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The.
Financial
iirtnude
VOL. 126.
SATURDAY, APRIL 7 1928.
ginancial Throuicle
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The Financial Situation.
Two statements of brokers' loans have been made
public the present week and both speak eloquently
as to the extent to which the gigantic speculation
on the Stock Exchange is being conducted on borrowed money. It is more than ordinarily important
that the figures regarding these brokers' loans
should be watched and pondered, inasmuch as the
New York Clearing House last Saturday carried out
its purpose to discontinue the Saturday weekly reTurns showing the loans and the reserve position of
the Clearing House banks and trust companies
which it had been the practice to give out during
the whole three-quarters of a century since the organization of the Clearing House. From this it follows that it is henceforth to be denied the public
to know how far these Clearing House banks and
trust companies, which constitute a distinct body
of institutions all by themselves, are sharing in the
prevailing tendency to loan virtually without limit
on stock and bond collateral, whatever the consequences, and to see whether in pursuit of such policy
their reserves have become, or are becoming, impaired and to what extent—such impairment having
unfortunately developed very many times in the recent past and led to adverse criticism, to escape
which in the future all the information relating
thereto is now to be withheld. In the emasculated
and very much abbreviated form of statement issued
on Saturday last the Clearing House carried out to
the full its determination to omit all the really essential facts bearing on the condition of the institutions.
Absolutely no figures were given concerning the
loans; nothing concerning the reserve kept with the
legal depositories; nothing concerning the cash held
in vault, and, of course, no computations were given
NO. 3276.
to show whether reserves were in excess of legal requirements or fell below them.
Of the two statements of brokers' loans which
made their appearance the present week, the one that
attracted most notice was that issued by the New
York Stock Exchange itself. This was perfectly
startling in the revelations it furnished of the extent of the further expansion which had occurred
during March in this class of borrowing. The Stock
Exchange figures are issued only monthly and, as
has been so many times pointed out in these columns, they are invariably larger by several hundred
million dollars than those given out by the Federal
Reserve Board, presumably because the Stock Exchange compilation is all inclusive and embraces borrowing from every source, including (1) net borrowings on collateral from New York banks or trust
companies by New York Stock Exchange members
contracted for and carried in New York, and (2)
net borrowings on collateral from private bankers,
brokers, foreign bank agencies, or others in the
City of New York, while the Federal Reserve figures
relate entirely to the 47 reporting member banks in
New York City even though these show loans made
by the reporting banks not only for their own account, but also for account of out-of-town banks and
for account of others.
This latest Stock Exchange statement showed that
total net loans by New York Stock Exchange members on collateral, contracted for and carried in New
York as of the close of business March 31 1928, aggregated no less than $4,640,174,172. Not only is
this total of extraordinary and unexampled magnitude, leaving all previous figures far in the rear, but
as compared with the total on Feb. 29, which was
$4,322,578,914, it shows an increase in the huge sum
of $317,595,258—all this in the single month of
March. It may be recalled that on Nov. 30 last this
Stock Exchange total for the first time passed the
four billion mark, being reported then at $4,091,836,302. On Dec. 31 there was a further increase to
$4,432,907,321. On Jan. 31 1928 there was a slight
decrease from this previous peak figure, the total
then having dropped to $4,420,352,541. The return
for Feb. 29 showed a more substantial decrease as
a result of the liquidation then in progress on the
New York Stock Exchange, the total then falling
to $4,322,578,914. Now at one bound there has come
a jump to $4,640,174,172, not only recovering the
whole of the decrease recorded in January and February, but adding over $207,000,000 to the previous
peak figure reached on Dec. 31 last. At $4,640,174,172 March 31 1928 comparison is with $3,289,781,174 on March 31 1927, showing an expansion of over
$1,350,000,000 for the twelve months, and with
000,096,167 on March 31 1926, giving an increase
for the two years of over $1,640,000,000. If we compare with the low figure of $2,767,400,514 recorded
2046
FINANCIAL CHRONICLE
on May 28, 1926, the expansion is seen to amount to
over $1,872,000,000!
The Federal Reserve figures tell the same tale
of ever growing expansion. Being of a later date
than the Stock Exchange return, they bear witness
to the fact that the expansion is still in progress.
That, of course, is what would be expected, in view
of the further rise in prices on the Stock Exchange
and the steady growth in the volume of the dealings. For the reason indicated above, the Federal
Reserve totals always run considerably smaller than
the Stock Exchange totals. They have not yet
reached the four billion mark, but are fast getting
there and another week will doubtless see them beyond that figure. The Stock Exchange figures were
for the close of business on Saturday last (March
31). Last week's Federal Reserve return was for
the close of business on March 28. The present week's
Federal Reserve statement brings the record down
to the close of business on Wednesday night (April
9. In this single week from one Wednesday night
• _o the other, the total of these loans to brokers and
dealers (secured by stocks and bonds) by the 47 reporting member banks in New York City rose from
$3,825,379,000 to $3,979,308,000, being an addition
of no less than $153,929,000, or at the rate of considerably over $600,000,000 a month! Call loans
on the Stock Exchange have notably risen in recent
weeks and so, for that matter, have time loans. In
view of that fact, it is interesting to observe that
during the past week the loans made by these reporting member banks for their own account increased
from $1,120,864,000 to $1,264,718,000 and the loans
made for account of out-of-town banks from $1,426,739,000 to $1,499,806,000, though the loans for
account of others fell from $1,277,776,000 to $1,214,784,000. As compared with twelve months ago, there
is very striking expansion in each of the leading categories, loans for own account now (April 4 1928) at
$1,264,718,000 comparing with $968,794,000 on April
6 1927; loans for account of out-of-town banks at
$1,499,806,000 comparing with $1,072,575,000, and
loans for account of others at $1,214,784,000 comparing with $798,869,000. Thus banking institutions in
all quarters are contributing their portion towards
stimulating Stock Exchange speculation. The grand
total of these brokers' loans for April 4 1928 at $3,979,308,000 compares with only $2,840,238,000 on
April 6 1927, showing an expansion for the year of
$1,139,070,000.
It would appear, too, from the present week's
statements for the Federal Reserve Banks themselves
that recourse is now again being had to the facilities of the Reserve institutions in meeting the constantly growing demand for loans on stock and bond
collateral. During the week under review the aggregate of the discounts for member banks by the
12 Reserve institutions increased from $524,096,000
to $601,476,000; holdings of acceptances were reduced somewhat, declining from $346,103,000 to
$343,636,000, and holdings of United States Government securities also moved somewhat lower, the
amount falling off from $385,832,000 to $383,232,000.
Altogether, total holdings of bill and securities now
(April 4) •at $1,329,334,000 compare with $1,257,021,000 a week ago, showing an increase of $72,313,000, of which it is worth noting $51,835,000 occurred
at the Federal Reserve Bank of New York. When
we look back a year we find that the total now at
$1,329,334,000, compares with only $985,604,000 on
[VOL. 126.
April 6, 1927, showing an expansion in the amount
of Reserve credit employed in the sum of $343,730,000—which tells the story of what is going on. During the past week member bank reserves with the 12
Reserve institutions increased from $2,357,143,000
to $2,400,808,000; deposits (made up mainly of these
reserves) increased from $2,404,215,000 to $2,434,987,000, and Federal Reserve notes in circulation
rose from $1,567,052,000 to $1,601,010,000, while gold
holdings diminished from $2,759,963,000 to $2,743,529,000.
The stock market the present week has not been so
furiously active as was the case last week. Last
week there were occasions when the market fairly
boiled with excitement and activity. There has been
no repetition of this the present week, though a close
approach to it came on Thursday when renewed
buoyancy developed under the leadership of the railroad shares. •The calmer and more subdued character of the dealings attracted the more attention as
the heavy 1st of April interest and dividend disbursements might have been expected to lead to considerable investment buying of securities, though investment purchases even when large are hardly a
circumstance alongside the overwhelming volume of
speculative operations in these (lays of hectic trading. Very likely, however, the Easter holidays (the
Stock Exchange was closed yesterday, Good Friday,
and will be closed also to-day), and the Jewish Passover played their part in diminishing somewhat the
volume of business, which nevertheless remained of
large proportions, though not equalling the extraordinary and unprecedented dimensions of the previous week. Perhaps the most potent influence of all
was a feeling on the part of the big financial interests, who are behind the bull speculation, that the
market was developing a runaway character and
in these circumstances it was the part of wisdom to
apply the brakes for a short while.
The market appears to have been left largely to
itself on Saturday last, and realizing sales led to
considerable declines in many of the market leaders,
particularly those which had been very prominent in
the rise. The same situation prevailed on Monday,
an advance in the call loan rate on the Stock Exchange to 5/
1
2% aiding in keeping the market unsettled for the time being, and encouraging realizing
sales as well as bear operations. This, however, does
not mean that there was any general collapse. The
market leaders were under pressure and moved lower, some of them quite extensively so. At the same
time, however, operations for higher prices were carried on in a good many separate stocks and did not
fail of success. On Tuesday, the market rallied all
around and substantial recovery ensued in the shares
previously weak, while vigorous advances occurred
in a number of stocks which had been freshly taken
in hand for the purpose of bullish manipulations.
The independent motor stocks became a prominent
feature and the copper stocks were made to do duty
in the same way, while what appeared to be a real
investment demand gave strength to the railroad
group. A drop in the call money rate aided in reviving the speculative spirit.
On Wednesday the market encountered a new setback in the huge increase in brokers' loans during
the month of March shown in the Stock Exchange
statement issued after the close of business on Tuesday afternoon. The extent of the increase was entirely
APR. 7 1928.]
FINANCIAL CHRONICLE
unexpected and took the whole community by surprise, and traders brought extensive pressure to bear
against stocks like General Motors, Radio Corporation of America, General Electric, Montgomery
Ward & Co., and Sears-Roebuck & Co. The rubber
stocks were weak, owing to the announcement made
by Stanley Baldwin, the British Prime Minister, in
the House of Commons, that the Stevenson restriction plan limiting exports of crude rubber from
Malaya and Ceylon would be definitely abandoned
the coming Nov. 1. Even at this time, however, many
specialties were rushed upward with great rapidity.
The aeroplane stocks deserve particular mention in
this respect, Wright Aeronautic spurting up from
127 to142, though closing at 132, while Curtiss Aeroplane had shot up the day before from 69/
1
2 to 92.
Among other stocks in which similar performances were staged may be mentioned American
Republic Corp., Ludlum Steel, Houston Oil and
Johns-Manville, this latter jumping from 118 to
1303
/
4.
On Thursday with the big volume of brokers'loans
still a feature, and with a renewed advance in the
call loan rate to 51/
2%, the market might have been
expected to show renewed weakness. Instead of that,
actual buoyancy developed, resulting in general advances. General Motors stock once more came to the
front and led in a vigorous forward movement, while
many of the railroad stocks were again taken
bold of and vigorously bid up. The copper stocks
were also again advanced with great rapidity, while
the local traction shares were likewise made the
subject of pronounced bullish demonstrations on the
suggestion that the outcome of the litigation against
them in the Federal courts must inevitably be favorable. All these movements were to one end, and evidently a determined effort was made to give the market the appearance of having closed strong, in view
of the three-day holiday ahead, for the effect this
would have upon the general public which is now
such a strong factor in the speculation. No one who
watches the market closely from day to day, without
having any interest in it, can fail to gain the impression that strong financial interests are behind it and
are guiding its course and that their policy is never
to let any liquidation or any setback go too far, or
go so far as to create demoralization or to disturb
the confidence of the outside public. When the
market gets to the point where there is danger of
anything of the kind, these interests step in and revive waning confidence by resuming bullish demonstrations in some new group of favorites especially
selected for the purpose.
The net result of these varying movements is that
the net changes for the week are rather irregular,
involving numerous losses as well as many gains.
General Motors closed at 19334 on Thursday, as
against 192 on Friday of last week; Radio Corporation of America closed at 1831/
4, against 195; General Electric closed at 156, against 159; Montgomery
Ward & Co. closed at 1433
4 against 151%, while
Sears-Roebuck & Co. closed at 101% against 104/
1
2
.
In the copper group, Greene-Cananea closed at 132%
against 13078, Kennecott Copper at 851/
4 against
86%, Calumet & Arizona at 102%; against 106/
1
2, and
Anaconda Copper at 66% against 6278. The rubber stocks, of course, show severe declines, and U. S.
Rubber pref. closed at 851/
8 against 96% on Friday
of last week, while the common closed at 461/8
against 52%. Goodyear Tire & Rubber closed at
2047
541/
8 against 58%, and B. F. Goodrich at 821/
8
against 86.
U. S. Steel common, as was the case last week and
in several previous weeks, did not respond very
readily to bullish endeavors; it closed Thursday at
1471/
8 against 148% on Friday of last week; Bethlehem Steel closed at 59 against 5834, and Republic
Iron & Steel at 60% against 601/8. In the case of the
motor stocks, Packard Motors closed Thursday at
707/8 against 69% last Friday; Hudson Motors at
933
4 against 941/
4, Hupp Motors at 537
/8 against
543
/
4, Studebaker at 671/
8 against 65%, and Chrysler
at 691/
8 against 71.
The railroad stocks have nearly all scored substantial advances during the week, New York Central
closed at 178 against 176 last Friday, Pennsylvania
R. R. stock closed at 693
4 against 6878, Atchison
closed at 193 against 1901/
8, the directors of this
company the present week put the stock on a regular 10% per annum dividend basis, as against the
previous 7% with 3% extra; Union Pacific closed
at 1971/
4 against 198%, Canadian Pacific at 2131/
8
against 213%, Chesapeake & Ohio at 197 against
193, Del. & Hudson at 184 against 1751/
4, Texas &
Pacific at 139% against 131, and St. Louis-San Francisco at 120 against 1201/
2. Wabash has been one
of the strong features of the week and closed Thursday at 81% against 713
/
s last Friday; it developed
that the Del. & Hudson had bought a large amount
of Wabash stock out of the proceeds of the sale of
$35,000,000 bonds received as consideration for the
sale of the coal lands and there was talk of some advantage to be realized by the road from a re-grouping of the great east and west trunk lines. The volume of business on the Stock Exchange each day was
large, though not of the exceptional proportions attained last week. Saturday's sales reached 2,430,920 shares, a new high record for a Saturday half.
holiday. On Monday the full day's dealings were
3,412,750 shares; on Tuesday 2,936,160 shares; on
Wednesday 3,154,740 shares, and on Friday 3,757,690 shares.
Complete abandonment of the Stevenson rationing scheme whereby the British Government attempted to control the price of crude rubber was announced in the House of Commons, Wednesday, by
Prime Minister Stanley Baldwin. All restrictions
on the exportation of rubber from Malaya and Ceylon are to be removed Nov. 1, according to the announcement, which was followed by a severe drop
both in London rubber shares and in the price of
the commodity. The step was taken, a London dispatch of Wednesday to the New York "Times" said,
as the result of the receipt of a report of a Committee of Civil Research deputed to inquire into the
matter. This committee was appointed last February and the removal of the restrictions was deemed
probable from that time onward. "In many quarters here," the "Times" dispatch said, "abolition of
the restriction is welcomed. It is pointed out that
it utterly failed to maintain the price of the commodity at 1 shilling, 9 pence, which was the figure
aimed at, and encouraged unrestricted Dutch rubber production so that the proportion of the world's
supply contributed by the Dutch plantations doubled
in the last six years." Beginning November 1, the
British producers will be allowed to export at full
capacity on the same basis as foreign producers and
this, it was thought, will enable them to recover the
2048
FINANCIAL CHRONICLE
supremacy in the industry which was lost to the
Dutch producers as a result, it is claimed, of the restrictive scheme.
All British interests, however, did not share the
views of the Prime Minister. Major General Sir
Robert Hutchinson, the Liberal whip, declared that
the removal of the restrictions meant disaster to the
industry and the ruination of thousands of people
connected with it. In Washington satisfaction was
expressed at the action of the British Government,
Dr. Julius Klein, head of the Bureau of Foreign and
Domestic Commerce, declaring that the general atmosphere of world trade will be benefited thereby.
"All of these schemes for controlling output and
prices of essential raw materials by an unnatural
welding of governmental and commercial interests
are a heritage of the great war," said Dr. Klein,"and
the closing up of the rubber control will mean a step
toward clearing international trade of these essential handicaps."
A lively dispute between the French Government
Film Control Committee and representatives of the
American moving picture industry over the terms
on which American films are to be admitted into
France occasioned much interest the past week.
The dispute, which has been going on for some
months, was occasioned by the desire of French producers to limit the showing of American films to
four for each French film that was purchased by
Americans for showing in this country. This desire
was incorporated in a ruling of the Film Commission which has been pending while the conversations
continued. As American films are now shown in
France in much heavier proportion than the fourto-one scale, enforcement of the ruling was understood to imply either heavy expenditures for French
films which are not always suitable for the American market or else curtailment of the very extensive
film business which Americans conduct in France.
As neither horn of this dilemma appeared particularly desirable, the large American companies were
said to have decided to boycott the French market
unless the regulations were modified sufficiently to
permit normal trade. Such a boycott, it was pointed
out, would cost the American producers a considerable sum, but it would prove much more serious for
the owners of French cinemas. The latter, it was
declared, might find it necessary to close their theatres on a wholesale scale for lack of films to show.
The enforcement of the so-called four-to-one quota
was deferred by the Film Commission in Paris on
March 27. This was occasioned partly by the expected arrival in the French capital of Will H. Hays,
American film executive. On Mr. Hays's arrival on
March 30, he entered immediately into conversations
with M. Jean Sapene, the leading figure in the
French moving picture industry. At a meeting of
the Film Committee Wednesday, it was decided,
however, according to an Associated Press dispatch from Paris, to adhere to the four-to-one plan.
But an additional provision was adopted whereby
200 American films are to be admitted immediately,
irrespective of the quota. One of the chief influences in this decision, a copyrighted dispatch to the
New York "Times" said, was pressure from the theatre owners because of the threatened shortage of
films and therefore the likelihood of forced closings.
The representatives of the American industry apparently found this proviso unacceptable. They were
[vol.. 126.
reputed to have gathered in Paris Thursday and to
have decided to reject the French compromise as an
ameliorative measure which would leave the basic
situation unchanged at the end of three or four
months. The distribution of American films by the
larger companies will be entirely withheld, it was
said, until a solution of the controversy is arrived
at. It was understood that diplomatic representations to this end may be made by Ambassador Herrick.
Negotiations between the Governments of France
and the United States looking toward the conclusion of a treaty in which war would be proscribed
as an instrument of national policy were carried a
step further on March 30, when the French reply
to Secretary of State Kellogg's note of Feb. 27 was
delivered by the French Ambassador, M. Claudel.
The text of the note was made public last Saturday
in both capitals by pre-arrangement. This latest
French rejoinder in the protracted exchange which
began last December was understood to have been
drafted by the French Foreign Minister, M. Briand,
only after the most mature deliberation and careful
consultation at Geneva early in March with the Foreign Ministers of Great Britain and Germany. The
negotiations were begun by Secretary Kellogg on
Dec. 28 last, on the basis of M. Briand's suggestion
of last June that a "Pact of Perpetual Friendship"
be concluded between the two great Republics. Mr.
Kellogg suggested that the scope of the projected
convention be widened so as to include the Governments of Great Britain, Italy, Germany and Japan
as signatories. To this M. Briand agreed "in principle," but stated that such a "multilateral" pact
should renounce only wars of aggression, owing to
French commitments under the Covenant of the
League of Nations. Mr. Kellogg, in his note of Feb.
27 to M. Briand, objected to such limitation of the
proposed accord as "very greatly weakening and
virtually destroying the positive value of the declaration as a guaranty of peace."
M. Briand, in his answer of March 30 restated the
French position in terms which Paris opinion apparently regarded as final, although in Washington
it was suggested that additional clarification would
be required. Expressing gratification at Mr. Kellogg's "new and cordial affirmation of the common
inspiration which animates our two Governments,"
the French Foreign Minister declared that he was
"equally anxious to co-operate in an international
movement toward the effective establishment of
peace in the world." In order to facilitate the matter, the French Government, M. Briand said, proposed to "adopt as practicable a point of view as
possible." The French desire to limit the proposed
multilateral accord to wars of aggression only was
explained as "intended to obviate insofar as the
American plan was concerned, the serious difficulties which would assuredly be encountered in practice." M. Briand reiterated and elaborated his belief in the possibility of an unconditional bilateral
pact between France and the United States, the more
so since his proposal of last June "was drafted in
such a way as to limit strictly the mutual undertakings which it contained to those relations in law
resulting from intercourse between the two signatory States alone."
'Turning next to the expressed desire of Mr. Kellogg to conclude a multilateral pact on the basis of
•
APR. 7 1928.]
FINANCIAL CHRONICLE _
an unconditional pledge, M. Briand said that the
French Government would hesitate to discuss longer
the question of its adherence to a plan "which the
American Government originated and for which it
is responsible." France, it was added, is wholly disposed, for the purpose of finding a common basis for
initial negotiations, to suggest the co-operation of
the Governments of Germany, Great Britain, Italy
and Japan. But the proviso was again insisted upon
that French obligations, both as a member of the
League of Nations and as a party to the Treaties of
Locarno or of treaties guaranteeing neutrality, must
not in any way be lost sight of. Satisfaction was expressed at the suggestion of the United States that
the participation of all Governments in the world be
invited. This conception, the note pointed out, "accords with the reservation actually necessary for
obtaining a real instrument for the establishment of
peace by means of a formal engagement among all
the powers among whom political controversies may
arise." Moreover, it was declared to be imperatively necessary that if one of the signatory States
should fail to keep its word, "the other signatories
should be released from their engagement." The
"right of legitimate defense" was also specifically
insisted upon in accordance with conversations
which, the note indicated, took place in Washington March 1, between Mr. Kellogg and Ambassador
Claudel.
These three fundamental points were again restated in the note in the order, first, that wars of
legitimate defense are not to be barred in the proposed convention; second, in case of violation of the
compact by one of the signatories, all the other signatories are immediately to regain their full liberty
of action as regards that nation; third, that the
treaty is to be universal in principle and not confined
to the six great powers heretofore specifically named
as possible participants. "It is in this form," the
note declared, "that the negotiation of a plan for
a multilateral compact such as conceived by the
American Government could be pursued with the
greatest chances of success." And, finally, the most
sincere and most complete collaboration of the
French Government was offered "with any solemn
and formal undertaking tending to ensure, strengthen or extend the effective solidarity of the nations
in the cause of peace."
Secretary Kellogg, in making public the text of
the note, limited himself to the opinion that it
brought the Governments closer together. He was
understood to hold the belief, however, a Washington
dispatch to the New York "Herald Tribune" said,
that the French reservations in regard to previous
obligations, such as the agreement under the Covenant of the League of Nations and the Locarno treaties, would offer serious difficulties in the conclusion of such a sweeping treaty as the Secretary had
in mind. It was pointed out that this reservation,
though extremely general in language, seemed to restate the French position that war would be resorted
to, under the proposed convention, only when it had
to be resorted to, whereas Mr. Kellogg's original suggestion was for a drastic renunciation of all resort
to war. Some discussion was caused at the State
Department, this dispatch added, by the question as
to the precise difference between permitting "wars
of legitimate defense," which M. Briand insisted
could not be proscribed, and the barring of "wars of
aggression" only, to which Mr. Kellogg took serious
2049f--
objection. Mr. Kellogg was said to have "eiplained
just what the great difference was" between these
two declarations, but unfortunately the explanation
was not made public. The French note was looked
upon, nevertheless, as creating a more hopeful atmosphere for the future of the proposed Kellogg
treaty.
In Paris it was made clear semi-officially, according to a copyrighted dispatch of April 1 to the New
York "Times," that M. Briand's latest note is intended as a final studied answer to Mr. Kellogg's
proposal for a multilateral pact. A further exchange
of notes was said to be looked for, but it was asserted that M. Briand's stated qualifications "will not
be altered by any subsequent correspondence." Moreover, it was again made plain that M. Briand spoke
not only for France, but in concert with all the other
powers which would take first rank among the signatories. France, it was indicated, has made a serious effort to understand and translate into understandable terms the nebulous ideas which have hitherto been exchanged across the Atlantic, and any
reply from Washington must,in French opinion, contain something tangible in the way of a text for the
proposed plan. In a similar dispatch to the New
York "Herald Tribune," it was stated, furthermore,
that a very considerable body of French opinion regards the negotiations as nothing more than a kind
of "international rhetoric" intended to influence the
coming elections: Men trained in international politics were said to be asking "how can anyone hope to
obtain the signatures of all powers to such a wholesale renunciation of war? Even if nine-tenths of them
finally agreed, it would take years to obtain ratification by the different governments concerned. In
that time the treaties would die a natural death."
The intimations in the Paris press that the negotiations were motivated by the coming elections were
emphatically denied by Mr. Kellogg Monday. The
Secretary of State on the same day began private
discussions with the French Ambassador, M. Paul
Claudel, regarding the projected treaty.
In a speech at Carcassone last Sunday, Premier
Xoincare of France made what was declared to be
the most important political pronouncement of the
year when he stated that his Government is ready
to discuss the "bankers' plan" for the settlement of
reparations and interallied debts. The announcement was made by Premier Poincare, who is also
the French Finance Minister, in the course of a political speech in which he defended the record of his
Government and appealed for the re-election later
in the month of those deputies who gave support to
the Coalition regime. The terms in which the announcement was made were reported in a Paris dispatch of April 2 to the Associated Press as follows:
"It is possible that soon, in connection with the
payment of the Dawes plan annuity, there will be
occasion to consider when there should be placed
on the market the railroad and industrial bonds contemplated by this plan. . . . It would be premature to hazard on this subject predictions that events
might belie. All that it is proper to say is that with
proper regard for our security and our rights to
reparations we will willingly accept when the time
comes an arrangement which, by marketing of the
bonds, will permit our recent Allies, Germany, and
us to settle our debts more rapidly. In any case, no
nation appreciates more than ours the economic soli-
2050
FINANCIAL CHRONICLE
[VoL. 126.
A severe setback in negotiations between the Cathdarity that binds closely all the peoples of the world.
Far from thinking of isolating ourselves, we are olic church and the Italian State for settlement of
firmly resolved to work more and more for universal the Roman question was envisaged late last week
rapprochement of minds which will prepare and in a series of sharp pronouncements by the Pope and
some day assure the rapprochement of hearts."
by Premier Mussolini, obviously aimed at each other.
The inferences drawn from this speech, that Pre- The Roman question has existed since 1870, when the
mier Poincare is seriously considering the possibility unification of Italy caused the loss of the temporal
of making the German railroad and industrial Dawes power by the Catholic Pontiff. Unremitting efforts
bonds salable, were confirmed in Paris official cir- by the successive popes to secure a restoration of
cles Monday, but it was said at the same time that this power were of no avail, but it was thought reno definite plan has been agreed upon. Paris opin- cently that unofficial discussions which were known
ion, however, in the absence of any official indica- to be in progress might point the way to a solution
tion of the substance of the plan, was said to have of the question. Pope Pius, however, in an addiissfallen back for some intimation of the project upon before the executive committee of the Roman Diothe "bankers' plan" published in the New York cesan Union on March 26 commented in severe terms
"Times" of March 24. According to this plan, Ger- on a faction of the Church which "put on the same
man reparations, instead of remaining at the theo- footing and attributed the same right to the desretical total of 132,000,000,000 gold marks, would poiled Holy See and the State responsible for this
be set at 32,000,000,000 gold marks, for which Ger- spoliation." The Roman Pontiff also disparaged
man bonds would be issued. One-half of the sum, or what he termed the State "monopoly in the education
16,000,000,000 gold marks, would be made up of of youth."
German railroad and industrial bonds, while the
Premier Mussolini replied promptly on March 28
other 16,000,000,000 marks would be taken care of in his customary direct and vigorous'style. It is
by the German budget. "Under the proposed plan," quite impossible, the Premier said, for the State to
a Paris dispatch of March 23 to the New York give up this "monopoly," as the Fascist regime con"Times" said, "the receipts from the sale of the sidered the preparation of its citizens one of its funrailroad and industrial bonds would be used largely damental duties. II Duce hinted, a Rome dispatch of
to liquidate the Allied debts to America, while the March 28 to the New York "Times" said, that the
other 16,000,000,000 marks, most of which would be Fascist State, far from yielding the right, might
paid in kind as in the past, would go to France and make its operation more complete by forbidding any
Belgium to recompense them for the cost of recon- organization of youth beyond those founded and construction of war damage." In a further dispatch to trolled by the Fascist party. "Whenever the State
the "Times," dated April 1, it was stated that fails to fulfill this task or admits any discussion
American bankers are the prime movers in the thereof, it places in jeopardy purely and simply its
plan.
right to exist," Signor Mussolini said. This proThe most intense interest was displayed in M. nouncement was followed March 30 by the promulPoincare's speech early this week, not only in Ber- gation of a Fascist decree summarily suppressing
lin and London, but also in Washington. The origi- all Catholic and other non-Fascist institutions for
nal plan, according to a Washington dispatch of the training of the youth of Italy. The breach beApril 2 to the New York "Herald Tribune," was tween the two opponents was thus seen to widen,
drafted by Bernard M. Baruch, of New York, late and, according to a Rome dispatch of March 30 to the
last year and was amplified in Treasury discussions New York "Times," it was regarded as irreparable at
with S. Parker Gilbert, Jr., the American adminis- least for the present. But there are many, this retrator of the Dawes plan. "Considerable progress" port added, "who point out that relations between
was declared to have been made, although "the Church and State have passed through worse crises
Treasury Department still declines to discuss the in the past. This is true, and there would be nothing
situation, fearing that public discussion of the gi- surprising in seeing Church and State gradually
gantic financing plan may hamper the negotiations." drawing closer together again after a time, when the
In Berlin, the French Premier's speech was re- present difficulties have blown over."
ceived with much satisfaction, although official circles maintained an attitude of cautious reserve. The
An earthquake of short duration, but of great inGerman press generally acclaimed the speech, "par- tensity, occurred at Smyrna in Asia Minor early last
ticularly," a dispatch to the New York "Herald Saturday, causing the deaths of forty-eight persons
Tribune" said, "because the French Premier has at and extensive property damage. The earth sliplast made a Sunday speech without dragging in the page apparently centered in the immediate vicinity
question of war guilt." Wilhelmstrasse, according of Smyrna, long famed as the "Capital of Disaster"
to a dispatch of April 2 to the New York "Times," because of the series of quakes, fires and pestilences
is actively preparing to encourage M. Poincare's that have visited the city. Many of the'houses built
move for a definitive settlement of post-war obliga- in the city since 1922, when a fire practically detions among the nations concerned on both sides stroyed the community, were said to have collapsed
of the Atlantic. The London reaction was declared in the present stick. Thirty-eight persons, all Turks,
to be one of passive agreement with the statement were reported killed in the debris of the falling
of the French statesman. British officials, how- buildings. Unofficial assurances that all foreigners
ever, were inclined to regard the American attitude were safe were received in Constantinople on the
as the final determinant of the matter. Much com- following day. A total of 1,970 buildings were rement was said to have been caused in Paris by the ported to have been demolished, the damage being
presence there of S. Parker Gilbert, Jr., which, a estimated at $2,000,000. The shock was declared to
dispatch of April 4 to the New York "Times" indi- have been heaviest at the neighboring village of Tourcated, "has lent significance to the situation."
boll, which was half destroyed. Ten deaths were reported in Tourboli and in other villages surround-
kru. 7 1928.]
FINANCIAL CHRONICLE
ing Smyrna. In Smyrna itself two bank buildings
tumbled into ruins, according to reports from Constantinople. Terrifying phenomena accompanied
the shocks, these reports said.
• An agreement for the settlement of the Nanking
incident of March, 1927, when one American was
.killed, several injured and the American Consulate
looted, was arrived at March 30 between the United
.States Govermiaent and the Nanking Nationalist
Government of China. The settlement was regarded as of the greatest importance, since it probably
marks a turning point in the relations of the Nationalist Government with the Western Powers. It
was considered that a measure of recognition for
the Nationalist regime was implied in the negotiations and it was held that the way would be opened
thereby for the re-establishment of the Nanking Consulate and the return of American missionaries and
business men. Efforts to effect a settlement of the
incident, which occurred during the northward
sweep of the Canton Nationalist armies one year
ago, were frequent throughout the past year, both
British and American officials insisting that the Nationalist Government come to terms. These efforts
had hitherto failed because of the truculent attitude
Of the Nationalists. The latter, in return for settlement of the incident, demanded an apology for the
shelling of Socony hill in Nanking by the American
and British naval forces.. They hoped also to obtain
de jure recognition and the commitment of the Western powers to the principle of treaty revision.
The actual settlement, arranged in an exchange
of notes between John V. A. MacMurray, American
Minister to Peking, and Huang Fu, Minister for Foreign Affairs in the Nationalist Government, conceded none of these points. In its first note the Nationalist Government apologized for the occurrence
and promised reparation for the damage done as
well as punishment of the offenders. Assurances for
the continuous and effective protection of the lives
and property of Americans in China were also given.
A Sino-American joint'commission to verify the actual injuries and damages sustained by American
nationals and to assess the amount of compensation
due was proposed. Minister MacMurray in his reply expressed confidence in the spirit of sincerity
in which the settlement was made and accepted it on
behalf of the United States Government. In his second note General Huang Fu referred to the firing
into Nanking by American war vessels to aid in rescuing imperiled Americans and expressed the hope
that the American Government would apologize for
this action. In reply, Minister MacMurray made it
clear that the action. of the American warships was
necessitated by the requirements of the situation.
No alternative for the action was considered possible by the American Government,"however deeply
it deplores that circumstances •beyond its control
should have necessitated the adoption of such measures." The third letter expressed the wish of the
Nanking Government for early revision of existing
treaties and with this aim Minister MacMurray
voiced sympathy while at the same time he stated
that such revision can only occur from time to time
as a Chinese Administration is developed which eau
assure the actual fulfillment of Chinese obligations.
The news of the settlement was variously received
in different parts of China. Most Americans in
2051
Shanghai, according to a dispatch of April 1 to the
New York "Herald Tribune," were pleased at the
settlement, although one fairly numerous faction
remained averse to concessions of any kind to the
Chinese. Peking regarded the arrangement as a
personal triumph for Minister MacMurray. In the
British colony of Hongkong regret was general. Conditions throughout China, meanwhile, remain virtually unchanged from the chaotic state reached last
Autumn. The greater part of Shantung Province
lies waste as the aftermath of a devastating famine.
In the great central valley of the Yangtze, several
Governments are carefully watching each other with
the utmost distrust. Further south Communists and
Nationalists are engaged in murderous strife. The
regime of the Tuchuns, or Provincial Governors,
who are responsible to no central authority and who
"squeeze" the impoverished people by ever greater
exactions, continues without any apparent likelihood
of an early change.
The Bank of Italy on Monday reduced its discount
rate from 6% to 6%. On March 5 it may be
recalled the rate was marked downfrom 7% to 6/
3
27o.
Otherwise there have been no changes this week in
discount rates by any of the central banks of Europe.
Rates continue at 7% in Germany; 6% in Austria;
53/2% in Norway;5% in Denmark and Madrid;4%
in London, Belgium and Holland, and 3
in
France, Switzerland and Sweden. In London open
market discounts are 4% for both short and long bills,
against 4 1-16% for both on Friday of last week.
3
Money on call in London was quoted at 34%
on
Thursday; yesterday was a holiday being Good
Friday. At Paris open market discounts remain at
33.j% and in Switzerland also at 33%.
A loss in gold of £885,769 was reported by the Bank
of England, in its statement for the week ended
April 4. As notes in circulation increased £1,196,000,
the loss in the reserve of gold and notes in the banking
department amounted to £2,082,000. The ratio of
reserve to liabilities dropped from 37.96% last week
to 35.16% now. Important changes occurred in both
the deposit items, public deposits gaining £12,363,000
while "other" deposits diminished £9,364,000. Loans
on Government securities increased £3,966,000 and
loans on other securities £474,000. The Bank's gold
holdings now total £157,244,685 as against £151,300,457 last year and £146,655,218 in 1926. Notes
in circulation now aggregate £136,605,000 against
£137,859,345 and £141,891,810 in 1927 and 1926
respectively. The Banks official discount rate
remains at 4
Below we furnish comparisons of
the various items of the Bank of England returns for
five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT
.
1928.
1927.
1926.
1925.
1924.
April 4. April 6.
April 7.
April 8.
April 9.
arculation.b
136,605,000
Public deposits
25,998,000
Other deposits
88,883,000
Gov't securities
34,791,000
Other securities.... 57,351,000
Reserve notes dr coin 40,390,000
Coin and buillon_a_157,244,685
Proportion of reserve
to liabilities
35.16%
Bank rate
435%
137,859,345
21,035,604
103,249,167
30,981,935
77,765,873
33,191.112
151,300,457
141.891,810
13,175,540
106,971,945
45.140,328
68,205,349
24,513,408
146,655,218
122,484,845
13,126,357
109,505,434
39.878,218
74,495,908
25,973,131
128,707,976
125,742,395
12,975,968
108,908,860
41,517,736
75,931,740
22,123,461
128.115,856
26.70%
5%
20.40%
5%
213i%
5%
18%
4%
a Includes, beginning with April 29 1925. £27,000.000
gold coin and bullion
Previously held as security for currency notes issued and which was
transferred to the
Bank of England on the British Government's decision to return
to the gold standard.
b Beginning with the statement for April 29 1925 includes
£27,000,000 of Bank
of England notes Issued In return for the same amount of
gold coin and bullion
held up to that time In redemption account of currency note issue.
2052
FINANCIAL CHRONICLE
The Bank of France, in its statement as of April 4,
showed an increase in note circulation of no less than
1,712,780,000 francs, raising the total of circulation
to 60,243,689,880 francs, which is the highest figure
ever recorded by the Bank. For the corresponding
week last year, circulation was 53,350,830,415 francs
and in 1926, 52,851,086,535 francs. Gold holdings
were reported unchanged. Silver decreased 2,000
francs, general deposits 434,620,000 francs and divers
assets 754,449,000 francs. Bills discounted rose 264,840,000 francs, trade advances 15,297,000 francs,
treasury deposits 16,888,000 francs and advances to
the State 1,050,000,000 francs. Below we furnish a
comparison of the various items of the Bank's return
for 3 years past.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
April 4 1928. April 6 1927. April 7 1926.
for Week.
Francs.
Francs.
Prance.
Cold Holdings—Francs.
3,679.527,568 3.683.507,443 3.684,014,640
Unchanged
In Prance
462.771.4781 1.864.320,907 1,864,320,907
Unchanged
Abroad—available
1,401.549,429J
Abroad—non-avail_ Unchanged
5,543,848,475 5,547,828,350
Unchanged
Total
342,254.877
342,936.578
2,000
Dec
Sliver
Inc. 264.840.000 2,609,873,356 2,239,233,855
Bilis discounted
Trade advances_ _ _Inc. 15,297,000 1,728.105,122 1,894,886,929
Note circulation Inc.1712,780,000 60,243.689.880 53,350.830,415
36.204.026
21.614.687
Treasury deposlts_Inc. 16,888,000
434,620.000 7,952,077,087 3.885.884.061
General deposits_ Dec._
Advances to State_Inc.1050,000.000 24,200,000,000 8.150.000,000
Dec. 754,449,000 25,246,838,687 12,067.181,322
Divers assets
5,548,335.547
332,175,079
3.343.990.431
20537.921,220
52.851,086,535
3.601,001
2.822,381,760
36.250.000.000
3.585.551,138
The Bank of Germany in its statement for the
last week of March showed an increase in note circulation of 750,059,000 marks raising the total of
that item to 4,513,155,000 marks as against 3,588,706,000 marks last year and 3,159,643,000 marks
the year before. Other daily maturing obligations
rose 37,442,000 marks and other liabilities 13,556,000
marks. On the asset side reserve in foreign currency decreased 37,902,000 marks, silver and other
coin 17,172,000 marks, notes on other German
banks 19,068,000 marks and investments 111,000
marks. Deposits abroad remained unchanged. Gold
and bullion rose 21,812,000 marks, bills of exchange
and checks 724,432,000 marks, advances 53,525,000
marks and other assets 75,543,000 marks. Below
we give a comparison of the various items of the
Bank's return for three years past.
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Mar.31 1928, Mar. 311927. Mar. 31 1926
Reich:marks. Reichsmarks. Reichsmark.
Reicluynarks.
Assets—
1,930,756,000 1,8.51,669,000 1,491,089.000
21,812.000
buIllon____Inc.
and
Gold
85,626,000 101.388,000 262,620.000
Of which depts.abed_ Unchanged
Res've In foen cum--Dec. 37.902.000 188,866.000 203,002,000 481.164.000
1,962,733,000 1.215.877.000
2,652,042.000
Inc.
724,432.000
Bills of each.& checks
59,947.000 131.768.000
90.160,000
Silver and other coln__Dec. 17,172,000
8.641.000
6.266.000
6,886.000
Notes on oth.Ger.bks..Deo. 19,068,000
77,532,000
81.064,000
84,866.000
Inc. 53.525,000
Advances
92.912,000 244,452 000
94,047,000
111.000
Dec.
Investments
Inc. 75.543,000 623,781,000 425,507,000 922,920,000
Other assets
Notes In circulation Ine. 750.059,000 4,513,155,000 3,588,706.000 3,159,643,000
Oth.dallymatur.obllginc. 37.442,000 532,637,000 616,429.000 625.400.000
Inc. 13,558.000 188.381.000 183,605,000 386.919,000
Other liabilities
[VOL. 126.
$30,000,000 Thursday. One factor which contributed
toward firmness was understood to be the return to
Chicago early in the week of some $50,000,000 to
$100,000,000 which had been sent to the New York
market in order to avoid the Illinois State tax on
bank deposits which is levied as of March 31; This
was conterbalanced, however, by the return of funds
from the month end settlements, which were among
the heaviest on record. Time money also reflected
the increased firmness some maturities reaching
higher figures than have prevailed for months past.
Two reports of brokers' loans against stock and bond
collateral were made available in the past week, and
both reflected as noted further above the serious condition that has been caused by the unrestrained activity
in the securities markets throughout the month of
March. Gold shipments also continued unabated,
the movement from New York for the week ending
Wednesday being reported by the Federal Reserve
Bank at $16,078,000. Imports were negligible.
Dealing in detail with the rates from day to day,
the -renewal rate for call loans on Monday was 5%
but the general rate rose to 54% as the day progressed. On Tuesday and Wednesday the renewal
rate was continued at 5% and all other loans were at
the same figure. On Thursday with the renewal rate
still 5% the general rate again rose to 54%. Friday
being Good Friday, the Stock Exchange was closed
and no loaning was done. Rates for time loans have
again been advanced all around, and the quotation
for all maturities from 30 days to six months is 44@,
44%. For commercial paper consisting of four to
six months' names of choice character no transactions
are now reported at less than 44%, while a trifling
business has even been done at 44%. For names
less well known the quotation now is 44@)44%.
For New England mill paper the quotation is 44%.
In the market for banks and bankers acceptances the posted rate of the American Acceptance
Council for call boars against acceptances was advanced on Monday to 44% and was continued unchanged at that figure the rest of the week. The
posted rates of the Acceptance Council for prime
bankers' acceptances eligible for purchase by the
Federal Reserve banks remain at 35A% bid and 34%
asked for bills running 30 days, 34% bid and 34%
asked for bills running 60 days, 33% bid and 34%
asked for 90 days and also for 120 days and 4%
bid and 3 8% asked for 150 and 180 days. Open
market rates are likewise unchanged as follows:
SPOT DELIVERY.
—180 Days--- —150 Days— —12 Daps—
Asked.
Bid.
Bid.
Bid.
Asked.
Asked.
4
• 334
554
Prime eligible bills
—30 Days—
—60
—90
Bid.
Asked.
Bid.
Bid.
Asked.
Asked.
11)f
854
351
Prime ellglbi
FOR DELIVERY WITHIN THIRTY DAYS.
4 b1d
Ellgibbiember banks
4 bld
Ellyihie non-member banks
4
3,4 a%
The New York money market in the past week has
1114
894 354
been the center of active interest for the entire
higher
toward
trend
definite
a
financial community,
rates being viewed as of peculiar significance for the
There have been no changes this week in Federal
present securities markets. Rates for call mone
Bank rates. The following is the schedule
mo
of
barometer
sensitive
Reserve
most
the
always
conditions, maintained their advance of the previous of rates now in effect for the various classes of paper
the different Reserve banks:
week and touched an ever higher figure on several of at
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
the trading days. Demand loans were quoted at 5%
Previous
to 54% Monday, the higher figure being recorded
Date
Rate in Effect
Rats.
on Apr.6.
Federal Reserve Bank.
Established.
for the first time since Jan. 4. On Tuesday and
1928
334
4
8
Feb.
Boston
334
4
Feb. 3 1928
Wednesday the rate remained firm at 5%, while on New York
Feb. 16 1928
4
334
Philadelphia
354
Mar. 1 1928
4
Thursday, when arrangements were made which Cleveland
Jan. 27 1928
4
334
Richmond_
11
Feb.
1928
334
54%
the
4
Monday,
Atlanta
carried transactions over until
334
Jan. 25 1928
4
Chicago
1928
21
Feb.
by
4
334
the
loans
Louis
of
St.
Calling
figure was again reached.
Feb. 7 1928
4
334
Minneapolbi
1928
10
Feb.
4
354
Kansas
four
trading
the
CRP
of
on
each
banks was substantial
354
Feb. 8 1928
4
Dallas
liyi
Feb. 4 1928
4
San
Francisco
$15,Monday,
$30,000,000
at
reported
being
days,
000,000 Tuesday, $25,000,000 Wednesday, and
APR. 7 1928.]
FINANCIAL CHRONICLE
Sterling exchange has been exceptionally firm this
week, although the market on the whole has been
dull, as is characteristic of Easter week. While
demand for exchange has been of a more or less
routine character, the transactions from this side
have been too meagre to cause the exceptional firmness shown, and, as during many weeks past, the
higher quotations must be ascribed to the dearth of
sterling existing in most centers and to a relatively
large short interest in sterling in most markets.
In Wednesday's market sterling again touched the
high previously reached on March 23rd, when cable
transfers sold at 4.88 5-16, and on Thursday some
transfers were made at 4.88 5-16. The range this
week has been from 4.873
4
1 to 4.87 31-32 for bankers
sight, compared with a range last week of 4.87 11-16
to 4.87 15-16. The range for cable transfers has been
from 4.883/8 to 4.88 11-32, as compared with 4.88X3
to 4.8854 a week ago. The quotations on Friday with
the Stock Exchange and all the commercial exchanges
closed were practically nominal. In nearly all
countries business ceased on Thursday night for the
Easter holidays and will not be resumed until next
Tuesday. In almost all countries Good Friday is a
holiday, and Easter Saturday and Easter Monday
in many In addition Thursday was celebrated as a
holiday in Argentine, Brazil, Colombia, Norway, and
Denmark, and in smaller countries. In anticipation
of these universal qeasonal preparations, the market
became as slack as before the Christmas holidays
It might be thought that the firm money rates on
this side would retard the upward movement of
sterling, but apparently the unit ignored money
rates, a fact which gives color to the views of those
bankers who say that the feature of exchange is the
plentifulness and weakness of dollar exchange in
comparison with an almost universal shortness in
holdings of sterling. Again, the pound finds support at this time of the year as a seasonal matter.
Ordinarily payments to London from New York on
commercial accounts are larger than payments to
New York from London. Last year sterling eased
off from the beginning of the year to early in February
and then moved upward until May. Some London
advices still state that the Stock Exchange houses
there look for a reduction in the Bank of England
rate within the next few weeks. However, other
advices from London say thatthe men of the money
market there do not agree with the views of the
stockbrokers and point out that conditions on this
side of the water are unfavorable to an early reduction in the Bank rate. They point particularly to
the increase in loans here for both commercial and
Stock Exchange speculative account. The latter
loans increased during March more than $317,000,000
and this, the London money men say, is unfavorable
to any immediate change in the London rate. Money
was firm in London throughout the week, a factor
favoring the firmer rate for exchange. The light
transactions of the week reveal some transfers of
funds from New York for investment in Londonquoted securities. An official announcement of the
Government's plans for currency amalgamation is
expected this month. It is generally believed that
the Chancellor's budget statement of April 24th will
announce the actual plan or give some indication of
its nature.
This week the Bank of England shows a loss in
gold holdings of £885,769. On Saturday last the
Bank set aside for account of South Africa £1,000,000
2053
in sovereigns. On Thursday of this week the Bank
released £500,000 which had been set aside for
account of South Africa. On Tuesday the Bank
sold £108,000 in gold bars to an unstated buyer.
At the Port of New York the gold movement for
the week Mar. 29-Apr. 4, as reported by the Federal
Reserve Bank of New York, consisted of imports
of $253,000, chiefly from Latin America. The
exports totaled $16,078,000, of which $11,983,000
were shipped to France, $3,000,000 to Italy, $750,000
to Argentina, and $210,000 to Venezuela. There
was no Canadian movement of gold either to or from
the United States. Besides the gold officially
accounted for by the Federal Reserve Bank of New
York, the $5,210,000 which was sent here from
Soviet Russia on Feb. 21 was sent back to Europe
on Thursday on the steamship Dresden, consigned
to the Garantie und Kreditbank Fuer den Osten
of Berlin, this organization having been the actual
shipper of the gold to New York. A joint statement
by the Berlin bank and Simpson, Thatcher & Bartlett of New York, counsel for the State bank of the
Soviet Republic, was issued to the press explaining
the circumstances attending the shipment. This
will be found on a subsequent page. Canadian
exchange was firm throughout the week, commanding
a premium ranging from 3-32 to 7-64 of 1%.
Referrirg to day-to-day rates sterling was firm
on Saturday last. Bankers sight was 4.87%@
4.87 13-16; cable transfers, 4.88 5-32@4.88 3-16.
On Monday the firmness was more noticeable. The
range was 4.87%@4.87% for bankers sight and
4.883'@4.883j for cable transfers. On Tuesday
sterlirg was in demand. The range was 4.87 13-16(4)
4.87 15-16 for bankers sight and 4.88 3-16@4.88 9-32
for cable transfers. On Wednesday the market
was steady and firm. Bankers sight was 4.87%@
4.8795 and cable transfers 4.883.1.@4.88 5-16. On
Thursday firmness was decided in a dull market.
Bankers sight was 4.87 13-16@4.87 31-32 and cable
transfers, 4.8834@4.88 11-32. On Friday the range
was 4.87 27-32@4.87 29-32 for bankers sight and
4.8814@4.88 5-16 for cable transfers. Closing quotations yesterday were 4.87 15-16 for demand and
4.88 5-16 for cable transfers. Commercial sight
bills finished at 4.87 13-16, 60-day bills at 4.84 3-16,
90-day bills at 4.823/
2, documents for payment (60
days) at 4.84 3-16 and 7-day grain bills at 4.8734.
Cotton and grain for payment closed at 4.87 13-16.
The Continental exchanges have been firm though
extremely dull for the reasons stated above in the
report of sterling exchange. Interest attaches principally to French exchange because of the mystery
surrounding the plans of the Bank of France with
regard to its increasing gold holdings. As stated
above, $11,983,000 gold was shipped from New York
to France on Wednesday. This makes $48,000,000
of earmarked gold withdrawn from this market by
the Bank of France in the past several weeks, and a
total of $140,000,000 earmarked gold withdrawn from
New York and London recently. Press dispatches
from Paris state that the French press has intimated
that France will start a huge consolidation loan soon
after the general elections, marking one of the greatest
steps of French financial rehabilitation. "Echo de
Paris" has said that M.Moret, Director for the Movement of Funds, conferred with representatives of important financial institutions regarding advice on
such a loan. "Le Journal" is quoted to the effec
t
2054
FINANCIAL CHRONICLE
that "this loan probably will be one of the last steps
of rehabilitation, including definite stabilization of
French money."
There are no new developments in the program for
stabilizing the franc. It is generally believed that
; the stabilization will take place in May or June.
Belgian exchange fluctuates within very narrow
limits. That currency has remained steady during
the entire year since the stabilization measures were
made effective. This is taken as proof that the gold
• redemption experiment is an entire success. Belgium's trade balance is continuously favorable. German marks still play the most prominent part of all
• the Continental exchanges so far as the New York
market is concerned. The Reichsbank statement as
of March 31 shows an increase in gold coin and bullion
of 21,812,000 marks. Berlin expects to draw more
gold from the United States and from Russia. As
stated above in the account of sterling exchange, the
$5,210,000 Russian gold which came to New York
on Feb. 21 was shipped to Germany on Wednesday to
the Garantie und Kreditbank fuer den Osten of Berlin.
Although the Reichsbank statement shows an increase
of only 21,812,000 marks in gold holdings, advices
from Berlin state that recent purchases of gold by the
. Reichsbank in New York total approximately 100,• 000,000 marks. Money continues firm in Germany,
but conditions are considerably easier than they were
some weeks ago.
Some slight rise has occurred in Rumanian lei and
in Greek drachmas. Neither exchange is dealt in
largely in the New York market and transactions
affecting the rate originated chiefly in Europe. The
firmness was doubtless due to a return of confidence,
as announcement of stabilization plans is momentarily
expected with respect to these two currencies. It is
well known that the French Government is interested
in promoting stabilization in Rumania and Jugoslavia. President Coolidge has signed the bill ratifying the Jugoslavia debt fund agreement. Jugoslavian exchange is an extremely minor one in New
York. Italian lire continue firm and it is expected
that the unit will be more active following the Easter
holidays. On Monday the Bank of Italy reduced
its discount rate from 63/2% to 6%. The Italian rate
,has been at 63/2% since March 5. Polish exchange
is steady, stabilized around 11.20. The Parliamentary Budget Committee of Poland has been informed
that revenue for the past fiscal year was 250,600,000
zlotys (approximately $28,192,500) above• expenditures. The surplus last year was 150,000,000 zlotys
($16,875,000).
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday
of last week. In New York sight bills on the French
centre finished at 3.9332, against 3.93 7-16 a week
ago; cable transfers at 3.93%, against 3.93 11.16,
1 8.
and commercial sight bills at 3.933, against 3.93/
at
and
checks
for
13.96
at
Antwerp belgas finished
and
against
as
transfers,
13.953/b
13.97 for cable
13.963/2 on Friday of last week. Final quotations
for Berlin marks were 23.91 for checks and 23.92
for cable transfers, in comparison with 23.91 and
23.92 a week earlier. Italian lire closed at 5.2834
for bankers' sight bills and at 5.283/2 for cable trans% last week. Ausfers, as against 5.281
4 and 5.283
trian schillings have not changed from 143'. Exchange on Czechoslovakia finished at 2.9615, against
%, against 0.623'; on
%; on Bucharest at 0.631
2.961
Poland at 11.20, against 11.20, and on Finland at
[Voo. 126.
2.52, against 2.52. Greek exchange closed at 1.3234
for checks and at 1.32M for cable transfers, against
1.32 and 1.323 a week ago.
In the exchanges on the countries neutral during
the war the feature this week has been the advance
in the Scandinavians. Norwegian exchange was in
considerable demand in the early part of the week.
London press dispatches state that negotiations are
under way for the reconstruction of the Andersens
Og Bergens Kreditbank and of the Centralbanken.
The Norwegian Government is anxious to obtain
the participation of foreign banking interests in the
reorganization of these banks. In addition to Hambros Bank, the name of Barclays Bank is also
mentioned as being interested in the negotiations.
If an agreement is reached, a banking group-presumably with the co-operation of American bankswould take over a block of the shares of the reconstructed banks, and would also grant them a credit.
The shares would be placed privately, there being
no question of any public issue. It is believed that
the British banks are prepared to conclude the
transaction only on the condition that Norway
should return to a gold basis. Danish kroner were
firm, but as the Scandinavian countries were on
holiday the greater part of the week, the fluctuations in rates gave no proof of real market conditions.
Denmark, which less than three years ago retired
a bond issue bearing an 8% coupon in the American
market, has this week arranged a new 432% loan of
$55,000,000 through a syndicate of bankers headed by
the Guaranty Co. Details of this issue will be
found on another page. The rate for Holland guilders
fluctuated within narrow limits during the week,
though the guilder touched a new high of 40.31
for cable transfers in Wednesday's market. but the
rate reacted on Thursday.
Bankers' sight on Amsterdam finished on Friday at
40.27, against 40.253 on Friday of last week; cable
transfers at 40.29, against 40.273 and commercial
sight bills at 40.23, against 40.21. Swiss francs
closed at 19.2634 for bankers' sight bills and at 19.27
for cable transfers, in comparison with 19.26 and
19.26% a week earlier. Copenhagen checks finished
at 26.82 and cable transfers at 26.83, against 26.79
and 26.803'. Checks on Sweden closed at 2a.85 and
cable transfers at 26.86, against 26.84 and 26.85,
while checks on Norway finished at 26.73 and cable
transfers at 26.74, against 26.693 and 26.703'.
Spanish pesetas closed at 16.813' for checks and at
16.823/i for cable transfers, which compares with
16.833' and 16.843' a week earlier.
The South American exchanges have been practically at a standstill throughout the week and quotations have been nominal. As stated above in the
report concerning sterling exchange, $750,000 gold
was sent to Buenos Aires this week and $210,000 ivas
sent to Venezuela. Following the Easter holidays
the South Americans may be expected to show activity, and New York bankers feel that exchange will
favor the South American countries for a long time
owing to the improvement in financial conditions in
the Latin American republics and to a wave of commercial prosperity which these countries are all enjoying at present, as reflected in their mounting
exports. Argentine paper pesos closed yesterday at
42.71 for checks, as compared with 42.85 on Friday
of last -week, and at 42.76 for cable transfers, against
Ara. 71928.]
FINANCIAL CHRONICLE
42.90. Brazilian milreis finished at 12.04 for checks
and at 12.05 for cable transfers, against 12.04 and
12.05. Chilean exchange closed at 12.19 for checks
and at 12.20 for cable transfers, against 12.19 and
12.20, and Peru at 3.97 for checks and at 3.98 for
cable transfers, against 3.93 and 3.94.
2055
possible to show the effect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Apr.2.
Mar. 31.
Tuesday, Wednescry. Thursday, Friday.
Apr.6.
Apr.5.
Apr.4.
Apr.3.
Aggregate
for Week.
In the Far Eastern exchanges Japanese yen after
3
$
118.000.000 101,000.900 Cr. 726,000.000
strength the early part of the week weakened again 107,000.000 121.000.000 151.000.000 125,000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
ul the country in the operation of
the latter part. It is believed the weakness re- to the New York Reserve Bank from all parts
Federal Reserve System's par collection scheme. These large credit balances,
sulted from profit taking by speculative holders in the
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In
of checks on institutions located outside of
London and the Far East. Governor Junnosuke the daily balances. The large volume
New York are not accounted for in arriving at these balances, as such checks do
House but are deposited with the Federal Reserve
Inouye of the Bank of Japan stated recently that not pass through the Clearing
Bank tor collection for the account of the local Clearing House banks.
removal of the gold embargo would be inopportune
at this time as banking readjustments are not yet
The following table indicates the amount of bulcomplete. The Japanese financial situation is mak- lion in the principal European banks:
ing steady progress and the ToIdo money market
April 6 1927.
April 5 1928.
continues easy. Closing quotations for yen checks Banks of
Total.
Silver.
Gold.
Total,
Silver.
Gold.
yesterday were 47%®483/
8, against 47.80®48 on
r
r
£
£
£
£
151,300,457
7
Friday of last week; Hong Kong closed at 49.80(4) England _ 157,244,685 13,717,592 157,244.685.151,300,45
161,020.268
13,680.000
8
160.898,695147.340.26
France a _ _ 147,181,103
994.6001 88,508.650
92,256,800 c994,600 93,251,400 87,514.050
Germany
49 15-16, against 49.85@50 1-16; Shanghai at 63® Spain
104:317;000i 28,074,000 132,391.000 103,537.000 27,903.000131.440,000
50,006,000
4.239,0001
45.767.000
39,181,000
633-16,against633/8®63H; Manila at49 9-16, against Italy
38,491,000 34,939,000 2,290.00 37,229,000
Netherl'ds 36.266,000 2,225.
19,222,000
1.145.00
18,077,000
22,700,000
1,244,000
Nat. Belg. 21,456,000
49 9-16; Singapore at 563/
2®56%, against 56/@ Switzerl
21,217.000
'd 17,289,000 2,511,000 19,809.000 18,327,000 2,980.0001 12,353,000
12,353,000
12,930,000
12.930,000
-Sweden_
56%; Bombay at 36 11-16, against 36 11-16, and Denmark _ 10,109,000 641,0 10,750,000 11.202,000 834,000 12,036.000
8,180.000
8,180,000 8,180,000
8,180,000
Norway
Calcutta at 36 11-16, against 36 11-16.
Total week 646,410,588 49,407,192 695,817,780038,536,775 53,975,600692,512,375
Prey. week 646.192.757 49 254,192695.446.949 637.368.815 53,884.600691.253.4i5
a Gold holdings of the Bank of Fiance are exclusive of gold held abroad, amounting
are
the present year to £74,572,866. b Gold holdings of the Bank of Germany
exclusive of gold held abroad, the amount of which the present year is £4.281.300.
c As of Oct. 7 1924.
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
The Mexican Oil Settlement.
buying rate for cable transfers in the different countries of the world. We give below a record for the
The new regulations which were signed by Presiweek just past:
dent Calles on March 27, interpreting and applying
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE the revised Mexican oil law, appear to go a long way
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
in the direction of a satisfactory settlement of a conMAR. 31 1928 TO APR. 5 1928, INCLUSIVE.
troversy which has vexed the diplomatic and busiNoon Buying Rate for Cable Transfers to New York,
Value Os UnUed States Money.
Coun1ry ^94 Monetary
ness relations of Mexico and the United States for
Unit.
Mar. 31. Apr. 2. Ayr. 3. I Apr. 4. Ayr. 5. AN.8.
more than ten years. For the step which has just
$
$
$
$
$
g
EUROPEbeen taken, Ambassador Morrow is undoubtedly very
140715 .110690 .140716 .140711 .140720 .140658
Austria, whining
.139481 .139561 .139589 .139600 .139640 .139623
Belgium. belga
responsible, and he is entitled to hearty
largely
.007197 .007211
.007227 .007211 .007186 .00721
Bulgaria. lev
Czechoslovakia, krone .029626 .029624 .029625 .029625 .029625 .029630
achieving so considerable a success so
for
praise
.268245
.268242
.268142
.268010
.268082
267968
Denmark, krone
England. pound OMearly in his diplomatic career, but his own state4.881335 4.881321 4.881974 4.882783 4.882741 4.882470
sterling
.025179 .025178 .025177 .025170 .025178 .025175
Finland, markka
.039360 .039358 .039361 .039367 .039365 .039367
France. franc
ment that the changes in the Mexican law and regu.2311120 .239146 .239198 .239166 .239142 .239150
reichamark.
Germany,
.013250 .013244 .013252 .013245 .013243 .013250
Greece, drachma
had been made "by the voluntary act of the
lations
.402730 .402761 i.402890 .402951 .402934 .402938
Holland. guilder
.174650
174609 .174625 .174621 .174614 .174609
Hungary, pengo
Republic of Mexico" is a proper, as well as a gener052828 .052819 .052824 .052832 .052832 .052832
Italy, lira
.266978 .266992 .267068 .267155 .267227 .267256
Norway, krone
ous, recognition of the fact that without a.friendly
.112075 .112035 .112038 .112061 .112038 .112094
Poland, zloty
042515 .042515 .042015 .042340 .042225 .042225
Portugal, escudo
disposition on the part of the Calles Government,
006260 .006271 .006293 .006290 .006294 .006286
Rumania,leu
.168397 .188172 .168245 .168225 .168150 .168072
Spain, peseta
backed by a sound decision of.the Mexican Supreme
.268447 .268453 .268487 .288496 .268538 .268587
Sweden,krona
Switzerland, franc__ .192629 .192619 .192662 .192689 .192689 .192689
Court, a revision of the Mexican oil law and the reguYugoslavia, dinar_ __ _ .017599 .017603 .017600 .017597 .017598 .017600
ASIAlations under it might easily have been still further
China.64(1875 .615208 .645416 .643125 .6464.
58 .6:16041
Chefoo teal
delayed.
.637708 .642708 .642083 .639791 .643125 .642708
Hankow tael
.633125 .028660 .628839 .629321 .628928 .628660
Shanghai tael
The Mexican oil controversy goes back to 1916,
.662708 .661458 .661666 .659375 .662291 .661458
Tientsin tadl
.498211 .497500 .497553 .497500 .497053 .497142
Hong Kong dollar
when reports became current that President CarranMexican dollar_ __ _ .458000 .458250 .456500 .456500 .455750 .454750
Tientsin or Peiyang
.459583 .460000 .456666 .456666 .456250 .454583
dollar
za proposed to nationalize the Mexican oil industry.
456250 .456666 .453333 .453333 .452916 .451250
Yuan dollar
.365400 .365537 .365400 .365414 .365425 .365462
India, rupee
The reports were denied, but in May, 1917, a new
.478383 .479111 .479033 .479161 .478988 .478911
Japan, yen
.562916
.563333
.563333
.563333
.562500
.562083
Singapore(5.B.)dollar.
Mexican Constitution vested in the nation the ownNORTH AMER.1.000020 1.000772 1.000785 1.000794 1.000889 1.000924
Canada, dollar
ership of the subsoil, and in February, 1918, a de1.000656 1.0006.56 1.000656 1.000718 1.000687 1.000718
Cuba, peso
.487333 .487375 .487625 .487500 .487333 .487500
Mexico, peso
cree of President Carranza appeared to indicate
Newfoundland,dollar. .998750 .998593 .998593 .998625 .998582 .998812
SOUTH AMER.a purpose to deprive surface owners of their subArgentina, peso (gold) .972392 .972607 .972350 .972107 .972092 .972208
120300 .120291 .120316 .120300 .120320 .120327
Brazil, Urals
soil rights. The protest of the Wilson Administra.122143 .122142 .122115 .122155 .122154 .122152
Chile, peso
1.038623 1.036352 1.036152 1.035623 1.035123 1,035723
Uruguay.Peso
tion
was without effect, and the controversy became
.981600 .981600 .981600 .981600 .981600 .031600
Colombia. peso
more acute with the overthrow of the Carranza GovOwing to a marked disinclination on the part of ernment, the accession of Adolfo de la Huerta as
two or three leading institutions among the New Provisional President, and the refusal of the United
President
York Clearing House banks to keep up compiling the States to recognize the Huerta regime.
Decemof
beginning
the
at
office
figures for us, we find qurselves obliged to discon- Obregon, who took
betime
a
for
recognition
refused
tinue the publication of the table we have been giv- ber, 1920, was also
assurance
satisfactory
a
give
to
refusal
his
of
cause
ing for so many years showing the shipments and
that American property rights would not be subjectreceipts of currency to and from the interior.
"The safeguarding of
As the Sub-Treasury was taken over by the Fed- ed to virtual confiscation.
confiscation" was declared
eral Reserve Bank on Dec. 6, 1920,it is also no longer property rights against
III
2056
FINANCIAL CHRONICLE
[VoL. 126.
by the then Secretary of State, Charles E. Hughes, statement of what shall constitute "petroleum ex•on June 7, 1921, to be "the fundamental question ploitation work" by concessionaires is also made.
which confronts the Government of the United The conclusion that confirmations under the amended law are to be regarded as confirmations and not
States in considering its relations with Mexico."
There the matter rested until May, 1923, when as new grants appears to be an inference from the
President Harding appointed two Commissioners to general tenor of the new regulations, rather than a
confer, at Mexico City, with Mexican Commission- specific assurance in terms.
The only comment of the Department of State
ers in an effort to settle the points at issue. The outcome of their deliberations was the conclusion of an thus far is the statement, issued on March 27 simulagreement, accepted as satisfactory by both Govern- taneously with the announcement of Ambassador
ments, relating to such subsoil rights of American Morrow's achievement, that "these steps voluntarily
citizens as had been acquired before May 1, 1917, taken by the Mexican Government would appear to
when the new Mexican Constitution went into ef- bring to a practical conclusion the discussions which
fect, together with the question of compensation to began ten years ago," and that "the Department
be made for lands taken by the Mexican Govern- feels, as does Ambassador Morrow, that such quesment under eminent domain. American recognition tions, if any, as may hereafter arise can be settled
of the Obregon Government followed in September, through the due operation of the Mexican admini1923, and the Calles Government, which took office strative departments and the Mexican courts." The
at the end of November, 1924, was also recognized. nature of some, at least, of the questions that may
The early months of the Calles Government, how- still arise is indicated by Mr. Morrow himself, who
ever, were marked by agrarian troubles in Mexico points out in his statement of March 27 that "there
and. attacks upon American ranches and other prop- remains, of course, the determination of what rights
erties, and in June, 1925, Secretary of State Kel- the oil companies held on May 1,1917 (the date when
logg declared that the Calles Government was "on the new Mexican Constitution went into effect),"
trial before the world" because of the disorders and that "there may well be honest differences on
this point." We have yet to learn whether the new
which it appeared unable or unwilling to suppress.
In December, 1926, the Mexican Congress enacted regulations, whose provisions were presumably
a series of laws, affecting alien landholdings and oil known to the Department of State before the offirights, which were regarded by the American Gov- cial comment just quoted was issued, are acceptable
ernment as retroactive and confiscatory. The Calles to the American or other foreign oil companies.
Government, on the other hand, took the position There is a conflict of testimony as to whether the
that if the laws, with the regulations issued under oil interests were consulted in the negotiations. Acthem, proved to be retroactive or confiscatory, the cording to the correspondent of the New York
proper remedy was in a resort to the Mexican courts, "Times," who cabled from Mexico City on March 27,
and that the decision of the courts, if it were ad- the new regulations "were the result of a long severse to the laws or regulations, would be enforced. ries of conferences between Ambassador Morrow
On Nov. 17 1927 the Mexican Supreme Court, in a and Minister of Industry Luis Morones," in which
case involving the Mexican Petroleum Company, held "local representatives of all the important foreign
that Article 14 of the law of 1925 regarding oil con- companies operating in Mexico and legal experts on
cessions, which required new concessions in the case both sides assisted." The correspondent of the New
of rights acquired before 1917, and Article 15, which York "Herald Tribune," on the other hand, in a disdealt with the method of confirming pre-existing patch from Mexico City on the same date, stated that
rights, were unconstitutional. Thereupon the Mexi- President Calles's signature of the decree "apparcan Congress, on Dec. 26, revised the law to con- ently came as a complete surprise to oil men here,"
form to the decision, thereby accepting the view, as that some of them, when questioned, "expressed asstated in a committee report on the subject, that "to tonishment at the issuance of the regulations, adconfirm a right is to recognize it expressly in its mitting that they knew nothing of them," that "Amwhole extent and with all conditions inherent there- bassador Morrow apparently worked without their
in, in such way that no restriction whatever can be knowledge and without consulting them," and that
established with regard to the extent or the con- while the work of a committee "selected from the
oil executives to formulate and draft regulations the
ditions of the right confirmed."
The revised regulations which President Calles companies desired" was "taken by Mr. Morrow and
has now issued make clear, according to Ambassa- Mexican Government officials into consideration,"
dor Morrow, what Minister Morones, head of the no further consultations with the oil men were
Department of Industry, Commerce and Labor, also held.
This discrepancy, quite possibly due to some mismade clear in a recent reply to an inquiry from one
of the oil companies, namely, "that those taking understanding on the part of the correspondents,
confirmatory concessions under the amended law get will doubtless be cleared up in due time. It seems
confirmation of their old rights rather than a grant unlikely that Mr. Morrow, in negotiations particuof new rights. The form of the confirmatory conces- larly affecting the oil companies, would go out of
sion, as set out in the new regulations, expressly de. his way to hold the representatives of the companies
dares that it is to operate as a recognition of ac- at a distance, and equally unlikely that the oil comquired rights which continue in force." Specifically, panies were wholly unaware of what was going on.
the new regulations omit the fifty-year limit for Whatever the exact facts of the case may be, there
which confirmatory concessions were to be made, seems to be no question that one of the chief stumand provide instead that such concessions shall be bling blocks in the way of cordial relations between
issued "without limitation of time when they are this country and Mexico has been quietly removed,
issued in favor of surface owners, and for the term and an atmosphere of confidence and security substistipulated in the contract when they are issued in tuted for one of suspicion and apprehension. For
favor of lessees or concessionaires." A more explicit this gain in international friendliness and under-
APR. 7 1928.]
FINANCIAL CHRONICLE
standing we may indeed be grateful. Mr. Morrow,
whose part in the transaction has evidently been a
considerable one, has shown commendable tact and
skill in urging the American case, at the same time
that the Mexican Government has made good its assurance that the objectionable laws and regulations,
if found unconstitutional by the Mexican Supreme
Court, would be changed to conform to judicial requirements. With such dispositions on the two sides,
any differences that may later arise regarding the
meaning or application of the Mexican oil laws
should be ironed out without precipitating a recurrence of the threatened crises which have characterized the discussion of the matter in the past.
Indicting a Political Party.
It has been declared impossible to indict a whole
people for crime. In a two-party system of government it would seem equally difficult to indict a
whole party for criminality in office. But some
of our leaders in the Democratic Party seem intent
on doing this very thing. They tried it in 1924
and signally failed in the election. What hope they
have now in a similar effort and based on practically the same grounds it is hard to perceive. The
careful thinker, removed from the excitement of politics, is not likely to indict the Republican Party
for the malfeasance of a few office-holders, even
though the charges be proved. There is too great a
majority of honest men in each of the great parties
for one to declare the other unworthy of trust. The
cry "turn the rascals out" was raised once before
in the midst of more important and determining
issues. It was even asserted that a change in party
control was necessary in order that the people might
"see the books." The reports of the Treasury, it was
intimated, might conceal huge deficits in the cash
of the country. And at once a count of the money
in the vaults was instituted. Not a copper cent was
missing! So much for the insinuated dishonesty of
Administration.
The present effort to discredit a party because of
disclosures through oil investigations and through
the use of money in certain State primary elections is
not sufficient for the wholesale charges of indiscriminate corruption. It will be remembered that
there were alarming charges made against the Wilson Administration of a large over-issue of Liberty
Bonds. A Republican President summarily removed
those in charge of the Bureau of Printing and Engraving and a Republican Secretary of the Treasury
at a subsequent time caused an investigation to be
made, independently and secretly, and the only
thing disclosed was that one of the numbering machines "slipped a cog." There was no loss to the
Government, for if the machine failed to register or
on the other hand, repeated a number, the Government received the money for every bond put out.
Thus one party, if the term may be used at all in
connection with the affair, in the course of its routine administration proved the opposing party honest. The "scandal" which threatened died down and
all doubt was dispelled.
Beyond question, the people are interested in overseeing by all fair means the conduct of parties in
office. But democracy, tested by its records in the
United States, has never proved recreant to a trust.
Nor has any party ever consciously put thieves in
office. Nor has any party through its Federal employees stolen large sums of money. That there was
2057
vast waste of funds in war-time under the cover of
the cost-plus system no informed man would care
to deny. But the evil here belongs to contractors
without regard to party, who worked under the law,
and who, for the sake of the cost-plus emolument,
in some instances wrongfully increased the cost.
No one knows the politics of these individual contractors, no adequate investigation has ever been
made, though refundings under certain probings
have been made. These facts are important (though
one may suspect favoritism in the letting of huge
war-time works) in that they prove that indiscriminate charges against a political party are not sufficient to indict.
Of course, a party must be held responsible for
the acts of its members in office. But the charges
must be specifically proven and they must be of sufficient magnitude to embroil the whole party. The
Courts provide for cases of malfeasance. There is
trial by jury, and there may be conviction against
the individual, but not against the party. Condonement of these offenses by the party is ground for
withdrawal of support from the party. This is all
provided for. Not every party man is personally
honest. This applies to all parties. Again, parties
that are honest in administration as far as dollars
and cents are concerned, may be dishonest in political practices. Thus, "platforms made to get in on"
are dishonest. Principles adopted to catch votes
are dishonest. These forms of dishonesty are fit
subjects for condemnation at the polls; and, in fact,
they are the bases for campaigns, and are important
to the whole people. But in these particulars, no
basis can be found for condemning a party because
a high official may have been bribed, or because
overzealous friends of a candidate may have spent
too much money to elect him.
The chief objection to these manufactured oppositions is that they divert the minds of the people
from the consideration of political principles vital
to the country. Punish the office holder in the
courts for defalcations and violation of the laws;
punish the party at the polls for deceit and dissimulation and for misuse of party and principles for the
sake of gaining office. But there should also be
rebuke at the polls for leading the people astray as
to the important issues of a campaign. Throwing
up a smoke-screen which obscures great political
principles reacts upon the party employing it. Negative opposition by a party never wins an election.
If several cabinet officers were convicted of crime,
it would not be justification for the defeat of that
party, provided it could be shown to be sincere in the
advocacy of constructive principles good for the
country. Nor could such conviction justify the instalment of a party that had no other appeal than
the fatuous cry of "turn the rascals out." .
Without favoring one party or the other, we would
like to see the present campaign restored to a debate and a contest over fundamental principles of
government. It cannot be a credit to any party to
win an election on false issues and hysterical cries.
Nor can it be a plea for continuance of rule to meet
minor charges by like minor charges—tit for tat, and
refusing to take a firm stand for major principles or
trying to conceal derelictions by its officials rather
than to make admission and join in punishment.
There are matters of crucial moment in every election. These should make the body of platforms
(whether sincere or not) and do. We waste time
2058
FINANCIAL CHRONICLE
in violent arraignments of or for crimes the courts
are competent to deal with. Often men shout so
loud at the voters that they lower themselves to common prosecutors and persecutors. Parties cannot
be destroyed or defeated by such methods. The'people are not blind to these prosecutions—the people
are mainly divided into two parties, the people are
honest, and the parties therefore must be.
The Place of Adventure in Modern Thought.
It is coming to be accepted that inasmuch as
advanced science is proving that there is no certain knowledge—for all knowledge is more or less
well established belief—the business of daily life
may be grounded on adventure. In other words,
any kind of evidence that makes a reasonable appeal may justify an enterprise which, while it involves uncertainty and even risk, may be worthy of
effort that requires outlay and courage. Science,
and equally religion, are "two diverse, but intrinsically connected adventures of the spirit of man."
Over against this may be set the fact that since
the days of Marco Polo, Columbus, Vasco da Gama
and Walter Raleigh, business has always been characterized as an affair largely of adventure. It
has always been based on faith in unexplored possibilities of gain, of which there was sufficient evidence to justify the venture; and, as a matter of
fact, business has from the beginning supplied substantial warrant for this discovery of Science.
We have before us a book* of half a dozen essays
by as many writers, seeking to show that this truth
lies at the foundation of all substantial progress,
whether in morals, religion, science or knowledge;
that, in fact, adventure is the test and proof of
reality everywhere.
Dr. Alexander S. Russell, of Oxford University,
opens the series with an essay on The Dynamic of
Science. He shows that science accepts only demonstrated evidence of truth, and to obtain this untramelled freedom of opinion and action is essential. Following the lines of objective evidence presented to the senses, and the suggestions within
arising from the evidence, it investigates the world
as it lies about us. In this search it arrives at
laws which are not final, but subject to never ceasing review and modification as it pushes out into
the limitless realm of the unknown. It is continually compelled to free itself from bondage to the
teaching and judgments of the past, to-day discovering as never before the extent to which it must
be expectant and adventurous.
When it comes to the realm of reality that lies
outside the objective world of Science, Mr. John
MacMurray, Fellow of Balliol College, Oxford, in
his essay, Beyond Knowledge, emphasizes the importance of the distinction between faith and
knowledge, so constantly confused. They are distinct, and ought not to be misunderstood. Faith
is a practical attitude of the will, while knowledge is to-day accepted as beliefs which have been
tested and confirmed by experiment. Science starts
with conceptions or beliefs which it proceeds to investigate. It pushes as far as possible the knowledge it acquires, always aware of the unknown lying beyond.
Faith is the readiness of the mind to act on the
conviction or intimations that pertain to that un•Adventure.
B. H. Streeter, and others.
The Macmillan Co.
[vol.. 126.
demonstrated realm. One confirmed beliefstrengthens the impulse to further search. Faith gains
substance from each confirmation. It therefore
attends Science, pushing it onward and outward in
its search for knowledge. As knowledge grows,
faith finds larger scope in the searcher's greater
wisdom and his increased understanding of his
own nature and possibilities. In this way it is the
indispensable servant of both morals and religion,
no less than to daily life. It quickens man's activity
by giving it scope and purpose, and to him immediate benefit. Every acquisition of knowledge, every
consciousness of gain, in a man's awakened faculties,
his perception of the meaning of life, his joys, his
powers, his possibilities, make him so far a new
man. 'Without faith, this attitude of his spirit, this
readiness to reach out for better things and larger
knowledge of things as yet unattained, he fails to
be true to himself. Faith thus is courage to face
ignorance, with the purpose to learn and to know.
It is the buoyant spirit of creative adventure.
Dr. Burnett Streeter, also of Oxford University,
takes this up and applies it to morals in the whole
realm of human relations. He shows that the common conception of morality as based on fear of consequences is invalid. It has encountered a present
period of moral revolt which has disturbing and even
destructive effect, to be seen in the break-up of family relations, the wrecking of many individual lives,
and the prevalence of much violent evil. Life is
neither a realm of despair nor an Epicurean revel.
Dum vivimus vivamur! is just as much a pagan invitation, because we are alive, to turn ourselves loose
and make life as wild a play as it ever was. Life
is humanity acting in accepted co-operation, to secure well-being for the individual and assured progress for the race. Morality is the inherent. expression of the spirit that animates. It creates a code
of ethics to guide its practice; and this code, varied
and adjusted as experience teaches, is the accepted
rule for all, for it is the expression of their deepest
convictions. The normal impulse with all is to
play the game; and as the practice prevails character strengthens; peace is assured, and, however
plausible effort may be to break it up, the results of
such attempts are everywhere stamped as vice. The
rule of the community even unconsciously is live
constructively. Do right, deal honestly. Apply
adventure; but see that it is for good, and not for
evil.
Dr. Streeter discusses the sex question with entire frankness. Purity is essentially a mental virtue. It is bodily because the acts of the body inevitably affect the mind. It should exist in connection
with interest in the beautiful and the wholesome, not
in ignorance of the existence of the opposites, or
simply because of the restraint of prohibitions.
Youth is inquisitive and always stirred by adventure.
Children need kindly information from those they
love and trust, answers to their questions that are
both frank and truthful. Mere prohibitions are
provocative. Adolescence requires the guidance of
knowledge that appeals. to manliness and womanliness, that develops character and gives a new sense
of strength and answers the desire for adventure.
A new vision is better than a new code, and presents ideals of happiness, richer and surer, awaiting
in later life. "Free love" is always a delusion and
a snare. The one man and the one woman, mutual
helpmates for strength and comfort, constitute the
Ara. 7 1928.]
FINANCIAL CHRONICLE
relation in which the best possibilities of life are
attained in their completeness; the family as so
created is the foundation on which human progress and civilization rest.
To-day, as a result in part of the war, this way of
life is out of the reach of many. The world is suffering a moral impoverishment more serious than
the economic. But to its restoration lines of high adventure in service, and even in self-sacrifice, are
open. This is the secret and the creative teaching
of Christianity. It is the call to accept the gift
and the responsibility of being "created in the image
of God." Jesus Christ came to make thia clear. He
stood alone in accepting the power of God as given
him to pass on to others, the all-embracing Divine
Life which will help men to know God and be His
children. He gave his life as a sacrifice that men
might know that even in this world with all its limitations, even its current and inherited evils, men
might one by one by following Him come to know
the Father.
Since then multitudes have proved this true as
they have walked in his steps, Easter, observed
around the world, is the testimony of Christendom.
On the first Easter day Jesus' great adventure of
giving himself for the world witnessed to the winning of his crown. The Kingdom of heaven is assured and now the path of those who have entered
it is open to all.
The closing essay of the book is to this end. All
the activities of daily life are of men and women
like ourselves, each having a place and a part. It is
a world which now has a conception of the meaning of existence as intended, for all. An ideal is set
up and a vision is given of what may be anticipated.
Life in all its forms is made relational to one divine
event; heaven is opened; the Beyond has become the
actual and the near. Sorrow and sighing are to
flee away. Adventure, in spite of disappointment
and pain, has become attainment, and the heart of
man is to be satisfied. We have but to heed the
words and walk in the steps of Him who "saw the
travail of his soul and was satisfied," because in
so doing He opened the Kingdom of God for Himself
and for us.
The Record of Failures in March and the
First Quarter.
March failures in commercial lines were heavy in
the number of defaults as well as in the amounts involved. Insolvencies in the United States during
that month, as shown by the records of R. G. Dun
& Co., numbered 2,236, and cover a total indebtedness of $54,814,145. The number exceeds any preceding month except January of this year back to the
beginning of 1927, and the liabilities are in excess
of each month since March of a year ago. Mercantile defaults in the United States have shown some
increase during the past year or more, but in the
main the liabilities, while heavy, have been somewhat smaller than in some recent preceding years.
The indebtedness for March is slightly less than it
was for March 1927, but it is considerably higher
than it was for March 1926 and 1925. The large
extent of the losses this year is due to some particularly heavy failures as was the case in March a
year ago.
Mercantile defaults last month at 2,236, compare
with 2,176 in February and with 2,143 in March a
2059
year ago. The increase last month over March of
last year was 4.3%, while for the first quarter of
1928, which is completed by .the returns for March,
the growth in the number of insolvencies over the
corresponding period of 1927 is 6.4%. The liabilities
reported for March at $54,814,145, which, as stated,
are heavier than in each preceding month since
March of last year, and with the exception of the
last mentioned month exceed the amount reported
for each month back to March 1924, show a decrease
of 5.3% compared with March 1927.
Defaults last month numbered 546 for the manufacturing class, with $20,411,956 of indebtedness;
1,566 for the trading division involving $26,186,339,
and 124 for $8,215,850 in the class embracing agents
and brokers. For the corresponding month of 1927
there were 569 manufacturing defaults involving
$22,367,655 of indebtedness; 1,468 trading ,failures
for $28,191,482, and 106 insolvencies among agents
and brokers with liabilities of $7,331,768. The figures for all three divisions in both years are heavy.
Defaults in manufacturing lines were slightly less
numerous this year than last, and there was also a
reduction in the amount of indebtedness this year'as
compared with March 1927. On the other hand, trading defaults and those of agents and brokers were
more numerous this year than they were last year,
but liabilities for trading concerns were also reduced
this year as compared with the corresponding month
last year; as to agents and brokers, however, the indebtedness shows an increase this year.
In the manufacturing division the reductions in
the number of defaults this year as compared with
last year are mainly in clothing lines and among
the printing class and among bakers. On the other
hand, there is an increase this year in the number
of failures in machinery manufacturing, in the lumber division including builders, and in furs, hats,
&c. The reduction in the indebtedness for last
month in the manufacturing division compared with
a year ago, applies largely to seven of the fourteen
classes into which the report is separated, among
them leather manufacturing, including shoes; the
printing trades, cotton goods manufacturing, machinery and tools, woolen goods, furs and hats and
baking. Large failures in the building trades have
swelled considerably the defaulted indebtedness
shown for that division, and there is also some increase in the liabilities in March this year in the iron
and foundry trades and in chemicals and drugs.
In the trading division some reductions appear in
the defaults in March this year among grocers and
kindred lines, general stores, druggists,jewelers, and
dealers in books and stationery. On the other hand,
failures last month were more numerous than a year
ago among hotels and restaurants, and the liabilities last month for this class were particularly heavy
owing to some very large hotel defaults. Increases
in number last month also appear among dealers in
clothing, in dry goods, in leather goods, including
shoes; in furniture and in hardware lines. The
amounts involved in defaults in furniture, hardware,
and furs show a small increase over last year.
The large failures in March this year were nearly
as numerous as they were a year ago, and the heavy
total for that month in both years is attributable
to these large defaults. There were 72 such insolvencies reported in the United States last month,
involving in the aggregate $28,251,022 of indebtedness, the latter being 51.5% of the total defaulted
2060
FINANCIAL CHRONICLE
[vol.. 126.
indebtedness for all failures in the month; in March three months this year were somewhat lower than
1927 there were 76 similar defaults involving $31,- they were in the corresponding period of 1927, the
853,900 of liabilities, the latter exceeding 55% of reduction for each section being quite uniform.
all liabilities reported for that month. In March The one exception in this matter of liabilities, howthis year 31 of the larger defaults were among manu- ever, was for the Atlantic Coast division, where total
facturing concerns, against 40 such failures in March liabilities this year exceed those for the first three
last year, with an aggregate of indebtedness of $12,- months of 1927, chiefly due to some large failures
building
712,000 and $12,477,000 in that month in the two this year in Florida, among others in the
in coal
Virginia
West
in
also,
hotels;
for
and
trades
were
there
failures
years respectively. Of trading
lines.
trading
some
in
and
mining
with
compared
year,
this
March
27 large defaults in
The three Middle Atlantic States show a consid23 a year ago, and $10,556,000 of liabilities last
month comparing with $12,964,000 in March 1927. erable increase in the number of failures in the first
The large failures include those involving an indebt- quarter of this year, and the liabilities are quite
edness of $100,000 or more in each instance. In ad- heavy. The same is true of Massachusetts, the numdition to the above there were 14 large defaults last ber of defaults in that State recording an increase
month among agents and brokers for $4,982,600 with a large indebtedness. Connecticut, on the other
hand,shows fewer defaults this year. In the Central
against 13 a year ago for $6,412,100.
group, the increase in the number of deEastern
for
record
insolvency
the
of
With the completion
in Ohio and Illinois, with particularly
was
faults
are
States
by
figures
the
1928,
of
quarter
the first
given. There were in all 7,055 commercial failures large liabilities in the former State, especially in
in the United States for this year to March 31, in- the trading division, where some heavy failures ocvolving a total of $147,519,198, compared with 6,643 curred. Michigan, Indiana and Wisconsin all show
similar defaults a year ago for $156,121,853. The fewer defaults in the first quarter of this year than
increase in the number appears for each of the in 1927. In the Southern Central division Arkansas
three months, but was relatively larger in January alone reports more failures this year than last,
and February than in March. On the other hand,lia- while a decrease is shown for each of the other seven
bilities were somewhat less in each month this year States in that section, particularly in Texas, Oklathan in the corresponding months of 1927. The homa, Mississippi and Alabama. As to the States
amounts were heavy in both years, however, having west of the Mississippi, the notable feature is the
been exceeded for the three months only three times heavy liabilities shown for Missouri, where there was
prior to 1927 since these records were first tabu- a number of large defaults in the first three months
lated, more than 50 years ago, and those three years this year, some of them in all three classes, manuwere 1921, 1922 and 1924. The increase in the num- facturing, trading and agents and brokers, the inber of defaults this year over last year applies to all debtedness shown for the division last mentioned
three classes into which these figures are separated, being particularly heavy. There were fewer failures,
manufacturing, trading and agents and brokers, however, in Missouri during the first three months
while the decrease in liabilitiies extends to the first of this year than last year, and the same is true of
and the last divisions mentioned, being relatively Minnesota, Iowa, South Dakota, and most of the
greater for agents and brokers than for the manu- Mountain States. There was an increase, though,
facturers. There was a small increase this year in in the number of defaults this year for Kansas and
the defaulted indebtedness reported in trading lines. North Dakota. For the three Pacific Coast States,
The number of insolvencies in manufacturing lines Oregon alone shows fewer failures this year than
for the first three months of this year was 1,567 last. As to the large failures in the class embracfor $480,034,000 of liabilities; trading lines, 5,093 de- ing agents and brokers, New York of course takes
faults involving $77,584,000, and agents and brokers, first place with nearly one-eighth of the total in395, with $21,900,000 of indebtedness; the corre- debtedness for that division. These defaults were
sponding figures for the first quarter of 1927 were also heavy in Massachusetts, and in Missouri, as pre1,481 manufacturing failures involving $52,882,000; viously noted, as well as in Oregon. They were like4,818 trading insolvencies for $76,127,000 and 344 wise heavy in Pennsylvania, Florida, Indiana and
defaults of agents and brokers with $27,112,000 of California, but the amounts involved were smaller.
Banking defaults in the United States during the
liabilities.
quarter of 1928 were somewhat less numerous
first
first
the
The increase in the number of failures in
they were a year ago, and for a smaller amount
than
East,
parthe
in
three months this year is mainly
Reports to R. G. Dun & Co. indiindebtedness.
In
of
States.
Atlantic
Middle
three
ticularly in the
the Eastern Central division, embracing among cate 109 banking failures during that period this
others the States of Ohio and Illinois, some increase year for $36,802,098, compared with 174 similar deis shown; also in the Central South, and in two of faults in the first three months of 1927 with liabilithe three Pacific Coast States. Mercantile defaults ties of $66,619,286. As in recent preceding years,
in the South Atlantic States for the first quarter most of the banking failures this year have occurred
of 1928 were fewer in number than they were a in the group of seven Western States, including Minyear ago, particularly in Virginia, North and South nesota, Iowa, Kansas, the Dakotas and Nebraska.
Carolina, Georgia and Florida. A marked increase In these seven States this year two-thirds of the
appears in the number of defaults this year for West number of banking defaults are reported, with nearVirginia, however, probably reflecting conditions in ly 50% of the indebtedness. During the same period
the bituminous coal trade. There were also fewer of 1927 the ratios were respectively 40% and 23%.
insolvencies this year to date than there were last There were a few banking failures in the South duryear, in the Western section, including the States ing the first three months of this year, but the numWest of the Mississippi River and north of Okla- ber was less than one-third of the number shown a
homa. In seven of the eight divisions into which the year ago, while for the other States only a few such
United States is separated, liabilitiies for the first defaults are reported.
APR. 7 1928.]
FINANCIAL CHRONICLE
2061
'Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 6, 1928.
With more seasonable temperatures, retail trade, according to some reports, has been a little better. There is no
marked change, but with temperatures in the Southwest
early in the week up to 90 to 96 and those in the Central
West up to 74, it was natural that there should be some
increase in retail buying. Unfortunately, there have been
excessive rains in parts of Kansas, Arkansas, and Oklahoma, with high winds and a wide flooding of lowlands,
which can mean nothing less than bad roads in the regions
immediately affected. Some of the wind storms reached
cyclonic force. In Oklahoma, cloudbursts amounted to 7
to 8 inches of rain. Unfortunately, too, this was followed
to-day by a heavy snow storm in Nebraska, with wires
down all around. Wholesale and jobbing trade continues
on only a fair scale. The iron business is, on the whole,
rather slack and much of the buying in steel is in small
lots. Still, there is a fair demand from railroads, construction companies and automobile industries, particularly
the last named. The production in the steel industry is
stated at 80 to 90%. At New York, some increase in the
demand for fabricated structural steel is reported, but at
low prices, owing to the fact that production has considerably exceeded the recent demand. There is still a moderate call for steel rails.
A dispute has arisen as to the amount of unemployment
in this country. It is larger than could be wished, but it
Is believed at the same time that the tendency will be
towards betterment, as the season advances and normal
weather set in. Coal prices have been reduced as usual
at this time of the year. In the textile trades some new
lines of worsted dress goods have met with a fair demand
but men's wear woolens and worsteds in general have been
quiet. The trade in cotton goods here has been on a moderate scale, and the sales at Fall River are only about 20,000 to 25,000 pieces of print cloths a week. A so-called
"Gingham Week" will begin on April 14, and it is hoped
may be the means of stimulating business. In fact, these
goods have recently sold rather more freely. The tendency
at Detroit is for trade to increase in automobiles and naturally for employment to increase as well. It is said that
retail trade in automobiles is better than a year ago. There
is no great activity in jewelry but the sales are at least
as large as they were at this time last year. Other branches
of business which make as good a showing as a year ago
Include building materials, rayon, electrical goods, iron and
steel, machine tools and leather goods. It is a regrettable
fact, however, that car loadings continue to make a poor
showing in many directions as compared with those of
last year.
Wheat has advanced somewhat despite better weather of
late in some parts of the belt, for there are said to be indications that the abandonment of acreage owing to low
temperatures and scanty snowfall last Winter will amount
to nearly 20%. Moreover, there has been a fair demand
for export, which with unfavorable advices from the soft
wheat territory and also from the West and Southwest, has
had the effect of advancing prices even if not markedly.
Moreover, European and Argentine markets have advanced.
urope is evidently more or less nervous over the unfavorable outlook in the soft wheat section of this country.
Indian corn has declined 3 to 4c. as the weather has been
very favorable for moving the remainder of the crop, and
crop preparations are being pushed under the more favorable conditions. Planting has begun and has reached Central Oklahoma and Central Georgia. Liverpool advices admit that Europe will have to buy a good deal of corn in foreign markets. The question is which foreign producer will
get the trade. It looks at the moment as though there will
be sharp competition for the possession of the European
market between the United States and Argentina. One
admitted drawback at the moment is that Argentine prices
are nearly 20 cents under the American level. Prices for
rye and oats have shown no great change, although rye at
times has advanced, with a fair export demand. In fact,
European inquiries at times have been quite numerous.
Provisions have declined somewhat, with the cash demand
rather disappointing. The flour trade, not only here in the
East, but in the Northwest and Southwest, has been very
moderate, where it has not been actually small. At best it
has been disappointing, both as regards the home trade
and the export outlet. Sugar has declined owing to what
were taken as intimations by President Machado of Cuba
that the Cuban government was rather dubious about the
feasibility of continuing restrictive measures. It was said
later that such an interpretation of his remarks to the
Cuban Congress were mistaken. The fact remains that
trading has been rather light on the eve of the holidays,
although at one time the tone was firm and refined prices
were actually advanced, in not a few cases, to 6 cents. There
was Wall Street liquidation of sugar futures on the Havana
news, while Cuban interests to all appearances were buying
in the middle of the week. Coffee advanced at one time
and then reacted on the announcement that the limit of the
daily Rio receipts would be raised to 16,000 bags as against
13,000 recently.
Rubber has had a sensational decline of between 7 and
8 cents per pound Owing to announcement of Prime Minister Baldwin that restriction measures will cease, so far
as the British Government is concerned, on Nov. 1; that
is to say, exports after that day will be unrestricted. The
attempt in other words to get around the law of supply and
demand by artificial measures has signally failed as it is
always bound to fail in the last resort.
The stock market has again been the cynosure of the
whole business world of the United States to go" no further, with trading on Thursday of close to 3,800,000 shares.
It is a striking commentary on the times that this remarkable total nowadays really seems rather conservative than
otherwise. Money was up to 5%%, the high point of the
year, with bank withdrawals some $35,000,000 on Thursday morning. It seems remarkable that with brokers'
loans up to a new high level that money rates have not
advanced more than they have. On Thursday railroad
shares were one of the features. In the main the tone was
firm in spite of considerable pre-holiday realizing of profits.
General Motors again forged to the front in the industrial
list. Railroad bonds were higher on merger reports and a
good demand. London of late has been rather weak, especially on the rubber shares, after a drop of 6c. per pound
In London in crude rubber itself.
Baltimore wired that manufacturers of cotton duck report operations have reduced to a part-time basis. The
margin of selling prices over the cost of raw material has
been reduced, and stocks of finished goods have accumulated rapidly, making curtailment necessary. Unemployment in Illinois and adjoining States, which was beginning to show decided improvement, was further complicated
last week when mine owners in Illinois and Indiana decided to close down in preference to operating at a loss.
Predictions are that practically all the shaft mines in the
two States will be closed Monday. Approximately 80,000
miners (57,000 in Illinois and 22,000 in Indiana) will be
thrown into idleness to join approximately 40,000 others
who have been idle for more than a year. Meanwhile,
with thousands clamoring for work, various labor unions
are forcing the 5 days a week at wages for the full week.
This means, at best, that employers will not get more than
four days of indifferent work and makes the erection of
small homes practically prohibitive.
Montgomery, Ward & Co.'s sales for March amounted to
$17,800,945, a decrease of 0.5% from March 1927. Sales
for the first three months of this year amounted to $45,576,495, an increase of 0.7% over the corresponding period
last year. Sears, Roebuck & Co.'s sales for March amounted
to $23,985,681, an increase of 3.1% over March 1927. Sales
for the first three months of this year amounted to $72,087,865, an increase of 8.7% over the corresponding period
last year.
The weather here was clear and cool on April 2. Temperatures were 38 to 50 degrees. Boston was 28 to 44,
Chicago 40 to 70, Cincinnati 40 to 78, Cleveland 30 to 58,
Detroit 30 to 54, Kansas City 64 to 80, Milwaukee 36 to 54,
St. Paul 46 to 74, Montreal 28 to 42, Omaha 56 to 86, Philadelphia 38 to 56, Portland, Me., 26 to 44. Kansas reported
on the 4th inst. high winds after temperatures of 90 degrees on the 3rd. In Texas and Oklahoma, it has been 90 to
2062
96. It was higher in Texas recently. Kansas City reported
cloudbursts, and cyclonic •windstorms whipped through the
Southwest during Wednesday night, leaving hundreds of
persons homeless and causing thousands of dollars damage. Tornadoes were reported at a half-dozen places in
Kansas, Oklahoma, Texas and Arkansas. A deluge of rain
followed the windstorms and flooded low land areas for
miles. A thousand persons were left homeless at Shaw2 inches washed
nee, Oklahoma, where a deluge of rain 71/
scores of houses and business buildings from their foundations. The wind subsided quickly after the storm had
spent its force. On Thursday, the temperature here was
as high as 77 degrees, or in other words, 1 degree above
Summer heat, and the open cars were running on Broadway. On Friday a heavy snowstorm, which felled telephone and telegraph wires and blocked street traffic, isolated Omaha from the outside world.
Monthly Indexes of Department of Commerce-Decrease
in February in Output of Raw Materials.
Under date of March 30 the U. S. Department of Commerce presents as follows its indexes of production, stocks
and unfilled orders for February:
Production.
The output of raw materials was smaller in February than in either the
last year. As Compared with January,
of
preceding month or February
all groups of raw materials were produced in smaller quantities except forest
products, which showed an increase. Contrasted with a year ago, the marketings of animal products and the output of forest products showed increases, while crop marketing's and the output of minerals showed declines.
Manufacturing production, after adjustments for working time differences
showed an increase over January, but was slightly lower than in February
a year earlier. Contrasted with the preceding month, the unadjusted index
showed larger production of foodstuffs, textiles, iron and steel products,
lumber, leather and automobiles, while smaller output was registered in
paper and printing, chemicals and oils, stone and clay products and tobacco.
As compared with a year ago, all groups were produced in larger volume
except textIlte. nonferrous metals, paper and chemicals, which declined,
and automobiles, which showed no change.
Commodity Stocks.
Stocks of commodities after adjustment for seasonal conditions were
larger than in January, showing a gain also over a year ago. Contrasted
with last year, all groups were held in larger quantities except raw foodstuffs, which declined.
Unfilled Orders.
Unfilled orders for manufactured commodities showed no Change from the
previous month, but were lower than a year ago. Compared with January,
forward business on the books of iron and steel manufacturers were larger,
while unfilled orders for lumber declined and textiles showed no change.
Compared with a year ago, unfilled orders for iron and steel alone recorded
an advanTe.
The index numbers of the Department of Commerce are given below:
January
1928.
February Febryarti
1927
1928.
Production.
Under numbers: 1910=100)
Raw materials: Total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles*
Miscellaneous
113
131
117
104
101
118
118
117
111
130
144
122
83
104
187
104
120
141
103
96
125
112
93
111
128
123
122
112
132
144
135
89
98
169
99
116
197
124
108
137
99
103
103
129
119
91
113
126
150
127
86
100
176
90
107
197
126
Commodity Stocks.
(Index numbers: 1923-1925=100)
Unadjusted: Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Adjusted for seasonal element: Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
142
155
169
90
137
138
134
170
91
141
151
189
149
96
138
145
168
158
95
137
147
193
153
85
128
143
178
156
84
127
81
77
89
64
79
81
77
90
64
74
82
91
76
9180
Unfilled Orders.
Total (1923-1925=100)
Textiles
Iron and steel
Vehicles
Lumber
• Included in miscellaneous group.
our index of new incorporations. The indexes of bank debits, both in
New York City and elsewhere throughout the country, declined, however,
and business failures were more numerous than in January, after seasonal
adjustment.
This bank's indexes, in which allowance is made for seasonal variations,
year-to-year growth, and price changes, are shown below for February,
together with comparative figures for the two months preceding and a
year ago.
(Computed trend of past years equals 100%.)
1928.
1927.
Feb.
Dec.
Jan.
Feb.
Primary DistributionCar loadings, merchandise and misc.....
Car loadings. other
Exports
Imports
Panama Canal traffic
Wholesale trade
110
107
94
101
94
99
95
86
78
104
88
96
102
93
85
102
85
100
104
Distribution to ConsumerDepartment store sales, 2nd Dist
Chain grocery gales
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
104
98
106
99
110
104
108
104
107
119
107
97
99
101
98
96
98
87
104
103
102
98
113
98
General Business ActivityBank debits, outside of New York City
Bank debits. New York City
Velocity of bank deposits, outside of N.Y.City
Velocity of bank deposits, New Ycrk City
Shares sold on New York Stock Exchange
Postal receipts
Electric power
Employment In the United States
Business failures
Building contracts
New corporations formed in N. Y. State
Real estate transfers
General price level
Composite Index of wages
107
124
108
134
189
98
103
100
107
138
116
102
170
221
106
138
104
136
228
98
102
95
108
138
116
95
174
223
107
142
109
140
234
88
101
95
108
140
117
93
173
221
102
135
104
138
196
95
90
000
1089
102
102
-96
114
151
127
101
173
221
p-Preliminary.
Business Profits in 1927 8% Lower than in 1926 According to Survey by New York Federal Reserve Bank.
According to the April 1 issue of the "Monthly Review" of
the Federal Reserve Bank of New York, "earnings reports
of 381 industrial and mercantile concerns now available indicate that net profits of these companies in 1927 averaged
about 8% smaller than in 1926, but were larger than in
any other recent year." The Bank goes on to say:
The reduction in industrial profits from the 19211 level was due primarily to dcelines in a few large industries, especially oil and steel. If
these two groups be excluded from the tabulation, the net profits of all
other manufacturing and commercial companies would show some increase in 1927 over the previous year.
Profits In the oil industry were reduced by nearly one-half in 1927, reflecting lower prices, and steel company profits declined by about 25%.
There were also smaller reductions in railroad equipment, motor accessories, metal and mining, and building supply companies; and the coal
companies had a very poor year, owing to the strike. The automobile
industry as a whole showed slightly larger profits in 1927, but when the
very large earnings of the General Motors Corporation are subtracted
from this group, the remaining companies show a reduction of 24% from
the 1926 figure. This figure is exclusive of the Ford Company, which
does not publish statements of earnings. In other lines of business, however, there were equally substantial increases; clothing and textile companies reported net profits almost twice as large as in 1926; leather
and shoe concerns had an exceptionally good year; rubber companies
reported profits 50% larger than in 1926; and earnings of chemical and
drug companies, stores, and miscellaneous companies were all above the
totals for 1926.
Earnings of telephone companies continued to show a steady increase,
and other public utilities reported even larger increases. Class I railroads,
on the other hand, reported net operating income about 12% smaller in
1927 than in 1926 and slightly smaller than in 1925, reflecting largely
the reduction in traffic.
Net earnings of a number of important groups of companies for the
past three years are shown in the diagram below in percentages of the
1926 earnings.
(Net profits in thouSanis of dollars)
-
New York Federal Reserve Bank's Indexes of Business
Activity.
In presenting its indexes of business activity, the Federal
Reserve Bank of New York, in its April 1 "Monthly Review," says:
No consistent evidence as to the tendency of general business for February is given by this bank's indexes of business activity. The domestic
movement of merchandise and heavy freight, and the foreign trade of this
country showed increases, after allowance for the usual seasonal variations, and retail trade was more active than in January. Life insurance
sales also increased substantially, and there was a considerable rise in
[Vol,. 126.
FINANCIAL CHRONICLE
Corporation Groups.
Number.
1924.
1925,
Steel companies
R.R.equipment
Oils
Motors
Motor access. (excl. tires)
Rubber
Food and food products_ _
Tobacco
Leather and shoes
Paper
Amusement
Clothing an textiles
Stores
Metals and mining
Coal
Machine & mach. mfg.._ _ _
Chemicals and drugs
Building supplies
Miscellaneous Industries._
26
12
31
22
18
11
39
16
9
9
6
24
19
19
II
18
14
19
58
137,918
27,848
153,600
135,599
31,872
43,755
155,876
90,128
19,878
11,431
6 691
5,744
83,387
47,650
723
25,855
50,171
58,824
137,088
170,750
217.313
40,567
18,013
267,164
287,621
260,182
299,481
41,102
311,647
83,098
37,639
160.991
175,112
100.149
108,562
22,593 . 19,103
11,439
11,395
7,875
11,069
21,181
12,571
109,542
105,186
67,019
83,314
5,729
2,692
45,120
36,489
69,039
56,542
64.461
64,262
187.903
175,548
163,010
31,518
150,342
314,977
29,554
56,597
167,530
112,666
29,740
11,317
9,678
23,754
126,353
70,475
29
45,079
75,735
55,124
206,512
Total 19 groups
381
1,224,038
1,672.284
1.822.200
1,670,890
Telephone
Other public utilities
78
51
150,708
181,015
186,426
215,058
212,225
250,754
226,383
286,436
1926.
1027. .
Total public utilities_ _
129
331,723
401,484
462,979
512,819
Total 21 groups
510
1,555,761
2,073,768
2,285,179
2,192,709
183
987.133
1.136,973
1,233,003
1.085,342
Class I R.R.
Further Increase in Detroit Employment.
"Wall Street Journal" advices from Detroit, April 5,
said:
Local plants of Ford Motor Co. added 680 employees during past week,
bringing total to 97,565. This is an increase of 45,565 from the low point
last Summer, when model T production was discontinued and is within
12,435 of peak employment in 1926.
Employment at the Fordson plant is now 64,379 against 63,491 a
week ago, Highland Park plant 28,221 against 28,386 and Lincoln plant
4,965 against 4,978.
Wholesale Trade During February in U. S. as Reported
by Federal Reserve Board-Total Sales Largest
for Any Month Since August.
The volume of trade of wholesale firms in the nine lines
covered by the Federal Reserve Board's index of wholesale
distribution increased further in February and was larger
than in the corresponding month of the previous year, the
Board states m its survey issued Mar. 28. Continuing it
says:
When allowance is made for the usual seasonal variations, total sales were
larger than for any month since last August. Compared with February
a year ago sales of all lines except women's clothing and furniture were
larger.
A summary of the changes in sales by lines in February as compared with
January 1928 and February 1927, as indicated by reports received by the
Federal reserve system, is given In the,table:
CHANGES IN VALUE OF WHOLESALE SALES.
(+)
or
Percentage of Increase
Decrease(-) in Sales inFebruary 1928
Compared with
January 1928.
February 1928
Compared with
February 1927.
Groceries
Meats
Dry goods
Men's clothing
Women's clothing
Boots and shoes
Hardware
Drugs
Furniture
+0.5
+2.1
+5.3
+67.3
+34.6
-7.7
-4.9
+11.2
+5.0
+1.0
+1.4
+3.8
-7.4
+1.4
+0.2
+6.0
-6.9
Total nine lines
+6.4
+1.5
Line.
Sales of farm implements and agricultural machnery by 79 firms reporting to the Federal Reserve Bank of Chicago averaged about 40% larger in
February than in January and about 20% larger than in February of last
year. Orders for machine tools placed with firms reporting to the National
Machine Tool Builders' Association averaged 40% larger than in February
of last year and shipments of tools by these companies were also considerably larger than last year.
Stocks of Wholesale Firms.
Stocks of merchandise carried by reporting wholesale firms increased in
February and at the end of the month they were slightly larger than a year
ago for firms carrying dry goods, shoes. drugs and furniture. Stocks of
wholesale groceries and hardware averaged somewhat smaller than a
Year ago.
Index numbers of the dollar value of sales in the nine lines of wholesale
distribution included in the Federal Reserve Board's new index of wholesale
distribution are given below, both with and without adjustment for seasonal variations. Percentages showing changes in sales and stocks by
lines and by Federal reserve districts are likewise shown below.
WHOLESALE DISTRIBUTION BY LINES.a
(Index numbers, based upon dollar value of sales. Monthly avge. 1923-1925=100.)
Month
2063
FINANCIAL CHRONICLE
APR. 71928.]
b
Total OroDry I Men's We- Boots HardFurNine reties Meats. Goods. Cloth- men's and ware. Drugs Mears.
Lines.
Sty. Cloth'e Shoes.
I
With adjustment for seasonal variation1927January _ __ 94
93
113
83
84
77
February_ 95
93
112
87
97
75
March_ _.
. 95
96
108
90
101
67
April
93
95
111
86
87
68
May
95
97
109
87
87
69
June
93
98
104
88
90
65
July
95
91
102
88
90
79
August..... 100
97
109
102
101
72
September_ 96
94
109
91
92
66
October ..._ 91
90
109
86
81
54
November_ 95
94
105
89
86
67
December - 93
93
109
87
93
61
1928January... 95
101
70
92
106
89
February_ 97
98
114
88
101
70
Without a(Guam cot for seasonal sarianon1927January..._ 87
86
113
78
65
71
February
91
81
107
88
123
95
March
103
94
104
95
138
108
90
90
April
104
76
85
64
87
95
109
76
May
62
39
87
101
106
June
78
46
27
88
92
104
81
July
78
43
97
111
111
August_ _
125
165
98
102
117
September_ 112
113
140
95
102
122
99
October._ _ 106
101
87
100
101
88
November_ 93
81
45
91
103
70
December. 82
48
39
1928106
85
85
76
65
January... 87
108
89
85
128
88
Februarv_ _ 92
112
108
97
94
110
90
134
111
104
91
105
101
92
93
98
94
91
92
92
97
99
94
100
97
104
103
108
106
104
106
105
112
114
111
112
106
100
98
98
95
93
100
104
106
104
96
99.
90
114
109
03
93
108
109
91
89
92
85
111
100
111
85
107
122
127
114
110
82
82
82
102
96
93
96
90
98
106
105
98
90
102
95
117
108
98
99
100
110
122
128
113
99
88
96
109
96
88
88
85
109
118
1 i4
104
85
94
87
83
82
106
101
SO
89
a Index of wholesale distribution Is described In the Federal Reserve Bulletin
for December 1927. Index numbers by lines from January 1919 to date are published in that bulletin and may be had upon request to the Federal Reserve Board.
b Indexes of sales of men's clothing revised for 1927.
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
Increase(+) or decrease(-)Per cent.
Line and Federal
Reserve District.
Sales-February 1928
Compared with
a Stocks-February 1928
Compared with
January 1928. February 1927. January 1928. February 1927.
Groceries+0.5
United States--1.7
Boston District__
-3.0
New York District
Philadelphia Dist_
+0.1
+3.7
Cleveland District
Richmond District
+2.7
Atlanta District__
+0.4
+1.3
Chicago District__
+4.3
St. Louis DLstrict.
-2.0
Minneapolis DistKansas City Dist+2.1
-1.9
Dallas District__
-1.4
San Francisco Dist
Dry Goods+5.3
United States-+5.5
New York District
Philadelphia Dist_
+17.8
+23.4
Cleveland District
+2.8
Richmond District
Atlanta District_
+10.1
Chicago District__
+22.5
+1.0
St. Louis District_
Kansas City Dist_
+4.8
-4.2
Dallas District_ _
-3.5
San Francisco Diet
ShoesUnited States--7.7
Boston District_+7.3
New York District
+5.3
Philadelphia Dist_
+1.1
Cleveland District
+81.5
Richmond District
+28.3
Atlanta District__
+23.1
Chicago District__
+27.0
St. Louis District_
-21.9
Minneapolis Dist_
+53.0
San Francisco Dist
+26.9
HardwareUnited States--0.6
New York District
+9.4
Philadelphia Dist_
-1.9
Cleveland District
+8.3
Richmond District
-16.9
Atlanta District__
-15.1
Chicago District__
+8.8
St. Louis District_
+3.5
Minneapolis Dist_
+2.0
+9.3
Kansas City Dist_
Dallas District...
+0.9
San Francisco Dist
+5.8
DrugsUnited States--New York District
-9.6
Philadelphia Dist_
--5.4
Cleveland District
-0.05
Richmond District
-9.6
Atlanta District_
-6.0
Chicago District--3.4
St. Louis District_
+6.2
Kansas City Dist_
-5.1
Dallas District...
-5.1
San Francisco Dist
-1.1
FurnitureUnited States-+11.2
+1.1
Richmond District
Atlanta District__
+18.3
-16.2
St. Louis District_
Kansas City Dist_
+30.2
San Francisco Dist
+2.6
Agricultural Imp lementsUnited States b__
+39.8
Minneapolis Dist_
+119.0
Dallas District_ _
+6.6
Paper and Staffs neryNew York District
--2.3
-2.3
Philadelphia Dist_
Atlanta District-+8.1
San Francisco Dist
-11.1
Automobile Sum,liesSan Francisco Dist
+3.4
Cotton Jobbers
New York District
+41.3
Silk GoodsNew York District
+0.2
Cotton Commtssi on HousesNew York District
+9.4
Machine ToolsUnited States c___
-7.8
DiamondsNew York District
-22.4
Jet/Tin/New York District
+18.8
Philadelphia Dist_
+21.6
Electrical Supp11
+53.2
Philadelphia Dist_
-2.4
Atlanta District--3.4
Chicago District._
San Francisco Dist
+0.3
+5.0
+1.9
+3.6
+8.2
+7.7
+5.0
-0.9
+6.9
+1.6
+7.0
+8.3
+6.2
+7.5
+2.3
-11.2
-0.7
-3.4
+1.8
--.54
+14.4
+0.8
+4.3
-1.0
+25.4
+4.5
-3.9
-6.4
-13.8
-8.1
+0.6
-0.7
-5.3
+7.2
-14.0
-8.3
-8.0
+7.1
+5.4
-16.0
+1.4
-4.1
-3.8
-1-3.7
-17.0
-8.1
+6.9
+0.9
+4.3
+0.4
+5.0
-0.9
+136
-11-1-35
-2.2
+0.4
+8.2
--1.3
-20.6
+5.9
-0.7
-5.6
+9.4
+25.0
+27.8
+7.8
-13.2
+45.5
+20.8
+2.4
+4.3
+5.8
+6.4
+0.5
+0.4
-2.8
+1.4
+3.9
-15.5
-21.3
-2.2
-6.0
-10.7
+0.1
-7.3
+30.0
+29.5
+0.2
+0.3
-4.2
-7.1
-11.4
-6.3
+2.0
+6.1
+4.0
--1.1
+26.9
+3.3
41-8-.13
-IbTi
----1:5
+2.4
-32.5
+10.41- Sli
+43.7
+9.0
-9.7
+2-4:4
+50.4
+20.0
-8.0
+3.0
+6.9
+1.0
-1.7
+2.9
+3.3
4-.6
+
+0.5
+8.3
+9.7
+3.0
+5.0
+4.9
- -5:0
-4.6
-0.8
-16.9
+0.0
+2.7
+7.7
--7.5
-0.7
-2.0
+11.4
+6.0
+10.4
+1.4
+3.4
+0.3
+4.5
+43
+0.3
+23.1
+15.7
+3.4
+2.0
+0.3
-1.0
--__
-11-2:3
-3.8
+8.2
+1.7
+2.5
+3.3
+5.9
-5.4
-2.6
-6.9
-4.0
+25.0
-8.7
+14.4
-4.0
+0.5
+3.1
.3
"
-I---3+3.3
+1.3
-3.4
5-.9
+1.4
-3.1
-1-10.3
+19.5
+14.0
+76.8
+9.9
+2.2
+3.5
-7.5
+WO
-4.2
,
----
-6:5
-1--2-.6
-20.7
.0:5
4-.:1
-1-377
-1--3:6
+3.8
+1.4
-2.9
+7.6
+2.1
+15.0
+3.9
----
---
+40.4
----
----
-11.7
----
---.
+1.0
-14.1
+1.1
+5.7
d-1.8
-0.4
+0.9
-13.4
-9.1
-28.5
-2.9
-7.7
--LI.
-- ---- a Changes in to al stocks for the United States are weighted averages computed
System
Reserve
Federal
on the basis of firms which have reported regularly to the
since January 1923.
.b Sales of agricultural implements for the United States are compiled by the
Chicago Federal Reserve Bank from reports of leading manufacturers and Include
+29.1
-14.8
+1.2
-0.5
all of their domestic business.
c Based upon indexes of orders placed with manufacturers furnished by She
National Machine Tool Builders' Association.
d Includes diamonds.
Production of Electric Power in the United States in
February Increased About 11% Over Same Month
ILast Year-Revised January Figures Show Increase
Over December.
The total production of electric power by public utility
plants in the United States for the month of February
amounted to 6,858,423,000 kilowatt hours, as compared with
7,261,497,000 kilowatt hours in January last and approximately 6,160,000,000 kilowatt hours in February 1927, according to the Division of Power Resources, Geological Survey. Of the output for February of this year, 2,566,688,000
kilowatt hours were produced by water power and 4,291,735,000 kilowatt hours by fuels. The Survey further shows:
2064
FINANCIAL CHRONICLE
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Change in Output
December
January
February
from Prey. Year.
1927.
Jan.
Dicts on1928.
1928.
Feb.a
Total United States7,213,786,000 7,261,497,000 6,858,423,000
+8% +11%
511,348,000
511,256,000
New England
Middle Atlantic_ _ _2,037,838,000 2,012,238,000
East North Central_ 1,727,185,000 1,736,000,000
439,282,000
West North Central 438,942,000
772,602,000
804,408,000
South Atlantic
297,576,000
East South Central_ 256,881,000
West South Central 303,005,000
308,631,000
301,049,000
Mountain
291,379,000
Pacific
864,936,000
860,727,000
481,128,000
1,887,601,000
1,659,046,000
411,400,000
751,704,000
281,812,000
284,388,000
287,677,000
813,667,000
+4%
+8%
+6%
+9%
+16%
+5%
+20%
+8%
+12%
+12%
+14%
+5%
+13%
+19%
+9%
-3%
+8%
+14%
a Percentages affected by the fact that Feb. 1928 had one more day than Feb.
1927. Total output for February nearly 6% less than for January, but average
daily output for February 1% more than for January. These are illustrations of
misleading statistical data which would be obviated by the adoption of the proposed
I3-month calendar.
The average daily production of electricity in February was 236.500,000
kilowatt hours-1% more than the revised figures of average output for
January of 234,200,000 kilowatt hours. The output by the use of water
power was 88,500,000 kilowatt hours a clay, or about 37% of the total output.
The average daily total output of electricity shows a steady increase
from July to February, apparently indicating favorable general business
conditions throughout the country.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1927 AND 1928.
1928.
1927.
8%
6,730.000,000 7.261.000,000
6,160,000.000 6,858.000,000 all%
6,717,000,000
6.416.000.000
6,582,000,000
6,475,000,000
6.455,000,000
6,684,000,000
6,607,000,000
6,929,000.000
6,874,000.000
7,214,000,000
January
February
March
April
May
June
July
August
September
October
November
December
Total
Increase Produced by Water
Power
1928
Over 1927.
1927.
1928.
79,843,000.000
___
35%
36%
38%
40%
41%
39%
38%
36%
33%
34%
36%
38%
38%
37%
--
--
37%
----
__ __
___
a Part of increase Is due to Feb. 1928 being one day longer than Feb. 1927.
The quantities given in the tables are based on the operation of all power
plants producing 10.000 kilowatt hours or more per month, engaged in
generating electricity for public use, including central stations and electric
railway plants. Reports are received from plants representing over 95%
of the total capacity. The output of those plants which do not submit
reports is estimated: therefore the figures of output and fuel consumption
are on a 100% basis.
The Coal Division. Bureau of Mines. Department of Commerce, cooperates in the preparation of these reports.
The following table containing data published by the Department of
Trade and Commerce of Canada shows the amount of electricity exported
to the United States from Canada and imported to Canada from the United
States in 1926 and 1927:
1926.
January
February
March
April
May
June
July
August
September
October
November
December
Yearly total
Imports.
Exports.
(In Kilowatt Hours.)
1927.
1926.
1927.
115,793,000
101,155,000
110,911,000
115,696,000
119,398,000
127,351,000
132,225,000
142,857,000
146,678,000
144,160.000
119,381,000
127,568,000
130,894,000
121,829,000
133,702,000
129,709,000
124,749,000
139,439,000
138,085,000
157,197,000
154.047.000
142.991,000
129.415,000
130,552,000
297,000
282,000
310,000
260,000
268,000
249,000
258,000
256,000
252.000
265,000
245,000
288,000
281,000
266,000
446,000
408,000
424,000
408,000
426,000
424,000
436,000
461,000
417,000
471,000
1,503,173,000
1,632,609,000
3,230,000
4,868,000
Baltimore Unemployed Put at 15,473-First City to
Take Census of Unemployed.
From the "Wall Street Journal" of March 29 we take the
following Baltimore advices:
Baltimore, the first city in the United States to take a census of unem•
ployed, reports that cnly 15,473 male and female, are actually out of
employment. Baltimore's population is 820,000, and number of people
gainfully employed is stated to be approximately 350,000, about 100,000
of whom are engaged in manufacturing industries.
Census, as taken by city police department under direction of State
Labor Bureau, and with advisory co-operation of United States Department of Labor, discloses that unemployed represent only about 4% of number usually engaged in gainful occupation.
Classified by groups, the unemployed are listed as follows:
Manufacturing industries
Building trades
Mercantile pursuits
Utilities and transportation
Unclassified
Total
4,165
2,521
1,259
949
6,579
15,473
In making canvass consideration was given only to those who usually
work for wages or on their own account, and who now are actually without gainful employment of any kind whatsoever. Each home was visted
An unemployed person was considered to be (a) one who usually works
for wages or makes money from operating a business of his own, but
who now is entirely out of any kind of work whatsoever and who now
wants work; (b) one who has not worked for wages at any recent period,
but who is seeking regular work; for example, a boy has just qualified
in school as a stenographer and wants work, or a woman recently widowed
may want work. Persons securing emergency jobs for brief periods only
were classed as unemployed. Idle persons of independent means were
not classed as unemployed. Tramps, beggars, gamblers and the like were
placed in the same category.
I Ad
[Vol.. 126.
Railroad Revenue Freight Loading Still Low for the
Season.
Revenue freight loading for the week ended on March 24
totaled 950,428 cars, the Car Service Division of the American
Railway Association announced on April 3. Compared with
the preceding week, this was an increase of 8,342 cars, with
increases being reported in the loading of all commodities
except Live Stock, Coal and Coke, which showed slight
decreases. The total for the week of March 24 was a decrease
of 53,108 cars below the same week in 1927 and a decrease of
17,517 cars compared with the corresponding week two years
ago. Particulars are given as follows:
Miscellaneous freight loading for the week totaled 369.888 cars, a decrease
of 6,389 cars under the corresponding week last year but 8,310 cars above
the same week in 1926.
Coal loading totaled 157,077 cars, a decrease of 49,309 cars below the
same week in 1927 and 14,349 cars below the same period two years ago.
Grain and grain products loading amounted to 46,599 cars, an increase
of 9,642 cars ovr the same week last year and 8,319 cars above the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 32.013 cars, an increase of 8.793 above the same week in
1927.
Live stock loading amounted to 28,055 cars, an increase of 958 cars above
the same week last year and 751 cars over the same week in 1926. In the
western districts alone, live stock loading totaled 21,708 cars, an increase
of 1.559 compared with the same week in 1927.
Loading of merchandise, less than carload lot freight totaled 260,641
cars, a decrease of 1,870 cars below the same week in 1927 and 6,325 cars
under the corresponding week two years ago.
Forest products loading amounted to 69,290 cars. 1,603 cars below the
same week last year nad 8,839 cars under the same week in 1926.
Ore loading totaled 8,548 cars. 2,809 cars under the same week last year
and 2,431 cars below the same week two years ago.
Coke loading amounted to 10,330 cars, 1.728 cars below the same week in
1927 and 2,953 below the corresponding week in 1926.
All districts except the Northwestern and Southwestern reported decreases
in the total loading of all commodities as compared with the same week last
year, while all except the Eastern and Allegheny reported increases compared
with two years ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:
1926.
1929.
1927.
Four weeks In January
Four weeks in February
Week ended March 3rd
Week ended March 10th
Week ended March 17th
Week ended March 24th
Total
3,447,723
3.589,694
959,537
951,553
942,086
950,428
3,756,660
3,801,918
989,863
1,000,754
1,001,932
1,003,536
3,686,698
3,677,332
965,009
967,425
977,018
967,945
10,841,021
11,554.663
11.241.425
Decline in Industrial Consumption of Electric Power
in Philadelphia Federal Reserve District.
Industrial consumption of electric power in the Philadelphia Federal Reserve District was 3.2% smaller in February than in January and was six-tenths of 1% below that
of February, 1927. Total sales of electricity also declined in
the month, but exceeded that of a year earlier by 4.5%.
The output of electricity by 12 central stations of this district, while declining 5.6% during the month, was almost 6%
greater than in February, 1927. Details are given in the
following table, issued by the Federal Reserve Bank of Philadelphia:
Electric Power-Philadelphia Federal
Reserve District-12 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
February.
Change from Change from
Jan. 1928. Feb. 1927.
1,412,000 kw.
-1.5%
419,656,000 kwh. -5.6%
27.996,000 "
-6.7%
309,825.000 "
-5.7%
81,835,000 -4.7%
344,197,000 '
-5.3%
86,407,000 "
-0.4%
0,837,000 " -12.2%
-9.0%
76,570,000 "
220.476,000 "
-2.8%
5,708,000 " +147.7%
50,424,000 "
-8.2%
164,344,000 "
-3.2%
37,314,000 "
-9.5%
+3.2%
+5.9%
+13.8%
-0.2%
+33.1%
+4.5%
+10.4%
+10.1%
+10.4%
+2.9%
+182.4%
+7.6%
-0.6%
+1.2%
Dun's Report of Failures for March and the First
Quarter.
In the insolvency statistics compiled by R. G. Dun &
Co. for both March and the first quarter, there is a contrast between the larger number of commercial failures and
the smaller liabilities, in comparison with the returns for
last year. With a total of 2,236, the March defaults in the
United States are 4.3% in excess of the 2,143 insolvencles
for that period of 1927, while last month's indebtedness of
$54,814,145 is 5.3% below the $57,890,905 of the earlier
year. In no other month since that time, however, have
the present liabilities been equalled, while the number of
failures last month is the highest for March since 1922,
when 2,463 defaults were reported. The maximum indebtedness for March was established In 1924, at about $97,600,000; in 1922 the amount approximate $71,600,000, and
in 1921 it was $67,400,000.
The 7,055 insolvencies of the first quarter of the current
year are 0.2% above the 6,643 failures of the same three
APR. 7 1928.]
2065
FINANCIAL CHRONICLE
months of 1927, whereas this year's liabilities of $147,519,198 are 5.5% less than the $156,121,853 of the first quarter
of last year. It was in 1922 that the largest indebtedness for
the first quarter and, in fact, for any quarter, was recorded,
at about $218,000,000; in the first quarter of 1924 the total
was practically $184,900,000, and in 1921 it was $180,400,000.
Hence, the quarterly liabilities now reported have been exceeded in the first quarter of four preceding years, although
the number of defaults for three months just ended represents the maximum for the period, excepting the 7,517 insolvencies of the first quarter of 1922 and the 7,216 failures
of 1915.
FAILURES BY BRANCHES OF BUSINESS-MARCH 1928.
Number.
1928. 1927 1926.
ManufacturersIron, foundries and nails__
11
11
4
Machinery and tools
31
28 24
Woolens, carpets & knit g'ds
2
5
2
Cottons, lace and hosiery
1
2
__
Lumber, carpenters SE coop_
93 78 60
Clothing and millinery
44 50 46
Hats, gloves and furs
18
11
21
Chemicals and drugs
11
7
6
Paints and oils
I
1
2
Printing and engraving
13 19 25
Milling and bakers
43 52 45
16
Leather, shoes & harness
16
13
7
5
5
Liquors and tobacco
Glass, eathenware & brick_
10
13
9
All other
245 271 207
Liabilities.
1928.
8976,06.5
678,170
69,000
74,900
6,121,273
1,513,233
209,926
182,680
9,100
132,861
335,019
344,095
87,200
528,857
9,149,577
1927.
5483,763
1,091,705
535,030
2,450,048
4,750,447
925,130
318,256
46,840
8,000
1,394,212
756,082
1,885,219
15,960
500,485
7,203,458
1926.
$156,591
881,812
40,912
of March. From a figure of 29 cents at the opening of the monthabout 9 cents below the Feb. 1st quotation-crude declined to a low of
25 cents a pound (ribbed smoked sheets, spot) on the 12th. Not since
1924 has such a low price prevailed. On March 19, however, there was
a sudden recovery to 28 cents, coincident with the announcement that
the American rubber pool had obtained a new credit of $60,000,000.
In the Fourth District the industry is awaiting some definite decision
by the British government with regard to the Stevenson Act. The recent fluctuations in crude prices have had a retarding effect, as dealers
have shown an inclination to withhold purchases in the event of further
price declines. Inventories in tire manufacturers' hand of both crude
and finished products are stated to be large. On the other hand, the approach of Spring and the seasonal increase in the volume of sales constitute a favorable factor, and operations are holding up well.
Manufacturing Activities in Chicago Federal Reserve District-Shoe Factories Operating at Higher LevelsMidwest Distribution of Automobiles.
Conditions in the shoe manufacturing, tanning and hides
industries are indicated as follows by the Federal Reserve
Bank of Chicago in its Monthly Business Conditions Report
April 1:
1,556,837
Shoe factories in the Seventh Federal Reserve district operated at
607,016 seasonally higher levels during February than in January, with ship421,295
372,600 ments totaling 2.8% more than production. Twenty-five companies
65,000 reported stock shoes on hand at the close of the month equivalent in
331,331 the aggregate to 79.4% of the volume of Feb. shipments. Unfilled
319,839
509,500 orders on the books of 24 companies provided for approximately five
159,000 weeks' business at the current rate of distribution.
275,000
4,155,088 CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN FEBRUARY
1928 FROM PREVIOUS MONTHS.
Total manufacturing_
546 569 469 $20,411,956 522,367,655 $9,861,821
Companies Included
Per Cent Change from
Traders,
General stores
103 106 133 $1,134,952 $1,904,121 $2,258,549
1928. Feb. 1927.
Jan.
February
1927.
January
1928.
Groceries, meat and fish
320 332 314 3,095,368 5,897,088 2.454.597
Hotels and restaurants
94 81 85 6,552,196 1,067,062
751,996
30
30
+20.9
-1.4
26 22 24
Tobacco /a.
138,688
295,338
371,189 Production
30
30
-7.2
+17.6
Clothing and furnishings_ _ _ 232 208 182 2,798,877 3,189,745 1,978,737 Shipments
25
25
+1.5
+0.5
132 123 90 1,416,833 2,054,555 2,279,458 Stock shoes on hand
Dry goods and carpets
22
-6.5
24
-12.9
70 58 52
585,750
819,351
Shoes, rubbers and trunks__
673,606 TJnfIlled orders
761,565
Furniture and crockery. _- 82 69 13 1,675,450 1,134.647
A smaller quantity of leather was produced in the distect during
47 39 45
756,431
624,420
605,222
Hardware, stoves &
65 69 58
643,780
672,411
Chemicals and drugs
495,072 Feb. than in the preceeding month or a year ago, according to reports
6
Paints and oils
8
5
26,791
93,545
45,900 sent direct to this bank by representative tanneries. Slightly more
22 35 58
Jewelry and clocks
285,189
734,432 1,518,441 than two-thirds the companies experienced an increase in sales over
Books and papers
14
18
11
194,365
882,384
349,039
Hats, funs and gloves
18
10
12
224,935
80,316
156,821 Jan., and nearly all showed gains in comparison with last year. Prices
All other
335 290 302 6,656,734 8,742,067 3,962,501 tended to ease.
Chicago trading in packer green hides and skins showed a further
Total trading
1,566 1,468 1,424 526,186,339 528,191,482 $18,622,793
Other commercial
124 106 91 8,215,850 7,331,768 2,137,933 recession during Feb.; shipments from the city as well as purchases by
district tanners were reported below those of January. The market was
Total United States
2,236 2,143 1,984 354,814,145 $57,890,905 $30,622,547 very active early in March. Prices declined.
Monthly and quarterly failures, showing number and liabilities, are contrasted below for the periods mentioned:
Number.
1928. 1927. 1926.
March
February
January
1st quarter
December
November
October
4th quarter
September
August
July
3d quarter
June
May
April
28 quarter
1928.
1927.
1926.
2,236 2.143 1,984 $54,814,145 $57,890,905 $30,622,547
2,176 2,035 1,801 45,070,642 46,940.716 34,176,348
2,643 2,465 2,296 47,634,411 51,290,232 43,661,444
7,055 6,643 6,081 $147.519,198 $156,121,853 $108,460,339
1927. 1926. 1925.
1927.
1926.
1925.
2,162 2.069 1,878 $51,062,253 $45,619,578 336,528,160
1,864 1,830 1 672 36,146,573 32,693,993 35,922,421
1,787 1,763 1.581 36,235,872 33,230,720 29,543,870
5,813 5,662 5,131 $123,444,698 3111.544,291 8101,994,451
1,573 1,437 1,465 $32,786,125 329,989,817 $30.687,319
1,708 1.593 1,513 39,195,953 28,129,660 37,158,861
1,756 1,605 1,685 43,143,974 29,680,009 34,505,191
5.037 1,636 4,663 $115,132,052 $87,799,486 1102,351,371
1,833 1,708 1,745 $34,465,165 $29,407,523 $36,701.496
1,852 1.730 1,767 37,784,773 33,543,318 37,026,552
1,968 1,957 1,939 53,155,727 38,487,321 37,188,622
5,653 5,3955,451 $125,405.665 $101,438.162 $110,916,670
Regarding automobile production and distribution the
Bank says:
For the second successive month production of passenger automobiles
in the United States increased in February over the preceeding month
and was larger than in the corresponding month a year ago; output
aggregated 290,830, which compares with 205,543 in January and 264,171 in February, 1927. Truck output of 32,538 also increased in February over the preceeding month, but was less than a year ago.
February sales of automobiles by both wholesalers and retailers in the
Middle West continued to expand, although they averaged below a
year ago. Sales of used cars followed a similar trend. Stocks of new
cars on hand February 29 increased in the monthly and yearly comparisons; those of used cars increased over Jan. 31, and were less in
number than on the corresponding date of 1927, but greater in value.
Deferred payment sales of thirty-one dealers averaged 48.2% of their
total retail sales in February, compared with 44.4 in January and 36.2%
a year ago.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes In February 1928 from previous months.
Per Cent Chanoe from
Companies
January 1928. February 1927. Included.
New CarsWholesale-Number sold
Value
Retail-Number sold
Value
On hand Feb. 29-Number
Value
Used carsNumber sold
Salable on hand-Number
Value
+42.5
+50.1
+16.0
+29.8
+19.6
+12.9
-6.3
-10.9
-19.5
-7.2
+6.3
+10.2
36
36
82
82
52
52
Business Conditions in Cleveland Federal Reserve District
Shows Upward Trend-Gain in Employment-Crude
Rubber Prices Reached Lowest Figure Since 1924.
-3.7
82
+31.4
50
-13.5
In its April 1 Monthly Business Review the Cleveland
+2.5
+10.8
50
+2.5
Federal Reserve Bank states that "perhaps the most noticeable feature in the Fourth District recently has been the
steady gain in employment. After a long decline in 1927
Industrial Employment Conditions in Chicago Federal Rethe low point was reached the early part of this year," says
serve District-Increase in Wages and Numbers Emthe Bank, "but since then the number of men employed has
ployed.
shown a gradual but definite increase. On March 10, 36
The Federal Reserve Bank of Chicago, in its survey of
large and representative manufacturers reported 96,115
industrial employment conditions, in its April 1 Business
employees as compared with 95,705 a year ago." In further
Conditions Report says:
surveying conditions the Bank says:
All but two
The general situation in the District continues decidedly mixed, but
with the trend still upward on the whole. The iron and steel industry
in March has been able to hold its February gains. Tire manufacturers
have been hampered by the fall in crude rubber, but this is partially offset by the early opening of Spring demand. The coal industry is as
depressed as ever. Business in apparel lines has improved, and both
retail and wholesale trade are showing up well. Shoe manufacturers are
operating on heavy schedules, and wholesale shoe sales have shown a
marked improvement. Building contracts awarded compare unfavorably
with last year, but permits are larger. In agriculture, the condition of
winter wheat is fair to poor, but the outlook for tobacco is promising.
Noting that crude rubber in March reached the lowest
figure since 1924 the Bank says:
Uncertainty with regard to the future of the Stevenson Restriction
Act caused a further slump in crude rubber prices during the first part
of the industrial groups reporting on employment conditions in the Chicago Federal Reserve district, showed increases in both
men and amount of payrolls for the Jan. 15 to Feb. 15 period, the gain
in the number of men amounting to 1.9% and in payrolls to 7.6%. This
brings the volume of employment to somewhat above the December level,
offsetting the heavy curtailments reported for January. Metals and
vehicles led the advance, the additions to working forces in these groups
totaling 2.5% in the former and 5.8% in the latter. At Detroit the
volume of employment reported by the Employers' Association was 4.9%
higher on March 13 than a month earlier, and 3.9% above March 15,
1927, which was the high point for that year. Chemicals, rubber, furniture, food, clothing, and leather products also registered substantial gains.
The exceptions to the general industrial trend were furnished by the
paper and printing industry and by stone, clay, and glass products. The
latter group has shown a steady decline since last September. In groups
other than manufacturing, employment conditions were less favorable.
FINANCIAL CHRONICLE
2066
Distributive industries, public utilities, building and construction work
recorded curtailments. There was a slight increase in employment at
coal mines. The ratio of applicants to available positions at the free
employment offices fell from 239% to 208 in the state of Illinois; rose
from 275 to 345 in Iowa; and in Indiana averaged 171% during February as compared with 200 the month previous.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
[VoL. 126.
and an increase of 16.4% over a year ago. The number of stores in operation gained 6.0 and 19.9%, respectively, in these comparisons. With the
exception of women's clothing chains, all groups reported larger sales
In February than in the preceding month. In the comparison with February, 1927, grocery, drug, five-and-ten-cent, men's clothing, and furniture
chains indicated gains in sales, and cigars, musical instruments, and
women's clothing showed declines.
Slight Improvement in Business in St. Louis Federal
Reserve District.
Per
Week Ended.
Per
Week Ended.
Industrial
Cent
Cent
as a whole," says the Federal Reserve Bank of
Groups.
"Taken
Jan. 15 Change.
Feb. 15 Jan. 15 Change. Feb. 15
1928.
St. Louis, "business in this district the past thirty days
1928.
1928. 1928.
underwent further slight improvement." The Bank makes
334.338 328,051 +1.9 $9,149,725 $8,505,668 +7.6
All groups (10)
Metals and metal products
this statement in the March 31 issue of its Monthly Re128,816 125,632 +2.5 3,497,352 3,219,111 +8.8
(other than vehicles)
770,508 +24.8
961,861
31,230 29,521 +5.8
Vehicles
view, and adds:
642,568 +3.6
No. of Wage Earners.
Textiles & textile products_
Food and related products_
Stone, clay & glass prods
Lumber and its products_ _
Chemical products
Leather products
Rubber products
Paper and printing
27,070
46,246
11,928
27.051
12,804
14,695
4.006
30,492
26,815
45,680
12,019
26,441
12,573
14,627
3,966
30,777
+1.0
+1.2
-0.8
+2.3
+1.8
+0.5
+1.0
-0.9
Total Earnings.
665,415
1,280,816 1,233,317 +3.9
334,209 340,317 -1.8
664,422 586.822 +13.2
338,799 +9.3
370,456
329,646 314,892 +4.7
84,920 +3.8
88,149
957,399 974.414 -1.7
Despite the handicap of unfavorable weather, distribution of merchandise through retail channels was in large volume, and in some of the
important wholesale and manufacturing lines, sales were in excess of the
corresponding month last year. In counter distinction to the preceding
thirty days, when improvement was confined chiefly to goods of the
heavier and more permanent sort, betterment in February and early
March was shown in commodities for ordinary consumption, such as
groceries, packing products, dry goods and drugs. In the rural sections
Reserve
Federal
Chicago
in
Merchandising Conditions
there was a fair expansion in purchasing of all classes of merchandise,
but more particularly seasonal lines. This was true particularly in the
District-Gains in Wholesale and Retail Trade.
south, where preparations for spring crops have gotten under way, and
Gains in both wholesale and retail trade in the Chicago made good progress. Department store sales in the principal cities of
over February last year, and good
Federal Reserve District are indicated in the following from the district recorded a gain of 3.1%
gains were also made by five and ten cent stores and mail order houses.
the April 1 "Monthly Business Conditions Report" of the Debits to individual accounts in the chief centers showed the usual seaFederal Reserve Bank of Chicago.
sonal decline from January to February, but the total for the latter
month was 6.0% larger than for the same period in 1927. The amount
1Vholesale Trade.
of savings deposits increased, both over a month and a year earlier, and
All six lines of wholes Ile trade reporting to this bank showed an ag- on March 7 was the highest on record.
gregate expansion in February sales over last year; drugs and electrical
As contrasted with recent months, distribution of automobiles in Februsupplies registered the only declines from January. The majority of ary made a quite remarkable gain, and the total was 1.7% greater than
previous,
month
a
lines reported larger stocks on hand February 29 than
in February, 1927. Steady expansion in the iron and steel industry
and most of them had smaller inventories than a year ago. Except in continues, with the output of mills and foundries larger than during the
equipand
supplies
electrical
in
and
upward
trend
prices
shoe trade where
preceding thirty days, and good gains being reported by certain specialty
ment where they are lower, price levels appear to be about the same as makers, notably of stoves, farm implements and architectural iron.
In the preceding month. In most lines, collections are fair, although some Slight improvement was reported in the movement of lumber, hardware
reports indicate that they are rather slow.
and explosives. Smaller sales as compared with a month and a year
earlier were reported in boots and shoes, clothing, railway supplies, milliWHOLESALE TRADE DURING THE MONTH OF FEBRUARY 1928.
nery and several of the less important classifications. February building
permits in the five largest cities of the district were 15.7% alrger than
Stocks at End of Month.
Net Sales During Month.
Per Cent Changefrom
in January, but 11.6% smaller than in February, 1927. Contracts let
Per Cent Change from
for building projects in this district were the largest for any February
Same Month
Preceding
Same Month
Preceding
on record. Resumption of highway construction, and other seasonal
Last Year,
Month.
Last Year.
