% more, making a total North American increase of 44,147 tons,or 5%.
in comparing softwood with last year.
During March the Canadian mills operated at 86.2% of rated capacity
The following revised figures compare the lumber movement of the same and the United States mills at 85.6%. Stocks of newsprint at Canadian
mills
totaled 28,462 tons at the end of March and at United States mills
regional associations for the first fifteen weeks of 1927 with the same period
22,744 tons, making a combined total of 51,206 tons, which was equivalent
of 1926:
to 3.9 days' average production.
-Production-- -Shipments- -OrdersProduction
-Shipments
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood
Actual
Average
P. C. of
Actual P.C.Actual
1927
2 780,709 436,536 2,840,917 437,960 2,995,940 457,562
Tons
Tons per to Average Tons
Tons
Average
Mills
1926
3,298,230 389,288 3,416,917 375,993 3,495,883 382,617
per
per
Operating (Totals
per
ProStocks
Month.
Day. per Month). Month. ductton.
Day.
Tae mills of the California White and Sugar Pine Association make
Canadian Millsweekly reports, but not being comparable, are not included in the foregoing
1927. March_ 7,476
174,094
6,852
86.2
169,061
83.8
28,462
tables. Fifteen of these mills, representing 52% of the cut of the California 1927,3 moo._ 7,347
487,804
6,683
87.4
474,292
84.9
28,462
pine region, gave their production for the week as 9,102,000; shipments, 1926,3 mos_ _ 5,832
429,444
5,621
96.9
425,160
95.9
14,800
363,866
__
363,625
21,892
18,892,000 and new business 16,398,000. Last week's report from 19 mills, 1925,3 mos.
1924,3 moo._
336,039
____
___
331,091
19.388
representing 60% of the cut was: Production, 10,029,000 feet; shipments, 1923,
3 mos_ _
298,983
.._.
293,471
12,707
19,637,000 and new business 22,495,000. (Right mills are closed down.
1922,3 mos__
_ _.
245,096
251,035
7,898
1921,3 mos_ _
199,612
__.
192,038
18,613
1920,3 mos_
__
214,237
211,057
10,861
West Coast Movement.
United States Mills133,731
5,081
1927. March- 5,787
85.6
129,451
82.8
22.744
The West Coast Lumbermen's Association wires from Seattle that new 1927,3
moo.... 5,794
390,804
5,162
87.6
379.860
85.1
22.744
business for the 72 mills reporting for the week ended April 16 was 11% 1926,3 mos__ 5,690
415,591
94.9
410,326
93.7
5,385
18,359
371,545
_ -368,375
26,414
above production, and shipments were 2% above production. Of all new 1925,3 mos__ ____
370,850
____
___
__
-_ _
363,072
30,727
business taken during the week 38% Was for future water delivery, amount- 1924,3 mos_
1923.3 mos_ _
371,357
._.
_._
370,363
20.199
ing to 29,282,876 feet, of which 18,823,726 feet was for domestic cargo 1922, 3 mos__ ____
321,101
_
316,855
28,180
delivery and 10,459,150 feet export. New business by rail amounted to 1921, 3 mos__ ____
_ -334,402
_
._ _
317,376
41,789
371,745
359.550
27,564
to 45,633,727 feet, or 58% of the week's new business. Thirty four% of the 1920,3 mos_ _ _ ___
United States and Canadian Millsweek's shipments moved by water, amounting to 24,614,793 feet of which
1927.
March_13,263
307,825
11,933
86.0
298,512
83.4
51,206
15,415,967 feet moved coastwise and intercoastal, and 9,198,826 feet export. 1927,3 mos_ _13,141
878,608
11,845
87.5
854,152
85.0
51,206
Rail shipments totaled 44,266,831 feet, or 61% of the week's shipments, 1926, 3 mos_ _11,522
845,035
11,006
95.9
835,486
94.8
33,159
735,411
_
and local deliveries 3,227,026 feet. Unshipped domestic cargo orders 1925,3 mos__ _ ___
732,000
_ __
48,306
706,889
___
694,163
.__
50,115
totaled 111,442,190 feet, foreign 80,850,081 feet and rail trade 130,971,655 1924.3 mos_ _ ____
1923.3 mos_ _ ____
670,340
_ ...
_ __
32,096
663,834
feet.
1922,3 mos_ _ ____
566,197
- -567,890
__.
36,078
Southern Pine Reports.
1921,3 mos_ __ _.
534,014
509,414
__ _
60,402
1920.
3
mos_
_
____
585,982
_
_
_
_
_
_
38,425
570,607
The Southern Pine Association reports from New Orleans that for 114
North American Productionmills reporting, shipments were 4.74% below production and orders were
Canada.
Total.
UnitedStates. NewIndrd. Mexico.
17.4,094
133,731
328,369
3.38% below production and 1,43% above shipments. New business taken 1927 March
19,236
1,308
933,144
390,804
487,804
51,039
3,497
during the week amounted to 61,929,012 feet, (previous week 60,610,942); 1927, 3 months
1926, months
888,997
429,444
415,591
40,886
3,076
shipments 61,047.058 feet, (previous week 63,916,256): and production 1925. 3
3 months
754,215
317,545
363,866
3,046
15.758
64,094,158 feet, (prvious week 65,044,512). The normal production of
1924, 3 months
725.946
336,039
370,850
16,183
2,874
688,973
298,983
these mills is 73,878,876 feet. Of the 113 mills reporting running time. 82 1923, 3 months
371,357
3,000
15,638
operated full time, 17 of the latter overtime. Five mills were shut down,
and the rest operated from two to five and one-half days.
The Western Pine Manufacturers Association, of Portland, Ore., with Organization of Wool Trades Association Undertaken In
two fewer mills reporting, shows a slight increase in production, and marked
Los Angeles
decreases in shipments and new business.
As a result of the investigation carried on by the Wool
The California Redwood Association of San Francisco, California, reports
some increase in production, considerable decrease in shipments and a good Committee of the Los Angeles Chamber of Commerce, the
gain in new business.
underThe North Carolina Pine Association of Norfolk. Virginia, with one more organization of a Wool Trades Association has been
mill reporting, shows production about the same, a substantial increase in taken. This was recommended by the Wool Committee,
shipments and new business practically the same as that reported for the under the championship of Frank C. Mortimer, Vicepreceding week.
The Northern Pine Manufacturers Association of Minneapolis, Minnesota, President of the Citizens National Bank and the Citizens
reports production about the same, and notable increases in shipments and Trust and Savings Bank, so that all those interested in
new business.
wool, whether raw or in form of finished products might
The Northern Hemlock and Hardwood Manufacturers Association of
An announcement in the matter
Oshkosh, Wisconsin, (in its softwood production) with two more mills re- have representation.
porting, shows some increases in production and shipments and new business says:
slightly above that reported for the week earlier.
This organized effort to make Los Angeles the handling and manufacturing center for the 15,000,000 pounds of wool produced in the
Hardwood Reports.
area adjacent to the city is planned to take advantage of condition reThe Northern Hemlock and Hardwood Manufacturers Association of sulting from the development of Los Angeles and Southern California.
Oshkosh, Wisconsin, reported from 17 mills, (two more than reported last Transportation facilities have improved, both by land and water, wareweek), a material decrease in new business, a slight decrease in shipments houses have been constructed, and wool-using manufactures are developing. Concerted efforts will, it is hoped, result in a steady flow of this
and nearly fifty per cent, decrease in new business.
The Hardwood Manufacturers Institute of Memphis, Tennessee, reported commodity into Los Angeles for assembling, processing, shipment and
manufacture.
from 125 units, (ten less mills than reported for the previous week), a heavy
There is ample warehouse capacity, under United States license, to
decrease in productin, shipments about the same and a marked decrease
care for the storage of wool and the fibre is improved by storage nea
I/ new business. The normal production of these units is 21,000.000 feet.
2362
TRE CHRONICLE
[VOL. 124.
salt water. Uniform temperature and humidity are also favorable
factors. There is plenty of financial assistance available for loans
against wool in warehouses, and local users of wool provide an increasing demand.
Textile industries should find a promising field for their operations
in southern California, and several substantial concerns are already
operating satisfactorily. Considerable population is centered around
Los Angeles, and there is consequent purchasing power. Wearing
apparel in large quantities is now being manufactured in Los Angeles
despite the fact that the textiles used must be largely imported from distant cities. Both wool and cotton of the highest quality are available
in the territory so that a logical step in economic development will be
the larger production of textiles to fill the local demands.
A local woolen goods manufacturer states that his company saves
2% to 3 cents per pound by purchasing wool locally. This important
woolen mill is selling suiting and overcoatings not only locally but in
other important cities and is receiving repeat orders. Manufacturers in
the East ought to be attracted by the combination of ample power at low
rates, soft water, and available efficient labor.
2. The extreme fluctuations in price during the war and the post-war
periods. The cutting off during the war of Importations, which represented over 50% of our consumption, caused prices to soar from $2 to
$5.90 per pound, due to inability of domestic producers to take care of this
extra burden, in addition to normal growth. The crisis after the war hit
rayon temporarily as hard as any other industry, causing a price drop of
$3.75 in the short period of five months.
3. The price stability of the two periods from October 1921 to July 1926,
when 28 and 29 months, respectively, passed without major price changes.
4. The relatively small changes in price per pound shown in most recent
adjustments. This tendency culminates in the latest advance of 5 cents per
pound.
The Future.
Considering all phases of the situation, the consumer may face the future
with a large measure of assurance. In the first place 150 denier "A" rayon
of the finest quality will probably never be sold below $1.25 per pound by
domestic producers except possibly in times of particular stress. This fact
alone protects the user against drastic downward changes, which might
cause heavy inventory losses. The above low price estimate is based chiefly
In carrying out the recommendations of the Wool Com- on two things; the 45 cents per pound protective tariff plus 5 cents landing charges, which excludes foreign competition below $1.25 per pound,
mittee, Chairman Mortimer has appointed the following and
the enormous installation cost of becoming a serious competitor of
Committee .to organize the Wool Trades Association of the present leaders in the industry. It would probably be impossible to
duplicate
the plants and business of the Viscose Co., for instance, with an
Los Angeles: S. C. Simons, Manager of the Domestic Trade
actual cash outlay of under $150,000,000. Secondly, the price trend from
Department of Los Angeles Chamber of Commerce, Chair- now ors will be determined entirely by local demand, as the
United States
man; J. W. Worth, representing spinners; G. M. Boyd, Is not a large rayon exporter. Increases and redUctions in price in the
future
will
be
5
cents,
or
possibly
10
cents
a
pound
at
a
time,
instead of
representing cutters for men's wear; L. G. Bear, represent50 cents or $1 per pound, as in the past, as large foreign surplus producing knitters; John E. Maurer, representing wool growers; tion will always be ready to act as a check
valve on domestic prices. In
William E. Hough, representing bankers; L. D. Owen, rep- addition, the leading producers of this country are strong enough finanresenting warehouse men; H. S. Cook, representing felt cially and wise enough to protect the industry to the fullest extent against
the evils of over-production and over-speculation. It must be borne in
Interests, and Thomas Thomas, representing the worsted mind, however, by those who feel that the leaders should protect the indusInterests. Mention of the plans to form a Wool Trades try against any price fluctuations, that an increase of 5 cents per pound on
Association in Los Angeles was made in these columns all sizes means an increase in net of over $2,000,000 per year to the Viscose
Co. alone, whereas readjustments of this size are of relatively small imOctober 9, 1926, page 1827.
portance to the consumer.
Rayon Price Trend-Shortages of Sizes and Qualities
Disturbing to Large Users.
The April number of the "Industrial Bulletin" of Arthur
Activity in the Cotton Spinning Industry for
March 1927.
The Department of Commerce announced on April 4
D. Little, Inc. (of Cambridge, Mass.), thus discusses the that according to preliminary figures compiled by the
Bureau of the Census, 37,035,710 cotton spinning spindles
"Rayon Price Trend":
With the present conditions existing in the rayon markets of acute short- were in place in the United States on March 31 1927, of
ages of all sizes and qualities, the large users of this commodity are nat- which 32,919,288
were operated at some time during the
urally disturbed regarding future price trends. When all the facts concerning the industry's situation during the past six months, such as impor- month, compared with 32,872,102 for February, 32,633,550
tations, increasing domestic productions, and former and present inven- for January, 32,496,250 for December, 32,586,770 for
tories are considered, the first impulse is one of alarm regarding future November, 32,592,806
for October and 33,245,114 for March
stability of prices, and it must be borne in mind that this comparative
stability in the past has been one of the important factors in rayon's steady 1926. The aggregate number of active spindle hours
rapid growth. The facts for the year 1926 and the first quarter of 1927 are reported for the month was 9,628,990,121. During March
as follows: During the first six months of 1926 demand was brisk and the normal time of operation was 27
days compared with
prices were firm; foieign producers were bringing in more yarn than ever
before at an average of 26 cents per pound under domestic prices; in spite 23 2-3 for February, 253 for January, 26 for December,
of business being good, there was much apprehension over the quantities 25% for November and 25% for October. Based on an
and prices of foreign yarns dumped In this market, and consequently 150 activity of 8.78 hours per day the average
number of spindles
denier "A" quality was dropped by the leading American companies from
$2 to $1.65 per pound on July 1 1926. Rayon demand during the last half operated during March was 40,618,367, or at 109.7%
of 1926 was extremely dull in spite of the cut, with the result that all capacity on a single shift basis. This percentage compares
domestic producers and importers accumulated large stocks of all sizes. In with 106.8 for February, 102.3 for January, 100.3
for
an effort to move these yams prices were again cut Dec. 1 1926, about 20
cents per pound, and these prices were again met by the foreign producers, December, 101.2 for November, 98.9 for October and 102.2
most of whom continued to make offerings from 10 to 15 cents below list. for March 1926. The average number of active spindle
In addition to the general unsettled conditions during the fall all the small hours per spindle in place for the
month was 260. The
manufacturers in this country and most of the importers were offering all
sorts of special inducements to the consumer to move yarns, while the lead- total number of cotton spinning spindles in place, the
ing domestic rayon company stood firm on price. This situation continued number active, the number of active spindle hours and the
to the end of 1926, and enormous Inventories of rayon were available for average spindle
hours per spindle in place, by States, are
spot delivery. The coming of the new year saw a distinct change, with
prices gradually firming up and a never before equaled demand. The re- shown in the following statement:
sult has been that the Viscose Oo., for instance, which had a stock of over
5,000,000 pounds of 150 denier "A" quality alone on hand on Feb. 1, have
now sold their entire inventory of all sizes, and are, in addition, oversold
on their production for the next three months. So acute is the situation
that they have been forced to put into effect an allotment system, whereby
their old customers are taken care of to the extent of their previous requirements in order to protect this trade from newcomers, and also to prevent purchasers from speculating on more than their current requirements
and making an already delicate situation even worse. It must be borne in
mind, however, that offsetting to some extent this picture of acute shortage is the fact that during 1927 new plant production in the country having an annual rate of nearly 20,000,000 pounds will be brought in. This
will increase present capacity approximately 33%, which is substantially
in excess of the industry's normal growth during the last decade.
State.
Spinning Spindles.
In
Active
Place
During
March 31. March.
Active Spindle Hours
for March.
Total.
Average
per Spindle
in Place.
Cotton growing States
18,075,138 17.596,644 6,099,379,075
337
New England States
17,277,868 13,852,780 3,170,076,656
183
All other States
1,682,704 1,469,864 359,534,490
214
Alabama
1,507,124 1,460,488 471,764,331
313
Connecticut
1,174,076 1,068,302 248,026,247
212
Georgia
2,974,614 2,898,212 951,975,031
320
Maine
1,122,736 925,190 208.425,409
186
Massachusetts
10,899,520 8,526,638 1,908,649,637
175
New Hampshire
1,427,862 1.111,850 269,755,781
189
New Jersey
399,044 356,384 72,921,245
183
New York
871,640 744,288 195,738,153
225
RAYON PRICE HISTORY
North Carolina
6,130.722 5,955,530 2,141,112,163
349
Pennsylvania
150 Denier "A" Net
123,172
105,784
22,756,526
185
Change. Rhode Island
Price.
DatesPeriod.
2,508,866 2,076.718 499,055,665
199
South Carolina
15 months
1.80
Jan. 1913-Apri11914
5,373,666 5,338,118 1.961,320,196
365
Apri11914-July 1915
15 "
2.00
589,244 573,220 189,790,246
+ .20 Tennessee
322
2.50
July 1915-Dec. 1915
+ .50 Texas
268,780 246,528 86,883,640
5 323
8 •'
3.00
Dec. 1918-Aug. 1916
+ .50 Virginia
711,37.8 691,302 173,087,931
243
3 "
3.25
Aug. 1916-Nov. 1916
+ .26 All other States
953,266 840,736 226,827,920
238
7 •'
3.50
+ .25
Nov. 1916-June 1917
4 "
United States
3.75
+ .25
37,035,710 32,919,288 9.628,990,121
June 1917-Oct. 1917
260
"
10
4.25
-Aug.
1918
+ .50
Oct. 1917
13 "
4.50
+ .25
Aug. 1918-Sept. 1919
5 "
5.50
+1.00 World Zinc Stocks Gained 2,100 Tons
Sept. 1919-Feb. 1920
-Sharpe Putsl
"
3
5.90
+ .40
Feb. 1920-May 1920
-1.90
5 "
4.00
Total April 1 at 52,900 Tons-Believes China
May 1920-Oct. 1920
12
"
2.15
-1.85
1921
Oct. 1920-Oct.
28 "
2.80
Troubles Affect Prices.
+. 65
Oct. 1921-Feb. 1924
29 "
2.00
- .80
Feb. 1924-July 1926
A. J. M. Sharpe, Honorary Secretary of American Zinc
4 "
- .35
July 1926-Nov. 1926
4 "
1.45
J
Nov. 1926-Mar. 1927
1.50
+ .05 Institute, estimates world stocks of zinc April 1 1927 at
Mar. 1927-to date
price
trend,
let us consider 52,900 metric tons of 2,204.6 pounds each, compared with
future
Before making a decision regarding
In detail the 'interesting history of rayon prices in the past as shown by 50,800 tons March 1, increase of 2,100 tons, says the "Wal
quotations on 150 denier "A." The above table shows all important price Street Journal" of April 18, which, in referring further to
changes since 1913, when total domestic production was only 1,567,000 Mr.
Sharpe's figures, says:
pounds, up to 1927, when sales are expected in excess of 80,000,000.
World stocks Feb. 1 Mr. Sharpe.estimated at 50,800 tons; Jan. 1 1927,
The important features to note in the above table are:
1918.
43,600 tons; 33,100 Dec. 1; 31,600 Nov. 1; 30,100 Oct. 1; 33,200 Sept. 1;
1. Prices are substantially below the pre-war level of
APR. 23 1927.1
THE CHRONICLE
37,200 Aug. 1; 40,600 July 1; 49.200 June 1; Jan. 1 1926, 2,150; Jan. 1
1925. 26,130, and Jan. 1 1924. 53,050 metric tons.
Following table gives in metric tons Mr. Sharpe's estimates of zinc
stocks in the various countries:
Apr. 1 '27. Mar. 1 '27. Jan. 1 '27. Get. 1 '26. July 1 '26. Jan. 1 '25.
United States.. 33,000
30,000
19,800
14,200
23,400
8,450
Canada
3,000
3,200
3,200
2,200
2,100
1.200
Australia
2,500
2,400
2,400
2,200
2,200
2,000
Germany and
Poland
6,800
7,500
9,500
5,000
6,500
10,400
Belgium
3.000
4,000
3,300
2,100
1.800
1,800
1,200
France
1,100
1,500
1,000
1,200
800
Great Britain. _ 1,200
1,100
1,000
1,000
1,200
300
Scandinavia..... 200
200
200
200
200
200
500
500
Far East
500
500
500
200
Elsewhere
1,500
1,500
1,500
1,500
1,500
6,000
52,900
Total
50,800
43,600
30,100
40,600
26,150
Consumption of metal in Europe during the first quarter of this year
will compare favorably with any quarter in 1926, and there are hopes of
better things. British galvanizers are not as busy as they might be, and
when India commences to buy on a larger scale sactivity of that important section of the zinc trade will become greater. On the Continent
the position is regulated by the occupation of the rolling mills, and those
works have orders for zinc sheets on hand which will keep,them going for
some weeks. Prospects for building and construction in the present year
are bright, so that the rollers are not without expectations that they will
be kept reasonably busy throughout the year.
While the statistical position of zinc is good, no great encouragement
is forthcoming as to the outlook for the market, and the price will in all
likelihood continue to fluctuate in sympathy with the market movements
of the other non-ferrous metals, and particularly with lead.
In reviewing world zinc conditions, Mr. Sharpe attributes the'decline
in zinc prices to the effect upon European industry of the Chinese trouble
and does not believe that it is due mainly to statistical situation.
In discussing in detail world zinc conditios as of April 1, Mr. Sharpe
says: "The year 1927 opened with encouraging prospects for the zinc
Industry but clouds soon appeared on the horizon owing to the far-reaching
effects of the disturbances in southern China. The success, so far, of the
extremists in that country has been one of the principal factors for the
slowing down of industrial progress in Europe, which is all the more disappointing because trade was gradually improving on the Continent, following
the economic setback in Germany last year and the industrial revival in
Great Britain following the settlement of a prolonged coal strike.
"With the London market the key note of metal prices throughout the
world, the retrogression in selling prices has been immediately reflected
everywhere, and non-ferrous metals have failed to disassociate themselves
from the general weakness apparent in the principal commodity markets.
"How long it will be before the Chinese situationi a restored it is physically
impossible to forecast. Some of the Eastern merchant houses are of
opinion that success of the Cantonese forces will, in the long run, result
in establishment of a real government in China much quicker than would
have been the case in the internecine warfare under which that country
has suffered for some years past. This school of thought avers that the
Chinese as a whole are too sensible a nation to cling to bolshevistic doctrines,
and urge that the Cantonese leaders are merely using them as a means
to an end. But there are other Eastern traders who are distinctly pessimistic
and believe that it will take many years for China to emerge from the
miasmic atmosphere in which it is involved to-day.
"The substantially lower selling price of zinc to-day is not due to any
unfavorable developments in the statistical position of the metal. It is
true that there has been overproduction in the United States in the past
few months. Indeed, it is essential in the interests of the United States
zinc industry, that production of metal should be restricted within the
limits of domestic consumption as there Will be no opportunity to export
other than high-grade 99.9% metal except in abnormal times. Thanks
to the response made by many countries to the call of Europe for increased
quantities of ore, the supply has grown until to-day zinc ore is offering
to even greater extents than smelters in the Old World require. That
this is a fact is evidenced by the withdrawal of many smelters from rate
ruling 18 months ago.
2363
ZINC-ALL COMPANIES-MARCH 1927-(Tons, 2,000 Pounds).
'
Stock March 1
32.938
Produced
56.548
Shipped
89,484
53,205
Stock, March 31
36,279
Shipped from plant for export
Retorts operating March 31
5,098
83,208
Sixth Reduction in Price of Crude Oil Occurs in MidContinent Field-Gasoline Price "War," Starting
in West, Sweeps Eastward.
Crude oil in the Mid-Continent fields has again been reduced in price,an average of 10 cents a grade, with a differential of 2 cents for each grade. This was preceded by an
announcement on April 18 that the Joseph Seep Crude Oil
Purchasing Agency had reduced the price of Corning crude
oil 10 cents a barrel, making the new price of crude run
before Sept. 15 1926 $1.35 a barrel, and crude run subsequent to Sept. 15 1926, $1.45.a barrel. This grade was not
reduced on April 13 when other Eastern grades were cut,
as noted on page 2214 of last week's issue.
The Mid-Continent price cut was announced April 20 by
the Magnolia Petroleum Corp. The last previous reduction
by Magnolia was made on April 7, when prices were reduced
15 cents a barrel, ranging from $1.05 to $1.45 with a 2-cent
differential. Magnolia's cut at that time was not generally
followed. Below is a table giving crude oil prices in MidContinent effective prior to the price reduction Nov. 2 last,
changes on that date and subsequent changes to the present,
as compiled by the "Wall Street Journal":
Prior to
Grade- Apr.20 Apr. 7. Mar. 12. Mar. 6. Feb. 22.
Nor. 2.
Nor. 2.
Below 28___
51.20
$1.10
$1.30
$1.45
$ 1.60
28 to 28.9._
1.23
1.12
1.30
1.50
1.65
1.14
29 to 29.9_ 5.95
1.26
$1.05
1.39
1.55
1.73
30.9._
1.16
30 to
1.29
1.43
1.60
1.81
32 to 31.9._
1.18
1.32
1.47
1.65
1.89
32 to 32.9._
1.35
1.20
1.51
1.70
1.97
33 to 33.9.- 0.97
1.07
1.38
1.22
1.55
1.75
2.05
34 to 34.9- 0.99
1.09
1.41
1.24
1.59
1.80
2.13
35 to 35.9- 1.01
1.11
1.44
1.26
1.63
1.85
2.21
36 to 36.9_ 1.03
1.13
1.47
1.28
1.67
1.90
2.29
37 to 37.9*. 1.05
1.15
1.30
1.50
1.71
1.95
2.37
1.17
1.32
38 to 38.9-- 1.07
1.53
1.75
2.00
2.45
39 to 39.9._ 1.09
1.19
1.34
1.56
1.79
2.05
2.53
40 to 40.9_ 1.11
1.21
1.36
1.59
1.83
2.10
2.61
41 to 41.9a. 1.13
1.23
1.62
1.38
1.87
2.15
2.69
42 to 42.9_ 1.15
1.25
1.65
1.40
1.91
2.20
2.77
43 to 43.9__ 1.17
1.27
1.42
1.68
1.95
2.25
2.85
44 to 44.9_ 1.19
1.44
1.29
1.71
1.99
2.30
2.93
45 to 45.9_ 1.21
1.46
1.31
1.74
2.03
2.35
3.01
46 to 46.9_ 1.23
1.48
1.33
1.77
2.07
2.40
3.09
47 to 47.9_ 1.25
1.35
1.50
1.80
2.11
2.45
3.17
48 to 48.9-- 1.27
1.52
1.37
1.83
2.15
• 2.50
3.25
49 10 49.9.. 1.29
1.39
1.54
1.86
2.19
2.65
3.33
50 to 50.9_ 1.31
1.41
1.56
2.23
1.89
2.60
3.41
51 to 51.9_ 1.33
1.43
1.92
1.58
2.27
2.65
3.49
1.45195
52 & above_ 1.35
2.31
2.70
.
• Average grade of crude in entire Mid-Continent district. a Grade of crude
oil produced in Seminole pool.
The new price reduction of 10o. a barrel by the Standard
Oil of New York, through Magnolia Petroleum, is the second
independent reduction in Mid-Continent by the company
Its prices are now 25c. a barrel below those of other big
Estimates by American Bureau of Metal Statistics of buyers, declares the "Wall Street Journall" of April 20,from
which we quote:
World Output of Zinc.
Other
failed to follow New York's cut of 15c. on April 7
From the "Wall Street Journal" of yesterday (April 22) and withcompanies
a second cut following, the industry is interested to see if New
we quote the following:
York's stop is again ignored by other buyers.
American Bureau of Metal Statistics estimates world output of zinc in
March at 127,500 short tons, compared with 114.800 in February, 125,200
In January and 122,100 tons in December 1926.
This estimate is based on reports from countries that in 1925 furnished
about 97% of the world's output. These countries reported in March
output of 123,468 tons, compared with 111,347 in February, 121,222 in
January and 118,591 tons in December. Average for reporting countries
in 1926 was 110,891 tons a month, against 118,679 tons so far in 1927.
Following table gives output, in short tons of the leading zinc producing
countries, together with American Bureau's estimate of output from nonreporting countries and for the world:
United States
Canada
Mexico
Belgium
FranCe
Germany
*Great Britain
Netherlands
Poland
Polish Nada
Spain
Australia
Dec. 1926,
56,884
5,570
570
19,143
7,495
7,403
560
2,419
1,878
10,683
1,453
4,533
Total
118,591
Non-reportingcountries(est.) 3,500
World's total
122,100
Monthly elope.
1926. Jan. 1927. Feb. 1927, Mar. 1927.
53,211
56,898
51,341
56,546
5,167
5.152
5.087
6,463
546
544
518
538
17,473
18,938
17,464
19,423
6,848
7,551
6,749
7,367
6,273
7,288
6,788
7,743
1,679
3,584
3,785
4,312
2,278
2,400
2,200
x2.400
1,785
x1,800
x1,500
x1,600
10,861
9,712
10,330
11,712
1,623
1,488
1,360
1,642
4,431
4,583
4,225
4,722
110,891
3,500
121,222
4,000
111,347
3,500
123,468
4,000
114,400
125,200
114,800
127,500
*Estimated by A. J. M. Sharpe. x Estimated.
Increase in Zinc Stocks in Hands of Producers During
March.
According to the figures of the American Zinc Institute,
zinc stocks in the hands of producers increased from 32,938
tons on March 1 to 36,279 tons on March 31. The Institure's statement, issued under date of April 9,follows:
Other big buyers feel that various price reductions, prior to New York's
cut on April 7, had brought crude oil to a point where it is below the cost
of production; that the industry as a whole is losing money producing
crude oil. In a flush pool like Seminole there is a profit for producers as
operating expenses are low; but taking the average in the Mid-Continent.
small wells and large one, the total of lifting cost, interest and reserves
left no profit at those prices.
Advices late on April 22 state that information available
in Tulsa, Okla., is to the effect that the Humble Oil &
Refining Co. will issue a new price schedule next Monday.
Gasoline prices were reduced in various sections of the
country throughout the week. In certain districts the continued price slashing amounted to a virtual "price-war".
This accurred notably in California, but the East was also
affected.
On April 16 the Standard Oil Co. of New York, reduced
tank wagon and service station prices of gasoline lo. at
Rochester and Buffalo making tank wagon 16o. and service
station 190. at Rochester and 170. and 20c. respectively at
Buffalo. This was followed later in the week by a second
reduction of 1 cent per gallon.
Effective April 15, the Standard Oil Co. of Kentucky
reduced tank wagon and service station prices of gasoline lo.
at Louisville making new prices 19 an 22c. respectively
including 5o. tax.
In Los Angeles, on April 16, the Pan American Western
Petroleum Co. reduced gasoline 2 cents a gallon, making the
new price 123, cents a gallon at service stations. The
Standard Oil Co. of California met the cut wherever Pan
American retailed gasoline, which covers the territory from
2364
THE CHRONICLE
Santa Barbara to San Diego. A statement issued by the
company, reads as follows:
"This is merely a reduction of profit on gasoline which the Pan American
Petroleum Co. gives to the public by lowering the service station price."
It was stated in Pan American offices that the price reduction had not been
personally ordered by E. L. Doheny, President, as was the case with the
last previous cut, but had been decided upon in conference by Mr. Doheny
and other company executives and department heads.
Effective April 16 the Standard Oil Co. of Califonria,
reduced tank wagon and service station prices of gasoline 2c.
a gallon through out California,except Los Angeles which had
been cut 2c. The new tank wagon price at San Francisco is
110. and service station 15c. including 2c. State tax. The
tank wagon price at Los Angeles is 8%c. including 2c. tax.
The Richfield Oil Co., on April 18, extended the California
gasoline "war" as far north in the State as San Francisco and
the Sacramento Valley, reducing gasoline in these areas 2
cents to 15 cents a gallon, including State tax. Richfield
is one of the three largest marketers in the State and in making
the cut made the following announcement as reported in the
"Sun" of April 18:
"The recent price cut has not been brought aboutso much through economic pressure as because of a severely competitive situation. As usual,
the southern California market Is selected as the battlefield for gasoline price
wars. In view of the fact that a much larger percentage of our gallonage
is sold in this territory than is the case with any other major distributor, it
appears only reasonable to make the cut statewide so that all marketing
companies may participate equally in the sacrifice involved in reducing the
market price below the economic levels."
The Standard Oil and Shell Oil Companies met this reduction.
In Ohio, on April 19, the Standard Oil of Ohio cut gasoline
prices 2 cents, effective April 20, reducing tank wagon price
to 18c. and service station to 20c. The coupon book has been
discontinued.
According to advices of the 19th inst., gasoline sold as low
as 17 cents a gallon at independent distributing stations in
New York, N.•Y. The price per gallon at many of the large
distributing companies' stations was down to 19 cents.
The reduction in price, which normally has been 24 cents
or more per gallon, was said to be due to the market conditions
induced here by the "gas war" going on in California and
along the West Coast, where the fuel is selling as low as 123-i
cents a gallon.
In Pittsburg, on April 20, he Atlantic Refining Co.
announced a cut in gasoline to 19c. This cut was followed
by Gulf and other large distributors. The Atlantic Refining
Co. reduced gasoline in Philadelphia one cent a gallon,
making the tank wagon price 15 cents and elsewhere in Pennsylvania and Delaware 16 cents a gallon.
A second reduction in price was announced effective April
20 by the Standard Oil Co. of New York when it reduced
tank wagon and service station prices of gasoline lc. at
Buffalo and Rochester. The rew tank wagon price on Socony
grade of gasoline in the Buffalo district is 16e. and service
station 19c. and at Rochester 15 and 18c. respectively.
Canadian oil prices were reduced on April 21 when the
Imperial Oil of Canada, Ltd., cut tank wagon and service
station prices of gasoline and kerosene lc. throughout
Canada. Toronto tank wagon price of gasoline is now
253'c. and retail price 29c., including 3c. Provincial tax,
and kerosene tank wagon price is 22c.
In the wholesale market at Chicago on April 22 the following prices prevailed: United States motor grade gasoline,
%p.; kerosene, 41-43 water white, 4 ©4%c.; fuel
6Wi
oil, 24-26 gravity, $1.02h(01.07%.
Late on April 22 press dispatches from Tulsa, Olda.,
stated that a reduction in price by the Standard Oil Co. of
Indiana is expected.
A survey of the price reductions in the Mid-Continent
fields in contrast with the cuts in price of Eastern gasoline,
was given in the "Wall St. Journal" of April 21 as follows:
[vol.. 124.
counts, concessions and contracts with the larger refiners, independent
station men undersell company stations.
Added to this, of course, Is the factor of gasoline being imported from the
midcontinent district where the wholesale market Is 6 cents a gallon. This
time of gasoline has gradually been working eastward and is undoubtedly
the cause of unsettled markets around Buffalo district. Invasion of such
gasoline is usually termed "bootleg" and causes market upsets. But even
without it there has been a general practice of more liberal allowances of one
sort or another by some large companies to dealers in order to keep or add
to gallonage.
California Cut in Gasoline Statewide-Two-Cent
Reduction Extended to North of State-TenCent Gasoline in Los Angeles.
The "Wall Street 'Journal" in its issue of April 19 reports
its Los Angeles correspondent as saying that gasoline is
now retailing at 12% cents a gallon at all major companyowned stations in the Los Angeles territory, including Long
Beach, San Pedro Harbor district, Inglewood, Pasadena and
the surrounding cities as a result of the Pan American
Western's two-cent reduction. The correspondent adds:
Signs are conspicuous at independent stations at "Ten for a Dollar," these
independents handling major company gas. In the territory outside of the
Los Angeles zone, where Pan American is retailing, the two-cent reduction
is in ratio to the previous price, other companies meeting the price only
where Pan American is operating. The new price includes the two-cent
State gasoline tax and anywhere from four to six cents differential to the
2 cents a gallon,
/
2 and 41
/
dealers, allowing the marketers a balance of 61
respectively, for their gallonage which will be further reduced when the
new three-cent gasoline tax law, just passed by the Legislature, becomes
effective July 1, unless the situation clears up prior to that date.
The Pan American statement issued in conjunction with the renewal of
the gallonage warfare emphasizes the failure of big companies to get together on a differential, which precipitated the retail price slashing four
weeks ago by California Petroleum. Pan American, Richfield and California Petroleum officials declare the differential is still four cents and
Standard price is unofficially quoted at the same. Union and Shell signed
up a large number of contracts on a six-cent basis and are reported still to
be selling on that basis, but this is not officially confirmed.
Tanker rates are reported off from 10 to 15 cents, but no important increase is anticipated in inter-coastal gasoline shipments owing to the low
Gulf price and long-term contracts which are largely responsible for increased eastern shipments in the last few weeks.
Richfield Oil Co. has extended the California gasoline gallonage war as
far north in the State as San Francisco and the Sacramento Valley, reducing
gasoline in these areas two cents to a retail price of 15 cents a gallon,
including the State tax. Richfield is one of the three largest marketers in
the State, and in making the cut issued the following statement:
"We are not only meeting the cut in Southern California but are reducing the price two cents in the Sacramento Valley, San Joaquin Valley and
the San Francisco Bay district. The recent price cut has not been brought
about so much through economic pressure as because of a severely competitive situation. As usual, the Southern California market is selected as
the battlefield for the gasoline price wars. In view of the fact that a much
larger percentage of our gallonage is sold -in this territory than is the case
with any other major distributer, it appears only reasonable to make the
cut State-wide, so that all the marketing companies may participate equally
in the sacrifice involved in reducing the market price below economic
levels."
2 cents a gallon in the South
/
This cut follows the cut of two cents to 121
by Pan American Western, where the gasoline war recently had a new outbreak. Union Oil Co. is the only major marketer failing thus far to meet
the Pan American Western reductions, its service stations still retailing at
2 cents a gallon after officials of the company postponed action until
/
141
Monday.
Decrease Reported in Crude Oil Output.
A decrease of 25,800 barrels was reported by the American
Petroleum Institute in the estimated daily average gross
.crude oil production in the United States for the week
ended April 16. The total output was 2,452,500 barrels per
day compared with 2,478,300 barrels per day for the prededing week. The daily average production east of California
was 1,812,600 barrels, as compared with 1,837,100 barrels,
a decrease of 24,500 barrels. The following are estimates of
daily average gross production by districts for the weeks
indicated:
DAILY AVERAGE PRODUCTION.
Apr. 16 '27. Apr. 9 '27. Apr. 2 '27. Apr. 17 '26.
(/n Barrels).
714,700
725,100
Oklahoma
724,650
458,650
113,850
117.000
Kansas
116,150
102,150
121,950
121,100
Panhandle Texas
122,450
8,200
88.500
89,550
North Texas
90,600
79,400
185.200
184.600
West Central Texas_ _ _ 181,150
81,450
41.550
42.150
East Central Texas__ _ _
56.100
42.700
36.950
37.450
Southwest Texas
39,150
37.450
52,350
52,250
North Louisiana
50,450
51,800
115,500
122.400
Arkansas
171,350
123.900
132,350
137,900
Coastal Texas
77,400
140,550
19,200
18.850
Coastal Louisiana
11,100
16,750
107.500
106,000
Eastern
101.500
104.500
56,300
56.600
Wyoming
75,250
62,500
15.050
14.550
Montana
21,450
14,550
8,450
7,500
Colorado
6,450
7.350
3,200
4.100
New Mexico
3,950
3,550
639,900
California
641,200
596,000
637,300
Several price cuts in midcontinent crude oil, bringing average midcontinent grade down a total of 90 cents a barrel this year, on the face of
things is a disproportionate decline when contrasted with Standard Oil's
gasoline price in New York.
Tank wagon price for gasoline in New York of 19 cents a gallon is a net
decline of but 2 cents a gallon this year; there have been three reductions of
I cent a gallon and one advance of 1 cent by Standard Oil of New York so
far this year.
However, tank wagon price in New York as well as other parts of the
east, to considerable degree is of but nominal importance. Contracts with
sizeable concessions below tank wagor price as well as larger "differentials"
allowed dealers are resulting in a large portion of the retailers paying little
attention to tank wagon.
Total
2,452,500
2,478.300
1.940,000
2,477.900
Normally, there should be a three-cent spread between tank wagon price
The estimated daily average gross production of the Mid-Continent field
price 22 cents a gallon in
and filling station price. This would make latter
Including Oklahoma, Kansas, Panhandle, North, West Central, East
New York. Actually, retail gasoline prices around metropolitan district
North Louisiana and Arkansas, for the week
range from 1/ to 22 cents a gallon. Obviously independent dealers are Central and Southwest Texas,
ended April 16 was 1.470,550 barrels as compared with 1,491,600 barrels
below
is
what
taking advantage of their concessions to sell gasoline at and
for the preceding week, a decrease of 6,900 barrels. The Mid-Continent
regarded as tank wagon price.
production, excluding Smackover. Arkansas heavy oil, was 1,379,800
Company stations generally adhere to the 3-cent spread above tank barrels as compared with 1,394,500 barrels, a decrease
of 14,700 barrels.
wagon and market at 22 cents. Yet at the same time under various dis-
APR. 23 19271
THE CHRONICLE
In Oklahoma, production of North Braman Is reported at 6,650 barrels
against 6,700 barrels; South Braman 3,450 barrels against 3,650 barrels;
Tonkawa 23,150 barrels against 23,300 barrels; Garber 16,800 barrels
against 17,250 barrels; Burbank 43,350 barrels against 44.150 barrels;
Bristow-Slick 27,300 barrels against 27.250 barrels; Cromwell 13,250
barrels against 13,450 barrels; Papoose 6.900 barrels against 6,950 barrels;
Wewoka 17,350 barrels against 17.150 barrels; Seminole 284.700 barrels
against 295,500 barrels; Earisboro 41.300 barrels against 38,800 barrels.
In Panhandle Texas, Hutchinson County is reported at 101,950 barrels
against 101,500 barrels, and Balance Panhandle 20,000 barrels against
19,600 barrels. In East Central Texas, Corsicana Powell 19.360 barrels
against 19,500 barrels; Nigger Creek 5,800 barrels against 5,850 barrels;
Reagan County, West Central Texas 28,100 barrels against 27,900 barrels;
Crane & Upton Countries 60,200 barrels against 56,500.barrels; Brown
County 30,050 barrels against 32,550 barrels; and in the Southwest Texas
field, Luling 17.950 barrels against 18,200 barrels; Laredo District 14.850
barrels against 15,000 barrels; Lytton Springs 2,300 barrels, no change.
In North Louisiana, Haynesville is reported at 7,850 barrels against 7.900
barrels; Urania 11,150 barrels against 11,300 barrels; and in Arkansas,
Smackover light 11,200 barrels against 11,600 barrels; heavy 90,750 barrels
against 97,100 barrels; and Lisbon 4.450 barrels against 4,550 barrels. In
the Gulf Coast field, Hull is reported at 17.300 barrels against 16,350 barrels;
West Columbia 10,100 barrels against 10,150 barrels, Spindletop 50.800
barrels against 56.500 barrels; Orange County 5,350 barrels against 5,600
barrels, and South Liberty 3,700 barrels, no change.
In Wyoming, Salt Creek is reported at 39,950 barrels against 40,700
barrels; and Sunburst, Montana 12,500 barrels against 12,000 barrels.
In California, Santa Fe Springs is reported at 43,000 barrels against
44,500 barrels; Long Beach 93,500 barrels against 92,000 barrels; Huntington
Beach 76,000 barrels against 75,000 barrels; Torrance 23.500 barrels against
24.000 barrels; Dominguez 17,500 barrels, no change; Rosecrans 11,000
barrels against 11,500 barrels; Inglewood 37,000 barrels against 37.500
barrels; Midway Sunset 89,000 barrels, no change; Ventura Avenue 50.200
barrels against 51,800 barrels, and Seal Beach 31.500 barrels against
30,700 barrels.
2365
2.367c. a pound for the ninth week. Finished steel is 3% lower than a
year ago* pig iron is 9% lower. The usual weekly composite price table
appears as follows:
Finished Steel.
Pig Iron.
Aril 19 1927,2.367 Cents per Pound.
April 19 1927, $19.21 per Gross Tors.
One week ago
2.367c. One week ago
$19.21
One month ago
2.367e. One month ago
19.04
One year ago
2.4390. One year ago
20.96
10-year pre-war average
1.6890. 10-year pre-war average
15.72
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 Sirthe United States output.
mingham.
High.
Low.
High.
Low.
1927__2.453c., Jan. 4 2.367c., Feb. 21 1927_319.71, Jan. 4 $18.96. Feb. 15
1926_2.453c., Jan. 5 2.403c., May 18 1926-- 21.54, Jan. 5 19.46, July 13
1925-2.560c., 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
1223-2.824e.. Apr. 24 2.446c.. Jan. 2 len__ 30.86. Mar.20 20.77, Nov.20
Sluggish tendencies are more pronounced in the steel
markets this week as momentum from the record of March
becomes spent, remarks the "Iron Trade Review" in its
market summary of April 21. New business shrunk more
than production, indicating that heavy bookings for last
month were partially anticipative. Producers characterize
the present situation as a lull rather than a reaction and claim
that higher operating rates and incoming orders are slightly
heavier than a year ago. Competition for business continues sharp and, while the price of structure as a whole is
not perceptibly weaker, the present setup is not making for
strength for seasonal reasons. Wire products are an exception
to the quieter market. Inactivity in pig iron is attributed
more to a between quarters lethargy than to any inherent
market weakness, continues the "Review," adding further
Steel Business Declines but Mills Remain at Former details which we quote herewith:
Level-Pig Iron Operations Curtailed.
Steel ingot operations will probably average 88% this week, a loss of 2
More variations are appearing in semi-finished steel, sheet bars
New business in steel, with the possible exception of struc- points.
being off 50 cents to a range of $33.50 to $34 at Pittsburgh, while slabs and
tural shapes, is running 5 to 25% under sales of the same per- billets lost $1 and sold at $33. Wire rods are down $1 at Pittsburgh to 642,
iod of March, the "Iron Age" observes in its April 21 review with a proportionate reduction at Chicago. Specifications for semi-finished
material have experienced a decided check at Pittsburgh. Connellsville
of the industry. Mill operations have not slackened to the furnace
coke continues to exhibit weakness. Consumers of pig iron are
same degree. Due to orders accumulated last month and a specifying liberally against second quarter contracts but new business in
less complacent attitude toward the coal strike than taken by light.
Independent sheet makers set new 'lights in March when they rolled
consumers, producers have curtailed output less than 5%, 359.340
tons and shipped 338,436 tom. March bookings were 345,900
and a 6% cut in ingot production would still make the cur- tons, the best since September. Demand for sheets has eased off during
rent month the highest April on record, declares the "Age,' the past week as much as 20%,in the East. Ten fewer independnent mills
were operating this week in Mahoning Valley. Prices in all districts continue
adding:
ragged. Some makers of tin plate have received July specifications and have
Steel prices show no noteworthy changes. The surprising fact is that they
are still irregular in the face of the heavy, diversified consumption. The
lifting of prices proves difficult under a condition of starting each week
with little indication of the source of added business and yet ending it with a
sizable total of bookings.
A pronounced falling off in automobile steel demand gives point to claims
that this has reached the year's peak. Some motor car companies are
operating full, some fairly well, but others are at a low rate. Buying by
two large builders for their new models is expected soon, but generally the
industry is ordering even closer than it did a month ago.
Shrinkage in demand for oil country pipe is progressive, with no signs of
a change for some weeks. Shipments of rails and tin plate are also at the
expense of order books. Rail mill activity has been extended in cases by
using pressure to draw out specifications. The curtailment in tin plate
followed the stocking of finished product and can material by can makers.
Steel bar mills are in the strongest position among producers as regards
rather full second quarter orders, particularly in the Chicago district.
' Sheet stability, following one of the most active months in the history
of the trade, is weakened by the diminished promise of automobile needs.
Most finishes are quotably $1 a ton lower than a week ago.
Oil tank orders feature the plate market, one oil company closing for
8,960 tons of tank construction. A Pittsburgh coal company bought 6,000
tons for barges.
The total of structural steel awards for the Week was close to 48,000 tons,
but fresh inquiries called for only 12,000 tons. Bookings included a 6.000ton bridge over the Monongahela River at Clairton, Pa.
A new factor in structural shapes is the putting into operation by the
Bethlehem Steel Co.at its Buffalo plant of a Grey, or wide flange, beam mill
which can ship to the Middle West and the East by water.
In the railroad equipment field are reported the purchases by the Union
Tank Car Co. of 500 tank cars and by the Western Maryland of fabricated
car parts for 1,000 hopper cars.
Curtailment of foundry operations is reported, notably at Cincinnati,
Pittsburgh and along the Eastern seaboard, and is restraining further purchases of pig iron. Two eastern Pennsylvania plate mills have bought
15.000 and 20,000 tons of basic pig iron, respectively, at prices that have
ruled for several weeks.
Another week ofthe coal strike has brought further weakness in fuel prices,
and furnace coke has declined 10c. a ton to $3.15, Connellsville.
Pittsburgh scrap dealers, who counted on the coal strike to cause the use
of more scrap in blast furnaces in order to conserve supplies of coke, find
that they miscalculated. Heavy melting steel has declined 25c. a ton at
Pittsburgh and Chicago and in virtually all centres, except Buffalo, the
scrap market has a weaker tone.
Most hot rolled strip consumers are well covered for second quarter
needs and current quotations are not tested. The plan of establishing a
price range of 3c. to 3.25c. for the cold rolled product, depending on the
size of the order, has not stood up under competition, and the round lot
price. 3c. Pittsburgh or Cleveland, rules for small lots.
Consumption of wire products is seasonally high, but the practical jobbers and consumers of letting mills carry stocks has not required an expansion of mill activity beyond an average of 60%.
Several open market buyers of iron ore have purchased approximately
80% of their expected requirements for 1927. Those having long term contracts have closed on nearly the maximum amount for the year. The
Ford Motor Car bought 365,000 tons, against its inquiry of 385,000 tons.
The first cargo of the season left Escanaba April 17.
Chinese buying of steel is almost normal, according to a cable dispatch
from Shanghai. Stocks of silver in that city aid buyers, but shipments into
the interior are subject to war delays.
Both of the "Iron Age" composite prices remain unchanged, that for
pig iron at $19.21 a ton for the third week and that for finished steel at
been enabled to maintain an 85% gait. Inability of the automobile industry
to quicken its pace has exerted a repressive influence on many steel lines.
Some makers of hot rolled strip are quoting widths up to 6 inches at 2.30c.,
Pittsburgh,from 6 to 12 inches, not inclusive, at 2.10c. and from 12 to 14
inches, depending upon the gage. at 2.30 to 2.40c. A low bid on 2,000 tons
of cast iron pipe for Chicago figures back to $34.70, Birmingham, whereas
$36 to $37 has been considered the market.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $36.64. This compares with $36.81 last week and the
previous week.
Country's Foreign Trade in March-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on April 15 issued its statement on the
foreign trade of the United States for March and the three
months ending with March. The value of merchandise
exported in March 1927 was $410,000,000, as compared
with $374,406,000 in March• 1926. The imports of merchandise are provisionally computed at $377,000,000 in
March 1927, as against $442,899,000 in Mardi the previous
year, leaving a trade balance in favor of the United States
on the merchandise movement for the month of March 1927
of $33,000,000. Last year in March there was an unfavorable trade balance on the merchandise movement of $68,493,000. Imports for the three months of 1927 have been
$1,044,899,000, as against $1,246,957,000 for the corresponding three months of 1926. The merchandise exports
for the three months of 1927 have been $1,202,685,000,
against $1,124,147,000, giving a favorable trade balance of
$157,786,000 in 1927, against an unfavorable trade balance
of $122,810,000 in 1926. Gold imports totaled $14,254,000
in March 1927, against $43,413,000 in the corresponding
month in the previous year, and for the three months they
were $95,918,000, as against 8,180,000. Gold exports in
March 1927 were $5,619,000, against $4,225,000 in March
1926. For the three months of 1927 the exports of the metal
foot up $22,923,000, against $11,163,000 in the three months
of 1926. Silver imports for the three months of 1927 have
been $3,307,000, as against $20,165,000 in 1926, and silver
exports $13,307,000, as against $25,848,000. Following is
the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1927, corrected to April 13 19274
MERCHANDISE.
3 Months ending March.
March.
1927.
Exports
Imports
Excess of exports
Excess of imports
1926.
1927.
1926.
Incr.(+)
Dom(-)
1,000 Dols. 1,000 Dols 1,000 Dols. 1,000 Dols. 1,000Dots
374,406 1,202,685 1,124,147 +78,538
410,000
442,899 1,044,899 1,246.957 -202,058
377,000
33,000
157.786
68,493
122,810
2366
THE CHRONICLE
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1,000
1,000
Dollars. Dollars.
Exports.
January
February
March
April
May
June
July
August
September
October
November
December
420,006
372,679
410,000
396,836
352,905
374,406
387,974
356,699
338,033
368,317
384,449
448,071
455,301
480,300
465,369
1925.
1924.
1923.
1922.
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
446,443
370,676
453,653
398,255
370,945
323,348
339,660
379,823
420,368
490,567
447,804
468,306
0.4WWWWWWWWWW
1926.
395,172
365,782
339,755
346,936
335,089
306,989
276,649
330,660
427,460
527,172
493,573
445,748
01-,O.ONCOGA.
,OCI
ao;Pogo..;014.
A.W
C.MCW
MOT010,Cp.,
011,
CAMOVCON ,
1.4.4
1927.
278,848
250,620
329,980
318,470
307.569
335,117
301,157
301,775
313.197
370,719
380,000
344,328
416,752
387,306
442,899
397,912
320,919
336,251
338,959
336,477
343,202
376,868
373,881
359.462
346,165
333,387
385,379
346,091
327,519
325,216
325,648
340,086
349,954
374,074
376,431
396,640
.w...c,toogwoo-s&
356,982
310,917
377,000
I WbDWI.WWWWWWWW
•00000,1-40000...40000N
000.00W0I00N4...4WC
VoiwO,
10-0,
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
c..t.awconzbabowwwwt.3
ippo,:qw.00gowo,
Ct COO CO A COO
l apocoocoNo
3 mos. ending March_ 1,202,685 1,124,147 1,270,772 1,100,709 983,751 859,448
9 mos. ending March_ 3,804,492 3,670.675 3,772,033 3,322,643 2,994,925 2,810,002
12 mos.end.December
4,808,660 4,909,848 4,590,984 4,187,493 3,831,777
217,185
215,743
256,178
217,023
252,817
260,461
251.772
281,376
298.493
276,104
291,805
293,789
3 mos. ending March_ 1,044,899 1,246,957 1,064,931 948,311 1,030,589 689,106
9 mos. ending March_ 3,173.748 3,409.790 2,825,303 2,652,757 2,723,929 1,877,778
12 mos.end.December
4,430,888 4,226,589 3.609,963 3.792,066 3,112.747
GOLD AND SILVER.
3 Mos.ending March.
March.
1926.
1927.
1927.
1926.
Jeer. 1+)
Decr.(-)
1,000 Dols 1,000 Dols. 1,000 Dols. 1,000 Dots. 1,000 Dols.
4,225
22,923
5,619
11,163
+11.760
14,254
43,413
95,918
88,180
+7,738
Gold-Exports
Imports
Excess of exports
Excess of imports
8,635
39:188
72.65.
-- _ _
77,017
6,069
4,307
8,333
5,539
19,690
13,307
25,848
20,165
1,762
_-__
2,794
____
6,383
5,683
Silver.
Exports
Imports
Excess of exports
Excess of Imports
-6,158
-6,858
____
EXPORTS AND IMPORTS OF GOLD AND SILVER BY MONTHS.
Gold.
1927.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1926.
1,000 1,000
Dots. Dols.
14.890 3.087
2,414 3,851
5,619 4.225
17,884
9,343
3,346
5,069
29,743
23,081
1,156
7,727
7,196
1925.
Silver.
1924.
1927.
1926.
1925.
1,000 1,000 1,000 1,000 1,000
Dols. Dols. Dots. Dols. Dols.
73,526
281 7,388 9,763 11,385
50,600
505 6,233 7,752 6,833
25,104
817 6,069 8,333 7,917
21,604 1,391
____
7,612 9.323
13,390
593
____
7,931 6,536
6,712
268
____
7,978 8,522
4,416
327
___
7,921 8,349
2,136 2,397
____
8,041 8.285
6,784 4,580
____
7,243 7,487
28,039 4,125
____
7,279 8,783
24,360 6,689
____ 6,794 8,118
5,968 39,675
____
5,610 7,589
1924.
1,000
Dols.
8,209
8,877
8,355
7,802
9,687
8,648
9,190
8,632
10,345
9,465
9,401
11,280
3 mos.end. Mar. 22.923 11,163 149,230 1,603 19,690 25,848 26.135 25,441
9 mos.end. Mar_ 96,895 82,866 207,023 7,955 62,578 74,461 84,448 72,649
____ 92.258 99,128 109,891
____ 115,708 262,640 61,648
12 mos.end. Dec
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
59,355 19,351
22,302 25,416
14,254 43,413
13,116
2,935
____ 18,890
19,820
____ 11,979
____ 15,987
.._ _ _
8,857
___ 16,738
____ 17,004
5.038
3,603
7,337
8,870
11,393
4,426
10,204
4,862
4,128
50,741
10,456
7,216
45,136
35,111
34,322
45,418
*41,074
25.181
18,834
18,150
6.656
19,702
19,862
10,274
5,151
3,849
4,307
____
____
____
____
____
____
____
____
____
5,763
8,863
6,539
6,322
4.872
5,628
5,949
5,988
7,203
5,098
3,941
4,430
7,339 5,980
4,929 • 7,900
6,661 6,221
4,945 3,908
3,390 5,640
4,919 4,870
5,238 7,128
7,273 7,042
4,504 7,083
5,602 5,829
4,049 6,481
5,747 5,864
[VOL. 124.
market for first grade coal at company circular or better. Rice and barley
also are in good demand; in some cases offers of the former size have
been withdrawn.
A drop in bituminous production from thirteen and onehalf million tons weekly to eight million during the past
week, most of which was produced by Eastern open-shop and
those that load changed from closed shop to open-shop mines,
shows what can be done, observes the "Coal and Coal Trade
Journall' in summarizing conditions in the markets under
date of April 21. At least a couple of million tons more
could be added by many low volatile and other open-shop
mines that are shut down because of slack demand and
other causes, adds the "Journal," giving further details as
follows:
The skeptical among the trade take off their hats to these open-shop
operators and say: "Gentlemen, we admit you can do it; you are from
Missouri, but it is not necessary to show us further to the possible detriment of the trade, through overproduction." And think of possible overproduction with the closed shop mines of the great central competitive field
that can produce six million or more tons weekly, shut down. More consumers are surely needed. In the western portion of the Eastern field the
band is playing the "March of the Wooden Soldiers," for so far wooden
soldiers, those who wield the hammer and saw in the construction of mess
and bunk quarters at mines that have changed from closed to open shop, are
the only soldiers in evidence. One of these big operations is making its
Initial bow as an open shop mine this week. It may be some days before
decided results one way or the other are apparent, bet there is little feeling
of doubt about the final results in view of the fair and above competitive
scale offered to their miners. These operators in the central and western
portion of the Eastern field have their backs against the wall and yet are
taking a "live and let live" position that must appeal to all who are reasonable.
In Ohio, the operators are, so to speak, resting on their arms, realizing
that theirs is a situation beyond temporizing and one in which only a solid
front can hope to win and enable them to regain at least a portion of their
lost market. There are rumors that Indiana and Illinois may reach a settlement after stocks are somewhat further depleted, if some modifications
in the present scale are made. However, it is believed if they do so it can
be only for a short period as the march of the open-shop mines is Westward and approaching their border line. There may no longer be a buffer of
Ohio and western Pennsylvania to protect them. So the clash of competition they have so far only felt in the Northwest and markets reached
through the Great Lakes may become a hand-to-hand conflict in their home
territory. In the Great Lakes territory for shipment from Lake Erie ports
it was reported by some prominent producers that larger additional tonnage sought would not be considered except at advances of ten to twentyfive cents per ton, thus contributing their own to the general belief that a
more justifiable market is developing in spite of the large amount of coal
at Lake Erie ports awaiting boats and consequent embargoes on further
immediate shipments. The old and experienced buyer looks over and beyond
such conditions, which he has seen before.
Estimated
Production of Anthracite During Coal
Year 1926-1927.
Figures compiled by the United States Bureau of Mines
show that the estimated output of anthracite in the United
States during the coal year running from April 1 1926 to
and including March 31 1927 rose to 92,481,000 net tons.
As shown by the following table, this figure has been exceeded but three times, namely, in the year 1915-16, and in
the two war years. The heavy production of 1926-27 is
largely explained by the shortage caused by the great strike
of 1925-26, in which year only 51,430,000 tons were recorded.
PRODUCTION OF ANTHRACITE, COAL YEARS,
NET TONS.
1913-14
1914-15
1915-16
1916-17
1917-18
1918-19
1919-20
87,923,000
90.838,000
93,318,000
87,947,000
100,372.000
92,701,000
91,790,000
1920-21
1921-22
1922-23
1923-24
1924-25
1925-26
1926-27
1913-192, IN
91 130,000
89,975,000
57,138,000
91,101.000
85,990,000
51.430,000
92,481,000
3 mos.end. Mar_ 95,918 88,180 15,978 114,569 13,307 20,165 18,929 20,101
9 mos.end. Mar_ 186,303 175,787 109,456 301,352 45,916 52,578 58,355 65,522
____ 69,596 64,595 73,945
____ 213,504 128,273 319,721
12 mos.end. Dec
Bituminous Coal Strike Causes Decline in ProductionAnthracite Output Increases-Coke Declines.
The suspension of mining in the bituminous coal fields,
No Buying Panic Appears in Bituminous Coal Markets
which began April 1, has caused a decline of about 38% in
as Production Falls Because of Strike-Anthracite
the output during the week ended April 9, when compared
Shows Improvement.
The sharp reduction in the output of the bituminous with the production during the last full time week of March
mines in the first full week of the walkout, when produc- 20, according to reports by the United States Bureau of
Mines. During the same period the output of anthracite
tion dropped to 8,250,000 net tons, provoked no frantic buyrose 524,000 tons, but the coke production fell off 3,000 net
ing in non-union fields and made little impress upon the
adding:
mine storage stocks in some of the Middle Western districts, tons, reports the Bureau,
The total production of bituminous coal in the week ended April 9 is estithe "Coal Age" reports in its April 20 review of the industry. mated at 8,258,000 net tons. In comparison with the week ended March
This is strikingly illustrated in the easier price situation, 26, the last full-time week before the expiration of the wage agreements,
this was a decrease of 5,115,000 tons, or 38%. The chief cause of the
declares the "Age," adding:
The failure of the non-union mines, supplemented by the output of union
operations in central Pennsylvania and the West, to turn out the tonnage
anticipated, namely 10,000,000 tons, is attributed to a lack of market for
the coal. Industrial consumers continue undismayed by the suspension in
the central competitive field and part of the Southwest. "Coal Age"
corresponding
index of spot bituminous prices on April 18 was 174 and the
weighted average price was $2.11, a decline for the week of 4 points and
4 cents, respectively.
Eastern markets reflect indifference both in the volume of spot tonnage
and Middle Western markets
and in the prices paid. In the Southeastern
held in
smokeless lump and egg showed increased strength and mine-run
territory.
Columbus and Cincinnati, but weakened in Chicago
market again is picking up.
After several weeks of quiet, the anthracite
tons, as cornProduction during the week ended April 9 was 1,651,000 net
Independents find a ready
pared with 1,127,000 tons the week preceding.
dcnease was the suspension of mining which began on April 1 in many of
the union districts.
ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS COAL
(NET TONS,) INCLUDING COAL COKED.
1927
1926
Week. Cat Year toDate.
Week. Cal year toDate.0
March 26
160,954,000
13,373.000
9,626,000
139,459,000
Daily average
2,229,000
2.229,000
1,604,000
1,932,000
April 2_5
172.008,000
11,054,000
9,040,000
148,499,000
Daily average
1.586,000
1,007,000
April 9e
180,266,000
8,258,000
9,420.000
157,919,000
Daily average
2,149,000
1,376,000
1,570,000
1,883,000
a Minus one day's prodpction first week in January to equalize number of days:in
the two years. b Revised since last report. c Subject to revision.
The total amount of soft coal produced during the calendar year 1927 to
April 9 (approximately 84 working days) amounts to 180,266,000 net tons.
Figures for corresponding periods in other recent years are given below:
APR. 23
1922
1923
1924
2367
THE CHRONICLE
1927.]
134,131,000 net tons
154,147,000 net tons
146,240,000 net tons
1925
1926
1927
136,182,000 net tons
157,919,000 net tons
180,266.000 net tons
ANTHRACITE.
Production of Pennsylvania anthracite increased sharply in the week
ended April 9. The total output, including wasbery and dredge coal, mine
fuel and local sales, and including the Bernice Basin in Sullivan County, is
estimated at 1,651,000 net tons. In comparison with the week preceding,
this was an increase of 524,000 tons.
ESTIMATED UNITED STATES PRODUCTION OF ANTHRACITE (NET
TONS).
1926
1927
Week.(Cal.Year toDate.a
Week EndedWeek. Cal,Year to Dale
0,954,000
1,991,000
1,172,000
17,515,000
March 26
11,503,000
1,549,000
1,127,000
18,642,000
April 2
13,296,000
1,793,000
1,651,000
20,293,000
April 9
a Minus one day's production first week in January to equalize number of days in
the two years.
BEEHIVE CORE.
The output of beehive coke for the week of April 9 declined 3,000 tons
below the production during the preceding week, as shown in the following
table:
ESTIMATED PRODUCTION OF BEEHIVE COKE (NET TONS).
Week Ended1927
1926
Apr.9 Apr. 2 Apr. 10
to
to
1927.8
1927.c
1926.
Date.a
Dale.
160,000 158,000 181,000 2,154,000 3,443,000
Pennsylvania dr Ohio
17,000 16,000 14,000
237,000
West Virginia
235,000
3,000
7,000 17,000
Ala.. Ky., Tenn. & Ga
82,000
283,000
7,000
7,000
Virginia
7,000
100,000
141,000
3,000
Colorado & New Mexico
4,000
6,000
57,000
82.000
3,000
Washington & Utah
4,000
3,000
60,000
53,000
United States total
193,000 196,000 228,000 2,690,000 4,237,000
32,000 33,000 38.000
Daily average
32,000
50.000
• 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.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 20, made public by the Federal
Reserve Board and which deals with the results for the
twelve Reserve banks combined, shows declines for the week
of $44,200,000 in bill and securitY holdings, of $15,100,000
in member bank reserve deposits, and of $14,100,000 in
Federal Reserve note circulation, and an increase of $12,300,000 in cash reserves. Holdings of all classes of bills and
securities declined during the week-discounted bills by
$11,300,000, acceptances purchased in open market by $9,300,000, and Government securities by $22,500,000. After
noting these facts, the Federal Reserve Board proceeds as
follows:
discounts declined $10,000,000, the principal changes comprising reductions of $29,000,000 and $7,000,000 in the
Cleveland and Boston districts, respectively, and an increase
of $11,000,000 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 $22,000,000
above the April 6 total, loans for their own account having
declined $70,000,000, while loans for out-of-town banks and
for others increased $85,000,000 and $7,000,000, respectively. 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 declined $17.000.000 during the
week, relatively small reductions being reported for most of the districts.
Holdings of other bonds, stocks and securities increased $7,000,000 in the
The Federal Reserve Bank of New York reports a reduction of $56,100,000 Chicago district and declined $11,000.000 in the Cleveland district.
while
the
Chicago
Net demand deposits were $17,000,000 above the April 6 total, the prinholdings
and
decline
$2,800,000
Boston a
of
In its discount
bank shows an increase in discounts of $20,300,000. Atlanta an increase of cipal changes including increases of $40,000.000 in the Chicago district and
$9,100,000, Richmond $6,800,000, and San Francisco $4,400,000. The $24,000,000 in the San Francisco district, and reductions of $44,000,000
New York Reserve bank also reports a decline of $20,800,000 in open. and $13,000.000 in the Cleveland and New York districts, respectively.
market acceptance holdings, and the Minneapolis bank reports an increase Time deposits increased $26,000,000 in the New York district and de
of $4,900,000 in this item. The System's holdings of Treasury notes were dined $11,000,000 in the Cleveland district.
Borrowings from the Federal Reserve banks were $29,000,000 above the
$4,800,000 above the preceding week's total, while holdings of Treasury
certificates and of United States bonds decreased $23,100,000 and $4,200,- amount reported a week ago, the larger increase of $42.000,000 reported by
banks in the New York district being partly offset by a reduction of $21.000, respectively.
The principal charges in Federal Reserve note circulation during the 000,000 by banks in the Chicago district.
week comprise declines of $7,700,000 and $5,500,000, respectively, reported
On a subsequent page-that is, on page 2398-we give the
by the Philadelphia and Cleveland Reserve banks, and an increase of $2,figures in full contained in this latest weekly return of the
500,000 by Boston.
The statement in full, in comparison with the preceding member banks of the Reserve System. In the following is
week and with the corresponding date last year, will be found furnished a summary of the changes in the principal items as
last year:
on subsequent pages-namely, pages 2397 and 23C8. A compared with a week ago and with
Increase (±) or Decrease (-)
liabilities
summary of changes in the principal assets and
During
Week.
Year.
of the Reserve banks during the week and the year ending
Loans and discounts, total
-$52,000,000 +$448,000,000
April 20 1927 is as follows:
Secured by U. S. Govt. obligations
-7,000,000
-5,000,000
Total reserves
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
Increases(+)or Decreases(-)
Secured by stocks and bonds
-35,000.000 +246.000,000
During
All other
-10.000.000 +207.000,000
Week.
Year.
total
Investments,
-25,000.000 +256,000.000
+$12,300,000 +$252,700,000
U. S. securities
-17.000.000 -19,000,000
+4,700,000 +240,100,000
Other bonds,.stocks and securities
-8,000.000 +275,000.000
-.44,200,000 -84,900,000
+47.000,000 -35,000.000
-11,300,000 -35.200.000 Reserve balances with Fed. Res. banks
vault
Cash
in
+7,000.000 -16,000.000
-1,900,000
+38,C00.000
+17.000,000 +161.000,000
-9,400,000 -73,200.000 Net demand deposits
Time
deposits
+20.000,000
+526.000,000
-9,300,000
+17.900,000
Government deposits
-22,000.000 -34.000,000
22,500,000
55,800,000
-4,200,000 -24,800,000 Total borrowings from Fed. Reserve banks_ +29,000.000 -107.000.000
+4,800,000
56.400,000
-23,100,000
+25,400.000 Summary of Conditions in World's Markets According
-14,100,000
+67,500.000
to Cablegrams and Other Reports of the
-7.700.000
+79.900,000
-15,100,000
+78,600,000
Department of Commerce.
+6,500,000
+5,500,000
The Department of Commerce at Washington releases
for publcation today (April 23) the following summary
The Member Banks of the Federal Reserve System of conditions abroad, based on advices by cable and other
Reports for Preceding Week-Brokers' Loans
means of communiation:
in New York City.
CANADA.
Wholesalers and retailers report a satisfactory volume of business In
The Federal Reserve Board's condition statement of 671
Eastern Canada and improving conditiond in the West. Employment
reporting member banks in leading cities as of April 13,shows Is
growing on account of the demand for farm labor and the 'widespread
declines of $52,000,000 in loans and discounts, $25,000,000 building activity resulting from favorable weather. Marked sales activity
in investments and $22,000,000 in Government deposits, reflects the current demand for agricultural implements, tractors, dairy
and poultry equipment, automobiles and accessories, hardware, builders'
and increases of $17,000,000 in net demand deposits, $20,- supplies
and spring clothing. Ontario is prominent as a farm implement
000,000 in time deposits and $29,000,000 in borrowings from market. The wholesale grocery trade is marked by numerous price reducThe
the Federal Reserve banks. Member banks in New York tions, notably on butter, and by a considerable expansion on sales.
wholeslae price index declined 1.4 points in March to 148.7, in spite of
City reported declines of $70,000,000 in loans and discounts, higher quotations
for such important commodities as wheat, barley, cattle,
$4,000,000 in investments and $24,000,000 in net demand raw cotton, crude rubber, lead and zinc. The metal working industries
have begun in the
deposits, together with increases of $24,000,000 in time in general are well occupied. Wheat seeding operations
Prairie Provinces. The recent volume of bank clearings in all but a few
deposits and $35,000,000 in borrowings from the Federal Canadain cities has been well above last spring's total.
Reserve bank.
GREAT BRITAIN.
Loans on stocks and bonds, including U. S. Government
Trade returns of the United Kingdom show that the value of exports of
was in excess of the
obligations, were $42,000,000 below the previous week's domestic merchandise during March, at £62.110.000,
February valuation by £9,173,000 and also greater than that for any month
the
in
New
$71,000,000
decline
of
York district since 1925 except February 1926 (£62,814,000) and March. 1926 (£66.400,total, a
being offset in part by increases of $14,000,000 in the Chicago 000). Imports during March, at £113,520,000, were up by £19,669.000
the previous month and accepting the January, 1926 and January,
district and $7,000,000 and $5,000,000 in the Kansas City from
1927 valuations of£117,719,000and £113,600,000,respectively, last month's
respectively.
"All
other" loans and valuation was greater than for any month since 1925. The March reand Boston districts,
•
2368
THE CHRONICLE
export valuation was £10,770,000 which was not substantially different
from the February figure.
IRISH FREE STATE.
Irish Free State Imports from the United States in February, 1927,
a
indicated substantial gain in value over the corresponding month of last
year, notwithstanding a decrease in the value of total imports. Larger
quantities were imported of unmanufactured tobacco, wheat and wheat
flour, apples, oilseed cake and meal, and fertilizers. Bacon imports decreased, as did corn and other cereals except wheat, sugar, kerosene,
gasoline and lubricating oils. Commercial motor vehicles are the one item
of automotive imports registering an increase. A smaller quantity of coal
was imported, although the imporevalue was higher.
THE NETHERLANDS.
Conditions In the Netherlands during the first quarter of this year were
rather colorless, as a result of seasonal dullness and because of the readjustment to a more normal basis following the exceptional activity brought on
by the British coal stricke during the second half of last year. However,
the feeling in business circles is now much more optimistic than previously.
While there are no outstanding factorsindicating definite trendsin business,
the outlook for the second quarter appears favorable. The latest statement
of the Netherland Bank shows little change in the good position previously
noted. The money market Is firm and the issue market continues active,
BELGIUM.
Belgian trade and Industry remain satisfactory in spite of calmness in
certain branches of manufacture. There is increasing confidence in the
future of domestic and foreign trade. Subjects to which attention is being
devoted include international cartels, domestic combinations in industry
and trade, industrial standardization, the conversion of bookkeeping to a
gold basis,elimination of waste,export combines and Government assistance
in further promoting foreign sales. The financial position of the Government is becoming increasingly strong. Means are being studied for reducing the burden of taxation on industry, particularly the income and
profits tax. The Government has already recommended a bill which would
greatly reduce the entertainment tax on moving picture houses. The
application of the measure will be retroactive to April 1. The cost of living
Is more stable and business failures are lower.
FRANCE.
The general index of wholesale prices at the end of March was 655, an
increase of 10 points over the index at the end of February. The index for
national products increased 4 points to 657, while that for imported products
Increased 17 points to 667. The retail price index for Paris was 581 at the
end of March, representing a decrease of 4 points as compared with the
months before. There has been a further reduction in unemployment to
80,830. Of that number 70.380 were receiving doles.
GERMANY.
In general, the tone of business has been satisfactory in recent weeks.
The building trades have picked up remarkably, the weather has been
favorable for the beginning of agricultural operations, the unusually mild
winter has been favorable to farmers, and there is a noticeable decline of
high water and floods which were prevalent in Germany this time last year.
Altogether, the outlook for the summer is favorable. In 1925, 60% of
total building activities were dwelling houses; in 1926 this figure had risen
to 80%. New constructions in the first few months of this year were 20%
greater than a year ago. In January 1927 wages of skilled workers averaged
30% above the 1913 level, while unskilled workers showed an increase of
45.7%. Real wages have, however, declined since the middle of last
summer. As the new budget was not prepared in time for enactment on
March 31, the Government has been empowered, through emergency
legislation, to collect taxes for the first 15 days of April at the old rates,
during which time the new budget can be enacted into law.
ITALY
The Bank of Italy figures for March 20 show note circulation to have been
reduced by 917,000,000 lire since December 31. Total fiduciary circulation
now stands at 17,423,497.000 lire. During recent weeks the reductions in
this form of currency have taken place principally in the circulation on com—
merce account.
RUMANIA
According to figures recently published by the Ministry of Finance,actual
collections of State revenues for 1926 amounted to 28,392.720.000 lei,
against the budgetary estimates of 28,250,000,000 let, and further collection
of revenues for the account of the 1926 budget(the Treasury's books on the
1926 budget will remain open until June 30, 1927)are estimated toadd more
than 2,000,000,000 lei. Actual expenditures for 1926, as reported semiofficially. were about 1,000.000,000 lei less than provided for in the budget,
and it is thus anticipated that the 1926 fiscal year will close with a surplus
of approximately 3,000,000,000 lei. Presumably, as was the case in former
years, the surplus will be applied for supplementary credits to the different
ministries, a large part of the balance to be appropriated for highway improvements and construction of school buildings.
NORWAY
Wage negotiations between employers and employees in the paper and
industry
were
pulp
unsuccessful and as a result,about 12,000 workers joined
the ranks of the unemployed on April 13. As similar negotiations in other
industries have also failed, it is expected in Norway that the Storthing will
consider the advisability of resorting to compulsory arbitration In the very
near future. It is unofficially reported that a total ofabout 45,000 workers is
affected by the lockout which has been declared by several industrial establishments.
YUGOSLAVIA
In 1926,for the third consecutive year, a favorable trade balance has been
achieved, exports exceeding imports by 186,400.818 paper dinars. Exports
continue to show increased volume and decreased value. The lower value
of export products,and consequentreduced profits to the producer,have been
sharply reflected in the government revenues, which have fallen below
the budget estimates. The government policy of financial retrenchment, however has kept expenditures within the revenue limits. The
budget estimates for the current fiscal year, 1927-28, as submitted to the
Sobranye'are. for the first time, lower than those for a preceding year, receipts and expenditures balancing at 11,690,000,000 dinars, as against estimates of 12,504,000,000 for 1926-27. Even further reductions by Parliament are anticipated in Yugoslavia before final adoption of the current
budget.
SWEDEN
Swedish trade during March showed signs of improvement. The outfield were Increased lumber sales and the
industrial
standing features in the
satisfactory level maintained in the exportation of Iron ore. Sales of the
former for future delivery totaled about 1,138,500 board feet by the
middle of April and, due to the recent increase in sales to France and Germany, the outlook continued satisfactory. Although prices for chemical
[VOL. 124.
pulp have been declining, the.turnover has been satisfactory. The paper
market remains relatively quiet, there having been no improvement in demend. The wage dispute which threatened to retard activity in the lumber
and pulp industry, has been terminated by an agreement between employer
and laborers, effected April 16. The money market has continued relatively
easy. There was a pronounced increase in the activity on the bourse, the
turnover Increasing to 50,200,000 crowns from 26,500,000 crowns. During
the period, March 15 to April 12, both industrial and banking share indexes
declined. During the earlier part of the year they rose sharply. Practically all of Sweden's leading import and export items showed an appreciable volume increase during March, as compared with February. Dedared exports to the United States were valued at $2,573,000 during March
as against $1,971,000 in February and $2.915,000 in January.
PALESTINE.
According to the Commercial Bulletin published by the Palestine Government the financial situation continues to be somewhat difficult, and interest
rates are high. The cereal market is active and a considerable share of last
year's stocks have been exported. Livestock continues to be imported in
large quantities. The price of sesame is decreasirg because of imports from
India and the Sudan. Crops are progressing well, except in the southern
zone, but late sowings have been attempted near Beersheba and Gaza.
It is estimated in Palestine that 25% more land will be sown to wheat this
year than last.
JAPAN.
General economic conditions in Japan were practically unchanged during
March. Bank failures that occurred during the month had llttle effect on
the fundamental conditions of the country. Some improvement was shown
in the import trade but exports continued dull. Exports of silk have been
retarded on account of the low prices obtained and stocks are accumulating.
Reaction from the disturbed conditions in China is felt in the cotton yarn
and textile industries, exports having fallen off. The stock market is weak
with quotations declining. Money is easy but credit tight. Electrical
machinery, specialties, and automotive markets enjoyed more activity, but
industrial machinery trade was dull with few large installations under
consideration.
The possibility of India dumping large quantities of pig iron on the Japanese market, since the United States imposed an additional tariff on this
commodity is said to be causing some concern. Negotiations by a joint
sales Guild in Japan to restrict imports of pig iron from India to 200,000
tons per annum have been unsuccessful. Financial statistics indicate
increases in exchange stock and bond flotations, postal savings and bank
clearings. Production of cotton yarns increased but exports declined.
Large shipments of raw silk during the early part of the month swelled the
value of exports to the United States.
CHINA.
Some encouraging prospects of trade at Shanghai may be had from the
attitude being shown by conservative and moderate elements of the Nationalist forces at that point. Active steps have been taken toward the
supression of radical activities and of labor disorder. The general trade is
still uncertain, however. Trade in the Yangtse continues depressed and
transport facilities are still inadequate to accomodate export shipments.
Conditions in Hankow are unimproved with foreign banks and several
business houses still closed. Little activity was shown in silk filatures in
March due to intermittent strikes but some old season contracts are being
worked. Imports in all lines in North China show little activity.
All egg-drying factories which are located in disturbed areas, and those
which are cut off from transportation facilities, have suspended operation.
Frozen-egg factories in Shanghai continue operating with a very limited
supply of eggs, about one-third that of normal, while the Nanking frozenegg factories are closed down. Goatskins from Szechwan province are
reported firm, with season not closing before July, and receipts at Shanghai
from up-river points are arriving slowly. Some improvement is noted in the
bristle trade, with prices rising in purchasing countries. The business is
confined largely to spot transactions by reason of forward contracts being
made subject to disrupted traffic conditions. At the request of Chinese
dealers, shippers are postponing home orders for lumber, and the lumber
trade at present is dormant.
PHILIPPINE ISLANDS.
March showed general improvement over the previous month and in
comparison with March 1926. Early April was also satisfactory, but
seasonal slackening is predicted locally for the hot period following Easter.
Greater activity is expected, however, than at the corresponding season in
1926. Sugar grinding was nearly completed in March and the amjority
of the crop is now shipped. Copra supplies continue low, especially receipts
from southern Luzon, and three oil mills suspended operations in early
April. March trade in abaca was generally weak. The month's textile
trade was fairly satisfactory; automotive sales continued active; and
import trade in foodstuffs was generally dull.
INDO-CHINA.
General trade conditions of Indo-China continue good, with increased
activity in the country's rice market. Total exports of all grades of rice for
March were larger than for any month for more than a year. Shipments
amounted to 212,111 metric tons, of which 69.480 tons were sent to Hongkong. First quality rice was offered on March 31, at ship side in gunnies.
at 10.87 piasters per hundred kilos, or slightly less than 3 cents a pound.
The piaster sold on March 31 at $0.51 sight. The official exchange rate on
that date was 12.95 francs per piaster.
BRITISH INDIA.
Bazar business has been very satisfactory following establishment of the
Indian rupee at an 18 pence ratio, and it Is believed in India that business in
most import and export lines will continue to improve. The engineering
trade especially is showing marked improvement at present. Burlap
stocks are reported to be light in the mill centers.
AUSTRALIA.
The movement of Australians wheat to overseas markets continues to
improve somewhat as the season advances. The strike at Clyde Engineering
Works, New South Wales, was ended April 7 and work has been resumed.
Elections it st hold in Victoria resulted in a victory for the anti-labor
parties, who won thirty-six seats against the labor party's twenty-nine
seats. General business continues fair, with seasonal lines moving well as
the autumn season advances.
ARGENTINA
Little business was transacted during the week ended April 17. due to the
holidays of holy week Final official estimates of April 12 place the wheat
crop at 6,010,000 tons and that of linseed at 1,755,000 tons During the
first quarter of this year expoets of Argentine products amounted to 287.000,000 gold pesos, as against 224,000,000 gold pesos during the corresponding period of last year This represents a monetary increase of 28%
and a quantitative increase of 81%. The cereal market continues to be
active and the wool and hide markets are firm. A small lot of steers has
THE CHRONICLt
APR. 23 1927.]
2369
been exported at a price of 27% cents per kilo—this being the highest
price so far paid this year.
BRAZIL.
fall of recent weeks. On the other hand the present subnormal rainfall is
inadequatefor minor cropsinsomesections. Sugarshipmentsfrom January
1 to April 11, 1927. inclusive, amounted to 203,954 short tons compared
with exports of 176.419 short tons in the corresponding period of 1926.
Holy week, with but three full working days, caused almost complete
The public service commission of Porto Rico has granted a bus monopoly
paralysis of business in Brazil. The stabilization bureau continued to to a local company to operate between San Juan. Rio Piedras, and interfunction, however, and work on the Rio-Sao Paulo road is being pushed mediate points. Building permits in San Juan from July 1 1926 to March
with 4,000 workmen on the job. The Government is planning to utilize 31 1927, totaled 208 as compared with 258 issued in the entire fiscal year
some military units for this work. An £800.000 loan has been floated in 1925-26. San Juan 'bank clearings for the week ended
April 9, 1927.
London by tlre Nogyana Railway. It is reported that petroleum has been amounted to $6,352,000 compared with $8,820,000 for the corresponding
accidentally encountered near the city of Sao Paulo at a depth of 11 meters. period of 1926.
PERU.
The words "gasoline monopoly" should be eliminated from the last line
of the first section of the monthly cable from Peru, dated February 25,
and the statement be corrected to read: "for an automotive assembling
monopoly."
MEXICO
The usual seasonal improvement in sales of shoes, groceries, etc., on account of the Easter season was noted during the week ended April 16. but
the turnover was less than for the same period of last year. The continued
decrease in business has forced a large hardware house to close its doors.
However, the effect on the trade will not, it is reported by serious as this
firm has not been buying much during the past eight months
PORTO RICO
The volume of business transacted in Porte Rico is running slightly
behind that of last year, particularly in the small towns and country districts. Nevertheless, slight gains made in sugar prices are having a favorable influence on the economic outlook, and rains are now below normal,
which is more favtable to cane harvesting and the development of the
growing tobacco, both of which have been held back by the excessive rain-
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for April 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $4,757,568,602, as against $4,778,887,039 Mar. 1 1927
and $4,805,884,836 April 1 1926, and comparing with
85,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European War, that is, on July 1 1914, the total was
only $3,402,015,427. The following is the statement:
CIRCULATION STATEMENT OF UNITED STATES MONEY—APRIL 1 1927.
MONEY OUTSIDE OF THE TREASURY.
MONEY HELD IN THE TREASURY.
KIND OF
MONEY
Stock of
Money. a
Amt. Held in Reeve Against
Trust Against United States
Gold & Silver
Notes
Certificates(di (and Treasury
Treaey Nob'
,
Notes
of 1890)•
of 1890).
Total.
Held for
Federal
Reserve
Banks
and
Agents.
All
Other
Money.
Total.
Held by
Federal
Reserve
Banks
and
Agents.I
Population
of
Continental
United
Per
States
Capita.(Estimated).
In Circulation
Amount.
$
a
Gold coin and
$
b4,598,782,795 3,699,664,442 1,649,288,079
bullion
Gold certifs.._ __ c(1,649,288,079)
Stan. silv. doll's
535,556,184
472,038,767 464,036,373
Silver centre__ c(462,703,569)
Treasury notes
of 1890
c(1,332,804)
Subsidy silver_
296,165,292
4,841,653
U. S. notes____
3,054,856
346,681,016
F. R. notes____
2,102,006,145
1,051,606
P.R.bank notes
108,269
4,950,648
Nat.bank notes
699,924,967
14,380,818
$
$
155,420,721 1,716,404,531
Total Apr. 1 '27
8,584,067,047 d4,195,140,411 2,113,324,452
155,420,721 1,716.404,531 e209,990,707 6,502,251,088 1,744,682,486 4,757,568,602
40.81 116,588,000
Comparative
totals:
Mar. 1 1927_
Apr. 1 1926_
Nov. 1 1920_
Apr. 1 1917_
July 1 1914.
Zen. 1 1R70
8,538,130,498 d4,183,856,901 2,128,012,478
8,336,418,140 d4,225,959.392 2,150,180,686
8,326,338,267 d2,406,801.772 696,854,226
5,312,109,272 d2,942,998,527 2,684,800,085
3,738,288,871 d1,843,452,323 1,507,178,879
1 nn7 MU 4Rn d212 420 402
21 602 540
155,420,721 1,700,112,931 100,310,771 6,482,286,075 1,703,399,036 4,778,887.039
154,188,886 1,696,135,735 225,454,085 6,260,639,434 1,454,754,598 4,805,884,836
152,979,026 1,206,341,990 350,626,530 6,616,390,721 987,962,989 5,628,427,732
105,219,416 5,053,910,830 953,320,126 4,100,590,704
152,979,026
186,273,444 3,402,015,427
3,402.015,427
150,000,000
90.817.762 816,266,721
816,266,721
100.000.000
41.03 116,469,000
41.73 115,168,000
52.36 107,491.000
39.54 103,716.000
34.35 99,027.000
16.92 48.231.000
$
178,551,111
$
$
$
899,118,353 506,808,363 392,309,990
1,649,288,079 629,749,190 1,019,538,889
8,002,394
63,517,417
14,552,698
48,964,719
462,703,569
89,849,424 372,854,145
1,332,804
4,841,653 291,323,639
3,054,856 343,626,1,30
1,051,606 2,100,954,539
108,269
4,842,379
14,380,818 685,544.149
1,332,804
19,376,918 271,946,721
52,865,582 290,760,578
394,273,591 1,706,680,948
61,315
4,781,064
37,145,405 648,398,744
3.37
8.75
.42
3.20
.01
2.33
2.49
14.64
.04
5.56
•
a Includes United States paper currency in circulation In foreign countries and
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
b Does not Include gold bullion or foreign coin outside ot vaults of the Treasury
Federal Reserve banks, and Federal Reserve agents.
C These amounts are not included in the total since the money held in trust
against gold and silver certificates and Treasury notes of 1890 Is included under
gold coin and bullion and standsd silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total Includes $14,985,483 of notes In process of redemption, $156,200,075
of gold deposited for redemption of Federal Reserve notes, $13,178,093 deposited
for redemption of national bank notes, $2,830 deposited for retirement of additional
circulation (Act of May 30 1908). and $6,421,200 deposited as a reserve against
postal savings deposits.
f Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $155,420,721 held in the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are
also secured dollar for dollar by standard silver dollars held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of.the Issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%, including the gold redemption fund which must be deposited with the United States
Treasurer, against Federal Reserve notes In actual circulation. Lawful money
has been deposited with the Treasurer of the United States for retirement of all
outstanding Federal Reserve bank notes. National bank notes are secured by
United States bonds except where lawful money has been deposited with the Treasurer
of the United States for their retirement. A 5% fund is also maintained in lawful
money with the Treasurer of the United States for the redemption of national bank
notes secured by Government bonds.
British Credit Not to Be Renewed.—Sterling Stabilized
Without Use of the Federal Reserve Gold.
Sterling exchange is to stand squarely on its own two
legs beginning with May 1, says the Washington correspondent, April 19, of the "Wall Street Journal," whose comment
continues:
The bulwark of the Federal Reserve gold credit will no longer back up
the pound. The two year credit arranged by the Bank of England with the
reserve banks is not to be renewed.
This arrangement expires at the end of April. Official announcement that
it will not be renewed has been made in London. Thenceforth Great Britain
plans to maintain her currency on the gold basis by virtue of her economic
position, unaided by extraordinary arrangements for assistance from the
United States in the event of an emergency in sterling exchange.
England never made use of the gold credit established with the Federal
Reserve banks. It was in the nature of an anchor to windward at the time
to the gold standard. It was a second line of defense against speculative
raids on sterling exchange. However, the Federal Reserve gold credit
represented concrete American aid to the reestablishment of sound currency
abroad. The theory of this form of American help remains as evidence of
what France might obtain from the United States when that country
undertakes the permanent stabilization of the franc.
Just about two years ago British currency was placed upon the gold basis
from which it had been pulled by the wax. Previously the British war
debt in the United States had been funded and there were no restrictions in
the way of American financial aid to England. When Great Britain returned to the gold standard it was an open question whether the pound
could be maintained on that basis. Outside help was considered advisable.
Reserve and Morgan Credits.
Two separate credits were established—one by the British government
and one by the Bank of England. A credit of $1000,000,000 was arranged
by the British government with J. P. Morgan and Co.and a credit of $200'000,000 by the Bank of England with the Federal Reserve Bank of New
York in participation with the other Federal Reserve banks and with the
approval of the Federal Reserve Board. Negotiations for the Federal
Reserve credit were carried on by Montagu Norman, Governor of the Bank
of England, and Benjamin Strong, Governor of the Federal Reserve Bank
of New York. So far as Is known the British government has not used the
Morgan credit to peg exchange, and according to the Reserve Board the
Bank of England has never taken advantage of its arrangement with the
reserve banks.
Under its arrangement with the Bank of England the Federal Reserve
Bank of New York undertook to sell gold on credit to the Bank of England
from time to time during a period of two years,but not to exceed $200,000'000 outstanding at any one time. The credit was to bear interest to the extent that it was actually used at a rate 1% above the New York reserve
bank's discount rate with a minimum of 4% and a maximum of 6%, or, if
the Federal Reserve discount rate exceeded 6%, then at the discount rate
of the bank.
A Virtual British Gold Reserve.
By this arrangement,and the Morgan credit, what amounted to a British
gold reserve in the United States was set up When the establishment of
the credits in America were announced in London the Chancellor of the
Exchecquer said:"These great credits across the Atlantic Ocean have been
obtained and built up as a solemn warning to speculators of every kind and
every hue and in every country of the resistance which they will encounter
2370
TN 144 CHRONICLE
and of the reserves with which they will be confronted if they attempt to
disturb the gold parity which Great Britain has now established."
The warning apparently was heeded. Sterling exchange, after two years
of the gold standard, is still well within the gold shipping point. England
Is not losing gold. Despite falling revenues from some sources of taxation
the government has announced a balanced budget. In the face of serious
troubles in China and rumbles of political undercurrents in other quarters
the British government considers its currency as now firmly entrenched
behind a gold basis and special American credit no longer necessary.
Of course the Bank of England is not cut off altogether from the Federal
Reserve system. Federal Reserve banks have the authority to deal in
gold coin at home or abroad and to buy and sell in the open market at
home or abroad cable transfers or banker's acceptances and bills of exchange
of the kinds and maturities eligible for rediscount. The point is the British
government no longer sees the need for a spectacular warning to speculators.
The fact that Great Britain does not intend to renew
the United States credits was indicated in the remarks of
Winston Churchill, Chancellor of the Exchequer, given in
our issue of a week ago, page 2220.
[vol.. 124.
States onlhisIwedding trip more than twenty years ago, in
explaining on April 8 (on the eve of his departure from
London) the object of his present trip, said, according to
copyright advices to the New York "Times":
I am going to New York instead of to Lossiemoutb, but I am going to be
away only a day or two longer than if I had chosen to go to Scotland for my
Easter vacation. The object of my journey is three-fold: Primarily, I am
going to get a rest and to be away from work for a fortnight. Secondly,
I am going to see old friends whose friendship I have appreCiated for a great
number of years but whom very likely I shall have few chances of meeting
again. Also I want to get into closer contact with our labor friends on the
other side. There's a fourth reason, which most people seem to overlook,
and that is that, in addition to public work, one has to live, and in order to
live on has to make provision for an income.
The same advices said:
Mr. MacDonald then discussed the Government's Trade Union bill,
against which he will direct a fight as leader of the Opposition in the House
of Commons.
"It will be the biggest fight of this generation," he declared."and I hope
the whole Labor movement, both in its industrial and its political aspects, is
going to unite as it never united before to fight a common enemy that will
seize upon every weapon we give it to add to our difficulties and weaken
our strength. Let them say what they like, it is a deliberate and planned
attack upon the Labor combination in order that Labor may be forced into
a position of economic and moral subordination. When I am in America I
shall certainly make it my business to explain the issues to the American
people."
Gold and Silver Imported into and Exported from the
United States by Countries in March.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
With his arrival here Mr. MacDonald referred further to
and silver into and from the United States during the month
of March 1927. The gold exports were only $5,624,617. the Trade Unions Bill, the "Times" of April 16 indicating as
The imports were $14,263,950, the greater part of which, follows what he had to say on this and the various matters
namely $5,018,620, mile from Canada, with $4,869,307 touched on by him:
Speaks Freely on Politics.
from Australia, and $2,000,000 from Japan. Of the exports
Although Mr. MacDonald is here on a pleasure trip, he spoke freely on
of the metal, $3,051,779 went to Canada and $888,905 to
political questions both coming up the bay and later at the Henry Street
Hong Kong.
Settlement. He explained the Labor Party's policy in regard to China.
advocated England's recognition of Russia, said he 'was opposed to both
communism and Fascism, which he said were virtually the same thing, and
forecast that his party would return to power.
"I am a most terrible person for prophesying," he said. "I don't like to
SILVER.
GOLD.
do it. Nevertheless, it seems to me that the political barometer points to
Refined Bullion. Total (Incl. Coin). 'fair' as far as the Labor Party is concerned. The change of public opinion
Total.
has been very marked indeed in the last twelve months. It has been away
Exports. Imports. Exports. Imports Exports, Imports. from the existing Government and toward the Labor Party."
He would not discuss prohibition, the Sacco-Vanzetti case, American
Ounces. Ounces. Dollars. Dollars.
Countries, Dollars. Dollars.
6,630 labor or any American problem. He said, however, in reply to a question.
2,178
France
149,863
1,120 that English political men were interested in the career of Governor Alfred
266,385
Germany
66,732
Malta. Gozo and
E. Smith.
766
100 ,
Cyprus Islands_ _
"We hear about his delightful straightforwardness and his human
677
.,
Poland and Danzig_
12,055 sympathy," he said. "Whenever he does something it is reported in the
2,312
8.033
655,880
365,283
United Kingdom _ _ _
155,724
266,457
3 051,779 5,018,620
124,285
2,919
Canada
English papers, and we say: 'Ah. Al Smith. We know about him.' and
944 we read it."
52,150
1,589
Costa Rica
111
1,000
62
Guatemala
18,771
"Why do you condemn the present English Government?" the former
204,622
21,504
476,878
Honduras ,
4,258 Prime Minister Was asked.
Nicaragua
40,693
8,508
1,183
Panama
3,036
Mexico
572,283
550,241
60,660 3,102,730
Calls Government Incompetent.
3 202,890
20,000
23,286
Trinidad & Tobago_
2,385
"Because it is incompetent." he replied. "It represents a class. The
3,035
Other Brit. W.Ind_
Government
have gone from bad to Worse under it. Further14,139 affairs of the
3,335
Cuba
1,500 more, it mishandled the industrial situation, and this is immediately
12,760
Dutch West Indies_
905 responsible for the industrial disputes of the past year."
Haitian Republic
3,215
Argentina
1,750
"Do you think the extension of the suffrage to women over 21 will increase
2,000
Brazil
223,846 the strength of your party?"
989,747
Chile
132
5,525
89,078
18,102
160
10,385
Colombia
"I should say we have a very decided majority of the women who will be
2,835 enfranchised by that extension."
79.619
Ecuador
1,127
Dutch Guiana
"Will the Trade Unions bill be passed?"
371,076
45,036
Peru
"The Trade Unions bill will be passed with very considerable amendments.
29,889
Venezuela
6,339,635
3,512,570
British India
The bill Will not be a great blow to the Labor Party. They mean it to be
British Malaya__ __ 855,081
a blow. The Trade Unions bill is more of a partisan political bill than any3,221,232
1,871,460
China
172,581
77,538 thing else. The bye-elections created the bill more than the industrial disJava and Madura... 160,000
147,415
888,905
putes of last year. In the first place, it does nothing to touch the parliaHong Kong
2,000,000
Japan
mentary front of the trade unions."
2,233
197,094
Philippine Islands
"What has been the revenue of the Labor Partyfrom the trade unions?"
21
4,869,307
Australia
"I can't remember. I think it is seven or eight thousand pounds. It is
21
36
22,961
New Zealand
8,279 a big sum in relation to our total expenditure. We are not like the Ameri7,079
Brit. South Africa...
3,602 can Republican Party or even like the American Democratic Party. We run
2,690
Mozambique
our elections very cheaply."
4 !WA 1217 ld 911.
1 asn 111 R94 7•44.... Ian MIA A 1177 !MI A 'LW AR1
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES BY COUNTRIES.
Bank of France Forwards £33,000,000 to Bank of England as Payment for War Advances.
The Bank of France, acting in reality for the French Government, yesterday (April 22) paid the Bank of England as
security for war advances, says the Associated Press advices
from Paris, which also state:
This gold, amounting to the equivalent of £18,350,315, will be left in
London temporarily, but may later be deposited elsewhere. The Bank of
England still retains French gold to the equivalent of £53,500.000 as security for the balance of the French debt.
Further advices in the matter appeared in our issue of
a week ago, page 2219.
Visit to United States of J. Ramsay MacDonald, Former
British Prime Minister-Expects Return of British
Labor Party to Power-Views on Policy Toward
China.
J. Ramsay MacDonald,formerly Prime Minister of Great
Britain, and the present Chairman of the Labor Party in
the British House of Commons, arrived here on the steamer
Aquitania on April 15. At Quarantine, where he was met
by a committee headed by Grover A. Whalen, Mr. MacDonald and his daughter Ishbel (who has accompanied him
on his trip) was taken on board the tug Macom and brought
to the Battery. Mr. MacDonald, who visited the United
Scores Action in China.
Mr.MacDonald was then asked what he thought of the Chinese situation.
"At the present moment I have been out of touch with it for several days,"
he replied, "and the meager news which I hear is Government propaganda
which I take with a grain of salt.
"In the general Chinese situation the Labor Party's attitude has been
proved to have been correct. Our position was that, first of all, you are
bound to have a revolution in China. You can't avoid that. Great Britain,
France and America have been educating the Chinese, and the intelligentsia
of China have been reading Western literature, political and otherwise, and
that was bound to have an effect upon Chinese psychology. Then the war
came, and that gave a tremendous impetus all over the world-Ireland,
India, China-to nationalism.
"China could not realize its nationalism except through revolution, and
in going into revolution it is bound to provide 'incidents,' some of which are
very unfortunate. But a statesman of common sense should look at it as an
objective problem.
"Our second position concerned itself with how we were going to protect
our nationals who have gone to China in the utmost good faith. The treaties
we had with China, of course, were not made exactly in the same way as
between America and Great Britain.
"You have got to have a historical mind as Well as an ethical mind. A
man with a historical mind and no moral mind is a 'bad egg.' The man
with the moral mind and not the historical mind is half a fool. A statesman is both. When you combine the two you have a political situation
which could only be handled by a certain amount of give and take.'In
that frame of mind you should face the problem in China."
Asserts Policy Is Foolish.
"Of course, there must not be murder. The policy of the Labor Party
was to bring the people in the outlying districts out of danger and provide
facilites to take them home if they wished to do so. But the method of
protection that was adopted by our Government was very foolish. To send
out 20,000 foot soldiers to protect British interests was to misu'nderstand the
problem, incense the people in Shanghai and increase mistrust outside.
APR. 23 1927.]
THE CHRONICLE
2371
"Before any one of the 20,000 went out there were ships in Chinese waters. Ltd., by the Bank of Japan, the rejection of the proposal
There was a defense. There was a defense force that could have been used being announced in the following advices from Tokio, April
very effectively as a police force. If the handling of the situation had been
to keep in day-by-day touch with the revolutionary movements—not recog- 15 (copyright) to the New York "Times" published in that
nition in the diplomatic sense, but in the sense of an existing condition that paper April 16:
had to be dealt with—a careful handling in a friendly way, with a defense
The privy council committee which has been examining the Governforce kept down to the limits of necessity, would have got over the difficulties ment's plan for advancing to the Taiwan Bank up to 200,000,000 yen
and placed us in a far better position to carry on relations in the future."
ended its meeting tonight without announcing its decision, but according
"Will the Russian influence prove a barrier to a peaceful settlement of the to one member of the committee it was decided to reject the plan and
Chinese problem."
notice was given the Premier.
"The Russian influence undoubtedly is an element in the situation, but to
The Cabinet attached great importance to speedy approval of its plan
say that the Russian influence fomented it I think is not true. You have in order that an imperial ordinance might be issued as early as possible.
never found civilized peoples living without bogies."
The committee's action places the Ministers in a difficult situation.
"Is it true that American education had been responsible for unrest The Premier is reported to have replied that withdrawal of the plan
among the Chinese?"
would involve resignation of the Government. A Cabinet council was
"When the Eastern mind comes in contact with the Western mind, you hurriedly summoned.
are bound to have a reaction, and the reaction is bound to be in the direcOn the day of the suspension of the Bank of Taiwan,
tion of nationalism. And I don't see why an American should be ashamed
of the fact that his contact with the Chinese has contributed to the liberation April 17, the resignation of the Tokio Cabinet occurred, the
of the Chinese."
"Times" in a copyright cablegram with reference to this,
Socialism as World Factor.
stating in part:
Mr. MacDonald was asked to what extent he considered Socialism a factor
Premier Leijiro Wawatsuki's Cabinet resigned this afternoon after
In world affairs.
"The world, especially the industrial world, cannot avoid it," he said. the Privy Council, in plenary session hi the presence of the Emperor,
"Capital itself, with its large trusts that are now no longer national but inter- rejected the Government's plan for supporting the Taiwan Bank with
The alternative now advances up to 200,000,000 yen ($97,660,000). This bank, a semi-Govnational, is evolving an organization of socialism.
presented to the world is not individualism or socialism, competition or so- ernment institution, is the principal creditor of Suzuki & Co., Ltd., which
cialism, but whether this enormous Socialist organization is going to be recently failed with liabilities of about $250,000,000.
The Privy Council, which has special responsibilities under the Concontrolled by representatives of private interests or of the commonwealth.
It is no longer a question of organization, but of whom is going to control stitution regarding the issue of Imperial ordinances, rejected the Government's
plan on the grounds that such ordinances should only be
the organization."
He was asked if unemployment was on the decline and he said that it was. promulgated when circumstances make the convocation of the Diet imHe was asked if there was any danger of Communist control of the British possible.
In the Council's opinion, the Cabinet, instead of using an Imperial
Labor Party, and he replied that there was absolutely none.
ordinance, which is intended only for sudden and exceptional emergHe spoke with some warmth of his hope for World peace through security
encies, should have proceeded either by calling a special session or by
plus disarmament.
taking action on its own responsibility with funds already at its dis"You'll never have security in the moral courage to find security through
posal and seeking the Legislature's approval afterwards.
International understanding," he said.
"What is your stand on the Palestine question?" he was asked.
Bankers Plan to Maintain Stability.
"So far as the party is concerned we have taken up no official attitude. I
After the Cabinet's resignation, which followed a brief deliberation
personally have been in Palestine and have seen the work that has been done
by the Jewish colonization societies, and have been tremendously impressed. upon the Privy Council's decision, the heads of seven leading banks met
So far as I am concerned personally, I will certainly carry on the Balfour and decided to make all possible effort to preserve economic stability
pending the formation of a new Government.
declaration."
The Imperial Chamberlain left for Kyoto to consult Mr. Sitionji, the
Mr. MacDonald visited Boston on April 18, visiting at only
surviving Elder Statesman, regarding the appointment of a new
Concord his hostess of thirty years ago, when he came here Premier.
The
directors of the Taiwan Bank met tonight, but did not announce
on his wedding trip. With his return to New York on
any decision as to action. The Bank of Japan (Central Bank), under
April 20 he visited Mayor Walker at the City Hall, leaving its powers arranged during the recent bank difficulties, will continue to
at midnight that day for Washington, where he called on the support the threatened bank.
On April 18 it was stated in Associated Press advices
President on April 21, being introduced by the British
from Tokio that Baron Tanaka, head of the Seiyukai
Ambassador, Sir Esme Howard.
Party, had accepted the post of Premier to succeed Premier
Japanese Banking Difficulties-21-Day Moratorium De- Wakatsuki, resigned. It was further stated in these
•
advices:
clared—Resignation of Cabinet Incidental to Question
agency Rengo was reliably informed today that
Japanese
news
The
of Aiding Bank of Taiwan, Ltd.—Bank Suspensions.
the Bank of Japan is sending 20,000,000 to 30,000,000 yen in convertible
The banking difficulties in Japan which reached an notes to the main office of the Bank of Taiwan at Teipeb, Formosa.
The present position of the Bank of Taiwan shows assets totaling
acute stage during the past week resulted in the signing
yen and liabilities in the same amount. Of the loans figyesterday, April 22, of a moratorium decree by Emperor 890,000,000
uring in the assets, however, it is understood that over 300,000,000 yen
throughout
Hirohito authorizing a suspension of payments
were to Suzuki & Co., now under temporary suspension, which are
Japan for a period of three weeks as a means of meeting practically unsecured.
The difficulties of Seiyukai & Co., Ltd., were referred
the financial crises. The Associated Press advices from
Tokio yesterday from which we quote regarding the Mora- to in these columns April 9, page 2061, and April 16, page
2223.
torium, also had the following to say:
Business is expected to come to a virtual standstill for that period,
The "Wall Street News" in noting on April 20 that an
wages
the banks only paying out sufficient funds to meet salaries and
official despatch received from Tokio by the Japanese
and checks up to 500 yen, or about $250.
The business principally affected probably will be the small factories, Financial Commission announcing that Baron G. Tanaka
and retail and wholesale dealers. Hotels and resorts also are expected had accepted the Premiership of Japan, stated also that
to be hard hit, owing to cancellations and general tightening of funds.
As approved by the privy council and signed by the Emperor, the Korekiyo Takahashi had accepted the post of Finance
edict includes authority for extension of the moratorium to Korea and Minister. It was further noted in the "News" that Mr.
Formosa if necessary.
The Cabinet announced a special five-day session of the Diet had been Takahashi is a former Prime Minister and has also held
several other positions in former Cabinets, including the
called to begin May 3 to discuss the financial situation.
post of commerce and industry. He also has been a
Bank Suspensions.
Since the beginning of the financial depression in mid-March, it is governor of the Bank of Japan and was Financial Comestimated thirty banks suspended operations. Six of them were large
time of
institutions, including the Bank of Taiwan, Ltd. The total deposits missioner in New York and London during the
affected are reported in the neighborhood of 900,000,000 yen (about Russo-Japanese embroglio. It was observed in the New
$450,000,000), but accurate details of the suspensions have not been York "Times" of the 20th that confidence was increased
learned owing to the reticence of the finance department.
Although runs on banks have been general throughout Japan, four by the reported appointment as Finance Minister of
Tokio banks—Mitsui, Mitsubishi, Sumitomo and First Bank—have been Koreyiyo Takahashi, that paper adding:
crowded the last few days with Japanese making deposits, estimated at
Bankers here who have close financial relations with japan believe
100,000,000 yen.
The vernacular newspapers say the Kawasaki Dockyard Company is in
distress owing to the suspension of the Fifteenth Bank, and that the
suspension of the company is imminent.
All banks in Osaka, Kobe and Kyoto were closed today following upon
persistent runs yesterday. Business generally was paralyzed.
Local bankers assert the banking structure is fundamentally sound
and no alarm is called for. They accuse politicians at Tokio of making
a mountain out of a mole hill in connection with the Bank of Taiwan.
The political crisis which resulted from the bank's suspension, created
uneasiness, causing a run.
As to the suspension on April 17 of the Bank of Taiwan,
the Bank of Formosa, we quote the following Tokio cablegram from the "Wall Street Journal" of April 18:
Bank of Tiawan has suspended in Japan proper and in foreign offices
for three weeks as a result of Privy Council's refusal to sanction government aid. The head office of Formosan branches will remain open,
but authorities are understood to be planning to make Taiwan bank notes
unconvertible, meanwhile outlawing attempts to collect branches' debts
from head office.
In our issue of last Saturday, page 2223, we referred to
the question of the extension of aid to the Bank of Taiwan,
that the plan for a return to the gold standard this year will be carried
through despite the Cabinet change. They declare that the only change
involved was political.
As to the situation in Tokio on April 19 we quote the
following from the cablegram that day to the "Times"
(copyright):
More Osaka Banks Suspend.
Prices hardened so the Tokio Stock Exchange today as result of
aBaron
,fectedTbay thenaka's appointment.
markets have not been
is
The commodity ma
crisis.
While Tokio financial circles were comparatively calm, the Osaka
district was disturbed by the failure of three more banks, Senyo,
Gand s2
119
4:0a0
,07
0hoiochyeanr.e small country concerns with a total capitalization
am
of
The Orni Bank, which closed yesterday, has a paid-up capital of
3,375,000 yen and is a large institution with many ramifications in the
textile industries. Its suspension actually causes more embarrassment
than that of the Taiwan Bank.
Between the close of business yesterday and today's closing, the
advances of the Bank of japan increased by nearly 259,000,000 yen to
0
8000
70
0:000
0.
,000, while the excess issue rose by 270,000,000 yen to 319,-
2372
THE CHRONICLE
These figures are unprecedented, the nearest approach being in December, 1923, after the earthquake, when the advances were 861,000,000 yen.
The Jiji Shimpo reports that the Bank of Japan's emergency advances total 700,000,000 yen, but the estimate seems to be exaggerated
in view of the fact that the average advances during February were
220,000,000 yen.
The Governor General of Formosa has issued a statement warning
the people against reckless actions and bidding them to rely implictly
upon the Government, which will safeguard banks and currency.
The developments of April 20 are indicated in the
"Times" cablegram of that date (copyright) )as follows:
Three Small Banks Fail.
It is doubtful whether the Government will call a special session of
the Diet after all. The Hochi an opposition newspaper, declares that
a vote of no confidence would
'be proposed immediately the Diet assembled in order to force a general election.
To avoid this risk, which would prolong the financial uncertainty,
Premier Tanaka will not meet with serious criticism if he dispenses
with the special session which last week he demanded of his predecessor, M. Wakatsuki.
The Bank of Japan continues to make heavy advances, today's loans
being 1,002;000,000 yen, aiainst 870,000,000 yesterday. All the advances have been made, the bank assets, against adequate security.
Three more small country banks, the Horoshima Industrial, Nishiebara and Moji, with a total capitalization of 2,500,000 yen, failed today.
Japanese papers report that the Taiwan bank's aggregate deposits are
86,000,000 yen, of which 25,000,000 represent deposits abroad, 25,000,000 deposits in Japan and 36,000,000 deposits in Formosa.
[VOL. 1114..
The Bank of Japan yesterday refused to make further advances to
the Fifteenth Bank. This was taken to mean that the Bank of Japan
is adhering to its policy of no advances without security, and also
that the Government will not support institutions of doubtful solvency.
The Taisho Bank of Tokio and several small country banks also
suspended today. The deposits of the foreign banks in Yokohama,
the specie bank and the postal savings banks are increasing.
Central Bank's Advances Drop.
The advances of the Bank of Japan to other banks today amounted to
61,000,000 yen as compared with 130,000,000 and 250,000,000 on
previous days.
Foreign business men express the hope that the Bank of Japan will
now be able to protect every bank on which there is a run and that
the runs will cease, but there is still some danger that certain banks
which are experiencing runs may be unable to put up the security required by the Bank of Japan.
Premier Tanaka saw Japanese newspaper men at the Foreign Office
today and in his conversation gave the impression that the Government would move cautiously regarding changes in policy.
"It is a matter of course," he said, "that the Government adheres
to the positive policies which the Seiyukai Party has advocated both in
domestic and international affairs, but it is our intention to exercise
all possible prudence in applying those policies."
Baron Tanka declined to say when the Foreign Minister would be
appointed. Admiral Okada, Minister of the Navy, declared his full
agreement with the policies of his predecessor regarding the threepower conference. He said that he ardently desired to see an agreement reached and believed all of the powers sincere in seeking
limitation.
According to the "Wall Street Journal' of last night,
Sugar Men Ask Remedial Action.
April 22, Acting Japanese Financial Commissioner
According to the Jiji Shimpo, the Formosa Government has authorized the ues of 20,000,000 yen in retired notes in the vaults of the Wikawa, discussing the financial position following dechead office to meet the present demands, though the Finance Minister laration of the moratorium in Japan, stated
that the
in Tokio is opposed to this step.
The Taiwan Bank's cash in hand amounts to 16,000,000 yen and present situation resulted from obstructive tactics on the
the bank authorities believe that all depositors can now be paid.
part of a few interests who objected to remedial measures
The Formosan sugar trade is now in the busiest season and the Japan accepted by the majority of interested parties. He exSugar Association is demanding speedy application of remedial measures. It intimates that unless this is done it may be necessary to sus- pressed confidence that the relief measures being adopted
pend transactions. About 10,000,000 yen is needed to finance the pres- by the government to stabilize the situation would be
ent crop.
entirely adequate. Mr. Wikawa praised the attitude -of
Meeting of Creditors of Suzuki Postponed.
American bankers and business men in'face of the tie-up
Ile Tokio Stock 'Exchange reacted today and leading stocks lost
about half of yesterday's gains. The 'creditors of Suzuki & Co., who In Japan. He stated:
"At this juncture, I cannot help but admire the American bankers,
were to have met today, postponed their meeting until April 27.
.business men, and their lawyers who happened to be creditors of the
Rook, April 22
firms
and banks in question.
The Associated Press in a Tokio cablegram in making
"I am confident
holders of our bonds and bills will share
known on April 21 the intention of the Cabinet to declare with them the sameAmerican
composure of mind at this moment. I am sure
they
will understand any emergency action on the part of our governa moratorium said:
ment; such as, closing of all banks for two days, which aims only to
The new Japanese Cabinet will declare a moratorium for twenty days
calm
down the excitement of the 'mass,' so that things can be settled
beginning next. Monday, during which time the Diet will be convened
sensibly. The present situation has very little to do with financial
for the purpose of authorizing the Bank of Japan to issue notes and
standings
of our government, communities, etc.
take other measures to stem the widespread bank suspensions and re"According to latest statistics at hand, we are still the fourth or
store financial stability.
Following a meeting of the Cabinet today Finance Minister Taka- fifth largest gold holding nation. The Bank of Japan's reserve ratio
hashi ordered all banks closed at midnight for a period of two days against its note issue, until quite recently, was much higher than that
of Bank of England, though of course lower than that of Bank of
preparatory to the proclamation of a moratorium.
England, though of course lower than those of your reserve banks.
We have the fewest unproductive national loans of all the world
Bank Suspensions.
powers, and the soundness of our public finances remain unchanged.
This action was taken following the alarming increase in the number
"Under such circumstances, I trust the confidences of American
of bank suspensions in different parts of Japan and the runs experiinvestors in our bonds will not at all be affected."
enced everywhere on banks. The Fifteenth Bank, one of Tokyo's seven
The same account stated:
first class banks, suspended for three weeks.
The Japanese Cabinet in a statement today declared that "after
According to an official cable received by Acting Japanese Financial
careful deliberation and collecting of reports from various directions Commissioner Tadao Wikawa, the Imperial Japanese government
issued
the Government has decided to adopt a thorough policy of financial
the following statement Thursday night: "Having collected reports
stabilization?'
from various sources since this morning and after careful deliberaThe Bank of Japan today advanced to Tokyo institutions alone more tion, the Cabinet decided to adopt thorough relief measures
for stabilizathan 100,000,000 yen, bringing the gross outstanding advances to ap- tion of the financial situation. The government
has already comproximately 1,163,000,000 yen.
menced its work for that purpose."
Governor Ichiki of the Bank of Japan stated that the present difficulties were only temporary due to the depositors being panickstricken.
The Cabinet has decided to "take thoroughgoing measures to end Sir Montagu C. Turner of Chartered Bank
of India,
the financial crisis." This announcement is understood here to mean
Australia and China, on Conditions In China and
not only the extension of aid to the Bank of Taiwan, whose suspension
is traced to the failure of Suzuki & Co., but also to deal effectively
India.—Bank's Balance Sheet.
with the "earthquake bills," which are closely connected with the
Labor
unrest,
strikes at home and in the East and West,
financial crisis.
Further details regarding the bank suspensions of April civil conflict and the interference of Russian Communism in
21 are taken as follows from the copyright cablegram to China and increased competition for foreign trade were cited
as disturbing influences in the business of the Chartered Bank
the "Times":
After a day in which pubilc nervousness over the financial situation was greatly intensified by the suspension of the Fifteenth, or
Peers', Bank, one of the oldest established of the so-called big banks,
the Cabinet late tonight issued a statement announcing that it had
decided upon thoroughgoing measures for relief and stabilization and
had taken steps for their immediate enactment.
The newspaper Asahi, in an extra, states that the Director of the
Legislative Bureau has conferred with the Secretary of the Privy
Council regarding the issue of an imperial ordinance.
All day long queues have been standing in front of many Tokio
banks in the rush to withdraw deposits. The Yasuda Bank adopted the
bold course of keeping open all night to meet the depositors' demand,
and at a late hour hundreds were still waiting in the lines.
Similar conditions are reported throughout the country, but the Bank
of Jajan's advances are growing smaller, which suggests that the situation is becoming more manageable.
Depository of Peers and Royalty.
The Fifteenth Bank, which suspended payment for three weeks, has
deposits of 268,434,000 yen. Its shareholders include the imperial
household department and moer than 300 peers, but the imperial household no longer keeps all of its funds there.
The bank has been known to be in difficulties for some time, owing
to large frozen loans to the Kawasaki dockyard, the Kokusai Steamship Company and other corporations suffering from the current depression, and also because of imprudent amalgamations carried out during the boom 'period. Among the banks then absorbed was the Naniwa
Bank operating in the same territory as the Omi Bank, which suspended on Monday.
The Omi Bank's stoppage caused a general run throughout the area
which the former Naniwa Bank branches were unable to stand.
of India, Australia and China, by Sir Montagu Cornish
Turner when he recently submitted his annual report and
statement, as Chairman of the bank, before its 73rd ordinary
general meeting in London. In outlining conditions affecting
the business of the bank in China, Sir Montagu Cornish
Turner discussed the present predicament of the British
subjects in China, whose holdings, he estimated, total 350,000,000 pounds sterling. He said that all British merchants
asked for in China was the "existence of a real, effective and
settled government, with security for life and property,
that peace and good will should prevail, that trade should be
possible not only at seaports but up country and that transport should be feasible by rail or river without fear of interference by bandits."
Sir Montagu Cornish Turner blames the present Chinese
revolutions upon the Communistic element "—the spirit
of hatred—" which invaded the Councils of Canton, from
Moscow. "From this communistic spirit," he said, "has
grown the intense anti-British feeling and the so-called
spirit of anti-imperialism."
Business in Hongkong and Canton has been most difficult
and according to Sir Montagu Cornish Turner, while a limited
amount of trade has been possible in North China,in Nanking
APR. 231927.]
THE CHRONICLE
2373
Shanghai and Tientsin much trouble has been encountered,
owing to strikes, boycotts and the insidious activities of
agitators. However, Sir Montagu Cornish Turner believes
that the obscure future of China will brighten with the disappearance of the Moscow influence and that the patience,
industriousness and common sense of the Chinese will soon
restore a sensible and efficient government. He also said:
"In Japan, trading concerns generally, and especially importers, have
The only danger I can see in the plan is the possibility that a situation
might arise in which the people could get their zlotys largely through the
certificate plan and buy then foreign exchange in the regular way, thus
continually weakening the Bank's reserve position as expressed in its official
reserve percentage. Ifsuch a situation should develop to a dangerous extent
the certificate plan should be discontinued.
10. Continue the recently adopted wise policy of not issuing more Government notes, and retire as soon as practicable a substantial part of the
Government notes already issued. As a general policy the Bank of Poland
should issue all the country's paper money and the Government should limit
itself to the minting of coin. Great care should be taken to prevent the
suffered from fall in values of raw materials and of the manufactured
issuance of an excessive amount of subsidiary coins.
article. Excessive competition has also added to the losses sustained.
Distribution of Notes.
Japan's imports of raw cotton amount to 3,386,000 bales, of which 1,840,000
are taken from India and 1,130,000 from America.
11. The Government should endeavor to get a better territorial distribu"On the whole India has continued to enjoy prosperity, thanks in a tion of its small notes and subsidiary coins, through local treasuries, banks,
great measure to her exports of jute and tea and she can now show a balance etc.
of trade in her favor amounting to 32,279,000 pounds. The record Ameri12. As soon as practicable revise the legal reserve requirements of the
can cotton crop affected the exports of cotton from India and resulted, of Bank of Poland along the general lines recently adopted for the Central
course, in a drop of value. It is interesting to note that India has imported Bank of Chile, permitting greater elasticity of note circulation.
from the United States quite a fair amount of this cheap cotton, which is
13. Make Bank's published weekly statement refer to average condition
being used in place of the insufficient and too expensive supplies available for the week instead of the condition on one day.
in India. About 200,000 bales of American cotton may be imported this
14. Thoroughly revise the country's general banking laws at earliest pracseason for use in local mills."
tical moment.
Government Surplus Sought.
Sir Montagu Cornish Turner, in quoting the figures of the
15. Cut public expenditures to the bone and not only balance the budget
bank's balance sheet, said he considered them satisfactory, in monthly
but get a monthly surplus for a while if at all possible. The
view of the many handicaps to trade to which he referred. psychological effect of such surpluses on Poland's foreign credit would be
The balance total of the Chartered Bank of India, Australia excellent.
16. Keep trade balancefavorable by finalizing through taxation and otherand China was 66,645,955 pounds, 13s and 7d, a decrease of wise
the importation and consumption of luxuries in Poland.
investment
in
4,220,492 pounds, 10s and 5d. The bank's
As Poland's foreign credit improves and capital flows toward country an
government securities showed an increase, being at 12,149,644 unfavorable trade balance for a while should be expected but in this case the
excess of merchandise imports should be chiefly in raw materials, machinery
pounds. The directors voted that the regular dividend of and
other capital equipment.
14% per annum for the half year ended December 31st last,
together with a bonus of 6s, 3d per share, free of income
tax, be declared payable.
Proposed Loan to Land Banks.
17. As soon as confidence is fairly restored investigate the possibility of a
loan to the four land banks of Poland through the National Economic Bank
secured by (a) the collective land mortgages of the four land banks.(b) the
capital of the four banks, (c) the capital of the National Economic Bank
which would issue the bonds to be sold abroad, and (d) the guaranty of the
National Government. Move slowly in carrying out such a plan as securities of this kind are as yet not yet very marketable among American in-
Kemmerer Report on Financial Rehabilitation of
Poland-Restoration of Zloty to Par and Foreign
Credit for Zloty Stabilization Recommended.
Copies of the report on the financial rehabilitation of vestors.
18. Get better publicity for Poland abroad.
Poland, made by the Commission of American financial
experts, headed by Dr. E. W. Kemmerer of Princeton Berlin Approves Proposed Loan of £60,000,000 to
University have been received by the Department of ComRussia-German Banks and Industries to
merce at Washington from the Ministry of Finance in
Advance Soviet Credit.
Warsaw, it is learned from "the United States Daily" of
The following London advices April 21 (copyright) are
April 12. According to that paper the volume covers 555 from the New York "Herald-Tribune":
With the German Government's approval and support, German banks,
printed pages and embraces a series of separate reports and
with the co-operation of German industrialists, are negotiating with the
memoranda as follows:
Soviet Government for the granting to Moscow of commercial credits
1. Report on the Stabilization of the Zloty.
totaling between £40,000,000 and £60,000,000, it was reported in financial
2. Memorandum on the Articles of Association of the Bank of Poland. circles here to-night. Great concern is felt here over the reports, for if
3. Report on the Revenue System of Poland.
the transaction goes through the Soviet propaganda coffers will be refilled.
4. Report on the Joint Stock Bank Situation and Recommendations as The credits, it is understood, are to be repaid in eight years.
to Government Banks.
5. Memorandum on the Proposed Banking Fund.
6. Report on Accounting and Fiscal Control in the Ministry of Finance.
Paying Indebtedness to United States-Govern7. Report on an Organic Budget Law.
ment
Delivers First $11,000,000 .of 555,000,000
Administration.
8. Report on Customs
Owed.
9. Report on Customs Administration of the Free City of Danzig.
10. Report on the Salt Industry.
Advices April 16 copyright by the New York "Times"'
11. Report on Tobacco Monopoly.
state:
12. Memorandum on Special Favors to the Export Trade.
The Swiss Government, which during 11919-20 contracted loans in
13. Memorandum on the Public Debt Policy.
America totaling $55,000,000, has begun to repay the amount in portions.
The paper quoted gives as follows the full text of the The first slice a $11,000,000 has just been paid.
summary appended to the report:
The Swiss are gaining largely.by the transaction, as the Swiss franc
1. Broadly speaking, the most important thing to do is to restore confi- has greatly increased in value on exchange during the past seven years
dence in the zloty both in Poland and abroad. To this end currency stabiliz- 'while the dollar has decreased here during the same period,
ation is imperative.
2. Definitely decide to restore zloty to par. It would probably be wise,
.Arrangements for Funding of Debt of Greece to Great
however, not to make a public announcement to that effect.
3. Keep exchange value of zloty continually rising. It would have a
*.
Britain.
wholesome effectifspeculators who sell zlotys short should suffer some losses.
Great Britain on April 15 published
. . as a White Paper the
4. Do not stabilize temporarily at a point lower than par. If you should
and if prices and wages should once become fairly adjusted to that gold ,terms of the agreembht with'Greece for' the settlement of
value it would be very difficult, if not impossible both economically and i the latter's war debt, says a copyright message•from London
politically, to restore the zloty,later to par. Since prices, wages and taxes
have not yet risen at all proportionately to the decline in the gold exchange to the New York "Times," which also'supplies the following
value of the zloty, the restoration of the former gold value of 5.18 to the :information:
•
dollar could probably be effected now with less injustice and hardship than
After the deduction of a sum for the damages caused by British troops in
at any time in the future.
Macedonia,
the
debt
of
Greece
to Britain was fixed at £21,441,450 [about
I
5. Get the Bank of Poland a foreign credit of not less than 815,000,000 to '$103,991,032].
stabilization
of
the
zloty.
be used for the
Pledge such revenues as may be
Under the agreement, if at any time Britain receives aggregate payments
necessary, under reasonable supervision on the part of the bankers for their , under the Allied war debt funding agreement and on the account of reparacolection and assignment to the service ofthe loan. Unless the loan is a short tions or of the liberation bends, which exceed: the'pOments made by
time one the contract should contain a provision permitting its prepayment . Britain to the United States in the settlement of her own war debt,to Greece
at a moderate premium after a short period of years.
will be credited a proportion of such excess. ,
' •
.6. The bank should use its reserve, not merely hold it to oe looked at and.
On the other band, any deficit must be made up'by a proportionate
talked about. The public should be made to feel that it was easier to get increase in the payments next due from Greece.
gold for zlotys than zlotys for gold, except, of course, to meet the legitimate
Britain expects to collect in sixty-two years from Greece the sum of
needs of export trade.
£23,550,000 [about $114,217,500]. In other words, she will be content to
7. The Bank's discount rate should be kept high until tlie zlotyis restored get back the principal of the debt in sixty-two yea's in addition to a small
to parity. A depreciated and unstable zloty is worse for the country's , interest charge.
trade and credit and, in the long run, more conducive to continually high
Greece will pay according to the following scale: For 1926, £50.000;
Interest rates than is a high discount rate policy on the part of the Bank 'for 1927, £200,000; for 1928, £200,000; for 1929, £250,000; for 1930. £300,during short periods of great emergency.
.000: for the sears 1931 to 1935, inclusive, £350,000 annually; for the years
1936 to 1987,inclusive, £400,000 annually.
Rationing of Credits.
The sum due in 1926 is regarded as satisfied by the payments made by
8. Bank credit should be rationed so that it could not be used unduly for
consumption purpose, or for financing the importation of luxuries or for Greece since Jan. 1. The scale of payments is said to represent approximately the present value of £6,950,000.
speculative purposes.
9. In case there is evidence that the Polish people, because oflack of confidence in the zloty, are accumulating credits abroad and hoarding gold in the
-28-Country's First Balanced
form of foreign gold currencies in Poland, it might ho well to try to mobilize Turkish Budget for 1927
Budget.
these funds for legitimate economic needs by means of the gold certificate
plan I have outlined, being an adoption of Polish conditions of a plan
According to Associated Press advices from Angora
recently employed in Chile. Since such a plan would at best be an experiup by the Turkish Republic for
ment, its adoption should be with the understanding that it was but a April 15, the budget drawn
1927-28 for the first time is a balanced one. It indicates
temporary measure and might be discontinued at any time.
pwiss
2374
THE CHRONICLE
[Vox. 124.
revenues of 194;500,000 liras (about $95,000,000) and a
slightly smaller amount for expenditures. Of the total
expenditure 40% is devoted to military and naval affairs
and 32% to civil needs. The two largest items are 58,096,743
liras for national defense and 25,723,043 for public works.
Among the defendants are the following: Deutsches
Kalisyndikat Gesellschaft, an association and combination
of the owners of all the potash mines in Germany; the
Societe Commerciale des Potasses d'Ailsace; Mines
Domaniales de Potasse d'Alsace ; Societe Anonyme des
Mines de Kali Sainte-Therese; The Potash Importing CorBonds of State of San Paulo Purchased for Cancella- poration of America, a corporation under the laws of the
State of New York, etc.
tion by Speyer & Co.
Speyer & Co. as fiscal agents have purchased for cancellation through the sinking fund $40,000 bonds of the State
Report of Cornering of Flax by Germany—Increased
of San Paulo secured 7% water works loan of 1926. This
Prices.
represents the second sinking fund installment.
From the New York "Times" we quote the following
Paris cablegram April 20:
Budget of Russian Soviet Union for 1925-26.
By accepting Russian flax in payment for several million uniforms
The budget of the Soviet Union for the Soviet fiscal year she is making for the Soviet armies, Germany has succeeded in cornering
market on flax, according to reliable information just
1925-26 showed a surplus of revenues over expenditures of reachingthe
Paris.
13,000,000 rubles ($6,695,000), as compared with a surplus
Among the heaviest sufferers from German domination of this comof 28,000,000 rubles (814,420,000) in 1924-25, according to modity are the American users. Buyers for large houses now in
final figures received from the. Commissariat for Finance Europe for the purpose of purchasing their requirements for the
coming year discovered
their dismay that prices had suddently
by the Soviet Union Information Bureau. Revenues for risen from 30 to 60%. to Investigation
revealed that Russian flax,
125-26 were 3,876 million rubles and expenditures 3,863 which hitherto had flowed in a normal way into the Belgian and Dutch
markets, had for several months been passing through the hands of
million rubles. The Bureau adds:
For the current fiscal year the estimated revenues are 5,002 million
rubles and expenditures 4,902 million rubles, indicating a surplus of 100
million rubles ($51.500,000) which will be set aside as a special reserve fund.
The total figures show an increase of 22% over 1925-26.
The Soviet budget includes receipts and expenditures:an account of
transport and communications and a percentage of profits made by State
industries and State banks,as well as capital allotments for State industries.
Consequently the compilation of the budget becomes largely a matter of
planning the national economy.
Statement by Jean Le Cornec, Director General of the
Societe Commerciale Des Potasses D'Alsace Regarding
the Suit of the Department of Justice Against the
German and French Potash Interests.
On April 8 Jean Le Cornec, Director General of the
Societe Commerciale des Potasses d'Alsace issued the following statement regarding the proceedings instituted on
April 7 by the Department of Justice at Washington
against the German and French potash Interests:
the German flax group, which raised prices to an alarming extent.
Germany, it appears, stands to make millions of dollars through her
cleverly arranged corner.
Whether other war equipment is included in Germany's deal with
Russia is not known here, but it is known that Germany since the
first of the year has been the biggest buyer of Argentine leather of a
character used for the manufacture of heavy marching boots. Orders
for several hundred thousands of these boots are said to have been
received in Germany from Russian army agents, and it is believed
to be not unlikely that the Russians are acquiring these army boots
through the exchange of flax.
The military chiefs of France and other Western European powers
are interested in the flax corner, for their opinion indicates clearly
that in order to obtain control over a sufficient amount of flax to co'rner the market, Germany must have accepted orders for an immense
number of uniforms and probably other army supplies.
Yucatan Co Sells $9,000,000 in Hemp-300,000 Bales to be
Delivered at 6Th Cents a Pound During Summer
Associated Press advices, April 18, published in the New
York "Evening Post" state:
A deal has been closed for the sale of 300,000 bales of sisal grass
I have just arrived in America, and am here officially as the Director
General of the Societe Commerciale des Potasses &Alsace, an organization created and controlled by the Republic of France for the purpose
of handling the French State Potash mines, which the Republic of by the Cooperatvia Henequeros of Yucatan-180,000 bales to the InFrance acquired with the cession of Alsace-Lorraine in 1919 under the ternational Harvester Company, 35,000 to the Plymouth Cordage
Treaty of Versailles, and also a few mines owned by French nationals. Company and 35,000 to alontes Lejeune & Co.
The hemp is to be delivered from April to September of this year
On the governing board of the Societe on behalf of the French government are Mr. Boos, Delegate of the Ministry of Agriculture, Mr. at 674 cents gold per pound. The total transaction will amount to
Guillaume, Delegate of Ministry of Public Works, Mr. Farnier, Delegate' about $9,000,000,000.
of the Ministry of Finances, and Mr. Dollfus, Delegate of the Ministry
Because of the deal, it is understood the State Government will reof Commerce. It is by their direction that I have come to America to vise the law restricting hemp production.
investigate all conditions pertaining to the potash business in this
country.
Neither the Societe, nor I have made, or will snake, any agreements Offering of $3,000,000 Bonds of
Mortgage Bank of
or arrangements in America looking into the creation of any American
Bogota (Banco Hipotecario de Bogota), Republic
corporation, or any agreements or arrangements of any kind in America
with Deutsches Kalisyndikat or Potash Importing Corporation, or any
of Columbia—Bonds Sold.
German or American interests whatsoever regarding the American PotWhile formal public offering was made on April 20 of a
ash supply, and no decision on this subject has been made, or will be
made, until I have returned to France, and have made my report to the new issue of $3,000,000 20-year 7% sinking fund gold bonds
Societe.
of the Mortgage Bank of Bogota (Republic of Colombia) it
I received yesterday papers indicating that the United States Department of Justice is commencing civil proceedings against us and against was announced that the bonds had all been disposed of bethe Deutsches Kalisyndikat and Potash Importing Corporation under fore the hour set for the opening of the subscription books.
the Anti-Trust laws.
The offering had been made by a group composed of HallAll the above facts coulci have been ascertained by the Department of
Justice if it had first made inquiry of me, or of the representatives of garten & Co., Kissel, Kinnicutt & Co., Halsey, Stuart & Co..
the Societe in this city, and I strongly believe that the Department of Inc., Lehman Brothers and William R. Compton Co. The
Justice is proceeding under a misapprehension of the facts.
bonds were offered at 95% and interest, to yield about
This matter is now in the hands of my attorneys, who are Charles K.
Carpenter, who is also counsel of the French Consul General, and Gilbert 7.45%. The proceeds of this issue are to be used exclusively
for tile retirement of outstanding bonds or against mortgage
H. Montague.
A statement issued by the Department of Justice on
April 7 regarding the suit said:
The Department of Justice today filed an injunction suit, under the
Sherman Anti-trust Law and the anti-competition provisions of the
Wilson Tariff Act, in the United States District Court at New York
City, against a group of German and French producers of potash. The
petition alleges that certain individual representatives of the German and
French producers are now in New York City arranging with certain
American distracting agencies to project a monopoly of potash, built
up overseas, into the United States.
It is alleged that because the mines of the French and German companies constitute the only sources of a large supply of potash, users in
the United States are almost wholly dependent upon them for their
requirements. The petition alleges that the French and German companies since August, 1924, have been dividing sales of potash to be made
in the United States and have been fixing prices to be charged for
potash sold within the United States. The German companies, it is
alleged, have their own exclusive selling agency in the United States,
namely, The Potash Importing Corporation of America, New York City,
with whom it has agreed upon prices to be charged for potash within the
United States; and that the French companies have a similar agency for
the distribution of their products in this country.
The petition charges that beginning May 1, 1927, the French and German companies have agreed to continue the division of the United States
business, and, in addition, to select a single exclusive selling agensy,
with which they will agree upon the prices to be charged for potash in
the United States.
loans made,for which bonds have not previously, been
issued,
and for the acquisition of new and further mortgage loans.
The issue will be dated May 1 1927 and will mature May 1
1947. A cumulative sinking fund is provided for, commencing Nov. 1 1927, operating semi-annually, calculated to
be sufficient to retire the entire issue by maturity through
purchases below par or by call at par. The bonds will be
redeemable as.a whole on any interest payment date at 105
and accrued interest on or before May 1 1932; the premium
decreasing 1% in each year thereafter until May 1 1936,
inclusive; and redeemable after that date at the principal
amount of the bonds and accrued interest. The bonds, coupon, in denominations of $1,000 and 8500, will be registerable as to principal only. Principal and interest (May 1
and Nov. 1) will be payable in New York City at the principal office of the National Bank of Commerce in New York,
trustee, in gold coin of the United States of America of or
equal to the standard weight and fineness existing on May 1
1927, without deduction for any taxes, present or future,
levied or imposed by the Republic of Colombia or by any ,
taxing authority therein or thereof. The syndicate makes
THE CHRONICLE
APR. 23 1927.]
public the following information furnished by the Mortgage
Bank of Bogota:
Mortgage Bank of Bogota, with principal office in Bogota and branches
throughout Colombia, is a consolidation of the mortgage departments of five
leading Colcimbian national banks which had theretofore combined both
commercial and mortgage banking, and which then withdrew from the
mortgage business.
The bank now has a paid-in capital equivalent to $1,946,600 and a legal
reserve of $486,650, and its plans contemplate the gradual increase of both
to a total in January 1929 of $4,866,500 (5,000,000 gold pesos).
The bonds of this issue are the direct obligations of the Mortgage Bank
of Bogota. By the Colombian law under which the bank is organized, the
obligations of the bank, including the bonds of this issue, are secured by
mortgages held by it and by its capital and reserves.
The aggregate original appraised value of properties securing the first
mortgages covering loans made by the bank, was as of Jan. 3 1927 $30,023,099.71. The boars of the bank outstanding on Jan. 3 1927, against
these properties amounted to $10,980,832.89, or less than 87% of the
valuation, while bonds of the bank issued and outstanding amounted to
2% of such value. All mortgage loans made by the
/
18,124,135.10, or 271
bank are payable in gold coin.
The proceeds of this issue of bonds are to be used exclusively for the retirement of outstanding bonds or against mortgage loans made, for which
bonds have not previously been issued, and for the acquisition of new and
further mortgage loans.
The Republic of Colombia has for many years enjoyed a stable Government, and its finances are in sound condition. The national revenue increased from $21,292,000 in 1922 to $45,089,000 in 1926, while the total
debt, both internal and external, decreased from over $46,948,000 in 1922
to $23,407,000 during 1926, a decline of over 50%. The Columbia peso,
which has a gold parity of $.9733, is now quoted at a slight premium.
All conversions of pesos into dollars have been made at party of exchange.
We also annex the balance sheet of the Mortgage Bank of
Bogota as of March•31 1927, which does not give effect to
the present financing:
ASSETS.
07,330.00
each
202,862.72
Deposits in other banks
1,745,905.54
Other assets
Bank building (in construe187,706.69
tion) and furnishings_ _ _
13,487.102.14
Mortgages
387,195.56
Various debtors
305.767.60
Interest receivable
LIABILITIES.
$320,308.91
'
Current accounts
1,044,016.88
Time deposits
1,771,113.51
Various creditors
Bonds (cedulas hipotecarias)
10,682,940.80
Capital, reserves and sur2,555,290.15
plus
318,373,670.25
$16,373,870.25
2375
(3) All gold dollar mortgages deposited as security for these bonds will
be guaranteed by the City of Saarbruecken or the counties of the Saar
Basin in which such mortgages originate.
Depostied Mortgapes.—All mortgages deposited as security for these bonds
shall be unencumbered first liens. Loans may be made only on agricultural properties, on the better class of residential and commercial buildings,
and on a limited class of industrial structures which have a selling value
vased on permanent revenues. No loans may be made on equipment and
machinery or on large industrial plants, mines, quarries, smelters and
similar industries, or on unimproved urban property unless building thereon
is immediately contemplated. Loans shall be limited to amounts varying
from 16% to 50% of the appraised value, and, in most instances, may total
only 83 1-3% of such value. Such appraised value may not, under any
circumstances, exceed the present fair market value.
Capital and Reserves.—The bank has outstanding as of Dec. 31 1926
8,295,700 francs in capital and 2,077,895.60 franca in reserves. Previously
the capital of the bank was in marks. Dividends have been paid on capital
outstanding at the time as follows: 1920, 6%; 1921, 6%; 1922, 6%;
1923, 8%; 1924, 10%; 1925, 12%; 1926, 12%.
Saar Basin.—The Saar Territory, a thickly populated region with more
than 749,000 people in an Area of 700 square miles, is one of the most important industrial districts of Europe. Its enormous wealth has been
built up principally as a result of its famous coal deposits. Under the
terms of the Treaty of Versailles, the Government of the Territory until
1935, at least, is in the hands of a Governing Commission of five members
representing the League of Nations.
The advantage of the Saar Territory during its period of control by the
League of Nations, as reflected in its steady expansion, are numerous:
(1) It has no war debts, reparations payments or liability under the
Dawes Plan.
(2) It has no national debt.
(3) There can be no military service, compulsory or voluntary.
(4) No foreign taxes of any nature may be imposed and proceeds of all
levies may be spent only for territorial purposes.
(5) The budget has been balanced every year under the League of
Nations.
Bonds of Berlin Electric Elevated and Underground
Rys. Co. Purchased for Cancellation by Speyer & Co.
Speyer & Co., as fiscal agents, have purchased for cancellation through the sinking fund,$94,000 bonds of the Berlin
Electric Elevated and Underground Railways Co. 30-year
first mortgage 63' % loan. This represents the first sinking
fund installment.
Memorandum accounts(per contra:
$486.65
Securities in safekeeping_
Agencies—obligations in
4,060;574.95 Memorandum accounts(per
safekeeping
$4,061,061.60
contra)
Bonds of City of Berlin Purchased for Cancellation by
Speyer & Co.
Speyer & Co. have purchased for
agents,
fiscal
as
Acting
84.01,061.60
Temporary bonds or interim receipts of National Bank of cancellation, through the sinking fund, $150,000 bonds of
Commerce in New York will be deliverable in the first the City of Berlin 25-year W% sinking fund gold loan of
1925. This represents the fourth sinking fund installment.
instance.
- --Issue7of $1,000,000 Bonds of Saarbruecken Mortgage Australia to Float Loan—$20,655,000 Bonds to Be
Issued for State Financing.
Bank Privately Placed.
Melbourne, Australia, Associated Press advices April 22
It was announced on April 18 that Ames, Emerich & Co.,
Inc., and Strupp & Co. had placed privately the issue of in the New York "Evening Post" state:
$1,000,000 Saarbruecken Mortgage Bank 6% external sinkThe Commonwealth Treasurer has announced that the Australian
ing fund gold bonds, Series A, referred to in these columns
last week (page 2225). The bonds will be dated March 1
1927, will become due March 1 1947, and are non-callable
until March 1 1932, except for the sinking fund. The bonds
are redeemable as a whole or in part on and after March 1
1932, on two months' notice at 100 and accrued interest. A
sinking fund is provided calculated to retire the entire
issue by maturity. The bonds, coupon, will be in denominations of $1,000 and $500. Principal and interest (Mar..1
and Sept. 1) will be payable in United States gold coin of
the present standard of weight and fineness at the office of
Ames, Emerich & Co., New York City, fiscal agents, or at
the option of the holder, at the Saarbruecken Mortgage
Bank, Saarbruecken, without deduction for present or future
taxes or duties to be levied in the Saar Territory. The
Farmers' Loan & Trust Co. is registrar. In advices to the
banking houses offering the bonds, Director Kohl of the
Saarbruecken Mortgage Bank gives the following information regarding the bank:
Organization.—Hypothekenbank Saarbrucken Aktiengesellschaft, hereafter
referred to as the Saarbrucken Mortgage Bank, was incorporated in 1919 for
the purpose of making loans on real estate in the Saar Territory. Its operations are conducted in accordance with limitations imposed by the basic
German Mortgage Bank Law of July 13 1899, and regulations imposed by
the Governing Commission for the Saar Territory appointed by the League
of Nations. Government supervision is made effective through a Government-appointed trustee and deputy trustee.
Security.—These $1,000,000 Saarbruecken Mortgage Bank 6% external
sinking fund gold bonds, Series A, will be issued under special approval of
the Saar Basin Governing Commission authorizing the creation of mortgages payable in gold dollars, the effective collection of judgments based
thereon and the issuance of these bearer mortgage bonds. They will be
secured as follows:
(1) They will be a direct obligation of the Saarbruecken Mortgage Bank,
which has a total paid•in capital, as of Dec. 31 1928, of 3,295,700 francs
and reserves of 2,077,895.60 francs.
(2) They will be secured by the deposit of first mortgages payable in
gold dollars, and(or) certain approved substitute security in an amount
equal to 105% of the total bonds of this series to be presently outstanding.
During the first year 5% of the above-mentioned 105% of first mortgages
on properties in the territory of the Saar Basin may be payable in United
States dollars and need not be guaranteed.
Government will float an internal 64,260.000 ($20,665.000) 5li% loan to
provide for the final requirements of the various Australian States and the
Federal Capital Commission for the current fiscal year.
The new bonds will be issued at par and will mature in 6.11 or 16 years,
according to the option of the purchaser. Holders of the £664,000 6%
loan, maturing on May 31 1927, will be invited to convert their holdings
into the new loan.
Offering of $2,122,500 7% Bonds of the City of Santa Fe,
Argentine Republic.,
In advance of the formal public offering on April 21 of
an issue of $2,122,500 7% external secured sinking fund
gold bonds of the City of Santa Fe, Argentine Republics,
Blair & Co., Inc., announced the closing of the books on
April 20, the bonds having all been subscribed for. The
price at which the bonds were offered was 94M and interest,
to yield 7.55% to final maturity; The bonds are unconditionally guaranteed by the Province of Santa Fe, Argentine
Republic, as to principal and interest by endorsement on
each bond. The issue will be dated April 1 1927, and will
become due April 1 1945. A cumulative sinking fund of 3%
per annum payable semi-annually, commencing October 1,
1927, is provided to call bonds by lot at 100 and interest on
10 days' notice. The Sinking Fund is calculated to be
sufficient to retire the entire issue by maturity. The bonds
are redeemable as a whole or in part othek than by sinking
fund on and after April 1 1928, on not less than 60 days'
notice at 100 and accrued interest. They will be in coupon
form in denom. of $1,000 and $500, registerable as to principal only. Principal and semi-annual interest, (April 1
and October 1) will be payable in United States Gold Coin
of the present standard weight and fineness without deduction
for and free from any present or future taxes of the Government of the Argentine Nation or of any taxing authority
thereof or therein, at the principal office either of The Chase
National Bank of the City of New York or of Blair & Co.,
Fiscal Agents. The purpose of the issue is indicated as
follows:
2376
THE CHRONICLE
The Municipal Ordinance authorizing this loan provides that the proceeds
shall be applied to the retirement of approximately $424,000 floating debt.
the balance to be employed in construction to extensions to markets,slaughterhouse, the Municipal Electric Plant, and for other productive purposes
designed to increase the revenues of the City.
[VoL. 124.
passed providing that all the mortgages held by the bank constitute specific
security for its mortgage bonds outstanding. . . .
The bank has an unbroken dividend record for the fifty-one years since
its inception in 1875. For the three years 1924 to 1926, inclusive, annual
dividends amounted to 9%, 12% and 13%.
From additional information furnished by Jose Maria
Puig, Mayor of the City of Santa Fe, we quote the following:
Security.
These bonds are the direct and unconditional obligation of the Bank of
Security.—These bonds constitute the direct obligation of the City of Colombia and, according to Colombian law, are secured by at least an
Santa Fe, which pledges its good faith and credit for the punctual payment equal amount of first mortgage on Colombian real property.
The bank's activities are subject to supervision by the National Governof principal, interest and sinking fund. In addition, the bonds are to be
secured by a first and paramount lien, created by the Municipal Ordinance ment and its contract with the Government stipulates specifically that
under which the bonds are to be issued,on the gross receipts of the Municipal mortgage loans may be made against first mortgages only.
Principal and interest on all loans made by the bank are payable in
Electric Light & Power Company.owned by the City of Santa Fe,including
the receipts from the additions to the plants of such Company to be made Colombian gold coin, thus eliminating any risk of currency fluctuations.
On Jan. 1 1927 the bank had $2,514,228 of its mortgage bonds outstanding
with the proceeds of this loan. They are also to be secured by a first and
paramount lien created by such Ordinance on the new markets, slaughter- against $3,050,088 mortgage loans on property valued at $8,814,956, equal
house. and the other works, extensions and improvements to be acquired to over 3M times the total of mortgage bonds then outstanding
or constructed with the proceeds of this loan.
Fiscal System.
The gross revenues of the Municipal Electric Light & Power Company
In 1923 the Colombian Government reorganized its fiscal system under
for the year 1926 (converted at par of exchange) amounted to $297.220
and for the year 1927 are estimated at $339.600. The annual interest the direction of an American Financial Mission headed by Dr. E. W.Kemcreated a national banking system modeled on the lines of the
charges on this issue amount to $148.575, and the total annual service merer, and
Federal Reserve Banks of the United States. Since 1923 the Colombian
charges for interest and sinking fund amount to $212,250.
has
remained
stable and is at present quoted above par. (One
The Ordinance under which the Bonds are to be issued provides that peso
Colombian peso at par of exchange is equal to 97 33 United States cents).
beginning April 1 of each year all sums collected from the revenues pledged
Since t:_e establishment of this national banking system the official
for the service of this loan up to an amount sufficient to pay one years'
interest and sinking fund instalment shall be deposited each week in the discount rate has gradually been reduced from 12% to 7%, and metallic
pesos, bank notes in circulaBanco de la Nadon Argentina, in a special account and that such deposited reserves now amount to more than 42,000,000
funds shall be withdrawn only for the purpose of remitting to the Fiscal tion being covered by gold over 100%•
The condensed balance sheet of the bank,as of Dec 31 1926,is as follows:
Agents the amounts required for the semi-annual service charges of these
LIABILITIES.
ASSETS.
Bonds.
$6,773,919.04
Cash and deposits in banks $1,122,565.32 Deposits
The City covenants that while any of the Bonds are outstanding, it will Loans
881,234.69
6,080,118.20 Liability for rediscounts—
and discounts
maintain such rates for electric light and power sold by the Municipal Rediscounts
881.234.69 Mortgage bonds outstand2,514,228.56
596.106.44 ing
Electric Light & Power Company as to provide that the revenues pledged Securities owned
40,231.20
Savings bank department_
for the service of the loan will produce in each year an amount equal to at Buildings, furniture and
233,268.71
585,329.89 Sundry creditors
fixtures
least 1% times the annual service requirements of these Bonds.
821,831.65
3,050,088.84 Foreign correspondents__
Mortgage loans
1459,950.00
375,243.77 Capital
Finances.—The total revenues of the City have shown a steady growth Foreign correspondents__
64,563.58 Surplus and undivided
from 1,849.466 paper pesos in 1921 to 4.457.182 paper pesos in 1926. In Savings bank department_
509,049.90
478,463.02
Sundry
profits
debtors
the latter year, revenues exceeded expenditures.
Including the present issue and after giving effect to the appllcation of
$13,233,713.75
$13,233,713.75
the proceeds thereof, the total public debt of the City of Santa Fe (at par
On March 1 1927 a stockholders' meeting voted an increase in the
of exchange) amounted to $3,947,850 as of April 1, 1927, and against this bank's
capitalfrom $1,459,950 to $1,946,600 (equal to 2,000,000 Colombian
the City owns properties valued at $3,000,000 which are largely revenuepesos).
producing, without including properties to be acquired with the proceeds of
this issue.
The constitution of the Province of Santa Fe limits the total amount of Attorney-General Sargent Holds Joint Stock Land
loans which the City may contract to an amount, the service on which shall
Banks Subject to Provision in Clayton Act—
require not more than 25% of the municipal revenues.
Barring Interlocking Directorates.
It is expected that delivery in the first instance will be
An opinion by Attorney-General John G. Sargent, in
made in the form of Temporary Bonds exchangeable for
which the Federal Joint Stock Land Banks, organized under
Definitive Bonds when prepared.
the Federal Farm Loan Act, are held to be within the
meaning of Section 8 of the Clayton Act, which prohibits
Offering of $2,000,000 7% Bonds of Bank of Colombia— interlocking directorates, has been made public within the
Issue Over-Subscribed—Books Closed.
past week. Its text, which bears date Feb. 28 1927, appeared
Offer was made April 20 of a new issue of $2,000,000 as follows in the "United States Daily" of April 14:
Department of Justice, Washington, Feb. 28 1927.
twenty-year 7% sinking fund gold bonds of 1927 of the
Sir: I have the honor to reply to your letter of Dec. 7 1926, transmitBank of Colombia by a syndicate of bankers headed by
ting a letter from the Farm Loan Commissioners dated Oct. 15 1928, and
F. J. Lisman & Co. and First Federal Foreign Investment submitting
for my consideration and opinion the question whether a joint
Trust. It was announced on April 21 that the issue had stock land bank is a bank within the purview of Section 8 of the Clayton
of
Oct. 15 1914, Ch. 323, 38 Stat. 732, as amended).
Act
(Act
been over-subscribed and the books closed. The bonds were
Section 8 of the Clayton Act provides that, subject to certain excepoffered at 963/i and accrued interest, to yield over 7.30%. tions,
no person shall be a director, officer, or employee of more than one
They will be dated April 1 1927 and will mature April 1 1947. "bank, banking association, or trust company," organized or operating under
the
laws
of the United States which has deposits, capital, surplus and unA cumulative sinking fund, commencing Oct. 1 1927, operatdivided profits aggregating more than $5,000,000; that no private banker
ing semi-annually, is calculated to retire the entire issue by or
person who is a director in any "bank or trust company" organized and
maturity through purchases in the open market below par and operating under the laws of a State which has deposits, capital, surplus
accrued interest or, if not so obtainable, by redemption by lot and undivided profits aggregating more than $5,000,000 shall be eligible
be a director in any bank or banking association organized or operating
at par plus accrued interest. Redeemable (otherwise than to
under the laws of the United States; and that no "bank, banking association
through the sinking fund) as a whole at any time or in part on or trust company" organized or operating under the laws of the United
any interest payment date upon 60 days' notice at 105 and States in any community of more than 200,000 inhabitants shall have as a
director or other officer or employee any private banker, or any director
accrued interest on or before April 1 1932, the premium de- or
other officer or employee of any other "bank, banking association, or
creasing 1% per annum to and including April 1 1936, and trust company" located in the same place.
The intention of Congress in enacting Section 8 is declared in the report
thereafter at par and accrued interest. The bonds are registerof the Committee on the Judiciary recommending its passage. House Reable as to principal only. They are in denominations of $1,000 port
No. 627, 63d Congress, second session, where it is stated (p. 19):
and $500. Principal, interest (April 1 and Oct. 1) and prem"The purpose of this provision, which relates exclusively to banks and
ium will be payable in New York City at the principal office of banking associations, is to prevent as far as possible control of great aggregations of money and capital through the medium of common directors
F. J. Lisman & Co., fiscal agent, in United States gold coin between
banks and banking associations, the object being to prevent the
of the standard of weight and fineness existing on April 1 concentration of money or its distribution through a system of interlocking
directors."
1927, without deduction for any taxes, present' or future,
House Report Indicates Intention of Congress.
levied or imposed by the Republic of Colombia or by any
now to the statute, it appears that its wording is broad and that
taxing authority therein or thereof. The Central Union it Turning
is an Act of general application directed against the evil of concentrating
Trust Co. of New York is trnstee.
control over large sums of money in the hands of a few persons. There
The purpose of the present issue is to enable the bank to is, however, no restriction in the language of the Act relative to the kind of
bank included or the nature of the banking business done. The words "bank
retire outstanding mortgage bonds of higher coupon rate, and banking
association" are not technical, but are well understood and
to provide funds against mortgage loans already made but are to be construed according to their common and well-known meaning.
Speaking
generally,
a bank is an institution which is engaged in the businot
bonds
yet
have
mortgage
been
for which
issued, and to
ness of dealing in money and credits. In Oulton vs. Saving Institution (17
effect additional mortgage loans. Ernesto Michelson, Wall., 109), the Supreme
Court said, at page 118 of the opinion:
"Banks in the commercial sense are of three kinds, to wit: 1, of deposit;
Manager of the bank, in advices to F. J. Lisman & Co.,
2, of discount; 3, of circulation. . . . Modern bankers frequently exerstates:
cise any two or
even all three of these functions, but it is still true that an
•
History and Business.
institution prohibited from exercising any more than one of these functions
' The Bank of Colombia, founded in 1875. is one of the oldest Colombian is a bank in the strict commercial sense."
banking institutions. Its main offices are in Bogota, capita lof Colomtia.
See also Bank for Savings vs. The Collector (3 Wall., 495); Auten vs.
with branches in the cities of Barranquilla, Bucaramanga, Santa Marta, United States National Bank (174 U. S. 125).
Girardot, Call and Cucuta.
Investment of Own Capital Not Function of Bank.
The bank has a special mortgage department engaged in the granting of
In Selden vs. Equitable Trust Co. (94 U. S. 419), it appeared that the
long-term loans secured by first mortgages on real property In conformity
plaintiff
corporation was engaged solely in investing its own capital in real
With the general development of Colombia. this phase of the bank's activities has grown rapidly in importance during the last few years. and has estate mortgages which it sold with its guaranty. The court held that this
been encouraged by the National Government, legislation having been course of dealing did not constitute the company a bank.
APR. 23 1927.]
THE CHRONICLE
2377
I come then to test the powers of a -joint stock land bank against the
Banks' Work Commended.
authorities above referred to. They are corporations organized and operIt was stated that the President will have to look about for someone to be
Ch.
245, 39 appointed as the successor to each of the retiring
ating under the Federal Farm Loan Act (Act of July 17 1916,
members. He wants to
Stat. 360, as amended) "for carrying on the business of lending on farm make that Board function as actively and as energetically as possible,
mortgage security and issuing farm loan bonds."
especially in relation to the Intermediate Credit Banks. It is pointed out
They have two functions. Firstly, they are authorized, subject to cer- that the Land Banks and the Intermediate Credit Banks
are comparatively
tain restrictions, which are less onerous than in the case of Federal land new institutions, yet they have done a very remarkable piece of work,
bank, to loan money (which in the first instance is private capital derived according to the President's view. He be! yes that they
have met with genfrom the sale of the bank's shares) on first mortgages on farm land.
eral approbation and it is his desire to strengthen them in every possible
Such mortgages may be deposited with a "registrar" as a revolving or way and to see that they provide all the service they can. It was explained
floating security for farm loan bonds which may be issued subject to the that one of the difficulties is the financing of agricultural
land and of crops
approval of the Federal Farm Loan Board. With the proceeds of the sale and co-operative associations. Mnl Coolidge wants that work as effective as
of the bonds further loans are made on mortgages, which mortgages in their possible.
turn become the security for an additional issue of bonds.
While it is said that Mr. Coolidge does not consider himself familiar with
This process may be repeated so long as bonds are not outstanding in all details, the thought is expressed that other methods, additional to the
excess of 15 times the capital and surplus of the bank.
effective methods already in operation, might be provided for increasing
Secondly, they are authorized to receive deposits of public money and to the facilities and services, especially to the Intermediate Banks.
act as financial agents of the United States, but are prohibited from inCommissioner Cooper for a long time has been at loggerheads with the
vesting Government funds in mortgage loans or farm loan bonds (Sec. 6).
Treasury Department over the policies to be formulated and pursued by the
According to the better view it would seem that they are also authorized Farm Loan Board. Because of this friction he was superseded as the active
to accept deposits payable upon demand from their own stockholders (Sec. head of the board by Commissioner Williams. The latter is looked upon as
14). They are forbidden to transact any banking or other business not an Administration man and in full sympathy with the Treasury Department
expressly authorized by the statute. (Sec. 16).
moves. It has been rumored here that Mr. Cooper has been slated for an
The first power referred to is so similar to the course of dealing consid- executive position with the Farm Loan Bank of Columbia, S. C., although
ered in Selden vs. Equitable Trust Co., supra, that in my opinion it would that institution now has a full complement of officers. South Carolina
not constitute a joint stock land bank, a bank within the meaning of Sec- Is nis native State.
tion 8 of the Clayton Act.
Committee Failed to Act.
Status as Bank Fixed by Use of Federal Funds.
The House Committee on Banking and Currency for many weeks gave
consideration
to the suggestions of the Treasury Department for
The authority to receive Government deposits and to act as the financial earnest
agent of the Government, however, empowers a joint stock land bank to bringing the Board and its activities more directly under the jurisdiction of
exercise a limited control over the use of Government funds on deposit. the department. It failed to act on the suggestions, which were contained
The exercise of this power might, for example, involve the buying of au- In the McLean-McFadden bill, and the indications were that these suggesthorized securities with these funds on deposit, and banks possessing such tions were not acceptable to the majority of the committee members.
The McLean-McFadden bill would permit the Secretary of the Treasury
powers would seem to fall within the intended meaning of the Clayton Act.
Reference is also made to the potential financial power vested in joint to prescribe a uniform system of accounting for all the banks of the system,
stock land banks in the case of funds deposited by stockholders. The re- Including both the Federal Land and the Joint Stock Land banks; to direct
ceiving of deposits, moreover, is one of the three banking functions specified the examination of banks and farm loan associations and require statements
in Chilton vs. Savings Institution, supra, and the other cases cited, and I of condition under oath; to appoint and fix the salaries of examiners of the
am of opinion that this power, whether exercised or not, constitutes a joint banks and associations, and to prescribe regulations for the determination
of net earnings available for the payment of dividends.
stock land bank, a bank within the section of the Clayton Act in question.
In State ex rel. Compton vs. Buder (308 Mo. 253), it was held that joint
In Washington advices to the "Journal of Commerce"
stock land banks, although not taxable under a certain statute of the State
on April 21 Secretary Mellon was said to have intimated
of Missouri, were "banks or institutions doing a banking business in a limited way, it is true, but nevertheless banks within approved definitions."... that no attempt to dictate the policy of the Federal Farm
In Smith vs. Kansas City Title Co. (255 U. S. 10), the Supreme
Court Loan Board will be made by the Treasury Department.
of the United States held that the establishment of Federal land banks
and
advices it is also learned:
joint stock land banks was an exercise of the constitutional power of Con- From these
While it is his [the secretary's] desire that the banks of the entire farm
gress. While this case did not assume to determine whether these instituloan system be strengthened and at the same time made to afford more
tions were technically banks or not, the reasoning of the court may
be said practical aid to farmers, other than suggesting the general idea that the
to incline toward the view that they were technically banks.
system should function with the greatest efficiency possible, Secretary
Application of Restriction to Federal Land Banks.
Mellon said that the problem of working out methods and policy Would
be handled by the Farm Loan Board itself.
One other fact inclines me to the opinion expressed above. Section 4
of
The problems of the entire farm loan system are to be studied to see what
the Feclettal Farm Loan Act, as amended March 4 1923 (Ch. 252, Sec.
304,
can be done without further authority from Congress, Secretary Mellon
42 Stat. 1476), to the provisions of which joint stock land banks
are substated, and, therefore, methods and policy will have to be worked out.
ject so far as the same may be applicable, provides in part:
"No district director of a Federal land bank shall, during his continuance Secretary Mellon and Undersecretary Mills have from time to time discussed
in office, act as an officer, director or employee of any other institution, the situation with members of the Farm Loan Board, but nothing concrete
association or partnership engaged in banking or in the business of making Is now being considered,the Secretary said. No program will be undertaken
of course, which is not in conformity with approved banking practices, he
or selling land mortgage loans."
The word "district" was inserted in the above passage by the amendment stated.
Credit Expansion Sought.
referred to. Prior to March 4 1923, therefore, directors of joint stock land
The question of increasing the loaning facilities of the Intermediate Credit
banks were subject to this provision of law, but since they have no district
and Federal Land Banks, and making the credit facilities more flexible, will
directors it no longer applies to them.
The inference to be drawn is that when Section 4 was amended so as not be subjected to careful study, as there is at present only a comparatively
to include directors of joint stock land banks, it was not the intention of small amount of loans outstanding compared with the total capital available
Congress that all restrictions as to association with other banks should be under the law. Farm credit is capaole of expansion under the present law,
removed, but that the less stringent provisions of Section 8 of the Clayton Secretary Mellon declared, and the capital of the banks can be greatly increased to meet all legitimate demands.
law should attach as to them.
Secretary Mellon disagrees with the opinion of some ex-members of the
Respectfully,
board that the intermediate credit banks have loaned out as much as they
JNO. G. SARGENT, Attorney-General.
can. He believes that other sound ventures can be made in more liberal
The Honorable the Secretary of the Treasury.
and effective ways.
Would Strengthen Banks.
Federal Land Bank of Omaha Calls Bonds. .
No reports have reached Secretary Mellon of the impending liquidation of
Special advices from Omaha April 21 to the NOW York any of the Joint Stock Land banks, he said today. On the other hand, he
believes that the expansion policy of the Farm Loan Board Will take in all
"Times" state:
banks of the Farm Loan system,and that the procedure will be to strengthen
The Omaha Federal Land Bank is calling $11.000,000 worth of
'rather
than liquidate the Joint Stock Land banks.
4
land bonds May 1 and nearly $2,000,000 in interest checks will be 3%
The Treasury Department is desirous of seeing further development of the
mailed
on the same date. The bank has at present outstanding bonds
Intermediate Credit Banks, a branch of the Farm Loan system, which, it
$136.557,000. The bonds which have been called for May 1 willtotaling
be re- believes, is far from being fully developed. It is pointed out that the
funded. They are 30-year bonds, with a 10-year call.
Intermediate Credit Banks have used only $61.000,000 out of a possible
5600.000.000 of credit, and Secretary Mellon believes that there is a great
the effectiveness of this branch of the system and
Expected Changes In Personnel of Federal Farm Loan opportunity to broaden agriculture.
make it more useful to
Board.—Eugene Meyer Jr. Reported as Likely to
Head Board.—Treasury Considering Plans For
Expansion of Loaning Facilities.
While there have been reports of a proposed general
reorganization of the Federal Farm Loan Board, nothing
like a reorganization is contemplated by President Coolidge
it was declared at the White House on April 19, so the
"Journal of Commerce" says through its Washington correspondent. It was admitted, however, according to this account, that some of the present members are going off the
board. Continuing the account says:
The resignation of Elmer S. ',slides was announced some time ago, but
as yet no formal statement has been made with respect to Commissioners
Robert A. Cooper and Edward E. Jones, whose resignations are said now
to be in the possession of the President. The remaining members are
Commissioners Albert C. Williams, John H. Gull!and Lewis J. Pettijohn.
Whilethe statementis madethat no general reorganization is contemplated
the retirement of one-half of the members and their replacement by others is
Interpreted otherwise in some circles here. There is a suggestion current in
Washington that a high position on the board is to be given Eugene Meyer,
managing drector of the War Finance Corporation, hile one of the other
vacancies will go to Floyd R. Harrison, one of the directors of this corporation. Secretary Mellon is chairman of the War Finance Corporation and
chairman ex-officio of the Federal Farm Loan Board.
New Farm Relief Legislation Proposed—President Coolidge
Report as Opposed to McNary-Haugen Bill
Compromise.
That the advocates in Congress of Farm Relief Measures
are seeking to map out legislation for presentation at the
December session is indicated in newspaper accounts during the past week which report Senators McNary and Fess
as at work on their legislation proposals. While it has
been said that the new McNary Measure will represent a
compromise of the McNary-Haugen bill which met the
President's veto, the statement is made that the administration will decline any compromise on farm relief which
would make it appear to favor some of the objectionable
features of the McNary-Haugen bill. The "Wall Street
Journal" of April 19, authority for this statement, its
further comments being as follows:
President Coolidge is as strongly against that measure as when he
vetoed it near the close of the last session of Congress.
Recent conferences between the President and Senator McNary of
Orgon, and presence of farm organization officials in Washington have
2378
THE CHRONICLE
[vol.. 124.
led to reports that the Administration will have to propose a new farm
The report said that those committee members present and
relief scheme when Congress meets next December and that this scheme
concurring were James A. Patten, James Norris, Lowell Hoit,
may take over some of the points in the McNary-Haugen measure.
There appears to be this much to the reports, which have been widely Frank G. Coe and Chairman Gates. Joseph P. Griffin was
circulated:
absent, and Charles Sullivan wished to be recorded in opposiThe Administration favors legislation which will encourage farm
cooperatives, something which the McNary-Haugen bill pretended to do tion to the committee's preliminary report. A statement in
but did not do.
behalf of the:Board on April 12 says:
The Administration believes that strong cooperatives with adequate
For a long time the activities of the Armour Grain Company have been
sources of credit opened to them would be highly beneficial to farm mar- under investigation. Following the collapse of the Grain Marketing Comketing, and in the reorganization of the Federal Farm Loan Board it is pany, a private deal in which the Armour Company and the Rosenbaum
taking a step in that direction, without waiting for Congress to pass Grain Corporation were the chief interests, an arbiter was agreed upon for
new laws.
the settlement of a private money dispute between Armour and Rosenbaum,
Farm Relief Lobbyists Guessed Wrong
in which the Armour people we'recharged with having misrepresented certain
For several years farm organizations and politicians have been fight- grades of grain. An award in favor of the Rosenbaum interests was granted.
ing for the McNary-Haugen bill. All during that time there have been •Immediately upon publication of the arbiter's findings, which followed
in existence other plans of farm relief, which the McNary-Haugenites an investigation of nearly a year, the exchange appointed the special cornrefused to accept. They wanted the credit for having farm relief en- mittee to review an confirm the rabiter's report, with a viw to bringing
acted. Until the last session of Congress, they could not get sufficient action in event evidence was found that the exchange rules had been violated
votes to pass their plan. When it finally did pass, they believed that The Board of Trade was in no way a party to the formation of the Grain
pressure from agricultural sections might force President Coolidge to Marketing Company, its interest being to determine whether the Armour
approve, or, if he vetoed it, he would be writing his own doom politically. Grain Company, as charged, adopted practices contrary to the conditions
is permitted.
President Coolidge did veto the McNary-Haugen bill. It did him no under which membership in the exchange
Mr. Gates advised President John A. Bunnell that the work of the comappreciable political injury among the farmers except in a few sections.
thirty witnesses in the investigation will
which
has
heard
more
than
mittee
This injury was more than compensated for by me added prestige it
continue until all phases of the case have been fully developed. Gray Silver,
gave him in other sections.
Washington representative ofthe American Farm Bureau Federation.
The reaction has not been at all what the McNary-Haugenites expected. former
was one of the leaders in the formation of the Grain Marketing Company,
They are smart enough to recognize that they are beaten and that their
proposed selling stock to farmers, but which collapsed before any
which
has
plan of price fixing at the expense of the Treasury cannot be enacted into
substantial amount of stock had been disposed of.
law. In this position there is nothing left for them but to compromise
with the Administration and they apparently are laying the ground to
President Bunnell of the Chicago Board of Trade said
this end. President Coolidge holds the whip hand.
on April 12 that the action of the directors spoke for itself.
President Firm Against Price Fixing.
The President will reject any intricate plan of price fixing of farm
products. He believes that would injure the whole country economically
and would do the farmer more harm than good. He does not believe that
the farmer wants his prices fixed.
The President does not favor a plan which would call for a large
amount of money to be appropriated from the Treasury, and he is not
enthusiastic for the setting up of new federal agencies, which would be
outside the immediate control of the executive arm of the government.
The cooperative movement the President regards as the most important
agricultural development of recent years. With properly controlled
production, according to the advice of the Department of Agriculture,
with warehouse and storage facilities ample and with an adequate farm
credit structure, the President believes that much can be done to take
care of the troublesome problem of farm surplus. The government will
not take control of efforts in this direction, but it is ready to supplement
and ehlp. Little if any new legislation is needed to bring about these
reforms.
The attitude of Mr. Coolidge on farm relief is not new. It is the one
he has held from the beginning. The change in the situation is that the
proponents of radical farm relief, who used to flout the Administration
ideas, now show signs of giving them the most earnest attention.
He added:
"For seventy-five years the Chicago Board of Trade has maintained a
continuous market for the producer's grain. It has had but two objects in
view. One was to provide a market place for buyers and sellers, and the
other to enforce rigorous trade rules. We have not been remiss in our duty.
In every instance where proof of unfair practices was discovered steps have
been taken to correct the abuses. We cannot bring action against a member
on gossip or hearsay. Consequently in the present instance it has been
necessary to hear independent evidence as well as review the evidence
obtained in the arbiter's inquiry, and the delay incident to this very large
task has resulted in a great deal of unfair criticism and general misunderstanding as to the attitude of the exchange. Today's action speaks for
Itself."
It was pointed out that the stops just taken were based on
the evidence brought out in a private dispute, and that the
question of public warehouses was in no way involved.
Secretary Jardine of the U. S. Department of Agriculture
on March 30 characterized as untrue published reports from
Washington declaring he had accused the Board of Trade of
refusing the government access to records in the Armour
grain case. President John A. Bunnell of the Board of Trade
had wired the Secretary calling attention to misleading
statements published reflecting upon the exchange. Secretary Jardine in reply pledged continued co-operation. "Replying to your wire of March twenty-ninth," said the Secretary's message, "it seems incredible that any one in this department should report that the Chicago Board of Trade
refused the government access to records involving the
Armour Grain company." The Secretary's message continued:
Armour Grain Company Denied Trading Privileges
By Chicago Board of Trade.
Directors of the Chicago Board of Trade by unanimous
vote on April 12 denied all trading privileges to the Armour
Grain Company which for forty years has been one of the
leading firms transacting business on the exchange. The
decision became effective at the close of business Saturday,
April 16. This action by the Board of Trade was based on a
from your weighing department was solely
preliminary report by the special committee of the exchange, "My request for information
in connection with studies pertaining to the handling of grain in the public
headed by L. F. Gates, former president, which for several elevators. It seems evident that the press has placed a wrong interpretation
weeks has been hearing witnesses in connection with the on this incident which had no connection whatever with the Armour cases.
Please be assured of my continued co-operation and support in an effort
recent finding of the arbiter in the Armour-Rosenbaum to
improve conditions for the public welfare and that like support will be
controversy, growing out of the formation of the defunct extended to the special committee of the Illinois Legislature with which you
Grain Marketing Company. It was recommended by the are also co-operating."
committee that all trading privileges be denied pending trial
It was stated in Associated Press dispatches from Chicago,
of charges against individuals at which time the responsible April 14, that the Armour Grain Company is in process of
officers of the Armour Grain Company would be placed liquidation. It was also stated in these accounts:
This was formally announced last night by Philip D. Armour and Lester
on trial before the directors for alleged violation of exchange
Armour,nephews ofJ
J. Ogden Armour.in a statement that explained thatthe
rules. The investigating committee's report to the Board of concern
had been liquidating both its property and its grain since July. 1925.
Directors, dated April 12, follows:
Progress, however, had been hampered, it was stated, by the fart that
"While your special investigating committee has by no means completed
its work, it has been in almost daily session since its appointment March 8,
and has taken testimony from more than thirty witnesses. Your committee
submits its preliminary report to enable you to take some early action.
"The testimony clearly shows wrongful acts for which we deem the
Armour Grain Company responsible, since these acts were those of persons
then in the employ or under the continuing influence of the Armour Grain
Company. Several persons engaged in these wrongful acts are not members
of the Board of Trade nor subject to its discipline. These acts were such as
to constitute major offences, being acts of dishonesty.
"As. under Board of Trade rules, corporation may not become members
but may enjoy certain privileges thru the Board of Trade memberships of
certain executive officers, the provision is wisely made that such executive
officers become responsible to the Board of Trade for acts of the corporation
whether or not such individuals are personally guilty of wrong-doing.
"Pending the outcome of trial of officers of the Armour Grain Company,
who are to be held accountable under the rules, this committee recommends
to your Board that all privileges which the Armour Grain Company now
enjoys under the rules, be withdrawn. Our reason for this is: That the
conduct of the Armour Grain Company has had wide publicity and has
tended manifestly to impair the dignity and good name of the Association
and the continuance of privileges to the Armour Grain Company tends
further to impair such good name.
"Your attorney, Mr. Morris Townley, advises us that this power is unquestionably in your hands under the provision of rules 231. 316 and 354.
without prejudice to In"We wish to state that this preliminary report is
dividual members of the Board of Trade against whom charges may later be
provide."
the
rules
filed by our investigating committee, as
Armour Company also had been engaged in liquidating the Grain Marketing
Company, the defunct co-operative merger of Armour and other grain
concerns. The statement revealed that in July, 1925, the two Armours
"voluntarily guaranteed the entire outstanding amount of acceptances of the
Grain Marketing Company" and that these had been "fully paid off without
loss to any one concerned."
"About the same time," the statement continued, "we, in connection
with other stockholders of the Armour Grain Company, definitely decided
that as soon as possible the Armour Grain Company would liquidate and
all stockholders would cease to have any interest in any grain business."
The Armour Grain Company was suspended, effective Saturday, by
directors of the Board of Trade, after they had heard a preliminary report
from a special committee which declared testimony "clearly showed wrongful acts," by persons not members of the board.
The Board is continuing its inquiry into the operations of the Armour
concern. Two months will be required, it was indicated, to hear testimony
upon which any action looking to the suspension of individual memners of
the Armour Company from the Board of Trade might be taken.
A State investigation, started some time ago, will be continued tomorrow.
A move by a Federal agency also has been made in submission of suggestions
concerning grain trading.
The suggestions were sent to John Bunnell, president of the board, by L,
A. Fitz, supervisor for the grain futures administration of the Department of
Agriculture. A copy of the communication also went to Benjamin F. Goldstein, attorney for the Illinois legislative committee which is conducting an
investigation of grain trading practices.
"There has been manifest more or less lack of confidence on the part of
grain men, millers, bankers and speculators," said the Fltz letter, "in the
APR. 23
1927.]
THE CHRONICLE
character and quality of grain represented by and delivered by Chicago
public warehouse receipts."
This is due, Mr. Fitz wrote, "to a large number of factors," among which
were enumerated: an "obsolete warehouse law," lack of proper supervision
of the quality and condition of grain in public store, deterioration during
storage, mixing in public elevators upon "loading out," owner being placed
at an unfair advantage when his grain is posted, "undue advantage" held
by elevator operators who are also competitors in the cash and futures markets, and "combination or dual purpose elevators—that is, private and
public under the same roof."
Legislation
Banks in
to
Extend Federal Reserve System to
Porto Rico and Hawaii Proposed by
Representative McFadden.
2379
between Portland, Oregon, and El Paso, Texas, has awarded increases
ranging from two to seven cents an hour and aggregating $1.500,000.
Beard was composed of J. H. Sylvester, President of the Brotherhood of
Railway Clerks, W.B. Kirkland, Assistant Superintendent of the Southern
Pacific at El Paso, and J. 0. Davis, Berkeley. Calif., neutral.
Indiana Coal Miners Accept New Wage Contract.
Associated Press dispatches from Terre-Haute, Ind., April
20,stated:
The Wage Scale Committee of District No. 11, United Mine Workers,and
operators of Indiana strip coal mines in conference here for the past week,
to-night agreed upon terms for a new contract.
The new contract is believed to contain the same wage scale as in the
Jacksonville agreement, which expired last March 31, causing a general
shut-down in the central competitive field when negotiations for a new
general agreement failed.
The new contract, which is for a period of two years, becomes effective
immediately. Strip operators claim 20% of the State's coal production.
A statement in which he indicated that he expected to
take the initiative in introducing legislation at the next
session of Congress looking to the extension of the Federal
Reserve System to banks in Porto Rico and Hawaii was
issued on March 31 by Representative McFadden, Chairman
of the House Committee on Banking and Currency. Mr. Reply of Governor Smith of New York to Charles C.
Marshall on Question of Allegiance to Church and
McFadden, who is also a member of the Committee on
Country—Recognizes no Power in Church to
Territories, will sail from San Francisco on June 9 for
Interfere with Constitution of U. S. and
Honolulu with a view to determining whether conditions
Believes in Absolute Separation of
warrant the extension of the System there. His statement
Church and State.
follows:
"I have just returned from a trip during which I looked into the conditions
Called upon by Charles C. Marshall, in "An Open Letter"
in Porto Rico and in the Virgin Islands. In Porto Rico I examined into the In
the April issue of "The Atlantic Monthly" to define his
operations of the Federal land bank system. While I was there bankers
and leading members of the Porto Rico Chamber of Commerce talked with position in the case of possible conflict of Church and State,
me regarding the subject of extension of the Federal Reserve system to Governor Alfred E. Smith of New York declares he
recogPorto Rico. The Chamber of Commerce later adopted a resolution asking
nizes "no power in the institution of my Church to interfere
that the operations of the Federal Reserve system be extended to include
that insular possession of the United States, and it asked me to take such with the operation of the Constitution of the United States
legislative steps as may be necessary to assure such an extension to Porto or the enforcement
of the law of the land." The Governor
Rico of our system, now so successfully in operation in continental United
further declares his belief "in the absolute separation of
States
"I shall sail from San Francisco for Honolulu, June 9, next, to look into Church and State and in the strict enforcement of the
prothe situation there. I shall examine into the matter of the extension of the visions of
the Constitution that Congress shall make no law
operations of the Federal reserve system to Hawaii. I have made no plans
for going on to the Philippine Islands and do not contemplate a visit there respecting an establishment of religion or prohibiting the
or consideration of the question of extending the operations of the system free exercise thereof." Mr. Marshall in asking
the Governor
to the Phillippinee.
"I believe my observations in Porto Rico and in Hawaii will be sufficiently to state his position based his request on the ground that
convincing of the necessity of having the Federal Reserve system in bcth of the Governor's candidacy for the Presidential nomination
them as a modern American banking system for Americans in American- seemed to
call for a declaration on the question at this time.
owned islands which transact substantial commerce with the mainland of
our country. I except legislation to be formulated at the coming session of Governor Smith in his answer to Mr. Marshall says:
Congress to bring that about.
Taking your letter as a whole and reducing it to commonplace English,
"I expect to take the initiative in introducing legislation for that purpose you imply that there is conflict between religious loyalty to the
Catholic
and I do not anticipate any opposition, eitherfrom the Federal Reserve faith and patriotic loyalty to the United States. Everything
that has
Board or from Congress. My judgment is now that Porto Rico is owned by actually happened to me during my long public career leads me
to know
the United States, acquired under the Treaty with Spain, and is a part and that no such thing as that is true.
parcel of this country, with a commerce back and forth to the extent of
I have taken an oath of office in this State nineteen times. Each time I
$200,000,000 annually, banking facilities on the island could be aided by swore to defend and maintain the Constitution of the United States.
All
having the facilities of the Federal Reserve system available. Such an of this represents a period of public service in elective
office almost conextension would tend to improve conditions in Porto Rico and would give tinuous since 1903. I have never known any conflict
between my official
further demonstration to the people of that island that they are part of the duties and my religious belief. No such conflict could exist.
VOW States and entitled to the privileges and rithts of other American
In concluding his letter the Governor says:
citizens.
I believe in the common brotherhood of man under the common father"I found that $12,000,000 has been loaned to the farmers and cooperative
associations in Porto Rico. I consider land values as stable there as in the hood of God.
In this spirit I join with fellow Americans of all creeds in a fervent
States on the mainland of this country.
"My observance of the operations in Porte Rico indicate to me that pay- prayer that never again in this land will any public servant be challenged
ments on the island are met as promptly, if not more so, than in many of because of the faith in which he has tried to walk humbly with his God.
the States of the United States. A direct result of the extension of these
Governor Smith's reply prepared for publication in the
loans is manifest in the increased production of the farms there, resulting
in better living conditions in the rural sections of the island.
May issue of "The Atlantic Monthly," was intended to have
"Through the operations of the Federal Farm Land System, the production of coffee in Porto Rico has been increased 20%. The further extension been released for publication on April 25, but because of
of these operations will, in my opinion, mean the doubling of the output the publication of an inaccurate version in two newspapers,
of coffee from that island within the next three years. The Porto Rico the release date was set ahead one
week. According to the
problems are largely economic. There is no way in which the United States
can better assist those economic conditions than to see that the rural and New York "Times" of April 17, the change was announced
domestic financing is made possible.
in the following statement authorized by the Governor, and
"I expect to take up these matters actively at the next session of Congress
Ill his absence, made public through his advisers in this city:
If legislation is necessary, and legislation doubtless is ne&ssary for that purMy attention has been called to the fact that two papers, in some way
pose. I hope that matters can be handled, in affecting these results, in an
intelligent and expeditious manner in otder to bring about what is needed wholly unknown to me or to "The Atlantic Monthly," have this morning
printed an inaccurate version of my reply to the letter of Charles C. Maron these insular possesions for our American peoples.
"I investigated banking conditions on the Virgin Islands. There are shall which had appeared in the April number of "The Atlantic Monthly."
My reply was intended for publication on Monday, April 25. "The Atapproximately 1,400.000 people in Porto Rico; in the Virgin Islands there
are approximately 30,000. The entire banking of the Virgin Islands is !antic Monthly" has very generously consented to give out the correct Vernow conducted by Danish institutions owned by four of the largest financial sion of my letter to the newspapers on Monday morning, April 18.
Those papers will, accordingly, carry the first authorized publication of
institutions in Copenhagen. They are being operated under the direction
of two managers of the Copenhagen institutions. This conditions prevails my letter.
under the terms of our treaty with Denmark purchasing the Virgin Islands.
The Governor's reply, which is copyrighted by "The AtlanUnder that treaty these Danish banks were protected in their rights to
Monthly," will be presented in the May number of that
tic
authorize the circulation mediums in the islands until 1934, when the
grant
expires. The circulating medium has no value outside of the islands. It monthly with the following comment by its Editor:
is a form of script.
This is a historic incident, historic for the country and for the Church.
"Now that the Virgin Islands aro part of the United States, the banking Now,
for the first time in the republic's history, under a Constitution
laws of the United States should be extended so that the American citizens
which forever forbids religious tests as qualifications for office, a candion the Virgin Islands can have the United States money in circulation and date for the Presidency
has been subjected to public questioning as to how
their banking business conducted by Americans and by American instituhe can give undivided allegiance to his country when his Church restricts
tions. The Virgin Islands will cost the United States from $300,000 to
freedom of his choice, and the candidate has answered—answered not
the
8500,000 annually to maintain under present conditions, and more than that
deviously and with indirection, but straightforwardly, bravely, with the
if we should move the naval base from there. We have a splendid form of
government there under the able management of Governor Evans. Agri- clear ring of candor.
It is an issue of infinite possibilities. Is the principle of religious tolerculturally, the islands cannot be extended much beyond the present scope.
universal and complete, which every schoolboy has repeated for one
But Americans must remember that it is American territory and that the ance,
fifty years, mere platitudinous vaporing? Can men worVirgin Islands are capable of being made one of the finest of American re- hundred and
shiping God in their differing ways believe without reservation of consorts."
science in a common political ideal? is the United States of America based
on a delusion? Can the vast experiment of the republic, Protestant and
Southern Pacific Wage Increase.
Catholic, churched and unchurched, succeed?
The following San Francisco advices are from the "Wall
And this is the converse of the question: Will the churches suffer their
members to be really free? "Thou shalt have none other gods but Me,"
Street Journal" of Apri119:
thundered the Jewish Jehovah from Sinai, and ever since the gods of the
The arbitration board considering demands of 9.954 clerks, baggage churches have demanded that their control be not abridged nor diminished.
handlersand station employes of Southern Pacific Co. on its Pacific system, But, as the creeds clash about us, we remember that not in political
pro-
2380
THE CHRONICLE
grams only may religion have its place separate and apart from politics,
from public discussion, and from the laws of society. Quite elsewhere is it
written, "Render therefore unto Caesar the things that are Caesar's, and
unto God the things that are God's."
The discussion has served its purpose. Not in this campaign will whispering and innuendoes, shruggings and hunchings, usurp the place of reason
and of argument. The thoughts arising almost unbidden in the minds of
the least bigoted of us when we watch a Roman Catholic aspire to the
Presidency of the United States have become matters of high, serious and
eloquent debate.
[VOL. 124.
faith and patriotic loyalty to the United States. Everything that has
actually happened to me during my long career leads me to know that no
such thing as that is true. I have taken an oath of office in this State
nineteen times. Each time I swore to defend and maintain the Constitution
of the United States. All of this represents a period of public service in
elective office almost continuous since 1903. I have never known any
conflict between my official duties and my religious belief. No such conflict could exist. Certainly the people of this State recognize no such
conflict. They have testified to my devotion to public duty by electing me
to the highest office within their gift four times. You yourself do me the
While Governor Smith has indicated that he sought the honor, in addressing me, to refer to "your fidelity to the morality you
have advocated in public and private life and to the religion you have recounsel of Father Francis P. Duffy on the theological ques- vered; your great record of public trusts successfully and honestly distions raised by Mr. Marshall, Father Duffy has taken occa- charged." During the years I have discharged these trusts I have been a
sion to state that the reply itself was written by the Gover- communicant of the Roman Catholic Church. If there were conflict, I, of
all men, could not have escaped it, because I have not been a silent man,
nor. As to this, we reprint from the New York "Times" of but a battler for social and political reform. These battles would in their
April 19 the following:
very nature disclose this conflict if there were any.
Regards Public Education as One of Foremost Functions of Government.
Full authorship of the letter to Charles C. Marshall was attributed yesI regard public education as one of the foremost functions of government,
terday to Governor Smith by those consulted by him in its preparation,
Including Father Francis P. Duffy, named by the Governor as the priest and I have supported to the last degree the State Department of Education
from whom he obtained the information necessary to reply to the points of in every effort to promomte our public school system. The largest single
item of increased appropriations under my administration appears in the
'theology and Church law raised by Mr. Marshall.
"Of course Governor Smith wrote the letter himself," Father Duffy said. educational group for the support of common schools. Since 1919, when I
"The challenge came to the Governor at a very busy time. He was engaged first became Governor, this item has grown from $9,000,000 to $82,500,000.
in picking out the wheat from the tares in the harvest the Legislature My aim—and I may say I have succeeded in achieving it—has been legislapresented to him. He selected a few of his friends to prepare the material tion for child welfare, the protection of working men, women and children,
the modernization of the State's institutions for the care of helpless or
for the writing of his letter. All men in public life adopt this course.
"No person engaged in the preparation of material felt that he was unfortunate wards, the preservation of freedom of speech and opinion against
writing the Governor's letter. We were all college graduates, but no one the attack of war-time hysteria and the complete reorganization of the
of us felt that any of us or all of us together could write a letter which structure of the Government of the State.
I did not struggle for these things for any single element, but in the
would have the sincerity and directness of a letter by Al Smith.
"My contribution was simply references and theological argument, which interest of all of the eleven million people who make up the State. In all
have been translated by the Governor into a direct and popular rendering. of this work I had the support of churches of all denominations. I probably know as many ecclesiastics of my Church as any other layman. DurIf I had a fraction of his ability I would be at least a Cardinal."
It was learned that the Governor first received information concerning ing my long and active public career I never received from any of them
the Marshall letter from Franklin D. Roosevelt, the leader of the Smith anything except co-operation and encouragement in the full and complete
forces at the last Democratic National Convention. This was about the discharge of my duty to the State. Moreover, I am unable to understand
middle of March. Mr. Roosevelt had received an advance proof sheet of the how anything that I was taught to believe as a Catholic could possibly be
in conflict with what is good citizenship.
Marshall letter from Ellery Sedgwick, Editor of "The Atlantic Monthly."
Essence of Faith and Law of Land Built on Commandments of God.
In a letter accompanying the proof sheet Mr. Sedgwick suggested that
The essence of my faith is built upon the Commandments of God. The
Mr. Roosevelt or some other friend of the Governor might wish to reply
to the letter. Mr. Sedgwick also hinted—it was said to have been hardly law of the land is built upon the Commandments of God. There can be
as strong as a suggestion—that "The Atlantic Monthly" would be pleased no conflict between them.
Instead of quarreling among ourselves over dogmatic principles it would
to publish a reply from Governor Smith.
Governor Smith's first reaction to the Marshall letter was said to have be infinitely better if we joined together in inculcating obedience to these
been a sense of shock and sorrow. After a careful reading of the letter a Commandments in the hearts and minds of the youth of the country as the
desire to reply to it came to him. Further reading convinced him that it surest and best road to happiness on this earth and to peace in the world
was almost a public duty for him to reply, and he consulted several friends. to come. This is the common ideal of all religions. What we need is more
The advice from these friends was not at first unanimous, but later there religion for our young people, not less; and the way to get more religion is
was a general agreement that it might be well for the Governor to reply to stop the bickering among our sects, which can only have for its effect
and, as a matter of courtesy, it was decided that his reply should go to the creation of doubt in the minds of our youth as to whether or not it is
"The Atlantic Monthly," with the stipulation that the entire letter should necessary to pay attention to religion at all.
Then I know your imputations are false when I recall the long list of
be released by the magazine for newspaper publication on a date to be
other public servants of fy faith who have loyally served the State. You
selected by the magazine.
The first step in preparing the letter was a rough draft dictated by the as a lawyer will probably agree that the office of Chief Justice of the
Governor and a group of friends, and upon the Governor's suggestion Father United States is second not even to that of the President in its influence
Duffy was called in as an ecclesiastical adviser. With the material all at on the national development and policy. That court by its interpretation of
hand the same group of friends met with the Governor at Albany to pre- the Federal Constitution is a check not only upon the President himself but
upon Congress as weli. During one-fourth of its history it has been prepare the final draft to be sent to the magazine.
Discussion of the exact phraseology to be used in the final draft by the sided over by two Catholics, Roger Brooke Taney and Edward Douglass
members of the group is said to have proceeded for some time without very White. No one has suggested that the official conduct of either of these
much progress. The assemblage finally broke up, leaving the Governor men was affected by any unwarranted religious influence or that religion
played with them any part other than it should play in the life of every
alone with one person when he completed the final draft.
God-fearing man.
Governor's
reply
follows:
The
And I know your imputations are false when I recalls the tens of thousands of young Catholics who have risked and sacrified their lives in defense
Charles C. Marshall, Esq.
of our country. These fundamentals of life could not be true unless your
Dem. Sir:
false.
In your open letter to me in the April "Atlantic Monthly" you "impute" imputations were
But, wishing to meet you on your own ground, I address myself to your
to American Catholics views which, if held by them, would leave open to
against which I have thus far made only general statequestion the loyalty and devotion to this couhtry and its Constitution of definite questions,
attention to the fact that you often divorce senmore than twenty million American Catholic citizens. I am grateful to ments. I must first call
such a way as to give them something other
you for defining this issue in the open and for your courteous expression tences from their context in
will specify. You refer to the Apostolic letter
of the satisfaction it will bring to my fellow citizens for me to give a "dis- than their real meaning. I
the world that the orders of the Church
claimer of the convictions" thus imputed. Without mental reservation I of Pope Leo XIII as "declaring to
priests," and so forth. You say that
can and do make that disclaimer. These convictions are held neither by of England were void, her priests not
of England to the Catholics.
toleration
of
fruit"
this
was
the
"strange
me nor by any other American Catholic, as far as I know. Before answering the argument of your letter, however, I must dispose of one of its
Pope's Apostolic Letter.
implications. You put your question to me in connection with my candidacy for the office of President of the United States. My attitude with
You imply that the Pope gratuitously issued an affront to the Anglican
respect to that candidacy was fully stated in my last inaugural address as Church. In fact, this Apostolic letter was an answer to a request made
Governor, when on Jan. 1 1927 I said:
at the instance of priests of the Anglican Church for recognition by the
F./ have no IClea what-the future has In store for me. Every one else In the United Roman Catholic Church of the validity of their priestly orders. The request
States has some notion about it except myself. No man could stand before this was based on the ground that they had been ordained in succession from
intelligent gathering and say that he was not receptive to the greatest position the the Roman Catholic priests who became the first priests of the Anglican
world has to give any one. But I can say this, that I will do nothing to achieve it
except to give to thelpeople.of the:State the kind and character of service that will Church. The Apostolic letter was a mere adverse answer to this request,
ruling that Anglican priests were not Roman Catholic priests, and was in
is id
make me deservetal
which you suggest it to be. It was not
I should be a poor American and a poor Catholic alike if I injected re- no sense that gratuitous insult
citizens of that Empire.
ligious discussion into a political campaign. 'Therefore I would ask you directed against England or
Catholic
Encyclopedia that my Church "reAgain
you
the
quote from
to accept this Mower from me not as a candidate for any public office but
gards dogmatic intolerance not alone as her incontestable right, but as her
as an American citizen, honored with high elective office, meeting a chalsacred duty." And you say that these words show that Catholics are taught
lenge to his patriotism and his intellectual integrity. Moreover, I call
to be politically, socially and intellectually intolerant of all other people.
your attention to the fact that I am only a layman. The "Atlantic Monthly"
If you had read the whole of that article in the Catholic Encyclopedia you
describes you as "an experienced attorney" who "has made himself an
would know that the real meaning of these words is that for Catholics alone
authority upon canon law." I am neither a lawyer nor a theologian. What
the Church recognizes no deviation from complete acceptance of its dogma.
knowledge of law I have was gained in the course of my long experience in
These words are used in a chapter dealing with that subject only. The very
the Legislature and as Chief Executive of New York State. I had no such same article
in another chapter dealing with toleration toward non-Catholics
opportunity to study theology.
contains
these words: "The intolerant man is avoided as much as possible
My first thought was to answer you with just the faith that is in me. by every
person. . . . The man who is tolerant in every
high-minded
But I knew instinctively that your conclusions could be logically proved emergency is
alone lovable." The phrase "dogmatic intolerance" does not
false. It seemed right, therefore, to take counsel with some one schooled mean that
Catholics are to be dogmatically intolerant of other people, but
in the Church law, from whom I learned whatever is hereafter set forth in merely that inside
the Catholic Church they are to be intolerant of any
definite answer to the theological questions you raise. I selected one whose variance from
the dogma of the Church.
patriotism neither you nor any other man will question. He wears upon
Similar
criticism
can be made of many of your quotations. But beyond
his breast the Distinguished Service Cross of our country, its Distinguished this, by what
right do you ask me to assume responsibility for every stateService Medal, the Ribbon of the Legion of Honor and the Croix de Guerre ment that may be made in any encyclical letter? As you
will find in the
with Palm of the French Republic. He was the Catholic Chaplain of the Catholic
Encyclopedia (Vol. V, p. 414). these encyclicals are not articles of
almost wholly Catholic 165th Regiment in the World War—Father Francis our faith. The
IX,
which
Pius
you
Syllabus
of
Pope
quote on the possible
P. Duffy, now in the military service of my own State.
conflict between Church and State, is declared by Cardinal Newman to have
"no dogmatic force."
No Conflict Between Loyalty to Catholic Faith and Country.
You seem to think that Catholics must be all alike in mind and in heart,
Taking your letter as a whole and redticing it to commonplace English,
you imply that there is conflict between religious loyalty to the Catholic as thought they had been poured into and taken out of the same mold. You
APR. 23 1927.]
THE CHRONICLE
2381.
Our Supreme 'Court has marked out the spheres of influence of Church
have no more right to ask me to defend as part of my faith every statement coming from a prelate than I should have to ask you to accept as an and State in a case from which you quote copiously, Watson vs. Jones, 13
article of your religious faith every statement of an Episcopal Bishop, or Wall, 729; but you refrain from quoting this statement:
of your political faith every statement of a President of the United States.
The right to organize voluntarily religious associations, to assistlin7the expression
So little are these matters of the essence of my faith that I, a devout Cath- and dissemination of any religious doctrine, and to create tribunals for the decision
olic since childhood, never heard of them until I read your letter. Nor can of controverted questions of faith within the association, and for the ecclesiastical
of all of the individual members, the congregation and officers within
you quote from the canons of our faith a syllable that would make us less government
the general association, is unquestioned. . . . It is of the essence of these
good citizens than non-Catholics. In fact and in truth, I have been taught religious unions and of their right to establish tribunals for the decision of questions
the spirit of tolerance, and when you, Mr. Marshall, as a Protestant Epis- arising among themselves that those decisions could be binding thrall MUMS of
copalian, join with one in saying the Lord's Prayer, we both say, not to "My ecclesiastical cognizance, subject only to such appeal as the organism itself provides
for.
Father," but to "Our Father."
That is the State's attitude toward the Church. Archbishop Ireland thus
But I go further to demonstrate that the true construction of your quotations by the leaders of Catholic thought is diametrically the opposite of puts the Church's attitude toward the State:
what you suggest it to be.
To the Catholic obedience to law is a religious obligation, binding in God's name
Your first proposition is that Catholics believe that other religions should, the conscience of the citizen. . . . Both Americanism and Catholicism bow
the sway of personal conscience.
to
In the United States, be tolerated only as a matter of favor and that there
Under our system of government the electorate entrusts to its officers of
should be an established church. You may find some dream of an ideal of
a Catholic State, having no relation whatever to actuality, somewhere de- every faith the solemn duty of action according to the dictates of conscience.
scribed. But, voicing the best Catholic thought on this subject, Dr. John I may fairly refer once more to my own record to support these truths. No
A. Ryan, Professor of Moral Theology at the Catholic University of America, man, cleric or lay, has ever directly or indirectly attempted to exercise
writes in "The State and the Church" of the encyclical of Pope Leo XIII, Church influence on my administration of any office I have ever held, nor
asked me to show special favor. to Catholics or exercise discrimination
quoted by you:
In practice, however, the foregoing propositions have full application only to the against non-Catholics.
completely Catholic State. . . . The propositions of Pope Pius Ix condemning Appointments of Gov. Smith Razed on "Merit Irrespective of Religious Belief.
the toleration of non-Catholic sects do not now, says Father Pohle, "apply even to
It is a well-known fact that I have made all of my appointments to pubSpain or the South American republics, to say nothing of countries possessing a
greatly mixed population." He lays down the following general rule: "When lic office on the basis of merit and have never asked any man about his
belief. In the first month of this year there gathered in the
religious
several religions have firmly established themselves and taken root in the same
territory, nothing else remains for the State than to exercise tolerance toward them Capitol at Albany the first Governor's Cabinet that ever sat in this State.
exist
conditions
to-day,
or,
as
to make complete religious liberty for individual It was composed, under my appointment, of two Catholics, thirteen Protesall,
and religious bodies of principle of government."
tants and one Jew. The man closest to me in the administration of the
That is good Americanism and good Catholicism. And Father Pohle, one government of the State of New York is he who bears the title of Assistant
of the great writers of the Catholic Church, says further:
to the Governor. He had been connected with the Governor's office for
If religious freedom has been accepted and sworn to as a fundamental law in a thirty years, in subordinate capacities, until I promoted him to the position
constitution, the obligation to show this tolerance is binding in conscience.
which makes him the sharer with me of my every thought and hope and
The American prelates of our Church stoutly defend our constitutional ambition in the administration of the State. He is a Protestant, a Republican
and a thirty-second-degree Mason. In my public life I have exemdeclarations of equality of all relrgions before the law. Cardinal O'Connell
has said: "Thus to every American citizen has come the blessed inherit- plified that complete separation of Church and State which is the faith of
ance of civil, political and religious liberty safeguarded by the American American Catholics to-day.
Views on Education.
Constitution . . . the right to worship God according to the dictates of
I next come to education. You admit that the Suprenie Court guaranteed
his conscience."
Archbishop Ireland has said: "The Constitution of the United States to Catholics the right to maintain their parochial schools; and you ask
reads: 'Congress shall make no laws respecting an establishment of reli- me whether they would have so ruled if it had been shown that children
gion, or prohibiting the free exercise thereof.'" It was a great leap for- in parochial schools were taught that the State should show discrimination
ward on the part of the new nation toward personal liberty and the con- between religions, that Protestants should be recognized only as a matter
secration of the rights of conscience.
of favor, that they should be intolerant to non-Catholics, and that the laws
Archbishop Dowling, referring to any conceivable union of Church and of the State could be flouted on the ground of the imaginary conflict My
State, says: "So many conditions for its accomplishment are lacking in summary answer is: I and all my children went to a parochial school. I
every Government of the world that the thesis may well be relegated to the never heard of any such stuff being taught or of anybody who claimed that
limbo of defunct controversies."
it was. That any group of Catholics would teach it is unthinkable.
I think you have taken your thesis from this limbo of defunct controAnnulment of Marriage by Rota.
versies.
Archbishop Ireland again said: "Religious freedom is the basic life of
You next challenge the action of the Rota in annulling the Marlborough
America, the cement running through all its walls and battlements, the marriage. You suggest that the Rota by annulling the marriage (where the
safeguard of its peace and prosperity. Violate religious freedom against civil courts recognized it, but granted only a divorce) is interfering with
Catholics, our swords are at once unsheathed. Violate it in favor of Cath- the civil jurisdiction. That might be so if anybody claimed that the decree
olics, against non-Catholics, no less readily do they leap from the scabbard." of the Rota had any effect under the laws of America or any other nation
Cardinal Gibbons has said: "American Catholics rejoice in our separation of the world. But you must know that it has no such effect and that noof Church and State, and I can conceive of no combination of circumstances body claims it has. The decree merely defined the status of the parties
as
likely to arise which would make a union desirable to either Church or communicants of the Church. Your Church refuses to recognize the eccleState. . . . For ourselves we thank God that we live in America, 'in siastical validity of divorces granted by the civil tribunals. Your Church
this happy country of ours,' to quote Mr. Roosevelt, where 'religion and has its tribunals to administer its laws for the government of its members
liberty are natural allies.'"
as communicants of your Church. But their decrees have no bearing upon
And referring particularly to your quotation from Pope Pius IX, Dr. Ryan the status of your members as citizens of the United States. There is no
In "The State and the Church" says: "Pope Pius IX did not intend to difference in that respect between your tribunals and the Rota.
declare that separation is always unadvisable, for he had more than once
Mexican Situation.
expressed his satisfaction with the arrangement obtaining in the United
Finally you come to Mexico. By inference from the brief of a distinStates."
With these great Catholics I stand squarely in support of the provisions guished lawyer you intimate that it is the purpose of organized Catholics
to seek intervention by the United States. Now, I never read Mr. Guthrie'.
of the Constitution which guarantee religious freedom and equality.
brief. I do not have to read it to reply to you, because the pastoral letter
Functions of Church and State.
of the Catholic Episcopate of the United States in unmistakable words disI come now to the speculation with which theorists have played for claimed any such intention. I do not see
how, with complete candor, yon
generations as to the respective functions of Church and State. You claim could write to me about Mexico without
quoting the following from that
that the Roman Catholic Church holds that, if conflict arises, the Church pastoral letter:
must prevail over the State. You write as though there were some
Catholic
What, therefore, we have written is no call on thalfaithful hereror elsewhere so
authority or tribunal to decide with respect to such conflict. Of course
purely human action. It is no interposition of our influence either as Mahone or as
there is no such thing. As Dr. Ryan writes:
citizens to reach those who possess political power anywhere on earth, and least of
The Catholic doctrine concedes, nay, maintains, that the State is
all in our own country, to the end that they should intervene with armed force in
co-ordinate the
With the Church and equally independent and supreme
internal affairs of Mexico for the protection of the Church. Our duty is done
in Its own distinct sphere.
when, by telling the story, we sound a warning to Christian civilization that its
What is the Protestant position? The Articles of Religion
of
your
foundations
are again being attacked and undermined. For the rest, God will
Protestant Episcopal Church (XXXVII) declare:
bring His will to pass in His own good time and in His own good way.
The power of the civil magistrate extendeth to all men, as well clergy
as laity, in
My personal attitude, wholly consistent with that of my Church, is that
all things temporal; but bath no authority in things purely spiritual.
I believe in peace on earth, good-will to men, and that no country has a
Your Church, just as mine, is voicing the injunction of
our common right to interfere in the internal affairs of any other country. I recognize
Saviour to render unto Caesar the things that are Caesar's,
and unto God the right of no church to ask armed intervention
the things that are God's.
by this country in the
affairs of another, merely for the defense of the rights of a church. But I
What is this conflict about which you talk? It may exist in
some lands do recognize the propriety of Church action to request
which do not guarantee religious freedom. But in the
the good offices of
wildest dreams of this country to help the oppressed of
any land, as those good offices have
your imagination you cannot conjure up a possible conflict
between religious been so often used for the protection of
Protestant missionaries in the
principle and political duty in the United States, except on the
unthinkable Orient and the persecuted Jews of Eastern
hypothesis that some law were to be passed which violated the
Europe.
common rnorality of all God-fearing men. And if you can conjure up
such a conflict,
Creed as American Catholic Summarized.
how would a Protestant resolve it? Obviously by the dictates
of his conI summarize my creed as an American Catholic.
science. That is exactly what a Catholic would do. There
is no ecclesiasI believe in the worship of God according to the faith and practice of
tical tribunal which would have the slightest claim upon the
obedience of the Roman Catholic Church.
Catholic communicants in the resolution of such a conflict. As
Cardinal
I recognize no power in the institutions of my Church to interfere with
Gibbons said of the supposition that "the Pope were to issue
commands in the operations of the Constitution of the United States or the enforcement
purely'civil matters":
of the law of the land.
IP He would be offending not only against civil society, but against God, and
I believe in absolute
violatall men and in equality of
ing an authority as truly from God as his own. Any Catholic
who clearly recognized all churches, all sects, freedom of conscience for
and all beliefs before the law as a matter of right
this would not be bound to obey the Pope; or rather his conscience would bind him
absolutely to disobey, because with Catholics conscience is the supreme
and
not
as
a
matter of favor.
law which
under no circumstances can we ever lawfully disobey.
I believe in the absolute separation of Church and State and in the strict
Archbishop Ireland said:
enforcement of the provisions of the Constitution that Congress shall maks
To priest, to Bishop, or to Pope (I am willing to consider the hypothesis) who no law respecting an establishment of religion or prohibiting the free exershould attempt to rule in matters civil and political, to Influence the
citizen beyond cise thereof.
the range of their own orbit of jurisdiction that are the things of God,
I believe that no tribunal of any church has any power to make any dethe answer is
quickly made: "Back to your own sphere of rights, and duties, back to
the things cree of any force :n the law of the land, other than to establish the status
of God."
of its communicants within its own church.
Bishop England, referring to our Constitution, said:
I believe in the support of the public school as one of the cornerstones of
Let the Pope and the Cardinals and all the powers of the Catholic world
united
American liberty.
make the least encroachment on that Constitution—we will protect it with
our lives.
I believe in the right of every parent to choose whether his child shall
Summon a General Council—let that Council interfere in the mode
our electing
but an assistant to a turnkey of a prison—we deny the right, of
we reject the be educated in the public school or in a religious school supported by those
usurpation.
of his own faith.
2382
THE CHRONICLE
I believe in the principle of non-interference by this country in the
Internal affairs of other nations, and that we should stand steadfastly
against any such interference by whomsoever it may be urged.
And I believe in the common brotherhood of man under the common
fatherhood of God.
In this spirit I join with fellow-Americans of all creeds in a fervent prayer
that never again in this land will any public servant be challenged because
of the faith in which he has tried to walk humbly with his God.
Very truly yours,
ALFRED E. SMITH.
Charles C. Marshall Replies to Gov. Smith with a
Second Letter
As we indicate in another article in this issue, Gov. Smith
of New York has declared his stand on the question on
allegiance to church and country, raised by Charles C. Marshall in "an open letter" in the April issue of "ti o Atlantic
Monthly." In seeking an expression of view from Gov.
Smith, Mr. Marshall said, "your candidacy for the Presidential nomination has stirred the enthusiasm of a great
body of your fellow citizens." "Is not" he said, "the time
ripe and the occasion opportune for a declaration, if it can
be made, that shall clear away all doubt as to the reconcilability of her (the Catholic Church) status and her claims
with American Constitutional principles?" Mr. Marshall's
letter was released for publication by"the Atlantic Monthly"
on March 25. Since the publication of Gov. Smith's reply
Mr.Marshall has continued his interrogation of the Governor
in a further letter under date of April 17 in which he contends
that he based his inquiries "on the polity of the Roman
Catholic Church,and you (the Governor) persist in discussing
its faith and religion." On behalf of Gov. Smith, who is
now at Absecon, N. J., it was indicated on April 17 by Dr.
A. J. Leonard that the Governor did not intend to continue
the controversy. Dr. Leonard's statement as given in the
"Herald-Tribune," follows:
The Governor has read Mr. Marshall's second letter, but will make no
reply. The Governor considers that he covered the subject throughly and
clearly, that he answered every point raised by Mr. Marshall, and he will
say nothing further.
From the New York "Times" we quote as follows Mr.
Marshall's second letter:
New York, April 17 1927.
honorable Alfred B. Smith.
Sin—A copy of your answer to my open letter in "the Atlantic Monthly"
for April was brought to me by members of the press to-day. A substantial
copy of it had already appeared in a newspaper, as you know, and had been
brought to my notice on Saturday. I beg to submit this reply.
With your customary directness you make a disclaimer for yourself of
the convictions imputed by me to Roman Catholics in my open letter. Had
you stopped with that disclaimer, this reply would be superfluous, but you
say that these convictions are not held by any American Roman Catholic
as far as you know. The convictions I imputed I supported by citations
from the encyclical letters of Pope Leo XIII. You repudiate ray citations
as inexact and as detached from a necessary context. This is a matter of
opinion and I cannot yield to your claim in the matter. The encyclical
letters are accessible and if nothing else has been accomplished by our
controversy than to secure their careful reading by the American public,
It is enough.
I cannot allow to pass unnoticed your challenge of my proof and your
statement that the convictions imputed are not held by American Roman
Catholics as far as you know. As a Roman Catholic—nay, even as a
public official—you must know the common teaching of your Church now
being disseminated in high schools, academies and colleges throughout the
land. That terching, I submit,confirms the convictions I imputed touching
the irreconcilability of the status and the claim (1. e., the polity) of the
Roman Catholic Church with American constitutional principles.
Raises Question of Polity.
That is the subject of my inquiry; not, as you persist in declaring, faith,
or religion, or dogma, but doctrine, teaching and polity. I have submitted
a question of institutional principle and of public law, now present and
exigent among us, and its discussion cannot and should not be screened or
shunned by the cry of religious controversy.
I quote from the Manual of Christian Doctrine, published by John
Joseph McVey (Philadelphia, 1926), under the imprimatur of Archbishop
Dougherty, now Cardinal. The book is stated in its preface to be a manual
of religious Instruction not only in the novitiate and scholasticate of teaching
congregations, but also in high schools, academies and colleges. It is now
In the forty-eighth edition. I insert, for obvious reasons, the Words
parenthesized:
"In what order or respect is the State subordinate to the(Roman Catholic)
Church." Ans.—"In the spiritual order and In all things referring to that
order."
"What right has the Pope in virtue of this supremacy?" Ans.—"The
that would injure the
right to annul those laws or acts of Government
salvation of souls or attack the natural rights of citizens."
liberty
"What more should the State do than respect the rights and the
of the (Roman Catholic) Church?" Ans.—"The,State should also aid,
protect and defend the (Roman Catholic) Church.' of States?" Ans.—
"What, then, is the principal obligation of heads
Catholic religion
"Their principal obligation is to practice the (Roman)
and defend It.
themselves, and, as they are in power, to protect
or heresy?"
schism
proscribe
duty
to
the
and
right
the
"lia, the State
Ans.— 'Yes, It has the right and the duty to do so both for the good of the
nation and for that of the faithful themselves; for religious unity Is the
principal foundation of social unity.' (McVey, p. 132).
Sees Right to Object.
are millions
Now I am in Roman opinion a schismatic and a heretic. So
American Constituof my fellow-Americans. I object, and I think under
tional principles that I have a right to object, to the children of twenty
million of my fellow-citizens being taught that it is the right and duty of
the American State to proscribe my religious belief. Is my objection
substantial or is It merely legalistic? Am I, as you suggest, one of the
theorists which have played for generations with the theory of Church and
Sisk? You say In your answer that In the wildest dream of my imagination
[VOL. 124.
I cannot conjure up a possible conflict between religious principle and
political duty in the United States, except on some unthinkable hypothesis,
but I insist the conflict is here in the very teaching of this manual. You
say in your answer that the true construction of any quotation from the
Pope himself is diametrically the opposite of what I stated it to be, and yet
here in this manual is the current instruction given to the children of twenty
million citizens, and I submit that it entirely agrees with my construction
of the quotations in question. You say you think that I have taken my
thesis from the limbo of defunct controversy.
Is this defunct controversy? You ask me in your answer: "What is this
conflict about which you talk?" My answer is that It is the very conflict
between Church and State revealed in this manual of Christian doctrine.
It is the conflict between those who claim to have the right to live in a State
that has wholly denounced the right to proscribe heresy and schism, without having their rights menaced by the organized and systematic teaching
that it is the right and duty of that State to proscribe heresy and schism.
Other Lessons in Manual.
I continue my quotations:
"When may the State tolerate dissenting worships?" Ans.—"When
these worships have acquired
covenants..
a sort oflegal existence conscrated by time and
accorded by treaties or
"May the State separate itself from the (Roman Catholic) Church?"
Ans.—"No, because it may not withdraw from the supreme law of Christ."
"What name is given to the doctrine that the State has neither the right
nor the duty to be united to the (Roman Catholic) Church to protect it?'
Ans.—"This doctrine is called liberalism. It is founded principally on the
fact that modern socity rests on liberty of conscience and of worship, on
libeqy of speech and of the press.'
'VViry is liberalism to be condemned?" Ans.—"Because it denies all
subordination of the State to the (Roman Catholic) Church; because it
confounds liberty with right; because It despises the social dominion of
Christ and rejects the benefits derived therefrom.- (McVey. pp. 132-133.)
If you will insist that this teaching applies only to the ideal Roman Catholic State, may I ask why it is taught in this United States, which is not an
ideal Roman Catholic State? If you say that it has only an ideal application
I ask then why is the instruction given in practical schools? Is it not really
instruction given in order to make the United States an ideal Roman
Catholic State?
You will say that every church is trying to convert the American people
to its tenets. That may be true, but I know of no other church that
accompanies the attempt with the teaching that its head has the right to
annul any of the laws or acts of Government, or that its religion, being the
only true religion, possesses natural rights and therefore is entitled to legal
rights which are in theory denied to every other religion as rights.
Claims of the Church.
I know of no other church that accompanies such teaching 'with the
assertion that the religion of Christ is divinely and exclusively lodged in a
political sovereignty extraterritorial and foreign to every State, and yet
claiming jurisdiction over morals in all States. I know of no other church
that accompanies its teaching with the claim that its head is the Vicar of
Christ, and, to quote the words of Pope Leo XIII, "hold upon this earth
the place of God Almighty."
The aggregate of this doctrine and teaching, spreading among the twenty
millions of people and their children, segregated in the Roman Catholic
Church, cannot help but engender those conceptions which in the opening
paragraphs of my open letter I said your fellow citizens considered irreconcilable with our constitutional principles. I understand you to say that
you disclaim them, and I accept your disclaimer, but I submit that you are
wholly wrong in your statement that these convictions are not held by other
American Catholics. I submit they are the universal, organized and constant teaching of the Roman Catholic Church.
You persist in assuming that I make an imputation of disloyalty to
country. Summarizing my letter, you say: "Taking your letter as a whole
and reducing it to commonplace English, you imply that there is a conflict
between religious loyalty to the (Roman) Catholic faith and patriotic
loyalty to the United States." I think there is a sad injustice in this to me
and to the subject of our controversy. The difference in opinion as to
national policy and even a difference as to constitutional question and
constitutional jurisdiction is not disloyalty. The Supreme Court decides
five to four on such questions, and I have never heard disloyalty imputed
to the four. Constitutional interpretation, application and amendment go
on continually.
No Suggestion of Disloyalty.
My question Is as to the reconcilability of the status and claims of a church
institution with American constitutional principles—and you say that I
impute disloyalty. If you are right, the public in this country must refrain
from discussing the polity of the Roman Catholic Church, for to discuss it
is to impute disloyalty: and now disloyalty involves the intent to be disloyal. I have suggested no such thing. I do not charge that the teaching
in the "Manual of Christian Doctrine" is disloyal in the sense in which
you use that word, but I do say it is dangerous and pernicious, and one
against which citizens other than Roman Catholics have a right to
protest and to act.
No one is more willing than I to acknowledge the splendid record of
Roman Catholic achievement in duty well performed in our civic and communal life, upon the field of battle and in every department of human
service. In positions of the highest trust and confidence Roman Catholics
have registered the same degree of achievement, self-sacrifice, heroism and
fidelity that has been registered by the members of other religious societies
and by men of no religious affiliations whatever. The Hebrew State, the
sovereignty of England, the princedoms of Germany, and that sovereignty
of Rome in which Latin Christianity has enshrined itself, have all sheltered
religious developments of profound import and of the highest spiritual value.
I based my inquires on the polity of the Roman Catholic Church and you
persist in discussing its faith and religion. In my view the faith and the
polity are two very different things, although there are Roman theologians
Who make them one.
All that I say is directed against the polity of that Church, and has
no reference to its religion. The conviction of the Roman Catholic Church
that the religion of Christ is wholly and exclusively committed to her, and
that the political sovereignty of the Papacy was created by the direct act of
God for the purpose of exclusively administering and dispensing that religion
among men; that her apostolic head teaches with the voice of Christ Himself; that as rights cannot be based on error, other religious societies, being
all in error, have in theory no legal right, have all resulted in a polity that
is in conflict with the rights of all non-Roman Catholics.
Quotes 'Moire Belloc.
More than this, they develop in the human mind subjected to the teachings of that Church those conceptions that I referred to in the first paragraph of my open letter to you as irreconcilable with the principles of civil
and religious liberty. IIIllaire Belloc, one of your most distinguished laymen, declares:
The Roman Catholic Church It In Its root principle, at Issue with the
civic definitions of freedom and authority.
APR. 23 1927.]
THE CHRONICLE
The conceptions to which I refer above necessarily form a conscience and
mold a judgment that in the end will sway action against the contradictory
views and interests of their fellow-men. Direct issues may be long in forming, but they are sure to come. The erroneous theory built upon is sure to
eat its way out, and then the downfall. The Peformation came at the end
of hundreds of years as the result of the working out of the erroneous theory
of papal absolutism. The Civil War came after a half century of national
existence as the result of an erroneous theory in regard to the rights of men.
Your cannot have two prefect sovereignties in one territory without the
conflict of jurisdiction always imminent. The Roman Catholic Church in
the theory of the two powers has sought by every careful word to delimit
the jurisdiction of each, and the defining has been a failure all along the
course of history.
Refers to Cardinal Gibbons.
Cardinal Gibbons himself in his well-known article in the North American
Review of March 1909, admits what I claim, that there is between the
jurisdiction of the State and that claimed for the Roman Catholic Church a
twilight zone of disputed jurisdiction. He concedes the place of danger,
though he denies that danger is imminent. Human opinion will differ as
to his conclusion in spite of his reas.suring words, and his "twilight zone"
will, in the opinion of many, be in the future what it has been in the past.
the pregnant source of trouble to plague the nations of the world.
You speak of the freedom of conscience, and by your disclaimer you own
its possession for yourself, but many have not your mental dexterity or your
moral courage, and among the millions without those gifts, the plight of
conscience is a serious problem when behind it is one who speaks, in their
belief, with the voice of God, and before them is the terror of excommunication.
There can be no possible analogy between the human conscience molded
in the school of the Manual of Christian Doctrine and the conscience
molded in that school of liberalism which the manual describes as founded
en liberty of conscience and of worship, on liberty of speech and of the press.
It was with tremendous, though. I fear, unsuspected, significance that
the lamented Cardinal Mercier, in his last pastoral to the Belgian episcopate, apostrophized the Holy See—"the papacy"—"the accepted and
cherished supremacy of one conscience over all other consciences, of one
will over all other wills."
At the close of your answer you say: "Imthis spirit I join with fellowAmericans of all creeds in a fervent prayer that never again in this land will
any public servant be challenged because of the faith in which he has tried
to walk humbly with his God."
2383
The reference in the civics volume made by Father Duffy read as follows:
"The Sovereign Pontiffs are familiar with our Constitution and history;
many years ago one of them said, 'I am Pope in the United States more
than in any other place on earth: for during more than a hundred years the
Popes have there been free to select as Bishops the best that could be
found.'
"Catholic Chief Justices of the United States and the poorest Catholic
immigrants alike swear loyalty to our glorious Constitution with a conscience
that is not only clear but glad. Elsewhere there have been between Church
and State unions friendly or hostile to rmigion and thereby useful or injurious
to the State.
"In view of our history and conditions, formal union between Church
and State is out of the question. Separation alone is possible, but our
separation is friendly to rmigion and the bulwark of our country and of its
unequaled liberty, security, peace and prosperity. Every Catholic who
loves his Church ought to have for his country an even greater love than that
of his non-Catholic fellow-patriot."
Proclamation of President Coolidge Urges Contributions
In Behalf of Sufferers In Mississippi Flood Area.
A proclamation urging contributions to American
National Red Cross in behalf of those made homeless in
the floods which have swept the Mississippi Valley for
more than a week, was issued yesterday, April 22, by
President Coolidge. At the same time the President announced the appointment of four Cabinet members to
cooperate with the Red Cross. It was emphasized at the
White House that the Red Cross will retain complete control of the relief problem and that the Cabinet committee
will organize Government agencies to be placed at its
disposal. The President's proclamation follows:
"To the people of the United States:
"Eight States of the Union are suffering one of the most extensive
floods in teh history of the country. For more than two weeks the
waters of the Mississippi River and it tributaries, swollen to record
volume, have been overwhelming and breaking through the levees
raised to confine them within their courses. They have deluged millions of acres of agricultural lands, inundatel many towns, and driven
thousands of people from their homes. The crest of the flood is
Holds the Right to Question.
advancing southward, daily creating new ruin.
clear
that
you
mistake
for
a
myself
sufficiently
I trust I have made
"In the past few days the situation, instead of improving as had
question of faith, a question relating to the polity of a church political been hoped, has been rapidly growing worse. The flood waters have
sovereignty that proclaims its position by asking even at the present hour continually forced new breaches in the levees despite the efforts of
a place among the sovereignties of mankind at the council board of the hundreds .of workers, with consequent increased destruction.
League of Nations. If. sir, within the purview of these facts, the public
"The American Red Cross reports that, by a most conservative
officials of the State of New York, or of the United States, cannot be estimate, there are now more than 75,000 refugees from the floods who
questioned by inquiring citizens touching matters of public law and institu- must be cared for by the Red Cross. While this emergency continues,
tional life without being charged with meddling with personal matters of
which will be for weeks, these refugees must be fed, sheltered and
faith and religion, popular government is in a perilous state.
clothed. Their health must be protected.
In closing, let me say with the greatest emphasis that no view I have
"In the event that the floods rise to the predicted higher levels In
expressed has been intended to suggest the placing of a ban against candidacy
days, the number whose most primary needs must be
for office because of religion. The way out lies by no such unhappy path, the next few
and your disclaimer is my voucher for this assertion. It is often said your. cared for will be quickly doubled or trebled. The situation is indeed
venerable Church never changes, but history proves this is not true. There grave.
"The Government is giving such aid as lies within its power. Govis a transforming religion within her as well as a confining polity. In spite
ernment boats that are available are being used to rescue those in
of the latter, imposing indeed is her store of the riches of grace, piety and
devotion. She may be encumbered at present with the undiscarded tradi- danger and carry refugees to safety. The War Department is providing the Red Cross with tents for housing refugees. The National
tions of medievalism, but she is alert to the call of her Divine Master.
Guard, State and local authorities are assisting. But the burden of
May your disclaimer mark the beginning of the era when that Church
may so redress her historic claim that the whole Christian world may be one caring for the homeless rests upon the agency designated by GovernWith her and her polity be brought into harmony to the modern State.
ment charter to provide relief in disaster—the American National Red
Yours with great respect,
Cross. For so great a task additional funds must be obtained imCHARLES C. MARSHALL.
mediately.
"It therefore becomes my duty as President of the United States
(The word polity, used by Mr. Marshall, has a technical meaning as to
and President of the American National Red Cross to direct the
which the Standard distionary says:
church,
or
a
government
of
a
State,
a
system
of
Polity is the permanent
sympathy of our people to the sad plight of thousands of their fellow
society; the method of management with reference to the attainment of citizens, and to urge that generous contributions be promptly forthcertain ends; the national polity of the United States is republican; each coming to alleviate their suffering.
administration has a policy of its own. . . . Polity in ecclesiastical use
"In order that there may be the utmost co-ordination and effectiveserves a valuable purpose in distinguishing that which relates to admin- ness in the administration of the relief fund, I recommend that all
istration and government from that which relates to faith and doctrine;
contributions clearly designated, be forwarded to the nearest local
two churches identical in faith may differ in polity, or those agreeing In
Red Cross chapter, or to the American National Red Cross Headquarpolity may differ in faith.]
ters offices at Washington, St. Louis or San Francisco.
Gov. Smith in his answer to Mr. Marshall's first letter
"I am confident that as always in the past, the people will support
Indicated that in view of the fact that he is a layman, and the Red Cross in its humane task.
(Signed) "CALVIN COOLIDGE."
not a theologian, he had taken counsel of one schooled in the
church law—Father Francis P. Duffy,—in answering the
thelolgical questions raised by Mr. Marshall. Father Duffy
in taking cognizance of Mr. Marshall's latest letter to the
Governor was reported in the "Times" of April 19 as making
the following comment:
Father Francis P. Duffy, Governor Smith's ecclesiastical adviser in his reply to Charles C. Marshall, said last night in reference to Mr. Marshall's
second letter to the Governor that the manual quoted was used but little in
this country and almost entirely in the advanced work of Christian Brothers'
schools.