Month.
work resulted in moderate improvement in the employment situation as
(25)
0.6
-14.0
+
125)
6.9
+
(38)
1.3
(38) +
compared with the past several months. In some sections there is still
Groceries
0.8
(9) + 8.3 (9)
(15) + 8.8 (15) + 2.0
Hardware
a surplus of workers evident, particularly unskilled laborers and clerical
(13) +22.5 (13) + 6.9 (9)- 1.3 (10) + 7.8
Dry goods
help.
(14)- 3.4 (14) + 4.3 (12) + 2.3 (12)- 0.5
Drugs
Through February and early this month the bituminous coal trade in
(5) +10.4 (5) 4.24.4
(8) + 0.1
(8) -27.0
Shoes
7.7
(39)
1.1
-(31)
1.2
+
(48)
(37)- 3.4
Electrical supplies
this district reflected the usual seasonal irregularity and contraction. In
the case of fuel for heating purposes, the slowing down in demand was
Collections During Month.
Accounts Outstanding End of Month.
accentuated by absence of protracted cold weather. Reordering by disPer Cent Change from
tributors was in unusually small volume, and householders were purRatio to
Per Cent Change from
Net Sales
chasing only enough coal to carry them from month to month. Demand
Month
Same
Preceding
Month
Same
During
Preceding
from public utilities companies, municipalities and isstitutions of various
Last Year.
Month.
Month.
Last Year.
Month.
descriptions was smaller than usual at this season. While consumption
in general industrial lines continued large, the demand from that source
Groceries_ (34) + 1.3 (34)- 0.2 (34) 116.3 (29) + 2.2 (29) + 6.2
Hardware _ (15)-1.6 .15)+3.6 (15) 225.8 (13)-16.6 (13)+9.4
was not sufficient to strengthen the market as a whole, and the trend of
3.5
(9)
81.
t8)
304.7
(12)
0.6
(11)
1.8
+
(11)
Dry goods..
prices was lower. In sharp contrast with this lime last year, the possi(7) +12.2
(9) + 4.6
(13) + 2.8 (14) + 3.4 (14) 157.7
Drugs
bility of a suspension of mines in union fields of the district on April 1.
(6) -20.6 (5) + 2.3
(7) 317.6
(6) +10.8
(7) + 6.8
Shoes
has not promoted any perceptible movement among industrial consumers
Elec. supPl. (37)- 3.4 (47)- 0.7 (48) 146.8 (28)- 5.0 (38)- 1.6
to accumulate reserves. It is felt general output of the Kentucky and
Figures In parenthesis indicate number of firms included.
other un-unionized mines would be sufficient to meet all requirements.
Department Store Trade
Part time operations are still the rule in the Illinois and Indiana fields
Sales increases during February in Chicago and Detroit brought the total and operators in those areas complain of competition from other disof
excess
in
4.0%
tricts.
for 82 department stores of the Seventh district to
January and 4.6% above February last year; sales for the first two
months of 1928 aggregated 5.8% more than in the corresponding period of Business Situation in Richmond Federal Reserve District1927. Sales by Indianapolis and Milwaukee firms, and by 58 stores in
Mid-Season Conditions Prevailed in February-Gains
smaller cities declined in all three comparsons. Inventories as of Februin Wholesale and Retail Trade.
ary 29 were larger for the district than at the end of January or a year
ago; stook turnover (the ratio of sales to average stocks) was 29.6% for
Summarizing condition ill its district, the Richmond
February compared with 28.5 last year, and for the first two months of
this year 58.3 as against 54.7 for the same period of 1927. Accounts re- Federal Reserve Bank, under date of March 31, says:
ceivable February 29 and collections during the month declined 8.2 and
February is a mid-season month in business activity, and last month
21.9%, respectively, in the monthly comparison, and increased 3.6 and was no exception, trade in most lines following seasonal trends. Mem7.4% as compared with a year ago. February collections totaled 40.2% ber banks slightly increased their rediscounts at the resetve bank to
of accounts receivable Jan. 31 this year, while the corresponding ratio counteract the withdrawals of deposits by farmers and merchants for
early agricultural needs and the payment of bills for spring merchanin 1927 was 39.4.
Retail Shoe Trade.
dise. Debits to individual accounts during the four weeks ended March
preceding four weeks, but were
Declines of 15.2 and 15.7% from January and last year, respectively, 14th were seasonally below those of the
the corresponding period a year
were shown in aggregate February shoe sales of 24 dealers and 22 depart- slightly higher than debits reported for
slightly more numerous and
ment stores reporting to this bank; sales for the first two months of 1928 ago. Business failures in February were
than in February 1927, but
averaged 7.2% below the corresponding period of 1927. Stocks of 85 the aggregate liabilities involved were larger
was less in percentage than the additional
firms totaled 7.5% more on February 29 than a month previous, but the increase in each case
labor outlook improved distinctly during
5.5% under a year ago. Collections during February were 15.9 and 13.1% length of the 1928 month. The
March, although the number of unemployed persons
less, respectively, in the month-to-month and yearly comparisons, according February and early
of the district is still large. Coal production last
to the reports of 16 dealers, and accounts receivable declined 19.3 and 40.8%. in the leading cities
amount than in either January this year or Febru•
The ratio of accounts receivable to sales was 73.1 for February, compared month was in smaller
ary 1927, but West Virginia led all coal producing states in tonnage.
with 72.1 in January and 102.4 a year ago.
of operations in the textile field continued through Febru•
Retail Furniture Trade-February sales of furniture by 23 retail Curtailment
spread materially, and the Census Bureau's final gindealers and 24 department stores showed an aggregate gain of 20.1% ary, but did not
which confirmed the crop estimate of last Dc'
over the preceding month and a decline of 1.3% from a year ago. Stocks ning report of the year,
had a stimulating effect on cotton manufacturing.
probably
has
on hand February 29 were heavier by 2.7% than on January 31, and cember,
building permits issued in the leading cities of the district
averaged 3.1% over the corresponding date of 1927. Installment sales by The value of
larger in February than in February 1927, the second month in
nineteen dealers totaled 38.2% above January, but 1.0% less than a was
succession in which a gain was reported. Cotton prices rose about $5
year ago. Collections on this type of sales declined 4.6% in the monthly
during the past month. Retail trade in department stores was
comparison, and increased 1.4% over February last year. Total collec- a bale
about at seasonal levels, exceeding in dollar amount the trade of Februtions declined 4.0 and gained 2.6%, respectively, in these comparisons.
ary last year. The continued cool weather held back the development
Accounts receivable on February 29 totaled 1.5% less than on January 81
of fruit trees, thereby increasing the probability of a full yield this
1-.ad 3.0% above a year ago.
year, and fertilizer sales in larger tonnage than last year indicate that
Chain Store Trade.
farmers are entering upon this season's work in better position to carry
Twenty-intir chains of the Seventh district with 2,250 stores in opera- forward their plans than in the spring of 1927. Farming operations in
tion dining February showed a total gain in sales over January of 8.9%, 1927 were on the whole more profitable than those of 1926, and condi.
FINANCIAL CHRONICLE
APR. 7 1928.]
tions at present suggest another favorable year, but little dependence
can be placed in early season prospects.
Reviewing wholesale and retail trade the Bank states:
Eighty-two wholesale firms, representing six important lines, reported
on their February business. February 1928 sales were larger in dollar
amount in groceries, dry goods, shoes and furniture than sales in January this year, while last month's sales in hardware and drug lines were
less than sales in the preceding month. In comparison with sales in
February 1927, those of last month were larger in only two lines,
groceries and drugs, while dry goods, shoe, hardware and furniture sales
declined. Total sales during the first two months of 1928 were less in
all lines except groceries than sales during the corresponding two months
a year ago.
Stocks of dry goods, shoes and hardware increased moderately during
February, while grocery stocks declined. At the end of the month stocks
of groceries and shoes were lower than on Feb. 28, 1927, but dry goods
stocks were 25.0% and hardware stocks were 5.0% larger on the 1928
date.
Collections during February in groceries totaled 61.6% of accounts
receivable on Feb. 1st. Drugs, with an average of 54.6%, ranked next
in percentage of outstanding receivables collected during the month,
followed by hardware with 33.2%, dry goods with 30.8%, furniture with
27.1%, and shoes with 26.2%. Grocery and drug percentages were
higher in February this year than a year ago, while shoe, hardware and
furniture figures were lower this year. The percentage for dry goods
was exactly the same both this year and last.
Retail trade, as reflected in sales of 30 leading department stores in
the Fifth Federal reserve district, was 4.5% greater in dollar amount in
February 1928 than in February 1927, although the Richmond stores
averaged a decline of 2.7% and the group of Other Cities showed a decrease of 2.4%. Baltimore sales increased 4.0% and Washington sales
gained 8.7%. Total sales during the first two months of 1928 averaged
three-tenths of 1% above sales in the corresponding 1927 months, although Washington with an increase of 3.3% showed the only gain this
year. February sales this year averaged 12.0% above average February
sales during the three years 1923-1925, inclusive, all reporting cities
registering gains.
Average stocks on the shelves of the reporting stores at the end of
February were 1.1% below those of Feb. 28, 1927, in retail selling value.
but were 8.2% above those of Jan. 31st this year, the latter increase
being seasonal and due to the receipt of spring merchandise.
The percentage of sales to average stocks carried during February was
23.2% for the district as a whole, and the percentage of total sales during the first two months of this year to average stocks carried during
each of the two months was 45.5%, indicating an annual turnover of 2.73
times.
Collections by the reporting stores during February totaled 27.5% of
outstanding receivables on Feb. 1st, all cities showing lower figures than
in January, but higher figures than in February last year.
Federal Reserve Bank of Dallas Finds Encouraging Outlook for Trade.
The April 1 issue of the Monthly Business Review of the
Dallas Federal Reserve Bank thus reviews conditions in
the district:
The continuance of an active demand for merchandise in both wholesale and retail ehannels of distribution was an important feature of the
business situation daring the past month. While distribution in some
lines of wholesale trade was slightly smaller in February than during
January, due to the shorter month, sales in all lines showed a large increase as compared to the corresponding month of the previous year.
Reports indicate that there is a growing spirit of optimism among both
consumers and retailers and that the consumer demand for merchandise
is gradually expan,I.ing as the season advances. While the large purchasing power of the district's population, together with the improved
outlook for agriculture, presents an encouraging outlook for trade, retailers generally are holding to conservative merchandising policies and
show no disposition to make purchases in excess of well defined prospectiv eneeds. Retail distribution in the larger centers, as reflected by
department store sales, was seasonably smaller than in January but exceeded that of February a year ago by 2%. Debits to individual accounts, while 19% less than in the previous month, were 2% greater
than in the corresponding month a year ago.
A considerable improvement has likewise taken place in the agricultural situation as the general rains and snows in February and March
furnished ample moisture in most sections for current needs. It should
be borne in mind, however, that a good subsoil season is still
lacking in
some sections of the district and considerably more moisture will
be
needed as the crops advance to sustain growth. Progress of small grains
was very good but the general condition is somewhat spotted. The planting of corn has become general throughout the district and cotton planting is making good progress in Southern Texas. A significant feature
of the agricultural situation is that according to the farmers' March 1st
intensions to plant the prospective acreage of feed crops in Texas is considerably larger than the acreage planted in 1927.
•
•
•
The valuation of building permits issued at principal cities reflected an
increase of 4% over that of the previous month and was 11% greater
than in the corresponding month of last year. While the demand for
lumber was less than in January, it was considerably above that of
February, 1927. The production and shipment of cement also showed
large gains as compared to a year ago.
Stevenson Rubber Export Restrictions to Be Removed By
Great Britain November 1—Break in Rubber Prices.
Prices on the rubber market both here and abroad suffered a decline on April 4, with the announcement on that
day by Premier Stanley Baldwin in the British House of
Commons that, in accordance with a recommendation contained in a report of the Committee delegated to inquire
Into the matter, it had been decided to remove on Nov. 1
all restrictions on rubber exports from British Malaya and
Ceylon imposed under the Stevenson plan. The existing
restrictions, it Is noted, will continue unchanged until the
2067
date indicated. In copyright advices from London April 4
the "Evening Post" observed that the announcement, by
Premier Stanley Baldwin, resulted in a demoralized rubber
market, which sent the price of rubber down to ton pence,
three farthings a pound, and led to heavy selling of shares
in rubber companies. The cablegram in part added:
The rubber trust, with holdings in many plantations, was quoted at
Is. 3d down from yesterday on shares of £1 par value. Premier Baldwin, in Commons, promised an early debate on the Government's policy.
This will give an opportunity for him to defend the restriction and, at
the same time, explain why it has been dropped.
The reason is the English have been unable to induce Dutch prowers
to join their scheme and have been controlling only about half the
Eastern output.
While rubber was in great demand this was enough, and prices rose
to fantastic levels for one period. Lately they have been declining,
chiefly because of the reduced American consumption.
There will be some heavy losses following to-day's trading. Actual
rubber users have been buying from hand to mouth, but there were
large speculative accounts in anticipation of to-day's announcement. The
majority opinion apparently was restriction would be dropped in stages,
and there was much surprise it is being given up altogether at such an
early date.
The Premier's announcement had a demoralizing effect in Mincing
Lane, where the price slumped 2/
8 pence to 1034 pence per pound for
spot and May delivery. June was quoted at 107% pence and July and
December at 11 pence per pound.
Further selling later caused another decline of a farthing, with a weak
tone. On the Stock Exchange, dealers marked down the prices of rubber
shares in anticipation of clients selling, but this afternoon not many
shares were changing hands.
The effect on the New York rubber market is indicated
in the following from the New York "Times" of A?ril 5:
The forthcoming return of Great Britain to free rubber trade, announced by Prime Minister Baldwin in London yesterday, brought about
a selling wave on the Rubber Exchange here which broke all previous
trading records attained by that market.
The purport of Mr. Baldwin's statement took the traders entirely by
surprise, although they had learned definitely on Tuesday afternoon that
the Premier was to make an announcement yesterday at 10:30 A. M.,
New York time.
In view of that information all the brokers and their assistants were
forewarned and ready to do business, anxiously awaiting the cabled advice which should determine the market trend. They had sot long to
wait. No sooner had the news appeared on the tickers than orders to
sell poured into the Exchange, and from then until the end of the day
frenzied trading continued, resulting in a maximum decline of 640
points, or nearly 6Y, cents a pound.
The most exciting dealings, however, took place in the early minutes
and the throng around the ring was in a constant turmoil. The floormen grew hoarse as they shouted and gesticulated back and forth, each
endeavoring to make himself heard above his neighbor. Boys rushed
to and from the phone booths with penciled slips, which soon lay heaped
within the ring.
Above the floor the recorders were busy with chalk and sponge, while
the ticket clerks were kept supplied with ever lower prices. July, September and December were the active months, and as the unloading
grew in proportions, declines of 50 to 100 points between sales were
common.
The first drop lasted until a slump of 534 cents appeared in the July
quotation, with December a little less than 5 cents and September between the two. The traders in numerous cases were prevented by the
pressure of business to report their deals to the officials, so that it was
believed by many that trading actually was 1,000 lots, or 2,500 long
tons, in excess of the figures reported at the close.
Even disregarding the probability of that fact, which would have
added $1,176,000 to the value of the turnover, based on 21 cents a
pound, the transactions for the day were reported at a new high for all
time, 3,594 lots, or 8,985 long tons, which is an increase of 774 lots
over the previous record trading of 2,820 lots, on March 19, 1928. The
day's dealings were well in excess of $5,000,000.
The record for a single hour's trading was also broken yesterday, as
before 11 A. M. a record of 1,439 contracts were dealt in, exceeding by
347 lots the transactions for the same hour on March 19.
At the low levels of the morning short covering and reported pool
support, among other factors, brought about a temporary recovery of
nearly one cent in the near-by positions, but another selling movement
began in the final hour, with prices receding to the day's lows. In the
last quarter-hour prices recovered 20 to 30 points. The eight-cent limit,
threatened around 2 P. M., was not attained, however, due to the late
support which developed.
As a result of the liquidation at London and here yesterday, the holders of rubber stocks, estimated at between 250,000 to 275,000 tons,
have
lost millions of dollars, due to the fact that a good part of
these stocks
were acquired at prices of around 41 and 42 cents a pound.
The American Rubber Pool, which is understood to hold
between 35,000 and 40,000 tons purchased at 41 cents, to which
about 2 cents a
pound due to warehousing, interest and other charges
may be added, is
reputed to face a paper loss of about 22 cents a pound, or 50%,
on its
holdings, the value of this loss amounting to approximately
$19,000,000
since the purchase of the stocks in November and December
of 1926.
English stocks of 58,000 tons, American stocks of 110,000 tons,
not
including the pool's holdings, and supplies of crude rubber
in other
countries have all suffered severely as a result of the decline.
Frank R. Henderson, President of the Rubber
Exchange of New
York, said he considered Mr. Baldwin's action one of
manship and based on the better interests of the Britishfarsighted statesEmpire.
Regarding the movements of the local market April 5
the
"Evening Post" of that day said:
Rubber futures recovered smartly on the Rubber
Exchange of New
York this afternoon after a further decline
in early trading of nearly
2 cents under the continued depressing
influence of the announcement
by Premier Baldwin Wednesday that
British rubber restrictions in
Malaya and Ceylon would be terminated Nov.
1.
The recovery took prices by 2.30 to May
40; September 21.00, off 30; October 20.60,20.40, off 60; July 20.70, off
off 70; December 21.00, off
30; January 21.00, off 40; February
20.50, off 100, and March 20.70,
off 90.
[VoL. 126.
FINANCIAL CHRONICLE
2068
Buying support came into the market toward noon. Previous to that
selling orders had driven prices down 70 to 160 points. Commission
houses and dealers were large sellers.
Vigorous short covering was in evidence, and after a time served
as a factor in checking the downturn. Singapore was nkcl. to 4hd.
lower. London opened weak, with spot and April going to 9d.
The number of passenger cars and trucks produced in the month of
January amounted to 205,737 and 27,765, respectively. These figures compare with 3,085,738 cars and 487,585 trucks produced in the full year 1927
and 3.929,535 cars and 535.006 trucks In the year 1926, and include Canadian production and cars assembled abroad the parts of which were manufactured in the United States.
according to an oral statement by the office of the Rubber Division of
the Department, provided for reduction of exports from British Malaya
and Ceylon to 60% of assessed production capacity or "standard production," with further provision for increase or decrease in the exportable percentage in accordance with the London price of rubber. The
percentage of standard production exported has varied from time to
time, but since May 1, 1926, producers have been allowed to export
60% of standard production, and it is expected that this same rate will
apply for the balance of the time that restriction will remain in effect,
the Division explained.
Inventories of new cars carried by dealers at the end of the month were
noticeably larger than on the same date of the preceding month and last
year. Stocks of used cars also were appreciably greater. Details are shown
In the accompanying table:
The "Herald-Tribune" in copyright advices from London
April 4 said in part:
Report on the Automobile Trade in Philadelphia
Mr. Baldwin to-day took care to make his statement at an hour when
Federal Reserve District-Increasing Trading in
that
charge
the
with
9,
he could not be reproached, as he was on Feb.
London
February.
although
information,
the
on
act
the New York market could
could not. He rose in the House of Commons at 3 p. m. (10 a. m.
Federal Reserve Bank of Philadelphia announces
The
New York time) and simultaneously his statement was released in the
that reporting distributors indicate that trading in autocity.
Growers to Cut Costs.
mobiles is progressing actively, as is usual at this season.
Brokers and owners of rubber shares, however, did not like to-day's Deliveries of new passenger cars to retail dealers by eleven
announcement any more than the previous one, but most of them were distributors of the Philadelphia Reserve District during
too busy trying to get out from under to have time for immediate inin number and value as
dignation. Well informed circles in London to-night admit that the February increased substantially
Stevenson quota scheme had obvious faults, but said that nevertheless, compared with the volume of a month and a year before.
unless the British and Dutch planters could get together to restrict their Sales of new cars at retail also showed a pronounced gain,
output, the future of the rubber industry will be strictly a problem of
as did sales of used cars. Retail sales on deferred paythe survival of the fittest.
a marked rise in number and value
From the United States Daily of April 5 we take the ment, too, registered
the sale of a month and a year earlier.
with
contrast
in
following:
says:
The restriction scheme, as originally made effective Nov. 1, 1922, The Bank further
British and Dutch Rubber Growers to Confer in London
April 16.
From the "Wall Street Journal" of April 5 we take the
following Amsterdam advices:
Dutch and British rubber growers will confer in London, April 16.
It is presumed they will discuss the situation arising from Prime Minister Baldwin's announcement that the Stevenson rubber restriction
scheme would be abandoned Nov. I.
Production and Shipments of Tires in January Higher.
-Inventory Lower.
According to statistics compiled by the Rubber Association
of America, Inc., from figures estimated to represent 75%
of the industry, a total number of 4,118,267 pneumatic
casings-balloons, cords and fabrics-and 36,279 solid and
cushion tires were produced, as compared with 3,373,080
pneumatic casings and 32,241 solid and cushion tires in the
preceding month and 3,723,890 pneumatic casings and
42,693 solid and cushion tires in the month of Jan. 1927.
Shipments in the month of January of this year amounted to
4,045,842 pneumatic casings and 33,797 solid and cushion
tires, as compared with 3,123,541 pneumatic casings and
31,793 solid and cushion tires shipped in the preceding
month and 3,699,122 pneumatic casings and 41,080 solid
and cushion tires in Jan. 1927. The figures for December
were lower than any other month last year.
Inventory at Jan. 31 1928 showed 7,461,923 pneumatic
casings-balloons, cords and fabrics-as compared with
7,697,691 on Dec. 311927, and 7,824,045 on Jan. 311927.
Inventory of both balloon and high pressure inner tubes at
Jan. 311928, amounted to 9,736,306 as against 10,268,996
on Dec. 31 1927 and 11,688,871 on Jan. 31 1927. The
previous low figures are 7,437,559 pneumatic casings at Oct.
311927, and 8,484,608 inner tubes at Dec. 311925.
The Association in its bulletin dated Mar.26 also gave the
following statistics:
Month of JanuaryTires;
Balloons
Cords
Fabrics
1927.
1928.
Shipments.
Shipments. Produdion.
Production.
1,794.623
1,793,778
2,489,301
2,377,299
1,744,469
1.785,904
1,490,047
1.684,750
160,030
144,208
60,404
56,218
Total pneumatics
Solid and cushion tires
4.118,267
36,279
4,045,842
33,797
3,723.890
42,693
3,099,122
41,080
Total
Inner Tubes;
Low pressure
High pressure
4.154,546
4,079,639
3,766,583
3,740,202
2.411,124
1,669,894
2,539,535
2,014,744
1,840,966
2,101,600
1,965,152
2,547,121
4,081,018
4,554,279
4,002,566
4,512,273
Total
February 1928 Change FromAutomobile Trade
Philadelphia Federal Reserve District
11 Distributors.
Sales, new cars, wholesale
Sales, new cars, at retail
Stocks of new ears
Sales of used cars
Stocks of used ears
Retail sales, deferred payment
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN 'THE
PRODUCTION OF CASINGS, TUBES. SOLID AND CUSHION TIRES.
Calendar Year
1925.
1926.
1927.
PeriodJan. 1928,
16,039,819 177,979,818 165,963,182 168.295.927
Cotton fabrics (lbs.)
43,709.438 463,661,466 518,043,062 552.389,272
Crude rubber (lbs.)
February 1927.
Number.
Value.
Number.
Value.
+64.3%
+81.1%
+19.3%
+46.8%
+14.5%
+21.9%
+59.3%
+74.6%
+17.5%
+48.1%
+9.6%
+13.0%
+92.0%
+66.9%
+32.0%
+22.5%
+40.2%
+23.7%
+86.4%
+58.6%
+12.9%
+5.9%
+38.2%
+28.0%
Considerable Recession in Lumber Movement From
Previous Week.
The lumber movement during the week ended Mar. 31
experienced a considerable recession from the preceding week,
the peak period of the year, it is indicated by telegraphic advices received by the National Lumber Manufacturers Association from 715 of the country's largest softwood and hardwood mills. Production and shipments were lower by seven
and eight million feet, respectively, while orders dropped
fifty-four million feet. The decline is partly apparent, rather
than actual, because of the fact that there were sixteen fewer
mills reporting last week.
In the softwood group, 345 mills reported decreases of
5,844,441, 8,235,306 and 49,111,495 feet in production, ship-.
ments and orders, respectively, as compared with the figures
for 357 mills the week before. The Association's figures,
however, show all three items far in advance of those for
the corresponding week a year ago.
Reports for the last two weeks in the hardwood group
were not at such great variance as the discrepancy in the
number of reporting units was small. The 370 currently
reporting units showed a slight increase in shipments, a
corresponding decrease in production and a drop of almost
five million feet in orders. The Association's report further
state:
The unfilled orders of 220 Southern Pine and West Coast mills at the
end of last wee amounted to 714.129,105 feet, as against 723.660,612 feet
for 221 mills the previous week. The 107 identical Southern Pine mills in
the group showed unfilled orders of 253,528,964 feet last week, as against
248,730.556 feet for the week before. For the 113 West Coast mills the
unfilled orders were 460,600,141 feet, as against 474,921,056 feet for 114
mills a week earlier.
Altogether the 345 reporting softwood mills had shipments 103%, and
orders 102%. of actual production. For the Southern Pine mills these
percentages were respectively 112 and 119; and for the West Coast mills
90 and 87.
Of the reporting mills, the 345 with an established normal production
for the week of 245,456,551 feet, gave actual production 105%, shipments
109% and orders 108% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood, regional associations,
for the three weeks Indicated.
Past Week.
Softwood. Hardwood
The Association also released the following figures, estimated to represent 75% of the industry:
January 1928.
Corresponding
Week 1927.
Preceding Week 1928
(Revised).
Softwood. Hardwood. Softwood. Hardwood.
374
357
316
370
124
345
Mills
Production_ 258,453,000 55.061,000 186,193,000 17,050,000 264,298,000 56,176,000
50,807,000
275,274,000
57,097,000
215,352,000 18,153,000
Shipments _ 267,039,000
264,807,000 54,700,000 211,103,000 18,283,000 313,918,000 59,634,000
Orders
West Coast Movement,
The West Coast Lumbermen', Association wires from Seattle that new
mill'
113
the
reporting for the week ended Mar. 31 was 13%
for
industries
below production, and shipments were 10% below production, which was
125.617.068 feet, as compared with a normal production for the week of
Statistics, representing 100% of the following respective 108.358,042. Of all new business taken during the week 41% was for
future water delivery, amounting to 44,323,820 feet, of which 30.284,124
industries, were also issued:
feet export. New
During the month of January there were-879,438.000 gallons of gasoline feet was for domestic cargo delivery, and 14.039.696
feet, or 53% of the week's new
consumed, compared with 11,220,342.000_ gallons in the full year 1927 business by rail amounted to 57,472,499
business. Forty per cent of the week's shipments moved by water,amountand 10,766,451,000 gallons in 1926.
APR. 71928.1
FINANCIAL CHRONICLE
Ing to 44,885,279 feet. of which 30,997,292 feet moved coastwise and Intercoastal, and 13.867,987 feet export. Rail shipments totaled 60,403.144
feet, or 54% of the week's shipments, and local deliveries 7,250,566 feet.
Unshipped domestic cargo orders totaled 167,199,529 feet. foreign 123,469,936 feet and rail trade 169,930,676 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 107
mills reporting, shipments were 11.79% above production and orders were
18.81% above production and 6.28% above shipments. New business
taken during the week amounted to 81,007,056 feet (previous week 75,247.380);rshipments 76,217.648 (previous week 71,036,004); and production 68,181,501 feet (previous week 65.275.353). The normal production
(three-year average) of these mills is 69,999,809 feet. Of the 105 mills
reporting running time. 73 operated full time, 8 of the latter overtime.
One mill was shut down,and the rest operated from two to six clays.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 32 mills as 27.610,000 feet, as compared with a normal
Production for the week of 27.065.000. Thirty-three mills the week earlier
reported production as 28.496,000 feet. Shipments this week were steadY
and a good gain in new business.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 21 mills as 17.295,000 feet (66%
of the total cut of the California pine region) as compared with a normal
figure for the week of 15.446,000. Fifteen mills the previous week reported production as 8,834.000 feet. Shipments showed a marked Increase this week and new business well in advance of that reported for the
week earlier.
The California Redwood Association of San Francisco. reports production
from 15 mills as 8,205,000 feet, compared with a normal figure of 8,349,000
and for the preceding week 8,708000. There was considerable increase in
shipments this week and some reduction In new business.
The North Carolina Pine Association of Norfolk, Va., reports production
from 35 mills as 3,907,540 feet, against a normal production for the week of
6,354,000. Forty-three mills for the week before reported production as
7,827.609 feet. There were notable decreases in shipments and new business
this week.
The Northern Pine Manufacturers Association of Minneapolis, Minnesota.reports production from 7 mills as 5,608,800 feet, as compared with a
normal figure for the week of 6.910,700. and for the previous week,5,821,000
Shipments were somewhat larger this week, and orders slightly less.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (In its softwood production) reports production from 15
mills as 2,029.000 feet, as compared with a normal production for the week
of 2,974,000. Seventeen mills the preceding week reported production as
2.223,000. There were notable decreases in shipments and new business
this week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 15 mills as 4.152,000 feet, as compared with a normal figure for the week of 5,099.000. Seventeen mills the
week before reported production as 4,804,000. There were slight increases
In shipments and orders this week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 355 units (a unit is 35,000 feet of daily production capacity) as 50,909,000 feet, as against a normal production for the week of
74,527,000. Three hundred and fifty-seven units the preceding week rePorted production as 51.372,000 feet. Shipments were about the same this
work, with some decrease in new business,
West Coast Lumbermen's Association Weekly Report.
One hundred fourteen mills reporting to the West Coast
Lumbermen's Association for the week ended Mar. 24 1928
manufactured 127,858,388 feet, sold 151,073,765 feet, and
shipped 123,040,137 feet. New business was 23,215,377 feet
more than production and shipments 4,818,251 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week EndedMar,24,
Mar. 17.
Mar. 10.
Mar. 3.
Number of mills reporting
114
111
114
114
Production (feet)
127,858,388 117,537,069 123,921,349 119,693,233
New business (feet)
151,073,76.5
138,481,242 126,080,027 114,040,203
Shipments (feet)
123.040,137 116,312,798 115,902,552 117,666,878
Unshipped BusinessRail (ffet)
174,612,806 167,560.679 165,769,301
167,273,932
Domestic cargo (feet)_ _- 174.178,100 155.661,550 144,545,303 142,683.494
Export(feet)
126,130,150 119,751,890 121,991.852 112,753,134
Total(feet)
474,921,056 442,974,119 432,303,456 422,720,560
First 12 Weeks of
1928.
1927.
1928.
1925.
Average number of mills_
113
80
102
118
Production (feet)
1 330,503,525 896.786,016 1,087,223,328 1,160,692,264
New business (feet)
1,433,623,356 951,039,490 1,204,471,416 1,117,242,870
1 279,118,404 872,107,902 1,131,679,982 1,153,058.057
Shipments(feet)
March Figures of Raw Silk Imports, Stocks, Deliveries,
&c.-Imports Increase-Deliveries to American
Mills Higher.
Imports of raw silk during the month of March totaled
50,520 bales, an increase of 5,692 bales over the preceding
month and 11,920 bales over March 1927. Approximate
deliveries to American mills in March 1928 amounted to
52,011 bales, an increase of 1,332 bales over the preceding
month and 2,769 bales over the month of March 1927, according to the Silk Association of America, Inc. Stocks of
raw silk on April 1 last totaled 40,186 bales, as compared
with 53,540 bales on Jan. 1 1928 and 49,242 bales on April 1
1927. Details follow:
RAW SILK IN STORAGE APRIL 1 1928.
(As reported by the principal warehouses In New York City-figures In bales.)
•
Stocks March 1 1928
Imports month of March 1928x
Total amount available during March
Stocks April 1 1928 z
Euro.48
peen. Japan. Other.
953 36,398
381 44,016
Total.
4,326 41,677
6,123 50,520
SUMMARY.
January
February
March
April
May
June
July
August
September
October
November
December
Tots
Average monthly
Imports During the Month.z
Storage at End of Month.z
1928.
1927.
1926.
1928.
1927.
1928.
46,408
44,828
50,520
48,456
33,991
38,600
46,486
49,264
42,809
47,856
59,819
52.475
51,207
36,650
44,828
43,650
38,568
31,930
31,450
35.120
35,612
37,842
46,421
50,415
48,403
59,670
45,119
47,528
41,677
40,186
52,627
43,758
33,116
31,749
35,527
37.024
43.841
56.618
58.986
62.366
52,069
53.540
47.326
43.418
35.948
30.122
31,143
29.111
27,528
28.006
34,459
35,094
47.130
52.478
141,756
47,252
552,441
46,037
504,200
42,017
43,130
46,768
36,814
Approximate Amount in Trans*
between Japan and New York
-End of Month.
Approximate Deliveries
to American Mitts y
January
February,
March
April
May
June
July
August
September
October
November
December
1928.
1927.
1926.
1928.
1927.
1926.
52,420
50,679
52,011
48,307
42,860
49,242
47,853
45,486
41,312
41.039
47,042
50,107
47,827
46,947
43,357
46,148
42.476
39,400
37,276
34.099
37,644
39.425
45.943
43.962
47,768
47,634
39,771
25.000
23,500
19,200
____
____
___
____
---____
---___
____
17,700
19,000
21,700
25.000
22.900
26,600
29,000
28.400
21.600
18,500
26,900
33,500
14,800
14,400
18,400
18.700
18,000
18,300
23,000
24,000
23,900
32,400
19.700
26,500
Total
155,110 551,379 501,546
Average monthly 51,703
45,948
41,796
22,566
24,225
21,008
I Imports at New York during current month and at Pacific ports previous
to the
time allowed in transit across the Continent (covered by mad eats 40 to 61. Incl.).
y Includes re-exports. z Includes 2,375 bales held at railroad terminals at end ot
month.
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The following report compiled by the Bureau of the
Census, showing the activities of the hosiery mills in the
Philadelphia Federal Reserve District in February and a
comparison with those in January is issued by the Federal
Reserve Bank of Philadelphia:
Men's.
Full-Fashioned.
In Dozen
Pairs.
Feb.
1928.
Production
Shipments
Stock, finished and
In the gray
Orders booked_
Cancellations reed_
Unfilled orders end
of month
Women's.
Seamless.
Full-Fashioned.
Change
Change
from
from
Jan.
Feb.
Jan.
1928. 1928. 1928.
Feb.
1928.
Change
Change
from
from
Jan. Feb.
Jan.
1928. 1928. 1928.
708,805 +3.6 89.588 +4.5
665.820 +12.4 93,531 +16.4
27,505 +31.5 380.912 +7.1
17,882 -18.7 224,668 --3.6
1,108 +161.3 15,348 +45.2
953.547 +4 5 314,823 -0.6
542,314 -24.3 101,389 +9.0
21.530 -54.4 1,129 --47.1
34,183 -4.2 354,508 -7.7 1,954,729 ---4.2 65.196 +13.4
Children's and
Infants'.
Athletic and
Sport
Change
Change
from
from
Feb.
Feb.
Jan.
Jan.
Feb.
1928. 1928. 1928. 1928. 1928.
Production
Shipments
Stock. finished and
In the gray
Orders booked._
Cancellations rec'd _
Unfilled orders end
of month
Seamless.
27,802 +21.8 268,105 -0.1
18,675
245,299 +8.0
Boys' and
Misses'.
hange
from
Jan.
1928.
Total.
Feb.
1928.
Change
from
Jan.
1928.
220,500 +2.1 101,435 -10.3 12,684 +26.5 1,428.919 +2.1
285,948 +35.9 165,685 +12.3 15,836 +121.7 1.490,794 +16.0
437.827 --10.1 204,598
14,970 +29.3 2,334,182 --1.1
130.463 --9.6 70,426 +13.0 8,447 +78.5 1,095.589 --14.1
3,506 --16.7 1.535 -77.8
519 -39.0
44,675 --38.2
476.276 -24.7 188.820 -35.4 13,278 -21.0 3,066,990 -10.6
Production of Natural-Gas Gasoline in February at
Increased Rate.
According to the Bureau of Mines, Department of Commerce, the daily average production of natural-gas gasoline
in February amounted to 137,700,000 gallons. This represents a daily average of 4,750,000 gallons, an increase over
the previous month of 190,000 gallons. The increased daily
average production is attributable to the Oklahoma-Kansas
district which, despite the short month, produced more in
February than in January.
Stocks of natural-gas gasoline at the plants on Feb. 29
1928 amounted to 34,600,000 gallons, as compared asth
31,077,000 gallons on hand the previous month. This is the
first material increase in stocks for several months.
Blending both at plants and at refineries showed a material
increase over January. The Bureau also gives the following
statistics:
OUTPUT OF NATURAL-GAS GASOLINE (IN GALLONS).
Production.
Stoats End of Month.
Feb. 1928. Jan. 1928. Feb. 1927. Feb. 1928.
Jan. 1928,
Appalachian
10,300,000 10,600,000 9,900,000 3,828,000
3,919,000
Ind., Ill., &c
1,300,000 1,300.000 1,500,000
428,000
285,000
Okla., Kansas,&c
51,600,000 z51,400,000 41,700,000 17,510.000
15,772,000
Texas
25,600,000 26.200,000
Louisiana & Arkansas 6,800,000 6,700,000 23,900,000 9,006,000 7,704,000
6,400,000 1,945,000 1,644,000
Rocky Nlountaln_ - _
3,400,000 3.200,000 3,500,000
490.000
441,000
Total east of Calif_ 99,000,000 x99,400,000 88,900,000
33,207.000 29,765,000
California
38,700,000 42.000,000 36,300,000 1,393,000
1,312,000
Tot. Milted States 137,700,000 x141400000 123,200,000
34,600,000
1,334 80,414 10,449 92,197
882 34,681 4,623 40,186
- Daily average
Approx.deliveries to American mds during Mar. y
452 45.733 5.826 52.01
- viseo.
-
2069
31,077,000
4,750,000
4,560,000
4,400.000
2070
FINANCIAL CHRONICLE
[Vol,. 126.
pared with 1,769,000 barrels, an increase of 14,100 barrels.
The following are estimates of daily average gross production by districts for the weeks ended March 31, March 24,
During the past two weeks there have been no price March 17 1928, and April 2 1927.
changes announced for crude oil, although numerous inDAILY AVERAGE PRODUCTION.
creases have been made in gasoline prices. The Tide WaMar.31 '28. Mar.24 '28. Mar.17 '28. Apr. 2 '27.
(in Barrels.)
724,650
651,650
644,100
635,300
ter Oil Co., the Mexican Petroleum Co. and the Acewood Oklahoma
116,150
110.300
111,450
113,900
Petroleum Co. on March 27 advanced the price of gasoline Kansas
122.450
71,200
71,400
74,400
Texas
4 cent a gallon to 9 cents in tank cars Panhandle
1
in New York in bulk /
90.600
67,800
67,550
67,200
North Texas
89,550
54,800
55,250
55,700
at refineries and 10 cents a gallon delivered to nearby trade. West Central Texas
91,600
341,250
342,050
360,650
New prices of the Mexican Petroleum Co. are 9 cents a gal- West Texas
42,700
23,600
23,450
23,300
4 cents a gal- East Central Texas
1
lon at Baltimore, Norfolk, and Carteret, 9/
37,450
23,600
23,950
24,050
Southwest Texas
2 cents at Port- North Louisiana
1
51,800
44,750
44,000
43,500
lon at Providence and Fall River, and 9/
123,900
85.900
85,300
84,400
land. On the same date, Pennsylvania refineries advanced Arkansas
140,550
103,800
101,000
104,100
Coastal Texas
16,750
the price of gasoline Ys cent a gallon.
17,700
17.750
16,600
Coastal Louisiana
101,500
101,750
101,250
103,000
The price of export gasoline was on March 28 increased Eastern
62,500
58,300
58,850
54.750
4 cent a gallon by the Standard 011 Co. of New Jersey, Wyoming
1
/
14,550
11,950
11.950
11,950
Montana
7,350
8,150
making the price of United States Navy gasoline, in cases, Colorado
7,450
7,900
3,550
2,500
followed
Co.
2,250
Refining
2,400
Sinclair
New Mexico
24.90 cents a gallon. The
637.300
609,500
618,000
629,500
4 cent California
this advance by increasing the price of bulk gasoline 1/
2,412,600 2,387,000 2,388,600 2,477,900
a gallon, making the new price at Charleston, S. C., 8%
Total
cents, Portsmouth, Philadelphia and New York 9 cents, and
production of the Mid-Continent field
gross
average
daily
The estimated
4 cents.
1
Rhode Island 9/
Including Oklahoma, Kansas, Panhandle, North, West Central, West Texas,
Louisiana and Arkansas, for
The Standard Oil Co. of New York, effective April 2, East Central and Southwest Texas, North
the week ended March 31 was 1,482,400 barrels, as compared with 1,468,advanced the price of gasoline lc. a gallon at Boston, making 500 barrels for the preceding week, an increase of 13,900 barrels. The
tank wagon price 16c. The Magnolia Petroleum Company Mid-Continent production excluding Smackover, Arkansas heavy oil was
of
announced an increase of one cent in its territory, including 1,417,800 barrels as compared with 1,403,050 barrels, an increase
barrels.
Texas, Oklahoma and parts of Kansas, Arkansas, Louisiana 14,750
for
The production figures of certain pools in the various districts
and New Mexico.
the current week compared with the previous week follows, In barrels
gasoof
of 42 gallons:
The Beacon 011 Co. of Boston advanced the price
-Week Ended-WeeklEndedline one cent a gallon to 19 cents.
Mar.31 lifar.24
North LouisianaMar.31 Jilin' 24
OklahomaEffective April 2, the Standard Oil Co. of Kentucky ad- North
6.250 6,250
2,800 2,850 Haynesville
Braman
7.750 7,800
Urania
1,800 1,850
Braman
vanced gasoline in Alabama, Georgia, Florida and Missis- South
14.850 14,800
Tonkawa
points
at
greater
was
Arkansas
advance
The
9,950
lc.
of
9,900
minimum
a
Garber
sippi
8,250 8,300
40.150 41,950 Smackover,light
Burbank
64,600 65.450
below normal schedule.
Smackover,heavy
24,600
Bristow Slick
10,200
10.150
The Sinclair Refining Co. on April 3 advanced the price Cromwell
Coastal Texas7,850 7,800
Wewoka
7.750 8,000
55,550 55,800 West Columbia
4 cent, making the price now Seminole
1
of gasoline in tank car lots /
5,600 7,000
79.300 82,550 Blue Ridge
Bowlegs
13,200 9,000
17.550 17,750 Pierce Junction
4 cents. This holds for the mid-Continent district.
1
7/
Searlght
11,000 11,600
39,650 40,100
Little River
Gasoline has been advanced in Toledo two cents a gallon Earlaboro
36,800 35,700
96,150 97,800 SpindletoP
4,300 3,800
Orange
County
Texas
price
retail
is
Panhandle
the
tax.
This
-cent
3
a
to 19 cents, including
Hutchinson County____ 43,300 43,700
Wyoming7,550 6,800
that has been set by the Sun Oil Co., the Paragon Refining Carson County
38,200 41,050
22,350 19,800 Salt Creek
Gray County
Co., and local independents. This is the second advance Wheeler County
1,150 1,050
Montana
Texas
West
Central
which
that
with
In a month, and the price now corresponds
10,000 10,000
12,750 12,600 Sunburst
Brown County
has been maintained by the Standard Oil Co. of Ohio for Schackeitord County___ 8,600 8,350 CaliforniaWest Texas37.500 37,500
19,300 19.500 Santa Fe Springs
several months. In this section, the Roxanna Petroleum Reagan County
130,000 123,500
48,650 45,000 Long Beach
County
Corp. it the only company remaining at 17 cents, tax in- Pecos
56,500 57,500
Beach
Huntington
84,250
81,700
Crane & Upton Counties.
18,500 19,000
197,400 180,100 Torrance
Winkler
cluded.
12,500 12,500
Dominguez
East Central Texas
7,000 7,000
wholeHoaecrans
the
in
a
gallon
4 cent
1
11,7C0 11,750
Following the increase of /
Corsicana Powell
29.500 29.500
1,200 1,200 Inglewood
Creek
Nigger
81,000
81.000
sale gasoline market, Group 3, by the Sinclair Refining Co.
Midway-Sunset
Southwest Texas
53,500 47,500
13,500 13,750 Ventura Ave
on April 3, the Mexican Petroleum Co. made a similar Ad- Luling
40,600 39,000
6,650 6,600 Seal Beach
Laredo District
vance in the wholesale market in New York, bringing the
4 cents a gallon. The Pan-American Petro1
new price to 9/
of Union Trust Co. of Cleveland
leum & Transport Co. has advanced the price of United F. B. Fretter, in Magazine
for Over-Production
Responsible
Conditions
Discusses
4c. at Norfolk,
1
4c. a gallon to 9/
1
States motor gasoline /
Oil.
in
Co.
lan
Warner-Quin
The
J.
N.
Carteret,
and
Baltimore
The factors operating toward an over-production in oil
raised United States motor gasoline %c. a gallon to 9%c. at
are discussed by Frank B. Fretter, President of the Naits refinery.
Gasoline prices in Atlanta, Ga., on April 4, were raised tional Refining Company of Cleveland, in the March num4 cents a gallon to 22 cents, while wholesale prices in Hous- ber of the business magazine "Trade Winds" of the Union
ton, Texas, were advanced 1 cent. The retail service station Trust Company of Cleveland. Mr. Fretter remarks that
"over-production happens almost overnight,"-that "it
price is 18 cents a gallon.
Following the above advances, the Standard Oil Co. of comes with a mad rush"-and Seminole is cited as "a typNew Jersey on April 5 raised the wholesale price of its gaso- ical example of what circumstances surround the petroleum
4 cent a gallon at Bayonne, Baltimore, Norfolk and industry." He says:
1
line /
4 cents
1
Charleston. The new base price in Bayonne is 9/
A single gusher was struck. The territory was deluged with prospective leasers willing to pay any sort of premium, eager to make any
a gallon.
provided they could lease any of the acreage.
In Chicago, Ill., on April 5, motor grade gasoline was concessions,
The result was that Seminole was divided up in small plots owned by
at
4%@4%c.
strong
4c. Kerosene
3
unchanged at 6%06/
a multitude of owners including the larger production companies and
and the land owners
for 41-43 water white as compared with 4½@4%c. on April many independents. Other gushers were struck
beseiged the leasers to live up to their contracts and drill.
immediately
24-26
for
2@90c.
1
/
87
at
unchanged
and
slow
is
4. Fuel oil
Hundreds of wells were drilled; operating expenses were large, espegravity.
cially with the application of the gas-air lift method of raising the oil.
In Tulsa, Okla.. on April 4, the weighted average sales Regardless of how many operators desired to keep the flush production
within reasonable limits they were utterly unable to cope with the situof United States motor grade gasoline in tank cars were ation
because the land owners, having no capital invested, insisted on the
6.5512c. a gallon, a new high for 1928, compared with properties being drilled instanter. If an operator showed an inclination
legal meas6.536c. on April 3, the previous high. Natural gasoline to slow down work, the land owners threatened to resort to drilling
the
stepped in and shut down
4c. a gallon, the low ures. Even had the government
1
Grade A continues unchanged at 4@4/
terms of
the
the
legal right to enforce
land owner would have still had
broke
Seminole
Consequently
leaser.
and
the
of the year.
him
the contract between
Crude Oil Price Unchanged.-Gasoline Prices Show
Upward Trend.
Crude Oil Production Shows Small Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended March 31 1928 was 2,412,600 barrels as compared with 2,387,000 barrels for the preceding
week, an increase of 25,600 barrels. The daily average production east of California was 1,783,100 barrels, as corn-
the market. As a result Seminole, Searight, Earlsboro and Bow Legs
are still causing much disturbance in the oil situation.
Can the operator as an individual or as a group be blamed for such a
situation? In all justice I think not. Yet conditions of this character
Are responsible for overproduction. They were responsible for yesterday's overproduction and tomorrow they will still remain a threat.
That we have an over-production in the oil industry, is,
says Mr. Fretter, an undeniable fact. lie goes on to say:
is, in thousands of
As a result the market price for crude petroleum
must produce
instances, lower than the lifting costs. Yet an oil well
APR. 7 1928.1
2071
FINANCIAL CHRONICLE
daily regardless of the market price. To shut down a well is dangerous
as oil well men know. Conceive then what overproduction does to the
profit and loss accounts covering 75% of our wells that produce only a
barrel of oil a day. Yet this 75% of our wells really constitute the
backbone of the industry for they provide a normal and dependable
source of supply day by day.
There are two logical ways to overcome a possible future overproduction situation. Both are plainly obvious. One is to control the extent
of drilling and this is a matter that involves many divergent phases of
conflict. Eventually, however, the situation may be ironed out.
The second method is to provide a wider and more profitable market
for refined products. This, too, might be possible.
Both these matters are important and worthy of consideration. Both
are being considered.
Basically the oil industry is sound. It is a young industry. It is
natural that it should suffer from some growing pains. It has been
beset by a combination of problems that instead of decreasing as time
passes have increased at an alarming rate.
It is, however, operating efficiently and without waste. It is buying
wisely. It is introducing engineering supervision and science in every
possible and feasible manner. It is not entirely unlikely that the next
decade may bring forth a scientific and accurate method of determining
whether a well will be productive before it is drilled; within the next
decade it is altogether likely that the normal production curve of an
oil well may be materially increased.
To-day is a dark day for the industry. To-morrow may see the overproduction situation adjusted to a point where the saturation point is
no longer in sight.
Steel Output Still on Ascending Scale-Pig Output for
Quarter Smallest for Any First Quarter Since 1922.
Finished Steel.
Apr. 3 1928. 2.3570. a Lb.
One week ago
2.3570.
One month ago
2.364o.
One year ago
2.3670.
10-year pre-war average
1.6890.
Based on steel bars, beams.tank plates,
plain wire, open-hearth rails. black pipe
and black sheets.constituting 86% of the
United States output of finished steel.
Low.
High.
1928__2.364c. Feb. 14 2.3140. Jan. 3
19272.453o. Jan. 4 2.2930. Oct. 25
1926_2.453o. Jan. 5 2.4030. May 18
1925._2.560o. Jan. 6 2.3960. Aug. 18
1924_2.789o. Jan. 15 2.4600. Oct. 14
1923_ _2.824o. Apr. 24 2.4460. Jan. 2
Pig Iron.
Apr. 3 1928. 817.67 a Gross Ton.
$17.67
One week ago
17.75
One month ago
1921
One year ago
15.72
10-year pre-war average
Based on average of basic Iron at Valley
furnace and foundry Irons at Chicago;
Philadelphia, Buffalo. Valley and Birmingham.
Low.
High.
1928__ 17.75 Feb. 14 17.54 Jan. 8
1927__ 19.71 Jan. 4 17.54 Nov. 1
1926_ 21.54 Jan. 5 19 46 July 18
1925__ 22.50 Jan. 13 18.96 July 7
1924__ 22.88 Feb. 26 19.21 Nov.
1923__ 30.88 Mar.20 20.77 Nov.20
Steel has embarked upon the new quarter with market
conditions more auspicious than the industry foresaw thirty
days ago. Heavy specifications in the final days of the
quarter against expiring contracts have neutralized the
slack in new buying and assure continuance of current high
operating rates well into April at least, says the "Iron
Trade Review" in giving its regular weekly summary of
events in the industry. This is the more heartening because March was a record ingot month for some producers
-possibly for the entire industry-and a letdown would
not be illogical. The "Review" further states:
Three successive increases in production have not exhausted the
automobile industry, whose further steel committments, while made
more cautiously, indicate April may make it four. Oil country buying
of line pipe and tanks has been heavier. Inquiry for structural steel
is broader and some districts evidence inauguration of spring road'
building. Carbuilders, confronted with diminishing backlogs, have
specified heavy steel products generously the past week. Because less
normally is expected of the second quarter the general market situation
is less tense.
The disinclination of some consumers to cover fully for the second
quarter is regarded more an omen of unsettled prices than of contracting consumption. The role of producers apparently will be to consolidate and hold price gains of the first quarter. The tendency to
extend first quarter quotations is slightly more pronounced.
Pig iron production in March kept fully in step with steel. The
daily rate of 103,493 tons, the best in 10 months, was an increase of
3539 tons or 3.5% over February, but short of the 112,326 tons of last
March. The month's total of 3,208,281 tons compares with 2,898,668
tons in February and 3,482,107 tons last March. The first quarter
aggregate of 8,962,464 tons is also below the corresponding period of
1927, when 9,524,057 tons was made, but it is a distinct gain over the
8,172,086 tons of the final quarter of 1927. Ten more stacks were in
blast at the end of March.
At both Pittsburgh and Chicago specifications for bars, plates and
shapes have been well over the weekly average this year. Car-builders
at Chicago have specified out 10,000 tons of plates, and tank makers
3500 tons; new inquiry for southwestern oil tanks totals 7000 tons,
with actual placements 4100 tons. Orders for bars passed to Pittsburgh
mills last week made March the best month of the quarter. Fabricators
in both districts have specified their full first quarter commitments.
Sheets show a checkered markeet. The full finished grade appears
to have withstood assaults upon 4.15c, Pittsburgh. Large buyers in
some districts have shaded other grades $2 to $3 per ton. In the East
extensions to first quarter contracts have been so numerous that many
users are covered through May, and a test of new prices postponed.
In the Southwest resistance to higher prices is more pronounced.
Due largely to the automobile industry, strip steel specifications have
expanded. March for some makers was the best month since last June.
Automotive buyers are quoted 2.75c, Pittsburgh, on cold rolled but
most users pay 2.90c. Some hot strip arrangements have been continued on a basis $2 to $3 per ton over the first quarter.
With freight car awards in March estimated at 2796, carbuilders in
the first quarter booked only 16,658 contrasted with 24,824 in the
opening quarter of 1927. Railroad car shops were allotted 400 cars,
against 4085 a year ago. Passenger car orders in the first quarter, at
953, compared with a grand total of 1600 for all 1927. Chicago rail
mills have booked 4000 tons of secondary rail business, and a 90 per
cent operating rate at least into June seems assured. The Pennsylvania
is inquiring for fastenings.
A 5% discount granted on merchant and line pipe to jobbers late in
1927 has been withdrawn, raising prices about $2 per ton.
With steelworks at Pittsburgh less disposed to take business, the
merchant iron market in that district appears stronger. Action may
soon be taken by a Warren, 0., pipemaker on 5000 to 7000 tons of
bessemer. An inquiry for 15,000 tons of gray forge for second quarter
delivery may be slow in closing. March shipments of pig iron at Chicargo, exceeding 100,000 tons, were the best in 18 months. Buying by
melters who had held off second quarter contracting swelled the week's
iron sales at Cleveland to 66,000 tons.
Beehive coke makers have lost further business in gas coke to eastern
by-products interests. March shipments of beehive coke fell below February and April promises another loss. By-product coke prices in many
districts are off 50 cents.
The Ford Motor Co. is scheduled to close Thursday on 400,000 tons
of iron ore, the first purchase of the season and the largest in the history of the Ford Company. Last year's prices probably will be reaffirmed.
Advance in pipe lift the Iron Trade Review composite of fourteen
leading iron and steel products 6 cents this week, to $35.77.
Heavy specifications against expiring steel contracts, a
rate of production that is still on an ascending scale and a
price situation that is holding its own, barring minor irregularities, mark the opening of the second quarter of the
year, says the "Iron Age" in its issue of April 5. Blast
furnace returns for March collected by the "Iron Age" show
a net gain of 10 stacks, of which nine were steel company
furnaces. This reflects a sharp increase in steel works
activity and lends support to the belief that ingot production for March exceeded the high record made in the same
month last year. Merely assuming that the March rate was
equal to that of February, output for the first quarter surpassed that of the same period last year by nearly 200,000
tons. Since the March rate actually gained, final returns
for the quarter will show a total closely approaching, if
not larger than, the record made in the first quarter of
1920. The "Age" adds:
Steel production in April, it is conceded, may recede from the March
rate, but there are no indications of as sharp a decline as occurred in
April, 1927. Shipping orders placed in the last week of March were
large enough to insure a sustained output until the middle of the month.
At no time during the first quarter, with its high rate of plant engagement, have producers been able to look much farther ahead.
Unquestionably the largest volume of specifications against contracts
that expired March 31 has had a steadying effect on prices.
Buying at second quarter prices has not yet reached important proportions, but since shipments against first quarter contracts will continue through most of this month, consumers do not find it necessary
to place much additional tonnage at this time. There continue to be
price irregularities in wire nails and some finishes of sheets, but they
are no more numerous, and possibly fewer, than a week ago. Meanwhile, mills are showing more of a disposition to ignore price concessions some of which emanate from middlemen and are possibly of a
transient character. At any rate, the week has seen another postponement of serious tests of the price structure.
The only important new development in steel prices during the week
was an advance in standard steel pipe. This took the form of a withdrawal of a preferential discount of 5% which had been in effect since
Oct. 1, 1927.
Among the leading consuming lines, the automobile industry, building
construction and farm implement manufacturing continue to take steel
at an undiminished rate. Reports indicate heavy sales by dealers in
low-priced automobiles, but a less promising movement of some of the
medium and high-priced cars. An expected increase in Ford production this quarter will, if it materializes, tend to counterbalance a possible
decline in the output of other motor car builders. Automobile makers
are still cautious in buying steel, committing themselves only for a few
weeks ahead.
Structural lettings of 46,000 tons include 18,000 tons for a bridge
across the Ohio River at Louisville, 7800 tons for a section of the
New York subway and 4300 tons for a store building at Oakland, Cal.
New Projects call for 20,800 tons, of which 5000 tons is for a Pennsylvania Railroad bridge at Newark, N. J.
Railroad buying was featured by the purchase of 300 refrigerator
cars by the North American Car Corp. and 260 balast cars by the
Canadian National. Inquiries include 500 flat and 50 gondola cars for
the Southern Pacific and 500 tank cars for the North American Car
Corporation.
The extent of the recent large buying of pig iron in the Central West
is shown by the fact that second quarter sales at Chicago were larger
than for any three-month period in several years. At Cleveland the Production of Bituminous Coal, Anthracite and Coke.
market has resumed its activity with sales of 65,000 tons in the week.
The production of bituminous coal during the week of
Details of pig iron output in March show a total of 3,199,674 tons
produced, or 103,215 tons per day, against 2,900,126 tons, or 100,004 March 24 is estimated by the United States Bureau of
tons in February. The daily rate was the smallest for any March since Mines at
9,872,000 net tons, a decrease of 71,000 tons from
1922. Reflecting a larger use of scrap in steel making and a poorer
showing by merchant furnaces, pig iron production in the first three the output of 9,945,000 net tons in the week of March 10.
months of 1928, at 8,969,561 tons, was thee smallest for any first quarter In comparison with the corresponding week of
1927, the
since 1922.
Sales of copper in March, estimated at 160,000 tons, were the second current output is 3,501,000 net tons less. Anthracite prolargest since the war. The record was over 220,000 tons in December, duction shows an increase, the production for the week of
1919.
March 24 being 1,094,000 net tons, against 1,044,000 net
The composite price tables remain as follows:
tons for March 17, a
difference of 48.000 tons. Compared
with the corresponding week of the preceding year, current
output shows a loss of 78,000 net tons. Further data from
the Bureau of Mines is given herewith:
BITUMINOUS COAL.
The total production of soft coal during the week ended March 24,
including lignite and coal coked at the mines, is estimated at 9,872,000
net tons. Compared with the output in the preceding week, this is a
decrease of 71,000 tons, or 0.7%. Production during the week in 1927
corresponding with that of March 24 amounted to 13,373,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons). Incl. Coal Coked.
1925-1927
927-1928
Coal Year
Coat Year
Week.
to Date.a
to Date.
Week.
561,234,000
13,778,000
450,261,000
10,392,000
March 10
1,931,000
2.296,000
1,550,000
Daily average_ _ _ _ 1,732,000
574,254,000
13,020,000
460,204,000
9,943,000
March 17.1,
1,936,000
2.170,000
1,552,000
Daily average_ _._ 1,659,000
587,627,000
13,373,000
470,076,000
9,872,000
March 24_c
1,942,000
2,229,000
1,554,000
1,645,000
Daily average_ _
a Minus one day's production first week in April to equalize number of days In
the two coal years. b Revised since last report. c Subject to revision.
The total production of soft coal produced during the present coal year
to March 24 (approximately 303 working days) amounts to 470,076,000
net tons. Figures for corresponding periods in other recent coal years
are given below:
552,300.000 net tons
587,627,000 net tons 1923-24
1926-27
430,643,000 net tons
520,572.000 net tons 1922-23
1925-26
As already indicated by the revised figures above, the total production
of loft coal for the country as a whole during the week ended March 17 Is
estimated at 9,943,000 net tons. Compared with the output in the preceding week, this is a decrease of 449,000 tons, or 4.3%.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
March
Week Eased
March 17 March 10 March 19 March 20 Average,
1926.
1923.a
1927.
1928.
1928.
400,000
423,000
344,000
472,000
306,000
Alabama
196,000
221,000
238,000
192,000
170,000
Ark., Kan., Mo.& Okla
167,000
220,000
195,000
151,000
165,000
Colorado
1,600,000 1,627,000 1,864,000 1,311,000 1,684,000
Illinois
455,000
575,000
491,000
667,000
460,000
Indiana
87,000
122,000
129,000
85,000
76,000
Iowa
876,000
560,000
926,000
934,000
833,000
Kentucky-Eastern
301,000
215.000
381,000
36.1".,000
388,000
Western
52,000
52,000
65,000
58,000
52,000
Maryland
16,001)
32,000
10,000
17,000
15,000
Michigan
47,000
68,000
48,000
68,000
59,000
Montana
49,000
53,000
59,000
62,000
54,000
New Mexico
21,000
34,000
48,000
30,000
44,000
North Dakota
740,000
769,000
537,000
190,000
184,000
Ohio
3,345.000
2.731,000
3,249,000
2,526,000
2,435,000
Pennsylvania (bit.)
128,000
108,000
118,000
120,000
111,000
Tennessee
14,000
19,000
18,000
19,000
16,000
Texas
87,000
56,000
68,000
86,000
72,000
Utah
258,000
230,000
229,000
269,000
218,000
Virginia
45,000
35,000
45,000
74,000
41,000
Washington
W. Virginla--Southern_b 1,831,000 1,882,000 2.125,000 1,774,000 1,203,000
715,000
980,000
554,000
686,000
680,000
Northern.c
149,000
116,000
136,000
129,000
131,000
Wyoming
2.000
2,000
5,000
7,000
2,000
Other States
Total bitum•nous
Pennsylvania anthracite
[VOL. 126.
FINANCIAL CHRONICLE
2072
9,943.000 10,392,000 13,009,000 10,176,000 10,764,000
1,048,000 1,486.000 1,432,000 1,950,000 2,040.000
10.989.000 11,878,000 14,441,000 12,126,000 12,804,000
Total all coal
a Average rate maintained during the entire month. b Includes operations on
the N. & W.: C. & O.:Virginian: K & M.; and Charleston divlson of the B. & 0.
c Rest of State, including Panhandle.
PUBLIC MERCHANDISE WAREHOUSING, JANUARY 1928.
Floor Space (in Thous. Sq. Ft. End 0/Mo.
Division
and State.
New England:
Me., N.H.,Sr Vt.
Massachusetts_.
Conn.& R.I_ _ _
Middle Atlantic:
New York
New Jersey
Pennsylvania_ _
E. North Central
Ohio
Indiana
Illinois
Michigan
Wisconsin
W.North Central
Minn. & Iowa.._
Missouri
N.Dak.& S.Dak.
Neb.& Kansas_ _ _
So. Atlantic:
Del., Md.,D.C
Va.& W.Va
N.Car. & S. Car_
Ga.& Florida....
E. So. Central:
Ky., Tenn., Ala.
and Miss
W. So. Central:
Ark., La. & Okla_
Texas
Mountain:
Idaho,Wyo.. Nev.
Utah, N. Mex.,
Ariz., Montana
Colorado
Pacific:
Wash., Oregon_ _ _
California
l'iltrafnrii R
Tonnage.
Used for General
Reed Delied
Not
No. of
During on
Used
Merchandise.
Ware- Total. for Gen.
Month. drhouses.
rival,
Mer- Total. Vacant. Occupied.
chand'e.
10
31
13
272
2,662
960
20
610
408
251
2,052
552
110
1,132
166
141
921
386
III
65
469
8,889
825
1,116 1,107
89
47
25
12,479
4,345
1,305
4,390
1,431
319
8,089
2,914
986
3,117
800
322
4,972
3,115
664
41,058 4.616
24,403
638
49,420 2.526
30
26
62
40
38
2,403
920
7,800
2,713
961
645
255
4.149
870
151
1,758
665
3,651
1,843
809
297
159
842
740
190
1,461 20,761 2,818
506
6,002 1,017
2.809 50,723 6.227
1,103 207,868 1,333
619
6,256 3,287
32
12
10
53
3,102
1.023
243
1,576
1,550
119
65
540
1,552
904
178
1,036
428
228
27
221
1,124
676
151
815
10,819 3,763
9,321 2,340
2,045
486
11,731 2,736
15
26
10
25
1.259
1,059
600
1,891
147
140
277
1,418
1,112
919
323
473
370
191
129
173
742
728
194
300
9,834
628
3,673 4,830
41,438
539
17.827 4,972
26
1,083
422
661
173
488
11,041 2,368
23
58
1,354
2,250
121
633
1,233
1,617
573
300
660
1,317
8.927 2,310
17,857 4,498
21
22
648
651
221
253
427
398
130
117
297
281
5,074 5,357
5,093 1,792
32
89
1,236
4,453
316
894
920
3,559
297
1,012
623
2,547
12,121 1,822
14,126 2,903
R71
an 9AQ
On sea
so Rex
19 944
so 111(1
sn7 400 00
107
Analysis of Imports and Exports of the United States
for February.
The Department of Commerce at Washington March 29
issued its analysis of the foreign trade of the United States
for the month of February and the two months ending
with Februar,y. This statement indicates how much of the
merchandise exports for the two years consisted of crude or
of partly or wholly manufactured products. The following
is the report in full:
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF FEBRUARY 1928.
(Value in 1,000 Dollars)
Month of February
Two Months Ended Feb.
Grant,.
1928.
1927.
Value.
Per
Cent.
1927.
Per
Value. Cent.
Value.
1928.
Per
Cent.
Per
Value. Cent.
ANTHRACITE.
The total production of anthracite during the week ended March 24
is estimated at 1,094,000 net tons, an increase, compared with the output
in the preceding week, of 48,000 tons, or 4.6%. Production during the
week in 1927 corresponding with that of March 24 amounted to 1,172,000
net tons.
Estimated United States Production of Anthracite (Net Tons).
--1927-1928-1926-1927
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.a
Week Ended75,461,000
1,488,000
1486,000
88,091,000
March 10
76,507,000
1,432,000
1,046,000
89,523,000
March 17.1)
77,601,000
1,172,000
1,094,000
90,695,000
March 24_c
a Minus one days' production first week in April to equalize number of days
Subject
to revision.
since
last
report.
c
years.
b
Revised
the
two
coal
In
BEEHIVE COKE.
The production of beehive coke during the week ended March 24 showed
practically no change. The total output for the country as a whole
amounted to 100,000 net tons. Production during the week in 1927
corresponding with that of March 24 amounted to 200,000 net tons.
Es mated Production of Beehiv Coke (No Tons).
Week Ended
1928
to
Afar.24 Mar.17 Mar.26
1927.
Date.
1928.b 1928.c
779,000
72,000 163,000
71,000
Pennsylvania and Ohio
14,000
16,000
166,000
14,000
West Virginia
5,000
56,000
4,000
Ala., Ky., Tenn. and Georgia... 5,000
7,000
57,000
5,000
5,000
Virginia
4,000
30,000
3,000
3,000
Colorado and New Mexico
26,000
2,000
5,000
2,000
Washington and Utah
1927
to
Date.a
1,813,000
202,000
71,000
85,000
49,000
52,000
100,000 100,000 200,000 1,114.000 2,272,000
United States total
15,000
33.000
32,000
17,000
17.000
Daily average
a Minus one days' produeVon first week in January to equalize number of days
n the two years. b Subject to revision. c Revised since last report.
69% of Space in Public Warehouses Devoted to General
Storage Occupied by Merchandise.
Sixty-nine per cent of the space devoted to general storage
in public warehouses was occupied by merchandise at the
end of January, as reported to the Department of Commerce
by 538 concerns operating 871 warehouses. This summary,
made public March 12, and which inaugurates a monthly
compilation of statistics on public-merchandise warehousing,
includes for each of the important states a statement of the
space conditions and incoming tonnage. This summary is
preliminary and subject to subsequent revision as additional
eports are received.
r
Domestic Exports.
Crude materials_ _ _ 102,811
Crude foodstuffs_ _ _ 18,758
38,522
Manuf. foodstuffs_
Semi-manufactures. 53,120
Finished manufac._ 151,174
Total Domestic Exp 364,385
8,053
Foreign Exports_ __
28.2 95,292
5.1 13,307
10.6 39,438
14.6 55,762
41.5 158,841
26.3 225,320
3.7 43,164
10.9 79,538
15.3 114,450
43.8 313,553
29.0 207,354
5.6 31,384
10.3 82,779
14.7 119,604
40.4 323,508
27.1
4.1
10.8
15.7
42.3
100.0 362,685 100.0 776.034
8,861
15,805
100.0 764,629
17,736
100.0
371,546
791,839
782,365
130,901
47,544
36.194
64,303
72,209
37.3 267,996
13.5 86,806
10.3 66,762
18.3 118,025
20.6 128,128
40.1 264,305
13.0 95,845
10.0 64,920
17.7 125,527
19.2 138,508
38.4
13.9
9.4
18.2
20.1
100.0 351,151
100.0 667.718
100.0 689,105
100.0
Total Exports- - 372,438
Imports.
Crude materials_ _ _
Crude foodstuffs_ _ _
Manuf.foodstuffs_ _
Semi-manufactures_
Finished manufact_
114,883
42.725
39,815
52,051
61,402
Total Imports... 310.877
37.0
13.7
12.8
16.7
19.8
Country's Foreign Trade in February-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on March 15 issued its statement on the
foreign trade of the United States for February and the two
months ending with February. The value of merchandise
exported in February 1928 was $373,000,000, as compared
with 8372,438,000 in February 1927. The imports of merchandise are provisionally computed at $353,000,000 in
February 1928, as against 8310,877,000 in February the
previous year,leaving a favorable balance in the merchandise
movement for the month of February 1928 of 820,000,000.
Last year in February there was a favorable trade balance
on the merchandise movement of 861,561,000. Imports for
the two months of 1928 have been 8690,956,000, as against
8667,718,000 for the corresponding two months of 1927.
The merchandise exports for the two months of 1928 have
been $783,820,000, against 8791,840,000, giving a favorable
trade balance of 892,864,000 in 1928, against a favorable
trade balance of $124,122,000 in 1927. Gold imports
totaled 814,686,000 in February, against $22,309,000 in the
corresponding month in the previous year, and for the two
months they have been 853,005,000, as against $81,664,000.
Gold exports in February 1928 were 825,776,000, against
only $2,414,000 in February 1927. For the two months of
1928 the exports of the metal foot up 877,862,000, against
$17,304,000 in the two months of 1926-1927. Silver imports for the two months of 1928 have been $10,963,000, as
APR. 7 1928.]
FINANCIAL CHRONICLE
against $9,000,000 in 1927, and silver exports $14,171,000,
as against $13,621,000. Following is the complete official
report:
GOLD AND SILVER.
February.
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
Preliminary figures for 1928. corrected to March 1928.
GoldExports
Imports
MERCHANDISE.
February.
Exports
Imports
Excess of exports
Excess of Imports
Inc.(+1
Dec.(-).
1927.
1928.
1927.
1,000
Dollars.
373,000
353.000
1,000
Dollars.
372,438
310,877
1,000
Dollars.
783,820
690,956
1,000
Dollars.
791,840
667,718
20,000
61,561
92,864
124,122
1,000
Dollars.
-8,020
+23,238
Excess of exports
Excess of Imports
MinerExports
Imports
Excess of exports
Excess of Imports
Inc.(+)
Dec.(-)
1927.
1928.
1927.
1,000
Dollars.
25,776
14,686
1,000
Dollars.
2,414
22,309
1,000
Dollars.
77,862
53,005
1,000
Dollars.
17.304
81,664
11.090
1,000
Dollars.
+60,558
-28,6.59
24,857
19,895
64,360
7,479
4,658
6,233
3,849
14,171
10,963
13,621
9,000
2,821
2,384
3,208
4,621
+550
+1,963
EXPORTS AND IMPORTS OF 001.D AND SILVER, BY MONTHS.
1925.
1924.
1,000
1,000
1,000
1,000
1.000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
410,820 419,902 396,836 446.443 395,172 335,417
373,000 372,438 352,905 370,676 365,782 306.957
408,973 374.406 453,653 339.755 341,377
415,374 387,974 398,255 346,936 325,492
393,140 356,699 370.945 335,089 316,359
356.966 338,033 323.348 306.989 319.957
341,809 368,317 339.660 276,649 302,188
374,751 384,449 379.823 330,660 310.966
425,267 448.071 420,368 427.460 381,434
488,675 455,301 490.567 527,172 399,199
461,081 480,300 447.804 493.573 401,484
407,632 465,369 468,306 445.748 426,668
416,752
387,306
442,899
397,912
320.919
336,251
338,959
336,477
343.202
376,868
373.881
359.462
WWWWWWWWWWWW
356,841
310,877
378,331
375,733
346,501
354,892
319.298
368.875
342.154
355,738
344,266
331,234
aaAsczocnc,,voowo
A•cavocoov000
2 mos. end. Feb_ 783,820 791,840 749,741 817,119 760,954 642.374
8 mos. end. Feb.... 3,283,034 3,393,647 3,296,269 3,318,380 2,982,888 2.653,548
12 mos. end. Dec_
4,865,508 4,808,660 4,909,848 4,590,984 4,167,493
337,956
353,000
295,506
332,323
320,482
324,291
302,088
274.001
278,594
254.542
287,144
310,752
296.148
333,192
Gold.
1923.
329,254
303,407
397.928
384,253
372.545
320.234
287.434
275,438
253,645
308.291
291,333
288,305
2 mos. end. Feb_ 690,956 667,718 804,058 679,552 627,829 632,661
8 mos. end. Feb__ 2.752,521 2,796,567 2.966,981 2,439,924 2,332,275 2,326,00C
12 mos. end. Dec_
4.184.740 4.430.888 4.226.589 3.609,963 3.792.061
1928.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1927.
1.000 1.000
Dols. Dols.
52.086 14.890
25,776 2,414
5.625
2,592
2,510
1,840
1,803
1,524
24,444
10,698
55,266
77,849
Al er.
1928.
1925.
1,000
Dols.
3,087
3,8.51
4,225
17,884
9,343
3,346
5.069
29,743
23.081
1,156
7.727
7,196
1,000 1,000 1.000 1,000 1,000
Dols. Dols. Dols.
Dols. Dols.
73,526 6.692 7,388 9,763 11,385
50,600 7,479 6,233 7,752 6.833
25.104
6,077 8,333 7,917
____
21,604
___. 6,824 7,612 9,323
13,390
___
6,026 7.931 6,536
6.712
5,444 7.978 8,522
____
4,416
6,650 7,921 8.349
____
____
2.136
5,590 8,041 8,285
6.784
..... 6,627 7.243 7.487
28,039
____
5.945 7,279 8.783
24,380
5,634 6.794 8.118
____
5.968
__-- 7.186 5,610 7,589
1928.
1927.
1926.
1925.
2 mos.end. Feb 77,862 17,304 6,938 124,126 14,171 13,621 17,515 18,218
8 mos.end. Feb 249,446 91,276 78,641 181,919 51,803 56,509 66,128 76,531
12 mos.end.Dec
____ 201.455 115.708 262,640
____ 75,625 92,258 99,128
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
38.320 59,355 19,351
11.686 22,309 25,416
16,382 43.413
14,503 13,116
34,212 2.935
14,611 18,890
10.738 19.820
7,877 11,979
12,979 15,987
2.056 8.857
2,082 16,738
10,431 17,004
2 mos.end. Feb
8 ,nos.end. Feb
12 mos.end.Dec
53,005 81,664 44,767 8,641 10,963 9,000 14,626 12,28E
99,168 172,049 132,374 102,119 39,040 41,609 47,039 51,694
207.535 213.504 128.273
9.5.074 09.506 64.595
5,038
3,603
7,337
8.870
11,393
4.426
10.204
4,862
4,128
50,741
10,456
7.216
6.305
1,058
__-____
_--_-_______
____
____
____
---
W001^4.11,
.CAWAWO.
1926.
v00000cw..0..
0boa,N00ww000...
1927.
-.4.-"0;01bOoWbo"-.
1028.
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
2 Mos. End. February.
1928.
2 Mos. End. February.
1928.
EXPORTS AND IMPORTS OF MERCHANDISE. BY MONTHS.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
2073
5,763
5,863
5,539
6,322
4.872
5,628
5,949
5.988
7.203
5,098
3,941
4.430
7.339
4.929
6,681
4,945
3,390
4,919
5.238
7,273
4.604
5,602
4,045
6.747
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 4, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows increases for the
week of $77,400,000 in holdings of discounted bills, $43,700,000 in member bank reserve deposits, and $34,000,000 in
Federal Reserve note circulation, and decreases of $2,500,000
in holdings of bills bought in open market, of $2,600,000 in
Government securities, and $22,500,000 in cash reserves.
Total bills and securities were $72,300,000 above the amount
held on March 28. After noting these facts, the Federal
Reserve Board proceeds as follows:
Holdings of discounted bills Increased at all Federal Reserve
banks
except Boston and Cleveland, the principal changes being increases
of
$52,800,000 at New York, 15,200,000 at Chicago, and $8.500,000 at
San Francisco, and a decrease of 19,000,000 at Boston.
The System's
holdings of bills bought in open market decreased
2,5000.00 and of cartificatos of indebtedness $3,500,000. while holdings of United
States bonds
were $500,000 and of Treasury notes $300,000 above the
previous week's
totals.
Federal Iturerve note circulation increased $34,000,000 during
the week,
the principal increases being: New York $8,800.000, Chicago
911,100,000,
San Francisco 55.300.000. Philadelphia 81,700,000, and Boston
$4,400,000.
The Federal Reserve Bank of Cleveland reported a decrease of
$2,400,000.
and the six other Federal Reserve banks an aggregate increase
of 85.900,000
In Federal Reserve note circulation.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 2110 to 2111.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
April 4 1928, is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Increase 1+) or Decrease (-)
During
Week.
Year.
-$22,500,000 -$275,500,000
-16,400,000 -279,400,000
+72,300,000
+77,400,000
+28,600,000
+48,800,000
+343,700,000
+199,500,000
+137,300.000
+62,200,000
Bills bought in open market
-2,500,000
+104.400,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
-.,600,000
+500,000
+300,000
-3,500,000
+41,300,000
-18,600.000
+78,600,000
-18,600,000
Federal reserve notes in circulation
+34,000,000 -126,400,000
Total deposits
Members' reserve deposits
Government deposits
+30,800,000
+93,700,000
-14,800,000
+169,500,000
+168,900.000
-3,500,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks-now 649cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week increased $153,929,000 and rose to their highest total in all
time, the grand aggregate of these loans on April 4 being
$3,979,308,000. This represents an increzse of $144,288,000
over the previous record total of $3,835,020,000 as reported
on Feb. 8.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
CENTRAL
RESERVE CITIES.
New York-47 Banks.
Apr. 4 1928. Mar.28 1928. Apr.6 1927.
$
3
Loans and investments-total
7,465,800,000 7.230.740,000 6,453,296.000
Loans and discounts-total
5.507,086,000 5,251,137,000 4,610,565,000
Secured by U. S. Govt. obligations
64,875,000
63,299,000
60.377.000
Secured by stocks and bonds
2,648,586,000 2.440.215,000 2,128,145.000
AU other loans and discounts
2 793,625,000 2,747,623,000 2,422,043,000
Investments-total
1,958,714,000 1,979,603,000 1,842,731,000
U. S. Government securities
1,059.890,000
Other bonds, stocks and securities_ _ _ 898,824,000 1,067,028,000 919,205,000
912,575,000 928.526.000
Reserve with Federal Reserve Bank_
767,291,000 757,352,000 643,413,000
Cash In vault
.50,763,000
50,182,000
.57,471,000
Net demand deposits
5,635,672,000 5,451,253,000
5,059,594.000
Time deposits
1 116.411.000 1.114,310.000
936,201.000
Government deposits
81.457,000
84,855,000
81.367,000
Due from banks
123,836,000 120.342,000
96,322,000
Due to banks
1,378,738,000 1,303,108.000
1,136,136,000
Borrowings from F. It. Bank-total_
162,414,000 108,079,000
71,848,000
Secured by U. S. Govt. obligations
95,580.000
78,755,090
59,450,000
All other
66,834,090
29,324,000
22.398,000
Loans to brokers and dealers (secured by Apr.4 1928.
$
stocks and bonds):
1 264.718,000
For own account
For account of out-of-town banks____1,499,806,000
1,214,784,000
For account of others
Mar. 28 1928. APr. 6 1927.
$
$
1,120,869.000 968.799.000
1,426.739,000 1,072,575,000
1,277,776,000 798,869,000
3.979,308,000 3,825.379,000 2.840,238,000
Total
3,074,297,000 2,925.998,000 2.175.439,000
905,011,000 899,931,000 664.799,000
On demand
On time
Loans and Investments—total
Chicago-43 Banks.
2,012,236,000 1,978,838,000 1,825,515,000
1,507,215,000 1,481,765,000 1,380,034.000
Loans and discounts—total
Secured by U. S. Govt. obligations... 17,219.000
771.275,000
Secured by stocks and bonds
718,721,000
All other loans and discounts
16.699,000
757.352.000
707,744,000
14,276,000
663,812,000
701,946,000
505.021.000
997.073.000
445,981,000
U. S. Government securities
Other bonds, stocks and securities
216,478,000
288,543,000
211,774.000
285,299,000
187.820,000
257.661,000
Reserve with Federal Reserve Bank____
Cash In vault
180,976,000
16,343,000
177,031,000
16,391,000
169,984.000
19,999,000
Investments—total
1,251.781,000 1,245,713,000 1,183,978,000
682.460,000 656,125.000 571,742,000
17,321,000
21,934,000
21,043,000
Net-demand deposits
Time deposits
Government deposits
150,327,000
369.080,000
152,509,000
376.644.000
39.031,000
27,825,000
21,579,000
33,970.000
5.961.000
25.020.000
2,805,000
12,185,000
9,394,000
170,855.000
397,279,000
Due from banks
Due to banks
Borrowings from F. It. Bank—totaL
Secured by D. 8. Govt. obligations
All other
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
above, the statements for the New York and
explained
As
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
648, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business March 28:
The Federal Reserve Board's condition statement of 649 reporting member banks in leading cities as of March 28 shows a decline for the week of
$46.000,000 in investments and incree-ses of $140.000.000 in loans and discounts, of $61.000,000 in net demand deposits, of $27.000,000 in time deposits and of $30,000,000 in borrowings from Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $131.000,000 above the March 21 total at all reporting banks,
an Increase of $127.000.000 being shown for the New York district and of
$9.000.000 for tho Philadelphia district. "All other" loans and discounts
Increased $15.000,000 in the New York district and $9,000,000 at all reporting banks.
Holdings of U. S. Government securities declined $44,000,000 during the
week, decreases of $27,000,000 and $19.000,000, respectively, being shown
for the Chicago and New York districts, and an increase of $10,000,000 for
the Cleveland district. Holdings of other bonds, stocks and securities were
$2.000.000 below the total reported a week ago.
Net demand deposits, which at all reporting banks increased $61,000,000
during the week, increased $81.00,),000 in the New York district, and dodined $21.000,000 and $9.000,000, respectively, in the Philadelphia and
Boston districts. Time deposits increased $27,000.000 at all reporting
banks and $31,000,000 in the New York district, and declined $13,000,000
In the Chicago district.
Increases of 669,000,000 and $10,000,000 in borrowings from Federal
Reserve bonito reported by banks in the New York and Boston districts,
respectively, were partly offset by declines of $17,000,000 and $16.000.000
a
In the Chicago and San Francisco districts, all reporting banks showing
net increase of $30,000,000 for the week.
A summary of the principal assets and liabilities of 619 reporting member
banks, together with changes during the week and the year ending March
28. 1928, follows.
March 28
1928.
$
Loans and Investments, total___22,018,222,000
Increase (+) ar Decrease (—)
During
Year.
Week.
s
$
+93,476.000
+1,648,195,000
15,409,779,000
+139,569,000
+1,009,991,000
Secured by U. S. Govt. oblig's 143,890.000
Secured by stocks and bonds__ 6,443,710,000
All other loans and discounts__ 8,822,229,000
+21,605,000
+109,436,000
+8,528.000
—8,397,000
+762,532,000
+250,8.56,000
6,608,993,000
—46,093,000
+643,159.000
Loans and discounts, total
Investments, total
U. S. Government securities__ 2,972,853,000
Other bonds. stocks & secur's_ 3,635,590,000
—43,828,000
—2,26.5.000
+415,068,000
+228,086,000
1,743,975,000
242,495.000
+35,729.000
+234,000
+58,005,000
—22,257,000
13,590.686,000
6,777,752.000
280,793,000
+61,003,000
+27,228,000
—653,000
+479,348,000
+712,976,000
—22,068,000
1,193,175,000
3,435,386.000
—28,682.000
—58.000
+12,321.000
+235,849,000
Borrowings fr. F. R. Ms., total_
382,800,000
+29,599,000
+86,322,000
Secured by U. S. Govt. oblige
All other
248.913.000
139,387.000
+23,596,000
+6.003,000
+57,859,000
+28,663,000
Reserve with F. R. banks
Carib in vault
Net demand deposits
Time dePOSit3
Government deposits
Due from banks
Due to banks
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (April 7) the following summary
[VOL. 126.
FINANCIAL CHRONICLE
2074
of conditions abroad, based on advices by cable and other
means of communication:
ARGENTINA.
throughout the week was satisfactory, and both imports
and exports continued to be heavy. The cool Summer is said locally
Business
to have retarded the maturity of the corn crop and, consequently, exports of that product were much lighter than during the corresponding
week of last year. Oat and linseed exports were also lighter, but exports
of wheat were heavier. The wool market was quiet. The railway receipts were about the same as last year. The impending presidential
election of April 1 has had practically no effect on general business
During what is called "wheat" week the Department of
turnover.
Agriculture has carried on with suecesa an intensive propaganda in favor
of "pedigreed" seed.
AUSTRALIA.
New South Wales is experiencing further rains. Walsh Island strikers
have accepted the piecework basis of payment and have resumed work.
It is anticipated locally that the new season's sugar production will show
important increases. The electrical and radio exhibition held at Sydney is reported as very successful. An outstanding feature of it was
American participation in the exhibits. The Australian Senate is considering an increase in the duty on dressed rabbit skins, and the Tariff
Board has under consideration increases in duty on chamois leather,
arsenic salts, and pasteurizers. Australian exchange on London moves
against the Commonwealth 2 sh. 6d. for buing„ and 5 sh, on the selling
rate. The stringency of money is accountable for this unseasonably
early change.
BRAZIL.
Commercial turnover has been fair during the week, with exchange
steady. The coffee market was firtn. It is rumored that $50,000,000
is to be loaned for addition to the Sao Paulo railway and the extension of the Sorocabana Railroad from Mayrink to Santos. Cold deposits
at the stabilization bureau are increasing steadily. They are now
678,632 contos ($81,423,840). Porto Alegre general business reported
Hides and cattle are selling well
good and crop prospects excellent.
and the packing industry is working full time. Automobile sales are
good.
BRITISH INDIA.
The Indian Government has instructed the Tariff Board to investigate
the Indian oil industry with a view to ascertaining whether or not
protection is needed against imported kerosene.
CANADA.
The trading outlook is considered very bright for the second quarter of 1927. Commercial and industrial activity has been above average
in the first quarter, and retail business during the Spring bids fair
to surpass that of April-June, 1927. Automobile dealers report an
average increase of 25% in sales of automobiles; boots and shoes, clothing, dry goods and grocery lines report a steady increase. The hardware market has been fairly active, and the widespread demand for structural steel, owing to the marked construction activity in many parts
of the Dominion, is reported to be taxing the capacity of Canadian
fabricating plants. Employment at the beginning of March shows a
Construction
gain of some 4,000 workers over the previous month.
contracts awarded during the month exceeded the 1927 total by 20%,
with Ontario, Quebec and British Columbia reporting the largest gains.
Revenue car loadings for the week ended March 17 were 65,090, as compared with 62,128 in the corresponding week of 1927, and the cumulative total to date is some 27,000 ahead o fthe 1927 record.
CHINA.
The trade outlook in the Yangtze Valley and South China continues optimistic. The situation is still uncertain, however, and trade
Improvement is greatly depend,nt upon local political developments.
Hankow reports a marked increase of imports with greater improvement in trade with interior sections, and the disappearance of depreciated currency in the Hankow region. Several large foreign industrial concerns in Hankow have resumed operation, after many months
Conditions in the former British concession show much
of idleness.
improvement. February declared exports from Hankow to the United
States amounted to $1,500,000, of which wood oil accounted for $1,000,000. Railway passenger and freight service between HanIcosv and
Chengchow is regular, and an improvement is noted in rail service between Hankow and Changsha. Notes of the Central Bank of China are
in shipnow more nearly at par in Canton. A considerable increase
ments of raw silk to the United States from Canton is reported. Tientsin
stocks
in
securing
flour mills are experiencing increasing difficulties
of native wheat, which encourages the importation of flour from
abroad.
The month of
in Czechoslovak
to the building
iron and steel,
CZECHOSLOVAKIA.
March brought no stop to the general activity prevailing
industry and trade. Seasonal impulses have been given
industries, and full-time operations are reported in the
machinery, automobile, lumber, carpet and glove lines.
An improvement has been noted in the exports of glass, and bentwood ;
new activity characterized the cotton and wool industries, but producof materials.
tion of flax is somewhat slackening, due to the exhaustion
Some labor unrest was evident in the metal, chemical, and woodworking
industries, but a peaceful settlement is expected shortly. February foreign trade was slightly unfavorable. This was due, however, to considerable increases in imports of raw materials, which indicates the active
condition of industry. Imports totaled 1,493,000,000 crowns and exports 1,477,000,000 crowns.
DENMARK.
Slow improvement in industry and trade with declining unemployment
characterized the Danish situation during March. Agricultural production continued at record height but agriculture is suffering from
A
lack of capital and high prices. Shipping remained depressed.
legislative proposal involving reconstruction of the Landmandsbank with
the State providing new capital is expected to pass the Danish parliaState
ment before Easter. The government has requested bids for a
loan of $50,000,000 incident to the settlement of the Landmandsbank.
The
stable.
The exchange and general financial situation is entirely
exmoney market still remains tight but a noticeable easier trend is
pected to bring gradual relief. Loans and discounts during February
13,000,000
again showed a slight decline while deposits increased about
were reduced
crowns. Foreign exchange holdings at the National Bank
92,300,000 crowns at the end
to 64,800,000 crowns as compared with
firm but following the payof January. The stock exchange market was
ment of dividends the quotations showed a corresponding drop.
Com.
No.
Am. 7 1928.]
FINANCIAL CHRONICLE
mercial activity improved in a number of lines during the first quarter
of the year. The sales of automobiles were high above expectation with
a promising outlook for the second quarter. Imports of raw materials
were higher in February than during the previous month. The heavy
exports of agricultural production was maintained. The wholesale index
was 152 for February, a drop of one point.
FRANCE.
An agreement for settlement of the war debt of Rumania to France
was signed on March 28. It reduces the capital amount from 962,000,000
gold francs to 525,000,000 gold francs, through deduction of Rumania's
counterclaims, and provides a schedule of increasing annual payments
over 62 years totaling 894,000,000 gold francs, but having a present
value of 185,000,000 gold francs. Total imports during the first two
months of this year were valued at 8,450,000,000 francs, as against
8,859,000,000 francs during the same period of 1927; exports were
valued at 8,400,000,000 francs as compared with ,9,306,000,000 francs
during January and February of last year. Trade for February alone
showed an export balance of 13,000,000 francs. Tax returns under the
general budget for January and February totaled 6,056,000,000 francs
of which 5,957,000,000 francs were from normal and permanent sources.
Independent receipts of the autonomous office for the amortization of
the public debt amounted to 987,000,000 francs during the same period.
The production of pig iron during February was 785,000 metric tons
and of steel 738,000 metric tons, marking a substantial increase in both
cases as compared with the output of February, 1927.
GERMANY.
February declared exports from Germany to the United States, according to statistics compiled by the American Consul General in Berlin,
amounted to $17,080,000. In January, declared exports amounted to
$19,561,000. Both of these figures are above the monthly average for
1927, $16,700,000.
GREECE.
The Government has decided to re-establish the Commission for the
purchase of Government supplies, which was abolished by General Pangalas two years ago. A bill to that effect has been submitted to Parliament for approval, providing that all Government supplies of a value
exceeding drs. 500,000 (about $6,650) are to be purchased by a Commission composed of high government officials, bankers and business
men. According to the proposed bill the purchase of these supplies
will be made by public adjudication.
IRISH FREE STATE.
Estimates of government expenditures during the fiscal year ending
March 31, 1929, as related to the public services total £22,433,019, as
compared with £23,903,179 in the fiscal year just closed. The greatest
single reduction is in compensation for property losses compensation
arising out of the Civil War, and for the Army, which account for about
from the 1927 sugar beet sea£800,000 of the reduction. Returns
son, just closed, indicate that 17,698 acres were harvested, and 18,096
long tons of refined sugar obtained, with an average content of 16.4%.
Cork, Limerick, and Tipperary farmers are agitating for the erection
of additional plants, although the Government has declared itself as
opposed to extension at the present rate of the subsidy. Buses registered in the Free State carried, in the quarter ended January, 1928,
5,091,217 passengers over a route mileage of 24,791, with consequent
reductions in railways and tramways traffic.
2% on
1
still depressed and uncertain. The discount rate was lowered /
March 28 to 5174%. Financial nervousness has somewhat abated and
A $30,000,000 State loan
the exchange pressure has disappeared.
and a $6,000,000 loan for the Oslo Gas and Electric Company were
arranged during the month. The Norske Creditbank has negotiated
with English bankers for a 30,000,000 crown credit. These transactions are having a favorable influence on the money market which
is noticeably easier. Early gold redemption is expected for which the
Bank of Norway is well prepared with a gold supply of 147,000,000
crowns and a net foreign credit of 36,000,000 crowns. The note circulation remained practically unchanged at 309,000,000 crowns. Industrial shares rose sharply. Prices were firm and the wholesale price
index remained unchanged at 157. Most of the important industrial
branches were moderately employed. Unemployment has been reduced
5,000 since the beginning of the year and at the end of February numbered 45,000. Settlement of a threatened wage dispute has been effected
by which the wages of sailors and of engine crew have been reduced by
5 and 6%, respectively. Both imports and exports showed decreases
during January compared with the previous month as well as the same
month of 1927.
PERU.
The cotton crop in the northern valleys, which is now being picked,
is said to be apparently of high quality, and an above normal yield is
promised. The crop in the Chincha and Ica valleys, however, is exthese
pected to be below normal owing to the drought through which
but
valleys passed. Sugar cane is maturing under favorable conditions,
the
of
lateness
the rice yield will be seriously curtailed because of the
collections
and
merchandise
of
flow of irrigation water. The movement
continue to be sluggish, with import orders very light. Oil and mineral
production continue at a high level, the local building trades are active,
and the govrenment's sanitation and road-building programs are being
JAMAICA.
Notwithstanding the protracted dry weather which has prevailed in
Jamaica for the past few months, economic conditions continued good
Imduring March. Government revenues continue very satisfactory.
port duties for the fiscal year ending March 31, 1928, have already
for
expenditures
reached £1,000,000 and the surplus of revenues over
the next year are now estimated at £285,000. Bank deposits continue
normal and collections have shown improvement over the subnormal
average of the preceding month. The Winter tourist season is one of
the busiest on record and retail business is good. Building construction
continues active. Local sugar estimates in long tons are as follows:
Stocks on hand March 1, 6,000 tons; sugar receipts during March,
chiefly from Canada and the United States, 60 tons; domestic production, 10,000 tons; local consumption of sugar during the month
amounted to 1,900 tons and exports chiefly to Canada, totaled 8,160
tons, leaving approximately 7,000 tons of sugar on hand.
JAPAN.
Prospects for general business in Japan are fairly bright. Rates for
call money are stiffening, and merger of the smaller banks continues.
By Imperial Ordinance, the budget of last year is to apply to the first
quarter of the fiscal year, which, in Japan, begins on April 1.
LATVIA.
The foreign exchange holdings of the Bank of Latvia have recently
shown a record increase. The statement of the bank for the week ending
March 7, 1928, shows foreign exchangs holdings valued 63,106,000 Late
as compared with 48,807,000 Lath on January 4, 1928, and 29,734,000
Lath on March 9, 1927. The foreign exchange holdings together with
the gold reserve of the Bank on March 9, represented a value of 86,797,000 Lath, which covers by more than 200% the note issue of the
Bank. The bulk of the foreign exchange holdings consist of dollars
and pounds sterling.
MEXICO.
The general feeling of optimism in Mexico continued to increase
during the week ended March 31, but the commercial situation continued depressed with no immediate improvement in sight. It is stated
locally that no appreciable revival of the oil industry can be expected
for the present.
NETHERLAND EAST INDIES.
Import markets of the past week were generally quiet, following
native New Year buying. Export trade, however, was active, featuring
especially robusta coffee, gaplek meal (dried cassava root), and manganese ore.
NETHERLANDS.
Trade in commodities is somewhat slower following a period of good
sales for the replacement of stocks. The stock exchange is active;
rubber and sugar shares have improved. The total production of coal
in the Netherlands during January was 919,000 metric tons and in
February, 852,000 metric tons, marking a good improvement over
the average monthly output during 1927.
NORWAY.
The Norwegian situation improved during March with the return
of political and financial equilibrium. Business was better although
2075
aggressively prosecuted.
PHILIPPINE ISLANDS.
coLarge cattle raisers of the Philippines have organized under a new
operative marketing law with the view to supplying the entire Philippine
live
of
market and cutting off importation of live cattle. Total imports
Australia
animals are valued at approximately $400,000 annually and
now furnishes 50% of the fresh beef consumed in the Manila market.
Abaca trade is again quiet after increased activity and slightly advanced
prices a week ago. Nominal quotations are now at 25 pesos per picul of
139 pounds for grade F; I, 22; JUS, 21 ; JUK, 18; and L, 14 (1 peso
is
equals $0.50). Abaca arrivals continue very heavy. No improvement
expected in copra trade before the end of April. Production remains light,
with only one oil mill operating. The provincial equivalent of resecado
delivered at Manila is now 13.50 pesos per picul ; Hondagua, 12% pesos;
and Cebu, 13%.
POLAND.
Foreign trade for February, according to preliminary data, closed with
an adverse balance of 42,000,000 gold francs—imports 157,000,000 against
115,000,000 gold franca of exports. This represents an increase of 12,000,000 francs in the debit balance as compared with January, and is accounted
for almost entirely by a decline in exports for the month, as imports increased only by 458,000 francs.
The balance sheet of the Bank of Poland as of March 10 shows a decrease of 5,500,000 zlotys (par value $0.112) in the reserves of gold and
foreign currency and bills since February 10 (Commerce Reports, March
19, page 928). Bank note circulation increased during the month by
57,000,000 zlotys (from 988,000,000 to 1,045,000,000), the cover against
notes and deposits combined showing a fractional decline to 69.3c against
the statutory limit of 40%.
PORTO RICO.
Collections in Porto Rico are still reported difficult and business remains
generally dull, notwithstanding the greater circulation of wages from
sugar factory pay rolls, which are now at their peak. Commercial houses
are making greater use of credit accomodations than is customary at this
time of the year, but conditions are fundamentally sound and some improvement is expected during the next few months. However, caution
should be exercised in granting credit to other than well established
firms. The fruit growers have enjoyed a good season and March shipments
of fruit included 103,600 boxes of oranges, 79,900 boxes of grapefruit,
and 18,000 boxes of pineapples. The small coffee crop has been sold at
satisfactory prices and the tobacco situation is encouraging. The flour trade
has been somewhat unbalanced as a result of the price cutting war between
local bakers which has led to an abnormal demand for the cheaper grades
of flour, and a tendency to buy on a hand-to-mouth basis. Bank clearings for the first 30 days of March amounted to $23,759,000 as compared
with $24,716,000 in the corresponding period of 1927.
SPAIN.
The month of February was one of satisfactory activity and favorable
prospects in most branches of Spanish commerce and industry. While
bank clearings and security transactions were slightly less than in January and the peseta receded slightly in value, ample money was available for
investment and a number of large loans were successfully floated.
UNITED KINGDOM.
British trade conditions have shown but little change during the past
month although the slight but steady improvement continues. The employment figures for most basic industries, including steel, cotton, wool,
and the building trades, show an improvement but there was a slight increase in the number of unemployed miners, particularly in Wales where
the unemployment problem is increasingly serious. Industry, itself, shows
few signs of expansion and sinless some new favorable influence develops,
there is little prospect of other than seasonal improvement in the immediate future. Iron and steel production has improved slightly, although
prices remain unchanged. Activity in the engineering trades is increasing
although the business appears to be unevenly distributed. In the coal
trade the principal developments of the month were the institution of coal
marketing schemes in Scotland and South Wales, also a minimum price
schedule in Northumberland. The proposed acquisition of several Welsh
collieries by Powell Duffryn and Die reorganization of their selling
agencies marks an important step in the centralization of the Welsh coal
are
trade. The trading losses of the industry in the last quarter of 1927
estimated to amount to nearly £2,870,000. This brings the total loss for
large
a
before
Association
Yarn
the year to £5,378,000. The Cotton
meeting of spinners at Manchester on March 27, proposed an amalgamation
of the mills spinning American cotton into a holding company, the scheme
to involve financial reorganization of the mills with an exchange of company shares for the corporation shares. It is understood that there will
be 110 resumption of the conferences between operatives and employers
following the breakdown in recent negotiations on wages and hours of labor.
2076
FINANCIAL CHRONICLE
The aut.:mobile association has presented to Parliament a petition with
nearly a million signatures for the substitution of a gasoline tax instead
of the present tax on the horsepower of automotive vehicles, but trade
opinion inclines the view that there is little likelihood of such a change
being effected in the present calendar year.
[VoL. 126.
c These amounts are not included in the total since the money held In trust against
gold and sliver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard 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
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Stock of Money in the Country.
of gold deposited for redemption of Federal Reserve notes, $8.665,050 deposited for
The Treasury Department at Washington has issued the redemption of National bank notes,
82,630 deposited for retirement of additional
customary monthly statement showing the stock of money circulation (Act of May 30 1908), and $6,438,200 deposited as a reserve against
Postal savings deposits.
in the country and the amount in circulation after deduct- I Includes
money held by the Cuban agency of the Federal Reserve Bank of
ing the moneys held in the United Statesffreasury and by Atlanta.
g Figures revised to conform to changes effective Dec. 311927.
Federal Reserve banks and agents. It;is important to note
-Gold certificates are secured dollar for dollar by gold held in the Treasury
that beginning with the statement of Dec. 31, 1927 several forNote.
their redemption: silver certificates are secured dollar for dollar by standard
very important changes have been made. They are as fol- tdlver dollars held In the Treasury for their
redemption: United States notes are
lows: (1) The statement is dated for the end of the month secured by a gold reserve of 2158.039.088 held In the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
instead of for the first of the month;(2) gold held by Federal secured,
dollar for dollar, by standard silver
held in the Treasury. Federal
Reserve banks under earmark for foreign account is now Reserve notes are obligations of the United dollars.
States and a first lien on all the assets
of
the
Issuing Federal Reserve bank. Federal Reserve notes are secured by
the
excluded, and gold held abroad for Federal Reserve banks deposit with Federal Reserve agents of like amount
a
of gold or of gold and such
is now included; (3) minor coin (nickels and cents) has been discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act.
Federal Reserve banks must
a gold reserve of at least 40%, includadded. On this basis the figures this time are for Feb. 29 ing the gold redemption fund which maintain
must be deposited with the United States Treasurer, against Federal Reserve notes in actual circulation.
Lawful money has been
1928. They show that the money in circulation at that date deposited
with the Treasurer of the United States for retirement of all outstanding
Reserve bank notes.
National bank notes are secured by United States
(including, of course, what is held in bank vaults of member Federal
bonds except where lawful money has been deposited with the Treasurer of the
banks of the Federal Reserve System) was $4,690,430,100, 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
as against $4,677,054,676 Jan. 31 1928.:and.$4,884,767,942 secured
by Government bonds.
Feb. 28 1927, and comparing with $5,760,953,653 on Oct. 31
1920. Just before the outbreak of the,,World War, that is Banking Firms of Lazard-Speyer-Ellissen and C.Schleon June 30 1914, the total was:only $3,458,059,755. The
singer-Trier & Co. Combine.
following is the statement:
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Premier Poincare of France Indicates Possibility of Floating Railroad and Industrial Bonds Provided for Under
Dawes Plan-Would Permit, He Says, More Rapid
Settlement of War Debts.
That consideration is being given to a plan whereby railroad and industrial bonds turned over by Germany as
guarantee of payment of the Dawes plan annuity might be
commercialized, so that France and other creditors of Germany may realize cash on them was indicated by Premier
Poincare of France in a speech at Carcassonne on April 1.
Associated Press advices from Paris report the Premier as
saying:
"
It is posible that soon, in connection with payment of the Dawes plan
annuity, there
on
the
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This financial
"
4,3 ee,
8
g44,
a Includes United States paper currency in circulation In foreign countries and
She amount held by the Cuban agencies of the Federal Reserve Bank of Atlanta.
lo Does notinclude gold bullion or foreign coin other than that held by the Treasury.
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under ear-mark for foreign account Is excluded, and gold held abroad for
Federal Reserve banks is included.
railroad
and
when there should
industrial
bonds
be
contemplated
placed
by
this
problem
probably will raise other similar ones, and it
would be desirable at that moment that we should approach them
all with
idea of eliminating as best we can any
subject or differences, with
an
the
strength
"
It
that our
regard
proper
would
be
the
time
recovery
us
henceforth
to
hazard
on
this
subject
All that is proper to say is that
our rights to reparations
comes, arrangement
permit our
gives
and
with
predictions
that
interests.
premature
events might belie.
when
monetary
our
for
for our security and
which, by
recent allies. Germany and
we
with
will
willingly
marketing
us to
settle
proper
of
our
the
regard
accept,
bonds,
debts
more
rapidly.
"
In
any
solidarity
case,
that
no
binds
nation
closely
appreciates
all
the
more
peoples
thinking of isolating ourselves, we are firmly
more
1. C.)
the
plan.
will
%,
will be occasion to consider
market
for
universal
rapprochement
of
than
ours
the
economic
of the world.
Far from
resolved to work more and
minds
which
will
prepare
and
assure the rapprochement of hearts."
The Associated Press accounts further state:
The scheme, usder consideration for three years, has been delayed by
differences, the first of which was
to negotiate an understanding with
some day
Germany for
her
permission
to
make the bonds
negotiable on
the open
market.
Both the railroad and
now
in the form
industrial obligations under the Dawes plan are
of two pieces of
paper
whereby
German
railroads and
APR. 7 1928.]
FINANCIAL CHRONICLE
industries are pledged for the payment of reparations. Those bonds
draw 5% interest.
When it was first proposed to commercialize them, money was so high
that they could not have been marketed without a considerable concession in price. Now that money is easier, the French Government regards
the prospect as better.
Meanwhile, the Thoiry conference between Foreign Minister Briand
of France and Foreign Minister Stresemann of Germany, as well as the
Locarno treaties, paved the way for Germany's consent.
The bonds represent 16,000,000,000 gold marks ($4,000,000,000 roughly). It had never been supposed possible all could be marketed, but it
was thought feasible to place a considerable portion on the market, provided France and the other Allied Powers were willing to accept a
sacrifice on the market price to make up for the low interest rates.
The question of evacuation of the Rhineland and other concessions to
'Germany on application of the treaty of Vercailles were involved in the
negotiations with Germany. These are thought no longer to present diffi•culties. Premier Poincare's allusions to the debts are taken in Paris as
meaning that part of the proceeds of the bond sales at least would be
applied to reducing war debts.
According to the same advices, Premier Poincare, appealing for support for the Government's efforts to restore
the franc, said in his speech that he regarded complete
financial rehabilitation as n long haul, not the work of a
day or even a year. He said it would doubtless require not
less than a full legislative session, which is four years, for
solid monetary reconstruction. He added:
"France assk nothing better than to deal in an atmosphere of confidence with all questions of international interest which may arise. Recently she discussed matters with Spain in a friendly manner and she
is talking likewise now with Italy. She has just signed with a country
for whom she retains most cordial feelings, Rumania, a settlement about
our war claim, subject, however, to revision should our own debt be
revised.
Report of French Loan Incident to Stabilization of Franc.
With the approach of the election in France, the air is
full of rumors of an imminent issue of a loan to absorb part
of France's floating debt in preparation for legal stabilization of the franc, said Associated Press advices from Paris
April 4, which added:
These reports are closely connected with vague talk in financial circles
of a possible arrangement with Germany for commercialization of the
railway and industrial bonds pledged in guarantee of the payment of
reparations. This talk is largely a result of Premier Poincare's speech
at Carcassone on Sunday.
The best semi-official information is that the loan will be prepared as
far as it can be in advance, but that the date and the rate of interest
will be known only after the election.
The general expectation is that Premier Poincare, if he wins a majority
in Parliament in the elections of April 22, will set in motion machinery
by which he intends to complete his work of financial restoration.
The first measure, it is held, will likely be a olan to get rid of the
floating debt, but the rest of the program remains indefinite, although
there is good reason to suppose that it involves ratification of the Washington and London debt accords, unless it should prove possible to agree
with Germany on commercialization of the reparation bonds on terms
that would permit renewed satisfactory arrangement for debt payments
all around.
2077
been made of the arrangements between the New York banks and their
foreign correspondents, but it is regarded as certain that the Soviet has
indemnified the local banks against any loss that might arise through
their acceptance and relinquishment of the gold. The Soviet, at the
time the gold was sent here, made arrangements whereby it would bear
the loss that might develop through any complications, according to
those in close touch with the situation.
Had No Commercial Value.
During the international contest that has been waged for the gold,
it has occupied an unprecedented status here, as despite its value of
more than $5,000,000, it was worthless for commercial purposes as a
result of the refusal of the United States Assay Office to accept it.
This refusal was based on an embargo of the Treasury Department
placed in force in 1920. The gold was sent to the vaults of the Chase
Bank and the Equitable Trust Company and had been held there until
its consignment back to Europe. In that status it represented a loss
of about $700 a day, and the total loss from that source up to the time
of its shipment yesterday amounted to about $33,000, which will be
borne by the Soviet Bank.
The following statement was issued yesterday by Simpson, Thatcher
and Bartlett, counsel for the State Bank of the Soviet Republic and
for the Garantie Und Kreditbank Fuer den Osten of Berlin, the latter
organization having been the actual shipper of the gold here:
"Gold bars of an approximate value of $5,000,000, which were received
in New York on Feb. 21 by the Chase National Bank and the Equitable
Trust Company, correspondents of our clients, have been reshipped to
Germany. This was done in accordance with the request of our clients
to the Chase National Bank and the Equitable Trust Company.
Refused by Assay Office.
"On March 6, the United States Treasury Department announced
that in accordance with the practice of the Treasury Department formulated in 1920, gold of Soviet origin would not be accepted by United
States mints and assay offices. On the same date the Bank of France,
through its New York attorneys, advised the Chase National Bank and
the Equitable Trust Company that it was laying claim to this gold and
asserted that it was gold which had been purchased by the Bank of
France in Russia in the years 1915-1917 and deposited for safekeeping
with the State Bank of the Russian Empire and carried since then as
part of the metallic reserve of the Bank of France. The attorneys for
the Bank of France also stated that photographs of documents, proving
the ownership of this gold by the Bank of France, had been forwarded
from France to this country and would be submitted to the Chase National Bank and the Equitable Trust Company upon their arrival.
"Actions have been instituted by the Bank of France and are now
pending in the District Court of the United States for the Southern
District of New York, in which it is alleged that the gold received in
New York on Feb. 21 is the identical gold which the Bank of France
claims to have entrusted to the State Bank of the Russian Empire in
1915-1917.
"In view of the fact that the Bank of France has failed to submit the
documentary proof with regard to its ownership of this gold, which it
had promised. on March 6, to submit to the New York banks, while our
clients furnished information to the banks showing that the gold in
question was refined and cast into bars from alloyed gold between the
years 1925-1927, our clients requested the Chase National Bank and the
Equitable Trust Company to ship this gold to Germany, and they have
complied with such request.
"This action enables the gold to be restored to use for credit and
commercial purposes without affecting the pendency of the actions in the
courts, and the interests of the Chase National Bank and the Equitable
Trust Company, as correspondents, have been fully protected."
At the offices of Evarts, Choate, Sherman & Leon, attorneys for the
Bank of France, this statement was given out:
"The return of the gold to Europe was anticipated by reason of information received last week, but it does not relieve the depositary banks
of their full liability for the value of the gold, with interest from the
date of the demands for the same by tbe Bank of France, whether or
not the depositary banks had made arrangements with the Soviet banks
to be indemnified against any judgments that might be rendered in the
pending actions."
The statement was made by the attorneys after they had conferred
with Charles A. Prevost, inspector of the Bank of France, who is in
New York acting for the bank in the pending actions.
The Dresden, a German liner bound for Bremen, will touch first at
Cherbourg, and the question was raised here whether the French authorities might not seize the gold at the latter port. Attorneys here, however, said that they could not know what would occur along that line,
and that in any event preparations were going forward for trial of the
suit here.
The shipment of the gold is regarded as having eliminated Rumania
as a claimant here for the metal. Rumania several days ago appealed
to the State Department in an effort to get the gold, claiming ownership.
No court actions have been taken since the filing of the summons and
complaint by the Bank of France. The time for the New York banks
to answer has been extended to April 26. It has not been decided
whether the banks will ask for the dismissal of the complaint or will
join the issue and proceed with preparations for trial. If the case
is set for trial, it was said yesterday that it probably would be a year
before a decision could be reached.
Russian Gold Held in U. S. Since February Shipped to Germany—Bank of France to Continue Action to Recover
Metal.
The $5,201,000 of Russian Soviet gold, which arrived in
New York on Feb. 21 consigned to the Equitable Trust
Company and the Chase National Bank of New York, was
shipped to Europe this week on the German line steamer
Dresden, which sailed April 5, bound for Bremen. The
proceedings instituted by the Bank of France to gain possession of the gold were noted in these columns March 17,
page 1596. According to the "Times" of April 6, the Bank
of France will continue its action against the Chase Nation Bank and the Equitable Trust Company, which re-ceived the metal as correspondents and which have now
From Washington April 5 the "Times" reported the folreleased it to its foreign clients. In its account of the relowing:
shipment of the metal the "Times" of yesterday said:
Government officials were surprised to-day when informed that the
A statement issued by the attorneys for the Soviet State Bank said
that the Bank of France in its formal complaint had alleged that the gold
was the identical metal which France bought in Russia in the years
1915-17 and deposited in the old Imperial Russian Bank, and that the
Soviet authorities had proved that the gold sent here had been refined
in the years 1925-27. Attorneys for the Bank of France, however, have
.contended since the filing of the suit that it made no difference whether
the identical gold claimed by France is the metal sent here.
Attachment Not Necessary.
Since the filing of the suit by the Bank of France, no attachment
had been issued against it. Thus there was nothing to prevent it being
shipped out of the country, provided that the banks holding it here
were satisfied that they would be protected. Since the suit of the Bank
of France asked for the recovery of the gold, "or, if delivery cannot be
made," asked for the recovery of the value of it, the attorneys for the
Bank of France took the position that the departure of the gold made
no practical difference in the suit. In their behalf it was said also that
in a replevin action of this sort it was not necessary to obtain an attachment of the gold, as the Chase National Bank and the Equitable
Trust Company will be liable for the value of the gold if the courts
decide in favor of the Bank of France.
While the action is directed against the Chase National Bank and the
Equitable Trust Company, however, the real struggle is between the
/lank of France and the Soviet authorities. No announcements have
$5,210,000 shipment of disputed Soviet gold held by the Chase National
Bank and the Equitable Trust Company was being sent back to Berlin,
but maintained that the whole proceeding was one that had never involved the American Government.
They indicated surprise as to how the return bad been arranged in
view of the proceedings brought by the Bank of France.
Treasury officials refused to receive the gold for assay after the two
banks had declined to make known the owners. Officials said to-day that
not only did the banks refuse to reveal the owners, but they would not
buy the gold and send it to the assay offices with themselves as owners.
The following regarding Rumania's claim is from a
Washington dispatch April 2 to the New York "Journal of
Commerce":
The Rumanian •Legation is expecting from the Bucharest Foreign
Office an order to replevin $5,201,000 of Russian Soviet gold held in the
Chase National Bank and the Equitable Trust Co., New York City, and
has made preparations to take legal action in the matter, it was learned
here to-day.
Attorneys with a wide knowledge of international law have already
been consulted by the Legation, which is now awaiting further word
from Bucharest. Indications are that the New York agents of the
Rumanian National Bank will be directed to join the Banque de France
in suit already begun in the Federal Court for recovery of the gold,
upon receipt of the expected dispatch from the Rumanian Government.
2078
FINANCIAL CHRONICLE
Rumania claims a sum estimated at between $200,000,000 and $300,000,000, deposited by the Rumanian Government in Moscow early in the
World War. Mystery shrouds its present whereabouts and condition,
although the Russian Soviet authorities have stated that "it is supposed
to be intact." Keys to the vaults where the treasure was first placed
have passed successively through the hands of the Consuls General of
France, Denmark and Norway in Russia, but it has been impossible
to learn whether the original sum is still there.
President Coolidge Signs Bill for Settlement of Indebtedness to U. S. of Kingdom of Serbs, Croates and
Slovenes (Jugo-Slavia).
On March 30 President Coolidge signed the bill authorizing the settlement of the debt of Jugo-Slavia (the Kingdom
of Serbs, Croates and Slovenes) to the United States. As
indicated in our issue of Feb. 25 page (1133) the bill was
passed by the House on Feb. 17. The Senate passed the
bill March 27. The measure provides for the funding of
a total indebtedness of $G2,850,000 over a period of sixtytwo years. We give herewith the text of the bill as signed
by President Coolidge follows:
An act to authorize the settlement of the indebtedness of the Kingdom of the Serbs, Croats, and Slovenes.
Be it enacted by the Senate and House of Representatives of the
Unites States of America in Congress assembled, That the settlement
of the indebtedness of the Kingdom of the Serbs, Croats, and Slovenes
to the United States of America made by the World War Foreign Debt
Commission and approved by the President upon the terms and conditions as set forth in Senate Document No. 106, Sixty-ninth Congress,
first session, is hereby approved in general terms as follows:
Section 2. The amount of the indebtedness to be funded after allowing for certain cash payments made by the Kingdom of the Serbs,
Croats, and Slovenes is $62,850,000, which has been computed as
follows:
Principal of obligations acquired for cash
advanced under Liberty Bond Acts
$26,126,574.59
Accrued and unpaid interest at V/r% per
annum to Dec. 15, 1922
4,073,423.14
$30,199,997.73
Principal of obligations acquired by Secretary of War for surplus war supplies
sold on credit
$24,978,020.99
Accrued and unpaid interest at 4%% per
annum to Dec. 15, 1922
3,358,790.45
28,336,811.44
$58,536,809.17
Accrued interest at 3% per annum from Dec. 15, 1922,
to June 15, 1925...'
4,390,260.69
$62,927,069.86
Credits:
Payments on account of principal since
Dec. 15, 1922
Interest thereon at 3% to June 15,
1925
$66,709.19
3,248.28
69,957.47
Total net indebtedness as of June 15, 1925
To be paid in cash upon execution of agreement
$62,857,112.39
7,112.39
Total indebtedness to be funded into bonds
$62,850,000.00
Sec. 3. The principal of the bonds shall be paid in annual installments on June 15 of each year up to and including June 15, 1987, on
a fixed schedule subject to the right of the Kingdom of the Serbs,
Croats, and Slovenes to postpone such payments falling due after June
15, 1937. for two years, such postponed payment to bear interest at
the rate of 434% per annum. The amount of the annual principal
installments during the first five years shall be $200,000. Commencing
with the sixth year the annual principal installment shall increase
$25,000 a year for the succeeding seven years. Commencing with the
thirteenth year the annual principal installment will be $400,000, the
subsequent annual principal installments increasing until in the sixtysecond year of the debt funding period the final principal installments
shall be $2,406,000, the aggregate principal installments being equal
to the total principal of the indebtedness to be funded into bonds.
Sec. 4. The Kingdom of the Serbs, Croats, and Slovenes shall have
the right to pay off additional amounts of principal of the bonds on
June 15 and Dec. 15 in any year.
Sec. 5. The bonds to be issued shall bear no interest until June 15,
1937, and thereafter shall bear interest at the rate of one-eighth of PA
per annum from June 15, 1937, to June 15, 1940; at the rate of one-half
of 1% per annum from June 15, 1940, to June 15, 1954; at the rate of
I% per annum from June 15, 1954, to June 15, 1957; at the rate of
2% per annum from June 15, 1957, to June 15, 1960, and at the rate
of PA % per annum after June 15, 1960, all payable semiannually on
June 15 and Dec. 15 of each year, until the principal thereof shall have
been paid.
Sec. 6. Any payment of interest or principal may be made at the
option of the Kingdom of the Serbs, Croats, and Slovenes in any
United States Government obligations issued after April 6, 1917, such
obligations to be taken at par and accrued interest.
Economic and Industrial Conditions in Denmark During
January-Decrease in Outstanding Loans of Three
Principal Private Banks.
The statement relative to the economic and industrial
conditions in Denmark during January issued by the Danish National Bank of Copenhagen and the Danish Statistical Department and made public March 5 by the Consulate
General of Denmark, New York, says:
Concerning banking and financial matters, the following can be noted:
In the three principal private banks there was in January a decrease of
[VoL. 126.
16 Mill. Kr. for the outstanding loans as well as for deposits; as far
as the outstanding loans are concerned, the decrease is partly due to
the redemption of reimbursements, as at the same time as the decrease
in the outstanding loan account current, the net debt to foreign correspondents has gone down about 7 Mill. Kr. Aside from the decrease
in the banks' outstanding loan and deposit activities, the shiftings were
small.
The outstanding loan of the National Bank has also decreased during
January, namely with 12 Mill. Kr. at the same time as the Bank has
sold foreign currency for about 19 Mill. Kr. On the other hand the
three principal private banks have drawn about 20 Mill. Kr. from their
cash balance deposited with the National Bank's account current, which
at the end of last month was exceptionally large. As the Ministry of
Finance at the same time has increased its deposits in the bank with
about 6 Mill. Kr. the amount of bills in circulation has during the month
of January gone down 18 Mill. Kr., from 354,2 to 335,8 Mill. Kr.
Phere was only an insignificant change in the stock of gold during
the month, but the decrease in the amount of bills in circulation brought
about that the percentage for covering increased from 55,3 to 58,2%.
The transactions in stocks and bonds on the Copenhagen stock exchange were in January somewhat larger than in December; the average
weekly transactions for bonds amounted to 5,9 Mill. Kr. (December 4,1
Mill. Kr.) for stocks 1,9 Mill. Kr. (December 1,2 Mill Kr.) in January,
1927 the corresponding figures were 5,2 and 2,3 Mill. Kr.
In the index for stock exchange quotations there was during January
A slight increase for bonds as well as for stocks. As far as the stocks
are concerned, however, the increase was only found for banks and
"other companies". The bond index for January was 91,0 (December
89,0) the stock index 102,3 (December 100,8); compared with January,
1927 all the stock groups were high, as the index for banks was 90,1
(January, 1927: 84,3) shipping stocks 117,3 (1927: 114,5) industrial
stocks 93,9 (88,6) other companies 104,6 (85,1) and the complete index
102,3 (1927: 93,3).
The percentage of unemployed was at the end of January 30,3 or a
little less than in January, 1927, when it was 31,6; in the real industrial professions the percentage this year was 24,3 against 26,8 in 1927.
The Government's revenue from consumption taxes was in January,
1928 22,8 Mill. Kr. of which 9,8 Mill. Kr. were custom revenue taxes
proper. In January, 1927 the corresponding figures were 22,2 and 9,5
Mill. Kr.
The Danish export of agricultural products was in January for the
most important products-butter and bacon-considerably larger than
during the corresponding month last year, and for bacon even larger
than ever before, while the export of eggs and meat was a little smaller
than last year. The average weekly exportations were:
Butter: 2,658,000 Kilos (January 1927: 2,489,600 Kilos)
Eggs: 426,300 scores (580,300 scores)
Bacon: 5,676,000 Kilos (4,348,400 Kilos)
Beef and Cattle: 1,415,900 Kilos (1,478,200 Kilos).
The prices of the exported articles were as far as butter and bacon
are concerned somewhat lower than in January, 1927, while the egg
prices were considerably higher this year. The average weekly official
notations were:
Butter: 291 Kr. (January, 1927: 299 Kr.) per 100 Kilo.
Eggs: 2.30 Kr. (1927: 1.85 Kr.) per Kilo.
Bacon: 1.18 Kr. (1927: 1.36 Kr.) per Kilo.
Beef: 54 Ore (1927: 54 Ore) per Kilo on the hoof.
The trade balance with foreign countries in December amounted to
162 Mill. Kr. for imports and 137 Mill. Kr. for exports, so that there
was an import surplus of 25 Mill. Kr. against 31 Mill Kr. in December, 1926.
For the year 1927 the transactions were altogether larger than the
preceding year, as imports amounted to 1,659 Mill. Kr., exports to
1,550 Mill. Kr. and the import surplus thus to 109 Mill. Kr., while the
corresponding figures for 1926 were 1620, 1517 and 103 Mill. Kr.
The Statistical Department's wholesale index fell one point in January, from 154 to 153. As far as the individual groups are concerned
it can especially be mentioned that animal food stuffs fell 4 points, textiles
and dry goods 4 points and chemical-technical goods 3 points, while
hides, leather and shoes went up 6 points.
The freight rate figure is for January, 1928 figured at 101,1 against
101,8 in December. In January, 1927, when the English coal strike
influenced the freight rates, the figure was 126,9.
Yugoslavian Cabinet Approves Bill Stabilizing Currency.
Under date of March 30, Associated Press advices from
Belgrade, said:
The Yugoslavian Cabinet to-day approved for submission to Parliament a bill proposed by the Finance Ministery, which is designated to
stabilize the currency at the rate of 100 dinnars to 9.13 Swiss francs
(about $1.76.
Hungary's Progress Following Rehabilitation Arranged
Under Administration of Jeremiah Smith.
Advices received in banking circles place Hungary's balance of receipts over expenditures for the calendar year
ended Dec. 31, 1927, at about $17,500,000. The figure reflects the progress of Hungary since stabilization under the
administration of Jeremiah Smith in 1924. Since then, although taxes have been reduced several times, receipts are
said to have annually shown a balance over expenditures
ranging from $8,500,000 to $19,000,000.
The reports Just to band show that unemployment has
decreased until to-day that problem is virtually non-existent. The value of both agricultural products and manufactures has largely increased. Bank deposits have risen, Savings deposits now representing about 30% and current account deposits about 80% of pre-war toals.
The significance of these figures is apparent when it is
recalled that Hungarian currency after the war depreciated to the point where it became valueless and reconstruction started with private fortunes wiped out Just as
was the case in Germany.
APR. 7 1928.]
2079
FINANCIAL CHRONICLE
Dr. de Hegedus, Former Finance Minister of Hungary,
Urges American Bankers to Refuse Loans to Countries
Which Are Not Disarming — Hungarian Pengo
Stabilized.
American bankers were urged at a luncheon on March
28 at the Chamber of Commerce of the State of New York
to refuse European loans to countries which were not disarming and to make loans only to banking and industrial
organizations capable of paying interest, by Dr. Rolland De
Hegedus, former Finance Minister of Hungary and now
President of the Associated Savings Banks of that country.
Dr. Hegedus, the guest of honor at the luncheon, characterized the League of Nations as a holding company of political insurance companies and said that the two "W's"—
the White House and Wall Street, were the moral and financial leaders of the world.
There were about twenty-five present at the luncheon,
mostly composed of banking officials and members of the
Chamber's executive committee. William L. DeBost, President of the Union Dime Savings Bank and also President
of the Chamber, presided and welcomed the Hungarian
delegation. Francis H. Sisson, Vice-President of the Guaranty Trust Company, spoke briefly, saying that the American people looked to Dr. Hegedus and his associates to
solve the economic and political problems that beset Hungary. Dr. Hegedus was then introduced by President DeBost.
"The peace of the world," began Dr. Hegedus, rests in
the hands of the Anglo-Saxon peoples—the Americans and
the English. They should police the world and use this
police power vigorously to prevent the embattled nations
of Europe from commiting suicide. The League of Nations,
without America, is nothing more than a holding company
for a number of political insurance companies." He went
on to say:
Dr. George de Lukics, former Minister of Education, M. P.; Dr.
Raland de Hegedus, former Minister of Finance; Count Paul Bethlen,
Member of the Upper• House (of Parliament); Nicholas de Somssich,
Member of the Upper House•, Tihemer Erody-Harrach, M. P.; Adalbert
Fabian, M. P.; Count R. Apponyi, Dr. Alexander Hegedfis, Author;
Dr. Julian Techert, Secretary, Hungarian Society for Foreign Affairs;
George de Ghika, Hungarian Counsul General and Imre de JdailcaHerczeg.
Invited to meet them were the following representatives
of New York banks and bond houses, who had co-operated
with Speyer & Co. in the issue of the Hungarian Government loan and of the two Hungarian consolidated municipal loans:
Stephen, Baker, of Bank of the Manhattan Company; Duncan Holmes,
of the Chase Securities Corporation; George N. Lindsay, of Blair & Co.;
A. C. Sherwood, of Hayden, Stone & Co.; Emil Kiss, private banker;
Stanton Griffis, of Hemphill, Noyes & Co.; Lloyd S. Gilmour, of Blyth,
Witter & Co.; Christopher B. Wyatt, of E. H. Rollins & Co.; Floyd G.
Blair, of the National City Company, and Henry W. Taft, of Cadwalader, Wickersham & Taft.
It is interesting to note that since these loans were first
issued the bonds have advanced considerably in price,
which it is pointed out is fully justified by the economic
and financial development and stability which Hungary
has shown during the time that Jeremiah Smith was there
and since. The 7%% Hungarian Government loan was issued in 1924 at 87% and is now quoted at 102%; the Hunguarian consolidated municipal 71/2% loan was brought out
in July, 1925, at 89 and is now selling above par, and the
Consolidated Municipal 7% Loan, issued late in 1926 at
93%, is now selling at about 96%.
The visitors expressed themselves as much pleased with
the courtesies shown them during their stay in the United
States; they sailed March 31 homeward bound.
German Reparation Receipts and Transfers During
February.
Total transfers of 130,551,940 gold marks are indicated
in the report for February issued by the office of the Agent
General for Reparation Payments. The receipts for the
month totaled 120,577,106 gold marks, and the cash balance
as of Feb. 29 1928, at 126,229,905 gold marks compares
with a cash balance of 136,204,739 on Jan. 31 1928. The
February statement(made public March 7)follows:
"In the matter of foreign loans, and I have studied this matter seriously for a number of years, it is my opinion that American bankers
will be making a serious error if loans are made to European countries
which are not disarming. There are several such countries now and
most of them are in the market for money. Furthermore, from a safety
standpoint, loans should only be made at this time to foreign banking
and industrial companies that are able to pay interest on going properties. This will be helpful and is needed. But for schools and hospitals,
which are not interest earners, I would refuse loans were I an AmeriOFFICE OF 'THE AGENT-GENERAL FOR REPARATION PAYMENTS.
can banker. Foreign countries can build these necessities from internal
STATEMENT OF AVAILABLE FUNDS AND TRANSFERS FOR THE
taxes; that is, the way buildings of this sort should be constructed. I
FOURTH ANNUITY YEAR TO FEB. 29 1928.
told Vice-President Dawes in Washington recently that his plan would
(On cash basis, reduced to gold mark equivalents).
be frustrated within two years.
Fourth Annuity
Year—CumulaMonth of
"We are trying to deserve this sympathy, expressed so well here to-day,
tire Total to
February
for my country. As past Minister of Finance I tried to master the
Feb. 29 1928.
1928.
greatest financial chaos ever seen. I stopped the printing presses as it
Gold Marks. Gold Marks.
was my opinion that if a state issues uncovered notes it is just the same
Avallable Funds—
185,487,192.84
as a banker issuing uncovered checks—forgery. I introduced a very Balance as at Aug. 31 1927
heavy tax on turnover and stabilized in this manner the budget which Receipts in completion of the third annuity:
20.000.000.00
tax
Transport
at the end of three years showed a surplus. I tried to level the inner
55,000.000.00
Interest on railway reparation bonds
value of Hungarian money because it is my conviction that every coun- Receipts on account of the fourth annuity:
41,666,666 67 250,000,000.00
Budgetary contribution
try which has foreign creditors has the duty to make its monetary
24,166,000.00 120,830,000.00
Transport tax
sound and be able to pay creditors. The neW Hungarian pengo is abInterest and amortization on railway reparation
solutely stabilized.
55,000.000.00 275.000.000.00
bonds
857,129.16
0.38,524.12
"It is in the interest of the United States and of the world's econInterest and exchange differences
omics to level the purchasing power of Europe. This cannot be done by
120,794.142.55 907.174,322.00
state loans for countries who have not yet disarmed. American money
Less discount on advance payments for service of
should be invested in European manufacturing enterprises which level
217.036.33 3.352.750.98
railway bonds
the market. The whole world depends on America; it is the one light
120,577,106.22 903,821,571.02
Totals
of moral and financial soundness burning to-day. I will come here next
year to lecture in the universities and will tell how, in my opinion, the
Transfers—
economic and financial crisis of Europe can be mastered and interna- In foreign currencies:
7.607,023.26 43,602,621.22
tional relations established."
Service of the German external loan 1924
Among those present were:
William L. DeBost, President of the Chamber; Hon. Lorant De Hegedus, guest of honor; J. Barstow Smull, VicePresident of the Chamber; John McHugh, Howard Ayres,
C. A. Ludlum, David T. Warden, Frederick J. Lisman, J.
Vipond Davies, members of the Executive Committee of the
Chamber; F. H. Sisson, James Speyer, Felix M. Warburg,
Lewis B. Gawtry, Hon. George S. Silzer, former Governor
of New Jersey; Charles T. Gwynne, Executive Vice-President'of the Chamber; Jere D. Tamblyn, Secretary of the
Chamber; Edmund J. Horwath, Dr. Imre de Josika-Herczeg, of the American Hungarian Chamber of Commerce;
George de Ghike, Royal Hungarian Consul General; Emis
Kiss; Imre Salusinszky; Dr. G. Takara, Rev. B. Pen, Dr.
J. Varga.
Luncheon to Royal Hungarian Delegation Tendered by
James Speyer.
James Speyer gave a luncheon on March 30, at the City
Midday Club, to ten of the leading men of the royal Hungarian delegation, who have been visiting the United States
for the unveiling of the Kossuth monument. The follow.
Ing visitors from Hungary were present: '
28.991,754.79 167,144,105.97
Reparation Recovery Acts
2.050,249.61 12.213,794.44
Deliveries under agreement
Settlement of balances owing for deliveries made
or services rendered by Germany prior to Sept.
3.002.858.03
1 1924
28,782.471.60 144,948,171.50
Transferred in cash
462,225.52 2,088.103.98
Costs of Inter-Allied Commissions
67,893,724 78 372.999,655.14
By relchsmark payments for:
Deliveries in kind
Armies of Occupation
Coots of Inter-Allied Commissions
Miscellaneous objects
51.150.788.34 385,142,356.55
10.914,043.64 35.867.008.90
496,257.68 2,980,401.72
602,243.36
97.125 63
62,658,215.29 404,592,010.53
Total transfers
130,551,940.07 777,591,665.67
Cash balance as at Feb. 29 1928
Distribution of Amounts Transferred—
To the Powers—
France—Army of Occupation
Reparation Recovery Act
Deliveries of coal, coke and lignite (incl. transport)
Other deliveries in kind
Miscellaneous payments
Cash transfers
126,229,905.35
9,774,882.29
4,628,724.33
17.077,009.32
12,516.535.01
75.000.00
18.896,427.64
28,602,291.59
22,609,155.97
78,079.127.67
170,510,697.06
450,000.00
96,591,547.77
62,968.578.59 396.842,820.06
957,296.75 6,542,875.96
British Empire—Army of Occupation
24,363,030.46 144,534,950.00
Reparation Recovery Act
Settlement of balances owing for deliveries made
or services rendered by Germany prior to Sept.
3,000.666.15
1 1924
40.632.07
Cash transfers
25,320.327.21 154.119.124.18
2080
FINANCIAL CHRONICLE
[Vol. 12b.
Fourth Annuity
Year—CumutaMonth of
See Total to
February
Feb. 29 1928.
1928'
Wald Marks. Gold Marks.
Italy—Denverles of coal and coke (incl. transVart)
8.273.073.80 31.748.383.78
Other deliveries in kind
1.039.238.78 8,772.182.88
Miscellaneous payments
998.31
Cash transfers
2.857,847.09 13.584.375.09
Revenues and Expenditures.
For the year ended March 31, 1927, ordinary revenues showed a surplus over ordinary expenditures of $1,864,000. For the fiscal year 192728 it is expected that ordinary revenues will equalize ordinary expenditures, while the ordinary budget for the year 1928-29 anticipates a
surplus of $1,314,000.
After using these surpluses, net expenditures for capital account, including amortization of debt, construction expenditures and revenue
11.989,857.40 62.103.940.08
producing investments„ amounted to $770,500 in June 1926-27 and are
Belgium—Army of Occupation
181,864.60
721,841.35 estimated at $8,672,000 in 1927-28 and $4,560,000 in 1928-29.
Deliveries of coal and coke (Incl. transport)
1.528.078.29 16,367.711.34
Other deliveries in kind
Debt and Government-Owned Properties.
5,452.685.31 25,086.678.75
Cash transfers
1.870,762.59 9,562,814.20
The total national debt, after giving to this financing, will amount
9,033,390.79 51.739,045.64 to $358,628,000. A large part of the debt was contracted for the construction of revenue-producing properties, such as railroads, telegraphs
Serb-Croat-Slovene State—Deliveries In kind
3,191.931.44 22,124,367.13 and telephones, harbors, etc. The Government
owns 48% of the railMiscellaneous payments
18,980.98
114,030.19
Cash transfers
1.329,776.45
3,986,028.37 road mileage in the Kingdom. State assets, consisting of railroads,
port works, etc., were valued on March 31, 1927, at $415, 400,000. The
4,540,688.87 26,224.425.69
wealth of Denmark was officially estimated in 1927 at about $5,360,000,000.
United States of America—Deliveries under agreement
Currency.
2.050.249.61 12,213,794.44
Cash transfers in liquidation of priority for army
Denmark returned to the gold standard on January 1, 1927. All
costs In arrears
3,757,500.00 19.823.200.00
conversions of kroner into dollars have been made at par of exchange,
5,807.749 61 32,036,994.44 26.8 cents per krone.
Rumania—Deliverles in kind
Miscellaneous payments
Japan—Deliveries In kind
Cash transfers
Portugal—Deliveries in kind
Cash transfers
1,500.137.13
7,570.834.47
34,070.21
1.500,137.13
7,604,904.68
225,423.36
2,332,737.19
1,152,397.60
225,423.36
3,485,134.79
506,899 79
45,034 52
3,771,916.09
207.176.40
551,934.31
3,979.092.49
Greece—Deliveries in kind
50,001.30
627,020.51
Poland—Deliveries In kind
Miscellaneous payments
Settlement of balances owing for deliveries made
or services rendered by Germany prior to Sept.
1 1924
15,200.39
3,144.65
152,699.68
3.144.85
18,345.04
158,036.21
Total transfers to Powers
For Prior Charges—
Service of the German external loan 1924
Costa of Inter-Allied Commissions
Total transfers
2,191.88
121,986.433.61 728.920.538.75
7,607,023.26 43,602,621.22
958,483.20
5,068,505.70
130,351.940.07 777,591,665.67
Offering of $55,000,000 Kingdom of Denmark 4%% Bonds.
A group headed by the Guaranty Company of New York,
Dillon, Read & Co.; the Union Trust Company of Pittsburgh; International Acceptance Bank, Inc.; Wood, Gundy
& Co., Inc., and the Dominion Securities Corporation, Ltd.,
offered on April 5 $55,000,000 Kingdom of Denmark thirtyfour year 4%% external loan gold bonds, due April 15,
1962, at 95 and interest, to yield 4.80%. The bonds will be
dated April 15, 1928; they are not redeemable for 10 years
except for the sinking fund; the Kingdom of Denmark
agrees to set aside as a cumulative sinking fund, semiannually, commencing April 15, 1929, sums calculated to be
sufficient to retire the entire issue by maturity, to be applied to the purchase of bonds at not exceeding 100% and
accrued interest or to their redemption by lot at 100% and
accrued interest, the first redemption to take place Oct. 15,
1929. Approximately $10,000,000 of the bonds were withdrawn by Canadian and European bankers, including De
Twentsche Bank, Amsterdam; Privatbanken i Kjobenhavn
and R. Henriques, Jr., Copenhagen; Stockholms Enskilda
Bank, Stockholm; Swiss Bank Corporation, Basle, and
Credit Suisse, Zurich. The bonds are in coupon form in
denomination of $1,000. Principal and interest (April 15
and Oct. 15) will be payable in New York at the principal
office of Guaranty Trust Company of New York in U. S.
gold coin of or equal to the standard of weight and fineness
existing on April 15, 1928, without deduction for any tax or
taxes now or hereafter imposed by the Kingdom of Denmark or by any taxing authority thereof or therein. The
Guaranty Trust Company of New York is paying agent.
Niels Neergaard, Minister of Finance of the Kingdom of
Denmark, in advices to hte syndicate states:
Offering of 40,000 American Shares of Mortgage Bank of
Colombia—Issue Oversubscribed.
Offering of the first issue of American shares of a South
American banking institution was made on April 2 by
Baker, Kellogg & Co., Inc., and Ames, Emerich & Co., Inc.
The issue consists of 40,000 American shares of the Mortgage Bank of Colombia, the shares being fully paid and
non-assessable and representing the same number of original shares of the bank of a par value of 20 Colombian dollars each, to be deposited with the New York Trust Company, as depositary, or its agent in Bogota, under the deposit agreement dated as of March 26, 1928. Of such shares
30,000 represent an increase in the capital stock of the
bank. The American shares were priced at $46 fiat, to
yield over 8% at the present dividend rate. The books
were closed April 2, the issue, it is stated, having been
oversubscribed. Registered certificates, transferable in
New York City and Boston, will be exchangeable after Aug.
1, 1929, for deposited shares of stock of the bank at the
option of the registered owner. Dividends on American
shares will be payable February and August in United
States dollars. The New York Trust Company is depositary
and New York transfer agent; the National Shawmut Bank
of Boston, Boston transfer agent; International Acceptance
Trust Company, New York registrar; the Atlantic National
Bank of Boston, Boston registrar, and the Royal Bank of
Canada, Bogota agent of the depositary. It is announced
that:
The Deposit Agreement will, in substance, provide that cash dividends
received by the Depositary upon deposited shares shall be converted into
U.S. dollars and the proceeds (less charges and expenses) be paid by the
Depositary to registered holders of American Shares; that upon payment of charges and expenses of the Depositary and the surrender thereof
properly endorsed, American Shares will be exchangeable for the deposited shares represented thereby after Aug. 1, 1929, and, under certain conditions, prior thereto; that additional shares of stock of the Bank
under certain conditions may be deposited with the Depositary and additional American Shares be issued therefor.
For further information as to the rights of the holders of American
Shares, and as to the charges and fees on transfers or exchanges of
Certificates for American Shares, exchange thereof for deposited shares,
deposit of additional shares, collection and payment of dividends, voting
rights, etcetera, reference is hereby made to the Deposit Agreement.
Carlos A. Davila, Manager and Director of the Mortgage
Bank of Colombia, says in part:
Business.
The Mortgage Bank of Colombia (Banco Hipotecario de Colombia) is
the oldest banking institution in Colombia engaged primarily in mortgage
credit operations. By the provisions of its charter, which took the form
of a contract between the National Government and the Bank, it possesses, in addition to general banking powers, exceptional powers and
privileges to operate as a mortgage bank. Its business consists primarily
in the granting of long-term loans secured by first mortgages on improved
city and agricultural property and in making secured loans to governmental entities.
Growth.
Incorporated in 1910 with a paid-in capital of approximately $250,000,
the Bank has grown until its capital, surplus and undivided profits
These Bonds are to be direct obligations of the Kingdom of Demark, amount to over $3,135,000. The business of the Bank has expanded
which agrees that if, during the life of these Bonds, it shall sell, offer steadily since its foundation and its operations have gradually extended
for public subscription or otherwise in any manner dispose of any issue from Bogota, where its principal office is located, throughout the Repubof bonds, or contract any loan, secured by lien or charge on any of its lic of Colombia. During the period of seventeen years since its foundarevenues or assets the Bonds of this Loan shall be secured equally and tion, total resources of the Bank have increased from approximately
ratably therewith. None of the assets or revenues of the Kingdom of $250,000 to over $21,300,000. Mortgage loans of the Bank have increased
from approximately $250,000 on Dec. 31, 1910 to approximately $16,Denmark is now pledged as security for any loan.
The Kingdom of Denmark has never defaulted on any of its obliga- 500,000 on Dec. 31, 1927.
tions and during the period 1901 to 1912 its external loans were issued
Dividends and Market Price of Stock.
to yield about 3.90%.
Semi-annual cash dividends have been paid regularly upon the capital
Purpose of Issue.
stock of the Bank and have gradually increased from the initial dividend.