"The book from which Mr. Marshall quotes was written by a French
Christian Brother, not by a priest, and has been translated in its entirety
into English, in which language it has been in print since 1898." Father
Duffy said in the rectory of the Church of the Holy Cross. 239 East Fortysecond Street, of which he is pastor. "It has been used in the advanced
work 'of Christian Brothers' high schools and to a very small extent elsewhere.
"Mr. Marshall's fear that it has been a doctripu taught 'to children of
twenty million citizens' is groundless. The book cdas written by a Brother,
translated by a Brother and is used by Brothers. It is probable that no
Catholic priest in America has any knowledge of those questions and answers with the exception of the priest who gave it the Archbishop's imprimatur. The imprimatur implies no commendation. It is merely a sign that
the work contains no formal heresy.
"Mr. Marshall's original letter quoted not lay brothers but Popes to bear
out his contention. The Governor, having discussed the statements of
Popes, need scarcely concern himself with lay brothers.
"But Mr. Marshall's point is that this doctrine is common teaching in
American Catholic schools. If he wants to know the common teaching
on this point to children of American Catholics. I can refer him to the volume on civics published by William H. Sadler, New York, pages 485, 486
and 487."
Some idea of the extent of the devastation and the
measures of relief instituted is furnished in the following
(Associated Press) rom the "Herald-Tribune" of April 21:
States Affected—Arkansas, Missouri and Mississippi, and to lesser
extent Illinois, Kentucky, Tennessee and Louisiana.
Estimated Area Inundated-4,000,000 acres, or 6,250 square miles.
Lives Lost—Impossible to estimate; more than dozen known dead.
Property Loss—Not estimated, but far into the millions of dollars.
Worst Sufferers—Arkansas, with most of its lowlands inundated.
Persons Homeless in Arkansas—Upward of 20,000.
Cities Hardest Hit—Clarendon, Pine Blug, Little Rock and a number of smaller communities.
Other Results—Epidemics in two Arkansas refuge camps; rail traffic
and wire communication demoralized; cities cut off from the outside;
schools closed and threatened breaks of other levees on major streams
in the state.
Relief Measures—American Red Cross; Federal, state and city governments co-operating in rescuing homeless, establishing camps and
caring for refugees. National Guard troops, members of American
Legion and Boy Scouts doing police and guard duty.
Outlook—Even higher stages forecast as cloudbursts and heavy rains,
principally in Arkansas, added more water to that already in sight
River stages at many places already highest on record.
Memphis advices (Associated Press) April 21 stated that
the flood had extended into the lower valley as a cold wave
came in from the Northern Rocky Mountain States, where
freezing temperatures were general, to add to the discomfort of the 60,000 homeless and placed added handicaps in
the way of the men along the levees. It was added:
2384
T.H PI CHRONICLE
Arkansas, with its thousands of refugees, many of them ill, huddled in improvised camps little prepared for warmth, was in the path
of the cold wave. Cold weather overspread other parts of the valley,
while winds created waves on the river, adding to the seriousness of
the situation along the banks of the Mississippi.
A total area of approximately 7,500 square miles has been inundated or is exposed to inundate.
Last night, April 22, the Associated Press stated:
Conditions became worse in Arkansas and the Mississippi delta as
the flood waters moved out of the upper valley.
Three breaks wilthin the past thirty-six hours of levees on the Mississippi and Arkansas Rivers added several hundred square miles to
the inundated territory and drove additional thousands from their
homes into refugee camps. Water was washing over the levee at
Albemarle Bend, Miss.
Forty-seven were known to be dead after the loss of the Government
launch Pelican, with nineteen persons was verified.
Six thousand refugees and the 12,000 inhabitants of Greenville, Miss.,
faced short food supplies as the municipal levee broke, inundating
most of the city.
Daylight Saving Time in Effect at 2 a. m. To-Morrow
(Sunday)—Announcements by Federal Reserve
Banks of New York and Chicago.
Daylight savings time will be put into effect to-morrow
(Sunday) morning at 2 a. m., the clocks being turned ahead
one hour. The New York Federal Reserve Bank issues the
following notice regarding the change in time:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 782. April 19 1927.1
Daylight Saving—Opening and Closing Time for Business to Be Advanced
One Hour.
To All Banks, Trust Companies, Savings Banks, and Bankers in the Second
Federal Reserve District:
During the period beginning Monday, April 25 1927, and ending Saturday, Sept. 24 1927, this bank will open and close for business in accordance
With local time in New York City and in the City of Buffalo, which will be
advanced one hour at 2 o'clock on Sunday morning, April 24 1927.
Clearings at the New York Clearing House will take place during the same
period at 10 o'clock a. m.,local time, which Will be the equivalent of9 a. m.
Eastern standard time.
Clearings at the Buffalo Clearing House will take place during the same
period at 11 o'clock on week days and 10:15 o'clock on Saturdays, local
Buffalo time, which will be the equivalent of 10 a. m. and 9:15 a. m. Eastern Standard time, respectively.
Very truly yours,
BENJ. STRONG, Governor.
[VOL. 124.
Charles F. Tieden was appointed Assistant Manager of the
bank's Ridgewood branch in Brooklyn.
Joseph Walker, senior mem- ber of the New York Stock
Exchange firm of Joseph Walker & Sons, died on April 15.
Mr. Walker became a member of the firm, which his father
founded, forty years ago. He was the son-in-law of Sam
Sloan, former President of the Delaware Lackawanna &
Western Railroad. Mr. Walker was 68 years of age and
was a graduate of the Columbia School of Mines in 1880 and
was a director of various railroad and financial institutions
besides being President of the Joliet and Chicago Railroad.
August Emke and Samuel W. Sandberg on April 18 were
appointed Assistant Cashiers of the Central National Bank
of this city. Mr. Sandberg, who was formerly associated
with the Royal Bank of Canada, will be in charge of the
new Burnside Avenue office of the Central National, which
will open on May 2.
Herbert P. Howell on Apri-l 18 was elected a director of
the Franklin Savings Bank of this city, succeeding the late
J. Louis Schaefer. Mr. Howell was formerly a Vice-President of the National Bank of Commerce in New York. At
the present time he is President of Peierls, Buhler & Co.,
Inc., cotton factors of this city; director and member of the
Executive Committee of the Bankers Trust Co. and a member of its uptown Advisory Committee; director and member of Finance Committee of the Equitable Life Assurance
Society; member of the New York Advisory Board to the
War Department, and Chairman of the Executive Committee of the Union League Club of New York.
John J. Pulleyn, President of the Emigrant Industrial
Savings Bank of New York, was elected a director of the
County Trust Co. of New York at a meeting of the board of
directors on April 19.
George S. Downing was ele- cted President of the Jamaica
Savings Bank on April 10 to succeed Martin S. Rapelye, who
We also quote the following notice of the Federal Reserve retired after serving as a trustee and officer of the bank
since 1899. Mr. Downing was formerly Vice-President of
Bank of Chicago:
The Daylight Savings ordinance in Chicago Will again become effective the Bank of Manhattan Co. of this city.
on April 24. and in compliance therewith Chicago banks will advance their
clocks one hour for the period April 24 to Sept. 25 1927.
There will be no change in banking hours, which are from 9 a. m. to
2 p. m. daily, except Saturday, when they are from 9 a. m. to 12 m.
The election of Cyrus C. M-iller as President of the Fordham National Bank of this city is announced. Mr. Miller
was formerly President of the Borough of the Bronx in the
Hazardville, Conn., to Compromise Between Daylight administration of Mayor Gaynor. Joseph P. Ryan has been
Saving and Standard Time—Will Adopt "Half-Time." elected Chairman of the Board of the bank. Mr. Miller had
Hazardville, Conn., Associated Press advices April 21 previously been its Vice-President. The last named post is
now filled by William A. Winter. Mr. Miller is a lawyer
are given as follows in the New York "Times":
The annual transfer from Eastern standard to daylight saving time who has had an extensive practice as attorney for banks
Sunday will be complicated in this village by the injection into the situation and in litigation involving banks
and banking law.
of a new factor called "half time," which is half-way between the two and
designed as a compromise.
Thus while the outlying agriculturists will for the most part stick to
standard time, the churches and stores will operate on daylight saving
time, while the mills will adopt the half-way time. It is predicted that those
who attempt to keep themselves in conformity to the different times will
have little opportunity for anything else.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The American Exchange Irving Trust Co. of New York
announces the opening on April 18 of its Twenty-first Street
banking office at Fifth Avenue and 21st Street. The office
will be in charge of John Williams, Vice-President, assisted
by Robert Sherwood, Assistant Vice-President. The Twentyfirst Street office is In the heart of an important garment
manufacturing section. It provides complete banking and
trust service and is equipped with modern safe deposit
facilities.
The last regular monthly luncheon meeting of the season
of the British Empire Chamber of Commerce was held on
April 19 at the Lawyers' Club, 115 Broadway, New York
City. Dr. John H. Finley, of the New York "Times," spoke
on "Palestine." The President of the Chamber, Charles S.
LePoer Trench, presided.
Harry M. De Mott, President of the Mechanics Bank of
Brooklyn, was on April 15 elected Second Vice-President
and member of the Executive Committee of the Greater
New York Savings Bank. Mr. De Mott succeeds William
K. Cleverley, who has beeome First Vice-President, succeeding the late A. G. Calder.
According to a press disp- atch from Newburgh, N. Y.,
printed in yesterday's (April 22) "Wall Street'Journal," it
Is proposed to consolidate three banks of that place, namely,
the Highland National Bank & Trust Co., the Broadway
National Bank and the Quassick National Bank, with combined resources of $12,000,000. The new bank, the dispatch
said, Is to be known as the Highland Quassick National
Bank & Trust Co. of Newburgh. It is furthermore stated
that stockholders have been asked to vote upon the proposed
merger.
An application to organize
- the National City Bank of
Long Beach, N. Y., was approved b ythe Comptroller of the
Currency on April 14. The institution will have a capital
of $100,000 and surplus of $25,000. The officers are William
F. Ploch, President; Murdoch Lind and Howard V. Snow,
Vice-Presidents. The opening of the bank is scheduled for
The New York Trust Co. a- nnounced on April 20 the apMay 14. The stock is in shares of $100 and it is being
pointment of Russell P. Merrick, Clinton D. MacConnell and
placed at $125 per share.
Curtis Franklin as Assistant Secretaries of the company.
That two prominent Buffal- o banks were about to unite—
At a meeting of the board o-f trustees of the Title Guarantee & Trust Co. of New York, held April 19 1927, Frederick the Manufacturers & Traders Trust Co. and the Peoples
P. Condit, Vice-President, was elected a trustee of the com- Bank, with combined deposits of approximately $120,000,000
—was announced in Buffalo on Tuesday of this week (April
pany of the class expiring 1928.
19) following a meeting of the respective directors of the
At the regular meeting of the Executive Committee of institutions. The amalgamation, it is said, will go into
the National City Bank of New York, held this week, effect as soon as it is formally approved by the State Super-
APR. 23 1927.]
THE CHRONICLE_
intendent of Banks. Howard Bissell, President of the
Peoples Bank, will be Chairman of the Board of the resulting institution, which will be known as the Manufacturers
& Trades—Peoples Trust Co., while Lewis G. Harriman,
President of the Manufacturers & Traders Trust Co., will be
President. E. H. Hutchinson and Harry T. Ramsdell will
be honorary Chairman of the Board and Perry E. Wurst
Executive Vice-President. The authorized statement issued
over the signatures of Messrs. Harriman, Bissell, Hutchinson and Ramsdell (as printed in the Buffalo "Evening
News" of April 19) said in part:
This consolidation does not represent the sale of one bank to the other or
of one interest to the other, but, as the use of the names of both institutions
linked together as the name of the new bank indicates, it is a joining of
forces and resources all along the line.
The basis for exchange of the present bank stocks into the stock of the
new bank is to be made as nearly as may be, exactly in accordance with
the relative amounts of deposits, assets values and earnings. The exact
form of capitalization of the new bank most be passed upon by the Superintendent of Banks, but this ratio of interest in the new bank will be
maintained.
The deposits of the two institutions are approximately $91,000,000 for
the Manufacturers & Traders Trust Co. and $29,000,000 for the Peoples
Bank. The deposits of the new institution will, therefore, be approximately $120,000,000.
It is felt by the officers and directors of both banks that business
methods and relations with customers are very similar and that the interests of depositors and stockholders both will be served by the consolidation,
Inasmuch as they will both have everything they had before with the addition of greater financial strength and more complete organization.
The Manufacturers & Traders Trust Co. is in proCess of building large
and beautiful banking quarters at the corner of Main and Swan streets, on
the former site of the Fidelity Trust Co., and in their plans have allowed
adequate room /or growth and expansion. The business of the Peoples
Bank has been increasing so rapidly that it has almost reached the limit
of its possible growth in its present building. The new remodeled building
at the corner of Main and Swan is more than sufficient to take care of the
business of both institutions and allow for further expansion as the business of the bank increases.
nated for higher positions in the alignment. The roster will
be as follows: John 0. Enders (Chairman of the Board of
the United States Security Trust Co.), Chairman of the
board of directors; Alfred Spencer Jr. (Chairman of the
Board of the Hartford-Aetna National Bank), Chairman of
the Executive Committee; Francis Parsons (Vice-President
of the United States Security Trust Co.) and Henry T. Holt,
President of the Hartford-Aetna National Bank), ViceChairmen of the Board; Robert B. Newell, President;
Thomas A. Shannon, A. G. Brainerd, George F. Kane, W. H.
Rowley, E. M. Campton and M. T. Hazen, Vice-Presidents;
R. J. Utley, Cashier; R. D. Chapin, Secretary; A. G. Stronach, Trust Officer; W. S. Andrews, D. W. Hubbard, T. B.
Dickerson, W. B. Dimon, H. F. Hubbard, H. Spencer, E. M.
Beebe, E. W. Outtrim and F. R. Coles, Assistant Cashiers;
P. H. Graham, A. B. Roch and W. C. Macdonough, Assistant
Secretaries, and A. B. Bunce, H. C. Bailey and T. L. Bestor,
Associate Trust Officers.
The opening occurred on A-pril 16 of the newly organized
Port Newark National Bank of Newark, N. J., which has
been forced with a capital of $200,000 and a surplus of $50,000. The bank is located on South and Dawson streets,
Newark. The officers are: President, Graham B. McGregor; Vice-Presidents, William D. Goldsmith and J. Warren Armitage; Cashier, Arthur B. Johnston; Counsel, Alfred
G. Nowakoski. The fact that the Comptroller of the Currency had approved the application to organize the bank
was noted in our issue of June 26 1926, page 3562.
The physical union of the two banks, it is understood, will
not take place until next October, when the new building,
referred to in the statement, is expected to be ready for
occupancy.
The First National Bank of Boston anounces the resignation of its European representative, Francis H. McKnight,
effective April 15. The bank will continue its three representative offices in London, Paris and Berlin, in charge,
respectively, of Ralph W. Crimmins, Orson Adams Jr. and
Herbert C. deRoth, who have all been connected with the
European offices for some time.
The terms of the proposed amalgamation of the United
States Security Trust Co. of Hartford and the HartfordAetna National Bank of that city (to which reference was
made in the "Chronicle" of April 9, page gm) have now
been approved by the trustees and directors, respectively, of
the institutions, according to the Hartford "Courant" of
April 20. At special meetings to be held on May 20 the stockholders of both banks will be asked to ratify the proposed
union, and if approved by them, the consolidated bank, it is
said, will begin business on the following Monday, May 23.
The Comptroller of the Currency has already indicated his
approval of the consolidation, it is said. In addition to ratifying the merger of the institutions, the stockholders of the
Hartford-Aetna National Bank will be asked to authorize
the organization of a real estate holding company to control
the present properties of the Hartford-Aetna at Main and
Asylum streets, as the real estate of this bank, which is carried on the books of the bank at $1,750,000, is not included
in the proposed consolidation, containing, as it does, equity
of value to those stockholders and representing their earnings. The new bank will be known as the Hartford National Bank & Trust Co. It will occupy quarters in the
present building of the United States Security Trust Co. at
Pearl and Main streets—said to be one of the finest business
corners in Connecticut. This will necessitate, it is said,
extensive alterations in the building, which will probably
require a period of a year or more to accomplish. The capital of the consolidated institution will be $4,000,000 divided
Into 40,000 shares of $100 each. Of this capital 20,000
shares will be allocated to the present stockholders of the
United States Security Trust Co. and 20,000 shares to the
present stockholders of the Hartford-Aetna National Bank,
so that each stockholder of each bank will receive one share
for each share held by him in either institution. The surplus fund of the new bank will be approximately $1,500,000.
The present trustees of the United States Security Trust Co.
and the present directors of the Hartford-Aetna National
Bank will constitute the first directorate of the new bank
and its personnel, it is understood, will include all those
Identified with the two original banks, some being desig-
2385
Edward Maxson, Commiss- ioner of the Department of
Banking and Insurance in New Jersey, has granted the
Guardian Trust Co. of New Jersey permission to open two
new branches in Newark. The Guardian Trust opened for
business last August. One of the new branches will be
located at the corner of Bank and Norfolk streets, Newark,
and the other will be located on the ground floor of the
Union Building on Clinton Street.
An application to convert th- e Peoples State Bank of New
Kensington, Pa., in the Union National Bank of New Kensington, Pa., was made to the Comptroller of the Currency
on Jan. 24 1927 and was approved April 5 1927. The new
institution is to have a capital of $100,000. It is expected
the conversion will become effective on or about May 1.
The Philadelphia "Ledger" of April 20 stated that according to an announcement made in Washington by the Comptroller of the Currency on April 19, another national bank
is being organized in Philadelphia. The new institution,
which is to be located at Fifth Street and Lehigh Avenue,
is to be named the Lehigh National Bank of Philadelphia,
and will be capitalized at $200,000. C. Earl Beatty of 1321
Spruce Street, Philadelphia, General Manager of the Flint
Dental Manufacturing Co., is the correspondent of the new
bank, it was said.
Consolidation of the Brada- ock Trust Co., Braddock, Pa.,
with the State Bank of Braddock, which recently purchased
control of the institution, was announced on April 19, according to a special dispatch from Pittsburgh on that date
to the New York "Times." Continuing, the dispatch said:
George C. Watt, President of the Braddock Trust Co., said that the total
deposits of the two banks amounted to $7,500,000, and that the capital,
surplus and profits were $1,340,000.
E. B. Rudolph, Auditor of the Braddock Trust Co. and its associated institution, the First National Bank of Braddock, which have the same boards
of directors, resigned, and was elected Vice-President of the State Bank.
All employees of the State Bank will get positions with the Braddock
Trust Co.
The Braddock Trust Co. and the First National Bank of Braddock are
completing a $600,000 building.
The York Safe & Lock Co. o- f York, Pa., has just completed
the new vault for the Mutual Trust Co. of Philadelphia.
The vault door is of the circular type, 20 inches thick. Approximately a thousand safe deposit boxes and lockers and
a night deposit safe were furnished to insure the customers
of the Mutual Trust Co. ample protection for their valuables.
The vault is finished with a paneled ceiling, tile floor, mirrors, etc. Reference to the opening of the new building of
the trust company was made in these columns last week,
page 2235.
An examination of the book- s of the Commonwealth Trust
Co. of Harrisburg, Pa., which has been in process since
March 7, when A. S. Banmiller, an Assistant Treasurer of
the institution, was arrested for the alleged misappropriation of approximately $200,000 of the bank's funds, resulted
2386
THE CHRONICLE
in six more arrests on April 13, according to Associated
Press advices from Harrisburg on that date, appearing in
the Philadelphia "Record" of March 14. The examination
disclosed, the dispatch said, defalcations totaling nearly
$700,000 instead of the $200,000 loss originally announced.
Announcement was made, it was said, that the net loss to
the bank was $485,000, which will be raised by sale of additional stock. Those arrested on April 13 were: Charles A.
Delone, Treasurer and co-owner with Banmiller of the
Square Cut Rate Drug Store; E. J. Glancey, Treasurer of
the bank; James A. McLaughlin, an Assistant Treasurer;
Jacob G. Garman, Teller; Frank S. Brinton, bookkeeper, and
Carl Cross, clerk. All were released in bail of various
amounts. Additional charges were brought, it was said,
against Banmiller, who has been in jail since his arrest,
unable to raise $50,000 bail. In addition to the original
charge of embezzling $197,800, he was charged with the
embezzlement of $500,000, and with the forgery of fi7e
checks on the account of Julia A. Greenawalt. His bail, it
was said, was raised to $100,000. The exact manner, it was
stated, in which the defalcations were made was not revealed, but it was learned Banmiller will be charged with
honoring checks offered by Delone, which he knew to be
worthless.‘ The dispatch furthermore went on to say:
Announcing that, after charging off the net loss, the bank had remaining
more than $1,300,000 surplus and undivided profits, President Ogelsby
said
the five bank employees arrested were charged with minor irregulariti
es and
shortages by the State bank examiners. He said the losses
to the bank on
their account would be negligible and were covered by bonds.
President Ogelsby declined to reveal how the defalcations were engineered
by the bank's employees because he said he wished them to have a
fair trial.
He declined to say whether they were involved in Banmiller's
financial
operations.
In a statement to stockholders of the bank, President Ogelsby
said that
at a meeting of the directors yesterday it was decided to issue
new stock
to cover the losses, to net $497,140. The directors agreed to
purchase all
stock not taken up by the stockholders.
[VOL. 124.
Guardian Detroit Co., which will take over the securities
business now conducted by the Guardian Trust Co.
Mr. Lord, who is 41 years old, has been connected with
the Harris Trust & Savings Bank of Chicago for 21 years.
The early part of his career was spent in the bank's securities and trust departments. In April 1918 he entered the
commercial end of the banking business as a Cashier, and
in 1919 was elected to the Vice-Presidency which he has
since held.
It is expected that the Guardian Detroit Bank will open
about June 15. It is proposed that the bank will be organized under the provisions of a Michigan charter and applications will be made for membership in the Federal Reserve
System. Permanent quarters will be established in the
Greater Penobscot Building now under construction at Fort
and Griswold streets. Prior to the completion of this building the bank will occupy the ground floor of the Buhl Building adjacent to the Guardian Trust Co.
The three Guardian institutions are being organized by
commercial and industrial interests which have made substantial contributions to Detroit's growth during the past
few decades. Numbered among the organizers are:
Ford Ballantyne, ItenryZE. Bodman, Howard Bonbright, Ralph Booth, Judson
Bradway, Walter 0.Briggs, Lawrence D.Buhl, Roy D. Chapin, Howard E. Coffin,
George R. Cooke, Frank Couzens, George R. Fink, Fred J. Fisher, Ethel Ford,
John H.French, LUMall NV. Goodenough,John C. Grier. Jr., Edward P.Hammond,
Carlton M. Higble, Harley Higble, Sherwin A. Hill, Roscoe B. Jackson. Albert
Kahn, Ernest Mauler, Jerome E. J. Keane, Alvan Macauley, Charles S. Mott.
Louis Mendelssohn, C. Hayward Murphy, Fred T. Murphy, James R. Murray.
W. Ledyard Mitchell, Phelps Newberry, Walter S. Ruseall, Alger Shelden, Allan
Shelden, Luther B. Trowbridge, Charles B. Van Dusen, Hiram H.Walker. Lewis K.
Walker, William Robert Wilson, Clarkson C. Wormer,Jr.,and Charles Wright,Jr.
The three institutions will have a combined capitalization
of approximately $12,500,000. The capital of the bank will
be $5,000,000 and its surplus $3,000,000. The securities company will have a combined capital and surplus of $1,750,000.
The arrest of A. S. Banmiller on March 7 was noted in the The trust company has a capital of $1,000,000 plus surplus
and undivided profits.
"Chronicle" of March 19, page 1622.
A previous item regarding the formation of the Guardian
The Farmers' Commercial & Savings Bank of West Unity, group of financial institutions appeared
in our issue of
Ohio, was closed by order of E. H. Blair, State Superintend- Feb. 12 last, page 881.
ent of Banks, on April 9, according to an Associated Press
As of March 26, the Idaho Falls National Bank, Idaho
.dispatch from Columbus, Ohio, on that date, printed in the
Cincinnati "Enquirer" of April 10. The failed bank, which Falls, Idaho, with capital of $100,000, went into voluntary
was organized in February 1919, was capitalized at $30,000, liquidation. The institution has been taken over by the
Anderson Brothers' Bank of that place.
with surplus of $3,000. Its deposits, the dispatch
stated,
were $221,000. H. E. Sayers was President of the instituThe Hope National Bank o- f Hope, N. D., has been suction and F. A. Culbertson, Cashier.
ceeded by the Security National Bank of Hope, the former
going into voluntary liquidation on April 1.
According to a special disp- atch from Valparaiso, Ind.,
to
the Indianapolis "News" on April 16, stockholders
Suspension of the America-n Bank & Trust Co. of Huntof the
Citizens' Savings & Trust Co. of that place have unanimously ington, W. Va., on
April 15 was reported in the following
voted to merge the institution with the Valparaiso National dispatch by the Associate
d Press from that place on April
Bank and the stockholders of the latter institution
have 15, appearing in the New York "Evening Post" of the same
voted to increase the capital of the institution $50,000, date:
raising the same from $100,000 to $150,000. The consolida
American Bank & Trust Co. of Huntington was closed to-day by the State
tion of the banks, the dispatch said, would give the Valpa- Banking Department pending efforts to obtain funds with which to restore
raiso National Bank total resources of $3,000,000. It was the depleted reserves.
The bank's last statement showed total
of $1,165,511 and deposits
furthermore stated that the Citizens' Savings & Trust Co. of $701,548. Banking Department officialsassets
said the closing was temporary
and that no other banking institution was affected.
was organized in 1919 and at the present time had
resources
of over $500,000.
A press dispatch from Atlanta, Ga., appearing in last
That a new bank underthe title of the Citizens' Bank had night's (April 22) "Wall Street Journal," stated that the
stockholders of the Citizens & Southern Bank, the
been organized in Bluffton, Ind., on April 8 and named
head
as office
of which is in Savannah, had voted favorably on the
liquidating agent of the Studebaker Bank of
that place,
proposed conversion of the institution from a State
which closed on March 28, was reported in a special
bank
dis- to a
national bank. Reference was made to the proposed
patch from Bluffton on April 9 to the Indianapolis
"News."
nationalization of the institution in our issue of April 9,
After stating that the new bank was capitalized at
$50,000 page 2072.
The Citizens & Southern Bank is capitalized at
and would open for business on April 11, the dispatch
went $3,000,00
0, with surplus and undivided profits in excess of
on to say:
that amount, and has total deposits of more than
Examiners, who completed the audit of the Studebaker
$61,000,000.
Bank, gave assurance that with careful liquidation, depositors probably would
According to the dispatch, it is the largest bank between
suffer
no
loss. Stockholders were informed that they could expect an
assessment of Philadelphia and New Orleans, and when the national char100% on their stock. The report of the examiners shows
that deposits in ter is granted,
will be the largest national bank south of
the old Studabaker Bank total $1,222,314.32 and that notes payable
to other
banks total $341,000. Officers in the old bank feel that these
figures are Philadelphia and St. Louis.
conservative and predict that stockholders will eventually
not have to be
assessed the full 100%.
Advices from Whittier, Ca- l., on April 15, appearing in
The closing of the Studabaker Bank was noted in the the Los Angeles
"Times" of the following day, stated that
"Chronicle" of April 9, page 2072.
the First National Bank of Whittier, one of the oldest
business concerns in the place; and the Whittier Savings Bank
Robert 0. Lord, Vice-President of the Harris Trust
& had united under the title of the First National
Trust &
Savings Bank, Chicago, has been elected President of
the Savings Bank of Whittier and the physical
consolidation
new Guardian Detroit Bank, Detroit, according to an an- of
the institutions would take place upon the removal
of the
nouncement on April 21 by the organization committe
e Whittier Savings Bank to the First National
Bank Buildwhich has been working on the formation of the Guardian ing
at the corner of Philadelphia Street and
Greenleaf
group of financial institutions for several months. These Avenue.
The combined capital, surplus and undivided profInstitutions will consist of the proposed Guardian Detroit its of
the two banks, the dispatch said, at the 1st of April
Bank, the present Guardian Trust Co. of Detroit, and the amounte
d to $886,214 and the combined deposits to $4,204,-
APR. 23 1927.]
T.H..6 CHRONICLE
2387
873. The roster of the enlarged bank, It was furthermore
stated, would probably be'as follows: Fred W. Hadley,
President; A. C. gaple, Executive Vice-Preident and
Chairman of the board of directors; C. A. Carden, VicePresident and Trust Officer, and H. L. Perry, Vice-President and Cashier.
sions, though Houston Oil disregarded the trend of the group
and shot upward over four points to 107. On Monday the
market was somewhat mixed, some prominent issues moving
to new high records, while other stocks equally prominent
slid back to lower levels. General Motors bounded forward
to 18834 at its top for the day. Copper shares suddenly
developed increased strength; Kennecott Copper making a
A special dispatch from San Francisco on April 19 to the
"Wall Street Journal" stated that the directors of both the
United Bank & Trust Co. of San Francisco and the FrenchAmerican Bank of that city had approved the proposed union
of the institutions under the title of the former. The new
bank will have combined capital and surplus of $10,000,000
and total resources of $75,000,000. James D. Phelan is to
head the consolidated bank and Leon Bocqueraz, former
President of the French-American Bank, is to be Chairman
of the board of directors. Mr. Bocqueraz( it was stated,
will also be President of the French-American Company, a
newly-formed auxiliary institution. The dispatch furthermore said that all branches of the United Bank & Trust Co.
will be retained and the French American bank will be
operated as a branch as well. The proposed merger of these
banks was referred to in our issues of March 26 and April 2,
pages 1175 and 1933, respectively.
new high for the year on an advance of over a point and cross-,
ing 65, followed by Chile Copper which moved up a point
to 383'. Speculative interest centered for a considerable
time around Rock Island, whihe surged forward nearly five
points. Texas & Pacific was also in strong demand and estab4. South Porto Rico Sugar
lished a new high record at 753
moved up four points to 183,followed by recessions to 1803/s.
Interest was again directed to United States Steel common
as a result of the statements made by Chairman Gary at the
annual stockholders' meeting practically assuring the maintenance of the new stock on a 7% diVidend basis.
Price movements were somewhat irregular on Tuesday,
though the widest changes were toward higher levels. General Motors again assumed the leadership of the group,
followed by Hudson Motors with a new high for the movement
at 76. Copper .stocks maintained their strong position in
the trading and substantial advances were recorded by such
representative issues as Kennecott Copper, Anaconda CopWe have just received the condensed report of the Banque per and Texas Gulf Sulphur. Commercial Solvents was
of
Credit
Paris,
one
the
leading
French
of
Nationale de
somewhat erratic in its movements,first dropping back about
banks. The statement, which is dated Dec. 31 1926, shows 12 points under heavy selling and later regaining all of its
assets of 4,210,219,118 francs, of which cash on hand, at early loss. New highs for 1927 were recorded by several
Banque de France and at Tresor Public and due by banks of the more active stocks, including such issues as Colorado
and bankers amounted to 846,876,121 francs. Other prin- Fuel & Iron, Remington Typewriter, Air Reduction, United
cipal items going to make up the resources were French Cigar Stores, Allis-Chalmers and Detroit Edison. Vigorous
Government Treasury bills and bills on hand, 2,109,192,405 buying in numerous high grade stocks imparted impressive
francs; debtors in current account, 534,479,147 francs; loans, strength to the market on Wednesday and numerous new
380,950,764 francs, and customers' liability under accept- tops were recorded before the closing hour. Rock Island
ances, 77,976,864 francs. On the debit side of the report shot upward to a new top at 993/9, due to the general expecdeposits were shown as 3,598,389,631 francs; acceptances tation of a declaration of an increased dividend. Texas &
and creditors by acceptance 77,976,864 francs, and combined Pacific also was in active demand and advanced five points
capital and reserves of 370,230,989 francs. Rene Boudon is to 8134. Missouri Pacific rose to a new high with a net
President and Andre Vincent, Vice-President.
gain of one point and Atlantic Coast Line improved 234 points.
•
strongest stocks of the day was General Electric
The 30th se.ni-annual statement of the Sumitomo Bank, One of the
suddenly moved forward more than a pant to 9338.
which
Ltd., of Osaka, Japan (head office Kitahama, Osaka,
Irregularity again characterized the movements of the market
Japan), has just come to hand. It covers the six months
Thursday. Some of the recent speculative favorites
ending Dec. 31 1926 and shows net profits for the period of on
continued to move forward to higher ground, thougia there
3,140,368 yen, which when added to 2,228,806 yen, the balwere also a number of equally popular issues that made no
ance brought forward from the preceding half year, made
further progress or slipped back a point or more. In rea total of 5,369,174 yen available for distribution. This
sponse to predictions of an extra cash dividend, General
amount was allocated as follows: 2,500,000 yen to pay diviMotors made a spectacular advance to 195. The Du Pont
den ; 500,000 yen credited to reserve fund; 200,000 yen conissues were also strong and shot upward about five points
tributed to pension fund, and 140,000 yen to pay a bonus,
to 252. On rumors of early dividend aetion Texas &
leaving a balance of 2,029,174 yen to be carried forward to Pacific soared six points to a new high at 81%, though it
the next half year's profit and loss account. The total asslipped back to 79 in the final hour. St. Louis-Southwestern,
sets of the hank as of Dec. 31 1926 are shown in the stateMissouri Pacific common and preferred, Lehigh Valley and
ment as 574,269,579 yen and deposits as 435,149,186 yen.
Atchison also sold at their highest prices since 1925. The
The bank's paid-up capital is 50,000,000 yen and its reserve
outstanding features of the afternoon trading were the sharp
funds 24,650,000 yen.
run-up of Commercial Solvents B, 12 points to 345, and the
brisk advance of Houston Oil, which crossed 120 at its high
THE WEEK ON THE NEW YORK STOCK EXCHANGE. for the day. General Motors resumed its upward swing
The stock market has been active and buoyant this week as the market opened on F4iday, and reached a new peak at
3 point to 19514 in the final hour.
and a large list of new high records have been established. 19634 although it yielded %
bounded upward to a new high in all time at 186,
Trading has been heavy and with the exception of Tuesday Atchison standard
issues as Baltimore & Ohio and Delaware
and such
the turnover has exceeded the two million shares a day. & Hudson sold at new high levels. The outstanding features
The outstanding feature of the week has been the phenom- of the specialties stocks was the strength of General Electric,
enal advance of General Motors; on Thursday the common Case Threshing Machine, American Radiator and Du Pont,
stock soared upward more than 7 points and lifted its re- all of which added substentialy to their previous gains. A
markably high record to 195, while on Friday there was a dozen or more other stocks displayed pronounced strength,
St. Louis-San Francisco, International Nickel and
further advance to 1963j. Railroad securities have been including
Delaware Lackawanna & Western. The final tone was good.
in strong demand at improving prices and copper stocks
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
have displayed marked improvement.
Notwithstanding the fact that there was heavy liquidation
Untied
Stocks,
State.
Railroad,
States
in several sections of the list during the short session on
Municipaland
Week Ended Aril 22.
Number of
ctc..
Bonds.
Shares.
Foreign
Bonds
.
Bonds
.
Saturday, the general trend of prices was toward higher
8528.450
$1,874,000
1,063,680
$4,437,000
levels with new highs for the year in a number of the more Saturday
1.457,900
3,397,000
Monday
2,091,600
7,752,000
1,506.550
3,132.500
active issues. Motor stocks were in sharp demand. Stew- Tuesday
7,582,500
1,991,377
1.157.650
3,711,500
Wednesday
8,259,500
2,153,370
art-Warner shot upward five points to 6634. The strong Thursday
3.905.200
4,197,000
8,161,000
2,233,640
911,000
2,115.000
9,581,000
2,445,700
stocks included Remington Typewriter, which scored a net Friday
89,466,750
918.427.000
Total
11
079
3R7
545.773.000
gain of 17 points on comparatively light trading, and South
Porto Rico Sugar, which shot forward more than seven points
Jan. 1 to April 22.
Sales at
Week Ended Apra 22.
New York Stock
above its preceding close. The outstanding feature of the
1926.
1927.
Exchange.
1926.
1927.
railroad shares was the urgent buying of Delaware Lacka164.110.653
150,483,631
7.817,598
Stocks—No. o fbbarea_
11.979,367
wanna & Western, which made a net gain of four points to
Bonds.
$105.195,550
8100,652,700
Government bonds— $9,466,750 $11,982,600
1663/2, followed by Atchison, which lifted its high record State
312.728,400
196,961.350
and foreign bonds 18,427.000 15,260,000
over a point to I833.. Oil shares were somewhat unsettled Railroad & misc. bonds 45,773.000 71,277,250 758.383.800 740.114.200
Total bonds
873,666,750 898.519.850 $1,176,307,750 81.037,728.250
due in a measure to the possibility of further price conces-
2388
THE CHRONICLE
[Vol,. 124.
DAILYATRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
News was received on the 1st inst. that the British India steamship
'Ganders," which left London for Calcutta on March 26th, had
gone
aground on the Moroccan coast near Gilbraitar. The vessel carried
silver
Boston.
Philadelphia.
Baltimore.
to the value of about 557,000. This was taken out and landed at
Week Ended
Gibraltar,
April 22 1927. Shares. BoridSales. Shares. Bond Sales. Shares. Bond Sales. from whence it has been transhipped to the 5. s. "Rawalpindi" for Bombay,
from which port the bars will be sent overland to their destination.
Saturday
18.558
812,100
11,123
88.900
1,310 8116,000
The following were the United Kingdom imports and exports of
Monday
silver
25,881
27,945
18,545
80,200 registered in the week
14,500
4,988
Tuesday
ended the 30th ultimo:
HOLI DAY
19,197
18,000
114,300
2,491
Wednesday
31,359
6,790
• Imports29,347
58,000
9,200
5,130
ExportsThursday
29,556
18,450
29,162
84,100 United States of America__ £125,395 British India
P.200
5,120
£94,943
Friday
17,922
3,000
13,977
14,000
15,000 Mexico
5,416
47,721 Other countries
13.773
British West Africa
36,553
Total
123,276
868,285 121,351
872,800
24,455 $467,600 Canada
9,436
Other countries
1,264
Prev. week revised 137.059
574400 152747 8170 non
R R04 5382.800
Total
£220.369
Total
5108.716
The holding of Silver Coin in the Currency Note Redemption Account
THE CURB MARKET.
which had stood for so long at E6,300,000. was reduced during March by
Strength and activity in public utility issues was the out- 5650,000. The figures shown during that month were as follows:
standing feature in this week's Curb Market trading. Else- March 3_ _ _ 56,150,0001March l7._ _ £6,150,0001March 31__ 55,650,000
where the list was uninteresting, though prices held fairly • March 10......6,150,0001March 24_ .._ 5,850.0001
INDIAN CURRENCY RETURNS.
firm. The action of the directors of the American Light &
(In lacs of rupees.)
Mar. 15. Mar. 22. Mar.31.
Traction Co. to pay a 50% stock dividend was a favorable Notes in circulation
18250
18270
18413
Silver coin and bullion in India
10284
10304
10447
influence generally and on the common stock of that com- Silver coin and bullion out of India
coin
Gold
and
bullion
India
*255
2252
pany in particular. From 228 it moved up to 262 and closed Gold coin and bullion in
aii
out of India
Securities (Indian Government)
to-day at 257g. American Gas & Electric common gained Securities
iof'i
i§ff
iiiif
(British Government)
557
557
557
about six points to 84% and reacted to 82 finally. American Bills of Exchange
200
200
200
Power & Light preferred improved from 100Y to 103 and
No silver coinage was reported during the week ending the 31st ult.
The stock in Shanghai on the 2nd inst. consisted of about 67,500,000
ends the week at 102. Commonwealth Power rose from
ounces in sycee, 79,200,000 dollars, and 7,660 silver bars, as compared
44g to 47% and finished to-day at 47g. Electric Bond & with about
65.200.000 ounces in sycee, 80,600,000 dollars, and 9,640 silver
Share Securities advanced from 69Y to 73% and closed bars on the 26th ult.
Statistics
for the month of March 1927 are appended:
to-day at 723.. Among industrials American Arch sold up
-Bar Silver, Per Oz. Std.Bar Gold,
from 101% to 1113 and down finally to 1053. Blyn Shoes
QuotationsCash.
Per Oz. Fine.
2 Mos.
Highest price
263(d.
26d.
84s. 113'Scl.
common dropped from 9% to 5 and closed to-day at 5%. Lowest
price
25 3-16d.
25 1-16d.
845. 10)(d.
Central Aguirre Sugar advanced from 105% to 109, reacting Average price
25.655d.
25.486d.
845. 11.1d.
Quotations during the week:
finally to 107%. Estey-Welte class A was off from 10 to Mar.31
2574d.
25 11-16d.
84s. 103id.
1
26 3-16d.
26d.
7% and sold finally at 7%. Ford Motor of Canada declined Apr. 2
84s. 11d.
263(d.
26d.
84s. lid.
from 430 to 400. General Baking class A improved from
4
3-16
26
d.848.11d.
5
2634d.
2834d.
845. 10Md.
53% to 57Y and ends the week at 573(. Lackawanna
6
26Nel.
265.6d.
84s. 11d.
26.270
26.052d.
84s. 10.8d.
Securities was an active feature. It advanced from 999/i Average
The silver quotations to-day for cash and two months' delivery are each
to 106, then reacted to 1013 and moved upward again, 11-16d.
above those fixed a week ago.
the close to-day being at 1033
%. Remington Noiseless Typewriter class A sold up from 37 to 46 and down finally to 433.•
COURSE OF BANK CLEARINGS.
Oils generally show improvement. Illinois Pipe Line adBank clearings the present week will show an increase
vanced from 139 to 1453' and closed to-day at 142. Prairie
Pipe Line rose from 1493. to 165Y and rezcted finally to 156. compared with a year ago. Preliminary figures compiled by
A complete record of Curb Market transactions for the us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ending to-day
week will be found on page 2414.
(Saturday, April 23), bank exchanges for all the cities of the
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
United States from which it is possible to obtain weekly
STOCKS(No. Shares).
BONDS (Par Valve). returns will be 2.1% larger than those for the correspondi
ng
Week Ended Apra 22.
InddeMisc
011.
Mining. Domestic. For'n Govt. week last year. The total stands at $10,310,709,640, against
Saturday
87,450
21,790
47,625 82.142,000 $155,000 $10,098,434,880 for the same week in 1926. At this centre
Monday
154,860
72,715
39,925 2,923,000
256,000 there is a gain for the five days of 0.4%. Our
Tuesday
comparative
161,476
83.950
52,302 2.338,000
305,000
Wednesday
139,582
73,990
51,095 2,969,000
305,000 summary for the week is as follows:
Thursday
222,400
58,755
Friday
Total
165,651
49,990
931.419
361,190
63,295 2,278,000
54,780 2,858,000
353,000
297,000
309,022 15,508,000 21,671,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 6, 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £149,084,145
on the 30th ultimo, as compared with £149,261,710 on the previous
Wednesday.
Gold valued at £864.000 became available in the open market yesterday.
Of this amount, 5420.000 was secured for an "unknown destination,"
£40,000 for India, 561,000 for the Home and Continental Trade, and the
balance-5343,000-by the Bank of England.
The following movements of gold to and from the Bank of England have
been announced:
Mar. 31. Apr. 1. Apr. 2. Apr. 4. Apr. 5. Apr. 6.
Received
£270,000
nil
nil
1250,000 £343,000
nil
Withdrawn
65,000 £12,000 £10,000
10,000
9,000 532,000
The receipts shown on the 31st ult. and yesterday were in the form of
bar gold, the former being understood to be from the Continent, while the
latter was from South Africa. The receipt on the 4th inst. was in sovereigns
from South Africa. All the withdrawals were in sovereigns-5116,000 for
Spain and £22,000 for India During the week under review the Bank of
England has received £725,000 on balance, reducing the net efflux this year
to £275,000. Since the resumption of an effective gold standard there has
been a net efflux of 55,599,000 as set out in the daily bulletins at the Bank.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 30th ult.:
ImportsExportsBritish West Africa
£29,255 Spain
£37,000
British South Africa
11,225 Austria
27,020
Other Countries
1.347 British India
54,784
Straits Settlements
31.800
Other countries
36,960
Total
Total
£41,827
£187,564
SILVER.
The market has continued to be steady mainly on Indian purchases, a
good deal of which consisted of bear covering, and almost all of the Indian
bear position here has been liquidated. On some days China has also
competed for the moderate supplies which came on offer. To-day, some
orders on China account stiffened prices, but it is believed recent operations
from this quarter are connected with speculation in yen. Scc., and do not
therefore form a really solid factor.
Clearings-Returns by Telegraph.
Week Ended April 23.
1927.
1926.
Per
Cent.
New York
Chicago,
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
24,791,000,000
593,806,121
459,000,000
373,000,000
116,790,624
119,800,000
165,318,000
156,615,000
173,290,869
159,759,144
106,470,116
98,052,268
52,448,895
$4,771,000,000
522,056,758
461,000,000
377,000,000
108,550,124
130,200,000
153,498,000
142,804,000
145,846.465
156,144,737
93,262,841
107,249,318
56,349,411
+0.4
+13.7
-0.4
-1.1
+7.6
-8.0
+7.7
+9.7
+18.8
+2.3
+14.2
-8.6
-6.9
Thirteen cities, five days
Other cities, five days
$7,365,351,037
1,060,240,330
$7,224,960,654
1,050,404,225
+1.9
+0.9
Total all cities, five days
All cities, one day
88,425,591,367
1,885,118,273
$8,275,364,879
1,823,070,001
+1.8
+3.4
810,310,709,640 210,098,434,880
+2.1
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the
last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which
we
present further below, we are able to give final and complete
results for the week previous-the week ended April 16. For
that week there is a decrease of 8.4%, the 1927 aggregate of
clearings being $9,552,304,271, and the 1926 aggregate
$10,423,312,355. Outside of New York City, the decrease
is 7.6%, the bank exchanges at this centre having decreased
8.9%. 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 the totals are
smaller by 4.6%, in the New York Reserve District (including this city) by 8.8%, and in the Philadelphia Reserve
District by 28.1%. The Cleveland Reserve District has a
gain of 1.7%, but the Richmond Reserve District shows a
APR. 23 1927.]
THE CHRONICLE
loss of 13.4% and the Atlanta Reserve District of 24.3%,
the latter due mainly to the falling off at the Florida points,
Miami reporting a decrease of 73.5% and Jacksonville of
39.0%. In the Chicago Reserve District there is a trifling
increase, namely, 0.4%. The St. Louis Reserve District
shows a falling off of 3.4%, the Minneapolis Reserve District
of 21.5%, the Kansas City Reserve District of 0.04%, and
the San Francisco Reserve District of 4.1%, but, on the
other hand, the Dallas Reserve District shows 1.7% gain.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
•
1927.
Wee..t End. April 18 1927.
Federal Reserve Discs. • S
559,797,100
_ -12 chin;
list
5,449,331,832
New York _11 "
Sod Boston_490,811,777
lird Philadelphial0 "
439,066,675
Ath Cleveland._ 8 "
189,498,104
6th Richmond. fl "
196.509,144
Mb Atlanta._ _13 "
1,00.3,745,373
7t11 Chicago ...20 "
V9,450,326
Ilth St. Louie _ 8 "
104,164,642
9th Minneapods 7 "
256,391,037
10th Kansas City12 "
73,567,993
llth Dallas
5 "
559,970,268
12th San Fran..17 "
129 cities
Total
Outside N. Y. City
ri
Ine.or
Dec.
1926.
1925.
1924.
$
586,787.802
5,973,374,064
682,428,197
431,859,460
218,718,609
257,606,733
999,335,319
237,574,929
132,723,479
246,476,271
72,364 989
584,068,503
`7.
-4.6
-8.8
-28.1
+1.7
-13.4
-24.3
+0.4
-3.4
-21.5
-0.04
+1.7
-4.1
$
522,603,4E6
6,628,338 84
668,815,293
439,178,253
216,856,689
241.343,592
995.251,859
232,634,911
140,526,071
253,211,831
74,688,641
528,875,662
$
422,432,339
4,507,038,630
472,078,741
374,202,419
175,206,933
191,642,588
907,974,092
218,298,624
109,923,723
331,584,328
62,248,953
483,060,514
9,552,304,271 10,423,312.355
4,233,402,274 4,583.069,205
-8.4
-7.6
9,942,325,340
4,442,740,440
8,155,671,684
3,767,956,899
.4-1 n
,sag,. 514
OM 90A Alli
90 Maga
sal 409 l'IR
g5(1 951 140
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 16.
1927.
1926.
Inc.or
Dec.
First Federal Reserve Dist net-Boston829,504
744,730 +11.4
Islaine-Bangor._
3,238,317
Portland
3.479,814 --43.9
4aas.-J3oston - 503,050,000 525,000,000 -4.2
2,252,197
Fall River_ _ _
2,211,130 +1.8
Holyoke
a
a
a
1,253,809
Lowell
1,250,410 +0.3
Lynn
a
a
a
New Bedford._
1,631,221 -5.3
1,544,115
Springfield....
5,750,282
6,379,274 -9.9
3,910,263
Worcester
4,257,808 -8.2
13,893,315
ionn.-Hartford.
19,251,908 -27.8
New Haven _ ...
8,249,088
7,856,692 +5.0
t.I.-Providence
15,182,800
13,956,200 +8.8
693,410
I.H.-Manches'r
768,615 -9.8
Total(12 cities)
559,797,100
586,787,802
-4.6
1925.
1924.
718,913
2,947,505
464,000,000
2,330,885
a
1,255,803
a
1,744,641
5,995,752
3,820,562
16.681,785
7,460,922
14,890,500
757,118
642,813
2,294,478
375,000,000
1,783,229
a
1,072,000
a
1,335,484
5,653.447
3,517.370
11.637,180
6,024.909
12,665,900
805,529
522,603,486
422,432,339
Second Fede rat Reserve District-Ne
0. Y.-Albany
7,556,917
7,189,202
Binghamton.._
1,187,000
1,221,000
Buffalo
55,357,735
57,995,408
Elmira
1,189,292
1,120.363
Jamestown _ _
c1,939,145
1,765,895
New York_
5,318,901,997 5,840.243,150
14.704.760
Rochester
13,261,185
Suracuse
6,145,313
7,316,054
lonn.-Stamford
c4,068.897
3.699,092
6. 2.-Montclair
746,400
848,553
Northern N. J.
36,363,635
39,884.903
wYork(-5.1
7,741,978
6,204,855
-2.8
1,174,700
946,000
53,197,571
-4.6
50,732,632
+6.1
1,012,548
797,624
1,402,584
+9.8
1,482,071
-8.9 5,499,584,900 4,387,714.985
11.123,025
+10.9
13,502.773
+19.0
5,877.862
5,068.646
+10.0
2,928,840
3,266,601
-12.0
560,154
810,886
36,756,585
-8.8
43,489,652
Total(11 cities) 5,449,331,832 5,973,374,064
-8.8 5.628.338.8424.007.038,630
Third Federal Reserve Dist act-Plated elph I a1,365,534
,
a.-Altoona
1,638,019 -16.6
1,633,532
Bethlehem_ _ _ _
4,614,791
4,888.507 -5.6
4,274,167
Chester
1,660,030 -17.6
1,367,432
1,683,725
Lancaster
2,420,225 -14.8
2,061,326
3,670.048
Philadelphia
461,000,000 648,000,000 -28.9 634,000,000
Reading
4,040,007
4,853,356 -16.8
4,683,026
Scranton
5.234,229
6.479.835 -19.2
6,542,601
Wilkes-Barre
3.937,965
3,909,256
+0.7
4;241,147
York
1,801,995
2,229,285 -19.2
2,191,670
4. 2.-Trenton....
5,388,498
6,349,685 -15.1
5,895,377
)el.-WIlming'n.
a
a
aa
Total(10 cities)
490,811,777
682,428,197 -28.1
668,815,293
Fourth Feder at Reserve 0 strict-Cloy eland-)hio-Akron_. _ _
6,806,000
8.225,000 -17.3
8,114,000
Canton
4,938,051
4,466,390 +10.6
5,000,901
Cincinnati._ _. 76,516,837
77.408,773 -1.2
74,943,101
Cleveland
140,270,640 131,892,824
+6.4 136,443.917
Columbus
23,388,400
20,389,200 +14.7
16,210,600
Dayton
a
aa
a
a
Lima
a
aa
Mansfield
2,286,386 +139.4
5.474,686
2,221,781
Springfield__ _ _
a
a
a
a
Toledo
a
a
a
a
Youngstown...
6,829,553
5,692,890 +20.0
5,982,554
a
a
a
a
ht.-Erie
Pittsburgh_ _ 174,842.508 181,491,988 -3.7 190,261,399
Total(8 cities).
1.243,407
3,461,022
1,166,375
2,500,000
446,000,000
3,311,545
5,052.247
3,837,868
1,482,980
4,023,297
a
•
472,078.741
8,304,000
5,297,926
71,473.502
120,584,023
13,965.600
a
a
1,905,566
a
a
5,334,283
a
157,337,519
+1.7
439,178,253
374,202,419
Fifth Federal Reserve Dist rict-Rlchm ond4V.Va.-1IunVg'n
1,576,419 -5.3
1.492,843
8.212,158 -33.4
5,474.686
A)..-Norfolk
Richmond
52,015,000 +0.5
52,284,000
2.353,566 -15.0
*2,000,000
3.C.-Charleston
98.682,593 126,986,989 -22.3
)4d.-Baltimore _
[).C.-Washing'n
+6.2
27,574,477
29,563,982
1,641,885
8,003.630
50,961,000
2,575,502
127,295,128
26,379,544
2,120,622
7,344,845
48,852.000
2.460,491
91,014,975
23,414,000
218,718.609 -13.4
216,856,689
175,206,933
Sixth Federal Reserve Dist rict-Atlant arenn.-ChatVga
d8.571,853
8,358,715 +2.5
Knoxville
*3,300,000
3,501,630 -5.7
Nashville
20,403,048
24.833.117 -17.8
Da.-Atlanta....
74,532,303 -25.1
55.835.672
Augusta
1,957,839
2,074,209 -5.5
Macon
2,221,206 -0.9
2,202,221
a
Savannah
a
a
Fla.-Jack'nville.
34,865,632 -39.0
21,256,540
73.5
Miami
16,254,216
5,948,000
Ala.-111rming'm.
26,935.598 -8.9
24,532,233
Mobile
1,978,267 +11.8
2,211,070
1,675,000 +18.2
1,980,000
Miss.-Jackson_
Vicksburg
427,159 -13.1
371,328
La.-NewOrleans
47,939,287
59,949,681 -20.0
7,980,488
3,685,180
25,288,198
69,069.961
2.041,106
1,597,239
a
27.436.639
18,499,490
23.957,656
2.131,001
1,431,000
335,004
57,890,630
6.381.660
2,874,556
19.149,393
57,860,398
1,920,270
1,455,420
a
15.947,591
4,236,607
27,460,140
1,823.237
1,383,782
312,607
50.836,927
241,343.592
191.642.588
Total(6 cities)-
Total(13 cities)
439,066.675
189,498,104
196,509,144
431.853,460
257,606,733 -24.3
2389
• Week Ended April 16.
Clearings at1927.
1926.
Inc. or
Dec.
1925.
$
$
Seventh Feder arReserve D (strict-Chi cago273.621 -2.7
266.398
Mich.-Adrian __
327.91,0
1,101,031
861.416
1,098,000 +0.3
Ann Arbor._ _ _
175,555,945 179,254,184
169,057,502
Detroit
9,604,321 -14.9
8,174.207
Grand Rapids_
7,984,906
3,200,000 -22.6
2,476,000
3,057,821
Lansing
2,867,495
2764.147
3,122,603 -8.2
log -Ft. Wayne.
Indianapolis_ _. 23.168,000
22,488,000 +3.1
16.893.000
3,668,700
2,842,000
3,673,200 -0.1
South Bend...
5,115,692
4,889,993
5,469,359 -6.5
Terre Haute._ _
45,476,935
Wis.-Milwaukee
40,804,484
44.340,218 +2.6
2,808,387
Iowa-Ced. Rap_
2,526,673 +11.1
2,964,680
11,504,111 -17.2
9,531,071
Des Moines_ .._
12,014,769
6,120,589
7,276.962 -15.8
Sioux City-.
7.326,985
1.604,704 -19.1
1.299,205
Waterloo
1,673,841
1,962,113 -8.1
1,803,604
HI-Bloomington
1.954.922
699,580,852 686,832,454 +1 8 706,365,231
Chicago
a
a
a
Danville
1,472,010 -1.9
1,444,061
Decatur
1,504,233
5,245,892
5.492,256 -4.5
Peoria
5,201.480
4,694.572 +1.1
4.749,038
Rockford
3.755,119
3,445.958 -4.5
3.292,271
Springfield_
3,012.430
1924.
275.601
747,899
158,381.499
7,706,509
2,930,557
2,398,059
18,783,000
2.640,900
4,766,721
37,926,366
2,479,253
10,706,400
7.017,019
1,535,144
1,699,227
635.955,156
a
1,252,505
4,705.568
3,002,177
3,064.532
Total(20 cities) 1,003,745,373 099,335,319 +0.4
Eighth Federa I Reserve Dis trIct-St. Lo uis5,537,040 +12.0
Ind.-Evansville
6,204,022
Mo.-St. Louis
149,000,000 156,200,000 -4.6
36,111,166
Ky.-Louisville_
38,194.726
+5.8
Owensboro..._
413,801 -5.5
390,973
Tenn.-Memphis
22,892,953 -11.3
20,300,492
Ark.-Little Rock
14,168,078 -6.0
13,311.640
111.-Jacksonville
404,213 -15.3
342,414
Quincy
1,847,678 -7.6
1,706,059
995,251,869
907,974,092
6.281,214
150.300.000
37.059.822
409.283
23,053.878
13,538,078
407,738
1,584,898
5,092,453
145,100,000
34,221,720
484,319
19,333,908
12.288,152
386,849
1,391.223
Total(8 cities)- 229,450,326 237,574,929
Ninth Federal Reserve Dist rict-Mune
Minn.-Duluth._
6,393,444
7,305,864
Minneapolis...
84,084,252
63,448,336
St. Paul
33,793,901
27.906,401
No. Da.-Fargo
2,314,483
2.070,439
S. D.-Aberdeen
1,062,697
1,430,206
Mont.-Billings _
605,325
666.886
Helena
2,678,000
3,127.887
-3.4
apolis
-12.5
-24.5
-17.4
-10.6
-25.7
-9.2
-14.4
232,634,911
218,298,624
7,775,783
89,901,880
35,522,276
2,534,180
1,575,589
571,080
2,645,303
6,810,996
66.532.000
30,519,281
2,035,328
1,206,424
442,013
2,377,661
Total(7 cities)_ 104,164,642 132,723,479 -21.5
Tenth Federal Reserve Dist rict-Kansa a CityNeb.-Fremont._
d374,870
391.560 -4.3
Hastings
449.940
678,791 -'33.7
Lincoln
4,731,026
4,663,534
+1.4
Omaha
40,947,786
43,811,161 -6.5
Kan.-Topeka...
3,331,358
3,275,158 +1.7
Wichita
7.880,695
7,405,044
+6.4
Mo.-Kan. City. 139.857,050 131,833,103 +6.1
_
St. Joseph_
5,890,059
6,325,939 -6.9
a
Okla.- Muskogee
a
a
Oklahoma City
29,962,489
26,682,813 +12.3
a
a
Tulsa
a
1,168,131
Colo.-Col. Spgs.
1,162,339 +0.5
20,356,140
Denver
19,113,352 +6.5
1.441.493
Pueblo
1,133.477 +27.2
140,526,071
109,923.723
459,469
550,616
4,781.713
42,653.994
3,439,425
7,722,290
140,234,660
6.903.640
a
23.872.609
a
1,272,073
20,113,352
1,207,990
381,085
401,236
4,025,931
38,591,240
2,813.083
7,057,674
128,553.628
7,183,823
a
22,038,190
a
969,367
18,478.978
1,010,093
253,211,831
231.564,323
2,754,530
47,343,985
10,739,724
8.138,400
a
5.712,202
2.689,468
35,551,209
10,520,422
7,803,065
a
4.684,791
74,688,841
+1.7
Franci sco45,915,014
-5.2
12,455,000
+0.5
a
a
1,599,779
+4.5
43,146,879
-3.7
17,756.465
-4.6
a
a
a
a
2,954,422
-9.2
7,702,497
+1.8
-3.2 160,345,000
21,326.776
-11.8
6,584,078
-4.5
-13.1
7,450,187
6,138,244
-9.0
-3.8 185,538,360
2,442,398
-7.1
--2.1
1,520,268
2,079,395
+3.8
2,923,900
-13.8
62,248,953
Total(12 cities) 256,391,037 246,476,271 --0.04
Eleventh Fade rat Reserve District-Da has1,585,104
Texas-Austin
1,746,626 -9.3
48,310,461
Dallas
44,984,576 +7.4
10,981,805
11,466,124 --4.2
Fort Worth...
Galveston
8,522,443 --9.3
7,730,000
a
a
a
Houston
5,645,220 --12.1
4,960.623
La -Shreveport.
72,364,989
73.567,993
Total(5 cities)Twelfth Feder al Reserve I)istrict-San
58,606,304
55,554,321
Wash.-Belling'm
15,210,000
15,127,000
Spokane
a
a
Tacoma
1,533,751
1,602,692
Yakima
41,590,939
40,059,906
Ore -Portland..
15,479,273
16.223,514
Utah-S.L. City.
a
a
Neb.-Reno
a
a
Ariz.-Phoenix _
3,574,183
3,246,876
Calif.-Fresno
7,500,754
7,635,770
Long Beach _ _ _
Los Angeles. _ _ 181,002,000 186,926,000
20,042,349
22,727,577
Oakland
7,671,555
7,320.620
Pasadena
7,805,853
6.785.948
Sacramento _ _
6,494,099
7,133,766
San Diego
San Francisco _ 190,383.000 197,952,000
2,487,271
2,307,531
San Jose
1,680,420
1,645.603
Santa Barbara.
2,471.316
2.564,780
Santa Monica _
3,056,300
2,635,500
Stockton
-4.1
527,875,662
44,927,995
11,805,000
a
1.501.591 ,
42.052,473
15,347.500
a
a
3,341,528
8.092.085
143,502,000
16,919,809
6,368,785
8,228,695
4,199.609
163,900,000
1,923,708
1,256,542
2,388,294
2,304,900
433,060,514
Total(17 cities) 559,970,268 584,068,503
Grand total (129
9,552.304,271 10423312,355
cities)
-8.4 9,942,325,340 8,155.671,884
Outside N. Y
-7.6 4.442,740.440 3.767.956.899
4,233,402.274 4.543.069.205
Week Ended April 14.
Clearings at1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _
New Westminster
Medicine Hat...
Peterborough_
Sherbrooke
Kitchener
Windsor
Prince Albert__ _ _
Moncton
Kingston
$
111,602,848
129,058,947
36,287,485
16,679.855
5,907,422
6.695,141
3,082.548
5,316.345
6,822,436
2,395,139
2.076.673
2,666.730
4,460,770
4,128,745
473.461
621,626
1,755,609
1,104,964
1,138.958
760.39
777.04
265,45
1,087,14
923,764
1,238,47
4,384.08
383,76
829.92
756,67
1926.
117,157,577
107.034,479
45,014,549
17.968,805
6,311,989
5,999,960
3.108,020
4.799,977
9,660,191
3,173,409
2,164,522
2,634,313
5,305,667
4,062,270
572,380
535,423
2,077,692
1.111.012
1,078,744
729,114
781,511
258,312
733,352
767,401
958,376
4,254.939
485.683
844,013
673.460
Inc.or
Dec.
--4.7
+20.6
+3.6
--7.2
--6.4
+ 11.6
--0.8
+10.7
--29.4
--24.5
-4.1
+1.2
--15.9
+1.6
--17.3
+16.1
--15.5
-0.6
+5.6
+4.3
-0.6
+2.8
+43.2
+20.4
+29.2
+2.9
--21.0
--1.7
+12.3
1925.
61,624.735
63.499.576
40,591.040
13,211,872
5.320.486
5.071.905
2,169.604
3,939,037
5,587.883
2.179.101
1.374.191
1.961.769
3,511,716
2,632,643
480.837
441.317
1,186.574
768.585
715,291
553,918
523.218
229,592
809,341
651,486
712.916
2,773.923
257.912
622.044
572,272
1924.
92,583.058
p2.593.396
33,032,359
15,556,946
6,697,856
4,987,327
2.431,621
5,138,588
5.874,318
2.623,697
2.232,604
2.627,719
*3,500,000
3,015,890
464,815
499,976
1,444.711
983.487
859,990
676,949
561,419
313,588
789.325
787,558
957.525
3,321.280
313,870
811,644
610,106
353,682,436 350,261,140 +1.0 223,974,814 286.296.618
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Apr. 13. d Week ended Apr. 14. e Week ended Apr. 15. * Estimated.
Total(29 cities)
2390
THE
antomma
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,
Sal.,
Mon., Totes.,
Wed., Thurs., Fri.,
Week Ended April 22.
Apr.16. Apr.18. Apr.19. Apr.20. Apr.21. Apr. 22.
Silver, per oz •
26%
263-16 263-58 2631
Gold, per fine ounce
84.1131 84.1031 84.11
84.1131
Consols, 234 per cents
HOLI- HOLI- 547-16 5431
5431
543(
British 5 per cents
DAY
DAY 10231
10231
10231
10231
British 431 per cents
9531
96
96
9611
French Rentes (in Paris)_
58.60
59.25
59.25
60
FrenchWarLoan(InParis)_fr.
79.80
79.90
79.85
78
The price of silver in New York on the same day has beenSilver In N.Y., per oz. (cts.):
Foreign
5631
5631
5631
5615
6631
5631
Receipts atNew York_ _.
Philadelphia...
Baltimore____
Norfolk
New Orleans *
Galveston_
Montreal _
St. John, N.B
Boston
[VOL. 124.
Flour.
Wheat.
Barrels.
195,000
53.000
25,000
2,000
51,000
Oats.
Corn.
Bushels.
Bushels.
761,000
23.000
116,000
19,000
290,000
37.000
100,000
202.000
51,000
305,000
2,000
3,000
755,000
60,000
1,000
20,000
59,000
28,000
Total wk. '27 433,118 2,591,000
Since Jan.1'27 6,434,000 60,554,000
134,000
3,382,000
Barley. I
Rye.
Bushels.
Bushels. Bushels,
60.000
65,000
319,000
32.000
5,000
8,00
15.000
14,000
21,I I
37,000
5,
56,000
66,000
13,000
171,000
141,000
404,000
5.074,00010.351.000 4.160.000
Week 1926_ _ _
439,000 2,293.000
205,000 1,673,000
345,000 436,000
Since Jan.1'26 7,353,000 40,302,000 6.261,000 11,619,000 7.910,000 2,282,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 16 1926, are shown in the annexed
statement:
Public Debt of United States-Completed Returns
•
Exports fromWheat.
Corn.
Showing Net Debt as of Feb. 28 1927.
Flour.
Oats.
Rya.
Barley.
The statement of the public debt and Treasury cash holdBushels. Bushels. Barrels. Bushels. Bushels. Bushels.
New York
703,009
32,946
83,717
39,975 293,447 216,676
lngs of the United States as officially issued Feb. 28 1927, Boston
148,000
11,000
236,000
delayed in publication, has now been received, and as interest Philadelphia
Baltimore
240.000
19,000'
9,000
157,000
100,000
2,000
attaches to the details of available cash and the gross and Norfolk
New Orleans
95.000 .121,000
34,000
18,000 121,000
net debt on that date, we append a summary thereof, making Galveston
385,000
23,000
St. John, N.B
755,000
59,000
66,000
56,000
comparisons with the same date in 1926.
Halifax
104,000
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Feb. 28 1927. Feb. 28 1926.
Balance end month by daily etatement,&o
$178,689,696 E340,831,406
Arid or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
+3,039,257
+4,656,780
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
Total
Balance, deficit(-)or surplus(+)
$181.728,953
$345,488,186
34.236,626
63.310,727
8,443,645
1,341,542
34,601,205
68,298,042
12,692,865
1,679,206
$107,332,540
$117,271,318
+74,396,413 +228,216.868
INTEREST-BEARING DEBT OUTSTANDING.
interest Feb. 23 1927.
ruze of LoanPayable.
$
2e. Consols of 1930
Q.-J. 599,724,050
21 of 1916-1936
Q.-F.
48,954,180
2. of 1918-1938
Q.-F.
25,947,400
85 0! 1961
Q.-M.
49,800.000
as Conversion bonds of 1946-1947
28,894.500
Q.-J.
Certificates of Indebtedness
.1.-J. 639,839,000
1134e First Liberty Loan. 1932-1947
J -J 1,397,687,100
4. First Liberty Loan, converted
.7 -D.
5,155,700
434. First Liberty Loan, converted
J.-D. 532,874,350
434e First Liberty Loan, second converted-J.
-D.
3,492,150
45 Second Liberty Loan, 1927-1942
M.-N.
20,848,350
434s Second Liberty Loan converted
3,083,671.700
44s Third Liberty Loan of 1928
M.-S. 2,160,006.900
434e Fourth Liberty Loan of 1933-1938
A.-0. 6.324,463.950
434s Treasury bonds of 1947-1952
763,948.300
4s Treasury bonds of 1944-1954
1,047,087.500
331. Treasury bonds of 1946-1958
494,898,100
45 War Savings and Thrift Stamps
Matured 343,745.878
23411 Postal Savings bonds
.1.-J.
13,229,660
Via to 51I5 Treasury notes
J.-D. 1,320,881,300
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Feb. 23 1926.
599,724,050
48,954,180
25,947,400
49.800,000
28.894,500
822.502,000
1,402,143,100
5,156.850
532,874.200
3,492,150
20,853,500
3,083,682,350
2,721,694.100
6.324,476,750
763,948,300
1,047,088,500
363.262,502
12,540,040
2,158,081,500
18,905,150,068 20.015,115,972
238.619,207
249,346,949
11,665,270
8,781,275
Total debt
Deduct Treasury surplua or add Treasury deficit
519,152,550,550 20,276,128,191
+74,396.413 +228,216,868
Net debt
b19,078.154,137 20,047,911,323
a The total gross debt Feb. 28 1927 on the basis of daily Treasury statements was
819,152,554.932.93 and the net amount of public debt redemption and receipts
In transit. dtc.. was $4,382.25.
b No deduction 114 made on account of obligations of foreign Governments or
-Mier investments
050nurcercial andMiscellarteons4vay9
Breadstuffs figures brought from page 2483.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts atChicago
Minneapolis_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis
St. Lou1s__ ...
Peoria
Kansas City
Omaha
St. Joseph.- Wichita
Sioux City__
Total wk. '27
Same wk. '26
Same wk. '25
Flour.
Wheat.
Corn,
Oats.
Barley.
Rye.
bbls.19615s. bush.60 lbs.bush.56 lbs.bush. 32 Os.bush.481bs.bush.561bs.
210,00(3
211,000
617.000
793,000
16,000
153,000
,1 I I
46,000
32,000
736,000
115,000
67,000
43.000
23,000
4,000
466,000
20,000
203,000
50,000
57,000
71,000
47,000
6,000
84.000
57,000
324,000
10,000
12,000
14,000
14,000
134,000
284,000
28,000
6,000
7,000
324,000
118.000
225,000
302,000
28,000
203,000
388,000
17,000
60,000
60.000
103,000
450,000
74,000
133,000
144,000
6,000
73.000
112,000
10,000
15,000
98,000
8,000
21,000
22,000
439,000
370,000
348,000
2,980,000
2,790,000
2,839,000
2,203,000
2.494,000
2,257,000
1,741.000
3,289,000
3,022.000
562,000
589,111
411,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 16, follow:
162,946
70,000
231,717
57.975
235.869 1,041,590
637,447
296.243
272,676
841,504
The destination of these exports for the week and since
July 1 1926 is as below:
Flour.
Exportsfor Week
and Since
July 1 to-
Week
Apr. 16
1927.
Since
July 1
1926.
1Vheat.
Week
Apr. 16
1927.
Corn.
Week
Apr. 16.
1927.
Since
July 1
1926.
Since
July 1
1926.
Barrels. Barrels.
Bushels.
Bushels.
Bushels, Bushels.
United Kingdom. 80,590 3,557,937
780.000 85,672,042
931,329
Continent
119,967 4,889,324 1,969,009 146,021,118
67,946
731,808
So.& Cent. Amer_
3,000
414,980
17,000 3,986,467
47,000 1,576,000
West Indies
10,000
502,000
27,000
48,000 1,258.000
Brit.No.Am.Cols.
Other countries__ _ 18,160
575,424
1,250,950
Total 1927
Total 1926
231,717 9,939,665 2,766,009 236.957,577
215 Rag 0052432 2.371.208 130.309 537
162.946 4,407,137
70000 11 075.133
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and seaboard ports, Saturday, April 16, were as follows:
GRAIN STOCKS.
Corn.
Oats.
• Wheat.
Rye.
Barley.
bush,
bush,
bush,
bush.
bush.
304,000
31.000
905,000
259,000
56,000
4,000
6,000
18,000
5,000
162,000
66,000
170,000
12,000
2,000
827,000
434,000
51,000
49,000
4,000
731,000
191,000
76.000
103,000
1,104,000
46,000
128,000
1,115,000
303,000
898,000
2,000
58,000
1,433,000 4,827,000 3,871,000
54,000
113,000
77.000
80,000
1,917.000
245,000
257,000
10,000
2,000
209,000
131,000
84,000
9,000
2,356,000 22,019,000 5,277,000 1,085,000
150,000
271,000
360,000
64,000
186.000 1,296.000 1,343,000
364,000
60,000
238,000 1,025,000
319,000
9.507,000
16,000 7,412,000 7,654.000
445,000
9,770,000
919,000 10,067,000 3,259,000 1,295,000
199,000
318,000
173,000 • 1,000
8,000
2,182,000 2,174,000
369,000
10,000
51,000
7,771,000 4.443.000
545.000
134,000
2,000
2,230,000
16,000
2,000
610,000
808,000
8,000
12,000
558,000
245,000
411,000
852,000
280.000
1,370,000 2,500.000 1,312,000
60.000
''
772,000
403,000
393,000
265,000
86,000
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
"
afloat
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
Total Apr. 16 1927
46.012,000 43,763,000 34,186,000 13.327,000 2,481,000
Total Apr, 9 1927
47,526,000 45,614,000 35,450,000 14,100,000 2,670,000
Total Apr. 17 1926...A9,291,000 33,1)43,000 49,692,000 13,586,000 4,869,000
Note -Bonded grain not included above: Oats, New York, 85,000 bushels; Duluth
afloat, 29,000: total, 114,000 bushels, against 464,000 bushels in 1926. Barley,
New York. 190,000 bustle.% Baltimore, 61,000; Buffalo, 5,000: Duluth, 89,000:
total. 345,000 bushels,against 716.000 bushels in 1926. IVheat, New York, 1,057,000
bushels; Boston, 311.000: Philadelphia, 589,000; Baltimore. 1,076,000; Buffalo,
392,000; Duluth, 359,000: total, 3,784,000 bushels, against 4,225.000 bushels in 1926.
CanadianMontreal
1,721,000
1,700,000
335,000 1,221,000
Ft. William & Pt. Arthur.42,791,000
2,928,000 2,502,00(3 5,871.000
" afloat
7,925,000
121,000
102,000
Other Canadian
3,860,000
1,880,000
69,000
220,000
Total Apr, 16 1927_ _56,277,000
Total Apr. 9 1927__56.256,000
Total Apr. 17 1926.....56,359,000
155,000
SummaryAmerican
46,012,000 43,763.000
Canadian
56,277,000
6.508.000 3,027,000 7,414,000
6,249,000 2.996,000 7,405,000
8,874,000 1,964,000 7,823,000
34,186,000 13,327,000 2,481,000
6,508.000 3,027,000 7,414,000
Total Apr. 16 1927...102.289,000 43,763.000 40,694,000 16,354,000 9,895,000
Total Apr. 9 1927...103,782,000 45,614,000 41,699,000 17,006,000 10,075,000
Total Apr. 17 1926... 85,650.000 34,098,000 58,566,000 15,350,000 12,692.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, April 15, and since July 1 1926 and 1925,
arershown in the following:
Wheat.
1926-7.
157,000
351,000
240,000
Since Aug.!1926
17.467,000277,890,000 173,132.000111,008,000 15,841,000 24,590,000
I 11925
16.540,000 278,653,000181,122,000 179,379,00062,258,000 20,138.000
InoA
•s ono nnn A qn ,as Anal07 ORA non 219 4511.00054.873.0(50 50.594.000
Total week 1927._ 2,766,009
Same week 1926.... 2,371,208
Week
April 15.
Since
July 1.
Corn.
1925-6.
Since
July 1.
1926-7.
Week
April 15.
Since
July 1.
1925 6.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 6,257,000394,868.000309,712,000
227.000 4.443,000 9.729,000
Black Sea__. 832,00 41,652,000 21,696,000 1,377,000 30,188,000 22,793,000
Argentina... 4,204,
89,532,000 72.052.000 3,116,000195,632,000.114.832.000
Australia____ 2,648,
70,736.000 60,495.000
India
5,768,000
4,416,
0th. counte
280,000 19,745,000 1,040,000
102,000 3,130,000 33,850.000
Total
14.221,000620.949.000470,763,000 4.822,000233,393,000 181.204,000
APR. 23 1927,]
FOREIGN
St. Louis Stock Exchange.-Record of transactions
TRADE OF NEW YORK-MONTHLY
at St. Louis Stock Exchange April 16 to April 22, both
STATEMENT.
inclusive, compiled from official sales lists:
Cunene Receipts
at New York.
Merchandise Movement at New York.
Exports.
Imports.
Month.
Stocks1926.
1926.
1925.
1926.
1925
i
$
8
$
l64,794,38 154,206,974 132,903,105 135,781,354
July
168,713,039
116,821,090
166,853,232
161.973.351
August
September 182,914.678 166,212,020 151,629.613 137.468.016
177,239,667 192,479,742 123,823,326 126,801.020
October
November 185,959,035 196,527.068 149.662;955 135,152,139
December. 178,172,967221,274,002 150,344,551 172.257,373
1927.
1926.
1926.
176,319:795215.137,735 155,804,975 153,410,759
January
February _ 154,108,6881 195,930,212 129,846,153 135,855,812
I
$
24.619.6521
29.183.5491
32,000,9971
31.369.820j
30,431,596
26.823.969
1927.
24,850,299
23,681,705
$
24,327,008
26,235,015
30,186.355
29,389,796
29.333.221
26.729.182
1926.
26.628,880
25,131,733
Movement of gold and silver for the eight months:
- I
Gold Movement at New York.
1926.
1925.
I
1926.
$
I
$
$
846.762 8,489,017 1,598,540
759.804 21,154.974
662,466
672,610 21,675,322
972,617
523,939 42,379,042 1,013.790
653,488 3,867,632 1,463.905
947.408 6,756,464
6,622,900
1926.
1927.
1927.
705,698 14.466,637
17,840,866
14,060,641 10,707,020 2,084,371
July
August
September
October _
November
December.
January
February Total
Exports.
Imports.
1925.
$
2.468.247
1,024.953
5,060,700
1,39.082
2,969,990
4,897,913
1926
2,569.831
2,012,359
Silver-New York.
!MUMS.
Exports
1926.
1926.
$
3
2,172,443 3.888.993
1,724,207 4,260.831
3,225,587 3,758.076
1,508.244 4.029.252
740,123 4,270,276
1.655,483 3.273.288
1927.
1927
1.105.628 3,881.180
955,028 3,757,076
42,183,679 66,528,2311 70,214,003 22,099,075 13,086,743 31,118,972
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
April 16 to April 22, both inclusive, compiled from official
sales lists:
Stocks-
Saki
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
Range Since Jan. I.
High.
Low.
High.
Banks100
Boatmen's Bank
Merchants-Laclede Nat 100
Nat'l Bank of Comm'ce.100 168
153
280
168
153
280
168
8 150
9 280
18 164
Mar 155
Apr 289
Jan 168
Trust Company100 430
Mercantile Trust
430
430
30 428
Mar 43034 Feb
Street RailwaySt Louis Pub Serv corn...
21
Miscellaneous20 3634
A S Aloe Co, corn
100 10234
Preferred
Beck & Corbitt, pref_ _ _100
•
Best Clymer Co
• 39
Boyd-Welsh Shoe
100
Brown Shoe,corn
100 116
Preferred
Celt-Teed Prod, 1st pf_100
Chicago Ry Equlp, com_25
25
Preferred
100 17
Curlee Cloth, pref
•
E. L Bruce, corn
100
Preferred
Elder Mfg, 1st pref____100 104
Ely & Walker D 0,com_25
100
First preferred
Fred Medart Mfg,com •
5 11
.
Fulton Iron Works,corn.
Globe-Democrat, pref..100
Huttig S & D, corn
Hydr Press Brick, pf_ _ _100
•
1ndep Packing, corn
100
Preferred
International Shoe,com-• 18434
•
Johansen Shoe
•
Johnson-S dr 8 Shoe
Laclede Gas Lt, pref...100
* 1534
Mo-Ill Stores, corn
Missouri Portl Cement..25 51
Moloney Electric, pref_100 100
National Candy, com__100 973:
100
First preferred
•
Pedigo-Weber Shoe
Polar Wave I& F"A" •
Rice-Stix Dry Goods.com.• 20
100
First preferred
Scruggs-V-B DO.com_100
• 38
Scullin Steel, pref
• 28
Sheffield Steel, corn
•
Skouras Bros "A"
South Acid & Sulph, com _•
Southwest Bell Tel, pf_100
10 1634
St Louis Car, corn
100 101
Preferred
Stiz-Baer & Fuller, corn._* 29
Wagner Electric, corn....8 2534
Wagner Elec Corp, pref.100 80
73 300
Jan 398
Feb
35234 350 356
American Trust Co
Jan 232
Feb
120 195
Anglo & Lon Par N Bank_
21334 21334 215
700 1034 Apr 15% Jan
1034 1034
Armour & Co"A"corn.... 10)4
Bancitaly Corporation_ _ 110% 11034 11154 6,822 89% Jan 114% Feb
JIM
Feb 270
20 250
250 250
Bank of California. N A._ 250
Apr
1,829 172% Apr 687
173
Bank of Italy.:
17234 17434
Apr 71% Jan
45 68
70
68
Calamba Sugar, corn
Apr 69% Jan
65% 63
6334 3.265 61
California Pack Corp
Jan
California Petroleum, cote_ 24% 2454 2534 7,565 24% Apr 33
Feb
2934 10,010 26% Feb 30
28% 28
Caterpillar Tractor
Jan 96
Feb
49 94
94% 95%
Coast Co Gas & El, lot pref
Mar
Jan 312
5 306
310 310
Crocker First Nat Bank_
Jan 9834 Feb
245 96
9734
97
97
East Bay Water'A" pref
Mar
Mar 39
125 34
34%
34
Emporium Corp, The
3.50 Jan
2.25 Apr
50
2.25 2.25
Fageol Motors, corn
Jan
7
Jan
475
5
6%
834 634
Preferred
Apr
9% Feb 18
1434 18
14,655
17
Federal Brandeis
Mar 92% Jan
846 88
90%
89
Fireman's Fund Insurance_ 90
100 12)4 Apr 13% Jan
13
13
Foster & Kleiser, corn
198 102% Apr 104% Mar
Great Western Power, pref 102% 10234 10334
90 33% Apr 36% Jan
Hale Brothers Stores
3334 3334
Jan
Apr 05
250 48
48% 49
Hawaiian Comm'l dr Sugar
100 493: Feb 55% Feb
Hawaiian Pineapple
5034 5034
Feb
41%
95 40% Jan 42
41
Hawaiian Sugar
225 2834 Mar 32% Jan
30
30
Home Fire & Marine Insur
Mar
Apr
500
5
2
4.50 5.00
4.50
Honokaa Sugar
35% 3434 3634 2,435 34% Apr 423: Feb
Honolulu Consol Oil
Apr 263: Jan
385 24
24%
24
Hunt Bros Pack 'A" corn
105 12% Jan
14
14
14
Mar
Hutchinson Sugar Planta'n
300 32% Jan 343.4 Jan
32% 33
Illinois Pacific Glass "A"
20 30
Apr 65
31
30
Jan
Key System Trans. pr pf _
20 12
Apr 3134 Jan
12% 12%
Preferred
10 1234 Jan 12% Mar
12% 12%
Langendorf Baking
80 98% Jan 100% Feb
99% 100
100
LA Gas & Elec, pref
1,900 400
Jan 75e Feb
40e 400
40c
Magnavox Co
18%
183.4 1834 2,340 16% Apr 28% Jan
Magnin (I), corn
34% 3334 363.4 10,750 3334 Apr 48
Feb
North American Oil
Jan 37% Mar
715 35
37% 3634 3734
.0a2iu Sugar
Jan 11% Apr
8
11% 11%
10
Olaa Sugar
221 40
4034 413:
41
Jan 42% Feb
Gnomea Sugar
113: 1134
125 11% Apr 12
Paauhau Sugar Plantation_
Jan
10 311
375 375
Feb 375
Pacific Lighting Corp, com
Apr
190 97
98
Feb 99% Mar
9734 9834
6% preferred
1.220 123
Ma 139
Pacific Tel & Tel, com _ _ _ _ 130)4 13034 132
Jan
465 102
1093: 1073.4 10934
Ma 114 34 Feb
Preferred
584 66
Jan 15
*Paraffin° Co's, Inc, corn.. 6834 66 13234
): 1)
39%
b
iear
F
453:
corn...
43%
433:
405
43%
Apr
Phillips Petroleum,
2034 2034
515 1934 Jo
Piggly Wiggly W States""
20% Apr
16
240 15% Jan
16
16
Pig'n Whistle, pref
1634 Feb
585 25% Apr 28% Jan
2834 27
Pioneer Mill
17% 15
1834 26,445 14% Mar 26% Jan
Richfield 011
25
pref..
10
RR,
Sacramento
Apr
1034
1034
14% Mar
SF
50%
58 49
Jan 51
50
St Joseph Lt dc Pow, corn..
Feb
36 97
98
Jan 9934 Feb
98
98
"B"6% preferred
145 10634 Jan 109% Feb
Prior preferred
107% 10734 108
Schlseinger(B F)"A"corn_ 21% 2134 2134 2,197 20
Apr 23
Jan
116 89% Feb 92
89% 90
Proferred
Jan
13,072 26% Apr 31% Feb
27% 2634 28
Shell Union Oil, corn
59 93% Jan 97% Apr
Sharman & Clay, 7% pref. 97
9734
97
10
prof
87
90
Jan 92% Feb
90
90
Sierra Pacific Electric.
75 10834 Jan 1143: Apr
11234 11334
Southern Pacific
235 44
Jan 51
Sperry Flour Co, COM
45% 4434 4534
Mar
30 92% Jan 97
95
94
Preferred
95
Mar
185 101% Jan 1083: Mar
103 1033:
Spring Valley Water
55
15,296 54
Apr 60% Jan
Standard 011 of California_
54% 54
100 2534 Jan 2734 Mar
27
Telephone 1nvestm't Corp_
27
2,400 45c Apr 95e
45c 50c
500
Texas Consolidated OIL _ _ _
Feb
165 2034 Jan 2134 Feb
21
Trilling Label dr Litho Co ...... 21
40 34 3934 4134 7,536 393: Apr 56% Jan
Union 011 Associates
Apr 56% Jan
4234 15,060 40
Union Oil of California...
4134 40
9 16 Jan 27% Apr
1634
16
Union Sugar, com
10 25% Apr 27
Preferred
2534 2534
Mar
18 149
Jan 195
Mar
United Bank & Trust Co.. ...... 190 190
1.75 1.75 1,000 1.60% Jan
2
1.75
Mar
S Petroleum
410 37% Jan 41
wciaina Agricul Co, Ltd
393: 40
40
Jan
6 267
Apr 295
267 270
Mar
Wells Fargo Bk & 1.7n'n Tr_
10
934
9
Jan
9
931 Jan
9
West Amer Finance, pref
50
3.75 Jan
3.75 3.75
4.50 Jan
West Coast Life Insurance_
590
8% Ma
934 Jan
8% 9
Yellow & Checker Cab _ _
834
55 95% Feb 98
97% 97%
Zellerback Paper,6% pref..
Feb
28
4,967
Jan 323: Apr
Zellerbach Corporation_ _ _
32% 3034 32 34
x Par value Bank of Italy reduced from $I® to $25.
•Paraffine spilt two for one.
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price, Low. High. Shares,
1925.
I
Total_ _ _ 13814825631508620985 1110835768 1165439512 222,961,487.217,961,188
.Month.
2391
THE CHRONICLE
MiningCons Lead;Zinc Co "A".8
Bonds
Street RailwayE St Louis & Sub Co 551932
St L & Sub Ry gen 53_1923
Gen mtge 55, C-D--1923
United Railways 4s_ _1934
1934
48, C-D
Miscellaneous1935
Houston Oil 634s
Kinloch Long Dist 55_1929
1941
Scullin Steel 68
Wagner Elec Mfg 75__Ser_
19% 21
36% 38%
10234 10234
97
97
35
35
39
39
31% 31%
115 116
107 107
29% 29%
2334 2334
18
13
35
35
97
97
102 104%
37%
36
116 116
3134 31%
11%
11
115 115
27
27
71
70
22
22
110 110
183 184%
29
29
55
55
112 114
15
1534
54
51
100 100
9334 97%
113 113
30% 3134
34
33
19% 20
108 108
20% 21
38
38
28
28
42
42
4034
40
116 1163:
16% 16%
98 102
29
28
25%
25
81
80
14% 15
85
80
7934
92
83%
8335
7734
78
92
8334
85%
80
79%
103% 104 •
100% 10034
10034 101
1003: 100%
186
675
131
10
6
80
32
25
25
2
15
255
10
60
450
401
5
20
815
10
10
280
30
20
493
100
50
120
2,875
872
50
1,269
10
80
744
425
35
100
870
480
130
80
61
575
185
225
935
80
18% Mar
32
100%
97
35
39
3134
10834
105
2834
2334
13
35
97
100
313:
111
28
10
114
23%
70
22
1083:
158
29
50
96
143:
4534
99%
84
111
30
3234
193:
105)4
2034
38
2534
41%
40
114%
16
96
28
1834
68
Feb
Mar
Apr
Apr
Apr
Mar
Feb
Feb
Jan
Apr
Apr
Apr
Apr
Mar
Feb
Feb
Mar
Mar
Feb
Apr
Apr
Apr
Jan
Feb
Apr
Mar
Jan
Feb
Mar
Jan
Feb
Feb
AD
Mar
Mar
Jan
Jan
AP
Feb
Apr
AP
Mar
Mar
Jan
Apr
Jan
Fe
21
Jan
Jan
Apr
Apr
3654 Apr
102% Apr
Apr
97
41
Jan
42
Feb
3434 Jan
Apr
116
Apr
107
30
Jan
25
Mar
Apr
18
26
Jan
9734 •Jan
104% Apr
3834 Apr
116
Apr
31% Apr
Jan
12
116)4 Jan
30
Jan
81% Jan
Feb
25
Apr
110
18434 Apr
Mar
30
Mar
65
Feb
127
1534 Apr
54
Max
102% Mar
97% Apr
Apr
113
33
Mar
34
Apr
22% Jan
Mar
110
2234 Feb
Mar
39
28% Apr
Jan
48
45% Jan
1173: Feb
1834 Jan
102
Apr
31% Jan
Apr
26
Apr
81
13
Apr
17
Jan
8634
81
80
75%
75%
Jan
Feb
Feb
Mar
Mar
92
8434
8534
80
79%
Apr
Max
Apr
Apr
Apr
5,500 103
2,00 100
3.50 10034
98%
3,00
Jan
Feb
Mar
Jan
210
$5.000
2,000
50.000
74,000
48,000
Apr
104
100% Apr
Apr
101
100% Apr
• No par value.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$40,000
Apr. 14-The Nevada National Bank, Nevada, Iowa
Correspondent, H.E. Hadley, Nevada,Iowa. Succeeds
the Peoples Savings Bank of Nevada, Iowa.
200,000
Apr. 14-The Lehigh National Bank of Philadelphia,Pa
Correspondent, C. Earl Beatty, 1321 Spruce St., Philadelphia,Pa.
300,000
Apr. 14-The Central National Bank of Scranton,Pa
Correspondent, Matt F. Brown, 117 Myrtle St.,
Scranton, Pa,
100.000
Apr. 16-The Peoples National Bank of Sayreville, N.5
Correspondent,James V. Burke,54 Main St.,Sayreville,
N. J.
APPLICATIONS TO ORGANIZE APPROVED.
$25.000
Apr. 12-The Citizens National Bank of Olivia, Minn
Correspondent, Geo. F. Gage, Olivia, Miruz.
Apr. 12-The eat Hempstead National Bank, West Hempstead,
N.Y.
Correspondent, Stephen A Bedell, West Hempstead, 50,000
N. Y.
30.000
Apr. 14-The First National hank of Glen Head, N.Y
Correspondent, Cornelius H. Luyster. Glen Head, N.Y.
100.000
Apr. 14-The National City Bank of Long Beach, N. Y
Correspondent, Murdoch Lind, Long Beach, N. Y.
50.000
Apr. 16-The National Bank of Toledo, Toledo, Iowa
Correspondent, F. R. Jones, Toledo, Iowa.
APPLICATION TO CONVERT APPROVED.
Apr. 12-The Thomas County National Bank of Colby, Ran.... $25,000
Conversion of Thomas County Bank, Colby, Kan.
CHARTERS ISSUED.
8200.000
Cambridge National Bank, Cambridge, Mass
President, James W. Brock; Cashier, Claude F. Cairns.
25,000
Apr. 15-The First National Bank of Roe Heights, S. Dak
Conversion of the First State Bank of Roe Heights, S.
Dak. President F. D. Greene; Cashier. C. V. Gardiner.
75.000
Apr. 15-The Sunrise National Bank of Baldwin, N.Y
President, Jno. W. Lacey; Cashier, W. A. Culver.
Apr. 16-The Bedford National Bank of Brooklyn in New York,
500,000
N.Y
President, F. H. Tyler; Cashier, Peter A. Ferrari.
Apr. 14
VOLUNTARY LIQUIDATIONS.
$25,000
Apr. 12-The First National Bank of Locust Grove, Okla
Effective Jan. 24 1927. Liquidating Commission,
Directors and Officers ofthe liquidating Bank. Absorbed
by First State Bank in Locust Grove. Okla.
2392
THE CHRONICLE
•
Apr. 12-The Commercial National Bank of Santa Maria, Calif_ - Capital.
Effect, ve March 29 1927. Liquidating Agent, Edward 100,000
C. Aldwell, San Francisco, Calif. Absorbed by the
Liberty Bank, San Francisco, Calif., which association
was consolidated with the Bank of America,Los Angeles,
Calif. under the title Liberty Bank of America of San
Francisco. The latter association was consolidated with
the Bank of Italy, San Francisco, and that bank was
converted into a national bank under the title "Bank of
Italy National Trust & Savings Association."
Apr. 13-National Bank of Commerce in Pasadena, Calif
200,000
Effective April 5 1927. Liquidating Agent, Edward C.
Aldwell, San Francisco, Calif. Absorbed by the Bank of
America, Los Angeles, Calif., which association was
consolidated with the Liberty Bank,San Francisco,under
the title Liberty Bank of America of San Francisco. The
latter association consolidated with the Bank of Italy,
San Francisco, and that bank was converted into a
national bank under the title "Bank of Italy National
Trust & Savings Association."
Apr. 14-The Farmers and Merchants National Bank of Mountain
View, Calif
100,000
Effective March 31 1927. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by the Liberty
Bank of San Francisco, Calif., which association was
consolidated with the Bank of America, Los Angeles,
under the title Liberty Bank of America of San Francisco. The latter association was consolidated with the
Bank of Italy, San Francisco, and that bank was converted into a national bank under the title "Bank of
Italy National Trust & Savings Association."
Apr. 14-The Fruit Growers National Bank of Watsonville, Calif. 100,990
Effective March 15 1927. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by the Liberty
Bank of San Francisco, which association was con•
solidated with the Bank of America, Los Angeles, under
the title Liberty Bank of America of San Francisco. The
latter association consolidated with the Bank of Italy,
San Francisco, and that bank was converted into a
national bank under the title "Bank of Italy National
Trust & Savings Association."
Apr. 15-The First National Bank of Chatham, N. J
25,000
Effective April 14 1927. Liquidating Agent, Emory N.
Faulks,Chatham, N. J. Succeeded by a trust company.
BRANCHES AUTHORIZED BY THE COMPTROLLER UNDER
THE ACT OF FEB. 25 1927.
Apr. 13-The National Shawmut Bank of Boston, Mass. Location of
branches-Vicinity of 179 Summer St., Boston, 148 State St.,
Boston.
Apy.15-Bank of Italy National Trust & Savings Association, San Francisco, Calif. Location of branches-Vicinity of Ocean and
Faxton Sts., 16th and Mission Sts., 20th and Irving Sts., (all
in San Francisco.)
(VOL. 124.
Shares. Stocks.
$ Per share. Shares. Stocks.
$ per share,
20 Heywood-Wakefield Co., 1st of. 8735 50 New Bedford
Gas& Edison Light
50 United Electric Light Co.,SpringCo., par 325
105
field, par $25
25
Heywood-Wakefield Co., com 45
15531
50_Fall_River Gas Works, par $25
No. Rights.
MX
6934, ex-div. & rights 105 National Shawmut Bank $ Per 2934
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per oh.
14 Liberty Trust Co
215 4 Cass & Daley Shoe Co., corn.....
20 Pepperell Mfg. Co
11134 8 Cass dr Daley Shoe Co.,7% pref._
50 West Boylston Mfg. Co., prof 3534 1 Purity Wool Preparing Co., Par
25 Bates Mfg. Co
124
$50
10 Boston Revere Beach dr Lynn RR 76 610 Troy Foundry Co., cons. v. t. c. $25
6 Boston Revere Beach & Lynn'
61 Troy Foundry Co., pref.. par $50 lot
RR
76-7634 $500 Purity Wool Preparing Co.
80 Fall River Gas Works Co.,
1st 8s. 1936
rights on par $25
7034 $500 Port Wentworth Terminal
30 United Elec. Light Co., SpringCorp., 1st cony. 88. Oct. l950_.
field, par $25
15534 75 Worcester Gas Light Co., corn.,
10 Turners Falls Power & Electric
par $25
7334-7434
Co. (deposited)
251
100 Western Massachusetts Cos__ _ 63
218 Mutual Finance Corp.. pref.,
25 New Bedford Gas & Edison
par $50
34
Light Co. par $25
10534
86 Commercial Finance Corp., pref.,
25 No. Bost.
'Log. Props., corn_ _18934
par 350
2334 200 United Elec. Light Co., spring25 Massachusetts Investors Trust,
field, par $25
15534
par $50
6934 & dIv. 25 Beverly G.& Elec. Co., par 825.101
6 units First Peoples Trust
68 50 Edison Elec. Ill. Co. of Brock5 John II. Lambert & Co., Mc., pref 55
ton, par $25
7134-7134
9 Massachusetts Bond. & Ins. Co33034 1 Lynn Gas & Elec. Co., par $25...1783(
4 special units First Peoples Trust
5 35 Beverly G.& Elec. Co., par 825.101
5 William Carter Co., pref
9134 100 Fall River Gas Works Co.,
51 Simbroco Stone Co
12
par $25
6934 ex-rights
120 United Elec. Light Co., Spring6 Lynn Gas dr Elec. Co., par $25„.177
field, par $25
15534 10 Worcester El. Light Co.,par $25.178
17 FlIntkote Co., pref
10531 dr div. 36 Lynn Gas & Elec. Co., par $25_176
10 Quincy Mkt. Cold Storage &
24 Lynn Gas & Elec. Co., par $25-17534
Warehouse Co., corn
38 25 Haverhill G. Light Co., par $25.
6 Plymouth Cordage Co
115 ex-div.
11 Bay State Fishing Co.. Corn.... 35
Bonds.
Per Cent.
50 United Elec. Light Co-Spring6,000 Motor Mart Trust (Boston)
field, par $25
lot leasehold s. I. 65, Mar.'46_95 & int.
15534
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh. Shares. Stocks.
•
$ per oh.
500 March Gold, Inc., par 10c__ _ _735c. 500 Night Hawk, par $1
70.
1 Buff. NItig. & East. pref., par 325 2634 1 Niagara Mtge. Corp., class A, pf.,
200 Therrniodyne Radio, no par_50c. lot
with 2 shares common, no par_3110 lot
1 Niagara Mtge. Corp., class A. pf.,
10 Assets Realization Co
$2 lot
with 2 shs. common, no par_ _..$110 lot 100 March Gold, Inc., par 100.-... 60,
1 Buff. Nlag. & East. Pow., no par.3034
DIVIDENDS.
Dividends are grouped in two separate tables. In the
Auction Sales.--.
Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction first we bring together all the dividends announced the
in New York, Boston and Philadelphia on Wednesday of current week. Then we follow with a second table, in
which we show the dividends previously announced, but
this week:
which have not yet been paid.
By Adrian H. Muller & Sons, New York:
The dividends announced this week are:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh
59 Rogers Locomotive & Machine
2 Clinton Hall Association
16
Works
$12 lot 59 Land & River Co., 1st pref____
Per
When
Books Closed.
572 Rogers Locomotive Co
$80 lot 295 Land dc River Co. 2d pref., rk
Name of Company.
Cent. Payable.
Days Inclusive.
1,500 The Fuel Oil Motors Corp.,
$16.66 2-3 scrip
$300
corn., par $10
$635 lot 147 Land & River Co. 3d pref. &
lot
Railroads (Steam).
175 Bettini Syndicate
$5 lot $58.33 1-3 scrip
Atlanta & West Point
4
June 30 Holders of rec. June 20
100 Butterworth Judson Corp.,
50 Nipissing Ext. Mines, Ltd.,
Atlantic Coast Line RR., corn
•334 July 11 *Holders of rec. June 15
corn.. no par
par 51
$5 lot
Common (extra)
July
11 *Holders of rec. June 15
80 Dunn Penn Co., Inc., pref., par
40 Root & Van Dervoort Corp.,
Colorado Southern, first preferred
2
June 30 June 19 to June 30
35
class A stock trust ctf., no par_
Elmira & Williamsport, common
31.15
May
2 Holders of rec. Apr. 200
40 Dunn Pen Co., Inc., corn., no $5 lot 190 Columbia Graphophone Mfg.
Georgia Southern & Florida, 1st & 2d pf_ 234 May 28 Holders of rec. May 12
par
Co. corn. and 5-20 share scrip
Western Railway of Alabama
4
June 30 Holders of MC. June 20
100 Milliken Bros., Inc., pref.__ $5 lot
no par_ __ .,
40 Milliken Bros., Inc., corn
27 Columbia Graphophone Mfg.
Public Utilities.
2,304 Dolores Esperanza Corp., par
Co.. pref
$60 lot American Commonwealth Power$2
$800 lot 722 Marconi Wireless Teleg. Co.
Series A second preferred (quar.)
*31.75 May 2 *Holders of rec. Apr. 16
Sundry accounts receivable aggroAmer. Superpower Corp., part. pf. (qu.) 50c. May 16 Holders of rec. Apr. 21
of America. par $5
gating approximately 33,635.55_310 lot 1,000 HI. Crude 011 Co., par U._
Brazilian Trac. Lt.& Pow., ord. Mar.) 134 June 1 Holders of rec. Apr. 30
240 Rudolph Feuerelsen Realty
120 Columbia Sweeping Machine
Cambridge Electric Light (quar.)
$1
May 2 Holders of rec. Apr. 21
Corp
$1,035 lot
Co., par $20
City Water of Chattanooga, 1st pf.(qu.) 131 May 2 Holders of rec. Apr. 20
9 Marland 011 Co. stock subscrip40 Chic. Term.Trans!. RR.,corn
Cons. G., E. L. &P.,Bait., corn. (qu.). *62340 July 1 *Holders of rec. June 15.
tion warrants for 25 sirs. each SI.600 lot 100 Winthrop Min. Co., par $25Eight per cent pref., series A (quar.).. *2
July 1 *Holders of rec. June 15
3,000 Automatic Fire Protection Co 17
Seven per cent pref., aeries B (quar.)_ '134 July 1 *Holders of rec. June 15
50 The Froebel League of the City
Bonds.
Per cent.
July 1 *Holders of rec. June 15 ,
634% preferred. series C (quar.)
of New York
5 6 City of Vienna. Austria, 4h%
Six per cent preferred, series D (quar.) *134 July 1 *Holders of rec. June 15
300 Chrysolite Silver Mining Co.,
bonds, 1,000 kronen each, issue
Cumberland Co. Power & Lt. Pf. (qu.). 134 May 2 Holders of rec. Aprl 16a
par 350
326 lot
of 1917
$15 lot Dallas Power & Light, pref. equar.)___ _ 134 May 2 Holders of rec. Apr. 21
125 The Hygela Sparkling Distilled
$4,000 Central Iron & Coal Co. 1st
Derby Gas & Elec. Corp.,$7 pref.(qu.). $1.75 May 1 Holders of rec. Apr. 20
Water Co
$5 lot
a. f. 68. Aug. 1 1938
Edison Elec. Ilium. of Brockton (quar.)_ 56234c May 2 *Holders of rec. Apr. 22
81
Havana Electric & Utilities, 1st p1.(qu.) $1.50 May 16 Holders of rec. Apr. 25
By Barnes & Lofland, Philadelphia:
$1.25 May 16 Holders of rec. Apr. 25
Cumulative preference (quar.)
Shares. Stocks.
_ 134 May 2 Holders of rec. Apr. 15
$ per sh. Shares. Stocks.
$ per sh. Idaho Power Co., preferred (quar.)
1 Tacony-Palmyra Ferry Co., par
Indianapolis Pow.& Lt. Corp., pf.(qu.) $1.75 May 1 Holders of rec. Apr. 20
10 Integrity Trust Co., par S50__ _550
$50
Kentucky Utilities, junior pref. (quar.)_ •15( May 20 *Holders of rec. Apr. 30
39
15 Market Street Title & Trust Co.,
25 Philadelphia National League
Keystone Telep. of Phila., Pref. (quar.). *31
June 1 *Holders of rec. May 18
par $50
430
Baseball Club
National Power & Light, corn. (guar.)_ _ *200. June 1 *Holders of rec. May 14
72 4 Provident Trust Co
795
50 Columbia Avenue Trust Co_ _ _351
Northern New York Utilities, pref. (qu.) 134 May 1 Holders of rec. Apr. 150
21 Camden Safe Dep. & Tr. Co.,
10 Southwestern National Bank_ _ _228
Pacific Power & Light, pref. (quar.)
N. J
134 May 2 Holders of rec. Apr. 18
190
8 Phila.-Girard Nat. Bank
Phila. Suburban Water, pref. (quar.)
67534 20 F.G. Vogt& Sons, Inc.,8% pref.
134 June 1 Holders of rec. May 110
30 Union National Bank
Portland Gas & Coke, pref.(quar.)
291
par
134 May 2 Holders of rec. Apr. 18
$50
51
7 Union National Bank
Public Service Elec, Pow., 7% pref.(qu.) 134 May 2 Holders of rec. Apr. 150
291
7 F. G. Vogt& Sons, Inc.,7% pref.,
3 Queen Lane National Bank
134
Railway & Light Securities, com.(quar.) *50c.
par $50
51
20 Union National Bank
291
4 John B.Stetson Co.,corn., no par 98
Preferred (quar.)
*S1.50
5 Second Nat. Bank of Philadelphia,
600 York Metal & Alloys Co., pref.,
Southern Calif. Edison Co., corn.(quar.) *50c. May 15 *Holden, of rec. Apr. 20
at Frankford
588
May 2 Holders of rec. AM. 200
lot Secur. Corporation General, corn.(quar.) $1
$8,000
12 Corn Exchange National Bank._732
14 Green & Coates Streets Palli. Ry.
Preferred (quar.)
$1.75 May 2 Holders of rec. Apr. 200
_ 6534
3 Miners Nat. Bank of Pottsville.
8 The Bourse, pref
Standard Power Se Light, pref. (quar.)
$1.75 May 2 Holders of rec. Apr. 16
24
Pa.. par $50
Tampa Electric Co., corn. (quar.)
1753( 1 Academy of Fine Arts
50c. May 16 Holders of rec.
33
250
8 Miners Nat. Bank of Pottsville.
Corn.(stock dlv. 1-100 share corn.stk.) (a) May 16 Holders of rec. Apr.
5,000 E. G. Budd Mfg. Co., corn.,
Apr. 250
Pa., par $50
175
DO par
Texas Power & Light, pref. (quar.)
*13.1 May 2 *Holders of rec.
1934
16
10 Jefferson Title & Tr. Co.. par $50 80
100 George B. Evans Co., pref.__ 99
Union St. Ry., New Bedford (quar.)... 134 May 2 Holders of rec. Apr.
Apr. 210
Commonwealth Title Ins.& Tr. Co.
15 North Pennsylvania RR
854 Utility Shares Corporation, corn. (quar.) *30c. May 2 *Holders of rec. Apr. 25
as follows: 2 at 642, 3 at 638,5 at
44 Phila. Bourse, corn., par $50_
Participating preferred (quar.)
*30c. June 1 *Holders of rec. may 13
25
639, 4 at 636, 2 at 635, 2 at 632,
50 Tonopah & Goldfield RR., pref. 28
2 at 633, 21 at 632.
100 Camden Fire Ins. Assn.; par $5. 17
Banks.
5 Franklin Trust Co
523
130 Hare & Chase, pref
*4
May 1 *Holders of rec. Apr. 20
}$225 lot Chemical National (bl-monthly)
4 Franklin Trust Co
52034 177 Hare & Chase com
6 Penna. Co. for Ins. on Lives, &c..887)‘ No. Rights.
Trust Companies.
$ per right.
13 Bank of North Amer. & Tr. Co.391
4 Tioga Trust Co
*4
May 2 *Holders of rec. Apr. 21
6334 Farmers' Loan dr Trust (quar.)
5 Mutual Trust Co., par $50
Bonds.
150
*150. May 2 *Holders of rec. Apr. 23
Percent. Kings County (Brooklyn) (quar.)
25 Republic Trust Co., par $50_ _ _160
$1,000 Phila. dr Garrettsford ER.Ry.
1 Integrity Trust Co., par $50- _550
55
Miscellaneous.
73%
American Radiator, corn. (quar.)
$1.25 June 30 Holders of rec. June 150
By R. L. Day & Co., Boston:
Preferred (quar.)
44 May 16 Holders of rec. May 310
Balaban & Katz, preferred (quar.)
Shares. Stocks.
134 July 1 Holders of rec. June 200
$ per sh. Shares. Stocks.
$ per sh. Bamberger
(L.) & Co., pref. (guar.).-- •131 June 1 Holders of rec. May 14
45 First National Bank
cosi 8 Boston Wharf Co
11434
Preferred (quar.)
.0131 Sept. 1 Holders of rec. Aug.
32834 13 Haverhill Electric Co., par $25
2 Old Colony Trust Co
13
Preferred (guar.)
*13.4 Dec. 1 Holders of rec. Nov. 12
455
1 American Trust Co
sox , ex-d1v. Bessemer
Limestone & Cement, cl.A(qu.) 4.750. May 1 Holders of rec. Apr. 20
124 4 units First Peoples Trust
4 Bates Manufacturing Co
68
Bond & Mortgage Guarantee (quar.).... 4
45
16 units Finance Corp. of New Eng. 32
May 14 Holders of rec. may 7
10 Androscoggin Mills
Booth Mfg., pref. (guar.)
elyi May 2 Holders of
90 40 Blackstone Valley Gas& Electric
2.5 Ipswich Mills, pref
rec. Apr. 20
*1
May 2 Holders of rec. Apr. 20
Co., cons., par $50
64 Salmon Falls Manufacturing Co_ 28
2634 Bourne Mills (quar.)
BrunswIck-Balke-Collender, corn. (qu.) 75c. May 15 Holders of rec. May 5a
1434 500 Pacific Development CorP. 5 Great Falls Manufacturing Co
Bunte
Brothers,
pref. (quar.)
134 May 2 Holders of rec. Apr. 2510
3334 72 Lafayette Motors, pref
5 West Boylston Mfg. Co., pref
Burns Brothers, corn,, class A (guar.)- *32.50 May 16 *Holders
18 Lafayette Motors, corn
132
1 Ware River RR
10
of rec. may 2
Common, class B (quar.)
50 C. H. Wills Co., corn
*50c. May 16 *Holders of rec. may 2
100 Blackstone Valley Gas & ElecPreferred
(quar.)
July
.134
1 *Holders of rec. June 15
12634-127 40 Wills St. Clair, Inc., 2d pref_
tric Co., corn., par 350
Prior preferred (quar.)
*134 Aug. 1 *Holders of rec. July 15
135 New England Power Assn., pref 93
10 Dennison Mfg. Co., 1st pref.
Butler Brothers (quar.)
50c. May 16 Holders of rec. May 2
13034 & div. 4 special units First Peoples Trust_ 5
California Packing (quar.)
June 15 *Holders of rec. May 31
*31
5 State Theatre, corn., par $10- _ 3
15 North Boston Lighting ProperCentrifugal Pipe Corporation (quar.)
15c. May 16 Holders of rec. May 6
18934 I
c
ties, corn
APR. 23 1927.]
Name of Company.
•
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Chicago WiIm.& Franklin Coal, pf.(Mr.) $1.50 May 2 Holders of rec. Apr. 18a
5)4 June 1 *Holders of rec. May 15
Cities Service, common (monthly)
Common (payable in common stock)
".0,5 June 1 *Holders of rec. May 15
wyi June 1 *Holders of rec. May 15
Preferred dr preference B (monthly)__
Clinchfield Coal, preferred (quar.)
*Vh" May 2 *Holders of rec. Apr. 25
1% June 1 Holders of rec. May 14a
Consolidated Cigar, pref. (quar.)
1
May 16 Holders of rec. Apr. 30
Dominion Bridge, Ltd. (quar.)
2
May 16 Holders of rec. Apr. 30
Bonus
40c. June 1 Holders of rec. May 14a
Eagle-Picher Lead, corn. (quar.)
131 May 1 Holders of rec. Apr. 20
Eisemann Magneto, preferred (quar.)__
134 May 2 Holders of rec. Apr. 23
Esmond Mills, common (quar.)
1% May 2 Holders of rec. Apr. 23
Preferred (quar.)
*730. Apr. 30 *Holders of rec. Apr. 25
Elyria Iron & Steel, eons.(quar.)
June 1 Holders of rec. Apr. 30
Famous Players Can'n Corp., let pf.(qu.) 2
*50c. June 1 *Holders of rec. May 20
General Box, pref. A and B (quar.)
*2
May 1 *Holders of rec. Apr. 20
General Tire & Rubber, com.(quar.)
C. G. Spring & Bumper, com.(quar.)._ 20e. May 16 Holders of rec. Apr. 25a
Sc. May 16 Holders of rec. Apr. 25a
Common (extra)
Globe Automatic Sprinkler, class A (qu.) *8234c May 1 *Holders of rec. Apr. 20
Goodrich (B. F.) Co., corn.(quar.)
*$1
June 1 *Holders of rec. May 18
131 May 2 Holders of rec. Apr. 11
Geese Packing, Ltd., pref. (quar.)
*1.34 Apr. 30 *Holders of rec. Apr. 23
Halle Brothers, preferred (quar.)
525e. May 2 *Holders of rec. Apr. 23
Hamilton-Brown Shoe (monthly)
Harbison-Walker Refrac., corn. (quar.)_
134 June 1 Holders of rec. May 20
Preferred (quar.)
134 July 20 Holders of rec. July 9
Hollander(H.)& Son,Inc., corn.(quar.) 6234e. May 16 Holders of rec. Apr. 29
Hood Rubber Co., preference (quar.)_ _
$1.88 May 1 Apr. 22 to May 1
Preferred (quar.)
$1.75 May 1 Apr. 22 to May I
Hunt Brothers Packing, class A (quer.). *50e. May 2 *Holders of rec. Apr. 15
Imperial Royalties(monthly)
1% Apr. 30 Holders of rec. Apr. 25
International Harvester, pref. (quar.)__ *1 34 June 1 *Holders of rec. May 10
Ipswich Mills, preferred (quar.)
• 1% May 2 Holders of rec. Apr. 18
Kinney (G. R.) Co., pref.(quar.)
*2 June '1 *Holders of rec. May 21
Loew's Ohio Theatres, Inc., let pf. (qu.) *$2
May 1 *Holders of rec. Apr. 25
1% June 1 Holders of rec. May 17a
Lord & Taylor, first pref. (quar.)
*2 May 2 *Holders of rec. Apr. 18
Luther Manufacturing (quar.)
1% May 16 Holders of rec. Apr. 30
Massey-Harris Co., pref. (quar.)
250. June 1 Holders of rec. May 2
McIntyre Porcupine Mines (quar.)
McKesson at Robbins, Inc., com.(qu.)_ _ 25c. May 10 Apr. 26 to May 10
131 May 10 Apr. 26 to May 10
Preferred (quar.)
3g May 10 Apr. 26 to May 10
Preferred (extra)
Mercantile Stores Co., Inc., com.(quar.) El
May 18 Holders of rec. Apr. 30
$1.75 May 16 Holders of rec. Apr. 30
Preferred (quar.)
• h.' May 2 *Holders of rec. Apr. 20
Mirror (The), preferred*(quar.)
Mohawk Mining (quar.)
$1
June 1 Holders of rec. Apr. 30
Motor Wheel Corporation, pref.(quer.). 2
May 16 Holders of rec. Apr. 30
MunsIngwear, Inc. (quar.)
*750. June 1 *Holders of rec. May 17
National Belles Hess Co., pref.(quar.)-- $1.75 June 1 Holders of rec. May 200
National Lead, corn. (payable in stock). (e)* May 26 *Holders of rec. May 2
National Lead, new (quar.)
*$1.25 June 30 *Holders of rec. June 10
Seven per cent preferred (quar.)
*I% June 15 *Holders of rec. May 10
53734c May 15 *Holders of rec. May 1
National Refining, corn. (quar.)
New Cornelia Copper Co.(quar.)
550e. May 23 *Holders of rec. May 6a
North American Cement, pref.(quar.)_ _
1% May 1 Holders of rec. Apr. 20
North Central Texas Oil (quar.)
150. June 1 Holders of rec. May 10
Ontario Steel Products, corn. (quar.)
•1
May 18 *Holders of rec. Apr. 30
Preferred (quar.)
*131 May 16 *Holders of rec. Apr. 30
Oppenheimer (S.) & Co., pref. (quar.)__
2
May 2 Holders of rec. Apr. 26
Owens Bottle, common (quar.)
75C. July 1 Holders of rec. June 15
Preferred (quar.)
131 July 1 Holders of rec -Tune 15
Procter & Gamble Co., corn.(quer.)_ _
1% May 14 Holders of rec. Apr. 25
ro-phyl-ac-tie Brush, pref. (quar.)_
311.75 June 15 *Holders of rec. June 1
Quincy Mkt. Cold Sto.& W'hse, pf.(qu.) *1% May 2 *Holders of rec. Apr. 23
Republic Iron & Steel, corn. (quar.)---- $1
June 1 Holders of rec. May 14
Preferred (quar.)
*1% July 1 *Holders of rec. June 14
Scotten-Dillon Co. (quar.)
*30c. May 14 *Holders of rec. May 6
Shell Union 011, preferred (quar.)
1% May 16 Holders of rec. Apr. 29
Supertest Petroleum, com
25e.
Holders of rec. Apr. 20
Class A preferred '
3%
Holders of rec. Apr. 20
Class B preferred
3
Holders of rec. Apr. 20
United Biscuit, class A (quar.)
*$1
June 1 *Holders of rec. May 10
Universal Pipe & Radiator, com.(man)*50c. July 1 *Holders of rec. June 15
Common (extra)
*25e. July 1 *Holders of rec. June 15
Vanadium Corporation (guar.)
75c. May 16 Holders of rec. May 2
Williams 011-0-Matte Heating (guar.)._ _ 53736c May 16 *Holders of rec. May 2
Wright-Hargreaves Mines (stock div.)_ _ *e100
Wurlitzer (Rud.) Co., com.(In com.stk.) 5f150
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
2393
TM: CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe, corn. (qu.) 131 June 1 Holders of rec. May 8a
Common (extra)
75o. June 1 Holders of rec. May 6a
Baltimore & Ohio, com.(quar.)
1% June 1 Holders of res. Apr. 160
Preferred (quar.)
1
June •1 Holders of rec. Apr. 16a
Chesapeake & Ohio, pref. (mar.)
3% July 1 Holders of rec. June Sa
Cincinnati Sandusky & Cleveland, pref_ - $1.50 May 2 Holders of rec. Apr. 15
Hudson & Manhattan RR., com
134 June 1 Holders of rec. May 16a
Internat. Rye. of Cent. Amer., pf. (qu.) 134 May 16 Holders of rec. Apr. 300
Mahoning Coal RR
$12.50 May 2 Apr. 15 to May 4
Missouri-Kansas-Texas, pref. A (quer.). 1% May 2 Holders of rec. Apr. 150
New York Central RR.(quar.)
1% May 2 Holders of rec. Mar.31a
Norfolk & Western. adj. pref. (quar.)1
May 19 Holders of rec. Apr. 300
Northern Pacific ((luar.)
1)4 May 2 Mar. 18 to Apr. 12
Pere Marquette, com. (in com. stock) *20
Subj. to stockholders meet. May18
Prior preferred Mar.)
1% May 2 Holders of rec. Apr. 140
Preferred (quar.)
1)4 May 2 Holders of roe. Apr. 14a
Pittsburgh & West Virginia core. (quar.) 1% Apr. 30 Apr. 13 to Slay 2
Reading Company, cons. (quar.)
May 12 Holders of rec. Apr. I30
$1
St. Louis-San Francisco, preferred (lls.) 134 May 2 Apr. 10 to May 10
Preferred (quar.)
1% Aug. 1 Holders of recs. July 15a
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 150
Southern Railway, corn. (quar.)
131 May 2 Holders of rec. Apr. 24
Wabash Ry., pref. A (quar.)
1% May 25 Holders of rec. Apr. 18a
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Consolidated Gas (N.Y.), $5 prof. (qu.). 16c. May 1 Holders of rec. Mar.31a
Old pref. (qear.)
*8734e May 1 *Holders of rec. Mar. 15
134 July I Holders of rec. June 15
Consumers Power,8% pref. (quar.)_ _
1.85 July, I Holders of rec. June 15
6.6% preferred (quar.)
134 July 1 Holders of rec. June 15
Seven per cent preferred (quar.)
50e. May 2 Holders of rec. Apr. 15
Six per cent preferred (monthly)
50c. June 1 Holders of rec. May 16
Six per cent preferred (monthly)
50c. July I Holders of rec. June 15
Six per cent preferred (monthly)
550, May 2 Holders of rec. Apr. 15
6.6% preferred (monthly)
55e. June 1 Holders of rec. May 16
6.8% preferred (monthly)
55e. July 1 Holders of rec. June 15
6.6% preferred (monthly)
d134 May 1 Holders of rec. Apr. 18
Eastern States Power, pref.(quar.)
May 2 Holders of rec. Apr. 15
3
Edison Electric Ilium, of Boston (quar.)_
134 May 2 Holders of rec. Apr. 12
Elec. Bond & Share, pref. (quar.)
$1.75 May 2 Holders of rec. Apr. 15
Electric Investors, $7 pref. (quar.)
$1.50 May 2 Holders of roe. Apr. 15
$6 Preferred (quar.)
Empire Gas& Fuel.7% pref.(monthly)- 58 1-3e May 2 Holders of rec. Apr. 150
Eight per cent preferred (monthly). _ 66 2-3e May 2 Holders of rec. Apr. 150
760. May 2 Holders of rec. Apr. 180
Fall River Gas Works(quar.)
1% May 2 Holders of rec. Apr. 15
Ft. Worth Power & Light, pref. (quar.)_
General Public Service, $6 pref. (quar.)_ $1.50 May 2 Holders of rec. Apr. 84
$1.75 May 2 Holders of rec. Apr. 86
Convertible preferred (quar.)
'1% May d2 Holders of rec. Apr. 150
Illinois Northern Mil.. pref. (quar.)
International utilities. $7 pref. (quar.)
$1.75 May 1 Holders of rec. Apr. 214
35e. May 2 Apr. 21 tol May 2
Interstate Railways
May 1 Apr. 12 to May 1
3
Jamaica Water Supply. prof
Knoxville Power & Light, pref.(quar.)_. 131 May 2 Holders of rec. Apr. 20
75c, May' I Holders of rec. Apr. 180
Long Island Lighting, com.(quan)
6234c May 2 Holders or rec. Apr. 154
Lowell Electric Light (quar.)
82340 May 2 Holders of rec. Mar.31a
Manila Electric Co., corn
$1.25 May 2 Holders of rec. Apr. I56
Massachusetts Gas Cos., cons. (quar.)
Middle West Utilities (quar.)
$1.50 Mayd16 Holders of rec. Apr. 300
Milwaukee Elee. Ry.& Lt., pref. tqu.)- I% Apr. 30 Holders of rec. Apr. 20a
Montreal Lt., Ht.& Pow.,corn.(quar,), 50e. Apr. 30 Holders of rec. Mar.31
Montreal Water & Power, corn. (quay.)- 6234c May 14 Holders of rec. Apr. 30
131 May 14 Holders of rec. Apr. 30
Preferred (quar.)
Nat. Elec. Power, class A. corn.(quar.)- 450. May 2 Holders of rec. Apr. 20
Nevada-Calif.Elec. Corp., prof.(quar.. 131 May 2 Holders of rec. Mar.30a
North West Utilities. pref.(quar.)
$1.75 May 16 Holders of rec. Apr. 300
Northern States Power,corn. cl. A (qu.). $2 May 2 Holders of rec. Mar.31
Ohio Edison,6% pref. (quar.)
134 June 1 Holders of rec. May 16
8.6% preferred (quar,)
1.85 June 1 Holders of rec. May 16
7% preferred (quar.)
1% June 1 Holders of rec. May 18
50c. May 2 Holders of rec. Apr. 15
6% Preferred (rnontht,
Holders of rec. May 16
6% preferred (monthly)
50e. June
55c. May 2 Holders of rec. Apr. 15
6.6% Preferred (monthly)
6.6% preferred (monthly)
55e. June I Holders of rec. May 18
Penn-Ohio Edison, com. (quar.)
25c. May 2 Holders of rec. Apr. 15
Corn. (I-50th share of com, stock).,. f
May 2 Holders of rec. Apr. 15
Holders of rec. May 21
7% prior preferre • (quar.)
131 June
Holders of rec. Apr. 44
Penn.-Ohio Pow. & Lt., 8% pref. (qu.). 2
May
Holders of rec. July 20
Eieht per cent preferred
2
Aug.
Holders of rec. Apr. 20
Seven per cent preferred (quar.)
1% May
Holders of rec. July 20
Seven per cent preferred (quar.)
1% Aug.
Holders of rec. Apr. 20
7.2% preferred (monthly)
Mc. May
Holders of rec. May 20
7.2% preferred (monthly)
60e. June
Holders of rec. June 20
7.2% preferred (monthly)
60e, July
Holders of rec. July 20
7.2% Preferred (monthly)
60e. Aug.
Holders of rec. Apr. 20
6.6% preferred (monthly)
55e, May
8.6% preferred (monthly)
55e. June 1 Holders of rec. May 20
550. July I Holders of rec. June 20
6.6% preferred (monthly)
6.6% preferred (monthly)
55e. Aug. 1 Holders of rec. July 20
Penn-Ohio Securities (quar.) (No. 1)--- 18c. May 3 Holders of rec. Apr. 15
Philadelphia Company, common (quar.) $1
Apr. 30 Holders of rec. Apr. la
Common (payable In common stock)_
(a) Apr. 30 Holders of me Apr. la
Six per cent preferred
$1.50 May 2 Holders of rec. Apr. la
Phila. Rapid Transit, common (guar.)_ _ $1
Apr. 30 Holders of rec. Apr. 150
Preferred
81.75 May 2 Holders of rec. Apr. 1
May 2 *Holders of rec. Apr. 15
Pub. Fiery. of N. Ill., $100 Dar corn.(qu.) *2
No par common (quar.)
May 2 Holders of rec. Apr. 15
$2
134 May 2 Holders of rec. Apr. 15
Six per cent preferred (quar.)
1% May 2 Holders of rec. Apr. 15
Seven per cent preferred (quar.)
May 2 Holders of rec. Apr. 150
Rhode Isl. Pub. Serv..el. A (No.1)(qu.) $1
Preferred (quar,) (No. I)
50e. May 2 Holders of rec. Apr. 150
Sierra-Pacific Elec. Co., corn. (quar.)._ 50e. May 2 Holders of rec. Apr. 140
Preferred (quar,)
134 May 2 Holders of rec. Apr. I4a
Southern California Edison, corn.(quar.) 50c. May 15 Holders of rec. Apr. 20a
South. Colorado Pow.. cl. A. com. (qu.) 50e. May 25 Holders of rec. Apr. 30a
Standard Gas & Elec., corn. (quar.)
87340 Apr. 25 Holders of rec. Mar.3M
134 Apr. 25 Holders of rec. Mar.31
Prior preference (quar.)
dTenneasee Elec. Power 6% 1st Pf.(qu.) 1% July 1 Holders of rec. June 15
1% July 1 Holders of rec. June 15
Seven per cent first pref. (quar.)
1.80 July 1 Holders of rec. June 15
7.2 per cent first pref. (quar.)
50e. May 2 Holders of rec. Apr. 15
Six per cent first pref.(monthly)
50c. June I Holders of rec. May 18
Six'per cent first pref. (monthly)
50e. July 1 Holders of rec. June 15
Sixlper cent first pref.(monthly)
60c. May 2 Holders of rec. Apr. 15
7.2 per cent first pref.(monthly)
800. June 1 Holders of rec. May 16
7.2 per cent first pref. (monthly)
600. July 1 Holders of rec. June 15
7.2 per cent Brat pref.(monthly)
United Light & Pow, new com.A&B(qu.) 12c. May 2 Holders of rec. Apr. 15
600, May 2 Holders of rec. Mar. 15
Old ewe. class A & B (quar.)
West Penn Electric Co., 7% pref.(quar.) 1% May 16 Holders of rec. May 2
1% May 16 Holders of rec. May 2a
Six per cent preferred bluer.)
West Penn Power Co.,6% pref.(quar.). 134 May 2 Holders of rec. Apr. 54
Seven per cent preferred (quar.)
I% May 2 Holders of rec. Apr. 50
York Railways, preferred (quar.)
62340. Apr. 30 Apr. 21 to Apr. 29
Banks.
Corn Exchange (quar.)
5
May 2 Holders of rec. Apr. 306
Joint Stock Land Batik.
Denver
4
July
Fire Insurance.
United States (quar.)
8
May 2 Holders of rec. Apr. 256
I 'Holders of rec. June
250
Miscellaneous.
Abraham & Straus, Inc., prof. (quar.)__
1% May 1 Holders of rec. Apr. 15a
Allied Chemical & Dye,cons. Mar.)__ __ $1.50 May 2 Apr. 6 to Apr. 25
Allis-Chalmers Mfg., com.(qr.)
$1.50 May 18 Holders of rec. Apr. 236
Public Utilities.
Aluminum Manufacturers, com. (quar.) *500. June 30 *Holders of rec. June 15
Amer. Dist. Teleg.(N. J.), corn. (quar.)
75e. Apr. 29 'Holders of rec. Apr. 15a
Common (quar.)
*50c. Sept.30 *Holders of rec. Sept.15
Amer.Gas& Electric, preferred (quar.). 133 May 2 Holders of roe. Apr.
Common (quar.)
*500. Dec. 31 *Holders of rec. Dec. 15
American Light & Traction, com.(guar.) 2
May 2 Apr. 16 to Apr. 28
Amerada Corporation (quar.)
500. Apr. 30 Holders of rec. Apr. 154
Common (extra)
May 2 Apr. 16 to Apr. 28
2
American Can. corn.(quar.)
May 16 Holders of roe. Apr. 304
50e.
Preferred (quar.)
134 May 2 Apr. 16 to Apr. 28
American Cigar Co., Corn. (quar.)
2
May 2 Holders of rec. Apr. 15
Amer. Water Works & Elec., corn. (qu.) 40e. May 16 Holders of res. May 2a American Coal(quar.)
May I Apr. 10 to May 1
$1
First Preferred (quar.)
1% May 18 Holders of rec. May 2a American Glue, preferred (quar.)
May 2 Holders of rec. Apr. 16
2
Associated Gas & Elec., class A (quar.)_
to May 2 Holders of rec. Mar.31a Amer. Home Products (quar,)
200 May 2 Holders of rec. Apr. 150
86 preferred (guar.)
June
1
Holders of rec. Apr. 300 American Ice, common bluer.)
r$134
Apr. 25 Holders of rec. Apr. 154
2
$634 preferred (quar.)
r$1% June 1 Holders of roe. Apr. 30a
Preferred (quar.)
134 Apr. 25 Holders of rec. Apr. 130
Bangor Hydro-Elec. Co.. corn. (quar.)... 114 May 2 Holders of rec. Apr. 11
Amer. Laundry Machinery. cons. U(lu.). $1
June I Holders of rec. May 23
River
Power. pref. ((uar.)
Broad
131 May I Holders of rec. Apr. 15
Amer. Machine & Fdy.. Pref. (fillar.)
I% May 2 Holders of rec. Apr. 226
Cape Breton Electric Co., pref
3
May 2 Holders of rec. Apr. 18a American Mfg. Co., corn. (quar.)
134 July 1 Holders of rec. June 180
Central Gas & Electric. Prof. (quar.)__
*$1.75 June 1 *Holders of rec. May 15 • Common (quar.)
134 Oct. 1 Holders of rec. Sept.160
Central Power & Light. Prof. (quar.)$1.75 May 2 Holders of rec. Apr. 180
Common (quar,)
134 Dee. 31 'Holders of rec. Deo. 166
Central & South West!JUL, Prof.(quar.) 131 May 16 Holders of rec. Apr. 30
Preferred Mar.)
1)4 July 1 Holders of rec. June 186
Prior lien (guar.)
1% May 16 Holders of rec. Apr. 30
Preferred (quer.)
•134 Oct. 1 Holders of rec. Sept416a
Chicago Rap.Tran., prior prof. A(mthly) 85e. May 1 Holders of rec. Apr. 19a
Preferred (quar,)
131 Dec. 31 Holders of roe. Dec. 166
Prior preferred A (monthly)
85e, June 1 Holders of rec. May 17a
American Seating, cons. (extra)
25c. July 1 Holders of rec. June 20
Prior preferred B (monthly)
600. May I Holders of rec. Apr. 19a
Common (extra)
25c. Oct. I Holders of rec. Sept.20
Prior preferred B (monthly)
80e. June 1 Holders of rec. May 17a Amer. Shipbuilding, common (quar.)... 2
May 2 Holders of rec. Apr. 150
Cleveland Electric ilium., pref. (quar.)_
134 June 1 Holders of rec. May 160
Preferred (quar.)
15i May 2 Holders of rec. Apr. 15
Columbia Gas & Elec. Corp.,corn. (qu.) $1.25 May 15 Holders of rec. Apr. 204 Amer. Smelting & Refining, corn.(quar.) 2
May 2 Holders of rec. Apr. 14a
1% May 15 Holders of rec. Apr. 200
Six per cent preferred (quar.)
Preferred (quar.)
131 June I Holders of rec. May ea
Commonwealth Edison (quar.)
May 2 Holders of res. Apr. 15
2
Holders of rec. Apr. 20
American Vitrified Products, pref.(Qtiar.) 131 May
Commonwealth Power,common (quar.). 500. Slay 2 Holders of reo. Apr. 7
75c. May 2 Holders of rec. Apr. lea
Anaconda Copper Mining (quar.)
Common (extra)
50c. May 2 Holders of rec. Apr. 7
Archer-Daniels-Midland Co., com.(qu. 780. May I Holders of rec. Apr. 20a
1% May
Holders of rec. Apr. 7
Holders of rec. Apr. 206
Preferred (quar.)
$1.75 May
Preferred (quar.)
2394
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Day: Inclusive.
[VOL. 124.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inelustro.
Miscellaneous (Continued).
Miscellaneous (Continued).
Artloom Corp., Pref. (guar.)
1 S,
June 1 Holders of rec. May 186 Foote Bros. Gear & Mach..com.
30e. July 1 June 21 to June 80
Associated 011, extra
40c. Apr. 25 Holders of rec. Mar. 50
Common (guar.)
30c. Oct. 1 Sept. 21 to Sept. SO
Associated Dry Goods,common (guar.). 62c. May 2 Holders of
rec. Apr. 90
Common (guar.)
Jan 1'28 Dee 21 to Dec. 30
30e
First preferred (guar.)
14 June 1 Holders of rec. Apr. 30a
Preferred (guar.)
1% July 1 June 21 to June 30
Second preferred (guar.)
131 June 1 Holders of rec. Apr. 30a
Preferred (guar.)
15.4 Oct. 1 Sept.21 to Sept.30
Atlantic Refining, pref. (guar.,
15E May 2 Holders of rec. Apr. I50
Preferred (guar 1
134 Jan 1'28 Dec. 21 to Dec. 30
Babcock & Wilcox Co.(guar.)
131 July 1 Holders of rec. June 206 Franklin (H.H.) Mfg., pref.(quar,)._ 11.‘ May 1 Apr. 21 to May I
Quarterly
131 Oct. 1 Holders of roe. Sept. 20a Freeport Texas Co.(guar.)
1
May 2 Holders of rec. Apr. 15a•
Quarterly
131 Janl '28 Holders of rec. Dec. 20a General Cigar, corn. (guar.)
May 2 Holders of rec. Apr. 20a
81
Quarterly
134 Aprl'28 Hold. rec. Mar. 20'28a
Preferred (guar.)
134 June 1 Holders of rec. May 241
Balaban & Katz,corn.(monthly)
250. May 2 Holders of rec. Apr. 20
Debenture preferred (guar.)
1)t July 1 Holders of tee. June 24a
Common (monthly)
25c. June 1 Holders of rec. May 20
General Electric (guar.)
75o. Apr. 28 Holders of rec. Mar. 150
Common (monthly)
250. July 1 Holders of rec. June 20
Special stock (guar.)
15c. Apr. 28 Holders of roe. Mar. 150
Bahkers Capital Corp.. pref.(guar.)_ _ _ _ 82
July 15 Holders of rec. June 30
General Motors Corp., preferred (guar.) 114 May 2 Holders of
Preferred (guar.)
rec. Apr. 9a
82
Oct. 15 Holders of rec. Sept.30
Six per cent debenture stock (guar.)._
134 May 2 Holders of
Preferred (guar.)
$2
an16'28 Holders of rec. Dec. 31
Seven per cent debenture stock (guar.) 1% May 2 Holders of rec. Apr. 96
Barnhart Bros. dr Spindlerrec.
Apr. 9a
Gilchrist Co (guar.)
75o. Apr. 30 Holders of rec. Apr. 15
First and second prof (guar.)
154 May 2 Holders of reo. Apr. 236 Gillette Safety Razor (guar.)
51
June 1 Holders of rec. May 2
Bigelow-Hartford Carpet, common (qu.) $1.50 May 2 Holders of
roe. Apr. 86
Extra
I24c June 1 Holders of rec. May 2
Preferred (glum)
14 May 2 Holders of rec. Apr. 86 Gimbel Brothers, pref. (guar.)
1% May 2 Holders of
Blaw-Knox Co.. corn. (quar.)
75c. May 2 Holders of rec. Apr. 21
Gobel (Adolf), Inc., cony. pref. (guar.). 1% May 1 Holders of rec. Apr. 16a
First preferred (guar.)
May
2 Holders of rec. Apr. 21
131
Goodrich (B.F.) Co. preferred (guar.) 15-4 July 1 Holders of rec. Apr. 15
Bloch Bros. Tobacco. common (quar.)-- 37)40. May 15 Holders of
roe. May 10
Gorham Mfg., let pf.(accLaccum.d1v.)_ 11834 June I Holders of rec. June 154
Common (guar.)
rec. May 16a
3736e. Aug. 15 Holders of rec. Aug. 10
Gossard (H. W.) Co., corn. (mthly.)
33 1-3c May 2 Holders of rec. Apr. 20a
Common (guar.)
374c. Nov. 15 Holders of roe. Nov. 10
Common (monthly)
33 1-3e June 1 Holders of rec. May 200
Preferred (guar.)
134 June 30 Holders of rec. June 25
Common
(monthly)
33 1-3c July I Holders of rec. June 20a
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 25
Preferred (guar.)
1% May 2 Holders of rec. Apr. 20a
Preferred (quar.)
1% Dec. 31 Holders of rec. Dec. 26
Gotham Silk Hosiery. 7% pref.(qu.)
134 May 2 Holders of rec. Apr. 154
Bloomingdale Bros.. Inc., pref.(guar.)-13.1 May 1 Holders of rec. Apr. 20a Great Northern Ore Properties
75c. Apr. 30 Holders of rec. Apr. 96
Bon Am Co., com., class A (quar.).
Apr. 30 Holders of rec. Apr. 15a Group No. 1 011
81
$750 Apr. 26 Holders ot rec. Mar. 25.
Borden Company, corn.(guar.)
81.25 June 1 Holders of rec. May 16a Guenther Publishing Co.Briggs Mfg. (guar.)
750. Apr. 23 Holders of rec. Ann Ila
Preferred (guar.)
5
May 20 Holders of rec. Jan. 20a •
British Columbia Fishing, corn. (quar.)- $1.25 June 10 Holders of
rec. May 31
Quarterly
5
Aug. 20 Holders of rec. Jan. 20.
Common (guar.)
$1.25 Sept. 10 Holders of rec. Aug. 31
Quarterly
5
Nov.20 Holders of rec. Jan. 20a
Common (guar.)
$1.25 Dec. 10 Holders of rec. Nov. 30
Gulf States Steel, first preferred (guar.) 134 July I Holders of rec. June 15.
Common (guar.)
$1.25 3-10-'28 Holders of rec. Feb.28'28
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 151
Preferred (guar.)
131 June 10 Holders of rec. May 31
First preferred (guar.)
134 an.3'223 Holders of roe. Doe. lba
Preferred (guar.)
131 Sept. 10 Holders of rec. Aug. 31
Hall(W.F.) Printing
25e. Apr. 30 Holders of rec. Apr. 200
Preferred (guar.)
131 Dec. 10 Holders of rec. Nov. 30
Extra
25c. Apr. 30 Holders of rec. Apr. 206
Preferred (guar.)
154 3-10-'28 Holders of
60. Aug. 15 Holders of rec. Aug. 1
British Columbia Pulp & Paper, pf.(qu.) $1.75 May 1 Holders of roe. Feb.28'2 Hamilton Bank Note
rec. Apr. 15
Hart,
Schaffner 4, Marx. corn. (guar.)
-14 May 31 Holders of rec. May 170
.
Brown Shoe. Preferred (guar.)
131 May 2 Holders of rec. Apr. 20a Hartman Corporation, class A (quar.)
50e. Juno 1 Holders of rec. May 17a
Buckeye Pipe Line (guar.)
June 15 Holders of rec. Apr. 23
Si
Class II (guar.) In clam A stock
(o) June 1 Holders of roe. May 17.
Bunte Brothers, pref. (guar.)
'131 May I *Holders of rec. Apr. 25
Hazeltine Corporation (guar.)
25c. May 24 Holders of roe. May 4
Burns Brothers, prior preferred (quar.)131 May 2 Holders of rec. Apr. 156 Hellman (Richard), Inc., part. pf. (go.) 6215c
May 2 Holders of roe. Apr. 20
Byers (A. M.) Co., pref. (guar.)
134 May 2 Holders of rec.
156 Hercules Powder, preferred (ouar.)
134 May 14 Holders of rec. May 6
Calumet & Hmla Consol. Copper (guar.) 500. June 15 Holders of rec. Apr.
May 31
Hibbard,Spencer. Bartlett Co.(monthie) 30c. Apr. 29 Holders of roe. Apr. 22
Canadian Converters (guar.)
1M May 16 Holders of rec. Apr. 30
Monthly
80o. May 27 Holders of rec. May 20
Canfield 011. common ((Nara
1)6 June 30 Holders of rec. June 20
Monthly
30c. Juno 24 Holders of rec. June 17
Common (guar.)
'134 Sept.30 *Holders of rec. Sept.20
Holly Sugar Corporation, pref. (qua!')... 154 May 1 Holders of roe. Apr. 15
Common (guar.)
'1(4 Dec. 31 *Holders of rec. Dec. 20
Homestake Mining (monthly)
50c.
Apr. 25 Holders of rec. Apr. 200
Preferred (guar.)
131 June 30 Holders of roe. June 20
Horn & Hardart of N. Y.(guar.)
3715c May 2 Holders of roe. Apr. Ila
Preferred (guar.)
•I 34 Sept.30 *Holders of rec. Sept.20
Special
1236c May 2 Holders of reo. Apr. Ila
Preferred (oust.)
.0134 Dec. 31 *Holders of rm. Dee. 20
Hupp Motor Car Corp.. corn,(quar.).__ 35e. May 1 Holders of reo. Apr.
Century Ilibboa Mills. pref.(guar.)._
15a
136 June 1 Holders of rec. May 200 Illinois Brick (ouar.)
60o. July 15 July 8 to July 15
Cerro de Pasco Copper (guar.)
May 2 Holders of rec. Apr. 14a
$1
Quarterly
600. Oct. 15 Oct. 5 to Oct. 16
Chicago Pneumatic Tool (guar.)
134 Apr. 25 Holders of rec. Apr. 150 Indiana Pipe Line (amt.)
Si
May 14 Holders of roe. Apr. 22
Chicago Yellow Cab Co.(monthly).- _ 33 1-3c May 2 Holders of rec. Apr. 200
Internat. Cigar Machinery
31
May 2 Holders of rec. Apr. 22
Monthly
33 1-3c June 1 Holders of rec. May 200 International Nickel, pref. (guar.)
(guar.)
14 May 2 Holders of rec. Apr. 14a
Childs Co..com.(pay.in no par corn.stk.) fl
July 1 Holders of rec. May 270 International Paper, corn. (guar.)
50c. May 16 Holders of roe. May 2a
Common (payable in no par corn. stk.) fl
Oct. 1 Holden' of rec. Aug. 266 International Shoe, pref. (guar.)
36 May 2 Holders of roe. Apr. 15
Common (payable in no par corn. stk.) 11
Deo, 30 Holders of rec. Nov 256 Interstate Iron & Steel, common (goar.) $1
July 15 Holders of tee. July 8
Christie Brown & Co., corn. (quar.)
30e. May 1 Holders of rec. Apr. 156
Common
(guar.)
Oct. 15 Holders of rec. Oct. 8
51
Preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 20
Common (guar.)
Jan.15'2$ Holders of roe. Jan. 9'28
51
Chrysler Corp., preferred A (quar.)___ - $2
June 30 Holders of rec. June 15a Intertype Corporation, corn. (gust)..... 25c. May 16
Holders of roe. May 24
Preferred A (guar.)
$2
Sept.30 Holders of rec. Sept. 150 Jewel Tea, pref. (guar.)
.134 July 1 *Holders of rec. June 15
Preferred A (guar.)
Jan 3'28 Holders of rec. Dec. 150
82
Preferred (acct, accum. dividends)
.17
July 1 *Holders of rec. June 15
Cities Service. common (monthly)
54 May 2 Holders of roe. Apr. 15a Kaufmann Dept. Stores (guar.)
$2
Apr. 28 Holders of rec. Apr. 20
Common (payable in common stock).- f4 May 2 Holders of rec. Apr.
156 Kayser (Julius) & Co., corn.
_ 51
May 2 Holders of roe. Apr. 154
Preferred & preferred B (monthly)...
34 May 2 Holders of rec. Apr. I6a Kellogg Switchboard & Sup.,(guar.)._
cona.(qu.). 324e. Apr. 30 Holders of rec. Apr. 9
Bankers shares (In stock)
534 May 2 Holders of rec. Apr. 15a
Preferred
(guar.)
134 Apr. 30 Holders of roe. Apr. 9
Bankers' shares (monthly)
17.90: May d2 Holders of rec. Apr.d15a Kelsey Wheel. pref. (guar.)
131 May 1 Holders of rec. Apr. 20..
City ice & Fuel (guar.)
50e. June 1 Holders of rec. May 100 Kirby Lumber, common (guar.)
134 June 10 Holders of roe. May 31
Quarterly
50o. Sept. 1 Holders of rec. Aug. 10a
Common (guar.)
134 Sept.10 Holders of rec. Aug. 31
City Stores Co., class A
8736c May 1 Holders of rec. Apr. 15a
Common (qua!'.)
134 Dec. 10 Holders of rec. Nov.30
Cleveland Stone (guar.)
50c. June 15 Holders of rec. June 60 Knox Hat,Inc., corn.(mar.)
Si May 1 Holders of rec. Apr. 15
Quarterly
150c. Sept.15 Holders of rec.
Class A participating (guar.)
50
51 May 1 Holders of rec. Apr. 15
Cluett, Peabody & Co., coin. (guar.)... $1.25 May 2 Holders of rec. Sept.
Prior preferred (guar.) '
Apr. 20
$1.75 July 1 Holders of roe. June it
Coca-Cola Co., stock dividend
6100 Apr. 25 Holders of rec. Mar. 180
Prior preferred (Oust.)
$1.75 Oct. 1 Holders of rec. Sept.15
Collins & Alkman Co., corn.(quar.)---- $1 May 1 Holders of rec. Apr.
Sreond preferred
Ila
53.50 Aug. 1 Holders of req. July 16
Preferred (guar.)
1)( May 1
Kress (S. H.) & Co. .new corn.(guar.)
250. May 2 Holders of roe. Apr. 20s •
Columbian Carbon (guar.)
May 2 Holders of rec. Apr.
$1
nruskal
Kruskal. Inc (ouarterly). _
50o. May 16 Holders of rec. Apr. 29a
Consol. Bond & Share Corp., pf. (qu.). 134 May 15 Holders of rec. Apr. 18a Lego Oil&
&
Transport
15
(No.
1)
(guar.)._
760.
May 2 Holders of rec. Apr. 116
Consolidated Laundries (guar.)
50e. Apr. 30 Holders of rec. Apr. 206 Landay Bros., Inc., class A (guar.)
756. May 2 Holders of rec. Apr. 150
Consolidated Royalty Oil (guar.)
2
Apr. 25 Holders of rec. Apr. 15
Lindsay Light, pref. (guar.)
134 May 10 Holders of rec. Apr. 300
Continental Can, Inc.. corn. (quar.)__... $1.25 May 16 Holders of rec. May
56 Lion 011 Refining, corn. (guar.)
50c. Apr. 27 Holders of rec. Mar.316
Continental Motors Corp. (guar.)
200. Apr. 30 Holders of rec. Apr. lba
Common (extra)
250. Apr. 27 Holders of roe. Mar.
Copper Range Co
SiMay 2 Holders of rec. Apr. 2
Liquid Carbonic Corp., corn. (quar.)--- 90c, May 1 Holders of tee. Apr. 314
20a
Ocegrove-Meehan Coal. prof. (quar.)
•116 July 1 Holders of rec. June 27
Loew's Boston Theatre (guar.)
15e. Apr, 30 Holders of rec. Apr. 160
Preferred (guar.)
'131 Oct. 1'Holders of rec. Sept. 28
Loose-Wiles BiscuitPreferred (guar.)
•134 Dec. 21 Holders of roe. Dec. 19
Old com.(one share of new no par corn)
Holders of rec.
Crucible steel. common (guar.)
115 Apr. 30 Holders of rec. Apr. 150
New no par common (guar. (No. 1)- - •40e. Aug. 1 *Holders of rec. June la
Cudahy Packing, 7% preferred
July 11
315 May 2 Holders of rec. Apr. 210
Second preferred (goar.)
134
May
I
Holders
Six per cent preferred
of rec. Apr. 18.
3
May 2 Holders of rec. Apr. 21
Lord & Taylor. 2d pref.(guar.)
2
May 2 Holders of rec. Apr. 166
Cuneo Press. class A (guar.)
June 15 Holders of rec. June 1
81
Louisiana
Oil
Refining, pref.(guar.).- - *116 May 16 *Holders of roe. May 2
Cushman's Sons. Inc.
Macy (R. H.) & Co., corn.(No. I)
$1.25 May 16 Holders of rec. Apr. 29.
Common (payable In $8 pref. stock)._ i$1.50 Sept. 1 Holders of rec
Madison Square Garden Co. (quar.).
Aug. 15a
25o. July 15 Holders of reo. July 6
Deems, Inc. (guar.)
25c. May 2 Holders of rec. Apr. 156
Quarterly
250. Oct. 15 Holders of rec. Oct. 5
Decker (Alfred)& Cohn,corn.(guar.)._ _ *50c. June 15 Holders of
rec. June 4
McCall Cornoration, common (guar.) _ 500. May
I Holden' of rec. Apr. 200
Preferred (guar.)
*134 June 1 Holders of rec. May 20
McCord Radiator & Mfg.. class B (qu.) *50c. May
Diamond Match ((mar.)
1 *Holders of rec. Apr. 21
2
June 15 Holders of rec. May 3I5 McCrory Stored Corp.. class
A & B (qu.) 40c. June 1 Holders of rec. May 200
Dome Mines (guar.)
250. May • 6 Holders of rec. Apr '186
Preferred
(guar.)
ai May 2 Holders of roe. Apr. 206
DuPont (E. 1.) de Nemours & Co.
Preferred (guar.)
Debenture 'nook (quar.)
134 Aug. I Holders of roe. July 200
134 Apr. 25 Holders of FPO. Apr. ba
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 206
Eagle-Picher Lead Co., corn. (guar.)._ •40c. Sept. 1 Holders of rec. Aug.
McLellan
15
Stoma,
corn.
A and B (guar.). 250. July I Holders of rec. June 20
Common (guar.)
•400. Dec. 1 Holders of rec. Nov. 15
Common A and B (guar.)
25e. Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
.14 July 15 Holders of rec. June 30
Common A and B (guar.)
250. Jan 2'28 Holders of roe. Dec. 20
Preferred (guar.)
'134 Oct. 15 Holders of rec. June 30
Melville
Shoe, corn. (guar.)
75e. May 2 Holders of rec. Apr. 22
Early 2: Daniels, common (guar.)
62 AC July 1 Holders of rec. June 200
Preferred (guar.)
May 2 Holders of roe. Apr. 22
$2
Common (extra)
25c. July I Holders of rec. June 20a Miami Copper
37)60. May 16 Holders of roe. May 20 •
Common (guar.)
6215e Oct. 1 Holders of rec. Sept. 204 Mid-ContInent Co. (guar.)
Petroleum (guar.)
75e. May 1 Holders of rm. Apr. le
Common (extra)
250. Oct. 1 Holders of roe. Sept.200 Miller Rubber, corn
(guar.)
Apr. 25 IIolders of rec. Apr. 61
Common ((mar.)
6215c Jan 1'28 Holders of rec. Dee. 200 Montgomery
Ward & Co.. corn.(gust.). SI
May 16 Holders of rec. May 54
Common (extra)
250 Jan 1'28 Holders of rec. Dec. 200 Motor Products
Corp., corn.(quar.)... 50a. May 2 Apr. 16 to Apr. 20
Preferred (guar.)
31.75 July 1 Holders of roe. June 200
Preferred (guar.)
451 May 2 Apr. 16 to Apr. 20
Preferred (guar.)
31.75 Oct. 1 Holders of rec. Sept.200 Mullins Body Corp.,
2
May 1 Holders Of IMO. Apr. 180.
Preferred (guar.)
$1.75 Jan 1'28 Holders of roe. Doe. 200 Nash Motors Co., pref.(guar.)
corn.(guar.)
May 2 Holders of rec. Apr. 210
51
Eastern Bankers Corp.. prof. (quar.)134 May 2 Holders of roe. Apr. 15
National American
Eaton Axle & Spring, corn (guar.)
50o. May 1 Holders of rec. Apr. 150 National Biscuit, Co., Inc.(qu.) (No.I 75e. May 2 Holders of roe. Apr 150
con).(guar.)
$1.25 July 16 Holders of rec. June 300
Elgin National Watch (guar.)
*62.55c May 2 *Holders of roe. Apr. 15
Preferred (guar.)
155 May 31 Holders of rec. May 170
Eureka Pipe Line (guar.)
$1
May 2 Holders of roe. Apr. 16
National Carbon, preferred (quar.)2
May 2 Holders of rec. Apr. 20
Eureka Vacuum CleanerNational Casket,common (gust.)
May 15 Holders of roe May 20
51.50
Common (payable in common stock)
/5
Aug. 1 Holders of roe. July 20a Nat'l Department Stores,
1st pref. (qu.) 1% May 2 Holders of rec. Apr.d15a
Commo”(guar.)
Si
May 2 Holders of rec. Apr. 20a
Second preferred (guar.)
June
134
1 Holders of roe. May 160
Exchange Buffet (quar.)
3740. Apr. 30 Holders of rec. Apr. 156 National Tea, pref.
(guar.)
14 May 1 Holders of reg. Apr. 15
Common monthly
20c. May 2 Holders of rec. Apr. 200 National Tile (guar.)
75c. May 1 Holders of reo. Apr. 18
Fair (The). common (monthly)
200. June 1 Holders of rec. May 216 'Helmer Brothers,
Prof. (guar.)
$1.75 May 1 Holders of rec. Apr. 15
Common (monthly)
200. July 1 Holders of rec. June 206 Nelson (Herman)
Corp. (guar.)
300. July 1 Holders of rec. June 20
Common (monthly)
200. Aug. 1 Holders of rec. July 216
Stock dividend
July- 1 Holders of re0. June 20
el
May
Preferred (guar.)
2 Holders of ree. Apr. 200
134
Quarterly
300. Oct. 1 Holders of rec. SePt.0_
Preferred (quar.)
'131 Aug. 1 *Holders of rec. July 21
Stock dividend
el
Oct. 1 Holders of rec. Sept. 10
Fairbanks, Morse & Co.. corn.(quar.)
750. June 30 Holders of roe. June 15a New York Air Brake
750. May 2 Holders of rec. Apr. 76
Preferred (guar.)
134 June 1 Holders of reo. May 14a N. Y. Merchandise, (guar.)
corn. (guar.)
500. May 1 Holders of roe. Apr. 200
Fajardo Sugar (guar.)
$2.50 May 2 Holders of MO. Apr. 20
Preferred (guar.)
May 1 Holders of roe. Apr. 200
Famous Players-Lasky Corp.. pref.(qu.) 2
May 2 Holders of rec. Mir. 160 New York & Honduras Rosario Mining.. 131 Apr.
24
30 Holders of roe. Apr. 20
75e. May 17 Holders of roe. Apr. 29
Fansteel Products Co.. new stock
Extra
2)1 Apr. 30 Holders of roe. Apr. 20
Firestone Tire & Rubber, 7% pref.(qu.) 134 May 15 Holders of roe. May 1
011 Well Supply Co.. pref.(guar.)
May 2 Holders of rec. Apr. 15
1%
I% May 2 Holders of rec. Apr. 180 Oppenhelm, Collins
Fisk Rubber. let pref. (guar.)
Co.. corn, (guar.)
May 16 Holders of reo. Apr. 294
$1
134 June 1 Holders of rec. May 16
Ontario Biscuit, corn. (guar.)
2d pref.(guar.)
6240 May 1 Holders of rec. Apr. 150"
16E May 2 Holders of roe. Apr. 15a
Convertible preferred (guar.)
Preferred (guar.)
May
2
1 Holders of roe. Apr. 150
First Federal Foreign Investment Trust_ $i,78.May 15 Holders of roe. May 6
Orpheum Circuit. corn.(monthly)
162-30. May 1 Holders of roe. APT- 200
Name of Company.
11114 CH_RONICLE
APR. 23 1927.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
14 July 15 Holders of reo. June 300
Otis Elevator. preferred (quar.)
14 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
155 Jan15'23 Holders of roe. Dee. 310
Preferred (guar.)
$1
May 2 Holders of rec. Arp. 200
Outlet Co., corn. (guar.)
14 May 2 Holders of rec. Apr. 20a
First Preferred (guar.)
1)4 May 2 Holders of rec. Apr. 20a
Second preferred (guar.)
Overman Cushion 'Tire, Inc., com.(qu.) $1.75 July 1
Pacific Coast Co., first pref. (quar.)___ *14 May 1 *Holders of rec. Apr. 25
20e. Apr. 30 Holders of rec. Apr. 160
Packard Motor Car, monthly
200. May 31 Holders of rec. May 140
Monthly
May 2 Holders of rec. Apr. 15a
ParamountFamous Lasky CorP..Pf.(gU.) 2
Pathe Exchange. common A & B (quar.) 750. May 2 Holders of roe. Apr. 115
(A
May 5 Holders of rec. Apr. 27a
Patton Mines & Enterprises Consol
May 16 Holders of rec. May 5
$1
Penmans, Ltd., com. (guar.)
1)4 May 2 Holders of rec. Apr. 21
Preferred (guar.)
Phillips-Jones Corp.. preferred (guar.).- 14 May 2 Holders of ree. Apr. 206
Pick (Albert),Barth & Co.. part. Pf.(qu.) 434c. May 16 Holders of rec. Apr. 25
May 1 Holders of rec. Apr. 20
Pierce.Butler & Pierce Mfg.,8% pt.(qu.) 2
14 May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
174o. Apr. 30 Holders of roe. Apr. 15
Pioneer Petroleum. pref
$1.25 May 1 Holders of rec. Apr. 210
Postum Co.. Inc.(guar.)
•500. May 31 *Holders of rec. Apr. 30
Prairie 011 & Gas(guar.)
62.50 Apr. 30 Holders of rec. Mar.31
Prairie Pipe Line (guar.)
34 May 1 Holders of rec. Apr. 20
Prudence Co., Inc., preferred
2
May 16 Holders of rec. Apr. 300
Pullman Company (quar.)•
Pure Food Stores (Canada)
14 May 1 Holders of rec. Apr. 15
First and second preferred (guar.)
15c. May 15 Holders of rec. May la
Q. R. S. Music, corn. (monthly)
14 May 31 Holders of rec. May 2
Quaker Oats, preferred (guar.)
50c. May 1 Holders of rec. Apr. 21
Reed (C. A.) Co., class A (guar.)
•154 June 1 Holders of rec. May 20
Reid Ice Cream Corp., Pref. (quar.)
Apr. 30 Holders of rec. Apr. 11
Rem.-Rand,Inc..com.(pay.In com.stk.) 11
$2
May 2 Holders of rec. Apr. 20
Revillon, Inc., preferred (guar.)
3734c. May 1 Holders of rec. Apr. 15
RIce-Stix Dry Goods, corn. (guar.)
*25e. May 1 *Holders of rec. Apr. 5
Richfield 011 (guar.)
155 May 15 Holders of rec. Apr. 30
Russ Manufacturing (guar.)
60c. June 20 June 10 to June 20
St. Joseph Lead (guar.)
25o. June 20 June 10 to June 20
Extra
500. Sept.20 Sept. 10 to Sept. 20
Quarterly
250. Sept.20 Sept. 10 to Sept. 20
Extra
500. Dec. 20 Dec. 10 to Dec. 20
Quarterly
250. Dec. 20 Dec. 10 to Dec. 20
Extra
Salt Creek Producers Association (qu.).- 75c. May 2 Holders of rec. Apr. 15a
•155 May 16 *Holders of rec. May 1
Savage Arms, second preferred (guar.)
$1.50 May 2 Holders of rec. Apr. 15
Savannah Sugar Refg., com.(quar.)_
50c. May 2 Holders of rec. Apr. 15
Common (extra)
154 May 2 Holders of rec. Aprl 15
Preferred (quar.)
Schulte Retail Stores, common (quar.)_ 874c June 1 Holders of rec. May 15a
8755c Sept. 1 Holders of roe Aug. 15a
Common (guar.)
8734c Doe. 1 Holders of rec. Nov 150
Common Mar.)
14 May 1 Holders of rec. Apr. 23a
Scott Paper, pref. (quar.)
Sears, Roebuck & Co.(guar.)
31 May 1 Holders of rec. Apr. 156
May 2 Holders of rec. Apr. 15
Seeman Brothers. Inc., corn.(quar.)__, 50c
14 Apr. 25 Holders of rec. Mar.31
Shaffer Oil& Refs.. pref.(guar.)
14 May 2 Holders of rec. Apr. 150
Simmons Co., pref. (quar.)
50c. June 15 Holders of rec. May 160
Skelly Oil Co. (guar.)
$1
May 16 Holders of rec. May 2
Smith (A.0.) Corp., corn.(guar.)
Preferred (guar.)
14 May 16 Holders of rec. May 2
Spalding (A. G.)& Bros., first pref.(qu.) 154 June 1 Holders of rec. May 14a
Second preferred (guar.)
2
June 1 Holders of roe.. May 14
Standard 011 (Ohio). pref. (quar.)
14 June 1 Holders of rec. Apr. 29
Stanley Works. pref. (guar.)
14 May 16 Holders of rec. Apr. 30
Steel Co.of Canada,corn.& pref.(au.)
154 May 2 Holders of rec. Apr. 7
Sterling Products (guar.)
$1.25 May 2 Holders of rec. Apr. 15a
Telautograph Corp., common
300. May 2 Holders of rec. Apr. 156
Teton Oil & Land (guar.)
200. Apr. 26 Holders of rec. Mar.250
Thompson (John R.) Co.(monthly)_ _ 300. May 2 Holders of rec. Apr. 22a
Monthly
300. June 1 Holders of rec. May 23a
Tide Water Associated 011 (guar.)
300. May 2 Holders of rec. Apr. 8a
.Tide Water Oil, pref. (guar.)
14 May 16 Holders of rec. May 2a
Tobacco Products Corp., class A (guar.) 154 May 16 Holders of roe. Apr. 27a
Tung Sol Lamp Works. com.(quar.)__. *20d May 1 *Holders of rec. Apr. 20
Class A (guar.)
•450 May 1 *Holders of rec. Apr. 20
Union 011 Associates (guar.)
*50c. May 10 *Holders of rec. Apr. 18
Union Oil of California (quar.)
50c. May 10 Holders of rec. Apr. 18a
Union Storage (guar.)
6255c May 10 Holders of rec. May la
Quarterly
6255c Aug. 10 Holders of rec. Aug. la
Quarterly
624c Nov. 10 Holders of rec. Nov. la
United Drug, com.(guar.)
254 June 1 Holders of rec. May 160
First pref. (guar.)
14 May 2 Holders of rec. Apr. 15a
United Profit-Sharing, preferred
5
Apr. 30 Holders of rec. Mar.316
United Verde Extension Mining (guar.). 75e. May 2 Holders of rec. Apr. 6
U.S. Cast Iron Pipe & Fdy..com.(au.)- 24 June 16 Holders of rec. June la
Common (guar.)
234 Sept. 16 Holders of rec. Sept. la
Common (guar.)
255 Deo, 15 Holders of rec. Dec. la
Preferred (guar.)
14 June 15 Holders of roe. June la
Preferred (guar.)
154 Sept. 15 Holders of rec. Sept. la
14 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
U. S. Industrial Alcohol. com. (quar.),, 154 May 2 Holders of roe. Apr. 15a
United States Rubber, let prof. (guar.). 2
May 14 Holders of rec. Apr. 20a
United States Steel Corp.
Common (payable in common stock)
40
Approv ed April 18
UniversalLeaf Tobacco, corn. (quar.)_ - 750. May 1 Holders of rec .Apr. 15a
Universal Pipe & Radiator, pref.(guar.) 14 May 2 Holders of roe. Apr. 15a
Preferred (guar.)
14 Aug. 1 Holders of rec. July 156
Preferred (guar.)
154 Nov. 1 Holders of roe. Oct. 15a
Vick Chemical (guar.)
8734c May 1 Holders of rec. Apr. 160
Victor Taling Machine,7% prior pf.(gu.) 14 May 1 Apr. 3 to Apr. 22
$1.60 May 1 Apr. 3 to Apr. 22
$6 convertible preferred (guar.)
154 May 2 Holders of rec. Apr. 156
V. VIvaudou, Inc., pref. (guar.)
Warner (Chas.) Co.First and second preferred (quar.)__ _
154 Apr. 28 Holders of rec. Mar.31a
Washburn-Crosby Co.. pref. (guar.)._
131 May 1 Holders of rec. Apr. 23
Weber & Heilbroner. pref.(quar.)
14 June 1 Holders of rec. May 16a
Westinghouse Air Brake(guar.)
31.75 Apr. 30 Apr. 1 to Apr. 12
Westinghouse Elec.& Mfg., coin.(guar.) $1
Apr. 30 Holders of rec. Mar.316
White Sewing Mach., prior pref.(guar.). $1
May 1 Holders of roe. Apr. 196
Wilcox (H. F.) Oil& Gas (guar.)
60°. May 10 Holders of roe. Apr. 150
Wolverine Portland Cement (quar.)
150. May 16 Holders of roe. May 5
Woolworth (F. W.) Co.(guar.)
$1.25 June 1 Holders of rce. Apr428a
Wright, Hargreaves Mines
100. May 2 Holders of rec. AM. 15
Wrigley (Wm.)Jr. & Co.(monthly)..,. 250. May 2 Holders of roe. AIM 20a
Monthly
250. June 1 Holders of roe. May 20a
Monthly
25e. July 1 Holders of rec. June 200
•From unofficial sources. t The New York Stock Exchange has ruled that stock
Will not be quoted ex-dividend on this date and not until( umber notice. t The
New York Curb Market Association has ruled that stock will not be quoted oxdividend on this date and not until further notice.
O Transfer books not closed for this dividend. d Correction. e Payable in stock.
fPayable In common stock. g Payable in scrip. is On account of accumulated
dividends. m Payable in preferred stock.
Cushman & Sons common stock dividend le payable in $8 preferred stock on the
valuation of $100 for preferred stock
o Subject to approval of stockholders.
p Seagrave Co. dividend Is 30e. cash or 234% in stock.
c Philadelphia Co. stock dividend Is one one-hundred-twentieth of a share of
common stock.
r payable either in cash or class A stock.
s payable either in cash or Class A stock at rate of $25 per share.
Patine Mines & Enterprises dividend Is one shilling per share on the basis of
84.8665 to the L equal to $0.243325 per share.
u Tampa Electric, common stock dividend is 1-100 of a share of common.
v National Lead Co. stock dividend is one-half share common stock and one-half
Share 6% class B pref. for each share of common stock.
ro Dividend Is 50 ots. a share, payable in either cash or class A stook at the rate
of one-fortieth of a share of class A stock for each share of common. Erroneously
reported in previous issues as 624 cm.
2395
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 Apr. 16. The
figures for the separate banks are the averages of the daily
results. In the ease of the grand totals,' we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) emitted.)
New
Capital
Week Ending
April 16 1927. Nat'l,
State,
(000 omitted.) Tr.Cos
Profits Loans,
Reserve
with
Discount, Cash
Net
Time Bask
Mar.23 Investin
Legal Demand
De- CheeMar.23 ments, Vault. Depart- Deposits. posits. kier/R.
Mar.23
&c.
tortes.
Members of Fe d. Res Bank.
Bank of N Y &
$
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 Corn, 25,000 42,881
ChatPh N B &T 13,500 13,655
Hanover Nat__ 5,000 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_ _
800
Commonwealth.
679
Garfield Nat'l,_ 1,000 1,887
Seaboard Nat'l_ 6,000 11,445
Bankers Trust_ 20,000 36,945
US Mtge & Ti, 3,000 5,053
Guaranty Trust 25,000 26,854
Fidelity Trust_ _ 4,000 3,285
New York Trust 10,000 22,550
Farmers L & Tr 10,000 20,260
Equitable Trust 30,000 23,927
Average. .4veragejAverage Average. Average Aiwa.
76,361
167.811
77,711
766,236
133.376
23,305
369,770
213,333
123,781
209,833
161.650
68,906
301,511
434,324
7,987
579,252
27,142
13,642
17,123
127,156
358,893
62,180
449,102
42,535
166,456
147.282
279,597
460.7,162
3,043 17,480
1,105 11,423
3,858 80,154
1,108 15,681
1,567 3,191
677 40,200
2,824 22,63
587 14,217
4.694 24,987
851 16,340
1,883 6.788
491 26,700
4,064 52,283
111
855
6,858 67,809
655 3,449
484 1,347
4
2,52
861 16.141
866 33,793
775 7,464
1,437 47,371
679 4,743
593 17,686
545 14,357
1,666 29,369
53,670 8,397
128,834 25,626
85.981 3,715
'788.491159,786
118,866 3,093
23,120 2,833
302.474 25,245
159,256 45,370
107,765
175,087 31,448
124,396 6,837
47,162 21,293
203,806 13,663
392,510 38.512
5,723
420
*528,473 41,362
26.854
9,303 4,
16,760
575
122,283 2,768
*286,462 42.946
55,339 6,495
425.583 59.856
36,153 4.031
130,752 25,885
•109,226 20,957
*313,685 30,638
____
_95
347
6,140
_
4:703
2,985
6,464
2,468
45
Total of averages363,000554,236 5,406,255 43,232586,152c4,306,414626.25123.347
Totals, actual condition Apr. 16 5.406,202 40,534583,310 c4,330,869639,98923.338
Totals, actual condition Apr. 95,416.765 43,996849.880c4,303,056610,68223.364
Totals, actual condition Apr. 25,534,888 40,205573,983c4,518,412614,11523,340
State Banks Not Me mbera of Fed'I Res've Bank.
State'Bank.... 5,0(10 5.817 107,862 4.815 2,550
35,752 3,507 1,761
Colonial Bank__ 1,400 3,270
39,451 63,721
29,800 5,993
9,088
143,614
8,322
4,311
69,251 69,714
Totals, actual co ndltion Apr. 16
Totals, actual condition Apr. 9
Totals, actual condition Apr. 2
143,881
142,969
142,172
8,136
8.225
7,810
4,219
4,122
4,210
69.482 89,669
68,351 69,787
66,501 70,101
Total of averages
6.400
Trust Compan ics Not Membe re of Fed'I Res'ye Bank
65,211 1,817 4.348
Title Guar & Tr 10,000 20,237
22,293
937 1,734
Lawyers Trust_ 3,000 3,463
40,384
17,400
988
1,014
Total of averages 13,000 23,701
87,504
2,754
6,082
57,784
2,002
Totals, actual condition Apr. 16
Totals, actual condition Apr. 9
Totals, actual condition Apr, 2
86,180
87,861
90,157
2,558
2,806
2,692
6,048
6,559
6,515
56,241
58,082
60,917
2,032
1,999
2,013
_
_
Gr'd aggr.,avge.382,400587.0265,637,373 54,308596,54504,433,445697.96723,247
Comparison with prey.week.. -66,207 +365-5,235 -77,537 +15524 -19
Gr'd aggr., acTicond'n Apr .165,636,263 51,228593,577)14,456,592711,690 23,338
Comparison with prev.week _ _ -11,332-3,799-66,984 +27,103+29222 -28
Gr'd aggr., ace'cond'n
Gr'd aggr.. °alcond'n
Or'd
cond'n
cled aggr.. act'l cond'n
Gr'd aggr., acVl cond'n
Gr'd aggr.. Galcond'n
Apr. 95,647,595
Apr. 25,767,217
Mar.265,633,159
Mar.195,717,104
Mar.125,524,816
Mar. S4,494,370
55,027660,561
50,707584,708
54,305657.722
53.119681.612
56,284 644.984
55,000 573,300
4,429,489682,468 23,364
4,645,830 686,229 23,340
4.481,960869.942 23,318
4,574,513672,348 23,266
4,412.944 667,397 23,202
4.370.768669,739 23,363
Note.-U. S. deposits deducted from net demand deposits In the general total
above were as follows: Average total Apr. 16, $65,468,000. Actual totals Apr. 16,
449,762,000; Apr. 9, $69,635,000; Apr. 2, $76,056,000; Mar. 26, $80,840.000;
Mar. 19, 581,139,000; Mar. 12, $22,163,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Apr. 16. $648,947,000; Apr. 9, $656,372,000;
Apr. 2, $611,568.000; Mar. 26. 8625,143,000: Mar. 19, $609,186,000; Mar. 12,
$34,185,000. Actual totals Apr. 16, $619,584,000; Apr. 9, 1745.839.000; Apr. 2,
$573,051,000: Mar.26,$689,153,000; Mar. 19. $696,820,000; Mar. 12, $698,354,000.
•Includes deposits in foreign branches not included in total footings as follower
National City Bank. $235,983,000; Chase National Bank. $12,290,000; Bankers
Trust Co., $37,271,000; Guaranty Trust Co., $85,182,000; Farmers' Loan & Trust
Co., $4,538,000; Equitable Trust Co., $96,336,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, 842,287,000:
Chase National Bank, $2,030,000; Bankers Trust Co., $1,611,000; Guaranty Trust
Co., 63,182,000; Farmers' Loan & Trust Co., $4,538,000; Equitable Trust Co..
$8,255,000.
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.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank,...
State banks*
Trust companies*
Total April 16 _ _ _
Total April 9....
Total April 2....
Total Mar.26...
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Rearm.
586,152.000 586,152,000 578,621,350
4,311,000 12,633,000 12,465,180
6.082,000 8,836,000 8,667.600
7,530,650
167,820
168,400
11,076,000 596,545,000 607.621,000 599.754.130
10,786,000 601,780,000 612,566,000 609,292,250
10,783,000 612.267,000 623.050,000 613,582,430
10,625.000 605.347.000 615,972,000 611,705,910
7,866,870
3.273,750
9,467,570
4,266.090
8,322,000
2,754,000
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State bank*
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. 16. 818,787,530; Apr.9. $18,317,820; Apr.2,$18,009,660; Mar.26,$17.896,000
Mar. 19, $17,039,400; Mar. 12, $17,751,540.
2396
THE CHRONICLE
Actual Figures.
Cash
Resat*
Reserve
In
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks.
Trust companies._ _ _
$
8.136,000
2,558,000
Total
Reserve.
a
Reserve
Required.
Surplus
&WV.
$
$
$
53,310,000 583,310,000 582,212,640
4,219,000 12,355,000 12,506,760
6,048,000 8,606,000 8,436,150
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks
BOSTON CLEARING HOUSE MEMBERS.
S
1,097,360
-151,760
169,850
Total April 11E._
Total April 9....
Total April 2_ _ __
Total Mar. 26_ _ _ _t
10,694,000 593,577,000 604,271,000 603,155,550 1.115,450
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 M7.722000 666.277.060 805.198.680 83.078.320
•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. 16, $19,199,670; Apr.9, 818,320,460; Apr.2,818,423,450; Mar.26.$17,945,730
Mar. 19, 817,942.220; Mar. 12, $17,791,620.
[VOL. 124.
Apr. 17
1927.
Changes from
Previous Week.
Apr. 13
1927.
April 6
1927.
$
$
$
$
Capital
71,900.000 Unchanged
71,900,000
72,650,000
Surplus and profits._
98,309.000 Unchanged
96,309,000
97.670,000
Loans, disets & invest_ 1,017,546,000 Dec.
42,000 1,017,588,000 1,034,014,000
Individual deposits_ __. 673,286,000 Inc. 1,014,000 663,146,000 670.654.000
Due to banks
152,921,000 Inc.
223,000 152,698,000 156,785,000
Time deposits
234,271,000 Inc. 3,877,000 230,394,000 233,044,000
United States deposits_
20,754,000 Dec. 7,067,000
27,821.000
30,401,000
Exchanges for Cris H'se
36,393,000 Inc. 3,801.000
32,592,000
41,112,000
Due from other banks
93,924,000 Inc. 8,870,000
85,054,000
87,698,000
Res've in legal depoceles
79,703,000 Dec.
23,000
79,726,000
80,280,000
Cash in bank
9,288,000 Inc.
255,000
9,033,000
8,943,000
RPA.Vfl ASPI.Ali In F it TM
412.000 Dee.
213.000
645 000
084.000
Banks and Trust Companies Not in Clearing
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 Apr. 16, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differencesfrom is not a part of legal reserve.
For trust companies not
April 16.
Previous Week.
Loans and Investments
$1,284,219,500 Inc. $6,249,700 members of the Federal Reserve System the reserve required
Gold
4,983,800 Dec.
112,500
Currency notes
24,255,100 Dec.
181,400 is 10% on demand deposits and includes "Reserve with
Deposits with Federal Reserve Bank of New York- 207,526,200 Inc.
914,100
Total deposits
1,341,378,500 Inc. 12,951,300 legal depositaries" and "Cash in vaults."
State
House.-The
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust COMDenies In N.Y.Cloy exchange,and U.S.deposits_ 1,257,779,400 Inc. 11,167,200
Reserve on deposits
178,319,200 Inc.
393,000
Percentage of reserves, 20.8%.
RESERVE.
- -Trust CompaniesState Banks
Cash in vault
.341,386,600 17.23%
395,378.500 15.49%
Deposits in banks and trust cos
12,068,300
5.02%
29,485,800
4.78%
Total
553,454,900 22.25%
8124,864,300 20.27%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on April 16 was 3107,527,200
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedDeo. 18
Dec. 25
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar.213
Apr. 2
Apr. 9
Apr. 16
Loans and
Investments.
Demand
Deposits.
$
6,664,332,100.
6,713,433,300
6,837,671,900
0.954,175,000
6,819,657,900
6,705.555,500
8,710,870,100
6,728,899.400
6,670.129.400
6,657.735,000
6,682.585,900
8,770,284,900
6.769,161,600
6.932,195,300
6.947,733.100
6,954.724,700
6,981,549,800
6.921.592.500
$
5,630,977,600
5,636,517,700
5,741,187,400
5,808,416,700
5,789,308,200
5,801,084,500
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
5.691.228.400
Total Cash
Reserve in
in Vaults. 4 Depositaries.
$
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
83.546.000
$
738,221,800
734,688,400
781,848,700
786,239,700
757,056,100
746,207.200
731,499,000
731,203,500
721,361,700
726,327,800
715,260,10C
732,128,700
731,343,20(
757,650,300
751,432,10(
755,811.601
750,173.401
745.625.30(
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORE
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers [0001 omitted)
CLEARING
NON-MEMBERS Capital.
Week Ending
April 16 1927.
Members of
Fed'i Resive Bank.
Grace Nat'l Bank-State Banks.
Not Members of(
Federal Reserve Bank
Bank of Wash. H'
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr.,Bayern'
$
1,000
Loans,
DiaNet
counts,
Profits. Investmeats,
etc.
$
1,940
$
13,844
Cash
in
Vault.
R.eser ye
with
Net
Net
Legal Deman, Tens
Deposi- Deposits.Deposits.
tortes.
Average Average Average. Average.
$
$
$
$
54
1,05:
6,675
3,791
401
1,060
10,657
892
441
7,34'
3,431
500
693
9,166
375
18.
3,712
5.839
1.900
Gr'd mgr., Apr. 16
Comparison with prey, week
3,693
33,667
-133
1,321
+89
1,684 a17,729
-28 -157
13,061
-44
1,71
1,72.
1,696
1.706
17,886
17,858
17,858
18.314
13,105
13,050
12,991
12.976
a United States deposits deducted, 345,000.
Bills payable, rediscounts, acceptances and other liabilities, 52,952,000.
In reserve, 892,550. Increase.
Deficit
Cied eggr., Arr. F.
Ged aur.. Apr. 2
ard aggr.. Mar. 26
n.on soar
Mar 19
Week Ended April 16 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
Reeve 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
3,693
3.640
3,640
3.640
33,800
33.572
33,124
33.394
1.232
1,170
1,130
1.255
April 9
1927.
April2
1927.
$55,225,0 855,225,0
172,576,0 172,549,0
999,883, 1004,942,0
34,811,0 44,894,0
97,524,0 109,354,0
139,366,0 140,825,0
648,130,0 657,220,0
159,827,0 160,080,0
947.323,0 958,125,0
3,309,0
3.157,0
67,737,0
71,753,0 68,737,0
1,576,0
9,970.0
10,791,0 10'.481,0
77,707,0
4,270,0
85,701,0 82,527,0
69,168,0
3,962,0
73,615,0 73,229,0
8,539,0
308,0
12,086,0
9,298.0
Cash in vault not counted as reserve for Federal Reserve members.
$50,255,0
154,755,0
050,022,0
36,315,0
108,740,0
138.368,0
632,047,0
155.644,0
926,059,0
$5,000,0
17,849.0
46,633,0
676,0
18,0
1,091,0
25.256,0
2,315,0
28,662,0
2,694,0
855.255,0
172,604.0
999,655,0
36,991,0
108.758,0
139,459,0
657,303,0
157,959,0
954,721.0
2,694,0
67,737,0
11,546,0
81,977,0
73,130,0
8,847,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Apr. 20 1927 in
comparison with the previous week and the corresponding
date last year:
Apr. 20 1927. Apr. 13 1927, Apr. 215926
Resources$
Gold with Federal Reserve Agent
416.417,000 363,417,000 453,808,000
Gold redemp. fund with U. S. Treasury.
11,847,000
13,223.000
12,784,000
Gold held exclusively eget. F.R.notes_ 428,264,000
Gold settlement fund with F. R.Board
172,019,000
Gold and gold certificates held by bank
477,216,000
378.640,000
168,269,000
482,868,000
466,592,000
206,755,000
351,910,000
Total gold reserves
Reserves other than gold
1 077,499,000 1,027,777,000 1,025,257,000
35,367,000
33,836,000
42,351,000
Total reserves
Non-reserve cash.
Bills discountedSecured by U.S. Govt. obligations
Other bills discounted
1112,868,000 1,061,613,000 1,067,608,000
15,868,000
14,595,000
19,596,000
63,339,000
20,767.000
106,847,000
36,360,000
37,475,000
23,753,000
87,108,000
55,748,000
143,207,000
76.542,000
61,228,000
26,086,000
10,537,000
15,767,000
41.683.000
14,717,000
30,041,000
45,084,000
11,762,000
36,275,000
25,831,000
67,987,000
90,442,000
73,868,000
2,384,000
Total bills and securities (See Note)
210,841,000
310.191,000
163,566,000
Due from foreign banks (See Not))
Uncollected items •
Bank premises
All other resources
659,000
182,207,000
16.276,000
2,294,000
059,000
190,674,000
16,270,000
2,473,000
644,000
170,256,000
16,715,000
4,481,000
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
1,541,011,000 1,596,481.000 1,442,866,000
LiabilitiesFed') Reserve notes in actual circulation_ 415,398,000
Deposits-Member bank, reserve nen- 851,378,000
Government
5,847,000
Foreign bank (See Note)
2,213,000
Other deposits
7,513,000
415,353,000
901,495.000
6.027,000
897,000
7,418,000
363,393,000
825,558,000
9,341,000
1,565,000
9,317,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
915,837,000
162,222,000
38,309,000
61,614,000
3.146,000
845,781,000
136,080,000
34,629,000
59,964,000
3,019,000
Total Ilabilitles
1,900
1.900
1,900
1.900
1927
Total.
Ratio of total reserves to deposit and
Fedi Reeve note liabilities cmnblned
Contingent liability on hills purchased
for foreign correspondence
866,951,000
155,542,000
38,444,000
61,614,000
3,062,000
1,541,011.000 1,596,481,000 1,442,866,000
86.8%
79.7%
88.3%
40,371,000
41,499,000
18,191,000
NOTE.-Beginning with the statement of Oct.7 1925, two new
items were added
n order to Show separately the amount of balances held abroad
to
foreign correspondents. In addition, the caption, "All other and amounts due
earning assets," previously made of Federal intermediate credit bank debentures, was changed to "other
securities." and the caption "Total earning assets" to "Total
and securities."
The latter term was adopted as a more accurate description ofbills
the total of the discounts.acceptances and eecurities esti ulred under the provisions of Sectione 13 and 14
1theFederal Reserve Act, which it was stated. are the only itemsIncluded therein.
2397
UTE CHRONICLE
APR. 23 1927.]
Weekly Return of the Federal Reserve Board.
showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 21 and
we present the results for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table
of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks.
between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes
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 2367 being the first item in our department of "Current Events and Discussions."
BUSINESS APRIL 20 1927.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Apr. 201927. Apr. 13 1927. April 6 1927. Mar.30 1927. Mar.23 1927. Mar. 161927. Mar.91927. Mar. 2 1927. Apr. 21 1926.
3
5
8
5
$
$
$
$
5
RESOURCES.
1,658,165,000 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 1,498.448,000
Gold with Federal Reserve agents
53,429,000
43,204.000
47,442.000
46,481,000
51,105,000
52,021,000
45,304,000
48,740,000
51.299,000
Trees_
S.
U.
with
fund
Gold redemption
1,735,561,000 1,620,719.000 1.577,387.000 1,551,877,000
Gold held exclusively agst. F. R. notes 1,709,464,000 1,677,600.000 1,676,159,000 1,66.5.516,000 1,671.016,000
598,325,000 622.994,000 613,278,000 620,488,000 608.963,000 524.085.000 599,876.000 633,998.000 617.881.000
Gold settlement fund with F.R. Board
764,095,000 792,066,000 770.201,000 625,469,000
753,657,000
735,895,000
Gold and gold certificates held by banks_ 727,539,000 730,049,000 733,509,000
3,035,328,000 3,030,643.000 3,022,946,000 3,021,899,000 3,032,636,000 3,023,741,000 3,012.661,000 2,981.586,000 2,795,227,000
167,852,000 160,280,000 160,490,000 160,794,600 159,644,000 161,144,000 160,019,000 162,328,000 155,243,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
3,203,180,000 3,190.923.000 3,183,436,000 3,182,693.0003,193,280,000 3,184,885,000 3,173,280,000 3,143,914,000 2,950,470,000
60,768,000
66,755,000
68,554,000
67,896,000
66,465,000
63,759,000
61,480,000
59,972,000
66,089,000
246,820,000
167.623,000
248,722.000
177,045,000
213,306,000
188,642,000
259,1)84,000
196,937,000
268,421,000
188,716,000
175,457,000
155,0415,000
240,074.000
175,865,000
248,505,000
186,139,000
208,834,000
240,836,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
414,443,000
247,396,000
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
449,670,000
229,474,000
73,911,000
93.626,000
165,292,000
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
98,681,000
149.999,000
139,903,000
Total U. S. Government securities
Other securities (0ee note)
Foreign loans on gold
332,829.000
1,500,000
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
388,583,000
4,635,000
8,700,000
Total bills and securities (see note)
Due from °reign banks (see note)
Uncollected items
Bank premises
All other resources
996,168,000 1,040,335,000
659,000
659,000
725,306,000 734,298,000
58.567,000
58,561.000
13,022,000
12,753,000
985,604,000 1,049.034.0001,032,643,000 1,026,732,000
659,000
660,000
660,000
659,000
643,961,000 602,896,000 644.812,000 844,454,000
58.464,000
58.485,600
58,471,000
58,558,000
13,0.57,000
11,682,000
11.541.000
12,982,000
989.553,000 1,030,641,000 1,081,062,000
644,000
659,000
658,000
616,499,000 693,213,000 711,616,000
59,519,000
58,381,000
58,460,000
15,780,000
12,735.000
12,730,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,062,722,000 5.099,278.0004.045.172.000 4,970,584,000 5,008,019,000 5,194,631,000 4,919,734,000 5,012.298.000 4,379,859,000
Total deposits
Deferred availability items
Capital paid in
Surplus
AB other liabilities
2,299,606,000 2,307,267,000 2,265,467.000 2,327,501,000 2,329,337.000 2,323.032,000 2.260,755,000 2.289.581.000 2,219,750,000
663,162,000 678,127,000 582.633.000 562,660.000 608,526,000 797,302,000 572,160,000 639,342,000 640,652,000
128,410,000 128,280,000 128,212.000 127,602,000 127.567.000 127,692,000 127,700.000 120.788,000 ,121,452,000
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
15,411,000
10.856,000
11,451,000
12,172,000
11,603,000
12,709,000
13,018,000
13,002,000
12,656,000
1,729,751,000 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 1,662,284,000
2,249,695,000 2,264.762,0802,231.951.000 2,274,464,000 2,300.454.0002,295,305.000 2,221,149.000 2,231.271.000 2.171,145,000
23,828,000
35,265.000
15,189,000
2,630.000
31,869,000
5,700.000
29,360,000
22,842,000
13,527,000
4,494,000
4,929.000
4,650,000
5,759,000
4,818,000
5,546,000
4,925,000
4,697,000
6,013,000
20,283,000
IsS,116,000
19,767,000
20,079,000
17,424,000
15,622,000
14,538,000
14,966,000
15,064,000
5,062,722,000 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 4,879,859,000
Total liabilities
.tatio of gold reserves to deposit and
72.0%
74.4%
75.7%
75.2%
75.0%
74.8%
75.3%
74.8%
F. R.. note liabilities combined
75.7%
Ratio of total reserves to deposit and
76.0%
78.5%
79.7%
79.2%
79.0%
78.8%
79.7%
79.5%
78.8%
F. R. note liabilities combined
Contingent liability on bills purchased
67,696,000
95,834.000
96,480,000
146,069.000 148,269,000 147,819,000 147,698.000 147.946,000 145,583,000
for foreign correspondents
Distribution bp , aturitges1-15 days bills bought in open market..
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. 14. certif. of Indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
8
119,831,000
324,707,000
8.105,000
8
122,602,000
337,315,000
6,490,000
8
107,296.000
312,414,000
370,000
8
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
347.005.000
1,829,000
8
97,220,000
312,567,000
68,368,000
20,360,000
64,950,000
21,960,000
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
60,606,000
32,320,000
4,689,000
43,282,000
35,084,000
49,206,000
50,274,000
32,717,000
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
42,702,000
54,093,000
60,703,000
12,263,000
21,930,000
50,000
15,152,000
21,983,000
74,454,000
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
24,230,000
31,560,000
2,251,000
3,652,000
12,362,000
107,931,000
3,746.000
11,792,000
107,265,000
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
9,661.000
155.570.009
4,716,000
19,130,000
72,260,000
•
F. R. notes received from Comptroller_ 2,975,025,000 2,970,910,000 2,947.635,000 2,927.452.000 2,926,576,000 2,921,182,000 2,930.573.000 2.917.319,000 2,859,710,000
838,658,000 845,364,000 835.133,000 829,156.000 833,073,000 828,973,060 832,818,000 845,078,000 853,871,000
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
2,136,367,000 2,125,546.000 2,112,502.000 2,098,296,000 2.093.503,0002.092.209.000 2,097.755,000 2,072.241.000 2.005.839,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
eligible paper
406,606,000 404,605,000 401,604,000 401,604,000 400,640.000 400.640.000 371.534.000 367.952.000 309,253,000
96,986,000 100,683,000
99,855,000 107.685,000 100,600,000
96,137,000
99,834,000 106,974.000 101.884.000
1,154,573,000 1,123,572,000 1,120,417.000 1,104,917.000 1,117.387,000 1.192.303.000 1,101,888.000 1.058.546,000 1,088.595,000
641,656,000 650,279,000 620.052.000 670.937,000 666,442.000 532.184,000 657,734.000 700.594.000 648,512,000
BY
Total
. 2.299,821,000 2.279,139,000 2.250.907.000 2.284.432.000 2.286.353.000 2.221.264.000 2.231 nii non 2 234_777 OM 2.146.960.000
NOTE.-Beghining with the statement of Oct. 7 1925, two new tems were added in order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption, "All other earn ng assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption," "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
tne 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 20 1927'
Ttoo ciphers (00) omitted.
Federal Reserve Bank of-
Boston.
New York.
PhGa.
Cleveland, Richmond Atlanta. Chicago. St. Louis. Minneap. Ran. City Dallas. San Fran.
'
Toad.
$
RESOURCES.
Gold with Federal Reserve Agents 117,023,0
6,532,0
Gold red'n fund with U.S. Tress_
$
$
$
• $
$
$
5
$
$
$
$
$
416,417,0 123,230,0 196,160,0 63,135,0 160,360,0 234,251,0 20,813,0 55,393,0 62,681,0 33.585,0 175,117,0 1,658,165,0
11,847,0 12,601,0 3,539,0 1,633,0 2,320,0 2,561,0 1,840,0 1,513,0 2,420,0 1,683.0 2,810.0
51.299,0
Gold held excl. east. F.R. notes 123,555,0
Gold eettle't fund with F.R.Board 66,137,0
29,168,0
Gold and gold certificates
428,264,0 135.831,0 199,699,0 64,768,0 162,680,0 236,812,0 22,653,0 56,906.0 65,101,0 35,268.0 177,927,0 1,709,464.0
172.019,0 44,312,0 35,544,0 22,521,0 19,460,0 135,731.0 9.940,0 14,817,0 26,116,0 17.034.0 34,694,0 598.325,0
477,216.0 27,953,0 56,337,0 5,458,0 4,081,0 55,624,0 14,665,0 6.729,0 7,674,0 8,921,0 33,713,0 727,539,0
Total'gold reserves
Reserves other than gold
218,860,0 1,077,499,0 208,096,0 291.580,0 92,747,0 186,221,0 428,167.0 47,258.0 78,452,0 98,891,0 61,223,0 246.334,0 3,035,328.0
35,367,0 7,221,0 12,269,0 9,283,0 12,521,0 23,736,0 19,625,0 4,219,0 5,418,0 7,629.0 8,033,0 167,852,0
22,531.0
241,391,0 1,112,866,0 215.317,0 303,849,0 102.030,0 198,742,0 451,903,0 66,883,0 82,671,0 104,300,0 68,852,0 254,367,0 3,203,180,0
Total swerves
66,089,0
15,868,0 2,013,0 5,895,0 7,013,0 4,763,0 10,146,0 3,725,0 1,356,0 2,652,0 2,707,0 3.608,0
6,343,0
Non-reserve cash
Bills discounted:
63,339.0 25,339,0 38,214,0 8,741,0 6,431,0 38,871,0 7,420.0 3,304,0 3,923,0 1,928.0 39.258,0 246.820,0
Sec. by U.S. Govt. obligations 10.052,0
23,767,0 14,361,0 14.081,0 17,635,0 30,336,0 20.017,0 5,363,0 3,501,0 8,009,0 2.715,0 15,675,0 167.623,0
12.163,0
Other bills discounted
Total WM)discounted_
Bus bought In open market
U. S. Government securities.
Bonds
Treasury notes
Cert "cattle of indebtedness
Total U.S. GOT.. securldee._
22,215,0
23,980,0
87,106.0 39,700,0 52,295,0 26,376,0 36,767,0 58,888,0 12,783,0 6,805,0 11,932,0 4,643,0 54,933,0
55,748,0 11,655,0 19,814,0 10,483,0 12,553,0 31.911,0 22,319,0 12,588,0 12,473,0 10,376,0 23,496,0
414,443,0
247,396,0
2,329,0
2,639.0
6,824,0
10,537,0 1,199.0 3,983,0
15,767,0 5,146,0 16,719,0
41,683,0 13,342,0 15,950,0
1,918,0
1,408,0
3,773,0
155.0 24,581,0 5,333,0
390.0 7,056,0 9,860,0
3,327,0 18,201,0 12,466,0
5.614.0 9,838.0 4,700,0 3,724,0
5,139,0 4,978,0 8,856,0 15,668,0
5,789,0 12,780,0 12.477,0 19,680.0
73,911.0
93,626,0
165,292.0
10,792,0
67,987.0 19,687,0 36,652.0
7.099,0
3.872,0 49,838,0 27,659,0 16,542,0 27,596,0 26,033.0 39,072.0
332,829,0
2398
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Other smithies'
Boston.
New York.
$
$
Phaa.
8
1,500,0
[VoL. 124.
Cleveland. Richmond Atlanta. Chime. Si. Louis. Minnsap. Kan.
City Dallas. San Fran.
$
3
8
3
$
$
$
3
$
Total.
$
1,500,0
210,841,0 72,542,0 108,761,0 43,958,0 53,192,0 140,637,0 62,761,0 35,935,0
52.001,0 41,052,0 117,501,0 996,168,0
659,0
659,0
68,890,0 182,207,0 67,059,0 72,027.0 58,724,0 32,394.0 87,738,0 33,817,0
14.216,0
26,454,0 42,352.0 725,306,0
3,946,0
16,276,0 1,717,0 7,119,0 2,152,0 2,898,0 8.038,0 3,957,0 2.774,0 39,428,0
4,459,0 1,752,0 3,479,0
58.567,0
48,0
2,294,0
140,0 1.019,0
267,0 1,882,0 1,855,0
914,0 2,183.0
625,0
305,0 1,221,0
12,753.0
Total resources
377,605,0 1,541,011,0 358,788.0 498,670,0 214,144,0 293,871,0 700,317,0 172,057,0 139,135,0 203.474,0
141,122,0 422,528,0 5,062,722.0
LIABILITIES.
I. R. notes In actual circulation_ 131,126,0 415,398,0 119,937,0 208,881,0
69,301,0 173,046,0 228.755.0 43.130,0 64,207,0 65,938,0 38,237,0 171,795,0
Deposits:
1,729,751,0
Member bank-reserve met- 144,455,0 8.51,378,0 139,253,0 181,539,0 70,185,0
69,608,0 338,305.0 78.809,0 49,340,0 89,691,0 60,227,0 176,905,0
Government
2,249,695,0
2,249,0
5,847,0 2,811,0 1,367,0 1,569.0 4,304,0 2,128,0 1.931,0
961,0
967.0 2,128,0 3,098,0
Foreign bank
29,360,0
394,0
2,213,0
505,0
557,0
273,0
216,0
725,0
226,0
158,0
194,0
184,0
368.0
Other deposits
6.013,0
119,0
7,513,0
116,0 1,118,0
39,0
103,0 1,021,0
297,0
277,0
119,0
41,0 3,775,0
14.538,0
Total deposits
147,217,0 868,951.0 142,685,0 184,581.0 72,066,0 74,231,0 342,179,0 81,263,0 50.736,0
90,971,0 62,580,0 184,146,0 2,299,606,0
Deferred availability items
72,314,0 155,542,0 61.484,0 66,284,0 53,636,0 31,275,0 77,831,0 31,501,0 12,638.0 32,726.0
27,338,0
Capital paid in
8,897,0
38,444,0 12.973,0 13,845,0 6,169,0 5.107,0 16,981,0 5,294,0 3,002,0 4,206,0 4.257,0 40,593,0 663,162,0
Iurplus
17,606,0
61.814,0 21,267,0 23,746,0 12,198,0 9,632,0 31,881,0 9,939,0 7,527,0 9,029,0 8,215,0 9.235,0 128,410,0
16,121,0 228,775,0
iU other liabilities
445,0
3,062,0
442,0 1,333,0
774,0
580,0 2,690,0
930,0 1,025,0
604,0
495,0
638,0
13,018,0
Total liabilities
377,605,0 1,541,011,0 358.788,0 498,670,0 214,144,0 293,871,0 700,317,0 172,057.0 139.135,0 203,474,0
141,122,0 422,528,0 5.062,722.0
Memoranda.
Reserve ratio (per cent)
86.7
86.8
82.0
77.2
72.2
80.4
79.2
53.8
71.9
66.5
68.3
71.5
3ontingent liability on bills pur79.5
chased for foreign correspond'ts 10,964,0
40,371,0 14.035,0 15,496,0 7,602,0 5,994,0 20,175.0 6,286,0 4,386.0 5,409.0
5,117,0 10,234.0 146,069,0
.R. notes on hand (notes rec'd
from F. It. Agent lees notes in
circulation)
25.184.0 129.994.0 44.893.0 34.022.0 16.540.0 32,046.0 52.450.0 4,538.0 4.585.0
10.540.0 5.498.0 46.326.0 406.616.0
Total bilis and securities
Due from foreign banks
Uncollected Items
Bank premises
Al. other resources
56,987,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE
OF BUSINESS APR. 20, 1927
Federal Reserve Agent at-
Boston.
(Two ciphers (00) omitted.)
$
V.R.notes rec'd from Comptroller 251,910,0
F.R.notes held by F. R. Agent.... 95,600.0
F.R.notes Issued to F. R. Bank
Dellateral held as security for
F. It. notes issued to F. R.Bk.
Gold and gold certificates__
Gold redemption fund
Gold fund-F.R. Board_...,
Eligible paper
Total collateral
156,310.0
35,300.0
12,723,0
69,000,0
46,195,0
163,218.0
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneop. Kan. City Dallas. San Fran.
Total.
$
$
$
$
$
$
$
$
$
837,472,0 192.730,0 284,093,0 109,095,0 269,322,0 448.805,0 69.448,0 86,539,0 103,018,0
61,772,0
292,080,0 27,900,0 41,190,0 23,254,0 64,230,0 165,600,0 21.780,0 17,747,0 26,540,0 18,037,0 262,821.0 2,975,025,0
44,700,0 838.658,0
545.392.0 164,830,0 242,903.0 85,841.0 205,092,0 281,205,0 47,668,0 68,792,0 76,478,0
43,735,0 218,121,0 2,136.367,0
s
s
$
235,104.0
8,780,0 36,469,0 16,458,0
7,750.0 13,507,0
18,238.0 35,000,0 406,606.0
22,313,0 10.353,0 12,380,0 3,666,0 8,902,0 2,251,0 2,763,0
886,0
96,988,0
159,000,0 112,877,0 175,000.0 23,000,0 135,000,0 232.000,0 10,300,0 41,000,0 3,821.0 3,347.0 13,581,0
58,860,0
12,000,0
126,536,0 1,154,573,0
134,797,0 47,042,0 70,836,0 32,912,0 48,925,0 90,279,0 34,550,0 19,167,0
24,228,0 14,963,0 77,762,0 641,656,0
551,214.0 170,272,0 266,998.0 96.047.0 209.285.0 324.530.0 55,363,0 74,560.0
86.909,0 48.548.0 252.879,0 2,299.821,0
1
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 671 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
of Dee. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment the were given in the statement
Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on pageof
23b7.
I. Data for all reporting member banks In each Federal Reserve District at close of business April
13 1927
Federal Reserve District.
Boston. New York
Number of reporting banks
Leans and discounts, gross:
Secured by U.B.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
36
92
$
$
7,449
58,796
346.547 2,274,591
632,906 2,891,560
9
71
3
10,076
401,720
388,821
Total loans and discounts
Investments:
U. S. Government securities-Other bonds, stocks and securities
Total Investments
Phila.
(Three c phers (000) omitted.)
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
$
20,466
581,469
782,910
67
8
5,141
152,203
362,956
986.902 5,224,947
800,617 1,384,845
520,300
148,657 1,005,344
263,325 1,246,746
111,739
280,423
276,899
376,562
70.484
72,190
54,281
58,488
302,580
471,708
411,982 2,252,090
392.162
653,461
142.674
112,769
774,288
200,548
121,221
205.975
662,974 621,337 2,911,610
40,470
39.102 243,887
14,143
12,015
46,299
381,082 341,710 1,792.214
217,321 237,038 1,060,346
9,809
13,796
27,334
53,847
71,997 243,158
114,452 .113,782 519,360
697,330
48,037
7,819
405,470
233,829
7,272
61,459
147,356
362,046
22.102
6,024
212,221
126,634
2,057
49,108
91,725
626,254
51,968
12,555
498,630
147,699
3,487
129,064
218,056
Total loans and investments
1.398.884 7.477.037 1,192,779 2.038,306
Reserve balances with F.R.Bank
98,788 789,404
82.349 '120.406
Cash In vault
19,008
72,369 , 17,511
30,205
Net demand deposits
906,893 5,627,502 776,286 1.049,637
Time deposits
429,245 1,422,406 261,561 841,307
Government deposits
26.174
79,439
30,356
20,499
Due from banks
62,511 152,097
99,430
62.428
Due to banks
152,376 1,135,354 179.877 250,832
Bills pay. & refits. with F. R. Bk.:
Secured by U.S.Gov't obligations
3,515
95,474
6,715
30,105
All other
8,926
25,367
4,296
7,753
2,877
4,401
34
97
31
Dallas. San Fran.
Total.
671
3
3
13,416
156,131
318,757 5,502.268
896.216 8.686,201
$
$
$
5.494
21,006
4,46 4
109,544 853,396 194,462
393,530 1,262,920 297,856
24
66
45
$
2,992
76,610
161,223
$
4.316
113,750
302,213
$
2,515
79,219
241.090
508,568 2,137,322
496,782
240,825
420.279
322,824 1,300,389 14,344,600
79,025
121,523
64,411
56,810
107,447
98,528
59
58,241
25,826
257,031 2.536,139
247,139 3.319,268
84,067
504,170 5.855,407
406,891 1,804.559 20.200,007
30,487 108,824 1,675,824
9,938
22,069
269,955
286,509 780,890 13,059,044
106,434 947,742 6.031,562
8,545
31,399
260,167
65,774 153,457 1,204,330
97,973 225,803 3.246.946
1,788
12,209
8,095
2,466
1,769
3,001
12,374
3,351
510
2,100
Total borrowings from F.R.Bank
12.441 120,841
11.011
37.858
7,278
13,997
20,469
5.817
2.279
5.101
•Not available.
2. Data of reporting member banks In New York City. Chicago, and for the
whole country.
1,135
735
32,513
9,013
189,453
91,035
1.870
41.126
260486
All Reporting Member Banks.
Reporting (ember Banks In N. Y. City.
Reporting Member Banks in Chicago.
Apr. 13 1927. Apr. 6 1927. Apr. 14 1926. Apr. 13 1927. Apr.6 1927. Apr. 14
1926. Apr. 13 1927. Apr.6 1927. Ayr. 14 1926.
Number of reporting banks
671
708
672
54
54
59
Loans and discounts, gross:
$
$
75
$
$
$
Secured by U.S. Gov't obligations
156,131,000
161,354,000
162,965,000
56,184,000
60,377,000
49,325,000
Secured by stocks and bonds
5,502,268,000 5,537.515.000 5.256,418,000 1,040,471,000 2,012,592,000 1,938,780.000
All other loans and discounts
8,686,201,000 8,696,334,000 8.479,341,000 2.543.657,000 2,537,596,000 2,352,634,000
45
$
13,767,000
636,527,000
698,990,000
45
$
13,983,000
623,493.000
693,863,000
46
$
14,100,000
607,537.000
686.742,000
Total loans and discounts
14,344,600,000 14,396,814,000 13.897,113,000 4,540,312,000 4,610,565,000 4,340,739,000
1,349,284,000 1,331,339,000 1,308,469,000
Inveistments
2,536,139,000 2,553,771,000 2,554,944,000 914.393,000 914,205,000 894,025,000
U. S. Government wscuritles
Other bonds, stocks and securities_ 3,319,268,000 3.327,142,009 3,044,699,000 924,223,000 928.526,000 889,503,000 169,449,000 173,107,000 166,385,000
226,775,000 220,072,000 214,515,000
Total Investments
5,855,407,000 5,880.913,000 5,599,643,000 1.838.616,000 1,842,731,000 1,783,528,000
396,224.000 393,179,000 380.900,000
Total loans and investments
20,200,007,000 20,277,727,000 19,496.756.000 6,378,928,000 6,453,296,000 6.124.267.000 1,745,508,000
1,724,518,000 1,689,369,000
1,675,824,000 1,629,314,000 1,710,999,000 725,347,000 643,413 000 763,152,000
Reserve balances) with F. R. Banks
162,658,000 169,984,000 157,145,000
269,955,000
Cash in vault
285,488,000
263,187.000
57.913,000
57,471.000
64,854,000
20,436,000
19,587,000
22,497,000
13,059,044.000 13,042,483,000 12,897.793,000 5,035,736,000 5.059,594.000 5,001,492,000
Net demand deposits
1,156,764,000 1,151,851,000
6.031.562,000 6,012.055,000 5,505.127.000 960.211.000 936.201.000 814,093.000 1.189,583,000
Time deposits
515.835,000 516,220,000 503,096,000
260,167,000
Government deposits
294,416.000
281,820,000
74,979,000
81,367,000
52,067,000
16,118.000
17,321,000
11,352,000
1.204,330,000 1,179,831,000
Due from banks
110,449.000
96,322,000 109,521,000 153,731.000
3,246,946,000 3,329.290.000
Due to banks
1 072.769,000 1,136,136,000 1,108,619.000 370.764,000 147,136,000 156,112,000
374,709,000 396,112,000
Bills payable and rediscounts with
Federal Reserve Banks:
151,344,000
189,453,000
255,328,000
Secured by U.S. Gov't obligations
82,000,000
49,450,000 131,447.000
4,270,000
6,220,000
12,185,000
91,035,000
100.439,000
132.179,000
All other
25,144,000
22,398,000
12.600,000
3,292,000
9,394.000
10,039,000
280.488,000
387.507,000 107.144.000
wings from F. R. Mut_
Total Do
251,783.000
71,848,000 144,047,000
7,562,000
21.579,000
16.259,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
899,211,000 968,794,000 876.765,000
For own account
For account of out-of-town banks
1,157.116,000 1,072,575,000 1,051,878,000
806,288,000 798,869,000 522,696,000
For account of others
Total
On demand
On time
•iteviotal figures.
2,862,615,000 2,840,238,000 2,451,339,000
2,198.398,000 2,175,439,000 1,613.156,000
664,217.000 664,799.000 838.183.000
Vaulters'
New York City Banks and Trust Companies.
antic
Railroad and Miscellaneous Stocks Review-page 2387.
Sales at N.Y.Stock Exch. this week notin our detailed list:
STOCKS.
Week Ended April 22.
2399
THE CHRONICLE
APR. 23 1927.]
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
Highest.
AU prices dollars per Marc
Ask. 1 mat Cu,. Bid. Asa.
New York.
650
276 Am Ex Iry Tr. 338 341
Bank of N Y
& Trust Co. 347 854
542
375 Bankers Trust 806 812
526 Bronx Co 'I'r_ 330 350
155 Central Union 1095 1020
305 820
County
389 394
574 Empire
767 Equitable Tr_ 319 321
185 Farm L & Tr_ 566 670
890 Fidelity True 304 310
480 490
585 Fulton
202 Guaranty Tr_ 457 4.60
195 Interstate_ _
-338 Lawyers True 210 215
900 Manufacture 634 638
145 Murray Hill__ 215 222
Mutual(W
350
Chester) ___ 240 215
N Y Trust__ 593 597
400 Terminal Tr_ 192 198
140
315 Times Square. 135
Title Gu & Tr 899 704
304 USMtg&Tr. 480 490
301 United States.I°50 1980
750
Weetchest'r
Brooklyn.
Brooklyn__ 885 905
Kings Co_ _ .x 2100 2200
Midwood._ __ 270
Ex-stook um
Ex-d1v.
•Banks marked (*) are State banks. t New stock.
Ex-rights.
Banks-N.Y. Bid
305
America'..
Amer Unions_ 195
Bowery EastR 505
Bronx Bons._ 1500
Bronx Nat... 490
Bryant Park. 200
Capitol Nat__ 218
Cent Mercan. 279
138
Central
463
Chase
Chath Phenix
Nat Bk & Tr 413
Chelsea Exch. 282
Chemical_ ___ 880
Colonial._ _ 975
Commerce._ _ 474
Com'nwealth• 310
Continental.' 275
Corn Exch.-. 575
Cosmop tans_ 300
Fifth Avenue'2200
2860
FIrst
165
Franklin
410
Garfield
Globe Etch*. 240
325
Grace
Flamllton_ _ _ _ 197
1240
Hanover
nanas.
Ask.
815 Harriman____ 830
202 Manhattan'. 270
650
515 Mutual'
National City 539
516 New Neth'ds• 350
523
225 Park
145
222 Penn Each
285 Port Morris_ _ 375
667
143 Public
466 Seaboard __ _ 760
175
Seventh
670
419 Standard
680
296 State.
190
890 Trade.
185
1100 United
477 United States* 332
320 Wash'n fits'. 700
Yorktown •_ _ 135
Brooklyn.
iio
Coney Island* 290
225
240 Dewey•
385
2895 First
172 Mechanics"... 310
420 Montauk •_ _ 380
Municipal S._ 298
295
Nassau
750
204 People',
1260
per share. 5 per share S per share.
Par. Shares per share.
RailroadsMar
Feb 110
4010654 Apr 20 1064 Apr 20 103
Buff Roch & Pitts pf _100
Feb
Apr 45
190 414 Apr 19 4434 Apr 22 40
Buff& Susq pref v t c 100
Apr
89
8334
Apr
Jan
201
89
19
Apr
60
8634
0-100
&
Clinch
Carolina
Mar
Feb
984
19
Apr
10234
101
19
Apr
100
3010054
Stamped
Apr 044 Jan
1101004 Apr 18 10034 Apr 18 100
C C C.52St Louis pref 100
Feb
20 714 Apr 16 714 Apr 16 7054 Jan 74
Chic Ind & Loulsv pf _100
Feb
Jan 25
Apr 11 110
Apr 11 124
170122
Chic St P M &0 pref 100
Feb 754 Apr
Apr 18 73
Apr 18 75
20 75
Cleve & Pittsburgh___50
Apr
84
Apr
794
22
Apr
83
20
Apr
82
30
100
Cuba RR pref
Apr
Apr 18 6154 Jan 66
Apr 18 66
10 66
Erie & Pittsburgh____50
Apr
8554
Mar
22
8734
Apr
894
18
Apr
8634
600
100
etfs
pref
Northern
Gt
Jan
264
Feb
25
21
Apr
Apr
22
25
2534
Havana & Elea Ry--• 300
Mar 8234 Apr
100 600 8174 Apr 22 8234 Apr 21 80
Fret ctf
Apr
16
Apr
200
Jan
240
16
Apr
24034
10240
100
Hocking Valley
Jan 814 Apr
20 8054 Apr 18 804 Apr 18 79
III Cent Leased Line_100
Jan 634 Feb
600 24 Apr 19 336 Apr 20 1
100
Iowa Central
Apr
100
98
Apr
22
Apr
21
Apr
100
98
70
100
pf
1411w El Ry Lt
,Feb 354 Apr
100 200 334 Apr 21 354 Apr 22 161
Min & St L ctf
Apr
M
185
18
Apr
1918434
Apr
110130
50
Harlem
N Y&
Northern Pacific 002_100 600 854 Apr 18 sot Apr 20 854 Apr 8734 Apr
401424 Apr 1814334 Apr 21 14234 Apr 143% Apr
Pitts Ft W & Chi__ _100
Mar 15234 Apr
Apr 1815236 Apr 19 147
100
40151
Preferred
Apr
Apr 138
Apr 21 136
201364 Apr 18138
Reaseseer & saratoga100
Apr
St Louts-San Fran rights65,300 234 Apr 16 44 Apr 22 234 Mar 434 Feb
654
544
Apr
20
Apr
5434
20
Apr
100
5434
100
Twin City Rap Trans
Apr 10655 Mar
Apr 22 99
1 , 99
Apr 22 99
100
preferred
Industrial & Misc.
Feb
Apr 23
Apr 16 18
Apr 21 21
New York City Realty and Surety Companies.
Albany Pert Wrap Pap-. 2,100 18
Mar
Apr 19 974 Apr 108
200 9734 Apr 19 98
Amalgam Leather p1.100
AU prices dollars per share.
Mar
95
Feb
21
91
Apr
95
21
Apr
100
95
eds.*
pf
Am Chicle prior
Md. Ask.
Ask.
Bea
Apr 16 10154 Jan 1104 Mar
520 10434 Apr 18 105
Bid. Ask.
American Piano pref _100
151 Realty Assoc'
120 9934 Apr 16 9934 Apr 20 9434 Jan 10034 Mar Alliance R'Ity; 48
53 Mtge Bond__ 147
100
Amer Snuff pref
:1
.
240
248
258
(Bklyn)con
11034
Apr
253
10754
Feb
22
Apr
Surety..
11054
18
Apr
Nat
100
130109
Amer Surety. 228 231
Amer Type Fdrs pref
_ 90
93
st pre
Apr Bond & M 0_1 345 349 N Y Title &
Apr 20 994 Jan 105
Apr 20 105
50 105
Amer Wholesale pref_100
91
445
2.1 pref. _ _ _ sa
Apr Lawyers Mtge 285 290
442
Mar
12
104
20
Apr
Mortgage_
20
11
Apr
1134
3,400
-•
ct1s-Paper
Am Writ
Apr
340
Westchester
32
320
Apr
2554
18
Apr
Casualty_
US
100 800t 2954 Apr 22 3074
Lawyers Title
Preferred ctfs
Title & Tr_ 650
625
Jan 5974 Feb
• 1001 4754 Apr 21 4734 Apr 21 40
k Guarantee 258 203
Barnet Leather
Feb
100
100; 994 Apr 22 9954 Apr 22 9534 Mar 101
Preferred
Apr 1810974 Apr 21 10654 Mar 10934 Apr Quotations for U. S. Treas. Ctfs. of Indebtedness &c.
Bamberger(L)&Co p1100 1,000 109
Mar
10754
101
Jan
22
Apr
Apr
1810554
105
80
pref_100
let
Bros
Bayuk
Int.
Mar
40 11634 Apr 20 11634 Apr 22 143-4 Jan 119
Int.
Beech Nut Pack pfd_100
Rate.
Bid. Asked.
Maturity.
Mar
Jan 61
Apr 22 44
Apr 19 58
40 50
Bid. Asked.
Rate.
Maturity.
Blumenthal .Sc Co p1.100
Feb
204
194
Apr
21
Apr
194
211
Apr
194
1001
pfd_100
1st
SVI
Brit Emp
9922u gaui,
34%
1927...
15
Feb
Sept.
34
1
Apr
21
10042
Apr
14
1001 14 Apr 211
100
,
June 15 1927._ 334% 993,22
2d pref...
Feb Sept.15 1927--- 334% 99"tt 99"n Mar. 15 1928- - 334% 99"ss 99"ts
Jan 109
Apr 16 106
Apr 19 109
60 108
100
Byers & Co pref
99232,
993322
334%
Apr
1930-'32
15
Mar.
Jan
22
734
1003322
Apr
54
1054
10
19,
Apr
934
34
100
2,200
otts_100
1927_
- - 44%
Dec. 15
Central Leather
Mar
Jan 67
100 2,200 6334 Apr 22, 6454 Apr 21 54
Preferred ctfs
Mar
and
Apr 45
Apr 21 39
Bonds
Apr 211 40
Treasury
10 40
*
Loan
Liberty
Chic Yellow Cab
United States
Apr
Feb 125
Apr 22 112
Apr 22 125
100
20 122
City Investing
New York Stock Exchange.
Apr 16 414 Apr 4474 Mar Certificates on the
City Stores class B__-• 900 4234 Apr 20 43
Apr
174
20
198
Apr
Feb
Apr
198
22
197
210
--•
Internat.
Coca Cola
Apr
131
116
Jan
Apr 20
Apr 20 131
110 131
Colorado Fuel & I p1_100
Prices. Apr. 18 Apr. 18 Apr. 19 Apr.20 Apr.21 Apr.22
Mar 964 Apr Dag', Record of U. S. Bond
"0400 9534 Apr 18 9654 Apr 16 93
Canso' Gas pref
Jan125% Mar
401243-4 Apr 2012434 Apr 20 120
____ 101
1012st
101
Continental Can prof 100
101
High 101
Loan
Liberty
First
Mar
Apr 19 157-4 Apr 20
100 300 154 Apr 19 17
____ 100wn 101
1003022
Crex Carpet
334% bonds of 1923-47..1 Low. 1003022 1003.22
109% Jan
110 10934 Apr 1910954 Apr 19 103
---- 101
101'22
Cushman's Sons pf 8%-•
10030.1 1008°32
Close 101
(First
34s)
Jan
10654
19
Apr
110
110
Apr 19
100
110 110
431
17
____
725
Preferred 7%
35
51
Total sales in 31,000 units__ _
100 3134 Apr 18 3154 Apr 18 3034 Mar 324 Feb
De Beers Cons Mines----_ 102
of(High
Converted 4% bonds ofHigh
Apr
Apr 1910934 Apr 20 1054 Jan 11
100
120 107
Deere & Co pref
-__ 102
Low_
_
_
_
4s)_
(First
1932-47
Apr
Feb 124
Apr 18 115
Diamond Match_ -100 29011954 Apr 22 124
__-- 102
Jan
Apr 20 11934 Jan 123
Apr 18 123
90 121
Eastman Kodak pref_100
____
Total sales in $1,000 units_ __
Jan 9534 Feb
200, 9034 Apr 16 9034 Apr 16 89
Eisenlohr & Bros pf_100
bondrIgh 1030.2 10332, 103*22 103322 103'n 103"st
454
Converted
%
Apr 20 21
Feb 254 Mar
Apr 20 23
40 23
81
Elk Horn Coal pref--50
103188 103188 103322 1031,8 103,
103188
Low_
44s)
of 1932-47 (First
Apr
Apr 21 37-4 Mar 5
Apr 21 5
Emerson-Brant Cl B---• 300 5
Close 103"ss 103'n 103'ss 103'n 103'ss 1031,1
Jan
Apr 22 11534 Apr125
Apr 22 125
47
110 122
73
44
9
21
Gen Baking Powder...*
18
units__
000
$1
in
sales
Total
Apr 22 4054 Apr 16 354 Apr 4234 Feb
38
2
---- 1021131
Gen Gas & Ele: BI-*
---------Second Converted 44%11113h
Mar
--4010534 Apr 1610534 Apr 16 824 Jan 107
---- 1023122
Gen Ry Signal pref _ _100
--------bonds of 1932-47 (First Low_
Mar
94
M
630 9334 Apr 16 9354 Apr 16 90
Glidden Co prior pref 100
4545
Second
Apr
Apr 20 9574 Jan 101
Apr 21 100
160 99
____15
__-_
__.Guantanamo Sugar 14100
-___
$1,000 units._ _
in
sales
Total
Mar
Jan
10874
Apr 22 9974
30 10434 Apr 20 105
Gulf States SVI lot p1100
High
Feb 10874 Apr Second Liberty Loan
60 10854 Apr 20 10834 Apr 20 100
Hayes Wheel pref.._ _100
Feb
Apr 21 1184 Jan 127
Apr 19 127
20126
Helme(C W) pref_ _100
45)
(Second
Apr
Jan 96
Apr 21 92
____
Apr 21 96
----__.
30 94
-_-____
Indian Motorcycle pf 100
---Total sales in 81,000 units..._
Mar
Feb 112
Indian Refining pref _100 40010434 Apr 20 10554 Apr 18 102
Converted 434% bondsrIgh 1001222 1001'32 1001hil 1001132 1001'31 1001222
Jan
72
Apr 21 694 Apr 21 6454 M
110 68
100
Internet Salt
100322 100a22 1003322 1003322 1003322 1003322
Low_
(second
1927-42
of
Apr 1817134 Apr 20 1354 M 1714 Apr
100 4.100 165
Internal Silver
Close 100322 1003322 1003322 100un 1003322 l00°,,
434,)
M 1164 Apr
76
296
209
100
177
10011634 Apr 221164 Apr 22 109
389
128
Preferred
Total sales in 81,000 units__
Apr
Apr 21 484 Mar 60
200 5554 Apr 19 56
1
Island Creek Coal
1001322 1003022 1003022 1003322 100"ss 100un
{High
Loan
Liberty
Third
1003422
1
1010334 Apr 21 1054 Apr 21 10534 AD 1054 Apr
10013n
.2
10034
100w.2
1001322
Preferred
1003322
44% bonds of 1928-- LowApr
Feb 121
Apr 19 117
1701194 Apr 18 121
Jones & L Steel pre1-100
Close 100"ss 100"st 100"ss 100"ts 100"st 100"n
(Third 454s)
Apr116H Jan
Apr 6 113
Apr 6113
30113
59
216
287
68
Kelsey Wheel Inc p1-I00
82
69
Total sales in 81.000 units.._
16
83
70
Apr
21
Apr
Jail
AP
8654
78
280
100
prat
Co
Kinney
(High 103"ss 1030ss 103uss 1031'n 103",, 103",,
Liberty Loan
Fourth
Mar
21
59
Apr
7474
704
J
Apr 20
* 500 70
41
Kress Co, new
103"ss 103"ss 1031188 103,
103"st
103"ts
Low_
1933-38of
bonds
%
434
Mar
Apr 21 105
J 108
Apr 21 106
10 106
Kuppenheimer pref.-100
Close 1031718 1031188 1031188 1031188 10311n 103118,
(Fourth 434s)
Feb
Apr 20 95
J 128
Apr 20112
10 112
319
Laclede Gas pref_ __ _100
470
276
230
377
34
__
units_
81.000
in
Total
sales
Jan
75
M
Apr 19 55
Apr 22 71
580 60
McCrary Stores C
113118 113382.
righ 113188 113188 113188 113
Mar116% Jan Treasury
Apr 19 98
Apr 19 97
200 98
McCrory Stores pref.100
Low_ 113'n 112"s 112"ss 112"n 112"s 112'n
454s, 1947-52
J 16834 Ala
• 5.300153
Apr 1916834 Apr 22 124
Macy Co
11312, 1131181
1121188
1121°,8
1131n
113188
Close
Apr
Apr 22109
Apr 22 103
Jan 109
20 109
Mathieson Alkali pref100
37
138
93
'125
15
10
Total sales in 81,000 units__
Jan 134 Mar
May Dept Stores rights.33.900 134 Apr 16 14 Apr 21 1
108'n 108'n 103'ss 108'n 108,88 1081181
High
{
Apr
20
Apr
34
Apr
123
120
11854
20
Jan
10012034
Montana Power pref-100
8
4
1
/
108
107"n
1071188
10711s8
10711s8
108188
Low_
45.
1944-1954
• 2,000 3834 Apr 22 4034 Apr 20 384 Ay 4434 Apr
Nat Bell Hess
88
Close 1081n 107"n 10711,8 107"n 10848 108,
Apr 19 96 • Ap 97
Apr
Apr 20 97
100 1,100 96
Preferred
201
62
186
21
454
18
units._.
$1.000
in
Total
sales
22
Apr
Apr
Apr
6011634
1144 Jan 1184
100
1611834
Nat Supply prat
{High 1051188 105118 1051188 1051788 105118 105118
Apr 21 238
Apr 19258
Feb2614 Apr
100
220254
Nat Surety
Low. 10513.2 105932 10511st 105"ss 105'n 1051's
334e, 1946-1956
100 10734 Apr 21 1074 Apr 21 105
Jan 1074 Apr
N Y Steam lst pref (7).*
Close 1051188 105178 1051188 1051n 105118 105111
Apr
4011434 Apr 1811534 Apr 16 11234 Jan 1113
Niag Lock & OntPr pf 100
25:
127
41
131
54
50
Total sales in 81.000 units
80 5034 Apr 19 504 Apr 19 474 Jan 624 Mar
Northwest Telegraph-50
43
Apr 18 0
% Apr 10785% Jan
Apr 18 50
2m
20 50
Norwalk T & Rub pf-100
coupon
of
sales
Apr 18
Mar
Jan
Note.-The above table includes only
2010634 Apr 21 108
011 Well Supply pref_100
34 Apr 19
34 Apr bonds.
34 Aprl
34 Apr 16
5,200
Rights
Transactions in registered bonds were:
Apr 21 904 Apr 19 81
Jan 9374 Apr
100 300 90
Omnibus pref A
10311n to 1031•83
100118, to 1002,88148 4th 434s
5 let 434s
Apr 1913234 Apr 18 124
Jan
Mar 140
Pacific Tel & Tel__ _.100 200 130
112218s to 1121%
2 Treas. 4341--10078, to 100988
18
20
Apr
491s
2d
Apr
2434
45
21
Mar
224
2754
Feb
2,600
25
01
Ent
&
Mines
Patin°
Apr
21 1004 Apr 104
1001188 to 1001188
Mar 31 3d 491s
5010134 Apr 16102
Penick & Ford pref 100
401 3634 Apr 18 3734 Apr 18 3034 Apr 4334 Jan
100
Pitts Term Coal
•
Apr 21 178
Mar 178
Apr 21178
Mar
Foreign Exchange.
100178
100
Pullman Co et's
Apr 22 9854 Apr 22 9754 Mar 100
Feb
200 98
Reid Ice Cream pref_100
To-day's (Friday's) actual rates for sterling exchange were 4.85 1-16
Apr 16 464 Apr 22 373-4 Ap 4634 Apr for checks and 4.85 9-16for cables. Commercialon banks,sight,4.84 15-16;
*206800 41
Remington-Rand
100 3,800 984 Apr 1910034 Apr 22 984 AD 10034 Apr sixty days, 4.80 15-16; ninety days, 4.78 13-16, and documents for pay1st preferred
Apr 22 10034 Ap 10.5
Apr ment (sixty days). 4 81
Apr 20 105
100 1,900102
2d preferred
3-16; cotton for payment, 4.84 15-16. and grain for
Apr 22 10534 Fe 110
Jan
Apr 22107
10 107
Sherwin-Wms Pt pref 100
payment, 4.84 15-16.
100 10834 Apr 1610834 Apr 16 1044 Ma 10834 Apr
Sloss-Shot St'l & It pf 100
To-day's
(Friday's)
actual
rates for Paris bankers' francs were 3.8991
34 Apr 16
34 AD
% Apr 21
34 Mar for short. German bankers' guilders are not yet quoted for long and short
Sou Calif EdLson rights-- 7,000
Apr 18 103
Mar bills.
Ja 110
Apr 19 105
50104
Spalding Bros 1st pref100
were 39.98 for short.
guilders
Amsterdam
bankers'
M
1434 Apr
high and
20 1454 Apr 19 144 Apr 18 10
Stand Plate Glass D1.100
Exchange at Paris on London. 124.01; week's range, 124.01
10 1850 Apr 201850 Apr 20 1500. Jo 2200 Mar 124.02 low.