The proceeds of this loan are mainly to be used for the reconstruction at the annual rate of 7.2% in 1910 to a present rate equivalent to
SO%
of Den Danske Landmandsbank in Copenhagen and for the Govern- annually on the original stock. The market price of a share
of the
ment's subscription to Kr. 50,000,000 shares in the new bank, thereby original stock has likewise increased from 100% of its paid-in
value to
considerably increasing the State's assets; the remaining amount of the over 580% as the surplus and earning power of the Bank have increased.
proceeds will be used for extraordinary amortization of debt. The Gov- These calculations as to cash dividends on, and market price of, an
origernment plans to offer for resale the above mentioned shares.
inal share of stock take into consideration dividends payable on, and
Apk. 7 1928.1
FINANCIAL CHRONICLE
2081
United States gold coin of the present_
market value of, additional stock received as stock dividends declared will be payable in
in
standard of weight and fineness, without deduction for
from surplus, amounting to 1234% in 1915, 11.1% in 1916, 11.1%
1924 and 100% in 1927, as well as the increases in the cash dividend taxes of any nature at any time imposed by or within Gerrates and in the market value per share. The last dividend of the Bank,
note and the participation certifiafter giving effect to a stock dividend of 100%, was at the annual rate many. Regarding the
of 19% on the par value of the stock.
cates, it is stated:
ParticiInternational Acceptance Trust Company, as Trustee under
issue 6% Coupon Participation Cerwill
Agreement,
Certificate
pation
Janeiro
de
Rio
Issue of $1,770,000 6% Bonds of City of
deposit of
tificates in the principal amounts of $3,000,000 against the
Moneys received
(Brazil), Privately Placed.
the Note. Certificates in denomination of $1,000.
and principal of the Note will
Announcement was made on April 5 that an issue of by the Trustee on account of interest
Trustee in New
be payable to Certificate holders at the office of the
$1,770,000 five-year 6% external secured gold bonds of the York
City.
City of Rio de Janeiro (United States of Brazil) had been
privately passed by a syndicate headed by White, Weld &
Co. and including Brown Brothers & Co., and International
Acceptance Bank, Inc., Stone & Webster and Blodget, Inc.,
the Illinois Merchants Trust Company of Chicago, and the
Grace National Bank of New York. The issue price was
99 and accrued interest. The bonds will be dated April 1,
1928 and they will mature April 1, 1933. They will be redeemable at the option of the City as a whole or in part at
100% on any interest payment date upon sixty days' notice. They are coupon bonds of $1,000 and $500 denominations, registerable as to principal. Principal and interest
'(April 1 and Oct. 1) payable at the New York offices of
White, Weld & Co. and Brown Brothers & Co., Fiscal
Agents, in United States gold coin of the present standard
of weight and fineness without deduction for any Brazilian
national or local taxes, present or future. Information
from Dr. Antonio Prado, Jr., Prefect of the City, and from
other official or authoritative sources is supplied as follows:
Security.
These Bonds are the direct obligation of the City of Rio de Janeiro,
which pledges its full faith and credit for the due and punctual payment of the principal and interest thereof. Payment of principal and
interest is further secured by a lien and charge on the entire proceeds
to be derived from the sale of all lands improved by the demolition of
Castle Hill (Morro do CasteTIo), namely, all lands included in the
original site of said Castle Hill and all lands formed or improved with
material taken therefrom, subject only to the liens and charges securing
the 8% dollar bonds of 1921, the 7% internal bonds of 1921 and the
7% internal bonds of 1924 now outstanding in the principal amounts of
$9,120,000, $670,000 and $1,960,000 respectively. The City covenants
that so long as any Bonds of this issue remain outstanding it will not
create any new lien or charge on any of the lands mentioned or on any
proceeds of any of said lands 'having equality with no priority over the
lien and charge securing these Bonds, whether in substitution for any
lien or charge now existing or otherwise.
The City further covenants that so long as any Bonds of this issue
remain outstanding it will not create any mortgage, pledge or charge
on any of its property, income or funds without first giving to these
Bonds a prior mortgage, pledge and charge thereon; and in case the
City shall issue a new external loan, all Bonds of this issue then outstanding shall be immediately redeemed from all proceeds of such external loan.
Purpose of Issue.
The proceeds of these Bonds are to be used for the completion of
he work of removing Castle Hill (Morro do Castello) situated near the
center of the City, and disposing of the material so removed, chiefly
in filling adjacent property fronting on the bay. It is expected that
this work will be completed and the cutire area resulting therefrom,
Including land now partially filled, will be ready within eighteen months.
Finances.
The revenues of the City have increased from $11,274,144 in 1923 to
$18,434,150 in 1927, and for 1928 are estimated at $19,983,600.
Expenditures of the City during the five years 1923.27 inclusive
exceeded revenues by approximately $8,500,000. During this period,
however, the City expended from ordinary revenues on capital account
an almost equal amount.
Total funded debt of the City (including that to be retired by the
proceeds of the 654% External Sinking Fund Gold Bonds sold in Feb.,
1928) reported as of Dec. 31, 1927 was: External $35,683,731, Internal
$43,619,971.
It is stated that conversions from Brazilian currency into
United States dollars have been made at 12 cents to the
milreis. Exchange has been stable at approximately this
figure since December, 1926. Conversions from sterling
have been made at par of exchange.
Participation Certificates in $3,000,000 6% Five-Year Gold
Note of Provincial Bank of Westfalia Offered by International Acceptance Bank, Inc., and Harris, Forbes
& Co.—Books Closed.
The International Acceptance Bank, Inc., and Harris,
Forbes & Co. offered on April 2 participation certificates in
a $3,000,000 five-year 6% gold note of the Provincial Bank
of Westfalia, Germany. The participation certificates of
the International Acceptance Trust Company were priced
at 97% and interest to yield over 6.50%. The books were
closed on April 2, the date of the offering. A reference to
the proposed offering appeared in our issue of March 31,
page 1918. The note is dated March 1, 1928 and will mature
March 1, 1933. The note is non-callable; it is payable to
and will be held by the International Acceptance Trust
Company. Principal and interest (March 1 and Sept. 1)
General Director Reusch of the Provincial Bank of
Westfalia under date of March 26 says in part:
The Bank.
(adopting its
Provincial Bank of Westfalia was founded in 1832
Germany.
present name in 1890) and is the oldest provincial bank in
business but
banking
It is authorized by charter to transact a general
Provincial authorities
the primary purpose of the Bank is to assist the
in carrying out their financial and economic policies.
Hagan and
With head office in Muenster and branches in Dortmund, Province
Bielefeld, the Bank is a special depository for funds of the
and
agriculture
aids
and for savings banks within the Province; it
municihome-building by the granting of mortgages; makes loans toapproved
palities for the development of public utilities and for otherto furnishpurposes; finances the construction of schools, in addition long-term
the
ing secured credits to commerce and industry. Against
Mortgage
mortgages which it holds, the Bank is authorized to issue its
of
indebtedness
of
Bonds (Pfandbriefe), and against the certificates
municipalities, its Municipal Bonds (Kommunal-Obligationen). These
are
transactions are handled by special departments of the Bank and
separate from its general business.
supervision.
The Bank is owned by the Province and under its direct
Capital funds are in part supplied by the Province, in part accumulated
profits
out or profits. On Dec. 31, 1927 capital, reserves and undivided
amounted to $2,917,434 and total resources to $49,318,745. On that
over
date the Bank had outstanding obligations maturing in one year or
of $11,152,167. Since that date the Bank has issued Fl. 6,000,000 7%
Bonds, due 1937, sold in Holland, and this Note.
Security.
The Note is the direct and unconditional obligation of Provincial
Bank of Westfalia. The Province of Westfalia is by law unconditionally
liable as guarantor for the payment of the interest and principal of the •
,
Note and the Note bears endorsed thereon the certificate of the Pros
ince to that effect. Until the Note shall have been fully paid the Bank
will not secure any indtebedness or guaranty—except its so-calle4
Municipal Bonds (Kommunal-Obligationen) and/or Mortgage Bonds
(Pfandbriefe)—by assignment of or lien or charge upon any of ita. •
assets or revenues without at the same time securing the Note equally'
and ratably with such indebtedness or guaranty.
Purpose.
The proceeds of the Note will be used in the ordinary business of
the Bank for the granting of short term credits, other than credits to
municipalities or industries.
Offering of $3,000,000 Bonds of Roman Catholic Church.
Welfare Institutions in Germany.
Priced at 99 and interest to yield about 7.10%, offering
was made on April 5 by Howe, Snow & Co., Inc., and
Stroud & Co., Inc., of an additional issue of $3,000,000 7%
20-year secured sinking fund gold bonds of the Roman Catholic Church Welfare Institutions in Germany. The bonds
are dated June 1, 1926 and will mature June 1, 1946. They
are the joint and several obligations of the three leading
Roman Catholic Church Welfare Institutions in Germany,
namely:
German Catholic Charity Union (Der Deutsche Caritasverband, E.
V.), designated by the German Roman Catholic Bishops and by the
Reich as the official representative of all the Roman Catholic hospitals,
convalescent homes, homes for the blind and crippled and similar institutions in Germany.
Catholic School Organizations of Germany, Prussian Division (Die
Katholische Schulorganisation Deutschlands, [Landesausschuss Preussen] E. V.), in addition to being the business headquarters for the
Roman Catholic schools in Prussia, has been designated by the German
Roman Catholic Bishops and by the Reich as the official administrative
and advisory center of all the Roman Catholic private schools and
seminaries in Germany.
German Union of Catholic Brotherhood Homes (Dec Reichsverband
der Katholischen Gesellenhaeuser, Lehrlings- und Ledigenheime, E. V.)
has general supervision over the Roman Catholic workmen's homes and
similar institutions in Germany.
Proceeds of this issue of bonds, of which there will be $6,000,000
outstanding upon completion of this financing, are to be reloaned to
Roman Catholic institutions, dioceses, parishes and religious orders
throughout Germany, largely for hospital extensions and improvements.
Proceeds of this issue of bonds, of which there will be
$6,000,000 outstanding upon completion of this financing,
are to be reloaned to Roman Catholic institutions, dioceses,
parishes and religious orders throughout Germany, largely
for hospital extensions and improvements. An earlier offering of $3,000,000 of these bonds, in 1926, was referred to
in these columns July 3, 1926, page 34. Regarding the security back of the bonds it is stated:
The Trust Agreement provides that reloans made from the proceeds
of the bonds shall be evidenced by written obligations of the borrowers.
At least 90% of such reloans must be secured by first mortgages on
property having a value of at least four times the principal amount
thereof. In special cases reloans will be otherwise secured. In addition
the majority of the reloans made by Obligators will be guaranteed by
2082
FINANCIAL CHRONICLE
a financially responsible body, such as a Diocese, Parish, Religious
Order, political sub-division or banking or insurance company. All
obligations, mortgages, guarantees and other forms of security for reloans will be held by the German Trustee as collateral for the bonds.
Each reloan must be approved by a Committee of five members who
were appointed at the time of the original issue and still serve. The
Committee at present consists of the following:
Dr. Otto Fischer, Director of the Reichs-Kredit-Gesellschaft, A. G.
Herman Peters, High Councillor in the Prussian Ministry of Economics.
Dr. Rudolf Schetter, Member of the Reichtag.
Dr. Joseph Sturm, Director of the Bank serving as the German Trustee,
Berlin.
G. Kreyenbroek, Gebr. Teixeira de Mattos, Amsterdam.
We also quote the following advices as to the revenues:
Reloans shall be made only to Roman Catholic Institutions, Parishes,
Dioceses and Religious Orders which are entirely self-supporting from
Church taxes and from other revenue exclusive of voluntary contributions, and whose annual gross revenues as determined by the Committee are at least four times the annual interest and sinking fund requirements on the obligations given for such reloans.
The majority of the Welfare Institutions benefitting from this loan,
although not operated for a profit, have a definitely assured revenue
from payments received from Insurance Funds which are established,
supervised or controlled by the German Government These Funds
have been established by law and each employee earning 300 marks or
less a month must be insured by one of them. The Welfare Institutions
such as hospitals and homes receive stipulated sums per occupied bed
from these Funds which sums are calculated to cover approximately
all running expenses and interest and sinking funds on obligations.
The Obligators also receive revenues from their own income-producing
properties and other sources which alone are sufficient to assure the
service of the Bonds.
We are advised by counsel that the revenues of the Obligators and
the Welfare Organizations, Dioceses and Parishes to which reloans will
be made out of the proceeds of this issue are not subject to any charges
under the Dawes Plan.
The bonds will be redeemable as a whole or in part on
June 1, 1931 or on any interest date thereafter, at 102 on
or after June 1, 1931 and before June 1, 1932, at 1011/
2
on or after June 1, 1932 and before June 1, 1934, at 101 on
or after June 1, 1933 and before June 1, 1934, at 100/
1
2 on
or after June 1, 1934 and before June 1, 1935, and at 100
on or after June 1, 1935, in each case with accrued interest.
A cumulative sinking fund is calculated sufficient to retire
entire issue by maturity by redemption by lot at 100 and
accrued interest. In lieu of sinking fund payments, bonds
may be delivered to the sinking fund at 100.. They are
coupon bonds in denominations of $1,000 and $500, interchangeable and registerable as to principal. Principal and
Interest payable, without deduction for any present or future German taxes, in United States gold coin of the standard existing June 1, 1926 at the principal office of Central
Union Trust Company of New York, in New York City, or
at the office of Gebr. Teixeira de Mattos, in Amsterdam,
Holland, in Dutch Guilders at their then current buying
rate for sight exchange on New York.
Offering of $1,500,000 Gold Notes of the Catholic Bishop of
Chicago—So-Called Vatican Loan.
Public offering of an issue which has attracted attention
because of its unusual nature was announced April 2. The
issue is $1,500,000 the Catholic Bishop of Chicago serial
gold notes, offered by Halsey, Stuart & Co., Inc., at prices
to yield from 4.25 to 4.95%, according to the maturities.
Cardinal Mundelein, Archbishop of Chicago, in a letter to
the bankers says:
[VOL. 126.
Pontifical Urban College for Foreign Catholic Missions in the City of
Rome. The loan has been authorized by special Apostolic Letter of His
Holiness Pope Pius XI, instructing the Cardinal Archbishop of Chicago,
as Catholic Bishop of Chicago, to contract it, sign this series of Notes,
and to arrange for the semi-annual payment of interest thereon and their
serial amortization.
An item regarding the offering, in which it was stated
that it was the first Vatican loan arranged in the United
States, appeared in our issue of Feb. 25, page 1135.
Tenders Asked for Purchase of Argentine Government
Bonds for Sinking Fund.
J. P. Morgan & Co. and the National City Bank, as fiscal
agents, have issued a notice to holders of Government of
the Argentine Nation external sinking fund 6% gold bonds,
issue of Oct. 1, 1925, due Oct. 1, 1959, to the effect that
$168,050 in cash is available for the purchase for the sinking fund of such bonds of this issue as shall be tendered
and accepted for purchase at prices below par. Tenders
of such bonds with coupons due on and after Oct. 1, 1928,
should be made at a fiat price, below par, at the office of
J. P. Morgan & Co. or at the head office of the National
City Bank,55 Wall Street, prior to 3 p. m., May 2, 1928. If
the tenders so accepted are not sufficient to exhaust the
available moneys aforesaid, additional purchases, upon
tender, below par, may be made up to July 2, 1928. A
further announceemnt says:
J. P. Morgan 8c Co. and the National City Bank, as fiscal agents, have
issued notice to holders of Argentine Government loan 1926, external
sinking fund 6% gold bonds, public works issue of Oct. 1, 1926, due
Oct. 1, 1960, to the effect that $90,346 in cash is available for the purchase for the sinking fund of such bonds of this issue as are tendered
and accepted for purchase at prices below par. Tenders of such bonds
with coupons due on and after Oct. 1, 1928, should be made at a fiat
price, below par, at the office of. J. P. Morgan & Co. or at the head office' of the National City Bank, 55 Wall Street, prior to 3 p. m., May
2, 1928. If the tenders so accepted are not sufficient to exhaust the
available moneys aforesaid, additional purchases upon tender, below par,
may be made up to July 2, 1928.
Bonds of Republic of Chile Drawn for Redemption.
Holders of Republic of Chile, 20-year 7% external loan
sinking fund gold bonds, due Nov. 1, 1942, are being notified by the National City Bank of New York, as fiscal
agent, that the Republic of Chile will redeem $221,000
principal amount of bonds of this issue on May 1, 1928 at
100%. Bonds drawn for redemption on May 1 next are required to be surrendered on that date with all interest
coupons maturing on and subsequently to May 1 at the
head office of the National City Bank, 55 Wall Street, New
York, where they will be paid at the redemption price
through operation of the sinking fund. Interest on drawn
bonds will cease from Bay 1, 1928.
Loans on Cotton Lead in Credit Extended for Agricul_ ture by Intermediate Credit Banks.
om e toted States "Daily" of March 12, we take the
following:
The total direct loans and rediscounts of the 12 Federal Intermediate
Credit Banks as of Mar. 3 1928, amounted to 875,155,000.10, the Federal
Farm Loan Board has just announced. The full text of the Board's announcement follows:
Statement of rediscounts, direct loans and advances upon the respective
Corporation Sole.
commodities of the 12 Federal Intermediate Credit Banks as of March 3
The Catholic Bishop of Chicago is a corporation sole created by and 1928, as
shown by reports to the Federal Farm Loan Board:
existing under a special act of the General Assembly of the State of
District.
Direct Loans.
Rediscounts.
Total.
Illinois, approved and in force Feb. 20, 1861. A corporation sole consists
1. Springfield
$656,808.89
$656,808.89
of one person only, and his successors in office, who are incorporated by
2. Baltimore
$1,757,879.63
1,921,873.26
3,679,752.89
3. Columbia
law in order to give them legal capacities and advantages not possessed
1,650,000.00
3,690,126.63
5.340,126.63
1,755,814.46
4. Louisville
113,743.12
L869,557.58
by natural persons. Property rights, liabilities, and certain other rights
5. New Orleans
4.430.708.50
4,779,231.89
9.209,940.39
attaching to the office pass to the successor in office, and not to the
Louis
6. St.
1.030,575.36
984,166.93
2,014,742.29
decedent's heirs. The appointment by the Roman Catholic Church of
7. St. Paul
764,203.35
7,361,153.55
8.125,356.90
8. Omaha
573,505.47
5,453.787.84
6,027,293.31
The Archbishop of Chicago carries with it the office of The Catholic
9. Wichita
5,996,777.52
764,283.32
6,761,060.84
Bishop of Chicago.
10. Houston
1,500,000.00
7.229,755.70
8,729,755.70
11. Berkeley
7,918,135.43
Description of Notes.
9,063,993.88
16,982,129.31
Spokane
501,713.21
12.
5,256,762.16
5,758,475.37
The Notes will be personally signed by the Cardinal-Archbishop of ChiTotal
cago, consiituting the corporation sole. They will be dated March I,
$27,879,312.93 $47,275,687.17 $75,155,000.10
1928 and will be due serially in the principal amounts of $50,000 on
CLASSIFICATION OF REDISCOUNTS.
the first day of March of each of the years 1929 to 1947, inclusive, and
Livestock
the balance of $550,000 principal amount will be due on March 1, 1948.
Agri. Credit
State
Loan
Corporations.
District.
Banks.
* Companies.
The Notes will carry a 5% coupon, except those maturing on March 1,
1.
Springfield
$650,258.89
1929, 1930 and 1931, which will carry a 4,
4% coupon. They will be 2. Baltimore
1,747,429.26
$174,444.00
in $1,000 denomination, registerable as to principal only, with $500 non3,678,914.31
3. Columbia
11,212.32
75,630.12
interchangeable denominations available only in the March 1, 1938 ma- 4. Louisville
38,113.00
Orleans
4,634.568.99
5. New
.8
$144,-6-614
turity. Principal and interest will be payable at the Chicago and New
333,763.14
6. St. Louis
633,369.93
17.033.86
York offices of Halsey, Stuart & Co., Inc. Interest will be payable semi7. St. Paul
7,301,758.32
59,395.23
annually March 1 and Sept. 1 without deduction for Federal income
8. Omaha
5,453,787.84
225,048.97
490,968.63
48,265.72
taxes now or hereafter deductible at the source, not in excess of 2%. 9. Wichita
Houston
527,654.70
6,680,832.69
1,268.31
They will be redeemable in whole or in part upon thirty days' published 10.
6,063,563.92
11. Berkeley
3,000.429.96
notice at 100 and accrued interest plus a premium of g of 1% for each 12. Spokane
2,417,749.32
2,839,012.84
year or part thereof intervening between the date of redemption and
Total
$25,014A69.50
$349.732.44
$21.884.935.23
the date of maturity, the premium not, however, to exceed 3% for any
National banks, Springfield, 316.550: savings banks and trust comof the Notes.
panies. $20,000.
Purpose of Issue.
Classification of direct loans:
Tobacco—Baltimore. $1,757,879.63; Louisville, $1,655,814.46; total,
The proceeds of this issue of Notes will be used for corporate purposes in connection with the construction of new buildings to house the $3.413.694.09.
FINANCIAL CHRONICLE
APR. 7 19281
Canned fruits and vegetables—Berkeley, 5436.089.93; Spokane, $398.912.47; total, $835,002.40.
Raisins—Berkeley,$5,766,500.
Wool—Omaha.5123,505,47; Berkeley,59.897; total,$133,402.47.
Cotton—Columbia, $1,650,000; Louisville, $100,000; New Orleans,
54.430.708.50; St. Louis, $486,239; Wichita, 55,240,000; Houston, $1,500.000; total. $13.406,947.50.
Rice—St. Louis, $523,336.36; Berkeley, $1,047,943.50; total, $1,571,279.86.
Wheat—St. Paul, $764,203.35; Omaha, $450.000; Wichita, $728,000:
total, $1.942,203.35.
Red top seed—St. Louis, $21,000.
Beans—Wichita, $28,777.52; Berkeley. $250.000; total, $278,777.52.
Dried fruits—Berkeley. $407,705; Spokane, $28.900; total. $436.605.
Alfalfa seed—Spokane, $20,500.
Honey—Spokane, $53.400.74.
2083
figure among the country's noted men, died at his home
In New York City on April 5 from bronchial pneumonia
which developed from a chill which he suffered with his
return from Florida on March 26, Mr. Depew's major
interest was the New York Central Railroad, of which he
was Chairman of the Board at the time of his death. President Crowley, in reviewing Mr. Depew's 'record with the
road, commented as follows, on April 5:
Brokers Loans on New York Stock Exchange at
$4,640,174,172 Reach New High Figure.
records of brokers' loans on the New York
previous
All
Stock Exchange are broken in the latest figures announced
by the Exchange, the volume on Mar. 31 having reached
$4,640,174,172. These figures made public by the Exchange April 3, after the close of the market exceeds by
$207,266,851 the previous high figure of $4,432,907,321
recorded December 311927. The March 31 figures represent
an increase of $317,595,258 over the figures of a month
ago, the outstanding loans on February 29 having been
$4,322,578,914. The March 31 total of $4,640,174,172, is
made up of demand loans of $3,580,425,172 and time loans
of $1,059,749,000. Commenting on the new high total which
the March 31 figures establish, the "Times" of April 4 said:
In the death of Chauncey H. Depew, America has lost one of its foremost citizens and the railroad world one of its great historic figures.
Mr. Depew's lifetime covered, lacking a few years, the history of the
American railroad. The New York Central's first unit, the Mohawk and
Hudson Railroad, operated its first train less than three years prior to
the birth of Mr. Depew. In his sixty-two year. of service with the New
York Central, thirteen years as President, and thirty years as Chairman
of the Board, Mr. Depew played a leading role in the remarkable development of modern transportation. His nobility of character, his lovable
personal characteristics and his loyalty to his friends endeared him
to all.
Mr. Depew, who was admitted to the bar in 1858, was
engaged in 1866 by Commodore Vanderbilt as attorney for
the New York & Harlem Railroad, and the Hudson River
Railroad. With his acceptance of that post, Mr. Depew
declined the post of Ambassador to Japan, to which he had
been named. Governor Smith, in a statement issued at
Albany on April 5, said in tribute to Mr. Depew:
The increase of $317,595,288 in broker's loam as revealed In the Stock
Exchange's compilation for March was greater than any of the Wall Street
estimates had indicated. The stock market community, however, was
prepared for a large increase and had paid llttle attention to the forecasts.
The gain Is the second largest made in any month since the Exchange
began publishing the loan figures in January, 1926, and the total as of
March 31 is much the higest on record. Although making no effort to
minimize the importance of this great expansion in borrowings, the major
portion of which went into speculative operations. Wall Street stressed
yesterday the fact that business on the Stock Exchange for three weeks
of last month was of abnormal proportions, surpassing by a wide margin
any previous record for a like period.
"I learned with great regret of the death of Chauncey M. Depew.
He was one of the leading citizens of our country and of our State. As
far hack as 1864 he was elected to the office of Secretary of State.
During a long and useful life, he always displayed a great interest in our
public affairs. He served the people of this State with distinction in
the Senate of the United States. He had an army of friends and acknirers,
and while he lived to a ripe old age, he will nevertheless be greatly
missed.
"I have ordered the flags on the public buildings at half-mast. I
express the deep sorrow of the people of the State and extend our sincere
sympathy to the members of his family."
In a telegram of sympathy to Mrs. Depew, President
Coolidge stated:
"I have learned with great sorrow of the death of Senator Depew. His
high sense of personal service and his rare and fine philosophy of life
made him respected and loved. I have always valued deeply his unswerving support of my Administration and shall always remember with pleasure his visits with you to the White House. Mrs. Coolidge joins me
in heartfelt sympathy."
Observing that "the rise in the loans reported by the
Stock Exchange is nearly three times as large as that shown
Mr. Depew attended the National Convention of the Reduring the same period by the weekly reports of members
publican Party held in Baltimore in 1864, when Lincoln
of the Federal Reserve Bank of New York" the Journal
was renominated; he was a regular attendant at all sucof Commerce of April 4 stated:
conventions, and was a delegate to every Republiceeding
largely
large
the
loans
result
in
to
from
drop
believed
is
The difference
by bond houses, who borrow from the metropolitan banks but do not can National Convention from 1888 to 1924, when illness
appear in the exchange total because they do not belong to it. Another prevented his attendance. Mr. Depew was well known as
factor is believed to be the great expansion of speculation in some outof-town centres, where exchange house branches borrow directly at local a speaker and wit, and was a familiar figure at public
money markets rather than through New York. The establishment of a gatherings. His funeral will take place to-day, services
money post on the Chicago Stock Exchange is an important step in that
being held at St. Thomas' Church, this city, following which
direction.
The following is the statement issued by the Stock Ex- his body will be taken to Peekskill (his birthplace) for
interment in the family mausoleum.
change on April 3.:
Total net loam by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business March 31
1928 aggregated 54.640.174.172. The detailed tabulation follows:
Demand Loans, Time Loans.
(1) Net borrowings on collateral from New
$3.106.467,992 $930,997,750
York banks or trust companies
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies
563.957.180
128,751,250
or others in the City of New York
$3.580.425.112 $1,059.749,000
Combined total of time and demand loans, $4.640,174.172.
Is
compilation
exactly
the same as in the loans
The scope of the above
report issued by the Exchange a month ago.
The figures of the Stock Exchange since the issuance
of the monthly figures by it, beginning in Jan. 1926, follow:
1936—
Jan. 30
Feb. 27
Mar.81
Aprll 30
May 28
June 30
July 31
Aug. 31
Scut.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
April 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar. 31
Demand Loans.
$2,516,960,599
2,494,846,264
2,033,483,760
1,969,869,852
1,987,316,403
2,225.453.833
2,282,976.720
2,363.861,382
2,419.206.724
2,289,430,450
2,329,536.550
2,541,682,885
Time Loans
$966,213,555
1,040,744,057
966,612,407
865,848,667
780,084,111
700.844.512
714.782.807
778,286,686
799.730.286
821,746.475
799.625,125
751.178,370
Toted Loans.
$3,513.174,154
3.535.590,321
8.000,096,167
2,835.718.509
2,767,400,514
2,926,298,345
2,996.759.527
8.142.148.068
8,218.937.010
3.111,176,925
3,129,161.675
3,292,860.255
2,328,340,338
2.475,498,129
2,504.687.674
2,541,305,807
2,673,993.079
2.756,968.593
2,764,511,040
2,745.570,788
3,107,674.325
3,023,238,874
8.134.027.003
3,480,779,821
810,446.000
780.961,250
785,093,500
799,903,950
783.875.950
811,998,250
877.184,250
928.320,545
896,953.245
922,898.500
957,809,300
952,127,500
3,138,786.338
3,256,459,379
3,289.781,174
3.341,209.847
3.457.869.029
3.568,966,843
3,641.695,290
3.673.891.333
3,914,627,570
3,946,137,374
4,091,838,303
4.432,907,321
3.392,873.281
3.294.378.654
3,580,425,172
1.027,479,260
1.028,200,260
1,059,749,000
4,420,352.541
4,322,578,914
4,640,174,122
Death of Chauncey M. Depew.
years of age—he would have reached
ninety-four
to
Close
that age on April 23—Chauncey M. Depew, an outstanding
Member Banks not Required to Maintain Reserves
Against Dividends Declared but Unpaid According
to Federal Reserve Board.
Stating that a dividend declared creates a liability but
not a deposit liability, the Federal Reserve Board, in a
ruling published in the March number of its Bulletin, indicates that a member bank is not required to maintain a
reserve against a dividend until the payment of the same.
We give the ruling herewith:
The question has been presented to the Board whether a member bank
is required to maintain reserves against a dividend for the period intervening between the date of the declaration of the dividend and the date
on which it Is paid.
The Federal Reserve Board is of the opinion that this question should
be answered in the negative. Reserves are required to be maintained
only against deposits. While the declaration of a dividend creates a liability, it does not create a deposit liability. Reserves are not required
in such cases until cashiers' checks are issued by the bank to its stockholders for their proportionate shares of the dividend or their deposit
accounts are credited with the proper amounts.
Federal Reserve Board Ruling Permitting Member
Banks to Deduct Balances Due from American
Bankers of Foreign Banks in Computing Reserves.
A ruling to the effect that a member bank may deduct
balances due from American branches of foreign banks in
computing reserves under Section 19 of the Federal Reserve
Act, is announced as follows in the March issue of the Federal Reserve Bulletin.
The Federal Reserve Board was recently requested to rule upon the
question whether dollar balances carried by member banks in American
branches of foreign banks may be considered balances due from banks
within the meaning of section 19 of the Federal reserve act and
accordingly deducted from the amount of balances due to banks in
computing
reserves.
The Federal Reserve Board's Regulation D provides that balances due
from foreign banks may not be deducted from due to bank balances
in
computing reeerves of member banks. This provision is based on the
2084
f Vot. 126.
FINANCIAL CHRONICLE
fact, however, that balances due from foreign banks are payable in foreign
currency, and the Board believes that the phrase "the net difference
of amounts due to and from other banks" contained in section 19 of
the act has reference only to balances payable in dollars and does not include balances payable in foreign currency.
The Board has also ruled that, while balances payable in foreign currency due from a foreign branch of a domestic bank may not be deducted from due to bank balances by a member bank in computing its
reserves, when such balances are payable in dollars the contrary is true,
the deduction from due to bank balances being permitted. (1925 Federal
Reserve Bulletin, P. 983.)
In the case under consideration the amounts due from American branches
of foreign banks were payable in dollars rather than in foreign currency,
and accordingly the Federal Reserve Board ruled that such balances payable
in dollars due from branches located in this country of foreign banks may be
deducted from amounts due to other banks by a member bank in computing its reserves under Section 19 of the Federal Reserve Act,
W. Randolph Burgess of New York Federal Reserve Bank
to Participate in Conference of Economists in Central
Banks—Departure of French Visiting Bankers.
It is learned from the "Journal of Commerce" of April 5
that an important further step in the direction of increased
co-operation among central banks is expected to be taken
at the forthcoming conference of economists of these banks.
It is added that the United States will be represented at
this conference, which will be held this month, by Dr. Randolph W. Burgess, Assistant Federal Reserve Agent of the
Federal Reserve Bank of New York, and Dr. E. A. Goldenwiser, Director of the Division of Analysis and Statistics
of the Federal Reserve Board. The departure of Dr. Burgess for Europe was noted in our issue of March 31, page
1925. The "Times" of March 31, in referring to Dr. Burgess'
trip, stated:
Mr. Burgess will visit the Bank of England, the Bank of France, the
German Reichbank and other institutions to gather ideas for use in the
Reserve Bank. It is understood that Benjamin Strong, Governor of the
Reserve Bank, will go abroad later in the year, in line with his annual
custom of conferring with the heads of principal foreign banks.
Charles Rist, Deputy Governor of the Bank of France, and M. Quesnay, also on the staff of that organization, who have been in New York
for several weeks conferring with Federal Reserve officials and other
bankers, were said yesterday to be preparing to sail for home. There
has never been any official announcement concerning the subject of their
conferences, but they are understood to have dealt with the present heavy
movement of gold from New York to Paris and the preparations for
French stabilization.
Charles Prevost and Emil Guitard of the Bank of France staff have
been here for some time studying the working machinery of the Federal
Reserve Bank and of private banks and a similar group representing the
Reichsbank departed for Germany recently.
expansion which has occurred in brokers'loans in a paragraph
which says:
While In general the state of business appears to be sound and there do not
appear, for example, to be abnormal industrial Inventories, there have been
a number of developments in the course of the year which would appear to
deserve careful scrutiny. These developments include a very large increase
In bank loans to brokers and dealers in securities, an unusual amount of
speculation in bank stocks, particularly, and what appears to be excessive
activity in the organization of companies to purchase bank stocks, and a
disposition to establish many new banks.
The bank further comments on the subject in its reference
to member bank deposits, noting therein that "the increase
in the volume of credit during the past year has been more
rapid than can ordinarily be utilized by the regular growth
in the volume of the country's business." We quote herewith what the bank has to say under this head:
Member Bank Deposits.
In the course of the year the reserve deposits of member banks increased
about 390,000,000 in the New York district, and about $180,000,000 for
all districts. Since the member banks are required by law to maintain
these deposits with the Reserve banks In fixed percentages of their own net
demand and time deposits, and since the member banks almost never mainLain reserve deposits in any considerable excess over the amounts legally
required, an increase in this item is an indication of an increase in bank
deposits in an amount somewhat proportionate to the increases In reserve
deposits.
The available figures In fact Indicate that, accompanying a rapid expansion of loans and investments during the course of the year, the time and
net demand deposits of member banks increased about 52.500.000.000,
and it Ls probable that the deposits of non-member banks showed a somewhat similar proportional increase so that the total Increase of bank deposits
for the country as a whole, during 1027, was in the neighborhood of $3,500,000,000. or 7%. In view of the somewhat restricted volume of trade during the year it seems clear that this increase in credit was in excess of
the increase in tho ordinary requirements of business. This presumption
Is borne out by such analysis of the figures as is possible from the data reported by the so-called reporting member banks, which are about 600 of the
larger member banks in principal centers.
Commercial loans, the item carried in the reports as "All other Loans and
Discounts," which is presumed to be predominantly commercial, have
shown but slight if any increase during the year. But on the other hand
bank investments and loans on stocks and bonds have each Increased about
$900,000,000 for these banks. Thus the increases in credit during the year
have been utilized largely for financial rather than directly for business operations. It is not possible to trace how far such an increase in the use of
credit finds its way indirectly into business use of one kind or another and
how far it is merely absorbed in the increased prices of securities or properties. It may safely be said, however, that the increase in the volume of
credit during the past year has been more rapid than can ordinarily be utilized by the regular growth in the volume of the country's business.
Changes in gold reserves and the steps taken by the bank
along with other Reserve banks in furtherance of the return
of other countries to the gold standard are also referred to in
the report, which, except for the extracts given above, folMessrs. Rist and Quesnay, it is learned, left on the same lows herewith. It is proper to state that the charts mensteamer on which Dr. Burgess sailed. With reference to tioned in the report are omitted by us.
the conference noted above, the "Journal of Commerce" in
the item from which we previously quoted, had the following to say:
The conference will be attended by economists of the leading central
The Year's Credit Changes.
The statement of condition of the Federal Reserve Bank of New York
at the year-end reflects at a number of points the unusual economic movemanta of the year. In particular, a large outflow of gold Is reflected in a
decrease in the bank's gold reserves and an increase in its total extensions of
credit. Federal Reserve policy is reflected in an increase In holdings of
Government securities. Some recession in business activity and an accompanying decrease in industrial payrolls is reflected in a decrease in Federal
Reserve notes in circulation. An expansion in bank credit based In part on
gold imports early in the year, together with moderately easy money
conditions, is reflected in an increase in the reserve deposits of member
banks.
The extent of these various changes Is shown in the following summary
of the principal items of the statement of condition. The figures shown are
the average daily figures for the last week of each year rather than for the
last day of the year, which is frequently subject to chance fluctuations.
PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE
BANK OF NEW YORK.
(Figures are averages for last 7 days of each year—In millions o dollars)
England.
Those acquainted with the present statistical service of the Bank of
despite the fact
England and the Reichsbank refer to them as primitive
these
that their contents are considered extraordinarily confidential in
general
countries. Practically all of the information is said to be of
is
data
the
of
much
Germany,
in
public knowledge, while, especially
very little value
said to be of a distinctly historical character, and of
as a guide to current policies.
it is uncerThose acquainted with the plans for this conference say
as gold movetain as to how far matters of central bank policy, such
center
capital
one
from
ments and the shifting of international balances
Usually these matters
to another, will be discussed by the economists.
themselves. On the other
are taken up by the heads of these banks
to the significance
hand it is thought that considerable enlightenment as
general or inof current developments of this kind will result from
dividual discussions among the individuals present. The opportunity
of current
number
a
of
discussion
will be given for a liberal general
problems which are exercising financial circles in every capital of
establishEurope, including monetary stabilization and the plan for the
ment of a new monetary union, based on Paris, which will perform
something of the function of the old pre-war Latin monetary union.
Principal Rsources—
Gold reserves
982
875
—107
Bills and securities:
Loans to member banks
Acceptances purchased
United States securities purchased
195
107
66
237
95
171
+ 42
—12
+105
banks of Europe. The Reichsbank, it is expected, will be represented
by Dr. Schmidt and Dr. Kohl. The Bank of France will probably be
tspreSented by Dr. Quesnay, who with Dr. Rist sailed for France with
Dr. Burgess on the Majestic last Saturday. Several representatives of
the Bank of England are expected to be present, as well as Dr. Walter
W. Stewart, who is now special adviser to the Bank of England.
The conference is scheduled to be held in Paris, and will take several
days. One of the most important items on the agenda is the evolution
of an international economic service which will make available in these
countries the same kind of information as the Federal Reserve bulletin
central
has been publishing in this country for thirteen years. The
banks in Europe at the present time suffer from a virtual absence of a
statistical and analytical service of the kind developed here, and they
have been studying our methods for some time. Dr. Quesnay is expected to direct the evolution of such a service in Paris, while Dr.
Stewart is understood to be working out a similar one for the Bank of
Annual Report of Federal Reserve Bank of New York—
Increase in Brokers' Loans and Speculation in
Bank Stocks Mentioned as Deserving Careful
Scrutiny—Banks Foreign Relations.
The thirteenth annual report of the Federal Reserve Bank
of New York, made public March 10, takes cognizance of the
1928.
1927. Change.
368
603
+135
Principal Liabilities—
Federal Reserve notes In circulation
418
386
— 32
Deposits:
Reserve deposits of member banks
Government deposits
All other deposits
870
12
31
960
4
11
+90
— 8
—20
913
075
+ 82
Total bills and securities
Total deposits
Comparison with the Reserve Sys em.
One interesting fact with regard to the changes in condition of the Federal
Reserve Bank of New York in the past year Is that the year's changes for
the system as a whole have in considerable measure been concentrated in
Now York. due probably to the fact that the major influence during the year
has been the movement of gold, and most of the gold movement customarily
flows through the Port of New York. The following table compares the
changes shown above for the New York Bank with changes similarly comIt indicates that in the
puted for tho Federal Reserve System as a whole
ease of gold reserves the New York Bank has shown an oven larger loss
than the total for the entire system,and correspondingly that member bank
borrowing at the New York Bank provided more than its proportionate
share of the increased requirements for credit which has resulted largely
from gold exports. The increase in Government svc-unties on the other
hand (by arrangement between the Reserve banks) has been more evenly
APR. 7 1928.1
distributed through the system, as has also the decrease in currency and the
increase in reserve balances of member banks.
CHANGES FROM END OF 1926 TO END OF 1927 IN PRINCIPAL RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
COMBINED AND FEDERAL RESERVE BANK OF NEW YORK.
(Changes are based on average figuresfor last 7 days of each year—In millions ofdollars)
AU Federal
Reserve Banks.
Federal Reserve
Bank of
New York.
Principal Resources—
Gold reserves
—70
—107
Bills and Securities:
Loans to member banks
Acceptances purchased
United States securities purchased
—139
+1
+287
+ 42
— 12
+105
Total bills and securities
+148
+135
Principal Liabilities—
Federal Reserve notes in circulation
—69
—32
Deposits:
Reserve deposits of member banks
Governmentdeposits
All other deposits
+180
— 21
— 22
+ 90
—8
-- 20
Total deposits
+ 62
+137
The important changes shown by these statements are analyzed in further detail in succeeding paragraphs.
Changes in Gold Reserves.
The gold movements of the year were larger than in any year since
1921. Most of those movements were centered in New York City and
involved in one way or another the Federal Reserve Bank of New York.
The year began with net imports (and a gain through changes in earmarking)
of over $100,000,000 in the first four months. In May and
two unusual operations in the purchase of $62,000,000 of gold abroad to
prevent its import into this country, and an increase of $95,000,000 in the
amount of gold set aside in the vaults of the Federal Reserve Bank of New
York earmarked for foreign account. The gold purchased abroad was
later sold, and in the last four months of the year a net amount of $82,000 000 was set aside under earmark. In September there also began a gold
export movement which by the end of December had exceeded imports
in that period by $141,000,000. The net effect of all these transactions
was a net loss of more than $150,000.000 of gold during the year, though
this was partly offset in Reserve bank holdings by some retirement of gold
certificates from circulation and additions from domestic gold production;
so that Federal Reserve gold holdings were reduced only $70.000.000.
Gold movements are shown by months in the following table. The
figures for exports and imports are for the.country as a whole, though all but
562,000.000 were made to or from New York. The earmarking operations
were all at the Federal Reserve Bank of New York, which handles foreign
accounts for the Reserve system.
GAIN OR LOSS THROUGH GOLD MOVEMENTS.•
(In millions ofdollars)
Net
Change
Through
Imports Exports. Imports
Or
Exports,
1927.
Released
from
Earmark.
January
February
March
April
May
June
July
August
September
October
November
Decem ter_
$59
22
17
15
34
15
11
8
13
2
2
10
$15
2
6
3
2
2
2
2
24
11
55
78
+344
+ 20
+ 11
+ 12
+ 32
+ 13
+9
+6
— 11
— 9
— 53
— 68
$21
5
____
____
5
____
3
2
Tntal
SWIR
5902
4. IA
Change
Total
EarThrough Change.
Earmarked.
marking.
+$20
+ 3
— 2
— 1
-- 95
— 1
4
2
7
$1
2
2
I
100
1
3
4
9
29
42
15
540
5900
_z1011
—2
— 9
— 25
— 40
— 8
+364
+ 23
+ 9
+ 11
— 63
+ 12
+9
+4
— 20
— 34
— 93
— 06
—C1 K1
• Excludes $62,000,000 in gold purchased abroad during May and June and later
sold.
The following table shows the principal sources of imports and the
destinations of exports.
Net Imports From
Great Britain
Canada
Australia
France
Japan
Chile
Netherlands
Ecuador
Peru
2085
FINANCIAL CHRONICLE
$31,000,000
33,000,000
22,000,000
11,000.000
20,000.000
7.000.000
7,000.000
2,000,000
2,000,000
Net Exports To
Argentina
$62,000,000
Brazil
34,000,000
Germany
14,000,000
Poland
5,000.000
China and Hong Kong---5,000,000
Belgium
2,000.000
British Malaya
3,000,000
India
3.000,000
Uruguay
2,000,000
Venezuela
1,000.000
Sweden
1.000.000
The net loss of gold in 1927 brings the country's gold stock down to the
level of 1925 and well below the level of late 1924. The accompanying
diagram of the gold stock shows that there have been comparatively minor
changes since the autumn of 1924 in contrast with a vigorous import movement up to then.
For the first seven months of the year the gold reserves of the New
York Bank were substantially higher than in 1926 but after the discount
rate was reduced, early in August, there was a decline In gold reserves
which continued, with some Interruptions, until the end of the year and
resulted in a net reduction of approximately $200,000.000. The first hundred million of this decline was due principally to a movement of funds from
New York to other districts in which higher discount rates were maintained
for a time. A return movement occurred subsequently, but was more than
offset by heavy gold exports and earmarking transactions; so that the decline continued to the end of the year. At the end of the year the gold
reserves of the bank were $100.000.000 under the figure for the end of 1926.
A comparison of the reserves of the New York Bank and of the System
indicates that all of the decline occurring in gold reserves for the System
as a whole was concentrated in New York, where all of the earmarking took
place and most of the exports. The gold reserves of Federal Reserve banks
do not fully reflect the loss of gold during the year, due to the retirement
from circulation of about $40,000,000 of gold certificates, which were absorbed in the System's gold reserves.
quarter of the year, when the volume of credit was increased to provide
banks with the resources to meet the drain of gold exports. At the end of
the year the total bills and securities, or total earning assets, of the bank
were larger than at any time since June 1921.
For the System as a whole, total credit extensions were considerably less
than in 1926 until the last quarter of the year, reflecting gold imports and
the reduction in currency requirements. In the last quarter of the year,
however, the total volume of Reserve bank credit extended increased to new
high levels since October 1921, ralecting largely the loss of gold, although
reflecting in part also a rapid expansion of loans and investments of member banks which led to an increase in their requirements for reserves. As
the loss of gold toward the end of the year was largely concentrated in
New York. so the additional demand for credit due to gold exports, as has
been indicated, fell particularly upon New York and a large part of the increase in the total volume of Federal Reserve credit In use took the form of
an increase in the total bills and securities of the Federal Reserve Bank of
New York.
Bills Discounted.
The volume of bills discounted by the New York Reserve Bank during
1927 was not far different from the volume in 1926. although the figures
tended to be slightly lower in the spring of the year and in the late summer. For the System as a whole, however, bills discounted were substantially lower than in 1926 during the major part of the year. A part of
this reduction may be ascribed to the smaller aggregate demand for Federal
Reserve credit until late in the year, but a part of it also reflected an increase
In holdings of Government securities by the Reserve banks which placed
funds in the hands of the member banks which they employed to liquidate
indebtedness at the Reserve banks. Although most of the securities were
purchased in the New York market, the principal liquidation of indebtedness took place in the interior districts. The extent of liquidation by banks
in interior districts as-compared with the New York district is indicated by
the following table of the average amounts of bills discounted at the several
Federal Reserve banks for the month of October 1927 compared with October 1926.
(In thousands of dollars)
,
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
October
1926.
October
1927,
Change.
Per Cent
Change.
42,180
164,579
49,918
70,386
45,664
55,681
89.224
42,163
11,145
12,455
19.451
62.720
33,290
126,862
38,425
43,720
28,888
25,999
36.483
21,484
2,672
15,730
7,151
43.709
— 8,890
—37,717
—11,493
—26.666
—16,776
—29,682
—52.741
—20,679
— 8,473
+ 3,275
—12,300
—19.011
—21.1
—22.9
—23.0
—37.9
—36.7
—53.3
—59.1
—49.0
—76.0
+26.3
—63.2
—30.3
Government Securities Held.
The United States Government securities held by the Federal Reserve
Bank of New York increased during 1927 from approximately $65,000,000
to $170,000.000, an increase which was roughly proportional to the increase
for the System as a whole.
These increases in security holdings represented largely a joint purchase
of securities by all the Reserve banks. The principal transactions in Government securities in the System account were as follows:
Sales of $65,000,000—
Early in May to offset the effect on the money
market of purchases of gold abroad.
Purchases of $100,000.000—Between early in May and early in June to
offset the earmarking of gold for foreign account.
Purchases of $79.000,000—Between the first of June and the middle of
August in connection with reductions in discount rates at a number of the Federal Reserve
banks.
Purchases of $60,000,000—Between late August and early October for the
purpose of offsetting sales of Federal Reserve
holdings abroad.
Purchases of $45.000.000—During the latter part of October and early
November, offsetting in part the effect of gold
exports and earmarkings.
The other changes in security holdings shown by the diagram represented
either temporary accommodation to the Treasury Department through
the purchase of special one-day certificates of indebtedness to provide funds
to redeem maturing securities, or accommodation given to dealers in Government securities through the purchase of securities under sales contracts,
by the terms of which dealers agree to repurchase the securities within a
period of fifteen days.
Bills Purchased.
The course of bills purchased both by ths Federal Reserve Bank of New
York and by the Federal Reserve System followed in 1927 very much the
same course as in 1926
At times there was a slight increase over 1926,
but in general the amounts held were little larger despite the fact that the
volume of Mix outstanding in the market during the past autumn was between two and three hundred million dollars larger than during the autumn
of 1926,and about the largest yet attained in this maket. Thus the Federal
Reserve banks held during 1927 a somewhat smaller proportion of the total
acceptances outstanding than in 1926. With money somewhat easier during
the past year, the market for acceptances NVOA somewhat better, particularly the market made by foreign funds in this market. The rates at which
this bank stood ready to purchase prime bills from member banks and
dealers during the year were as follows:
Date Put Into
Effect.
1-15
Days
16-45
Days
Jan. 1 1927_ __ _
July 29 1927_.._
Aug. 5l927___
Aug. 22 1927_ _
331
351
3
3
354
351
.351
3
46-90
Days
91-120
Days
121-150
Days
151-180
Days
334
354
334
334
334
354
334
334
4
351
311
334
4
35/
331
334
Federal Reserve Notes.
A decline in the amount of Federal Reserve notes in circulation reported
both for the Federal Reserve Bank of New York and for the System refleeted a decrease in the total amount of money in circulation, which was
after the first four months of the year about $60,000.000 under 1926. This
decrease was only partly in the form of Federal Reserve notes as the amount
of gold certificates outstanding was also reduced by about $40.000,000
on the average. These reductions are explainable by reference to the data
for trade and employment, and particularly the data for payrolls of industrial establishments, which in December were reported by State and Federal authorities as 5 to 7% smaller than in the corresponding month in 1926.
Bank Policy.
Total Bills and Securities.
The tota 1 amount of credit extended by the Federal Reserve Bank of
New York followed very much the same course as in 1926, until the last
Federal Reserve policy in this district found its principal expression in
a reduction in the discount rate of the bank from 4% to 331% on Aug. 5,
and in changes in the holdings of Government securities.
2086
The reduction in discount rate was made at a time when domestic business was beginning to show some recession and the financial position of
Europe was such that considerable financial stringency was threatened
by the continuance of a 4% discount rate in New York. A general increase in interest rates in Europe during the fall season would undoubtedly
have restricted foreign purchases of American farm products.
The purchases of Government securities in the course of the year were
made in part to offset the effect on the money market of earmarking and
exports of gold, and in part were made in connection with the change of
discount rate.
The reduction in discount rate by this bank and by other Reserve banks
and purchases of Government securities in July and August were followed
by strength in the exchanges of various countries and a reversal of the gold
movement from net imports to net exports.
Diagram 10 shows the course of the discount rate and the open market
rates on commercial paper and acceptances in New York.
Foreign Relations.
Two definite steps were taken during the year by the Federal Reserve
Bank of New York and the other Reserve banks in furtherance of the
general return of the countries of Europe to the gold standard.
The Federal Reserve Bank of New York in association with all other Federal Reserve banks participated in the credit arrangements granted by
various banks of issue to the Bank Po!ski, the Polish bank of issue, in furtherance of the plans which were completed for the stabilization of the
Polish currency. Under the terms of these arrangements the Federal Reserve Bank of New York agreed, if desired, to purchase from the Bank Po'ski
up to a total of five and a quarter million dollars of prime commercial bills.
The Italian Government on Dec. 22 announced the establishment of its
currency on a gold exchange basis and the legal revaluation of the lira in
terms of gold.
In accordance with the practice followed in other European countries
when returning to a gold basis and to ensure the maintenance of monetary
stability, the Banca d'Italla entered into a credit arrangement with the principal banks of issue for $75,000,000 or its equivalent. A separate credit
was arranged by the Banco, d'Italla with certain private bankers aggregating about $50,000.000 or its equivalent. In connection with the credit
arranged by banks of issue the Federal Reserve Bank of New York, in association with other Federal Reserve banks, agreed, if desired, to purchase
from the Banca d'Italia up to a total of $15,000.000 of prime commercial
bills.
During the course of the year similar credit arrangements which had been
made in 1925 with the Bank of England and in 1926 with the National
Bank of Belgium expired. In neither case had any use of the credit arrangements been made, though their presence undoubtedly added to the
assurance with which those countries undertook their return to the gold
standard.
In general, the conclusion of 1927 finds the financial, business and social
condition of the countries of Europe more nearly normal than at any time
since the War. All of the major countries, with the exception of France,
have effected legal stabilization of their currencies, and the French monetary position is vastly improved from a year ago and de facto stabilization
of the franc has been achieved for a number of months. Business and
trade are more active throughout Europe and unemployment is reduced.
Movement of Funds to and From the New York Money Market.
In recent years studies have been carried on by this bank to determine in
general the sources of funds corning into the market and the distribution
of funds withdrawn from the money market. Since practically all interdistrict transfers and settlements are now made through the gold settlement
fund of the Federal Reserve System, and since practically all currency and
gold movements are at least recorded in one form or another on the books
of the bank, it has been possible from the records of this bank to make a
broad classification of the movements of funds to and from the New York
banks, which constitute the immediate source of supply of funds used in
the money market.
The largest movements of funds during 1927 were the movements to and
from other districts. These are illustrated in the following diagram.
It shows that both in 1926 and 1927 there was an accumulative movement
of Treasury funds to New York amounting to 500 or 600 million dollars,
which was largely offset by other transfers, designated on the diagram as
"commercial transfers," from New York totaling around 400 millions.
Ordinarily, about two-thirds of every issue of United States Government
securities, especially the short-term issues, finds its way to New York by
the time it matures, whereas the proportion of Federal income taxes collected in this district is about one-third of the total for the country. Consequently, Treasury disbursements to redeem maturing obligations regularly
exceed receipts within the district at tax periods, and the balance must be
met by transferring a part of the proceeds of tax collections in other districts to New York. To replace the funds trasnferred by the Treasury,
commercial banks in other districts withdraw funds from New York after
each tax period. These funds which are withdrawn from New York probably represent. among other things, the proceeds of securities sold or matured
in this district and the payments for merchandise exported through Now
York.
The short-term fluctuations in these "commercial" transfers appear to
be closely connected with currency requirements in other districts. There
Is a perceptible tendency for outward transfers to be made in the latter half
of the week when currency for weekly payrolls and other purposes is withdrawn from the banks,and for transfers to Now York to be made in the early
part of each week accompanying the return of currency from circulation.
These transfers to and fro are reflected in the amount of funds employed
In New York by out-of-town banks in the form of call loans.
The third principal group of inter-district transfers represents settlements
between Federal Reserve banks for bill and security transactions. When
purchases of bills or securities are made in this market for the account of
other Reserve banks, payment to the New York Bank is made through
the gold settlement fund, and when bills or securities from the holdings of
other Reserve banks mature in New York, the return payment similarly is
made through the fund. Apparently due to maturities in Now York of bills
and securities purchased in other districts, the general tendency of these
Reserve bank settlements seems to be to withdraw moderate amounts from
New York.
The two other principal movements of funds which affect the position of
banks in this district are increases and decreases in the amount of currency
in circulation within the district, and exports, imports and earmarking of
gold. These have been discussed earlier in this report.
Membership Changes in 1927.
In 1927 membership of the Federal Reserve System in this district continued the growth of the preceding year. The organization of new banks
has again been the principal factor in this result and fewer national banks
have been converted into State non-members. There was a larger number
of mergers and consolidations among the member banks, which accounted
for the majority of the decreases. No loss in membership occurred due to
insolvencies or State bank withdrawals.
[VOL. 126.
FINANCIAL CHRONICLE
The accompanying tables set forth the number of banks in the Second District classified according to their charters, whether national or State, and
give also an analysis of the causes which brought about changes in membership during the year.
NUMBER OF MEMBER AND NON-MEMBER BANKS IN SECOND
FEDERAL RESERVE DISTRICT AT END OF YEAR.
December 31 1927.
December 31 1926.
Type of Rank.
Per Cent
NonNonPer Cent
Members Members Members Members Members Members
771
55
Ill
National banks_ _
State banks._ -Trust companies_
0
225
186
100
20
37
750
57
106
0
232
179
100
20
37
69
411
411
937
70
913
Total
* Exclusive of savings banks.
CHANGES IN FEDERAL RESERVE MEMBERSHIP IN SECOND DISTRICT
DURING 1927.
913
Total membership beginning of year
Increases:
28
National banks organized
4
Conversion of non-member banks to national
9
Admission of State banks
41
Total increases
Decreases:
Conversion of national bank to non-member
Member banks com'Aned with other members
Withdrawals
Insolvencies
1
1
0
0
17
Total decreases
24
NetIncrease
037
Total membership end of year
Reports of Operation.
As complete statistics of the operations of each Reserve bank aro published
in the annual report of the Federal Reserve Board, detailed figures of the
operations of this bank are omitted from this report, with the exception of
tho following pages showing the statement of condition at the beginning and
end of the year, the income and disbursements during the year, and a table
showing the volume of operations in principal departments, including the
Buffalo Branch.
STATEMENT OF CONDITION.
Resources.
Dec. 311927.
Dec. 31 11126.
Cash reserves held by this bank against its depositi and note circulation:
Gold held by the Federal Reserve Agent as
part of the collateral deposited by the bank
when it obtains Federal Reserve notes.
This gold is lodged partly in the vaults of
the bank and partly with the Treasurer of
320,067,446.59 282,087,466.59
the United States
Gold redemption fund in the hands of the
Treasurer of the United States to be used to
redeem such Federal Reserve notes as are
17,171,916.69
15,197,976.79
presented to the Treasury for redemption._
372,076,393.63 439.891,808.03
Gold and gold certificates In vault
Gold in the gold settlement fund lodged with
the Treasurer of the United States for the
purpose of settling current transactions be159,285.227.90 223,474,611.35
tween Federal Reserve districts
Legal tender notes.silver. and silver certificates
reserve
as
(available
In the vaults of the bank
22,523,904.00
24.598,953.00
only against deposits)
893,199,937.81 984,075,856.76
Total cash reserves
Non-reserve cash consisting largely of national
bank notes, and minor coin
Loans and Investments:
Loans to member banks:
On the security of obligations of the United
States
By the discount of commercial or agricultural
paper or acceptances
Acceptances bought in the open market
United States Government bonds, notes and
certificates of indebtedness
Total loans and investments
Miscellaneous resources:
Bank premises
collection _
Checks and other items in process of
All other miscellaneous resources
Total miscellaneous resources
Total resources
LtabtlUtes.
20,923,803.11
15,893,779.00
230,800,050.00
116,539,450.00
50,537,894.62
97,652,134.74
181,479,900.00
37,935,784.92
101,443,211.79
led
58,863.750.00
560,469,979.36
344,782.176.71
15,881,823.71
103,847.416.29
6,104,632.87
16,276,254.61
188,450,357.86
1.788,471.18
215,833,872.87
206,515,083.75
1,690,427,593.15 1,551,266,896.12
Dec. 311927.
Notes in circulation:
actual circulation,
Federal Reserve notes inThese
notes are sepayable on demand. discounted
and purand
gold
by
full
in
cured
390,313,496.50
chased paper
390,313.496.50
circulation
in
Total notes
Deposits:
member banks
Reserve deposits maintained bydeposits
of their
as legal reserves against the
1,009,922,990.27
customers
at
carried
deposits
United States Government
requirements
current
for
Bank
Reserve
the
1,565,311.84
of the Treasury
Other deposits, including foreign deposits, de12,761,471.57
kkc
banks,
non-member
posits of
1,024,249,773.68
Total deposits
Miscellaneous Liabilities:
uncollected
Deferred items,composed mostly oftho
country.
checks on banks in all parts of
after the
deposits
as
credited
are
items
Such
elapses,
them
collect
average time needed to
170,612,489.82
ranging from 1 to 8 days
1,905,036.39
liabilities
All other miscellaneous
172,517.526.21
liabilities
miscellaneous
Total
Capital and surplus:
Capital paid in, equal to 3% of.thecapital and
surplus of member banks
Surplus—That portion of accumulated net
earnings which the bank Is legally required to
retain
Total capital and surplus
Total liabilities
Dec. 311926.
416,874,122.50
416,874.122.50
835,959,724.06
498,341.80
34,844,167.75
871,302,234.51
162,884,891.11
2,142,447.92
165,027.339.03
40.309,600.00
36,449,250.00
63.007,196.76
61,613,050.08
103,316,796.76
98,063,200.08
1,690,427,593.15 1,551.266,896.12
APR. 7 1928.]
FINANCIAL CHRONICLE
Income and Disbursements.
Gross income for the year 1927 was about the same as in 1926. A
decrease of $1,200,000 in earnings from loans to member banks was offset
by increased earnings from acceptances and United States Government
securities purchased.
Expenses of current bank operation again were smaller than in the preceding Year, notwithstanding a continued increase in the volume of operations of the bank. The net income for the year was sufficient to pay the
6% dividend of $2.327,000 on capital stock, provided by the Federal Reserve Act, and to add $1,393,000 to the surplus, which under the law must
be increased by all net income after dividends until it is equal to the total
subscribed capital stock of the bank. The total subscribed capital stock is
now 580,619,200, the total paid-in capital stock $40.309,600, and the surplus after this year's payment $63,007.196. The capital increases each
year as the bank resources of the district increase, since member banks are
required to subscribe to an amount of Federal Reserve stock equal to 6%
of their own capital and surplus and to pay in one-half of the amount subscribed.
(The bank's profit and loss account for 1927 and 1926 was given in the
"Chronicle" of Jan. 21 1928, page 3524
Volume of Operations.
•
The two largest operations of the Reserve banks in point of volume are
the payment and receipt of currency and the collection of checks and noncash items. Upon these two operations taken together more than half of
the staff of the New York Reserve Bank is engaged. During 1927 the volume of work in these two major functions in the New York Reserve Bank
continued to increase. There were increases in other functions as well.
Bills purchased increased considerably over the preceding year, due to unusual activity in the bill market. A large increase in transactions in United
States Government securities, which totaled over five billion dollars in 1927,
reflected the refunding of the Second Liberty Loan bonds. The principal
decrease in operations was in bills discounted, reflecting somewhat smaller
loans to member banks. The following table shows the volume of principal
operations for the past two years both in items and In dollar amounts:
2087
from 1236% to 12%. It is estimated these changes will occasion a loss
in revenue of approximately $123,000,000.
2. That the rates applicable to the so-called intermediate brackets,
running from $14,000 to $75,000, of the individual income tax be revised in accordance with the attached table, resulting in a decrease in
revenue of about $50,000,000.
3. That the Federal estate tax be repealed as of Jan. 1, 1928, which
will occasion a loss of but $7,000,000 in 1929.
4. That the income derived from American bankers' acceptances held
by foreign central banks of issue be exempted from tax. The loss of
revenue will be negligible.
Secretary Mellon also indicates that the Treasury further approves the following provisions of the House bill
(passed Dec. 15 and referred to in our issue of Dec. 17,
page 3292) affecting the revenues.
1. The increase in the exemption from $2,000 to $3,000 in the case
of corporations with incomes not in excess of $25,000. It is estimated
this will cost approximately $12,000,006.
2. The increase in the exemption from 75 cents to $1 in the case of
the admissions tax, resulting in a reduction in revenue of about $8,000,000.
3. The repeal of the tax on cereal beverages, which produced $185,000
in 1927.
4. The reduction in the tax on wines, resulting in a loss of revenue
of $930,000.
Pointing out that, while the estimates.of expenditures include all expenditures resulting from legislation enacted up
to the present time, they do not include any expenditures
that may result from flood relief legislation adopted during this session of Congress, he adds:
1926.
Number of Pieces Handled—
1927.
• Assuming that $30,000,000 is expended for flood relief during the next
Bills discounted:
fiscal year, the surplus of $212,000,000 will be reduced to $182,000,000.
16,219
14,525
Applications
On the basis of a $182,000,000 surplus, the Treasury recommends:
35,660
31,024
Notes discounted
76.466
1. That the general corporation tax be reduced from 1354% to 12%
99,238
Bills purchased in open market for own account__ _
605,280,000 and the rate applicable to insurance companies be reduced from 1254%
640,967,000
Currency received and counted
1,189,801,000 1,129,027,000 to 12%. As already
Coin received and counted
stated, the loss in revenue will amount to $123,155,488,000
168,724,000
Checks handled
000,000.
Collection items handled:
10,783.000
9,931,000
United States Government coupons paid
2. A revision of the rate applicable to the intermediate brackets re2,064,000
2,259,000
All other
suiting in a loss of $50,000,000.
United States securities—Issues, redemptions and
2,196,000
exchanges by fiscal agency department
1,572.000
2. The repeal of the estate tax, resulting in a loss of $7,000,000.
329,000
355,000
Transfers of funds
4. Repeal of cereal beverage tax and reduction of wine tax.
Amounts Handled—
Or a total tax reduction of $181,115,000.
$13.854,347,000 $17,242,348,000
Bills discounted
Bills purchased in open market for own account
1,975,505,000 1,437,565,000
Secretary Mellon's statement to the Senate committee on
4,159,821.000 3,925,170,000
Currency received and counted
380,569.000
588,422,000
Coin received and counted
Checks handled
100,206,587,000 93,068,875,000 April 3 follows in full:
Collection items handled:
296,577,000
250,622,000
(Read By Congressional Record)
United States Government coupons paid
2,385,753,000 2,065,742,000
All other
United States securities—Issues, redemptions and
I understand that the Senate Finance Committee has delayed the con5,219.626,000 2,635,722.000 sideration of the Revenue bill in order to have the benefit of the inexchanges by fiscal agency department
50,898,108,000 44.392,474,000
Transfers offunds
formation furnished by the March income tax collections and more accurate estimates as to probable expenditures than were available in January. That information is now available.
Secretary Mellon's New Tax Cut Recommendations—Limit
Based on the most recent figures, the Treasury Department estimates
Fixed at $210,115,000—Expenditures Account Flood a surplus of approximately $400,000,000 in 1928 and of approximately
$212,000,000 in 1929.
Control Would Lower Limit to $181,115,000.
The fiscal year 1928 is almost over. We are now budgeting for the
In a statement presented to the Senate Finance Commit- fiscal year 1929. The surplus of total receipts over total expenditures
in 1929 is the measure of possible tax reduction. With a surplus of
tee on April 3, Secretary of the Treasury Mellon submitted $212,000,000 reasonably certain, the
Treasury recommends that taxes be
new recommendations respecting tax cuts, limiting the re- reduced by about $200,000,000.
The estimates submitted to the Ways and Means Committee in Octoduction to $201,115,000 on the basis of a Treasury surplus
ber indicated a surplus of $454,000,000 in 1926 and of $274,000,000,
of $212,000,000; "assuming," he said, "that $30,000,000 is subsequently modified to $252,000,000 in 1929. On
the basis of these
expended for flood relief during the next fiscal year, the estimates the Treasury Department recommended a tax reduction of
$225,000,000,
pointing
out,
however,
that
the
figures
submitted
made no
surplus of $212,000,000 will be reduced to $182,000,000," and
provision for increased expenditures due to new legislation. It thus
on the basis of a surplus of that amount he recommended appears that the surpluses as originally estimated for 1928 and 1929 have
a total tax reduction of $181,115,000. On the basis of the now been reduced by $53,000,000 and $40,000,000, respectively, while
surplus previously estimated Secretary Mellon had orig- the limit of possible tax reduction has been lowered by $25,000,000.
These reductions are due to changes in the expenditure rather than in
inally recommended a tax reduction of $225,000,000 point- the receipt side of the statement. Expenditures show an increase of
ing out that the figures submitted made no provision for $47,000,000 for 1928 and $85,000,000 for 1929. The increased estimated
Increased expenditures due to new legislation. In his state- expenditures for 1928 and the consequent reduction of the estimated
surplus by about $50,000,000 are accounted for practically by a single
ment to the Senate committee this week Secretary Mellon item. The Settlement of War Claims act recently enacted authorizes an
says it "appears that the surpluses as originally estimated appropriation of $50,000,000, which should become available and be expended
fiscal year. The $85,000,000 increase for 1929 over the
for 1928 and 1929 have now been reduced by $53,000,000 previousthis
estimates is accounted for principally by increased appropri$40,000,000,
respectively,
while the limit of possible tax ations for the Veterans' Bureau, Navy and War Departments, postal
and
reduction has been lowered by $25,000,000. These reduc- deficiency and an enlarged building program. The committee will doubtless call on the Budget Director to explain the various items of increase.
tions are due to changes in the expendtiure rather than in
On the receipt side, while there are a number of minor modifications
the receipt side of the statement. Expenditures show an in the present estimates as compared with the earlier ones, the total
Increase of $47,000,000 for 1928 and of $85,000,000 for rceipts for 1928 show a reduction of only $6,000,000 as compared with
original estimates; that is, a total of $4,069,000,000 instead of $4,075,1929." The $225,000,000 tax cut was based, says Secretary 000,000.
It is noteworthy in view of all the criticism that the March collections
Mellon, on estimates submitted to the Ways and Means
completely confirm the accuracy of the Treasury's estimate of current
Committee in October which indicated a surplus of $454,- income
tax collections for both 1928 and 1929.
000,000 in 1928 and of $274,000,000, subsequently modified
The 1929 estimate of receipts shows an increase of $45,000,000, accounted
for as follows:
to $252,000,000, in 1929. He states that "based on the most
Customs and miscellaneous internal revenue figures have been reduced
recent figures, the Treasury Department estimates a sur- by $15,000,000 and $10,545,000, respectively, in conformity with the
plus of approximately $400,000,000 in 1928 and of approxi- actual experience of the first nine months of this fiscal year. Mishigher, due in the main to a trust
mately $212,000,000 in 1929." Secretary Mellon states that cellaneous receipts are $25,000,000
fund item which is a wash transaction and appears on both the receipt
income
collections
to
April 1 aggreate approx- and expenditure side of the statement, and to a transfer of railroad retotal current
imately $1,418,000,000, as compared with $1,422,000,000 on ceipts from 1928 to 1929. The estimate of back tax collections has been
increased by $40,000,000 and current receipts by $5,000,000. Back tax
April 1, a year ago. This means that current collections collections are a most uncertain item, and the Treasury so stated to the
for the fiscal years 1927 and 1928 will be almost identical." Ways and Means Committee, but the speeding-up process which is now
the Special Advisory Committee and other further
On the basis of a surplus of $212,000,000 Secretary Mellon taking place through
reforms, which it is hoped will be put into effect, should increase the
makes the following recommendations:
back tax revenue next year over what was anticipated five months ago.
Table A, which I submit herewith, shows the October, 1927, estimates
1. That the general corporation income tax rate be reduced from 1334
to 12% and that the rate applicable to insurance companies be reduced of receipts and the budget expenditures figures compared with the receipts
2088
FINANCIAL CHRONICLE
Table A—Estimated Receipts and Expenditures.
This table shows the estimated receipts and expenditures for the fiscal
years 1928 and 1929 as submitted in December 1927, and the revised estimates prepared in March 1928:
1928
1929
Oct. 1927,
March 1928,
Oct. 1927.
March 1928.
Estimate.
Receipts;
Estimate.
Estimate.
Estimate.
Customs
$602,000,000 $587,000,000 $602,000,000 $587,000,000
Internal Revenue:
Income tax:
1.885.000.000 1,890,000,000 1,885,000,000 1,890,000,000
Current
Back taxes
280,000,000
280,000,000
180,000,000
220,000,000
Misc,int. revenue_ 638,545,000
634,000,000
640,545,000
630,000,000
Miscell. receipts__ — 670,053,091
678,267,729
501,952,314
527,721,229
Total receipts_ __ _54,075,598,091 $4,069,267,729 $3,809,497,314 $3,854,721,229
Expenditures, total_ 3,621,314,285 3,668,003,279 3,556,957,031 3,642,021,345
Estimated surplus. $454,283,806 $401,264,450 $252,540,283 $212,699,884
and expenditures now estimated. Table B shows the principal changes
in receipts as compared with the previous estimates:
Table B—Fiscal Year 1929—Changes between Estimates of October 1927, and
March 1928.
Decrease.
Increase.
Receipts:
Customs
$15.000,000
Income tax—Current
$5,000,000
Back taxes
40,000,000
Miscellaneous'intenial revenue
10,545,000
*25.769,000
Miscellaneous reseipts
525,545.000 $70,769,000
25,545,000
Net increase_..
Expenditures
Net decrease in estimated surplus
$45,224,000
*$85,064,000
$39,840,000
[VoL. 126.
story. The character of the problem is changing. It is being transferred from the Internal Revenue Bureau proper to the General Counsel's
office and to the Board of Tax Appeals. This is the logical and inevitable
development of the insistence on treating the collection of an income tax
as a legal rather than as an administrative problem. As of March 1,
1928, taxes involved in appeals pending before the Board of Tax Appeals aggregated $685,526,232. Such an amount would seem to promise
much in the way of future revenue. But consider these results. From
July 1, 1927, to Feb. 29, the board has closed cases involving approximately $81,000,000 of deficiencies asserted, sustaining only $33,000,000,
or 41%. Thirty-three million dollars in eight months is not quite so
promising for a revenue standpoint, particularly when you consider that
in many of these cases further appeals will be taken to the Circuit Court
of Appeals. But the significant figure is the percentage one.
The Government on these appeals is winning out only to the extent of
41% of the deficiencies asserted, even after including items not in dispute. If this means anything it means that any number of these cases
should never have gone to the board, but should have been disposed of
by agreement. A sensible system of administration would permit the
settlement of cases whenever the odds on a question of law was all
against the Government instead of compelling litigation. A change of
policy in this respect appears to be highly desirable, and the department
is seriously considering such a change unless this committee and the
Ways and Means Committee should advise to the contrary.
There is no use minimizing the seriousness of the situaiton. It is not
too much to say that the whole, carefully thought-out machinery which
was hopefully set up in 1924 is threatened with a complete breakdown.
In spite of splendid work done by the so-called Advisory Committee,
which was created last October, in the last six months, 60% of the deficiencies asserted were appealed to the Board of Tax Appeals. There
were pending on March 1, 21,381 cases before that Board, and, working
with the utmost expedition, the board can only dispose of about 3,000
cases a year except by stipulation.
Miscellaneous Internal Revenue.
Miscellaneous internal revenue is estimated to yield $630,000,000, as
•Includes $13,015,000 increase in both receipts and expenditures account United compared with $645,000,000 in 1927 (actual) and $634,000,000 in 1928
(estimated). The principal changes from 1927 are a decrease in the
States Government Life Insurance Fund under Veterans' Bureau.
So much for the present modifications of the October estimates, which estate taxes from $100,000,000 to $50,000,000; a decrease of $8,000,000
in
the tax from alcoholic spirits due...principally to a change in the rate
we felt the committee would want fully explained.
Let me now take up in detail and seek to justify our estimates of re- effective Jan. 1, 1928; a loss of $8,000,000 due to the final cleaning up
ceipts and expenditures for the fiscal year 1929. They are the all-im- of the repealed capital stock tax cases; an increase of $44,000,000 in
portant and controlling figures, for they, and they alone, indicate the the tobacco tax, resulting from steadily mounting cigarette sales, and an
increase of $8,000,000 in stamp tax collections.
measure of possible tax reduction.
The returns from the estate tax under the new law have fallen off
Total receipts and expenditures are estimated as follows:
Customs
$585,000,000 much more rapidly than anticipated. Receipts from July 1 to March 1,
Tonnage tax
2,000,000 this year, amounted to but $42,000,000, as compared with $72,000,000
last year. Receipts averaging slightly in excess of $5,000,000 a month
$587,000,000 indicate a total of
approximately $65,000,000 for 1928, as compared with
Internal revenue:
an estimate of $80,000,000. It is difficult to believe that there
Current income
$1,890,000,000
will not
Back income taxes
220,000,000
be a further falling off next year, as the number of estates to
which the
Miscellaneous internal revenue
630,000,000
higher rates apply diminishes and the 80% rebate provision becomes inTotal internal revenue
$2,740,000,000 creasingly effective.
Miscellaneous receipts
Sixty-five million dollars is expected from the automobile tax as con527,721,000
trasted with $66,000,000 in 1927 and $63,000,000 this year. Collections
Total reselpts
$3,854,721,000 to March 1
aggregated $35,000,000, as compared with $42,000,000 a
Total expenditures
3,642,021,000
year ago.
Surplus
$212,700,000
Miscellaneous Receipts.
Customs Receipts.
Miscellaneous receipts are estimated at $527,000,000, or $127,000,000
and
$151,000,000 lower than in 1927 and 1928 respectively. The answer
Customs duties are relied on to yield $585,000,000.
This is the amount which receipts to date indicate will be collected in is not far to seek. We realized on railroad and other securities and on
1928. It is true that in 1927 the high figure of $603,000,000 was reached, other capital assets, including receipts from the War Finance Corporabut the average receipts for the five-year period 1923 to 1927, inclusive, tion not classified as miscellaneous receipts, $192,000,000 in 1927; we
amounted to but $568,000,000. So that 1927 appears to be out of line will realize $189,000,000 this fiscal year, while there is but $38,000,000
from this source in sight in 1929.
and 1928 to furnish a more accurate guide.
Two items more than account for the difference between the $400,Income Tax Receipts.
000,000 surplus of 1928 and the $212,000,000 surplus of 1929, and neither
Current income tax is estimated to produce $1,890,000,000.
can properly be classified as ordinary revenue; $151,000,000 less from
There was collected from this source in the fiscal year 1927 $1,889,- the realization of capital assets and $60,000,000 less in collection from
000,000. The Treasury Department has consistently taken the position back taxes.
The same two items alone account for a reduction in receipts of
that income tax collections for the fiscal year 1927, based as they were in
$265,part on the income of the calendar year 1925 and in part on the income 000,000 below the 1927 figures.
of the calendar year 1926, both highly prosperous years, furnish the
On the receipt side, then, the whole story may be summed up by saysafest basis on which to estimate current income tax collections, both in ing that the diminishing surpluses are caused, not by the falling off
of
the fiscal year 1928 and 1929. Our judgment has been amply sustained ordinary current revenue, but by the rapid disappearance of certain
reby the March collections. In so far as 1928 is concerned, total current ceipts of an extraordinary and non-recurring character. It is fair to say
collections to April 1 aggregate approximately $1,418,000,000, as comz that to this extent this and last year's abnormally large surpluses
are
pared with $1,422,000,000 on April 1 a year ago. This means that cur- fictititous and misleading.
Table C shows customs and internal revenue receipts for
rent collections for the fiscal years 1927 and 1928 will be almost identhe fiscal
tical; 1927 and 1928 collections are derived from the income of three year 1927 (actual) and the fiscal years of 1928 and 1929
(estimated).
calendar years, namely, 1925, 1926 and 1927. Because of this wide
Table C—Actual and Estimated Customs and Internal Receipts.
range and of their remarkable uniformity they seem to furnish a definite
Estimated
standard of what collections may be expected under present rates, given
Actual, 1927.
1928.
1929.
Customs
$603,000,000 $585,000,000 $585.000.000
normal conditions of prosperity.
Customs tonnage tax
2,000,000
2,000,000
But March collections did not alone confirm 1928 estimates. They
2,000.000
established pretty definitely that current tax collections for the first six
Total customs
$605,000,000 $587,000,000 $587,000,000
months of the fiscal year 1929 will not vary materially from the first half
Internal
Revenue:*
of 1927 and 1928, thus confirming our estimates. The only element of Current income
tax
$1,889,000,000 51,890,000.000 81,890,000,000
uncertainty then applies to the last six months of the fiscal year 1929, Back income taxes
331,000,000
280,000,000
220,000,000
ending June 30, 1929, for income tax collections during this period will
Total income tax
$2,220,000,000 $2,170,000,000 $2,110,000.000
be based on income of the calendar year 1928. It would take a mighty
Miscellaneous internal revenue (see
wise man to prophesy the course of business during the next nine months.
details below)'
646,000,000
634,000,000
630,000,000
Yet this is what must be done if actual figures are to be discarded in
Total
Internal revenue
favor of speculative ones. Moreover, there is nothing to indicate that
$2,866,000,000 $2,804,000,000 $2,740,000,000
business conditions will differ materially during the balance of the calen- Total customs and internal
revenue_43,471,000.000 $3,391.000,000 $3.327,000,000
dar year from those which have prevailed during the last twenty-four
Miscellaneous Internal Revenue:*
months. Even should there be a marked upward swing, it can at best Estate tax
$100,300,000
585,000,000
350,000,000
Alcoholic spirits
21,200,000
but affect six months of the fiscal year 1929.
16,000,000
13,000,000
Tobacco
376.200,000
400.000,000
Clearly, it is wiser to base estimtaes of future receipts on the record Admissions
420,000,000
18,000,000
18,500,000
18,500,000
of what may be considered standard years, rather than to venture on the Club dues
10.400,000
10,000,000
10,000.000
uncertain ground of speculation and assumption. This, in any event, is Automobiles
66,400,000
63,000,000
65,000,000
37,300,000
the position taken by the Treasury in preparing and presenting these Stamp taxes
45,000,000
45,000,000
Oleomargarine, dm
3,200,000
3,500,000
estimates.
3,500,000
Miscellaneous,including capital stock
usli
tax, prohibition and narcotic taxes_
13,000,000
Back Tax Collections.
13,000,000
5,000,000
It is expected that $220,000,000 may be derived from back tax collec$646,000,000 5634,000,000 $630,000,000
tions as compared with $331,000,000 (actual) in 1927 and $280,000,000
•1927 figures of
(estimated) in 1928. The following statistics account, in the main, for Revenue Bureau. Internal revenue collections are on basis of report of Moran
the probable falling off in back tax collections:
Recommendations.
On June 30, 1926, there were on hand in the bureau, for years prior
On the basis of a surplus of $212,000,000 the Treasury makes
the
to 1925, 487,000 cases; on June 30, 1927, 154,000 cases, and on Dec. 31, following recommendations:
1927, 66,000 cases, of which 12,000 were refund cases which could pro1. That the general corporation income tax rate be reduced
from
duce no additional revenue. But these figures do not tell the complete 134 to 12% and that the rate applicable
to insurance companies be re.
Estimated surplus last Fall
Revised estimate, March 1928
$252,540,000
212.700,000
APR. 71928.]
duced from 1214% to 12%. It is estimated these changes will occasion
a loss in revenue of approximately $123,000,000.
2. That the rates applicable to the so-called intermediate brackets,
running from $14,000 to $75,000, of the individual income tax be revised
in accordance with the attached table, resulting in a decrease in revenue
of about 250,000,000.
3. That the Federal estate tax be repealed as of Jan. 1, 1928, which
will occasion a loss of but $7,000,000 in 1929.
4. That the income derived from American bankers' acceptances held
by foreign central banks of issue be exempted from tax. The loss of
revenue will be negligible.
The Treasury further approves the following provisions of the House
bill affecting the revenues.
1. The increase in the exemption from $2,000 to $3,000 in the case
of corporations with incomes not in excess of $25,000. It is estimated
this will cost approximately $12,000,000.
2. The increase in the exemption from 75 cents to $1 in the case of
the admissions tax, resulting in a reduction in revenue of about $8,000,000.
3. The repeal of the tax on cereal beverages, which produced 2185,000
in 1927.
4. The reduction in the tax on wines, resulting in a loss of revenue
of $930,000.
The total tax reductions covered by these recommendations aggregate
$201,115,000.
It should be noted, however, that while the estimates of expenditures
just submitted include all expenditures resulting from legislation enacted
up to the present time, they do not include any expenditures that may
result from flood relief legislation adopted during this session of Congress. Assuming that $30,000,000 is expended for flood relief during
the next fiscal year, the surplus of 2212,000,000 will be reduced to
$182,000,000.
On the basis of a $182,000,000 surplus, the Treasury recommends:
1. That the general corporation tax be reduced from 13%% to 12%
and the rate applicable to insurance companies be reduced from 12'A %
to 12%. As already stated, the loss in revenue will amount to $123,000,000.
2. A revision of the rate applicable to the intermediate brackets resulting in a loss of $50,000,000.
3. The repeal of the estate tax, resulting in a loss of $7,000,000.
4. Repeal of cereal beverage tax and reduction of wine tax.
Or a total tax reduction of $181,115,000.
These recommendations are fully discussed in the report presented by
the Treasury to the Ways and Means Committee and in the report of
the Ways and Means Committee, with both of which the Finance Committee is undoubtedly familiar. It seems unnecessary, therefore, to review the grounds on which they are based.
The Treasury desires, however, in the interest of sound tax principles,
earnestly to renew its protest against the repeal of the automobile tax.
The insistent demand for the repeal of this tax does not come from the
automobile purchasers, but from the manufacturers and dealers, who
have organized an intensive propaganda, and of necessity do not look
at our tax problem as a whole, but concentrate their attention on the one
tax which they believe affects their own interests.
Tax revision on the basis of meeting the demands of special interests
inevitably leads to serious maladjustments of the burdens. As a matter
of principle, it is difficult to justify the repeal of this tax. Levied at a
low rate it imposes no particular hardship, yet by reason of the broad
base on which it rests, it produces substantial revenue. The cost of our
Federal Government is already borne to a very large extent, indeed,
when we consider the size of our population, by the comparatively small
number that pay direct taxes. A further material reduction in indirect
taxes will produoe a very ill-balanced tax system under which our national Government will be supported, not by the entire body of our citizens, but by a limited class. The cost of the Government of all should
not be borne by the few.
Moreover, from a fiscal standpoint, the Federal Government cannot
afford to see its tax system resting on too narrow a base, such as will
be the case if, for all practical purposes, we rely exclusively on customs, income and tobacco taxes. Under such conditions even minor
changes in business would necessarily result in wide fluctuations in revenue receipts. We should face periodically excessive surpluses or deficits, requiring frequent revisions of rates, which, in turn, would have
a most disturbing effect on the course of business. A broad, rather than
a narrow base, and a diversified, rather than a restricted, system of
taxation are the very fundamentals of budgetary stability.
Graduated Tax. on Corporations.
The Treasury also desires to go on record as opposing the introduction
of the principle of a graduated tax in the corporation field as provided
for in the House bill. There is no sound justification for graduating the
the rate of tax on corporation income in accordance with the size of the
income. We do so in the case of individuals because the incomes of individuals, generally speaking, are a fair measure of their ability to pay
taxes. This, however, is not true of corporations unless there be taken
into consideration the factor of capital invested in the business. There
is no reason why, if I invest $1,000 in a $1,000,000 corporation, which
only earns a 5% profit, the fruits of my investment should be reduced
by 13%% before I receive them, while if I invest the same $1,000 in a
$50,000 corporation, which earns a 20% profit, the income is to be reduced by not more than 5, 7 or 9%. The adoption of the principle of
graduated taxes applied to corporations will inevitably lead back to the
excess profits tax, which, impossible of administration and generally discredited, was repealed in 1921.
-In addition to the tables given above Secretary
suggested the following changes in surtax rates:
1926 Revenue Act,
Income Tax Zones$10,000 to $14,000
14,000 to 16,000
16,000 to 18,000
18,000 to 20,000
20,000 to 22,000
22,000 to 24,000
24,000 to 28,000
28,000 to 32,000
32,000 to 36,000
36,000 to 40,000
40,000 to 44,000
44,000 to 48,000
48,000 to 52,000
52.000 to 56.003
56,000 to 60,000
60,00010 64,000
64,000 to 70,000
70,000 to 80,000
80,000 to 100.000
Over 1100,000
2089
FINANCIAL CHRONICLE
Proposed Plan.
Rates %. Income Tax Zones1 $10,000 to $14,000
14,000 to 18,000
2
3
18,000 to 22,000
4
22,000 to 26,000
5
26,000 to 30,000
6
30,000 to 34,000
7
34,000 to 38,000
8
38,000 to 42,000
9
42,000 to 46,000
10
46,000 to 50,000
11
50,000 to 54,000
12
54,000 to 58,000
13
58,000 to 62,000
14
62,000 to 66,000
15
66,000 to 70,000
16
70.000 to 75,000
75,000 to 80,000
17
18
80.000 to 90,000
90,000 to 100,000
19
Over $100,000
20
Comparative Income Tax Ratimates.
Individual income tax upon certain specified taxable net incomes. Married person with two dependents, with no capital gains nor dividends, and
with earned income of $10,000.
Revenue Act 1924.
Taxable
Net
Total
Income. Normal
Tax. Surtax. Tax.
Revenue Ad 1926.
Normal
Tax. Surtax.
Total
Tax.
Suggested
Surtax Rates.
Surtax.
Total
Tax.
$83.25
$83.25
$10,000 S1415141 $83.25
163.25
163.25
-iZO
143.25
-iZei
255
-iii
235
12,000
277.25
40
40
277.25
237.25
395
40
355
14,000
417.25
80
80
417.25
337.25
555
80
16,000
475
557.25
120
577.25
140
735 437.25
140
595
18,000
717.25
180
757.25
220
935 537.25
220
715
20,000
877.25
240
957.25
320
320 1,155 637.25
835
22,000
320 1,057.25
440 1,177.25
737.27
440 1,395
955
24,000
400 1,237.25
580 1,417.25
580 1,655 837.25
26,000 1,075
500 1,437.25
720 1,657.25
740 1,935 937.25
28,000 1,195
600 1,637.25
880 1,917.25
920 2.235 1,037.25
30,000 1,315
720 1,857.25
32,000 1,435 1,120 2,555 1,137.25 1,040 2,177.25
980 2,317.25
36.000 1,675 1,540 3,215 1,337.25 1,400 2,737.25
40,000 1,915 2.0401 3,955 1,537.25 1,800 3,337.25 1,280 2,817.25
45,000 2,215 2,730 4,945 1,787.25 2,360 4,147.25 1,710 3,497.25
50,000 2,515 3,540 6.055 2,037.25 2,980 5,017.25 2,200 4,237.25
5.5,000 2,815 4,470 7,285 2,287.25 3,660 5,947.25 2.760 5,047.25
60,000 3,115 5,480 8,595 2,537.25 4,400 6,937.25 3.380 5,917.25
65,000 3,415 6,570 9,985 2,787.2.5 5,210 7,997.25 4,060 6,847.25
70,000 3,715 7,780 11,495 3,037.25 6,060 9,097.25 4.800 7,837.25
75,000 4.015 9,090 13,105 3,287.25 6,960 10,247.25 5,600 8,887.25
80,000 4,315 10,480 14,795 3,537.25 7,860 11,397,25 6,450 9,987,25
90,000 4,915 13,540 18,455 4,037.25 9,760 13,797.25 8,250 12,287.25
100,000 5,515 17,020 22,535 4,537.25 11,660 16,197,25 10.150 14,687.25
150,000 8,515 30,520 39,035 7,037.25 21,660 28,697.25 20,150 27,187.25
200,000 11,515 54,020 65.535 9,537.25 31,660 41,197.25 30,150 39,637.25
300,000 17,515 92,020 109,535 14,537.25 51,660 66,197.25 50,150 64,687.25
500.000 29,515199,535 24,537.25 91,660 116,197.25 90,150 114,687.25
1,000,000
, 370:020 429,53.5 49,537.25 191,660 241,197.25 190,160 239.687.25
Senate Finance Committee Takes Up Tax Revision Bill
-Public Hearings to Begin April 9-Democratic
Members of Committee Contend for $300,000,000
Tax Cut-12% Corporation Tax Voted.
The Senate Finance Committee, following the tax cut
recommendations submitted to it by Secretary Mellon on
April 3, began work on the tax revision bill on April 4.
The committee had withheld action on the bill as it passed
the House Dec. 15 last (provisions of which were given in
our issue of Dec. 17 page 3292) pending the results of the
yield from the March 15 income tax returns. In his recommendations this week to the Committee, Secretary Mellon
fixes the limit of the proposed tax cut as $201,000,000, and
indicates that flood control legislation would operate to
lower the figure to $181,000,000. Mr. Mellon's statement
is given in full elsewhere in our issue to-day. Under the
House bill the tax reduction would amount to $289,765,000.
With the solid support of the Republican majority on the
Senate Committee, Chairman Smoot proposed on April 4
that Secretary Mellon's $201,000,000 limitation be adhered
to. No vote was taken, but Senator Smoot expects the figure to be approved. The Associated Press advices from
Washington on that day stated:
By unanimous vote the Committee decided to report a tax reduction bill,
quieting reports that the legislation might be sidetracked in view of the
demands of the Treasury that the reduction voted by the House was too
large.
Senator Simmons of North Carolina, ranking Democrat on the Cotnmittee, argued to-day for a cut of $300,000,000 and urged that at least
the House bill should be accepted.
Senator Barkley, Democrat, of Kentucky, asked the committee to cut
the corporation tax from 13%% to 11%, and this was defeated, 11 to 9,
on a strict party division, with the Republican majority opposing the
motion. Senator Simmons then proposed the 11%% rate, which was
approved by the House, but this lost by the same vote. The motion of
Senator Edge, Republican, of New Jersey, for a 12% rate carried, 12
to 6.
While it had previously been indicated that with a view
to expediting action on the bill, the Committee would hold
no public hearings, it was decided on April 5, in response
to the demands of the Democratic members of the Committee
to begin hearings on the bill on Monday next, April 9. The
Washington correspondent of the "Journal of Commerce"
In referring to the Committee's action on April 5 said:
Opposes Lengthy Hearings.
Senator Simmons stated to-day that he did not want lengthy hearigna
and he would insist upon a limitation being placed upon the number of
persons who may speak for any one Industry. The automobile people
will probably be followed by representatives of the United States ChamMellon ber
of Commerce, whose views Senator Simmons is desirous- of obtaining. The persons interested in instalment selling, the National Association of Manufacturers, the National Association of Real Estate Board
Roles %.
of Trade, the American Institute of Public Accountants and a group of others
1
are among those whom, it is said, want to be heard on specific provisions
2
3
In the pending tax revision bill, and some of these have information
4
that Senator Simmons desires to have presented.
5
• . •
6
7
Under Secretary Mills insisted that before a tax reduction greater
8
than the $200,000,000 proposed by Secretary Mellon is considered, the
9
estimates of receipts prepared by the Treasury should be shown to be in
10
11 S error.
12
From the Washington dispatch April 5 to the "Times," we
13
14
take the following:
15
161
In announcing the public sessions, Mr. Smoot said that any Committee
17
member might present such witnesses as he desired.
18
"Of course, It will slow up the report on the bill very much," he
191
20
added. He also intimated the possibility that the Committee might be nu-
"2090
FINANCIAL CHRONICLE
able to reduce corporation taxes even to the 12% figure tentatively agreed
'upon yesterday.
"I want to reduce corporation taxes just as much as possible," he said,
"but if we adopt some of the amendments proposed, it will be impossible
to put the rate down even to the 12% figure."
Toka to Be Bet Later.
No definite attempt to reach an agreement on total tax reduction
would be made until same of the pending amendments had been disposed of, Mr. Smoot said. There would be a deficit if the bill went much
beyond the Treasury figures, he added.
Democratic members of the committee reiterated to-day that they would
drive for not less than a $300,000,000 reduction. Privately, some of
them doubtel that this maximum would be reached, particularly 811 the
Democrats do nut expect support for tax reduction from the Progressive
Republicans.
The insurgems demand application of any surplus to reduction of the
public debt instead of taxation. They also oppose the reduction of the
corporation tax.
The Finance Cramatee tentatively agreed to-day to incorporate into
the tax bill a prLdsion retaining the present features of the law relative to publicity of 'neon, tax returns, which are open only to Congressional committees.
Apartment Clause Erased.
The Committee also agreed to eliminate the provision in the House
hill relating to teturna on money spent for maintenance of co-operative
apartments. The House had provided an exemption from the corporation
tax of corporations owning or leaning apartments to operate on the cooperative plan.
The Committee approved a House section exempting from taxation,
voluntary employees' beneficiary associations providing sick, accident
and other benefits.
Other pros islons were discussed without decision.
It was anr.r, -need at the '1 cssury to-day that the old plan of settling
tax disputes by arbitration would be resorted to when the question involved prese.,ted no new point of law. This was preferable to sending
so many cases of the Board of Tax Appeals, now four years behind in its
work, it was said.
[VOL. 126.
sent himself in Washington April 16 to take the oath of United
States Senator. He has been a member of Gov. Donahey's
Cabinet more than five years and has been one of the Governor's closest political advisers.
Nomination of Seymour Lowman as Assistant Secretary
of Treasury Confirmed by Senate.
The Senate on Feb. 27 approved the nomination of Seymour Lowman of Elmira, N. Y., as Assistant Secretary of
the Treasury in charge of prohibition and customs. Mr.
Lowman had been serving under a recess appointment,
having succeeded Lincoln C. Andrews last summer. Mr.
Lowman's nomination was submitted to the Senate on
Dec. 9. Associated Press dispatches from Washington on
Feb. 27 stated:
It was held up in the Finance Committee at the request of Senator
Curtis of Kansas, the Republican leader, pending a conference in
which Mr. Lowman denied reports that he was permitting breweries
to operate illegally in his district in New York.
Later the nomination was held up again at the request of Senator
Willis of Ohio. Objection finally was removed and the nomination was
reported to the Senate in the regular course.
Nomination of W. R. Green as Judge of U. S. Court of
Claims Confirmed by Senate.
On March 12 the U. S. Senate confirmed the nomination
of Representative William R. Green of Iowa to be a Judge
of the Court of Claims Judge of the United States. Representative Green was named to the post by President Coolidge on Feb. 20. Regarding the Senate confirmation AssoThe Committee yesterday (April 6) accepted a House pro- ciated Press advices from Washington March 1 stated:
Favorable action was taken in the Senate after opposition had develvision to treat as income from sources within this country
oped to Mr. Green's nomination, chiefly on the ground that he is past
the income derived by a foreign Central Bank of issue from the
retirement age for Federal judges. The point also was made
bankers' acceptances.
that his son holds a $10,000 a year position on the Board of Tax
Appeals.
Washington
yesterfrom
accounts
Press
The Associated
The nomination of the Chairman of the House Ways and Means
day also state:
Committee had been approved earlier in the day by the Judiciary Com-
Another House provision exemt ting from taxation the income received
by teachers in Alaska and Hawaii also was approved. Decision on the proposals for revision of the sections relating to affiliated and consolidated
returns was postponed.
John L. Darrouzet of Galveston, Texas, asked the committee to relieve
the John Sealy Foundation from terms of the estate tax, which would
exact about $400,000 from this estate. He explained that the foundation
was being used for a hospital.
Chairman Smoot expressed the view that perhaps a separate bill would
be necessary to care for the situation.
mittee. His elevation to the bench means his retirement from the
House, where he has served for many years as a member from the
Ninth Iowa District.
Representative Hawley, Republican, of Oregon, is in line for the
Chairmanship of the Ways and Means Committee, which has jurisdiction
over revenues and tariff legislation.
Rejection of the measure was interrupted in some quarters as a defeat
for Secretary Hoover, who sponsored the movement resulting in the introduction of the bill. Representative Dickinson, Republican, of Iowa.leader
of the House farm bloc and the Lowden champion in the House, swung
mini farm bloc members against the measures by a speech opposing it.
The presence of some former members of the Senate and House on
the floors when special legislation is pending has aroused comment and
denunciation. Senator Walsh of Massachusetts joined with Senator
Caraway in leading the movement for legislation.
"Lobbying as defined and understood in this act," the bill reads,
"shall consist of any effort to influence the action of Congress upon
any matter coming before it, whether it be by distribution of literature, appearing before committees of Congress or interviewing or seeking to interview individual members of either the House of Representatives or the Senate."
The measure, it is said, would compel representatives of the AntiSaloon League, the numerous peace organizations, soldier associations,
and all persons who are paid for interesting themselves in the affairs
of Congress, to register.
Representative Hawley Succeeds W. R. Green as Chairman of House Ways and Means Committee.
The House of Representatives on March 31 formally
Secretary Mellon Sails for Bermuda.
elected Representative Willis C. Hawley, Republican, of
Andrew W. Mellon, Secretary of the Treasury, accom- Oregon, Chairnian of the Ways and Means Committee to
panied by his son Paul, and five of the latter's classmates at succeed Representative William R. Green of Iowa, who reYale, sailed on April 4 on the Furness-Bermuda liner Fort signed to accept a Federal judicial post.
Victoria for his Easter vacation in Bermuda.
Senate Passes Bill Regarding Registration of Lobbyists.
President Coolidge Signs Bill Extending Life of War
Without a record vote the Senate on March 2 passed the
Finance Corporation for Another Year.
bill sponsored by Senator Caraway requiring the registraIt was announced on April 5 that President Coolidge had tion of lobbyists. Under the bill a lobbyist is defined as
signed the bill extending for another year the life of the War "one who shall engage, for pay, to attempt to influence
Finance Corporation with a view to enabling it to complete legislation, or to prevent legislation by the national Conthe liquidation of its affairs. We indicated in our issue of gress." Persons engaged in lobbying would be compelled
Mar. 31 (page 1922) the bill passed the House on Mar. 29. under the proposed legislation to register and file their expenses with the Secretary of the Senate and the Clerk of
The Senate passed the bill April 3.
the House. The "Times" in a Washington dispatch March
stated:
2
Newton Bill to Permit Formation of Pools to Combat
Lobbyists who fail to comply with the provisions of the bill could be
Foreign Rubber and Potash Monopolies Defeated sent to jail for one to twelve months, or fined $100 to $1,000, or receive both penalties at the discretion of the court. Falsification of inan House.
formation would make the offender guilty of prejury and subject to
American
of
formation
the
permit
to
bill
Newton
The
full penalty of the law.
To-day's action was a direct result of the recently renewed discusbuying pools to combat foreign governmental monopolies in
of lobbies, particularly in connection with the "power trust."
rubber, potash and sisal was de)eated in the House yesterday sion
Senators and House members have repeatedly alleged that lobbyists are
in
Press
United
advices
120.
(April 6) by a vote of 181 to
overrunning the Capitol, engaged in missions concerning everything
from flood control to merchant marine and tax legislation.
the "Sun" state:
Death of Senator Willis, Republican Candidate for
President in Opposition to Secretary Hoover.
Senator Frank B. Wills of Ohio, who had sought the Republican Presidential nomination in opposition to Secretary
of Commerce Hoover, died suddenly at Delaware, Ohio, on
March 30. Senator Willis was about to make a campaign
speech in support of his candidacy, before a gathering at
Gray Chapel on the campus of Ohio Wesleyan University, Bill Providing for Reapportionment of House Members
Approved by House Committee.
when he was stricken with a cerebral hemorrhage. Cyrus
On March 2, by a vote of 10 to 8 the House Census ComLocher of Cleveland, a Democrat, was named on April 5
by Gov. Donahey of Ohio to fill the Senatorial vacancy mittee approved a bill to provide for reapportionment of
caused by the death of Senator Willis. Mr. Locher will pre- the House membership upon its present size, 435 members,
Ara. 7 1928.1
FINANCIAL CHRONICLE
on the basis of the 1930 census. With reference to the
bill Associated Press advices from Washington March 2
stated:
The measure would provide that if the House failed to carry out
reapportionment by March 1, 1931, that the Secretary of Commerce
would be directed to certify to the clerk of the House the States that
would gain members and the States that would lose members. The
clerk then would be directed to inform the respective States. Pending
the redistricting by the respective State Legislatures, all members in
States losing representation would be elected at large and in States
gaining membership the new members would be elected at large.
The committee in reporting the bill did not say which States would
gain and lose under the proposed reapportionment plan. During hearings on the measure, however, various unofficial estimates were submitted. . One estimate made by William M. Steuart, director of the
Census Bureau, estimated the gain and loss as follows:
States gaining representation: California, 6; Connecticut, 1; Florida,
1; Michigan, 4; Montana, 1; New Jersey, 2; North Carolina, 1; Ohio,
3; Oklahoma, 1; Texas, 2; Washington, 1; Arizona, 1; total, 24.
States losing representation: Alabama, 1; Indiana, 2; Iowa, 2;
Kansas, 1; Kentucky, 2; Louisiana, 1; Maine, I; Massachusetts, 1;
Mississippi, 2; Missouri, 4; Nebraska, I; New York, 2; North Dakota,
1; Tennessee, 1; Vermont, 1; Virginia, 1; total, 24.
2091
r
On the final vote, 89 Republicans, 118 Democrats and two Farmer-Labo
The
members voted to submit the bill to the legislatures for ratification.
Representative
Democrats.
55
negative votes included 102 Republicans and
present,
Stalker, of New York and Representative Williams of Texas voted
having had pairs with absent members.
A motion to increase the terms of office of members of
the House from two to four years, offered during the debate
on the Constitutional amendment on March 8, was defeated
by a vote of 207 to 33.
Resignation of Edward P. Costigan from U. S. Tariff
Commission—Criticizes Failure of President Coolidge to Act on Lowered Rates for Sugar, &c.—Statements of Commissioners.
Edward P. Costigan has resigned as a member of the
Tariff Commission, his resignation, tendered to President
Coolidge on March 13, having been accepted by the latter
on March 14. In a letter to Senator Robinson of Arkansas,
who two years ago headed a committee which investigated
the Commission, Mr. Costigan—by the way the last of the
House Rejects Resolution Proposing Constitutional original members appointed in 1917 by President Wilson—
Amendment Changing Dates of Assembling of cited the reasons for his action, saying in part:
I am
The Tariff Commission—of whose originally appointed members
Congress and Beginning of Terms of President and
long been the only official survivor—was designed to be, and
have
and
"Lame
End
to
ded
Congress—Inten
of
Members
and
for the first five years of its existence was, a scientific, non-political,
Duck" Sessions.
impartial investigational agency of the Government.
•
•
•
A resolution through which it was proposed to end soemThe importance of a scientific Commission was given added signal
called "lame duck" sessions, failed of the necessary two- phasis by the new powers conferred in the flexible provisions of the Tariff
thirds vote an March 9, the House on that date rejecting it Act of 1922. Under Section 315 of that act, the Commission is authoras the facts warrant,
by a vote of 209 yeas to 157 nays. The resolution proposed ized to recommend for Presidential proclamation,
defined
decreases or increases, in existing tariff rates, to equalize, within
to amend the Constitution of the United States fixing the limits, differences in costs of production and other competitive conditions
Vice-Presiand
commencement of the terms of the President
here and abroad.
•
•
•
dent and members of Congress, and the time of the assemAt the end of five years, and at the cost of approximately $3,000,000,
the
of
time
the
amendment
the
Under
Congress.
bling of
the Tariff Commission has made 32 reports to the President under theInauguration of the President and Vice-President. would flexible tariff provisions. Those reports have grown out of investigahave been charged from March to January and the date tions, not freely chosen by the Commission, but instead requested by the
or the Senate, or under a practice settled by President Hardwhen Congress would convene would be January 4 of each President
ing, urged by private interests.
year, its sessions continuing until adjournment was voted.
The reports have resulted in 23 Presidential proclamations, changing
The House had stricken out a provision that the short ses- tariff rates. In five cases of little tariff importance—mill feed; bobhandles; phenol, and cresylic acid—previous tarsions should not extend beyond May 4. It was noted in white quail; paintbrush
iff rates have been reduced. In 18 cases, some of which related to articles
the Washington dispatch March 9 to the "Times" that as of much tariff significance, the President has proclaimed substantial or
a result the primary purpose of the reform was to induct maximum increases; and various other important cases are pending in which
being pressed by strongly intrenched
new Congresses into office in the January following elec- demands for maximum increases are
industrial groups.
the
is
as
it,
do
to
months
thirteen
waiting
of
instead
tion,
In two dubious instances—taximeters and "hit and miss" rag rugs—by
practice under existing law. The "Herald Tribune" in its resorting to American valuation, President Coolidge has increased the forplus 45% per meter, and 35%, respectively, on
reference to the action of the House said in part in its mer tariff rates of $3 rates,
when the changes were made, approximating
their foreign value, to
9:
Washington dispatch March
100% or more, of such foreign value—such new rates being destined to
Until this year the bill has successfully been kept off the floor of the
House, and it was generally understood that it reached the floor this session only because the leaders felt certain of enough votes to defeat it.
Leaders in Opposition.
Leading the attack on the measure in the House were Majority Leader
Tilson, of Connecticut; Chairman Snell of the Rules Committee and
Chairman Madden of the Appropriations Committee. Supporting the
resolution were Minority Leader Garrett, of Tennessee, and Southern members on the Democratic side.
Much of the discussion centered around an amendment offered by Representative Jeffers, Democrat, of Alabama, which set the opening day of
Congress as Jan. 4 and eliminated the adjournment date of May 4, as reported by the committee. This amendment was approved, 151 to 96.
The measure also was amended to provide for possible contingencies affecting the Presidency, the following paragraph submitted by Representative Lee, Republican, of California, prevailing:
It the President-elect dies, thenIthe Vice-President-elect shall become President.
If a President Is norelected before the time fixed for the beginning of his term, then
the Vice-President-elect shall act as President until a President has qualified: and
the Congress may by law provIde/for the case where no Vice-President-elect has
Qualified, declaring who shall then act as President or the manner in which a qualified
person shall be selected, and such person shall act accordingly until a President
or Vice-President has qualified.
The House also passed an amendment offered by Mr. Garrett providing
that the proposed Constitutional amendment shall be ratified by threefourths of the State Legislatures within seven years and specifying that
only Legislatures, one House of which has been elected subsequent to the
submission of the amendment, shall be qualified to ratify it.
Although Leaders Tilson and Garrett led the opposition and approval,
respectively, of the measure, the House did not adhere to party lines. Representative White, of Kansas, Chairman of the Committee which framed
the bill ; Representative Gifford, ef Massachusetts, and Representative
Ramseyer, of Iowa, favored the passage of the resolution. On the Democratic side, St. George Tucker, of Virginia, a recognized constitutional lawyer and one of the veterans of the House, with his colleagues, Mr. Moore
and Mr. Montague, of Virginia, and others, took issues with their
leader.
The suggestion that the resolution be ratified by a constitutional convention was offered in an amendment by Representative Tucker, who declared that he spoke as a defender of "Lame Duck," having been one
himself. Representative Hastings, Democrat, of Oklahoma, said this would
be putting another hurdle in the way, having to go to the legislatures
to get authorization for the conventions. The amendment, the first to be
voted on, lost by a vote of 107 to 90. An amendment by Representative
Chinciblom, Republican, of Illinois, to strike out three paragraphs of the
bill, leaving in only the sections which referred to the President and
Vice-President, failed by a viva voce vote.
The Jeffers amendment to make the opening date January 4 and leave
the closing date to each Congress carried by a vote of 151 to ninety-six,
and the Garrett resolution to make the ratification within seven years
also was approved.
go still higher when American selling prices advance.
Even more significant for the consuming public are some of the cases
in which the President has declined to act on decisive evidence that the
rates should be substantially lowered—sugar, linseed oil, and halibut—to
which, if Chairman Marvin and two other members of the Commission
have their way, will now be added the five-year-old investigation of logs
of fir, spruce, cedar, and western hemlock.
The sugar report of 1924 recommended to the President considerably less
than a 50% decrease in the sugar tariff. In amount., the reduction thus
held warranted under the law was about half a cent per pound; namely,
an effective tariff on sugar of L23 cents per pound instead of the present duty of 1.76 cents per pound. That reduction, if then made, would have
saved tax-paying consumers of the United States some $40,000,000 or
more a year, while protecting the American sugar industry under the
statutory rule eadorsed by a Republican Congress and by President
Harding.
The linseed oil report was sent to the President on March 3, 1925,
more than three years ago. The result was a request from the President on February 6, 1926, for a fuller investigation. Yet the records in
that investigation were so unescapable that even the usually immovable
protectionist member of the Commission, in the only important instance
in the Commission's experience, admitted the necessity under the law
for a definite reduction in the duty.
In that case the prices paid flax growers in this country were fully
protected in the Commission's recommendations through a proper allowance to crushers of linseed oil of full compensation for the tariff on
flaxseed. In addition, the Commission's recommendations paved the
way to properly lowered prices on paints, especially important to American farmers, by reducing the excessive subsidies then and continuously
since enjoyed under the tariff by linseed oil crushers.
•
•
•
On March 4 1925 President Coolidge allowed Commissioner Lewis' temporary appointment to expire without reappointment or further notice.
Thereafter, Commissioner Dennis, a protectionist Democrat, and long-time
acquaintance and friend of the President, was named to succeed Commissioner Lewis. Some two months later, on May 17, President Coolidge
appointed Commissioner Culbertson United States Minister to Rumania.
Thus, two of the Commissioners who had scientifically discharged their
duties in the sugar investigation were eliminated—Commissioner Culbertson, by promotion; Commissioner Lewis—a faithful and incorruptible official, who merited reappointment—by demotion.
On June 15, 1925, a little more than a month after Commissioner Culbertson's retirement, and after having held the Tariff Commission's sugar
report for many months, President Coolidge announced his refusal to make
any change in the tariff on sugar under the flexible provisions. Time a
major report of the Commission was ignored and a Commission investigation of the first order, which had engaged the services of an expert staff
for nearly two years and cost the Government many thousands of dollars,
was thrown overboard, following an unprecedented series of lobbying drives
and political maneuvers, in some of which the White House actively
shared.
2092
FINANCIAL CHRONICLE
Chairman Thomas 0. Marvin of Massachusetts and Commissioners Sherman J. Lowell of New York and Edgar B.
Brossard of Utah were also criticized by Mr. Costigan. Declaring they had been "reckness on occasions in their treatment of facts and the law," he said this group had steadily
pressed for higher rates and against important reductions
and that the "manipulation of the Tariff Commission since
1922 is but a part of the total picture of present-day Washington, an era which history may yet summarize as the age
of Daugherty, Fall and Sinclair." The cominission was
charged with failure to meet its statutory obligations by
reporting on the effect of the tariff on industries and labor.
"An open-minded performance of this task by the Commission," Costigan wrote, "would have disclosed the use of
various tariff fallacies to mislead farmers and industrial
workers in the United States. If the commission had been
properly constituted long before now it would have clearly
pointed out the limited benefits derived by farmers from
many agricultural tariff rates."
Messrs. Marvin and Brossard took occasion to reply to
Mr. Costigan, their comments being indicated in the following from a Washington dispatch March 15 to the New
York "Journal of Commerce."
[VoL. 126.
Although there is no ()Lidd computation of the value of Mr. Wallamaker's wealth, it has been estimated at $75,000,000.
•
•
•
$2,000,000 for School.
Notable among several philanthropic bequests is the provision for eventual creation of an endowment of $2,000,000 for establishment of "The
John Wanamaker Free School for Artisans," which, in effect, carries out
a plan of John Wanamaker, the testator's father, for a trade school for
boys.
Subject to the requirement for the sinking fund, three children of Rodman Wanamaker are the principal beneficiaries of the trust to begin with.
They are Captain John Wanamaker, Mrs. Gurnee Munn and Mrs. Ector 0.
Munn. Until the sinking fund is no longer necessary, they are to receive
approximately $100,000 a year each. Thereafter they are to share in
the larger proportion of the profits from the Wanamaker business.
Mrs. Barclay H. Warburton, Mr. Wanamaker's sister, is to receive approximately $100,000 annually.
Five grandchildren and a nephew are to receive annuities of $20,000
each. The grandchildren are Rodman Wanamaker Heeren, son of Mrs.
Hector 0. Munn; John Rodman Wanamaker and Fernanda Pauline Wanamaker, children of Captain John Wanamaker; Gurnee Munn, Jr., and
Fernanda Munn, children of Mrs. Gurnee Munn. The nephew is Rodman
Wanamaker, 2d, son of the late Thomas B. Wanamaker.
Upon the deaths of Rodman Wanamaker's children his grandchildren
are also to share in the income set aside for their parents.
Twenty-one years after the death of the last surviving grandchild the
great trust estate is to end with division, share and share alike, among
all the heirs then living.
Board of Trustees.
In addition to Mr. Nevin, the trustees include William P. Goat, chairSenator Robinson explained to-day that there was nothing that could
than to file it with the material gathered man of the board of the Fidelity-Philadelphia Trust Company; Levi L.
be done with the letter,- other,
during the probe. Its contents will be considered when the whole matter Rue, chairman of the board, of the Philadelphia-Girard National Bank;
Maurice Bower Saul, lawyer; Owen J. Roberts, who is one of the Govpresented to the Senate at some later date.
"We of the committee are trying to reach an agreement on a report on ernment counsel in the Teapot Dome oil prosecutions; J. Willison Smith,
our investigation," 'said Senator Robinson, "but have not yet been able president of the Real Estate-Land Title and Trust Company, and Robert H.
to do so. I am hopeful that we may reach a common ground before the Montgomery, certified public accountant.
The • will, with three codicils, was filed Thursday. The original will
end of the present session.
"Just' what viewpoint will be taken by the committee I am not pre- was executed October 6, 1923. The codicils are of December 1, 1925;
August
5, 1927, and November 14, 1927. The whole document covers
pared to say. My own thought is that perhaps the flexible provisions of
the Fordney-McCumber law should be repealed and a Congressional com- twenty-seven typewritten pages.
The first stipulation of the will directs the trustees of the estate to
mission substituted for the existing executive commission."
Senator Robinson declined to anticipate what action might be taken by carty out an agreement between Mr. Wanamaker and his second wife for
the committee upon a proposal such as this, but in view of the present certain payments to her during her life. She was Miss Violet L. Cruger.
hostile attitude in Congress to the present commission, it is almost safe She obtained a divorce in Paris November 5, 1923, and is now Mrs. Hope
to say that if such a recommendation ever reaches the floor of the Senate in Brenkelton Viney. Her husband is an Englishman.
For the benefit of his children and their heirs a separate trust estate
a form upon which a vote might be taken short work will be done with
Is to be created from the proceeds of Mr. Wanamaker's life insurance
the present Tariff Commission.
policies, said to amount to about $6,000,000. Taxes and debts owed
by Mr. Wanamaker are to be paid from this fund and thereafter the
Joint Committee Suggested.
children
are to share in the income.
In the absence of authority vested in the President to raise or lower
This trust estate is to be managed by the Fidelity-Philadelphia Trust
tariff rates based on investigations made by the Commission, the factfinding duties of the latter body might be transferred to a joint committee Company until the youngest of Mr. Wanamaker's grandchildren becomes
of Congress composed as is the present Congressional Joint Committee 21 years of age, and the principal is then to be distributed to the grandon Internal Revenue Taxation. With a membership from both the Senate children.
The residuary estate also is made into a special trust fund, the income
and House, this latter committee has a staff of trained men who investigate the various phases of taxation and report to it. In turn the find- to be distributed to Mr. Wanamaker's sons and their children. Distribuings of the joint committee reach the House and the Senate, where, if tion is to be made on arrival of the youngest of Mr. Wanamaker's greatfound desirable, they are incorporated, in legislative form, in the tax re- grandchildren at the age of 21 years. This trust also is to be managed
vision bills as they are drafted. It is contended in some circles here by the Fidelity-Philadelphia Trust Company.
•
•
•
that this could be followed as a practice with respect to fact-finding in
The second codicil also provides that two of the three children may
tariff matters.
Chairman Marvin declared that the Costigan charges are but a reitera- elect to purchase, under special arrangements, the two York road houses
tion of what has been heard during the past few years and contain nothing owned by Mr. Wanamaker, Lindenhurst and Millrose.
Lindenhurst, in the original will, was set aside for use as "The Mary
new.
"For several years Mr. Costigan has pursued the course of a critic and B. Wanamaker Memorial Home for Convalescent Children," and provision
was
made in time for creation of an endowment of $2,000,000 for it.
dissenter," declared Marvin. "He has been alert, adroit and able in the
presentation of his views, but has failed to appreciate the fact that those The second codicil revoked all plans for the home.
The first codicil also revoked a provision of the original will for an enwho could not follow him have been as conscientious in the performance
of their work as he has been. He leaves the Commission with a charac- dowment of $1,000,000 for the North American Sanitarium for Crippled
Children at Atlantic City.
teristic broadside."
Commissioner Brossard characterized the Costigan statement as in the
Provision Bars Clergymen.
nature of a "swan song." "Having failed completely to sustain his
In the abandoned plan of a home for convalescent children, Mr. Wanecharges before the special Senate committee, against President Coolidge,
the tariff law and members of the Tariff Commission, and finding himself maker laid down a rule excluding clergymen aknost identical with the
more or less isolated and the object of ridicule for having made in public provision in the will of Stephen Girard against admission of ministers
misleading, unsupported and unsupportable charges, he probably found his to Girard College.
While this rule will never have any application, interest in it arises
position on the commission embarrassing and uncomfortable," declared
from the similarity between it and Girard's.
Brossard.
Mr. Wanamaker stipulated:
"It has been unfortunate for the work of the Commission during the
"That no minister missionary, ecclesiastic or other character of infirst five years that Mr. Costigan's well-known extreme and deliberate
dividual,
whether designated under this classification or not, but engaged
'bias' and 'prejudice' led him to mistrust most, if not all, of his colleagues in any kind
of religious service, whether ordained or not ordained, of
and to assign false motives for their actions. His tactics on the com- any sect whatever, shall ever
hold or exercise any office or station in the
mission during the past few years have tended to obstruct the work corporation or conduct any service in said home, nor shall any such person be admitted for any purpose or as a visitor within the Premises apof the commission.
propriated to the purpose of said home."
"It is confidently expected that the work of the Commission may now
The restriction made by Girard was:
be expedited and the Commission perform its functions under the law
"I enjoin and require that no ecclesiastic, missionary or minister of any
with greater promptness and precision."
sect whatsoever shall hold or exercise any station or duty whatever in the
said college: nor shall any such person ever be admitted for
any purpose,
or as a visitor, within the premises appropriated to the purpose
of the
said college."
Management of Wanamaker Stores in New York and
Philadelphia Vested in Board of Trustees under
Williof Rodman Wanamaker.
Complete control of the business founded ty his father
In Philadelphia and New York is vested in a board of seven
trustees, all Philadelphians, under the will of Rodman
Wanamaker, who died suddenly at his Ventor (Atlantic
City) home on March 9. One of the trustees, William L.
Nevin, Vice-President of the Wanamaker firm, is made the
directing head of the Wanamaker business. In indicating
the provisions of the will, the Philadelphia "Ledger" of
March 17 said in part:
With the Fidelity-Philadelphia Trust Company as trustee In each case,
funds of $10,000 for St. Mark's Protestant Episcopal Church and $20,000
for the Church of St. James the Less are set aside. Income of the first
fund is to be used for maintenance, repair and embellishment of the Lady
Chapel of St. Mark's Church, which was given by Mr. Wanamaker in
memory of his first wife. That from the second fund is for the maintenanoe of the tower, bells, mausolerun and crypt in the Cemetery of St.
James the Less, at Falls of Schuylkill, also a gift made by Mr. Wanamaker
during his lifetime.
In the second codicil Mr. Wanamaker provided an annuity of $25,000
for cancer research at Lankenau Hospital, and also $15,000 for ten
"Thomas B. Wanamaker Scholarships for Mercantile Business" each year
if Princeton University establishes a permanent course in mercantile
business instruction.
The fund for the proposed John Wanamaker Free School for Artisans
cannot get under way until after the death of one or more of Mr. WanaWith provisions for a sinking fund to clear the Wanamaker business of maker's children.
Thereafter the share of income from the store trust
all encumbrances, Rodman Wanamaker, in his will, made public yester- of the deceased child
is to be divided into two parts, one part being disday, converted the business founded by his father and carried on by him. tributed to his children,
the other,accumulating until $2,000,000 necessary
belt into a great trust estate for the benefit of his family.
for the school is obtained.
APR. 7 1928.]
FINANCIAL CHRONICLE
Change Not Made, Bequest Fell,
John Wanamaker, in his will, provided such a sum for the Williamson
Trade School with the requirement that its name be changed to include
that of Mr. Wanamaker with that of Mr. Williamson. Under the Williamson deed of trust such a change could not be made and the bequest fell.
In management of the business and the estate the Board of Trustees is
repeatedly clothed by Rodman Wanamaker with sweeping authority. Annuities provided in the will for the children or grandchildren or other heirs,
or shares of the profits, cannot be regarded as a charge against the Wanamaker business.
"I want my trustees," the will says, "to be absolutely free and clear
from all harassment of all kinds, and this decision on my part shall
be a complete and final answer to any demand which may be made upon
them for the payment of money, at any time, whether made upon request or by attempted suit."
The sinking fund of the store trust is at present to be not less than
50% of the annual earnings of the business and "not more than two-thirds,"
although this latter limit is qualified.
The principal elements of the trust estate will be the Wanamaker store
in this city, a corporation in which Rodman Wanamaker owned virtually all of the stock. The iThiladelphia corporation owns the controlling
interest in John Wanamaker, New York, and through it controls the A. T.
Stewart Realty Company. The sinking fund is to be applied to clear
all of these firms from encumbrances, mortgages and debts.
The qualification of the sinking fund upper limit of two-thirds of the
annual profits gives to the trustees authority to go beyond that limit if
business conditions require it.
When the debts owed by the business are liquidated, the will provides
that "the whole amount of dividends shall be annually enjoyed equally
between my said children, provided the business in its then present or
immediate future condition, in the sound judgment of my trustees, does
not demand that part of the annual income shall be appropriated to the
maintenance of the business and if said trustees should decide part of said
annual income should be retained for the use of the business their authority
shall be absolute."
The trustees are self-perpetuating. They have the right to associate
Captain John Wanamaker, Mr. Wanamaker's son, as an eighth trustee
or subsequently to remove him.
No trustee, in filling a vacancy, can be appointed who is "connected
with or formerly associated with, directly or indirectly, any competitive
business, whether located inside or outside of Philadelphia or New
York City."
Serve Without Bond.
The trustees are not required to render accountings, even by beneficiaries
of the estate, and they serve without bond for remuneration stipulated
in a letter signed by Mr. Wanamaker on November 14 last year, at the
time of making the third codicil. This letter is not made public. Heirs
can obtain personal information at the will of the trustees, but not in any
public manner, such as by suit.
By reference in the will and in several codicils, Mr. Wanamaker emphasized his desire that Mr. Nevin, long associated with himself and his
father, should be the directing head of the Wanamaker business.
Thus, in designating him as the active trustee, he directs that "all detail questions of management shall be decided and settled" by him.
"I feel it necessary this course of action must be adopted," the will
says, "because the work entailed in the business must be continuously
under the constant direction and supervision of one controlling mind and
its associates in the organization. Time cannot be lost in endeavoring to
secure unanimity of action, where there is a board of seven, for the
reason it is often impossible, on account of absence, inaccessibility or
sickness of one member thereof, to secure joint action.
"There is no other reason in my mind for thus dividing the work, I
being fully convinced the discharge of all duties connected with the business will be freely discussed should occasion require, in the judgment of
such active trustee, with his co-trustees at all times, in order the judgment of the remaining trustees shall be available for the best interest of
the business, but such joint judgment or action shall not be necessary
in order to validate any decision or management on the part of such
active trustee."
Suggestion But Not a Command.
Mr. Wanamaker expresses the wish and makes the suggestion that the
management of John Wanamaker, New York, be continued after his decease, "by the executives who may then be in charge of their respective
duties under me, for as long a period as said executives shall properly
and satisfactorily discharge their respective duties for the best interest
of the business of John Wanamaker, New York," but this is expressly not
made a command upon the trustees, if they feel any such executives are
not "continuing to be working for the beet interests of John Wanamaker,
New York, and the entire business."
Sale of the business or any part of it, as may seem proper to the
trustees to take advantage of a worthwhile opportunity, is permitted by
unanimous action of the trustees, supported by a majority of the heirs,
but if the heirs should refuse, the trustees have the right to go to court
and obtain an order for the sale.
This provision is obviously not a mandate for a sale to be made, but is
explained by Mr. Wanamaker as covering any contingency that might
arise.
The text of the more important provisions of the will follows. Mentioning only the three originally named trustees, the functions of the
board, now to be composed of seven men, are described in the original
will:
"Third. I own all the shares of the capital stock of John Wanamaker,
Philadelphia. I order and direct they shall be held in trust by the three
following individuals: William L. Nevin, Levi L. Rue and William P.
(lest, their successors, as hereinafter provided for the following uses and
purposes, to wit:
"Te receive all dividends, income or money derived therefrom, as same
shall be declared and made payable by the Corporation of John Wanemaker, Philadelphia, it being my wish, and direction, a sinking fund
shall be created into which there shall be annually paid, from the net
profits of ohn Wanamaker Philadelphia (which shall also be the net
annual profits of John Wanamaker New York, as the corporation of John
Wanamaker Philadelphia controls the capital stock of John Wanamaker
New York), an amount equal to not less than fifty (50) per cent, of the
annual profits, to be used in payment, and liquidation, on account of any
indebtedness due by the above corporations (or which may be due by the
A. T. Stewart Realty Company, it, likewise, having its capital stock controlled by the Corporation of John Wanamaker New Yerk, through the
Oorporation of John Wanamaker Philadelphia), and the difference between the amount of said net annual profits, and the amount paid into
maid sinking fund, shall then annually be divided equally between my
2093
three children, Fernando. W. Heeren, John Wanamaker, Jr., Marie Louise
Munn, during their life, for their sole and separate use, not to be anticipated, or assigned by them, in any manner whatever, nor subject to any
attachment, alienation or sequestration for their debts, contracts or engagements.
Maintenance of Children.
"It is my wish my children shall be properly protected by receiving,
annually, a sufficient sum for their proper maintenance, in keeping with
the manner in which they have been previously reared, and, to accomplish
this object, I order and direct there shall not be transferred annually to
said Sinking Fund an amount in excess of two-thirds of the annual net
profit. This question may be largely one for the discretion of the Board
of Directors of John Wanamaker, Philadelphia, and I do not intend they
shall be restricted in the proper discharge of their duties in the event
they find the requirements of the business, at any time, shall demand
some other action on their part, but I desire to establish by this instrument, as nearly as possible, a reasonable, definite sum of money I desire
shall be annually enjoyed by each of my children during their lifetime,
said income only to be paid them as and when the same shall be dedared by the Ccrporation of John Wanamaker, Philadelphia, and paid
into the hands of my said trustees, their survivor."
•
•
•
"Ninth. The trustees, or their survivors, holding the capital stock of
the Wanamaker stores shall have the right to hypothecate all or any part
of the capital stock at any time to secure financial funds to operate the
business, and shall have unrestricted authority to use the capital stock
in any manner they decide is necessary for the best interests of the
business."
"Seventeenth. The trustees, their successors, of the capital stock of
John Wanamaker, Philadelphia, to have the right to vote the stock for
directors, officers and other employees of the corporation, as well as the
directors, officers and other employees of the allied corporations, John
Wanamaker, New York, and A. T. Stewart Realty Company, the managing
trustee, heretofore specified his successor, to be elected to the presidency of the board of each corporation during each year, during the discharge of his duties, in order there may be no conflict in authority between any officer of the corporation and the active trustee, and that
there may thus be continuity of the business, its successful promotion and
management. From the board of trustees I suggest, and if there is any
conflict of decision or ratification of my request, I direct the managing
trustee to have the right to designate the active trustee to follow him
in the active management of the business. Naturally, this request is
made because he would be the best qualified one to decide the individual
fully competent to succeed to the position and able to discharge all its
duties in a manner satisfactory to all interests concerned."
Rodman Wanamaker became head of the Wanamaker
business in 1923, following the death of his father. Mr.
Wanamaker's time was equally divided between his New
York and Philadelphia stores, a portion of each week having been spent at both stores. In reviewing his activities
the New York "Times" of March 10 said:
His chief interest outside of his business was the development of commercial aviation. He was convinced that the progress of aviation would
be so swift that in a few years the American business man could leave
New York on Friday, spend the week-end in London or Paris, and return
to his desk on this side of the Atlantic in time for business on Monday.
He spent hundreds of thousands of dollars in financing experiments for
the advancement of aviation. As President of the America Trans-Oceanic
Company he spent nearly $500,000 over a period of thirteen years in
efforts to prove that trans-atlantic airplane flight!' were practical. He
was the sponsor of the attempt to cross the Atlantic in the flying boat,
America, built by Glenn Curtiss, which was abandoned because of the
war. After Commander Byrd's successful flight to the North Pole, Mr.
Wanamaker had a new America built and financed Byrd's successful flight
across the ocean.
Mr. Wanamaker at one time planned an airplane delivery service for
the Wanamaker stores to Winter residents of Palm Beach and Miami. He
was chosen last year as Second Vice-President of the National Conference
for Development of Commercial Aviation, and as Mayor Walker's representative on Secretary Hoover's committee to select a suitable site for
a New York City airport..
Developed the Police Reserve.
Although he had never been active in politics before, Mr. Wanamaker
accepted an appointment as a Special Deputy Police Commissioner without
pay under former Mayor Hylan and former Police Commissioner Enright.
He developed the Police Reserve out of the Home Defense League, which
was founded in war time, and sponsored a police aviation squadron.
He became prominent in the public eye as Chairman of the Mayor's
Committees to welcome home-corning troops and on reception to distinguished guests, which he held until two years ago. He welcomed to New
York such personages as General Pershing, the Prince of Wales, the King
of the Belgians and Marshal Foch. He was also chairman of the Mayor's
committee to select a permanent war memorial. As his personal gift
to the city he established the Eternal Light at Madison Square, an
electric star on a tall staff, as a memorial to the city's war dead.
Mr. Wanamaker carried throughout his life the love of France he
acquired in his early residence in Paris. He warmly supported the
French cause in the war, and urged American business men to support
France in her post-war financial troubles. During the war he turned
over his Paris and Biarritz residences to the use of the French Government, provided for the use of the facilities of his Paris store for communications of members of the A. E. F. with their families. He contributed liberally to hospital and recreation facilities for wounded American soldiers and sailors in France.
His services to France, both in the war and afterward, in promoting
better trade relations between France and the United States, were recognized by Legion of Honor awards. He was successively made Chevalier,
Officer and Commander of the order. Mr. Wanamaker was also a Commander of the Royal Victorian Order of Great Britain, Grand Officer of
the Order of Leopold II (Belgium), Grand Officer of the Order of the
Crown (Italy), Officer of the Order of St. Sava (Serbia), and member
of the Order of the Liberator, second class (Venezuela). At one time
he was Consul General for Paraguay and Consul for Uruguay and the Dominican Republic at Philadelphia.
Published Four Newspapers.
Mr. Wanamaker formerly published four newspapers in Philadelphia. He
sold The Philadelphia Press and The Philadelphia Evening Telegraph in
1920, and the Philadelphia North American two years ago. All three were
2094
FINANCIAL CHRONICLE
merged into the Philadelphia Public Ledger. At his death he still owned
The Philadelphia Record.
The same paper in its account from March 16 of the
provisions of the will said:
No mention is made in the will of The Philadelphia Record, the city's
only Democratic newspaper, and there was some discussion here over the
possibility of its being disposed of by the trustees. Although they made
no comment on the will, declaring that it spoke for itself, it was learned
from a reliable source that the trustees were disposed not to disturb the
newspaper's present policy or management.
[voL. 126.
them htere. For those who will not we can do no less than hold out the
offer of help in their financial adventures. The golden stream of deposits has been running our way for many years past. We must see to it
that it does not flow out again into those channels which can only bring
worry and disappointment."
Interstate Trust Company to Organize Securities Company.
Following a recommendation of the Executive Committee, the Board of Directors of the Interstate Trust ComRodman Wanamaker was 65 years old at the time of his pany has approved the formation of a securities company
death. He was born in Philadelphia Feb. 13, 1863.
which will be known as the Interstate Corporation. The
new company's relations to the Bank are to be similar to
those of the National City Company to the National City
W. H. Kniffen of New York State Bankers Association Bank, and the
Chase Securities Corporation to the Chase
Compares Bread Line with Bank Line.
National Bank. The plan provides for the issuance of 51,The misery of the New York unemployment bread line 750 shares of stock in the new company
on a share for share
as resulting from wasted effort in some form was compared basis, at $20 a share, to present
stockholders of the Interwith the well-being of the depositors' bank line as result- state Trust Company only. Each
stockholder desiring to
ing from the thrift which bankers are promoting more ag- participate must signify his intention
before April 20, to
gressively than ever before by William H. Kniffen, Chair- the Committee of Organization
composed of George S.
man of the Committee on Education, New York State Bank- Silzer, Henry J. Davenport, William
V. Griffin, Albert T.
ers' Association, la an address in New York on March 22 Johnston and Ralph Wolf.
Governor Silzer, in commentbefore the luncheon of the Savings Banks conference at ing upon the proposed new
company, said:
the Commodore Hotel under the auspices of the Savings
"The Interstate Trust Company has through its offices and
branches,
Bank Division, American Bankers Association. Mr. Knif- thousands of depositors who, to a large extent, are investors in securities, and through other banking connections in New York and
fen said
other
"Money is a storehouse of value—a medium into which we may convert value and lay it away for future use. We can get the idea more
by a simple illustration. A workman receiving ten dollars a day for eight
hours work finds he can support himself and family on five dollars a
day. Consequently, for four hours' work from eight until twelve he receives enough to satisfy his needs. Why does he work from one until
five? For the reason that he wants to convert the last four hours into
some form which he can use at some future time. The only immediate
form possible is money. In other words, he translates four hours of human
energy into five dollars which are representative of this stored up effort.
What he does with his stored up energy is vital to him, to society, to
business and to savings bankers.
"In every life two forces are striving for mastery—thrift and waste.
What a man is depends largely upon which element gains the mastery.
We have read much of late about unemployment and bread linee. Of all
the sights of a great city this is the most pitiful—a long line of dirty,
homeless, ill dressed, ill shod, unshaved, down-and-out men waiting in
line for hours for the roll and coffee charity is to hand out. If you
would see waste in its last estate, here it is. Go down the line and
ask every mother's son: 'What brought you here?' If he is honest be
will tell you waste—waste in some form. Some time, no doubt, he worked
and his work gained him money, but his money gained him naught. Waste
always ends, theoretically, if not actually, in the bread line of want.
"You gentlemen of the savings bank are more familiar with
another
line—the bank line, well dressed, well housed, well fed. It is the
very
antithesis of the bread line. The bank line is the result of thrift
just
as the bread line is the result of waste. The bank line is the most hopeful
and the most satisfying thing of which I know in New York. The
welfare of the individual depends upon the form his effort takes after
he has
translated it into money. If the results of his toil are transmuted into
bank accounts and sound investments, peace and happiness are for him,
but if he dissipates or wastes his translated effort—the bread line
with
all its tragedy for him.
"Prior to 1915 the savings banks did not aggressively seek new business
as they are now doing. They did not advertise. They took what came
to them without any definite attempt to attract deposits. They simply
pointed the way to thrift without great effort to get their message over.
They were silent exponents of a great idea.
"Then came the great awakening. From 1916 to 1920, the war period,
workers were receiving wages unheard of before. Money and work were
plentiful. The workman could not spend his earnings and he turned to
the savings bank as a natural sequence. A great influx of savings and
savers took place and a great awakening came to the banks. From 1920
to date the new era of savings banking has been a period of expansion.
Marked changes in savings bank operation have taken place. You have liberalized the interest rules. We now have banks paying interest from the
day of deposit. We used to think interest from the first of each month
compounded semi-annually was liberal. What shall be said, then, of present day methods? We have in many instances increased the interest return so that 04% compounded quarterly is not uncommon.
"Branch savings banking, especially in New York, is now coming to
the fore. The banks are going to the people rather than asking the
people to come to the banks. Savings banks are now advertising liberally,
educationally and effectively. Formerly they did neither. The personal
service department has come into being, the most advanced step these
banks have ever taken. Savings banks are more human, getting the point
of contact and cultivating the personal element as never before.
"We have spent more than a century of inculcating thrift and industry
among the masses. We have stressed two things: 'Save your money and
put it in the savings bank.' The average man believes that the pathway
of thrift leads to the bank. The multitudes have found the banks. How
important is it that the form which their energy takes after they have
turned it into a credit in the bank shall not be a disappointment. A
great army has been taught to save through your banks. They must now
be taught either to leave their stored energy in the banks or make its
final investment only through the counsel of the bank. Here is where
your personal service department functions best.
"From a survey of the banks asking their policy regarding investments
for their clients the conclusion seems to be that inasmuch as some one
is bound to advise the individual in the matter of investment it behooves
the banker to do this for his people lest they fall into the hands of the
unscrupulous salesman with the inevitable result. If we do not assume
this burden, to whom shall we delegate the task? Who better than
the
savings bank man can do this disinterestedly or impartially?
"We have greatly emphasized the slogan 'Put pour savings in a
!savings
bank' and millions are doing It. We might now well stress the
point
that after putting their savings In the savings bank they should
leave
states, as well as private investors, has a large distribution for securities. This is what led the Interstate Trust Company to suggest
organizing the Interstate Corporation. It is hoped and felt that
this
securities corporation will have the same fine progress that the
Interstate Trust Company has made."
In order to insure identity of ownership of stock of Interstate Trust Company and of Interstate Corporation, all
shares of Interstate Corporation will be deposited with
Interstate Trust Company which will endorse upon the
Trust Company stock certificates the number of Interstate
Corporation shares owned. When sufficient assets have
been received to warrant declaring the plan in effect, notice
and directions will be mailed subscribers. No public offering of stock is contemplated as subscriptions are limited
to stockholders of the Interstate Trust Company. Officers
will be announced later. The Interstate Trust Company,
the youngest in the Wall Street district, has shown marked
progress since its organization by Governor Silzer on Oct.
14, 1926. During its seventeen months' existence its resources have increased until they now approximate $50,000,000. On Jan. 22 of this year Hamilton National Bank
was acquired and the bank now has eight banking offices
including the main office at 59 Liberty Street.
Chelsea Exchange Bank Forms New Securities
Corporation.
Edward S. Rothchild, President of the Chelsea Exchange
Bank, announced April 2 that the institution's new securities affiliate, The Chelsea Exchange Corporation, has been
granted a charter under the laws of Delaware. Stockholders of the bank will be given the right to subscribe to
the Class A and Class B stock of the securities corporation
on a share for share basis. No public offering is anticipated but shares not subscribed for by stockholders of the
bank will be offered to employees. The authorized capital
of Chelsea Exchange Corporation will consist of 100,060
shares Class A and 100,000 shares Class B stock, of which
approximately 25,000 shares of each class will be outstanding immediately. The offering price is expected to be approximately $12.50 per unit, consisting of one share of Class
A and 14 share of Class B stock. The balance of the Class
B stock will be offered to employees. The Chelsea Exchange
Corporation, Mr. Rothchild said, was organized primarily
for the purpose of taking advantage of underwriting participations and investments which a bank is not permitted
to make. Lewis H. Rothchild, Vice-President of Chelsea
Exchange Bank, in charge of its Bond Department, will be
President of the new securities company. The retail bond
salesmen of the Bank will be transferred to the securities
company. All of the funds subscribed under the plan will
be applied to the capital and surplus of the new company,
and inasmuch as there will be no organization expenses,
the book value of the Class A stock will be in excess of the
offering price. The new securities organization will function as do similar organizations affiliated with some of the
country's largest banking institutions, entering into underwritings, heading and participating in offerings of new
securities, and the sale of bonds to retail customers, particularly on the Installment plan.
APR. 7 1928.]
FINANCIAL CHRONICLE
Charter Issued for Bankers' Securities Corporation
of Philadelphia.
Charter for Bankers' Securities Corporation of Philadelphia was signed at Harrisburg by Governor Fisher April
3. This action enables formation of a new financial institution which is planned and expected to take important part
in fiscal affairs. The Corporation will have authorized
capital of $20,000,000. Half of this will be issued forthwith
In the form of $8,500,000 of 6% cumulative participating
preferred, and $1,500,000 of common stock. Both classes of
stock and all shares of each are to be subscribed at the
same price, $60 per share, par being $50. Bankers Trust
Company of Philadelphia by action of its board of directors
on April 2 has subscribed for half of the common stock.
It has also secured a call on $5,575,000 of the preferred
stock, so that it can offer its stockholders the right to subscribe share for share to $3,075,000 of such stock, and to
its depositors subscription privileges to $2,500,000. An announcement regarding the proposed institution says:
Bankers Securities Corporation is organized to buy and hold, tinderwrite, acquire, sell and generally deal in corporate stocks, bonds, mortgages and mortgage bonds and securities, including those of banks, insurance companies and other financial institutions, and deal, finance,
invest in or refinance, reorganize and rehabilitate enterprises whether
for its own account or the account of others, and generally engage in
business similar to that done by the securities companies closely allied
to the larger banks and trust companies of New York, Chicago, and
elsewhere.
The Corporation, through its officers and organization, will study out
problems here and elsewhere of reorganization, refinancing, new incorporation of business projects, whether established or capable of being
developed in constructive business way through combination consolidation or merger, with strong financial structure and backing.
The Board of Directors will include representatives of Bankers Trust
Company of Philadelphia and of other rarge financial and business
interests. Albert M. Greenfield will be Chairman of the Board and
Samuel IL Barker, President of the Corporation.
Explaining the purposes of Bankers' Securities Corporation, which at the start will rank in capital with the larger
securities companies of the country, Samuel H. Barker,
who will be President, said:
"Bankers Securities Corporation has been created to do in and from
Philadelphia what is being done with great effect and usefulness by
similar organizations in chief cities of the United States.
"Utnil just now, with creation of the Philadelphia National Bank, this
immense industrial, commercial and financial metropolis has not had a
bank of size to place the city in financial rank and ability along side of
Boston, Pittsburgh, Cleveland, Detroit and San Francisco, let alone
New York or Chicago.
"Until now, with organization of Bankers Securities Corporation, an
important field of constructive endeavor and service has been left unoccupied in Philadelphia. Securities corporations by bringing thousands
of stockholders into business partnership gain position and ability far
beyond individual attainment. Thus they have come to work in constructive and creative financing with that strength of collective power
which large railroad and industrial corporations have in their special
fields. Located and developed in other cities they have performed and
are performing highly valuable and important functions, adding materially to sound progress of productive operations.
"Those who now launch Bankers Securities Corporation do so with
conviction that a wide field of usefulness awaits it. Their vision of
things to be aceomplished is shared by large financial and business interests not only in Philadelphia but across the United States. Accordingly these interests join in the project as one for which there is real
demand.
"With $12,000,000 capital and surplus presently provided the Corporation is capitalized to command easily and safely above $50,000,000 for
its operations. It can double that amount by issue of the other $10,000,000 of capital authorized under its charter.
"Bankers Securities Corporation will work in close association with
Bankers Trust Company of Philadelphia, which now has above $3,850,000
capital employed in its business, supplied by more than 1,000 stockholders, and nearly $19,000,000 resources. It will not be an investment
trust, or operate as such. It will engage in the kind of business which
helps to finance and develop useful projects. Its course will be laid to
be helpful and of active value in doing things of financial nature. Its
operations and activities will by no means be confined to Philadelphia,
but will extend as opportunity presents."
2095
concurrent action of the Trustees' Committee of the Trust
and the Board of Directors of the Bank. Stevenson E. Ward will represent the National Bank of
Commerce on the Trustees' Committee and C. Alison Scully will act as alternate. Alvin W. Krech is
Chairman of the Committee. Thomas William has the Distribution Committee and V. Everett Macy the Westchester County Advisory Committee. On March 31 it was
announced that the New York Community Trust had on
March 30 extended its operations to Yonkers, the Yonkers
Trust Company having qualified as the nineteenth financial institution to act as trustee for the Trust. John J.
Walsh, President of the Company, was mn de a member of
the Trustees' Committee of the Trust. Yonkers is the
fourth city of Westchester County in which the Community
Trust is locally represented. Banks which have previously
qualified as Trustees of the Trust are located in White
Plains, Larchmont and Mount Vernon. The nucleus of
six Manhattan and Brooklyn banks and trust companies
which were associated in the Community Trust when its
offices were opened in 1923 has gradually been increased
to fourteen.
In 1926 the Westchester Welfare Foundation was organized in connection with the Community Trust, and all the
affiliated banks and trust companies act as trustees for both
organizations.
Trustees of the Community Trust are responsible for the
management of the prinialpal of all funds of the Trust. Income from these funds is disbursed under the supervision of
a central Distribution Committee named in part by the
member banks and in part by the Senior Judge of the Federal Circuit Court of Appeals and the Presidents of the Association of the Bar, the Academy of Medicine, the New York
State Chamber of Commerce and the Brooklyn Institute of
Arts and Sciences. The discretionary authority of the Distribution Committee to amend the terms of moribund grants,
protects Community Trust funds from obsolescence. An
advisory committee is named in Westchester County by
the Judge of the County Court, the Commissioner of Public Welfare, the Judge of the Children's Court, and the
Chairman of the Westchester Council of Social Agencies.
Annual Dinner of Association of Stock Exchange
Firms to be Held April 20.
Senator James A. Reed of Missouri, will be the principal
speaker at the fifteenth annual dinner of the Association
of Stock Exchange Firms which will be held at the Hotel
Astor on Spril 20. Edward A. Pierce, of E. A.Pierce & Co.,
President of the association, will act as toastmaster, and other
speakers will be announced later. Because of the record
activity of the stock market and the unprecedented public
participation in investing and trading, tihis year's dinner
promises to be one of the most important ever held by the
association. Advance reservations indicate wide interest in
the affair, which it is expected, will be attended by over
1,000 persons.
Resolutions Adopted at Annual Convention of Association of Reserve City Bankers—Flood Control
of Paramount Importance—New Officers of Association.
Wm. F. Augustine, Vice-president of the National Shawmut Bank of Boston, was elected President of the Association of Reserve City Bankers at the conclusion of the
The following has been compiled to show the capitaliza- annual convention of that organization held in New Orleans
tion of the leading securities corporations in the United March 14th-16th. Lawrence W. Eley, Cashier of the Los
States:
Angeles-First National Trust & Savings Bank, was elected
CHASE SECURITIES CORP. (Chase National Bank, New York)
Vice-president. W. L. Lamb, Treasurer, Commerce GuardCapital, $10,000,000
ian Trust & Savings Bank of Toledo, R. R. Hunter, Vice=Surplus, 4,346,000
president, Equitable Trust Company of New York, C. A.
NATIONAL CITY CO. (National City Bank, New York)
ell, Original Capital, $25,000,000
New Capital, $45,000,000 Barr, Vice-president of the Continental National Bank &
Original Surplus, 25,000,000
New Surplus, 50,000,000 Trust Company of Chicago and V. J. Alexander, ViceFIRST NATIONAL CORPORATION (First National Bank, Boston) president of the American National Bank of Nashville,
Capital, $1,000,000
were elected Directors. Joseph J. Schroeder was re-apSurplus, 1,000,000
FIRST NATIONAL SECURITIES (First National Bank, New York) pointed Secretary and Charles H. Ayers, Vice-president,
Peoples Wayne County Bank, Detroit, was appointed
Capital, $10,000,000
Surplus, 2,900,000
Treasurer. More than fifty percent of the members were
GUARANTY CO. (Guaranty Trust Co., New York)
present at what is termed one of the largest and most en$5,000,000
Capital,
thusiastic meetings in the history of the Association.
Among the resolutions adopted was one on flood control
National Bank of Commerce in New York and Yonkers
. Trust Co. Become Trustees of New York Corn- 'which declared:
•1 (gecond)—That there is uppermost in our minds as visitors the great
munity Trust.
problem that confronts our host—the bankers of New
Orleans—that of
The National Bank of Commerce in New York has be- Flood Control—of paramount importance to them, of course, but of real
come a Trustee of the New York Community Trust by and direct importance to our country at large, and we heartily concur In
2096
FINANCIAL CHRONICLE
the opinion, which la gradually becoming general, that the problem is one
to be solved by the country at large, for the responsibility is National.
The resolutions also recited in part:
(Third)—That our interest in the bankers' problem of "Exchange"
was quickened by the illuminating paper read by W. B. Machado. Discussion following it indicates that this old question is one ever with US and
one of such vital importance that it deserves and must receive the constant and continuing interest of our membership at large in its endeavor
to standardize charges in such a way as to be practical and fair from the
viewpoint of the public and banks:
(Fourth)—That we thank Mr. Dan V. Stephens for his excellent explanation of the "District Clearing House Examiner System" as adopted
by the group of Counties in his home State. We accord him and his Associates the exalted position of pioneers and congratulate them on inaugurating a system which we hope in time will spread generally over the country and enable the banks themselves to increase the soundness of their
Institutions for the protection of the public at large and of their stockholders:
(Fll'th)—That we thank Mr. W. Ward for his exhaustive and informative paper on "Warehouses—Commodity Depositories." The intricacies
of our commercial life are ever increasing and the standardization of warehouse operations under Federal supervision will lend to this very useful
commercial practice the stability which it deserves:
(Sixth)—That we thank Messrs. Graham, Sullivan and McGinty for
their presentation of "Accounting Practices within Banks" and we commend to our membership a detailed study of these Papers, under the belief
that a standardization of bank accounting and an intelligent allocation of
bank expenses will be for the general good of the profession:
(Seventh)—That we commend President Downing on the timely comments he makes relative to the greatly increasing financial activities of
our country. We heartily concur in his warning against the renewed
activities of those irresponsibles posing as investment experts; and his
hope that the public at large will make an ever increasing use of their
banker's advice in such matters and of the service so splendidly being
performed by the Better Business Bureaus of our country: At the same
time we bespeak from our membership their helpful constructive cooperation for firms of experience and reliability, which are offering the
public their services in analyzing and advising upon investments.
(Eighth)—That we commend to the serious consideration of our membership the subjects that are now challenging their special attention, to wit:
(a) The trend in interest on deposits.
(b) Investments in ineligible paper.
(c) Increased expenses and decreased profits.
The first resolution adopted expressed the thanks of the
Association to the bankers of New Orleans for their hospitality. An item regarding the proposed convention appeared in our issue of March 16, page 1458.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Wm. F. Boland
to Lawrence Swift, consideration $355,000, and that of
E. Roscoe Matthews to David F. Engle, consideration $360,000.
The New .York Cotton Exc- hange membership of Robert
C. Winmill was reported sold to Edward J. Wade for another for $29,000. Last preceding sale was for $26,500.
The N. Y. Coffee & Sugar E- xchange membership of A. C.
Israel was reported sold this week to W. R. Craig & Co.
for $17,250, an increase of $250 over the last preceding
sale.
A regular New York Produce Exchange membership was
reported sold this week for $13,500. The last preceding
sale was for $13,000.
The Rubber Exchange membership of Andre Pauloe of
Paris was reported sold this week to Norrie Seller, of E.
S. Hutton & Co., for another for $12,000, unchanged from
last preceding sale.
[VOL. 126.
and Paris markets business over Good Friday and Easter
is suspended from Thursday night until Tuesday morning.
Thomas W. Lamont, of J. P. Morgan & Co., has returned
from his trip abroad; during his sojourn he conferred in
London and Paris with foreign partners in the Morgan
firm, and visited Rome and Egypt. From the "Times" of
April 5 we take the following:
Mr. Lamont said that financial and economic conditions
throughout
Europe were steadily improving, and he mentioned particularly the
prog•
ress made in France, England and Italy.
Mr. Lamont said that he had not transacted any business while away,
his trip being solely for a rest. He declared that he had been out
of
touch with conditions here for so long that he could not comment on
them at this time.
E. H. H. Simmons, President of the New York Stock Exchange, returned from Europe on the steamer Mauretania,
which arrived at New York yesterday (April 6). Mr. Simmons' trip had been a brief one; he left New York less
than a month ago, having sailed March 10.
Speyer & Co. announce that, effective April 2, Ralph Wolf
became a member of their firm. Mr. Wolf was born in Little
Rock, Arkansas, about forty-seven years ago and during the
past twenty-five years has been practicing law in this city.
As a member of the firm of Hays, Hershfield & Wolf, he has
acted as counsel for a number of corporations, among them
being the Inter-State Trust Company and Bloomingdale
Bros., in both of which companies he also is a director.
At a meeting of the Directors of the Chemical National
Bank of New York on April 5, a resolution was unanimously passed recommending the calling of a special meeting of the shareholders to be held May 2 for the purpose of
increasing the capital from $5,000,000 to $6,000,000 and the
formation of a securities corporation with a capital and
surplus of $4,000,000. Shareholders are to be given the
right to subscribe for one new share at $500 for each. 5
shares now held—present market value of stock $950 a
share. The stock of the securities corporation is to be held
by Trustees (appointed from among the Bank's directorate) for the proportionate benefit of all Bank shareholders.
It is stated the regular dividenr of 24% will be maintained
after the capital increase. Simultaneously with the increase of the capital to $6,000,000 the surplus, which at
present is $17,500,000, will be increased to $19,000,000 by
the transfer of $1,500,000 from the Undivided Profit Account and when the capital change takes place the bank
will have a capital and surplus of $25,000,000. President
Johnston stated that the growth and development of the
bank fully justified the increase in the capital. He further
stated that the formation of a securities corporation was
in keeping with the present day trend in banking and
finance and will be a valuable and profitable adjunct of the
bank, enabling it to perform many functions which are not
now possible under the national banking laws. The Chemical Bank was organized in 1824 and has for a century been
an important factor in the nation's business life. It has
been known for its conservatism; it was the first bank to
open its doors on Broadway, and is said to be Broadway's
oldest inhabitant. The Bank plans to move its main office
to 165 Broadway about Sept. 1st.
Two Chicago Board of Trad- e memberships were reported
sold this week for $8,700 each, net to buyer. The last succeeding sale was for $9,000.
At simultaneous meetings of the Boards of Directors of
The Bank of America National Association, the Bowery and
East River National Bank, and the Commercial Exchange
McKinley Bissinger, general
- partner in the firm of Strass- National
Bank held April 4, further details of the merger
burger & Company, has been elected to membership in the
plans of the three institutions were approved. In general,
San Francisco Curb Exchange, effective Tuesday, March 27,
the plan is as follows:
1928. The price paid for the seat was $20,000. This is a
An assignable deposit receipt will be issue in exchange for the renew high price for seats on the Curb Exchange. The last spective deposited bank stocks of the three banks. With this
deposit
receipt will be given warrants representing rights to subscribe to full
sale was $18,000.
The New York Stock Exch- ange, as well as all the other
commodity exchanges in this, and other cities throughout
the country, were closed yesterday in observance of Good
Friday. The Stock Exchange will also remain closed today (Saturday), the Board of Governors having voted on
April 2 to close both days. With the exception of 1906 and
1907 the Exchange has observed Good Friday every year
since 1900. Last year it opened on the Saturday following,
and in fact it has closed on the two days on only one or
two occasions. Good Friday is not a legal holiday in the
State, and hence the banks were open as usual yesterday.
Aside from the New York Produce Exchange and the Chicago Board of Trade nearly all of the other exchanges in
the country will suspend operations to-day. In the London
shares of the new Bank of America National Association stock and an
equal number of shares of the Bankameric Corporation stock, for a
total of $125.00, $110.00 of which goes to the Bank and $15.00 to the.
Bankameric Corporation. These warrants will be the same for each
bank and will be assignable.
The new Bank of America National Association stock will be stamped
to indicate a beneficial interest in the Bankameric Corporation, which
will be the name of the new affiliated security company.
The capital of the new security company will be provided by payment
of $15.00 per share for each new share of Bank of America National
Association received, whether in exchange for stocks of the three banks
or on the rights to the stock at $110.00 on the increased capitalization.
For the total of one million shares in the new bank there will be a like
number of shares in the Bankameric Corporation which at $15.00 per
share will provide a total working capital of $15,000,000.
The ratios for exchanges of the stocks in the three banks are as announced a few days ago, namely, for each share of Bank of America
National Association old stock, the holder will receive four shares of
the new bank and for each share of Bowery and East River National
Rank, the holder will receive 7.2 shares of the new Bank and for each
APR. 7 1928.]
FINANCIAL CHRONICLE
share of Commercial Exchange National Bank the holder will receive
4.8 shares of the Bank stock. On the new Bank stock thus received in
exchange for the old stock of the three banks, holders will be entitled
to rights for .6 of their holdings at $112. per share, plus $15. per share
for the Securities Company.
At present there are 65,000 shares of The Bank of America stock outstanding which when exchanged for the new
Bank stock on a one for four basis, will amount to 260,000
shares of the new Bank par $25. Bowery and East River
National Bank has a total of 40,000 shares which When exchanged, will be equivalent to 288,000 of the new Bank.
The Commercial Exchange National Bank has 15,000 shares
and the equivalent in the new Bank is 72,000 shares. The
total new Bank stock exchanged therefore is 620,000 shares.
The capital will be increased by 380,000 shares, 372,000 of
which represents stock to be sold to present stockholders
at $110 per share on a .6 of present holdings basis. The
other 8,000 shares will be sold to employees of the new
Bank on terms to be announced later.
San Francisco advices, published in the "Wall Street
Journal" of April 3 stated:
Stockholders of the Bank of Italy and Bancitaly Corp. of record April
2 have been offered non-transferable rights to subscribe to new shares
of Bank of America at $225 a share in ratio of one share for each
twenty-four shares held.
Bancitaly Corp. will finance purchases in whole or part on partial
payment plan of $15 initial payments and $10 monthly thereafter.
Subscriptions for fractions of shares will only be honored for stockholders owning 119 shares or less.
' Subscription includes beneficial interest in the affiliated securities
company of the Bank of America now being formed. Subscriptions are
due on or before April 20.
An item regarding the merger plans appeared in our issue
of March 31, page 1925.
George B. Everitt, President of Montgomery, Ward &
Co., was elected a director of The Bank of America National Association at the regular meeting this week of
Directors.
----•--W. J. Lippincott was this week appointed an Assistant
Vice-President of Bankers Trust Company of New York.
Mr. Lippincott entered the employ of the company in September, 1924, and has been identified with its Bond Department since that time. For over two years he was in the
main office, New York City, and since January, 1927, has
been in the company's office in Paris.
The Guaranty Trust Company of New York announces
the appointment of Robert S. Hotz as its Chicago correspondent, with offices at 120 West Adams Street. Mr. Hotz
was forinerly associated with the Illinois Merchants Trust
Company of Chicago as Assistant Vice-President.
The Guaranty Company of New York announces the appointment of R. G. Rouse as Assistant Manager of the Buying Department. W. C. Hoagland, formerly with the Company's Boston Office, has been named Manager of the
Municipal Buying Department at the Main Office.
2097
ence P. Dodge, Wm. Shippen Davis, Ezra W. Johnson,
Edward S. Blagdon and Howland Davis, special.
The Murray Hill Trust Company of New York announces
the appointment, as Assistant Secretary, of Martin D. Ryan,
formerly Assistant Cashier of the Harriman National Bank.
The Empire Trust Company of New York, whose resources now total nearly $100,000,000, announces the opening April 2 of its new Fifth Avenue office at 47th Street
and Fifth Avenue. The main -banking floor of Empire
Trust Company, 50 feet wide by 70 feet long, occupies three
floors in height. In order to meet the Trust Company's
request that all columns be eliminated from the floor, the
builders had to go to unusual lengths. They solved the
problem by placing huge steel girders across the floor above
and these girders carry practically the entire weight of the
building, which towers some fifteen floors above. The new
Empire Trust Company office occupies four floors and large
basement space. It comprises modern safe deposit department, ladies department, main bank room and all features
of a model banking edifice.
The Interstate Trust Company has leased additional
space at 65 Liberty Street; adjoining the main banking
quarters, for its foreign department, which is in charge-of
E. Milton Berry, Vice-President.
—•-At a recent meeting of the Board of Directors of the
Huguenot Trust Company of New Rochelle, N. Y., the following were elected officers for this year: Raymond J.
Walters, President; Everett A. Culp,.Vice-President and
Secretary; George E. Galgano, Vice-President; Arland W.
Babbitt, Treasurer and Assistant Secretary; Howard I):
Kelly, Assistant Secretary; I. A. Overberger, Assistant
Treasurer, and Elsie K. Zimmerman, Manager, Ladies' Department.
At the organization meeting of the Washington Irvington
Trust Company of Tarrytown, N. Y., held on March 19,
Henry K. Browning, President of Browning, King & Co.,
of New York, was elected Chairman of the Board and
Frank R. Pierson and Dr. Joseph E. Hughes were elected
President and Vice-President, respectively. The institution
will have a capital and surplus of $250,000; it will begin
business about Aug. 1. President Pierson is President of
the Tarrytown Board of Education, owner of the F. R.
Pierson Company, horticulturists; director of the Westchester Title and Trust Company, President of the Westchester Ferry Corporation, President of the New York Cut
Flower Company and a director in other concerns. Dr.
Hughes is a practicing dental surgeon, President of the
Manor Garage, Inc., and a director in the Thomas M.
Hughes Construction Company and the Post Road Transportation Company. Edward P. Hanyen, the secretary of
the trust company, is Treasurer and Manager of the Hudson River Yards, Inc., Dinkel & Jewell Co. and Treasurer
of the Tarrytown Hygenia Ice Company. The following
are the directors of the trust company:
The Anglo-South American Trust Company, 49 Broadway,
New York agent of the Anglo-South American Bank, Ltd.,
with head offices in London, has been advised that R. J.
Alfred McEwen, president of the Ox Fibre Brush Company and
Hose, for 32 years active in the management of the bank, has trustee of the Dry Docks Savings Institute of New York.
Adam Luke, vice-president of the \Vest Virginia Pulp and Paper
retired as Managing Director but retains his post as Chairand director of American Exchange Savings Bank.
man of the Board of Directors. The new Managing Di- Company
James N. Carter, of Scarborough, of Carter Company of the New
rector is William E. Wells, who has been in the bank's York Stock Exchange, director of the New York Air Brake Company
service for 28 years and who has been General Manager in and of the First National Bank of Ossining.
Edward Rawls, vice-president of the National Bank of Commerce in
London since 1919. Previously Mr. Wells was stationed for New York.
twenty years in Chile, where he achieved a reputation as
Charles D. Millard, chairman of the Westchester County Board of
one of the foremost authorities on nitrates. The Anglo- Supervisors, director of the Tarrytown National Bank and Trust Company, president of
Westchester County Bar Association, treasurer
South American Bank has 56 branches in Central and South of the Westchester the
Ferry Corporation, counsel of the Tarrytown and
America.
North Tarrytown Building and Loan Association, Village of Tarrytown
Members of Blake Brothers & Company, investment bankers of New York and Boston, on April 2 observed the seventieth anniversary of the firm which was founded on April
1, 1858, in Boston, by George Baty Blake, John R. Blake
and Gamaliel Bradford. An agency was established the
same year in New York and in 1859, with the admission of
Standton Blake, it became a branch house. The firm obtained membership in the New York Stock Exchange on
March 30, 1876, which it still holds. A wire between the
two offices was leased on Feb. 1, 1888, believed, from available records of the Bell System, to be the oldest private
telegraph connection in use in business today. J. A. Lowell
Blake, senior partner of the firm, is a grandson of George
B. Blake, one of the founders, the other members being
Howland S. Davis, George B. Harris, Louis Bacon, Laur-
and Westchester County Savings Bank, director of the Fidelity, head
of the law firm of Millard and FitzGerald, director of the Westchester
L. A. \V. Corporation.
Michael J. Lynch, trustee of the Westchester County Savings Bank
and building contractor.
Harry Levitan, of firm of Louis Levitan, clothing.
William R. Roane, physician, Irvington.
Chester A. Cawood, of Cawood Motors and Elkblom Chevrolet Company, Amsterdam, N. Y.
Robert Goldblatt, president Tarrytown Musie Hall, Inc.
Louis Rosenstein, of Martling Avenue, spice importer, New York.
Harold B. Scott, of Irvington, general manager of Denver Chemicar
Company, and director Syracuse Chemical Company.
Robert E. Binger, leather goods manufacturer.
William F. Polk, President of the National City Bank of
Troy, N. Y., and one of the prominent citizens of that place,
died on March 29. Although Mr. Polk, who was 72 years
of age, had not been in good health for some time his death
was not expected. The deceased banker was born in Ger-
2098
FINANCIAL CHRONICLE
many and came to this country with his parents at an early
age. After receiving his early education in the schools of
Watervliet, N. Y., Mr. Polk at the age of thirteen began
his banking career as a messenger in the Central National
Bank of Troy and through strict attention to business was
promoted successively to bookkeeper, discount clerk, receiving teller, and paying teller. In 1905, upon the consolidation of the Central National Bank with the National
City Bank, Mr. Polk was made paying teller of the enlarged
Institution. Three years later (1908) he was elected Cashier
and subsequently was made a member of the board of directors. Mr. Polk continued to hold the Cashiership until
August 1925, when upon the death of the late William Vail
he was elected to the Presidency of the institution, the position he held at his death.
[VOL. 126.
Wolfe, Cashier, and David W. Stewart, Frank P. Stephens,
David J. Myers, George H. Millett, James A. Duffy, Walter
G. Patterson, Paul B. Detwiler, C. R. Horton, A. MacNichol', M. D. Reinhold, W. Norman Stokes, W. M. Gehman,
Jr., E. M. Mann and E. E. Shields, Assistant Cashiers.
Alfred Bauer and Reuben B. Hall will be Assistant Managers of the foreign department. The proposed consolidation of these important banks was
noted in our issue of March 3, page 1300.
At a meeting of the stockholders of the ContinentalEquitable Title & Trust Co. of Philadelphia on March 28
the following were elected directors: Edward F. Beale,
John J. Henderson, John R. Masted, Ira Jewell Williams,
and Watson K. Alcott.
H. L. Frisbie, Cashier of the Uncas National Bank of
The Baltimore "Sun" of Mar. 27 reported that plans
Norwich, Conn., died suddenly on March 28. Mr. Frisbie, were nearing completion for the organization of a new trust
who was 44 years of age, had been in poor health for some company in that city to be known as the United States
time.
Trust Co. of Maryland. It is proposed that the new bank
start with a capital of $1,000,000 and a paid in surplus of
A meeting of the stockholders of the Worcester County $650,000. The organizers have already arranged, it is said,
National Bank, Worcester, Mass. will be held to-day (Mar. for an option to rent the main floor and basement of the
31) to act on a plan of recapitalization as recommended by new Court Square Building at the northeast corner of
the bank's directors. The plan calls for a reduction of the Calvert and Lexington Streets. The paper mentioned went
par value of the bank's stock from $100 a share to $50, and on to say in part:
the issuance of 3,750 shares of new stock of the par value
Approximately half the capital, it is understood, will be subscribed for
of $50 a share at the price of $175 a share to stockholders for in New York. -Upon completion of organization details, it appears
probable that William F. Kelly, of New York, a banker and attorney-atof record Mar. 7, in the proportion of one share of new law,
will be chairman of the board, and that Robert S. Mooney will be
stock for each five shares held. Following approval of this President and active head of the new bank. Mr. Mooney was formerly
recommendation, the directors plan to declare a 33 1-3% Vice-President and one of the organizers of the Baltimore Commercial
dividend on April 2. Under the plan proposed the institu- Bank.
Among those who are identified with the organization of the trust comtion's capital will be $1,500,000 and its surplus $1,500,000. pany and who probably will serve as directors are William F. Broening,
It is contemplated that dividends of $7.50 a share will be Mayor of Baltimore; Isaac Lobe Straus, attorney; Arthur S. Dulany,
President of the Fruit-Puddine Company; Llewellyn E. Jones, of L. B.
paid annually on the new stook, or 15% a year, against Jones & Co.. wire
manufacturers; William A. Gillespie, certified public
10% now paid. At present the institution's stock is quoted accountant, and Robert S. Mooney,all of Baltimore; Charles Jacobs, memat $220(4 $224 a share, giving the "rights"a current market ber of the firm of Jacobs Bros., piano manufacturers, and William F.
Kelly, both of New York.
value of about $7.50 each.
Isaac Lobe Straus is the attorney handling the legal details connected
The Bankers Security Trust Company, Bridgeport, Conn.,
announces the election of the following directors: Frederick
C. Burroughs, President, National Tradesmen's Bank &
Trust Co., New Haven, and Phillip J. Stueck, President,
City Savings Bank, Middletown.
Negotiations are under way whereby the Mercer Trust
Compaxy and the Colonial Trust Company, both of Trenton,
N. J., will be merged into the Trenton Trust Company also
of Trenton. The Trenton Trust Company has a capital of
$750,000, the Mercer $300,000 and the Colonial $100,000.
The combined institutions will have a capital and surplus
of $4,000,000. The merger is not expected to become effective until two or three months hence.
Stockholders of the Philadelphia-Girard National Bank
of Philadelphia and of the Franklin Fourth Street National
Bank of that city at special meeting on Tuesday of this
week, April 3, unanimously approved the proposed consolidation of the institutions under the title of the Philadelphia
National Bank, according to the Philadelphia "Ledger" of
April 4. The merger will become effective after the close
of business April 7. Approximately 80% of the stock of the
respective banks was voted at the meetings. The new
organization will have a combined capital and,surplus of
$50,000,000 and aggregate resources, it is understood, of
$384,772,944. Deposits of the two banks, as of Feb. 28, the
"Ledger" stated, amounted to $290,590,540. Stockholders
of the banks involved will receive one share of stock in the
new institution for each share which they held prior to the
consolidation. A special dividend of $15 a share will be
paid to stockholders of the Franklin Fourth Street National
Bank to compensate them for the higher book value of their
holdings, as compared with the stock of the PhiladelphiaGirard National Bank. Officers of the consolidated bank
will be Levi L. Rue, Chairman of the Board of Directors;
E. F. Shanbacker, Chairman of the Executive Committee;
Joseph Wayne, Jr., President; Charles P. Blinn, Jr.,
Howard W. Lewis, William S. Maddox, Horace Fortescue,
Albert W. Pickford, Stephen E. Ruth, Charles M. Ashton
and W. R. Humphreys, Vice-Presidents serving at the office
at 421 Chestnut Street; Evan Randolph, Walter K. Hardt,
J. A. Harris, Jr., J. William Hardt, Norman T. Hayes,
Francis J. Rue and R. J. Clark, Vice-Presidents serving at
the office at 1416 Chestnut Street; Stephen E. Ruth, VicePresident in charge of the foreign department; 0. Howard
with the organization. It is understood that application for a charter
will be filed shortly, and that it is planned to open for business somewhere
around July 1.
The new bank will engage in all branches of trust company business,
according to plans now under consideration. Its activities eventually will
include a bond department, a real estate department, the solicitation of
deposits by mall and the establishment of a special department for taking
care of small loans.
Frederick J. Woodworth, 58 years of age, Vice-President
of The Union Trust Company of Cleveland, and a Cleveland
banker since 1890, died suddenly from a heart attack on
April 1 at his home in Cleveland Heights. Mr. Woodworth
was born at New Haven (Huron County), Ohio, and-in his
teens became a clerk in the old Euclid Avenue National
Bank of Cleveland. In 1895 he became identified with the
Park National Bank which had just been organized by John
Sherwin, now Chairman of the Board of The Union Trust
Company. In 1920 he was a Vice-President of the First
Trust & Savings Company'and when that bank joined the
combination that became The Union Trust Company, he
went to the new financial institution as Vice-President in
charge of their Banks and Bankers Department. In this
capacity he became closely associated with bankers
throughout the United States. Mr. Woodworth was actively interested in the Ohio Bankers Association, was a
member of the Executive Council of the American Bankers
Association, and was the first Treasurer of the Reserve
City Bankers. He attended the convention of the latter
organization in New Orleans a few weeks ago.
According to the Indianapolis "News" of March 16, a
further payment to depositori of the defunct J. F. Wild
& Co. State Bank of Indianapolis, which will bring the total
to 50% of deposits, will be made possible by the sale of
the J. F. Wild Bank Building and small lots of bonds which
are expected to bring $334,000. Judge Mahlon E. Bash, of
the probate court, announced on that day (March 16). The
first payment, amounting to 40%, was made about the first
of the year. The second payment will be made after the
middle of May and before the middle of June, it is expected.
Because of the expense of mailing 16,000 to 18,000 checks,
it is regarded as more economical to wait until larger payments are made, Judge Bash said. The J. F. Wild & Co.
State Bank failed on July 30 1927, as noted in our issue
of Aug. 6, page 739.
The Manufacturers National Bank, of Rockford Illinois,
Rockford, Illinois, has changed its name to "The Manufacturers National Bank and Trust Company of Rockford,
APR. 7 1928.]
0
FINANCIAL CHRONICLE
2099
Illinois" according to the weekly bulletin issued March 26, with a surplus of $10,000. The officers are as follows:
Allen Winham, Chairman of the Board; C. B. May, Presiby the Comptroller of the Currency.
dent; N. C. McCray and H. G. Sanderson, Vice-Presidents;
The Empire Trust & Savings Bank—a newly organized
J. Miller Johnson, Jr., Cashier, and Jake B. Cobb, George
Chicago institution with capital of $200,000 and surplus of B.
Welch and Ruth F. Sanderson, Assistant Cashiers.
4
$40,000—is to be formally opened to-day (April 7), accord--•-ing to the Chicago "Journal of Commerce" of March 29.
Garretson Dulin and Howard J. Schroder were recently
The new bank, which is located at 3256 Crawford Avenue, elected directors of the Union Bank & Trust Co. of Los
near Milwaukee Avenue, opened for business, it is under- Angeles, according to advices from that city on March 28,
stood, on April 3. A "children's day reception" will be held printed in the "Wall Street News" of the same date.
on April 14. The officers of the new institution are as folDirectors of the American Trust Co. of San Francisco on
lows: Ralph F. Kopperschmidt, President; F. P. Garbark,
Vice-President; William H. Coy, Cashier, and Joseph F. March 29 voted to increase the bank's capital from $11,000,000 (outstanding) to $20,000,000 (authorized), according
Koskieiewicz, Assistant Cashier.
Advices received from London this week report that to the San Francisco "Chronicle" of March 30. At present
Arthur Packard, Vice-President of the National Bank of the institution has 440,000 shares of stock of a par value
the Republic, of Chicago, has arrived there and opened a of $25 a share outstanding and after the action is comEuropean representation office at 8 King William Street, pleted will have an authorized capital of 800,000 shares of
London, E.C. 4. Mr. Packard, who is in charge of the for- $25 par value. The directors, it was stated, have authoreign division of the bank, was associated for many years ized the officials to sell 60,000 shares of new stock from time
with Barclays Bank, Ltd., one of the "Big Five" of Britain's to time to the public at not less than $130 a share. John
S. Drum, President of the American Trust Co., it was
banking institutions.
stated, announced that the stockholders would in no way
The personnel of the Milwaukee-Western State Bank of benefit through the issue by the offering of rights or other
Chicago, a controlling interest in which, as noted in the inducements and the increase, he asserted, was in further"Chronicle" of Feb. 18, page 977, was purchased by ance of the policy of the board stated last January to issue
John Bain and associates, is as follows: John Bain, Chair- new shares from time to time and the employing of the
man of the Board and President; M.T. Baty, Phil J. Boller, new capital to profitable advantage. Continuing the paper
0. W. Ford and Leo Michael, Vice-Presidents; Robert mentioned said:
Bain, Cashier, and Stewart Van Berschot and Lester M.
While the announcement at first had the effect of sending the stock
up to 142, Drumm issued a denial that the move was significant of any
Thielen, Assistant Cashiers.
The Bank of West Line, Cass County, Mo., was reported
closed by order of its directors on Mar. 19, following a
meeting the previous day in Kansas City when a report
was heard by L. J. Mulligan, the State Bank Examiner,
according to a dispatch from Jefferson City on March 19
to the Kansas City ':Star", which went on to say:
Mulligan reported the accounts of M. N. Stark, cashier
of the bank, were short approximately $35,000. Discrepancies in overdafts will amount to about $30,000, Mulligan
said, and there are errors in individual deposits of the
institution. Some of the bank's records were reported
missing by the examiner.
Closing of the Citizens' State Bank of Sabetha, Kansas, on
March 22, and the disappearance of its President, F. C.
Woodbury, were reported in a dispatch from that place on
March 24 to the Kansas City "Star." The dispatch stated:
"While P. V. Miller, a State bank examiner, declares he
has found no shortage in the bank, it is known he told
directors in the bank they would have to find Woodbury
and return him here or a warrant would be issued for him."
The closed institution was capitalized at $50,000.
As a result of the suicide of Frank Denman, President of
the First National Bank of Osborne, Kan., early on the
morning of March 24, the institution was closed and placed
11 the hands of the State Banking Department, according
Ito a press dispatch from that place on March 24, appearing
in the Kansas City "Star" of the same date. According to
the bank's published-statement on March 15, the dispatch
said, the institution at that time had a capital of $50,000;
surplus fund of $25,000 and deposits of $290,698. Mr.
Denman, had been connected with the bank for more than
twenty years and its President for the last twelve or fifteen
years. It appears from an announcement by L. K. Roberts,
Chief National Bank Examiner for Kansas, also printed in
the "Star" of March 24, that C. W. Lyon, a national bank
examiner, and his assistant, J. W. Morrissey, went to the
Osborne Bank late on March 23 to make an examination and
"found apparent irregularities of between $8,000 and
$10,000 which the President either was unable or unwilling
to explain." The bank was opened at the regular time on
the morning of March 24 after Mr. Denman's suicide,
Mr. Roberts said, but "because of the unrest and the attitude
of depositors and attempted withdrawals," the institution
was closed at 10 a. m. Mr. Roberts was also reported as
saying that the bank appeared in good condition, except
for the small irregularities.
- March 20, to the
Advices from Texarkana, Texas, on
Dallas "News," stated that the First National Bank of Ashdown, Ark., and the Bank of Ashdown, were consolidated
on that day (March 26) under the title of the First National Bank. The capital of the enlarged bank is $50,000,
merger such as was rumored with the Security Trust and Savings Bank
of Los Angeles First National Bank.
"The increase has no other significance," Drum said, "and as stated
in our letter to stockholders last January the company has no plans nor
purposes, either developed or in contemplation, that affect in any way
the value of the stock. The dividend policy of the board of directors
this year, as announced in that letter, will be the same as in 1927; that
is, the dividend is $4 a year on American Company stock, payable
quarterly, which is the same as $16 on the old American Trust Company stock of $100 par value."
Acquisition by the Security Bank & Trust Co. of San
Francisco through its holding company, the French-American Corporation, of the South Coast Bank of Solana Beach,
San Diego Co., Cal., on March 26 was announced by Leon
Bocqueraz, President of the Security Bank & Trust Co.,
according to the San Francisco "Chronicle" of March 27.
The acquired bank has a combined capital and surplus of
$67,250 and total assets of $300,000. E. E. Fletcher is President and Wall Godfrey, Cashier. The institution will continue as an independent bank, it was said. It was furthermore stated that the purchase gives the Security system
three banks in San Diego County and bring the 86th bank
into the Security Bank & Trust Co. and its affiliated institutions.
The Citizens National Trust and Savings Bank of Los
Angeles came officially into existence at the close of business on Saturday, March 31, the consolidation of two Los
Angeles banks that have been for many years under the
same management and ownership, but operated as separate
institutions. The Citizens National Balk is a national institution while the Citizens Trust and Savings Bank functioned as a State bank. An official statement with reference to the matter says:
Operating under the perpetual national charter and as a member of
the Federal Reserve System the total resources of the consolidated bank
will be approximately $120,000,000. At the last call, on February 28;
the two institutions showed combined assets of $119,256,530, with deposits of $101,828,532. The capital, surplus and undivided profits account will be nearly $11,006,000. This places the bank well up in the
list of large banks in the United States. It is the largest bank in Los
Angeles whose offices are strictly confined to the industrial and city
limits.
All offices of the Citizens Trust & Savings Bank will be continued as
branches of the Citizens National Trust & Savings Bank.
The following are the officers of the consolidated Citizens National
Trust & Savings Bank: Chairman of the Board, M. J. Connell; President, J. Dabney Day; Chairman of the Executive Committee, George
W. Walker; Vice-Presidents, John J. Burbaw, W. H. Comstock, R. D.
Davis, J. E. Faucett, Frank E. Forker, Val J. Grund, H. D. Ivey, L. 0.
Ivey, C. Sumner James, Frank C. Mortimer, E. T. Pettigrew, C. A.
Rude„ J. M. Rugg, Dain Sturges, Halcott B. Thomas, and Kenneth B.
Wilson; Cashier, F. R. Alvord; Assistant Vice-Presidents, Alex S.
Cowie; B. F. Gonzales, F. D. LeBold, and H. C. Vogelsang; Assistant
to the President, J. Bert Easley; Auditor, W. E. Pinney; with a corps
of Assistant Cashiers and Assistant Trust Officers.
The Citizens National Company, dealers in high-grade government,
municipal and corporation bonds, is under the same management as the
bank and will continue as a separate corporation. They will be located
in new offices on the third floor of the Citizens National Bank Building,
the second floor being used for the trust department.
Head office will be located at Fifth and Spring Streets, where' struis=
tural alterations costing $200,000 are now in progress.
2100
FINANCIAL CHRONICLE
The Citizens National Trust & Savings Bank is the result of many
years of growth in Los Angeles. Founded originally in 1890 at the
corner of Third and Spring Streets as the Citizens Bank, under State
charter, it was nationalized in 1901. From 1906-1915 the bank was
located at the corner of Third and Main Streets in the building now
occupied by the Cotton Exchange, and in 1915 the present Citizens
National Bank building was erected.
The growth of the Citizens Banks has not been due to consolidations
with or purchases of other banks, with one or two minor exceptions.
One of these exceptions was that of the purchase in 1911 of the Broadway Bank and Trust Company, at 308 South Broadway and its reorganization as the Citizens Trust & Savings Bank.
This latter institution has made rapid progress, and now brings to
the consolidated bank nearly one-half of its resources. Thirty banking
offices are located throughout Los Angeles.
One of the strongest groups on the Pacific Coast is associated with
this institution and its stock is not controlled by other banking groups.
Its status is that of a strictly independent bank. J. Dabney Day, President of the bank, states:
"We believe the bank will be enabled to render better service to
the public as a result of this consolidation. Capital and surplus will
aggregate $11,000,000. The bank will continue steadfast to maintain
conservative and sound banking principles, and conduct every banking
function in a spirit of sincere consideration for the needs of the customer and the stability of the institution."
The Marine Bancorporation of Seattle on Mar. 14 purchased control of the Grays Harbor National Bank of
Aberdeen, Wash, and of its subsidiary, the First National
Bank of Cosmopolis, Wash., according to an announcement
by Andrew Price, President of the Marine Bancorporation,
as reported in the Seattle "Post-Intelligencer" of Mar. 15.
According to reports from Aberdeen, it was said, the purchase involved about $600,000. The acquired institutions
make a total of six banks owned by the Marine Bancorporation, the other institutions being the Marine National,
Marine Central and Marine State Banks, comprising the
Marine group of bankd in Seattle; and the Capitol National
Bank of Olympia, Wash. These six banks as of Feb. 28, it
was stated, had a combined capital of $920,000; combined
surplus and undivided profits of $539,384, and combined
deposits aggregating $13,318,000. The Marine Bancorporation also acquired through purchase of the Grays Harbor
National Bank the Aberdeen Securities Co. whose capital is
$25,000. The Seattle paper continuing said:
The Marine Bancorporation was incorporated in October, 1927, taking
over the Marine bank group in Seattle. At that time there were 237
stockholders. By the end of 1927 about 2,000 persons had acquired
shares in the Bancorporation. As of yesterday, the number exceeded
3,000, and the stock is in eager demand at around 43. It was 28 last
October.
• The capital of Marine Bancorporation is 500,000 shares of no-par
stock, of which 45,000 shares were exchanged for the stocks of the three
Marine banks and for the bond business of John E. Price and Company.
It is understood the capital now outstanding is around 150,000 shares
and that around $4,000,000 has been subscribed for Marine Bancorporation shares since it was incorporated.
It was also reported unofficially that while the Grays Harbor National
Bank stock was acquired on a cash basis, the vendors obtained rights
to buy Marine Bancorporation stock at current prices, and that more
than 90% indicated they would exercise their rights, the amount to be
so purchased exceeding the amount paid for the Grays Harbor National
Bank control.
Officers and directors of the Marine Bancorporation include: Andrew
Price, president; John E. Price, chairman of the board; Bruce C. Shorts,
vice-president; Ira W. Bedle, vice-president; Homer L. Boyd, vicepresident and treasurer; C. E. McDowell, vice-president; Burle D.
Bramhall, vice-president and secretary; R. H. Miller, C. W. Stimson,
E. H. Hatch, Wylie Hemphill and Blake D. Mills, directors.
Sir Frederick Williams-Taylor, General Manager of the
Bank of Montreal, on Mar. 17 celebrated the 50th anniversary of his entry into the bank's service. According to the
Montreal "Gazette" of Mar. 17, Sir Frederick was presented,by members of the board with a cup of solid gold,
a replica of a chef d'oeuvre worked in 1723 by the famous
London goldsmith, Paul Lamerie, and later in the day, on
behalf of 2,300 members of the senior staff of the bank
spread throughout its many branches, with a portrait of
himself in oils painted by Alphonse Jongers and a beautifully illuminated address enclosed in a handsome silver
casket. Sir Frederick, who was born at Moncton, N. B.,
entered the employ of the Bank of Montreal on Mar. 17,
1878. Twenty years later he was named Assistant Inspector attached to the head office, his functions requiring him
to visit branches everywhere. So successful was his record that in 1903 he was named joint Manager of the bank's
branch in Chicago. There he achieved so much that in
1906, when it became a question of appointing a head for
the bank's office in London, Eng., Sir Frederick was chosen
for the position. While in London, his work resulted in
huge sums of British capital being invested in the Dominion. In 1913 he was knighted, and in the same year he
was transferred to Montreal as General Manager, the position he now fills.
[vol.. 126.
Announcement was made on March 16 of the election of
Oscar Dufresne as a director of the Provincial Bank of
Canada, Montreal, to fill the vacancy caused by the death
of Emilien Daoust, as reported in the Montreal "Gazette"
of March 17. Mr. Dufresne is President of the Dufresne &
Locke Co., shoe manufacturers; President of the Dufresne
Construction Co.; director of Notre Dame Hospital, Algonquin Power Co., and the Slater Shod Co.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculative activity in stocks has been on a more moderate
scale the present week and on some days the sales have
dropped considerably below the high average of the past
three weeks. Radio Corporation and General Motors both
dropped below the high peaks scored last week, though
both gradually worked upward during the latter part of
the week. Railroad shares have been unusually buoyant
and numerous new high levels have been etablishecl, particularly by the more active dividend payers. Both copper
stocks and independent motor issues have gradually worked
upward. Another noteworthy feature. of the week was
the sensational rise in Wright Aeronautical, which surged
upward by leaps and bounds to the highest peak in history.
A significant feature of the week was the statement of
brokers' loans for the month of March issued by the Stock
Exchange after the close of business on Tuesday, showing
an increase of no less than $317,595,285.
The short trading period on Saturday was one of the most
bewildering of all previous half-day sessions in the history
of the New York Stock Market. Prices of many of the
speculative favorites moved over a wide range, first flaring
up and then dying down,the transactions of the day reaching
2,430,920 shares and marking the fourth Saturday on
record in which sales have gone above the two-million mark.
The ticker was 59 minutes behind at the close; the greatest
previous delay had been 4234 minutes recorded on Jan. 3
1925, when the tickers were operating under the old system.
For a brief period Radio Corporation was in strong demand,
the opening sales being 20,000 shares at 194, followed by a
second block of 7,200 at 19434. As the day advanced,
realizing pressure increased and the stock broke to 186.
Other early features included Union Carbon & Carbide,
Allied Chemical, American International, Wright Aeronautical and Atlantic Refining all of which reached new
peaks. Oil stocks were in strong demand, Sinclar, Marland
and Richfield rising to their best for the year, though much
of this gain was lost in the closing hour. Public utilities also
were particularly active, Brooklyn Edison leading the upswing with a gain of 434 points to a new top at 24934.
General Motors, after an early advance, was battered down
to 187 with a net loss of about 5 points. United States Steel
common started briskly upward in the early trading, but
yielded to pressure in the last hour and closed at 147/
8.
Stock movements were highly irregular on Monday and
alternate waves of buying and selling characterized the
trading during the greater part of the session. Radio Corp.
continued in the limelight as the spectacular feature and
opened on a sale of 10,000 shares at 178—a week-end loss
of 8 points. As the day advanced it turned upward, reached
19634 at its high for the day and closed at 187 with a net
gain of one point. General Motors resisted pressure for a
time, but slipped back in the final hour and ended the day
with a loss of over 3 points. United States Steel common
moved in about the same way and reached its final with a 4 points. Public utilities ran into considerable
loss of 33
profit-taking, Brooklyn Edison, Brooklyn Union Gas and
Consolidated Gas selling off from 1 to 3 points. American
Can, Allied Chemical & Dye and a number of the old line
speculative leaders yielded from 1 to 3 points.
On Tuesday aeronautical stocks moved to the front,
Wright Aeronatutical making a sensational jump of 32
points into new high ground, followed by Curtiss with a
gain of 18 points on the day. The announcement that
Atchison had been placed on a regular $10 dividend basis
had a stimulating effect on. the railroad stocks and sharp
gains were recorded all along the line. This was especially
true of such issues as New York Central, Ches. & Ohio and
Bait. & Ohio, all of which surged upward 3 or more points.
Copper stocks were active, particularly Greene-Cananea
which advanced 434 points to 129k, Calumet & Arizona
which gained 334 points to 1043 and Anaconda which
closed at 6434 with a gain of 234 points. In the motor group
Packard recorded an advance of4 points as it reached a new
APR. 7 19281
FINANCIAL CHRONICLE
top at 72. Chrysler did equally well and closed at 69.
Now high records were also established by a long list of active
speculative favorites, including such issues as EastmanKodak which raised its top over 10 points, International
Paper and Electric Storage Battery. Houston Oil moved
up to 165, as compared with its previous close at 1618
%.
Railroad stocks were the center of speculative interest on
Wednesday, New York Chic.& St. Louis reaching its highest
since 1926 when it crossed 141. Pittsburgh & West Virginia also stood out conspicuously with its gain of 15 points
to 150, making a total gain of more than 25 points in two
days. Other strong stocks included New York Central,
Reading,Bait. & Ohio and Texas Pacific. Wright Aeronautical raised its top an additional 9 points to 141 and Curtiss
Aeronautical shot forward from 85 to 91. The automobile
stocks continued to move forward under the leadership of
Packard which advanced to 72 and established a new record
for the $10 par shares. Copper stocks continued to improve,especially Anaconda which moved close to 65,reaching
ts best since 1920. Montana Power reached the highest
in its history above 169. Brooklyn Edison jumped nearly
10 points and both American Power and Light and Standard
Gas & Electric were higher. Interborough Rapid Transit
ran up to a new high at 433
% and closed with a net gain of
5 points at 42/.
The stock market again surged upward on Thursday,
General Motors leading the upward swing with an advance
of 8 points to 194. Other motors followed along, with
Chrysler, Nash and Studebaker registering substantial
gains. Railroad shares under the guidance of New York
Central moved briskly forward to higher levels, the strong
stocks including among others such issues as Del., Lack. &
West., Louis. & Nash. and Del. & Hud., the latter closing
at 184 with a gain of 11 points on the day. Balt. & Ohio
also moved forward 2 points to 119. Wabash reached the
highest level in the history of the road when the stock
touched 84. Local tractions were also close to the leaders,
Hudson & Manhattan and Interborough standing out
prominently in the trading and closing with substantial
gains. Gillette Safety Razor was one of the outstanding
2101
strong stocks and above 114 scored a new top for the year.
Continental Can also reached a new top at 113. New tops
were scored by such active issues as Cocoa Cola, Electric
Auto-Lite, Cluett-Peabody and Johns-Manville. Another
notable feature of the trading was the five-point advance in
Richfield Oil. The stock markets here and elsewhere in the
United States were closed on Friday in observance of Good
Friday. The New York markets will not reopen until
Monday, April 9.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended April 6
Stocks.
Number of
Shares.
Railroad.
&c..
Bonds.
State,
Municipal ct
Foreign Bonds.
2,430.920
3,452.750
2,936,160
3,154,740
3,757,690
$5,926,000
8,545,000
8,785,000
9,234,000
8.766.000
HOLIDAY
$2,096,000
3,529,000
3,499.000
4,935.000
4.150.000
$85.500
166,000
543.500
305.500
136,500
15 732 260
841 256 non
818.209.000
81.237.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
Sales at
New York Stock
Exchange.
Week Ended April:6
1928.
Stocks-No, of shares_
Bonds.
Government bonds_ __
State and foreign bonds
Railroad & misc. bonds
Total bonds
1927.
United
States
Bonds.
Jan. 1 to April 6
1927.
1928.
15,732,260
12,400,083
192,147,674
142,186,233
$1,237,000
18,209,000
41,256,000
$5,386,000
15,812,700
53,829,500
$50,356,250
246,633,125
597,703.550
$91,611,700
275,284.900
679,554,700
$60,702,000 175.028.200
8894,692.925 51,046,451.300
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
April 6 1928
85446110fiI
Philadelphia.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Salsa.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
*31.304
$20,700
*41,332
61.000
44.021
128,700
*41,032
27,000
.53,210
16,000
HOLI DAY
a36.411
88,0001
a44,768
40,000
a43,908
46.800
a40,787
$65.400
a60,345
32,200
HOLI DAY
2,874
$3,000
5,849
33.000
5,234
29,500
3.445
26,500
4,564
67,000
HOLI DAY
210,899
$253,400
226.219
$192,400
21.966
8159.000
202,889
$200,850
290.718
8160,600
19,557
$183,600
a In addition Ba es of rights were: Saturday, 1,800; Monday. 4,400; Tuesday.
3,900; Wednesday, 800; Thursday, 3,300.
• In addition sales of rights were: Saturday, 1,293; Monday. 667; Tuesday, 928:
Wednesday, 1,255; Thursday, 735.
Course of Bank Clearings
Bank clearings this week will show a very substantial
increase over a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ending to-day
(Saturday, April 7), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 31.5% larger than for the corresponding week
last year. The total stands at $13,575,934,318, against
$10,325,108,197 for the same week in 1927. The improvement follows almost entirely from the expansion at this
centre, where there is a gain for the five days of 54.8%. Our
comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended April 7,
1928.
1927.
Per
Cent.
$7.904,000,000
692,660,720
561,000,000
526,000,000
109,611,822
124,600,000
191,248,000
172,836,000
152.000.000
•165,000.000
118,685,516
*90,000,000
52,808,962
$5,107,254,268
541,820,358
450,000,000
412,000.000
113,024,220
116,200,000
148,833,000
213,989,000
146.601,170
122.876,537
103,373,675
84,817.670
59,800,545
+54.8
+29.9
+24.7
+27.7
-3.0
+7.2
+28.5
-19.8
+3.7
+34.3
+14.8
+6.1
-11.7
Thirteen cities,5 days
Other cities, 5 days
310,861,051.020
1,118,894,245
87,620,590,443
1,041.842.695
+425
+7.4
Total all cities, 5 days
All cities, 1 day
$11,979,945,265
1,595.989,053
$8,662.433,138
1,662,675.059
+38.3
-4.0
813.575,934,318 510.325.108.197
+31.5
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our ssue 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 Mar. 31. For
that week there is an increase of 11.5%, the 1928 aggregate
of clearings for the whole country being $11,977,558,056,
against $10,743,324,913 in the same week of 1927. Outside
of this city the clearings show a decrease of 5.0%, the
bank exchanges at this centre recording a gain of 22.5%.
We group the cities now according to the Federal Reserve
districts in which they are located and from this it appears
that in the New York Reserve District (including this city)
there is 21.2% improvement, but the Boston Reserve
District shows a loss of 9.5% and the Philadelphia Reserve
District of 11.0%. The Cleveland Reserve District has
suffered a trifling decrease, namely 0.7%, and the Richmond
Reserve District a decrease of 9.1% while the Atlanta Reserve
District enjoys a gain of 13.9% notwithstanding the loss
at the Florida points, Miami showing a falling off of 37.9%
and Jacksonville of 22.2%. In the Chicago Reserve District
there is a gain of 2.1%, and in the Minneapolis Reserve
District of 16.4%, but the St. Louis Reserve District
registers a decrease of 5.2%. The Kansas City Reserve
District falls 8.6% behind the Dallas Reserve District 9.6%
and the San Francisco Reserve District 3.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 31 1928.
Federal Reserve Dist..
1st Boston __ _ _12 cities
2nd New York_11 "
3rd PhIladelphial0 "
4th Cleveland__
"
5th Richmond. "
6th A tlanta____13 "
7th Chicago_ _
"
8th St. Louis__ 8 "
9th Minneapolis 7 "
10th Kansas Clty12 "
11th Dallas
5 "
12th San Fran..17 "
8
6
_20
1928.
1927.
Inc.or
Dec.
1926.
1925.
$
$
$
$
%
540,684,649
628,044,875
619.692,427
597.708,718 -9.5
7,977,020,591 6,581,119,417 +21.2 6,980,507,932 6,153,810,416
651,539,447 -11.0
565,258.861
583,082,457
939,219.313
387,048,601
399,789.093 -0.7
393,468855
401,643,80
205,649,503 -9.1
191,998,824
168,511,468
212,293,653
179,361,297
157,445.998 +13.9
237,630,869
219.386,891
962534,296 +2.1
982,574,107
948569,590
992.569,358
213,371,473 -6.1
232.399,711
337,057,138
216,659,438
101,605,197 +18.4
118,255583
100593.988
125,149,800
230.465,353
246,306,951 -8.6
223,470.503
249,881572
65,238,748
72,781,528 -9.6
67,014,083
69,375,883
663,673,292 -3.2
645,365,191
638,365.879
481,817.098
Total
129 cities 11,977,558,068 10,743,324,913 +11.5 11,096,923,939 10.289.721,235
4,079,202,281 4,293,588,681 -5.0 4,247,828,940 4,233,306,989
Outside N. Y.City
(lennitelx
31 eltlaa
391.312.284
214 811.114 4-24.4
0011 199 001
orn g0.1 am,
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of March. For
that .month there is an increase for the whole country of
13.4%, the 1928 aggregate of the clearings being $55,493,274,305, and the 1927 aggregate $48,940,295,438. The
2102
FINANCIAL CHRONICLE
present March total is not only the highest ever reached in
any March but it also establishes a new high record for any
month. The new high records, however, are due entirely
to the expansion in the clearings at this city, as outside of
New York City there is a decrease as compared with March
1927 of 0.9%, the bank exchanges at this centre showing
a gain for the month of 23.4%. In the New York Federal
Reserve District (including this city) there is 22.9% increase,
and in the Boston Reserve District of 2.2%, but in the
Philadelphia Reserve District there is a loss of 9.1%. The
Cleveland Reserve District shows a decrease of 2.9%, the
Richmond Reserve District of 5.4%,and the Atlanta Reserve
District of 4.1%, the latter due partly to the falling off at
the Florida points, Miami showing a loss of 46.0%, Tampa
of 23.9%, and Jacksonville of 22.3%. In the Chicago
Reserve District the totals are larger by 2.0%, and in the
Minneapolis Reserve District of 8.2%, but in the St. Louis
Reserve District the clearings are 4.3% smaller. In the
Kansas City Reserve District the totals show a diminution
of 7.9% and in the Dallas Reserve District of 8.8%, while
on the other hand the San Francisco Reserve District enjoys
a gain of 8.2%.
March
1928.
Federal Reserve Dists.
1st Boston._ _ _14 cities
2nd New York_14 "
3rd Philadelphlal4 "
4th Cleveland..15 "
6th Richmond _10 "
8th Atlanta_ __ _18 "
7th Chicago_ - _29 "
8th St. Louis_ _10 "
9th Ivlinneapolls13 "
10th Kansas City18 "
11 "
11th Dallas
12th San Fran_ _28 "
March
1927.
Inc.or
Dec.
March
1926.
March
1925.
$$
3
2,594,739,370 2,538,330,539 T.2.2 2,331,607,475
36,131,337,163 29,398,707,967 +22.9 28,751,275,204
2.441,575,142 2,685,213,724 -9.1 2,903,631,413
1,824,482,964 1,878,586,316 -2.9 10321.328.297
841,821,321
890,300,929 -6.4
935,022,304
930,038,204
969,301,616 -4.1 1,226,830,992
4,633,236,926 4,542,020,286 +2.0 4,510,180,979
992,888.418 1,037,298,391 -4.3 1,048,894,797
663,793,142
620,984,992 +8.2
664.474,265
1,212,748,624 1,316,221,416 -7.9 1,270,752,175
663,881,797 -8.8
614,016,729
549,726.270
2,812,596,323 2,599.447,465 +8.2 2,547,371,658
$
1,997,874,819
23,909,700,118
2,621,813,433
1,677,404,159
881,956,562
1,065,259,498
4,293,402,139
977,279,834
590,357,3E2
1,242,866,218
557,683,688
2,193,737,778
192 cities 55,483,274,305 48,940,295,438 +13.4 18,4E13,993,827 42,009,334,406
Total
20,039,439,216 30,212,540,589 '
Outside N.Y. City
-0.9 20,369.120.886 18,660.323.657
flansula
31 eltIne
1.880.691.275
1.506.276.858 +24.9
1.343.977.263
1.192.647.370
We append another table showing the clearings by Federal
Reserve districts for the three months back to 1925:
(000,0003
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Los Angeles
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
BANK CLEARINGS AT LEADING CITIES.
March-Jan. 1 to March 31
1928. 1927. 1926. 1925. 1928. 1927. 1928. 1925.
$
$
$6
$
$
$
$
a
35.454 28,728 28,092 23,349 93,321 7V.349 76,648 71,127
3,156 3,099 3,050 2,984 9,075 8,264 8,897 8,831
2,319 2,292 2,078 1,764 6,710 8,402 5.959 5,515
2,259 2,864 2,727 2,420 8,892 7,097 7,522 6,927
828
857
677
632
1.874
1,870
1,975
1,889
767
827
791
729 2.248 2,391 2,270 2,177
1,020
887
870
758 2,842 2,442 2,497 2,238
459
485
502
452
1,329
1,379
1,421
1,275
337
327
338
311
1,007
940
981
892
588
849
597
598
1,686
1.827
1,885 1,688
533
528
502
464
1,585
1,523
1,464 1.373
340
308
345
367
955
862
973 1,037
257
257
262
264
785
761
780
793
796
742
769
657 2,240 2,057 2,100 1,808
167
187
159
161
511
458
459
447
215
194
208
207
557
510
540
551
85
58
56
55
199
173
180
175
181
198
193
188
537
563
544
513
918
878
805
872 2,537 2,459 2,207
1,925
218
220
230
208
649
842
683
817
138
138
139
141
390
370
397
392
95
140
142
141
374
348
394
408
99
102
98
67
296
301
278
217
195
215
232
238
552
616
678
688
92
102
104
96
279
283
324
307
231
210
211
182
606
557
571
504
75
72
73
60
228
212
215
198
75
83
74
85
225
187
215
179
Total
Other cities
51.873 45,025 44,322 38,204 135.949 123,213 122,855 114,555
3,820 3,915 4,139 3,805 15,887 11,323 11,978 11,108
Total all
55,493 48,940 48,461 42,009 151,836 134,538 134,831 125,801
Outside N.Y. City 20,039 20,213 20,369 18,660 58,315 57,187 58,185 54.534
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
Mar.and the three months of 1928 and 1927 are given below:
Month of March.
1928.
31 cities
1928.
1927.
Stock, number of shares
84,973.889 49,211,883 188,902,334 127,849,589
Railroad and misc. bonds_ $230,934,750 $193,214,000 $562,373,550 $814,178,200
State, foreign. As., bonds... 74,083,500 73.760,000 229,958,125 258,962,200
V.S. Government bonds_ _ _
12,000,750 43,785,100 49,204,750 85,803,000
Total bonds
$317,019,000 $310,759,100 $841,534,425 $958,741,400
The volume of transactions in share properties on the
New York Stock Exchange for the three months of 1925
to 1928 is indicated in the following:
1928.
Month of January
February
March
1928.
1927.
Inc.or
Dec.
1920.
1925.
F7,527.194,057
96.332.164,080
7,436,939,021
6,431,537,498
2,412,663,847
2,719,462.279
13,284,647,040
2,955,582,375
1,581,300,728
3,565,438,567
1,654,606,915
7,844,568,724
7,135,587,911
79,303,029,523
7,634,278,696
5,422,590,335
2,538,096,671
2,812,928,634
12,661,307,314
2,935,618,964
1,449,108,955
3,664,950,842
1,681385,136
7,295,909,509
5.5
+20.2
-26
+0.2
-4.9
-3.3
+4.9
0.7
+9.1
-3.0
-7.5
+7.5
6,723,532,160
78,578,517,834
8,039,736,532
5.269,180,813
2,661,362.330
3,593,458,563
12,939,798.457
3,073,635.884
1,589,339,983
3,544,147,684
1,679,731,633
7,143,869,794
6,238,469,778
72,817,996,103
7,510,1301,780
5,001,143,677
2,516,388,769
3,046,261,850
12,333,784,523
2,916,432,789
1,661,207,469
3,521,139,115
1,670,190,020
6,364,594,696
6,540,519,553
1927.
1927.
1928.
1925.
No. Shares. No. Shares. No. Shares. No. Shares.
192 cities 151,636,095,131 134,535,590,380 +12.8 134,831,210,668 125,661,412,455
Total
58,314,664,047 67,186,704,738 +2.0 58,184,881,986 64,639,648,477
Outside N. Y. City
Canada
Three Months.
Description.
Three IfOaths.
Federal Reserve Dists.
1st Boston._ _ -14 cities
2nd New York_14 "
2M Philadelphial4 "
4th Cleveland..15 "
5th Richmond _10 "
8th Atlanta____18 "
7th Chicago_ _ _29 "
8th St. Louis. 10 "
9th Minneapolls13
10th Kansas City18 "
11 "
llth Dallas
12th San Fran 28 "
[vol.. 126.
4,324,149,204 +28.1 3,939,890,961
3,708,303,962
58,919,395
47,009,070
84,973,889
First Quarter
34,275,410
44,182.498
49,211,663
38,987,885
35,725.989
52.271,891
41,570,543
32,794,458
38,294,393
188.902.334 127.849.589 126.986 685 112600 302
The following compilation covers the clearings by months
since Jan. 1 in 1928 and 1927:
MONTHLY CLEARINGS.
Clearings. Total AU.
Clearings Outside New York.
Month.
1928.
1927.
1928.
1927.
%
$
$
$
$
51,537,528,845
Jan...
45,198,288,595 +14.020.494,049,716 19,838,375,125 +4.3
Feb..-- 44.605.291.18140,397.006.347 +10.4 17,781,165,115 17,337,789,024 +2.8
Mar_ 55,493,274,305 48,940,295,438 +13.4 20,030,439,218 20,212,540,589 -0.9
1 at nil 101 6311 000 131 134030 son aRn 4.12 6 AR 214 110.1 047 57 1045 InA 970 L 0 n
%
The course of bank clearings at leading cities of the country
We now add our detailed statement
the figures
for the month of March and since Jan. 1 in each of the for each city separately for March and showing
since Jan. 1 for two
years and for the week ending March 31 for four years:
last four years is shown in the subjoined statement:
CLEARINGS FOR MARCH, SINCE JANUAR Y 1, AND FOR WEEK ENDING MARCH 31.
Month of March.
Three Months.
Week Ended March 31.
Clearings at1928.
1927,
Inc. or
Dec.
$
S
%
First Federal Rese rve District- Boston3,390,298 -18.8
2,752,107
Me.-Bangor
14,852.741 +3.4
15.382,702
Portland
2.318,700.598 2,291,528,858 +1.2
Mass.-Boston
8,419,728 -3.2
8,147,012
Fall River
3.483,144 -34.5
2,828,768
Holyoke
5,388,188 -7.5
4,982,809
Lowell
a
a
Lynn
a
5,152,846 +185.0
14,684,633
New Bedford
23,530,374 +1.5
23,877,621
Springfield
18,274,983 -9.9
14,656.974
Worcester
82.907.415 +18.5
74,548,281
_.
Conn.-Hartford_ .
32,981,848 +8.5
35,775,238
New Haven
9,942.500 +62
10,589,500
Waterbury
57,550,800 +12.8
54,826,700
R. I.-Providence_ _ _
2,947,418 +9.5
N. H.-Manchester
3,228,447
Total(14 cities)---- 2.594.739.370 2.538.330.539
Second Federal Re serve District -New York27,575.290
26,011,912
N. Y.-Albany
4.868,700
6.158,097
Binghamton
219,604.003
Buffalo
217,718,387
4,713,884
Elmira
4,447.720
8.151,570
5,389.327
Jamestown
New York
35,453,835,089 28,727,754,849
4.298,863
Niagara Falls
*4.000.000
58,943,712
Rochester
58.185,746
Syracuse
21,432,787
28.321.199
Conn.-Stamford_
18.387,484
14,140,098
N. J.-Montclair
3.540.961
3.747,183
Newark
117,932.081
124.284,487
Northern N. J
179,293,400
180,974,497
Oranges
8,234,553
7.123,454
+2.2
1928.
1927.
Inc. or
Dec.
$
$
%
1928.
1927.
Inc. or
Dec.
1926.
1925.
Si
$
%
$
$
8,287.274
47.802,480
8,709,818.346
22,969,630
9,917,984
15,234,882
a
24,014.099
71,918,518
44,569,497
224,864,549
107,198,980
32,838,800
199,182.000
9.199,300
10.398,019
46,020,690
13.402.087.210
24,792,573
11,209,204
15.553,300
a
15,180,300
69.589.998
45,803.475
187,199,497
98,082.270
29,955.100
172.886.400
8,871.877
-20.3
+3.9
+4.8
-7.4
-11.5
-2.0
a
+58.2
+3.4
-2.7
+18.0
+11.5
+8.8
+15.2
+3.7
503,263
3,213,587
485.000.000
1,582,697
a
917,369
a
1,281.721
4.979.594
2,924,342
18,494,524
7,383,634
884,127
3,434,757
539.000,000
2,095.222
a
1,232,129
a
1,244,118
8,385.846
4.693,214
18,398,303
7,411,540
13,812,800
811,018
14,201,100
748,384
-4.1
+8.4
13,837,500
894,941
13,610.700
907,238
7,527.194,057
7,135,587,911
+5.5
540,684,549
597,708,718
-9.5
619,592,427
528,044,875
80.414,038
77,481,662
-5.7
15.888,393
17.170.570
+15.5
641,595,014
848.668,232
-0.9
13,712,505
13,135,912
-5.8
18,774.914
18,811.804
-12.4
+23.4 93,321,441,084 77,348,885,642
15,837.719
13,001,195
-6
172.528.081
177,180,779
-1.3
81,000,711
74.854.508
+22.9
46,428,139
45,272,058
-13.6
10,485,928
11,021,819
+5.8
352.899,464
324.437.390
+5.4
523,920.984
532,834551
+0.9
19,258,297
20.246,835
+14.3
5.461,486
-2.7
8,949,258
+8.1
1,022.794
1,229,000
+1.1
47,204,710
50,633,289
-4.2
984,972
1,097.522
-10.5
1,052,024
1,397.528
-I-20.7 7,898,355,775 8,449,738,232
+21.8
+2.7
12,910,850
14.180,491
*6,000,000
+8.2
8,795,118
3,444,596
+2.8
3,016,792
+5.1
603.404
655,429
+8.7
+1.5
37.500,189
45.420,758
+5.1
--41.8
785,503
840,631
-6.4
4.194,325
4,312,520
-10.0 584,000,000 468,000,000
-25.5
2,187,236
2,379.280
a
aa
-35.5
1,067,100
1,184,100
a
a
a
+1.4
1,291,640
1,550.384
-22.0
13,828.993
6,873,509
-37.7
3,890,402
4,489,627
+12.8
14,487,445
15,582,875
-0.4
6,358,282
8.307,053
-21.4
8,869,103
8,934.730
-18.8
1,280,600
1,429,500
-8.8
47,483.123
51,144.898
-12.1
894.893
934,570
1,315,013
1,208.547
-28.5
+22.5 8,849,006,990 6,026,414.248
-9.0
-11.7
+14.2
-7.9
15,407.750
7,029.845
3.072,725
644,994
10,435,885
7,385,988
3,007.715
567,294
-17.4
47.303,210
36,387,360
-r...1 114 nttlwal _ _ _ :48 131 337 183 90 3(152 707 cm', 4.99 0. 95.312.154.080 79.303.029.523 +20.0 7.977.020.591 6.581.119.417 +21.2 6.980.507.932 8.153.510.418
Ars. 71928.]
FINANCIAL CHRONICLE
2103
CLEARINGS-(Continued)
Month of March.
Clearings at1928.
1927.
Three Months.
Inc.or
Dec.
$
$
%
Third Federal Res erve District -Philadelphi aPa.-Altoona
6,314,549
7,150.138 -17.7
Bethlehem
21,468,085
18,766.338 +4.4
Chester
5,805.209
6,592,716 -22.0
Harrisburg
18,133.127
20,130,339 -9.9
Lancaster
11,922.335
10,117,502 +17.2
Lebanon
2,684,275
2.734.741 -1.8
Norristown
4.209,621
3,919,213 +7.4
Philadelphia
2,259,000,000 2,504,000,000 -9.8
Reading
16,577.705
18,246.152 -5.0
Scranton
31,314.439
29,544,397 +6.0
Wilkes-Barre
17.755,866
17,315,659 +2.7
York
8475.696
7,613,061 -11.3
N.J.-Camden
11,150.206
11,451,853 -2.7
Trenton
26,764,029
27,631,615 -3.2
Del.-Wllmington
a
a
a
Total(14 cities)
- 2,441,575,142 2,685,213.724 -9.1
Fourth Federal Re serve District -Cleveland
Ohio-Akron
28,455.000
26,631,000
Canton
3,258.494
18,309,461
Cincinnati
337,145.935
326,666,520
Cleveland
533,332,906
528,209,157
Columbus
78,400,700
76.400,700
Dayton
a
a
Hamilton
5.088,521
4,549,741
Lima
a
a
Lorain
1,541,870
2,226,897
Mansfield
8,877,096
9,228,073
Springfield
a
a
Toledo
a
a
Youngstown
24,255.427
23,994,698
Pa.-Beaver Co
2,898,068
3.225,659
Erie
a
a
Franklin
1,203,223
1428,289
Greensburg
5.838,495
6,256,277
Pittsburgh
767,061,518
826.971,042
KY.-Lexington
7,036.585
8.418,999
W. Va.-Wheeling
20.089.126
16,069,823
Total(15 chief).
1,824,482.964 1,878.586,316
1927.
Wed Ended March 31.
Inc.or
Dec.
1928.
1927.
1,156.425
3,844,865
1,163,537
Inc.or
Dec.
1926.
1925.
1,424,946 --18.2
4,474,740 --14.1
1,500,356 --22.5
1,258.036
4,098,043
1,131,863
1,332,316
4,956.610
1,599,341
3,084,812
5,661,242 -45.5
6,210,561
8.830,832
550.000.000
3,459,201
6.059.780
3,548,909
2,121,388
615,000.000 --10.6
4,735.359 -27.0
7,207,202 -17.9
3,519,196 +0.8
2,263,966 -6.3
530,000,000
4,174,497
6.401,392
4,544,196
2,312,453
597.000,000
5,574,732
7,040,134
3,996,838
2,928,000
18,808,997
56,150,578
16,474,409
55,394,303
30.913.043
7,929,321
12.486.974
6,892.000,000
52,606.831
85,890,343
52.896,511
24.821,700
31,942,670
98,623.341
a
21,363.526
55,327,159
18,394,689
58,885.064
27.271,387
7,513,867
11,436.513
7,097.000,000
52.753,181
83,694,620
50,039,788
21,612,297
36,348,70
92.637,90
a
-12.8
+1.5
-8.9
-19.4
-13.4
+6.5
+9.3
-2.9
-0.3
+2.6
+5.7
+14.9
-12.1
+65.5
a
-2.1
a
5,127.820
a
5,960,512
7,436,939,021
7,634,278.696
-2.6
580,082,457
651,539,447 -11.0
565,258,861
639,219,313
72,816,000
51,151.379
940.374.552
1,523.254,210
218,600,700
a
12,385.358
a
5,374,102
25.072.698
a
a
72,246,435
9,208,338
a
4,062,130
17,831.608
2,391,379.528
27,717.637
61,115,660
-12.9
-24.4
+7.2
+4.1
+4.0
a
+0.9
a
-10.5
-1.4
a
a
+3.1
-4.3
a
-7.4
+13.0
-6.0
+31.5
+11.7
7,649.000
3,258,494
72,158,187
116,547,118
14,454,600
a
6,751,000 +13.3
3,670,456 -11.2
74,527,854 -3.2
124,852,866 -6.7
18,388,600 -21.4
a
a
7,851,000
3,644,521
81.080,915
123,625,188
18,564,800
a
5.373,000
3,982.575
79.239.788
120,543,115
19,161,200
a
1,801,196
1,814,318 -0.7
a
a
a
a
5,440,395 +10.5
-7.2
-16.4
+24.9
82,226.000
38.827.660
1,007.711,894
1,584,999,499
227,253,300
a
12,501,399
a
4,809,735
24.717,193
a
a
74,502,126
8,815,784
a
3,763.534
20.150.00
2.247.709.11
36,443.970
57,106.292
-2.9
5,431,537,498
5,422,590,335
+0.2
+6.9
-82.1
+3.2
+1.0
+2.6
a
+7.8
a
-31.6
-3.2
a
a
+ 1.2
-10.2
a
-15.8
Fifth Federal Rase rve District-RichmondW. Va.-Huntington.
5,347,899
6,329,723 -15.5
Va.-Newport News_
a
a
a
Norfolk
22,121,898
23,854,229 -7.3
Richmond
194,533,000
215,315,000 -9.7
N. C.-Asheville_.
a
a
a
Raleigh
10,616,094
13,027,882 -8.7
Wilmington
a
a
a
S. C.-Charleston_ _ _
10.998,508
10,243,676 +7.4
Columbia
11,430.629
9.238,548 +23.7
Md.-Balitmore
459,001,203
485,001,309 -5.4
Frederick
2,078,130
2,170,132 -4.3
IIagerstown
8,410,970
3,609,988 -5.5
D. C.-Washington
122,284,990
121,510,442 +0.6
Total(10 cities).
841,821,321
890,300,929 -5.4
Sixth Federal Rase rye District-AtlantaTenn.-Chattanooga _
39,595,446
37,362,078
Knoxville
15,482,820
14.057.667
Nashville
104,304.986
102,489,969
Ga.-Atlanta
227.470,616
227,465,991
Augusta
9,234,223
9,430,945
Columbus
4.811,986
5.010,941
Macon
9,631,583
9,055,317
Savannah
a
Fla.-Jacksonville_
,804,859
818
104.696,131
Miami
18,282,000 - 33,845,000
Tampa
18.048,272
23,703,397
Ala.-Brimingham _ _ _
107.657,908
108,245,405
Mobile
7,383,407
8,838,220
Montgomery
7,907,872
6.811,372
Miss.-Hattiesburg- 7,223,000
7,830,000
Jackson
8,338,000
7.043,255
Meridian
4.072,024
5,219.598
Vicksburg
1,647.423
1,664428
La -New Orleans_
257,121.779
256,531,902
Total(18 cltle4)--930.038,204
969,301,618
1928.
5,643.540
a
5,752,440
a
a
6.0
'
13.662
a
a
a
a
154,343.604
+7.0
151.868.208
165.266,985
387,048,601
389,789,093
-0.7
393.468,855
401,643,260
•
18.605,045
a
75,054.324
616.057,000
a
36.026,101
a
31,636.649
23.429,369
1,379,345,575
5.763,483
10,245.668
341,933,457
2.412,663,847
2.538.096.671
+0.2
109.432,958
45,597,488
301.635,646
662,985,561
25.356.129
13,979.227
27,436.901
a
236,096.036
49.552,000
52,987.100
315,883,822
21.528,992
23.494.018
22,625,000
27,165.263
12,797.820
5,721.809
765,186,409
101,148,915
41.861,131
284,693,267
658,699,871
27.220,770
14,028,647
25,551.755
a
299.278,216
98,867.698
70,339,828
313,046,363
27,432,846
21,008,536
26,193,084
23.519.946
13,463.079
5,684.177
760,990,405
+8.2
+8.9
+6.0
+0.7
-6.8
-0.4
+7.4
a
-11.1
-49.9
-24.1
+0.9
-21.5
+11.8
-13.6
+15.5
-5.1
+0.6
+0.7
390,500
52,283.500
-4.1
2,719,462,279
2,812,928,534
-3.3
179.351,297
157,445.998 +13.9
--15.9
a
--8.8
--10.9
a
-10.7
a
1,045,041
1,172,943 -10.9
1,377.318
1,817,055
4,722,424
41,707,000
5.013,475 --1.9
48,159,000 --13.4
7,634,926
48,954.000
7,979,889
51.542.000
*2,000,000
+20.7
92,402,216
+2.4
+0.7
-0.5
2,130.619
1,998,468
120,855,261 -23.5
105.257,471
125,252.411
26,634,787
28,318,205
-5.9
26,774,641
25,902,238
168,511468
205,649.503
-9.1
191,996,824
212.293.653
7,287,267
*2,750,000
20.380.805
*46,000,000
1.938.407
6,464,070 +12.7
*2,800,000 -1.8
20,793,932 -2.0
46,117,705 -0.3
1.830,971 +5.9
6,614.822
2,418,537
19,128,272
66,212,057
1,919,898
6,389,817
3,006,711
20,494.258
59.254,436
2.092.627
945.054
a
16.718,362
4,330,000
1.920,317 -50.8
a
21,487,417 -22.2
6.967,872 -37.9
1,675,468
a
29,487,971
13,605,277
1,712,515
a
23,425,209
13.082,210
23.060,741
1,678,661
23,542,737 -2.0
1,996,126 -15.9
26,708.918
2,323,045
26,815.798
2.257,225
+2.8
1,329,000
1,309,423
371,637 +5.1
21,906,308 +138.7
445,278
65,762,316
440,723
59,105,939
237,630,859
219.388,891
255,119
1,280.927
164,457,078
271,198
979.836
147,998,212
1,488.000
1,246,976
Seventh Federal R eserve Distric t-ChicagoMich.-Adrian
1.184,121
973.658 +21.6
3.478,915
3,115,177 +11.7
Ann Arbor
249.399
315.318 -20.9
4.297.442
4.835,518 -11.1
12,320,738
15,539,444
Detroit
1,339,013
1,305,321 +2.6
795.509,426
742,312.148 +7.2 2.240,403,431 2,056,626,493 -21.3
Flint
+8.9 173,898,450 158,936,772 +9.4
16,194,989
15,161,611 +6.8
45,689,973
41,469,272
Grand Rapids
+10.2
33.762,602
35,476.561 -4.8
102,002.956
102.830,914 -0.8
Jackson
8,748,323
8,390.844
8,629,036 -21:3
8.574,619 -2A
27.525,805
24.811,137 +10.9
Lansing
11.394,647
11,054.261 +3.1
34.824,978
31,656,161
+10.0
Ind.--Ft. Wayne_
2.760.982
13,908.472
2.485,000
+11.1
13,005,863 +6.9
40,588,098
36,094,154 +12.5
Gary
2.440,191
23,607,904
2,643,593 -7.7
27,193,667 -13.2
70,441,900
73,022.006 -3.3
Indianapolis
98,988.000
101,906.000 -2.9
295,864,000
301.274,410 -1.8
South Bend
19.261.000
12,082,000
21,064.000 -8.6
14,257.100 -15.2
38,049,338
38,160.600 -38.7
Terre Haute
2,552,900
25,181,756
3,259.700 -21.7
25,668,046 -1.9
74,361,355
82.848,549 -10.2
Wis.-Madison
4.791,865
17,918,353
4,747,682 +0.9
15,805,179 +13.4
51,749,320
49,928,653 +3.6
Milwaukee
181.361,646
198,498,807 -8.6
536.511,598
562.765,57
0
Oshkosh
-.4.7
4,768,441
38.878.257
40.650.203 -9.3
4,649,324 +2.6
12,681,581
12,629,073 +0.4
Iowa-Cedar Rapids.
14.979,314
13,493,447 +11.0
38.827.210
35.890,655 +49.9
Davenport
2,731,302
48,046.619
3,011,676 -9.4
47,572.753 +1.0
140,570,138
132,305.696
Des Moines
+6.3
47,557,484
47,584,192 -0.1
128,024,021
124.556.958 +2.8
Iowa City
9,691.955
2,369.702
11,104.958 -12.7
2.291,211 +3.4
5.869,077
5.896,489 -OA
Mason City
Sioux City
33,137,551
31,831,862 +4.1
89,255,312
86,579,655 +3.1
Waterloo
7,211,154
6,166,007
5,951,130 +3.6
7.184,594 +0.4
16,111,756
16.257,026 -1.1
Illinois-Aurora
8.168.879
5,818,029
7,564.279 -23.1
1,412.424 +336.6
16.392,082
20,885,887 -21.5
Bloomington
10.058,821
8,432,321 +19.3
24,461,030
20,415,267
+19.8
1,855.857
Chicago
3455,823,170 3.099.149,297 +1.8 9.075,379,628 8,623.839,1
2.025.176
-8.4
45 +5.2 691,432,441 680.159,86
Danville
a
a
a
8 +1.7
a
a
a
a
Decatur
5,844,254
a
6.271.833 -6.8
a
16.895.697
17.417.940
-3.0
1,164.315
Peoria
25,521,536
1.297,407 -10.3
22,880,318 +11.5
70,207,324
63.600,780 +10.4
4,946,398
Rockford
16.340,197
4.897,035 +1.0
15,743,204 +3.8
42,558,537
43,406,291
-1.9
3,539,373
Springfield
4.080.917 -13.3
13,023,578
13,882,077 -6.2
35,601,242
37,483.912 -5.0
2.914,253
3,123,618 -6.7
Total(29 citles)
4,833,236,905 4,542.020,286 +2.0 13,284,647.040 12,661.307,314
+4.9 982,574.101 962.334.298 +2.1
Eighth Federal Re serve District -St. LouisInd.-Evansville _ _
22,205,203
26,681,621 -16.8
46,535,082
72,498,481 -37.5
4.175.561
5.824,294 -28.3
New Albany
*830,000
870,657 -4.7
2,386.929
2,414.676 -1.2
Mo.-St. Louis
627,509,120
657,016,742 -4.5 1,874,088.174 1,870,129,680 -0.2
134,300.000 139,400,000 -3.7
Springfield
a
a
a
a
a
a
166,615,381
Ky.-Louisville
166.507,712 -0.1
511.080,379
468,229,565 +9.2
31.701,929
33.888.582 -6.7
Owensboro
1,559.604
1,936,200 -19.5
5,907,450
6,296,885 -6.2
311,156
315,492 -1.4
Paducah
11,896,600
8,497,196 +40.1
31,266,753
28,267.923 +10.6
Tenn -N1em phis_ _
92,468,286
102,423.122 -9.7
279,276.009
283,477,459 -1.4
18,150.044
19,700,000 --7.9
Ark -Little Rock__ _
59,976,438
63.688,724 -4.3
180,216,713
179,731.365
+0.3
11,788.130
11,935,665 --1.2
III --Jacksonville_
1,680,186
1,708,625 -6.6
4,432.714
4,850.563 -28.0
310.364
424,490 --26.9
Quincy
8,147,510
7,877,792 +3.4
20,392,172
19,722,357 +3.4
1,662,527
1,882,950 --11.7
T ,tal (10 cities) - 992.888.418 1,037,298,391 -4.3 2,955,582,375 2,935,618,954
+0.7 202,399,711 213.371.473 -5.2
a
•
2,062.690
a
a
6.013.997
165.166,344
15,654,237
a
68.440,555
551,883,964
a
32,152,972
a
30,468.754
28.272,365
1.329.370,057
5,901.676
10,329,920
340.189.347
+6.0
i-10.1
--3.0
+0.1
--1.8
---1.0
+6.7
a
--22.3
--46.0
--23.9
-0.5
--13.0
+16.1
--7.7
+18.4
--20.0
a
1,938,638
a
a
4,895.585
9,011,873
8,084,935
2.300,000
2,551,953
2.376,488
2.621.228
20.390,000
3,172,383
4,724,415
14,731,000
2,650,500
6,392,315
40,187,156
43,128,363
3,021,905
3,397.182
11,439,426
12,877,673
7,290,999
1,542,163
8,401.846
1,531.736
1,920,983
660.876,830
a
1,315,295
5,398,226
4,180,159
3,552,700
2.050,547
724,466,564
a
1,641,703
5,242,557
3,563.591
4,156.082
948,860,590
992,569.356
5.096,613
5.511,549
155.700,000
144.700,000
32,573,061
400,388
33.099,956
358,773
18,705,110
12,158.810
378,395
2,044,761
18,807,798
11,609.158
433,214
2,038,992
227,057,138
216.559.438
[VOL. 126.
FINANCIAL CHRONICLE
2104
CLEARINGS-(Concluded).
1927.
1928.
Week Ended March 31.
Three Mon ho.
Month of March.
Clearings at
Inc.or
Dec.
1927.
1928.
Inc. or
Dec.
1928.
1927.
Inc.or
Dec.
1926.
1925.
Ninth Federal Res erve District -Minneapol I 528,100,767 +5.4
29,619,853
Minn.-Duluth_
308,330.989 +10.4
340,304,086
Minneapolis
2,299,050 +9.9
2,527.405
Rochester
135,862,730 +1.6
137,980,845
St.Paul
8,731,290 +8.2
9.446,679
No. Dak.-Fargo. _ _
5,904,000 -3.5
5,695,000
Grand Forks
1.263,536 +18.2
1,493,395
Minot
+54.5
3,908,944
_
6,030,944
-Aberdeen.
D.
S.
7,596,745 +0.4
7,628,127
Sioux Falls
2,467,593 +20.0
2.960,051
Mont.-Billings
3,611,985 +47.9
5.340.429
Great Falls
12,336,127 +14.6
14,141,883
Helena
+9.3
571,236
624,445
Lewistown
81,581,430
954,785.208
7.589,636
390,057,400
25,565.427
16,294,000
4,382,705
15,798.243
21,088,499
8,114,731
14,504.290
39,502,750
2,036,409
77.402.624
862.300.200
6,695,310
370.259,218
23,343,074
16,002,000
3,450.956
13,436.586
21,692,470
7.351,340
10,415,407
35,090,815
1,666,955
+5.4
+ 10.7
+ 13.4
+5.4
+9.5
+1.8
+27.0
+17.6
+2.8
+10.4
+39.3
+ 12.6
+22.1
6,234,319
68.507,215
5.460,663 +14.1
+7.0
64.000,656
5,250,378
63,990,340
8.081,608
78,559.501
27,132,232
11,732,152
+3.4
26,263.081
1,623,932 -27.8
25,073,403
1,727,533
32,090,317
1,873,003
1.271.920
1,078,144 +17.9
1.382,548
1,434,414
518,721 +29.7
481,609
557,561
+5.1
2,785,087
2,573,396
+8.2
1,581,300,728
1,449,106,955
+9.1
118,255,983
101,605,197 +16.4
100,690,988
125,149,800
-5.8
+ 16.7
+7.0
+11.0
-19.7
a
a
+5.2
+12.4
-25.0
-9.7
+6.7
a
5,372,590
7,192,546
68,462,225
567,097,494
27,618,589
a
a
45,331,675
111,379,895
17,583,838
1,686,470,935
94,679,628
a
+4.6
+24.3
+9.7
+11.1
-10.7
a
a
+10.1
+9.3
-14.7
-7.7
+8.0
a
324,561
500,156
4,908,161
40,392,037
368,604 -11.9
458,597 +9.1
4,787,027 +2.5
38,486,389 +5.0
•
346,748
709.803
5,132,628
39,711,082
432,451
692,335
5,601,956
41,459.857
+8.5
+8.6
2.140,727
6,754,364
3,861.107
7,381,239
135,650,067 -12.7
5,786,199 +6.4
117,846,895
6.590,776
133,776,535
7,362,847
a
-10.4
-13.5
+5.0
-32.6
+19.5
a
369,739,696
145,842,675
16,536,984
374,292,485
17,837.312
5,138,136
5,786,080
62,416,894
510,141,133
30,936,469
a
a
41,180,735
101,914,539
20,622,263
1,826.971,285
87,636,305
a
666,407
a
390,627,782
156,434,971
14,969,538
393,349,991
16,158,314
a
-5.3
-6.8
+10.5
-2.8
+10.4
1290.883
*21,000,000
1,258,266
-7.9
3,555,438,567
3.664.950,842
-3.0
230,465,353
Eleventh Federal Reserve Distr let-Dallas7,416,588
7,685,553
Texas-Austin
8,287,000
8,392,000
Beaumont
220,543,123
218,410,754
Dallas
21,742,147
24.737,119
El Paso
52,439,282
52,063,540
Fort Worth
47,114,000
20.378,000
Galveston
163,705,582
141.490,536
Houston
2,629,402
2,387,290
Port Arthur
2,626,218
2,773,496
Texarkana
a
a
Waco
14,095,000
11,997,000
Wichita Falls
23,283,455
23,701,441
La.-Shreveport
+3.6
+1.3
-1.0
+13.8
-0.7
-56.8
-13.6
-9.2
+5.6
a
-14.9
+1.8
22,168,198
26,060,000
658,581,905
72,108,599
168,417,280
65,603,000
416,327,714
7,545,642
7,993.753
a
35,631,000
74,169,824
19,877,816
25,618,000
647,281,849
61.877,311
154,627,706
158,847,000
480,569,296
7,763,452
7.806,449
a
43,630,000
73,302.257
+ 11.5
+1.7
+ 1.7
+ 16.5
+8.9
-58.7
-13.3
-2.8
+2.4
a
-18.3
-1.2
563,881,797
-8.8
1,554,606,915
1,681,185,136
-7.5
Twelfth Federal R eserve Distric t-San Franc isco-4,810,000 -19.0
3,897,000
Wash.-Bellingham..
210,232,355 + 10.1
231,365,325
Seattle
+8.5
55,681,000
60,404,000
Spokane
a
a
a
Tacoma
6,431.860 +4.1
6,694.518
Yakima
4,667,977 +3.0
4,807,269
Idaho-Boise
2,185,000 -16.3
1,828,000
Oregon-Eugene
165,922,734 -5.6
156,573.494
Portland
6,036.105 +7.2
6,471.938
Utah-Ogden
71.652,335 +4.5
74.901,159
Salt Lake City
2.670,429 +8.9
2,907,075
Nevada-Reno
13,015,900 +17.5
15,297,000
Arizona-Phoenix..._
5,715,480 -0.2
5,701,775
Calif.-Bakersfield_
22,955,753
22,787.179
Berkeley
18,547,096 -19.3
14,888,331
Fresno
32,576,015 +7.4
34.975.206
Long Beach
877.742,000 +4.4
916,043.000
Los Angeles
+7.7
3,425,201
3.688.846
Modesto
+4.6
84.874,721
88.801.972
Oakland
33,323,061 -2.9
32,361.500
Pasadena
-12.6
5.446,647
4.759,162
Riverside
37,677,030 -6.2
35,341,847
Sacramento
27.332,297 -10.8
24,537.976
San Diego
866,544,000 + 17.7
1,020,172,091
San Francisco
10,858.883 +14.6
12,446.154
San Jose
6,204,664 +16.1
7,205,526
Santa Barbara
9,757,427 -2.7
9.497,850
Santa Monica
2,033,095 +7.7
2,189,240
Santa Rosa
+8.4
11,128,400
12,061.900
Stockton
10,030,000
606.106,225
165,724,000
a
18.132.428
14,893,753
5,355.000
438,823,807
21,198,721
226.065,507
8,159,318
45.396,000
16,842,772
67,281,476
45,914,784
101,135,593
2.536,793,000
11.589,901
254,230,879
96,920,891
13.985,807
97,493.522
71,563.092
2,841.892,812
38,738,620
21,593,398
27,086,545
6,348.973
35,271.900
11,581,000
556,544,278
152.046,000
a
17.183,640
13,758,248
6,028,750
452.501,030
17,456,804
211,640.072
7,992.606
37,705,900
17,179,591
64,855,390
52,589.918
02.332.226
2.459,395,000
10,766,724
247.000,469
94,018,156
16,294.492
107.091,440
85,322,071
2,441,730,518
36.125,087
18,155,355
27.523,197
5.803,247
36,288,300
-13.4
+8.9
+10.3
a
+5.5
+8.3
-11.2
-3.0
+3.5
+6.6
+2.1
+20.4
-2.0
+3.7
-13.5
+8.1
+2.8
+7.6
+5.1
+3.1
-12.4
-9.1
-14.1
+16.4
+7.2
+18.9
-1.6
+9.4
-2.8
+8.2
7,844,568.724
7,296,909,509
+7.5
Total(13 cities)._ _ _
563,793,142
520,984,992
Tenth Federal Res erve District- -Kansas City
2,049,671
1,930,304
Neb.-Fremont
2,199,527
2,567,730
Hastings
24,364,443
26,072,548
Lincoln
193,502,966
214,840,620
Omaha
10,276,691
8,253,142
Kan.-Kansas City_ _
a
a
Lawrence
a
a
Pittsburgh
14,321,053
14,925,216
Topeka
34,370,690
38,636,262
Wichita
7.730,306
5,797,486
Mo.-Joplin
649,381.245
586,146,681
Kansas City
30,852,700
32,914,780
St. Joseph
a
a
Okla.-Lawton
McAlester
a
a
Muskogee
139,645,171
125,058,453
Oklahoma City_ _ _ _
56,509,367
48,894,462
Tulsa
5,242,853
5.501,820
Cob -Cob.Springs
140,209,291
94,565,258
Denver
5,559,442
6,640,862
Pueblo
Total(16 cities)
Total(12 cities)._
1,212,748,624 1,316,221,416
514,016,729
Total(28 cities).--- 2,812,596,323 2.599,447.465
583,145
2,795,000
2.679,065
7,580,910
118.433,998
6,155,568
26,141,742
1,478,717
2.660,000
2,469,762
6.977,942
a
a
28,586,386 -8.6
a
a
651,822 +67.4
20,829,433 +0.8
1,254,723 +0.3
246,306,951
-6.4
a
a
23,815.549 s 22.440,998
a
a
735,193
512,795
24,945,635
21,938.184
1.161,219
972,952
226,470,503
249,851,372
1,736,848 -14.9
1.358,418
3,376,791
+0.7
40,543,177
42,909,720
11,426.150 -11.1
10,157,000 -59.6
a
a
10,688.560
10,406,900
a
10,126,076
8,165,500
a
45,264,613
44.953,603
10,160,476
4,379.000
a
4,525.942
4,507,927
+0.4
4,017,028
4,797,778
65,808,748
72,781,528
-9.8
67,014,083
69,375,863
47,880,098
10,741,000
a
1.084,392
43,300,920 +10.6
9,948,000 +8.0
a
a
1,164.558 -7.3
42.074,901
9,652.000
a
1,479.930
36,091,464
9,924.000
a
1,486,534
32.698.761
41,229,743 -20.7
40,727.395
36,060,356
14,343,880
15,478,158
a
a
-7.3
a
a
17,235,245
a
a
14,608,484
3,098,552 -21.3
6,931.769 +0.5
204,399,000 -6.9
3.457.928
6,819,796
171,468,000
2.784,837
7,145,388
148,327.000
a
2,438.642
6,968.798
188,188,000
a
17,974,806
6,308.179
17.359,932
6.682,175
+0.1
-5.4
20,948.832
6,736,754
18,923,854
6.186.535
4,342.059
4.582,422
199,883,000
2,413.071
1,244.160
1,761,323
6.607,585
5.675,537
194,027,000
2.166,989
1.258.188
2,122,986
-34.3
-19.3
+3.0
+11.4
-1.1
-17.0
6.870,184
6,455,242
195,391,000
2,720.700
1,817,575
2,188.097
6,660.988
6,304,495
180,477,449
2.848,718
1,201,827
1,673,969
2,502.600
545,355,191
2.222 200 + 12.6
2,322,300
2.101,200
-3.2
538,365,879
481,817,098
563.673,292
134,535,590,380 +12.8 11 977558056 10743.324.913 +11.5 11,098.923,939 10289,721,235
Grand total(193cities) 55,493,274,305 48,940,295,438 +13.4 151,636,095,131
57,186.704.738 +2.0 4,079,202,281 4.293,586.681 -5.0 4,247,826,940 4,263.306,989
Outside New York__ 20,039,439,216 20,212.540,589 -0.9 58,314,654,047
MARCH 29.
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING
1928.
1927.
Week Ended March 29.
Five Months.
Month of March.
Clearings at-
Inc.or
Dec.
%
+32.6
+26.2
+10.3
+29.2
+17.0
+0.7
+16.4
+8.1
+53.3
+12.0
+22.6
+1.8
+31.6
+21.1
+9.2
+27.7
+31.9
+5.6
+17.6
-1.6
+15.9
+62.5
+2.6
-2.0
+4.4
+8.3
+8.9
-1.7
+7.8
-4.0
+3.0
1928.
$
1,841.831.309
1,864,439,376
637,267,246
275,463,472
93.395,076
77,731,303
38,915.172
75,216,359
156,053,836
34,257,030
30,956,052
40,398,909
79,494.354
58,264,853
6,648,651
8,176,130
28,294,815
15,730,441
16,503,743
11,005,718
9,963,089
5,273,110
11,166,658
11.167,995
15,345,033
53,296,680
5,410,344
10,573.325
9.613,396
10,873,742
7,792,736
1927.
8
1,369,423,785
1,432.922,019
543,700,084
211,236.384
78,539,076
74,890,032
35,806,143
66,483,266
06,563,656
31,659.731
25,551,746
37,452,399
61,352,689
47,294,288
6,058,516
6.202,163
20.715,962
14.585,482
13,765,076
10,114,692
9,063,033
3,331,366
10.092,965
10,939,497
13,244,552
52,162,924
4,794,682
10,220,447
8,466,914
9,907,995
7,601.640
Inc. or
Dec.
%
+34.5
+30.1
+17.3
+30.4
+19.0
+3.2
+8.7
+13.0
+61.6
+7.6
+21.1
+7.9
+29.6
+23.2
+9.7
+32.0
+36.6
+2.4
+19.9
+88.0
+9.9
+58.3
+10.6
+2.1
+15.9
+2.1
+12.8
+3.5
+13.8
+9.8
+2.5
1928.
1927.
Inc. or
Dec.
$
2
$
132,997,924 104,832.766 +26.9
128.380,158 102,182,083 +25.6
39,922,192 +15.8
46,226,216
14,947,261 +35.9
20,320,228
4,831,420 +27.4
6,155,220
5,950,559 -12.8
5,189.535
2,418.440 +14.8
2,776,169
4,727.901 + 10.2
5,210,422
6.466,336 +77.6
11.485.679
2,446,243 +2.0
2,494,854
1,767.809 + 16.1
2,053,038
2,565.984 +5.4
2705.526
4,070,097 +32.2
5,381.610
3,216,900 +25.8
4,047.786
453,700 +0.7
456.855
437,359 +24.6
544,725
1.559,721 +29.1
2,013.023
947.936 +11.5
1,056.798
950,369 +19.5
1,136,050
661,859 +14.4
759,926
654,170 + 13.2
740,606
447,341
226,972 +97.2
699,283 +11.2
777.672
734,933 +2.5
753.390
990,976 +6.2
1,052 060
4,605,221 -4.0
4,420,034
329,143 +18.0
388.407
689.106 +3.9
715,672
526,375 + 19.2
627.333
1926.
1925.
2
$
98,660,589 113,453,911
83.641.921
92,300.030
38,342,263
53,869,818
13.463,011
16,786.429
5,344,095
5,616.043
4,378,278
4,806,920
2,500,853
2,821,617
4,401,919
4,202,061
8,612.473
6,494,437
2,280,050
2,349,247
1,906,190
1,799,640
2,639,744
2,206,320
4,525,404
5,286,565
2,708,576
3,375,666
481,970
425,950
389,303
450,154
1,381,810
1,570.554
881.264
853,218
843,620
875,963
535,419
648.785
664,053
545,301
268,402
235.227
663.849
755.976
790.194
822,380
1,137,227
813,014
3,066,116
2,815.577
327,792
369,258
754,088
695,428
576,919
568,883
$
$
Canada477,826,779
633.871.482
Montreal
483,752,825
610.680,280
Toronto
199,925,098
220.697.808
Winnipeg
73,888,449
95.488,414
Vancouver
27.702,324
32,405,486
Ottawa
26,385,539
26,583.848
Quebec
12,130,183
14.241,643
Halifax
23,270,796
25,169,580
Hamilton
35,805,991
54.897,855
Calgary
10,744,933
12.034,613
St. John
9,272,728
11,364.042
Victoria
12,972,348
13,255,340
London
20,227,729
26.614,787
Edmonton
16,428,093
19.886.022
Regina
2,105,775
2,297,690
Brandon
2,234,019
2,853,699
Lethbridge
7,286.142
9,608.718
Saskatoon
4,950,409
5,177,232
Moose Jaw
4,823,534
5,669,176
Brantford
3,664.285
3,603,851
Fort William
3,209,070
3,719,565
New Westminster....
1,237.849
2,011.053
Medicine Hat
3,430,498
3,520,478
Peterborough
4,016,895
3,937,604
Sherbrooke
4,618,451
4,821,143
Kitchener
20,050,321
21,719,762
Windsor
1,724,480
1.878.527
Prince Albert
3,447,971
3,388,286
Moncton
2.959,077
3,188,390
Kingston
3.504,757
3,365,836
Chatham
2,678,510
2,769,065
Sarnia
SS
391.313.254 314,813.114 +24.3 290,185.292 323.794,472
5.540.519.953 4,324.149.204 +28.1
IS Total (31 cities)... 1.880,691.275 1.506.275.858 +24.9
figures. c Week ended Mar. 28. d Week ended Mar. 29. a Week ended Mar. 30. • Estimated.
a:No longer report clearings. b Do not respond to requests for
APR. 7 19281
FINANCIAL CHRONICLE
2105
THE CURB MARKET.
-Bar Silver per oz. std.- Bar Gold
Cash.
Two Mos.
per oz. Fine.
There was a broad market in Curb securities this week Mar. 15
265-16d.
26%d.
84s. 11%d.
Mar.
267-16d.
26%d.
84s. 1135rE
-and while the volume of business did not equal preceding Mar. 16
17
26 7-16d.
26%d.
84s. 11%d.
Mar. 19
2634d.
26 5-16d.
weeks, still the total transactions were heavy. Realizing Mar.
84s. 11%cl.
20
26 7-16d.
26%d.
84s.
11%d.
Mar.
21
sales caused some irregularity but the undercurrent was Average
6%d.
263-156.
84s. 11%d.
26.4156.
26.229d.
848. 11.5d.
strong. Conspicuous among industrials was Amer. CyanaThe silver quotations to-day for cash and two months' delivery
are the
mid, class B, which sold up from 38% to 44%
5 and down same as those fixed a week ago.
finally to 42%. Columbia Graphophone advanced from
48 to 61%. Deere & Co. weakened from 3033
4 to 296%, ENGLISH FINANCIAL MARKETS-PER CABLE.
then ran up to 326, the close yesterday being at 3203(.
The daily closing quotations for securities, &c., at London,
Fajardo Sugar rose from 159 to 163%. Lehigh Valley RR. as reported by cable, have been
as follows the past week:
Coal ctfs. were heavily traded in up from 275
5
Sal..
% to 34%
Mon..
Tues..
Wed.
Fri..
Mar. 31. April 2. April 3, April 4. Thurs..
and at 33% finally. Mengel Co. moved up from 54% to
April 5, April 53
per oz__ 2634d.
25 6-16d. 26%d.
26 5-16d. 2634d.
75 and ends the week at 73%. Niles-Bement-Pond, com., Silver,
Gold,per fine oz 848.1134d. 84s.1134d. 848.11%d. 848.1134d. 848.1134d.
gained almost 11 points to 44% with the final transaction Consols,2%%_
55%
55%
5534
56%
102%
102%
102%
at 44%. Safeway Stores advanced from 463 to 490 and British, 5% _
103
Holiday
British, 4%%
9734
97%
97%
98
Good
sold finally at 485. Public utilities, generally, were higher French Rentes
Friday
(in Faris)_fr_
69.00
but changes were small. Oil stocks were higher. Vacuum
68.75
68.25
67.65
French War L'n
Oil, after early loss from 144% to 1433
4, moved up to (in Paris) fr_
89.50
88.80
87.80
87.75
149%, the close yesterday being at 148%.
The price of silver in New York on the same days has been:
A complete record of Curb Market transactions for the Silver in N.Y., per oz. lets.);
Foreign
57%
57
57%
5734
57
week will be found on page 2130.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended April 6
huldtMisci
.Saturday
Monday
Tuesday
Wednesday
• Thursday
Friday
343,540
.428,365
.281,567
301,780
.466,240
Oil.
89,800
122,790
94,750
72,200
108,760
Mining.
BONDS (Par Value).
Domestic.
24,220 82,324,000
73,250
3,150,000
53.540
3,289,000
69,730
2,845,000
82,180
3,795,000
HOLI DAY
Foreign Gal.
$230,000
345,000
421,000
763,000
606,000
Total
1,821,492
488,300
302,920 $15,403,000 $2,365,000
• In addition rights were sold as follows: Monday. 52,800; Tuesday,
83.950;
Wednesday, 40,900; Thursday. 101,000.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
amuel Montagu & Co. of London, written under date of
Mar. 21 1928:
GOLD
The Bank of England gold reserve against notes amounted to
£156,912.225 on the 14th inst. (as compared with £156.983,005 on the previous
Wednesday), an increase of £3.005.910 since the 29th April
1925-when
-an effective gold standard was resumed.
Only about £85,000 bar gold was available in the open market yesterday,
-and the usual weekly Trade and Indian demands necessitated the
withdrawal of gold from the Bank as shown below.
The following movements of gold to and from the Bank of England
have
.been announced:
Mar. 15. Mar, 16. Mar. 17. Mar. 19. Mar. 20. Mar. 21.
Nil
Nil
Nil
Nil £500,000
Nil
£10,000 £514.000
Nil
Nil £50,000 £48,000
The above figures show an efflux of £122.000 during the week
under
review. On the 16th inst. rzoomo sovereigns were set
aside on account
of South Africa. but this operation was neutralized by
the release of a
similar amount on the 20th inst. on the same account.
The following were the United Kingdom imports and exports
of gold
-registered in the week ended the 14th inst.:
Imports.
Exports.
Russia (U. S. S.-R.)
£18,650 France
£5,999,960
liritish 'West Africa_
21.478 Germany
33,330
British South Africa
15.050 Switzerland
37,500
Other countries
8.601 Egypt
25.070
British India
42,889
Other countries
10,819
Received_
Withdrawn
__
£63,779
£6,149,568
The "Times" correspondent at Johannesburg reported
on the 16th inst.
that negotiations were proceeding there for the transport
of Rhodesian
gold by air to the refinery at Germiston. An official
of the Rhodesian
Aviation Syndicate, Sir Alan Cobham, and Major Miller
have taken part
In the negotiations. The Transvaal Chamber of
Mines will probably
establish a permanent aerodrome near Germiston with
an eye to the possibilities of transport of gold by air to Europe.
SILVER.
Relieved from pressure of sales on China account and
assisted by a measure of support from the Indian Bazaars, the market has been
steadYduring
the week. The quotations on the 19th inst.,
26%cl. for cash and 26 5-16d.
for two months' delivery, proved the highest. Since then
they have sagged
daily. At the higher rates America has been disposed to
offer silver.
Last week 265 silver bars were shipped from Marseilles
per the SS.
"Naldera" for Bombay.
The following were the United Kingdom imports and
exports of silver
'registered in the week ended the 14th inst.:
Imports.
Exports.
U. S. A
£21,000 British India
£64,250
Mexico
56,000 Other countries
17,302
Other countries- _ _
8.879
85,879
81.552
INDIAN CURRENCY RETURNS.
(/n Lacs of Rupees.)
Feb. 29.
Mar. 7.
Mar. 15.
Notes in circulation
18578
18540
18614
Silver coin and bullion in India
10636
10598
10572
Silver coin and bullion out of India
Gold coin and bullion in India
2976
2976
2976
Gold coin and bullion out of India
Securities (Indian Government)
3789
17g*
5ff3o
Securities (British Government)
377
377
377
Bills of exchange
800
800
900
The stock of silver in Shanghai on the 17th instant consisted
of about
53.400,000 ounces in sycee, 83.800,000 dollars and 3,180 bars, as
compared
with about 53,300.000 ounces in sycee, 82,400,000 dollars and
2,600 bars
on the 10th instant. Quotations during the week:
Sonuturciat and10iscellancons4ms
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.
Mar. 29-The First National Bank of Snyder. N. Y
Correspondent, William J. Daetsch, 616 Prudential $50,000
Building, Buffalo, N. Y.
Mar. 29-The National City Bank of Scranton, Pa
Correspondent, E. Y. Harrison, 1203 Schlager St., 200.000
Scranton, Pa.
Mar. 31-The Peoples National Bank of Cliffside Park, N. J
Correspondent, H. G. Peter, 602 Palisade Ave., 100,000
Grantwood, N. J.
CHARTERS ISSUED.
Mar, 26-The Bank of America National Association,
New
York, N. Y
President. E. C. Delafield; Cashier, Charles E. Curtis.$6,500,000
Conversion of The Bank of America, New York. N. Y.,
with seven branches located within the City of
New
York, N. Y.
Mar.26-Commercial Exchange National Bank in New
York,
N.Y
President, Lionello Perm,: Cashier, Guido Perera. 1,500.000
Conversion of Commercial Exchange Bank of New
York, N. Y., with one branch located within
the City
of New York, N. Y.
Mar.31-The Mobile National Bank, Mobile, Ala
President, Wm. B. Taylor; Cashier, E. S. Wahl. 200.000
Conversion of The State Savings Bank, Mobile,
Ala.
CHANGES OF TITLES.
Mar.26-The Morgan County National Bank of
Ala.,
to "The Morgan County National BankAlbany,
Decatur,"
Alabama, to agree with change in nameofof
place in
which bank is located.
Mar.29-The First National Bank of Northport, New
York,
to "The First National Bank & Trust Co. of Northport."
Mar.29-The First National Bank of Woodlawn.
Pa., to
"Aliquippa National Bank," Aliquippa, Pa., to
agree
with change in name of place in which bank is located.
Mar. 30-The First National Bank of Hudson,
N. Y., to "The
First National Bank & Trust Co. of Hudson."
VOLUNTARY LIQUIDATION,
Mar. 21-The Bronx National Bank of the City of New
York,N.Y.$300,000
Effective 3 p. m., Mar. 20 1928.
Liquidating Committee, George W. Fennell. Albert
J.
Schwarzler and Alexander J. Shamburg, New York.
To be succeeded by Bronx Borough
Mar. 22-First National Bank of Moultrie, Ga Bank.
100.000
Effective Mar. 1 1928.
Lig. Agent, Moultrie National Bank, Moultrie, Ga.
Absorbed by Moultrie National Bank, Moultrie, Ga.
The First National Bank of Gibsland, La
50,000
Effective Mar. 3 1928.
Lig. Committee, Edwin Winlock, E. W. Merritt, L.
T.
Baker, Gibsland, La. Absorbed by the First National
Bank in Gibsland, La., No. 13169.
Mar. 23-First National Bank in Shelton, Neb
25,000
Effective Mar. 7 1928.
Liquidating Agent, H. L. Sanderson, Hanson, Neb.
Mar. 24-The First National Bank of Paragould, Ark
50,000
Effective Mar. 20 1928.
Liquidating Agent, R. 0. Mitchell, Paragould, Ark.
Succeeded by The New First National Bank of Paragould, No. 13155.
Mar. 29-The First National Bank of Bangor, Maine
Effective Feb. 28 1928. Liquidating Committee $400,000
:
Charles H. Barlett, Frank P. Denaco and Charles D.
Crosby, Bangor. Maine. Absorbed by Merrill
Trust
Co., Bangor, Maine.
CONSOLIDATION.
Mar.31-The Citizens National Bank of Los Angeles, Calif_
-54,000.000
and -Citizens Trust & Savings Bank, Los Angles,
2,000.000
Consolidated under the Act of Nov.7 1918,asCalif
amended
Feb. 25 1927, under the charter of The Citizens
tional Bank of Los Angeles, (No. 5927). and Naunder
the title "Citizens National Trust & Savings Bank
of
Los Angeles," with capital stock of $4,000,00
0.
consolidated bank has twenty-four branches The
all
located within the limits of the State
of California.
BRANCHES AUTHORIZED UNDER THE
ACT OF FEB.25 1927.
Mar.26-Commercial Exchange Nat'l Bank
in
New
York, N.Y.
Locations of Branches-Vicinity of 131-133
Union St..
Borough of Brooklyn. Vicinity
211 Fourth Ave.,
Borough of Brooklyn. Vicinity of
6325 14th Ave.,
Borough of Brooklyn. (All locatedof
in the City of New
York).
Mar.31-Citizens National Trust &
Savings Bank of Los
Angeles, Calif.
Locations of Branches-Vicinity of 736 South
Hill St.
Vicinity of 3224 Glendale Boulevard.
of 6226
South Vermont Ave. Vicinity of 3704Vicinity
West Third St.
Vicinity of Pico and Swell Drive (8818 West
Vicinity of Corner of Hauser and Wilshire Pico St.)•
Boulevards.
Vicinity of Corner of Westwood
and Kenrose
Ave. (All located in the City of Blvd.
Los Angeles).
2106
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
8 Per sh.
Shares. Stocks.
20,000 Hamlet Dexter M. ds M.,
Signal
Internat.
3,333
$1;
Par
Co., par $10; 2,700 Endicott
Land Co.:400 Waverly, Sayre &
Athena Trac. Co.; $150.000
Waverly. Sayre & Athens Trac.
Co. 1st cons. 58, 1955, July 1925
and subs.coup.attached; $70,000
Scranton ds Binghamton RR. 1st
50 yr. 68, June 1918 coupons attached,ctf. of dep.;$5,000 Northern Elec. St. Ry. 1st 55, June 1
1937, June 1925 coup, attached,
etf. of dep.; ctf. of dep. for 1.200
shares corn. and 380 shares pref.
stock of Saguenay Pulp & Power
$500 lot
Co
[VoL.126.
FINANCIAL CHRONICLE
$ per 85.
Shares. Stocks.
750 Federal Milk Products Co.,
$1 lot
Par $10
786 Tonopah Exten. Mining Co.,
29c.
pref.. no Par
20 Corrugating Machinery Corp.,
lot
$55
par $10
3,000 'Two-In-One Gold Mines,
110.
Ltd., par $1
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, corn.(guar.). *2% June 1 *Holders of rec. May 4
Pittsburgh & West Va., corn. (guar.)... 154 Apr. 30 Holders of rec. Apr. 17
'134 May 25 *Holders of rec. Apr. 24
Wabash, pref. A (quar.)
Public Utilities.
May 1 Apr. 14 to Apr. 26
Amer. Light &'Frac.,common (guar.).- 2
1% May 1 Apr. 14 to Apr. 26
Preferred (guar.)
May 15 Holders of rec. May 1
25o.
Amer. Water Wks.& Elec., corn.(gu.)._
181.50 June 1 Holders of ree. Apr. 80
Assoc. Gas & El.. $6 prof. (guar.)
1 Holders of rec. Apr. 30
%
1.62
June
1$
(guar.)
preferred
$8.50
Apr. 16 *Holders of rec. Apr. 5
*2
Bridgeport Hydraulic (guar.)
$1.75 May 1 Holders of rec. Apr. 14
Central Pow.& Light, pref.(guar.)
Chesapeake & Potomac Telephone
By R. L. Day & Co., Boston:
1 3.4 Apr. 16 Holders of rec. Mar. 31
of Baltimore, pref. (guar.)
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
Newp.& Coy. L.& Tr., com.(qu.) 134 Apr. 15 Apr. I to Apt. 15
50 Beverly Gas & Elec. Co., Par $25 89% Chic.
465
1% Apr. 15 Apr. I to Apr. 15
25 First National Bank
Preferred (quar.)
_360
Co__
Ins.
Life
Nat.
Columbian
1
331
*50c. Apr. 16 *Holders of rec. Mar.31
15 National Shawmut Bank
Serv.Pow.& Lt. $6 Pi.(Mthi.V.)
5 Heywood Wakefield Co. common 3014 Cities
265
58
1-30 Apr. 16 *Holders of rec. Mar. 31
10 Federal National Bank
7% preferred (monthly)
420% 25 Great-Northern Paper Co.. par
May I *Holders of reo. Apr. 14
*2
10 Old Colony Trust Co
83% Commonwealth Edison (guar.)
$25
May 1 Holders of rec. Apr. 17a
7 First Nat. Bank, New Bedford..320
750.
(guar.)
Wks.
Gas
River
Fall
Co__ _ _94 ex-div.
*2-3 Apr. 10 *Holders of roe. Mar.25
3 Bristol Co. Tr. Co.. Taunton__ _149% 32 Plymouth Cordage
(W.B.) Co., corn.(mthly.)
Foshay
illa
par
0.,
t.
v.
Co.
El.
&
G.
Lynn
15
140
*Holders of reo. Mar.25
*7-12 Apr.
5 Farr Alpaca Co
7% preferred (monthly)
18014
$25
6
25 Great Falls Mfg. Co
*2-3 Apr. 10 *Holders of rec. Mar. 25
8% preferred (monthly)
z3
10314-103)4 8 special units First Peoples Trust__ 6
Apr. 2 *Holders of reo. Mar.23
31 Pepperell Mfg. Co
Power (guar.)
Water
Holyoke
_148%
Co__
Wire
Insulated
5834 100 Collyer
Apr. 2 *Holders of rec. Mar.23
50 Nashua Mfg. Co.,common
Extra
25 New Eng. Pub. Ser. Co., corn__ 64
15 Hood Rubber Co. 734% pref.__ 92
750. May 1 Holders of rec. Apr. 16
Long Island Lighting, corn.(guar.)
5 Penobscot Chemical Fibre Co.,
20 Lynn G. & El. Co., undep., par
Utilities
Valley
Mississippi
89
common
180-18034
$1.50 May 1 Holders of rec. Apr. 14
$25
Investment Co. $6 pr. lien Pr. 0110
$ per right.
Rights1 Merchants & Miners Transp. Co. 4534
*2
Apr. 16 Holders of rec. Mar. 31
Mountain States Tel. & Tel.(quar.)
75
4 U. S. Envelope Co
4 Charlestown G.& El.Co., undep.,
25e. May 1 Holders of rec. Apr. 16
(quar.)....
corn.
Co.,
Edison
Penn-Ohio
7414
12 U. S. Envelope Co
146
May 1 Holders of roe. Apr. 16
par $25
_
sh.
stock)
corn,
Common (one-fiftieth
74%
10 U. S. Envelope Co
18c. May 2 Holders of rec. Apr. 16
3 units Mutual Finance Corp. 6%
Per cent. Penn-Ohio Securities Corp., corn. (au.)_
Bonds523
Pref.. 3 common
Illinois
Nor.
of
Co.
Service
Public
55,
May 1 Holders of roe. Apr. 14
2 4-10 Bay State Hardware Co_32% lot $2,000 Boston Elevated Ry. Co. 101
*2
Common ($100 par) (quar.)
Feb. 1937
May 1 Holders of reo. Apr. 14
25 Fall River El. Lt. Co., undep.,
•$2
Common (no par) (quar.)
64-6434 $10,000 Leominster. Shirley & Ayer
par $25
May I Holders of rec. Apr. 14
•134
6% preferred (guar.)
St. Ry. Co. 1st ext. 45, Feb.
4,13.1 May I Holders of rec. Apr. 14
10 New Eng. Invest. Shares, Inc.,
(quar.)
7%
preferred
flat
8
1931
934
coll. tr. shares
May I Holders of rec. Apr. 20
$1
(guar.)
General
Corp.
Securities
$1,000 Eastern States Exposition,
68
10 units First Peoples Trust
$1.75 May I Holders of rec. Apr. 28
First preferred (quar.)
Springfield, Mass., 1st s. C. 65.
10 New England Invest. Shares,
May 15 Holders of rec. Apr. 20
134
(guar.)._
pf.
7%
Co.,
Elec.
West
Penn
Oct. 15 1953. coup. Apr. 15 1926
Inc., coll, trust shares. par $10.- 914
134 May 15 Holders of roe. Apr. 20
6% preferred (quar.)
$1 lot
& sub. on
30 Suburban Electric Securities Co.
Exposition,
States
Eastern
85c. $1,000
26 pref
Banks.
Springfield, Mass., unsecured
10 New Eng.Power Assoc., pref.__ 9934
May 1 Holders of rec. Apr. 30
5
$21.4 lot Corn Exchange (quar.)
deb. 48. Sept. 1963. reg
7 special units First Peoples Trust_ 6
Trust Companies. •
By Wise, Hobbs & Arnold, Boston:
134 Apr. 10 Apr. I to Apr. 0
Banco Di Sicilia Trust (quar.)
Mar. 31 Holders of reo. Mar. 310
4
$ per sh. Corporation (guar.)
$ Per sh. Shares. Stocks.
Shares. Stocks.
85
465
5 State Theatre Co., pref
25 First National Bank
Miscellaneous.
coca.,
Associates,
Util.
Eastern
150
464
68 First National Bank
62%0. Apr. 18 Holders of rec. Apr. 10
4411 Alliance Realty (quar.)
when issued
10 Conn. Mills, corn. class A,
•$1.50 May 15 *Holders of rec. Apr. 24
6514 Allis-Chalmers Mfg., corn. (quar.)
520. 4 units First Peoples Trust
v. t. c. par $10
May 1 Holders of rec. Apr. 14
2
common
(quar.)
Cigar,
American
cony.
Associates,
UM.
Eastern
1034 200
10 Cons. Mills Co., 1st pref
25c. May 1 Holders of rec. Apr. 140
1434 Amer. Home Products (monthly)
shares, when issued
310.
150 Hamilton Mfg. Co
50c. May 1 Holders of rec. Apr. 19
(guar.)._
corn.
&
Fdy.,
Machine
Amer.
6334
Co
Mass
Western
10
554
22 Saco-Lowell Shops. 2d pref
50c. May 1 Holders of rec. Apr. 19
Common (extra)
97-9734 8 special units First Peoples Trust. 6
15 Nashua Mfg. Co., pref
111 May 1 Holders of reo. Apr. 19
Preferred (quar.)
1534
411 10 Graton & Knight Co., corn
19 Granite Mills, corn. (old)
Apr. 30 *Holders of rec. Apr. 18
*$1.25
(quar.)
Meter
80
American
pref
Co.,
Knight
&
4
Craton
63 Connecticut Mills Co., 1st pref-831-10
May 1 *Holders of rec. Apr. 13
18034 Amer. Smelt. & Refg., corn. (quar.)... *2
84 Western Real Estate Trust
3 Connecticut Mills Co., 1st pref_ 8
4.134 June 1 *Holders of rec. May 4
(quar.)
Preferred
c.,
t.
v.
Co.,
L.
G.
Boston
West
22
7%
Mills.
2.5 New Eng. South.
15 Holders of rec. Mar.30
Apr.
583.50
pref
Wringer,
American
36
par $25
2
pref. crt. of dep
134 May 1 Holders of reo. Apr. 16
Atlantic Refining, pref. (quar.)
5754 22 special units First Peoples Trust. 6
25 Nashua Mfg. Co., cam
•250. May 1 *Holders of reo. Apr. 20
(monthly)
corn.
Katz,
&
79%
Balaban
Corporation
Draper
85
11014
21 Bates Mfg, Co
*25c. June I *Holders of rec. May 20
Common (monthly)
11014 13 Graton & Knight Co., pref-.7954-80
16 Bates Mfg, Co
•25c. July 1 *Holders of rec. June 20
Common (monthly)
92%
so 35 Hood Rubber Co.. 754% pref._ 61
2 Darmouth Mt. Corp., COM
July 1 *Holders of rec. June 20
*134
(quar.)
Preferred
1.
a.
8 units First Peoples Trust
77 Nashua St. By., 7% cum.
*$1.50 May I *Holders of rec. Apr. 18
82,101 lot 5 New Eng. Pow. Co., 8% pref..-11834 Bigelow-Ilartf. Carpet, corn. (quar.)
pref.. Par $50
May 1 Holders of rec. Apr. 18
'134
(quar.)
Preferred
_106
pref
7%
Inc.,
Stores,
Nat.
First
10
$200 lot
109 Nashua St. By., corn
•3734c May 1 Holders of rec. Apr. 21
6234 Brooklyn-Lafayette Corp. A IN°,
4 units First Peoples Trust
10 Quincy Market C. S. & Whs.).
May 1 Holders of rec. Apr. 20
134
Brown
Shoe,
pref.
(guar.)
$25_
8334
par
Co..
Paper
No.
Great
38
100
Co., corn
June 15 Holders of rec. Apr. 23
28 Hood Rubber Co., 71.4% pref.. 9234 Buckeye Pipe Line (guar.)
50 New Bedford Gas & Edison Lt.
June 15 Holders of rec. Apr. 23
•$1
Extra
11334-11454 1 New Eng. Power Associates,
Co., undep.. par $25
•250. Apr. 4 Holders of rec. Mar. 31
Conct_
&
M.
Sullivan
&
Hill
Bunker
ex-d1v.
83
common
ex-div.
9234
20 Plymouth Cordage Co
Apr. 4 Holders of roe. Mar.31
*50c.
Extra
3 Lynn 0.&E. Co., undep., par $25 17911
15 Fitchburg G. & El. Lt. Co.,
$2
May 15 Holders of rec. May la
Burns Bros., common A (guar.)
12734
V. L. c., par $50
$1
May 1 Holders of reo. Apr. 16
1)
(No.
common
Bronze
Canadian
Cent.
Per
Bonas3 Heywood-Wakefield Co., 1st pref. 86
1 Holders of rec. Apr. 16
May
134
Preferred (guar.)
$5,000 Thayer-West Point Hotel.
68
93 units First Peoples Trust
May 1 Holders of rec. Apr. 12
Cerro de Pasco Copper Corp.(quar.)... $1
1st 831s, Aug. 1945, Feb. 1928
4234
10 Eastern Mfg. Co., 1st pref
Holders of rec. May 190
Apr.
2
iu
prof.
(quar.)
Dairy
(Toronto),
City
flat
-.10
and sub, coupons attached54 Haverhill G.L. Co., par $25..6431-65
Cluett, Peabody & Co., corn. (guar.)._ $1.25 May 1 Holders of rec. Apr. 20
pf. (No. 1)...•$1.50 May 1 Holders of rec. Apr. 25
Corp.,
Investing
Columbia
By Barnes & Lofland, Philadelphia:
*50c. May 1 Holders of reo. Apr. 25
Pref.(tor period prior to Feb. 1)
May 1 Holders of rec. Apr. 13
*$1
$ per share. Columbian Carbon v. t. C.(guar.)
per eh. Shares. Stocks.
Shares. Stocks.
Apr. 25 Holders of rec. Apr. 14
•20c.
011
921
Co
Royalty
Trust
Consolidated
Fidelity-Phila.
1
188 Pilling & Madeley, Inc.. corn.,
75o, Apr. 15 Holders of rec. Apr. 3
918
Cred. Alliance Corp., corn. as cl. A (au.)
$75 lot 16 Fidelity-Phila. Trust Co
no par
$1.25 Apr. 15 Holders of rec. Apr. 3
Common & class A (extra)
5 Cobbs Ck.T.4s Tr. Co., Par 850-105
5 Real Estate-Land Title ds Tr. Co_708
*37%c May 1 Holders of rec. Apr. 15
1187 Dairy Dale Co., class A (quar.)
2 Northern Trust Co
350
9 Union Bank & Trust Co
*1831c May 1 *Holders of rec. Apr. 15
Dep.
(guar.)
Safe
B
J.)
Class
(N.
Haddonfield
15
4873.4
Co
Tr.
&
Amer.
No.
9 Bank of
$8.50 Apr. 13 Holders of rec. Apr. 6.
196
Dresdner Bank (Amer. shares)
& Trust Co
865
6 Provident Trust Co
154 Apr. 16 Holders of rec. Mar. 31
Eagle-Picher Lead Co., pref. (guar.)____
& Tr. Co., par $25-176
35 Republic Trust Co., Par 00-18234 10 Media Title
May 1 *Holders of rec. Apr. 29
*$1
(guar.)
Chester,
Cleaner
Vacuum
Co.,
Tr,
Eureka
Co.
Delaware
10
_464
850_
par
10 North Phila. Tr. Co.,
Apr. 30 Holders ot roe. Apr. 14
373.40.
(guar.)
300
Corp.
Buffet
Exchange
Pa.($50 paid)
10 North Phila. Tr. Co., par $50.-462
*200. May 1 *Holden;of rec. Apr. 19
common (monthly)
850.250
(The),
Par
Co.,
Tr.
Fair
&
T.
Suburban
90
850_457
par
Co.,
Tr.
14 North Phila.
*20c. June 1 *Holders of rec. May 19
Common (monthly)
10 Merlon T. es Tr. Co., Ardmore_306
20 Allentown Bethlehem Gas Co.,
*20c. July 1 *Holders of tee, June 19
Common (monthly)
55% 3 Broadway-Merchants Trust Co.,
pref.. par 55
•111 May 1 *Holders of rec. Apr. 19
375
(quar.)
Preferred
J
N.
Camden,
22
34 Autocar Co., corn
•
May 1 *Holders of reo. Apr. 20
$2.50
(quar.)
24
common
$10par
Sugar,
Co.,
Fajardo
Cu.
100 Com'wealth
43 Phila. & Bub. Counties Gas &
•500. Apr. 15 *Holders of rec. Apr. 5
22
Fandango Corp., class A (quar,)
4 Philadelphia Rifle Club
Elec. Co., pref. , 28 shares 8%
2 *Holders of rec. Mar. 22
Apr.
•20c.
lot
_.$20
corn.
(quar.)
Co.,
Ariz_
Alloys
of
Co.
General
Copper
Central
134
pref.; 10 shares ah % pref., 111,
40c, Apr, 15 Holders of rec. Apr. 5
7534 Georgian, Inc., class A pref. (quar.)....
23 Continental Pass. By
110
5 shares 6% pref
(quar.)
134 Apr. 15 Holders of rec. Mar. 31
pref.
Haddington
Co.,
Globe-Wernicke
ds
Park
Fairmount
21
746
5 Penn National Bank
Apr. 20 Holders of rec. Apr. 10
$2
4334 Gray Process Corp
Pass. By
471
5 Northern National Bank
*$1.25 Apr. 2 *Holders of rec. Mar. 28
Hart & Cooley Co., Ins.(guar.)
25 Hestonville, Mantua & Fairm't
350
76 Union Bank & Trust Co
2 *Holders of rec. Mar.28
Air.
*750.
42%
Extra
pref
By..
Pass.
5 Northeast.T.& Tr. Co., par S50.136
May 31 *Holders of rec. May 15
*2
Hart, Schaffner & Marx (quar.)
14 Hesionville, Mantua & Fairm't
5 Northeast.T.& Tr. Co., par $50A32
Apr. 16 Holders of rec. Apr. 2
2
(qu.)___
A
Cl,
28%
pref.
Baking,
Hathaway
66
$50
80 Allegheny T.& Tr. Co., par
•134 May 15 Holders of rec. May 5
82
Hercules Powder, pref.(quar.)
93
8 Jules Junket', Inc., corn
20 Broad St. Tr. Co., par $50
131 May 1 Apr. 21 to May 1
105
Blade Co., 1st pref.(quar.)
60 Knickerbocker Lime Co
20 Manhelm Trust Co., par $50- 63
50c. June 1 Holders of rec. May 19
(quar.)
150
common
Mfg.,
Co
Trust
Hobart
&
Bank
6 Darby
1 Guarantee Tr.& Safe Dep. Co_ _ _462
13.4 May 1 Holders of reo. Apr. 16
$4 lot Holly Sugar Corp., pref. (guar.)
10 Amparo Mining Co
2 3-10 Market St. Title & Trust
*50c. Apr. 25 *Holders cf rec. Apr. 20
lot Homestake Mining (monthly)
$5
Co
Mining
Butler
Jim
300
551
Co., par $50
4.134 May 1 *Holders of reo. Apr. 20
48
Hood Rubber Co.. pref.(guar.)
70014 763rd St. Title & Trust Co
9 Finance Co. of Pa., 1st pref
*1.88 May 1 *Holders of rec. Apr. 20
Ver Right.
Preference stock (quar.)
Rights.
12 Finance Co. of Pa., 2d Prof...-700X
1 1% June 1 *Holders of rec. May 21
.
.
_
(quar.)
pref.
Products,
Nat.
Bk-150
City
Rubber
Hood
Manayunk-Quaker
2
10 Banked; Trust Co., par $50--.125
*300. Apr. 1 *Holders of too. Mar.29
Hoover Steel Bali (quar.)
28 Automatic Fire Alarm Co. of
316
10 Colonial Trust Co., oar $50
Apr. 16 *Holders of rec. Apr. 5.
*3
(quar.)
Corp.
lot
if
issued)...$4
Acceptance
and
Internat.
as,
(when,
Del.
314
3 Colonial Trust Co., par $50
*3
Apr. 16 *Holders of reo. Apr. 5
per
dividend
$5
stock
Co.,
Special
300 J. Frank Darling
312
25 Colonial Trust Co.. par $50
50c. May 1 Holders of rec. Apr. 10
$5 lot Internat. Cigar Machinery (quar.)
share v. t. ctfs
3 Haddington Title & Trust Co___ _345
May 1 *Holders of rec. Apr. 12
(quay.)
pref.
Per
Cent.
Nickel,
*134
Internat.
Bonds.
10 Sustrhanna T.& Tr. Co., par $50 62
50o. May 1 Holders of rec. Apr. 15
International Shoe, pref. (monthlY)---$100 Benevolent Protective Order
6 Susu'hanna T.& Tr. Co., par $50 62
25c. May 15 Holders of reo. May 1
72
Corp.,
corn.
(guar.)
1942
gs,
IntertyPe
gen.
Elks,
of
1600
1 Girard Trust Co
Apr. 28 Holders of rec. Apr. 20
2
Kaufmann Dept. Stores. corn. (quar.).
16.
Kayser (Julius) & Co.. corn. (guar•)---- $1.25 May 1 Holders of rec. Apr. 21
By A. J. Wright & Co, Buffalo:
•75c. June 30 *Holders of rec. June
Landers, Frary & Clark (mthly.)
21
Sept.
rec.
of
*Holders
$
30
Sept.
per
•750.
sh
Monthly
$ per sh. Shares. Stocks.
Shares. Stocks.
*750. Dec. 31 *Holders of rec. Dee. 22
Monthly
1 Buff. Nlag. & East. Pow., pref.,
1 Buff. Niag.& East.Pow., no par_ 37
•1% May 15 *Holders of rec. May 1
26
Louisiana 011 Refg., 634% pf. (gu.)
Par $25
Sc.
500 Night Hawk, par $1
11c. Alagnin (I.) & Co.. corn. (guar.)
•250. Apr. 15 *Holders of roe. Mar.31
500 Chaput Hughes, par $1
1,228 Whiz Storage & Warehouse
50c. 11 Hill Pierce 011 & Ref.. par $10_ _$21ot
Corp., Pref.. Par $10
APR. 7 1928.]
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cora. Payable.
Books Closed
Days memoire.
Miscellaneous (Concluded).
McCrory Stores Corp., pref. (guar.).- _ *$1.50 May 1 *Holders of rec. Apr. 20
Mary Lee Candy Shops-Dividend passe d.
Miami Copper Co. (guar.)
374c. May 15 Holders of rec. Slay la
Mid-City Realty (Gary, Ind.). com-___ 51.75 Apr. 15 Holders of rec. Mar. 31
Preferred ((Mari
1)( Apr. 15 Holders of rec. Mar. 31
Motor Products Corp., corn.(quar.)
*500. May I *Holders of rec. Apr. 20
Preferred (quar.)
*S1.75 May 1 *Holders of rec. Apr. 20
Mullins Mfg., pref. (quar.)
*2
May 1 *Holders of rec. Apr. 16
National Carbon, pref.(guar.)
.2
May 1 *Holders of rec. Apr. 20
Nat. Dept. Stores, 1st pref. (guar.)
*51.75 May 1 *Holders of rec. Apr. 16
National Radiator Corp., pref. (guar.)._ *14 May 1 *Holders of rec. Apr. 20
Nat. Recording Pump (guar.)
75e. May 1 Holders of rec. Apr. 20
Extra
25c. May 1 Holders of rec. Apr. 20
National Supply, corn. (guar.)
*$1
May 15 *Holders of rec. May 5
National Tea pref. (guar.)
14 May 1 Holders of rec. Apr. 14
Newberry (J. J.) Co.. pref. (guar.)
•$1.75 June 1 *Holders of rec. May 15
Newberry (J. J.) Realty, pref. (guar.)._ *194 May 1 *Holders of rec. Apr. 23
New Jersey Bankers Securities (No. 1).... *25c. May 1 *Holders of rec. Apr. 16
Newport Co., prior common (quar.)---_ •2
Apr. 16 *Holders of rec. Apr. 5
Prior common (extra)
51
Apr. 16 *Holders of rec. Apr. 5
Oppenheim, Collins & Co.(guar.)
May 15 *Holders of rec. Apr. 27
*S1
Packer Corp. (guar.)
6234e. Apr. 15 Holders of rec. Apr. 5
Park, Austin & Lipscomb
Cony, panic. pref. (quar.)
*50c. Apr. 16 *Holders of rec. Apr. 2
Pick (Albert), Barth & Co., part. pf.(au) 434c. May 15 Holders of rec. Apr. 25
Plymouth Plan Finance Corp. (guar.)._
2
Apr. 2 Holders of rec. Mar. 20
Postum Co. (guar.)
•$1.25 May 1 *Holders of rec. Apr. 16
Reo Motor Car, common (guar.)
*500. May 1 *Holders of rec. Apr. 20
Preferred (guar.)
*51.25 May 1 *Holders of rec. Apr. 20
Ryan Car Co., pref. (guar.)
Apr. 5 *Holders of rec. Mar. 31
*2
Salt Creek Producers Assoc. (quar.)____
750. May 1 Holders of rec. Apr. 160
Sears, Roebuck & Co.(guar.)
*6235c May 1 *Holders of rec. Apr. 14
Shares Holding Corp., class A (quar.)___ 4394c
Holders of rec. Apr. 5
Class A (extra)
25c.
Holders of rec. Apr. 5
Simmons Company (guar.)
*75c. July 2 *Holders of rec. June 14
Standard Investing Corp.. pref
*5 1.3735 May 15 *Holders of rec. Apr. 26
Tide Water Oil, pref. (quar.)
*14 May 15 *Holders of rec. Apr. 13
Union Steel Castings, corn. (guar.)
*50c Apr. 10 *Holders of rec. Mar. 31
Preferred (guar.)
*191 Apr. 10 *Holders of rec. Mar. 31
United Cigar Stores, pref. (guar.)
135 May 1 Holders of rec. Apr. 16
U. S. Fidelity & Guar., Bait. (guar.)._ _ $2.25 Apr. 6 Holders of rec. Apr. 4
U.S. Rubber Co., 1st pref. -Dividend p assed.
United Steel Works (Germany)
Mar. 29 Holders of coup. No. 2
Unit Corp. of Amer., class A (quar.)
50e. Apr. 10
Vacuum 011 (stock dividend)
*e100 Apr. 28 *Holders of rec. Apr. 14
Valmor Corp., corn. & partic. pf.(nu•)-- *191
Corn. & panic. pref. (extra)
•10
White Sewing Mach., pref. (guar.)
•$1
May 1 *Holders of rec. Apr. 19
Wilcox Oil& Gas (guar.)
*25c. May 10 *Holders of rec. Apr. 14
Wright-Hargreaves Mines
ti5c. May 1 *Holders of rec. Apr. 13
Zellerbach Corp., corn. (guar.)
•50c. Apr. 16 *Holders of rec. NIar. 30
Below we give the dividends announced in previous weeks
and not yet paid.
This list
does not
include dividends an-
nounced this week, these being given in the preceding table.
Per
Name of Company.
When
Payable.
Railroads (Steam).
Augusta dr Savannah
235 July 5
Extra
4 July 5
Baltimore & Ohio. corn. (quar.)
135 June 1
Preferred (quar.)
1
June 1
Caro Clinch & Ohio, corn. (quar.)
1
Apr. 10
Stamped certificates (guar.)
13( Apr. 10
Chesapeake & Ohio. pref. "A"
34 July 1
Cleve., Cin., Chic.& St. L., corn.(qu.)
2
Apr. 20
Preferred (guar.)
134 Apr. 20
Delware Lackawanna & Western (qu.)_ _ $1.50 Apr. 20
Georgia RR. A Banking (guar.)
24 Apr. 15
Kansas City Southern, pref. (quar.)
1
Apr. 16
Mahoning Coal RR.,common (quar.) _ $12.50 May 1
Midland Valley. corn
51.25 Apr. 14
New York Central RR.(guar.)
2
May 1
/9. Y. N.II. dr Hartford. corn.(social) -1
Apr. 10
Norfolk & Western, ad). pref. (guar.)-I
May 19
Northern Pacific (guar.)
194 May 1
Pero Marquette, prior pref. (guar.)
134 May 1
Preferred (guar.)
134 May 1
Philadelphia & Trenton (guar.)
24 Apr. 10
Reading Company, corn. (guar.)
May 10
51
Second preferred (guar.)
50c. Apr. 12
Preferred (qnar.)
135 May 1
St. Louis San Francisco lot pref. (guar) 135 May 1
Preferred (guar.)
14 Aug. 1
Preferred (guar.)
134 Nov. 1
Southern Ry., common (guar.)
2
May I
Preferred (quar.)
14 Apr. 16
Vermont & Massachusetts
3
Apr. 7
Books Closed
Days Inclusive.
Holders of rec. June 15a
Holders of rec. June 15a
Holders of res. Apr. 14a
Holders of rec. Apr. 140
Holders of rec. Mar. 3Ia
Holders of rec. Mar. 31a
Holders of rec. June 8a
Holders of rec. Mar. 30a
Holders of rec. Mar. 300
Holders of rec. Apr. 70
Apr. 1 to
Apr. 14
Holders of rec. Mar. 31a
Apr. 12 to Slay 2
Holders of rec. Mar. 310
Holders of tee. Mar. 30a
Holders of rec. Mar. 90
Ilolders of rec. Apr. 300
March 14 to Apr. 10
Holders of rec. Apr. 13a
Holders of rec. Apr. 130
Apr. 1 to Apr. 11
Holders of rec. Apr. 12a
Holders of rec. Mar. 22a
Holders of rec. Apr. 70
Holders of rec. Mar. 16a
Holders of rec. July 140
Holders of rec. Oct. I5a
Holders of roe. Apr. 2a
Holders of rec. Mar. 20a
Holders of roe. Mar. 6
Public Utilities.
Amer. Dist. Teleg. of N.J.,corn. (qu.)
Apr. 14 Holders of rec. Mar. 150
$1
Preferred (guar.)
194 Apr. 14 Holders of rec. Mar. 15a
Amer. Gas & Elec. Prof.(guar.)
$1.50 May 1 Holders of rec. Apr. 0
American Gas Co.. N. J. (guar.)
2
Apr. 13 Holders of rec. Mar. 31a
American Telco. & Teleg. (guar.)
21.4 Apr. 16 Holders of rec. Mar. 15a
Associated Gas & Elec., class A (guar.)_ _ 150c May 1 Holders of
rec. Mar. 31
Bangor Hydro-Electric.. corn. (quar.) _
135 May 1 Holders of rec. Apr. 10
Bell Telephone of Canada (guar )
2
Apr. 14 Holders of rec. Mar. 23
Bell Telco. of Pa.. pref. (guar.)
195 Apr. 14 llolders of rec. Mar. 20a
Brooklyn Borough Gas, corn. (guar.). _
$1.50 Apr. 10 Holders of rec. Star. 31a
Brooklyn-Manh att. Transit, corn.(qu.) _ $I
Apr. 16 Holders of rec. Nlar. 31
Preferred series A (guar.)
$1.50 Apr. 16 Holders of rec. Apr. la
California-Ore. Power, corn. (guar.)
191 Apr. 14 Holders of rec. Mar. 31
7% pref.(for 235 mos.end. Mar.31)
1.46 Apr. 14 Holders of roe. Star. 31
6%pref.(for 2)4 mos.end. Mar.31)- 134 Apr. 14 Holders of rec.
Canada Northern Power, pref. (guar.). 191 Apr. 16 Holders of rec. Mar. 31
Central Hurl. Gas & Elec., corn. v. t. c_ _ *50c May 1 *Holders of rec. Mar. 31
Star. 31
Central 111. Pub. eery., pref. (guar.) ___ $1.50 Apr. 15 Holders of rec.
Mar. 310
Central & S. W.ULU.,common (quar.)..
75c Apr. 16 Holders of rec. Mar. 31
Chic. Rapid Transit, pref. A (monthly)65c. Slay 1 Holders of rec. Apr. 17a
Prior preferred A (monthly)
Ole. June I Holders of rec. May 15a
Prior preferred II (monthly)
60c. May 1 Holders of rec. Apr. 170
Prior preferred B (monthly)
60c. June 1 Holders of rec. Slay 15a
Cleveland Elec. III., corn. (guar.)
24 Apr.d16 Holders of rec. Mar d30
Preferred (guar.)