Texas Pao Land Tr_ _100
123
Apr
21
Jan
Jan 123
Apr
21:120
70 123
Underwd TyDewr p1_100
the week follows:
for
for
exchange
foreign
The
range
Jan
100 3831 Apr 21 384 Apr 21) 384 Ap 49
Cables.
United Dyewd pret-100
Checks.
Sterling ActualAD 164 Apr
Apr 22 1654 Apr 22 16
4.85 1146
U S Distributing new... 6,100 16
4.85 346
Apr 22 8554 Apr 22 85 .AD 8534 Apr High for the week
800 85
Preferred new
4.8535
4.85
Apr 19 104 Ap 1434 Feb Low for the week
• 200 1034 Apr 22 11
Van Raalte
Paris Bankers' FrancsApr 22 50
Apr 16 54
AD 6734 Jan
1st preferred
106 170 50
3.9134
3.9034
Apr 18 334 Feb 41
Apr High for the week
3.91)(
•39.400 3754 Apr 22 41
Victor Talk Mach
3.9091
•I 3,200 9254 Apr 22 9434 Apr 181 90
Jan 964 Apr Low for the week
6% preferred
161
Marks
Bankers'
Germany
97
Feb 10034 Apr
ioot 2,100, 99 Apr 2210034 Apr
23.7034
7% prior prof
23.6954
Apr 16 73
Ap 76
Feb High for the week
23.70
70, 7334 Apr 21 74
Virginia Coal & C p1_100
23.69
Apr 21 1634 Ja 2934 Apr Low for the week
260 2351 Apr 18 26
Vulcan Detinning__.l0I
Amsterdam Bankers' GuiklertApr 19 90
Apr 2 111
J 1184 Apr
Preferred
100130108
40.0134
40.0034
39.9991
Feb High for the week
1010854 Apr 2110831 Apr 21 10754 J 109
Washburn Crosby p1_100
39.9854
Apr 21 10054 35.10654 Mar Low for the week
Apr 1 106
West Penn Pr 6% p1.1001 190 105
Louis. 15©25c. per $1.000
Bt.
par.
Apr 18 844 Apr 16 82
M
8554 Mar
-Chicago.
West h se El let pt...501 300 84
Exchange.
Domestic
Montreal. 81.25 per
White Sewing Mach..._' 4.300 2254 Apr 21 2434 Apr 16 2134 Ma 264 Apr discount. Boston. par. San Francisco. par.
$1,000 premium. Cincinnati. Par.
•No par value.
2400
New York Stock Exchange-Stock Record, Daily, Weekly and Yeariy
OCCUPYING Sit PAGES
For sate. during the week of stocks usually Inactive, see preceding
page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Monday,
Tuesday,
Wednesday, Thursday.
Friday,
April 18.
April 19,
April 20.
April 21.
April 22.
$ Per share $ per share $ per share $ per share $ per share
$ per share
,Saturday,
April 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11027
On basis of 100-share tots
PER 510.48E
Ranee for Previous
Year 1928
Lowest
Highest
Lowest
Highest
8 per share $ per share $ per share $ per Mars
Railroads.
Par
18238 18312 18218 18314 181 18278 18134 13312
18212
44,100 Atch Topeka & Santa Fe_..100 16134 Jan 6 186 Apr
10218 10218 102 10218 10214 10238 102 10212 *10212 18438 18253 136
22 122 Mar 172
10238 10212 10258 1,600 Preferred
100 9938 Jan 5 10258 Apr 22 9418 Mar 102 Dec
Dec
__ 182__
__
____ _____ Atlanta Birth & Atlantio 100
53 Jan 3
178 Feb 3
fio 180 18012 180 180 180
12May
10
Jan
12 18312 18414 182 18434 4,100 Atlantic Coast Line RR
100 17478 Apr 6 205 Jan 3 18112 Mar 26212
11578 11614 11618 11678 116 11638 11618 11612
Jan
116
11612
42,000
Baltimore
119
116
&
Ohio
100
10612
Jan
4 119 Apr 22 8312 Mar 10934 Sept
*7612 7718 77
77
77
77
7634 7714 *7714 7712 7713 7712
800
Preferred
100 7314 Jan 3 7712 Apr 22 6712 Jan
72
72
7012 72
*7012 71
7378 Aug
71
7113 7114 7134 71
7278 4,400 Bongor & Aroostook
50 44 Jan 6 7414 Apr 5 33 Mar 46 Feb
11014 11014 10918 10918 10914 10914 *1091
.10934 10912 10912 10934 110
279 Preferred
100 10112 Jan 10 11014 Apr 16 9778 Feb 103
6534 6638 66
6634 6612 6612 6614 67
Dec
66
67
66
6638 5,700 131404-Manh Trite v t 0_No par 65 Mar 19 7078 Jan 20 5418
8618 8618 8618 8618 8614 8614 8612
Mar
86% .8612 8612 8658 8612 3,000 Preferred v t o
No par 8558 Apr 2 88 Jan 4 78 Mar 7778 Dee
12
1214 1234 1314 1278 13
Dec
89%
1238 1212 1214 1234 12
2,700,BrunswIck
8
127
Term
& Ry See_100
912 Jan 25
*98 101
1518 Jan 7
*9612 101
812 Mar 1858 Nov
98
98
9912 9912 9938 99% 10034 107
540 Buffalo Rochester & Pitts_100 8014 Jan 8 115 Mar 10
6934 Mar 8731 July
*60
61
*60
63
•613
63
*60
63
*6014 63
*60
63
Canada Southern
100 59 Jan 18 61 Apr 5
18334 184
18234 18314 18112 18212 182 18212 182 18338 182
58 Jan 61
18234 8,800 Canadian Pacific
100 165 Jan 6 19212 Feb 28 14612 Jan 17014 June
*300 307 *300 308 *300 307 *298 305
Dee
305 308
1,500 Central RR of New Jersey_100 285 Jan 4 309 Apr 1 240
16914 17014 16914 17012 16818 16978 16734 1691? *298 306
Mar 305 Jan
168 16914 16814 16978 20,700 Chesapeake & Ohio
100
Jan
25
4
1513
17112
Apr
11
734 734
112 Mar 17838 Sept
712 712
738 733 *7
714
718
718
Chicago
7
900
7
&
Alton
100
434 Jan 8 10,
1158 1134 1112 1134 1112 1112 1138•
'414 Sept
,Feb 9
1153 Feb
1113
1114 1114
1114 1112 2,100 Preferred
100
712 Jan 5 1358 Feb 8
*280 300 *280 300 *270 300 *270 300
618 May
1814 Feb
*270 300 *270 300
C C C & St Louis
100 275 Jan 31 302 Feb 16 17314 Mar 275 Aug
32
32
33 • 33 .32
34
35
38
3818
3758
*3612
38
Chic
2,800
& East Illinois RR
100 3012 Jan 10 3818 Apr 21
*48
49
30 Dec 37 Feb
48
4812 48
4818 4814 531. 5278 5412 5318 5412 23,800 Preferred
100 43 Jan 6 5412 Feb 21
3613 Mar 5134 Feb
16
16
1578 1612 1558 16
1534 1618
1538 16
1558 1614 10,400 Chicago Groat Western__..100
812 Jan 6 22.2 Feb 9
2878 2878 2312 2958 2814 2834 2818 287
7114 Mar 12,8 Sept
8
2914
2814
2828 2938 10,000 Preferred
100 2314 Jan 7 33,4 Feb 8
15
1512 15
1614 Mar 3158 Sept
1512 1434 1518 1458 1514
1458 15
1412 15
13,000 Chicago Milw & St Paul_...100
9 Jan 4 1738 Feb 9
1514 1514 18
814 Dec 1412 Jan
1538 15
1518
1434 15
1412
15
1412
143
8
6,000
Certificates
734 Dec 14
100
9 Jan 4 1714 Apr 6
2338 2334 2314 24
2313 2358 23
Jan
2334 2314 2334 2314 2334 14,909 Preferred
100 1853 Jan 3 2614 Apr 6
2353 2358 2378 2378 2314 2314 23
1418 Mar 24 Aug
2312 *2318 2312 2314 2312 3,300 Preferred certificates_
100 18% Jun 3 26 Apr 6
8212 8234 8234 8412 83
14
Apr 2353 Aug
8314 8258 8314 8224 84
8234 8334 16,300 Chicago & North Western_100 7838 Jan 27 8758 Feb 18
13113 13113 *132 13434 13273 13278 133 133 *133 135
6514 Mar 8334 Sept
13434 134341
500 Preferred
100 12414 Jan 3 13434 Apr 22 11812 Jan 12612 Apr
9212 9318 9312 9714 9612 9712 97
9958 99 10158 9914 100'j 75,300 Chicago Rock fel& Pacific_100
6812 Jan 4 10138 Apr 21
'108 10812 10814 10814 10838 10838 10858 10858 10813
4012 Mar 7114 Dee
10812 10813 10812
700 7% preferred
10014 10014 10014 10014 10013 10012 10018 10012
100 10234 Jan 4 103 2 Apr 6
96 Mar 108 Dec
101 10112 101 10138 2,303 6% preferred
100 9514 Jan 28 10112 Apr 21
*102 104 *101 10334 100 100 *101 103
8314 Mar 98 Nov
102 104
103
104
1,100
Colorado & Southern
100 84 Jan 3 104.2 Ntar 31
*73
52 Mar 9614 Oct
78
*73
78
.75
78
*75
78
76
76
76
76
400 First preferred
100 70 Jan 4 76 Apr 2I
*70
62 Mar 74
73
*70
73
*70
Oct
73
*70
73
70
70
*70
73
200 Second preferred
100 68 Jan 14 7112 Jan 15
59
Jan 72 Sent
71
71
*7114 7112 7158 7278 72
7212 7212 74
7238 74
8.700 Consol RR of Cuba pref. loll 68% Apr 6 7414 Mar 4
'193 194
6834 Nov 7212 Dee
19312 19434 193 19312 194 19453 19414 19718 19613
202
18,100 Delaware & Hudson
100 171 18 Jan 28 202 Apr 22 15014 Mar 18312 Sept
163 16612 16514 1665i 16412 165
16414 16513 16414 165
16313 167
18,800 Delaware Lack & Western. 50 14014 Jan 27 173 Mar 23
59
59
*58
60
60
60
60
62
62
6938 64
6512 10,400 Deny & Rio Or West prer...100 41 18 Jan 5 6638 Apr 21 129 Mar 15312 Jan
54
5434 5314 5412 5358 54
37't May 47 Jan
5378 5514 55
5634 5512 5638 90,400 Erie
100 3912 Jan 3 5634 Apr 21
2212 Mar 42 Dec
5712 5734 5712 5778 564 5733 5612 5773 5712 5312 5734 5878
26,700 First
10t, 5238 Jan 4 6014 Apr 5
*54
55
5414 5414 54
3334 Mar 6514 Dec
5414 5414 5478 5478 5512 5512 5618 5,900 Secondpreferred
preferred
100 49 Jan 4 5618 Apr 22
8638 8612 8614 8738 8612 8678 8653 87
30 Mar 5014 Dee
8678 8714 87
8758 20,500 Great
2018 2012 20
6812 Mar 8418 Dec
2038 2018 2138 2078 212s 2038 2114 2018 2012 13,000 IronNorthern preferred...100 7958 Jan 4 91.8 Feb 19
Ore Properties__N
11)14 Jan 13 2314 Feb 4
6138 62
6112 6312 6113 63
18 Dee 2714 Feb
6314 6614 6478 6638 65 6712 34,100 Gulf Mobile & Northern_o par
_100 3518 Jan 6 088 Apr 5
'108 10834 108 10814 108 109
2518 Apr 4114 Sent
10834 11014 11014 11113 11024 11138 5,009 Preferred
100 105 Jan 14 11112 Mar 12
5118 5312 5114 53
95 Mar 10912 Sept
5114 54
5258 5514 5312 5518 5234 5478 23,000 Hudson dr Manhattan
100 4012 Jan 3 6718 Apr 11
.81
84
*80
84
3458 Jan 4112 Deo
*80
84
84
8478 *80
84
*80
84
200 Preferred
129 12913 12814 12834 12712 12814 128 12978
100 78 Jan 6 8514 Apr 9
674 Mar 80 Deo
129 12912 129 129
6,700 Illinois Central
100 121,8 Jan 10 13034 Apr 8 11312 Mar 131 Sept
127 131
127 127 *127 131 *12734 12912 *126 130 *128 129
300 Preferred
100 1207 Jan 12 12912 Apr
79
7934
*7712 79
*7734 79
*7734 79
*7734 79
100 Railroad Sec Series A__1000 74 Jan 4 80 Apr 8 11512 Mar 12913 Sept
*23
2412 *23
2414 *23
7114 Jan 77 June
2414 23
2414 *23
2478 *23
24:18
200 lot Rye of Cent America_ .100 23 Apr 20 25 Jan 12
*62
6278 *62
15
24 Dec 31
6278 *62
6278 *62
Feb
6278 *62
6278 *62
6278
Preferred
100 6278 Apr 14 6512 Feb 9
*43
44
43
4314 4414 4414 4338 4412 4218 4312 4258 425
62 Mar 66 June
8
2,000
Interboro
Rapid
Tran
t
v
8.100 41 Apr 12 5218 Feb 26
6058 6158 5912 6178 5958 6114 5938 6012
2412
Jan
533
4
Dee
6018
61
57,100
6014
6212
Kansas City Southern
100 4114 Jan 4 6213 Apr 11
•6912 70
*6912 71
3414 Mar 5138 Sept
*6912 7014 6913 6912 *6913 7013 6912 6912
700 Preferred
12134 12234 12234 12512 12334 12538 12412 12638 12412
100 6478 Jan 7 70 Apr 16
6058 Mar 6838 Sept
12558 125 126
34,400 Lehigh Valley
50 9934 Jan 6 12638 Apr20
137 137
13713 13718 13658 137% 137 137
7513 Mar 106 Dee
13718 13814 13712 13838 3,300 Louisville & Nashville
100 12838 Jan 14 139 Feb 18 118 Mar 144 Sept
*48
5012 4814 4814 4814 4314 4813 '4914 *8714 90
*8714 90
Manhattan Elevated guar.100 83 Jan 26
*8714 89
90 Feb 11
*8714 01
84 Mar 9234 Apr
*8714 9058 *8714 00
4834 4834 48
433
2,100
4
Modified
guaranty
.513 6
100
4712Mar 30 5478 Febr 28
512 512 *5
3818 Jan 6178 May
6
*5
6
512 512 *512 6
200 Market Street Rallway......100
4,2 Feb 2
*20
638 Mar 25
28
*20
40 •
418 July
40
10 Feb
*20
40 *
30
*20
30
Preferred
100 18 Feb 10
46
46
20 Feb 4
*4512 46
1913 Oct 40 Feb
*4512 46
4534 4534 4514 4512 4538 4512
700 Prior preferred
100 4158 Feb 7 4712 Apr 8
*1112 19
*1112 19
3918Jun
*1112 19
e
513
*12 . 19
8 Feb
*1112
19
*1112
18
Second preferred
100 1158 Mar 15 16 Mar 30
33g
3,4 314 *3
1134 Oct 2212 Feb
338 *3
314 314
278 3
2,900 Minneapolis dc St Louis__ _100
278 3
138 Jan 13
3014 3014 3114 3114 *30
458 Feb 3
118 Dec
378 Jan
32
*3012 32 - *3012 32
3012
3112
Minn
400
St
Paul
&
88
Marle_100 27 Jan 6 40 Feb 4
.47
55
257 Dec 5212 Feb
51
51
*50
55
*50
55
52
52
*50
53
200 Preferred
100 51 Jan 12 58% Feb 8
*62
50 Dec 79 Feb
6312 *62
6212 61
62
*61
6134 6114 6114 *61
6112
200 Leased lines
100 5814 Mar 25 6312 Apr 14
46
4614 4534 47
60
Oct 6678 Feb
4512 462
4558 4634 4612 4812 48
09,100
50
Mo-Kan-Texas ItR____No par 31 13 Jan 6 50 Apr 22
10218 10212 102 10238 10214 10238 10214 10212 10212 10458
2912 Oct 4718 Feb
10312 10413 11,300 Preferred
100 9534 Jan 4 10458 Apr 21
82 Mar 9633 Dee
5534 5634 56
58
57
5834 5813 5934 5834 6014 5734 5978 154,200 Missouri Pacific
100
3778 Jan 4 6014 Apr 21
10558 106
27 Mar 45 Sept
10534 10778 107 10853 10818 11014 109 11012 10818 10912
59,400 Preferred
100 9018 Jan 4 11012 Apr 21
*414 534 *414 534 *41 t 534 *414 534 *414
7112 Mar 95 Sept
558 *414 534
Nat Rys of Mex let prof....100
418 Mar 9
5,2 Feb 3
*134
434 Apr
178
158
134 *134
8% Jan
1%
134
134
178
178 *134 2
600
Second
preferred
100
158 Apr 7
238 Feb 2
143 14334 144 144 *14212 144 *143 14414 143 14414
134 Oct
412 Jan
144 144
60 New Orl Texas & Mexico IGO 121 Jan 8 14834 Apr 4 120 Mar
14834 14912 14838 14912 14778 149
13213 Jan
14812 15038 14914 15012 14834 15034 68,700 New York Central
100
27
Jan
13714
15158
Apr
8 117 Mar 14712 Sept
191 191
19134 19214 19214 194
19334 196
195 19513 193 194
6,800
NY
Chic & St Louis Co
100 186 Jan 8 19778 Feb 21 130 Mar 20413 Sept
10518 10514 *105 106
106 106
106 106 *106 10614 *10534 10614
600 Preferred
100 102 Mar 8 10612 Apr 11
93 Mar 106 July
5218 5212 5212 5378 5212 5312 5234 5338 53
5438 5258 5334 54,100 N Y N H & Hartford
100 4158 Jan 4 5810 Feb 16
3058 Mar 4838 July
2834 2834 29
2978 2858 2914 2858 2913 29
3038 2938 30
6,800 N Y Ontario & Western...100 2314 Jan 15 34,4 Feb 18
.10
1954 Mar 2878 Feb
13
1014 1014 .10
13
*10
13
*10
13
*10
13
100 N Y Railways prof etfs_Aro par
10 Apr 13 1534 Jan 14
6 Jan 2014 Feb
.16
2014 *16
20
*16
20 .16
20
*16
20
*16
20
New
York
State
Railwaye_100
1618
Jan
Feb
22
26
3
13 Dec/ 2813 Jan
4934 4934 4934 52
*49
51
50
52 •*411
5178 5012 5012 1,500 Norfolk Southern
100 3718 Jan 14 5614 Mar 12
18112 18134 18014 182
2778 Apr 4438 Sept
17912 18014 180 18178 181 18234 18238 18278 10,200 Norfolk dr
Western
100 156 Jan 4 18413 Apr 2 13914 Mar l7078 Oct
*86
8612 86
86
*8512 8612 8512 8513 *8412 86
8413 8412
600 Preferred
100 84 Feb 3 86 Jan 3
8312 Nov 8533 Aug
8614 8638 8534 8678 '8513 8638 8618 8634 8614 8634
8558 8678 8,900 Northern Pacific
78 Jan 3 91 12 Feb 18
100
.15
25
6534 Mar 8212 Aug
*15
25
*12
25
*12
25
*12
25
*12
25
Pacific Coast
100 1514 Feb 3 2714 Feb 15
15
6118 6138 6118 6138 61
Oct 48
6114 6078 6114 6078 6114 61
Jan
6112
17,500
Pennsylvania
50 5634 Jan 3 6234 Apr 5
.31
4358 Mar 5718 Oct
32
3112 3112 *3013 3112 3112 32
32
32
*3013 3112
300 Peoria & Eastern
100
Jan25
20
343
4
Apr
5
11812 120
157
11812 11812 119 11912 11912 121
8 Oct 2634 Jan
120 12014 11913 11912 1,900 Pere Marquette
100
11412 Jan 6 12638 Mar 2
67 Mar 122 Dee
.93
9412 *92
9412 *93
9412 *94
9412 *92
9412 *93
Prior preferred
9412
100 93 Jan 22 9512 Jan 11
79 Mar 96 July
*91
*91
95
93
92
92
9234 9234 92
93
*92
93
1 400 Preferred
100 89% Jan 4 93 Apr 21
7034 Mar 9178 July
128 130 *128 12912 129 13034 129 13078 130 13118 12878 131
3
000
Pittsburgh
dr
West Va
100 12212 Jan 18 148 Feb 8
85 Mar 13514 Doe
11012 11138 11034 112
10914 11114 110 11138 10958 11118 11014 11212 58,000 Reading
50 04 Jan 4 11312 Apr 12
79
42
*41
041
Mar 10114 Deo
42
*41
42
4118 4118 *41
*4114 42
42
100 First preferred
393 Dec 42 Apr
60 4013 Jan 13 4212 Feb 16
.46
43
48
4812 4713 4702 4612 4712 *4612 47
4714 4714
1,000 Second preferred
40 Mar 4534 Dee
50 4334 Jan 12 50 Feb 16
*5312 56
*5312 '56
"5312 56
5214 5314 5214 5212 53
53
600 Rutland RR prof
100 43 Jan 7 5914 Feb 8
42 Apr 6114 Aug
10912 10912 10912 11038 10914 110
10934 11133 11138 11314 11278 11558 71,30081 Louis-S
an Francleeo
100 10034 Jan 6 11518 Apr 22
85 Mar 10313 Dee
*97
9734 *96
9734 *97
973 *96
9704 97
9714 *97
9734
200 Preferred A
100 96 Jan 26 9812 Jan 15
8312 Apr 9712 Doe
7212 7258 7273 7378 7258 7334 7314 7778 7634 7858 76
7858 33,300 St Louis Southweetern
100 61 Jan 6 7858 Apr 21
5712 Mar 74 Feb
*85
87
85
*86
85
87
8638 8678 *8518 86% •8512 8612
300 Preferred
100 76% Jan 8 88 Apr 6
72 Mar 8014 July
2912 2912 29
2912 2938 2934 2934 3038 30
3038 2912 295s 5,400 Seaboard Air Line
2818 Mar 31 4114 Feb 17
100
2712 Mar 51 Dee
'3313 35 .3334 35
*34
35
35
35
3512 36
*3412
400
Preferred
35
,
2
43
31
34 Feb 4
100 3258 Mar
3112 Mar 4838 Feb
11258 113
11238 113
112 11212 11218 11212 11234 11334 11258 11418 32,100 Southern Paelfie
Co
100 10,114 Jan 28 11512 Apr 8
0618 Mar 11214 Dee
[2618 12658 12534 12658 12412 12614 12512 126
12534 12634 12514 12638
Southern Railway
100 119 Jan28 127 Jan 3 10338 Mar 13114 Sept
05
95
95
9514 9513 9553 9513 9513 9558 9614 9618 9618 20,500
3,500 Preferred
100 94 Mar 10 96: Apr 21
8712 Apr 9512 Aug
7118 76
7034 71
74
7578 7512 8114 8012 8338 80
8114 68,600 Texas & Pacific
100 537 Jan 7 8338 Apr 21
4218 Mar 6158 Jan
3512 35
34
35
*34
35
3412 35
*34
*34
35
35
400 Third Avenue
100 3334 Apr 11 41 Feb 8
1312 Jun 43 Apr
.7138 172
17213 17234 172 17234 17278 17358 17234 1745 17314 17438 21,800 Union
Pacific
100
15912 Jan 27 174% Apr 21 14112 Mar 16838 Oct
8114 8158 81
81
8112 8112 8153 8158 *8112 82
8134 8178
1,500 Preferred
Mar
100
82.3
5
77
Feb
11
743
70
4 Jan 8114 Aug
70
7012 7134 70
71
7012 7138 7034 7178 7018 7218 43,000 Wabash
100 4012 Jan 4 7534 Feb 28
3378 Mar 52
9412 9412 95
95
941.2 95
Jan
9412 95
95
95
9412 9514 7,100 Preferred A
100 76 Jan 3 9618 Apr 11
68
89
92
Mar 7834 Jan
*89
92
88
88
"88
90
*89
92
89
200 Preferred B
89
100 65 Jan 15 93 Mar 28
57 Mar 72
3678 3758 3634 30
Jan
3738 3812 3734 3834 3838 3934 3818 39
74,800 Western Maryland
100 1334 Jan 6 4434 Feb 7
11 Mar 1658 Jan
'53
54
5314 5414 *5212 53
5312 5534 5312 5533 5314 5412 8,200 Second preferred
100 23 Jan 7 5412 Apr 6
1638 Mar 2438 Sept
30
31
30
325* 3178 3178 3014 31
3238 3018 3138 8,000 Western Pacific new
31
100 2738Mar 29 3912 Feb 9
2713 Dec 3914 Jan
6513 6513 6334 6514 64
64
6234 64
6314 64
6034 63
8,700 Preferred netle
100 6018 Mar 30 7633 Feb 7
72 Dec 8634 Sept
'6178 73
*61
73
*61
73
*61
73
*68
*61
73
74
Wheeling & Lake Erie Ry__100 2712 Jan 3 130 Feb 8
18 Mar 32
'7913 82
Jan
*79,3 82
*7918 82
*7918 82
80
80
82
82
200 Preferred
100 4712 Jan 7 93 Feb 8
37 Mar 5012 Jan
Industrial & Miscellaneous.
9134 9233 92
4,90
91
9234 .9112 9112 9012 9013 9012 91
1,900 Abitibi power & Paper-Vo par
83 Jan 27 94 Apr 6
7034 May 08 Sept
67
70
*67
70
7112 76
73
82,4 76,2 79
19,000 Abraham & Straus____No par 8214 Mar 26 8214 Apr 20
77
74
43 May 72 Dec
1114 11112 11112 11112 11112 112
11134 112
11112 112
112 112
310 Preferred
100 11013 Feb 1 1131z Feb 30 104% Mar 112
75
_ *175 179 *181 183' 182 132 *180 185 *180 185
100 All America Cables
100 13934 Feb 16 182 Apr 20 131
34 137 *134 13812 13414 13414 *13414 13813 13512 133
Jan 155 July
13712 138
1,200 Adams Express
100 124 Jan 5 139 Feb 25
997 Mar 136 Sept
1214 1312 *1214 1312 .121 4 1312 1234 1278
Dec1234 1234
1273 1278
900 Advance Rumely
100
912 Jan 3 1534 Feb 9
8 Dec 22 Sept
•131d and asked prices I EA-dividend I Ex-rights.
http://fraser.stlouisfed.org/
IMF
Federal
Reserve Bank of St. Louis
Shares
New York Stock Record -Continued -Page 2
For sales during the week of stocks usually Inactive,
see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 16.
Monday,
Apr 18.
Tuesday, 1Wednesday, Thursday,
April
19.
April 20.
Apr
April 21.
Friday,
April 22.
Sales
for
the
Sleek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranee Sines Jan. 1 1927
On basis of 100-share lots
2401
PER SHARE
Range for Previous
Year 1920
Lowest
Highest
Lowest
Highest
$ per share Ai Per share $ per share
per share $ per share $ Per share Shares Indus. & Mlscel.
(Con.) Par $ per share $ per share
, *3312 3512 *334 35
*3318 35
*3312 35
*3314 35
share
Per
3412
per shard
35
Advance
400
Rumely
prof
100 Sole Jan 25 41 Feb 9
4% 412
414
438
434 412
414
412
4
28% Dec 6534 Sept
414
3% 418 7,500 Ahumada Lead
1
156 156% 15612 15958 159 164
3% Apr 22
512Mar 5
159 16378 159 16078 15738 16018 17,300 Air Reduction,
4% Nov
We Jan
Inc.__
_No
par
13412
1114 1114
Jan 26 164 Apr 19 10714 May
11
1114 11
1134 1112 1178
1114 117s
10% 1114 25,190 Ajax Rubber, Inc
14634 Dee
No par
9 Jan 4 13% Mar 25
*112
158
112 112
112
112
110
110 *112
158
718 Oct 16 Feb
112
14 1,100 Alaska Juneau Gold Min__ 10
145 14614 14412 14634 143 14514 14314 14478 14318 14514
14 Jan 6
214 Feb Is
% Oct
2 Jan
12112 12112 12112 12112 *12012 12134 *12114 12.534 *12014 1203 14338 144% 71,500 Allied Chemical & Dye_No par 131 Jan 25 146,4 Apr 18 106
4 *12114 12134
200 Preferred
100 120 Mar 11 122 Feb 16 11834 Mar 14878 Dec
103 10312 10334 10614 105 10612 1053 107
10512 10634 310334 10512 23,300 Allis-Chalmers Mfg
Mar 12234 Dec
*11014 11012 11012 11012 11038 11038 111 11134 11212
100 88 Jan 25 107 Apr 20
784
1 1212 *11212
900 Preferred
1634 1634
_100 109 Feb 9 11212 Apr 21 105 Mar 9458 Jan
1718 1718 *17
1712 *1612 1718
1658 1658 *1612 1718
Apr 11112 Dec
300 Amalgamated Leather_No par
2858 29
1534 Mar 24 244 Feb ii
2778 2918 2812 2912 2918 2912 2914 30
1434 Oct 21 Sept
29
2914
13,900
Amerada
Corp
No
*1018 1012 10
par
27% Apr 18 3758 Feb 7
10
10
10
10
10
1014 1133 11
244
May
3278 Aug
11
2.700
Amer
Agricultural Chem..100
*33
8.8 Apr 6 1434 Feb 14
35
3318 3318 33
33
33
3312 33
9
3614 3518 36
Oct 3438 Jan
2,3001 Preferred
47% 47% 4714 4714 4710 4712 4634 47
100 2814 Apr 6 51% Jan 10
4714 4714 *4612 47
35% Oct 9612 an
Amer
600
Bank
Note
10 41 Jan 6 48% Jan 20
*5758 .58
5712 5753 57 32 57,2 *5712 58
3438 Mar 46
58
58
5812 5812
Oct
150: Preferred
*2318 23% 2318 2314 *2218 2314 '2258 23
60 5612 Jan 4
Jan 22
2214
1
55
Jan 5812 July
730 American Beet Sugar NoPar 21% Apr 6 59%
*5412 5712 *5412 5712 *5412 5712 *5412 5712 *5412 22 4 2238 2233
2334 Mar 14
2012
Sept 3834 Feb
*5412
5712
5712
Preferred
17
100 54 Mar 26 6018 Jan 3
17
16% 173
17
1718 1658 1734 17
55
175
Nov
8
1612 1612 8,600 Amer Bosch Magneto _No par
83
Feb
•142 145
13 Jan 20 1853 Feb 28
14412 14412 1433 14412 145 14514 *144 145
16 May 343 Jan
144 144
1,100 Am Brake Shoe & F___No par 134 Jan 26
152'2 Mar 18 110 May 180 8 Feb
*120 123 *120 12212 *120 122 *120 122 •120 121
120
120
103
Preferred
23
2334 24
100 11714 Feb 7 128 Mar 12 11014
2538 24% 2512 23% 2518 2314 24
Mar 1284 Feb
2278 2414 28,300 Amer Brown Boveri El_No
*85
87
*85
Par 21 Apr 2 394 Jan 5
87
85
85
*8412 S7
3014 Mar 50 Aug
851)3 *84
87
200 Preferred
4814 49% 47% 4978 4714 4814 4634 4778 8511
100 85 Mar 31 98 Feb I
4658 4714 4618 471 103,403 American Can
8612 Mar 971e Jan
*130 133 *130 131
25 4358 Mar 31 50% Feb 28
139 130 *130 131 *130
3878 Mar 6318 Aug
130 130
200 Preferred
10234 103% 103 10414 103 10312 102% 103% 1023 131
10( 126 Jan 14 130
4 104
10212
Jan 13018 Dec
8,400 American Car & Fdy___No par 0612 Jan 28 10714 Mar 9 121
•127 130
130 130 *127 130 *127 130 *127 130 *127 103
Feb 28
9112
11478 Jan
130
100 Preferred
100 12734 Feb 10 13034 Mar 22 12013 Mar
Oct 13014 Dec
American
Chain,
class
*451.2 47
A____25
254
Jan
4612 47
7
3018
46
Mar 1
46
4334 4514 4434 4514 4414 441
2314 Mar 2614 July
2,700
American
Chicle
par
No
*45
36 Jan 26 52 Mar 17
4638 4618 468 *45
46
45
45
31
44% 44% 4414 441
Oct 51
Jan
800 Do certificates
No par 35 Jan 4 48 Mar 17
912 912
012 98
912 912
938 912
28
Oct 4714 Jan
938- 933
3,800 Amer Druggists Syndicate__10
938 9)
13014 13014 *13014 131
1 p: 20 1112 Jan 13
938 .,
1293 130
130 13012 13034 132% 13112 133
414 Jan
1038 Aug
3,000
American
Express
2314 235s 221, 2334 2138 22
100 127 Jan 17 138 Feb 20 10578 Mar
2138 24
2212 24
2214 23
140
Jan
26,000 Amer & For'n Power No par
9512 9634 9618 9678 953 9612 9534 99
1878 Feb 17 2512Mar 29
144 Nov 4258 Jan
98
99
98
98', 9,720 Preferred
No par 8612 Feb 15 99 Air 20
*8,1 834 *814 834 *814
834 *814 834
79
84 818 *814
Oct 98 Feb
100 American Hide & Leather 100
834
50% 51
818 Jan 20 10,2 Feb A
*50
*49
5114 *5012 5112 *50
5012 51
51
7
May
1712 Feb
5112
GOO Preferred
100 48 Mar 1 524 Jan 12
*32
3212 32
3210 3212 3212 3218 3212 *3218 3212 *3214 3212
332 May 6714 Feb
800 Amer Home Products__No par
127 127% 126 12612 12512 12734 128 132
303s Jan 3 34 Mar 17
2358 Oct 3058 Dee
131 13134 130 131
8,400 American lce
100
*8612 871
1144
. *8634 8712 87
Jan
26
135
88
Mar
1
109
*861
. 88
Mar 136 June
*87
88
*87
8812
300
Preferred
100 84 Jan 7 88 Apr 1
4278 4278 43
4412 437s 45,2 443 4534 454 46% 45
8112 Oct 8634 June
4578 32,700 Amer Internat Corp
No pa
37 Mar 23 4538 Apr 21
618 638
614 614
6,4 614
3134 July 4634 Feb
*618 614, *Ws 634
578 6
1,400 American La Franc&F E--_10
23
5
Apr
2314 2258 23
8
Jan
10
2234 2318 234 247
3
978 Dec 1578 Jan
2453 2512 2434 25
9,000 American Linseed
100 2018 Apr 5 3012 Jan 12
54% 54% 5312 5334 5312 5312 5312 55
2558 Oct 5278 Jan
55
56
56
56
3,000 Preferred
101
4633 Star 19 71,8 Jan 3
6734 Oct 87
10914 10934 10812 10912 10814 11112 11012 11134 11018 11112 110 11214
Jan
19,100
American LocomotIve_No pa 10534 Jan 19
*120 122
12134 122
12112 12112 *119 122 *119 122 *119 122
11514 Star 1
9014 Mar 11978 Jan
400 Preferred
100 11912 Feb 23 124 Apr 2 116 Aug 12414
*8012 82
*8012 81
*8012 81
*804 81
80
80 I SO
Dec
80
400
Amer
Machine
& Fdy__No pa
7314 Jan 3 86 Feb 21
*14218 145 *144 145 *144 145 *144 145 •14218 145 1 4.14018
6514 Oct 8013 Aug
145
Preferred
10 12518 Jan 6 149 Mar 29 114 July
4178 41% 4118 42
42% 43
*42
4318 43
125 Dec
• 4
1,600 Amer Metal Co Ltd_ --No Pa
*109 11212 *109 10912 *109 112 *109 112 *109 10912
40% Apr 12 44 Jan 20
4314 Dee 573 Feb
*109
112
Preferred
10
108 Jan 6 111 Mar 17 11312 Apr 120
5812 50
59
5912 5812 59
5812 5934 59% 6134 6212 6333 30,800 Am Power &
Feb
Light____
No
pa
51
11634 117
Jan
117 11714 11634 119
27
63% Apr 22
11618 11814 11618 11734 11712 120
5034 May 7212 Sept
30,200 American Radiator
2 11012 Jan 21 120
*87
90
*87
8912 *87
891 *87
22 10114 May 122% Aug
8912 8912 8912 *8912 91
100 Amer Railway Express____100 8712 Apr 4 94 Apr
*45
48
4512 4512 *4514 47
3
Feb
2
4538 49
77 Mar 90 Dec
494 4938 *4614 4978 1,000 American Republics__ No
354 Jan 4 601/ Feb 9
Pa
*5012 51
.51
397 Nov 74
51
51
511
5034 5114 5018 5012 4912 5034 3,500 American Safety
Jan
Razor___ _100 48 Jan 28 6112 Mar 28
412 5%
534 6%
578 5%
5
42 Apr 703 Aug
5%
5
5
412 478 6,300 Amer Ship & Comm_ __No pa
14734 148
14712 15014 150 1521_ 152 15312 149% 151% 1493
312 Mar 23
63
53 Dec 1178 Mar
4
Jan
7
4
15214
104,300
Amer
Smelting
Refining_1
&
0
13258 Jan 25 15312 Mar 4 10958 Apr 152
•122 124 *122 124
12312 12312 *123 126 *12312 12519 12478 12514
Aug
400 Preferred
100 11914 Mar 16 12514 Apr 23 11278 Mar
12734 12734 *125 12712 *125 12912 *125 129 *125 129
*125 129
100 American Snuff
10 11938 Jan 17 1304 Mar 10 12134 Oct 12238 Dec
*44
4414 44
4418 4312 44
4312 4378 4312 4418 4378 44
165
Feb
3,400
Amer
Foundries
Steel
__No pa
*11314 115 *11314 115 *11314 115 *11314 11.5 *11314
4312 Apr 19 4612 Feb 14
40 May 47 Aug
115 *11314 115
Preferred
10 113 Jan 7 115 Jun 13 11014 Sept 115
8612 89
89
9038 88
90
89
90
8012 91
Fob
90
91
21,600
Amer
Sugar
Refining
10
79 Jan 25 91 Apr 21
11014 11038 11018 11018 *11014 11012 11012 11012 11012 11012
6514 Apr 8714 Nov
*11034 11 112
700 Preferred
10 10778 Mar 3 11012 Apr 20 100 June
58
58% 5712 1838 5634 5814 56
5712 56
11012 Nov
571s 56
5678 12,700 Am Sum Tob v t c_ __ _No pa
4111
•27
Jan
30
3
*27
58% Apr 16
30
.27
30
*27
2914 Aug 44 Dec
30
*27
30
*27
30
Amer Telegraph & Cable_ _10
26 Apr 1 20 Jan 7
166% 16712 16612 167
16514 166% 165% 16614 165 16538 16414 165
2512
12 19,000 Amer Talon & Teleg
10 14914 Jan 3 17238 Apr 8 13958 July 4113 Feb
*12612 127,2 12712 128% 127 12858 12712 128
128 12812 127% 128
2,100 American Tobacco cona
_5 120 Jan 7 1281 Apr 19 11138 June 151 Dec
Mar 12434 Sept
12512 12512 12558 12734 12634 127
12634 12738 12658 12738 12678 12718 6,330 Common Class B
*114 115 *114 115 *114 115 *114 11512 11518
50 11914 Jan
12734 Apr 18 11018
124 Sept
11518 11518 1154
300 Preferred
100 11038 Jan 4 11578 Mar 9 10618 Mar
*13412 137 *134% 13612 *13438 136 *13438 136
Jan 113 May
134 134
900 American Type Founders...100 125 Jan 7 146 Feb IS
SO
8078 793 8114 794 7934 7914 805k 7912 8038 13212 134
114
Jan
135
Feb
7914
8012
10,000
Water
'm
Works
& Elec___20 6214 Jan 3 8153 Apr 11
*10912 10958 *10912 10938 10958 10958 *10912 110 *10912
4334 Apr 74
Jan
113
19938 109%
200 1st preferred (7%)
100 1041 251tir 1 1107 Jun 21 10112 Star
1858 19
1838 1853 1878 1914 19
19
10814
1878 1918 19
Jan
193
8
3,600
A...ierican
Woolen
10d
1814 .1.pr 13 3338 Jan 5
5212 5212 5314 5314 5318 5312 6318
19 June 4278 Jan
6318 *5314 54
54
54
900 Preferred
100 51 Apr 13 8612 Jan 7
118 *1
*I
118 *1
118 *1
118 *1
66
Apr 9014 Dec
118
1
1
200 Amer Writing Paper pref _ _100
1 Jan '
*818 912
1% Mar 7
818 84 *8
Aug
812
5% Jan
853 81fl *838 832
84 818
600 Amer Zinc, Lead & Smelt___25
818 Apr 1
4712 4712 4712 4814 *48
1014 Feb 17
57.May
49
1218 Feb
4712 4814 47
47
*46
47
1,009 Preferred
23
42
Jan
5
4658 47
5114
4612 4758 4712 48
Feb
18
20 May
4734 48
54 Dee
4712 47% 4758 48
27,109
Anaconda
Copper
Mining_
_50
45
Feb
9 4012 Jan 12
39
4()
*3914 40
4112 Mar 51% Aug
3978 40
*39
40
*38
40
*38
40
900 Archer, Dangs, Midi'd_No par 38 Mar 12 42 Jan 18
157 107 *10614 107
34% June 4434 Jan
107 107 *107 10834 •107 109 *107 109
30 Preferred
100 106 Jan 4 108 Feb 23 100 Ma
8678 88
8838 9018 8814 90
8812 8812 *8814 8934 89
108
Oct
89
2,300
Armour
Co
&
(Del)
pref __ _100 86 Apr 13 964 Feb 16
958 10
1018 1012 1012 1078
904 May 9778 Jan
1078 1078 1012 19$4
1014 1012 10,100 Armour of Illinois Class A.25
912 Apr 14 1.5% Jan 7
534 578
6
638
13's Slay 2513 Feb
614 638
618 638
612 5,300 Class B
618 63»
5%
25
53
4
Apr
11
6614 6612 6918 72
0'8 Jan 6
71
72
53,4 May
7138 7134 7012 71
17
Jan
*7018 71
2,300 Preferred
100 10 Apr 13 8614 Jan 27
22
22
*213 22
22
22
80
22
Apr 93 Feb
24
2318 24,4 *224 24
2,100 Arnold Constable Corp_No par 21 Apr 1 25 Jan
24
24
*24
2412 *24
2412 *24
20
18 AP
2412 *24
3134
25
Jan
2412
2412
Metal
Art
200
Constructi
on_
___10
22 Jan 11 27 Mar 12
50
50
*4812 50
50
50
50
1918 Jan 2334 Oct
5014 *49
50
*4912 50
830 Artloom Corp
No par 49 Apr 4 5434 Jan 5
*110 11414 *110 11414 *112 11414 *112 11414 *112 11414
46% Sep
6318 Jan
Preferred._ ......... _100 112 Apr 4 113 Feb
*4234 4312 423 4258 4218 4334 4314 438 4312 4418 *112 11414
8 108 Ma 113 Dec
4318
4412
12,100
Assoc
Goods
Dry
No par 3912 Feb 9 4178 April
*10112 102 *10158 102
1017 10178 *10112 10212 102 10214 *102 104
374 Ma
5478 Jan
490 let preferred
100
9712
Mar
3
10214
Apr
21
•10612 10812 *10712 1095 108 108 *107 110 *108 111
96 Ma 10212 Jan
*108 111
467
preferred
20
46
46
10
*44
105
46
Mar
.44
46
23
108 Apr 10 102 Mal 110 Dec
*44
47
*44
47
*44
47
100 Associated Oil
*34
35
*34
2
3412, 3412 353
46 Mar 16 5014 Feb 19
3514 3658 3512 36% 3518 351s 2,000
4434 Jan 60 Mar
Atl G & W I 9 S Line No pa
*31
33
*31
3038 Mar 25 42 Jan 5
33
33
3414 3414 3414 *33
35
29
*33
Oct 6838 Jan
35
Preferred
1,100
112 11314 111% 11234 111 113
100
29
3
4
Mar 25 3812 Jan 8
112 11278 11114 112% 11058 11134
3314
Oct mu, Jan
10,500
Atlantic
Refining
117 117 *116 110 *117 119 *117 119 *117 119
100 107 Jan28 11778Mar 1
97 Ma 12838 May
*117 119
100 Preferred
*58
60 .58
60
100
*58
11512
60
Feb
*58
1
118
60
Star 11 11518 Oct 120 June
57
58
*58
60
200 Atlas Powder
•10214 10212 102% 10212 103 103
No pa
5612 Mar 17 6212 Jail 20
102 102
102 10212 10212 10212
54 Ma
64 Nov
*11
160 Preferred
1112 *11
1112 .11
100 98 Jan 6 103 Apr 19
1112 *11
1112 1112 1112 *11
94
Jan 97% Dec
1112
100
Tack
Atlas
514 514 *514 512 *512 7
No
pa
73
8
Mar
614 634
14 124 Apr 7
614 64
8
Oct
512
6
1712 Jan
Austin.
900
NIctiola&C
*3818 42
*38
o vto No pa
42
*38
42
414 Star 22 1014 Jan 3
*38
42
*3812 42
718 Oct 28
3812 3812
Jan
100 Preferred
100 37 Apr 7 61 Jan 5
54 No
93
Jan
.7 18934 19233 igo 1V11; 1.91.912 1V3.- 18034 1923 1861-2
igoii 1918
Auto Knitter HosieryNo pa
14 Jan 3
38 Jan 7
Oct
19234 6S,500 Baldwin Locomotive Wks_10
24 Feb
*120 12034 120 120 *12018 12034 12012 12012 *12018
14318 Jan 18 20134 Feb 23
1203
4
*12014
9278
1203
28
200 Preferred
28,8 28
28% 27% 2812 28
100 116 Jan 14 12012 Apr 1 105 Ma 16734 Deo
281... 28
28
2734 2838 15,300 Barnadall Corp class A
Ma 11914 Nov
2634 2634 27
27
2614 2612 2612 2612 *26
2
27 Jan 4 3512 Feb 26
27
2313 Slay 3312 Jan
26
2614 1,100 Class B
60
58
60
60% 5912 59% 60
.2
25 Jan 4 3212 Feb 28
60,4 60% 6212 63% 66
2212 Oct 391z Jan
11,400
Ba,
524 53% 50% 5234 50% 51
Cigars,
uk
Me
No
pa
4912 Jan 25 66 Apr 21
50% 50% 50,
8 51% 52
39 Mar 5538 Nov
22
22
22
22
2134 2178 2112 21% 2112 2178 *2112 5214 4,300 Beech Nut Packing
2
5038 Apr 18 604 Feb 15
5214 Oct 7178 Feb
21%
5312 5418 52% 53% 5238 5318 52% 53
2038 Jan 26 2714 Jan 7
5114 5212 5058 5122 1,100 Belding Hem'way CoNo pa
26 Dec 3934 Jan
46,900
11014 11014 11012 11012 11012 11012 110 110
Bethlehem
Steel
Corp
433
100
Jan 27 5614 Apr 7
10978 110
110 110
374 May 514 Sept
1,103 Preferred (7%)
39
*37
*37
38% 3812 3812 39
100
1043
41
4
40
Jan
3
4012
111
3712
Mar 28
09 June 10578 Dec
39
4,200 Bloomingdale Bros._ __No pa
•11112 11234 11314 11314 11214 11212 *11034 112 *110%
3478 Mar 24 4138 Jan 11
112 *11034 112
28 June 42 Dec
110 Preferred
100 10912 Jan 20 11314 Apr 18 10414
*5518 56
5514 554 5533 5538 5512 55% L 5514 557
June 110 Dec
8 5514 5578 2,000 Bon Anil,
3
*7
class A
712 778
8
712 73
No
pa
5318
714 77s
Jan
5
7
,
4
58
5312
Mar
7
,
2
8
14
818 7,300 Booth Fisheries
Dec 6618 Dec
49
*44
*45
49
*44
No
49
pa
4918 5014 4978 4978
614
Jan 28
8% Apr 14
418 Mar
934 Jan
5018 5312 1,309
1s1 preferred
*2034 2112 *2034 21
2012 20,2 *20
100 45 Jan
2112 *20
2112 *20
3434 Oct 5112 Jan
2112
300 Botany Cons Stills class A__50 2012 Apr 11 534 Apr 22
311
3112 3112 31
*31
31
30% 31
30% 31
19
2812 Jan 5
3034 3238 19,100 Briggs Manufactu
20 Stay 4118 Jan
*12
ki
*32
ring
34
_
_No
i2
*32
pa
281%
*12
%
2 Jan
3638 Feb 23
24
Oct 3712 Jan
1534 158)2 158 15812.'157 15834 157
*l2
34
100 British Empire Steel
15712 15712 15778 15618
100
A r 13
1
138 Feb 10
12 May
3 Jan
157
95
951
9638 94
94
9434 94
9412 954 9714 9514 96% 3,300 Brooklyn Edison, Inc
100 14812 Feb 11 15978 Mar 17 133 Mar 163 Sept
*311. 321
25,500
3134 3214 3158 32
Bklyn
Union
Gas
32
3338 334 3414 34
No pa
8958 Apr 4 9714 Apr 21
68
Mar
98
347
Dec
8
*114 118 *114 118 *11214
11,600 Brown Shoe Inc
No pa
116 117
3012 Feb I
3478 Apr 22
11714 118
2912 June 4858 Jan
700 Preferred
"5"- 323 31 3112 31 31 3014 118
3073 31% 31% 30% 31
100 109 Feb 7 118 Apr 22 107 June III Mar
08 102
3,800
973 97
Brunsw-Balke-Collan'r_No pa
9712 101
9612 9834 984 99
2812 Mar 21 3878 Jan 10
2438 Mar 3934 Sent
9878 09
3,700 Burns Bros new clAcorn NO
2214 254 2214 231
2134 23
2112 2212 2112 2112 22
9414 Mar 18 13
2(1 121 Star 144 July
Jan 2
24
5534 j.
22
8,300 New class B corn_...No pa
9418 9418 *9314 9418 *94
95
*94
95
*04
1614 Mar 18
95
Pa
2612 Nov 44 Feb
*94
95
9378 938 9312 95
100
94
Preferred
943
94
94
9334 93% 9212 92%
10
948 Apr 16 100 Jan 3
97 Star 10312 June
3912 3978 3912 3978 39
3912 40
39
3912 3978 39,2 3912 1,600 Burroughs Add Mach__No pa ZOO Mar 2 126 Feb 2S
7712 Apr 124 Dec
4,600 Bush Terminal new____No pa
97
*93
97 .93
*95
97
*93
97
*94
293* Jan 12 4414 Mar 17
97
1634 Star 3414 July
*94
97
114 11418 114 114
114 114
Debenture
11314 113,4 *11312 114
100 9114 Jan 5 94
4
Apr 93 Aug
78
2 1%.11:nr 21
80
7,
1134 11314
150
Bush
334 33
Term
*334 4
.*334 4
1316gs,
pref
37
8
37s
4
10 10338 Feb 14 115 Apr 11
4
9912 Jan 104 Nov
3
4
%
5738 573
2,101)
56
56
Butte Copper & Zinc
*55
57
5612 57
*56
5714
Mar
4
3%
19
Dee
*56
614 Feb
5612
sp
012
600 Butterick Co
912 10
10
10
1018 1018
10
978 10
Feb 17
5
17% Mar 71 Sept
9% 10
2,200 Butte & Superior Mining_ 1
82
83% *80
82
82
81
80
7718 7912 77% 82
5°1
80
73
:Jan3
718 May 1614 Jan
Apr 4 61113344
3
4.500
651 1 6312 65 2 64
By-Producta Coke__ __No pa
65
6434 6211 6418 6111 621 1
66 Jan 29 86 Apr 9
53 June 90 Sept
601 1 (13
12,30(1 Byers & Co (A M)._No pa
42 Jan 3 0812Mar 30
•Bifl and asked prices: no sales on this Mir I Its dividend
28 Mar 4473 Nov
2402
New York Stock Record -Continued-Page 3
For sales during the week of stocks ueuatly Inactive, see third Page Precis
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Previous
Year 1920
Range Since Jars. 1 1927
On basis of 100-share lots
Lowest
Highest
Lowest
Highest
...•00N
,
.NN. NN
.-.
.
41 4"= -T -Tgr ,,r ,r
.. .
.
e,
.
--1
.
..
...
1.
.-I
.
1..
4' ...1.1.14' ..1. ,r Ae,v..v,.
,.:,4,....P, .1* 4..r.,
,°...,4,
V 4,'
.
.
tr..r=4'.4'
=Z'4" or J:'
..
.. N.
..1 .:,..v.vm _,...
^.
... 1.4
.
,r.r.:*,;,
•r
4,
.404...v
.
0.4 ••• .•-•
.1
.
9.•
.-4
.v.!..2 ,-..is,40424.,r
4.
_1. m.r.!...n.r.rm ..1r,r,.5. .....-V...F.reZ
".
WW .1
^0,,00 M000.00..t".0M...0.t.W
* * **
*
* *
10.M, 0.COMC0.r..0.NNVNV.NN00.t"0,0...,,—,,,,,,,,,,.N,,,ati
-.Mt"...,1...VM ,XN0.',
:.M.
,,mvc,vn.rc.M .
,,,, ,c.
,,
,
,Nm.
,,,,,,
0,m,0o,
Cl
NNN
NNN.
Cl.
Cl
.
.NNN.NN.N.N
,,.,N.. Cl
.NNM..a...NN N..M....
0
.
..N .
N...N. ..N..N. ...
NN.N.NN.NN
.
-,IN C. COONCICAN 4,00 03 .-,C4C4 00 .3C,C0.
al,"3,
..
4" =4%;" tr.1 orZ. tT.
..t.L.C10 N CD
.
or
..
^".
_!'4'
3 per share
47912 Feb
3818 Feb
25 Jan
731 Aug
1812 Aug
49 Sept
176 Aug
11812 Aug
334 Aug
2012 Jan
688 Jan
327 Jan
Jan
90
7312 Aug
4912 Jan
10614 Nov
28 Feb
4514 Feb
12814 Dee
6638 Jan
363 Jan
26 Nov
6334 Jan
5478 Jan
Jan
108
6812 Jan
116 Sept
1744 Dec
6912 Dee
13812 Dec
4938 Oct
7034 Dec
91 Dec
10158 Nov
4712 Jan
2614 Jan
2754 Jan
.
091 Feb
Jan
72
104
Jan
100 Jan
237 Nov
293* Sept
57 Dec
1 Mar
8714 Dec
10738 July
612 Jan
11538 Aug
414 Nov
937 Aug
151 Sept
9612 Aug
9212 Jan
14434 Jan
1378 Dec
515 Dec
13014 Dec
62 Dec
824 Dec
104 Dec
538 June
1112 Jan
5038 Dec
30% Jan
105 Nov
2014 June
55 Dec
108 Dec
Jan
51
4634 Feb
14112 Dec
1041 Feb
4714 Jan
00 July
2() Mar
46 Nov
11634 Aug
13634 Dee
3234 Feb
18112 Dee
11018 Dec
2012 Feb
82 Feb
16 Dec
3412 Feb
115 Feb
11012 Feb
9814 Sept
7812 June
0418 Aug
84 Dee
725* Feb
120 Sept
2412 July
9612 Aug
255* Nov
102 Nov
1324 July
683* Dee
17 APT
5934 Feb
115 Feb
12712 Jtirie
12412 Dez
4712 Dco
94 Dec
11134 Jan
Jan
105
348 Alig
2004 Jan
107 Feb
4938 Feb
2614 Jan
844 Mar
107 Mar
5612 Feb
1794 Jan
Jan
86
36 Dee
42 Feb
95 Jan
553 Jan
109 Dec
9414 Aug
14018 Aug
5912 Feb
118 Dee
11812 Feb
5638 Aug
3978 Deo
9512 Aug
114 Dec
Jan
59
....
oltval,V,t-i
;,,ItneA-igtot,,,,c
,tit.3 til'AV8V3V:',132;?A',;51 n2,P,•,..'it-cs,,,,
-4,1.';•t3titi ,tit'V6Ittra't
31,1Pitts"'.:;1`', T,'AM;t4
6%'4,;,t3tv.-0.•,,,
z,,t,t,a,'8,”,,,g o;c18 .
no4.40,ono
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znzoo207,4n
'AQZ:1:-4-,0:400g2g1=1w-,2g2.0.4z.t.gni:)-,zz'Agr422-,2ng-,2
,0022no,,ozaof:l.iv4za..1 22c,nc,,';4r;.,:,,'-zzzxzalc:1,5,n-, n..a,c1..:42.4n0002,74,2.404.4,,t
,
,,,
.-1 X
-r?.. -..1-T,rX or = or
=X 4'Z'o7or 4.== -Tor 4'== .7-.4' tr Z.r.S"-•
4. ...7=
-T = .2'
.-1X =.:" ..O.4"
T..,r==
t.
==eV .1 4" ==..r
,....-..r.v.v,r.v.... .... _-_-_-_-_- .v.l...,-, ,-. _-_-, ..7, ororIrg.rrT== 4"= .:.•
..00c.o.N mo.,.,,==.0,11..in
.
,.M00.NWVONCON.t
-- 0..0NOW.
:.
,,0.0 .00 .3,
..." ^.=.”
0NN ,
"
0. 0^0,
MNV=0N
..
.1 001,-N
00
.4.C5
...
•-•,..t.
.
..
.
or .3.
P.4,C.
..NN
.
N
k
0,
per share
per share $ per Share Shares Indus. & MIscell.(Con.) Pa( 36014
Apr 1
$ Per share $ per share $ per share 3 per share 36334 64
6634 10,200 California Packing__ __No par
64
6334 64
Apr 18
6312 6314 6312 6472 6334 64
2418
25
Petroleum
4 2514 33,400 California
2514 2512 2418 2514 2414 2512 2424 2538 2438 2538 243
112 Jan 3
10
Zinc-Lead
Callahan
1,100
15
158
17
8
*15
4
13
1%
17
134 134
178
17
•134
Apr 13
6112
10
Mining
Arizona
Calumet
6,500
4
693
6912
6918 6934 6834 70
6612 6818 6818 697
66
66
25 1412 Jan 4
1612 1618 5,700 Calumet & Hecla
167 17
1634 17
1614 1614 1612 1612 167
16
Jan 5
4512 45% 4,300 Canada Dry Ginger Alo.No par 36 Jan 27
4534 46
4534 46
4614 4512 457
46
4518 46
132
100
Machine
Case
Thresh
8,500
16812 17114
168 16934 166 109
166 166
166 166
*165 166
100 111 Feb 28
300 Preferred
113
113
11312
*110
11:312
.110
113
113
113
*110
•110 113
_ __No par 24 Apr 1
2838 2814 2838 2818 28% 4,700,Central Alloy Steel_
284 28
28
29
29
2812 30
838 Jun 3
100
2,700 Central Leather
98 1038 1012 104 1034 1034
934 934
934 934
978 97
100 54 Jan 14
Preferred
1,000
6914
8914
72
69
69
69
70
7012 *68
*68
69
69
1012 Jan 26
par
Mills__No
Ribbon
Century
1,500
1414
1312 1412 *1314 1412 1414
1312 12% 13
1312 1312 *13
100 70 Jan 24
70 Preferred
83
83
83
*82
82
*81
81
81
80
*77
80
*77
Copper_No par 601s Jan 29
6314 62% 6318 6212 6234 12,500 Cerro de Pasco
613 6118 628 6238 6314 63
61
par 42 Jan 25
Products_No
Certaln-Teed
9,600
47
473*
4612 464 48
4518 4614 46
4614 4614 4534 46
100 106 Feb 1
lst preferred
300
10734 10734 *108 10938 *107 10912 *107 109 *10712 110 *10712 110
818 Jan 6
par
ndMotNo
ChandierCievela
3,800
2
133
1112 1214 1332 1212
*11
12
*1112 13
.11
11
11
No par 2118 Jan 25
1,800 Preferred
234
23
2212 2212 2212 2218 2212 2218 2218 2234 24
*22
Pneumatic Tool__100 12012 Jan 3
Chicago
4.500
133
132
133
13112 13212 131 13112 12912 13012 130 13212 132
No par 4338 Mar 31
5838 22,600 Childs Co
5838 57
5314 5834 57
5214 5214 5112 5214 5214 53
.-..- 25 343* Jan 3
3824 381* 3824 377 3818 51,000 Chile Copper
3712 3678 3812 375 3812 38
37
5 2218 Jan 7
Chino Copper
*2214 26
*2214 26
*2214 26
*2214 26
*2214 26
•2214 26
tern ctfs No par 347 Jan 5
5078 4814 4878 13,000 Christie-Brown
49
4612 457 492
44
3818 Jan 28
4478 4278 445
par
44
No
Corp
Chrysler
44 145,300
45% 45% 4438 4538 4418 4434 4418 4434 4324 4458 4212 10712 1,500 Preferred
No par 10224 Apr 11
10712
567 Mar 17
par
•106 10612 10534 10612 1063 10612 10612 10612 107 108
No
Co_
&
Peabody
Cluett
400
y5712 5712 5712 5712 *5713 5812
59
5912 5912 5912 59
*59
100 11114 Jan 6
560 Preferred
11512 11512 11512 11834 11634 117
11512 11512 *11512 116
•11512 116
No par 16712 Jan 4
Co
Cola
Coca
11,200
19912
8
1987
8
1987
196 19858 19714
19512 196
19534 196
19512 196
No par 63 Jan 4
21,000 Collins & Alkman
7912 80
818 7924 80
8034 80
100 126 Jan 4
7812 7814 7934 79
78
Preferred
__
_ _
_ *158
__ *158
_ *159
_ •156
100 4218 Jan 4
*156.*158
Iron
&
Fuel
Colorado
211;100
-38
83
8-418 8114 8314 79
-9-38 7714 -8-ils 8o%
par 66% Jan 3
7714 -7-9-14 7634 -7.
No
0
t
v
Carbon
1,300 Columbian
80
80
7934 7812 79
79
79
79
81
*79
80
80
Gas & Elec new_No par 82% Feb 11
7
Colum
34,200
1
94
9314
8
945
9212
94
z9312
9912 Jan 24
100
9512 9678 9434 9638 9418 95
new
Preferred
3,400
10424 105
1424 Feb 1
10533 10512 10512 10512 10512 10512 z10418 10514 10434 10434 *17
1712 1,600 Commercial Credit_ ___No par
1712
1838 1724 1738 *17
1718 18% 17
25 1912 Jan 28
164 17
Preferred
80
21
*2014
2014 2014
2112 2114 2114 *2014 21
8 Feb 19
193
25
*2014 2112 20
B
Preferred
150
2014 2014 2014 20,4 . 2014 2038 2012 2018
*2013 22
100 75 Apr 21
02018 22
let preferred (6;i %)
300
85
7512 *75
75
80
*75
85
*75
81
*79
8 Mar 25
485
par
o
78
78
/
-..24
Trust_
Invest
Comm
11,400
4912
*48
50
50
5178 4912 5112 4912 503* 4912 507
100 95 Apr 21
49
9612 981 9612 3,600 7% preferred
95
100 89 Apr 16
*9534 9618 *9534 9618 *9534 9618 9534 97
(6i.)
Preferred
900
8
925
*90
9118
9024
91
90
89
9012 9112 9112 89
89
25.200 Commercial Solvents B No par 223 Jan 3
33212 345
33312 345
328 333
322 334
33134 333
332 350
1714 Jan 28
94,300 Congoleum-Nairn Ino_No par
8
217
2012
2114
20
2012
4
103
4
193
1918
1914
No par 47 Mar 11
1912 19
19
6012 6078 20,400 Congress Cigar
14 Feb 1
No par
5958 6078 607 6178 6024 6034 6034 51% 6012 6112
stpd
Foil
Tin
Conley
31
*12
34
*12
34
*12
34
*12
54
No par 76 Mar 24
*12
34
*12
8018 7724 79% 7834 7914 16,500 Consolidated Cigar
8114 7912 8014 77
80
100 99 Mar 22
7912 81
Preferred
101
*9812
101
*991,
*9812 100
*9812 100
*99 10012 *9812 101
114 Apr 4
138
112
13* 2,300 Consolidated DistrIb'rs No par
114
158 15*
134 134
112
112
Mar 9
112
•138
9838 9912 24,000 Consolidated Gas(NY) No par 94 Mar 14
987 9912 9812 9912 987 993
318
par
9934 10014 993 100
_No
_
Consolidated
56,600
4
53
514
558 578
534 6
614
6
534 614
Apr 1
3412
par
elANo
53* 538
TextileBaking
395* 4112 3912 4012 21.500 Continental
3912 41.
41
3912 39
412 Apr 1
3912 3918 39
No par
47
434 478 9,900 Class B
5
4% 5
47
4% 47
5
Apr 1
72
100
434 5
Preferred
7,100
8212 8012 8212
8214 8234 81
82
82
8212 8I38 82
82
6,800 Continental Can, Ine_No par 5834 Apr 0
6334 6418 6312 6412 6334 6414 6334 6414
6412 6434 6314 65
25 135 Jan 27
Insurance
7
Continental
800
157
*157
157
15734 15834 157 158 *15712 15812 157
113g Jan 28
•157 159
_ _No par
1214 1212 1218 1214 16,500 Continental 1Mot9rs_
°,5 4678 Jan 12
124 1212 1218 1212 1218 123* 1214 1212
5978 6178 93,600 Corn Products Refining
61
59
5914 597
Jan 11
6132 5834 697
6124 59
128
100
61
Preferred
500
131
129 129 *12914 131 *12914
130 130
No par 56 Jan 3
•130 131 *130 131
7214 7238 1.400 Coty. Inc
72
7132 713* 72
72
7212 72
72
72
72
of America_ 100 77 Jan 4
Steel
Crucible
9.700
9012
89
92
90
9012 8914 92
9114 915* 90
100 103 Jan 18
91 . 91
600 Preferred
107 108 *107 109
No par 2614 Feb 2
•105 107 *105 107 *105 107 *105 107
40,000 Cuba Co
317s 3112 32
8 Apr 11
No par
3114 31% 3118 3334 3134 32% 3114 3218 31
Sugar
Cane
Cuba
7,200
934
93* 958 *912
912 912
924 924
953 1024
100 3924 Apr 5
912 10's
7 45
15,400 Preferred
458 444 45% 447s 4572 44
465* 45
4418 4512 45
Cuban-American Sugar- 10 22% Apr 6
9,000
26
2512
26
2512
26
2612 2524
26
2614 27
2434 26
100 102 Jan 31
200 Preferred
1043* 1043* *10378 110
15 Feb 15
3,10411 110 *104 110 *104 110 *104 110
800 Cuban Dorn'can Sun newNo par
1512 *1478 16
*1412 1612 15
16
16
16
16
50 4312 Apr 8
new
16 s 16
Packing
4734 4734 *4612 473* 2,100 Cudahy
48
47
4634 4714 4614 47
No par 103 Apr 4
4512 451
Sons
Cushman's
50)
1091_,
Ill
10912
*1091,
*10918 111
No par 3014 Mar 10
mu 110 11012 111 •110 4 111
3,700 Cuyamel Fruit
31
31
31
3118 31
303 3218 31
33
.3212 3412 33
2,900 Davison Chemical v t o_No par 2612 Feb 24
2712 28
28
28% 28
28
28
2924 28
100 13312 Jan 21
2814 2814 28
Edison
Detroit
6,300
143
14112
142 14314 14112 14112 142 14312
ANo par 3738 Jan 25
139% 1403s 14014 142
3912 3912 2,300 Devoe & ReynoldsA___No
3812 3912 39% 40
39
1758 Apr 22
par
4014 4014 3912 4014 39
Dodge Bros Class
78,100
4
183
175
1914
1812
4
193
No par 7012 Apr 22
1938 1934 1938 1978 1912 1934 1834 7434 72
7412 7012 727 20,000 Preferred certif
73
8
743
744
4
743
734 Apr 20
7418
par
No
744
Ltd
7418
4,300 Dome 511nes,
734 8
734 7%
734 734
814
78 77
46 Jan 3
No par
*818 834 z814
1,100 Douglas Pectin
6014
6014 6014 *60
60
60
60
60
Mar 2
11414
100
pref___
lot
Light
613* 613* 6014 61
Duquesne
200
116 *11534 11614 *11534 11614 *11534 11614
No par 12614 Jan 28
0116 11612 *116 11614 116 14112 141 141
142 14212 14112 14214 2,900 Eastman Kodak Co_ No par 2418 Mar 21
14012 14112 14034
Spring
&
14114 142
Axle
Eaton
3,400
2618
26
261s 2612 26% 2618 2618 2614
27
new_No pa 168 Jan 25
26% 2718 26
247 25234 24918 2537 56,900 E I du Pont de Nem
24714 25012 24578 249% 247 249
100 10512 Feb 5
245 249
700 67 non-vol deb
110% *11012 11034 111 111
25 1178 Jan 3
Bros
*110 11018 11018 11018 110 11012 1103* 1418 1414 147
&
Eisenlohr
4,800
8
147
145*
4
133
137
1314
s
1314
13
par 6312 Jan 13
No
13
8
127
12,200 Electric Autollte
7814 7718 79
77
77
7518 75
75
7434 75
1312 Mar 2
No par
75
75
Boat
Electric
99,600
1914
18%
19%
19
1918 203*
2014 1914 2014
1612 Jan 27
No par
1818 194 19
2014 44,600 Electric Pow de Lt
2012 19% 20% 20
20
204 2034 20% 204 1934 2014 *11012
Allot Ws for pref 40% pd._ 10378 Jan 28
600
11218
*111
11218
112
____
--__
Apr 8
10812
pdfull
pref
*110 ___ 110 11014 *11012
for
ctfs
Allot
100
____
11012 --__ *11012 --__ *111
____ 11134 11134 11012 *110
No par 96 Jan 14
1,400 Preferred
10234 10234
10212 103
10212 103
10212
10212
10112
1023*
Apr 12
8
2212
1017
par
101%
38,900 Electric RefrigeratIon_No
2512 2634 2658 2712 2478 2634 23% 26
6518 Apr 22
li, 2538 2512 25124 2618
6712 6818 6518 6738 13.700 Elea Storage Battery_ No par
675 69
4
Jan
718
A.Nopar
6912 6934 693 7114 6812 69%
Class
Emerson-Brant
200
9
9
1212 *1012 1212 *1012 1214 1012 1012
1212 *11
•11
6712 66% 6634 3,200 Endicott-Johnson Corp___ 50 6434 Jan 28
66
68
66
654 6578 6534 657
5
Jan
100
*6512 66
1163*
Preferred
200
121
4
*1183
12014
11912 *11834 11912 119
•11834 11912 *11834 11912 *11834 2514 25
2514 6,600 Engineers Public Serv._No par 2134 Jan 11
2538 247* 2538 25
25% 25%
2518 25
25
No par 9334 Jan 8
900 Preferred
103 103
10234 103
103 103
103 103
103 103
5 2434 Jan 3
*102 103
13,400 Erie Steam Shovel
2812 2814 2878 2834 29% 2818 29% 2814 2878
28
28
100 10112 Jan 6
28
Preferred
106
*104
106
*104
10612
*104
106
*104
11814 Feb 5
*104 106 *104 108
pfd_100
Bldg
Office
Equitable
300
141
*136
141
140 *136
140% 140% 14014 14014 13912 13912 0136
7134 7012 7114 7012 7118 19.100 Eureka Vacuum Clean_No par 60% Jan 25
6934 7212 s71
71
70
1513 Jan 25
par
7012 71
Corp_No
300
Bullet
Exchange
4
193
*1914
194
1912
1912
1918
1918
*1812 19% *1812 1918 *1812 391
No par 3818 Feb 10
40% 4012 3934 3934 403* 4038 1,800 Fairbanks Morse
40si 4012 3912 404 3912
100 10718 Feb 7
100 Preferred
*11012 112
112
*11012
11012
11012
112
*11012
112
*11012 112 *11012
1065* 10778 16,900 Famous Players-Lasky_No par 10512 Mar 30
10714 108
108.k 10812 1075* 1085* 1074 10812 107% 108% 117% 11758 11712 11734
100 117 Apr 8
600 Preferred (8%)
'1175 120 *117 1197 119 119 *11712 11812
15 3712 Jan 17
4234 4318 7,500 Federal Light & Tree
43
421g
43
4214
43
4234
par 9112 Feb 23
4312 4418 4212 43
'Vo
90
Preferred
*9612
34 9634 *96:2 9634 9612 9612
9734
*95
96
96
97
96
1,850 Federal Mining & Smelt'g_100 60 Feb 9
11434 115
118 118
115 117
115 116
100 7512 Jan 28
1
114 114 *112 115
9634 9512 9634 9514 95 2 8,500 Preferred
9434 9434 9434 9524 95,4 9638 96
Federal Motor Truck_ _No par 23 Apr 18
10,900
2484 2378 25% 26'4 2512 2512
* 24
235
25
23
2412 25
1,400 Fidel Then Fire Ins of N Y_ 25 9312 Feb 23
106
*10412
1097
106
108
*105
107
10612
10514 10612 107 107
100 9712 Jan 13
300 First Nat'l Pie, let pref
101 101 *101 10234 101 101 *101 10234
IVO par 2334 Mar 23
900 First Nat'l Stores
101 101 *____ 101
2414 2414 *2414 2412
25
2412
28
*24
2414
24
16 Jun 24
No par
•2378 24
1858 1914 69,000 Fisk Rubber
1914 20
1834 1834 20
let preferred stamped-100 81 Jan 5
1814 1812 18% 18% 18
8712 2,000
88% 88% *87
8612 89
8612
8612
Jan24
8612
97
*86
100
lot
cony
8612
preferred
800
*8534
*98 101
101 101
99 100
99
97
*0614 99
*9614 100
547 64,500 Fleischman Co new____No par 4618 Feb I
54% 5518 54% 5514 54
9
Feb
75
par
No
Co
Foundation
545* 5534 5412 55
4,000
5514 557
82
8314 82
834 82
83
85
8512 85
*85
No par 557 Apr 7
85
23,500 Fox Film Class A
*84
58
57
59:8 5732 5818 5732 59
par 3414 Jan 4
5712 6138 57
Ns
Texas
Co
65,100
Freeport
6014 61
6614
6412
66%
6738 6512 66% 8538
No par 2918 Jan 3
375 34,100 Gabriel Snubber A
67% 685* 654 6834 6518
36
3718 377
612 Jan 27
36% 3038 3634 365 3758 10
No par
3534 3612 36
1012 1138 11,500 Gardner Motor
111
1014
10% 10
No par 48 Jan 3
Car_
Tank
Gen
Amer
1.600
4814
1058 1038 1014 1014 1013 4812
4817
4818
4812 4878 4814
4812
8 Mar 1
1063
4812
48%
100
Preferred
4812 4812
109 *108 109 *108 109 *108 4 109
100 7712 Jan 27
*108 109 *108 109 *108
844 88% 8514 814 833 8514 41.400 General Asphalt
85
Jan 25
8314
120
8514
100
83
4
Preferred
823
135
8214
*125
130 *125 135 *125 135
Jan 26
5712 57
•12012 130 *12012 130 *125
577 15,400 General Cigar. Inc new _No par 52 Jan 5
5538 x5532 5534 5512
100 116
Preferred (7)
5412 5434 5472 5518 5518 121 *117:8 121 *12014 121 *11712 121
Jan 11
*11718
116
121
(7)_100
preferred
200
Debenture
11712 11712
•11718 121 *1175*
117 117
117 *115 117
800 Gen Outdoor Adv A__ _No par 5458 Apr 11
5518
*115 117 *115 117 *115
5512 *5434 5514 55
*55
55
Jan 18
55
37
par
55
7
o
certificates____N
Trust
8,200
39
12 5438 544 55
3912 3934 3824
39
27
3858 38524 30
6 39 403 3824 39
9832 147,800 General Electric, New...No par 81 Jan
9412 9314 9538 94
93
1114 Jan 3
9212 9034 93
speclal____I
4,700
Electrie
General
1152
1112
11%
IL 9114 9272 91
1112
1112 11%
1
8
Apr
115
3
113
34
va
1118
A__No
11%
Elea
&
1.500
General
Gal
1118
k 1112
4012 4012
404 41
41
41
4014 4112 41
k 41 41
41- - . .
day.
cais
all
priced
asked
• ista and
.11.
4r.IIR 0.
1-.11 4.3.12 tIlird
•
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday,
Tuesday, I Wednesday, Thursday,
Monday,
Saturday,
April 22.
April 21.
April 20.
April 19.
April 18.
April 16.
New York Stock Record-Continued-Page 4
For sales daring the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 16.
Monday,
April 18.
Tuesday,
April 19.
Wednesday, Thursday,
t i
April 20.
21.
Friday,
April 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share Lots
1403
PER SHARE
Range for Prerious
Year 1926
Lowest
Highest
Lowest
Highest
$ per share $ Per share
Per share $ per share $ Per share $ Per share Shares Indus. & Mlscell. (Con.) Par $ Per share
$ per share $ per chore $ per share
*10212 104 *10212 104 *1021. 104 *10213 104 *10212 104 •10212 104
Gen Gas & Elec of A (7)No par 100 Jan 3 10712 Jan
24
95 ktay 100 Deo
*114 115
115 *114 115 *114 115 *114 11412 *114 115
Preferred A (8)
No par 11314 Mar 22 11534 Jan 28 10512
Apr 113 Sept
*99 100
*99 100
100 100
100 100
*99 100
99% 100
400 Preferred B (7)
No par 96 Jan 13 100 Apr
9214 Apr 96 Jan
18434 18612 18612 18814 186 18838 18734 188% 187% 195
192 196,4 687,400 General Motors Corp_No par 14512 Jan 25 19614 Apr 19
22 11314 Mar 22534 Aug
11978 120
11934 12014 11978 120
119% 120
120 120,8 12018 12014 6,100 7% preferred
100 11812Mar 9 122 Jan 7 11312 Jan 12214
Dec
*104
*103
_ _ *104
-- *104
*I04
*104
6% preferred
100 104 Mar 7 105 Jan 3
9814 Apr 105 June
1117 1-1-312 11314 11538 11414 115
112 1173
11234 114
112 113
19,300 Gen fly Signal new
_No par 82% Jan 14 12014 Apr 6
6012 Mar 9378 Aug
*47
49
*47
49
*47
*47
49
49
*48
*48
49
49
General Refractories___No par 38 Jan 14 52 Apr 6
36 May 49
4614 4734 46
4634 45
4738 46
47
46% 4734 4718 4718 8,900 Gimbel Bros
Jan
No par 3712 Mar 24 4934 Apr 11
4114 Nov 787a Jan
*10212 105 *10112 105 *10275 10512 •10278 10512 *103 10512 •103 10512
Preferred
100 9938 klar 18 105 Apr 13 100 Nov 1113
8 Jan
1958 1958 20
20
20
20
1934 20
1912 1934 1912 1934 3,000 Glidden Co
par
No
1813
Jan
26
22
Mar
10
1538June 2534 Jan
51
5134 5112 5314 5213 5318 52% 5318 5212 54
5218 531.2 27,900 Gold Dust Corp v t o No par 42 Mar 9 54 Apr
21
4112 Mar 5678 Feb
5612 5634 5658 5738 56% 571
57
58
5612 5712 5538 56
14,000 Goodrich Co (B F)
No Par 42% Jan 3 58.14 Mar 3
3912 Nov
705 Feb
10018 10013 *100 10038 10018 10018 10033 10012 *10014 10113 •10014 10012
600 Preferred
95 Jan 3 10012 Mar 14
100
9412 Dec 100 Feb
10734 108% 10734 10814 10712 10812 107 108,4 *10713 108
108 10814 3,100 Goodyear T & Rub pf vi 0_100 9813 Jan 27 1113e Apr
4
9612 Dec
•10858 10912 *10858 10912 *10858 109 *10858 109 •10858 109
Aug
109% 10934
400 Prior preferred
100 105 Jan 7 10934 Apr 22 10414 Dec 1097
109 Sept
*6514 66
65% 6538 65
6514 .6453 6514 6453 6514 65
65% 2,600 Gotham Silk Hosiery_Ns par 5738 Jan 12 67% Mar 25
3314 Mar 6912 Nov
6438 65,4 6533 6553 *64,2 65
*6412 66
6418 65,8 6412 6412 1,600 New
No par 58 Jan 12 67% Feb 24
4712
July
6878 Nov
108 108 *107 108 *107 108 *107 108 *10614 10712 *10614 10712
300 Preferred new
100 104 Jar 26 10912 Apr 9
*Ws 812 *818 812 *814 812 *818 812 *818 812
812
818
200 Gould Coupler A
No par
Mar 18
958 Jan 13
8
Oct 2113 Jan
35
3434 35
3612 36% 38
3714 37% 3613 3712 3714 38% 32,400 Granby Cons M Sm & Pr_100 3118 Jan 27 3878 Apr
22
1618 Mar 36% Dec
115% 11812 11714 119
116 11812 11614 11734 11612 11758 114 11718 27,300 Great Western Sugar tern ctf25 109 Jan 26
11914 Feb 28
89
Apr 11312 Doe
12014 12014 120 120,2 118 120 *119 11934 11934 120
119 120
680 Preferred
100 11612 Feb 26 1217 Jan 17
4013 4434 4418 4558 4214 44% 43
37% 40
44% 4114 43% 37,200 Greene Cananea Copper.....100 2914 Jan 27 455 Apr 19 10813 Mar 11814 July
934 Apr 3434 Dec
934 10
984
914 10
878 938
912 912 *912 9% 3,300 Guantanamo Sugar___No par
8 Jan 25 10 Jan 4
518 Jan
107 Feb
5718 57,8 57
5712 *5612 57
54
52,4 5612 5212 53
53
4,700 Gulf States Steel
100 5214 Apr 20 64 Feb 28
5138 Oct 933 Jan
58
591
.58
5812 *57
58
*57
58
57
57
*58
57
50 Hanna Ist pref class A
100 56 Jan 31 67 Jan 19
45 June 6012 Dee
26
*2513 27
2538 2558 *2512 27
26
2534 2578 *26
27
800 Hartman Corp class A_No par 25 Jan 22 2714 Mar 29
26
Oct 2812 Nov
2738 29% 2838 2938 28
29
2814 28% 2758 28% 2758 2778 15,909 Class B
No par 2312 Feb 9 29% Apr 18
245 Dec 30 Sept
*25
26
26
26
263
26
26
2612 2612 2712 26% 2658 7,990 Hayes Wheel
No par
1512 Feb 15 2813Mar 31
17% Dec 46
Jan
*94
95
*94
95
95
*94
*94
95
94
95
*92
94
200 Helme (Cl W)
25 7612 Jan 14 10178 Mar 17
68 Mar 88 Dec
*28
30
*28
2812 2812 *28
30
•28
30
29
28
28
300 Hoe (B.) & Co
No par 22 Jan 31 3338 Feb 14
1712 May 3512 Aug
*62
62,4 •62
62,4 *62
6214 *6112 6214 *6112 62
62
62
190 Homestake Mining
100 60 Jan 25 6318 Jan 15
4712 Jan 63
Oct
48% 48% 49
48% 49
*4878 49
49
*4812 43% *48541 4834
700 Househ Prod,Ino.tem ctiNopar 4314 Jan 3 5014 Mar 17
40 Mar 483* Jan
106% 11012 107 10912 109,2 114% 116% 120
10434 108
11418 118
95,500 Houston 011 of Tex tern etfs100 6018 Jan 11 12434 Mar 8
5014 Mar 71
Jan
3953 39% 3934 41% 4034 4113 4018 40% 3912 40% 3914 40
15,900 Howe Sound
No par 377 Feb 14 417 Apr 18
27
Jan 45 Sept
7418 7478 74,4 76% 75% 77% 75% 76% 7234 75% 234,500 Hudson Motor Car__.No Par 4814 Jan 24 7735 Apr
75
74
20
4034 Oct 12314 Jan
4912 2014
2138 2012 21
2114 21% 21
19% 1934 19
1912 36,000 Hupp Motor Car Corp.._.. 10 19 Apr 22 2353 Jan 10
17 Mar 288s Jan
2158 2212 22,8 2258 2214 2212 2134 22
22,8 2114 22
22
11.300 Independent Oil& Gas_No par 21% Apr 18 3234 Feb 1
19% Mar 34
Jan
17% *17
17
1712 *1613 1713 *1612 1712 *1612 1712 1,000 Indian Motocycle
18
18
No par 13 Mar 30 1838 Apr 13
1412 Dec 2414 Feb
913 9%
9
918 9114
9
9,8 918
914 914
9
1,900 Indian Refining
9
10
758 Jan 29 1118 Mar 14
734 Oct 13% Feb
834 834
8,2 834
9
9
834 834
Certificates
8% 8%
9
9,4 4,300
10
758 Jan 12 1013Mar 14
713 Oct 1212 Feb
9312 9312 9212 93
*9212 94
•9213 94
*93
94
9234 93
603 Ingersoll Rand new..,..No par 02 Jan 10 9612 Apr 2
8014 Mar 104 Jan
47
4614 47
43
45% 4612 45
4434 45
44
46
23,200 Inland Steel
45
No par 41 Feb 15 47 Apr 18
34l
May 4338
•112% 11312 *11218 11312 *11218 11312 *11218 11313 *113 11312 *11218 11312
Preferred
100 111 Jan 3 114 Mar 16 10834 Mar 115 Dee
Feb
1814 1838 1814 1878 19
19% 20
2014 20
2055 1914 1978 11,000 Inspiration Cons Copper___20 1814 Apr 14 2512 Jan 12
203
4
Mar 2858 Nov
1334 14
1312 14
1378 14
1312 141s
14
14
13% 14
7,100 lntercont'l Rubber__ _No par
1112 Jan 3 1534 Mar 12
12 Dec 211 Feb
612 634
*634 712
613 6,2
6% 638
6% 6%
633 61
3,500 Internet Agricul
No par
614 Apr 21
107s Feb 23
9% Dec 2614 Jan
*35
40
*35
*35
35
*35
35
3618 3618
40
300 Prior preferred
100 33 Mar 20 85 Feb 14
5638 Dee 95
Jan
7358 7413 74 -7.518 73% 7438 73% 75% 75
7512 7434 7614 20,500 Int Business Machlnes_No par 5318 Jan 13 7614 Apr 22
3818 Mar 5678 Dec
53% 53% 531. 53% *5338 5334 53% 5334 53% 5331 5314 54% 4,700 International Cement._No par 45% Jan 21 547 Apr 22
4453 Oct 7178 Jan
*109 110 *109 110
10853 108% *10813 110 •10814 109 *10858 110
100 Preferred
100 10214 Jan 21 109 Apr 12 1017 Oct 106
Jan
5213 5338 5314 5458 53% 5712 56% 5833 5518 57
5438 5612 137,500 Inter Comb Eng Corp_ N0 par 4318 Jan 28 64 Mar
3312 Mar 6413 Jan
16034 16112 16112 16212 16014 161
161 163% 16118 16134 16138 16312 15,600 International Harvester...J00 1353 Jan 18 16378 Mar 1
1 11214 Mar 15318 Des
•128 130 *12712 12912 *127 129
123 128 *128 128% 12812 12858
300 Preferred
100 12634 Jan 12 12934 Mar 26 118
Jan 129 Dec
*634 7,4 *7
714
7
7,8
718 7%
714 7%
7
758 3,300 Int Mercantile Marine.. 100
614 Jan 4
858 Feb 7
6 Sept 123* Feb
4034 41
40% 41
41% 4318 42% 4414 42% 43% 42% 4358 54,900 Preferred
100 3718 Jan 6 445 Feb 7
27 Mar 46% Feb
7414 70
67
73% 70
7034 69
7012 69
69% 6914 6934 34,000 International Match pref__35 62 Mar 2 7414 Apr 16
5312 Mar 61333 Feb
5012 5212 5213 5314 52
5318 5118 5213 51
5218 5312 5712 271,400International Nickel (The)_25 3814 Jan 3 5712 Apr 22
3232 Mar 4614 Jan
*102
_ *102
*102
*104
*104
_ _ *104
Preferred
100 10355 Mar 2 10614 Feb 2 10118 Jan 10412 Dec
5534 5513 56
5414 5434 55
55
55
5412 5514 54
International
Paper. __No par 5318 Jan 3 60% Mar 7
5434 4,500
4418 Apr 6334 Aug
98% 9812 98% 98% 98% 9838 98
981s *98
9818 98
1,700 Preferred (7%)
98
100 9612 Jan 3 10014 Mar 15
89 May 100 Dec
*174 180 *17534 180 *17413 180
180 180 *180 190 *177 18478
100 International Shoe___ _No par 160 Jan 21 180 Apr 20 135 May 175
Jan
13334 13438 13334 13414 13313 137
13634 138% 13613 13734 136 13712 48,900 Internal Telep dr Teleg
100 12214 Jan 25 13855 Apr 20 111 Mar 133
Jan
*2612 2734 2612 27
2714 2714 2612 27
24
261s 25
No par
2512 4,500 Intertype Corn
1912 Jan 31 2918 Apr 2
1812 July 29 Jan
60
6012 60
60
60
6014 6014 6412 64
65% *6334 64
15,700 Jewel Tea, Inc
No par 532 Jan 3 6538 Apr 21
25 Jan 5612 Dee
*118 123 •119 122 *120 122
12018 120,8 *120 123 *120 122
100 Preferred
100 117 Mar 18 125,2 Mar 15 11512 Jan 12712 Nov
2412 24% 2413 24% 2458 25% 24% 2514 2458 25
2414 2512 5,700 Jones Bros Tea, Ine,stp0_100 1055 Jan 3 2714 Apr 6
9 Dec 1912 Feb
20
20
2013 20% 1914 2014
18% 1914 1918 1914 1914 19% 7,200 Jordan Motor Car
No par
1513 Mar 3 2212 Jan 5
12 Nov 66 Feb
Kansas Gulf
10
14 Jan 11
14 Jan 11
14 Mar
34 Jan
.114
_ *iiii2
*ii8.
1144.3 11412 *1- 1112 120 '114'8 118
100 Kan City P&L let pf A_No par 112 Feb 10 11434 Apr 14 10714 Mar 115 Nov
-. 1-14 51
*51
5114 5058 I21
,3 51
5138 51
4,630 Kayser (J) Co v t e___.No par 50 Jan 4 5714 Jan 31
52,8 5114 52
3314
May
5134
Dee
2218 2234 2214 2314 2213 2434 24
2713 2634 28% 24
913 Jan 27 2853 Apr 21
2638 139,900 Kelly-Springfield Tire
25
9
Oct 2112 Feb
73
•70
*70
72
*70
72
72
75
74% 75% 73
2,300 8% Preferred
73
100 35 Feb 2 7538 Apr 21
4312 Oct 7434 Feb
73
•72
70
70
70
68
71
74% 75
2,2006% preferred
76
73
100 44 Jan 19 76 Apr 21
73
45 Dec 7314 Feb
•78
89
86
*78
*78
86
*78
86
*78
85
100 Kelsey Wheel, Ina
85
85
100 65 Mar 25 90 Mar 31
764 Nov 126 Feb
63
63% 63% 65% 65
6534 6558 66
6578 6614 65% 6638 116,800 Kennecott Copper
No par 60 Feb 9 6638 Apr 22
4934 Star 6444
2 No,0
5
8
55
12
12
12
12
58 4,200 Keystone Tire & Rubb_No par
12
,3
%
3.1
12 J1113 3
I Mar 11
May
Jan
32
•30
31
31
*31
*31
32
32
*31
32
31
32
300 Kinney Co
No par 2114 Feb 11
45 Jan 5
39 Nov 82% Jan
5334 5912 *57
58
514
58
58
58
58
53
57
57
900 Kraft Cheese
25 50 Feb 10 627* Feb 25
565
8
Dec
68
Nov
5014 50% 5034 5113 51
5134 .5114 52% 5214 5334 52
53,4 30,200 Kresge (81 8) Co new
10 4578 Jan 28 55 Jan 7
4234 Mar 82
Jan
*11278 11312 •11278 11312 11313 1131. *11218 11312 11278 112% *112 113
20 preferred
100 110144 Feb 9 11312 Mar 11 11212 Nov 11434 Feb
1612 1613 •1413 15
•15
1578 16
16,4 .415
16
•15
16
14 Apr 14 1712 Feb 8
200 Kresge Dept Stores__ No par
1518 Mar 335 Jan
*50
•45
*45
60
60
60
*45
60
*46
60
*43
Preferred
60
100
67%
24
Mar
80
Jan
4
7014 Mar 9314 Feb
•I96 199 •196 198 *195 107 *192 196
191 193
191 191
200 Laclede Gas L (St Lou1s)_100 17334 Jan 27 19812 Apr 13 146 Mar 19614 Dee
3012 2912 3014 2934 3038 30
30
30,4 29% 30
2914 29% 9,200 Lego Oil dr Transport_No par 2012 Jan 13 3212 Apr 9
19% May 2412June
7158 7234 7112 72
7158 72
71
71
7212
71%
71
Lambert
Co
5,800
par
71,
4
No
66 Jan 28 7434 Mar 16
3912 May 72 Nov
*8
812 *8
8
8%
812
8% 9,8
9
9
8% 8% 1,200 Lee Rubber & Tire
No par
7 Jan 4
938 Mar 14
614 Dec 14
Jan
34$8 3438 3418 3414 337 34
33% 33% 3334 34
3312 3313 2,000 Lehn & Fink
No par 3312 Apr 22 3734 Jan 19
3014 Mar 411 Jan
2114 22
*21
22
*2118 2134 *21
21% 2112 2112 2178 21%
Life
Savers
par
600
No
2114
Apr 16 2478
1714 May 25 Dec
100 100
10078 10153 10134 10134 10112 102
101% 10178 *10114 10278 2,100 Liggett & Myers Tobacco_ _25 *44712 Feb 10 1027* Feb 17
Jan 4
7218 Mar 103 Dec
99 100
10018 10112 1007 101
10012 10178 10112 10178 101% 101% 16,500 Series B
*865, Feb 10 1024 Jan 18
71 Mar
•128 130 *128 130 *128 130 •126 130
7234 Dec
12838 129 *12534 130
500 Preferred
100 12434 Jan 27 12934 Apr 5 11934 Jan 12934May
66
.*65
66
6634 6634 6712 6734 6734 6714 71
69% 711 10,300 Lima Loo Wks
No par 62 Jan 6 7412 Feb 11
5312 Mar 6934 Jan
5013 51
51
51
5034 51
25018 5034 5012 5012 50% 51
Liquid
Carbonic
1,900
certifs_No
par
48%
Mar
15 5953 Feb 14
56% 5612 5514 5638 5513 56% 5512 56
4312 Oct 587 Nov
5518 5512 5458 5512 27,000 Leew's Incorporated...No par 4678 Jan 4 63%
Mar 17
3414 Mar 498 Dec
618 614
614 6,4
4313 618
6,4 6,4
6,4 6,4
612 613 1,500 Loft Incorporated
No par
6 Feb 23
4014 4038 3814 4018 37
753 Jan 20
6 Oct 1114 Feb
38
3334 37
3618
3412
6,500
Long
Lumber
Bell
A__.No par 3334 Apr 21 43 Mar 7
16114 18141; 163 16413 16334 16534 16534 16712 16834
4134 Dec 5013 Feb
16834 166 168
4,000 Loose-Wiles Biscuit
100 150 Jan 18 17312 Feb 26
*161 165 •160 165 *163 165
88 Mar 17712 Dee
165 165 *167 170 •165 170
200
preferred
2d
100
157
Mar
II 1697 Feb 26 12014 Mar 175 Dec
2734 2734 2734 28
2758 27% 27% 2712 2712 2814 2734
28
3,900 Lorillard
25 26 Mar 25 327 Jan 3
11412 11412 11434 11434 *11413 11514 11514 11514 *11434 11614 115
2734 Oct 4314 Feb
115
500 Preferred
100 11138 Mar 18 1181 Jan 13 11118 Apr 120 Aug
13
13
13
13% 13
1318
13
1318 13
13%
13
1314
8,300
Louisiana
Oil
temp
ethi_No
par
1258 Apr 4 1818 Jan 5
94
•92
*92
94
12 Mar 1978 June
*92
04
*92
94
*92
94
*92
Preferred
100 90 Apr 6 97 Feb 5
2652 2634 2653 2634 2613 2634 2612 26% 2613 267,3 2612 94
93 Dee 98 Dee
*2834 29
2812 2834 *29
2214 Mar 2618 Feb
2912 2812 2834 28% 2838 2758 2678 6,800 Louisville 0 & El A___ _No par 235, Jan 3 2758 Mar 24
28
1,800 Ludlum Steel
No par 2818 Jan 12 3314 Mar 18
•120 124 *120 12312 •120 12312 •I20 12312 •120 12234 *120
2258 Oct 5814 Feb
12234
Mackay Companies
100 120 Jan 14 1 2755 Feb 25 122
*7012 71
7078 707 *7012 71
Oct 138 Feb
*7012 71
7012 71
*7012 71,4
300 Preferred
100 70 Mar 17 72 Jan 27
11034 11134 11013 11212 11012 11138 10858 111
68
Mar 73% Feb
10734 109
1063
4 111
No par 8814 Jan 24 11212 Apr 18
•110 111 •110 111 .110 111
11078 III •11012 11112 11112 11112 93,500 Mack Trucks, Inc
895e
Nov
159
Jan
300 let preferred
100 109 Jan 25 11112 Apr 22 10712 Nov 113 June
*105 106 •105 10534 105 105 *105 106% •105 106,8 •105
106%
100 2d preferred
100 102 Jan 18 106 Mar 14 102
1083
Oct
4 Sept
35
3412 35
3512 35
3484 3514 34% 35
3538 3478 347
4,300 Magma Copper
No par 2912 Feb 9 3618 Mar 7
*1112 1213 1112 1112 *1112 1212 *12
34 Apr 4478 Feb
•1112 14
14
1234 1234
200 Mallinson (H R) & Co_No par
1112 Apr 7 16 Jan 5
73
*73
1258 Nov 2818 Jan
72
75
*72
74
•72
75
*73
75
75
300 Menet! Sugar prof
100 69 Apr 1
67
67
55 June 82 Feb
6714 6812 66% 6634 67
77 Feb 23
67
67
6738
3,600 Manh Elea Supply ____No par 53'8 Jan 25 72 Mar 14
44
Oct 8734 July
2812 2813 2934 29
•28
3034 307 3134 3012 3132 *E4
14,900 Manhattan Shirt
25 2414 Jan 18 3134 Apr 22
*4413 46
217e Oct 327 Jan
*4412 46
*4412 46
*4412 46
4412 4412 *4412
100 Manila Electric Corp__No par 40 Jan 22 • 46 Mar 10
2712 Mar
Se pt
•1514 154 *1514 16
*1513 1613 158 16
*1512 1612 15% 15%
500 Maracaibo Oil Expl_ __No par
48
5'3 Feb
1612 Oct 2
41
1514 Apr 5 2234 Jan 18
43
4318 44
4055 4212 42
4234 41
42
33% 3312 333 3334 *3312 3412 3312 3312 3312 3312 39% 40% 319,200 Marland 011
4914 Mar 6338 June
No par 3934 Apr 22 5812 Jan 17
3358
1,100 Merlin-Rockwell
2412 Oct 33 Mar
No par 27 Jan 10 33 Feb 9
*19
19
1912 *19
19
1912
1918 1918 19
19
1834 33%
19
800 Martin-Parry Corp_ _ _No
17 May 24
1712 Apr 13 244 Feb 24
312 June
1054 10578 10312 106 *10234 104
10312 10612 104 107
10618 106% 5,600 Mathleson Alkali Works.par 82
ars 6838 68
6212May 10618 Jan
Jan 6 109ar
58M 29
.50
631s 67% 69
6834 711g 71,8 7134 7034 7134 19,600
May Dept Stores new
6912 Dec 70 Dee
25 674 Jan 27 7178 Mar 22
2738 2755 2718 2712 2712 2712 2755 2838 27% 2812 2834
26,900 Maytag Co
19 Mar
65
63
No par 2338 Jan 15 3012 Apr 22
70
63
6812 7012 6712 6712 67
6012 70
4,400 McCrory Stores Class B No par 56,2 Mar 4 7512 Jan 3
72 klar 121
Jan
2553 2538 *257 2712 *2618 2712 26
25
25
26
*26
800 McIntyre Porcupine MInes_5 24,2 Mar 14 2712 Feb 28
2214 Oct 30 Feb
2512 2512 2534 2534 2512 2512 2514 2553 *25% 2512 *25% 2712
2512
700 Metro-Goldwyn Pictures pf.27 24% Jan 3 2614 Feb 21
678 7
2214 Jan 2512 Nov
634 632 .634 7
7
7
638 7
6%
678
1,500 Mexican Seaboard 011...No par
6 Feb
914 Feb 16
1354 July
1 555 1578 16
612 Apr 14
1558 155
16
16
1618 16
16
157 16
10,400 Miami Copper
2171:43 Mar
,y 3
:
12
7 :
1143
8 31963312 Feb
4,
F
t,
I) 12
O
JJ onnt
324 3255 315s 32% 3153 323
3134 3238 3158 32
3138 317 23,600 Mid-Continent Petro_Ns 5 3
Jan 21
102 10218 •101 10212 *102 10238 *102 1023 1013
par
•10112 102
4 10134
300
Mid-Cont
90
3
Feb
Mar
Petrol
05
10414
13
pref
Apr
10112
100
Des
234 27
234 3
234 3
234 27
253 27
25, 278 37,200 Middle States 01.1 Corp____10
314 Feb 8
JNov
1112 Jan 3
2
17
2
2
2
2
1741
2
178
158
153
1,800 Certificates
FFeb
13 Oct
155 Dee
10
2
.
0_931M1.
*,204 109 *10404 10912 •108 109 *108 109 .108 109
200 Midland Steel Prod mar_ _100 105
8 107 Mar.
2521142
119
r11
ja
nn
14
A
133% Feb
•BIG and oaken Wow 04 11111 on Shia day. •B1-41WIdoint. I
Isoilshis.
:T=
New York Stock Record-Continued-Page 5
2404
wee •aiee during rn• week of 'rocks usually Inactive. see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 16.
Monday,
April 18.
Tuesday,
April 19.
Wednesday, Thursday, i Friday,
April 22.
April 20.
April 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On bast: of 100-share lots
Lowest
$ per share $ Per share $ per share $ per share $ per share $ per share Shares Indus.& Macon.(Don.) Par $ per share
36% 355 36% 1,400 Miller Rubber etfs____No par 315 Jan 25
36
36
36
3614 3614 3612 3614 357 36
100 814 Jan 28
98 100
9734 988 98
997
973 9834 9712 984 18,000 Montana Power
9734 99
6378 644 64 6412 6414 67
667 6812 674 6978 6814 70 137,500 Monte Ward & Co III oorp-10 608 Feb 8
No par
784 Apr 13
10,700 MOOD MOt0111
9
94 1034
9
87
934
914 934
834 10
934 934
4 Feb 9
414 414 13,500 Mother Lode Coantion_No par
418 418
418 432
414 432
414 432
414 438
972 Feb 17
700 Motion Picture
No par
11
13
12
12
1334 13
11
1112 114 1118 11
*13
No par 3212 Mar 31
3734 10,600 Motor Meter A
374 37
3734 3812 37% 3834 3634 3734 37
3734 37
No par 2034 Jan 3
2538 2518 2534 2434 2514 2434 247
2412 24% 6,500 Motor Wheel
24% 24% 25
10 Jan 5
17
17
1734 2,000 Mullins Body Corp__._No par
1634 1634 *1612 17
17
1738 17
1612 173
No par 36 Feb 25
100 Munsingwear Co
*3612 38
*3612 38
*3612 38
*3612 38
3712 3712 *3612 38
3112 3414 13,300 Murray Body new___ _No par 294 Mar 23
3134 3934 31
3112 3112 31
3034 31
3134 32
No par 6214 Mar 23
6334 14,000 Nash Motors Co
6438 6514 36338 644 63
6414 6412 6438 6412 6434 65
5 Feb 15
61
*6
612
400 National Acme stamped_ 100
*6
614
6
6
614 614 *6
6
6
25 948 Jan 27
4,700 National Biscuit
11334 114
11334 114
113 11334 113 11312 11234 11314 113 114
100 130 Jan 10
Preferred
*133 1344 *133 135 *133 135 *13314 134 *13314 134 *13314 134
4412 4434 4412 45
4412 448 4412 4434 4438 4434 4414 4412 28,600 Nat Cash Register A w I No par 398 Jan 3
100 18 Jan 22
*4114 4112 4034 41 12 --------------------------------500 National Cloak & Sult
100 61 Jan 31
Preferred
----------------------------------200
*97
97
9734
9734
300 Nat Dairy Prod tern etreNo par 70% Jan 3
79%
9
4 7
7934 79
7818 7938
79
7934 7812 79
2,400 Nat Department Stores No par 2438 Eeb 7
25
25
25
25
25
*25
2534 25
2538 25
25 25
100 90 Apr 18
let preferred
400
9118
9118 *90
90
*90
90
90
90
90
*8914 9112 90
2538 25
2534 2414 2512 6,000 Nat Distill Prod infs___No par 17 Feb 8
25 • 257
25
2534 2434 2614 25
800 Preferred temp etf__No par 43 Mar 22
50
50
50
*49
50
50
50
50
50
50
50
50
2414 2412 2412 2412 23% 2414 223 2334 228 2234 2212 2212 3,200 Nat Enam & Stamping_ 100 2238 Apr 20
100 72 Apr 22
300 Preferred
72
74
7214 7214 72
82
*68
78
*70
74
74
*75
100 160 Jan 27
9,300 National Lead
194 196
192 192
193 193
192 19212 192 19214 192 199
100
11714 Feb 3
Preferred
2,400
130
130
12812 12912
126 12814 128 130 *128 130
*126 127
24,100 National Pr & Lt otle__No par 1958 Jan 28
2212 23
2218 2234 2214 2234 2234 23
2234 2314 2214 23
50 8212 Jan 3
87
8812 8,200 National Supply
85
86
851 8614 8614 88
8512 8634 864 87
No par 108 Apr 18
900 National Tea Co
114 114
110 110 *105 112 *111 114
108 111
110 110
5 137 Feb 10
1434 148 1434 1478 1434 1478 1434 1478 49,500 Nevada Consol Copper
1434 1434 1434 1434
NY
Air
No par 4032 Jan 8
7,200
Brake
4414
4412
453
2
4414
4512
4434
43
4234
427 427
4212 43
No par 1.318 Apr 21
1318 1414 5,400 N Y Canners
144 1434 1318 14
15
15
15
1511 15
1514
No par 43 Mar 30
100
Preferred
*4734 4932 4734 4734
50
*48
50
50
*48
*4712 50
*48
100 34 Jan 14
1,200 New York Dock
40
40
*38
3934 3914 3914 *38
40
40% *3912 4014 39
100 7212 Feb 9
300 Preferred
76
76
*74
*74
78
75
75
*7412 7512 7514 7512 *74
2734 Jan 31
Niagara
Falb,
new_25
1,800
Power
pf
28%
287
8
2812
29
283
4
29
29
*2814
2878 288 *2814 29
10 4538 Jan 14
4912 25,800 North American Co
5012 was 4932 5038 4912 50
49
4918 50
4914 50
Preferred
60 50 Jan 10
1,300
'
517 5172 5134 517
*5134 517
5134 5134 5134 52
5134 517
500 No Amer Edison pref_No par 9632 Jan 6
10038 10073 *100 100% 10014 10014
1008 10072 10034 1002
's *10034 101
312 Apr 8
10
37
4
4
378 372 1,000 Norwalk Tire & Rubber
44 418 *378 4
418
*334 4
Nannally Co (The)----No par
1018 Mar 28
*1014 11
*1014 11
*1014 11
1114 *1014 12
*11
12
*11
35 3114 Jan 28
344 3434 3,600 011 Well Supply
3412 35
35
3412 3412 354 35
34
34
34
No par
11 Mar 25
1314 4,100 Omnibus Corp
1312 1334 1312 1332 1312 1338 1312 1334 1318 1318 13
654 644 664 6334 6512 10,000 Oppenheim Collins & CoNo par 5812 Feb 8
64
64
6412 6512 6434 6614 65
7
Orpheum
Circuit,
304
Jan 4
1
5,400
33
3312
Inc
3312
33
3438 3334 3414 *3334 34
3414 3438 34
Preferred
100 10312 Mar 23
100
*10534 168 *10534 108 *10534 108 *10534 10612 10612 10612 *106 109
8,000 Otte Elevator
50 x103 . Feb 2
11334 11512 11414 11434 11412 115
111 111
111 11312 11318 114
200 Preferred
100 108 Feb 16
112 113 *11212 114
*11012 11112 11112 11112 11112 11112 112 .112
714 Feb 10
No par
1038 1134 1034 1114 1012 1034 1014 1012 22,500 Otis Steel
1038 1138 1038 11
2,100
Prior
pre(
100 6112 Feb 8
75
74
754
757
8
75
3
4
7638
7512 76
76
75
7634 76
6,700 Owens Bottle
25 7518 Jan 18
80
798 797
78
778 7834 7734 80
8014 8012 797 80
1,000 Outlet Co
No par 528 Jan 24
*5912 60
*5912 60
6014 6012 *5812 60
5932 5912 5912 60
100
100 107 Jan 27
Preferred
10912 10912
*10914 110 *10912 110 *10912 110 *109 110 *10912 110
25 31 Feb 18
Pacific Gas & Elec new
33
3312 3314 3338 3312 3312 3,700
*3314 3338 3318 3314 328 33
2,300
Pacific
011
par
114 Mar 29
NO
138
114
114
114
4
114
114
114
13
114
138
138
10 34 Jan 25
3514 3512 357 10,400 Packard Motor Car
3514 35
3518 35
3534 35
3514 3512 35
1038 11,100 Paige Det Motor Car--No par
778 Mar 22
1038
934 1018 10
912 1118 10
1114 12
1114 12
5812 1,000 Pan-Amer Pair & Trans____50 5618 Apr 5
5812 5812 58
58
584 58% 5834 5834 *58
58
58
Class B
60 5638 Apr 5
5812 40,500
5812 58% 58
55's 584 5714 5818 5734 583s 5812 59
Pan-Am West Petrol B_No par 19 Mar 30
208 2012 1912 2034 2018 2012 2018 2032 2034 2115 2012 20% 5,600
1,500
par
Panhandle
Prod
&
Ref_No
814 Apr 4
9
*818
9
8%
85s
88
88 872
9
9
834 834
100 6812 Mar 15
Preferred
70
*51
70
*51
*51
70
*5012 70
*5012 70
•5014 70
2314 2314 2312 2314 2314 1,000 Park & Tilford tem otht..No par 20 Jan 27
2212 2312 2312 234 2314 2338 *22
•
1
6 Jan 3
300 Park Utah C M
*678
718
7
7
7
7
718 *678 7
*7
6% 7
31,900 Pathe Exchange A ____No par 37 Feb 14
46
47
4912 45
4734 45
48
47
484 4934 4734 50
50 2312 Apr 12
1,200 Peerless Motor Car
2412 2334 24
2418 2412 2412 2412 2414 2414 2412 2414 24
No par 21 Jan 17
2212 224 4,600 Penick & Ford
2334 2212 23
2334 2338 2314 2334 2314 2312 23
50 1014 Jan 19
100 Penn Coal & Coke
1412 *14
1412
1412 1418 1418 *14
1412 *14
1434 *14
*14
16,900 Penn-Dixie Cement_ _No par 3232 Apr 7
3734 39
364 3734 36 364 3614 3714 368 3812 3812 3932 *983
Preferred
100
9834 Mar 8
4
99
*9834 99
*9834 99
*9834 99
*9834 99
*9834 99
te Jan 3
34 2,400 Penn-Seaboard St'l vto No par
*38
%
a
%
4
34
%
%
%
%
%
Jan 14
126
1,600
People's
(Chle)-100
0
L
&
C
1373
4
137
138
138
138
*13712
13812
138
138 13814 13814 13812
700 Philadelphia Co (PIttsb)-50 8514 Jan 18
10312 10512 *103 105
*103 105 *102 105 *10112 105 *102 105
preferred
50 50 Jan 6
400
8%
5212
5212
4
52
5112
513
5112
52
514
*5112
*51
52
*51
437 4538 74,400 Phila & Read C & I-No par 41 12 Apr 2
4412 4532 4512 4714 4538 4638 4532 4614 444 457
Certificated of int___No par 4034 Apr 11
45 • 1,500
4512 454 444 4514 45
*4512 46% 4434 45
46
*44
100 Phillips-Jones Corp____No par 47 Jan 3
49
*47
49
*4712
49
*47
49
*47
49
4934 49
*48
Phillip
Morris dr Co. Ltd__ _10 3214 Apr 13
700
4
33
34
323
3314 34
33
35
35
36
*35
36
*34
Petroleum.___No par 4338 Apr 19
454 4512 437 4514 4332 4478 4434 4538 444 4518 4312 4412 262,700 Phillips Hosiery
5 42 Jan 7
Phoenix
*47
49
49
*463
4
49
*47
3
49
*4612
*4634 49
49
*47
100 103 Jan 5
Preferred
*10234 10412 *10234 10412 *10234 10412 *10234 10412 *10234 10412 *10234 10412
Pierce-Arrow Mot Car No par 17 Apr 22
28.
4
700
17
183
2
1812
1912
188
18
1914
1814
18
193
8
1914
5s
1834
100 7514 Apr 22
Preferred
7514 7812 5,900
80
79
80
797 814 78
82
7912 8112 81
25
12Mar 25
38 2,200 Pierce 011 Corporation
%
34
*33
38
%
%
%
%
%
%
%
1,600
Preferred
100
1312 Mar 24
1512
18
16
*143
4
4
16
15
*143
15
16
164 *15.
*15
21254ar 22
314 34 5,500 Pierce Petrol'm tern otfsNo par
318 338
312 332
338 312
332 334
34 332
3534 3534 3434 3512 1,400 Pittsburgh Coal of Pa--100 3234 Mar 22
36
3612 36
36
37
37
37
37
Preferred
100 7034 Mar 10
*7312 75
*7312 75
*7312 75
*7312 76
*7312 77
78
*75
200 Pittsburgh Steel pref
100 9512 Apr 11
96
96
98
*96
.95
98
98
*95
*95
98
98
*95
No par 928* Mar 16
96
9514 9638 59412 9514 9512 9712 21,300 Postum Co, Inc
9512 9512 9538 9714 95
Pressed
Steel
2,500
Car
new
100
3612 Feb 5
64
6312
62
6412
*6314
6212
6414
*63
62
3
4
6412
*6312 64
Preferred
1,100
100 7612 Feb 5
*86
88
86
86
8712 8712 8612 '8612 8534 86
23,500 Producers & Refiners Corp-50 1634 Jan 5
24
244 2412 25
2718 2534 26
2312 2534 25
24
24
380
Preferred
50 3872 Jan 6
41
4114 4114 *4214 43
41
4378 45
4112 4118 45
*41
337
3734 3832 3772 3812 38
3812 3812 3812 36,300 PubServCorp of N J new No par 32 Jan 6
3812 38% 38
8%
preferred
*100
10012
*100
1003
2
1003
8
100
9812 Feb 19
10012
*100
*100
*100
8
1003
10034
*100
700
7% preferred
100 10812 Jan 5
*112 11212 11212 11212 11212 1212 11212 11212 11318 11312 *11212 11312
200 8% preferred
12812 12818
128 128
100 125 Jan 10
•127 128 *12612 128 *127 128 *127 128
800 Pub Sere Else & Gas pfd_100 102 Jan 4
107 107
107 10712
107 107
10612 10714 107 107 *106 107
_ •11432 ___ *11432 ___ _ _ ___ Pub Service Eleo Pr pref_100 1135 Jan 18
*114s8
*11438 - -- *11432 --- •11432
6:800 Pullman Company
177
176
17812
100 17214 Apr 12
17912
--178
174
17412
175
1
74
17312
73
1
173
434 428 4312 4134 4234 11,600 Punta Alegre Sugar
50 344 Mar 22
4078 4172 4238 4314 4212 4334 43
's 22,000 Pure 011 (The)
25 2714 Jan 3
2838 2734 2814 274 272
2712 2818 28
2734 2734 2714 277
*11212
113
200
8%
preferred
*11212
113
11132 Jan 11
113
*11214
113
100
*11214
1123
4
1123
4
11234 11234
517 5178 5212 5312 544 5412 5312 534 1,400 Purity Bakeries class A
25 4234 Mar 31
52
5134 5173 52
Class B
6034 6012 60% 3,600
60
5912 5918 597
N par 4134 Jan 3
59
*59
5934 5932 593
Preferred
100 10114 Jan 8
__ *10412 -- *10412 - __ *10412 -_-- __.--.
__ *10412 ___ *10412
10412
4112 -43
4214 423
4 4214 4412 4312 4438 20,500 Radio Corp of Amer-No par 414 Apr 13
-4-2% 4214 43
4214 _7 5012 50
800
Preferred
50
*49
50
50
50
50 494 Apr 12
50
50
50
5018 50%
50 Rand Mines. Ltd
*447 45
4514 4514 *4534 4712
No par 40 Jan 5
*4412 45
4412 4412 *4412 45
153
3
1512
1512
153
2
153
2
2,400
Ray
1514
1512
Consolidated Copper_10 1412 Feb 7
1518 15
*15 '154 15
10 394 Jan 25
4734 48% 4712 4838 25.300 Real Silk Hosiery
4714 48
4734 49
4714 48
4612 48
300
9812
*98
9812
Preferred
*98
100 91 Jan 29
9818
9818
97
97
98
*97
98
*97
200 Reid Ice Cream
*4034 4178 *4034 4178 *4034 417
No par 3812 Jan 24
42
42
42
42
4212
*4112
500 Reis (Robt) & Co
614 614
6 Mar 19
No par
64 618 *618 634 *618 612
613 612
612 612
205 10512 1.500 Remington TYPewrIter----100 11212 Jan 12
205 210 *195 205
200 200
198 198
185 190
270 7% 1st preferred
100 110 Feb 18
11512 11512 115 116
*11338
11412
115
114
11312
11312
*11312 115
260 8% 2d preferred
119 119 *116 11834
100 111 Jan 6
117 117
115 11512 *11412 117
•11412 115
No par 10 Apr 9
1012 1014 1038 1014 1012 104 1014 2,300 Replogle Steel
1012 104 108 1012 1018 70
11,700 Republic Iron & Steel
667
8
674
65
6952
.