•I 34 June 1 *Holders of rec. Stay 15
Commonwealth Power, corn. (guar.)
6234c May 1 Holders of rec. Apr. Ila
Common (extra)
50c. Slay 1 Holders of rec. Apr. 1 la
Preferred (guar.)
13.4 May 1 Holders of rec. Apr. 11
Consolidated Gas (N.Y.) pref. (guar.)._ 31.25 May 1 Holders of rec.
Mar. 300
Detroit Edison Co. (guar.)
2
Apr. 16 Holders of rec. Mar. 200
DUQIICSI1C Light. 1st pref. ((mar.)
14 Apr. 16 Holders of rec. Mar. 31a
East Bay Water Co., pref. A & B (guar.) *134 Apr. 16 *Holders of rec.
Mar. 31
Eastern States Power Corp.. pf. (qu.)
51.75 May 1 Holders of rec. Apr. 15
Edison Elec. ill.. Boston (guar.)
3
May 1 Holders of rec. Apr. 10
Electric Bond & Share, pref. (quar.). _
135 May 1 Holders of rec. Apr. 16
Electric Bond A Share See. (guar.)
25c. Apr. 16 Holders of rec. Mar. 19
Electric Power & Light, corn.(No. 1).
25e. May. 1 Holders of rec. Apr. 14a
El Paso Electric Co.. pref. A (guar.) _
14 Apr. 16 Holders of rec. Apr. 20
General Pub.Serv., $6 pref.(guar.)
51.50 May 1 Holders of rec. Apr. 9
$5.50 preferred (guar.)(No. 1)
• 1.3734 May I Holders of rec. Apr. 9
Convertible pref. (guar.)
51.75 May 1 Holders of rec. Apr. 9
Illinois Nor. UtII.. 6% pf. (guar.)
134 May 1 Holders of rec. Apr. 19a
Junior pref. (guar.)
•51.75 May 1 *Holders of rec. Apr. 14
International Utilities. $7 pref.(quar.)_. $1.75 May
Holders of rec. Apr. 200
Class A (guar.)
874c Apr. 16 Holders of rec. Mar. 30a
Name of Cornpans
2107
When
Per
Cent. Payable
Books Closed.
Days Inclustre.
Public Utilities (Concluded).
Internat. Telco.& Teleg.(guar.)
14 Apr. 16 Uolders of rec. Mar. 230
Kentucky Securities, Prof. (guar.)
135 Apr. 16 Holders of rec. Mar. 20a
Laurentide Power Co. (guar.)
194 Apr. 16 Holders of rec. Mar. 31
Nfassachusetts Gas Cos., corn. (guar.)
51.25 May 1 Holders of rec. Apr. 16
Massachusetts Ltg Cos.,6% pref.(quar.) *134 Apr. 15 *Holders of rec. Mar.
8% preferred (quar.)
•2
Apr. 15 *Holders of rec. Mar.
Mass. CUL Investment Trust.
Preferred (guar.)
6134c Apr. 15 Holders of rec. Mar. 27
Middle West Utilities, pref. (quar.)____
2
Apr. 16 Holders of rec. Mar. 31
86 preferred (Ouar.)
51.50 Apr. 16 Holders of rec. Mar. 31
Milwaukee Elec. Ry.& Light, pref.(qu.)
135 Apr. 30 Holders of rec. Apr. 200
Missouri G. & E. Serv., pr. lien (qu.)
$1.75 Apr. 16 Holders of rec. Mar. 31
ontreal L., H.& Pr. Cons., com.(qu.)
50c Apr. 30 Holders of rec. Mar. 31
Montreal Telegraph (guar.)
2
Apr. 16 Holders of rec. Mar. 31
Montreal Tramways (guar.)
235 Apr. 14 Holders of rec. Apr. 12
Mountain States Pow. pref. (guar.).
14 Apr. 20 Holders of rec. Mar. 31
National Electric Pow., corn. (quar.).. .45c May 1 *Holders of rec. Apr. 20
National Power & Light, corn. (guar.) _ .25c. Julie 1
Nevada Calif. Elec. Corp., pref. tquar.)- 14 May 1 Holders of rec. Mar.30
New England Power Assoc., corn. (ou.) _
50c Apr. 16 Holders of rec. Mar. 31
New England Pub.Service, $7 pref. (qu.) 51.7' Apr. 15 Holders of rec. Mar. 310
Adjustment preferred (guar.)
51.62 Apr. 15 Holders of rec. NIar. 310
$6 preferred (guar.)
$1.50 Apr. 15 Holders of rec. NIar. 310
New York Telephone pref. (guar.)
194 Apr. 16 Holders of rec. Mar. 200
Niagara Falls Power pref. (guar.)
4394c. Apr. 15 Holders of rec. Mar. 310
Northern Ind. Pub. Serv., 7% pf. (qu.)_
14 Apr. 14 Holders of rec. Mar. 31
135 Apr. 14 Holders of rec. Mar. 31
6% prof. (guar.)
Northern States Power, corn. A.(qu.) May 1 Holders of rec. Mar. 31
2
7% preferred (quar.)
194 Apr. 20 Holders of rec. Mar. 31
6% preferred (guar.)
135 Apr. 20 Holders of rec. Star. 31
Northwestern Bell Telep.. Prof. (quar.). 191 Apr. 16 Holders of rec. Star. 200
Ohio Edison Co.,6% pref. 'guar.)
135 June 1 Holders of rec. May 15
6.6% preferred (guar.)
1.65 June 1 Holders of rec. May 15
7% preferred (Ouar.)
191 June 1 Holders of rec. May 15
5% preferred (guar.)
1)4 June 1 Holders of rec. May 15
6% preferred (monthly)
50c. May 1 Holders of rec. Apr. 16
50c. June 1 Holders of rec. May 15
6% Preferred (monthly)
6.6% preferred (monthly)
55e. May I Holders of rec. Apr. 16
55c. June 1 Holders of rec. May 15
6.6% Preferred (monthly)
Pacific Gas & Elec., corn. (guar.)
50c. Apr. 16 Mar. 31 to Apr. 10
Pacific Lighting Corp., pref.(guar.).134 Apr. 1
Holders of rec. Mar. 310
Pacific Tel. & Tel., pref. (guar.)
134 Apr. 16 Holders of rec. Mar. 310
Pennsylvania-Ohio Pow.& L.$13 pf.(Ciu.) $1.50 May
Holders of rec. Apr. 26
7% prof. (guar.)
Holders of rec. Apr. 20
134 Slay
7.2% pref. (monthly)
60c. May
Holders of rec. Apr. 20
550. May
6.6% prof. (monthly)
Holders of rec. Apr. 20
Peoples Gas Light & Coke (guar.)
2
Apr 1
Holders of rec. Apr. 3a
Phila. & Camden Ferry (guar.)
33 51.25 Apr. 1 *Holders of rec. Mar. 30
Philadelphia Co.. corn. (guar.)
$1
Apr. 3 Holders of rec. Apr. 26
6% preferred
$1.50 May
Holders of rec. Apr. la
Philadelphia Rap. Tran., corn. (guar.)-- SI
Apr. 3 Holders of rec. Apr. 16a
Preferred
$1.75 May
Holders of rec. Apr. 20
Philadelphia & Western, pref.(guar.)
6235e Apr. I Holders of rec. Mar. 31a
Power Corp. of Canada. pref. (guar.)
134 Apr. 1
Holders of rec. Mar. 31
Pub. Sees'. Corp. N. J.. 6% pf. (mithly)
50c. Apr. 3 Holders of rec. Apr. 60
Puget Sound Pow. & L., pref. (quar.).. 134 Apr. If Holders of rec. Mar. 16
Prior preferred (guar.)
191 Apr. 16 Holders of rec. Mar. 16
Quebec Power, common (attar.)
50c. Apr. 16 Holders of rec. Mar. 31
San Diego Cons. Gas & El., pref. (q11.) 14 Apr. 14 Holders of rec. Mar. Si
Shawinigan Water & Power (quar.) _ _ _ _
50c. Apr. 10 Holders of rec. Mar. 26
Southeastern Pow.& Lt.. corn.(guar.).
25c. Apr. 20 Holders of rec. Mar. 31
Southern Calif. Edison, orig. pref.(qu.).
50c. Apr. 15 Holders of rec. Mar. 20
Preferred series C (guar.)
344c. Apr. 15 Holders of rec. Mar. 20
Southern Calif. Gas, pf. & p1. A (qu.) _ _ 3735c Apr. 14 Holders of rec. Star. 31a
Southern Canada Power, corn. (qu.)....
1
May 15 Holders of rec. Apt. 30
Pref. (quar.)..
134 Apr. 16 Holders of rec. Star. 24
Southern New England Telep. (quar.)__
2
Apr. 16 Holders of rec. Mar. 310
South Pittsburgh Water,7% prof.(qu.). 191 Apr. 16 Holders of rec. Apr. 2
Standard Gas & Elec., corn. (quar.)_
8735c. Apr. 25 Holders of rec. Mar. 316
Prior preference (quar.)
14 Apr. 25 Holders of rec. Mar. 31
United Gas Improvement (guar.)
31
Apr. 14 Holders of rec. Mar. iso
United Light dc Pow., corn. A (quar.) _
12e. May 1 Holders of rec. Apr. 16
Common class B (quar.)
12c. May 1 Holders of rec. Apr. 16
United Lt. & Pr. old corn. A & B (qu.)
60c. Slay 1 Holders of rec. Apr. 16
Wash. Water, Pr., Spokane, corn. (qu.) _
2
Apr. 15 Holders of rec. Star. 24
Western Pow. Corp., pref. (guar.)
14 Apr. 16 Holders of rec. Mar. 310
Western Union Teleg. (guar.)
2
Apr. 16 Holders of rec. Slat. 230
West Penn Power Co.,7% pref.(guar.). 14 May 1 Holders of rec. Apr. ba
6% preferred (guar.)
135 May 1 Holders of rec. Apr. 50
York Railways, common (guar.)
•75c. Apr. 16 *Holders of rec. Apr. 6
Preferred (guar.)
*6235c Apr. 30 *Holders of rec. Apr. 20
A
Fire Insurance.
City of New York (quarterly)
Home Insurance (quarterly)
4
5
Apr. 10 Holders of rec. Mar. 31
Apr. 9 Holders of rec. Mar. 31
Miscellaneous.
Abitibi Power & Paper. corn.(guar.)-- -- $1
Apr. 20 Holders of rec. Apr. 100
6% preferred (guar.)
135 Apr. 20 Holders of rec. Apr. 100
Abraham & Straus, Inc., prof.(guar.)
14 May 1 Holders of rec. Apr. 14a
Air Reduction, new stk.(qu.),(No. 1)..
30c. Apr. iS Holders of rec. Mar. 3I0
Old stock (guar.)
81.50 Apr. 16 Holders of rec. Slat. 3Ia
Alliance Realty
J$10 Apr. 10 Holders of rec. Apr. 50
Allied Chem. & Dye Corp., corn. (qu.)
51.50 May 1 Apr. 4 to Apr. 23
Allison Drug Stores, cl. A (guar.)
.35c. Apr. 15 *Holders of rec. Mar. 31
Amalgamated Laundries, pref. (mthly.) 584c. May 1 Holders of rec. Apr. lta
Preferred (monthly)
-- -- 584c. June 1 Healers of rec. May Ito
American Art Works, corn. & pref.(q11.)- 14 Apr. 15 Holders of rec. Star. 31
American Can, common (quar.)
50c. May 15 Holders of rec. Apr. 30
American Coal (guar.)
$1
May 1 Apr. 11 to Slay 1
Amerada Corp.(guar.)
50c. Apr. 30 Holders of rec. Apr. 160
American Glue, pref. (guar.)
2
May I Holders of rec. Apr. 17
American Hardware Corp. (guar.)
Si
July 1 Holders of rec. June 160
Quarterly
Oct. 1 Ilolders of rec. Sept. 15a
$1
Quarterly
51
Jan 1'2. Holders of rec. Dec. 15a
American Ice, common (quar.)
50c Apr. 25 Holders of rec. Apr. 110
Preferred (guar.)
135 Apr. 25 Holders of rec. Apr. Ila
Amer. Lindseed, pref.(guar.)
14 July 2 Holders of rec. June 200
Preferred (guar.)
1 14 Oct. 1 Holders of rec. Sept. 206
Preferred (guar.)
134 Jan2'29 Holders of rec. Dec. 2I0
American Manufacturing. corn. (quar.). 1
July
Holders of rec. June 150
Common (guar.)
Oct.
1
Holders of rec. Sept. 150
Common (guar.)
1
Dec. 3 Holders of rec. Dec. 150
Preferred (guar.)
14 July
Holders of rec. June 15a
Preferred (guar.)
131 Oct.
Holders of rec. Sept. 15a
Preferred (guar.)
14 Dec. 3 Holders of rec. Dec. 150
Amer. Rolling Miii. common (quar.)_
•50c Apr. 15 *Holders of rec. Mar. 31
Amer. Shipbuilding, COMMOLI (quar.)_ _ _
May I Ilolders of rec. Apr. I4a
2
Preferred (guar.)
14 May 1 Holders of rec. Apr. 14
Amer. Steel Foundries. corn. (guar.) _ _
75c Apr. 14 Holders of rec. Apr. 26
American Type Founders, corn. (quar.)_
Apr. 14 Holders of rec. Apr. 50
2
Preferred (guar.)
134 Apr. 14 Holders of roe. Apr. 50
Amer. Vitrified Prod., corn. (guar.).- -- *50c Apr. 16 *Holders of rec. Apr. 5
Preferred (guar.)
*14 May 1 *Holders of rec. Apr. 20
Anaconda Copper Mining (guar.)
75c. May 21 Apr. 13 to
May 16
Angle Steel Stool(quar.)
206. Apr. 15 Holders of rec. Apr. 5
Quarterly
20c. July 15 Holders of rec. July 5
Quarterly
20e. Oct. 16 Holders of roe. Oct. 5
Archer-Daniels-Midland, corn. (guar.)- 75c. May 1 Holders of rec. Apr. 200
Preferred (guar.)
194 May 1 Holders of rec. Apr. 200
Artloom Corp., pref. (guar.)
14 June 1 Holders of rec. May 15
Asbestos Corp., Ltd., pref.(guar.)
14 Apr. la Holders of rec. Mar. 31
Associated Dry Goods, corn.(guar.) _ _ _
(12c. May 1 Holders of rec. Apr. 14a
First preferred (guar.)
135 June 1 Holders of rec. May I2a
Second preferred (guar.)
14 June 1 Holders of rec. May 120
Atlantic Gulf & West I. S. S. LinesPreferred (guar.)
75e. June 30 Holders of rec. June Ila
Preferred (guar.)
75c. Sept. 29 Holders of rec. Sept. Igo
Preferred (guar.)
75c. Dec. 31 Holders of rec. Dec. 110
Atlas Plywood (quar.)
51
Apr. 16 Holders of rec. Apr. 2
2108
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
13.4 May I Holders of roe. Apr. 20a
Atlas Powder. pref.(guar.)
'373.4c Apr. 14 *Holders of rec. Mar. 31
Baldwin Company (guar.)
June 1 Holders of rec. May 12a
1%
_
(guar.)._
pref.
Bamberger (L.)& Co..
1% Sept. 1 Holders of rec. Aug. Ila
Preferred (quar.)
1% Dec. 1 Holders of rec. Nov. 100
Preferred (guar.)
Bancroft (Joseph) & Sons, pref. (qu.)___ 1% Apr. 30 Holders of rec. Apr. 16
July 16 Holders of rec. June 30
$4
Bankers Capital Corp., common
Apr. 16 Holders of rec. Mar. 31
S2
Preferred (quar.)
July 16 Holders of rec. June 30
$2
Preferred (guar.)
Oct. 15 Holders of rec. Oct. 1
$2
Preferred (guar.)
Jinxing Holders of rec. Dee. 31
$2
Preferred (quar.)
Apr. 10 Holders of rec. Mar. 31
$1
Bansicilla Corp. (guar.)
Spindler
Barnhart Bros. dr
146 May 1 Holders of ree. Apr. 23a
First and second pref.(guar.)
$1.75 July 1 Holders of rec. June 20a
Bastian-Blessing Co., pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
Bayuk Cigars,Inc., let pref (quar.)_.. 1% Apr. 15 Holders of rec. Mar. 31a
134 Apr. 15 Holders of rec. Mar. 31a
Cony. 2d pref.(guar.)
Apr. 15 Holders of rec. Mar. 31a
2
Eight per cent pref.(guar.)
60c. Apr. 10 Holders of rec. Mar. 24
Beech-Nut Packing (quar.)
May 1 Holders of rec. Apr. 200
50o.
Belding Henlmway Co., corn. (guar.)._
13.4 Apr. 10 Holders of rec. Mar. 3Ia
Beige Canadian Paper, corn. (quar.).
*50c May 1 *Holders of rec. Apr. 0
Benson & Hedges, cony. pref.(No. 1)_
75c May 1 Holders of rec. Apr. 24
Blaw-Knox Co. (guar.)
Bloch Brothers Tobacco, corn (guar.).- 37340. May 15 May 10 to May 14
Aug. 14
37)40. Aug. 15 Aug 10 to
Common( uar.)
3736e. Nov.15 Nov. 10 to Nov. 14
Common (guar.)
134 June 30 June 26 to June 29
Preferred (guar.)
I% Sept.30 Sept. 25 to Sept. 29
Preferred (guar.)
1% Dec. 31 Dec. 26 to Dec. 30
Preferred (guar.)
Apr. 30 Holders of rec. Apr. 15
$1
Bon Aml Co., class A (guar.)
Apr. 16 Mar. 24 to Apr. 15
$1
Borne Scrymser Co
500. Apr. 16 Mar. 24 to Apr. 15
Extra
4..50e. May 1 *Holders of rec. Apr. 15
Bright Star Elec., class A (No. 1)
50c. Apr. 16 Holders of rec. Mar. 31
Brompton Pulp dr Paper (guar.)
75c. June 11 Holders of ree. May 250
Burroughs Adding Mach. (guar.)
50e May 1 Holders of rec. Mar. 300
Bush Terminal, corn. (guar.)
Common (payable in corn. stock)____ 11% May 1 Holders of rec. Mar. 300
1% Apr. 15 Holders of rec. Mar. 300
Debenture stock (guar.)
•144 May 1 *Holders of rec. Apr. 31
Byers (A. M.) Co., pref. (guar.)
75e. Apr. 16 Holders of rec. Mar. 310
(quar.)
Ale
Ginger
Dry
Canada
Apr. 16 Holders of rec. Mar. 31
4
Canada Iron Foundries, pre/
Canadian Brewing Corp., Ltd.(qua?.).. 500. Apr. 16 Holders of rec. Mar. 31
10 Holders of rec. Mar. 26
Apr.
(quar.)....
134
pref.
Canadian Car dr Fdy.,
1% Apr. 16 Holders of rec. Mar. 315
Canadian Fairbanks-Morse. pf. (qu.)
38c. Apr. 16 Holders of rec. Mar. 2a
Canadian Indus. Alcohol (guar.)
June 30 *Holders of rec. June 20
*2
Canfield 011, com.(quar.)
Sept.30'Holders of rec. Sept. 20
*2
Common (guar.)
Dec. 31 *Holders of rec. Dec. 20
*2
Common (guar.)
•144 June 30 *Holders of rec. June 20
Preferred (guar.)
4.‘ Sept.30 *Holders of rec. Sept 20
Preferred (guar.)
•146 Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
50c. Apr. 10 Holders of rec. Mar. 29a
Central Alloy Steel corn. (guar.)
1% June 1 Holders of rec. May 190
(qua?)....
pref.
Century Ribbon Mills,
*134 Apr. 25 *Holders of rec. Apr. 14
Chicago Pneumatic Tool (guar.)
25e. May 1 Holders of rec. Apr. 200
Chicago Yellow Cab (monthly)
250. June 1 Holders of rec. May 18a
Monthly
4.300. May 16 *Holders of rec. May 22
Christie, Brown & Co.(guar.)
June 30 Holders of rec. June 16a
2
Chrysler Corp., pref. (guar.)
Sept. 29 Holders of rec. Sept. I7a
2
Preferred (guar.)
Jan.2'29 Holders of rec. Dec. 170
2
Preferred (quar.)
36 May 1 Holders of rec. Apr. 13
Cities Service common (monthly)
f54 may 1 Holders of rec. Apr. 13
Common (payable in common stock)_
Sf May 1 Holders of rem Apr. 13
Preferred and pref. BB (monthly)
Sc. May 1 Holders of rec. Apr. 13
Preferred B (monthly)
8734c May 1 Holders of rec. Apr. 140
City Stores, class A (quar.)
Aug. 1 Holders of rec. July dl4a
873.4c
Class A (guar.)
500. June 1 Holders of rec. May 15a
Cleveland Stone(guar.)
500. Sept. I Holders of rec. Aug. 15a
Quarterly
egs
Apr. 25 *Holders of rec. AM. 1610
Columbia Phonograph Co.(No. I)
.1K June 1 *Holders of rec. May 100
Congoleum-Nairn, Inc., pref.(quar.)
May 1 Holders of rem Apr. 16a
134
(qu.)_
pf.
pr.
Corp..
Cigar
Consolidated
20c. Apr. 30 Holders of roe. Apr. 14a
Continental Motors Corp.(guar.)
Apr. 20 Holders of rect. Mar. 24a
$1
Copper Range Co
50c. Apr. 20 Holders of rec. Apr. 2a
Corn Products Refg., corn. (guar.)
154 Apr. 14 Holders of rec. Apr. 2a
Preferred (guar.)
50c. Apr. 10 Apr. 1 to Apr. 10
Creamery Package Mfg., corn. (quar.)_ _
1% Apr. 10 Apr. 1 to Apr. 10
Preferred (quar.)
10e. Apr. 10 Holders of rec. Mar.81a
Cresson Control. Gold Min. & Mill(qu.)
Dec. 31
e4
Crosby Radio (stock dividend)
250. July I Holders of rec. June 200
Crosby Radio Corp.(quar.)
25c. Oct. 1 Holders of rec. Sept. 200
Quarterly
25e. Jan 1'29 Holders of rec. Dee. 20a
Quarterly
1)4 Apr. 30 Holders of rec. Apr. 16a
Crucible Steel, corn. (guar.)
Apr. 14 Holders of rec. Apr. 50
51
(guar.)
Cudahy Packing, corn.
May I Holders of rec. Apr. 21
3
Six per cent preferred
3)4 May I Holders of rec. Apr. 21
Seven per cent preferred
*1% June 15 *Holders of rec. June 1
Cuneo Press, pref. (guar.)
.1,1% Sept.15 *Holders of rec. Sept. 1
Preferred (guar.)
Curtiss Aeropl. Exp. Corp.. pref.(No. 1) 13.4 Apr. 15 *Holders of rec. Mar. 31
He. Apr. 15 Apr. 1 to Apr. 15
Darby Petrol. Corp.(guar.), No. 1
.25e. daisy 1 *Holders of rec. 4Apr.16
Davega, Inc. (guar.)
19
Decker (Alfred) & Cohn, pref. (guar.).- 134 June 1 Holders of rec. May 200
Holder, of rec. Aug.
1)4 Sept.
Preferred (guar.)
200
Apr.
rec.
1
of
May
Holders
1%
(guar.)._
pref.
Denison Manufacturing.
May 1 Holders of rec. Apr. 200
2
Debenture stock (guar.)
200. Apr. 16 Apr. 1 to Apr. 15
Detroit Motorbus (guar.)
15 Holders of roe. dMay3la
June
2
Diamond Match (guar.)
Apr. 16 Holders of rec. Mar. 31
Dietograph Product Corp.. pref. (qu.)__ 2
15 Holders of rec. Mar. 27
Apr.
51.75
(quar.)-__
pref.
foe..
Brothers,
Dodge
250. Apr. 20 Holders of rec. Mar. 31
Dome Mines.Ltd.,(guar.)
65e. Apr. 14 Holders of roe. Mar. 31
Dominion Engineering Wks.(quar.)
Dominion Textile, Ltd., pref. (guar.).- - I% Apr. 16 Holders of rec. Mar. 31
Apr. 10 Holders of rec. Apr. la
$1
Dunhill International, corn. (guar.).
136 Apr. 25 Holders of rec. Apr. 10a
Du Pont(E.I.) de Nem.,deb.stk.(qu.)
- 1% May 1 Holders tf rec. Mar. 31
.
Eastern Bankers Corp., pref. (guar.)
1% Aug. 1 Holders of rec. June 30
Preferred (guar.)
1% Nov. I Holders of rec. Sept. 30
Preferred (quar.)
136 Febl'29 Holders of rec. Dec. 31
Preferred (quar.)
Apr. 16 Holders of roe. Apr. 4
87360
(QI1J
Pi.
Eastern Steamship Lines,00 par
50c. May 1 Holders of roe. Apr. 15a
Eaton Axle & Spring (guar.)
25e. Apr. 16 Holden Of roe. Apr. 2
Economy Stores(guar.)
'623.4c May 1 *Holners of rect. Apr. 14
Elgin National Watch (guar.)
51 May 1 Holden; of rec. Apr. 16
Eureka Pipe Line(guar.)
0200. May 1 *Holders of roe. Apr. 20
Fair (The). corn.(monthly)
•146 May 1 *Holden Of rect. Apr. 20
Preferred (guar.)
Fanny Farmer Candy Shops, corn. (qu.) 25c. July 1
25e. July 1
Common (guar.)
25e. Oct. 1
Common (quar.)
.Jan 1'29
Common (guar.)
50c. May 31 Holders of roe. May 17a
Fashion Park,Inc.,corn.(quar.)
500. Aug. 31 Holders of rec. Aug. I7a
Common (guar.)
50e. Nov.30 Holders of reo. Nov.30a
Common (quar.)
15a
Federal Knitting Mills, com. (quar.).... 62360 May 1 Holders of roe. Apr. 16a
May 1 Holders of rec. Apr.
12460
Common (extra)
3a
Apr.
roe.
of
Holders
17
160. Apr.
Fifth Ave. Bus Securities (guar.)
Finance Co. of Amer. (Ball.)50
Apr.
rec.
of
Holders
16
Apr.
150.
Common. A and B (guar.)
43% c. Apr. 16 Holders of rec. Apr. 5a
Seven per cent. pref. (guar.)
rec.
of
10
Apr.
Holders
20
Apr.
$2
(qual.)
Firestone Tire & Rubber, corn.
May 15 *Holders of rec. May 1
Seven per cent. pref.(guar.)
134 Apr416 Holders of rec. dApr. 1
6% preferred (guar.)
May16 Holders of rec. May 1
$1.75
First Federal Foreign Invest Trust
75c Apr. 16 Holders of rec. Apr. 11
Flintkote Co., corn. (guar.)
51.75 Apr. 16 Holders of rec. Apr. 11
Convertible pref. (guar.)
25e. July 1 Holders of rec. June 15a
Formica Insulation (guar.)
10c. July 1 Holden of re*. June 15a
Extra
250. Oct. 1 Holders of rec. Sept. 15a
Quarterly
100. Oct. 1 Holde.s of rec. Sept. 15a
Extra
25e. Jan.1'29 Holders of rec. Dec. 15a
Quarterly
10c. Jan.1'29 Holders of reo. Dec. 15a
Extra
(Vol,. 126.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Cloud.
Days IncJuries.
Miscellaneous (Continued).
134 May 1 Holders of rec. Apr. 16a
Fisk Rubber Co., lot pref.(guar.)
First convertible pref. (guar.)
154 May 1 Holders of rec. Apr. 160
Second preferred (guar.)
134 June I Holders of rec. May 150
Apr. 15 Holders of rec. Mar. 304
&
A.
Film
corn.
$I
B.(qu.)...
Fox
Corp.,
May 1 Holders of rem Apr. 14a.
El
Freeport Texas Co.(quar.)
750. May 1 Holders of rec. Apr. 14a
Extra
E2 .33 1-3 May 1 Holders of rec. Apr. 100
General Cable Corp., Prof
Class A
El .66 2-3 June 1 Holders of rec. May 10a.
May 1 Holders of roe. Apr. 160
$1
General Cigar, corn.(guar.)
Preferred (guar.)
134 June 1 Holders of rec. May 210
Apr. 27 Holders of roe. Mar.23a
1
General Electric Co.(guar.)
15e Apr, 27 Holders of roe. Mar.23a
Special stock (guar.)
E1.50 Apr. 16 Holders of rec. Apr. 2a
General Ice Cream Corn., coca
40e Apr. 12 Holders of rec. Mar. 29
General Laundry Machinery (quar.)____
136 May 1 Holders of ree. Apr. 70
General Motors,6% pref.(guar.)
1% May 1 Holders of rec. Apr. Ta
6% deb. stock (guar.)
146 May 1 Holders of rec. Apr. 70
Seven per cent pref. (guar.)
General Outdoor Advertising, corn.(qu.) 50c Apr. 16 Holders of rec. Apr. ba
760 Apr. 16 Holders of rec. Apr. 7a
General Refractories (guar.)
50c May 1 Holders of rec. Apr. 16a
General Stockyards Corp., corn. (qu.)...
$1.50 May 1 Holders of rec. Apr. 16a
Convertible, pref. (guar.)
Apr. 30 *Holders of rec. Apr. 16a.
*75°
Gilchrist Co. (guar.)
154 May 1 Holders of rec. Apr. 14
Gimbel Brothers, pref. (quar.)
Cladding, McBean & Co.25c May 1 Apr. 21 to Apr. 30
Monthly
25c June 1 May 20 to May 31
Monthly
25c July 1 June 21 to June 30
Monthly
25e Aug. 1 July 21 to July 31
Monthly
250. Sept. 1 Aug. 21 to Aug. 31
Monthly
25c. Oct. 1 Sept. 21 to Sept. 30
Monthly
250. Nov. 1 Oct. 21 to Oct. 31
Monthly
c. Dec. I Nov. 21 to Nov.30
Monthly
75c May 1 Holders of rec. Apr. 17n •
Gold Dust Corp.,corn.(guar.)
1% July 2 Holders of rec. June Sc
Goodrich (B. F.) Co., pref. (quar.)
$12.25 May 1 Holders of rec. Apr. 16
Gorham Mfg., let pref
Gossard (H. W.) Co.. corn. (monthly).- 331-3e May 2 Holders of rec. Apr. 200
33 1-3e June 1 Holders of ree. May 22a
Common (monthly)
33 1-3e July 2 Holders of rec. June 200
Common (monthly)
1% May 1 Holders of roe. Apr. 200
Preferred (guar.)
1% May 1 Holders of rec. Apr. 160
(guar.)._
Silk
pref.
Gotham
Hosiery,
Si May 1 Holders of rec. Apr. 130
Granby Cons. M.Sm.& Pr.(quar.)
136 May 1: Holders of rec. Apr. 16a
Groton & Knight Co.. pf. (qu.)(No. 1)_
75e, Apr. 31 Holders of rec. Apr. 9a
Great Northern Iron Ore Properties_ _
25e. Apr. 3r Holders of rec. Apr. 20
Hall(W.F.) Printing (guar.)
1% Apr. 2( Holders of rec. Apr. 100
Harbison-Walker Refract., pref. (qu.)._
Hibbard, Spencer, Bartlett dt Co.(mthly) 35e. Apr. 21 Holders of rec. Apr. 20
350. May 2: Holders of rec. May 18
Monthly
35e. June 21 Holders of rec. June 22
Monthly
134 Apr. 14 Holders of roe. Mar. 31
Hilicrest Collieries, corn. (guar.)
Preferred (guar.)
154 Apr. 14 Holders of rec. Mar.31
10e. Apr 21 Holders of rec. Apr. 4
Hollinger Cons. Gold Mines (monthly)__
Apr. If Holders of rec. Mar. 310.
31
Howe Sound Co.(guar.)
350. May 1 Holders of rec. Apr. 140
Hupp Motor Car Corp. (guar.)
Stock dividend
f23.4 May 1 Holders of rec. Apr. 140
Apr. 18
60e. Apr. 14 Apr. 4 u
Illinois Brick (guar.)
60c, July 14 July 1 to July 15
Quarterly
600. Oct. 10 Oct. 4 to Oct. 15
Quarterly
July 16 Holders of rec. June 290
Incorporated Investors(stock dividend) e2
25c. May 7 Holders of rec. Apr. 23
Independent 011 dr Gas (guar.)
May 15 Holders of rec. Apr. 20
Si
Indiana Pipe Line (quar.)
May 15 Holders of rec. Apr. 20
51
Extra
Internat. Business Machines(guar.).-- 51.25 Apr, 10 Holders of rec. Mar. 220
International Harvester. corn. (quar.).. I)4 Apr. 16 Holders of roe. Mar.26a
80c. Apr. 16 Holders of rec. Mar. 24a
Internat. Match,corn.(guar.)
801. Apr. lc Holders of rec. Mar. 240
Participating. pref.(quar.)
60e. May 15 Holders of rec. May la
Internat. Paper, common (guar.)
146 Apr. 16 Holders of rec. Apr. 20
Six per cent pref. (guar.)
1% Apr. 16 Holders of rec. Apr. 20
Seven per cent pref. (guar.)
51 Apr. 16 Holders of rec. Apr. fa
Jewel Tea, cam. (guar.) (No. 1)
Johns-Manville Corp., corn. (guar.)... 75e. Apr. 16 Holders of rec. Apr. 2a
.Holders of rec. Apr 20
Apr.
*2
Kaufmann Dept Stores. corn.(qu.)
12K0. July 1 Holders of rec. June 20a
Kaynee Co., common (extra)
154 Apr. 1 Holders of rec. Mar.'20
Preferred (guar.)
134 May 1 Holders of rec. Apr. 200
Kelsey-Hayes Wheel, pref. (guar.)
Apr. 15 Holders of rec. Apr. 50
Keystone Steel ,k Wire, corn. (guar.)._ $1
Apr. 15 Holders of rec. Apr. 50
1%
Preferred (guar.)
Keystone Watch Case Corp., pref. (qu.) 1% May 1 Holders of rec. Apr. 18a
1% June 10 Holders of rem May 31
Kirby Lumber, corn. (guar.)
134 Sept.10 Holders of rec. Aug. 31
Common (guar.)
1% Dec. 10 Holders of rec. Nov. 30
Common (guar.)
600. A pr.d16 Holders of rec. Apr. d5a
Knott Corp.(guar.)
Apr. 10 Holders of roe. Apr. la
1
Laguna Land & Water(monthly)
May 10 Holders of rec. May 10
1
Monthly
Land Title Bldg. Corp.(Phila.)(No. 2.) 334 June 30 Holders of rec. June 11
75e. Apr. 16 Holders of rec. Apr. 5
Lefcourt Realty Corp., pref.(quar.)..._
'134 May 5 *Holders of roe. Apr. 25
Lindsay Light. pref.(guar.)
Me. Apr. 27 Holders of roe. Mar.30
Lion 011 Refining (guar.)
90e. May 1 Holders of roe. Apr. 20
Liquid Carbonic Corp.(guar.)
15c. May 1 Holders of rec. Apr. 16a
Loew's Boston Theatres(guar.)
40c. May 1 Holders of rec. Apr. 18a
Loose-Wiles Biscuit, corn. (quar.)
•11% May I *Holdero of rec. Apr. 18
Second preferred (qtutr.)
2% Apr. 2 Holders of roe. Mar. 17a
Lord & Taylor, corn. (guar.)
650, Apr. 14 Holders of rec. Mar. 310
islacAndrews & Forbes, corn. (guar.)
1% Apr. 14 Holdero of rec. Mar. 31a
Preferred (guar.)
51.25 May 15 Holders of rec. Apr. 280
Macy (It. H.) Co.(guar.)
373.40 Apr. 16 Holders of rec. Apr. 6a
Madison Square Garden (guar.)
75e. Apr. lh Holders of rec. Mar. 3Ia
Mama Copper Co. (guar.)
62360 Apr. 16 Holders of rec. Mar. 31a
Mandel Bros. (guar.)
Apr. 18 Holders of rec. Apr. 3
1)4
(guar.)
Maple Leaf Milling, pref.
50e. Apr. 10 IIolders of rec. Mar. 20
Margay 011 (quarterly)
McCall-Frontons° Oil, pref.(No. 1)____ $1.50 Apr. 16 Holders of rec. Mar. 31
- 100. Oct. 1 Holders of tee. Sept.200
McLellan Stores, class A & B (No.2)
Merchants & Mfrs. Sec.. prior pref. (q11.) $1.75 Apr. 16 Holders of roe. Apr. 2
3
Apr. 20 Holders of roe. Mar. ale
Mexican Petroleum, corn. (guar.)
Apr. 20 Holders of roe. Mar.81a
2
Preferred (quar.)
Minneap-Honeywell Regulator, oont...- $1.25c Aug. IS Holders of rec. Aug. 4
Preferred (guar.)
154 May 15 Holders of rec. May 4
I% Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
1% Nov. 15 Holders of rec. Nov. 8
Preferred (guar.)
25c, Apr. 16 Holders of rec. Apr. 2a
Morris (Philip) & Co., Ltd.. Inc. (qu.)
25c. July le Holders of rec. July 2a
Quarterly
260. Oct. 15 Holders of roe. Oct. la
Quarterly
25c.Ja 11.16'29 Hold, of rem Jan. 2 '29a
Quarterly
2c Apr. 16 Holders of rec. Apr 20
Mountain dr Gulf 011 (guar.)
48e Apr. 16 Holders of rec. Apr. 20
Special
25e. June 1 Holders of rec. May 22
Murphy (0.0.)Co.(guar.)
215e. Sept. 1 Holders of rec. Aug. 22
Quarterly
25e. Dec. 1 Holders of rem Nov. 21
Quarterly
50c. May 1 Holders of rec. AM. Ha
National American Co.,Inc.(qaar.)
50e. Aug. 1 Holden) of rec. July Ma
Quarterly
50e. Nov. 1 Holders of rec. Oct. 15a
Quarterly
Nat. Associated Investors, M. A (No.I). *50c. Apr. 15
•144 Apr. 15
634% preferred (guar.)
51.50 Apr. 14 Holders of roe. Mar.313a
National Biscuit, corn. (quar.)
750. Apr. 15 Holders of roe. Mar. 300
National Cash Register, class A (guar.).
$1.130 4May15 Holders of rec. dMay 2a
National Casket, corn
146 June 30 Holders of rec. June 15a
Prof. (guar.)
*25e. Apr. 16 *Holders of rec. Mar. 31
National Fuel Gas(guar.)
136 May 1 Holders of rec. Apr. 230
National Lead, Preferred B (guar.)._
Nat tonal Transit
*57 June 15
July 2 Holders of roe. June 19a
Nelson (Herman)Corp.. stock dividend. el
el
Atock dividend
1 Holders of rect. Sept.18a
Oct
New Bradford 011 (guar.)
'12340 Apr. 16 *Holders of rec. Mar. 31
2
May 10 Holders of rec. Apr. 20
New Jersey Zinc (guar.)
Apr. 16 Holders of rec. Mar. 31
$I
Newmont Mining (guar.)
760. May 1 Holders of rec. Apr. 100
New York Air Brake, common (guar.)._
Security
&
Apr. 10 Holders of rec. Mar. 31
Loan
(guar.)(No. 1)-- $2
N Y
*50e. Apr. 16 *Holders of rec. Apr. 2
N. Y.Transportation (guar.)
736e. Apr. 20 Holders of rec. Mar. 31a
Nu:timing Mines, Ltd. (guar.)
Northwest Engineering. corn. (guar.)._ *50c. May 1 *Holders of rec. Apr. 15
E1.75 May 1 Holders of rec. Apr. 120
Oil Well Supply, prof.(guar.)
APR. 7 1928.]
Name of Comyany:
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Daps Inclusive.
2109
• From unofficIal sources. t The New York Stock Exchange has
ruled that stcok
will not be quoted ex-dividend on this date and not until further
notice. t The
New York Curb Market Association has ruled that stock will
not be quoted ex-
Miscellaneous (Concluded).
dividend on this date and not until further notice.
Ohio Brass. class B (guar.)
$1.25 Apr. 15 Holders of rec. Mar.30
a Transfer books not closed for this dividend. I Payable in
preferred stock.
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar.30
a Correction. e Payable in stock. f Payable in common stock.
Otis Elevator, common (guar.)
a Payable In
81.50 Apr. 16 Holders of rec. Mar. 31a scrip. h On account of accumulated dividends.
Preferred (qual.)
134 Apr. 16 Holders of rec. Mar. 3Ia
I Aasociated Gas & Electric dividends
Preferred (qual.)
134 July 16 Holders of rec. June 306 as follows: on class A stock at rate of 1-40 payable either in cash or class A stock
share; on $8 pref. 333-1008 shares class A
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 29a stock; on $6.50 pref. 3 61-100ths share class
A stock.
Packard Electric (guar.)
70o. Apr. 15 Holders of rec. Mar.30
e Tobacco Products dividend is one-tenth share common
stock of United Cigar
Extra
30o. Apr. 15 Holders of rec. Mar.30
Stores payable in dividend certificates maturing three years from
Packard Motor Car Co.(monthly)
date of issue.
250. Apr. 30 Holders of rec. Apr. 140
30c. cash or 2 M% in stock.
Monthly
25e. May 31 Holder of rec May
z Dividend Is 60 relchsmarks less 10% German tax or 54 reichsmarks
net.
Packer Drive Bldg.. Chicago, pref.(qu.) •$1.50 Apr. 16 Holders of roe. Mar. 31
Park Utah Consolidated Mines(qual.)._ 20c. Apr. 15 Holders of rec. Mar. 150
Pennsylvania Salt Mfg.(quar.)
81.25 Apr. 14 Holders of rec. Mar. 31a
Weekly
Return of New York City Clearing House.Perfection Stove (monthly)
3734e Apr. 30 Holders of rec. Apr. 200
Monthly
3734c May 31 Holders of rec. May 190 Beginning with Mar.31, the New York City Clearing House
Monthly
3734c June 30 Holders of rec. June 200 Association discontinued giving
out all statements previously
Monthly
3734c July 31 Holders of rec. July 200
Monthly
8734c Aug. 31 Holders of rec. Aug. 200 issued and now makes only the barest kind of a report. The
Monthly
3734c Sept.30 Holders of rec. Sept. 200 new return shows nothing but the
deposits, along with
Monthly
37340 Oct. 31 Holders of rec. Oct. 206
Monthly
3734c Nov.30 Holders of rec. Nov.20a the capital and surplus. We give it below in full:
Monthly
3734c Dec. 31 Holders of rec. Dec. 200 STATEMEN
T OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
Phillips-Jones Corp., pref.(quar.)
134 May 1 Holders of rec. Apr. 200
Prairie Pipe Line (guar.)
ASSOCIATION FOR THE WEEK ENDING SATURDAY, MAR. 31
334 Apr. 30 Holders of rec. Mar. 310
1928.
Procter & Gamble,8% Pref.(quar.)_ _ 2
Apr. 14 Holders of rec. Mar.240
Pro-phy-lac-tic Brush. corn. (quar.)- _
506. Apr. 16 Holders of rec. Mar. 310
Prudence Co.. nc., pref.(per 1926)*Surplus dt Net Demand
Time
334 May 1 Holders of rec. Apr. 20
Clearing House
*Capital. Undivided
Preferred equar.)
Deposits
Deposits
134 Jan15'29 Holders of rec. Dec. 310
Members.
Quaker Oats, corn. (guar.)
Profits.
Average.
Average.
81 Apr. 16 Holders of rec. Apr. 20
Common (extra)
83 Apr. 16 Holders rec. Apr. 2a
Common (payable in corn. stock)._ f25 Apr. 20 Holders of
$
$
$
$
of rec. Apr. 2a Bank of N.Y.& Trust Co.....
6,000,000 12,864,800
Preferred (quar.)
55,246,000
7,713,000
1;§ May 31 Holders of roe. May la
Bank of the Manhattan Co__ 12,500,000 19,258.700 140,683,000
Q.it. S. Music, common (guar.).30.625,000
*50e. Apr. 16 *Holders of roe. Apr. 2
Bank
of
America
Nat. Assoc_ 6,500,000 5.398.500
Realty Associates, common
89.830.000
4,468,000
82.50 Apr. 15
National City Bank
Rice-Stix Dry Goods, corn. (quar.)
75,000,000 70,380,500 a896,310.000 167,997,000
3734c. May I Holders of rec. Apr. 15
National Bank
Richfield 011, corn. (qual.)
5.000,000 19,083,500 131,157,000
5,143.000
25e. May 1 Holders of rea. Apr. 5a Chemical
National Bank of Commerce_ 25,000,000 45,596,000 319.356,000
Common (payable in eom.stock)
33,653,000
(25e. May 1 Holders of ree. Apr. tses Chat.Phenlx
Nat.Bk.&Tr.Co. 13.500,000 14,718,000 162,764,000
Preferred (qual.)
45,644,000
silM May 1 *Holders of rec. Apr. 5
Hanover
National
Richmond Radiator, pref. (guar.)
Bank
5,000,000 26,440,500 123,882,000
8734c Apr. 16 Holders of rec Mar. 31a
3,142.000
Exchange Bank
Roos Bros., corn.(qual.)
11,000,000 17,667,500 169,641,000
30,596,000
6234c May 1 Holders of rec. Apr.d15a Corn
National Park Bank
Preferred (guar.)
10,000,000 25,257,600 135,795,000
14,048,000
1.6234 May 1 Holders of rec. Apr.d15a Bowery
& East River Nat.Bk. 4,000,000 7,255,700
Si. Joseph Lead (qual.)
47,658,000
25,066.000
50c June 20 June 1
to June 20
First National Bank
Extra
10,000,000 84,391,300 240,723,000
10,384,000
25c June 20 June 1
to June 20
Amer. Exchange Irving Tr.Co 32,000,000 31,866,200 390.625.000
Quarterly
500 Sept.20 Sept.
58,106.000
to
Sept.
20
Continental Bank
Extra
1,000,000 1,368,800
6,930,000
500,000
25c Sept.20 Sept.
to Sept. 20
Chase National Bank
Quarterly
50,000.000
57,470,000 6589,651,000
47.940.000
50c Dec. 20 Dec.
to Dec. 20
Fifth Avenue Bank
Extra
500,000
3,369,000
25,589,000
25e Dec. 20 Dec.
1,606,000
to
Dec. 20
Garfield National Bank
St. Mary's Mineral Land
1,000,000 1,931,900
16.306,000
.$2
266,000
Apr. 1 Holders of rec. Mar. 200 Seaboard
National Bank
Savage Arms Corp..2nd pref.(quar.)_ _ •134 May 1 *Holders
9,1100,000 14,081,600 129,666.000
7.713.000
of rec. May 1
Bank & Trust Co
Schulte Retail Stores, cont.(guar.)
5,000,000 6,378,800
36,947,000
61.718.000
8734c June
Holders ot roe. May 15a State
Bankers
Trust
Co
Common (quar.)
20,000,000
42,591,000
c335.461.000
49.284,000
8734c Sept.
Holders of rec. Aug. 15a U. S. Mtge. & Trust
Co
Common (quar.)
5,000,000 6,015,400
60,305,000
4.220,000
8734c Dee.
Holders of rec. Nov. 15a Title
Guarantee & Trust Co
Scullin Steel, pref.(qual.)
10,000,000 21,767,2,W
39,015,000
75c. Apr. 1 Holders of rec. Mar. 31
2.010,000
Guaranty
Trust
Co
Seagrave Corp. (guar.)
30,000,000
37,468,300 d474,793,000
w30e. Apr. 2 Holders of rec. Mar. 310
95,363,000
Fidelity Trust Co
Seeman Brothers. Inc.. corn.(guar.)
4,000,000 3,636,800
41.297.000
50o. May
_
5,019,000
Holders of roe. Apr. 16
Lawyers Trust Co
Securities Management Corp., el. A(qu.) 134 Apr. 1 Holders of
3,000,000 3,757,000
21.501,000
3,540,000
rec. Apr. 2
New York Trust Co
Segal Lock & Hardware. pref. (guar.)._
10,000,000 23,775,200 146,907.000
13( Apr. 1 Holders of rec. Mar. 31
37,187,000
Farmers Loan & Trust Co._ ... 10.000,000 21,728,300 e114.586,000
Shaffer 011 & Refit.. pref. (quar.)
17,355,000
134 Apr. 2. Holders of rec. Mar. 31
Equitable
Shattuck (F. G.) Co.(guar.)
Trust
Co
30,000,000
25,574,100 (343,129,000
50o. Apr. 1 Holders of rec. Mar. 200
30,525,000
Smith (Howard) Paper Mills pref.(quar.) 2
Colonial Bank
1,400,000 3,633.800
28,077,000
Apr. 1 Holders of rec. Mar. 31
6,937,000
Spalding(A.G.)& Bros.. corn.(quar.)_
$1.25 Apr. 1 Holders of roe. Apr. 7
Spanish River Pulp dc P., com.&pf.(qu.) 134 Apr. 20
Clearing
Non-Member
s,
Holders
fo
rec.
Apr.
10
Steel Co.of Canada,corn.& pref.(qu.)._ 15( May 1 Holders
Grace National Bank
1,000,000 2,017,800
9,416,000
4,072,000
of roe. Apr. 74 Mechanics Tr. Co.,
Steel de Tubes, common (guar.)
Bayonne_
500,000
739,700
3,403,000
75e. Apr. 30 Holders of rec. Apr. 18
5,802,000
Stroock (S.) & Co., Inc. (qual.)
75e. July 2 Holders of rec. June 150
Tntala
Sullivan Machinery (guar.)
406000 min 657 403 n() 5 326 640 non 017.1142.000
$1
Apr. 16 Apr. 1 to Apr. 14
Telautograph Corp., corn.(guar.)
20e. May 1 Holders of roe. Apr. 14
•As per official reports: National, Feb. 28 1928; State, Mar. 2
Thompson (John R.) Co.(monthly).--1928: Trust Com30c. May 1 Holders of rec. Apr. 234 panies, Mar. 2 1928.
Monthly
30c. June 1 Holders of rec. May 230
a Includes deposits in foreign branches, $272,593,000. b Includes deposits in
Tobacco Products Corp. (stk.
-- (o) Apr. 16 Holders of rec. Mar.80a foreIgn.branches, $14,670,000. c Includes deposits in foreign
branches, 85.5,652,000.
Tonopah Mining
*730. Apr. 21 Holders of rec. Mar. 31
d Includes deposits in foreign branches, 877.463,000. e Includes deposits in
Tooke Bros.. Ltd. pref. (guar.)
134 Apr. 16 Holders of rec. Mar.81
branches, $1,633,000. 6 Includes deposits in foreign branches, $92,142,000.foreign
Truecon Steel, corn. (guar.)
30o. Apr. 16 Holders of rec. Apr. 5a
Tuckett Tobacco, corn. (guar.)
1
Apr. 14 Holders of rec. Mar. 31
Preferred (quar.)
134 Apr. 14 Holders of rec. Mar.31
Union Storage (guar.)
Boston Clearing House Weekly Returns.-In the
62340 May 10 Holders of rec. May 1
Quarterly
6234c Aug. 10 Holders of rec. Aug. 1
following we furnish a summary of all the items in the
Quarterly
6234e Nov. 10 Holders of rec. Nov. 1
United Elec. Coal (qual.)
•75e. Apr. 20 Holders of rec. Apr. 10
Boston Clearing House weekly statement for a series of weeks.
United Paper Board. pref.(guar.)
114 Apr. 16 Holders of rec. Apr. '20
United Piece Dye Works,634% Pf.(M.) 154 July 2 Holders
of rec. June 20a
BOSTON CLEARING HOUSE MEMBERS.
634% preferred (guar.)
1,4 Oct. 1 Holders of rec. Sept. 20a
635% preferred (quar.)
154 Jan 2'29 Holders of rec. Dec. 200
United Profit-Sharing, pref
April 4
5
Apr. 30 Holders of rec. Mar.310
Changes from
March 28
March 21
U.S.Cast Iron Pipe & Fdy.,cont.(o.). 234 June 15 Holders
1928.
Precious Week
1928,
of rec. June la
1928.
Common (guar.)
234 Sept. 15 Holders of ree. Sept. la
Common (guar.)
8
234 Dec. 15 Holders of roe. Dec. la
$
$
$
Preferred (qual.)
83.400,000 +5.000,000
134 June 16 Holders of rec. June la Capital
78.400.000
78,400.000
Preferred (guar.)
96.607,000 Unchanged
IM Sept. 15 Holders of rec. Sept. la Surplus and profits
96,607,000
96.597.000
Preferred (quar.)
Loans,tinsels &Investls.. 1,163,848,000 +1,208,000 1,162.640,000
134 Dec.
1.167.134.000
U.S. Dairy Products. el A (on.)(No. 1) $1 May 15 Holders of rec. Dec. la Individual deposits
711,336,000 +31,275,000 680,081.000 689,302,000
Holders of rec. May 15
U. S. Industrial Alcohol, con.(quar.)_. $1.25 May 31
Duets banks
161,086.000 +13,575,000 147,511,000 155,882,000
1
Holders
of
rec.
Apr.
160
Preferred (qual.)
310,444,000 +5,949,000 316,393,000 311,788.000
134 Apr. 16 Holders of rec. Apr. 26 Time deposits
U. S. Print. & Lith. 2d pref. ((Wan)-United States deposits...
23,291,000
-284,000
23,575,000
134 July 1 June 21 to June 30
24,251.000
Second preferred (qual.)
Exchanges for Crg House
134 Oct. 1 Sept.21 to Sept.30
44,018,000 +15,530,000
28.488,000
34.202.000
Second preferred (guar.)
Due from other banks
88,657,000 +13,351.000
134 Jan 129 Dec. 22 to Dec. 31
75,306.000
84,517.000
U. EL Radiator, common (guar.)
Res've in legal deposit's.50c. Apr. 15 Apr. 2 to Apr. 15
86,875,000 +3,421,000
83,454,000
85,175.000
Preferred (guar.)
Cash In bank
134 Apr. 15 Apr 2 to Apr. 15
9,528,000
-50,000
9,578.000
9.584,000
U.S. Smelt., Refg. & Mm.. oom.(cm.). 8730 Apr.
1 120 nem
4-1 MIR non
14 Holders of roe. Apr. 5a 11.1.17P avra2ialn V R Mr
41.000
Preferred (qual.)
8734c Apr. 14 Holders of rec. Apr. 50
United Verde Extension Mining (guar.)_
500. May 1 Holders of rec. Apr. 66
Universal Leaf Tobaem, Inc., cons
May 1 Holders of rec. Apr. 190
M
Philadelphia Banks.-The Philadelphia Clearing House
Universal Pipe & Radiator, p1. (qu.) _
13( May 1 Holders of rec. Apr. 160
Vapor Car Heating return for the week ending Mar. 31,with comparative figures
Preferred (guar.)
154 June 10 Holders of rec. June la
Preferred (guar.)
134 Sept. 10 Holders of rec. Sept. la for the two weeks preceding, is given below. Reserve
Preferred (qual.)
134 Dee. 10 Holders of rec. Dec. la requirements for members
Vick Chemical (qual.)
of the Federal Reserve System
$1
May 1 Holders of rec. Apr.
Victor Talking Mach,corn
$1 May 1 Holders of rec. Apr. 160
20 are 10% on demand deposits and 3% on time deposits, all
Preferred (old) guar.)
134 Apr. 15 Holden* of rec. Apr. 2
7% cum. prior prof.(guar.)
134 May 1 Holders of rec. Apr. 20 to be kept with the Federal Reserve Bank. "Cash in vaults"
$6 cum.cony. pref.(qual.)
$1.50 May 1 Holders of rec. Apr. 20
Vulcan Detinning, pref.(guar.)
134 Apr. 20 Holders of rec. Apr. 12a is not a part of legal reserve. For trust companies not
Preferred A (guar.)
1)( Apr. 20 Holders of tee. Apr. I26 members
of the Federal Reserve System the reserve required
Wagner Electric Co., common
$2.50 Apr. 15 Holders of rec. Mar. 31
Warner (Charles) Co., common (guar.). *50c Apr.
*Holders of rec. Mar. 31
is 10% on demand deposits and includes "Reserve with
Weber & Hellbroner, Inc., pref.(guar.). 13( May 10
1 Holders of roe. Apr. 16a
Western Grocer Co., pre!
834 July 1 June 21 to June 30
legal depositaries" and "Cash in vaults."
Western Grocers, Ltd.(Can.). pf.(qu.). 154 Apr. 16
Holders of reo. Mar. 31
Westinghouse Air Brake (quar.)
500. Apr. 30 Apr. 1 to Apr. 10
Westinghouse Elec. Mtg., cont. (qusa.)
Week Ended Match 31 1928.
$1 Apr. 30 Holsters of rec. Mar 30a
Preferred (quar.)
Two Ciphers (00)
SI Apr. 16 Holders of rec. Mar .30a
Mar. 24
Mar. 17
White Eagle 011 & Ref. (quar.)
omitted.
2.5e Apr. 20 Holders of rec. Mar 30a
Members of
Trust
1928.
1928.
Wire Wheel Corp. preferred (guar.)
P.R.System Companies.
$1.75 July 1 Holders of rec. June 20
Total.
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
Capital
$1.75 Jan.119 Holders of rec. Dec. 20
53,300,0
62,800,0
62,800,0
9.500,0
62,800,0
Woodworth, Inc. corn. (guar.)
Surplus and profits... 167,790,0
*3730 Apr. 15 *Holders of rec. Apr. 1
17,914,0 185,704,0 185,676,0 185,631,0
Loans, diseta & Invest. 999,907,0 101,134,0 1,101,041.0 1,099,934,0 1,097,561,0
Worthington Bali, class A (guar.)
*50c. Apr. 16 *Holders of rec. Mar. 31
Exch. for Clear. House
Wrigley (Wm.) Jr. Co.(monthly)
2150. May 1 Holders of rec. Apr. 20
41,071.0
39,579.041.977,0
42.038,0
967.0
Monthly
Due from banks
215c. June 1 Holders of rec. May 20
100,982,0
537.0 10E519,0
94,600,0
99,730,0
Bank deposits
Monthly
133,557,0
250. July 2 Holders of rec. June 20
3,142,0 136,699.0 137,638,0 143,987,0
Monthly
Individual del:malts- 617.405,0
250. Aug.
53,561,0 670.966,0 665 449 0 675,444,0
Holders of rec. July 20
Time
Yellow & Checker Cab, corn. A (mthly). 6 2-3c May
deposits
196,800,0
28,721.0 225,521,0 219,929,0 218,088,0
Apr. 26 to Apr. 30
Total deposits
Common class A (monthly)
6 2-3c June
947,762.0
85,424,0 1,033.186.0 1,023,016,0 1.037,519,0
May 26 to May 31
Res, with legal dein:siCommon class A (monthly)
6 2-3c July
9,420.0
9.420,0
8,644,0
June 26 to June 30
9.366,0
nes.
with F. R. Bank.
Common class A (monthly)
6 2-3c Aug.
70,724,0
70.724,0
70,865,0
July 26 to July 31
72.286.0
CashIn vault•
Common class A (monthly)
6 2-3c Sept.
9,322,0
11.944,0
2,622,0
12,328.0
Aug. 26 to Aug. 31
12,069.0
Total
Common class A (monthly)
res.
&
cash
held_
80,046.0
12,042.0
6 2-3c Oct.
92,088.0
91,837.0
Sept. 26 to Sept. 30
93,921,0
Reserve required
Common class A (monthly)
69,024,0
10,433,0
6 2-3c Nov.
79,457,0
79,284,0
Oct. 26 to Oct. 31
80,146,0
Excess reserve and cash
Common class A (monthly)
62-3c Dee.
Nov.26 to Nov. 30
In
Zellerbach Corp.. common (guar.)
vault
11,022.0
1,609.0
12,63E0
50e. Apr, 1 Holders of roe. Mar.gla
12,553,0
13.575.0
• Cash in vault not counted as reserve for Federal Reserve members.
1
[VOL. 126.
FINANCIAL CHRONICLE
2110
Weekly Return of the Federal Reserve Board.
afternoon, April 5,and showing the condition
The following is the return issued by the Federal Reserve Board Thursdayfirst
table we present the results for the system
. In the
of the twelve Reserve banks at the close of business on Wednesdayweeks
and with those of the corresponding week last year.
preceding
as a whole in comparison with the figures for the seven
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
comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's
."
iatest week appears on page 2173, being the first item in our department of "Current Events and Discussions
RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 4 1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
21 1928 Feb. 15 1928. Apr. 61927.
Apr. 4 1928. Mar.28 1928. Mar.21 1928. Mar. 14 1928 Mar. 7 1928. Feb. 28 1928. Feb.
s
$
$
$
s
s
s
5
5
RESOURCES.
1,366.926,000 1,630,855,000
1,247,059.000 1,331,263,000 1,393,893,000 1,369,178,000 1,345,440.000 1,388,957,000 1,384,121.000
45,304,000
Gold with Federal Reserve agents
45,898,000
52,849,000
45,952,000
49,778,000
58,576,000
48,560,000
50,652,000
58.841,000
Gold redemption fund with U. S. Tress1,412,824.000 1,676,159,000
1,436,970.000
1,434,909.000
1,395,218,000
1,427.754,000
1,442,453,000
1,381,915,000
613,278,000
Gold held exclusively eget. F. R. notes 1,305,900.000
684,561,000 735,014,000 767,300.000 752,529,000 749,105,000 763,847,000
Gold settlement fund with F. R.Board -- 794,067,000 714,989,000 648,757,000 625,649,000 649,700,000 620,932.000 633,711,000 636,961,000 733,509,000
Gold and gold certificates held by banks_ 643,562,000 663,059,000
2.808,370.000 2,819,786,000 2.813,632,000 3,022,946,000
2,743,529,000 2,759,963,000 2,775,771,000 2,788,417,000 2,812,218,000
Total gold reserves
167,179,000 160,490,000
164,442,000 170,541,000 170,060,000 168,300,000 163,442,000 165,931,000 164,564,000
Reserves other than gold
3,183,436,000
2.980,811,000
2,984,350,000
2,907,971,000 2,930,507,000 2,945,831,000 2,956,717,000 2,975,660,000 2,974,301,000
59,972,000
Total reserves
76,242,000
71,496,000
70,298,000
70,084,000
70,013,000
68,045,000
67,786,000
61.504,000
Non-reserve cash
Bills discounted:
289,784.000 306,405,000 290,925,000 318,181,000 213,306,000
285,25,00o
285,371,000
322,034,000
350,602,000
Secured by U. S. Govt. obligations
170,119,000 162,909,000 188,642,000
250,874,000 202,062,000 191,607,000 187,041,000 192,324,000 186,163.000
Other bills discounted
472,296,000 482,108,000 492,568,000 461,044,000 481,090,000 401,948,000
476,978,000
524,096,000
601,476,000
Total bills discounted
353,227,000 354,787,000 239,221,000
343,636,000 348,103,060 332,728,000 343,328,000 338.495,000 343,759,000
Bills bought in open market
74,870,000
57,434.000
U. S. Government securities:
55,387,000
55,810.000
57,047,000
58,807,000
57.330,000
55,711,000
56,233,000
85,377,000
Bonds
207.741,000 213,704,000
163,947,000 163,312.000 171,792,000 193,421,000 205,633,000 206,038,000
Treasury notes
148,659,000 140,032,000 145.956,000 138,384,000 137,295.000 181,688,000
156,139,000
166,509.000
163,052,000
Certificates of Indebtedness
408,433.000 341,935,000
383,232.000 385,832.000 385,261,000 400,887,000 402,712,000 407,602 000 401,512.000
2,500,000
Total U. S. Government securities
500,000
500,000
1.000,000
1.000.000
1,000,000
500,000
990,000
990,000
Other securities (see note)
1,224,315,000 1,244,929,000 1,216,283,000 1,244,810,000 985,604,000
1,217,500,000
1,195.467,000
1,257,021,000
1,320,334,000
Total bills and securities (see note)
659,000
568,000
Gold held abroad
568,000
567.001
569,000
570,000
569,000
570,000
570,000
772.437,000 643,961,000
Due from foreign banks (see note)
674,074,000 595,975,000 678,071,000 744,469,000 609,762.000 614.520.000 649,135,000
58,558,000
Uncollected items
59,051,000
69,055,000
59,064,000
59,078.000
59,265,a00
59,264,000
59,261.000
59.274.000
12,982,000
Bank premises
10,839,000
10,913,000
11.168.000
11,548,000
12,159.000
9,222,000
9,826,000
10,131,000
All other resources
,945,172,000
5,144,758,0004
4.991.800,000
5,042,858,000 4,920,951,000 4,954,469,000 5,060.702,000 4,951,016,000 4.974,845.000
Total resources
LIABILITIES.
1,591,898,000 1,586,195,000 1,727,429,000
1,601,010,000 1.567,052,000 1,565,286.000 1,574,114,0(0 1,591.370.000 1,588,238,000
F. R. notes in actual circulation
Deposits:
2,357,083,000 2,391,150,000 2,231,951,000
2,374,515,000
2,361.4643300
2,362,424.000
2,322,237,000
2,357,143,000
2,400,808,000
13,527,000
26,457,000
Member banks-reserve account
23,681,000
27,917,000
25,037.000
18,975.000
14,863,000
24.757,000
9,980,000
4,925,000
Government
4,844,000
5,324.000
6.044,000
6,116,000
4,305,000
4,502.000
5,007,000
5,310,000
15,064,000
Foreign banks (see note)
21,308,000
18.765,000
17,129,000
18,121,000
17,222,C00
18,102,000
17,308,000
18,889.000
Other deposits
2,443.759,000 2,265,467,000
2,434,987,000 2.404,215,000 2,359,704,000 2.402,926,000 2,410,738,000 2,425 605,000 2,404,853,000
Total deposits
734,306.000 582,633,000
623,648,000 566,358.000 646,319,000 701,004,000 566,760.000 679,520,000 613,456,000
Deferred availability Items
136,456,000 136.605,000 136,592,000 136,474,000 135,877,000 128,212,000
136,642,000
136,150,000
135,731,000
Capital paid In
233,319,000 233,319.000 220,775,000
233,319,000
233,319,000
233,319,000
233,319,000
233,319.000
233,319,000
12,656,000
Surplus
11,302,000
11,800,000
11,571,000
12,224,000
12,883,000
13,199,000
13,857,000
14,163,000
All other liabilities
4,945,172,000
5,144,758,000
4,991,800,000
4,974,845,000
4.951,016.000
5,060,702.000
5 042,858,000 4,920,951,000 4,954,469,000
Total liabilities
75.7%
Ratio of gold reserves to deposits and
69.8%
70.56%
70.0%
70.3%
70.1%
70.7%
69.5%
68.0%
F. R.. note liabilities combined
79.7%
4.0%
Ratio of total reserves to deposits and
74.7%
74.1%
74.4%
74.3%
75.1%
73.8%
72.1%
combined
F. R. note liabilities
147,819,000
Contingent liability on bills purchased
241,697,000
241,238,000
243.000 243.975,000 239,660,000 238,553,000 238,817.000
242,084,000
for foreign correspondents
$
5
$
3
$
$
$
$
$
107,296,000
Distribution bp Maturities151,818,000 142.960,000 124.030,000 111.382.000 118,113,000 111.592,000
1-15 days bills bought in open market_ 150,047,000 167.981,000 400,982,000 399,259,000 405,499,000 420,680.000 389,673,000 412,890,000 312,41.4,000
507,860 000 442.923.000
370,000
1-15 days bills discounted
700,000
100,000
20,072,000
14,630,000
10,732,000
435,000
509,000
940 000
1-15 days U. S. certif. of Indebtedness68,371,000
1-15 days municipal warrants
71,103,000
70,958.000
92,357,000
91,920,000
89,780.000
79,257,000
77,976,000
75,649,000
23,799,000
16-30 days bills bought in open market _
17,033.000
20,415,000
17,933,000
18,266,000
18,101,000
17,721,000
18,629,090
23,851,000
15.441,000
16-30 days bills discounted
5,912,000
16-30 days U. S. certif. of indebtedness_
48,143,000
16-30 days municipal warrants
92,079,000 107.092,000 119,308,000 115,829.000
75,281,000
64,963,000
58.783,000
57,775.000
34,724,000
31-80 days bills bought in open market _
25,345,000
27,022,000
29,469,000
31,045,000
31,442,000
32,557,000
32,801,000
36,347,000
31-80 days bills discounted
7.200,000
of
Indebtedness_
certif.
31-80 (lays U. S.
12,820,000
31-60 days municipal warrants
51.895,000
40,466,000
29,762,000
27,230.000
30.661.000
31,771,000
35,457,000
54,808,000
19,695,000
19.730,000
61-90 days bills bought in open market _
17,811.000
18.156,000
20,479,000
15,152.000
16,911,000
20,294,000
23,957,000
74,064,000
61-90 days bills discounted
5,820,000
1.602.000
2,000
61-90 days U. S. certif. of indebtedness_
2,591,000
4,368.000
81-90 days municipal warrants
4,382,000
3,166,000
3,236.000
4,644.000
4.919,000
5,901,000
5,357,000
11,316,000
6,092,000
Over 90 days bills bought In open market
6,123,000
6,330,000
6,819,000
8,339,000
8,807,000
9,214,000
9,481,000
Over 90 days bills discounted
125.402,000 125,884,000 125,172,000 121,154,000 107,254,000
137,927.000
149,884,000
164.108.000
162,110,000
Over 90 days certif. of indebtednes4
Over 90 days municipal warrants
2,850,263,000 2,866,160,000 2,870.453.000 2,889,110,000 2.897.758,000 2,947,635,000
P. R. notes received from Comptroller... 2,812,162,000 2.823,560,000 2,840,840,000
889,305,000 888,705,000 835,133,000
853,110,000 869,300,000 875,450,000 879,465,000 877,040,000 878.280,000
F. R. notes held by F. It. Agent
2.009,053,000 2,112,502,000
1.999,805,000
1,992,173,000
1,989,120,000
1,970.798,000
1,959,052,000 1,954,260,000 1,965,350.000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board...,
By eligible paper
414,140,000
100,639,000
414,140,000
91,152,000
817,971.000
839,382,000
732,280,000
910,045,000
414.140,000
91,366,000
888,387,000
780,579,000
414,840,000
88.454,000
885,884,000
778,352,060
414,841,000
00,736,000
839,863,000
792,404,000
414,841,000
96,068.000
878,048,000
801.275.000
414,841,000
94,611,000
874,669,000
787,140,000
414,840,000 401,604,000
99,834,000
99,401,000
852,625.000 1,129,417,000
809,605,000 620,052,000
.• . • .
. . .
2,l58,004,000 2.170.645.0002.174.472.000. . .
show separately the amount of balances held abroad and a mounts due
to
order
in
added
were
terns
new
two
1925,
7
Oct.
of
statement
NOTE.-Beginning with the
Foreign Intermediate Credit Bank debentures, was changed to
the caption, "All other earning assets," previously made up ofitem
ivaa adopted as a more accurate description of the total of
to foreign correspondents. In addition,
to "Total bills and securities." The latter
"Other lcounties," and the caption, "Total earning assets" provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only Items included
She discounts, acceptances and securities acquired under the
therein.
BUSINESS Al'RIL 4 1923.
OF TIIE 12 FEDERAL RESERVE BANKS AT CLOSE OF
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Total
Chicago. St. Louis. Minneap. Kan.Citg.
Ttco ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta.
Total.
Federal Reaerve Bank al$
5
5
$
5
S
5
$
5
$
S
RESOURCES.
186,384,0 32,639,0 51,379.0 49,634,0
79,127,0 228.846,0 104.767,0 143,544,0 45.880,0 129.817,0 5,999,0 4,232,0 1,764,0 1,520.0
Sold with Federal Reserve Agents 1,247,059,0
2,174.0
1,485,0
5,134.0
15,624,0
10.874,0
6,342,0
58,841,0
Sold red'n fund with 13.8. Trees.
36,871,0 53,143,0 51,154,0
244,270,0 115,641,0 148,678,0 47,365,0 131,991.0 192,383,0
Gold held excl. agst.F.R.notes 1,305.900,0 85,469,0 288,469,0 45,906,0 64,280,0 23,288,0 11,356,0 167,885,0 23,733,0 15,631,0 29,338,0
Sold settle't fund with F.R.Board 794,067.0 68,838,0
11.525,0 5,241,0 6,448,0
52,312,0
643,562,0 24,502,0 413.995,0 26,128,0 45,331,0 9,682.0 9,701,0
Sold and gold certificates
74,018,0 86,940,0
72.129,0
153,048,0
412,580,0
80,335,0
2,743,529,0 178,809,0 946,734.0 187,675,0 250,289,0
Total gold reserves
33,723,0 7,823,0 14.621,0 10,523,0 14,883.0 19,899,0 13,717,0 3,471,0 7,603,0
164,442,0 15,722,0
Reserves other than gold
85,846,0 77,489,0 94,543,0
2,907.971,0 194,531,0 930,457,0 105,498,0 272,910,0 90,858,0 167,031,0 432,470,0 3,923,0 1,016,0 1,878,0
Total reserves
19,465,0 2,333,0 5,224,0 5,085,0 4,289,0 6,923,0
61,504,0 4,972,0
Non-reservecash
Bills discounted:
128,394.0 31,818,0 28,129,0 6,809,0 5,951.0 55,160,0 10,450,0 5,010.0 11,480,0
Sec. by 13.8. Govt. obligations 450,602,0 17,474,0
78,465,0 13,498.0 22,413,0 21,954,0 23,104,0 33,958,0 15,598,0 1,332,0 6.043,0
250,874,0 22.079,0
Other bills discounted
45,316,0 50,542,0 28,763.0 29,055,0 89,118,0 26,040,0 6.342,0 17,523,0
206.859,0
601,476,0 39,553,0
Total bills discounted
12,992,0
14,062,0
4,472.0
42,725,0
15,829,0
14,369,0
32,404,0
343,636,0 46,141,0 102,860,0 25,153,0
Bills bought in open market
(7. S. Government securities:
11,890,0
4,519,0
7,125,0
44.0
20,327.0
1,153,0
505.0
585,0
1,514,0
707.0
56.233,0
Bonds
27,629,0 14,814,0 33,738,0 2,748,0 4,945,0 16,209.0 14,740,0 7,041,0 7,887,0
163,947.0 7,946,0
Treasury notes
5.914,0 10,828,0
24,191,0
3,713,0
7,797,0
4,089,0
13,409,0
18,231,0
41.239,0
163.052,0 11.822,0
Certificates of indebtedness
. nn
......
A ,TE
n
nlnn
...Into
n
nnnn
,
a Ing n
fin .10, n
nn Ann n
1, A,A n
gn arm n
Dallas, San Frani
S
$
28,598,0 166.644,0
1,176,0 2,517,0
20074,0 169,161,0
20.635,0 34,705,0
8,831.0 29.866,0
,59,240,0 233,732,0
10,248,0 12,209.0
89,488,0 245,941,0
2,767,0 3,629,0
1,460,0 48,467,0
3,483,0 8,947,0
4,943,0 57,414,0
12.404,0 20,335,0
55,0
7,009,0
7.759.0 18,491,0
8.656,0 13,163.0
It 990 fl
11 Inn n
APR. 7 1928.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
il
990.0
Other securities
Total bills and securities
Due from foreign banks
Uncollected Items
1350k premises
All other resources
Boston.
New York.
Phila.
$
$
$
1,329,334,0 106,169,0
570.0
37,0
574,074,0 68,363,0
59.274.0 3,824.0
10,131,0
70.0
2111
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran,
$
$
$
$
$
$
990,0
$
$
S
379,901,0 104,099,0 130,688,0 51,122,0 53,586,0 192,570,0 60,182,0 38.868.0 61,120.0 41,571.0 109,458,0
217,0
47,0
51,0
25,0
21,0
68,0
21,0
13,0
18,0
17,0
35,0
183,030,0 60,750,0 59,790,0 50,567,0 25,244.0 87,231,0 30,157,0 11,634.0 38,201,0 23,382,0 35.725,0
16,548,0
1,756,0 6,865,0 3,148,0 2,829,0 8,720,0 3,891,0 2,202,0 4,308.0 1,806.0 3,377.0
1,635,0
122,0 1,143,0
387,0 1,421,0 1,269,0
717.0 1,148,0
548,0
566,0 1,105,0
Total resources
5,042,858,0 377,966.0 1,581,253.0 364,605.0 470,671,0 201.192,0 255,321,0 729,260,0 184,737,0 132,370,0 200,616.0 139,597.0 399,270,0
LIABILITIES.
F. R. notes In actual circulation. 1,601,010,0 123,598,0 350,748,0 130,770,0 189,695,0 60,271.0 144,681,0 245.288,0 52.408,0
57,331.0 57.538.0 34.905.0 153,777,0
Deposits:
Member bank-reserve acel 2,400,808,0 158,361,0 955,880,0 140,601.0 186,819,0 71,298,0 69,746,0 346,328,0 82,832,0 52,962,0
92,435,0 66.904,0 176.642.0
Government
9,980,0
704,0
2,581,0
761,0
627,0
308,0
733,0
980,0 1,051,0
615,0
867.0
574.0
179,0
Foreign bank
5,310.0
360,0
1,863,0
456,0
499,0
245,0
202,0
667,0
206,0
130.0
173,0
168,0
341,0
Other deposits
18,880,0
87,0
52,0 1,284,0
8.790,0
99,0
256,0 1,314,0
332,0
249,0
900,0
30,0 5,496.0
Total deposits
2,434.987,0 159,512,0 969,114,0 141,870,0 189.229,0 71,950,0 70,937,0 349,289,0 84.421,0 53.956,0 94.375,0 67.676.0 182.658,0
Deferred availability items
623,648,0 66,562.0 152,389,0 55,861,0 57,831.0 49.487,0 24.009,0 80,974.0 31,346,0 10,117,0 34,844,0 23,771.0 36,457.0
Capital paid in
135,731,0 9,586,0
42,468,0 13,703,0 14,278,0 6,251,0 5,174.0 18,134,0 5,301,0 3,028.0 4,242,0 4,311,0 9.255,0
Surplus
233,319,0 17,893,0
63,007,0 21,662,0 24,021,0 12.324,0 9,996,0 32,778,0 10,397,0 7,039.0 9.046.0 8,527,0 16,629.0
AU other liabilities
14,163,0
815,0
3,527,0
739,0 1,617,0
909,0
524,0 2,797,0
864,0
899.0
571,0
407,0
494,0
Total liabilltles
5.042,858,0 377,966,0 1,581,253,0 364,605,0 476,671,0 201,192,0 255,321,0 729,260,0 184,737,0 132,370,0 200,616,0 139,597,0 399,270,0
Memoranda.
Reserve ratio (percent)
72.1
68.7
74.3
71.7
72.0
68.7
77.9
72.7
62.7
60.6
62.2
73.1
67.7
Contingent liability on bills purchased for foreign correspondit
242,084,0 18,122,0
68,595,0 22.955,0 25,129,0 12,323,0 10,148,0 33,586,0 10,390,0 6,524,0 8,699,0 8,457,0 17,156,0
F. R. notes on hand (notes reed
from F. R. Agent leas notes in
circulation
.101 n.m n 91 000 n 1n7 ,;1.1 n 91 507 n 90 109 Cl 111 171 n 9¢ Real n 44 702 n 8 1211
0 4.5200 6.823.0 7.113.0 55.651.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRIL
4 1928.
Federal Reserve Agent at-
Total.
Boston.
New York,
Two ciphers (00) omitted.
$
$
F.R.notesrec'd from Comptroller 2,812,162,0 225,414.0
F.R.notes held by F. R. Agent-- 853.110.0 80.310.0
F.11. notes issued to F. R. Bank 1,959,052,0 145.104,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates._ _ _ 414.140,0 35,300,0
Gold redemption fund
100,639,0 15,827,0
Gold fund-F.R. Board
732,280,0 28.000,0
Eligiblepaper
910,945,0 85,694,0
TOtalennsataral
Phila.
Cleveland. Richmond Atlanta. Chicago, Si. Louis. Affnneap. Kan.City. Dallas. San Fran,
S
IS
5
$
s
$
s
s
5
s
s
743,621,0 174,867.0 259,837,0 105,568.0 235,187.0440,580,0 78,444.0 79,045,0 103,071,0 64,400.0 302,128.0
285,360,0 19,100,0 40,980,0 26.124,0 61,840,0 150,500,0 17.910,0 17,194,0 38.710,0 22,382,0 92,700,0
458,261.0 155,767.0 218,857,0 79,444,0 173,347,0 290.080,0 60,534.0 61,851.0 64,361,0 42,018,0 209,426.0
205.150.0
42,600,0 31.020,0 20,000,0
8,600,0 14,167,0
17,303.0 40.000.0
18,496,0 11.790,0, 10,944.0 5,360.0 7,517,0 1,384,0
539,0 2,212,0 3.774,0 2,295.0 20,501.0
5.000,0 92,977,01 90.000.0 9,500.0 102,300,0 185,000,0 23,500,0 35,000,0 45,860.0 9,000.0306,143.0
292,500,0 59,314,0 80,900,0 41,941,0 44,386.0 131.714,0 29,364.0 20,313,0 30,230.0 17,065,01 77.524.0
1
521.146.0 104.081.0 224.444.0 87.321.0 174.203.0 318.093.0 62.003.0 71.692.0 79.864.0 45.663,0244.168
.0
1
9 108 004 n 104 821 0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
of the resources
and liabilities of the 618 member banks from which weekly returns are obtained. These figures are items
always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment the Reserve Boardin the statement
upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page of
2174,immediately following which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN
EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCH 28 1928 (In thousands of dollars).
Federal Reserve Distria-
Total.
Boston. 1New York
S
Phila.
Cleveland Richmond Atlanta. Chicago. Si. Louis. Arinneap.IKan.City Dallas. San Fran,
s
Loans and investments-total
s I
22,018,222 1,582,897
s
8,428.656
$
1,226,111 2.180,602
5
688,403
S
s
623,117 3.174,507
719,552
S
386.144
5
663.370
S
S
444,569 1,900,294
Loans and discounts-total
15,109,779 1.096.583:5.981.794
810,370 1,430,846
511,922
494.278 2,275,045
499,380
251,048
439,521
336,509 1,281,583
15,151
690,759
774,936
3,124
159,901
348,897
5,458
23,876
121,750 999,362
367,070 1.251,807
4,081
196,282
299,017
2,469
73.749
175,730
3,581
133,877
302,063
3,981
85,657
247,371
4,161
344,659
932,763
Secured by U. S. Gov't oblige's
Secured by stocks and bonds
All other loans and discounts
a
143,840
6,443,710
8,822,229
5,4591
64,857
424.852 2,812,902
666,272 3,104,035
8,142
449,960
352,268
0,608,443
486.31412.446.862
415,741
749.756
176.481
128,839
899,462
220,172
134,196
223,849
108,060
618,711
U. S. Government securities_... 2,972,853
Other bonds, stocks and securities 3,635,590
182,0851,172,200
304,229 1,274,662
108,652
307,089
333,031
416,725
78,019
98,462
63,466
65,373
356,559
542,903
85,916
134,256
70,218
63,978
106,040
117,809
77,398
30,062
339,269
279,442
78,987
14.280
129,385
28,004
41,594
12,138
40,328
11,302
251,796
39,311
47,283
7,038
26,157
5,679
58,902
11,722
34,022
8,781
113,038
21,022
13,509,686
6.777,752
280.793
100,6731 821,310
18,8731 63,745
1
926.507 6,044,862
531,276 1,643,960
21,0331
04,436
762,189 1,032,036
295,140 966,751
15,772
20.682
365,912
247,361
9,585
334,166 1.821,726
239,062 1,224,381
21,234
32,650
400,885
248,799
7,159
230,539
133,707
2,803
503.391
169,062
7.004
298.295
118,225
12,098
789.178
960,028
36,337
1,143,175
3,435,386
50,032 157,488
146,752 1,369.713
60,540
172,231
100,406
231,588
51,850
104,351
71,325
117,972
228,943
520,99S
50,851
129.890
42,649
104,901
118,521
217,303
53,933
92,957
156.637
225,730
Investments-total
Reserve balances with F.R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,743,475
212,495
Borrowings from F. R. Bank-total
382,800
40,282
129,227
23,376
41,998
14.108
10,851
53,189
13,761
2,354
7.354
2,226
44.074
Secured by U.S. Gov't obligaMs_
All other
248.413
134,387
11,356
28.926
98,341
30,886
15,920
7,456
22,830
19,168
2,714
11,394
1,504
9,347
39,335
13,854
7,868
5,893
2.300
54
3.950
3,41/4
350
1,876
41,945
2,129
619
2f;
80
01
71
AR
11
5,
.50
94
AC
dc
he
Number of reporting banks
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
of New York at the close of business April 4 1928, in
comparison with the previous week and the corresponding dateBank
last year:
Apr. 4 1928. Mar.281928. Apr. 6 1927.
ResourcesGold with Federal Reserve Agent
228,646,000 248,722,000 403,498,000
Gold redemp. fund with U.S. Treasury_
15,624,000
11,918,000
9,539,000
Oold held exclusively agst. F. R. notes 244,270.000
260,.40,000 413,037,000
Gold settlement fund with F. It. Board_ 288.469,000 290,510,000
Gold and gold certificates held by bank_ 413,995,000 432,383,000 125,803,000
438.681,000
Total gold reserves
946,734,000 983,532.000 1,027,521,000
Reserves other than gold
33,723,000
34.725,000
32,923,000
Total reserves
980,457,000 1,018,257.000 1,060,444,000
Non-reserve cash
19,465,000
21,393,000
14,966,000
Bills discountedSecured by U. S. Govt. obligationS
128.394,000 113.422,000
69,301,000
Other bills discounted
78,465,000
40,596.000
33,917,000
Total bills discounted
Bills bought In open market
U.S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
206,859,000
102,660,000
154.018,000
104.034,000
103.218,000
56,884,000
1,514,000
27,629,000
41,239.000
1,384.000
26,847,000
41,783,000
11,947,000
25,711,000
39,864,000
70.382,000
70,014,000
77,522,000
Total bills and securities (See Note).- 379,901,000
328,066,000
237,624,000
Total U.S. Government securities
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Apr.4 1928. Mar.281928. Apr. 41927.
$
$
$
217,000
183,030,000
16,548,000
1,635.000
218,000
154,175,000
10,543,000
1,743,000
659,000
160,650,000
16,276,000
2,249,000
1,581,253,000 1,540,395.000 1,492,877,000
Liabilitt 8Fed'I Reserve notes in actual circulation
Deposits-Member bank, reserve sect
Government
Foreign bank (See Note)
Other deposits
350,748,000
955,880,000
2,581,000
1,863.000
8,790,000
341.908.000
943,494,000
2,432.000
1,774.000
8,380,000
421,222,000
819,451,000
4,858,000
1,126,000
7,975,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
969,114,000
152,389.000
42.468,000
63.007,000
3.527,000
956,080,000
133,55..000
42,468.000
63,007.000
3,378.000
833,410,000
135,330,000
38.293,000
61,614,000
3,008,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1.581,253,000 1,540,395,000 1,492,877,000
74.3%
78.4%
84.5%
68,595,000
68.008
41,049,000
NOTE.-Beginning with the statement of Oct. 7 1925, two
new Items wore added In order to show separately the amount
foreign correspondents. In addition, the caption "All other
balances held abroad and amouiris due to
earning assets.- previously made up of Federal Intermediate of
Credit bank debentures, was changed to
."Otheraccurities." and the caption "Total earning Wets" to -Total bills and securities."
The latter term was adopted as a more accurate description
discounts ,acceptances and securities acquired under the
of the total of the
provisions of Sections 13 and 1401 the Federal Reserve Act, which,It was stated,
are the only Items Included therein:
New York City Banks and Trust Companies.
azetteo
glankers'
Wall Street, Friday Night, April 5 1928.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is guven this week on page 2100.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
STOCKS.
Week Ended April 6.
Range for Week.
Highest.
Lowest.
Range Sines Jan. 1.
Lowest.
Highest.
Par. Shares 8 per share. $ per share. $ per share.
Railroads, Apr 3 33.'
‘
Atch Top & S Fe rights__ 33,700 3)4 Mar 31 33
20 4231 Apr 4 42% Apr 4 42%
Beech Creek
5
Boston & Maine
100 1,700 6955 Apr 2 70 Mar 31 58
80 75% Apr 4 7831 Ain 5 60
Buff Roch & Pitts_l
Preferred
30 903.4 Apr 4 963.4 Apr 4 94
100
Car Cl &0 etf stpd_ _100
7010634 Apr 31063.4 Apr 3 103%
110 109 Mar 31 11134 Apr 4 109
C C C & St L pref
100
40 8234 Apr 2 82% Apr 2 82%
Cleve & Pittsburgh_ _100
10 8834 Apr 3 8835 Apr 3 84
100
Cuba RR pref
100 6434 Apr 3 6434 Apr 3 64
Havana Elec By pf_ _100
III Cent leased line190 81 Apr 4 81% Apr 5 80
RR secured stk elf_100
350 254 Mar 31 434 Apr 4 2
100
Iowa Central
Minneap & St L0105_100 3,400 335 Mar 31 334 Apr 4 sg
24 18131 Apr 4 189 Apr 5 12534
Nash Cbatt & St 1......10
400 434 Apr 4 5 Mar 31 355
Nat Ryser Mex 151 911
28 12934 Apr 3 135 Apr 4 12934
New Orl Tex & Mex_100
334 Mar 31 334 Mar 31 255
N Y Chic & St L Ns_ ___ 6.7
34 Mar 31 7-16 Apr 2 5-10
9,400
Pref rights
100 8
734 Mar 31 10 Apr 4 755
NY State Rys
500 2855 Apr 4 32 Apr 5 26
100
Preferred
5 48 Apr 5 50 Apr 3 48
Pacific Coast 1st pref.100
8 22 Apr 2 2555 Apr 4 22
100
2d preferred
10 155 Apr 4 155 Apr 4 53
Pitts F1 W & Chicago 100
10 165 Apr 2 165 Apr 2 1613.4
100
Preferred
190 122 Apr 4 125 Mar 31 100
So By M & 0 Mrs_ _ _100
St L San Fran rights___. 16,400 255 Apr 4 234 Mar 31 1%
400 67 Apr 3 72 Apr 5 67
Wheeling & L Erie.. 100
100
Preferred
lOOt 7634 Apr 5 7634 Apr 5 71
Feb
Apr
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Indus. & Miscell.6
234 Mar 31 3 Mar 31 134
Albany Pert Wrap P rts_
Am Metal Pref (6)-- _100 1,6 112 Apr 2 115 Apr 3 112
ff Mar 31 lin Mar 31
6,200
34
Rights
3 104 Apr 2 104 Apr 2 104
Am Wholesale pref_ _100
36,300 434 Apr 3 434 Mar 31 434
Borden Co rights
2011734 Apr 2 11734 Apr 5 117
Brown Shoe pref____100
70 110 Apr 2 11055 Apr 2 107
Cent Alloy Steel pref_100
55 Apr 2
56 Am 2
300
Conley Tin Foil Std._ _•
Cons Cigar pf (655)_ _100 1,300 9934 Mar 31 101 Apr 4 99
Container Corp Cl A__2( 18,000 2234 Apr 2 2831 Apr 5 2134
Mar 31 1334 Apr 5 1034
•18,500 11
Class B
5 11434 Apr 511534 Apr 5 112%
*
Cushman's Sons pref
80 2634 Apr 2 2655 Apr 2 2655
De Beers Cons Mines___
•44,600 8634 Apr 4 8834 Apr 2 80
Drug Inc
3,5
% Apr 3
55 Mar 31
41,200
Du Pont deb rights
200 634 Apr 2 63.1 Apr 2 6
Durham Silk Hosiery_50
130 45 Apr 3 453j Apr 3 45
100
la Preferred
10 95 Apr 2 95 Apr 2 88%
Eisenlohr Bros pref 100
Elk Horn Coal pref _50
1101 15 Apr 3 15 Apr 3 15
100 106 Apr 3 106 Apr 3 105%
First Nat Pict 1st pf_100
800 4434 Apr 2 45 Apr 2 37
General Gas & El el B__*
10 105 Apr 6105 Apr 5 105
Gen By Signal pre_ _100
Gulf States St 1st pf_100
17010734 Apr 410734 Apr 4 104
Hackens'k Wet pi A..25
140 28 Apr 2 28 Apr 2 2555
100 113 Apr 4 113 Apr 4 110%
Internal Nickel pref_100
Island Creek Coal pf__ _1
10106 Mar 31 106 Mar 31 106
Jones Bros Tea Ws_ ___•
3001 3011 Apr 3 3134 Apr 4 3055
Johns-Manville
100 200 12055 Apr 512034 Apr 5 119%
KC Lt & Pow pf ser B_• 25011234 Apr 2113 Apr 3 11155
Keith-Albee-OrPheum _•I 1,506 1934 Apr 4 2034 Mar 31 18
Preferred
4001 92% Apr 2 9355 Apr 3 92
1
Keivinator Corp
*77,000 1834 Apr 4, 2034 Apr 5 15%
Lehigh Port Cement...5 2,006 5134 Apr 3', 54 Mar 31 5155
Preferred
200,100 Apr 210934 Apr 5 109
1
Loew's preferred
• 2,00010134 Mar 3110234 Apr 5 99%
8010834 Apr 2 10734 Apr 3 106%
McAndrews & F pref 100
Nat'l Supply Pref_100
30 115 Apr 4 115% Apr 2 115
Outlet Co prof
11011334 Apr 211434 Apr 5 113
1
Pacific T & T pref._ _100
180123 Apr 2 124 Apr 4 115
Penna Coal& Coke....
1001 1034 Apr 5 10% Apr 5 10
Phillips Jones Corp..._• 200 4134 Apr 4 45 Apr 4 41%
110, 85 Apr 3 85 Apr 3 85
Preferred
1
Purity Bait A ctfs
1,200 67 Apr 4 7034 Apr 4 67
2001 7134 Apr 4 7134 Apr 4 7134
Pret A ctis
300 6934 Apr 4 74 Apr 4 61%
Reis (Robt) & Co let pi_
100119 Apr 4 119 Apr 4 110%
Stoss-Shef St & Ir MA
Sou Calif Edison rights 10,100 134 Apr 4 2% Mar 31 1%
9010834 Apr 5 110 Mar 1 10455
The Fair pref
lOOt
300, 2434 Apr 4 2454 Apr 4 24%
Tobacco Prod div ctrA10
660 734 Apr 4 9 Apr 2 5
United Dyewood_ _ _ .100
United Paperboard_ _100 3,300 2055 Mar 31 24% Apr 4
Ya El Ar Pr pref (5)_ _100
9010334 Apr 2 10455 Apr 3 10334
Preferred (7)
100
10010734 Apr 5 10031 Apr 2 10734
% Mar 31
55
55 Mar 31
Warner Quinlan rights__ 14,700
200 255 Mar 31 255 Mar 31, 134
Wells Fargo & Co
1
55
34 Apr 2 1% Apr 5
Yale .5, Towne rights_ _ 27,600
Bank, Trust & Insurance Co. Stocks.
Bank of America_ _100 2,820 998
60588
Bank of Commerce_ _100
210610
Bank of Manhattan_100
20699
Bank of N Y & Tr Co 100
180015
Chat Phenix Nat Bk_100
20675
Corn Exchange Bank.100
gquit Tr Co of N Y__100 200449
10845
Farmers Loan & Tr_ _100
•No par value.
Apr 3 284
Apr 3590
Apr 4615
Mar 31 700
Mar 31 643
Apr 4678
Mar 31 465
Apr 5845
per Mare.
351
44
70
80
00
07%
11%
8455
9234
6934
Apr
Jan
Mar
Jan
Feb
Mar
Apr
Feb
Feb
Feb
Jan 81%
Mar 5%
Feb 455
Ma 200
Feb 534
Apr 139
Mar 455
Mar
34
Mar 10
Feb 32
Mar 70
Apr 25%
Mar 155
Feb 165
Jan 15934
Mar 2%
Mar 72
Mar 77
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Mar
Jan
Mar
Mar
Jan
Mar 355
Apr 115
Mar
Apr 110
Apr 5
Mar 120
Jan 111
Jan
56
Ma 101
Mar 28%
Mar 13%
Feb 11635
Apr 27%
Mar 8831
%
Mar
Mar 6%
Apr 4655
Jan 10055
Feb 19
Jan 109
Jan 45
Apr 115%
Jan 109
Jan 28
Jan 113
Ap 10754
Apr 31%
Feb 12134
Jan 11335
Mar 21
Mar 99
Mar 20%
Apr 54
Apr 10955
Mar 103
Apr 10755
Apr 119
Feb 11434
Jan 124
Feb 1455
AP 5355
Apr 95
AD 70%
Apr 7134
Fe. 74
Feb 123
Apr 234
Jan 111
Apr 2534
Feb 11
Mar 2455
Apr 10455
Apr 1093'
35
Mar
Jan 234
Mar 1%
Mar
Apr
Mar
Feb
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Jan
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Apr
Mar
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Mar
Apr
Apr
Mar
Mar
Mar
Jan
Feb
Apr
Apr
Apr
Mar
Mar
Mar
Jan 1284
Feb 90
Feb 620
Jan 9555
Jan 643
Mar680
Jan 465
Feb 845
Apr
Apr
Mar
Feb
Apr
Mar
Apr
Apr
388
Apr
Apr 4 550
Mar 31 560
Mar 31 655
Apr 4 568
Apr 5 600
Apr 4 410
Apr 5 688
(AU prices dollars per share.)
Bid
Alliance R'ity
Amer Surety.1 330
Bond & M CLI 483
Lawyers Mtge 333
Lawyers Title'
& Guarantee 343
Ask
57 Mtge Bond__
340 N Y Title &
472
Mortgage- 339 13 8 Casualty.
349
8(4
187
583
370
Ask
197 Realty Assoc,
(Bklyn)com
let pref.588
2d pref....
400
Westchester
Title & Tr_
Bid
Ask
314 , 317
_97
9414
625
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c
In:.
Rate,
June 15 1928... 334%
Dec. 15 1928... 334%
Mar. 15 1929... 314%
Did.
99uts
99u'll
99ww
Asked,
Banks-N.Y. Bid
America•_-__ 1200
Amer Union*. 225
Bowery EastEl2125
Bronx Bores- 650
Bronx Nat___ 025
BryantPark•_ 225
Cent Mere Bk
& Trust Co- 401
200
Central
612
Chase
Chath Phenl
650
Nat Bk &
Chelsea Etch* 333
Chemical_ -.1000
Colonial'.... 1100
Commerce_ 691
Continental*. 390
Corn Each... 675
Cosmopolit'n• --Fifth Avenue. 240
3775
First
580
Garfield
325
Grace
1275
Hanover
AU p,4ces dollars per share.)
Ask
Ask Banks-N.Y.Bid
1250 Harriman__ 925 960
235 Manhattan'.,. 610 618
2175 National City 931 937
705 715
675 Park
678 Penn Each... 205 215
675 750
-__ Port Morris
768 775
Public
790 805
407 Seaboard
245 255
208 Seventh
875 890
618 State'
270 285
Trade*
860 United Cap
Nat Bk &Tr 397 405
340
--_ Yorktown'... 195 205
Brooklyn.
--300
--597 Dewey •
453 462
410 First
685 Globe Each'. 260 290
435 445
460 Mechanics•
463 473
2310 Municipal*
445 455
3850 Nassau
People's
200 --_ 1290
*State banks.
I New stock.
s Ex-dividend.
e Ex-stock dividend
y Ex-rights.
Maturity.
Int.
Rate.
99"st Sept. 15 1930-32 334%
99'3,1 Mar. 15 1930-32 334%
90ust Dee. 15 1930-32 314%
Did.
Asked.
99"n 99"ts
'n 99"n
992.
9937st 99083
Trust Co.. Bid
Neto York.
Am Ex Iry T1 448
Bank of N Y
& Trust Co 715
1025
Bankers
Bronx Co Tr_ 400
Central Union 1510
550
County
465
Empire
Equitable Tr_ 462
Farm L & Tr 840
Fidelity True 415
540
Fulton
Guaranty Tr_ 712
Interstate__ 283
Lawyers Trus -_ _
Manufacture 800
Murray LIM-- 350
Mutual(Wes
ehester)____ 310
N Y Trust__ 725
Times Square_ 190
Title Cu & T 790
IISMtg&T 515
United States 2925
Westchest'rTr 1000
Brooklyn.
1270
i Brooklyn
Kings Co____ 2800
274
Midwood
Ask
453
730
1035
1550
1...
470
468
850
430
560
718
290
-.
810
375
-- _
735
198
800
525
3000
1075
1300
--290
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty
Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Mar.31 Apr. 2. Apr. 3. Apr. 4. Apr. 5, Apr. O.
st
High 10110ts 10183, 10110,1 1019n 101,
First Liberty Loan
334% bonds of 1923-47-- Low_ 101',, 1014,s1 101'n MPH 101,11
lCloee 10111n 101,n 101un 101,st 101'n
(First 335)
6
34
18
18
28
Total sales in $1,000 units_
------- -------Converted 4% bonds et{Ilia
- ,--- -- Total sales in 81.000 unUs___
102-11n
-- -12:1 102Irt,
Converted 411% bonchrigh 1022ist 1072I102",,102
of 1932-47 (FLrst 4%s) Low_ 102ust 102ust 102uss 102Itts 10217st
Close 1021•12 102ust 102ust 102"s: 10233n
7
32
114
27
1
Total sales in $1,000 units_ _
Second converted 451% Biel
---------------___
____
____
____
---bonds of 1932-47 (First Low_
Second 4115
_
Total sales in $1,000 units_
0-an
0-an 100-an 1013-an 10i3-11-32 10111111; 10Third Liberty Loan
Low_ 100"n 10011n 1001:n 1001Itt 100tIn
4%% bonds of 1928
Close 10011st 100Itts 1001,st 10033,1 1001in
(Third 43(s)
27
31
17
10
3
Total sales in $1.000 units_ ..
Fourth Liberty Loan(High 103uts 10318st 103uss 103uss 103us. HOLT11 DAY
0
103
1031111
st
1033,
1031In
103I232
Low_
1933-38
of
bonds
434%
Close 103lin 103ust 103ust 103ust 103ust
(Fourth 4345)
107
193
28
8
45
Total sales in $1.000 units_ _
---- 115"st 115ust 115ust 115Uag
{High
Treasury
---- 11511.1 115",,115",,115",,
Low_
410, 1947-52
-- 115ust 115ust 115ust 115t4,
Cloee
13
39
112
2
Total sales in $1,000 units.----..--- 11011n 110Ion 1101'n
High
-1103213
1101%
1101112
-.
Low_
,Is, 1944-1954
--- 110118, 110utt 1103312
Close
....__
12
100
1
---Total sales ix $1.000 waits_ - ------ 107ust 107"st
High
---- 107"32 107"os
-Low_
350, 1946-1956
107un
107ust
____
---Close
35
5
---Total sales in $1,000 units_ _ _
---High 10214n 102ust 102un 102"st
-Low_ 102un 102ust 102uts 102"o
3515., 1943-1947
-....
Close 102,441 102ust 102ust 102"st
11
.fl
In
I
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were.
103911 to 103un
102141, to 102uss193 4th 434s
I 1st 434s
1000n
54 3rd 434s_
10010o to
I
Foreign Exchange.Yesterday's (Thursday's) actual rates for sterling-exchange ware 4.87 13-16
@4.87 31-32 for checks and 4.881/ 04.88 11-32 for cables. Commercial on
banks, sight, 4.87 9-16(4)4.87 13-16, sixty days 4.83% ®4.84 3-16, ninety
days 4.8234 ®4.82 X,and documents for payment 4.8334 ®4.8334. Cotton
for payment 4.8734 and grain for payment 4.8734.
(Thursday's) actual rates for Paris bankers' francs were
es
Yterday's
3.9334®3.9394 for short. Amsterdam bankers' guilders were 40.25®
40.2834 for short.
Exchange at Paris on London, 124.02 francs; week's range. 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
-Gables.
Sterling. Actual
4.88 11-32
4.87 31-32
High for the week
4.8834
4.8731
Low for the week
Paris Bankers' Francs3.9334
High for the week
39374
3.935-16
3.9334
Low for the week
Amsterdam Bankers' Guilders
40.31
40.29
High for the week
40.27
40.23
Low for the week
Germany Bankers' Marks23.92
23.92X
High for the week
23.91X
23.89
Low for the week
CURRENT
New York City Realty and Surety Companies.
Maturity.
[VoL. 126.
FINANCIAL CHRONICLE
2112
NOTICES.
-Kissel. Kinnicutt & Co., investment bankers and members of the
New York Stock Exchange, announce they have acquired the business
formerly conducted in Chicago under the name of Robt. Stevenson & CO..
Inc. In connection with the acquisition of the business, Mr. Stevenson,
who has long been a prominent figure in the investment banking field in
the Middle 'West, has been admitted to general partnership of Kissel,
ICInnicutt & Co. Under the new arrangement the business and offices of
the Stevenson firm at 120 West Adams St., Chicago,have been transferred
to Kissel, Kinnleutt & Co., with Mr. Stevenson acting as resident partner.
-F. B. Keech & Co., members of the New York Stock Exchange, 52
Broadway, New York, announce that Harry I'. Sackett has retired as a
general partner to become a special partner in the firm and that William
T. Starr, member New York Stock Exchange; Harold C. Strotz and John
J. Kearns have been admitted as general partners.
-Taylor, Bates & Co., 100* Broadway, New York, announce that on
April 2 H. Thompson Bushnell, a member of the New York Stock Exchange, will be admitted to their firm as a general partner.
-Scholia Brothers, members of the New York Stock Exchange. 5 Nassau
St., New York, are distributing a circular descriptive of Carreras. Ltd..
comparing it with other British and American tobacco companies.
-Cooke & Co., Investment bankers, 50 Broad 90., New York. have
changed their firm name to Cooke de Armstrong.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER
PER SHARE
PER SHARE
CENT.
Sales
STOCKS
Range Since Jan. 1.
Range for Previous
for
NEW YORK STOCK
Saturday,
Monday,
On baste of 100-share lots
Tuesday,
Wednesday, Thursday,
Year 1927.
Friday,
the
EXCHANGE
Mar. 31.
April 2.
April 3.
April 4.
April 5.
April 6.
11.-eek.
Lowest
Highest
Lowest
----Highest
$ per share $ per share
per share S per share $ per share
per share Shares
Railroads.
Par $ per share
$ per share $ per share
18938 19078 18812 190 187 19234 191 19378 19212 1931
per flare
/
4
Atch
Topeka
26,900
St
Fe.
Santa
100
/
4
2
Mar
1821
195
/
1
4
Jan
6
1611
/
4 Jan 200 Aug
108 108
10778 10818 *107/
1
4 108
10758 10734 *107/
1
4 108
1,400 Preferred
100 10212 Jan 5 10818 Mar 28
99/
1
4
Jan
10834
181 181
Dec
180 18014 181 181 •180 181
181 182
2,900 Atlantic Coast Line RR
100 167 Mar 2 18614 Jan 4 17478 Apr 20512 Aug
11538 116
114/
1
4 116
11414 11734 11678 118
118 11912
82,700 Baltimore & Ohio
100 109 Feb 7 11912 Apr 5 10612 Jan 125
83/
1
4 8358 8312 841
Oct
/
4 8314 831 84
85
84
84
2,900 Preferred
100 80 Feb 10 85 Apr 4
1
4 Jan 83 June
73/
7312 7312 *7212 7312 74
7412 74/
1
4 75
7534 77
2,700 Bangor & Aroostook
50 69 Jan 5 841.4 Jan 11
44
Jan 10312 May
*112 11334 *112 11234 *112 11234 112 112
11218 11214
an
Preferred
30
J
100 110/
1
4 Feb 20 115 Jan 10 1011
/
4
122 June
6618 66,8 6612 6718 6512 6718 65
66
6614 71
86,100 Bkin-Alanh Trao v t o_No par 53/
1
4 Jan 17 71 Apr 5
53 Aug
707s Jan
8812 8812 8734 8812 8712 87/
1
4 8734 8734 8818 9112
3,800 Preferred v t o
No pa
82 Jan 4 9112 Apr 5
7818 Oct 88
191
Jan
/
4 1978 1834 1938 1812 18/
1
4 1812 19
1812 1878
Brunswick
5.200
Term & Ry Sco_10
1412 Jan 5 2014 Feb 16
7/
1
4 Oct 1938 Deo
*51
52
5014 51
5212 533
54
52
*54
54/
1
4
350 Buffalo & Susq prof
100 50 Feb 3 54 Apr 4
40 Apr 58 June
212/
1
4 21378 21012 21212 20914 21212 21114 21214 211 21318
Canadian
25,200
PacIfie
100
198
Feb 7 2161
/
4 Mar 17
*310 324 *310 324
31412 325
325 325
325 327
1,100 Central RR of New Jersey _100 29734 Feb 17 327 Apr 5 285 -.Ku; 348
19134 19314 19212 19312 192 19512 19612 19914 197 198
13,900 Chesapeake & Ohio
100 1851
/
4 Feb 20 20514 Jan 6 15154 Jan 2181
/
4 Oct
7,2 712 *7
712
71
/
4 718
7/
1
4 7/
718 734
1
4
Chicago
4,400
& Alton
100
5/
1
4 Jan 30
7/
1
4 Alar 21
434 Jan
1138 1138 1114 1158 1114 1114
1058 June
1118 111
/
4 1118 1214
7,000 Preferred
100
7/
1
4 Feb 20
1214 Jan 6
*30
18/
1
4 July
32
*38
7,2 Jan
42
4034 4034 *39
41
41
41
Chic
200
&
East
Illinois
RR
37
100
Feb 28 44 Maa 19
3012 Jan 51 July
*66
69
*66
68
6614 6614 6634 68
67
69
2,400 Preferred
100 6218 Feb 24 76 Jan 3
43 Jan 84/
1234 1314
1
4 Oct
1234 13
1212 13
12/
1
4 12/
1
4 1258 13
6,300 Chicago Great Western_100
918 Feb 8 13/
1
4 Jan 6
812 Jan 2212 May
27
2778 2638 2714 2618 2714 2638 2718 2658 2738
14,800
Preferred
100 2012 Feb 20 2938 Jan 6
8 June
447
34
35
3212 3578 3414 3514 3418 35,4 34
3434
130,100 Chicago A1 ilw St Paul & Pacific 2214 Mar 5 35/
1
4 Apr 2
9
Jan
1934 Dec
46h 471
/
4 4612 48/
1
4 46/
1
4 4712 461
/
4 4718 4614 461
/
4
48,800 Preferred new
37 Mar 2 4838 Apr 2
3712 Dec
86/
1
4 88,8 85
8634 85
8612 85/
1
4 8612 8614 87,4
7,400 Chicago & North Western_100 7914 Feb 20 8834 AIar 39 -fix; Jan 9712
Sept
•148 149
143 143
148 148
14734 14734 148 148
800 Preferred
100 140 Feb 15 14834 Mar 29 12414 Jan 150
Oct
115 11612 11438 11534 114 1153s 114/
1
4 11534 11434 115/
1
4
12,800 Chicago Rock I81,4 Pacific_100 108 Feb 18 11758 Mar 29
6812 Jan 116 July
•10812 10914 10934 10934 *10812 10912 10914 10914 109 10914
500 7% preferred
100 10814 Feb 9 110 Jan 3 10234 Jan 11134
10234 10234 *10212 10234 •10212 10234 10278 103
Deo
103 103
400 8% preferred
109 100 Feb 24 103 Apr 4
9514 Jan 104 Nov
*112 114 *10814 11212 11214 11214 112 112
11214 11214
300 Colorado & Southern
100 106 Feb 21 116 Jan 6
Jan 13734 July
7918 7918 7918 80
1
4 81
79/
1
4 7934 79/
*8112 83
450 First preferred
100 75 Jan 14 82 Mat 24
70
Jan
78 Dec
*80
84
*77
80
*77
80
7714 7714 *77
7934
50 Second preferred
100 7218 Jan 3 80 Mar 30
68
Jan
Oct
75
708 7034 7018 701
/
4 71
71
70/
1
4 7038 7018 7012
1,900
Consol
of
RR
Cuba
prof __AGO 6918 Jan 26 75 Feb 16
65 AUR
May
17334 174/
77
1
4 17214 17512 17014 173/
1
4 173 17412 17912 184/
1
4
20,000 Delaware & Hudson
100 16314 Feb 10 188 Jan 6 17118 Jan 230 June
14138 142
141 14114 141 144
14034 143/
1
4 2141 14412
8,100
Delaware
Lack
&
Western_
129
50
Feb
20 1471
/
4 Mar 19 13018 Oct 173 Mar
6218 63/
1
4 62
6234 6012 6134 591
/
4 61
591
/
4 6112
4,700 Deny & Rio Or West prat /00 5012 Feb 20 6338 Mar 31
378 378
414
4118 Jan
*4
OM June
*312 4
*334 4
*334 4
100 Duluth So Shore & At1
100
358 Feb 21
6/
1
4 Jan 5
258 Apr
*614 7
7/
1
4 Dec
6
6
*6
1
4 612 *6
634 *5/
7
200
Preferred
100
5 Feb 20
9,4 Jan 4
4
57
Afar
1114 Dec
5712 56
57/
1
4 55/
1
4 571
/
4 5634 581
/
4 5712 5812
24,400 Erie
100 491
/
4 Feb 7 6612 Jan 4
3912 Jan 89/
5814 5814 5814 5814 53
1
4 Sept
58
57/
1
4 58
5814 58/
1
4
2,3001
First
preferred
54
100
Feb
20
63/
1
4 Jan 7
52/
*5514 57
1
4 Jan 66/
1
4 Aug
*55
57
*55
57
*55
57
5612 5612
1001 Second preferred
100 5212 Feb 17 82 Jan 6
Jan 6414 Aug
49
10112 10234 10118 103
10134 10234 10212 1023 10212 10278
15,000'Great Northern preferred 100 9312 Feb 6 103 Apr 2
7958 Jan 1037s Sept
99
99/
1
4 9818 99/
1
4 98
99
9812 9878 99
9938
3,7001 Fret certificates
100 9118 Feb 7 9978 Mar 30
8518 Mar 101 Sept
2212 2212 2218 2212 2218 2212 2212 2212 2238 23/
1
4
10.200, Iron Ore Properties __No par 211
/
4 Feb 20 25 Jan 24
18 July 28/
1
4 Sept
53
53
53
53
5212 54
5334 55/
58
1
4 56
5,700 Golf Mobile & Northern..100 4514 Feb 7 5814 Jan 7
3518 Jan 761
/
4 July
O10312 106 *10412 106 •10412 106 *10412 106 •10412 106
I Preferred
100 10312 Mar 29 10712 Jan 7 105
Jan
1121
/
4 Apr
5434 56
5434 55/
55
1
4
565s 56
57/
1
4 6134
57
30,400 Hudson & Afanhattan
100 51 Jan 3 32/
1
4 Apr 5
4012 Jan 65/
1
4 May
88/
1
4 88/
1
4 *87
8812 88
88
88
9112
8812 90
600 Preferred
100 83 Jan 16 92 Jan 101
78
Jan 9012 May
1431
/
4 14314 141 142
13918 14312 142 14314 142 14234
6,900 Illinois Central
100 1311
/
4 Jan 1
14434 Jan 27 1211
•137 145 *135 145 •138 145 *138 145 *138 145
/
4 Jan 139/
1
4 Oct
Preferred
13018
100
Jan
1
144
Jan
27
1201
/
4
Jan 140
*3934 41
Oct
*3934 41
*3934 41
*3934 41
*39/
1
4 41
Int Rye of Cent America__100 3612 Mar 1
411
/
4 Jan 26
Apr
23
75
Oct
4212
75
*741.2
*7414 _ _ *74
75
75
75
Stock
110 Preferred
100 6978 Jan
75 Mar 7
37/
1
4 37/
62 Apr 74/
1
4 3712 3712 *36
1
4 Oo
38
3812 4334 45
49/
1
4
35.600
Interboro
Rapid
Tran
c_100
v
t
29
Jan
49
/
1
4
Apr 5
3012 Aug 521
55
55/
1
4 54
/
4 Feb
5512 5412 56/
1
4 5512 5614 5612 5878 Exchange 14,500 Kansas City Southern
100 4914 Feb 7 6318 Jan 7
*74
411
/
4 Jan 70/
1
4 July
76
75
75
75
7518 7412 7412 75
7514
2,100 Preferred
100 70 Feb
7512 Mar 26
64/
9034 9134 91,2 9112 91
1
4 Jan 7312 Dec
9334 9318 9434 94
9814 Closed- 17,700 Lehigh Valley
8418
50
Feb
20 9814 Apr 5
153 153
881
/
4 Oct 13712 June
152 153
150/
1
4 151 •15112 15212 153 153
2,000 Louisville & Nashville
100 14514 Mar
155 Jan 11 12838 Jan 15918 Oct
*7614 8212 *7614 84 .7614 8212 8214 8212 8212 84
Good
100 Manhattan Elevated guar_100 75 Jan
8514 Feb 2
45
45
7814 Dec 90 Feb
4412 45
44
4412 4412 4712 4818 50/
13,600
1
4
Modified
100 40 Jan 1
guaranty
5038 Apr 5
4148 Dec 5478 Feb
*414
5,2 *412 51
41
/
4 418 *41
/
4 6
*41
/
4 6
Friday
100 Market Street Railway
100
418 Apr
5/
1
4 Jan 17
*20
438 Nov
*20
25
6/
1
4 June
25
*2112 25
*2112 25
*2112 25
Preferred
IGO 25 Jan 1
25 Jan 17
46
46
18 Feb 2518 June
46
46
46
46
4558 46
45/
1
4 46
Holiday
1,400 Prior preferred
100 45 Mar 27 5412 Jan 17
•10
4158
15
Feb 59/
•10
1
4 Aug
*10
15
15
*10
*10
15
15
Second
preferred
100
15
Jan
1
15
Jan 17
*4512 47
111g Oct 1712 June
*45
4634 *45
46
45
45
*45
46
100 Minn St Paul & OS Marie.100 42 Feb
52/
1
4 Jan 6
*79
81
Jan Sell Dec
27
*79
81
*79
81
7918 79,8 *78
80
100 Preferred
100 75 Feb 7 84 Jan 11
68
50
68
Apr 8812 Dec
6878 68/
1
4 691
/
4 6914 68
69
6818 *68
120
Leased
lines
100
67
Afar
20
7112 Jan 9
37/
1
4 37/
1
4 37
Mar
5814
71 Nov
3758 3612 3812 3712 3338 33
1
4
38/
10,300 Mo-Kan-Texas RR____No pa
3318 Feb 8 4112 Jan 3
10512 106
3112 Jan 5812 June
10578 10618 10534 10618 10578 105/
1
4 10534 106
3,200 Preferred
100 10518 Mar 22 109 Feb 3
4912 50,4 4858 5038 49/
95/
1
4 Jan 10912 Dee
1
4 53
5112 53
5212 53/
42,100,Mlasou
1
4
ri
Pacific
100 411
/
4 Feb 7 53/
1
4 Apr 5
11114 11178 11118 11212 110/
3778 Jan 62 Apr
1
4 114
11218 113
113 11334
26,700 Preferred
100 105 Feb 20 115/
1
4 Jan 9
23
234 2/
901
1
4 Nov
/
4 Jan 118/
1
4
212 234
2/
1
4
2/
234 234
1
4 258
5,100 Nat Rys of Mexico 26 pref.100
2 Feb 17
3 Jan 7
Ils Aug
1
4 Ott
3/
17414 176
173 17612 173 17678 17514 17714 17612 17834
108,200
New
Central
York
100 156 Feb 16 18034 Mar 28 13714 Jan 1711
13434 13734 134h 137
/
4 Of
134/
1
4 139
137 141
13912 14134
32,000 N Y Chic & St Louis Co_. 100 128 Jan 10 14134 Apr 5 8110 June 24011
109/
1
4 10934 10934 10934 *10914 109/
May
1
4 10938 10912 10912 10912
1,100 Preferred
100 108 Feb 23 110 Jan 4 102 Mar 110 Dec
195 19712 195 19634 19512 19634 190 196
19534 196
270
N Y OZ Harlem
50 168 Jan 3 200 Mar 26 167 Dec 185 Apr
6312 64
6212 6358 62/
1
4 63/
1
4 6214 6278 62/
1
4 64/
44,100 NYNH& Hartford
1
4
100 59/
1
4 Jan 16 6758 Feb 3
11518 11558 11518 11512 11512 11512 11518 11518
4158 Jan 8314 Dec
11514 11512
3.400 Preferred
11314 Feb 29 11514 Feb 3 11038 Oct 11438 Nov
281
/
4 2814 28
28
28
29/
1
4 2812 2918 2918 311
/
4
13,200 N Y Ontario & Western.__1041 24 Feb 20 32/
1
4 Jan 4
2314 Jan 4114 Sept
*714 7/
1
4
734 724
734 778
778 878
878 10
1,900
Railways
N
Y
pref
ctfs_No
par
Jan
,
24
4
5
10 Apr 5
45
*4012 43
45
458 Dec
1514 Jan
43
45
441
/
4 44'2 45
45
1.100 Norfolk Southern
100 41 Feb 21
18812 18812 188 189
4912 Jan II
37,e Jan 6412 June
186 18934 18912 190
18912 191
5,900 Norfolk & Western
100 17734 Mar 2 192 Jan 6 156
*88
•88
90
Jan 202 Nov
90 •88
90
*88
90
*88
90
Preferred
100 86/
1
4 Mar 1 8818 Mar 29
991
/
4 100/
83 June 90 July
1
4 981
/
4 10014 9812 100
9918 101
100 101
18,500 Northern Pacific,
100 921
/
4 Feb 7 10112 Mar 29
9634 98/
Jan 10218 Dee
78
1
4 97
97/
1
4 96
97
9612 977k 9712 98
4,000 Certificates
100 90/
1
4 Feb 20 9878 Mar 30
2114 2112 25
84 July 9978 Dee
25
23
23
2212 221 •22
26
700
Pacific Coaet
100 20 Feb 18 26 Jan 12
6812 69
1514 Feb 311
/
4 Dee
6834 69/
1
4 6334 60/
1
4 6918 8934 6912 69/
1
4
38,600 Pennsylvania
50 63 Feb 9 701
•27
/
4 Mar 26
31
56/
1
4 Jan 88
*27
31
Oct
3012 341
. 3314 3434 341
/
4 355,
9,100 Peoria & Eastern
100 25 Mar 12 3514 Apr 5
133 134
Jan 4614 July
20
132 132
13112 13112 132 13212 132 133
1,600 Pere Marquette
100 1241
/
4 Feb 9 134 Mar 31 11411 Jan 140/
•10012 10134 •1001210112 100 10112* 10012 10112 *100-2
1
4 May
10112
Prior
preferred
100
Jan
99
18
*9934 10012 *99/
1013
4 Mar 28
1
4 100
93 Jan
991
/
4 Dec
*99/
1
4 101
10012 10012 99/
1
4 10012
8,300 Preferred
100 9512 Mar 6 10034 Mar 30
•125 126
12412 125
89/
1
4 Jan
9712 Dee
12458 135
13512 150
145 15478
36,200,13RO/burgh & West Va
100 12114 Feb 20 15478 Apr 5 12212 Jan 174 May
10514 107
10514 107
1101
/
4 11112 109 11212 11112 114/
1
4
64,500
Reading
50 9414 Feb 7 11478 Apr 5
433 44
*431
/
4 44
Jan 12334 June
94
*4314 44
*441
/
4 46
*4418 46
300 First preferred
50 4218 Mar
*4418 46
44 Apr 4
*4414 46
4012 Jan 4312 Dec
*4418 46
*45/
1
4 46
Second preferred
50 44 Jan 28 4618 Mar 19
6334 Jan 50 Feb
58
5814 *55
58
*5512 58
*53
58
53
60
1,200 Rutland RR pref
100 50 Feb 21
120 12078 11812 12014 119 121
GO Apr 5
43 Jan
89
11914 12012 11934 12012
13,300 St Louis-San Franci8co__100 109 Feb 7 122 Mar 23 10034 Jan 117 Mn
•10012 101
10012 1001 *10012 10034 10012 101
/
1
4 June
x9912 9912
400
Preferred
A
100 9912 Apr 5 102 Jan 4
81
83
82
98
8338 8118 8312 82/
Jan 104 July
1
4
83
83
8412
/
1
4
14,800
St
Louis Southwestern
100 871
/
4 Feb 8 8578 Mar 17
*9114 921
9114 9114 91
61
Jan 93 June
91
92
92
9212
9258
700 Preferred
100 9014 Mar 23 95 Jan 3
1918 197
1934 2038
7678 Jan
9414 Dee
1918 20
18/
1
4 1918
19
19/
1
4
8,100 Seaboard Air Line
100
•26
1158 Mar 3 3012 Jan 3
27
26
26
2818 Mar
2512 2512 2578 26
4114 Feb
2512 26
1,700 Preferred
100
122 12312 1201/
1912 Afar 3 38 Jan 3
1
4 1223 121/
32/
1
4 Apr
1
4 12212 12178 12234 12231 12314
4518 July
13,800 Southern Pacific Co
100 1171
/
4 Feb 7 124 Jan 3 10614 Jan 1261
14812 149/
1
4 x146 1477 145 14778 146 14778 1467
/
4 Dee
8
14838
12,300
Southern
Ftallway
100 13912 Feb 8 15038 Mar 30 119
1011
/
4 10138 *101 1013 101 101 •101 10114 *101
Jan 149 Dec
10114
300 Preferred
100 9812 Mar 14 10214 Jan 17
129 131
125 1337 13112 141
94 Mar 1011
/
4 Dee
13718 141
13912 141/2
30,500
Texas
Pacific
&
100
3212 32/
9912
Jan 3 14112 Apr 5
1
4 *31
33
321
/
4 3212 32
$37s Jan 19372 Nov
34
3478 3738
12,300 Third Avenue
100 2818 Jan 10 3738 Apr 5
45
45
45
2834 Aug
45
4518 451
41
Feb
/
4 4538 45/
1
4 4518 4558
1,000 Twin City Rapid Translt__100 44 Afar 23 54 Feb 15
•10434 ____ *10212 _ _ _ •10212 _
45 Nov 6514 Feb
•104/
1
4 _ _ _ _ *10434
Preferred
100 104,8 Feb 28 107 Feb 10
197 19812 195/
1
4 1967 195 196/
99
Apr 106 May
1
4 1951
/
4 19612 196 19712
14,300 Union Pacific
100 18612 Feb 6 199 Afar 30 159/
87
87
/
4 865
861
1
4 Jan 1971
86/
1
4 86/
1
4 8612 8612 8612 8612
/
4 Dee
1,200 Preferred
100 83 Mar 13 8714 Jan 20
721
71
: 71
721
77 Mar 85/
70/
1
4 7412 74
1
4 Dec
8012 807s 8438
125,500 Wabash
100 51 Feb 18 8418 Apr 5
*93
9412 .9212 94
93
Jan
93/
1
4 94
4011
81 June
95
9512 9512
2,200
100
Preferred
8812
A
Feb
7
9612
*811
95
Mar
15
*89
76
*89
95
Jan 101 June
95
*90
97
.91
97
100
Preferred
B
Feb
87
4 9212 Jan 14
4314 4412 4314 461
46
65
Jan
4834 4714 49/
98 June
1
4 191
/
4 511
/
4
100,000 Western Maryland
100 3134 Feb 8 511
453/ 47/
*4312 47
/
4 Apr 5
1314 Jan 87/
49
1
4 47
4912 5034 49
1
4 June
53
10,200 Second preferred
100 3312 Feb 8 53 Apr 5
23
Jan 871
/
4 June
wiie
1
•Bld and asked priced/
Ex-dividend. 4 Ex-dtv & ex-rIght,/
2114
New York Stock Record-Continued--Page 2
page preceding
For sales during the week of stocks not recorded here, see second
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday,
Wednesday, Thursday,
Monday, 1 Tuesday,
Saturday,
April 6.
AprI1 5.
April 4.
April 2. 1 April 3.
Afar. 31.
--- -- ----- -share 6 per share
$ Per shore 6 per share $ per share $ per share $ per
3512 3412 36
*35
3412 351, 331s 3434 3312 35
60323
6018 *6034 6012 60
6114 6178 6018 6012 60
Sales
for
the
Week.
PER SHARE
Range Since Jan. I.
On basis of 100-share lots
Highest
Lowest
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
2,100 Western Pacific new
1,900 Preferred new
100
100
$ per share
2814 Feb 7
5714 Feb 9
PER SHARE
Range for Previous
Year 1927
Highest
Lowest
$ Per share $ per share $ per skate
2618 Apr 4712 June
3712 Jan 13
Apr 7638 Feb
65
62% Jan 8
Industrial tic Miscellaneous.
1,900 Abitibi Pow&Paper new No par 72 Feb 20 81 Feb 1
7912 '37912 80
Nov
8012 7812 7912 7813 7934 79
*80
No par 95 Feb 21 10934 Jan 5 8214
3,400 Abraham & Straus
10314 10434 10234 10234 105 10834
10212 10212 10312 105
100 Ill's Mar 8 113 Jan 10 109 Aug 11312 Feb
160 Preferred
8
Jan 210 Nov
124
7
Feb
*112 11214 11234 11234 11212 11212 11212 11212 11112 1117
14
311
4
Jan
100
195
Express
Adams
1,100
27434 280
270 274
270 270
9434 Nov 9618 Dec
267 270 •265 275
100 93 Jan 16 9912 Mar 28
400 Preferred
1534 Feb
758 Oct
1534 Apr 5
9858 9878 *9812 9934 *9812 9934 9812 9834 *9812 9931
100 1112 Feb 8
6,800 Advance Rurnely
1312 1312 1534
1314 13
Oct 4534 Nov
1234 1278 13
2218
13
10
13
Feb
4312
17
Jan
3414
100
pref
1,500 Advance 'lamely
41
40
39
39
3912,
618 Sept
3914
June
3914
234
40
3914
40
534 Mar 20
234 Jan 17
39,500 Ahumada Lead
434 5
478 5
478 5141
533
5
614 5523
2,400 Air Reduction, Inc newNo par 61 Mar 16 6578 Mar 10
713
4-4 Mar
6112 62 I 6238 6238 6112 6238
11
June
6214 63
6274 63
8
24
143
Jan
16
Mar
8
95
No par
30,500 Max Rubber, Inc
21 Feb
1138 1034 1133 1034 1114
1 June
115r 1174 1118 1178 11
414 Feb 2
1 Jan 6
3,800 Alaska Juneau Gold Min__ 10
338 312
338 358
Sept
32
313 358
Apr
18
15
26
358 338
Mar
Jan
338 338
3114
23
rap-No
Par
Pert
Wrap
5,300 Albany
26
2614 2534 2534 25
25
98 June 102 Sept
26
2638 2414 26
100 9812 Jan 17 11134 Mar 14
Preferred
Sent
169%
Jan
98,200 Allied Chemical & Dye_No par 146 Feb 18 16478 Mar 31 131
157 15978
162 16478 159 16412 215734 16014 15714 159
800 Allied Chemical & Dye pref _100 122 Mar 17 12534 Feb 14 120 Mar 124 Aug
12312 12312
123 123
Jan 11834 Dee
88
212214 12314 12238 123 *12212 124
100 11518 Feb 18 12753 Apr 5
11,400 Allis-Chalmers Mfg
8
1275
8
1243
4
1243
12112
2418 Feb
1138 Nov
12212 12312 12118 12234 123 123
1112 Jan 3 1434 Feb 2
Amalgamated Leather_No par
7,100
1312
1318 1334 1278 1274 13
Dec
108 Feb
14
68
31
7912
ar
kr
2
1212 1374 13
Mar
69
2001 Preferred
79
*76
79
*76
79
2754 Apr 8738 Feb
79 .76
7912 *78
79
No par 2718 Feb 20 3834 Mar 31
Corp
Amerada
27,300
333
3412
4
34
3518 3353
818 Apr 2113 Dm
3414 3834 3418 3538 34
1553 Feb 20 2178 Jan 9
28,300 Amer Agricultural Chem__100
2814 Apr 7234 Deo
1934 1958 2078 2058 2178
1878 1878 1874 1912 19
100 5553 Feb 20 7478 Apr 5
31,9001 Preferred
8
747
7214
74
7118
8
715
Jan 98 Nov
41
6738 6714 6978 6814
67
10 7434 Jan 17 92 Apr 5
4,400'Amer Bank Note
8712 92
87
5612 Jan 65 Sept
8578 85
8578 84723 8478 85
85
50 61 Feb 10 6578 Jan 3
6301 Preferred
8
845
6414
8
645
•13418
64
Oct 2334 Mar
64
1518
Jan
11
1712
6418
6418
15
64
1478 Feb
64
100 American Beet Sugar-No Par
1638
1 Jan
35 Dec 60,
•1413 1578 •1534 1618 •1534 1638 1534 153 *16
100 36 Feb 17 40 Feb 8
300 Preferrel
40
40
42
*36
13
Jan
26114 Oct
3
4112 *3614 39
Apr
4
283
4112 *36
18
Feb
8
153
*36
87,0001Amer Bosch Magneto. No Par
2538 2514 2834 2618 2734 2514 2638
35's May 46 July
2312 2438 24
par 41 Mar 5 4918 Jan 27
newNo
Shoe
F
&
Brake
Am
3,100
4314
43
1
43
43 4 43
43
4334 4318 4312 43
100 12418 Jan 4 127 Mar 20 11714 Feb 128 Mar
100 Preferred
12512
514 Aug 39ls Jan
18 Jan 31
•12418 12538 •12418 12512 *125 12512 125 125 •12518
1034 Mar 14
2,200 Amer Br wn Boverl El_No par
1334 1354 1334 14
1378 14
1418
40 Aug 98 Feb
14
14
14
100 4512 Mar 14 63 Jan 3
Preferred
490
4838 5078
5 Mar 7753 Deo
43
28
Mar
8818
5012 4812 4812 4814 49
18
Jan
*5012 5112 50
25
7012
208,100 American Can
873
Jan 14184 Des
8538 8634 8312 8412 8253 8434 8312 8614 86's 14512
100 13634 Jan 10 146 Mar 29 128
2,900 Preferred
96 July 111 Dee
11 11112 Jan 3
Feb
104
1'14534 15612 14534 14534 1453, 14534 14538 14512 14512
par
.No
Fdy__
dr
Car
American
3,000
10534 10534 105 106
Oct 13414 June
4
1248
31
Mar
10512 10512 105 105
13712
20
Feb
106 107
3
1303
100
9001 Preferrea _
13634
9812 Dec 103 Sept
13714 13712 *13612 13812 13612 13612 13614 136121 *13614
100 9914 Mar 7 10178 Jan 5
600 American Chain pref
10012 l00'2
100 100
100 100
Jan 7414 Nov
3
36
Apr
8212
12
Jan
10018 100141 *9938 100
69
par
No
Chicle
8,600 American
8034 8012 8112
8212 79
79
78
78
78
78
Jan 110 Doe
90
No par 107 Jan 5 11012Mar 8
400 Prior preferred
110
110
111
•110
110
110
1512 Nov
Apr
8
93
111
14 Jan 10
•110 111 *110
9,500 Amer Druggists Syndicate_ 10 11 Feb 18
1212 1234 1212 1234
6713 Nov
Aug
8
383
9
Mar
8
3
68
1212 1234 1213 1234 1212 125
4
Jan
par
63
TIIIng_No
Encaustic
Amer
1,000
6412
63%
63
62
64
Nov
183
*6312
127
1
Jan
17
65
Feb
63
195
6312
83
100 169 Jan 10
2,300 American Expresa
17912 181
1874 Feb 31 Dec.
181 18212 179 18014 *177 178 •177 180
2258 Feb 28 2714 Jan 23
5,700 Amer & For'n Power__No par
2314 2318 2334
109
Deo
4
3
Feb
8611
31
Mar
2312 2312' 2318 2374 23
109
16
Mar
2334 24
par
10514
No
1,600 Preferred
10814 109
108 108341 10814 10814 *10814 109
109 109
No par 81 Feb 24 895n Mar 9
1,200 2d preferred
8712 88
73. Apr -1273 Oct
88 .8714 88
8812' 88
Feb 1
3
1553
8812 88
Jan
1034
88
100
Leather_
&
Hide
American
2,400
1438
14
1314 14
48 Mar 6678 July
1214 13 I *1278 13
•1278 13
100 61 Mar 31 6733 Feb 1
4,000 Preferred
5612 57
56
3034 Jan 71 Nov
52
5112 5174 5158 5214 53
51
26,000 Amer Home Products_No par 59 Feb 18 6838 Apr 5
6653 6838
6434 65121 6514 6712 6678 68
3
2534 Oct 32 Aug
Apr
2
35,
10
6412 65
Jan
28
par
No
New
61,500 American Ice
3538
Jan 9612 May
84
3334 35331 3434 3512 3412 3514 35
3312 34
109 90 Jan 7 97 Apr 5
Preferred
1,800
97
97
96
96
97
96121 .96
37 Mar 7238 Dec
9612 *95
05
119,400 Amer Internet Corp___No par 71 Jan 5 10134 Mar 31
Stock
98
Jan
10
Juni
4
27
Jan
14
6
12
96 10134 9412 98121 9334 97,2 9418 9734 9512
Jan
614
10
55
1,100 Amer La France &Foamite
58
55
558 558
558
6018 Dec 9018 Jati
558 5141
534 534
100 59 Jan 10 74 Mar 27
100 Preferred
68 Exchange
68
73
*70
74
74 1 •70
Nov
7212
14
2018
Apr
Mar
4
•70
1113
74
13
Jan
•70
100
5838
Linseed
25,300 American
4
4658 Mar 9212 Nov
95
97% 9212 94781 9214 9553 9313 9612 9414 947
100 8612 Jan 13 101 Mar 15
800 Preferred
Closed985, 99
99
99
99
9914 Oct 116 May
9933 *9712 99 1 *98
99
9,000 American Locomotive_No par 10718 Apr 3 115 Jan 31
10812 109
11912
Feb 127 July
24
Mar
134
26
Jan
12512
10934 10934 10714 10334 10714 10712 10713 10812 *12912
100
400 Preferred
Good
131
130 130
7314 Jan 18812 Deo
•129 134 •129 134 1'129 133
1,100 Amer Machine & Fdy __No par 15214 Feb 24 180 Mar 26
16614 16614
168 168
170 174
13
Jan
170 170
116
1
11112Mar
*170 174
ex-warrants
Preferred
80
Friday
*113 114
Dec
Nov
11212 11212 11212 11212 113 113 *113 114
4,300 Amer Metal Co Ltd.._No par 39 Mar 13 4612 Jan 3
4378 4318 4334
Jan 11312 Dec
4312 44 1 4313 4312 43
4334 44
100 11012 Jan 11 125 Mar 30 108
620 Preferred
Holiday
12214 12312 12314 12412 123 12434 125 125 *12412 125
2012 Dec 431/June
18 Feb 23 25 Feb 7
No par
700 American Piano
20
*19
20
20
20
20
84 Nov 11014 Mar
•2012 22
20
20
100 70 Feb 21 90 Jan 3
260 Preferred
72
72
74
71
*71
71
54 Jan 7338 Oct
*71123 74
73
Jan 11 83 Mar 19
73
par
6214
Light...
..No
&
Power
Am
36,400
7812 7978
77,3 7678 80
7634 7838 76
7718 79
26 13018 Jan IS 15234 Mar 30 11012 Jan 14778 Sept
6,900 American Radiator
14714
14612
14734
14518
14774
14618
Apr 11614 Nov
8713
4
21
1493
Feb
4
148
148 151
100 11012 Jan 4 1383
2,100 Amer Railway Express
127 12814
12612 12512 12512 127
3518 Jan 8212 Doe
126 128
100 130
75,100 American Republics_ __No par 5114 Feb 7 8214 Apr 5
6478 Nov
July
42
4
Apr
8
7558 7314 7512 7312 8112 798 8214
647
10
Jan
6978 7153 70
12.600 American Salty Razor_.._100 59
6478 6412 6478
6314 6412 64
38% Oct 51 July
6212 6278 63
62
No par 3858 Feb 18 438 Mar 30
3,300 Am Seating v t c
*4112 42
634 Jan
Oct
212
28
4218 4234 4113 42
Feb
5%
3
Jan
8
par
37
4314 4338 4214 43
_No
Comm__
&
2,200 Amer Ship
412 412
4
4
438
4
Jan 123% Nov
80
418 438
*418 438
American Shipbuilding__ _100 104 Feb 21 119 Jan 6
8 110
13258 Jan 18834 Dec
30
Mar
4
1923
27
Feb
169
*108 109 *108 10912 *108 110 •10538 110 *1053 18738
&
Refining_100
Smelting
Amer
50.400
18712 19114 18434 19038 18512 18814 185 18734 18518 14012
100 13138 Jan 9 14012 Apr 4 11914 Mar 133 Doe
1,100 Preferred
14) 14012 14014
14014 14014 140 140
•14014 141
100 141 Jan 5 17212Mar 26, 1195, Jan 146/4 Nov
1,900 American Snuff
16414 16414 •16412 16514 16514 166
16778 16774 163 168
102 Jan 5 114 Apr 2' 9412 Jan 10612 Oct
100
100 Preferred
111
111
11234
114
*111
113
4112 Apr 7214 Dec
114
110
111 111
94.300 Amer Steel Foundries-No Par 637 Feb 18 7038 Jan 11
6314 6538 65
658
6478 66
112 Mar 27 120 Feb 29 11014 July 115 Jam
100
6678 7014 26514 69
Preferred
1,020
84
11212
112
113
11218
113
11214
6514
4
12
1123
Jan
Nov 9514 May
11212
7814
113
18
Feb
55
100
113
26,300 Amer Sugar Refining
7212
7178 70
7234 7113 7234 71
100 100 Feb 17 11014 Jan 28 104 Nov 116'z May
7078 7178 70
1,400 Preferred
Jan 6884 Oct
107 107 1 10678 10878
4113
7
Jan
6212
27
Feb
8
475
par
c
No
107 107 *10612 107 *10612 107
t
v
Tob
Bum
2,300 Am
51
54
5378 54
54
Apr 3614 Aug
26
5234 5414 54
25 Mar 2 32 Jan 17
5458 55
400 Amer Telegraph & Cable. 10
27
27
28
*27
27
27
27
2712 *26
100 15712 Feb 17 1823, Mar 14 14914 Jan 18518 Oct
•26
Taloa
&
Telep
Amer
14,300
18012 18138 17934 18114
Jan 189 No
120
3
Jan
176
18
156%
Feb
50
181 18112' 18078 18138 180 181
oom
2,000 American Tobacco
16812 169
60 15612 Feb 18 177 Jan 3 11914 Jan 186 No
168 16912 16614 169 1 16618 16614 16612 16612 168
4,100 Common Class!)
16884
16612 16878 16838 16878 16634 16778
168 169
100 11718 Mar 19 12538 Apr 4 11018 Jan 120 Dee
2,2001 Preferred
125 12538'4'125 12514
8 Nov 146 Feb
125 125
12412 125
•12412 125
500 American Type Founders 100 11538 Feb 10 12634 Jan 3 1197 Feb 116 Sept
123
4
21223
123
12114
122
122
122
12134 12134 122
100 10758 Jan 7 115 Mar 31 10714
1601 Preferred
114 11478 114 114
46 Aug 7213 Sept
5212 Feb 27 61 Jan 3
Elo
115 115 *11214 115 *11214 115
&
Par
Wks
newNo
Wtr
Am
5,200
5712
9974 Oct 10312 Dee
5634 5634 5634 5718 58
5513 67
10112 Jan 10 105 Feb 20
57
66
6001 1st preferred
1041r 10412
1612 June 33% Jan
100 2018 Jan 3 2414 Feb 14
10414 10414 *10212 10438 10438 10412 10412 10412
6,200,American Woolen
4672 June 8612 Jan
2378 2258 2338 22118 2338 2212 2258
14
Feb
4
,
62
3
Jan
4
497
100
2318 2312 23
2,100: Preferred
4
5614
563
57
4
563
2414 Oct
9
978 May
Feb
4
57
573
1912
5814
13 Mar 29
57
6718 68
3,000,Am Writing Paper ctfs_No par
1438
1338 1338 1334 14
2534 Apr 5714 Aug
1318 13
1334 1334 13
200' Preferred certificate,. _ 100 41 Jan 5 48% Mar 1
4114 4114
45
*41
1014 Feb
42
Sept
4
4
5
*41
5
Apr
44
10
Jan
8
*41
63
2453
25
45
*41
39,3001Amer Zino. Lead & Smelt
2458
Oct 51% Feb
86
2212 2334 2258 2378 23
2112 24
25 40 Jan 16 9278 Apr 5
2118 22
14,700 Preferred
8878 8712 9278
4114 June 6012 Dee
8878 86
85
91
Jan 18 6612 Apr 5
54
Mining_50
da
Copper
8312 8374 84
447,100'Anacon
6312 6538 6418 6612
38 Mar 63 Dec
5
6278 6114 6314 6218 6458
61
10,000'Archer, DAWN. MIdI'd_No par 55,4 Feb 20 67 Apr 16
Jan 11312 Dee
6538
108
6512 fin 6512 6534 65
67
100 1124 Feb 20 115,4 Mar
6412 6558 65
100; Preferred
11412 *11412 115
Oct 9614 Feb
11412
79
1141
30
Jan
*114
917
3
115
Jan
3
a
863
100
prof.
*114
•114 115
10,300'Armour & Co (Del)
1578 Jan
8812 8934 9011
814 May
88
A..25 1114 Jan 16 1614 Feb 14
Class
Illinois
of
Armour
8778 8778 8878 8878 8733 88
12,600
143
5 Dec
1334 1414 134
918 Jan
14
Feb
14
101/
10
8
,
1358
Jan
8
25
65
1412
4
133
Ii
4
143
Class
14
65,9001
9
4
83
918
Apr
Jan
8
60
87
8614
14
Feb
801s
12
9
100 6714 Jan
853
833 9,8
858 912
2,7001 Preferred
76
76
21
Apr 5512 Nov
41 Mar 14 5134 Apr 2
par
Corp_No
7678 7738 7634 7712 76'a 77
Constable
77
77
Arnold
11,000
4712
47
June
Jan
32
22
4814
22
4
473
8
487
Mar
3178
10
48
2512
Jan
5134
___10
49
Construction.
5038 51
Art Metal
30
4034 Dec 5444 Jan
30 •28
2934 •28
328
30 '
No par 41 Mar 15 4433 Mar 30
*28
30
Artioorn Corp
•28
41
*40
41
*40
41
100 10914 Mar 6 114 Mar 19 10912 Nov 11411 Nov
4212 *4013 4212 *40
*41
110 Preferred
111
*110
110
5353 Nov
3912 Feb
110
23
11018
Jan
4814
1
11018
Mar
No par 4114
*110 114 1'110 114
5,200 Assoc Dry Goods
4334 4412 4312 4378 4312 4438
4358 44 1 4338 44
9713 Mar 112 Dec
100 108 Feb 18 11378 Apr 3
preferred
let
100
114
11378 11378 *113 11414 *112 11611
100 112 Jan 3 11912 Jan 27 105 Mar 114 Dec
*112 114 *112 114
900 2d preferred
116
35
Oct 6014 Feb
114 11512'311512 117
25 3712 Feb 18 4134 Jan 3
•112 114 *112 114
110 Associated Oil
405,
4038 39
3038 Mar 4313 Nov
par 3718 Feb 18 4538 Jan 23
Line_No
13
WI
4014 4034 *3914 4014 4038
S
40
&
0
At'
*38
5,100
4114 40% 41
4012
4158 Nov
Mar
4
12
293
Mar
56
4018
27
Feb
100
4018
38
4012
4012
40
4038
2,400 Preferred
46
46%
47
Dec 13118 Aug
100 9534 Feb 9 12134 Apr 2 104
4534 4638 4612 4778 46
46
46
44,100 Atlantic Refining
11814 12012 11914 12138
116 Jan 6 11814 Jan 3 11512 Feb 119 Aug
100
114 11712 11634 12134 11714 120
Preferred
120 *117 120
70 June
5613 Mar
No DO, 63 Jan 3 101 Mar 23
*117 120 *117 120 •117 120 •117
4,000 Atlas Powder
94
90
Jan 107 July
98
100 10212 Jan 20 109 Feb 6
84
80
8014 8014 8512 8934 9434
82
230 Preferred
1218 Apr
June
714
3
Feb
5
8
167
Jan
par
814
No
10658 10814 107 10834 10734 10834 108 10814
108 108
Tack
200 Atlas
1112 1112 1112
1014 Jan
414 Mar
61/ Jan 5
438 Jan 3
1112 1113 1112 *11
*1058 1112 *11
700 Austin, Nichols&Co vt,oNo par
5
5
5
Jan
2312 Dec 61
5
28 Jan 5 39 Jan 21
5
100
5
5
5
512
Preferred
*5
100
32
*27
4 Nov
803
Dec
35
7214
*30
'24
33
Jan
23
7412
Mar
33
70
*33
3412
*33
35
200 Austrian Credit Anstalt
7053
•70
Deo
11
70
438 Mar
70
1118 Mar 30
71
612 Jan 18
•70
70
No par
70
71
Corp
•70
Autosales
6,200
10,4
28 May 42,4 Dec
50 30 Jan 26 3734 Feb 1
1038 1118 1018 1034 1018 1014 1018 1018 1018
1,000 Preferred
,Nov
3334
43 Nov 467
34
3458 3458 34
3334 3334 *3313 3334 3312
5,100 Autostr Sat Rasor A _ _ _No par 4318 Jan 10 4814 Jan 23
4734 4713 4734
46
4614 48
46
242 Feb 10 285 Mar 31 14314 Jan 26514 Beet
Wks.100
46
46
Locomotive
46
Baldwin
800
274
July
12514
*27312
Jan
116
275
13
Mar
*271
4
1233
275
23
275
Feb
100
118
277
275
28334 285
500 Preferred
4
Mar 11078 Dee
12312 12334 *122 12334 *122 12334'122 12334 •123 1233
500 Bamberger(L) de Co pref 10G 10834 Jan 24 11178 Jan 5 101334
Jan 5974 Feb
40
I
Feb
10913 10912 *109 110 •109 110
5212
28
par
26
Mar
110 11012 110 110
No
Leather
7,500 Barnett
3112
20% Oct 351i Feb
3178 30
3212 3114 31341 3012 3234 30
30
25 2114 Mar 30 2612 Jan 14
31,000 Barnadall Corp class A
2013 Oct 3213 Feb
2214 2234 2238 2274 2234 23181 227 2314 2278 23
25 22 Feb 14 2534 Jan 13
200 Class B
2313 *2212 23,s
2312 •23
2312 2214 22,4 *23
*22
•Eld and asked prim: no Bales on this day. 8 Ex-dividend. a Ex-rights
New York Stock Record-Continued-Page 3
2115
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 31.
Monday,
April 2.
Tuesday,
April 3.
Wednesday, Thursday,
April 4.
April .5.
Friday,
April 6.
Sales
for
the
Wert.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest
Lowest
$ Per share
per share $ per share $ per share 5 Per share $ per share Shares Indus. & MIscel.(Con.) Par $ per share
per share
$
128 13012 128 12814 126 128
128 128
127 127
1.900 Bayuk Cigars, Inc
No par 10114 Jan 18 140ie Mar 1
*10812 10934 109 109
10812 10812 10812 10812 10878 10878
190 First preferred
Jan
1103
1073
100
10
2 Mar 28
4
1412 1434
1412 1478 1412 1458 141z 1434 *1412 1434
2,800 Beacon 011
1214 Mar 16
No par
1712 Jan 5
78% 79
7734 7843 7758 78
7514 7818 7618 7734
6.500 Beech Nut Packing
20 7152 Jan 17 8312 Feb 9
1914 1914 1938 1912 1938 1978 1958 1958 1912 1978
2,100 Belding Hem'way Co__No par
1812 Jan 20 22 Jan 12
8734 88
8734 88
*88
88,4 88
88
88
8834
600 Belgian Nat Rys part pref____
8514 Feb 18 8834 Apr 5
67
6814 6712 6912 6718 6834 67
67% 6618 6712
15,500 Beat Os Co
par
No
533
4 Jan 19 0912 Apr 5
5812 59
57,2 5812 5712 5838 5712 5912 5858 5958
29,000 Bethlehem Steel Corn
100 551/3 Jan 20 6212 Feb 7
12014 12014 12014 12012 120 12012 12012 12012 12012 12058
2,100 Beth Steel Corp pt (7%) _100 119 Mar 6 121 Jan 9
3712 3712 37
37
3714 3712 3714 38
38
3858
2,800 Bloomingdale Bros____No par
35 Mar 2 4412 Jan 5
*110 11012 110 110 •10912 11012 *10912 11012 110-2 11112
70 Preferred
100 10912 Jan 11 11112 Apr 5
90
90
*91
9314 *91
93,4 91
*91
91
140 Blumenthal & Co pref.... _100 90 Mar 27 9812 Jan 20
9314
6978 70
6858 691z 6812 6858 6812 68% 69
7212
6,800 Bon Ami. class A
No par 6514 Jan 3 7834 Jan 27
61s 6% *6
7
612 634 *6
634 *6
634
1.600 Booth Fisheries
No par
514 Jan 4
712 Jan 9
*46
48
*44
48
*43
49
*41
•42
49
49
lst
preferred
100 414 Mar 14
49 Jan 11
162 162
16012 162
16038 10112 16012 16138 16038 161
3,000 Borden Co
50 159 Feb 20 187 Jan 11
.20
21
21
21
20
2034 2012 2012 2012 2012
800 Botany Cons Mills Clu138 A_ _b0 1812 Jan 28 23 Jan 4
2558 2614 26
2678 257s 26,2 2512 26
2558 2612
56,700 Briggs Manufacturing_No par 2112 Feb 4 27 Mar 27
*3% 3,2
3% 338 4.318
31z
312 *31s 338 *318
100 British Empire Steel
614 Feb 1
100
112 Jan 10
*7
738
7
7
7
7
*512 7
*4
7
500 2d preferred
214 Jan 5 12 Feb 1
100
24534 24912 237 24434 23734 241
238 24712 242 244
Brooklyn
11,000
Edison,
inc
Mar 31
Jan
24912
2063
100
10
4
*150 153
150 151 *149 151
149 149 *148 149
300 Bklyn Union Gas
No par 145 Feb 20 15814 Jan 31
4734 3.4814 4914 4978 5014 521
5411 551
5112 54
24,700 Brown Shoe Inc
5512
par
Apr 5
Jan
No
47
10
4214 471
43
4512 4314 4414 4138 4338 4058 427
74,500 Brunsw-Balko-Colltui'r_No par 2712 Feb 2
48 Mar 30
3018 3138 30
3138 2958 3058 2934 3012 30
303
13,300 Bucyrus-Eric Co
10 2412 Feb 18 314 Mar 30
39% 4038 3912 40
3958 40
3958 4038 3934 401
18,200 Preferred
10 3332 Feb 17 404 Mar 30
98% 9838 *98 100
*9714 100% *99 100
*98 100
100 Burns Bros new clAcomNo par 9312 Feb 17 101 Star 22
20
20
1938 1938 •1914 20
1918 1918 19
191
500 New class 13 coin_ _ _No par
1572 Mar 8 21 Mar 22
*9934 100
9934 9934 9934 100
9978 9978 997 9978
190 Preferred
100 9734 Feb 21 100$2 Mar 12
15734 15734 157 15878 159 161
15914 15912 158 15818
4,700 Burroughs Add Mach_ _No par 139 Jan 14 165 Feb 3
60
60
5958 5958 5918 5914 5834 59
58,2 5812
900 Bush TermIna. new_ _ _ _No par 5812 Apr
634 Jan 27
*110 111
11012 11078 11018 11018 11012 11078 11012 11078
240 Debenture
100 10714 Jan 4 112 Mar 24
117 117
11713 11712 1177 118
117 117 *116 118
80 Bush Term Bldgs. pref_ _100 11412 Feb 15 119 Feb 4
57s 6
578 6
57s 6
6
6
578 6
4,900 Butte Copper & Zino
41g Jan 19
5
712 Feb 28
61
6134 60
62
59
60
5512 59
5612 57
8,500 Butterick Co
100 45 Feb 7 63,4 Mar 29
1012 10% 1018 1034
1058 11
1078 1134 111* 1138
7,300 Butte & Superior Mining
11
10
Jan
9
Feb 10
l2s,
*72
72% 72
72
*70
72
6178 6978 *70
72
600 By-Products Coke
No par 65 Mar 1
7432 Jan 27
10038 10258 9918 102
9938 102
10114 10812 10212 1044
23,800 Byers & Co(A M)
No par 904 Jan 16 11712 Jan 27
*11014 11034 •11014 11034 *11014 11034 11014 11014 11014 110,
110
Preferred
4
100 11014 Feb 3 1124 Jan 14
7412 7412 7318 738 7338 733* 74
7578 7312 74
3,000 California Packing _...No par
715g Star3 794 Jan 7
2612 26% 2612 2634 2612 27
2634 2712 *2718 277*
3,500 California Petroleum
25 2514 Mar 16 2712 Apr 4
*21s 214
218 214
218 218
218 218
21/3 214
1,600 Callahan Zino-Lead
10
252 Jan 6
134 Mar 8
10318 10534 10034 10478 101 1045 102 103341 102 10312
20,100 Calumet Arizona Mining_ 10 89 Feb 1 8 12014 Jan 3
2134 22
2114 22
2118 2214 2118 2158 2138 217
23,400 Calumet & Ueda
25 2012 Jan 10 2372 Feb 3
6358 6458 6312 60
651 667
33512 66%
657
64
26,200 Canada Dry Ginger Ale.No par
6858 Feb 15
5478 Jan
290 29212 285 288
284 28634 28514 28512 290 290
2,500 Cue Thresh Machine
100 247 Jan 23 306 Mar 22
*13312 137 •13314 135 *13314 135
134 135
13518 13512
1,400 Case Thresh Mach pref _ _100 126 Jan 31 13512 Mar 30
2812 2834 2858 2834 2812 2834 2812 2878 2878 3078
13,800 Central Alloy Steel ____No par 2812 Mar 2
3212 Jan 4
•12
1212 1212 1258 13
1314 1434 1738 1512 17
19,800 Century Ribbon 51111s_ _No par 1112 Feb 1
1732 Apr 4
*8012 82
*3014 82
*8014 82
82
82
8112 82
90 Preferred
100 8014 Feb 21 87 Mar 12
67% 6614 67
67
661s 6738 6638 671s 66% 67
13,900 Cerro de Paso Copper_No par
5812 Jan
897s Jan 3
56
56% 5614 5638 5618 5614 56
578
4
5614 5718
6,200 Certain-Teed Producta_No par 5413 Jan
%
6212 Jan 24
•120
•124
'120 124 *120
____ *120
_
1st preferred
100 119 Jan 26 1204 Mar 1
73
73
*72
73
72
72
7134 72
7112 7153
800 Certo Corp
No par
7112 Apr 5 77 Jan 12
634 7
678 7
*634 6713
634 634
Stock
1,100 Chandler Cleveland MotNo par
65* 63s
71/3 Mar 27
51z Feb 29
1512 1578 1512 151.2 1512 1512 1512 1512 • 1514 16
1,600 Preferred
No par
14 Mar 1
174 Jan 4
7412 75
7414 75
7412 7534 7512 7714 7534 76,2 Exchange 10,800 Chesapeake Corp
par
No
724
Mar
8172
Jan 6
13714 13714 135 137 *335 137
135'8 13512 135 136
1,500 Chicago Pneumatic Fool__100 125 Feb 20 141 14 Jan 30
35
35
3678 3678 36
36
3512 3512 3312 3412 Closed450,Chicago Yellow Cab_.No par 304 Mar 2
43
Jan
14
43
*42
43
•42
43
4258 42
4134 4134
42
1,8001Childs Co
No par 40 Mar 1
5212 Jan 7
40% 4118 4018 4118 4014 4138 4012 4178 405 417
38,900,Chlie Copper
Good
374 Mar
4272 Jan 7
12112 12112 115 11978 116 11814 116 116
115 115
1,600 Christie-Brown tern ctlallo par 85 Jan
131 Jan 23
6734 72
6712 70
68
6914 68
6918 6812 693
Friday
270.000 Chrysler Corp
No par 544 Jan 1
73 Mar 27
•115 115% •11514 11513'11514 11512 11514 11512 11512 11512
5001 Preferred
No par 11352 Jan
117 Mar 12
*5312 54
*5312 54
*5312
*5312 53341 *53,2
Holiday
City Stores class A__ _No par 5114 Jan 19 54 Mar 12
*89
8978 88
8858 87
8813 883 *87% 89
88
2,9001 Class B
No par 62 Jan 5 9372 Mtn'27
97
97% *9614 97
9612 9778 9734 105
10412 10934
30,310 Cluett Peabody & Co_No par
7712 Jan 10 10934 Apr 5
12038 1201 12014 12014 120 120141.120 121
120 120
270 Preferred
100 11812 Mar 21 12434 Mar 19
143 143
14212 14414 14212 146341 1453* 15178 15353 15638
45,800 Coca Cola Co
No par 127 Feb 20 1563s Apr 5
96
98
9312 9634 9318 9538 9218 94
9278 9134
26,900 Collins & Alkman new_No par 79 Mar 2 11134 Jan 3
•105 1053 10512 10534 *105 10514 105 100
10612 10612
1,4001 Preferred
100• 101 Mar 15 109 Jan 3
75% 781
741s 7714 7478 7512 74
7658 7438 7614
18.800 Colorado Fuel & Iron
100 6612 Feb 27 8412 Jan 31
*8812 90
8914 90
8858 8934 8714 891
89
9114
3,900,Columblan Carbon v t cNo par 87 Mar 27 9814 Jan 24
9312 947
927k 9378 92
93
9238 941
94
47,800:Colum Gas & Elea new _No pa
94%
89125Iar 15 9732 Feb 1
10918 1091 *10838 10912 10918 10912 10912 1093 10912 10912
1,000 Preferred new
100 10712 Feb 28 11012 Jan 3
747
74
73
7478 7234 7378 7318 743
7312 7412
17,600 Commonwealth Power_No pa
6214 Jan 11 764 Mar 30
2712 271
2758 2734 2738 2712 2778 277
2734 28
1,600 Commercial Credit_ _No pa
21 Feb 20 29 Mar 27
*2312 243 *2312 2434 *2312 2418 •2312 241 •2312 24
Preferred
25
23 Feb 3 2434 Mar 29
243 *24
*24
2434 24
2418 241 *2414 2434
24
30 Preferred B
2
23 Feb 7 25 Jan 7
•9112 92
92
92
*91
9134 9112 943
9212 93
410 1st preferred (6;4%)_ _ _ _10
87% Feb 2 96 Mar 16
6678 667 *65
6612 66
66
6658 6758 6714 6738
800 Comm Invest Trust___No pa
5534 Mar 1 68' Mar 22
•103 105
105 105
104 104 41103 106 *103 106
30 7% preferred
100 99 Jan 27 106 Feb 17
96
96
96
965* *96
9612 96
9612 *9512 96
Preferred
500
(63.4)
10
9452
Mar 6 97 Feb 15
177 177
17734 18212 175 17834 -17112 17714 17414 17778
13,900 Commercial Solvents__ No pa 15312 Feb 3 18912 Mar 28
4934 493
4914 4914 497 497g 4912 50
49% 4978
1,000 Conde Nast PublIca__ _No pa
Jan 1
48
52 Feb 6
2658 273
2618 2712 26
27
26
2838
2634 27
72,500 Congoleum-Nairn Inc_ _No pa
2332 Feb 8 2912 Jan 3
7414 741
74
7478 735* 74
73
733* 72
7412
3.4001 Congress Cigar
No pa
67 Feb 18 8172 Jan 3
86
863
85
8534 8418 84% 8412 8634 8458 86
6,600 Consolidated Cigar__ No pa
7912 Jan 20 8812 Mar 5
10434 10434 105 105 *104 105 *104 105 •104 105
200 Preferred
100 98 Jan 24 105 Mar 27
138
138
138
134
1
138
112
138
118
13,500
1,2
Consolidated Distrib'ersNo par
2 Mar 22
72 Jan 21
14514 14758 14414 14634 14412 14638 14378 147% 14514 14712
120,000 Consolidated Gas(NY)No par 11932 Jan 10 14934 Mar 30
10358 104
104 104 *10358 104
103% 104
10334 10418
3,600 Preferred
No par 10112 Feb 1
105 'Mar 28
414 412
414 412
4,4 412
414 412
4118
414
17,600 Consolidated Textile_ No par
34 Feb
532 Mar 28
3112 3214 3118 32
31
3112 30
31
2918 30,4
17,300 Continental Baking cl ANo par
2912 Apr 5 5312 Jan 13
4
418
4
418
418
4
4
418
4
418
26,400 Class B
4 Mar 31
6 Jan 13
8634 88
8434 8578 8312 85
83% 84
8212 84
11,000 Preferred
8212 Apr 5 9612 Jan 20
10514 107,4 10234 10512 10414 10634 10414 10812 10812 11334
94,900 Continental Can, Inc. N
NO1p
D0
a.
0
r 804 Jan 10 11343 Apr 5
•127 128
127 127 *127 128 *127 128 *127 128
30 Preferred
123
100
Jan 5 128 Mar 26
8612 8712 84
8678 84
861* 84
86
8514 8512
10,200 Continental Ins temp etrs_.10 75 Feb 15 81) Mar 17
ni4 11
1118 1112 1078 1138 11
1138 1118 1138
19,300 Continental Motors_.No par
10 Mar 13
12 Mar 23
77% 79
37612 78513 7534 7712 7612 77,4 7638 78
27,100 Corn Products Refining. _ _25 6432 Jan 3 7932 Mar 30
•14634 149 *145 147 *14513 147
14458 14514 *14512 147
500 Preferred
100 1384 Jan 16 14t3 Mar 29
14818 b13312 14658 149
14553 14612 145 14618 14534 14712
3,800 Coty. Inc
par 123 Jan 3 15112 Mar 5
86
1-86511 8534 8612 8534 86
85% 8638 8534 5713
6,600 Cruet ble Steel of America..
N
53% Feb 18 93 Feb 7
11412 11412 *11412 115
11412 13412 11412 11412 •11438 11412
500 Preferred
100 11212'31er 16 11512 Jan 26
23
23
2212 2312 23
24
22
22
23
23
6,000 Cuba Co
par
No
22
Apr 4 2812 Jan 13
6
6
534 534
6
6
61s
6
6
614
1,100 Cuba Cane Sugar
No par
512 Feb 16
714 Jan 12
2612 26:2 26 2 2612 27
28,2 2714 2714 27
28
4,200 Preferred
100 24 Feb 18 3232 Jan 12
2112 2112 21
2112 2074t 2112 2118 2158 2112 2234
10,500 Cuban-American Sugar
10 1912 Feb 18 234 Jan 3
1010214 105 •1024 105 *10214 105 •102 10412 •102 10412
Preferred
100 10112 Feb 16 108 Feb 1
1112 1112 1112 1112 *11
1112 •11
1112 •11
111.
200 Cuban Dom'can SugnowNo par
1012 Mar 9
12 Jan 4
6712 65
60
6638 64
6638 6412 6614 z64
6412
11,600 Cudahy Packing new
50 54 Jan 3 7232 Feb 14
66
6718 6612 7178 6912 92
83' 9114 8112 87
118,100
Curtis
Aer
&
Mot
Co__No par
5312 Feb 27 92 Apr 3
14178 14178 14134 14178 142 142 •14234 14338 *14234 _
800 Preferred
100 11734 Jan 5 142 Apr 3
166 160
166 167 *16514 167
167 168
169 172
1,800 Cushman's Sons
par 1444 Jan 13 175 Mar 14
•11812 123 •11812 123 •11834 123 •11834 123
122 122
10 Cushman's Sons pref (7)
N_o
114 Jan 11 125 Jan 20
53
53
53
53
53
53
53
5314 53
54
4,500 Cuyainel Fruit
par
51 Jan 3 5534 Jan 20
4014 4178 39% 40% 4018 43
4312 43
42
43
25.200 Davison Chemical vs c_N:
N par 3432 Feb 18 4852 Jan 8
123% 12318 12318 12434 123 123
12412 125
124 124
7,820 Deere & Co prof
100
Feb 1 12532 Mar 26
11512
181 183
17914 18014 •177 179% 179 179
17978 17978
900 Detroit Edition
100 16612 Jan 11 19434 Feb 3
4734 4812 47% 4914 48
50% 50
51
5034 51
8,500 Devoe & Reynolds A __No par 40 Jan 3 5252 Mar 12
113 113
11218 113 •112 11278 11278 11338 11338 11338
240 1st preferred
100 108 Jan 9 11534 Jan 18
152 15412 152 1504 15114 154
15218 15234 153 15312
390 Diamond Match
100 13432 Jan 18 161 Feb 2
2112 22
1934 2012 1958 20
2058 21
1912 193
70,800 Dodge Bros Clam A _ __ _No par
17 Feb 18 2412 Jan 4
7158 7238 70
71,2 7014 7078 7018 7012 7014 71
114,400 Preferred certif
par 6812 Feb 18 7572 Jan 4
11
11
1078 10%
1058 1034
1018 1058 1014 1038
3.700 Dome Mines, Ltd
N pit
'
al. 1012 Apr 4
1312 Jan 8
69
6978 69
6978 6734 69% 643 67
6512 6678
11,300 Dunhill International_No Par 5512 Jan 9 76 Mar 29
1010414 105 *10434 10514 •10434
10518 10512 10518 10518
500 Duquesne Light 1st pref _ _ _100 10512 Apr 4 11612 Mar 3
16912 171
16812 17078 169% 180
17112 175
172 17412
11,400 Eastman Kodak Co_---No Par 163 Feb 20 180 Apr 3
•126 129 •126 129
12712 134
120 126
126 126
80 Preferred
100 125 Mar 7 134 Apr 3
3518 36
3418 3534 3412 35
3418 3514 34
35
16.000 Eaton Axle & Spring__ No Dar 26 Jan 11
3714 Mar 27
384 384
37712 38012 376 380
37518 378
378 385
6.600 E I du Pont de Nem new _No Par 310 Jan 10 395 Mar
26
12012.
,12012 12018 120,8 12012 121
12014 121
12014 121
100 115 Mar 9 121 Apr 3
2.2001 6% non-vot deb
•Bid and asked prices; no sales on Ude day. e Ex-dividend.
Ex-rUhts. 9 Ex-warrants.
PER SHARE
Range for Precious
Year 1927
Lowest
Highest
$ per share ft per share
4913 Jan 109 Deo
101
Jan 110 Aug
14
Oct
1814 June
5014 Apr 744 Nov
1512 July
274 Jan
184 Aug -i9-5; Nov
434 Jan
6811 Sept
10434 Jan 120 Dec
34 June 5272 Nov
10912 Jan 114 Nov
Jan 95 Dec
44
534 Jan 6932 Dee
412 Sept
832 Apr
36 Sept 574 May
16712 Dec 169 Dec
18 May
3012 Sent
1912 Sept 3132 Feb
12 Apr
2 De's
712 Deo
1
Apr
14812 Feb 225
Dee
8952 Apr 1374 Dec
3012 Feb 5014 Dec
384 Jan
2578 July
85's June
1614 Mar
90 June
2710 Mar
2934 Jan
9114 Jan
1033
3 Mar5: Feb
1253* Jan
3434 Jan
Jan
100
145 Dee
89 Nov
11178 Dec
Aug
120
a
88 m
44
Oct 6154 Feb
702 Nov
1134 Jan
Jan 924 June
66
Jan 10234 Dee
42
10534 May 11212 Dee
6014 Apr 79 Des
-1.11Sept
6112JUIle
1414 July
36
Jan
132
Jan
111
Feb
24 Apf
1012 Jan
70
Jan
58
42 June
Jan
106 Feb
65 Dec
412 Nov
13 June
6434 June
12012 Jan
ile
4
38838 J
I%u
5 -5811
-1;
12312 Dec
2434 Dec
604 Aug
28314 Oct
129 Dec
33 Apr
1684 Aug
8834 Dee
0;
7
82
538
12 m
Da
3312 June
344 Jan
384 Jan
10232 Apr
4614 Star
4112 Apr
61 June
11114 Jan
r91112 Apr
86 Aug
10212 Sept
424 Jan
Ja
eb
6
86
n
2:
7 F
4432 Dee
9072 Dee
6312 Des
116 Dec
54 Dee
6412 Dec
8412 Oct
12514 Nov
19912 Apr
1134 Dec
10934 Dec
9632 July
14 b
Nib
10
ay
98
v
14
11834 Dec
784 Aug
14 Mar
2614 May
8671 Oct
13714 Mar
O„
?gt
8
47
838 A
an 17
9
4%2
8 luy
10
838
Je
12 Dee
Oct
14 June 2412 Dee
17 June 2412 Sept
184 June 25 Dec
69 July 8952 Dee
4112 May 62 Des
9412 Sept 102 Dec
8632 July 9814 Deo
145 Nov 203 Sept
39 Aug 53 Dec
1714 Jan 2014 Dec
47 Mar 8812 Dec
7414 Oct8634 July
6972 Aug11,634 Aug
Oct212 Feb
94 Mar 12534 Dec
93 Star 103 Dec
312 Star
718 June
3312 Apr 7472 Jan
4 May
1014 Jan
72 Apr 9734 Nov
6834 Apr 8674 Dee
120
Jan 126 June
7412 Dec 9334'Dec
84 Nov1314 Jan
464 Jam, 68 Nov
Jan 14214 Dec
128
58
Jan 123 Dec
7612 Oct 9634 Mar
103 Jan 116 Sept
184 Aug 344 Jan
44 Oct 1014 Jan
284 Nov 504 Jan
1872 Nov 2812 Jan
9712 Nov 107 Aug
1012 Nov
18
Jun
434 AM 5834 Sept
454 Nov 6934 Deo
III Nov 118 Dec
103 Apr 152
Oct
107
Apr 125 Dee
30 Apr 5512 Oct
2614 Apr 4811 Dee
10512 Jan 12512 Nov
13312 Jan 17012 Dee
3612 Aug 424 Dec
101
Jan 11412 Dec
115 Feb 14734 Sept
1314 Oct 2712 Jan
5812 Oct 85 Feb
7 June
1414 Dee
49 Aug 6212 Oct
11414 Mar 1174 Nov
1264 Jan 17514 Sept
11914 Jan 13112 Oct
214 Oct
2934 June
188
Jan 34372 Oot
10512 Feb 118 Dee
New York Stock Record-Continued-Page 4
2116
For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 31.
Monday,
Aplil 2.
Tuesday,
April 3.
Wednesday, Thursday,
April 5.
April 4.
Friday,
April 6.
Sales
for
Ike
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ Per share $ per share $ per shard
per share
Shares Indus. & Miscel.(Con.) Par
per share
$ per share $ per share
164 Feb
1034 Nov
21 1218 Jan 3 2314 Apr 3
39,500 Elsenlohr & Bros
2314
2214 21
2012 20
20
6312 Jan 102 Dee
par 98 Jan 3 14512 Apr .5
No
Autollte
Electric
16,000
13712
134 13512 13414 13512 13378
1312 Mar 2218 Aug
Mar 2 16 Feb 14
124
par
No
Electric
Boat
13,100
1358 1414
1414 1478
1478 1518
1612 Jan 3232 Dec
No par 2834 Jan 10 3938 Mar 19
25,900 Electric Pow & Lt
3618 3634
3712 3612 37
37
Jan 109 Noy
96
No par 10612 Jan 10 11018 Mar 8
2,700 Preferred
*109 10912 10912 10912 10918 10938
37112 Jan
534 Nov
Mai
1712
19
6
Feb
par
1113
_No
_
Refrigeration
Electric
634 May 794 Jan
Battery __No par 89 Feb 20 8214 Apr 4
Storage
Elea
7,2
76,300
82
s
-goS'
4
W17813
-igE8
80
-iiT8
-774-3i8
-7712
7 Dec 154 May
9 Jan 1
Feb 14
612
par
CorpNo
Coal
Horn
Elk
712
*612
"61,
*612 712
Oct 13 Apr
*612 712 *612 8
3
938 Feb 7
514 Feb 21
712
100 Emerson-Brant Class A.No par
•612 734 *638 734 rais
734 734 *612 8
30 July 374 Mar
No par 3014 Apr 2 33 Mar I
160 Emporium Corp
3234
3234 *31
*32
32
32
304 33
. 33
*301
Jan
8114 Dee
4
643
27
%Mar
83
10
50
Jan
4
753
Corp.__
hnson
Endicott-Jo
7,900
7972 8014 7972 80,4
7934 8014 7912 80
7934 80
100 12114 Jan 27 12434 Jan 11 11632 Jan 125 Sept
800 Preferred
124 124 *124
124 124
124 124 *12312 124
Jan 3932 Oct
4
213
4212
23
33
Mar
Feb
18
par
_No
_
Serv
Public
Engineers
8,200
3912 3918 3912 3914 -i9-1:2
4018 4014 39
4038 39
9334 Jan 10832 Dee
No par 107 Jan 2' 11038 Apr 4
2,300 Preferred
11018 11014 11014 11014 11014 11014 11014 11038 11018 11018
2434 Jan 3572 Dec
5 3312 Feb 20 3832 Jan 23
Erie Steam Shovel
8438 Sept 9312 Dec
11434
14
Slar
7
Jan
par
9018
Bldg__No
Office
Equitable
2,400
1-11-7-8 lii 113
*iio" iii *HO- 111
Aug 7778 Nov
50
Feb
79
3
20
Jan
6,200 Eureka Vacuum Clean_No par 69
7334 7378 75
7378 73
73
74
7638 73
75
154 Jan 23 Dec
240 Exchange Buffet Corp_No par 20 Jan 30 22 Jan 28
21
*20
21
•20
21
*20
21
2178 20
•20
4312 May
Nov
3014
4
Apr
48
5
Jan
3212
par
No
Morse
12,900 Fairbanks
45
4714
38
4078 3978 4034 4038 48
37
37
100 104 Jan 9 110 Mar 19 107 Dc2 112 Mat
140 Preferred
10912
10912'109
109
1091*
109
1
1093
3
10912
*109
109 2
92 July 1155s Dec
75,700 Famous Players-Lasky_No par 11114 Jan 16 12134 Mar 10
11512 11612 11638 11912 11834 12018
11538 118
11718 119
47 May
3712 Jan
15 42 Jan 10 5618 Apr ..,
40,100 Federal Light & Tree
5312 5618
Feb 100 Aug
5018 5058 5018 5058 5038 5234 5212 54
25
Jan
9112
105
No par 98 Jan 6
220 Preferred
10238 10334
103 103
•10218 10312 10212 10212 103 103
7
Feb 187 June
Feb
60
140
7
Feb
140
Smeit'g_100
&
Mining
Federal
*130 139 *125 139 *120 139 *120 139 *120 139
754 Jan 97 Mar
100 9114 Jan 3 96 Feb 10
300 Preferred
95
•94
95
941s 9418 *94
95
17 Dec 307s Jan
9434 9434 *94
2134 Jan 4
1712 Star 21
1,800 Federal Motor Truck __No par
*1878 19
1812 1834 1834 1834 1858 19
1812 19
9312 Feb 230 Des
21412Mar
17
11
Jan
18312
N
of
25
Ins
Y.
Fire
Phen
Fidel
1,500
20734 21134 208 208 *20714 210
210 210
1474 May
10 Nov
21014 212
18
Jan
15
9
Jan
1114
No par
190 Fifth Ave Bus
1312
13
*1212 13
•1212 13
13
*12
13
1914 May 30 Feb
*12
Apr 4 3372 Feb 14
28
par
No
Stores
Nat'l
First
1,700
2814
2814
2812
Apr
20
Oct
4
2812 2812 2812 2812 2812 2834 28
143
4
Jan
4
173
14
Mar
1412
par
No
29,940 Fisk Rubber
1538 1618
1612 1578 1614 1534 1618 1534 1614
16
Jan 100 Sept
81
400 1st preferred stamped_ _100 82 Mar 1 9112 Jan 10
8812 *8712 89 *106 10878 8534 8534
88
88
Sept
85
102
9412
.
July
5
Jan
4
973
10
Mar
92
100
cony
preferred
181
500
92
94
9414 9414 9312 0312 92
9412 94
*94
4618 Feb 714 Dee
55,500 Fleischman Co new____No par 66 Feb 20 7412 Jan 24
7034 72
7112 70,8 71
7078 70
7238 70
71
35 Nov 884 Apr
No par 42 Mar 5 5134 Jan 3
1,000 Foundation Co
50 June 85i, Dec
46
4572 4578 4312 4478 4334 4354
4614 *45
24
46
Jan
8914
15
Star
7612
par
A
No
Class
Film
28,400 Fox
8212 8338 8214 8333
7752 82
7718 78
7714 78
344 Jan 10612 Dee
No par 6532 Feb 20 10914 Jan 11
22,100 Freeport Texas Co
4
• 8234 8378 8112 8378 8112 8212 8178 8214 8214 833
No par 10318 Mar 17 10712 Mar 30
1,400 Fuller Co prior pref
10634 10634
107 107
19- Aug
10612 10712 10612 107,2 •10612 107
-22
2812
5
23
Jan
Star
15
par
No
4,400 Gabriel Snubber A
1814 1734 1772
1512 Dec
1838 1914 1812 1914 1812 1858 18
612 Jan
1138 Jan 17 1634 Feb 2
No pat
34,600 Gardner Motor
1412 1412
1472 1553 1438 15
6432 Dec
Jan
1414 1452 1412 16
46
21
Mar
8
687
20
Feb
8
607
par
No
Car_
Tank
Amer
Gen
8,300
6878
Sept
11212
Mar
2
1
6812 6878 6818 6878 6718 6832 6778 6812 6778 112
Mar
1063
100 110 Jan 9 111
Preferred
*11078 11178 *110 112 *110 112 *111 112 *Ill
65 Aug 9634 Mar
100 7114 Feb 20 9314 Jan 9
116,200 General Asphalt
9134
8918 9238 8714 9112 89
8914 93
3
894
88
100 114 Feb 20 14014 Jan 7 10714 Aug 1447 Mar
3,600 Preferred
133 13412
133 13818 13512 13818 133 134
Oct
•130 135
110 General Baking prat __No par 134 Jan 26 140 Feb 7 11812 Apr 140
138 13818
•138 13812 138 13812 13814 13814 138 138
par 21 Feb 4 3234 Mar 21
No
Cable
General
1,100
29
27
*2612 28
*2612 29
lie;
Dec
2
1
27
6
2918 2918 2714 28
20
2
Mar
1518
807
9
Feb
58
par
No
Class A
13,300
7612 7814
76
78
7578 77,4 75
Jan 7471 Des
7832 7914 76
52
5,200 General Cigar, Inc new _No par 67 Jan 19 7538 Feb 2
7012 7014 7038 6934 70
70
Jan 138 Sept
7114 7114 7012 71
100 126 Mar 19 12914 Apr 2 116
210 Preferred (7)
12914 12914 •129 D3034 *129 13034 129 129
5972 Nov
*129 134
Apr
3
Jan
3
2
Apr
587
55
5438
1,500 Gen Outdoor Adv A _ __No par
5512 5534 553 *5512 5578
Jan 5872 Nov
5512 5558 5514 55,2 55
37
22 5232 Jan 7
Mar
40
par
__No
certificates__
Trust
1,200
2
24212
,
42
4214 4378
4178 42
Sept
4112 4112 *4134 42
14632
Jan
31
81
Star
16112
27
Feb
124
par
_No
Electric
New_
General
244,300
15433 15678
1138 Jan
11 June
15614 16112 15312 158,2 15234 15758 15418 157
_10 1114 Jan 23 1155 Jan 6
3,600 General Electric special
1114 1132 1114 1138 1114 1138 1114 1114
1114 1114
Apr 4712 Feb
4314 Mar 9
34
18
Jan
par
No
3514
A
Elee
&
Gas
General
4112
1,000
4112
4158
*41
42
*41
42
40,2 41
*41
Jan 11018 Oct
200 lien Gas di Elea pf A (7) No par 10812 Jan 4 11312 Mar 2 100
11314 11314 *113 120 *11412 120 *115 120
*113 116
No par 12214 Star 22 13038 Mar 31 11314 Mar 12338 Nov
200 Preferred A (8)
Stock
13038 13038 130 130 *130 140 *137 140 *131 135
2
Jan 10518 Dee
Apr
913
111
10512
17
Jan
par
No
(7)
B
l'referred
500
111 *111 120 *Ill 120
•10812 ____ 111 111 111
Oct
10 199 Mar 26 11314 Aug 141
18612 19434 Exchange 952,800 General Motors Corp new._25 140 Jan 26
18332 187
186 19478 183 18734 18314 187
24 11812 Mar 12534 Dec
Mar
127
Jan
12312
100
preferred
4,400
7%
4
1253
Sept
15314
Jan
824
12634 12634 12612 12634 12638 12634 12612 12612 512514
3
2
Jan
Star
1234
94
par
_No
__
new_
Signal
9618 9512 9872 9654 977s Closed- 12,500 Gen fly
9738 95
96
Deo
Jan 81
9714 98
38
5,600 General Refractories_ _No par 6412 Mar 22 82 Jan 3
6678 26514 66
66
6612 67
67
6738 66
9534 Nov 10912 Oct
67
38,600 Gillette Safety Razor_No par 9812 Jan 16 1084 Apr 5
Good
10412 10678 10434 10614 10414 10534 106 108,2
Sept
59
Dee
3512
Jan
10412 105
4338
31
6
Mar
3412
No par
7,100 Gimbel Bros
4014 3938 3934 3934 4018 4038 41 12
4018 4018 40
91 Nov 10812 July
100 87 Mar 6 98 Jan 12
1,200 Preferred
Friday
95
9534 9634
95
95
95
9434 95
1412 May 22 Mar
95
*94
No par 2032 Jan 27 2412Mar 21
14,500 Glidden Co
2312 2314 2312
2334 23
2314 2338 2314 2414 23
86 Aug 101 June
100 95 Jan 4 10012 Apr 4
Prior preferred
730
Holiday
10012
10012
10014
10012
100
100
9938 9934 9912 10038
42 Mar 7834 De
71 Jan 16 10538 Feb 15
23,900 Gold Duet Corp v t e___No par
9518 9612 9412 9618 9458 96
98
4234 Jan 9612 De°
9534 9712 95
29,500 Goodrich Co (11 F)____No par 7814 Mar 7 9932 Jan 4
8012 8238
8378 8158 83
8672 8334 8572 83
Jan 11112 De°
95
30
85
Mar
115
17
Feb
100 1094
1,400 Preferred
11438 11412 114 114
11434 115
11434 115
484 Aug 6932 De°
115 115
19,300 Goodyear T & Rub__.No par 5018 Mar 1' 7212 Jan 4
5414 5513 5314 5512
5512 5734 5412 56
9878 Dec
5658 59
Nov
9212
13
Jan
9912
16
Mar
par
No
9212
3,500 1st pret
9434 9512 9412 95
5732 Jan 8532 flee
9578 9578 9512 9512 9532 96
78 Jan 4 88 Mar 6
5,000 Gotham Silk Hosiery No par
8434 8678 8512 863s 8578 8638
Dee
9
Feb
s
877
5
8512
8638 8638 8518 86
Jan
7812
par
No
Jan
New
6,400
68
8534 8532 8638 8538 8638
Jan 122 Sept
*8514 8534 8512 8638 85
100 1154 Jan 16 126 Mar 9 104
200 Preferred New
12312 12312
*124 125 *124 125 •124 125 *124 125
11118 Mar 27
3
Jan
109
_100
ex-warrants__
Preferred
20
_ *11114 - 111 111
Oct 1114 Nov
4
*11034 111 *111
8 Jan 3 1238 Feb 2
No par
100 Gould Coupler A
814 814 *734 934 *11114*734 9-14 *734 -914
*814 9
1634 Feb 18 2772 Mar 22
60,000 Graham-Paige Motors_No par
2678 2572 2638 2578 2638 2614 2712
Jan 45 May
2618 2678 26
2
Apr
5138
18
3I's
Feb
M
394
&
Sm
Pr_100
Cons
Granby
39,400
50
4934 5038 4978 5138 4912 5012 4918 5014 4938 3418
3518 Dec 4432 Sept
14,900 Great Western SugarnewNo par 31 Jan 26 38 Jan 7
3412 3314 3414 3313
3218 3314 33
3278 33
11612 Feb 123 Sept
3
20
Jan
Feb
120
11212
100
Preferred
190
116
116
2914 Jan 15112 Dec
•11414 11514 11434 11434 11532 11634 *115 116
120,600 Greene Cananea Copper_ _ _100 113 Feb 18 16412 Jan 4
4
12518 12938 12512 13078 12818 13212 12938 1333
1114 May
Oct
12818 131
932 Jan 4
7 Feb 23
712
800 Guantana[no Sugar__ _No par
714 714 *714
957
738 *718 734 *714 734
7
2 Jan 100 Dec
Jan
107
7
23
Feb
105
100
Preferred
10
_ -- *104 10512 10512 10512
____ *104
Feb
Oct
27
64
40
Mar
4
623
*104
51
9
Jan
100
3,400 Gulf States Steel
59
59
59
5834 5914 5812 5878 59
22 Aug 27 July
5912 60
25 23 Jan 5 30 Jan 31
140,Hackensack Water
25
25
24
24
*2312 24
*2312 24
Jan 724 Dec
19
56
*2312 24
4
Jan
4
Apr
793
•
6412
class
__100
A__
pref
1st
1704Hanne
6512 6412 6412 6412 65
*6512 6634 65
224 Oct 2714 Mar
*6512 67
7001/3artman Corp class A_No par 24 Jan 5 2738 Feb 3
2638 2638
27
2618 27
26
27
1812 Dec 294 Apr
*2512 2612 *25
1914 Jan 4 2572 Jan 27
No par
8,700 Class B
Oct
2034 2178 2038 2038 2118 2114 2038 21
11812
20
Feb
7612 Jan 120
112
17
2014 21
Jan
25
200 Helm,(0 W)
11218 113
*112 115 *112 115 •112 115 *113 115
Jan 130 July
31
Mar
11814
130
3
121
Jan
100
20 Preferred
140
*12712
140
•12712
*12712
140
130 130
3478 Dec 4014 Dee
130 130
26,100 Hershey Cbocolate____No par 3034 Jan 31 6212 Mar 31
5878 5814 6012
6112 5718 5914 58
6212 57
7014 Dee 7512 Dec
60
No par 7014 Feb 6 8078 Mar 30
9,400 Preferred
7912 7818 7878 7814 7838
79
9958 Dee 103 Dec
7914 8034 7918 80
100 10112 Jan 3 10414 Mar 23
preferred
Prior
400
1037
8
*10312
4171 July
Jan
22
10318 10318 10378 10378 *10312 10372 10312 10312 2212
No par 2212 Feb 29 3072 Jan 20
400 Hoe(R)& Co
22,2
2378
2212 2212 *22
*2312 24
3114 June 4034 0011
23
23
500 Hollander & Son (A)_ _ _No par 2912 Jan 10 3132 Jan 24
3138 3138 *3138 3112
33
3114 *31
Oct
31
Jan 75
60
100 67 Jan 4 7412 Jan 7
*3058 33
Mining
Homestake
*73'2
74
74
*73
*7312 74
*7312 74
*7312 74
434 Jan 704 Nov
3,200 Househ Prod.Ino.tem ctiNopar 6418 Feb 21 6912 Jan 28
6518 6534 6534 66,2
65
65
Oct
604 Jan 175
6518 6412 65
65
Oil of Tex tern ctfs100 127 Feb 27 107 Apr 3
Houston
125,500,
16112
158
15814 16478
3484 July 484 Dee
No par 4032 Feb 19 55 Mar 28
149 15234 152 16134 161 167
17,500 Howe Sound
5134 5258
4
523
5114
4938
52
Aug
9112
5112
Jan
4814
9978
16
50
16
Star
Jan
par
75
5318
No
__
Car_
5112
130,100 Hudson Motor
9312 9138 9314 9214 94,4
91
94
Oct 3614 Dee
16
91
10 29 Jan 16 61 Mar 26
95
92
77,400 Hupp Motor Car Corp
54
1732 May 3234 Feb
5334 5218 5333 5258 5338 53
5312 5478 52
12,500 Independent 011 & Gea-No Par 2134 Feb 20 2814 Jan 9
2632
26
26
4
263
2678
8
263
13 Mar 47 Dec
s
267
NO Par 3812 Feb 14 54 Apr 5
2638 2678 2614
Motocycle
Indian
4,200
54
51
50
47
92 Jan 10254 Dec
100 10014 Jan 3 105 Jan 9
4614 4612 .4512 4612 4612 47
10 Preferred
*105 107
711 May 1218 Sept
14 Star 24
10
9 Feb 18
*105 ____ 105 105 *105 107 •I05 107
5,700 Indian Refining
13
1314 13
714 June 12 Sept
10
812 Jan 16 1312 Mar 6
1212 1318 1212 1234 1214 1332 13
Certificates
5.000
8
123
1212 12,2 1238
1172 121_
99
Oct 112 Mar
Apr
3
115
4
Jan
101
100
1134 12
12
12
Preferred
100
964 Apr
874 Nov
115 115 *107 115 •107 115
*112 115 *107 115
1,000 Ingersoll Rand new _ _ _ _No par 90 Feb 18 94 Jan 6
91
91
9012 9012
41 Feb 6232 Dec
9034 91
46 Mar 3 63 Jan 3
par
No
Steel
9038 9038 9034 91
Inland
13,900
55
5312
54
53
Oct
Jan
118
55
111
2
18
Feb
118
537
6
11512
55
Jan
100
5252
53
Preferred
52
1212 June 2512 Jan
*11638 11634 *11638 11634
7,800 Inspiration Cons Copper___20 18 Feb 25 214 Jan 3
-63;
8 tii638 -2143
Nov
25
Nov
11
4
213
4
2
143
23
Jan
2078 1938 Wit; "io- "i61Feb
par
_No
__
Rubber_
Intercont'l
2012 2118 20
5,200
8
14
15
14
16
1614 1612 1638 1634 16
61, Apr 164 Des
194 Mar 30
13 Feb 24
No par
17,000 Internet Agricul
1814 1878
33 Mar 664 May
100 4832131er 26 6834 Apr r
1512 1634 1634 1712 1612 1712 1612 1814 6612 6834
9,200 Prior preferred
6012 5538
Jan 16 14784 Feb 3 534 Jan 11934 Dee
114
par
Macbines_No
Business
6214 6214 6134 6134 *5612 60
lot
6,800
1 12814 129
ggas May
12772 12814 12772 13072 12934 13234 12812 13014 6838 69,4
5,300 International Cement_ _No par 56 Jan 3 7272 Mar 21 4514 Jan
68 2
Oct 113 Dee
100 10812 Jan 4 11014 Feb 10 100
6918 6934 6812 6834 68
70
69
100 Preferred
•109 110
110
110
Mar
64
110
4012
Oct
*109
20
Feb
3
4514
Jan
2
110
par
557
*109
Corp_No
11112
Eng
Comb
*110
89,900 Inter
5014 5178 5014 51
Oct 1054 Dec
100 103 Mar 21 10512 Jan 3 101
4912 5018 4934 5214 5058 52
700 Preferred
10412 10453 10412 10434 104 104
22434 Feb 18 260 Star 31 13538 Jan 2554 Dec
_100
Harvester__
*10218 104 *10218 104
International
10,100
24814 25114 24618 24814 248 250
24918 254
100 13614 Mar 1 146 Mar 24 12634 Jan 139 Deo
25614 260
1,100 Preferred
4
834 May
312 Oct
14512 14512 14512 14512 14534 14534 14534 1453
532 Jan 9
334Mar 2
146 146
1,800 Int Mercantile Marine_ _ 100
4
4
4
4
4
4
4
4
100 344 Feb 20 444 Jan 17 3212 Oct 0082 May
378 4
9,100 Preferred
3812
38
120 Mar 16 62 Mar 9512 Deo
3778 3812 3734 3814 1113
3818 3932 38,2 39
Internatlonal Match prof __35 934 Jan
73,800
2
1137
4
8912 14eo
11012 11378
1312 11614 11212 11612 11212 114
243,800 Internationa Nickel (The).25 7332 Feb 24 9934 Jan 27 3814 Jan 8112 Nov
9(38 94
8012 Apr 3 03913 May
9314 9814 9072 9535 9114 9418 9114 9312
91,900 International Paper---No Par 6712 Jan 1
7978 7812 7978
6 8514 July 106 Dec
10014
Jan
Feb
100
103
7634 7878 7634 7934 7812 8012 78
(6%)
Preferred
100 107 *100 107 *100 107
100 10332 Feb 24 108 Jan 14 9612 Jan 11232 Doc
*100 107 *100 107
4,000 Preferred (7%)
10658 10638 10612 10634 10634 107
108 108 2107 107
100 4912 Mar 28 6834 Jan 12 63 Sept 75 Des
80 International Salt
5112
5112 5112 5112 5112 5112 51
5112 5112 .50
100 159 Feb 21 198 Jan 21 13512 Mar 198 Nov
Ivor
0
International
700
4
,
165
165
Oct
16712
16514
16512
171
16512
*165
17212
170
100 125 Mar 22 131 Jan 27 109 Mar 128
30 Preferred
•128 12912 12814 12814 128 128 *128 129 •128 129
100 13912 Feb 20 165 Mar 19 12214 Jan 1587s Sept
Tell's
&
Telep
Internet
13,000
15778 159,2 15812 159
15712 159
16012 16214 158 161
Per share $ per share
$ per share
2212
21
2214 23
143 14512
13714 143
13,2 13%
1312 14
3678 3734
3618 37
10912 10934 10958 110
--
•
a Ex-righta,
•Blit Ana sated pillion no sales on Ma Gay. s Ex-dividend,
New York Stock Record--Continued-Page 5
For sales during the week of stocks not recorded here, see fifth
page preceding
111011 AND LOW SALE PRICES-PERS HARE, NOT PER CENT.
Saturday, i Monday,
Mar. 31.
April 2.
Tuesday,
April 3.
Wednesday, Thursday.
April 4.
April 5.
Friday,
April 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
2117
PER SEAR&
Range for Previous
Year 1927
Lowest
Highest
Lowest
Highest
Per share $ per share
per share $ per share $ Per share
per share Shares Indus. & Miscel.(Con.) Par $ per share
*3212 34
$ per share
3212 3212 3213 3212 3212 33
per share $ per she?*
*2912 33
Intertype
500
Corp
par
No
31
Jan
17 3812 Jan 20
5312 5312 *53
54
*52
54
1912 Jan
*5212 54
3912 June
5212 5334
000 Island Creek Coal
1 51 Feb 17 56 Jan 4
82
8212 82
4812 Mar 67 Sept
8534 85
86
*83
84
8212 8212
4,700 Jewel Tea, Inc
No par 7734 Mar1 8812 Feb 10
•123 125 *123 125 *123 125
5312 Jan
123 123
88
127 13312
Preferred
100 120 Jan 18 12314 Mar23 11112 July 12512 Dec
11658 117 211612 11814 118 11978 118 13034
Mar
113,700 Johns-Manville
No par 11214 Mar 8 13312 Apr 5
•12212 ---- 12314 12334 12212 12212 12212 12338 1221-2 122
12
20
Jones
Laugh
&
Steel
_100
wet
12034 Jan 4 12334 Feb 9 fif- Feb 123
25% 2878 2658 2634 2612 32
2934 31% 30
OCl
3012
8,000
Jones
Bros
Tea, Inc
No par 2558:star 31 4034 Jan 10
1134 1212 1158 1134 11% 1112 12
1058 Jan 3458 Dee
12
11
12
7,500 Jordan Motor Car
No par
812 Jan 16
11458 11458 *11458 11512
1434 Jan 3
12% July
2212 Jan
100
Kan
City
P&L
lst
pi
ANo
par
114%
Mar 31
7514 7612 7412 75% 7314 76's 74 -7528 74
Star 12 109 Dee 11612 Dee
747
26,200 Kayser (J) Coy t c_ _No par 6233 Jan 5 11633
24
7612 Star 30
2478 2312 24
2278 23% 2212 2338 2134 2212
49
Apr 65% Dee
13,900 Kelly-Springfield Tire
25 15 Feb 17 27% Jan 3
*74
714 714 71
77
71
*70
912 Jan 3214 Nov
75
*69
72
400
preferred
8%
100 5514 Feb 17 84 Jan 6
*74
75
74 .69
74
35
72
Feb
70
102 Sept
70
70
70
30 6% preferred
100 58 Feb 17 80 Jan 28
3018 3078 30% 3112 3012 31
44
Jan 9712 Sept
3014 30% 3012 3012
3,700 Kelsey Hayes Wheel_ No par
2212 Jan 10 33% Mar 21
110 110 •106 110 *10812 110 *10812 110 *109
19
Oct 27 July
110
20
Preferred
100 106 Mar 8 11018 Jan 5 103 July 110
86
87
84
8618 83% 86
84% 8512 8458 8538
Dee
52,700 Kennecott Copper
No Par 8088 Feb 20 8738 Feb 10
*39
4278 45
49
4612 4612 45
60 Feb 90% Dec
47
4612 4812
1,800 Kinney Co
No par 3812 Jan 16 52 Jan 19
89
89
90
9134 9178 9338 93
.934 June 45
94
Jan
93
94
1,030 Preferred
100 8718 Mar 22 97 Jan 24
5312 64
62% 64
56
June
6234 6312 63
93 Dec
63% 6312 64
6,100 Kraft Cheese
2,0 5312 Mar 31 74 Jan 9
49 June 8273 Feb
72
73% 71% 72
71
72
6938 71
7118 73%
17,200 Kresge (S S) Co new
10 6058 Feb 24 775 Mar 29
•11258 115
112% 115
45% Jan 7714 Sept
115 113
115 115
115 115
50 Preferred
100 11234 Mar 27 117 Jan 3 11018 Feb 118
2118 22
21
21
20% 2078 21
July
2234 2212 2334
5,300 Kresge Dept Stores__ _No par
1312 Jan 18 2714 Feb 29
*61
70
*61
10 June 18 Dec
70
*61
70
*61
70
*61
70
Preferred
100 5134 Feb 1 69 Feb 29
10012 10012 10112 104 •102 104
45 Nov
80
Jan
104 104 *10112 10.112
SOO Kress Co new
No par 87 Feb 20 11412 Mar 29
7414 75
7418 75
59
7414 74% 74% 7512 7512 7612
Jan 10513 Se%
28,200 Kroger Grocery & Bkg_No par 7314 Mar 27 8034 Feb 11
*210 240 *200 230 *200 230 *200 230
*200
230
Laclede
Gas L (St Louis) __100 200 Jan 10 260 Feb 2 17354 Jan
•10512 107
10534 10534 •105% 107
2-811;itine
10512 10512 10512 10512
70 Preferred
100 100 Jan 5 12412 Jan
3214 3212 3114 3238 3112 3112 31
96
Jan 130 May
3112 31
31
3,100 Lego 011 & Transport_No par 2733 Feb 20 35% Jan 26
10412 1064 10212 10418 10212 10634 105 116
14
2012
Jan
3754 Nov
111% 11412
78,400 Lambert Co
No par
7912 Jan 10 116 Apr 4
19
2012 1938 1978 1814 1834 1812 18% 1812 1812
66
Jan 88% Oct
8,200 Lee Rubber & Tire
No par
1714 Jan 3 2258 Feb 2
4518 4612 45
46
7
Jan
45% 4578 4518 4734 4712 5134
1813 Dec
65,500
Lehn
,!‘
Fink
No par 38 Jan 17 5134 Apr 5
31
32
3034 30% 3118 314 31
3258 Apr 43 Nov
31
3118 3112
1,800 Life Savers
No par 3014 Jan 18 36% Feb 7
10818 10818 10818 10818 10612 10612 •10612
2014 Sept 3414 Dec
10918 *10614 108
Liggett
300
.4
Myers
Tobacco_
_25 105 Feb 20 12212 Jan 3 38712 Feb 128
10634 107
10718 10778 10634 107
106% 10678 10612 107
4,100 Series B
25 10478 Feb 20 12312 Jan 3 38858 Feb 128 Seldl
•14634 149 *14614 149 *14614 149
14612 14612 •l4614 149
Oct
100 Preferred
100 13514 Jan 30 14612 N1ar 29 124% Jan 140
56
66
5618 564 56
51318 55
56
Dee
5412 55%
3,800
Lima
Loc
Wks
No par
53 Mar 19 6514
74% 77% 7412 77% 74
3
49
Oct 7538 Apr
7614 7412 754 7412 75%
24,100 Liquid Carbonic certifs_No par 6312 Feb 20 77% Jan
6918 704 70
13
Jan
4534 Sept 7834 Dec
7234 70
7114 6914 71,4 70
70%
85,300 Loew's Incorporated_ No par 57 Jan 10 7234 Apr
618 814
64 64
818 814
2
4872 Jan 8378 Mar
6
64
612 612
3,800 Loft Incorporated
No par
534 Feb 9
*2818 29
734 Feb 27
29
29
•28
5
Oct
29
29
7% Jan
2834 2834
29
500 Long Bell Lumber A __ _No par 26 Jan 3 3534
5234 5414 5134 53,4 52
Feb 3
2512 Dec 43 Mar
5212 5112 5238 51% 5178
7,300 Loose-Wiles Biscuit new____25 4918 Jan 10 58 Jan 27
*120
*120
*120
23512
July
•121
5714 Dec
*121
1st preferred
100 11912Mar 21 123 Jan 6 118
Jan 123 Nov
42
4234 41
4214 4118 4112 4034 4112 W407 4178
17,800 Lorillard
2' 35% Feb 21 44 Mar 7
112 112 *111 11212 *111 11212 •111 11213 *111
2312 May 4738 July
1121 2
100 Preferred
130 11118 Mar 23 114 Mar 13 107 June 11812
1112 1112 1133 1133 1118 111
1118 1114
1114 1138
Jan
Loulalana
7,000
011 temp etts_NL. par
9% Feb 21
9012 0012 .83
1254 Jan 9
10
90
Oct 12 Aug
*83
9014 *86
00
*86
90
80 Preferred
100 SO Feb 21 91 Jan 6
3212 3212 3233 337
8514 Dec 97 Feb
3234 3338 3234 338 33
338
Louisville
29.400
0
&
El
A__
.No par 28 Feb 7 3378 Apr 2
3534 3612 36
2358 Jan 3012 Dec
388 3833 408 408 471
4533 4814
57.800 Ludlum Steel _____ ---No Par 25% Jan 11 4814 Apr
4938 49% 4934 5033 5012 501
5
20
Oct 3314 Mar
5012 55
5212 54
3,800 MacAndrews A, F. nes_No par 46 Jan 6 55 Apr 4
12234 12234 12212 12314 12333 1233 12112 123
43
Nov 5814 Dec
122 123
2,900
Mackay Compa-sies
100 10812 Mar 2 134 Mar 20 105 June 134
77% 77% 7712 7734 778 777
7734 78
78
7814
Aug
2,400 Preferred
100
6814
Jan
9518 97
13
84
Mar
19
948 978 9312 951
87 Aug 74 Aug
9278 938 93
0412
63,100 Mack Trucks, Inc
No par 90% Mar 2 10778 Jan 3
*290 320
302 305 *295 310
8814 Jan 11834 May
322 322 *295 330
400 Macy Ca
par
No
235
Jan
27
10
322
27
Apr
2618 2718 263 271
4
124
2678 2883 x2838 29
Jan 24312 Nov
14,400 Madia,n Su Garden__ _No par 2214 Jan 9 2912 Mar 24
51
51% 50
2012 Aug 28% Oct
5133 5012 51
5033 51
49
Stock
5078
15,600 Magma Copper
No par 4334 Feb 27 5612 Jan 4
2558 2678 2558 2612 2512 26
2912 Feb 58% Dec
2534 26
2512 2512
6,600 Mallinson (II R) & Co_No par
16
Jan
*97
20
9812 *9612 9812 9538 971
27% Mar 29
1112 Apr 2034 Dec
9578 100
9738 100 Exchange
420
Preferred
100 8718 Jan 30 10178 Mar 15
*36
3714 *36
37
*36
37
•36
8634 July 95 Dee
371 •36
3712
Nfanati Sugar
100 3112 Feb 10 41 Jan 14
6958 71
71
71
71
71
27 Nov 46 Feb
714 7117 7112 7512 Closed2,200 Preferred
100
65
*37
Mar 22 88 Jan 17
3812 37
37
*37
48
381 *37
Oct 8034 Dee
381 *37
3812
200,Mandel Bros
No par 36 Mar 2 4012 Jan 24
54
54% 54
5434 537 56
54
5418 551
3918 Dec 49% Aug
54
Good
5,900 Manly Elea Supply
No par 50 Jan 11 61 Mar 17
34% 3412 3414 3434 3412 343
43
Oct 132 Aug
3434 35
3434 3534
4,000
Manhatta
n
Shirt
25 3134 Feb IS 37 Mar 15
1512 1618
1534 163 *1512 16
2414 Jan 3534 Dec
157 16
Friday
1534 1534
2,000 Maracaibo Oil Expl_ _ _No par 1212 Feb 20
404 41% 40
1818 Jan 13
4138 40
12
407
Oct 22% Jan
3914 4058 3938 4012
130,200 Marland 011
par
No
33
Feb
17 4138 Mar 31
.50
50
48% 4912 4914 50
31 June 5812 Jan
50
50
50
5214 Holiday
5.200 Marlin-Rockwell
No par 4514 Mar 6 5212 Jan 8
27
Jan 55% Nov
14
14
1312 14
1312 138 1312 1312
1312
1,700 Martin-Parry Corp__ _ _No par
1218
Nlar
12612 12678 12512 12634 12512 12834 12534 12833 *13%
12
153
4-Jan
3
1512 Dec 24% Fe
12612 12712
Mathieso
6,000
n
Alkali
Workallo
par
119
*12012
Feb
20
133 Nfar 21
•120
30/ 82 Ja
•122•122
•122
132% Dec
Preferred
100 115 Jan 12 121 Mar
8134 82
81
8114 80 -8-0
103
79
80
Ja 120 Dec
7912 7912
2,400 May Dept Storm new
25 78 Feb 17 8538 Jan 3
3312 34
327 3338 3234 3353 33
8834 Jun
3334 3314 3414
90% Nov
12,200
Maytag
Co
No
par 30 Mar 12 3438 Mar 30
60
6012 •50
60
59
59
2338 Ja
*57
60
*58
60
3514 Dec
300 McCall Corp
No par
56 Feb 3 66 Feb 10
*82
84
*80
84
84
84
83
83
83
8334
170
McCrory
Stores
class
A.No
par
*85
77
Feb
87
18
8634 8634 86
88 Jan 3
86
*84
65 Mar 90 )5;;
86
*84
87
500
Class
B
No par 8012 Mar 14 8912 Jan 3
*10934 110 *10914 110 •10914 110 *10914 110 *10914 110
5611 Mar 9634 Dee
Preferred
100 109 Feb 8
2612 2612 *2612 27
*2612 27
*2612 27
97 Mar 11812 Sept
*2612 2712
200 McIntyre Porcupine Mines_ _5 254 Mar 21 111 Jan 10
*27
2714 2534 254 257 2578 2534 258 2534 263
2812 Mar 16
2411
Mar 28% Oct
4
700
Metro-Goldwyn Pictures pf _27 2518 Jan 6 27 Feb
1178 1212 1112 1238 11
12
9
1034 113
2434 Jan 2614 Feb
1012 1418
61,800 Mexican Seaboard 011__No par
19
1918 19
191: 19
48 Jan 19 1418 Apr 5
1912 1834 1914 19
3 Aug
1914
914 Feb
6,500
Miami
Copper
2812 283 2833 28% 284 2812 28
5 1734 Jan 5 1912 Feb 7
1318 June 2034 Dec
2812 28
2833'
16,500 Mtd-Continent Petro__No par 251s Feb
•10718 1147 *108 11478 *108
20 2912 Jan 3
_ _ *108
2512 Oct 39% Jan
____ *108 114
Mid-Cont Petrol pref
1
234 278
100 103 4 Feb 20 107 Mar 29
234 273
234 134
314 378
97 Apr 105 Feb
333 334
167,400 Middle States 011 Corp
1%
10
1%
233 Jan 3
14 2
2
3% Apr 4
234
158 Jan
214 2'2
212 282
334 June
13,200 Certificates
*218 225
10
112 Jan 3
217 217
2% Apr 3
21512 2173 218 218
1% Jan
218 218
2% June
1,000
Midland
Steel
Prod pref100 199 Feb 18 290 Jan 4
2458 248 *2412 2434 2334 241. 2312 2312 2312
106
Apr 315 Dec
2312
000 Miller Rubber Ws
160 16214 159 16212 1594 164
par
No
21
Feb
17
27
Jan 3
16212 16913 165 16838
1712 Nov
3634 Apr
78,400 Montana Power
1478 152
14412 1491 14234 1463 141 144
100 10214
10 16912 Apr 4
81% Jan 10912 Ocs
14114 1445
125,400 Montg Ward & Co Ill corp.10 117 Jan
612 612
Jan 19 15312 mar 28
612 64
612 658
64 614
6038 Feb 12318 Deo
614 0!2
5,500
Moon
Motors
No
par
34 34
533
Feb 6
313 34
3
734 Mar 2
318
3
6 June 1212 Ja
318
3
318
5,700 Mother Lode Coalltion_No par
258 Jan 27
3% Feb 23
112 Oct
*512 61
5512 6
4% Ja
6
6
6
504 6
6
50 Motion Picture
1614 1712 16
No
par
5
1618 1512 16
Mar
29
812
Jan
1518 1512 15
271
512 Sept 1838 Mar
15
3,900 Motor Meter A
34
3412 32% 34% 32% 333
par
No
13
Mar
22 2314 Jan 12
17 Nov
33
3334 33
3314
3853
Apr
12.300
Motor
Wheel
8734 89% 8514 881
No par 2512 Jan 12 3434 Mar 30
85
86
85
20% Jan 2771 Mar
86
85
86
6,900 Mullins Body Corp_
•10812 10934 •10812 1093 10812 1093 10812 10812
No par
72% Feb 17 93 Feb 2
10
108 108
Jan 7914 Dee
140
Preferred
49% 50
4934 60
100 10434 Jan 17 11034 Jan 9
4978 50
49% .5°
80
Jan 11014 Des
4934 50%
3,700 Munsingwear Inc
314 32
No par 46% Mar 5 53 Jan 23
31
32
3118 32
3238 35
3554 May 53 Nov
3418 3434
26,30 Murray Body new
8814 89
No par 2112 Feb 1
87% 887
87% 881
3712 Mar 26
8778 89
18% Oct 43 Feb
89%
9178
33,300
Nash
Motors
Co
1418 1412 1418 1438
No par 8014 Feb 20 10138 Jan 3
1418 1438 14% 1438 1418 1414
60% Apr 10173 Dee
5,200 National Acme stamped__10
6712 6778 68
68
714 Jan 4 1478 Mar 22
67
6733 6718 6778 6838 70
5 Feb
712 Oct
3,700 Nat Belles Hess
10414 10414 10312 1031 102 102
No Par 41 Jan 3 70 Mar 28
102 102 "102 104
3118 Sent 4612 Dec
80
Preferred
169 169
100 9014 Jan 3 10478 Mar 24
16658 1663 167 1677 166 167,4 16618 168
8514 Sep
97
Apr
4.000 National Biscuit
*146 150 *146 160
16214
25
Jan
146 146
19 182 Jan 27
146 146
9434 Jan 187 Dec
14612 14612
300 Preferred
65
57
55
100 13712
661
5414 551
5418 5512 5412 5512
Jan 142 Dec
43.800 Nat Cash Register A w !No par 4714 Feb 29 14612 Apr 5 130
7212 7312 7114 733
Jan
16
7118 73
7158 7234 7214 75
5712
Mar
30
39% Jan 51% Dec
93,700 Nat Dairy Prod
2414 244 2418 241
No par 6412
2312 241
2354 2334 2334 2414
5914 May 68% Aug
1,90 Nat Department Stores No par 21% Jan 5 75 Apr 5
*93
9312 9312 931
Jan 5 2434 Feb 2
93
93
*94
94% *94
2014 June 2738 Mar
9438
300 1st preferred
4414 454 43
100
441
91
43
Jan
441
10 9312 Apr 2
444 45
44% 45
WI July 9414 Jan
12,600 Nat Distill Prod etfa__ _No par 3514
*5714 60
*5834 591 *59
Feb
60
*59
5812 Jan 9
5978 *60
17 Feb 60
6012
Oct
Preferred temp etts__No par 55 Feb 28
29
*27
27
281
27,4 2714 2612 2734 28
28 7138 Jan 9
43 Ma
28
8934 June
1,300
Nat
Enam
&
Stamping
9012 93
*91
100
94
2314 Mar 26 30% Jan 26
*91
94
*92
94
*91
04
19% AD
353
1,100
8
June
Preferred
133 13412 13034 132
100 9018 Mar 28 93 Mar 31
129 131 *129 13012 130 131
6918 Apr 91% July
2,000 National Lead
147 147
147 147
100 123 Mar 1 136 Jan 31 595 May 202%
147 147 *146 148 •146 148
600 Preferred A
100 139 Jan 3 147 Mar 29 11312 Jun 1395 May
120 12014 120 120
s Dec
120 120
120 120 *12014 121
1,300 Preferred B
2634 27
2638 267
11212 Mar 20 12118 Mar 30 10478 Jun 11514 Dec
26
2638 2534 2614 26
2612
48,700 National Pr & Lt etfs-No 100
par
3514 35% 35
21%
35
35
Jan
35
35
16
2758
3514 35
Jan
35
27
1914 Jun
2834 Sept
1,700 National Radiator_ _ _ No par
*9512 9614 96
3412 Feb 18 40% Jan 9
963
9634 9634 *96
0634 *93
36% Nov
9612
3912 Nov
400 Preferred
No par 94 Feb 24 9812 Jan 17
•94
95
95
95
93
94
92
92
93
93
98 NON
98 Deo
1,000 National SunOS'
50
329 332
33112 332
90
327 331
Feb
327 329
21 9778 Mar 26
328 331
76 May 977s Deo
910 National Surety
100 298 Feb 7 355 Jan 3 a218 Jul
19434 195
10212 195
19234 19834 19812 210
20378 205
9,500 National Tea Co
373 Dec
No par
21% 22
2118 217
21
Jan 17 210 Apr 4 108
2112 2078 2114 20% 2114
Ap 180 Dec
58,910 Nevada Consol Cormer_No par 160
1734 Jan 18 2312 Feb 6
4518 45,4 4512 451
4514 45% 45
4514 4434 45
1234 Jun
1,900,N Y Air Brake
2058 Dec
No par 4212Star 10 • 5012 Feb 10
5412 6412 *55
57
55
5614 *53
57
5534 58
3914 Oct 50 June
500,New York Dock
100 62 Feb 18 64% Jan 4
90
*85
*85
*85
90
90
*85
90
00
90
34
Ja
85%
1001 Preferred
Nov
100
90
103 103% •103 10312 103 103 •10234 104
10234 103
721s Fe
9312 Nov
250 N Y Stearn prof(6)_ _No par 9914 Apr 5 95 Jan 4
111 11112 111 18 1114 11113 112 •11114 112
11214 11238
9312 Fe
102% Oct
1301 First preferred (7)___No par 102 Jan 3 10334 Apr 2
Jan
*2734 28
30 11458 Feb 24 105
*2734 28
28
28
*2734 28
2734 28
Ja
11412 Oct
4008 Nlagara Falls Power 61 new_25 27%
Mar 20 28% Feb 17
64% 65
64% 64
6334 64% 64
64% 6414 65
2734 Ja
29% May
28.800 North American Co
10 5858 Jan 5 87 Max 20
54
*53
5312 5312 *5312 54
53% .5334 5334 53%
45% Ja
5413 Oct
500 Preferred
50
5314 Jan 3 55 Feb 23
104 104
103% 104
10334 104 *10334 104
104 10412
50
Ja
55 Aug
4,800 No Amer Edison pret _No par 10212 Feb
1057s Feb 7
5234 52% •51
5112 •51
5234 351
52% .51
96% Ja
52
105
20 Northwestern Telegraph__ _50 50 Jan 15
Oct
.278 3
5 5234 Star 30
*234 27s
258 234 •258 3
3
3
6754 Jan 56 Sept
Norwalk
3
500
Tire
&
Rubber_
__ _10
212 Ntar 15
2
4 Jan 3
*812 10
0812 9
*812 10
1% June
*812 912
*81
5% Feb
Normally Co (The)____No par
8 Mar 8
934 Mar 9
834 Dec
13
Jan
•3110 and MUG We= 10 Wes out
Wm dm,
11E1-111•14111114o •E141115414
New York Stock Record-Continued-Page
2118
here, see sixth page preceding
For sales during the week of stocks not recorded
PER SHARE
PER SHARE
Range for Precious
STOCKS
Range Since Jan. 1.
Sales
NO?' PER CENT.
SHARE,
-PER
PRICES
SALE
Year 1927
LOW
STOCK
lots
AND
HIGH
NEW YORK
for
On basis of 100 share
EXCHANGE
the
Friday,
Highest
Lowest
Wednesday, Thursday,
Highest
Tuesday,
Lowest
Monday,
Saturday,
Week.
-April 6.
April 5.
Aprtl 4.
April 3.
April 2.
Mar. 31.
per mbar'
$
share
per
ewe
$
$ per
Indus. & Mace'. (Con.) Par I per share
3114 Jan 3878 Deo
11
Jan
$ per share 3 per share Shares
41
share
Pcr
29
Mar
$
share
per
5
31
share
25
per
$
share
Supply
4,600 011 Well
5 Per
3134 3212
3158 32
32
100 10612 Apr 5 11012 Jan II 10234 Mar 110 June
3234 3218 3358 32
32
200 Preferred
11 Mar 1718 June
10612 10612
1438 Jan 26
1112 Mar 27
No par
10818 10818 107 10818 10814 10814 *104 10814
0,600 Omnibus Corn
Jan 99's May
1234 13
81
1314
8
9612 Mar 8
123
1318
1214
1214
100 90 Jan 11
12
1218
Preferred A
12
800
Feb 8238 Deo
94
91
5812
7
96
Jan
*94
95
94
7112 Feb 21 8812
*9334 9412 *9334 94
300 OPpenhelm Collins dr CoNo par
234 Dec 35 Apr
9
Jan
7312 *7312 75
244
7314
13
Mar
20
74
*7314
1
4
743
Inc
*7314
Circuit,
744
Orpheurn
*7314
10812 June
100 9912 Feb 21 102 Jan 3 10234 Nov 15534 Oct
Preferred
50 14718 Feb 20 164 Mar 31 8103 Feb 12434 Aug
4.000021* Elevator
*1912 1-61-108 Feb
5
Apr
661
12512
iLiii
24
Jan
661
100
11914
160"
2
6
1
Hsijai- 1-64"
6801 Preferred
714 Feb
1212 June
125 12512
125 125
1012 Jan 18 1612 Mar 23
No pat
12434 12434 12414 12412 12334 125
12,500 Otis Steel
1434 15
6112 Feb 91 Nov
1434 15
100 8212 Jan 10 9134 Mar 22
1514 1434 1514 1434 15
400'Otts Steel prior peel
15
Deo
99
Jan
8
4
883
523
6
8812
Jan
89
91
*8712
21
Feb
8812
82
8812
No par
8912 *8812 8912
ogy
1Outlet Co
73 Dec 8518 Dee
*884 00
90
*88
26 7412 Jan 3 8734 Apr 5
*8614 88
*8614 88
•8614 88
7,400.0wens Bottle
Jan 120 Nov
8734
111 107
85
Mar
117
84
3
84
Jan
11454
8518
4
100
823
8271.
8218
82
82
101 Preferred
31 Feb 50 Dee
26 4312 Feb 28 4978 Feb 6
11518 11518 *115 11512 *115 11512
•115 119 *115 117
3,900 Pacific Gas - Elea new
178 Jan
I May
464
46
134 Jan 27
46
114 Jan 3
4614 45
No par
4618 4612 4618 4612 46
4,800 Pacifle Oil
1
Mar 162 Des
124
14
4
1
6
Jan
10
157
114
Mar
114
148
100
114
114
138
114
Teiep & Teleg
Pacific
138 138
670
Deo
82
150
Apr
4
333
150
4
Apr
148 150
10 5614 Feb 18 73
14834 149
14814 150
*148 150
238,300 Packard Motor Car
704 724
4018 Dec 654 Jan
50 3814 Feb 20 464 Jan 8
6914 6818 7212 7014 73
68
684 70
2.800 Pan-Amer Petr di Trane
4412
44
4412
4412
4512 4412 4478
4014 Dec 664 Jan
4514 454 45
50 3734 Feb 20 4634 Jan 6
36,4001 Class B
1634 Oct 3772 Jan
4412 46
45
44
1814 Feb 15 25 Apr 3
45
44
4538 4634 4418 46
23.600 Pan-Am West Petrol B_No par
1878 Jan
8 Apr
1612 Jae 6
2378 237s 2418
11
Feb
1112
par
25
2339
4
233
rel_No
&
8
237
Prod
21
21
Panhandle
2012
2,700
Sept 83 Nov
4
54
Jan
1318
1414
81
1358
21
Feb
1312
70
14
100
14
1412
Preferred
1478 14
14
2001
Oct
4658
77
Jan
20
5
77
79
•77
34 Mar 10 62 Apr
79
7978 7973 *77
SO
62.800 Park & Tilford tern ctfs_No par
*77
g
eo
un
JunejD
5918 62
94 Jan 3 1412 Jan 15
5334 5512 5534 58
1
54
15,700 Park Utah C M
5014 514 50
1112
4112°311:
Dec
c
n
e
a
'1
i.1
2
4
1
3
8
°
1118
13
6
Jan
1112
412
8
1114
Feb
2
No par
1118 1219 1118 1134 1118 1112
3,800 Pathe Exchange
314 312
9 184 Jan 14
Feb
2
,
3
1
84
314
par
2
3
new_No
A
338
Exchange
312
Patna
34
3,400
34 312
2778 Feb
1434 15
1814 Aug
3 3212 Apr 2
1412 15
15
1514 15
1512 15
15
62,200 Patino Mines & Enterpr____20 2378 Jan
Jan
20 Apr 32
2839 2978
51) 1618 Jan 27 24 Mar 9
3014 2958 3212 3014 3134 2933 3039
29
6,300 Peerless Motor Car
22
1912 Sept 274 Ma,
21
314 Mar 31
2278
7
2158
Jan
2312
224
2234
par
No
2258
Ford
22
&
2214 2212
18,600 Penick
Jan
3958
Dec
30
31
214
Jan
2918
2713
8
307
11
30
Jan
8
8
225
303
30
No par
3178 3012 31
3,900,Penn-Dixle Cement
30
91 Sept 100 May
2434 25
25
25
25
100 94 Jan 5 0612 Mar 9
2514 2434 2514 25
25
100, Preferred
9618
Jan 16834 Nov
126
2
9618
Feb
18912
9612
6
Jan
*95
4
1513
9512
100
*95
(Ch1c)
06
C
*95
96
*95
2,200 People's 0 L &
Jan 31
854 Jan 15312 Dee
16814 16912 168 16814
17012 173 216834 169
Philadelphia Co (PIttsb)_50 145 Mar 24 163 Jan 16
173 173
Deo
Jan 51
40
155 *145 155
50 4512Mar 15 4818
5% preferred
*145 155 *145 155 *145 155 *145
49
Jan 5312 Sept
29
50
*46
Mar
49
57
3
*46
Jan
52
49
*46
50
49
preferred
*46
49
6%
*46
5,600
4758
Mar
June
373
8
3
5614
5614
Feb 9 3934 Jan
564 564 5634
56
5612 57
30,600 Phila & Read C & L _ _ No par 2814 Mar
25612 57
3714 June 47 Mar
3234
3234 32
13 38 Jan 12
3212 3312 32
Int__No par 27
3112 3212 3214 3438 ------18 Sept 4118 Jan
-------------------4001 Certificates of Co. Ltd_ _ _10
1958 Jan 31
15 Mar 1
dr
Morris
Phillip
300
3114 3134 3112 3112
8
67
3614 Oct 6014 Feb
164
17
20 4312 Jan 14
17
Feb
8
3514
173
par
17
No
1718
Petroleum
x1718
1712
PhIllins
*17
31,600
1
Dec 5278 Aug
3518
23
41'8
4
Feb
40
4114
37
40
12
Jan
4112
28
,
40
5
8
4058 4173
100,Phoerix Hosiery
4112 42
July
30
30
31
030
34 '
*30
100 96 Jan 9 10314 Feb 14 103 Jan 10734
34
530
34
401 Preferred
*30
4 1014
*983
4
1013
8
*983
4
1013
4
*983
9814
98
91s Oct 2358 Mar
1558 Jan 3
*984 99
1012 Feb 18
par
_No
Car
Mot
Plerce-Arrow
2,400
e
lin
ua
1214 1212
37114 Oct 101:: JJ
1234
100 3978 Feb 16 5312 Jan 3
1212 1212 1212 1234 1212 1278 1218 45
700 Preferred
14 Mar
*4312 45
84 Jan 3
12 Mar 3
25
4434 4312 4312 *4312
441 4 44
1,500 Pierce 011 Corporation
44
1312 Mar 24 June
10
%
Jan
1
3
20
2012
3
3
Feb
3
3
1614
4
3
100
3
3
4
3
*12
100 Preferred
4
4
512 June
18
212 Mar
*17
18
*17
458 Jan 7
18
312 Feb 16
•1634 1834 1634 1634 *17
600 Pierce Petroi'm tern ctfsNo par
374 Aug
4
3078 Nov
4
4
4
4
4
3234 Feb 18 3712 Jan 9
414 *378 4
*4
3,500 Pillsbury Flour Mills_No par
Oct
3438
104 Aug 109
34
4
9
Jan
343
11712
3418
5
Jan
35
108
3118
100
4
343
344 3438 3414
300 Preferred
3234 Mar 741s June
110 110
110 110 *110 111
100 4114 Feb 8 534 Jan 4
109 109
*109 111
3,200 Pittsburgh Coal of Pa
4734 4734
7058 Mar 98 Sept
48
12
Jan
4612
88
27
Mar
82
4512
454
100
4712
45
45
Preferred
45
Jan
94 Dec 101
*8112 83
8312 *8112 82
100 8712 Mar 15 96 Feb 11
8312 *82
8312 *82
100 PlUsbuneh Steel prat
*82
90
304 Apr 55 JULIO
90 .88
.8834 90 .88
100 26 Feb 10 3678 Mar 20
00
8812 8812 •88
1,300 Pitts Terminal Coal
31
*29
Apr 8412 Dee
32
Mar 13
74
31
82
20
Feb
77
33
100
*28
3114
30
3112
3114
330 Preferred
7918
65 Aug 9112 Jan
8 Jan 6
24
7918 794 *7918 8038 79
8112 7914 81
*81
700 Porto Rican-Am Tob el A_100 6218 Feb 24 797
Stock
15 Aug 5278 Dee
35 Jan 3
6458 6458 6438 6458 *6412 6612
65
No par 234 Feb
65
6512 66
200 Class B
26
*25
9258 Mar 121118 Dee
24
26
Jan
8
1295
*25
20
Feb
2512
*25
118
par
26
No
2634 2634 26
Postum Co. Ins
40,500
Exchange
3613
1253
Feb 7814 Deo
4
1241g
12412
3
12212
Jan
8
267
123 12378 12239 12412 12239 12418 2212 2238 2214 2212
1,100 Premed Steel Car new_No par 22 Feb 18
7612 Feb 9212 May
227s 2312
100 75 Apr 5 88 Jan 4
24
*23
23
23
1,100 Preferred
Closed77
Jan 332* May
75
10
1614
78
Jan
26
78
8018
17
Feb
16
80
8014 82
82
82
6,200 Producers dr Reflnere Corp 50
Feb
GO
3678 Jan
2238 2212
2139 22
50 41 Feb 20 45 Jan 24
2134 2238 2134 223g 2112 2218 43
190 Preferred
Good
71 Sept
4412
Feb
4314
55
17
43
Feb
91
4
Jan
4312
*43
6912
par
43
__No
4314 43
Pro-phy-lac-tte Brush
*43
50
Sept
8
467
83
Jan
32
80
30
Mar
85
4978
9
*8212
*8212 8734 *8212 85
*8212 88
41,800 PubServCorp of N J newNo par 4112 Jan 6 10112 Apr 5
Friday
9812 Feb 105 Nov
481s 4834 4818 4878
100 10338 Jan
4812 4934 4814 4912 4814 49
1,400 6% preferred
Nov
109 zlOO 10012
100 118 Jan 21 12158 Apr .0 1084 Jan 12014
preferred
10818 10814 108 10814 108 10812 109 12158 *122 125
200
7%
Holiday
12158
121 121
Jan 13514 No v.
*12112 ____ •12112 126
100 134 Jan 7 145 Apr 5 125
preferred
8%
700
Deo
11012
Jan
_ 145 145
Mar 8 11018 Jan 28 102
14214 14214 *14214
*128- 13912 142
100 Pub Sere Else & Gas pfd_100 108
734 Aug 844 Deo
4 110 *11014 1 1034
8834 Mar 30
Pullman Company new No par 7012 Feb 21
110 1-1-0 *10934 110 *10934 110 *1093 857g 8538 8634
34,000
467k
Jan
Oct
27
3
Jan
50 284 Feb 17 3478
8818 8838 8434 867s 8538 8678 8518
1,500 Punta Alegre Sugar
Oct 3312 Mar
25
2712 Jan 5
3212 3114 3114 3012 3218
32
32
25 19 Feb 1
*3212 3434 32
21,800 Pure 011 (The)
Dee
11512
Jan
4
1113
2
2212
234
Apr
228
2212
11218
227
15
Mar
*
100 108
2214 2258 2214 224 2212
290 8% preferred
111
4234 Mar 63 Nov
25 584 Jan 3 694 Feb 14
11034 11218 111 111781 11173 11178 I 1 1
Purity Bakeries class A
•109 112
__
4154 Jan 6878 Nov
_ *65
__ 60
__ _ *65
No par 9614 Jan 3 1504 Apr 5
*65___ 565
Class B
16,300
8
07
.
14712
15
Jan 110 Nov
10114
148
4
7
1383
-38 13612 1-3- 9
100 10778 Jan 3 11314 Feb
10 Preferred
13512 1-3558 13512 136
411 Apr 101 Nov
4 *11014 11034
2
1103
Apr
11014
4
19612
1103
20
Feb
*11014
8514
1103
4
*11014
par
_No
4
Amer_
of
1103
11034
532,500 Radio Corp
187
57
Apr
18112
May
4
49
1923
9
8
Jan
1825
8
577
4
1953
50 5412 Jae 4
178 19612 188
185 195
600 Preferred
49 Mar
2012 Nov
56,3 5612
57
10 2478 Jan 17 3014 Jan 26
5658 5638 5612 5612 .56
57
1,000 Real Silk Hosiery
*56
27
Dee
99
8
265
June
21
80
4
273
Feb
•27
0412
4
273
7
Feb
84
27
1
'
'
274
100
GO Preferred
2718 2758 27
Jane
914
*91
02
92
93
512 Feb 23 1138 Apr 5
No par
30,700 Reis(Robt)& Co
*9214 9312 9312 9312 *92
1018 114
o
v 47
)12 j
°4
21688
Nuoly
1078 11
818 9
No par 2318 Jan 20 33 Jan 2t4
74 838
738 712
38,700 Remington-Rand
1
102l
Apr
1
3
287
Nov
2
27
874
28
2714
Feb
4
96
3
25
26
16
Jan
2553
93
100
2558 2618 2534 2612
1,100 First preferred
90
Oct 110 Apr
9312 934 9312 9334
94
94
100 947 Mar 31 100 Jan 24
94
94
preferred
94
Second
200
93
95
95
2512 Dee 2678 Deo
95
*94
95
*94
10 2212 Jan 21 2758 Niar 29
95
9478 9478 *94
30,800 Reo Motor Car
Oct
63
2614 254 26
100 56 Feb 17 6934 Feb 7
2638 2714 2558 264 2534 2614 25
6,800 Republic Iron & Steel
Marl
5 May
7%
9658 Jan 106
59314 6012 594 6012
3 112 Feb it
Jan
60
105
5912
100
4
3
60
6012
6014
Preferred
60
109
13 Deo
Feb
*104
4
5
109
12
Apr
18
*104
Feb
109
4
8,
*104
No par
70,000 Reynolds Spring
•104 106 *104 109
1138 12
9818 Feb 162 Deo
914 11
034 912
13818 Feb 21 16118 Jan 3
25
B
Class
Tab
938 034
(12,I)
Reynolds
012 978
3.800
14212 14212
254 Dec 2838 De,
142 143
404 Apr 5
14234 14312 142 143
1424 143
99,500 Richfield 011 of California_25 2312 Feb 17
354 3618 354 364 3518 4014
OM
74 Jan 194
354 3634 3534 37
25 163 Jan 10 220 Mar 21
4,000.110881a Insurance Co
203
201
4
4414 July 544 Feb
2033
14
Jan
4
200
20
483
192 200193 202
19834 203
9.000 Royal Dutch Co(NY shares). 4458 Jan 19 4338 Jan 4
4378 Mar
36 May
4558 4512 454
4518
4
3
37
Mar
45
10
4512
,
46
454
Lead
Joseph
4614
3,100,8t
46
391s 3918
4312 Oct 7212 Mar
3912 40
Arms Corporation_100 6058 Jan 12 7518 Mar 23
2,900rSavage
3914 4078 3914 4014 391g 3914 7034 7234 7112 7112
34 Jan
1 June
!
318 Jan 3
2 Jan 18
70
No par
70
2,2001 Seneca Copper
7112 7112 7014 71
218
218
214
Aug 744 Nov
65
9
Jan
218
5
6934
Mar
8
5912
23
par
_No
218
Corp_
s
23
218
2,500 Shubert Theatre
23s 23g
37
Sept
6231
Jan
6239
47
624
5
62
Apr
6212
18
Feb
8
6312 6314 6412 6234 63
237,600 Schulte Retail StoreeNo par 497
63
5738 62
100 11912 Jan 31 125 Mar 10 11614 Jan 123 Aug
5434 5634 5418 5512 5414 56
450 Preferred
5478 56
12212
1538
Deo
122
Sept
4
83
3
123
Jan
12234
1414
18
10
Feb
par
124
No
123
5001Seagrave Corp
12314 12314 123 123
Jan 9112 Deo
104
51
1114 *11
11012 Mar 27
*11
1118 1034 11
11
114,300 Sears, Roebuck & Co new Nopar 8218 Jan 16 9278 Mar 22
11
11
564 Jan 10112 Oct
10178 101) 10278
9918
17
Feb
8012
par
1025g
No
10014
10414
6,51.0
10438 1054 10014
874 9134
413* Oct 4774 Feb
44 Apr 5
88
8812 87
100 Shell Transport & Trading-f2 3938 Jan 24 274 Apt 3
8812 8818 8938 .88
88
44
44
2458 Oct 3184 Feb
*4234 44
44
No par 2314 Feb 8
*43
*4214 44
24,700 Shell Union 011
44
*43
2739
1414 July 2638 Dee
2612
30
Mar
2718
26
20
27
Feb
184
8
10
273
18,600 Simme Petroleum
2614 2612 2614 2718 27
3312 Jan 6434 Dee
2312 2234 23
2338 23
No par 5818 Nar 2 73 Apr 4
2318
Co
8
237
Shnmons
23
99,300
8
245
24
14 7214
Oct 2238 Jan
15
31
Mar
70
8
293
73
20
8
707
Feb
8
173
par
8
713
Corp_No
011
6912
Cons
254,200 Sinclair
704 7214 6958 71
Jan 10412 Deo
97
100 10212 Jan 4 1091 1 Apr 3
2814 2634 2734 2678 2712
1,100 Preferred
2812 2958 2714 2838 2678 10914
244 June 3738 Feb
109 100)
15 3014 Apr 5
Feb
10918
25
109
25
10914
Co
011
10918
Skelly
33,030
14
10918 100% 109
13414 Apr
Nov
11014
6
30
Feb
2919
134
2912
27
Feb
11612
100
2839
Iron
2878
200,Sloss-Sheffield Steel dr
2812 2839 2812 2878 283s
1 1E3.7u r e 4136344 JulyJu y
44
123 123
1258 Jan 6 17 Jan 11
*124 126
No par
9,54.0 Snider Packing
*124 13012 *123 128 •124 128
Nov
1612
15
11
8
Jan
60
147
5
Jan
44
1414
par
No
15
•1412
4,500 Preferred
1412 1412 1458 1518
3378 Aug 4258 May
4614 5012
18 4134 Apr 5
48
*46
49
*46
4812 49
06,700 So Porto Rico Sug new_No par 3212 Feb 1 136 Feb 8 11812 Mar 137 Nov
46
46
100 133 Feb
3958 3814 3938 384 4134
38
100 Preferred
3738 38
3678 38
136
136
136
•13514
136
135 136 *13514
4,13514 136
314 Jan 45 DEO
25 4312 Jan 5 4838Mar 22
9,200 Southern Calif Edison
1
15 May 4538 Jan
25 3334 Mar 27
4512 4534 454 4514 45 2 454
46
45
7,400 Southern Dairies el A_No par 2412 Jan
4512 46
Jan
30
934 Oct 20
30
23
1312
Mar
23
3014
Jan
9
3018
4
par
No
303
B
2939
6,500 Class
1239
1212
Jan 11212 Nov
3012 3178 3012 31
103
4
3
120
Apr
123
7
Jan
12324
13
1214 12
30 Spalding Bros lot pref __ _100 109
1214 1238 12
16 Dec
84 May
115 115
Feb 29
20
16
Jan
*115 119
12
par
120
No
120
Co
.4
_
Spear
120
560
•115_
1634
73 Feb 88 Deo
100 79 Feb 25 9238 Feb 29
161s 1678 1572 1678 1634 87
330 Preferred
*1614 -1634 1613
204 Jan 284 May
8514 8612 87
2312 Jan 12 3I1L Mar 26
No par
10,500 Spicer Mfg Co
8678 8678 8514 867s 8612 8612 3178 3238 317s 3212
Feb 11112 Nov
104
12
30
Jan
11118
Mar
11014
100
8
327
8
317
50 Preferred
3214 3279 3218 3339
6
11014 11014 *1101g 111
200 Stand Comm Tobacco_No par 3134 Apr 4 3712 Mar 21
•110_ 11014 11014 *11018 112
Nti
jiar-inn
54
Mar
3134 *3134 3212
12
664
4
313
Jan
574
par
33
Co_No
4
El
&
*313
Gas
33
Standard
4
•313
13,900
*3134 -3-2-4
i6839 ov
6334
50 65 Jan 3 69 Apr 6,
6318 6334 6318 637s 6314
1,900 Preferred
634 6412 6314 64
Dee
8
1043
69
Jan
68
7014
68
100 100 Jan 5 118 Feb 1
6814 68
68
68
68
8,500 Standard Milling
10911
68
68
Jan 103 Deo
84
10512 10634 106
100 10018 Jan 3 10534 Jan 12
105 109
104 106
90 Preferred
10512 106
Jan
4
603
1044
Apr
*1044
t.
503
8
5
1043
Apr
5712
s
20
Feb
10512 10512 10512 10512 1043
25,300 Standard Oil of Cal newNopar 53
104 104
3518 Apt 4138 F518
5739
4112 Apr 2
5658 5714 5634 5714 57
53,600 Standard 011 of New Jersey_25 3734 Feb 18 3138 Jan 3
5614 5678 5658 57
341a Jan
June
8
4
407
293
4012
4114
17
Feb
4
283
4012
_25
8
York
413
4112 41
4138 41
41
23,800 Standard Oil of New
43a June
2 Mar
304 301g 3038
778 Feb 23
214 Jan 3
3038 3012 3014 3012 304 3038 304 54
5,500 Stand Plate Glass CoNo Par
1578 June
10 Mar
514
5
5
10 Jan 18 40 Feb 23
100
54 6
44 54
434 434
1,300 Preferred
2212
Nov
14312
Jan
22
9012
26
Jan
2212
15()
28
21
No par 13414 Feb
2034 244 2018 24
Sterling Products
1912 20
6414 Mar 8712 Nov
934 Mar 19
17,400 Stewart-Warn Sp Corp_No par 7714 Feb lit 6078 Apr 5
Sept
60
Jung
264
17
-6
-OVa
--1
9
3
Jan
S9
44
par
-66No
2
- - ra -61-1911
9234
4 -86- -61-8.1
-i3-6
9,500 Btromberg Carburetor_
6078
6012 59
5358 5534 58
51
54
54
54
i-e3-4
a K2-rights
• Bid and asked pilaw no sales on this day.
s Kr-dlvidenth
8 Ex-dividend and ex-rights
New York Stock Record-Continued-Page 7
2119
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Mar. 31.
Monday,
April 2.
Tuesday,
April 3.
Wednesday. Thursday,
April 4.
April 5.
Friday,
April 6.
Sales
for
Pie
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. L
On basis of 100-share tots
Lowest
Highest
per share $ per share $ per share $ per share $ per share $ per share Shares
Indus. & Miami.(Con.) Par $ per share
per share
$
6453 6534 6418 65
6333 64% 6414 6512 6412 67
98,600 Studeb'rCorp(The) newNo par 121,2
n 25
57 F
10 6912 Mar 27
Je
ab
*12434 125 *12434 125
125 125 *125 12514 •125 12514
40 Preferred
100
Feb 10
12612
45s 5
434 473
434
a
8 484
2 438
5,000 Submarine Boat
9
No par
b 14
33
113 Feb
614 Mar 21
42
423
42
41
4214 4118 42
4112 4112 4113
4,400 Sun 011
4234 Mar 8
No par
*104
____ *104
*104
*104
•104
Preferred
100 100 Jan 6 102 Feb 8
3
318
3
3
3
3
278 3
27s 3
2,800 Superior 011
No par
212 Feb 17
378 Jan 23
•19
21
*18
*18
22
•18
22
21
21
•18
Superior Steel
100 18 Jan 18 237s Feb 6
15
1512 1434 1514 1478 1514
14
1478
1478 15
3,900 Sweets Co of America
50 1158 Feb 8 1558 Feb 25
5
5
5
5
5
5
5
5
5
5
1,100 Symington temp etre_ ...No par
418 Jan
673 Feb 3
15
15
15
1513 145s 1514
1412 15
1412 1478
2,200 Class A temp Ws_ __ _No par
1234 Jan 13 1888 Feb 2
.16
1612 *16
1612 1612 1634 *1612 1678 *1612 167a
1,400 Telautograph Corp_ _ __No par
1514 Jan 2S
1678 Feb 15
1114 1114
1153 12
1152 12
1153 115s 1112 1134
15,600 Tenn Copp dr C
No par
1013 Jan 16 12 Apr 2
5314 5378 5318 5353 5332 5414 5334 5433 5413 5458
42,400 Texas Corporation
25 50 Feb 17 5533 Jan 13
7558 7714 7413 7614 7414 7513 7413 751s 7414 755s
78,500 Texas Gulf Sulphur new No Dar Ws Feb 18 805s Jan 4
1313 1312 1314 1334 1318 1338 13
1353 13
1312
5,300 Texas Pacific Coal & 011_ __ _10 121a Mar 1
17 Jan 14
2433 2514 2334 2434 2358 2413 2353 2378 2334 2412
20,200 Texas Pao Land Trust new__1 2074 Feb 20 29 Jan 13
2614 2614 2614 2614 2612 2612 *26
2612 26
2612
600 Thatcher Mfg
22
par
Jan
28
No
Jan 12
*47
48
48
*47
4812 4914 *48
*48
49
49
600 Preferred
No par 471a Feb 27 51 Jan 31
3912 3853 4034 40
3878 3914 39
4038 3912 4014
22.300 The Fair
4034 Apr 3
No par 34 Jan
6134 61
•60
61
*6018 61
61
61
*61
6134
200 Thompson (J R) Co
25 59 Jan 31 6212 Feb 9
1553 16
1534 16
1534 16
1534 16
1534 1618
20,400 Tidewater Assoc 011_ __No par 143. Feb 20 1714 Jan 3
*84
8434 *84
843a 84
84
84
84
84
84
500 Preferred
100 8173 Mar 15 8734 Jan 6
227s 2272 2212 2234 *2214 2212 2212 2212 2212 2234
1,400 Tide Water 011
100 1958 Mar 7 23 afar 30
89
89
8834 8834 89
8918
0
90
90
0
1,000 Preferred
100 87 Jan 4 9034 Jan 26
125 12638 12132 1247 12112 124
124 131
130 133
110,900 Timken Roller Bearing_No par 11258 Mar 3 134 Jan 4
11012 112
109 11132 10812 11012 1094 10933 109 10978
32,803
Tobacco
1021s Feb 7 1145s Mar 27
Products
_100
Corp
121 122 *11812 121
11912 121
12034 12113 12034 121
2,700
Class A
100 113 Feb 7 128 Feb 14
814 812
813 838
818 832
8
83a
8
814
35,500 Transc't'l 011 ternctfnewNo par
71s Feb 21
1018 Jan 12
52
531
5184 5134 5112 5234 52
52
*5134 5234
900 Transue & WIlliams St'l No par 4534 Jan 3 5912 Feb 7
6558 6678 66
6678 66
6634 667s 7014 70
7132
39,500 Under. Elliott Fisher Co.No par 65 Feb 17 7134 Jan 21
•121 123 *121 123 *121 123 •121 12278 120 121
20 Preferred
100 119 Mar 1 12412 Jan 19
45
47
4412 4553 4212 441
4212 43
41
4134
6,100 Union Bag & Paper Corp100 3612 Feb 20 4934 Feb 1
15213 1551 14918 1533 14913 15073 14812 14972 14914 15012
83,200 Union Carbide & Carb_No par 13613 Feb18 15513 Mar 31
5014 51
50
5038 4912 4978 4812 4932 4912 51
17,200 Union Oil California
25 4234 Feb 11 51 Mar 19
•120 122
122 123 *120 123
120 120 *120 12213
400 Union Tank Car new_ _ _100 11913 Feb 23 125 Jan 28
35
351
35
35
*3434 35
*3434 35
35
35
900
United
No
Biscuit
par
3478 Mar 30 4214 Jan 26
•112 115 *112 115 .11212 115 •112 115 *112 115
Preferred
100 11214 afar 22 118 Jan 23
31
311
3053 31
3014 31
2932 30'2 297 31
12,400 United Cigar Stores new_ _ __10 2953 Apr 4 3453 Feb 10
•113 1137 11312 11318 11313 11318 11338 114
11378 11418
1,800 Preferred
100 10612 Feb 18 11418'Apr 5
Un1ted Drug
100 190 Jan 5 210 Mar 17
let
Preferred
55) 59 Feb 28 6013 Jan 4
".1331 - 6412
-a; ;6i"
;6i"
;ii"
United Dyewood pref
100 4534 Jan 20 6712 Mar 12
1397
,13978 139 140
13938 13934 13912 140
13912 1417a
6,300 United Fruit
No
136 Feb 11 14312 alar 23
par
81
8134 8114 8334 821s 84
8213 8354 8314 8512
18,900 Universal Leaf Tobacco No par 71 Feb 18 8512 Apr 5
9712 9712 9712 9712 97
97
9612 9612 9612 9612
110 Universal Pictures 1st pfd_100 0578 Mar 29 100 Feb 24
23
2334 23
2312 23
2314 2312 2334 2313 2312
3,200 Universal Pipe & Rad_ _No par 2212 Feb 18 2753 Jan 3
*95 10012 *95 10012 *95 10012 98 100
*98 100
600 Preferred
100 88 Jan 5 102 Jan 12
247 250
245 246 *239 296
245 245
246 256
4,700 US Cast Iron Pipe & Fdy_100 19013 Feb 27 26912 Mar 24
13012 13012 132 13214 13212 133
133 134
134 13434
1,003 Preferred
100 115 Mar 10 137 Mar 19
•16
1634 16
1613 16
15
16
1534 15
16
4,000 U S Distrib Corp new_ _No par
15 Apr 4 2014 Jan 4
•81
83
*8114 83
80
80
80
82
79
79
500 Preferred
100 79 Apr 5 9038 Jan 16
5113 5238 5038 5133 507s 5112 51
5178 51
5112
3,300 U S Hoff Mach Corp vtcNo par 4913 Jan 3 5838 Jan 23
11534 118
114 11714 11418 11538 11412 11713 11513 11673
18,600 U S Industrial A:cohol
100 10234 Jan 16 12214111 ar 19
•122 124 *12014 121
12014 12014 *121 124 *121 124
100 Preferred
100 119 Jan 13 121 Mar 20
31
3312 311s 3274 3058 3158 3073 3414 3433 3514
Stock
73,000 U S Leather
No
par
22 Jan 18 3514 Ape 5
65
64
6114 6413 6258 6312 62
65t8
6512 64
24,300 Class A
par
No 10o
6512 Apr 4
52 Jan
*107 108
108 108 *10612 108
108 10833 10812 10812 Exchange
1,400 Prior preferred
10514
Jan
109 Feb 7
6612 6678 66
6634 6632 6634 66
63
6734 69
16,300 US Realty & Impt new.No par 6114 Feb
69 Apr 5
5118 5372 4912 527
4534 4933 4413 4573 4458 4658 Closed- 133,800 United States Rubber
100 40 Mar
6314 Jan 4
9312 8833 93
92
8512 8914 8412 8734 8312 87
30,600 1st Preferred
100 8212 afar
10953 Jan 13
427s 4314 427s 431g 42
43
4234 43 z42
4212
Good
3,700 US Smelting. Ref & 11.11n_ __50 3912 Feb 2
4518 Jan 3
053
5358 .53
54
5378 5373 *53
.53
54
54
1,200 Preferred
50 51 Jan 28 537s Jan 3
14612 149
14518 14754 14518 14678 14558 1473s 14658 148
Friday
195,100 United States Steel Corp new _ 13738 Mar
15234 Jan 7
14514 14533 14514 14514 14514 14514 14514 14538 14514 14533
5,300 Preferred
100 1385a Jan
14534 Mar 24
*93
*92
94
9413 9412 0412 94
9453 9458 Holiday
94
700 U Ei Tobacco
No par 9014 Mar
9712 Jan 13
*134
-- *134 140
13414 13414 *135 136
13512 13512
20 Preferred
100
12712
Jan
14
135 Mar 30
146 146 *135 150 *135 150 •135 150
140 140
20 Utah Copper
10 139 Jan 17 158 Jan 6
3118 32
3114 3173 3112 3134 3153 3214 3134 32
9,200 Utilities Pow dr Lt A__No par
2813 Feb 20 34121afar 8
8612 885s 8413 8612 8413 86
8314 8513 8414 87i2
24,100 Vanadium Corp
No par 60 Jan 18 96 Mar 15
•1113 1134 *912 1134 *91s 1134 *918 1134 *938 1134
Van Raalte
No par
75g Jan 7 13 Mar 13
*47
49
47
47
*47
471
47
4712 4712 5412
180 let preferred
100 4373 Jan 6 5412 Apr 5
65
66
65
6578 6414 6434 64
641, 6412 Ws
5.200 Vick Chemical
No pa
58 Jan 17 6913 Fob 10
8418 8733 38112 841 28112 8334 82
8612
835
8512
53,100 Victor Talk Machine_ _No pa
5258 Jan 3 91 Mat 23
171 173 •16418 170 *165 170
16712 1671 17034 17034
600 6% preferred
No pa 10834 Jan 3 179 Mar 23
11118 1111 310912 11034 x10912 1091 *10912 110
10912 10912
1,600 7% prior preferred
10112
10
Jan 6 11112 Mar 28
15
155s 15
1578 151a 151
1514 1558 1514 1558
9,800 Virg-Caro Chem
No pa
1314 Jan 11 1634 Feb 10
4958 495a 48
4914 4912 5073 501a 5078
4958 49
7,900 6% preferred
100 445a Jan 18 5132 Feb 14
9514 9614 *9514 96
96
961
9512 96
95
,
8 0618
1,400 7% preferred
10
8812 Jan 16 9612 Apr 3
*32
45
*32
45
.32
45
*32
40
*32
34
Virginia Iron Coal & Coke_100 32 Feb 29 38 Jan 17
05634 62
*6014 62
6014 601 *5638 62
*5638 62
10 Preferred
100 60 Feb 17 6253 Jan 13
1914 1934 1914 20
1913 198 1914 1912 1953 2034
5,400 Vivaudou(V).
No par
18 Mar 24 2538 Jan 4
*85
90
*84
90
*84
87
*84
87
*84
87
Preferred
100 84 Mar 17 100 Jan 28
31
33
3113 3234 29
3173 3578 3212 34
31
2,460 Vulcan Detinning
25
100
Jan
4334 Jan 11
89
89
*8812 90
*90
97
10 Preferred
100 7812 alar 2
97 Jan 12
*26
30
255s 2558 •26
28
2612 28
24
30
110 Class A
100 2258 Jan 1
38 Jan 11
2478 25,2 2438 2514 2414 247
2414 247s 2453 2534
47,700 Waldorf System
No par
1912 Jan
2534 Apr 5
1612 1612 •16
17
167 177
17
1738 •1613 1712
2,100 Walworth Co ctfs
No par
16 Feb 1
1853 Jan 24
10812 10812 10834 10834 *109 11312 *109 11312 11312 11312
70 Ward Baking Class A_ _No par 108 Mar 1 123 Feb 2
2414 2333 24
24
2312 2312 2278 23
23
2312
5,600
Class
B
No
par
223
4
Mar
2
295
8 Jan 13
94
94
*9314 9414 *9332 94
94
94
*9312 94
300 Preferred (100)
No par 93 Feb 2
3012 3133 3112 337
9712 Jan 19
32
3312 32
33
32
3278
24.300 Warner Bros Pictures A _ _ __10 22 Jan
3512
Mar 23
301s 3018 30
3038 30
30
2932 30
2914 30
3,600 Warner Quinlan
No par 26 Feb 17 3273 Jan 6
17312 175
17434 17778 17314 175
173 17312 175 178
8,300 Warren Bros
No par 15012 Jan 4 182 Feb 2
*5414 55
55
55
55
5614 55
55
5734 5734
390 lot preferred
50 50 Jan 6 5734 Apr 5
•1814 1812 184 208 1958 2012 1953 20
1978 20
10.300 Warren Fnclry & Pipe __No par
18 Feb 20 2134 Jan 31
*6212 63
•62
64
6314 6358 6334 6334 *6234 6312
300 Weber & Heiibr. new c_No pa
60 Feb 29 6834 Jan 23
*19914 102 *10014 102 •10014 102 *10014 102 *10014 102
Preferred
100 100 Mar 6 103 Jan 3
165 16514 164 165
16412 16634 16412 16434 164 165
2,700
Western Union Telegraph _100 163 Mar 29 17712 Jan 3
5253 5378 52
5212 5158 5214 5134 52
5334 52
17,600 Wstnghse Air Brake NewNoya
4618 Jan 4 5733 Jan 27
10613 112
10512 10938 10538 108
10418 10518 10414 10673
207,600 Westinghouse Elec & Mfg_ _5
8818 Jan 5 112 Mar 31
109 110 *105 108
10778 1077s 108 108 *10613 10734
340 let preferred
5
9534 Jan 5 110 atar 31
1314 1314 1434 1678 1612 1734
1612 1734 1512 161
12,600 Weston Elee Instruml_No pa
1212 Jan 6 1734 Apr 3
*3234 33
33
331
3312 331 *3353 3334 3312 3312
1,400 Class A
No pa
3034 Jan 3 3414 Feb 21
110 110 *110 1113 *110 11134 110 114
111 11134
110 West Penn Elec cl A vti No pa 10612 Jan 3 11134 Apr 5
11312 11312 11334 11378 11318 114
11372 114
114 11433
480 Preferred
10 10914 Feb 2 11434 Jan 11
10274 10278 10212 10278 10218 103
10233 103
1031g 1031a
550 Preferred (6)
10 1001s Mar 3 10314 Feb 18
*116 117
116 116
116 11612 11512 11612 211514 116
200
West Penn Power pref
10 11433 Jan 18 117 Mar 29
10934 10934 *10934 1103 110 1103 110 11078 *10832 110
SO
6% preferred
100 10914 Feb 9 113 Jan 5
63
63
*63
*63
64
6352 6338 6333 *63
6338
300 West Dairy Prod cl A__No pa
.5312 Jan 6 647e Mar 19
35
3518 3438 3473 3414 3414 3418 3414 341g 3412
2,100
Class B
No pa
203s Jan 5 3978 Mar 191
2114 2114 *2034 211
2112 211 *21
2112 2112 2112
300 White Eagle Oil &Refg_NO par 2018 Feb 21 2412 Jan 101
3453 3518 3332 3412 3312 34
3338 34
3332 3413
8,700 White Motor
3014 Feb 21 4133 Jan 41
50
4.3514 351 *35
•3518 36
34% 35
3512 3512 3512
900 White Rock Mtn Bp ett_Nopar 3413 Jan 1
3778 Mar 81
4114 42,2 4112 42
411
41
4012 41
40
4034
4,800 White Sewing Machine_No par 3653 Feb 18 45 Mar 7
•54
5434 *5312 5434 5434 543 *53
5472 *5312 5478
100 White Sewing alach pl_No par 53 Feb 21 55 Jan 5;
2614 2712 2612 2714 2612 27
2612 27
2634 28
269,400
Willys-Overland
(The)-- ----5 1734 Jan 1
28 Mar 291
98
*9812 99
9812 9712 93
98
98
9712 9812
1,600 Preferred
100 9234 Jan
9973 Mar 17'
1414 15
1418
14
15
151
1532 15'2 15
1512
16,100 Wilson & Co Inc, new_No par
1112 Jan
16 Feb 14
2953 2934 2912 3014 30
3133 29% 3072 2912 30
15,000
Class A
No par 22 Jan
3414 Feb 14
70
*6812 6934 70
697s 711
7012 7078 70
7012
2,800 Preferred
100 66 Jan
7734 Feb 11
18658 18913 186 1871 185 18714 18612 19032
18853 190
22,00 Woolworth (F W) Co
25 17512 Feb 20 194 Jan 3
29
29
29
29
29
29
2812 29
2832 29
90 Worthington P dr M
100 28 Jan
3413 Jan 27
*49
53
•19
*49
53
53
*49
51
*50
51
Preferred A
55 Feb 1
100 4614 Jan I
4473 44% *44
*4312 45
45
*9412 44% *4412 45
100 Preferred B
4912 Feb 1
100 41 Jan
93
9912 132
9934 93,2 102
127 142
128 138
194,500 Wright Aeronautical__ No par 69 Feb 27 142 Apr 4
*74
75
•76
7678 7314 76
*74
75
7318 7478
1,600 Wrigley(Wm Jr)
No par 6934 Jan 27 79,2 Mar 22
70
71
7018 70
70
70
•70
701z *69ss 72
600 Yale & Towne
25 6312 Mar 26 75 Jan 13
333g 3418 33
3334 3232 32% 3112 3212 3178 3253
30,900
Yellow
Truck
&
Coach
CI
B10 2753 Feb 28 3612 Jan 12
93 •92
•92
9314 •92
9314 *92
9314 419212 9312
Preferred
100 8758 Jan
9358 Feb 11
87,2 87,2 8612 8712 8612 8712 86
86,2 8614 1,87
6,000 Youngstown Sheet & T _No par 8514 Mar
10674 Jan 26
Slid Asa asked prices; no gales on this day.
Ex-rightei: •Ex-diVidand. • No par value.
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
per share $ pert hare
49 June 6312 Sept
118 Feb 12512 Nov
212 Feb
813 May
30 Mar 3474 Jan
99 Aug 10153 Deo
318 Dec
612 Feb
18
Oct 28 May
7 Apr 14 Dec
213 Sept
6
Jan
6
Oct 1534 Nov
1112 Mar 1714 Nov
814 June 1314 Jan
45 Apr 58
Jan
49
Jan 8133 Beat
12 Apr 1874 June
154 Jan 40 June
1612 Aug 2312 Sera
43 Aug 5012 Nov
2414 Jan 36 Aug
47 Jan 6534 Dec
1533 Oct 1918 June
85
Oct 9034 June
19 July 291g Jan
85 Nov
901a Sept
Jan 14213 Aug
78
924 Oct 11753 Dec
108 Apr 12378 Dec
3114 Apr
1033 Nov
10 May 50 Dec
Jan 70 Dee
45
120
Jan 125 Dee
3812 Jan 7314 June
9918 Jan 15412 Nov
3958 June 5612 Jan
Jan 12712 Dee
94
391s Dec 4014 Dec
.12-3g Dec
104 July
159
Jan
5812 Jan
3614 July
11312 Jan
6013 Nov
9634 Dec
241a Sept
8134 Jan
19013 Aug
112 Mar
1414 May
81 May
44
Oct
69 Mar
10714 Apr
14 July
2734 June
89 July
54 Apr
3714 June
8534 Jun
3333 Jan
4553 Jan
111344 Jan
129
Jan
Jan
67
WTI -July
109 June
20012 Nov
61 Dee
Jan
49
150 Sept
7412 Dec
10338 Apr
3714 Mar
98 Dec
246 May
125 Nov
22114 July
9614 Sept
6338 May
11112 Dec
121 Dee
2512 Nov
5612 Dec
10612 Nov
6978 Dec
6718 Feb
11138 Apr
4874 Deo
54 Dec
16011 Sept
14114 Dec
9713 Dec
Jan
123
111 Fe
Jan
27
Jan
37
534 Sept
4214 Dec
48
Jan
32 July
87
Oct
9614 Oct
712 May
2614 Apr
73 June
36 Dec
6212 Dec
2014 Dec
95 Dec
1612 Jan
90
Jan
Jan
16
1814 Dec
17 Dec
891s Apr
1712 June
84 Apr
1814 Dec
24 June
65
Jan
43 Aug
18
Oct
6514 Dec
10134 Nov
14412 Jan
40
Oct
6753 Jan
82 Mar
11 Sept
30 July
9772 Jan
102
Jan
101 Dec
111
Jan
10012 Jal
531s Dec
2414 Dec
20 Dec
3014 Nov
Jan
26
2113 Mar
46 Feb
1312 Oct
87 June
10 May
1614 May
58
Apr
11734 Jan
2012 Jan
44 Dec
37
Oct
2412 AD
5073 Jan
7014 Jan
25
Jan
8313 Aug
8013 Oct
127 Nov
162 Dec
34 May
671s Dec
1433 Feb
64 Feb
6358 June
5458 Dec
11133 Dec
10212 Dec
1512 Beet
4834 Dec
91 Nov
Jan
51
7612 Aug
3914 June
11812 June
80 Aug
125 Aug
5934 Aug
25 Feb
2412 Apr
11834 Oct
3353 Feb
10014 Nov
4511 Jan
3413 Dee
180 Nov
71 Dec
27 June
7511 Aug
10353 Aug
176 Dec
dog Sept
9434 Dee
10378 Dee
183s Feb
3434 Apr
111 Aug
112 Befit
10134 Dec
118 May
111 Dec
57 Nov
283a Nov
2712 Feb
5833 Feb
4113 Sept
5314 Aug
Jan
59
2434 Mar
96 Aug
1753 Feb
3274 Feb
8434 Feb
19812 Dec
46 JUDO
6112 June
5412 June
9434 Dee
7234 Dec
8412 Aug
40 Aug
9953 July
1001s Dec
2120
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
-and Nsteress--ezcept for Income (1.4 81afainted son&
lea. 1 1909 am gzaante maw Or emoting Solids We. clawed Asa prices aro nom
SON OS
N. Y. STOCK EXCHANGE
Week Ended April 6.
Pries
Fridar
April 8.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
SON OS
N. Y. STOCK EXCHANGE
Week Ended April 6.
Price
Friday.
April 8,
Week's
Range or
Last Sale,
80.01
Sinai
Jail.
HMO
Rise No. Low
Ask Low
Bid
High
High No. Low
Ask Low
814
ITIORte
U S. G
5
98 101
995s
Flnnisb Mun Loan 634s A__1954 A 0 9958 100 9958
flit Liberty Loan101
98
Mar'28
s
5
99
0
A
B____1954
10014
series
8
995
External 6 tis
.1 D 101922 Sale 11142 1011022 102 101.84 1011.88
334% Of 1932-1947
11878 182 11534 118788
101.84 1011.48 French Republic ext 7348 __1941 I D 11878 Sale 118
J D 101922 ---- 101922 Mar28
Cony 4% of 1932-47
322 106 109/
4
1
19491 0 10812 Sale 10814 109
External Ts of 1924
J D 1021722 Sale 10217321021.n 181 1021.441031.84
Cony 44% of 1932-47
10211441021144 German Republic ext'l 71-1949 A 0 10758 Sale 1078, l074 187 10633 10713
% of 1932-67
J D 10210221021922 1021.44Mar'28
2d cony
6 102 10332
S.-----1054 M N 10738 Sale 10314 10358
Gras
(Municipality)
Third Liberty Loan4, 88 10011421003422 Gt Brit & Del(UK of) 544-1937 1, A 10818 Sale 10578 10614 88 10578 10634
/
MI 1001322 Sale 10013u 10011
434 % of 1928
9 F A 11812 -___ 11812 11812 34 11614 119
962
Me 7,0_ 192
eonvety)
pragu
year
10-ter
ores
Fourth Liberty LoanN 107 Sale 107
10712 13 1014 10914
A 0 1031122 Sale 10310221031922 281 103194104
968,100
434% of 1933-1938
9878 24
1964 MN 98s Sale 984
1947-1952 A 0 1151444 Sale 115,421159022 160 1141922116922 Greek Government 6 f sec 78 1195
Treasury 434.
92
89
A
0
A
F
Sale
8914
89
2
8
8
893 830
as
sec
fund
Sinking
42
,
127
109948111
11
110142
44110 44 1101122
/
1944-1954.7 D 11011
Teen= 45
37
84 1014
99
101
10018
Sale
101
5
s
O
1
5
m
i
5
a
a
)
c)
H
lte
a
l
t
b
s
u
(
ep
t
lm
u
(
tlb
10714210722H 1071022 1079022 35 10699221081122
1948-1958 M
Treasury 3%8
41
954 9710
i 988 Sale 9838
97
74650.7
1946 A O
102
1031922
102
1029942
1021922
42102142
,
102
13
1943-1947.7
Treasury 34s
10314 10514
1047 10538 10478 Mar'28
Heidelberg (Germany) tat
State and City Securities.
9834 10014
10058 11
5 10034 1014 Hungarian Munic Loan 73.4.19451J 10038 Sale 10014
ff Y City-4145 Corp stock_1960 M S 10034 Sale 10034 10034
82
97
94
97
J J 97 Sale 9634
1946
1
__Sept
7s
f
External
10512
1044
13
4
1
/
105
Sale
8
10478
1047
440 Corporate atock_1984 M
21
9814 101
101
10038
N
Sale
101
011
'Cl
Land
7348
Inn
M
Hungarian
105, 10538
4348 Corporate stock_1966 A 0 10434 10512 10538 Mar'28
10212 39 102 10312
Hungary (Kingd of)5 f 734s-1944 F A 10212 Sale 102
105 105
445 Corporate irtock_-__1972 A 0 105 105% 105 Mar'28
974 9938
9958 841
103h 10934 Italy (Kingdom of) ext'l 78_ _1951 J D 9934 Sale 9812
Corporate stock____197 I j D 10978 11012 10934 Feb'28
9514 984
s 9818 Sale 9658
984 123
47 M 8
193
1 10914 11018 Milan Creel Consortium Is A1
44s Corporate stock-Ju1y1967 J J 10912 Sale 10912 10912
94
9712
97 Sale 9534
974 79
ser B
76
f
s
sec
IM
R
4
3
109
8
3
109
10912
8
Mar'28
1093
110%
D
J
44s Corporate stock---1965
250
9514 9814
9814
Sale
J
71.1952
9714
4
eat
,
98
Utility
Public
Italian
4
3
109
10915
1094 10958 10912 Mar'28
449 Corporate stock___-1983 M
9154 9412
1931 I J 9414 Sale 94
9412 128
Japanese Goat I loan 4s
1955 M N 10014 10112 10458 Dec'27
Is registered
30-year s f 646F A 105 Sale 10412 10514 95 10114 10514
1001, 10034
10034 Jan'28
1958 M N 10088
43 registered
99 101
12
7 F A 10012 Sale 10012 101
31
194
10034 10134 Leipzig (Germany) f 78_1
1959 M N 10118 10184 10118 Mar'28
4% Corporate stock
4
1
4 101/
1
98/
9
10178
Lower Austria (Prov) 745_1950 I D 10178 Sale 101
4
1013
4
3
100
Mar'28
101
4
1013
10118
M
1958
4% Corporate stock
99/
4 10112
1
101
33
101
10114
N
M
68_1934
-year
10114
15
of)
(City
Lyons
1
4
1013
4
1003
10114
1957 M N 10118 10134 10114
4% Corporate stock
9934 1014
10114 10
Marseilles(City of) 115yr 66. _1934 MN 10118 Sale 101
July'27
4
983
,....
3
100
N
M
1938
registered
Ls
3314 8634
3418 3478 34711
20
35
, 2 1081-4 1-018778 Mexican Irrigat Asstng 44s 1943
109 10838 1083
154% Corporate ertoCk —1957 M N
4984 4934
4934 Jan'28
1084 10884 Mexico(U 8) extl 55 01 1899 £'45
109 10834 Mar'28
1957 MN _
431% Corporate Nock _
35
4234
3972 45
1945 ---- 3912 Sale 39
of 1899
Assenting
5s
9318
927
Mar'28
927
12h
1
9318
MN
1954
st_May
34% Corporate
8614 3912
3614 Mar'28
Assenting Se large
934
93
34% Corporate et __Nov 1954 MN 9278 9312 93 Mar'28
4
223
175
29
Sale
27
2512
2714
Assenting 48 of 1904
10258 Nov'27
Mew York State Canal 48_ _1960
3013
25
138
29
---- 2834 Sale 28
Assenting 48 of 1910 large
10438 Oct'27
1961 J .7
Canal Imp 45
224
2612
2855
221
Sale
4
258
267
_
_
small__
8
1910
of
48
Assenting
10538 Oct'27
1045.7 J
Canal Term 44s
3712 44
4038 Sale 40
28
41
Tress 69 of 13 assent (large)'33
Foreign Gov't S. Municipal,
364 43
5
39%
39%
Small
95
8
907
51
95
4
1
/
92
Sale
1947 F A 9334
Agrio Mtge Bank s f 688
9458 547
9112 99511
9412 1001% Milan (City, Italy) ext'l 6348 '52 A 0 9412 Sale 934
23
99
.1 9812 Sale 98
Antioqu a Wept) Col 78 A 1945
J D 10414 Sale 1038 10414 13 10238 10434
Montevideo (City of) 71.__ _1
9458 99
9814 30
19451 J 9814 Sale 9778
External s I 75 set B
78 109
105
10614
25
4
1083
10614
1084
Netherlands
65
(flat
4
3
98
M
94
21
prkm)--19
98
1945 3 J 9734 Sale 9734
External if 78 series C
A 0 10218 Sale 102,8
11
10212 42 102 10314
30-year external 88
9384 9812
4
1
9812 12
1957 A 0 9812 Sale 97/
Ent s 7s 1st ser
9514
3 96
945
75
A
F
Sale
1957
58
ext
95.4
(State)
So
New
Wales
4
1
53
/
98
4
1
/
93
Sale
9712
4
973
4
1957 A 0 973
zo aer es trust Ma
944 96
9584 54
Externals 151
Am 1958A 0 9558 Sale 954
4 10012
1
99/
10012 29
Are nr.rs Govt Pub Wks68_1960 A 0 10014 Sale 100
4
1
64 102 103/
1943 F A 10212 Sale 1024 1027
,
68
exit
-year
20
y
rw
N
01)—
Aventine Nation (Gott
1944 F A 10212 Sale 10214
20- ear external 68
10284 68 102 1044
9958 10058
10038 67
Sink fund 66 of June 1925_1959 J D 10038 Sale 100
4 10314
1
1952 A 0 10238 Sale 10134 1025, 49 101/
30-year external 68
4 10012
/
991
10012 54
Mill f 68 of Oct 1925— - _1959 A 0 10038 Sale 100
10112 Sale 101
10184 117 10012 10214
40-year f 51411
4 10114
/
1957 MS 10014 Sale 10014 10078 120 1001
Sink fund 138 series A
924 9334
A 9314 Sale 9314
3 D
2F
55
96
19
9334 19
9912 10078 Nuremberg (City) exti 65.._1
4 43
1
100/
External es series B_ _Dec 1958 J 0 10018 Sale 100
9912
27
10012
10012
Sale.
10018
10014
MN
1960
1926
Extl,f6sof May
4 103
1003
Sale
45
N
M
4
3
10114
100
10114
68-1955
10012
a
Oslo
185
8
993
y5etrs
10012
External f 66(State Ry)_1960 M S 10038 Sale 100
99 103
1946 F A 9978 10018 993
27
103
(City)kiking fund
9938 1004
10012 105
Ext1 as Sanitary Works__ _1961 F A 10018 Sale 100
103 1044
D
10412
1953J
103%
17
654._
103%
1044
101
eat"
(Rep)
8
Panama
993
66
100
Sale
10012
10014
Etta 66 pub wks(May '27)1981 MN
9 102 10352
10314 Sale 103
1034
Exti sec s f 64s
152
9614 9714
97
Public Works extl 5346_1982 F A 97 Sale 96%
954 9812
S 97h Sale 9712
41
MD
41 1
987
1'
91% 9378 Pernambuco (State of) extl 75
Argentine Treasury 55 £__ _1945 M S 924 9238 9218 Mar'28
4
1
4 110/
1
0
A
3 109/
11014
11018
11018
'24)_1944
8
1103
(of
84
Peru
anti
of)
(Rep
9714
4
201
983
9918
9812
Sale 9734
Australia 30-yr 58--JulY 15 1955.7
1944 A 0 10978 11018 11018 Mar'28
_ 10912 11014
9812
Extl 8i2 (sec of 1926)
97
9812 62
External 58 of 1927._ Sept 1957 M S 9778 Sale 9734
1940 M N 10738 Sale 10738 10712 IR 10614 10784
104%
sink
Extl
103
fd
8
0
71
10312
4
1033
Sale
D
J
4
1943
1033
78
I
s
Austrian (Govt)
10712 Sale 10738 10712 69 10818 10758
Ent' f sec 745(of 1926)-1958 M
68
9614 994
99
9834 Sale 9812
Bavaria (Free State)84s _ _ _1945 F A
1959 M S 10112 Sale 1041
4 104/
/
4 71 10278 1047s
1
Extl s see 78
, 63 114 11578
Belgium 25-yr ext f 748 9_1945 J D 11578 Sale 11514 1157
94 Sale 9338
94 658
9034 94
4
65
f
1118
s
Nat
extl
Loan
109
25
4
1113
4
3
110
Sale
Ill
A
F
1941
20-years f 8a
D
O
8012 8514
60'I
40A
Sale
85
8514
9
9
1
32
8414
as
40 10314 10914 Poland (Rep of) gold
1949 M S 10712 Sale 10714 108
25-year external 648
894 9184
9112 271
1947 A 0 9114 Sale 91
10114
71
f
s
8
Stabilization
loan
173
10038
987
Sale
10118
101
.1
.1
1955
168
Externals
10114
984
10118
Sale
4
146
1003
J
10114
1950
88
g
fd
sink
Eat'
109
10814
170
10834
External 30-year. 78-1955 .1 1) 10814 Sale 108
5 10412 1075s
10712
, 44 1044 10814 Porto Alegre (City of) 818_1961 .1 D 10712 -- 10714
1956 M N 10834 Sale 10612 1073
Stabilization loan 78
1
Sale 102% 10312 13 10185 10334
8
1033
_1968
lie__
7
Id
Eat!
sink
11334
guar
113
6
11314
4
Sale
1133
MN
1945
11314
Bergen (Norway)s f 80
11578 22 11338 11573
Queensland (State)extl 8176 1941 A 0 11578 Sale 115
98% 102
13
15-year sinking fund 66_1949 A 0 102 Sale 101% 102
106 10812
A 10738 Sale 10758 108
F 0
A
9978
25-year external
97
9978 62
1950 A 0 9934 Sale 9958
Berlin (Germany) 6148
21 10518 108
108
Sale
10714
10714
6188.1194467
els9
eat'
Sul
do
Grande
Rio
4
15
1073
8
7
103
10784
Bogota (City) ext'll S f 86-1945 A 0 10712 Sale 107
10538 11014
0
A
Sale
4
1093
72
109
11014
1946
Rio de Janeiro 25-yr 818s
113 10312 108
108
1947 M N 10712 Sale 106
Bolivia (Republic Of) 80
1942 A 0
2 1054 1104
10978 10974
25-yr extl 88
9334 9814
9814 83
1958
J 9814 Sale 9712
Eat'see 78 tem
9112 954
O
N
A
m
Sale
8
957
8
937
228
95%
9938
eat!
(City)
10112 Rome
6345
10114 55
Bordeaux (City of) 15-yr 60-1934 MN 1014 Sale 101
8 104 10513
10438 10478 1045s 1047
9
.1196842
Brasil(U 8of)external 80_ 1941 J D 113 Sale 11212 11318 64 107 11314 Rotterdam (City) extl
99
92
177
99
External s 64s of 1926 1957 A 0 9812 Sale 98
4 11214 120
11834
Sao Paulo(City) f 1321_ _Mar 1952 MN 11812 Sale 11814
9734 99
226
99
1957 A 0 9834 Sale 98
f 134sof 1927
9634 10014
31
1957 M N 9984 Sale 9984 100
Ent' s f 614s 01 1927
97 101h
10Ih 95
1952.7 D 10178 Sale 101
78(Central Railway)
106 10834
J
Sale
14
8
1077
10612
10812
J
80_1936
f
a
eat'
(State)
Paulo
San
10712 10814
746(coffee secur) (flat)_1952 A 0 104-._ _ 10712 Mar'28
56 10612 10814
J 108 Sale 10714 108
1950
External see. f 88
Bremen (State of) extl 748._ _1935 M S 10238 103 10218 102% 18 10118 103
7 10034 1031s
External sf75 Water L'n_1958 M S 1024 Sale 10212 103
9578
94
9578 90
1957 M
9534 Sale 9514
Brisbane(City)if 5s
9434 10018
, Santa Fe(Prov, Arg Rep)78_1942 M S 9958 Sale 9912 10018 66
854 897
8978 634
Budapest(City)fall s f 68_ _ _1982 J 1.4 8914 Sale 8758
10358 10812
J 10614 Sale 108
91
J
10612
extl
76'42
of
Dept
(France)
Seine,
10134
10018
16
Sale
10114
8
7
10114
100
ext.16
4811955
J J
Buenos Aires (City)
10112
Sale
101
974
101
64
10012
N
M
85_1962
Slovenes
&
101
Croats
Serbs,
964
10018 Sale 10018 10012 71
Buenos Aires (Prov) extl 75_1957 .1
9818 10078
Soissons(City on eat! es__ 1938 M N 10012 Sale 9934 10075 282
9813 101
1958 M N 10038 Sale 10018 10058 43
Extl a 1 78 of 1928
94
A
4
1
/
F
Sale
1946
9612
7
9618
9612
9812
(Prov)
75
extl
Styria
8
987
964
146
4
983
Sale
1961 M S 9858
9612
RefextiafOs
4 105
1
N 10314 Sale 103
10384 32 102/
rvi D
4J
69
193
Sweden 20-year 65
8934 93
19
93
Bulgaria (Kingdom) a f 78...1967 1 J 9284 Sale 9212
10478 Sale 10458 1047
, 44 104 105/
4
1
545
loan
External
102
98
34
10112
4
3
100
Bale
10114
J
.1
Caidas Dept of(Colombia)7415'46
11212 33 11138 113
11212 Sale 112
26 101 10212 Swiss Confed'n 20-yr s f 8a-1940
Canada (Dominion of) 44_1931 A 0 10134 10178 10134 102
0 104 Sale 10358 104,4 83 103/
4 105/
1
4
1
1929 F A 10114 Sale 10114 10134 38 10118 10214 Switzerland Govt ext 545-1948 A
10-year 1441
8312 Sale 8214
8378 70
764 834
Tokyo City Si loan of 1912_ _1952 M
1952 M N 10712 Sale 10714 10712 37 10634 109
58
947 Sale 9358
95
874 95
2211
Eat" f 54s guar
10114 10 101 10174
1938 F A 10118 Sale 10118
645
9912
D 9912 Sale 99
A N
1 M
9712 9912
57
98
4
(City) 1st 54s_ 19
Trondidem
105
10912
2
Sale
10912
10878
8
1087
19641
Carlsbad(MY) f 811
97
99/
9812
1945 J D 983 Sale 9888
9
4
1
Upper Austria (Prov) 76
9814 103
Cauca Val (Dept) Colom 7%8'40.4 0 10234 Sale 10112 10234 48
4
1
10914 21 10814 110/
994 1014 Uruguay (Republic) extl 86_1946 F A 109 10912 108'
32
Cent AgTIc Bk (Germany)781950 M S 101 Sale 10038 101
109
4 100
1
96/
1960 MN 9912 Sale 99
100
s
External
(65
9312
92
18
9214
Sale
92
9212
J
J
960
Farm Loan s f6s Int cif
100
D
J
Sale
94
78
68_1961
100
extl
998
Yokohama
994
93
4
913
(City)
34
9212 192
Farm Loan 6 f 6e Int ctf w I 196( A 0 9214 Sale 9112
Railroad
Chile (Republic) eat' f 8,_1941 F A 11034 Sale 11034 11073 33 10878 111h Ala Ot Sou lat cons A 58._1943 J D 107 10812 10834 Feb'28
4 10834
1
106/
31 10058 104
103
20-year external s f 7s__ _ _1942 M N 102 Sale 102
N 1004 - -- 10014 Mar'28
A0
8M
10014 10038
26
94
19
...1
_„
4.
518
d%
.1
1
8
A
M
grol3
A
stuagrua
1stIg
4
,,
8 108 11114 t
25-year external s I 85_ _ _.1946 M N 1104 Sale 10978 11018
89' -90 89 Mar'28
89
9112
9814
918,
228
9614
95
Sale
9618
0
A
683-.1980
External sinking fund
9538
92
9158 9812 Alleg & West let g gu 4s_ _ _ _1998 A 0 9318 9512 95h Feb'28
0612 317
1961 F A 9888 Sale 95
External s f (Sa
9784 9812 9838 Mar'28
974 99
1942 M
9338 9612 Alleg Val gen guar g 40
9812 272
19611 J 9612 Sale 05
Ry ref eat'8 f 86
8132 8418
84
11
July 1995 Q J 8358 Sale 8348
9534 9912 Ann Arbor 1st g 43
9912 35
Cline Mtge Bk 4a June 30 1957 J D 99 Sale 99
9834 99
9734 81
Ateb Top & S Fe--Gen g 44_1995 A 0 9738 Sale 97
9634 100
116
100
46 of 1928_ _June 30 1981 J D 100 Sale 99
1
f /
A 0
954 9034
96 Mar'28
Registered
2914
2515
29
4
283
Sale
29
D
1
Cblnese(Hukuang Ry)56-1951
9232 9458
9358 9334 Mar'28
Adjustment gold 48_ _July 1995 Nov 1004 10178
la (061o) 30-yr I!681954 M S 101 10134 1013 Mar'27
8914 Dec'27
Nov
Registered
9938
9614
23
98
Sale
8
975
97%
M
r(City) GermanY6.4111950
92
93
13
94
9314
'hale
9214
N
M
1995
July
Stamped
8
8
95
9114
172
9518
Colombia (Republic) 65-1961 J J 95 Sale 95
M N 901
_ 92 Dec'27
Registered
lstered
93
91
72
93
polombla Mtge Bank 6346_1947 A 0 93 Sale 9134
9211 9312
9312
1955 D 92 2-9312 9338
1909
4,01
gold
Cony
101
98
8
5
94
98
8
963
Sale
98
Sinking fund 784 011926_1946 M N
93
92
9312
9312 93
19551 D 93
Cony 4s of 1905
9434 9712
9712 24
Sinking fund 7801 1927-1947 F A 9712 Sale 9612
_ 9212 Dec'27
J 13 834
Registered
10038 102
PoPenbagen 25-years 548_1944 J J 10134 Sale 10058 10134 58
D _ _ _ _ 94
9334 Jan'27
J
_1960
1910_
issue
48
g
of
Cony
101
9534
241
101
1952.7 12 101 Sale 9812
997 Feb'28
External 5s
East Okla Div lstg 45____1928 M 8
96 10012
9934 28
Cordoba (City) ext.l.f 78_ 1957 1" A 9912 Sale 99
li
-914
1.8:
4-78
-919
4
;
-14 9414 Mar'28
Rocky Mtn Div let 45_19135 J J -154Fd -99 10112
11
Cordoba (Prov) ArgentIna7s 19421 J 10012 Sale 10012 101
955
J
9312 96
48.19581
1,5
L
9584
9512
414
Short
9
-Con
Trans
4
1
/
94
4
993
81
9934
Costa Rica (Repub) eat' 78_1951 MN 9912 Sale 99
10314 10338 10314 Mar'23
103 1044
Cal-Ariz lst & ref 44s A..1962 M
997s 10134
8
4
1013
101
8
1017
101%
PI
1944
S
1904
01
Cuba 58
107 1074
10012 10214 All Knox.,& Nor let g 58_ _1946 J D 10412 -- 107 Mar'28
External 5s of 1914 ear A.1949 F A 10238 103 101 Mar'28
994 Feb'28
9914 994
98 10014 Atl & Charl AL let A 4348._1944 J J 1003
9714 20
External loan 44s ner C 1949 F A 9714 Sale 97
10712 10718 Mar'28
106 1074
4581 series B____1944 J J 10714
-year
30
1st
6
1047
8
1015
10
103
8
1023
Sale
10214
.1
1
1953
Sinking fund 545
927
Sale
92h
J
91
9312
8
46____1951
,
92
cons
let
City
Atlantic
9712
9312
19
9712
Cundinamarca (Dept-Col) 70 '463 D 9712 Sale 97
9 964 9834
9712
Atl Coast Line let cons 40July'52 M 13 9712 Sale 9738
58 10834 112
112
Csechosloyakla(Rep of)88-1951 A 0 11114 Sale 111
S
8 Feb'28
973
M
3
973
9781
Registered
112
10812
31
112
11012
1952 A 0 112 Sale
Sinking fund 89 air B
10134 104
1964 J D i013 10214 1024 Mar'28
General untried 4148
105 106
105 Mar'28 _
External s 74s series A_ _1945 A o
9313 9534
943
3
L & N coil gold 43_ __Oct 1952 MN 9434 Sale 9434
11018
1114
1
11118
11118
iioTs
A
F
pantab Cons M unfelt) 888 A_1946
85
821
80
1948 .1 J 8212 Sale 81
28
7 11018 11118 AU & Day 1st g 4s
1946 F A 111 Sale 11014 11034
SerIesB,i8,
7233 7612
19483 J 7414 Sale 7234
7414 18
2d 45
10538 105% 10518 10534 68 10518 1063s
1942 J
Denmark 20-year ext1 6s
9034 Mar'28
1949 A 0 9118
48
guar
g
ist
Yad
&
All
99
97
65
9812
9814
Deutsche Bk Am part ctf 68_1932 M S 9812 98%
4 102
214
88
10
4
991
7 Austin & N W let gu g 513_1941 J J 10284- - 10212 Feb'28
9912 100,
1
Dominican Rep (:ust Ad 548'42 al 13 10014 10038 10014 10014
57
901
9738 10038 Balt & Ohlo'Ng 412 _ _July 1948 A 0 9614 dare 95
9912 9912 10038 10
1940 A 0 99
let sec 534501 1926
95
96
965
98
4
Q
Mar'28
1948
95
95
July
97
Registered
102%
10014
14
Preedeu t City) external 75..1945 MN 10218 10212 10218 10212
97 1004 101
1001
1933 al
1004 Sale 1004
20-year cony 441
J 10334 Sale 10334 10418 10 10334 1053,
Dutch East Indies extl 841_1947
1004 1004
Feb'28
M 8
10018
Registered
10314
22
1054
1044
10314
60-year external 65
1982 M S 10334 Sale
4 57 10314 105
1
Sale 10312 103/
Refund de gen 58 aeries A-1995 J D
2 103 10414
30-year external 5345
1953 M S 10314 Sale 10314 10312
1948 A 0 10734 Sale 10734 10834 65 1074 110
lst g 56
10 10278 1044
, 103
30-year external 5 48
112 112
15
59 19
974
1953 MN 103 Sale 1027
11138
111
11114
D
1
J
.
Sale
50
95
9
1
C
series
60
gen
&
Ref
10712
11314
4
El Huh ador (Repub) 8s____1948 J J 11314 Sale 11318 11314
9534 12
PLE&W Va Sys ref 40_1941 MN 9534 Sale 05%
997
9518 10012
20
Finland (Republic) eat) 66-1945 M S 9978 Sale 9834
10538 27 105 1074
105
Sale
8
1053
58
1st
Dly
Southw
994
10112
28
10112
External sink fund 7s____1950 M S 10138 Sale 100s
874 914
8834 12
8934 Sale 8884
Tol&ClnDlv 1st ref 4a A.1959 J
43
9814 10158
E-iernal f 6 48
1958 MS 100 Sale 99% 100
4 28 1034 10514
/
200091
10412 Sale 10412 1041
Ret & gen NI series D
9278 9514
9514 84
Eat) sink fund 54s
1958 F A 9513 Sale 9412
gtote
New York Bond Record--ontinued-Page 2
BONDS
N. Y. eiTOCK EXCHANGE
Week Ended April 6.