6612
100 5612 Jan 4
673
4
69
7218 7038 7114
72
300
104 104 3104 10114
Preferred
100 9634 Jan 3
10412 104 104
10414 10414 *104 10412 *104
6
4,200 Reynolds Spring
518 358
6
No par
4 Feb 21
532 614
534 6%
428 6
434 424
11542 119 12034 12014 12078 12118 12232 30,400 Reynolds (RJ) Tob Class B 25 984 Feb 24
118 11834 11834 11978 118,2 78
100 Rossi& Insuranee Co
80
*76
80
*76
80
26 74 Jan 13
*75
78
80
*78
80
•78
2,300 Royal Dutch Co(NY shares)
4838 Apr 4
*4938 4934 4912 4912 4938 50
49
4914 4914 4914 4914 49
40
2,500 St Joseph Lead
4038 4014 4014 4012 4012 40
10 40 Apr 22
40% 40% 40% 40% 4012
614 6134 6114 6138 10,900 Safety Cable
No par 5234 Jan 3
6018 61
6012 62
6i% 6012 62
61
61
100 Savage Arms CorporatIon-100 5978 Apr 20
*60
61
597 598 *60
62
*60
62
*60
62
*60
212 218 3,300 Seneca Copper
172 Mar 30
No par
218 214
24 214
24 238
214 234
24 214
400 Shubert Theatre Corp_No par 5612 Jan 12
58
5812 5712 58
591
1
*5812
5914
*5812
5914 5914 *5812 5914
105,100
Jan 18
513
4
Schulte
504
par
47
493
8
5112
Retail
Storee
No
493
2
49
4812 4918 484 4938 48% 4938
119
100
Preferred
100 11614 Jan 22
119 119 *118 119 *118 119 *118
*118 119 *118 119
13
Apr
12
100
Seagrave
Corp
*114
II%
1212
No
va
*113
4
13
*12
13
1234 *12
124 124 *12
day. s ifs-dividend 0 Itz-rlgflte.UV 0
•Bid and asked prime; no alai on thIs
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
6 Per share $ per share $ per share
30 May 4434 Feb
3634 Apr 12
693 Mar 8612 Nov
100 Apr 18
56 May 82 Jan
70 Apr 22
934 Nov 37% Feb
1214 Jan 5
4 Nov
74 Feb
438 Jan 3
1034 Dec 2312June
1634 Mar 18
3834 Apr 18
3334 May 5332 Feb
2778 Mar 29
1918 Nov 337 Feb
1712 Apr 12
8 Nov 1934 Feb
397 Jan 11
3434 Ain 3834 July
43 Feb 23
7312 Jan 5 -52 -Mar -707
;-17)-e-d
5 Nov 127 Jan
634 Jan 7
74 Jan 103 Dee
115 Apr 13
Jan 13112 Apr
1344 Apr 8 126
451 Mar 21
374 Oct 54 Jan
4472 April
18 Nov 57 Jan
5818 Nov 9211 Jan
9734 Apr 16
8072 Apr 13
53 Apr 80 Jan
24 Oct 4234 Jan
2738Mar 1
9414 Jan 10
8934 Oct 97 Jan
1212 May 34 Jan
2712 Feb 16
374 Aug 7318 Jan
5512 Feb 21
2118 July 4012 Jan
3014 Feb 28
76 July 8934 Jan
834 Jan 28
200 Apr 1 138 Apr 181 Dee
Jan 120 May
130 Mar 21 116
1634 Mar 3834 Jan
2372 Mar 24
9534 Feb 18
5512 Jan 88 Dee
122 Mar 15 11612 Nov 238 Jan
1134 June 1614 Nov
15 Jan 3
3612 Jan 4612 Sept
478 Feb 11
2018 Nov 844 Jan
2172 Jan 3
7014 Dec 85 Apr
72 Jan 13
32
Oct 458 Feb
43'2 Mar 25
7734 Mar 25
89 May 77 Dee
29 Jan 5
2738 Mar 2912 Dec
42 Mar 67 Jan
50% Feb 25
Jan 5214 Aug
49
52 Mar 23
9118 Mar 97 Dec
10114 Apr 8
418 Oct 1518 Jan
538 Feb 10
13 Jan 19
1234 Deo 1712 Jan
30 July 3634 Get
4038 Feb 7
12
Oct 224 Feb
1534 Apr 4
47 Jan 6338 Sept
6778 Feb 28
2712 Mar 3312 Nov
35 Apr 7
Jan 105 Apr
10718 Apr 12 101
131 Jan 18 106 May 136 Dee
11814 Mar 22 10234 Jan 10912 Aug
1214 Apr 14
Oot 1412 Jan
8
63 Nov 74 Sept
78 Apr 14
8412 Mar 14
5334 Mar 9034 Den
61 Feb 23
44 May 5514 Dee
110 Apr 7
974 Apr 10712 Dee
3334 Apr 12
178 Jan 7
nl- May -1318 -Feb
3712 Mar 14
3134 Mar 4514 July
9 Nov 2812 Jan
.12 Apr 16
6578 Jan 19
5618 Mar 7611, Jan
56% Mar 7834 Jan
6632 Jan 20
30
Oct 48 Jan
3775 Jan 24
1872 Jan 17
44 Jan 32 June
51
8134 Jan 17
Jan 993 June
25 Feb 28
1832 Oct2812 Jan
8 Mar 4
512 Sept84 Feb
50 Apr 18
3214 Nov 83 Jan
2332 Nov 314 Nov
32 Jan 8
24 Feb 15
167 Jan 24 Dee
15 Apr 6
7 Aug 19 Oct
38 Dec 41 Dee
3934 Jan 13
99 Nov 10012 Noe
997 Jan 13
es Oct214 Jim
112 Feb 14
141 Apr 9 117 Jan 131 Dee
110 Mar 25
594 Mar 91 Dee
53 Feb 10
45 Oct5114 July
3614 Apr 4832 Feb
4734 Mar 4
3634Jun
47 Mar 4
4612 Jan
52 Mar 7
45 Dec 5534 Jan
16 Apr 41 Dee
414 Jan 10
40 Mar 5734 Dee
6014 Feb 16
51 Mar 17
31 Mar 464 Nov
94 Mar 103
Oct
106 Mar 7
2334 Mar 8
19 May 4312 Jan
7612 Apr 12714 Aug
10212 Jan 3
34 Jan 4
172 Jan
12 Oct
18 Mar 29
1114 Nov 274 Jan
214 Aug
3% Jan 13
7 Jan
42,; Apr 5
29 June 4212 Jan
7912 Apr 5
70 June 85 Jan
101 Jan 18
94 Mar 10018 Dee
754 Mar 1247 Feb
10234 Jan 14
70 Mar 28
3418 May 44 Nov
8978 Mar 25
7712 Dec 9534 Jan
11 Mar 2034 Oct
32 Feb 10
50 Feb 9
3034 May 4134 Got
3114 Oct 3332 Nov
3912 Apr 11
9612 Apr 101
Ool
101 Mar 11
115%Mar 23 1034 Jan 110 Noe
1288 Apr 22 115 Mar 12434 Nov
10714 Apr 16
97 Jan 1041s Sept
11618 Mar 31 106
Jan 114 Aug
1894 Jan 3 14514 Mar 1•9912 Sept
46% Jan 3
33 Apr '4914 Dee
Jan
3312 Mar 4
2514 Oct 31
113 Feb 24 106 Apr 11234 June
5418 Apr 21
47 Oct 495 Nov
6132 Mar 18
4112 Nov 44 Dee
105 Mar 10
99
Oct 103 Dee
568eMar 1
32 Mar 6188 Nov
53 Feb 28
4434 Mar 537 Dee
4514 Mar 7
32% Apr 41.4 Oct
1512 Mar 1
1•312 Mar 1634 Nov
49 Apr 20
3712 Nov 5014 Oct
99 Mar 2
934 Dec 100 Noe
4312 Mar 15
395 Dec 58 Jae
9 Jan 10
74 July 185 Feb
210 Apr 20
8312 Apr 127 Feb
11712 Feb 10 106 • Apr 118 001
119 Feb 10 105 Apr 11514 Aug
134 Jan 10
8 Oct 15% Jag
757 Mar 11
44 May 6334 Jae
10434 Mar 11
9114 Mar 99 Sept
638 Apr 19
44 Oct 10% Jar
124 Jan 14
90 Mar 1217 Noe
8412 Apr 1
7612 Dec 100 Jar
5412 Feb 9
4734 Oct 6732 Jar
43% Mar 4
3634 May 4812 Feb
6412 Mar 9
424 Mar 554 Not
7212 Mar 5
6714 Nov 10212 Fat
334 Jan 10
212 Dec 104 Jar
68 Mar 10
52 Mar 70% Jul]
5134 Apr 22
424 Mar 13812 Jai
119 Feb 7 1124 Jan 120 Selle
13% Jan 3
1212 Mar 14% Mai
1
New York Stock Record-Continued-Page 6
2405
For sales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, I Monday,
April 18.
April 16.
Tuesday,
April 19.
Wednesday, Thursday,
April 20.
April 21.
Friday,
April 22.
Per share $ per share I Per share $ per share 2 Per share
$ per share
56
5512 5632 5558 5638
5414 5414 5478 5414 55% 55
54
6672 6612 6812 66
6214 6212 6234 6534 6438 6532 65
6814
*4412 45
*4418 4412 *4414 4422 4414 4414 *4418 45
*4478 45
2788 2718 2732 2732 2758 2734 2812 2778 2818
2678 2718 27
111 111 *111 112
111 111
111 11212 111 111
*111 114
18
1734 1734 1758 1778 1758 1812 1814 1912 1812 19
1814
3712 3712 37 • 3752 3712 3812 3812, 3912 39
38
38
3938
*10734 109 *10734 10812 10812 10812 *108 109
10812 109
109 110
17% 18% 1758 1814 • 1752 1818 1734 1818 1734 1772 1752 18
101 101 *101112 10114 100 100
100 101
*100 102
*9914 100
2834 27% 28% 2714 2712
2838 2834 2734 2838 2758 2814 28
130 130
128 133 •128 130
*131 132 *132 133 *130 132
179 18534 180 18914 186% 18934 184 18634
173 181
1788 183
*126 12734 *126 12734 *120 12834 *126 12834 *126 12834 126 128
32% 3258 232
33
3232 3214 3238 3238 3234
33
32% 33
2234 23
2212 2334 2278 2318 2234 2314 2278 23
2238 23
10
10
•912 10
10
934 9%
978 1018 10
934 934
*1018 11
*1012 12
*1018 12
*1018 11
*1018 11
*1012 11
*77
7912 *77
7912 *77
7912 *77
7913 *77
7912 *77
7912
2514 2512 2432 2512 2434 2514 24
*2612 26
2412 2414 2434
*108 109 *108 109 *108 109 *108 109 *108 109 •108 109
561
/
4 5712 5634 5712 5634 5714 5658 57
57
5778 5718 5712
5912 5934 5938 50
60
60
60
61
61
6014 6078 61
*72
7312 7214 7212 *7214 7212 7212 7212 7278 7478 7314 7414
91
*9018 9034 89
9014 9014 *8914 91
*8912 91
*8912 91
5334 5414 5358 5438 5418 5412 5414 5434 54
547
5412 55
3612 36% 3612 3612 3614 3612 3632 3878 3612 3678 3614 3832
Sales
far
Me
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
Shares Indus. & Miscall.(Con.) Par $ Per share g Per share
33,900 Sears,Roebuok & Co newNOPar 51 Jan 17 5638 Feb 25
No par
14,800 Shatuck (F 0)
563$ Jan 17 6813 Apr 21
100 Shell Transport & Trading_E2 44 Apr 8 4778 Feb 10
No par 268 Apr 16 3134 Feb 7
18,500 Shell Union Oil
100 10713 Jan 27 111 Apr 18
400
12,300 Simms Petroleum
10 1758 Apr 14 2234 Feb 16
No par 3312 Jan 6 40 Feb 25
6.500 Simmons Co
100 10714 Jan 4 110 Feb 10
280 Preferred
38,300 Sinclair Cons 011 Coro_No par 17 Apr 2 2238 Jan 20
4-100 97 Jan 6 10314 Jan 31
400 Preferred
18,100 Skelly Oil Co
25 2714 Apr 22 3738 Feb 21
200 Sloss-SheMeld Steel & Iron 100 123/
1
4 Jan 20 13414 Apr 6
23,800 South Porto Moo Sugar--100 154 Jan 25 18934 Apr 21
110 Preferred
100 11312 Mar 4 128 Apr 22
6,800 Southern Calif Edison
25 3158 Jan 3 3412 Feb 23
6,100 Southern Dairies el A_No par 2118 Apr 9 453* Jan 13
No par
2,500 Class B
712 Mar 22 20 Jan 7
Spear & Co
1638 Feb 4 13 Jan 20
No par
Preferred
100 73 Feb 24 80 Feb 14
No par 2012 Jan 27 2712 Mar 29
5,700 Spicer Mfg Co
Preferred
100 104 Feb 21 110 Mar 19
35,100 Standard Gas & El Co_No par 54 Jan 25 58 Mar 11
50 5718 Jan 3 61 Apr 21
2,400 Preferred
100 701
3,000 Standard Milling
/
4 Jan 4 78/
1
4 Feb 28
100 84 Jan 5 91 Mar lb
150 Preferred
41,800 Standard 011 of Cal new.No par 5358 Apr 19 6034 Jan 19
Standard
011
of
New
Jersey_25 36 Apr 4 4138 Feb 5
35,800
Pref non-vottng
100 11458 Feb 25 116/
1
4 Feb 11
"5E4 iffs 31 3114 31 11
-00E8 1678 -56E8 31
8 -21:600 Standard Oil of New York_ _25 3014 Mar 31 34% Jan 18
(
4 "3012 311313
311
3
3
2
312
314 3%
314 332
2 Mar 29
312 352
414 Jan 3
314 324 2,400 Stand Plate Glass Co--No par
9812 9812 99 10014 *99 10014 100 10014 1,100 Sterling Products
99
99
99
99
No par 9012 Jan 4 10314 Mar 12
6434 6512 6518 6814 67
6458 6612 6512 67
6814 6614 6734 90,100 Stewart-Warn Sp Corp_No par 5114 Mar 15 6814 Apr 20
37
3618 3714 *3612 3723 35% 36
3812 3712 3612 3738 37
3,800 Stromberg Carburetor_No par 33 Mar 10 5412Mar 1
5512 5612 55% 5832 5413 5513 74.600 Eltudeb'rCorp(The) new No par 4914 Mar 18 57 Apr 8
5558 5612 5512 5634 5518 56
*11858 12112+118% 12112 *11838 12112 *119 12112 12113 12134 12184 12134
200 Preferred
100 118 Feb 10 122 Feb 23
35
418 412
414 518
81,400 Submarine Boat
413 5
4%
438
8 438
213 Feb 28
No par
5% Apr 20
33
33
3314 3338 33
33
33
3314 *32
*3314 3312 33
1,100 Sun 011
No par 30 Mar 21 347 Jan 17
438
458 5
5
*432 5
413 5
478 5
438 434
12,500 Superior 011
No par
612 Feb 18
334 Mar 30
*23
*23
25
*23
25
25
2434 2478 *23
25
'200 Superior Steel
*23
25
100 195 Jan 25 2514 Jan 21
*958 10
10
10
10
958 11 958
10
*952 10
*932 10
300 Sweets Co of America
958 Apr 22 135 Feb 3
50
*412 413 *4
41
'Symington temp ctfs__No par
412 *4 /4_ 413
412 *4
*332 414 *4
313 Apr 12
6 Jan 14
9
9
838 838
700 Class A temp otfs....-No par
*878 10
*9 1[10,,
9
9, 838 9
812Mar 1
1338 Jan 14
*314 1312 1314 131 *1234 131 *1234 1312 1234 1278
*1314 14
1112Mar 9 1412 Apr 8
400 Telautograph Corp___ _No Par
1178 121
1158 1268
1134 121
1114 1172
12
No pa
79,800 Tenn Copp &0
1214 13
13
108 Jan 4 1314 Jan 13
53
*51
53
*51
5138 *51
Texas Company (The)
*51
53
2
*51
*51
55
52
51 Apr 11 58 Jan 17
4512 4878 45
4678 47
4638 4618 467
45% 4614 46,100 Texas Corporation
4614 47
25 '45 Apr 19 58 Jan 17
6118 623
6158 6218 6112 62
6184 6238 6118 62
49 Jan 3 6514 Apr 9
8038 6138 88,700 Texas Gulf Sulphur new No pa
13
1318 1314
1334 133
1314 138
1314
13 Mar 15 1638 Jan 12
1
1314 1312 1318 1314 5,900 Texas Pacific Coal & OIL
1732 173
1814 1814 1734 1814
1734 183
1512 Jan 25 2104 Mar I
1878 1972 19
2012 30,900 Texas Pat Land Trust new__
31
*3014 3034 3014 301 *30
*30
31
No par 2414 Jan 11 3212 Apr 22
31
31% 3138 3213 5,900 The Fair
*4832 4834 4858 48% 4858 48% *4838 487 *4852 4878 34858 4858
47 Jan 26 50 Feb 24
300 Thompson (J R) Co
*23
*23
24
25
2318 2414 2412 25
100 2318 Apr 19 2912 Jan 13
*2434 2512 *2434 2512 2,300 Tide Water 011
_
88
88
88
88
88
100 872 Feb 2 8912 Jan 19
*88
89
88
8812 89
8914 8912 1,500 Preferred
8918 8978 8834 9038 89
8912 9014 89
901
78 Jan 3 9534 Feb 16
90
8822 9112 47.100 Timken Roller BearIng_No pa
9512 9612 9538 97
908 9714 Ms 9932 9918 10112 1008 10178 62,100 Tobacco Products Corp.-AO° 9312 Apr 11 11038 Jan 5
108 10812 108 10914 10912 111
100 108 Apr 16 1161/ Jan 18
11034 112
11214 11412 11314 11314 5,100 Class A
4
41
4
414
378 4
378 4
5 Feb 14
4
418
378 Apr 6
25,600 Transc't'l 011 Omen newNopa
4
4
*10
1278 *10
1278 *10
1258 Apr 12 1514 Jan 6
127 *1218 127 *1218 1278 *1211 127
Transue & Williams SO No pa
8818 5734 57
45 Jan 29 60% Apr 18
6078 58
5938 5634 583
5634 30,500 Underwood Typewriter ____2
5434 5612 55
50
5012 51
51
10,300 Union Bag & Paper CorD 100 3812 Jan 25 547 Apr 13
52
5318 5212 54
5234 541
5014 527
11912 12012 11912 12038 119 119% 11812 11932 11712 11834 117 11814 17,900 Union Carbide & Carb_No pa
9918 Jan 26 12238 Apr 6
4018 4072 23938 4034 4032 4134 4114 421
25 3958 Apr 18 5613 Jan 6
42
4238 41
4178 28,000,Union 011 California
109 110
94 Jan 3 11234 Apr 13
108 10914 *108 10912 *108 110 *108 109
10
800Unlon Tank Car new
108 108
84
85
82 Apr 4 100 Jan 6
2
85
8534 8512 8834 8534 8812 8638 8814 89
27.300 United Cigar Stored
92
139 139
100 125 Jan 5 1408 Apr 20
13912 13934 140 14018 14018 14032 14018 14014 14018 14018
570 Preferred
100 159 Jan 25 18278 Apr 20
17212 178
24,80000ited Drug
179 18114 178 18234 181 18278 179 18134 179 181
59% 59% 5972 60
50 5813 Jan 6 60 Jan 12
1,700 181 Preferred
*5938 60
*5914 5934 59% 5934 5932 595k
No par 11312 Jan 26 130 Apr 21
120 12712 126 12778 12612 128
5,40000Ited Fruit
129 129
12714 12972 12734 130
100 1613 Mar 2 19 Apr 7
*19
United Paperboard
*18
20
*18
24
*18
24
*18
24
*18
24
24
3000niversal Pictures let pfd_100 98 Jan 14 103 Apr 8
*10213 103 *10212 103
10212 10212 10212 10212 *10212 1031 10212 10212
49,2000niversal pipe & Ned__No par 2712 Jan 25 3714 Mar 2J
3332 34
3238 3432 3178 33
3123 32
3112 3212 3118 32
100 8134 Jan 27 90 Jan 11
8812 90
8834 8834 *86
5,680009u
*85
8612 8612 861 *8512 88
88
Iron Pipe & Irdy_100 202 Jan 25 22812 Jan 3
PEIrCefasertred
220 22032 218 219
217 21734 218 219
217 21814 21414 21778
100 112 Mar 14 115 Jan 5
*112 114 *113 115 *113 115
114 11434 •113 115300 Preferred
114 114
514 Feb 14 6078 Jan 12
54% 5618 • 561
/
4 57
5818 5634 57
5734 58/
1
4 9.500 USDistrib Corp tem otf NO pa
58
5734 .57
5882 5832 57
57
5758 5634 57% 67
58
5712 3,700138 Hoff Mach Corp vtoNo par 5158 Feb 1 5972 April
5772 57
100 69 Mar 30 89 Feb 28
74
7372 7434 74
74
92,0000 S Industrial Alcohol
7978 77
7618 78
8012 7718 79
100 10714 Apr 4 11012Mar 15
*10714 108
10714 10714 108 108 *10738 10912 *107% 1091 10914 10914
400 Preferred
5732 5734 5718 57% 56
5612 4,40008 Realty & Impt new.No par 54 Apr 6 6852 Feb 7
57
5632 5714 56% 56% 56
6238 6332 62% 6358 6214 6378 6314 6518 63
100 5634 Jan 25 6718 Feb 28
73,7000nited States Rubber
6134 63
647
*11014 111
11034 11034 11078 111 2110 11034 *10914 110
100 10718 Jan 27 11138 Apr 8
109 11014 1,300 let Preferred
*3552 3712 3712 3834 39
37/
1
4 371 *3722 3812 2,500U 0 Smelting. Ref & Min-50 3338 Jan 13 42, Mar 24
3932 3834 39
*4712 4814 *4712 4814 *4712 4814 *4712 4814 *4712 481
4712 4713
50 455 Jan 18 49 Mar 4
100 Preferred
172 17234 17134 172% 17034 17212 17114 17214 17014 1711 17058 17138 123,1000nited States Steel Corp.-100 15312 Jan 28 17234 Apr 11
12412 12434 124 12434 12338 12438 12332 124% 122% 12352 12258 12338 231,100 New w 1
1113* Jan 28 12478 Apr 11
13278 133
13234 13278 13238 13272 13278 13278 13284 1327 13278 13278 3,500 Preferred
100 129 Jan 28 133 Apr 4
*72
*72
80
80
*72
75
*72
80
7434 7434
*72
75
No par 67 Jan 4 8212 Mar 21
1000 S Tobacco
*125 128 *125 128 *125 128 *125 128 *125 128 •125 128
Preferred
100 123 Jan 14 125 Feb 16
*112 11512 11312 11312 •112 11518 115% 115% 115 115 •115 125
10 111 Feb 11 11518 Apr 20
300 Utah Copper'
2784 28
2818 2878 28
2838 2814 2814 27% 2814 27% 28
2,500 Utilities Pow & Lt A-No pa
27 Jan 8 3078 Feb 28
48
4772 4778 4734 4812 4812 50
4834 4778 48
4834 5014 7.300 Vanadium Corp
' No pa
37 Jan 20 5212 Mar 30
5612 5612 5518 5612 5514 5614 56
5632 57
56
5578 50
No pa
3,900 Vick Chemical
48 Jan 3 58 Feb 11
812 812 *814 9
*834 9
814 814
814 878
9
9
No pa
1,000 Virg-Caro Chem
1034 Feb 14
734 Mar 1
3018 3018 30
30
*30
*30
31
31
*30 .31
2918 2978
400 6% preferred
100 2918 Apr 4 3634 Feb 14
*7712 7813 7814 7814 *78
*78
79
79
80
*78
7884 7834
300 7% preferred
100 74 Mar 18 8734 Feb 11
*40
50
4'40
50
*40
*40
60
50
*40
50
*40
50
Virginia Iron Coal & Coke 100 43 Feb 9 51 Jan 4
341s 3414 34
3334 34
34
3312 3352 3338 3334 3318 3338 6,400 Vivaudou(V)
No pa
32/
1
4 Jan 24 354 Jan 31
*10532 10678 10538 10532 •103 10578 *103 107 *103 10534 •103 10578
100 Preferred
100 104 Mar 30 108 Feb 3
2234 2234 *2258 23
*2234 23
*2212 23
*2223 23
2212 2212
300 Waldorf System
No par 21$4 Mar 23 25 Feb 7
2212 2258 2234 *2134 2212 *2134 2212 2112 22
*22
2112 2158
800 Walworth Co ctfs
No pa
18 Jan 14 241 Apr 1
*80
95
*80
90
90
*85
90
*85
90
*85
90
Ward Baking Class A-No per 8918 Apr 13 105% Mar 17
2112 2112 2112 2112 2112 22
2172 2178 22
22
22
22
2,200 Class B
No pa
1978 Apr 1 3358 Feb 18
8612 8612 86
*86
88
86
88
86
*8612 88
*87
88
500 Preferred (100)
No pa
84 Apr 9 9534 Feb 3
3714 40
3812 41
3734 3613 37
3534 3812 37
3334 3512 93,000 Warner Bros Pictures A__-_10 2352 Mar 21 4512 Jan 6
82
8112 *80
*81
*8034 8134 *80
8134 *80
8134 *80
8134
Warren Bros
No pa
65 Jan 14 9014 Feb 18
61
*5812 60
*60
60
5934 59
*5824 5912 *5814 59
*59
600 Weber & Heflin, new e_No pa
5612 Jan 5 62 Mar 14
15312 16312 153 153
1
4 153 152 153
15278 15278 152% 154 *152/
2,600 Western Union Telegrapb_100 14413 Jan 8 16034 Apr 6
15278 15334 151 15112 •15112 153% 151 153
*152 153
152 153
5,000 Westinghouse Air Brake___60 13312 Jan 4 15734 Mar 12
7472 7514 7414 7472 74
7478 7428 74% 73% 7478 13,500 Westinghouse Ells° & Mtv-60
7514 74
6758 Jan 4 7658 Mar 28
1658 1652 1614 1634 *1614 1612 1618 1732 *16% 17 • 1638 1638 2,900,-Weston Elec Instruml_No pa
15 Jan 8 18% Feb 15
*3338 34
*3338 34
*34
34
35
3434 *3412 35
33338 34
1 Class A
No pa
3024 Jan 6 3434 Apr 20
102 103 *10212 103
103 103
10212 10414 104 110418
103 103
340 West Penn Elea ol A Yet No pa
977k Jan 4 10414 Apr 21
1
4 10712 10834 108 108
107 107/
10812 109
310 Preferred
108 10814 10834 109
100 102 Jan 4 109 Apr 21
115 11514 11514 11514 11518 11518 11514 11512
115 11514 113 115
100 111 Jan 15 11512 Apr 6
380 West Penn POW81* prat
24
24
2378 24
2358 2334 2312 2312 3,800 white Eagle Oil &Refg_No pa
2314 2378 23•8 24
2312 Apr 19 2712 Feb 15
4918 5014 5612 4872 4634 4812 4714 4814 4614 4712 4532 4612 47,000 White Motor
50 4538 Mar 31 5838 Feb 28
3258 32
32
3212 3134 3278 *3134 3284 3112 3234 3114 3214 2,500 White Rock Min Sp ctf_No pa
26 Jan 26 3612 Apr 2
4972 50
1,600
4814
49
*4812
49
2
50
50
White Sewing Mach pt_No par 46 Feb 18 59 Jan 17
481s 487
*4878 49
78
I
58
1
78
1
34
84 13,000 Wickwire Spencer ett_No par
78
78
78
1
112 Feb 14
It Jan 28
2212 2112 2214 62,200 Willys-Overland (The)
21/
1
4 2158 2112 2214 2134 2214 2178 2212 22
6 1912 Jan 24 2434 Mar 3
90
90
*89
90
200 Preferred
9012 8912 8912 *8912 90'2
*90
9012 *89
100 88 Mar 26 95 Jan 11
1252 1134 1134 1,800 Wilson dr Co. Inc. new_No pa
123 1232 *12
12
12
1212 1212 1212 12
1118 Mar 29 1752 Feb 21
21
2038 2112 1,700
2134 2114 2132 21
208 2112 2118 211 *21
Class A
No pa
1832 Apr 8 3272 Feb 23
6634 6634 *85
05
67
64
6614 6012 6612 64
600 Preferred
6614 *65
100 58 Apr 7 8434 Fob 23
13414 13534 13334 136
13384 134
13532 13984 13834 14338 14134 14438 81,400 Woolworth (F W) Co
25 11734 Jan 11 14438 Apr 22
3012 3012 3012 3112 31
/
4 3238 3114 3138 12,000 Worthington P & M
30
3232 311
30
100 20/
1
4 Jan 27 3258 Apr 20
*53
*50
53
*50
63
*50
53
55
65
62
500 Preferred A
*53
53
100 46 Jan 22 5412 Mar 1
*4212 4312 4252 45
4438 45
45
*4212 45
4434 4434 45
Preferred
B
1,600
100 40 Feb 2 45 Feb 28
2934 3014 2,400 Wright Aeronautleal___No par 2412 Apr 5 3514 Jan 6
304 313s 3012 312 *281, 2912 *2834 2912 *2834 30
1
4 5258 527$ *5214
5212 5212 521
5212 52/
z5212 5212 *52
800 Wrigley(Wm Jr)
No par 508 Jan 4 527 Apr 18
75
75
75
*7412 75
75
*7412 75 •742 75
*7412 75
300 Yale & Towne
25 7014 Jan 8 76 Mar 9
29
2934 2818 2938 196,500 Yellow Truck de Coach--100 25 Jan 14 3014 Apr 19
264 278* 2678 2832 2812 3014 2913 3014
9223 4.500Preferred
9212 9212 92
94
9312 93
*9212 9312 02
9418 93
100 893 Apr 11 99 Jan 3
88
8811 19,100 Youngstown Sheet & T-No par 8518 Jan 29 9714 Mar 24
90
93. 8614 897
9414 9472 9334 9414 93
94
•Bld and asked prices: no sales on thls day. 0 Ex-dIvidend and ex rights s Ex-dividend.
PER SHARE
Range for Previoul
Year 1926
Lowest
MOM
g per share $ Per aall
4414 Mar 5838 Sept
47 Mar 6958 Jan
40/
1
4 July 482* Jail
24 Mar 31 Nov
103 Mar 114 JulY
151 Aug 2858 Jan
2838 Oct 5413 Jan
10512 Nov 1094 July
1634 Oct 24% Feb
90 Mar 9912 June
2658 Mar 3718 June
103 Apr 14213 Aug
92 Apr 16912 Dee
110
Oct 121 Deo
30 Dec 33 Ally
41
Oct 6512 July
1712 Oct 3534 Mar
10 Dec 1758 Feb
72 Apr 8213 Jan
1858 Apr 31% Feb
101
Jan 10714 Dec
51 Mar 69 Feb
5334 Mar 575 Feb
1
4 Feb
671 Oct 92/
80 Mar 90 Feb
5258 May 6358 Sept
373* Dec 4638 Jan
115 Nov 11918 MaY
3212 Dec 3314 Dee
312 Nov 1078 Feb
75 Mar 9614 Nov
61 Nov 9278 Jan
1
4 Jan
473* Dec 77/
47 May 62 Sept
11412 Feb 12212 June
358 Feb
112 July
3018 Mar 418 Jan
514 Dec
1 July
1912 Apr 3478 Sept
858 Apr 17% Sept
4 Nov 1413 Jan
1058 Oct 2078 Feb
11 Apr 1478 Jan
1058 Dec 16 Feb
48 Mar 58 Aug
5313 Nov 5778 Dec
39 Oct 524 Nov
12 Oct 1912 Jan
261 Dec
4214 May
27 Nov
874 Nov
447g Mar
9514 Apr
103 Mar
3 Mar
15 Aug
4314 Nov
35 May
7712 Mar
37/
1
4 Jan
93 Dec
83% Feb
11478 Mar
34 Jag
501* Sept
39/
1
4 Jan
103
Jan
8538 Nov
11658 Sept
1183* Sept
512 July
27
Jan
634 Jan
7114 Jan
10034 Dec
5838 Sept
9514 Deo
10934 Aug
125 Jun
134 Mar 174 Dee°
5512 Mar 59 Jul/
98
Apr 126 Nov
17 Dec 381z May
90 Mar 9813 Dec
1352 Mar 3412 Dec
52 Mar 90/
1
4 Dec
1
4 Aug
150 May 248/
10014 Mar 118 Deo
39 Mar 6112 Feb
457 Jan •59* Feb
453 Mar 8412 Deo
9914 Apr 11478 Nov
4818 Mar 7178 Jan
5014 May 8814 Jan
10112 Mar 109
Jan
30
Oct 49% Jan
Jan
42
Oct50
117
Apr 16012 Dec
11372 Dec 117 Dec
12412 Mar 13058 Deo
5612 Jan 67 Dec
112 Mar 123 Dec
93 Apr 116 Nov
273* Dccl 37 Feb
29 Marl43 Aug
4314 Julyi 52 Aug
9 OctI 2512 Feb
3138 OctI 69 Jan
83 0011 9818 Ja11
40 Mayi 6012 Nos
26 Marl 3612 Dec
9434 Janl 1104 Dec
17 JanI 23 Dec
l2I4Junel 2314 Jan
99 Junel 195 Jan
2114 OctI 8538 Feb
8812 Octl 11012 Jan
12 Junel 6914 Sept
43% AprI 89 Dec
53 Apr 8512 Jan
13411 Marl 157% Sept
10514 Marl 146 Dec
65 Mayl 7912 Feb
1334 May 1913 July
2724 JanI 323 Oct
8812 Jan 9813 Oct
951k May 10212 Dee
108 Mar 115 Sept
251g
9
20 Feb
Apr924
5118 Apr
22 Oct 383s Feb
1
4 Oct
4612 Oct 64/
%Dec
Jan
4'8 j
18 May 33
8812 Oct 99 Feb
143* Dec
6 May
14 May 3058 Dec
42 May 8138 Dec
12014 Dec 128 Dec
19 Nov 444 Jan
44 Nov 80 Feb
3724 Nov 65 Feb
2412 Mar 3934 July
47 Apr 5934 Feb
6018 Mar 7212 Aug
20 May 3958 Sent
9113 Apr 10712 Sept
69 May 9514 ALM
2406
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
' Jan. 1 1909 eke Eschange method of gaoling bonds was changed and prices are now "and fassrast"-ezeapt for Winne and deranged Sonde
BONDS
N.I.STOCK EXCHANGE
Week Ended Aptil 22.
;
Price
Week's
Range
E.g.
•g• u
Friday,
Range or
g
Since
.... a. April 22.
Last Sale
CO Ol
Jan. 1.
Bid
High No. Low
4:81,0w
High
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 22.
r..3
it
...a.
Price
Friday,
April 22.
Week's
Range or11
Last Salo
Rang
Sits**
Jan. 1.
U.S. Government,
High
Mob No. Low
Bid
Ask Low
Leipzig (Germany)if 7e____1947 F A 10114 Sale 10114 10134 18 10014 1027s
Fleet Liberty Loan-1 D 101111 Sale 10031321011n 1259 10024(101'1n Lyons (City of) 15-year 66_1934 MN 97 Sale 9634
3%55 of 1932-1947
934 977
9714 55
.1 D 102
2 10017s5 102
r ___ 102
Cony 6% of 1932-47
Marseilles(City of) 15-yr 88_1934 MN 9678 971 9834
102
9314 9778
974 48
•
J D 1034s Sale 103'31 1031012 212 10214110311n Mexican Irrigation 4;4e____1943 M N -------- 30 Mar'26 --7, -_,_ .-_
Cony 435% of 1932-47
1 D 10314210311n 1021742102145 15 1021%5103
Assenting if 434e .__ _ 1943 ------------3514
Ild cony 4;4% of 1932-47
30
3612 13
41
LoanSecond Liberty
Mexico(US)esti Se _9
01 9999 i'45 CI J 45_ 50 Feb'27 --„
50
50
393 50
MN 100341
1.6 of 1927-1942
Assenting 58 of 1899
1945 --- 4034 -414 4212
100 101
_ 100 Apr'27 37
42
M N mon Sale 10042 10013ss 1275 100"st 10145
Cony 434% of 1927-1942
421 Apr'27 ---3958 421s
Assenting 55 large
Gold deb 4s of 1904
1954 J D 28_ 34 July'28 ---Third Liberty Loan.__
M 5 10041 Sale 1008%10030n 761 I0024210111n
2738 18 ____27 17-38 2738
2434 348
Assenting 4s of 1904
414% of 1928
-3
Fourth Liberty LoanAssenting 4s of 1904 large
---A 0 1031141 Sale 103'42103"n 1666 103145104"n
434% of 1933-1938
_.
_ 2558 Sept'26 ---- -Assenting 490? 1904 small
.1 .1 __----1947-1952 A 0 113142 Sale 112203111312u 1418 1104111109111141441Assenting 4 01 1910
Treasury 4348
2634 2738 2738 Jan'27 -2731 -273
-1
Treasury 48
1944-1954 1 D 1081n Sale 107343810811w f946 106411082531
2614 3112
2712 29
---- ____ ___ 2678
Assenting 48011910 large
2418 10
____ ____ ___ 244
Treasury 334e
2238 2833
1946-1956 M S 1051315 Sale 10542 1052341 660 1031008in
Assenting 48 of 1910 small _ _ _
_____ and City Securities.
41
3
4314
Trees 680'13 assent(large)'33 J 1 4314 Sale 4314
484
I Y City-414s Corp stock_1960 M 8 10058
4434 Apr'27 --Small
2 10038 1011/3
10078 10078
414 484
1964 MS 10478 1-053
43i8 Corporate stock
6
Montevideo (City Of) 78-1952 1 D 10118 10178 10158 101%
;10478 10472
9978 10212
3 10212 105
4146 Corporate stock
1966 A 0 10472 10534 10258 Mar'27 ____ 10258 10238 Netherlanda 68 (flat prices)_1972 M 8 1084 10614 10818 19614 16 106 10812
1972 A 0 10533 106 10253 Feb'27 ---- 10233 10272
43is Corporate stock
30-year external 613 (flat),_.1954 A 0 10312 Sale 1034 10334 95 10314 10375
OSs Corporate stock
1943 F A 10234 Sale 10234 10318 21 10114 104
1971 1 0 109 - _ 10712 Mar'27 10712 10712 Norway 20-year esti 68
10314 39 10114 104
,10912
434* Corporate stockAuly1967 1 J 10838 ____ 10912 Apr'27 ---- 1081
1944 F A 10318 Sale 10278
20-year external 68
4345 Corporate stock
1034 36 100 10334
1952 A 0 10318 Sale 103
1965 1 D 10812
_ 10858 Jan'27 10658 1065*
30-year external 68
Cis Corporate stock
1965.1 D 10112 Sale 101
9834 10138
10134 60
_ 1083s 10838
1963 M 8 10812
40-year 5 I 53.48
2 10888 10838
4% Corporate stock
10234 24 10018 10234
__ 102
1959 M N --------10012 Apr'27 ---99 10038 Oslo(City)30-year e f (311.... 1955 M N 10214
4% Corporate stock
97 100
9918
9912 26
1946 F A 9918 -9938
1958 M N 10014 101 10014 Mar'27 99 10014
Sinking fund 5148
4% Corporate stock
8 1024 10234
Panama (Rep) esti 5348._ _1953 1 D 10212 Sale 10212 10234
9874 100
1957 M N
------998 Jan'27 ---_
4% Corporate stock
9 10312 107
1956 M N 9978 ---_ 9812 Nov'28 --__ ____ _- Peru (Rep of) esti 85(of'24).1944 A 0 10434 Sale 10412 10434
4% Corporate stock
3 10338 105
1944 A 0 10414 10478 10412 10434
9878 Oct'26 Ent 88 (ser of 1926)
1955 .1%S, N 9978
4% Corporate stock
25 10014 103
1013
_A940 M N 10034 Sale 101
99 Mar'26 1936 Al N 9912
Esti sink Id 7348
434% Corporate stock__ _1957 MN 108 109 1085* 1088
9834 101
79
Esti if sec 7346 (of 1926)-1950 M S 9934 Sale 99% 101
2 10528 10838
434% Corporate stock. 1957 MN 108 109 • 10714 Apr'27 ---- 10534 108 Poland (Rep of) gold 66
7813 85
8314 22
1940 A 0 8314 Sale 828
5
9238
834% Corporate etk_May 1954 MN 9212 ____ 9238
9912 554
1950 .1 .1 994 Sale 974
8978 92%
9314 9912
Eat, sink Id g 85
5 10314 10534
105
1961 J D 105 10512 105
8978 9114 Porte Alegre (City of) 8e_
335% Corporate stk_Nov 1954 MN 9212 ____ 9114 Mar'27 --__
3348 Corporate stock
1955 MN 9212 ---- 89 Apr'26 ---- ____ ____ Queensland (State) eat!5in 1941 A 0 11134 11253 11158 11212 12 111 11378
flew York State Canal 1m 4s.1961 .1 J --------10212 Oct'26 --- ___. ---1947 F A 10512 10614 10512 10614 15 104 1064
25-year external 65
45 Canal
1960 .-.., ____ ____ 102% Mar'27 __-- 102381025* Rio Grande do Sul esti a f 88_1948 A 0 10612 Sale 1054 10612 15 10333106',
43.45 Canal R
7 10218 108
Rapt
1964 J J --------102 APr'26 ---- ---- ---- Rio de Janeiro 25-yr if 88-.1946 A 0 10412 Sale 10412 105
Highway Improv't 4)46
1963 M S --------111 Dec'26 ---- ---- ---10414 29 10214 105
1947 A 0 104 Sale 104
25-Yr Intl 88
9112 9234
Virginia 2-35
9214 421
7612 Feb'25 ------------Rome (City) extl 63.45
1952 A 0 9138 Sale 9112
1991 1 -1
Parolees Gov't and Municipal's
1 103% 106
Rotterdam (City) esti 8a. _ ..1964 141 N 1054 10575 10534 10534
9638 79
Antlooula (Dept)08 28 A_1995 J J 96 Sale 9534
35 10712 110
94
9712 Sao Paulo(City) a f 88__Mar 1952 MN 110 11034 0878 110
9638 16
External a? 7s ser B
22 1041e 106
106
94
1945 1 1 96 Sale 9534
9712 San Paulo (State) esti a f 85_1938 .1 J 106 Sale 105
100
Argentine Govt Pub Wke 66_1960 A 0 9914 Sale 99
110
106% 20 105 1074
1950 1 J 106 Sale 106
97% 100
External sec s f 88
9814 10013
Argentine Nation (Govt of)-9914 17
Externals? 75 Water L'n_1956 M 5 98% Sale 984
Sink fund 630? June 1925_1959 J D 99 Sale 99
997
Santa Fe (Prov, Arg Rep) 7s1942 M 5 943 Sale 9438
88
9334 9638
9512 62
9734 100
1959 A 0 9912 Sale 9938
9978 150
Esti 5 f 8* of Oct 1925
975 1028i
1014 107
9734 100
Seine. Dept of(France)ext179'42 .1 J 10114 Sale 101
Sink fund 813 Series A-_10012 66
97-.8 10078 Serbs, Croats & Slovenes 85_1982 MN 10212 Sale 0212 10234 350
9714 10234
1957 11 8 9933 Sale 993
100
50
External 66 series B-Dec 1958 1 D 0952 sale 9914
9114 97
954 Sale 9514
9738 1003 Mesons(City of) esti 6a
1936 MN
958 37
111
100
9734 100
Esti a feeof May 1928
1960 MN 9912 Sale 99
10412 35 10312 10434
Sweden 20-year 65
1939 1 D 1037s 10418 104
Est'613 Sanitary Works_1961 F A 9958 Sale 99
98 100
993 105
External loan 53•48
1954 M N 10414 Sale 10378 10414 41 10258 105
90
17
89
argentine Treasury 55 £
112
92
1945 M S 8934 9014 8912
68 11114 11375
Swiss Confed'n 20-yr if 8(1_1940 J .1 11134 Sate 1114
9734 110
Anatralla 30-yr 5a___July15 1955 1 1 9738 Sale 9712
9714 9812 Switzerland Govt ext 5348_1946 A 0 105 10512 105
51 10233 106
106
Austrian (Govt) 8 1 78
1943 1 D 10353 Sale 10284 10432 66 10114 105
797k
75
79
773
Tokyo City 5s loan of 1912...1952 M S 7514 Sale 75
95
Bavaria (Free State) 63.4e_1945 F A 100 Sale 9938 100
9818 1004
Esti 8 f 534•( guar
1961 A 0 87 Sale 8618
88% 489
864 9035
11113
Belgium 25-yr ext at 7548 9_1945 1 D 11134 Sale
Trondhjem (City) esti 6348.1944.3 J 10014 Sale 100
28 111 114
112
9918 10134
10053 16
48 108 10912 Upper Austria (Prov) 75
20-year a f ga
1941 F A 10812 Sale 20812 109
1945 .1 D 95
94
971*
9512 18
9512 9452
25-year external(Hia
1949 M S 10014 Sale 100
96% 102,2 Uruguay (Republic)ext186_1946 F A 10934 Sale 10024 10934 19 1085* 112
10034 104
j9551 •1 9634 Sale 9638
186
97
9238 98
External a 1 68
95
9618 120
External a 1 60
1960 al N 9534 Sale 953
9612
External 30-years f 75_1955 1 D 10414 Sale 10414
10438 167 10212 10534 Yokohama (City) esti 68_1961 J D 9338 Sale 9214
9314 9712
399
14
Stabilization loan 78
1956 M N 10278 Sale 10234 10318 155 10138 104
Railroad
Bergen (Norway)6 1 8s
1945 M N 113 1134 135* 1131s 17 11218 114
Ala Gt Sou let cone A 55_ _1943 J D 103's.._ 0318 Feb'27 ____ 102% 1034
9914 101% Ala Mid 1st guar gold 5a
2
25-year sinking fund 8a
1928 M N 10014 101 10014 Apr'27 ____ 10014 1004
1949 A 0 100 10034 0012 10034
1950 A 0 99% Sale 995*
9818 10034 Alb & Susq 1st guar 3145 ....1948 A 0 8834 90
Berlin (Germany) 6348
87% 884
8834 Apr'27 ._
998 51
10914 10 1022 104,2 Alleg & West 151 g gu 48___ _1998 A 0 854 --- 85 Mar'27 ____
Bogota (City) ext'l 8 I 85,, 1945 A 0 104 10418 104
84% 85
Bolivia (Republic of) fie_ _1947 M N 10414 Sale 0414
1942 M 8 9634 -97
9514 9584
1
9634
9834
1045* 50 10312 10512 Alleg Val gen guar g 45
Eat'sec 7s tem
9612 98
9714 148
82
July 1995 Q J 82 Sale 8118
1958 J 1 9634 Sale 9812
794 82
12
Ann Arbor 1st g 48
0718 74
9678 Sale 9824
9338 97% Ateb Top & 8 Fe-Gen g 48_1995 A 0 98 Sale 9512
Bordeaux (City of) I5-yr 65_1939 M N
9234 97
9612 302
A 0 ---- ----95
10634 37 104 10812
Brazil(U Sot)external 8a
1941 1 D 10634 Sale 106
92 96
13
95
Registered
9314 425
89
External a f 61411 of 1926-1957 A 0 93 Sale 9212
89%
Adjustment gold 45_ _July 1995 Nov 894 8958 897e
96
1
874 914
1952 .1 D 957 Sale 9534
9614 69
Nov 877 89
75 (Central Railway)
8412 Sept'28 ____ ___
944 9918
-.
Registered
2 10278 107
73.4!(coffee Recur) E (flat)1952 A 0 103 105 0314 10314
July 1995 rd N 894 Sale 8914
87% -918953 15
Stamped
MN 8718 8812 88 Apr'27
35 10218 105
104
85 88
Bremen (State of) esti 74_1935 M S 103 Sale 10214
Registered
994 10214
8834
1955.3 D 8834 ____ 88%
Buenos Alyea (City)exti 6901955 J J 100% Sale 0012 10218 23
4
88
89%
Cony gold 4s 011909
91
9234 11
1955.1 13 8834 Sale 8834
9414
Cony 45 or 1905
Bulgaria (Kingdom) a f 73-1987 1 J 9138 Sale 9138
8734 8934
4
8834
86
8912
-- 8934 Apr'27 ,._
Cony g 48 issue of 1910
1960 .1 D 88
9634 9834
974 105
Caldas Dept of(Colombla)7.48'46 .1 1 974 973 97
10134 32 10014 102
East Okla Div 1st g 48--1928 M 8 9958 fol) 9934
997
994 968
7
Canada(Dominion Of) 81-1931 A 0 10134 Sale 1013e
102
Rocky Mtn Div let 4e..
83 10136 10214
8812 SO
9
8918
1963 .1 J 89 Sale 8812
1929 F A 102 Sale 1017
10-year 5145
1952 M N 10518 Sale 10478 10514 45 104 10512
924 9214 Apr'27 __
Trans-Con Short L let 0_1958 J .1 92
9012 9212
55
1936 F A 9914 Sale 9918
9912 57
9818 995*
9718 994
2
99
Cal-Ariz Mt & ref 4345 A_1982 M 0 9914 ____ 99
43.48
1954 J J 10434 106 106
108
11 10312 10612 Atl Knoxv & Nor let g 5a
10434 10434
1948 J D 10518 _--- 10434 Mar'27 __
Carlsbad (City) 6 f 88
37 10814 10914 All & Charl A L let A 4344-1944 J 1 9833 ---- 9834 Apr'27 __
107
9834 100
Chile (Republic)) ext'l if 88-1941 F A 10638 Sale 10614
9912 101
69
let 30-year 55 aeries B
1944 J .1 105...... 105
1942 M N 9934 Sale 9912 100
8 10334 10534
105
20-year external 8 I 78
10714 54 10614 109
__.
1 88 -8912 86% Dee'28 ____ ___
Atlantic City let cons 4a___ _1951
1946 M N 108 107 10614
25-year external a f 85
91%93i All Coast Line let eons 45 July '52 M 8 97 Sale 9678
9214 226
External sinking fund 8a_ _1960 A 0 92 Sale 9138
9334 -97
21
97
92 Sale 9134
924 420
9134 9338
10-year secured 75
1930 IS N 12318 Sale 1034
External s 168
' 1961 F A
10314 15 1031s 1054
36
934 964
945
General unified 4345
97
9834
3
1964.3 D 9778 9814 9814
9814
Mlle Mtge Bk 6145 June 30 1957 1 D 9418 Sale 9312
96
31
97
902 9318
984
7
L & N coil gold 421_-Oct 1952 MN 9234 9278 9234
9278
8 f Me of 1928_June 301961 1 D 9814 Sale 9614
24
30
25 Apr'27 --__
All & Gan, 1st g 4,
Chinese(Hukuang Ry)5s_1951 J D 2412 27
1 8114 Sale 81
1948
8112 31
78% 81%
5
102
9934 10212
2d 48
Ohriattanla (Oslo) 30-yr if 51954 M 5 --------102
1947 J J 7258 Sale 825*
7114 7534
5
8312
9912 41
97cs 10012 Atl & Yad 1st g guar 46
1901 A 0 8558 Sale 844
Cologne (City) GermanY61461950 m 13 9914 Sale 994
8218 8553
18
855
4 • 9912 1014 Austin & N W 1st gu g 58_.l941
- 10212 10212
Colombia (Republic)810-1927 A 0 1008 Sale 10018 10034
1 10214
2 10212 1004
10014
101
Sale
25
10014
9914
J
1
10115
5145-1944
Balt &Ohlo lat g 4e____Juli 1948 A 0 9618 1612 28
-years?
Copenhagen 25
9358 9718
964 38
9812 Sale 98
9812 48
9712 9912
947 Mar'27 _
Registered
July 1948 Q J 93
Cordoba (Prov) Argentina 781942 J J
95
92
9475
1944 M S 10014 Sale 10014 10112 14 1004 10112
20-year cony 4346
1933 M S 9834 Sale 98%
97
194
99
994
10112
10114
102
---Apr
27
10112-External 58 of 1914 ear A.1949 F A
IS S
Registered
-----------963
8
Noy'26
947
; 9414
9328 953s
14
Refund & gen Si, series A__1995 J 0 102% Sale 1028
External loan 494s eer C 1949 F A 9414 -947
1034 241 10038 10312
1953 J J 1023* Sale 10253 10314 54 1014 1033s
Sinking fund 594a
let g 58
1948 A 0 107 Sale 107
10712 49 10434 108
94
9412 54
96
10-year 66
Dundlnamarca (Dept-Col) 78 '98 J D 9912 Sale 9414
1929.3 ./ 10258 Sale 1025
1027g 81 10034 1034
Ref & gen 68 aeries C
1995.3 D 10938 Sale 109 1 0954 122 1071* 110
Cieehosiovakia(Rep of)85-1951 A 0 10834 Sale 1081s 10834 64 105 110
10812
10834
Sale
26
104
3
1085*
0
A
109
1952
P L E & W Vs Sys ref 4/1-1941 MN 95 Sale 95
Sinking gund 85 ear B
925 98
9514 41
Southw Div 1st 5e
Externals? 7345 series A.:-1945 A 0 1054 Sale 1054 10538 149 1048 1084
1950 J .1 10314 Sale 10234 10312 40 10134 10312
Danish cone Municip 85 A_1948 F A 1104 Sale 11012 11012 10 10936 11113
Tol.4 CM Div let ref 45 A.1959 J J 8534 Sale 854
82
8534
85% 97
1104
1104
sale
11012
11 10914 1115*
Ref 22 gen 5s aeries D
1946 F A
Series 11 o i Se
2000 M S 10278 Sale 10234 10314 123 1008* 1033,
34 1038* 1054 Battle Crk & Slur let gu 38_1989 J 0 6535 6712 75
1942 1 1 10434 Sale 10414 105
Denmark 20-year 6s
Jan'27 __
64
85
9912
99
42
99
995
8
Sale
8
8
10012
M
Beech Creek 1st gu g 4.._..1936J -1 95
9814 9512 Jan'27
Dominican Rep Cost Ad 5148 '42
_
954 9515
gg
134
100
99 110
1940 A 0 9812 99
Registered
1st sec 534s of 1926
J .1 944 ---- 9412 Mar'27 ____
9412 951s
10234 15 1001s 10412
2(1 guar g 55
'
Dresden (City) external 76_ _1945 M 1.4 102 Sale 02
1936 .1 .1
Jan'27 ____
-- 99
99
99
Dutch East indiee exti68_1947 1 .1 10212 Sale 10212 10278 15 1023/3 104,2 Beech Crk Ext let g 3%8_1951 A 0 82
99%-84
8158 81%
_
815* Mar'27
40-year Sc external-- -1962 M 8 10412 Sale 10212 10234 36 10214 103% Big Sandy let 45
1944.8 D 9118 92
9114 Mar'27
91
9112
30-year external 534s
1953 114 5 10112 Sale 10112 102
15 1008* 102
Boat & N Y Air Line let 46..1955 F A 8238 83
8212
7858 8212
i
8212
Brune di W let gu gold 48_1938 J J 9658 97
1953 M N 10138 Sale 10128 101% 15 10038 103
9658 Apr'27 ___
30-year external 53411
953 9858
II Salvador (RePub) 88 __,_5948J .1 108 10812 10818 108% 10 10614 10878 Buffalo R & P gen gold 56_1937 M 5 103 -10312 Apr'27 ____ 101 10311
93
97
Consol 4345
9614 35
riniand (Republic) sill 68_ _1945 M 5 954 Sale 9518
9714 113
1957 IS N 9818 Sale 9712
944 9814
9814 102
10012 41
Registered
IS N 88 --- 95 Mar'27
External sink fund 76.... _1950 M 8 10012 Sale 100
95
95
1956 M S 984 Sale 9818
96 100% Burl C It & Nor let fe
9858 60
102
External n f 634s
5 101 102
1934 A 0 102 Bale 102
98
19
99
99
Canada Sou cons gu A 58
1962 A 0 10634 ---- 10634 Apr'27
Hanish Mun Loan 6345 A-1954 A 0 9814 984 9812
105 107
957e 99
Canadian Nat 434e-fiept 15 1954 12 5 9834 Sale 9814
24
9814
99
1959 A 0 9812 99
987
External 8148 aeries B
95
9872
19
5-year gold 4146„1"eb 15 1930 F A 9912 Sale 995*
998
994 100
22
rrench VtePub 25-Yr ext1 85-1945 M 5 10934 Sale 1093, 110 • 307 1084 110
21 11438 1104
20-yeat external loan 7146-1941 J D 11112 sale 11111 11214 213 105 112% canadjan North deb if 76_1940 J 0 11534 Sale 11512 1 153
99 104,8
25-year a 1 deb 8145
5949.3 D 10312 Sale 0212 1037 501
19481 J 11918 Sale 11812 11918 28 11735 11914
External 78 of 1924
10-yr gold 4;45___Feb 15 1935 F A
9812 Sale 981z
9812 75
974 99
1erman Republic ext1 78-1949 A 0 1073, Sale 107s 10758 140 10812 10912
857
834 6612
89
lerman Cent Agri° Bank 76_1950 M 5 10234 Sale 024 1024 56 101 1031* Canadian Pae Ry 4% deb stock _.1 -1 8512 Sale 858*
Col tr 4145
199i; M 5 9734 Sale 974
98
9734 59
1954 MN 10312 Sale 0234 10314 22 1014 103,4
98
Iran (Municipality) 85
10438 25 1044 105% Carb & Shaw 1st gold 45_1932 M 13 9034 9734 9532 Jan'27
9653 9588
It Brit & Irel(UR Of) 514a-1937 F A 10438 sale 10414
8318 86
1949 1 J 8534 8812 86 Apr'27
1929 F A 11834 Sale 11884 11834 30 11634 11834 Caro Cent 1st cons g 48
10-year cony 113,45
1033
8
107
5
cam
105
Clinch & 0 1st 30-Yr 561938 J D 103 10314 103
103
4 1023s 10334
heater Prague(City)734/1-1952 M N 10412 Sale 0412
5 10712 109
let & con g 88 serlee A__1952 J 0 10712 Sale 10712 10712
9314 964
9534 11
1964 M N 9514 9612 9514
kook Government 71
27
99 10014 Cart & Ad let gu g 98
9214 Mar'27 __
um (Republic) e 1 811
904 9234
1981 J D 9134 93
1952 A 0 9934 Sale 994 100
8612
8 1034 106
1054
83
8612 ii
Cent Branch UP let g 48_1948 J ID 8518 884 853
)(Melberg (Germany)eat 7)4650 3 1 105 10512 105
65
9758 101% Central of Oa let g 55.Nov 1945 F A 1071s
-- 105% Apr'27 ____ 10411 1057s
1 100 Sale 9912 100
Iungarian Muni('Loan 7145.1945
951
109
9 99
974
Canso'gold 58
20 1024 105
1945 M N 10418 16512 10458 1047
External a? 75
Sept 11546 J .1 9634 Sale 9638
1024 13 10014 105
10-year secured 65__June 1929 .1 1) 10214 10258 1024 10212
9 102 1004
fungary(Mud of) a f 7348..1949 F A 102 10212 102
9912 10075
1053
Ref & gen 5348 series 11_1959 A 0 10538 10552 105
9 1044 1064
nil Bank of Japan 6% notee.1997 F A 9978 Sale 9912 1004 155
chats Div pur money g 48_1951 J D 90-_-_ 9152 Mar'27 __
9234 97
9612 506
884 91%
lair (Kingdom of)ext'176-1951 .1 0 957 Sale 9572
8814 924
msc 24 Nor Div 181 g 58_1946 1 J 103 105 10234 Apr'27 ____ 10234 104
9012 68
J 8934 Sale 8814
apanese Cloys Z loan 86___1931
7
k
1027
7
104
____
98
102
1003
4
104
Mobile Division 56
I 10178 104
1948.8 J 10312
30-year 5 1 634e
1954 Is A 9914 Sale 98
9212 98
85
Cent New Rug 1st gu 4s
95 I 194
24
1961 J .1 8478 Sale 8412
Oriental Development 66_1953 1141 8 9334 Sale 9212
7812 85
1 55=.2
2407
New York Bond Record-continued--Page z,
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 22.
t
Price
Friday,
April 22.
IVeek's
Range or
Last Sale
i"
'1•1
(0.5
Range
Since
Jan, I.
High No. Low
High
Ask Low
Bid
9914 10034
9914 Apr'27 _
Central Ohio reorg 43511__1030 M S 9914 100
99)2 1011z
N
M
Apr'27
4
A937
5s_
1003
101
10034
g
coil
Gs
Central RR of
17 112 116
116
Central of N I gen gold 5e_ _1987 3 J 11534 ____ 11534
3 11238 116
1987 Q J 11514 Sale 11514
116
Registered
91 14 935s
9318 22
Cent Pee let ref gu g 4e_1949 F A 9314 Sale 9234
9038 02
F A 90
92 Apr'27 _ _ _ _
98
Registered
974 9s34
tge guar gold 3 A a _ _ Aug 19293 D 0812 ____ 9818. 9834 51
8912 93
11
93
____ 9112
Through St L let go 4s___1914 A 0 91
10318 69 10112 10314
1960 F A 103 Sale 10234
Guaranteed g Bs
_ 11812 Oct'26
Charleston dr Savnli 1st 7e 19313 J J
fei 114-1-2
10112 10112 10112
2
1184Ches & Ohio fund & Impt 58_1929 .1 .1 101
1939 M N 10638 Sale 10638
7 10338 10612
10638
let consol gold be
_ 10212 10412
1939 M N 10614 ____ 1044 Mar'27
Registered
1992 M S 9814 Sale 9818
974 99
9812 62
General gold 4555
M S
9438 Oct'26 _ _
Registered
1930 F A ioUs
9918 101 12
10014 108
100
20-year cony 434s
1940 J J 1004 ---- 10078 Feb'27
_ 10034 101
Craig Valley let bs
_ 871z Dec'26 _
Potts Creek Branch let 45_1946 J J 8918
8734 -6618
2
9038 8934
8934
P.&ADlvlstcong4s__.1989J J 8914 _-1989 J J 8678 ____ 8712 Mar'27
8534 8712
2d consol gold 45
_
994 1004
Warm Springs V let g 55 1941 M S 10014
-- 10018 Feb'27
73
5 71 7338
72
7134
Chic & Alton RR ref g 31. _ _1949 A 0 72
7112 72
7111 72
72 Apr'27 Ott dep stpd Apr 1928 int_ _ _ _
-6114 6814
65 Sale 644
&filmy first lien 33s_ _.1960 33
65
17
67
60
2
63
6312 6334 63
Crts dep Jan '23 & sub coup __
8658 8914
8914 28
Chin Burl & Q-II1Div 3548_1949 3-3 8834 Sale 8834
J J 88
861 Dec'26 _
Registered
1949 J J 9614 97
9438 9714
9634 33
9618
Illinois Division 4e
9934 10012
1
100
Nebraska Extension 4a_ _J927 M N 100 Sale 100
IS N 9938 ____ 9912 Nov'26 _ _ _ _
Registered
1958 M Ei 954 Sale 9558
5572 96-34
59
96
General 4s
M S 9158
9218 Mar'26 Registered
1977 F A '9814 Sale 98
974 982
9814 120
1st & ref 4 As ser B
1971 F A 10658 10714 10612 10612
8 1054 107
1st & ref bs series A
106 106
106 Apr'27 _ Chicago & East III let (Is_. _1934 A 0 106
MN 854 Sale 8211
804 86
553
86
o & E III fly (new co) con 581951
1982
10712 10814 10758 1074
let gold 5
5 105 108
8914 7258
7258 656
Chicago Great West let 4e._1959 M S 7238 Sale 7114
11374 11518
11518 Mar'27
Oele intl & Loulay-Ref 8e-1947 J .1 116
19473 J 10278 10312
10338 10358
_- 10358 Mar'27
Refunding gold be
9114 9114
J J
_
9114 Apr'27
Refunding 40 Series
9978 103
9 M N 10218
9
8 10212 103
- -1027
9012General 5s A
May 1966 J J 108 10878 10734 108
10 10634 108
General 6011
9218 954
8
954
9434 9512 944
Chic Ind & Son 50-year 4e-1956 .3 J
96'18 9712
- 9712 Apr'27 - _
Chic L 8& East 1st 45tis....._1969 J D 9718
5538 61
3
64
64
(_7M & Puget Eld lat Ku 4s_ 1949 J J 6312 -6
8
7
4 644
deposit
63
553
6418
6312
26
of
6318
eertifs
1:1 S Tr
88
85
8658 16
Ch M & St P gea g 4s Ser A.e1989 J J 864 Sale 8612
8'34 8314
Q 3 8314 8634 8314 Mar'27
Registered
__ 7738 Apr'27I--__
75158 7738
Qneralgold3i48eerB.,elOSSJ 3 7712
944 98
48
07
9678Sale 0934
Gen 4555 Series Cl_ __May 19803
6512
57
654, 45
Gen & ref ser A 4As__Jan 2014 A (3 . 65 Sale 6458
5678 654
654 236
6514 Sale 6412
Guar Tr eertlfe of deposit_
6334 25
5512 6314
Gen ref cony ser 1) tis Jan 2014 F- -A 6334 Sale 63
5534 6418
6418 186
Guar Tr malts of deposit....... (5334 Sale 63
1934 1
30 10314 10612
10358 Sale 10358 104
let sec 65
1932 J D 64
Debenture 4555
5612 6434
6434 126
644 6334
56
Bankers Tr certifs of deposit
6434
6434 60
6414 Sale 6358
1925
5611 6438
644 202
Debenture 46
6358 Sale 6358
S Mtge & Tr ars of dep...... 64
5918 6512
6512 54
6438 6414
1934
5(1)8 6414
6414 91
15-year debenture 45
634
6312 64
644 192
F rm L & Tr ett4 of dep__ . a
5638 6412
6338
6312 64
_M14
7818 834
Thlc & N'weet gen g
8
8278
82 Sale 82
Registered
7.112 76,2
@ F 741
7418 Jan'27
9012 044
1087 M N 9312
944 12
General 4e
4 9312
1
93
4-Q F 8912
Registered
87 Aug'26
9013 9414
2
Rod 46 non-p Fed in tax '87 M N 94
9414
944 94
_Gen 441e stpd Fed ins' tax 1987 M N 109 11014 109 Apr'27 105 109
10814 11312
Gen 5s stpd Fed Inc tax___1987 M N 11314 114 11312 Apr'27 1879-1929 A 0 1034 ____ 10318
2 10114 105,
10318
Sinking fund 85
A 0 10238 Sale 10258 10234
Registered
4 101 10234
100 10134
1879-1929 A 0 10014 10034 10014 Apr'27
Shaking fund 58
10018 10214
1879-1929 A 0 10014 101 10014 Apr'27 - Registered
1933 M N 10218 ____ 10218
2 101 1021 2
Sinking fund deb 58
10218
M N 10138
10118 10138
Registered
10138 Apr'27 -1930 J I) 1064 Sale 10612 10658 ig 106 107
10-year secured 78 g
11238 24 11158 11234
15-year secured 6 As g-- --1936 NI S 11238 Sale 11218
May 20373 D 105 10712 10778
10 10212 109
108
1st & ref g ba
9
9012
Ohio RI& P Railway gen 4a..l988 J J 90' 9012 90
874 90,2
8612 874
J J
Registered
8778 Apr'27
9214 95
1934 A 0 9418 Sale 9418
350
95
Refunding gold de
A 0
9258 9375
Registered
9358 Mar'27 8914 91
1
91
Ch St L & N 0 Mem Div 48_1951 J D
4 ---- 91
10114 1024
Ch St L & P 1st cons g La...._1932 A 0
-- 10218 Jan'27 1 10318 104
10314
-ale St P M & 0 eons Os__ _1930 J D 1025810314
10314 10312
95 Nov'26 Cons 6s reduced to 3345__1930 .1 D 95
96
991k 100
52
1930 IN El 9934 Sale 9934 100
Debenture 58
994 9934
_
Stamped
100)4 ---- 9938 Apr'27
541 9358 99
99
Chic T H dr So East lst 55_1960 J
9812 Sale 984
Dec 1 IMO 61 S 9538 Sale 9458
954 116' 8734 9512
beguile
07,4 9914
8
9914
Chic On Sta'n let gu 434s A_1963 J J 9918 Sale 9834
1963 J J 10458 105 105
1st be series II
2 1044 10534
1054
1944 J D 104 10412 10312 10412 20 10112 1054
Guaranteed g 55
1983 .1 1 117 11778 11658 118
42 11718 11834
let 6555 series C
_ _ 10512 106
Chic & West Ind gong (38_.p1932 Q M 10512 ----10534 Mar'27
1952 3
Consol 50-year 4a
8834 25
8658 884
8812 WC 8814
1962 M S 10434 Sale 10434
let ref 5548 tier A
105
58 10:1,2 105
Oboe Okla & Gulf cons be.._1952 IS N 104
10414 Apr'27
10314 10414
1937 J J 974 ___ 9738 Apr'27
Cln H & 1) 26 gold 4 As_
97"8 974
0181 L & C let g 48_ _Aug 1936 Q F 97
9678 Apr'27 _
98
9514 9714
Aug 1936 Q F 994
Registered
954 Jan'27
954 9518
1942 M N 9214
9212 Apr'27
(In Leb & Nor gu 413 g
9014 9212
_ 100 10038
Cln & Ci cone 1st a bs_ _1928 J J 10018 ___ 10038 Mar'27
0438
934
Cleve CM Ch & St L gen 48_1903 J D 9314 Sale 9314
89
9
J
J
1931
4155
deb
-year
9934
4
993
9914
_
Apr'27
20
984 100
1903 J 1) 112 113 112 Mar'27
_ 10734 112
General be Series B
63 10238 10314
103
Ref & Rapt 68 series A...1929 J
103 Sale 10278
1941 J J 105 108 106 Mar'27
Cs series C
10(1 1)1734
1963 J J 10414 Sale 1044
be series D
1044 43 10314 105
93:2 ug
Cairo Div let gold 48.....1939 J J 9412 9514 95 Apr'27
91112 ____ 9112
1
9012
Cm W & M Div lst g 48 1901 3 J
86
9012
gt L Div 1st colt tr g g 48_1990 MN 8912 90 8912
8912
1
8738 91
8
3,184 Feb
86
0
NO N _
Registered
52,
'
0
2
6
Spr & Col Div let g 4s_ _ _1940 M S 991
9l7 0610
W W Val Div 1st g 4s.___1940 J J 9618 9712 9712 Apr'27
91
9712
CCC&I gen cons a 6s_ _ _1934 J J 10918 10914 10918 Mar'27
10714 109 it
10238 10314
Cley Lor & W con lat g 5s__1933 A 0 10238 ____ 10314 Mar'27 _
g
Val
Mahon
JJ
511____1938
Sept'26
994
10014 -_-Cleve &
1936
CI&NlarletSUC 4 l4S
N 9858 9914 9858 Apr'27
-8838
ineva & p gen gu 45de set 8_1942 A 0 10234 --__ 9918 Aug'26 _ _ _
1942 J J 10234
101 Mar'27 _ _ 100 161"
Series A 4555
N 8918 9014 8514 Oct'26 _
1948
Series C 33411
-1950 F A 8918 ____ 8458 Sept'26
Series D 3 As
10314
9 16118 foi"
Cleve Sher Line let gu 4 As_1961 A 0 10212 10314 10314
11 10858 11038
Cleve Union Term 5558._ A972 A 0 10858 110 1084 110
1973 A 0 1014 1044 10412 10434
8 10312 10.5
let a f EN see B
1945 J 73 8934 -_ 8858 Jan'27
884 8858
Coal River Ry let an Cs_
9914 34
Colorado eg South let g 48_ _1929 F A 99 Sale 99
984 994
Refunding & extol) 4345._1935 MN 974 Salo 9714
98
19
9678 09
9174 9314
1948 A 0 9314 94
9314 Apr'27
Col & II V let ext a 4s
Mar'27
9012
48
A
F
1955
ext
Toilet
0012 902
Col &
Ely 1st 4s_ _1943 A 0 9634 ____ 98 Nov'26 _ _ _
---- -Conn &
9238 Dec'26
1930 F A 94
Como' Ry deb 48
1954 .1
7412 Apr'27
8
7013 78-17458 76
Non-cony 45
70 Sept'26
J D
Registered
2
Oil'5 7714
7538 -7-6-3-8 75i4
Non-cony debenture 4e_ _.1955 J J
5
_1958 J .1
7534
5
75341
7534 75
694 77
Non-0011) debenture
Doe Feb, 800, May
Price
Friday,
A prtl 22.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 22,
Cuba RR let 50-year 55 g___1952 J J
1938 J D
let ref 7 As i.cr A
ist lien & ref &I ser B
'1 D
936 3J
196
Cuba Nirtbern Ity let 68_1
1931 3 J
Day &Mieb 1st eons 4 As
Del dr Hudson let & ref 413_1943 M N
1935 A 0
30-year cony 513
1937 M N
15-year 5345
1930 J D
10-year secured 75
1936 F A
D RR dr Bdge 1st gu 45 g
Den & R. G let cons g 48_ 1936 J J
1936 J J
Consol gold 434.
Improvement gold bs___ _1928 J D
Den dr R 0 West gen be_Aug 1955 MN
Des M & Ft D 1st gu 4s__ _ _1935 1 J
Temporary ctfs of deposit_ _ _
Des Plaines Val let au 4558-1947 1-1
D)
J I
Oct dr Mack 1st lien g 4s. 1995 1
1995
Gold 4s
Detroit River Tunnel 4558_1961 IS N
Dul IVIlssabe & Nor gen 58_1041 J J
1937 A 0
Dul & Iron Range 1st 5s_
1937 I J
Dul Sou Shore dr A tl g 5s
Bid
Ask
97 Sale
109 Sale
10012 Sale
1024 Sale
99
9938
95 Sale
13234 Sale
10458 105
107
9214 Sale
9458 9434
100 Sale
8818 Sale
35
40
35
35
9912
7314
71
65
68
99
97
____
104
10214 10234
8514 87
Week's
Range or
Last Sale
Low
96
109
10012
10212
99
9412
12812
10412
10634
9614
924
9512
100
82%
35
344
0634
7314
65
9818
10434
10218
8478
cs,ca
High No. Low
MO
53
97
9412 97
10912 11 107 1094
10212
7
9911 10212
25
103
9934 10314
Mar'27
9838 99
95
29
934 954
532 11418 134
134
10412
2 103 105
17 10638 10778
107
Apr'27
9614
96
9258 52
9118 93
9512
2
97
94
10014 72
9912 10018
8834 1759
7358 8834
Mar'27
36
34
Apr'27
334 35
Aug'26
7014 73l
Mar'27
1
65
65 6518
99
3
974 9978
Apr'27
10334 10434
10214 14 10134 103
10
86
7518 86
East Ry Minn Nor Div let 45.'48 A 0
1930 J J
East T Va & Oa Div g 5s
Cons let gold 55
MN
56 IS
Elgin Joliet & East let g 5s,.194141
1965 A 0
El Paso & 8 W 1st 5s
Erie let consol gold 75 ext 1930 Ni S
1996 J J
1st cons e 43 Prior
Registered
1997 .1 J
lst consol gen lien g 4s
1996 5 J
19963 J
Registered
Penn coil trust gold 45._1951 F A
50-year cony 45 series A 1953 A 0
A 0
Series
Gen cony 4e series D
late f 68_
1199
1
5
53
Erie &Jersey
95
B53
Genesee River lot s f 58 1957 3 J
1940 3 J
Erie & Pitts gll g 354s 1L
1940 3 J
Series C 3348
1954 M N
Est RR tati s f 75
9358 96
9218
101
101
314
2
10614' -- 106
10234 10434
10614 ____ 10614
10612 10634 10612
8512 Sale 84
79
-%/134Sale 7758
- - - _ 72
99 Sale 9838
844 Sale 834
85 Sale 8378
11112 Sale 10712
11318 Sale 113
4
12
23
18
11234 113 18
8834 ---89
100 Sale 9912
Fla Cent &Penn 1st ext a 55_1930 J J
1943 .1 .1
Consul gold Ls
Florida East Coast let 4556.1959 J D
1974 M S
1st & ref 55 series A
1952 M N
Fonda Johns & Gloy 4 34s
Fort SIC D 001st g 4555_1941 J J
1961 J D
Ft W& DenC lstg 5 As
Ft Worth & Rio Or let g 4s 1928 J
Frem Elk & Mo Val 1st Ge_ _1933 A 0
10018 10038 10018
_ _ 10158
10158
984 9812 9838
9618 Sale
6212 6358 u.-4
944 _
51'4
04
9
''
10634
10634
98
10714 109 108
5
_
50
2_.
3
4
63,
217,
964
'
Feb
Mar'27
Apr'27 -3
108
GII&SAM&Plet 58..„1931 MN
1931 J J
26 extens 55 guar
Galt, Rolls & Rend let Egi. _1933 AO
& Ala Ry 1st cons Egi_Oct 1945 J J
Oa Caro & Nor 1st au g 6&.J921) 3 3
1916 AO
Georgia Midland let 35
1941 J J
Or R & I ext 1st au g4 i4s
Grand Trunk of Can deb 78_1940 AO
1936 MS
15-year e f 65
Grays Point Term let 58__ _l947 3D
J
Great Nor gen 75 series A_ _ _1936
J
Registered
1st & ref 452s series A____1981 J J
1952 33
General 5555 series B
1973 33
General 55 series C
1976 J J
General 4145 series D
Green Bay & West deb We A____ Feb
Feb
. Debentures etre B
Greenbrier Ry let gu 4s_ ___1940 MN
Gulf Mob & Nor 1st 5 A0___1950 AO
Gulf dr S list ref & ter g ba _61952 J J
10034 101 10034
10078 ___ 10014
10034 Sale 9912
9914 Sale 9914
10014 10012 10014
74
7'1 7518
9812 984 9814
11558 1154 11558
10778 1084 1074
_ 9514
9812
11438 Sale 114
11338
-0084 163-4 9934
11012 Sale 10934
10518 Sale 10514
9734 Sale 97
8518 864 85
2312 23
23
9312 9.5
92
10134 Sale 10614
107
107
101
10014
100
9914
10012
Mar'27
9812
11578
10814 •
Mar'26
115
Nov'26
994
11012
105Iz
9734
Mar'27
23
Dec'26
Apr'27
Mar'27
Hocking Val 1st cons e 4558_1999 33
3
1999
Registered
Housatonic Ry cons g 58_ ....1937 NI N
1037 J J
H & T C let g lot guar
Waco & N W div 1st 6s _1930 MN
Houston Belt & Term let 55_1937 .1 3
N
Houston E & W Tex lets 5s_1933
N
1933
let guar 55 red
Hod & Manhat be series A 1957 FA
FA
Registered
Adjustment income bs Feb1957 AO
10358 Sale 10358
9534
-594 -___ 9934
10158 ____ 10158
1014 ____ 10134
10078 ____ 101
10018 ____ 101
-_
101
994 -l-e- 1133;:
97
91 Sale 8914
10414
Mar'27
Apr'27
Mar'27
Mar'26
Apr'27
Apr'27
Illinois Central let gold 4s___1951 33
3
1951
Regletered
1951 33
lat gold 355s
33
Registered
Extended let gold 355a___1951 A0
1951 MS
let gold 35 sterling
1952 A0
Collateral trust gold 4s
A0
Registered
1955 Ni N
1st refunding 45
1952 J J
Purchased lines 334e
I 3
Registered
Collateral trust gold 48___1953 MN
NI N
Registered
Refunding 58
1955 MN
1934
15-year secured 555s
15-year secured 63.4. g...1030 -1
40-year 4345
A
Aug 1 1966
1950
Cairo Bridge gold 4s
Litchfield Div let gold 35.1951
Louis,/ Div & Term g 334e1953
Registered
A
Omaha Div Ist gold as___1951
3
St Louis Div dr Term g 30.1951
1951
Gold 334.
Springfield Div let g 3 As_1951 1
Western Lines lets 48.___1951
A
A
1951
Registered
Ill Central & Chic St L & N 0
Joint 1st ref 55 series A__ A963 JO
1951 3D
Gold bs
3D
Registered
D
Gold 355s
1951
ind Bloom dr West let ext 46_1940 A0
1950 J J
Ind Ill & Iowa let g 45
1956 J J
led & Louisville lot gu 45
Ind Union lty gen be see A 1965 J
1965 J
Gen & ref be series B
Int & Ort Nor let (Is tier A_ _1952 J J
Adjustment 60 ser A July 1952 Aprl
Aprl
Stamped
Int Rye Cent Amer 1st 53....1972 MN
let coil tr 6% notes
1941 MN
Iowa Central let gold Se. .._1938 3D
Certificates of deposlt ______
-8
1951
Refunding gold 45
James Frank & Clear let 45_1959 3D
Ka A & R 1st gu g 5s
Kan & M lot au g 4s
26 20-year 55
K C Ft B& M cone g 6s
1938 3
1990 A
1927 J
1928.M
Range
Since
Jan, 1.
Dec'26
101
4
06217
1,
A0
1
1
10614
10634 60
8518 143
Jan'27
7834 233
Mar'27
_
99
9
132
85
76
85
11234 1505
11312 20
11
Nov'26
1
89
10014 150
Apr'27
Apr'27
9838
mt27
Apr'26
91
5
1
4
1
6
10054 102
106 106,2
102 1044
10434 10612
106 10712
8118 86
79
79
734 7912
72
75
9814 10014
7834 8512
&514
79
844 11234
11112 11358
11152 11312
89
89
9534 10114
1004 1014
10138 10178
9734 9812
9414 10114
6114 65
9414
94
10638 10634
9758 9812
10712 1084
4
63
45
10012 101
10018 10044
9612 100
9812 9978
99 10012
7212 7512
971s 9834
11518 116
1084 10814
204
iT8 115
16
59
15
178
airs ficil;
108 112
10258 10556
9418 975g
834 85
21
2.512
4
jOiia lOOm
108,4 107
101
9738
9534
981z
10038
_ •
0911
1004
10018
98
400
84
9
9618
9418 Mar'27
9258 Apr'27
7438 Jan'27
-i•LT8
8234 Jan'25
884
-iiT3 16- 8838
Jan'27
73
9212
9212 9212
91
8918 Mar'27
10
96
96
054
884 Apr'27
8634
8412 July'25
-89T8 6;1-e- 8918 8918 28
_ 8513 Oct'26
1
i5iE4
10734
10734
10113 gale 10114
178
102
11238 11278 11218
11212
5
9914 Sale 99
994 135
934
9338 Mar'27
7634 Mar'27
r
781
- - 8318 Mar'27
4 8412
8334814 Aug'26
8 7712 7618
7634
_
785
79 Mar'27
2
86
86
8-87
854
84 Sept'26
85
9118 -6i 914 Apr'27
84 Aug'2,5
88N,
10438 105 10412 10434 43
10434 10714 10458 Mar'27
10358
10312 Mar'27
7958
7812 Feb'26
94
934 Dec'26
9414 95
1
9438
944
6812
87
87 Apr'27
10218 10314 10218 Mar'27
10218 10314 10218 Mar'27
10718 217
10713 Sale 10614
9412 63
9412 Sale 9238
7
8414
8412 8434 84
7518 17
7514 Sale 7514
5
93
93
9318 94
61
50
50
5012 54
_
50 Apr'27
5014 52
1834 18 Apr'27
18
8
9378
9378
9312
Apr'28
3 10258 10512 101
0 8614
__ 8614 Mar'27
100 ____
J 100 Sale 100
10112
N 1014 10134 10138
6
10414
9534
9934
1014
1-08
10158
10034
100
_
91
94
95
9258 924
7438 7435
87
73
9012
8912
9314
86
4
1917438
93
8912
9678
8832
1
-:
-138- -96
ioiTz IVA;
10114 103,2
11158 1134
9632 9934
9212 934
7812 7634
8314 8418
7713
76
7618 79
87
86
9013 -08
1034 10514
1044 10.`12
10312 10312
934
84
10218
1024
10538
8358
814
754
93
CO
4912
17
9154
9438
87
10318
1023s
10734
98
8818
7712
9612
584
66
2112
934
-85;"5 87
100 1004
1014 10178
p Due One
44
2408
New York Bond Record-Continued-Page 3
•
Y.1
BONDS
STOCK EXCHANGE
Week Ended April 22.
K C Ft S & M By ref g 4a1936 AO
KC&MR&B 1st gu 50_1929 AO
Kansas City Sou let gold 36.1950 * 0
Ref & impt 58---- __Apr 1960 I J
Hawse City Term let 48__ _1980 ii
Kentucky Central gold 42_1987 J J
Kentucky & Ind Term 4148_1961 J J
Stamped
1961• J
Lake Erie & West let g 56_1937 J J
2d gold 5is
1941 J J
Lake Stir & Mich S g 3145_1997 in
Registered
1997 3D
Debenture gold 4s
1928 MS
25-year gold 45
1931 MN
Registered
1931 MN
Leh Val Harbor Term 52.-1954 FA
Leh Val N Y 1st gu g 4125....1940 J J
Lehigh Val (Pa) cons g 48_2003 MN
Registered
MN
General cone 431s
2003 MN
Lehigh Val RR gen 58 series_ 2003 MN
Leis V Term Ry lst au g 5s_ _1941 AO
Registered
AO
Lab & N Y 1st guar gold 48.._1945 MS
Lox & East 1st 50-yr 5e gu_ _1965 *0
Little Miami 42
1952 MN
Long Dock consol g 65
1935 AO
Long bed 1st con gold 520uly1931 Q J
1st consol gold 4s--__Ju1y1931 Q J
General gold 42___1938 J D
Gold 4s
1932 in
Unified gold 42
1949 MB
Debenture gold fis
1934 in
20-year p m deb Ss
1937 MN
Guar refunding gold 4s_ _ _1949 MB
Nor Sh B let con gu 5s_ Oct '32 Q J
Louisiana & Ark 1st g 50_1927 M S
Lou & Jeff Bdge Co gu g 4a....1945 MB
Louisville Sc Nashville 58_1937 MN
Unified gold Is
1940 J J
J J
Registered
Collateral trust gold 68.._ _1931 MN
10-year secured 75
1930 MN
1st refund 5s 'series A 2003 AO
let & ref 641 series B
2003 *0
151 & ref 43sseries C__2003*0
R0& M lst gold 68
1930 J J
3d gold ifis
1930 J J
Paducah & Mem Div 4e 1946 FA
St Louts Div 2d gold 38_1980 M
Mob ar Monte lst g 4501.-1945 MS
South By joint Monon 48_1952 J J
Atl Knoxv & Cin Div 48..1955 MN
Lousy Cita dt Lex Div g 450'31 MN
Mahon Coal RR let Eis
1934
Manila RR (South Lines) 48_1939 MN
1st 42
1959 MN
Manitoba SW Celeniza'n 52 1934 in
&fan 0 B N W 1st 3552_1941 ii
Mich Cent Det & Bay City 541231
M
QM
Registered
Mich Air Line 441
1940 J J
J .1
Registered
1.(413 1st gold 31421
1951 MS
lot gold 3Hs
1952 MN
20-year debenture 48
1929 AO
Mid of N let ext 52
1940 * 0
Milw L S & West imp g 521_ _1929 FA
Mil & Nor 1st eat 4Hs(blue)1934 J O
Cons ext 4Hs (brown)_j934 in
14111 Spar & N W let gu
M
J
tellw & State L 1st gu 331s-1941
Minn & St Louis 1st 72
1927 J D
let guar g 7s
1927• D
let conaol gold 55
1934 MN
MN
Temp ctfs of deposit
151 & refunding gold 42_ _1949 MS
Ref & ext 50-yr 5s ser A__1962 Q F
M St P&SSM con g 48 Int gu'38 J J
let cons So
1938 j
let cons 58 gu as to Int_ _ 1938• .1
10-year coil trust 6Hs_ __ _1931 MS
1st & ref (is series A
1946 J J
25-year 63s
1949 MS
1st Chicago Term s f 40
1941 M N
Mississippi Central 1st 5s_ .j949 J J
Mo Kan & Tex-1st gold 413_1990• D
.• 7
ado-K-T RR-Pr 1644 ser A _1982
40-year 45 series B
1962 iJ
10-year 65 series C
1932
Cum adjust 52 see A Jan_1067 AO
Missouri Pacific
151 & refunding 5e ser A1965 FA
1st ar refunding 65 ser D 1949 FA
let & refund 82 sec E__ _ _1955 MN
General 48
1975 MS
1st & ref 52 ser F
1977 MS
Mo Pac 3d 75 ext at 4% July 1938 MN
Mob & Bfr prior lien g 512_1945 ii
Mortgage gold 48
1945 ▪ j
Small
1946 J
Mobile & Ohio new gold 62...1927 J O
let extended gold 6s__ July1927 Q J
General gold 45
1938 M S
Montgomery Div let g 62-1947 FA
St Louis Division 58
1927 J O
Mob & Mar let gu gold 48.1991 MS
Mort 0 1st gu g (le
1937 J J
.1
Registered
1st guar gold 5s
1937 J
Morris & Essex let gu 3Hs_2000 J O
Mushy Chatt & St L let 55..1928 AO
N Fla & 8 1st gu g 59
1937 FA
Nat By of Mese pr lien 43(s...1957 J J
July 1914 coupon off
Assent cash war rct No 3 on
Guar 70-year s f 45
1977 AO
Assent cash war rct No 3 on
NatItR Mex prior lien 4 H 0_1926 JJ
J J
July 1914 coupon on
Assent cash w..ix rot No 3 on
1951 AO
let consol 48
AO
April 1914 coupon on
Assent cash war rct No 3 on.
Price
Friday,
April 22.
Week's
Range or
Last Sale
Ask Low
Sigh
9312 9318
9314
10012 10058 Mar 27
75
Sale 74%
10078
Sale 100
9012
Sale 8942
8914
8914
87 Apr 27
8514 87
90
9112 .9014 Mar 27
10258 10318 10258
102%
100 10018 10014 Mar 27
84
833s ---- 84
82 Apr 27
____
9913 Sale 9912
9934
9878 99
9858
99
96 Dec 25
10512 10612 10512 10512
99
9913
9912
9058
9112
9078
8912 Sale
8912
8912
993s 9934 9878 Apr 27
107
106% Sale 106
10312
10312
10218 Mar 27
9058 Feb'27
9034
112
112
112
.9112 9212 90 Mar'27
10912 110 10912 10912
101
Apr 27
10118
98 Feb 27
9534
9313
9318
9313
9438 Mar'27
9534 97
8914
8914
8914
10014 10012 10034 Apr'27
991s
99
9914 9918
90
897s 9014 90
10034 Apr'27
101
Apr'27
100 115612 100
92 Apr'27
9012 10612 _- 10612 Apr'27
9738 Sale 9738
9758
9734 9812 95 Mar'27
Apr'27
102 10212 102
105
10478 Sale 10434
109 110 10812 Apr'27
10653 10834 10612 Apr'27
102 Sale 102
10212
10378
10334 1037s 103%
10358 105 10334 Apr'27
95 Mar'27
95
68
6812 6712 Mar'27
10118
10113 Sale 10118
0012
9012 Sale 8914
9614 9878 9638 Apr'27
10014 101 10012 Mar'27
10318 104 1031s Apr'27
6912
6812 6912 6912
7712 80
7812
7812
100 10012 10014 Apr'27
8312 Oet'26
8718
10134 Apr'27
1017s
101 Dee'26
9578 Apr'27
9534
92 Nov'26
79 Nov'26
8534
8714
8912 Apr'27
9918
9918 Sale 991s
9612 9733 9738 Apr'27
10114 Apr'27
101
9634, 9712 9512 Dec'25
9634 9712 96% Apr'27
94
94
9512 94
8318 ---- 8318 Dee'25
1314
93
100
7458
10012
8978
9812 9934 99
9934 10015 10012
5114 5312 5312
5114 52
5314
2012 Sale 2012
13
1453 1318
88
8778 88
9612 98
9612
9714 Sale 9713
10034 Sale 10034
10012 Sale 9934
8512
85
86
9734
9658
9612
9612
88 Sale 8778
103 Sale 10234
88
10338 Sale 10318
10512 Sale 103
19
27
43
36
2
4
48
20
10
7
30
2
25
1
10
6
5
1
2
80
15
32
4
3
13
1
3
20
1
Apr'27
Apr'27
Apr'27
Apr'27
2
2012
6
1312
8812 51
9812
9712 121
10114 12
0'
10012
8512
Jan'27
Apr'27
8858 35
10312 78,
8834 14
10312 34
10534 505'
Sale 100
10012 44
Sale 10712 107% 62
Sale 10712 1 0734 52
Sale 78
7912 329
10012 281
10018 100
95 Apr'27
10018
8718
8252
10038
10014
9312
10058
9978
9238
11314
2
99
99
8714 Mar'27
8412 8212 Apr'27
101
Sale 10032
10038 10018 Apr'27
9518 9518 Apr'27
10238 10114 Apr'27
_ _ _ 9978
9978
_ _ 9253 Apr'27
1314 Apr'27
1112 Mar'27
104 10534 104 Mar'27
8372 Sale 8378
8438
Apr'27
10014 10053 01
10312 Sale 0314
10312
30 Sept'24
19 Apr'25
1512 1638 16
163
8712 Aug'25
21
2178
22
2078 I
3812 July'25
24 Sept'25
24
23
24
24
28
Apr'25
1812 June'26
14
14
1314 14
Apr'27
Apr'27
Jan'27
Apr'27
Apr'27
10012
101
10512
Mar'27
Mar'27
108
Mar'27
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 22.
Pries
Friday,
April 22.
Week's
Range or
Last Sale
Rases
Since
Jan. 1.
High New York Central (Concluded).
Low
No. Low
Bid
Ask Low
High
94
•-,0111101 42 series A
92
1998 FA 9334 Sale 9314
9334 82
90
94
9912 10132
Ref & inapt 41(5 • A"_ _2013 A0 100 10034 10012 10118 13
9774 10114
& inset 52 aerie. C_ _2013 AO 10712 Sale 10714
7318 7538
45
10758
10514 108
9914 101
AO
10512 Jan'27
10512 1051s
N Y Central & Hudson River88
91
81% 8934
Mortgage 3Hs
1997 J J 84 Sale
884%
212 77
8018 84%
8518 87
Registered
1997 JJ
13
831%
82
7852 83
Debenture gold 42
1934 MN -975.8 Sale 9714
8812 9012
975s 39
9612 98
10214 10234
MN ---- -- 96
Registered
Feb'27
96
98
10018 10012
30-year debenture 42
1942 JR 9678 Sale 9678
1
96%
9412 9712
8012 8418
Registered
93 Feb'25
Lake Shore coil gold 33(s_1998 FA 82
8214
7918
80
1
83
8212
8212
7812
Registered
1998 FA
9814 9934
81 Mar'27
7834 81
Mich Cent coil gold 3%8_1998 FA 83 Sale 83
4
973g 99
7934 8412
Registered
1998 FA
8
02
844 Ap0
r8
'217
2
7878 8214
104% 10512 N Y Chic & St L let g 42___ _1937 A0 95
5
9534
9434 96
9812 1001s
Registered
1937 AO
9314 May'26
8614 9112
25-year debenture 48
1931 MN 97
98
98
Apr'27
2
-Eli; IC
84
2d 6s series A B C
1931 MN 10234 103 10234
8912
23 10218 10314
97 100
10672 57 10418 10878
Refunding 55s series A _ _1974 A0 10634 Sale 10638
10312 107
Refunding 5's series B _ _1975 J J 10612 Sale 10614
108
06%
14 14 10418 107
102% 10512 NY Connect 1st gu 4 Hs A_ _1953 FA 98 Sale 98
5
94% 99
10218 10212
let guar fis series B
5 103% 105
1953 FA 10438 10512 104% 104%
90
9012 N Y & Erie let ext gold 48..1947 MN
0
982
134 Oct'26
113
3d ext gold 4542
1933 M
10934
Mar'27
9812 -86% 9012
4th ext gold Eis
1930 A0 10018 -- 98% Feb 27
5th ext gold 4s
10834 10912
1928 in 9914 -- 99 Mar 26
10034 101
1
,
40217
4 10
N Y & Greener L gu g 52__1948 MN 9934 10012 18
832 A9
00
98
98
NY & Harlem gold 35de
2000 MN 8518
8134 8538
9258 943s
8212 Mar'27
MN
Registered
8234 8212
9438 943s
90
N Y Lack & W let & ref 58_1973 M N 10278 -_-_ 80 July'25
89
First & ref 434e
99 100%
1973 MN 10518
10314 Apr'27
ioija
9818 9918 NYLE&W "at 78 ext
1930 M S 1053s ____ 106
Feb'27
108 106
88% SO
N VA Jersey lst fris
1932 F A 10058 Sale 1005s
7 10058 101%
10118
100 10034 N VA Long Branch gen g 481941 M S 9014 __-_ 90 Dee'26
100 10034 NY&NE Bost Term 421_ _1939 A 0
91
Apr'27
91 iff"
8958 92
NYNH&Hn-cdeb4s1947M 8 8158 8312 8212 Mar2'7
74
8218
10618 10658
---- 60 June'25
Registered
M S
9572 9812
76
Apr'27
Non-cony debenture 3128_1917 M S 72
Ws 76
95
95
3
7212
Non-cony debenture 350_1954 A 0 7212 Sale 7218
6958 734
10116 102
Non-cony debenture 42_ _1955 J J 80
8012 8058 Apr'27
76
8034
10318 106
7912 8014 80'4
Non-cony debenture 441_1956 M N
7714 8034
8058 36
105 109
Cony debenture 3Hs
7134 Apr'27
1958 J J 7134 72
6914 7314
10534 10634
Cony debenture 65
1948 J J 10914 Sale 10858
10938 140 1051g 10912
9934 10212
5 103 107
107
Registered
J J 107 Sale 107
10334 103%
Collateral trust 68
1940 A 0 10418 Sale 104
10414 71 10334 10514
103% 10334
4
Debenture 42
69% 78
7434
1957 M N 7412 Sale 7412
93% 95
5
Harlem R & Pt Ches let 421954 M N
9018 9012 8978
90
89
90
6612 68
NY & Northern let g 5s
1927 A 0 100 10012 100 Apr'27
9972 100
100% 10118 N Y 0& W ref let g 4s_June 1992 M S 7812 Sale 77
7834 35
7614 791s
8712 9012
Registered $5,000 only
7218 Dec'26
M S
9312 96%
General 45
774 Apr'27
1955 J D 7614 77
"ii"
100 10012 N Y Providence& Boston 4s.1942 A 0 892 ____ 8612 Dee'26
-•
10318 10318 N VA Putnam 1st con gu 4a 1993 A 0 9138 9238 9118 Apr'27
-5578
66
6934 NY&RB let gold 52
1
997
1927 M 5 9978 10014 9978
99% 100
7312 7812 N Y Susq & West 1st ref 56_1937 3 J
9114 Sale 9078
9134 18
8712 9134
100 10014
24 gold 4He
80 Sale 80
80
1937 F A
72% 80
General gold 55
12
7618 77
76
77
1940 F A
7118 77%
10158 11114
Terminal 1st gold 58
1943 M N 9914 ____ 9918 Jan'27
9818 9912
784 9314
8238 Sale 8214
8284 154
957 N Y W'ishes & B 1st ger I 4128'46
-5314
100
10758
10734
7678
100
1945 3 .1 100
0012
New England eons 52
1945.3 , 8773 ____ 8878
Consol guar 49
____ 8512
NJ June RR guar lst 4s_ _ _1986 F A 85
9734
NO & N E let ref&imp 412a A'52 .1 3
New Orleans Term 1st 4s._ _1953 J J 8853 ---- 8838
N 0Texas & Mex n-c lnc 53_1935 A 0 10012 Sale 10032
1954 A 0 10072 Sale 10034
1st to seem B
1954 A 0 10414 Sale 10558
1st 5fs series A
N & C Bdge gen guar 434s 1945 J J 97 ---- 9814
N Y B & M B 1st eon g 58_1935 A 0 100% 102 101
N Y Cent RR cony deb 6s-1935 M N 10714 108 10714
-_ ___4 10614
MN
Registered
Range
Since
Jars. 1.
12
7
14
6
2
8
5
19
52
49
43
8514 8912
9838 9914
95
9812
10058 10114
"9512
97
1
4 95
92/
Nord Ry ext'l f Hs
1950 A 0
Norfolk South let & ref A 58_1961 F A
Norfolk & South 1st gold 52.1941 M N
Norfolk & West gen gold 68.1931 M N
Improvement & ext 65_1934 F A
New River let gold 63
1932 A 0
N ar W Ry 1st cons g 48_ _1996 A 0
Registered
1998 A 0
DWI 1st lien & gen g 40_1944 J J
10-yr cony. tis
1929 M S
Pocah C & C joint 4s__ _1941 J D
North Cent gen & ref 55 A_ 1971 M 8
North Ohio 1st guar g 5s____1945 A 0
North Pacific prior lien 4s_-1997 Q J
Registered
1997 Q J
Gen'l lien gold 3s__Jan 2047 @ F
Registered
Jan2047 Q F
Ref et Impt 4% series A-2047 J J
Registered
J J
Ref & inapt (is series II_
2047 J J
j
Registered
Ref & Inset 55 serlea C ---2047 J J
Ref &
52 aeries D--2047 J
Nor Pao Term Co let g 6s-1933 J J
Nor of Calif guar g 513
1938 A 0
North Wisconsin 1st es
1930.3 J
99
98
100 10012
67
53
5114 55
17% 23
1514
13
87
88%
9612 9832
9612 100%
100% 102
9934 102
8512 89
9734 9754
9512 97
8638 89751
101 10314
8542 8834 Og & L Chem let gu 42 g
1948 J .1
102% 103% Ohio Connecting Ry 1st 45_1943 M S
1936 J D
96 10534 Ohio River RR 1st g 5s
General gold 55
1937 A 0
9924 101
Oregon & Cal let guar g 533-1927 J J
10812 109
Oregon RR & Nay con g 0_1946 3 D
106 108
Ore Shore Line let cons g 56.1946 J J
7914
Guar cons 5s
1946.3 J
76
100 10012
Guar refundlog 4s
1929 J D
Oregon-Wash let & ref 45.-1981 J J
9272 95
Pacific Coast Co 1st g 52
1946 .1 D
99
99
Pee RR of Mo let eat' g 4e-1938 F A
2d extended gold 55
8618 8714
1938.2 J
8212 Paducah & Ills let s f 4 Ha-1965 J J
82
10014 10134 Paris-Lyons-Med RR
F A
9934 10012
Sinking fund external 76_1958 M S
93
9518 Paris-Orleans RR s f 75
1954 M S
10032 10114 Paulists Railway 75
1942 M S
99% 10014 Pennsylvania RR cons g4s_1943 M N
9114 9712
Consol gold 42
1948 M N
11112 11312
4s Oen stpd dollar..May 1 1948 M N
11112 11112
Consolidated 4122
1960 F A
10318 104
General 4345 series A_ __ _ 1965 J
80,2 85
General 52 series II
D
1968
10014 10112
10-year secured 721
1930 A 0
102% 10312
15-year secured 6345
1938 F A
Registered
F A
40-year gold 52
1964 M N
14
20 Ps Co gu 3348 coil tr A reg_ _1937 M S
Qua. J34s roll trust ser 13_1941 F A
1812 26
Guar 334k
1942 J D
etre 0
Guar 3He trust ctes D_ _1944
D
Guar 15-25-year gold 4s_1931 A 0
23
26'2
Guar 4s series E
1952 M N
Peoria dr Eastern 1st cone 412_1940 A 0
Income its
1990 Apr.
IA WI; Peoria de Pekin Un let April
5345.1974 F A
Pere Marquette let ser A 58_1956 J J
991g 10034
let 42 aeries B
J
1958
8772 89
Phila Bait & Wash let g 4s....1943 MN
85% 8513
General 52 series B
1974 F A
96% 9734 Philippine By let 30-yr s f 48 1937 J J
8718 8812 Pine Creek registered 62.-1932 J D
1.0) 101
PCC&5tLgu4348A
1940A 0
10018 10112
Series B 41544 guar
1942 A 0
10434 10534
Series C 4Hs guar
1942MN
9714 9834
Series D 4s guar
1945 M N
10034 101
Series E 3Hs guar gold_1949 F A
1063s 108
Series F 4s guar gold
19533 13
Series 0 4s euar
1957 M N
9718 Sale 9612
9234 Sale 9238
10114 -- 10114
10618 10614 1065*
10812 -- 10834
10618 -- 107
9612 Sale 96%
95
94
9412 94
9058 95 180
94%
94% 95
106% 109 106
9713 Sale 9712
9514 Sale 9414
91
92
94
6812 Sale 6i4
6434 --- 67
99
9834 100
9234
854
115 Sale 11412
11158 _- 11014
10714 Sale 10634
10612 Sale 10614
10934 ---- 10934
1051
106
__
10212
10318
9718
58
9314 9733
9254 109
9034 93311
10132
3 10012 10112
Apr'27 _ _ _ _ 10512 10652
Mar'27
_ _ 10814 10834
107
14 107 107
9634 64
9212 9634
Mar'27
92% 95
Apr'27 _ _
93
9434
Apr'27 _ _ _ _ 168 186
9434
8
9278 96
Jan'27
_ 10558 106
98
8
94% 9812
9514 41
9114 9513
Mar'27 _
9058 91%
6812 40
6658 6912
Mar'27
63% 67
9914 151
96
9914
Feb'25 _
11532 18 113 116
Mar'N
_
10732 16 1031s 1078*
10612
5 10312 106%
Apr'27
109% 109%
Apr'27
1051a 10512
Mar'27
102% 10318
85 Sale 8434
84%
10212
102
10034
- 10218
100 10014 100
9312 9334 93
9918 • 9914 10918
10912 Sale 10918
99 Sale 99
9012 Sale 8912
91
9178 9118
95
9512 9412
102 Sale 102
99
9938 99
95 Sale 94
10112 Sale 10034
10014 Sale 9934
10112 10214 10112
9814 Sale 97
9658 ____ 9658
97 Sale 9678
101 Sale 10478
10114 Sale 101
10934 Sale 10934
10634 Sale 10612
11238 Sale 1123*
11118 ____ 11114
104 Sale 10358
8718 91
89
8618 87
861s
8558 8612 8612
8458 8612 8434
98 Sale 98
8814 91
8918
8818 Sale 88
451s 47
45
10518 10614 10514
10458 10434 10412
9053 9112 9112
9718 Sale 97
11214 114 11214
43 Sale 43
10633 ____ 10834
10114 -- -- 10018
101
---- 101
101 1027s 10114
9612 984 9614
9612 ____ 9312
9611 _--- 10038
9612 ---- 97
85
2
Mar'27
Apr'27
Feb'27 _
100
2
9314 11
10914
2
10912
5
99% 133
9012 32
9113 20
9458 20
102
2
Apr'27
95
171
10112 134
10014 62
Apr'27 _97
10
9634 13
97
3
10513 21
10134 160
11012 10
107
70
11252 49
Oct'26
104
44
Mar'27
8618
1
Mar'27
8434
5
9814 27
Mar'27
8873 35
Apr'27
10614
9
10458 12
9113
1
9718
5
Apr'27
4314 10
Feb'27
Mar'27
Apr'27 _Apr'27 _Mar'27
Nov'26
Feb'27 -Jan'27
8158 8634
94'9 943a
102 1027g
10114 1021g
100 1004
8852 9314
107 .10914
10718 10912
9814 9912
867s 91
9034 98
9384 9454
102 1021s
99
98
8712 9612
gg1g 10112
95% 101%
10112 103
9512 9734
9414 9714
9452 97
102 10518
9914 101%
10678 11034
10614 1073a
11114 113
la"
89
89
86
8912
85
8612
8434 84%
9742 9814
88
8912
8514 8878
41% 4712
104 10614
10358 105
92
89
9582 9715
11012 11214
42
43%
106% 10634
9958 10118
10014 1014
10114 101'4
9614
116
100
Jodi.
-4
97
97
New York Bond Record—Continued--Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 22.
r.
r.T
4
a:
Price
Fridad,
April 22.
Bid
Pitts Cin Chic & St L (Concluded)
Series 13 48
1960 FA
Series I cons guar 434e
1963 P A
Series 3 4 Si s
1964 MN
General M be series A1970 3D
Registered
.115
Gen mtge 58 series B
1976 AO
Pitts &. L Erie 246 58_ __Jan 1928 AO
Pitts Melt ,k Y let gu 6e__1932 ▪ J
2nd guar 6e
1934 J J
Pitts Sh & L E 1st fr 6s
1940 AO
1st consol gold 58
1943 3 3
Pitts Va & Char let 48
1943 MN
Pitts Y & Ash let cons 5e__1927 MN
let gen 45 series A
1948 J D
let gen be series B
1962 FA
Providence Secur deb 48
1967
N
Providence Term let 48
1956 MS
Week's
Range or
Last Sale
Ask Low
35
31
3
Reading Co Jersey Cent coil 48_ AO 95
9512 95
9534 10
Registered
Gen & ref 4 Sift series A_1997 J J 9914 Sale 99
995s 53
Rich & Meek let g 4a
8214 82 Apr'27
1048 MN 80
Riehm Term Sty let gu 5s
10258
1
1962
'
3 10214
- - 10238
Rio Grande June let gu 521_1939 J
10058 10114 1007 Mar'27
Rio Grande Sou let gold 48_1940• j
712 9
718 Dee'26
Guaranteed (Jan 1922 coup on) 33
6 May'25
Rio Grande West let gold 48_1939 3, 9238 93
9314
9314
1
Mtge & coil trust 49 A
1949 AO 8534 86/
8534
5
1
4 8534
RI Ark & Louis let 43s
1934 MS 97 Sale 9634
9714 75
Rut-Canada let gu g 4s
1949 3, 8412 8534 8512 Apr'27
Rutland let con g 4 1-88
1941• .1 9418
94 Apr'27 - -8814
Et Joe ds Grand Tel let g 48-1947 33 8814 8914
1
4
100 Feb'27 -Pt Lawr & Adir let g 56
1996• J 100
26 gold 68
1996 AO 10534 107 10534 Mar'27
1
97%
St L & Cairo guar g 4e
1931 33 9714 97% 97%
101
St L Sr Mt & S gen con g 58_1931 AO 101 Sale 10038
16
Stamped guar 543
1931 AO 10034 101 10038 Sept'26 -9878 82
Unified & ref gold 4e
1929 33 98% Sale 9838
Registered
33 ---- 9814 93 Sept'25 - 95 Sale 9478
89
95
Riv &0 Div let g 4e-----1933 MN
St I. M Bridge Ter gu g 6e_1930 AO 10014 101 10014 Feb'27
8734 103
St L &San Fran (reorg co) 4s 1969 3, 8758 Sale 8738
Registered
8212 Oct'26
ii
Ha" Sale 101
10158 67
Prior lien series B 58
195(1
101% Sale 10134 1015
Prior lien series C 6s
50
1928
Prior lien 6s series D _1942 33 10258 Sale 10212 10234 70
Cum adjust ser A 6s_ _July 1955 AO 10114 Sale 10018
10114 314
Income series A 6s July 1960 Oct. 9858 Sale 9734
9838 835
3 105 __
St Louie& San Fr Ry gen 55.1931
105
General gold 69
10114 -- 10114
1931 J
St I. Peor & N W let gu Se .J948 3, 10378 ____ 10514
St Louis Sou let go g
M 5 9714 9912 9614
St L S W let g 413 bond ctfs 1989 MN
8758 Sale 8712
2d g 4,Inc bond ens Nov 1989 33 8258 83 82%
Consol gold 913
9534 Sale 9558
1932
let terminal & unifying 58_1952 • j 9834 Sale 9834
St Paul & K C Sh L let 4%8_1941 FA
95 Sale 95
St Paul & Duluth let be
1931 FA 10134 ---- 10134
let control gold 4e
9218
93
1965 3D
933 _ _ _ _ 08
St Paul E Or Trunk 4lie_
1947 J .1
St Paul Minn & Man con 48_1933 J J 92
9814 97%
let coneol (is
1933 J J 10838 10812 10838
Registered
107
10714
J
le reduced to gold 4.25s__ _1933
_ 10012
.• 1 10012
10014
Registered
9812
1932
Mont ext let gold 4s
1037
D 97%
9712
Registered
9512
II) 9418
Pacific ext guar 4s (sterling)'40 3 .1
92
94
9212
St Paul Union Depot be ____1972 1 .1 10614 Sale 10614
105
10114
Feb'27
Mar'27
87%
Apr'27
96
99,4
9o14
Apr'27
Mar'27
Jan'27
Apr'27
10838
Apr'27
10012
Aug'26
0712
Jan'27
Apr'27
10658
1
11
46
18
11
4
5
10
11
6 A & Ar PUNS 1st gu g 4s____1943 .1 .1
Banta Fe Free & Phen bs__1942 M S
Bay Fla & Weet lst g 68
1939 A 0
let gold be
1939 A 0
arloto V & N E 1st gu g 48_1989 M N
Seaboard Air Line g 4e
1960 A 0
Gold 4e stamped
1950 A 0
Adjustment 5e
Oct 1099 F A
Refunding 4e
1959 A 0
let 3c cons (is series A
1945 M S
All & firm 30-yr let g 4e_d1933 M S
Seaboard All Fla let gu 65.8.1931 F A
Seaboard & Roan 58 extd_1931 J 3
So Cm.& Oa let ext 5 ne......_1929 M N
S & N Ala cons gu g 58
1936 F A
Gen cons guar 50-yr 5e_ _ _1965 A 0
So Pao roll 4s(Cent Pac coil) k'49 J D
Registered
.1 D
20-year cony 48
June 1929 M B
20-year cony 50
19343 D
20-year gold be
1044 M N
San Fran Termi 1st 4e
1950 A 0
Registered
A 0
So Pac of Cal—Go g be
1937 NI N
So Pac Coast let Rug 4e_1937 J 3
So Pee RR let ref 9.5
1955 3 J
9138 Sale 9112
9258 21
102
____ 10218 Mar'27
109 10912 10834 Mar'27 -10238 104 103 Apr'27 9478 96
9434 Apr'27
821
/
4 Sale 8218
8218
4
8214 Sale 8114
8214
14
86 Sale 8318
86
283
7212 Sale 7134
7234 196
9618 Sale 96
9638 264
9212 9312 9234 Apr'27
_
96 Sale 9512
9612 73
100 ____ 100
100
5
101 10114 10158 Mar'27
10412
2
10412
10412
11214 Sale 112
11214 31
9034 Sale 9012
91
60
8634 88
87 Feb'27 - _
99 Sale 99191
10138 _
101
1?)3
15
i44
100 101 101
Apr'27
9214 Sale 9134
9214 13
87 Sale 87
87
1
10618 ____ 106
106
25
9514
9512 Mar'27
9538 Sale 9514
9638 61'
Southern—let cons g 58
1994 J .1
Registered
.1 J
Devel & gen 45 series A___1966 A 0
Develop & gen 65
1966 A 0
Devel & gen tit.,ii
1956 A 0
Mom Div let g be
_1996 3 3
St Louis Div let g 4s
1951 1 .1
East Tenn reorg lieu g 5e 1938 NI 5
Mob & Ohio con tr 4e__1938 M 5
Spokane Internet let g be_ .19563 1
Sunbury & Lewiston lot 4s 1936 J J
Superior Short Line let be_ _61930 M. S
Term Assn of St I. let g 4288.1939 A 0
let cons gold 58
1944 F A
Gen refund s f g 45
1963 J J
Texarkana & Ft 81st 65ne A 1950 F A
Tex & N 0 con gold 5a
19433 .1
Texas & Pao let gold 58
2000 1 13
La Div B L let g be
10313 .1
Par
Pac-Mo
Ter 5%6_1969 NI 5
Tex
Tol & Ohio Cent let gu 5s.1935 3 J
Western Div let g 68
1935 A 0
General gold be
1035 J D
Toledo Peoria dr West 4s
1917 J J
Tol St L & W 50-yr g 49__.1950 A 0
rol w v & 0 gu 418s A____ 19313 J
let guar 41.8e series B
1933 J J
let guar 4s, series C
1942 M 5
Tor Heel At Buff let g 4s
1946 J D
10734 Sale 10738 108
23
10312 10612 104
Jan'27 _
8812 Sale 8814
8812 88
10
1511
71,2 Sale 11958
11512 50
12214 Sale 122
12231 43
10838 10738 Apr'27 _ _ _ _
9158 9212 9234 Apr'27
10112 10212 94
Apr'27
9338 Sale 9312
6
9338
8734 893 8738
8758
2
9318 ____ 9211 Jan'27
9938 ____ 10012 Sept'26 _ _ _ _
9834 ____ 99
99
3
10314 10334 1027e Apr'27
8918
897
13
106 637(e- los%
10618 25
9934 ____ 100 Apr'27
10712 Sale 10712 10712 10
10014 Sale 10014
10014
1
10538 106 106
106
2
101
10118 Mar'27
10012 101 10012 Apr'27
10014 Sale 10014
10014
1
15
Jan'27
9014 90/
1
4 9012 Apr'27 _ _ _ _
99
Jan'27
991
/
4 ____ 9658 Dee'25
94
95% 94
Jan'27 _
911 9112 91
91
2
Ulster & Del let Cons g 58___1928
let refunding g 4e
1962
Union Pacific let ItR St Id gt 48'97
Registered
20-year cony 45
1927
Registered
let lien & ref 4e__ __June 2008
let lien & ref 08
June 2008
10-year Deem mowed tle....1928
65
63
398 42
97 Sale
4 Due May.
61
64
42 Apr'27
9714
9612
9378
9378
9978 Sale 9978 100
944 Dee'26
95
9534 Sale 94
11138 11212 11214
11212
102 Sale 10134 102
Due June. 5 Due Aug.