PrIes
Friday,
April 6.
freers
Same or
Last Sale.
Rants
Since
Jan 1,
BONDS
N. Y STOCK EXCHANGE
Week Ended April 6.
2121
Pala
Friday.
.1.741 6.
Week's
Range or
Last Sole.
Elfolt No. Low
High
Ad Low
LW
HU) No.
Mar'28
10234 103% Clearfield & Mali let gu 54-1943
9912 Jan'27 -12
199
933
87
1j
9238 Cleve Cin Cl & St L gen 463
923a
1 D
j ;0
96
J--00,8
08
,
12 1967
961a
_-a 9634
16
Feb'28
6812 72
40-year deb 414e
10034 10034 12
Mar'28
General be Series B
1993.9 D 1155* __
97
98
116 Feb'28
Jan'28
Ref & Inapt 65 serial A
1929 J J 10118 Sale 10118
97
97
1013* 12
Aug'27
1941 J J 10578 10612 1061* Mar'28 -Ref & impt as ser c
2
19632 J 10358 10414 10334 10414
Ref & impt 55 ser D
9434 11
933* 95
Mar'28
Cairo Div lat gold 46
1939 J 3 9634 _ _ _ _ 965* Mar'28 -8412 88
Mar'28
9734 971s
Cln W & M Div lst g 4s 1991 3 J 913* 9212 9212 Mar'28 ---9112
Mar'28
103 10651.
St L Div let coil tr g g 0_1990 MN
917k
9214
6
_ 91% Dec'27 -9214 981.
Registered
MN 86
9312 34
Mar'28
Spr & Col Div lat g 44-1940 MS 965*
9658
10212 1033s
96%
1
9612 Apr'27
W Val Div let g 46.-1940 J J 9612 -97W
Canada Sou cons gu A 56_1962 A 0 10912 111 10912 Mar'28
100
218
8 41
J 100 Sale 1084
997 mar.
109% 11034
Ref & Iffibt 4348 ear E---1977
Canadian Nat 4 Lis_Bept 15 1964 M 18 10034 Sale 10034 10034
10014 10214
C C & I gen cons g 6..,1934.9 3 10814 10812
12
5-year gold 430__Feb 15 1930 F A 1003* Sale 10018 10058 26 1001s 101
ley Lor & W con let g 54_1933 A 0 103 10334 11000312
1957 .1 J 10034 Sale 10034 101
31 10014 1021s Cleve & Mahon Vale 5s_ _ __1938 I j 101
Apr'27
30-year gold 430
_ 100 Nov'27 -Canadian Nortn deb a I 76_1940 3 D 11614 Sale 116
_- -1935 M N 100
CI & Mar 1st au g
11614 22 11512 117
1221
8 121 123
1944 3 J 12214 Sale 12214
Cleve & P gen gu 4145 ear B3942 A 0 10158 fa 10134 Mar'28 -25-year a deb 630
1001
4 100 10314
10-yrgold 4 M_......Feb 15 1935 F A 100 10012 10014
19423 3 1018 ____ 10214 Nov'27 - - Series A 434e
93
Canadian Pao Ry 4% deb stock__ J J 9138 Sale 9034
911
1948 MN 9014 -- 9014 Mar'28 Series C 31is
89% 92
21
1946 M S 10014 Sale 100
1003
Col tr 430
1950 F A 89% --9912 10114
Series D 3346
84
958
2
1932 M 61 9814 Sale 9814
12 Mar'28
Carb & Shaw let gold 46
9814 9814 Cleve SWF Line 1st gu 4742_1961 A 0 10334 107 10
981
1949 J 3 84
8912 85 Mar'28
Caro Cent let cons g 4a
1972 A 0 109e Sale 10958 10958 24
80
903* Cleve Union Term 634.
1973 A 0 10714 Sale 10612 10712 24
105
3 10254 10512
Caro Clinch & 0 tat 30-yr be 1938 3 D 105 10512 105
lat if 74 ear B
let & con gen series A
1952 3 0 10914 Sale 108
19453 D 9414
- 9212 Nov'27 -109% 17 108 10912 Coal River Ry lIt gu 4a..
Cart & Ad let gu g 46
1981 3 D 9438 95
Jan'28
9934
95
4
1929 F A 99,
2 193:1 9918
Colorado & South let g 44
943* 96
Cent Branch U P let g 48_1948 J D 875 8878 8734 Mar'28
Refunding & eaten 430-1935 M N 9858 Sale 99
99% 36
873* 90
Central of Ga let g be_Nov 1945 F A 10818 109 10818 Mar'28
1948 A 0 9614 9618 9678 Mar'28 -10816 1081s Col & H V let ext g 4e
Consol gold 56
3 10614 10714 Col & Tol let ext 48
1945 MN 10634 10712 1065* 1068*
1955 F A 9412 9712 9512 Mar'28 - - -Registered
__ 8818 Mar'27 -- - F A 10452 ___ 10414 Feb'28
10212 10414 Conn & Passum Riv let 44_1943 A 0 90%
2 10114 10214 Consol Ry deb 46
9612 9.8
10-year secured fle_June 1929 1 D 10114 10154 10114 10114
9612
1930 F A
96,2
3
81
6
Ref & gen 534s series B__ _1959 A 0 10812 ___ 10814
1954 3 J 8014 8212 80%
Non-cony 48
10814 10 107 10814
81
81 Mar'28
Ref & gen be series C
1959 A 0 10354 ____ 10334 Mar 28
10338 1041*
Non-cony deb 4s____J&J 1955.1 J
9512
9512
Mutt Div our money g 43.1951 J 13 95% -___ 9518 Mar'28
8112 Jan'28
Non.conv deb 4s__A&O 1955 A 0
Mao & Nor Div let g 543_1946 3 3 10632 ---- 10712 Oct'27
82 82
82
8
Non-cony debenture 44-1956 J J
2 1:05; 1-0-314
_ 1031a
Mid Oa A Atl div 58
1947 J 3 10372
1942 3 D 98 Sale 9712
9814 86
- Cuba Nor Ry let 5148
10318
Mobile Division ba
1946 J 3 10678 ____ 10678 Mar'28
99%
7
1952 .1 1 99% 9912 9812
10614 10678 Cuba RR let 513-year be g
4
Cent New Eng let go 4a_1961 1 .1 8658 8634 8712 Mar'28
881e
19363 D 110 Sale 1097e 110
86
1st ref 734s ser A
10018 1003*
Central Ohio reorg 434e__1930 M S 10014 ____ 10018 Mar'28
let lien & ref Baser B
1936 J D 100 1001 100 Mar'28 -5 100% 1004 Day & Mich let cone 410_1931
Central Rit of Ga coil g 58_ A937 M N 10078 Sale 10078 10079
5
100
.1 9934 _-__ 100
96% 90
9 11634 31912 Del & Hudson 1st & rei 48_3943 M N
Central of NJ gen gold be_ 1937 1 1 11634 11714 11634 11612
9658 Sale 9514
2 116,8 11818
1
Registered
1937 Q J 11618 Sale 11618 11618
1936 A 0 10134 1017 10134 10184
30-year cony be
4
General 48
98'2 9712 Mar'28
1987 J J
1937 MN 10438 1051 1043* 1051
15-year 53.4e
97% 99
Cent Pie 1st ref gu g 46
1949 le A 9512 957 9514
9618 20
1
1930.9 D 10512 Sale 10512 1051
10-year secured 78
94% 9612
Jan'28
Registered
F A --------94
9684 Apr'27
D RR & Bdge 1st gu 48 e
94
1936 F A
94
33
Mtge guar gold 310_ _Aug 19293 D 99
9918 99
99
94
93
99
36
67
3 3 9334 Sale 9314
9914 Den & R. G let cons g 4s_ _ 19
3
4
18
11
6
9634 Sale 9634
Through St L let gu 44_1954 A 0 9418 94
Consol gold 4348
971
9514
94
94
9514
24 10354 10512
7
1960 F A 105 Sale 10414 105
Guaranteed g be
Improvement gold be
100
19283 D 9978 10014 100
Charleston & Sayn'h let 70_1936 1 3 11318 ____ 11938 Aug'27
Den & R West gen be_Aug 1955 MN 9518 Sale 95
965* 164
2714 49
2714 Feb'28
Des M & Ft D 1st
411--1935 J
10
Chee & Ohio fund & Min 56.1929 1 3 10038 1003* 10014 Mar'28
28 Sale 28
28
Temporary Ws of deposit__ _
10718 12 101
1939 M N 107 10712 107
let cense! gold 56
10214 Feb'28
1 4 110714
0 4 Des Plaines Val let gen 410_1947
1939 M N 105% 107 1053* Mar'28
Registered
1995 .1 13 -ill II 80 Mar'28
los% 10558 Det & Mac_ let lien g 48
1033* Sale 10212 1033* 27 10212 105
General gold 410
1992 M
74
70 Mar'28
19953 D 70
Gold 46
102 10238 102 Mar'28
111
Registered
100 10214 Detroit River Tunnel 414s 1961 MN 10214 10314 103 Mar'28
10334 ____ 1038 July'27
SO-year cony 410
1930 F A 10012 Sale 10014 10012 39 10014 1011* Dul MINiabe & Nor gen 5s 1941 J
Craig Valley tel 53
101 10212 10118
1940 3
10118
____ 103 Mar'28
1 10118 1023* Dul & Iron Range lit 5e
1937 A 0 103
9312 Mar'28 -Potts Creek Branch let 0_1946 3
9214
10278 Jan'28
9154 9312
A 0
Registered
lit & A Div let eon g 4a__1989 J
9438 ____ 9412 Mar'28
8612 Sale 86
15
87
943* 9452 Dul Sou Shore & Atl g 58_ -1937
2d comet gold 4a
9228 Mar'28
1989 3 3 928
9112 923* East Ry Minn Nor Div let 45248 A 0 9414 ____ 95 Mar'28
Warm Springs V tot g 58-1941 IN S 100%
1005* 10212 10034 Mar'28
10212 Mar'28 __..a 10212 10212 East T Va & Ga Dive 5e_1930 J
Chem Corp cony be May 15 1947 M N 9934 Sale 9934 100 253
1966 M N 11018 ____ 11018 Mar'28
Cons let gold be
9878 100
Ohio & Alton RR ref g 3s1949 A 0 7284 Sale 7314 Mar'28
74
106 Mar'28
Elgin Joliet & East 1st g 54.._1941 MN 10538
73
CU dep stud Oct 1927 Int----8
7212 7314 7234
7314
10934 Mar'28
1965 A 0 1095*
7211 7312 El Paao & S W let be
spa 66
letfitaw first lien 310
203
66
1950 i-i 66 Sale 5934
Erie let cone°, gold 78 ext 199
1936
0j
M S
j 105 1-0514 10578 Mar'28
Cite dap Jan '23 & sub coup
64
20
64 Sale 60
22
8978 Sale 898
59
64:
let cone 4s prior
90
Ohio Burl & Q-111 Div 370-1949 .1-"i 8918 Sale 8834
8
8912
8834 911s
Registered
86
1997 1 3
Jan'28
89% Feb'28
Registered
J J
1996 J J 8514 Sale 8434
89% 904
let censel gen lien g 46
8512 20
Illinois Division 45
1949 J J 97% Sale 964
9718 27
1996 1 3
96% 9884
Registered
82
1
82
General 4e
9628
97
16
1958 M S 968 97
1951 F A 10284 fa" 10284 10234
963* 4834
Penn coil trust gold 4s
6
lst & ref 4146 ser B
1977 F A 101% 102 101% 102% 34 1011* 102%
513-year cony 48 aeries A-1953 A 0 874 887 8734
88,4 92
lst & ref 56 aerial A
1971 F A 10812 Sale 10812 10812 16 10714 11014
Series B
8734 70
1953 A 0 8734 Sale 8734
Obleago & East III 1st 66_1934 A 0
10718 10718
4 10614 10714
8819 Mar'28
Gen cony 0series D
87
1953 A 0 86
0&E III Ity (new 60 con 55_1951 M N 8712 Sale 87%
88
79
85
43
Ref & impt 58
1967 M N 99I4 Sale 09
99% 205
Ode & Erie 1st gold 54
1982 M N 11112 1121 11112 11112
1 11012 11214
Erie &Jersey let ef68._ 1955 J I DA 1141 11334 114
8
Chicago Great West let 44-1959 M S 70 Sale 6914
70
168
66
1212
Genesee River lat s f 58-1957 3 J 11338 ____ 1133s
11332
5
Ohio Ind & Loulay-Rel 6s 1947 J J 11534 118 117
117
1 11674 11814 Erie & Pitts gu g 330 B_ _1940
J 92102 Jan'28
Refunding gold 64
106
1947 3 J 106
1 106 106
106
Series C 334e
19403 .1 92 Sale 92
2
92
Refunding 45 Series C-1947 J .1 9212 ____ 9114 May'27
Eat RR eat! a f 76
1954 MN 104% Sale 104
1041
66
General 56 A
1966 111 N 106 1061 10578 106
5 lOSSi 1071* Fla Cent & Penn lat ext 53-1930 J J 991* ___ 10212 Mar'28
General 13s B
May 1966 J 3 110 Sale 110
110
8 10914 1111*
Consul gold 53
10234 Sale 10234 1023
J
3
Chic Ind es Sou 60-year 46_1956 1 3 958 9656 96 Mar'28
957 9612 Florida East Coast let 4303959 J D 9914 - - 99,4
991
Chic L 8& Cant 1st 410__1969 J D 10212 10284 10212 Feb'28
102% 10212
let & ref Is series A
8934 Bale 89
1974
M
S
897 122
0 M & Puget Sd let eu 46___1949 1 J
76 Mar'28
7011 75
Fonda Johns& Glov 430-1952 M N 4812 491 4812
48s 16
Ch M & St P gene 4aSerA..41981 J 3 923* Sale 923*
9152 9312 Fort St LID Co 1st g 4346_1941 I .1 971
9278 21
-_
9812 Jan'28
Registered
Q .1
---- 91
91
9138 Ft W & Den C let g 530- -1961 3 13 108 410
1083 108 Mar'28
91
General gold 310 ear Be1989 3 .1 8112 Sale 8112
811
6
8024 8134 Ft Worth & IttoGr 1146(481_1928 J J 100
9934 Mar'28
Gen 430 scrim C_May 1989 3 J 1025s 10278 10278 1027
3 10012 10114 Frem Elk &Mo Val 1st Cs__ _1933 A 0 10614 1083-4 10712 Mar'28
Registered
_ 10012 Feb'28
_ 10014 10012 GH&BAM&P1052.-.1931 MN 102 WV: 10156 1011e
Gen & ref Ber A 430.Tan 2014 A 0
7314 Nar'28
7252 741s
26 extent] to guar
1031 3 .1 1005* 10076 10028 Ma7211
Gen ref cony eer B 65 Jan 2014 F A
75 Mar'28
7014 75
Galv lieu° & Bend let SE _3933 A 0 9812 100 100 Mar'28
lit ear 66
1934 3 3 103 Sale 10234
iO3i
80 10234 104 Ga & Ala Ry 1st eons be_Oct 19453
99% Sale 99
99% 13
Debenture 430
1932 1 D
75 Mar'28
_
71
75
Ga Caro & Nor 1st gu g 5s-1929 J J
97 10014 Mar'28
Debenture 48
19253 D
7178 Feb'28
71
7354 Georgia Midland tot 32
79
1948
Sale
A
0
77
24
76
25-year debenture 44
1934 J .1
7214 Feb'28
7012 731s Or R & 1 est 1s1 gu g 4%a_ 1941 J J 10034 ____ 101 Mar'28
Chic Milw St P & Pat be_1975
9712 Sale 9713
981 1532
9518 9812 Grand Trunk of Can deb 75-1940 A 0 11638 Sale 11638
11678 83
Cony adj ba
Jan 1 2000 A 0 7134 Sale 7134
7414 4361
017a 74h
15-year. f 68
1936 M S 10834 Sale 10834 10912 16
Grays Point Term lit 5s_1947 J D 99
___ 9934 Feb'28
Chte & N'weet gen g 330_1987 M N 83% 85% 8313
84
12
8314 86
Great Nor gen 78 series A-1936 J
11512 Sale 11518
11512 116
Registered
Q F 7812
84 Mar'28
84
8458
Registered
1145 Feb'28
General 4s
1987 M N 9512 9614 95%
9534
3 934
9
6
5%
9
98
634
lot & ref 4
101778 gale 101
series A__1961 J
1011a
1
Stud 48 non-p Fed in tax '87 MN 9712 97
9534 Mar'28
General 634* series B
112 Sale 112
19623
1121
10
Oen 4 3111 stpd Fed Inc tax.1987 MN 10912 11112 112 Mar'28
General 58 series C
10778 10834 10878 10878
1973 J
4
Gen 56 stud Fed Ins tax._.1987 M N 115 _. 115 Mar'28 _- 112 115
112 117
General 434e aeries D
1976 J
10058 Sale 10012 11034 20
Registered
M N 10912 114 113 Mar'28 _- 113 113
General 434eseries E
10058 10034 10014
1977 J
10034 26
Sinking fund 68
1879-1929 A 0 102 102% 1023* Mar'28
1023* 1023* Green Bay & West deb die A__ Fe
8578 88 86 Mar'28
Sinking fund 156
1879-1939 A 0 101 10138 101 Mar'28 -- 10054 1011
2
Debentures
ctfs
B
Fe
25 Sale 2478
25
6
Registered
1879-1929 A 0 10018 _
10012 Oct'27
Greenbrier
Ry
let gu
MN 9512 ____ 9512 Mar'28
Sinking fund deb 54
1933 M N 10318 -- 103 Mar'28 -- I021
Gulf Mob & Nor lat 53421950 A 0 10618 107 107 Mar'28
Registered
M N 10218
10218 Mar'28
1021. 102%
lat Id 58 aeries C
1950A 0 101 103% 103 Mar'28
10-year secured 76g
19303 D 104% Sale 10434 10518 19 104114 10612 Gull&
S1 let ref & tore 68.01952
_ 10818 Mar'28
1077*
I5-year secured 0 34114......1936 M S 11334 114 113%
lll3g 10 11212 11414 Hocking Val let cone g 430_1999 J
J J 105 Sale 105
10
2
facet gee
May2037 J D 11178 Sale 1/114
1117
19 1111s 114
Registered
19993 J
11 Feb'28104
lit & ref 4142
May 2037 J D 10314 Sale 103
1031
12 102 10412 Howlatonic RY cone g 5a
1937
MN
_
_
10012
Oble R 1 & P Railway gen 4..1988 J J 94% Sale 9314
Mar'28
948
22
927 96
H & T C let g Int guar
19373 J 10410212 10314
- 104 Mar'28
Registered
J 3 9118 9212 9218
9218 10
913* 9218
Waco & NW die let 6s_ 1930 MN ____ 103 10312 Mar'28
Refunding gold 48
1934 A 0 9534 Sale 9534
96
136
9512 9654 Houston 13elt te Term 1st 583937 J J 10212 10314
Secured 474a series A
10258
1025*
1952 M fi 96 Sale 96
5634 45
953* 9714 Houston E & W To: lat g 58_1933 M N 100 ____ 10078
Oh Elt L & N 0 Mem Div 0_1951 J D
Mar'28
9212 Mar'28
92
9234
let guar be red
1933 M N 10118 102 101 Mar'28
CD Eit L & P let cons if tia---1932 A 0 10214 -- 10278 Feb'28
1023s 10338 Rod & Manhat 56 series A 1957 F A 10212
Sale 102
10212 142
Ohio St P M & 0 cons 6a_1930 J D 10258 10278 10234 103
5 10234 1033*
Adjustment Income 58 Feb 1957 A 0 9334 Sale 92%
Cons 68 reduced to 854
9334 145
1930J D 98 Sale 98
98
2
98 98
Illinois Central let gold 45_1951 J
9712
98
98 Mar'28
Debenture be
1930 M S 10018 10012 10012 10012
b 100 10012
1st gold 330
19513
J 88% 9012 8812
8812
2
Stamped
10018 _ _
100 Jan'28
100 100
Extended 1st gold 3145
1951 A 0 8812 91
9112 Jan'27
Ohio T H & So East 1st 58_1960 3 D 10214 10234 103
10314 20 10212 10358
1st gold 3s sterling
1951 M 8 76_ 96 Mar'28
Inc gu 5s
Deo 1 19(10 M 13 9814 Sale 9814
9812 15
9612 981s
Collateral
trust
gold
0-1952 A 0 95 -1
95
96
Chic Un Stan 181 gu 4%a A-1963 3 J 10214 10212 1021a
3
10218
2 10114 1023*
1st refunding 44
1955 M N 97 Sale 967
97
612 26
lit bs aeries 18
1963 3 J 10512 Sale 10514
10512
3 104,8 106
Purchased lime 310
1952
.1 8714 8
8712
875*
9
1944 J D 1041
Guaranteed g be
.Sale 104
10412
5 1031s 105
Registered
J .1 85 Sale 85
85
1
1st 6 Sls aeries C
1963 3 J 11712 Sale 117
11714 21 117 11914
Collateral trust gold 441_1953 M N 927 Sale 9278
9314 15
Chic & West lnd gen gas-471932 Q M 10518 _ _.- 103
Jan'28
1023*
11,12Istered
103
MN
1101491 Nov'27
Consol 50-year 4.
1952 3 .1 93
9312 9234
93
22
91% 93
Refunding 513
1955 MN 110
11034 11034
3
lat ref 6las aer A
1962 M S 105 Sale 1044 10514
9 1043* 10578
15-year secured 630 g
1936 J J 10012 1107 11212 113
4
Oboe Okla & Gulf cons 54_1952 MN 10512
_ 1075* Mar'28
107 1073*
40-Year 434e
Aug 1 1966 F A 10218 Sale 102
10214 83
Cln 11 & D 2,1 gold 4%6
19373 3 99% __ 9918 Mar'28
99
9914
Cairo Bridge gold 46
1950 J D 9238
971g Jan'28
0I Bt L & C let g 4sAug 1936 Q F 98
98% 9818 Feb'28
981s 9818
Litchfield Div let gold 3e_1951 .1 3 7912 ---- 8012 Oct'27
Registered
Aug 1936 Q1 F 9714 -___ 9714 Feb'28
9714 9714
Louis
'
, Div & Term g 310.1953 J J 863
__
875*
Mar'28
n4t.;
etn T elk a 'go. go 455
”143. 4 N
413. F.,tg.i/
03 14910.
Omaha Div let gold 'Is
lull F A 7814
4-fills 801^ Jan'28
Due Feb. iDuoMay. V DUO Dee
Bangor & Aroostook let 54-1943 .1 3
Con ref 0
1951 3 J
Battle Crk & Stur lat gu 3a 1989 3 D
Beech Creek lot gu g 0
1936 J J
19363 J
gel guar g be
Beecb Crk Rut let g 310_195I A 0
Big Sandy let 0
1944 3 D
Boat & N Y Air Line let 48_1955 F A
Burns & W 1st gu gold 48_ _1938 J J
Buffalo R A P gen gold ba_ _1937 M S
1957 MN
Consol 4 kie
1934 A 0
Burl C It & Nor 151 58
1344
1043*
91
68
978g
100
82
Ask
____
9214
73
--__
____
Low
10358
9018
6812
9714
97
8512
9434
86
87
8678
9734 9818 9778
104
___ 104
9318 Sale 9234
103 10312 10314
Range
Jan. 1.
Low
Mae
-95
7
4 WI;
100% 100%
115% 116
10111 103
10512 108%
103s4 105%
96% 98%
91% 9314
91% 92%
'Oils WI;
fobii
108% 108%
102% 1044
-41314 -901;
89% 89%
10412 106%
109% 110%
106 10712
995
99
95%
95%
1664
100
98%
95%
96l 961*
79
82%
78
85%
80
81%
76so 83%
95% 984
97% 100
1084 110
99% 10014
99% 100%
93
96%
100 101%
104% 107
104% 107
921* 94
NU 9814
100 10014
89% 97
2714 31
26
32
10214 10214
82
80
70
72
10134 103
ioik fail;
102% 102%
86
90
95
96
10034 104
10914 11012
10414 106
109 10934
10512 10618
91
89
85
80
84
88s.
82
87Ia
102% 1031a
8712 891a
86% 89%
87 8811
97% eft
113 114%
112% 115
102 102
90% 94
100% 104%
10212 102%
102% 102%
99% 101%
8314 89%
45% 52
98% 98%
108 10854
9914 9954
10614 10712
1014 Via
100% 10A
99% 100%
98 100%
100% 100%
77
79
10014 101
115% 118%
108% 109%
98% 99%
114% 116
114% 114%
100 102%
112 115%
106% 109
99% 101%
98% 101%
88
88%
2412 3914
955
, 9512
10612 10712
103 104
10712 10814
105 10712
1041,1043*
10112 10114
10312 104
103% 103%
101% 10254
100% 10078
101 1021a
10058 10212
9158 9334
97% 9914
gel
: 90
"oils
961a
87%
85
9212
9014
98%
90%
85
94
Rio."
11234
101
971s
ink;
11414
10214
9714
-if 8814
7912 8051
New York Bond Record-Continued--Page 3
2122
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 6.
g
41.
Price
Friday,
April O.
Range
Since
Jan. 1.
Week's
Range Or
Last Sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 6,
Price
Friday,
April 6,
Went'.
Range or
Lan Bale.
Range
Binge
Joe. 1.
High No. Low
Hick
Ask Low
Bid
High No. Low
High
Bid
Ask Low
3812 July'25
J
Nat RR Me: pr I 4148 Oct_1926
Illinois Cent (Conolafol)18 Mar'28
-if; Ili
Assent cash war rct No 4 on
80 90
_ 80 Mar'28
St Lou% Div & Term g 35_1951 .7 J
28 Apr'26
1951
let consol 45
8914 89%
8914 Mar'28
1.
1951 .7 J 79%8914 9• Gold 3148
11
11 Bale 11
.
Assent cash war rct No 4 on
-14 181
Springfield Div byt g 3%8_1951 J J 8712- 88 Oct'27 _
___ 8618 Nov'27
1954
92% 9414 Naugatuck RR 1st g 4s
- 9278 Mar'28
Western Lines let g 48_1951 F A 9234 -6312
Feb'28
2
10214
0
1
/
log
;
-1
105
8510212
1945.7
61
cons
New
England
2
92
90
92
F A
92
Registered
93 Mar'28 - 90 93
1945 J .1 9214
Consol guar 418
Ill Central & Chic St L & N 0
Mar'28
90%
98%
_
A
F
90%
1986
88'z-40__
let
guar
RR
June
NJ
17
10814
106%
107
106%
Sale
106%
0
J
Joint let ref 58 series A___1963
10014 102
NO&NE let ref ix imp4TOA'52 J .7 99 101- 10114 Mar'28
99% 101
1963 J D 9978 Sale_ 9934 10012 39
lit & re1 4148 tier 0
4 24
1
94/
J 941
9074 9415
4 9412 9314
/
108/
4 10811 New Orleans Term lit 48.-1953
1
1083s Mar'28
1951 1 D 1081/4
Gold 55
10012
15
9984
101
9914 102
_
0
A
55_1935
Inc
n-c
Max
&
Texas
0
N
Jan'27
1951 1 D 8338 842 841
4
/
Gold 3148
2
9912 101%
1954 A 0 WI 10112 10012 10012
1st 56 series B
Ind Bloom & West lst ext 46_1940 A 0 9312 ____ 9338 Sept'27
1037 Mar'28
A
10312
103%
105
F
10414
1956
C
series
5s
let
97
itil;
Mar'28
9614
J
9612
95%
1950.7
Ind III & Iowa 1st g 4s
9912 47
98% 99%
1956 F A 9914 Sale 98%
1st 4148 se,ries D
9Cls 9112
1956 J .1 93 951s 9018 Feb'28
Ind & Louisville let gu 48
10512 25 10478 10512
1964 A 0 10514 Sale 105
A
series
514s
1st
105
10212
10212
10212
1
J
10412
10214
A1965
ser
5s
gen
Ry
Union
Ind
_ 100 Jan'28
100 100
& C Bdge gen guar 4348_1946 J .1 100
10412 10412
10412 Feb'28
1965, J 102%
Gen & red 5s series B
101
4 101 101
4 '.7YB&Ml3lstcongSs,.1935& 0 101 103 101
/
lnt & Grt Nor 1st 6s ser A 1952 J 1 10634 Sale 10634 10712 26 10634 1081
MN 10714 Sale 10714 10838
9
107% 10814
68_1935
deb
cony
RR
Cent
Y
N
248
90
9914
9534
90
Sale
92
Aprl
1952
Adjustment 68 ser A July
963s 34
1998 F A 9618 Bale 95%
4 974
1
95/
Consol 48 series A
7712 7712
7712 Feb'28
Stamped
10312 46 10213 10414
Ref & impt 414s series A_2013 A 0 103 Sale 103
0038 1017s
19563 .1 100 10012 10034 Mar'28
lst 55 series B
Bale
4
lows
1093
0
110%
54
11074
A
10814
C2013
series
5s
impt
it
Ref
9
102
100%
10012
s
1007
Sale
4
1
1956.7 .7 100/
1st g 58 series C
86
40
8014 2774
8178 8414 N Y Cent & Ilud Riv M 314s '97 J J 8568 Sale 8558
8414 19
Int Rys Cent Amer let 68_1972 MN 84 Sale 8378
J J 8412 Sale 84%
8412 51
1997
8312
Registered
844
4
973
9414
96%
9534
Sale
96
MN
1941
let coll tr 6% notes
NN 9812 Sale 9812
98% 37
1934
98
9914
Debenture gold 4.5
91 9714
9714 57
1947 F A 96 Sale 9412
let lien & ref 6%s
98% Jan'28
MN
98% 98%
Registered
28
47
38
42
Iowa Central let gold 5s_ _1938 J D 42 Sale 41
98
19423 .1 98 Sale 98
2
99
4
971
4s
debenture
-year
23
80
48
43
38
42
Sale
43
Certificates of depoait ______
8318 8011
re coilgold 3%8-1998 F A 8312 8334 83% Mar'28
7
ke Shore
LaRegiate
4 1712
1
10/
14
1951 01-El 14 Sale 13%
Refunding gold 48
- 8212 Mar'28
1998 F A 81%
81% 82%
2
s
967
9512
9514
9514
96
95
D
J
48.1959
let
Clear
5c
Frank
James
8518
8518 87
Mist, Cent coil gold 8145-1998 F A 841s -8512 85%
103 May'27
1938.7 J 103
KaA&GRIstgug 58
83%
83%
1998 F A 8358
8318 8334
Registered
0114 Mar'28
-1;6.18 Ills
1990 A 0 9118
Kan & M lat gu g 48
9714
97%
5
A 0
98
1937
9714
&
48
g
ChIc
1st
Y
L
N
St
5
101
100
101
101
100
N
M
1928
99%
K C Ft El & M cons g 68
9612
Feb'28
_
_
9618
0
A
1937
9618
9612
50
97
97
96
IC C Ft B & M Ry ref g 48_ _1936 A 0 96 Sale 96
9914 279
1931 M N 99 Sale 99
9714 100
2tgl
ebenture 46
ed
sterrd
yea
10018 10312
10312 Mar'28
KC&MR&B lingo 5s1929 A 0 101
103
Bale
10314
103
21
MN
1931
10312
10178
BC
A
22
series
68
2d
4
793
7712
7814
8
7
78
Sale
Kansas City Bou 1st gold 3s-1950 A 0 7834
10714 42 10678 10734
Refunding 514s series A 1974 A 0 107% Sale 107
Apr 1960.7 J 10212 Sale 101% 10212 15 101% 10314
Ref & impt Es
10712 40 10638 10712
Refunding 5155 series B_ _1975 J J 107% Bale 107
93% 9534
9412 55
Kansas City Term let 4s____1960 1 .7 9414 Sale 94
10114
101114 12 10078 10214
10114
A
F
A-1953
As
4
gU
lst
Connect
Y
N
6
93%
9312 9612
Kentucky Central gold 48___1987 .7 J 9334 Sale 9314
1953 F A 10414 1-04 10514 Mar'28
10012 10194
let guar 58 series B
9 91
9612
9612
Kentucky & Ind Term 4%8-1961 J .7 9612 Sale 9414
9212 Nov'27
N
M
48-1947
gold
ext
let
Erie
&
Y
N
1
9612
93%
9612
9612
J
1
4
1
96/
1961
Stamped
- 10014 Dec'27
1004
1933 M
8d ext gold 4148
98% 983s
9838 Mar'28
19611 J 99%
Plain
1003i 10033
1930 A 0 10034 ---- 10014 Mar'28
Ilth eat gold 58
1034 104%
1937 J J 104% 10514 10414 10414
Lake Erie & West lst g 58
99% Jan'28
19281 D 9914_9914 9914
5th eat gold 48
102 104%
1941 .7 J 1033
- 10314 Mar'28
2d gold 55
4 100 Mar'28 _
-100 100
2 8338 871
8614
4 N Y & Greenw L gu g 5s_1946 M N 100 111
/
Lake Shr & Mich S g 3343_1997 1 D 85 4-87 8614
3 8618 8712
87
2000 M N 8512 88 87
Harlem
3148
&
Y
gold
N
2
88
85
85%
8
853
D
-J
8
855
1997
Registered
NY Lack &W 1st & ref 54 -1973 M N 10314 -- 80 July'27
99% 69
98% 100
1928 M S 9978 Sale 9934
Debenture gold 421
jiffs foli1973 MN 10518 1-074 109 Mar'28
First & ref 414s
99,s 100
9934 59
1931 M N 9938 9938 9912
25-year gold 48
_
106 Feb'27
1930 M S
NYLE&W 1st 7s ext
4
1
99
4
991
Feb'28
9934
M N 9834 _
Registered
3 iiois 1011,
1932 F A 10112 Sale 10112 10112
N Y & Jersey lst 5ti
3 10614 107
107
Leh Val Harbor Term 6s__ _ _1954 F A 10678 - - 107
90 Mar'27
10214 20 101 10211 NY&NE Bost Term 46-1939 A 0
Leh Val N Y lst gu g 4%8_1940 J 1 10134 1-0214 102
1
88
6988 90% 9312 NYNH&Hn-cdeb 48__1947 M B 88 Sale 88
9114 42
Lehigh Val (Pa) cone g 418-2003 M N 91 Sale 9078
8114 8112 Mar'28
78% 8814
Non-cony debenture 3348_1947 M B 80
90 91
Jan'28
91
M N
Registered
Mar'28
79
7912
79
814
0
4
A
771
3348-1954
debenture
29
Non-cony
10012
4
/
10211
4
1011
10114
-Sae-2003 M N 16114
General eons 4348
87
11
8518 8811
Non-cony debenture 48-1955 J J 87 Sale 808
98 Nov'27
MN
Registered
851s 88%
4 11078
1
Non-cony debenture 48_1956 M N 86% Sale 8712 Mar'28
6 109 1l1'g
Lehigh Val RR gen 58 serles_2003 M N 1107 Sale 110/
79
7912
79
3
79
J
7714 80
1956
3348
Cone
debenture
106%
10512
Leb V Term Ry 1st gu g 5s.. _1941 A 0 10614 107 10618 Mar'28
8 115% 118
19481 .7 11618 Sale 11534 11634
Cony debenture 65
103% 103%
A 0 10312 10612 103% Feb'28
Registered
11412
11412
1
.1
1
113%
115
Registered
9212
Jan'28
9212
S
9212
11
95
9238
Leh & NY let guar gold 48__1945
10512 32 105 10514
1940 A 0 10512 Sale 105
Collateral trust Os
114 11518
Le:& East 1st 50-yr 58 gu_1965 A 0 111 113% 114 Mar'28
10912 Dec'27
A 0
Registered
9212 9612
9612
Little Miami gen 45 Ser A_1902 MN 0812 Sale 9612
8112 10
1957 M N 8112 Sale 8112
8014 826s
2 10914 10912
Debenture 43
10914 10914
1935 A 0 100
Long Dock consol g Os
9414 246
9314 9434
4 10014 102
let & ref 434s ser of 1927..1967 J D 93% Sale 9312
Long Isld let con gold 5aJuly 1931 Q .1 10178 Sale 10034 1017s
3
9338
93% Sale 93%
MN
481954
9218 9338
let
Ches
Pt
&
R
Harlem
9914
9811
Mar'28
4
993
J
9812
4
Q
993
1931
_July
4s___
let consel gold
81
13
7914 8138
94% 96,2 NYO&W ref ist g 48_June 1992 MS 80 Sale 80
4 Mar'28
1
1938 J D 9612 ---- 96/
General gold 68
4
7312
7512
7412 80%
1955 D 7512 7712
General 46
9614 Sept'27
1932 J D 97
Gold 48
4 92 Mar'28
1
92 95
9258 9312 N Y Providence & Boston 431942 A 0 92 93/
92% 10
1949 M S 92% 93% 92%
United gold 48
89% Jan'28 _ _
A0
89% 8984
Registered
1934.7 D 101 10114 10014 Nov'27
Debenture gold 58
3
94%
9418 Sale 94%
9412
96/4
0
A
1933
48
gu
con
lit
10112
Putnam
&
Y
N
76
4
10012
991
9934
Sale
9914
N
M
1937
20-year p m deb 58
90 924
4
9212 9414 NY SUBQ & West let ref 55_1937 J J 90 9012 9012 Mar'28
9314
1949 M S 93 9314 9314
Guar refunding gold 4s
8112 8114
4
8278
81
1937 F A 80
8212
2d gold 4148
5 101% 102
Nor Bh B let con gu 58..Oct '32 Q J 101% Sale 101% 10178
7512 12
721s 804
1940 F A 754 Sale 75
General gold 53
9312 9414
9334
Mu &Jeff Bdge Co gu g 4s_ _1945 M El 101% 102 9334
10214 Feb'28
1943 al N 10214 99% 10214
Terminal lit gold 58
105% 106
Louisville & Nashville 56_1937 M N 105 107 10534 Mar'28
908 32
89 92
97% 9914 NY W'ehes & B 1st ger I 4%8'46 1 J 90% Sale 9014
9814 41
1940.7 J 98 Sale 9734
Unified gold 48
1950 A 0 10212 Sale 10214 10212 58 100 103
101% 10218 Nord Ry ext'l itO WI
Collateral trust gold 58-1931 M N 10114 10212 101% Mar'28
9633 14
4 97
1
95/
4 103% 33 103 30512 Norfolk South 1st & ref A 58_1961 F A 96 Bale 9578
/
1930 M N 10318 Sale 1031
10-year secured 78
4 Feb'28
1
102/
10214 103
gold 58_1941 M N 10214
let refund 6145 series A._2003 A 0 10912 Sale 10912 10912 24 10918 11012 Norfolk & South let gold
65_1931 Al N los ibis; 10518 Mar'28
105 10512
Norfolk & West gen
3 108% 109
109
2003 A 0 108/
4 109 109
1
let & ref 58 series B
Improvement & ext 68_1934 F A 1014 -- 10912 Dec'27
9 10212 30414
2003 A 0 10112 104 10212 104
let & ref 410 series C
_ 10612 fdisi;
10612 Feb'28
New River lit gold 68_ _ 1932 A 0 101334
10214 103%
1930J J 1024 10314 10214 Mar'28
N 0 & M 1st gold 68
9734 18
4
1
9614 98/
N & W Ry Ist coma 4s1996 A 0 9714 9734 97
2 102% 10214
19301 J 10214 10314 10214 10214
2d gold Os
Mar'28
95%
_
0
A
9578 95%
1996
Registered
1
8
1
96
96
96
96
A
F
98
96
48_1946
Div
Paducah & Mem
9612 _ _13
9534 9634
Dly'l let lien & gen g 48_1944 J J 95% Bale 9534
7034 25
6814 7014
7034
St Louis Div 2d gold 38_1980 M B
18234 Mar'28
17618 19012
1929 M S
10-yr cony (is
102 10278
Mob & Montg bit g 4%s 1945 MS 10214 __ 10278 Feb'28 _
2
9634
1941 3 D 9614 Bale 9634
964 9712
Focal: C & joint 48
10
9238 0414
93
South Ry joint Monon 46_1952 .1 J 93 Sale 92%
10633 Sept'27
5
9812 North Cent gen & ref 5s A-1974 M S 107%
96
9614
AU Knoxv & Cin Div 48_1955 M N 9614 Sale 9614
8 Jan'28
1015
10312
s 1614
M
jail
A-1975
series
wps
4348
ref
&
8
---Gen
1003
Mar'28
4
10012
MN
101
s
1003
4%6'31
g
Div
Loulsv Cin & Lex
10312 Mar'28
101 1081:
Stamped
10312 10312
10312 Jan'28
1934.7 1 10212
Mallon Coal RR let 58
1
10018 Sale 10018 10134
99 103
7634 North Ohio lit guar g 58___ _1945 &
74
7634 34
Manila RR (South Lines)46_1939 M N 7612 -7812 76
96
57
95% 977g
80
4 Mar'28
/
8234 North Pacific prior lien 48___1907 Q J 95% Sale 95%
1959 M N 7934 82 811
11848
9412
6
1997 Q J 9512 95% 94%
Registered
9411 97
4 10112
1
100/
Manitoba SW Colonlaa'n 58 1934 J D 100 101 10033 Mar'28
7034 68
Sale 7018
4
703
F
Q
2047
_Jan
TOlg 7333
38..gold
lien
Gen'l
88
88
Mar'28
91
88
88
W
1st 364s-1941 3 J
Man 0 B & N
6812 10
Jan 2047 Q F 67,2 6934 6812
6812 69%
RegIstered
10112 10218
Mich Cent Det & Bay City 58231 El M 10114 10212 10112 Mar'28
103
9 102% 105
103 Sale
10318
Ref & impt 4148 series A-2047
10014 10178
Q 61 10034 10134 10018 Mar'28
Registered
98 May'27
J J
Registered
97% 9768
97% Jan'28
1940.7 J 9718 _
Mien Air Line 48
38 Mfg 11714
Rat&(mot fla aeries B----2047 J J 116 Bale 1153a 116
9614 Nov'27
J 1
Registered
11514 Oct'27
.1
.1
Registered
Ws;
89
Mar'28
89
64
90
M
195:
lat gold 314s
10814
Bale
10814
10814
9 161 1091,
.1
J
C-2047
series
Rapt
58
&
Ref
9934 100
__ 99% Mar'28
1929 A 0
20-year debenture 48
los loos
Ref & impt 58 series D-2047 J J 10814 10812 10834 Mar'28
5 9714 9914
99,4
1940 A 0 9834
9978-993-4 9914
Mid of N 1 lat ext 58
Mar'28
4
/
1101
11033
J
J
Ion no%
68-1933
g
1st
Co
Term
Pao
Nor
__-10014
Mar'28
100%
10012
A
F
10014
56_1929
Milw LB & West imp g
106 106
9914 9914 Nor By of Calif guar g 68-1938 A 0 10512 _ 106 Jan'28
Mil& Nor lst eat 4%8(1880) 1934.7 D 08 -99 9914 Feb'28 ____
4
1
a 10212 10219
1930 J J 10212 1-0312 10212 102/
97% 9912 North Wisconsin 1st Esi
97% Mar'28
1934 J D 97%
Cons eat 4345 (1884)
Mar'28
87
87%
J
J
1948
g
48
8712
gu
1st
Cham
L
87 8814
&
Og
9534
4
/
971
9712 96 Mar'28
Mil Spar & N W let gu 48__ _1947 M 13 96
95% Nov'27
5 42 4914 Ohio Connecting By let 4s 1943 M S 96
45
Minn & St Louis 1st cons 58_1934 MN 45 Sale 4478
J D 103% 1-04 10334 Mar'28
1-63-3;
1936
5s
g
let
RR
River
Ohio
4
50
44
40
44
N
M
47
45
Temp ctfs of deposit
4 1044
1
104/
1937 A 0 10212 106 10418 Jan'28
General gold 58
30
19
14
18
let & refunding gold 48_1949 M S 18 Sale 17
96
8 95 96
RR & Nay con g 4s19481 D 95% Sale 95%
1618
Oregon
1112
3
15
15
1912
1612
F
Q
A-1962
User
Ref & ext 50-yr
1104 11014
9118 20 902 9212 Ore Short Line let cons g 58-1946 .1 .1 ---- 110% 11014 Mar'28
If fitP&SSMcongdsintgu'38 1 I 91 Sale 9012 Dec'27
8 10914 111%
---- 109% 10934 10934
1946.7
Guar cons 58
5812
Registered
72 9912 100
4 100
Sale
99%
991
19293
48
refunding
Guar
5
9814
10012
9912
9812
Sale
98%
J
1938.7
let cons 55
15
93
9238 9412
92% Sale 92%
1961 J
Oregon-Wash let & ref 4s
9
9912 101
1938 J J 99% 106 9934 100
1St cons 5s gu as to int
8412 8818
Pacific Coast Co lit g 58---1946 J D 84% 85 85 Mar'28
32
10-year coil trust 6)48......1931 M S 10112 Sale 10114 10134 32 10114 10318 Pao RR of Mo 1st ext g 44-1938 F A 95% 97 9514
9512
9512 9518
101
1031s
102
1946 J J 102 Sale 10114
let & ref Os series A
10218 Jan'28
102% 102%
1938 J J
2d extended gold 56
94% 18
94 96
1949 M S 94% 9478 94
25-year 5148
10133 Jan'28
J
J
4
1
101/
4148-1955
if
10012
let
Ills
&
Paducah
Oct'27
8
983
9518
N
M
1941
let Chicago Terms f 411
96 10012
1
9912 Paris-Lyons-Med RR 68-.1958 F A 99% Bale 99% 10014 97
99
98
_ 99
Mississippi Central 1st Be-1949 J 1 98
Sinking fund external 78-1958 M S 101 Salo 103% 10414 80 10112 10414
1
92%
9112
92
92
92
4
913
D
48..J9901
gold
hfo Kan & Tex let
64 101 10414
1954 M S 10334 Sale 10314 104
51 103/
4 104% Paris-Orleans RR if 7i
1
Mo-K-T RR pr lien 5s ser A-1962 J J 1034 Sale 1034 104344
96 Sale 9514
9014 83
9574 9614
External sinking fund 510 1968 M
5
9012 9212
903
1962 J .7 9014 904 9012
l0-year 45 series 13
B 10234 Sale 10214 1041z
if
M
10114 10412,
75-1942
ref
&
let
By
Paulista
144
1091y
106
107
10614
Sale
106%
0
A
Cum adjust 65 ser A Jan_196./
97/8
4
9712
97181 9918
6 10218 10378 Pennsylvania RR con,g 48-1943 M N 974
103
1965 F A 103 Sale 103
MO Pao 18t & ret 5s ser A
7
9718
07s 97%
1948 M N 97 -9614 100
Consol gold 48
7914 8314
8112 148
1975 M S 8138 Sale 8012
General de
6
9714
9812
9814
4
1948
973
MN
1
dollar_May
stpd
8 09
sterl
967
48
236
102%
101
4
1013
1977 M S 101% Sale 101
1st & ref /58 ser F
1960 F A '104 106 104% 10518 28 10414 107
Consolidated s 4146
9314 6471
hfo Pao 3d 78 ext at 4% July 1938 MN 95 97 94% Mar'28
D 10318 Bale 10234 103% 75 103/
A__.,19851
4
1
10474
sales
414s
General
103
103
Feb'28
103
J
10312 ---Mob & Bir prior lien g 5e_1945 J
1968 .7 0 11218 Sale 11112 11214 56 11112 115
General 5e series B
99% 100
100 Mar'28
.1 .1 100
Small
1930 A 0 104% Sale 10414 10478 98 10414 10572
10-year secured 78
9612
92%
Mar'28
9214
92792%
s
.7
1945.7
lilt m gold 48
1936 F A 113 Sale 11238 11318 61 11212 11324
16-year eecured 6148
88
84
1941.7 J 84 87 84 Mar'28
Small
60-year secured gold 58_1964 M N 10518 Bale 1044 10514 96 104 10572
8112 Mar'28 -- 97% 98
Mobile & Oblo gen gold 48_ _1938 M S
_
93 93
92%
93 Jan'28
A
M
tr
coil
reg-1937
gu
Co
Pa
334i
4
10414
105%
10414
4
1
/
104
Montgomery Div latir 56_1947 F A 1044 106'a
2
9014 9114
90%
Guar 3348 coil trust ser 11_1941 F A 90% ____ 90%
9812 9914
9912 35
1977 M S 9914 9912 9914
Ref & lmpt 410
1
90
8914 9014
90
1942 J D
trust ctfs C
3145
Guar
97
_
97%
Mar'28
97
_
97
S
M
418_1991
1st
go gold
Mob & Mar
4 90
1
89/
Mar'28
8978
_
D
ells
90%
truat
D
1944
314e
Guar
11212
112%
Mar'28
19373 J 11214 11-3-12 112%
Mont C lst gu 68
9912 100
9912 14
1931 A 0 9912 Sale 99%
Guar 15-25-year gold 4a
4 104/
1
104/
4
1
4 Jan'28
1
4 10612 104/
/
181 guar gold 58
1937 J J 1051
4 954
1
93/
95 9518 Mar'28
trust ctfs 1952 MN 94
E
ser
4s
Guar
88
81
Mar'28
8434
84%
Morris & Essex 1st 101 3%8_2000 7 D 8414
96 10014 Pa Ohio & net let & re!4141 A'77 A 0 101 101% 101% 10178 12 101 102
96 Mar'26
Mislay Chan & St L 1st 60_1928 A 0
92
907s 15
90
90 Sale 90
Peoria & Eastern let conAsp4s1999040
_
10418
10312
Mar'28
104
A
F
1937
58
IfFla&Blstgog
4212 13
3712 45
Apr. 40 44 4012
Income 48
30 Sept'24
Nat Ry of Mex pr lien 4%8_1957 J .1
1074
Mar'28
10812
8
1083
109
108
5)0_1974
A
F
let
Un
Pekin
158i Peoria &
7 12
1314
1314
Assent cash war rat No 4 on ---1
20 1044 10519
4 10518 ins
/
Pere Marquette lit aer A 58-1956 J J 1041
8712 Aug'25
Guar 70-year s f as
1977 A0
9114 964
95121 6
1966
.1 94% 951 9512
let 48 series B
1
1713 21
4
/
191
1912
Assent cash war rat No 5 on
-
New York Bond Record--Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Aprll 6,
t
t
".2.
Price
Friday,
April 6.
Week's
Range or
Last Sale.
Range
Since
Jars, 1.
BONDS.
N. Y.STOCK EXCHANGE.
Week Ended AprIl 6.
2123
Price
Friday;
April O.
Week's
Range or
Last Sale.
rate
Bid
Ark Low
Mob NO. Low
NW
BM
Ask Low
High No.
Ma Bait & Wash let g 4a--1943 MN 9918 100 100
1
100
Ulster & Del let cons g 55- _1928 D 71 Sale 71
98 100
12
71
General 55 series B
114 Mar'28 - • 114
1974 PA 114
let refunding g 48
114
1952 *0 39 43 40
40
5
Philippine Ry let 30-yr 2146 1937 J
4014 414 4012
4012
1
4112 Union Pacific 1st RR &id at 48'47 33 9758 99 9658
40
39
98
Pine Creek registered let 65-1932 ID 1054 107 1054 10572
3 10578 10578
'3
9612
Registered
9612 12
POC&StLgu431sA
10018 102
1940 *0 100 10238 10018 Mar'28
1st lien & ref 45
June 2008 MS 97 Sale 9614
97
28
Series B 431e guar
1 10118 10212
1942 *0 10112
Gold 4315
1967 7, 10058 Sale 10022 101
34
- 10112 10112
Series C 4318 guar
10218 Jan'28
10218 1024
1942 MN 10112
lat lien & ref 5s
10,8
June 200
8 MS 113 Sale 1127
14
11312
Series D 4s guar
'3 10012 Sale 10014 10078 29
4 9738 Mar'28
1945 MN 973 98310-year secured 65
9725 99
Series E 331s guar gold
97 Mar'28
1949 FA
N RR & Can gen 48._ _ _1944 MS 9912 -- 9912 Mar'28
97
9712
Series F 4s guar gold
1953 3D 9718
9714 Apr'27
Utah & Nor 1st ext 45
1933 3, 9718
9834 Nov'27
Series 0 45 guar
___ 974 Nov'27
1957 MN
Vandal's cons g 4s series A 1955 FA 974 9834 98 Mar'28
Series H con guar 48
9718 9812 9718 Mar'28
9718
lor
1960 PA 9714Con s f 45 series B
1957 MN 9778
9812
9912 10
Series Icons guar 4 MIL-1963 FA 104 105 10512 Feb'28 _
1044 10512 Vera Cruz & P assent 43.68-1934
174 1912 1912
4
197s
Series J cons guar 4318-.1964 MN 1044 Sale 10418 10412
a 10415 105
Virginia Mid 55 series F
1931 MS 10118
10112 Jan'28
General M 58 series A
3D
113 11314 11314 15 113 11412
General 58
1970
10034
1936
1035 Mar'28
3D
Registered
11338 Jan'28
1132s 1134 Vs & Southw'n let gu 5s-2003 J
106
1074 Jan'28
Gen mtge guar 55 series B_1975 *0
11338 11314 Mar'28
113 11518
let eons 50-year 55
1958 *0
10018 9934
8
9934
AO
Registered
11312 Jan'28
11312 11312 Virginian Ry let 55 series A_1
193
96,
2 MN 10812 Sale 10812 10878 12
Pitts McK & Y let gu 6s____1932 3) 10611
MN 105 10534 10578 106
106 May'27
Wabash 1st gold 58
42
26 guar Oa
73
10658
_ 10652 10652
1934
1 foils 107
2d gold 55
1939 FA 10338 Sale 1034 10312 11
Pitts Sh & L E lst g 5s
1940 *0 10312
104 Mar'28
Ref 5 534e series A
103'g 105
10634 Sale 10534 1074
1975 M
9
let consol gold 56
1943 73 10212
10012 Apr'27
Ref & gen 55 series B
1976 FA 103 Sale 103
10332 37
Pitta Va & Char 151 45
1943 MN 9618
95 Oct'27
Debenture B Os registered_1939 33 100
8314 Feb.27
Pitts Y & Ash lst 48 ser A
97 -1/7-1:1
1948 3D 9612 -9814 9714 Mar'28
let lien 50-yr g term 48-1954'3 8834 - - 8618 Feb'28
let gen 55 series 13
10812 10812
Del & Chi ext let g 58
1982 PA 10734 ____ 10812 Mar'28
1941 J
10478 -- 1044 Feb'28
Providence &cur deb 48
_ _ 8034 Mar'28
Des Moines Div let g 4s.-1939'3 9258 Sale 9258
1957 MN
8012 804
9258 10
Providence Term let 48
90
_
9212
- 89 Dec'27
Omaha Div 1st g 3Ms_ -1941 *0 8678 8824 8712 Mar'28
1956 MS 8014Reading Co Jersey Cen coil 45_51 *0 9658 964 965s
4 'WA lif"
Tot & Chic Div g 4s
1941 MS 9512 ---- 9314 Mar'28
97
Gen & ref 434e series A
PA
1997'3 10312 Sale 10312 10434 43 10214 10424 Warren let ref gait
83 Mar'28
RIM & Meek 1st g 4s
Wash Cent let gold 48
1948 MN 8218 84 8212 Nov'27
33482
10°°
948 QM ---- 9112 9058 Mar'28
Molina Term Ry 1st gu 58
_
10414 Mar'28
10414 10412 Wash Term 1st gu 3348
1952 JJ
194
945 PA 894 91
8914
90
2
Rio Grande Juno 1st gu 5a-1939 3D 1041410078 10112
PA 9632 -- 96 Nov'27
- 102 Dee'27
1st 40-year guar 41
---Rio Grande Sou let gold 45 1940 33
41
8/
1
4 44 Feb'28
5
_
41g W Min W & N W let gu 58.1930 PA 9978 101 101 Mar'28
Rio Grande West 1st gold 48_1939 3' 8934 Sale 9412
9412 9512 West Maryland beta 45
1952 A0 8512 Sale 854
9412 29
857s 29
let con & coil trust 48 A 1949 *0 9412 Sale 89
8
let & ref 5315 series A -1
88
90 •
8934
197
37 J J 10158 Sale 10014 10134 46
RI Ark & Louis 1st 431s
33 10258 1025s 10238 10238
9
1934 MS 9812 9834 9814
962s 9918 West N Y & Pa 1st g fe
3
9812
Rat-Canada let gu g 4.6
845s 8634 8478 Mar'28
Gen gold 45
8428 8478
1949
1943 AO 9314 Sale 014
9454 32
Rutland 1st con g 4345
9618 9658 9658 Mar'28
1941
954 9652 Western Pao let ser A 5e..-1946 MS 10014 Sale 100
43
10058
Mt Joe & Grand Isl 151 g 4.8 _1947
91
2
91
89
91
West Shore let 4s guar
93 9314 93
2361
9
93
Ut Lawr & Aft let g 58-1996 7' 10078
3 911% 9238 9138
Registered
2361
- - 10018 Sept'27
9134 17
26 gold 65
108 Jan'28
Wheeling & Lake EriekW'
jai'
1996 *0 1071
St L & Cairo guar g 45
4-9-9.18 9834 Feb'28
Wheeling Div let gold 58.1928 J J 100 10038 100 Mar'28
1931'3 984
9814 Ws
St L Ir Mt & Seen con g 55_1931 A0 10134 Sale 10112 10134 15 10114 10214
Ext'n & impt gold 55
1930 FA 100
10018 Feb'28
Stamped guar 5a
1931 A 0
10134 Dec'26
Refunding 4348 soled A.-1966 MS 967s -977i 97
97
992 99
Unified & ref gold 48
9914 1015e
_ _ 12 99
Refunding 58 series B
_
1929
9958 25
19
96
46
9 MS 10112 102 10112 Mar'27
J J
Registered
MS 9318 9312 93 Mar'28
9812 Nov'27
RR let consol 45
_
Riv & G Div 1st g 48
N 9632 Sale 9632
964 9734 Wilk & East let gu g 58
1933
967s 50
2
193
7558
48
2 3D 7538 Sale 7538
St L M Bridge Ter gu g 5s1930 *0 10034 10154 10078 Mar'28
J D 10412 107 10438 Feb'28 _
10034 10134 Will& F let gold 58
St L-San Fran pr I 43 A
9118 93 Winston-Salem S B let 45_ _ _1960 33 9138 93 9234 Mar'28
92 230
1960 Ii 9134 Sale 9114
Ii
Registered
9158 Dec'29
Wis Cent 50-yr let gen 45
1949 33 8838 Sale 88e
9
8878
Con 51 434s series A
97 "6/ 97
Sup & Dul div & term let 45'36 MN 93 9312 9318
97
1978 MS 97 Sale 97
7
9312
Prior lien 58 series 13
1951)3, 10312 Sale 10312 10312 14 1024 10412 Wor & Con East 1st 430-1943 J
9218 ____ 924 Mar'28
Prior lien 68 series C
73
10018
Sale
10018 10014 11 10018 101
1928
INDUSTRIALS
Prior lien 534s series D
1942'3 10238 Sale 10238 10258 38 1024 10312 Adams Express coil tr g 45_1948 MS 92
9234 9258
9358 24
Cum adjust ser A 68_ _July 1955 *0 10158 Sale 10112 1011* 258 100 1014 Ajax Rubber 1st 15-yr s 188.1936 3D 109 Sale 109
109
Income series A Os--July 1960 Oct. 10178 Sale 10112 10178 164
S
994 1024 Alaska Gold M deb Os A
312 10
1925
6 Mar'28 _
St Louis & Ran Fr Ry gen 65_1931 3, ____ 10412 10438 Mar'28 -- - 10438 105
Cony deb 65 aeries B
1926 MS
_
332
6 Feb'28
General gold 58
3,
1013
8
10112 103
1931
3 10072 10312 Allis-Chalmers Mfg deb 50_1937 MN 10178 Sale 101
103
102
65
L Poor & N W 1st gu 58_ _1048
J 10812 10858 1094 Mar'28
AlpIne-Montan Steel let 78_195 MS 964 Sale 9658
10812 111
12
9654
St Louis Sou 1st go g 48_ _ _ _1931 M S 9758 ____ 9758 Aug'27 Am Agri° Chem lst ref I 7346'4 FA 10558 Sale 10512 10534 29
SO L S W let g 4e bond ett3_1989 M N 9118 Sale 914
91 12-11; Amer Beet Sue cony deb 66_193 PA 8614 Sale 82
9
9134
861 1 28
241 g 48 Inc bond ctfs_Nov 1989 ii 8512 87
8514 Mar'28
8428 871, American Chain deb s I 68..193 A0 10412 Sale 10412 10434
0
Consol gold 48
9734 99 Am Cot 011 debenture 58.--193 MN 1011g Sale 101
1932 D 9778 Sale 9778
9838 41
10114
4
let terminal & unifying 58_1952 J
10212 103 102
103
49 10012 1034 Am Mach & Fdy s 611
1939 A0 10412 105 105 Mar'28 - _
St Paul & K C Sh List 4348_1941 PA 9678 Sale 9678
Am Republic Corp deb 6s-1937 A0
34
98
98
96
__ 10218 Mar'28
St Paul & Duluth 1st 58
FA
10112 10234 10212 Nov'27
Am Sm & It let 30-yr 55 ser A19'4477 A0 102 Sale 102
1931
49
4
8 12
19
09
2578
let consol gold 45
AO 10534 Sale 10758 1084 31
95 -9-6-14
1st M Os series B
1968 3D 9518 9634 9514 Mar'28
St Paul E Or Trunk 43113_ _ _ _1047
.1 100 103 1004 Nov'27
Amer Sugar Ref 15-yr 611--1937'3 105 Sale 10478 10514 21
St Paul Minn & Man con 48_1933 J J 9812 99 984 Mar'28
9714 -9-8-li Am Telep 4 Tales coil tr 45_1
192
939
,33 9934 Sale 9934
let consol g fis
10712 108 10712 Mar'28
M
10712 11112
Convertible 46
1933 J
994 984 10012
Ii 10634 10834 10634 Mar'28
Registered
M
20-year cony 4345
10634 10634
115114 Sale 10114 10114
Cs reduced to gold 431s...1933
J 101
D 10518 Sale 10518 10538 40
___ 10058 Mar'28
10038 10114
30-year
Regitescomd
ll tr 5s
194
36
3
Registered
J 99
9912 Jan'28
3D
9912 994
- 10438 Feb'28 -- _
Mont ext 1st gold 48
33 10/3172 Sale 10812 10834 79
3
35-yr a I deb 58
1937 3D 9714 9812 9734
9734 9812
9734
Registered
3D 9112
9512 June'27
20-year e f 5344
19
943
69 MN 10912 Sale 10938 110
106
Pacific ext guar 4e (sterling)'40 J
94
0434 9434
9434
6
9478 Am Type Found deb 65
94
1940 AO 10558 106 106 Mar'28
St Paul Un Dep 1st & ref 58_1972 3) 109 Sale 100
109
3 10812 10958 Am Wat Wks & El col tr 55_1934 AO 10834 Sale 10058 10118
9
A & Ar Paw let gu g 4s_ _1943 J J 94 Sale 94
MN
94
Deb g 65 ser A
14
9454
93
10034 Sale 10834 10938 15
Banta Fe Pres & Phen let 55_1942 MS 103 ____ 104 Feb'28
33 9034 Sale 90
Am Writ Pap let g 68
10212 104
1
9
9
7
4
5
7
21
91
Bey Fla & West let g 6s___ _1934 AO 108-- 109 Jan'28
109 109 Anaconda Cop Min let 6s-1953 PA 10534 Sale 10538 10534 204
let gold 5s
1934 *0 10212 1-6412 10212 Nov'27
Registered
10512 Mar'28
Illatoto & N E let gu g 45_1989 MN 9758 Sale 9752
I5-year cony deb 75
9728 98
9752 12
1938 PA
Sale- 10512 123 3012
Seaboard Air Line let g 4s
85 82
79
1950 *0 82
823s 11
8412 Andes Cop Mln cony deb 76_1943 3 3 13434 Sale 134
138 2375
Gold 4s stamped
1950 *0 8078 8112 8134
774 8372 Anglo-Chilean s f deb 75_ _1045 MN 10314 Sale 1024 10314 13
817s 14
Adjustment 55
001 1949 FA 5812 Sale 58
60 322
46
13212 Antilla(Comp Ague)731e
1939 33 9412 95 94 Mar'28
Refunding 4e
AO
6718 Sale 67
1959
77
69
60
7212 Ark & Mem Bridge & Ter 55_1964 MS 10318 10414 10314 Mar'28 let & cons fle wiles A
1945 MS 89 Sale 8812
774 9624 Armour & Go let real eat 430'39 3D 9178 Sale 91
8912 447
44
92
Registered
MS
85 Mar'28
7854 85 Armour & Co of Del 5318-1943 33 9118 Sale 905s
9134 73
All & Birm 30-yr let g 4a_41933 MS
MS 10278 Sale 10278 103
9258 Mar'28
884 95 Associated 0116% gold notes 194
93
5
7
11
Seaboard All Fla let go Os A.1935 FA 8513 Sale 8512
JD 10414 ____ 10314 Jan'28 --714 9478 Atlanta Gas L 1st 55
8612 88
Series 13
86
1935 FA 85
86
9428 Atlantic Fruit Is ctfs den-1934 3D II
72
8612
6
20 Nov'27 Seaboard & Roan 56 extd
9978 100 Mar'28 1931 33
3D 11 -20
100 10052
Stamped ctfs of deposit
15 Mar'28 -So Car & Oa ist ext 5348
N i068-* 10114 loos 10112 35 1004 1014 All Gulf & WISS L col Jr 5e-1
1929
3 78 Sale 777g
193
959
7
7815 26
& N Ala cons gu g 5s
1936 PA 104 105 105 Jan'28
33 10134 10212 10134 1021
Atlantic Refs deb 55
105
105
22
Gen eons guar GO-yr 5e
19133 *0 11458
11434
11412 115 Baldw Loco Works let 5s__ _1940
108 109 108
108
1
So Pao coil 45(Cent Pao coil) t'49 3D 9334 Sale 9312 Feb'28
Demme(Comp Az) 7348_1937 3' 10638 10714 10612 Mar'2
7
934
9314
95
Registered
3D 88
92 88 Mar'28
Ramsdell Corp 85 with warr-1940 3D 10114 Sale 10018 1011 212
88
88
20-year cony 45
June 1929 MS 9934 Sale 9934 100
3D
Deb
9912
Os(without warrant)_1940
100
91
9138 Sale 91
58
917
let 434s(Oregon Lines) A_1977 M
10358 Sale 10338 10352 59 10318 104 Belding-Hemingway 65
1936 J
9852 9912 9834
983
1
20-year cony 58
1934 JD 10238 10212 10218 10218
1 10018 10314 Bell Telep of Pa Egiseries B 1948
J 109 Sale 109
10958 35
20-year gold 58
1944 MN 10014 10034 100
let & ref ba series C
10012 150 100 10311
1960 A0 11234 113 11234 113
35
Gold 431e
1968 MS 10014 Sale 1004 10014 159
994 10012 Berlin City Elec Co deb 630.1951.10 97 Sale 9678
97
971
Ban Fran Terml 1st
1950 *0 9514 96 95
95
3
Berlin Elec El & Undg 6 As-1956 *0 9638 Sale 955
9418 96
63
961
*0 8818 93 8934 Mar'28
Registered
Beth Steel 1st & ref 58 guar A '42
8934 90
N 10378 Sale 1034 104
30
So Pao of Cal let con gu g
J 102 Sale 10112 1021
551-1937 MN 105 10714 105 Mar'28
105 10712
30-yr pm & Impel 6a__1936
14
Bo Pao Coast 1st go g
Cons 30-year 60 series A 1948 PA 105 Sale 105
9 974 9714
9714
1937 33 974 Sale 9714
135
1051
So Pao RR let ref 45 40----1955
J
97 Sale 9658
97
40
Cons 30-year 534s ser B-.1953 PA 10414 Sale 10334 104
9512 9812
59
Registered
J
96
Bing & Bind deb 63.4s
98
5
96
96
981
2
1950 MS 95
94 98
Southern Ry 1st cons g 55-1994
J 116 Sale 11511 1174 41 1124 11734 Booth Fisheries deb
975k Feb'1212
s I 68_1926 A0
ez,.. 7.9
Registered
3,
11234 1124
1
110
Botany
Cons Mills 6 Ms.-1934 A0
1123
4
122
Devel & gen 48 series A _ __1950 *0 9214 Sale 9134
925s 64
9112 93 Bowman-Bilt Hotels TB.. __.1934 MS 103 10334 10312 10312
1
Develop & gen 65
1956 AO 11912 Sale 11938 12014 43 11512 121
B'way & 7th Av 1st con 58_1943 3D 794 Sale 7378
218
81
Devel & gen 6348
1956 *0 12612 Sale 12612 127
28 12514 127 Brooklyn City RR 1st 5s___ _1941
.933
3 93 Sale 93
11
Mem Div let g 54
33
11134
114
1996
11118 Mar'28
_ 1114 1134 BklynEdieoninc gen fa A 1949
J 105 10532 105
10578 20
St Louis Div let g 45
1951'3 9312 Bale 9312
.1 3
9
9354
9312 94
Registered
10538 Mar'28
East Tenn reorg lien g 5s 1938 MS 10414 105 9658 Dee'27
General Os serlea
J J 1025* 103 10234 103
5
Mob & Ohio coil tr 45
1938 MS 965s
9658
-gibit Bklyn-Man R T sec Os
196
39
8 3, 9978 Sale 9914 100 266
Spokane Internal 1st g 55_ _1955 33 8914 90 8912 Mar'28
8912
1
8612 90 Bklyn Qu Co & Sub con lad 58'41 MN 69
70 7018 Mar'28
Sunbury & Lewiston let 421_1936 3,
95
95
2
1st 5s stamped
95
9612
1941 3
85 8212 Jan'28
78
Superior Short Line 158 58....e1930 MS 997
_ 9978 Nov'27
Brooklyn R Tr 1st cony g 48_2002 33
8812 Nov'26
Term Assn of St L let g 4%8 1939 AO 102 8102-18 10212 Mar'28
10054 10-2-1; Bk3Iyynr71
u%.Esecured
a5a
4_notes_
33 105 ____ 1364 Nov'26
_
_
_1921
let cons gold 5e
PA
1944
106 10634 10638 Mar'28
1054
107
let
PA
1950
20
97
96
Sale
97
Gen refund s f g 4s
634 10
1953 IJ 934 9334 9314
9224 94
Stamped guar 4-5a
1950 PA 9878 100 9558
10
96
Texarkana & Ft S 1st 5148 A 1950 PA 107 10714 107
10714 17 10618 10712 Bklyn Un Gas let eons g 58..1945
N 110 ____ Ill
111
3
Tex & N 0con gold fe
1943 3,
__ 1034 Mar'28
103 10312
let lien & ref 63 series A._1947 MN 11914 ____ 11814 11912 18
Texas & Pao ist gold 56
11318 1154
2000 3D 10312- 114
115
45 11034 115
Cony deb 5348
1936 33 271 Sale 270
271
4
Sd too 5e(Mar'28 cp on)Dee2000 Mar 100 110 100 Aug'27
Buff & Susq Iron 1st s 1 55 1932 3D 9412 ___ 934 Feb'28
_
Oen&reffseeriesB
1977 *0 104 Sale 10378 10412 70 Wigs
Bush Terminal let 45
1952 AO 9338 Sale 9338
1
933*
Ls Div B L 1st g 5s
1931 J J 101 10114 101 Mar'28
10032 10111
Coneol 5e
3 994 10112 100
1955
10112 23
Tex Pao-Mo Pao Ter 5348_1964 MS 109 ____ 109
109
3 low: 109
Bush Term Bides 5e gu tax-ex '60 *0 10412 Sale 10412 10478 13
Tol & Ohio Cent let gu 5e..1935 3,
___ 103 Mar'28
10218 103
By-Prod Coke ist 5348 A _ _1945 MN 103 Sale 103
103
7
Western Div let g 55
10114 103 103
103
2 103 103 Cal G & E Corp unit & ref 58_1937 MN 10412__ 1044 10412
1935 *0 102184
General gold 55
1985 3D 1004 10412 10012 Mar'28
10012 10152 Cal Petroleum cony deb 51581
Sale 10014 10012 43
19
93
39 PA 10014 6Toledo Peoria & West let 441 1917 73
19
15 Nov'27
Con,deb a f 531s
MN 10212 Sale 10214 10414 59
Tol St LA W 50-yr g 4s__1950 *0 0612 Sale 95
5
9612
Camaguey Sue lets f g 75_1942 A0 10014 10012 10014 10012
9
1.01WV&Ogu431sA
10038 _.__ 10038 Mar'28
1931 J
100 1004 Canada S S L let & gen 6s 1941 *0 10212 103 10214 10212
7
11t guar 434. series B____1933 33 10012 ____ 10012 1004
3 1001a 10315 Cent Dist Tel let 30-yr 5s _ _.1943 3D 105 10518 105
105
2
1st guar 48 varied C
1942 MS 96 ____ 9578 Jan'27
_
Cent Foundry lets I 68_May1931 FA 98
99 994 Mar'28
for Ham & Buff let g IN--1948
D 944 ____ 9414 Mar'28
WI; Central Steel 1st g s las
MN 124 Sale 122
124
70
Cespedee Sugar Co let.? 71214'3
949
1 MS 1044 10434 1044 10434
4 Due May, • Due June. 1 Due August.
ROWS
Since
Jan. 1.
Low
Higl
am, 75 '
42
32
9658 99
9612 974
9514 981e
9914 10114
1124 11524
100 10078
9712 9912
98
98
9734 9911
1714 2121
10112 1014
10384 10354
10714 10714
9912 10314
10838 10972
10434 1061s
103 10412
10514 10738
103 10432
-illTs -861-2
10412 1044
9138 9312
8714 8854
934 934
83 83
9038 9055
884 91
995k
84
10118
10218
9234
9934
914
9118
101
8714
10312
104
944
10052
9312
9212
100 100
100 1001s
964 9822
1014 102
93 93%
7414 7012
10438 10438
9254 9244
8818 9238
9214 9312
92 9214
90
9328
107 109
412 6
412 6
10038 10224
93
9678
10434 106
SO
8614
10378 10414
100 1024
10414 10514
10124 10278
101 10224
10712 10914
10212 106
9938 100
98 1004
9954 10214
105 106
10428 10422
10514 109
1084 110
105 100
100 1014
10534 1094
90
934
1054 1064
10514 10512
1104 123
120 13832
9618 10314
934 9624
1024 103/
1
4
91
13312
8712 92
102 10311
10314 10314
15
15
7284 80
1004 10334
10718 108/
1
4
10312 1064
9912 1024
9012 92
9612 904
10634 10933
10878 113
9414 98
94 9728
102 10422
10028 103
10414 1084
10228 105
9814 9818
"ii
831.
10312 1054
68 81
93 95
10512 10672
1054 10532
10234 10424
964 100
8412 72
824 822s
If
93% 984
10628 111
1174 11912
261 276
934 9412
924 9412
984 103
103 105
102 10312
10314 10412
9524 102
100 10414
100 101
10111 10314
104541053*
98
994
120 124
100 105
New York Bond Record-Continued-Page 5
2124
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 6.
t
Pries
Friday.
April 6.
Week's
Range or
Last Sate.
in
Range
SW.
Jan. 1.
dON011
. Y. STOCK EXCHANGE
Week Ended Apr11(1.
7.•
Prtce
Friday.
April 6.
Week's
Range or
Lass Said
in
Raiff
Jas, 1.
BOO
Ma Ns. Low
Ask Low
Bid
2 105 1084
106
Kinney (CIR)& Co 734% notece38 3 D
106
D
Sale 10414 10434 20 104 10514,
Kresge Found'n coil tr es_ _ 1936
19 102 1054
105
Lackawanna Steel lit be A _ _1950 M S 10438 Sale 10414
4 10114 108
1
.
10133
Lao Gas L of St L ref&ext 56_1934 A 0 10138 10314 10114
30 10414 10514
Coll & ref 530 series C_1953 F A 10538 106 1044 105
5 10084 101%
101
Lehigh C & Nay s f 430 A_ _1954 1 J 101 Sale 101
1
3 101% 1024
Lehigh Valley Coal lit g 5s__1933 J
10112 102 10112 10133
3 J
1004 1.01
10013 Feb'28
Registered
7
lat 40-yr gu int red to 4%.1933 J J 9718 ____ 9512 Aug'27
0Y11934 F A 10114 -- 10114
1st & ref f 5a
10114
156
8 101 101%
1944 F A 101 Sale 101
1st & ref s f 56
101
97 101114
954 F A 97 Sale 97
1964
98
Ist&refsf 58
50
944 100%
9412 11
1st & ref s f
94,2 90,2 9433
28
g 9412 9612 944
F A
4 5I
9412 99114
73
99
19
1
let& ref s f 56 gu 56_ .1
8
9412
Le: Ave & P F lit
3
37 May'27
0
A
125
7s.1944
Myers
&
12134
Tobacco
124
18
Liggett
124
rgife12414
2
A 0
Registered
1174 Sept'27
3
10434 Eide 10434 10518 17 loafs Ufa;
fis
1961 F A
Registered
10412 Nov'27
Liquid Cable Corp Ss_ _1941 F A 130 128
13212 143 113 ili22
97 100
111
105 um 111
821, Loew's Inc deb es with warr_1941 A 0 iio4 sale 109
75
76
Without stock our warrants. A 0 lows Sale 10012 1004 62
ow, 10111
44 106 107
1944 A 0 11712 Sale 11734 11734 11 11314 118
_ 10212 10258 Lorillard (P) Co 75
1951 F A
bs
9434 Sale 9414
9376 984
37 10411 10518
9434
97 Dec'27
Registered
17
9% 10112
9554 "
9678 Sale 96/
9711
Deb 5301
79
4
1
8
974
9718 15
M
7 -1
932
10578 10638 10578 1057s 12 10374 108
4 100 1014 Louisville Gas& Elea(Hy)561-'5
10212 10234 LotayilleRy 10cons 56_ _1930 J .1 9614 9634 96 Mar'28
984
96
.
treAtust
e
rHydro Elec Pow„
36 10212 10312 Lor
A 9012 91
J D
1F
44
194
5346
91 Mar'28
8833 9112
18
861$ 93
10134 Sale 10134 10258
2 1004 1024
McCrory Stores Corp deb
97
87
55
Mental Sugar 1st f 7 Hs_ 1942 A 0 108 Sale 1073
, 108
40 105 108
19 10575 108
9
73
634 78
Manhat Ry(N Y)cons g 0_1990 A 0 72 Sale 7118
25 100 101
65 Sale 6213
69
65
65
60
2d 4s
103 10412
D 10234 ---- 10313 Mar'28
MS
994 1034
13I
953
10
f 56_ _2
2
9812 10012 Manila Elea Hy &
Mfrs Tr Co Ws of panic in
D 10514 10512 10514 10512
3 10411 106
A I Namm & Son let 68_1943
5 ioi" 103
100 Sale 9912 100
105
99 10016
10012 10214 Market St BY user A April 1940 Q
_
10438 10412 11 1034 1044
Met!' Ed 1st & ref be ser C_1953 J J
504 65
1
84 8312
1 8314 844
8312
- 10134 10334 Metz Wart Side El(Chic)48_1938 F A 83
102
12
964 102
23 10.338 10:33 Mlag MIII Mach 76 with war 1956 J D 99,4 1024 102
D 93 Sale 984 Mar'28
8912 984
Without warrants
43 10434 10634
9 10414 10584
10514 10512
10 10734 10935 Mid-Cont Petrol lit 630_ __1940 M S 10553 _
102 Sale 10134 10214 56 10014 102%
Midvale Steel10cony sf681936 M
11 10533 107
3 100 1004
Milw El Ry & Lt ref & ext 430'31 J J 1004 Sale 100
1004
4 10534 107
7 10234 10538
10538
General & ref 5s ser A_ _1951 J D 10514 --- 10514
5
964 9714
1st & ref te ser B
1031* Sale 10318 10314 22 102 10344
8714 921s
166
D 10412 Sale 10413 105
JJ
1j
43
Montana Power 1st ba A_ _ _ _1196
19 10234 10618
15
804 88
9912 10434
1982 J D 10314 Sale 103
10314 38
Deb 53 ser A
10
85 100
14
9712 MontecatIni Min & Agrio94
1937 3 J 10735 Sale 0738 10778 58 10034 10773.
Deb 72 with warrants
23 10534 10675
9418 10113
26
J J 9714 Sale 9714
98
Without warrants
218 10014 104
10114 Sale 0114
. Montreal Tram let& ref 56..1941 J
10114 13 10058 1024
24 102 1057
1
9973 10173
Gen & ref .158 serial A..1955 A 0 10014 Sale 0014 10014
9733 99
g 10014
O
55
93,
19
Series B
99
9912 Feb'28
994
2 11438 1174
- 881*
8812 ga le
8633 884
Morris & Co let if 434s......
8812 41
9513 99
20
0
A
2_1966
83
ter
is
9734 8212 Jan'28
8212 8212
Co
99
Mortgage-Bond
94
3
1932 1 J 9918 9934 994 Mar'28
9912
e63
98
tert46
luee
1O-25-year5s
8872 91
1934 J D 9512 Sale 9518
9512 20
9058 9534
10112 1024 Murray Body
10318 10.'1
Mutual Fuel Gas let gu g Si 1947 M N 105 _
0414 Mar'28
1(1214 103
9834 10014 Mut Un Tel gtd 13s ext at 5% 1941 M N 10312 -- 03 Feb'28
5
S 10014 Sale 9912 10014
ftedetel Light & Tr let 0_1942
9835 10032 Names(A I) & Son-See Mfrs Tr
5
9934 100%
let liens f be staMped.__ _1942 MS 9934 100
6113 184
6111
J 6118 Sale 5734
58
Elec guar gold 4s....1951
Nassau
105%
10412
7
S
105
We
4
1043
6
10
1942
stamped
lit lien Si
0312 Mar'28
103/
4 104
1
Nat Dairy Prod 6% notes-1940 MN
101 105
1954 JO 10212 10412 10212 10312
30-year deb (Ss ser B
104 1041e
0412 Mar'28
Nat Enam & Stamps lit.0_1929 J D
1
97
9512 99
9912 97
1939 JD 97
Federated Metals 81 76
98 101
9934 40
1947 F A 9914 ficile 9914
28 10014 1074 Nat Radiator deb 630
105
1946 J J 105 Ssle 104
fiat deb 7s (with warr)
10034 -- 004 10034
100141003*
9314 9614 Nat Starch 20-year deb 56_1930 J
9614 24
9614 Sale 9514
Without stock punch warrants_
6 104% 1084
1952 M N 10478 Sale 0478 10478
119
191 1184 3194 National Tube let s f 5s
1941 MS 118 Sale 118
Fisk Rubber let ii 86
1074 108
Newark Consol Gas cons 53_1948 3 D 10714 ---- 0734 Jan'28
8913 101
9912 16
9812 Sale 9712
Ft Smith Lt & Tr lit g 5s_1938 ni
111,2 13 1084 111%
J D 11012 --- 11
10814
8 10534 110 New England Tel & Tel 58 A 1952
10814 Sale 108
Frameric Ind & Deb 20-yr 73042 .1
34 101% 108
106
N 10473 1-0514 0478
1901
B
series
430
g
1st
11014
10833
10
4
1093
N
110
4
4
1093
3
109
Francisco Sugar lit if 7343_1942
9834 1014
0034 1007s 16
39 101 10313 New Or] Pub Serv lit 55 A 1952 A 0 10034 101
French Nat Mall SS Lines 7s 1949 3D 103 Sale 10212 103
101
18
99 1014
First & ref as aria B..-1955 J D 10012 Sale 00
106 106
Gas& El of Berg Co cons a 581949 JD 10738 ____ 106 Feb'28
Mar'28
1011s
N
100
8
997
00
M
100
83_1928
cony
let
Brake
Air
117
Y
N
94
113
109
1939 AD 11112 Sale 11014
Gen Asphalt cony 65
2
8912 8934
8934
884 90
NY Dock 50-year 1st g 0_1951 F A 89
9412 96
9458 ____ 9458 Mar'28
1942 FA
Gen Electric deb g 330
0 11814 Sale 1714 11812 48 116 119
A
_1941
A
630
&
ist
Edison
ref
Y
N
105
102
24
10418
Sale
J
10412
10412
'45
Gen Elm (Germany)73 Jan 15
10512 86 105 106
10514 Sale 0514
lit lien & ref Sneer B
51 118 121
f deb 6)45 with warr.__ _1940 JO 120 Bale 11812 120
11 11114 --- 1114 11153 22 10952 1114
A 0
4J
948
194
9972 10133 NYGaaElLtH&Prg 53_1
1
10114
Without waffle attach'd '40 JO 10014 101 10114
A
9834 14
Sale
3
3
98
F
974 98%
9812
0_1949
gold
Purease
money
1044
4
1023
152
104
PA
1035s Sale 10312
1937
Den Mot Accept deb a
0233 Oct'27
4 10173 10212 NYLE&WC&RR530-1942 MN 103 105
1940 FA 102 Sale 10178 10214
Gent Petrol let ii 56
iiiiii
Mar'28
10;
0314
J
J
1943
103%ba
Imp
&
Dock
W
E&
L
Y
N
6
1075
10412
FA
5
10514
Sale
10512
10512
1952
A
ser
g es
Gen Refr 1st
2 1004 10170
10136
01
1 10012 10112 NY& Q El L & P lit g 5s.....1930 F A 10138 gale
Good Hope Steel dc 1 Bee 75_1945 AO 10112 Sale 10112 10112
___. 6234 8712 Dec'26
J
Goodrich (B F) Co lit 6346_1947 3, 10758 Sale 10712 1083s 24 10716 10812 N Y Rys Ist R E & ref 4s...1942
Oct'27
_ 60 .64
Certificates of deposit
10734 l0734
_ 10734 Mar'28
Registered
15
"Ire 17
a
4 Mar'28
15
30-year adj Inc fe____Jan 1942 1
9434 159
924 98
Goodyear Tire & Rub 15t 56_1957 MN 94 Sale 9312
14
4
4 Mar'28
24 4
deposit
of
Certificates
103
102
4
JO
Sale
10212
4
1023
es_1936
deb
Hosiery
10212
Gotham Silk
1358 261$
Sale
203
419
3
24
Aps
2618
g
5
6
6
9
1
66.-Jan
Inc
Corp
By.
8218
Y
N
151
2
74
Gould Coupler lit, f 86___-1940 FA 7512 Sale 7434
146
90 Sale 8812
90
7536 90
Prio
lien Si series A
- _
Granby Cons M S& P con 51 A'28 MN 100 ____ 10014 Dec'27
2 10814 109
NY & Riches Gas let 68 A.I951 MN 108 109 10814 10812
N 100 ____ 10014 Dec'27
1928
Stamped
6114 24
6012. 54/
2
1
N Y State By. 1st cons 444_1982 M N 5134 Bale 5012
49
101
97 101
Ot Cons El Power(Japan)712.1944 FA 10012 Sale 10038
5
65
7416
6614
1962 MN 6614 Safe 66
.
B
series
8345
cons
1st
98
70
98
4
921
9712
.1
Sale
98
1950
634a
1st & genii
7
72
108
Sale
108
1084
MN
1085s
10812
A.1947
ser
es
ist
Steam
25-yr
Y
N
1061*
10534
Great Falls Power lit ii 56_ _1940 MN 10534 106 10534 Mar'28
9614 9914 NY Telep lat & gen 61430.1939 MN 10318 Sale 10313 10353 58 1014 10316
9918 91
Gulf States Steel deb 5%5_1942 JD 99 Sale 9834
A 11058 Sale 1104 11034 60 1101,11112
F
1949
f
s
debeti
_Feb
_
es
-year
30
8
925
4
8
90
4
3'
9212
8
925
Hackensack Water let 45_ _1952
62 1081a 109
20-year refunding gold es-1941 A 0 10858 Sale 10832 109
1930 MS 9518 ____ 9018 Nov'27
Hartford St By 1st 4s
17 1001e 103
103 Sale 10134 103
NY Trap Rock lit Ss
98
82
53
86
Havana Elec consol g 56.-1952 PA 86 Sale 82
Sale
8
1043
22 1031e 1044
l
D
5
1033
10412
32
48
9
19
55-1
lit
Power
Falls
Niagara
4
783
74
15
74
Deb 530 series of 1928_ _ _1951 MS 74 Sale 74
1 1044 1064
10534- 10533 10533
9574 9914
Ref & gen es
967
14
Hoe CFO & Co 1st 6348 ser A.1934 AD 964 9634 964
- 10433 10412 35 10333 1004
5 A 0 10438 gile
932A
1 102 10411 Nlag Lock &0 Pr Ist ret_ 195
Holland-Amer Line Si(11a0.1947 MN 10412 ____ 10412 1041
125
S
92
Sale
8012 93
9018
894
M
-1940
A_
631s
deb
8612 9412 Nor Amer Cem
185
90
Hudson Coal let s I 58 ser A.1962 J D 894 Sale 8914
10314 36 102 1087s
No Am Edison deb 56 ser A.1957 M S 10318 Sale 103
1 107 109
Hudson Co Oat lit g 56_ _ 1940 MN 10738 Sale 10738 10738
20
107
Bale
10215
8
106
1057
107
S
M
_1947
_
es_
Light
&
Trac
Ohio
Nor
1034
1024
34
Humble Oil& Refining 5345_1932 3' 10211 Sale 10212 1023
0 10312 Sale 10314 10312 22 103 104
1937 AO 10118 Sale 10078 1011 101 100 10112 Nor'n States Pow 25-yr Se A.1941 A 0 10554 Sale 10538 10534 10 105 107
Deb gold 58
1st & ref 5-yr 6e series 11_1941 A
9914 994
9934 ---- 9934 Mar'28
North WV 1st fd g 44egtd_1924 J
Blinds Bell Telephone 58_1956 3D 10538 Sale 105% 10558 19 105 1057s
9972 10113
44
1940 AO 10014 Sale 10014 1001
Minot, Steel deb 4345
9
AD
Sale
11612
116 116Is
11612
1946
A
730
Service
11612
10111
Public
Oblo
a
22
1011
987
101
1946 AO 101 Sale
Birder Steel Corp a f 76
1947 PA 11558 11612 11534 11614 10 115 118
& ref 7s series B
98 10114
31
99 Sale 9812 100
Indiana Limestone 1st if 68_1941 MN
J J 10714 Sale 10714 10714
10714 108
6s__1948
lit
Edison
River
Oblo
1004
9912
Mar'28
100
MN
1938
Ind Nat Gas & Oil be
17
89
87
1944 PA 87 Sale 87
9414
4 1004 10534 Old Ben Coal lit 65
1051
1952 MN 10514 106'2 10514
Indiana Steel 1st be
1 10352 10612
1943 PA 10454 105 10434 10434
Ontario Power N F let 55
May'27
10012
1
1027
s
-1935
31
Dec
-58
1st
Ingersoll-Rand
18458 10514 10453 10453
1
MN
1044
10314
58_1945
lit
Transmission
Ontario
1144
10314
8
1031
8
1033
1945 MN 10333 Sale
Inland Steel deb 530
70
10335 105
964 105
1953 MS
Oriental Devel guar Si
3 10034 102
102
Inspiration Con Copper 6348.1931 MS 10112 102 10178
152
100 Sale 9875 100
974 100
Otis Steel lit M Steer A_ _1941 M
Apr'2
11
Interboro Matron coll 430-1966 AO
40
J
Sale
10414
4
1033
103
10414
10414
68_1942
ref
&
gen
El
&
Gas
74l
Pacific
821z
J 8212 Sale 791s
821 1133
Interboro Rap Tran let ba-1986
7413 8212 Pao Pow & Lt let& ref 20-yr be'30 PA 101 10114 10078 10112 19 1004 1014
821
1133
.1
79
Sale
82
Stamped
20 10312 105
105
1937'3 10412 Sale 10414
7614 784 Pacific Tel & Tel let 56
Mar'28
7812
Registered
1084 los
1952 MN 10758 108 10778 108
Ref mtge bs series A
8053
70
8055 96
1932 AD 8014 Sale 77
10-year Si
10312 62 10244 104
9614 9933 Pan-Amer P & T cony if 81_1934 MN 10312 Sale 10318
995s 340
S 9958 Sale 98
10-year cony 7% notes-.1932
14
FA
105
105
105
10514
10312 1057s
1930
cony
76
lien
10-yr
lit
92
90
lot Agri° Corp lit 20-yr 56._1932 MN 9134 95 9134 Mar'28
9152 964
9636 88
Pan-Am Pet Co(of Cal)coav 63'40 JO 9614 Sale 94
83
79
52
Stamped extended to l942.... MN 83 Sale 7914
4 Sale 10214 1034 27 10112 104
1025
1st
Paramount-Bway
5345-1951
10613
105
133
1051
InterMercan Marine s 164._1941 AD 1054 Sale
101
234
'3D
Bale
9834
101
100
100
-Lasky
68_1947
-Fain'.
Paramount
44 1004 10213
1021
International Papers.Ser A.1947'3 10178 Sale 101
884 95/
4
1
9512 89
15 10334 10515 Park-Lox it leasehold 630._1953 JJ 9512 Sale 954
1043
1955 MS 10434 Sale 104
Refif6sierA
10716
107
MS
Jan'28
10714
58.1949
10713
cons
El
01
Passaic
&
Pat
6
,
98
14
95
98
-981
J 974 Sale 971s
Int Telep & Tales deb g 410 1962
814
50
6914 ao
Pathe Exch deb 74 with war.1937 MN 63 Sale 63
4
3
108
104
$
1063
2
_
_
_
_
20612
8
1063
J
J
Si
Works
(dal price)-1947
Jurgens
51
98 101
83 10484 10512 Penn-Dixie Cement 6s A .-__1941 M S 10034 Sale 10012 101
1051
Hamm City Pow & Lt 56_1952 MS 105 Sale 105
2 11314 1154
11534 11534
1 10133 1034 Peop Gas & C 1st cons g 84 1943 AO 11558
1031
10318
J
1957
lit gold 4144 series B
21 105 107
Si
1947 MS 10634 Sale 10612 107
Refunding
gold
1064
1054
9
1061
2
1057
MS
1057s Sale
Kansas flu & Electric 66_1952
MS
9914 May'27
Registered
335 10514 122
122
Kayser (Julius) & Co deb 530'47 MS 11834 Sale 118
31 lo.i4 air*
104
Philadelphia Co coil tr 64 A 1944 PA
gife 10353
9814 101
4
984
Keith (B F) Corp let Os__ _ _1946 MS 984 Sale 984
98
98 10131
JO
34 101
100
A
1967
series
loco.,
fos
Secured
sale
10912
10614
13
Belly-Springf Tire 8% note6.1931 MN 108% Sale 10833 1004
167
100 1041,
1033
10314
Sale
MN
10312
4346
1967
let
Co
Elec
Piffle
9612 99
9612 Mar'28
.1 9658 99
Keyston Tian Co lit bs
1935
22
94 10214
961
Phil& & Reading C & I ref 54_1973 J J 9812 Sale 96
s
1073
10413
Mar'28
3
1073
AD
Kings County El & P g5s
1937
10618 -11
923
91% 974
9113 Sale 9112
Pierce-Arrow Mot Car deb 86.'43 M
Purchase money 66
1997 AD 13314 -- -- 13313 1331s 10 13034 135
1003 108
834 874 Pierce 011 deb if 83Dec 161931 JO 105 107 108 Mar'28
12
87
87
Kings County Bev lit g 44.._1949 FA 87
88
10512 11 1114 10611
AD 10512 Sale 105
68..1943
8712
20-yr
831g
Mills
Fl
Pillsbury
57
8712
874
Stamped guard.
Sale 8633
1949 FA
9914 107%
2 1044 1073s Pirelli Co(Italy)cony 7s_ ....1952 MN 10512 10534 10512 Mar'28
Kings County Lighting 0.__1964 3, 10758 1081s 10753 10753
99% 100
9953 Feb'28 - 9912 100
119 120 Pleasant Val Coal 1st a if 6eA928
10512 Mar'28
First as ret 810
1954 3, 119
Ask Low
Btel
High
Jan'28
68
68
Chic City & Conn Rye 5a.Tan1927 AO 51
10312 10312
Ch L & Coke 1st ou g 58-1937 1J 10312
8514
1927 FA 85 Sale 8458
Chicago By.1st be
1947 J J 9712 Sale 974
Chile Copper Co deb 56
974
Main Gas & Elec lit & ref 5.'58 AO 10218 10212 102 Feb'28
Jan 1 1961 AO 10478 105 10234 10234
534s ser B due
89 80 Mar'28
Clearfield Bit Coal lat 46_1940 ii 87
10112
Colo F & I Co genii 5s____1943 FA 1011 1 10112 101
9713 Mar'28
gu_1934 FA 9718 98
Col Indus let & coll
Columbia 0 & E deb 56___1952 MN 101 Sale 1004 10112
9814
Columbus Gas lit gold 52.._ _1932 Ii 9814 9914 9814
9814
Columbus By P & L 18$ 4345.1957 ii 9734 Sale 9734
8834
8814 Sale 8814
Commercial Cable let g 43_ _2397 Q
9912
Commercial Credit i f 66_1934 MN 9912 Sale 9914
9533
Col tr I 534% notes
1935 3, 95 Sale 95
J 105 106 105
106
Computing-Tab-Bee e I es_ _1941
J 10038 Sale 10038 10034
Conn fly & L let& ref g 43.0 1951
J 10012 101 10112 Mar'28
1951
Stamped guar 430
Consolidated Hydro-Elec Works
100
of Upper Wuertemberg 76_1956'3 100 Sale 100
7938
Cone Coal of Md lst & ref 5s_1950 JO 7914 Sale 7838
10634
Consol Gas(NY)deb 5348. _1945 PA 10612 Sale 106
D
Feb'28
10212
____
4
1023
of
1936
es
Gas
gu
Chic
Consumers
105
Consumers Power 1st 55_ _ 1952 MN 105 Sale 10478
10118 10112
1948 ID 10134
Container Corp let es.
97
9718
Cone Pap & Bag Mills 1334s 1944 FA 9334 98
Copenhagen Telep ext 6s_ _ _1950 A0 10012 Sale 1001, 10012
Corn Prod Refg let 25-yr if 56'34 MN 10212 ____ 10234 Mar'28
10234 Sale 10234 103
Crown-Willamette Pap 6s-1951 J
8812
8714 Sale 8714
1930 J
Cuba Cane Sugar cony 7s
9012
J 90 Sale 89
Cony deben stamped 8%..1930
S 10612 Sale 10612 107
Cuban Am Sugar let coil 86_1931
Cuban Dom Bug let 7)0_1944 MN 101 Sale 10012 101
10334 Mar'28
Cumb T & T 1st & gen 58_1937'3
10014
1940 AO 100 10014 100
Cuyamet Fruit 1st s es A
AD
76 Dec'27
____
10212
_1933
es_
lit
Denver Cons Tramw
10212
Den Gas & EL let & refitg 58'51 MN 102 Sale 102
1951 MN 10212 ____ 0214 Mar'28
Stamped as to Pa tax
59
59
Dery Corp(DO) let if 7s 1942 MS 5914 60
J 10234 103 103 Mar'28
Detroit Edison 1st roll tr 56_1933
lit & ref 5e series A_July 1940 MS 10518 10534 10518 10558
1949 AD 10612 10634 10612 10634
Gen & ref 58 series A
10812 Sale 108
10834
151 & ref 6e series B-JulY 1940 M
1955 J D 10634 1064 10612 107
Gen & ref Steer B
1982 F A 107 10714 10612 107
Serial C
9634 9618
9618
Det United 1st cone g 4148_ _1932'3 96
8912
1940 MN 89 Sale 8834
Dodge Bros deb Si
88
Dold (Jacob) Pack let 68._.1942 MN 87 Sale 85
100
Domlnien Iran & Steel 5a 1939 MS 100 Sale 100
9712
J 97 Sale 97
1942
Donner Steel lit ref 7s
10612
Duke-Price Pow let ea ser A '68 MN 10618 Ssle 1061s
Duquesne Light let 4345 A 1967 AO 10378 Sale 10238 104
10312
East Cuba Sug 15-yr if g 7346'37 MS 10312 Sale 103
985/ Mar'28
Ed El III Bkn let con g 0.__1939 J
9858 99
11718 Sale 11718 11718
1995 J
Ed Elec III lit cons a 56
90
99 Sale 9814
Elea Pow Corp (Germany)630'60 ra
D 9534 gale 9534
Elk Horn Coal 1st & ref 830.1931
0612
87 Mar'28
87
Deb 7% notes (with warrter31 3D
101 10112 10112 10112
18,2111Vb1 Gas Light let con 561932 M
No
5
54
166
dig
Low
69
68
10314 10458
88
84
9612 9734
102 103
10234 10612
90
90
101 10112
9553 8814
9912 10153
974 100
9512 100
7733 8834
98 10112
954
93
105 10612
100 101
9912 10112
APR. 7 1928.]
FINANCIAL CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended April G.
Pocab Con Collieries lit if 5s_'57
J
Port Arthur Can & Dk 66 A.1953 FA
lit M 41s aeries B
1953 FA
Portland E'er! Pow let Os 13_1947 MN
Portland Gen Elea let 5e
1935 J J
Portland Ry lit & ref 58
1930 MN
Portland Ry L & P let ref 541_1942 FA
FA
Registered
lit lien & ref Be serlee 13_1947 MN
let lien & ref 734e series A.1946 MN
Porto Rican Am Tob cony 681942 J J
Pressed Steel Car cony g 5a__1933 J J
Prod & Ref if 8s (with war)_193I JD
Without warrants attache&
JD
Pub Eery Elec & Gas let 63.461959 A 0
let & ref 5e
1965
Punta Alegre Sugar deb 7s 1937 J J
Pure 011 e I 6S5% notes.
1937 FA
Remington Arms 6e
1937 MN
Rem Rand deb 53-ti with wart''47 MN
Repub I & 5 I0-30-yr 5s.t 1940 A0
Ref & gen 5 hseeries A
1953 J
Reinelbe Union 7e with war_1946
J
Without elk purch war'ta_1946 J .1
Rhine-Nlaln-Danube 7s A _ _1950 MS
Rhine-Westphalia Elec Pow 78'50 MN
Direct mtge 6a
1952 MN
Rime Steel let if 7s
1955 FA
Robbins & Myers let if 79_1942 3D
Rocheater Gas & El 7e ser B_1946 MS
Gen mtge 53-4, series C
1948
Roch & PItta C & I pm 5a 1948 MN
Price
Friday.
A p,41 6.
West's
Range or
Last Sale.
a3
o'lZi
Rid
Ask Low
HOD No.
9434 96
9434 Mar'28 ____
105 10512 105
1
105
105 106 10558 Mar'28 ____
10412 Sale 10412 105
10
10112
101,
4 Mar'28 ____
9812 -99
9812
9812
1
10858 ____ 10038 10058 15
9014 Oct'27 -Ioii2 Sale 10412 10412
1
107 108 10718
10718
1
10112 Sale 10112 10178 18
9512 96
9513 11
95
11158
_ 114 Feb'28 ____
11018 fif 111
41
111
10518 Mar'28
'6-5- gide- 105 10558 1
10512 107 10514
10514 96
9934 Sale 9912 100
7
100 10013 100
122
101
9434 Sale 9412
10
95
10434 Sale 10412 105
28
10412 Sale 10412 105
31
10912 _ 10918
10978 23
10038 1-007-8 10014
10012
8
10234 104 10214
61
103
10214 24
10218 Sale 10114
93 Sale 9212
9314
4
07
9712 9718 Mar'28 _
50
71
4
50
4978
11178 112 11178
11212 10
10712 ____ 10712 10734
7
9018 ____ 9018 Mar'28
St Jos Ry Lt & Pr let be_ __ _1937 MN 9812
9814
9818
3
St Joeeph Stk Yd. lit 4 hs_1930 33 99
___ 9812 Dec'27
et L Rock Mt & P 5a stmed_1955 J J 7812 -7912 7712
7712
2
St Paul City Cable cone be. _1937 33 9812 ____ 9812
1
9812
Ban Antonio Pub dery lit 6'1_1952
.1 10912 Sale 109
10912 13
Saxon Pub Wks(Germany) 7.'45 FA 10214 Sale 102
10318 14
Gen ref guar Ohs
1951 MN 9714 Sale 97
9714 72
lehulco Co guar 6 ha
1948 J J 103 10334 10313 10334
4
Guar e t 6 he seriea ft
1948 AO 10314 Sale 1034
10312 18
Sharon Steel Hoop let 8s set A '41 MS
10714 Mar'28
Shell Union Oil,f deb 5a__ _1947 MN
9938 Sale 90
9958 138
Shubert Theatre 6s June 15 1942 ID 6412 Sale; 9334
9478 99
lumen,& Hawke if 7e
1935 J J 102 10212 103
103
2
Deb s 103.4'
1951 MS 10812 Sale 108
10812
6
B f 03.4e allot ctfs 50% 114-1951 51 S 10634 Sale 10634
63
107
Sierra & Ban Frau Power 5eA949 F A 10412 105 10412 10412
6
Silesia Elec Corp if 63'4u._1946 F A
9512 Sale 9434
3
9512
Bilealan-Am Exp col tr 78
1941 F A 10034 Sale 10012 101
25
lemma Petrol 6% notea _..1929 M N 10518 Sale 10518
10658 28
Sinclair Cons 011 I5-year 78_1937 M S 10414 Sale 10234
10414 157
Ist lien col 6a aer D
1930 M S 9912 Sale 9914
9912 149
lit lien 634i series B
1938 1 D 10214 Sale 101
10214 335
Sinclair Crude 0115 he ger A_1938 J J 9913 Sale 9878
9912 284
Sinclair Pipe Line ifs!
9734 Sale 9718
9734 72
Bkelly 011 deb 53,4,
19
93% MS
9514 53
A 0 9514 Sale 95
Smith (A 0)Corp lit 8 34i.. 1933 M N 102 Sale 102
10258
9
South Porto Rico Sugar 7a_ _1941 J D 10838 Sale 10838
109
2
South Bell Tel & Tel lets f 581941 J J 105 Sale 105
24
1051
Southern Colo Power tis A..1947 I .1 106 Sale 106
10638
7
Sweet Bell Tel lit & ref 5...1954 F A 10612 Sale 10612 1061
31
Spring Val Water lit g 5&.1943 M N 1110158 Sale 10212 1021
1
Standard Milling lit ba
1930 M N 210113 Sale 10118
1011
6
let & ref 5 he
1945 M 8 103 10358 10358 10358
2
Stand 011 of N J deb Es Dee 15'48 F A 10312 Sale 10338
49
1033
Stand 011 of N Y deb 4 he
1951 J D 97 Sale 9712
98
109
Stevens Hotel lit (is eer A
1945 J 3 10112 Sale 10013 102
19
Sugar Estates (Oriente) 78_1942 M
101 Sale 1001
101
4
Superior 011 let f 7,
1929 F A 103
10312 Mar'28
Syracume Lighting let g 58-1951 J Ii 10914 Sale 10914
1091
1
Tenn Coal Iron & RR gen 68_1951 J
10513 10612 10518
Tenn Copp & Chem deb 6s1941 A 0 10414 106 10334
Tennessee Elea Pow let 68_1947 J D 10714 Sale 10714
Third Ave let ref 4s
1980 J J
7038 Sale 6918
Adj Inc 5, tax-ex N Y Jan 1960 A 0 6334 Sale 61
Third Ave Ity lit g Si
1937 J .1 9978 10038 9978
Toho Else Pow lit 7s
1955 M S 10012 Sale 10018
13% gold notes. _ _ _July 15 1921) J J
9958 Sale 9938
Tokyo Elea Light 6% notes_1928 F A 10018 Sale 10018
Toledo Tr L & P 54% notes 19303 J 10078 Sale 10078
Trenton (.1.& El 1st g be
1949M
10738 ____ 10714
Trumbull Steel let s f 68...„1940 M N 102 Sale 102
Twenty-third St Ity ref 58_19(32 J J 6334 7018 6312
Tyrol Hydro-Elec Pow 734i.1955 M N 101 Sale 101
UJigawa El Pow e f 7e
1945 M 8 10058 Sale 100
Underged of London 4346_1933 JJ 9534 Sale 9512
Income Ile
1948 M S 10914 __ 10912
Unlou Elec L$& Pr(Mo)58A932 M S 10234 1-027-3 10214
Ref & ext M
1933 M N 102% Sale 10234
Un E LAP (I11) let g he ser A'54 J
104
___ 104
Union El., Ry (Chic) k _ A945 A 0 1194 -95
94
Union 011 let Hen e f be
1931 J J 102
___ 102
313-yr 66 aeries A____May 1942 F A Ill Sale 1101.
lit lien s t Si aeries C Feb 1935 A 0 100 10014 10014
United Biscuit of Am deb 61E1942 M N 10112 Sale 101
United Drug 20-yr 63.0ct 15 1944 A 0 10738 10712 10812
Tr ma for 25-yr 5s
1953 M
9978 Sale 9934
United Rye St L lat g 48_ __ _1934 J J 84
85
85
United 58 Co I5-yr Be
1937 MN 9912 Sale 9834
Un Steel Works Corp 6 ha A_1951 J D 94 Sale 94
With stock pur warranta
J
9513 Sale 9518
Series C without warrants_ J D 94 Sale 9314
With stock pur warns
J
9314 94
9512
United Steel Wks of Burbach
Eech-Dudelange e f 7s_ ___1951 A 0 10414 Sale 10312
111 Rubber let & ref be ger A 19471
Registered
J
10-yr 7S4% eecured notes.1930 F A
U El Steel Corp(Coupon Apr 1963 MN
d 10-60-yr 5a I regist Apr 1063
N
Universal Pipe & had deb ele 1936 .1 0
Utah Lt & Tree let & ref Es__1944 A 0
Utah Power & Lt let be
1944 F A
Utica Elea L & P 1st
g 58_1950 3 J
Utica Gas & Elea ref & ext 58 1957 J .1
Vertientea Sugar lit ref 78_1942 J D
Victor Fuel let s f 56
1
1953
Va Iron Coal & Coke let g 5e1949 M S
Fa Ry Pow let & ref 54
1934 3
Walworth deb 53.4i (with war)'35 A 0
Ist sink fund thl eerie)! A _1945 A 0
Warner Sugar Refin lit 7a 194I J D
Warner Sugar Corp let 71.__1939
Wash Water Power.f 58_ __ _1939 J 3
Weetchee Ltg g 5.atmpd gtd 1950 J 0
Weet Ky Coal lit 71
1944 M N
West Penn Power eer A be
1946 M 13
let 5e scrim El
1963 M 8
let 63-4. aerie. F
1953 A 0
lot sec be series G
1958 1 D
West Vi C & C lit tie
J .1
Western Electric deb be__ ...1044A 0
9312 Sale
106
3
104
12
29
1077
711 643
6334 212
Mar'28
10012 83
9934 41
10018 47
101
29
Feb'28
10234 33
6312
3
10112
4
10034
5
9534
3
Mar'28 __
10214
1
10234
2
Mar'28
7
94
102
1
111
3
10014
1
102
44
Mar'28 ____
10014 20
Mar'28 --__
9934
11
1
94
9558 19
94
10
Mar'28 -__
10412
58
9314
9412 195
9534 Dec'27
16258 ti;IC- 10234
10312 72
10834 Sale 10834 10933 173
10812 10812
1
9214 94
9312 Mar'28
_
1001. 10014 100
10012 64
10278 Sale 10212
10:338 23
10412 ____ 10612 blar'28 ____
1081. Sale 1081
. 10813
5
101 Sale 10038 101
22
5012 5I,
s 52 Mar'28
90
9112 90 Mar'28 ___.
10012 10114 101
101
5
9412 9434 9412
9412 15
95 Sale 95
37
96
107 1071. 107
10714
10
8812 Sale 8712
8812
4
105 Sale 105
105
1
108
_ _ 10814
10814
5
104 104
,
4
NIar'28.
4 105 10434
104,
105
10
10712 108 10714
10714
4
106 Sale 106
106
5
104,
2 10478 10412 10478
7
591. 60
59
59
5
10412 Sale 10412 105
44
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 6.
L'o
1.3•?
.
Price
Friday
A prit 6.
Week's
Range or
Last Sals,
E
02.3
Since
Jas. 1.
Bid
Ask Low
ASO No Low
11411
Western Union colt tr cur 5e 1938 .11
105 Sale 10412 10512 11 103 10612
Fund & real eert g 4 Ne____1950
N 10138 10214 10138 10214 29 101 1034i
lb-year 63.-4i
1936 FA 11212 Sale 112
112,
8 47 11158 112%
25-year gold 5.
1951 3D 10458 10434 10434 10514 84 104 1004
Low
High Wealiouse E & M 20-yr g 54_1948 MS 10478 Sale 10412 10474 67 10412 105
94
96,
. Weetphalla Ull El Pow 6;0_1950 Jo 10014 Sale 10014
10012 18 97'2 1004
105 10638 Wheeling Steel Corp let 53.4i 1948 3, 10312 Sale 103
104,
4 90 10014 10414
105 106
White1Eagle Oil& Ref deb 5;5537
10272 10584
M
With stock purch warrants_ _
9534 9614 95
,
4
9612 14 931r 98
101,
4 102
White Sew Mach 66(with war)'36 .1 J 126 130 126
126
2 125 13111
98
99
Without warrants
10112 Sale 10112 10214
9 10038 104
98 101
Wickwire Elpen
lit 7s___1935
J 23
3213 3212
33
10 3218 $7N
Wickwire Sp (WI Co 7s Jan 1935 MN
28 Sale 2714
19 2718 31
2814
1-04-72
Whips-Overland .1 6 hs_ ___1933 MS 10214 Sale 10214
10212
7 101% 103
1071
.108
Wilson & Co let 25-yr s 16,_ _1941 AO 104 Sale 10358 104
51 101 104
100 105
Winchester RepeatArma 7 he 1941 AO 10658 Sale 10613 10738 10 106 107%
9478 9934 Youngst Sheet & Tube 58_ _ _1078 Is 101 Sale 10034
101
140 1001s 101112
114 115
11018 11212
10478 106
10472 105*8
104 107
All bond prices are 'and Interest" except where m•rked"f".
9914 10112
Standard 011 Stocks Par
884 451
Railroad Equipm•nts
97 109
ASS
9314 9612 Anglo-Amer Oil yot stock _ E1 *2018 2033 Atlantic Coast Line (is
4.90 4.95
£1 .1812 20
Non-voting stock
Equipment@ he
103 10518
4.40 4.30
Atlantic Refining
100 11712 119i. Baltimore & Ohio 8a
103 105
.5.00, 4.75
Preferred
100 12114 12112
Equipment 434i & Be__
10834 11313
4.30, 4.35
Buff Roch & Pitts equip 6s_ 4.70 4.50
9932 10114 Borne Scrymaer Co
Buckeye Pipe Line Co..._2
10114 103
2,
Canadian Pacific 434i A 6s_ 4.501 4.25
55
0 •13
10034 10234 Cbeeebrough Mfg Cons_ _25 *13412 136 Central RR of N 368
5.001 4.75
Continental 011 v 1 0
10 *1712 1738 Chesapeake de Ohio 151
9212 94
5.001 4.75
99
Equipment6 he
95
,
s 97,4 Cumberland Pipe Line_100 97
4.50, 4.30
Eureka Pipe Line Co_ ___100 7012 72
38
50
Equipment ba
4.30i 4.20
Galena Signal 011com___100
8 Chicago Burl & Quincy 5a
7
111 114
5.001 4.75
100 4
3,
4 47 Chicago & North West 6s_ _ 5.001 4.75
Preferred old
10538 2074
,
Preferred new
38
9018 9012
100
Equipment6 hs
4.45 4.30
Humble Oil & Refining _ i00
64
2 Chic RI & Pac 434s A be
80
312 20
20
25 .
4.40 4.25
9818 9812 Illinois Pipe Line
Equipment68
5.00 4.75
Imperial 011
t .6034 6112 Colorado & Southern 81____ 6.1)0 4.80
831,
*81
Indiana
Pipe Line Co_ ___50
-;ii
Delaware & Hudson 6s
7912
5.00 4.75
97
9812 International Petroleum__ _ t •3838 385; Erie 4 he & ba
4.60 4.35
109 10934 National Transit Co_12.50 *2958 30
Equipment(Its
5.00 4.85
.55 Great Northern 6s
9984 103,8 NOW York Transit Co100 64
5.00 4.75
;6
2 ,5 120
;
_
Equipments,
958 9712 Northern Pipe Line Co_
4.35 4.25
Ohlo
011
125 8803
14 6133 ElockIng Valley be
1027s 10513
4.40 4.30
Penn Nies Fuel Co
10234 105
26 *471 49
Equipment 8s
5.00 4.75
107 10813 Prairie Oil& Gas
4934 Illinois Central 434s A 5s___ 4.25 4.15
984 99% Prairie Pipe Line
Equipment 8e
5.00 4.75
175 2
18
12
6'2
Equipment 7s & hs___ _ 4.40 4.30
9115) 948 Solar Refining
:3401%1 4
Southern Pipe Line Co___100
102 104
60 89
3212 Kanawha & Michigan 6i.,
5.00 4.75
106 10812 South Penn 011
Kansas City Southern 5145
4.90 4.60
10414 10784 Southweat Pa Pipe Linee.1(2)(5)
91
Louisville & Nashville
5.00 4.75
Standard 011 (California)__t *5738 5712
10172 105
Equipment 634s
4.40 4.30
Standard 011 (Indiana)___25 7634 77
93
06
Michigan Central Es AC...... 4.50 4.80
Standard 011 (Kansas)_ __25 *21
98 101
Minn St P & 88 M 434i & fs 4.70 4.50
101 10812 Standard Oil (Kentucky) 25 *127
Equipment 63,4i & 7i...... 4.75 4.60
458 14221713,1
40
:
100 10414 Standard Oil(Neb)
:
2 Missouri Pacific 63 & 634u _ 5.10 4.80
407
9714 9918 Standard 01101 New Jer 25
. Mobile & Ohio 5.
4.50 4.30
9514 10214 Standard 011 of New York.25 *3014 3038 New York Central 44e & be 4.30 4.15
75
9712 9912 Standard 011 (Ohio)
Equipment(la
5.00 4.75
Co12
2
19
4 3_
Preferred
25 17
94
1041
9734
Equipment 7s
4-4)) 4.30
'16
94
9512 Swan & Finch
17 Norfolk & Weetern 4348.--. 4.25 4.16
•5
Preferred
10134 102,
Northern Pacific 7a
4
4.40 4.30
108,
8 11014 Union Tank Car
100 120 1-22 Pacific Fruit Express 7s___ _ 4.40 4.30
10418 10512 Vacuum 011
14812 Pennsylvania RR eq 51 & 6s 4.80 4.20
Public Utilities
10553 10714
Patel)& Lake Erie 6
4.50 4.35
10618 10634 American Gas & Electric..? *13712 13814 Reading Co 4 he & 5s
4.25 4.15
10013 10212
6% preferred
t *109 ,10912 St Louis & San Francisco 51_ 4.45 4.30
Itch 6s 2014
10014 10112
MAN 10912 110 Seaboard Air Line She & as 5.25 4.80
10214 10433 Amer Light & Trac com_100 193 195 Southern Pacific Co 434....... 4.25 4.15
Preferred
103 104
100 118 120
Equipment 7s
4.40 4.30
9634 9812 Amer Pow & Light pref __100 10612 107 Southern Ry 43.4, & 51
4.45 4.35
Deb 812016
100 10212
Mdr13 109 10912
Equipment as
5.00 4.75
100 101 14 Amer Public ULU cern ___100 60
65 Toledo & Oblo Central Bs
5.00 4.75
10184 10334
7% prlor preferred
_100 99 101
Union Pacific 7s
4.40 4.30
Panic preferred
10634 10914
90
100 88
Tobacco Storks
Associated Elec 5 he'46A&O 105 10512 American Cigar cora___ _100 158 163
10314 10652 Amodated Gaa & Elec corn.? .21
23
Preferred
100 102
Original preferred
10118 104
57
British-Amer Tobao ord__II •28
t •55
29
107 108,4
98
66
feerred
e. APrepfreerrd
t .96
Bearer
*28
29
*100 102 CO11801 Cigar pref
7112
66
$
100 102
$7 preferred
55
,
4 63,
ft •104 106 Imperial Tob of 0 B & Irel'd .263 27
4
,
4
9984 10112 Blackstone Val G&E com_50 •160 165 Int Cigar Machinery new100 95
99
98 10034 Com'w'ith Pr Corp pref._100 10412 105 Johnson Tlu Foil & Met_100 60
70
98 100
Elec Bond & Share pref..100 11012 111
Mengel Co
70
100 65
9913 10012 Elec Bond & Share Secur__ t .9013 91
Union Tobacco Co corn..
32
33
100% 10154 Lehigh Power Securities_ __1 .26
2614
Class A
95
87
10718 10714 Mississippi Ltiv Pow pre1.100 110 112
Young (1 13) Co
100 110 115
First mtge 5, 1951_ __J&J 10414 105
10112 103,2
Preferred
100 104 111
Deb Es 1947
5612 6312
MAN 101 102
Sugar Stocks
9872 10153 National Pow & Light pref _1 '109'2 110 Caracas Sugar
50•
9812 10118 North States Pow corn. 100 135 136 Cent Aguirre Sugar cora 20 *141 143
7% Preferred
9512 9534
100 108 110 Fajardo Sugar
100 *162 183
101 109,2 Nor Texas Elea Co com_100 1912 21 Federal Sugar Ref com 100 18
22
10214 10238
Preferred
56
100 54
Preferred
40
100 35
1024 103
Ohlo Pub Serv, 7% pref _100 113 114 Godchaux Sugars,Inc
*412
10214 404
Pacific Gas & El let pref__25 *29
2912
Preferred
100 *26
9471 Power Securities corn
92
1 *1112 14 Holly Sugar Carp oom.-1 38
101,
4 102
Second preferred
70
Preferred
1 *65
90
100 85
10872 111 12
Coll trust 88 1949_ __J&D 97
08 National Sugar Refining _100 •146 149
9912 1130%
Incomes June 1949....F&A 96
97 New Niquero Sugar
50
100 45
10014 10212 Puget Sound Pow & Lt__100 58
60 Savannah Sugar corn
•126 130
10738 108,2
6% preferred
100 9912 10112
Preferred
100 115 117
99 10014
7% preferred
100 Q109 111
Sugar Estate. Oriente p1.100 45
50
85
854
1st & ref 53.4, 1949__J&D 104 10434 Vertientee Sugar PI
100 65
70
95
48
Rubb Stks (C3ese'4 ssolatn)
0934 South Cal Edison 8% pf _25 *45
9218 9713 Stand 0 & E 7% pr pf _ _100 11312 11412 Fells Rubber earn
•5
10
9373 9612 Tenn Elec Power let pref 7% 10812 10912
Preferred
19
26 10
9314 96
105 106 Firestone Tire & Rub com.10 *170 190
Toledo Edison 6% pf
94
973.
7% pref
100 110 111
6% preferred
100 108%
Weetern Pow Corp pref _100 10312 105
100 10813
7% Preferred
10212 105
Water Bonds.
General Tire & Rub oom_ _25 •166 fici"
Arkan Wit 181 be 56 A.A&O 100
Preferred
100 101 10112
903.4 9812 Birm WW let 5 hs.A'54.A&O 101
Goody'r T & R of Can p1.100 r107
181 M ba 1954 sec B__J&D 10112 1-02 India Tire & Rubber new._ t 2314 /31
4
10ie;
CitlystWM(C5shatIt9)55Ps'54AJ&I) 10234 10312 Mason Tire & Rubber oorn_t
12 1
10814 10912
Preferred
100
108 10812 City of New Castle Ware
9212
"
Miller Rubber preferred.100 _
;
13 100
8914 95
Si Dec 2 1941
Mohawk Rubber
100 50
55
9/ 10012 Clinton WW let Es'39..
1 .r&A1 9
Preferred
97
6,1 98
100 •73
8,t
75
101 10338 Com'w'th Wit let 5 haA'47 10212 103,2 Selberling Tire & Rubber__ t .38
4034
10612 10612 Connellav W EsOct2'39A&01 95 ---Preferred
100 10312 105
10612 1081e E St L & Int Wat 5a '42.J&J 98
Indus.
& Miscellaneous
---9912 101
1st M 6. 1942
.1,14.1 103
Allied lot Invest pref
*107 111
5112 5234 Huntington let (Is '54.M&S 103
American Hardware
25 •72.
75
90
Ito
9138
1954 99 100 Babcock & Wilcox
100 117 120
Mid States WW 6836 MAN 103
10012 102
_, _ Bliss(E W)Co
.19
20
NIop
9412 96,4 M
rim
m Con W18
pirt 5t58
4.
.56
9,14
5A_Ji
Preferred
.0
t 99'2
50 *58
95
9612
10312 101
Childs Company pret___100 120 123
NI uncle WW 5s Oct2'39 A01
7
10538 107.
_ Hercules Powder
98
100 218 238
8412 8812 St Joeeph Water fs 194IA&O 9812 -9 12
Preferred new
100 11912 12212
104 105
Shenango Val Wit 5e'58A&O 9814 9714 Internal Silver 7% pre:_100 127
107 10814 SolPatitteMW
uatig
ls5t5bs 1960 J&.I 9838
Phelps Dodge Corp
100 125 129
10212 10414
Royal Baking Pow tom_ 100 220 230
Ter H W W 8s '49 AJ
103 105
AD
A 102
Preferred
FA
991' ____
let NI be 1958 ser BF&D 9812 ____ Singer Manufacturing _ 100 109 111
105 10712
100 455 465
1 10614 Wichita Wit let C.'49.M&8 102 ____ Singer Mfg Ltd
105.
4612
El
let M 5s 1956 ser B _ _ FAA
104 105
9812 ___
59
80
• Per share. f No par value. 11 Beals. e Purchaser also
pays accrued dividen6,
103 105
N rn Mal .Es-dIvIdoitd.
EI-IIRIWt. ?Canadian quotation
,Sale ono'
Range
Since
Jan. 1.
Quotations of Sundry Securities
5734,z
N STOCK EXCHANGE-Stock Record
Sales
for
the
Week.
ES-PER SIIARE, NOT PER CENT.
Saturday,
.Mar. 31.
Monday,
April 2.
Tuesday,
April 3.
Wednesday, Thursday,
April 5.
April 4.
Friday,
April 6.
$ per share $ per share 3 per share $ per share 5 per share
191 191
191 19158 191 191
191 191
9312 95
9312 94
9312 95
9312 94
_ 10212 10212
____ .210212
10112 10112+102
117 117
11514 11614 117 11-7
115 115
10712 10712 10712 10712 *10611 10712
107 108
70
6912 6934 69
7012 69
70
70
_
*273
*91114
4
4;51 -0-g- 9114 -917
*.:9-11-4 95 - *3911-4 -9-g- ;9114 95
____ *118_ *133
*118
134 *__ __ 134 *131 134 *131 1-34 *131 134
•
_ _ *160
*160 ____ *163
z156
•2160
70
70
*69
*69 -6634 *69
-70
71 *_
*69
*73
_
*7212 ---- 7212 7212
11312 11312
- *11312 - *113 114 *7212-114 114
*11312
86
85
86 •_ _ _ _ 85
*84
86
_ - _ .84
*285
132 132 *135
----___ *130 ____ *131 132
115 118 *115 118
'115115 115
__-16i.14_ 1_6_0 160 '3165
712 .
fii 158 1-58 :1060
•
_
10814 10814
*10712 10812 *10712 10814
____ 180 ____ 180- 1-8-0 - *180
*2180
*180
43
40
41
*39
3914 3914 4012 4112 *3914 41
85
83
82
80,2 8012 81
81
81
8012 82
79
79
77
*73
77
*73
77
*72
77
*72
6218 6512
62
60
60
59
59
5734 5734 53
65
64
65
6414
64
64
63
64
64
63
6334 6418 6232 6312 6214 6314 6212 6234 6234 6412
*10512 ____
106 106 *10512 ____ *10512
*2105 106
*134
•134
*134
*2133 _ _
138 13814 •138i2 -_ *13814 ____ 13814 13814 139 139
6852 -6912 6834 6912 6914 6912 6912 6972
6868 69
*2117 120 *2117 120 *2117 120 *2117 120 *2117 120
$ Per share
13191
94
93
*21002
*115
*210612 107
7112
70
3
2012
50
181
1934
318
338 *318 332
314
3
2012 *2114 2112 2112 2112 2112
*4912 50
50
50
50
50
18032
18188 18058 18112 18034 181
1912
1912 1912 1912 20
20
312
318
2112 2112
*50
50
18112 17912
1912
20
312
2112
____
18112
20
-11./4 1134 1134 1134
12
1612
1612 *15
1612 +15
95
93 1 94
93
94
.35
*AO
.35
.10
3
.
.35
*AO
41.06 .35 •.10 .35
12412 12512
*2118 y120 *2118 119 *211712 120 120 121
*14
*4
*4
414
414
4
8
43
438
*4
*4
152
152
134
134
134
134 *z152
134 *.2118
*z15s
9012 92
9712
89
90
9012 89
89
9014 89
49
4878
249
4814
4812
48
4834 4812
*4734 48
10312 10412
10212 10311 10312 10312 *10212 103
10112 102
14 *31212 14 *31212 14
14
*1212 14 *31212 14
278 280
276 280
273 277
273 276
273 277
*35
3712 *34
37
*3512 3712 *34
36
*34
39
37
3812 40
35
36
3712 37
35
21
+19
21
*19
21
*19
*1912 21
21
•19
Stock
*3212 3312 *3212 3334 3312 3312
33
3234 3312 33
10434 10512 10414 10512 106 108
10412 106
10412 105
1112 Exchange
11
11
10
10
11
*9
*9
10
*9
3612 3414 3612 3314 3472
36
3612 37
3612 37
Closed__
*95 ____ *95
95
95
*95 __
*95 __
928 015
912 *918 912 *923 922
*9
914
*9
Good
8
4
*73
8
8
8
*77
2
7
7
2
77
8
*778 8
12134 124
121 122
11912 122
120 12731 120 121
Friday
Si
8112 80
81
81
80
80
80
80
80
10212 104
100 10112 100 101
99 100
100 100
412
4
41s 41s Holiday
418 412
413 412
418 418
26
2612
26
2572 2572 2572 2572 26
26
*225
107
107
*2110
*10612-*106 10612 *106
110 110s8
4 110 110
*210912 ---- *z10912 --- - 10934 109 3•.20 .35 .3.20 .35 .0.20 .35 •.20 .35 •.20 .35
*4__
13818 1-3812
- 13812 13914 13834 13914
138 139
13812 139
35
35
35
3512 3434 3434 35
3514 35
35
20
*16
20
*16
20
•I6
20
*16
16
16
16
16
16
16
16
16
*1512
16
16
*21512
172
172
172 *134 178 •134
178
*2134
130 131 *130 131
13034 131
130 130
130 130
129 12914
12834 129
12.814 12912 128 129
128 128
102 102(4
101 102
100 10012 10034 10112 101 102
2
13
+1
134
2
112 *1
11s
•112 2
1912
1812 1834
*181s
*1818 1912
1818 1834 *1812 19
1312
1312 *13
*13
1312 .13
13
1312 13
1313
6912 7012 7012 7034 7034 7112
6912 6914 70
69
3032 3032 3032 31
•23038 3112 *23032 3072 3012 31
*p312 99
*9812 09
99
99
*9812 99
*9812 99
1134
11
1072 11
11
4
103
972 1012
934 10
2514 2412 2518 2414 2478 2314 2472 2412 2512
25
84
*80
84
84
*80
*80
85
*80
85
*80
*9612 10012 *9612 10012 *9612 10012
96
*9612 10012 96
106 .106 *105
*105
312105 _ _ *2105
*1612 1714
17
1718 173s 17
1612 1612 *1612 17
174 17812
173 174
17414 175
173% 178
175 176
57
56
5612 5522 5512 57
5914 5534 56
*355
---*y5918
____
*y.25918
*y5918
*ix5918 - - *yz5918
*16
*16
__,_ *16 --*16
*15
93
iFs wiL"
93
93
12
1622 *15
93
93
418
4
418 414
5312
52
*25012 52
2158 22
2138 22
1614
1612 1634 16
*172 2
*178 2
1
.1%50
1
•.50
6
5
6
5
•.65 .85 '.85 .85
54
54
54
*253
*210512_ _ _- *210512--1312 1378
1334 14
2
2
214
*2
*112 2
1% 1
1
•.75
1
•.75
134
134
138 I%
.35
.25
3
.
•.25 .35
.56 .56 .3.56 .70
5518
53
54
53
2712
27
2712 *27
•.10 .20 *.10 .20
20
*10
20
•10
62
*58
62
58
.
458 434
*2434 5
1 1 14
14
118
1
112
134 *118
*118
932 10
10
10
1312
1312 *13
•13
1314
1312 1332 13
2614
2614 2612 26
212
*212 212 *2
•.30 .45 +.35 .45
•.15 .35 ..15 .35
414'2 418
*414 412
114
114
114
114
114
*0.90 .99 '3/1.90
•.12 .25 •.12 .25
414
414 438
414
414
4
52
52
25012 53 *150,2 53
2112 2214 2112 2134 2112 2172
1612
1612 1772 16
17
16
2
2
2
2
178 2
.90
.80
1
.50
•
1
41.50
6
6
6
*5
'638 8
.3.65 .85 *.65 .85 '.65 .85
54
5334 52
53
5334 54
_ *106
10512 10512 *106
1352 1372 1312 1372 1334 -114
214 214 *21s 214
214
*2
134
134
•112 2
•112 2
114
114 •.80
•.80
1
•.75
134
112
134
134
1%
3.25 .25 •.25 .35 •.25 .35
'
•.56 .70 1%56 .70 •.56 .70
5812 6014
5758 59
58
55
29
28
27
2612 2612 27
•.10 .20 *JO .20 *JO .20
20
*10
20
*10
20
*10
62
62
*57
62
.58
458 47s *2412 434 *2412 434
2
118
138
114
118
118
112
114 *1
114
114
*1
1114
1012 12.
10
101
*10
14
14
14
1312
1314 131
1338
1314 1311 13
131
13
2614 2612
2614 27
261
26
212
*2
21
*2
21
*2
•.35 .45 1%35 .50 •.35 .50
*.15 .35
+.15 .35 •.18 .3
414 414
4 412
43
418 412
112
114
114
114
114
114
114
114 *a.95
*0.90
114 *8(.95
•.12 .25 '.12 .25 •.13 .25
•1811 and asked prices uo salee
thle day
a Afroce•-sent paid(
SeeBar3nage
PER SHARE
Range for Previous
Year 1027
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
STOCKS
BOSTON STOCK
EXCHANGE
per share
183 Feb 8
9114 Feb 17
100 Feb I
114 Jan 3
105 Mar 28
55 Jan 3
6012 Feb 10
80 Jan 3
130 Jan 9
114 Jan 4
15212 Jan 3
601s Jan 5
6114 Jan 26
110 Jan 6
6912 Jan 4
10612 Jan 3
98 Jan 3
135 Jan 4
10434 Jan 4
175 Jan 4
29 Jan 5
72 Jan 4
69 Mar 15
53 Feb 24
69 Feb 15
5934 Jan 16
103 Jan 12
132 Jan 25
135 Jan 3
6278 Feb 9
114 Jan 17
$ per share
$ per share
Jan
19158 Apr 3 171
81 May
99 Mar 7
9812 Apr
10512 Mar 26
12014 Jan 18 109 Mar
Jan
11014 Jan 24 101
5118 Mar
7112 Mar 31
Jan
56
62 Feb 23
7634 Jan
0114 Mar 27
Oct
145 Mar 12 118
97 Sept
135 Mar 12
170 Mar 12 15212 Dec
6114 Nov
6114 Jan 5
5512 Jan
7212 Mar 28
11412 Feb 23 10412May
64 Feb
87 Mar 30
Jan
90
132 Apr 4
Jan
90
120 Mar 5
Jan
160 Mar 5 124
10812 Mar 27 103 Sept
Jan 20, 176 Dee
182
25 Feb
43 Apr 5
84 Feb
85 Apr 5
60 Mar
7934 Mar 30
42 Apr
6512 Apr 5
4712 Jan
65 Jan 12
4112 Jan
6712 Feb 3
9212 Jan
106 Apr 2
Jan
13712 Jan 6 127
Jan
139 Apr 5 122
63 July
7034Mar 27
Jan
119 Jan 14 107
Miscellaneous.
418 Feb 14
3 Mar 19
585 Amer Pneumatic Service___25
50 20 Mar 26 2414 Feb 14
211 Preferred
Afar 29
50
2
Feb
4812
50
preferred
lot
90
1,540 Amer Telephone & Teleg__100 17678 Feb 21 182s8Mar 14
1812 Mar 21 24 Feb 1
1,256 Amoskeag Mfg
Assoc Gas & Elec Cl A_No par
912 Jan 12 --1-512-iel
)
No Par
200 Atlas Tack Corp
1458 Feb 20 1714 Jan 5
Beacon 011 corn tr etfs_No par
329 Bigelow-Hartf Carpet._No par 91 Jan 6 9612 Feb 4
.05 Mar 28 .40 Jan 19
Coldak Corp.. class A T
274 Dominion Stores, Ltd_ _No par 10512 Jan 17 12512 Apr 5
534 Mar 2
212 Jan 11
10
250 East Boston Land
234 Jan 20
138 Jan 31
5
150 Eastern Manufacturing
Apr 5
9712
18
Feb
88
5
7,477 Eastern SS Lines, Inc
No par 4712 Jan 6 50 Mar 2
1,090 Preferred
100 10112 Mar 28 105 Jan 4
247 1st preferred
1112 Jan 3 14 Feb 1
30 Economy Groc'y StoresN,par
100 252 Feb 20 280 Mar 17
1,111 Edison Electric Illum
Mar 28 36 Feb 3
3314
corn
Bevy
Federal Water
6,390 Galveston-Houston Elec__100 31 Feb 24 4012 Apr 3
1612 Jan 16 21585lar 21
General Pub Serv com_No par
No par 32 Feb 24 3512 Jan 21
470 Gilchrist Co
1,476 Gilette Safety Razor_ - No Par 99 Jan 10 108 Apr 5
012 Mar 22 13 Jan 13
25
400 Greenfield Tap & Die
No par 3212 Mar 28 4312 Jan 3
1,038 Hood Rubber
12 Kidder. Peab Arm)A pref_100 95 Jan 16 9514 Jan 16
958 Feb 14
9 Jan 7
7 Libby. McNeill& Libby ____10
8 Jan 30
714 Jan 4
25
25 Loew's Theatres
6,373 Massachusetts Gas Cos_ __100 109 Feb 3 124 Apr 5
100 7812 Jan 4 8112 Apr 4
459 Preferred
435 Mergenthaler LinotyPe_No par 99 Apr 2 112 Jan 10
10
312 Jan 6 478 Jan 12
778 National Leather
5 2572 Apr 2 33114 Jan 3
1,348 Nelson (Herman) Corp
10 New Eng Pub Sort'$7 pf No par 102 Jan 3 10912 Feb 7
No par 104 Jan 3 11058 Apr 5
90 Prlor preferred
New Eng South Mills_No par .10 Jan 3 55 Mar 9
412 Feb 29
4 Jan 4
100
Preferred
100 2137 Mar 9 140 Jan 24
594 New Eng Telep & Teleg
100 3412 Mar 20 4018 Jan 3
315 Pacific kilns
50 Plant (Thos G), let pref __ _100 16 Mar 31 23 Jan 11
10 15 Mar 27 16 Jan 5
55 Reece Button Hole
178 Apr 4
114 Feb 24
100 Reece Folding Machine__ 10
126 Jan 3 135 Feb 20
_100
prat_
part
152 Swed-Amer Inv
100 12434 Jan 6 133 Feb 10
407 Swift & Co
25 90 Feb 7 103 Mar 13
615 Torrington Co
312 Jan 5
5 .90 Mar 19
120 Tower Manufacturing
18 Mar 20 2012 Jan 3
140 Traveller Shoe Co T C
Mar 12
15
4
Jan
12
5
Drill
Twist
Union
10
7,087 United Shoe Mach Corp. _26 6334 Jan 21 7112 Apr 5
25 20-1 Mar 22 3112 Jan 19
253 Preferred
95 Jan 3 101 Jan 31
10 U S & Foreign Sec 1st pref _ _ _
8 Jan 14 1212Mar 2
4.200 Venezuela Holding Corp
1912 Jan 3 2512 Apr 0
6,423 WaldorfSys,Inc,new eh No par
Walth Watch el B com_No par 60 Jan 5 90 Mar 27
100 88 Jan 3 96 Feb 7
13 Preferred trust Ws
100 104 Jan 5 10612Mar 5
5 Prior preferred
1534 Mar 19 18 Jan 24
20
700 Walworth Company
50 152 Jan 4 182 Feb 7
1,175 Warren Bros
50
Jan 3 57 Apr 5
50
preferred
let
135
50 5212 Jan 11 5912 Mar 29
2(1 preferred
Will & Baumer Candle corn__ 18 Feb 23 18 Feb 23
Mining.
6
1,655 Arizona Commercial
10
274 Bingham Mines
25
2,079 Calumet & Uccle
25
2 710 Copper Range Co
695,East Butte Copper Mining..10
25
250 Hancock Consolidated
I
50 Hardy Coal Co
25
Helvetia
1
41.3 Island Creek Coal
1
671 Preferred
25
1,229 Isle Royale Copper
25
115 Keweenaw Copper
25
25 Lake Copper Co
25
!La Salle Copper
5
1,600 Mason Valley Mines
25
Mass Consolidated
25
50 Mayflower-Old Colony
25
10,814 Mohawk
5
785 New Cornelia Copper
New Dominion Copper
____,Ift
Company_
River
New
1,0
Preferred
5
250 Nipiseing Mines
10
4,010 North Butte Mining
25
60 Ojibway Mining
25
2,055 Old Dominion Co
255 Pd Cr'k Pocahontas Co No Par
25
1,665 Quincy
25
930 St Mary's Mineral Land _
No par
Seneca Mlning
10
Shannon
Superior & Boston Copper....10
5
610 Utah-Apex Mining
1
1,805 Utah Metal & Tunnel
25
Victoria
25
Winona
5 Ex-stock dividend, I New stook
314 Mar 21
zalse Mar 22
2014 Jan 10
1412Mar 14
112 Feb 4
.30 Mar 26
5 Feb 20
65 Jan 21
60 Feb 18
105 Feb 14
21178 Feb 28
134 Jan 17
1 Feb 24
.75 Jan 31
114 Jan 19
.20 Mar 3
.50 Jan 25
4612 Jan 31
2512 Feb 29
.10 Mar 10
6 Jan 3
58 Jan 4
2378 Feb 7
2138 Jan 20
214 Jan 13
.928 Mar 6
12 Jan 14
.85 Feb 25
5578 Jan 4
106 Mar 21
1434 Jan 4
238 Feb 7
134 Mar 3
1 Jun 5
2 Jan 7
.50 Jan 3
.75 Jan 5
6014 Apr 5
2912 Jan 3
.15 Mar 12
6-2" Jan 28
5512 Jan 4 458 Mar 2
578 Jan 3
2 Apr 5
.90 Jan 6
114 Mar 30
.60 Feb 24
9 Mar 8 1212 Jan 3
12 Jan 3 1678 Jan 24
1238 Mar 17 151: Jan 4
2112 Mar 27 3112 Jan 7
3 Jan 3
3 Jan 3
.25 Mar 8 .65 Mar 9
.15 Mar 12 .35 Jan 30
514 Jan 4
4 Mar 7
134 Feb 25
1 Feb 9
134 Feb 1
.99 Mar 1
.10 Feb 7 .30 Jan 6
0 Es-dividend.
it:-rlabta.
Highest
Lowest
Highest
Lowest
Par.
Railroads.
Shares
100
234 Boston & Albany
100
578 Boston Elevated
100
25 Preferred
100
55 151 preferred
100
340 2(1 preferred
100
1,092 Boston & Mahn) corn
Preferred unstamped_ _ _ 100
5 Ser A 1st pref unstamped 100
Ser B 1st pref unstamped 100
Ser C 1st pref unstamped 100
Ser D 1st pref unstamped 100
100
Common stamped
100
200 Preferred stamped
44 Prior preferred stamped.100
20 Ser A 1st pref stamped 100
25 Ser 13 1st pref stamped 100
159 Ser C lot prof stamped 100
24 Ser D 1st pref stamped 100
50 Neg receipts 55% paid
100
5 Boston & Providence
100
1,028 East Mass Street Sty Co
100
1,265 1st preferred
100
125 Preferred B
100
Adjustment
3,290
100
205 Maine Central
100
1,549 NYNE1Ac Hartford
32 Northern New Hampshire_100
Norwich & Worcester pref_100
100
114 Old Colony
51)
2,655 Penneylvania RR
Vermont & Massachusetts_100
$ per share
188 May
9812 Dee
10312 June
120 Nov
110 Bent
70 July
6912 July
87 June
139 May
116 May
165 Apr
64 Nov
73 May
113 May
78 Jan
116 May
105 May
14422 May
Oct
106
Oct
212
4312 Sept
Oct
81
Oet
78
5912 St
74 Mar
6312 Dee
106 Nov
14612 Nov
13612 Oct
6818 Oct
121 Nov
214 Jan
1512 Jan
47 July
14912 Jan
1912 Nov
3634 Jan
713 Oct
1512 Aug
77 Feb
.01 Dee
Jan
67
114 June
112 Dec
Jan
45
35 Feb
97'4 Feb
10 June
217 Feb
Apr
27
2212 Apr
1134 Jan
3414 Juno
8412 Mar
Oct
7
3252 July
94 Apr
7 Aug
Jan
6
84 Mar
Jan
70
10312 Nov
214 Mar
2312 Feb
Jan
91
9714 Jan
.10 Deo
2 Apr
11512 Jan
3512 Mar
15 June
21414 Sept
1 Mar
10512 Jan
115 Jan
Jan
66
273 Dec
16 Aug
912 Sept
Jan
50
Jan
28
83 May
41f July
Oct
19
4012 Jan
Jac
61
534 July
261: Sept
50 Apr
18512 Oct
2712 Nov
5014'Dec
12 Apr
2012 Jan
96 Nov
5 Jan
10812 Dee
334 Feb
734 Mar
04 Dec
4814 Dee
106 Dee
15 Sept
267 may
3612 Oct
38 Nov
1712 Oel
38 Mar
10914 Oct
1314 Nov
Jan
47
9534 July
1114 Sept
Jan
10
124 Nov
8178 Nov
Oct
116
438 Jan
33 Dee
10218 Dee
108 Dee
314 Feb
878 Feb
140 Aug
44 Sept
425* Jan
1612 Feb
152 Jan
Oct
132
13012 Sept
96 Dee
958 Jan
2112 Nov
1412 Jan
77 Nov
3112 Nov
95 Dee
Apr
11
2712 Feb
6112 Dee
86 Doe
101312June 119 May
1712 Dec 2434 Apr
6518 Jan 17934 Nov
44 Jan 70 Dec
Jan 72 Dec
45
Jan 1812 Nov
14
1014 Jan
5 July
30
Jan 6114 Dec
1418 June 2438 Dec
1178 kfay 2114 Doe
118 Oct2114 Jan
1 July
.15 Apr
6 Dec 1818 Sept
Oct .85 Jan
.32
47 Feb67 Sept
10411 Sept107 Apr
18 1)eo
9 July
1 July
273 Feb
3 Dee
Jan
.80
1 Nov
.50 Mar
.70
Oct214 Dee
.06 Sept.85 Jan
112 Jan
.25 May
3452 June 52 Dee
1812 June 3018 Dec
.03 Dec .06 Feb
15 Nov1973 klay
56 Nov 75 Feb
5 Aug1018 Feb
338 Jan
.50 Jun
Oct114 Jan
.40
912 Oct 15 Apr
Jan
1812 Aug
11
1918 Apr
1314 July
:June 32 Dee
181
312 Jan
1 July
.15 May .63 Dec
.15 Mar .50 Sept
77s Feb
418 July
2 Feb
Oct
.76
2 Aug
.50 July
.03 Ma .70 June
Es-dividend awl rigble.
APR. 7 1928.]
FINANCIAL CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Record of transactions in bonds
at Boston Stock Exchange Mar. 31 to Apr. 5, both inclusive
(Friday, the 6th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
Bonds-
Thurs.
Last Week's Range Sales
Sale
of likes.
for
Price. Low, High. Week.
Range Since Jan. 1.
Low.
$
93% 93
94 129,000 90
7835 7855 1,000 72
90% 90% 4,000 90
102
102 102% 10,000 102
100 100 . 1,000 100
High.
Amoskeag Mfg 6s_ _ _ _1948
Mar
Atl G & W I SS L 58.1959
Jan
Chic Jet Ry & US Y 451940
Jan
Ss
1940
Feb
Crown Cork & Seal 6s_1947
Mar
East Mass Street ER4 Hs series A
1948 7655 7354 7634 24,000 70
Mar
laser B
1948 8555 83
8555 6,100 77
Jan
6s ser C
1948
92
92
700 91
Jan
65 ser D
1948
9355 9355
400 9034 Feb
as ser SC
1928
100 100
1,200 9935 Jan
Florida Pub Serv A6 Hs'49
105 105
5,000 105
Mar
Graton & Knight 5558.1947
9655 9655 2,000 9655 Feb
Hood Rubber 7s
1937
10255 10255
1,000 10134 Mar
Keystone Tel (Phil) 6s B'51
100 100
5.000 100
Mar
Mass, Gas Co 4555_ _1929
10055 10034 4.000 100
Jan
Metro') Ice ser A 7s_1954
100 100
1,000 100
Mar
Mt Hope Bridge 7s..._1952
99
99
1,000 99
Mar
Municip Gas (Tex) 68_1935
10455 10455
1,000 10454 Mar
New End l Power 58_ _1948
100 100
10,000 100
Apr
New Engl T & T 58._ _1932
10251 103
3,000 10255 Jan
P C Pocah C 7s deb__ _1935
111
11134 7.000 106
Jan
Swift & Co bs
1944 10251 1023,4 10251
3.000 10151 Mar
United Drug Ss
1944
9935 9955 3,000 9934 Mar
Western Tel & Tel bs 1932
102 102
2,000 10034 Jan
._...._
....
.-
9551 Jan
7855 Apr
9031 Apr
10334 Jan
100
Mar
7634
8555
9334
9354
100
105
9654
10334
100
10055
100
99
10435
100
10355
113
103
9955
103
.-
Apr
Apr
Max
Apr
NIar
NIat
Fet
Jar
Mar
NIar
Mar
Mar
Mal
Am
Fet
Mal
Jar
Api
Ma
..,
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Mar. 31 to Apr. 5, both inclusive (Friday, the 6th, being Good Friday and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last IVeek's Range far
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Almar Stores
• 15%
15% 17
Alliance Insurance
10 80
80
80
American Stores
70
6955 7255
Bellefonte Central
50
24
24
Bell Tel Coot Pa pref_ _100 11654 11554
11634
Bornat Inc
11
11
11
Budd (E G) 1511g Co
•
28
28
Cambria Iron
60 43
42% 43%
Camden Fire Insurance_
37%
3551 37%
Consul Traction of N J 100
58
58
Cramp Ship & Eng__ _100
251
235
Curtis PUb11.911111g CO COM..
180 180
EISCLI1Ohr (Otto)& Bros 100
2054 2051
Elm Bond & Share
90% 0155
Elee Storage Battery_ _100
7751 82
Fairm't Pk Trans Co com_.
10
10
Fire Association
10 7254 72
72%
Giant Port! Cem pref__ 50
35
35
Horn & Ilard't(Phila)corn •
225 235
Horn &Ilard't(N Y)com_*
5635 5951
Insurance Coot N A _ _ _ _10 9351 92
93%
Keystone Telephone__ _50
4
4
Lake Superior Corp_ _ _ _100
635
6
654
Lehigh Coal & Nay
50
112 114
Lehigh Pow Sec Corp corn *
2655 26%
Lit Brothers
10
2451 26%
Manufacturers Can Ins..._
42
4154 4235
Mark (Louis) Shoes Inc__•
951 1035
951
Minehill & Schuyl flay_ _50
5734 5754
North East Power Co
25
2555
North Ohio Pow Co
•
2451 2534
Penn Cent L & P cum pt. • 8055 80
8055
Pennsylvania RR
90
6855 6954
Pennsylvania Salt Mfg_ _50
95
96
Phila. Dairy Prod pref
90
90
Phila Electric of Pa
25 61% 61% 6231
Phila. Elm Pow recta_
25 2655 2555 2651
Phlla Rapid Transit__ _50
60
60
7% preferred
50 50% 5016 5255
Phila & Read C & I Co_ _ _•
3355 3354
Philadelphia Traction_ _ _50 58% 58
58%
Phlla & Western Ry _ _ _60
1051 11
Preferred
50
3434 3435
Reading Company
50
107% 107%
Reliance Ins Co
31
31
33
Shreve El Dorado Pipe L 25 24% 22
25
Scott Paper Co pref_ __100
110 110
Stanley Co of America._ ..* 44
4035 47%
Tono-Belmont Bevel_ _ 1
154
IN
155
Tonopah Mining
1
455
454 455
Union Traction
50 38Si 3854 38%
United Gas Impt
50 124
122% 12554
United Lt & Pr A corn_ •
21
22%
US Dairy Prod class A__. 55
5454 55
Victor Talking Mach corn •
8155 8754
6% cum pref
17156 17154
7% cum pref
•
108 10955
Victory Ins Co
3035 3051 31
W Jersey & Seashore RR.50
3834 39
York Rys pref
50
4355 45
2,171
400
3,995
50
273
70
100
458
13,310
35
1,310
50
400
200
1,765
120
1,925
50
52
1,804
18,000
100
1,900
600
200
7,544
1,240
1,405
35
2,650
900
238
23,300
577
160
700
2,500
1,570
1,084
100
206
505
20
100
505
5,430
27
36,666
1,100
3,400
586
31,950
9.000
500
800
200
200
7
7
80
Range Since Jan. 1.
Low.
High.
1455 Jan
74
Feb
64
Jan
17
Jan
11555 Jan
104 Mar
26
Mar
42
Mar
271i Jan
54
Mar
151 Feb
175
Feb
18% Mar
9054 Apr
6955 Jan
10
Mar
64% Feb
31
Feb
215
Jan
52
Feb
8455 Feb
3
Jan
Jan
3
10554 Feb
20
Jan
2234 Jan
2754 Jan
9
Mar
57
Feb
2055 Mar
18
Jan
7955 Jan
63
Feb
92
Jan
90
Mar
5554 Jan
22
Jan
55
Jan
50
Jan
2854 Feb
58
Mar
1034 Mar
3434 Apr
10754 mar
28% Mar
18
Mar
103
Jan
4035 Apr
1
Jan
135 Jan
3735 Jan
11154 Jan
1555 Feb
3855 Jan
53
Jan
10955 Jan
102% Jan
2735 Feb
35
Feb
20
Feb
8354 Mar
7454 Feb
24
Jan
118
Mar
14
Feb
33
Jan
4334 Mar
3754 Apr
60
Jan
14
Jan
190
Jan
20,51 Apr
9355 Mar
82
Apr
10
Mar
79
Mar
42
Jan
241
Mar
64
Mar
9751 Mar
7
Jan
834 Feb
125% Jan
27
Mar
2634 Apr
4234 Mar
2235 Jan
5755 Feb
26
Mar
2755 Star
82
Mar
7054 Mar
10954 Jan
9355 Feb
62% Mar
26% Apr
6054 Jan
5255 Mar
38% Jan
63
Feb
15
Feb
3654 Feb
107% Apr
3755 Jan
25
Apr
11055 Slar
54% Mar
2
Jan
435 Jan
4074 Feb
12511 Star
2251 Apr
57
Feb
8834 Mar
175
Mar
10934 Mar
34
Jan
3935 Jan
RightsPennsylvania RR
2
255 10,900
BondsAdv Bag & Paper 6s _1962
100 100
Cons Trac N J let 55_ _1932
8856 8854
moo & pmples Ir et( 4s 1945 62% 6255
63
LakeSupCorpstped5s _1929
14
15
• Leh Val gen'l consol4s_ 2003 90% 9051 90%
Leh Val Coal 1st 58 _ _1933
10055 10055
Pa & Nth West Is _ _ _.1930
10155 101%
PeoplesPasstr Ws45..1943
66
6655
Phila Co 5s
1967
10151 10155
PhIlaElec 1st 4553 ser _1967
103 10351
1st nen & ref 58
1960
105 105
1st 58
1966 10851 10834 10855
let lien & ref 555s_ _ 1947 10754 10755 10756
1s1 lien & ref 555s. _ _1953
10635 10634
Flint% Elm Pow Co 53551972
106 106%
Phila&Readingimpt4s 1947
9735 9731
ReadingTerm deb 58.1941
107 107
Phila&ReadC&I514._ _1933
9594 96%
Phila-Wilm&Balt4s_ _ _1932
9856 98%
UnitedRys&E1(Balt)451949
7754 78
West Jersey&Ssh355
93
93
48
97
97
York RallwaysIst 5s_ _1937
100% 10054
0 No par value:
$7,000
4,000
47,600
2,200
1,000
1,000
10,000
6,000
3,000
16,000
4,000
14,600
3,000
1,000
16,000
2,000
1,000
31,000
13,000
9.000
1,000
1,000
8.000
2
Mar
100
8815
65
14
9034
10055
10135
65
9851
10055
10451
108
106
106
10554
9735
107
9551
98%
6455
93
97
Mar
Mar
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Apr
Mar
Mar
Apr
Jan
Apr
Apr
235 Mar
10054
90
63
19
9255
102
101%
6655
10155
103%
106
109
10734
10755
10655
9751
107
9694
9855
80
93
97
10034 Mar 10094
Feb
Jan
Feb
Mar
Feb
Feb
Apr
Mar
Mar
Apr
Mar
Jan
Mar
Jan
Feb
Apr
Mar
Mar
Apr
Feb
Apr
Apr
Mar
2127
Baltimore Stock Exchange.-Record of transactioneat
Baltimore Stock Exchange Mar. 31 to Apr. 5, both inclusive
(Friday, the 6th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Corp
• 48
Atlan Coast L (Conn)_ _ _50 190
Bait Commercial Bank_100
Baltimore Trust Co
60 165
Baltimore Tube
100 10
Benesch (I) & Sons pref_25
Black & Decker prat_ _ _25
Central Fire Ins
10
Century Trust
50 230
Chas & Po Tel of Bait pf 100 11535
Citizens National Bank_10 50%
Commercial Credit
• 2755
Preferred
25 24
Preferred B
25
100 93
6%% 1st pref
Consul Gas, EL & Pow_ _• 75
6% preferred ser D _ _100 11154
535% prat w I ser E_ _100
5% preferred
10455
Consolidation Coal_ _ _ _100 2755
Preferred
100
Dalton Tire & Rubber_
•
Drovers & Tfech Bank.100
Eastern Rolling NflIl
• 27
Equitable Trust Co
25
Farmers & NIer Bank_ __40
Fidelity & Deposit
50 298
Finance Co of Amer A......•
Series Et
•
Finance Service corn A..10
Preferred
10
Houston Oil pref v t eta 100
Hurst (J E)& Co cora __100
Mfrs Finance corn v t..25
1st preferred
25
2d preferred
25
Maryland Casualty Co_ _25
N1erch & Miners Transp_ •
Merchants Nat Bank.._ _10 30%
Mormon W Penn P S pf__25 2631
Mortgage Security com...• 20
1st preferred
50
2d preferred
100
Mt V-Woodb Mills v t_100 20
Preferred
100 96
New Amsterd'm Can Co_10 7334
Northern Central Ry _ _ _ 50 9051
Penna Water & Power_ __• 7234
Park Bank
Real Estate Trustee_ .100
Silica Gel Corp corn v t_ *
Stand Gas Eq pf w war.100 35
Sun Mfg Co
Un Porto Rican Sug corn.' 46
Preferred
5255
United Rys & Electric _ _50 14
U S Fidelity & Guar_ _ _ _50 368
West Md Dairy Inc pref. _• 9515
Prior preferred
50 55
Bait. City Bonds4s Jones Falls
1961
4s dock impts
1961
95 School house loan.. _1961
4s Water loan
1958
4s Paving loan
1951
48 Annex impt
1951
95 2d Water serial_ _..1947
3.55s New sewer impt_ _1980
4s new sewer impt_ ._196l
Halt Sparrows P&C 4558'53
Balt'Fraction lot 5s_ _ _1929
Black & Decker 6 Hs_ _1937
Consul G. El & P1st ref asser A
1949
Elkhorn Coal Corp 635531
IIendler Creamery 63_1946
kid Electric R5'
1st & ref 655 sec A_ _1957
Parma W 84P 5s
1940
UnPorRicSug 634 notes.'37
United Ry & E 1st 43_1949
Income 4s
1949
Funding 55
1936
lot 6s
1949
Wash Balt & Annap 5s1941
4751 4855
190 190
147 147
165 174
10
10
2654 2655
2655 2635
45
45
217 230
115 11554
5051 5056
27.51 28
2354 24
2435 25
9135 93
72
75
111 112
111
111
10455 10555
2755 29
85
85
6
6
400 400
2351 2751
10955 110
77
77
288 303
11
11
11
11
1754 18
954 951
97
97
65
65
2454 2455
22
2215
1934 1951
180 185
4651 4631
3051 31
26
2614
1934 2051
83
84
7455
72
1955 20
96
96
73
74
9051 90%
71
7234
37
37
120 120
19
19
35
35
18
18
4554 4655
52% 54
14
1551
365 372
9554 9555
55
55
2,641
30
3
627
100
15
40
35
162
88
342
1,020
1,154
40
127
894
136
15
268
216
100
10
10
6,598
27
1
1,435
100
50
10
25
3
1
3
31
7
90
166
216
170
597
62
25
311
155
219
20
390
40
10
25
16
180
635
683
350
273
209
55
10151 10154 5,500
102 102
2,00
10154 101%
1,00
10151 10151
1,00
10151 10151 10,00
102 102
500
10135 10155
1,700
92
92
2,00
1,00
10254 10254 10211
9015 9055 9055 5.00
100
100 100
1,00
10735 107.51 4,00
10154
106,4 106% 106%
96
96
96%
9951 993,4
99
9954
10035
7154 7151
61
50
77
7755
94% 9455
86
86
99
99
99%
101
72
51
7735
95
8655
Range Since Jan. 1.
Low.
High.
46
190
146
15835
10
2634
26
4455
217
11351
50
2131
23
23
8855
67%
110
10754
10055
2755
85
6
400
2251
108
77
27551
11
11
16
934
9554
65
2455
20
1851
174
4551
3035
25
1734
70
70
1755
95
71
88
68
32
120
17
35
1755
3855
4855
13
348H
75
5294
Jan
Mar
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Apr
Jan
Apr
Feb
Mar
Jan
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Apr
Mar
Jan
Nla
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Ma
Jan
Feb
Jan
Jan
Jan
Apr
Mar
Apr
Mar
Mar
Mar
Mar
Jan
Jan
Jan
4834
212
14935
174
11
2754
27
49
231
11751
54
29
2454
25
93
75
113
111
10554
33%
85
7
405
2794
115
78
303
1155
1155
2054
1055
10355
6854
2635
25
20%
191
47%
33%
27
21%
84
85
22
963.1
7934
9055
7254
38
123
1955
40
20
47
54
2055
374
97
5555
Apr
Jan
Jan
Nlar
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Apr
Apr
Jan
Apr
Mar
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Nlar
Feb
Feb
Feb
Feb
mar
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Nlar
Mar
Mar
Apr
Jan
Mar
Mar
Jan
10155
10155
10154
101%
10155
102
10134
91
102%
9055
100
10655
Mar
Mar
Mar
Apr
Ma
Ma
Mar
Jan
Apr
Apr
Feb
Jan
10255
10354
10355
103
10355
103
10135
93
10251
92
101
10955
Feb
Feb
Feb
Jan
Feb
Feb
Mar
Jan
Apr
Feb
Feb
Jan
4,000 105% Star 108
Jan
9,00
95
Jan 9854 Jan
1,00
99
Jan 99% Mar
65,00
5,00
8,000
13,000
13,000
12,800
11,000
30,000
9855
9955
99
7155
50
7454
94
8351
Feb 9954
Apr 10535
Fe
101
Fe
75
Jan 55
Mar 8454
Mar 98
Feb 90
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
• No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Mar. 31 to Apr. 5, both inclusive
(Friday, the 6th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares.
Acme Steel Co
25
Adams Royalty Co corn...
All America Radio cl A._5
Amer Colortype corn
Amer Corn Pow1st pref S655 "A"
•
Am Fur Start Bldg pf__100
Amer Nat'l Gas Corp_
•
American Pub Serv pref 100
Am Pub Utli Co prior pf100
Panic pref
100
Amer States Seely Corp A •
Class B
•
Warrants
Armour & Co(Del)pref_100
Armour & Co prof
100
Associated Investment Co•
Auburn Auto Co com____•
Balaban & Katz v t C.._25
Bastian-Blessing Co(com)*
Baxter Laundries Inc A.. _•
Beaver Board v t C "B"__.
Pref vot tr ctfs
100
Bandit Corp el A
10
Borg & Beck corn
10
Brach & Sons(E J) corn..'
Butler Brothers
20
Cam pbellWyant&CanFdy•
Castle & Co (A NI)
10
Celotex Co, corn
•
Preferred
100
Central Gas & El 7% pref •
Central III Pub Sem, pref.'
Cent States P & L Corppf _•
8855
2535
24
95
101
9635
8%
915
2
90
3755
133%
7634
354
2415
434
6334
7355
21
42
4951
65
87
99
9911
88
24%
13
24
2,435
885,4
2,305
26
1755 22,650
24
260
Range Since Jan, I.
Low,
83
Jan
21
Jan
Jan
2
2355 Feb
95
95
200 95
98
60 9751
99
21
22
1.100 18%
98
90 9754
9855
120 9551
99 101
96
90 8751
96%
4
14.950
754 9
455
755 955 4,650
14,050
151
2
56
90
25 87
90
105 6635
7534 76%
100 36
37
3734
133 13851 6,925 114
76
,s 4.934 5934
3455 3654 12.500 24
2455 25
1,745 2454
43.4 434
50
234
56
115 39
5655
60
64
6,970 51
73
7454 2,575 66
19
2134
700 16%
20% 2154 3,290 205(
41
955 38%
42%
4855 49,5 2,509 42%
61
68
1,880 49
335 80
84
88
99
99
70 9455
99 10054
315 9751
101 101
100 99
Star
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Ma
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Feb
Feb
Feb
Feb
Jan
Feb
High.
89
26
1755
2554
Mar
Apr
Mar
Mar
95
101
2234
101
101
96%
9
955
2
91%
87
3951
141%
82
36%
2651
555
5654
6415
8155
22
23%
4455
51
69
88
100
100%
101
Mar
Feb
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Jan
Feb
Jan
Star
Mar
Mar
Mar
Feb
Apr
Star
Jan
Feb
Feb
Mar
Mar
Mar
Apr
Jan
Apr
Mar
3241
Jan
Apr
Jan
Jan
Mar
Jan
Jan
Jan
AP
Apr
Jan
Mar
Jan
Jan
Jan
Mar
Ma
Jan
Jo
9644
27
55
8034
139%
3241
4%
55
28
42
4134
36
3444
105
103
13
3234
115
13%
Jan
Mar
May
Feb
Apr
Feb
Jan
Mar
Apr
Apr
Feb
Mar
Feb
Feb
Jan
Jan
Mar
Mar
Jan
Jan
860 20
214.1 21% 22
9034 21,400 54% Jan
83
90
150 15941 Jan
172% 174
174
25 159% Jan
17244 172%
2,150 3844 Jan
63
57
61
Jan
104 285
305 310
Jan
682 111
118 125
125
40 98% Jan
105 105
10 23% Jan
28% 26%
475 30% Jan
32%
31
32
17,500 82% Jan
101% 99% 106
Ma
160 79
92
92
92
815 4844 Mar
63
61
62
Jan
25
105
25%
2534
Jan
60 101
10331 103% 104
81 8931 Jan
93
93
AD
3044
31% 30% 32% 16,600
9034 8944 92% 6,350 7744 Fe
Jan
9
222
9% 944
1,320 124% Jan
128 12944
129
Jan
7,150 26
29
27
29
Fe
300 13
13%
13
515 5941 Fe
60% 6044 61
Fe
25 95
95
95
95
23
9034
180
180
63
320
125
105
27%
3434
11044
93%
63%
26
104%
93
34
9344
9%
132%
3444
16%
62%
96
Feb
Apr
Feb
Feb
Apr
Mar
Apr
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Feb
Feb
Mar
Jan 101
Jan 2241
Jan 30
Apr 2444
Mar 68
Mar 94;4
Mar 93
Jan 124
Jan 24
Mar 1234
Feb 108
1941
Jan
Mar
Apr
Mar
Apr
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
M184 Val Util prior lien pi_s
26
Monighan Mfg Corp
Monsanto Chemical Wks.' 5034
Morgan Lithograph corn.* 7941
100
Nat Carbon pref
Nat Elec Power A part_ _ _* 31
4%
National Leather corn...10
National Standard corn...* 52
Neve Drug Stores corn...* 2734
4034
Convertible "A"
North American Car corn.* 40
Northern Paper Mills corn •
3234
Northwest Eng Co corn..
Nor West Util pr in pref 100
100
7% preferred
Novadel Process Co com _•
•
Preferred
Oklahoma G Sr E Pfd_ 100 115
•
Omnibus vot tr ctfs
Penn Gas & Elec"A"com •
Pines Winterfront A com.5
Pub Serv of Nor Ill corn...*
100
Common
Q-R-S Music Co corn_ _ _
•
corn
Co
Quaker Oats
100
Preferred
Reliance Mfg Co pref....100
10
Reo Motor Car Co
•
Sangamo Electric Co
•
Sears, Roebuck corn
Shaffer Oil dr Rig pref....100
•
corn
Steel
Sheffield
So Col Po Elec"A"corn 25
So'n 0& El Co7% phi 100
Southwest Pow & Lt pref.*
Standard Dredge cony Pfd*
Stewart-Warner Speedom •
Studebaker Mall Ord corn 5
190
Swift & Company
Swift International_ _ _ _ 15
•
Tenn Prod Corp corn
Thompson (J R)corn...25
20 Wacker Drive Bldg pf_*
United Light & PowerClass"A" preferred.. _ ..*
Common class A new..'
Common class B new. •
United Pap Board com_100
100
Preferred
United Pub Util $6 pfd._ _*
20
US Gypsum
100
Preferred
Vesta Battery Corp corn _10
•
Wahl Co corn
Walgreen Co 634% prof 100
Corn elk purch warr___*
Ward (Montgomery)& Co
•
class"A"
Warner Gear "A"cony pf25
Waukesha Motor Co corn.'
Williams 011 0 Mat com.•
40 94
94
9544
25
2645 2,250 25
1,145 38%
5034 53
7914 10,450 7334
76
10 138
139% 139%
3144 2,130 2734
31
334
905
441 434
51% 5234 3,290 37%
3,200 2634
26% 28
450 40
42
40
4044 2,010 3234
39
200 3344
3344 33%
1,265 29
31% 33
50 9934
10244 10314
75 99%
10134 10151
350 10%
12% 13
35 28
32
31
20 108%
115 115
200 1244
13
13
10031
21%
29%
19%
2434
65
9444 94%
72
73
123
123
15%
934
10541 104
16
17
101
45
75
101
2241
29%
2434
65
9444
77
123%
15%
945
105%
174
120 95
1,100 14
50 19
760 1934
10 65
25 9444
2,970 69
70 122
100 14
8%
130
1,160 100%
5
1,655
Mar 128
40 121
12441 125
Jan 45
37,340 32
45
36
Mar 75
900 66
75
68
Jan
8
6%
395
731
7
Jan
Apr
Apr
Jan
8t8888
0
0
888880
8 0
o
Do
102
8736
88
8734
68
109
Apr
Jan
Jan
Jan
Jan
Feb
0734
100
117
100
101
8434
98
99
9734
100
9434
103
100
Apr
Apr
Mar
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Apr
Jan
Mar
98
Jan
4-s.,
40,.,444444.C., 44
98
10034
121
125%
9534
105%
91
Mar
Apr
Jan
Mar
tiggtggt.Htlagr,
183.4
5244
13641
Feb 42% Feb
285 40
4144
Mar
1,830 23% Jan 42
42
70% 4.600 61% Jan 70% Mar
Mar
Mar
2
1
1% 3,000
1944 Apr
1044 Jan
19%
'Is Ma
lie Mar
4,400
11
Mar
285 4434 Jan 55
52% 53
133% 13644 6,605 12331 Jan 13634 Apr
29,1 Mar
11,1e Feb
33( 2l, 19,300
185 116% Jan 124% Feb
121 121%
Feb
620 93% Jan 100
96% 98
Mar 100% Apr
200 99
100 10034
960 12044 Apr 121% Apr
12044 121 34
Mar 129% Feb
260 125
12534 126
Mar
170 9434 Jan 97
95
95%
Jan 106% Mar
110 105
10534 106
92% Mar
200 89% Ma
91
90
Mar
Jan 105
50 103
103 104%
Mar
Feb 34
1,450 30
32% 33
Jan
150 9744 Jan 100
9945
99
41
40
68
1
17%
9934
10036
9944
9836
.22.2tt
40
6835
Feb
Mar
Mar
Feb
Jan
Apr
ggtaut utoig
931
7
37
79
1734
43
70
MAAC
000C
51%
290
84
45
100 101
9741 993-4
101 101
A
0
35%
127
101
98
XX
1341
44
42
98
:g
6941
46%
9734
100
11634
100
101
8334
96
98
9734
100
9434
102%
100
_,
X
52
275
9734 9734
100
100
116
100
101
101
8334
96
96
98
9734 9734
100
943.4
102%
100
OMWOM"0AA0m,00
0000000000000
Mar
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Apr
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Mar
iossi
102
8631
85
84
66
10834
85
XX X
74%
21%
63%
5%
5334
330
4344
70
4644
148
15%
45
42
10034
49
37%
130
13%
06
5234
290
71
50
4
941
102
86%
85
84
6544
102
OWOOM00
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Mar
Mar
Jan
994 994
10014 100 10014
9836 9834
98
98
98
000.AM
0000
120 46
61
60
635 18%
19% 2034
59
6034 2.800 47%
3
200
444 5
5234 2,445 43
51
880 245
261 280
110 39
39%
39
19,600 54
70
83
365 39%
45
464
310 134
146 148
1,500 12
13%
13
965 42%
42% 44
630 39
4034 42
35 98%
100% 10044
49
55 47%
58
31% 35% 2.175 26
5,000 65%
125% 130
844
580
944
9
22 75
80
80
110 50%
51% 52
780 100
258 290
375 60%
64
63
25 45
45
45
3
500
3%
3
9
1.365
934 9%
20
5945
BondsAmer Serv Co 2-yr 68.1930
Amer Silica 644e
1943
Bloomington Lime,st 6s '42
Cent States Util 6s...1938
Ch of Rks Ifghwy Bldg1947
644s
Chic City Rys 58 ctf dep '27
Chicago Railways 58_ _1927
1st M ctf of dep 5s_ _1927
1927
5s series A
Commonw Edison 58_1943
Fed Util(Md) 1st 5%s
1957
New
1930
3-year 534s
HousGGCosfg 6%81931
Inland Gas Corp 644s A '33
Jewelers Bldg (Chic) 6s '50
Metr W Side El 1st 4s_1938
St Louis Gas & C 6s_ _1947
Sou United Gas 1s1 65 A '37
South Ice 1st 6s A._ _ _1947
1938
1st 6448 B
South West Util Ice 6s '41
Swift & Co 1st s f g 58_1944
Texas Wat Util Co 6s A '48
United Pub Serv Co1942
15-year 6s A
United Pub Util Co-1947
1st 6s A
1947
1st 5348 B
1929
2-year 544s
1334
35
6834
6%
36
76
1334
3541
70
XX
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Apr
Mar
Jan
Feb
Feb
Jan
Apr
Mar
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Apr
6%
35
75
13
343.4
65%
36
High.
Low.
000000
0,0"MM
10544
2
2241
18
18
40
44
9944
10244
18%
33.4
102
4944
39
189
20
25%
15%
98
9%
4734
121
54
24
101
111%
74
7434
40%
Wolverine Portland Cem 10
...•
Woodworth, Inc.. pref.
Wrigley(Wm Jr) Co corn.'
Yates-Amer mach part pf•
Yellow Cab Co Inc (Chic)•
Zenith Radio Corp corn....
31.1.
Range discs Jae. 1.
X
89% ;Mar
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Mar
Feb
Feb
Apr
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Apr
Bales
Thurs.
Last Peek's Range for
Peek.
of Prices.
Rale
Stocks (Concluded) Par. Price. Low. High. Mares
C.
High. .
Lew.
1,305 76
82% 86
88
495 103;4
107% 108
108
590 99%
10341 105
105
1%
350
1% 2
14
950 17
17
18
140 14%
1644 16% 16%
10 10
11% 114 11%
495 30
38
40
38
85 20
22
20
22
141 97
9734 98
98
70 100%
10144
101
300 15
16% 1644 17
2
100
3
3
1,400 95%
9834 102
10,050 4744
47% 47% 48
2.090 35
3534 36
36
715 165
179% 178 180
15
6
16% 16%
1,595 22
2444
2444 23
7%
11% 15% 52,550
15%
1,150 87
97% 96% 97%
3%
634 94 11,410
944
120 45
45%
4514 45
50 119
12034 121
5341 8,990 4834
52.4 52
7,600 13%
21% 23
23
355 99
100% 100% 10034
320 108%
111 111%
111
163 55
71
7234
72
325 55
72
72
72
1,130 30
30
40%
4031
McCord Radiator Mfg A.•
•
McQuay-Norris Mfg
Marvel Carburetor (Ind) 10
Rights
Meadow Mfg Co corn.....*
Rights
50
Preferred
Middle West Utilities._ _ _•
Rights
100
Preferred
•
6% preferred
6% cum prior lien pfet.•
8% preferred
Prior lien preferred_ _100
Midland Util6% pr lien100
100
7% prior lien
100
Preferred 6% A
100
Preferred 7% A
Minneap Honeywell Reg....
100
Preferred
Range Mace Jan. 1.
C.
Bales
Thurs.
Last Peek's Range for
gee*.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Central SW Util com__-•
Prior lien pref
•
' Preferred
Chic City & Con Ry pt sh..•
•
Participation pref
Certificates of dePosit--•
Chicago Elec Mfg "A"___•
Chic Jeff Fuse & El corn. _•
Chic N S & Milw com__100
100
Prior lien pref
Chic Rap Tran pr pfd A 100
Chic Rys part ctf ser 1_100
100
Part etre series 2
Chic Towel Co cony pref_*
Chickosha Cotton 011_ _10
Club Aluminum Uten Co.'
Commonwealth Edison.100
•
Consol Film Ind Inc
•
Preferred
5
Consumers Co corn
100
Preferred
•
t c purch warr
25
Crane Co corn
100
Preferred
Cutler Ham Mfg com_ _ _10
El Household Util Corp.10
Empire G & F Co 7% p1100
100
8% preferred
Evans dr Co, Inc. cl A..._ _5
5
Class "B"
•
Fair Co (The) corn
Fitz Simons & Connell Dk
& Dredge Co corn. _20
Foote Bros(0 & M) Co_ _5
Galesburg Coulter-Disc__*
Godchaux Sue, Inc, cl"B"•
cora _ _ _•
Goesard Co(H
Great Lakes D & D_ _100
Greif Bros Coop'ge A corn *
Grigsby-Grunow Co com_*
Hartford Times part pf___*
Hart. Schaffner Sr Marx 100
•
Henney Motor Co
•
Preferred
25
Illinois Brick Co
Illinois Nor Utilities p1.100
Indep Pneu Tool v t c.... •
Inland Wire & Cable corn 10
Kalamazoo Stove com___•
Kellogg Switchb'd cora_100
100
Preferred
Kentucky Util Jr cum p150
Keystone St& Wire corn 100
Kraft-Phenix Cheese com25
Kup'heimer & Co(B) Inc_5
La Salle Ext Unly com_10
Libby, McNeill & Libby _10
[Vot. 126.
FINANCIAL CHRONICLE
2128
Feb
101
9931 Apr
Mar
101
Mel.
In,
•No par value.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange Mar. 31 to Apr. 5, both inclusive
(Friday, the 6th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low, High, Shares,
•
Aetna Rubber corn
American Multlgraph corn*
Amer Ship Bldg corn_ _ _100
Allen Industries
Preferred
Bess Lirnest at Cern corn.'
Buckeye Incubator corn ...•
•
Byers Machine "A"
Central Alloy Steel corn _ _•
100
Preferred
•
City Ice & Fuel corn
Cleve Bldrs Sup & Br corn •
100
corn.
Ilium
Cleve Elect
100
Preferred
100
Cleveland Ry corn
Cleveland Secur P L pfd _10
•
Cleveland Stone corn
100
Cleveland Trust
Cleve Un Stkyds corn._100
Cleve Worst Mills com _100
10
D & C Navigation
•
Dow Chemical corn
Elm Cont'ller & Mfg corn.'
•
Faultless Rubber corn_
Federal Knit'g Mills corn.*
Firestone T & R corn.. _10
100
6% preferred
100
7% preferred
100
Foote-Burt, pref
General Tire & Rub corn.25
100
Glidden prior pref
Grasselli Chemical com _100
100
Preferred
Greif Bros Coop'age corn.'
100
Halle Bros pref
•
Ilarbauer corn
India Tire & Rub cont.....
Interlake Steamship Corn.'
•
Jaeger Machine corn
100
Jordan Motor pref
•
Kaynee corn
Kelley 181 L & T corn_ _100
LeMur corn
Metropo'tan Pay Bk coca.*
Miller Rubber pref _ _ _ _100
Mohawk Rubber corn....'
100
Preferred
Murray Ohio Mfg corn...*
Myers Pump
10
National Acme corn
National Refining corn. _25
100
Preferred
•
National Tile corn
No Ohio P & L6% pref.100
50
National Tool
Ohio Bell Telep pref...100
•
Ohio Brass "B"
100
Preferred
•
Otis Steel corn
Packard Electric
Packer Corp
Paragon Refining com_ _25
•
Richman Bros corn
River Raisin Paper com •
Rubber Service Labs
Scher Hirst
Sandusky Cement corn._.•
Seiberling Rubber corn _ _ _•
100
Preferred
Sherwin-Williams corn_ _25
100
Preferred
Smallwood Stone corn....'
Sparks-WithIngton corn..'
_100
Mann Tex Prod A pref.
100
B preferred
•
Stearns Motor corn
Telling Belle Vernon corn.*
Thompson Prod coin_..100
Trumbull-Cliffs Fur pfd 100
Trumbull Steel pref. _100
100
Union Trust
White motor Secur pref 100
Wood Chemical
Youngst'n Sh dr Tu pfd _100
•No par value.
25%
25
25
28% 2734 2844
110 112
112
1534
15
1534
3444 35%
36% 3644
34
31
31
34% 35
2841 2844 28%
111 111
44
43
44
30
30
415 415
11344 113 113%
10644 106% 10641
2% 3%
334
78
78
396 396
110 110
110
28
27
27
15
13
14%
140 140
140
56% 5734
37
37
34% 34%
175 178
175
110 34 11034 110%
10944 109 10944
87%
87% 86
170 170
99 100
13634 136 13644
109 111
110
3944 3944
104 104
12% 1244
23% 22% 24%
126 126
35
3231
3834
92
54
75
37
35%
3444
100
114
97%
57
945
285
180
40
104
66%
109
3046
63
33
6%
4644
26%
105
984
2534
29% 2934
25
25
33% 35
52
52
3234 35
37,4 3834
9344
92
55
50
75
73
15
15
36% 37
1434 1434
3534 3544
131 131
33% 3444
99 100
814 8%
113 114
98
97
10744 107%
15
15
56
5734
3434
34
944 10
263 285
1041 10%
40
40
26% 27
170 180
40%
40
103 104
6644
68
109 109%
3044 30%
63
63
63
70
33
33
6%
5
46% 4734
25% 28
10444 105
98% 9834
298 298
104 104
2544
25
108 108
60
657
36
375
475
50
70
60
200
52
1.912
100
5
211
196
906
40
25
113
863
640
11
32
184
40
60
40
282
319
25
46
45
145
20
100
35
243
87
Range Since Jan.l.
Low,
25
2634
105
1334
3134*
35%
31
3494
2834
10931
3634
30
355
11294
10544
13-4
70
359
106%
213-4
13
1123.4
5441
37
32
170
109
10834
80
165
98
12934
10534
3934
102
1244
18
123
Feb
Jan
Feb
Mar
Jan
Mar
Apr
Apr
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Mar
Feb
Apr
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Apr
Jan
Apr
Feb
Feb
High.
27
2841
117%
153,
37
3731
49
40
31
112
4441
31
415
114
109
344
79
400
112
30
15
140
58
3941
35
232
112
11136
8734
190
100
13636
111
43
10434
14
2444
12634
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Apr
Feb
Mar
Apr
Mar
Mar
Mar
Mar
Apr
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Feb
Feb
Jan
Apr
.Jan
Jan
295 2894 Jan 30
Mar
Jan 50
55 20
500 3144 Mar 3534 Jan
Mar 5534 Jan
20 50
Mar
Mar 35
2,470 27
192 3134 Jan 3894 Apr
Jan
Feb 93
310 89
Mar
1,179 2934 Jan 58
Mar
Jan 85
84 55
Mar
Feb 16
74 15
Feb 3734 Feb
850 33
Mar
15
744 Jan
12
Jan
50 3534 Jan 39
Feb
Mar 135
15 130
Feb 3531 Jan
490 33
Feb
Jan 100
125 93
834 Mar
55
134 Feb
Apr
01 11036 Jan 114
1,055 9036 Jan 10044 Mar
Feb
10 10634 Mar 108
1631 Mar
100 1134 Jan
Mar
Jan 60
310 47
Feb
206 3254 Feb 35
1141 Jan
944 Jan
230
Jan
Feb 290
1,267 256
1034 Feb
300
834 Jan
Feb
Feb 45
46 40
Jan
Feb 27
125 26
Mar
200
Jan
20 1 55
820 3334 Feb 4434 Jan
Feb 10531 Jan
155 103
Jan
320 6534 Fob 69
Feb 10944 Mar
107
382
Feb
200 2934 Jan 32
r
pr
Ap
3
70
6
Fe
37
0 60
75
20
Jan
19 30 Y4 Jan 3431 Feb
1,860
641 Apr
Mar
3
Jan
Feb43
815 45
Apr
Feb28
3,025 22
Mar
106
Apr
744 10434
10 8936 Jan 10834 Feb
Mar
Jan 300
285
Mar
763 103% Jan 105
10
Mar 26% Mar
' 25
70
74
Mar
Feb 108
106
A
4
APR. 7 1928.]
FINANCIAL CHRONICLE
2129
Cincinnati Stock Exchange.-Record of
ctions at
San Francisco Stock Exchange.-Record of transa
Cincinnati Stock Exchange Mar.31 to Apr.5,transa
ctions
both inclusive at San Francisco Stock Exchange Mar.
(Friday, the 6th, being Good Friday and a holida
31 to Apr. 5, both
y
on
the
inclusi
ve
(Frida
y,
the
6th,
being
Good Friday and a holiday
Exchange), compiled from official sales lists:
on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Far. Price. Low. High. Shares.
Amer Laurel Mach corn 25 102
10115 102
Amer Products pref
* 2715 26% 2715
Amer Rolling Mill com_ _25 1013,4 10115
10431
Amer Thermos Bottle A_ _* 1534
14
1555
Preferred
50 454 4515 45%
Baldwin common
100
3631 364
New preferred
100
10854 108%
Buckeye Incubator
• 314 30
344
Burger Bros pref
50
35
35
Carey (Philip) tom. _ _100
274 274
Cent Brass
100
2554 2514
Champ Coated Paper p1100 107
107 107
Churngold corporation.
.5 4754
4714 49
Cincinnati Car Co
50 3135 304 3255
CNO&TP
100 470
460 470
Preferred
'•
100
118 118
Cin Gas & Elec
100 9915
N.%
C N & C Lt & Tr corn _ _100 1014 100)4109915
1)4
Preferred
100
7615 764
C1n Street Ry
50 53% 52% 5435
On & Sub Tel
50 125
123
CM Union Stock Yards_100 46% 454 125
484
City Ice & Fuel
* 434 424 4355
Coca Cola A
• 32
32
32
Col Ry Pr B prat _ _100
109 109
Crossley A
304 2634 3055
Cooper Corp (new)_ _..100 103
100% 103
Crown Overall pref_ _ _100
103% 104
Dow Drug Common._ _100
36
37
Preferred
100 130
130
130
Eagle-Picher Lead corn_.20 18
17)4 184
Preferred .
Op
102 102
Fifth-Third-Un Trust...100
360 380
First National
100 375
374 375
Formica Insulation
• 214 21
214
French-Bauer (undep)
*
18
18
French Bros Bauer p1.100
924
924
Gallaher Drug prat new_20
1044 104%
Giant Tire
• 2515 25% 2555
Gibson Art common
• 514 48
544
Globe Wernicke pref_ _ _100 9955 99
Goodyear Tire pr prof.100 954 95% 100
954
Gruen Watch common_ _.* 4915 4934 4934
Preferred
100
115 115
Hatfield-Reliance corn_ •
17
17
Preferred
100 10334 10355 104
Hobart Mfg
* 5015 50% 5134
Jaeger Machine
• 294 284 2915
Johnston Paint pref_ _100
101
101
Kahn participating
40 424 4234 4255
Kodel Radio A
45
4634
Preferred
20
46% 46%
Kreger common
10 7634
7415 764
Lunkenheimer
•
26
2854
Nash (A)
100 111
111 113
McLaren Cons A
•
20
20
Mead Pulp common
• 71
71
71
Special preferred_ _ _100
110 110
Meteor Mining
35
344 3515
National Pump
10 3954 393,4 40
Ohio Bell Tel pref
100 11434 113 1144
Paragon Refining com_ _25
955
915 94
Procter & Gamble corn_ _20 270
268 275
8% preferred
100
192 192
6% preferred
100
113 115
Pure 0116% pref
100 100
99 100
8% preferred
100
1114 11134
Putman Candy common_ _•
14
14
Richardson common. .100
194 194
Rapid Electric
100 54
47
5434
Rollmans preferred_ _100
994 9954
Sabin Robbins
100
10534 1054
U S Playing Card
10 125
12315 125
U S Ptg & Lithogr com.100 75
7434 75
Preferred
100 984 98% 10014
US Shoe common
*
915
831 915
Preferred
100 61
61
62
Vulcan Last common _ _100 118
112 118
Preferred
100 110
109 110
Western Paper A
• 24
24
24
Whitaker Paper common.•
56
56
Wurlitzer 7% pref
100
11955 11955
• No par value.
Range Since Jan. 1.
Low.
High.
Thurs,
Saks
Last Week's Range for
Sale
of Prices.
Week.
Stocks-Par Price. Low. High Shares.
Range Since Jan. 1.
-Low.
High.
„ 620 10055 Mar 114
Jan American Co
13554 133 13754 11,031 130
Jan 143
895 264 Jan 2755 Mar Anglo & London P
Feb
Nat Bk: • 226
225 22754
435 225
1,903 99% Mar 120
Mar 256
Jan
Jan Atlas Im Diesel Eng "A"._
5154 49
5254 11,300 31
Jan 5234 Mar
430 11
Feb
16
Feb Bancitaly Corp
19014 187 19455 34,180 13735 Jan 19855 Mar
11 43
Jan 49% Feb Bank of California, N A._
340
335
34014
200 3694 Feb 350
25 354 Mar 41
Mar
Jan Bank of Italy, NT & S A_ 285% 285 294%
13,157 260
Jan 29734 Mar
3 10855 Mar 110
Jan Calamba Sugar pref
9754 98
115 9154 Jan 98
1,857 3455 Apr 49
Mar
Jan California Copper
415
34 5
9,630
2
55 35
Mar
5
Apr
Apr 35
Apr Calif Cotton Mills corn_
128
126 13335
1,080 75
15 250
Jan 14334 Mar
Jan 274
Apr California Ink
42
41
43
4,195 30
250 25% Feb 274 Feb California Packing
Jan 43
Mar
Corp...
74
7355 7555 2.686 71
25 100
Mar 78
Feb 107
Jan
Apr California Petroleum corn.
26
26%
105 2355 Feb 2734 Jan
1,128 42
Mar .50
Feb Caterpill
7055 68% 71% 52,864 53
1,174 2915 Feb 3354 Jan Coast Coar Tractor
Jan
7135
Apr
Gas& El 1st pref.
100 1004
25 98
30 425
Jan 102
Jan 460
Jan
Apr Dairy Dale "A"
27
26
28
2,957 23
5 1154 Jan 120
Jan 29
Mar
Jan
25
23% 2634 4,825 1755 Jan 294 Mar
1,791 974 Feb 9911 Jan East Bay Water
"A" pref.
974
9615
974
9555
320
Jan
357 98
98
Jan
Jan 101% Apr Emporium Corp, The
33
31
33
285 32
12 75
Feb 3454 Jan
Jan 7615 Jan Fageol Motors pref
715 8
2,047 45% Jan 55
300
5
Jan
8
Mar
Jan
Common
5
4
54 8,420
2
351 116% Jan 1264 Jan Federal
Jan
654 Mar
314 31
3115 10,780 2655 Jan 3334 Mar
186 4315 Mar 454 Apr Fireman'Brandes
119 122
130 36% Feb 4455 Mar Foster s Fund Insurance_ 120
165 110
Feb 127
Jan
&
Kleiser
corn
15%
154 16
70 30% Mar 32% Feb Gt West
3,050 14
Jan 19
Jan
Pow ser A 6% pfd. 102%
20 105
181 9854 Jan 10255 Mar
Jan 109
Apr Great Western Power prof. 10515 10155 102%
1043410
6)1
6,347 25
311 10355 Jan 10635 Mar
Feb 30
Apr Haiku Fruit & Pack pref..
27
27
27%
84 974 Feb 103
125 23
Jan 28
Mar
Jan Haiku Fruit & Packing
1654 17
14 102
250
94 Jan
Jan 104
17
Apr
Feb Hawaiian Com'l & Sug Ltd
524 5215
277 36
130 5131 Jan 58
Mar 394 Jan Hale Bros
Mar
Stores Inc
28% 29
3 12655 Jan 130
160 27
Feb 31
Jan
Apr Ilawsilan Pineapple
4515 464
46
2,697 1531 Mar 2434 Jan
845 41
Jan 4655 Mar
Horne Fire & Marine Ins_ 4555 45
4655
32 102
220 42
Apr 118
Feb 4934 Jan
Feb Honolulu Cons 011
3955
39
40
5,230 35
4 360
Feb 40
Apr 374
Mar
Jan Hunt Bros Pack"A" Corn..
234 2354
47 360% Feb 385
280 23
Mar 25
Jan
Mar Illinois Pacific Glass "A"_.
46% 48%
534 20% Mar 26
590 4554 Jan 5354 Feb
Feb Langendorf Baking "A"...
15
16
100 16% Jan
1254 Jan 164 Mar
40
18
Apr LA Gas& Electric pref._ _ _
11035 11134
75 10555 Jan 1114 Mar
1 90
Jan 93% Mar
40 101
Feb 10415 Apr Magnavox Co
120
115 125
3 20
12,56
Feb26
30
Jan 14754 Mar
Mar Magnin (1) corn
2455 25
25
4,197 43
25 22
Jan 544 Apr North Amer
Jan 2555 Mar
Invest corn... 108
108 10854
67 98
70 105
Jan 101
Jan 109
Mar
Feb
Preferred
101 101
233 9554 Apr 9534 Apr
10 99
Jan 10255 Mar
3935 3955 40
13 4934 Apr 5455 Feb North American Oil
2,855 384 Jan 42
Mar
Paauhau
Sugar
Plantation_
10
10
; 1144 Feb 116
10
75
9
Mar 11
Feb
Feb Pacific Gas dr Elec corn...
46
4555 47
2 15
4,796 4355 Mar 4934 Feb
Feb
18
Feb
let preferred
2814 29
112 99
3,123 2634 Jan 29
Jan 109
Mar
Feb Pacific Lighting Corp corn. 28%
83% 8255 841( 10,790 7255 Feb 85
525 4415 Jan 5114 Apr
Mar
6% preferred
105
1044 105%
283 284 Mar 2914 Feb
405 10055 Jan 10855 Feb
Pacific Tel & Tel pref
1234 124
5 100
20 11354 Jan 125
Jan 102
Mar
Feb Paraffine Co's Inc corn._
102
10155 10354 3,817 844 Jan 10555 Mar
68 40
Jan 4355 Mar Phillips Petroleu
m
4014 404 414
180 26
320 3535 Feb 4355 Jan
Feb5515 Jan Piggly Wiggly West
Sts A. 244 2455 25
5 26
1,87
234 Jan 314 Feb
Feb50
Mar Plg'n Whistle pref
15
1414 15
1,332 70
100 1414 Mar 15
Jan 80
Jan
Jan Richfield Oil
3915 35% 3935 68,545 2334 Feb 394 Apr
261 254 Feb28% Apr
Roos Bros pref
103% 103% 10315
101 100
100 98
Mar 11734 Mar Roos Bros corn
Jan 10315 Apr
3715
353.4 3754
1,82
310 1634 Feb20
31
Feb 3755 Mar
Mar
Preferred
77 65
10
Jan 10355 Apr
Mar 82
98
Jan S .1 Lt & Power prior pref.. 103% 1034 10315
118
11655 118
20 1064 Feb110
3 1134 Jan 118
Feb
Mar
6% prior pref
104 104
3 100
214 26
Jan 105
Jan 364 Mar B F Schlesing
Feb
er A corn._
25% 25
26
67
235 37
2154 Jan 274 Mar
Jan 42
Jan
Preferred
98
98
98
12
374 110
92
Jan 9855 Mar
Jan 11434 Apr Shell Union Oil corn
2754 26% 27% 6,89
319
915 Apr 114 Mar Sherman and
24
Feb 2755 Apr
Clay pr pref. 97
97
98
4
967 249
9534 Jan 99
Jan 275
Mar
Jan Sierra Pacific Eiec pref
95% 95%
4 190
3
95
Feb 200
Jan 9655 Mar
Feb Southern Pacific
12134 12155
241 111
1
11834 Feb 12314 Jan
Feb 115
Apr Sperry Flour Co corn
67
7234
7255 1,51
189 9655 Jan 111% Jan
6055 Mar 7255 Apr
Preferred
10035 10155
12 111
5
Mar 113% Feb Spring Valley
9954 Jan 10234 Feb
Water
108
107 108
20 14
14 105
Apr 17
Jan 108
Mar Standard Oil of Calif
Apr
10 172
Jan 200
Feb574 API*
Feb Traung Label & Litho Co.. 57% 5615 5734 23,741 53
24
24
24%
1,856 34% Feb 5434 Apr
240 2434 Jan 2754 Jan
Union
Oil
Associate
s
51%
4815
51% 11,500 4155 Feb 5134 Mar
68 99
Mar 9914 Apr Union 011
of California.... 5035 49
5154 23,069 4255 Feb 51
17 101
Jan 10534 Mar Wells Fargo
Mar
Bk & Un Tr_ 310
305 310
71 117
22 295
Feb 132
Feb 340
Mar
Jan
West
Amer
Finance
pref..
64 64
195 64
220
Feb 8315 Jan Yellow
555
Mar
8
Feb
& Checker Cab_ _ --533-4
53
56
19 9615 Feb 101
473 53
Apr 5814 Mar
Jan Zellerbach Corp
4615 45
1,219
52
57,023 43
554 Feb
Jan
955 Apr
5455
Feb
6% 1926
412 45
12351 121 139
420 117
Mar 62
Jan 145
Feb
Apr
6% 1927
122% 120 139
639 60
335 120
Jan 135
Jan 144
Mar
Feb
86 109
Apr 110
Apr
St. Louis Stock Exchange.-Record of transactions at
20 24
Feb 264 Jan
20 55
Jan 85
Mar St. Louis Stock Exchange Mar. 31 to Apr.
5, both inclusive
11 119
Jan 1194 Apr
(Frida
y, the 6th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
Pittsburgh Stock Exchange.-Record of
Pittsburgh Stock Exchange Mar.31 to Apr. transactions at
Thurs.
Saks
5, both inclusive
Last Week's Range for
(Friday, the 6th, being Good Friday and
Range Since Jan. 1.
a
holida
Sale
of Prices.
y
on
Week,
the
Exchange), compiled from official sales lists:
StocksPar. Price. Low. High Shares.
Low.
High.
Stocks-
rnurs.
Saks
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High, Shares,
Am Wind GI Mach corn 100
p.Preferred
100
Am Wind GI Co pref _ _100
ArkansasNatGas,com_ ...10
Armstrong Cork Co
• 61
Bank of Pitts(NA)
50 195
Blaw-Knox Co
25 103
-Carnegie Metals Co
10 2555
Devonian 011
10
Dirde Gas & UM,tom_
•
Preferred
100 9255
Exchange Nat Bank_ _ __ 50 92
First National Bank_ _100 350
Harb-Walk Ref,corn ..l00
Lone Star Gas
25 58
Nat Fireproofing, pf_ -50 21%
Penn Federal Corp,corn_ _•
Pittsburgh Oil& Gas
5
335
Pittsburgh Plate Glass _100
Pitts Screw & Bolt Corp_ _•
Pittsburgh SteelFdy, corn • 30
Rich & Boyton, pref_ _ .50 34
San Toy Mining
StandPlateGlass,pr pf _100
Stand Sanitary,com w 1 -_• 3354
Tidal Osage 011
10
Un Steel Casting,com _ _.• 3155
Un Engine & Fdy,com _ ...• 4955
WestinghouseAlrlir new_ _• 52
West Penn 'Lys, pre_ __100
W1therow Steel, com
•
Preferred
100 70
WorthingtonBallBearing _ ______
Zoller (William) Co,com. •
RightsArmstrong Cork Co
Lone Star Gas
*315
735
•No par value.
23
23
42
42
88)4 8855
755 8
60
63
195 195
1023,4 103
25
26
755 715
10
11
89
9215
92
92
350 353
192 192
5455 564
214 2131
635 815
355
334
225 230
51
51
30
30
34
34
4e
40
35
35
33
34
20
20
3055 3155
493.4 50
5155 5355
103 103
1455 144
70
70
8
834
40
40
33.1
73.4
355
74
260
98
50
1,500
534
15
350
2,985
145
600
278
5
143
10
6,364
135
700
50
265
140
100
10
1,000
130
2,507
72
200
180
644
22
185
110
132
50
2,567
5,255
Range Since Jan. 1.
Low.
16
35
84%
714
60
180
91
164
7
9
8055
90
345
178
52%
1915
634
315
210
484
27
34
3c
31
33
16%
29
474
464
101%
13
68
8
2255
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Apr
Feb
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Feb
334 Mar
73.4 Mar
High.
25% Mar
45
Mar
90
Feb
955 Feb
67
Mar
195
Apr
105
Feb
2755 Mar
10
Jan
11
Apr
9255 Apr
92
Apr
360
Jan
19215 Mar
584 Apr
24
Mar
855 Apr
4
Jan
234
Feb
55
Mar
31
Feb
48
Jan
4c Max
35
Feb
36
Mar
2654 Mar
34
Jan
61
Jan
56% Jan
1033.4 Mar
14% Apr
70
Max
84 Apr
41
Mar
4
8
Mar
Mar
BanksFirst National Bank _100
Nat Bk of Commerce_100 165
329
157
329
18855
Trust CompaniesMercantile Trust
100 540
Mississippi Vail'Trust _ _100
538
346
540
346
Street Railway Stocks
St Louis Pub Ser pref._.•
Common
*
Miscellaneous Stocks
Aloe preferred
100
Berry Motor
•
Beet Clymer Co
•
Boyd-Welsh Shoe
•
Brown Shoe common _ _ 100
Preferred
100
Burkart common
•
Preferred
*
Chicago Ry Equip corn _ _25
Preferred
25
Corno Mills Co
100
Coca-Cola Bot Sec
51
EL Bruce corn
•
Preferred
100
Emerson Electric prof..100
Ely & Walk D G corn_..25
First pref
100
Elder common
•
100
Fred Medan Mfg com_ _ _•
Fulton Iron Works com_ •
Globe-Democrat pref _100
Hamilton-Brown Shoe_25
Indep Packing corn
•
International Shoe com_.•
Preferred
100
Johansen Shoe
•
Johnson-S & 8 Shoe
•
McQuay-Norris
•
MoIls Stores corn
•
M o Portland Cement
._ _25
,....- __..
23
40
554
22
50
31
334
114
1814
7334
48
224
4355
784 79
2255 23
10255 1024
15
15
23
23
40
40
4955 5555
1193.4 1194
14
14
2155 22
1155 1115
19
19
80
80
224 234
48
50
100 100
103 103
31
314
119 119
34
32
77
77
3215 3555
13
13
114 114
25
25
17
1754
74
73
11255 1124
34
35
48
48
414
41
2115 23
42
4354
1 329
358 157
Mar 345
Apr 169
Feb
Jan
66 538
5 346
Mar 570
Apr 355
Jan
Feb
181
245
784 Apr
20
Jan
5
85
23
165
1,855
i••
210
125
8
240
14
40
179
15
10
100
20
11
50
529
140
30
150
202
2.370
5
26
60
75
800
693
10255 Apr
15
Apr
254 Jan
3855 Jan
4754 Star
119
Mar
1255 Mar
19
Mar
11
Mar
18
Jan
75
Feb
21
Mar
45
Jan
98
Jan
10255 Jan
30
Mar
115
Jan
2315 Jan
72
Jan
29
Jan
1155 Jan
114
Apr
20
Jan
1614 Jan
62
Jan
1094 Jan
34
Apr
48
Apr
23
Jan
17
Jan
38
Star
a
83
25
Feb
Jan
104
15
26
4255
5535
1204
1731
24
12
20
80
234
50
1004
107
33
119
3435
80
3655
13
114
30
20
7455
113
3554
5554
4134
23
45
Feb
Apr
Jan
Feb
Apr
40
Jan
Jan
7a0
Mar
Feb
Apr
Apr
Am
Mar
Mar
Jar
Apr
Mar
Fet
JS,L
Mar
Apr
Jar
Fet
Fel
Mai
Fel
jai
Ap
Ap
Ma
Mar
Sales
Thur 4
Last Week's Range for
Week.
of Prices.
Sale
Low. High. Shares.
Stocks (Concluded) Par
•
Nat Candy common
100
lot preferred
Pedigo-Weber Shoe
Polar Wave I & F Co_ __ _.
•
Rice-Stix D CI corn
Scruggs-V-13 D 0 com25
100
2d preferred
•
Scullin Steel pref
•
Sheffield Steel corn
•.
Staloff Packing corn
Skouras Bros "A"
pfd_100
S'westen2 Bell Tel
100
St Louis Car pref
StIx. 13aer & Fuller
Wagner Electric corn_ _•
1110
Preferred
[VOL. 120.
FINANCIAL CHRONICLE
2130
2035
35
2235
16%
33%
11835
54
101
2034 22
116 116
3534 3535
36
34
2235 23%
11334 1634
81
81
3234 33%
62
59
16% 1635
38
38
118 11831
101 101
30
30
5535
51
1004 101
Range Since Jan. 1.
High.
Low.
1,278 1835 Feb
5 115% Mar
Mar
65 35
Mar
2,413 32
Mar
775 20
Feb
250 16
Mar
110 80
Jan
31
910
Jan
11 33
10 16% Apr
5 3735 Mar
180 117% Jan
Jan
55 100
Mar
85 27
Feb
2,337 37
41 963-4 Jan
23%
120
38%
36
2335
20
85
35
62
1831
41
121
10135
31
59
102
Jan
Feb
Jan
Mar
Mar
Jan
Mar
Feb
Apr
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Sales
Thurs.
Last Week's Range for
Week.
of Prizes.
Sale
Stocks (Concluded) Par. Price. Low, High. Shares.
Mining StocksConsul Lead & Z Co A_ ..*
Range Since Jan. 1.
Low.
11
70
12% 13
Mar
High •
15
Jan
Street Ry. BondsEast St L & Sub Co 50 1932
City & Sub Pub Ser 55 1934
1934
United Rys 4s
93
8535
Feb
94
91% Feb
Apr
85
94% 944 $2,000
4,000
93
93
8535 74,000
85
94% Apr
Apr
03
85% Jan
kilscelllaneous Bonds.
Klnloch Telephone 65_1928 100% 10031 100%
9931
1941 9934 99
Scullin 6s
101 101
1935 101
St Louis Car 6s
5,000 10035 Mar 100% Apr
6.500 9834 Jan 9931 Apr
Apr
2,000 1003.1 Jan 101
• No par value.
New York Curb Market-Weekly and Yearly Record
on the New York Curb Market for the
a complete record of the transactions
In the following extensive list we furnish
Thursday, April 5 (Friday, the 6th, being Good Friday
present
the
ending
and
31)
week beginning on Saturday last (March
reports of the Curb Market itself, and is intended
It is compiled entirely from the daily
and a holiday on this Exchange).
during the week covered:
occurred
dealings
any
which
in
bonds,
stock or
to include every security, whether
Sales
Thurs.
Sales
Thurs.
Range Since Jan. 1.
Last Week's Range for
Range since Jan.!.
Last Week's Range for
Week.
of Prices.
Sale
Week Ended April 5.
Week.
Prices.
of
Sale
Low,
High. Shares
IRO).
Low.
Price.
Par.
(Conlinuded)
Stocks
High.
Low.
Par. Price. Low. High. Shares.
Stocks30
8835
2035
1634
175
173%
9
1835
128
10831
5535
1,800
300
1,600
4,300
100
30
100
600
2,900
900
200
29%
83
14
831
162
182
7
15
120
105%
52
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
314
89
2034
16%
179
178
9
21%
136
10931
70
Feb
Mar
Apr
Apr
Mar
Mar
Apr
Jan
Feb
Mar
Jan
00000
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2935
88
1935
14
175
172
9
18%
125
19835
55
°C0008000W000
00000 °CONOCO
NV
NC,
.....NNO MWM
Copeland Products IncApr
17
74 Jan
Class A with warrants' 1434 1435 17
Mar
313
Feb 45
43
43
II
Courtaulds, Ltd
Mar
Jan 46
23
46
39
Crocker-Wheeler corn...100
3434 Jan 5434 Mar
Crow, Milner & Co. com_• 5235 5234 533-4
16
Feb 2735 Mar
2735
Crown White Pap v to.* 2535 24
Apr 4935 Feb
45
45
45
•
Cuban Tobacco v t c
40
Feb 4931 Jan
4634
4635
100
Cuneo Press corn
10036 Mar 10231 Feb
101 101
635% pf with warr_ _100
Mar 3334 Apr
31
3034 3334
3235
Curtiss Aeropl Ext Corp__
Jan
17035 Feb 189
181
181
•
Curtis Publishing com_
Apr 11935 Feb
117
11834 117 11835
7% cum preferred
31
Jan
30
Mar
31
3434
•
34%
Davega. Inc
1836 Jan
Mar
10
1134 12
935 Jan Davenport Hosiery Co_ _ _• 1135
434 Feb
700
d
535
Ltd
Securities
Jan
Debenhams
Mar 45
600 39
3935 41
5134 Mar 5135 Apr
Amer shares rep ord stk. 5135 5134 5135
Mar 16234 Apr
150 132
160 162%
Apr
22035 Jan 326
32034 29634 326
600 2334 Feb 2535 Mar Deere & Co. common_ _100
2435
24
Jan
5
435
235
134 Jan
435
•
c
t
v
Radio.
3834 44% 14,400 3834 Mar 48% Jan De Forest
Jan
4
Jan
1
4
2
4
•
tr ctf ctf of dep
Vot
Feb
98%
Jan
954
125
9635 96%
3835 Mar
Mar
34
37%
3735
3735
10
Creamery
Mar
Detroit
2.300 1335 Jan 20
18% 1835
class A
19% 2035 11,100 15% Jan 20% Mar Dinkier Hotels warrants •
Feb 2235 Jan
20
20
20
with purchase
75 5935 Feb 8035 Jan
6135 62
Feb
17335 Jan 194
188 190
Jan Dixon (Jos) Crucible_ _ _100 190
Apr 80
100 74
74%
74
2631
1534 Feb 2834 Mar
• 2534 2574
Mar 17% Jan Doehler Die-Casting
1,300 13
1334 1335
Apr
6831 Feb 78
78
77
73
•
Bridge
Jan
Dominion
114
Jan
101 10435 6.200 95
10434 Jan 12735 Jan
11835 125
Ltd__ . 125
16% 19% 5,300 11% Jan 2035 Mar Dominion Stores. Corp_•
3315 Jan
235 Ma
2%
235
27-4
Condenaer
Dubiller
Mar
3235
Mar
251
3.400
29% 3135
Apr
4
Jan
50c
4
1
235
•
Dupont Motors
3% Jan
23is Jan
1,000
3% 311
935 Mar 1235 Jan
1035 1135
Durant Motors. Inc_. • 11
prefpr
Ran
Due
Jan
Durham
Apr
4335
1,000 40
40
4035
Feb
Jan 59
49
1.5
55
With el B corn stk pr wr• 55
1,100 2634 Feb 31% Jan
2934
28
Feb 2835 Apr
22
24
2835
•
Jan
1
Eastern Rolling Mill
Jan
4,800 72e
800 880
Inc
Apr
Pictures
Educational
2,900 x6334 Jan z7734
7435 21735
Mar
Mar 97
93
9531 0531
Pfd with corn pur war 100
Feb 4435 Mar
300 38
44
44
Jan 3734 Mar
35
Mar Eltingon Selilld Co.corn_ _• 3635 3635 3734
Feb 143
133 139% 8,100 115
kfar
Mar
107
10174
10634
limn
106
_100
_
635% cony lot pref
1,900 49% Mar 5035 Mar
4935 4935
434 Mar
Feb
1
334
235
2%
85 117% Mar 124% Jan Estey-Welte Corp Cl A._ _•
119 119
3% Mar
Jan
500
134 24
134
•
Class B
Jan 19834 Mar
18735 19431 40,800 138
Jan
7534
Jan
5534
72
704
100 3934 Apr 4131 Mar Evans Auto Loading cl A.5 72
3931 39%
5335 Feb 7534 Jan
7135 7435
7435
5
common
B
Class
900
103 103%
63,4
Mar
Jan
131
5
334
435
_10
corn_
Mar 3635 Mar Fageol Motors Co
1,100 28
35% 36%
15034 Feb 18335 Apr
100 1633.5 159 1633.5
Fajardo Sugar
Apr
10
935 10
935 AM
931
1,000 24% Apr 2634 Mar Fandango Corp
30% Jan 4434 Jan
30
30
Baxter Laundries corn A25 24% 24% 25
Jan Fan Farmer Candy Shops •
Apr 69
50 58
61
58
Jan
12
Feb 35
16
Beatrice Creamery com_50
14
16
_•
.
_
Inc_
Apr
Products
Fansteel
60
Jan
000 39
60
55
2734 Feb 304 Mar
Beaver Bd cos prof__ _100
2834 2934
300 5334 Jan 63% Mar Fedders Mfg Inc class A _ _• 2935
6231 63
Jan
Mar 20
14
Bendix Corp corn class A 10 63
15% 1535
tr ctf•
st
Metals
Mar
Federated
24
1931
Feb
800
2335
23
3% Mar
57-4 Jan
4
4
Benson & Hedges corn...* 23
400 27% Apr 314 Jan Film Inspection Machine_•
274 2835
Mar
65
Feb 76
71
Corn cony preference_ •
71
10 71
700 1631 Mar 20% Jan Fire Assoc of Phila.
1935
19
11434 Feb 12851 Jan
122 122
Bliss(E W)& Co com_ _ _ _• 19
122
Ins___100
Mar
Fund
Firemen's
37
Mar
2634
600
37
35
Jan
238
Oar
166
3
186
Blumenthal(S)& Co corn_•
x16831
x170
com___10
R
&
435 Jan Firestone T
3% Mar
1,100
435
4
4%
Jan
Feb 112
108
Blyn Shoes, Inc, com _ _ _10
100 10831 108% 110
Apr
7% preferred
Jan 315
370 230
300 315
Mar
Jan 605
510
083 594
Bohack (H C) corn_ _100
587
Can_100
Apr
Cool
Motor
34
61
Ford
58
6131 15,200 33% Jan
Jan
23
Jan 29
2731 2734
Bohn Aluminum & Brass.• 6031
•
435 Feb Forhan Co class A
331 Jan
400
44
4
Botany Cons Mills corn_ •
534 Mar Foundation CoOct
2
400
231
235
Mar
235
17%
10
Jan
1531
1634
Bridgeport Mach com__
1635
.._•
A
class
shares
Jan
Foreign
Mar 31%
300 29
• 2874 28% n3035
Jan
1735 Mar 22
1735 2035
Brill Corp. class A
Jan 31% Mar Fox Theatres class A com.• 1935
2.200 14
• 2731 2635 28
Brill° Mfg.coin
_ _ _600 francs
2835 3834 1,000 2831 Apr 28% Mar French Line_
Mar
Apr
7135
71
70
70
70
stk.
Brit-Am Tob Am dep recta_
B
com
Amer sirs rep
531 Feb
64 7
1034 Jan
British Celanese635
•
100 22% Apr 22% Apr Freshman(Chas) Co
2235 2235 2234
2734 Mar 4434 Feb
2855 35
• 31
Amer deposit receipts_ _ _
Fulton Sylpbon Co
Mar
lot
67
pf
Jan
Sts
59
Dept
6034
59
_•
4734
Broadway
Jan Galesburg Coulter Disc_
50 p10534 Jan 112
10931 100%
Apr
69
100
Fel
69
62
67
with warrants
Jan 52% Mar Gamewell Co common..• 69
8,200 43
Jan
1
Apr
45c
1
45c
*
1
Brockway Mot Trk com_• 5034 50% 50%
600 105% Mar 10634 Mar Garod Corp
um% 106
100 106
Feb
12
1336 Jan
12
12
•
Preferred
Co
Alloys
Jan
General
34
Mar
100
2531
2635 26%
68% Jan
5635
Feb
5831
4
575Investors.'
Budd (E G) Mfg cam---•
Mar
Amer
6135
General
Jan
100 43
59
59
Feb
9
•
735 Apr
734 8
735
Bullard Mach Tool
Jan General Baking new
400 2035 Feb 24
20% 20%
Feb
20
7531 Apr 84
703( 7935
• 76
Butler Bros
Preferred
Feb 204 Mar
5,200 18
17% 1834
Jan
4834
Mar
,
357-4
453
4535
4531
•
Buzza Clark, Inc. com _ - -• 1835
com
Corp
Caul Bronze
Apr
109
Feb
100
Camp. Wyant & Cannon
Mar General Fireproofing com_• 10835 104 109
Jan 45
4235 10,300 39
• 4235 41
584 Jan 6635 Mar
x6435 6635
Foundry
1,100 364 Feb 43% Mar General Ice Cream Corp _ _• 69
43
424
25
Mar
Jan
20
•
_
Alcohol_
23%
2334
2435
•
Canadian Indus
Mar Oen'l Laundry Mach corn
Jan 48
4,200 30
Mar
15
-Oar
1435 3
17
18
• 17
Carnation Milk Prod com25 4234 4031 43
Gilbert (II C) Co
Mar
Mar 50
50
60
50
*
Careras LtdPreference
Apr 10034 Apr
9635
1,500
10034
Mar
12%
mar
9635
9%
10034
931 1035
Apr C G Spring & I3umper com• 1034
Amer deposit recta el A__
13
700 1231 Apr
1231 13
Jan
13
15134 Mar 169
• 15735 112 15731
Amer deposit rects cl
Mar Glen Alden Coal
Jan 226
290 158
205 22335
85
Jan 0831 Mar
B_- 205
0634
Casein Co. of America_ _100
Feb (lobe! (Adolf) Inc corn_ _.• 0535 93
17
Mar
334
10.200
Mar 17
Jan
3% 535
435
8
1235
1175 1334
Co...'
Electrical
Seal
Case Plow Wks. ci B v t c_•
Gold
Mar
7134
Jan
53
000
71
•
Mar
69
Feb 57
50
56
57
•
Caterpillar Tractor
3.700 7034 Mar 10054 Jan Gorham Mfg common 100 130
90
Mar
Feb134
112
130 130
Preferred
Celanese Corp of Am.corn• 89% 87 167
Feb 18536 Jan
1,300 184
163
Feb
Feb 53
47
100 163
51
51
•
Co
NI)
(II
Feb
First preferred
Gossard
Mar 112
4,400 107
11035
Mar
68
109
Jan
109
46
6435
6534
8535
Feb Grand 5-10-25e Store new
New preferred
Jan 122
100 100
Jan
Apr 125
111
• 114% 114% 11431
114
111
Del.com•
of
Feb
Celluloid Co.corn
Grant(WT)Co
9734
Jan
100 89
Apr
92% 9231
Apr 210
210
210 210
Feb Gt Southern Lumber_00
$7 preferred
Feb 132
100 125
•
123
Apr
Mar
120
128
11634
1
1934120
First preferred
Mar Gt Atl & Pac Tea 1st pf 100 11935
Feb 88
1,400 49
88
59
1234 Jan
Mar
9
• 66
10
123.4
Celotex Co.common
Feb 8736 Jan Greenfield Tap & Die_ _ _ _• 1234
300 80
Mar
8635
88
Feb106
10335
86.35
9731
103
100
103
100
Apr Greif(L)& Bros prat X_
7% preferred
1,150 11634 Feb 143
138 143
Central Aguirre Sugar_ _..50 143
1234 Jan
1,700 10% Mar
1035
2236 Feb a2431 Mar
2574 2534
Centrifugal Pipe Corp ___• 10% 10% 26
Mar Ilabrishaw Cable dr Wire_•
Mar 28
2035
6,000
1235 Mar
24
935 Jan
25
1154 1235
Checker Cab Mfg new corn
Mar 12434 Feb Hall(CM)Lamp Co_ __.• 1135
140 118
Jan
2335 Mar ao
2635
25
100 11835 11835 119
25
....10
Printing_
Childs Co pref
Mar
(W
Hall
F)
5935
Jan
31,300 54
5735
714 Jan
Feb
56%
57
534
6
534
.20
6
Cities Service,common_
Mar Happiness Candy St el A.'
2,400 9434 Jan 100
4234 Mar 4635 Apr
4635
100 993-4 99% 99%
4635 45
pref•
panic
Preferred
Times
Mar
Hartford
Jan
934
834
200
Apr
12
835 Feb
931 935
10
• 12
1135 12
Preferred B
200 2834 Apr 2834 Apr Hazeltine Corp
Jan
15
1235 Mar
28% 28% 2834
1334 14
Bankers shares
Mar Hellman (Richard) warts.
200 3034 Jan 45
Mar
Jan 237
42% 43%
192
21831
City Ice & Fuel (Clove)- •
cora__100
21834
Powder
Hercules
Mar
33
1,800 3235 Feb
Apr
1134
Feb
32%
434
3235
3234
_•
_
A_
1134
cony
835
_._• 1131
Clark Lighter
1,100 3434 Feb 3831 Jan Ileyden Chemical Co_
Jan
23
2135 Mar
com__• 2174 2135 2134
Club Aluminum Utensil_ _• 3535 35% 36
200 2335 Jan 3535 Mar Hires(Chas E) cl A
Jan 4434 Mar
4135
31% 3475
43
•
4231
42%
•
Cohn-Hall-Marx Co
Co
Furnace
luis Jan Holland
134 Mar
Mar
4,400
Mar 46
33
135
134
134
3574 37
Colombian Syndicate
•
Hood Rubber
Mar
5235 Mar 64
68
58
..•
Columbia Graphoph Ltd
6135 Apr Horn & Hardart com
Jan
2035
Mar
5
81% 37,700 3435 Jan
171
•
Am deo ITO for ord stk.. 6135 48
1635
16
Mar Huyler's of Del corn
Jan
3234
Jan
21
4,000
102%
Mar
10034
Cons Dairy Products_ -• 2834 27% 297-4
100 10234 10135 10235
7% preferred
1914 Feb
3,000 1531 Apr
Jan 3134 Feb
2535
15% 1634
2935
Consol Film Indus, com_-• 1634
28%
2834
com_•
Prod
Food
Feb 2435 Apr Hygrade
2235
Jan
14,700
Mar
24%
831
1034
22%
prat
• 2434
$2 cum partic
874 9
5
5,500 z1431 Jan 1934 Feb Imo Tob of Canada
.100 243,4 Febpr
17% 1735
• 1735
26% 27
Consol Laundries
Apr Imp Tub of 0 B dr Irel__£1
16
Mar
1,400 10
20 15
1334 16
Consumers Co
Indus. & Miscellaneous.
Acetol Products, Inc. A__• 2934
25
Acme Steel,corn
Aero Supply Mfg cl A_ __ _• 20
•
Class B
50
Ala Ot Sou RR ord
50 172
Preferred
9
Allied Pack prior pref _ _100
Allison Drug Store cl A•
128
•
corn
Aluminum Co.
100 10834
Preferred
100
American Arch Co
Am Brown Boveri El Corp.
535
Founders' shares
• 41
Amer Chain Co corn
100 16234
Amer Cigar corn
•
Amer Colortype corn
Amer Cyanamid corn cl 1020 4235
100 9634
Preferred
Amer Dept Stores Corp_• 1834
American Hawaiian 8S..10 2034
100
Amer Mfg corn
100 7434
Preferred
Amer Rayon Products_ •
Amer Rolling Mill. corn_25 10135
Am Solvents & Chem, v t c• 1835
Cony panic preferred__• 30
335
American Thread pref_-_ _5
Amsterdam Trading Co40
American shares
Anglo-Chile Nitrate Corp_* 2934
Atlantic Fruit & Sugar„.• Mc
• 7611
Atlas Plywood
Atlas Portland Cem com.•
Auburn Automobile. corn.• 13335
Axton-Fisher Tub corn A 10
Babcock & Wilcox Co_ _100 119
Bancitaly Corporation 28 19034
Barker Bros Corp com_ •
100 103
Cony 635% pref
•
Bastian-Blessing Co
APR. 7 1928.]
2131
FINANCIAL CHRONICLE
Thurs.
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Industrial Rayon class A_• 18% 1735 18%
91% 94
Insur Co of North Amer_10 94
126 126%
Interlake Steamship
•
95_ 9734
Internat Cig Mach'y
• 95
7331 74%
International Shoe corn • 74
43% 4334
Interstate Dept. Stores.___
110% 11034
7% cum pref with warr_
2934 2935
Jaeger Machine
38
Joske Bros Co corn v t c_ •
3931
16% 16%
Kemsley. Stillbourn & Co• 1634
34%
33
Kinnear Stores Co com
• 33
4334
4335 43
Knott Corporation
17% 1854
Kruskal & Kruskal Inc • 18
5234
Lackawanna Securities
* 52% 51
634 634
Lake Superior Corp __100
6%
1634 17
Land Coot Florida
•
4 37% 42
• 397
Lefcourt Realty vet
113 115
Lehigh Coal dz Nay
50
2736 3435
Lehigh Val Coal ctfs new... 3335
Lehigh Val Coal Sales___50 5434 5234 54%
33
• 33
Lehlur Co corn
3435
Leonard Fitzpatrick &
* 38
Mueller Stores com
3954
38
Libby, McNeil & LIbby_10
9% 934
935
Libby Owens Sheet Glass 25
115 117
10
Lit Brothers Corp
24% ..635
Magnin (I) & Co corn_
2534 2535
•
Marion Steam Shovel
45% 61
61
Marmon Motor Car corn _•
43
44%
Marvel Carburetor
10
70%
68
Massey-Harris Corp corn.* 46
45
4634
Mavis Corporation
• 25% 2534 26
Mavis Bottling Coot Am_• 1731
16% 1831
May Drug Stores Corp_• 2255
2131 2235
McCord Rod dr Mfg v t c_
20%
2034 2135
McKeesport Tin Plate
6035
60
60
McLellan Stores cl A
60
59
Mead Johnson & Co corn.* 58% 5734 59
Meadows Mfg corn
•
17% 1834
Melville Shoe Co com__ * 181
177 181
Mengel Company
54% 75
100 7335
Mercantile Stores Co 100
104 104%
Mesabi Iron
1% 234
Metropol Chain Stores • 6135 58
6131
6
Met 5 St 50c Stores cl A_ •
631
431 5
Class B
64
Preferred
63
100 64
90
Midland Steel Prod
90
4234 42%
Midvale Co
Minneapolis-Honeywell
3234 3434
Regulator corn
•
Mu Rod Radio Corp_ _ ....•
2% 331
3%
Murphy (G C) common_ _• 67% 6735 67%
76% 80
National Baking pref _100
Nat. Food Products cl B 10 10%
1031
10
434
431
434
National Leather
10
141 14735
100
Nat Sugar Refg
National Tea pref
107 107 107
100
Nat Theatre Supply com_*
6)4 sx
Nat Trade Journal Ine_.• 3235
317% 32%
70% 7031
Weisner Bros Inc com_
•
11551 116
Preferred
100
8% 836
New Mex & Aria Land_ _1
38
New 011 Gt Nor RR
39
100 39
Newport Co prior com_100 z135 z135 141
33% 3335
N Y Merchandise Co_
•
13% 13%
•
Niagara Share Corp
45
Nichols & Shepard Co__ •
4835
27% 27
Stock purch warrants__ _
3034
44%
Niles Bement-Pond corn.• 4434 34
Noma Electric Corp
2134 21% 22
•
1054 11
North Amer Cement
9235 92%
First preferred
Northwest Engineering.._• 33%
3334
31
Novadel Process Corpcom• 1235
1234 1235
Palmolive Peet Co com___• 90
8935 90%
108% 10835
Preferred
Parafflne Cos
10131
101
Park Austin & LipscombPanic preferred
2635 26% 26%
Parke Davis & Co
• 44% 4351 4534
Fender(D) Grocery cl A . 52
52
51
45
45
Class B
• 45
Penney (J C)Co cl Apt 100 104
10334 104
5434 56
• 56
Peoples Drug Stores
Phelps Dodge Coro_100 128% 126 128%
Philip Morris Inc com___ •
5% 634
6%
Class A
1034 12,5
25
Pick (Albert). Barth & Co
Common vot tr ctfs_ _1
10
10
19% 20%
Prat class A (panic Pf)-• 2035
Pierce Governor Co
2231 23
• 23
Piggly Wiggly Corp corn' 27% 2734 28,4
Piggly
Western
Wiggly
Stores Co class A
25% 27
•
Pines Winterfront Co CIA 5 8734 84
8734
Pitney Bowes Postage
Meter Co
831 8%
Pitts & L E RR com____50 15634 154 156%
Patrers Sugar corn
734 7%
•
Pratt & Lambert
• 55% 54% 55%
Procter & Gamble corn_ _20 270
267 270
Pyrene Manufacturing-10
8
8
8
310 313
Quaker Oats corn
•
122 12735
Preferred
100 126
Q-R-S Music
63
• 6251 59
134
131
134
Repettl Inc
5
134
1% 2
Republic Motor Trk v t c..*
266 280
280
Richman Bros Co
20
Richmond Radiator, corn:: 20
20)4
3634 3635
7% prof
• 3635
42
44
Rolls-Royce of Amer pf_100 42
225 239%
Royal Bak Powd com__100 225
Preferred
100 10935 109 109%
Ruberold Co
10734 11035
100 109
Safety Car Htg & Ltg_ _100 160
158 160
19% 2234
Safe-T-Stat Co common__• 22
460 490
Safeway Stores corn
• 485
6631 7634
St Regis Paper Co
• 74
Sanitary Grocery Ine
• 249,1 24531 25734
Schiff Co common
30% 30%
•
2434
23
Schulte Real Estate Co__• 23
Schulte-United Sc & $1 SW
1834 19
1951
92
Preferred part paid100 88% 91
4634 4834
Seeman Bros comrnon____• 4634
Seiberling Bubb Co com__• 40% 39
4134
Selfridge Prov Stores Ltd
431 4%
£1
Ordinary
8
Serve Inc (new co) v t o__•
635 8
24
30
Preferred v t c
100 30
Scheaffer (NV A) Pen
_• 5234 52% 54%
67
67
Shredded Wheat Co
17
1931
Silica Gel Corp.com v t c..•
51% 52
Silver (Isaac) & Bros com_• 5135
455 456
Singer Manufacturing __100
Singer Mfg Ltd
£1
634
635 6%
85
Smith (A 0) Corp com......• 85
85
Southern Asbestos Co_ _• 2731 2731 28
33
Bon Groc Sto cony cl A_ •
33
Southern Stores Corp cl A • 39% 38
39%
155 162
Spalding(A G)& Bros corn • 162
•
•
Range Since Jan. 1.
High.
Low.
8,300 1734
3,500 83%
20 125
700 93
1,400 69
1,200 37
200 108%
100 29
300 38
1,100 1554
500 29
1,70
42%
3,30
13%
2,90
50%
1,40
3%
200 16
9,00
3731
60 105%
9,90
27%
32
50
50
1434
Mar
Feb
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Jan
Feb
Ma
Jan
Feb
Jan
Mar
Jan
l'oa
Ma
Ma
Jo
2234
98%
126%
10334
7434
47
11434
30
43
17%
35%
4434
1834
5534
834
25%
42
126
39
56 34
3434
30
37
40
9
40 109
SO
23%
300 23
6,000 45,1
500 38%
700 62
300 39
1,800 20%
11,200 15
1.200 20
500 19
3,300 60
300 55
2,500 53%
200 14%
600 111
5.200 49
400 97
200
1%
6,800 54
300
5%
200
431
650 44
100 86
60
39
Ma
Jan
Ma
Ma
Feb
Apr
Fe
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Jan
43
9% Jan
Jan
128
2634 Apr
2535 Apr
Apr
61
Jan
47
7134 Feb
4631 Apr
26% Mar
18% Feb
Jan
26
22% Feb
633,4 ,Mar
Mar
62
Feb
59
187% Mar
18734 Mar
Apr
75
120
Feb
334 Jan
Feb
83
834 Mar
7
Mar
64% Mar
112
Jan
4454 Jan
70
Feb
30
4,900 10c
Jan
100 6231 Jan
100 75% Mar
2,10
Jan
6
40
3% Jan
110 119
Feb
so 104 Jan
3,700
Jan
6
2,400 3114 Al,
100 6034 Jan
100 110% Jan
1,500
8% Ma
1,000 25
Ma
150 114
Jan
100 3334 Mar
200 12% Mar
1,600 3031 Jan
1,100 16% Feb
27,500 28
Jan
800 2154 Apr
600
Jan
6
100 9234 Apr
5.900 2934 Feb
600 1134 Feb
600 (1)8554 Feb
100 108% Apr
100 99% Mar
10
263.4
1,90
38
300 49
200 3334
19 2103
90
4434
15 117
3,40
4%
1,80
934
34%
331
73
93
10%
435
14734
107
7
3434
80
11834
10
39
14931
35
13%
49
3034
4%
22
13
92%
35
14
9531
10834
10435
Jan
Mar
Apr
Jan
Apr
Mar
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Apr
Jan
Jan
Jan
Mar
Apr
Apr
Feb
Jan
Mar
Jan
Apr
Apr
Mar
Feb
Jan
Feb
Jan
Apr
Feb
Jan
Mar
Mar
Mar
Apr
Apr
Feb
Apr
Feb
Jan
Jan
Apr
mar
Mar
Apr 28
Jan 4534 Apr
Mar
Jan 52
Apr
Jan 45
Mar 10531 Jan
Mar
68
Ma
Feb 12934 Jan
Mar
Mar 10
Jan
Mar 14
500
8,100
1,20
3,500
10
Jan
19% Apr
18% Feb
23% Ma
11% Jan
2234 Jan
Mar
24
2834 Jan
600
500
23% Jan
5631 Jan
31
Feb
8734 Apr
100
1,750
100
300
500
700
30
130
600
8,300
300
100
800
200
150
275
200
3,300
500
14,100
890
34,100
430
100
800
300
200
2,200
2,400
731
144
734
51%
247
611
295
109
38%
50a
1,1
286
1931
3634
40
225
104
81%
135
18%
310
50
215
26
17
18%
91
33
33%
100
43-4
43,800
431
800 23
2,100 4035
100 66
1.200 17
LOO 39
300 428
100
5%
50 85
5,400 23%
100 3134
1.100 24
430 /125
Jan
Ma
Apr
Jan
Fe
Mar
Ma
Jan
Jan
Feb
Mar
Feb
Mar
Apr
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Feb
1034
156%
1434
5734
270
9%
313
115
63
134
3
288
2734
40
5234
287
10934
11034
170
22%
496
76%
262
3036
2934
22
10031
4834
44
Jan
Mar
Jan
Feb
Apr
Jan
Apr
Mar
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Feb
Feb
Mar
Jan
4%
Jan
8
Jan
Feb 31
Jan 55%
Feb 77
1931
Fe
Jan 53%
Jan 456
734
Feb
Apr 103
Jan 2931
Mar 3734
Jan 40
Jan 162
Jan
Apr
Jan
Mar
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Feb
Mar
Mar
Thurs.
Sales
Last Veers Range for
Feel.
of Prices.
Sate
Stocks (Concluded) Par. Price. Low. High. Shares.
Spang Chalfant dr Co Inc_• 30
5%
Span & Gen Corp. Ltd__£1
Sparks-WithIngton Co_ __• 65
Stand Motor Constr___100
Stand Sanitary Mfg new...' 34
• 44
Stanley Coot Amer
Stetson (John B) Co,corn • 109
• 46%
Stroock (5) ,k Co
1434
Stutz Motor Car
52
Sullivan Machinery
Swedish Amer Invest pt 100
100 129%
Swift & Co
15 2834
Swift International
Syrac Wash Mach 13 corn.*
Teitz ((Leonhard) warrants
Tim ken-Detroit Axle _.10 15%
100
Preferred
Tishman Realty dz Constr• 44
Tobacco Prod Exports_ __•
331
Todd Shipyards Corp_ _ _ _• 42
Torrington Company.. 25
Trans-Lux Pict Screen
Class A common
Trico Products Corp corn.: 3134
10
Truscon Steel corn
Preferred
100
Tublze Artificial Silk el B..• 621
Tung-Sol Lamp Wks cl A_• 23
12%
Common
United Biscuit, class "B'' •
United El Coal Cos v t c...• 3834
Unit Piece Dye Wks corn.' 63%
635% preferred
100
United Profit-Shar corn_ *
Preferred
10 1234
US Dairy Prod class
55
U S Finishing Co corn_ _100
U S& Foreign Sec corn_
6% preferred
• 77
U S Freight
U S Gypsum common...20 73%
• 105
U S L Battery corn
10
7% pref class 13
Wahl Co pref
Waitt & Bond Inc cl A__• 25%
Class B
• 17
Walgreen Co corn
4035
Preferred without warn... 105
Warrants
Warner Bros Pictures_ __• 2334
Warner Gear Co, cl"A" _
4534
Watson Ono Warren) Co.
1435
Wesson Oil dr SD corn vie'
Preferred
• 105
Western Auto Supply cl A. 59%
1335
Warrants
West Point Mfg
100
Wheatsworth Inc corn....• 4134
Wheeling Steel corn..
Winter (Ben)) Inc corn.._• 15%
Wire Wheel Corp corn now. 2631
Preferred
104%
Wolverine Port! Cern _ _10
6%
Woodworth Inc corn
• 30
Worth Inc cony class A_ •
Yellow Taxi of N Y
• 17%
Young(LA)Sp & Wi corn • 38%
• 3834
Cony. pref
Younst Sh & Tube pfd_100
Zellerbach Corp
•
Zenith Radio
68
RightsAluminum Co
Armstrong Cork
1%
Associated Gas & Elec_
Celanese Coro
lire
Cities Service
Loew's Inc
19
Lone Star Gas
Marvel Carburetor
234
Middle West Utilities
Newmont Mining
Pennsylvania
2318
Safeway Stores
10%
White Sewing Mach dep rts
Public UtilitiesAmer & Foreign Pow warn_
Amer Gas & Elec corn____• 137 34
Preferred
• 109%
Amer Lt & Trac
_100 19635
Amer Nat Gas COM
20
com_V t0_
Am Pow & Light prof. 100 106%
Amer States Sec corn CIA.'
834
Corn class B
•
931
Amer Superpower Corp A • 45%
Class IS common
• 4635
First preferred
•
Arkansas Lt & Pow pref 100 10834
Assoc Gas & Elec Cl
__• 49
Bell Telp of Pa 635%A_Pf 100
Market Val G & E com__50 160
Bridgeport Gas Light__ • 64
Brooklyn City RR
7
100
Buff Wing & East Pr com.• 37%
36
New class A w I
Preferred
25 2634
Central Pub Serv CIA
2334
Cent & S W Util
100 86
Cent State El 7% pref.... 112%
Cities Serv Pr & Lt $6 Pf-• 100%
7% preferred
100
Columbus Elec & Pow corn*
Com'w1th Edison Co ..i00 179%
Com'wealth Power CorpPreferred
100 104%
Con Gas E L &P Balt corn' 7431
Eastern States Pr corn 13_ 5 17
Elec Bond & Sh pref
100 111094
Elec Bond & Sh Secur_ ___• 9031
Elec Invest without war.... 4854
Elec Pow & Lt 2c1 pref A__• 10335
Option warrants
Elec Ity Securities
•
Empire Gas F8% pf_100
7% Preferred
100 1003.4
Empire Pow Corp part stk.
Federal Water Serv cl A__• 3531
Florida Pow & Lt $7 prof.' 108
Gav.&Houst El Co.corn100 38
General Pub Sony corn _ __• 2034
Ga Pow (new corp) $6 pt• 106%
Hartford Elec Light __ _100
Internat Rye v t c
100
Internat URI class A
•
Class B
835
•
Participat prof
KC Pub Serv corn v to -• 13%
Frei class A vtc
•
Kansas Gas & Elec pref.100
Lehigh Power Securities..'_
26
Long Rad LW 7% Pt- -100 11034
2934
534
59
134
33
42
109
42%
14%
52
130
12831
2634
20
407
13%
107
43%
335
42
92
Range Since Jan. 1.
Low.
High.
5,300 27% Mar 3331
3135
231 Feb
31,700
6
6
6,700 30
Jan 65
65
Jan
300 60c
1%
2
1,400 33
Mar 36
34
Apr 54
450 42
4631
25 102% Mar 109
109
3,300 38
Feb 47%
4734
1434
18%
1,100 1434 Mar
Mar 53
175 50
53
100 127% Jan 134
130
1,200 125
Jan 133
12931
2931 18,500 25% Jan 3434
2031
200 1434 Jan
2534
407
Jan 346
.2 286
15%
15% 8.000 1134 Feb
20 10331 Jan 110
107
Jan
4634 5,400 33
4634
700
4%
334 Jan
331
42
Mar 51
100 42
92
10 92
Mar 101
28,900
434 7
334
3054 3151 7.900 2834
37
37
200 3334
2 107
107 107
78 450
605 628%
23
1934
21
2,00
3,900 1034
10% 1235
1331 14%
700 13%
38% 40
7.800 26%
5831 63%
1.700 5231
109 110
1,20 10531
700
935 931
9
1234 12%
10
11%
55
54
600 40
8234
80
75 79
22
2234
400 20%
9834 9835
SOO 9834
7434 77
3.000 70%
7134 75
450 70
102 106
2,500 67%
10% 1034
200 10
25 76
76
76
2431 253,1
1.300 2434
1534 17% 4 000 15
40% 4134
2,100 39
10354 105
700 10334
17
17
100
17
2034 23% 20.500 13%
2,200 31%
3531 4534
1454
14
700 13%
70% 71%
1,700 67
104 105
500 102
5834 5951 3.700 5854
11% 1334
1,400 1134
250 14634
1457% 150
4134
39
800 3431
38
38
50 34
13% 15% 4,600 12
25
26% 16.700 20%
10334 104%
5 100
6% 6%
200
6
3134 2,00
30
2654
40
2234 2235
2234
15
200 12%
1734
3631 39% 6,100 31%
36% 3931 9,700 3631
10934 10935
10 10634
48
5235
125 44
65
6831
2,200 65
135
334
pis
1
lirs
1754
735
1
2%
111,
23i.
”i
10
135
100
3%
200
134 249.400
1% 8,900
Pin 68,700
2,500
19
1,300
735
ol
200
234 8,600
171., 28.800
Vie 34.800
12
7,700
10
500
934 9%
134% 140
109 109%
192% 19634
20
20%
10631 10735
831
735
734 9%
44
4634
44
4731
10331 103%
108% 108%
46% 49
114 114
160 161%
65
64
634 7
3734 38
35% 36
2634 2634
2334 2334
8334 86
11034 112%
100341019-4
10734 10735
77
7734
178% 179
10,000
sjoo
900
925
1,200
3,200
15.200
5,200
10.300
9,200
200
50
11,20
20
100
200
12.600
800
3.300
1,100
2.100
350
400
1,100
200
250
260
Mar
Jan
Jan
Apr
Fe
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Mar
Apr
Feb
Jan
Feb
Mar
Ma
Mar
Feb
Jan
Jan
Mar
Mar
Ma
Jan
Jan
Apr
Mar
Mar
Apr
Feb
Mar
Jan
Apr
Apr
Jan
Apr
Jan
Feb
Feb
Mar
Mar
Apr
Mar
Mar
Feb
Jan
Mar
7
Apr
3131 Apr
4031 Jan
10734 Mar
62834 Apr
23
Apr
1235 Apr
2134 Jan
41% Mar
64
Mar
110 lApr
12% Feb
1234 Apr
Feb
57
Jan
85
25% Feb
10031 Feb
84% Jan
Jan
92
10834 Mar
10% Mar
Mar
76
2551 Feb
18
Jan
44
Mar
105
Apr
1734 Mar
24
Mar
4534 Apr
20
Jan
Jan
73
Mar
106
5991 Apr
1334 Apr
Mar
159
41% Apr
40
Mar
15% Apr
27% Mar
Mar
105
634 Feb
3334 Mar
2334 Mar
20
Jan
3931 Apr
3931 Apr
111
Jan
5334 Feb
6831 Apr
1%
335
40c
64c
1 116
1134
754
131
1 31
90c.
21 11
731
834
Mar
Mar
Mar
Mar
Apr
Feb
Apr
Mar
Feb
Mar
Ma
AP
Feb
1%
334
1%
1%
1%
19
735
ol
27rs
in
no
12
1234
Mar
Mar
Mar
Star
Star
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Jan
8%
117%
106%
170
18%
104
734
734
37
373(
101%
10734
4634
114
13234
64
5
30%
31
26
19%
80
104%
9534
10531
68
167
Feb
Jan
Jan
Jan
Jan
Feb
Ma
Mar
Jan
Jan
Jar
Ma,
API
Apr
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
145
109%
19634
21%
10934
331
93I
46%
48
104
111
5134
119
16934
66%
734
3834
3634
2674
24%
90
114
10134
10754
79
188
Mar
Mar
Mar
Apr
Mar
Jan
Apr
Apr
Star
Mar
Mar
Feb
Feb
Star
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Apr
Mar
Star
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Apr
Feb
Jan
Mar
Apr
Apr
Jan
Apr
104%
7434
17
111%
9536
49%
104%
19%
7%
11134
101
3534
38
108
38
2134
106%
450
33%
5131
10%
10031
153.i
7234
110
2734
1123(
Jan
Apr
Apr
Jan
Mar
Apr
Jan
Mar
Apr
Mar
Mar
Jan
Mar
Apr
Apr
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Apr
Mar
Feb
104% 10434
900 10234
71% 74% 2,800 6754
8,000 1134
1334 17
110 111%
1.650 103%
90
92% 7.200 76
47% 49% 19,000 4031
10334 103%
500 z102
300 1334
1734 18%
100
7% 7%
631
111
111% 3,400 110%
100% 10034
900 9934
32
900 30
32
3434 38
6.500 2734
107% 108
400 104%
39
200 31%
38
2034 20% 2,000 16%
600 103%
10634 10634
445 450
100 415
10
33
33
2434
44% 45
90
4434
834 9
4.10
331
9834 983
15
4
97
1331 13%
100 1331
69
67
200 67
110 110
1
110
26%
26
400 1934
11094111%
11
11034
Sale
Thurs.
Lost Week's Range for
ofPrices.
Week.
Sale
Public Utilities (Cond.) Price. Low. High. Shares.
Marconi Wirel T of Can_ _1
734
Marconi Wirel Tel Lond _ £1 1574
Mass Gas Cos com_ _ _100
Mass Ltg Cos corn
Middle West Utli com___• 13631
•
$6 preferred
100
7% Preferred
Mohawk & Hud Pow com • 3434
• 109
First preferred
Second preferred
Warrants
Mohawk Valley Co
• 52
Municipal Service
• 174
Nat Elec Power class A.
5 3031
Nat Power & Light pref'109%
Nat Pub Serv corn class A• 26
New Engl Pow Assn corn.*
N Y Telep 64% pref__100 1144
Nor-Am Util Ser. com_
•
let preferred
• 93
• 25%
Northeast Power com
Northern Ohio Power Co..' 26%
Nor States P Corp corn.100 135%
100 10935
Preferred
Ohio Bell Telep 7% pref 100
Pacific Gas & El let pf_25 29
Pacific Lighting,com____• 8431
• 41
Penn-Ohio Ed corn
-100 108
7% prior pref
100 97
$6 preferred
1831
Option warrants
Penn Ohio Secur Corp...-$ 16%
Pa Gas & Elec class A. •
Pa Power A Lt $7 pref _100
• 72
Pa Water & Power
100
Portland Elec Power
Providence Gas Co
50
Puget Bound P & Loom 100 60
100 10134
6% preferred
100
7% preferred
Sierra Pacific El corn.. 100 35
Sou Calif Edison pref B_25 274
_100 84
Sou Cities Util pref
Southeast Pow & Lt corn.• 48%
• 46%
Corn vot tr et(/'
• 894
Pardo preferred
1431
Warets to pur corn stir_ _
Stand Gas de El 7% pf_100
Standard Pow & Lt com _25 41
•
Preferred
•
Tampa Elec Co
100 110%
Toledo Edison 7%
Union Nat Gas(Canada)_• 38%
50 124
United Gas Impt
22%
United Lt & Pow corn A..
• 102
Pref class A
I7n Rye & El Bait com_ _50
U1,11 Pow & Lt class B.._.• 2331
Util Shares Corp coin._.• 1234
Western Mass Co
•
Western Power, pref_ _ _100 1034
Former Standard 011
Subsidiaries.
£1 204
Anglo-Amer 011 (vot
Vol share ctf den-- -£1
Borne Scrymser Co_ -100
ao 734
Buckeye Pipe Line
Continental011 v t o..._10 17%
100
Eureka Pipe Line
Galena Signal 011 com _ _100
Galena-Sign Oil pf old. 100
100
Preferred new
Humble Oil & Refining-25 o4 34
Illinois Pipe Line
100 200
Imperial 01 )
(Canada)- -• 614
Registered
ao
Indiana Pipe Line
National Tramilt_ _L2.60 2934
100 5435
New York Transit
Northern Pipe Line_ .100
25 6134
Ohio 011
26 474
Penn-Mee Fuel
25 4934
Prairie Oil & Gas
100 216
Prairie Pipe Line
100 180
Solar Refining
50
Southern Pipe Line
25 41%
South Penn 011
So West Pa Pipe Lines.100 89
Standard 011(Indlana)-25 76%
Standard 011 (Kansas)..25 21%
Standard Oil (Kentucky)26 127%
25 44
Standard 011(Neb)
Standard Oil(0)com___24 7431
122
Preferred
Swan-Finch 011 Corp_ _25
25 148%
Vacuum 011
Other Oil Stocks.
Amer Contr 011 Fields....6 80c
•
Amer Maracaibo Co
Atlantic Lobes 011 coal__ ..•
•
Preferred
Barnedall Corp stock parch
434
warrants (deb rights).
10
Cardinal Petroleum
194
Carib Syndicate new coin.
1
Consol Royalty 011
• 13%
Creole Syndicate
Crown Cent Petrol Corp...* 90c
• 1331
Darby Petrol Corp
134
Gibson 011 Corporation..)
Gulf MCorp of Penna. 25 1134
• 20
Houston Gulf Gas
2
Intercontinental Petrol.-12.!
International Petroleum... 384
734
Leonard 011 Develoom1.25
• 25
Lion Oil Refg
25
Lone Star Gas Corp
Magdalena Syndicate. _1
Margay Oil
4
1
Marland 011 of Mel
6
Mexico-Ohio 011
Mexico Oil Corp
10 4t
Mountain A. Gulf 011_
_I 940
Mountain Prod Corp
10 24%
Nat Fuel Gas new
• 26
New Bradford 011
•
5
New York Oil
25 144
Pandem 011 Corporation
34
Pantepec Oil of Venezuela* 104
Pennock Oil Corp
•
Reiter Foster 011 Corp..
84
Richfield 011 of Calif 1.1_25
Royal Canadian 011 Synd _• 24c
Ryan Consol Petrol
•
Salt Creek Consol OIL. _10
Salt Creek Producers...10 303.1
Taxon Olt & Land
34
Tid-Osage 011 vot stock • 2031
Non-voting stock
• 1834
Transcont'l 0117% pf-100
Venezuelan-Mex 011
•
[VOL. 126.
FINANCIAL CHRONICLE
212-
Range Since Jan. 1.
Low.
3
74 8 349,000
94
154 1631 11,300
120 110%
121 121
30 147
157 157
1.800 123
133% 13634
150 94
98
9834
100 11774
1204 12034
8,100 293.4
3331 36
50 1084
109 109
50 105
105 105
700
6
10
114
50% 5331 6,000 46
3,200 134
1734 18
1,300 2734
304 314
500 108%
108% 109%
5,000 22
25% 2531
10 72
85
85
350 113%
114 11431
100
7
8% 8%
400 92
924 93
24% 26% 52,000 19%
30.300 18
2434 27
132% 135% 5,500 e123
550 1084
10834 10934
20 11234
11334 11334
29
2,100 26%
29%
200 8034
83% 84%
38
4334 6,500 324
310 106 34
108 1084
95
97
570 933.4
17% 194 3,200 11
15% 174 16,600 13
100 20
22
22
25 10634
10631 1064
71
72
900 68
49
49
100 424
25 117
129 129
61
3,400 34%
59
1004 10134
270 92
10 109
10934 10934
300 29
35
354
274 2734 1,200 25%
125 75
87
84
46% 484 17,300 414
4574 46%
1,500 40%
87% 89%
800 84
14
14% 3,400 124
100 1104
1144 1144
39
41
3,200 29%
107 107
100 103%
500 62
68
6834
20 110
1104 11031
100 2834
38% 38%
1224 125% 14,800 1114
23 145,100 134
21
300 9454
101 102
200 14
14
14
234 234 3,500 1834
2,000 11
124 13
100 59
614 614
50 103
1034 103%
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Mar
Jan
High.
Mar
Mar
Mar
Mar
Apr
Feb
Mar
Mar
Jan
Jan
Mar
Apr
Apr
Feb
Feb
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
834
17%
122
157
13631
99%
132
364
110
108
11 34
5334
18
32%
111
274
85
1154
9
94
26%
274
136%
110
114
294
84%
4334
109
97
194
1734
23%
111
73
52
130
633.4
102
112
384
27%
87
4834
47
92
154
11434
45
107
684
115
383,4
125%
23
102
20
264
13
634
104%
Feb
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Feb
Feb
Jan
Feb
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Apr
Mar
Mar
Mar
Mar
Mar
Apr
Apr
Mar
Mar
Mar
Apr
Apr
Jan
Mar
Apr
Mar
Mar
20
20% 1,900 1834 Jan 2234
194 19%
300 19
Feb 21%
50 50
50
20
Mar 58
714 73% 4,000 58
Jan 73%
174 18% 12,600 16
Feb 23
714
71
100 6434 Jan 72%
200
6% 7
44 Jan
8
44
444
90 35
Jan 48
31
31
20 27
Jan 40
634 654 9,400 59% Feb 68
198 200
400 17634 Jan 206
6031 61% 2,100 564 Feb 654
614 614
100 614 Apr 6134
824 824
100 74% Feb 8434
29% 324 13,400 2034 Jan 324
54
54%
450 384 Jan 56
11934 1204
300 94
Jan 125
60
614 1,400 5834 Feb 6634
44
48
6,100 29
Feb 48
4934 49% 4,900 47% Feb 504
2134 217%
1,650 184
Jan 223
168 180
400 169
Mar 180
304 33
1,100 21
Jan 3334
41
42% 3,500 36% Jan 42%
88
89
150 70
Jan 102
76
7831 18,900 70% Feb 8034
204 224 6.000 15
Jan 234
12634 127%
3,900 1224 Feb 133
42% 44
700 39% Feb 44
724 744
700 71
Mar 79
11834 122
110 100
Jan 122
100 16
Feb
164 16%
17%
7,200 1364 Feb 149%
143% IOU
Feb
Feb
Jan
Apr
Jae
Mar
Mar
Mar
Feb
Jan
Mar
Jan
Apr
Mar
Apr
Mar
Mar
Jan
Apr
Jan
Mar
Apr
Jan
Apr
Mar
Jan
Mar
Jan
Apr
Jan
Apr
Jan
Apr
80c 84c 21,500
434
4
3.900
1,500
1% 2
100
431 44
434 4
25c 250
194 21
74 74
134 14
825 905
124 1374
14
134
111 115%
15% 21%
231
2
37% 394
7
74
2231 25
554 5534
14
1
37% 40
234 4%
54 671
370 .54c
134
93c
264
24
25% 26
5
5
1431 144
334 3%
874 104
54 54
6% 835
29
3134
145 245
5
474
634 634
314
29
3
3%
1834 20%
17% 18%
11.5
85
32
34
800 Feb
374 Feb
I% Jan
34 Feb
Mar
134 Jan
4% Jan
334 Jan
44 Apr
900
4
Mar
59' Jan
Jan 30e
Feb
1,000 100
4,100 1834 Jan 2314 Jan
100
734 Apr
6% Feb
49,900 104 Jan
14 34 Mar
200 760 Mar
134 Jan
1.600
834 Jan 13% Mar
1% Mar
Jan
6,700
2
6,100 1014 Feb 11734 Jan
21,100 11% Feb 21% Apr
Mar
4,100
134 Jan
Feb 43
Jan
18,200 35
534 Mar
734 Mar
3,900
Feb 25
Apr
7.600 20
Feb
Mar
2,300 52
56
4,000 910 Mar
134 Jan
500 37% Apr 484 Jan
2,400
134 Jan
4% Mar
8
Mar
800
434 Mar
33,400 230 Mar 690 Mar
Apr
13,800 93c
14 Mar
10,600 234 Feb 28% Jan
1,500 24% Mar 28
Jan
1.100
494 Mar
5% Jan
800 1134 Jan
144 Apr
6
Jan
5,600
234 Mar
26,900
834 Feb 10% Jan
100
534 Feb
634 Jan
44 Feb
40,500
834 Apr
2,900 23% Feb 3134 Apr
Jan 26c
Jan
3,000 105
534 Jan
400
47
4 Jan
34 Apr
731 Jan
1,100
Jan
13,500 2834 Feb 35
3
Mar
19,100
3% Mar
Feb 20% Apr
6,400 13
8,700 1334 Feb 184 Mar
200 8234 Feb 93% Jan
Apr
300 18
Jan 34
Thurs.
Sales
Last Week's Range for
Other 011 Stocks
Sale
of Prices.
Week.
(Concluded).
Par Price. Low. High. Shares.
Venezuela Petroleum
_5
Wilcox(H F)011A Gas •
Woodly Petrol Corp
"Y"Oil& Gas
25.
Mining Stocks.
Amer Comm Min & M111.1
Arizona Globe Copper.__I
Beaver Cons(lidated
1
Bunker Hill & Sullivan__10
Carnegie Metals
10
Central American Mines_
Chief Consol Mining
1
Consol Copper Mines....1
Cons Nev & Utah Copper_3
Creation Consol G MA M1
Divide Extension
1
Engineer Gold Mines Ltd.5
Golden Centre Mines..._5
Goldfield Consol Mines 1
1
Goldfield Florence
Hawthorne Mimic Inc__ _1
Hada Mining
25c
Hollinger Cons Old Mines 5
Hud Bay Mln &
Kerr Lake
5
Mason Valley mines
15
Mining Corp of Canada._5
New Cornelia Copper__ _5
New Jersey Eine
100
Newmont Mining Corp...10
NY & Hond Ens Mln_ _ _10
Nipissing Mines
5
•
Noranda Mines. Ltd
North Butte
10
Ohio copper
1
Parma° Porcupine M Ltd_ 1
Premler Gold Mining__ __1
Red Warrior MinIng..._1
San Toy Mining
1
Shattuck Dena Mining_ ...•
South Am Gold & Plat...1
Standard Silver Lead....!
Teck-Hughes
1
Tonopah Extension
Tonopah Mining
1
United Eastern Mining...!
United Verde Extension50c
Utah Apex
5
Wenden Copper Mining..1
West End Consolidated...5
West End Extension Min_
Yukon Alaska Trust, etre_
Yuk( n Gold Co
5
BondsAbbate Dairies 65. _1942
Adriatic Electric 7s__1952
Alabama Power 4)4a._1967
let & ref 55
1956
Allied Pk let M col 0'58539
1939
Deb 6s
Aluminum Co S f deb 55'52
Amer Cyanamid 58_._1942
Amer 0& El deb 6s....2014
2028
5s w I
Am Natural Gas 640.1942
American Power & Light8a. without warr'nts 2016
Amer Radiator deb 43,40'47
Amer Rolling Mill 68._1938
Deb e f 5s
1948
Amer Seating 6s
1936
Amer Solv & Chem 68.1936
American Thread 60._1928
Anaconda Cop Min 68.1929
Appalachian El Pr 58.1966
Arkansas Pr & Lt Se__1956
Associated GA E 534. 1977
Associated Elea 5As-1946
Assoc'd Sim Hard 634.'33
Atlantic Fruit 8e
1949
Batavian Petr deb 43461942
Bates Valve Bag 68......1942
With stock much warr_ _
Beacon 011 6e, with warr'36
Beaverboard 8e
1933
Bell Tel of Canada 55_1955
let M be sec B June 1957
Berlin City Elec 654s.1929
Boston Cons Gas 5a_ __1947
Boston &Malne RR 58 1967
1933
6s
Burmeister & Wain Co ot
Copenhagen 15-yr 6s '40
Canadian Nat Rye 78_1935
Canada Cement 548.1947
Carolina Pr A Lt 5s...1956
Cent Atl States Serv Corp
1st 65 A with warr_1943
634% notes with warr'33
Cent States Elea be.....1948
Cent States P A Lt 5345'53
Certain-teed Prod 534s '48
Chle Pneum Tool 63,4s 1942
Chic Rys 58ctf dep_ ..1927
Mein St Ry 5345 ser A 252
Cities Service 56
1956
1966
68
Cities Service Gas63481942
Cities Serif Gas Pipe L 68'43
Cities Serv PAL 53481952
Cleve Elec Ill 5s A...1954
Cleve Term! Bldg 65...1941
Commander Larabee 85 '41
Com'l Invest Trust 65.1047
Commerz und Privat
1937
Bank 534s
Commonw Edison4 As 1957
Consol GEL AP Bait1949
68. series A
Consol Publishers 6348 1936
1941
Consol Textile 8e
1958
Cont'l G & El 55
Continental 011 5318-1937
Cont'l Sec Corp 55 A._1942
with warrants
Cuba Co 6% notes_ _ _1920
Cuban Telephone 743 1941
Cudahy Pack deb 545 '37
1946
55
Denver & It G West 5s '78
Deny & Salt Lake Ry 6s'60
Detroit City Gas 55 B 1950
1947
(1s. series A
Detroit lot Bdge 648_1952
25-year a f deb 711_1952
Dixie Gull GaS 648-1937
with warrants
East Term Off Big 6745243
Eltingon-SchIld 68____1938
Elea Refrigeration 68_1936
Empire Oil & Refg 5345'42
8
5% 534
1934 194
3% 8
334
434
40
45
45
4c
40
lois
194
143 145
2531 24% 25%
4
44
4
4%
4
11
loy, 114
6c
(3c
14 14
30
3c
3% 4
3%
974
9
974
13c 135
145
125 140
3c
4c
15% 1534 16
16% 1634
174 16% 17%
65c
50c 64c
134
134
3
34
28% 264 29
197
196 198
169% 162 172
164 1634 16%
434 4
434
1734
174 1735
134 2
2
810
80e 85c
20c 258
234
Vs, 24
140 140
14c
35
3c
154 14% 154
135
431
20
434
134
77c
17e
8%
11c
434
550
1931
434
1
60
2c
294
770
17c
9
135
431
550
2031
431
13.4
6c
3c
33
945
4,800
500
3,000
3,100
Range Since Jan. 1.
Low.
47.4
1834
3%
256
6,000
4c
30
9,000
1
300
200 141
7,600 17
4,900 600
12,400
334
29,400
5
2,000
Sc
300
Pie
313
5,000
2
1.300
234
20,500
2,000 8c.
25,500
50
9,000
2o
2,800 15%
100 164
36,400 1634
2,300 50o
3,300
ni
1,200
34
2,000 25%
420 18034
18,000 122
200 14
2.900
4
1.300 1734
2,700 900
8,000
760
2,000 150
10,400 27is
1,000 140
2,000
35
15,200
674
100
254
3,000 12c
600
84
4,000
90
2,000
254
600 45c
1,600 1934
1,500
4
9,100 940
1,000
Co
8,000
20
1,000 25
3,500 500
Feb
Feb
Apr
Feb
High.
634 Jan
2254 Jan
8
Apr
44 Apr
Jan
7e
Jan
Jan
6340 Jan
Feb
2
Jan
Jan 160
Jan
Jan 2731 Mar
Jan
44 Apr
Mar
4% Feb
Jan 11% Mar
Jan
95 Feb
Jan
24 Jab
Mar
Sc
Jan
Jan
754 Jan
Jan 1054 Mar
Jan
16c. Feb
Jan
19e Mar
Jan
50 Mar
Mar 18
Jan
Feb
1831 Jan
Feb 2174 Feb
Jan 640 Feb
Jan
154 Jan
Mar
534 Jan
Feb
2954 Jan
Jan 19934 Mar
Jan 17434 Mar
Jan
17
Jan
Feb
594 Jan
Mar 2334 Jan
Mar
2 'Apr
Mar
1.114 Jan
Jan 28c Feb
Apt
334 Jan
Mar 270
Jan
Jan
tic
Jan
Jan
1734 Jan
Jan
334 Mar
Jan
20c
Feb
Feb
1094 Jan
Jan
18o
Jan
Jan
5
Feb
Jan 840 Feb
Feb 2554 Jan
Mar
534 Jan
Jan
2
Feb
Mar
70 Mar
Mar
5o
Jan
Jan 33
Apr
Feb 990 Mar
1014
9734
98%
1024
4631
45
103
9675
10974
101
9934
102
$9,000
9836 253,000
10034 987,000
1024 11,000
4736 6,000
4534 4,000
1034 125,000
964 20,000
110
77,000
101% 34,000
100 214,000
10094
9414
94%
102
35
45
10134
9454
10834
101
9731
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Feb
10234
nlOO
10014
103%
5234
4734
1033.4
967.4
11054
10134
100
Mar
Mar
Mar
Jan
Jan
Jan
Apr
Mar
Mar
Apr
Jan
109
100
10434
9931
10434
10034
101%
10134
10131
101
104%
104%
90
1834
9335
10934
100%
104%
994
104%
10034
1014
1014
102
101%
104%
105
92
1834
9434
172.000
90,000
5.000
78,000
29,000
2,000
5,000
3.000
49,000
70,000
121,000
54,000
10,000
1.000
117,000
10714
9834
10434
9934
10234
10034
10034
10156
9934
9854
1013.4
103
8454
1734
9334
Jan 10954
Feb 100%
Jan 10554
Mar 99%
Mar 10454
Apr 10034
Mar 10134
Feb 10134
Jan 10234
Jan 10134
Jan 0105
Jan 105
Jan 92
Mar 2034
Mar 9454
Mar
Apr
Jan
Jan
Mar
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Jan
Feb
10734 107 10734 45,000
1004 1004 4.000
10234 1024 10234 6,000
105% 105% 10534 20,000
24,000
1054 10534 106
100 10031 9,000
104 34 10434 6.000
98% 9831 994 122,000
103% 10331 6,000
99
100
96
10434
10434
9834
103
9754
103
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
110
Mu
103
Jan
10314 Jan
105% Feb
106
Feb
101
Feb
10434 1Apr
9954 Mar
10434 Jan
98
1124 1124
10231
104% 1044
984 7,000 9654
112% 4,000 112
102%
1.000 1013,
1044 39,000 10354
Jan
Mar
Jan
Jan
100
11454
102%
10554
Jan
Jan
Mar
Mar
9734
99
99
964 9634
984 974
984 984
1014 101
82%
103
103
96% 9534
10334 103
97
96%
102% 10134
10035 100
10534
99
98
90
89
100
9734
99
9634
984
98%
1014
85
103
964
103%
9734
10334
100%
105%
9931
90
100
Mar
Mar
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
99
9931
967.4
99
9934
10134
87
10434
9634
10394
08
10334
100%
105%
100
mar 9414
Feb 100
Mar
Mar
Jan
Jan
Mar
Apr
Jab
Mar
Apr
Jan
Mar
Apr
ALA*
Apr
Jan
Jan
Feb
9835
100
464
47
103%
9634
109%
10174
100
10931
10031
1044
994
104%
10034
102
10134
10434
104%
9134
1834
94
3.000
2,000
11,000
7,000
30,000
35,000
14,000
1,000
325,000
37,000
234,000
274,000
268,000
6,000
5,000
11,000
7,000
9734
99
9634
9634
9834
9814
824
101
9094
103
9454
9834
9774
10594
9734
89
100
Si
90% 91
89,000 90% Feb 9454 Jan
10234 102% 1024 5,000 10034 Mar 102% Apr
106% 10634 107
21,000 10554 Mar n10834 Feb
1014 1004 1014 26.000 9734 Jan 101% Ayr
96
9534 96
13,000 9334 Mar 96
Jan
9731 97
97% 292,000 954 Feb 974 *Mar
9734 974 97% 58,000 97
Feb 99
Jan
11474 113341153-4
97% 97%
111% 112
100 no%
102% lin% 102%
96% 9635
8934 874 90%
104
104 104
10834 10834 10831
103
102% 104%
1004 100 100%
106,000
10,000
4,000
37,000
9,000
6,000
42,000
5,000
15,000
44,000
112,000
99
97
111
9734
10034
96
80
103
107
10134
100
9931 9931 991% 21,000
1,000
9934 9934
1044 1044 11)131 68,000
78% 76
78% 42,000
95% 95% 954 176,000
9931
994
97
6634
9254
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
115%
9834
11334
1004
10234
9634
91
10434
1083-4
10434
101
Apr
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Feb 994 Jan
Jan 1004 Mar
Jan 010534 Mar
Jan 7934 Mar
Jan 95% Mar
APR. 7 1928.]
Bonds (Concluded)
FINANCIAL CHRONICLE
Thurs.
Sales
Last Vetk's Range for
Sale
of Prices.
Veek.
Price. Low. High.
Range Since Jan. I.
Low.
High.
Bonds (Concluded)-
2133
Thurs.
LOA
Veek's Range Sales
Sale
of Prices.
for
Price. Low. High. Veek.
Range Since Jan. 1.
Low.
High.
Eur Mtge & Inv 78.. 1967
98
98
1,000 974 Mar 98
Apr Southern Asbestos
75 series C
1967
9531 96% 8,000 9531 Apr 9734 Mar Sou Calif Edison 68_1937 1114 loon 1113,4 39,000 105
Jan
11714
Jan
5s___1951 1044 10334 1044
Fairb'ks, Morse & Co 68 42 9714 9734 07
5,000 0814 Jan 974 Jan
Refunding mtge 58_1952 1044 10331 1044 28,000 10214 Jan 1044 Apr
Federal Sugar 65
1933
9,000 102
8534 85% 6,000 85
Mar 1044 Apr
Mar 894 Feb
Gen
&
ref
5s
1944
103% 103%
Fed Wat Supply 548_1957 10015 1004 100% 10,000 1004 Apr
2,000 10231 Nov 10331 Dec
1004 Apr Sou Calif Gas .5s
1937 953.4 95
95%
Firestone Cot Mills 55_1948
3,200 9434 Jan 954 Jan
97
974 25,000 97
Mar 974 Mar Southern Dairies Os. .1930
97% 97%
Firestone TAR Cal 58 1942 97
1,000 9734 Ai r 9934 Jan
oon 974 61,000 984 Mar 984 Jan
Southern
Gas
6
Sis_ ._1935 107
First Bohemian Glass Wks
1047-4 107
6,000 105
Jan 108
Mar
S'west Gas & Elec .55A 1957
9914 10036 10,000 9834 Jan 10014 Air
let 7s with stk pur war'57
9014 904 2,000 90
Jan 103
Jan
S'west
P
&
L
Os
2022
11034 11016 11011 8,000 10794 Jan 111
Fisk Rubber 5 yis_
1931 9614
96
964 11,000 96
Mar
Apr 98% Feb Staley (A E) Mfg 68_1942 10014
100% 101
Florida Power & Lt 55_1954 9934 99
53,000 99
Jan 10134 Mar
994 255,000 974 Jan 994 Mar Stand Inv 58 with war_1937
12211 1194 123
Gait (Robt) Co 5348_1942 1044 1043
4 104% 40,000 97
Mar
Jan 1044 Apr Stand 01101 NY 340_1933 1034 1034 1034 52.000 10834 Jan 123
Gatineau Power 58...1956 1004 1004 101
39,000 9911 Jan 101
Jan
Jan Stand Pow & Lt 88...1957 10334 103 10314 32.000 1034 Feb 104
Os
1941
10,000 9934 Jan 1044 Mar
10214 103
8,000 10234 Feb 10334 Jan Stinnes (Hugo) CorpGen Amer Invest 6& .1932
152% 152%
5,000 137
Jan
16131
Jan
78
Oct
'36
1
without wart
9431 944 7,000 9334 Jan 95
Without warrants
9414
944 944 82,000 9234 Feb 9434 AprFeb
78 1946 without warr'ts_
9411 9434 9431 32.000 93'
Gen Ice Cream 634s- - 1935 169
165 169
Feb 9434 Apr
5,000 145
Jan 169
Apr Sun Maid Raisin 648.1942
94
94% 24,000 93
Gen Laundry Mach 64537
1004 10014
Mar
98
Jan
5,000 100
Jan
101
Jan Sun 011 5148
1939 1024 10131 1024 30,000
General Vending CorpJan 1024 Apr
Swift & Co 55 Oct 15 1932 10134 101 101% 63,000 101
Os with warr Aug 161937
10034 Jan 10134 Jan
93
934 10,000 93
Mar
Oct
9
Texas
Power
834
56..1956
&
Lt
102 103
Georgia & Florida 88__1946 8414 8431 864 8,000 78
30,000 994 Jan 103
Mar
Ma
9614 Jan Trans-Coot 011 78_ _ _1930 105
104 1054 54,000 103
Georgia Power ref 55..1967 1014 1014 102
Feb 116
82,000
Jan
Mar Tyrol Hydro-El 7s_ _ 1952 944 944 944
Goodyear T & It 58.. _ _1928 10011 10014 1004 6,000 9914 Jan 103
4,000 924 Jan 944 Mar
1004
Ma
100%
Jan
United El Serv (Unes) 7858
Goodyear TAR Cal 534831
100% 1004 4,000 10036 Fe .1101
Jan
Without warrants
954
9534
Grand Trunk Ity 6413_1936
1.000
9234 Jan 97
Mar
11034 1104 4,000 11034 Jan 112
Jan
With warrants
10734 loon 107% 92,000 1014 Jan 108
Guantanamo A W Ity Os '58 93
93
94
Feb
9.000
AP
974 Jan
United Indus 646...A941
96
Gulf 011 of PA be_ _ _ _1937 10134 10114 10234 29,000 93
96/1 6,000 9311 Jan
97
Mar1013.4
Jan
10211
United
Lt
&
Rye
548.1952
Mar
9914
99%
Sinking fund deb 58.1947 10234 10134 10214 40,000 101
9934 136,000 9834 Feb 9914 Jan
Jan
102%
Jim
series
A
68
1952 10634 106% 108
Hamburg Elea Co 7s..1935 101 31 10114 10131
11.000 1034 Jan 1084 Jan
3,000 9934 Feb 103
Feb
United Oil Prod 8s_ _ _ _1931
90
Hanover Cred Ins Os _1931
90 1,000
70
Jan 90
964 964 12,000 94
Apr
Jan 96% Feb Unit Porto Rican 6145 1937 101
101
Hood Rubber614s Oct 1536 9214 924 93
1014
5,000 99
Jan 1014 Apr
31,000 9334 Mar 96
Jan
United Rys of Hay 734s '36
112
75
113
18,000
1114
1936
Jan 1134 Feb
1024 10234 6,000 102
Mar 103% Jan
United Steel Wks 6168 1947
Indep 011 do Gas deb Os 1939 09
9834 994 81,000 9634 Jan 994 Ian
With warrants
94
94
944 20,000 90
Ind'polis P & I. bs 8er A '57 102
Jan 96
101% 102
Feb
28,000 1004 Jan 102
Mar U S Radiator 5s
1938
6,000 98
984 9834
Inland Steel, 445
_ _1948 9534 954 96 118,000 95
Mar
Apr
Mar
96
U
S
Rubber 64% notes '29 1004 1004 10014 4,000 994 Mar 984 Mar
Internet Match deb be 1947 10034 100 101
1024
Feb
120,000 9814 Jan 101
Mar
Serial 64% notes 1930 1004 1004 1004 9,000
lot Pow Secur 7.ser E 1957 9934 99% 99% 20,000
Mar 10211 Jan
Mar
Serial 64% note.8_1931 1004 10034 100% 9,000 9834
Internat Securities 58_1947 9616 9611 96% 39,000 9531 Jan 100
ga
Mar 10234 Jan
9554 Feb 97
Mar
&aria' 64% notes 1932
Interstate Power 5s
100 100
2,000 99
1957 9934 99
Mar
103
994 42.000 964 Jan 994 Apr
Feb
Serial 634% notes__1933 10016 100 10016 11,000
Debentures 88
1952 1014 1014 102
99
Star 103
Feb
38,000 9711 Feb 1024 Mar
Serial 64% notes _1934
100 10034
Interstate Pub Serv 5s 1956
3,000 99
Mar
1004 10034
102%
Jan
1,000 98% Feb 10031 Fob
Serial 64% notes...1935
100 10034
Invess Cool Am be A_1047 1014 101
2,000 98
Mar 103
Feb
10314 161,000 96
Feb 103% Apr
Serial 634% notes_ _1936
Investors Equity Co 5s
100 100
3.000 9894 Mar 10214 Jan
Serial
634% notes_ _1937
100 100
with warrants
2,000
1947 112
112 11214 18,000 104% Jan 1124 Apr
Serial 634% notes__1938 10034 100% 1004 13,000 9834 Mar 10231 Feb
Iowa-Nebraska L & P 55'57 9934 9936 101
98
Mar 103
Jan
27,00
9634 Jan 101
Mar
Serial 64% notes__1939
learco Hydro-El 75_ _ _1952 9331 9316 93% 52,00
100 10034
3,000 99
Mar 10334 Jar.
93
Mar
9434
Feb
Serial 614% notes__1940 10034 1004 100%
Isotta Franchini 78.. _1942
3,000 99
Mar 010434 Feb
S Smelt & Ref 548.1935
104
with warrants
1044
3,000
1034 Mar 105
97
98
Feb
7,000 97
Mar 99
Mar Utilities Pow & Lt 514s '47 944 9314
Jecldo Highland Coal 65'41
944 188,000
Jan 9414 Apr
104% 10434 21,000 104
Jan 105
Feb Wabash Ity 4145 C..1978 9534 9534 9514 336,000 92
Kensley Millborn & Co
9534 Mar 06
Warner
mar
Bros
Pict
1928
648
111
109%
111
Ltd s f deb 6s Sept 1 1942
61,000 9534 Jan 112
165 165
Mar.
5,000 159
Jan 17434 Jan
Warner-Quinlan Co Os 1942
10031 101% 30,000 98
Koppers0& C deb 55_1947 101% 10074 10134 71,00
Feb 1014 Apr
9914 Jan 1014 Mar Webster Mills 8%s...193 1014
3 994 99
Laclede Gas IA 514s -.1935 101
9914 20,000 95% Jan 994 Apr
101
1014
7,00 101
Jan 1014 Jan Western Power 54s...1957
1004 10034 1014 28,000 994 Jan 1014 Mar
Lehigh Pow Secur 68..2026 10914 109 n109X 112.00 103% Jan
1094 Mar Westphalia Uzi El Po 6s '53 924 9234
Leonard nets Inc 7148 '48
924 124,000
Mar 9331 Feb
Westvaco Chlorine 54s'37 1034 103 10331 21,000 92
With stk porch warrte._ 145
145 145
102
1,000 130
Jan 104
Mar
Jan
Apr
145
Wisconsin
Cent Ity 68_1930
Without warrants
984 9834 14,000 98% Feb 99
104
10334 104
5,000 10234 Jai 104
Jan.
Apr
Foreign Government
Libby, McN & Lib be 1942 9614 964
3,000 94% Mar 984 Mar
and
904
Municipali
ties.
Lombard Eleo Co 7s__1952 9614 96
9611 12,000 944 Jan 99
Mar
Agricul Mtge Bk Rep of Col
With warrants
994 98% 9911 62,000 96
Feb 99
Mar
20-year 7s Jan 15 1948__ 101
Lone Star Gas Corp 5s 1942 9914
101
10214 33,000 97% Jan 1024 Apr
993-4 994 31,000 98% Feb 100
Jan
20-year 7s Jan 15 1947 10234 1004 101
Louisiana Pow & L 58.1957 994 994 100
13,000 97
Jan 101
23.000 9714 Feb 100
Mar
Mar Antiouula 78 serle3 D.1945 98
Manitoba Power 5348.1951 1044 10334 104% 13,000
974 984 34,000 974 Mar 984 Apr
10234
Jan
1044
Apr
liaden
(Germany)
7s_
_1951
Mansfield M & Sou (Gen)
99
99
2,000 974 Jan 9911 Mar
Bank of Prussia Landownwith warrants
1941
104 104
6,000 103
Jan 1044 Feb
ers Assn 6% notes..1930 9734 9714 974 47,000
Mass Gas Cos 534s_ __1946 105
1044 105
32,000 1044 An 105
944 Jan 974 Mar
Jan Buenos Aires(Prov)734s '47 10234 10234 10234
McCord Red do Mfg Os 1943
49,000 1004 Feb 1034 Mar
99,34 100
4,000 994 Mar 101
Feb
711
1938 102% 102% 102%
Meridional° Mee Co(Italy)
5.000 98% Jan n1034 Mar
7.
1952 10034 1004 1004 30,000 98
30-year if 7e set A __1957 984 98% 99
44,000 9434 Jan n994 Mar Cent 13k of
Jan 10134 Mar
German State &
Met Edison 448
1908 10134 101
10234 63,000 99% Ma 10211 Apr
Prov Banks 65
1951
Midwest Gas 7s
914 9215 77,000 90
97
1936 99
Jan 9214 Mar
994 142,000 96% Ma
994
Jan
Sec
s f 6s A
1952 924 914 92
Milwaukee G L 4341.1967 10331 1034 1034 13,000 101)
10.000 9034 Jan 93
Jan
Jan 10314 Apr Cordoba (City) Arg 7e 1937 994
Montgomery Ward 58_1940 10134 101% 102
9834 100
36,000 97
Jan 14)0
13,000 1004 Mar 1024 Jan Danish Cons
Apr
Munk
549'55
102
Montreal L H & P68 A 'Si 1024 1024 103
10014 102
25,000 984 Jan 102
10,000 10131 Jan 103% Feb
Apr
54s new
1953 0911 9634 994 64,000 96
Morrie & Co 730_ _ _1930 100
100 10031 22.000 98
Ma
9934 Apr
Jan 101
Mar Danzig P & Wat'way Bd
Narragansett Co coil be '57 10134 10134 102
29,000
External s f 6348..1952 8834 884 8831 12,000
Nat Dairy Prod 534s_ _1948 9936 994 99% 143.000 10134 Jan 1024 Mar
86
Jan 090
Feb
994
Feb 1004 Mar Denni'k (Kingd'm)5%s'65 10131 1004
Nat Distillers Prod O3-4s '35
101%
151,000
10211 10214
10034 Feb 10234 Jan
3,000
Mar 103% Jan Estonia (Republic) 76_1967
Nat Pow A Lt Os A...2026 1094 109 109% 18,000 102
934 9414 18,000 91
Jan
944
Mar
108
Mar
109%
Mar
German Cons Muni° 78 '47 100
Nat Pub Serv 634s_ __1955
9934 100
70,000 9834 Jan 100
10434 10436
4,000 103
Jan
Jan 105
Feb Indus Mtg Ilk of Finland
53
1978
9334 9334 2,000 934 Mar 934 Mar
1st mtge coil s f 78_1944 101
Nevada Cons te
101
1014 6.000 100% Jan 19234 Feb
194, 90
99
994 6,000 984 Jan 994 Feb Irish
Free State be_ _1960 9716 97
New Eng G & El Assn 58'47 9934 9914 100
9711
84,000
85,000 98
97
Jan 974 Feb
Feb 101
Mar !Medellin (Colombia) 75 '51 9714 9611
NYPAL Corp let 4341 '157 964 964 974 317,000 95
9834 40.000 9234 Jan 98% Mar
Jan 97% Mar
138
Niagara Falls Pow 63_1950 10534 1053-4106
1948 1044 10474 105
5,000 1024 Jan 105
2,000 10511 Mar 106
Mar
Jan Mendoza (Prov) Argentina
Nichols &(Shepard Co 6537
73-45
with stk purch warrts_. 150
19.51 9934 9934 994 31,000 9834 Jan 100
149 151
15.000 1174 Jan 1554 Mar !Minas
Mar
Geraes
(State)
Without warrants
Brazil
97
9734
977-4 47,000 944 Feb 97% Apr
Ext 6%s
Nippon Elec Pow 648_1953 07
1958
9731 97% 16,000 97%
97
97% 106,000 944 Feb 9734 Apr Montevideo
97%
Apr
(City) 85_1959 974 9734 98
Nor Ind Pub Sery bs__1968 104
20,000 9334 Mar
10234 104
23,000 10034 Jan 104
Jan 983-4 Mar
Mar Mtge Bk of Bogota 75_1947 95
Nor States Pow 8348-1933 133
934 954 121.000 9114 Feb 954 Apr
130 133
10.000 119
Jan
134
Jan
New
84% gold notes___1933 10334 10314 10314 8,000 1034
9431 93
9431 86,000 9134 Feb 9434 Apr
Feb loon Jan Mtge Bank of Chile 65 1931
Nor Germ Lloyd 85_ _1947 95
984 9831 99
94% 9611 161,000 9334 Jan 9634 :Mar
36.000 96
mar
Feb 99
Norwegian Ily-E1 548 '57 05
9334 954 327,000 924 Feb 954 Jan Mtge Bk of Denmark 58'72 9914 974 994 59,000 954 Jan 99% Apr
Mtge Bk of Jugoslav 78 '57 8734 874 884 22,000
Ohio Power be set II__1952
1024 10234 5,000 101
874 Jan 88% Feb
Jan 103
Mar Mtge Bank of Venetian
434s series 13
97
1956 973-4
9714 212,000 95
Jan
0734 Mar
Provinces 78
Oslo Gas & Elec Wks be '63 9614 954
1952 9431 94
94% 9,000 94
9614 78,000 9511 Mar 984 Mar
Feb 95
Mar
Pac Gas & El let 448_1957 101
1972
1064 10634
10034 1014 172,000 984 Jan 10114 Apr Netherlands 6s
1,000 10534 Mar 10834 Feb
Pacific Invest 58
(Kingdom of) IIX
Norway
1948 9934 9734 994 98,000 96
Mar
994
nr
A
Park & Tilford 65
External 5s
1936
1967 95
95
101
96% 87,000 94
101
Mar 96
Apr
2,00 100
Jan 1024 kiar
5s
Penn-Ohio Edison 6s 1950
1963 90
9734 994 312,000 9714 Mar 99% Apr
Prussia (Free State)645 51
Without warrants
10414 1034 1014 13,00 103
9734 48,000 9514 Jan 98% mar
964
9634
Jan
1044 Mar
Ertl Os (of '27) Oct 15'52 9234 9211 924 104,000 9134
Penn Pr &LS 58 ser D.1953 10434 10414 10414
9,00 103% Mar 104% Mar Rio
Jan n94
Mar
1st & ref 588er 13._ _1952 103% 1034 10334
de Janeiro 63-4s.-1953 9814 9731 984 175,000 97
6,00 1024 Mar 104
Feb 99
Mar
Jan Rio Grande do Sul (State)
Fiala Elea 53-4s
1947
107 107
5,000
107
Jan 10734 Mar
Phlia Else Pow 548_1972 10634 106 10614 45,000
Brazil 7s (of '28)_ 1966 99
9831 994 30,000 964 Jan 994 Mar
1054 Jan 107
Jan
Phila Rap Trait Gs_..l962 105
Dal
ST 7s (of '27)..1987 9834 984 99
10434 105
10,000 96
Jan 99
5,000 104
Apr
Feb 105
Jan Russian GovernmentIstPhila Sub Cos G & E
1st & ref 434s
6%s
102 10214 81,000 9831 Jan
1957
1919
184 164 10,000 1414 Jan 30
Mar
10214
:Mar
Phillips Petrol 548...1939 9434 9431 95 157,000
645 ctfs
1919 164
15
1614 96,000 1414 Feb
18
Mar
914 Feb 95
Jan
Pittsburg Steel Os
54e
1948 102% 1024 1024 6,000 1014 Mar 1024
1921
33,000 1434 Jan
164
15
17
17% Mar
Potomac Edison bs_ _ _1958 101
514s etts
100% 1014 22,000 994 Jan 10214 a Apr
1921 164
102,000
1415
1634
Jan
14%
1734
Mar
Mar Saar Basin Con Counties
Potrero Sugar Co 1st 75.'47 884 87
884 11,000 84
Mar 9814 Jan
Power Corp of NY 5345 '47 100
78
994 100
1935 102
101% 1004 10,00 100
10,000 9916 Mar 101
Feb
102
Mar
Jan
Procter do Gamble 4481947 10034 1004 10034 47,000 99%
Saarbruecken (City) 65 '53
934 934 1,000 92% Ma
Mar 10031
9634 Feb
PubServCorp of N J4148'48 112
7s
11134 1144 1087000 1034 Feb 1144 Mar
1935
1014 Jan 102
Jan
Pub Sec El do 0 448_1967 103
1024 103% 95,000 9034 Jan 1034 Mar Santa Fe (City) Argentine
102
102
1,00
Apr
Purity Bakeries deb 55 1948
Republic extl 7e_ ___1945 984 984 9814 10,000 934
9711 9711
1,000 974 Feb 97% Feb
9834
Feb
Jan
Santiago
Queensboro 0 & E 5148 '52 105
(Chile)
78..1949 10134 1004 101% 40,00 100
105 105
12,000 1034 Jan 105
Feb 10111 Mar
Mar Saxon State kltgelny 78'45 101
Reliable Stores Os_ __ _1937 99
99
99
100 101
33,000 984 Jan 99
5,000 99
Jan 10111 Mar
Jan
GAs
Rem Arms 54% notes1930 99
98
1946 98
99
21,000
974 98
2,000 9534 Jan 9614 Apr
Mar Serbs Croats & Slovenes
Richfield 011 of Calif Os '41 1084 10614 10811 214,000 95X Jan 99
98
Feb
10811
Mar
Rochester 0& E 448_1977 104
(King) esti sec 7sser 13'62 8934 89% 90
10316 1044 16,000 1004 Feb 1044 Apr
77,000 854 Jan 92
Feb
Switzerland Govt 5148 1929 101
St Louis Coke & Gas Os '47 954 9531 96
101 1014 32,000 101
30,000 95
Mar 1024 Feb
Mar 9814 Jan
San Ant Pub Ser 5s....1958 100
9911 1004 43,000 08% Mar 1004 Mar Vienna (City) ext 6s...1952 913-4 90
359,000
92%
894 Mar 92% Apr
Warsaw (City) 7s
Sunda Falls Co 55_
10334 1034 10315 13,000 10134 Jan 10334 Jan
1958 8834 88
89% 85.000 88
Apr 904 Mar
Schulte It E Co 68.__
@FedFRASER