Range
Since
Jan, 8.
High No, Low
10012 Jan'27
10314 Apr'27
10312 Apr'27
10934 109/
1
4
102
Oct'26
Sale 10958 11018
100 100 Apr'27
107 10578 Jan'27
10134 Nov'26
_ 102 14pr'27
-- 10012 Apr'27
9114 May'25
_
10014 Dee'26
9414 94 Mar'27
_
10638 Jan'27
7414
-- 7418
____ 8458 Aug'26
9612
10314
10314
109% 11014
10958
9978
106
10378
10218
10012
9258
100%
93
10412
7334
8418
10(5
5
55
76
50
15
29
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 22.
4,!.3
High
17 N J RR & Can gen 4s__1944 M
10012 100,7 Utah ,k Nor let eat 45
1933 J .1
99% 10314 Vendetta cons g 413 series A..1955 F A
100 1031 7
Consol 48 series B
1957 1.1 N
10834 110,4 Vera Cruz & P let gu 4 5Zs1934
July 1914 coupon on
J J
10634 111
Assenting let 4be
1934
99 1007s Virginia Mid 58 series F___ _1931 111-S
10578 10578
General 5e
1936 M N
Va & Southw'n let gu 58_2003 J J
iniis 1-62
)
;
let cons 50-year bs
1958 A 0
10012 10012 Virginian let 59 series A
1962 M N
Wabash let gold 58
1939 M N
24 gold be
1939 F A
-6214 04
Ref s f 51.66 series A
1975 M
10958 1065a
Ref & gen 5s serles B
1976 F' A
72
75
Debenture 11 68 registered _1939 .1 1
1st lien 50-yes term 4s__ _1954 1 J
Dot & Chi ext let g 58... l941 J J
92 100
Des Moines Div 1st g 4s_ _1939 J J
Om Div 1st g 31.5s
1941 A 0
98 10012
Tol & Ch Div g 48
1941 M
791.2 8235 Warren let ref gu g 394e_.2000 F A
102 103
Wash Cent let gold 45
1948 (1 M
100% 1007, Wash Term let gu 3 Lis
1945 F A
let 40-year guar 4s
1945 F A
9012 9314
84
87%
94% 9714
8212 85,2
911/4 944
8634 89
100 100
105,,107,4
964 9712
10014 10134
2409
Price
Friday,
April 22.
Bid
9434
98
9534
9538
Week's
Range or
Last Sale
s?z
Rang*
Since
Jan. 1
Ask Lose
litga No. Low
9614 9458 Apr'27
9918
08% 98
2
97
98
-- 9714 Apr'27
9212
9714 9012 Oct'26
24
24
211-2 2418
10034 -- 101
10238
10238
102 103 102
97 Sale 9512
106 Sale 10512
10334 Sale 103%
10218 Sale 102
10478 Sale 10434
101 Sale 10034
834
8812 8914 8812
104
105
9212 93
93
84
84%
9012
9114 _
81
-8312 8112
88
8814
861
/
4
87
90
92
88
Apr'26
Apr'27
Sept'26
3
10238
Feb'27
97
25
106
35
8
10334
102% 21
105
38
10114 180
Feb'25
Apr'27
Apr'27
Apr'27
8458
5
Feb'27
Apr'27
1
8814
8812
6
Apr'27
W Kin W & N W let gu 65_1930 F A
98% 9914 9938 Mar'27
_
West Maryland let g 9s
1952 A 0 83% Sale 8234
8334 414
West N Y & Pa let g 5e _J937 J J 10214 Sale 10214
10214
1
Gen gold 45
1993 A 0 8914 90
8914
8914 17
Income g 58
Apr 1 1943 Nov
45
Feb'25
Western Pac 1st ser A 59_1996 M S 9914 Sale 99
9934 72
1st gold 6s series B
10212Sale 10212
1946 M
10312 14
West Shore let 4e guar
2361 J J
8818 8878 88%
88%
1
Registered
87
88
2361 J J
8714
8714j
1
Wheeling dc Lake Erie
Wheeling Div 1st gold 58.19283 .1 10018 10014 10018
10018
1
-5.24 99
Ext'n & Inept gold ra
1930 F A 100
Apr'27
_ _ _ 100
Refunding 4 1-5s series A1966 M
9318 11
9318 Sale 9218
-55T895
Refunding 5s series B
1966NI
100 100% 10012 10012
2
100 101
RR let consol 45
1949 M
90
Apr'27
89
90
8412 88
Wilk & East let go g 5s___ _1942 J D
7912 8012
Will & SF 1st gold 5,
19383 D 10434
80
4%
14 NAla
Pr:227
7
- 10
9934 102
Winston-Salem SB 1st 4s__ _1960 J J 8918
3
8914
8914
100 10258 Wis Cent 50-yr let gen _ _1999
83
5
8314
8314 83
101% 102,
4
Sup & Dul div & term4e91 Sale 9018
let 4e '36 M N
91
11
99 10114 Wor & Con East let
_
J J 92
Jan'27
89
9514 9914
INDUSTRIALS
105 10578 Adams Express coil tr g 48_1948 191 S 90 Sale 90
90
10012 101% Ajax Rubber let 15-yr e 1 88..1936 J 0 10658 109 10834
10938 14
105 10512 Alaska Gold NI deb es A___ _1925 M S
3,4
312 312 Feb'27
96% 9718
Cony deb es series B
3%
312 318 Mar'27
1926 M S
8612 89
Alpine-Nlontan Steel 7s__1955 M S 95 Sale 9434
95
38
81
83
Am Agile Chem let be
1928 A 0
103
Oct'26
9418 9638
1st ref f 7188 e
1991 F A 10114 gale 9934
10114 89,
95
9934 Amer Beet Sug cony deb 68_1935 F A
9234 Sale 9234
934
13
9278 96
American Chain deb 5 1 6/4_ _1933 A 0 10234 Sale 10212 10318 29,
10134 102
9812 100
Am Cot Oil debenture 5e__ _1931 M N
9818
7
9834
92
93
Am Dock & Impt gu 65
1936 J J 10534
- 10534 Mar 27
98
98
Am Mach & Fdy s es
1939 AG 104 104-12 10334 Apr 27
1/7% 9812 Am Republic Corp deb 6s_ _1937 A 0 99,8 9934 9934 Apr 27
107% 10832 Am Sm & R 1st 30-yr 5e ser A '47 A 0 10114 Sale 10114
10212 34
10714 10714
1st NI 68 series Et
1097 AG 107% 108 107%
12!
107%
9934 100% Amer Sugar Ref I5-yr es__ _1937 J J 10518 Sale 105
10534 40'
---- -- Am Telep & Teleg colt tr 4B_1929 J J 9914 Sale 90
9912 96'
9512 98,4
Convertible 95
1936 M S 9512 9634 96
41
97
9512 0512
20-year cony 4I65
1933 M S
9812 Apr 27
91
30-year coll tr be
92,2
19463 0 1044 Sale 104%
1041
/
4 58
10514 10658
___ 9918 103 June 26
Registered
J D
35-yr 5 f deb 58
1960 .1 3 1'0314 Sale 103
10314 291
88% 9258
20-years f 5 tie
1943 MN 107 Sale 107
10758 85.
102,n 102,8 Am Type Found deb (le
105
1940 A 0 104% 10578 10478
10834 10834 Am Wat Wks & El col tr 58_1934 A 0 9834 Sale 98%
99
13'
10234 103
Deb g es ser A.
102% 28
1975 NI N 10278 Sale 10258
Cl
91
95
Am Writ Paper 8 f 7-68_ _ _1939 .1 .1
6212 62
2
6212
8118 84
61
Temp interchangeable ctfs den.
64
6212 Apr 27
8118 8778
85
1st g Gs temp
10473 J 85 Sale 8312
40
8318 8838
7114 7634 Anaconda Cop KID let 68._1953 F A 10438
104% 221
Sale 14
96
Registered
10
°434 Dec 26
99%
914 94
10834 96
15-year cony deb is
1938 F A 10834 gale 10814
0512 98% Andes Cop Min cony deb 78_1943 J
10614 Sale 105
10612 160
100 100% Anglo-Chilean 7s without war_'45
90 Sale 8912
90
274
101,4 101% Antilla(Comp (Azuc) 7 sf,s_.19393 J 96 Sale 9412
96
43
103% 10412 Ark & Kern Bridge & Ter 50_1064 M
10112 10134 10138
10112
2
l0'4 11214 Armour & Co 1st real est 4385'39 J D 8932 Sale 8912
9038 177,
8814 9112 Armour & Coot Del 5346.19433 3 9014 Sale 89
9914 709
86
87
Associated 0116 18 gold notes 1935 M
10234 Sale 10258
10278 29
9838 99,7 Atlanta Gas L let 58
1947 J 13 10114 10134 9938 Mar'25
10014 103
Atlantic Fruit 75 ats dep
1934 3 0
Dee'26
100 103
Stamped ctfs of deposit _______ _ _
17% 24
18
Jan'27
90% 9214 Atl Gulf & W I SS L col tr 5e..1959 3 J
7112 Sale 70/
72
51:
1
4
87
87
Atlantic Refg deb 55
1937 J .1 101 Sale 10012
101
35
16412 106
1
9514 95,2 Baldw Loco Works let 55_ _ _1940 M N 107 108 107
107
14
93% 96% Baragua(Comp Az) 7
_1937 J J 10738 ____ 10814 Apr'27
Barnsdall Corp 68 with warr.1940 3 D 100 Sale 9934
10014 409
106% 10812
Deb 69 (without warrant).1940 J D
9134 Sale 91 14
9134 39
103% 104
Belding-Hemingway lie
1938 i J 9514 96
9514
96
9
86
89
Bell Telephone of Pa be
1948 .3 J 10938 Sale 10414
10518 11
113% 11578
let & ref 58 series C
1050 A 0 10518 Sale 105
10514 43
11914 123
Beth Steel let & ref 55 guar A '42 M N 10114 10134 10018
10114 18
10614 108
30-yr p m & imp e f 5s_ __ _1936 J
1005s Sale 100
10034 79
894 9234
Cons 30-year 68 series A 1948 F A 10334 Sale 10334
10412 102
94
94
Cons 30 year 5 1-511 series B.1953 F A 10134 Sale 10138
102
109
92
93% Bing & Bing deb 6145
1950 M S 93
944 9414 Apr'27
8412 88
Booth Fisheries deb e f Os_ 19211 A 0 10214
10118 Feb'27 -92% 9212 Botany Cons Mills
_1934 A 0 8112 Sale 8112
83
45
Brier Hill Steel
52, a
1992 A 0 10418 Sale 104
105
16
4- We's},& 7th Av bet
9838 tlet c g 58_1943 3 D
741 7434 74
9
75
10238 103
Ctfs of dep stmpd Dee.'26 int j_ _
7312 74
73
Apr'27
87/
1
4 89% Brooklyn City RR 58
1941
i 9412 Sale 927
9412 31
10334 10638 Bklyn Edison Inc gen 58 A_ _1949 J J 105 Sale 105
105
20
100 10118
General 68 series It
1930 J J 10378 Sale 1037
105
14
10534 10817 Bklyn-Man It T see Gs
1968 J J 10114 Sale 100
101 1789
100 10012 Bklyn Qu Co & Sub con gtd 55'41 M N
4
6318 6512 6312
64
1. 04 10114
let 58
1941J J
7912 Mar'27
7912 84
ITO 10212 Brooklyn R Tr let cony g 48_2002
8812 Aug'26
10014 102
3-yr 7% secured notes_
11)21 J J
13612 Nov'25
100,8 10114
Ctfe of deposit stamped ______
12812 Nov'25
_
15
15
Bklyn Un El let g 4-55
13
1950 F A -66- IVO" 95
96
8958 91
Stamped guar 9-58
96 Sale 9514
16
1950 F A
96
99
99
Sklyn Un Gas let COM g 58 1945 M N 10534 ____ 10534
10534
7
let lien & ref 6s series A_ _1947 M N 115 11514 115
5
115
94
94
Cony deb 538e
98
164
1936 J J 16312 Sale 162
90
91
Buff & BIM Iron s I 5s
19323 D
9214 Jan'27
__
Bush Terminal let 4s_ _ _ _1902 A 0 92 Sale 92
92
1
36'2 64
Consol be
5
9814
1055 J J 9714 Sale 9714
3934 42
Bush Term 11111148 55 50 tax-ex '80 A 0 10012 Sale 10012
101
33
94% 9934 Cal0& E Corp unit& ref fut_1937 M N 10138 1017s 10138 Apr'27
93% 9434 Cal Petroleum cony deb s f 5s1939 F A
94
56
9334 Sale 9358
9938 10018
Cony deb 8 f 5,
98% 64
84
1938 M P4 9734 Sale 9712
Camaguey Sup let sf g 7s
36
101
1942 A 0 9934 100 100
9i1 96
Cent Dist Tel let 30-yr 58
10318 15
1943 3 D 103 Sale 103
108% 113
Cent Foundry 1st s I 68.N1ay1931 F A 764 98
Apr'27
98
101% 103
Cent Leather let lien s f 68._1945 J
10134 Sale unts
1017e
7
23
High
9958
98
0714
17-4
io2:78 IVA
102 102
94% 97
10212 106%
103 10412
100% 103/
1
4
10318 10514
10014 10112
-girt
10312
88,2
8334
90
80
874
8558
88
-138-1-2
105
93
89%
91
8212
8814
86%
9212
98,4
7814
101 12
88
9933
9334
192%
8914
-6510212 10412
86% 90
86
88
99% 101
9912 100
90/
1
4 9212
10012 10012
87,4 90
7214 8014
104 1002
8658 90
8214 864
89
92
89
89
9212
89
10578 10938
3
312
3'8
314
9212 9712
1-64-3
;
9238 98
101 10312
95
9234
10512 10534
10312 104
99
9934
10012 102/
1
4
107% 109
104 10634
9814 9912
9314 97
9812 10012
10234 104%
101
10534
10312
98
10034
68%
58%
8312
163-1i
10758
10614
9912
103
64
64
86
10378 10978
1O:ls 1O91
105 10878
8612 9014
1,312 9714
10014 10214
8812 9318
8758 9534
10034 104
7012 76%
10012 10234
106 10712
10612 10514
9812 10634
9118 9412
958 9812
10234 1051a
102% 105%
100 102
98% 1004
101% 16414
9714 102
92
9414
10118 10112
8,0,4 92
103% 10714
724 7912
76
73
02% 95
103,8 1054
1024 105
gglz 101
83,2 66
79,8 7912
94 -9-cr
96
94
102% 10578
11358 115
156 164
9214 9214
907s 92
9512 98,4
9914 101
101.1 103
9358 9678
9712 10214
9514 101
1024 103%
9614 98
101 10212
2410
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 22.
New York Bond Record-Continued-Page 5
11
Central Steel let g 5 f 813.---1941 MN
Ceepedes Sugar Co 1st s f 73:s'39 MS
Ohio City & Conn Rys 55Jan1927 A0
Ch L & Coke let gu g 55_1937 J J
Chicago Rye let 58
1927 FA
Clocin Gas & Else let & ref 55'56 * 0
53:5 war B due
Jan 1 1961 AO
Cities Serv Pow & L s 65___1944 MN
Clearfield Bit Coal lot 42_1940 J J
Colo F & I Co gen s I bs__-_1943 PA
Col Indue let & coil bs gu„.1934 FA
Col & 9th Av let gu g 55_ _1993 MS
Columbus Gas leit gold 51.. __1932 J J
Commercial Cable let it 48_2397 Q J
Commercial Credit s I 6s___1934 MN
Col tr s f 5M% notes
1935 J J
Commonwealth Power 6s 1947 MN
Computing-Tab-Rec s I 6s_1941 J J
Conn Ry & L lstkrefg454a1951 • J
Stamped guar 43:s
1951 J J
Consolidated Cigar s f 6e._ _1938 AO
Consolidated Hydro‘Eleo Works
of Upper Wuertemberg 7s_1956 J J
Cons Coal of Md let & ref 1331.1950 J O
Como!Gas(NY)deb 5 Me 1945 P A
Cent Pap & Bag Mills6 y5e 1944 FA
Consumers Gas of Chic gu So 1936 J O
Consumers Power let 55_ _1952 MN
Copenhagen Telep ext 6s 1950 AO
Corn Prod Refg let 25-yr s f 58'34 MN
Crown Cork & Seal let of 65_1942 FA
Crown-Willamette Pap 60 19151 J J
Cuba Cane Sugar cony 7e
'
3
1930
Cony deben stamped 8%A930 J J
Vuban Am Sugar 181 coil 88_1931 MS
Cuban Dom Sug let 754o.. 1944 MN
Cumb T & T lst & gen ba__ _1937 J J
Cuyamel Fruit 1st f Oa A __ _1940 AG
'
3
Davison Chemical deb 6545_1931
Deny City Tramw let con 55 1933 AO
Den Gas & EL 1st & ref of g 5851 MN
MN
Stamped as to Pa tax
Dory Corp(DO)let of 78_ _1942 MS
Detroit Edison let roll It 5s_1933 J J
let & ref be series A_July 1940 MS
Gen & ref Ss series A
1949 AO
let & ref (Is serles B_July 1940 MS
Gen & ref 5s set B
1955 in
Del United let cons g 43:0 1932• J
Dodge Bros deb Os
1940 MN
Dold (Jacob) Pack let 65_1942 MN
Dominion Iron & Steel 51-1939 M
Certificates of deposit
.1
Donner Steel let ref is
1942
Duquesne Lt let ee coil 63_ _ _1949 .11
let coil trust 514e series B_1949 .1
Price
Friday,
April 22.
Week's
Range or
Last Bale
11
Bid
Ask Low
High No,
/22 Sale 12134 12312 39
101 Sale 991214110112 35
6341 6314
5
6514
102 10214 102 gApr'27
83 Sale
2
8 234
1
1011
/
4 1021s 1011
/
4 10178
1
1
4
10458 10514 10438 104/
10212 Sale 10134 10212 156
8512 Mar'27
9958 10014 100
100
9614 Sale 9534
9614 30
10 Oct'25
063 9634 96/
_
1
4 Apr'27
8012 10
8014 8012 8014
1
95
94 95 95
9112 25
9112 9318 9112
34
10438 10518 10438 105
1
10518 106 10534 105/
1
4
_
9638 98 9614 Apr'27
7
1
4
0632
9632 9812 96/
9912 Sale 9912
9934 82
41
100 Sale 9912 100
82/
1
4 71
/
4
8134 Sale 811
105/
1
4 Sale 10534 10512 53
7734 13
76 Sale 7534
10132
10114 Apr'27
10324 24
10334 Sale 103
-- 100 Apr'27 _
2
10010178 10214 10172 10178
59
103
10258 Sale 102
10013 Sale 10014 10012 12
9712 36
9714 Sale 9613
1
4
99/
1
4 225
9912 Sale 98/
10
108 Sale 10734 . 108
100 Sale 100
10034 45
1
10134 10232 10134 10134
94 Sale 94
9434 10
96 96
95
963e 20
9212 Aug'25 _
19
9912 10013 9913 100
9912 10012 9934 Apr'27 _
5
7418
74 Sale • 74
5
10238 Sale 102
103
8
10258 102/
1
4
155" 1-0.3-1-4 10284 Apr'27
35
108 Sale 10758 108
10314 Sale 10318 10318 20
11
1
4
94
9318 9414 93/
9114 231
9018 Sale 994
88 8812 87/
1
4
8812 13
59 65 54
5812 31
34
58
58
55
97 gt - 97
9714 10
10514 54
105 Sale 105
14
105
105 10514 105
Bast Cuba Sug 15-yr of g 7349'37 MS 10534 Sale 105/
1
4 10613 24
Ed El III Bkn let con g 42_1939
'
3 95/
2
9534
1
4
1
4 -- 95/
Ed Else Iii let cons g 5s
_
1955 J J 10858 ---- 10858 Mar'27
24
Eleo Pow Corp (Germany)63:11.50 MS 99 Sale 9812
99
Elk Horn Coal let & ref 63:5.1931 J O 99 Sale 99
9914 12
Deb 7% notes (with warr'ts'31 J O 98/
1
9811
1
4 9812 9812
Empire Gas & Fuel 7 Ms_ _ _1937 MN 10834 Sale 10634 109 425
let dz ref 6348(with warets)'41 AO 104 Sale 10314 104
92
Equip Gas Light lot con 58_1932 MS 10014 -- -- 10018 Mar'27
Federal Light & Tr lot 5& l942 MS 9612 Sale 96
9612 17
let lien e f Os stamped_ _1942 MS 9512 9512 9512
9534 11
1st lien Os stamped
1
4 Apr'27 _
1942 MS 10334 104 103/
30-year deb Os set B
5
1954 J O 10012 Sale 10012 10012
Federated Metals of 7e
9012 90
1939 i13 89
9012
3
Flat deb is (with warr)
1948I, 10612 Sale 10612 10712 73
Without stock purch warrants
9614 Sale 9514
9612 91
Fisk Rubber 1st $ I fie
31
1941 MS 11518 116 11514 118
Ft Smith Lt & Tr let g 5&_.1936 M
88/
8812
4
1
4 90 8814
'
3 104 Sale 10313 10414 24
Frameric Ind & Be,20-yr 730'42
Francisco Sugar let sf 73:8_1942 MN 10634 Sale 10634 107
6
French Nat Mall SS Lines 74 1949 J O 99 Sale 98/
1
4
9913 110
Um& El of Berg Co cons g 581949 J D 10238 _ _
10278 Feb'27
Gen Asphalt cony 60
1939 AO 10912 Sale 108
10912 44
_
93 92 Apr'27
Gen Electric deb g 354....,1942 FA 92
10434 Sale 10458 105
72
Gen Elec(Germany) Ts Jan 15_'45 J
65
Elf deb 64e with war
1940 J O 124 Sale 12212 124
1
4 Sale 10013 10114 78
Without warrla attach'd '40 J O 100/
Gen)Petrol let of 58
1940 FA 10034 Sale 100/
1
4 10114 69
_
Gan Refr 1st f g 6e Der A_ _1952 FA 10218 105 103 Apr'27
Good Hope Steel & 1 sea 7s 1945 AG 10214 103 10258 10278 113
107 Sale 107
10714 31
Goodrich (B F) Co lot 6546_1947 J
15
122
Goodyear Tire & Rub let 88_1941 MN 12112 Sale 121
10-year of deb g 8s NI ay 1931 P A 11012 Sale 11038 11034 23
99/
1
4 59
Gotham Silk Hosiery deb 65_1936 J O 9938 Sale 9834
8338
Gould Coupler lets I 65._1940 FA 8312 Sale 8312
Granby Cons M S& P con Os A'28 MN 101 10158 101 Apr'27
Stamped
1923 MN 101 10512 102 Mar'27
155
276
Cony deb 70
1930 MN 153 Sale 141
Registered
143 Mar'27 _ _ _
97/
1
4 125
Ot Cons El Power(Japan)71_1944 FA 9513 Sale 9428
Great Falls Power 1st to I 5s__1940 MN 10338 104 10334 Mar'27
8832
Hackensack Water let 40_ _1952 J J 88/
88%
1
1
4
94
2
Hartford St Ry Ist4s
94
1930 MS
1
4
9712 Apr'27 _ _ _
Havana Elec consol g 5s.__ _1952 FA 97/
8912 33
Deb 5115 series of 1926 _ 1951 M S 8914 Sale 8834
Hershey Choc tot & coil 53.4o1040 3' 10234 Sale 10212 1031/ .54
18
Hoe (It)& Co 1st 6158 err 4_1934 AG 10014 Sale bole 101
Holland-Amer Line Os (flat) _1947 MN 10034 Sale 10014 10112 59
10258
9
1940 MN 10212 10312 10258
Huddon Co Gas let it 5S
Humble Oil& Refining 53:5_1932 3, 10212 Sale 10214 10238 97
10018 149
Deb gold 55 when issued .1937 AO 10015 Sale 100
10414 10412 10418 10412 29
Illinois Bell Telephone M
1956
28
'1940 * 0 99 Sale 981
983
Illinois Steel deb 4 Ms
1948 AO 10134 Sale 101114 10212 30
feeder Sloe 1Corp s f 75
1936 MN 10184 10214 9338
9832
7
Intl Nat Gas & 01168
1
4 10434 10414 10412 15
_1952 MN 104/
Indiana Steel let 55
Ingersoll-Rand let 58 Dec 311935 J J 10018 -- 9934 Dec'25 -/
4 10312 58
1945 MN 10314 Sale 1031
Inland Steel deb titfe
S 10058 10158 10084 101
19
inspiration Con Copper 635s. 931
_
181 11 Apr'25
158 * 0
Interboro Metrop coil 434o
Nov'26
_
13 13
Guaranty Tr Co etre deP
10112 May'25
Ctf dep stPd asstd 16% sub__ _
77 221
77 Sale 7612
Interboro Rap Tran let 58-1968
J J 77 Sale 7614
77 522
Stamped
1
4
8014 41
1932 AG 80 Sale 79/
10-year de
9812 120
1932 MS 9812 Sale 9734
10-year cony 7% notes
1
4 Apr'27
/
4 83/
lot Agric Corp 1st 20-yr 53..1932 MN 8012 811
7012
5
Stamped extended to 1942_ _ MN 7013 Sale 7012
Inter Mercan Marine e I 63_1941 AG 10114 Sale 101% 102 292
9812 102
'
3 98 Sale 9784
1947
International Paper 58
1955 MS 10214 Sale 10112 10212 58
Ref a f 68 ser A
98/
1
4 132
1941 * 0 9818 Sale 98
Cony deb 6s
Ins Telep & Teleg cony 5 Ms k 945 MS 11134 Sale 10978 11214 1578
9673 19
Italian Cred Consortium is A1937 MS 961z Sale 9612
9578
9
1947 MS 9512 Sale 9512
Exti sec s f is Ber B
100 2644
'
3 99 Sale 97
Italian Public Utility eat 76_1952
jurgens Works68(fiat prIce).1947 J J 10658 Sale 10613 10678 18
10412 43
Kansas City Pow & Lt 543_1952 MS 104 Sale 104
10513 31
Kansas Gas & Electric 63_,1952 MS 10514 Sale 105
40
108
107
/
1
4
/
1
4
Sale
107
P
A
75'42
let
o
f
Co
Kayser (Julius) &
9984 18
Keith (B F) Corp let Os__ 1946 MS 9914 Sale 99
10614 128
Kelly-Springf Tire8% notee_1931 MN 10553 Sale 105
Range
Since
Jan. 1.
Low
High
11832 12312
9814 40112
53 6314
102 103
7434 8318
101 10212
10438 105
97118 104
8512 8512
96 100
9312 9612
96's 9714
82
77
97
96
5012 92
10438 10512
10434 1064
961s 964
9484 9812
9812 10138
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 22.
PrIc
Friday,
AprO 22.
Keyston Telep Co lot 51L-1935 J J
Kings County El & P g 5s...._1937 A 0
Purchase money fls
1997 A 0
Kings County Elev let it 48 1949 F A
Stamped guar 45
1949 F A
Kings County Lighting 5e_ 1954 J J
First & ref 63:s
19541 J
Kinney(GR)& Co 754% notes'303 D
Kresge Found'n coil It 65-1936 J D
Lackawanna Steel 151 55 A1950 M S
Lac Gas L of St L ref&ext 55_1934 A 0
Coll & ref 5148 series C_1953 F A
Lehigh C & Nay of 454s A 1954 J J
Lehigh Valley Coal let it 55_1933 J J
let 40-yr gu int red to 4%-1933 J J
1934 F A
let & ref s f 55
1944 F A
1st & ref s f bs
1954 F A
let & ref 5$
1964 F A
1st & ref 55
1974 F A
lst & ref s f 59
Lek Ave & PP let gu g 59-1983 M S
Liggett & Myers Tobacco 75_1944 A 0
A 0
Registered
1951 F A
be
F A
Registered
Liquid Carbonic Corp 66_1941 F A
Loew's Inc deb 65 with warr_1941 A 0
Without stock pur warrants_
1944
Lorillard (P) Co 7.
A 0
Registered
1951? A
58
F A
Registered
Louisville Gas & Elea (Ky)50 52 M N
1930 I J
Louisville Ry let cons 5s
Lower Austrian Hydro Elm POw1944? A
1st s f()Ms
Week's
Range or
Last Bale
Hiy) No.
Ask Low
BO
95 9512 9412
9413
104 -- 1037s Mar'27
126% 26
12612 --- 126
8
8412 Sale 8414
8413
2
8484 8512 84
8412
1
103/
1
4 10384
/
4 11718
5
104117 11-8 1171
1
103
103 105 103
10312 30
10334 Sale 103
1
10113 102 102
102
22
10114 10134 10114 102
1
4 104/
1
4 52
10412 Sale 104/
99 100 9834 Mar'27
10114 Ssle 10114 10114 15
9512
_ 97 Jan'27
101 Mar'27
100 Feb'27
100 _
10012 ___- 9934 Apr'27
10
101 __- 10338 101
101 Apr'27
Nils
1
4 Feb'26
- 40/
32I-3 1-211z 12234 12312 10
11718
- 10212 May'26
12 10214 10238 23
162% 1112.
10114 Feb'27
9914
106 male 10534 10812 27
103 Sale 103
10312 138
9738 39
97 Sale 9612
11713 Sale 11612 11718 28
118/
1
4 June'28
9814 65
9734 9813 9758
9713 Apr'27
10134 Sale 10112 10178 45
13
98
97 98 9734
•
MAN
Since
lan.
Low High
93 9512
10312 10378
12414 1264
82 86
81
86
10112 1041s
11214 11714
1004 10513
102 10312
9914 102
10013 10214
10334 10535
9712 9834
10118 102
97
97
101 104
994 1004
9934 1004
9958 101
100 101
lid" fill;
99 101
10214 304
75
83/
1
4
1014 10114
10512 10614
8118
104 112
75
10114 102
101 10571
102 10334
9612 99
plits 101
116Is 120
10118 103
/
4
"9634 1001,
9334 1031
9634 9734
9958 101
9934
9910 1017s
95
5814 102
94 99
10712 10884
19
94
89s 9512
▪
93 Sale 93
99 101
10012 10214
52 10412 108
96
Mout!Sugar 1st 51 750-1942 A 0 10534 Sale 10538 106
94
6912 21
97 Manhat Ry(NY)cons g 41_1990 A 0 6934 7014 6912
6714 71%
90
6212 61 Mar'27
2d 4a
2013 J D 55
60 83
10
1
4 97
96
-61 1-0-6- Manila Eleo Ry & Lt s f bs 1953 M
93/
95/
1
4 9672 96
9712 42
9614 9812
9814 9934 Market St Ry is set A AprI11940 Q J 97 Sale 97
81
6 10513 108/
74
1
4
1
4 10612 10814
Metr Ed lot & ref it 63 ser 13.1952 F A 10812 108/
/
4
5 100 1011
1st & ref Is series C
1953i J ,
10136 103
1101 10184 10112 10184
2 10514 10612
10213 1035s Metropolitan Power 1st Os A1953 J D 10618 107 10832 10612
1024 10433 Mete West Side El(Chic) es-1938 F A 7712 7812 7838 Apr'27
70
80
41 10434 10514
10712 1084 Mid-Cont Petrol 1st 630_1940 M S 10478 Sale 10434 105
9934 89
10158 1031s Midvale Steel &0cony if 581936 Si 8 9918 Sale 9834
9714 9934
93
9512 Milw Elec RydzLt ref&ext 4M s'31 J J 9852-- 9858
4
9815 99
98/
1
4
9914 10114
General & ref bs A
1951 J D 10014 dfile 10914 10014 27
8912 96
8958
0012 Sale 9918
9924 67
lst & ref SOB
1961 J
86
98 100
48 5812 Milwaukee Gas Light 1st 48_1927 Si N 99/
9812 100
1
4 Apr'27
1
4 100 99/
4914 58
10258 43 10112 102/
Montana Power 1st bs A
1943 J J 10214 Sale 12
1
4
9912
9578 98
3
Montreal Tram let & ref 55_ _1941 .1 J 90 9912 98/
95/
1
4 99/
1
4
1
4
Can 43 ref of be series A...1955 A 0 9638 9634 9918 Apr'27 11
105 10612
9618 100/
1
4
10478 106
8512 101
Morrie de Co let s f 43:s._ _1939 J
83 8914
84 Sale 84
Mortgage-Bond Co 45 ser 2_1966 A 0 83 _- 81 Dec'26
10534 108
1 "5/3;4 9734
mur
lOr
-a
26y-B
yeoarybi
d .
s se
t6
1763
1932 J
0;
9734 Sale 9734
9534
947s
9814 19
19343 D 97/
1
4 98 9712
9612 9813
1
4 Mutual Fuel Gas let gu it 55_1947 MN 10158 10214 102 Apr'27
1067s 108/
10112 102
97
9912 Mut Un Tel gill b ext 4% 1941 MN 10184 ---- 10134 Jan'27
1014 101s
9812 100
6178 24
95 9812 Nassau Elea guar gold 45.-1951 i J 6114 Sale 61
6014 624
9958 13
105/
1
4 10912 National Acme let sf7 I4s 1931 3 D 9914 Sale 99
9833 102
98 11034 Nat Dairy Prod 6% notes__ _1940 MN 10234 Sale 10258 10318 49 100 10314
104
99/
1
4 101
Nat Enam & StamPg 151 5s-1929 J
6 10138 104
10312
-- 104
9954
95
9612 Nat Starch 20-year deb be_ _1930 J .1 9934 Sale 0954
4
9934 9934
2 10338 10412
96 9614 National Tube 1st 8 f 5s_ _ _1952 M N 10418 10412 10412 10412
10214 Sept'26
Registered
MN
103 104
Mar'27
97 1001
/
4 Newark Como! Gas cons 53.19483 D jail 1153; 10312
101's 1033*
1
4 13 103 10404
New England Tel A Tel be A 1952 J D 10412 Sale 10418 104/
89 91
9711 137
1
4 Sale 0714
1st g 43:8 series B
1961 M N 97/
9212 10812
9558 9712
9712 28
9114 97
New Orl Pub Berl,1st 50 A.-1952 A 0 9614 97 97
96 98
1
4
9612 108
95 97
First & ref 58 series B___ _1955 J 13 96% Sale 96/
115 11614
10034 10234
Y Air Brake 1st cony Ss_ _1928 MN 10024 10112 10072 Apr'27
8713 9014
9
844 87
86
9812 105114 N Y Dock 50-year 1st it 413._1951 F A 86 Sale 8514
11634 38 11512 11884
WM 10912 N Y Edison 1st & ref 6 Me A_1941 A 0 11612 11714 116
1944A 0 10312 104 10338 104
13 10258 10432
First lien & ref SIB
9:114 10014
55 106 108
10272 1027s N Y Gas El Lt & Pow g 58._1948 J D 19738 108 10738 108
0312 12
9214 9334
Purchase money gold 4s_1949 F A 9312 Sale 9312
10614 11212
101 July'26
93 NYLE&WC&RR 5%2_1942 MN 10118
91
10178 Mar'27
ioiTe
103 10512 NY LE& WDock &Imp 581943 J .1
1
4
5 toot, 1011,
NY&QEIL&Platg 58-1930F A 10034 103 10078 100/
11312 124
6712 Dec'26
1942 J J
N Y Rye ist R E & ref 4s
9914 102
62 83
60 65 62 Mar'27
Certificates of deposit
10012 102
512 934 8 Dec'26
10112 10312
30-year ad, Inc 5s___ _Jan 1942 A 0
512 10
5/
1
4 Mar'27
Certificates of deposit
9912 103,2
5/
1
4 513
2714 53
26/
1
4 Sale 2618
/
1
4_ __Jan 1965 Apr
10573 108
26
3072
N Y Rye Corp Inc(
8112
1
4
1965
J 2612 27 81/
1204 12214
81
6
Prior lien Os series A
8514
/
4
11018 11118 NY & Richm Gas let 68.-1951 MN
1 102 10414
- 10414 1041
5714 5712
- WI
9834 1001s NY
5384 3912
5712 51
6
RA
yssl.st
ericeoson
s 4 Ms_1962 MN 104321962 M N 7538 77
7514
8314 87
1
7514
lstScota
82
71
NY Steam let 25-yr 60ser A.1947 M N 107 Sale 19634 107
101 102
19 10514 107
984
4
10012 52
1
4 Sale
101 102
9452 10013
Y Telep let & gene!43.45.1939 MN 99/
127 155
30-year deben s f 68_ _ _Feb 1949 F A 11014 Sale 11012 11012 39 1104 11132
143 143
/
4 10834 41 10778 109
20-year refunding gold 65_1941 A 0 10818 Sale 1081
10134 Sale 10112 102
9458 9912 Niagara Falls Power let 5._l932 J
9 10013 10238
10514
10284 10612
Ref & gen 138
Jan 1932A 0 105. Sale 105
5 10412 106
881: 8832 Niag Lock &0 pr 1st 52 A_ _1955 A 0 10232 Sale 102
10234 43 10014 10284
9312 9418 No Amer Cement deb 6 As A.1940 M S 9078 Sale 9012
91
90
9514
7
954 9734 Nor Ohio Tram & Light St.- _1947 Si S 98 Sale 9678
98
23
9512 98
88% 90% Nor'n States Pow 25-yr 55 A_1941 A 0 10114 Sale 101
10112 32 100 1014
_
A0
101/
1
4 19354
9914 SePt'28
Registered
1
4 106
let & tel 25-yr 65 series B_1941 A 0 106 Sale 105/
98 10112
8 Hare 1-(kr911
/
4 10112 North W T lot fd g 4Ms gtd-1934 J .1 10012 101 9912 , 9912
1
98
994
102 103
1024 10234 Ohio Public Service 73:s A....19413 AG 115 Sale 11434 11314 17 114 116
1st & ref 72 series B
100 10018
1947 P A 11412 Sale 11412 1144
2 11334 11312
10612 Sale 10612 10718 20 1054 1073s
10234 10412 Ohio River Edison lot 82._ _1948 J
9634 9912 Old Ben Coal lot (is
90
1946 P A 90 9014 90 Apr'27
9134
WO% 102,
4 Ontario Power N F let 58_1943 P A 10214 ---- 10214 10212
5 101 10212
98
9812 Ontario Transmission 58_
1945 MN 10114 10134 10124 1014 . 2 10034 10133
10312 105 Otis Steel 1st M 6s ser A....194I MS 96 Sale 9552
96
113
9312 9612
Pacific Gm& El gen dz ref 55_1942 ▪ J 10118 Sale 10012 10112 81
9934 1011
/
4
foil; Pao Pow & Lt Ist&ref 20-yr bs'80 P A 100 10032 9972 100 11 9944 10114
1
4 10212
'
3 10212 Sale 102/
10014 10138 Pacific Tel de Tel 1st 58
1937
7 10114 10278
102
/
1
4
Sale
10112 1021: 39 10112 10314
Ref mtge 55 series A
1952 MN
1
4 70 102/
1
4 103/
Pan-Amer P & T cony s f 65_1934 MN 10314 Sale 102/
1
4 10615
1st lien cony 10-yr 75
/
4 10518 105/
1930 P A 105 1051
1
4
1
4 17 10412 105/
7513
Ws; Pan-Am Pet Co(of Callconv 65'40 JO 9384 Sale 9212 94/
1
4 44
9212 10613
7538 7914 Paramount-Dway let 53:5-1951
'
3 10014 Sale 9932 10014 53
98 10012
8611 19
8212 Park-Lex $t leasehold 6 Ms 1953• J 8618 Sale 8534
79
85/
1
4 93111
9678 99 Pat& Passaic0& El cons 55.1949 M
1021
/
4 10314 10212 Apr'27 --__ 1021
/
4 103
8334 00 Penn-Dixie Cement 68 A._ _ _1941 MS 10014 Sale 100
101
36
9912 101
6712 83 Poop Goo A C let cons it 68_1943 AO 11312 114 114
114
5 11312 116
9552 10278
Refunding gold 58
1947 MS 10178 1024 10134 102
12 10138 1024
901: Philadelphia Co roll tr 68 A.1944 P A 10312 Sale 10312 10334 39 10314 10es
97
15-year cony deb 5Ws_ _ ._1938 MS 10358 Sale 102
9958 103
10312 93 10012 10313
9734 987s Phil& & Reading C & 1 ref 50.1973 J J 100 1004 9912 101
9912 10213
26
10875 11214 Pierce-Arrow Mot Car deb 851943 MS 99 Sale 9734 10114 67
9734 1074
1
4 Pierce 011 deb 8 f 8s_ _Dec 15 1031 JO 10014 101 10012 10012 25
9612 96/
9912 10310
9512 97 Pillsbury Fl Mills 20-yr 6s._1943 AO 103 10435 103
103
2 10214 1054
9058 101
- 100 Apr'27 __._994 100
Pleasant Val Coal lot get 55_1928• J 100
1
911, 9212
10414 10911 Pocah Con Collieries lot of 541957 3, 9114 9113 9112
9112
103 105/
1
4 Port Arthur Can & Dk 60 A..1953 P A 10434 Sale 10418 10484 11 1034 10542
let M 85 serial B
10314 10534
1953 FA 104 --_- 105
--.- 1043s 105
/
4 Portland Elm Pow let 130 13.1947 MN 10114 10178 10114 102
106/
1
4 1081
10 10014 102
98
99/
1
4 Portland Gen Elec let 53.....1935 1.5 10084 1011
/
4 10012 10034
5 100 101
99 10814 Portland Ry let & ref bs_ _1930 MN 9558 9655 9634
901 97
2
963
1
APR. 23 1927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
2411
Quotations of Sundry Securities
All bond nrlepa are ''sind
BONDS
N.Y STOCK EXCHANGE
Week Ended April 22.
11
Price
Friday,
April 22.
Week's
Range or
Last Sale
aa
Range
Since
Jan. 1.
HID) N o.
9618 24
1
102
2
10714
98,2 24
_
Apr'27
_
Apr'27
10612 51
9
10514
10514 13
1
10812
19018
2
1011
/
4 14
30
98
10212
3
10114 24
12534 38
100/
1
4 45
36
103
10414
7
34
98
6014
8
5
1111
Apr'27
Jan'27
8
38
3712
8
Low
High
9132 9818
10012 102
10612 108
9412 97/
1
4
11118 11118
110 11112
10384 10612
10434 106
104 105/
1
4
107 11112
10212 19018
100 101/
1
4
9518 98
10018 10312
9838 1021s
11812 12834
997g 10412
102 1041z
10134 105
9334 98
5912 65
11118 11214
105 10614
9212 9212
3712 49/
1
4
3534 50
St Jos Ry Lt & Pr let 58-_ -1937 MN
IS Joseph ink Yds let 4Hs-1930 J J
St L Rook Mt & P58 stmpd_1955 J J
ES Paul City Cable cons bs_ _1937 is
San Antonio Pub Serv let 88_1952 is
Saxon Pub Wks(Germany)Is'45 FA
1951 MN
Gen ref guar 6e
1946
J
&Mulct° Co guar 13 As
Guar s f 8548 Series B._ _ -1940 AO
Sharon Steel Hoop let 88 ser A '41 MS
Sheffield Farms let & ref S Hs'42 A 0
Sierra & San Fran Power 58_1949 F A
Weeds Elec Corp s f 6548_ _ _1946 F A
1311e8kin-Am Exp col tr 78_ _A941 F A
1929 M N
SWIMS Petrol 0% notee
Sinclair Cons Oil 15-year 78.1937 M
l'n ool tr fis C with war_1927 J D
1938j D
let 'len 655e series B
Sinclair Crude 0113-yr 88 A-1928 F A
1942 A 0
Sinclair Pipe Line elSe
Bsilth(AO)CorP1et6}'48l933MN
South Porto Rico Sugar 7s 1941 SD
South Bell Tel & Tel let61581941 is
Southern Colo Power (is A1947 Si
S'weet Bell Tel lot & ref 5&A954 FA
Spring Val Water 1st g 5s__ _1943 M N
Standard Milling let be
19301M N
lst & ref 5348
1945 M 13
Stand 01101 NJ deb 5s.Dec 1546 F A
Stand 011 of N Y deb 4Hs
1951
D
Stevens Hotel let ea ser A _1945 J J
Sugar Estates (Oriente) 78_1942 M S
Superior 011 let s 17e
1929 F A
SYracuse Lighting lst g 68.-1951 J D
Tenn Coal Iron & RR gen 58_1951 J
Tenn Copp & Chem deb 6s 1941 A 0
Tennessee Elec Powlst 62... 1947 1 D
Third Ave lst ref 4e
1960.1 .1
Adi inn lis tax-ex N Y Jan 1980 A 0
Third Ave Ry lat g be
19375 J
Toko Elan Pow let 78
1955 is S
e% gold notee _ _ July 15 1929 J
Tokyo Elea Light 0% notes_ 1928 F A
Toledo Edison let 712
1941 M S
Toledo Tr L & P 534% notes 1930 J
Trenton & El let g 58_ _ _1949 M S
Trumbull Steel let 8/ 8s
1940 M N
Twenty-third St fly ref bs__ _1982 J J
Tyrol Hydro-Elec Pow 7558-1955 M N
9612 Apr'27 97/
1
4 Feb'27
5
7934
79/
1
4
_
9638 Apr'27
106
106
4
10112 10234 34
9712
9838 71
100
10012 15
100
10114 39
108/
1
4 10878 15
10734 107/
1
4 11
9634
9712 35
3
9614
97
10013 Sale 10038 101 68
10058 Sale 99/
1
4 100/
1
4 57
99/
1
4 Sale 99
97
100
100 Sale 99/
1
4 296
1
4 100/
9718 Sale 97
9712 99
10012 Sale 10012 10034 63
9312 Sale 9312
40
94
102 10218 10134 10134
8
10812 10934 10812 1094 24
104 Sale 10234 104
29
10334 Sale 10338 10334 19
10414 Sale 104
10414 45
100/
1
4 Sale 100/
1
4
8
1
4 100/
101 Sale 101
101
2
103 Sale 103
10314 45
102 Sale 10178 102/
1
4 146
9512 Sale 9514
95/
1
4 209
10018 Sale 100
10018
7
10018 10014 9934 100
10
2
1004 10034 10034 10034
10334 - - -- 10334 Apr'27
_
103 104 10338 103/
1
4
1
10078 Sale 100
10078 53
44
106/
1
4 Sale 10612 107
6612 124
6612 Sale 6518
52
5758 Sale 57
58
9518 953s 9758
2
9758
954 Sale 9434
9712 85
97 Sale 96/
1
4
98/
1
4 75
9812 Sale 98
98/
1
4 104
108 Sale 108
10814 28
100 Sale 100
10018 25
10218
102/
1
4 1021
/
4
1
9934 Sale 9912 101
33
66
6712 6712 Mar'27
_
10134 Sale 101
10134 40
95511 9712
9734 9734
7558 8114
9514 9638
10512 10758
10114 104
9712 9912
9938 10112
99 10114
10712 1094
107 10814
9712
95
964 9814
9834 10112
9934 105
9734 102/
1
4
9938 10214
924 102/
1
4
100/
1
4 1011
/
4
9214 95/
1
4
10158 10234
107 10914
10212 103/
1
4
100/
1
4 10412
10234 10414
9812 10018
100 102
10178 103/
1
4
10134 10234
9518 96
99 10014
9812 100,4
9934 10214
10234 103/
1
4
103 10558
100 10114
10518 10712
83
6612
5612 6512
9812
97
9434 9934
9612 9914
98
9912
10734 10814
9834 10018
102/
1
4 10238
9712 lova
67
8712
99 10214
Ujfgawa El Pow f 7's
1945 M S
Underged of London 455s-.1933.1 J
Income 55
1948
Union Elm Lt & Pr(Mo)58_1932 MS
Ref & ext bs
1933 M N
On E L&P(I11)1stg 553s Der A1954 J J
Union Elev fly (Chic)as_ _1945 A 0
Union 011 lst lien s bs
1931 J J
80-yr 68 series A
May 1942 F A
let lien s f5s series C Feb_1935 A 0
United Drug 20-yr 8s_Oct 15 1944 A 0
United Fuel Gas 181 81 6e _1936 .1 J
United Rye St L let g 4s____1934
.1
United SS Co 15-yr ea
1937 MN
United Store' Realty 20-yr es '42 A 0
US Rubber let & ref 5sser A 19473 .1
Registered
1 .1
10-yr 734% secured notes_1930 F A
S Steel Corp f coupon Apr 1983 MN
s 10-80-yr belregist__Apr 1983 MN
Universal Pips & Rad 68_1936 J D
Utah Lt& Trao 1st & ref be_ _1944 A 0
1944 F A
Mali Power & Lt 1st 158
1950.1 J
QUO& Elea L & P lat 5e
Utica Gas & Eleo ref & ext 561957 J
Vertientes Sugar let ref 78_1942 J D
%gator Fuel Ist e f
19535 .1
V alroa Coal& Coke 1st g 5121949 M S
Va Ry Pow 1st & ref ba
1934 J .1
Walworth deb 1354s(wIth war)'35 A 0
ist sink fund es aeries A _1945 A 0
Warner Sugar Refin let 712_1941 .1 D
Warner Sugar Corp let 78._ _1939 J J
Wash Water Power s I bs_ _.1939J J
Watches Ltd g bs stmpd 04 1950
D
West Ky Coal lit 7s
1944 M
West Penn Power ser A 5s1946 M 8
1983 M S
let 58 series E
1953 A 0
lie 5SO eerlee F
1950.1 D
lirt sec 5s series G
1950.1 J
West Va C C let 66
97 Sale 97
99
70
9534 9714 9534 Mar'27
9678 Mar'27
10214 Sale 102
102
2
10214 10212 10214
6
10234
103 10312 10234 103
26
83
8412 82 Apr'27
10134 ____ 102
102
2
108 Sale 10734 108
11
9814 Sale 9814
99
16
10712 Sale 10738 10712 38
10212 10434 10413 104/
6
1
4
80 Sale 1.80
80
15
97 Sale 954
97
49
10512 Sale 10514 10538 29
96/
1
4 Sale 96
9678 320
9438 Feb'27
105/
1
4 Sale 105/
1
4 10578 40
10714 Sale 10718 10758 2111
_
106 Mar'27
8914 -8658 8914
8938
8
9512 Sale 94/
1
4
9512 34
98/
1
4 Sale 98/
1
4
9914 57
102/
1
4
10278 Oct'26
10312 1043-4 10314 10334
8
101 Sale 100
101
63
5714 80
574
1
5714
_
94/
1
4 Apr'27
99
941/4/
1
4 997
- 8
- 99/
1
4 100
20
9512 Sale 95
96
11
9512 Sale 95
9512 45
10658 Sale 10614
10678 46
92
9434 9412
9558 50
103
____ 103
Apr'27
102/
1
4 Sale 102/
1
4 103
4
10238 Sale 102/
1
4 10238
3
10138 1011
/
4 101
10214
9
10112 10134 10112 10112
10514 106 105
105
2
1011
/
4 102 10112 10134 46
78
7812 78
79
22
• 1944 A 0
Western Electric deb be
Western Union 0011 tr cur 58.1938.1 J
Fund & real eat g
_1950 M N
19311 F A
15-year 13541 g
1951 J D
25-year gold 5s
WeirhouseE & M 20-yr g 58_1946 M S
Westphalia Un El Pow 8Si13_1950 S D
wheeling Steel Corp 1st 5 He 1948 J .1
J
White Sew Mach es(with war)'36
Wickwire Spen SO let 7e
1935
J
wiehwire Sp 1311 Co 76 Jan 1935 MN
Willys-Overland 8 f 6He__ - _1933 M S
Wilson & Co 1st 25-yr f es 1941 A 0
iteglatered
A 0
Winchester Arms 754s
1941 A 0
yonnen Sheet & T 20-yr 68_1943 J .1
103 Sale
102 Sale
9812 100
11112 Sale
102/
1
4 Sale
10234 Sale
9714 Sale
9912 Sale
10314 Sale
47
51
41
38
10238 Sale
10038 Sale
Bid
48k Low
Portland ByL&P 1st ref 53.1942 FA 96 Sale 9512
let lien & ref es sertee B__ A947 MN 10114 102 102
N 107 10714 107
let & refund 74e series A1946
9534
Preened Steel Car cony g 15s_ _1933 is 9512 96
11118
Prod & Bole f 88(with war'te)'31 JD 111
Without warrants attache& __ JD 11034 111 11034
Pub Serv Corp of N J sec 88_1944 VA 10578 Sale 10534
Pub /len Elea & Gas let155461959 AO 10478 10558 105
1984 AO 10514 Sale 104/
1
4
let & ref 5348
Punta Alegre Sugar deb 7s 1937 Si 10818 109 10812
19018
Rand Harder 54e (with wart)'31 ii
10134 10218 100
Without Wook pur warrants_ _ _
1937 MN 98 Sale 9712
Remington Arms 88
Repub I & S 10-30-yr be s 1...1940 A0 10112 102 10212
Ref & gen 5Hs series A _ _1953 .1 J 10114 Sale 101
Rhelnelbe Union 7e with war 1946 is 12514 Sale 125
1
4
Without etk purch warts_1948 J J 100 Sale 100/
Rhine-Main-Danube 7s A_ I950 MS 10234 Sale 102/
1
4
Rhine-Westphalia Elec Pow 7850 MN 10412 Sale 10312
__1955 FA
9712 Sale 97/
1
4
Rims Steel let s f 78
Robbins de Myers let el 7s__1952 JD 6014 Sale 5912
Rochester Gas& El Ts eez /3.1940 MS 11112 Sale 11114
Gen mtge 5Hs series C_ -1948 M S 10514 106 10514
N 90
9212 9212
Roch & Pitt° C & Iv en 58--1946
3712
3712 38
Rogers-Brown Iron gen&ref 78'42 MN
MN 3712 Sale 3531
Stamped
9612
97/
1
4 - -7914 80
95,4
-106 107
10112 Sale
98 Sale
100 10114
10038 Sale
10878 109
10734 108
9712 Sale
10234 103
81
102
102
1
98
100
32
11114 1111
/
4 16
1
102
103 4 89
10234 103
72
97
9712 29
99
100
85
103
10418 54
46
4712
9
3612
4712 188
10214 10212 12
10012 58
100
93 Feb'25
106 Sale 108
10614 35
10458 Sale 104/
1
4 104/
1
4 75
Standard 011 Stocks Par
Anglo-Amer 011 vet stock_ £1. Its A19511;
£1
Non-voting stock
19
1
119
103812 11
100 *
Atlantic Refining
15
17 11
,
9
5
Preferred
100 *0
Borne Scrymser Co new_ _
Buckeye Pipe Line Co- -50
chesebrough Mfg Cons_25
18
091132 18
850158
Continental 011 v t c
10 i95
Crescent Pipe Line Co. 50
CumberlandP1pe LIne___100 94 ig53
Eureka Pipe Line Co_ ___100 52
512
1
1812
0
Galena Signal Oil com___100 4
Preferred old
100
44
Preferrei new
100 38
/
4
Rumble Oil& Refining _25 *5812 .581
42512
134 14
144
100 *
Illinois Pipe Line
Imperial Oil
Indiana Pipe Line Co_ _ _ _50 :
1
3 18 6
37
114
International Petroleum---t
1
4
National Transit Co_ _12.50 *1418 14/
New York Transit Co_ _100
72
534 736512
Northern Pipe Line Co__100 3
1
4 56
Ohio 011
25 55/
1612
Penn Mex Fuel Co
25 *15
4714
Prairie 011 dr Gas new..,._25 *47
35678 13
5
56
8,4
Prairie Pipe Line new___100 :
100
Solar Refining
11
82
712 18
174
8
Southern Pipe Line Co _50 *
South Penn 011
25
Southwest Pa Pipe Llnes.100 :654814
5749
Standard 011 (California)._ A
8618
Standard 011 (Indiana)-25 *66
Standard 011 (Kansas)_ _ _25
Standard 011 (Kentucky)_25
*14
116
3711
:14477114
4
Standard Oil (Nob)
25 **
Standard 01101 New Jer_ _25 *3612 3634
1
4
Standard 01101 New York.25 *3058 30/
85
*3
8434
4 340
Standard Oil(Ohio)
100 3
New
25
1612
9 11
17
914
Preferred
100 11
Swan& Finch
100
Union Tank Car Co
100 107 109
Vacuum Oil
25 *1111 11134
Washington 011 ___
10
Other 011 Stocks
Atlantic Lobos Oil
Preferred
50
25
Gulf Oil
Mountain Producers
10
National Fuel Gas
100
New w 1
Salt Creek Consol 01110
Salt Creek Producers--10
•1
Ila
*213 312
*88
8812
*2414 241/4
248 249
*2334 25
*834 7
281z 29
are.or where marked
Public Utilities
Para. Basis
American Gas & Electrio-t *8112 8212
'i •10034 102
6
D%
eb preferred8e 2014
M&N 104
Am
Pzrmfre
eL
er
ighl & Trao oom_100 255 258
100 120 125
Amer Pow & Light pref.-100 102 103
Deb Gs 2018
M&S 103
Amer Public Util com
100 55 1E7% prior preferred___ 100
94
00 92
Panic preferred
8514 86
Associated Gas & Elea pref A *5114 5214
Blackstone Val G&E com_50 *122 124
4714
Com'velth Pow Corp
t *47
preferred
100 9012 97
Elec Bond & Share pref _100 10612 10034
Elec Bond & Share &cur-t 7212 7234
Lehigh Power Securities- _
1914
*19
MF
e 15
7
10
9
_
logs
tiP
mPtleR
17f
.J
AL° 101
10112 1-02-12
Deb 5s 1947
-M&N 9612 9714
National Pow & Light prof.t •10612 107
North States Pow com_ _100 117 11712
Preferred
109 104 107
Nor Texas Elul, Co corn.,100 27
29
Preferred
72
100 70
Ohio Pub Seri,
.7% pref-100 10412 105
Pacific Gas& El let pref_ _25 .2514 2512
Power Securities corn
.8
8
Second preferred
.31
3212
Coll trust 68
__J&D .92
94
Incomes June194_3s 1949__F&A *86
88
Puget Sound Pow & Lt_100 2812 2912
6% preferred
100 88
88
7% preferred
100 4107 109
let & ref 554s 1949_ _J&D 10012 10112
South Cal Edison 8% pf _ _25 *36
.._
Stand 0& E 7% pr pf_ _100 107 1-0712
Tenn Elec Power let pre 7% 10614 106/
1
4
Toledo Edison 7% pref 100 10712 10812
118 117
8% preferred
Western Pow Corn Pre1-100 99
9934
Chic it Stk Ld Bk Bonds
534e Nov 1 1951 opt 1931__ 10012 10134
9912 10034
be Nov 1 1951 opt 1931__
9912 101
be May 1 1952 opt 1932_
4348 Nov 1 1952 opt 1932_
9814 9934
98
99
4341 Nov.1 1962 opt 1932__
98H 10018
4%8 May 1 1963 opt 1933_
9912 101
58 Nov 1 1963 opt 1933_
97 100
5
444s
eo
N2
o2v 11 119
96
85
40
opt 193
934
97 100
Pao Coast of Portland. OreEm 1955 opt 1935___M&N 10114 103
be 1954 opt 1934--M&N 101H 102118
Railroad Equipments
.5.00 4.85
Atlantic Coast Line fis
Sugar Stocks
4.65 4.62 Caracas Sugar
Equipment 6348
3
50 *1
5.00 4.93 Cent Aguirre Sugar oom--20 *10812 10912
Baltimore & Ohio Os
4.55
4.65
Equipment 43.44 & Se...,.
Fajardo Sugar
100 *158 160
Buff Roch & Pitta equip es_ 4.90 4.70 Federal Sugar Re/ com 100 35
43
Canadian Pacific 4548 & es. 4.75 4.55
Preferred
100 50 75 _
5.00 4.85 Godchaux Sugars.Ino
Central RR of N .1 Se
3
t *1
4.90 4.80
Chesapeake & Ohio Os
20
Preferred
100 16
4.75 4.65 Holly Sugar Corp 00M
Equipment034e
33
-t *30
4.70 4.60
Equipment be
84
Preferred
i00 80
5.00 4.90 National Sugar Refining _100 2145 148
Chicago Burl & Quincy Os
Chicago & North West es_ 5.05 4.90 New Niquero Sugar
70
100 65
4.85 4.70 Santa Cecilia Sue Corp p1100
Equipment 636e
Chic RI & Pao 4348 & be__ _ 4.80 4.65 Savannah Sugar corn
t *2-1-3-6- 1-39
5.05 4.95
Equipment es
Preferred
100 *116 119
5.20 5.00 Sugar Estates Oriente p1..100 77
Colorado & Southern 6s
80
5.00 4.90 Vert'entes Sugar pf
Delaware & Hudson es
100 60
70
5.00 4.75
Erie 45412 & 58
5.15 5.00
Equipment es
Tobacco Stocks
5.05 4.95 American Cigar corn---100 115 118
Great Northern es
4.70 4.60
Equipment be
Preferred
100 101
4.75 4.65 British-Amer Tobac ord.-£1 *24
25
Hocking Valley 59
5.05 4.90
Equipment Os
25
El *24
Bearer
4.60 4.50 Imperial Tob of G B & Irel'd *2412 26
Illinois Central 4548 & be
4.85
5.00
Equipment es
50
Int Cigar Machinery New100 *45
97 100
4.70 4.60 Johnson Tin Foil & Met_100 60
Equipment Ts& 6546
75
9534 96
5.20 5.00
43
981
/
4 96/
1
4 Kanawha & Michigan Se_._ 5.10 4.85 MacAndrews & Forbes_ 100 40
Preferred
100 102
10114 10212 KansasCity Southern 634e.
32
100 28
10114 10234 Louisville & Nashville 65... 5.00 4.85 Mengel Co
4.70 4.62 Universal leaf Tob corn -.1 *42
44
Equipment6348
10134 10312
00 103 106
Preferred
81
844 Michigan Central 58 & 68..._ 4.95 4.75
Minn St P&SSM 434s dr 58 5.10 4.85 Young (J 5) Co
100 103 108
1014 102
5.10 4.80
Equipment 634s & 78__
Preferred
100 107 112
107/
1
4 109
4.90 4.75
9814 99/
1
4 Missouri Pacific Os & OM
4.70
4.90
Rubb Stks (Ciere'd euotaPn)
10612 10758 Mobile & Ohio to
t *1
4
1024 104/
1
4 New York Central 450 & 58 4.60 4.50 Falls Rubber corn
4.90 4.80
Equipment Os
Preferred
25•
10
78
80
4.70 4.65 Firestone Tire & Rub com.10 121 125
Equipment 78
90
97
e% preferred
100 105 _ _
103/
1
4 10512 Norfolk & Western 43.4e.,.. 4.55 4.45
4.80 4.75
7% preferred
100 1011
94/
1
4 96/
1
4 Northern Pacific 7s
_ 4.70 4.65 General Tire & Rub corn_ _25
150
911
/
4 9438 Pacific Fruit Express 76
Preferred100
_ 110
10334 10634 Pennsylvania RR eq bs & Os 4.95 4.50
Pittob & Lake Erie 634e__. 4.85 4.65 Goody'r R & R of Can pf.100 z9912 100
10618 108
5.00 4.80 India Tire dz Rubber new__ t
Equipment85
27
10534 1061
/
4
4.60 4.50 Mason Tire & Rubber com_t *214 236
Reading CO 4348 & be
8714 90
Preferred
25
100 22
93/
1
4 9512 St Louts & San Francisco 58_ 4.80 4.70
97/
1
4 9934 Seaboard Air Line 5548 & es 5.25 4.95 Miller Rubber preferred_100 102 103
4.65 4.55 Mohawk Rubber
Southern Pacific Co 4548__
17
160
4.75 4.65
Equipment7e
Preferred
40
100
10218 1-63-3
;
4.85 4.70 Selberling Tire & Rubber__t *2234 24
Southern Ry 454e & be
9834 101
5.05 4.95
Equipment 88
Preferred
100 99 100
5614 57/
1
4
Water Bonds.
945s 9478 Toledo & Ohio Central es_ _ _ 5.00 4.90
4.65 4.62 Arkan Wat let 5s56 A.A&O 9513 9534
Union Pacific 78
9858 100
Blrm WW 1st 55.4sA'54.A&O 103 104
92
9612
Short Term Securities
1st M 58 1954 ser B_ _J& D 9913 100
9314 96
911
/
4 10712 Anaconda Cop Min Os'29.1&J 10218 10212 Butler Wat Co a f fo'27.J&J
58 Sept 2 1931_ ___M&S 1 961 98
7818 98,4 Chic RI & Pao be 1929_J&J 10034 10118
5% notes 1929
1
4 10058 CityW(Chatt)530154AJ&0 1033 lova
61.4S 100/
10214 103
als% notes 1928
J&D 99131z 10018
SAD 99 100
151 M 58 1954
102/
1
4 10312
90 City of New Castle Water
10112 10258 Federal Sue Ref Se'33.M&N 87
95
5s Dec 2 1941____J&D 1 93
100/
1
4 102,4 Missouri Pacific be '27_ _J&J 100 10038
10014 10312 Sloss-Sheff S & I es'29_F&A 10214 103 Clinton WW let 511'39_F&A 95
Indus. & Miscall
Com'w'th Wat mat 5549A '47 103 104
10412 105/
1
4
9312
84 Connellsv W bsOct2'311A&01 92
25 *79
100 10134 American Hardware
97
Babcock & Wilcox
100 119 122 E St L & Int Wat 58'42.J&J 96
78
80
Ski 103 104
*24
Bliss(E W)Co
25
let M 8s 1942
Preferred
50 *56
10118 103
60 Huntington let 6s'54 M&8 104
1954 97
613
9734
50 *108 110
1011
/
4 10514 Borden Company corn
Celluloid Company
23 Mid States WW 138'36 M&N 100
100 21
9712 100
Preferred
72 MonmConW let 58'58A.I&D 9412 -9512
100 70
1114 11214
Mourn Vol Wt 548 50 J&J 100H 10034
101 10314 Childs Company prof...100 119 121
100 190 200 Muncie WW 5s Oct 2'39 A01 95
101 10314 Hercules Powder
Joseph Water 581941A&O 98 If118
118
St
Preferred
100
9984 9912
95
Internal Silver 7% pref _100 118 120 Shenango ValWat 58 58A&O 94
9834 100
98
98 So Pltta Wat 181 58 MO J&J 97
97/
1
4 10418 Lehigh Valley Coal Sales_50 *98
F&A 98
99
let M 58 1956
Phelps Dodge Corp
100 120 125
4413 58
__ Ter H WW Os '49 A J&D 102
Royal Baking Pow COnii_100
35
52
let M be 1958 ser B._ FAA 95 ....-Preferred
101 1021-2
100 17710134 10238
Wichita Wat 181 6*'49..M&S 103
9734 102% Singer Manufacturing__ _100 376 379
let M 5/11956 ser B F&A 95
8
98
Singer Mfg Ltd
El .5
10414 1-0-6-12
•Per share. t No par value. S Basta d Purchaser also pays accrued dividend.
10334 105
r New stock. IFlat price. k Last sale. n Nominal. z Ex-dividend. y Ex-rights.
r Canadian quotation. 'Sale price.
2412
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 16.
Monday,
April 18.
Tuesday,
April 19,
Wednesday, Thursday,
April 20.
April 21.
Friday,
April 22.
Sates
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
8
:.tir
page
Range Sgres Jan. 1.
PER SHARE
Range for Preston*
Year 1926
Lowest
Highest
Lowest
Highest
Shares
Railroads.
182 18212 183 183
300 Boston & Albany
182 18212
100 171 Jan 7 183 Jan 26 159 Jan 175/
1
4 Dee
8414 8414 8334 84/
1
4 8338 84
431 Boston Elevated
100 83 Jan 4 94 Jan 15
77 May 85/
1
4 MY
100 100
"9912 10012 100 100
12 Preferred
100 99 Jan 4 102 Mar 22
89 Feb 103 Dee
*113
_ 113 11312 --------13 1st preferred
100 109 Mar 30 117 Mar 17 11212 Dec 122 Jan
*10312 foi 1037o 104
165 26 preferred
104 104
100 101 Jan 20 10712 Feb 2S
9812 Jan 112 Jan
54
55
55
55
55
5812 3,155 Boston & Maine
100 5118 Mar 7 61 Feb 7
35 Mar 5812 July
__
_ __
_ __
Preferred
100 56 Jan 22 6214 Apr 9
32 Apr 6112 Dec
"83
85
____ ____
83
82
68 Series A let prat
100 7634 Jan 15 86 Feb 5
59
Apr 86 Dec
*120
--------205 Series B let prat
_ 130 130
100 125 Jan 8 130 Feb 28
84 Apr 130 Dee
*103 ____ 110 111
--------200 Series C 1st pre/
100 104 Feb 15 113 Feb 4
74 Apr 110 Sept
--------20 Series D let pref
"155 ____ 165 165
100 155 Jan 15 165 Apr 21 105 Jan 165 Dee
•109
--------190 Prior preferred
110 110
105 Jan 13 110 Apr 21
94 Apr 10712 Dec
--------23 Boston & Providence
*198 160
198 198
100 196 Jan 18 205 Mar 30 217512 Mar 20712 Dec
+2814 30
29
29
95 East Maas Street Ry Co
2912 2912
100 25 Feb 4 30 Feb 26
28
Oct 61
Jan
"___ 65
135 let preferred
65
65
65
65
100 64 Feb 8 71 Jan 11
5912 Apr 71
Jan
"60
"60
3 Preferred 13
62
62
61
61
100 60 Mar 14 67 Jan 5
56 May 69
Jan
4412 4412 4438 4438 4412 45
275 Adjustment
100 42 Apr 1 4814 Jan 4
40 Apr 4914 Jam
--------690 Maine Central
71
71
71
71
100 4712 Jan 13 74 Mar 29
49 Sept 60 Feb
5234 5334 5278 5412 5278 5358 1,550 NY N H & Hartford
100 411s Jan 6 5834 Feb 16
311
/
4 Mar 4838 July
____ "101
Northern New Hampshlre_100 9212 Jan 13 10114 Mar 9
____ ____ ____
81
Apr 9812 Dee
"138 j 139, '1138 139
83 Norwich & Worcester pref-100 127 Jan 4 140 Feb 15 120 Apr 132
138 138
Dee
•____ 130
129 129
41 Old Colony
130 130
100 122 Jan 4 130 mar 7 111
Jan 125 Bent
'110 115
112 112
28 Vermont & Massachusetta-100 107 Jan 6 116 Jan 31
112 112
9934 Mar 107 Dee
Miscellaneous.
*3
312 *3
312
--------100 Amer Pneumatic Service_25
*3
312
3
3
214 Jar 3
418 Mar 1
2 Nov
6 Jan
*1812 1912 *1812 1912
•1812 1912 *1812 1912 1912 912
40 Preferred
50 1512 Jan 12 21 Mar 17
18 Dec 2414 June
16652 16734 16638 16714
16514 16612 16434 165/
1
4 16414 16558 2,119 Amer Telephone & Teleg_100 14912 Jan 3 172 Apr 7 13912 June 15034 Feb
62
62
62
63
6112 6112 62
62
1,315 Amoskeag Mfg
61
64
No par 48 Jan 17 70 Mar 14
4812 July 71
Jan
80
81
3.80
85
80
82
_ _ 8058 83
240 Preferred
No par 7358 Jan 10 85 Mar 7
7212 Nov 78 Feb
*55
5712 *5512 57
+5512 57 "80*5514 57Atlas Plywood tr otfa
____ ____ ___
54 Jan 194 59 Feb 10
524 Apr 6334 Jan
*11
12 '11
12
--------559 Atlas Tack Corp
1134 12
1112 12
No par
8 Jan 221 12 Apr 7
814 Oct 1714 Jan
'17
1712 '17
1712
"17
1712 ___
1712 3.17
__ ___ .Beacon Oil Co COM tr MB-. 151
/
4 Apr 5 2012 Jan 3
1418 May 2012 Jan
8012 8012 8034 8312
83
83
985 Bigelow-Hartf Carpet_No par 77 Feb 171 8612 Jan 7
8312 83
83 -8514
74
Nov 9812 Jan
112 112 *112 134
*112 134 *112
134
600 Cold ik Co'p . cla•ii A T C__
112
112
11
/
4 Apr 61
5 Jan 3
77
77
*77
.17612 7712 7712 7712 77/
7712
1
4 84
157 Dominion Stores, Ltd__No par 67 Jan 261 84 Apr 22 -57 May In- -Deo
'2
212 "2
212
*2
212 *2
24 ____ __ _ ____
East Boston Land
10
112 Jan 261
334 Feb 3
11
/
4 Dec
312 Jan
*512
'512 6
_
*534 6
*512 6
10 Eastern Manufacturing
6
5
34 Jan 11
734 Mar 17
312 Mar
738 Oct
65
65
65
6534
66 -6712
1
4 66
900 Eastern SS Lines, Inc
6634 66/
67
25 45 Jan 4 67 Apr 22
44
884
Nov
Jan
*41
414 *41
4112
"41
4112 *4114 4112 ____ ____
Preferred
No par 35 Feb 151 4214 Apr 5
34 Nov 45 Jan
"96
97 .96
97
*964 97
____ ____
"9614 97
let preferred
100 8734 Feb 171 97 Apr 13
9014 Oct 99/
1
4 Jan
*12*12
___ *12
'12
Economy Grocery Stores
12 Feb 3 1434 Jan 18
14 Nov 26 Feb
244 24734 247 218
247 248
247 248
315 Edison Electric Ilium
100 217 Feb 181 253 Mar 29 z207
Jan 250 Feb
*2814 284 2814 2814
28
2814 "28
2814 '28- 18
155 Federal Water Fiery corn
2712 Feb 261 2934 Jan 26
---- ---- ---*22 . 2312 *2213 23
2212 2212 '22
25 Galveaton-Houston Eleo_ -100 224 Apr 20 30 Jan 31
23
---- ___14 June 27
Oct
+13
14 '13
14
•13
14
*1314 14____
_ _ ____
General Pub Serv Corp r'om_.
1134 Jan 11 14 Feb 3
11 Dec 17 Jan
*1914 1912 *1914 1912
"19
1914 .319
1914 1914 -20
60 Germ Cred Sr Inv let pref
19 Feb 2 • 2112 Jan 4
3612 3612 3614 361
3614 3612 3614 3614 36
320 GlIchri t CoNo par 3534 Jan 24 38 Mar 15
3612
3414 Apr 4058 Jan
2012 9078 90
911
/
4
8934 90
8914 8934 89
8912 1,520 Matte Safety Rasor___No par 8412 Mar 22 9514 Jan 11
8812 Mar 113/
1
4 Feb
*104 12
•1012 12
____
+1012 12
*1012 12
_ ___
Greenfield Tap & Die
25 10/
1
4 Apr 5 1212 Mar 2
10 May 14 Bent
12
12
12
121
12
416 Hathaway Baking corn
12
12
12 -11
12
12 Jan 17 13 Mar 14
41
4112 41
41
4034 4112 41
787 Hood Rubber
4034 41
4112
No
par
4012
Mar 3 47 Jan 3 -4514 Dec -681/4 Feb
*94____ *94
+94
_ _
9414 9414 ---------6 Kidder,Peab Amen A pref_ioo 9414 Apr 2i 9512 Feb 3 z93 Apr 96 July
1014 1014 1014 1014
9/
1
4 -074 Libby, McNeill & Libby____10
938 938
8 *934 10
914 Mar 24 104 Jan 6
6/
1
4 Aug 1014 Dec
613 612
612 612
614 612
229 Loew's Theatres
612 612
612 612
25
6 Jan 3 10 Jan 18
6 July 1218 Jan
88
8812 8734 88
353 Massachusetts Gas Cos___100 84 Mar 25 90 Apr 8
8758 88
88
8712 88
88
80
Apr 9412 Nov
73/
1
4 73/
1
4 7312 7312
344 Preferred
73/
7314 73
1
4 7312 73
73
100 70 Jan 3 76 Jan 25
65 Jan 70/
1
4 Feb
1104 11012 110 110
180 Mergenthaler Linotype_No par 108 Feb 18 112 Jan 21 1104 June
11038 11012 11034 11034 11012 11012
1110 MAY
goo
_ _ *too
_ _
'100 _ _ *100 ___ __ _ _ _ ___
Miss Ely Pow etpd firel_100 95 Jan 22 99 Apr 13
89 Apr 96 Jan.
282 112
238 -138
238 212
i3s -2-38
260 National Leather
232 238
24
214
10
Mar
438 Jan 20
2 Aug
4/
1
4 Jan
3034 3118 3038 31
30
3012 2914 30
2914 2912 3,788 Nelson (Herman) Corp__._ 6 2312 Feb 14 3112 Apr 16
15/
1
4 Jan 29/
1
4 July
•____
.20 '__ _ _
.20
*------- ------20 ____ ____ _ _
New Eng 011 Ref Co tr fs-.20 Feb 1 .20 Feb 1 .20
Jan .95 Apr
•_ _
4 *_ _
4
holiday *_ _
4
4 ____ ____
*_ __
_
Preferred tr Mfg
100
5 Mar 30
312 Jan 11
3 July 10/
1
4 Jan
Ob
96
ii
98
--------55 New England Pub Serv $7 pre( 91 Jan 18 98 Apr 18
98
96- 96
98
10038 10034 10118 103
Patriot's
65 Prior preferred
101 103
101 101
____ ____
9714 Jan 26 103 Mar 18 -95 Sept 101 Sept
*.40
134 *.40
134
•.40
Hog
11
New
/
4 '
134 ____ ---- ____
1.40
South Mllis_-No par 75 Apr 14
314 Feb 23 .50 Dec
8 Feb
3
3
"2
Day
*2
4
4
____ ____
3.2
4
10 Preferred
100
2 Apr 1
8/
1
4 Feb 28
2 Dec 28 Jan
125 1254 "125 126
12612 127
126 127 1112618 127
505 New Hog Telep & Teleg_100 1154 Jan 4 130 Mar 22 110/
1
4
Apr
1183
4 Feb
*91_ '91
------------10 No Amer DUI let pf full paJd_. 90 Jan 5 95 Feb 29
___
0112 9112 3'91
89 Feb 96 Feb
*4434 -4534 *4434 -4514
*4434 4534 45
100 let pref 50% paid
45
_ _ __ .__ _
40 Jan 6 4612 Feb 23
1454 Dec 27 Feb
•3638 38
38
38
3814 39
575 Pacific+ Mills
39
3734 38
40
100 3512 Mar 28 434 Jan 7
3512 July 55 Jan
'28
30 '26
30
*26
26 Plant(Thor; CI), let pre1-100 20 Feb 5 42/
30
2612 2612 2712 2712
1
4 Jan 3
40 Mar 6814 Jan
*1534 16 '1512 16
5 Reece Button Hole
16
16 '
11534 16
___ ___.
10 15 Mar 17
1612 Feb 10
15 Feb
1714 Aug
*114
11
/
4 +114
60 Reece Folding Machine
132
138
las
138
11
/
4 ____
10
1 Mar 4
11
/
4 Jan 11
11
/
4 Dec
2 Nov
109 109
109 10914
10912 1101 110 112
111 11134
---- 1,472 Swed-Amer Inv part pref.-100 10512 Jan 5 112 Apr 21
98 May 110 Aug
11612 11612 116 117
116 11614 1164 117
516 Swift & CO
100 115 Jan 3 120 Feb 24 111
11612 11714
Apr 11814 Dec
88
+68
68
70
57 Torrington Co
68
16814 70
68 '
25 66 Jan 3 7014 Feb 23
6812 6812
54 Mar 72 Sept
*4/
1
4 412
413 412
414 414
412 412
180 Tower Manufacturing_
413 412
4 Mar 3
958 Jan 31
*17
1712 1712 18
18
1712 1712
200 Traveller Shoe Co T C
18
18
18
1638 Jan 4 1812 Mar 22
12
*1112 12
12
*1112 12
*1112 12
50 Union Twist Drill
6 11 Jan 4 1412 Jan 24
7 Jan 1512 Feb
54
5412 5412 54/
1
4
5418 5412 5412 5434 5434 I4i8. 2,385 United Shoe Mach Corp-- 25 30 Jan 3 55 Feb 23
47 Mar 53/
1
4 Aug
*2812 29
29
29
2812 2812 2918 2918 .129
228 Preferred
2914
25 28 Jan 3 2914 Apr 7
28 Jan 30 June
*86
88
861s 861
8618 861,3 87
/
4
210 US & Foreign Sec 1st pref I pd 8412 Apr 22 89 Jan 3
8412 8412
88
82 Nov 135 Feb
'78
7812 781s 781s
285 let prat 75% paid
7818 7812 7712 78
75/
1
4 76
7518 Apr22 82 Feb 4
80 May 90 Apr
*612 7
614 618
*6
610 Venezuela Holding Corp
6
7
6
6
7
518 Jan 26
938 Mar 14
2212 2258 *2214 2234
2258 23
775 WattlorfSys,Inc. new sh No par 2118 Mar 26 2712 Feb 23 17 Jan -2234 Oct
2212 2234 2212 2234
474 4712 48
50
50
565 Walth Watch ol B oom_No par 4012 Jan 21 5412 Apr 21
52
52
54'm 5412 5412
29 Jan 41 Dee
67
65
69
7212
7212 74
74
74
74
310 Preferred trust Mfg
75
100 61 Jan 3 75 Apr 22
481
/
4 Nov 81 Dec
0116 118 +116 119
.1116 119 '116 11712 116 116
16 Prior preferred
100 110 Mar 14 116 Apr 5 101 Sept 112 Deo
23 '22/
+22
1
4 2234
+22
23 2158 2218 2112 22
333 Walworth Company
20 1734 Jan 18 2434 Apr 1
1234 May 23 Jan
81
•
811
/
4 81
8112
81
8158 81
8014 81
81
630 Warren Brae
50 6512 Jan 13 91 Feb 18
44 Mar 69 Dee
*4512 4612 46
46
'4512 4612 46
46
135 lirt preferred
_-_- ____
60 44 Jan 5 60 Feb 16
39 Apr 46 Des
+50
52 '50
52
'50
5112 511 --------65 2d preferred
52
50 45 Jan 17 52 Apr 14
42 Apr 47 Feb
*1612 1634 "1612 1634
'1612 1634 *1612 163 ____ ____
WIll & Balmer Candle cum- 14 Jan 12 17/
1
4 Mar 15
1034 Aug 1712 Jan
*180 182
182 182
8312 8412 84
8412
•
_ 100 *
_ 100
*115
_ *iio ..
*10312 1-0334 10312 10334
5312 54
5334 5414
----- '6214
__
83 13
*83 -8-5
*120
*120
*103
*103
*155
_ _ *155
108 1-00 108 1-09
196 196
198 198
2814 2812 2834 2834
65
65
65
65
'130
62
*60
62
4412 4412 45
45
71
7118 7032 71
52
5258 523a 5378
*10012 _ _ *101
_
135 135
138 138
128 130 *128 130
*110 116 *110 115
Mining.
25 'P
Adventure consolidated...AS .05 Jan 14 .20 Feb 10 .05 Mar
_. .25 •
.25
'
1.41 .55
.40 .40 .1.45 .50
10 Arcadian Consolidated
25 .40 Apr 7 .89 Jan 15 .25 Mar
71, 1,110 Arisona Commercial
6/
1
4 67s
67
, 7
7
612 Mar 24 1014 Jan 8
6
914 May
47
4834 4814 49
48
4812 7,039 Bingham Mines
10 30 Jan 3 49 Apr 21
29 June
1634 17
16/
1
4 17
4,198 Calumet & Heals
1658 17
25 1458 Jan 7 17 Apr 20
13/
1
4 June
".15 .40 1%15 .40
350 Carson Hill Gold
.40 .40
1 .10 Jan 7 .50 Mar 29 .10 Dec
1258 1312 1258 13
1234 13
2,157 Copper Range Co
25 1238 Apr 13 1434 Jan 19
13 May
2
21
/
4
2
2
2
555 East Butte Copper Mining_ 10
214
2 Feb 9
2/
1
4 Jan 4
214 Oct
'
.50
.75 +0.50 .75 v.50 .75
Franklin
25 .05 Feb 1 .80 Mar 17 .25 Nov
.1.32 .50
.32 .32
.32 .50
55 Hancock Consolidated
25 .25 Apr 16 .75 Jan 13 .27 Dec
'15
1612 '15
Hardy Coal Co
1612 *15
1612
1 1534 Mar 9 18 Jan 7
14 Mar
.80 .80 +.80
1
*.70 .80
100 Helvetia
26 .75 Feb 9 .85 Jan 6 .75
Oct
56
5634 56
5612 56
5612 1 918 Island Creek Coal
1 47 Feb 25 61 Mar 16
*105
- 10514 10514 '105 107
33 Preferred
1 105 Feb 16 107 Apr 13
994 Jan
11
-11
-*1014 11
60 Isle Royale Copper
1012 1012
912 Feb 19 1152 Jan 19
25
912 June
232 212
212 212
825 Keweenaw Copper
218 212
25
14 Jan 6
2/
1
4 Feb 4 .50 Jan
.1.90
114
.90
1
.190
523 Lake Copper Co
11
/
4
26 .80 Jan 7
.11g Mar 18 .60 Oct
*.75 1
.75 .75 +.75
1
+.70
1
.90 ..90
135 La Salle Copper
25 .50 Mar 28 .90 Apr 22 .80 June
*1% vs *1% 184
*112 124 *112 178
133 Mason Valley Mine
134
134
112Mar 15
6
2 Jan 4
134 Jan
.25 .25 .3'25 .35 +.35 .35
*.25 .35 3..25 .35
200 Maas Consolidated
.15 Apr 8 .85 Jan 3 .15 Dec
28
.55 .55 5.50 .60
.50 .50
600 Mayflower-Old Colony-- 25 .41 Mar 16
'.50 .55 *513 .55
14 Jan 11 .40 Dec
41
405
3912
8
4112
4012
4012
4012
41
3914
830
Mohawk
39
26 37 Feb 18 4112 Apr 20
30 Mar
*2211 23
2212 2258 22/
1
4 2212
674 New Cornelia Conner
221
/
4 2218 2234
*22
6 2178 Mar 25 24 Jan 20
1812 May
r
_
.15 *____
'
1.05 .15 .*05 .15 ....._ _ _
.18
New Dominion Copper
.06 Feb 1 .06 Feb 1 .05 Jan
is:-- _ is *____ 18
•_ _ _ 18 .1_ _ _ _ 20 *___ _ -1-8
New River Company
100
18 Dec
62
63
62
62
63
72
365 Preferred
63
72
60
Oa
100 58 Apr 14 75 Feb 8
45 July
734 734 *734 3/
136 NipissIng Mine,
1
4 *734 81
/
4
734 734 *z7/
1
4 8
6
7 Mar 15 1012 Feb 2
6 July
134 2/
2
1
4
.2
+2
789 North Butte Mining
218
2
2
134 134
PirMar 24
10
338 Jan 6
2 Apr
.1.96
114 '
112 ".96
1.96
112
112
011bway Mining
1.96
112 '
•.95
25 .75 Apr 7
114 Jan 26 .50
Jan
13
1412
1312
1318
13
14
4,208 Old DOM101013 Co
1334 1334 "1334 1412
25 12 Feb 18 15 Apr 1
13 Dec
*12
1214 +12
1214
1211 •12
100 P'd Cek Pocahontas Co No par
12 '1212r12
11 Jan 4 13 Feb 4
104 Mar
1814
1712
18
1814
1918
1812
1,378
Quincy
1634 1634 1534 -1-738
25 1414 Feb 17 1918 Apr 22
154 May
2312 23
23
23 "22
23
740 St Mary's Mineral Land.-- 25 2014 Feb 17 2614 Jan 6
*2118 2112 2112 2234
25 Dec
234 '2
"2
234 "2
234
Seneca Mining
*2
212 ---- ---178 Apr 1
34 Jan 14
234 Dec
+.20
.30
+.22
+.20
.30
.30
400
Shannon
.20 .22
'.25 .30
10 .20 Jan 6 .40 Jan 12 .15 Dec
'
1.25 .40 +.20 .40 .1.26 .30
Superior & Boston Copper- 10 .15 Mar 23 .40 Feb 23 .20 Nov
•.25 .40 '
1.25 .40
6
61s
818
61
6
/
4
755
6'a
Utah-Apex
Mining
578 614
8
5
6
514 Apr 7
7/
1
4 Feb 24
414 Oct
171. Pie 1,525 Utah Metal & Tunnel
138 13(e
138 138
*114 Pa
114
114
1
1 Jan 3
2 Feb 2 .25 Dec
•.85 .95 '
1.85 .95 *.85 .95
470 Victoria
.75 .85
.85 .85
26 .51 Feb 10 .90 Mar 12
40 May
.15
"AO
.07
.07
'1.07 .12
70 Winona
*.06 .12 .0.06 .12
25 .03 Mar 9 21 Jan 17
10 Sept
14.,1..4„Ok apro,.fid
a
•Bid ..00 aa8.1 ,rlot98: no odds do
a el-10.1rIeni
stook
a ICi right. • iCa-alvidam2 anti
.25 *.
•.._
.41
.55 •.-'.:11
682 658
634
4672 4714 47
16
1614 1618
*.15 .40 '1.15
/
4 1212
1218 121
2
2
2
.75 5 .50
*s.50
.25 .25 '.32
1612 "15
*15
.80 .80 ".70
5512 5612 554
*105__ "105
04 1012
1014 1
"2
2
2
4%95
114
.90
.25
.55
6/
1
4
4732
1612
.40
13
2
.75
.50
1612
.80
5634
__
-1012
2/
1
4
.90
.40 July
11
/
4 Aug
1264 Jan
5614 Jan
1858 Aug
50 Jan
20 Jan
4 Feb
114 Jan
114 JULY
2114 Jan
2 Jan
108 July
14 Ang
Zra Sept
1/
1
4 Jab'
Mt Mar
258 Sera
.75 Jul.!
1i2 Jan
Oct
46
24 Aug
.20 June
25 Feb
72 Feb
1012 Dec
3/
1
4 Sept
2 Nov
20 July
Jan
15
25 J1111
38/
1
4 Feb
Ws Jab
Jan
30
1 j-fi Mar
1134 Feb
2% Mar
.76 Feb
40 July
neon
APR. 23 1927.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange April 16 to April 22, both inclusive:
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
Bonds-
Range Since Jan. 1.
Low.
High.
Boston & Albany 33451952
83% 83% 81.000 8154 Jan 8354 Apr
Chic Jet Ry & US Y 551940
101 101
1,000 10055 Jan 10114 Mar
Eastern Mass Street ER58 Ser B
1948 73
71
73
4,100 69
Jan 75
Feb
Hood Rubber 75
1937 101% 101% 102% 18,000 101
Apr 104
Jan
Keystone Tel Co 5345_1955
94
94
5,000 91
Apr 94
Apr
Mass Gas 4155
1929
9914 9934
1.000 99% Apr 100% Jan
Mtge Ilk of Bog 75w 1_1947
95% 9554 4,000 95% Apr 95% Apr
Miss River Power 5s_1951
100% 101% 2,000 10014 Apr 10134 Jan
New Engl Tel & Tel 58 1932
10154 101%
1,000 10015 Jan 101% Jan
New River 55
1934
93
93
1,000 90
Jan 93
Mar
SC Poen Co 75 deb_ _ _1935 104
104 104
1,000 102
Jan 104% Feb
Swift & Co 55
1944
1013( 101%
7,000 101
Feb 102% Mar
Western Tel & Tel 55.. _1932
10014 100% 2,000 10014 Jan 101% Jan
Wickwire Steel 75._ _ _1934
27
28
1,790 27
Apr 36
Feb
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, April 16 to April 22, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Almar Stores
1114
10 53
Alliance Insurance
Am Ship & Comm Corp..t
American Stores
• 6534
Baldwin Locomotive_ _ _100
Bearings Co of Ameriga___
15
92
Preferred
Bell Tel Co of Penn pref.__ 11434
100
Brill(J G) Co B
50
Cambria Iron
*
Congoleum Co Inc
Consol Traction of N J_100 41
Curtis Pub Co
Electric Storage Batt'y _100
Fairmount Park Trans Co_
Fire Association new_ _ _ -10 5414
General Asphalt
100
Giant Portland Cement.50
Preferred ------ _ -..- -50
Horn & Hardart(Phila)com
Horn & Ilardart(NY)corn
Insurance Co of N A_ _ _ _10 5934
Keystone Telephone pref 50 18
Keystone Watch Case._*
Lake Superior Corp----100
114
Lehigh Navigation
50 106
Lehigh Pow Sec Corp corn• 19
Lehigh Valley
50
Lit Brothers
10
Louis Mark corn
7% preferred
Northern Central
50
Penn Cent L & P cum pf_* 7434
Pennsylvania RR
so
Pennsylvania Salt Mfg_ _50 7715
Penn Traffic
214
Phi's Prat(cum 6%)_ _ _ _50
Phila Electric of Pa
25 4814
Power Ree'ts
25 1314
Full pd reels
4834
Phila Insulated Wire
* 65
Phila. Rapid Transit_
50
Phila & Read C & I Co-- _*
Philadelphia Traction_ _ _50 55
Phila & Western
so
Preferred
50
Reading Company
50
Shreve El Dorado Pipe L 25
Scott Paper Co pref. _ _100
Stanley Co of America_ _ _* 84
Tono-Belmont Devel
_1
Tonopah Mining
1
Union Traction
so
United Lt & Pow com____• 1434
United Gas Impt
50 101
Victor Talk Mach new_ __ _ -----6%
7%
West Jersey & Sea Shore_ 50
Westmoreland Coal new_50 56
York Rye pref
50
1034 1174 4,155
53
54
103
15
534 534
6534 6615 1,217
192 192
10
15
15
21
92
92
10
113 11434
476
1534 1534
200
4114 4134
53
1934 21
170
41
41
86
179 179
30
6734 7034 • 629
7
136
734
5215 5434
320
8334 8434
35
60
60
28
4234 4334
210
215 216
75
5034 51
125
59
5914 1,239
18
18
111
81
80
31
114
134
250
10515 10734
1,357
19
1934 9,695
12334 126
924
2434 2534
340
1334 1434
905
10031 10034
10
83
83
14
7454 7414
103
6034 6134 18.200
7615 7914
138
115 115
7
5114 5115
110
4854 4934 10,955
1314 1334
1,874
4834 49
771
65
65
50
5215 5234
260
1,068
4434 47
55
55
82
14
1414
100
3714 3714
25
11034 11134
710
615
2234 2314
10034 10034
22
83
8434 2,316
114 1 9-16
970
23.4 234 8.058
3734 3754 , 255
14
1534 3,515
9855 10154 27,306
3834 4074
130
9334 9415
160
9934 10034 2,133
65
4534 4574
55
386
56
40
4034
915
Range Since Jan. 1.
Low.
High.
1034 Apr 1716
48
Feb 55
414 Apr
574
63
Apr 7314
147
Jan 19734
15
Feb
15
92
Jan 92
11234 Jan 11434
1514 Apr 1554
4034 Mar 42
1734 Jan 2114
3534 Jan 42
179
Mar 179
6734 Apr 7934
515 Mar
816
51
Mar 55
8014 Jan 9515
5574. Apr 93
34
Jan 4834
210
Mar 261
5034 Apr 55
5134 Jan 61
18
Jan 1934
76
Jan 81
114 Jan
234
10534 Apr 11934
1534 Jan 2034
100
Jan 126
2414 Mar 28
1234 Mar 1434
9934 Mar 101
8134 Mar 83
7114 !Jan 75
5654 Jan 8834
7534 Jan 7914
114 Apr
114
4934 Jan 52
4634 Feb54
Jan 1414
9
4634 Mar 4914
63
Jan 66
52
Apr 5414
4215 Feb47
53
Mar 60
1134 Jan 1534
3634 Mar 3814
9415 Jan 112
2115 Jan 2414
9734 Feb10034
7934 Mar 9034
114 Feb
2%
214 Apr
274
36
Jan 3914
1234 Mar 1534
8915 Feb 10114
3354 Feb 41
8734 Jan 9654
97
Jan 10034
40
Jan 4734
51
Mar 58
3734 Mar 4034
BondsAdv Bag & Paper 7s..1943
10534 10534 $1,000 10434
Amer Gas dr Elec 5s_ _ _2007
97 10034 6.000 95
Consol Trac NJ 1st 58 1932 79
79
79
8,000 62
Elec & Peoples tr ctfi 45'45 5735 5614 5714 8,600 54
Leh C & Nay cons 4145254
9914 9934 5.000 9834
Peoples Pass tr ctts 45_1943
63
63
6,000 63
Phila Co stpd s f & red 1951
100% 10014
1,000 9914
Phila Elee (Pa) let 58_1906 10534 10415 10515 15,300 10334
5345
1947
107 107
1,000 105
5141(
1953
107 107
6,000 105
68
1941 10754 10734 107%
1,000 107
Etna Elea Pow Co 5158_'72
10434 10434 3,000 103
Philadelphia & ReadingReading Term'l 5s._1941
105 105
5,000 10454
York Railways 1st 55.1937 96
96
96
3.000 9314
•No par value.
Mar
Feb
Jan
Jan
Mar
Apr
Jan
Feb
Mar
Feb
; Jan
Jan
10534
10034
79
5834
100
71
10014
105%
10734
10734
1083.4
10514
Jan
Apr
Apr
Jan
Feb
Feb
Jan
Apr
Apr
Mar
Mar
Jan
Mar
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Mar
Apr
Mar
Jan
Apr
Apr
Jan
Apr
Mar
Apr
Mar
Jan
Apr
Jan
Feb
Jan
Mar
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Jan
Apr
Feb
Mar
Apr
Mar
Jan
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Feb
Feb 105
Fet
Jan 9634 Mar
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stook Exchange April 16 to April 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Amer Wholesale pref._ 100
Arundel Corp new stock._•
Atlan Coast L (Conn)_ _ 50
Baltimore Trust Co__ _50
Baltimore Tube
100
Preferred
100
Benesch (I) COED A
•
Canton Co corn
•
Central Fire Ins
10
Ches & Po Tel of Balt Pf 100
Commercial Credit
•
Preferred
25
Preferred B
25
035% preferred
100
Consol Gas E L & Pow...*
655% preferred
100
7% preferred
100
6% preferred
100
3415
140
28
35
11614
2014
2015
75
54%
114
127
103% 10314
3414 3414
230 230
140 141
10
10
28
28
4014 40%
260 260
35
35
116% 117
1634 1834
20
21
2014 21
78
75
5411 58
11114 112
114 114
127 12715
Range Since Jan. 1.
Low.
8 102
595 3114
45 230
60 129%
so 10
30 28
28 38
30 250
30 26
28 115
73 14%
204 20
196 20
12 75
989 51
164 111
33 11214
132 126
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Apr
Feb
Apr
Jan
Jan
Mar
Jan
High.
105
36
240
144
12
36%
41
260
37
11714
29
22%
23
82
56
112%
11515
129
Mar
Jan
Feb
Apr
Jan
Jan
Apr
Apr
Feb
Apr
Feb
Jan
Jan
Jan
Apr
Mar
Feb
Mar
2413
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Veek.
Stocks (Concluded) Par Price. Low. High. Shares
Consolidation Coal_ -100
Davison Chemical
•
Eastern Roll Mill new stk.'
Fidelity & Deposit
50
Finance & Guaranty pf_ _25
Finance Service class B._10
Preferred
10
Ga So &'Fla 2d pref_.....100
Houston 011 t ref v t c _ _100
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Trust preferred
25
Maryland Casualty Co_ _25
Md Mortgage Co corn...*
March & Miners, new_ __ -•
Monon Vail Trac pref.. _ _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Cas Co_10
Northern Central
50
Penna Water & Power.100
Sharpe & Dohme pref._100
Sillica Gel Corp
•
Un Porto Rico Sug corn_ _ _*
United Ry & Electric_ _ _50
U S Fidelity & Guar_._50
Wash Balt & Annap_ _ _ -50
Preferred
50
West Md Diary, Inc, corn•
Preferred
50
Prior preferred
*
BondsBlack & Decker Mfg 6Ms_ _
Consolidated Gas 55_1939
General 4%s
1954
Consol G E L & P 4145 1935
6% notes series A_ _ _1949
Davison Chem 6155
Georgia Jr Ala cons 55_1945
Ga Sou & Florida 5s._1945
Gibson Island 1st 68..1936
Hender Creamery 6s.. _1946
Houston 0116568
1935
Md Electric Ry 6348..1952
Un Porto Rican Sug 7% '31
United Ry & E 4s_ __ _1949
Income 4s
1949
Funding 55
1936
6% notes
1930
1927
6'7 notes
1949
65 when issued
Wash Balt & Annap 58 1941
smr...... us.. rs.1... A.
1050
31
3236
28
28
23
2314
184 215
1234 1236
1754 1754
934 915
120 120
9114 9354
30
3014
19
20
1
1914
21
21
10534 113
20
20
3834 39
24
2436
16
1655
80
81
59
8514
8314 8334
190 190
10934 10914
16
1634
3634 37
22
2334
259 276
1554 1634
20
20
38
38
52
5254
86
86
154
200
230
2,996
40
74
72
25
193
99
105
94
24
3,259
100
212
30
30
123
8,468
19
20
290
145
155
4,372
630
72
24
20
338
10
______ 9954 99%
10514 10514 10554
100 100
9954 9954
10754 10754
9634 9656
9934 9934 9934
102 102
100 100
100 100
10354 10354
10034 10054 10054
102
102 102
7734 78
5954 55
60
84% 8354 8534
9914 100
100 10034
10014 100 10054
7714 76
78
inzu Imre
81.500
3.000
2.000
3.000
1,000
5,000
3,000
1,000
1,000
1,000
3,000
12,000
11.000
105.000
141,000
26,300
12.500
5.500
22.000
88,000
1 nnn
2311
212
120
9334
3014
20
1934
11274
3814
81
6534
10915
3614
23
270
1634
38
5234
86
834
Range Since Jan. 1.
Low.
3014 Mar
27
Feb
21% Mar
13534 Jan
1215 Apr
1714 Feb
915 Apr
120
Apr
86
Jan
30
Apr
19
Apr
1634 Apr
20
Jan
98
Jan
1734 Feb
3854 Mar
2334 Mar
16 5 Mar
7814 Jan
5254 Jan
81
Jan
176
Jan
103
Jan
15
Jan
3614 Feb
20
Jan
205
Feb
834 Jan
18
Mar
35
Jan
50
Feb
78
Mar
99
102
99
9814
10754
9314
9914
10136
100
100
103
98
10034
7054
51
7554
9934
100
9734
65
Inns"
Mar
Mar
Jan
Jan
Jan
Apr
Apr
Mar
Jan
Mar
Feb
Jan
Mar
June
Jan
Jan
Mar
Jan
Jan
Jan
......
High
3714
29
28 .
215
1536
18
10
140
94
44
2214
22
21%
116
24
43
25
1834
85
6554
8334
190
1093.4
19
3814
2315
276
18
2454
38
5234
86
Jan
Mar
Feb
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Mar
Jan
Feb
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Jan
Apr
Apr
Jan
Feb
Apr
Apr
Apr
100
Alir
Apr
Apr
mar
Jan
Apr
mar
Apr
Feb
Jan
Feb
Apr
Ain
Apr
Apr
Apr
Apr
Feb
Apr
Apr
loot
100
9974
10754
9814
9954
102
101
101
104
10054
102
78
60
8534
100
10014
100%
78
Mk
WI
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange April 16 to April 22,both inclusive,
compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co corn_ _• 23%
All America Radio ci A _„5
Am Fur Mart Bldg pt.100
Amer Multigraph corn...* 1934
Amer Pub Serv pref__ _100
AmPub Util Co part pf_100 8534
American Shipbuilding_100 83
Amer States Secur Corp A•
334
Class B
•
355
Warrants
34
Armour & Co(Del) pfd_100 88
Armour Jr Co prof
100 71
Common cl A v t e_ _ _25
Common Cl B v t e___25
Associated Invest Co_ _ _ _•
Auburn MILO CO corn_ _ _25 113
Balaban & Katz v t c_._ _25 6115
Preferred
100
Beaver Board prof v t e_100 _38
Bendix Corp class A_ _ _ _10 5234
Borg & Beck common._ _10 6354
Brach & Sons(E J) corn..' 2734
20 214
Butler Brothers
Celotex Co common
• 75
Preferred
100 88
Central III Pub Serv pret..•
Central Ind Pow pref__100
Ctts of deposit
100 89
Central Pub Serv (Del)..' 1734
Centra1 6 w Utll corn_ _ _ _* 61
Preferred
•
Prior lien pref
• 1023,4
Chic City & Con Ry pt sh_•
1
Participation prof
* 1015
Chicago Elm Mfg "A"...'
Chic Fuse Mfg Co com
•
Chic N S & Milw com_ _100 3215
Prior lien pref
100 100
Preferred
100 69
Chic RapTmn pr pref A 100 103
Chic Rye part ctf ser 1.100
754
Part Wsseries 2
100
1
Commonwealth Edison 100 143
Consumers Co corn
5
6
Preferred
100 72
Continental Motors corn.'
Crane Co corn
25 50
Preferred
100
Crown Wiliam Pap 1st pi.*
Decker(AU)& Cohn, Inc_•
Deere & Co pref
100
Diamond Match com__100 12034
Eddy Paper Corp (The)..' 2735
El Household URI Corp_10 1154
Elec Research Lab. Inc..'
714
Empire G & F Co 7% pf100 9734
8% preferred
100 10354
Evans & Co, Inc, Cl A____5 37
Class B
5 3634
Fair Co(The) corn
• 32
Preferred
100
Fitz Simons & Connell Dk
& Dredge Co com_
20
Foote Bros(G & M)Co.-5
Gill Mfg Co
10
'
Gossard Co(H W)cora
•
Great Lakes D & D___100 143
Greif Bros Coop'ge A corn •
Hart, Schaffner ds Marx100 115
Hupp Mot Car Corp com10
Illinois Brick Co
25 53
III Wire & Cable Co com _10 25
Indep Pneu Tool v t c__ •
Interstate Pow Co prat._ _•
2254 24
6
635
95
9634
1954 1914
9974 10055
85
8534
83
84
3
334
3
334
54
34
87% 9015
6434 72
914 11
6
.034
35
36
110 115
61
63
105 105
38
38
62
54
5954 6334
2515 2815
2134 2215
7334 753.4
8735 89
8915 90
8634 8934
89
89
1754 18
61
62
96% 9734
1003.4 10234
14
114
6
1154
24
2414
3334 3315
3234 3234
99 100
69
69
10274 103
714 714
15
1
142 14314
554 6
71
72
1234 1235
50
50
120 120
90
90
2514 26
108 10914
12014 12234
23
2754
1134 12
734 734
9034 9734
10234 10314
3614 3854
3614 38
30
3234
109 109
27
27
1314 1334
214 4
3334 3314
143 145
39
3915
11454 115
1915 2054
5234 54
2454 25
5114 53
94
94
2,850
1,325
75
70
897
232
118
4,250
675
3,250
1,005
8,950
1.035
450
210
15,950
3,475
15
180
7,275
21.850
5,505
5,830
2,445
517
225
185
10
608
505
267
572
10,525
7,950
390
50
200
444
70
45
97
350
830
1,335
390
25
202
10
10
175
140
105
1,700
1,315
SO
722
302
2,635
4,200
10,125
20
Range Since Jan. 1.
Low.
High.
2254
5
93
1914
94
73
7934
234
3
55
86
5915
934
6
35
6814
60
100
38
3614
53
24
17
70
8714
8854
853.4
8515
17
5654
9334
9814
X
334
2334
30
3015
99
68
10214
5
14
138
554
6914
1134
47
117
90
2.5
106
116
20
11
734
9234
10034
2815
2434
2234
105
Apr 3254
Apr 1034
Apr 9634
Mar 20
Jan 10054
Jan 86
Jan 86
Apr
434
Apr
4%
Mar
1
Apr 9654
Apr 8654
Apr 16
Apr
9
Apr 3854
Jan 115
Mar 63
Feb 105
Jan 39
Jan 54
Jan 6354
Feb 3514
Jan 2315
Jan 8334
Mar 9115
Jan 9534
Jan 90
Jan 90
Jan 1814
Jan 6754
Jan 9715
Jan 10254
Jan
115
Jan II%
Apr 26
Jan 3414
Apr 3634
Jan 101%
Feb 72
Feb 10454
Apr
734
Feb1
Jan 145
Apr
734
Feb78
Mar 1315
Apr 52
Feb120
Jan 99
Mar 28
Jan 110
Jan 12234
Apr 2734
Jan 1434
Apr 1234
Mar 9734
Mar 10351
Jan 3814
Jan 38
Mar 3254
Feb 109
Feb
Mar
Apr
Jan
Apr
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Apr
Jan
Apr
Mar
Apr
Apr
Jan
Feb
Jan
Mar
Apr
Mar
Mar
May
Feb
Apr
Apr
Apr
Apr
Mar
Feb
Jan
Mar
Feb
Feb
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
200 2614
250 12
214
325
100 33
100 140
75 3814
250 110
350 1934
915 49
450 24
100 51
10 93
Apr 29
Jan 1434
514
Apr
Apr 46
Mar 152
Jan 40
Jan 115.
Apr 2316
Jan 5514
Mar 25%
Mar 55
Mar 94
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Apr
THE CHRONICLE
2414
45
13334
11134
9734
6634
11634
22
6
r r r r rx
Apr
Feb
Jan
Jan
Jan
Apr
Mar
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Apr
Jan
8554
6634
83
80
63
4334
1534
42
10534
10234
9934
106
100
7831
87
10214
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Feb
Apr
Mar
Apr
Mar
Mar
100
46,000
9934 30,000
Eni.lEgWEgEENg
835.000
78,000
53,000
8,000
5,000
70,000
1,000
20,090
1,000
1,000
2,000
125,000
5,000
10,000
. 7,000
5,000
rrx
8534
6634
83
80
63
4334
1434
42
10534
10234
9934
108
100
7834
87
102
o0 000..4Q.CDOON.WCA
.0 .10.03000Nw*A.0NA,ANC.
g
BondsChicago City Ry 5s_ _ _1927 8534 8134
Chic City & Con Rya 55'27 6634 6234
81
Chicago Railways 55_ _1927 83
79
lot M ctf of dep 55_ _1927
1927
' 63
55, series A
1927 4334 42
5s, series 13
1434
Adjust Income 48_ _1927
39
Purchase money 55_1927 42
10534
Commonw Edison 55_1943
10234
1st M 55 series "A".1953
Cudahy Pack 1st Mg 55'46 9954 9934
Hous G G Co s f g 6545 1931 10534 105
100
Loew's T & It 1st 16% sf'47
78
Metr W Side El 1st 45_1938
86
Northwestern Elev 55_1941
102
Swift & Co 1st of g 55_1944
United Public Util Co100
First lien 6% "A"._1947
3-year gold N 5 54s_ _1930 9934 9934
100
Apr
9934 Apr
BanksCitizens National
First National
100
100
127
2834
634
192
114
9951
11254
92
100
59
9931
1134 1134
2054 2034
12534 127
104 34 105
4351 44
2834 29
10034 101
11834 125
634 634
18834 192
114 11454
9954 9934
11254 112%
15
15
92
92
14234 14234
39
39
9834 100
78
78
100 10034
534 531
59
5934
99
9934
225
349
225
349
Cincinnati & Sub Tel__ _50 9654 96
9654
100 9634 9634 9634
Cin Gas & Elm
120 120
Cin Gas Transportation100
93
91
C N & C Lt & Trac com 100 93
Preferred
100
7054 71
100 11234 1113411214
Drno Bell Tel pref
Tractions50 45
4334 45
Din Street Ry
Dolumbus Ry Pr&Lt pf 100 1003.4 10054 10034
135
15
812
15
75
743
204
99
450
516
248
148
135
5
20
25
75
247
4
11
118
20
37
Low.
934
2034
12434
99
40
2634
9931
9831
634
177
112
97
11254
15
92
142
38 34
8534
75
9234
5
58
99
6 225
5 338
High.
Jan
Mar
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Feb
Feb
Feb
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
12
21
12931
10534
45
30
109
129
734
192
116
993-4
11234
20
92
150
42
100
7834
10034
6
65
10034
Mar 260
Jan 349
285 9051 Jan 98
586 9314 Jan 9734
20 11234 Jan 120
469 91
Mar 9254
43 70
Jan 73
561 11034 Jan 114
2,244
8
Feb
Jan
Mar
Mar
Jan
Apr
Feb
Apr
Jan
Apr
Mar
Mar
Apr
Feb
Apr
Jan
Feb
Apr
Feb
Feb
Mar
Mar
Mar
Jan
Apr
Mar
Mar
Apr
Mar
Jan
Mar
3834 Jan 43
Mar
9951 Feb 10034 Apr
Bondsm_t.
Inn
Innl, Oen AAA
4
Inn
1...
Inftl,
A...-
5 No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange April 16 to April 22, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod pref _100 8134 8151 8131
Am Wind GI Mach com.100
39
40
Preferred
100
72
72
Am Wind GI Co pref_ _ _100
103 105
Arkansas Nat Gas com _100
7%
734
734
Blaw-Knox Co corn
25
72
72
Columbia Gas & El corn_ •
95
9634
Preferred
100
105 105
Consol Gas pref
50
2154 213.4
(a) Consol Ice com
454 454
50
50
19
Preferred
19
10
Devonian Oil
11
1134
1031 1154
Houston Gulf
•
Jones & Laugh Steel pf _100
120 121
Lone Star Gas
25 43
4234 4334
Nat Fireprooflog corn...100
28
28
Preferred
100 27
27
2734
2254 2234 2254
Okla Nat Gas ctfs of dep__
Pitts Bess & L ERR corn 50 33
33
33
Pittsburgh Brew pref _ 50 1034
1034 1034
Pittsburgh Coal pref__ _100
78
78
Pittsburgh Oil dc Gas__ _5
351
334
243 245
Plttsb PI Glass Corn.. _ _ _100 243
28
31
Pitts Steel Foundry corn.. * 31
iiio
83
Preferred
83
7
7
Salt Creek Consol Oil_ _ _10
73.4
Stand PI Glass pr pref__100
3534 3554
Stand San Mfg com
25 8334 8154 8334
Union Steel Casting com- •
3834 3951
100
106 106
Preferred
United States Glass Co__25
1334 1334
4254 4254
Waverly Oil Works Cl A_ *
152 15234
West'house Air Brake_ _.50 152
100
9934 100
West Pa Rys pref
10
110
65
86
1,209
30
200
25
12
50
100
150
400
155
3,838
20
650
1,243
50
20
10
160
85
225
15
547
10
3,826
115
30
60
170
20
152
Bonds-
Range Since Jan. 1.
High.
Low.
A
943.4
5234
1534
17
109
122
17
37
138%
68
117
40
1634
7
634
53
2734
3034
5534
Kodel Radio"A"
•
Preferred
20
Kroger corn
10
Kahn 1st pref
Participating pref
Lunchenheimer corn
Mead Pulp
Nash A
•
Paragon Refining com25
Procter & Gamble corn_ _20
6% Preferred
100
Pure 0116% pref
100
8% Preferred
100
Putman Candy corn
5
Preferred
100
Richardson corn
100
*
U. S. Can com
U. S. Playing Card
20
U.S.Print & Litho com100
Preferred
100
U.S.Shoe com
*
Whitaker Paper corn
*
Preferred
100
'Il0
0.00am2tVaggfatggtggValggttigW451t,
Apr
Mar
Jan
Fels
Jan
Apr
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Apr
Mar
Mar
Jan
Jan
Apr
Jan
Jan
Feb
Apr
Feb
Feb
Jan
Apr
Feb
Apr
Feb
Mar
Apr
Feb
Jan
Jan
Feb
Mar
Feb
Apr
Mar
Jan
Feb
Apr
Feb
Mar
.42.4.4,-,w.,....4....4..W...4.4.C.
,
.
,41
685
80
2,900
965
955
26
120
365
375
230
210
125
1,025
400
200
1.690
1.015
2,250
1.900
3034
1934
98
9734
5134
64
92
83
9
1034
254
40
21
31
11434
11334
120
4734
10234
9934
66
1634
13734
2534
434
36
30
101
100
9
21
2134
5134
142
105
11634
3934
190
11134
4834
2334
1234
56
28
98
6854
12034
23
50
12134
44
7
Range Since Jan. la
k
C
9431
9451 93
8 62
51%
513.1
1334 1534
1434
1534 1554 16
103
103 10434
120 122
1434 1434
3534 3434 3534
1234 1334
64
68
11431 115
115
3734 39
13
13
1334
5
5
534 534
53
5231 52
24% 2434 2534
2734 3034
41
42
41
nn.W&V,EIggMcingnngE ggPg4g4Egg'ggEggg'ggir,Agli4=4EEEn4ggv,TMEIniVannEEEPa.
1934
bOW.O.CcOW.00N.W
2434
234
3534
2934
98
r rrxrxrr r rr
6554
.WOWW.OW•C... 0e0WW
Ill
10734
11834
3934
WCW...010NOI
10
231
xr rxrrr rxr rr
57
rrrror rrr
9634
High.
[Vol.. 124.
Friday
Sales
Lass Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low
High. Shares.
:..
=
..00.00.0.N.M.C.t.C.1.-000..01,0n0.NNm.1,
MN. mW.O.V.0
.. .M NN..n
COMC-0 C-m0N
..
CI
.
^A
Kellogg Swtichb'd com _ _10
100
Preferred
Ky Ilydro-Elec pref._100
Kentucky Utll Jr cum pf 50
Keystone St & Wire com100
100
Preferred
Kraft Cheese Co com_ _ _25
La Salle Ext Univ com_ _10
Libby, McNeill & Libby_10
10
Lindsay Light corn
McCord Radiator Mfg A..*
5
McQuay-Norris Mfg
Mer & Mfrs Sec Co part pf25
Middle West Utilities_ __ _*
100
Preferred
Prior lien preferred _ _100
Midland Steel Prod com*
Midland Util prior lien_100
Preferred A
100
Morgan Lithograph com -•
Mosser Leather Corp corn •
Nat Carbon preferred _ _100
Nat Elec Power A part _ _ _*
National Leather com _10
National Standard com__*
North American Car com _*
Nor West UtiI pr In pref 100
7% preferred
100
Novadel Process Co cora__
Penn Gas & Elec"A"com *
Pick, Barth & Co part pf _*
Pines Winterfront A com _5
Pub Serv of Nor Ill com__*
Pub Ser of Nor 111 6% p1100
7% preferred
100
Q-R-S Music Co corn_
*
Quaker Oats Co corn
*
Preferred
100
Real Silk Hos Mills corn 100
Reo Motor Car Co
10
Ryan Car Co (The) com_25
•
Sears, Roebuck,com
So Colo Pr Elec A com_25
So'w G & El Co 7% pref 100
Stewart-Warner Speedom *
100
Swift & Company
15
Swift International
Thompson (J R) corn_....25
Union Carbide & Carbon_*
United Biscuit class A_ *
United Iron Works corn.*
United Light & PowerClass"A"
'A" preferred _._ _*
Class"B" preferred_ _ 5
Common class A new_•
Common class B new..5
20
U S GYM=
100
Preferred
Utilities Pow & Lt cl A_ •
Vesta Battery Corp com_10
•
Wahl Co corn
Ward(Montgomery)&Col°
Class A
•
Waukesha Motor Co com_•
Williams 011 0 Mat com..•
•
Wolff Mfg Corp corn
Wolverine Portland Cem 10
Wrigley(Wm Jr) Co, corn •
Yates Machine part pref.'.
Yellow Tr&Coach Mfg B 10
Yellow Cab Co Inc (Chic)*
3031 3034
100
1434 143.4
490
10
96
96
34
9534 9634
51
51
55
35
50
50
25
8834 8834
102
58
59
188
7
734
10
1034 3,425
150
234 234
39
150
39
10
1834 1834
113
2634 27
10934 112
1,697
1,270
10754 108
729
118 118 34
1,725
39
4034
170
102 102
175
98
98
5,175
6434 66
50
1634 1634
35
135 135
2434 2534 2,675
465
234 23.4
3434 36
5,835
305
2934 2934
92
9734 9834
560
9534 97
9
9
300
293
1934 1934
50
2034 2034
45
250
4534
122
133 134
190
10434 105
40
11234 11234
1,275
3834 3934
50
187 187
185
111 111 34
4634 4834 1,110
500
2034 2134
200
934 954
413
5534 56
740
2751
27
341
97
9734
6434 6834 35,400
2,025
116 117
2134 2231 11,300
365
4834 49
50
119 119
1,020
4034 42
434 634 7,250
Low.
rr
Jaeger Machine Co corn_ _°
Range Since Jan. 1.
.W.01 N..0...W
CONb2C.
WO.M0M -41A0Ncom 0-4
000.P.C7,4,
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Pa? Price. Low. High Shares
8754
52
80
109
834
73
9634
10554
2134
a454
20
15
1251
121
4634
9
3031
23
33
1134
79
33-4
270
31
83
8
68
9234
40
106
1554
43
157
100
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Mar
Feb
Mar
Feb
Apr
Jan
Apr
Feb
Jan
Apr
API'
Feb
Feb
Jan
Apr
Apr
Jan
Feb
Mar
Jan
• No par value. aSales of Consolidated Ice corn at 6 reported last week was an
error. Should have been 40 at 4.
•No par value.
San Francisco Stock and Bond Exchange.-For this
Cincinnati Stock Exchange.-Record of transactions week's record of transactions on the San Francisco Stock and
at Cincinnati Stock Exchange April 16 to April 22, both Bond Exchange see page 2391.
Inclusive, compiled from official sales lists:
St. Louis Stock Exchange.-For this week's record of
Friday
Sales
Range Since Jan. 1.
transactions on the St. Louis Stock Exchange see page 2391.
Last Week's Range for
Stocks-
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach com_25 120
100
Preferred
2434
American Products
Amer Rolling 151111 corn_ _25 5434
100 11334
Preferred
Amer Tbrormus A
Preferred
Burger pref
483-4
Buckeye
Carey (Philip) pref_ _100
Champ Coated Pap com100
100
Champ Fibre pref
Churngold Corporation_ _ 5 4334
Cincinnati Car
2634
* 27
City Ice & Fuel
* 2734
Cocoa Cola
Cooper Corp new pref.._100 101
Crown Overall pref__ J00
Dalton Add Mach com.100
100
Dow Drug corn
100
Preferred
Eagle-Picher Lead com20 2634
100
11. Preferred
5
Early & Daniel corn
100
',Preferred
• 21
Formica Insulation
• 4034
Gibson Art corn
Globe Wernicke com___100
100
Preferred
• 47
Gruen Watch coin
100
Preferred
30
Hobart
3034
Jaeger
inn
115 120
12434 125
2434 24%
53
55
11334 11334
1034 103.4
3534 3534
55
55
4834 51
120 120
12534 12534
104 104
41
4334
26
2634
2634 2734
2754 2734
100 10131
104 104
85
85
280 280
115 115
2634 2754
116 116
48
48
104 104
2031 22
40
4034
90
90
9234 9234
47
47
11234 114
2834 30
3034 3054
inn
10054
3,162
88
140
5,447
352
110
20
30
999
10
80
1
556
5,124
432
1.012
183
12
4
5
24
2,381
36
5
50
130
432
10
10
20
56
1,313
510
7
Low.
110
12434
2154
44
11034
7
34
5934
44
1063.4
125
103
343-4
2134
2234
2731
100
103
60
280
11231
2634
116
47
102
2034
40
86
85
4434
109
2634
2734
100
High.
Jan 120
Apr 12634
Feb 2534
Jan 55
Mar 114
Mar 11
Feb 3734
Mar 66
Jan 51
Jan 120
Jan 12534
Jan 10534
Jan 45
Feb 2634
Jan 2734
Apr 28
Apr 103
Apr 105
Jan 85
Apr 295
Jan '115
Feb 31
Apr 116
Feb 48
Jan 104
Apr 25
Mar 44
Jan 9034
Jan 9234
Feb 5434
Feb 11334
Feb 2934
Feb 305-4
Apr 102
Apr
Mar
Mar
Apr
Feb
Mar
Mar
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Feb
Mar
Mar
Feb
Apr
Apr
Jan
Apr
Jan
Apt
Mar
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from April 16 to
April 22, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares,
Week Ended April 22.
Stocks-
Indus. & Miscellaneous.
Aer,lian Web Piano &
Planola corn
100
Ala Grt Sou RR,corn,,_50
so
Preferred
Allied Packers, corn
•
Alpha Portl Cement corn.*
Aluminum Co, corn
•
Preferred
100
American Arch Co
100
Am Brown Boyer! El core
Founders shares
•
Founders shares v t e •
Am Cellulose & Chem corn*
7% 1st preferred _ __100
American Cigar, corn. _100
Am Cyanamid, cl B corn.20
Preferred
100
Range Since Jan. 1.
Low.
High.
58
125
125
52e
qoyi
70% 69
10334
104
10534 101%
58
126
127
Me
40
7034
10434
11151
25 33
500 124
430 124%
100 50c
425 37
400 68
1,600 10134
5,150 85
Feb
Jan
Feb
Mar
Jan
Apr
Mar
Mar
72
130
130
1%
4254
73
104 34
111%
Mar
Feb
Jan
Jan
Jan
Feb
Apr
Apr
1154
12%
1154
1156
136
142
117%
121
115
28
8634 8534
1234
1354
149
121
115
29
87
2,200 1134
3,100 1154
900 74
9,120 100
20 0115
300 26
570 8534
Apr 21
Apr
21
Jan 149
Jan 121
Apr 125
Apr 35%
Apr 89
Jan
Jan
Apr
Apr
Feb
Jan
Jan
APR. 23 1927,]
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
(Continued)
Stocks
Par Price. Low. High. Shares.
THE CHRONICLE
Range Mars Jan. 1.
Low.
High.
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
2415
Range Since Jan. 1.
Low.
Yigh.
Amer Gas & ElseGeneral Baking cl A
• 5731 5335 5734 13,700 5235 Apr 63%
Corn (new ex-stk dIv)--• 82
78% 84% 28,700 6831 Jan 84% Apr
Jan
•
5
Class
B
Preferred
434 535 8.200
434 Mar
• 101
10034 101
73,4 Jan
800 9535 Feb 101
Apr General Electric(Germany)
4335 45
Amer Hawaiian 88
10 14
400 3834 Feb 42
12% 144 2,100
Apr
9
Jan 15% Apr
Warrants
232
220 232
Amer Laundry Mach com • 118
116 110
Mar 232
118 118
Apr
ao 111
Jan 115
Jan Gen'l Fireproofing corn. •
6935 73
Amer Lt & Trim)cam _ _100 25734 228 262
275 51
Jan 84% Mar
10.875 222
Mar 262
Apr General Ice Cream Corp.' 4834 475,4 4835
Preferred
100
400 404 Feb 4935 Mar
125 125
25 11235 Feb 126
Apr
Ge.eral
Pub
Serv
cora_
_ • 1351 1331 1335
Amer Meter Co
1,300 1134 Jan 14% Feb
• 9335 93
94%
610 8935 Jan 100% Mar
Seven per cent pint__ •
1073( 10734
Amer Piano common__100
50 10534 Feb 108
238 242
Apr
AP 285
80 238
Jan General Silk Corp, cora_ •
835 84
Common, new
200
4935 50
834 Apr 10% Jan
200 4935 Apr 50
Apr
Pow
Ga
(new corn) $6 pf.' 9534 9531 953,4
Amer Pow & Lt prat ___100 102
300 94
10031 103
Mar 9634 Mar
670 9735 Jan 103
Apr Gibson Art Co, corn
•
4035
Amer Pub CHI prior pf_100 94
4035
60 403.6 Mar 4335 Feb
94
94
50 8734 Jan 94
Apr Gillette Safety Razor....' 8854 8835 9035
Participating prat_ _100 8534 8551 85%
3,800 8635 Mar 95
Jan
50 74
Jan 854 Apr C G Spring & Bump corn_•
1135 12
American Rayon Products'
5
800
935 Jan
435 535
1,800
12
335 Ma
Apr
9
Feb Gleasonite Prod corn _ - _10
9
8
Amer Rolling M111 corn.-25 5331 53
9
700
8
Mar 1235 Jan
5534
900 445,4 Feb 554 Apr Glen Alden Coal_
17234 171 173
Preferred
100
3,100 15934 Apr 173 'Apr
112% 112%
10 110
Jan 113
Apr Gobel(Adolph) Inc corn_ •
2735 29
Amer Seating Co v t c--• 4535 44
1,700 2556 Jan 304
46% 14,000 41% Apr 46% Mar Goodyear T & R. corn.
4435 4634 15.400 28% Jan 4835 Mar
Amer Superpower Corp A_• 33
3234 33% 2,200 2734 Jan 33% Apr Grand(F&W)5-10-25c_100 46
Apr
St• 7034 z6235 71
Class B
• 344 3231 34% 10.600 2834 Jan 3435 Apr
2,900
60
Feb 71
Apr
Preferred
110
110 110
PartIc preferred
25 2774 27% 28%
25 110
Apr 110
400 2631 Jan 2835 Feb Grt Atl&Pac Tea,1st pf.100
Apr
118 118
First preferred
20 116
97
97
Feb 1184 Apr
300 93;5 Jan 97
Apr Greif(L) Bros, pf, class X_ 98
97
98
American Thread pref--5
6
97
37.4
Apr 100
3% 3%
200
3% Jo
Apr
3'11, Mar Habirshaw Cable dr Wire_. 1634
16% 1634
Anglo-Chile Nitrate Corp • 1831 17% 184 1,400 14
15
Jan 20% Jan
Fe
1934 Apr Hall (C M)Lamp Co._ _•
9
9
9
Apco Mfg, class A
25
200
84 Jan
631 64
1035 Mar
200
6% Ma
8
Mar Happiness Candy St cl A-•
634
6
Arizona Power corn_ _ _.100 30
635
2,000
6
2935 30
Jan
50 22
7
Jan 30
Jan
Apr
Founders shares
•
534 844
Assoc Gas & Elect class A_• 4035 40% 4135 2,500 35
700 434 Apr
635 Jan
Jan 42
Mar Hartf'd City Gas Lt corn.25
8731 8735
Atlantic Fruit & Sugar--• 97c
100 83
95c
Mar 88
99c 1,700 950 Mar
Apr
1% Jan Hartford Elec Light. __100 335
328
339
Atlas Portland Cement__. 4235 4235 42%
920 328
Apr 381
200 40
Apr
Jan 44
Jan Hazletine Corporation_ •
11
1135
Auburn Automobile corn.26 112
1,200 104 Mar 13
1114 11535 1,725 69
Jan 11534 Apr Hellman (Richard) CoJan
Bancitaly Corp
25
1114 111% 2,200 8534 Jan 11434 Mar
Partic
pref
warets.•
with
3435
3334
Bendlx Corp cl A com 10
343,4
1,500 28% Jan 34% Apr
5335 53%
100 40
Jan
5335
Apr
Hercules Powder corn_ 100
187 193
Bigelow-Hartf Carpet corn. 83
20 176
Mar 200
8055 83
375 76
Mar
Mar 83
Apr Hayden Chemical
•
13,4
135 134
Blackstone V G&E,com.50 12234 120 129
1,100
134 Jan
135 Mar
1,100 y98
Feb 129
Apr Hires(Chas A)Co cl Acorn'
300 213,4 Jan
22
2231
Bliss(E W)& Co,com___• 2335 2331 2435 1,300 20
2254 Feb
Jan 2435 Apr Hobart Manufacturing_ _ _• 29
2894
29
Blyn Shoes Inc com-10
500
2734
Mar
534
5
935 24,700
29
Jan
351 Jan
931 Apr Hollander(H)& Son corn..'
3035 31
Bohn Aluminum & Brass_•
1,100 24% Feb 31
1534 16
Apr
300 13
Feb
1934 Feb Horn & Hardart
5135 5035 5135
600 5035 Apr 55
Borden Co common_ _
109
10735 1104 1,800 101
Jan
Jan 111
Apr Imperial Tob of Gil dr I_£1
2535
2535
100
Nat City Co rcts new stk 105
2435
Mar 30
105 105
200 102
Jan
Apr 106
Apr Industrial Rayon class A_•
7
7
Bridgeport Gas Light new'
735 3,900
435 Jan
55
55%
834 Feo
400 54
Apr 5531 Apr Insur Co of North Amer _10 5935 5934 5935
Bridgeport Machine com_•
300 51
Feb 60
5
5
300
Apr
435 Feb
634 Mar Internal Cigar Machinery •
4934
4935
Brill Corp class A
• 40
100 49
Apr 4934 Apr
40
40% 1,500 3835 Mar 4735 Jan Intenaat Utilities, class
A.' 34
34
36
Class it
3,300 28
• 1534 1534 15%
Jan 38 ; Apr
700 1535 Apr 22;5 Feb
Class B
•
435
435 5
Brill° Mfg corn
7,800
3
•
Jan
5% Jan
831 835 1.000
735 Feb
935 Jan Jer Cent P & L 7% pt._100
10131
10234
200 100
Class A
Apr 10235 Apr
• 2134 2131 22
200 20
Jan 2235 Mar Johns-Many,new corn w I.• 68
6635 69
Brit-Amer Tob ord bear_gl
8,800 55;4 Jan 73% Mar
2435 2435
100 23% Feb 2535 Mar
New preferred w I_ _ _100 118
11655 1183.4
Brooklyn City RR
10
44
950 11435 Jan 11835 [Apr
431 434 7,300
44 Apr
635 Jan Lackawanna Securities w I• 1035,4 9935 10654
Bucyrus Co (old) corn_ _100
4,300 87
Mar 10634 Apr
220 220
25 203
Mar 235
Jan Land Co of Florida
• 19
19
2035
25
New common
500 18% Apr 36
544 544
100 54
Jan
Jan 5935 Jan Landover Holding CorpBudd (Edw G) Mfg oom..•
22
22
25 22
Apr
32
Feb
Class
stamped
A
1 164 164 164
Bullard Machine Tool_ •
100 14
42
Jan 174 Apr
42
25 3531 Feb
4234 Apr Larrowe Milling
1935
1931
Butler Brothers
20
18
100
Mar
21% 22
22
Mar
400 2134 Apr 26
Jan Lawrence Portl Cement 100 10135 10135 10135
Canadian Indust Alcohol..'
25 101
30
Apr 10135 Apr
30
200 22
Jan 30
Apr Lehigh Power Securities •
19
Carolina Pow & Lt, pf _100 10834 1084 1094
1935 9,300 15
Jan 20
Apr
30 1064 Feb 10935 Jan Lehigh Val Coal ctfs new__
4035 40% 4154 2,900 3835 Mar 46
Case (J 1) Plow Wks cl B
Jan
Lehigh Valley Coal Sales.50 9535 9535 964
vt
400
89;4
Mar
731
735
100
Mar
100
3%
Feb
13
Mar Libby. McNeill & Libby _10
935
935 1035
Celluloid Co, corn
700
935 Ma
100
203( 2135
103( Jan
200 17
Feb 2134 Apr Libby Owens Sheet Glass25 128
128
130
Preferred
310 116
100
Apr 15935 Jan
71
71
10 6534 Jan 72
Jan Lit Brothers Corp
10
2534 2534
Celotex Co common
100 25
Feb 26% Feb
• 7534
7334 76
750 72
Feb 83
Jan Long Island Ltg 7% p1_100 11034 11035 11035
7% preferred
30 10734 Jan 11035 Mar
100 8735 87
8835
850 87
Apr
91
Mar
Loose-Wiles
Biscuit
Central Aguirre Sugar _50 10734 10534 10935 2,250
9735
Jan
10935
Apr
New common
25
4135 423.4 2.200 40
Cent Leath (new) cl A via.' 2434 24% 254
AP
42% Apr
1,400 194 Jan
2635 Apr MacAnd & Forbes, corn_ _• 42
42
Voting trust certificates_
500 403( Jan 4335 Mar
1034 10
1031
400 9831 Jan 1035 Apr Madison So Gard Co v t • 1631 414
1635 1735 6,600 16
Prior pref v t e
Ma
100 8734 87
1835 Jan
8734
1,200 7335 Jan 8835 Apr Maine Central RR com _100
72
Cent States Elec 8% pf.100 95
30 62;4 Feb 75
94
95
Mar
50 9276 Jan 954 Feb Mandel Brothers, Inc......' 5835 4835 7235
Centrifugal Pipe Corp.....' 14
4834 2,700 4831 Ma
134 144 7,200 13% Ma
4894
Mar
1
Jan
Manning, Bowman dr Co87.4
CM&S(P(newco)wL. 23
23
24
2,000 20
Mar 25
Apr
Class A
•
1931
194
194
New preferred w I
75
194 Mar 207.4 Mar
3135 3235
1,900 27% Mar 354 Apr Mansfield Min & Smelt__
204 21
Childs Co, pref
700 19% Apr 21
100
117 121
Apr
80 117
Apr 121
Feb
Warrants
1204 12031
Cities Service common..20 51% 51% 51%
2 113
AP 130
Apr
31,300 404 Mar 5854 Feb Marconi Wird Tel of LonEl
4%
435
Preferred
435
200
334 Jan
100 89% 89% 90
435
Jan
4,000 87
Mar
924
Jan
Marmon
Motor Car corn.' 5636 5434 5751 1,400 4735 Jan
Preferred B
10
6235 Jan
835 8%
100
7% Mar
814 Feb Massey-Harris, new, w I_ _• 3654 334 37
Preferred BB
600 29
Mar 37
100
8134 82
Apr
600
81
Apr
Mar
preferred
7%
8536
100
10995
1083.4
109%
Bankers shares
600 105
Fe 111
25% 2535
Apr
100 2534 Jan 2934 Feb McCall Corporation
• 5435 6334 5434
City Ice dr Fuel (Cleve)-_* 2734 2635 2731
700 52
Jan 60
Mar
32
2335 Jan 2735 Apr McCord Had & Mfg v t c_•
20
Cohn-Hall-Marx Co
20
200 164 Mar 21
•
19
Jan
19
100
1835
Mar
20
Jan
Johnson
Mead
dr
Co
corn_• 4231 42
44
Columbia Steel
2,100 3954 Jan 44
Apr
735
74 734
500
7;5 Apr
735 Apr Melville Shoe, corn
• z76
z75 z7635
Colombian Syndicate
100 59
Feb z7635 Apr
234
13,
4 235 62,400
14
Company
Apr
Jan
334
Mengel
100
34
34
Columbus Elec & Power_ •
50 2831 Feb 37
7035 71
APT
12
67;5 Feb 7255 Feb Mesabi Iron
•
70c 700
Com'wealth-Edison Co 100
200 70c
Apr 99c
Jan
14235 1424
20 139
Jan 147
Apr Metro') Chain Stores__ _ _• 3431 3235 3435
Com'wealth Power Corp1,100 30
Feb 35
Mar
Met
5
&
Stores,
50c
pref
100
3234 3235
Common
25 30
Feb 37
• 4731 44% 474 16,000 4234 Jan 48
Jan
Mar Middle West
com____• 11134 10931 112
Preferred
1,600 108
Feb 11454 Feb
100 96% 95% 9635
600 9135 Jan 07
Prior lien
Mar
100
118 118
Conde Nast Publications_• 33% 33
100 11734 Jan 119
Feb
34% 3,400 3035 Mar 3434 Apr
7% Preferred
100
1073110735
Consol Dairy Products_ •
10531
350
Jan 113% Feb
134
134
400
135 Jan
235 Jan Midland Steel Products_ •
40
40
Con Gas E L dr P Bait corn* 55
100 3935 Apr 4535 Jan
55
5535 3,100 5035 Jan 5535 Apr Midvale Co
•
29
2535 29
Congo'Laundries
700 239
,5 Jan 3035 Apr
• 2135 2135 2235 5.100 20
Feb 2234 Apr Miller Rubber pref__ _100
102 102
Copeland Products, Inc100 101
Jan 1054 Feb
Mohawk & Hud Pow corn*
2435 23
Class A with warrants_ _•
2435
600 2055 Jan 27
8%
Feb
835
834
100
7%
Apr
Mohawk
Jan
Valley
1134
Co
• 4335 4335 4435 2,500 37
Creamery Pkge Mfg coin.'
Feb
44% Apr
3235 324
200
29%
Apr 3235 Apr Moore Drop Forge, cl A..* 2635 2635
Curtiss Aerop1 & M cora_ _• 2331 2334 2335 1,200 19
2834
100 254 Apr 60
Jan
Jan 2531 Mar Motion Pic Cap'l Corp pf 25 20
Curtis Pub Co corn
20
20
• 177
200 20
177 17834
Feb 2135 Apr
20 1703( Jan 180
Feb National Baking, com____
$7 preferred
9
9
• 115% 115 11535
9
100
9
Jan 1035 Mar
390 114
Jan 118
Jan
Preferred
Davenport Hosiery._ _ _• 29% 294 30%
100
86
88
100 78
Feb 88
2,800 2734 Ma
Apr
304 Apr National Casket, cona_
Davies(Wm). class A_ _ _
•
77
77
32
30
32
100 67% Jan 7835 Mar
50 27
Jan 32
Mar Nat Else Power, class A_ •
Deere & Co common.:_100 102
2435 25
10035 10235
1.500 2335 Feb 25% Feb
700 70
Jan 110
Apr
Nat
Fireproofing
De Forest Radio Corp..*
corn_
_50
8
8
755
6
735
1,300
Apr
8
2.300
9
Apr
Apr 1034
an Nat Food Products cl B....•
Voting trust elf of dep_
9
631 934 13,500
7
734 1,000
534 Mar
9
Apr
7
Apr 1035 Jan National Leather
Delaware RR
10
25 42% 424 4235
231 231 . 100
235 Apr
200 4231 Apr 4256 Apr Nat Power &
44
Jan
Dixon (Joe) Crucible...100 16434 164 170
Lighte
pref__• 10634 1053510735
950 101
250 151
Jan 107% Apr
Ma 17235 Feb Nat Pub Seri,corn class A.* 22
Doehler Die-Casting
2134 2234 4,700 1835 Jan 2235 Mar
• 194 19
194
1,700 18
Jan 2234 Mar
Common,
Dominion Stores, Ltd__ _• 8234 77
class
B
•
194
194 193-4
8231
1,000 66
1,300 14
Jan 20% Mar
Jan 8254 Apr
Warrants
Donner Steel, new corn_ •
235
24 235
6
6
300
13( Mar
200
6
34 Jan
Apr
734 Feb National Standard Co_ _ _ _•
Dubiller Condenser Corp.'
435
35
434 435
38
SOO
500 3034 Jan 36
331 Feb
Apr
635
Mar
Dunhill International__ _• 2935
Nat
Sugar
Refining
_100
2935 3135 15,100 22
137 148
126
750
Mar
148
Apr
Jan
3135
Apr
Nelsner Bros,Inc. cora_ _ _• 4635 4
Durant Motors. Inc
• 11
1035 1231 21,900
53.4 4674 1,100 3834 Feb 50
534 Jan 1435 Mar
Apr
Preferred
100 99
9834 99
100 90
Jan 100
Apr
Nelson (Herman) Corp___5 2931 2935
Eastern Dairies, corn...' 47
47
50%
3034 1,200 23% Feb 30% Apr
500 48
Apr 5035 Apr
mingon-Schild Co Corn..'
(J J) corn
95
3331 3335
95
95
500 333.4 Jan 3456 Mar Newberry
50 85
Jan 95
Apr
Preferred
Elec Bond & Share pfd.100 10634 106% 106% 2,040
100
102 102
50 9735 Mar 103
Mar
Jan New England Pow Assn 100
Eleo Bond & Share Secur.• 72% 69% 7334 32,900 10535 Ma 109
61
62
30 4931 Feb 62
Apr
Six per cent pre(
Elea Invest without war.' 39% 354 404 30,700 66;5 Mar 7334 Apr
100
9331
9331
3234 Feb 404 Apr New Eng Telep
100 88
Feb 9331 Apr
Elea Pr dr Lt 2r1 pf A
& Teleg 100
_• 94% 9435 9734
128 128
600 8935 Ma
10 115
Jan 130
Mar
974 Apr New Mex & Ariz Land_ _ _1
Option warrants
1031
84 835
10
8%
1035 2,200 10
700
635 Jan
Apr 13% Fet,
835 Apr New Orl Gt Nor RR__100 38
Elea Railway &cur
•
631 735
500
6
300 19% Jan 41% Apr
Feb
8
Apr N Y Merchandise Co__ _ _• 344 3755 38
Empire Pow Corp part stk• 35% 3535 3635 2.000
33
3434
26
1,000 27
Jan 35
Jan 384 mar NY Telep 6 % pre1....100
Apr
Equitable Office Bldg corn'
11335 113%1134
6835 7035
500 67% Apr 74
275 11235 Apr 11535 Mar
Apr Nichols & Shepard
Ester-Welts Corp class A _•
2435 243( 304 4,500 214 Mar 304 Apr
735 10
2.900
735
Ma
103(
Apr
North
American Cement..'
Class 13
•
734
335 3%
100
3
Mar 12
7
834
Apr
700
5
Mar
183( Jan North America Utility Sec.
Evans (ES)& Co corn A_5 36
36
38
635 635
400 32
635 Apr
100
Ma
634 Apr
38
Apr Northeast
Common, class B
5
15
373,4 3735
100 2935 Feb 3734 Apr Northern Power, corn _ .• 1535
5,300
15
Mar
1534
1834
Jan
Ohio Power Co.• 114 11
Fageol Motors Co com- _10
235
235
1,100
9% Jan 13% Feb
24 Apr
434 J LI
Nor States P Corp,com.100 117% 11634 114 4,500
Fajardo Sugar
100 15734 155 160
118
370 laoh Mar 164
2,700
10934
118
Apr
Jan
Jan
Preferred
Fanny Farmer Candy St.' 27
100
10435105%
27
28
300 25
150 100;i Jan 105% Apr
Ma
33
Jan Ohio Brass, class B
Fanstecl Products Inc..
84
264 27
84
25 76
Jan 84
200 20
Mar
Apr 3434 Mar OhloPubServ,lst pf,clA •
100
Fed'I Parch Corp class A •
3
104 104
3
100
10 104
Feb 10535 Feb
3
Apr
Jan
2734
Oyington
Bros partic pref_.
Film Inspection machine •
9
931
535 534
Feb
200
200
9
10
434 Jan
Jan
834 Feb Pacific Coast Biscuit, p1..'
Firestone Tire & R. corn _10
4835 4835
123 123
100 4835 Apr 4835 Mar
10 123
Apr 123
Apr Pacific G & E 1st pre! --25
Seven per Cent prat 100
25
2431
2535
101% 102
1,300
Feb
26%
150 99
Jan
Jan
10
Pacific Steel Boiler
23.4 Feb
Ford Motor Co of Can 100 400
• 1134
114 1135
400 430
900 103( Apr 124 Jan
120 339
Apr 500
Feb Palmolive Peet Co com
Forhan Co, class A
• 7034 70
7534
1731 17% 174
425 70
Apr
77
100 174 Jan 19
Mar
Jan
Preferred
Foundation Co100 1094 1083510934
106
320
Mar 10935 Apr
Parke.
Foreign shares, class A.• 16
30
30%
700 2735 Mar 31
1534 1734 5,100 1535 Apr 205.4 Mar Pender Davis & Co, new. •
Apr
(David)
Theatres
corn_
Groc cl B.•
cl A
_• 184 184 2035 12,600 184 Apr
Fox
22
22
100 22
Jan 28% Feb
213,4 Apr Penn-Ohio Edis new corn.'
Franklin (H H) Mfg, corn *
4,000 27
12% 13
3234 3235 35
Feb 35
200 1234 AP
Apr
193( Jan
7% prior preferred_ _100 101%
Preferred
100
101%101%
150 9731 Jan 101% Apr
7334 77
150 7334 Apr 80
Feb
$6 preferred
1Freed-Eiseman RadiO____•
• 86
8634
520 804 Jan 8054 Apr
85
100
335 334
334 Jan
736 Jan
Warrants
Freshman (Chas) Co
• 1131 10
13
153,4 4,200 104 Jan 153( Apr
133.4
1235
5,100 10% Apr 2335 Jan Penn Ohlo
Secur
Fulton Sylphon Co
Corp.
_ _• 1234
•
1134 1335 19,800
84 Feb 134 Apr
4434 45
1,000 394 Jan 4634 Mar Penn Pow
dr Light pref_*
Galv-Hous Elea Co corn 100
109 10935
250 106
Jan 109% Feb
22
22
10 22
Apr 3054 Jan Penn Water &
Gamma!!Co,corn
Power_ _100
190 191
130 175% Jan 19135 Apr
5634 5635
25 53% Jan 5954 Jan
New
w
I
•
•
Garod Corporation
48
4831
300
45
1
1
Mar
1
900 75c
48% Apr
Jan
334 Jan Peoples Drug Stores
•
2931 2935
400 2835 Apr 3154 Jan
o
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
120 120%
100
Phelps-Dodge Corp_ __ _100 120
25
75
4831 4835
Phlla Elec Co corn
PhIllip-Morr Cons Inc corn. 1534 1555 1631 2,600
25 1755 1736 1734
200
Class A
Pick (Albert) Barth d. Co1,400
1334 14
Pre( cl A (part Pref)--• 14
125
Pillsbury Flour Mills_ _ _50 60
56;5 60
Pittsb & Lake Erie com.50 171
171
17434
500
20
Pitts)) Plate Glass Co. 100 244
244 248
Pratt & Lambert
51
•
100
51
Procter & Gamble com__20
210
189 194
Providence Gas Co
50
75
10031 101
25
Prudence Co.7% Pref-100
104% 104%
700
Puget Sound P&L.com.100 2934 2855 2934
Six per cent pref
100
70
87
87
Pullman Co(new carp) w 1*
800
6954 72
Pyrene Manufacturing_ _10
900
934 9%
Rand-Kardex Bureau warr
6
965 980
Realty Associates com. •
70
242 243
Remington Arms Co. corn' 1434 1351 17
2,100
Bern Nolsel Typew corn A • 4331 37
3,800
46
Preferred
975
100
10151 105
Reo Motor Car
10 21
2074 2131 5,200
Republic Motor Truck. *
900
315 3%
Richman Bros Co
140
15434 179
173
Richmond Radiator corn.' 2234 2235 2331
1,400
Royal Bak Powd Cora_ _100 17555 163 180
100
Preferred
110
100
102 102%
Royal Typewriter, corn. *
50
55
53
Safeway Store,corn
120
280 284
• 282
St Regis Paper Co
• 3915 3934 4034 1,200
50
Sanford Mills, new com . 84
8334 84
75
Schulte R E Co
• 1634
1634 1634
Seiberling Tire & R, corn..
100
23
23
Serve! Corp (Del) com •
834 12,200
754
6
100
Sherwin-Williams corn __25
5234 53
100
Shredded Wheat Co
69
69
*
100
Sierra-Pac Elm! Co corn 100
27% 2754
10
90
90
Preferred
100
800
Silica Gel Corp corn v to_* 15
1635
15
50
27
27
Silver (Isaac) Bro,Inc,com.
50
376 380
Singer Manufacturing_ _100 380
10
108 108
Smith (A 0)Corp, pref_100 108
100
11
11
Sala Vlseosa ord (200 lire).
100
11
11
Dept recta Chase Nat Bk
300
2451 2435
Sou Calif Edison pref B.25
600
Sou Gas & Pow class A_• 2134 2135 2134
200
Southern Groc Stores el A.*
32
33%
Weastern Pow & Lt corn..• 3151 3135 3234 9,700
600
Participating preferred.'
7534 77
1,200
Warrants to pur corn stk.
834 8%
425
11555 11651
trweet Bell Tel pref 100
40
Spaulding(AG)d:Bro,corn*
111 112
50
Stand Gas& Elec 7% p1100
10655 106%
200
2234 22%
Stand Pow ,S: Lt. com_25
250
Preferred
z10131 102
300
Stand Publishing cl A-25
334 4
100
Stand Sault Mfg,corn...25
84% 8414
250
Stroock (5) & Co
4034 4034 41
100
Strom-Carlson Tel Mfg... 37
37
37
Stutz Motor Car
13% 16% 3,800
• 16
100
Swed-Am Invest, prat_ _100 10934 10935 10934
Swedish Match el A(100 kr)
600
78
8034
100
Swift & Co
100 117
11634 117
Swift International
2255 7,500
15 22
21
Tampa Electric Co
800
63
• z62
62
34
Teitz (Leonhard) warrants. 185
140 186
Thatcher Mfg, cony pref.'
500
4451 4531
Timken-Detroit Axle.. l0 1234 1251 13
1,200
Preferred
10
97
100 97
97
Tobacco Prod Exports....
700
334
331 334
Todd Shipyards Corp....'
400
45
48
Trans-Lux Day Pict Screen
•
Class A common
5% 615 1,300
2,500
Trumbulleteel com
25 1134 1135 12
25
85
Preferred
85
100
400
24% 2534
Truscon Steel
10
830
Tubize Artificial Silk cl B.• 225
210 225
90
Tung-Sol Lamp Wks cl A_• 19
19
1935
50
9
Common
934
•
934
71
Union ,k United Tob corn.' 76
76% 2,60
United Artists Theatre Co
10
99
99
Allot et( for corn dc prof
41%
1,300
United Biscuit claas A _ _ __• 4134 40
. •
gyi
851 935 6,700
Class B
600
United Elec Coal Cos v t • 2431 2351 2431
99 101% 15,200
United Gas Impt
50 101
United Light & Power A._. 1434 1354 1511 103,200
100
16
16
Common B
•
600
9315 9434
Preferred A
•
25
51
Preferrel B
51
•
75
211 215
United N J RR O. Can_ _100 215
United Profit Shar, corn_ *
1035 1034 1,200
100
1115 1134
Preferred
400
2215 2335
Un Rys dr El. Bait, com_50
1,450
United Shoe Mach,com_25 5534 5434 5531
1434 1634 35,300
II B Distributing corn_
•
4,800
8335 85
7% crony pref
100
375
LI 8 Freight Co
70
7034
•
50
104% 10431
S Gypsum com
20
4.700
S Light dr Heat com-10 5534 5135 58
8% 935 2,700
Preferred
10
9
100
8
8
US Stores Corp class A..'
300
2
231
•
Class B
1,400
42% 44
Unit
,Leaf Tobacco corn..' 44
30
10731 108
Utah Pow & Light, pf _100
4,200
1431 15
Utilities Pr & Lt class B-• 15
700
Utility Shares Corp corn..' 1134 10)4 1135
2
1% 234 6,600
Option warrants
Warner Bros Pictures.___' 2434 2451 2731 24,500
300
Warner-Quinlan Co
• 2634 2634 26%
1,225
Wesson 0dc SD corn v ta * 55
56
55
100
22
22
Western Auto Supply, pf_.
West Dairy Prod, class A.*
600
49% 50
•
600
16% 16%
ClamB v t
1,150
Wed Md Ry 1st pfd__100 14134 132 14211
360
Western Power, pref___100 9914 99 100
100
13
13
Williams 011-0-Mat Heat-. 13
100
5
5
Wolverine PortI'd Cement_
100
Yellow Taxi of N Y
• 2834 28;4 2834
10
112 112
Youngs Sheet & T, pref.100
Rights.
Bancitaly Corp
Commonwealth Power_ __ _
Hartford Electric Light_
234
70c
234 2% 3,800
430 740 81,000
300
39;4 40
Former Standard 011
Subsidiaries.
Anglo-Amer 011(vot eh)-£1 1934 1934
1855
Non-voting stock__
50
Borne-Scrymser Co __ _100 51
Buckeye Pipe Line
50 z5034 4934
Chesebrough Mfg Cons.25 8835 8335
18%
Continental 011 v t 0_ -. 10 1834
94
Cumberland Pipe Line_100
53
100
Eureka Pipe Line
1035
Galena-Signal Oil, com-100
48%
Old preferred
100
Humble 011 & Refining_ _25 5851 5834
139
Illinois Pipe Line
100 142
[voy- 124.
THE CHRONICLE
2416
Range Since Jan. 1.
Low.
High.
116
4834
13%
17%
Feb 132% Mar
Jan
Mar 53
Apr 2034 Jan
Jan
Apr 22
12%
5235
16751
244
48
178
86
102%
28
8334
69
9
400
225
7
3354
9735
1955
334
153
2051
161
z993i
47
232
39%
76
15%
23
536
44
56
2635
88
13%
26
365
106
5
5
2434
18%
32
2934
6755
834
11334
111
10455
22
9835
334
8434
4034
37
1314
109
77%
115%
18%
49
90
4434
1154
97
3
45
Jan
Jan
Jan
Apr
Mar
Feb
Mar
Jan
Apr
Jan
Apr
Feb
Jan
Jan
Mar
Apr
Jan
Mar
Apr
Apr
Feb
Feb
Mar
Jan
Feb
Mar
Apr
Jan
Apr
Apr
Feb
Feb
Jan
Feb
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Apr
Apr
Jan
Apr
A rr
Apr
Apr
Jan
Mar
Jan
Mar
Apr
Mar
Apr
Mar
Apr
14
76
181%
269
5334
194
101
105
3351
87
7634
1454
980
255
17
46
105
23
5%
179
2531
194
10231
55
301
46
8735
1834
24
10%
54
70
28%
90
19
32%
387%
10835
11
11
25%
2234
35;4
3254
78
9
118
118
109
24%
102
634
91
44
42
21
10934
8054
12054
23
63
186
46
13%
99
3%
50
Feb
Mar
Feb
Jan
Jan
Apr
Apr
Jan
Jan
Apr
Feb
Jan
Apr
Feb
Apr
Apr
Feb
Jan
Jan
Apr
Mar
Feb
Apr
Apr
Apr
Jan
Mar
Mar
Jan
Feb
Mar
Apr
Apr
Apr
Feb
Jan
Feb
Mar
Apr
Apr
Jan
Apr
Feb
Mar
Apr
Jan
Jan
Feb
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Mar
Apr
Apr
Mar
Jan
Apr
Apr
Mar
Apr
Feb
Jan
Jan
5
954
7455
24
145
17%
8%
71
8%
Mar
Jan 13
Jan 85
Jan 26%
Jan 230
1934
Jan
Feb
9;4
Apr 90
Jan
Apr
Apr
Jan
Apr
Mar
Mar
Feb
9535
38
7
23
89
1234
14
85
50%
211
10
1115
1914
51
1254
8334
6955
94
29
734
8
2
37%
10734
13%
9%
135
15%
2531
5294
22
4755
15
98
98
13
5
2834
109
Jan
Mar
Jan
Apr
Feb
Mar
Jan
Jan
Jan
Apr
Jan
Apr
Ma
Jan
Jan
Apr
Ma
Jan
Jan
Jan
Apr
Apr
Jan
Ma
Jan
Fe
Apr
Ma
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Mar
Apr
Apr
Mar
550 Jan
35e Mar
39;4 Apr
1954 1,600 1834
200 17%
18%
200 50
51
1,375 45
52
300 7634
8834
18% 10,100 1834
50 090
95
350 47
55
300 10
11%
60 48%
4834
6034 11,500 54
14535 3,950 12331
Apr
Apr
Apr
Jan
Jan
Apr
Mar
Jan
Apr
Apr
Mar
Jan
Sales
Friday
Former Standard Oil
Last Week's Range for
Week.
ofPrices.
Subsidiaries
Sale
(Continued)
Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Imperial Oil (Canada)---* 44% 4234 4531 11,700 37% Jan
Jan
Indiana Pipe Line
400 61
50 z6635 z66% 68
National Transit____12.50 1451
14%
600 1334' Jan
14
Jan
200 70
76%
Northern Pipe Line_...100 76
76
Ohio 011
25 55% 5534 5634 1,900 5534 Apr
Apr
400 12
Penn-Met Fuel 011
16
15
25 16
Prairie Oil& Gas
46% 47% 14,100 4631 Apr
25 47
Jan
Prairie Pipe Line
100 156
14935 16535 8,700 132
Apr
100 181
Solar Refining
18435
181
100
Mar
700
South Penn Oil
25 3631 35% 3631
16
Feb
ar
100 35
1831 1854
Southern Pipe Line
50
64
68
100 5534 Jan
So West Pa Pipe Lines_100 68
6534 6734 33,600
Standard Oil(Indiana)..25 66
15
551 M
AP
ar
r
600 6
Standard 011 (Kansas)-25 1711
1734 1734
Mar
700 112
113% 114
Standard 011(Ky)
25
Apr
Standard 011(Neb)
1,000 46
25 4735 4735 4736
Apr
Standard Oil(0) new corn. 84% 8335 8735 1,850
Apr
94
80 223
336 344
Old common
100
Jaq
20 118
119 119
Preferred
100
Vacuum 011
25 11135 111% 11644 24,200 95)4 Jan
47
69%
14%
80
64%
19
55%
16535
20134
41%
2731
68
7431
20%
122%
4914
8734
354
122
11634
Mar
Feb
Mar
Mar
Feb
Jan
Jan
Apr
Feb
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Apr
Jan
Feb
Apr
Sc
Apr
Jai)
Jan
Feb
Jan
Jan
Other Oil Stocks.
•
Sc
1
Sc
Allen Oil
1
80c
Amer Contr 011Fields._ _ _5
1
454 5%
Amer Maracaibo Co
•
534
Arkansas Natural Gas..10
734
735 735
154
135
Atlantic Lobos 011 cora •
Preferred
2% 2%
215
Barnsdall Corp stk Duren
warrants (deb rights)...
435 431
434
16
Beacon 011 Ca cora
1731
1654
1634 16
Carib Syndicate
1831
1635 1635
Certificates of deposit._
• 1255 1255 1254
Creole Syndicate
154 154
Crown Cent Petrol Corp •
8
10
Darby Petroleum
• 10
Voting trust certificates_
835 9
135
135
Derby 0118. Refining, coin*
135 231
Gibson 011 Corporation-1
1%
510 510
Gilliland Oil, com, v t
Gulf Oil Corp of Penns-23 8831 8715 90
Houston Gulf Gas
• 1034 1055 11%
131
Intercontinental Petroleum
154
115
International Petroleum... 31% 3055 3134
•
134 155
Kirby Petroleum
Leonard Oil Developl_25
7% 8
734
Lion 011 & Refining
* 2334 23% 2335
Livingston Petroleum....'
70c 700
Lone Star Gas Corp
42% 4215 4334
Magdalena Syndicate__ __I
154 2%
Margay 011
12% 1334
•
Mexican Eagle 011
4
4
Mexico 011 Corporation_10
170 200
Mountain dr Gulf 011
155
131
1
154
Mountain Producers____10 24% 24.31 24%
Nat Fuel Gas
238 248
100 248
New
2534
• 25
24
New Bradford Oil
534
5
515
New York Oil
10
25
10%
North Central Texas 011__•
1135 1154
Pander') Oil Corporation.'
5% 911
8%
Pantepee Oil of Venezuela.* 11
11
12
Red Bank 011
19
19
25
Reiter Foster Oil Corp...*
7
8
755
Richfield Oil of Calif. -25
15
1731
2435 2435
Preferred
Ryan Consol Petroleum_ •
5% 534
Salt Creek Consol 011_ _.10
7
7
7
Salt Creek Producers...10 28% 28;5 29%
Tidal Osage non-vot stk.. 1855 1855 22
Tide Water Associated Oil• 17
1631 1736
91;5
Preferred
91
100
72
Transcontinental 0116% pf
71
Venezuela Petroleum._ _5
5
5%
5%
Wilcox (H F) Oil dc Gas... 2335 2355 2334
6
6
Woodley Petroleum
•
6
255 2%
"Y" Oil& Gas
1,000
25,800
10,300
400
100
100
Sc
77c
4
7
155
2%
Apr
Apr
Mar
Mar
Jan
Mar
734
834
131
431
4
Mar
751 Feb
1,300
1,300 15% Apr 20% Jan
6,800 1535 Apr 28% Jan
300 1654 Apr
14% Jan
au
14,700 11% Mar 26
3
Jan
1% Mar
800
Mar
4% Jan 12
4,800
8
Apr 1155 Mar
1,300
2% Jan
131 Feb
50
354 Jan
154 Mat
6,900
2
Mar
510 Apr
500
2,400 8736 Apr 9635 Jan
8% Apr 1231 Apr
2,000
2
Mar
3,400
134 Apr
15,100 3035 Mar 34% Feb
2% Jan
151 Jan
700
754 Apr 10% Feb
1,600
800 2331 Apr 2735 Feb
ear
b
F
jam
Feb 99c4462 Ni
100 65c
Jan
2,700 37
1% Mar
8,700
F
A
Janepbr
Mar :
14
3
1
400 12
Feb
4
300
Jan
Apr
380
10%c
4,000
1% Jan
1,100
7,200 24% Apr 2634 Jan
Mar
Jan 250
210 192
pr
2 100 2335 Mar
Apr
414 Mar
3,900
Feb
931 Mar 11
1,200
800 1134 Air 12% Feb
9% Apr
515 Apr
23,700
9,300 1054 Apr 1234 Mar
Apr 24)4 Jan
100 17
5% Apr
5,400
15)4 Jan
Apr 27)4 Jan
3,600 15
japnr
300 24% Apr 2454 A
7
Jan
100
5
Jan
7
Mar 82
8
200
Feb
5,300 2834 Apr
800 1855 Air 2331 Mar
14,300 1634 Apr 23% Jan
Apr 9551 Jan
1,200 91
jan
2,4 F
125 6334 Jan 80Feb
Mar
3,400
5
Mar 32% Jan
800 22
Jan
8
200
534 Apr
Jan
6
234 Mar
200
258)1
Mining Stocks--
Amer Com'l Min & Mill__
80
550
Mar Amer Exploration Co
99
5
6%
Feb Arizona Commercial
45
Feb Arizona Globe Copper. .1
13
1
2635 Jan Beaver Consolidated
10151 Apr Bunker Hill dr Sullivan __10 7535
80
1534 Jan Butte & Western Mining_l
1
211:
16% Jan Calaveras Copper
331
9451 Apr Consol Copper Mines....
1 23c
Feb Cortez Silver Mines
52
2
Cresson Consol GM & M.1
1
21
15Apr
Mar Dolores Esperanza Corp. 2
3
1155 Apr Engineer Gold Mines,Ltd 5
Eureka Croesus
1
8283
34 Apr Falcon Lead Mines*
Feb First Thought Gold Minesl
17
1
9055 Jan Forty-Nine Mining
154
Apr Golden Centre Mines_ -.5
72
Jan Golden State Mining -10c
110
58
Apr Goldfield Consol Mines..l
50
955 Apr Hawthorne Mines, Inc.-1
Jan Hecla Mining
25c
16
5% Jan Hollinger Cons Gold Min_5
Mar Kerr Lake
5 75c
48
1%
Mar Kirkland Lake Gold Mln_l
108
100 170
1554 Feb Mammoth Divide
154
11)4 Jan Mason Valley Mines
5
234 Jan New Cornelia Copper_ _.5 2234
i00 187
3331 Jan New Jersey Zinc
27% Mar Newmont Mining Corp 10 7435
Mph:sing Mines
5
59% Jan
7%
25% Jan Noranda Mines,Ltd
• 2234
Mar North Butte
10
51
1 570
1851 Mar Ohio Copper
142% Apr Plymouth Lead Mines. l 100
Feb Premier Gold Mining_...1
102
2116
Red Warrior Mining
I
1631 Feb
180
Jan Rio Tinto Co Ltd ord. _£5
6
50
• 1
3431 Jan San Toy Mining
Apr Shattuck Dents Mtn Corp.'
112
5%
So Amer Gold & Plat_ _ _1
334
Spearhead Gold Mining _1
8% Mar Standard Silver-Lead_ .1
Arr Teck-Hughes
1
Apr Tonopah Belmont Deve1.1
40
• Tonopah Mining
1
TM-Bullion Sm & Dev_ _100 100
United Verde Extension.500
Utah Apex
21% ;ism
6
5
20% Jan Wenden Copper Mining-1
234
Feb
69
West End Consolidated-5 12c
Apr West End Extension
52
1
6C
8834 Apr
22% Jan
Bonds137
Jan
55
Apr Alabama Power 5s____1956 100%
65
13% Feb
1951
60)I Jan
Allied Pack deb 8s....1939 49
6254 Jan
Debenture 6s
1939
14534 Apr Aluminum Co s f deb 5s'52 100%
80 100
550 97c
6% 654
8c
6c
850 850
75% 78
8e
8c
pH 234
3%
3
200 22c
2
2
38c 450
3
334
Sc
70
610 63c
30
2c
60
6c
151 1%
3c
30
120 12c
40
5c
1311 13%
2055 2035
740 75c
134
1%
14c 17c
135 1%
22% 2235
187 189
7434 76
755 834
20% 2235
1% 2
430 600
10o 100
2111 254
180 20c
200 200
40
Sc
5
534
334 331
20
20
250 25c
6% 7
1',,
215 234
100 100
2334 25
5% 6
234 231
80 130
60
7c
99;4
10555
49
49
100
13o ,an 10c Mar
17,000
111 Mar
Jan
3,400 51e
6% Apr
6% Apr
100
8c Apr
3c Mar
12,000
Jan 85c Apr
600 65c
Apr
825 67;5 Feb 78
2,000
80 Apr
80 Apr
135 Mar
11,100
2111,1 Apr
255 Feb
6,600
3% Mar
Jan 30e
21,000
Feb
7o
Jan
2
Apr
1,400
2"" Feb
2,000 35c Mar 45c
2% Mar
1,500
534 Jan
18,000 .40 Apr
70 Feb
3,500 600 Apr 78a
Jan
6,00
40
Jan
20
Jan
4,00
5o
70
Jan
Jan
4,60
154 Feb
2
Mar
5,00
Feb
30
Jan
8c
Mar
1,000
Sc
Feb
23,00
30 Mar
oe
1,80
12% Feb
20
2034 Jan
50
73o Apr
300
131 Apr
12o Apr
13,00
Jan
1% Mar
3,50
40
22
Mar
260 18154 Mar 12
Mar
9
291127525
3
:
:
41: M
AAFFjjjaDna e p:
1,800 67% Jan 81
103i Apr
1,300
Feb
735 Ma
11,800 19% Jan 23
41 Mar
Jan
1% Mar
400
32,800 400 Mar 600
1,000
9c
Jan
br
FAepb
900
F
2
14 Jan 15
Feb
3,000 160 Jan
JJanan
ear
b
10 193
96 M
Feb 206
2,000
40 Apr
200
455 Ma
300
3% Mar
J
Jan
an
9,000
6
4
0030
H j
20 Feb
Feb
1,000 160
3
Jan 270
6,900
555 Jan
300
1% Fe
AjaJan
3,100
2
Apr
aneebb
FF
Jan
1,000
4:
23780
70
Jan 10
5,500 22% Jan
1,000
554 Apr
6,200
234 Mar
15,000
5o Apr 150 Mar
Apr
To
37,000
30 Jan
10031 83,000 98,1
10534
1,000 104
49% 35.000 47
49
9.000 43
10031 98.000 100
N
Mar 100,1 Apr
Feb 10551 Apr
JOJI
Mar 76
Jan
Mar 66
Feb 10054 Mar
APR. 231927.]
Bonds- (Concluded)
THE CHRONICLE
Friday
Last Week's Range Saks
Sale
of Prices.
for
Price. Low. High Week.
2014 10574
Amer 0 & El 65
American Power & Light66. without warr---2016 10331
Amer Roll Mill 65--1938 10431
Amer Seating 65
1936 10431
American Thread 68_1928 10130
Anaconda Cop MID 68.1929 10234
Andlan National Corp
60 without warrants 1940
Appalachian El Pr 55_1956 97
Arkansas Pr & Lt 5s-1956 9631
Assoo'd Sim Hardw 6%5'33 9134
Atlantic Fruit 88
1949 1934
Batavian Petr deb 4340 '42 9331
Beacon 0116s. with warr'36 101
Beaverboard Co 85_ _1933
Beaverboard Prod 73481942
Bell Tel of Canada 55.1955 10234
Berlin City Elea 6313-1951 9754
Berlln Electric 6%a_ _ _1928 10034
1929 10031
63461
Berlin Elsa Elev 6340_1956 9734
Boston & Maine RR 68 '33 10274
Brunner Tur & En 7305'55 84
Buffalo Gen Elec 5s_ _1956
Burmeister & Wain Co ot
Copenhagen 15-yr 138_'40
Canadian Nat Rya 75.1935
Carolina Pr & Lt 58..19513 10134
Cent Hud Gas St El 55_1957
Chic Milw & St P (new co)
50-year 56 w I
9431
Cony ad) w I
59
Chic & N W Ry 4 30..2027 9834
Chic Rys 55 ctf dep. 1927
1947 95
Chile Copper 58
Cities Service 55
1956 9131
Cities Service 65
1966 10134
Cities Service 78,ser D 1966
Cleve Elec ilium 55. B 1961
Cleve Term Bldg 65-1941 99
Columbia Gas & Si 54_1928
Commander-Larsbee 65 '41 Commonwealth Ed 4348'57
Consol Publiehers 6515'36 -----Consol Textile 85
1941 9634
Cont'l Gas & El 0300 A '64 __Cuba Co 6% notes--1929 --Cudahy Pack deb 53401937 9634
194g
55
Detroit City Gas 68-1947
56, series B
1950 10034
E Term Off Bldg 6%9_1943
EitIngon-Schild 6e._ _1938 98
Elsa Pub Service 534s-1942 95
Elea Refrigeration 6e.1938 8630
Fairbl.s. Morse & Co 55'42 9731
Federal Sugar 136
1933 8954
Finn Bohemian Glass Wks
let Ts with stk pur war'57 96
Fisk Rubber 5308
-1931 98
Florida Power & Lt 56.1954 9434
Ger (Robert) Co 75_1937 10731
lot mtge 5345
1942 9750
Galena-Signal 011 75.A930
Gatineau Power 50._ _1956 973.4
6s
1941 10174
Gen Amer Invest 5s._ _1952 106
Genl Motor Accept 613_1937 1003.4
General Petroleum 138_1928
Georgia & Fla RR 6s_ _1946 9731
Georgia Power ref 59_.1967 9731
Goodyear T & R 56_ _1928 9834
Goodyear T&R Cal 534531 97
Grand Trunk Ry 6746_1936 10834
Great COW Elm 6348.1950 9174
Gulf 011 of Pa 55
1937 10035
55
1947 100
Serial 5345
1928
Gulf States Utile 55_ _-1956 9634
Hamburg Elee Co 7o..1935 10134
Hood Rubb 5305.0et 15'36 9354
78
1936 10154
Indep Oil& Gas deb 651939 99
63011
1931 103
Indiana Limestone 65_1941 9851
Indian'p's P & L 58 ser A'57 9754
65
1936
Int Pow Sec 78 ser E_ _1957 9634
Int Rye Cent Am 630.1947 92
Interstate Nat Gas 65_1936
Without warrants
Interstate Power 58_ _.1957
Interstate Pub Serv Is D'56
Jeddo-Highland Coal 60 '41
Kayser(Julius)&Co5%6'47 9634
Keystone Telep 5348..1955 9334
Krupp (Fried) Ltd 7s 1929
Laclede Gas Light 63.4s '35 10034
Lehigh Pow Secur 6e..2026 9934
Leonard 'riots Inc 754s '46
With eth put warrants_ 12031
Without stk our warrants 102
Libby, McN & Libby 7831 104
Liggett Winchester 75_1942
Lombard Elsa Co 7e...1952 9735
Long laid Ltg Co 6s_ _1945 10334
Manitoba Power 5348-1951 9941
Mansfield Min & Smelting
(Germany)78 with war'41
Without warrants_ _ _
9934
Mass Gas Cos 535e_ _ _1946 1037.4
McCrory Stored 5 W3_1941 9874
miag Mill Mach 76....1956
Without stk our warrants 9474
Midwest Gas 78, A..1936 97
Milwaukee G L 4306..1967 95
Missouri Pacific 55_ _ _1927 100
MontecatInl (Italy) 76.1937 10534
Montgomery Ward 56_1946
Montreal L H & P 50 A '51
Morris & Co 7hs___ _1930 9934
Narragansett Co col 58 1957 9934
Nat Diet Prod 835 _ _1945 9834
Nat Pow & Lt 6s A__ _2029 102
Nat Pub Serv 6hs_ _ _ _1955 10134
Nevada Cons 55
1911 9974
N y Trap Rock 15t68.1946
Niagara Falls Pr 6s_ _ _1950 105
Nichols & Shepard Co 6937
With stock purch warr'te 105
Nor Ind Pub Serv 5s..1066
Nor States Pow 6 hs-1933 114
eh% gold notes __1933 10354
North Amer Edis 59 A-1957 9734
Ohio Power 53 ser B-_1952
it Hsseries D
1956 9174
Ohio River Edison 50_1951 9931
Okla Natural Gas 66-1941 104
Park & Tilford 68._ --1931 9534
Pa Ohio & Bet RR 4306'77
Range Sirs'is Jan. I.
Low.
High.
10334 10534 167,000 10134 Jan 10534 Apr
10334
10434
10434
10134
10234
189,000
61,000
106,000
1,000
31,000
Mar 10354
100
103
Jan 104%
10154 Jan 10530
10134 Jan 102
10151 Jan 10234
Apr
Mar
Feb
Jan
Feb
10334 10334
9630 9734
9634
96
90
9134
1834 1931
9350 94
10034101
5,000
366,000
176,000
20,000
27,000
304,000
25,000
7,000
7,000
27.000
150,000
1,000
7,000
114,000
5,000
12,000
5,000
101
95
9430
93
18
9334
100%
96
10734
101
97
100%
100
9631
100%
84
10231
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Mar
Mar
Jan
Mar
Jan
Jan
10231
10330
10334
10131
10231
Jan
Feb
Feb
Feb
Apr
Apr
Apr
Mar
Apr
Feb
Apr
Jan
Jan
Jan
Jan
Mar
Mar
104
9731
97
97%
20
9631
10334
99
109
102%
9930
101
101
99%
103
9234
10330
10
96
751
102
9734
10031
100 34
97
10234
84
103
10
96
871
10250
9774
10034
10034
9774
10234
8534
103
9631
11130
10134
102%
Jan 97% Apr
9631 17,000 94
11134 4,000 111
Feb 111% Mar
101% 61,000 100
Jan 101% Apr
10251 5,00 10135 Jan 10231 Apr
93% 9430 344,000
5834 5931 2267000
98
9831 293,000
80% 8030 2,00
94% 95% 320,000
91% 9131 85,000
101 10134 151,000
12231 12230 64,00
104 104
5,000
99
99
6,000
10034 100%
1,000
9630 97% 15,000
9530 9531 2,000
9930 995( 12,000
96% 97
20,000
10330 103% 5,000
97
97
1,000
9631 973( 36,000
9930 9934 9,000
107 10734 15,000
100% 101
68,000
100 101% 2,000
98
98
2,000
95
95
4,000
8434 86% 55,000
9734 9750 16,000
88% 89% 2,000
92%
6431
95
74
94%
91%
98%
120%
10330
9851
100%
9534
9535
9714
89%
10230
96%
94%
9734
10654
99%
99
97
95
83
9731
85
Mar
Mar
Ma
May
Feb
Ma
Jan
Ma
Jan
Ma
Jan
Jo
AP
Feb
Jan
Apr
Jan
Jan
Jan
96
9635 20.000
9731 98
60,000
94 ' 9430 168,000
10731 107% 31.000
9734 9734 12,000
9134 12,000
91
9730 9730 45,000
100 10131 76,000
10540 109% 183.000
100% 100% 323,000
100% 101% 52,00
97% 98
16,00
97
9731 54,00
9874 99
40,000
97
9731 42,000
10831 10831 5,000
9134 94 355.000
100 10071 20,000
9954 100% 232,000
100% 100% 4,000
95% 96% 43.000
100% 101% 18,000
93
93% 29.000
10130 102
9,000
99
99 127,000
103 103% 16,000
9834 9831 37,000
97% 9731 131,000
104 104
9.000
9631 96% 7,000
92
9274 24,000
96
97%
92%
10434
9734
90
94%
9831
100
101)
100%
9734
97
9754
95
108%
91%
100
99%
100
9431
10030
93
101
99
101%
97%
9731
10031
9631
92
Mar
Jan
Mar
Apr
Mar
Mar
Jan
95
59%
98%
8050
96%
9134
103%
13331
105
100
10034
98
95%
99%
97%
103%
98
98
100%
10734
101
10131
98%
95
9714
97)4
9331
Apr
Apr
Apr
Apr
Jan
Feb
Feb
Feb
Feb
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Mar
Apr
Apr
Apr
Apr
Jan
Mar
Feb
Apr
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Apr
Feb
Apr
Jan
Jan
Mar
Apr
Apr
Ma
Jan
Fe
Mar
Jan
AP
Feb
97%
9834
94%
108%
97%
93
9751
10131
10931
10055
10154
98
98
99
97%
109
97
100%
100%
101%
9634
103
94
104
99
10431
993(
9831
104%
9631
9230
Mar
Mar
Jan
Mar
Mar
Feb
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Mar
Jan
Feb
Apr
Jan
Apr
Feb
Feb
Apr
Feb
Mar
Feb
Jan
Jan
Jan
Apr
Mar
Jan
102 10235 20.000 10051 Jan
9731 9730
1,000 97% Feb
95% 9531 8,000 9530 Apr
102 10230 6,000 10131 Mar
9634 97 111,000 9630 Mar
93
94
28.000 90
Mar
102% 10231 16,000 99% Jan
10030 10031 13,000 10034 Feb
99% 10030 181.000 95% Jan
114%
10034
104
10731
96%
10334
9931
120%
102%
10430
108
97%
104
9931
85,000
78,000
17,000
6,000
201,000
19,000
25.000
108
9931
103%
10731
94%
102%
98
Mar
Apr
Jan
Apr
Feb
Jan
Jan
111% 11231 19,000
99 100% 74,000
103% 104
19,000
98
983( 64,000
10334 106
19,000
9435 9531 13,000
9634 97
10,000
9431 9530 10,000
100 100
7,000
102% 10534 949,000
9830 9851 24,000
100 100
19,000
98% 100
97,000
99% 993( 72,000
983( 98% 17,000
10131 102
34,000
101% 101% 83.000
96 100
71,000
12,000
9734 98
1,000
105 105
104
98%
103%
98
97%
93
9531
9331
100
97
97%
99%
98%
98%
9831
98)0
97%
95
9731
10434
Jan
Apr
Feb
Jan
Jan
Jan
Mar
Apr
Apr
Feb
Jan
Jan
Apr
Mar
Apr
Feb
Jan
Feb
Mar
Feb
10734 257,000 98
9731 2,000 97%
11431 202,000 110
10331 11,000 10234
9730 242,000 9731
9930 15,000 9734
9134 53,000 8931
9934 22,000 97
10474 57,000 99
8,000 95%
96
9754 87,000 95
Feb
Apr
Apr
Mar
Mar
Feb
Feb
Jan
Jan
Mar
Mar
10134
9731
11231
10334
9731
9930
9134
9930
10334
9530
0734
2417
Friday
Bonds (Conauded)Penn-Ohio Edison 65._1950
Without warrants
Penn Pow & Light tis__1952
56 series D
1953
Phila Electric 65
1941
5305
1953
Phila Elec Pow 5305-1972
Phila Rap Transit 6s.1962
Porto Rican Am 'rob 60'42
Potomac Edison 58._.1956
Pub Serv Corp NJ 5hs'56
Pub Serv Elsa & 058,1965
Pure 011 00 6748
1933
Queensboro G & El 5308'52
Rem Arms 534% notes '30
Richfield 011 of Calif 681941
Sauda Falls Co 5s.._..1965
Schulte RE Co 68_ _ _ _1935
(3s without corn stock1935
Scab All Fla Ry Os B 1935
Servel Corporation 66_1931
Shawsheen Mills 710....1931
Shell Union Oil 58_ _ _.1947
Siemans & Halske 76_1935
Slemans & Halske SS
650 with warrants_1951
Skelly 011 5768
1939
Slose-Sheff S & I 68.._1929
Solvay-Amer Invest 58 1942
Southeast P & L 6s...2025
Without warrants
Sou Calif Edison Fis__ -1951
New
5s
1944
Southern Gas Coo /58.1935
Southwestern G 66E 551957
Soutihwest'n P & L 66_2022
Stand Invest56 with war'37
Stand Oil of NY 6345_1933
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr
78 1948 with warrants_Stutz Motor 734s
1937
Sun Maid Raisin 6345 1942
Sun 011535e
1939
Swift & Co 1301 Oct 161932
Texas & Pao Ry 55 B._1977
Texas Power & Light 58'56
Thyssen (Aug) I & 8781930
Trans-Cont'l 011 78 .1936
Tyrol Hydro-Elec 7s.1952
Ulen & Co 6346
1936
United El Serv (Unes)71e56
Without warrants
United Industrial 6345.1941
United 00 Pro 18s..... _1931
Unit Rys(Havana:17%8'36
US Rubb 635% notes 1928
Serial 634% notes_.1929
Serial 634% notes._1930
Serial 634% note5_1931
Serial 634% notes...1932
Serial 634% notee_ _1933
Serial 634% notes- _1934
Serial 634% notes_ _1935
Serial 631% notes..1936
Serial 63i8 notes .1937
Serial 6 yi% notes_ _1938
Serial 634% notes_.1939
Serial 634% notes .1940
US Smelt & Ref 530.1935
U &Steel Works A 63051951
With ink Our warr ser A.
Without slit perch warr_
Series C
Van Camp Packing 86_1941
Warner Bros Plc 6%6_1928
Webster Mills 6h _ _ _1933
Western Power 634s..1967
Westvaco Chlorine 5348'37
White Eagle Oil&R 535s'57
White Sew Mach 68..1936
With warrants
Wise Cent Ry 55
1930
IAN
Week's Range Saks
Sale
ofPrices.
for
Price. Low. High Week.
9854
10434
9831
963.4
103
102
10376
9530
9956
70
9935
993.4
10534
9835
124 125
6,000
98% 98% 55,000
100% 10051
1,000
10031 10131 12,000
107% 107%
1,000
106% 10651
1,000
10430 10430 70,000
102% 102% 13,000
98% 9931 62,000
9634 96% 13,000
102% 103
59,000
10150 102% 237,000
10331 10330 34.000
10036 100% 43,000
9734 9734 46.000
9434 9530 38,000
9930 100
16,000
94% 95% 26,000
8735 877-4 19,000
98% 9830
1,000
6651 75 134,000
98
99% 30,000
99% 9934 114,000
103 103% 9.000
Range Stun Jas. 1.
Low.
11534
9534
99
99%
10731
106%
10231
995(
9854
95
993(
9954
103
10054
9734
9154
975l
9234
85
9734
88
9434
99%
101%
High.
Jan 125
Jan 9854
Jan 101
Jan 1015(
Jan 108
Jan 106%
Feb 10434
Jan 102%
Feb 100
Mar .97
Mar 103%
Mar 10231
Jan 10331
Apr 10054
Apr 9754
Apr 9934
Jan 10054
Mar 9631
Ma
8714
Apr 98%
Apr 89
Ma 101%
Apr 9934
Jan 103%
Apr
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Mar
Jan
Apr
Apr
Feb
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Feb
Feb
Apr
Apr
10554 10554 224,000
98
Jan 10614 Feb
9844 083.4 33,000 9854 Ma
9854 Mat
1,000 10131 Jan 1025( Jan
1023.4 10234
9874 9831 99 158,000 985( Mar
9934 Jan
10054 100
9931 9934
9934
10134
1023-4
96
96
10134
10334 10134
10454
105
168,000
141.000
30.000
9,000
16,000
5,000
8,000
70,000
24,000
9634
975(
98
101
10131
96
9931
100
10454
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Mar
10014
100
10054
10254
103%
102
102%
10330
105%
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Apr
Feb
10054 10054 10034 295,000
10034 10034 10034 226,000
1,000
9331 9331 9334
73.000
97
9651 96
100
0074 10034 22,000
100 10030 84,000
100
10030 10030 187,000
9630 9634 25,000
10174 10231 224,000
9834 99
99
79,000
9734 973.4 5.000
18,000
9934 100
10354 102 10334 138.000
933f 93
9354 48,000
9654 9734 51,000
85
85
3,000
110. 110
5,000
10154 1015.4 4,000
10254 10234
1,000
102 10254 5,000
10231 10230 6.000
10251 10335 11.00
10331 103 10330 22,00
103 103
1,000
10231 10354 13,000
103
103 103
6.000
103 103
1,000
103 103
6,000
10334 103 1033.4 15,000
104 104
3,000
103 103% 28,000
103
9914
9954
88
96
9950
99
9934
9540
10171
9734
9730
9931
93
92%
95%
6031
10931
101%
101%
102
102
102
102
102
10231
10251
102%
102
10234
10234
10151
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Fe
Apr
Jan
Apr
Jan
Jan
Apr
Apr
Jan
Mar
Apr
Mar
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
10034
101
100
98%
10034
10034
10034
975-4
10334
9914
9735
100
10334
94
99
8914
112
102
103
103
103
10334
10330
103
10330
103
103
103
104
10430
104
Apr
Mar
Feb
Feb
Jan
Mar
Apr
Jan
Jan
Feb
Apr
Jan
Apr
Apr
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Apr
Apr
Apr
Apr
Jan
Feb
Jan
Mar
Mar
Apr
10431 10431 105 1t8,000 10254
9931 9831 9974 18,000 9551
10431 10431 10534 19,000 10234
918734m8734 2,000 85
104 10634 240,000 9831
104
9434 9234 95 112,000 9130
14.000 9731
9754 973.4 98
100 10034 35,000 98%
100
100 100
100
10,000 100
Jan
Jan
Jan
Mar
Mar
Apr
Mar
Mar
Mar
11076
1005(
110
8831
111%
93
99
1005(
100
Jan
Jan
Jan
Feb
Feb
Jam
Jan
Apr
Mar
9831
98
10050
100
100
10134
10334
96
102
10330
105
9830 9930 35,000
9731 98% 51,000
9734 Apr
9731 Apr
99% Mar
99
Jan
Foreign Government
and Municipalities
Agricul Mtg Bk Rep of Col
20-year sink fd 76.- _1946 9634 06% 9730 $35,003 9534 Mar 97)( Mar
20-year 78-Jan 15 1947 97
96% 9730 89,000 9630 Apr 9714 Mar
Antionula (Dept of) Co
102% Feb
75 aeries C
1945 96
9554 9634 69,000 95% Apr 97
Apr
9734 Feb Austria (Prey of Lower)
9531 Apr
7348
100 10034 28,000 98% Jan 101
1950
Mar
103
Jan Baden (Germany)79-1951 10034 1003.4 100% 40,000 99
Jan 1023( Jan
97
Feb Bank of Prussia Land94
owners Assn 6% notes'30
Apr
9976 9954 5,000 9931 Mar 995( Mar
1023( Jan Brisbane (City) 58_ _ __1957 963-4 96
963.4 42,000 96
Mar 9834 Mar
101% Jan Buenos Aire44Prov)7358 '47 100
9934 10034 47,000 9754 Jan 10054 Apr
10034 Apr
75
1936 9834 9834 9831 10,000 9634 Jan 98)( Mar
713
1952 9654 9034 9654 11,000 9414 Feb 975( Feb
120% Apr
75
1957 9430 9430 95 105,000 9430 Apr 97
Apr
102% Apr Costa Rica (Rep) 70-.1951
9631 96
Feb 9634 Apr
9654 180,000 95
10430 Mar Danish Cons Muni°5308'55 9934
9934 9931 22,000 9734 Jan 100
Mar
109
Jan Denmark (King'm)5355'55 10031 10034 10031 62,000 9984)Jan
10134 Feb
99% Mar German Cons Muni° 79 '47 10130 10134
10134 55,000 9914 Jan 102
Jan
10434 Feb Hamburg (State) Ger tla'46
9854 98% 9934 49,000 9514 Jan 9954 Apr
10074 Jan Hungarian Land Mtge Inst
7308 series A
1961
100 10034 12,000 9854 Jan 101
Mar
11234 Apr Indus Mtge Bk of Finland
10130 Jan
let mtge coll e f 75_1944 10034 10034 10034 26,000 9934 Jan 1015( Jan
104% Jan Medellin (Colombia) 85 '48 1043,4 104
10454 6,000 103
Mar
Jan 105
9851 Jan
75
1951
29,000 933( Jan 96
Feb
109% Feb Mendoza (Prov) Argentina 9351 9334 94
98
Jan
734s
1951 9730 9654 973-4 67.000 9654 Mar 993.4 Jan
100
Jan Montevideo (City) 634s '59 9331 9331 9330 47,000 9231 Feb 94% Feb
95% Apr Mtge Bank of Bogota 78'47
9531 9534 10,000 9530 Apr 95% Apr
10031 Jan Mtge Bk of Chile 6%9.1961 9631
105% . Apr New So Wales(State)55'57 9630 9631 9634 48,000 96% Mar 9944 Feb
9631
9635 150,000 96% Mar 9634 Feb
9930 Mar
External s f 58
1958 9631 9634 9631 52.000 9631 Apr 9651 Apr
100
Apr Peru 75
1959
10431 Mar Prussia (Free State)6345'51 9634 9634 97 135.000 96% Apr 97% Mar
10030 Apr Rio Grande Do Sul (State) 9934 com 9931 77,000 98% Jan 10030 Feb
100
Jan
Brasil ext 711
1966 97
Mar 985( Jun
97
9731 33,000 97
102
Apr Russian Goyt6%8
1919 1234 1274 1274 8,000 1234 Apr 15
Jan
102
Mar
630% etre
1919 1234 1274 1230 42,000 12
Apr 15
Jan
10234 Jan
55-48
1921
Apr
12%
15
1,000
1231
Jan
1234
9851 Feb
534s Ws
1921
1231 1236 19,000 12% Apr 153( Jan
107
Jan Saxon State Mtge Inv 75'45 1254
10031 9941 10034 27,000 993( [Apr 102% Feb
6305
1946
Jan
9731 9831 34,000 97% Jan 100
10734 Apr Serbs Croats & Slovenes
9731 Apr
(King)ext sec 76 ser B'62 9274 924 9254 67,000 9230 Apr 9254 Apr
114% Feb Switzerland
Govt133051929
10154 10134 14,000 101% Jan 101% Mar
10331 Mar
9814 Jan
• No par value. k Correction.
on the Stock Exchange this week, where
Listed
9931 Mar
92
Apr additional transactions will be found. tn:Sold under the rule. n Sold for cash.
o
New
100
Stock.
r Ex 33 1-3% stock dividend said at 14834 on Jan. 3 1927 with stock
Apr
1043( Apr dividends on. a Option sale. 1 Ex rights and bonus. u Hg special dividend
of
9730 Feb 83% and
regular
dividend of 2%. pEg cash and stook dividends. so When issued.
• 9730 Apr
x Ex dividend. a Ex-rights. s Ex-stook dividend.
ltunstuunt mit
2418
js •
,
:
,L
.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of April. The table covers 12 roads and shows 2.35%
increase from the same week last year.
1927.
Second Week of April.
Increase. Decrease.
1926.
$
341.392
325.545
Buffalo Rochester &Pittsburgh..
4,952.042 4.605.729
Canadian National
3,286.000 3,137.000
Canadian 'Pacific
103.959
93.695
Duluth South Shore & Atlantic_
30.700
31.100
Georgia & Florida
7,024
5.320
Mineral Range
307,896
288,982
Minneapolis & St. Louis
375.283
368.674
Mobile & Ohio
611.243
727,249
Texas & Pacific
435.696
422,600
St. Louis Southwestern
3,827.268 4,043.085
Southern Railway System
398,170
408.074
Western Maryland
10,264
400
116.006
1,704
18,914
6,607
13.096
215,817
9.904
621,622
339.373
14,736,549 14,397,177
Fr Total (12 roads)
Net increase (2.35%)
15,846
346,312
149,000
282,242
In the table which follows we also complete our summary
of the earnings for the first week of April.
1927.
First Week of April.
Increase. Decrease.
1926.
2
161.062
Previously reported (10 roads)_ _ 9.893.349 10.054.411
4,888,957 4,708.604
Canadian National
5.510
5.291
Nevada California & Oregon__
398,170
416.837
Western Mar,land
180.353
15,204,434 15,166,695
199.020
37,739
Total (13 roads)
et increase (I%)
219
18.667
161,281
In the following we show the weekly earnings for a number
of weeks past:
Week.
Current
Year.
let week Jan. /11 roads __-_
2d week Jan. 13 roads ---3d week Jan. 13 roads _--4th week Jan. 13 roads ---lit week Feb. 13 roads ____
2d week Feb. (13 roads _--3d week Feb. (13 roads ---_
4th week Feb. (13 roads _-let week Mar. 13 roads ---2d week Mar. 13 roado__-_
3d week Mar. 13 roads).4th week Mar. 13 roads)---1st week April 13 roads)___
2d week April 12 roads)._-
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
15.204.434
14.736.549
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
15,166.695
14.397,177
165.498
294,828
124,534
532.244
+49.577
+194.932
+4,418
-109.438
+687,700
+671.918
+216,956
-173.528
+37,739
+339,373
%
1.28
2.14
0.87
2.77
0.35
1.33
0.03
0.74
4.81
4.55
1.45
0.78
1.00
2.35
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.
Mouth
1926.
1925.
Increaseor
Decrease.
1926.
1925.
Increase or
Decrease.
$
-38.008
Feb 459,227,810 454,198.054 +5,029,255 99.480,650 99,518.658 +24,561.652
March 528,904,183 485,236,559 +43,668.624 133.642,754 109,081.102 +11.764.296
102.920,855
114,685,151
April _ 498,448,309 472,629.820 +25.818,489
May _ 516,467,480 487,952.182 +28.515.298 128.581.566 112.904,074 +15,677.492
June _ 638.758.797 606.124,762 +32.634.036 149.492,478 130.920,896 +18.571,582
July.._ 565,471.276 121,596,191 +33,875,085 161.070,612 139,644,601 +21,435,011
Aug.... 577,791.746 553,933,904 +23.867.842 179.416.017 166.426.264 +12,989,753
+14,996.918
Sept... 688,942,933 664,768,924 +24,192,009 101.933.148 176.936,230
+13.361,419
Oct __ 604,052,017 586.008,438 +18,043,581 193,990.813 180.629.394
+10.065,218
148,132,228
158,197.446
+28,738,430
531.199.465
569,935,895
Nov__
-15,267,349
134,504,698
119.237.349
Dec_ _ 525,411.572 622,467,600 +2.043,972
1926.
1927.
1926.
1927.
Jan .._ 485,961,345 479,841,904 +6,119.441 99.428,246 102,281,496 -2.853,250
Nom.-Percentage of increase or decrease in net for above months has been
0.93% Ins.; Feb., 0.04% des.; Marsh. 22.50% Inc.; Apr11. 11.43% ins.;
Aug., 7.86% Ins.; Sept.,
13.89% Inc.; June, 14.18% Inc.; July, 15.35%
1926-Jan..
May,
ine.•'11.36% inc.; 1927-Jan.,
4.48% Inc.; Oct., 7.35% ins.; Nov., 6.79% Inc.; Dec.,
2.79% dec.
miles In 1926, against 236,599
In January the length of road covered was 236,944
236,529 miles; In March, 336,774
miles in 1925; In February, 236,839 miles, against
miles; In May,
miles, against 236,500 miles; In April, 236.518 mild', against 236,526
against 236,243
236,833 miles, against 236.858 miles: In June, 236.510 sallee,
In August. 238,759 miles, against
n July, 236.885 mllee. against 235.348 Mlles; against
235,977 miles; In October,
236.092 miles; In September, 236,779 miles,
miles, against 236,369
286,654 miles. against 238.898 miles; In November, 237.335
In January 1927, 237,846
miles.
237.373
against
miles,
'236,982
December,
In
miles;
1926.
In
milts. against 236.805 miles
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from RaUway--Net from Railway- -Net after Taxes
1926.
1927.
1926.
1927.
1926.
1927.
$
•
Duluth Winnipeg & Pacific36.642
45,539
46,815
57,292
211.977
234.788
March
87,713
137,256
117,298
171,010
600.014
From Jan 1_ 674.814
Kansas City Southern544,892
506,096
670,282
631,925
1,835.267 1.864,899
March
1,471,317
From Jan 1.. 5.117,506 5,274,555 1,702,316 1,847,215 1.325,767
Minn St Paul & S S M System245,168 a-337.740 a-346.531
268,544
3,487.699 3,515.085
March
568.985 1,265,275 1,090,664
551,340
From Jan 1.. 9.905.443 10,051,495
Minn St P & 88 M288.049 a-216.945 a-249,028
333.884
1,938,334 1.964.269
March
847.978 a-754.003 a-731,275
877.740
From Jan 1.. 5.577.001 5,704,570
Wisconsin Central85.093 a-120.795 a-97,503
76.609
1.551.365 1.550.816
March
119,808 a-511,275 a-359,389
109,381
From Jan 1_ 4,328,443 4,346,924
Monongahela Connecting114,744
52.647
47.191
64,324
195,879
195,775
March
129,748
42,258
145,443
143,120
619,755
From Jan 1.. 539,657
ilirknut Intelligent*.
-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
2
$
$
$
161.773
256.587
Mar 3,263,711 3.185,310
Boston Elevated
133,727
140.882
354,848
Central Illinois Power._Mar 372.330
470.984
476.200
3 mos ending Mar 31--- 1.176,896 1,112.989
*1.912,378
*2.061.591
4,024.755
4.378,380
Corp
Mar
Pr
h
Commonv.ealt
3 mos ending Mar 31____13,511,033 12,503.251 *6,510,142 *6,071,837
90,322
96.262
283,360
Community Pr & Lt--- _Mar 289,419
12 rims ending Mar 31__ 4,122,816 3,665.687 1.579.689 1.415.350
972.981
1,075.432
1.937.580
Max 2,169.084
Consumers Pow Co
12 mos ending Mar 31_24,732.676 21,563.584 11,972.346 10,138,307
83.192
78.618
235.164
Mar 235.821
Illinois Power Co
266.021
266.736
736,194
3 mos ending Mar 31-- 749.969
295,093
302,511
Mar 1,040,470 1,026,378
Northern Ohio Power
12 mos ending Mar 31--12,049.066 11,761.111 3,158,210 3,178.706
64.023
64,106
155.846
Mar 165.144
Ohio Edison
233,981
241,632
492,202
3 mos ending Mar 31--- 520.903
104,846
107,244
245,084
Mar 258.202
Sou Ind Gas & Elec
330.980
348.131
742,260
3 mos ending Mar 31__- 796,893
Mar 2,987.787 2,687.597 *1.157.528 *1.039,146
C Nat fr & Lt
12 mos ending Mar 31_ _ -34.460.252 30,682.085*13.853,538*11.831,473
475,752
494.064
970,403
Mar 1,026,561
Tennessee El Pr Co
12 mos end Mar 31 '27 11,998,918 11,781.458 5.570,663 5,162,277
* After taxes. e Earnings of subsidiary companies only.
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
Companies.
51,512
27.832
79,344
159,672
Mar '27
Bangor Hydro
45.355
27.209
72.564
148.448
'28
Electric
•
628,327
344,907
973.234
1,774,715
'27
31
Mar
12 mos ended
515.680
321,469
837,149
26 1,619,495
95,935
47,549
143.484
*1,022,530
'27
Mar
Bklyn City RR
119,708
47.588
167.296
'26 *999,044
862,561
423.192
9 mos end Mar 31 '27 *8,706,837 1,285.753
1,050,388
467.168
1,517.556
'26 *8,743.770
549,481
648,266
Mar '27 4.018.810 1,197.748
Brooklyn447,906
643.729
'26 3,773.026 1.091.635 5,875.346
•
Manhattan
4,686,588
10,521.934
34.732.911
'27
31
Mar
ended
mos
9
'26 33.295.344 9,944.649 5,848.398 4,096,251
304.387
110.343
758,492 *414.732
Feb'27
Carolina Pr & Lt
215,871
99,978
651.281 *315.849
'26
1.288.222 3.111,390
12 mos end Feb. 28 '27 8,378.289 *4,399,612 1.187.834 2,134,368
'26 7,107,632 *3,322.195
95,552
191.267
186,820
436,740
Mar'27
Central Maine Pr
100,860
185,863
186.724
408,295
'26
11.005,606 1,185,583
12 mos end- Mar 31 '27 5.239.031 2,191.819 11.057.912
1.099.369
'26 4,931,927 2,157,282
Commonwealth Pr Mar'27 4,378.380 2.061.591
1.912.378
'26 4.024,755
12.232,054 11.013.991
12 mos end Mar 31 '27 50.205.325 23.246,045 11.402,344
8,821,052
'26 45.604.968 20,223.396
236.842 2,422,335
Mar '27 2,751,388 2,659.177
Cities Service
1,839,152
249,980
2.089.132
2.165.641.
'26
Company
24.461,360
12 mos ended Mar 31 '27 28.106.804 27.077.167 2.615,807
'26 20.458,541 19.650,770 2,445.536 17,205,233
Mar '27 4.260,450 1.423.806 e411.612 1.012.194
Detroit
'26 3,999,026 1,347.249 e330.217 1,017,031
Edison
3,011,869
3 mos ended Mat 31 '27 12,775.321 4.223.490 1,211.621
'26 12,002,182 4,239,992 8992,907 3,247,084
121,072
239.870
Feb '27
Fort Worth
105,009
241,675
'26
Power & Light
n1,117,382
2,848.437
'27
12 mos ended Feb 28
n1,019,261
'26 2,835,625
206.687
335.902
542.589
Mar '27 1,095,746
Hudson &
193,493
336.210
529,703
'28 1,059.946
Manhattan
565,530
3 mos ended Mar 31 '27 3.182,843 1,572.287 1,006.757
1,007.102
518.171
1.525.273
'26 3,072.172
Mar '27 5.829.404 2.368.458 1,539.982 b828,476
Interboro
b695,493
1,571,311
2.266.804
'26 5.512.614
Rapid Transit
13,838.506 62,822,688
9 mos ended Mar 31 '27 46,793.096 16,661,194
'26 45,980,808 17,563.964 13,919,661 b3,644,303
380,402
108,173
488.576
971,822
Mar '27
Kansas City
350,837
106.568
457.405
914.073
'26
Power & Light
1,242.671 4,542,585
12 mos ended Mar 31 '27 11,075,435 5.785.256
'26 10,419,244 5,433.122 1,234,681 4,198,440
89,566
115.252
397.896 *197.741
Feb '27
Nevada-Calif El
89,286
108.101
373.375 *193.228
'26
& Sub Cos
26.381 1,481,741
12 mos ended Feb 28 '27 5.077.546 *2788728.1,5
'26 4,902,511 *2,595,322 1,281.167 1,369,102
58,746
299.639
Feb '27
Pacific Power
71,383
297.772
'26
& Light
n554,921
12 mos ended Feb 28 '27 3,747.052
n425,766
'26 3,610,128
k15.917
13.861
529.778
73.431
Mar '27
Philadelphia &
k15.927
12,233
328.160
69.463
'26
Western
45.708
3,457.134
Mar '27 14,489,838' 3,502.842
Philadelphia
78.533 3,204,849
'26 12,907.924 3,283.382
Rapid Transit
194,223
215.714
409.937
1,037.049
Mar '27
Portland Electric
188,779
210.876
399.655
984.612
'26
Power Co
2.508,558
2,124,288
4,632.846
11.943,438
'27
31
Mar
ended
mos
12
2,490,564
2,027,697
4,518.261
'26 11.168.752
104.559
409.438
Feb '27
Portland Gas
83,114
361.470
'26
& Coke
n499.869
12 mos ended Feb 28 '27 4,293,867
n484,750
4.071.659
'26
536.063
931,507
Mar '27 2.273,921 1.467.570
Southern Calif
504.747
688.345
'26 1.956,391 1.183,092
Edison
1,575,154 3,058,124
3 mos ended Mar 31 '27 6,984.483 4.633.278
2,191,208
1,497,637
3,688,845
6,062.921
'26
222,145
800,261
Feb '27
Texas Power
178.462
631.568
'26
& Light
1,915,196
12 mos ended Feb 28 '27 8.139.478
1,551.100
'26 6,961.414
279.696
314,523
34.827
520.464
Mar '27
Washington
233,162
276,376
43,214
470.962
'26
Water Power
870,550
102.988
973,538
3 mos ended Mar 31 '27 1.611.486
753,437
884,575
131,138
'26 1,493,679
Companies.
* Includes other Income.
Ii After rentals.
Before taxes.
IC Includes taxes.
1 Includes guaranteed dividends on stock of subsidiary companies.
n Includes preferred dividends.
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
a After interest.
on the last Saturday of each month. This index will not
Net
Electric Railway and Other Public Utility
reports in the issue of the "Chronicle" in which it is
include
returns of
be found in the issue of
Earnings.-The following table gives thegross
and net published. The latest index will
ELECTRIC railway and other public utility
appear in that of April 30.
will
next
The
N.
March
week:
this
reported
earnings with charges and surplus
APR. 23 1927.3
111111 CHRONICLE
Atlantic Coast Line Railroad.
(93d Annual Report-Year Ended Dec. 31 1926.)
Extracts from the text of the report,signed by President
J. R. Kenly and Chairman H. Walters, will be found on
subsequent pages of this issue.
STATISTICS FOR CALENDAR YEARS.
1926.
1924.
1925.
1923.
Average miles operated_
4.890
4.931
4,866
4,861
Passengers carried
4,777.646
5.378,564
5,628.505
6,511,541
Pass. carried one mile_ _610,963,441 637,492,580 512,238.044 518,448,406
27,025,422 23.940,650 20,734.714 19.874,981
Freight carried (tons)
Tons carried one mile_4,751,444,366 4440360.680 3763630,965 3712154,470
Commodities Carried2,840.353
Agricultural
2,839.879
2,590.348
2,459.535
222.939
Animals
196,921
226.377
188,509
10,650,403
Mines
7,769,233
6,065,557
5,600,675
5,962,761
6,168.099
Forests
6,182,933
6,175,688
Manufactures
5,155,971
4,852.504
3,909,874
3,615,298
Miscellaneous
27,025,422 23.940,650 20,734,714 19,874.981
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
Operating Rerenues1925.
1924.
1923.
$68,001,687 $64,657,121 357,288,726 $56,580.484
Freight
21,257,077 22,042,718 17,755.927 17.995.083
Passengers
1,619,618
Mail
1,347.208
1,281,724
1,239.674
2,827.798
Express
2,835,344
3,026.193
2,658.978
Other transportation__ _ 1.039,075
864,232
780,548
763,584
2,341,262
Incidental & Joint facil
2,251,076
1.652,802
1,644,506
Railway oper. rev____$97,086,517
Operating ExpensesMaint. of way & struct_ _313.018,939
Maint. of equipment..- 18,518,916
1,878,173
Traffic
34,469.600
Transportation
834,480
Miscell. operations
2,049.718
General
68.056
Trans. for inv.-Cr
$93,997,698 $81,785,921 $80,882,310
$10,820,231 310,660.590 310,191,289
17.544,834 16,833,082 17,349,030
1,724,863
1,531.249
1,367.842
32,310,002 29,063,109 28,814.876
804,997
465,338
424.306
1,875,396
1,837,374
1,756.208
114,202
55,616
35,123
Operating expenses.._ -$70.701,770 364,966.121 360,335.126 $59,868.428
Net from railway oper__$26.384.747 $29,031,576 321,450.795 $21.013.882
6,725.000 6,600.000
5,625,000
Tax accruals
5,425.000
22,630
20,033
tincollectibles
59,234
42,457
Railway opex. income_$19,637,116 $22,411,543 $15,766,561 $15,546,425
Nan-operating IncomeHire of equipment
Cr14.415
388,498
338.859
302.935
Joint facility rent income
310.408
4,866,998
4,086,675
Dividend income
3,897.690 3,222,086
Income from unfunded
558,694
securities & accounts641.915
510,132
625.474
537,734
537,961
Income from fund. secs618.542
471,355
427,861
=seen. & other income352.741
373,193
340,586
approp'n___debz2.057,586
y1,371,724 xy685.862
Dividend
2419
GENERAL TRAFFIC STATISTICS FOR YEARS ENDED DECEMBER 31.
1926.
1925.
1924.
1923.
Aver. miles orerated
6,435.61
6,243.25
6,218.06
6,208.66
Tons freight carried_
61,893,432
58,207,077
55.615,045
60,519.065
Tons fr't card 1 mile 15,779,569,491 14,891.944,844 14,284.712.470 16,151.798.440
Tons all fr't car. 1 m_17,713,120,000 16,708,545,000 15,830,185.000 18.355,999,000
Revenue from freight $145,048,817 $137.168.131 $132,169,331 $142.721.857
Av. rev. p.100 p.m.
.919 eta.
.921 eta.
.925 eta.
.884 eta.
Rev, pass. carried._ _
34,110,874
34,490.871
36.339,704
37.784.981
Rev, pass. carr. 1 m_
954.302.180
966,349,756
970,793.310 1,019.620,594
Rev,from passengers $28.208,208
$28,138,056
$29.075,554
$31,319,478
Av. rev. p. pass.p.m_
2.956 Ms.
2.912 eta.
2.995 eta.
3.072 eta.
-V.124, p. 502.
Delaware & Hudson Company.
(97th Annual Report-Year Ended Dec. 31 1926.)
The remarks of President L. F. Loree, together with comparative income account and comparative balance sheet for
1926, will be found under "Reports and Documents" on
subsequent pages. Our usual comparative table of statistics, income account and balance sheet, were given in
V. 124, p. 2271.
Chicago & North Western Railway Co.
(67th Annual Report-Year Ended Dec. 31 1926.)
The remarks of President Fred W. Sargent, together with
comparative income account and balance sheet as of Dec. 31
1926, will be found under "Reports and Documents" on
subsequent pages.
GENERAL STATISTICS FOR CALENDAR YEARS.
1926.
1925.
1924.
1923.
Tons revenue freight......58,984,276
55,744.981
52.158,316
58,207,915
Tons freight per ton natle_8.687.781.924 8,286,548,010 8,290,312,710
9,248,615.383
Passengers carried
28,726,472
30,027.819
32.409,398
33.004.205
Passenger miles
1,017.895,260 1,052,380,735 1,097.745,118 1,122.116027
Revenue per ton per mile_
1.269 eta.
1.266 eta.
1.249 eta.
1.223 eta.
Rev. per pass. per mile_ _ _
2.613 cts.
2.544 cta.
2.630 eta.
2.708 cta
-V. 124, P. 2117.
Chicago St. Paul Minneapolis & Omaha Railway Co.
(45th Annual Report-Year Ended Dec. 31 1926.)
The remarks of President Fred W. Sargent, together with
a comparative income account and balance sheet and traffic
statistical tables for the year 1926, will be found under
"Reports and Documents" on subsequent pages.
Gross income
324,359,318 326,997,970 $20,783,199 $20,530.750
GENERAL STATISTICS FOR CALENDAR YEARS.
DeductRem,for leased roads..._
$50.076
$46,276
345,276
345,276
1926.
1925.
1924.
1923.
Hire of equipment
Dr2,015.237 Dr2,187.549 Dr500,193
9,887,181
Tons revenue freight__
10,229,947
10,567.741
10,511,198
Joint facility rents
424,071
378,304
390.119
374,639 Tons freight per ton mile_1,540,474.889 1,579.745,593 1,638.715,336 1,612.951,567
Miscellaneous rents_ _
282,657
281,150
226,292
240,520 Passengers carried
1,711.310
1,927,478
2,243.655
2,448,454
Int. on unfunded debt
43,313
24,672
16,362
17,306 Passenger miles
146,282,484 160,437,706
163.277,532 175.108,637
Int. on funded debt_ __ _ 5,997,542 6,031,281
6.031,282
6,042,286 Revenue per ton per mile_
1.256 eta.
1.239 eta.
1.222 eta.
1.245 eta.
Int. & dims. on equip.
3.376 ets.
Rev, per pass. per mile....
3.261 eta.
3.497 eta.
3.490 eta.
trust notes, &c
617,402
472,368
517.386
562,404 -V. 124. P. 1216.
Int. on 10-year notes
420,000
420,000
420.000
420,000
Miscellaneous
46.233
44,952
46,306
31,245
Wabash Railway Company.
Net for year
$14,462,287 317,111,418 312,589.983 312,797,073
Report-Year Ended Dec. 311926.)
Annual
(11th
Inc. appl. to s. f., &c.,fds
28,424
20,363
28,645
25,617
Income approp. for inv.
of
Pres.
remarks
J. E.Taussig, together with comparaThe
In physical prop
570,933
440.749
249,152
250,566
Transfereed to P.& L_$13,862,929 316.650.307 $12,312,186 312,520,890
Credit balance Jan. 1..
83,071,732 71.276,646 63,503,519 55,440,787
Miscellaneous credits
267,484
182,097
377.159
562.709
Total surplus
$97,202,146 388,109.250 376,192,864 368,524.385
Prof. dividends (5%)9,835
9.835
9,835
9,835
Common diva.(7%)- - - - c4,801,034 b4,801,034 a4.801,034
4,801,034
Surplus appropriated for
Physical property..
136,849
27,243
15,682
137,868
Loss on retired road and
equipment
25,374
69,702
47,788
16,162
Debt, disc. ex. through
surplus
156,002
Miscellaneous debits
26,641
129.704
41,679
55,967
Dal. credit Dec. 31_ _ -$92.046,410 383,071.732 371,276.846 363,503.519
Shs. corn. out. (par 31001
675,862
675,862
675,862
675,862
Earns, per sh. on corn...
$24.07
$19.34
$26.93
$19.04
x Extra div. of 1% paid from non-oper. income to common stockholders
July 10 1924. y Extra diva, on common stock of 1% July 10 1925 and 17.
Jan. 11 1926. z Extra div. of 1 YA % July 10 1926 and 1 Si% Jan.10 1927.
a See also "a." b See also."y.
c See also "z."
General Balance Sheet Dec. 31.
tive income account and compttrative balance sheet as of
Dec.31 1926, will be found under "Reports and Documents"
on subsequent pages. Our usual comparative income account and table of statistics were published in V.124, p.2269.
Chicago Rock Island & Pacific Railway Co.
(47th Annual Report-Year Ended Dec. 311926.)
The joint remarks of Pres. J. E. Gorman and Chairman
Charles Hayden, together with the comparative balance
sheet and income account, will be found under "Reports
and Documents" on subsequent pages. Our usual comparative tables were published in V. 124, p. 1500.
GENERAL STATISTICS FOR CALENDAR YEARS,
Rev. Freight Traffic- ;;;111926.
1925.
1924.
1923.
Average miles operated_
8.024
8.028
8.073
8.096
Tons carried
33,786,252 31.867.513 30,561.383 29.668.929
Revenue for tons carried 3102,203.024 395,923.398 395.186.730393,109,327
Av,rate per ton per mile
1.23 eta.
1.21 cts.
1.21 eta.
1926.
1925.
1.25 cts.
1926.
1925.
Avge.load in tons p. mile
Assets.478.69
457.08
$
Liabilities-.
444.59
$
412.76
$
$
Revenue Pass. Traffic- 'Po
Road & equip...260,174,445 241,242,724 Common stock- 67,586,200 67.586.200
No.of passengers carried 14,113,111 14,722.916 16.284.874 17.190.914
Impts. on leased
Class A Rich. &
pass.
carried..
Rev,
for
property
159,235
323,857,117 324,356.632 325.886.047 327.458.813
124,020
P. RR. stock_ 1,000.000
1.000.000 Avge.rate p.m. per pass.
Sinking funds
3.01 eta.
21.919
21.919 Preferred stock_
2.99 cts.
3.09 cts.
3.09 cta.
196,700
196,700
Deposit in lieu of
Prem.on cap.stk. 4,829,442
4.829,442 -v. 124, p. 1815.
mtged. prop
2,593
2.593 Equip. tr. oblig_ 11,912.700
7,553,000
misc.phys.prop. 1,402,149
1,415.053 Mortgage bonds.100,181.000 101.849,000
Cities Service'Co.;New York.
Inv.In affil. cos.:
Coil, trust bonds 41,000,000 41,000.000
Stock
58.384.432 58,314,516 Income bonds__
5,000
(17th Annual Report-Year Ended Dec. 31 1926.)
8.000
Bonds
4.688,106 Miscellaneous__ 4.579.930
4,668,106
4,579.930
Notes
2.897.816
3,301,652 Traffic, &c.. bal. 1.745.663
On subsequent pages will be found the remarks of President
2,078.249
Advances.... 4.750.108
2,784.588 Accts. & wages_ 6,274,186
6,767,956 Henry L. Doherty, in addition to the 16-year comparative
Other investrifts 7,398,854
7.438.017 Misc, accts. pay.
720,248
631,059
Cash
8,494,003 18,579,417 Interest matured
415,394
434.552 income account of Cities Service Co., the consolidated inCash for diva.,
Divs. matured__
5,850
5,850 come account, including all subsidiary companies, for 1926,
Interest, &c
1,417,474
1,122,001 Fund.clebt mard
13.000
3.000
Bonds to Secure
Unmatured diva. 3,429,310
3,086.379 and the consolidated balance sheet, including subsidiary
15,225
leases
15,225 Unmat. Int., &c. 1.498,861
1,435,344 companies, as of Dec. 31 1926.
6,773
Loans & bills rec
4,966 0th. eurr. nab's.
125,364
190.665
Traffic, &c., bal. 2,688,925
2,684,018 Deferred Ilabil's
128,201
GENERAL STATISTICS DECEMBER 31.
148.025
agents,
from
Bal.
Tax liability.__ 4.076.854
4,119.946
Electric
1,000.480
1,070.709 Ins. & easy res.
,tc
1926.
1923.
1924.
1925.
550,552
505,842 Kilowatt Propertieshours sold
2.355,029 Accrued deprec.,
Misc. accts. rec. 2,201,477
1,307,477.634 1,212,541,098 1,004,181,394 993,913.618
7,391,201
road & equip_ 22,533,700 20,856.244 K. W. installed capacity_
410,204
Malls & suppl's 8.699,718
541,770
608.277.
Interest & diviOth.unad).cred. 1,927,272
770.428
929.798
964,365
933,814
1,748,551 K. W.connected load....
Customers
2,107,282 Corp.surplus:
dends received 2,420,018
289.628
331.180
344,099
366.142
Population served
28.812
1,450.000
Add's to prop.
1,450.000
Other assets.-89.654
1,450,000
1.600,000
Electric Railways20.239
through Inc.
Work,fund adv.
19,739
'
'
,avengers
555.105
97,199,484
84.077.050
511.193
76,165,319
and surplus 3,131,204
74,104,439
Ins. & oth funds
2,423.422
UnadJust. debita 2,505,090
342
372
825,469
Profit and loss 92,046,410 83,071,732 Miles of track
320
330
688
Number of cars
822
661
606
369,913,04.3 356,109,090
650.000
650.000
530,402
Total
Total
565.000
369.913,044 356.109,090 Population served
Artificial Oa:
-V. 124. p. 2115.
Sales (cublc feet)
8,392,816.000 8,067,240.000 7,166.345.000 6,908.051.000
30.753.000
24-hour capacity (cu. ft.). 32,510.000
27.093.000
32,462.000
Illinois Central Railroad Co.
120.077
Customers
111.203
128.223
126,441
1.851
Mains (miles). 3-in.basis_
1,776
1,920
1.878
(77th. Annual Report'-Year Ended Dec. 311926.)
1.100.000
1.100.000
Population served
1,100.000
1,150,000
Natural Gas, Oil, cic.The report of Chairman C. H. Markham, together with Gas
sold (cubic feet)._ _ _84,902.813,000 64389,149.000 43278.540.000 40491.897.000
the general statistics, income, profit and loss account, balance 011 produced
9.308.239
10,912.211
11,288.253
(barrels).-- 12,065.749
3,918
4,003
4,456
2.158
sheet and other tables, will be found under "Reports and 011 wells owned
031 mains owasd (miles)
7.103
7,691
7,727
5.878
Documents" on subsequent pages.
PopulaUon served
1,840.000
1.700.000
1.700.000
1,700.000
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS(CO. & SUBS.)
1923.
1924.
1925.
1926.
Gross earnings
5140,309,835 5127,107,864 5117,207,692 5109,982,157
79,368,931
94,002,927 86,859,249 82,452,638
Oper. exp., maint. & taxes
Net earnings
Interest charges
[vol.- 124.
THE CHRONICLE
2420
$46,306,908 $40,248,615 $34,755,054 $30,613,226
15,629,215
17,214,829
18,557,850
18,966,539
Net to stock and reserves_ $27,340,368 $21,690,764 $17,540,225 $14,984,012
6,162,210
7,281.699
Preferred stock dividends__ 10,304,362
8,070,202
Net to coin. stock & ma__ $17,036,006 513,620.563 510,258,526
58,821,801
that station was 15,900,000; in 1926 it reached 26,500,000, an increase of
about 67%. The public authorities have recognized the growing importance a this station, and during the year a large public plaza adjacent
to the station was completed and put in use, and several of the main thoroughfares leading to the plaza have been widened to care for the growing
traffic. In addition, the county authorities completed a massive reinforced
concrete bridge, having a width of more than 200 feet, replacing a smaller
steel structure over our station. This new bridge and the plaza furnish
terminal facilities for the various independently owned bus lines that serve
as feeders of your road.
Traffic during the year 1926 was the heaviest in the company's history,
but due to continued adherence to the policy of maintaining the tunnels,
stations and other structures and all plants and equipment in the highest
state of efficiency the business was expeditiously handled.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
INCOME ACCOUNT YEAR END. DEC. 31 (Incl. Hudson Term. Bldgs.).
[Inter-company items eliminated.]
1925.
1926.
1926.
Railroad Revenues
-1925.
1923.
1924.
1925.
$
AssasLiabilitiesPassenger fares
$
$
$8,253:006 $8.126.547 $8,002,785 57,845,244
$
Plant dr investPreferred stock_102,963,577 85,900,796 Advertising
240,000
210,000
180,000
180,000
ment
116,838
267,146
113,372
248,828
558.503.410 512.853,009 Preference stks- 9,768,459 6,784,498 Other car & station privSinking fund
30.100
30,100
7,043,247 6.874,975 Common stock_ 80,067,462 75,417,420 Rent of bldgs.,&C.,prop.
30.100
30,100
59.330
Cash
58.738
24,505,844 19,040,513 Pref. stocks sub.
Misc.transportation rev.
54,145
57,384
Securities owned
5,897
companies ___ 70,454,102 57,815,687 Other miscall. revenue
6,096
436,577
6.727
499,726
5.661
Bills receivable_ 1,731,442 2.301.130 Corn. stks. sub.
Accounts receivcompanies _ __ 5,157.925 7.409,043
Total railway revenue $8,855.678 58.680.111 $8.393,835 58,228,523
32,674,775
able
21,107,365 20,437,769 Debenture bds_ 33,949,266
Operating ExpensesOil in sto• k
12,961.472 15,632,721 Subsid. bonds &
8566,483
5551,418 . $599,200
Maint. of way & struct- $532,509
Materials & &IPfunded notes_237,951,160 223,559,738 Malta. of equipment
465,036
457,500
474,886
507,692
plies
9,893,442 9,455,261 Subs. secur. in
728.352
720,511
747,981
Power
800,422
sinking fund__ 5,983,422 5,507.666 Transportation expenses 1,686,264
Payments in ad1,582.706
1.578,988
1,549,472
18,579,826
11,452,215
_
_
payable_
Bills
Vallee
5,515,660 3,653,731
405,084
448.032
438.212
334,014
General expenses
Disc't on bonds,
Acc'ts payable._ 6,466,063 8,624.194
Taxes accrued__ 3,284,810 2,686.462
debentures,
Total railroad op. exp.. $3,630,798 83,747.661 53.801,306 $3,894,999
drc
21,234,155 17,986,664 1.terest accrued 4,122,453 3,248,306
646.197 Cash scrip (not
Special deposits_
195,875
Net rev.from RR.op- $5,224,879 $4,932,449 $4,592,528 $4,333,523
14,665 Taxes on RR.oper. exp.. 1,005,612
presented) __
9,769
739,287
936.618
856,703
Misc. unclassird
61,478
idems
Railroad oper. income $4,219,267 83.995,831 $3,735.826 83.594.236
Cities Serv. Co.
Net income other than
com.cash scrip
1,620.388
1.553,954
1.520,060
railroad operation_ _ 1,569,139
C.S.Co.stk.scrip
35,006
(not presented)
21.997
Operating income_ _ _ _ $5,788,406 $5,515,891 $5,356,214 $5,148,189
Customers' dep_ 2,805,062 2,714,214 Non-operating income
279,245
296,397
308,957
351,423
Contingent lease
bonuses pay- 975,732
$6,139,829 55,824.847 55,652,610 $5,427,434
Gross income
Deprec. & other
Deduct-Interest on real
reserves
52,250,073 48,162,175
841.648
$35,615
$15,079
$3,750
estate mortgages_ _ _
35,444,943 30,185,747
Total (each side)663.128,487 609,381,697 Surplus
Rents of track, yards
75,556
72.201
69,925
69.307
Contingent LiaMlity.-Guarantee by Cities Service Co. of $2,610,000 Cities Serand terminals
38,762
38,762
vice Tank Line Co. 5% equipment trust certificates, due serially to 1935.-V. 124,
38,762
38.762
Amort. of debt disc't_
91,478
86,641
88.421
90,106
Miscell.deductions_ _ _
P. 2277.
Int. on 1st lien & ref. 54.
1st mtge. 43.is and
General Gas & Electric Corporation & Subsidiaries.
2,168,535
2,168.535
2.168,535
N. Y.& J. 54
2,168,535
1,655,100
1.655,100
Int.
1,655,100
on cum.adj.inc. 5s_ 1,655.100
311926.)
(Annual Report-Year Ended Dec.
Preferred dividends_ _ _(5%)262.081(7J)392.923 (5)262,039(2%)131.006
999.745
The remarks of President W. S. Barstow, together with Common dividends(2k) 999,775
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.
[General Gas & Electric Corporation and Subsidiaries.'
1923.
1924.
1925.
1926.
Operating revenue _324,093,377 $20.982,563 $18,373,851 $15,715,317
8,125.312
9,011,759
Oper. expenses & taxes- _ 11,555.194 10.337.246
3,069,919
3,517,460
3,384,633
Maintenance & deprec'n 3,665.508
396,924
400.604
403.638
Rentals
391,669
Operating income___ - $8,481,005 $6,857,046
Other income
479.569
677,678
85.444,028
538,247
84.123.161
432,588
Total income
$9.158,683 57.336,615 $5,982,275 54,555.749
2,137,750
2,967.818
3.496.490
Int. on funded debt_ _ _ _ 3,844.425
87,204
160.645
175,608
281.257
0th. int. & misc. charges
150,522
211,872
262,477
300,653
Amort. of disc. & exp.,drc
900.570
1,093,295
1,435,507
Divs.on stks.of sub.cos_ 1,609,820
241,435
Minority interests
178,745
1.014.441
844,324
1,536.042
Divs. G. G.& E. Corp
5704,321 51,100.958
8952,092
51.345,052
Balance, surplus
Profit and Loss Account-Surplus Jan I 1926. including surplus of companies acquired during year $5,294,549; net income as above. 51.345,052:
total, $6,639.601; less additional depreciation, $153,337; miscellaneous deductions, $54,850: premium on redemption of 7% pref. stock, 8270,239:
profit and loss surplus Dec. 31 1926, $6.161.176.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
[General Gas & Electric Corporation and Subsidiary Coal
1925.
1926.
1925.
1926.
LiabilitiesAssetsG.
stock
Capital
119,173,525
148,260,579
Property
830,058,530 28,482,067
G.& E
Funds for cons
@FedFRASER